Full text of Commercial and Financial Chronicle : November 29, 1919 : Railway and Industrial Section, Vol. 109, No. 2840

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RAILWAY AND INDUSTRIAL
SECTIO N
OF T H E

C o m m ercial & f

inaw cial

C

hronicle ,

Copyrighted to 1919 according to Act of Congress, by WILLIAM B. DANA COMPANY. In office of Librarian of Congress, Washington. D . C.

Vol. 109.

N E W Y O R K , N O V E M B E R 29, 1919.

No. 2840.

D A TE OF IS S U E OF T H IS PUBLICATIO N.

'
' railroads In Its possession, will be found In V. 107, p. 1157, 956. In
announcing the terms of the final draft approved by the Government, Mr
McAdoo said:
“ Of course no railroad Is compelled to accept the form of contract the
Government offers. The company is free to reject the contract and go
into the Court of Claims to obtain such compensation as the Court of
Claims will allow and to work out, under statutory and general legal prin­
■ STATUS OF RAILROADS UNDER FEDERAL CONTROL. ciples, all the details of the relationship which will arise between the Gov­
ernment and the company on account of Federal control. I am convinced,
however, that tne contract offered by the Government is Just and reason­
able. The railroad owners have no right to assume more than that, and if
the Government offers less they are fully protected by their right to reject
the Government’s offer and go into the Court of Claims.”
The Act of Congress approved March 21 1918 (cited in V 106, p 1421)
authorized the President “to agree with and to guarantee” to any carrier
“ that during the period of such Federal control It shall receive as just com­
pensation an annual sum (herein called standard return), for each year
. . . not exceeding a sum equivalent as nearly as may be to its average
annual railway operating Income for the three years ended June 30 1917,”
and that “ any railway operating accruing during the period of Fedoral
control in excess of such just compensation shall remain the property of
the United States In the computation of such income, deoits and credits
arising from the accounts called in the monthly reports to the Inter-State
Commerce Commission equipment rents and joint facility rents shall be
included ”
Such average earnings were certified W the aforesaid Commission and
out of the same the companies are to pay all Federal (war) taxes, Interest
and other fixed charges. On the other hand, all "non-operating income”
belong exclusively to the railroads. This Includes Interest and dividends
on bonds and stock owned, &c. All ordinary taxes are Included with
operating expenses, and hence are not a charge on the company’s rental.
A list of the compensation contracts finally executed up to Oct. 8 1919
will be found, as stated above, with the amounts of the compensation
agreed upon on another page of this section.
A special article on a subsequent page shows the "standard returns" as
determined by the Inter-State Commerce Commission, in connection with
the net operating income of the several roads for the year 1918. By refer­
ence to the table of compensation contracts just mentioned it will bo noted
that in only a very few instances, probably not more than three or four
all told, the compensations finally granted were in excess of the Standard
Return. On the other hand, a considerable number of compensation
contracts were still pending in Nov. 1919, the roads having been unable
to obtain terms that they considered equitable to their stockholders.
Short R oa d s .— The Act of Congress, signed March 21 1918, gave tha
President authority to decide which roads It was not needful or desirable
to retain under Federal control. On June 29 1918, 2,161 short lines and
terminal properties (chiefly logging. Industrial or plant facility lines) were
turned back to private management, several hundred of them contrary to
When it came to drawing a contract, which should allow the railroad!
the wishes of their owners. This left at that time under Federal control
the rental to which they were entitled on the basis of their normal opera,
some 720 roads and systems of various descriptions, embracing 167 main
tions. the Railroad Administration held that the roads should in som
line roads and 553 short lines, the latter Including belt lines, wharf cor­
Instances forego or curtail dividends in order that the so-called deferret
porations, depots, bridge corporations, suburban electric lines etc Sae
maintenance and the shortage In equipment and facilities should be madi
V. 107, p. 44. 147, 1718; V. 108, p. 442.
good In whole or part. The railroad officials thought otherwise. Then
Two standard forms of co-operative short line contracts were adopted
were made for extra compensation over and abov.
the first covering roads having no competitive traffic, and the second’
the Standard Return, as explained in a subsequent paragraph and thes<
covering roads having competitive traffic. The two forms are the same
clahns became the subject of prolonged negotiations. The policy of tb<
except that In the form for roads having competitive traffic, a clause pro­
Federal Administration was to deny such allowances except in extraowUn.
R ry c a s e s .
vides for reimbursement on competitive traffic diverted from them between
April 1 and Nov. 1 1918, and for giving to short line subsequent to Nov. 1
Meanwhile, the U. S. Railroad Administration from time to time ad­
1918, the same proportion of competitive traffic as It had In the years
vanced to the roads in its care large sums as “advanced rental ” In con­
sequence of this state of things, the Delaware & Hudson, Lehigh Valley 1915, 1916 and 1917.
The contracts provided In part: (1) That all joint rates shall be fairly
and other companies, in declaring their regular dividends, were obliged
divided between the Director-General and the company. (2) That the
t
? a ■
W S "P rovided the necessary funds are received from the
.°fd ,
short lines shall receive an equitable allotment of cars. (3) That short
y.
RR- Administration.”
Their compensation not having been
Tixed (or its payment having been delayed). It was necessary from time lines having a length of 100 miles or less shall be allowed two days free time
to time for some such representative roads to go to the Administration for cars under Federal control. (4) That the short line shall have the
right to use the purchasing agencies of the Director-General in the purchase
ror permission to pay a dividend or the funds to cover the same
The much discussed Plumb plan, favored oy railroad employees as a of materials and supplies and shall have its repairs done in the shops of the
Director-General upon the same terms as were enjoyed before Federal con­
means for enabling them to share In the profits of the roads at the end of
trol. V. 108, p. 235, 840. 841; V. 107. p. 1717.
federal operation, was referred to in V. 109, p. 543, 745, 747, 842, 939.

The “Railway & Industrial Section,” formerly published
three times a year, will hereafter be issued semi-annually.
The next number will appear in May, 1920.

At the time the final copy for this Section was being pre­
pared Congress was still engaged in the consideration of
measures dealing with the termination of Federal control of
the railroads, the treatment of their indebtedness to the
Government, the regulation of rates, labor matters, &c.
The only fact apparently settled beyond peradventure was
that, within a very short time, a few months at the most,
the roads would, pursuant to the expressed intention of the
President early in the year, be restored to private owner­
ship and control.
The President had fixed Jan. 1 1920 as the date for the
return of the roads to their stockholders, but in November
1919 some delay in this regard seemed probable, pending an
agreement between House and Senate as to the necessary
legislation for the protection of all interests concerned in the
effects of this important step.
The Esch bill passed by the House Nov. 17 1919 just
before adjournment was outlined in V. 109, p. 1855 to 1859
and 1956. The Cummings bill then under consideration by
the Senate was referred to in V. 109, p. 938,1142,1333,1426
1427, 1667.
A feature of the Esch bill that excited much adverse com­
ment was the proposition not to pay the railroads the full
855 millions due them as accrued compensation for the use
of their properties by the Government, but instead to charge
against this sum as an offset amounts due to the Government
by the railroads on account of improvements, &c,. made
during the period of Government operation. See a following
able and V. 109, p. 1859 and 1956.

I.
Assumption and Duration of Government Control
The proclamation of President Wilson assuming control of the roads was
dated Ddfc. 26 1917. See V. 105. p. 2509; V. 106. p. 35; V. 108 p 2081
The Act of Congress, providing the basis for Government control was
given in V. 106, p. 1091. 1193, 1421. It became a law Mar. 21 1918
*KS l0n 14 of the Act of C™ *1,688 approved on March 21 1918 provided
^
that Federal control shall continue for the duration of the war and "a reasonab e time thereafter.” but not exceeding “ one year and nine months next
rollowlng the date of the proclamation by tne President of the exchange
or ratifications of the treaty of peace.” Special emphasis was laid on the
statement that the Act is emergency legislation and was not “ to be construed
as expressing or prejudicing the future policy of the Federal Government
concerning the ownersnlp. control or regulation of carriers or the methods
or basis of the capitalization thereof.”

' • Operating Contracts—Standard Return—Small Roads.
tT
0oveTnm ent C ontrol— Rental P a y m e n ts.— The form of con­
tract which the Government executed, with slight variations with th

♦
J




HI. U
nited States Railroad Adm
inistration.
Central O rganization .— To

administer and supervise the affairs of the
Federalized Railroad system the Director-General built up a powerful
organization, helping himself liberally to some of the best railroad, financial
and technical talent that the country afforded.
A full list of the members of the Fodorai Railroad staff, together with
the names of the Federal officers of the several Regional Districts and the
names of the parent roads embraced in oach District, will bo found on
pagos III to VI of tho "Official Railway Guido,” 75 Church St., N. Y .
LEADING OFFICIALS OF U. S. RAILROAD ADMINISTRATION.
Central A d m in istra tion . — Director-General of Railroads, Walker D. nines;
Assistant to the Director-General. Brice Clagett; General Assistant to the
Director-General, H. A. Taylor; Financial Assistant to the Director-Gen­
eral, G. H. Parker; J. L. White, Accountant. Headquarters, Inter-Stato
Commerce Building, 18th and Pennsylvania Ave., N . W ., Washington;
D. O.

The R a i l w a y E x e c u t i v e s A d v i s o r y C o m m i t t e e , representing the interests
of the railroads, none of its members being connected with the United
States Railroad Administration, consisted of C. B. Seger, acting Chair­
man of the Union Pacific; S. T. Bledsoe, General Counsel Atchison Topeka
& Santa Fe; A. H. Harris of the New York Central; E. M . Hyzer, Vice­
President Chicago & North Western; B. F. Bush, President Missouri
Pacific; A. J. Earling, Chairman Chicago Milwaukee & St. Paul; Howard
Elliott. Chairman Northern Pacific; W. J. Harahan, President Seaboard
Air Line Ry.; Halo Holden, President Chicago Burlington & Quincy;
Julius Krutschnitt, Chairman Southern Pacific; L. F. Loree, President
Delaware & Hudson; Samuel Rea, President Pennsylvania System; W . L.
Ross of the Toledo St. Louis & Western; F. D. Underwood, President of
the Erie; Henry Walters, President of the Atlantic Coast Line, and Daniel
Willard. President of the Baltimore & Ohio. (V. 106, p. 2193.)
V .

W ages an d

R a te

In crea ses, N ew

R o llin g

S tock ,

A c c o u n t s w ith th e C o r p o r a tio n s I m m e d ia te ly P a y a b le a t D e c . 3 1 1 9 1 9 .
(1 ) D u e th e G o v e r n m e n t:
D e m a n d lo a n s , $ 5 3 ,0 7 8 ,1 8 6 ; s h o r t -t e r m n o t e s , $ 7 5 ,5 5 3 ,1 6 7 - $ 1 2 8 ,6 3 1 ,3 5 3
O p e n a c c o u n t b a la n c e s d u e G o v t . , $ 2 2 0 ,0 5 3 ,5 1 0 ; n o t n o w
c o lle c t ib le ,

PaThe Pres?dent promised to make every effort to reduce the cost of living
and the threatened strike was postponed for a “reasonable time.
A
considerable number of railroad shopmen, however, left then- posts not­
withstanding the orders from their leaders to continue at work. This strike
was broken Aug. 30 1919. after President Wilson had announced his inten­
tion to use all tho power at his command to prevent any interference with
the operation of the roads.
An increase of 4c. per hour (aggregating
$45,000,000 for all the roads) was then granted to the machinists (V. 109,
P In^Not^l91 ifthere having been no relief as to living cost the question of
wages again came to the fore and was taking a serious form. The 125»01)1)
union machinists in tho railroad shops threatened to strike and the repre­
sentatives of the other unions intimated they would not wait indefinitely
to have their demands of July 30 favorably considered. On Nov. 15 an
increased wage scale, amounting, it was estimated, to approximately
$3,000,000 a month or $36,000,000 annually, was submitted to representa­
tives of the four big railroad brotherhoods by theDireetorTGeneraloftho
Railroads. See V. 109, p. 1956. Regarding this proposition limothy
Shea, President of the Brotherhood of Locompt vo Firemen and Enginemen, said: "Apparently the Government is giving us about $36,000,000
a year and time and one-half pay for overtime and taking away $30,000,000
in aribtraries and special allowances.”
,
„ __~
A report submitted to Director-General of Railroads Walker D. 11inos
on ADril 26 1919 by the Operating Statistics Section of the Railroad Ad­
ministration showed that the aggregate p o o l's for ali classes of omP1
^
of railroads under Government control rose from $153,0.39,9Jo in Dec. 191/
£ K 30,800 589 in Jan. 1919. » ®
'f t H T s ! ! '
While the number of employees roso from 1.703., 48 to 1.848.774, or ».o/o.

$ 6 6 . 0 2 8 , 2 2 8 ---------------------------------------------------i n c o m e _______________________________________

3 7 0 ,3 8 1 ,4 9 4

A llo c a t e d e q u ip m e n t t o b o fin a n c e d u n d e r g e n e ra l e q u ip ­
m e n t p l a n __________ :______________________________________________________

m e n t, fin a n c e d fr o m

2 0 0 ,0 0 0 ,0 0 0

F or

a d d itio n s

and

b etterm en ts

^ S l S ^ n t o ^ ^ l i T o v e ^ Dec.nand IsT % t v ^ th e w a le
'ammmTof l a b o r ^widch^o 'clen^ernment^^^ai^F^a^measmed
bv hours paid for, has decreased there has been an increase in tho number
of employees This is duo to the fact that tho general establishment of tho
8-hour bSfa has necessitated a large number of employees to perform the
^ Z I - O n M a v 27 1918 following Immediately his first increase in wages
the DlreAorGeneral issued orders increasing passenger rates rrom 2 Scents
to 3 cents a mile and freight rates on both inter-State and intra-State traffic
ok % f i K i v e June 10 and June 25. respectively. On June 1 it was ordered
th a t 'instead of raising Intra-State rates to the level of inter-State rates in

2305. 2087,^2411, 2719;
V. 107, P -1625, 1626, 2340; V. 108, p. 134, 332, 445.
...
In Nov 1919 friends of tho railroads were insisting that the heavy flailing
off in the n e t receipts due to increased wages, &c., must be met by a further
faree inCTease in ratra, and it was expected that legislation would be passed
n^rmittSgTfmtherincrease. President Wilson in Nov. 1919 vetoed the
Sill restoring tho rate-making power to the Inter-State Commerce Commis­
s io n .
V. 1 0 9 , p . 238; V. 108, p . 2087, 2204, 2590.
C o a l S i t u a t i o n . — As to the railway and other coal in 191 <-19 soo \ . 1US,

.
4 5 ,1 0 0 ,1 3 2

D e p r e c i a t i o n a n d r e t i r e m e n t s ________________________________

3 0 4 ,1 7 9 ,2 8 1

O p e n a c c o u n t b a l a n c e s d u e c o r p o r a t i o n s _________________________

6 5 ,1 0 5 ,0 2 2

T o t a l i m m e d i a t e l y p a y a b l e t o c o r p o r a t i o n s ______________________ 1 , 2 2 4 , 6 8 0 , 1 5 4
N e t a m o u n t i m m e d i a t e l y p a y a b l e t o t h e r a i l r o a d s --------------$ 3 2 6 , 5 1 1 , 8 9 3
W h e n t h e R a il r o a d A d m in is t r a t io n s h a ll h a v e m a d e s e t t le m e n t w it h t h e
r a il r o a d c o m p a n ie s in a c c o r d a n c e w it h t h e f o r e g o i n g , t h o s it u a t io n w ill b e
a s fo llo w s :

T h e R a ilr o a d A d m in is t r a t io n w ill h a v e e x p o n d e d a n d t h e r e w ill,

in c o n s e q u e n c e , h a v e b e e n c o r r e s p o n d in g ly c o n s u m e d o r t ie d u p :
a . A m o u n t n e c e s s a r y t o d e fr a y o p e r a t in g d e fic it , t h e d iffe r e n c e
b e t w e e n t h o s t a n d a r d r e n ta l p a y a b l e t o t h e r a ilr o a d c o m ­
p a n ie s a n d t h e e s t im a t e d n e t o p e r a t in g in c o m e f o r th e
2 4 m o n t h s e n d e d D e c . 3 1 1 9 1 9 ____________________________________$ 5 5 1 , 7 7 7 , 4 5 9
b.

A m o u n t o f c a s h w o r k in g c a p ita l n e c e s s a r y t o le a v e t e m p o ­
r a r ily w it h t h e c o r p o r a t io n s u n til t h e r e t u r n s f r o m

th o

o p e r a t io n o f t h e ir p r o p e r tie s a ft e r F e d e r a l c o n t r o l b e c o m e
a v a i l a b l e _____________________________________ __________ - ______________
c.

3 5 7 ,9 4 3 ,2 7 6

A m o u n t o f o p e n a cco u n t d u o G ov ern m en t b y th e corp ora ­
tio n s , re p r e s e n tin g p a y m e n ts b y

G overn m en t o f corp o­

r a t e lia b ilitie s w h ic h th o c o r p o r a t io n s c a n n o t r e p a y a t
t h i s t i m e _________________________________________________________________
d. A m ou n t

o f a d d it io n s

c lu d in g

and

e q u ip m e n t,

6 6 ,0 2 8 ,2 2 8

b e t t e r m e n t s ’ e x p e n d it u r e s , in ­

m ade

to

th e

r a ilr o a d

c o m p a n ie s ’

p r o p e r t ie s d u r in g 1 9 1 8 a n d 1 9 1 9 , w h ic h m u s t b o c a r r ie d
b y t h e R a i l r o a d A d m i n i s t r a t i o n f o r t h e t i m e b e i n g ---------

5 1 8 ,0 7 5 ,3 0 9

e.

I m p r o v e m e n t s o n i n l a n d w a t e r w a y s _______________________________

1 4 ,3 4 1 ,8 8 6

/.

Loans

g.

B oston

d u r in g

im m e d ia t e ly
&

1918

and

1919

to

r a ilr o a d

c o m p a n ie s

not

r e p a y a b l e ______________________________________________

4 8 ,3 7 5 ,7 3 5

M a i n e r e o r g a n i z a t i o n ____________________________________

2 0 ,0 0 0 ,0 0 0

T o t a l ..................................................................................................................... $ 1 , 5 7 6 , 5 4 1 , 8 9 3
“ A p p r o p r ia tio n s h e r e to fo r e m a d e a n d a p p lic a b le t o th o fo r e g o in g a g g r e g a te
$ 1 ,2 5 0 ,0 0 0 ,0 0 0 , s o t h a t t o d is c h a r g e it s o b li g a t i o n s a s t h e y e x is t a t D e c e m b e r
3 1 1 9 1 9 , o n t h e b a s is o f t h e s t a n d a r d c o n t r a c t , t h o R a ilr o a d A d m in is t r a t io n
w i l l n e e d a n a d d i t i o n a l a p p r o p r i a t i o n , i t is e s t i m a t e d a t t h i s t i m e , o f $ 3 2 6 . ­
5 4 1 ,8 9 3 .
“ C o n c e r n in g t h e p r o p o s a l t o f u n d t h e in d e b t e d n e s s o f t h e r a ilr o a d c o m ­
p a n ie s t o t h e R a i l r o a d A d m in is t r a t io n , it w ill b e n o t e d f r o m

th o fo r e g o in g

t h a t a s e t t le m e n t u n d e r t h o c o n t r a c t c o n t e m p la t e s t h a t t h e r e w ill h a v e b e e n
r e t a in e d in s e t t le m e n t w it h t h e c o m p a n ie s , o n a c c o u n t o f a d d it io n s a n d b e t ­
t e r m e n ts t o th e ir p r o p e r t ie s , t h o s u m
t e m p la t e d t h a t e v e n

o f $ 4 1 5 , 4 8 1 , 6 2 6 , a n d t h a t i t is c o n ­

w it h t h a t d e d u c t io n fr o m

th o co m p e n sa tio n th a t th o

G o v e r n m e n t , n e v e r t h e le s s , w ill b e c a r r y i n g $ 5 1 8 ,0 7 5 ,3 0 9 o f a d d it io n s a n d
b e t t e r m e n t s w h ic h t h e c o m p a n ie s a r e n o t a b le t o r e p a y a t t h is t im e , s o t h a t
if th o

w h o le

am ount

s h o u ld b e fu n d e d

of

th e

in d e b te d n e s s

fo r

a d d itio n s

and

b e tte rm e n ts

t h e a b o v e a p p r o p r ia t i o n w o u ld h a v e t o b o in c r e a s e d b y

th o a m o u n t o f $ 4 1 5 ,4 8 1 ,6 2 6 , a n d t h o G o v e r n m e n t w o u ld t h e n b o r e q u ir e d
t o fu n d fo r a d d itio n s a n d b e t t e r m e n t s t h o s u m

o f $ 9 3 3 ,5 5 6 ,9 3 5 .

“ R e g a r d in g th e p r o p o s a l o f th e c o r p o r a tio n s th a t th e a m o u n t o f th e w o r k ­
i n g c a p i t a l t a k e n o v e r s h o u l d a ls o b o f u n d e d , it is t o b e o b s e r v e d t h a t a t t h o
b e g in n in g o f F e d e r a l c o n t r o l t h o a m o u n t o f c a s h in t h o h a n d s o f t h e t r e a s u r ­
e r s , s o t a k e n o v e r t h e t h e R a il r o a d A d m in is t r a t io n , a g g r e g a t e d $ 2 3 9 ,1 9 0 ,­
I n a d d i t io n t h o b a la n c e s in t h e h a n d s o f a g e n t s a n d c o n d u c t o r s a g g r e -

R a ilr o a d

t h e

open

T o t a l i m m e d i a t e l y p a y a b l e t o G o v e r n m e n t ____________________$ 8 9 8 , 1 3 8 , 2 6 1

a m o u n t s in a d d i t i o n

e

th ro u g h

(2 ) D u e th e c o r p o r a t io n s :
B a l a n c e d u e o n c o m p e n s a t i o n __________________________________________ $ 8 5 5 3 1 9 5 , 8 5 1

a g g r e g a t e d $ 1 4 3 ,8 9 9 ,4 2 4 .

68] ^ atHinM’s'report6 also^^how^ed^t'hat the average monthly compensation

fin a n c e d

a c c o u n t d u e c o m p a n y _________________________________________________

605.

^1The ^average dailv pay of employees in July was $4 93, against $3 52.
T h i fncre^fe Air HiSes estimated at 51%, although he thought corrected

1 5 4 ,0 2 5 ,2 8 2

F o r a d d itio n s a n d b e t t e r m e n t s , o th e r t h a n a llo c a t e d e q u ip ­

& c.

W a g e s . — The Government was no sooner In control of the railroads than
it was met with the then pending demand from the trainmen for increased
wages, notwithstanding the benefits conferred on them by the Adamson
8-Hour Law, which went into effect in 1917.. The increases in 1916 and
1917. it is stated, were equivalent to approximately $300,000,000 if anplied to the number of railroad employees in 1918 (V. 106, p. 2086). The
Railway Wage Commission was asked to consider the case and the recom­
mendations of the Commission (V. 106, p. 1972) were substantially followed
by the Director-General in his announcement of Alay 23 1918 (V. 106, p.
2308). This last further increased wages, it is estimated, between $300,­
000,000 and $350,000,000 a year. For further particulars see V. 106, p. 156
365, 559, 882, 1972, 2086, 2192, 2308. 2310, 2522; V. 108, p. 443.
Additional wage increases for track laborers, watchmen, other mainte­
nance of way employees, clerks station agents and other classes of men
drawing relatively low pay, were approved Sept. 3 1918; (V. 107, p 956); to
station agents Nov. 23 1918 (V. 107, p. 2065; V. 108, p. 4, 332); to ex­
press men, sleeping car and parlor car men on April 14 1919 (V. 108, p.
1572, 1573).
On April 11 1919 further wage increases of $65,000,000 were ordered for
railroad trainmen, engineers, firemen and conductors, in both passenger
and freight service, retroactive to Jan. 1 1919. With this award, the aggre­
gate pay increases allowed by the RR. Administration to the 2,000,000
railroad employees was said to be at the rate of $822,311,000 a year-more
than $400 average per man— and the total pay-roll of the railroads in the
United States was raised to nearly $3,000,000,000 a year from the basis of
approximately $2,000,000,000 on Jan. 1 1918, when the roads passed into
the Government’s hands. V. 108, p. 147o, 1029, 815; V. 107, p. 2338, 1975.
On July 30 1919 the Brotherhood of Locomotive Engineers petitioned
President Wilson for measures to bring about a lower living cost and gave
notice that “should this not be considered feasible we will be fdreed to urge
that those whom we represent be granted an increase in wages to meet the
deterioration of the purchasing price of the dollar.”
The trainmen also asked for $150 a month minimum, with time and a
half for overtime and an 8-hour day, while shop mechanics demanded an
increase from 62c. to 85c. an hour, and the trackmen an advance in hourly

w M

[V o l . 109.

RAILWAY AND INDUSTRIAL SECTION,

4

A d m in is t r a t io n ,

r e q u ir e m e n ts
E q u ip m e n t

sh ow n
T ru st

I f th e p r o p o s a l lo o k s t o th o fu r n is h in g o f th e s e

t o a m o u n t s s u f f ic ie n t t o p a y o f f t h e lia b ilit ie s o f th o
th a t

am ount

w o u ld

have

to

bo

added

to

th o

above.
on

A ccou n t

of

E q u ip m e n t

A llo c a te d

to

th e

R o a d s .—

T h e P r e s id e n t in N o v e m b e r 1 9 1 9 s ig n e d t h e b ill a u t h o r iz in g t h e U . S .
R a ilr o a d A d m in is t r a t io n t o j o i n in f o r m in g a g e n e r a l e q u ip m e n t t r u s t , a n d
t h u s c le a r e d t h o w a y f o r t h e f in a n c i n g o f a p a r t o f t h e $ 1 0 0 ,0 0 0 ,0 0 0 e q u ip ­
m e n t o r d e r e d a n d a ll o c a t e d b y t h e R a il r o a d A d m in is t r a t io n in 1 9 1 8 a n d 1 9 1 9
a n d o n t h e b a s is o f t h e s o - c a lle d H a n a u e r p la n u p o n w h ic h t h e b ill w a s
based.
I t w a s n o t e x p e c t e d , h o w e v e r , t h a t th e r e w o u ld b e a n im m e d ia te
o ffe r in g o f t h o n e w c e r tific a te s .
U n d e r t h o p la n $ 2 0 0 ,0 0 0 ,0 0 0 in c e r t if i c a t e s
w ill b e o ffe r e d fo r p u b lic s u b s c r i p t i o n .
T h o t o t a l c o s t o f t h o o n u l p m o n t in
q u e s t io n h a s b e e n s e t d o w n o f f ic i a lly b y t h e R a ilr o a d A d m in is t r a t io n a t
$ 3 7 2 ,0 0 0 ,0 0 0 , a n d t h o d iffe r e n c e b e t w e e n t h a t fig u r e a n d t h e p u b lic o ffe r in g
i s t h o a m o u n t w h i c h i t is p r o p o s e d t h o r o a d s s h a l l p a y t o t h o R a i l r o a d
A d m in is tr a tio n o v e r a 1 5 -y e a r p e r io d .
V . 109, p . 1668, 1860, 337, 547, 34;
V . 108, p . 2204.
N e w R o l l i n g S t o c k .— T h e U . S . R R . A d m i n i s t r a t i o n a s o f D e c . 3 1 1 9 1 8
had
con tra cted
fo r n ew
r o llin g s t o c k
to
a t o t a l o f $ 4 0 4 ,4 2 5 ,5 5 3 . o n
w h ic h t h e r e w a s s t ill t o b e p a id s u m s a g g r e g a t in g $ 2 8 6 ,6 3 7 ,8 6 0 ( c o m p a r e
V . 1 0 6 , p . 2 5 6 1 , 1 8 6 1 ; V . 1 0 8 , p . 1 2 2 9 ), v iz .:
(1 )

C o n tr a c tu a l O b lig a tio n s D e c . 3 1

N u m b er.
2 0 .0 0 0
2 5 .0 0 0
2 5 .0 0 0
2 5 .0 0 0
5 ,0 0 0

1 9 1 8 , c o v e r in g

1 0 0 ,0 0 0

T yp e—
P ric e.
O . G .................. ............................................................... $ 2 , 6 9 7 2 0
H o p p e r .......................................................................... 2 . 9 1 6 6 7
D . 8 . b o x ........................................................................ 2 , 9 1 8 8 8
8 . S . b o x .................
3 ,0 5 0 0 5
7 0 - t o u .......................... I . . . ................ .................... 3 . 1 7 3 8 9

S ta n d a rd

C a rs.

A m ou n t.
$ 5 3 ,9 4 4 ,0 0 0
7 0 ,4 1 6 ,7 5 0
7 2 .9 7 2 ,0 0 0
7 6 ,2 5 1 ,2 5 0
1 5 ,8 6 9 ,4 5 0

.
................
$ 2 8 9 ,4 5 3 ,4 5 0
Total cost_______________________ J ____
P’ The Vhtuninous1c»al strike began ’S o v . i 1919. was undertaken tocompi!1 100,000
)
" ...............................
$ 2 1 2 ,2 6 6 ,9 4 2
B a l a n c e s t i l l due o n a b o v e c a r s ____________________
____
a 60% increase in wages and a 6-hour day. It was calledn?ufinns wore
following an injunction obtained by the Government. ^ § ° tlafA
?.ns,-[(!?
(2) Contractual O
bligations Dec. 31 1918, Covering 1,930 Standard Locom
otives.
then resumed as to compromise terms. V. 109, p. 843, 1135, 1351, i o u ■
Less Paym
ent
’ 1658. 1659, 1848 to 1851. 1853. 1950 to 1953.
Nam and Tune__
e
Total C
ost, on Account. Balance Due.
The demands of anthracite miners were stated in V. 109, p. 854, i o o x .
American Locomotive C o_________ $43,820,411 $30,488,037 $13,332,374
M e a s u r e s O v e r c o m i n g C a r S h o r t a g e i n 1918.— See V. 106, p. 2718; V. 107,
do
(1919 contract)................... 30.234.019
J
^
Baldwin Locomotive Works_______ 31,651,935
8,000,000 23,651,933
p. 253; V. 106, p. 2621.
Lima Locomotive Works___________
9,265,740
2,113,147
7,1 j 2, j J3
V I,

F in a n c ia l

M easu res— L o a n s,

C a p ita l

E x p e n d it u r e s , & c .

A m o u n t s I n v o lv e d in F in a l S ettlem en t o f G o v ern m e n t R a ilr o a d A c c o u n t s .

On Oct. 22 1919 Swagar Shirley, Director of the Division of Finance of the
Railroad Administration, submitted to Representative John J. Esch,
author of the Esch bill above mentioned, the following estimate of the
amount needed in case Federal control should cease Dec. 31 1919, to defray
operating deficit, the amount that the Railroad Administration will have
temporarily tied up in various assets and the additional amount that will
bo required in order to aid in the liquidation of tho affairs of the Railroad
Administration, assuming that disposition will be made in accordance
with the terms of the standard contract.
“In order to enable settlements with the railroad companies at Dec. 31
1919, it will necessitate the payment to them of approximately $326,541,­
893 a rrived as as per the following table:




T o ta l.................................................$114,972,103 $40,601,184 $74,370,919
Less u n i t s delivered_______________ 33,769,998 33,709,.)J8
------Balance uncompleted_____________ $81,202,105 $6,831,186 $74,1 ,919
H0
Grand total due on cars and locomotives-------------------------------The “ Railway Ago” on April 11 1919 said: 26.000 of tho 100,000 standard
cars ordered had been accepted by the roads to .March..‘iVt’ wid1 lr< Velnii
not account for at least 10,000 more that have beenbuilt and are being
held in storage until it can bo ascertained wheVV(f ,h1«r^>«r0‘l'rhndT,Vm1nlstion can force the companies to take them at high prices. I bo Admi
tration takes the position that it can, because
n^w<Mn™mnfivo«
conditions and allocated to the various roads. 1* ® v ^ n bj! turnedout ’*
1L
on the other hand, are being accepted as fast as they tan bo turned o .
Financial O
perations in 1 9 1 8 . — T h e financial o p e r a t i o n s o f t h e U . S . R R .
A d m in is t r a t io n w e r e s u m m a r iz e d a s f o l l o w s (V . lU o , p . i z z u ; .

Nov. 1919.]

RAILWAY AND INDUSTRIAL SECTION.

C a sh R e c e ip ts a n d D is b u r s e m e n ts o f U .
R e ceip ts—
O r ig in a l

S . R R . A d m in istra tio n ,

R e v o lv in g F u n d .

O p e r a tio n .

Y ea r

1918

T o ta l.

a p p r o p r i a t i o n . . ................$ 5 0 0 , 0 0 0 , 0 0 0

...........................

$ 5 0 0 ,0 0 0 ,0 0 0

A m e r i c a n R a i l w a y E x p r e s s C o ..........................
-----------------------W e l l s , F a r g o C o . E x p r e s s -------------

$ 4 2 ,1 5 7 ,4 1 6
4 ,7 5 9 ,0 0 0

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

N e t o p e r a tin g in c o m e ( n o t e ) . . .

7 8 5 ,3 9 7 ,9 5 6

7 8 5 ,3 9 7 ,9 5 6

..........................

T otal....... ................................. $500,000,000 $832,314,372 $1,332,314,372
D is b u r s e m e n ts —
x L o a n s t o r a ilr o a d c o m p a n ie s :
S e c u r e d .......... ................................

$ 1 1 0 ,3 1 7 ,5 0 0

$ 3 4 ,1 8 5 ,4 6 0

$ 1 4 4 ,5 0 2 ,9 6 0

1 5 ,5 0 0 ,2 5 0

3 4 ,9 3 2 ,8 6 3

50,433,113

A d v a n c e s o n c o m p e n s a t i o n _____ 1 3 8 , 3 3 1 , 6 6 0
P a y m e n t o f c o r p o r a t e lia b ilit ie s
in e x c e s s o f c o r p o r a t e a s s e ts
r e c e i v e d o r c o l l e c t e d ____________
A d d itio n s a n d b e tte r m e n ts e x ­
p e n d i t u r e s .................
P u r c h a s e o f s ta n d a r d iz e d e q u ip ­
m e n t ----------------------- -------------------------- 1 1 4 , 5 1 4 , 4 0 0
A d v a n c e s t o i n l a n d w a t e r w a y s . _______________

1 1 4 ,9 4 6 ,1 4 0

2 5 3 ,2 7 7 ,8 0 0

6 8 ,7 4 3 ,8 8 3

6 8 .7 4 3 .8 8 3

4 5 5 ,8 1 7 ,7 1 0

4 5 5 ,8 1 7 ,7 1 0

...........................
4 ,3 6 1 ,4 8 6

1 1 4 ,5 1 4 .4 0 0

U n secu red

....................................

A d v a n ces to F ed eral m a n a g ers.

7 4 ,7 9 1 ,0 0 0

M i s c e l l a n e o u s ( n o t e ) _______________
T o t a l . ..................... ..................................$ 4 5 3 , 4 5 4 , 8 1 0
B a l a n c e . . .................. ............................ $ 4 6 , 5 4 5 , 1 9 0

th e ro a d s fr o m
106

(7 4 ,7 9 1 ,0 0 0 )
(6 ,4 3 6 ,9 8 0 )
$ 6 3 1 ,7 5 9 ,5 6 2

$ 2 0 0 ,5 5 4 ,8 1 0

(6 ,4 3 6 ,9 8 0 )
$ 1 ,0 8 5 ,2 1 4 ,3 7 2
$ 2 4 7 ,1 0 0 ,0 0 0

N o t e .— T h is s t a t e m e n t p r e s u p p o s e s t h a t a ll t h e in c o m e w a s a c t u a ll y
c o l l e c t e d in c a s h ; t h is is n o t a c t u a l l y t h e c a s e , p a r t l y b e c a u s e s u b s t a n t i a l
a m o u n t s o f f r e ig h t a n d p a s s e n g e r fa r e s w e r e n o t a c t u a ll y p a id in c a s h a n d
In p a r t m a t e r i a l s a n d s u p p li e s h a v e n e c e s s i t a t e d t h e e m p l o y m e n t o f a ' p a r t
®f th e ca sh .
T h e i n c l u s i o n o f t h e i t e m o f ( $ 6 , 4 3 6 , 9 8 0 ) ( i n p a r e n t h e s e s ) is
a r o u g h w a y o f r e fle c t in g th e s e a n d o t h e r s im ila r fa c t o r s .
x I n c lu d e s $ 5 1 ,4 7 5 ,0 0 0 lo a n e d t o N e w Y o r k N e w H a v e n & H a r t fo r d R R
$ 4 3 ,9 6 4 ,0 0 0 o f th is e a r ly in 1 9 1 7 t o r e t ir e m a t u r in g n o t e s . V . 1 0 6 d 1 3 4 4
1676, 1689: V . 107, p . 1717.
p *
R e v o lv in g F u n d .— T h e G o v e r n m e n t C o n t r o l A c t ( V . 1 0 6 p . 1 4 2 1 ) a p p r o ­
p r i a t e d t h e s u m o f $ 5 0 0 ,0 0 0 ,0 0 0 “ o u t o f a n y m o n e y s in t h e T r e a s u r y n o t
o th e r w is e a p p r o p r ia t e d , w h ic h , t o g e t h e r w ith a n y fu n d s a v a ila b le fr o m
a n y o p e r a t in g in c o m e o f s a id c a r r ie r s , m a y b e u s e d b y t h e P r e s id e n t a s a
r e v o lv in g fu n d fo r th e p u r p o s e o f p a y in g th e e x p e n s e s o f th e F e d e r a l c o n ­
tr o l. a n d s o fa r as n e ce s sa ry th e a m o u n t o f ju s t c o m p e n s a tio n a n d t o p r o ­
v i d e t e r m in a ls , m o t iv e p o w e r , c a r s a n d o t h e r n e c e s s a r y e q u ip m e n t s u c h
te r m in a ls , m o t iv e p o w e r , c a r s a n d e q u ip m e n t t o b e u s e d a n d a c c o u n t e d
f o r a s th e P r e s id e n t m a y d ir e c t a n d t o b e d is p o s e d o f a s C o n g r e s s m a v
h e r e a ft o r b y la w p r o v i d e .”
P r io r t o J a n . 1 1 9 1 9 a ll e x c e p t $ 4 6 ,5 4 5 ,0 0 0 o f t h e a fo r e s a id a p p r o p r ia t io n
h a d b e e n d is b u r s e d , $ 1 1 4 ,5 1 4 ,4 0 0 t h e r e o f f o r n e w r o llin g s t o c k a n d t h e r e ­
m a in d e r a s lo a n s o r a d v a n c e s .
S e e th e t a b le u n d e r “ F in a n c ia l O p e r a ­
tio n s ’ b e lo w .
*
C a p it a l E x p e n d it u r e s .— O n M a y 1 9 1 9 1 8 t h e R a il r o a d A d m in is t r a t io n
a n n o u n c e d t h a t a t o t a l c a p it a l e x p e n d it u r e o f $ 9 3 7 ,9 6 1 3 1 8 b y t h e r a il
roads u nder G overn m en t con trol h ad been a p p rov ed .
O f t h i s $ 4 4 0 07*1
0 1 3 w a s f o r a d d i t io n s a n d b e t t e r m e n t s . $ 4 7 9 ,6 8 6 ,5 3 1 f o r e q u ip m e n t a n d
S l 8 . 2 0 3 . 7 7 4 ()f o r e x t e n s i o n s .
See V . 106. p . 6 6 9 , 9 8 5 ,1 3 0 4
2086
2194
I n iv fa r c h 1 9 i9 , o w in g t o t h e fa ilu r e o f C o n g r e s s t o
F u n d , o r d e r s w e r e g iv e n t h a t n o n e w w o r k s h o u ld b o
a n o u t l a y o f m o r e t h a n $ 1 ,0 0 0 w i t h o u t t h o a p p r o v a l
c ia ls w h o w o u ld b e o b li g e d t o f in a n c e t h e s a m e .
The
e v e r , fa v o r e d a c o n t in u a n c e o f s u c h w o r k a s fa r a s
1130. 1229.

a d d to th e R e v o lv in g
u n d e rta k e n in v o lv in g
o f th e c o r p o r a te o ffi­
A d m in is t r a t io n h o w ­
p o s s ib le .
V . 108, p.
*

T e m p o r a r y F in a n c in g .— T h e fa il u r e o f C o n g r e s s t o p a s s t h e b i l l p r o v id in g
a n a d d it io n a l $ 7 5 0 ,0 0 0 ,0 0 0 fo r t h o R e v o l v in g F u n d n e c ^ s i t a t e d v a r i o a f
e x t r a o r d in a r y m e a s u r e s t o e t ia k le t h e U , S . R R . A d m in is t r a t io n t o m e e t it s
c u r r e n t c o m m itm e n ts t o t h e r a ilr o a d a n d e q u ip m e n t c o m p a n ie s a n d o th e r s
a n d a ls o t o a s s is t th o r a ilr o a d s in m e e t in g t h e ir n e e d s f o r n e w c a p it a l r e ­
fu n d in g , e t c .
T h e a m o u n t s n e e d e d t o J u n e 3 0 1 9 1 9 w e r e e s t im a t e d h v ’ th e
D ir e c t o r -G e n e r a l a t $ 7 0 1 ,6 9 7 ,0 0 0 ( V . 1 0 8 . p . 1 0 2 8
1128
1298
1319
1 3 5 2 ,2 4 4 0 .)
*
Id 4 J ’
O n J u n e 3 0 , in m id - o c e a n . P r e s id e n t W i ls o n s ig n e d t h o f o ll o w in g b ill
p r o v id in g f o r a n a p p r o p r ia t i o n o f $ 7 5 0 ,0 0 0 ,0 0 0 fo r t h e U
S
R a ilr o a d
A d m in is t r a t io n ’s R e v o l v i n g F u n d : “ B e it e n a c t e d . T h a t t o s u p p lv a d e f i­
c i e n c y in t h o a p p r o p r ia t i o n f o r c a r r y i n g o u t t h o A c t e n t it l e d ‘ A n A c t t o
p r o v id e f o r t h e o p e r a t io n o f tr a n s p o r t a t io n s y s t e m s w h ile u n d e r F e d e r a l
c o n t r o l, fo r th o ju s t c o m p e n s a t io n o f th e ir o w n e r s , a n d fo r o t h e r m im e s e s ”
a p p r o v e d M a r c h 2 1 1 9 1 8 , t h e r e is a p p r o p r i a t e d o u t o f a n y m o n e v in t h e
T r e a s u r y n o t o t h e r w is e a p p r o p r ia t e d , $ 7 5 0 ,0 0 0 ,0 0 0 , w h ic h s h a ll h e in a d d i­
t io n t o t h o a p p r o p r ia t i o n o f $ 5 0 0 ,0 0 0 ,0 0 0 , m a d e in S e c t io n 6 o f s a id A c t
a n d s h a l l b e s u b j e c t i n a l l r e s p e c t s t o t h e s a m e a u t h o r i t y T or a n d r e s t r i e t i n n
o f , e x p e n d it u r e a s t h o s a id $ 5 0 0 ,0 0 0 ,0 0 0 .
V . 109, p . 35- V i n s
n S m
2590, 2392.
1
v ‘ 1U 8, p ‘ J J b 0 ’
P r o b le m o f R a ilr o a d C r e d it .— T h e E s c h r e p o r t p r e s e n t e d t o t h e H o u s e o f
R e p r e s e n ta tiv e s c o n t a in s a le tte r d a t e d S e p t. 18 1 9 1 9 fr o m C o m m is s io n e r
M c C h o r d o f t h o I n t o r -S t a t o C o m m e r c e C o m m is s io n d e a lin g w ith th e
s u b je c t o f R a ilr o a d C r e d it , a n d s h o w in g t h o c o u r s e o f r a ilr o a d e a r n in g s
a n d p r o fit s s in c e 1 8 9 2 w it h th o h e a v y fa llin g in n o t in c o m o s in c e i q i 7
S ee
V . 109, p . 1860.
C o m p a r o a ls o s t a t e m e n t b y F r a n k T r u m b u ll P r e s id e n t
o f C h o s a p e a k e & O h i o B y . , o n s a m o s u b j o c t . in V . 1 0 9 , p
1009 ’ T h e r e v ­
e n u e n e e d s o f t h e r a ilr o a d s a s d e m o n s t r a t e d b y M r . H o w a r d E ll io t t P r e s i­
d e n t o f t h o N o r t h e r n P a c i f i c R y . , w o r o s t a t o d in V . 1 0 9 p
1o r :7
’n e f i e i t
o n N o w E n g la n d ro a d s Y . 1 0 9 , p . 9 4 1 .
R e g a r d in g t h e r e -e s ta b lis h m e n t o f
r a ilr o a d c r o d it a s p r o p o s o d in N a t io n a l C o n fe r e n c e p la n s o o V
r a T m
335.
P a u l M . W a r b u r g a n d o t h e r s o n f i n a n c i a l n o e d 's
&e
V
i n 's
o '
2205. 2394: V . 109, p . 2 3 6 , 546, 7 4 4 , 8 4 3 , 1428.
V ’ 1U 8, P ‘

th e

B u reau

of

lt a U w a y

and

S t a t is t ic s .— V .

M o n t h ly S ta tem en ts o f E a r n in g s .— P r io r t o t h e t a k i n g o v e r o f t h e r o a d s
xr
u g o v e r n m e n t , o r , t o b e s t r ic t ly a c c u r a t e , p r io r t o t h e c a ll f o r t h e
a i a r c n 1 9 1 8 r e p o r t s , m o n t h l y r e t u r n s w e r e r e q u i r e d f r o m a ll c a r r i e r s h a v i n g
r a i l w a y o p e r a t i n g r e v e n u e s in e x c e s s o f $ 1 0 0 ,0 0 0 p e r a n n u m .
T h e In ter­
s t a t e C o m m e r c e C o m m is s io n n o w r e q u ir e s m o n t h ly r e p o r t s o n l y f r o m
a n n u m Wh ° Se g r o s s r a i*w a y o p e r a t in g r e v e n u e s e x c e e d 3 1 ,0 0 0 ,0 0 0
per
„ A rnef . icf f n R a i l r o a d A s s o c i a t i o n . — T h i s a s s o c i a t i o n , o f w h i c h a l l r o a d s
H ?a e r .* e d e r a l c o n t r o l a r e m e m b e r s , c o -o p e r a t e s w it h th e D ir e c t o r -G e n e r a l
lo r th e a d v a n c e m e n t o f r a ilr o a d p r a c t ic e .” — V . 1 0 8 , p . 443
R a i,w a v s u n d e r I n fla t e d M o n e y C o n d itio n s .

See V . 109, p -

In v e s to r s P le a s .— S . D a v ie s W a r f i e ld ’s s u g g e s t io n s a n d m e m o r ia l t o C o n b e lla ,f o f t h o s e in t e r e s t e d in r a ilr o a d s e c u r it ie s , s e e V . 1 0 9 0 8 4 4
V . 108, p . 1890, 2200, 2393, 2490.
G o v e r n m e n t O p e r a t io n o f E r ie C a n a l, S t e a m s h ip s a n d E le c t r i c L in e s .
« £ r e ° a n a l ' ® c *—
}
a e c ia e a t o c o n s tr u ct
i i t t l e . 'G o v e r n m e n t
™ " > a 2 c o n g e s tio n .
th r o u g h tr a ffic b e tw

M r . M c A d o o in A p r i l 1 7 1 9 1 8 a n n o u n c e d t h a t h e h a d
a n d p u t in t o o p e r a t io n a lin e o f b a r g e s t o b e o p e r a t e d
o n t h e E r ie B a r g e C a n a l f o r th e p u r p o s e o f r e lie v in g
T h is c a n a l w a s c o m p le t e d a n d fo r m a lly o p e n e d fo r
e e n th e H u d so n R iv e r a n d th e G r e a t L a k e s o n M a y

} q i a m a r t o r>’ p '
1642. 2 0 8 5 , 2 6 2 0 .
G . A . T o m li n s o n w a s in A p r il
1 9 1 8 m a d e G e n e r a l M a n a g e r o f t h e E r ie C a n a l, a n d o n J u ly 1 5 h is ju r is d ic ­
t io n v -a s ^ e x te n d e d t o N e w Y o r k a n d N e w J e r s e y c a n a ls g e n e r a lly .
V.
U n ific a ti o n o f E x p r e s s B u s in e s s .— S e e A m e r ic a n R a i l w a y E x p r e s s C o .
D 4U S trn
C o m p a n ie s .
O n N o v . 18 1 9 1 8 t h is m e r g e r c o m p a n y
w a s. P la c e d u n d e r c o n t r o l o f th e D ir e c t o r -G e n e r a l o f R a ilr o a d s .
Y
107
2065

791

D C reaS ed
t?

&

express

ra tes

took

e ffe ct

Jan.

1 1919.

V .

107,

p .’

? T e le p h o n e , T ele g r a p h
a n d C a b le C o m p a n ie s u n d e r F e d e r a l
J e r ™ 1' a t i o n o n J u & 3 1 1 9 1 9 .
S ee V . 107, p . 1952. 1972

V9 ' l 6 9 9 p 5 ' 4 3 8 j 7 i 6 8 i :
108’ P ' 129’ 134’ 135’ 1026' 2 0 8 2200’ 22011
M e x i c a n M i n i n g a n d O il L e g is la tio n .
See V . 109, p . 446.

ADVANCES— STANDARD RETURN.

From month to month during 1918 official statements were
published showing heavy “advances” by the United States
Railroad Administration to the railroads in its control. For
the 13 months ending Jan. 31 1919 the total advances so
stated aggregated over $787,000,000, of which only $98,­
000,000 had been repaid (V. 108, p. 540). In April 1919 it
was made known, as had long been surmised, that the great
bulk of this large total was merely the compensation ad­
vanced to the various roads pending final execution of the
Federal contracts. The outstanding loans held by the RR.
Administration, it was stated, aggregated on March 311919
only $169,735,000 with a further $163,950,402 due it on
account of new equipment (V. 108, p. 1475).
Inasmuch as it appeared, therefore, that the standard return
(which, as explained on a preceding page, is the average
annual railway operating income for the three years ended
June 30 1917, as determined by the Inter-State Commerce
Commission) was to be adopted without modification
in a great majority of cases as the compensation of the indi­
vidual roads, the following compilation made by the Bureau
of Railway Economics from the reports of the I.-S. C. Com­
mission became pertinent and worth reprinting:
COM PARISON OF 1918 EARNING S W IT H STAN D ARD R E TU R N .
1918 N e t
G r e a te r o r

...
„
.
,
S ta n d a rd
(1 ) E a stern D is tr ic t—
R e tu rn .
A n n A r b o r ............................................................
$ 5 2 6 ,8 8 3
A t l a n t i c C i t y ............................
2 2 2 ,0 6 6
B a lt im o r e & O h io C h ic a g o T e r m in a l
1 ,2 5 4 ,5 4 6
B a l t i m o r e & O h i o _________________________ 2 5 , 6 1 1 , 8 9 2
B a ltim o r e C h e s a p e a k e & A t l a n t i c ..
8 6 ,6 4 7
B a n g o r & A r o o s t o o k _______________________
1 ,5 5 5 7 7 5
B e l t R a h w a y o f C h i c a g o _______________
8 6 9 ,4 4 2
4 .6 7 4 ,7 1 4
B e s s e m e r & L a k e E r i e __________________
B o s t o n & M a i n e __________________________
9 ,4 7 8 !o 7 5
B u ffa lo & S u sq u e h a n n a R R . C o r p _ _
592|628
B u f f a l o , R o c h e s t e r & P i t t s b u r g h ____
3 ,2 7 6 ,4 1 0
W a r F in a n c e C o r p o r a tio n .— T h e W a r F in a n c e C o r p o r a t i o n w a s o r g a n iz e d
C e n t r a l N e w E n g l a n d __________________
1 ,4 6 8 ,1 2 4
o n M a y 17 1918 b y th e S e cre ta ry o f th e T re a su r^ a n d o th e rs
w fth a n
C e n t r a l R R . o f N e w J e r s e y ____________
9 ,3 5 2 ,3 0 1
a u t h o r i z e d c a p i t a l s t o c k o f $ 5 0 0 ,0 0 0 ,0 0 0 ( a n d t h e r i g h t t o i s s u e 'b o n d s t o
7 7 9 ,0 9 8
C e n t r a l V e r m o n t __________________________
a n a m o u n t n o t e x c e e d i n g $ 2 , 0 0 0 , 0 0 0 ,0 0 0 b o n d s ) t o p r o v i d e c r e d i t s “ f o r
C h i c a g o & E a s t e r n I l l i n o i s ______________
2 ,9 4 6 ,0 0 1
I n d u s t r ie s a n d e n t e r p r is e s in t h o U n it e d S t a t e s n e c e s s a r y o r c o n t r ib u t o r y
C h i c a g o a n d E r i e _________________________
2 2 5 ,1 2 9
t o th e p r o s e c u t io n o f th e w a r .”
T h o A c t c r e a tin g th e C o r p o r a t io n w ^
C h i c a g o I n d i a n a p o l i s & L o u i s v i l l e __
1 ,6 2 0 .2 5 9
g iv e n in V . 1 0 6 , p . 1 1 8 3 , 2 0 6 5 — a ls o s e e V . 1 0 6 , p . 6 5 1 t o 6 5 6 9 7 7 9 7 8 979
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 ..
922^785
B U P t o O c t . 3 1 1 9 1 8 ( V . 1 0 7 , p . 2 1 3 7 ) . l o a n s o f $ 6 7 ,7 1 6 3 4 ^ 'h a d b e e n
C h i c a g o I n d i a n a p o l i s & W e s t e r n ____
4 2 2 .2 1 3
a d v a n c e d b y th o W a r F in a n c e C o r p o r a t io n c h ie fl y o r w h o lly t o p u b fic
C i n c i n n a t i N o r t h e r n ______________________
317 628
u t il it y , lu m b e r , c o a l a n d m is c e lla n e o u s c o r p o r a t io n s : $ 2 9 ,8 6 3 648 h a d h e e n
C le v e . C in c in n a t i C h ic a g o & S t . L .
9 ,9 3 8 .5 9 7
r e p a ld ^ l e a v in g $ 3 7 ,8 5 2 ,5 9 4 o u t s t a n d in g ^ ^ T h e B r o o k l y n R a p id T r a n s it C o .
C u m b e r l a n d V a l l e y ______________________
1 ,2 2 8 ,9 6 7
c a m e i n f o r s u b s t a n t i a l a s s i s t a n c e ( V . 1 0 6 , p . 2 6 4 8 2 7 5 5 ___•V .
D e l a w a r e & H u d s o n ______________________
7 i 4 0 9 '6 0 0
107, p . 180,
2 9 0 . 7 0 3 ).
D e l a w a r e L a c k a w a n n a & W e s t e r n __ 1 5 ’ 7 4 9 ' 4 7 7
In J a n u a r y 1 9 1 9 th e c o r p o r a t io n b e g a n m a k in g c o n s id e r a b le a d v a n c e s to
D e t r o i t & M a c k i n a c ______________________
’3 1 0 ’ 6 6 4
r a i l r o a d s ( V . 1 0 8 , p . 1 1 6 ) , a n d o n M a r c h 4 t h e s e a g g r e g a t e d $71 r>0a 0 0 0
D e t r o i t & T o l e d o S h o r e L i n e __________
456 512
a n d o n M a r c h 2 8 a b o u t $ 1 3 5 ,0 0 0 ,0 0 0 o n “ a d e q u a t o c o l l a t e r a l ” fV
1 08 n
D e t r o i t T o l e d o & I r o n t o n ______________
210169
1020.
1 3 4 3 , 1 3 5 2 ) , w h i l e i n A p r i l 1 9 1 9 a n i s s u e o f $ 2 0 0 , 0 0 0 0 0 0 bonds w a s E a s t S t . L o u i s C o n n e c t i n g R y ______ ”
I 2 7 ’ 2 2 fl
s o l d , p a r t l y t o f a c i l i t a t e in r a i l r o a d f i n a n c i n g .
' uu D o n a s w a s
E l g i n J o l i e t & E a s t e r n _________________
2 ,8 6 2 ,1 7 7
C a p it a l I s s u e s C o m m it te e .— T h is c o m m i t t e e 's a c t i v i t i e s c a m e t o n n „ n d
E r i e ------------------------------------------------------------------------1 5 | 5 0 3 ! 9 3 9
F o n d a J o h n s to w n & G lo v e r s t o w n ..
’359*583
D e c . 31 1 9 1 8 .
V . 108, p . 2421, 2228.
™ an ena
G r a n d R a p i d s & I n d i a n a _______________
929*385
C o n s o lid a tio n o f R a ilr o a d O f f i c e s . & c .— O n A p r i l
15 1 9 1 8 t h e D i r o c t o r G r a n d T r u n k L in e s in N e w E n g l a n d
<14*271
G o n c r a l o r d e r e d (1 ) th e d is c o n t in u a n c e o f s e p a r a te c it y fr e ig h t o r p a ss e n g e r
G r a n d T r u n k W e s t e r n _____________
1 3 5 4 '» 4 1
o ffic e s w h e r e th o p u b lic m a y b e a d e q u a t e ly s e r v e d a t th e d e p o t - f 2 ) th e
H o c k i n g V a l l e y ............. .......................
2 * 6 3 7 167
c o n s o l i d a t i o n o r g r o u p i n g o f a l l c i t y t i c k e t o f f i c e s i n o n e u n i o n o f f i c e A - e ___
I n d i a n a H a r b o r B e l t ______
"
*296*654
V . 1 0 6 . p .1 5 3 5 .
‘ “ CO. & .c .
K a n a w h a & M i c h i g a n .........
”
1 2 95 *14 1
J o in t U s e o f P e n n s y lv a n ia S ta tio n in N . Y . C i ty .— O n S e p t . 1 5 1918 u n d e r
L a k e E r i e & W e s t e r n ....................................
1 548549
o r d e r o f t h o U . S . H R . A d m i n i s t r a t i o n , t h o B a l t i m o r e .1: O h i o a n d t h e
!
L e h i g h & H u d s o n R i v e r _____
*519 371
L e h i g h V a l l o y R R . b e g a n u s i n g t h e H u d s o n R i v e r t u b e s a n d nasseneer
L e h i g h & N e w E n g l a n d _______
1 1J 7 C
s t a t io n in N e w Y o r k C i t y o f t h e P e n n s y lv a n ia R R . C o .
P
P
L e h i g h V a l l o y ...............................
............. 1 1 9 9 1 9 9 9
L o n g I s l a n d .................................J I Z ' J T "
3 221 949
R e s to r in g R a ilr o a d P a s s e n g e r S erv ice to N o r m a l .
See V . 107, p . 2341 770:
M a i n e C e n t r a l _____________
“
n 'o t H o z
P o o lin g o f E q u ip m e n t— P e r D i e m C h a r g e s .— O n J u n o 1 7 1 9 1 8 t h o R a il­
M a r y la n d D e la w a r e & V ir g in ia
* 4 9 5 43
r o a d A d m in is t r a t io n a b o lis h e d t h o p e r d ie m p la n o f c h a r g in g fo r t h e u s e
M i c h i g a n C e n t r a l ...................*
--------o 6 5 9 197
o f c a r s b e t w e e n in d iv id u a l lin e s .
T h e r u lin g m a d e a ll e q u ip m e n t c o m m o n
M o n o n g a h e l a _____________
'583*686
p r o p e r t y s o fa r a s its u s e w a s c o n c e r n e d .
T h is c h a n g e a f f e c t e d t h o h ir e o f
M o n o n g a h e la C o n n e c tin g
33*696
e q u i p m e n t a c c o u n t w h ic h in t h e c a s e o f m a n y r o a d s h a s o f t e n a p p e a r e d
N ew b u rg h & S ou th S h ore
75*8 31
in c o n n e c t io n w it h t h e e a r n in g s a s r e p o r t e d fr o m t im e t o t im e
e ith e r
N e w Y o r k C e n t r a l _______
e e 0 92 *69 1
a s a la r g o c r e d it o r a la r g o d e b i t it e m a c c o r d in g a s t h o r o a d in q u e s ­
N e w Y o r k C h ic a g o & S t. l i u 'i i ” "
2 ,2 1 8 .8 5 7
t io n w a s a m p ly s u p p lie d w ith r o llin g s t o c k o r w a s d e p e n d e n t t o a n y c o n ­
N e w Y o r k N e w H a v e n & H a r t f o r d . 1 6 ,8 6 7 .1 2 8
s i d e r a b l e e x t e n t o n c o n n e c t i n g lin e s f o r t h e c a r s u s e d b y Its s h ip p e r s
N e w Y o r k O n ta r io & W e s te r n .
2 103 589
I n O c t . 1 9 1 9 a n o r d e r r e - e s t a b l i s h i n g t h e p e r d i e m s y s t e m o n cars was
N e w Y o r k P h ila d e lp h ia & N o r f o l k . .
9 9 6 !0 5 1
is s u e d b y D ir e c t o r - G e n e r a l o f R a ilr o a d s W a l k e r D . H in e s .
'
N ew Y o rk S u squehanna & W estern .
8 0 0 ,3 8 7
R a ilr o a d A d v e r tis in g a n d S ta tistics B u r e a u .— I n A p r il 1 9 1 8 t h e R a ilr o a d
P e n n s y l v a n i a C o m p a n y _________________ 1 4 , 9 9 2 , 7 8 5
A d m in is t r a t io n c u r t a ile d r a ilr o a d a d v e r t is in g a n d o n M a y 2 t h e y p r o h ib it e d
P e n n s y l v a n i a R a i l r o a d __________________ 5 1 , 3 6 1 , 2 6 2




N ew s

U n iv e r s a l M i l e a g e S c r i p .— T h is s c r ip , g o o d o n a ll r o a d s a t 3 c e n t s a m ile
w a s p la c e d o n s a le o n o r a b o u t A u g . 1 1 9 1 8 .
V . 107, p . 253.
’

2 0 8 Q lU (,tiO n

4 , 3 6 1 ,4 § 6

in c l u d i n g in t h e ir o p e r a t in g e x p e n s e s c o n t r i b u t i o n s t o w a r d

? al 1 4 ^ 3 a i 9 7 i ° f

O p e r a tin g
In com e.

L ess Than
b y S ta n d a rd

$175,134 — $351,749
1,018,479
+796,413
dl58.175 — 1,412 721
7,187,683 — 18,424.209
d21,323
— 107.970
592,229
— 963,546
1,581.682
+712,240
4,913.766
+239.052
1,733,008 — 7,745.067
104,570
— 488.058
1.027.518 — 2,248,892
53,036 — 1.415,088
6,268,096 — 3,084,205
d647,358 — 1.426,456
1.539,112 — 1.406.889
d l ,189,262 — 1,414.391
746,739
— 873.520
766,068
— 156,717
dl65,412
— 587,625
255.971
— 61,657
14,688,938 +4.750,341
1,846,859
+617,892
2.446,556 — 4.963,044
16.011.656
+262.179
31,289
— 279.375
460,195
+3.683
d722,551
— 932.720
d385,023
— 512,243
4,717.973 + 1.855,796
d l,079,618 — 16,583!557
321,183
— 38.400
247,581
— 681,804
dl ,088,669 — 1,084,398
188,792 — 1.166.049
2,718.733
+ 81,566
dl ,603,434 — 1.899.488
1.651.579
+356,438
379,653 — 1.168,889
357.550
— 161,821
1.178,658
+42.897
6,683,313 — 4,637,920
3,891,092
+669,143
o595,895 — 3,551.592
d76,025
— 127,568
13,606,480 +5.554.353
648,042
+64,956
139,827
+ 106,207
215,626
+ 139,795
48,291,878 — 7.510,753
3,834,512 + 1.615,655
7,534,334 — 9,332.794
548,583 — 1,555,006
972,603
— 23,448
419,034
— 381.553
4,284,827 — 10.707.958
18,317.171 — 33.044,091

6

RAILWAY AND INDUSTRIAL SECTION.
Standard

(1) Eastern D istrict — (C on cl.)
R etu rn.
Pere Marquette_____. . . _______ . . . 3,748,196
Philadelphia & Reading..................... 15,868,331
Pittsburgh & Lake Erie..................... 8,980,219
Pittsburgh & Shawmut___________
482,817
237,010
Pittsburgh & West Virginia----------Pittsburgh Cincinnati Chicago &
St. Louis.......................................... 11,334,094
Port Reading______________________
235,698
Rutland............................................... 1,023,883
South Buffalo .....................................
141,160
Staten Island Rapid Transit_______
356,824
Toledo & Ohio Central____________ 1,086,651
Toledo St. Louis & Western_______
994,294
Ulster & Delaware________________
128,009
Union RR. Co. of Pennsylvania_
_ 1,370,290
Wabash............................................... 5,857.772
Western Maryland________________ 3,079,593
West Jersey & Seashore____. . . ____
952,682
Wheeling & Lake Erie_____________ 1.586.037
(2) W estern D istrict —
Arizona Eastern__________________ 1,242,475
Atchison Topeka & Santa Fe______ 38,443,725
Beaumont Sour Lake & Western___
d33,489
Chicago & Alton................................. 3,178.316
Chicago & North Western_________ 23,201,016
Chicago Burlington & Quincy______ 33,360,683
Chicago Great Western___________
2,953,450
Chicago Junction_________________
916,804
Chicago Milwaukee & St. Paul_____ 27,154,551
Chicago Peoria & St. Louis________
127,540
Chicago Rock Island & Gulf_______
971,512
Chicago Rock Island & Pacific_____ 14,912,379
Chicago St. Paul M . & Omaha____ 4,934,790
Colorado Southern________________ 2,481.212
Denver & Rio Grande_____________ 8,319,377
353,290
' Denver & Salt Lake_______________
Duluth & Iron Range______________ 2,355,242
Duluth Missabe & Northern_______ 5,122,051
Duluth South Shore & Atlantic____
594,637
El Paso & Southwestern__________ 4,145,102
Fort Smith & Western_____________
82,194
Fort Worth & Denver City________ 1,891,386
1,301
Fort Worth & Rio Grande_________
Galveston Harrisburg & San Anton. 3,230,645
Galveston Wharf.................................
526.070
Great Northern___________________ 28,666,681
Gulf Colorado & Santa Fe................. 2,828,218
Houston & Texas Central_________
1,717,506
Houston East & West Texas_______
375,566
International & Great Northern------ 1,394,946
Kansas City Mexico & Orient------- 1
9,073
KansasCity Mex. & Or. of T exas../
Kansas City Southern------------------- 3,216,698
Kansas City Terminal------------------- 1,998,642
Los Angeles & Salt Lake---------------- 3,420.417
Louisiana & Arkansas_____________
407.987
Louisiana Ity. & Navigation Co____
357,353
Louisiana Western________________
895,178
414,346
Midland Valley...................................
Mineral Range_________
147,432
Minneapolis & St. Louis__________ 2,639,857
Minneapolis St. Paul & Sault Ste
Marie............................................... 10.573.291
Minnesota & International________
202,455
Missouri* North Arkansas________
13,146
Missouri Kansas & Texas_________ 5,853.831
Missouri Kansas & Texas of Texas..
621,773
Missouri Oklahoma & Gulf________
d83,603
Missouri Pacific................................. 14,206.814
Morgan's Louisiana & Texas Pacific
RR. & Nav..................................... 1,188,526
New Orleans Texas & Mexico______
218,773
Northern Pacific__________________ 30,057.760
Northwestern Pacific______________ 1,235,101
Oregon Short Line________________ 10,196,750
Oregon-Washington RR. & Nav. Co. 4,519,352
Pan Handle & Santa Fe___________
1,330,664

1918 Net
Greater or
Operating Less Than by
Income.
Standard.
3,814.052
+65,856
8.847.389 — 7,020,942
9.839,555
+859,336
130,256
— 352,561
d328.012
— 565,022
2,973,777
489,964
35,559
125,016
31,042
738,970
1,241,182
d57,850
1,455,665
3.721,029
<1492,469
dl68,966
1,048,583

— 8,360,317
+254,266
— 988,324
— 16,144
— 325,782
— 347,681
+246,888
— 185,859
+85,375
— 2,136,743
— 3,572,062
— 1,121,648
— 537,454

[V ol . 109.

CONTRACTS E X E C U T E D A N D C O M PE N SATION
P A Y A B L E THEREUNDER.
T h e U n ited States Railroad A dm inistration as o f O c t. 8
1919 reports the contracts actually executed b y the com ­
panies and the D irector-G eneral and the com pensation to
be paid thereunder to the several roads as shown below .
Indentations indicate subsidiary parties to the contract.
T h is com pilation covers in the aggregate:
113 Cm Rracts with total annual com pensation
$686,694,403 05
2 contracts with lum p sum o f _____________________ $129,734 80

Contracts Executed to Aug. 28 1919.
(* Indicates Class 1 R oa d .)
Compensation.
Abilene Southern R ailw ay C om p any________________________
$78,375 18
Alabam a & V icksburg R ailroad_____ _________________________
322,854 47
1,472,292
+229,817 ♦Atchison T opeka & Santa F e ________________________________42,810,310 80
Grand C anyon Railroad
41,558.303 +3,114,578
Kansas & Southwestern Railroad
244,762
+278,251
R io Grande E l Paso & Santa Fe
1.776,749 — 1,401,566
♦Gulf Colorado & Santa Fe
12,441,437 — 10,759,579
♦Panhandle & Santa Fe
25.016.100 — 8,344,583
$12,660 72
21,457 — 2,931,993 A tlantic & W estern R ailroad_________________________________
133,513
— 783,291 ♦Atlantic C oast Line R ailroad_______________________________ 10,185,942 34
3,643,192 — 23,511,359
W ashington & V an Domere'
d529,254
— 656,794
T am pa Southern
968.722
— 2,790
22,587 01
8,211,683 — 6.700,696 Augusta Southern R ailw a y_________________ _ ________________
86,647 00
2,624,720 — 2,310,070 Baltimore Chesapeake & A tlantic R ailroad__________________
+460,534 ♦Baltimore & O hio___________________________________________ 30,031,009 14
2.941,746
5,434,321 — 2.885.056
♦Staten Island R apid Transit C o.
d961,458 — 1.314,748
Sandy Valley & Elk H orn
3,803,620 +1,448,378
B . & O. Chicago Terminal
12,465,248 +7.343.197
♦Coal & C oke
,
— 330,689
263,948
L ong Fork Railway
+791,290 ♦Bangor & A roostook R ailroad______________________________ 1,575,171 64
4,936,392
+ 104,538
186,732
Van Buren B ridge C o .
— 145,506
1,745,880
29,077 92
— 62,893 Bennettsville & C heraw _______________________________________
d61,592
34,522 86
5,347,757 +2,117,112 Birmingham & N orthwestern R ailw ay______________________ — 298,755 Brooklyn Eastern D istrict Term inal_________________________
227,315
306,259 63
11,978,791 — 16.687.890 B uffalo Creek R ailroad_______________________________________
409,397 76
.072
2,824,146
+568,801 ♦Buffalo R ochester & Pittsburgh R ailw ay____________________ 3,276,410 42
2,286,307
+28,451
404,017
♦Central N ew England R a ilw a y ..___________________________ 1,468,123 63
— 22,665 ♦Central o f Georgia R ailroad_____ ___________________________ 3,444,158 64
I . 372.281
— 22,665
Jd334,318
W adley Southern
— 704.922
1d361.531
Sylvania Central
— 433,721
2.782,977
835,402 25
+ 185,782 ♦Central Verm ont R ailw ay___________________________________
2,184,424
Central Verm ont Transportation C o.
— 673,782
2.746.635
— 330.350 ♦Central Verm ont R y _______________________________________ $835,402 22
77.637
— 158,607
.
Central Verm ont Trans. C om pany
198,746
+928.401
1,823,579
♦Charleston & W estern Carolina R ailw ay________________ . . .
466,921 15
+306,542
750.888
102,048 99
— 137,652 Chesapeake Steamship C om p a n y....... ....................... ......................
9,740
235,782 — 2,404,079 ♦Chicago & N orth W estern Railway C om pany_____ ________ 23,364,028 55
M issouri Valloy * Blair Railway & Brldgo C o .
Pierre & F ort Pierre Bridge & Railway C om pany
3,858.722 —6.714,569
Pierre R apid C ity & Northwestern
— 260,340
d57,885
W o lf R iver Valley
— 130,192
dll7,046
W yom ing * N orthwestern
«
— 640.033
5.213,798
d800,095 — 1,421,868 ♦Chicago & W estern Indiana R a ilw a y .........................
1,509,530 17
— 3 8 6 .5 6 4
d470.167
♦Chicago Burlington & Quincy Railroad C om pany................ 33,390,079 61
— 2,442,252
II,
764.562
Black Hill & F ort Pierre
D eadw ood Central
2,357,330 +1,168,804
Quincy Omaha & Kansas C ity
+226,339 ♦Chicago Great W estern R ailroad____________________________ 2,953,449 94
445,112
28,209.373 — 1,848,387 ♦Chicago Indianapolis & Louisville___________________________ 1,620,258 75
+263,807 Chicago Heights Terminal Transfer R ailroad________________
1,498,908
67,131 89
+506,443 ♦Chicago M ilwaukee & S t. Paul Railway C om pany_________27,946,771 45
10.703.193
— 30,858
4,488.494
T acom a Eastern Railroad Com pany
d8,171 — 1,338,835
Bellingham & Northern Railw ay C om pany
— 411,829
dl05,315
P eoria & Pekin U nion_______________
306,514
Seattle P ort Angeles & W estern Railway C om pany
— 480.338
dl06,527
S t. Joseph & Grand Island__________
373,811
M ilwaukee Terminal Railway Com pany
+261.455
1,245,345
S t. Louisville Brownsville & M e x ico .
983,890
Puget Sound & W illapa Harbor RaUway C om pany
S t. L ouis M erchants B ridge T er_ ___
Gallatin V alley Railway C om pany
— 518,984
dl06,556
•m in a l ____________________________
412,428
C hicago Junction R ailw ay_____ _________ ____________________
916,804 03
S t. L ouis San Francisco____________ 13,690.213 11,199,410 — 2,490,803 Chicago R iver & Indiana Railroad C om p any________________
108,525 82
+209,479
dll7,556
S t. L ouis San Francisco & T exas____
d327,035
+316.946 ♦Chicago St. Paul M inneapolis & Omaha R y ________________ 4,934,789 51
3,672.695
S t. L ouis Southwestern------------------- 3,355,749
922,784 87
— 898.289 Chicago Terre Haute & Southeastern R ailw ay_______________
d343,124
S t. L ouis Southwestern R y . o f Texas
555,165
317,628 01
— 502,528 ♦Cincinnati Northern R ailroad________ ._____________________
dl29,476
San A n ton io & Aransas Pass________
373,052
♦Cleveland Cincinnati Chicago & S t. L ouis__________________ 9,945,738 41
33.970.453
Southern P a cific-----------------------------\ _____ ____
M uncie B elt Railway
— 16,832
4,034.653
Southern P acific Steamship L in e s ./ 38,021,938
+808,783 ♦Colorado & Southern________________________________________ 2,833,578 93
2,679,866
Spokane Portland & Seattle________ 1,871,083
*W ichita Valley
— 717.829
1,858,682
Term inal R R . A ssn.’o f St. L o u i s ___ 2,574,511
— 8,697 ♦Delaware Lackawanna & W estern___________________________15,749,476 74
310,033
T exarkana & F ort Sm ith___________
318.730
4,702 45
+249,491 ♦Dennison & Pacific Suburban R ailw ay---- --------------------------964.627
T exas & N ew Orleans________
715,136
— 400,166 ♦Denver * R io Grande______ ________________________________ 8,319,376 67
3.707.266
T exas & P a cific...................................... 4,107,432
255,692 10
— 170,695 Cum berland & Pennsylvania R ailroad_________ _____ ________
dlO.955
T o le d o Peoria & W estern___________
159,740
310,664 04
— ______.
148,847 ♦Detroit & M ackinac Railway C om p any____________________
d387,752
T rin ity & Brazos Valley____________
d238,905
D etroit B ay C ity & W estern________________________________
85,967 31
U nion P acific........................................... 23,700,009 35.616.554 +11,916,545 D etroit Terminal R ailroad................................................................
186,460 40
589,157
U tah R y b __________________________
______
134,221 70
— 15,453 Durham & Southern Railroad C om pany_____________________
V icksburg Shreveport & P a cific____
337,948
„ 322.495
_
_ _________________ 4,145,102 30
+674.950 ♦El Paso & Southwestern___
W estern P a cific....... ...............
1,900,350
2,675,300
♦Erie R ailroad___________________________________
15,729,068 09
— 634.761
W ich ita Falls & N orthw estern_____
145,245
d489.516
*Ohicago & Erie
b R oa d operated as a lessor com pany p rior to D e c . 1 1917.
♦Fort W orth & Denver C ity Railw ay C om p any_________________ 1,891,386 40
Gainesville M idland_____________________________
22.731 58
d Indicates d eficit.
Galveston W harf C om pany______________________________________
526,069 92
(3) Southern District—
88,000 00
+$1,141 Georgia & Florida R ailw ay______________________________________
$323,995
$322,854
A labam a & V icksburg______________
57,637 73
+335.291 Georgia Florida & Alabama R ailw ay______ _______
2.038.471
A labam a Great Southern___________
1,703,180
858,662 42
+394,353 ♦Georgia R ailroad____________________________________________
647.348
A t la n t a * W est P oin t...........................
252,995
929,385 42
— 942,819 ♦Grand Rapids & Indiana________________________________________
d584.761
A tlanta Birmingham & A tla n tic____
358,058
331,954 91
11,626,128 +1,445,213 Green B ay & Western R ailroad_______________
Atlantic Coast Line_______________ 10,180,915
Annapee & Western Railway C o.
+ 170.797
309,612
138,815
Birmingham Southern.
Kewaunee Green B ay & Western Railroad
______ ______ _
— 486.853
1,098.306
Carolina Clinchfield & Ohio............. 1,585,159
+454.436 ♦Great Northern R ailw ay________________________________________ 28,771,360 78
3.905.339
Central o f Georgia________________ 3,450,903
Duluth & Superior Bridge
+81,611
548.532
466,921
Charleston & Western Carolina____
Duluth Terminal
Chesapeake & Ohio....................
13,226,983 17,042.405 +3,815.422
Great Falls & T eton C ounty
3— 493,094
3.047.946
Cincinnati New Orl. & Texas P a c .. 3.541,040
Great Northern Equipm ent C om pany
— 383,845
Coal & C oke.a...................................
til 01,522
282.323
Great Northern Terminal
1,601,838 — 1,241,004
Florida East Coast________________ 2,842,842
M inneapolis Western
2,246,669 +1.387.947
Georgia R R . Lessee Organization..
858,622
M inneapolis Belt
— 163.596
347.861
Georgia Southern & Florida_______
511,457
M ontana Eastern
— 233,791
363,665
Gulf & Ship Island .............................
597,456
W atertow n & Sioux Falls
,,
, __ _ _ . __
— 367,178
191,160
558,338
Gulf Mobile & Northern__________
Illinois Central___________________ 16,282,374 12,907,466 — 3,374.908 G u lf Texas & Western R ailw ay........................... ............ (lump sum) 29,734 80
♦Hudson & M anhattan______ ____________________ ____________11
Lluisville & Nashville...............
17,310,495 19, $67,632 +2.057.137 ♦Illinois Central__________________________ _____________________ 16,540,/17 32
+296,306
640,222
Louisville Henderson & St. Louis_
_
343,916
Chicago M em phis * G ulf
247,368 — 2.330.835
M obile & Ohio..............................
2,578,203
Dunluth & Dubuque Bridge
+937,038
Nashville Chattanooga & St. Louis. 3.182,089
4,119,127
Central Elevator & Warehouse
— 32.491
New Orleans & Northeastern______ 1,007,931
976,440
Mississippi Valley Corporation
.. .
_
— 166,731
409,221
New Orleans Great Northern--------575,952
B elt----------------- ------------ ...................
i m ’nnn on
Norfolk & Western________________ 20,534,163 18.256,481 —2.277,682 Indiana Harbor exico * Orient R a ilro a d .. — - — ...................
-—
150,000 00
— 877,049 ♦Kansas C ity M
289,942
Norfolk Southern_________________ 1,166,991
♦The Kansas C ity M exico & Orient R y . C o . o f Texas
3.016,827 + 1.879.453
Richmond Fred. & Potomac----------- 1,137,374

3,636.725
8eaboard Air Line-------------------------Southern_________ _______ - — . . . 18,595,980 29,291,870
« 0 .7 M
Southern R y. in Mississippi----------d75,843
Tennessee Central-----------------------162,734
0<14,745
V irgin ian.________________________ 3.247,603
1,848,259
Washington Southern------------------Western R y. o f Alabama---------------Yazoo & Mississippi Valloy________ 3,862,318
4,499,956
a Returns for 1918 cover nine months to Sept. 30; road
Baltimore & Ohio on Oct. 1.
d Indicates deficit.




— 2.860.300
+10,695.890
J 3 5 .0 4 .

— 1,399.344
+1,253.122
+325.868
+637.638
merged with

Lake E r ie &
................................ 127.081 06
♦Lake Erie & Western...........................- ......................................
Leavenworth Terminal Railway Bridge Company---------------43,583 4»
♦Lehigh & Hudson River Railway............................................. .
♦Lehigh & New England Railroad Company---------------------- i i W i ' m S m
♦Lehigh Valloy Railroad.........- - - - - ............................................■Vi i I ' tm in
♦Los Angeles & Salt Lake Railroad------------------------------------ in'In]
♦Louisville * Nashville Railroad
......................................... 17 ’g]2'o?t m
♦Louisville Henderson & St. Louis Railway..........................
343,915 53
Louisiana & Mississippi Railroad & Transfer Co---------------03
Louisville & Wadley Railroad Company...................................
5.367 23

Nov., 1919.]

RAILWAY AND INDUSTRIAL SECTION.

_
.
. „
C o m p en sa tio n .
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 a i l w a y ____________________________
4 9 ,5 4 3 2 3
M e m p h i s D a l l a s & G u l f R a i l r o a d ______________________________________
2 8 ,2 9 5 7 0
♦ M i c h i g a n C e n t r a l R a i l r o a d ____________________________________________ 8 . 1 0 5 , 7 2 7 0 4
C h ic a g o K a la m a z o o & S a g in a w
M i n n e a p o l i s Sc E a s t e r n ____________________________________________________
3 0 ,3 3 2 61
M i n n e a p o l i s S t P a u l Sc S a u l t S t e M a r i o R a i l w a y _________________ 1 0 , 5 4 7 , 4 2 8 7 0
♦ M i n n e s o t a & I n t e r n a t i o n a l R a i l w a y C o m p a n y _______ __________
2 0 2 ,4 5 5 2 4
♦ M i s s o u r i Sc N o r t h A r k a n s a s ______________________
_ _ _ _
1 7 5 ,0 0 0 0 0
M o r g a n t o w n & K in g s w o o d R R . (u n o ffic ia l, V . 1 0 9 , p . 1 8 9 1 )
5 1 ,3 6 2 0 0
♦ N a s h v i l l e C h a t t a n o o g a & S t . L o u i s R a i l r o a d __________________ 3 , 1 8 2 , 0 8 9 0 3
N e w E n g l a n d S t e a m s h i p C o m p a n y __________________________________ 1 , 0 5 0 , 7 5 3 3 3
T h e H a r tfo r d & N e w Y o r k T r a n s p o r ta tio n C o m p a n y
N e w B e d fo r d M a r t h a ’s V in e y a r d & N a n t u c k e t S S . C o ,
♦ N e w O r le a n s G r e a t N o r t h e r n R a ilr o a d C o m p a n y
5 7 5 ,9 5 1 7 9
♦ N e w Y o r k C e n t r a l R a i l r o a d ____________________________________________ 5 8 , 1 2 2 , 0 8 4 9 2
K a n a w h a & W e s t V ir g in ia
Z a n e s v ille & W e s t e r n
♦ K a n a w h a & M ic h ig a n
♦ T o le d o & O h io C e n tr a l
♦ N e w Y o r k N e w H a v e n & H a r t f o r d R a i l r o a d ____________________1 7 , 0 9 5 , 8 8 4 3 4
♦ N e w Y o r k O n t a r i o & W e s t e r n _________________________________________ 2 , 1 0 3 , 5 8 9 4 1
9 9 9 ,9 4 1 7 4
♦ N e w Y o r k S u s q u e h a n n a & W e s t e r n _____________________________ _
♦ N o r f o l k & W e s t e r n R a i l w a y _________________________ 1 . 1 1 1 1 1 1 1 1 1 2 0 , 6 4 0 1 8 9 9 9 8
N e w R iv e r H o ls t o n & W e s te r n
T u g R iv e r & K e n tu c k y
V ir g in ia -C a r o lin a R a ilw a y
W illia m s o n & P o n d C r e e k
♦ N o r t h e r n P a c i f i c R a i l w a y ------------------------------------------------------------------------------ . 3 0 , 1 3 0 , 0 6 8 8 1
B i g F o r k & I n t e r n a t io n a l F a lls
G ilm o r e & P itts b u r g h
O c e a n S t e a m s h i p C o . o f S a v a n n a h --------------------------------------------------------------- 1 , 0 4 8 , 7 8 2 6 9
♦ P e n n s y l v a n i a L i n e s ( W e s t ) ------------------------------------------------------------------------------ 1 5 , 1 5 4 , 7 1 9 8 1
W h e e lin g T e r m in a l R a ilw a y
C in c in n a ti L e b a n o n & N o r t h e r n
O h io R iv e r & W e s te r n
M a n u fa c tu r e r s R a ilw a y
♦ P e n n s y l v a n i a R a i l r o a d ---------------------------------------------------------------------------------- 5 3 , 6 0 3 , 4 2 7 5 8
B a l t i m o r e & S p a r r o w ’s P o i n t R a i l r o a d
♦ C u m b e r la n d V a lle y
♦ N e w Y o r k P h ila d e lp h ia & N o r f o l k
U n io n R a ilr o a d C o m p a n y o f B a lt im o r e
B a r n e g a t R a ilr o a d
P h ila d e lp h ia & B e a c h H a v e n
R o s s ly n C o n n e c t in g R a ilr o a d
1 8 0 ,6 1 4 3 8
P i t t s b u r g h C h a r t i e r s & Y o u g h i o g h e n y R a i l w a y ___________________
P h i l a d e l p h i a & C a m d e n F e r r y ------------------------------------------------------------------4 0 1 ,5 5 6 0 0
♦ P i t t s b u r g h & L a k e E r i e R a i l r o a d --------------------------------------------------------- 8 , 9 8 0 , 2 1 9 4 0
P o r t H u r o n S o u t h e r n R a i l r o a d ----------------------------------------------------------------1 1 ,0 2 5 7 8
P u l l m a n C o m p a n y ................ .. .................- ------------ -------------------------------------------- 1 1 , 7 5 0 , 0 0 0 0 0
♦ R i c h m o n d F r e d e r i c k s b u r g & P o t o m a c _________________________ _
1 ,1 3 7 ,3 7 3 7 5
1 ,0 2 3 ,8 8 3 0 0
♦ R u t l a n d R a i l r o a d .........................
S a l i n a N o r t h e r n R a i l r o a d __________________________________________________
1 5 ,0 0 0 0 0
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 a il w a y C o m p a n y . .
4 1 2 ,4 2 7 0 0
♦ S t . J o s e p h & G r a n d I s l a n d R a i l w a y C o m p a n y __________________
3 7 3 , 8 1 1 11
S t . P a u l B r i d g e & T e r m i n a l R a i l w a y C o m p a n y ___________________
6 7 ,5 0 9 4 0
S i o u x C i t y T e r m i n a l R a i l w a y C o m p a n y ____________
_
17 3 5 2 9 3
♦ S o u t h e r n P a c i f i c . . ..................................................................
4 7 ,5 5 9 i 9 8 8 91
♦ A r iz o n a E a s t e r n
♦ H ou ston & T e x a s C e n tra l
♦ G a lv e s to n n a r r is b u r g & S a n A n t o n io
♦ T e x a s & N e w O r le a n s
H o u s t o n Sc S h r e v e p o r t
♦ H ou ston E a st & W e st T e x a s
♦ M o r g a n 's L o u i s i a n a & T e x a s R a i l r o a d & S t e a m s h i p C o .
♦ L o u is ia n a W e s t e r n
L a k e C h a r le s & N o r t h e r n
I b e r ia & V e r m ilio n
S u n s e t R a i l w a y C o m p a n y ------------------------------------ --------------------------------------6 4 ,5 6 2 7 9
S u sq u e h a n n a & N e w Y o r k (u n o ffic ia l, see V . 1 0 9 , p . 1 8 9 3 ) ..
5 6 ,8 8 4 0 0
T e r m i n a l R a i l w a y A s s o c i a t i o n o f S t . L o u i s __________________
2 ,5 7 4 5 1 0 0 0
♦ T e x a s & P a c i f i c R a i l w a y C o m p a n y _________________________________ 4 , 1 0 7 4 3 2 4 9
♦ T o l e d o P e o r i a & W e s t e r n R a i l w a y __________________________________
'l 5 9 ,7 3 9 7 7
T r a n s - M i s s i s s i p p i R a i l r o a d C o m p a n y _____________________
_
6 6 5 391 57
T r i n i t y Sc B r a z o s V a l l e y ----------- --------------------------------------- ( l u m p s u m )
1 0 0 !0 0 0 0 0
U n i o n F r e i g h t R a i l r o a d C o m p a n y ............. ..................................
3 2 ,0 0 9 6 9

7

... .

C o m p en sa tion .

♦ U n i o n P a c i f i c R a i l r o a d . ........................................................................................ 3 8 . 4 1 6 , 1 1 0
♦ O re g o n S h o r t L in e
♦ O re g o n & W a s h in g to n R a ilw a y & N a v ig a t io n C o
D e s C h u te s R a ilw a y
G r e e n R iv e r W a te r C o m p a n y
R a t t le s n a k e W a t e r C o m p a n y
U n io n P a c ific W a te r C o m p a n y
♦ W a s h i n g t o n S o u t h e r n ____________________________________________________
4 6 8 ,4 2 3
W e a t h e r f o r d M i n e r a l W e l l s & N o r t h w e s t e r n _____________________
3 1 ,1 4 8
♦ W e s t e r n R a i l w a y o f A l a b a m a ________________
2 8 8 ,2 3 7
W r i g h t s v i l l e & T e n n i l l e I i a i r o a d C o m p a n y _______________________
4 1 ,0 2 7
W i g g i n s F e r r y C o m p a n y _________________________________________________
4 1 6 ,6 7 5
E a s t S t. L o u is C o n n e c tin g
S t. L o u is T r a n s fe r
W i n s t o n - S a l e m S o u t h b o u n d R a i l w a y _________________________________
2 6 0 ,2 5 1
♦ Y a z o o & M i s s i s s i p p i V a l l e y ___________________________________________________3 , 8 6 2 , 3

79

81
57
55
82
60

62
1 7 93

Short-line contracts under w hich no com pensation is
payable have been executed w ith the follow ing com panies:
S h o r t- L i n e C o n tr a c ts ( C o - o p e r a ti v e ) i n F o r c e S ep tem b er 1 6 1 9 1 9 .
'M a r i o n & E a s t e r n
M a r y la n d & P e n n s y lv a n ia
M ia m i M in e r a l B e lt
M id la n d & N o r th w e s te r n
M id la n d R a ilw a y ( G a .)
M in n e a p o lis R e d L a k e & M a n ito b a
M is s o u r i S o u th e r n
M o d e s t o & E m p ir e T r a c t io n C o .
M o n ta n a W y o m in g & S o u th e rn
M oreh ea d & N o rth F ork
N a tc h e z C o lu m b ia & M o b ile
N e v a d a C o p p e r B e lt
N e w a u k u n V a ile y
N e w J e r s e y I n d ia n a & I llin o is
N e w O r le a n s N a t a l b a n y & N a t c h e z
N o r t h w e s t e r n R R o f S o u th C a r o lin a
O n e id a & W e s t e r n
P a la t in e L a k e Z u r ic h & W a u c o n d a
P a r is A M t . P le a s a n t
P e c o s V a lle y S o u th e r n
P e l h a m Sc H a v a n a
P ic k e n s R a ilr o a d
P itts b u r g h L is b o n & W e s t e r n
P it t s b u r g h & S u sq u e h a n n a
C o u d e r s p o r t & P o r t A lle g h e n y
R a p id R a ilr o a d
C u m b e rla n d & M a n c h e s te r
R o c k in g h a m R a ilr o a d
D e la w a r e & N o r t h e r n
R a n d o lp h & C u m b e r la n d
D e la w a r e V a l l e y
R o c k I s la n d S o u th e r n
E a s t C a ro lin a
R o m e & N orth ern
E a s t J o rd a n & S o u th e rn
R o s c o e S n y d e r & P a c ific
E l e c t r i c S h o r t l in e
P r e s t o n R a ilr o a d
E r ie & M ic h ig a n R y . & N a v . C o .
S t. L o u is K e n n e t t & S o u th e a s te r n
F e d e ra l V a lle y
S h e a r - ,v o o d R a i l w a y
F e r n w o o d & G u lf
S o u th G e o r g ia R R .
F lin t R iv e r & N o rth e a s te r n
S o u th M a n ch e s te r
F lo r id a A la b a m a & G u lf
T e n n e s s e e A la b a m a & G e o r g ia
F o n d a J o h n s t o w n & G lo v e r s v ille
T e n n e s s e e R a ilr o a d
F r a n k li n & P i t t s y l v a n i a
T u s k e g e e R a ilr o a d
G a in e s v il l e & N o r t h w e s t e r n
U r s in a & N o r t h F o r k
G a r y v ille N o r t h e r n
V a ld o s ta M o u lt r ie & W e s te r n
G e o r g ia N o r th e r n
V ir g in ia B lu e R id g e
G le n m o r a & W e s t e r n
V ir g in ia & T r u c k e e R a ilw a y
G ra ss R iv e r
W a b a s h C h ester & W estern
G re e n C o u n t y (G a .)
W a s h in g t o n & C h o c t a w
Iro n ton R R .
W a s h in g t o n & L in c o ln t o n
J e ffe r so n & N o r th w e s te r n
W a y c r o ss & S ou th ern
K a la m a z o o L a k e S h o r e & C h ic a g o
K e n tu c k y & T en n essee
W e s te r n A lle g h e n y
W h ite R iv e r R . R . (V e r m o n t)
K o s c iu s k o & S o u th e a s te r n
L a C ro sse & S o u th e a ste rn
.
W ild w o o d &
D e la w a r e B a y S h o re
L it t le R iv e r R R . (T e n n e sse e )
L in e
W illa m e tte & C o a s t
L iv e O a k P e rry & G u lf
L o r a n g e r L o u is ia n a & N o r th e a s te r n
W illia m s p o r t & N o r t h B r a n c h
M a n c h e s t e r & O n e id a
W i l m i n g t o n B r u n s w i c k Sc S o u t h e r n
M a r ia n n a & B lo u n t s t o w n

A k ro n C a n ton & Y ou n g stow n
A la b a m a C e n tra l
A la b a m a F lo r id a & G u l f
A la b a m a & N o r t h w e s t e r n
A la b a m a T e n n e s s e e & N o rth e r n
A r c a d e & A ttic a
A t la n t ic N orth ern
A u g u s ta N orth ern
A u g u s ta R a ilr o a d
B a rtle tt W e s te rn
B e a v e r M e a d e & E n g le w o o d
B i r m in g h a m Sc S o u t h e a s t e r n
B a w d o n R a ilr o a d
B o y n e C it y G a y lo r d & A lp e n a
B r is t o l R a ilr o a d
C a lifo r n ia S o u th e r n
C a ro lin a & Y a d k in R iv e r
C h ea t H a v en & B ru ceton
C a r r o llto n & W o r t h v ille
C h e s a p e a k e A V estern
C h ic a g o H a r v a r d & G e n e v a L a k e
C h a r le s C i t y W e s t e r n
C o lu m b ia N e w b u r y & L a w re n ce

ABBREVIATIONS USED IN THIS SECTION
Note.— Railroad lines owned, controlled or operated under contract by companies whose titles in the text are marked
” were under the U. S. RR.
Administration (either directly or as dependencies or leased lines of larger companies) at latest advices, but in some cases subject to change. Those
marked “ A " were under private control. Lines not marked are foreign lines or have a status not ascertained or doubtful.

EXPLANATORY.—’ This Supplem ent is expressly intended for use in connectionpage othe investm ent news and official. reportswhere fullerfrom week to
with
published
the "C h ron icle.’
Frequent reference is made therefore to the volum e and
f the "C h ro n icle " (as V. 106, p 000),
inform ation

w e e k in
m ay be

foun d. Following each statement also is given a reference to the latest news item in the "C h ron icle” respecting the com pany. As every s u c h
item has appended a reference to the last preceding item , the reader can run back at pleasure. Annual reports are in black-faced figures.
Index.— A ny com pany not in regular alphabetical order m ay be found b y means o f the index, on another page, to roads leased and consolidated.
— The
(“ d iv s.” ) in the text are in general those actually
during the calendar years nam ed, irrespective o f when
Net Earnings are given after deducting operating expenses and frequently taxes, but not interest or other fixed charges.
Securities.— These are described In table at head o f page (except the stock, for lack o f space, sometimes only in text below) as follows:
Miles
— Opposite bonds, this means the miles o f road owned covered b y the m ortgage.
Size or Par Value.— Shows (In dollars unless otherwise m arked), the denom inations or par value, “ 100, & c .,” signifying $100 and larger.
R Per Cent.— T he Interest and dividend rate per annum is here shown; g, gold; cur, currency; x, extra; s, stock or scrip.
ate
— J & J stands for January and July; F & A , February and August; M & S, M arch and Septem ber; A & O, April and O ctober: M & N .
M a y and N ovem ber; J & D , June and D ecem ber; Q-J, quarterly from January; Q -F , quarterly from February; Q -M , quarterly from M arch.
— This colum n shows for bonds the date when they m ature; for stocks the am ount and date o f the
dividend.
: M for “ m ortgage” ; Gen M for “ general m ortgage” : Con M or consol M for “ C onsolidated m ortgage” ; inc M for “ In com e m ortgage”
g for “ gold ” ; c or cur for “ currency” ; guar p & I f o r “ guaranteed principal and interest” ; cum for "cu m ulative” ; non-cum for “ non-cum ulative” ; conv
for “ convertible into stock at holder's op tion ” ; prof for "preferred” : nref a Sc d for “ preferred as to assets and dividends” ; s f for "sinking fu n d ”
lgr for “ land grant” ; r “ fully registered (no cop u on s)” ; c “ cou pon ” ; <:♦ ' ‘cou pon , but m ay be registered as to principal” ; r* “ registered” and " c o u p o n "
Interchangeable; br “ branch” ; end “ endorsed ; rod “ redeem able” ; d r’n or drawn; by lot call, "su b je ct to c a ll"; p m “ per m ile” ; ass’d , “ assum ed.”
— T he position as regards deductions for taxes (deductible at source) is indicated in the table as follow s;
T he bonds so marked contain the
broad tax-exem ption clause that the com pany will p ay the interest thereon without deductiou for any tax. T h e Federal A cts approved O ct. 3 1917
and Feb. 24 1919 provide, how ever, that only one normal 2 % incom e tax shall be deducted at the source and that all further Federal incom e taxes
"C om p a n y was paying at last advices so m uch o f the normal incom e tax as com ­
shall be m et b y the recipient o f the incom e. See V . 108, p . 521.
pany is requirod to deduct as withholding agent (V . 104, p .6 9 9 ) .
“ Free from U. S. incom e tax up to 2 % , deductible at source.”
“ Free
from U . S. incom e tax up to 4 % , deductible at sou rce.”
y “ Free from taxes except Federal incom e ta x .” yy “ Free from all taxes except Federal
and State incom e ta x ." z “ N o provision as to exem ption from taxes.” zz “ Payable with deduction o f normal Federal incom e ta x .” k “ Free from
Pennsylvania State ta x .” k “ Free from N ew Y ork State ta x .”
k
“ Free from U. S . taxes, deductible at source.”
"P a y a b le w ithout deduction
for taxes, except succession, inheritance and incom e taxes.”
Payable w ithout deduction for Federal, State, & c . , taxes deductible at source other
than'Federal 2 % incom e tax. vvvv Same with the exception also o f inheritance taxes, v v v v v P ayable without deduction o f U . S. (or G overnm ental)
taxas other than successive inheritance and incom e taxesj

Dividends.

dividends

paid

earned.

of Road.

When Payable.
Bonds, Principal When Due, &c.
Other Abbreviations

last

Taxes.

"x"

xx
xxx
vvv v

Mortgage Trustees and Stock Transfer Agents (TR Treasurer’s Office) are Indicated thus:
MBa — Maryland Trust Co 1C — Illinois T rust & SavBk
NEW Y ORK CITYMeBa— Mercantile Tr Sc Dap MC — M erchants’ Loan & T r
Ba
— Bankers Trust C o
Ce — C e n t r a l U n i o n T r u s t SBa — Safe Dep Sc Trust Co NC — Northern Trust C o
PC — P e o p l e s T r & Sav Bank
Co
BOSTON—
Col — Columbia Trust Co
AB — American Trust C
o S C — Standard Trusto C o
Em — Empire Trust Co
BB — Boston Safe Dep Sc Tr UC — Union T ru st C
Eq — Equitable Trust C o
CB — Commonwealth Tr Co
C IN C IN N A T I—
, . ^
P
— Farmers’ Loan & Tr FB — Federal Trust Co
U C i— Union Sav Bank & Tr
Fr — Franklin Trust Co
FiB — Fidelity Trust Co
CLEVELAND— . ^ ^
Q
— Guaranty Trust C o
|B — International Tr Co
CCI — Citizens Sav & T r Co
M e — M e r c a n tile
T ru st
& NB — N o w England Tr Co
Cl C l— Cleveland Trust C o
D e p o s it C o
OB — Old Colony Trust Co FCI — First. Trust Sc Sav Bk
Mp — Metropolitan Trust Co SB — State Street Trust Co Q C l — Guardian S Bk Sc Tr
N
— New York Trust Co
U B — United States Trust Co
D E T R O IT —
T
— Title Guar & Trust Co
D D — Detroit Trust Co
CHICAGO
II*' — United States Trust
SD — Security Trust C o
1
Uim— U S Mtge & Trust Co CeC— Central Trust Co of 1 1 UD — Union Trust C o
C h C — Chicago Sav Bk Sc Tr
IN D IA N A P O L IS —
CC — Continental & Com­
BALTIMORE—
mercial Tr Sc Sav Bank Ul — Union Trust C o
BBa — Baltimore Trust Co
FC — First Trust Sc Sav Bk
LOS A N G E L E S , C A L —
C o B a — Continental Tr Co
BBa — Equitable Trust Co HC — Harris Tr Sc Sav Bank L L o — Los Angeles T r Sc Sav
Bank
FoC— Fort Dearborn Tr Sc
FBa — Fidelity Trust Co
S L o — Security T r Sc Sav Bk
Sav Bank




xxxx

vv

L O U IS V IL L E —
FL
— F id e lity & C o lu m t T r
LL
— L o u is v ille T r u s t C o
N E W A R K , N J—
F N — F id e lity T r u s t C o
N EW O R LE A N S—
H N o — H ib e r n ia B k & T r C o
W N o — W h i t n e y C e n t r a l T r Sc
Sav B ank
„ P IT T S B U R G H —
C l P i — C o lo n ia l T r u s t C o
C w P l— C o m m o n w e a lth T r C o
D P i — D o lla r S a v & T r C o
F P 1 — F i d e l i t y T i t l e Sc T r u s t
P P I — P itts b u r g h T r u s t C o
R P i — R ea l E sta te T r C o
S P i — S a f e D e p o s i t Sc T r C o
U P I — U n io n T r u s t C o
P O R T L A N D , M E .—
F P o — F id e lity T r u s t C o
P R O V ID E N C E —
I P r — In d u s tr ia l T r u s t C o
R P r — R h o d e ls lI Io s p T r C o
U P r — U n io n T r u s t C o

ST. LOUIS—
AinSt— American Tr Co
MeSt — Mercantile Trust C
o
MSt — Mississippi Valley T r
SSt — St Louis Union T r u s t
PHILADELPHIA—
CP — Commercial Trust C
o
FP — Fidelity Trust Co
GP — Girard Trust Co
G uP—Guaranty Tr Sc S D e p
LoP — L o g a n Trust Co
MP — M e r c h a n t s UnTr Co
P hP — Philadelphia Trust C
o
PIP — Provident Lire & Trust
PeP — Penn Co for Insur on
• Lives Sc Gr Annuities
RP — Real Estate T & I Co
W — West End Tr<fcS DC
P
o
SAN FRANCISCO—
AS — Anglo California Tr C
o
MS — Mercantile Trust Co.
US — Union Trust Co
WILMINGTON, DEL.
WW— Wilmington Tr C
o

★ Control.
Government

RAILROAD COMPANIES

APrlvate
Control.

Subscribers will confer a favor by giving Immediate notice of anr error discovered In these tables.
R A IL R O A D

C O M P A N IE S .
s e e notes on first

For abbreviations, A c.,

M ile s
Road

page]

A d ir o n d a c k R y — S e e D e la w a r e & H u d s o n C o .
A k r o n & B a r b B e l t — 1 s t M g s f d c a ll s 1 0 5 - U s t n x .o ^ & r
Akron Can & Young— 1 s t M S l . 5 0 0 . 0 0 0 g c a l l 1 0 5 C I C I
A l a b a m a G r e a t S o u t h e r n — O r d i n a r y s t o c k -----------------------P r e fe r r e d s t o o k 6 % a n d p a r t ic ip a t in g $ 4 ,0 0 0 ,0 0 0 - F lr s t M g o l d e x t In 1 9 0 8 ( V 8 5 . P 1 6 4 5 . 1 4 6 0 ) - - F z . o
G e n e r a l m o r t g a g e £ 1 . 1 6 0 . O 0 O _____________________ C e z . o
F i r s t C o n s o l M $ 2 5 , 0 0 0 , 0 0 0 g o l d ____________ d . z c * r *
E q u i p t r u s t . S e r i e s E d u e 8 5 5 , 0 0 0 s - a g -----------------------Alabama M i d l a n d — S e e A t l a n t i c C o a s t L i n e R R
A la 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 —
C o m m o n s t o c k , $ 2 , 5 0 0 , 0 0 0 v t c ____________________________
P r e f s t o c k 6 % $ l , 7 0 u , 0 6 0 c u m a f t e r J a n . 1 1 9 2 4 --------P r i o r l i e n M , $ 3 , 5 0 0 , 0 0 0 g c a l l 1 0 2 ) 4 ---------- M p x x x c *
G e n ( 2 d ) M $ 2 .1 1 6 .0 0 .. g c a ll 1 0 5 ; in c o m e s 5 y r s - C o
E q u i p m e n t t r u s t s d u e $ 1 0 , 0 0 0 s e m i - a n n u a l l y -------------Alaoama & V i c k s b u r g — S t o o k ( s e e t e x t ) ------ ---------------V lo k s b 4 M e r id ia n 1st M g s fd ( V . 1 0 5 .1 8 9 2 ) - F . x o »
A la b a m a & V ic k s b u r g C o n s I s t M $ 1 ,8 0 0 ,0 0 0 -C e z .o
2 d M o r l g $ 7 0 0 , 0 0 0 g ( 1 s t M o n l a n d ) _________C e x . o
A l b a n y St N o r t h e r n — S e e G e o r g i a S o u t h w Sc G u l f
A lb a n y P a s s T e r m C o — 1st M 5 % 5 0 -y r g o ld b o n d s
A lb a n y & S u s q — S t o o k , d iv id e n d s g u a r b y D * H (e n d i
1 st M $ 1 0 ,0 0 0 ,0 0 0 g g u d & 1 o o n v ( t e x t ) U s m x .o ’ & r
A lb a n y & V e r m o n t — S to c k 3 % g u a ra n te e d b y re n ta l

★

A K R O N

A A K R O N

&

B A R B E R TO N

C A N TO N

A ALABAM A
C o w a r ts , G a .,
C a p it a l s t o c k ,
J . R . B iv in g s ,

&

B E LT

R R .— S ee p a g e

Y O U N G STO W N

7

290
— *

186
186
143
143
143
143

Date
B on d s

Par
V a lue

1902
1910

$ 1 ,0 0 0
100
60
50
1 .0 0 0
£100
$ , £ Sc Tr
1 .0 0 0

1878
1888
1913
1916

1918
1918
1912
1881
1889
1889
1912

142

12

1406

100

100
1 ,0 0 0
100 A c
100 A c
1 ,0 0 0

ItH
)
1,000 AC
100

135.

F L O R I D A & Q U L F R R . — O p e r a t in g in S e p t . 1 9 1 9 f r o m
o n A t la n t ic C o a s t L in e R R . s o u t h t o G r e e n w o o d . 3 2 m ile s .
$ 5 0 ,0 0 0 ; p a r . $ 1 0 0 .
N o bon d s.
P r e s ., W . S . W ils o n ; A u d .,
D o th a n , A la .

★ A L A B A M A Q R E A T S O U T H E R N R R .— O w n s C h a tta n o o g a . T e n n ., t o
M e r i d i a n , M i s s . . 2 9 3 m ile s ( a b o u t 3 0 % d o u b l e - t r a c k e d ) ; le a s e s B e l t R y . ,
C h a t t a n o o g a , 1 .6 2 m .; o w n s 5 0 % in t . W o o d s t o c k & B l o c t o n R y . , 8 m .;
t r a c k a g e , 1 0 m .; t o t a l o p e r a t e d , 3 1 2 m ile s .
O R G A N I Z A T I O N .— C o n tr o lle d b y S o u th e r n R y .. b u t o p e r a t e d I n d e ­
p e n d e n tly . V .
8 1 . p . 1 7 2 2 ; V . 8 2 . p . 1 5 9 . O w n s $ 9 7 5 ,1 0 0 s t o c k o f 8 . W .
C o n s t r u c t io n C o . r e c e iv e d fo r $ 8 3 3 ,3 0 0 C ln . N e w O r l. & T e x . P a c . s t o c k .
S T A N D A R D R E T U R N a s c e r t ifie d b y I .- S . C . C o m m ., $ 1 ,7 0 3 ,1 8 0 , n o t
y e t execu ted . V . 109, p . 1788.
L A T E D I V 8 . ’0 5 t o ’0 8
09. T O . T 1 to T 5 .
*16.
1917.
1 9 1 8 .1 9 1 9 .
C om . s t o c k ,-.
0
2
4 .4
5 y r ly .
7
5 & 2 ex t.
3,
te x t
6
6
6 y r ly .
7
6 & le x t.
6 )4 .
text
P r e f . s t o c k _____ 6 y e a r l y
I n 1 9 1 8 p a id o n c o m m o n in J u n e , 3 % : t h e n n o n e t il l 4 % w a s d is t r ib u t e d
J a n . 31 1 9 1 9 .
A u g . a n d D e c . 2 9 1 9 1 9 p a id 3 ) 4 % .
I n 1 9 1 8 o n p r o f , in
F e b ., 3 % a n d 1 ) 4 % o x t r a , a n d in A u g . 3 % (n o e x t r a ); in 1 9 1 9 , F e b . 2 1 ,
4 % ; In A u g . p a id 3 ) 4 % ; 1 9 2 0 , F e b .. 3 ) 4 % . V . 1 0 8 . p . 2 4 3 2 , 1 6 9 .
B O N D S . — T h e F ir s t C o n s o ls ( $ 2 5 ,0 0 0 ,0 0 0 ) a r e I s s u a b le in le t t e r e d s e r ie s .
$ 5 ,2 2 3 ,5 0 0 r e s e r v e d t o r e fu n d 1 st 5 s a n d G e n . 5 s , $ 8 ,1 5 0 ,0 0 0 fo r s e c o n d
t r a c k , a t , s a y , $ 3 0 ,0 0 0 p e r m il e ; t h e r e m a in in g $ 7 ,3 1 3 ,5 0 0 f o r i m p r o v e m e n t s
a t n o t o v e r $ 5 0 0 ,0 0 0 y e a r l y .
V . 9 7 . o . 1285. 1582. 1820; V 9 8 , p . 7 2 . 1 5 34.
E q u ip , tr u s t 1 9 1 6 , V . 1 0 2 . p . 1 5 3 9 ; V . 1 0 4 . p . 1044; V . 10 5 , p . 1 7 0 4 .
E A R N I N G S . — 8 m o s . , f l 9 1 9 . - - G r o s s , $ 6 ,6 9 0 ,1 0 6 ; n e t ( b e fo r e $ 1 ,0 2 8 ,5 7 6
Jan . 1 to A u g . 31.
\ 1 9 1 8 - - - G r o s s , 5 ,7 4 9 ,5 7 6 ;
ta x e s ),
1 ,5 4 9 ,9 3 1
R E P O R T . — Y e a r e n d in g D e c . 3 1 1 9 1 8 . in V . 1 0 9 , P . 1 7 8 8 .
„ ,
O p e r a tin g N e t ( a fte r
T o ta l
I n ter es t, P ref.
C o m m o n B a la n c e .
C a l.
R even u e.
T a x es ).
In com e.
R e n ts, & c . D iv id e n d . D iv .
S u r p lu s .
Y ea rs
S
$
S
$
$
$
1 9 1 8 .- 9 ,2 9 6 ,6 3 5 1 .9 2 5 .4 1 3 x 1 ,8 5 6 ,7 6 3 1 ,0 7 2 ,0 3 9 a 2 3 6 ,6 2 4 b 5 4 8 ,( 0 0 3 8 2 ,4 8 0
1
1 9 1 7 .- 7 ,1 5 1 ,0 5 5 1 .8 9 4 ,1 7 7 2 ,6 1 3 ,7 8 5
7 1 1 , 8 5 2 a 2 3 6 , 6 2 5 b 3 5 2 , 3 5 0 1 ,3 1 2 .9 5 7
1 9 1 6 .- 5 ,9 8 7 ,8 2 8 1 .9 6 1 .1 7 7 2 ,4 9 8 ,3 5 9
6 4 0 , 7 2 5 c 2 5 3 , 5 2 6 d 2 3 4 , 9 0 0 1 ,3 6 9 2 0 8
a
7% .
b 4 H % c 7 H % .
d 3% .
x C e r t ifie d s t a n d a r d r e t u r n , $ 1 ,­
7 0 3 ,1 8 0 ; o t h e r in c o m e , $ 1 5 3 ,5 8 3 .
,
.
F e d . M g r .. E . H . C o a p m a n , W a s h in g t o n , D . C .— (V . 1 0 8 , p . 2 6 2 8 ;
V . 1 0 9 , p . 1 7 8 8 .)
A ALABAM A TEN N ESSEE & N O R TH E R N
R R . C O R P — Ow ns and
o p e r a t e s 186 m ile s m a in t r a c k , e x t e n d in g f r o m C a lv e r t , A la ., a t ju n c t io n
w it h S o u th e r n R y . S y s te m , n o r th t o R e fo r m , A la ., o n M o b il e & O h io R K .
A ls o t e r m in a l t r a c k s a n d v a lu a b le h a r b o r fr o n t a g e in M o b i l e , A l a ., fo r m e r ly
o w n e d b y M o b il e T e r m in a l & R y .
a n d 16 lo c o m o t iv e s , 12 p a ss e n g e r ca rs
a n d 2 5 8 fr e ig h t c a rs .
O R G A N I Z A T I O N . — I n c o r p . in A la b a m a O c t . 1 2
A . T . & N . R a ilw a y , fo r e c lo s e d a n d r e o r g a n iz e d p e r
V . 107, p . 29 0 , 400, 1286, 1579; V . 108, p . 1720.
w ith U . S . G o v t .; n o c o m p e n s a t io n .
V . 108, p .

1918 a s su cce sso r o f th e
p la n in V . 1 0 6 , p . 2 o 5 3 ;
H a s s h o r t lin o c o n t r a c t
2527.

S T O C K V O T I N G T R U S T . — T h e n e w c o m m o n s t o c k Is h e l d i n a v o t i n g
tr u s t, w ith G e o r g e C . V a n T u y l J r ., L o u is V . B r ig h t , G e o r g e E . W a r r e n ,
J a m e s C . C o lg a t e , J o h n T . C o c h r a n e a n d H . A . S m ith a s v o t i n g tr u s te e s .
B O N D S . — T h e o n l y f i x e d c h a r g e f o r t h e f i r s t f i v e y e a r s is t h e $ 8 5 0 ,0 0 0
6 % P r io r L ie n b o n d s , w h ic h w e r e is s u e d f o r c a s h p e r p la n .
O f t h e r e m a i n d e r o f t h e $ 3 , 5 0 0 , 0 0 0 i s s u o $ 1 0 0 , 0 0 0 is a v a i l a b l e f o r f u t u r e
n e e d s , $ 1 ,4 0 0 ,0 0 0 is r e s e r v e d f o r u s o u n d e r r e s t r i c t i o n s in e x t e n d i n g t h e li n o
i f f o u n d d e s ir a b le , n o r t h e r ly 5 0 m ile s t o R e f o r m , A l a ., o n t h e S t . L o u is S a n F r a n c is c o R y . , a n d s o u t h e r ly t o M o b i l e , 3 0 m ile s , w it h n e c o s s a r y im ­
p r o v e m e n t s , a n d t h e f in a l $ 1 ,1 5 0 ,0 0 0 w ill b o r e s t r i c t e d t o f u t u r o i m p t s . a n d
e x te n s io n s a n d t h o r e fu n d in g o f e q u ip . o b ’ ig a tio n s , n o w o r o ld .
T h e $ 5 0 ,0 0 0 e q u ip m e n t tr u s t s , d u e $ 1 0 ,0 0 0 s e m i-a n n u a lly ( M . & N .) a r e
p a r t o f a n o r ig in a l is s u e o f $ 2 0 0 ,0 0 0 , a g a in s t $ 2 5 0 ,0 0 0 e q u ip m e n t .
E A R N I N G S .— F o r c a le n d a r y e a r 1 9 1 7 , g r o s s , $ 5 8 4 ,7 6 3 ; n e t o p e r a t in g
I n c o m e a ft e r t a x e s a n d p e r d ie m , $ 9 8 ,5 9 8 .
F o r c a l. y e a r 1 9 1 8 , g r o s s ,
$ 6 8 4 ,1 5 8 : n e t o p e r a t in g in c o m e a ft e r ta x e s a n d p e r d ie m , $ 1 0 3 ,4 1 2 .
In
A p r il 1 9 1 9 t h e c o m p a n y r e p o r t e d t h a t it w a s e a r n in g t w ic e t h e in te r e s t o n
it s P r io r L ie n b o n d s .
S ee V . 108, p . 1720, 2021.
O F F I C E R S .— J o h n T . C o c h r a n e , P r e s ., M o b ile ; L o u is V . B r ig h t , V .- P .,
N e w Y o r k ; E . A . C a r s te n s . S e c ., a n d K . R . G u t h r ie , T r e a s ., M o b ile .
D I R E C T O R S .— C h e llis A . A u s t in , L o u is V . B r ig h t, J o h n T . C o c h r a n e
a n d I . H . L e h m a n , N e w Y o r k ; I I . A . S m ith , H a r t fo r d ; D a v i d T a y l o r a n d
G e o r g e C . V a n T u y l J r ., N e w Y o r k . — ( V . 1 0 8 , p . 1 7 2 0 , 2 0 2 1 , 2 5 2 7 .)
★ A L A B A M A & V I C K S B U R G R Y . — O w n s V ic k s b u r g t o M e r id ia n , M is s .,
a n d b r a n c h , 1 4 1 m ile s .
C o n t r o lle d b y S te r lin g T r u s t C o . o f L o n d o n .
V
104 p
1263, 663.
G o v e r n m e n t c o n t r a c t a s s ig n e d fix e s c o m p e n s a t io n
a t $ 3 2 2 ,8 5 4 . V . 1 0 9 . p . 1 9 8 3 .
D I V S .—
’ 9 0 - . 9 2 . '9 6 . ' 9 7 - ’ 9 9 . '0 0 . '0 1 . '0 2 . '0 3 . ' 0 4 - T 4 . '1 5 . ' 1 6 - ’ 1 8 . '1 9 .
C a sh ,_ % \ 3 y e a rly
3
5 y r ly .
6
6
6
9
7 y r ly .
5
7 y r ly . 7 )4
____________
_________5 0
--- - 1 0 0 i n '1 0 --------------------------S to c k --% J
I n 1 9 1 9 , A p r il 2 2 . 3 ) 4 % ; S o p t ., 4 % .
B O N D S .— C o n s o ls a r e h e ld t o r e tir e V . & M . fir s t s .
V . & M . s in k in g
f u n d , $ 3 5 3 ,5 5 1 .
V . 105, p . 1892.
L A T E S T E A R N I N G S . — /1 9 1 9 - G r o s s , $ 1 ,8 0 9 ,9 5 2 ; n e t ( b e f r o e $ 1 9 3 ,0 7 3
8 m o s ., J a n . 1 t o A u g
3 1 . 1 1 9 1 8 -G r o s s ,
1 ,5 1 8 ,5 2 0 ;
ta x e s ).
2 8 8 ,7 0 7




H a ls
%

$ 9 7 6 ,0 0 0
4 g
1 .5 0 0 .0 0 0
6 g
7 .8 3 0 .0 0 0 7 H 1 9 1 9
3 .3 8 0 ,3 5 0 7 ) 4 1 9 1 9
1 .7 4 9 .0 0 0 5 (6 ) g
£ 7 1 4 .7 0 0
5 g
$ 4 ,3 1 2 ,0 0 0
5 g
4 )4 g
7 7 0 .0 0 0

T 7on oon
'8 5 0 , 0 0 0
2 ,1 1 6 ,0 0 0 U p
5 0 ,0 0 0
2 ,1 0 0 .0 0 0 7 ) 4
9 4 2 ,0 0 0
5 8 0 ,8 0 0
4 1 6 .1 0 0

100
&c

135.

R Y .— See p a ge

A m ou n t
Outstanding

1 0 0 .0 0 0
3 ,5 0 0 .0 0 0
1 0 ,0 0 0 .0 0 0
6 0 0 ,0 0 0

6 g
to 6

When
P a yab le
Sc

J
J
J
F
J
J
J
J

Sc
Sc

J

&

A
A
A
A
A

D
J
D
A
J
D
D
D

La st D ividen d
and M a tu r ity

June 11942
J u ly 1 1 930
D e c 2 9 '1 9 , 3 ) 4
F e b 2 0 '2 0 , 3 >4
D eo 1 1 9 2 7
D eo 1 1927
D ec 1 1943
D e c '1 9 - J u n e '2 6

P la c e s W h e r e In te r e s t a n d
D iv id e n d s a r e P a y a b le

D S M tge A T r
C le v e la n d T r u s t
C h e c k s m a ile d
do
F arm L & T r . N
M o r g a n ,G r e n f&
G u a ra n ty T ru s t
G u a ra n ty T ru s t

C o. N Y
Co
do
Y: & B
C o .L o n
C o, N Y
C o, N Y

N ew Y ork
J J u ly 1 1948
O ct 1 1948
M a y 1 9 2 0 -1 9 2 2
S e p t 4 ’ 19 3 ) 4 % C e n tra l U n io n T r C o , N r
do
do
Apr 11921
do
do
Apr 11921
do
do
Apr 11921

M
& N
1 9 1 9 S e m i-a n
& U
A
6 g
A
& o
5 g
A
Sc
o
5 g

5g
See tex t
3 )4 g
3

M
J
A
M

Sc
Sc
Sc
Sc

s

S ept 1962
J J u ly 1 9 1 9 4 ) 4 % D e l a H u d s o n
do
A p r 1 1946
N N o v 15 1 9 1 9 1 )4 T r o y . N Y

o

C o,
do

N

Y

R E P O R T .— F o r fis c a l y e a r e n d in g D e c . 31 1 9 1 8 .
V . 109, p . 1983.
C a l.
G ross
N e t a fter
C om p.
N et
In ter es t, D iv id e n d s
B a la n c e ,
Y r s . E a r n in g s .
T a x e s . F e d . G o v t. I n c o m e . R e n t s , A c .
P a id .
S u r p lu s .
1 9 1 8 .$ 2 ,4 7 0 ,8 5 6 $ 2 8 7 ,5 4 3 x $ 3 2 2 ,8 5 4 $ 4 5 6 ,5 3 1 $ 1 8 9 ,6 9 0 $ 1 4 7 ,0 0 0 $ 1 1 9 ,8 4 0
_________
6 2 5 ,6 6 2
1 2 2 ,8 6 0
1 4 7 ,0 0 0
3 5 5 ,8 0 2
1 9 1 7 . 2 ,1 3 9 ,3 1 6
4 3 9 ,3 7 6
1 9 1 6 . 1 ,8 1 8 ,1 3 3
3 6 0 ,9 0 8
--------------5 7 5 .2 2 4
1 2 5 ,7 2 6
1 4 7 ,0 0 0
3 0 2 ,4 9 8
x C o m p e n s a t io n g r a n t e d u n d e r F e d e r a l c o n t r a c t (a s s ig n e d ) .
F e d . M g r ., E . H . C o a p m a n ,W a s h ., D . C . — ( V . 1 0 9 , p . 5 7 7 , 1 9 8 3 .)
A LA SK A

G O V E R N M E N T

R O A D . — ( V . 1 0 9 . p . 1 1 7 9 , 1 4 6 0 , 1 8 9 0 .)

★ ALBAN Y & SUSQUEHANNA R R . — ( S e e M a p D e l a w a r e A
R O A D .— Owns A lbany to Bingham ton, N . Y „ 142 miles.

H u d s o n .)

L E A S E D fo r te r m o f o h a r te r , v i z .. 1 5 0 y e a r s fr o m A p r il 1 9 1 8 5 1 , t o D e l. m
H u d s o n C o .; re n ta l w a s 9 % p e r a n n u m o n s t o c k (4 4 4 % J .& J . ) , V . 5 6 , p .
7 7 4 ) , b u t th e c o u r t s h a v in g h e ld t h a t th e s t o o k w a s e n t it le d t o t h e b e n e fit
o f r e f u n d i n g e f f e c t e d in
1 9 0 6 , $ 1 2 0 ,7 5 0 a d d i t i o n a l r e n t a l is p a i d In J a n .
y e a r ly , b e g in n in g 1 9 1 0 , m a k in g 3 .4 5 % a v a ila b le fo r e x t r a d iv id e n d s o a
s t o c k ; J a n . 1 9 1 4 to J a n . 1 9 1 8 2 0 c e n ts w a s d e d u c te d y e a r ly fo r c o ’s . F e d e r a l
In com e ta x .
A s p e c ia l d iv id e n d o f 3 0 %
($ 1 ,0 5 0 ,0 0 0 ) w a s
p a id N o v . 16
1 9 0 9 fr o m th e p r o c e e d s o f th e J u d g m e n t fo r b a c k r e n ta ls d u e b y r e a s o n o f
r e fu n d in g .
A s p e c ia l d iv id e n d o f 3 .2 5 % w a s p a id J a n . 10 1 9 1 6 a n d a g a in
J a n . 6 1 9 1 7 a n d J a n . 4 1 9 1 8 , b u t n o s p e c ia l p a y m o n t w a s d o c la r o d in D o c .
1 9 1 8 , o w in g t o F e d e ra l ta x a tio n . V . 1 0 7 , p . 2 3 7 4 ; V . 8 9 , p . 1 1 4 1 , 1 6 6 6 ;
V . 90, p . 913.
B O N D S . — T h e b o n d s a r e g u a r . p . Sc I „ a n d u n t i l A p r i l 1 1 9 1 8 c o n v e r t i b l e
in t o D . & H . s t o c k — $ 5 0 0 s t o c k f o r $ 1 ,0 0 0 b o n d s : $ 3 ,5 5 6 ,0 0 0 w o r e s o c o n ­
v e r t e d ($ 3 ,5 0 0 ,0 0 0 p le d g e d b y D . & H .; V . 1 0 5 , p . 3 8 9 ).
V . 80, p . 1174.
1362. 2343.
G u a ra n ty , V . 82, p . 989.
A r t h u r W . B u t le r , P r e s .; G e o r g e W e l w o o d M u r r a y , V . - P . ; W . L . M .
P h e l p s , S e c . Sc T r e a s . ; O . F . C o a n e y , A s s t . S e c . Sc A s s t . T r e a s . — ( V . 9 7 . p .
1 8 2 0 ; V . 1 0 6 . p . 8 1 7 ; V . 1 0 7 . p . 2 3 7 4 .)
★ A L B A N Y & V E R M O N T R R .— O w n s r o a d fr o m A lb a n y t o W a te r fo r d
J e t ., N . Y ., 12 m .
L e a s e d t o R e n s s e l a e r Sc S a r a t o g a i n 1 8 6 0 a n d n o w o p e r b y D e l . Sc H u d s o n C o .
A n n u a l r e n t a l. $ 2 0 .0 0 0 .— ( V . 1 0 6 , p . 9 2 3 .)
A A L G O M A C E N T R A L & H U D S O N B A Y R Y . — O w n s fr o m S a u lt S t o .
M a r ie . O n t ., a n d M ic h l p l c o t e n H a r b o r t o a c o n n e c t io n w ith t h e C a n . N o r t h ­
e rn R y . . 2 7 2 m ile s ; b r a n c h t o H e le n M in e , 12 m .; e x t e n s io n t o H e a r s t o n
G r a n d T r u n k P a c ific R y .. 5 0 m : t o t a l, 3 3 4 m ile s .
C a s h s u b s i d y , $ 6 ,4 0 0
p e r m ilo .
L a n d g r a n t , 2 ,1 3 7 ,1 4 4 a c r o s . V . 1 0 3 , p . 2 0 7 6 ; V . 9 9 , p . 1 6 7 1 ;
V . 101, p . 772.
O w n s s t o c k a n d le a s e s fo r 9 9 9 y e a r s A lg o m a C e n t r a l T e r m in a ls , L t d .,
w it h b o n d s s e c u r e d o n te r m in a l p r o p e r t ie s a n d o n $ 9 0 0 ,0 0 0 1 st M . 5 %
b o n d s a n d $ 9 9 ,3 0 0 s t o c k o f A lg o m a E a s te r n T e r m in a ls , L t d .
V . 95, p.
1540; V . 96. p . 65 1 , 1020, 1491; V . 9 9 . p . 2 6 8 . 536; V . 100, p . 732; V . 104,
p . 1700; V . 105. p . 71.
P L A N .— I n 1 9 1 6 a r e o r g a n iz a t io n p la n w a s p u t in t o e ffe c t ( V . 1 0 2 , p . 8 8 5 ,
1 0 5 8 . 2 0 7 6 ; V . 10 3 , p . 8 4 3 ; V . 10 4 , p . 1 7 0 0 , 2 3 4 1 ; V . 10 5 , p . 9 0 8 ).
U n d e r th is p la n a c o m m it t e e in c lu d in g O . B . N . S m lt h -B ln g h a m a n d
J . O . D a lt o n , fo r th e R a ilw a y b o n d s , a n d A . F . P . R o g e r a n d A n d r e w
W illia m s o n fo r th e T e r m in a ls b o n d s , v o t e t h e c o m m o n s t o c k o f b o t h c o s
T h e in te r e s t o n th o R a ilw a y 1st M . fr o m J u n e 1 1 9 1 4 , a n d In te r e st a n d
s in k in g fu n d o n th e T e r m in a ls b o n d s t o b e p a id o n ly i f a n d t o t h e e x t e n t
t h a t th e J o in t n e t e a r n in g s a v a i la b l e f o r t h e p u r p o s e p e r m it ( e x c e p t a s in d i­
c a t e d b e lo w ) , b u t th e in te r e s t t o b o c u m u la t iv e u p t o 5 % , w it h r ig h t to
8 % p e r a n n u m , i f e a r n e d , in t h e f o l l o w i n g p r i o r i t y ( a ) T e r m i n a l s b o n d s f o r
c u r r e n t a n d a ll p r io r y e a r s 3 % p . a . , s a id p a y m e n t , h o w e v e r , t o b o a f i x e d
o b lig a t io n fo r e a c h y e a r a ft o r A u g . 1 1 9 2 1 .
(b ) B o t h is s u e s p a r i p a s s u
as t h o u g h o n e Issu e. 2 % .
(c ) R a ilw a y b o n d s , 3 % .
(d ) A n y a r r e a r s u p t o
5 % o n o ith o r Issu e,
(e ) T e r m in a l s s in k in g f u n d .
( / ) R a ilw a y b o n d s , 1 %
a n d T e r m i n a l s b o n d s . 44 o f 1 % .
W h ile t h o g u a r a n t y o r t h e L a k e S u p e r io r
C o r p o r a t io n r e m a in s , th e c o m m it t e e a lo n e c a n e n f o r c e It.
V . 105, p. 1998.
H o ld e r s o f t h o 5 % b o n d s o f A lg o m a C o n t r a l T e r m in a l s r e c e i v e d in A p r il
1 9 1 7 ,3 % fo r th o y e a r to A u g . 1 9 1 5 ; A p r il 3 0 1 9 1 8 o f In te r e st a t 3 % p e r a n n
fo r p e r io d fr o m A u g . 1 1 9 1 5 t o J u n o 3 0 19 1 7 ; N o v . 1 191 8 5 % , fo r y e a r 1 9 1 7 ­
1 9 1 8 . a n d N o v . 1 1 9 1 ) t r0 f > - v n - t > J u n e 1 9 1 9 .
R 'U i w i v
N o v . I 1918
r e c e iv e d 2 % : N o v . 1 191 9 r e c e iv e d 1 % . V . 1 0 7 , p . 1 6 6 9 ; V . 1 0 9 , P . 1 7 9 2 .
I n S e p t . 1 9 1 9 b o n d in te r e s t fr o m J u n o 1 a n d A u g . 1 1 9 1 4 h a d n o t b o o n
f u ll y m e t b y th e R a ilw a y a n d th e T e r m in a l C o . a n d a t e n t a t iv e a g r e e m e n t
w a s r e a c h e d w ith th o L a k e S u p e r io r C o r p o r a t io n , a s g u a r a n t o r , f o r a s e ttle ­
m e n t o f its o b lig a t io n r e s p e c t in g th o s a m e .
V . 109, p . 1075.
S t o c k , c o m m o n , $ 5 ,0 0 0 ,0 0 0 . a ll o w n e d b y L a k e S u p e r io r C o r p . ; p r o r ., 5 %
n o n - c u m . . $ 5 , 0 0 0 , 0 0 0 , I n c l u d i n g $ 3 ,0 0 0 , 0 0 0 n o w p r e f . . r e p r i n t e d
by
v . t. c .
T h e p r e f. sh a re s h a v e a p a r v a lu e o f $ 4 0 e a c h .
V . 105, p. 71.
1st
M . b o n d s, see V . 91. p . 93, 1159, 1327. 1573.
R E P O R T .— F o r y e a r o n d in g J u n o 3 0 1 9 1 9 , & e . V . 1 0 9 , p . 1 9 8 4 , s h o w e d :
G r o s s r e c e ip t s , in c lu d in g $ 6 6 7 ,1 1 4 f r o m s t e a m s h ip s , $ 1 ,6 1 8 ,7 4 3 , n o t , a ft e r
t a x e s , $ 2 4 5 ,7 5 3 ; in t o r o s t o n d e p o s it s . & c ., $ 8 7 ,5 7 3 , a n d o n b im d s o f A lg o m a
E a s t . T e r m in a ls , $ 4 5 ,0 0 0 ; m is c o l.. $ 2 ,0 6 9 ; t o t a l, $ 3 6 0 ,3 9 4 .
D e d u c t in to r o s t
o n e q u ip , b o n d s , $ 1 7 ,1 0 0 ; s p e c ia l e x p e n s e s , $ 8 0 ,0 0 0 : a c c r u e d in t o r m t o n c o . s
b o n d s , $ 5 0 4 ,0 0 0 , a n d a c c r u o d r e n t a l A . E . T e r m in a ls C o . , $ ^ 4 9 ,9 7 6 , b a la n c e ,
d e f ic it f o r y e a r , $ 4 9 0 ,6 8 2 . C o m p a r e V . 1 0 8 , p . 1 7 2 0 ; V . 1 0 9 , p . 1 0 7 o .
T im e 3 0
G ross
N et
N e t a fte r F u ll D e fic it a fter
J
E a r n in g s .
D e p r e c ia tio n .
B on d In t.
* 2 6 3 .2 9 4
* 1 9 0 .6 8 2
1 9 1 8 - 1 9 .......................... $ 2 , 2 5 8 , 8 5 7
3 1 2 ,8 8 7
1 9 1 7 - 1 8 ______________ 2 , 1 2 4 , 7 4 5
4 3 9 .2 1 9
$281,936
472.0491 9 1 6 - 1 7 ......................... 1 , 7 9 5 , 7 0 7
4 1 7 ,9 1 2
P r e s . , I t . H o m e S m it h - . S e c . , A l e x . T a y l o r . T o r o n t o ; T r e a s
J M ^ A lt o u ;*
C o m p . , F . B . B a r b e r , S a u lt S t e . M a r i e , O n t .— ( V . 1 0 9 , p . 1 7 9 2 , 1 9 8 4 .)

E rn gs—
a in

E in
arn gs.

Not. 1919.].

R A IL W A Y STOCKS A N D BONDS

a




10

★ Control.
Government

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES.
[For abbreviations, &e., see notes on first pace]
Algoma C & H Bay— 1st M g gu red 105 textUsm.xo*
*
2d M Incomes g $3,240,000 (V 99,p536, 1213)-Usm
Alg Cen Terminals 1st M g gurd 105____Usm.xc*
Equip bonds (A, B. O ), due part annually red------x
Algom a Ea st R y—Man A No Sh 1st M g gu red Uamo*
Equip bonds ser A & D due part ann through 10 yrs
Allegheny & Western— Stook $3,500,000) g u a r------First M $2,500,000 gold guar p & 1 (end)— d.xo*
Allegheny Valley— See Pennsylvania HR
A llentow n Term inal— 1st M g ext call 102X -C e.xc*
Amador Central— 1st M gold (2% s t began 1913) _-xx
Ann Arbor— First mtge $7,000,000 gold____Mp.xc*
Impt and ext M $10,000,000 gold________________ x
2-year notes $750,000__________________ EM.xxxc*
Equip bonds, ser A gold due $33,000 seml-ann.Bax
do ser B g due $30,000 s-a red 102 X (V 92,p 59)xo
A n th on y & N orthern RR— 1st M g call---------------Apalachicola Northern RR— First mtge $2,000,000 g -Arlzona Eastern— Gila Vail G1 A N 1st M g gu.M p-z
First Refunding M a f______________________ F.c*Ar
Arkansas & Louisiana Midland Ry— 1st M notes gx
Ark & Mem Ry. Bdge & T .— 1st M $7,500,000 g .Q
Asheville & Spartanburg— See Southern R y, Carolina
Ashland Coal & Iron R y.— Stock,.-----------------------First refunding mortgage $400,000 gold----------- Nx
Atchison & Eastern Bridge— 1st M g s f red at par.Cex
Atch Top & Santa Fe Ry—Stock, com $250.000,0 0 0 Stock pref $131,486,000 5% non-cum_____________
Chicago Santa Fe A California 1st M g
BB.zc* Ar
General mortgage gold (see text)_______ Ce.xo* Ar
Adjust lno M cum since July 1 1900 g.Ce.xc*Ar
do do Interest stamped payable M & N ------- x
Eastern Oklahoma Dlv 1st M $10,000,000 gCLxo’ &r
TransconSLlstM $30,000,000 g red 1 1 0 —Qxc'&r*
Rocky M tn Dlv 1st M $20,000,000 g red-Q.yc*Ar*
Bonds convertible till June 1918 red (text) G.xc*Ar*

Miles D
ate
Road Bonds

Amount
Par
Value Outstanding

Rate
%

£100 $10,080,000
318,800
£1,028.709
$204,000
2,500.000
165,000
3,200,000
2,000.000

text
text
text
6 g
5 e
6 g
6 g
4g

APrlvate
Control.

[Vol . 109

here Interest'and
When Last Dividend Places W
Payable and Maturity Dividends are Payable
A D June 11960
Sept 1 1964
F A A Aug 1962
M A N 15 T o May 15 1922
M A S Moh 1 1961
Seml-An To Apr 1 1926
J A J July 2 1919 3%
A < O Oct 1 1998
f«

See text
do
do
Maitland.CoppellACoNY
Bk of Mont, LonA N Y
M alt., Coppell* Oo,N Y
a
A Iaelln & Co. New Y ork
do
do

6 g J A J July 1 1929
450,000
1,000
3 1889
M A N Nov 21938
5 g
300.000
500
12 1908
7.000,000
4 E
Q—J July 1 1995
1,000
292 1895
5 K M A N May 1 1941
See text
1911
6 g M A N M ay 1 1921
750,000
100 Ac
1919
M <c N Nov 1919
5
33,000
5g
1,000
1909
J A J Jan ’20-Jan 21
5g
90,000
1.000
1911
M A N N ov. 1 1931
5g
250,000
500 &c
80 1916
M A S Sept 51925
5g
1,000 2,000,000
98.68 1905
M A N Nov 11924
5g
1,492.000
1.000
124 1894
M A N M ay 1 1950
5
187 1910 1.000 Ac See text
J A D Dec 11 1921
6g
200,000
1,000
52 X 1915
Mar 1 1964
5g
1914
D lv ."
773,500 4 In 1918 Q—M Sept 2 T 9 1%
50
4 g M A N May 1 1925
300,000
1,000
*22 1900
J A J July 1 1928
374,000
1,000
1898
100 222,722,500 6 in 1919 Q— M Dec 1’ 19 1X %
100 124,173,700 5 in 1919 F A A Aug 1 1919 2 X
J A J Jan 1 1937
560,000
5g
439 1887 1,000 Ac
A A O Oct 1 1995
4g
500 Ao rl 50634500
8.516 1895
M & N July 1 1995
4g
8,164,500
500 Ac
8.516 1895
M A N July 1 1995
4g
500 Ac s43,181.500
8.516 1895
M A S Moh 1 1928
4g
9,603,000
479 1903 1,000 Ac
4g J
J July 1 1958
1102 1908 1,000 Ac 22,545.000
3,000,000
4 g J A J Jan 1 1965
1915 1.000 Ac
106
4 g J A D June 1 1955
6,785.000
1905 1.000 Ac

Office, 437 Chestnut. Ph
Union Tr Co. San Fran
Metropolitan Tr Co, N Y
Empire Trust Co, N Y
do
do
Bankers Tr Co. N Y
Empire Trust C o. N Y
Comm’ce Tr Co, K G,M o
See text
,, _
So Pac Co 165 Bway N Y
do
do
Chic, Cont & ComTrASB

1910
1914
1912
11-12
1911

$£

£100 S c
t
S, £, Ac
3, £, Ao
5. £, Ac
5100
63
1,000
63 1898

J

Cheok from Co’s office
New York Trust Co. N Y
Central Union Tr Co, NY
Checks mailed from N Y
do
do
5 Nassau Street. N Y
do
do
do
do
do
do
do
do
do
do
do
do
do
do

“ r” &“ s” Also In treas.Dec31 T 8 o f " r ” $1,928,000 (with $3,353 ,000 mor e available uncertlflo d); o f ’ s” $382,000; o f “ z ’ $27,000.

A A LQ O M A EASTERN R Y .— Owns from Sudbury. Ont.. to Little Cur­
rent (Manitoulln Island) through nickel and copper districts, 86 m ., com ­
pleted Jan. 1 1913; branches, 3 m. Land grant 682,692 acres In Ontario
and cash subsidies from Prov. and Dorn, o f Can. V . 92, p. 265; V . 95, p.748.
Leases for 999 years Algoma Eastern Terminals. Ltd., rental covering lnt.
and sink, fund on $900,000 1st M . 5% bonds. See Algoma Central Ter­
minals, Ltd., mtge., under Algoma Central * Hudson Bay R y. fthpve.
Common stock, $2,000,000, all Issued, and pref. 5% non-cum., $1,000,­
000. all Issued, all pref. and $1,000,000 common owned by Lake Superior
Corporation. Bonds (Man. & N o. Shore R y.) auth., $3,000,000, Issuable
at $30,000 per mile (Issued, $2,500,000), guar., prtn. & lnt., by Lake Superlor Corp. They are subject to call as a whole at par or may be drawn at
105. V. 92. p. 396. 462, 527, 1032; V. 93, p. 227. 406; V. 94. p. 1382.
RE PO RT.— For year ended June 30 1919 in Y . 109. p. 1075. showed:
Gross railway earnings, $925,510; net, $136,375; (after deducting $3,460
for extraordinary expenses): net earnings from steamships $70,472; total
netj5206,816' int. & rentals, $237,923: bal., def., for year, $31,077. Pres.,
R . Home Smith, Toronto; Sec., Alex. Taylor, Toronto; Treas., J. M . Alton,
Sault Ste. Marie.— (V . 107, p. 902- V. 108, p. 372; V. 109, p . 1075.)
★ ALLEGHENY & WESTERN RY.— [See Map Buff. Roch. & £«<»•> —
punxsutawney to Butler, Pa., 60 ra. andbr. 3 m. An extension of Buff. R ood.
& Pittsb., to which leased In perpetuity for guaranty of bonds, taxes and 6%
on stock. Uses B. <c O. from Butler to New Castle and Pittsburgh unc*era
S
trackage arrangement, making In all 144 m. V . 70, p. 849.— V . 106, p. 600.
★ ALLENTOWN RR.— Topton to Kutztown. Pa.. 4.39 m. Stock, $1,268,­
884 (par $50). lnol. $1,071,400 pledged under Reading Co. gen.M. No bonds.
★ ALLENTOWN TERMINAL RR.— Owns 3.27 miles of railroad In Allen­
town, Pa., connecting the East Penn. (Phlla. <s Reading) with the Cent, of
5
N .J . Leased for 999 years to Phlla. A Read, and Cent, of N. J. (by assign­
ment from Lehigh Coal & Navigation Co.) at int. on bonds and 5% on
$450,000 stock (par $50), and taxes.
,
Bonds were extended from July 1 1919 to July 1 1929, the interest rate
being raised from 4% to 6% ; the mortgage security remains unimpaired but
the guaranty o f P. & R. R y. and Lehigh Coal & Na,v. Co. was canceled.
Callable after July 1 1920 on any int. date on 30 days notice.— V. 50,
p. 422; V. 108, p. 2628.
A AMADOR CENTRAL RR — See page 135.
★ ANN ARBOR RR.— Owns from Toledo, O., to Frankfort,on Lake Mich..
292 miles; operates car ferries between Frankfort, M ich., Kewaunee and
Manitowoc. Wls.. and Menominee and Manistlque, M ich. Wabash and
Pere Marq. use Toledo terminals.
.
,
Owns capital stock o f Maoistique & Lake Superior, Manistlque, Mich.,
to Evelyn, 42 miles (with branch, 13 miles). V. 92, p. 1108; V. 107, p.
1344, 2156; V. 106, p. 2194, 2410.
"ST A N D A R D R E T U R N .” &c.— See page 5.
STOCK.. Ac.— Common, $3,250,000; pref., $4,000,000; 5% non-cum.,
par $100. Pref. stook oert., see Issue Oct. 30 1897, p. 3.
V. 94, p. 206.
BONDS.— In April 1919 the holders o f 6% notes o f 1916 were offered
either (a) cash payment o f 20% o f their notes with an extension of the bal­
ance for two years at 6% plus a payment o f 2)4 % in cash on such extended
portion or (5) extension o f the full face amount for two years at 6% interest,
■with a payment o f 2)4% in cash on said notes. V. 108, p. 1720. Secured
by deposit o f $2,000,000 Impt. and Extension 5% bonds (nf an issue limited
to $10,000,000), and a 2d lien on road, equipment, &c. In M ay 1919 is­
sued $750,000 2-year 6% notes dated M ay 1 1919, to carry out said plan.
V. 108. p. 1935.
EARNINGS.— 12 m os.,/1918.......... Gross, $3,585,908; net, $390,484
Jan. 1 to Dec. 31.
11917______Gross, 3.138.943; net, „ £54,054
For eight months Jan. 1 (1919_____Gross, $2,752,124; net (bef. $427,86
to Aug. 31.
11918______Gross, 2,193,738 taxes) 208,336
ANNUAL RE PO RT for 1916-17 was In V. 107, p. 1186.
-------- Cal. Years---------------- Years ending June 30—
1917.
1916.
1915-16.
1914-15.
1913-14.
Gross earnings_ .$ 3 ,138.943 $2,807,121 $2,684,309 $2,310,902 $2,294,466
Net income after
ta x es___ . . . .
639.394
700,516
728.548
554.897
499.761
Int..hire eq., &c_ 569.670
449,439
428.489
454,140
418.767
Bal.. surplus..
69.724
251,077 $300,060
$100,757
$80,994
D IR E C TO R S.— Newman Erb. J. S. Bache, F. Kingsbury Curtis,
Colin Macrae Ingersoll, Federal Mgr. E. F. Blomeyer, W . J. Wollman,
W . M . Wadden, all o f N. Y .; Frederick Hertenstein, Cincinnati; Pres.,
Newman Erb; V.-Pres., J. S. Bache; V.-P. & Treas., W . M . Wadden
Sec., H. B. Blanchard— (V. 108, p. 169, 1720, 1935, 2021.)
A ANTHONY & NORTHERN R R .—Completed in 1917 from Trousdale,
Kan., to Vaughn, 47 miles, and Pratt via Trousdale to Kinsley, 53 miles.
Compare Leavenworth & Topeka R R . Capiatl stock, common, $860,000,
and preferred, $830,000. Bonds callable for first 5 years at 105; thereafter
103. In 1918, gross, $99,584; net, $19,753; deficit, after taxes ($8,814),
interest, A c., $7,525. Pres., 0 . P. Byers; Sec., T. A. Fry. Application to
reorganize as Wichita Northwestern R R ., &c., V. 109, p. 1895. Office,
Hutchinson, Kan.— (V. 109. p.1985.)
A APALACHICOLA NORTHERN R R .— River Junction to Port St. Joe,
95.62 miles; Franklin Junction to Apalachicola, 3.06 miles; total main line
owned, 98.68 miles. Main line leased from Atlantic Coast line, 0.44 miles
and side tracks owned, 9.02 miles. V. 87, p .935. Capital stock, $1,000,000.
Bends. $2,000,000 i 111. State Tr. C o.. E. St. Louts, trustee), all hold by
committee, A. T . Perkins, St. Louis, Chairman, and R ob’t R . Tompkins,
Secretary, which collects interest only as earned. March 1913 and sub­
sequent coupons were not paid at maturity; in Dec. 1917, $37,600. and
in Dec. 1918, $17,400 was paid on past due coupons; none since to Oct. 1 T9.
For year ended 1917, gross, $239,330; net, $56,286. For 1918, gross,
$213,344; net income available for Interest, $17,460. A . T . Perkins,




Chairman and President, St. Louis; G. H. Williams, V.-P. & Gen. Council,
St. Louis; R . R. Tompkins, Sec’y, St. Louis; F. V. Dubrouillet, St. Louis.
— (V. 104, p. 763.)
★ ARIZONA EASTERN RR.— Owns Maricopa to Hasaayampa, Ariz..
74 miles; Bowie to Miami, Ariz., 136 m.; Cochise to Gleeson, 35 m.; Tempo
to Mesa, 8 m.: other. 31 m.: leases Phoenix. Ariz.. to Winkelman. 92 m.;
other, 1 m.; total, 378 miles. V. 90, p. 446. Annual compensation for
Government operation as determined in March 1919, $1,242,475. V. 108,
p. 974. Stock auth., $40,000,000, of which $9,000,000 outstanding
Dec. 31 1918, $8,999,100 owned by South. Pacific Co.; with $2,816,000
o f the $9,155,000 outstanding First Ref. 5s. The remainder of the bonds
are held in sinking funds of proprietary companies. Year ended June 30
1916, gross. $3,310,302; net, after taxes, $1,304,170; charges (net), $880,­
191; bal., sur., $345,737. V. 103, p. 1209. Cal. year 1917, gross. $4,­
269,650; net, aft. taxes. $1,772,612. In 1918 standard return, $1,242,475;
other income, $22,792; interest, Ac., charges, $857,329; expenses (net) prior
to 1918, 816,632; bal., sur., $391,306. Gen. Mgr. under U. S. Govt.,
O. M . Scott. V. 107, p. 1286; V. 108, p. 974.
A ARKANSAS & LOUISIANA MIDLAND RY.— Owns Monroe to Orossett. La., 62X miles, and leases Rolfe June, to Hamburg. 8 miles, and
Ashley Drew & Northern Ry., Orossett to Monticollo, Ark., 41 miles.
Extensions of 70 miles to Pine Bluff, Ark., Ac., projected. Incorporated
in Dec. 1915 (V. 101. p. 2142) with $1,000,000 stock, as successor of Ark.
La. A Gulf Ry., foreclosed; no new bonds at organization, but $200,000
mortgage notes, also on (leased) Ashley Drew & Northern Ry., $438,000
1st 10-year gold 6s due Sept. 1 1922. V. 86. p. 106. Year ended Dec. 31
1918, gross, $251,517: net, after taxes, $4,612; int., $12,000; rentals, &c.,
$35,445; bal., def., $42,833. Pres., Edward Ford; Gen. M gr., L. B. Fer­
guson. Office, Monroe, La.— (V. 101, p. 922, 2142; V. 108, p. 2240, 2432.)
★ ARKANSAS & MEMPHIS RAILWAY. BRIDGE & TERMINAL CO.
— Owns double-track bridge (with wagon-way) across the Mississippi River
at Memphis, Tenn.; opened for traffic July 15 1916. V. 103, p. 321.
Stock outstanding $2,520,000 owned one-third each by the St. Louis
Southwestern R y., Chicago Rock Island & Pacific Ry. and Missouri
Pacific R R .. which use the road under a 50-year operating agreement.
These roads Jointly and severally guaranteed both the 1st M . bonds and
also 3-year gold notes (secured by pledge of $6',000,000 of the bonds),
prln. and lnt., by endorsement. Those $5,000,000 notes were taken up
by the guarantors at maturity Jan. 1 1918. V. 106, p. 85. Of the $7,500.­
000 1st M . bonds, $3,750,000 are owned by the three proprietary companies,
St. Louis & Southwestern Ry., Chicago Rock Island & Pacific R R . and the
Missouri Pacific R R . Balance of $2,250,000 is in the company’s treasury
subject to the indenture o f Dec. 21 1917. V. 108, p. 1721.
Pres., M . L. Bell, Chicago; Sec. & Treas., Carl Nyquist; Federal Aud.,
C. T . Pennebaker, Memphis.— (V. 107, p. 801; V. 108, p. 1721.)
★ ATCHISON & EASTERN BRIDGE.— Owns railroad and wagon bridge
at Atchison, Kan., connecting with the union station. Used by the Aton.
Top. A Santa Fe, the Ohio. R. I. & P., the Mo, Pao. and the Ohio. Burl.(A
Qulnoy. Stock, 5700,000; par, $100 per share. Pres, and Treas., H. P
Bells, Cleveland, O.— V. 67, p. 578.)
★ (THE) ATCHISON TOPEKA St SANTA FE RY.— (See M ap.)—
On Jan. 1 1919 comprised 11,456 miles of railroad (11,256 m, owned),
including an unbroken line from Chicago, 111., via Kansas City, M o., and
Albuquerque, N . M ., to the Pacific Ocean; also to Galveston, Tex., and the
Gulf of Mexico. For operating purposes the 11,456 ra.were divided as follows:
Panhandle & Santa Fe_____ 767.63
A t c h i s o n Topeka & S. F ____8,624.671
Rio Grande & El Paso'--------20.22 Grand Canyon_____________
64.09
Gulf Colorado & Santa F e ..1,917.95|Kansas Southwestern______
61.51
Also controls jointly with Southern Pacific Co. (Northwestern Pacific
R R .— which see, A c.), 556.92 miles; under construction, completed to
Dec. 31 1918. 61.08 miles. V. 109, p. 1987.
The shareholders voted Oct. 25 1917 to acquire several subsidiaries.
V. 105, P- 908; V. 106, p. 2343. Seo V. 106, p. 2130.
„
In April 1915 the St. Louis Rocky M t. A Pacific Ry., extending from Des
Moines, N. M ., west to Raton, with branches, 106 miles, was purchased for
$3,000,000 Rocky Mtn. Dir. 1st M . 50-yr. 4s. Seo V. 07. p. 363. 442:
V. 95. p. 543. 1771; V. 97, p. 666: V. 100, p. 1169, 1591.
, „ „
The Oklahoma Central R R ., Lehigh, UkTa., to(Jhlckasha, 133miles,was
leased for 6 years from Aug. 1 1914, with privilege of renewal for 5 years,
an option to purchase the $1,500,000 stock and $1,600,000 income bonds
for $800,000 was exercised In 1917, about 80% of the $1,200,00 ) 1st M tge.
5% bonds due Aug. 1 1934 being also acquired. V. 106, p. 2130. V. 98.
p. 1844; V, 99, p. 406; V. 101, p. 845.
ORGANIZATION.— Organized Dec. 12 1895 under laws of Kansas, 1*
successor of Atch. Top. * S. Fe RR. Co., foreclosed. V. 60, p. 658.
The railway company on Dec. 31 1918 owned In lee 7,127 miles ol system,
and also all, or nearly all, the bonds and stocks of the other companies.
Has a Joint Interest with the Southern Pacific In the Northwestern Pacific.
STOCK.—The preferred stock has preference as to assets and non-cumulatlve dividends not exceeding 5% per ann.. as declared by the board of di­
rectors out of net profits. The total auth. amount of prof. Is $131,486,000.
Pref. stock ctfb. In ‘‘Supplement’’ of April 1897, page 3.
In Nov. 1915 $10,000,000 pref. stock was,told to large Investment Inter­
ests, making $124,173,700 outstanding. V. 101, p. 1806 , 2143.
DIVS.—
’00. ’01. ’02--05. ’Ofl. '07. ’08. ’09. 1910 to Dec 1919.
3 * 4 yrly. 4 X 6
£
5 * £% £
Com. (% )............. 0
Pr«f. (% )________ 4 5 5 yrly. 5
5
6
0
6% yrly(JX% PAA)
BONDS.—The Gen. Mort. (Abstract V. 62. p. 731-739; see also V. 6*.
o. 974; V. 86. p. 1098) gives a lien, either by dlreot mortgage or by collateral
trust, on 8.516.04 m. of the system, with equip., terminals. Ac.
The unUaued Gen. M . 4s hare been reservod M follows: To retire under­
lying bonds, $2,004,960: for impts.. Ac.. $1,852,102: acquisitions of othor
llnee. $6,731,554; no longer available, $2,339,383.
Adjust. (Income) Mtoe. abstract, v. 62, d. 739. Int. Pa?able only if
earned up to 4% In each year, cumulative. Present Issue limited to $51.­
728.000, but when the $30,000,000 gen. 4a auth, for Improvements as abovo

Noy., 191S .,




RAILWAY STOCKS AND BONDS

11

1 2

★ Gv m t
o ern en
C n l.
o tro

RAILROAD COM PANIES.
[For abbreviations. A e., see notes on first page.)

Miles Date
Road

A tch ison T opeka & Santa Fe Ry
Bonds convertible till June 1918 red (text)G.xc*Ar
Bonds convertible till June 1923 red (text) G.xc*Ar
Hutcbin & So 1st V g red 105 since l 9 0 8 --OB.zo
I
San Fr & San Jo Val 1st M g call 110 aft 1915. Ba.ze
Santa Fe Pres A Phoenix— 1st VI-------------- gBa.zo
Prescott A Eastern 1st M guar— ---- — - — Ce.zc
Oal-Ar L istA R e f M $50,000,000 gred IIO.Q xc’ Ar*
Athens Terminal Co— 1st V gold redeem lOo ,-N.xo
I
Atl Blrm & A t!— Atl & B 1st M red 110------OB.xc*
F irs t* Rer.YI *15,000.000 g call (text).Eq.yyc*&r
Income M 5% n-c $5,200,000 call par & in t.C o l.y c
A tlanta & C harlotte Air L ine—Stock (see te x t)--1st M $20,000,000 ($5.500.000ser A 4 )4) C e.yc**r*
Atlanta Knoxville & Northern R y —3ee Louisville * "
Atl & St And Bay — 1st M $500,000 g red par----Second mtga ($500,000 a u t h o r i z e d ) -----------Atlanta Term inal— 1stM $2,500.OOOssr Ag Gxxxc
Atlanta & West Point— Stooit S2_.500.000 aucn._ -

Bonds

Par

Value

Amount
Outstanding

Rite
%

4g
1909 Jl.OOJAo $1,190,000
4g
1910 1.000 Ac 1 0 .2 2 2 .0 0 0
5g
192.000
1 ,0 0 0
1898
5g
1 .0 0 0 z5.949.000
1896
5g
4,940.000
1 .0 0 0
1892
224.000
5g
1 .0 0 0
1898
4 44 e
1912
$ & £ U18510.150
5g
2 0 0 .0 0 0
1 .0 0 0
1907
4.090.000
5g
1 ,0 0 0
337 1904
text
1 ,0 0 0 NoneOct’ 19
634 1915
1 .0 0 0
4.543.907 S e e t e x t
638 1915
1.700.000
9
100
263
263 1914 1,000 Ac 20.009.000 4)4 A 5

141
375
195
26
834

82
82
5.11
9.3
81
68

All

0

1908
1914
1919
1889
1900
1898
1901
1897
1900
19J5

do
do
_
_
4.301
4,409
4,409
_
_

Gen Unified Mortgage_________________ U s.c**r
Do
s
Certificates

A rtv te
P a
C n l.
o tro

RAILWAY STOCKS AND BONDS

K

_
_

1.009
1 .0 0 0
100
1 ,0 0 0
1 .0 0 0
1 ,0 0 0

50
100 Ac
100 Ac
100 Ac
100
100

ion

1902 1,000 Ac
l .000
1909
1914 1,000 Ac
1914
100 Ac
1909
100 Ac
1902
1 ,0 0 0
1911

When
Payable

A
S
c
S
c
S
c
S
c
S
c
&
<o
5
A
J
M S
c
M A
c
M S
A
.1

I
J
J
A
M
A
M
J

D
D
J
O

Last Dividend
and Maturity

June 1 1955
June 1 1980
Jan 1 1928
Oct 1 1940
8 Sept 1 1942
O Apr 1 1928
s Mch 1 1962
J July 1 1937
J Jan 1 1934
N Nov 1 1945
Nov 1 1930
Sept 1919 4 44%
J July 1 1944

ss

[Vo l . 109.
Dividends are Payable

Nassau Street, N Y
do
do
do
do
do
do
do
do
do
do
do
do
New York Trust Co, N T
Old Colony Trust Co. Boe
Equitable Trust Oo, N Y
Columbia Trust Oo, N Y
U S Mtge A Tr Co. N Y
Central Un Tr C o. N Y

AtlantaOenBk&Tr Oorp
A * o Oot l 1938
6 g
425.000
n
J A J Juuel 1940
425.000
Guaranty Trust Co, N Y
F A A Aug 11939
6 g
1 ,0 > .0 0 0
0
2.463,600 6 in 1918 J & D June 30 19 3% Atlanta. Ga
Reading Terminal. Phila
2 .2 0 0 .0 0 0
5 44« M & N May 1 192 J
do
do
75,000
1)4 A A O Apr 1 1930
do
do
A A O Apr 11948
5g
350.000
■ do
do
& J July 1 1951
4g J
1,851.000
8,820.000 12 In 19 Q —M Dec 10 '19 3% Baltimore
Juno 1919 paid 2 44%
A D Irredeemable
5 cur J
5,000.000
July 1919 paid 2%
J A J
4
61.800
July 1919 paid 2%
A J Jan 1 1925
J
4
3 .0 0 0 .0 0 0
<c J Jan 10 1920 3 44 Treas Office. Balt, Md
S
67.559.400 7 In 1919 J
do
do
A .1 July 10 1919 3 44
1 .0 0 0 .0 0 0 7 In 1919 J
do
do
196.700 5 In 1919 M A N NovlO 1919 244
J P Morgan & Co, N Y
M & N Oot 1 1952
4 g
35.000.000
United States Tr Co, N Y
J A D Deo 1 1959
4g
15,000
do
do
t22,919 00fl
4)4 J & D June 1 1964
do
,do
J A D June 1 1981
4
100 .O C
O
Safe Dep & Tr Co. Balt*
M A N Nov 1 1939
4,481.045
4
Treas Office, Balto, M d
M A N Irredeemable
1.35,1 or
4
625,000
444 8 J A D Dec '19-Dec 21 U S Tr Co, N Y . A Balte

t Further $23.782.674 4 44s In treasury Dec.31 1918: also u $14,59 9 and z 5 27,000
STOCK.— $30,000,000 in $100 shares was underwritten at $ 1 2 a share
have been Issued. *20.000.000 additional adjustment 4s may be Issued for
the same purpose at not exceeding * 2 ,0 0 0 .0 0 0 in any one year, but only by to discharge equipment obligations ($1,266,366), Ac. V. 102, p. 344. 885.
a majority vote of the adjustment bondholders. Interest— In Nov. 1897
BONDS.— First and Refunding Bonds.— When Issued will be a first
mortgage
of main-line track
mortgage on
° aEaste°r: 8Oklahoma divllfo'n7 4s of 1903. V . 76, p. 434: V. 79. p. 1331: 317 miles, on 300 miles terminal properties In and second and Atlanta.
n
and upon the
Birmingham
To be Issued only (a) to retire, at or before maturity. Atlantic & Birming­
V'The ^'Tmns-Coiuhmia^Shori Like" first gold 4s o f 1908 are limited to ham Ry. $4,090,000 1st 5s due 19M. lb) F > future Improvements, ex­
r
*30.000.000 auth. issue. The *17.000.000 sold In Aug. 1908 covered 693 tensions and acquisitions under restrictions. Int. rate to be fixed at time or
miles then In operation: the remaining *13.000.000 can be Issued at *25.000 Issue, not to exceed 6 % . V. 103, p. 405. Callable at 1 1 0 & Int. Nov. 1920
per mile. V. 100. p. 2008. Compare Issue June 26 1915. V. 87. p. 479. 878. to 1925:'at 105 * Int. 1925 to 1935, and thereafter at 10214.
The 4s of 1905 (549.711.000 auth. Issue) were convertible Into oom. stock
On Dec. 31 1917 $1,424,000 First
Mtge. bonds had been
at par till June 1 1918. V. 79. p. 2695: V. 80. p. 649: V. 81. p. 1174; but none had been sold: $600,000 were& Ref. as collateral for $500,000Issued,
In use
notes.
V. 82. p. 391, 867. Of the $26,056,000 5s issued In 190i, the $7,500,000 Also $200,000 of the $656,093 Income bonds owned (of $5,200,000 auth.)
still outstanding June 1 1917 were paid at maturity on that date. V . 104. p. were pledged to secure $100,000 notes. Loans and bills payable Dec. 31
2341. The 4s of 1909 were convertible Into common stock at par to June 1
,
„ ,
1918. V . 83, p. 1435, 1559. The 4s o f 1910 are conv. Into com. stock at 1918 $565,000.
Bonds.—
non-cum. Interest (paid
par prior to ja n e 1 1923. V. 90, p. 913. 1043.1612: V. 92, p. 393, 593,1700. at Income rate, notEntitled to 5 % per annum, as maysemi-annually)
bo declared.
The several Issues of convertibles must be secured by any future mtge. (V. such P- 2143). exceeding
The mortgage
de­
oovering the lines owned at time the convertible Issue was made, and may fined101, the I.- 8 . Comm. Commission,provides that net Income, asshall
as available for that purpose,
be called at 1 1 0 on any Interest day, but when called may be converted be soby
declared by the Board. The board may, however, reserve In
Into stock provided the time for conversion has n°t expired.
year
"net income"
% thereof,
The California-Arizona Lines 1st and Ref.mtge. of 1912 (*50.000,000 auth. any not to from such 0 ,0 0 0 In any year), not In excess of 2 0so reserved,
(but
exceed $ 1 0
until the total amount
Imus ) o f which $18,510,150 444s are outstanding covers 834 miles or
road, Including the line from Needles to M ojave, 242 mlle3 , which was exclusive of Interest, shall reach $300,000. This “ Income Bond Reserve
Fund," carrying
at 6 % .
be
bonds
acquired from the Southern Pacific Co., on which there are outstanding at any time and Interest amount, may anydistributed to the Income of the
In any
and
maturity
*4/127,500 Sou. Pao. bonds due Nov. 1 1937. The latter also cover over bonds shall be paid over to tho trustee for balance at the the bondholders.
the benefit of
l.tfoo miles of Sou. Pao. Co., which has agreed to Indemnify the Cal. Arlz. Total auth. issue, $5,200,000; held by or for company $656,093, Including
A Santa Fe Ry. against any claim on account thereof.
V. 105.
68.
Of the remaining Cal.-Arlz. bonds, $26,323,331 are Issuable for not $370,640 purchased In 1917; outstanding, $1,543,907. Income M p.bonds at
The
of Interest on tne
.
exceeding the actual cash expenditures tor betterments. Improvements and the fu llfirst Installment annum, from Nov. 15-yr. 5% June 30 1916, $33 33
rate of 5% per
1 1915 to
additions on and after Jan. 1 1912 and *o, 167.000 are reserved to refund the per $1,000 bonds was paid Sept. I 1916. but only as to 2 44 % from earnings;
underlying bonds, *4,940,000 Santa Fe Prescott & Phoenix 5s, *224,000 Mar. 1917 to Mar. 1918, incl., 244% (s.-a.) was paid on tho incomes; none,
Presoott & Eastern 5s and *3,000 on th_e line from Goffs to Ivanpah, Cal., since the compensation contract with the U. S. Govt, not having been
1919).
4 5 O fU
the R ocky’ Mtn 49 D?v.3 ist6 4s o f 1915 ($20,000,000 auth. Issue), $3.­ signed (to Oct. 10 Birm. Ry. $1,090,000 1st M . 5s. see V . 80, p. 710, 115.
As to Atlanta &
000 000 redeemable at 105. were Issued to purchase the 8 t. Louis Rocky
LATEST EARNING S.— (1918...........Gross, $4,703,381; dof., $335,074
M tn. & Pac. C o.. Des Moines to
kqJ .9 5 ^ 1
^ h0 r
2 snraa “ de
12 mos., Jan. 1 to Dec. 31.11917...........Gross, 3,983,368: not. 661,111
may be Issued for extensions. V. 100, p. 1593. v . 102. p. 2o0.
For 8 months
(1919.......... Gros^, $3,255,676; not (before df.$589,096
Federal Compensation— 112,$10.311 yearly during Federal control.
Jan. 1 to Aug. 31.(1918______Gross, 2,843,681
taxes) def. 157,204
__q mss (1919 -Gross, $146,094,131: net (bef.$33,399.826
R EPO RT.— For years ending Dec. 31 1917 In V. 107, p. 285, showing:
Jan. 1 to Sept 30
TlOlS.-G ross', 136.516,688; taxes). 40,052.536 Calendar
Interest
Balance,
Other
Cross
Net. after
Surplus.
Rents, Ac.
Income.
Year— Earnings.
Taxes.
R E P O R T .-F o r cal.
£ dy
^ a ? m d e d June 30­
$61,892
$482,150
$61,450
1 9 17......... $3,983,368
$180,459
$286,899
1918.
1917.
1916.
1916.
$438,424
$103,180
$622,143
1916......... $3,339,840
314.690
27.515
54,283
Aver, mileage operated11,456
11,284
1915 ......... 2.852,042
287.922
Directors.— F. K. Mays, Brooks Morgan, J. K. Ottley and Mell. R.
Total oper. r e v e n u e s .... 187,658,223 165,529,519 144.290,238 133,762.392 Wilkinson of Atlanta: A. n . Woodward, Birmingham, Ala.; Galon L.
Total oper. expenses____135,793,059 105,222,878 88,413,487 83,730,9{)0
Stone and Charles F. Ayer, Boston; Percy R. Pyne, Geo. C ,
6.799,157
6.25L439 Clark Jr. and Howard Bayne. N. Y . City; E. K. Farmer, Fltzergald, Ga.;
11,959,941
Taxes, &c______________z7,658,824
F. D. M Strachan. Brunswick, Ga.; Elijah B. Lewis. Montezuma, Ga.:
W. O. Vereen. Moultrie. Ga.
. „
_ „
Operating income____ 44,206,339 T8.346.700 T9,077,594 43,779,993
Pros., W. G. Brantley; V .-P ., Brooks Morgan. Sec. & Treas., J. M .
Federal compensation— 42,885,311
1,424^5801 3,477,855 ( ' 820,865 Caldwell: Fed. M gr., - .............Atlanta, Ga.; Gen. Mgr. under U. S.
Income from investment 1,464,208
\2,486,264 Govt., W. R. Hudson.— (V. 108, p. 266; V. 109, p. 1609, 1890.)
2,468,949/
Interest, discount, & c_. 1,434,424
Mlsc. income credits____ 1,412,320
★ \TLANTA & CHARLOTTE AIR LINE R Y .—Owns Charlotte. N C.. t*
,
...
Total income________ 47,196,263 52,240.229 52,555,449 47,087,123 Armour. Ga., 263 miles.
In 1914 it was agreod to
tho
mado with
Interest on bonds______ 11,696,192 11,852,977 12,361,166 12,529,733 the R ichm ond* Danville RR. modify which operating contract paid will be
1,990,852
under
the dividend to bo
2,069,091
2,201,704
Rentals, &c___________
673,664
9 % yearly without regard to earnings, Instead of a maximum of 7% . de­
Federal taxes__________ 3,095,398
pendent upon gross earnings, the Southern Ry. to have an option to pur­
Other income debits___
3,382,575
6,208,685 chase the stock on any dividend date at $250 per share hi cash^V^98^P^
6,208,685
6,208,685
Preferred divs. (5 % )—
6,208,685
1458,
V. 8 . p. 1991; V.
p. 195, 536, 608: V. 100. p. 2 7
Common divs. (6 % )------ 13,289,595 13,177.995 12,813,750 12.482,280 (So. R1765, 1918:final$$4,000,000 1st 99, 5s was sold In 1917 on account 5 8
55,482
y.). The
M.
or
85,280
Approp. fuel res. fd., &c.
89,571
7,000,000 double-tracking, &c. V. 104. p. 1044. V. 102, p. 1058, 1162; V. 101.
8.348,189
Invest, in phys. prop’ty ------------p. 286. 368: V. 103. p. 577, 664.
.
.0
oa-rYear ending Dec. 31 1917, gross, $8,601,992; net. after taxes, $3,810,887,
Balance, surplus_____ 8,760,5S2 10,365,408 z l9 ,099,754
6,819,091
other income. $17,182: int., &c.. $1,461,873; divs. (9 % ). $153,000; addi­
x Amounts not determined in 1916 owing to change In fiscal year,
y Owing to Federal operation, comparisons with earlier yoars are iauity. tions, &c., $1,129; bal., sur., $970,878.
Pres.. O. 8 . Fairchild, N. Y .— (V. 104, p. 1044. 1898; V. 105, p. 388.)
z Less war taxes.
„
.
,
n T
t
OFFICERS.— E. P. Ripley, President: E. J. Engel and W. E. Hodges, A ATLANTA & ST. ANDREWS BAY R V .—Owns from Dothan. Ala., te
V .-P.; D. L. Gallup, Comp.; G. W. Porter, Sec.-Treas.; C. K. Cooper, Panama City, Fla., on Gulf of Mexico, 85.43 miles. Stock auth., S I,000,
Asst. Treas.; L. C. Deming, Asst. Sec.; YV. B. Storey, Federal Manager
000; outstanding. 8300,000; par, $100. Central Bank & Trust Oorp or
Chicago.
.
„
.
Atlanta, trusteo of first mtge. V.98, p. 391, 1460; V. 8 8 , p. 685, V. 83.p.270•
Directors.— Charles Steele, Edward J. Berwind, II. Rieman Duval
For
Henry S. Pritchett, Ogden L. Mills, New York; T . De W itt Cuyler, Phila.; Int., year ending Dec. 31 1918, gross, $.307,389: net after taxes, $47,017,
$51,000; bal., def., $3,983. Pros., Minor O. Kolth; Sec., H. II. Han­
E. J. Engel, Edward P. Ripley, S. T . Bledsoe, Chicago; Andrew C. Jobes, son, both of Now York.— (V. 107, p. 1917.)
M errlam, Kan.; Howell Jones, Charles S. Gleed, Topeka; H. C. Frick,
Pittsburgh; C. R.Gray, Baltimore. Office, 5 Nassau St., N . Y .— (V. 108
★ ATLANTA TERMINAL CO.— Owns union passenger station opened
p. 169, 266, 377, 2344, 2428.)
*lay 14 1905, with approaches, used by Southern Ry.. Central or Georgia
★ ATHENS TERMINAL CO.— Owns freight terminals and approaches In Ry.. Atlanta * West Point RR .. Atlanta Birmingham & Atlantic R y. and
Athens, Ga. Stock 525.000. equally owned by Seaboard Air Line ana Seaboard Air Line Ry. Stock. $150 000. owned in equal proportions by
Gainesville Midland, which agree to pay operating expenses and Interest the first threo companies namod. Tho stock roaeives 4% p. a., payaDle
charges In proportion to tonnage use. Bonds (*250.000 auth. Issue), see Mar. i of each year, charges and expenses being paid by thei rive using
table above. Pres. & Treas., Gordon C. Carson,; Sec., A. M . Yetterdahl, companies on car basis. The $1,000,000 Series A 6 % bonds are
toed p. & i. by tho threo companies owning the stock. 1 D'-Y worti **sl*t_d *
120 Broadway, New York City; Fed. M gr., W. J. Harahan, Norfolk, Va.
$1,500,009 First
duo
,l
Hocurocl on
^‘r«
★ ATLANTA BIRMINGHAM & ATLANTIC RY.— Owns Brunswlok. Ga., retire thoproperty. V. 109,Mtge. 4s1271. July 1 U. B. .R R . Admlmstratlo
terminal
p. 577,
Tho
to Birmingham. Ala., 453 miles; Sessoms to Waycross, Ga., 25 miles; In 1918 sanctioned capital outlays of $74,000. I resident, H. W. Miller.
Fitzgerald to Thomasvllle, Ga.. 81 m.; Atlanta to Manchester, 78 m
total 638 m. See V. 103, p. 405. An extension from Waycross. Ga., to V, 105, p. 2093; V. 107, p. 901; V. 109. p. 476, 577. 271.
Jacksonville, Fla., 75 miles, is proposed. V. 104, p. 2116.
ATLANTA & WEST POINT R R .— Atlanta, Ga., to West Point, Ga.
a j 19 m
Leased to Georgia RR . which owned $936,100 stock, but sold
O R G A N I Z A T I O N . — On Jan. 1 1916 succeeded to foreclosed properties
sam 3 In 1910-11 to the lessees at $135 per share with option of ropurchas*
o f the A B. & A . RR- C o., Georgia Terminal Co. and Alabama Terminal at same price. Annual compensation under Federal control, 8252,J9.>.
R y per plan In V .101,p.2143. Result o f Federal valuation. V .103,p .1887
total estimated (incl. othor Income) available for dividends. $283,070.
The U
S R R . Administration In 1918 sanctioned equipment, &c..
D IVIDEN DS.— From July 1 1884 to
w Clu3,^e*
yoa rlf.
outlays o f $1,364,896. V. 108, p. 266.
& J.:
Dec
"ST A N D A R D R E TU R N ,” &c.— See page . Traffic development J. Loans Oct. 1 1899. 25% extra: 1902 toDec. 31 1918, $150,000.
and bills payable outstanding
1918, Y. 107, p. 285.




Nov., 1919.

★ Gv m t
o ern en
C n l.
o tro

RAILWAY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S .
[F o r abbreviations, A c . , see notes on fir st page.]

(Concl) —

M ile s
R oad

Date
B on d s

Par
V a lu e

A m oun t

Rate

W h en

A rlvate
P
C n l.
o tro

La st D ivid en d

13

Places W h ere Interest a nd

Outstanding
and M a tu r ity
P a yable
%
D ividen d s are P a yab le
Atl Coast Line RR
Bonds to be Refunded by General Unified Bonds—
First cons (1st M on 1.087 miles) closed F.xc*&r* 3,941 1902 $ 1 000&C x$5 0938000
July 1 1952
48
United States Tr Co. N Y
North East (S C) Oons M gold Flor to Charleston xc
102
1883
1 ,0 0 0
657.000
Jan 1 1933
United States Tr Co. N Y
Atlantlo O L o t S CGen IstM Ust on 594 nbgSBazo*
9 s
696 1898
1 .0 0 0
5.547.000
4g
July 1 1948
Safe Dep A Tr Co, Balto
Petersburg M class A gold_______________
a
69 1881
1 ,0 0 0
8 6 8 .0 0 0
July 1 1926
5g
Meron Nat Bk. Rloh d.Va
do
do
class B g (Petersburg to Weldon)' z
69 1881
1 ,0 0 0
800.000
6 g
Oot 1 1926
do
do
Rlohmond A Petersburg Consol M g ______ Ce.xo*
27 1890
1 ,0 0 0
300.000 . 4 X S
Apr 1 1940
Brown Brothers, NY
Wllm
Weldon Gen M ($938,000 are4s) g.SBa.zo*
479 1885
1 ,0 0 0
4,000.000 4 g & 6 g
July 1 1935
First Nat Bk. NY, &Balt
• Wilmington
Newbern 1st M gold assum._SBa.z
91 1897
1 ,0 0 0
106.000
Aug 11947
4 g
Safe Dep de Tr Co. Balt
Nor
Car 1st M gold (P Pt Va to Tar, N O .C e.zc*
110 1889
1 ,0 0 0
1.314.000
Apr 1 1939
5g
Central Union Trust, n r
Second mortgage gold_______________ SBa zo*
1896
1 ,0 0 0
400.000
Jan 1 1940
5g
Safe Dep A Tr Co. Balt
Sav Fla & W 1st M g ($2,444,000 are 5s).M p.xo;*&r
543 1884
1 ,0 0 0
6.500.000 5 g do 6 g
Apr 11934
United States Tr Co. N Y
Charleston A Savannah gen mtge gold. __ SBa zc*
111 1886
1 ,0 0 0
1.500.000
Jan 1 1930
7g
do
do
Bruns A W 1st M (Brunswick to Albany)g gu M d.zo
167 1888
500 &C 1.407.000
Jan 1 1938
do
do
Alabama Midland 1st M g (Balnb toMontg)__Mn.xo
174 1888
t g
1 .0 0 0
2.800.000
M d
o
Nov 1 1928
Metropolitan Tr Co. N Y
Florida So 1st M gold_______________
AB zc*
9 g
244 1895
1 ,0 0 0
2.418.000
J A
4s
Jan 1 1945
United States Tr Co. N Y
Sanford & St Petersburg hrst mtge gold____ PePx
145 1894
1 .0 0 0
275.000
Jan 1 1924
do
do
48
Atlantic & Danv— 1st M $4,425,000 g Int rent..Baxc*
278 1900
1 .0 0 0
3.925.000
July 1 1948
Bankers Trust Co, N Y
Second mort $1,525,000 gold lnt rental_____Ea.xo*
278 1904
1 .0 0 0
1.525.000
July 1 1948
4g
Equitable Trust Co
Atlantic & North Carolina—Stock $1,800,000_
_
100
1.797,200 3 In 1919
July 1919 1 M Check from Co’s Office
1st Mtge $325,000 g guar p& I by Norf So.E q.yc*
1917
1 ,0 0 0
325.000
6g
July 1 1922
N Y , Equitable Trust Co
A tlantic Quebec & W tit— 1st M callable 110____c*
1905
£100
2.548.675
text
July 1 1935
See text
Second Mortgage debentures_________________
1919
Text
5
1949
Atlantic & St Lawrence— Stock 6% rental Grand Tr’k
167
£ A $100
5.484.000
M &
6
Sept 1919 3% London and Portland
Atlan & West’ n— IstM $l,500.000g red 105._.FBac*
24 1912
500 dec
303.000
May 1 1952
M A
Fidelity Tr Co. Balt
Augusta
Savannah— Stock 5% rental Central of Ga
53
100
1.022,900
5g
J &
July 6 1919 2H Savannah. Ga
Augusta Southern— First consol mtge gold____Ce.xc 82X 1894
1 .0 0 0
400.000
J &
Deo 1 1924
June ’ 18 coup pd Aug T 8
Augusta Union Station— First M $250,000 gold.SBax
1903 1 . 0 0 0 dec
225.000
July 1 1953
J &
Safe Dep A Trust Co.Balt
Austin & N W— See Houston
Texas Central
Avon Geneseo & Mt Morris RR— Stock (see text)____
17.7
100
225.000
jjH J A J July 1 1919
Erie Railroad, New York
Baltimore Chesapeake & Atlantic— 1st M gold.Mp.zo*
8 8 1894
1 .0 0 0
1.250.000
5 g M d S Sept 1 1934
o
Phlla and New York
Balt & Cumb Vail Ry— See Western Maryland Ry
8 & C V RR Exten— Stock gu ($270,000 carries 7 % ).
50
390.600 6 A 7
July 11919
Company’s office, N Y
First mortgage Interest rental...... ................... MeBa
26.5 1881
1 .0 0 0
230.000
0
July 1 1931
Nat Bk Commerce N Y
Balt & Harrisburg Ry— See Western Maryland Ry
x Further $388,750 In treasury Dec. 31 1918.

A
&

A

no

&

II

&

Year ended Dec. 31 1917. gross, $1,770,250: net. after taxes, $394,513:
other income. $204,606: rentals. & c .,$169,655: dlvs. (6 % ), $147,816: but..
52§ M ? 8’ For year 1918 the company reports a balance o f $283,070 after
deducting war taxes ($281,352); deduct common dlvs. (6% ) $147 8161
bal., sur.. $135,254. Pres., O. A . Wickersham. V 107, p. 400, 1383.)
★ ATLANTIC CITY R R — Camden to Atlantic City,58.35 miles: branches.
Winslow Junction to Cape May, N. J., 54.10 miles' Willlamstown
22.07 miles' Gloucester, 10.85 miles; S ei Isle City, 12 35 railed Ocead
City. 10.16 miles; total,170.18 miles. V .72. p.1278. STOCK c i m S
$2,625,000; prer.. $1,000,000 (par. $50). Reading Co. owns
99%
stock, and guarantees consol, 4s, prln. and lnt.
Form of guaranty V
75. p. 1398.
Of the latter. $2,649,000 are reserved™
prior’lien
tonas. V. 73, p. 81. There are $22,300 Sea Coast “ A ” 5s; $1,200 “ B " 5s°
The 1st M . 5s due May 1 were extended at 514% Interest until M av l
1929 (s.ubi ect 3? call,at 10? on and after M ay 1 1924), and uLonditionJlly
guaranteed, principal and interest, by the Reading Co. V. 108?p. 1721.
EARNINGS.— 8 m os.,fl919--.G ross, $3,213,775; net (before $Q56 Q53
taxes)
811*862
Jan. 1 to Aug. 31.
11918----Gross, 3,686,271'
Year ending Dec. 30 1918, gross, $4,252,269'net $1 025 0 3 0
Gal
1917, gross, $3,215,425: net, after ta.xes7 $720 229
,
, 6‘ CaK year
Fed. M gr., Chas. H. Ewing, Phlla., Pa.— (V. 82, p. 750; Y. 108, p. 1721.)
ATLANTIC COAST LINE CO.— Organized M ay 29 1899 In Ponnoctlf-Ot
and ownod June30 1919 $18,590,600 common stock and a l i g e amtmnt of
bonds of Atlantic Coast Line R E .— see below and V. 109 p 1726
STOCK, & c — Reduced in 1914 to $8,820,000. V. 9 s’ d . 234 609
As to the certificates of Indebtedness, see editorial Oct 1 8 Q *
7

over

SSSkM
ST cSTL0!
J » v v v a*- a 7- t t ;*<?•

Si

$200,000,000 General U n ifie d Bonds were or are issu abl
Issuable as Ser. A 4K s to refund $30,749,484 Unified 4 s . .........$30,847,484
Reserved to retire 4% certifs. of indebtedness, pref. stock and
debenture bonds............. ............................................................... 4.763.960
Reserved to retire underlying bonds...........................................
84.438,650
t&eserved (along with any bonds not issued to retire certificates
T>.n , ^ t0(lnea8l for future construction. Improvements. & c._ 79,749.806
.. ih e 4% convertible debentures are redeemable at 105 and convertible at
tne option o f the holder Into common stock at $135 a share at any time up
to Jan. 1920. or, if called, up to 30 days o f date. V. 97, p. 1513.
As to the $35,000,000 collateral trust 4s of 1902, see "Organization”
aDove. They are subject to call at 105 In amounts not less than $100,000.
There were outstanding Dec. 31 1918$15,000 Bruns. & West. Incomes.
* Vandemere 4 ^ s ($1,500,000 authorized, of which
a
72P’000 outstanding) are guar., p. A I., by endorsement. V. 84, p. 1246.
As to Winston-Salem South Bound R R . guar. 4 s, see that company.
Equipment bonds (44S g.) of 1911, due 1921. See V. 93. p. 1323.
Bonded debt per mile Dec. 31 1918, $28,794.
tract' executed )PenSati<m ' ~ ' ' S 1 0 ’ 1 8 5 ’ 9 4 2 yearly during Federal control (con8
LATEST EARNINGS.— (1918--- Gross, $41,522,311; net, $6,384,018
8
mos., Jan. 1 to Aug. 31.\l918--- Gross, 36,615,396; net, 9,323,728
REPO RT.— For calendar year 1918 at length in V. 108, d . 2140.
«
.
xl918.
1917.
1916.
1915.
Gross receipts-------------- $56,992,329 $44,063,331 $37,322,085 $31,936,962
Oper. exp., taxes, & c .._ 45,366,201 32,049,589 25,915,848 23,751,456
P u rposes f o r which the

Net earnings------------$11,626 ,128 $12,013,742 $11,406,237 $8,185,506
Federal compensation... 10,180
Other income__________ 1,317 ',829
2",608^818
f,996’ 468
1,548*486
Div. L. & N. sto ck ..(7 % )2 ,570 ,400 (7)2,570,400 (7)2,570,400 (5)1,836,000
Gross income-------------$14,069 ,144 $17,192,960 $15,973,105 $11,569,992
R E PO R T . F orbear e n d i n g 30 1910. in V. 1 0 9 .^ ,526 Jhowed: Interest on funded debt. $6,050 ,981 $6,050,657 $5,812,267 $5,656,779
Other interest_________
4 7 ,446
60,183
8 6 ,6 6 6
116,426
Total credits,$1,870,980 $1,833,724 Dlvs. (1 2% ) $ 1 058 400 $1 058 400 .Rentals, &c___________
685 ,885,
380,826 ,
402,545
368,420
Total deduc’ns 418,531
424,767 Bal. over diVs $394 048 * $350 557 Preferred dividends (5%)
9.,835
9,835
9,835
9,835
Net in c o m e ...$1,452,448 $1,408,957 |Tot. p.&l. sur 14 241 671 1 3 *^ 3 6 iqi
Common dividends..(7% )4,799 ,158 (7)4,729,109 (6)4,053,480 (5)3.377,900
Chairman, Henry Walters.— (V. 107, p. 1836: V . 109, p! 1 5 2 6 J *836,191 Divs. R. & P. " A ” stock.(7%)70 ,000
(7)70,000
(6)60,000
(5)50,000
★ ATLANTIC COAST LINE RR.— (See M ap.)— Operates from Richmond
Balance, surplus
$2,405,839 $5,892,350 $5,548,312 $1,900,632
and Norfolk. Va., to Fort Myers, Moorehaven, Port Tampa and River Jet*1
x Kesults under Federal control. Comparison with earlier years faulty,
Fla., on the south, and Montgomery, Ala., and A u g u st Ga on thl w ^ V
OFFICERS.— Chairman, Henry Walters; Pres., J. R . Kenly; V.-P
reaching the ports of Norfolk. Va.; Wilmington, o " C h u l S r a S O ’•
Savannah and Brunswick. Ga.. and Jacksonville and Port Tampa Fia
” R. A. Brand; Gen. M gr., P. R. Albright; V .-P. & Sec., Herbert L. Borden:
Treas. J. J. Nelligan; Aud., J. E. Shannon: Gen. Counsel, Geo. B. Elliott.
Lines owned and trackage— Miles.
owned. &c. (Con.)— M i l e s . Fed. M gr., Lyman Delano, Wilmington, N .C .— (V. 108, p. 169, 266, 2140.)
Richmond, Va., to Port Tampa,
L
near Sanford to
907 Syi l “ Petersburg, Fla
Fla .......................
St.
145
★ ATLANTIC & DANVILLE R Y .— West Norfolk to Danville. V a „
Norfolk, Va., to South Rocky
8 ' F{a - to BrooksvUleir 145 205.1. miles; three branches, 22.25 miles; James River Jet. to Claremont
Mount_____________________ 115 K
Mllldale, Fla., to Perry............. 163 (3-ft. gauge), 50.36 miles; total, 277 miles. Leased to Southern R y.
Contentnea to Wilmington____ 105 Branches, <Scc__
1 7 qq
from Sept. 1 1899 to July 1 1949 for taxes, repairs, maintenance and cafn
Wilmington. N. C„ to Pee Dee
Leased—
A,/yy oon ai l ufftcTen^ ^ .? ove. l ln^' charges with privilege of renewals for terms If
i
'
97
Junction __________________
99 years. In addition the Southern R y. agrees to pay the same rate of divi­
- ° f So. Carolina—
Florence, S. C., to Augusta, Ga. 167 Ce“ ‘ ral R R Sumter S. C
Lanes to
40
dends on com. stock as paid on Its own com. stock. V.71.D.447- V 79 n rpk
Sumter to Columbia...................
45 Other lines___________ ----------|ij Suit to enforce provisions of lease, V. 95. p. 1606!
v ./y ,p .0 2 5 .
Yadkin Jet. (Wilmington, N.C.)
•
BONDS.— Of the $4,425,000 4s of 1900, $500,000
to Sanford_________________ 116
Total in earns. Dec. 31 m is 4 840 improvements upon request of Southern R y., interest can be Issued only for
charges to be covered
Waycross, Ga., to Folkston, Ga. 34
— 4° by increased rental. Of the $1,525,000 second 4s. the remaining $750 0M
Jesup, Ga., to Montgomery, Ala. 355 C losely allied lines (see eachco >
,
Brunswlok, Ga., to Albany____ 169 ChaJiMt1Nai tUr(Inc1' aI1 cos.) .7,675 w e r e issued July 1 1909. V. 77. p. 195.— (V, 89. p. 1410: V. 95. p. 10060
Charleston A Western Carolina 343
Dupont Jet. to Fort Myers, Fla. 349
a
Northwestern R R .o f So. Car ‘
81 A ‘‘VTL 96 miles. N0 RTH CAROLINA RR.— Morehead Cltv to Goldsboro.
Haines City to Harrisburg_____
90 1
------— N. O., o NT-F & Stvte of No. Car. Aug. 1917 owned SI 26fi<5nflr>fxi 7 0 7
Also owns one-sixth Interest In the Rlchmond-Washlmrton r n r
59? S - J S A P a 862- 1088’ , Leased from S™t l904 to Jan l *1990 tS
th
lolntly with the Louisville A Nashville RR., the Georgia RR £?,' J iff ®
681 «^J,a
fh^nlfe
RRO
w9,nSar* na£.0’J th5 ,ease being later transferred to Norfolk
O
In 1918 opened a line from Sebring, Fla. to Moore Havin’ x o -n ,,e?i*V. 103, n. 577. New station in Richmond, Va. V ioS n Sfifi59' ' 0 mUes’
The Tampa Southern RR. Co., an auxiliary company 'in 1917 let con­
tracts for a 50-m. line from Tampa, via Orient, to Palmetto ,1 1
a 2S i p j s c . . t
’924 ’ ,9o5 - '926 ' Y - t
’929 ' i9 ° r 4 ’
1919 was operating from Uceta to Palmetta, 35.6 miles V 105 0 24^"
T he 1st 6s are guar. p. & I. by N orf. So. R R . (V . 105. p. 714).
ORGANIZATION.— On April 18 1900 absorbed by consolidationIv vn
A T L A N T IC Q U EBEC & W E ST E R N R Y .- S e e page 132.
p. 840. 893), Wilmington A Weldon RR., Atlantic Coast Line RRS o 5 ?r
fV<
and Va. and Norf. A Car. RR. Florida Southern and Sanford & St Pet;™' ★ ATLANTIC & WESTERN R R .— S a n f o r d t o L i l l l n g t o n , N . O 24 m •
burg were merged April 1903. V. 76. p. 918, 971
The Atlantie PoI«t H . O . H u f f e r J r . c o n t r o l s t h e c o m p a n y . V. 9 4 n 1 2 4 9
Stock
r m i'
Lino Co. (of Conn.) June 30 1918 owned $18,595 600 comnSn^B^SSk* p a r . $100. B o n d s I s s u a b l e a t $12,000 PO m i l e . ' See' t a hl^Thov«° 3 ,0r 9 :
T
$17,640,000 having boon distributed Mar. 10 1914 among its stockholder' Pres 1 °H8 ’c r°HS
iifrei? Jr 9 ’R
8 1 '^ 3 1 ^charges, $19,573; bal., def., $14,46^.
See that co. above. V. 70. p. 893: V. 71. p. 1110? 1310-V 8 3 n
’ Pres., H. C. Huffer Jr., Baltimore, M d.; Sec. & Treas Wm C Cooke
Jn Oct. 1902 acquired $30,600,000 of the $60,000,000 Louisville A Nash202
✓ llle RR. stock and In 1913 an additional $6,120,000
On Doe Qi t ma
this $36,720,000 stock was on deposit along with $306,000 stock of tAiiI*.
& SAVANNAH RR.— Milieu to
in
ville Property Co., as security for the company’s $35,000 000 trilateral ★ AUGUSTA to Cent, of Ga, for 101 yrs. at 5% Augusta Ga(V.5 3 miles
on stock.—
100. p .*709.
trust 4s of 1902. V. 75. p. 733. 792, 905: V. 79, p 785.
collateral 1895 re-leased

L1“
'-a a # < $ ?

Y ioi. “ TT

STOCK.— Atl. Coast Line of Va. class A (Rich. A Pet. ctfs ) tax-exemnt
stock was assumed as so much of the com. stock of the new company
P
DIVS. (% )— ’0 5 .’06. ’07. ’08. ’09. '10. ’ l l . ’12-T4. ’ 15.’16 ’ 17 ■in mq
Oom.dnol.Cl.A.) a 5 6 6 05H 5Hi 6 6 7 yrly 5 5 7
7 y9
Aiso In 1905 20% in com. stock scrip and 5% in Atlantic Coast Line Co
4% certificates of Indebtedness. V. 81. p. 1558. b Includes^3 % nain in
Jan. In Atlantic Coast Line RR. 4% certificates of indebtedness. Pam
BONDS.— In April 1914 the Unified Mortgage ___ .cmaeoano closed and
of 1909 was
n«w soon non nob
--- J
wilium YS llUll uy lUO iviv. v/U. (tllu L U AUaQllC
U
Tinn P a
($21,330,000 and $3,008,000) were exchanged at once for new Serfeif A
4>is, $ for $. V. 98. p. 761, 1070, 1154, 1243: V. 100, p. 191(5 Listfnsee V. 103, p. 2237. Of the $46,731,674 General Unified
Lssuwl fo
Doc- 31 1918, $23,032,000 were on that date in hands of public ($ 2 2 84Q 1(16
treasury! &
V
4%>
, 2 3 ’ 7 8 2 ’ 6 7 4 4 ^ sP were ^eld in the




UD r FOderal C
°ntr0l> *12.6^—(V. 95, p l038|

^2A ^ lM ST^he°S^mF
5
hnrnIT?-?9’ T r wnu frorn A v i s t a to Tennille, G a..

^99lP ^ tk «irir. ono de
control, $22,587 p. a. V. 10S. 0. 76.
•iQ 1 « ’229’ prcI ’ 5350,000; par, $100. The 1st M . bonds int.
4°
dueJJne 1 1918 was paid on or about Aug. 29. V. 107, p. 905. Year
ending Dec. 31 1916, gross $181,830; net, $28,091: other income, $12,304:
rentals, $ 4 -,9 -L b a l.,d e f., $2,526. Pres., Franklin Q. Brown, of Redmond
& Co., Fed. Mgr., W . A. Winbum, Savannah, Ga.— (V. 109, p. 8 8 6 ,)
★ AUaUSTA UNION STATION CO.— Owns union passenger station at
Augusta, Ga., used by all roads entering the city, the latter under their
operating contract providing for Interest on the bonds and 4 % dividends on
stock
Stock, $75,000 (25% paid In), held equally by Southern R y ., Atlan­
tic CoMt Line R R . and lessees of Georgia R R . V. 78. p. 2333; V. 79. p. 500.
Pres., Chas. A. Wickersham: Sec., W . H. Vincent; Gen. Mgr. under U. 8 .
Govt., W . R . Hudson.— (V. 82. p.48.)

14

• G v r mn
^ o en e t
C n l.
o tro

A rlvate
P
C n l.
o tro

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
(For abbreviations, A c.. see notes on first poo*]
Baltimore & Ohio— Common stock J210.250.000.-----Pret stock 4% non-cum authorized J60.000,000-----Prior Lien mtge gold (closed) not call----- Ba.xc*&r
First M gold red at 105 after July 1 9 2 3 ..U « ;xc*&r
SouthwDlv 1st MJ45.000.000g........................ Fxc* &r
Pitts June & Mid Dlv J20.000.000 1st M g.Ce.xc* &r
P L E & W VSys ref g red 100 after 1 9 2 5 -Un.xc*&r
Convertible bonds redeemable (text)----- Ce.xc*&r*
Ref&GenM Ser A g (call, all 105 beg ' 2 5 )yQ c*&r*
Toledo-Cincinnat D lv. /Ser. A call 1 0 2 ^ .B a y c* & r«
1st & R ef M tge____\8er. B call 1 0 5 -Bayc*&r*
Collat trust M (closed) g call 101 (Coal & Coke R y
Secured Gold bonds call 102M (text) - Usm.xxxc*&r*
Underlying Toledo & Cincinnati Die. Mtge.—■
Cin Ham & Dayton 2d (now 1st) mtge gold__Fxc*
General mortgage $7,800,000 gold--------------- -xc*
C H & D R y 1st & Ref M , part guar..Ba.xc*& r*
Equipment trusts Ser A due $116,000 semi-annBa.x
Other equipment trusts as o f Dec 31 1918-------------Piqua & Troy 1st M $250,000 gold guar p & 1---- xc
Dayton & Michigan (leased) com stock (guar)-----Preferred (8% guaranteed) endorsed------- - - - ­
let M gu p & 1 end ext in 1911 red 102 H beg 17.c
Bonds Underlying Pitts June & Mid lHv M 3 Ms—
. Cent Ohio J2.500.000 con 1st M (1st loan)g MeBa.zc
Pittsburgh Junction 1st M g o ld ____________Ba.xo*
Pittsburgh Junction 2d M gold.....................Ba.xo*
Bonds Underlying Pittsburgh Lake Erie A West Vir
Clev Lor & Wheel cons M (now 1st) gold.Usm.xc*
General mortgage g redeem 1 0 5 ___________ N.xc
Cons Ref M gold red at 102H -..................... Eq.xc
Cleveland Term & Valley 1st M gold guar. Ba .xc* &r
Ohio & Little Kan Ry 1st M J250.000 red 105 g ..z
Ohio River 1st M g.......................................FP.xc*
General mtge gold 1st on 39 miles--------------- - x c *
Rav Sp & G11st M g guar p A 1-------------- FP.xo*
Huntington & Big S 1st M g guar------------------xc*
Plttsb Cl A Tol 1st M g......................................... - - x
Ellwood Short Line 1st mtge gold______________ Ox
b In addition J8.711.550 pledged as part collat. for

Amount
Outstanding

Rate
%

When
Payable

(Vol . 109.

Last Dividend Places Where Interest ant
Dividends are Payable
and Maturity

Miles Date
Road Bonds

Par
Value

1898
1898
1899
1898
1901
1913
4.508 1915
text 1917
text 1917
) . . . 1919
1919

$151945549 See text
58.863 275 4 in 1919
3H g
74.910,175
81,995,705
4g
44,991.630
3H e
66,124.500
3H g
4 g
43.000. 000
4X g
63.250,000
6 0 .0 0 0 .
000 6 g
100 ‘ &c 1 1 ,0 2 0 ,2 0 0
§8
100 &c 5 .0 0 0 ,0 0 0
6g
3.000. 000
1 ,0 0 0
6
1 ,0 0 0 35,000,000

A S Mch 1 1919 2%
A S Sept 2 1919 2%
A J1] July 1 1925
July 1 1948
A J1, July 1 1925
Nov 11925
c
A N Nov 1 1941
& S Mch 1 1933
& D Dec 1 1995
& J July 1 1959
& J July 1 1959
& O April 1 1924
& J July 1 1929

Go’s Office. 2 Wall St,NY
do
do
do
do
do
do
Co’s office. 2 Wall St. NY
do
do
do
do
do
do
do
do
G o’s office, 2 Wall St.NY
do
do
Cos office N Y & Balt
New York .

4« g

& J Jan 1 1937
& D June 1 1942
J & J July 1 1959
J & D T o June 1 1920
Various Various
M & N Nov 1 1939
A & O Oct 11919, IV<
Q— J Oct 1 1919, 2%
J & J Jan 1 1931

J P Morgan & Co. N Y
Kuhn Loeb & Go., N Y

$100
100

1.085
1,667
922
380
1.645

60 1887
60 1892
All 1909
1910
Var
1899
1871
1871
141 1881

500 &c
500 &c
500 &c
50 0&c
1,000
500 &c

1 ,0 0 0
1 .0 0 0

$ & £

1 ,0 0 0
1 ,0 0 0

50
60

1 ,0 0 0

2 .0 0 0 .0 0 0
3 .0 0 0 .0 0 0

t*

182.000
5
232.000
813.000 4H & 5
4 g
7,000
2,396,950
1,211,250
2.728.000
4H

I*

1.009.000
934.000
243.000

4M g M A
6 g J A
5 g J A

143 1886
6 1882
6 1894
O in ia 4s—
6g
5 .0 0 0 0 0 0
1 .0 0 0
198 1893
5C
890 0 0 0
1 ,0 0 0
198 1896
4H g
950 (too
1 ,0 0 0
198 1900
4 g
8.301 O O
O
1 ,0 0 0
83 1895
5 g
228 0 0 0
1 ,0 0 0
72 1900
5 g
2 ,0 0 0 0 0 0
1 ,0 0 0
166 1886
O
2.941, O O
5 g
1 ,0 0 0
208 1887
O
6 g
361,,O 0
1 ,0 0 0
33 1890
6 g
303,,0 0 0
1 ,0 0 0
11 1892
441,,0 0 0
1 .0 0 0
6 g
48 1882
6 g
300, 0 0 0
1 .0 0 0
3 1892
e Coups.
Pitts. L. E. & W.Va. Sys. 4s
1 .0 0 0
1 .0 0 0
1 .0 0 0

& or

S Sept 1 1930
J July 1 1922
J July 11922

tfn Sav Bk & Tr Co, Cin
Cincinnati, Ohio
J P Morgan & Co, N Y
Office. 2 Wall St, N Y
do
do
do
do

do
do
Oct 11933
do
do
June 1 1936
do
do
Jan 1 1930
do
do
Nov 11995
do
do
Mch 1 1950
do
do
June 11938
do
do
Apr 1 1937
do
do
Aug 1 1920
do
do
July 1 1922
Office. 2 WaU S t . N Y
Oot 1 1922
Co’s office, 2 Wall St. NY
Jan 11922
H Reg lnt. Q.-J.
A N.; reg. lnt. Q.-F.

6,124,500 is In hands of the public and $8,711,550 nledged under Pitta,
*A V O N QENESEO & MT. MORRIS RR.— Mt.Morris to Avon, N .Y ..17.7
re Erie & W . Va. 4s. Closed except to retire underlying bonds, see table.
miles. -Leased to Erie R R . Feb. 26 1896 in perpetuity; rental (after 1911). JE
(5)
Pittsburgh Lake Erie A West Virginia System mtge. ref^unding 4 % gold
3 K % on stock.— (See V . 63. p. 512; V . 62. p. 318. 589.)
a hen
miles,
★ BALTIMORE CHESAPEAKE & ATLANTIC R Y.— Owns Clalborne to bonds (authorized amount $75,000,000) areCleveland, on l,645 Lorain
forming a direct connection with Pittsburgh,
Fairport,
ocean City. M d., 87.06 m .; Salisbury, M d.. to Fulton, 0.55 m. from Clai­ and Sandusky, subject to underlying bonds outstanding thereon (see table
borne to Baltimore, 44 m.. transfer is made by water; steamer lines owned, above). In Dec. 1918 $43,177,302 additional underlying bonds .including
1,116 m .: total o f all, 1.203.61 miles. The Penna. and allied co s.own all $8,711,550 Plttsb. Juno. A Middle
were held in trust as
the $1 000.000 common and 9 5 % o f the $1, ,U0.000 5% c ^ . prof, stock. curity. The unissued bonds are Dlv. 3)4s. to retire “ Pderlying part se­
reserved
V. 92, p. 525, 593. Dlv. onjpref.. 2% Mar. 1 1 9 0 5 ; In 1906. M ar., 3% , V. 74, p. 266; V. 79. p. 2793; V. 80. p. 1423; V. 86. p. 479. 1528; bonds.
V . 87.
O ct., 2 % ; in 190?, Mar., 3% ; i&pt.. 2 % ;in 1908. Oct.. 2 %\ 1 9 10.J an ..5% .
Bept.. 2 % ; 1911. Jan. 31. 3% ; Mar. 31. 2% : Oct. 2. 3% : 1 9 1 2 .July 1. p. 36; V. 88, p . 451, 685; V. 105, p. 715.
(7)
Convertible 20-year 4 Vis $63,250,000. dated March 1 1913. wIU
2 H % ; none since to Dec. 1918. Federal compensation, $86,647 yearly
be convertible into common stock up to Feb. 28 1923 at $110 per
during Federal control (contract executed).
These 4J4s are
LA TEST EARNINGS.— (1919-Gross, $1,057,536; net (bcf. df.$47,206 share and redeemable beginning March 1 1923 at 102
8 mos., Jan. 1 to Aug. 31.{l918-Gross
So7,014; taxes).
30.528 secured by the new blanket mortgage below described pari passu wl tn tne
In year 1918, Govt, compensation, $86,647; other income, $11,867, 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.
charges, $253,085; bal., def., $154,570 (charged to profit & loss). President,
W . H. Myers; Sec., L. Neilson; Treas., Geo. A. Walker; Federal Manager, (8) Refunding & General Mortgage of 1915 due Dec. 1 1995 (V..101. P- 1334) •
Elisha Lee, Phila., Pa.— (V. 108, p. 1721; V. 109, p. 774.)
„
The Initial $60,000,000 5% bonds of this issue was brought out In Dec.
★ BALTIMORE & CUMBERLAND VALLEY R R . E X T E N ^W aynes- 1915. See below; also V. 101, p. 1881; V. 102, p. 975: V. 103, P-1989, in
boro to Shlppcnsburg. Pa.. 26.52 miles. Leased to Western Maryland R R . June 1919 an additional $15,000,000 was pledged as part collateral for
for 50 years from July 1 1881, with privilege of renewal, for lnt. on bonds $35,000,000 Secured Gold bonds. What additional amounts, If any, are
and dividend on stook, amounting In all to $38.730.— (V. 76. D. 6650
pledged to secured advances from U. S. Govt, is not made public.
★ BALTIMORE & OHIO R R .— (.See M ap.)— Operates from Balti­
Security.— Secured on practically entire system, 4,508 miles or first track,
more to* Philadelphia and Baltimore to Chlrago, Cincinnati a ^
or
therein, having
a net yaJn0
total mileage leased, owned and operated on Dec. 31 1918, 4,998 m. Royal and equipmentAlso interestthe passenger and in 1918 terminals In Philadel­
$129,303,078
covers
freight
Blue Line” (see Central R R . of N. J.) gives access to New York.
phia, Baltimore. Pittsburgh and Chicago and the freight terminals on
The system^embracM.^suyect^toinortgag^.^e^tohowln^g lines. ^ ^
Staten Island, N . Y ., In Cincinnati and Washington, as well as one-hair
Pr.lien 3 H % M .— (1,085m.)Miles.
In the Washington Terminal Co. and
48 stock Interestat Washington. A direct lien upon about °n 0*balr,?wn^r5i ?
Balt.to Wheeling, Belpre,O..&0. 754 xPittsb. Cleveland & Tol. B r_.
2.287 miles or
xPlttBb. Palnesv. A Fair. B r „.
50 of joint yardslien, through the deposit of bonds, and in most cases all. first
Oumb. to Plttsb. & W ., &o------ 331
and
Monongahela River Br------------37 track, and a
lsf Mtge. 4 % — (582 miles)—
no case less than 96% of
83 In Reservation of Bonds.— Thestock, of the co. owning remaining mileage.
xClev. Terminal A Valley------Balt, to Phila. and bran ch es... 133 xCleve. Lorain & Wheeling B r ..
mortgage reserves bonds to retire about $282,­
Chicago. 111., to Akron, Ohio
364
Wheeling to Cleveland, & c .. 198 000,000 prior liens on various parts of the system and the $63,250,000 con­
Branches to Falrmont.W.Va.,&o. so
new
ba£i
264 vertible gold bonds lthese last being secured by thefor Ibe reservation or
xOhlo River Lines—
62 passu with the bonds Issued thoreunderl and provides
South W . Div. 3 M % M .—
West Virginia Short Line B r . . .
Belpre, 0 .,v ia Cine. toS t.L ..& o. 922 xOhlo & Little Kanawha B r—
.72 'bonds for construction, improvements, now equipment and the acquisition,
or
Tho r*Kbt ,0I
<
Pitts. Jet. 3 ^ % M .— (380 miles)
xOther purchased lines..............
70 directlythe Indirectly, of properties and securities. due 1948. and ^ 0r(X0 *
refund
Prior Uen 3H s Into 1st M . 4s of 1898
to extend
Bellalre to Midland City. Ohio!
Lines Under OtherMtges.—
Shawnee to Sandusky, O h io ../ 374 Toledo Division--------------------- 394 the due date of the S. W . Dlv. 3H s to date not later than Juiy 1 1950.
The authorized
Sundry branches, &c--------------- 370 prior dobts or theIssue la limited to an amount which, togothor with all the
Railroad C o., after deducting therefrom the'bondsi re­
Total o f all...............................4.998« served under the provisions of the mortgage to retire prior debts at maturity,
shall not exceed 3 times the then outstanding capital stock, with the addi­
W « S S S l 7 ? m ’ aSowv'ereaDy
eF ork R y ee\l’ l0 9 °p ^ 9 8 S ' tional limitation that when the aggregate a m o u n to r t h e b o ^
and the bonds reserved to retire prior debts shall be $600,000,000, no addl
tional amount of bonds shall thereafter be Issued, except the bonds so re­
served to retire prior debt, without the further consent of the stockholders
A % T lW
918 “ a /o r d V S by Dlrgjtor-Genm J o ,
use the Penn. R R . passenger station in N . Y . City. V. 106. p. Ib88. I /9b- of the railroad cogipany, and such additional bonds may be Issued only to
HISTORY.— Receivers were apnoInted ln Feb. 1896. b^ ‘ nJ 8 9 9 reor­ an amount not exceeding 80% of cost of work done or property acquirea.
(9)
Toledo-Cincinnati Div. Bonds.— In July 1917. following foreclosure
ganized without foreclosure, per plan In V. 66. p .1 2 3 5 . Soo also \ . 07,
p. 688. 1206. 1356; V. 95. p. 681. 1121 1744; V. 06, p. 134. V. 97. p. 363. sales, 394 miles of the former Cincinnati Hamilton & Dayton Ry- System
The purchase o f the Cin. Ham. & Dayton (now Toledo & Cinm R R .) on was reorganized per plan In V. 102, p. 1059; V. 105, P•
.Z ’ /lr,8nnn nnn
July 19 1917 added 394 miles to road operated (sec Bonds below. also Toledo & Cincinnati R R . C o., whoso outstanding securities ($ 5 .0 0 0 .0 0 U
V. 103, p. 1991; V. 107, p. 1283 ) Subsequently the Toledo & Cin. R R . capital stock, $16,250,500 First & Ref. Mtge. bonds and $20,000,000 Ad
Justment & Improvement bonds) were then acquirod by the u . « u .
acquired the former Delphas Division of the C. H. &.
now known as Dayton Toledo & Chicago R y .; see T o l^ o & Cincinnati The aforesaid 394 miles embrace; Main line Cincinnati to Toledo, 201 miles,
R R . in V. 107, p. 403. On Feb. 1 1917 also acquired entire capital stock including 141 miles leased from Dayton & Michigan R R . (a very profitable
lease; see caption of that company); Tontogany to North Baltimore,
of Coal & Coke R y. (which see). 197 miles, operated separately.
READING CO.. & c .- l n 1901 5 6 8 .5 6 5 .0 0 0 (virtual control) of the JKO - miles; Deshler to Findlay, 18 miles: Hamilton to East Middleton, 13 miles.
000.000 Reading Co. stock, consisting of J 1 2 4 3 0 . 0 0 0 1 ^ pref.. J28.o30,«UU
2d pref. and $27,905,000 com ., was acquired. Jointly with the New York < UIUUUUCUI 4VJV., nmuc U U U Ui H O luvluub
X
UU
UV
-----fyi
Central R R ., each co.,taking one-half, but In 1904 each sold $3,950,000 exceeding $35,000,000 collateral bonds, which are intended ultimately vo
of the common. V. 76, p. 101: V. 80. p. 1856.
be mado as far as possible a direct lien on this division, o r these new b . «
O. bonds. $11,250,500 of 4% and $5,000,000 of 5% were issu ed forthwith
STOCK.— Pref. stock, see V. 71. p. 1166, 1143: V. 72. p. 1186.
a
tnt
Union Pacific R R . in ’ 18 owned $3,594,035 common and $1,805,992 pref. under the plan. Tho remainder were reserved to retire . t
as shown in
aboyo, or ror
D IV ID E N D S. 1900. 1901-04. 1905. 1906. 1907-14. 1915-17. 1918-19. earlier the bonds undisturbed by the planlines, branch tablebonds, aid ro
of underlying stocks, branch
lino
Common.........(% ) 2
4 yr y.
4X
5M 6 yr y. 5 yr y.
^ext acquisitionadditions and betterments, or to acquire First & Kef. Aitge.
refunding
PrTh^pref.‘ dividend has been paid as usual to and including Sept. 1919, but
owing to delay in the signing of the contract for Gcy.cc"ment operation
the common dividend due Sept. 1 1918 was not paid until Feb. 1 1 9 1 9 . when
only 2% was distributed. On Mar. 1 1919 the common again received 2 % .
V . 108. p. 377; V . 107, p. 2374, 1747, 400, 295.
.
. . .
In June 1919 the directors decided temporarily to suspend dividend pay­
ments on the Common shares in order to set aside part of the r.°a6s income
for capital expenditures so that th e .co m p a n y ’s credit should not be extenaea
under existing conditions. V. 108, p. 2628; V. 109, p . 269.
BONDS.— (1) Prior Lien 3 \ i% , a first lien on main line and brandies.
Parkersburg branch and Pittsburgh division, about 1.085 miles of first track
and 1.737 ml’os of second, third and fourth tracks and sidings .an d also all
the equipment now or hereafter acquired. Total auth.. $75,000,000. See
application to list. V. 69. p. 30; V. 78. P -1906; V. 86, p. 1528: V. 86. p. 36
* V(o\ First M . 4% Bonds, Due July 1 1948; a first lien on the Philadelphia.
Chicago and Akron divisions and branches and the Fairmont Morgantown &
Pittsburgh R R -. covering about 582 miles of first track and about 882 miles
of second, third and fourth tracks and sidings; also on the properties covered
hv the B A O. Term. Mttae. o£US9 4 . all owned by the B. & O and Baltlmr,™ Usit RR
Also a liefi, ifiWjdPt to prior mtge., upon main line, &c.
v fiq n 31V V 79 p. 211; V. 97. p. 297. 594; V. 102. p. 1435.
_ ^
V *TotaV iiueclos«l at $82,000,000 (V 1 0 4 . p. 1044). except for $75,000,000
reserved to retire prior lien bonds in 1925.
(3) Southwestern Division lsf M . 3 H*. Virtually a first lien
( upon fom er B. & O. 8. W. system. 922 milesi of 1st track and
(4)

67B “ " o °PUtsbtj a . ,A M td a
D1v.3 HS.




ExpectVd’ to be‘ ul’ ’
$2 0 ,0 0 0 ,0 0 0

B. & G. Ker. < uen. aitgo. b% Donas, oeera
x
.
trust indenture provides that tho aggregate value of tho
^
shall always be maintained at least equal to 125%o
f
j q " " „nd
The proceeds were used In part to pay off the $7,500,000 notes oi
anu
$22,500,000 bank loans of 1918. V. 108, P- 2628, V. 109, P' l.1 beginning
The trust indenture provides that the company in cach ym r, !)(«inning
July 1 1919, after providing for its flxed
ooo p ann u n tifa
income accruing after that date, not less than $3,5Ui),uuu p

SUEQDIPMKNT BONDS.— As to equip.
v 91 l()38 0 pVi4 4 4' Kqufp___
Jamison
men r t & t fb 1917.°v!9lM \ T 1386. '-Jamison O.’ & d . Co. car trusts.
F
o
guar! p .“&1. by Bt & 6'.; V.‘ id3. P- 410.
Federal Compensation.— $30,031,009 yearly during Federal contro1
for entire system. V . 109, p. 1981.

R A IL W A Y STOCKS A N D BONDS
1919.3
n o t .,




★ Control.
Government

16

APrlvate
Control.

RAILWAY STOCKS AND BONDS
Miles Date
Road Bonds

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

Amount
Par
utstanding
Value O

R
ate
%

[V o l . 109.

When Last Dividend Places Where Interest oatf
Dividends are Payable
Payable and Maturity

Balt & Ohio (Cancl)—
,
„ _
.
Co.s office. 2 Wall St N Y
A & O Apr 1 1990
4 g
$ 1 ,0 0 0 $3,854,000
177 1890
W Va A P 1st M g 5s scaled, red at par--_Me.Ba.xo*
*
,
F & A To Feb 1 1922 Girard Trust Co, Phlla
3.000.000
1912
1 ,0 0 0
Equlpbdsduegl.000.000 yly g gu(V94p349) OPxo*Ar
do
do
A & O To April 1 1923
4.000,000
1913
1 .0 0 0
do due SI,000.000 yrly ?V 97. P 802).QP-xc*
M & N May 1920 t o ’26 New York
4^
3.500.000
1916
1 ,0 0 0
do due $500,000 yrly call 102 )4............. QPc*
do
•
do
A & O A p rl 1920 to 27
8 .0 0 0 .0 0 0
4 )4 x
1 ,0 0 0
1917
do due Sl.000.000 yrly call 102)4-g~QPyc*
Leased Lines and Other Securities—
518 Walnut St, Phlla
J & D June 11925
4 g
5 .0 0 0 .0 0 0
1903
1 ,0 0 0
Sebuylklll River E S RR 1st M g guar p A lendor.x
17 State St. New York
511.000
1 .0 0 0
4)4 g J A D June 1 1943
1893
Staten Island Ry 1st mtge $1,000,000 gold-.Ba.zo*
N Y . Farm L & Tr Co
J & J July 1 1934
5
5.000
500
1909
Hampshire So 1st M gold----------------- - - - - - - - - - - ­
Coal & Coke R y s e e that company, also text below
M & N May 1920 to ’21 Union Tr Co. Pitts. Pa
2 0 0 .0 0 0
4 )4
1916
Jamison C & C car trusts $100,000 yly guar------UPi
B & O R R C o, N Y
J & D June 11936
5g
394.000
1886
1 ,0 0 0
gait & Ohio ChlcTerm RR— ChAGtW IstM gass’d.vk
To City of Chicago
M & N May 1 1938
5
650.000
1888
City of Chicago purchase money mtge assumed-----32.000.000 B & O R R A & O Apr 1 1960
1910
First mortgage $50,000,000 authorized--.--------x
Baltimore & Potomac— See Phlla Balt A Wash.
3,860.000 See text A & O Oct 11919 2 Checks mailed
100
Bangor & Aroostook—Common stock..................
do
do
A & o Oct 1 1919 3)4
7
3.480.000
100
Pref stock 7% cum $10,000,000 auth............. ..
Guar Trust Co. New York
J & J Jan 1 1943
5 g
3.360.000
1 ,0 0 0
1893
211
First mortgage ($16,000 per mile) gold------Q-*x0!
do
do
A & o Jan 1 1943
5 g
1,500,000
1 ,0 0 0
77 1899
First mtge Piscataquis Dlv $1,500,000 g.-G.xxo
do
do
Jan 1 1943
A &
5g
X500.000
1 .0 0 0
33 1899
V Bur Ext-1st M $o00.000 g (V 69. p P ^ .a .x x o ^
do
do
Oct 1 1947
5g A &
225,000
1 .0 0 0
1897
Aroostook Northern 1st M $225,000 gold --O.xxo*
See “ x” below
e
4 g J H J July 1 1951
1 ,0 0 0 n6.331.000
1901
Consol refunding mtge $20,000,000 gold-.-OB.xo
Brown Bros & Co, N Y
M & N May 1 1937
5g
1 ,0 0 0 .0 0 0
1 ,0 0 0
1907
28
Medford Ext 1st M $1.000.000g(V84,p692) Us.xxo*
do
do
5 g F & A Aug 1 1939
1 ,0 0 0 p i ,618.000
55 1909
Washburn Ext 1st M g (V 90.p 848.913) _Ce.c*xx&r
do
do
F & A Aug 1 1939
5
1 ,0 0 0 m l,632.000
80 1909
St Johns Rlv Ext 1st M $1,800,000 guar Ce.xxo* Ar
PennCo for Ins,&c,Pbila
seml-ann To 1921-1925
5
75,000
1 ,0 0 0
Oar trust Ser E part due yearly----------------------Guaranteed by Bangor & Aroostook
Brown Bros & Co. N Y
A & O Apr 1 1935
5 g
4.743.000
1 ,0 0 0
54 1905
Nor Me Seaport 1st M guar p & 1 end— Usrn.c*«r
do
do
« R M & s Sept 1 1934
250.000
1 ,0 0 0
1914
Van Buren B’ge 1st M g gu p&i end red text Usmc*
50 Church St. New York
J A D Juno 1 1929
6 g
1 0 0 .0 0 0
1 ,0 0 0
"lO 1889
Bath & Hammondsport— First mo. Extended gold.z
do
do
A A O Oct 1 1923
2 0 0 ,0 0 0
0
1 ,0 0 0
1 0 1893
Seoond mortgage_______________ ________ ______ z
Bay of Quinte Ry— See Canadian Northern Ry .
61 Broadway. New York
883,000
1 ,0 0 0
* g J A J July 1 1939
49 1909
Beaum’tS flt Nor— 1st M g $17,500 Pm red 102 )4 --0
4
Q— J Oct 1 1919 1% Grand CentTermlnal.NY
50 6 .0 0 0 .0 0 0
184
Beech Creek— Stook (guar 4% by endorsement) . . . .
do
do
4 g J A J July 1 1930
5 .0 0 0 .0 0 0
1 .0 0 0
1886
First mortgage gold guar p A 1 (endorsed) Col.xo&r
do
do
J A J July 1 1936
1 ,0 0 0 .0 0 0
5g
1 .0 0 0
1892
\n
Second M for $1,000,000 g guar p A 1 (end) -Un-xoAir
Grand CentTermlnal.NY
A A o Apr 11951
$3,500,000
3)4 g
56 1901 $ 1 .0 0 0 &c
Beech Creek Exten— 1st M *4.500.000 g gu P&
do
do
A A o Apr 1 1955 .
4g
135 1906 1 ,0 0 0 &c 3,964.000
Beech Creek oonsol M *20,000.000 g gu p&l U.o*&r
son &
x Coupons payableat Brown Bros. & Co.: in In N Y Bosto n atL( e, Hlggln '0 held O o . the trust ee in Oct .1919.
by
x $19,0C
n m p Also in treasury, n $2,341,000; m $168,000, p $32, 0 0 0 .
LATEST
FEDERAL ADVANCES, &c.— The Director-General from April 1 to 8 mos., Jan.E A R N ING S.— 11919.-Gross, $3,271,970; net (bef. $194,675
1 to Aug. 31.\1918--Gross, 3,037.841; taxes), 397,540
Dec. 31 1918 advanced the company S35,875,000 (J . .108, pQo®6 L tensions"
tioned capital outlays o f $16,022,171; equip., $27,336,132, ^tensions,
REPO RT.— Fiscal year now ends Dec, 31. For 1918. see V. 108. p. .2235
$450,000, with further $651,632 on Staten Island R . r . Ry. (V. 106, p. Cal.
Operating
Total N et
Interest,
Pref.

o
o

as:

Year—

M IS
REPORT.
p iS f

For cal. T ^ .9 1 8 . V. 1W. fcM M
1918.
1917.
19 i ^ , o
1 9 i 6« o
...............»129.047” l7 *102365,763 *95.5WS.877 *88,476:032

Total gross
______ $174.191,448 $133613,321 $121793.842 $111668,680
xjof- earnines
$ 1 3 599,268 $30,589,107 $34,013,688 $32,348,876
Operfiif^.™aft^'taxes)1.
8,795,292 25.112.068 29,804.087 28.639.064
Federal compensation... 27,744,740 - - - - - - - R
--„-nY 5 M
^«44_375
Other Income___________
5,200.951 6,425,928
6,205,969 5,844,370
Total net income.............. $32.945 691 $32,537 996 $36,010,056 *34,483,439
24,442,766 22,825,665 20,867,2
Interest, rents, &c------- 21,9ol,801

8& £a(& S S< 5> ?:i7

f f l ® (5 )? S :i6

Balance__________ sur.$l ,801,927df$l ,856,445 sr$3,054,008 sr$3,664,463
Exec. Committee.— L. F. Loree. Acting Chairman: Pres., Daniel WI1lard;
V -Pres., G. M . Shriver; Sec., C. W . Woolford. C . W . Galloway, le d .
Mgr and E . M . Devereux, Fed. Treas., in charge o f Eastern lines, Balti­
more M d.; o f Western lines, P. N. Begien, Cincinnati O.
Directors.— R . Brent Keyser; Robert Garrett and .Uiigh L. Bond Jr.,
Baltimore: John G, Shedd, Chicago: Paul .M v,W^ r5urgV„hY ^
J
W. Averlll Harrlman, L. F. Loree, Charles A - Peabody, John R . Morron,
N Y • J G. Schmidlapp, Cincinnati, and F. H. Goff, Cleveland. Office.
2 Wail St.— V. 1 0 8 , p. 1935.2628; V. 109, p. 71.269,1460,1981, 1985.)

Revenue.

Incom e.

Rents, A c .

Dio.

1918--(S eea bove.)x$l,555,775 $1,070,445 $243,600
1 9 1 7 --- 4,384,561 1,625,012 1,131,839
43,166
1 9 1 6 --. 4,013,408 1.748,578 1,252,566 ............x Federal compensation accrued for year; comparisons faulty.
Pres, and Chairman of Exec. Comm,. James Brown, of Brown Bros, &
Co., and Acting Pres., John Henry Hammond, N. Y. City; Treas. & Clerk.
Maurice S. C. Baker, Bangor; V.-Pres. & Gen. Counsel, Henry J. Hart,
Bangor; Gen. Mgr. under U. S. Govt., F. C. Batchelder.— (V. 107, p. 290,
1836; V. 108, p. 1273, 2235; V. 109, p. 1460.)
★ BATH & HAMMONDSPORT R R .—Bath. N . Y .; to Hammondsport.
N . Y ., 10 miles. Control acquired by Erie RR. in 1908. Stock, $100,000.
For cal. year 1916, gross. $38,332; net. $7,014: other Income. $226:lnt...
rentals, &c., $18,506; bal., def., $11,206. Fed. Mgr., A. J. Stone, N. Y .
City.— (V. 79, p. 1954; V. 108, p. 2021, 1890.)
BAY OF QUINTE R Y .— See Canadian Northern Railway.
★ BEAUMONT & G R EAT NORTHERN R R .— Owns Livingston, T ex.,
to Weldon. 48.3 miles. Stock, $50,000, all acquired In 1912 by Missouri
Kansas & Texas R y ., which guaranteed the bonds, principal and interest.
M . K . & T . Ry. of Texas leases road for 99 years from May 1 1914. In
Sept. 1919 interost was being regularly paid when duo. Pres., C. E.
Sohaff; Sec., C. S. Sherwin. Fed. M gr., J. L. Lancaster, Dallas, Tex.—
(V. 98, P- 9&9; V. 107, p. 180.)
★ BEECH CREEK R R .— (.See M a p s N ew York Central L ines.) — ROAD.
Jersey Shore. Pennsylvania, to Mahaffey, 112 m.; branches to Phllllpsburg,
to mines. &c., 52 m .; total. 164 miles. Leased in 1890 to N. Y . Central &
H .R . R R . for 999 years at lnt. on bonds and 4% on stock. V, 6 8 . p.
872. Carries mostly coal and coke. See guaranty. V. 52. p. 570. The
bonds are endorsed with N. Y . Central’s guaranty of prln. & lnt. See
V. 52, p. 570. Assumed by N. Y . Central on consolidation, Dec. 23 1914,
Guarantees Interest on $717,700 Clearfield Bituminous Coal 1st 4s due
Jan. 1 1910— see that co. under “ Industrials.” — (V . 106, p. 497.)

♦ B A L T I M O R E & O H I O C H IC A G O T E R M I N A L R R — Property conw stsof passenger and freight terminals ^ c l t y of Chicago, lines of railway ★ BEECH CREEK EXTENSION R R .— (See Maps N . Y . Central Lines.)
leading thereto and a belt line around the city: also 760 acres of lana in —Clearfield, Pa., to Keating. 52.14 m.; Curry to Curwensvllle. 15.77 m.)
and adjacent to the city, of which 50 acres are In the centre of the bu?>“ e3H Dlmellng to Irvona, 26.76 m.; Mahaffey to Arcadia, 13.67 m.; branches.
district; also Includes 7.500 ft. of dock property ° o Chieigo River
Total 27.02 miles; total, 135.36 miles. A low-grade coal line, leased to N. Y .
track operated, 300 miles, o f which 266.49 Is owned. 83.05 o f the latter Central & n . 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. & 1. Or the
being first track. Total first track including trackage 91.46 miles.
consols, $3,500,000 Is reserved to retire, $ for $, old bonds. V . 80, p. 1174.
H ISTO R Y.— Successor to Chicago Terminal Transfer R R ., foreclosed In 1479; V. 81, p. 30; form of guaranty, V. 82, p. 1267. Assumed by N. Y .
1910. V . 90. P. 166.108. 235. 625. Stock, $8,000,000. all owned by B.&O. Central on consolidation, Dec. 23 1914.— (V. 82. p. 1267,)
TE N AN TS.— Balt. & Ohio. Chicago Great Western, CMcago Hammond
S Western R y. (Indiana Harbor Belt). Suburban R R . (Chicago & West ★ BELT LINE RY. OF MONTGOMERY.— Owns real estate and a belt line
c
in Montgomery, Ala., about 1 mile of traok on Tallapoosa, Bell. Perry and
Towns). Pere Marquette. Ch. Terre Haute & 3. E.
*nneap. '
Paul & Sault Ste. M . V. 77. p. 948 2158; V. 79. p. 901; V. 96. P- 486. Columbus streets. Atlantlo Coast Line R R . pays an annual rental equal to
Total minimum rentals from tenants, $1,335,687 annually. V . 79, p.2U84. bond Interest and difference between taxes, lnsuranoe and oost of operation
and gross earnings from others than the Atlantlo Coast Line. Atlantic
BONDS.— Of the 1st M . bonds o f 1910. the $3 2 ,0 0 0 ,0 0 0 outstanding are Coast Line R R . owns entire issue of $200,000 stock; par, $100. V. 92, p.
1242; V. 93 ,p, 43. Year ending Dec. 31 1916. gross. $19,161; net, $12,250;
owned by B. & O. R R . and pledged under Its M tge. V. 90, p. 1295.
lnt. on bonds, $12,250; bal., none.— (V. 93. p. 43.)
to
InBOctN 1919Tmerger orVorthenp.M alrie Seaport R R .— a 54-milo aub|

Annua? compensation under Government contract, including Van Buren
Bridge C o.. $1,575,172. V. 108, p. 2235.
D IV ID E N D .
(1905. 1906. 1917-12 ’ 13. ’ 14. ’ 15. ’ 16. ’ 17. '18. ’ 19.
Common % ............... 1)4
2^. . 4 yearly . 3 . 3 H . „ 3 _ 3
5
4
4
Preferred % ________ I-------------- First authorized in 1917---------- — ‘
•
In 1918, April, 2 )4 % ; Oct., 1 )4 % ; in 1919, April, 2% ; Oct., 2% .
STOCK.— During 1917 Issued $3,480,000 o f a new $10,000,000 Issue of
7% cumulative pref. stock and also an additional $411,400 common stock.
(see below ;. V. 105, p. 1616; V. 106. p. 1788.
BONDS, &c.— The proceeds o f the new stock Issued In 1917 were used
to retire $2,000,000 2-Year 5% gold notes, called for payment Oct. 1 1917.
and to reacquire $2,300,000 other funded debt, reducing the outstanding
Issues. V. 105, p. 1616. Piscat. Dlv. 5s. see V.67.p. 1159; V. 68, p. 84. 329.
Of the Oonsol. Ref. 4s, $12,500,000 were reserved to pay o ff outstanding
bonds Including those of controlled roads, oar trusts and pref. stook. and to
fcoaulre suoh controlled roads; $3,000,000 for Improvements over a series
of vears and $4,500,000 for extensions at $25,000 per mile. Including equip­
ment
V773. pV286, 896; V. 74. p. 93. All the 2d M . bonds were retired
in 1 ai a 1paving the 4 s a second lien on main line and a first lien on several
hranphps V 108, p. 2235. The Northern Maine Seaport bonds ($5,000,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.
V The S t' Johi^Rlver’ Extension 1st 5s of 1909 ($1,800,000 auth. Issue),
auaranteed o rln .A lnt.. were Issued at $30,000 per mile. V. 93. p. 939.
0 The Aroostook Construction Co., which owns control, has outstanding
$1 000 0 0 0 7% 1-year collateral gold notes due M ay 1 1920. These notes
ref undtSfan equaf amount of2-yea.: coll .tru st 5% notes having same se­
curity and maturing M ay 1 1919. V. 108, p. 1722, V. 104, p. 1803, V. U4,
p . 1382 V. 95. P- 237.




★ BELT RAILROAD & STOCK YARDS OF INDIANAPOLIS.— Owns 14
miles of belt road, &o. Leased for 999 years to Ind. Union— which see,
D IV ID E N D S.—Com.
f ’09. ’ 10. ’ l l .
’ 12.
’ 13. ’ 14. '15.’ 16.
By calendar years, c a s h ..% ( 6
6 5 11 13
14 18 20 16 18
Also stock---------------------------( ___ 50 - - - - 3 3 1 - 3 -.
-- -- - ­
In 1919, Jan., 6 % ; April, 2% ; July and Oct., each, 3% .
Mortgage trustee. Union Trust C o., Indianapolis. V. 89. p. 40; V. 92.
Pres.. 3. K. Hauh, Indianapolis. Ind.— (V. 102. p. 1249: V. 106. p. 394.)
★ BELT RAILW AY (OF CHATTANOOGA)— Owns 49 miles of belt
railroad in Chattanooga. Tenn. V, 67. p. 72.
Leased till July 1 1945 to Alabama Great Southern R R .: rental guaran­
teed to meet Interest on first mtge. bonds, taxes and maintenance. STOCK

ated. 80 miles. Leased to ifnited Companies and, March 7 1876. trans­
ferred to Pennsylvania R R ., which owns $244,600 of the stock. Net
CaDM deruts.— 1897’Itt
o^1905, 5% yearly: 1906 to 1911. 10% yearly; 1912.

% ; 1913, 6 % ; 1914, none; 1915 to 1919. 4% yearly.
BONDS.— All of the outstanding bonds are «?o^ od by tHo oonso 1 riate<l
1
mortgage of 1875 for $4 ,0 0 0 ,0 0 0 ; sinking fund. 1% ot^ ‘ standing bond,
earned. The Issues of 1885. 1887 and 1903 are guaranteed by the United
New Jersey R R . & Canal Co. Guaranty, V. 76. p. 918.

7

Federal Compensation.— $29,078 yearly during 1 ederal controlfc(contract
executed).

’ 17.

|
Nov., 1919. |




RAILWAY STOCKS AND BONDS

I

RAILROAD COMPANIES
IFor Abbreviations, &c., see notes on first page]

Miles Dale
Road Bonds

Bellingh & Nor— B B A B O 1st M *1.000.000 gsf .z All
BeltLlne Ry. Montgomery— 1st M gold *300,000x—
Belt RR & Stk Yds. Ind— Stook auth *2.000.000-----Preferred stook cumulative---------------------------------1st Refunding M *1.000.000 gold--------------------- xo»
49
Belt Ry of Chattanooga— Firstmtge gold._MeBa.xo*
Belvldere Delaware— Stock *4.000,000--------- - - -----80
Consolidated! guaranteed by United Co's sk fd __xr
80
mortgage ^guaranteed by United Co’s sk fd ._xr
80
of 1875
rissue *600.000 reduced by sk fd _.xr
80
*4.000.000 Jguaranteed by United Cors sk fd.xc *
45
Bennettsville & Uneraw— 1st M *150,000 g-_MeBa
Bessemer & Lake Erie— Erie equipment trust------- xx
Standard equip trust___________________________ :
Bessemer equipment trust, due *110,000 yearly.:
Meadvilleeqtr due *55.000 yly begin. Mar. ’2 2 ...xx
Albion eq tr due $75,000 yrly to 1932___________ xx
Euclid equlpt trust due *250.000 yrly beg 1924---------Girard Equip trust due *240.000 yly begin 1918----Birmingham Belt— See St Louls-San Francisco.
4.8
Birm’h & Southeas— 1st M $3,000,000 g red 107 Vi-Cex
48
General and eqt M gold red 101 *1,500,000-----Col
5-9
Birmingham Terminal— 1st M *3.000.000 gold guar.x
29
Bloomsburg & Sullivan RR— 1st M
— FPx
29
Second mortgage lnoome non-cum *200.000— FPx
Boonrille Bridge— See Missouri Kansas A Texas Ry
44
Boonville St L & South Ry— 1st M g red 107 Vi ----E q
393
Boston & Albany— Stook (*25.000.000 authorized) —
Bonds (not mortgage) guaranteed prln and lnt— xo
Bonds (not M) *1.000.000 (V71.p 1218:iV72.p44).z
Impt bds (not mtge) *4.500,000 due 1934 gu p & 1.x
Impt bonds (not mtge) *1,000.000 guar. p. & i-.z
do
'
'
do *2.015.000 gupAi.
do
Bonds *1.000.000 guar pAi (V 105, p 715)— c*Ar
Equipment trust obligations— See N Y Central R R
B oston & Lowell— Stk auth (*7.679.400).........
Bonds— See Boston & Maine R R below.

Par
Value

Rate
%

Amount
Outstanding

1901
1911

$ 1 ,0 0 0

1909
1895

1 .0 0 0
1 .0 0 0

1 ,0 0 0 .0 0 0

Ac

1911
1914
1907
1898
1898

1 ,0 0 0

50
50

$515,000
245,000

2 .0 0 0 .0 0 0

500,000

300,000
1,253,000
50
500.000
1 .0 0 0
1 ,0 0 0
677.000
1 .0 0 0
322,000
1 .0 0 0
972,000
150,000
1 ,0 0 0
1 , 2 2 0 ,0 0 0
1 .0 0 0
1 .0 0 0
1,060,000
1 ,0 0 0
880.000
1 ,0 0 0
550.000
950.000
1 ,0 0 0
1 .0 0 0
2,500.000
1 ,0 0 0 a3,120,000
100

100
1 ,0 0 0
1 0 0 Ac

100 Ao

—

250,000
25.000.000
3.858.000
1 ,0 0 0 ,0 0 0
13,500.000
1 ,0 0 0 ,0 0 0
1912
2,015,000
1913
3,627,000
1913 1,000 Ac
1 ,0 0 0 ,0 0 0
1917 1,000 Ac

_
_

------

1917
1902
1901

1 ,0 0 0
10 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0

*100

g
g
4 g
5
5

6
6

8

5 5
J*% '19
3Vi
3Vi
4
4 Vi
5
5
5

7,679,400

100
100

When
Payable

J A D
5g
J A J
5g
See text Q— J
6
Q— J
4 g .M A N
J A J
5
See text yearly
M A S
4
F A A
4
J A J
4
3 Vi 6 J A J
J A J
5g
M A S
5
A A o
5
M A a
5
M A a
5
J A D
5
J A J
5
M A N
5

539,000
(7)
1,940,000
242.000
199.600

1885
1887
1893
1903
1911
1902
1905
1907
1911
1912
1914
1916

—

8

M A N
F A A
A a
J A J
J A J

M

^Federal Compensation.— $34,523 yearly during Federal control.
Cal. year 1917, gross, $158,305, against $146,166 in 1916: and net after
taxes, $26,701, against $24,736.
_ _
Q
_ _ _
.
Pres.. A . B. Tlgrett; Vice-(Tee., O. W . McNear; Sec., R . F. Spragins:
Treas. J. E. Edenton. Office, Jackson, Tenn. Fed. M gr., w . L. Mapother.— (V. 102. p. 608: V. 107. p. 603.)
been defaulted N ov. 1 1916. a protective committeei with George O. Van
Tuyl Jr. as Chairman and H. M . DeLanoie, 66 Broadway. N . Y .. as Secre­
tary, asked for deposits with Central Trust as depositary. V. 103. p . 1887.
V. 103, p. 2340. Stock. *700.000. First 6s o f 1 9 1 1 , V. 93. p. 43; V. 94, p.
1316. Cal. year, 1917. gross. $112,593. against *106,429 in 1916: and
net after taxes, $37,922. against *31.880. ]Pres.. W . M . Blount. Union
Springs. Ala.— (V. 94. p. 1316: V. 103, p. 1887. 2340.)
★ BIRMINGHAM. TERM INAL.— Owns passenger terminals at Birm­
ingham. Ala. Stock all owned by the Illinois Central, Southern R y ., Sea­
board Air Line, Central o f Georgia, St. Louis A San Francisco and Alabama
Great Southern, which lease the property and pay all expenses, charges and
4% dividends on the stock and jointly guarantee the bonds. Of the bonds
(*3.000.000 authorized). *1.060.000 are reserved for additional properties.
Fed. Mgr. E .H .C oapm an. V. 8 3 , p. 1 2 2 7 ; V. 85. p. 404. Guaranty, V. 90.
p. 848.— (V. 90. p. 848.)

bal..
66. p. 952.)
★ BOON VILLEST. L & SOUTHERN R Y .— Boonvllle1 to Versailles.*
M o.. 44 miles. Stock auth., *1,000,000: outstanding, *250,000; par $125.
Lease.— Operated by M o. Pac. R R . Co. under new lease, dated Aug. 1
1917, and running until Aug. 1 1955. Consideration, payment o f main­
tenance expenses, taxes and an annual rental o f *12,500, Deing the interest
on the new outstanding bonds plus *30 annually to corporate trustee.
Under financial readjustment in Feb. 1918 ttie holders o f the *500,000
1st mtge. bonds o f 1911 (coupon o f Feb. 1916 unpaid) were offered in
920U U p r e i.
.U U

STO K v . i . c . oi iviissuuri ratin e xvxv. vjo. iiuoiu w .
C
Spltzer-Rorick Trust & Sav. Bank, Toledo. Ohio, and Lewis O. Nelson.
Pres.. J. G. Drew; Sec. A Treas., E . H. Lycett, St. Louis, M o.— (V. 95,
p. 968).
★ BOSTON & ALJ3ANY R .— Owns Boston. Mass,, to Albany. N. Y ..
R
199 miles: branches, 104m.; leased lines, 90m .: track, 0.6 m.; total, 394 m.
Leased In 1900 for 99 years to the New York Central & Hudson River R R .
for guaranteed rental of 8% per annum on the *25.000,000 stook, payable
quarterly (Moh. 31, Ao.), organization expenses. Interest on bonds, taxes,
expenses of maintenance, Ao. The B. & A. received for certain property
not included In the lease *5.500.000 In N. Y . Central 3 Vi% 100-year deben­
tures, thus adding .77% per annum to 8% guaranteed on stook. See lease
In V. 69. p. 282: V. 69. p. 1061.1102. 1240: V. 70. p. 74: V. 71, p. 645. 963:
V. 107, p. 1918. Lease assumed by N . Y . Central R R . Dec. 23 1914.
BONDS.— The *13.500.000 26-year 4% Impt. bonds are guar. prln. and
lnt., by New York Central & Hudson River R R . No mortgages can be

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 . O. & H. R. R R .
Co. had been guaranteed (prln. A lnt.) by the leasee. In Aug. 1917 sold
*1,000,000 guar. 25-year 5s for additions, A c. V . 105, p. 715.
DIVIDEN DS.— Slnoe 1900. 8 H % . vis.: 2% eaoh In Maroh and Sept.;
2 X % in June and 2)4% in Deo

[V ol . 109.

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity
Deo 1 1932
July 1 1941
Oct 1 1919 3%
Oct 1 1919 IVi
May 1 1939
July 1 1945
Mar31 1919 4%
Sept 1 1925
Feb 11927
Jan 1 1933
Jan 1 1943
Jan 1 1941
Moh 11922
Apr 11925
Moh 1 9 2 0 -1 9 2 7
Mch 1922-1931
June 1923-’34
July 1924-1933
Nov 1920-1932

U S M & T r O o . N Y :* SP
Safe Dep & Tr Co. Balt
Co’ s office. Indianapolis
do
do
Nat City Bank. N Y
Mercantile Tr & Dep,Balt
Penn UR C o.. Phila
do
do
do
do
do
do
do andNew York
Merc Tr &Dep Co, Balt
Home Tr Oo, Hobok. N J
do
do
do
do
do
do
do
do
do
do
Union Tr Oo. Pitts. Pa

May
Feb
Moh
Jan
Jan

N ov 1916 coupon unpaid
Interest In default
Equitable Trust Co. N Y
F I T A S D Co, Phila
Reg Bloomsburgh.vrh ear

1 1961
1 1924
1 1957
1 1928
1 1928

Trustees’ office, Toledo.
Aug 1 1951
Dec 31’ 19 2J£% Office, Term Stat’ n, Bost
do
do
Apr 11952
do
do
Jan 1 1951
do
do
May 1 ‘33-34-35
do
do
July 1 1937
do
do
July 1 1938
do
do
Oct 1 1963
do
do
June 1 1942
J July 2 1919 4% At Office. Boston
Apr 1 1913 1% At Off, Causeway St, Bos
do
do
Mch 1 1913 3%

F A A
C— M
A A O
J A J
M A N
J A J
J A J
A A O
J A D
J

A

39,505,100
3,149,800

Year end. Dec. 31 1916. gross. *83,255: net. *26,270: lnt. on bonds, A c..
*7,500: taxes. *7.387: divs. (9 % ), *22,500: bal.. def., *11.116. Pres.
W . R. Bonsai; Sec. A Treas., B. M . Edwards. Fed. M gr., W . J. Harahan.
Office, Bennettsville, S. C.— (V. 92, p. 116.)
★ BESSEMER & LAKE ERIE R R .— Leases from Plttsb. Bessemw &
Lake Erie R R . et ai . Bessemer, near Pittsburgh, P a., to Conneaut Harbor,
Lake Erie, Ac. 771th brancnes and spurs, a total o f 251 miles, for 999 years,
from April 1 1901; owns 9 miles; total, 260 miles. V. 72, p. 137. In 1918
a new branch was built to Inland Steel Co. mines, 1.60 miles.
Stock auth., 3500,000. Dividends paid; In 1904, 100%; 1905, 50% : 1906,
40% : 1909. 150%: 1910. 100%: 1911. 150%: 1912, 250%: 1913. 200%;
1914, 275%; 1915 and 1916. 150%: 1917. 100%: 1918, 190%- Controlled by
U. S. Steel Corp. Guaranty on Marquette & Bessemer Dock A Nav. bonds.
V. 77, p. 1228; V. 76, p. 1358; V. 82, p 160. For year ending Dec 31
1917 (208 miles), gross, $12,372,619; net, *2,807,893: other income, *1,217,266: lnt.. rentals, &c., *1,735.248: add’ns & Impts., $1,500,000; div.
(100% ). $500,000; bal., sur., $289,861. E. H. Utley, Federal M gr., Pitts­
burgh, Pa.— (V. 107, 1003: V. 108. p. 1721.)
BINQHAM CENTRAL R Y .— See Ohio Copper Mining C o. in V. 104.
p. 1391; V . 103, p. 1122, 1415, 2237.
BIRMINGHAM & ATLAN TIC R R .— See page 135.
A BIRMINGHAM COLUMBUS & ST. ANDREWS R R .— Chlpley to
South Port, Fia., 38 miles. A. D . Campbell, receiver, Chipiey, Fla.;
Wm. H. Kreider, Gen. Counsel. 416 Pennsylvania Bldgs., Philadelphia.
Judicial sale ordered, but not sold to April 1 1919.— (V. 105, p. 2542.)
Tenn., north­
★ BIRMINGHAM & NORTHWESTERN R Y .— Jackson, Te
)
g,
westerly to Dyersburg 49 miles. Entire stock (*300,000) and bonds
;ed
coll:
(*800,000)^
were"deposited as security for *450.000 3-year •collateral trust
gold notes o f the Blrm. & Northw. Oo. (of Dela.). guar. prln. & lnt. by
Mercantile Trust Co. o f Jackson, Tenn. These notes were paid March 1




APrlvate
Control.

RAILWAY STOCKS AND BONDS

o

★ Control.
Government

S

18

Oper. Inc.
Other
Interest
Balance,
Calendar
Operating
Divs., &c.
Sur. or Def.
Year— Revenues. (after Taxes.) Income.
1918____x$25,552,079 $2,913,922 x*516,910 [x Reported by U.S. R R . Ad.
4,729,140
269,822 *5,003,495
def.*4,533
1917......... 22,562.282
7,264,392
265,342
4.778,138 sur.2,751,595
1916......... 21,676,541
___________________
4,966,055
257,087
4,441,801
sur.781,342
1915_____ 17,695,865
Federal Manager, H. M . Biscoe, Boston, Mass.— (V. 108, p. 2329.)
★ BOSTON A LOWELL RR.— Owns Boston to Lowell. 26 miles:
iranohea—Salem and Lowell, 17 miles; Lowell and Lawrence, 12 miles
ethers, 45 miles: Middlesex Central, 11 miles; leases— Connecticut & Pasumpslo, 146 miles: Nashua & Lowell, 15 miles: Peterborough, 10 miles
Northern N. H., 83 miles (and subsidiary lines 90 miles): Stony Brook R R ..
15 m.: Wilton R R ., 13 m. Leases mostly assumed by Boston A Maine.
Leased in 1887 for 99 years to the Boston A Maine at 7% per annum on
stock till Jan. 1 1897 and 8% thereafter. V. 95. p. 1330. Merger pend­
ing with B. & M ., which see below. Six per cent demand notes were given
in 1918-19 to take care of the following obligations: *200,000 4% notes due
Sept. 18 1918: $214,000 4% notes due Oct. 1 1918 and *620,000 3 } i % notea
due July 1 1919. The shareholders on Jan. 3 1919 authorized *1,034,000
20-year bonds, and on Jan. 9 merger with B. A M . R R . V. 108, p. 2432.
★ BOSTON & MAINE RR.— ROAD.— The system with Its many branch
lines covers the territory from Boston, Mass., to Portland,Me. (two lines):
Springfield, Mass., Sherbrooke, Can., Rotterdam Jot. and Troy, N. Y .;
Worcester, Mass., to Portland, Me., and most of New Hampshire.
Lines leased— (concluded) . Miles.
Lines owned.
Miles.
Boston, Mass., to Rigby, Me.,
Fitchburg--------- ----------------------a458
via Dover________
m Nashua & L o w e ll-.-.--------------a 15
Boston to Rlgby,Me.,via Portsm. 105 Connecticut River R R -------------- a8 8
Jewett, Me., to Intervale, N. H . 73 O ther------------28
Portsmouth Electric R y _______ * 18 Trackage rights________________ 30
Westbrook, M e., to Worces­
1 3 9 Total operated Jan. 11919.__.-2,3 05
ter, Mass— ...........
North Cambridge to Northamp­
2d track (3d A 4th track, 10) 691
ton, Mass___________________ 9 6 Controls:
___
Sundry branches________________ 1 9 *
St. Johnsbury A Lake Champ. 121
Lines leased, a See this company.
York Harbor & Beaoh............. 12
Boston & Lowell--------------------- a469
Vermont Valley-------------------- 24
Oonoord & Montreal__________ o479
Sullivan County------------------26
STOOK.— The Boston R R . Holding Oo. (see below) holds *21,918,900
common and $654,300 pref. stock, and this has been ordered by the court to
be sold by Oct. 1 1920. V. 108, p. 2122.
RECEIVERSHIP.— On Aug. 29 1916 Pres. James H. Hustis was made
temporary receivor. V. 104. p. 71; V. 103. p. 757, 843, 1117. In June
1918 M r. Hustis was made Regional Director under U. S. R R . Adminis­
tration. On July 1 1919 he resigned from U. S. R R . Admin, but retained his
position as Temporary Receiver o f the Boston & Maine R R . Hearing on
application for discharge of receiver was set for Nov. 25-26 1919.
In Oct. 1919 no interest had been paid since the beginning of the receiver­
ship upon any of the notes or plain (debenture) bond 3 of the B. & M .
Dividends and interest payments on leased lines securities have been paid
on maturity with the exception of Interest on the Connecticut River notes.
‘ ‘ STAND ARD R E TU R N ,” Ac.— Seo page 5.
As to tentative valuation see V. 109, p. 1460, 1792.
„ „„„„
Plan o f Reorganization Nov. 1 1918 (V. 107, p. 1918, 2007, 2288,2375,2474
This plan has been approved by the Director-General o f the Railroad
Administration, by the Public Service Commissions of the Now England
States concerned with the matter, and by the stockholders o f the several
companies, and in Nov. 1019 it was hoped might shortly bo carried out with
the aid of loans from the U. S. R R . Administration (a) $17,606,000 to bo
secured by 5% bonds of the consolidated co. and (b) $2,273,000 to be se­
cured by 6 % bonds of the consolidated co. In addition, it is stated the
R R . Administration owes the co. about *11,000,000, part o f which is to
be paid at once. V. 109, p. 1985.
1 . Merger.—The Boston A Maine R R . is to acquire the properties and
assume the obligations of the following seven directly leased companies:
Fitchburg R R . Oo.
Concord A Montreal R R .
Boston A Lowell R R . Corp.
Lowell A Andover R R . Oo.
Connecticut River R R . Co.
Manchester A Lawrence R R .
Kennebunk A Kennebunkport R R .
The sub-leases held by these seven companies will bo taken over by the
new consolidated company, and dividends paid in full.
y Properties—
Maine R R _____
Stock all Owned—

Road.Track.
Road.Track.
xNor. R R . New H a m p ..
82 107
A
72
84
.1,684 3,315 Concord A Clarem’t R R .
Conn. A Pass. River R R . 110 160
xMassawippi Valley R R 35
46
23
20
'5
6
24
45 New Boston R R ------- 40
54
49 xConcord A Portsmouth.
..
25
18
19
.
43
55 xSuncook Valley R R . : —
21
30
28 xPemlgswasset Valley—
.
24
35
42
3 4 other steam railroads..
..
3
141

203

530

852

Totals, steam system.2,361 4,370
Street Railways Owned—
.'7" 59
191
18
6 Portsmouth Elec. Branch
Troy A Bennington.
..
6
..
14
50 Cone. A Manch. El. breh. 29 — .
13
23
Grand total, road------2,408 4,370
21
..
15
x See this company’s statement.
..
11
12
y Excluding Newport A Richford (33.22 miles of track), leased to M on­
treal A Atlantic R y. for a rental covering all fixed charges. Also excluding
St. Johnsbury & Lake Champlain R R . (98 miles of road), a.
?*
whose capital stock is owned by the Boston A Lowell R R ., but which Is
operated separately. The Boston A Maine R R .
* ^ 2 8 .0 0 0
St. Johnsbury A Lake Champlain First M tge. 6 % bonds. Compare plan
in V. 107. p. 1918.

N ot ., 1919.1 *g %

£ $ r '

R A IL R O A D C O M P A N IE S
(F o r a b b rev ia tio n s, A c . , s e e n o te s o n fi r s t p a g e]

M iles Date
Road Bonds

Par
Value

B oston & Maine— (Concluded.)

Amount
Outstanding

1887
1,000
1,919,000
1892 1,000 &o 2,500,000
1,000
6.000,000
1894
1,000
1900
5,454,000
1,000
1,000,000
1901
1,000 2,000,000
1903
1,000
500,000
1905
l.OOO&c 10,000,000
1906
Bonds (notm tge), our_______________________zo&i
1.Q00&O 11,700.000
1909
500 &c
1,000,000
73 1877
1,000
885.000
Worcester Nashua & Rooh first mortgage equally!
r47 Var.
1,000
380,000
147 1894
secured ($735,000 due 1930 and $150,000 1935)zj
_ 1913 5,000 &c 13.120,060
Z _
1913 5.000 &c
186.000
do
not so attended.
—
100 39,505,100
Common stock (dividends deferred).
not pr eferred as to as sets—
100 $18,860,000
“ A " (for Fitchburg preferred)_________
100 7,648,800
“ B ” (for B. & L. and L. & A . 8 % stock).
100 7,917,100
“ O” (for Concord & Montreal stock)__
100 3,327,000
“ D ” (for Conn. Riv M & L and L & A 10'
100
65,000
“ E ” (for K & K st. See opt, V 107, p. ]
None
100
100 3,149,800
O
New First & Rer M (sec equally all issues of merged C S--_
_
17,606,000
(a) New bonds (to U S Govt) sub to call, sink fd
2,273,000
(b)
do
do
do
do
do
Bonds of Merged Properties Assumed—
Boston ic'Maine—All bond issues shown above.
1,000
1.000.000
1892
Boston & Lowell— Bonds 40 yrs not mtge.
1,000
319,000
do
zc* 1 — 1901
do
Bonds
250,000
1,000
1903
do
do
Bonds
1,090
500.000
1905
do
do
Bonds
600,000
1,000
1906
do
do
Bonds
1,000
325.000
1907
do
do
Bonds
1,000
350.000
1909
do
do
Bonds
1,000.000
1913 1.000 &c
do
do
Bonds
1,250,000
1,000
— 1916
do
do
Bonds

2. First Preferred Slock.— The company will authorize not over $50,817,­
900 First Pref. stock, o f which $12,000,000 (entitled to 6 % per annum) will
be reserved solely to retire $ 1 2 ,0 0 0 ,0 0 0 of the proposed new bonds upon
authorization by a majority of the common stock. The remaining $33.817,­
900 First Pref. will be issued forthwith for the property and franchises of
the seven directly leased lines, and will be exchanged, $ for $, for the out­
standing shares o f said lines owned by the public; dividends on the First
Prof, stock so exchanged will carry dividends at the rates of the old stocks
except that during the first five years, in consideration o f tho Federal Govt,
advancing funds for reorganization purposes, the rates will be reduced by
20% . The new first pref. stocks will be in several series, as shown in table
at head o f page, but all of like priority. Dividends on the First Pref. stock
will be cumulative and will take precedence over the existing stock of the
Boston & Maine, including its present pref. stock, but will not be preferred
as to assets. See also V. 107, p . 1918, 2474.
“ I f the said Kennebunk & Rennebunkport R R . prefers," there may be
issued to it $58,500 First Pri f . stock bearing dividends for the first five years
at rate o f 4 % . and thereafter 5% p. a., instead o f the stock above specified.
Total now first pref., now to be issued Classes A to E , inclusive.$38,817,900
Total dividend per year, first 5 years, $2,035,781; thereafter.. 2,544,726
Total saving during 5-year period........................................ ..............2,544,726
3. B. & M . Pref. Slock.— The $3,149,800 Boston & Maine 6 % non-cum.
pref. stock now outstanding is to remain undisturbed as 2d Pref. stock,
but tho dividend rate reduced to 4% during 5 years; however, if within 5
years the company shall sell an additional $ 1 2 ,0 0 0 ,0 0 0 in 1 st pref. 6 % stock,
at not less than par, and apply proceeds to reduction of debt to the Govern­
ment, then divs. may be at 6 % . Pursuant to the plan, the div. on this
stock must be paid if earned.
Total reduction in dividend o f 6 % pref. stock, 5-year period, $314,980.
4. Status of B. & M . Common Stock.— No dividends are to be paid on the
common stock for a period o f 5 years, unless the company sells$12,000,000
of 1st Pref. 6 % stock at not less than par and applies the proceeds to the
reduction o f debt to the Government.
5. Trust Fund to Retire Bonds.— The amounts earned for the stocks and
not paid out on account o f the reduction in' dividend on tho pref. stock and
tho omitting of dividends on the common are to be paid to a trustee to be
applied in the purchase from tne Government o f tho bonds it takes for its
advances or invested in improvements. V. 10/, p. 2474.7
8
( 6 ) Federal Loan for Payment of Overdue Debts, &c.
Immediately upon the transfer to the Boston & Maine R R . o f the prop­
erty and franchises o f the leased lines above named, the Federal Govern­
ment will loan to the reorganized company $19,879,060, which will be
applied forthwith to paying off the principal o f the following overdue
Indebtedness o f the Boston & Maine and its subsidiaries:
B. & M . R R . notes____ $13,306,0601Fitchburg R R . notes..........$1,859,000
Conn. River R R . n o te s.. 2,000,000 Boston & Lowell notes_
_
200,000
Vermont Vail. R R . notes 2,300,000| do bonds duo Oct. 1 T 8 214,000
The stock o f the Vermont Valley R R . is all owned by the Connecticut
River R R . and will be turned over to the reorganized Boston & Maine RR.
All overdue interest on tho indebtedness o f the Boston & Maine system
will be paid from cash in tho hands o f the Boston & Maine.
The Federal Government will also advance to the reorganized company
such amounts as the reorganized company may bo ordered to pay to dis­
senting stockholders over and above the amounts realized from the sale
of the stock to which they would be entitled, and will receive therefor
1 0 -year 6 % mortgage bonds.
(7) New Mortgage— Issue o f $19,879,060 Bonds for Federal Loan,
(7) In exchange for the $19,879,060 advanced by the Federal Govern­
ment the Boston & Maine R R . will issue (a) $17,606,060 o f 5% bonds,
payable July 1 1920 on account o f first three items in above table; (6 )
$2,273,000 o f 6 % bonds payable Jan. 1 1929 on account o f last three items
in above table. Any other advances which may be made by the Govern­
ment will be represented by similar 6 % bonds.
The Government will also agree, at the option of the Boston & Maine
R R ., to refund said 5% bonds duo July 1 1920, by purchasing at 98H on
that date $17,606,060 o f 6 % bonds payable Jan. 1 1929.
All the new “ bonds will be secured by a mortgage upon the entire prop­
erty and franchises o f the reorganized corporation, whether then owned or
thereafter acquired.”
,
„
,
Tho now mortgage will also secure all outstanding bonds, notes and
other evidences o f indebtedness for which the reorganized corporation is
liable as required by the statutes o f Massachusetts, and shall be drawn so
as to equally secure such future issues o f bonds as may be required for re­
funding purposes or as may be required to pay in whole or in part for addi­
tions, betterments, extensions or equipment or may bo issued for any lawful
corporate purpose.” V. 107, p. 1918, 2474.
The mortgage will be a first mortgage on all the property and franchises
owned, subject only, however, to the following divisional mortgage bonds:
Portsmouth Great Falls & Conway R R ., due June 1 1937--------- $1,000,000
Worcester Nashua & Rochester R R ., $735,000. due Jan. 1 1930
„„
$380,000 due Oct. 1 1934; $150,000 due Jan. 1 1935............... 1,265,000
Concord & Montreal R R .. due June 1 1920................................... 5.500,000
Troy & Boston R R ., due July 1 1924--------------------- ---------------573,000
It is anticipated that these bonds, maturing at an early date, will bo re­
funded into ten-year bonds issued under the proposed mortgage. In July
1919 B. & L. R R . retired $620,000 maturing 20-yoar, 3K s, with proceeds
o f $620,000 demand notes. X. 108, p. 2432.
Tho mortgage may also bo subject to the lien of the attachment in the
suit brought by the Hampden R R . Co.
(8 ) Hampden RR.— No provisions are made for taking over the Hampden
R R or delivering any stock or bonds to that company as the Superior Court
o f Massachusetts has ruled that it has no valid claim against the Boston &
Maine
If that ruling should bo reversed on appeal and the nampden RR.
should recover a Judgment against the Boston & Maine during tne period
o f Foderal control, tho Federal Government will loan the Boston & Maine a
sum sufficient to pay tho judgment — (V. 109, p. 171.)




APrivate
Control.

RAILWAY STOCKS AND BONDS
Rate

%

When
Payable

Last Dividend
and Maturity

F & A Feb 1 1937
4
F & A Aug 11942
4
4 X g J & J Jan 1 1944
3 g J & J July 1 1950
M & N Nov 1 1921
3X
J & J Jan 1 1923
3H
F & A Feb 2 1925
3H
M & S Sept 1 1920
4
April 1 1929
A &
4H
4H J & D June 1 1937
.1 & J Jan 1 1930&'35
4
A & O Oct 1 1934
4
Text Aug 31 1916
6
A & O Mar to July '16
6

o

19

P la c e s W h e r e In te r e s t a n d
D iv id e n d s a re P a y a b le

do
do
do
do
1917 Int unpaid
do
do
Nov 1910 interest unpaid
Jan 1917 Interest unpaid
Jan

Int due Sept 1 '16 not pd
Int due Oct 1 *16 not pd
Amer Trust Co, Boston
do
do
Interest discounted
Overdue

No divs f or 5 year s unless bonds h eld by U. S. Gov. are pd
4 (5% )x
6.4 (8)x
5.6 (7)x
8 (10)x
3.6(4.5)x
6
4(6)

J
.1
J
J
J
J
M

&
&
&
&
&
&
&

July 1 1920
Jan 1 1929

5
6
4
3X
3H
3>4
4
4
4

4H
5

J1
J x Shows the m aximum dividend rate
J after Jan. 1 1 924; till then scaled 80%
J
J
J
s (M ax. rate 6% after 5 years or earlier)

A
J
M
M
M

J
A
F
M

&
&
&
&
<a
5
&
&
&
&

oJ Apr 1 1932
1920-1921

N May 1 1923 ■
8 Sept 1 1925
N Nov 1 1926
J July 1 1927
O April 1 1929
A Feb 1 1933
S Mar 1 1936

United States Treasury
do
do
Merch Nat Bk. Boston
Merch. Nat. Bk. Boston
do
do
do
do
do
do
do
do
do
do
do
do
do
do

(9) Reorganization Committee— Members—
Representing
Gordon Abbot, Chm.Chmn. Board Old Colony Trust Co__Fitchburg R R .
Henry B. D ay_______ Of R. L. Day & C o., Boston_________ Bost. & Maine
Charles Sumner Cook.Lawyer, Portland, M e---------------------“
“
James L. Doherty____ Lawyer, Springfield, M a s s ---------------“
“
Benjamin A . Kimball.President, Concord & Montreal------- Cone. & M ont.
Philip D e x t e r _______ Lawyer, Boston_____________________ Bost. & Lowell
Francis R . Hart_____Vice-Chmn. Old Col. Trust, B oston..C on n. River.
Counsel, Frederick E . Snow, of Gaston, Snow & Saltonstall, Boston.
Secretary, Elbert A . Harvey, 50 State Street, Boston.
(10) Capitalization of Reorganized B os. & M e. System— V. 107, p.2007,1918.
Boston & Maine bonds to remain outstanding--------------------- $43,338,000
Boston & Maine bonds to be taken by Government-----------19,879,060
Bonds of other merged companies to remain (see table at head
39,950,000
of page)_________________________________________________
Bonds of controlled or leased companies [viz., Vermont &
Mass. R R ., $772,000; Concord & Claremont R R ., $500,000;
Connecticut & Passumpsic Rivers R R ., $1,900,000; Ver­
mont Valley R R ., $1,500,000; Sullivan Co. R R ., $357,000]5,029,000
Total funded debt_____________________________________ $108,196,060
Remaining leased line stocks [see list in V. 107, p . 2008]_____$11,431,140
New 1st Preferred stock, cumulative________________________ 38,817,900
3,149,800
Preferred S to c k ________________
Common Stock_____________________________________________ 39,505,100
Total capital obligations________________________________$201,100,000
(11) Directors of Reorganized Company.
The board shall consist of not less than 15 nor more than 21 members,
of whom at least two shall be residents of Maine, one o f Vermont and four
of New Hampshire.
Of the seven reorganization managers three shall be chosen by the
directors o f the Boston & Maine R R . and one each by the directors o f the
Fitchburg R R ., the Boston & Lowell R R ., the Concord & Montreal R R .
and the Connecticut River R R .
H.
Leroy Austin, Catskill, N . Y .; Norman L . Bassett, Augusta, M e.;
Charles W. Bosworth, Springfield, Mass.; Frank B. Carpenter, Manchester,
N . H .; Samuel Carr, Boston; Charles Sumner Cook, Portland. M e.; Henry
B . Day, Newton, Mass.; James L. Doherty, Springfield, Mass. ; Frederic
C. Dumaine, Concord, Mass.; Charles P. Hall, Newton, Mass.; Woodward
Hudson, Concord, Mass.; James M . Prendergast, Boston; John G. Sargent,
Ludlow, V t.; Leslie P . Snow, Rochester, N. H .; James Duncan Upham,
Claremont, N . H .; George H. Warren, Manchester, N . H.
See also further information as to proposed reorganization, V . 107, p.
1098.— (V. 107, p. 1918, 2282, 2375, 2474; V. 108, p. 682, 972.)
Earnings— Standard Rental.— " I t is estimated that the standard rental to
be paid by tho Government during Federal control will be between $9,500,­
0 0 0 and $ 1 0 ,0 0 0 ,0 0 0 , and that the fixed charges upon the reorganized sys­
tem will be only between $5,000,000 and $6,000,000. It thus appears that
the standard rental will be fully adequate to pay all fixed charges, dividends
upon the new pref. stock, and to provide a surplus for said trust funds. The
annual gross operating revenue of the system exceeds $60,000,000.”
BONDS, &c.— The notes of the company outstanding Dec. 31 1918
aggregated $13,306,060. viz.. Extended to Aug. 31 1916,$13,101,160; ex­
tended to July 17 1916, $198,400; extended to June 2 1916, $5,500; ex­
tended to March 2 1916. $1,000. V. 102, p. 885, 1987, 2076; V. 103. p.
238. 320, 577, 664. 1502. As to debentures, see issue of April 1895.
Boston & Maine guarantees $1,328,000 first 5s of St. Johnsbury <c Lake
5
Champlain. Also interest on $274,000 Manchester & Lawrence 4s. Jointly
with Maine Central guarantees $300,000 Portland Union R y. Station (now
Portland Terminal Co.) bonds. V. 93, p. 940, 1323.
DIVS.— f'93. ’ 94-’98. '99. *00-'07. '08. '09. '10. ' l l . *12. 1913. None
Common (% ) I 8
6 yly. 6 H 7 yly. 6 Ji
6
6
5
4
2
since
EARNINGS.— 9 m os.,jl919.G ross, $52,451,126; net (before $5,132,507
Jan. 1 to Sept. 30. .\1918.Gross, 51,792,036; taxes),
6,950,114
ANNUAL R E PO RT.— For year end. Dec. 311918, V. 108, p. 2018 shows:
Calendar Years— ____
1918.
1917.
1916.
yl916-17.
Operating revenues_$72,141,625
$59,450,778 $55,383,544 $56,992,040
Operating expenses- 66,404,110
47,164,940 38,251,715 42,448,076
Taxes, &c________
2,325,505
2,160,438
2,094,857 2,124,711
Operating income-$3,412,009
$10,125,398 $15,036,971 $12,419,251
aLease of road_________ 9,636,771
________
________
_
Other income------238,623
1,232,915
1,205,819 1,165,855
Net income------ $9,875,394
$11,358,313 $16,242,790 $13,585,106
Rentals, sink, fund, & c.
7,095,120
9,223,703
8,800,072 9,126,601
Interest accrued............ 2,553,344
2,553,994
2,651,844 2,578,056
Balance, sur. or def----- sur.S226,930def.$419,384 sr$4,790,874 sr$l,880,449
a Includes estimate o f annual compensation from Federal Government
of $9,618,771 (contract pending), y Juno 30 year.
OFFICERS.— Federal M gr., B. R. Pollock, Pres., Woodward Hudson,
Treas. & Clerk, A. B. Nichols. Office, Boston.— (V.108, p. 1510, 1616,
1935, 2122, 2240, 2432, 2628; V. 109, p. 72, 171, 476, 1179, 1792, 1985.)
★ BOSTON & PROVIDENCE R R .— Owns Beaton, Mas#., to Providence,
R. I.. 43 mile*; branches 20 miles. Leased 99 years April 1 1888 to Old
Colony RR .; rental 10% yearly on stock, lease being modified In 1912.
V. 95, p. 235. The New York N. H. & Hartford on Dec. 31 1918 owned
$524,600 stock. The company issued as’of July 1 1918 $2,170,000 5-year
6 % gold debentures due July 1 1923 to refund the 4 %s then due.
Endorsed
on the bond and signed both by lessee and lessor is a statement to the effect
that the bonds are issued under provisions of lease of 1888. Interest pay­
able at office of J. P. Morgan & C o., N . Y ., National Shawmut Bank or
First National Bank. Boston. (V. 108. p . 1274.)
ABOSTON RAILROAD HOLDINO CO.— Incorporated in Massachusetts
June 18 1909 under special Act with power to hold securities of Boston &
Maine. The N. Y . N. H. & Hartford owns $3,106,500 common stock,
and as guarantor has paid the pref. divs. which the Co could not m e e t.




N ov.. 1919.]

*g S K "“ ‘

RAILWAY STOCKS AND BONDS

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

Miles Date
Road. Bonds

B oston & Maine— (Concluded.)
Cone & Montreal Cons M for $5,500,000. BB.zc*
262
_
_
Deben bonds curr $650,000 4s; $400,000 3K s.zc*
$473,000 3K s; $200,000 5s...........................
z
Connecticut River Bonds not mortgage_________ zc
_
_
_
_
Bonds not mortgage__________________________ z
do
do
z
_
_
Fitchburg— Bonds to State o f Massachusetts
_zr
Bonds not mortgage_______________________ zo&r
Bonds not mortgage ($2,750,000 are 4s of'97)zc&r
Bonds not mtge ($1,775,000 are 3 Vis of ’ 01) zo&r
Bonds not mortgage $2,000,000_________ zo*&r
Bonds not mortgage $3,660,000 currency___zo&r
_
_
Bonds not mortgage $2,400,000____________ zc&r
_
_
_
_
Bonds $1,350,000 authorized ourrenoy___ zo*&r
_
_
Bonds $450,000 authorized____________________z
B on d s________________________________________z
_
_
Troy & Boston first mortgage (V 53. p 405)_ zo&r
_
35
Bonds of Leased Lines (Stock see each co)—
Concord & Claremont (N H )— First mortgage
zc
71
Conn & Passumpsic First M $1,900,000 gold ._.zc*
110
Sullivaii County RR First Mortgage $400,000_ zc
_
_
_
Vermont Val Ry First M $1,500,000 gold..B B ,zc& r
24
Vermont & Massachusetts plain Donds guar_ zc&i
_
_
_
Manchester & Lawrence plain bonds (not mtge) ..z c
_
_
Boston & Providence—Stock 10% guar 99 yrs Old Col
6
Gold debentures------------------------------------------OByc
_
_
Boston RR Holding Co— Pref stk 4% cum red 110-zgu
_
_
Boston Revere Beach & Lynn— Stook $850,000 ____z
__
1st M (V 65, p 6 8 : V 83, p 379) $1,000,000 gSBzo*&r 13.12
Boston Terminal Co— First mortgage curr..O B ..zo& r
- B oyne C ity Gaylord & A lpena— 1st M $800,000_
97
Brinson Ry— See Savannah & Northwestern RR.
Brownsville & Matam Bridge Co— 1st M gold guarSStx
...
Gold bonds $100,000 guar Jointly...............
N .x
...
Buftalo Cr— Con (now lst)M$ 1.000,000 ? Int as rento’ x
6
1st ref M .— Total auth. $5,000,000 g red 105-Usmx
Buffalo New York & Erie—4jee Erie Railroad

Par
Value

1890
'97-99
'09-14
1893
1901
1903
1887
1890
'97-98
' 0 0 -0 1
1907
1905
1908
1912
1913
1914
1874

1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0 &o
1 ,0 0 0 &o
1 ,0 0 0 &c
1 ,0 0 0 &o
1 ,0 0 0 &o
1 ,0 0 0 &o
1 ,0 0 0 &o
1 ,0 0 0 &c
1 .0 0 0 &c
1 .0 0 0 &o

1914
1893
1894
1910
1903
1892
3 ____
1918
____
____
1897
1897
1917

1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0 &o
1 ,0 0 0
100
1 ,0 0 0
100
100
1 .0 0 0
1 ,0 0 0 &c
100

500,000
1,900,000
357,000
1,500,000
772,000
274,000
4.000.000
2,170,000
27,293,900
850,000
1 .0 0 0 ,0 0 0
14,500,000
800,000

1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0

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

1910
1911
1891
1910

Owns $21,918,900 common ana $654,300 prer. stook ot the Boston & Me.*
or 52.9% of stk., for which was Issued $27,293,900 non-voting 4% cum.

, guar.,
&
by endorsement
£ref. stock, redeemable at 1 1 01461; V.prln p. divs*. V. 95. p. 968. by the
24.493,900. V. 93, p. 870.
94,
205;

In March 1914. under order of court to divorce the system, the B. & M .
stock was transferred to five trustees, viz.: George W . Anderson and
James L. Doherty o f Springfield, Mass.; Henry B. Day and Charles P.
Hall o f Boston; Frank P. Carpenter of Manchester, N ft. with orders to
sell the same on or before Feb. 1 1909, but U. S. Dist. Court extended
order to Oct. 1 1920. V. 108, p. 2122.
As to receivership o f B . & M . in
Aug. 1916, seo thatcompany. V. 99, p. 47; (V. 108, p. 76.)

A BOSTON REVERE BEACH & LYNN RR.— Owns narrow-gauge road
from Lynn to East Boston, Mass., 9 miles, connecting with Boston by com ­
pany's ferryboats; East Boston to Winthrop, 5 miles; also Winthrop to
Poin^ShiHey, ^ndlo. V.^94, p. 982; V. 95, p. 1121, 1402. Fares, V. 106,
D IV ID E N D S .—
I '97-’05. '06. '07. '08-’ 10. ' l l . 1912 to O ct. 1919.
'
~ 6 yly. 7H 6 % yly. (1H % Q -J)
'
Since 1894----------------- 1 2 yly.
Year ending—
Gross.
Net.
Int.&Tax. Dies. Paid. Deficit.
Dec. 31 1918........ $1,247,629 $130,150 $81,348 (6%)$51,000 $2,198
126.268 76,815
(6 % ) 51 000 L546
Dec. 31 1917........ 1,048.143
Taxes in 1918 were $25,691.— (V. 106, p. 2122, 2344; V. 107, p. 180, 801.)
★ BOSTON TERMINAL CO.— Owns Southern Union Depot In Boston'
opened In 1899. V. 6 8 , p. 40; ’V. 69, p. 591. N . Y . Central (Boston & Al­
bany), Boston & Prov., Old Colony and N . Y . N. II. & Hartford R R . cos­
own the $500,000 capital stock and pay as rental In monthly Installments
sums sufficient to pay all expenses, charges, interest on bonds and 4 % on
stock. These companies are Jointlv liable for any deficiency in case of
foreclosure. Reg int. Q.-F.; coup . F. & A . Federal M gr., E. J. Pearson,
New Haven, Conn.— (V. 93, p. 1598.)
A BOYNE C IT Y GAYLORD & ALPENA R R .— See page 135.
BRAZIL R Y .— Plan, V. 105, p. 1102; V. 107, p. 81, 290,801, 2008.
BROWNSVILLE & MATAMORAS BRIDGE CO.— See page 135.
★ BUFFALO CREEK RR.— Owns 6 miles of terminal road In Buffalo, N. Y .
In Deo. 1889 leased for term of charter less one day to the Lehigh Valley and
the Erie R R ., which together own entire capital stook of $250,000. Rental
Is Int. on bonds. 7% on stock and organ, expenses. First Ref. bonds are Is­
suable to retire old 5s. V. 108, p. 1610. Pres., C. A . Brunn, Buffalo,
N. Y .; Sec. & Treas., E. A. Albright, New York; Fed. M gr.. F. L. Blendinger. V. 92, p. 259, 593; V. 93, p. 43; V. 108, p. 1610.
★ BUFFALO ROCHESTER S: PITTSBURGH RAILW AY.— (See M a p . ) —
Operates from Buffalo and Rooh., N. Y „ to bituminous coal regions.
L in e s o w n ed in f e e —
M i l e s . Willow Grove to Pittsburgh, P a.
7
Buffalo Creek, N. Y ., to Mt.
Penn. R R .— Penn. R R . Jot. to
Jewett, Pa_____________________98
Shuman Run Y. Pa ___________ 21
Clarion Jot. to Lindsey, Pa______ 59 Other__________________________ 9
Rochester to Ashford, N . Y _____94
, Leased— Stock not owned—
Charlotte. N. Y ., to Llnooln Park 10 Allegheny & Western— a
Indiana Branch_________________ 79
Punxsutawney to Butler, Pa.;
Six branches_________ . . . ______ 28
....................................................63
Trackage—
Miles Clearfield < Mahoning— a
&
Erie—Mt Jewett to Clarion Jet. 20
Clearfield to Beeoh Creek R R „ 26
B.&.O.— Butler, Pa.,to Pittsburgh 41 Mahoning Valley R R __________
2
Rlbold Jet. to New Castle___ 33
Total Doc. 31 1918 (a See separate statement for this company)-.5 9 0
ORG.— Successor 1887 Qf Roch. & Plttsb.. foreclosed plan V 41 p 516
The entire capital stock ($4,000,000) o f the Rochester S Pittsburgh'Coal
c
* Ir,°? 9 ° ' (X ' 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
Mtge ) to the Mahoning Investment Co. in consideration o f $4 125,o00
of its stock, which was then distributed pro rata among the holders of
Ry. common and pref. stocks. V. 83. p. 1468; V. 85, p. 414 415- report,
V. 109, p. 1459. For bonds o f these coal companies see “ Industrial Cos.'5
Clearfield & Mahoning R y. securities are guaranteed.
•
To April 1 1919 Government advances amounted to $3,448 800 o f which
$1,648,800 represents loans ($1,000,000 secured at 6 % , and $208,800 at
6 % , sccurod by deposit o f $261,000 ctfs. advanced by U. S. R R . Adminis­
tration.) Tho balance, $1,800,000 represents advances o - (cash) rental
account.
Federal Compensation.— $3,276,410 yearly during Federal control.
DIVS.— J'03. 04-'06. '07. 08. 0 9 .HU. 11. T2. 'J3. '1 4 .1 5 Mb P '18 ’ 19
O om m on% 15X 6 y'ly 5H 4 X 4 4
5 5 K 6 5, 4 5 6 5
4
In Feb. and Aug., 1919, 2 % . V. 107, p . 500, 603.
Mahoning Investment Co. (see above) paid on Its stock In 1907. 2% : in
1908, 4% ; 1912 and 1913. 3% ; 1914, 2 K % : none since till 1917, 6 % ;
Mar. and June 1918. 3% each. V. 8 8 . p. 685: V. 9 4 , p, 4 1 9 ; y_ 9 9 p . 233.
Compare above and V. 107, p. 798. V . 85, p. 283.
BONDS, &C.— General 5s for $5,573,000 reserved for prior bonds, &c.
The $35,000,000 50-year Consols are to bear not over 4 H% Int., $3,000.­
000 were Issuable at once, $18,145,000 to retire underlying obligations at
or before maturity and the remaining $13,855,000 for future requirements,
V. 84. p. 867, 1306; V. 85, p. 39. 414: V. 95. p. 361, 749: V. 98. p. 999.
1070, 1155, 1315; V. 99, p. 118. 1748; V. 100. p. 228. In Oct. 1919 $14,­
129,000 Consol 4K s were outstand ng, including $2,285,000 sold in March
1919; a further $2,302,000 was still in the treasury on Oct. 9 1919. V. 108,
p. 1390; V. 106, p. 1688.
Equipment Bonds.— A sinking fund of 5 % will retire series A , B S C
c
equipment bonds annually on May 1, If purchasable at or below par; other­
wise to be applied to the purohase of additional equipment. V. 6 8 . p. 1131:
V. 71, p.501: V. 73. p. 348. Series D and E have an annual sinking fund of
6 % for purohase of bonds Sept. 1 and Mar. l , respectively, at 105 and int.: if
not purchasable, bonds may be drawn by lot. Series D & E may also be called
as an entirety at 105. Series F may be purchased by sinking fund at not
urar par or drawn by lot at par and may also be drawn at 1 0 2 and Int. on




Amount
Outstanding

Rate
%

When
Payable

APrivate
Control.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable1

J & D June 1 1920
5,500,000
4
1,050,000 3K & 4 .1 & D June 1 1920
673,000 3K & 5 .1 & D June 1 1920
1 , 0 0 0 ,0 0 0
4 g M & S Sept 1 1943
& .1 Jan 1 1921
.1
290,000
3K
& .1 Jan 1 1923
.1
969,000
3K
M & N Feb 1 1937
5,000,000
4
J & D June 1 1920
500,000
4
Various 1927-1928
4,200,000
4
& O Oct 1 1920-21
A
2,275,000
3X
A
& O Apr 1 1927
2 .0 0 0 ,0 0 0
4
M & N May 1 1925
3,660,000
4
M & N May 1 1928
2.400.000
4X
& .1 Jan 1 1932
.1
1 , 2 0 0 .0 0 0
4X
& .1 Jan 1 1933
.1
400.000
4X
J & J Jan 1 1934
1.872.000
5
J & J July 1 1924
573.000

7

300,000
90,000

J
5
A
4g
A
4
4X B A
M
J
4

6

& J Ja 1 1944
& O Apr 1 1943
& o Apr 1 1924
& o Oct 1 1940
& N May 1 1923
& J Jan 1 1922
10
3— J Oct 1 1919 2 X
J & J July 1 1923
6 g
.1 & J10 JulylO 1919 2%
4
in 1919 Q—J Oct 1 19 IK %
4 X g J & J15 July 15 1927
Feb 1 1947
3H
Text
J & J Jan 1 1937
5
5g
4
6 g
5g

J &
M &
&
.1
J &

2 1

J Jan 1 1930

s Sept 1 1931
J Jan 1 1941

J Jan 1 1961

Safe Dep & Tr Co, Bost
Boston S D & Tr, Boston
do
do
Ask company’s office
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Office, Fitchb R R , Bost
do
do
do
do
do
do
do
do
do
do
M et Trust Co, Boston
Safe Dep &Tr Co, Boston
do
do
do
do
do
do
Bos & Maine R R , Boston
Treasurer's office, Boston
See text
Office, or checks mailed
State St Trust Co; Boston
Merch National Bk, Bost
Grand Rap, M ich, Tr Co
St Louis Union Trust Ce
New York Trust Co.
U S Mort & Tr Co, N Y
do
do

any Int. day. V. 84, p. 1365; V. 85. p. 283, 414. 863; V. 105. p. 2183.
Series G have an annual 6 % sink, fund to retire bonds at par; if not purchas­
able, bonds to be drawn by lot. V. 89. p. 468; V. 91, p. 400; V. 93, p. 1785,
939; V. 94. p. 122: V. 97. d . 364. Series H. V. 97. p. 1582: V. 98, p. 1459;
Series J, V. 105. p. 388, 605. (No Series I.) Series K , V. 107, p. 1099,
2375.
LATEST EARNINGS.— /1919-Gross,$10,556,712; net (bef. df.$466,466
9 mos., Jan. 1 to Sept. 30fl91S-Gross, 13,650,434; taxes),
1,114,689
EARN ING S.— For year 1918 under Govt, control. V. 108, p. 1610, 1731:
1918.
1917.
1918.
1917.
___
$319,061
______ Eq't,&c.,rent'ls.
Govt.com pen.$3,276,410
Oper. revenue. ______ $14,975,000 Rent leas’d lines,
Oper. expenses.
52,281 11,878,566
interest, &c.2,205,026 1,847,195
Tax accruals &
Appropriations.
29,355
671,715
incollectibles. xl50,000
506,359 Pref. divs. (6 % ) 360,000
360,000
Rentals & other
Com. divs. (5% ) 525,000
630,000
incom e......... 279,208 1,316,001
Bal., surplus. $233,956
$78,105
x Under the agreement with the Director-General only the Federal taxes
(est. this year at $150,000) are to be paid by the company.
R EPO RT.— Year ends Dec. 31. Report for 1918 in V. 108, p. 1731.
----------- Years ending D e c . 31------------ Jun e 30 Y r .
1918.
1917.
1916.
1916-17.
Passenger-----------------------$1,335,097
$1,313,594 $1,214,352 $1,144,892
Freight------------------------ 16,437,948 13,119,838 11,036,335 10,381.647
Mail, express, & c --------706,613
541,567
511,068
444,480
Total oper. revenues.$18,479,659 $14,975,000 $12,761,755 $11,971,019
Net, after taxes_______
$607,528 $2,590,075 $3,108,518 $3,072,101
Other income__________
807,240
1.316,001
1,125,274
1,016,099
Gross income_________ $1,414,768 $ 3 , 9 0 6 , 0 7 6 $4,233,792 $4,088,200
Rents accr. lease of rds.
See
$373,500
$373,500
$373,500
Int. accr. on fund. debt. Corporate
1,446,495
1,388,057
1,412,177
_ Income
Other int., rents, &c_
373,633
374,795
361,309
New equipm ent_______ Account
76,054
179,391
127,394
Retire’t equip, bon ds._ above.
568,299
679.000
521.000
Divs. on pref. (6 % ) ____
______
360,000
360.000
360.000
Divs. on comm on______
_______ (6)630,000 (5)525,000 (4)420,000
Balance, surplus.
$78,105
$354,047
$512,820
In 1918 carried 10,776,022 tons of bituminous coal (out of 16,385,047
total tons of freight moved), against 10,215,591 in 1917.
OFFICERS.— Pres., Wm. T . Noonan, Rochester: V .-P ., Adrian Iselln
W. Emlen Roosevelt, N. Y .; Treas., J. F. Dinkey, Rochester; Sec. & Asst.
Treas., Ernest Iselin, New York.
Gen. Mgr. under U. S. G ovt.. Thos. F. Brennan. Rochester, N. Y .
Dlreotors— Henry G. BarOey, A. Iselln William E. Iselln, Walter G.
Oakman, C. O'D. Iselln, W. T. Noonan, George E. Roosevelt, W . Emlen
Roosevelt. Ernest Iselin. O'Donnell Iselin. Oscar Grisch. Samuel Woolverton, Hamilton F. Kean, N. Y . office, 36 Wall St.— (V. 108, p. 1714,2122).
★ BUFFALO & SUSQUEHANNA RAILROAD C O R P O R A T IO N .—
Owns from Sagamore. Pa., to Wellsville, N. Y .. with several branch lines
incl. 59 miles trackage. Total mileage Doc. 31 1 918. 297
Incorp in Penn­
sylvania and succeeded Dec. 31 1913, per plan V. 98, p! 1503. the B. & 8 .
RR.. foreclosed Dec. 5 1913. V. 97, p. 1582; V. 93, p. 1596. For descrip­
tion of peroperty see V. 108, p. 1828-’30; V. 100, p. 1007, 980. Connects
at Driftwood Jet. with Pennsylvania R R . for Buffalo.
Compensation under Federal control, $592,628; contract had not been
executed up to Sept. 1 1919.
STOCK.— Authorized (par $100). common, $3,000,000; 4% pref. (p. &
d .). cumulative after Jan. 1 1915, $4,000,000. Will be held In voting trust
until Jan. 1 1924. P. G. Bartlett. J. S. Farlee and Herbert H. Dean
all of N. Y . City, voting trustees. Listed on N. Y . Stock Exchange. See
full statement to the Exchange as of April 1 1919.— V. 108, p. 1828-’30
D IV ID E N D S—
1916
1917
1918 M ’r.Jne S’p. &Dec’ 19
On common stock------ 5
5 & 2 ext
7
1K & K ext
On pref. stock in full to date. In 1918 paid: March, I K J u l y . I K % :
Oct., 1 H
D ec. *4 of 1 % and an extra of 2% — making a total for the

pe 23297^ ' 109 1J1 774 a
9
i706

6’ S<?P ^
t'

DeC'' 1 H & ** extra' V' 108*

BONDS.— The first M . bonds ($10,000,000 auth.) are secured on the en­
tire property and further by deposits o f mortgages aggregating S I.079 116
?n S a
IQrSw&a0f th Powhatan Coal & Coke C o., and of a second mortgage
.u
for $1,300,000 on the properties of the Buffalo S Susqeuhanna Coal S Coke
c
c
C o., and of all the stock of the Addison & Susquehanna R R . and all the
stock and bonds of the Wellsville Coudersport & Pine Creek R R ., and of all
the stock of the Keystone Store Co. V. 73, n. 619 899' V 84 n 748
Of the bonds, $6,959,000 have been issued. The remaining $3,041,000
bonds, or any of them, may bear not to exceed 5 % interest and can be Issued
only for additions, extensions. Improvements, acquisitions of property or
acquiring or discharging liens on property of corporations i n which 90% of
stock is owned . Sinking fund for redemption of bonds at not to exceed par
and int., $50,000 per ann. for 35 years; also all sums in excess o f $50,000 per
ann. received on account o f principal of any mortgages held as collateral
under such mortgage and any further payments authorized in case o f issue
or further bonds or otherwise. Bonds retired through operation of the
sinking fund to be held alive. To Oct. 1 1919. $597,100 had been retired,
while $368,500 were held in treasury and $5,993,400 were outstanding,
V. 97, p. 1503; V. 98, p. 1765; V. 100, p. 980, 1006; V. 108, p. 2329, 2210.
BUFFALO & SUSQUEHANNA COAL & COKE CO.—This company
the $1,300,000 2d M . 5% bonds of which are owned by the B. S S. RR.
c
Corp., owns coal lands at Du Bols, Onondaga and Sagamore, Pa.
Six mines in operation. V. 77. p. 1301; V. 79. p. 2091-92; V. 82. p. 1322:
V. 85. p. 1266. 1st M . 5% bonds, $1,500,000. held by public.
POWHATAN COAL & COKE CO.—This oompany, all of whose bond*
are owned by the B. & S. RR. Corp,, owns ooal lands at Tvler and at
Sykes. Its coking plants have a capacity of 1,800 tons of coke daily. Key­
stone Store Co., stock $50,000. all owned by RR. Corp.

CANADIAN PACIFIC RAILW AY T he Minneapolis , S t . Paul & S ault S te , Marie Ry .

JAM ESi

T he D uluth . S outh S hore & A tlantic Railway^
AND

ANTICOSTI

CONNECTIONS

(E A S T E R N

S E C T IO N )

.
-LIVERpooiT

L. Mutassinis'j
Sandy L.
Laket
-E v a n s ;

Zhiska L.

R A IL W A Y ST O C K S A N D B O N D S

Albany River
Saguenay

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CbambordJ^
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S G ET A K
IN L R C
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1
U D RC N T U T N
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T AF ARNE E T
R F IC R A G M N
O T A F R HSO L
R R F IC IG T N Y
6C L O M E
A E F IL S

N o t .. 1919.]
R A IL W A Y S T O C K S A N D B O N D S

MAP

OF

THE

CANADIAN PACIFIC R A IL W A Y

<

T he Minneapolis , S t . Paul & S ault S te . Marie Ry .
T he D uluth , S outh S hore & A tlantic Railway
<*
■

A nd

c o n n e c t io n s

(W E S T E R N




S E C T IO N )

^

24

■ ★ Control.
Government

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[F o r a b b r e v i a t i o n s , & c ., s e e n o te s o n f i r s t p a g e ]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

APrivate
Control.
Last Dividend
and Maturity

$ 1 0 0 $10,500,000 4 In 1919 F A A Aug 15 1919 2
Buffalo Rochester & Pittsburgh— Common stook._Tr
A A Aug 15 1919 3
100
6 .0 0 0 .0 0 0 6 la 1919 F
Pref stock non-oum common 6 % then pro rata.-T r
F A A Feb 1 1921
1 .0 0 0
1.300.000
6 g
109 1881
R & P 1st M gold Rochester to Salamanca-Un.zc*
J A D Deo 1 1922
234 1882
1 ,0 0 0
3.920,000
6 «
Rochester & Pittsburgh Con M g __________ Un.zo*
M A S Sept 1 1937
5g
253 1887
4,427.000
1 ,0 0 0
B R 4 P First Gen mtge ($10,000,000) gold.Un.zo*
350.000
10 1889
1 .0 0 0
5 it J A J Jan 1 1939
Lino P A Chari 1st M gold guar___________ Un.zc*
4 h e M A N May 1 1957
368 1907 1.000 Ao 14,129.000
B R A P C onsol mtge $35,000,000 gold--Ce.x.o*& r
1 ,0 0 0
1,696.000
4 h g M A N May 1920-21
'99-01
Equipment bonds B & C, eaoh gold s f _________ Gx
4H g M & N Nov 11919
260.000
1902
1 ,0 0 0
do
D $2,000,000 gold red 105 slnktundx-------576.000
1 ,0 0 0
1904
4H g M A N May 1 1922
do
E $2,000,000 gold red 105 sink fun-------- dx
4Vi e A A OApr 1 1927
887,000
1907
1 .0 0 0
do
F $3,000,000 gold red sinking fund---------- x
4 ft A A OOot 1 1929
1,731.000
1909
1 .0 0 0
do
G $3,000,000 gold Sinking fund...........Qxc*
J & J Jan'20to Jan'30
1,375.000
5g
1913
1 .0 0 0
do
H gold $125,000 due yly te x t---------G.xc*
1,400.000
5 g A A o Apr’20 to Oct'33
1917
1 ,0 0 0
do
J gold (no " I " ) $50 000 due s.a— Gk.yc*
F A A Feb'20toAug’33
6 g
1 ,0 0 0
1 , 1 2 0 ,0 0 0
1918
do
K $40,000 due s -a________________ Cekc*
3.000.000 See text Q— M 31 See text
100
B uff & Susq RR Corp— Common stock v t c --------4.000.000 See text J AD29 Dec 30 19,2%
100
Preferred stock 4% cumulative V. T . C . _ ________
5,993,400
4 g J A J Dec 30 1963
1 0 0 Ac
First mortgage $10,000,000 gold_____________Ea.s
J A J Jan 1 1922
0 g
1 0 0 ,0 0 0
1 ,0 0 0
1906
Bull Frog & G old field — 1st M g s f d call 10234--FP
J & J July 15 1921
6 g
1 ,0 0 0
6 8 .0 0 0
1914
2 d mortgage gold________________________________
Burlington Cedar Rapids A Northern—See Chicago R ock fsl and A PaolQo R y.
Burlington & Missouri Valley— See Chicago Burllngto n & Q uinoy.
F A A Feb 1 1944
3,000,000
5g
140 1914
1 ,0 0 0
Butte A & P— 1 st M g gu sk fd cail 105------yc*Ar*
M A S Mch 1 1961
1,699.000
4
1 .0 0 0
25 1911
Cairo & Thebes RR— First m ortgage-------------- ----X
Calgary & E dm onton— See Canadian Pacific Ry
A A o Oct 1 1934
6
52 1914
704,000
Cal W RR & N— New mortgage $750,000------------ambrla & Clearfield— See Pennsylvania RR
M A N May 1 1936
711.000
5g
1 .0 0 0
26 1911
ambria & Indiana RR — 1st M g rea 102H GPxc’ Ar
F A A Aug 1 1921
800.000
6 g
1 ,0 0 0
1919
Coll trust gold notes_____________________________
J A J July 1919 3%
6
25
501,250
39
Camden & Burlington County— Stock 6 % guaranteed
F A A Feb 1 1927
1 ,0 0 0
350.000
4g
30 1897
First M g gu p A 1 by Un N J RR A Can Co.GP.xo*
Canada Atlantic— See Grand Trunk Ry '
J A J Dec 31 1930
1 .0 0 0
740.000
5g
36 1910
Canada & G u lf Terminal Ry— 1st M $740,000 gold
F A A Aug 1 ’ 19 1H %
100 15.000.000
3
Canada Southern— Stook___________________________
A A O Oct 1 1962
5g
380 1912 1,000 Ac 22.500.000
Cons guar gold bonds (1st M on mainline) G .zc’ Ar*
4 g A A O Oot 1 1945
1 ,0 0 0
130.000
14 1895
Leamington A St Clair 1st M g gu p A I (end)_.zo*
$ 1 0 0 100,000,500 All owne d or to be owned by the Ca
Canadian N orthern— Stock $125,000,000-------------Funded debt, see following page.

S

[V o l . 109.
Places Where Interest and
Dividends are Payable
38 Wall St New York
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
By trustee's chock on NY
do
do
E. B. Smith ft C o.. N. Y
Fidelity Trust O , Phtla
do
do

See text
Anglo-Cal Tr Co, San Fr
Girard Trust Co, Phila
Girard Trust Co, Phil
Broad St Station, PhUa
do
do
Royal Tr Co, Montreal
Grand Cent Term, N Y
do
do
Agts Bk of Montreal, N Y
nadian Government.

DARNINGS.— 9 mos., (1919--Gross, $1,696,794 ; net (bef. def.8194,365 many branches and intersecting lines In the provinces of Quebec, Ontario.
Jan. 1 to Sept. 30. \1918--Gross, 1,695,503 ; taxes), net. 97,519 Manitoba, Saskatchewan and Alberta. V. 105,p. 1207, 1103; V .107, p .1286.
RE PO RT.— For cal. years 1917 in full. V. 106, p. 2004, 2030: V. 108,
Mileage Operated and Sub. Co's Stock Owned by System July 1917.
p. 1828.
„
Miles op. — -Capital Stock 1917---1914.
1915.
1917.
1916.
*See separate statementfor this company. M a r'll ^„JI'otal.
- O
1,538,228
1,765,756
Coal and coke tonnage- 2,008,330
1,970.978
$1,532,863 $1,446,196 ♦Canadian Northern Pacific R y________ 502 $25,000,000 $25,000,000
Total operating revenues $1,785,856 $1,678,686
Canadian Northern Alberta R y________ 259
3,600.000
3,000,000
Operating expenses____$1,411,022
$1,244,945 $1,209,396 $1,286,702 Canadian North Western R y ____________ 263
2,000,000
2,000,000
31.200
31,200
Taxes, A c _____________
112,345
31,204
Canadian Northern R y ...............................4,918
„
above
_
50
1.000,000
1,000,000
$402,537
Operating Income____
$262,488
$402,537
$292,26r $128,294 Canadian Northern Saskatchewan R y _
10.006,000
10,000,000
309,405
Hire of equipment_____
x473,243
309,405
197,880 193,053 ♦Canadian Northern Ontario R y _________1,508
52
53,500
53,000
152.570
Income from funded sec.
161,193
152.570
154,454 140,143 Irondale Ban. & Ottawa________________
3,331.000
3,329,000
57.152
49.501
Other income_________
40,094
49,501
62,906 _______ ♦Central Ontario R y___________________ 167
Bay of Qulnte R y __________
55
1,395,000
1,395,060
$937,018
$914,013
$707,507 $518,642
Gross incom e.............
Brock. Westp. & N . W ...............................
44
Fee owned
9,550,000
7,144,600
(1) Corporate income account based on tentative Federal compensation ♦Canadian Northorn Quebec R y________ 356
4,524,000
4,002,800
♦Quobec A Lake St. John_______________ 285
(see “ x” below):
Halifax A S. W. R y ..................................... 368
1,000.000
925.000
1918.
1918.
6,000.000
3.060.000
Tenta. Fed. compensation.$592,628 Sinking fund_______________ $19,414 ♦Duluth Winnipeg & Pacific Ry............... 171
6,181,500
4,446,700
Pref. dividends (4 % )--------- 160,000 Northern Consol. Holding C o__________ ___
Other income______________ 205,267
In terest__________________ 244,829 Common dividends (7 % )-- 210,000 Northern Pacific A Manitoba R y ............. 351 (Leased from Nor. Pac.—
V. 73, p. 615.)
79,728
Taxes ($52,000), rents, A c . 224,312 Balance, surplus__________
Nlag. St. Catherines A Toronto R y .........
62 (See “ Elec. R y . Section” )
below):
(2) Federal income account (see
Railway oper. income___ $2,249,6661
Equipment rents------------Cr^$193,369
Total (see V. 105, p. 1305)...................9.410
Net from railway op er.-def. 17,929 Joint facility rents, &c— Dr.34,224
In April 1919, 9,524 miles operated. V. 108, p. 1822.
Railway tax accruals_____
38,800|Net income-----------------------102,416
In 1918 rails on 94 miles of road in British Columbia were removed and
x The road in the past has enjoyed a large credit balance on hire of equip­ sent to France under arrangement for joint operation with Grand Trunk
ment account, and its earnings therefore as reported by the U. S. R R . Pacific of road in this region.
.
. . . „„„
.
Administration have been seriously curtailed by the action o f the Admin­
In Sept. 1917 the cost of completing the then remaining 1,003 miles of
istration in June 1918 in waiving the per diem plan for the lines under road ana terminals was estimated at $20,958,142. V. 106, p. 2223.
its control and at the same time charging in expenses the bills o f other roads
In N ov. 1918 an Order-in-Council was passed transferring the manage­
for repairs to cars used by them for which they pay no rent to owning road.
ment and operation of all the othor Government railways, in Canada
DIR E C TO RS.— E. R. Darlow (Pres.), A. A. Jackson, P. G. Bartlett, to the board of directors which had been appointed to manage tho Canadian
................ . Herbert H. Dean, J. S. Farlee, Percy C. Madeira, Northern R y. system.
. . . ...
.
In Juno 1919 tho Canadian National Ry. was incorporated at the instanco
W 'H ln ckle Smith. Julius F. Workum, Charlton Yarnall, Albert L. Smith
and J. Rutherford McAllister; F. E. Hall (Sec.-Treas.); Auditor, T . J. of the Canadian Government, which owns its entire Capital stock, to operate
all tho Government-owned lines. On June 30 1919 tho title to the physical
Elmer. 977 Ellicott Sq.. Buffalo.
____
Federal M gr., A . M . Darlow, Wellsville, N . Y .— (V. 108, p. 1721, 1816, property of the Canadian Northern R y. Co. and its subsidiaries was still
vested in tho several original companies, and they were directly liable for
2240, 2329; V. 109, p. 577, 774, 1700.)
Reid, Minister of Railway, on Juno 30
A BULL FROG-GOLDFIELD R R .— Beatty, N ev., to Goldfield, Nev 80 their bonds though Hon. J. D. Commons that if the net earnings of the
House of
miles. In June 1914 control was obtained by Las Vegas A Tonopah KB ., informed the Canadian are insufficient to pay the bond interest the Govern­
Northern Ry.
duplicate lines being abandoned, but in 1918 that company went out of Canadian arranged to provide for such interest for the current fiscal yoar.
business and this road has since been operated in connection with Tonopah ment had so united in April 1919 aggregated 13,491 miles, viz.:
The lines
& Tidewater R R . and Death Valley R R . V. 99, p. 1536. Year 1915-16,
Miles I
Miles.
gross, $142,516; net, $30,978; other income, $1,203; w t., tajes, &c., $22,562;
Can. Northern Ry. System____9,487 National Transcontinental Ry. 2,004
bal., sur., $9,619. Officers: J. Ross Clark, Pres.; C. O. Whittemorp, V.-P.;
C. P. Smith, Sec. & Treas., 523 Pacific Electric Bldg., Los Angeles, Cal. Intercolonial R y. & branches._ 2 ,0 0 0 |Total miles operated-------------- 13,491
— V. 107, p. 1385.
In Oct. 1919 an agreement was reached by which tho Canadian Govt, may
acquiro stock control of the Grand Trunk Ry. and have tho system operated
"BURLINGTON.” — See CHICAGO BURLINGTON & QUINCY RR.
in harmony with the Canadian National Ry.
A BUTTE ANACONDA & PACIFIC R Y .— See page 135.
This combine for operating purposes makes a Government systom ex­
★ CAIRO & THEBES RR.— Owns Cairo. 111., to the bridge across the tending from Sydney, N. S., to Vancouver, B. C. Compare V. 106, p.
Mississippi River at Thebes, 111., 25 miles. Leased to St. L. I. M . A So. Ry. 2344. V. 107, p. 2096. As to National Transcontinental R y. see Grand
(now M o. Pac. R R .) for 99 years from Mar. 1 1911, rentalco vering int. on Trunk Pacific Railway.
Total capital stock of affiliated cos. not owned Sept. 30 1917, $5,947,100.
an authorized issue o f $2,000,000 4% bonds, of which $1,699,000 are Issued
and outstanding, all owned by L. A N. V. 95. p. 1121. Columbia Trust V. 106, p. 2223. Canadian Niagara Bridge Co. and Toronto Niagara A
Western Ry. (wholly controlled), in V. 106, p. 1901,2010: V. 107, p. 2183Co. o f Louisville, K y., trustee. Stock, $10,000; par, $100. Pres., J. G.
The M t. Royal tunnel Into Montreal was opened for traffic Oct. 21
Drew, St. Louis.— (V. 95, p. 1121.
1918. V. 107, p. 1384.
A C A LG ARY & EDMONTON R Y — See page 135.
DOM INION CONTROL AND LOANS.— In 1914 tho Canadian G o v ­
A CALIFORNIA-WESTERN RR. & NAV. CO.— See page 135.
ernment guaranteed $4 5 ,0 0 0 ,0 0 0 of 4 % debentures and took over an addi­
A CAMBRIA & INDIANA RR.— See page 135.
tional $33,000,600 of tho capital stock over tho $7,006,000 previously ac­
★ CAMDEN & BURLINGTON COUNTY RY.— Owns from Pavonla., quired. In 1918 tho balance of tho $100,000,009 was acquired. The
total capital stock is now $100,000,500 of which $500 is outstanding in
N. J„ to Pemberton, N. J.. 22.34 miles; branch. Burlington, N. J., to ML
Holly. 7.12 m.; connection with P. A. A. RR. at Birmingnam, N .J., 0.12 tho hands of public. V. 106. p. 2344; V. 107. p. 1191; V. 108, P- 1822;
m.: other branches. 8.82 m.; total. 38.40 m. Organized in 1 9 1 5 as a con­ V. 98, p- 1600, 1607, 1918. Also in 1914 loaned tho company $ 1 0 ,0 0 0 ,0 0 0
solidation. Auth. capital stock, $800,000. V. 101, p. 46, 1092; V. 102, Dominion notes and In 1916 a further $15,000,000 cash (V. 102, p. 1981.
i. 65. Operated under lease by Penn. RR ., which guarantees 6 % on stock, V. 105, p. 1207).
.
.
In 1917, under Act of the Canadian Parliament, the Government,
n 1918, rental due, $44,254; deductions, $14,146; divs. ( 6 % ). $29,o5o;
advanced to tho roads of the systom $2 5 ,0 0 0 ,0 0 0 with which to meet cou­
surplus, $554.— (V. 101, p. 46, 1092.)
pons and other maturing obligations (V. 105, p. 496, 996, 1267, 2271, 2364,
ACANADA & OULF TERMINAL RY.— Owns Ste. Favle to Matane.
Que., 36 miles. Stock authorized, $4,000,000: par $100. Bonds, see V. 106. p. 2344. In 1918 further agreed to assist the company by guaranty
in renewing or
obligations
table. Pres., M . J. O'Brien, Ottawa, Ont.; V.-Pres., Hugh Doheny, of principal and interest, p. 1796. 2223. postponing maturing to grant:
of the system. V. 106.
Also in 1918 voted
Montreal, Que.; Sec.-Treas., A . Beck, Montreal, Que.
"A loan not exceeding $25,000,000. repayable on domaud with Interest,
CANADA MICH. & CHICAOO.— Bonds worthless.— (V. 63. p.838.) payable half-yearly, at tno rate of 6 % , to bo used to moot expenditures made
of indebtedness incurred in paying Int. on securities or paying matunng loans
CANADA SOUTHERN RY.— (See M a p s N e w Y ork C entral L i n e s .)—
ROAD.— Main line from Suspension Bridge station. Including the Cantilever of the Canadian Northern Ry. Co. or any company included in the Canadian
Bridge, to Windsor. Ont., 226 m.; branches to Courtright, Ont., A c., and Northern Ry. System, to meet deficit In operation of tho Canadian Norther*
controlled lines, 154 m.: total, 380 m.; Canada So. Bridge. 2K m. Track­ Rv. Systom and for construction, betterments and the purchase of equip­
ment- said ioan to be secured by mtge. upon the undertakings of tho system.
age. St. Thomas to London. Ont., 15 m. Double track, 242 miles.
ORGANIZATION, ETC.— The company was chartered in Canada Compare V. 106, p. 2559. 2344. 2336. 2223.
C A PITAL STOCK.— Of the $125,000,000 cap. stock as Increased 1*
Feb. 28 1868 and debt readjusted In 1878. In 1903 made a new lease to
Mich. Cent, for 999 years, the latter, which owns *7,810,000 stock, guaran­ 1014 $25,000,000 was Issuable only in exchange for Income Charge Stock.
V. 98. P - 1600: V. 100, p. 393: V. 105, p. 996.
teeing divs., rate since Jan. 1 1911. 3% yrly. V. 76, p. 1191. 1247.
The M ich. Cent, guarantees, prin. and lnt. of $40,000,000 50-year bonds;
DEBT — The $15,000,000 debenture stock was guaranteed in 1914, prinremaining $17,500,000 are reserved to refund the $130,000 divisional bonds elnal and int., by the Dominion Govt, under plan outlined in V. 98. Pand for additions, extensions. Improvements and additions at not over Venn 1607 1918. In June 1917 $44,866,667 of this Issue had been disposed
$3 000 000 yearlv. Bonds are free o f Canadian taxes. V. 95. P- 1607. 1744 if°M folloWs: Sold in i9l4 and 19i5. $17,033,333 (£3.500.000); pledged
T .'9 6 ,’p. 134, 200, 789. 1421.— (V. 96, p. 1884; V. 101, p. 1972.
with Dominion Govt, against advance of $10,000,000 Dominion notes.
CANADIAN NATIONAL RY.— See Can. Nor. Ry. below.— V. 108, $12,500,000; pledged as part security for 2-year 6 % note* for $11,500,000.
$15,333,333. See also V. 102, p. 1982; V, 99. p. 269. 341, 536, 747, 1129.
* . 2432; V. 109, p. 172.
CANADIAN NORTHERN RAILWAY SYSTEM.— The Canadian
^Particulars’ regarding various of the securities Issued wore given In V. 10$,
Northern Railway System, with a maximum grade o f practically 4
_ 099?
V
d 130*1* (a) Perpetual consol, doben. stock, V. 7§.
•f 1% , in Apr. 1919 had In operation about 9,487 miles of road extending P; fi Z l ; v . 77. p ' 87; VP8 0 .p .9 9 8 ; v fjfc . p. 1609: V. 8 6 . p. 1099; . 87. p.
from Quebec, Montreal and Toronto to Vancouver. British Columbia, with

?




No t ., 1919.] *gSE P "*

RAILWAY STOCKS AND BONDS

FUNDED DEBT OF CANADIAN NORTHERN R Y . SYSTEM JUNE 30 1917.
(Interest Is payable seinl-ann. on dates Indicated by maturity except as follows: a M . 31 & S . 3 0 :
Date of
Security—
Maturity.
(1 ) Guaranteed by Dom'n Govt.:

Amount o f
Total Issue.

(2 ) Guaranteed by Province o f Ontario—
C a n a d ia n N o rth e rn O n ta rio R y . —
3 ) 4 % 1st M . d e b . s t o c k _______Jun e30 1938
3 ) 4 % 1st M . d e b . s t o c k _______J u ly lO 1936
(3) Guaranteed by Manitoba Govt.—
C a n a d ia n N o rth e rn R y . —
4 % 1st M . d e b . stk . 1904____ June30
4 % 1st M . d e b . s t o c k _________ June30
4 % 1st M . W p g . T e r m , b o n d s June30
4 % O n ta rio D iv . 1st M . 1 9 0 1 .J u n e3 0
4 ) 4 % O n t. D iv . 1st M . 1 9 0 1 .J u n e3 0
C a n a d ia n N o r . M a n ito b a R y . —
* ) 4 % 1st M . d e b . s t o c k ............. Jun e

1930

(4) Guaranteed by Saskatchewan Govt.—
C a n a d ia n N orth ern R y . —
4 % 1st M . d e b . s to ck 1 9 0 9 .— J a n .23 1939
C a n a d ia n N orth ern Sask . R y .—
1943
4 )4 % 1st M . d e b . s t o c k ............. D e c .

$

a 9 .35 9 ,9 9 7
7 ,8 9 6 ,5 8 8
1 7,033,333

3 ,1 4 9 ,9 9 9
3 ,5 6 9 ,9 9 6

b 3 , 149,999

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

3 5 .7 7 0 ,0 0 0 c 3 4 ,2 2 9 ,9 9 7
-1 0 4 ,6 1 3 ,2 4 8

7 1 ,6 6 9 ,9 1 4

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

1 ,5 4 0,003

6 ,7 2 4 ,0 1 5
1 ,1 3 5,982
7 ,8 5 9 ,9 9 8

1930
1930
1930
1930
1930

Amount
Pledged.

$

9 ,3 5 9 ,9 9 7
7 ,S 96,588
4 4 .8 6 6 ,6 6 7

C a n a d ia n N o rth e rn R y . —
3 % 1st M . d e b . stk . 1 9 0 3 ____ J u ly lO 1953
3 ) $ % 1st M . d e b . stk . 1 9 0 S ..J u ly 2 0 1958
4 % 1st M . d e b . stk . 1 91 4____ S e p t. 1 1934
C a n a d ia n N orth ern A lb erta R y . —
3 H % 1st M . d e b . s t o c k ______ M a y
1960
3 H % 1st M . d e b . s t o c k ______ A p ril
1962
C a n a d ia n N orth ern O n ta rio R y . —
3 ) 4 % 1st M . d e b . s t o c k _______ M a y
1961

Held by
Public.

S

1 2 ,4 3 6 ,2 8 0 x l2 ,4 3 6 ,2 S 0
4 ,3 1 9 ,9 9 9
2 ,8 5 9 ,9 9 9
3 ,0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
5 ,5 8 0 ,6 0 7
5 .5S 0.607
164 ,980
164 ,980
1 6 0 ,680

3 2 ,9 4 3 ,3 3 4

1 ,4 6 0 ,0 0 0

- 2 5 ,6 6 2 ,5 4 5

2 4 ,0 4 1 ,8 6 6

1 ,6 2 0 ,6 8 0

1 3 ,7 0 9 ,4 0 0

b S ,0 3 0 ,0 0 0

5 ,6 7 9 ,4 0 0
1 ,174,813

- 1 4 ,8 8 4 ,2 1 3

8 ,0 3 0 ,0 0 0

6 ,8 5 4 ,2 1 3

9 ,7 2 6 ,3 6 4

b 5 , 5 86 ,666

4 ,1 3 9 ,6 9 9

6 ,4 2 4 ,0 0 0
2 ,7 9 9 ,9 9 8

b 6 ,4 2 4 ,0 0 0
d 2 , 7 99 .998

1 8 ,9 5 0 ,3 6 2

1 4 ,8 10,663

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

16,4 1 2 ,0 0 1
8 ,6 1 4 ,0 0 0

T o t a l .............................................................................. 4 0 ,1 5 7 ,5 2 4

2 5 ,0 2 6 ,0 0 1

1 5,131,523

G ra n d to ta l r r o v in c ia l______________________ 107, o 1 ,4,6 42
u r a u u IUMU Pr e v m c u u ..........................................i107,5n 40,64Z2
u / ,5 1 4

79 .7 6 S .5 2 8
7 9 ,7 6 8 ,5 2 8

2 7 ,7 4 6 ,1 1 5
2 7 ,7 4 6 ,1 1 5

(5) Guaranteed by Alberta Govt.—
C a n a d ia n N orth ern R y . —
4 % 1st M . d e b . s to ck 1909— -F e b .2 5 1939
C a n a d ia n N orth w estern R y .—
4 ) 4 % 1st M .d e b .s t k .l9 1 2 - ’ 1 3 - F e b .l 6 1942
4 ) 4 % 1st M . d e b . stk . 1 9 1 1 -.O c t .2 2 1943
(6) Guaranteed by Brit. Col. Govt.—
C a n a d ia n N o rth e rn P a cific R y . —
4 % 1st M . d e b . s to ck 1 90 9___ A p ril 2
4 ) 4 % 1st M . te rm ’l stk . 1 9 1 3 . A p ril 2
4 )4 % 1st M . b ra n ch lines s t k .A p r il 2
4 ) 4 % 2d ch a rg e d e b . s t o c k ___ A p ril 2

1950
1950
1950
1950

25

(S u bsequ ent changes ch iefly note issues— see text).
c J . & J . 20; d M . & N .; e J . & D . 30: g A . & O .ih J . A J.

b J . & D .;

Security—
(7) Unguaranteed Securities—

Date o f
Maturity.

Amount o f
Total Issue.

Held by
Public.

S

$

Amoun
Pledged.

S

Canadian Northern R y.—
4 % Perp. Cons. Deb. stk.1903 Perpetual 6 1 ,8 3 7 ,7 8 9 e 4 4 ,9 4 3 ,0 1 9 y l6 ,S 9 4 ,7 7 C
4 % 1st M . Pas Mission bonds. April 1939
88 0 ,0 0 0
88 0 ,0 0 0
4 )4 % 1st M . Gunflint Br. bds.June
1930
6 6 9 .0 0 0
66 9 ,0 0 0
4 )4 % 1st M . Pr. Albert bds—June
1930
6 9 3 ,9 0 0
3 0 0 ,0 0 0
3 9 3 ,9 0 0
Minnesota & Man. R y. 4 % ___Sept. 1931
34 9 .0 0 0
g3 4 9 .0 0 0
Canadian Northern Ontario R y.—
4 % Perpet. Cons.Deb.stk. '09 Perpetual xl2,658,910
9 ,0 8 3 ,6 2 8
3 ,5 7 5 ,2 8 *
Central Ontario R y.—
5% 1st M . bonds 1909..............Jan. 1 1934
9 4 5 ,593
9 4 5 ,593
Bay of Quinte Ry.—
5% 1st M . bonds, 1902............Jan. 2 1927
7 8 0 ,0 0 0
78 0 ,0 0 0
Canadian Northern Quebec R y.—
4 % Perpet. Cons. Deb. stock. Perpetual
5 .4 3 5 ,1 2 7 e 5 ,2 5 0 ,3 6 9
184 ,758
Great Northern R y. of Canada—
4 % 1st M . bonds 1904..............Oct. 1 1934
3 ,5 0 5 ,7 5 0
3 ,5 0 5 ,7 5 0
Quebec & Lake St. John R y.—
4 % Perpet. IstM.deb .stk.1912 Perpetual
4 ,4 8 6 ,8 1 4 h 4 ,3 5 9 ,0 1 5
1 2 7 ,799
Duluth Winnipeg & Pacific R y.—
4 % 1st M . deb. stock 1909___June 1 1939
8 ,2 2 1 .9 0 7
7 ,0 1 1 ,3 2 4
1 ,2 1 0 ,5 8 3
Duluth Rainy Lake & Winn. R y.—
5% 1st M . bonds 1906..............Jan. 1 1916
_
ext’d 1921)
2 ,000,000
2,000,000
Halifax South Western R y.—

&

1 6 0 ,6S0

1.1 7 4 ,8 1 3

APrivate
Control.

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

3)4% 1st M . bonds________ Scpt.30 '42
Niagara St. Cath. & Toronto R y.—
5% 1st M . bonds 1899_______ Nov. 1 1929
5% 2d M . bonds 1910............. Nov. 1 1929
M t. Royal Tunnel & Term. Co., Ltd.—
5% 1st M . rent charge stock..Apr.15 1970
Qu'Appelle L. L. & S. R y. & C. B. Co.—
4 % 1st M . deb. stock 1 9 0 6 ...July 1 1936
James Bay & Eastern R y.—
5% 1st M . bonds____________ Sept. 1945

5 ,6 6 3 ,6 6 7

4 ,4 4 7 ,0 0 0

1,2 1 6 ,6 6 7

1 ,5 0 4 ,0 0 0
5 3 6 ,5 0 0

1 ,0 9 8 ,0 0 0

4 0 6 ,0 0 0
536 ,500

1 1 ,4 3 0 ,0 3 3

2 ,2 3 8 ,6 6 7

9 ,1 9 1 ,3 6 7

5 ,0 1 9 ,5 4 0

5 ,0 1 9 ,5 4 0

..................

3 0 0 ,0 0 0

3 0 0 ,0 0 9

Land Securities—
Canadian Northern R y.—
1 ,8 5 2 ,7 4 0
4%(1909)L'd grant bds. (text) July 1 1938
1 ,8 5 2 ,7 4 0
2 ,0 0 0 ,0 0 0 x2 ,0 0 0 ,0 0 0
4 % (1899) Land grant bonds.Feb. 1 1919
5 % Land mtge. debs. 1913___June 1 1923 17,0 3 3 ,3 3 3
7 ,3 0 0 ,0 0 0
x Paid off at maturity.
Total unguaranteed.............................................147,803,604 102,483,646

9 ,7 3 3 ,3 3 3

45,319,953

T o t a l gu aran teed a n d u n g u a ra n teed ............... 3 5 9 ,9 3 1 ,4 9 4 2 5 3 .9 2 2 .0 S 7 106 ,0 0 9 ,4 0 7
S h ort-term n o te issues (see t e x t ) ___________ _____________ _
3 3 ,6 7 3 ,3 3 3
..................
T o t a l fu n d , d e b t as per b a l. sh. Jun e 30 191 7....................... 2S7 .5 9 5 .4 2 0
I n c o m e ch a rg e 5 % co n v e r tib le d e b . s t o c k ____ 2 5 ,0 0 0 ,0 0 0 2 5 ,0 0 0 ,0 0 0
Im p e ria l rollin g s to ck e q u ip , trusts ( t e x t )______
__________ 14,8 4 6 ,5 0 0
C a n a d ia n N o r . C o a l & O re D o c k C o .—
5 % 1st M . ca lla b le a t 105____ J a n . 1 1936
1,7 5 0 ,0 0 0
2 ,0 0 0 ,0 0 0

(?)

*♦
i « o o 52,\2«3w » h ^ IT ^ o t «r;r
i9tlI S n ^ n l 0li ? ™ Ilf uS <Jerly1n* Issues. Viz.: C a n . N o r . D iv is io n 4s o f 189 9, d u e F e b . 1 1929, $ 1 ,1 3 7 ,3 4 0 : M a n it o b a & S o u th tstcrn 4s o f 1899, du e F e b . 1 1929, Sj 12,460, G ilb e rt P lains B ra n ch 4 s. o f 1900, d u e N o v . 1 1930, $ 2 ,4 3 3 . y In Jun e 1918 $ 4 ,1 2 5 ,6 6 4 o f this w as in trea su ry .

36: V. 89. p. 1279: V. 90. p. 770. 1424. 1489; V. 93. p. 406: V. 94, p. 1695*
V. 98. p. 1601. (ft) 3% 1st M . debenture stock, guaranteed by Dominion
Government, dated July 29 1903, V. 80. p. 1234; V. 76, p. 1299. (c) Cana­
dian Northern Alberta. V. 90. p. 1295; V. 92, p. 794, 880‘ V 93 p 162­
V. 96. p. 284. id) Debenture stock, guar, by Province o f Saskatchewan
and Province of Alberta, see V. 89. p. 40: V. 8 8 . p. 761. 1497 1619-V 91
p. 1322; V. 91 p. 1316; V 97 p. 1582; V 98 p 761. (e) Canadian North:
ern Western Ry. 1st M . 4 4 % , guar. prin. & int., by Province o f Alberta
V. 93. p. 1724; V. 97, p. 1583; V. 98, p. 610, 838, 1155; V. 108 p 479
(e) 1st M . consol, deb. 4s o f 1904, V. 78, p. 1274;.V. 79 n 2794- V 80
P- 118: V. 81, p. 1607; V. 82, p . 568. if) Winnipeg Terminal 4 s.’ v ! 89!
p. 665, 1480. See also caption of the leading subsidiaries below.
INCOME CHARGE STOCK.— The 5% Income Charge Conv Deb stk
limited to $25,000,000. is red it any time after May 6 1920 and is con­
vertible until Jan. l 1922, at holders' option. Into full-paid common shares
(or £102 17s.) of deb. stock for $500 capital stock, on 30 days' notice.
The interest is payable May 2 and Nov. 2 only to the extent that the net
earnings are sufficient after paying fixed charges. Interest paid in full to
Nov. 1914. No payments In 1915 to Oct. 1919 inclusive. V. 108, p. 1822
LAND G R A N T .— Land sales year 1916-17, 17,654 acres for $314 720
leaving 841,000 acres unsold June 30 1917. V. 107, p. 2183 y 1 0 5 p ’817
1207, 1304: V. 85, p. 1205; V. 76, p. 1083; V. 75. p. 183. 549: V 81 p 263!
Lazard Bros. & Co. announced in London in M ay 1918 that they were
prepared to purchase at 90% 4% First Mtge. Land'Grant bonds of 1909
due July 1 1938. V. 107, p. 2187.
’
5% Land Mortgage debentures. V. 100, p. 393; V. 97, p. 1424
NOTES.— The Canadian Govt, having purchased tho bulk of the capital
stock, funds were provided to take up notes which fell due in 1Q18 and 1919
V. 105, p. 2271; V. 106, p. 188, 2010, 2223, 2336, 2344, 2559, 2755™ . 108.

$500

jfcfiaturity.
Short Term Loans Made by or Through—
Amount
Aug. 12 1921 Series A London 5% loan o f 1918, guar., p. & i ‘
'
by Canadian Govt. (V. 107, p. 180, 2 9 0 )..
’$9 733 333
Aug. 12 1921 Series B Guar. Secured gold notes of 1918, 5%
’
’
guar., p. & i., by Canadian Govt. Authorized
£1,650.000, £100, &c., call 101: int. F. & A .
1 950 400
April 5 1922 Guar. Secured gold notes of 1919. Trustee Lloyds ’
’
Bank, London (V. 108, p. 2122, 1822, 649)
ri 019 800
Feb. 1 1922(Collateral Trust gold 6 % notes of 1919, secured: 5 000 000
Feb. 1 1924 by pledge of $14,286,000 Canadian Northern Ry
4 500 000
((guar.) Gen. Mtge. 4s of 1934. V . 109, p . 3 7 0 , 4761 ’
’
Imperial Rolling Stock Equipment Trusts Series Gold ($500 and *1 non m r h i __
Interest Semi-Annual— All 4 )£s Except Series " I I - 1 " and " L -l” 5s.
Ser. Date. Outst'd'g. Install. Due.
< tU S '£ '
P \o'£
Install. Due.
V . . . 1910
$300,000
$300,000Nov.
£-1
$1,480,000 $210,000 M&S
A-l-1911
556,000
184.000F&A H q} q
c*
t
38.;.,000
55.000 M&S
B-l-1911
300.500
75.000M&S
1
40.000 J&D
D-1.1912
825.000
165,000A&O n la 1.055 000
F 'l'J
105,000 A&O
E -l -1912
630,000
105,000M&Sl . 1916
L920.000
66.000 F&A
Can. No. Rolling Slock Gold $1,000 6% Cerlfs. (Pep xxx) Guar. C N Rv
Series " A ” 1918 (Int. J. & J.) due July 1 annually, 1 9 2 0 ’
’
’
$750,000; 1921-26 incl., $450,000 each and July 1 1927 and
1928, $400,000 oach (V. 107, p. 8 1 ) ......... .............................. * 4 2 5 0 000
Scries II, 1919 (int. J. & J.), due $375,000 J. & J, July 1 1920
Jan. 1 1929 Incl. (V. 108, p. 377)...............................................
7 1 3 5 000
Series C, 1919 (int. M . & N .), due $375,000 M . & N .,N o v . 1 1 9 1 9
to 1929, incl. (V. 108, p. 2021)----------------------------------;_____
7 5 0 0 000
Government purchaso of rolling stock. V. 107, p. 81; V. 109, p. 172. ’
G U A R A N TY .— For first 3 years after road Is opened from Vancouver to
Quebec the Govt.agreed, at the request of the company, to advance all or
any portion of the int. on the $45,000,000 4% deb. issue auth. in 1914 (see
above) and not to enforce the re-payment of same until the principal ma­
tures In 1934, provided the company pays 4% int. on any sum so advanced
(V. 98, p. l608, 1601.) Similar provisions were made respecting the
Dominion guaranty of the bonds on the Canadian Northern Ontario Ry.
between Montreal and Port Arthur, but for 2 years only. V. 105, p. 1304.
LEASED PRO PERTY.— Canadian Northern Coal & Ore Dock C o
1st M. singing fund gold 5s. due Jan. 1 1936 (callable at 105 & int.i.
SI.750.000 outstanding in July 1916. See V. 103, p. 146. 323
REPORT OF COMMISSIONS.— (V. 104, p. 1700).— V 104 p 1800.
1754. 2235; V. 105, p. 1207.
EARN ING S.— 6m os.,(1918--------- Gross, $26,621,400: net, $2,808,600
July 1 to Dec. 31.
(1917______Gross, 21,856,800; net, 3,335.100
12 months ending
11918____ Gross, $42,450,600; net, $3,926 500
June 30.
(1917____Gross.
41,244,700; net. 10,404.400
RE PO RT.— Year ending June 30 1917, V. 107, p. 2183; V. 106, p. 2223.
2336. Grain traffic in 1917, V. 105, p. 1522.
v




June 30 Years—
1916-17.
1915-16.
1914-15.
Average No. of miles operated_________________ 9,396 8,048
7,269
Gross earnings______________________ $43,495,077 $35,476,275 $25,912,106
Maintenance_______________________ 12,027,547
9,995.286
6,846,801
Traffic expenses___________________
712,809
553,076
562,995
Transportation____________________ 16,100,827 13,384,548 10,154,511
General expenses, &c_______________ 2,508,226
2,169,834
1,724,507
Net earnings_____________________$12,145,668 $9,373,530 $6,623,292
Fixed charges Canadian Nor. R y ______________ 7,690,942
$6,533,062 $6,010,421
Fixed charges affiliated companies______________ 5,139,690
3,088,595
2,253,154
Int. on income charge convert, d e b s..
______
.........-(2^)625.009
Interest on demand, &c., loans (n et). 1,777,173
Balance, deficit......... ..................... $2,462,137
$248,127 S2.265.28S
Hon. J. D. Reid, Minister of Railways in 1919 reported: “ The revenue
of the Canadian Northern Ry. for the calendar year 1918 was $49,201,955,
operating expenses $45,639,652, and net earnings $3,562,303. V. 108, p.
1822. Fixed charges on the System for the cal. year 1918 were $17,735,522.
Included in this amount was interest payable to Government amounting ta
$3,900,529. The deficit for the year 1918, after the fixed charges were pro­
vided for, was $14,333,085.
Estimate for year*1919-20 for Canadian National System (not including
Grand Trunk Railway): gross earnings, $94,000,000; working expenses and
fixed charges will amount to $103,946,000, or a loss of $9,946,000. The
Government system’s earnings, it is estimated, will amount to $37,321,485.
and the working expenses $42,812,240, or a total loss on the Intercolonial
and Transcontinental part of the Canadian National system of $5,490,755.
It is estimated that the loss on the Grand Trunk Pacific will be about
$9,000,000, and the loss on the Canadian National Railway system as a
whole, say, roughly, $19,000,000, or a total of $28,000,000. V. 109, p. 172.
DIRECTORS under Canadian Government ownership: D . B. Hanna.
Pres.: A. J. Mitchell. V.-Pres. in charge of finance and accounts, and E R*
Wood, all of Toronto: M ajor Graham A. Bell, Ottawa, Ont.: Robert Hob­
son, Hamilton, Ont.; F. P. Jones and Sir H. Laporte. Montreal; R T . Riley
Winnipeg; C . M . Hamilton, Weyburn, Sask.; Col. Thos. Cantlev New
Glasgow, N. S.; A. P. Barnhill, St. John, N. B.
Secretary is R. P. Ormsby; Assts. to President. R. O. Vaughan and A J
Hills, all of Toronto, Ont.— (V. 108, p. 267, 377, 479, 1721, 1822 2021
2122, 2432; V. 109, p. 172, 370, 476, 774, 887.)
CANADIAN NORTHERN ONTARIO R Y .— Owns: Montreal to Port
Arthur, 1,010.94 miles; Toronto to Capreol, 276.43 miles; Toronto to
Ottawa, 2.50.25 miles: total, 1,537.62 miles. V. 92, p. 162; V. 97, p 1023
Owns modern ore-handling plant at Key Harbor, 80 miles from 'mines'
Respecting securities see Canadian Northern Ry. above and V. 87 n 96*
V. 8 8 , p. 1060; V. 93. p. 1190, 1667; V. 92, p. 1635.)
CANADIAN NORTHERN PACIFIC R Y .— Yellowhead Pass to Van­
couver and Pacific tidewater, about 500 m.; also 15 m ., Victoria Co
Patricia.Bay (in operation). Also under construction a 150-mile line to the
east coast of Vancouver Isl. and a 145-mile line to Vernon, and thence via
Long Lake to Kelowna and to Okanagan Lake. V. 92. p. 1309' V 93 n
526: V. 101, p. 46; V. 103, p. 2078: V. 105, p. 1207. Has trackage rights'between New Westminster and Vancouver, B. C ., 12.67 miles. V 105 n 1207­
V. 93. P. 1461; V. 94. p. 1565; V. 91. p. 37, $3; V. 90. p. 696; V 89 n
1141;J|.v97.oP SO^V.^96. p. 651, 183& V . '97.' p. 297,P 364; V 100.’ p!
5.
CANADIAN NORTHERN QUEBEC R Y .— Owns Montreal to Quebec,
and branches, in all 405.11 miles. See V. 95, p. 1402: V. 97 p. 10->
3.
Capital stock, $9,550,000 common and $3,000,000 statutory stock*
R
UtStnwnivf so'onn'non r f7 t
,5'10,000*, In .iuiy 1917 the Can* North.’
’
Ry. owned $2,000,000 of the company s stock and also 71.9% stock in
Northern Consol. Holding C o.. Ltd., which owns $5,144,600 of 6 . N Que.
W 9
0
' v. 97.C “ 95°llle<1' $7' 1'11'000' or ™ -7% - V- 95. p 1471:
p
SECURITIES. Regarding 4% perpetual debenture stock, seeCanadiaa
Northern Ry. above and V. 84. p. 968: V. 84, p. 693. 748.
There are $3,505,750 4% bonds of the Great Nor. Ry. of Canada, guar,
as to prin. and int. by Canadian Nor. Ry.; Central Trust Co. of N. Y .
Office, Toronto. Ont.— (V. 96, p. 201; V. 97. p. 950; V. 107. p. 2187.)
CANADIAN PACIFIC R Y .— (See Maps).— Owns a trans-continental
railway from Montreal to the Pacific Ocean, made up as followsDec 31 1918:
Montreal to Vancouver_______ 2,895 Operated account of owners_
_ 384
Branches and auxiliaries______ 5,461
Also controlled but oper. sep.—
Leased lines__________________ 4,939 aMinn. St. P. & Sault Ste. M --4.228
Used Jointly________________ '*
9 4 aDuluth South Shore & Atlantio 628
aSee each oomDany’s statement.
Total in trafflo returns.........13.389 Steamships, see V. 108. p. 1280.
The 5 mile tunnel through the Selkirk M ts. was put in use In Dec 1916.
HISTORY, ETC.— Incorporated Feb. 17 1881 under charter from Do­
minion of Canada, receiving *25,000,000 In cash as a subsidy; also 25,000.­
0 0 0 acres o f land, all to be fit for settlement.




Nov., 1919.] *g Z S S T *

Par
Miles Date
Road Bonds ■ Value

RAILROAD COMPANIES
(For abbreviations. A c., see notes on first page]
C anadian N orthern Ontario] See Canadian
Canadian N orthern P acific] Northern Ry.
C an adian N orthern Q uebec) above
Canadian Pacific— StooU J335.000.000 authorized____
Preferred stock limited to 4% non-oumulatlve____r
First mortgage on Algoma Br g -----------------------o*<5cr
Oonsol perpetual debenture stook___________
Note Certificates special Investment fund red p a r..
Vic Roll Stk&RealtyOo eq tr serT$470,000saPeP.c*
Securities of Principal Leased, A c., Lines.
Ontario & Quebec stook guaranteed In perpetuity..
New Brunswlok Ry 1st M g
Perpetual oonsol debentu
New Brunswick So 1st M .

ISO

--215
346.
58
_
_
678
191
174

do
do
do
do

$ 1 ,0 0 0
£ 1 0 0 &o

$2,544,000
£1,330,000
£50 &o
£ 2 0 0 ,0 0 0
$ 1 0 0 $ 2 ,0 0 0 ,0 0 0
£ 1 £4.007,381
£100
£719,000
£100
£600,000
£1
£904.533
$.5nn n a p

$ 1 ,0 0 0
1 .0 0 0

2,203,662




5g
5 g
(6 ) 4
6
6

4g
5g
4

4
4
4
5
4

2
2

1902
1908
256 1909
131.89 1917
1917
1910
1912
1913
. . . 1914
1917
1917
•8
256

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

. 1 .0 0 0

76,717,965 129.481,885
30.874,766 49,225.920
5,132,551 10,306,196
2 0 0 ,0 0 0
125.000
1.144.071
1,923,289
18,200,000
3,227,277

9,100,000
1.613,638

18,200,000
3.227,277

12,420,916

13,684,505

15,444,159

195.000
13,950.000
2 .0 0 0 .0 0 0
6 .0 0 0 ,0 0 0
450,000
50.000
300.000
50.000
130.000
570.000
630.000

Dec 311919 244
& O Oct 1 1919 2%
& J July 1 1937
& J Irredeemable
tr, 8 Mar 2 1924-----A J Jan/20-July ’28

Bond & 64 Wall St. N Y
Company’s Office, Bond
Baring Bros & Co, Bond
Company’ s Office. Bond
Royal Tr C o. Montreal

J & r> June 1 1934
J & j Jan 1 1937
J & D15 See text
J
& n Dec 1919 3%
J & n Irredeemable
& j July 26 2882
J
F & A Aug 11934
&
j Irredeemable
J
T Ar
TJan 1 1033
J 3 & j 2002
J & j 1955
J & j July 1 2002
J & J15 July 15 1919 244

Bondon & 64 Wall St N Y
Baring Bros & Co, Bond
Can Pac offloe, Bondon
Montreal and Bondon
Morton, Rose, Bondon
Toronto and Bondon
Bondon
do
Guaranty Trust C o, N Y
Can Pao Offloe, Bondon
Can Pac Offloe, Montreal
Bk of Montreal. Toronto

Q— J
A

J
«
T
M
J

A
-

K

j

5 g

A

A J15

Jan
Jan

1 1Qft3
1 19fl3

Jan 1 1933
June 1 1938
July 1 1920
& A Jan 1 1920

J

• g
5

.1

r g
>
6

6C
5
5
5
5
5

z
g
g
B
g

27

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

1959
500 &c
$250,000
444 g F & A Aug 1 1929
32 1911 See text
455.832
4 44 M & N July 1 1961
At la n t lo — See *ta tements of those c o mpanle*

Revenues

Balance, surplus_____

£1,121,700
$1,040,000
500,000
£694,850

6 0 4 ,8 8 7
3 3 8 ’ nfih
3 3 6 ‘ .5nn

Rate advance with special tax in 1918, V. 106, p. 1229.
Full financial resume by Chairman in M ay 1918 with statement as to
company's S253.000.000 o f outside assets was in V. 106. p. 1906. Kaslo
& Slocan R y. loaso and bonds, see V. 107, p. 2097,
STOCK.— The Issue o f preferred must never exceed one-half the common •
COM MON DIVS— ] ’03. ’04-'06. ’07-’09. ’ 10. ’ l l . ’ 12 to Dec311919.
RR. earnings since 1902] 5H 6 yrly. 6 yrly. 644 7 7 yrly 1214% quar.
2 H 3 y rly |
Band sales, lnt., &c____J — ---------- 1 yrly. 1
BONDS, DEBENTURE STOOK. GU ARAN TEED BONDS, &c.—
List of securities owned Dec. 3l 1918, V. 108, p. 1282. .
In June 1917 made a loan o f $10,000,000 to the Imperial Munitions
Board to assist In meeting financial requirements for the purchase o f muni­
tions In Canada during the next year. V. 104, p. 2552.
In 1918 subscribed for $10,000,000 Victory Loan bonds. V. 106, p. 1241.
Late In 1916 $40,000,000 4% Consolidated debenture stock over and
abovo the $176,284,882 (£35,611,124) then listed on the London Stock Ex­
change, was Issued and loaned to the Imperial Treasury for a maximum
period o f five yoars, at a premium o f 44% per annum, over the Interest
payable on the stock. Provision Is made In the agreement for the sale to
the British Treasury o f this stock In annual Installments, should the com­
pany require money for any or Its purposes In Groat Britain, and the
Treasury reserves the right to purchase all or any o f the stock during the
five years at 80% o f face value. V. 104, p. 1604, 1388: V. 106, p. 1241.
The balance sheet o f Dec. 31 1918 still showed $216,284,882 Consol, deben­
ture stock. Including $40,000,000 loaned to Imperial Govt, and $176,284.­
882 In hands o f public. V. 108, p. 1280.
In June 1890 company guaranteed the principal and Interest ot $20,000,000
4% bonds Issued by the Dul. So. Sh. & Atl.: also 4% int. on Consolidated
bonds o f the Minn. St. P. & S. Ste. M ., and In 1899 interest on the 2d M .
4s o f the latter. Owns Dul. So. Sh. < Atl. consols, $15,107,000, etc.
&
St. Lawrence A Ottawa bonds are endorsed with the Canadian Paclflo’ s ac­
ceptance of a 9 9 9 -year lease at a rental sufficient to pay 4 % lnt. on bonds,
and the bondholders’ agreement to aoccpt lnt. at 4% (Instead of 6 %) and to
refrain from demanding principal (due 1910) during lease. V. 90, p. 1361.
The N
ew Brunsw
ick Railway consolidated debenture stook has Interest
guaranteed by Canadian Paclflo; Interest on the 1st mtge. bonds, though
not guaranteed. Is paid out of rental under 999-year lease of 1890.
The Calgary A Edmonton Ry. debenture stook Is guaranteed Interest at
4% under new lease of 1903. V. 76, p. 435: V. 77. p. 636.
The Lindsay Bobcaygeon A Pontypool Ry. bonds are Issued under a 99year lease oovcrlng the Interest. V. 77, p. 1225: V. 79, p. 2085.
The First & Ref. M . 444 s of the Aroostook Vy. (electric) R R . are issuable
at rate or $25,000 per milo. Denom. £100 or $500. Sink, fund, 44 of 1%
yearly of issued and outstanding bonds from Fob. 1 1916-20. 1% there­
after. Call, for s. f. at 105. V. 89. p. 846: V. 90, p. 107; V. 92, p° 259.
Kettle Valley Ry.— See V. 108, p. 1721, 1282.
v
Victoria Rolling Stock & Realty444% V .99. p. 1672, 543: V.lO O .p. 139
SPECIAL IN VESTM ENT l-UND NOTE C E R TIF IC A TE S.— On
Dec. 8 1913 a trust fund was created known as "T h e Special Investment
Funds", made up o f deferred payments on land sales and securities In which
the cash proceeds o f land sales are Invested, to the aggregate o f $55,000,000:
Royal Trust Co. o f Montreal, trustee. Stockholders were offered the
right to subscribe pro rata for $52,000,000 6 % note certificates at 80. The
certificates are payable at their face valuo on or before Mar. 2 1924. but
may be redeemed by drawings at any time. V. 97. p. 1732 1897- V. 99
p. 544: V. 103, p. 937. Compare V. 106, p. 1242, 1243.
LANDS.— Lands unsold Doc. 31 1918 were 176.270 acres in Manitoba
(book value $1,762,700), 1,568,817 acres In Saskatchewan (book value
$20,394,621), 2,770,018 In Alberta (book valuo $16,970,116) (of which
430,926, book value $16,561,920, are irrigated), 1,055,891 (book value
$4,934,235) In British Columbia, and 46,933 acres o f coal land °n British
Columbia, &c. Total o f all lands owned Dec. 31 1918. 6 395 827 acres.
Sec V. 103, p. 851. Total sales of agricultural for cal. year 1918. 842.191
acres for $15,375,996. Book value o f unsold lands and other inactive
assets Doc. 31 1918, $105,109,626, against $112,373,924 Dec 31 1917
V. 108, p. 1916, 1280.
8 UB. COS.— Dominion Atlantic R y.. Yarmouth to Truro, with branches,
total 247 miles, with 45 miles trackage to Halifax, is leased for 999 year*
from 1912. V. 91, p. 728: V. 90, p. 1490. 1424: V . 9 l p . 1401; V . 94] p 278.
Alberta Ry. & Irrigation C o., see V. 92, p. 955: V. 93, p. 5 9 3 - v . 94, p.
1316: V. 95. p. 617. Quebec Central R y ., soe V. 93, p. 667, llQO: V. 94.
p. 1625: V. 96, p. 361, 715.
’
EARNINGS.— 9 inos.,/1919--Gross, $124,239,974; net (aft.$23,053,269
Jan. 1 to Sept. 30
\1918--Gross,’ 111,080,975: taxes), 23,207,068
RE PO RT.— Fiscal year now ends Dec. 31. Annual meeting Is held at
Montreal on the first Wednesday in M ay. Report for year 1918 in V. 108,
p. 1157, 1266, 1280. President’s statement at annual meeting, V. 108, p.
1935.
*
------ ---Year ending —
6 Mos. end.
Year end.
Dec. 31 18. Dec. 31 17. Dec. 31 16. June 30 ’16.
Milos o p e r a t e d ....____
13,772
13.388
12,989
12,994
$
(1)
—
$
&
Passenger....................... 30,837,254 30,238,986 15,988.424 24.960,652
Freight.............................110,187,288 103,635,795 51,945.292 89,654.405
Mail, express, &c______ 16,513,156 18,514,554
8.784.249 15,136.828
Total earnings______157,537,698
Net earnings__________ 34,502,388
Fixed charges___________10,177,513
Pension fund_ _______
_
500,000
To special income acc’t .
193,977
Com. dlvs. 7% p.a.(with
3% p. a. from special
____ _
Income— below )_____ 18,200,000
Pref. dlvs. (4% p. a . ) . . 3,227,276

RatilH When
Payable
%

444 B

1884
1887
1876
___
___
1883
1884
1890

1890
52 1905
39 1903

0 &

1st M $15,000,000 red 110................. - ..............F.xo
Mortgage gold notes $5,000,000 red par ext Eq.xo
Elkhom IstM g notes (Call at par) extended..Nyi
Promissory notes for Black M t Ry securities_____

Amount
Outstanding

$ 1 0 0 260,000,000 10 In ’ 19
$ 1 0 0 80.681,921
4
1888 £ 1 0 0 &o $3,650,000
5g
1889 £ Set
See text
4
1914
$ 2 0 . &c 52.000.000
6
1915
$1 ,0 0 0
8.460,000

81

Quebec Central stock dividend guaranteed______
1st M deb stk lnt gu red 110 after 20 yrs---------2d M deb stock prln and lnt guar-------------------3d M bonds prln and lnt guaranteed----------------Aroos Val (El) RR 1st M g red 105 lnt g u a r -------First & Ref M SI.700,000 call 105 int guar.B a.xc’

do
do
do
do

APrlvate
Control.

RAILWAY STOCKS AND BONDS

&
&
&

J
F

,T
n
j

N Y and Augusta, M e
Bankers Trust Co, N Y
Wash (D C) Loan&Tr Co
Blair & C o, New York
do
do
do
do

Blair & Co, New York
* J J a n .1920
do
do
A A F e b . '20-Aug '2 2
do
& J Jan '20-July '20
do
do
do
A & O A p r '20-Oct' 2 4
do
do
J & J Jan '20-Jan '27
A & O Apr.’20-Apr. '27 Commercial Tr Co, Phlla
1
F
J

(2) Other Income—
Earns, ocean SS., & c . . .
Int., dlvs., & c.,rec’d —.
T o ta l...........................
Dividends (3 % p. a . ) . . .

--------- Year ending----------36 mos. end.
Year end.
Dec. 31 '18. Dec. 31 ’ 17. Dec. 31 ’ 16. June 30 '16.
$
$
$
$
1,214,869 3,724,720
2,546,249
3,583,292
6,913,882 6,988,580
3.869,103
6,357,663
8,128,751 10,713.300
7,800,000 7,800.000

6,415,352
3,900,000

9,940,955
7,800,000

Balance.......................
328,751
2.913,300
2,515,352
2,140.955
Total special In com e...
14,164,501 13,835,751 10,922,451 8,407,099
OFFICERS.— Chairman. Lord Shaughnessy, K. C . V. O.; Pres., E. W .
Beatty: Vice-Presidents, I. G. Ogden, W . R . Macinnes, Anthony D .
Mactier, E. W. Beatty, K .C ., and Grant Hall, Montreal; D . C. Coleman,
Winnipeg: Sec., Ernest Alexander; Treas., H. E. Suckling; Compt., J.
Leslie. Head office, Montreal.
D IR E C TO RS.— Richard B. Angus,Sir Herbert S. Holt, Chas. R . Hosmer
Hon. Fred. L. Beique, K .C ., Lord Shaughnessy, K .C .V .O ., Col. Frank
S. Meighen, John K. L. Ross, Edward W . Beatty. K .C ., Sir Vincent
Meredith and Grant Hall, Montreal, Can.; Hon. William J. Shaughnessy,
Victoria, B. C.; Sir Edmund B. Osier, Toronto; Sir Thomas Skinner,
London, Eng.; Sir A . M . Nanton, Winnipeg.— (V. 108, p. 1935, 2240, 2527.;
★ CAROLINA CL1NCHF1ELD & OHIO RY.— (See M ap.)— Owns from
KIkhorn City. K y.. to Spartanburg. S. O.. 277 m.; branch, Kiser, Va., to
Laurel Jet., Va., 6 m.; trackage, Kiser to St. Paul, Va.. 8 m.: total, 291 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 Glinchfield Coal Cor­
poration.
See V. 101, p. 2070; V. 102, p. 611; V. 94. p. 1448; V. 97.
. 1661; V. 98, p. 1692: V. 100. p. 900; V. 104, p. 75, 365. Connects at
ostlc, N . O.. with Seaboard Air Line R y ., with which close relations are
maintained and tidewater is reached. V. 8 8 , p. 944; V. 87. p. 670. See
report o f expert. V. 102, p. 2076.
In Feb. 19l0 aranged with Southern R y. to send coal to Charleston,
S. C .. for export, &c. V 90, p. 558; V. 95, p. 359.
STOCK.— Authorized, $50,000,000, of which $25,000,000 is 6 % pref. and
$25,000,000 com.; outstanding, $25,000,000 com. and Sll,5O0,OOO pref.,
of which $1,500,000 has been owned by Holston Corp., a subsidiary of the
railway. A further $2,000,000 pref. was deposited with trustee of mortgage
gold notes to provide for conversion of notes. V. 94, p. 1625: V. 103,
p. 1980. Dividends on pref., 3% semi-annually March i913 to Sept. 1914,
inclusive. None since to Nov. 1919. In Nov. 1919 the amount of pref.
stock listed on N. Y . Stock Exchange was $9,973,900.
BONDS, E TC.— First mtge. of 1908, V. 8 6 , p. 667, 856; V. 8 8 , p. 944.
The $2,000,000 1st M . 5% notes, due July 1 1919, were extended at 6 %
int. till July 1 1920. The extension agreement allows the company to in­
crease the outstanding amount from $2,000,000 to $5,000,000 (the original
issue) at any time such increase should be found desirable. This total
issue of notes has the right of conversion into pref. stock $ for $. V. 109,
p. 1179; V. 89, p. 285. The S6 ,000,000 Elkhorn Extension 5-yr. 1st mtge.
5% notes were sold to refund $5,500,000 maturing notes (issued to
construct Dante to Elkhorn) and for other purposes. No additional mort­
gage Is permitted while these notes are outstanding. V. 104, p. 1044; V.
106, p. 2219. Car trusts of 1917, V. 104, p. 2235. On M ay 18 1917 for
purchase of $475,000 First Mtge. 5% gold bonds, $50,000 6 % Convertible
First Income debentures and $250,000 6 % Second Income debentures of
Black Mountain R y. Co. (Kona, N . C ., to Eskota, 24 m .; in 1918 built
2.30 miles in Nor. Caro.)gave $475,000 6 % promissory notes dated M ay 15
1917, reissuable from time to time with a final maturity date not later than
Jan. 1 1920. An option to purchase the entire $50,000 capital stock was
also obtained. V. 106, p. 2219.
"ST A N D A R D R E TU R N ,” &c.— See page 5.
The guaranteed securities (see V. 103.p. 1588) included $1,500,000 Holston
Corporation notes (callable at par and convertible $ for $ into Car. Cl. & O.
pref. stock.— See stock above.
E A R N IN G S .— 8 mos., 11919.............. Gross, $3,819,365; net, $913,709
Jan. 1 to Aug. 31.
11918------------ Gross, 2,965,102; net, 723,434
REPO RT.— Year ended Dec. 31 1917, see V. 106, p. 2219. For calyear as reported by company on company basis disregarding Federa
compensation.
— Years end. Dec. 31— — Years end. June 30—
1918.
1917.
-----*
1916.
1915.
Coal carried, tons__
__
--2,966,917
2,547,222
1,962,315
1,550,249
Total operating revenue.-$5,022]077 $4]285]390 $3,101,444 $2,260,776
Net after taxes.................$1,019,598 $1,608,203 $1,405,356
S904.200
Hire of equipment, &c—
101,158
623,721
409,822
232,573

6

Total income-------------- $1,120,756 $2,231,924
Int. on funded debt------- $1,107,268 $1,122,861
Int. on equipment trust.
124,729
152 984
Misc. interest and ren ts..
123,319
56’ 284

$1,815,178
$1,067,986
123,967
62,986

$1,136,773
$785,000
142,671
61,296

Coapman, Washington, D. C.— (V. 107, p. 290, 1384; V. 109, p. 1179.)
★ CAROLINA & NORTHWESTERN R Y O w n s standard-gauge roadChester, 8 . C ., to Edgemont, N . C ., 13344 miles. V. 107, p. 502. The
Albomarlo Steam Navigation Co. was acquired in Sept. 1918.
Stock auth., $1,000,000 each of com. and 4% non-cum. pref.; outstand­
ing, $854,250 com. and $550,000 pref. stock. Of the irst 5s due 953,
$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. Year 1915-16, gross,
$461,626; net, $123,701; other Income, $248; Interest, taxes, &c., $i67,707;
bal., def., $43,844. Year 1917, gross, $-171,228: net, after taxes. $135,466.
Pres., W . A. Barber; Treas., F. S. Wynn, N. Y .; Fed. M gr., E. H
Coapman, Washington, D. C.— (V. 105, p. 605; V. 107, p . 500, 1099.

38

★ Control.
Government

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, <te., see notes on first page]

Miles Date
Road Bonds

C arolina C llnchfield & O hio (Concluded)—
Bonds Guaranteed. Prin. and Int., by Endorsem’t—
Holston Corp Realty & Coll Tr Co convert notes
_______ Ce.c*&r*
Carolina & Northwestern— 1st M $2,500,000g o ld ..(ix
Caldwell* Northern 1st M ______________________ x
35
Carolina & Yadkin Riv— 1st M g red 105 s f.E q .x c*
C arthage & Adir and Carthage Water & Sack Har — See
32
Catasauqua & Fogeisville— First M gold— PeP.xo*
Catawissa— Pref stock 5% guar P & R Ry (see text)
First consol mortgage $2,215,000 gold___ PeP.xo*
34
Cayuga & Susquehanna— Stock 9% rental D L & W .
Cedar Rapids Iowa Falla & Northwestern— See Chlca go Ro
Central Argentine Ry— Conv gold notes calI(text)Q
Central Arkansas & Eastern—See St Louis Southwest ern
Central o f Georgia Ry— Common stock____________
Ten-year Secured bonds call after June 1 1924-.xxx
1st M $7,000,000 g o ld .- ___________ ..U .x o '& r

312

Par
Value

Rate
%

When
Last Dividend
Payable and Maturity

call at
convert
1916
$ 1 ,0 0 0 $1,500,000 par5 g A
1903
1 .0 0 0
1,700,000
5g J
1907
1 .0 0 0
J
543,000
5
1912
100 See 1 ,0 0 0 .0 0 0
J
6 g
N Y C & Hud R Iver It R.
1898
1 ,0 0 0
135.000
4g J
50 3.200,000
M
6
1898
1 ,0 0 0
2,215.000
4g A
30
589.110 9% in ’ 19 J
ck Is la nd & Pac ific Ry
1917
1 ,0 0 0
15.000.
000 6 g F
6 .0 0 0 ,0 0 0

1919
1895
1919
1895
1895
1895
1901
1896
1897
1901
1897
1905
1905
1895
1895
1895
1887
1916

Consolidated mortgage $ 18.500,000 gold. . Ba x o* &r 1,493
Mobile Dlv 1st M (Columbus to Andalusia' g.-Q .xo*
138
102
Macon & North Dlv 1st M $840,000 gold-.M Ba.xo*
Ocon Dlv 1st M Brewton to Dover $6 , 0 0 0 pm .G .xo*
77
21
Katonton Branoh first mtge not guaranteed gold.x
Mid Ga & Atl Dlv 1st (consol) M $9,000 p m .-Q .xo*
65
Chattanooga Dlv puroh money M $2,400,000gQ.xo*
164
138
Chattanooga Rome & So 1st M $500,000 gUnjro*
Upper Cahaba 1st M g due $15,000 s-e call 102 )4 -Nx
12
Greenv & New 1st M g due $15,000 9-a call 102)4Nx
24
1st pref Incomes) Interest up to 5% f_________ Alpz
2d
do
do ) gold If earned ^_________ Cez
3d
do
do j non-cumulatlve l _________ Baz
Central R R & B it coll tr bonds g red at 110___Ce.o*
Equip trust series L $50,000 semi-annually_______
Guaranteed, &c.—
_
_ 1890
Ocean SS Co first mortgage gold guaranteed.Ce.zo*
53 ____
Augusta & Savannah stock (no bonded debt)--------333
Southwestern Railroad stook (no bonded debt)-----Chattahoochee & Gulf stook______________________
91 1900
First M gold $2,000,000 int rental sf red at 102 Xx

1 .0 0 0

15.000.
8 .0 0 0 .0 0 0
7,000.000

18.498.000
1 , 0 0 0 .0 0 0
840.000
462.000
500
168.000
1 ,0 0 0
413,000
1 .0 0 0
2,057.000
1 ,0 0 0
343.000
1 .0 0 0
195.000
1 ,0 0 0
195,000
1 ,0 0 0
136.500
1 ,0 0 0
104.350
1 ,0 0 0
47.500
1 ,0 0 0
4,840,000
1 ,0 0 0
650,000
1 ,0 0 0
1 ,0 0 0
1 .0 0 0
1 .0 0 0

1 .0 0 0
100
100
100
1 .0 0 0

A CAROLINA & YADKIN RIVER R R .— Owns High Point via Thomasvllle and Denton to High Rock. N . C .. 35 miles. Freight Is switched elec­
trically to the main line.
„ „ „
Coupons due Jime 1 1917 remain unpaid. On June 8 1917 W . N.
Coler & Co. o f N . Y ., who had financed the enterprise and then owned
some $250,000 bonds and $1,800,000 stock, made an assignment to Arthur
D . Hammond o f Brooklyn.
, .
Bondholders’ committee: Alvin W . Krech, Chairman; Samuel Armstrong.
Sec.; Equitable Trust C o., depositary. Reorg. proposed, it is hoped
without foreclosure. V. 104, p. 2451: V. 105. p. 2542.
Stock authorized, common. $3,000,000: pref., 5% non-cum., $1,000,000;
outstanding, common, .$1,540,000, and pref , $300,000; par $100 Loans
and bills payable. Dec 31 1916. $191,976
EARN ING S.— For year ending Dec. 31 1916. gross, $107,869; net. $24.­
031; other income, $157; rentals, taxes, &c., $25,037; int. on bonds, $63,790:
bai., def., $64,639. Pres., Alvin W. Krech, N. Y .: Sec. & Treas.. L. H.
Hole Jr. Office, High Point N. C. N. Y . ofrice, 43 Cedar St., N. Y .—
(V. 104. p. 2451: V. 105. p. 2542.)
★ CATASAUOUA & FOQELSVILLE RP — Catasauqua, Pa., to RlttenhouseGap. Pa.. 19 67 m .. and branches, 31.76 miles. Stock. $426,900 (par
$25); $254,300 is owned by Reading Co. Divs. paid in 1904-05, 7% ; In
1905-06, 8 % ; in 1906-07, 8 % ; 1908-09, 8 % ; 1909-10, 10%; 1910-11, 10%;
1911-12, 10%: 1912-13, 10%; 1913-14, 10%; 1914-15, 20% : 1915-16, 15%.
1916-17 (?); 1917-18, 30% . For cal. year 1918, gross, $475,200; net, after
taxes, $216,978. In 1917, gross. $325,181: net, after taxes, $125,768.
Fed. Manager, C. H. Ewing.— (V. 81, p. 149.)
★ CATAWISSA RR.— Owns from Tamanend, Pa., to Newberry Jot., Pa..
104.05 miles; second traok, 40.07 miles; total, 222.20 miles. Re-leased
Deo. 1 1896 for 999 years to Philadelphia S Reading Railway. Rental.
c
Int. on bonds, 5 % divs. on pref. stock, all taxes and $8 ,0 0 0 for org. exp.
See also V. 63. p. 969, 1116. In Nov. 1917 paid the dividend of 2)4%
on the pref. stocks less 5 cents per share for war income tax; May 1918 paid
2)4 % on pref. stock. In N ov. 1918 the dividend o f 2 )4 % on the preferred
stock was paid less 12 cents per share for war income tax. In May 1919
paid 2 )4 % on the preferred stock less 13 cents per share for war income tax.
In N ov. 1919 paid 2)4% less 10 cents per share for war income tax. Of
the pref. stocks, $1,000,000 is 2d prof. Common $1,159,500; par, $50.
Reading Co. owns $732,800 common.— (V. 96, p. 1421.)
A C A T S K IL L MOUNTAIN RR. C O R P — Narrow gauge; road from Catsklll to Palenville, N. Y ., 15.75 miles; from Otis Jet. to Otis Summit (cable
road). 1.08 miles; from Otis Summit to Tannersville. 5.25 miles, gauge 3 ft.
In April 1919 operation had been discontinued.
★ CAYUGA & SUSQUEHANNA RR.— Owns from Susquehanna River to
Ithaca, N. Y ., 34 m. Leased during length of charter and renewals thereof
to the Delaware Lack. A Western at a rental of $54,600 a yearb2lrt
are 9% yly., with an occasional extra: 1904 9)4 % was paid. V. 106, p. 497.
CENTRAL ARGENTINE R Y .. LTD .— R O A D — Extends from
Buenos Ayres, a city with a population o f about 1,800,000, through
the city o f Rosario, to Cordoba, Santa Fe and Tucuman. Comprises 3,305
miles o f track (all except 2 0 2 miles is owned in fee: and partly double-tracked).
Increase in rates 22% , from Nov. 20 1917. V. 105. p. 1998.
O R G A N IZA T IO N .— Originally organized In 1863. Operates under a
perpetual concession and an amended law contract running until 1947,
entitling it, without, restriction, to charge such rates, pavable in gold equiva­
lent, as will net 6.80% on the capital investment recognized by the Argen­
tine Government, now amounting to over $250,000,000. In lieu of taxes.
3% of the net receipts go to the Government.
Outstanding Capitalization tat $4 8 6 to £) June 30 1919
Cent.D eb.3)4% stk.( 150m) £92,750!5-year 6 % notes (n e w )..
£500,000
4)4% West. Ann.(202 m.) 2.017.50614)4 % "on-cum. pref. stk. £9,690,718
4% Deb. stk. (gen’l chg.). 13,455,0771Consol, ordinary sto ck .. 28,186.950
10-year 6 % notes (n ew )._ 3,092,7831Deferred stock................
811.800
The Consol. Ordinary stock is entitled to non-cum. 5% dividends before
the deferred stock receives any dividends and shares equally with the de­
ferred stock in the distribution o f earnings after the latter has recoived 5% .
Offered in March 1917. V. 104, p. 256, 1044, 1144; V. 105. p. 1998.
CON VERTIBLE NOTES.— These have Interest payable without de­
duction for any taxes imposed by Great Britain or the Argentine Republic.
Denom. $1,000. I’rin. and int. payable In N .Y . in U. S. gold at office of
J. P. Morgan & C o.; in London at London County & Westminster Bank at
$4 85 per £1 sterling. The entire issue, but no part, may be redeemed
at 102 and Int. on and after Feb. 1 1922 upon six months notice.
They are convertible at option o f holder any time after Jan. 31 1918
prior to redemption Into ordinary shares of £10 each, at par, $4 85 per £1.
EARN ING S.— For fiscal year ending June 30 1919.
1915-16.
June 30 Years—
1918-19.
1917-18.
1916-17.
£5,737.000
Gross earnings-------------- £6,925,798 £6,184,089 £5,246,000
Net in com e------- ------------£1,330,586 £1,860,996 £1,882,000 £2,260,000
800,000
Interest, &c------- --------836,724
833,044
1,078,000
436,000
436,000
Pref. stock (4 )4 % )_____
436,000
436,000
(1)282.000(4)1,128,000
Ordinary stock.............(2%)564,047 (2)564,047
________ __

„P 'VS-

Balance, sur. or d e f..s u r .£49,746 sur.£27,905 sur.£86,000d ef.£104,000
Chairman, Sir Joseph W . Todd, Bart.— (V. 105, p. 2542.)
★ CENTRAL OF GEORGIA R Y .— Operated Jan. 1 1919, 1 ,9 1 8 miles:
Lines owned in fee—
Miles. Chlokamauga to Durham_____
18
18
Savannah to Atlanta-------------- 295 Savannah to Tybee___________
138
Gordon to Covington------- -—
82 Columbus to Andalusia_______ 102
Columbus to Birmingham, A la. loG Macon Junction to Athens____
Dover...............
77
Columbus to Amerlcus------------62 Brewton to to Thomaston.........
Barnesvllle
16
Montgomery to Eufaula. A la ..
80 Lyerly Branch________________
4
Columbus to Greenville. Ga-----49 Upper Cahaba Branch________
12
Opelika to Roanoke__________
36 Greenville to Raymond_______
24
Eufaula to Ozark_____________
60
Total owned . . . . . . . . . . . . . . 1 . 4 2 7
Griffin, Ga.. to Chat. Tenn..&o. 198




Amgunt
Outstanding

1 ,0 0 0 ,0 0 0
1,022,900
5,191.100
436.400
207.000

APrivate
Control.

into
&
&
&
&

Ry p r f
O Apr e1 1926
J July 1 1953
n Juae 1 1957
D Jan 1 1962

J
J
J
J
J

o l

. 109.

Places Where Interest and
Dividends are Payable

Central Un Tr C o. N Y
Checks mailed
do
do
June 1917 coups unpaid

& J July 1 1928
& N See text
& O Apr 1 1948
* J July 1919 4 H

Reading Terminal,
Company’s Office,
Reading Terminal,
30 Pine Street New

& A Feb 1 1927

NYJPMorgan&Co.&Lon

5 In 1918 semi-ann June 30 ’ 19 2)4
See text
000
June 30 ’ 19 3%
J & D June 1 1929
6 g
ft g F & A Nov 1 1945
Apr 11959
6 g
M 4 N Nov 11945
5 g J & J Jan 1 1946
5 g J & J Jan 1 1946
5 g J & n Deo 1 1945
5 g J 4 r>•June 1 1926
5 out J 4 j Jan 1 1947
4 g J 4 n June 1 1951
5 g X 4 j July 1 1947
4 g F * A Fob ’20-Aug ’25
4 g M 4 S Mar ’20-Sept ’25
5
Oot 1 Nov 1 1945
Oot 1 Nov 1 1945
5
ft
Oot 1 Nov 1 1945
5 g M & N May 1 1937
4)4 J & J Jan "20-Jan ’26
5g
5
5
5
5g

[V

4
4
4
4
&

J July
J July
J July
J July
J July

Lines leased (see these oos.) Miles
Southwestern R R .—
Macon to Eufaula__________ 144
Fort Valley to Perry________
13
Fort Valley to Columbus____
71
Smithvllle to Columbia_____
8S
Cuthbert to Fort Gaines____
20
Augusta & Savannah R R .—
Mlllen to Augusta__________
63

1 1920
1919 2)4%
1919 2)4%
1919 2)4%
2 1930

Phlla
Phlla
Phil*
York

New York
Co’s of 32 Lib rty St N Y
Guaranty Trust Co N
do
do
do
do
do
do
do
do
Savannah, Ga
Guaranty Trust Co, N A
do
do
Union Trust Co, New Y >
*
Guaranty Trust Co. N Y
do
do
Guar Tr Co.N Y or Savan
do
do
do
do
Guaranty Trust Co, N Y
Commercial Tr C o, Phlla
Guaranty Trust Co, N Y
Savannah, Ga
Savannah and Macon
Savannah, Ga
Citizens’ Bk.Savannah.Ga

Chattahooohee & Gulf R R .—
Columbia to Lockhart--------T rackage____________________

91
15

Total oper. Jan. 1 1919------- 1,918
Also owns Medrim to Lyons, 6 8 m.
(leased to Seaboard Air Line).
Ocean SS. Co., est. equiv. o f____300
Controls Wrlghtsville & Tennllle and
Wadley Southern R y., Sylvani*
Central and Louisv. & Wadley R R .
ORGANIZATION.—Succeeded Nov. 1 1895 the Central RR fc Banking
Co. of Georgia, foreclosed. V. 60. p. 1008: V. 61. p. 6 8 . Ocean SS. C o..
V . 102, p. 344.
In June 1909 the $5,000,000 stock was aoqulred by the Illinois Centrra)
but the road is operated Independently. V. 8 8 . p. 1559: V. 84. p. 1550;
V. 85. p. 1082, 1268; V. 8 6 , p. 667. On June 3 1912 $15,000,000 pref.
stock was issued to retire the Income bonds acquired by 111. Cent. ($14,461,­
000). remaining $539,000 as presented; V. 94, p. 1316. 1565: V. 95, p. 1037.
Federal Compensation.— $3,444,159 yearly during Federal control (con­
tract executed). V. 108, p. 1060.
DIVIDENDS.— On common stock, 1913 to Juno 30 1919, 5% per ann.
Pref., 6 % p. a. since June 1913. V. 108, p. 2240.
BONDS.—The first mortgage of 1895 (described In V. 63, p. 1160) and
V. 84. p. 529. 605: V. 87. D. 550.
Application for listing firsts and consols In V. 63. p. 1160.
Consol, mtge. (see abstract V. 61. p. 873; also V. 63. p. 1160; V. 83. D.
1347). V. 85. p. 605: V. 89. p, 777
Collateral trust mortgage abstraot was In V. 45. p. 242.
Chattanooga Division mortgage, V. 72, p. 1134; V. 78, p. 1446.
Upper Cahaba Branch bonds, V. 81, p. 920, 1099. The shareholders on
M ay 28 1919 authorized (a) a General & Refunding Mtge. bond issue and
(ft) an issue of Ten-year 6 % secured bonds (see offering V. 108, p. 2240)
amounting to $8,000,000. Redeemable on 60 dftys' notice on June 1 1924
or any int. date thereafter upon premium of )4 of 1 % for each 6 mos.
between redemption date and date of maturity. Secured by the deposit of
the initial $11,000,000 6 % Ref. & Gen. Mtgo. bonds, Series “ A ,” duo
April 1 1959. The authorized maximum of the Ref. & Gen. Mtge. bonds
(including amounts issued: issuable or reserved to refund $31,462,300 out­
standing prior lien bonds, the extension of these old bonds being forbidden)
is limited to three times the capital stock, which makes a present limit of
$60,000,000. The Gen. & Rer. Mtge. dated Oct. 1 1912, under which
$11,135,000 bonds were authorized to be issued but none of which wore out­
standing, has been canceled. V. 108, p. 1822, 2240, 2329, 2432.
Income bonds (interest regularly paid)— see preferred stock above.
LATEST EARNINGS.— (1919-Gross, $13,882,020; net (bef. $1,689,985
8 mos. to Aug. 31.
\191S-Gross. 13.204,581; taxes), 3,221,021
REPO RT.— For calendar year 1918, in V. 109, p. 884:
Federal Oper.
Calendar Years—
1918.
1917.
1916.
Operating revenues_________________ $20,692,888 $16,024,537 $13,725,144
Operating expenses--------------------------- 16,046,496 11,045,849
9,281,046
Net operating revenues___________ $4,646,392 $4,978,688 $4,444,098
Federal compensation............._............$3,450,903
________
- ...........Federal tax accruals________ _______
101,672
________
- _______
Income (after taxes), & c ................... .$2,980,180
$4,091,536 $3,723,686
Other income.......................................
720,238
1,270,706 1,623,303
Total incom e..........................
Interest on bonds. &c____________
Rentals and miscellaneous...............
Preferred dividends (6 % ) . .................
Common dividends (5 % )______

$3,700,418$5,362,242$5,346,989
$1,986,889$1,997,411 $2,029,949
508,242
724,203
667,389
900,000
900,000
900,000
250,000
250,000
250,000

Balanco, surplus..............................
$55,287
$1,490,628 $1,499,651
OFFICERS.— Chairman, Charles H. Markham, Chicago, 111.; Pros.,
Alexander R. Lawton; Sec. & Treas., Charles F. Groves; Federal Manager,
W. A. Winburn; Federal Treas., Walter C. Askew, Savannah, Ga. Goneral
office. Savannah, Ga.; N. Y . office, 32 Liberty St.— (V. 109, p. 884, 981,
1700, 1792).
★ CENTRAL INDIANA R Y .— Muncie to Brazil, Ind., 127 miles, of which
10 m. trackage. V. 76, p. 653. Contrdlled by Clev. Cln. Chic. & St. Louis
and Penn. R R . interests. Bonds, guaranteed by Clev. Cin. Chic. & St. L.
(which owns $60,000 stock), aro limited to $20,000 per mile. The Penn. Co.
on Dec. 31 1918 owned $750,000 of the $1,500,000 1st M . 4s. V. 77. p.
517. 2279; V. 78, p. 1906. 1961. Stock auth.. $120,000. The Penn. Co.
owns $60,000 stock. Calendar year 1916. gross, $225,888; dof. under oper.
exp., $16,544; other income, $548; charges, 589,761: bai., def., $10o,756.
For 1917, gross, $303,65-1; bal.. def., after taxes. 825,144. Pres J. Q.
Van Winkle; Fed. M gr., E. M . Costin, Cincinnati.— (V. 78, p. 1961.)
★ CENTRAL NEW ENOLAND R Y .— Owns from Campbell Hall, crossing
the Hudson River at Poughkeepsie by its own bridge, to Sllvcrnalls, 34 m
Poughkeepsie, N. Y ., to Hopewell, 12 m.; Dutohess Jot., N. Y .. to State
line, 53 m.; Poughkeepsie, N. Y .. to Boston Corners. 34 m.: total owned,
138 rn : and leases and oontrols Hartford & Conn. Western R R ., Hartford
to Rhinecllff, 110 m ., and branches, 17 m.; trackage, Hopewell Jet. to Dan­
bury, &c., 35.11 m.; total, 301 miles. V. 89, p. 918: V. 95, P -418. ____ _
The Federal contract executed in Feb. 1919 grants the company an annual
compensation of $1,468,123; non-operating income for year 1918 Is $58,f)8o;
total, $1,526,808; interest charges, rentals, &c., amount to 897o,l9(), leav­
ing a net of $551,012, or equal to 8 7 - 1 0 % on the preferred and 4 7-10%
on the common. The average rate o f dividend tinring the three years
ended June 30 1917 was 6 % on the preferred and 2% on the common.
' 'ORGANIZATION.— On Deo.31 1918 the N. Y . N. H. * H. R R . owned
$3,737,083 pref. and $4,795,054 com. stock.. V . 85. P- 404, 858. V. 89.
p .469: V. 90. p. 1238. 1296. 1489; V. 91. P. 153. 396. 870.

N ov., 1919.J

^Control.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
IFor abbreviations, A c., set notes on first page.)

Miles Date
Road Bonds

117 1903
Cent Indiana— 1st M 54.000.000 gu pAl ena.Ce.xo* Ar
12 1890
Cent New England— Dutch Co RR 1st M g guar Ba.xo*
C N B 1st M$25,000.000g gu redl05beg’21.Fxo* Ar*
141 1911
Central Ohio— See Baltimore A Ohio
Central Ontario Ry— See Canada Northern R y—
Central Pacific— IstR efM g gu p & 1 end.Ce.xc’ Ar 1,349 1899
3 ‘ s 525,000,000 gold guar p & 1 end___ Us.xo*Ar 1,349 1899
A
103 1904
Lucln out-oH 1st M 510.000,000 gu (text) .G.xo* Ar*
Bonds 250.000,000 franos guaranteed red par_Usx
1911
do
do
U S gold_________________________
50-year mortgage bonds ($78,000 5s due 1939)____
Nevada A Cal, Ac, 1st M assumed_______________
479 1911
Oregon Eastern first mtge assumed_______________
86 1912
•Other bonds— see text
_
_ ____
Central RR of N J— Stook (530,000,000 authorized)..
Central RR of N J Gen M 550,000,000 gold .Ce.xxrc All
1887
do
do
registered______________xx All
1887
_
_ 1916
Equip tr Ser G $2,100,000 (all in treasnry)________
L & W B OonM 520.000.000serial g guar.PeP.xxo*
_
_ 1910
. - 1881
Am Dock & Imp Co 1st M guar redeem at llOx.xxo*
N Y & L B r Gen M g lnt gu Jtly (5192.000 5s) .Cexxo*
3S 189 i
Lehigh it Hud RlvGen M gold guar Jointly.Ce.xxa*
1890
’Central RR of South Carolina— First mtge gold___ xc
*40 1881
. - —
Central Ry of Canada— 1st M £2,600,000 call 105____
Central Counties 1st M (V 90, p 1169)-----------------37 1909
7 1906
Cent Ry of So Car— First M 5150.000 g gu red _ CPi
_
Central Terminal RR— See Minneapolis St Paul it Saul t Ste
Central Vermont— Stook 53,000.000----------------------■
eFIrst M 512,000,000 gold trafflo guar_____ AB.xoAr All
1899
. - . 1912
Si Eq tr notes due 549,000 eaoh F & A (V 94. p 350)x
Montreal it Provlnoe Line Ry 1st M guar p it 1____c
40.6 1900
H IO V Trans eq bds g gu 512 M or 513 M due s-a.Ba.x
B
1909
b Additional $1,167,000 in treasury and $4,909,000 uniss ued De
a This includes $1,976,000 due 1920 acquired & de posite d with
treasury o f L. & W . Coal Co.

Par
Value

Rate
%

When
Payable

29

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

$1,000 $1,590,000
M A N May 1 1953
4g
1.000
287.000 \H (6) g J & D June 1 1940
1.000 it c 13.427.000
4 g J & J Jan 1 1961

Central Un Tr Co. N Y
Fid T Co, Phila
Llnooln Nat Bk, N Y

500 itc 98.849.000
500 Ac
8.114.825
1.000
9.640,000
500 fr
23.535,618
24,726.905
103,000
8.500,000
5.000,000

165 Broadway,New York
do
do
do
do
London, Paris, Belg. &c
165 Broadway, N Y
do
do
Owned by South Pac Co
do
do

F & A
4g
3H g J it D
A & O
4g
M & S
4
M & S
4
5&6 A & O
M A N
6
J A J
6

100 27,436.800 12 in ‘ 19
1,000\ b43.924.000 / 5 g
500 A c/
1 5g
1 .0 0 6 NoneOct’ 19
4H
1.000 a8,204,000
4g
1,000
4,987.000
5
1,000
2,500,000 4 it 5 g
1,000
1,062,000
5g
300,000
6 g
£ & $ 8ee Text
5
£100
£97,500
4
$500
150,000
6 g
Ry
100 3,000,000 *2,185.
500 &c 12.000.000
4 g
1.000
245.000
5
100 Ao
200.000
4g
1.000
38,000
5g
c31 1918
trustee of S. F. but does not

Federal Compensation.— $1,463,123.63 yearly during Federal control
(contract executed).
STOCK.— Common, $4,800,000; pref., $3,750,000; par. $100. After
4 % on the prof., both classes participate equally.
Dividend on non-curn. pref.. 4 % , paid In 1913-14; In 1914-15, 6 % on
pref. and about 2 % on common. Cal. year 1916. 7 H % on pref. and
3 U % on common; 1917, 5 j£ % pref. and 1 j£% on common.
BONDS.— The 1st guaranteed 4s of 1911 (525,000,000 auth. Issue) are a
first lien on 141 miles of road and the Poughkeepsie Bridge; those unsold,
(except $287,000 reserved for Dutchess Co. bonds) are set aside for not
exceeding 75% of the cost of extensions, additions and Improvements.
V. 98. p. 1315. V. 92. p. 1374. 1635; V. 94. p. 206; V. 96, p. 134.
Tho outstanding $18,000 Gen. Mtge. Income bonds.due Feb. 1 1949. on
which 5% p- a. Is regularly paid each Oct. 1 . are covered bv a special de­
posit. V. 103, p. 1031; V. 105, p. 997; V. 107, p. 1099; V. 109, p. 1079.
LATEST EARN INGS.— (1918__ Gross, $6,063,156; net (be- $661,269
12 mos., Jan. 1 to Dec. 31.11917...Gross, 5,477,288; fore tax.) 1,858,800
For 8 months,
/ 1919— Gross, 4,179,876; net (be- 246,184
Jan. 1 to Aug. 31.
\1918---Gross, 4,004,845; fore tax.) 581,764
EAR N IN G S.— For 12 months ending Doc. 31 (V. 106, p. 1676):
Gross.
Net.
Oth. Inc. Deduc’ ns.
Divs.
Sur. or Def19 17---$5 ,477.288 $1,637,893 $52,673 $1,452,756 $256,398 def.$18,5S7
1 9 1 6 ... 5,208,198 2,076,232 197,066 1,358.648 470,684 sur.443!966
OFFICERS.— E. G. Buckland. New Haven, Pres.; A. S. M ay, Treas.;
Arthur E. Clark, Sec.; E. J. Pearson, Federal Mgr. (V. 109, p. 1079).
★ CENTRAL PACIFIC R Y,— (See Map of Southern Pacific.)
Lines Owned—
Miles. Hazen, N ev., to Keeler. C a l..288.65
Oakland, &c., local lines------- 18.84 Weed. Cal., to Kirk. Ore____127.38
Oakland pier to Elvas, Cal— 133.46 Natron to Oakridge, Ore_____34.39
Sacramento. Cal., to Cecil
M ojave to Owenyo. Cal______ 142.90
Jet., near Orden, U tah..._ 692.20 Fernley, N ev., to Westwood,
_
Niles to San Jose. Cal------------- 17.58 „ G a l......................... : ..............136.60
Niles Jet. to Redwood Jet____16.24 Branches___________________ 139.08
Umbria Jet., N ev., to near
Ogden, Utah______________ 141.64 Leased_____
17.44
Lathrop to Goshen Jet., C a l..146.57 Less leased to SoT P a c .'R R l” 33.61
Roseville, Cal., to Oregon
State Line........................... .296.58
T ot. oper. Dec. 31 1918..2,288.97
ORGAN IZATION .— Incorp. In Utah in July ’ 99, per plan in V.68.P.378.
In 1914 the Government brought suit to separate the company from the
Southern Pacific Co., but lost in lower Court in 1917. V. 104, p. 1044.
STOOK.— The Southern Pacific Co. owned the entire $67,275,500 com­
mon and $17,400,000 pref. Pref. is 4% cum. and participates equally with
common after 4% on each. All pledged for tts coll, trust 4s. V 96. d . 419.
LATE DIVS.
’08. ’09. '10. ' l l . '12. '13. '14. '15. '16
’ 17. ’ 18.
Preferred, % ___________ 6
6
6
10
6
6 26.6 4
4
6
6
Common, % ----------------- 6
6
6 10
6
6 26.6 1H 1H
6 6
BONDS.— First Refunding mtge. gold 4s, 5100,000,000. V. 69. P.80S.
and V. 70. p. 739: V. 78. p. 228; V. 87. p. 225, 285, 4 7 9 V. 8 8 . p. 52.
Thirtv-vear gold 3 Ha. 525.000.000. seoured by a second lien upon all the
properties covered by the 1st Ref. mtge. and also by deposit with the trus­
tees, as acquired, of all securities and moneys held in any sinking fund of the
Central Pacific R y.. consisting Doc. 31 1918 of $4,585,779 in securities and
$127 cash, and by a trust deed upon all the lands covered hv m t" dated
Oct. 1 1870. See Mortgage Abstract V. 69. p. 858. also see p. 8 5 lf From
the proceeds o f these sinking funds and landsales cancellations of bonds are
made from time to time; to Dec. 31 1918 $16,885,975 had been canceled
or purchased for cancelation, reducing those outstanding to SR 1 14 825
Lucln Cut-off 4 s are call, at 107H • V. 79. p. 1641; guar V 80 p 162
In Feb. 1911 the sale was arranged In France of 250,000 OOo’ fra’nos 4%
35-year coll, trust bonds, guaranteed by the Southern Paclflo Co (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. 9 4 n n o 1762 V.
101. p.2146.
'
du’ 1 / 0
The 58,500,000 outstanding Nevada & California 6 % bonds (515 000 000
auth. Issue) were assumed on purchase Feb. 29 1912; also S3 000 000 Cen­
tral California R y ., 51,000,000 Chico it Northern R R ., $2 500 0 0 0 Sacra­
mento Sou. R R . and $5.006.000 Orogon Eastern R v. V 94 p 982 1118.
All p f the fiv e foregoing issues are owned b y So. Pac. C o ’ The $10 139,­
350 5-year 6 % extension notes were paid o f f in 1918.
LAND GRANT.— Total land grant was about 12.000.000 acres, of which
about 6,934,427 acres unsold Dec. 31 1918. Salos in 1918, 170 025 acres,
average price per acre, $5.39. Land contracts Dec. 31 1918, $1,563,979.
R E PO RT.— For cal year 1917, total operating revenue was $47,352,799
total operating income (after taxes), $16,505,736; non-operating income was
$208,826: hire o f equipment ($815,990) and other deductions aggregated
$1,095,115; rental payable to company by Southern Pacific Co. $14 471.­
219; balance net profit to Southern Pacific C o.. $1,148,228.

Tho rental In 1918 ($12,903,073) plus other incom e gave the Central
P acific R y . C o. $13,472,561, from which it paid tax accruals $346,693;
interest on funded debt, $7,780,071, other charges, $159,421; sinking fund
and other reserves, $55,815 (against $444,214 in 1917): dividends on stock,
$5,080,530; balance surplus, $50,027 (against $1,162,779 in 1917). For
year 1915-16 operating revenue, $38,681,484; oper. incom e after taxes,
$16,350,098, against $12,477,503 in 1914-15.— V. 105, p . 180.

★ C E N T R A L R R . OF N E W J E R S E Y . — (See Map Reading System.)— Oper
ates from Jersey City, opposite New York City, westerly to Wilkes-Barre
and Soranton, Pa., and the neighboring anthracite ooal fields: also southerly
to the seashore resorts of New Jersey and to the Delaware River.
Owned in Fee (V. 106,p .1787) Miles.
Controlled by Agreement, &c.
Jersey City to Phllllpsburg_______ 72
(mostly under 999-y r. leases):
Sundry branohes________________ 308 Allentown Term. RR. (op. jointly) 4
Controlled by Stock Owned—
New York & Long Branoh R R ..
Easton & Western R R _________
4
Perth Amboy to Bay H e a d ... 38




Amount
Outstanding

APrivate
Control.

Aug 11949
Aug 1 1929
Oot 1 1954
Moh 1 1946
Mch 1 1946
1936 & 1939
Nov 1 1941
Jan 1 1942

Q— F
A J
Q—J
M & N
J A D
J <c J
5
M A S
J A J
J A J

Nov 1 ’ 19 2%
July 1 1987
July 1 1987
May 1 1920-’26
Junel 1920-’5U
July 1 1921
Sept 1 1941
July 1 1920
July 1 1921
Jan 1 1964
MA'S 14 1949
J A J Jan 1 1926

Office 143 Liberty St.NY
Liberty Nat Bank, N Y
Check from Treas. Office
Liberty Nat Bank. N Y
do
do
do
do
Liberty Nat Bank, N Y
Irving Nat Ex Bk. N Y
Bankers Trust Co, N Y
See text

100 held by Grand Trun
Q— F May 1 1920
F A A Feb ’20-Feb ’ 22
A A O Oct 1 1950
M A N15 M ay’20-M ay’21

k Ry ef Canada
American Trust Co. Boat
Blair A Co, New York
Amer L A Tr Co, Boston
Bankers Trust Co, N Y

J

include

Colonial Trust Co, Plttsb

$6,292,000 held in

Miles Other lines_______________________ 12
Trackage—
Dover it Rookaway R R ________ 5
Ogden Mine R R * ............................10 Delaware & Hudson_____________ 12
Nesquehonlng Valley *___________17 Other trackage___________________34
Lehigh it Susquehanna, PhilllpsTotal operated Dec. 1918_____ 685
burg to Union Jot., Ac_______ 164
• See this company.
Wilkes-Barre & Scranton *_____ 4
There are 262 miles of 2d. 45 miles of 3d and 34 miles of 4 tracks.
HISTORY.— Roorg. in 1887 without foreclosure; V. 44, p. 714, 716: V.
105, p. 1707. Concerning coal properties, see Lehigh & Wilkes-Barre Coal
Co. and Lehigh Coal & Navigation in “ Miscellaneous.” In 1901 Reading Co.
acquired control, owning $14,500,000 stock. V. 72, p. 8 6 , 136, 241, 391,
721. In Sept. 1913 the Govt, brought suit alleging violation of both the
Sherman law and the commodities clause of the Inter-State commerce law.
In Oct. 1915 final decree of U. S. Dist. Court dismissing said suit, ordered
that this company must dispose of its interest in the Lehigh & Wilkes-Barre
Coal Co. within 90 days. Both parties have appealed to the U. S. Supreme
Court. V. 101, D. 1464. 1807. Full Crew Law, V. 105, p. 1897. 2093.
Rebate decision in V. 109, p. 1891.
Federal Compensation Contract.— The contract with the Director-Gen
eral was executed by the company in 1918, but in N ov. 1919, had not
yet been executed by the Director-General because of questions relating to
some of the new equipment allotted to the company by him. The Stand­
ard Return has been fixed at $9,352,301.— V. 109, p. 1268.
DIVS.— '91. '92 to '94. '95. ’96. ’97. ’ 98. ’99. ’00. ’01. 1902to N ov’ 19
R egular.. 6 H 7 y'rly 5 H 5 4>i 4
4
5
5
8
yearly (Q -F ).
Special__________________________ Dec. 1899 to June 1919. 4 yearly (j & D)
Special semi-ann. divs. o f 2% each (making total annual 12%) are paid
out of Leh. & W. B. Coal C o. divs. of $1,097,472 per annum received,
June 1909 to Juno 1919, incl.
BONDS.— For General Mortgage abstract, see V. 45, p. 402.
The $20,000,000 ($14,496,000 issued) Leh. & Wilkes Barre consel. serial
4s, guar. p. & L. mature $2,500,000 every 5 years beginning June 1 1915.
During 1918 the remainder of the property of the American Dock &
Improvement Co. was deeded to the Central, and the underlying bonds,
$4,987,000, set up as a part of its funded debt.— V. 109, p. 1268.
EAR N ING S.— 9 m os.,/1919_______ Gross, $32,895,634; net, $3,817,615
Jan. 1 to Sept. 30.
\1918_______ Gross, 33,091,906; net, 7,406,635
REPO RT.— Fiscal year ends Dec. 31. For 1918, V. 109, p. 1268.
Earnings from—
1918.
1917.
1916.
M erchandise------------.$22,082,808 $17,907,187 $16,930,604
Anthracite c o a l---------------11,305,047
9,195,132 8,511,500
7,485,147
6,663,309 6,134,814
Passengers.......................
Mail, express, &c...... ............
3,917,669
3,331,111 2,795,430
T ota l------- ---------$44,790,671 $37,096,739 $34,372,348
Net earnings------------------------------------- $8,421,400 $10,683,887 $12,215,701
Rent acc. und. Stand. Return (90% )c $8,417,071
______
Net income (after taxes)----------------a$10,523,138bS12,655,72l $11,823,432
Interest, & c ----------4,037,833
2,532,463 2,474,442
M iscellaneous-------------------------------253,590
141,822
142,639
Rentals paid----------2,628,149
3,205,362 3,308,456
Dividends (12%) --------------------------- a3,292,416
3,292,416 3,292,416
Surplus........................
$311,151 b$3,483,657 ~S2.605.478
a Other income in 1918 includes the usual $1,103,622 received, from the
divs. on the $8,489,400 stock owned in the L. & W . B. Coal Co.
b Dividend income in 1917 included four semi-annual divs. of $2 207 244 from L. & W. B. Coal C o., viz.: Dec. 1915, to June 1917.
’
’
c Only 90% of the Standard Return is accounted as accrued for 1918
pending the execution of the compensation agreement. Pres., W . G*
Besler; Fed. M gr., Charles H. Ewing, Phila., Pa.— (V. 109, p.1272, 1891)'
★ CENTRAL RR. OF SOUTH CAROLINA.— Owns from Lanes. S. O.. to
sumter, 8 . C., 40.2 miles; spurs, Ac., 1.61 m.; total. 41.81 m. Leased to
Atlantlo Coast Line R R .; rental, $31,000 yearly and taxes. Stook, $170 000; par, $50. Annual rental, $31,000; in April 1919 general expenses, $299:
int., $18,000; divs. (7 .2% ), $12,240; balance, surp., $9,157.— (V. 64, p. 887)
CENTRAL R Y . OF CANADA.— See page 135.
CENTRAL RY. OF SOUTH CAROLINA.— (V. 82. p. 927.)
★ CENTRAL VERMONT R Y .— Operates from Rouses Point, at north end
oc Lake Champlain, to New London, Conn., with branohes. 532 miles in ail,
of which 160 miles leased, viz.: New London it Northern (see that co.). 121
miles; Montvllle Branch. 3; West River R R .,3 6 m. V. 6 8 , p. 1076. In M ay
1914 received authority to lease for 999 yrs. Southern New England R y.
partly built. Palmer, Mass., to Providence; and in May 1916 asked right
to purchase it; a contractor in N ov. 1918 obtained $2,000,000 attachment
on said line. V. 107, p. 2008; V ; 102, p. 1718. The advances by the
in ermont on account of this line had on June 30 1916 aggregated
? 8 ’ 2 l 9 cln 4octi e 9 / Y o S ,oa? s and bills payable Dec. 31 1918 amounting
h
to $8.649 264. V . 9 8 , p. 1459; V. 102, p. 65. 2341; V. 103, p. 2078.
Steamboats, V. 103, p. 406.
Federal Compensation.— $835,402 yearly during Federal control (con­
tract executed).
— T be Grand Trunk Ry. holds $2,164,500 of the $3 .­
000,000 stook. Form of Interest guaranty, V. 85, p. 283. For Central
Vermont Transportation guar. 5% bonds, see V. 88. p. 1252; guar, bonds
covering 2 steamships. V. 94. p. 910. 1249, 1 6 2 6 , 1695; V. 95. p. 749. There
were also Dec. 31 1917 $35,000 collateral bonds.
LATEST EARN ING S.— /1919-Gross, $3,680,136: net (bef.
$539,393
8 mos., Jan. 1 to Aug. 31.11918-Gross, 3,258,982; taxes), def. 140,814
R E PO RT.— For cal. year 1917 in V. 107, p. 1666.
Bal., Sur.
Year—
Gross.
Net.
Total Income. Charges.
$70,390
1918 (est.)..$5,572,813 tS186,116 *$835,402 $765,042
576,555
731.283
def. 154,769
1917 ---------- 4,816,578
526,168
937,895
731,099 sur. 206,726
1916 ............ 4.811,330
894,175
* Federal compensation, t Def.




ffov., 1919.. * g s s s r m
t

RAILROAD COMPANIES
[For abbreviations, Ac. see notes on first pageJ
Central W Va & South R R — 1st M g s f red text—c*
Charleston & Savannah— See Atlantic Coast Line R R .
Charleston Terminal— First M *1,000,000 g ..a .x c * A r
Charleston Un Sta— 1st M*400,000 g gu(text)Ea*o* Ar
Charleston & West Car— IstM g(*8.000 p m)Ce.xo* Ar
1st consol M Ser A _________ _____ ______ SBa.xc*
Augusta Terminal Ry 1st M gold guar p & 1end.xCe
Charlotte Monroe & Columbia— 1st M *70,000 g — o*
Charlotte Columbia & Augusta— See Southern Ry
Chartlers— See Plttsb Cincinnati Chicago & St Louis
Chattahooche Valley— Consol M *400,000______ ABx
Chattanooga Station— 1st Mg gu(text)____ Ea.xoAr

Miles Date
Road Bonds
31 1913

a G u a r a n t e e d Jolnr.lv a n d s e v e r a lly w it h C le v e la n d

Par
Value

44.5

$1,000

1,000
1900
1907 1.000 &c
100

1882
500 Ac
1,000
1889
1.000
1890
1,000
1890
1891
1,000
1892
1.000
1,000
1905
1.000
1905
1900
1.000
1.000
1904
1.000
1906
1,000
1907
1906
1.000
1909 1,000 Ac
1910 1,000 Ac
500 Ac
1916
1915 1,000 &c
1911
1,000
1908
1888
1888

1,000
1 .0 0 c

1895
mtge.

1 .0 0 c

O tn o in n a t i

O h lc n g o A

OFFICERS.— Chairman, Howard G. Kelley; Pres., E. C. Smith; Clerk
& Treas., Bruce R . Corliss, St. Albans, Vt.; General Mgr. under U.S. G ovt.,
J. W . Wardlaw, St. Albans, Vt.— (V. 107, p. 180, 1666, 2008; V. 108, p.
2671, 1936.)
A CENTRAL WEST VIRGIN IA & SOUTHERN R R .— Hendricks. W .
Va., to Armentrout, 29.5 miles; leases from Armentrout to Horton 1.5
miles; total, 31 miles. Stock, $500,000; par, $100. Bonds ($1,000,000
authorized), o f which $500,000 reserved for new construction. Call­
able on any interest day after January 1923 at 105. Sinking fund re­
tires 5% o f bonds outstanding semi-annually. Pres., Robert F. Whitmer; V .-P ., Charles Steele; Treas., J. E. Richards; Sec., M . M . Daly,
Philadelphia, Pa. Office, Hendricks, W . Va.
★ CHARLESTON (S. C.) TERMINAL CO.— ROAD.— Owns terminal road.
5.02 m.; 14 wharves, 30 warehouses. 4 ootton compresses, Ac. V. 77,
p . 148, 298. Stock authorized, $5,000,000 (V. 105, p. 2455); issued to
Dec. 1917, $200,000. owned jointly by Atlantic Coast Line R R . and
Southern Ry., whloh agree to make good any deficiency in interest on bonds.
Loans and bills payable, $30,000. For year ending Dec. 31 1917, gross,
$191,983: net aft. taxes, $7,234; othor income, $14,568; interest. $32,000;
def., $10,198. Fed. M gr., E. H. Coapman.— (V. 108, p. 578.)
★ CHARLESTON UNION STATION CO.— Owns passenger station at
Oharleston, S. C., used by Atlantic Coast Line and Southern R y., which each
owns one-half the stook and guarantees the bonds, p. & 1., by endorsement.
Rental covers interest on bonds and 4% on stock. Seaboard Air Line Ry.
also uses passenger station under agreement. Fed. M gr.. Lyman Delano.
— (V. 84, p. 50.)
★ CHARLESTON & WESTERN CAROLINA R Y .— Port Royal, S. C.. via
Augusta. G a„ to Spartanburg, S. C.. 246 m.; branohes to Anderson and
Greenville, S. C., 95 m.; total, 341 m. Track rights, 2 m. Entire stock
owned by Atl. Coast Line Co. V. 66, p. 38, 335.
Federal Compensation.— $466,921 yearly during Federal control.
STOOK.— $1,200,000; par, $100. See Augusta Term. R y. V. 66. p .3 8 3 .
BONDS.— Of the 1st consol. 50-yr. bonds of 1914 ($10,000,000 author­
ized issued), $2,380,000, Issued to retire the income bonds, have interest
payable at 2% yearly for the first 2 years, 3% for the next 3, 4% for the
next 5 and thereafter 5 % . Of the remaining bonds (to bear Interest no
higher than the So. Carolina rate), $2,720,000 are issuable from time to
time to retire the old 1st 5s. $600,000 to take up the Augusta Terminal 6s
and $4,300,000 exten., betterm’ ts or eauip. V. 98. p. 1315. V. 100. p. 1347.
V. 100, p. 1347.
LATEST EARNINGS.— (1919.-Gross, $1,932,818; net (before $186,376
8 mos., Jan. 1 to Aug. 31.\1918--Gross, 1,792,607;
taxes),
354,765
RE PO RT.— Year ending Dec. 31 1916, V. 105. p. 2365:
Calendar Gross
Net after
Other
Interest,
Common
Balance,
Years. Earninas.
Taxes.
Income. Rents, &c. Dividends.
Surplus.
1 9 1 8 .. * $466,921 $429,121 S52.472 $251,743 (6)$72.000 S15SJ50
1 9 1 7 .. . 2,401,443 763,317
65,828
335,608 (5) 60,000
433,537
1916----- 2.025,370
648,022
64,843
309,105 (5)$60,000
343,760
1 9 1 5 .. . 1.776,596 476,172
45,259
326.246
195J85
♦Federal compensation.
Pres., F. B. Grier, Greenwood; 1st V .-P „ J. R . K en ly Sec , R. D
Cronly, Wilmington; Treas., J. J. Neliigan, Baltimore.— (V .’ l07 p. 1836.)
CHATEAUGAY & LAKE PLACID R Y .— Operates from Piattsburg.
N. Y ., to Lake Placid, 79 miles, of which Bluff Point to Dannemora 16 m.,
is leased at nominal rental from State o f New York.
’
Stock, $3,450,000, of which $3,000,000 is 4% non-cum. pref the latter
all owned by D. & H. (V. 84, p. 50) and $450,000 common stock of which
the D. & H. owns $75,000. Leased to the Del. & Hudson until Dec. 31
2403. any balanoe over expenses of operation, Interest, taxes, maintenance,
damages, dividend on pref. stack, &o., to go to the lessor
The lease is
subject to revision on 6 months’ notice by either party.— (V. 84, p. 50, 930.)
★ CHATTAHOOCHEE & QULF RR.— Columbia. Ala., to Florala, 92 m.
LEASE.— Leased In 1900 In perpetuity to Cent, of Georgia R y for 6% on
$436,400 stock and $407,000 bonds (or which only $190 000 outstanding
Jan. 1 1919), of which 1% to be used as a sinking fund for retirement c f
bonds, upon completion of which rental will be 5% on stock payable J.-J.
See Cent, o f Georgia R y.— (V. 99. p. 1748; V. 105, p. 2542.)
A CHATTAHOOCHEE VALLEY R Y — Standing Rock. Alabama to
Bleeclcer, Alabama, 44.5 miles. Stock auth., $1,000,000; issued $110,000;
par, $100. Bonds, see table above. Loans and bills payable Dec. 31
1918, $80,000. Year 1917, gross, $161,564; net, after taxes, $56,984;
charges, $34,505: bal., sur., $22,479. Year 1918, gross, $207,113; net,
after taxes, $69,289; charges, $37,677; war taxes, $1,981; bal., sur., $29,630.
★ CHATTANOOGA STATION CO.— Owns union passenger station opened
Doc 1 1909 and approaches at Chattanooga. Tenn., used by the Southern
R y., Central of Georgia, Alabama Great Southern and Cln. N. O. & Texas
Paolfio, whloh each owns one-fourth of the stook and guarantees the bond*
jointly and severally, p. A L. by endorsement. Rental cover* bond Interest
and 4% on stock. Fed. Mgr., E. H. Ooapman.— (V. 84, p. 50.)
★ CHESAPEAKE & OHIO R Y .— (S e M ap.)— On Dec. 31 1918operated
e
Lines owned in fee—
Miles.
Controlled by stock—
'M iles.
Ft.Monroe,Va..toCovlngton,Ky. 663 Bridge— Covington-Cinolnnatl .
2
Rlohmond via Lynohburg, to
Ches. A Ohio Ry. of Indiana... 2 1
6
_
29
Clifton Forge, Va---------------- 230 Ches. & Ohio N or_
680
Lines leased—
Branohes In Va. and W. Va—
Denton, Ky., to Lexington------ 103 Sundry branches leased
29
Big Sandy Jot. to Elkhorn City.
Trackage to Louisville
84
Norfolk & West____
62
with branch______________ 128
Branohes In Kentuoky______
76
Traokage to W ashlngton.'ff.’ d ’
85
Other traokage_______________
55
Total o f all_______________ ..2 .484
Second track (497 owned) 696 miles. Also controls Hocking Valley,
350 m. and one-sixth lnt. In Richmond-Washington Co.

When
Payable

Rate
%

$500,000

bg

J

A J Jan 1 1933

800,000
4g
4g
250,000
2.720,000
5g
2,380,000 2 to 5
See text
600,000
6g
70,000
5g

J
J
A
J
J
A
A

A
A
A
&
A
A
A

J
5
280,000
1,000,000
4g J
62,792,600 4 In 1918
6g J
142,000
M
29,858.000
5g
7,000.000
4 g .1
J
5g
650,000
400,000
5g M
48.129,000
4)4 g M
F
539.000
4 g
4g J
2,756.000
M
1.722.000
4g
4,448.000
4 g J
4g J
600.000
M
900,000
5 g
J
840,000
4 g
.1
P3,698,000
5 g
31,390,000
4)4 g F
40,180.000
5g A
1.000.000
6K A
Pledged
A
471,000
5g

31

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Amount
Outstanding

1903 1,000 Ac
1907 1,000 &o
1.000
341 1898
1,000
341 1914
1,000
341 1914
1897
1,000
1,000
31 1902

Terminal 1st M 1922 ooverlng 8 m to Phoebus g.zo*
To
697
First Oonsol mtge for *30,000,000 gold..Ce.xo* Ar
242
Rich & All Dlv 1st & 2d Ms (*1,000,000 2ds)Ce.xc*
26
Craig Valley Branch first mortgage gold_____Ce.xo*
Warm Springs Branch first mortgage gold_ Ce.xo*
_
25
General mortgage (for $70,000,000 Ao) gold -Ce.xo* 1,433
Paint Creek Branch 1st M $750,000 gold____Ce.xo*
22
Coal River IstM g ass d ------------------------------- Ce.xc*
104
Greenbrier R y 1st M *3.000,000 g assumed.-Ea.xo*
101
86
Big Sandy R'y first mtge *5,000,000 gold ..C e.xo*
PottsCrBr IstM *1,000,000 auth(V 83,p 693)Ce.xo*
20
Virginia Air Line 1st M *900.000 g assumed ______ x
30
Raleigh & Southw 1st M *1,500,000 g assumed.Cex 35)4
Gen FdAImp M $11.000.000 red 107)4 -Usra.xo* Ar* 1,661
Convert g bonds *37.200,000 red text Usm.xc*Ar*
Convert g bonds $40,180,000 g------------------- c*Ar*
Ches A Ohio Norlst M (closed) red 105 gu p & 1___
30.4
First Lien & Impt mtge $125,000,000 authorized x
Kanawha Bridge & Ter 1st M g red 105 beg '16FP x
Oar and equipment trusts (see text)----------------------Guaranteed bonds—
Kiev Co lstM g(C& 0 owns $317.000)gu pA i.C e.zc*
2d M inc n-c (GAO owns $406,000) not gu a r.zc*
Ches A Ohio Nor Ry— See statement below
Louis & Jeff Bdg 1st M *5.000.000 gu p & I end..o*
p Further $7,302,000 pledged under first lien & im pt.




APrivate
Control.

RAILWAY STOCKS AND BONDS

J July
J Jan
O Oot
J Jan
.1 Jan
O Apr
O Oot

1 1953
1 1937
1 1946
1 1964
1 1964
11947
11932

AJ15 July 15 1920
A J Jan 1 1957
J’ne30 1919 2%
A D June 1 1922
A N May 1 1939
A J Jan 1 1989
A J July 1 1940 A S Moh 11941
A S Moh 1 1992
A A Feb 1 1945
A D June 1 1945
A N Nov 11940
A D June 11944
A J July 1 1946
A .N May 1 1952
A J July 1 1936
A J Jan 1 1929
A A Feb 1 1930
A O Apr 1 1946
A O Oct 1 1945
Dec 1 1030
A 6 April 1 1948

West End Tr Oo, Phila
Guaranty Trust Co, N Y
Equitable Trust Co. N Y
Cent Union Trust, N Y
New York or Baltlmor#
do
do
Cent Union Trust, N Y
Amer Trust Co, Boston
J, P. Morgan & Co. N Y
Office, 61 Broadway, NY
J P Morgan A Co, N Y
do
do
do
do
Office 61 Broadway, N Y
do
do
do
do
do
do
do
do
J P Morgan A Co. N Y
Office, 61 Broadway, N Y
do
do
do
do
do
do
do
do
do
do
do
do
Office, 61 B'w ay, N Y
F id e lit y T r u s t

Co,

P h ila

A 0 Oct 1 1938
Oct 1 Oct 1 1988

Office 61 B'way. N Y
do
do

s Moh 1 1945

J P Morgan A C o, N Y

820.000
450.500

4E
4

A

a4,500,000

4e

M A

St Loul*.

H ISTORY, &C.— In 1888 reorganized without foreclosure. V. 88, p.
294. For 9-year financial statement to Dec.- 31 1917, see V. 106, p.
1911. Owns $8,825,800 of $11,000,000 Hocking Valley com. stock, for
court decision in 1917, see V. 105, p. 908, 997. As to Ches. & Ohio Ry. of
Indiana, see below. V. 90, p. 1675; V. 91, p. 93, 214, 802. In July 1917
purchased 8,000 acres of coal land through the Western Pocahontas Fuel
Co. V. 105, p. 180: V. 106. p. 1911. _
„
„
,
„ „
J
During the year 1918 the Pond Fork Ry. Co., Gauley & Meadow River
RR. Co., the Kanawha Bridge & Termina 1 C o., the Logan & South­
ern Ry. Co. and the Piney River & Paint Creek R R . Co. were merged with
the Chesapeake & Ohio Ry. Co. (V. 83, p. 436; V. 109, p. 786). The stock­
holders voted May 3 1918 (V. 106, p. 1343, 1796, 2122) to acquire by pur­
chase or otherwise all the property of (a) Elkhorn & Beaver Valley R y.
Co. (V. 99, p. 119); and (6) Chesapeake & Ohio Northern R y, Co.
DIVS.— l ’99-08. 1909. 1910. 1911. 1912. 1913. 1914.1915. 1916. 1917
5
5
4)4
3 None
2
4
Per cent_11 yearly 3 • 4J£
Dec. 1916 to June 1919, incl., 4% p. a. (2% J. & D .). V. 106,p.2228.
STOCK.— Author, stock was increased in 1916 to $155,000,000, of which
$37,200,000 was reserved for conversion of 4)4s of 1910 and $50,240,000 for
conversion of 5s of 1916. V. 102, p. 1162, 1625. 1st & 2nd pref., $3,200.
BONDS.— Abstract of oonsol. mtge. of 1939 in V. 49, p. 147; V 86, p.
1588; V. 92, p. 260; of Rlohmond A Alleghany mtges., in V. 51, p. 144.
The General mortgage of 1892 (Central Trust Co. and H. T . Wickham;
trustees) Is for $70,000,000, but additional amounts at $25,000 per mile may­
be Issued for double-tracking. See full abstract of mortgage in V. 54, p.
644. In July 1915 $31,131,000 was reserved to retire underlying bond*.
General Funding and Imp. mort., V. 87, p. 1663: V. 88.p. 157.
The “ First Lien and Improvement” mortgage of 1911 is limited to $125,­
000,000 bonds, bearing interest at rates not to exceed 5% . It provides for
extensions and impts. and the retirement of certain equipment and other
obligations, including the “ General Funding and Improvement" bonds,
and for other corporate purposes. Of entire .$47,955,000 outstanding under
this mortgage in Jan. 1919, $45,920,000 had been pledged to secure the
$40,180,000 convertible 5s of 1916, due 1946 and no part held by public.
Collateral Dec. 31 1918 for First Lien and Impt. Mortgage Bonds.
C. & O. Ry. Co. of Ind.— Stock, $5,998,800; bonds, $7,270,000.$13.268.800
Ches. & Ohio Northern Ry. stock ; ___________________________
4.026,500
Ches. & Ohio Ry. Co. General Funding & Impt. bonds________ 7,302.000
Hocking Valley R y. Co. stock (out of $11,000,000 outstanding). 8,825,000
Elkhorn & Beaver Valley Ry. Co. stock & bonds (V. 99, p. 119) 1,061.000
Logan & Southern R y. Co. stock____________________________
292.100
Miscellaneous_______________________________________________
993,508
The First Lien & Improvement Mortgage bonds will thus be (1) a first lien,
either directly or through deposit of all stocks and bonds, upon 320.57 miles
of railroad, viz.: (a) Directly on 29.34 miles of coal branch lines in West
Virginia; (b) through deposit o f all securities on 9.79 miles of Logan &
Southern Ry. in W. Va., on 20.74 miles o f Elkhorn & Beaver Valley Ry.
in Kentucky, and on 260.7 miles of main line between Cincinnati and Chi­
cago.
(2) a first lien on all stock of O. & O. Northern Railway,
and 80.23% of stock of the Hocking Valley Railway Company.
3) A
lien on all the remaining lines of railway owned or controlled by the com­
pany. aggregating about 1.800 miles, subject to $101,872,000 prior liens.
The 4 H % convertible bonds, due Feb. 1 1930, have a parity of lien with
i
the-First Lien A Impt. bonds on such lines as were owned on April 28 1910,
but not on the above-mentioned collateral.
Of the authorized $37,200,000 convertible gold bonds of 1910, $31,390,000
were issued in that year. They are redeemable after 1915 at 102)4,
and convertible at par, at the option of the holder. Into stock till Feb. 1 1921.
V. 90. D. 771. 848; V. 91. p. 870. 945. 1159, 1574.
The Convertible 30-year 5% gold bonds of 1916 for $40,180,000 (V. 102. p.
1162) are convertible at option of holder at face value Into common stock
(a) at $75 per share up to and Including April 1 1920, (6) thereafter at $80
per share up to and including April 1 1923, (c) then at $90 per share up to
and Incl. April 1 1926, and (d) at $100 per share up to and incl. April 1936,
with adjustment of dividends and interest. The entire issue, but not a
part thereof, is to be redeemable at option of company on any interest
date up to and including April l 1929 at 105% and Interest, and there­
after at 100% and lnt., upon 60 days’ notice; In case of redemption during
the conversion period the privilege of conversion shall terminate 30 days
prior to the redemption date. The bonds are secured by deposit with the
trustee of $45,920,000 First Lien & Impt. Mtge. 5% bonds, above described,
A proportionate amount of the security may be withdrawn as bonds are
convertible into stock. V. 103, p. 60.
Louisville A Jeffersonville Bridge.— See separate statement for that co.
Greenbrier Ry. 4s V. 72. p. 626; see also V . 71, p. 554, 602: V. 79, p. gi5.
Big Sandy 4s of 1904, V. 79. p. 917; V. 82, p. 297; V. 87. p. 225. 414.
1418. Guaranty, V. 81. p. 668.
v
Coal River 4s, V . 80. p. 2219; V. 83. p .693 : V. 89. p. 720: V . 98. p. 452.
Paint Creek Br. 4s *211,000 reserved tor extensions. V. 81. p. 974. 910.
Raleigh A Southwestern 4s. V 84. p. 1114' V. 89. p. 720
Kanawha Bridge & Terminal 5s, V. 91, p. 1629, assumed bv O. A O. Ry.
V. 109, p. 785.
Principal Car Trusts Gold (Denom. $1,000 Each)'1918 (V. 106, p. 1911.)
Series. Date.
Outstanding.
Mature in Installments.
$85,000s.a.
N 1914 4 )4 % ..................... $850,000 Dec T9-June 1 5 ’24
O 1916 4)4% call102)4 „ 2 054.000 Jan 1 5 '20-Jan. 15 '26 158.000 s.a.
P 1916 4 )4 % . 1,875.000
D e c ’ 19-Dec. ’26
125.000s.a’
R 1917 4)4% call 102 . . . 2,835.000 M ay ’20-May ’27
189,000s.a.
Interest paid semi-annually as Indicated b y maturity date; “ N ,” “ O.”
'P " and “ R " at Commercial Trust C o., Philadelphia.
TJ. S. RR. Admin, to July 1 1918 sanctioned impt. outlays o f $7,028,094;
equipment, $10,877,996: extensions, $500,631: and from April 1 to Dec. 1
1918 advanced the company.$7,050,000. V. 107, p. 2187; V. 106, p. 2194.

32

★ Control.
Government

Miles Date
Road Bonds

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

Ches. & O hio— (Concl.)
Norfolk Ter A Trans 1st M (V 67, p 322) ju p & 1.x
Western Pocahontas Corp 1st M (V 84, p 995)— x
do
do
do
Extension No 1.x
do
do
do
Extension No 2.x
West Poca Fuel Co. coupon notes due $500,000yrly
Rlohmond-Washington Co (one-sixth Interest)-----Che* & O Ry of Ind— 1st M $30,000,000 red par— Bax
Chesterfield & Lancaster— 1st M $750,000 g -.C o l.x c*
Chestnut Hill RR— Stock rental P A R R y ---------------Chicago & Alton RR— Common stock----------------------Preferred stock 4% non-cumulatlve_______________
4% cumulative participating and prior lien stook ..
Ohio & Alton RR (old) ref M g (see text) IC.xo’ Ar*
First lien (old Ry) M subject to call at par.F.xoAr
Debentures, subject to call__________ Cex/Equally
Gen M $20,000,000 g red text.U sm xc'& r*! secured
0 A A EqTr Ser « gu red 101 due $72,000 an.PeP.xo*
do Ser ’ 16 call 102 $47,500 due J&D QCl.xxx
Kansas City St Louis & C preferred steok guar-----Joliet & Chicago 7% stock perpetual guar by C & A
Louisiana & Missouri guaranteed preferred sto ck ..
Rutland Tol A No 1st M g gu red since OctT5.NCc*
Chicago Burlington & Quincy—Stook----------------------Gen mtge $300,000,000 lawful money_ Ce.zo’ Ar*
_
Illinois Dlv first raortgagej$85,000.000 ourrenoy .
(V. 83, p. 625; V. 69. p. 283)/ redeem at 105.-NBz
Sinking fund 4s (So W Dlv) drawn at 100------zo*Ar
Denver Exten (coll tr) bonds s f drawn at lOO.NBzo*
NebraskaExt $20,000 p m(s f not drawn)-N B.zo'Ar

1898
$1,000
1905
1,000
1906
1,000
1.000
1906
50,000
1917
1903 1,000 .'Ac
261 1910
1.000
38 1905
1.000
4
50
100
100
100
889 1899 1 000 Ao
943 1900 1,000 Ao
1907
1912 1.000 Ac
1910
1.000
1916
500 Ac
162
100
37
100
101
100
27 1910
100 Ac
100
8,490 1908 1 000 Ac
11.647 /1899 l.OOOAo
11899 1,000 Ac
J
1,000
1881
100 Ao
370 1881
1,471 1887 1.000 Ac

Total earnings.............. $73,720,797 $54,643,794 $49,834,312 $43,580,841
Operating expenses_____ 54,217.347 38,105*806 32,698,676 28,998,626
Net earnings............$19,503,450 $16,537,988 $17,135,636 $14,582,215
-----------------------------------Standard return_______ a$13,226,983
Other income (net)_____
982,604
1,557,516
550,683
9,586
Total income_________$14,209,587 $18,095,504 $17,686,319 $14,591,801
Interest on debt_________$8,730,769 $8,589,795 $8,382,833 $8,054,095
Taxes (Federal)_________
358,184
2,439,331
1,636,604 1,445,685
Miscellaneous charges..
283,391
---------------------------------D iv id e n d s ................(4%)2,511,264 (4)2,511,264 (2)1,255,632
...............
$4,555,114

$6,411,250

$5,092,021

a Standard return as tentatively certified to by Inter-State Commerce
Commission.
OFFICERS.— Chairman & Pres., Frank Trumbull; Vice-Presidents,
F. H. Davis, C. E. Graham and A. C. Rearick; Sec.-Treas., A. Trevett;
Gen. Aud., E. M . Thomas.
DIRECTO RS.— Frank Trumbull (Chairman), H. E. Huntington, C. EGraham, F. H. Rawson, F. H. Davis, H. L. Ferguson, A. C. Rearich and
C. B. Seger. N . Y . office, 61 B ’way. Gen. Mgr. under U. S. G ovt.,
J. B. Parrish; Fed. M gr., Geo. W. Stevens. Richmond, Va.— (V. 107,
p. 180, 603, 1003, 2187; V. 108, p. 267, 972, 2329; V. 109, p. 172, 769, 785.)
★ CHESAPEAKE & OHIO NORTHERN R Y .— See Chesapeake & Ohio*
★ CHESAPEAKE & OHIO R Y . OF INDIANA.— Owns Cincinnati. Ohio,
to Indiana-UIinois State line. 260.7 miles; trackage rights, 23.7 m.: Total
oper., 284.4 miles. First 5s, $7,270,000 outstanding, Dec. 3 1917, all
pledged under C. & O. First Lien & Impt. mtge. See C. & O. R y. above.
Fed. M gr., George W . Stevens, Richmond, Va.— (V. 106, p. 188: V. 107,
p. 1003.)
A CHESTERFIELD & LANCASTER R R .— Owns Cheraw, S. C .. to
Pageland and Crowburk, 38 m. First Mtge. bonds ($750,000) Issuable at
$5,000 per mile; outstanding, $186,000. There were outstanding Dec. 31
1917 $67,000 2d 6s due Jan. 15 1918. Stock, $500,000, a majority being
acquired In June 1909 by the Seaboard Air Line R y; par, $25. For year
ending Dec. 31 1918, gross, $75,640; net, $20,748; charges, $9,828; bal.,
$10,920.
Treas., R. L. Nutt, 24 Broad St., N . Y .; Fed. M gr., W . J.
Harahan, Norfolk, Va.— (V. 89, p. 40.)
★ CHESTNUT HILL RR.— Owns from Germantown to Chestnut Hill, Pa..
4 m.; being double-tracked May 1902. Re-leased In 1896 to Phlla. & Read.
R y.. the rental being reduoed from 12% to 6% on stook. the latter being In
creased In June 1902 from $120,650 to $195,650. Reading in 1917 owned
$75,000 stock.— (V. 75, p. 76.)
★ CHICAGO & ALTON RR.— ROAD.— Chloago to St. Louis. Kansas
City, Ac., In all 998 miles.
Road owned—
Miles.
Road owned—
Miles.
Chloago to East St. Louis, 111____ 280 Mexico, Mo., to Cedar City, M o .. 50
Sherman, 111., to Grove, 111_______ 51 Roodhouse, 111., to Kan. C.. M o ..251
Barnett to Tltua_________________ 56 Bloomington to Wann. via Jack­
Coal City Line, 111_______________27
sonville, Godfrey and Upper
Dwight, 111., to Washington and
Alton (all In Illinois)................. 158
Lacon, 111_____________________81 Trackage to Peoria, 111., A c------- - 37
lies to Murrayvllle, 111____________34 Leases Rutland Toluoa & North- 27
Total owned and operated Dec. 1 1918 (260 m. double tracked)____1,051
Also operates. Jointly with Clev. Cln. Ch. & St. L., from Wann to East
St. Louis, 18 m..and. with Atch. T .A S. Fe, from Joliet to Pequot, 19 m.
The stock of the Peoria Ry. Terminal Co. Is owned by the Chloago & Alton
and Chlo. R. I. & Pao. Ry., whloh guarantee the first mtge. bonds ($1,500,­
000 auth. issue) and 1st & ref. M . bonds. V. 81. d . 1099; V. 83. p.752.
1171. 1291; V. 84. p. 451; V. 85. p. 159.
P
The Rutland Toluca & Northern RR. is leased for 999 years and its bonds
guaranteed prln. and lnt. V. 91, p. 1024; V. 93, p. 408.
ORGANIZATION.— The (old) railway company was organized In April
1900 and purchased substantially all the stock of the Chlo. & Alton Railroad.
The two were consolidated In 1906 per plan V. 82, p. 451, the Railway
Ohanglnglts name to the C. & A . Railroad. V. 82. p. 160; V. 70. p. 686. 995
“ Standard Return” under the Government contract. $3,181,342, subject
to change. V . 107, p. 1286; V. 109, p. 1360.
See page 5. Above contract not signed to Oct. 1919. V. 109, p. 1360.
STOCK.— The cumulative 4% participating and prior lien stook Is enti­
tled, In addition to prior right to accumulative dividends at the rate of 4%
per annum, to receive additional dividends equal to the rate of dividends
declared on the common stook of the consolidated company. In Aug. 1907
the Toledo St. Louis & Western purchased from the Rook Island the con­
trolling Interest, viz., $14,420,000 com. and $6,480,000 pref. stock, and
deposited the same under its collateral trust bonds,on which Interest was




Amount
Outstanding

Par
Value

Allocation o f equipment during 1918 by U. S. Govt. V. 109, p. 787.
“ A D V A N C ES” A N D “ STAN D ARD R E T U R N .” &c.— See page 5.
T o Mar. 1 1919 the War Finance Corp. had loaned the company $2.­
370,000. V. 108, p . 972.
EARN IN G S.— 9 m os.,/1919_____Gross, $53,673,732; net, $10,775,009
Jan. 1 to Sept. 30. (1918.........Gross, 51,900,335; net, 12,712,846
ANNUAL R E PO RT.— Report for cal. year 1918, V. 109, p. 769, 785.
Calendar Years—
1918.
1917.
1916.
1915.
Average miles oper_____
2,479
2,412
2.379
2,373
Passenger earnings______$13,629,892 $7,899,452 $6,435,025 $5,713,463
Freight . .
55,720,373 42,998,223 39,888,933 35,198,358
3,746,119
3,510,354
2,669,020
Express, mail. &c............ 4,370,532

Balance, surplus.........$2,325,979

APrivate
Control.

RAILWAY STOCKS AND BONDS
Rate
%

When
Payable

(V o l .

109.

Last Dividend Places Where Interest ana
Dividends are Payable
and Maturity

F A A Feb 1 194S
a
$500,000
r & A Aug 1 1940
750.000
4H
p & A Aug 1 1945
97.000
4«
A & () Oot 1 1946
51.000
4K
J & D June’20-June'21
1,000,000
5
J < D June 1 1943
fc
4g
10,000,000
J A J July 1 1930
5
7.270.000
F & A Aug 1 1955
5 g
186.000
6
195.650
Q— M Sept 4 1919, 144
F & A Feb 15 ’ 10. 2%
19,542.800
J A J Jan 16 1911,2%
19.544,000
J *c J Jan 15 '12, 2%
3
868.700
45,350.000
3 g A A O Oot 1 1949
22,000.000
3H g J A J July 1 1950
J A D June 1 1922
750.000
5
16,834.000
6 g J & J July 1 1932
73.000
5 7 A ft O Oct 1 1920
237,500
4H J A D To Dec 1 1921
1,750,000
6
Q— K Nov l 1919
1,500.000
7
Q— J Oct 6 1919 I X
F & A Aug 1 1919
7
329.000
A A O Oct 1 1930
4g
225.000
110839100 8 In '18 Q—M 25 Sept 25 T9 2%
65.247.000
4
M A S Mch 11958
3 H J A J July 1 1949
50.451.000
33.976.000
4
J A J July 1 1949
4
M A S Sept 1 1921
5.000
F A A Feb 1 1922
4
229,400
M A N May 1 1927
18.294,000
4

Office 71 Broadway, N T
do
do
do
do
do
do
Nat City Bk, N Y
New York Trust Co. N T
Office. 71 B'way. N Y
Columbia Trust Co, N Y
Treasurer’s offloe. Phlla
Checks mailed
do
do
First National Bank.N Y
do
do
165 Broadway, New York
do
do
Penn Co for In*.Ac.Phlla
Bankers Tr. N Y ; Clev
Checks mailed
do
do
do
do
Northern Tr Co, Chloaga
N Y. Boston & Chicago
New York and Boston
do
do
do
do
do
do
do
do
do
do

defaulted A ug.11914. V . 88. p . 468. 529,792; V . 99. p . 341,408.1051.1216.
Union Pac. owned on Dec. 31 1918 $10,343,100 prof. «tk. V. 84, p. 1484:
V. 95 p. 361.
Since,
D IV ID E N D S.—
’ 06. ’ 07. ’08. '09. TO. ’ l l . T2.
None
None
Common sto ck _______________
1 4
2
None
2 None
Preferred stock_______________ 2
4
4
4
4
None
Prior lien participating p r e f___ 2
4
2
5
8
6
4
BONDS.— First lien (old Ry.) 3 Xs of 1900, V. 71. P. 1021: V. 82, p.451.
The Railroad (old) mtge. securing the 3s of 1899 will provide funds tor im­
provements and extensions. Bonds In exoess of $40,000,000 were to be
Issuable thereunder on vote of two-thirds of stockholders for extensions of
not over 500 miles main track, at not exceeding $20,000 per mile, to fund
leased line rental obligations and for future betterments not to exoeed
$5,000,000. at not over $1,000,000 per annum, from Jan. 1 1900. V. 69,
p. 178. V. 69. p. 26, 129 , 541; V. 70, p. 429, 739. 995: V. 79. p. 211. 967:
V. 84. p. 480, 507, 626, 803, 809; V. 88, p. 99, 293.
Of the Issue of $20,000,000 of 6% Gen. M . gold bonds. $16,834,000 were
outstanding Dec. 31 1918, $8,417,000 being owned by the Union Pacific
Railroad. Of the bonds, $4,100,000 were reserved to retire $3,766,500
equip, trust obligations and $1,425,000 to refund $1,284,000 debentures
due June 1 1922. Bonds are redeemable on any Interest day at 105.
V. 94. p. 1565, 1695; V. 95. p. 749: V. 96. p. 789: V. 98. p. 838. 1315.
RESULTS.— 9 m os.,/1 9 1 9 .......... Gross, $18,691,456; net, $1,698,811
Jan. 1 to Sept. 30 \1918............ Gross, 17,735,341; net, 2,786,396
REPORT — For cal. year 1918, V. 109, p. 1360.
— Years ending Dec. 31------------- June 30 Year-------,
1918.
1917.
1916.
1917.
Gross earnings................ $24,358,662 $20,525,689 $17,781,278 $19,340,163
Operating expenses------- 20,677,429 15,133,977 12,498,253 13,628,152
Net earnings.................$3,681,232
Net in c o m e ....______
Standard return________ a3 ,178,315
Gross income'----------------- $3,381,421
Hires of equipment_____
Taxes, &c--------------------Interast on bonds, & c .._ 3,495,362
Divs. on guar, stocks_
_
250,024
Discounts written o f f . . .
105,166

$5,391,711
$5,597,484
_____. . .
____
1,186,831
697,217
3,403,949
250,024
106,550

$5,283,025
$5,566,375

$5,712,011
$5,826,261

855,765
605,297
3,376,963
250.024
162,682

1,068,894
614,168
3,290,095
250,024
108,045

Balance, sur. or def...def$469,131 def.$47,092sur.$315,644sur.$495,035
a Standard return represents tho annual average railway operating in­
come based on reports rendered tho I.-S. C. Comm, for the three years
ended June 30 1917; it is not final, as the contract with tho Director-Goneral
has not been executed, claim having been filed for $4,105,000 as just com­
pensation for the use and control of the properties.
DIRECTORS.— Pres., Roberts Walker; Chairman Executive Committee,
C. B. Seger; V.-Pres., F. Nay; J. J. Mitchell, Joy Morton, VVm. G. Beale,
Samuel Insuil, Roberts Walker, J. H. Hammond, James Steuart MacKie,
R. S. Lovett, Edwin G. Merrill and V. D. Skipworth, with James Williams,
Sec. & Treas., New York.
W . G. Bierd, Fed. M gr.; A. P. Titus, Gen. Mgr. under U. S. Govt ,
Chicago.— (V. 107, p. 694, 1099, 1286; V. 108, p. 267; V. 109, p. 577, 1360.)
★ CHICAGO BURLINGTON & QUINCY RR. (See M ap).— ROAD.—
Operates a great system of roads extending from Chicago westerly, reaching
St. Paul and Minneapolis, Minn.; St. Louis and Kansas City, M o.; Omaha,
Neb.; Denver, Col.; Choyenno. W yo.; Black Hills, S. D ., and Billings,
M ont., viz.:
Lines east o f Missouri River_ 4.3911
_
Lines leased________________ • . 354
Lines west of Missouri River_ 4.6281
_
Total miles oper. Dec. 31 1918.9,373
In Deo. 1908 $23,657,500 of the $31,000,000 Colorado & Southern oom.
stook (practically a controlling Interest) was acquired, affording oonneotlons with the Gulf of Mexico. V. 87. p. 1663: V. 88. p. 157, 685.
Owns jointly with the Nashville Chattanooga & St. Louis the Paducah *
Illinois R R . (which owns a double-track bridge over tho Ohio River ft*
Metropolis, 111., and has built from Metropolis to Paducah, K y ., 14 m,)
and jointly guarantees its bonds. See that company below.
ORGANIZATION, &o.— A consolidation In July 1875: since merged
Chicago Burlington & Northern, Kansas City St. Joseph & Council Bluffs,
Hannibal & St. Joseph, Burlington & Missouri, Ao., Ao.
In 1901 $107,613,500 of the $110,839,100 stook was exchanged for the
mint 20-year 4% bonds of the Gt. Northern and Northern Paolllo, secured
by the deposit of the stook In trust, on the basis of $200 In bonds for $100
»tock. See V. 72, p. 871; V. 73. p. 293. and bonds under Great Northern
D IV ID E N D S — / ’98. ’ 99 to Sept. ’01. ’ 02 to ’06. ’07. ’ 08 to Sept. 25*10
6 yearly.
7 yearly. 7 M 8 yrly. (quar.)
Regular % .............I 5H
Extra % -------------- I . .
------------------— ------- 6
Sept. 17, 10%
Extra dividend in Sept. 1917, 10%. V. 105, p. 715.
BONDS.— General mortgage bonds ($300,000,000 auth. Issue, Interest not
to exoeed 5%)are a first lien on about 3,931 miles of road,and on retirement
of the outstanding underlying bonds, for whloh bonds are reserved as below
noted, will be a first lien on the entire mileage owned, aggregating 8,491
miles. V. 103. p. 493. The Generals have been Issued or are Issuable (V.
86 p. 1342. 1466; V. 88. p. 504, 685; V. 92, p. 525; V. 96. p. 789), as follows:
To retire outstanding bonds (lncl. $17,428,300 In sink, id s.)-.$177,000,000
Issuable for reimbursing the treasury for outlays already made
by it for betterments and additions ($22,000,000 sold)-----Issuable for additions. Improvements and betterments of and
to the mortgaged property (of which $13,724,000 sold)------ 78.000,000
In Jan. 1909 $20,000,000 general 4s were sold, of which $13,724,000 were
used to purchase $23,657,000 Colorado & Southern com. stock. V. 88. P.
685: V. 92, p. 525; V. 96, p. 789; V. 98, p. 999, 1315; V. 101, p. 47; V. 105

45,000,000

^ The Iowa Division bonds, of which $1,642,000 5% and $4,648,000 4%
bonds wore outstanding on Dec. 31 1918, wero paid at maturity Oct. 1 1919.
— V . 109. p. 1079.

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C n l.
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R A IL W A Y STO C K S A N D

R A IL R O A D C O M P A N IE S
[F o r abbreviations. & c .. see notes on fir st page)

M iles
R oad

D a te
B onds

Par
V a lu e

A m ount
O u tsta n d in g

R a te

%

N°The remaining* f e . T O O ) ‘ ^ r R 0 A M .’ R R i n W
'consols.’ wore paid
July 1 1918. V . 105. p. 2 5 4 2 .
_ .
,
FE D E RA L COM PENSATION.— $33,390,080 yearly during Federal
control (contract executed).— V . 107, p. 1747, V. 108, 2535.
Advances from Fed. R R . Admin, as loans or on rental account to Jan.
3 1 1 9 1 9 ag^egaTed $10,650,000; in March 1919 the War Finance Corp.
loaned the company $4,000,000.
F A R N IN G S __9 mos. [1919 „ ..G ross, $112,204,197; net, $25,252,998
j i n l to Sept 30
11918. — -Gross. 104.032,713; net. 22,463.600
R E PO R T .— For 1918, V. 108, p. 2522, 2535.
G ro s s ^ e a m ln g s ™
S™

oto e r * n c o S : : : : : : : : : : : : : : : :

$ 1 4 4 ! l 7 2 , 7 6 9 $ 1 2 2 ,3 4 2 ,7 0 7 $ 1 0 9 . 1 9 l ‘,2 0 4
$ 2 3 ,9 9 1 ,4 7 7
$ 3 5 ,2 8 0 ,7 5 6
$ 3 9 ,0 9 8 ,9 8 8
2 . 1 6 6 :9 4 9
3 . 1 3 3 ,6 0 1
2 .9 9 1 .3 1 7

$38,414,360 $42,090,304
$6,960,493
$6,790,177
2,135.086
2,218,150
1,864.287
1,397.031
8,864,595
8,057,964
10,265,851
------------------------- * 2,400,000
6 ,0 0 0 .0 0 0
— 7( 8 %) 8~,~867',i28 (18)l~9~,95i038 (8)8,867,128

Total income-------------------------Interest on funded debt---------------Rents, &c---------------------------------Sinking fund------------------------------Additions, &c____________________
Fund for taxes not due---------------D i^ d e n X ? . 1. — . —

$6,750,463
2,618,189

Balance, surplus.......................xdef$3 185J)97
None
$4,998,715
x This is the combined company and Federal operating statement. On
the basis o f the standard (rental) return plus non-operating income and less
charges dividends and $10,265,851 for additions and betterment the year
1918 shows a surplus o f $2,817,628.— V. 108, p. 2535.
DIR E C TO RS.— Charles E. Perkins (Pres.), Thomas S. Howland (V.-P.*
Sec & Treas ) Robert J. Dunham, Frederick H. Rawson and Samuel G*
ScStten ChfragoV 111.; Louis W . Hill, C. W . Bunn, Ralph Budd, St. Paul.
M b in ° C ° I. Sturgis (Com pt.), O. M . Spencer, Chicago; Howard Elliott.
N . Y .; Federal Manager, 0 . G. Burnham; Acting Federal Treas., W . W .
Baldwin: Gen. M gr. under U. S. Govt., E. P. Bracken, Chicago. (V. 108,
p. 479, 1822, 2522, 2535; V. 109, p. 1079.)
★ C H ICAGO & EASTERN ILLINOIS R R — Operates road from Chicago.
HI to Evansville. Ind.; also Chicago to St. Louis, leaving main line at
Woodland Junction: and lines to Thebes and Joppa, 111., reaching various
bituminous coal fields, with 216 miles o f double track.
Rossville Jet. to Judyville, I n d -. 14
L in e s Owned in F ee —
Dolton to Evansville, Ind---------2 9 9 Evansville to Terre Haute----------- 109
Danville, 111., to Villa Grove, Jet. 42 Branches to M t. Vernon, &c_____50
Momence Jet., 111., to Brazil Ind.130 Evansville Belt_________________ 4
Findley Jet., 111., to Thebes, 111— 194 Other__________________________ 3
Other Trackage, A c .—
Joppa Jet. to Joppa, 111----— ---- 17
Cissna Jet. to Cissna Park, 111---- 11 Pana, 111., to Granite C ity______ 76
Percy Jet. to La Crosse, Ind------- . 4b Chicago to Dolton,Ch.& W. Ind- 17
Milford Jet.,111., to Freeland, Ind 11 Other lines_____________________ .35
Coal Bluff, Ind., to Casey, Ind— 7
Total Dec. 31 1918................. 1.131
Woodland, 111., to Pana, 111-------- 123
ranenes 10 Coal Mines-------------- d
—— ■
—
■ - ~
Branches to uoai iviines— - - - - - - - 9 2d track________________________ 339
Also leases to other companies Rockville extension. 17 miles.
H ISTO R Y. &c.— The St. Louis & San Francisco In the reorganization o f
.1916 relinquished the stock it owned. V .102, p. 896, V. 104, p. 1387,2235.
O. & E. I. owns$1,000,000 stock Chicago & Western Indiana.
On M ay 27 1913 receivers were appointed, there being a floating debt of
about $5,000,000: Thos. D . Heed of Chicago is now receiver. Theodore O.
Keller was receiver o f the c o m p a n d s coal properties.— See below.
Foreclosure sale o f C. & E. 111. R R .se t for Sept. 4 1917 hias been post
poned until about Jan. 11 1920. V. 105, p. 1897, V. 108, p. 10o9,
6

[V ol . 109.

h
te st
Last Dividend Places W ere In re and
Dividends a Payable
re
and Maturity

W h en
P a y a b le

$ 1 0 0 $7,204,400
—
—
C hicago & Eastern Illinois— Com stock $15,000,000
1 0 0 11,063,500
Preferred stock 6% non-cum ($15,000,000)-------- M &
97,000
a
1 .0 0 0
9 1880
Danville & Grape Creek R R — 1st M assumed— ,zo*
fc
J <
6
91,000
1 ,0 0 0
14 1881
First mortgage extension-------------- — — - . - . - . x o
A &
8 g
2,736.000
1 .0 0 0
130 1884
Consolidated mortgage (for $5,948,000) gold.Ce.zo
M &
5
21.343,000
General Consol and 1st M $3 0 .0 0 0 .0 0 0 — -Ce.zo*&r 1,024 1887 1 , 0 0 0 &o
J &
5
4.626.000
1 ,0 0 0
168 1885
Ch & Ind Coal R y — 1st M $25,000 p m ass'd.Mp.zo*
5
M <c
3
150.000
1 ,0 0 0
49 1881
Evansville Terre Haute & Chicago Income mortgage
J &
6
1916 1,000 See 6 ,0 0 0 .0 0 0
4 Z J &
820 1905 1 ,0 0 0 &c 18.019.000
5.167.000
2 e
1912 1 . 0 0 0 &c
J &
6 g
3.000.000
1 ,0 0 0
146 1881
375.000
3g A &
1 ,0 0 0
1883
25
Mount Vernon Branoh mortgage gold------- F.xo
5g A &
450.000
1 ,0 0 0
30 1890
Sullivan Co Coal Branoh mortgage gold. — F.xo*
5g A &
3.175.000
1 .0 0 0
2 0 1 1892
First General mtge for $7,000,000 gold— F.xo*
5
.r
1,284.000
50 &c
1911
201
Refunding mortgage $1,284,000 red par------- Nx
5g M &
142.000
1 .0 0 0
4 1910
Evansville Belt Ry first mortgage gold------------ -- *
218.000
5K A &
1 ,0 0 0
1907
O&E 1 Eq bds Ser G due $124,000 s-a ext--------- Bax
1.986.000
5K M
1 ,0 0 0
1912
do Series H due $166,000 or 5165.000 s a ext.x
1 2 .0 0 0 .0 0 0
5g M A
1 ,0 0 0
249 1800
Chicago & Erie— 1st M g lnt guar till prm pald.Ce.zc*
A &
5
1890 1 .0 0 0 &o blO.OOO.OOO
249
Income bonds for $10,000,000 5% non-oum------ Nz
o
30J.OOO
5g J C
1888
Chicago & Atlantic Terminal 1st M g ext 1918— —z
Chicago & drand Trunk— See Grand Trunk West Ry
Chicago Great Western— Common stock *46.000,000
—
S
c
1 0 0 43.926.602 See text J
1496
Pref (prin. S div) 4% cum red $50,000,000 auth
c
4g M &
1035 1909 $. £ & tr 25.383.000
First mortgage gold $75.000,000-----------G.xo &r
3
3K g J <c
500.000
1 .0 0 0
1900
Minneapolis Terminal mortgage gold assumed-----Mason City & Fort Dodge— See that company
Chicago & Great Western— See Balt & O Chloago Ter RR
Chicago Hammond & Western— See Indiana Harbor Belt R R
t
J S
562.500
6 g
100 S o
c
1911
Chic Hgts Term Transf— 1st M $1,000,000 gred 105 sfc
a Payment of accumulated and current Interest resu med a s of.Oc t . 1 1916 under order o f Court dated
b All except $98,000 owned by Erie R R Co
RR
x Extended in 1918 at same rate till 1928. S

CHICAGO BURLINGTON & QUINCY R R . (Concluded).—
The Nebraska Extension bonds of 1 8 8 7 a r e issued at FIOAXX) P « mlle for
•ingle and $ 1 0 ,0 0 0 per mile for seoond traok on not e x c e e d i n g 1 .5 0 0 miles.

A rlvate
P
C n l.
o tro

BONDS

N
D
O
N
J
N
J
J
J
O
O
o

J
N

o
s
N

M ay

o

J

1 1913 I K
N Y. Central UnTr(text)
1 1920a
N Y. Mech & Metals Bk
1 1931a
N Y. OentUnTrust (text)
1 1934a
May 1915 coup not paid
1 1937
July 1914 coup not paid
1 1936
Farmers’ L & Tr. N Y
1 1920a
Eq Tr C o. N Y see text
1 1917
July 1914 coup not paid
1 1955
Feb 1915 coup not paid
1 1942
N Y. Bankers Tr (text)
1 1921a
April 1915 coup not paid
1 1923
April 1915 coup not paid
1 1930
April 1915 coup not paid
1 1942
July 1915 coup not paid
1 1941
N Y. Columbia Tr (text)
1 1940a
'20-Oot ’20 See text
'20-Sept '25 See text
Erie Railroad. New York
1 1982
do
do
1 1982
do
do
1 1928X

J

s
J

J P Morgan & Co, N Y
do
do
Bank of Montreal. N Y

Northern Trust Co, Chic
J Jan 1 1931
Se pt 25 1916 and continued since.

Sec.; Equitable Trust Co.^degosiU ry.

V. 90. p. 1628. 1700; V . 97. p.

17Commute?for CMc^'A Ind. Coal 1st 6 s.— James B. Mabon (Chairman).
Charles E. Sigler, Sec.; Central Trust C o.. N . Y .. depositary. V. 98, p.
1 9 9 2 . Over 90% of bonds deposited.
V. 99. p. 195.269 1299. 1596;
V. 100, p. 228: V. 101, p.845; V. 102, p. 344; V. 104. p. 2552; V . 107. p. 1481.
Committee for Purchase Money Coal Bonds.— George O. Van Tuyl Jr.
(Chairman). James F. McNamara, Sec.; Metropolitan Trust Oo., N Y .t
depositary; 7 5 % deposited. The coal property was sold under foreclosure
to the committee on Dec. i 8 and 19 1917 for $ 3 ,8 0 0 ,0 0 0 . V . lOo. p. 1617,
2 54 2 ; V . 100. p. 307, 641.
In Nov. 1917 this Issue received a payment of
2 0 % ($ 2 0 0 per $ 1 ,0 0 0 bond) chiefly from coal earnings accumulated during
the receivership. V. 105, p 2093. A further $18 76 per bond was paid
in April 1918 and in Jan. 1919 $125 (holders of deposited bonds $ 1 0 0 ).
V. 1 08, p. 7 7 ; V. 1 06. p. 1577. 1900.
^
,
Committee for Evansville A T. R . 1st Cm. 5 s.— Frederick J. Llsman (Chair­
man); Secretary, Graham Adams, 30 Broad Sc., Farmers Loan & Tr. O o.,
depositary. Majority deposited. V. 100. p. 1256. 1437. 1509 V. 1 0 1 , p.4 7 .
STOCK.— In addition to outstanding stock. $6,421,700 common was on
Dec 31 1917 held in trust by Equitable Trust Oo. as a part of
“ trust assets" under agreement dated July 1 1905, for Improvements, acqui­
sitions or refunding, and $1,128,600 was In treasury (mostly pledged).
V. 85. p. 1001: V. 92. p. 1374. 1435: V. 93. p.229. 588. 1393
BONDS. E T C .—Oeneral Consol, and First Mtge. of 1887 (trustee. Cent.
Trust Co. (Issue limited to $30,000,000). see V. 64. p. 1088; V. 78. D
1446: V. 79. p. 1331; V. 80. p. 1728: V. 84. p. 1550: V 96. p. 284.
See Refund, and Impt. gold 4s of 1905. v . 80. P- 1424: V. 81. P' 1436,
V. 8 8 . p. 451: V. 90. p. 558; V. 92. p. 117: V. 93 p. 588: V 94. p. 487
In
N ov. 1919, $7,793,000 Ref. S Impt. 4 s had been deposited with U. S. M tge.
c
& Tr. Oo. (Flatten committee.)
,
. _ „ .
In Feb. 1918 $600,000 Ref. S Impt. 4s pledged to secure defaulted notes
c
were sold at auction and March 25 1918 a further $442,000 with other
securities was sold.— V. 106. p. 928, 1229. 1343.
, „
—.
As to First Lien Coal bonds see Committee above and V. 94, p. 629,
V. 95. p. 1039, 1122, 1393: V. 100, p. 307: V. 105. p. 1617. 2093.
GENERAL FINANCES.— The U. S. Railroad Administration In 1918sanctioned Improvement outlays of $2,185,488: equipment, $2,123 209, and
from April 1 to Dec. 1 advanced the road $537,000. V. 107, p. 2156, 1344
V. 106, p. 2194.
STAN D AR D RETU RN as certified by
Comm., $2,946,001
The compensation committee recommended $4,408,003, but this amount
was reduced by the Director-General of Railroads to $3,280,000. Judge
Carpenter on Nov. 5 1919 ordered the receiver to appeal to the Board of
Review for additional compensation. V. 108, p. 2325; v . 109, p. 1700,1891.
E A R N ING S .— 8 m os.J1919--G ross, $15,909,698; net (before $226,227
Jan. 1 to Aug. 31. \1918
Gross, 16,691,993;
taxes), 1,375,273
RE PO RT.— For calendar year 1918, in V. 108, p. 2325.
Calendar Years—
xl918.
1917.
1916. _
1?15* —
Gross earnings.............. $26,753,092 $21,018,985 $16,884,697 514,871,495
Net, after taxes...............$1,610,190 $3,786,851
$2,979,601 52,210.720
Otherincome______. . . .
1,017,943
1,791.074
1,446,587
650,910
Gross income................. $2,628,133
$967,831
Interest paid------- -------Rents, &c......................... 1,017,429
Accrued interest not paid 3,310,077

$5,577,925 $4,426,188
$1,020,360 $1,045,602
862,679
826,296
2,356,793 2,384,795

$2,861,630
$1,012,418
777.052
Not stated

Balance
.............def$2,667,201sur$1338,092 sur$ 169.494 - — - - - - ­
x Combined income statement Receivers and Federal. V. 108, p.
OFFICERS.— Pres., T . D. Heed. Chicago; V .-P ., W . H. Lyford, Chi­
cago; V .-P ., Alvin W. Krech, N. Y .: Sec., F. R. Austin, Chicago; Treas..
F. W . Krohn, Chicago; Fed. M gr.. W . J. Jackson, Chicago.— (V. 108. P*
17, 267. 1060, 2240. 2325. 2329, 2432; V. 109, p. 1079, 1700, 1891).
★ CHICAGO & ERIE R R .— {Map Erie RR.)— Owns from Marlon. Ohio,
to Hammond, Ind., 249 miles, and leases traokage over Ctiloago & West mu.
to Chloago. 20 miles. Erie RR. Co owns entire $100,000 stook
BON
road, the contract with the
A 8°to elimination9of Ev. S Ind. R R . from system, see V. 105. p. 1418. ChicagoDS.— First Mortgage covers 249 miles ofthat company s stock aim
c
& Western Indiana, $1,000,000 of
also separate statement below.
, ■
- __
Receivers' Certificates.— The $8,000,000 due July l lO1? continue to re­ $240,000 stock of Chicago Belt Ry. Interest on Income bonds Is paid
ceive 6 % interest till paid; V. 104, p. 2460. See table above and V. 99. regularly; Erie R R . owns all except $98,000 of the $10,000,000. 9ee
abstracts. V. 51, p. 911; V. 61. p. 750.
p . 47: V. 102. p. 2253.
EARNS.— 12 m os.,(1918___ Gross. 511,039.823;net (before 51.298.701
DEFAULTS.— In June 1915, under order o f Court, all int. on equip, seT
an 1 to Deo
11017
( 1poss
S.701,149! t&xcs),
2,134,711'
curitlas had been paid promptly and their principal extended for three years
For 9 mos.. '
' (1919— IIGross,’ 5 7 .6 6 6 ,2 1 6 : net (before $1,247,179
but on all other bonds the interest due March 31 1915 and subsequently was
Jan. 1 to Sept. 30. \l918___ Gross,
7,587,908; taxes),
436,529
In default. On Oct. 1 1910 all coupons due and overdue on the following
For year
5 ,1
52.«20.Issues were paid and subsequent Interest on the same Issues has been regu­ 983; other ending Dec. 31 1916, gross. $8 ,3 3See. 5 2 : neK after invi3str“ on*
Income. $186,525: int.. taxes
52.800.'63H.
larly met to and Incl. Oct. 1 ’ 19 (as to other coupons still In default see taoie physical property. $86,201: bal., sur.. 5126,669- Fed. M gr., A. J. Stone.
at head o f page). (V. 104, p. 1387. 2225; V. 100. p. 85.)
f
New York, N. Y .— (V. 107. p. &02; V. 109. p. 774.)
Danville & Grape Creek 1st 0s.
ICh. & E. 111. First Consol. 0s
E v. T . H. & Ch income 6 s.
Ev. & T . H. R R . First Consol. 0s.
★ CH1CAOO OREAT WESTERN RR.— Forms the "Coni
radiating from Oelweln. Iowa, northerly to St. Pnhl, <
sasterly to Chlcag
Ch. & E. 111. First Extension 6 s,
(Evansville Belt Ry. First 5s.
Foreclosure suits nending under “ General Consol. Sc 1st M ..” Ref. S and sojUherljr and westerly to Kansas d
c
j t j n
^
Impt. M ., Chic. & Ind. Coal M . and Ev. & T. H. Gen. Mtge. V. 99, P. L in e s o w n ed (total, 757 m ile s ) . M i l e s
Ft.Dodge.383 m .vlz.
119- V 100. p 228. 473. 981. 1167. 1436; V. 101. d . 1627; V. 102. p . 1792. Chloago to St. Paul...................... 400 Mason CySc la., to Coun’l Bl'ffs. 260
Oelweln,
The O. & E. I. coal mtge. has been foreclosed; see below “ committees.
Oelweln to St. Joseph__________ 290
Hayfleld,Mlnn..to Clarion.Ia. 1 0 0
Bee Greek to B ev erly ____________23
Protective Committees for Bonds, Stock, Ac.
15
Branches to Lehigh. Scc------Committee for Ref. and Impt. and other Bonds, except Chic. & Ind. Coal Sumner to W av erly ....................... 22
Trackage to Ho. Omaha-----Mantorvllle, &c.. branches--------- 21
Evansv. S Ind. and Purch. M oney 1st M . Coal Bonds, also E q u i p m e n t
c
Wls.Mlnn.&Pao.RR .277 miles,
Obligations.—John W. Platten (Chairman). Calvert Brewer. Sec.; U. 8 . Leavenworth to Kansas City____ 1
96
Mankato to Red Wing, Minn.
78
—
Mtee S Trust Co., depositary. Majority o f bonds deposited I n c lu d in g
c
Red Wing to Osage. Ia ------- 1IS
over 65% o f Gen. Consol. S 1st 5s. V. 96, p. 1555: V. 98. p. 999: V. 99. St. Paul to Minneapolis__________11
c
54
Winona to Simpson, M in n ...
Chloago Terminals_______________ 10
3
d! 4 7 -V 100. p. 981. 1671. 2166; V. 101. p. 447. 1092, 1885; V. 104. p. 361.
Branoh to Olay Banks. Mlnn.
Committee for Oeneral Consol. A 1st Mortgage 5s.— Henry Evan* (Chair­ Galena Jet., 111., to Dubuque. Ia . 14
6
Goodhue to Belle Chester----3
man). A. F. Halsted, Sec.. 62 Cedar St., N . Y . Guaranty Trust Oo.. Des Moines Terminals__________
Leavenworth to Kansas City-------26
Total mileage Dec 31 1918—1.496
St. Joseph. Mo., to Bee Creek—
9
^Cmnmittee for S?}t?<S^S7 F.^TrusJcertifs. for Com. and Pref. Stocks and
.
C . A E . ] I . StoS.— Alvin W . Krech (Chairman). Richard R. Hunter. Other trackage----- -------------— - 5




Trackage (total,

miles)

N O V . . 1 9 1 9 .1

★ Gv m t
o ern en
C n l.
o tro

R A IL W A Y ST O C K S A N D

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

C hicago & 1 1 Midland— 1st M $3,000,000 gold_._x
1
Chicago & III W— Gen(now lst)M g gu red par.CC.xo*
Chicago & Indiana Coal—See Chicago A Eastern 1 1
1
C hic Ind & So— See New York Central R R .
Chicago Indianapolis & Louisville— Common S tock ..
Preferred 4% non-oumulatlve §5.000.000 ________
Refunding (now 1st) M l $4,700,000 are 6 s)— Cex
do $15,000,000 gold)Series C ................... ....... x
Indlanap A Loulsv 1st M closed (assumed)__G.xo*
First A Gen M $40,000,000 gold Ser A__yg.c*Ar*
do
do
------do
do Ser O due $50,000
Guaranteed Bonds—
Kentucky & Indiana Terminal R I
___ _
Monon Coal Co 1st M g Int only gu s f red HOBa xo*
Chicago Indianapolis & St Louis Short Line— See Clc
Chicago Junction RR— 1st M §2,327.000 g red 105-xc*
Chicago Lake Shore & East— 1st M g gu red text._xo*
Chic Mem & G ulf— 1st VI g red 105— Ba.xc*Ai
EaulD notes due $6,000 yearly__________________ j

Miles Date
Road Bonds

20

—

1913
1907

Par
Value

$ 1 ,0 0 0
1 .0 0 0

$2,500,000
820.000

Rate
%

5S
g

6

1897
1910
1906
1916
1911
1911
1913

100
100
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0

T
J

Last Dividend
and Maturity

35

Places Where Interest an
Dividends are Payable

9c D Doc 1 1938
A J July 1 1947
& D See text
& D July 17 ’ 19 2%
& J July 1 1947
& J July 1 1947
& .1 Jaa 1 1950
A N May 1 1966
A S To Mob 15 1921
&015 Apr ’20-Oct ’21
A A Feb ’20-Aug ’23

J P Morgan A Co, N >
do
do
do
do
do
do
Guaranty T nu t Co. N 1
J P Morgan A Co, N Y
Equitable Trust Co, NiY
Bankers Trust Co, N Y
do
do

A

D June 1 1936

Bankers Trust Co, N Y

A
A
A

S Moh 1 1945
Harris Forbes A Co Chic
71 Broadway. New York
D June 1 1969
Bankers Trust Co. N Y
J Jan 1 1940
T o July 1 1921

1916.

The entire capital stocks of the Mason City A Fort Dodge R R . Co. and
the Wisconsin Minnesota A Paciflo R R . Co. are owned and their roads oper­
ated under agreement. See those companies. In 1910 acquired entire
stock of Leavenworth (Kan.) Term. R y. A Bridge Co
V. 91. p. 214, 397
ORGAN IZATION .— Incorp. In Illinois Aug. 20 1909 as successor per plan
V. 8 8 . p. 1497. of railway acquired at judicial sale. V 89. p. 528 592.
Federal Compensation.— $2,953,450 yearly during Federal control (con­
tract executed). V. 108, p. 783. 1936.
The Federal order in 1918 assigning 15 locomotives to the company for
$716,145 is opposed. V. 108, p. 1715.
v
STOCK.— The pref. stock (§50,U00,000 auth. Issue) was entitled to
non-oum. diva, at 4% per ann. to Juno 30 1914 and to cum. dlvs. thereafter
at that rate ahead of the com. stook.and also to a preference as to principal
and accrued dividends in case o f dissolution or liquidation.
D IV ID E N D S.— Prof, stock. No. 1. Dec. 1 1915. 1%: May 1 and Oct. 2
1916, 1% ; Apr. 1917, 1% ; none then till Aug. 15 1918, paid 1% ; Jan. and
July 1919, 1% . V. 107, p. 2097; V. 108, p. 2629.
/0
BONDS.— On Dec. 31 1918 $35,930,000 o f A lst M . 4s o f 1909 had been
issued, $25,383.00 being held by the public and $10,547,000 by the co.
Holders of a.I except $11,000 of the $6,232,000 Wisconsin Minnesota A
Pacific bonds accepted In exchange per $1,000 bond $500 each in C. G. W.
1st M 4s and 8500 in pref- stock. V. 97. p. 49. 523 728 1203 1217
LATEST EARNINGS.— /1 9 1 9 -G ross, $16,108,560; (net bef $2 152 998
9 mos.. Jan. 1 to Sept. 30 (l918 ..G ross, 14.096,588 taxes), 1 775 039
REPO RT.— The report for cal. year 1918. V. 108, p. 1714, shows:
(1) Corp. Income Account (Based in 1918 on Federal Compensation)
1918.
1917
1 0 ,0
, Q 1 ’7
r .
. .
1918.
1917.
Stand. roturn_$2,953,450 $2,871,113 Int rente, &C.S1,591.653 81.574,248
Oth. inc. (net)de/.54,012 sur.48,977 Pref. divs.(2% )878,532 (1)439,266
Gross income_$2,899,408 $2,920,089 Net incom e.. $429,223 $906,575
(2) Federal Income Account for 1918, Showing Results before Interest Charges.
1918.
1917.
' I 9 ig
1917
Oper. rev__$19,l 16,924 $16,368,323 Otherincom e_$l,268 584 SI 817 133
Opor. e x p .. 17.783.097 12,492,412 Hire e q u i p . , 1 865146 2 147 113
Taxes, & c_.
676,256
674.819 Net in com e..
61 009 2 871 112
Year end. Dec. 31—
1918.
1917.
1916
1915
Operating revenue------- $19,116,924 $16,368,323 $16,131 692 $14 119 321
Operating income..........
657.571
3,201.092
4.292.013
3;092.646
OFFICERS.— Pres.. S. M . Felton: V .-P .. Joseph W . Blabon- See W G
Lcrsch; Federal Trcas., J. F. Coykendall; Auditor, W . W Sullivan- Federal
m b .. V . L . Park
Presidents office, Peoples Gas BulldlngT Adams St!
and Michigan Boulevard, Chicago, IU.
DIHECTORS.— Samuej M . Felton, John A . Spoor A A SnraciB
Clyde M . Carr, Chas. H. Thorne and E. A. Cudahy. Chicago- Chariei
Sfcoolo. E . N. Hurley. Chicago, III.. E. F. Swlnney. Kansas City-John Wash­
burn. Minneapolis: G. W. Wattles, Omaha; E. c . Flnkblno Des MoinesMilton Tootle Jr., St. Joseph.— (V. 108. p. 267. 783, 1714 193 “ 2629 ) '
A CHICAGO & ILLINOIS MIDLAND R V .— Owns Comoro' III to
Taylorvlllo, 28.4 miles. Stock auth.. $2,000,000: outstanding si oori'ooo
(par of shares $100). all owned by Commonwealth Edison Co * ' Itomls out
$2,500,000; see table above. Equipment trusts June 1 1 9 1 7 « sor° s 7 Q ,ine
monthly. Year ending June 30 1916, gross, $290,099 net $ 8 8 43V othw
income $118,511; interest, taxes, &c., $202,641; b a la n c e s urn Ius $ 4 3 0 1
For caiendar year 1917, gross, $355,063; net. after tolra gig 810 —
(V. 93, pi 1599; V. 107, p. 905.)
xes- *d-L81U.
A C H IC A G O & ILLINOIS WESTERN R R .— Projected Willow Sarlnn
southwesterly to Joliet, Illinois, with branches, a total o f 54 m o f
which 17 miles In operation. Willow Springs to Hawthorne
v V i n .ini
stock, $1,000,000: par. $100. V. 97, p. 1114, 1358? O f theGenP'fit of
1907 ($4,000,000 auth issue) $965,006 were outstanding In Jan 1917
guar, prin A int. bv Dolose & Shepard Co.. Chicago: eouiD t r u s t.* » o son
V. 86, p. 107; V. 88, p. 685. For year 1917, gross, S180 291 T d n J t 1141°100 in 1916. and net surp. after taxes, $10,889; agst a def o f s ’ ss
PrtV
w . B. Claris Office. 108 South La Sallo St., Chicago — (V *97 „ 1 3 5 6 )
tlr CHICAGO INDIANAPOLIS & LOUISVILLE RV — Onoraro. the
■Monon Route" from Chicago. 111., via Monon, Ind.. to tndlananniis tnd °
and Louisville, K y.. with branches. Total Apr 30 1918. 654 mUes. vU - ''
Lines owned—
Miles.
T™r>arje contract—Miles
Indiana State Line to Indian­
Chicago to Indiana State Line . 20
apolis _______________________ 162 New Albany to Louisville
7
New Albany to Michigan CIty_._289 Connection to Indianapolis
2
Bedford to Swltz City___________ 40
Orleans to French Lick Springs.. 18
Clear Creek to Harrodsb’g. I n d .. 9
Wallaoe Jot. to Shirley Till] A br. 64
McCoysburg to Dinwiddle--------- 36
A lease for 999 years with Chicago A Western Indiana (of whose itnot this
company owns §1,000.000) gives entrance to Chicago on a ralleArphiiVls
Owns one-third Interest In Ky. A Ind. Terminal R R . at Louisville, Ky':
HISTORY.—Successor July 1 1897 of Louisville New Aibanv
fhin*rn
foreclosed per plan In V. 63. p. 922. Suit settled. V. 75. p % 3 l
C
In Aug. 1902 the Louisville A Nashville and Southern Ry aotmirert oner
of §10.500.000 com. and 77% of §5.000.000 pref. stock, on the ba il?of $ 7 8
and §90 per § 1 0 0 share. respectively. In their Joint 50-year 4% collateral trTis?
gold bonds at par. secured by the stock acquired. See description of hnnds
under Louisville A Nashville. V. 74. p. 1088. 1138; V 75/ p 28
^
“ ADVANCES” AND “ STAN DARD R E T U R N .” A c.— See naeo
Federal Compensation.— $1,620,259 yearly during Federal control.
DIVS. since 1902— \ ’04. ’05. ’06. ’07. ’08. '09 to '13. ’ 14-1 ^
*17
On common-------------- % ] 2)4 3
3
3
3 3 ) 4 yly. 0
4T4 3V4
Common dividends, 3 k % . June 29, and 1 H % e a cj in De^ 101ft Tnn«
and Dec. 1917. On Juno 13 1918 the 2% pref. dividend was' declare! as
usual, but no action was taken on the dividend on common stork- Prrf
d iv .o f 2 %
v
Dec. 1918 and July 1919. V. 106, p. 2559; V. 103, p. 2155;

°r

C n l.
o tro

When
Payable

10.500.000
T
5.000.000 4 in 1918 I
9.700.000 5 & 0 g 1
5,300.000
J
4g
b l. 172.000
4g
1
500 Ac c3.253.000
M
5g
1 ,0 0 0
6 6 .0 0 0
4H g M
1 .0 0 0
A
150.000
4H
1 ,0 0 0
F
400.000
Hi
ee tha t comp'any
1911
1 .0 0 0
2.875.000 • 5’g J
veland Cincln natl Chic ago A St Lo U
lS
1905
1 .0 0 0
2,327.000
4g M
1909
1 ,0 0 0
9.000,000
4H g J
52 1910
1 ,0 0 0
735,000
J
5
1911
1 2 ,0 0 0
618
618
64
618

b Additional $478,000 pledged under First A Gen. M . o f
c Additional $1,280,000 held In treasury.




Amount
Outstanding

A
Private

BONDS

BONDS.— Refunding Mortgage (closed $15,000,000). see V. 90, p. 1613 f
V. 91. p. 518. 1095: V. 92. p. 1031. 1700; V. 93. p. 44; V. 94. p. 1118.
Car trusts outstanding June 20 1918, $944,000. as against equipment,
depreciated value, $7,363,000. Monon Realty Co. notes, $21,005.
First & Gen. M . of 1916 $40,000,000. (V. 102, p. 1810; V. 104. p. 1044.)
Purposes for which $40,000,000 First & Gen. M . Bonds of 1916 are Issuable.
_
$3,250,000 sold and $1,280,000 in the treasurv Dec. 31 1917_ $4,530,000
[In July 1919 sought authority to issue $867,198 additional.]
Reserved— T o refund Ref. M . bonds due July 1 1947__________ 15,000,000
To exchange for outstanding Ind. & Louisv. Ry 1st M . bonds 1,172,000
To refund 60% of equipment bonds (40% from income)_____
826,800
For acquisitions, improvements, A c.. under restrictions_____18,471,200
The First & General Mtge. covers the entire property, being, in March
1917 (compare V. 102, p. 1810):
(1) A Direct Lien on all Road owned, viz.: A 1st Mtge. on 45 miles, a 2nd
mtge. on 509 miles, and a 3rd mtge. on 64 miles.
(2) A Direct Second Mortgage, subject only to the closed Refunding m tge..
(a) on the leasehold Interests in terminal facilities In Chicago, Louisville
and Indianapolis and in Kentucky & Indiana Bridge. ( 6 ) on 10.000 shares
of capital stock of Chicago & Western Indiana R R . and 2,400 shares o f
capital stock of Belt Ry. Co. of Chicago, (c) rolling stock, &c., valued at
over $7,438,000 (equip, trust bonds outstanding, $1,002,000).
Indianapolis & Louisville bonds, entire issue $1,650,000 was assumed
Dec. 31 1916, of which $478,000 are held in the treasury along with $253,000
Ind. Stone R R . (assumed) 1st M . 5s. V. 105, p. 1305: V. 82, p. 508; V.’ 83,
p. 1290; V. 102, p. 1810. Also guarantees int. on $2,875,000 Monon Coal
s. f. 1st M . 5s due June 1 1936. redeemable at 110 ($3,000,000 authorized
issue). V. 93, p. 44. 697; V. 108, p. 485.
EARNS.— 12 m os.,/1918------Gross, $11,017,274; net (before $1,725,490
Jan. 1 to Dec. 31. \1917------Gross,
9.161.898; taxes).
2,679.893
For 8 months,
[1919---- Gross, $7,827,006; net (before $1,346,755
taxes),
1,043,263
Jan. 1 to Aug. 31. \1918-----Gross, 6,860,862;
R E PO R T .— For fiscal year ended Dec. 31 1917 in V. 106. p. 2009.
— Years ending Dec. 31-------- Years ending June 30—
1917.
1916.
1917.
1916.
Gross earnings_______ _ _________
$8,202,276 $8,724,582 $7,694,734
Net (after taxes, &c.)__ $2,235,642 $2,470,916 $2,543,008 $2,217,285
Dlvs., A c., received____
216,972
375.653
238,879
338,272
Total net Income____$2,452,614
$2,846,569 $2,781,887 $2,555,557
Interest on bonds_____\ $1,005,816
950.454 [$1,005,031
$954,368
646,702
Rentals, &c___________ /
742,249 \ 624.290
709,105
Surplus for dividends.
$800,096 $1,153,866 $1,152,566
$892,083
Dividend on pref. (4% )_
199,752
199.752
199.752
199.752
Dividend on com m on._(3k)341.146(4H )511,875(3k)341,146(3 k )3 4 1 .129
OFFICERS.— Pres., IT. R. Kurrie, Chicago; V .-P., Morton F. Plant,
N. Y .; V .-P ., Fred. Zimmerman. Chicago: Troas., Bvron Cassell 608 So.
Dearborn St., Chicago: Sec. & Asst. Treas., F. S. Wynn, 52 Broadway.
N. Y. Fed. M gr., H. C. May, Chicago, 111.; Fed. Treas., Byron Cassel.
(V. 108, p. 267, 1822; V. 109, p. 72, 1774.)
★ CHICAGO JUNCTION R R .—Owns 3.61 miles o f elevated track, con­
necting South Side Elevated RR. with the stock yards. Leased to that
company for 50 years (with right to purchase at cost within 20 years) at a
rental covering bond interest and all expenses. Capital stock, $50 000.
Bonds are guaranteed, prin. and Int., by Chicago Junction Rys. & Union
Stock Yards Co.; they are subject to call at 105 after 1910. Form o f
guaranty, V. 82, p. 568.
★ CHICAGO JUNCTION R Y .— Owns Inner line within the Chicago
Union Stock Yards district, 11.81 ra.; side and industrial tracks, 118.58 m.
In 1907 New York Central interests acquired the outer belt line, assuming
the $2,500,000 bonds. Compensation for Government operation, $916 804*
company's other Income (1918 basis), S15.000. Of Government advances
to March 31 1919 of $725,000, S500.000 represents 6 % secured loan and
$225,000 rental account. Gen. M gr. under U. S. G ovt., W . J. O'Brien
Chicago.— (V. 107, p. 694.)
’
CHICAGO JUNC. RYS. & UN. ST K . Y A R D S.— See “ Industrials.”
★ CHICAGO KALAMAZOO & SAOINAW R Y — See Mich. Central.
ACHICAGO LAKE SHORE & EASTERN R Y .— Embraces 485 miles of
traok, connecting the various works of the Illinois Steel Co. and Indiana
Steel Co. at Chicago. Joliet, Milwaukee and Gary with diverging trunk lines
and also with steamship lines, stone quarries. Industrial establishments!
Ac.; also reaches the coal fields of 111. and Ind., and Joliet 1
11 Stork
$9,000,000, all owned by the Illinois Steel C o., and so by the U* S Steel
Corp.. which, with Elgin Joliet & Eastern guar, the bonds, prin. and int
by endorsement. The last named leases the road for 60 years from June 1
1 9 0 9 , rental covering all charges and dlvs. on stock, dependent on earnings
See V. 90. p. 108. Dlvs. paid in 1910. 5% ; In 1911, 5% and 2% extra
*12-’ 13. 1 0 ^ ; 13-14, 7% ; ’ 14-'15, 1 5 % ;'l5 -P
16. 107^ ;16 1 0 % -’ 17 8 %
B o n d s a r e r e d e e m a b le in w h o le o r In p a r t f r o m

D e c . 1 1 9 i9 a t 1 1 0 a n d in t •

ted J ? *20.000,000 a n d f u r t h e r I s s u e s o f b o n d s b e y o n d t h e
19.000,000 n o w ^ o u t s t a n d l n g c a n b e m a d e o n l y f o r 50% o f c o s t o f p r o p e r t y ,
V. 8 8 , p. 1372
89. p. 224, 1410.— (V. 91. p. 1446; V. 103. p. 1301.)
★ C H ICAGO V-gMPHIS & GULF R R .— Owns Dyersburg. Tenn., to
oh
Stock, common, $520,000 and 6 % cum. pref.,
$150,000, aU acquired in 1913 by Illinois Central RR . V. 96. p. 716.
A dividend of 8 % was paid from the earnings of 1910-11 and credited
& 7 ? rB ^ p,^ r n e? t , ^ . , pr.ef- stock- Dlvs. OD pref.. 1 H % Oct. 1 1911;
T
1912. #
%
]S i?' Irul". 1 H % - None since to Oct. 1918.
Bonds ($10,000,000 auth.) outstanding Aug. 31 1919, $735,000; reserved
for terminals. «ec., $1,750,000. and remaining $7,515,000 at not to exceed
85% of cost of new construction, nor over $20,000 per mile main line. V. 90.
p. 108, 302; V. 91, p. 153. For cal. year 1918; Standard compensation,
$15,699: other income, $3,587; gross income, $49,286: interest, $37,800;
other charges, $19,192; balance, def., $7,706. Fed. M gr., C. M . Kittle,
Chicago.— (Y. 96, p. 419.)
★ CHICAGO MILWAUKEE & QARY R Y .— See page 135.
CHICAGO MILW. & PUGET SOUND RY.—See Chic. M . & St. P. R

36

★ Control.
Government

RAILWAY STOCKS AND BONDS
Miles Date
Road Bonds

RAILnOAD COMPANIES
W ot abbreviations. A c., see notes on first page. ]

Par
Value

Amount
Outstanding

Rate
%

When
Payable

APrivate
Control.

[V o l . 109.

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

N Y Offloe 42 Broadway
S!
$ 1 0 0 117,406.000 444 in ’ 17 M A
do
do
s : . 1 ’ 17. 344
10 0 115.845,800 7 in 1917 M A
do
.
do
1,430.000
6
J A j July 1 1920
1880
1 ,0 0 0
do
do
J A j .
6
1880
3.951,000
1 .0 0 0
do
do
1 1921
5g J A j .
1881
1 ,0 0 0 25,334,000
do
do
1 ,0 0 0
1,360.000
5g J A j .
1881
do
do
5g J A J.
4,755.000
1 ,0 0 0
1881
do
do
J A J<
1 1924
6 g
1,248,000
1883
1 ,0 0 0
do
do
J A J.
3.083,000
5
1 .0 0 0
1886
do
do
1889
4g J A j :
1 ,0 0 0 1 48,241.000 ;
do
do
Q—J J
j
4g
1 .0 0 0 /
1889
do
do
8.950.000 /
3> gJ A J :
4
1889
1 ,0 0 0 1
do
do
1889
l.o o o ;
t 3 44 g Q—J ]
do
do
1889
1 ,0 0 0 142,597.000 I
444 g J A j i
do
do
1
1889
1 ,0 0 0
1 444 g Q—
do
do
2.117.000
1913
444 J A n .
1 .0 0 0
do
do
5.072.000
444 J A n .
1913
1 ,0 0 0
do
do
J A JV
4g
1909 1.000 Ao 33.286.000
Paris and London
J A n .
1910 500 fr Ac 13.076,496
N Y office 42 Broadway
1916 1.000 Ac 35.100,000 1 4 g J A D .
do
do
1912
1 0 0 Ac 49.980.800
444 g J A n .
do
do
1 1949
4
J & j .
1909
100 Ac 26.175.000
do
do
1 2014
1914
100 A c b43.089.000
444 8 A & o .
do
do
fir A .
1915
5e
1 2014
1 0 0 Ac 2 9 , 129.890
San Francisco
1 1932
5 g J & 1)
1901
1 ,0 0 0
515,000
Chicago
„
1 1923
803,000
5g J & J.
1903
1 ,0 0 0
1 1919 1J Cos office 111 B'way.NY
1 0 0 145.157.269 7 In 1919
O—J 1
do
do
1 1919 2o
,
1 0 0 22,395.120 8 in 1919
Q— J 1
do
do
6 g
M A N:
1 ,0 0 0
5,000,000
1881
do
do
J A j .
1884
1 ,0 0 0
1,281,000
6 g
do
do
M A s :
1 ,0 0 0
1 ,0 <0 . 0 0 0
)
1885
6 g
do
do
F A A Feb 1 1929
1 ,0 0 0 a3,925.000
5g
1889
do
do
1 1922
A A O
1892
1 ,0 0 0
400,000
5
do
do
5 & 6 A A O Oot 1 1929
1879 l.OOOAo 10.434,000
do
do
M A N May 1 1933
8,771,000
5
1883 1,000 Ao
do
do
A 15 A O Apr 15 1921
5
1891 1,000 Ac 1 0 ,0 0 0 ,0 0 0
do
do
F 15 A A Aug 15 1926
4
— 1888 1 .0 0 0 Ao dl7.667.000
•
b Also in treas. Dec. 31 T 8 . $117,247,200. ‘ ‘ a” &“ d Includ es bon ds In sin. fd. Oct. 119 19, viz.: • a $14. 000: " d " $965. 000.
x Secured by pledge of French loan debentures, whlc h In tu m are secured by the Gen . & Ref. Mtge.

C hicago Milwaukee & St Paul— Com stock (see te x t).
Preferred stock 7% yearly not cum $116.274.900..
Wise Val Dlv 1st M sink fund not drawn. NB.zo*
Dub Dlv 1st M sinking fund not drawn. NB.zo*
Chic & Pao Western Dlv 1st M (see text) gold.F.zo*
Chicago A Lake Superior Dlv 1st M gold— F.zo*
Wise & Minn Dlv 1st M g______________________ Fz
Fargo & Southern first mtge gold assumed_______ z
Chicago A Missouri River Dlv first mortgage.F.zo*
Gen M (for $150,000,000) gold Series A .U s.x o 'A r
do
do
Series A registered_____ x
do
do
Series B _____________ xo*
do
do
Series B registered-------- x
do
do
Series O gold----------- xc*
do
do
Series O registered..........x
Milw & Nor 1st M N o Milw to Gr Bay ext 1913-xo*
Consol mtge extended 1913 (V 96. p 1364)..z c *
xDeb $50,000,000 g . .........(All secured f..F.xc*& r*
Deb 250.000.000 francs. . _ ) by the Gen. ] ____Usm.x
•
xGold ($)bds.call at par all |
and
I----USmxc*
Convert debs text g ______(Ref. Mtge. (.Us.xc*&r*
Ch Mil & Puget Sound 1st M (text) ass..U sxc*A r*
General and Refunding M , Series A ______Gc*Ar*
do
do
convert series B (see texti— r*&r*
Bellingham & Nor— B B & B C 1st M assum ed---Tacoma Eastern 1st M assumed gold red 110.IC.xc*
C hicago at N W— Com stock $177.5.19.880 auth— -Tr
Preferred stock (not cumulative) see text-------------Tr
Milw Lake Shore & W cons M (now 1st) gold.Ce.zo*
Michigan Dlv 1st M (for $3,000,000) gold_.Ce.zo*
Ashland Division first mortgage gold------- Ce.zo*
Ext & Imp M for $5,000,000 g s f not drawn Ce.zo*
Marsh Ext 1st M $600,000 ($15,000 p m ).Un.zo*
Sink fund bds of 79 ($15,000 p m) red 105-F.vc&r
Sinking fund debentures 1933_____
Un.zc*&r
30-year debentures______________________ U n.zc’ &r
Extension 4s $20,000,000 ($20,000 p m ).U n .zc& r

161
347
1,116
179
196
117
78
6,344
6,344
6.344
6,344
6.344
6.344
118
421
9,895
9,895
9.895
9,895
2.326
9.895
9,895
80
92
7,946
7,946
421
82,
40
693
40
1,641

★ CHICAGO MILWAUKEE & ST. PAUL R Y .— Operates from Chicago
westerly to Seattle and Tacoma, Wash., with numerous branches:
Miles. I
Miles.
Lines owned Dec. 31 1918 (of
1
2d. 3d & 4 th t r a c k s ---------1 .1 2 6
which 1 1 0 m. owned join tly).9 ,9 4 0 1Trackagedncl.2d & 3d tracks). 363
In 1916-17 built from Great Falls to Agawam. M ont., 70 miles, and
Grass Range to Winnett, 23 miles. Partly built, Blackfoot June, to Clear­
water, 22 miles. The electrification o f 440 miles of the Puget Sound main
line, contracted for in Jan. 1913, was completed in Feb. 1917, and having
proved very successful, is being extended over the Cascade Mtns. The
electrification of the Jine between Othello and Seattle and Tacoma, 217 m..
commenced in March 1917, will probably be completed in 1919. V. 104,
D. 451, 1489. 2116. See V. 96, p. 135: V. 97. p. 1821: V. 101, p. 845,
V. 103, p. 1687: V. 105, p. 1998. V. 106, p. 2005: V. 107, p. 802: V. 108,
p. 682. (In 1918 27 miles o f track was taken up. V. 108, p. 169.)
H ISTOR Y, &C.— Organized M ay 5 1863 and on Feb. 11 1874 took pres*
ent name. The Chicago Milwaukee & Puget Sound T y ., forming Pacific
extension, was acquired in fee Jan. 1 1913, its bonded debt being assumed;
the stock ($100,000,000$ is held alive merely as a muniment of title. V.
96, p. 62: V. 95, p. 1683: V. 97, p. 819.
"n
tr, r>«v». jo i s twUc title to the railway franchises, &c., o f the following
companies, all o f whose outstanding capital stock were owned by it: Tacoma
Eastern HR. C o., Puget Sound & Willapa Harbor Ry. Co., Seattle Port
Angeles & Western Ry. C o., Bellingham & Northern Ry. Co., Milwaukee
Terminal Ry. Co., and Gallatin Valley Ry. Co. V. 108, p. 2017.
F EDERAL DA TA .— Pres. Calkins announced April 12 1919 that the
compensation for the use o f its property by the U. S. Govt, had been fixed
at $27,946,771, but that only $6,275,000 o f this had been paid over to it
during the year. Obligations were therefore incurred as follows:
(а) Loans to meet interest payments and other corporation obli­
gations: From War Finance Corp., $8,500,000; N . Y . banks,
§4 500,000: U. S. R R . Admin., $857,000: total...................... $13,857,000
( б ) Due the U. S. R R . Admin, for open accounts to be deducted
from the 1918 compensation------------------------------------------------ 2,912.846
ic) From War Finance Corp. to retire trust certificates o f Puget
Sound & Willapa Harbor Ry. C o., due June 1 1918............... 3,000,000
(d) The U. S. R R . Admin, also charged the company on ac­
count o f additions and betterments during 1918....................... 10,872,712
Furthermore, the U. S. R R . Administration had allocated to the com­
pany 100 heavy type Mikado engines and 3,000 box cars (1,000 o f which
to be built in the company’s shop at Milwaukee), the cost o f which the comnanv is obliged to meet. (Probably over $13,500,000.] Compare income
account below, and annual report, &c., V. 108, p . 2018, 1610.
CAPITAL STOCK.— The pref. stock has a prior right over the com. stook
«o 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
D IV ID E N D S .— 1 '95. ’ 96. ’97-’00. ’01. ’02-’ l l . ’ 12-T4. '15-T6. '17.
■finoommon
2
4 5 y’ly
6 7 y’ly 5 y ’ly 4 44 5
4 44
In Anril 1919’ no dividends had been paid on either stock since Sept.
1917 The pref. shares received 7% per annum continuously from 1867
to Sept. 1917, but are non-cumulatlve.
BONDS.— The 99-year General and Refunding Mortgage of 1913 Is an
open mortgage and not limited to any specified amount but the bonds at
any time outstanding are limited to three times the outstanding stock, now
amounting to $233.686,200. When the amount of bonds lssued thereunder
(bearing interest not in excess of 6% ) reaches $696.000.000. further issues
must be limited to 75% of the cost of property p aced under the mortgage.
The mortgage is secured by a direct lien on all the properties, including
about 9 830 miles directly owned. 110 miles jointly owned, terminal proper­
ties In Chicago. Milwaukee. Seattle. Tacoma Spokane & other cities, and
the entire equipment, subject to $179,673,000 PrJ®0iie^%(f 1 39 P’h^ ’ ) '
r
^
\1
to retire which an equal amount o f bonds Is reserved, $132,007,200 being
also reserved to retire debentures and convertible bonds, which are equally
■Acured thereunder None of the prior liens may bo extended and no further
amotmtslraued except gen. M for refunding P r o s e s , so that ev.ntually the Gen. and R e f bonds wUl become>a n j* ]^ u t o «™t t o . P ^ h e r

Road—

Road—

pro rata.

Of the $181,664,500 Chic. Milw. & Puget Sound Ry. 1st 4s assumed on
purchase of road, $27,175,000 were sold and $154,489,500 were exchanged
for O. M . & St. P. Gen. & Ref. bonds and deposited under that mortgage.
V. 92. p. 593. 659. 725, 1374: V. 93. p. 1386. 488; V. 94. p. 767, 1185; V. 98,
p. 1692. Bonds cover road, terminals and equipment, and run to maturity.
The $2,496,000 La Crosso & Davenport Division 1st Mtge. 5% bonds
due July 1 1919, were paid at maturity. V. 109, p. 172.
E A R N ING S.— 9 mos., (1919...........Gross, $110,262,256; net, $7,992,296
95,766,153; not, 10,421,683
Jan. 1 to Sept. 30. \1918.......... Gross.
RE PO RT.— For 1918, V. 108, p. 1610, 2017.
Calendar Years—
1918.
1917.
1916.
Average miles operated_____________
10,303
10,257
10,196
Passonger earnings________
$23,492,031 $21,320,946 $19,756,835
Freight earnings.............................. . . 96,623,658 79,957,271 79,648,513
Mall, express, &c.. earnings................ 12,778,766 12,451,985 11,204,340
Total earnings................................$132.891,45.5$113,739,202$110,609,689
Maintenance or way and structures..$18,906,980 $10,953,309 $12,516,338
Maintenance of equipment__________ 38,069,987 22,015,201 17,5.33,448
Transportation and traffic.................. 61,085,593 49,887,089 42,269,975
T axes.....................
6,185,935
6.517,212
5,480,119
2,340,365
1,445,289
Miscellaneous........................................ 3,233,546
Net ea rn in g s....................................... $4,512,415 $22,026,026 $31,364,518
Federal compensation________________$27,946,771
...............
_______
Total net Income, incl. “ miscell.” ___ $30,249,011 $23,845,379 $34, .164,812
Deduct— Accrued Int. on funded d ebt.$16,767,186 $16,596,624 $15, 595,311
Hire o f equipment__________________ f
f ...................
1,136,242
1,,030,123
~
’
Rents paid.............................................{ 1,656,3491
1,026,148
1,,054,652
Miscellaneous........................................ \ -------------[
617,734
416,467
Expenses prior to 1918 (net)________ 5,583,965
-----------.
8,109,200
8 109,206
Preferred dividends (7 % ).......................................
Common dividends............................................. .. (444)528^270(5)5 870,300
Balance, surplus or deficit______ sur.$6,241,510df$8,923,844 sr$2.088,754
OFFICERS.— President, II. E. Byram; Vice-President, R . M . Calkins.
Chicago; Vlce-Pres., E. D. Sewall, Chicago; V.-Pres. and Asst. Sec. and
Asst. Treas., C . B. Ferry, N. Y .: Treas., F. B Simpson; Federal Treas.,
A. G. Loomis, Chicago; Sec., E. W . Adams, Milwaukee; Compt., J. Welch,
Chicago; Federal Manager, ____________ General Mgr. under U. 8 . Govt
of lines west of Mobridgo, S. D ., H. I). Earling, Seattle, Wash.
Directors.— It. M . Calkins, William Rockefeller, Samuel Fisher,
Donald G. Geddes. John A. Stewart, Percy A. Rockefeller, Waiter P. Bliss.
E. S. Harkness. John D. Ryan, New York; J. Ogden Armour. Stanley
Field and A. J. Earling, of Chicago, and L. J. Petit, of Milwaukee. N. Y
office, 42 B ’way.— (V. 108, p. 170, 267, 479, 682, 972, 1610, 2017; V. 109.
p. 172. 1700.)
★ CHICAGO & NORTH WESTERN R Y .— (See M ap.)— Operate*
system of roads uniting Chicago, 111., with Omaha. Neb.; St. Paul. Minn,
with the great wheat belts of Dakota, Nebraska, &c., and with the mining
regions or Michigan and the Black Hills, 8,090 miles, Jan. 1 1919, viz.:
Miles.
Hoad owned in fee—
M ile s
Main lines, Ac............................. 7,927 James Rlv A Nor West(leased).
39
Entire stock owned—
Iowa Southern..........
14
W olf River Valley.......................
2 Sundry trackago (V. 108, p.1942) 77
D eP ueL ad d A East, (leased)..
918
Second track___________
Belle Fourche Valley (leased)..
Also has large interest In Chic.
St. Paul Mlnu & Omaha------1 ,7 4 9
Macoupin County Extension..
Through passenger service between Chicago and Pacific coast la main*
talnod via Union Pacific. V. 93. p. 1667; V. 94. p. 697.
HISTORY, * 0 .— A Vanderbilt line (V. 75. p. 1086) organized in 1859.
CAPITAL STOCK.— Of the 0 0 m. stook, $2,342,372. and of the pref. $1.­
834 additional to amounts shown as outstanding In table above were 10
treasury In Jan. 1919. There was also outstanding Jan. 1 1919 $05,000
special stock. Pref. stock has prior right to 7% ; then com. 7% : then pr<u.
3 ^ ; then com. 3% ; then both classes share. V. 89, p. 1482; W. 104, p. 451.

Dec. 31 1918 U. P. system (Oregon Short Line) owned $4,420,600 stook.
and Ch. & N. W. owned $4,171,500 Union Pacific pref. stock
DIVIDENDS—
1 ’86-’93. ’94. ’95. ’9<V
-’99. ’00. 1001. 1902-Oct T9
the latter outstanding). On Dec. 31 1918 the treasury held available *1.17
Oommon __________ 4 y’ ly
3
4 6 y’ly
6
6
7 yearly
247.200 o f the new bonds issued for said exchange aQd against impts., &c. Preferred........ ..........J-------------------- 7 yearly-------------------- — 8 y ’ly—
V. 104. p. 451, 1701. 2640: V. 100, p. 307; V. 97, p. 1662, 1583: V. 98, p.
BON DS.— General Mortgage.— See A bstract In V . 65, p. 1175. Author­
73. 303. 386. 1244, 1315, 1766; V. 99. p. 1450.
65, p. 69, 111.
The $29,089,700 Gen. & Ref. Mtge. bonds issued In 1915 are convertible ized Issue Is $165,000,000 (U. S. Trust C o., trustee.) V.was outstand ng
980;
88,
9 1 9 . there
Into common stock at par for 10 years beginning Feb. 1916. V. 100, p. 571; V. 75. p. Gen. V. 44s, p. 280. 563. In Oct. 1 $28,472,000 5s Including
$31,316,000
3
$30,551,000 4s and
139, 228, 307, 811, 900, 981; V. 101, p. 287.
$10,500,000 5s sold In bee. 1918. V. 107, p. 2 2 8 9 . Of the balance of
Abstracts older mortgages. V. 45, p. 114. 144, 212; V. 48. p. 830.
$74,658,000 bonds, $60,303,000 were reserved Apr. 1 1919 to retire
The General mortgage of 1889 (see abstract In V. 48. p. 830: V . 96, p. 1088. $41,382,000 prior liens and the debentures due in 1921 and 1933. and the
1156; V. 97. p. 175, 520: V. 98. p. 386: covers the entire railway property remaining $14,355,000 bonds are reserved for improvements or additions^
and franchises o f the company (therein described), subject to prior liens Including equipment, but not exceeding $ 1 ,0 0 0 ,0 0 0 In any one year.
which are paid as they mature. V. 89, p. 1279, 1541, 1596, 1667; V. 103,
Outstanding Generals are free from all taxes except $8,054,000(4s, ana
p. 1114. Milw. & Nor. R R . consols, see V. 107, p. 2097.
$28.472,000 5s stamped “ Federal lnconn^tax^not assumed^ by t o . ^ y^jH.
The $33,286,000 4% 25-year deDs. of 1909 are secured by new Gen. and
608; V. 103,
Ref. mtge. V. 8 8 . p. 1559: V. 89. p. 1223. 1346,
In M ay 1910 sold to a group of French banks 250,000.000 franca 1 5 -ye*r
_
trust o f $12,860.­
4 ‘&debentures. equally sec. by General and Ret. Mtge.
V. 90. p 1424.
1489. 1554; V- 91* P- 38« 1710; v - 98. P* 303. Dollar bonds were Issued In 0 0 0 orT sT m !' honds“ a r M 5 JW )Vr"mM e
subsidiary lines. <*« X S V .n d
1915-16 to replace 4% 15-year French loan bonds when and as surrendered portant being described Ih "Supplement” of May 18,14 Of the sinking fund
by owners. These bonds are secured by an equal face value if the French
jonds of 1879. $5,079,000 are 6 s; the sinking fund Is at east 1% of outbonds (which In turn are secured by Gen. & Ref. M . o f 1914 equally with
rtanding bonds, which are subject to call at 1
^OS^n^tbrough4ti 0 Perat'°P
other bonds), on the basis that 500 francs equal $96.3533. Y. 102, p. 344; those outstanding have been reduoed from g 15.00°.O to amount In table.
tJO
The Extension bonds of 1886 are secured by deposit in trust of first mort
v 10 I d 2143: V. 102. p. 1625.
The $49,980,800 444% debentures of 1912 are convertible at par Into gage bonds at a rate not exceeding * 2 0 ,0 0 0
Jn, l “ (1? £ } ‘ „ u
common stock after June 1 1917 and prior to June 1922. at the option of the eral July 1 1916 were *10.675.000 Fremont Elk horn & Mo. Valley lsts and
holders within 1 0 days after any dividend shall become payable on the $2,560,000 Wyoming Central lsts (consolidated with r . E. « II. V .), Ac.
common stock and redeemable at 105 and lut. after June 1 1922 on 90 days
The Fremont Elkhctrn A Missouri Valley consols have sinrst J^n on 1 241
notice
They are secured by new Gen. and Kef. mtge. V. 94. p. 1056. miles (Fremont. N eb., to Deadwood, S. D ., and branches to Hastings.
1118. 1565; V. 95. p. 744. 1472; V. 97. p. 364; V. 98. p. 303. 452.

C ttliK L r Vl . H w U l llfO w
u C U / IIL ill < b
b vuuu




1'

‘’ , ,,

., « ■ 0 1
1 *7




38

★ Control.
Government

Miles Date
Road Bonds

RAILROAD COMPANIES
[For abbreviations, A c., see notes on first page]
C hicago & N orth W estern (Con)—
Gen gold bond M $165.000,000________ Us.xc*Ar
do
do
do
registered- .%
do
do
do
x and y o*
do
do
do x and y registered.,
do
do
do
yc*&r
MIlw A State line 1st M g gu (V 8 8 , p 230)-F.xo*Ar
O & N W equip tr 1912. Ser A , $300,000 ylyF.zc*r
do
do ser. B $300,000 yrly_____________ z
do
do ser. O $400,000 yrly see text-F.zc*
do Issues 1913-17 In series due 1-10 y ’rlj '
Branch Line Bonds Assumed
Mankato A New Ulm 1st M gol
Princeton & Northw 1st M $2,1
Minn & So Dak 1st M gold $528,000...........-.-F .z c '

5.038
5.038
5.038
5.038
5.038
50

90
119
26
105
85
125
33
195
179
114
60
115
1.170

Wisconsin North 1st M $400,000________ :------------Chic Peo & St L RP— Prior lien Mg call at 10744 Eq.xc
Gen and Refunding M $15,000,000 gold red text—
Equipment notes Series A due $59,000 yearly-----Chic Riv & Ind— 1st M gold guar p A i ______ MC.xxc
C hicago R ock Isl & Pac—
New common stock $75,000,000-------------------------7% p fstk ca ll 1051(5% cum) same p f as to assets.
6 % p f stk call 102/divs after 1% on 7% pref-------

c all In s. f .; e all in s. f .; f S400.000; g $1,000.

235
235

—

Par
Value

1897
1897
1897
1897
1897
1906
1912
1912
1912
1917

1000 Ao\
1000 A c/
1 .0 0 0 &c\
l.OOOAoj
1,000 Ac
1 .0 0 0 &o
1.000 Ac
1.000 Ac
1 .0 0 0 Ac
1 ,0 0 0 &c

1898
1899
1899
1901
1901
1901
1900
1900
1912
1912
1906
1913
1913
1883
1896
1900
1Q Q
O
1913
1911

$31,316,000 I
1
30.554.000
28.472.000
2.500.000
900.000
900.000
f 1 .2 0 0 .0 0 0
N ’ne Oct’ 19

1,440,000
1.904,000
C416.000
1 ,0 0 0
2 , 1 0 0 .0 0 0
1 ,0 0 0 Ac
1,000 Ao 2,125,000
1,000 Ac 4.000,000
528,000
1 .0 0 0
3,900.000
1 ,0 0 0 Ac
1 ,0 0 0 15.000,000
2.500.000
1.000 Ac
1,000 Ac 3.750.000
1 . 1 2 0 ,0 0 0
1 .0 0 0 Ac
1,000 Ac 1 0 .0 0 !) ,0 0 0
g7 725.000
1 ,0 0 0
e$440,000
2 ,0 0 0 ,0 0 0
1 ,0 0 0
2 ,8 5 0 000

1 ,0 0 0
1 .0 0 0

186.000
765,000

Rate
%

When
Payable

Last Dividend
and Maturity

344 « M A N Nov 11987
344 K C F Nov 11987
M A N Nov 11987
4
4
C F Nov 1 1987
M & N Nov 1 1987
6 g
3 44 e J A J Jan 1 1941
444 J A J July ’20-1922
444 A & O Oct ’20-1922
444 J & J July '20-'23
seml-an D u el-lO th y ’ ly
5
344 g j
344 g j
3 44 g A
344 g J
3 44 e M
3 44 g F
344 g J
344 g J
4g M
444 M
3 44 Z J
444 J
5g J
6
A
.T
4g
4 >4 8 M
J
M
6
A
5 g

74 35Q 722
29!422’.189 7 J A’J 14
10C 25.122.60C 6 J A J 14
4g
3,252 1898 1,000 Ac 61.581 000
4
500 Ac al4911500C
Text 1904
l.oor
4.500.00C
6 g
1919
6 g
5,500,000
1 ,0 0 0
1919
—

100

J
A
F
A

A
A
A
A
A
A
6c
A
A
A
<s
S
A
A
A
&
A
A
A
A

IV o l . 109.
Dividends are payable

do
do
do
do
do
iers
do
do
do

do
do
do
do
do
Oo.
do
do
do

Co’s office. I l l Broadway
Deo 1 1923
do
do
June 1 1924
do
do
Oct 1 1929
do
do
Jan 1 1926
do
do
Moh 1 1926
do
do
Aug 1 1936
do
do
Jan 1 1935
do
do
Jan 1 1935
do
do
Mch 1 1947
do
do
8 Mch 1 1947
do
do
J Jan 1 1941
do
do
J Jan 1 1947
do
do
J July 1 1948
do
do
O Oct 1 1933
do
do
J July 15 1931
Mch T 8 coup not paid
s Mch 1 1930
June 1914 coup not paid
D Dec 1 1939
N Nov 1 ’20 to ’23
Merch Nat Bank, Bost
O Oct 1 1925
D
D
O
J
S
A
J
J
S

Julv31 ’ 19 3 4 "
4
July31 T9 3%
First Nat Bank, N Y
A J Jan 1 1988
do
do
A O Apr 1 1934
New York
A A Feb 1 1922
Central Union Tr Co N Y
& O Oct 1 1919

edged as coll ateral.

Gross income......................................$25,463,677 $27,254,145 $30,794,904
Rentals, A c .____I .................................. $2,164,860 $1,217,819 $1,007,671
9,368,309
8,911,295
Interest on funded debt_____________ 8,816,106
199,575
170,882
Sinking funds---------------------------------111,480
1,791,600
1,791,600
Preferred dividends (8 % )------------------ 1,791,600
9,108,015
9,897,367
Common dividends (7 % )___________ 10,160,675
Balance, surplus_________________ $2,418,956

Amount
Outstanding

1 .0 0 0 & 0
1,000 Ao

Albion. A c.): but besides the amount o f Issue given as outstanding In the
table, $10,675,000 (along with $2,560,000 Wyoming Central firsts a F. E.
& M . V. issue) are held as part collateral for Extension bonds of looo.
Milwaukee Sparta & Northwestern Ry. 1st M . bonds (assumed In April
1912), road merged In O. & N . W . V. 94, p, 416, 1056. 1185. In Jan.
1913 sold $2,500,000 Des Plaines Valley Ry. (awumed March 1913) and
In Feb.1913 $1,120,000 St. Paul Eastern Grand Trunk Ry. guar. 444s, and
In Oct. 1913 $10,000,000 St. L. Peoria & N . W . R y. guar. 5s (assumed).
V.96,p.201. 789; V.97.P.1203; V.98fp.999; V.99,p.829; V.100,p.l671.
Equipment trusts held by co. and due from trustees in Oct. 1919.
Issue 1913—
I Issue 1917—
^
8eries “ D ” .........................S2 .OOO.OOOIScries “ G ” ..........................$q’ £nn’nnn
Series “ E ” ......................... 3.880,000 Series “ H ......................... 3,600,000
Series " F ” ______________
920,000ISeries I ----------------------Not issued
COM PENSATION U N DER FEDERAL CON TROL.— The contract
with the Government for the operation of the property was approved and
finally signed in Oct. 1918, allowing the company a compensation of $23,­
201,016 annually, with $163,013 additional to affiliated cos. V. 108, p. 1942,
877; V . 107, p . 1191. 1669.
’
E A R N IN G S — 9 m os.,11919........ Gross, 3102,112,652; net, 516,114,960
Jan 1 to Sept. 30.
\1918____ Gross,
91,427,090; net, 13,083,548
RE PO RT.— For fiscal year ending Dec. 31 1918, see V .108, p. 1942.
1918.
1917.
1916.
Operating revenues________________$127,295,6783108,264,983 $97,978,844
Net, after taxes, &
c . . . . . . . . -xS 12,441,437 $24,241,320 $27,835,731
Accrued Federal compensation---------- $23,201,016
-------55
_________ . . . .
1,026,130
1,826,564
1,547,632
Dividend income
o t h e r ^ f n c o m e . . ! : : : : : : : : : : : : ........... 1 :2 3 6 .5 3 2
1 . 1 8 6 ,2 6 1
1 ,4 1 1 .5 4 1

$5,265,183

$9,269,735

x Represents net from operation as “ net after taxes” is not shown in 1918.
The corresponding figure for 1917 is $24,397,856.
OFFICERS.— Marvin Hughitt, Chairman; Pres., W . H. Finley, Chi­
cago; V.-Ps., S. A. Lynde. H. R . McCullough, Marvin Hughitt Jr. and
E. M . Hyzer; Gen. Counsel, JamesB. Sheean; Sec., J. D. Caldwell, Chicago;
Treas., A. S. Pierce, 111 Broadway, New York; Federal M gr., S. G. Strick­
land, and Federal Treas., A. B. Jones, Chicago.
.
Directors.— Marvin Hughitt (Chairman), Chicago; W . K. Vanderbilt,
F. W . Vanderbilt. Harold S. Vanderbilt, Chauncey M . Depew, W . K.
Vanderbilt Jr., N . Y .; Cyrus H. McCormick, Chauncey Keep, W . H. Fin­
ley, Chicago; H. O. Frick, Henry D. McEldowney, Pittsburgh, Pa.; David
P. Kimball, Oliver Ames, Boston; Edmund D. Hulbert, Chicago; Childs
Frick, James A. Stillman, Samuel A. Lynde.— (V. 108, p. 267, 877, 1511,
1928, 1942, 2329; V. 109, p. 172, 981.)
★ CHICAGO PEORIA & ST. LOUIS RR.— ROAD.— Owns from Pekin to
Granite City, 111., 179 miles; Granite City to Madison, 2 miles; Madison to
Bridge Jet., 3 m.; Havana to Jacksonville, 111., 42 m.; branch, Lookhaven
to Grafton, 8 m.; total owned, 234 m.; trackage. Pekin to Peoria. 9 m.;
lnes operated, 1 m.; other trackage, 11 m.; total, 255 miles.
Successor, per plan V. 89, p. 285, 1541, of railway foreclosed N ov. 18
1912. V. 96, p. 135. On July 31 1914 Pres. Bluford Wilson of Springfield,
111., and William Cotter o f St. Louis were appointed receivers.
V. 99.
p. 342. Stock. $4,000,000.
"ST A N D A R D R E T U R N ,” Ac.— See page 5.
,
Committee for Prior Lien 4 44*.— Sidney O. Borg (Chairman), J. N . Bablock , 37 Wall St., Sec.; Eq. T r. C o.. N. Y ., depositary. V.99,p.673. 1527.
Committee for Gen. A Ref. M . 4 Ms.— Frederick J. Lisman (Chairman),
and Alfred Shepherd; Graham Adams, 30 Broad St., Seer.: Bankers Trust
C o., N . Y ., depositary. M ajority deposited. V. 99. p. 1213, 1450. 1672.
BONDS.— Or the Gen. A Ref. M . bonds ($15,000,000 auth.). outstand­
ing $2,850,000, $2,000,000 reserved to refund prior lien mtge. bonds,
$150,000 served to retire same, and $700,000 reserved for extensions,
equipment and Improvements; $1,100,000 bear only 3% Interest for the
first six years. The coupons due June 1914 were defaulted. V. 99. p. 118.
The Sept. 1914 coupons on Prior Lien 4 4 5 3 were not paid promptly but
these ana subsequent coupons were met about 6 'months later within the
grace period. In Jan. 1919, however, the March and Sept. 1918 coupons
still remained unpaid. V. 108, p. 378.
Notes to Car Trust Realization Co. for $140,132, payable on installments
out o f surplus earnings. Equipment notes o f 1913, see V. 102, p. 1625. In
July 1919 $59,000 equip, notes Series A due N ov. 1 1918 were paid. V.
109. p. 37Q.
EA R N IN G S.— 12 mos., (1918—Gross, $2,147,466; net (bef. df$393,698
Jan. 1 to Dec. 31.
11917—Gross, 2,191,451; taxes), cr.323,254
For 8 months
/1919—Gross, $1,029,612; net (bef. df$527,742
Jan. 1 to Dec. 31.
\1918—Gross, 1,456,267; taxes), def.94,457
R E PO R T .— For half-year end. Dec. 31 1916. in V. 105, p. 1 93, showing:
Gross. Net aft.Tax. Oth.Inc. Int.,Ac.
Balance.
$87,887 sur.$47,045
1916 (6 m o s .)..............$944,220
$127,071$7,861
6.781
96,237 sur. 52,854
1915 (6 m o s .)............ 886,559
142,310
1917 (cal. year) — .2.192,287
248,232
1916 (cal. year)____ 1,810,460 244,767
H. ■■. Berger,
Pres., Bluford Wilson, Springfield. 111., Sec. A Aud.. . .. W . —
,
8 pringfleld, 111.; Treas., F. J. Wilson; Federal M gr., W . G. Bierd, Chicago.
— (V. 105, p. 1893; V. 108, p. 267, 378; V. 109, p. 370.)




APrlvate
Control.

RAILWAY STOCKS AND BONDS

★ CHICAGO RIVER & INDIANA R R .— Owns 15-71 mil(» of termlna
road; Atch. Top. A S. F. trackage, 9.11 m.; P. C. C. & St. L. Ry. trackage.
7.43 m.; Ind. H. B. R R . trackage, 3.12 m; trackage through Union Stock
Yards, 9.21 m.: total operated. 44-58 miles.
Stock, authorized, $1,000,000; outstanding. $500,000; par, $100.
Chicago Junction Rys. & Union Stock Yards Co. (see Miscellaneous Com ­
panies) guarantees the bonds, prin. and int., by endorsement. V. 101, p.
773. Dividends 1913. 8% ; 1915 to 1917 6% yrly. O fthe 1st 5s ($2,000,000
auth. issue), $765,000 have been sold (V. 101, p. 773). They are red. at
105. beginning Oct. 1916. Additional bonds may be Issued for 66 2-3%
of the cost of additional properties and franchises, but only when annual
earnings are twice the interest charges, including bonds then to be Issued.
Federal Compensation.— $108,526 yearly during Federal control (con­
tract executed).
___
,
Compensation for Government operation, 3108,525; company s other
income, $28,353: total, $136,878: interest A other deductions, $60,906;
common divs. (6 % ), $30,000; bal., sur., $45,972.
Year ending Dec. 31 1917. gross, $347,347: net, $51,328; other Income.
$203,159; int., rentals, A c., $200,642; divs. (6 % ), $30,000; bal., $23,845.
Pres. & Treas., A . E. Rawson; V.-P. A Sec., E. S. Gentle; General Mgr.
under U. S. Govt., W . J. O’Brien. Chicago.— (V. 101, p. 773; V. 107, p.694.)
CH.R. I. & PAC. R R — (Holding C o.)— Foreclosed. V. 107, p. 2187
★ CHICAGO ROCK ISLAND & PACIFIC RY.(SeeMappape 111).— The
system extends from Chicago, 111., via Omaha, Neb., to Denver and Colo­
rado Springs, Colo., also to Minneapolis, Kansas City, &c. Connects
with the Southern Pacific for Pacific Coast service.
Miles
Owned in Fee (excl.trackage.) Miles.
Cap. Stk. all owned— (V.106p.2025)
Chicago, 111., to (Jol. Spgs., C ol.1,063
_ 967
Davenport, la., to Terral, Okla. 707 Choc. Okla. & Gull (leased)_
Ch. R. I. A .Gulf R y — — . . . . . . . 468
Herlngton, Kan., to Texhoma,
O k la ......................................... 323 Rock Island, Ark. & La. R R . 3 8 6
Burlington, la ., to Mlnn’p.Mlnn. 308 St. Paul & K. O. Short Line R R . 183
14
Vinton, la ., to Watert’n, S. D . 376 Rock Isl. A Dardanelle R y___
St. Louis, Mo., to Kan. City, M o.284 Rock Island Stuttgart A So. Rv 21
Bravo. Tex. (New Mex. State line) Stock 50% owned (V. 108, p.378)
to Santa Rosa, N. M__________112 Trinity & Brazos Val. R y ...........3 1 5
Perpet. lease; treated as owned—
Glenrio, Tex., to Tuoumoari.
N. M.........................
42 Peoria & Bureau Valley RR. Co. 47
Branch lines________________ 2,151
Total mileage owned dlreotly and througn capital stock, A o -------------- 7,773
Leased— Keok. & D. M . R y.. 162 m.; White & Black Riv. Vail. Ity.
Oo. 62____________________________________________________- ____ 224
Trackage: Denver, Pueblo, Kansas City (V. 103, p. 493), A c------------ 621
Total mileage as of April 1919>bout-------------------------------------------- 8,510
O R G A N IZA TIO N .— The company at midnight on June 24 1917 re­
sumed possession of its property, having been successfully reorganized4
without foreclosure. The safe of $29,422,160 7% pref. stock to a syndicatand $5,000,000 6% pref. to former directors provided for old floating obli­
gations and reorganization expenses, while the $20,000,000 debentures of
1912 were replaced by $20,000,000 6% pref. stock. V. 104, p. 2641, 2552,
2451.2342; V. 106. p. 2025. Status in 1917, V. 105, p. 997, 1418. Plan of
reorganization was In V. 103, p. 1887. 1980. 2155; V. 104, p. 451.
FULL FINANCIAL STATEM ENT TO N. Y . STOCK EXCHANGE
o f Feb. 26 1919, see V. 108, p. 1172 to 1174. Tentative valuation, V. 109,
in Jan. 1919 the company concluded a settlement of its litigation with
the Colorado & Southern R y. Co. respecting the Trinity & Brazos Valley
R y extending from Fort Worth and Dallas to Houston and Galveston,
whereby the Colorado & Southern accepted (in cash 60% of the amount
due on the contract, which, under the final decree in the Rock Island
receivership, would be payable in full in 6% preferred stock at par, such
as was paief to all other general creditors of the Rock Island. This involved
the payment of some $4,000,000 and the Rock Island now owns outright
a half interest in the Trinity & Brazos Valley Ry. and will have a per­
manent outlet to the Gulf ports. See “ Notes” below. V. 108, p. 378;
V. 109, p. 672.
C A PITAL STOCK.— Of the $75,000,000 com. stock, $517,478 on
Aug. 31 1919 was in tho treasury and $122,800 reserved against outstanding
stocks of merged cos. (B. O. A N . and R . I. A Peoria.)
,
.
All three stocks were listed on the New York Stock Exchange in March
1919. V. 108, p. 1060, 1172.
(1) Two Classes of Pref. Stock, 7% and 6% , with Same Preference as to
and Sharing Pro Rata in all Dividends after Prior 1 % on 7 % pref. Stk.
— Both Cumulative up to 5% from July 1 1917.
7% Pref. Stock, callable at 105. Auth.. $30,000,000. viz.; In
treas., $256,111: canceled. $321,700; balance outstanding— .$29,422,189
6 % P ref. Stock, callable at 102. Auth., $35,000,000; issued------$25,122,600
The auth. pref. stocks may not be increased except by vote of a ma­
jority of each class of stock, voting separately. V. 106, p. 2026.
Principal Treasury Resources Oct. 1 1919.
First A Refunding bonds ($42,711,000 pledged in 1 9 1 9 under
collateral notes)..............................................................................’n.,0
St. Paul & Kansas City Short Line R R. 1st mtge. b o n d s ......... 2.757.0BU
Rock Island Arkansas & Louisiana R R . 1st mtge. bonds------ 1 , 9 6 5 ,0 < U
J
Bonds of subsidiary companies__________________ _______ - r,
vr
On Dec. 31 1918 owned $400,000 of Series A gold 4s and all of the $5.
047.000 Series B gold 4s of the Toledo St. Louis & Western ItR. (see that
company on another page) secured by stock In the Chicago & Alton.
DIVIDENDS.— The initial semi-annual dividends of 344% on the 7%
preferred stock, and 3% on the 6% pref. stock were paid Jan 14 19 8
and repeated July 20 and Dec. 31 and July 1919. V. 109, p. 172, V. 108,
p .2432

Assets

Nov., 1919.]
[F o r
C h ic

*8SSTt

RAILROAD COMPANIES
abbreviations, A c . , see notes on first page]

R ock

Isl &

P a c ific

Ry

Old Divisional Bonds,

Par
Value

Miles Date
Road Bonds

Amount
Outstanding

When
Payable

Rate
%

$ 1 ,0 0 0
5 1 .9 0 5 .0 0 C
l.O O O & o
1 1 ,0 0 0 ,0 0 0
500 &o
1 5 0 .0 0 0
1 ,0 0 0 & c
4 5 0 ,0 0 0
1 ,0 0 0
3 ,5 2 5 ,9 8 0
1 ,0 0 0
5 ,4 1 1 ,0 0 0
6 0 0 & o b l 2 . 9 6 5 .0 0 0
1 ,0 0 0
4 5 3 .6 0 0
S <c £
3
c l2 .6 2 7 .7 3 0
1 ,0 0 0
2 ,7 0 0 .0 0 0
1 ,0 0 0
1 5 .0 0 0
1 ,0 0 0
1 6 8 .0 0 0
1 .0 0 0
2 ,7 2 0 .0 0 0
1 000
1 .7 6 4 .0 0 0
1 .0 0 0
1 ,7 3 8 .3 2 2
100
100
1 .0 0 0
1 ,0 0 0
1 .0 0 0
1 ,0 0 0
1 ,0 0 0 & c
100

C H A R G E S , & c .— T h e r e o r g a n iz a t io n r e d u c e d th e t o t a l fix e d c h a r g e
o b lig a t io n s fr o m $ 2 9 5 ,9 4 6 ,3 8 3 t o $ 2 5 7 ,7 5 8 ,3 8 3 , a n d d u r in g th e fir s t h a lf
o f 1 9 1 7 t h e s e w e r e f u r t h e r r e d u c e d t o $ 2 2 1 ,0 5 1 ,4 4 8 o u t o f e a r n in g s a n d
c u r r e n t a s s e t s , in c r e a s in g th e p r o p o r t i o n o f s t o c k t o s u c h o b lig a t io n s f r o m
2 5 .1 2 % t o 5 8 % , a n d r e d u c in g t h e fix e d in t e r e s t c h a r g e fr o m $ 1 2 ,2 7 7 ,0 9 6
t o $ 9 ,3 4 7 ,0 0 0 .
C a p i t a l i z a t i o n p . m . in D e c . 1 9 1 8 : F u n d e d d e b t , $ 2 9 , 2 3 5 ;
pref. s t o c k , $ 7 , 3 5 9 : c o m . s t o c k , $ 1 0 , 0 5 2 : t o t a l . $ 4 6 , 6 4 6 . V . 1 0 5 . p . 9 9 7 .
O n D e c . 3 1 1 9 1 8 o w n e d o r h a d r e t ir e d a il o f t h e b o n d s o f C o n s o l . I n d ia n a
C oal C o . V . 107, p . 2008; V . 104, p . 1267; V . 80, p . 2401, 2623; V . 82.
p . 499; V . 100. p . 1921.
B O N D S .— G e n e ra l 4s o f 1 8 9 8 .

V . 6 6 , p . 5 2 2 ; V . 7 8 . p . 2 2 8 :V .8 0 ,p .2 7 2 .

B O N D S O F 1 9 0 4 ( $ 1 6 3 ,0 0 0 ,0 0 0 A U T H . I S S U E .)

A 1 s t lie n ( e it h e r d ir e c t ly o r t h r o u g h p le d g e o f e n t ir e Iss u e s o f b o n d s o f t h e
c o m p a n ie s o w n in g t h e s a m e ) o n t e r m in a l p r o p e r t y in S t P a u l, M in n e a p o li s
a n d K a n s a s C i t y , n e w e q u i p t . a n d s h o p s a t S H v i - , n e a r E a s t M o l i n e , I I I ., a n d
o n r a i l w a y s a g g r e g a t i n g 1 ,1 7 8 m il e s ; a l s o a J u n io r lie n s u b j e c t t o e x i s t i n g
m o r t g a g e s o n a ll t h e o t h e r lin e s o f t h e s y s t e m o f t h e R a ilw a y c o m p a n y , a g g r e ­
g a t i n g , e x c l u s i v e o f le a s e d lin e s a n d t r a c k a g e , o n D e c . 3 1 1 9 1 8 , 4 ,6 6 9 m ile s ,
a l s o o n t h e e n t i r e c a p i t a l s t o c k a n d b a s e h o l d i n t e r e s t o n lin e s a g g r e g a t i n g
9 6 8 m ile s a n d o n b a s e h o ld In te r e s ts o n 2 7 2 m ile s .
See
V . 78 p . 228,
V . 79, p . 1716, 2206; V . 84, p . 219; V . 85, p . 98.
T h e d eed o f tru st
fo r b id s th e c r e a t io n o f a ju n io r m o r t g a g e w it h o u t t h e c o n s e n t o f th e
h o ld e r s o f a ll t h e R e f . M . 4 s .
V . 87 . p . 1089, 1419; V . 8 8 , p . 623, 822;
V . 8 9 . p . 6 6 6 ; V . 9 0 , p . 108. 2 3 6 , 1170. 1424: V . 9 1 . p . 1766; V .^ 3 , p . 1667,
1785; V . 9 9 . p . 1748. 1831: V . 100. n . 9 0 0 .
V
'
C h ic a g o & R o c k I s la n d E le v a t o r $ 3 0 0 ,0 0 0 m o r t g a g e 5 % b o n d s d u e O c t .
1 924 (a s s u m e d ), se e V . 7 9 , p . 2 5 9 0 ; V . 8 2 , p . 7 5 0 .
R o c k I . A r k . A L a . 1st M . 4 M s ( V . 9 0 , p . 6 2 6 , 6 9 9 , 1 1 6 1 ) a n d S t. P . A
K a n s a s C ity S h ort L in e ls f M . 4 M s , V . 9 2 , p . 5 2 6 , 5 9 3 ; V . 9 3 , p . 1 1 9 6 ; 1 1 5 9 ;
V . 9 4 . p . 1 0 5 6 ; V . 9 7 , p . 2 3 6 . 1 1 1 4 ), w e r e g u a r a n t e e d , p r in c ip a l a n d in t.
R o c k I s la n d -F r is c o T e r m in a l 5 s , se e t h a t c o . a n d V . 8 4 . p . 5 6 9 , 7 4 8 ,

234;

N O T E S .— T h o $ 4 ,5 0 0 ,0 0 0 6 % C o ll a t . T r . N o t e s o f F e b . 1 1 9 1 9 w e r e
I s s u e d in c o n n e c t i o n w i t h a s e t t l e m e n t o f t h e T r i n i t y & B r a z o s V a l l e y a n d
G a lv e s t o n T e r m in a l R y . lit ig a t io n (s e e “ O r g a n iz a t io n ” a b o v e ) .
T h e y a re
s e c u r e d b y p le d g e o f $ 7 ,8 4 1 ,0 0 0 F ir s t & R e f . M . 4 s . V . 1 0 8 , p . 4 7 9 .
Tho
$ 5 ,5 0 0 ,0 0 0 C o ll a t . T r u s t 1 -y e a r n o t e s d a t e d O c t . 1 1 9 1 9 w e r e Iss u e d t o p a y
o f f th e G e n . M . b o n d s o f th e C h o c ta w O k la h o m a & G u lf R R . d u e O c t. 1
1919.
T h e y a r e s e c u r e d b y p lo d g e o f $ 1 0 ,0 0 0 ,0 0 0 F ir s t & R e f . M . b o n d s .
V . 109, p . 1272.
L o a n s a n d b ills p a y a b le a s o f O c t . 1 1 9 1 9 , $ 1 4 ,7 1 3 ,0 0 0 , in c l. d e m a n d lo a n s
o f $ 1 0 ,4 3 0 ,0 0 0 f r o m t h e W a r F in a n c e C o r p . s e c u r e d b y $ 1 7 ,5 7 5 ,0 0 0 F ir s t
& R e f. M . b o n d s .
E A R N S . O F S Y S T E M , f 1 9 1 8 - . . G r o s s , $ 1 0 4 ,2 8 9 ,5 6 5 ; n e t . $ 1 4 ,8 6 2 ,8 9 3
12 m o s „ J a n . 1 t o D e c . 3 1 .1 1 9 1 7 ---G r o s s .
8 9 .6 0 8 .7 2 2 ; n e t .
2 3 ,5 6 2 .6 1 8
F or 9 m on th s,
1 1 0 1 9 ____G r o s s , $ 8 3 , 8 7 5 , 6 6 7 ; n e t ( b e f o r e $ 1 2 , 1 8 8 , 4 3 9
J a n . 1 t o S e p t. 3 0 .\ 1 9 1 8 ---G r o s s ,
7 5 ,8 7 7 ,4 8 5 ;
ta x e s ),
1 1 ,6 4 5 ,4 6 9
R E P O R T . — F o r c a le n d a r y e a r 1 9 1 7 In V . 1 0 6 , p . 1 6 7 8 , 2 0 2 5 , 2 2 1 9 .
I n c o m e A c c o u n t f o r E ig h t M o n th s en d ed A u g . 31 1 9 1 9 u n d e r F ed era l C o n tr o l•
S t a n d a r d r e t u r n (b a s e d o n m in i m u m r e n t a l t h o c o m p a n y is e n ­
t itle d t o r e c e iv e u n d e r F e d e r a l c o n t r o l A c t (c o n t r a c t n o t
y e t s i g n e d ) ......................................... .................................................................................. $ 1 0 , 5 8 6 , 5 0 9
T o t a l n o n - o p e r a t i n g i n c o m e __________ - _____________________________________
3 4 5 ,8 7 5
T o t a l g r o s s c o r p o r a t e i n c o m e ______________________________________
D e d u c t — O p e r . e x p e n s e s , m i s c e l l . t a x e s , r e n t a l s , & c _____
I n t e r e s t o n f u n d e d d e b t a n d u n f u n d e d d e b t _________

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

S u r p l u s a v a i l a b l e f o r d i v i d e n d s ___________________
. $ 3 ,1 5 4 ,7 3 6
P erio d 8 M o n th s en d ed A u g . 3 1 —
*1919.
*1918.
1$17.
„
8 ,0 5 4
A v e r a g e m i l e s ________________________________
8 ,1 7 8
8 ,2 7 0
F r e i g h t e a r n i n g s ____________________________ $ 4 6 , 8 2 1 , 7 0 2 $ 4 3 , 1 2 3 , 9 8 1 $ 3 8 , 5 1 7 , 2 8 1
P a s s e n g e r e a r n i n g s _________________________ 2 0 , 9 6 8 , 0 9 4
1 4 ,2 5 0 ,3 3 1
1 8 ,2 6 2 ,1 9 6
M a i l , e x p r e s s , & c ______________ - __________
4 ,1 9 3 ,8 8 9
4 ,4 4 3 ,7 8 0
4 ,3 4 0 ,5 5 1
T o t a l g r o s s e a r n i n g s ------------------------------- $ 7 1 , 9 8 3 , 6 8 5 $ 6 5 , 7 2 6 , 7 2 8 $ 5 7 , 2 1 1 , 3 9 2
O p e r a t i n g e x p e n s e s _________________________ 6 2 , 5 3 0 , 4 7 0
4 3 ,3 0 1 .0 6 4
5 6 ,4 3 7 ,8 4 5
N e t e a r n i n g s _________________________________ $ 9 , 4 5 3 , 2 1 5
$ 9 ,2 8 8 ,8 8 3
O p e r a t i n g i n c o m e ( a f t e r t a x e s ) _________________________ 6 , 3 166. 274994, 1 1 2
,
O t h e r i n c o m e _________________________________
9 5 9 ,0 1 5
1 ,0 4 7 ,7 7 1

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

T o t a l n e t i n c o m e __________________________ $ 7 , 2 7 5 , 8 0 9
I n t e r e s t , r e n t a l s , & c ___________ - __________
9 ,3 1 4 ,1 2 1
D i v i d e n d s __________________________________
x

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

$ 7 ,2 9 6 ,8 8 3
$ 8 ,4 5 3 ,5 5 5

B a l a n c e , s u r p l u s o r d o f i c i t --------------d e f $ 2 , 0 3 8 , 3 1 2 d e f $ l , 1 5 6 , 6 7 2 s . $ 3 , 1 0 6 , 2 8 8
♦ F ig u r e s f o r 1 9 1 9 a n d 1 9 1 8 a r e c o m b i n e d r e s u lt s o f t h e a f f a ir s o f t h e c o r ­
p o r a t io n a n d t h o r e s u lts o f o p e r a t io n b y t h o U . S . R R . A d m in is t r a t io n .
x P a id f r o m b a la n c e o f s t a n d a r d r o t u r n a f t e r p r o v i d i n g f o r a ll c o r p o r a t e
c h a r g o s , $ 1 ,7 8 3 ,4 5 2 in 1 9 1 9 a n d $ 1 ,7 8 3 ,0 1 1 in 1 9 1 8 in d iv i d e n d s .
O F F I C E R S .— P r e s ., C h a r le s H a y d e n ; V .- P s ., M . L . B e ll, F r a n k N a y
a n d L . C . F r it c h ; S e c . & T r e a s ., C a r l N y q u is t ; A s s t . S e c . & A s s t . T r e a s .,
W . V a n d o r p o o l a n d F , A . S m ith , C h ic a g o ; F e d e r a l M g r ., J . E . G o r m a n ,
C h ic a g o .
N . Y . o ffic e , 66 B ro a d w a y .
B o a r d .— J . G . S h e d d , M . L . B o ll a n d J a m e s A . P a t t e n , C h i c a g o ; N . L .
A m s t e r , B o s t o n ; C h a r le s H a y d o n (P r e s .) , J a m e s S p e y e r a n d A . O . R e a r ic k
( r e p r e s e n t in g 1 1 4 ,0 0 0 s h a r e s in H o l l a n d ) , N e w Y o r k ; F . W . S c o t t , R i c h ­
m o n d , V a .; N a t h 'l F r o n c h , D a v e n p o r t ; B e m a n G . D a w e s , C o lu m b u s ;
W . Z . R ip lo y , llo n r y B ru ere a n d P . J . T e n E y c k .
E x e c u tiv e c o m m itte e : N a th a n L . A m
J a m e s P a t t e n , B . G . D a w e s , C h a r le s H
F ren ch .
F in a n c e c o m m it t e e : C h a r le s H
F r e d e r ic k W . M o o tt. H e n r y B r u e r e a n d
578, 784, 1060, 1936, 2021. 2432: V . 109,

s t e r , C h a ir m a n ; J o h n G . S h e d d ,
a y d e n , W . Z . R i p l e y a n d N a t h 'l
a y d e n , C h a ir m a n ; A . C . R e a r ic k ,
J a m e s S p e y e r .— ( V . 1 0 8 , p . 4 7 9 ,
p . 1 7 2 , 1 0 7 9 . 1 1 7 9 , 1 2 7 2 .)

C H I C A G O S T . P A U L M I N N E A P O L I S & O M A H A R Y . — (S ee M a p C h i­
ca g o A N o r t h | W e s te r n .)— R O A D .— E l r o y , W i s ., t o S t . P a u l, M i n n ., 1 9 3
m ile s : M in n e a p o li s t o O m a h a , N o b . , 3 7 8 m ile s ; o t h e r lin e s , 1 ,1 7 8 m .: t o t a l ,
J a n . 1 1 9 1 9 , 1 ,7 4 9 m ile s , o f w h ic h 1 ,6 8 0 a r e o w n e d a n d 6 5 m ile s le a s e d .
V . 6 9 .« p .| 1 1 4 7 .




and

Last Dividend Places Where Interest
and Maturity
Dividends are Payable

(.Concluded)—
5 g
5 g
7 g
6
5 g
5 g
414
4
414
414
5 ?
414
414
5 g
5

g
«
g
g
g

1 8 ,5 5 6 .7 6 7 5 In 1 9 1 9
1 1 . 2 5 9 . 3 0 0 7 in 1 9 1 9
6
5 3 0 .0 0 0
1 .5 0 0 .0 0 0
5
2 4 ,3 9 3 0 0 0
6
3 .7 3 4 0 0 0
314
1 1 .2 0 0 .0 0 0
5 g
4 ,3 0 0 ,0 0 0
5
2 5 0 .0 0 0
e 7 ,5 3 4 .0 0 0
4 g
d 4 .2 4 4 .0 0 0
5 g
6 .3 3 6 ,0 5 5 S e e t e x t
5
2 9 0 ,0 0 0
4 0 .0 0 0
5

5
B e d f o r d B e l t f i r s t m o r t g a g e , n o t a s s u m e d __________ z
1898
S o u I n d i a n a 1 st M g (s e e t e x t ) n o t a s s u m e d .Q P .z o *
1 .0 0 0
242
1901
1 s t a n d Ref M $ 2 0 . 0 0 0 , 0 0 0 g c a l l 1 0 7 1 4 - . I C . x o * & r *
l .O O O & o
1910
361
I n c o m e M $ 6 , 5 0 0 , 0 0 0 c a l l p a r ( c u m a f t 2 y r s ) ____F C x
100 &o
1910
361
E q u i p m e n t g o l d b o n d s d u e $ 4 0 , 0 0 0 s e m i - a n n _____ x
1913
1 ,0 0 0
do
do
( l o c o m o t i v e s ) $ 1 0 , 0 0 0 a n n ________ 1913
1 ,0 0 0
I n c lu d e s b $ 1 ,9 6 5 ,0 0 0 a n d c $ 2 ,7 5 7 ,0 0 0 in t r e a s u r y .
d O n D e c . 31 1 9 1 7 a fu r t h e r $ 2 ,0 9 0 ,0 0 0 w a s h e ld b y
c o m p a n y a n d p le d g e d f o r lo a n s .
e T e n d e r s f o r $ 9 0 ,6 5 6 w e r e r e c e iv e d u n t il O c t . 2 4 1 9 1 9

REFU N D . 4%

39

A c .—

C e d a r R a p id s I F & N W 1 st m t g e g o ld g u a r .C e .z o
292
1881
1884
B C R & N o r o o n s o l fir s t m o r t g a g e g o l d . C e . z o * & r
998
M in n e a p o lis & S t L o u is 1 st M g o l d (a s s u m e d ) . . F z
12
1877
1885
R o o k I s la n d & P e o r ia c o n s 1st M (V 7 5 , p 3 0 ) .M p z
113
282
1899
C h o o & v le -n 1 s t M $ 3 ,7 5 0 ,0 0 0 a s s u m e d . X P x o & r
C h o c t a w O k la & G u lf C o n s o l m t g e g o ld _ _ G P .x c *
686 1902
1910
R I A & L 1 s t M $ 3 0 ,0 0 0 ,0 0 0 g g u r e d 1 0 5 B a . x o ’ & r*
363
L it t le R o c k & H o t S p g
W est n otes gu a r p & 1 . .
1911
S t P & K C S h o r t Li— 1 s t M g g u r e d l U S - B a . x o ’ & r '
1911
1910
E q n o t e S er D g $ 2 2 5 ,0 0 0 s -a ( V 9 0 . p 9 1 3 . 1 3 6 2 ) - B a x
-T -do
S e r E g $ 5 , 0 0 0 d u e s e m i - a n n u a l l y _____________ x
1911
do
S e r F g $ 1 2 , 0 0 0 s - a ( V 9 3 . p 9 3 9 ) __________ B a x
1911
do
S e r G g $ 1 7 0 , 0 0 0 s - a ( V 9 5 p 1 6 0 7 ) _______ B a x
1912
do
S e r H g $ 4 4 1 ,0 0 0 a n n (V 9 6 , p 1 7 7 2 ) .B a x c J t r
1913
do
S e r i , 2 & 3 d u e .$ 1 4 1 ,9 7 3 s e m i - a n n _____ . . .
1915
C h i c a g o St L o u is & N e w O r le a n s — S e e I llin o is C e n tr a l
C h i c a g o S t P a u l M i n n & O m a h a — C o m m o n s t o o k ____
P r e fe r r e d s t o o k n o n -o u m in c l u d i n g s c r ip (s e e t e x t ) . .
N o r W ls 1 st M L a k e S t C t o n e a r S p o o n e r a s s ’ d J e .z o *
1880
80
S u p e r io r S h o r t L in e 1 st M $ 1 ,5 0 0 ,0 0 0 a ss . . U n . z o *
1895
C S t P M & O M $ 3 0 ,0 0 0 ,0 0 0 ($ 1 5 ,0 0 0 p m ) _ C e .z o * j 1 ,6 6 9 /1 8 8 0
do
do
c o n s o ls In te r e st r e d u o e d
\1880
D e b e n g o ld $ 2 ,0 0 0 ,0 0 0 “ s t a m p e d ” g ; t e x t .C e x o ’ & r*
1912

F IR S T A

APrivate
Control.

RAILWAY STOCKS AND BONDS

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O ot 1 1921
A p r 1 1934
June 1 1 9 2 7
J u ly 1 1 9 2 5
Jan 1 1949
M ay 1 1952
M ch 1 1934
J u ly 1 1 9 3 9
F eb 1 1941
M a y 1 9 2 0 -1 9 2 5
J a n ’2 0 -J a n ’21
F e b ’2 0 - A u g ’2 6
J a n '2 0 - J u l y ’ 2 7
J a n ’2 0 -J u ly ’ 2 3
S e p t /2 0 -S e p t ’25

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D D eo 1 1960

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I n N o v e m b e r 1 8 8 3 C h ic a g o & N o r t h W e s t e r n R y . p u r c h a s e d o o n t r o l,
v i z . , $ 9 ,3 2 0 ,0 0 0 c o m m o n a n d $ 5 ,3 8 0 ,0 0 0 p r e f . , a n d in 1 9 1 0 $ 2 2 0 ,0 0 0 c o m .
Federal Compensation.— $ 4 , 9 3 4 , 7 9 0 y e a r l y d u r i n g F e d e r a l c o n t r o l ( c o n ­
tra ct e x e c u te d ). V . 1 0 8 , p . 1 9 44; V . 1 0 7 , p . 1 6 6 9 .
S T O C K .— A u th o r iz e d
com m on ,
$ 2 1 ,4 0 3 ,2 9 3 ; p r e fe r r e d , $ 1 2 ,6 4 6 ,8 3 3 .
H e ld b y t h e o o m p a n y A p r . 1 1 9 1 9 . o o m m o n s t o c k a n d s c r ip , $ 2 ,8 4 4 .2 0 7 1
p r e fe r re d s t o c k a n d s c r ip , $ 1 ,3 8 6 ,9 7 4 .
P r e fe r r e d s t o o k h a s a p r io r r ig h t
to n o n -o u m . d iv id e n d o f 7 % , b u t c o m
is n e v e r t o r e o e l v e m o r e t h a n p r e f .
L A T E D I V S . — 1’ 9 9 . ’ 0 0 . ’ 0 1 . ’ 0 2 . ’ 0 3 . ’ 0 4 . ' 0 5 - ' 1 6 .
5
8
6
6 7
y ’ly
C o m m o n ____________ / 3 1 4 5

’17.
6

'1 8 .
5

1919.
5

B O N D S .— S u p e r io r S h o r t L in e R y . 5 s.
V . 92, p . 954, 1310.
'
N o r t h W is e . 1 st 6 s , d u e 1 9 3 0 , a r e e x c h a n g e a b le a t o p t io n o f h o ld e r a t a n y
tim e , $ fo r $ , fo r c o n s o l. 6 s . V . 6 8 , p . 5 2 1 ; V . 7 7 , p . 2 3 8 9 .
T J ie $ 6 ,0 7 0 ,0 0 0 S t . P a u l & S io u x C i t y 6 s m a t u r e d A p r il 1 1 9 1 9 a n d w e r e
r e p la c e d b y $ 6 ,0 7 0 ,0 0 0 C o n s o ls , o f 1 8 8 0 . V . 1 0 8 . p . 8 7 7 , 9 7 7 .
T h is m a d e
t h id is p o s l t io n o f t h e $ 3 0 ,0 0 0 ,0 0 0 C o n s o ls .
S e p t 1 1 9 1 9 : (a ) O u ts ta n d in g
6%
b o n d s , S 2 4 .3 9 3 .0 0 0 ; 3 M %
b o n d s , $ 3 ,7 3 4 ,0 0 0 ; t o t a l , $ 2 8 ,1 2 7 ,0 0 0 ;
(5 )
r e s e r v e t o r e t ir e u n d e r ly i n g b o n d s , $ 5 6 0 ,0 0 0 ; (c ) r e s e r v e f o r n e w lin e s
n o t t o e x c e e d $ 1 5 ,0 0 0 p e r m ile , $ 1 ,3 1 3 ,0 0 0 .
O f t h e $ 1 1 ,2 0 0 ,0 0 0 d e b e n t u r e s ($ 1 5 ,0 0 0 ,0 0 0 a u t h . ) , $ 9 ,2 0 0 ,0 0 0 a r e “ p la in ”
a n d $ 2 ,0 0 0 ,0 0 0 a r e “ s t a m p e d ” a s s u b je c t t o in c o m e t a x ; a n a d d i t io n a l
$ 2 , 0 0 0 , 0 0 0 is o w n e d b y t h e c o m p a n y o r d u e i t f r o m t h e t r u s t e e .
V . 101,
p . 1806.
A n y in c r e a s e d m t g e . (e x c e p t fo r e x t e n s io n s ) m u s t s e c u r e d e b e n ­
tu re s.
V . 94, p . 278, 487, 1316; V . 9 5 , p . 812; V . 96, p . 1421, 1556; V . 9 8 .
p . 3 8 6 ; V . 1 0 1 , p . 1 2 9 . E q u ip m e n t s o f 1 9 1 7 o w n e d b y c o m p a n y , $ 1 ,1 0 0 ,0 0 0 .
E A R N I N G S .— 9 m o s . , f l 9 1 9 - . - G r o s s , $ 1 9 ,8 6 3 ,6 1 0 ; n e t (b e - $ 3 ,1 3 3 ,5 0 °
1 7 ,7 3 9 ,3 8 8 ; fo r e t a x . ) ,3 ,0 5 0 ,3 0 6
J a n . 1 to S ep t. 3 0 .
\ 1 9 1 8 ____ G r o s s ,

O
N
N
O

R E P O R T .— R e p o r t fo r c a l. y e a r
1918.
p e r . r e v e n u e s ......................$ 2 4 , 8 2 9 , 9 8 1
e t , a f t e r t a x e s . & c _____ $ 2 , 6 5 1 , 9 1 2
e t o p e r . in c . (F e d e r a l).
2 ,6 2 4 ,7 2 0
t h e r i n c o m e .........................................................

1 9 1 8 in V . 1 0 8 , p . 1 9 4 4 , 2 1 1 9 .
x l9 1 7 .
1916.
1915.
$ 2 1 ,4 7 6 ,5 0 9 $ 2 0 ,8 5 5 ,2 8 6 $ 1 8 ,2 0 0 ,6 1 4
$ 4 ,2 9 8 ,5 3 8
$ 6 ,1 8 5 ,9 8 1
$ 4 ,9 4 3 ,9 5 1
x ( 4 , 2 1 9 ,2 3 2 )
____________
____________
5 3 9 ,1 8 7
4 7 8 ,0 7 0
4 1 3 ,1 5 8

G r o s s i n c o m e ................................................ ...
$ 4 ,8 3 7 ,7 2 5
$ 6 ,6 6 4 ,0 5 1
$ 5 ,3 5 7 ,1 0 9
$ 4 ,9 3 4 ,7 9 0 x ($ 4 ,2 9 6 ,5 9 7 )
_________
_________
R e n t a l s , & c ................................( n e t ) 2 6 8 , 1 3 5
$ 4 5 6 ,2 6 6
$ 6 8 9 ,4 1 0
$ 7 9 2 ,1 3 8
I n t e r e s t ................................
2 ,2 6 0 ,4 7 4 2 , 2 6 2 ,8 7 0
2 ,2 5 9 ,6 6 5 ' 2 ,1 6 5 ,3 3 2
P r e f. d iv s . (7 % p .
a .)..
7 8 8 ,1 5 1
7 8 8 ,1 5 1 '
7 8 8 ,2 3 5
7 8 7 ,9 7 6
C o m m o n d i v i d e n d s _______
9 2 7 ,8 3 5
(5 )9 2 7 ,8 3 5 (7 )1 ,2 9 8 ,9 8 6 (7 )1 ,2 9 8 ,9 3 4

Fed’l compensation accr’d

B a l a n c e , s u r p l u s .............
$ 6 9 0 ,1 9 5
$ 4 0 2 ,6 0 3
$ 1 ,6 2 7 ,7 5 4
$ 3 1 2 ,7 2 9
x A m t s . in p a r e n t h e s is a r e t h e c o . ’ s c o r r e s p o n d in g it e m s a s n e a r a s m a y b e .
O F F I C E R S .— C h a ir m a n o f b o a r d , M a r v i n H u g h i t t ; P r e s ., J a s . T . C la r k ;
V .- P . , S . A . L y n d e ; G e n . C o u n s e l, J a m e s B . S h e e a n ; S e c ., J . D . C a ld w e ll
T r e a s ., A . S . P ie r c e ; F e d ’l M g r . , A r t h u r W . T r e n h o l m , S t . P a u l , M i n n .
— ( V . 1 0 9 , p . 2 6 9 , 8 8 7 .)
C H I C 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 Y . — (S e e M a p .)—
O w n s C h i c a g o H e i g h t s , 111., t o W e s t p o r t , I n d . , 2 9 8 . 0 9 m . ; B l a c k h a w k t o S u l ­
li v a n , I n d i a n a , 1 8 .5 0 m . : B lu e I s l a n d Y a r d , I l l i n o i s , 0 .8 8 m .; B e d f o r d t o
O o li t ic , I n d i a n a ., 4 .7 6 m ile s ; 1 0 b r a n c h e s , 3 9 .1 8 m ile s ; t r a c k a g e B lu e
I s la n d Y a r d t o C h ic a g o H e ig h t s , I lli n o is , 1 2 .4 7 m ile s ; t r a c k a g e t o U n io n
D e p o t , T e r r e H a u t e , I n d ia n a , 0 .3 0 m ile s ; t o t a l D e c . 3 1 1 9 1 7 , 3 7 4 . 1 8 m ile s
I n c o r p o r a t e d in I n d i a n a a n d I lli n o is in N o v e m b e r 1 9 1 0 a s s u c c e s s o r o f
th e S o u th e rn In d ia n a R y . a n d th e C h ic a g o S o u th e rn R y . (b o t h fo r e c lo s e d ),
p e r p la n in V . 9 1 , p . 3 3 7 , 3 3 3 . V . 9 7 , p . 1 1 1 0 . A t e n t a t iv e v a l u a t io n b y t h e
I . - S . O . C o m m is s io n in J u n e 1 9 1 9 f i x e d t h e c o s t o f r e p r o d u c t i o n a t $ 2 2 ,3 4 7 ,­
8 9 0 , a n d t h e p r e s e n t v a l u e le s s d e p r e c i a t i o n a t $ 1 7 , 5 6 1 , 1 5 8 . V . 1 0 9 , p . l l 7 9 .
S T O C K .— T h e $ 4 ,3 0 0 ,0 0 0 c o m . s t o o k , e x c e p t s h a r e s n e c e s s a r y t o q u a li f y
d ir e c t o r s , h a v e b e e n p la o e d in a v o t i n g t r u s t u n t il D e o . 2 4 1 9 2 0 , u n le s s
s o o n e r t e r m in a t e d , a s p r o v id e d in t h e a g r e e m e n t .
R o y O . O sg o o d . F ran k
F.
T a y lo r an d G e o . A . J a ck so n , v o tin g tru ste e s.
B O N D S . — T h e n e w “ F l r s t a u d R e f . ” M . is a f i r s t l i e n o n a b o u t 1 1 5 m i l e s
a n d a s e c o n d ( c o n s o l.) m o r t g a g e o n t h e r e m a in in g 2 4 6 m . o w n e d .
V . 91,
p . 337: V . 92. p . 596; V . 9 4 . p . 1118.
Purposes for which $ 2 0 , 0 0 0 , 0 0 0 First and Refunding Bonds were Issuable.
I s s u e d u n d e r p l a n ( o f w h i c h $ 2 , 0 9 0 , 0 0 0 p l e d g e d f o r l o a n s ) _________$ 6 , 3 3 4 , 0 0 0
R e s e r v e d t o r e t ir e S o . I n d . R y . a n d B e d f o r d B e lt 1 s t M . b o n d s . . 7 .7 8 7 ,0 0 0
R e s e r v e d u n d e r c a r e fu l r e s t r ic t io n s fo r e x t e n s io n s , a d d it io n s , im ­
p r o v e m e n t s . a c q u is it io n o f s u b - c o m p a n y s t o c k a n d b o n d s , & o . 5 ,8 7 9 .0 0 0
T h e I n c o m e b o n d s d a t e d D e c . 1 1 9 1 0 , $ 6 ,5 0 0 ,0 0 0 , b e a r in t e r e s t fr o m
D e c . 1 1 9 1 2 a t 5 % p e r a n n u m fr o m n e t e a r n in g s (d e t e r m in e d a s p r o v id e d
th e m o r t g a g e ), p a y a b le i f e a r n e d , b u t c u m u la t iv e t o e x te n t n o t p a id .
The
I n c o m e s h a v e a t a ll s t o c k h o ld e r s ’ m e e t in g s o n e v o t e fo r e a c h $ 1 0 0 p a r v a l u e ,
t h e c o n d i t i o n a n d m a n n e r o f c a s t i n g s u c h v o t e b e i n g f u l l y s t a t e d In t h e m t g e
D l v . o n I n c o m e s . 1 % . s e m i-a n n u a llv p a id S e p t .1 9 1 1 t o M a r . 1 9 1 3 in c l.:
1 M % p a id S e p t. 1 9 1 3 ; th e n n o n e t ill M a r c h 1 1 9 1 7 : t o M c h . 1 1 9 1 9 , l V i %
s e m i-a n n u a lly (2 1 4 % P - a .) .
I n A u g . 1 9 1 9 p a id 1 K % o n a c c o u n t o f c o u p o n
N o . 15 d u e M a r c h 1 1 9 1 5 .
V . 109, p . 887; V . 108, p . 972.
L o a n s D e c . 31 1 9 1 7 s e c u r e d b y $ 1 ,4 8 5 ,0 0 0 “ F ir s t & R e f . ” 5 s , $ 8 3 7 ,0 0 0 .
“ S T A N D A R D
R E T U R N ,” & c .— S e e p a g e 5 .
Federal Compensation.— $ 9 2 2 , 7 8 5 y e a r l y d u r i n g F e d e r a l c o n t r o l .

In

L A T E S T E A R N I N G S . — f 1 9 1 8 - G r o s s , $ 5 ,0 0 0 ,9 5 6 ; n e t ( b e fo r e $ 6 2 7 ,9 0 6
Jan . 1 to D o c. 3 1 .
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9 1 5 -5 3 6
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Jan . 1 to A u g. 31.
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ta x e s ),
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$ 2 ,8 1 3 ,7 6 1
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1916.
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$ 4 2 ,7 4 8
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$ 6 1 9 ,4 0 4
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Coal Tonnage Transported l*Cal. Years; xJune
X 1 9 1 2 -1 3 .
2 ,4 7 0 .5 4 1

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3 .0 5 7 .5 3 9

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.* 1 9 1 7 .
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40




RAILWAY STOCKS AND BONDS

[V o l . 109

N ov., 1919.) *g0 K m *
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“

RAILROAD COMPANIES
fFor abbreviations. &c.. see notes on first page]

Miles Date
Road Bonds

C h ic U n io n S t a t i o n — I s t M g g u p & l r e d ,I C .y c * & r *
C h ic a g o U t ilit ie s — C o m m o n s t o o k $ 1 8 ,7 9 4 ,0 0 0
P r e f s t o c k 5 % n o n -c u m $ 3 0 ,4 7 5 ,0 0 0
1st M
s e r A g 1 st lie n $ 2 0 ,0 0 0 ,0 0 6 .U s m .x c * & r *
, do
S e r B g 2 n d l i e n $ 4 . 0 0 0 . 0 0 0 -------- U s m . x c * & r *
C h ic a g o & W a b a s h V a lle y R y — S e e C h ic . I n d . & L o u
C h ic a g o & W e s t e r n I n d i a n a — S t o o k (s e e t e x t ) . .
._
G e n e r a l m o r t g a g e g o ld s in k fu n d s u b j t o c a ll 1 0 5 . x o *
i c xo*& r*
C o n s M $ 5 0 , 0 0 0 , 0 0 0 g ________________
F i r s t a n d R e t M $ 2 0 0 . 0 0 0 . 0 0 0 ..................... B a x c * & r *
O o lla t tr u s t n o te s g s e c ’d b y 1 st & R e t M r e d 1 0 0
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N o t e s ta k e n b y B e lt R y a n d s e c b y 1 st & R e f M 5
C h ic a g o & W e s t M ic h ig a n — S e e P e re M a r q u e tte R R ,”
C h ic a g o W is c o n s in & M in n e s o t a — S e e W is c o n s in C e n t
C h o c & M em — C h o c O k la & Q u it — See C h R I & P
C i n c i n n a t i D a y t o n & I r o n t o n — S e e C l n o l n H a m <fc D a y
C in c in n a t i F in d & F t W — 1 s t M g g u a r e n d r e d
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C i n c i n n a t i H a m il t o n & D a y t o n — S ee B a lt & f o h i o
C in c in n a t i in d
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I q u i p m e n t t r u s t $ 2 8 , 0 0 0 d u e s o m l - a n _____________ R q
do
$ 3 2 , 0 0 0 d u e s - a t o A p r '2 1 t h e n $ 3 3 , d ( J 0 - P e f i *

1915

a F u r t h e r S 8 5 0 . 0 0 0 i n .T u n e 1 9 1 8 h e l d b y c o . o r p l e d g
b A f t e r d e d u c t i n g $ 1 6 3 ,0 0 0 c a ll e d f o r p a y m e n t J n

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L ea ses — T h e s t a t io n te r m in a l p r o p e r t ie s , in c lu d in g t h e " D e a r b o r n S ta ­
t io n
a n d Its c o n n e c t i n g t r a c k s , a r e u s e d f o r f r e ig h t a n d u a s s e n v e r b u s in e s s
u n d e r 9 9 9 - y e a r le a s e s ( w h ic h h a v e b e e n in f o r c e f o r m a n f y e i r a ) b y t h l
f o l l o w i n g c o m p a n i e s , w h i c h o w n a ll t h e c a p i t a l s t o c k o f yt h e C h i c a g o &
W e s t e r n I n d ia n a R R . C o . ($ 1 ,0 0 0 ,0 0 0 e a c h ) , v i z .: C h i c . & E a s t e r n i n M
i
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W abash R y
a n d E r ie R R . C o .
T h e A t c h . T o p e k a Sc S a n t a F e R y C o a l s o n s M t h e f e
t r a c k s a n d s t a t io n u n d e r a lo n g - t e r m le a s e a t a f lx o d a n n u a l r e n t a l p lu s a
p r o p o r t io n a t e m a in te n a n c e . & c .
a n n u a l r e n t a l, p lu s a
'T h e
R a il w a y " d iv is io n , in c lu d in g th e c le a r in g y a r d u n o n w h ic h
i o r u ™ , f ? 09 h 1 ’ b ° n d s ( m o s t l y p l e d g e d t o s e c u r e t h o 1- y e a r 6 % n o t e s o f
R v17 n o o f
i t ' r ’ l l , 0 IV , r a t 0 d u n d e f a 5 0 - y e a r e x c l u s i v e l e a s e b y t h e B e l t
K y . C o . o f C h i c a g o , a l l o f w h o s e s t o c k is o w n e d b y t h e f o l l o w i n g 1 2 r o a d s *
P e n n s y lv a n ia C o .. A t c h . T o p . & S a n ta F e K y
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O o .. O h ic . B u r l. & Q u in c y t l R . C o . , O h ic . R o c k Isl *
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O h o s . Sc O h i o R R . O o . o f I n d i a n a , M i n n . S t . P . Sc S 8 M C R v
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O h ic . I n d . & L o u is v . R y . , E r ie R R
G ra n d T r t v W S l t 'v *
W a b a s h R y . T h o B o lt R y . (V . 1 0 4 . p . 1 4 8 8 ; V . 1 05 p 3 8 8 ) I s ' ^ e l y a n
o p e r a t in g c o m p a n y , o w n in g n o m ilo a g o .
T h o le a s e t o t o e B e it R ^ l w a y
G o . p r o v id e s fo r a n a n n u a l r e n t a l, o f w h ic h a t le a s t S 7 9 8 8 9 9 U n a v a h le
d ir e c t ly t o th e tr u s to e o f th e F ir s t & R e fu n d in g M t g o
m n n t h lv ^ n s fa llm e n t s , t h is p a y m e n t t o b e In cre a se d fr o m t im e t o t im e b y a n °a m m fn t o o u a l
f o t h e I n t e r e s t o n a l l o b l i g a t i o n s I s s u e d f o r I m p r o v e m e n t s t o t h e ‘T e l t
D i v i s i o n " ; a ls o a fu r t h e r $ 1 5 9 ,0 0 0 y e a r ly fo r s in k in g fim d
h
F e d e r a l Compensation.— $ 1 , 5 0 9 , 5 3 0 y e a r l y d u r i n g F e d e r a l c o n t r o l
(c o n ­
t r a c t e x e c u t e d ) ; t h is s u f f ic e s t o p a y p r e s o n t f ix e d c h a V e ^ n d t a x M in c lu d in g
fu n d o n t h e b o n d s d e p o s ite d a s c o lla te r a l s e c u r it y fo r th e $ 1 5 0 0 0 0 0 0 ° n o t e s a n d a ls o t n c lu d . 7 % in t e r e s t o n t h o n o t ^ r t L e n s u ^ g y ^ r
I f F e d e r a l c o n t r o l s h a ll s o l o n g p o n t in u o .— V . 1 0 9 , p . 1 3 6 6 .
°

6

6

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6

6

6 yearly

B O N D S .— T h e G e n e ra l M t g e . b o n d s a re d ra w n a t 1 05 a n d In terest
O f t h e C o n s o l. 4 s o f 1 9 0 2 (a u t h . Issu e $ 5 0 ,0 0 0 ,0 0 0 ) s u ff? c ie n t l t o r e ­
s e r v e d t o r e tir e G e n e r a l 6 s .
V . 8 7 . p . 3 6 . 1 6 0 -L 1 6 0 3 - V 8 8 n
100
V .9 2 . p . 3 9 4 ; V . 9 3 . p . 1 0 6 8 : V .9 7 , p . 1 4 2 5 : V .9 8 , p . 2 3 5 , 4 5 2 - ^ 1 ( 4 4 d 8 6 2
O f t h e 1s t & R e f . b o n d s o f 1 9 1 2 ( $ 2 0 0 , 0 0 0 , 0 0 0 a u t h i s s u e ) ’ w i t h I n t e r e s t
n o t t o e x c e e d 5 % . $ 5 0 ,0 0 0 ,0 0 0 w o r e r e s e r v e d t o r e fu n d e x l ^ n V h o n d s
$ 5 0 ,0 0 0 ,0 0 0 f o r a d d it io n s a n d I m p r o v e m e n t s t o t h e B e lt d iv is io n in c lu d in g
C h ic a g o U n io n T r a n s fe r I t y ., fo r $ 4 ,4 0 0 ,0 0 0 . a u d llO O O M oo O fo r n e l
te r m in a ls a n d o t h e r im p r o v e m e n t s .
T h e r e a r e $ 2 2 ,2 5 0 0 0 0 o r t h f£ n o u t ­
s t a n d i n g . $ 2 1 , 0 0 0 ,0 0 0 b e i n g p l e d g e d u n d e r t h e 1 - y ^ r 6 % n o t i o f 1 9 1 7
(s e e b o l o w ) a n d $ 1 ,2 5 0 ,0 0 0 h e ld In t h e I n t e r e s t o f t h o B o l t R v
°N °n a d d i­
t io n a l F ir s t & l t c f . b o n d s c a n b e I s s u e d u n t il t h e a g g r e g a t e a n n u a l r e n ta ls
p a y a b l e a b o v e a ll o p e r e x p e n s e s , t a x e s . A c . . s h a l l ^ H ? '? h o i n t e n t
U e lu d in g b o n d s p r o p o s e d .
T h e le a s e s p r o v i d e t h a t t h e f i v e o w n im r c o m n a n ie s w ill J o in t ly a n d s e v e r a ll y p a y t h e in t e r e s t o n t h e $ 2 2 2 5 0 n n n C o n d «
h
a ls o a fu r t h e r $ 1 5 9 ,0 0 0 y e a r l y fo r a s in k in g f u n d u n t il $ 2 * 7 2 5 0 0 0 0 ° h M b w n
red eem ed . V . 101, p . 6 9 3 , 448: V . 100. p . 1671; V . 105 p 388
T h e $ 1 5 ,0 0 0 ,0 0 0 o n e -y e a r 6 % c o lla t e r a l g o ld n o t e s o f i o i 7 s e c u r e d h v d e ­
p o s i t o f $ 2 1 ,0 0 0 ,0 0 0 F ir s t & R e f . 5 s , e x t e n d e d t o S e p t . 1 1 9 1 8 w e r o a g a in
e x t e n d e d t o S e p t . 1 1 9 2 0 a t 7 % e n o u g h a s s e t s h a v i n g b e e n r e c e i v e d ___V 1 0 9




$2,675,000
364.000
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N N ov 1 \965
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C IN C IN N A T I B L U F F T O N

& C H . R Y . — D is m a n t le d .— V . 1 0 6 . p . 1 7 9 6 .

g > !^ C 4 N N A T ' F J N D L A V & F O R T W A Y N E R Y . — O w n s F i n d l a y . O . .
r t } / a y n e - I P d .. 7 8 .4 m ile s ; t o E a s t M a n d a t e , s o u t h t o O t t o v i lle . 6 . i
v
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i
P - 286. 342. 701.
C o u p o n s d u e N o v . 1 9 1 4 w o re d e fa u lt e d .
A 4 5 !.O p e r a t i o n s a b a n d o n e d in 1 9 1 8 .
B id in f o r $ 2 0 0 ,0 0 0 . t h e
Vr , A-rU y t p e b o n d h o l d e r s ’ c o m m i t t e e , a t f o r e c l o s u r e s a l e o n N o v . 1 8 1 9 1 8 .
V . 107, p . 1481, 2008; V . 108, p . 378, 1164.
m
J
r ; Jr0 r ^ i r s i M t ^e - 4 S .— F . N . B . C l o s e
T r u s t C o . . N . Y . , d e p o s it a r y .— ( V . 1 0 S , p . 3 7 8 .)
C IN . H A M IL T O N

& D A Y TO N

(C h a ir m a n ).

B an k ers

R Y . — S e e B . & O . — (V .1 0 8 ,p .6 8 3 ,2 2 4 1 .)

C I N C I N 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 .— O w n s H a m ilt o n .
O . , t o S p r i n g f i e l d , 111., 2 8 4 m i l e s ; t r a c k a g e C . H . & D . f o r p a s s e n g e r t r a i n s
into
t o ,.C m c m n a t i , 2 5 - m i l e s ; o t h e r t r a c k a g e , 1 3 m i l e s ; t o t a l J a n . 1
1 J 1 8 , 3 ~ 2 m ile s .
O n D e c . 1 1 9 1 5 s u c c e e d e d C ic n c in n a t i I n d ia n a p o lis &
w e s t e r n K y ., fo r e c lo s e d a n d r e o r g a n iz e d in d e p e n d e n t ly o f C in . I l a m . &
D a y to n R y
p e r p la n in V . 1 0 0 , p . 2 0 8 4 ; V . 1 0 1 , p . 4 7 , 1 5 5 2 ; V . 1 0 2 . p . 2 5 0 ;
v - 1 0 3 ,’ .P i 1 7 3 6 . 1 8 8 8 ; V . 1 0 4 , p . 3 6 1 , 2 4 5 1 ; V . 1 0 5 , p . 7 2 .
S id e ll & O ln e y
w a s s o ld f o r $ 2 0 0 ,0 0 0 .
V . 108, 1722, 974; V . 106, p 2559, 2230.
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to

t S f J S A Q P * W E S T E R N I N D I A N A R R .— { S e e M a p .) — O w n s a v a l u a b l e
n g e n tr a n c e in t o C h ic a g o t o th e r o a d s n a m e d b e lo w ,
u s o n e s e x t e n d fr o m D e a r b o r n S t a t io n . P o lk S t .. C h ic a g o , t o D o lt o n 17 m .:
6 m
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? ° t a 1 , 5 1 m ’ : ^o t a l t r a o k - I n c l u d i n g 2 d , 3 d . 4 t h t r a c k s a n d s i d i n g s , 5 4 5
m .. a ls o o w n s re a l e s t a t e , c a r y a r d s , w a r e h o u s e s
e lo v a to r s
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c le a r i n g y a r d e m b r a c e s 1 .8 1 0 a c r e s .— V . 1 0 5 , p
388.

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A f u r t h e r $ 1 ,0 0 0 ,0 0 0 n o t e is s u e w a s s o ld S e p t . 1
1915 a n d e x te n d e d to S e p t. 1 1 9 20.
V . 105, p . 176, 606.
r , ™ - ' E d w a r d H . L e e . C h ic a g o ; V ic e -P r e s . & G e n . C o u n s e l, C . G . A u s tin
r w + ' x r
^ UCV • H - T - E v a n s ; T r e a s . , A . R . B a r t o n ; G e n . M g r . u n d e r U . S .
n j , n 'o L 9 - H e t z l e r , A c t i n g F e d . T r e a s . & A s s t . S e c . , J . E . M u r p h y . —
( V . 1 0 8 , p . 4 7 9 , 7 8 4 , 2 0 2 2 ; V . 1 0 9 , p . 7 7 4 , 9 8 1 , 1 1 7 9 , 1 3 6 6 ).

is s u e d

®*n c e
n o in c o m e f r o m s u b s id ia r y c o m p a n ie s . F ig u r e s
a n n u a l m e e t i n g J a n . 2 2 19 ! 8 I n d i c a t e d a d e f i c i t f o r t h e
*31
9 ° ; , J 1' 1 9 1 7 o f $ 1 0 0 , 2 0 0 . c o m p a r i n g w i t h a d e f i c i t o f
l 'r n o 8 ' a 1 9 w a S,d 8 2 5 . 6 6 1 i n 1 9 1 5 .
D e f ic i t f o r 1 9 1 8 , $ 7 5 ,2 2 6 .
m r ie e 03 7 K? w W - t T , a c y ’ C h i c a g o ; T r e a s . &
r
S e c .. J . O . P a y t o n .
C h ic a g o
o r r ic e , 7 5 4 W . J a c k s o n B o u i.— ( V . 1 0 6 . p . 3 9 4 .)
^
8*

P « ? 2 y n ItD B N D S , “

April 1915 cou p not paid

ed as collate ral
ne 1 1919.

5
— V O Y I 1i 9 ^ ? 9 A A t’ -—7 p a p l t a l s t o c k a u t h , c o m m o n , $7,500,000
5 % n o n - c u m . p r e f ., $ 7 ,5 0 0 ,0 0 0 .
P a r $ 100.
T h e p r e s e n t I s s u e s , $5,350,000
o r e a c h c l a s s , is c o v e r e d b y a
v o tin g
tr u s t t ill D e c . 1 1 9 2 0
(u n le s s
p r e v io u s ly t e r m in a te d b y v o t e o f th e tr u s te e s t h e r e u n d e r ). V o t in g tr u s te e s
a r e F r e d e r ic k H . E c k o r , G e o r g e K . J o h n s o n , H . F . W h i t c o m b , L . E d m u n d
^ a c h e r , J . A . B a r b e y . E q u ita b le T r u s t C o ., a g e n t fo r tr u s te e s.

n r o s m o ^ /^ ^ o ,'

peroent ......................................... I 7H

O A pr 1 1942
Apr 1 1942

N ov 11923

d u r in g

v 1h ° e q u ip m e n t o f th e (u n p r o fit a b le )

&

1915
1916
1916

d o w l S n h r « i n 0 a ( 1 . ^ T ? 1.n a , , J 1? t h e C , t ? o f C h i c a g o a n d t o a n d f r o m t h e
flo w n t o w n b u s in e s s d is t r ic t a n d b e t w e e n b u s in e s s h o u s e s ; s e e V . 8 6 , p . 7 2 0 ;
'

N Y.PaR R Co;ChI.IIlTr& fc

284

1 .0 0 0

852

h a s h cJ m

J July 1 1963

1903

a n d fih r c a v o f i ^ h i k £ 'n 3 8 > 9 3 9 i
i
, Y - 9 4 ■ P - 3 5 0 ) t h e PI l l i n o l s T u n n e l
in a o
S u b w a y C o . fo r e c lo s e d . V . 9 4 . p . 9 1 1 , 1 0 5 6 . 1 1 1 8 ; V . 9 6 ,
H e o r g . p e r p la n o f O c t . 2 19 1 1 ( V . 93 d 9 38 0 3 0 1333 )
c o m p a n i e s CO m i l e s o f ’ t u n n e l , d e s i g n e d f o r
t h e v a r l n M a gr l m o t o r s
a n d c a r s , fo r th e tr a n s fe r o f fr e ig h t b e tw e e n

C o

&

91

RR

P i t t i b u r g ^ k ^ V . ’ l o f . 6 ! , . S - 4 7 9 g r 22U 0 ) ? r U * S ’ G ° V t "
4
In

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

D e c 3 1 '1 8 1 M% Chicago
Deo 1 1932
J P Morgan & Co, N Y
July 1 1952
111 Tr & S Bk.Chlo; &NY
Sept 1 1962
N Y . J P M 4 C o , &Ohio
Sept 1 1920
See text
Sept 1 1920
C hicago, Cent T rust C o

1 191 9 (S e r ie s l i ) in a d d i t i o n t o
A u t h o r iz e d is s u e $ 6 0 ,0 0 0 0 0 0 h a v e

C O .— I n c o r p o r a t e d

41

5.000 000 6 In 1918 Q— M 31
1882
b 3 .155,677
6 g
Q— M
1902 1.000 &o 46.844.000
4 g
J
& J
1912 1 . 0 0 0 & o
See text
M & S
1917 1 . 0 0 0 & o 15.000.000
vr
&
s
7 g
1915
1 .0 0 0
1 .0 0 0 .
0 06
0
M
&
s

“ 53

a r e fa v o r a h fn
S U r Ka S V ’ 0 0 0 ’0 0 0 l o a n a n d w i l l b o s o l d a s s o o n a s c o n d i t i o ^
^ „
a r e ia v o r a b le .
l h o b o n d s a r e g u a r . p r m . & in t . b v t h e fo u r n r o n H o t^ r v
w m ^ n io s
R e d a t 105 o n o r a fte r J a n . 1 1921
S e e V . 1 0 3 , p . 0 0 , 667^

.U T I L I T I E S

When
Payable

100
1 .0 0 0

★ C H I C A G O U N I O N S T A T I O N C O . — I n c o r p o r a t e d In I l l i n o i s .
O w ns
o l d U n i o n S t a t i o n a n d Is b u i l d i n g e x t e n s i v e n e w t e r m i n a l s c o v e r i n g 3 5 a c r e s
? i L C<™ o f 8 4 7 , 0 0 0 , 0 0 0 .
C o m p le t io n d e la y e d in 1 9 1 8 b y w a r .
I n J a n . 19 1 9
JP ® R e c t o r - G e n e r a l o f R R s . r e m o v e d a l l r e s t r i c t i p n s u p o n t h e c o n s t r u c o f i f ^
. ? r d c r t 0 C 0 V1^ l y w i t h t h e t e r m s o f c e r t a i n c i t y o r d i n a n c e s , t h e
S t a t io n C o . h a s r e s u m e d its c o n s t r u c t io n p r o g r a m .
V . 109 n 770
C an
®t k ; ’ a i } t h " , S 3 . 5 0 0 , ( ) 0 0 ; o u t s t a n d i n g , $ 2 , 8 0 0 , 0 0 0 . h e l d o n e f o u r t h e a c h b y
P e n n s y lv a n ia C o . P . C . C . & S t. L . R y ., C h ic . B . & Q . R R . a n d C h ic
A lllw . & S t. I a u l R y .
T h e s t a t io n w ill b o u s e d b y th e fo u r p r o p r ie t o r y
c o m p a n ie s a n d t h e C h ic a g o & A lt o n R R .
y
p ro p rie to ry
fu n d s

%

S l.O O O & c
100
100

O F F I C E R S , A c .— P r e s ., M . J . C a r p e n t e r ; V .- P r e s ., E . Iv . B o is o t ; S e c . &
T r o a s - . E M . T o u r t e lo t : F e d e ra l M g r ., W . J . J a c k s o n . C h ic a g o .
D ir e c t
v J - C a rp en ter. B A
E c k h a r t , F . O . W e t m o r o , J o h n T . B e a s e le y ,
R a l p h V a n V e c h t e n a n d W . T . A b b o t t . — ( V . 1 0 9 , p . 3 *10, 1 1 7 9 , 1 4 6 1 . ) *

f 3 0 1 850 ° 0 00 ° o r q i i l ^ tig 0 ■
h o « S S S 2 i 0/ S e r i o s A i s s u e d i n 1 9 1 6 .

Rate

a$30000000
4M g J
18.794.000
30.475.000
1912 1.000 See
5,024.900 „
A
5g
1912 1.000 &c
4.000.
000
See text

lsvllle

S

n eccssary

APrivate
Control.

RAILWAY STOCKS AND BONDS

B O N D S . — T h e n e w m t g e . is l i m i t e d t o $ 1 2 , 0 0 0 , 0 0 0 .
S e e t a b le .
E q u ip m e n t tru s ts o f 1 9 1 6 , V . 1 0 2 , p . 5 2 1 , 1 3 4 6 , 1 4 3 5 .

o ---A T E S T
T
L

,
.
E A R N I N G S . — j /i i; i1<--vxruob,, iji,yui/iUl o i; u e t ( b e f . d e f . $ 2 0 9 . 4 6 8
1 9 7 G i o s s S I . 9 6 9 .5 1 3 n
9 _
^X

.Tnn
1
A m r Q1 1 i m o
—,
/ ______X
8 m ns
m os., Jan. 1 to A ug. 31.11918-G ross, o r\r»-r 1-i-vrv.
2,027,500;
taxes).
Cal. Year.—
1918.
1917.
|
1 91 8 .
Gross e a r n s ..$3.137,152 $2,639,537 Gross Incom e, d f.$42,179
N e t,a ft.ta x e s .d f.152.808
382,930 Rents, & c____
129,330
Other Incom e110,629
125,608 Interest______
181,916
Gross incom e, def.42,179
508,538 Balance sur_. df.353,425

16,258
1917.
$508,538
104.469
181,306
222,763

O F F I C E R S .— P r e s ., B . A . W o r t h i n g t o n ; S e c .-T r e a s ., F . J . G o e b e l, F e d .
1 0 9 9 ; ’ V .1 1 0 8

T r e a s -’ B y ro n

C a s s o , C h ic a g o .— ( V . 1 0 7 , p .

397,

r o a d 0.6 m. I n l e n g t h
o h I ° b r ld « e a n d t h e C in . H a m . & D a y t o n
c ° n t r o lle d b y C h e s a p e a k e & O h io R y .
C o m m o n s t o o k , $ 1 0 ,0 0 0
fo M O O s h a re s. Issu ed fo r p u r p o s e o f c o n t r o l.
T h e r e is a u t h o r i z e d $ 1 , 0 0 0 . ★

CINCINNATI INTER-TERMINAL RR.— O w n s a

A ) T ? n i t r p tn l,rneff ^ i n UmM S t° ° i £ s e ° u r e d b/ m t 8 e - t o t h e U n i o n S a v i n g s B a n k
m C ln o ln n a tl. a s t r u s t e e , a n d r e n ta ls p a id b y C h e s . & O h io a n d
t 0 c a l1 o n a n Y l n t ’ d a y a f t e r F e b . 1 1 9 1 5
at 105.
V . 79, p. 212: V . 80. p. 1728, 2398, 2620.
R e n ta ls r e c e iv e d fo r
v e a r e n d in g D e c . 3 1 1 9 1 8 , $ 3 3 ,4 4 3 ; d i v s ., $ 3 3 ,0 0 0 .
P r e s ., C h a s E
G rS n a in .
v v . oU , p . J o J u .)
ft
& N O R T H . R Y .— O w n s C in c in n a t i? o T T t o
U a y t o n . 5 5 m .f fr o m M id d le t o w n J u n e , t o M id d le t o w n . O ., 14 m .; H e m p
s t e a d t o C l e m e n t , O . , 5 m . ; b r a n c h , I m . V . 9Q d 1 8 3 1 • V
100 n
S t o c k , $ 2 ,0 9 9 ,3 0 0 , o w n e d b y P e n n a . C o . V
75 n
980' V
100 d
53*
D i v . o f 3 % p a i d in 1 9 0 6 . ’ 0 9 & T O ; ’ l l & ’ 1 2 4 % - P1 3 5 % - T 4 W
’ *15*
n o n e ; 1 6 , 4 % , 1 9 1 7 , 1 9 1 8 , n il.
V . 99, p . 53/
T h e S i ,5 0 0 ,0 0 0 1 s t c o n s ^ s
a r e g u a r ., p . & I , b y P e n n a . C o .
V . 77. p . 86; V . 98. p 610.
C a l y e a r 1918*
c o m p e n s a t i o n S l l i .9 8 5 ; o t h e r i n c o m e , $ 2 6 ,0 0 8 ; c h a r g e s , $ 1 2 2 ,8 8 6 ; s u r p .,'
$ lo ,1 0 7 .
F e d . M g r . , G . L . P e c k , P i t t s b u r g h .— (V . 1 0 0 , p . 9 0 0 .)

aAT!, NEXY ORLEANS & TEXAS PACIFIC RY.— Operate
nhn
/ftV,V,a t ’ ® 0 U i b ®r a R y - ’ o w n e d b y c i t y o f C i n c i n n a t i , C i n c i n n a t i t o
r
C h a t t a n o o g a . T e n n ., 3 3 5 m ile s ; t r a c k a g e , 2 m ile s .
O w n s e n t ir e s t o c k
o f H a r r im a n & N o r t h e a s t e r n R y . , 2 0 m ile s , o p e r a t e d s e p a r a t e ly .
V.
In
(9 0 1 le a s e w a s e x t e n d e d 6 0 y e a r s t o O c t . 12 1 9 6 6
'n n !n n o n n L r e n e w a l t o b e $ 1 ,0 5 0 ,0 0 0 y e a r l y f o r f ir s t 2 0 y e a r s , t h e a
^ .l O O . O O O f o r 2 0 y e a r s ; t h e r e a f t e r $ 1 , 2 0 0 , 0 0 0 . V . 7 3 , p . 7 2 2 ; V . 7 4 . p . 1 2 5 1 ;
V . 9 5 , p .1 4 0 2 .
1 r e f. s to c k h a s n o v o tin g p o w e r .
V . 7 4 , p .5 2 8 8 2 9 .
n nm m IM N W ' ' ; l
u o ™ “ ° n - - ................ % 1

1 9 0 5 - 1 9 P.6 - ! 9 0 7 - T 0 . ’ l l .
r
5
5>i
5
s

T 2 -T 5 . T 0 .
11 y ’ly 1 2 H

T 7.
13

’ IS .
13

1 9 1 6 t o j S n e ? q i q 0 ^ m ° 9 iJ ^ 11 * e m i .-anTn u a l l y ( J . & D . ) , 3 % . a n d f r o m D e c .
1 9 1 7 \ n d J i m o \9n S n ^ m i ? t oa , / n/ u n e a n d D e c . 1 9 1 6 a n d J u n e a n d D e c .
l a i / a n u J u n e a n a D e c. 1 9 1 8 , 3 44% e x tra
V 1 0 3 r> 1 9 8 0
M a io r itv
b v T la - Q ^ t S o T k
bI S A \ r C o n s t o u c t i o n C o . w h i c h i n S
b y A la . G r e a t S o . R R . , & c .
V . 6 1 . p . 2 6 ; V . 6 5 p 1173
"S T A N D A R D

R E T U R N ,"

i s

E T A ? i ^ G A ; ^ ' 8 -}? o s - ’ U ^ 1 9 - - G r o s s ’ S 1 0 . 6 6 9 . 2 2 7 : n e t ( b e f .
Y
Jan . 1 to A u g. 3 1.
\1 9 1 8 . - G r o s s ,
9 ,8 1 9 ,0 4 4 ;
ta x e s ),
R E P O R T .— Y e a r e n d in g
$ SS*

D e c. 31
N eL

con troU ed

& c .— S e e p a g e 5 .

1918, V .

° Lh' InCm

109, p .

R e n ts' & c ‘

$ 1 ,2 6 6 ,9 5 5
2 ,0 4 8 ,5 0 8

1986:
D iv s ‘

B a l"

S u r’

.1 9 1 8 — 1 5 , 4 7 8 , ^ 6 4 1 x 3 , 5 4 1 , 0 3 9
1 1 0 ,1 8 1 2 ,5 1 8 .1 5 2 5 1 L 3 7 0
8 0 6 ,7 8 2
Y e a r ( 9 } 7 - - } 3 ’0 5 1 ,8 1 9 3 .2 6 5 ,7 7 1 1 .4 2 9 .9 8 6 2 ,0 2 6 ,7 8 3 5 1 1 ,3 7 0 2 ,1 5 7 ,6 0 3
Y e a r 1 9 1 6 - - 1 2 ,0 1 9 ,3 9 7 3 ,8 5 2 ,1 4 0
9 1 1 ,2 3 5 2 ,1 2 0 ,3 1 5 4 8 1 ,4 7 0 2 ,1 6 1 .5 9 1
x S ta n d a rd retu rn .
„ d i v i d e n d s in c l u d e y e a r l y $ 1 2 2 ,6 7 0 ( 5 % ) o n p r e f . a n d in 1 9 1 8 $ 3 8 8 ,7 0 0
(1 3 % ) o n th e c o m . s to c k .
F e d . M g r .. E . H . C o a p m a n . W a s h in g to n . D . O .
— ( V . 1 0 7 , p . 2 9 1 , 4 0 1 . 2372; V . 1 0 S . p . 2 4 3 2 , 2 6 2 9 ; V . 1 0 9 , , p . 1 9 8 6 . )

42




RAILWAY STOCKS AND BONDS

[Vo l . 109

SOY.. 1919.]

* a r

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Cincinnati Inter-Terminal RR— 1st pref stk (see text) Text
_
Cincinnati Lebanon & North 1st con g gu p & 1 _ xc*
76
Dayton Leb A Cin R R A T— First M g call 105 ass'd.
29
Cin & Musk Val—See Cleve Akron & Cincinnati Ry.
Cin New Orl & Texas Pac— Common stock $3,000,000
Preferred stook (a&d) 5% cumulative $3,000,000 .
Equip trusts Ser C due $50,000 s-a(V 92, p 1031) Bax
Equip trust Ser D due $90,000 s-an_______ __
C incinnati N orthern— Capital stock_______
1st M $3,000,000 gold_________________ Q.xc*Ar
206
Equip trusts due $43,000 annually________
k.c*
Cincinnati Richmond & Ft W— 1st M gold Int guar.o*
'8 6
Slearf'd & Mahoning— Stook 6 % rent $1,000,000 auth
First mortgage gold guaranteed B R & P ..G .xo*A r
26
Cleveland Akron & Cin—Stook $12,000,000_ ______
_
Clev Ak A Columbus gen M (now first) gold
c*
187
‘
First oonsol. mtge $4.000.000\guaranteed p & 1 end } 1871
gold sinking fand------------ j not guaranteed.xc*
Cin S Mask Val 1st M $2,000,000 g gu s f ____F.xo*
c
148
Cleveland Cincinnati Chicago & St Louis— Com stook
Preferred stook 5% non-oumulatlve______
Refunding A Imnt Mtge callable 103
n,e*Ar* 1,827
Underlying Bonds—
0 I St L S C oon M drawn at 105 sink fund 1% .zo*
c
173
Gen 1st M $10,000,000 g s f not drawn.-Ce.xo S
cr
01 Col C & I Gen cons M ($12,000,000) g — Us.xo'&r
391
Olev Cin Chlo & St L White Wat Val D v 1st g.Ce.xo*
62
Spr S Col Dlv (Col Spr & Cin) 1st M gold_ Ce.xo*
c
_
45
Cairo Division 1st M $5,000,000 gold_____Ce.xo*
269
St Louis Dlv coll tr gold ($727,000 In s t) .Ce xo&r
194
Clncln Wab S Mloh Dlv first mtge gold_ Us.xo*
c
_
204
Gen M 100 years for $50,000,000 gold___ Ba,xo*&
1 .0 2 1
do
Series B _______________________
1 ,0 2 1
Oh I A St L S L 1st M $3,000,000 gold gu.Ce,xo*A
44
Springfield Dlv lien held by Peoria A East R v .
136
Debentures secured by mortgage o f 1919_Gc*Ar*

Par
Value

$100
1 ,0 0 0

1902
1914

500 Ac

1911
1916

100
100
1 ,0 0 0
1 .0 0 0

1901
1915
1871
1893
1887
1900
1900
1898
1919

9 t V « ; ; 7 ------ 1
..........V — 920.036

237.250

190.980

follf

6

g

Last Dividend Places Where interest and
and Maturity
Dividends are Payable j

F A A Aug 1 1919 2% Cincinnati
M A N Nov 11942
Penn R R Co, N Y
M A S Mar 1 1934
Treas. Pittsburgh, Pa.

4H

1880
1 ,0 0 0
567.000
6
M A N May 1 1920
1886 1.000 Ao
6.695.000
Q— F Aug 11936
4g
1884
1 ,0 0 0
3.205.000
6 g
J A J Jan 1 1934
1890
1 ,0 0 0
650.000
4 g J A J July 1 1940
1890
500 Ao
1.103.500
4 g M A S Sept 1 1940
1890
1 .0 0 0
5.000.
000 g J A J Jan 1 1939
4
1890 1 . 0 0 0 Ao 9.194.000
4 g M A N Nov 11990
1891
1 ,0 0 0
4.000. 000
4 g J A J July 1 1991
1893
1 ,0 0 0 28.579,000
4 g J A D June 11993
1893
1 ,0 0 0
4.161.000
5 g J A D June 1 1993
1903
1 .0 0 0
3.000.
000 g A A O Apr 1 1953
4
1890
5.000.
000
4
March 1 Apr 1 1940
1911
1 .0 0 0
5.000.
000
4H g J A J Jan 1 1931

46,270

Phila
t 390; )
2280. by
Pen° ‘ C o p in g
V. 71, p. ^ t e e v.. 76, p. 653; v. 7 7 , p.
..... ‘ Val. —
Penn Co. also guarantees Cin. A M us« ............bonds; see form, V. 76, p.
653. In 1917, gross, $5,725,235; net. $514,335: o t• o U o ™
t
‘
*‘ ,665;
deductions. $463,242; surplus, $119.758.— (V. 98 p 522 )
★ CLEVELAND CINCINNATI CHICAGO & ST LOUIS RV — ee M s
(S an
N Y C tra L — R O A D .— Radiates from IndlananoHs* lm i>*
. . en l ines.)
westerly to Chloago, Peoria, Cairo, 111., St. Louis easier v to Sandufkv’
01 ^ e^ dm ?e X rabUS an<1 Cln° lV
°
' f?£?• ° " ttnd southerly to LouifvBle.
Cleveland. O., to Springfield, O__183 Cincinnati Sandusky S Cleve. R Miles
c
R .—
Gallon, O.. to Indianapolis______ 203
Sandusky, O., to Day’n, O.. Ao.170
Springfield to Indianapolis______ 136
Trackage Into Cincinnati.
65
Delaware to Springfield__________ 50 Trackage Into Jeffersonville A o.
52
Cincinnati to Lafayette................170
7

4g
4

When
Payable

4
4

* Rent from lease of road and other Income.
★ C L E A R F I E L D A M A H O N I N G RY.— (See Map Buf. Roch. * Pitts.)—
uwns roaii, completed In 1893, from Du Bols Jet., Pa., on Buf. R . & P.. to
CJlearfleld on Beeon Creek R R .. 20 miles. Leased during corporate existence
and renewals thereof to Buffalo Rochester * Pittsburgh— which see— at a
rC" f r n ayaw !? K [d and e(lual to 6 % on $ 1 ,0 0 0 ,0 0 0 stock, par $50. taxes
?
,°
O
and 5% on bonds, the latter being guar., p. & 1., by end.— (V. 89 p. 1141.)
A,KR 0 S, * C I N C I N N A T I R Y . — (S e e Maps of Pennsyltania RR.)— Owns from Hudson, O . to Columbus, O., 144 miles; Klllbuok
i°.Tir nwayIi3 4 o?=: Morr®w to Trlnway, 148 m.; AppleCreek branch. 9 m.;
on
owned, 335 m. Owns a fourth Interest in Akron A Barberton Belt
R R .. 24 m.. and half Interest In Zanesville Term R R ., 5 m V 70 d 435
A consolidation July 1 1911. Pennsylvania Company owns* S7 4 9 7 5 8 8
of the $7,500,000 outstanding stock.
Operated by Pennsylvania RR.
a
^ines from JaD‘ i1
under arrangement terminable on
0 months jo tlce ^ the net^earalngs t o g o to_0. a . & O. V. 93, p . 1669.

H a r r is o n B r a n c h _____________________

$825,000
1.338.000
300.000

Rate
%

43

2.990.000 13 In 1918 J A
D June 28 T 9 ’ 6 j^ Cincinnati
2,453,400 5 in 1918 Q —M Sept 1 1919 1%
do
150.000
4H MAN 15 M ay‘20-M ay'21 Bankers Trust Co
1.260.000
J A D Dec ’ 19-June’2( Guaranty Trust Oo. N Y
3.000.
000
See text March Mar 1 1919 3% N Y , Grand Central Ter’ l
1 ,0 0 0
1 . 0 0 0 .0 0 0
J A J Julv 1 1951
4
Guaranty Trust Co, N Y
1 .0 0 0
258.000
5 g M A S Sept 1920 to ’25 Commercial Tr Co,Phila
1 .0 0 0
1.800.000
J A D June 11921
7g
Winslow, Lanier ACo..N Y
50
900.000
J A J July 1 1919
6
Cheoks mailed
1 .0 0 0
650.000
5 g J A J Jan 1 1943
36 Wall Street.New York
100
7.500.000
See text Dec 1916
4% Treasurer. Pittsburgh.Pa
500 Ao
1.800.000
5 g M A S Moh 11927
Winslow,Lanier ACo.N Y
1 ,0 0 0
1.023.000 • 4 g F A A Aug 11940
do
do
1 .0 0 0
495.000
g F A A Aug 11940
do
do
1 ,0 0 0
1.667.000
g F A A Aug 11948
Penna RR Co, New York
1 0 0 47,028,700 See text M A S Sept 1 1910 2% Treas office. New York
100
9.998.500 See text Q— J Oct 21 1919 1 U.
do
do
100 Ac 15,000,000
J A J July 1 1929
6 g
do
do

★ CINCINNATI NORTHERN R R .— (See Maps New York Central Lines.)
—Owns Franklin, O.. to Jackson, M ich., 205 miles; branch. Lewisburg, O.. to quarries, 1 m.; trackage (O. O, O. & St. L .), Franklin to Cin­
cinnati. 38 miles; at Jackson, 1 mile. On Dec. 31 ’ 18 Clev. CIn. Chic. &
8 t. L. owned $1,707,400 o f the $3,000,000 stock and $581,000 bonds.
Equip, trusts, see V. 101. p. 1713. DIvs. Mar. 1910 and 1911. 3% : 1912
and 1913, 1 H % ; 1914 and 1915, none; 1916 to 1919, 3% yearly March 1 .
Federal Compensation.— $317,628 yearly during Federal control (contract
executed).
Calendar Operating Net (after xAvailable
Fixed
Dividends Balance,
Year— Revenues. Ord.Taxes). Income.
Charges.
(3 % ).
Surplus.
1918...........$2,812,979 $340,076 $326,786 $89,967 $90,000 $146,819
1917-.-.—. 2,440,830 _ 578,933 _ 428,692
138,463
90,000
200,229
x This Includes in 1918 U. S. Govt, compensation, $317,628, and misc
$9,159.
■
’
K \ Vanderbilt Jr-: F cd - M gr.. E . M . Costln, Cincinnati, O.
— (V. 107, p. 1003.)
★ C I N C I N N A T I R I C H M O N D & F O R T W A Y N E R R . — Owns from Rich­
mond, Ind., to Adams, Ind.. 8 6 m,; leases 5 m. of P. Ft. W A C
Now op­
erated (Jan. 1919) by Grand Rapids & Indiana R y. Rental, net earnings.
Int. Is guaranteed by the Pennsylvania Co. and Pitts. CIn. Chlo. A St. L Co.
Jolntlyftbe P. C C. & St. L. taking the place of the CIn. Ham. A Davton

{ ■ T n A - h V i • > s r - C“ =
o
a i g g r » | S f 8 » * ,»

Amount
Outstanding

A
SX3.

54

do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Treas. office. New York
Treas office. New York

The company may issue bonds beyond $25,000,000 (inch $2 0 ,0 0 0 ,0 0 0
auth. Series “ A ” bonds), but not for over 80% of the cost of work done,
or, of property required and with the consent of a majority of the pref. stock,
and only when the annual income applicable to interest charges out o f
18 months next preceding such issue, shall not be less than 1 H 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 tho
Debentures of 1911. Bonds may be issued in series, subject to certain conditiops as determined by the board of directors. V. 109, p. 270, 370.
I he 20-Year European Loan 4s of 1910 and the 20-Year Gold Debenture
4>ss o f 1911 are secured by the new mortgage on a parity with all bonds to
be issued thereunder.
The financial plan outlined in 1919 resulted in the sale in July (V. 109, p .
J / 0 ) of $15,000,000 of the new bonds, to provide for paying or reducing
short-term obligations, as follows: Secretary of tne Treasury, $3,000,000:
Director-General of R R s., $2,000,000; bank and trust companies, $3,027,­
950; New York Central R R . C o., $9,000,000. The company also owes
the N . Y . Central R R . Co. $2,266,824 on account of moneys advanced for
the purchase of coal lands.
On July.l 1919 $2,000,000 Ind. & St. Louis 1st M . 7s were paid.
OLD BONDS.— St. Louis Division bonds, see V. 52, p. 42-45.
. T h e 100-year mortgage Is limited to $50,000,000. On Dec 31 1914
517.090.000 Gen. 4 s were reserved for prior liens (exclusive o f Cairo division.
Peoria Division, Michigan Division and the St. Louis Division west of Terre
Haute), and the balance for equipment, construction and betterments, A c..
$1,000,000 yearly. See V. 79. p. 733; V. 83. p. 379; V. 87. p. 1010: V. 90.
P 6 *c, W44: V. 94. j>. 1118j V. 97Ap. 1114: V. 98. p.J459: V. 101,_p. 2144.
Guar. Chic. Ind.
St. Louis Short Line R y ., Cent. Ind. R y. and
Springfield Urn
Dopot Co. bonds. V. 77, p. 510. 517. 769, 1363V2280:
v 78. p. 1906 ' 61; V. 79. p. 2589: V. 95. p. 1541.
As to the $9,450,181 4s sold May 1910, payabie In francs, and $10,000,000
414s sold in June 1911. see V. 89, p. 720. 778. 1141: V. 90. p. 1238. 1299.
1424, 1554; V. 91, p. 1710; V. 92, p. 1700. Also see ‘ ‘ Ref. A Impt. M tgo.”
above.
Guarantees E vm sv. M t. Carmel A Northern Ry. bonds. V. 95. p. 890.
Guarantees Jointly with other roads Gen. A Ref. bonds of Indianapolis
Union R y.. which see. V. 100. p. 555.
Jointly with other roads covenants to pay New York Central Llnea
equipment trusts of several Issues, the amount outstanding Dec. 31 1918
on account of equipment so acquired by the C. C. C. A St. L. being: Issue
of 1907. $986,759; 1910. $1,397,380; 1912, $1,439,012: 1913, $1,167,337.
V. 85. P. 1401; V. 8 6 . d . 168; V. 8 8 , p. 761; V. 90, p. 1677; V. 93, p. 1726.
Equipment trust 1917, V. 108, p. 973, 1060, 2329, 2341; V. 105, p. 72:
V. 106, p. 2021: V. 107, p . 695. See “ Finances.”
GOVERNM ENT CONTRACT.— As of Dec. 27 1918. jointly with Munclo Belt Ry., executed an agreement with tho Director-General of Railroads
providing, during Federal control, for an annual compensation of $9,945,738,
of which tho compensation of Muncie Belt R y . amounts to $7,141. V. 108.
p. 2341. See "Finances” below and “ Ref. A Impt. M tge.” above.
FINANCES.— Capital stock per mile of road owned, directly or through
proprietary cos.. Dec. 31 1918, $33,684; bonded debt, $54,071.
In April 1919 the annual installments on equipment trust certificates
outstanding amounted to $1,359,739. The Director-General of Railroads
dunng
allotted to company 2 , 0 0 0 freight cars, estimated to cost
$5,736,000, and 35 locomotives, estimated to cost $1,780,000. This equip­
ment has been or is being constructed under contract and the financing o f
the cost has been or will be arranged between the Director-General and the
company. V. 109, p. 2341. V. 108, p. 1511, 2342.
EARN ING S.— 9 m os.,/1919.......... Gross, $53,092,126; net, $12,618,335
Jan. 1 to Sept. 30.
\1918---------Gross, 51,822,062; net, 15,140,959
REPORT.— For 1918, V. 108, p. 2324, 2341; V. 109, p. 270.
Year ending Dec. 31—
1918.
1917.
1916.
Miles operated--------------------------------2,396
2,387
2,387
Railroad revenues.................................$71,403,970 $52,650,920 $46,678,240
Operating income (after taxes)............ $15,962,011 $11,848,205 $13,763,702
Federal compensation________________ 9,938,597
Other income.........................................
833,680
1,563,625 l',297'643

Cairo to Danville_______________ 260
Indianapolis to East St. Louis___249
Total Included In earnings..2,396
Hillsboro to Lenox_______________ 56
(Double track 561 miles.)
Dayton to Ludlow Grove________ 46
Other------------------------------------------90
Leased— (x entire stock owned)—
eS ,arninos keVt separate —
Cincinnati Lafayette & Chlo. R y . 57 m ? ^ (U \ e
Cincinnati Northern_
_
*206
White Water— Harrison. Ind. to
Gross corporate income................$10,772,278 $13,411,830 $15,061,345
Kankakee & Seneca R R — I I ' I
42
$561,280
$566,679
$571,041
Hagerstown, Ind_____________x63 Mt. Gilead Short Line____
2 Rentals of leased lines.........................
...............
5,085,884
4,737,267 4,798,088
Cincinnati Wabash S Mich. R y.—
c
Loulsv. S Jeffersonv. Bridge—
c
*4 Interest on bonds, Ac
Hire of equipment, incl. interest____ ________
1 804 642
519 461
Benton Har. to Rushv., Ind.x204
Other rents.............................................
1 4 i , 3 15
1 ’ 9 2 4 844
747,679
Leased and Controlled—
'T vT ^lotT^sCent, into Chlo.l
74 825
Peoria Sc Eastern R y.—
Traokage 111. t^ m Dec 31 ’18.-2.650 War taxes...................................... ........
Sprlngflold, O., to Pekin, 111..201
172,265
'22l",502
'3 0 0 J 6 9
On percentage basis___
;
56 Miscellaneous.......
Equipment depreciation account____ .
750 000
Vernon Greensb. Sc Rushv. R R .—
Operates Independently__
Items applicable to prior period_____ l ,616"343
. ’
Rushvllle to N o. Vernon. Ind . 46 Dayton & Union R R .* ..
47
Evansville M t. O. A: Nor. R y____ 96
Dividends on preferred.......................(5%)4991925 (5~ 499~,925(3X )374~,944
)
•See this company
HISTORY. Ao.— A consolidation of the Cincinnati Indianapolis St T.nnis
Balance, surplus................................. $2,620,441
$4,656,9721J$6,999,964
S Chloago RallVray Co., the Cleveland Columbus Cincinnati & I n d l a n a n o li s
t
Hallway
c
Railway CO. a" ' 1 th“ T*Hi.*.n/illc ac St Louis r>.11 ___ “ Co. S Indianapolis
.
muittiiapmn
). and the Indianapolis S St. I nni. Railway V
made in Tnlv
t
^ K l 1 w m# h
Vice-Presidents, A. H. Harris'an’d
1889, per plan in V. 48, p. 427. Of the com. stock, $30,207,700 was on Dec
Ian
i'J P
w 9AT',r P '!.ghtr,W,- P,ardee; Treas., Milton S. Barger. N. Y .;
31 1917 owned by N . V . Cent. R R . V. 72. _____ ; V : 82 p 7 4 9 191^1
. p. 8 6
rnod .
E 'w n'i Kostin ;F e d . Treas., Rush M . Harry, Cincinnati.
13 purchased subsldlarlas (V. 95, p. 418. 890, 1472; V. 97 'p 1 1 1 4 ’ iso i
„ D,^-K nP‘^ . W I
.am A5- Vanderbilt, Wm. 1C Vanderbilt Jr.. Frod’k A .
.
The company Is also onc-elghth owner of Peoria S Pekin Union Rv
c
Vanderbilt, Chauncey M Depew, Geo. F. Baker. Wm. Rockefeller. H. S.
(through the Peor S East. R y.). one-fifteenth owner In Terminal RR
c
H F i1
‘ PJ1SS' -A C. Brown, R. S. Lovett, New York; A. H.
.,
Association of St. Louis, and two-flfths owner of Indianap. Union Rv and
(V*^109 p ^ 72'^7()ne^70^)anlUe' ^4atber and F - 8 ’ Harkness, Cincinnati.—
part owner of Cent. Indiana Ry., Cent. Union Depot S R y. of Cincinnati
c
Union Depot of Columbus, Dayton Union R y., Dayton S Union R R Mnn.’
c
★ CLEVELAND & MAHONING VALLEY RY. — Owns from Cleveland, O .,
cie Belt R y.. operated Independently.
to Penn. State line, 81 m. (77 double track); Niles, O., to Lisbon, O.
DIVS. 1 ’01. ’02 t o ’07. f08. ’09. ’ 10. ’ l l . ’ 12. ’13. 14-T5. ’ 16
’17.
Girard to Youngstown. O., 0 m. Leased to Nypano R R . (formerly
C o m .. % ) 3H 4 yearly 1
2
2
0
0
0
0
- _*
with an
Pref— % ] 5
5 yearly 5 6 5
5 5 3 1 4 0
2U tart- N Y. Penn. & Ohio) under new lease dated 1917; rental, $550,907, 1917 (a)
additional amount contingent. The shareholders voted Peb. 23
Dividends on pref. stock July 1916 to Oct 21 ’ 19, 1 j j % quar. (5 % n a )
to Issue $2,851,800 pref. (a. & d.) stock for impts., elimination of grade
REFUN DIN G AN D IM PROVEM EN T M ORTG AG E.— A direct Hen crossings, &c. (none issued to Oct. 15 1917); (6 ) to make a modified lease for
on 1.827 miles o f railroad owned and on the company’s Interest In 568 miles 999 years from Mar. 9 1917, during the corporate existence and all exten­
of railroad operated under lease, contract or trackage rights; total, 2,396. sions thereof, to the Nypano R R . C o., a subsidiary of the Erie Railroad
V, 109, p. 270, 370.
C o. V. 104, p. 103. Coup. int. is J, & J., reg. int., (J.-J. Common stock is




★G
overn en
m t
C trol.
on

44

A rlvate
P
C trol.
on

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
|For abbreviations, A c ., tee notes on first page!

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend
and Maturity

[V ol . 109.
Places Where Interest and
Dividends are Payable

Morgan,Harjes&Oo,Pari*
J & D Tune l 1930
4
. . . 1910 300$tr&o $9,650,181
Cleve Cine Chic & St Louis (ConcD — D eben tu res...Guaranty Trust Co N Y
J & D To June 1929
6
3.730.000
1914 1 ,0 0 0 &c
Big Four By equip trust due $373,000 yearly Q.c*
Comm Tr Co. Phlladel la
T ft J July 1920-1929
1,150 ooo
5g
1915
1 ,0 0 0
do do equip trusts g guar due part yearly-- - Guaranty Tr. Co. N . Y .
J & D To June 1927
1.896.000
6
1 ,0 0 0
1917
do equip trust due $237,000 yearly------c * u
5
M ft N Various
18ft ftO
O
Central Grain Elevator 1st M assumed
Oolioations of Proprietary Lines.
M A N Nov 1 1919 3% Trea* office. New York
6
428.997
50
Glnolnnatl Sandusky & Cleveland—Preferred stook.
do
do
5 g J & J Tan 1 1928
2,571,000
1 ,0 0 0
170 1888
Consol (now first) mtge J3.000.000 gold._AB.zo
do
do
i
750.000
4 Z M & N May 1 1953
1 ,0 0 0
1903
118
Central Indiana 1st M (guar 4 of $1,500.000)-C®
(All owned by Big Four
J & J July 1 I960
444 g
2.118.090
1910
Evansv M t Car ft No 1st M 55.000.000 gu G .xc'& r*
Louisville & Jeffersonville Bridge 1st M— See thatCo
Farmers Loan & Trust Co
J & J Jan. 1 1965
See text
5 g 0 e Clevela nd Cincinnati C hloago & St Louis
Indlanap Dn By Geu & Bef M $10,000,000 See text
Cleveland Columbus Cincinnati & Indianapolis—Cleve and 1 /idiana Dolil St Louis & Chi cajeo—Se
RR
Cleve Lorain & W heeling— See Baltimore & Ohio
50 N*n Oct 19
Cleve & M V— Prefstk 4 4 % cum ($2,851,800 auth)
Winslow. Lan & 0 o „N Y
See text. Jan 1 1938
5
123 1888 1 .0 0 0 (3co 2.93b.000
Cons M (now 1st) $3,000,000 g.................-Ce.xc&r
Cleve S Mar—See Toledo ColumDus & Ohio Rlv. Ry.
t
Q —M Dec 1 ’ 1 9 .1 X % Winslow. Lan & Co. N Y
...
7
50 11,228,300
Cleve & Pittsburgh—Stock 7% guar by Penn R R Co
do
do
Dec 1 1919 244
50
Stock 10% guaranteed by Penn RR C o .........- - - - do
do
cT— m * Dec 1 1919 1%
4
50 17,893^400
Speolal betterment stock J2S.738.135 auth guar 4%
do
do
Jan&Oot 1942
4 44 Z
4.485.000
1 .0 0 0
Gen M $10,000,000 gold..FlSeries A & B --.--X O * 205 44 1892
do
do
<iq.OOO
3 44 Z A & O Oot 1 1942
1 .0 0 0
1892
4
Guaranteed prln and lnt (•Series B lnt reduoed.x 205 4
do
do
1948-1950
344 Z
1
3.860.000
1 .0 0 0
(endorsed) Penn R R ..)S eries 0 & D — -xo 205 44 98-00
Cleveland S hort Line— See New York Central R B
Cleveland Terminal & Valley— See Balt & Ohio - - - - ­
Elkins, W Va, or Balto
5 Z A & O Apr 1 1924
t .0 0 0 Pledged
197 1919
Coal & Coke R y— First mortgage J5.000.000 g o ld -.
Coal & Iron—See Western Maryland. loal River Ry —See Chesap eake & O hlo.
\' )
— 1917
C olorado M idland R R — 1st M $2,000.000--■
Deo 31 1912 "l% Office 26 Liberty, N Y
1 0 0 31.000.000
Colorado & Southern— Common stook J31.000.000—
do
do
8.500.000 4% 1919 A & 6 Dec 15 1919 2%
100
First preferred 4% non-oumulatlve $8,500,000---do
do
A & O Dec 15 1919 4%
8.500.000 4% 1919
10 0
i882
Second preferred 4% non-oumulatlve J8.o00.000-do
do
F & A Feb 1 1929
4g
19,400.000
1 .0 0 0
l .o i i 1898
Flrst mortgage gold $20,000.000.................Eq.zo
do
do
4 44 Z M & N May l 1935
1 0 0 &o r30.174.900
Ref & Ext M J 100.000.000 gold red 1 0 1 - -Ce .xo* &r* Text 1905
Lines Controlled by Ownership of Practically Entire Capita l Slock
Office, 26 Liberty St, NY
J ft D Dec 1 1921
8,176.00(1
6 g
1 ,0 0 0
45-1 1881
Ft Worth & Denver City 1st mortgage gold-B a.zc*
Fidelity Trust Co, Phila
728. OOf
1 ,0 0 0
444 M & N May 1 1925
1915
Ea tr Ser O $56,000 s-a red aft May ’20 102 4 - FP
Office, 26 Liberty St, N Y
J & D Dec 1 1937
6
300,00C
1 ,0 0 0
1907
Ft W & Denv Ter Ry IstM $2,500,000 call 10a Baxc
Col Spgs & Crip Cr D R y (See that company) - - - - - r Add tional $5,41 9,446 on Dec. 311 918 owned or co ntrolled by the co.
x Series “ A ,” J & J; " B " A & O. y "O” . M & N; “ D .” F & A
$3,259,200. or which $3,258,400 Is held by "Atlantic First Leased Line*
Rental Trust C o.. Limited." o f London. Dividends: In 1906 to 1911,
11 40% • 1Q19 QtVaz,* 1013 11.20%: 1014. 11.25%. 1915. 11 40%. 10 In.
11% ;^917, li.7 5 % ; 1918, 10.75%; 1919, Jan., 2*A%\ April, 2%%\ Oct.f
2 $4%.— (V. 104, p. 1701.)
,
CLEVELAND & PITTSBU RGH R R .—,(See Map Pennsylvania RR.)—
Cleveland, O., to Rochester, Pa., 122 miles; branches, Bayard, O., to
Goshen, O., 38 m.; Yellow Creek to Bellaire, 43 m ; branches to Dover and
Valley Jet., 2 m.: trackage, Rochester to Pittsb. (P. Ft. W. & C hic.), 26
m.; other trackage, 23 m.; total, 255 miles.
LEASE.— Leased for 999 years 1871 to Penn. R R . Co. and since Jan. 1
1918 operated directly by that company. Rental, diva, on stock, tat. on
bonds and organization expenses
Special guaranteed betterment stock
(subordinate to the original stook as to dividends only), with dividends of
4% guar, by the Penn. R R .. Is Issuable for Impts. V. 79. p. 220o, -642.
V 83 p. 625; V. 85. p. 1082: V. 87. o. 812: V. 91. p. 1446: V 93. p. 178o.
V. 96, p. 135: V. 97. p. 1425: V. 98. p. 999: V. 100. p. |? 4 8 . Of the special
guaranteed 4% stock, Penn. Co. owned on Dec. 31 1918 $5,526,200.
V . 101. P- 1464, 448: V. 92. p. 1031. 1108.
BONDS.— All equally secured: guaranty, V. 56, p. 604: V. 106, p. 259.
V. 109. p . 1079.
Cl FVFI AND TERMINAL CO.— The Ohio P. U. Commission has auth­
orizedthe iisue of $2,500,000 First Mtge. 6% 25-year_bonds and.also.to issue
$500,000 in stock for the purchase o f land in Cleveland for terminal facilities,
but to Oct. 1919 none o f these securities were outstanding. V. 108, p. 378.
Forms part o f Cleveland & Youngstown R R ., which is building, as agent for
N . Y . Central R R ., an eloctric suburban line with terminus in Cleveland
and has constructed a high level freight yard In that city.— (V. 107, p. 905,
1191. 1836, 2187: V. 108, p. 267, 378.)
CLEVELAND & YOUNGSTOWN R R — See Cleve. Term. Co. above.
★ COAL & COKE R Y .— Owns from Elkins, W. Va.. to Charleston. W. Va.
1>5.1 miles; Mabie to Belllngton, 16.1 m ; branch. Castaway to Sutton.
6 5 m .: total. 197.3 miles. About 100.000 acres of coal lands were owned.
In Feb 1917 Baltimore & Ohio RR. acquired the entire capital stock, which
on June 26 1918 was reduced to $4,500,000 (all common stock) by cancel­
lation o f conunon and pref. All shares, both common and pref., held in
the treaLry o“ ?he C oaf & Coke Ry. Co. V. 107. p. 1287: V. 85, p. 1095.
Thft ^5 000 000 First Mortgage 5s, duo April 1 1919, were retired at inataiHtvwith’ funds provided by the Baltimore & Ohio, about $2,150,000
thereof being treasury cash and tne remainder from sale o f $3,000,000
B & O Coflat tS
5-year 6% gold bonds, secured by pledge o f the
entife $5 000.000 issue o f Coal ft Coke R y. bonds, due 1$24. Federal
entire | ?'u '-u
w Galloway; Fed. Treas.. E. M . Devereux, Baltimore, M d.
V . life. P- 1274.
,T H Fi r n i OPADO MIDLAND R R .— Owns from Colorado Spring,
t o ^ e w Castle Col through Busk-Ivanhoe tunnel. 221.92 miles: branches.
Basalt\?AspenC 19.37
Cardiff to Spring Gulch. 15.01 m : Arkansas Jet
to Leadville, 4.80 m.: total owned, 261.10 miles, -eased Rio Grande Jets
k v Rifle Creek to end R. G. J. R y.. 62.08 m.: trackage to Rifle Creek.
See " 14.46 m ! total, 337.64 miles. In Sept. 1919 the only portion of the
road in operation was the 26 miles, Colorado Springs to Divide, operated
by Midland Terminal R y. No rails, however, had been torn up.
ORGAN IZATION .— Successor June 1 1917 o f the Colorado Midland

cept as to 26 miles from Colorado Springs to Divide. V. 1U8, p . 2Dt . v . iu t .
p. 180, 603, 695. 1287, 1579, 2289. Sale o f rolling stock, V. 107, p. 1836,
V . 105, p. 2183: V. 104, p. 2342.
. .—
.
E A R N IN G S.— 8 m os..fl918— Gross, $981,546; net. def. $151,184

- a

m

K v -.-fo r ,-.

-•

~

1SA27

Dallas, &c. Total oper. Dec. 31 1918, 1.831 miles, including 134.26 miles
operated under lease or contract, notably 118 miles o f trackage, Uenveaj to
Pueblo, over Atch. Topeka & Santa Fe. Total line owned 1,927.86 miles
(of which a u i . ui miles not operated by the company),, viz. \
U
'
V l nmvu 231.01
G
* y L C uuui^auj) v*«. (*which see). en
f,
t
Q17 X I
Wichita Valley Rv ............... _
R y _ - ______
52
Colorado & Sou. U 1 f.k irmi/l \
Ky. (owned)___847 vTl»hIrn \JM
Wichita Falls & Oklahoma...........23
Controlled Lines—
Colorado R R __________________ 121 Wichita Valley R R ......................... 61
g9
Denver & InterurDaa R R --------- 20 Abilene & N orth ern .--......... ....
^tamf.A s .W ivy . <v . -w. w < > ■
irt Wortn fls weaver r!|tv
­
Fort Worth A D»nv<r i urv
•(64 S ta m i.i N . w .. R y .fV .«9. p.ISftl'• 82
Leases Colorado Springs & Cripple Creek Dist. R y., 74 miles (owned) to
CriDDle Creek Central R y., but rental remaining unpaid, the former was
placed in receiver’s hands in M ay 1919. V. 94, p. 123.
„ ..
In April 1906 acquired a one-half interest in the Trinity & Brazos Valley
R v owning a linafrom Cleburne to Houston. Tex. ,236 miles, with branch to
Waxahatchie, 67 miles. Thesuit against Ch. R . I. & Pac. R y. to compel
Davment o f latter’s share of cost o f building the T . & B . V. R y ., was settled
rto5c723 1918. V. 109. p. 672: V. 108, p. 378. 479, 1610; V. 103, p. 2428.
Sea that co. and V. 98, p. 1920.
ORGA N IZA TIO N .— Reorganization Jan. 1899, V. 07, p. 748. In
Deo. 1908 the Chicago Burlington & Quincy acquired $23,657,500 oommon.
V ’dwhs>a1large m ajority^f fh e ^ o m ^ to o k of Fort Worth & Denver City
Rv
which see
Controls Denver & Interurbao (Electric) Railway,
which owns 20 miles, and operates31 mllesof Col. & Sou., electrified, under
lease V. 87 p 950: V 89 P 934.
“ STAN D ARD R E T U R N ,” &c.— See page 5.
Federal Compensation— $2,833,579 yearly during Federal control.




)IVS.
’05.
’06.’07. ’08-’ l l . T 2.
T3, T4- 18.T9.
15DIVS. 1 '04.
4 text
pref % [ 2 0
4
4 4 yrly 4
4
None 2%
4
prel
4
pref. % | ......................
4 4 yrly 4
4 None ------- 4
i

1st

C°The directors in March 19182voted to postpone action in r^ a rd to the
April 1 dividend on the pref. shares until the contract with the Govt. wa*
signed. In Nov. 1918, accordingly. 2% was paid on toe firet pref. and on
Dec. 27 2% on first pref. and 4% on second pref., thus providing for the
amounts due April 1 and Oct. 1 1918. June and Dec. 1919 paid 2% on
1st Pref. In Dec. 1919 paid 4% on the 2nd Pref. V. 107,,p. 2289, 2475.
BONDS.— 1st M.. see V. 6 8 . p. 1027: V. 77. p. 2158: V. 87. p. 444, 1160.
The $100,000,000 Refunding bonds of 1905 were made Issuable as follows.
For Refunding bonds and equipment obligations of sy stem -.. - - tub.aou.uuu
For betterments and improvements, including equipment, at tne
cum. vearlv rate of JoOO per mile of operated & controlled lines 15,000,000
For reimbursement of the treasury of the company. &o............... z.ouo.ouu
For acquisition of additions (incl. double-tracking)----------------45,6oO,OOU
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, on about 1 ,0 0 2 miles of road owned by
the Colorado & Southern and on the stook of subsidiary cos. whoso bond,
are not pledged under the mortgage, owning 556 miles of read, making
L 604 additional miles,on which there are outstanding 130,174,900 under­
lying bonds: total thus oovered, 2,304 miles, on which the total outstanding
funded debt. Including these bonds and all prior liens, averaged $26,471
nerralle. V. 80. n. 1791: V. 91. p . 462. 214: V. 0.3. o. 1021.
Of the Fort Worth ft Denver Terminal bonds, $300,000 sold and $428.00
,ld
held hv Ft. W. & D. O. Ry. V. 8 ft. p. 52. 1100: V. 87.. p. 949.
As to interest on bonds of the Colorado Springs & Cripple Creek District
R y., see that company below.
EARNING S.— 9 mos., fl919---G ross, $9,683,515; net (before$1,812,637
Jan. 1 to Sopt. 30.\1918---Gross, 9,151,464; taxes),
2,380,062
RE PO RT.— Report for 1918 in V. 109, p 672.
’
Col &So.Ry. ------ Colorado & Southern System
Calendar Years—
1919. ,
1917.
1916.
1 9 1 1 ’ooQ
5
Average miles_
_
1.831
1,841
1,842
1,829
Total operating revonues$12,917,688 $18,685,810 $16,469,279 $14,745,665
Operating expenses_____ 9,522,898
11,596,301 10.085,532 10,071,277
Net earnings_________ $3,424,789
Federal compensation------ 2,481,212
Total net income------------ $3,878,892
Interest charges________ $2,160,018
Rents, &c______________
126,242
Sinking funds------------------------Additions & betterments ________
Miscellaneous_________
216,260
Div. on 1st pref. stock .-(4)340,000
Div. on 2d pref. s t o c k ..(4)340,000

$7,089,509

$6,383,947

$4,674,388

$6,347,780 $4,575,975
$2,861,164 $2,860,986
606,840
475,389
67,432
68,301
280,220
500.000
(4)340,565 (2)170,000
(4)340,000 ___________ ___________

$6,841,932
$2,845,530
389,129
36,457
250,723

Bal., surplus for yoar.
$696,371 $2,640,093 $1,993,575 $1,039,848
OFFICERS.— Pres., Charles E. Perkins, Chicago: V.-Pros., J. II. Brad­
bury, Denver, Colo; Soc. & Treas., W. H. Anderson, Denver, Colo.. Asst.
Sec. & Asst. Treas., T . S. Howland, Chicago: Gon. Mgr. under D . 8 . G ovt.,
Robert Rico, Denver.— (V. 108, p. 170, 378, 479, 1610, 2329, 2528: V. 109.
p. 72, 577. 672.)
v
A CO LOR 4 DO SPRINdS & CRIPPLE CREEK DISTRICT R Y — Colorado
Springs to Crlpo1 Creek. Col., 47 in.; branch. Cameron to Victor, 5 oa*.
©
other branches and spurs, 22 m.; total, 75 rn.; of which 57 m. ^team. lo na
•team and electric and 2 m solely electric
In Jan. 1905 Colorado »
Southern acquired all the stock except $000 com
V. SO. n. 472. 111J 142.1*
Leased to Cripple Creek Cent. Uy. system in 1912 (V. 91, p. 123), but the
......................
rental due having been in default since May 1 1918 the----------------- , . . __ _
i..
-- lease was terminated
April 22 1919. Georgo M . Taylor, Colorado Springs, was appointed re­
ceiver May 10 1919 at the request of the bondholders committee. V. 108.
p. 2022. Tho burning of a bridge in M ay 1918 temporarily put the main
line out of commission, but this having been repaired operations were bogun
again July 15 1919.
Receiver’s certificates for $5 0 ,0 0 0 for two years
at 7% wero i-ssued to replace tho bridgo, &c. V. 108, p. 170, 479, 2528.
In r
-------‘
.......
On
1919 t
unpaid. xn a u ».
tuo uomriH K txjn ------------JiA
principal of 1st M . 5s immediately due and payable. V. 109, p. 8 8 /.
Committee: (a) For 1st M . 5s (majority• deposited): Jamesn rimpson
(2d V .-l’res. Mutual Life Ins C o., N. Y .). Chairman; CenJral Unlon Irust
C o., depositary, (b) For 1st Consols (majority deposited). F. J. Li.sman
of N. Y „ Chairman: N. Y . Trust C o., depositary. V. 108; p. 170. 378.
4 7 Stook8 ,all

outstanding, oom., $1,200,000: pref., 5%
n e^ O sT n d
Par of shares. $100 each. Div. 5% on pref.. paid Feb, ITO7. June 1908 and
Nov. 1 1909. On com.. 2 % . Sept. 1908. s ' a,k‘2 lL.1“ “ d. LJr, th2n 105 foi
r
f
bonds yearly at 110 for first 15 years, then at 107 4* for 5 years, then lOo for
aeTf 5 years 10 >44 for 3 years thereafter at par
v iii.o wn
Pros., O. E. Perkins.— (V. 108, p. 170, 37, 479. 578, 2022, 2433, 2528.
V '(THE)P‘C >
C 8LORADO W YOM ING & EASTERN R Y .— See pago 135.
A COLUMBIA NEWBERRY & LAURENS R R .—
^3a^nTooo’
S. C .. 75 m. Stock. $500,000. Bonds were 6 s, butrelssued m 3* In 1900.
income certificates to amount of 40%
bonds being ^ 'W l.
$899,000; in treasury Dec. 1917, $11,000. At>
“ ad »I«0 - uto
standing $359,600 5% non-cum. certfs. for
i iq ia iTfi984
1917 loans and bills payable. $24,622: equipment notes Oct. l 1918. 115.984.
s,gneG 1 Aug’
"
V -oth^Inc. Charges. Surplus.
Year ending Dec. 3 1 3ross
* ,§ ,.# 7 3 *7.487 $86,244 $45,210
H i ? .......................................$4 1 2 S *148.343 5.020
82.528 71.435
President. J. F. Livingston. Columbia. 8 . O.

1016.

Nov., 1919.] *g0rr,m t
Z oe
nn

RAILROAD COMPANIES
[For abbreviations, <kc„ see notes on first page]

Miles
Road

Date
Bonds

a ll
1919
C olo Springs & Crippe Cr Dist Ry— R eccerts..
1900
74
1st M $2,000,000g s f ------------------------------------- Cez
1902
First consold mortgage S3,600,000 gold__G.xc&r
iyp4
Col WyotB & East— Ear. H. Pk & P 1st M g .A B .zc*
112
1914
1st S Ref M $2,500,000 gold red 102 54___________
c
112
1914
Gen M (Income) $1,600,000 gold red par text------75
1887
Colum Newb S: Laurens— 1st M $12,000 per m.SBaz
Columbia & Greenville— See Southern R y— Columb us & T o l e d o —
65
Columbus & Xenia— Stock 8% rental---------------------1914
71
Concord & Claremont (N H)— First mortgage------- zo
Concord & Montreal— Stook Class I (B C 4 M p re f)..
Stook Class XI (B C ft, M new)----------------------------Stook Class III (B C & M old stook)_______________
Stook Class IV (Concord) (text)-------------- :________
1890
262
Concord & Montreal cons M for $5,500.000.BB.zo*
'9 7 - 9 9
Deben bond* cur. ($650,000 4s; $400,000 B ^ s )_zc*
'0 9 - 1 4
do
do $473,000 354s: $200,000 5s_____z
Concord & Portsmouth— Stook 7% rental 99 years.. 3 9 8 2
Conn & Passumpsic— Pref stook 6% rental 99 y rs..o*
First mortgage $1,900,000 gold-------------------------zo*
lio j 1 8 9 3
Massowlppi stook guar same div as Conn & Passump
37
21
1911
Newport & Rlohford 1st M gold guar by C & P .zo*
Connecticut River—Stook $3,670,300 authorized____
88
Bonds not mortgage for $1,000,000 gold-------------zo
1893
1901
Bonds not mortgage------------------------------------------- z
1903
do
do
___________________________ z
1915
Notes, extended to Aug 31 1916 (V. 103, p. 758)— z
6% notes due June 1 1916 extend to Aug 31 19161915
1915
Vermont Valley RR notes guar ext to Aug 31 1916 36
1911
Conn (Phila)— 1st M $15,000,000 guar p& i GP.kvc*
1905
Connellsville & Monong— 1st M g s f red par.UPi xc&r
Copper Range— First mortgage gold (see text)_____x Text
1899
1909
Copper Ri ver|& Northwestern— 1st M $50.000.000(iso*
197
Cornwall & L ebanon— % e Pennsylvania RR
Cripple Creek Central— Common stock------------------Preferred stock 4% non-oumulatlve______________
Midland Term first mtge gold sinking fund_ F.xo
_
41 1 8 9 5

a Of this amount $1,410,000 in the hands o f public a n d $8
and $ 8

7 0 ,0 0 0

Par
Value

Amount
Outstanding

Rate

%
7
5g

S50 000
$ 1 ,0 0 0
1 ,2 5 5 ,0 0 0
1 ,0 0 0
1 ,3 7 9 ,0 0 0
5 g
1 .0 0 0
2 4 0 ,0 0 0
6 g
1 0 0 (See
5 5 0 ,0 0 0
6 g
10 0 & c
1 000 000
1 .0 0 0
’8 8 8 10 0 0
3 st
S e e H o o k ln g V a l l e y
B y.
50
1 . 7 8 6 . 2 0 0 8 * 5 in '1 8
1 ,0 0 0
5 0 0 ,0 0 0
6
10 0
8 0 0 .0 0 0
7
10 0
5 4 0 .4 0 0
7
10 0
4 5 9 .6 0 0
7
10 0
6 .4 5 7 .6 0 0
7
1 ,0 0 0
4
5 ,5 0 0 ,0 0 0
1 ,0 0 0
1 , 0 5 0 , 0 0 0 3 14 & 4
1 .0 0 0
6 7 3 . 0 0 0 3 54 S 5
c
10 0
7
3 5 0 ,0 0 0
10 0
2 .5 0 0 ,0 0 0
8
1 ,0 0 0
1 .9 0 0 ,0 0 0
4g
10 0
4 0 0 .0 0 0
6
1 .0 0 0
3 5 0 .0 0 0
5 S
C
10 0
3 .2 3 3 ,3 0 0
10
1 ,0 0 0
1 , 0 0 0 ,0 0 0
4 g
1 ,0 0 0
2 9 0 .0 0 0
354
1 .0 0 0
9 6 9 ,0 0 0
3H
2 . 0 0 0 .0 0 0
1 ,0 0 0 & c
6
1 ,0 0 0 & c
6
4 5 0 .0 0 0
1 , 0 0 0 See
2 .3 0 0 .0 0 0
6
1 ,0 0 0
7 .0 0 0 .0 0 0
4 g
1 .0 0 0
5 5 6 ,0 0 0
4 g
5 0 0 &o
a 2 ,2 8 0 ,0 0 0
5 e
1 ,0 0 0
2 3 .0 2 0 .0 0 0
5 e
10 0
9S
1 ,0 0 0

h e ld b y

★ COLUMBUS & XENIA RR.— Owns from Columbus. O., to Xenia, O.
05 miles. Operated as a division of the Little Miami, and Is leased for 99
years from Dec. 1869, In oonneotlon with that road, to the Pittsburgh Cin­
cinnati Chicago & St. Louis, which pays 8% on stock- The lease Is guar­
anteed by Pennsylvania R R . Go. Since Sept. 1913 to Sept. 1919, incl.,
the quarterly divs. in Sept, and Mar. have been 2 1-5% , making the yearly
div. rate 8 2-5% .— (V. 72. p. 532.)
★ CONCORD & MONTREAL RR.— From Nashua, N. H .. via Concord,
Plymouth, &o., to Groveton and the Wnlte Mountains, 450 miles in all,
Inoludlng Manchester & Keene, 30 m.; owned jointly, 414 m.; 35 m. double
track. Owns Concord Street Ry., 11 m.; also electric branen from Concord
to Manchester, N . H ., 17 miles, and Nashua
Acton R R ., 20 miles.
On June 29 1895 leased to Boston & Maine for 91 vears at rental o f 7%
per annum on all stock. In 1916 the Boston & Maine was placed In re­
ceivers' hands, but In June 1918 the bond Interest and dividends o f this com­
pany were being paid as usual (without affirming or disaffirming lease).
See merger plan under B. & M .— (V. 107, p. 1099, 1919, 2289.)
★ CONCORD & PORTSMOUTH R R .— Owns Portsmouth, N. H. to Man
onester. N. H.. 39.82 m. Leased to Concord RR. in 1862 for 99 years; renta
$25,000; 7% on stock and org. exp. Operated by Boston & Maine.
★ CONNECTICUT & PASSUMPSIC RIVERS R R .— White River Jet., Vt.
to Canada Line, 110 in.; leases 999 years Massawtppl Valley, 37 miles.
Owns all the stock ($350,000) o f the Newport & Richford R R ., New­
port, Vt., to Canadian line, 21 miles, operated under lease by Montreal
6 Atlantic Ry. (Can. Pac. system), and guarantees its $350,000 1st 30-year
5% bonds dated Jan. 1 1911. V. 91. p. 946.
LEASE.— From Jan. 1 1887 leased to the Boston & Lowell for 99 year#
rental Is 6% per annum on the stock.
SECURITIES.— Massawipul stock receives same dividends as stock of
lessee and $400,000 of It (not Included In the amount outstanding) Is pledged
as part security for 4s of 1893. Of the $2,500,000 pref.. $700,000. as also
$100,000 Massawlppl Valley Ry. stock, was purchased Feb. 1 1910 by the
Vermont Valley.— (V. 106. p. 395.)
★ CONNECTICUT RIVER R R .— Owns from Springfield, Mass., to Ver­
mont Line at Brattleboro, 59.13 miles; branches, Chicopee Falls, 2.26 m.i
Easthamptou, 3.26 in.; East Deerfield, 1.04 m.; Ashuolot, 21.66 m.; total
88.15 miles; 2d track, 37.48 m .; sidings, 72.98 m .; total, 198.61 m.Owns
entire stock o f Vermont Valley R R ., which owns the stock of Sullivan
County R R . In 1916 following the receivership o f the Boston & Maine,
James II. Ilustis, receiver o f that road, was made receiver o f the Conn.
River R R . Merger pending. See B. & M . R R ., v . 108, p. 267.
In Oct. 1919 Interest on all the company’s bonds and the usual dividends
on its stock, as also interest on the $2,300,000 guaranteed notes of the Ver­
mont Valley R R . wero being regularly paid at maturity; but no interest
had been met on Conn. River notes since that duo Aug. 31 1917 (paid
Nov. 1 1917). The principal of all these issues o f notes matured as ex­
tended Aug. 31 1916, but remains unpaid.
LEASE.— Leased for 99 years from J a a . 1 1893 to the Boston & Maine,
annual rental (as amended Oct. 10 1895) being 10% per annum on capital
stook, payable directly to stockholders: also Interest on bonds and scrip and
$2,000 for organization expenses. Richard Billings, Woodstock, Vt.. Pres.
A. B. Nichols, Treas., Boston, Mass.— (V. 107, p. 1919; V. 108, p. 267.)
★ CONNECTING RY. (PHILADELPHIA).— Owns from Girard Ave. to
Frankford Phila., 6 m.; North Phila. to Chestnut Hill, 7 m.; branches,
Ao., 23 m.; total, 36 m. V.103, P-1508. Stock authorized. $5,800,000; out■tandlng, $4,116,650. of which $3,825,350 owned by Penn. R R . Dec. 31
1918, which operates road under lease assigned to that company by Phila
S Trenton R R ., terminating Feb. 18 2862. Dividends 4% yearly (J. S D.).
c
c
In 1911 made a now 1st M . for $15,000,000, guar., p. & i by Penn. RR.
V. 103, p. 1508. V. 93. p. 229, 730; V. $8. p. 522, 6f0.— (V. 103, p. 1508.)
★ CONNELLSVILLE & MONONGAHELA RY.— Owns Moser Run Jet.
to Brownsville. Pa., 15.68 miles; branches and spurs. 16.70 m.* total track,
22.38 miles (connecting Penn, with Monongahela R y .). Incorporated in
Penn. Mar. 11 1905. Leased to Penn. R R . until Jan. 1946 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. $25 000 yrly..
to call bonds in numerical order, but to be kept alive. V. 93 p. 407. Stock.
$700,000. Controlled by or in interest of U. S. Steel Corporation. Pres..
W . H . CHngerman; Sec. and Treas., J. D. McCreery.— (V. 99, p. 406.)
★ COOPERSTOWN & CHARLOTTE VALLEY R R .— Entire $45,000
")al stock owned by Del. & Hudson Co. (V. 77, p. 88), which also owns
.000 (87%) o f the $307,400 outstanding stock o f Cooperstown& Susque­
hanna Valley R R . Owns Charlotte Crossing to Davenport Centre. 3. 96 m.;
leases for 99 years from Apr. 15 1891 Cooperstown & Susq. Val. R R ., Cooperstown to Charlotte Crossing, with branch to Cooperstown Jet.. 19.79 m.
Oal. year 1917, gross, $53,746; oper. exp. and taxes, $80,234; loss from
oper., $26,488; other Income, $39,568; rentals, $13,080.
★ COPPER RANOE R R .—Calumet, M ich., to Mass City .with branches,
total, 93 m.; side tracks, 41 m. Leases Mohawk R R . to Gay, 15.84 milos,
with branches, &c., 1.66 m. Stock, $4,244,300, entire owned by Copper
Range Co. Bonds limited to $20,000 per mile o f main line and branches and
$15,000 per mile o f sidings. Dividend, 10%, paid N ov. 1909 from ac­
cumulated surplus. “ Standard return subject to adjustments, $222,781.
Year 1918, gross, under Federal operation, $1,171,804; net operating
revenue, $100,880. In 1917, gross, $967,094, against $930,606 in 1916;
surplus, after charges, &c., $47,481, against $100,406. Pres., William A.
Paine; V .-P ., Sec. & Treas., F. Ward Paine, Boston.. Federal Manager,
G. R. Huntington, Minneapolis.(V. 107, p. 695, 1192.)
A COPPER RIVER & NORTHWESTERN R Y .— Owns from Cordova.

a

stock and $23,020,000 1st M . 5s. In 1918, gross revenue.’ $1,846,585;
net, after taxes, $581,329.— (V. 106, p. 395.)
“ COTTON BELT."— Common name for St. Louis Southwestern Ry.




APrlvate
Control.

RAILWAY STOCKS AND BONDS

2 , 5 0 0 , 0 0 0 3 in 1 9 1 8
3 .0 0 0 ,0 0 0 S e e t e x t
3 2 6 .0 0 0
5 g

C opper

Ra

When
Payable
J
A

J
J
J

Last Dividend
and Maturity

&
ac
&

June
J Jan
O O ct
J J u ly
J J u ly

A

J

&

Q— M

1 5 1921
1 1930
1 1942
1 1929
1934

Q .-M .
Q .-M .

& D

Places Where Interest and
Dividends are Payable
Jan 1919
O ct 1918
A m e rica n
G u a ra n ty

coupon
coupon
Tr G o,
T ru st C

J u ly 1 1 9 3 7

S a fe D e p

&

Sept

T re a su rer, C o lu m b u s , O
M e t T r u st C o , B o sto n
C h e c k s m a ile d
do
do
do
S a fe D e p & T r C o , B o s to n
B o sto n S D & T r , B o sto n
do
do
M a n ch ester, N H
S a fe D e p & T r C o .B o r t o n
do
do
do
do
do
do
B o sto n . M a ss
Sept 1 9 1 9 I n t . p a i d .
J u ly 1 9 1 9 i n t p a id
J u l y 1 9 1 9 i n t p a id
N o n e p d s in c e A u g 3 1 ' 1 7
N o n e p d s in c e A u g 3 1 '1 7
A u g 1 9 1 9 in t p d w h e n d u e
T r e a s Pa R R C o , P h i l a
U n i o n T r C o , Pittsb, i a
O ld C o l T r C o , B o s to n
J P M organ & C o , N Y

1 0 '1 9 2 's %
j
& J Jan 1 1944
Q— J
O c t 1 1 9 1 9 154
Q -J
O c t 1 1 9 1 9 15 4
Q— J
O c t 1 1 9 1 9 15 4
0 —J O c t 1 1 9 1 9 15 4
J & D June 1 1920
J
< D June 1 1920
%
J & D June 1 1920
J & J J u ly 1 9 1 9 3 5 4 %
F
& A A u g 1 1919 3 %
A
& O Apr 1 1 9 4 3
F
& A Aug 1 9 1 9 3 %
J & J Jan 1 19 41
J & J J u ly 1 1 9 1 9 5 %
M & S Sept 1 1943
J & J Jan 1 1921
J & J J an 1 1 9 2 3
F & A 3 1 A u g 31 1916
J
&
D A u g 31 1916
F & A 3 1 A u g 3 1 1916
I
M 1 5 < c S -V c h 1 5 1 9 5 1
5
M
&
S S ept 1 1930
A
&
O O ct 1 1949
F
&
A Feb 1 1 9 5 9

J

45

See te x t

See text
D eo

1 1925

u n p a id
u n p a id
B o sto n
o, N Y

T r C o , B a lt

C h e ck s m a ile d
do

Farmers' L & T Co. N Y

nge C o .

A CRIPPLE CREEK CENTRAL R Y .— Owns Cripple Creek & Colo. Spgs.
R R . and Midland Terminal R y . through ownership o f all theirstock -.(Miles) :
Midland Terminal R y.— Operating from Colorado Springs to Cripple .
Creek 55.7 miles, of which 29.40 miles from Divide to Cripple Creek
is owned and the remaining 26.9 miles is trackage over the Colorado
Midland Ry. (being the only service on that company's system in
Oct. 1919): branches and spurs, 15.71; total (V. 106, p. 2228: V .
105, p .9 9 8 )______ ______________________________________________ 87.72
Cripple Creek & Colorado Springs— Main line in Crip. Creek Dist.,
2.06; B. & S., 2.85; total, standard gauge (V. 106, p. 2756)____ 4.91
Total system Oct. 1919 (including spurs, & c.)___________________ 92.63
Reorganization (per plan in V.78.P. 2018; V. 77, p. 1542.1 of the Denver
co Southwestern, foreclosed Oct. 4 1904. V. 79. o. 1461: V. 101, p. 1184.
5
The lease of the Col. Springs & Cripple Creek District R y ., 87.73 miles,,
terminated April 22 1919. See that company.
STOCKS AND BONDS.— Com. stock, $2,500 000; 4% noh-cum. pref.
stock. $3,000,000: oar of shares, $100. V. 82. p. 1156: V 85. n. 1209
The $326,000 First Mtge. bonds o f the Florence & Cripple Creek R R .
Co., assumed and guaranteed by the Cripple Creek & Colorado Springs
R R .C o. and owned by Cripple Creek Central Ry.Co.werepaid during 1918.
DIVIS.— '07. '08. '09. TO. ’ l l . T2. '13-15. T « . T7. '18.
1919.
Com., % _ . 6 0 0 0 0 3
4
15
6
3
See text
Pref., %
4 4 4 4 4
4
4 4 4
See text
In Feb. 1916 an extra dividend o f 10% was declared with the quarterly
1% , on common stock, both payable March 1. In Sept. 1918 the common
dividend was omitted, but the usual pref. dividends Nos. 52 and 53, 1%
each, were paid Dec. 1918 and March 1 1919: Doc. 1 1919, 1%.
On June 1 1919 and Sept. 1 1919 paid capital distributions (Nos. 1 and 2)
o f $1 each on the pref. stock out of funds received from the payment by
the Cripple Creek & Colo. Springs R R . of $326,000 bonds of the Florence
& Cripple Creek & Central R R . It is understood this reduces the par value
o f the pref. stock from $100 to $98.— V. 108, p. 683; V. 109, p. 172, 577.
REPORT Report for calendar year 1918 in V. 108, p. 1936 shows:
Total income, $114,194; expenses and taxes, $14,360; pref. divs. (4 % ).
$120,000; com. div. (3 % ), $75,000; sale of stock of Col. T. & T. C o., $189,­
764; def., $284,930. Pres,, A. E. Carlton; Sec., E. S. Hartwell; Treas.,
A. S. Gill. Office, Colorado Springs.— (V. 109, p. 172.)
CRIPPLE CREEK & COLORADO SPRINGS R R .— See Cripple
Creek Central Ry.
A CUBA R R .— Owns from Santa Clara. Cuba, to Santiago de Cuba. 356
miles; Marti-Bayamo San Luis line, 141 miles; Trinidad lines, 56 m .; seven
branches, 106 m.; total June 30 1919, 659 miles.
'
S T O C K . — T h e C u b a C o . (V. 105, p . 1993) o w n s t h e o u t s t a n d i n g $15,800.­
000 c o m m o n but only $1,000 p r e f . V. 98, p. 1766; V. 96, p . 236, 663.
DIVIDENDS (% ) 1910 ’ l l T2 T3 T4 T5 T6 T 7-T 9
1920
Preferred----------------- 344 444
544 6
6
6
6
6 yrly
3
Common (In cash)___i ___ _
_ ___ 4
6 1 6
6
__
Alsoon com. in com. stock In 1916, Jan., 20%; June, 25% . V 103 p 752
On Feb. 1 1918 paid a scrip dividend of 3% on the pref. stk. redeemable
on Feb. 1 1921. or earlier at option of company, with 6% interest payable
annually Feb. 1; also Aug. 1 1918 on pref. a scrip dividend of 3 % , and Feb.
and Aug. 1 1919 paid cash dividends of 3% . V. 107, p. 401, 1095 1287.
The scrip duo Feb. 1 1921 called for payment Feb. 1 1920. V. 109, p’. 1986.
BONDS, &c.— 1st M . bonds application to list. V. 86, p. 924: V. 88. p .
451; V. 89, p. 162; V. 91, p. 38, 1253; in 1919 sold additional $1,150,000.
V. 108, p. 2329. The 5% Improvement & Equip, bonds of 1910 are limited
to $12,000 per mile (excl. sidings) owned. V. 91, p. 588, 1253; V. 95, p. 175.
T o June 30 1919 advances made by the Cuban Govt, to the company to
aid in improvements, &c., against services to be rendered, were reduced
from $1,974,438 to $1,673,953, and other loans payable of $1,750,000 out­
standing June 30 1918 were all paid off. V. 109, p. 1174.
The company having purchased in Nov. 1915 the entire $2,000,000 cap.
stock of the Camaguey & Nuevitas R R . an issue of $3,000,000 5% gold
notes was made. These 5% notes were paid off Nov. 15 1918 and $2.­
000,000 2-year 6% notes issued, secured by pledge o f all said stock. V. 103.
p. 938, 752. V . 107, p. 1095, 1481.
EARNING S.— For 3 months ending Sept. 30:
3 Months to—
Gross.
Net.
Oth. Inc. Charges.
Balance.
Sept. 30 1919...........$3,071,833 $753,324 $22,768 $297,564 $478,528
Sept. 30 1918.......... 2,968,679
831,657 36,657
320,070
548,244
R E PO RT.— For year end. June 30 1919 was in V. 109. p. 1174, showing:
June 30.
Gross
Net
Interest Pref.Divs. Com.Divs. Balance,
I™"??; A ncnme'
Charges. < )
6%
(6 % ).
Surplus.
53,466,960 $1,269,640 $600,000
$1,597,320
? ’23 I’078 1.311.488600,000x ............. 2,025,590
I oJ H a "
1.140.715 600,000
193,817
19i5-16
6^15,697 3.523.659
978.244600,000 720.000 1.225.414
xP ref. dividend of 3% ($300,000) on Feb. 1 1918 w aspaid in scrip.
Pres., Herbert C. Lakin; V.-P. and Gen. M gr., Charles R. Hudson; V.-P .,
Horatio S. Rubens; Sec., Henry W. Bull; Treas., H. W . Snyder. Office,
83 Montgomery St., Jersey City. N. J.; 52 William St., N. Y .— (V. 105,
§ L ¥ ° o ^ S m,(lry,5 t " Jors°y City, N. J.; 52 William St., N. Y .— (V. 108, p .
2329, 2433; V. 109, p. 1174, 1986.)
CUBAN CENTRAL R YS.— See V. 108. p. 2528.
„ C UiW y r ^ LAND & PENNSYLVANIA RR.— Owns from Cumberland.
E
M d., to Piedmont, W . Ya., and several branches, 51 miles. Owned by T he
Consolidation Coal C o., which guarantees by 'endorsement the bonds
(V. 108, p. 1179; V. 52, p. 390) and owns all the $1,500 stock. Other
income (est.), $20,474; interest, &c. (est.), $268,928; net income (est.),
$7,238. V. 108, p. 1610. Last o f car trusts were paid Dec. 1 1918.
see V. 85, p. 1401. Advances by U. S. Govt. V. 107, p. 2156. Cal,
year 1917, gross, $8 2,449: net, after taxes, $3,881; other income, $390,066;
interest, &c., $286,913; divs., $112,034. Fed. M gr., C. W. Galloway;
Federal Treas., E. M . Devereaux, Baltimore, M d.— (V. 85, p. 1401;
V. 108, p. 1610.)
, .
,
Federal Compensation.— $255,692 yearly during Federal control.




Nov., 1919.) * g S T n
t

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Cnhn RR— Common stock $20,000,000______________
Preferred stook 6% non-cumulatlve $10,000,000-.
602
First mtge gold $20,000 per mile.............G.xo^&r’
ImDt & equip M g $12,000 per m....................... Nxo?
Secured g notes $100,000 call N ov 15 ’ 19 100H FPc*
Three-year scrip for pref dlv In 1918 call at par-----Kaulpment trust certs., due $43,000 seml-ann------q fio
due $28M&$27M s-an(V100.p.473)-Us
do
due $40,000 seml-ann--------------------Us
do
due $98,000 and $97,000 s-an g _______
51
Cumberland & Pennsylvania— First mtge g guar — z
12.9
Cumberland RR— 1st M $3,000,000 gold.......................
48
C um berland Ry & Coal C o - l s t M $3,000 000 g gu.
Cumberland Valley RR—See Pennsylvania RR
D a y to n & M lchigan-Com stock (3! * % guar TolCinn)
Preferred (8% guaranteed Tol Cinn) endorsed-----141
1st M gu p«fc 1 end ext In 1911 red 102 Vi beg 1917-0
2
Onvton Union Ry— First mtge sink fund call par__Fx
Death0 Valley RR — First M call 105 s f begin in 1916
245
Delaware— Stock 8% guaranteed------------------- 113
General mortgage g o ld .. — — —---- - - - - - -FP-so
Delaware & Bound Brook— Stook 8% gu Phlla & Read
First consol M $1,800,000 guaranteed.. PeP.xo•&r 30.97
Delaware & Eastern (foreclosed)— See Del & Northern
Delaware & Hudson— Stock $55,711,500 (text)------14
Schenectady & Duaaesburg first mortgage . . . .
z
57
Adirondack 1st Mgold guar p & 1 end— .Us.zc*&r
l.t& RefM $50,000,000 g s f red 107 H beg’ 18.xc* &r*
Convert bonds gold red text--------------------------------Equip 1st lien bonds $10,000,000 g s f..U sm .xc*& r
—
Secured gold notes callable (see text)------------ Usyc
Guaranteed Bonds—
.
Bluff Point Land Improvement Co 1st M g gu.zo*
Ohateaugay Ore & I Ref mtge call 105------N.--------• Utica Clinton & Binghamton RR 1st M --------Albany & Susquehanna RR 1st mtge-----------Delaware Lacka & Western Stock auth $42,277,000.

Par
Value

Rate
%

When
Payable

47

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Aug 1 T 9. 10%
$100 $15,800,000
100 10,000,000 6 in 1919 F A A Feb 2 ’ 20, 3% Checks mailed
Royal Bk of Can. N Y
1902 1,000 &c 13.170.000
5 g J & J July 1 1952
do
do
$ & fr.
1910
4.000,000
5 g M A N May 1 1960
Phila, Fidelity Trust Co
1918
1,000
2.000.000
6 g M AN 15 Nov 15 1920
Yearly Feb & Aug 1921
6
1918
600,000
F & A Feb '2o-Feb 24 Montreal Tr Co, Mont
1914
1,000
5
387,000
J & J21 Jan '20 Jan ’25 United States Tr Co, NY
1,000
1915
5
302,000
J & D 15 Dec T9 to 1925 United States Tr Co, NY
1915
1,000
5
520,000
M & N May ’20-Nov '26 Guaranty Trust Co, N Y
1916
1 .0 0 0
1,365,000
5
Guaranty Trust Co.. N Y
1891
1.000
1.000,000
5 g M & N May 1 1921
1.000
Guaranty Trust Co, N Y
1908
1.028,000
5 g J & D June 1 1958
Montreal, Canada
1910
1.000
1.142,000
5 g A & O Oct 1940
1871
1871
1881
1899
1914
1892
1905

50
50
1,000
1,000
£100
25
1,000
100
1,000

2,401.950
3 M A A O Oct 2 1919 1»A Cincinnati, O
do
1,211,250
8
Q— J Oct 3 1919 2%
J P Morgan & Co, N Y
2.727,000 4H (5) J & J Jan 1 1931
Farmers’ L & Tr Co. N Y
379.000
4 g J & J July 1 1949
See text
M & S March 1 1924 Bayonne, N J, MechTrC
5
J & J July 1 1919 4% Checks mailed
5.078,275
8
Treas Pa RR Co, Phlla
412,000
4)4 8 J A J July 1 1932
*
1.800,000
8
3— l Nov 20 1919 2% 11 W State St., Trenton
Mech Nat Bk,Trenton,NJ
1,800,000
3 « g F & A Aug 11955

100 42.503,000 9 In 1919 Q— Moh D ec201919 2 K Offloe 32 Nassau St. N Y
100 &c
1874
do
do
500.000
6 g M & S Sept 1 1924
1892
1.000
do
do
1.000.000
4 M 8 M A s Mch 11942
NMay 1 1943
M & J
1908 1.000 Ac 32,204,000
4
do
do
500 &c 14,451.000
A & O Oct 11935
1915
do
do
5g
1,000
1907
do
do
8,056,000
4 H e J & J July 1 1922
1,000
1917
F & A Aug 1 1920
9,000,000
do
do
5 g
1890
1902
1889
1906
’80-’86

1,000
4
300,000
1,000
1,300,000
4
1,000
800,000
5
1,000 10,000,000
3H g
$50 42,220,400 20 in T9
100 &o
320.000
6g

ACUMBERLAND RAILW AY & COAL CO.— Owns road from Sprlngblll
Jet to Sprlngnll) Coal Mines, N. S., and Parrsboro on the Bay of Fundy,
32 miles- also coal acies, timber lands, &c. The Dominion Steel Corpora­
tion late'In 1910 arranged to acquire the $1,000,000 stock, the $979,000 6%
bonds being exchanged for $1,167,000 5s guaranteed by Steel Corp. issued
under a mtge. for $3,000,000 providing for future requirements. V. 91, p.
1 6 2 9 1 7 6 6 ; V. 92, p. 186. 1435; V. 97. p. 1583 Leased to Dominion doal
Co. ’ Earnings included in report o f lessee.— (V. 97, p. 1583.)
★ CUMBERLAND R R .— Artemus to Wheeler, K y ., 10.2 miles, and
Lunsford to Anchor, K y., 2.7 m.; total. 12.9 miles. Incorp. in Kentucky
in 1902. Stock auth., $100,000; outstanding, $20,990; par, $100. Bonds
($3 000,000 auth. Issue) outstanding June 30 1916, $1,028,000. Year endln g D e c . 31 1917, gross, $40,628; net. aft. taxes, def. $1,967; int., &c.
$64 194; bal., def., $66,150. Pres., Fairfax Harrison; Sec. & Treas., F. S.
Wvnn- Federal M gr., W. L. Mapother, Washington, D. C.
★ D A Y TO N ^: MICHIGAN R R .— Owns Dayton, O., to Toledo June., O.,
141.26 m.; trackage into'Toledo to passenger station, 1.05 m.; to freight
house, 0.48 m. Leased M ay 1 1863 in perpetuity to Cin. Ham. & Dayton.
Leaso modified June 23 1870. Rental Is maintenance of organization, Int.
on bonds and 8% on pref. stock and 3 H % on com. Guaranty on pref. is
secured bv mtge. o f 1871, but the pref. carries no voting power. V. 56,
p. 813. Mtge. of 1856 is held alive under mtge. o f 1881. V. 91, p. 1446;
V 92 p. 118. Status of stock and bonds is undisturbed by plan of 1916,
hv which B. & O. R R . took over possession, under lease, along with main
lino of Cin. Ham. & Dayton.— (V. 92, p. 526.)
★ DAYTON & UNION RR.— Owns from Dodson, O., to Union City, Ind.,
31 74 m.: leases Dayton to Dodson, 15.30 m.; total operated, 47.04 m.
The Clove. Cin. Chic. & St. Louis and Tol. & Cincinnati jointly own the
$86 300 stock. Year ending Dec. 31 1917, gross, $155,489; net, $23,361;
other income, $3,536; charges, $38,910; bal., def., $12,012. Fed. M gr.,
R . N . Begien, Cincinnati, O.— (V. 97, p. 236.)
★ DAYTON UNION R Y .— Union depot at Dayton, O. Used by Pitts.
Cin Chic & St. L., Cleve. Cin. Chic. & St. Lo., Toledo & Cincinnati, Day­
ton & 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,
$321 000, all common. For year ending Dec. 31 1917, gross, $183,557;
net $61 130; other income, $134; interest, rentals, &c., $52,748; bal., sur.,
$8 516 Pres. G. L. Peck, Pittsburgh, Pa.; Sec., R. C. Barnhard; Fed.
M gr., R . N . Begion, Cincinnati. O.— (V. 89, p. 1347.)
DEATH VALLEY R R .— See N ov. 2 1918 Section.
★ n F IA W A R F RR.— (.See Maps Pennsylvania RR.)— Shellpot Crossing.
Del to Delmar, Md.. 95.20 miles: branches, Centrevllle, Md.. to Townsend.
Del 34 98 m.; Clayton, Del., to Oxford, Md., 54.27 m.; Seaford. Del., to
Cambridge. Md.. 32.96 m.; Massey. Del., to so. of Chestertown, 20.52 m.;
other branches, 7.22 m.; total. 245.15 miles. V. 67, p. 1356.
Leased to Philadelphia Baltimore & Washington (which owns $2,704,600
of the stook) for 99 years from Mch. 1 1910 at a guaranteed rental of 8% on
the stock, a special stock dividend of 70% being paid Feb. 28 1910; also a
•pedal cash dividend of 2 0 % and an extra cash dividend of 5%
For cal. year 1918, rental, $430,594; other income, $56,027; charges,
$37 775- dlvs. (8 % ), $406,262; Income applied to sinking funds, $45,669;
bal.’. def., $3,086.— (V. 109, p. 887.)
★ DELAWARE & BOUND BROOK R R .— Bound Brook June. (Cent. R R .
N J.) to Delaware River, 27.22 miles; branch to Trenton, 3.75 m.; East
Trenton R R ., 3.05 m.; total, 34.02 miles. Total track. Including 2d. 3d
and 4th tracks, sidings, A c., 100.08 miles. In M ay 1879 leased for 990 years
to Phlla. & Reading. Rental, $213,107.50, paying Interest and 8% on
stock.— (V. 81. p. 210.)
★ DELAWARE & HUDSON CO.— Operates railroad linos from WilkesBarre l ’ a., via Albany and Schenectady to Rouses Point, N . Y ., on the
Canadian line, with branches to Binghamton, Troy, Lake Placid, N . Y .,
Rutland Vt., and other points, a total of 909.61 miles (of which 345.19
owned In’ fee and 459.70 leased or controlled through stock ownership), viz.:
Lines leased— *See these cos. Miles.
Steam Lines owned (345 m.) Miles
Oarbondale to Scranton,P a..A br. 22 ♦Albany A Susquehanna________ 143
LookoutJct. to 11onesdaloJct. ,1’ a . 28 ♦Rensselaer A Saratoga_________ 190
Nineveh to Jefferson Jet.. 1 a . . . 22 ♦Ohateaugay A Lake Placid R R .. 79
CherryVal.Jct.toCherry VaL.N. Y . 21 Other leased lines________________ 48
Schenectady to Delanson, N. Y . . 14 ♦Jefferson R R . (trackage)______35
Greenwich to Salem Jet., N . Y ._ 10 Boston & Maine (trackage)_____37
Saratoga to North Creek, N . Y - 60 Other trackage__________________ 32
Whitehall to Rousos Point, e t c ..149
Total operated Jan. 1 1919___909
Other lines owned---------------------Second track Dec. 1918, 354.16 m .; third track, 35.13 m .; fourth track.
20 52 m.: yard track and sidings, 643.18 m.
Also leases Utica Clinton A Bingh. and Rome & Clinton R R .. 44 miles,
which are sublet to N . Y . Ont. A W .
H ISTORY.— Incorporated April 23 1823; name changed April 28 1899.
A leading minor and carrior of anthracite coal (V. 86, p. 913; V. 105. p.
onot
All coal produced from the company’s mines Is sold at the pit mouth
to the Hudson Coal Co. (V.89. p. 1449). Tho canal was abandoned and the
cost chargo^out In 1898. Tfie old "G ravity” road, built In 1829. was
broadened to standard gauge and opened for regular service In 1900. The
comoanUB taken In by merger Include: Adirondack R y.. Schen. & Duanesb.
RR P N. Y . A Canada R y., Cherry Valley Sharon A Albany R R .
Remarkable development o f property in recent years; see official data, V.
108, p. 2035. Physical condition under Federal control, V. 108, p. 202..
Allied Prnnertirt__(a) Entire capital stocks owned: Quebec Montreal &
Southern Ry! C o., Naplervllle Junction B y. C o., G r ^ w lc h A Johnsoavnin i>v p n qphoharle Valiev R y. C o., United Trac. Co. and Troy A Now
England’ R y'.'C o.; (6) ono-lialf the stock owned:
R R . Co. and Schenec. Ry. See list of stock, A c.. hid in g s, V. 106. p. 1893.
Coal prices in 1917. V. 105, p .767. Anthracite rate case, V. 101, p. 20 1 2.
V. 102. p. 1357.




Amount
Outstanding

APrivate
Control.

,T & J Jan 1 1940
do
ao
do
do
J & J Jan 1 1942
J & .1July 1 1939
N Y Trust Co, New York
A & O April 1 1946
Office. 32 Nassau St, N Y
Q - -.1 Oct 14 T9 5% 90 West St, New York
do
do
J & J 1930-1936

Albany & Susq. stockholders were held by higher Federal courts to be en­
titled to the saving of Interest effected by the refunding at 3)4 % of the re­
maining $7,050,000 of the $10,000,000 Issue of Albany & Susquehanna
RR. Co. 7% bonds. Increasing the yearly rental paid. V. 85, p. 721;
V. 83, p. 1036; V. 80. p. 1174, 1362, 2343; V. 88. p. 938, 1499; V. 89. p.
1068, 1141; V. 90, p. 911. To Jan. 1917 $3,556,000 A. & S. bonds had
been exchanged for D. A H. stock. See Albany & Susquehanna.
Sinking Fund.— The sinking fund, created May 9 1899 and amended
May 10 1910, receives out of the yearly net profits not less than 5 cents per
ton on coal mined, and has accumulated $6,641,930 from 1900 to 1917,
which amount has been applied to the purchase and retirement of $1,288,500
of the capital stock (in 1900 to 1906), and In part to the purchase of coal
lands in the Wyoming and Schuylkill regions.
DIVS.—
/ ’87. ’88. ’89 to '96. ’ 97 to ’00. ’01 to ’06. ’0 7 toDcc.20’ 19
________
6 7 yearly. 5 yearly. 7 yearly.
9 yearly.
Since 1886-.% ( 5
In 1918 and 1919 paid quarterly dividends of 2M % each.
V. 105,
p. 2542; V. 106, p. 1344, 2022.
BONDS, Ac.— Equip. 4 Hs of 1907. V. 84. p. 1247. 1307: V. 85. p. 1082,
On May 12 1908 tne stockholders authorized a First and Refunding M ort­
gage for $50,000,000. bearing not over 4% Int. and running 35 years, and
subject to redemption as an entirety only at 107 4$ on any Int. day, beginning
May 1 1918. One per cent of the amount of bonds outstanding Is to be paid
to the trustee June 1 annually from 1909 to 1942, to be used to purchase
bonds or for Improvements and extensions. Of the Issue, $6,500,000 are
reserved to retire outstanding 1st M. bonds; V. 86, p. 98, 1409. 1589; V . 87,
p. 96. 480. 1419, 1604; V. 89. p. 847. 1541: V. 90. p. 51. 167; V. 92. p. 186,
394; V. 96. p. 1156, 1700: V. 97. p. 1024; V. 98. p. 1168. 1844: V. 99. p. 48.
The stockholders on Sept. 30 1915 authorized the lssuanceof $14,451,000
20-year 5% bonds, which were offered to stockholders. The bonds may at
option of holders at any time after Oct. 1 1917 up to Oct. 1 1927 be converted
Into paid-up shares of capital stock at the rate of $1,500 bonds for ten shares
of stock (with an adjustment o f Interest and dividend). The entire lssua,
but not a part, may be called for redemption on Oct. 1 1922. or on any
semi-annual Interest day thereafter, on 90 days' notice, at 105 and Int.,
but If so called during the conversion period the bonds may 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.
The $9,000,000 3-year 5% secured gold notes of 1917 due Aug. 1 1920.
are redeemable (as an entire issue only) on any interest date on 60 days’
notice upon payment of a premium equal to M % for each six months until
maturity. They are secured by pledge of $7,300,000 Del. & Hudson Co.
Ref. M . 4% gold bonds, due 1943; $3,500,000 Albany A Susq. R R . First M .
34$s, g.. due 1946; and $400,000 Alb. & Susq. R R . and $500,000 Rensselaer
& Saratoga R R . guar, stock. V. 105, p. 389: V. 106, p. 2022.
In April 1919 was authorized by the N . Y . P. S. Commission to issue
$4,460,000 4% 35-year 1st & Ref. M tge. bonds to be sold for not less than
90. The proceeds will be used (a) to retire $1,700,000 5% notes; (b) for
reimbursement for additions and betterments, $524,611; and (c)forp roposed additions and betterments, $2,235,566. V. 108, p. 1610.
Loans and bills payable outstanding Dec. 31 1918, $5,371,034.
"ST A N D A R D R E T U R N ,” A c — See page 5.
EARNINGS.— 9 m os.,/1919__ Gross, $25,690,260; net (before $2,480 144
Jan. 1 to Sept. 30. (1918---- Gross, 26,082,585;
taxes),
3,765,522
REPO RT.— For year 1918 in full in V. 108, p. 1928, 2030.
Official Statement for Year 1918.— Government compensation (estimated),
$7,415,149: income from Investments, rentals, &c., $3,187,631; total, $10,­
602,781. Deductions: Interest on funded debt, $2,938,318; other interest.
$142,728; rental, &c., $1,946,986; war taxes, $127,028; other annual expen­
ditures, $732,928; dividends (9 % ), $3,825,2*0; bal., sur., $889,522.
1918.
1917.
1918.
1917.
'
$
S
$
$
Mdse. r e v .. . (30,104,926\10,540,757 Div. in c o m e 992,406
Coal revenue!
J14,806,606 income from
Mail,exp., A c/ 4,684,9381 4,234,867
secur., & c_.
515,004
In cid en ta l...!
/
407,169 Rents, &c____
569,792
Misc. income.
2,712,526
. T ot. op. rev.34,789,864 29,989,399
Gross i n c „
_
_
See
10,434,081
Hire of equip. Corporate
115,243
Net earnings. 3,436,079 6,539,446 Rent leas’d rds Account
1,956,062
Taxes accrued
848,986
891,617 Oth. rents, &c Above
275,539
Uncollectibles
1,668
3,478 Int. fund. dt_
2,925,358
Other interest
169,099
Oper. inc._ 2,585,425 5,644,353 Divs. (9 % )_ —
3,825,270
Bal., surp._
1,167,510
Coal Statistics— Tons—
1918.
1917.
1916.
1915.
Anthracite coal produced.............9,059,228 8,643,824 7,186,380 8,100.767
Anthracite coal carried-------------- ----------- 10,879,556 9,300,552 9,990,848
Bituminous coal carried------- ...................... 3,646,449 2,799,859 2,074,357
OFFICERS^-—Pres., L . F . Loree; V .-P ., Chas. A . Peabody, N . Y .;
Y .-P ., W . H. Williams; V .-P ., C. S. Sims, Montreal; Asst, to Pres, and Asst.
Sec., W . B. Schofield; Treas., W . H. Davies; Sec., F. M . Olyphant; Comp­
troller, W . E . Eppler, 32 Nassau St., N . Y .; Fed. M gr., F. P . Gutelius.
Albany, N . Y .
Board of Managers.— Chauncey M . Depew, Charles A. Peabody, Leoaor
F. Loree, Cornelius Vanderbilt, William A . Harrlman and Percy H.
Stewart, all of N. Y .; William S. Opdyke, Alpine, N. J.; George I. Wilber,
Oneonta. N . Y .; Robert C. Pruyn, Albany, N. Y .; Archibald D. Russell,
Princeton, N . J.; William H. Williams, Plainfield, N . J., Henry W . De
Forest. Oyster Bay, N. Y.; Charles S. Weston, Scranton, Pa.— (V. 108,
p. 878, 1610, 1928, 2017, 2022, 2030, 2629; V. 109. p. 774, 887, 1891.)'
★ DELAWARE LACKAWANNA & WESTERN RR.— (See Map .)— Operates main line from Hoboken, N. J., opposite N. Y. City, to Buffalo, N. Y .,
410 m ., with branches to anthracite region, <5co., 547 m.. viz : (‘ see this co .)

48

★G
overn en
m t
C trol.
on

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

Miles Date
Road Bonds

10
D«1 River RR & Bridge— 1st M ggu p & 1 sf l% GP.xo*
_
_
Uenv Boulder & West— Ino 1st M 8800,000 red par .x
Denver & Rio Qrande— Stock oommon (see te x t)..T r
_
_
Preferred stock 5% non-cumulatlve 850,000,000-Tr
First Consol M 842,000,000 now 1st M g_Us.xc*&r /1.647
11.647
First & Ref M 8150.000.000 gold red 110._Baxo*&r* 2,541
Adjust M Incomes 825,000,000 7% cum red 115 Nxo* 2,541
Improvement M (85,000 per mile g _____Us.xo*&r 1,647
Rio Grande Western 1st M gold (V69, p 284) -Ce.zc*
699
699
First Cons mtge redeem at par (see text) g.Q.xc*
Bonds of Affiliated Companies—
180
Rio Grande Southern first mortgage guar_____Cex
62
Rio Grande Junction first mortgage guar____Ce.xo*
_
_
_
Utah Fuel Co 1st M 82,000,000 redeem at 110_ Qz
Pleasant Valley Coal 1st M s redeem at 115___ Gz
—
Salt Lake City Union Depot & RR — See that Co.
Denv & Salt L RR— Stock S I,750.000_____________
Receiver’s (1st lien) ctfs $1.500.000 g call at p a r ..
text
1st M $35,000,000 gold redeem 105_Ba.xc*&r*
text
Do cash Int: 3 % . 3 yrs; 4 % . 1 yr; then 5% . . x
text
Do cash lnt: 4 yrs, 1, 2, 3 & 4 % , resp, thet 5% -x
—
Adjustment (Income) bonds 82,000,000-.-.______ x

t

A rlvate
P
C trol.
on

R A IL W A Y S T O C K S A N D B O N D S

1896
1909
____
1886
1898
1908
1912
1888
1889
1899
1890
1889
1901
1898

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

1,000 $1,206,000
4 K F & A Aug 11930
See text July 1 1939
100 &c
700,000 To 5%
100 38.000,000
J <c J Jan 16 1911 2 H
5
100 49.775.670
500 & v34.125,000
c
4 g J & J Jan 1 1936
1.000 6,382 000
4H B J & J Jan 1 1936
5 & mks x32,690,000
5 g F & A Aug 11955
$,£,m ,& c 10,000,000 7 In 1919 A & O Apr 1 1932
5 g J & D June 1 1928
500 8,335,000
1,000 &c 15,190,000
4 g J & JJuly 1 1939
4 g A & O Apr 11949
1,000 &c yl5.080,000
1.000 z2,277,000
1,000 2.000,000
486,000
1,000
1,000
897,000

5
1918
1913 $,£,fr,&c
1913 $, £ , &c
1913 $ , £, &c
1913
$1.000

4
5
5
5

g
g
g
g

583.515
6g
859,468
6g
3,641,000
5
4,427.000 3-4-5
1,734,000 1-2-3-4-5
2,000.000 Up to5%

J &
J &
M &
J to

J July
D Deo
S Moh
J July

Sept
M & N
M & N
M & N
M & N

[V o l . 109,

Sept
May
M ay
May
May

1 1940
1 1939
1 1931
1 1928
10 1920
1 1943
1 1943
1 1943
1 1943

Penn R R C o. Phila&N Y
Kidder&Co,5 Nassau, I Y
N
Office, 165 B’ way, N Y
National Park Bank, N Y
do
do
Aug ’ 19 coup pd. at mat.
Oct. '19 int. paid at mat.
June ’ 19 int. paid July 1
Guaranty Trust Co. N Y
do
do
Maitland, Coppell, N Y
do
do
Guaranty Trust Co, N Y
do
do
May 1915 coup unpaid
New York

v-x-y Additional amount*held in treasury or by trus tees D ec.3 19 17. viz: v $1,445,000; x $9,371, 000, incl uding $7,005.00 0
pledged under adjustment mtge.; y $1,395,000.
z Of which $1,777,000 in treasury or renewal fund Dec 3 1 1917 ; there ar e also $2,23 3,000 not guarant eed

Lines Leased (Concl.)—
Miles.
Lines Owned—
Miles.
N. J. State line to N. Y . line____i l l •Oswego & Syracuse_____________ 35
Branch to Northumberland_____80 •Syracuse Binghamton & N. Y -_ 8l
Erie & Centra N . Y.(V.96,p.202) 18 •Utica Chenango & Susquehanna 97
Bangor & Portland R y ___________38 •Valley R R . of New York______ 11
Other lines owned______________ 9 •Lackawanna R R . of N. J______ 28
Lines Controlled and Operated—
Lines Leased— (See each co.) —
•Morris & Essex and leased brchs.176 Sussex Railroad_________________ 31
•N. Y . Lackawanna & Western.-214 Lackawanna & Montrose R R ____11
•Cayuga & Susquehanna________ 34
Total operated Jan. 1918_____980
Greene Railroad________________ 8
HISTORY, &c.— Chartered in 1832, present title assumed in 1853.
In June 1909 tne D .'L . & W. Coal Co. was Incorporated with 56,800,000
authorized stock, to act as selling agent for the company’s coal In Pennsyl­
vania, the railroad stockholders being permitted to subscribe for Its stock
See extra dividend below, also that company’s caption under MIscel. Cos.
United States Supreme Court on June 21 1915 in the suit brought by
the Government held that the company, under the contract o f Aug. 2 1909.
violated the commodities clause o f the Hepburn Act and the Sherman anti­
trust law (V. 100, p. 2i 14: V. 101, p. 17), in its relations with the D . L. S W.
c
Coal Co. A new contract has been arranged. V. 101, p. 47. In M ay 1917
suit over Morris & Essex lease was settled, the guaranteed dividendjon
M . & E. stock being Increased from 7% to 7 H % p. a. V. 104, p. 2116.
V. 100, p. 1509,1832; V. 102, p. 1896: over Syr. Bing. & N. Y. lease, V. 103,
p. 1980. Anthracite rate case, V. 101, p. 2072: V. 102. p. 1357. Govern­
ment regulation o f coal prices in 1917, V. 105, p. 767, 2412, 2293. 1961.
D IV ID E N D S— /1904. 1905. 1906-08. 1909.
1910 to Oct. 1919.
_
19H 20 yearly
70
20% yrly.— see below
Since 1903_ (% ) ( 17
Dividends preriously 2 H % Q.-J. (10% p. a.) and 10% extra December
were in 1918 changed to 5% each quarter, the annual rate remaining 20% .
July 1909 paid special cash dividend 50% one-half applicable, If desired,
to subscription of stock of new D. L. & W . Coal Co. selling agency; also
paid 15% stock dividend Aug. 2 1909, and In Deo. 1911 35% In 4% guar,
stock of Lack. R R . of N. J. V. 89. p. 41, 224: V. 93. p. 1323: V. 94, p.549.
Federal Compensation.— $15,749,477 yearly during Federal control.
LATEST EARN ING S.— (1919-Gross, $46,761,204; net (aft.$18,672,694
8 mos., Jan. 1 to Aug. 31.\l918.Gross, 43,195,652; taxes), 11,291,155
ANNUAL R E PO RT.— Annual meeting is held on Tuesday preceding
last Friday in February. The report for 1918 was in V. 108, p. 2428.
[United States data in 1918; company’s in 1917 and 1916].
Year ending Dec. 31—
1918.
1917.
1916.
Coal........................
.$19,009,846 $17,130,291 $14,475,244
Merchandise freight..........................
31,287,554
24,637,415 23,229,865
Passengers.................................
11,204,813
9,289,838 8,674,863
7,237.863
6,152,680 5,200,927
M ail, express, & c....................

In Dec. 1917 the right to abandon operation and dismantle the property
was withheld. Also m M ay, 1919. V. 105, p. 2183, 2542; V. 108, p. 2022.
For year ending June 301916, gross, *93.986. against $61,197 In 1914-15:
net
flL oO o, against def., $3,459. Dividend on Incomes, 3%
(*21,000). paid Sept. 1 1910. and 1 ^ % ($10,500) Sept. 1 1911. Pres..
Charles D. Marvin: Sec. & Treas.. O. M . Williams. Office. Boulder. Colo.
(V. 89, p. 993; V. 99, p. 1748; V. 105, p. 2183, 2542; V. 108, p. 2022.)
★ DENVER & RIO GRANDE RR.— ROAD.— Mileage:
Road owned and operated------- 2.4891 Of the preceding:
Rio Gr. Jo. R R ., <& (leased).. 121 Standard gauge_______________1,829
o.
-------- Narrow gauge only___________
781
. .
. ,
Total operated......................2,6101Second traok................................ 206
ir
?rnm^rS
tra. ^F,^vas abandoned and 9.95 miles was built.
c
SoldiJ ’ Summit.— ^(V T os, p^2528.)ab° Ut l° r0SUme W° rk 1 tormlniU at
U
"AD VA N C E S” AND "ST A N D A R D R E T U R N ," &c.— See page 5.
n o°l from
C
Sj R R - Administration from April 1 1918 to
p^1314; V. 106? p0a2T22n2228^danced compensation, $6,850,000. V. 107.
tract e cc u to $ enSati0n'
ex

yearly during Fodoral control (con-

v F 7 ST 0 ‘? o« ’T £ n J<rh^ w J n P 8 ‘ he R,° Grande Western was merged.
8
>
V. 87, p. 2-6, 285. The Rio Grande Junction (of whose stock the greater
gST**? owned) wasloased Jointly by this co. and the Colorado Midland (fore­
closed In i 917) and its bonds guaranteed. V. 95, p. 1541; V. 97. p. 886:
V. 105, p. 2455. Rio Grande Southern is controlled.
1
.Iiea,rl<
1
5d<-Hand i n
^th° U- s - Dlst- Court In N. Y . City on M ay 18
1 'U 2(
r*e<
r»nJinVOn t*10 Eqidtable Trust C o., as mtge. trustee of the
old Western Pacific Railway, the suit brought against the Denver & Rio
i c io 'iV
Payment of the guaranteed bonds. V. 105
p. 1309. 1522, Y; 104, p. 2641, 2117. The Circuit Court of Appeals at
N Y . on Jan. 4 1918 affirmed the decision, ranking the judgment as a lion
° n ™ pr0|,St i o o t i J l 0 , *?e Hen of the mortgage bonds. V. 107, p. 1186;
t
V. 106, p. 85, 188, 1126, 1688.
..
some $7,771,395 had been realized on the Judgment,
ft® S n n n / ? -JlRt 9orp 1, holder of the beneficial interest in 95% of
the $50,000,000 1st M . bonds of the former Western Pacific R y. C o., was
proposing to sot aside $3,500,000 of the money so received for the rehablllP / , ? y*
and thus far the protection of the remainder
($32,500,000) o f the Judgment. V. 107, p. 1102.
On Jan 26 1918, in view of the foregoing judgment, the property was
placed In the hands of its President, Edward L. Brown, and Alexander It.
Baldwin, of San Fran., V.-Pres. & Gen. Attorney of tho Western Pacific
R R ., as receivers by the U. S. District Court at Denver, on application by
G ro ss............................................... 1868,740,076 $57,211,224 $51,580,899 a creditor, the company consenting, although earning a surplus over fixed
90% of certified compensation______ x$14,174,529
______
______ charges, and there was no other floating debt. V. 106, p. 498: V.107j>.U80.
On rob. 2 8 1918 tne U. S. Gov’t, having, as a war measure, taken over
Net, after taxes.....................................
........... $15,940,064 $17,114,593
Coal department (net).......................... 5,752,341 *6,503,879 *4,933,022 the managment or the property, Mr. Brown retired as recoiver and M r.
Other miscellaneous income__________ 2,440,290
2,130,649 2,599,543 Baldwin remained as sole receiver of the free assets with no part in tho
operation of the road. V. 106, p. 929.
In June 1918, $10,418,700 securities held by the company In N. Y .
Total net Income............................ .$22,367,160 $24,574,592 $24,647,158
Hire of equipm ent---------------------------------$534,261
$755,734 banks wore attached; $10,000,000 stock of Utah Fuel Co. was sold undor
Compensation to em ployees______ __
.
606,175
........... this judgment on June 20 and bid in by William Salomon & Co. on behalf
$6,143,646
6,278,347
5,989,308 of Wostom Pacific RR. Corp. for *4 000 000. V. 106 p. 2648, 2559.
Ilnterest and rentals________
Renewals and betterments__________
1,458,323
1,785,012
1,701,968
Interest Payments.— Coupons due Fob. 1 1918 on First & Rof. Mtge. 5s
Exp. prior to Jan. 1 ______ __________
735,444
______
______
and April 1 1918 on Rio Grande Western 1st Consol. Mtgo. 4s (V. 106.
R y. tax accruals__________ __________
981,661
______
______ p. 1 4 6 1 ), wero paid on M ay 24 1918
Coupons duo Juno 1 1919 on tho
Maint. o f inv. org______________
214 035
- - Improv. 5s delayed wore paid July 1 1919; Equitable Trust C o., N. Y ., had
Dividends (2 0 % )........................
8,444,0808,444,0808.444,080 previously offered to purchaso thorn on behalf of Wostorn Pacific RR. Corp.
V. 108, P- 2329. All other coupons to and including Nov. 1919 understood
to have boen paid promptly to Nov. 24 1919. V. 109, p. 72.
Balance, surplus...........a__________$4,389,972 $6,926,117 $7,756,068
*Coal Department.—
1918.
1917.
1916.
1915.
Committees Formed in View of Aforesaid Decision (V. 104, p. 2117).
First & Ref. 5% M . Bonds.— Soward Prosser, Chairman; Bertram Cutler
Gross earnings...............$39,859,767 $34,391,801 $26,627,148 $22,802,210
C . Ledyard Blair, E. K. Boisot, John Henry Hammond, Andrew J. Miller
....................... 5,752,341 6,503,879
4,933,022
3.443,039
P ro fit.
“ P. & L. sup.” Dec. 31 1918, $57,247,984; “ corporate surp.,” $23,560,056. William Salomon, Joseph H. Seaman and Frederick Strauss; B. W . Jones’
Secretary, 16 Wall St. Cadwalader, Wlckershain & Taft, counsol. Bankers
x Only 90% of the standard return is included in income o f 1918.
OFFICERS.— Pres., W . H. Truesdale; Sec. and Treas., P. J. Flynn; Tr. C o., N. Y .. depositary. V. 106, p. 2559, 2228, 498: V. 104, p. 2117, 2552.
Common & Pref. Stock.— narry Bronner, J. Horace nardlng, John W.
R - B - Ferguson; Federal M gr., E. M . Rine, N. Y . City,
Flatten and Harrison Williams. Cravath & Henderson, counsel; Chauncoy
m
8 - Jenny, Wm. H. M oore, Henry A. O. Taylor, Wm. n .
Murphey, 55 Cedar St., N. Y ., Secretary; United States Mtgo. & Trust
Truesdale. Geo. F. Baker, Wm. Rockefeller, Geo. F. Baker Jr.. M . Taylor
Pyne, Henry R. Taylor, W. H. Dodge, Beekman Winthrop, William C o.. N. Y ., depositary.
7% Cum. Ad). Mtge. Bonds.— John B. Dennis, Alonzo Potter, Otto T .
Fahnestock, Harold S. Vanderbilt. J. F. Talmage. Office. 90 West St..
Bannard and Albert Strauss, with B. L. Stowell as Secretary, 24 Broad St
N - Y -—
106. P- 498, 601, 1344, 2228, 2648; V. 108, p. 268, 2428.)
Y New York Trust C o., depositary, V. 104, p. 2235; V. 106, p. 2228’
A DELAWARE & NORTHERN RR.— East Branch to Arkvllle, 38 miles, N.Rio.;Gr. West. 1st M . 4s.— See Spencer Trask & C o., 25 Broad St.. N. Y.
and 8-mlle branch. Incorp. In N. Y. Oct. 14 1911 as a reorganization of
1st Mtge. Bonds of Rio Or. Jet. Ry.— L. Edmund Zacher, J. Herbert Case
R R ’ ’ forf ¥ o ,e n Rer plan v - 93- D- 588. Stock, common. Edward O. Delafield; with E. S. Blagden, Secretary, 46 Wall St., N. Y\
rd nn
*1,000,000; 6% cum. pref., *250,000; par, $100. No bonds April 1 1919.
For y e » ending Dec. 31 1917. gross, $133,160: net. after taxes, $12,619; Franklin Trust C o., N . Y ., depositary.— V. 104, d . 2642.
rental and fixed charges (net), $8,598; bal., $4,021. For year 1918 gross
STOCK.— The Missouri Pacific on Dec. 31 1917 owned $17,2953)00
$135,700; net loss after taxes. $9,724: rental & fixed charkw $6 850’ def
common and $9,805,000 pref. stock. V. 72, p. 338, 580, 1238; V. 73, p. 300.
$16,574. Accrued pref. divs. for 1918 amounted do $15.000\ Pres.\ An^
DIVS.— 1 ’ 92. '93. ’94. ’ 95. ’96. ’97. ’98. ’99. ’00. ’01 to Jan.’ l l None,
drew M . Moreland: Sec. & Treas., Howard Feist; Asst Sec & Aud H G
on pref. % j 0
2
0
0
2
2 2 H 4
4
5 yearly.
since.
Eckert. Office, Margaretville, N. Y .— (V. 96, p 1725 )
”
BONDS.— Improvement mortgage abstract In "Chronicle,” V.47, p. 229.
★ DELAWARE RIVER RR. & BRIDGE CO.— Frankford Jet., Pa., to
Abstraot of R. G. W . 1st mort. was in V. 49, p. 237. and statement to
Pensauken, N. J., and branches, 9.52 miles.
N. Y. Stock Exchange, V. 50, p. 73: also V. 69, p. 284. Utah Fuel 1st 6s
Capital stock, $1,300,000, all owned on Dec. 31 1918 by Penn R R .
1931: see application to
1178, 1548, 2015.
which guarantees bonds, prin. & int., by endorsement, and in April 1918 of Rio G. W . First Consol. list,ofV. 78, p. 1171, 72. p. 537, 776, 1189.
4s
1899, see V.
had arranged to take a lease o f the property, paying as rental a sum equal to
The Refunding mtge. covers the consolidated properties to secure an
6% on the stock, taxes and fixed charges, V. 106, p. 2228: V 63 d 1062
Issue of $150,000,000
1284, 1529; V. 87.
1159: V. 89. p. 1596.
’
° ’ 544, 741, 1419; V. 88.bonds. V. 86, d . 1224, 822; V. 89, p. 348, p. 226, 285,
p . 100, 230, 294, 504,
593; V. 90,
DIVS.—
’06-’07. ’08. ’09-10. ’ l l . ’ 12-T3. T 4. ’ 15. ’ 16. ’ 17.
1918
p. 848. Utah Central R R .. *390,000 1st M . 4s paid off Jan. 1 1 0 1 7 are
Per c e n t____5 y ’ly 6
6 y ’ly 8 6 y'ly
4
4
6
6
6
refundable with D. & R. G. Ref. & Mtge. bonds. V. 103, p. 2340. Of
— (V. 101, p. 2071: V. 102, p. 1540: V. 106. p. 2228.)
the $42,061.000 First & Ref. Mtge. 5% gold bonds authenticated to June
A DENVER BOULDER & WESTERN RR.— Boulder to Ward. Colo.; 26 5 1918, $1,254,000 had been acquired for the sinking fund (but In tho
miles: Sunset to Eldora, 20 m .; branches, 5 m.: total, 51 m. V. 80 n 650
absence of default issuable to retire underlying bonds , $1,112,000 wero
Stock, *300.000, all out; par $100.
The bonds ($800,000 authorized) held in the treasury, and *7,005,000 were pledged under tho Adjustment
are entitled to lnt. up to 5% If earned, payable Sept. 1.
Mtge., leaving *32 690,000 in the hands of tne public.— V. 106. p. 2559,




n.

Nov., 1919.]

*gS K r“

R A IL W A Y S T O C K S A N D B O N D S

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rale
%

When
Payable

Denver & Salt Lake RR (Concluded)—
Two-year notes $300,000 auth call 1 0 1 ____Em.y
1915 31.000&C
$217,000
6
Equip notes g due $24,000 »-ann___________ Em.xc*
1913
1.000
168,000
5g
do
Pullman Company______________________
1913
30,078
5g
do
due $8,000 semi-ann____________________
1915
48.000
6
do
due $22,750 seml-ann___________________
1916
45,500
6
Denver Un Term Ry— 1st M red 105 beg ’ 19 text.CC
1914
1.000 4.000.
000 « g
4
De* Moines & Fort Dodge— See Minneapolis & St L
Des Moines Union— First M $800,000 g o ld ___ Ce.zo* 4.225 1887
1.000
See text
fit
Det Bay C & W— 1st M $1,250,000 g red text s f FC.xc*
99 1912
1.000
648.000
5g
Detroit Grand Haven & Milw— First equip M eu.-yo*
189 1878
1,000
2.000.
000
6
Oonsol M guar p & l Grand Trunk E x t e n d e d _ vo*
_
189 1878
200 &o 3.200.000
6
Detroit Hillsdale & SW — Stook 4%rentalNYROentRR
65
100
1.350.000
4
Detroit & Mackinac— Common stook, $2,000,000 auth
100 2,000.000 2H in '19
Pret stook non-cura $1,000,000 auth (V 74, p 6 2 9 )..
100
950.000 5 in 1919
"First lien” $1,500,000 gold________________ Gxo*
All
1895
1,000
1.050.000
4 g
“ Mortgage bonds” $1,750,000 g red at p ar___ Gxc*
All
1895
1.000
1.250.000
4 g
Detroit Mackinac & Marquette Ry.— See “ Miscellan eous C ompan lea.
Detroit Riv T u n — 1st M $30,000,000 gu end.Q.xc*r*
2.72 1911
1.000 18.000.000
4M g M
Detroit Tol & 1ron ton — Common stock $6,500,000
100 6.500.000
Pref stock (p St d) non-cum 4% & partic.$6,000,000
1001 5,989,998
First M gold red 105_____________________ N.vc*
1914
1,000
J
1.439.000
5g
AdJ (Inc) M $8,000,000 g cum aft Jan 19 red text.C e
100 &c 7.628,868 Up to 5 M
Toledo-Detroit RR 1st mtge gold bonds__________
1915
60.000
5g
1st & Ref gold bonds___________________________
1915
400.000
Equipment gold notes due $6,500 M & N callable.
1915
500
91,000
M
do
do
due $25,000 J & D callahle____
1917
1.000
J
425.000
5H
Det & Tol Sh L— 1st M $3,000,000 g gu_____Ba.xc*&r
48 1903
1.000 3,000,000
J
4g

Ig

The Adjustment mtge. (7% cum. Income) bonds authorized In April 1912
(total $25,000,000, present Issue $10,000,000) received their first install­
ment o f Interest absolutely on Oct. 1 1912, and are since entitled (A. St O.)
to such amount as the board shall determine out of surplus net Income
(hiring the six months ending Dec. 31 or June 30 immediately preceding
all arrears, if any, to be paid at maturity or at date of earlier redemption ’
The stock ($200,000) of Salt Lako City Union Depot & RR. Co. is about
.
equally owned by the D. < R. G. and Western Pacific, foreclosed which
fc
guaranteed its .$1,100,000 first mtge. 30-year 5% bonds. V. 8 8 ? p . 232.
E A R N I N G S .-1 2 m ° s.’ (1918.........Gross, $31,352,314; net, $6,058,739
Jan. 1 to Doc. 31.
11917------- Gross. 28.423 138* net 8 694 709
For 9 months, Jan. 1 (1 9 1 9 ..-Gross, $23,543,080’ net (before $ 4 855 859
to Sept. 30.
\1918---- Gross, 22.289.450;
^ J o lillo
ANNUAL R E PO RT.— For 1917, in V . 106, p. 2334’
Calendar Years—
1917.
'191A
iq ir
2.5S0
2 573
2 576
Average miles operated.....................
G r o s s e a r n i n g s -------------$28,423,138 $25 4 6 4 4 8 6 $ 2 3 1 3 8 7 9 7
OtheraincomaXeS' &C" ' ..............*7.462,267
e
$9;461>73 ^ ^ ^ O O
Other income-------------------------- 1,084,476
1,181,868
1,141,818
Gross income---------------------- $8,546,743
$10,643,641 $9,004,719
$146,823
S51
781
Hire o f equipment...............................
Rents, &c--------------------677,700
$623 9 4 5
5 9 8 601
Interest on funded debt............. 4,922:457
4 957 826 4 983 095
Interest on adj. mtge. bonds (7 % )-.
700.000
’^OOJJOO
689:471
Sinking and renewal funds-------------303,370
304.269
278 338
Additions and betterments_________
________
2,300:000
____- ___
Balance, surplus..................... $1,796,393
$1,757,600 $2,403,431
OFFICERS.— P r e s .,-------------------; V .-P ., Finley J SheDard N Y
Sec., John P. Howland, Room 915, 165 B ’way, N? Y • Fed Gen M g r'
under U, S. G ovt., James Russell.
’ * ea’ u e n ’ JVlgr’
Directors.— George J. Gould E T . Jeffery. Arthur Coppell. Finley J.
Shepard, George G. Haven, Harrison Williams, N. Y
Harrv Bronner
and John W. Flatten, N . Y .; BenJ. F. Bush. St. L o u is— (V I(17 n 603
109, p° 972 m 2’) 1481’ 1919: V- 108’ P- 268> 578’ 1511. 2329. 2528; V.
★ DENVER & SALT LAKE R R .— In 1918 256 miles, Denver to Craig, was
in operation, incl. Steamboat Springs to Craig, 41 miles nneneri Her 1
1913. V . 95. p. 1403, 1541; V. 96, p. 1088; V . 97. p. 1503 T 108 p 77
..T h e plan by which the city of Denver was to aid in building a ’ tunnel
through the Continonatl Divide was blocked in Julv 1 9 1 4 hv • decision of
>
the Colo. Supremo Court declaring the proposed city bonds illegal
V 96
p. 1488; V. 92, p . 1310; V. 95, p. 1403, 1122; V. 96, d 1488’ V 97 p
1024, 1503: V. 98, p. 73. 610, 762; V. 99. p. 1 1 9 . 1 5 9 7 .’ p ‘ 1488, v ' y / ’ p '
ORGAN IZATION .— Incorp. in Colo. Dec. 1912 and took over as of
May 1 1913 (per plan, V. 95, p. 890) the Denver Northwestern* Pacific
R y „ foreclosed. V . 95. p. 1083. 1003. 13-31; V. 96 p. 135 1 2 9 0 1364
Leases Northwestern Terminal R y..D env- Gil Jan. 1 1 9 6 4 'v oa 'n o i l ’
Cities in Colorado in M ay 1919 formed the Northwestern Colorado
Tunnel Assoc, to prevent abandonment of the road
v tna n 4 7 0 9 6 8
1610, 1390, 2122.
'
p ’ 4 ' y ’ o s’
FEDERAL M A N AG EM E N T.— The U. S. R R . Administration on
—
Aug. 24 1918 agreed to take over the management of the property, paying
as maximum compensation $351,000 annually. Out of this must be paid
the corporate expenses rentals, deferred maintenance and certain additions
and betterments, yet to be determined. The receiver writing Bent in
1918 said: "Under the circumstances, I can see no [immodiatol nrosnoct
for tho bondholders receiving anything.” V. 107 n 1192
prospect
The RR. Administration also agreed on Aug. ’ 2 4 1918 ' to purchase
receiver’s certificates approximating $1,462,000 with a first lien on the
proporty applicable as follows (V. 107. p. 1192): Taxes, $260,000; fuel
ana material, $300,000; all overdue equip, notes & int $185 000- wage
arrears. $154,000; deferred maint., Ac , $600,000.
5185.UOU. wage
The receiver’s certificates ($1,500,000) are to have a first lien ahead of
the 1st M . bonds and any future Issue of such certificates Not exceeding
$
were to be issued forthwith.
or exceuung
5 7 5 ,0 0 0

in

"ST A N D A R D R E TU R N ,” &c.— See page 5.
RECEIVERSHIP.— On A ig. 16 1917 Pres. Chas. Boettcher and
W. R. Frooman of Denver were made receivers. V. 105, p. 818. 1419.
Default having been made on interest payment due M ay 1 1916
and semi-annually thereafter on the First Mtge. 30-year gold bonds,
the bondholders' committee in 1917 urged deposit o f the bonds with Mer­
cantile Trust & Deposit Co., 115 Broadway, N. Y .. as depositary. Com­
mittee: Edward R. Tinker, Chairman; George H. Burr, F. N. B. Close,
L. O. Phipps, Eugene V. R. Thayer and Herman Walleck. with Charles D.
Makepeace, Secretary. 115 B’way, N.Y^— V. 104. p. 1800; V 106, D. 929.
Demult occurred Jan. 1 1918 on N . W. Terminal bonds and a protective
committee was organized; see that co. below and V. 108, p. 268.
Protective committee for 5% equipment notes dated Mar. l 1913 and
the 6 % equipment certificates dated July 1 1915. Chairman, John H.
Mason, Philadelphia. Depositaries, Commercial Trust Co. o f Phila.;
Empire Trust C o., N. Y . V. 106, p. 2756. The committee in Feb. 1919
returned to owners the equipment trusts o f March 1915, all installments
having been paid to date. V. 108, p. 479.
BONDS.— Over 92% assented to plan for funding coupons due in 1915.
V. 100, p . 732, 811. Bankers Trust C o.. New York, depositary.
June 30 1915 loans and bills payable were $302,461: car trusts. $657,502.
EARN IN G S.— 12 m os.,/1918.Gross, $2,055,509; net (bo- def.$S34.049
Jan. 1 to Dec. 31.
I 1917.Gross, 2,065,217; fore taxes),
23,708
For 8 mos., Jan. 1 (1919----- Gross, $1,795,205; net (bef. def. $548,434
to Aug. 31.
\1918----- Gross. 1,374,931;
taxes), def.281,620




A rlvate
P
C trol.
on

49

Last Dividend Places Where Interest ana
and Maturity
Dividends are Payable

&A15 Feb 15 1917
Prin. St Int In default
& S Mar ’20-Mar’23 Empire Trust Co, N Y
Apr ’20- Oct *20Mercb L & Tr C o. Chic
Jan ’2 0 -July’22 Jan 1918 coupon unpaid
Oct ’ 19-Oct ’20 American Locomotive Co
Mar 1 1964
Cont & Com Tr&SB,Chic
See text
Oct 1932
Nov 141920
Nov 151920
July 5 1919 2%
Jan 2 1919 2H
July 1 1919 2H
June 1 1995
June 1 1995

Central Union Trust, N Y
First Tr & Sav Bk, Chlo
New York and London
do
do
Farmers' L & Tr Co, N Y
H K McHarg, New York
do
do
J P Morgan & Co, N Y
do
do

& N May 11961

Office of Treas, N Y

&
&

New York Trust Co

J Mch 1 1964
S Mch 11954
Sept 1 1920
Sept 1 1940
& N To N ov 1 1925
& D To J’ne 1 1927
& J Jan 1 1953

New York Trust Co
New York Trust Co
Bankers Tr Co, N Y

EARN ING S.— Years ending June 30 1917;
„
,
1916-17.
1915-16.
1914-15.
1913-14.
Gross earnings.................. $1,993,740 $1,893,747 $1,639,455 $1,215,361
Gross in com e................ $147,131
$481,602
$503,218
$328,366
Interest charges............... $489,571
$439,805
$390,5191
$339,807
Rentals, &c.......................
181,430
125.709
123.702/
Balance, d e fic it............ $526,870
$83,912
$11,004
$11,441
OFFICERS.— Charles Boettcher, Pres.; Gerald Hughes, Sec., and E . I.
Grenfell, Aud., Denver; William Wadden, V.-P. & Asst. Sec.; Ward E .
I earson, Treas., New York. Directors, see above. W. F. Thiehoff
Acting Gen. Mgr. under U. S. Govt., Denver.— (V. 108, p. 77, 268, 479,
1390, 2122.)
★ (THE) DENVER UNION TERMINAL R Y — To take over the Union
xJepot & R y. Co. (V. 71, p. 343) and extend and Improve the passenger
terminals at Denver. Colo. Stock $30,000, equally owned by the Union Pa­
cific, Denver & Rio Grande, Colorado & Southern. Chic. Burl. & Quincy
Atch. Topeka & Santa Fe and Chicago Rock Island & Pacific which’
guarantee the bonds ($10,000,000 auth. Issue), of which $4,000,000 were
sold to Union Pacific. V. 106. p. 2756. U. S. R R . Admin, in 1918 sanc­
tioned capital ouUays of $6,602. V .9 7 .p . 1024, 1115; V. 98, p. 762; V. 9 9 .
p. 406. ^Pres., J. H. Bradbury; V .-P ., N. H. Loomis; Treas., W . H . AnRenF . ^ a t k ^ y v . 8 i o W : ’i,2^ . T Russe11’ Denver: ACtlngFed’
★ DES MOINES UNION RY.— Terminal road In Des Moines; owns 4 .2 2 miles
main track and branches, 22.89 miles 2d and side tracks, bridge across Des
Moines River and 25 acres of land in Des Moines. See statement to N Y
Stock Exchange in V. 65. p. 1173. The $671,000 1st Mtge. 5s due Nov 1
1917 were in June 1918 “ held as matured unpaid account of litigation ”
« 0RnT , , W t bw g1 P e u Ut’w ,y ’ 105. P- 1801. 1898. Leased to Wabash
RR ., Chic. Gt. West., Chic. Milw. & St. P. R y., Chic. Burl. & Q. R R . and
Minneap . & St. L. R R . V. 75, p. 342. Rental equal to exp. & fixed chgs.
5“ J*montmy by lessees on wneelage basis. Stock auth.. $2,000,000’ out
M00.0OT; par. $ 1 0 0
Year ended Dec. .31 1918, gross, l l i ^ o i s f n e t to
P. & L „ $132,988. Year ended Dec. 31 1917, gross, $126,149; net, $64,493;
other income, $206,049; int., taxes, &c., $91,728; bal., sur., $178 814
Court decision as to^ownerslup, V. 102, p. 1346. Fed. M gr., J. E. Gor»
★ DETROIT BAY C IT Y & WESTERN R R .— Owns Bay C ity, M ich ., to
Port Huron, 102 miles. Stock, all out, $450,000. The 1st gold 5s ($1,250 000 auth. Issue) are redeemable at par prior to Oct. 1 1922, thereafter at 105
Annual compensation under Govt, contract executed in April 1919 $85 967*
V. 108. p. 1274. V. 108. p. 268.
'
*
Unls^ , ^ bonds. V. 95- P- 1273- Year ended June 30 1916 on 71 miles
gross, $209,067; net, after taxes. $84,332: int. on $658,000 bonds. $32,900:
bal., sur., $51,432. Pres.. Thomas L. Handy: V.-Pres.. C. W Handy’
7 r ? ^ ” G- 5V. Handy. Office. Bay City. Mich.; Federal M gr., F H
Alfred, Detroit, M ich.— (V. 107, p. 905; V. 108, p. 268, 1274.) h
★ DETROIT ORAND HAVEN Sc MILWAUKEE R Y .— Owns from De­
troit to Grand Haven, M ich., 189 miles. Charter decision Oct. 1916 V
107, p. 1669. Real estate bonds, &c., $226,000. Grand Trunk of Canafla
owns entire $1.500.000 stock. 1 st M.’ 6 s are payable at m a S y at 101
E A R N IN G S .— 8 mos., (1 9 1 9 ..Grass, $2,698,160; net (bef. cr $441 91S
Jan. 1 to Aug. 31.
U 918..G ross, 1,759,411;
taxes), def 158 854
«s?ws->C Kn,g Fune
.n
1916- gross, $3 242.210: net. $832,002; charges?
$831,482, bal., sur., $14,936. For cal. year 1917, gross $3 403 425net. after taxes, $211,713.— (V. 107, p. 1287, 1669; V. 108, p 2528). ’
i^rJ?«E ^ O IT HILLSADALE & SOUTHWESTERN R R .— Owns Ypsi7
lanti to Bankers M ich., 65 m. Leased in perpetuity in 1881 to L. S. St M
S. Ry. (now N. Y . Cent. R R .); rental, $54.000— 4% on stk.(V. 106. p. 601.)
★ DETROIT & MACKINAC RY.— Owns from Bay City, Mich., to Cheboy?,9?’ l 9 5 “ ’J Au Sable division ^formerly A. S. & N. W. R R .). 50 m.; Ro£«
City Branch. 3 - m., Prescott Branch. 12 m.; Lincoln Branch. 14 ra.; Au
m .^ ,rX anvfh.’
“ of, Alabaster Branch. 4 m.; Hillman division. Alpena to
Hillman. M ich., 23 m.; Rogers City Branch. 14 ra.: logging branches
(largely temporary), 27 m.; total. Dec. 31 1918. 379 m. In 1917 for.
eat products, 29.32% of traffic. Henry K. McHarg and associates control.

tr S ‘& ® ^ l^ d i r ? .1ibw! yearly durinB Federal contro1 (con*
f t o ^ a ^ n V o ^ i o ^ ^ ’ye0 5^ ’.0^ T ^ T ^ I n add^tlonTo^the
^
amounts shown above as outstanding. $450,0§0 "first lien" and $500 000
•mortgage ’ bonds were on April 1 1 9 1 9 held in treasury!
5500.000
nrPr?r^Sor?7]|.Si^i< n
?
i »prTf ' ’ 2 % JulY 1 1903; since to July 1919, 5% y ly .
?917 none“ kbo in July 191^ and I 9 T9 none7 (eXCePt ^
1915
July
E JanNI1Nt o A ^ 8 ^i°S" ^ l o i l ' - o 1,083, S1’034’379: net (bef’ df-S24,766
H F P nR T
V M r 3L J 1n 8 - ’i !ross' 1,016,062;
taxes),
cr.109,199
R E PO RT.— Year ended Dec. 31 1918. V. 109 d 1269
CaT' <r,G 7 S
i[r A
o
. i Tot- 1nc. Int.’ Rent.&c. Dies. Bal.,Sur.
.
.........dfS31 210 x$307,402 $177,056 $97,500 $32,846
} 9} Z ........... 287,650
92.300
97,500
97,850
^ i 6^ ^ ^ ^ 1 ’ 2 * 4 ’ 102* - . , ^ 0 ’ 6 3 6
403,113
99,036 147,500
56,577
S307*40^dard return’ 5310,644; other income (def.), $2,842, total income,
t P^ 5
sjden*' Henry K . M cnarg; Sec.-Treas., Jas. McNeil; Federal M gr.,
J. D. Hawks, Detroit.— (V. 109, p. 270, 1269.)
★ DETROIT RIVER TUNNEL CO.— Owns double-tube tunnel and np□roaches under the Detroit River, with terminals, all leased for 999 years
Michigan Central RR. Co. (N. Y. Central System)
which owns the entire $3,000,000 stock and guarantees, prin. & int., of the
bonds and 6 % on the stock. Of the $30,000,000 bonds, $ 1 2 ,0 0 0 ,0 0 0 are
reserved under restrictions for additions and improvements, interest rate
not to exceed 5 % .— (V. 98. p. 1814.)
★ DETROIT TOLEDO & IRONTON R R .— Road from Detroit. Mich , to
lronton, via Lima, 389 m .#Including 45 m. of trackage; branches King man

50

★G
overn en
m t

C n l.
o tro

A rlvate
P

C n l.
o tro

R A IL W A Y S T O C K S A N D B O N D S

RAILROAD COMPANIES
[For abbreviations. &c., see notes on first page]
Dover & Rockaway— Stock 6% rental 990 years-----Dub & Sioux C ity— See Illinois Central—
Duluth & Iron Range— First mortgage. - -Mp.zoAr
D uluth Missabe & N orthern— 1st Div First M tge.z
General mortgage gold s f . red 105----------------------- Nxo*
*
Duluth Rainy Lake & Winnipeg— See Dul Win A Pac.
Duluth So Sh & Atlantic— Marq H A On gen M-Ce.zo*
Duluth South Shore A Atlantlo 1st M g ..C e.xcA r
First consol mtge gold Interest guar— C e.zo'A r
Income certs held by Can Pao--------— ------- - z
Du Winn & Pac— 1st M deb stock guar by Can Nor Ry
Dul RL A Win 1st M exten’d gred 100 Joint guar.ICo*
Durham & So Car— 1st M $300,000 g red 105—MeBa -X
Durham Union Station— First M $75.000g --G .x o &r
Dutchess County RR— See Central New England Ry
East Broad Top RR— 1st M ext 1908 ......... ........
2d M Incomes---------------------------------------------_
Shade Gap 1st mortgage------- ---------------- - - - - -----c
East Carolina Ry— First mortgage $300,000 gold
'
East Mahanoy RR— S to ck ------------ . . . ------casi rcn nsyivam a— otuun u/o suoi a ^ j * ^ / V ri-----,
n First mtge gold guar p A 1 by P A R R R (end) kvo
East Tennessee Virginia & Georgia— See
East Tenn &W NoCar— 1st M g ( V 8 1 p 1723) OuP.zo’
Eastern Ry of Minnesota— See Great Northern

rVluUl U O ill t ill O uj
w uU
U
v ouv/t
h
o—
El Paso A Rock Isl 1st M $2.500,000g guar_.Eq.xo
a An additional M.JlU.ooo pieugeu uy
b Includes $57,000 in sinking fund Oct. 1919.

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend
and Maturity

o Oct
o Oot

1919 3%

[Vol. 109.

Places Where Interest and
Dividends are Payable
143 Liberty St New York

$100

$150,000

6

A

A

210 1887 1,000 &o
65 1892
1.000
361 1906

8.151.000
1,174,000
9,919.000

5
6 g
5g

A
J
J

&
A
A

1 1937
J Jan 1 1922
J Jan 1 1941

Company’s office. N Y

1,077,000
3.816.000
15.107.000
3,000.000
a7 .O il.324
2.000,000
1.000
b243.000
1.000
60,000
1.000 Ac

6
5g
4 ff
4

A A o Apr 1 1925
J A J Jan 1 1937
F A A Aug 1 1990
a
Matured
J A D June 1 1939
J A J Jan 1 1921
M A 8 July 1 1941
M A N May 1 1955

55 Wall St. New York
do
do
New York or London
Held by Canadian Pacific
London or Toronto
Chase NatBk.NY; & Chic
Merc Tr & Dep Co. Balt
Guaranty Trust Co. N Y

36
36 1888

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

500.000
464,400
92.500
300,000
497.750
2,126,900
495,000

4
4
4g
4g
5
6

36 1905

1,000

500,000

_
_

____

130 1885
604 1887
604 1890
1«Q2
1909
1906
42 1911
1905
50
50
10
38

1908
1908
1908
1906

357 1912
120 1916
165 1897
1901
31 1898
128 1901
133 1901

1,000
1,000
1,000

£1 &c £1.438.356
1.000 $2,420,000
1.000 3.000.000
1,792,000
1,000
1.000
322.000
1.000 2,500,000
1,000 3.000.000

4

5g
5 g
5 e

4 g

5g

Offloe Empire Bldg, N Y

405 Lafayette Bldg. Phil
do
do
do
do
J July 1 1958
Safe Dep A Tr Co. Balt
J July 1 1936
15 J’ue 151919 2H Reading Term. Phlla. Pa
do
do
J A J July 15 1919 3%
do
do
M A S Moh 1 1958
Guar Tr A S DCo. Phlla
M & N Nov 11935
J A
<
fc
J &
J A
J A D
J

J Jan 1 1958

J July 1 1958

F ft A10 Feb
4
4H g seinl-an Oct
6 g A A 0 Oct
5 g A A OOct
5 g A A O Apr
5 g .1 A J Jan
5
5 g J <o J July

10 1942
22 1944
1 1947
1 19ol
11928
1 1951
1 1951

Lloyds Bank, Ltd., Loud
Nat l Park Bank. N Y
Equitable Trust Co, N Y
do
do
do
do
do
do
do
do

V 105 p 1304

laoan bug iui uuu uvoi I / ui uosu ui
o
voiuouvo.
«1 1 *1 “
Inc!, bonds In sinking fund) retires by lot at 105. Dec. 31 1917 S2.476.000
n sinking fund. V. 88, p. 822: V. 98. p 1 6 0 3 , 1844.
DIVIDEN DS paid fiscal years ending Juno 30: 1912, 100%; 1913, 85%;
1914, 75% ; 1915. 10%; 1915-16, 75%: 1916, 100%: 1917. 50%.
RE PO RT.— For calendar year 1917. in V. 107, p. 76:
„ ,
Cal.
Gross
Net, after
Other
Interest.
Dividends
Balance,
Years. Earnings.
Taxes.
Income.
Ac.
Paid.
Surplus.
1917..$15,306,600 $5,727,001 $299,066 $1,215,112 $2,050,250 $2,754,705
1916.. 14,389,278 7.823,688 209,590 1,171,115 4,112,500 2,749,669
F. E. House Is Fed. M gr., under U. S. G ovt.. Duluth.— (V. 107, p. 2097.)
A DULUTH & NORTHERN MINNESOTA R R .— Knife River, Minn, to
Meredith, 80 miles, and extension Mile Post 87 to Mile Post 99, 12 miles.
Capitalization at last accounts, $1,000,000 capital stock. In $100 shares; no
bonds. Pros., B. W . Arnold, Albany; Treas., Russell A. Alger, Detroit.
★ DULUTH SOUTH SHORE & ATLANTIC R Y .— Oporatos Superior to
Sault Ste. Marie. 410 miles; “ Soo" Junction to St. Ignace. 43 miles: other,
170 miles: total, 623 miles. Including 26 miles of trackage and 596 ownod.
“ STANDARD R E TU R N ,” &c.— See page 5.
CAPITAL STOCK.—Common, $12,000,000: pref. 6% non-oum., $10.000.1)00: oar. both $100. Can. Pao. Dec3119l8owned $6,100,000 com. and
$5,100,000 pref. stock.
BONDS, Ac.— Abstract first mortgage. V. 45, p. 274.
The First Consolidated mortgage of 1890 has Interest at 4% , guaranteed
oy Can. Pao., which Dec.31 I918held the entire outstanding Issue ($15,107.­
000) In Its treasury as security for Its 4% debenture stock; consols for $4.­
393 000 are reserved for orlor bonds, and additional amounts may be Issued
at $20,000 per mile of new lines. Canadian Pacific Ry. Doc. 31 1918 hold
$15,107,000 consols, $3,000,000 overdue income certificates.
E A R N I N G S . — 8 m os.,/1919-.Gross, $3,054,726;
not (before $221,722
Jan. 1 to Aug. 31.
\1918-.Gross, 3,116,975;
taxes),
342,038
R EPO RT.— For cal. year 1918, V. 109, p. 67 fx Federal compensation):
year—
Gross.
Opir.Inc. Fed Comp. Oth Inc, Charges.
Balance.
1 9 1 8 ......... $4,824,186 $3l7,242x$594,637 $28,736 $1,040,504 def.$417,131
1 9 1 7 _____ 4,316,294
619,753 --------------------- Not available------------- -------1916-17 . . 4,074,693 827,379
______ 890,197 1,059,672 dof. 169,476
1915-16 . . 3,506,792 772,614
--------- 831,293
971,612 dcf. 140,320
x Represents income from lease of road.
Pres., Edward Pennington; Sec., W . H. Peck. Fed. M gr. under U. 8.
G ovt.. G. R. Huntington. Minneapolis: Fed. Treas., W. J. Ellison, Mar­
quette, M ich.— (V. 106, p. 2756; V. 107. p. 1100, 1481; V. 108, p. 2629;
V. 109, P- 67, 1891.)
Toledo R y. A Term. Co.. Ac.. 31 m.; total track, 101.6 m. V 78. p. 2598. A DULUTH W INN IP EG & PACIFIC R Y .— Owns entire $2,000,000 stook
5f Duluth Rainy Lake & Winnipeg R y., Virginia. Minn., north to the Cana­
“ STANDARD R E T U R N ,” &c.— See page 5.
nn
The Grand Trunk Western R y. and the Toledo St. Louis & Western RR. dian Northern at International Falls, 98 miles. Capital stock auth.,
own the entire $1,428,000 stock and Jointly guarantee the bonds,^principal $6 000.000; par, $100. Controlled by Canadian Northern Uy., V. 98, p.
and interest, by endorsement. See form of guaranty, V. 76 p. 653. t irst 1601; V. 102, p. 152.
dividend, 4% . paid from earnings prior to June 30 1908. in flsoal year
SECURITIES.— The first mtge. 4% deb. stook of 1910 Is guar., p. & L. by
the Canadian Northern R y. Of the $10,500,000 auth. Issue, £1,473.353
1908-09. 0 % , and in 1909-10. 1910-11. 1911-12. 1912-13 and 1913-14. 8% .
and In 1913-14 $630,000. from accumulated surplus paid in ls .M . 4s). has been sold, $1,525,000 was Issued to retire existing securities, $2.­
000 000 is reserved to retire the Duluth Rainy Lake & Winnipeg bonds (ex­
1914-15,8% and 6% extra; 1916. 8% ; 1917-18.-(8%)
EARN INGS.— 12 mos.,/1918__Gross, $1,999,026; net (before $901,720 tended In 1910 to 1921), the remaining bonds to be available for further ex­
tensions, &c. On payment of D. R L. & W, bonds In 1921 Its property
Jan. 1 to Dec. 31.
11917__Gross. 1.827.430;
taxes),
949,17.
For 8 m o n t h s — Jan. 1 t o (19 1 9 . - G r o s s , $1,550,571; n e t ( b e f r o e
,118 will be transferred to the company, so that the debenture stock will become
Aug. 31.
\ 1 9 1 8 --G r o s s .
1,269,316;
tax ^ ),
537.826 a first charge on 173 miles, the D. R. L. & W. stock In the meantime being
Year ended Dec. 31 1917, gross. $1,827,430; net income. *^53.521: other vested with the trustees, the National Trust Co. of Toronto and the Brltlsn
ncome. $17,115; interest, rentals, &c., $578,750: dlvs. (8 % ). $177,646, bal., Empire Trust Co. V. 102. p. 152: V. 90. p. 1490; V. 91. p. 154. 1322.
The $2,000,000 Dul. Rainy Lake & W. bonds were extended In 1916
sur. $177,646. Pres., W a l t e r L. Ross; F e d . M gr., B. C. S t e n e n s o n ,
tn Tan. 1 1921 (callable at par & Int.) with the unconditional guaranty of
T o l e d o , O . — ( Y . 106, p . 2450, 2648; V . 108, p . 1938.)
and Can. Nor.
p.
DOVER & ROCKAW AY RR. (N. J .).— Total, 5.12 miles. Operated Drln and Int. of Dul. Winn. & Pac. to secure demandV. 102,from152.
v In Dec. 1917 made a mortgage
loan
Canadian
under lease by Central R R . o f New Jersey.
Government. V. 105. p. 2364.
★ DULUTH & IRON RANOE R R .— Owns Duluth to W
h
•
:
EARNINGS.— 12 m os.,ll918._G ross, $1,712,066; net (before $226,674
120.12 m.; Tower Jet. to Tower, 1.40 m.; Allen Jet. to Virginia, 24.48 m .,
Jan 1 t,o Dec. 31.
\1917-_Gross, 2,026,109; taxes),
496,736
McKinley to Eveleth, 9.05 m.; Waldo to WInton. 15 m .; Meaaba. to
Dunka River, 17.21 m .; Robinson to Bumtside Lake, 3.16 m ., mam — (V. 105, p. 2365.)
branches, 3.02 m.; branches and spurs, 90.36 m.; trackage to Union Depot. a DURHAM & SOUTH CAROLINA R R .— Durham. N. O.. south 42
Duluth. 0.80 m.; total, 284.60 miles. Second track and sidings. 255.86 m. miles to Duncan on Norfolk & Southern. Stock. *500 000: par. $100.
Bonds, see table. Year 1918. gross, $183,160 net. $88,602; Int. on bond*.
Owns ore docks and yards on Lake Superior costing over 11,500,000.
$15,000; surplus. $73,602. Pres.. Ernest Williams; Aud., R . S. Harris.
"ST A N D A R D R E T U R N ," &c.— See page 5.
Lynchburg. Va.— (V. 106, p. 189.)
STOCK, &c.— StCck, auth.. $10,000,000: out.. $6,500,000. Federal
Durham to Dunn.
m .’
Steel Co. (see U. S. Steel Corp.) owns the stock. First M tge.. authorized, ± umhiPH A MK &tSOUTHERN R Y .— East u t ^ l j ^ ^ . 0 0 0 ^ N. oO .,» 57 %1.D
a m to
*
ha
8
:_ u ..
$25,000 per mile for construction and $7,000 for equipment. Dividends oknr 000- nar $100D u rIn m . T mgross, t ^ „ *
1918,
$345,094; net, from
operations,
since 1904: 1905 . 65%; 1906, 40% ; 1907. 80%: 1908, 80% : 1 9 0 9 . 145%; in $112 439? taxes (incl. war). $29,122: other income (def ) railway net !ncome,
*8.220;
fiscal year 1909-10. 100%; 1910-11, 135%; 1911-12 and 1912-13. 90% ;
not» nivs of 24° r were puld in 1910“ llt m ij l i - u , z\ /o% l 'j i j - u ,
7,
in
1913-14. 75% ; 1914-15. 20% ; 1915-16. 50%: 1916, 25% ; 1917. 12%.
14%: in 1913-14.11%; 1915. f M % ; 1916. 7% ; 1917, 8% ; 1918 none (since
E A R N IN G S — 12 mos.,/1918._Gross, $8,978,930; net (after $4,234,188
Jan. 1 to Dec. 31.
\1917--Gross, 7,371.399; taxes).
2.953.315
^Federal Compensation.— $ 1 3 4 ,2 2 2 yrarly dicing Federal TOntroL
For 8 months— Jan. 1 to/1919-.G ross, $5,688,113; net (bef.) $2,768,142
Pros., B. Duke, N. Y.; Sec.. W . C . Barker, N. Y. Fed. Mgr. W . J.
Aug. 31.
\1918--Gross, 6,061,026; taxes), 2,972.291
Harahan, Norfolk, Va. Offico, Durham, N. C .— (V. 109, p. 577.)
R E PO R T .— For year ending Dec. 31 1917, V. 107. p. 170:
Surplus. . n iiiiiiJ M UNION STATION CO.— Owns passenger station at Durham,
Cal Yr Gross.
Net.
Oth.Inc. Int., Ac. Dividends.
1917 $7,182,616 $2,301,354 $197,617 $755,862 (12)$780.000 $963,109 * ^ T .o e n e d May 1 1905 and used by the Southern By.. Seaboard Air Line
1,017,711
Norfolk & Western Ry and Durham & Southern, which each own one1916
7 015.736 3.158,538 225.843 741,670 (25)1.625,000 i ,u u , m »
Fed' M gr. under U. S. G ovt., F. E. House. Duluth.— (V. 107, p. 2097.) fourth of $33,300 stock. Lease provldesfor rentolby .^everaUlnes sa Relent
u . Mackay.
★ DULUTH MISSABE & NORTHERN R Y .— Owns from Stony Brook to to pay Int. and other charges. Pres., H. W . Miller, Bee..
Mountain Iron, M inn., 48.32 m.; Missabe Jet. to Columbia Jet . 29.34 m.;
with numerous branches; total o f all track owned about 720 miles. Also
leases from Spirit Lake Transfer R y. (V. 104, p. 664) and Interstate ttocliy Ridge to Kvaneton. Fa.. 4.93 m o Oolea W M ld rid lw . 2.M m., tola ■
A enal mad nnened In 1874. V. 97. p. 1063. 1822. Stock.
Transfer R y 24.96 miles, with 2.10 miles branches and spurs and 14.38 Krwvi m
miles vard tracks and siding. Owns extensive ore docks at Duluth. Entlro I938L700 (par $50). of which $240,000 Is 6% ~
Second m tg^
$4,112,500 stock controlled by U. S. Steel Corporation.
bonds *404.400. due
“
otSSSTS“ STANDARD R E T U R N ,” &c.— See page 5.
corne. $19,723; Interest,'* 12,270; pref. dlvs.
414.^05; com. d l v s ( 0 ^ .
BONDS__Of the Gen. 5s of 1906, bonds are reserved to retire the under­
lying bonds; additional bonds may be issued at not over $30,000 per mile tot Ofn’c ^^io^LafayetB? Bldg?, PM
to*.—
p' ^67^,^676. ? 2 7 2 . ^ ^
additional single main track and $20,000 for second, third and fourth main

to Sedalia. O.. 31 m.; Jackson to Cornelia. 19 m^. and I lamaD ^ct. toD ean.
0 ., 3 m . ; total. 441m .; coal mine tracks, sidings.
15* m ll« . Incorp.
In Del a. Mar. 1 1914 as successor, per plan V. 97. P -182J. o ft a e Rolftcot
foreclosed. Toledo & Detroit R R ., Toledo, O., to Dundee, 22 miles.
V . 103, p. 60.
,
A
, . ,
Jb-cj__The Issue under the first mortgage Is not limited, out
$1 000 000’ thereof will bo disposed of solely to rehabilitate the property
and provide for equipment and payment o f «a u,R™e“ * J f . f t . ®n
tlonal SI 000,000 solely for Improvements and additional facilities. Fur­
ther 1st M . bonds may only be issued thereafter from time to time, under
carefiillv guarded restrictions, for improvements, &c.— . 102, p. 2341.
-V
Adjustment Mortgage Bonds ($8,000,000 authorized) .— Entitled to lQle_fest, payable semi-annually, at such rate, not exceeding 5 % per annum .a s
tne surplus or the net income as defined in the mortgage shall sufficet to pay.
The Interest will be cumulative: from Jan. 1
^rh«v° are calf
o f foreclosure until maturity o f the principal o f the bonds . They are can
able as a whole with Interest as follows: At 70% during/frrt year,.at 75%
In 2d year, at 80%Jn 3d year, at 85% in 4th year, at 90% in 5th year and
at par thereafter. Until the full 5% Int. shall have been paid for’ 2 successive
vears and at least for 5 years from date of the mortgage, the holders have
the right to cast one vote for each $100 at all
^4fin°oo0°bonds
The T ^ed o & Detroit R R . (purchased Jan. 2 1918) had $460,000 bonds
outstanding.
“ STAN D ARD R E T U R N .” &c.— See page 5.
EARN INGS.— 8 m os.,/1919—Gross, $2,378,809; net (bef. def.S364.760
Jan. 1 to Dec. 31. \1918—Gross, 2.012.403; taxes), def.272,431
__
RE PO RT.— For years ending Dec. 31.
Calendar
Gross
Net
Standard
Interest, Balance,
Years—
Earnings. Earnings. Return.
Taxes. Rents, cfee. S ur-orD cf.
19 18--___ $3,413,341 df.$382,548 $225,895 S4.054 - - - - - - - def.$15,845
1Q17
2 640 122
116,020 _______
96,000 130,118 def.150,098
2916.......... 2:325!278
552:694 ________ 75,467 141,388 sur.335,810
“ Int., rents, taxes. & c „ ” include In 1916-17 Interest on bonds. &c..
taxes. SS4.000, and rentals. &c.. charges, 5 6 0 ,012- ,
★ j . A .’ Gordon is General Manager under U. s - C t-;. De,trP t , „ r l C
*ov
^H
Federal M gr., E. M . Costln. Cincinnati, 9-.
directors are as
follows; Frederick Osborn, N. Y . (Pres.), AVilliam Church Osborn, N. .
(V -Pres.), Otto T . Bannard, Sidney C. Borg, Frederick H. Ecker,, H. W.




N o v , 1919.] * g x s r "

APrivate
Control.

R A IL W A Y ST O C K S A N D B O N D S

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

Miles Date
Road Bonds

El P a so S o u th w e s te r n C o— Stk (auth $35,000,000)
El P a so & S W R R — 1st & R e f M g $25,000 p m ___F
E l l P a s o Union Pass Depot— 1st M g $240,000 sf.E q .i
Elgin Joliet & Eastern— 1st M ($10,000,000) g-C ex .C
E lk in & A lle g h a n y — 1st M gold red 107>4-Ba.x*<
1st & R ef M $3,750,000 gold .................... . . . . C o l

Elmira & W illiam sport— Stook com 5 % r e n t a l...
Income bonds 999 years to run________________ zo*
Erie & Kalamazoo (leased) stock Toledo to Palmyra
Erie & Pittsburgh— Stook 7% rental 999 yrs Penn Co
Special guaranteed betterment stook $2,500,000
General mtge (now 1st) $4,500,000 gold guar.Un.k
Erie Railroad—Common stook $153,000,000 auth . .
Second pref stook 4 % non-cum redeemable at par
First pref stock 4% non-oum redeemable at par *
A—Old Bonds Assumed— Roads Consolidated”
NY A Erie 1st M Plerm to Dun ext 1897 gold xo*
Second mortgage (ext In 1819) gold call 110. zo*
Third mortgage (extended In 1883) gold
zo*
Fourth mortgage (extended In 1880) gold' ” zc*
Fifth mortgage (extended In 1888) gold_____xc*
Erie Ry 1st M Buff Br Hornellsv to Attica gold'zc*
First consol mtge $30,000,000 gold $ or £ F zo*
N Y L B * West First Consol mortgage gold
zo*
Buff AS W 1st M gold ext 1918 at 6% red 105 g7xo*
Newburg & N Y 1st M gold extended in 1889
vo*
Ch A Erie 1st M g (Marion O to Ham’d Ind) .Ce zo*
Erie & Jersey 1st M g s f red text_______ G.c*’ r*
&
Genesee River 1st M gold s fd red text____Q.c*&r*
Chicago & Atlantic Term 1st M ext 1918 gold-.CezB— Erie Railroad Company Bdnds
2nd mtge on Buff & S W gold ext 1918______ Q.xo*
First Consol Mtge of 1895, securing—
(1) Prior lien bonds $35,000,000 gold__F.xo* Ar
(2) General lien $140,000,000 gold____F.xo*Ar

____
458
2 .8 1
181
. . .
34
73
73
73
____
22
83
83
83
____

447
447
447
475
475
60
526
526
67
12
250
39
32

Par , Amount
Value Outstanding

______

Rate

When
Payable

%

$ 1 0 0 $ 2 5 ,0 0 0 ,0 0 0 8 In 1 9 1 8
1 .0 0 0
5 .0 5 5 ,0 0 0
5 g
1 ,0 0 0
1 9 2 .0 0 0
5 g
1 ,0 0 0
1 0 ,0 0 0 ,0 0 0
5 g
1 .0 0 0
1 9 2 .0 0 0
6 g
4 0 0 .0 0 0
6 g
8 0 .0 0 0
1 ,0 0 0
5 0 0 ,0 0 0
5 g
50
5 0 0 ,0 0 0
5
50
5 0 0 ,0 0 0
7
1 ,0 0 0
9 6 3 ,0 0 0
4
500
5 7 0 ,0 0 0
5
50
3 0 0 ,0 0 0
Text
50
2 ,0 0 0 .0 0 0
7
50
1 .7 2 3 .8 0 0
7
1 ,0 0 0
3 ,8 5 3 .0 0 0
3J4 g
1 0 0 1 1 2 .3 7 8 ,9 0 0
100
1 6 ,0 0 0 ,0 0 0
100
4 7 ,8 9 2 .4 0 0

1903
1905
1891
1911
1914
1911
1884
_____
_____
1860
1863

____
____
_____
1890
____ _

Q — M
J
&
J
fc
M
&
A
.1
M
&

J
J
N
J
N

J
M
J
J
A
F

Last Dividend
and Maturity
S e p t3 0 1919 2 %
Jan 1 1923
J a n 1 1 9 2 0 -1 9 3 5
M a y 1 1941
J u ly 1 1941
M a y 1 1944

J u ly 1 1 9 2 4
See te x t
See te x t
Jan 1 1950
O ct 1 2862
S ee te x t
M
Ci
D e c 10 ’ 19
M
Cl
D e c 19 ’ 19
J
&
J J u ly 1 1 9 4 0

Farm L & T r C o , N Y
Equitable Trust C o , N Y
71 B roadw ay, New Y o r k

Treas P a R R .P h ila& N Y
Broad St Station, Phila
do
do
do
do
do
do •
L incoln N at B ank. N Y
A m e rE x ch N a tB a n k .N Y
do
do
Penn R R A gent, Phila

1M

2%

J P Morgan & Co, N Y
do
do

1 1947
1 1919
1 1923
1 1920
1 1928
1 1931
1 1920
1 1920
1928 (te x t)
1 1929
1 1982
1 1955
1 1957
1 9 2 8 (te x t)

do
do
5o Church St, N ew Y ork
J P M organ & C o , N Y
do
do
do
do
do
do
do
do
da
do
do
do
do
do
do
do
50 Church S t, N ew Y ork
do
do
do
do
50 Church S t. New York

A n r ll 1 9 0 7

1847
1849
1853
1857
1858
1861
1870
1878
1877
1868
1890
1905
1907
1888

1 .0 0 0
1 ,0 0 0
1 .0 0 0
1 .0 0 0
500 &o
200 &o
1 ,0 0 0
500 &o
50 &o
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 ,0 0 0 & c
1 ,0 0 0

1895

1 .0 0 0

1 ,0 0 0 .0 0 0

5 g

J

A

J J u ly 1 9 2 8 (te x t)

1895
1895

67

Places Where Interest a n d
Dividends are Payable

J
N
J
J
O
A

A
&
&
&
&
Sc

1 ,0 0 0
3 5 ,0 0 0 ,0 0 0
1 ,0 0 0 r 3 5 .8 8 5 ,0 0 0

4 g
4 g

,T
J

A
A

J Jan
J Jan

2 .4 8 2 .0 0 0
4 g
2 .1 4 9 .0 0 0
5 g
4 .6 1 7 ,0 0 0
4H
2 ,9 2 6 .0 0 0
5 g
7 0 9 .5 0 0
4 g
1 8 2 ,4 0 0
4 g
1 6 .8 9 1 .0 0 0
7 g
3 .6 9 9 ,5 0 0
7 g
1 ,5 0 0 .0 0 0 ( 5 ) 6 g
2 5 0 ,0 0 0
5 g
1 2 ,0 0 0 .0 0 0
5 g
7 ,3 2 7 ,0 0 0
6 g
5 ,9 4 1 ,0 0 0
6 g
3 0 0 ,0 0 0
5 g

M
M
g M
A
J
J
M
M
J
J
M
J
J
J

A
A
A
A
A
A
A
A
A
A
&
A
&

N
S
S
O
n
j
s
s
,T
J
N

M ay
S ept
M oh
O ot
June
J u ly
Sept
S ept
J u ly
Jan
M ay
.1 J u l y
J J u ly
J J u ly

51

1 1998
1 1993

do

do

:

A EAST CAROLINA RY.— Owns Tarboro to Hookerton. N. C„ 38 miles.
Incorporated In North Carolina July 1 1898. Leased to Pres Henry C.
Bridgers for 4% yearly on stock, payable Dec. 10. In Jan. 1919 short
line contract with U. S. Govt, was signed. V. 108, p. 480. Stock auth
$200,000; outstanding June 30 1916. $55,500; par, $100. Bonds, see table
aWve. For year ending June 30 1916, gross, $70,553: net, $18,715; other
Income, $6,655; int., &c., $25,371; balance, none. Pres Treas & Gen
M gr..HenryC. Bridgers; Sec., Haywood P. Foxhall. Office, Toronto.—
(V. 108, p. 480.)
★ EAST MAHANOY RR.— Owns from East Mahanoy Junction to St.
Nloholas and branches. 11.35 m.; 2d track. 4.26 m.: total track 20 97 m
Re-leased Deo. 1 1896 for 999 years to Little Schuylkill Nav RR & Coal Co*
at',5% on stock, and lease assigned to Phila. A Read.Ry Of'the stock $280 0 0 0 was deposited by Read. Co. under its general mortgage.__V. 1 0 6 ,’p .923
★ EAST PENNSYLVANIA RR.— Owns Reading. Pa to Allentown Pa
35.77 miles; miles 2d main track. 34.64; all track,10121 m Leased for 999
years from May 1 1869 to the Phila. & Reading RR^at a rental of 6% pe?
add* on the stock S Int. on Donas S taxes. Lgusg Assumed In 1R A bv the
c
c
Q
r
oi
lk*
Ins Co.& w a 31 *?oiea¥iC? 7 i 2£iH£.!?0® S l ; 2 ^ under gen. mtge. of M Doc. < 1918* $l»271t4o0 being deposited 3 M w « owned b y 1897
W

K

e m

f f i S o n

W

C ttyfllX f!. ^ C r w b e ^ y ,°N‘ c A3
^

W

hlrdraU-

Coa^

“ tlso J^h^

A

G e n . M g r . u n d e r IT . S . G o v t . , A . E . S w e e t , E l P a s o , T e x . — ( V . 1 0 3
1 7 0 5 ; V . 1 0 1 , p . 2 8 7 ; V . 1 0 7 , p . 8 2 , 4 9 8 , 1 0 0 3 .)

n

★ E L P A S O jU N I O N P A S S E N G E R ^ D E P O T C O .— O w n s d e p o t a t E l P a s o
T e x ., w h ic h w a s c o m p le t e d a b o u t N o v . 1 1 9 0 5 .
L eased b y E l P a so N o rth ­
e a s t e r n , E l P a s o S o u t h w e s t e r n , G a lv e s t o n H a r r is b u r g & S a n A n t o n io (S o u
P a c . S y s .) . A t c h . T o p . & S a n ta F e . T e x a s & P a c . a n a M e x . C e n t , r a ilr o a d s
o n a w h e e la g e b a s is p r o v id in g fo r m a in t e n a n c e a n d a ll c h a r g e s .
S tock
a u t h .,
$ 2 4 0 ,0 0 0 ; o u t s t a n d i n g ,
$ 8 8 ,8 0 0 .
O w ned
e q u a lly
b y s ix r o a d s
nam ed.
O f b o n d s (s e e t a b le a b o v e ) , $ 1 2 ,0 0 0 m a t u r e J a n . 1 y e a r l v . b e g i n ­
n in g 1 9 1 6 .
V . 7 8 , p . 104: V . 8 1 , p .1 0 4 3 .
P r e s ., H . J . S im m o n s ; V .- P r e s
O . K . D u n la p ; S e c ., V . R . S tile s ; T r e a s ., U . S . S t e w a r t ; F e d . M g r . u n d e r
U . S . G o v t . , A . E . S w e e t .— ( V . 1 0 7 , p . 1 2 8 7 .)
★ E L G I N J O L I E T & E A S T E R N R Y . — O w n s f r o m W a u k e g a n . 111., o n L a k e
M i c h i g a n , v i a J o li e t , t o P o r t e r , I n d . , 1 2 9 .9 5 m il e s , a n d b r a n c h e s ; m a in l i n e
o w n e d , 1 9 4 .9 6 m .; s p u r s t o c o a l m in e s , & c ., 4 2 .0 6 m .; t r a c k a g e , 2 4 4 .2 3 m •
2 d t r a c k , 4 1 .6 5 m ile s ; s id e a n d y a r d t r a c k s o w n e d , 1 8 0 .4 3 m ile s - t o t a l ’
7 0 3 .3 3 m ile s .
A l s o le a s e s C h i c . L . S . & E a s t ., 1 6 .1 4 m ile s , w i t h ’ 3 1 0 5 1
m ile s b r a n c h e s a n d s p u r s a n d 1 4 .8 7 m il e s 2 d t r a c k , a n d 1 4 3 .8 5 y a r d t r a c k s
a n d s id in g s , fo r 6 0 y e a r s f r o m J u n e 1 1 9 0 9 , a n d , w ith t h e U . S . S te e l C o m
g u a r , i t s $ 9 , 0 0 0 , 0 0 0 4 > * % b o n d s , p . & 1. V . 8 9 . p . 1 4 1 0 . C o n t r o l l e d b y
U.
S . S teel C o r p o r a tio n .
. , S J 0 9 S - 7 7 $ 1 9 - 0P ° - 0 0 ( ) - ,a s I n c r e a s e d f r o m $ 6 , 0 0 0 , 0 0 0 i n J u n e 1 9 0 9 ; p a r
$100.
D i v i d e n d , 4 % y e a r l y (In D e c . ) in 1 8 9 9 t o 1 9 1 7 .
p

E A R N I N G S . - i ^ m o s . J l O l S . G r o s s . $ 2 0 ,6 8 5 ,0 4 9 ; n e t (b e r . $ 5 ,8 9 9 ,7 7 2
« w°.ap, m
S5, $ % pald ! ° ce 1908-09; In 1913-14
Jan . 1 to D e c. 31.
\ 1 9 1 7 .G r o s s ,
1 5 ,8 1 6 ,4 7 3 ;
ta x e s ),
4 818 753
8% : 1910-11. 9% & 10% extra: 1911-12, none; 8 1912-13. 18%: 1909-10
D ec . 31
C ross
N e t, a fter
O th er
In ter es t.
D iv id e n d s B a la n c e
17%; 1914-15. 1 5X % : 1915-16, 13H % ; 1917. 4%
F o r y e a r e n d in g
. „ Y ear—
E a r n in g s .
T a xes.
In com e.
R en ts. & c .
(4 % )
S u r p lu s
Dec. 31 1916, gross, $271,162; net, $129,757; other income $7 69F interest
&c., $43,976; dlv. (12 H % ), $61,350; sur., $32,122. For 19 17 ctoss $288 1 1 9 1 7 ---------$ 1 5 , 8 1 6 , 4 7 3 $ 4 , 1 9 9 , 6 6 3 $ 2 1 4 , 8 2 4 $ 3 , 5 8 8 , 7 4 6 $ 4 0 0 0 0 0 $ 4 2 5 7 4 2
404; net, aft. taxos, $90,353. Pres., F.P. Howe, Johnson C ity_■
,(v.96*p 269*) i e i S - — . 1 4 . 1 3 8 . 3 2 3 4 . 7 3 1 . 9 7 1 1 9 9 , 5 3 9 4 . 1 9 4 : 7 0 5 lo O .O O O 3 3 6 : 8 0 5
P r e s ., A . F . B a n k s ; G e n e r a l M g r . u n d e r U . S . G o v t ., S . M . R o g e r s
EDMONTON DUNVEQAN & BRITISH COLUMBIA RY — From C h i c a g o ; F e d e r a l T r e a s . , F . L . K o o n t z . ( V . 1 0 7 , p . 6 9 6 , 1 0 0 3 , 1 1 9 2 . ) ’
Edmonton, Alberta, through Dun vegan to the western boundary of the
A E L K I N &. A L L E p H A N Y R Y . — C o n s t r u c t e d b y t h e S t a t e o f N o r t h C a r o ­
Province at Spirit River, 357 miles, was placed in operation in Nov 1916
togethor with linos from Spirit River to Grand Prairie 55 ndlM Ind the l i n a f r o m E l k i n , N . O . , t o V e n e e r , 1 5 m i l e s . C . B . P e n n e y a n d M W
T h o m s o n w e r e m a d e r e c e i v e r s in D e c . 1 9 1 5 .
F o r e c lo s u r e s a le o r d e r e d '
Central Canada Iiy (V. 10(T p.1436). Wlnagaml to Peace RIy“ . 48 “ miles
8 t o c k o u t s t a n d i n g . $ 4 3 6 ,4 0 0 ; p a r , $ 1 0 0 .— ( V . 1 0 5 . p . 1 5 2 2 .)
a *
Carbondale, Alberta, northward to Lac la Biche Alberta 113 2 miles
V. 102, d . 975.
The 30-year 4% debenture stock (at present Urn-' ★ E L M I R A s LAKE O N T A R I O R R . — O w n s f r o m C a n a n d a i g u a , N . Y t o
itod to $7,000,000, at $20,000 per mile, on said 350 m.). Is guaranteed min
C h e m u n g J e t ., 6 4 .1 9 m .; S o d u s P o in t t o S t a n le y , 3 4 .0 6 m .- o t h e r
1 4 7 ___
& int., by the Province of Alberta The $2,420,000 1st M 4 ^ s of’ l916
t o t a l , 9 9 .7 2 m .
L e a s e d t o t h e N o r t h e r n C e n t r a l, w h ic h o w n s 'a l l t h e
with same guaranty, cover 120 miles of extensions. V 103 n Q3S Soa $ 1 , 5 0 0 , 0 0 0 s t o c k . P e n n . R R . a s s u m e d l e a s e i n 1 9 1 4 . L e a s e m a v b e t p r m i
7
t e r m iV. 95. p. 1273; V 96. p 419 1422 Pres., J. D. McArthur of Winnipeg^ n a t e d o n 3 0 d a y s ’ n o t i c e . R e n t a l , n e t e a r n i n g s !
V.-Pres.t M. Bailey.— (V. 109, p. 270.)
C a l. Y e a r —
G ross.
N e t.
In t., &c.
D eficit.
1 9 1 8 --------------------- ------------------o p e r . i n c . $ 9 ,9 4 6
$240,751
E PASO & NORTHEASTERN CO.— Owns the El Paso A Northeastern 1 9 1 7 ----------------------- $ 1 , 5 6 0 , 0 5 8 o p e r . I n c . $ 7 6 8
L
$230,625
$240,755
RR. and Ry. from El Paso, Tex., to Corrlzosa. N. M
144 miles with
$239,755
o p e r . I n c . 3 0 .7 7 1
lo u . , 10
211.186
branches, 26 m.; controls and operates El Paso & Rock island Ry Carri- 1 9 1 6 ----------------------- 1 , 3 5 5 , 4 9 2
180,416
gosa to Santa Rosa, 128 m.; Alamagordo & Sacramento Mtn Ry Alama- ★ E L M I R A & W I L L I A M S P O R T R R . — O w n s f r o m W i l l l a m s D o r t P a ' t o
xordo ,N. M .. to Russia. 31 ra.: Dawson Ry.. Dawson to Tucumcari N M .
E lm ir a , N . Y . , 7 3 .4 9 m ile s .
L e a se d to th e N o rth e rn C en tra l R y
fo r ’ 999
132 m.; total, 461 miles. Name changed from New Mexico Rv & Coal Co
yea rs fr o m M a y 1 1 8 6 3 .
L e a s e w a s a s s u m e d in 1 9 1 4 b y P e n n
H R
C a ns
in 1905. Operated as eastern division of El Paso & Southwestern C o m p a n y , o f J a n . 1 1 9 1 1 . T h e d i v s . o n t h e c o m m o n s t o c k a r e 5 % a n d o n t h e p r e f
which also owns Burro Mtn. RR. Jet. to Tyrone, N M 13 m See below
The Dawson Ry. & Coal Co., stock $100,000. has "issued $3,000,000
collateral trust bonds, which are guaranteed, principal and Interest, and are
secured by the stook and bonds ($3,000,000 each) ofthe DawsonRv and
d “ lu c “ 0 “ ■'
those of the Dawson Fuel Co. ($1,000,000 each), the iatter (wnlne about
25.000 acres of coal, mineral and timber lands, being soldln 1905 t o t he
I ™ ™ ! 1*
’ V . C M tm i
Stag Canon Fuel Co. V. 73. p. 900; V. 74. p. 776; V. 87. P.1604.1536
STOCK.— Stock. $12,000,000. Owned by El Paso Sc Southwestern Co.
P0r * ° n; 1917BONDS.— The New Mexloo Ry. A Coal Co. ooll. trust 5s o f 18Q7 are
P IT T S B U R G H
— O w n s N e w C a s tle , P a ., t o G ir a r d , P a
secured by the stock and bonds of El Paso & N. E. Ry o f New Mex f $ 2 - 7 9 . 5 6 m i l e s ; b r a n c h t o E r i e d o c k 3 , 3 . 4 1 m . ; t r a c k a g e t o E r i e . 1 6 . 7 4 m .| t o t a l
700.000 of each), the stook of the El Paso A N. E. RR of Texas *300 000 o p e r a t e d . 9 9 . 7 1 m i l e s . L e a s e d t o P e n n . R R . f o r 9 9 9 y e a r s I n 1 8 7 0 a t 7 %
(no bonds Issued), and all the stock ($100,000) and all'the bonds ($1 500 - o n s t o c k a n d I n t e r e s t o n b o n d s a n d s i n c e J a n . 1 1 9 1 8 o p e r a t e d d i r e c t l y b v
000) of the New Mexico Fuel Co the latter covering 8.500 S c ^ K i l
t.
U n d e r a g r e e m e n t o f N o v . 1 1 9 0 5 th e P e n n . R R . p r o v id e s s in k in g fu n d
lands. V 74, p. 770. Tne other Issues are guaranteed
I n s ta llm e n ts r e q u ir e d b y t h e g e n . m t g e ., t h e E . & P . t o d e liv e r Its 3 4 4 %
New York office. 99 John St.— (V. 87. p. 1605.)
’
d e b e n tu r e s a t p a r fo r s u c h a d v a n c e s a n d a t m a tu r ity o f th e G e n . M t g e
D e b e n t u r e s A u g . 1 1 9 1 9 ’,
★ EL PASO SOUTHWESTERN CO*— A holding company controlling S 6 3 4 5 7 0 o x c t l a n g o n e w m t s e . b o n d s t h e r e f o r .
—
the El Paso Sc N. E. Oo. (which see above) and El Paso S.W h r (see below)
and other properties. Capital stock $25,000,000 (largely owned bv Phelns
.
• r ’ ’l : h 0 vSp.e c I a l b e t t e r m e n t s t o o k ( $ 2 , 5 0 0 , 0 0 0 a u t h . ) i s s u b o r d i n a t e
Dodge & Co. mining interests). Dividends: 1910. 7% cash aid 10%^stock; t o t h e o l d s t o c k , b u t g u a r a n t e e d 7 % d i v i d e n d s . D i v i d e n d s o n o l d s t o c k a r e ’
s u b je c t t o a 4 -m lll t a x o n a s se s s e d v a lu e , o n s p e c ia l b e t t e r m e n t , t a x - f r e e .
1911 to 1915. 5% yrly.; 1916, 6% ; 1917 to Sept. 1919 incl . 8 % p a
F e d e r a l C o m p e n s a t i o n . — The annual compensation from the Government'
i o ? i V? N I ^ ? , 8 r ^ ! . 0 s s ,!'0 t h e ,0S3O9S m 1 9 1 2 . $ 4 0 , 2 2 2 ; 1 9 1 3 , p r o f i t , $ 3 8 , 3 3 2 :
computed for the test period at $4,145,102, was reduced to $4 135 114 on
account of loss sustained through operation of the Cloudcroft Hotel prop­
erty. See V. 109, p. 368.
EARNINGS.— 8mos.,/1919—Gross, $8,136,649; net before $2 562.117
Jan. 1 to Aug. 31. (l918--Gross, 9,844,865;
taxes),
4|l62,005 1 , 2 3 6 m i l e s , t h i r d a n d f o u r t h t r a c k s , 3 7 m i l e s ; t o t a l , a l l m a i n t r a c k s . 3 , 5 3 0 .
Lines Owned in F ee—
M iles
Leased Lines—
M iles.
REPORT.— Report of entire system (1,028 miles) for year ending
447 A von Gen. & M t. Morris______ *15
Doc. 31 1918, V. 109, p. 369.
*
s P ierm ont, N . Y ., to Dunkirk

I!

fB I:™ ® - pro“ - 8192 430;

66 M ontgom ery & E rie___________ *10
Buffalo to Jam estown. N . Y ___
Buffalo to Corning, N . Y
140 Northern R R . of New J e r s e y .. *26
Hornell to B u ffa lo______
99 Goshen & D eckertow n_________ *12
Other branches__________ 12
2 06 R ochester & Genessee V alley__*18
Stotk all (a) or nearly all ( b f owned. Other lines_____________________
83
aChlcago & Erie R R
*250
Leased
R R .—
2 , 0 0 0 ,0 0 0
aJefferson R R ________
*45 Cleve. & to N ypano Valley R R . *81
Mahoning
N . Y . & Greenwood L a k e 'R Y
*54 Sharon R ailw ay________________ *31
Erie & W yom ing V alley R R . . I
64 Other lines_____________________
15
T o ta l______ 6,791,706 8,759,078
B al., surp__ 1,551,700 2 071.439
422 Trackage_______________________
75
Loans and bills payable D ec. 31 1918, 600,000.
’
. aN ypano R a ilr o a d _____
bT ioga R ailroad_____
58
P res., T . M . Schumacher; Sec.-Treas., G eo. N otm an; Federal M gr
Other lines______________ I ” ” I
49 Lines In system ________________ 2,259
A . E . Sw eet.(V . 109. p . 172, 368.)
'
oacral iU gr• See this o om p an y!
N . Y . Susquehanna & W estern . *221
★ EL P A SO & S O U T H W E S T E R N R R — El Paso, T ex ., to Tucson A riz..
_
.
bN cw Jersey & New York R R . *38
and branches, 457 miles. Owns Burro M tn . R R . C o. Jet. to T yron e
Frontier E lectric R R ., V . 106, p . 1900.
N . M ., 13 miles. Forms the western division o f the El Paso & Southwestern
system (see El Paso & Northeastern C o. a bov e), its S14.000 000 stock and . H I S T O R Y . — On Deo. 1 1895 succeeded, per plan In V . 61, p . 368, the
N . Y . Lake Erie & W estern R R . Co., sold in foreclosure under Its second c o n ­
$5,055,000 1st M . 5s being hold b y the El Paso & Southwestern Company
solidated m tge. The oom pany holds in fee or through ownership of all or
which see.
practically all the stook of the subsidiary com panies the line from N ew
Federal Compensation.— $4,145,102 yearly during Federal con trol.
York to Chloago (Including the N ypano R R . and Chic. & Erie com panies)
191 8 ."
1917.
r,
,
1918.
$
$
Deduct—
$
Oper. revonuo 14,790,468 13,634,863 T ax accruals. _
242 692
N o t opor. in c. 6,161,447 6,334,904 R entals---------- 2.904'.410
A ccrued com p.
M iscellaneous
92.904
------ - D ivs. ( 8 % ) ----- 2,000,000
U . S. G o v t. 4,135,114
Other in com e. 2,656,592 2,424,174




1917.

612,704
4,036,459
38.476

R A IL W A Y STOCKS A N D BONDS
[V o l . 1 0 9




V ov., 1919.1

★ Control.
Government

R A IL W A Y ST O C K S A N D
M ile s
R oad

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 tio n s . & c .. s e e n o te s o n f i r s t p a g e]
E r ie R R ( C o n c lu d e d ) —
P e n n c o ll t r u s t M 5 3 6 .0 0 0 .0 0 0 g s f ( t e x f ) B a .x o & i
G e n e r a l M o r t g a g e (S e r ie s A , $ 1 0 ,0 0 0 .0 0 0 — G .x c * & r
c o n v e r tib le .
(S e r ie s B . $ 1 2 ,0 0 0 ,0 0 0 — — x c* & i
* 5 0 .0 0 0 .0 0 0
[ S e r i e s D . 8 2 8 . 0 0 0 , 0 0 0 ------- x c * &
R e fu n d in g & I m p t M t g e $ 5 0 0 ,0 0 0 ,0 0 0 g S e r A — B i
C o lla t e r a l g o ld n o te s $ 1 5 ,0 0 0 ,0 0 0 g c a ll 101 B a .y c '
E q u i p m e n t t r u s t c e r t f s — s e e t a b l e i n t e x t --------------------

—

D a te
B onds

1901
1903
1903
1903
1919

L o n e D o n e C o o o n s M g (n o w 1 s t M ) (s e e t e x t ) .x o '
c N Y & G r e e n w L p r io r lie n M 5 1 .5 0 0 ,0 0 0 g o l d — N:
D N ew J e r s e y & N ew Y o r k 1st M e x t in 1 9 1 0 — xC
G e n e r a l m t g e 5 1 .2 0 0 .0 0 0 (r e d 1 0 5 a ft e r 5 y rs) g
N Y L E & W C R R 1 st M “ la w fu l m o n e y " .M p .z o
N Y L E & W D & I C o e x g ’ 1 3 re d t e x t ( V 9 6 .p 1 7 7 6 ) F .x c ♦

1
E s s e x T e r m i n a l R y C o f i r s t m o r t g a g e --------------------------E v a n s v ille & I n d i a n a p o l i s — R e c e iv c e r t lfs c a ll 101 .
*
C o n s M ($ 2 .5 0 0 7 0 0 0 ) g g u p & K e n d ) E & T H - F .x c *
i
E v a n s v i l l e & T e r r e H a u t e —S e e C h i c a g o Sc E a
P e r n w o o d & ( i u l r W O - f ’ l r s t m o r t g a g e * 5 0 0 .0 0 1 1
b

A m ount
O u tsta n d in g

Par
V a lu e

1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
100

& o x 3 4 .0 0 0 .0 0 0
&c
1 0 . 0 0 0 . 0 UU
& o s ll.0 1 5 ,0 0 0
& c u 1 9 6 2 7 .1 0 0

1 ,0 0 0

1 5 .0 0 0 .0 0 0

V a lle y S t o o k s — S e e t h o s e C o m p a
t i r e (• ) o r a M a j o r l t y ( 6 ) o f
2 0 0 .0 0 0
1 ,0 0 0
10 1 8 8 1
'f i « - ’ 6 9
2 4 6 .5 0 0
1 7 0 ,5 0 0
6 6 - '6 7
500 &o
3 0 0 .0 0 0
8 '6 7 - ’ 6 9
1 ,0 0 0
2 ,8 0 0 ,0 0 0
37 1889
1 ,0 0 0
7 .5 0 0 .0 0 0
1885
100 & c
1 .4 7 1 ,9 0 0
52 1896
500 &o
3 9 4 ,0 0 0
34 1880
500 &o
6 3 1 ,0 0 0
1892
1 ,0 0 0
1 . 1 0 0 ,0 0 0
1882
1 ,0 0 0
3 ,3 9 6 ,0 0 0
1883
500 &o
8 . 0 0 0 .0 0 0
422 1880
V a lle y R R
e v e la n d & M a h o n in g
lo g a R R — S e e e a o h c o m p a n
4 2 0 ,0 0 0
22
500 & c
6 0 0 .0 0 0
134 1917
1 ,0 0 0
6 4 7 ,0 0 0
54 1884
1 ,0 0 0
1 ,8 5 3 .0 0 0
134 1886
n o is
1 ,0 0 0
4 5 0 ,0 0 0
32 1911
ove.

A Control.
Private

BONDS
R a te
%

L a s t D iv id e n d
an d M a tu rity

W h en
P a y a b le

g
g
g
g

F
A
A
A

&
&
&
&

A
O
O
O

6 g

A

&

O Apr

4
4
4
4

n le s .
C a p ita l S t o o k , o r
U
&
A
5
V (u -lo i 9
6
V a r io u s
5
j
&
1 H & 6 J
o
tc
5H e A
o
&
A
6 g
N
&
M
5 g
N
&
M
5
j
&
J
5
6 our M & N
j
fc
J
5 g
s
&
4H g M
an d S bar on R y
y
&
J
j
5
J
&
j
6
&
J
j
6 g
J
&
j
6 g

6

M

&

53

F eb
Apr
Apr
Apr

1
1
1
1

1 1922

2
1
1
1

do
do
do
do

do
do
do
do

1951
1953
1953
1953

b y (c ) L e a s e
Apr 11921
1 9 2 8 -1 9 2 9
1 9 2 6 -1 9 2 7
J u ly 1 1 9 2 7 -2 9
A pr 1 1929
O ot 1 1935
M ay 1 1946
M ay 1 1950
D e c 31 1932
M ay 1 1922
J u ly 1 1 9 4 3
M oh 1 1935

J u ly
Jau
J u ly
Jau

D iv id e n d s a r e P a y a b le

50 C h u rch S t. N ew

Y ork

50 C h u rch S t, N ew

Y ork

N ew

Y ork

1942
1920
1924
1926

N M ay 1 1936

P

M organ
do
do
do
do

&

C o,
do

N

Y

do
do
do

M ech & M et N at B k, N Y
J u ly 1 9 1 4 c o u p n o t p a id
do
do
In tersta teT & B k O o, N

O

u n p le d g e d : s $ 4
3 1 1 9 1 8 a s f o l l o w s : O f r $ 1 9 , 2 1 7 , 0 0 0 p l e d g e d . $ 2 ,0 0 0
x I n c l u d e s $ 10, 8 5 1 ,0 0 0 h e ld b y s in k in g f
$ 8 ,3 7 2 ,9 0 0 p le d g e d .
g ed; u

C O A L P R O P E R T Y . — T h e a llie d c o a l p r o p e r t ie s a t la s t a d v ic e s a g g r e
g a t e d 12 4 0 0 a c r e s o f a n t h r a c it e , o f w h ic h a b o u t 9 .0 0 0 a c r e s , a n d 5 3 ,0 0 0
a c r e s o f b it u m i n o u s c o a l la n d s w e r e h e ld b y a llie d c o m p a n ie s , 1 4 ,0 0 0 a c r e s
n f b it u m i n o u s h e ld u n d e r m in e r a l r ig h t s .
I t s c o a l a n d c o k e t o n n a g e in
th e y e a r 1 9 1 6 a g g r e g a t e d 1 9 ,0 8 2 ,3 3 1 ( 4 0 .4 6 % ) o u t o f 4 4 ,3 5 9 ,3 4 1 t o n s h a u le d .
P e n n . c o a l p r o p e r t i e s a c q u ir e d in 1 9 0 1 a r e a d d i t io n a l .
V . 82, p . 1322.
S T O C K ___P r i o r a n d G e n e r a l I J e n b o n d s o f 1 8 9 5 h a v e 1 0 v o t e s f o r e a c h
*1 0 0 0 o f p r in c ip a l.
P r o v is io n s o f p r e f . s t o c k w e r e in " S u p p l e m e n t " o f
A p r il 1 8 9 7 , p a g e 3 . V . 6 6 , p . 3 3 5 , 5 7 3 .

. e d e ra l C o m p e n s a tio n , $ 1 5 ,7 2 9 ,0 9 8 y e a r l y u u r m g r e u e r a i e u u w u i
t h e C h ic a g o & E r ie R R . ) .
I n a d d i t i o n t h e c o m p a n y W 01 h a v e n o n - o p ^ a t i n g
I n c o m e w h ic h , it is e s t im a t e d , w ill a m o u n t
in l y i y ,
m a k in g a v a ila b le a n n u a lly a t o t a l o f a p p r o x . $ 1 9 ,9 5 4 ,0 6 8 .
O e d u r tin g
a ll p r i o r c h a r g e s , i t is s a ia , t h e r e s h o u ld r e m a in a b a la n c e o f $ 1 0 ,1 1 0 /9 2 8 r o r
t h e p a y m e n t o f i n t e r e s t c h a r g e s o f o n l y 8 5 , 2 0 4 ,1 6 0 o n a l l o f t h e 1 s t C o n s o l .
M t g e . G e n e r a l L ie n b o n d s a n d G e n . M t g e C o n v e r t i b le b o n d s o u t s t a n d in g ,
in c lu d in g t h o s e p le d g e d u n d e r t h e $ 1 5 ,0 0 0 ,0 0 0 n o t e s .
V . 108, p . 1060.

D I V I D E N D S (o a s h )
% 1 ’ 0 1 . ’ 0 2 . ’ 0 3 . ’ 0 4 . '0 5 . '0 6 .
1907. ’08 to 1917;
O n f i r s t p r e f e r r e d --------------- ) 1 1 4
3 3H 4
4
4
A p r ., 2
0
O n s e c o n d u r e f e r r e d ______ J . .
— . . . .
2
4
A p r ., 2
0
B O N D S . — F ir s t C o n s o l, m t g e . o f 1 8 9 5 f o r
$ l7 5 ,O 0 O ,O O O
(F a r m e r s
L o a n & T r u s t C o . , tr u s te e )— see a b s t r a c t , o f d e e d , V . 6 2 , p . 8 9 . s e c u r e s th e
* 3 5 0 0 0 ,0 0 0 P r io r L ie n ( V . 1 0 3 . p . 1 0 3 2 ) a n d $ 1 4 0 ,0 0 0 ,0 0 0 G e n e r a l L ie n
b o n d s . ' B o t h s e r ie s h a v e v o t i n g p o w e r ; s e e “ S t o c k " a b o v e .
O f t h e $ 1 4 0 ,0 0 0 ,0 0 0 C o n s o l M . G en . L ie n 4 s , $ 9 2 ,6 6 8 ,0 0 0 w e r e r e s e r v e d fo r
u ltim a te a c q u is it io n o f b o n d s a n d g u a r a n te e d s t o c k s le ft u n d is tu r b e d o n
v a r i o u s p a r t s o f t h e s y s t e m (s e e lis t, V . 6 2 , p . 8 9 ) , a n d 5 1 7 ,0 0 0 ,0 0 0 w e r e
r e s e r v e d fo r n e w c o n s t r u c t i o n , b e t t e r m e n t s , a d d it io n s . & o .. a ft e r 1 8 9 7 —
n o t o v e r $ 1 ,0 0 0 ,0 0 0 t o b e u s e d in a n y o n e y e a r . O n D e c . 3 1 1 9 1 8 $ 5 5 ,1 0 4 .OOO G e n . L i e n b o n d s h a d b e e n i s s u e d , o f w h i c h $ 3 5 , 8 8 5 , 0 0 0 w e r e i n h a n d s o f
t h e p u b l i c a n d $ 1 9 ,2 1 9 ,0 0 0 o w n e d b y E r ie R R . ( o n D e c . 3 1 1 9 1 8 $ 1 8 ,2 1 7 ,0 0 0
o f t h o s e h a d b e e n p l e d g e d t o s e c u r e t h e $ 1 5 ,O 0 O ,O O O n o t e s a n d $ 1 , 0 0 0 , 0 0 0
fo r o t h e r o b lig a t io n s .— ( V . 1 0 4 . p . 1 0 1 4 ).
V . 102. p . 2077; V . 9 7 . p . 1898;
V - T h e o o i l a t e r a ’l t r u s t 4 s o f 1 9 0 1 a r e s e c u r e d b y 5 1 % o f t h e e n t i r e N . Y
S u sa
& W e s t e r n s t o c k ( $ 2 6 ,0 0 0 ,0 0 0 t o t a l I s s u e ), a ll o f t h e P e n n s y l v a n i a
C o a l C o s t o o k . a n d t h e s t o o k o f t h e E r ie & W y o m in g V a lle y R R . . S c r a n t o n ,
P a ’ t o L a c k a w a x e n , 6 5 m i l e s , a n d D e l a w a r e V a l l e y 3c K i n g s t o n R R .
R ln 'k im r f u n d o f 1 0 c . p e r t o n o f c o a i m i n e d f r o m m i n e s o f P e n n . C o a l C o .
V 7 1 n 1 2 1 9 . 1 3 1 1 ; V . 7 2 . p . 4 4 . a n d c ir c u la r , p . 1 3 6 . 5 3 2 , 2 5 7 : V . 7 9 . p .
2 1 2 : $ 1 0 , 8 5 1 , 0 0 0 I n c l u d e d i n t h e $ 3 4 , 0 0 0 . 0 0 0 “ o u t s t a n d i n g " w e r e In s i n k i n g
*UT h e G e n *
C o n v e r t i b le 4 s o f 1 9 0 3 ($ 5 0 ,0 0 0 ,0 0 0 a u t h o r iz e d ) c o v e r th e
e n t ir e s y s t e m s u b je c t t o p r io r lie n s , a n d w h e n is s u e d w e r e c o n v e r t i b le in t o
co m m o n sto ck
b u t t h e c o n v e r s io n p e r io d h a s e x p ir e d f o r a ll e x c e p t s e r ie s
“ D " b o n d s w h ic h t ill O c t . 1 1 9 2 7 a r e e x c h a n g e a b le a t o p t i o n o f h o ld e r f o r
c o m m o n s t o c k a t 5 0 ($ 2 0 0 p a r v a lu e o f s t o c k fo r $ 1 0 0 o f b o n d s ) .
T h ere
Ls n o S e r i e s " O " .
T h e o t h e r s e r ie s o n D e c 31 1 9 1 7 i n c l u d e d :
.
A m o u n t s H e ld b y —
e m n n ^ m fiC° 'S T rea s.
A s C o lla te r a l.
S e r i e s A n o l o n g o r c o n v e r t i b l e ................$ 1 0 , 0 0 0 0 0 0
- - - - - 7,7.
> ii
j
do
do
_________ 1 1 , 0 1 5 , 0 0 0
$ 5 lo ,900
$ 4 3 9 ,1 0 0
S e r i e s D c o n v e r t t i l l O c t . 1 9 2 7 ............. 1 9 , 6 2 7 , 1 0 0
................
8 .3 7 2 ,9 0 0
The
1 7 2 9 0 0 s e r i e s D 4 s a r e p l e d g e d a s p a r t s e c u r i t y T or t h e $ 1 5 , 0 0 0 , 0 0 0
n oW H O f i9 1 7 .
V ° 7 6 , p . 3 8 2 ,5 4 1 : V 7 8 . p . 7 6 8 ; V . 7 9 . p . 2 2 0 5 ; V . 8 4 .
d
270- V . 102. p . 66, 345; V . 105, p . 606.
T h e s h a r e h o ld e r s o n D e c . 1 1 9 1 6 a u th o r iz e d a R e fu n d in g a n d I m p r o v e ­
m e n t m o r t g a g e . lim it e d t o $ 5 0 0 ,0 0 0 ,0 0 0 (m a t u r in g a s t o S e r ie s A a t
D oc
1 1936)
t o p r o v id e fo r r e fu n d in g e x is tin g fu n d e d d e b t a n d fo r
n e c o s s a r v c a p it a l e x p e n d it u r e s o v e r a lo n g p e r io d o f y e a r s . V . 1 0 3 , P - 4 1 2 .
In N o v
1 9 1 7 a u t h o r i t y w a s o b t a in e d t o is s u e $ 1 5 ,0 0 0 ,0 0 0 6 % S e r ie s A
R ef
& I m v t. M t g e . b o n d s a n d fo r t h w it h p le d g e d $ 8 ,7 5 0 ,0 0 0 t h e r e o f a s
c o lla t e r a l s e c u r it y fo r a s h o r t -t e r m lo a n a g g r e g a t in g $ 5 ,0 0 0 ,0 0 0 , w it h th e
r ig h t t o u s e t h e r e m a in in g $ 6 ,2 5 0 ,0 0 0 a s s e c u r it y f o r o t h e r a n d a d d it io n a l
lo a n s , u p o n t h e b a s is o f n o t m o r e t h a n $ 1 7 5 in a m o u n t o f b o n d s f o r e a c h
$ 1 0 0 'in a m o u n t o f l o a n .
In M a y 1 9 1 8 w a s a u th o r iz e d t o a m e n d th e m o r tg a g e s o a s t o m a k e p o s s ib le
th o e x t e n s io n o f t h e o ld (u n d e r ly in g ) b o n d s .
(S e e “ F in a n c e s .” )
, ,
In J u lv 1 9 1 8 o b t a in e d p e r m is s io n fr o m th e N e w Y o r k P . S . C o m m is s io n
t o Is s u e f u r t h e r $ 1 2 ,5 0 0 ,0 0 0 6 % s e r ie s " B ” R e f . & I m p t . M t g e . b o n d s a s
s n c u r l t v T or n o t o v e r $ 1 2 , 5 0 0 , 0 0 0 n o t e s i s s u a b l e o n a c c o u n t o f I m p r o v e m e n t s
a n d a d d itio n s m a d e a n d t o b o m a d e .
V . 107, p . 82, 181, 291; V . 106, p .
1*77 i g o o 2 5 5 9 .
In M a r c h 1 9 1 9 $ 5 ,1 0 0 ,0 0 0 o f “ B " b o n d s w e r e p le d g e d
a s p a r t c o ll a t e r a l f o r t h e $ 1 5 ,0 0 0 ,0 0 0 n o t e is s u e .
V . 108, n . 1060.
a / n F e b 1 9 1 5 s o l d $ 7 ,4 0 1 ) .0 0 0 E r i e * J e r s e y ( C l o s e d ) 1 s t M . a n d $ 6 . 0 0 0 . 0 0 0
R iv e r 1st M . b o n d s .
B o t h is s u e s a r e s u b je c t t o c a ll a s a w h o le o r
In p ^ t t o J u l y 1 1 9 2 0 a t 1 1 0 . a n d t h e r e a f t e r a t 1 1 5 .
C u m u la tiv e a n n u a l
o i n k i n g f u n d f o r e a c h i s s u e . B o t h r o a d s h a v e b e e n m e r g e d in t h e E r i e R R .
C o
V 100 p 4 7 4 . 4 8 1 .3 9 7 . 5 5 5 . 6 4 1 .9 8 1 . 14 3 7 : V . 1 0 4 . p . 8 6 3 .
v.
T h n $1 5 0 0 0 0 0 0 c o l l , n o t e s d a t e d A p r . I 1 9 1 9 a r e s e c u r e d ( a t p a r v a l u e ) b y
t h e fo ll o w in g c o lla t e r a l (p a r v a l u e ) : (a ) C o n s o lid a t e d G e n e r a l L ie n 4 s 1 9 9 6 ,
* i« 917000
(h i G e n . M t g e . c o n v e r t i b l e 4 s " D ” 1 9 5 3 . $ 8 , 3 7 2 0 0 0 : (e ) C o l u m b u s ^ & E r i e HR 1s t S s , $ 6 0 0 , 0 0 0 ; E r i e R R . R e f . & I m p t . M t g e . 6 % 2 0 v e a r g o l d b o n d s S e r ie s " 1 ) , '' $ 5 ,4 0 0 ,0 0 0 .
T h e b a la n c e , n o t p u r c h a se d b y
t h e h o ld e r s o f t h e m a tu r in g n o t e s o r b y n e w b u y e r s , w a s t a k e n a t t h a t
r»rir»n h v \vr*ir F i n a n c e C o r p o r a t i o n .
V . l u X , p . lU o O , 1 1 6 4 .
P T h 0 in t o r e s t o n t h is c o l l a t e r a l in M a r c h 1 9 1 9 w a s o v e r 1 X t i m e s t h e in ­

figs
?. S ; S ’W T f f i r r _
e
d 0! ? t o e x t e n s io n o f b o n d s (t h r o e is s u e s ), d u e J u l y 1 1 9 1 8 , s o e V . 1 0 8 . P 9 7 5 6 . , . e x t en ssiio n o r J e ififce^rssooun R R * .. $ 2 , 8 0 0 , 0 0 0 5 % b o n d s $n , 1 9 1 90 0 0 5 H % -.
i 2 149, at 2d M
2 7 K R. ^ t e n o n o f J e
See V . 108, p . 1165.
- „
5 s , c a lla b le a t 11 0 .
S ee V . 109, P- 370.
____ a ti o n $ 1 , 0 0 0 e a c h )
S ee V . 8 8 , p . 882
n n r T r u s t S e r i e s G o l d ( D e n o m i n ______ __ ________________
C a r T r ™ laf f r le l ’ “ ° ^
n r
n u u n nd n g
M a tu r e in In s ta llm e n ts .
O .ots tan .l tin n .
M a t,
* 9 2 0 .0 0 0 T o A u g 1 9 2 1
* 2 3 0 ,0 0 0
s .-a .
“ Q ” . . x _______ 1 9 1 1 4 ) 4 F & A
6 4 8 .0 0 0 T o A u g 1 9 2 2
1 0 8 ,0 0 0 e
• • R " . _ x _______ 1 9 1 2 4 4 F & A
7 0 0 .0 0 0 T o D e c 1 9 2 2
1 0 0 ,0 0 0 s .- a .
_____ 1 9 1 2 4 4 J & D
5 2 8 .0 0 0 T o J u n e 15 1 9 2 3
6 6 .0 0 0 s .-a .
* * T ” . . x _______ 1 9 1 3 5
J& D 15
9 4 2 . 0 0 0 T o J u l y 1 '2 3 S 1 1 7 M o r $ 1 1 8 M s . - a .
*‘ D ” __ z _______ 1 9 1 3 5
J& J
3 0 0 .0 0 0 T o J u n e 1 5 1 9 2 3
1 0 0 ,0 0 0 y r l y .
“ V ” _ _ x _______ 1 9 1 3 5
J& D 15
4 4 8 .0 0 0 T o S e p t 1 1 9 2 3
5 6 .0 0 0 s .- a .
“ A A - . x _______ 1 9 1 3 5
M & 3
4 5 0 .0 0 0 T o A u g 1 1 9 2 4
4 5 .0 0 0 s .- a .
f B B ” .................. 1 9 1 4 4 4
F vA
2 .7 8 4 .0 0 0 T o D e c 1 9 2 5
2 1 3 ,0 0 0 s .- a .
• • C O " .................. 1 9 1 6 4 4 J & H
8 7 4 .5 0 0 T o J u n e 1 9 2 6
6 2 .5 0 0 s .- a .
” D D " — '— . 1 9 1 6 4 4 J & 1 >
2 .7 6 0 .0 0 0 T o A p r 1 1 9 2 7
1 8 4 ,0 0 0 s ..a .
• • E E " ..................1 9 1 7 4 4 A & O




M O N T H L Y E A R N I N G S .— A s r e p o r t e d b y U . S . R a il r o a d A d m . in 1 9 1 9 :
( U . S . R R . A d m i n i s t r . ) 1 9 1 9 ---------S e p t .— — 1 9 1 8 .
R a il w a y o p e r . r e v e n u e . . $ 9 ,8 2 9 ,6 0 5
$ 9 ,0 4 1 ,5 4 6
R a ilw a y o p e r . in c o m e __
$ 9 7 8 ,5 8 4
$ 3 5 9 ,0 9 5
E q u ip , r e n ts , & c . ( n e t ) . .
4 0 ,2 5 9
2 6 7 ,1 0 9

1919— '
8 7 4 ,9 6 4 ,2 3 2
8 1 .0 0 5 ,2 3 3
7 9 2 ,2 1 0

19188 6 9 ,5 4 1 ,8 6 8
x $ 4 ,1 6 5 ,4 3 6
8 o l,2 8 0

$ 9 1 ,9 8 6
$ 2 1 3 ,0 2 4 x $ 5 ,0 1 6 ,7 1 7
N e t R y . A d m . o p r . in c ._
$ 9 3 8 ,3 2 5
.... .. .............. $ 1 1 , 7 9 6 , 8 0 2
................... S t a n d , r e t . t o C o . ( e s t .) _ $ 1 ,3 1 0 ,7 5 6
X D p f,
O p e r a t in g e x p e n s e s f o r S e p t . 1 9 1 9 in c lu d e a p p r o x im a t e ly $ 5 5 0 ,0 0 0 b a c k ­
t im e s h o p e m p lo y e e s .
R E P O R T .— F o r 1 9 1 8 , see “ C h r o n ic le " N o v . 2 9 1 9 1 9 .
F or year 1917.
M ile s o p e r a t e d , 2 ,2 5 7 .
1918 (U .8 .).
1917.
T o t a l o p e r a t i n g r e v e n u e s ----------------------- x $ 9 8 , 8 9 o , 2 8 4 8 7 9 , 7 7 6 , 3 6 7
O p e r a t i n g e x p e n s e s , t a x e s , & c _________ x 9 7 , 4 0 4 , 8 9 6
7 0 ,1 8 2 ,9 5 1
O p e r a t i n g i n c o m e _______________________ x $ l , 4 9 0 , 3 S 8
C o . A c c t .— C o m p e n s a tio n r e c e iv a b le -- y $ 1 5 ,7 2 9 ,0 6 8
D i v i d e n d i n c o m e ____________________________
4 ,7 4 5 ,8 3 6
O t h e r i n c o m e _________________________________
5 7 1 ,7 1 5

1816. _
$ 7 4 ,3 1 1 ,2 6 2
5 5 ,6 8 2 ,6 6 2

$ 9 ,5 9 3 ,4 1 6

$ 1 8 ,6 2 8 ,6 0 0

* 6 ,7 9 6 ,6 2 9
1 ,8 9 0 ,6 0 7

2 ,0 4 2 ,4 2 1
1 ,7 1 1 ,8 0 9

G r o s s i n c o m e _______________ - ____________ $ 2 1 , 0 4 6 , 6 1 9 $ 1 8 , 2 8 0 , 6 5 3 $ 2 2 , 3 8 2 , 8 3 0
$ 2 ,4 1 1 ,7 4 3
H i r e o f e q u i p m e n t -------------------------------------------— r
2 ,2 4 5 .0 3 1
R e n t f o r l e a s e d r o a d s ______________________
2 ,2 /6 ,3 3 1
2 ,2 6 1 ,2 7 4
1 ,0 1 2 ,2 0 0
3 0 5 ,6 1 2
O t h e r r e n t s , & c ______________
1 0 ,3 6 1 ,4 1 4
I n t e r e s t o n f u n d e d d e b t __________________ 1 0 , 4 4 8 , 8 1 8
1 0 ,5 3 5 ,0 4 2
2 3 8 ,5 7 3
7 6 8 ,3 4 :7
2 4 6 ,5 0 4
O t h e r i n t e r e s t , & c ----------------------------------------9 6 4 .1 2 4
S i n k i n g , & c . , f u n d s -----------------------------------1 ,0 2 7 ,1 4 0
5 1 3 ,8 3 3
I n v e s t m e n t i n p h y s i c a l p r o p e r t y --------------------------3 0 6 ,8 5 b
B a la n c e ,

s u r p l u s ____________________________ z $ 6 , 2 2 0 , 3 7 0

$ 5 4 0 ,1 1 0

$ 4 ,6 3 1 ,9 1 2

x T h e s e t h r e e ite m s a r e fr o m r e p o r t o f U .S . R R . A d m in is t r a t io n a n d h e n c e
d o n o t c o m p a r e c lo s e ly w it h e a r lie r y e a r s .
y R e c e iv e d t o D e c . 31 1 9 1 8 . $ 1 1 ,0 0 0 ,0 0 0 .
„
^
z C o r p o r a t e r e s u lts .
T h e F e d e r a l fig u r e s f o r 1 9 1 8 s h o w a d e f ic it a ft e r
r a ilw a y t a x a c c r u a ls a n d e q u ip m e n t , & c ., r e n ts o f $ 2 ,2 4 6 ,6 5 2 .
* U n d e r s t o o d t o i n c l u d e S 6 ,0 0 0 , 0 0 0 r e c e i v e d f r o m t h e c o a l c o m p a n i e s i n
1 9 1 7 , c o m p a r e d w it h $ 2 ,0 0 0 ,0 0 0 in 1 9 1 6 .
V . 106, P- 2559.
O F F I C E R S .— P r e s ., F . D . U n d e r w o o d ; V .- P . & G e n . C o u n s e l, G . F .
B r o w n e ll; V .- P ., G . N . O r c u t t ; V .- P . & S e c ., G e o r g e H . M in o r ; T r e a s .,
W . J . M o o d y , 5 0 C h u r c h S t ., N . Y .; F e d e r a l M g r ., A . J . S to n e ; G e n . M g r .,
u n d e r U . S . G o v t ., W . A . B a ld w in , N . Y . C it y .
■
D I R E C T O R S .— G a te s W . M c G a r r a h , A . M . A n d e rso n . O g d e n M ills ,
F
D . U n d e r w o o d , F r a n c is L y n d e S t e t s o n , G e o . F . B a k e r , M y r o n T . H e r ­
r ic k , B . A . E c k h a r t, L . F . L o t e e , E . J . B e r w in d . M it c h e ll D . F o lla n s b e e ,
R o b e r t W . P o m e r o y , G r e n v i lle K a n e , J u liu s K r u t t s c h n it t , G e o . G . M a s o n .
— ( V . 1 0 8 , p . 2 6 8 , 8 7 8 , 9 7 3 , 1 2 7 4 , 2 0 2 2 ; V . 1 0 9 , p . 3 7 0 , 1 7 0 0 , 1 9 8 6 .)
.feai
E S S E X T E R M I N A L R Y . C O .— O w n s r o a d fr o m
G ra n d T ru n k R y . to
A m h e r s t b u r g , O n t ., 2 2 m ile s .
E n t ir e $ 4 0 0 ,0 0 0 c a p it a l s t o c k a c q u ir e d
F e b . 1 9 1 8 b y t h e C a n a d ia n S te e l C o r p ., L t d . , a s u b s id ia r y o f t h e U . S . S te e l
C o r p . , w h ic h in 1 9 1 8 w a s c o n s t r u c t i n g w o r k s a t O j i b w a y , C a n .
Or
$ 4 2 0 ,0 0 0 1 s t M . b o n d s , $ 2 0 6 ,0 0 0 w e r e in h a n d s o f p u b lic F e b . 19H J a n d
$ 2 1 4 ,0 0 0 w e r e o n D e c . 3 1 1 9 1 8 h e ld in t h e t r e a s u r y o f t h e U . S . S t e e l C o r p . ,
s u b j e c t t o s a le — V . 1 0 8 , p . 1 2 7 4 . |
»
★ E V A N S V I L L E & I N D I A N A P O L I S R R . — O w n s E v a n s v ille t o T e r r e
H a u te v ia W o r t h in g t o n , 1 3 4 m ile s .
W a s c o n t r o l l e d b y C h i c a g o Sc E a s t e r n
I llin o is R R . b y o w n e r s h ip o f e n t ir e $ 2 ,0 0 0 ,0 0 0 c a p it a l s t o c k , b u t in M a y
1 9 1 6 p a s s e d u n d e r m a n a g e m e n t o f W m . P . K a p p e s , I n d ia n a p o lis . I n d ., a s
s e p a r a te r e c e iv e r .
F o r e c lo s u r e s u it s p e n d in g u n d e r b o t h m o r t g a g e s .
V .
102, p . 608, 2077: V . 9 9 , p . 119.
I n J a n . 1 9 1 7 $ 6 0 0 ,0 0 0 o f a t o t a l a u t h o r iz e d
i s s u e o f $ 6 7 5 , 0 0 0 o f r e c e i v e r 's c e r t i f i c a t e s w a s s o l d w i t h p r i o r l i e n o n r o a d
fo r g e n e r a l r e h a b ilit a t io n .
V . 104, p . 863.
In S ep t. 1918 th e ro a d w as
n o t y e t p a y in g its w a y .
V . 105, p . 1419, 1801.
C o m m itte e f o r B o n d s .— F r e d k . H . S h ip m a n ( C h a i r m a n ) , E d w i n G i b b s ,
(S e c .): F a rm e rs ’ L o a n & T r u s t C o ., N . Y . , d e p o s it a r y .
L a rg e m a jo r ity
d e p o s ite d .
V . 105, p . 1419.
F e d e r a l M g r ., W illia m J . J a c k s o n , C h ic a g o .
— ( V . 1 0 7 , p . 1 8 1 .)
_J
A F E R N W O O D & O U L F R R . — O w n s F e r n w o o d t o K o k o m o . M is s .. 3 2 m .
S t o c k o u t s t a n d in g J u n e 3 0 1 9 1 6 , $ 1 0 0 ,0 0 0 . B o n d s , s e e t a b le a b o v e . F o r c a l .
y e a r 1 9 1 8 , g r o s s , $ 1 7 6 ,1 0 0 ; n e t , a f t e r t a x e s , $ 3 1 ,0 0 2 ; c h a r g e s , $ 3 6 ,6 2 4 ; b a l . ,
d e f ., $ 5 ,6 2 2 .
I n 1 9 1 7 , g r o s s , $ 1 7 9 ,0 0 3 ; n e t , a ft e r t a x e s , $ 4 5 ,4 4 0 .
E q u ip ­
m e n t tr u s t s D e c . 3 1 1 9 1 8 , $ 6 0 ,0 0 0 .
P r e s .. F . B . E n o c h s ; V . - P . , N . E . B a ll,
S e c ., J . L . B e n tz .
O ffic e , F e r n w o o d , M is s .
>—
★ FITC H B U R G R R .— S y stem
e x te n d s fro m
Boston. Mass., t o T r o y a n d
r t o t t e r d a m . N . Y . . 2 5 1 m ile s : b r a n c h e s t o W o r c e s t e r , B e llo w s F a lls , a m .
2 0 9 m . ; 4 6 0 m . In a l l , o f w h i c h 5 9 m . ( F i t c h b u r g t o G r e e n f ie l d ) le a s e d f r o m
V e r m o n t & M a ss, a n d 5 m . o th e r c o s .: s e c o n d tra ck 20 0 m .
v . » 4. p . ia o o .
L E A S E .— L e a s e d fo r 9 9 y e a r s fr o m J u ly 1 1 9 0 0 t o B o s t o n & M a in e fo r 5 %
o n p r e f . a n d 1 % o n c o m . s t o o k . o r g a n i z a t i o n e x p e n s e s , lnt. o n b o n a s . r a x . e s ,
e x p e n s e s o f m a in te n a n c e , & o .
B o s t o n & M a i n e h o l d s 5 5 .5 5 1 .4 1 H J o i t n e
J 7 .0 0 0 .0 0 C c o m m o n s t o c k , t h e r e m a in d e r b e in g in t h e t r e a s u r y ,
v . tv ,
p. 7 6 . 125 176. 583 1291: V . 71 . p . 2 9 . 543; V . 72. p . 532.
I n A u g . 1 9 1 6 t h e B . & M . w a s p la c e d in r e c e iv e r s ’ h a n d s , b u t F it c h b u r g
in t e r e s t a n d d iv i d e n d s w e r e in S e p t . 1 9 1 9 b e in g p a id a
s
I n Jan . 19iy
s t o c k h o ld e r s v o t e d t o m e r g e w it h th e B . & M .
b ee tn a t c o .

54

G ern en
ov m t
C trol.
on

RAILWAY STOCKS AND BONDS

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

Miles Dale
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

A rivate
P
C trol.
on

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Flint & Pere Marquette— See Pere Marquette statem’ t
Florida Central & Peninsular— See Seaboard Air Line R y
Florida East Coast— 1st M 512,000.000 g-Ba.xxo^&r*
617 1909 S1 .0 0 0 & $ 1 2 ,0 0 0 ,0 0 0
O
4)4 g J & D June 11959
1909
General Income M 5% non-cum 525,000,000____xx
See text July 1 1959
25.000,000
5
Equipment trust certs ser A , due $50,000 yearly—
M S N May 1 1920-’22
c
1 ,0 0 0
5
150,000
- - - 1914
Equipment trust certs ser B (auth $ 1 ,000,000) due
$ 1 0 0 ,0 0 0 yrly................... ..........................................
— 1917
A & O Oct 1 ‘20 to ‘27
1 ,0 0 0
6
800,000
Florida West Shore— See Seaboard Air Line.
Fonda Johnstown & Gloversville— Common stock_
_
100
Aug 15 ’ 13 2%
2,500.000
____
Pref stock 6 % cum call at 105 51.000.000 auth____
100
6
500,000
Q— M Sept 15 T 91)4%
1st Consolidated mortgage 5200.000....................... zo
26 1881
1 0 0 &c
A & O Apr 1 1921
2 0 0 ,0 0 0
6
26 1897
First consol refunding mtge 5500,000 gold.N.xc*
1 ,0 0 0
500.000
4)4 e .1 & J July 1 1947
26 1900
General refund mtge 5800.000 (V 71. p 34)--N .xo*
1 ,0 0 0
4 g J
& .1 July 1 1950
800.000
75 U902
First Cons Gen Ref M 57,000,000 g red 120-N.xo»&r
1 ,0 0 0
5,150.000
4)4 g M & N Nov 1 1952
4 1893
1 ,0 0 0
J & J July 1 1933
Johnstown G & Kingsboro 1st M assum ext 1913._z
5
50,000
14 1892
Cayadutta Elec 1st M guar p & 1 by F J & G gold.Nz
1 ,0 0 0
A & () Oct 1 1922
350,000
6
_
_ ____
Fort Dodge Des M & So— Common stock__________
100
2,500,000 5 in 1919 Q— it Nov 1 1919 \M
1,300 000 7 in 1919 o — F N ov 1 1Q19 1
Preferred stock 7% cum ulative__________________
124 1913
1st M g red 105 $50,000 due serially Dec 1 to 1937-c
1 0 0 &c
5.550.000
5 g J S D Dec 1 1919-38
_
_ 1904
Fort Smith & Western— 1st M 57.500,000 gold_ xo*
_
1 ,0 0 0
4 g A & O Apr 1 1954
6,240,000
_
_ 1891
Fort Street Union Depot— 1st M gold___________ Cex
1 ,0 0 0
1 ,0 0 0 ,0 0 0
4)4 2 J & J Jan 1 1941
98
Fort Wayne & Jackson— Preferred stock 5)4% rental
100
2,291,416
5)4 M & S Sept 3 1919 2 %
454 1881
Ft W orth & Den City— 1st M g $18,000 pm Ba.zc*
1 ,0 0 0
J fa D Deo 1 1921
8.176.000
6 g
Eq tr Ser C $56,000 s-a red aft M ay’20 102)4-__FP
1915
M & N May 1 1925
1 ,0 0 0
728,000
4)4
74 1905
dalnesvllle Midland— First M 51.000,000 g red at 110
M fa N Nov 1 1935
1 .0 0 0
5g
See text
_
_ 1913
Notes $400,000 auth extended to Oct 1 1922_______
100 Sec
6
325.000
Q—J
Oct 1 1922
Various 1935
256 ’ 71-’80
BalvestonHarrisb&SanAntonio— lst&2dM g 1gr ext o*
$ 1 ,0 0 0
6 g
5.728,000
Western Division 1st M (Mex & Pao ext) gold_ x
_
1 ,0 0 0
M & N May 1 1931
671 1881
13,418,000
5 g
do
do
2d M “ stamped" guar p & 1____
J & J July 1 1931
1881
5
2,539,000
Galveston-Vlctorla Dlv 1st M 510.000.000 auth_
_
1 .0 0 0
1910
6
J < D June 1 1940
5
g
9,022.000

BONDS, &c.— Debentures, see V. 60, p. 967: V. 84. p. 158, 270. As to
$1,350,000 bonds o f 1912, see V. 93. p. 730. 1461, 1725, 1786: V. 94. p. 6 8 .
$450,000 issue of 1912, see V. 96. p. 359. V. 97. p. 802. 950: V. 98, p. 839.
1156, 1392. Stockholders March 27 1918 authorized $4,700,000 bonds to
refund $2,609,000 floating debt and provide for improvements, rescinding
$3,700,000 authorization o f 1917. V. 106, p. 1344. Treas., George O.
Foster.— (V. 106. p . 295.1344: V. 107, p. 1100:1747. 1919; V. 108, p. 170.)
★ FLORIDA EAST COAST R Y .— Owns from Jacksonville, Fla., via St.
Augustine to Key West, 522 m.; branches, 240 m.; trackage, 3 m.; total,
765 m. Forms connection to Southern and Eastern Florida and thence to
Cuba for the Atlantic Cast Line, Southern R y. and Seaboard Air Line.
Car ferry service from Key West to Havana, 96 miles. Is now operated by
Florida East Coast Car Ferry C o., which in 1917 bought the boats, &c., from
the railroad co. V . 97. p. 1115. 1281. 1583: V. 99,tp. 406; V. 100. p. 140:
V. 102. p. 1346.
STOCK.— $12,500,000. all sold at par. V . 96. p. 1840; V. 105, p. 497.
V. 107. p. 1344, 2156: V. 106, p. 2194.
“ S TAN D AR D R E T U R N ,” &c.— See page 5.
Federal contract not yet entered into. Government advances to April 1
1919. $400,000 to Federal M gr., $300,000 to company as 6 % loans and
$350,000 on rental account.
BONDS, &c.— The 1st M . 4)4s ($12,000,000 auth.) are a first lien on 617
miles. V. 8 8 , p. 1620: V. 94. p. 1185; V. 98. p. 1993.
Int. on incomes. 3 )4 % . paid 1910: 1911. 4 % : 1912, 1913 and 1914
each, 2 )4 % ; 1915. 4 % : 1916. 5% : N ov. 1917. 5% : April 1 1918, 2 )4 % paid
for 6 mos. on account o f change o f fiscal year o f corp. For 1918 5% paid in
June 1919. Hereafter payable annuaUy up to 5% if earned.
LATEST E A R N IN G S.— /1918-Gross, $8,841,222: net ( b e - $2,098,519
12 mos., Jan. 1 to Dec. 3 1 .11917-Gross. 8,140,167: fore tax.) 3,638,972
For 9 months,
/1919-Gross, $7,448,021; net (beforo $1,169,744
Jan. 1 to Sept. 30.
\1918-Gross, 6,722,305:
taxes),
1,947,907
R E PO RT.— For cal. year 1917 in V. 107, p. 396:
Oross
Net
Water
Interest on Interest, Bat.,
Year— Earnings. Earnings.
Line.
Income Bds. Taxes,&c. Sur.
1917 — 8,140.167 3.638.972 See text (5%)1.250,000 1,199,611 1,189,361
1918 — 74)94.927 3,169.671 1,261.573 (7)4)1.875,000 1,180,046 1,376,198
The 7)4 % paid on incomes for 1916 was due to changed date o f payments.
Pres., W. H. Beardsley: Treas., L. C. Haines: Federal M gr. under U. S.
G ovt., J. P. Beckwith. St. Augustine. Fla.— (V. 107. p. 2008. 1384.)
AFONDA JOHNSTOWN & OLOVERSV1LLE R R .— Owns Fonda to
Northvllle (steam). 25.47 m.: Gloversville toSchenectady (electric). 32.47
m.: Gloversville to Fonda (electric), 8.70 m.: Belt line in Amsterdam
(electric). 3.78 m.; Belt line in Gloversville (electric). 3.84 m.; Hagaman
Une (electric), 2.29 m.; second track (electric). 22.75 m. Operates under
lease branch line Broadalbln Jet. to Broadalbin, 6.15 m. (steam): also local
line Gloversville to Johnstown (electric). 4.08 m.; yardings and sidings
13.82 m.: trackage. 3.98 m.: total. 88.77 mUes o f road (127.33 miles of
track). o f which 104.54 on private right o f way and 22.79 miles on streets
and highways.
. _
____
„
Owns entire $105,000 common stock o f Coal Co. o f Fulton Co.
D IV ID E N D S.— On com ., 2 % . July 20 1910: July 10 1911. 2% ; Aug
1912 and 1913, 2 % : none since. Pref. dividend paid regularly 6 % per an.
BONDS.— Consol. 4)4s, $7,000,000 auth.: $1,850,000 Is reserved to re­
tire prior liens. V. 76. p. 265. Guarantees $30,000 Gloversville & Broad­
albln 5s and $50,000 Johnstown Glov. S K. 5s and $50,000 8 % stock
c
LATEST EARN ING S.— /1919-.G ross, $830,483: net (before $311,256
8 mos., Jan. 1 to Aug. 31 .11918--Gross,
726,690:
taxes),
287,166
Co-operative contract signed with U. S. R R . Administration in August
1919. V. 109, p. 577.
R E PO RT.— For new fiscal year end. Dec. 31 1917. in V. 106, p. 607:
—
---- -------—■ '
---- - Bfr
Surplus.
def$15,063
22,615
1916-.
999:967
437;§85
32i231
395:999 (6<%}30,000
44,216
— (V. 106, p. 607, 2122; V. 107, p. 401, 501, 603: V. 109, p. 577, 775.)
★ FORT DODQE DES MOINES & SOUTHERN R R .— Owns from Des
Moines, la., to Fort Dodge, Boone, Ames and Rockwell City, 128)4 nad
also extension to Lehigh and Webster City. 25 miles; total, 153)4 milos.
Originally a steam line but now electrically equipped. V. 97, p. 1357,
1426, 1583: V. 106, p. 393. Govt, advances April 1 1918 to Jan. 1 1919,
$302,000. V. 107. p. 2156.
D IV ID E N D S—
1916.
1917.
1918.
1919.
On common____________________
3
6
6
5
On preferred
................... ........Feb. 1916 to N ov. 1919, 7% (1 % % Q -F.)
Owing to delay in getting the dividends approved by the Ilallroad Ad­
ministration, the usual 1)4% dividends duo Aug. and Nov. 1 1918 on
the preferred, and dividends o f 1 )4 % on the common, were paid several
weeks late. The common dividends, it was hoped, might be restored to
7% per annum as soon as the compensation for Federal use should be fixed.
V 1 0 7 .p. 1579. 2187.
BONDS.— Open mtge., V. 101. p. 1272. 1972. Due serially on Dec. 1,
$50,000 yearly. 1916 to 1937, both inclusive, and remainder In 1938. but
redeemable aU or part on any Interest date at 105 and Int. Additional
bonds Issuable only for 80% o f cost o f additions, & c.. when annual net earn­
ings are 1)4 times interest, including bonds proposed. V. 106, p. 395.
EARN INGS.— Year ending June 30 1916, gross, $1,337,569; net,
$634,789: other income, $72,070. For calendar year 1917. gross Income was
$1,528,500; net income. $698,263; annual Interest on first mtge. bonds,
$284,892; pref. divs.. $91,000; com. divs., $168,750: bal., sur.. $144,621.
Pres.. Homer Loring (201 Devonshire St., Boston); Treas., F. M .
Johnston; V.-P. & Gen. M gr., O. H. Crooks. Boone, Iowa.: Federal M gr.,
8 . G. Strickland. Chicago; Fed. Treas., F. W . Johnston.— (V. 107,p.
1579. 2187.)




IV o l . 109.

Bankers Tr Co, 14 Wail St
New York
N Y . U S M tg S Tr Co
c
N Y U S Mtge & Tr Go,
do
do
New York Trust Co, N Y
do
do
do
do
New York Trust Co. N Y
FulCoN Bk.Glov ile.NY
Farmers’ L & Tr Co, N Y
New York
Oct 1907 coup last paid
Central Union Tr Co, N Y
Farmers’ I, & Tr Co. N Y
Office, 32 Nassau St. N|Y
Fidelity Trust Co, Phlia
Chatham Bank & Tr Co
Owned by Sou Pao Co
So Pao Co 165 B ’ w ay.N Y
do

do

AFORT SMITH & WESTERN RR.— Operates Fort Smith, Ark., to Guth­
rie, Okia, 216 miles, of which Coal Creek, Okla., to Guthrie, 196 m, is
owned and Ft. Smith to Coal Creek, 20 m.. Is Kansas City Southern track­
age. In Oct. 1915 contracted for use of M . K. S T . tracks. Fallls to Okla­
c
homa City, 30 miles. V. 101, p. 1553. Coal properties are developed
at MoCurtaln, Okla., 40 m. west of Fort Smith, producing an average of
30,000 tons per month. Owns 51% of the capital stook of the St. Louis El
Reno & West. R y., Guthrie to El Reno, Okla., 42 m.. oper Independently.
On Oct. 9 1915 Gen. Mgr. Arthur L. Mills was made receiver. V. 101,
p. 1272. Bonds deposited till July 1 1917, with a committee consisting of
W. L. Brown. A. W . Mellon, Colgate H oyt, W . H. Oonnlff, W. G. Mather,
J. J. Sullivan, Geo. S. Russell, James J. Hoyt, 8 . H. Tolies, O. O. Bolton
and A . C. Dustin (Superior Savings & Trust Co. of Cleveland, the mtge.
trustee, depositary), with power to sell or exchange the same, &c. V. 91,
p. 1446: V. 92, p. 527. In Oct. 1916 was ordered sold under foreclosure,
but no date set for sale. V. 103, p. 1592.
Reloased from Federal control. V. 106, p. 2757; V. 107, p. 1003.
Stock, $5,000,000, all outstanding; par $100. For the4s of 1904 ($7,500,­
000 auth.), Superior Sav. & Trust C o., trustee. Oar trusts outstanding
Dec. 31 1917, $77,115. Bills payable outstanding Doc. 31 1917, $370,000.
E A R N IN G S .— 8 m os.,(1919___ Gross, $973,304; net (before $95,561
Jan. 1 to Aug. 31. (1918____Gross, 810,688;
taxes),
80,131
For year ending Dec. 31 1916. gross, $927,145; net, $192,953; other in­
come, $12,680: int.. taxes, &c.. $390,870: bal., def.. $185,237. For 1917.
gross, $1,179,849; net before taxes, $238,149. In 1918, gross, $1,296,857;
net, $176,382. Pres., A. C. Dustin, Cleveland, O.— (V. 107, p. 1003.)
★ FORT STREET UNION DEPOT.— Owns passenger station with ap­
proaches. 1.4 m.. connecting with Detroit Union RR. Dopot Sc Station Co.
property, leased for 990 years from Dec. 10 1889 to Wabash. Pere Mar.
quette and Canadian Pacific for rental equal to 5% of total cost o f property
and current expenses. Incorp. in Mich Aug. 24 1889. Stock. $1.000.000,
of which Pere Marquette owns $515,800; par, $100. Tho 6 % gold notes,
original issue $329,000, were paid at maturity July 1 1918. Pres., C. S.
Sikes, Detroit.— (V. 100, p. 1832.)
★ FORT WAYNE & JACKSON RR.— Owns Jaokson. Mloh., to Fort Wayne
Ind.. 98 miles. On Aug. 24 1882 leased perpetually to Lake Shore & Michi­
gan Southern (now New York Central at a rental of $126,027. equal to
5)4 % on the pref. stock (see V. 56, p. 812), and after 1887 any net earnings
over 8 % on pref. stock to be paid on com., but not exceeding 2 % a year.
Common stock. $436,132. V. 108, p. 6Q1.
★ FORT WORTH & DENVER CITY RY.— Ft. W orth, Tex., to Texllne:
*54 miles. Owns securities of Ft. W. & Den. Term. Ry.
STOCK, Sao.— Colorado <s South. R y. Dec. 1918 owned all but $13,984
S
of the $9,375,000 capital stock, the latter including $6,835,008 common
and $2,539,992 stamped stock. V 63. p. 1063. 75.
Compensation under Govt, contract, $1,891,386. V. 107, p. 2376.
Payments under stamped stock agreement of Oct. 12 1895: 2% In 1898:
1899. 2% : 1902. 2% : 1903 & 1904. 4% : 1906 to 1912, 4% each; 1913 to 1916,
6 % each; 1917, 8 % ; 1918, 8 % .
BONDS.— Abstract of mortgage, V. 45, p. 440. Certfs. of Indebtedness
owned by Colo. Sou. Dec. 31 1918. $299,917. Equipment trust. V. 82;
p. 1101; V. 84, p. 508. Ft. Worth S Denver Terminal R y., $2,500,000
c
20-year 6 % bonds (Bankers Trust C o., N. Y ., trusteo), subjoct to call at
105, of which $728,000 have boon issued. $300,000 sold and $428,000 held
by Ft. VV. & D. O. Ry. V. 8 6 , p. 52, 1100, 1589: V. 87. p. 049.
E A R N IN G S .— 8 m os.,(1919.-Gross, $6,980,027; not before $2,145,797
Jan. 1 to Aug. 31. \1918-.Gross, 4,819,948;
taxes,)
1,078,432
RESULTS.— For years ending Doc. 31 1918 (V. 109, p. 672) shows:
Standard return, $1,891,386; other income, $117,037; total income, $2,­
008,423; Int., rents, &c., $1,111,085; div. (8 % ), $630,152; bal., sur.$258,18^.
Calendar
Gross
Net (after
Other
Interest. Dividends Balance,
Years—
Taxes).
Income. Rents Ac. 1 8 % ).
Surplus.
1918........ $7,950,342 $1,597,574 $231,871 $977,894 $639,152 $212,398
1917 ........ 6,546,863 2.050,860 438,881 705,578 639.162 1,145.011
1916
6,052,375 2.257.502 .....................................................................
Pres., C. E. Perkins; Gen. M gr., Robert Rico, Donvor, Col.— (V. 107, p.
1670, 1837. 2376: V. 108. p. 268.)
★ GAINESVILLE MIDLAND R Y .— Owns Gainesville. Ga.. to Athens. 42
miles, standard gauge, and Belmont to Monroe. 32 miles, gauge now
standard. V. 79. p. 151.269. 500. 627. Stock, all out. $550,000,
Of the 1st 5s of 1905 ($1,000,000 auth.), $661,000 has been sold and $14.­
000 is reserved to retire old 6 s; $26,000 treasury bonds and $192,000 Issued
to cover broadening gauge of 32 miles are pledged to securo an issue of
$400,000 3-year 6 % coupon notes of 1913. Those notes also havens addj_ _ _ _ the _ _ _ _ _ by individual owners: $645,000 1st M .
tlonal security _ _ following, pledged _ _ _ _
i
bonds (1905 Issue). $514.06bVut of $550,000 cap. stock. Of these notes.
$325,000 are Series A, having a prior lien on the collateral and $75,000 Series
B. $250,000 of Series A have been Issued and Installments paid thereon to
the extent of $213,285: Series B Is all out. The Series A and B coupon
notes of 1913 wore extend d to Oct. 1 1919 and again to Oct. 1 1922.
The Chatham Bk. & Tr. Co. Is mtge. trustee. V. 81. D 1375, 1550.
Federal Compensation.— $22,731,yearly during Fodcral control.
Year ending Doc.31 1917.gross. $192,682: net. $33,761; mt. taxes &c.,
$77,805: bal., def., $44,054. agst. $19,419 In 1916. Pros.. Geo. J. Baldwin;
Sec. & Treas., Gordon O. Carson. 120 Broadway. N . Y . Fed.M gr., W. A.
Wlnburn. Savannah.— (V. 108. p. 1060,2629.)
★ GALVESTON HARRISBURU&SAN ANTONIO RV.— (See MapSouthern
pacific.)— Owns Galveston via Houston, Tex. to cast bank of Rio Grande
River, 825 miles; Booville to Damon, 167 miles; San Antonio to Port
Lavaca, 136 miles; branches, 235 miles; owns
2 miles; trackage, &c.#
17 m.; total, 1,382 m. Southern Pacific Co. owns S27,°62,400 of the $27,­
084.400 stock (par $100). V. 79, p. 2642: V. 81. P- 211. 6 6 8 , 1242: V. 83,
P-Annual compensation under Federal contract, $3,230,645. V . 108, p. 974J
“ S TAN D AR D R E T U R N .” &c.— See page 5.

NO'V., 1919-

^C
oatro?.m
e°

R A IL R O A D C O M P A N IE S
[F o r a b b rev ia tio n s, & c ., se e n o te s o n fi r s t

RAILWAY STOCKS AND BONDS
M ile s
p a g e]

Road

D a te
B onds

Par

Value

A m ount
O u tsta n d in g

R a te

%

W h en
P a y a b le

APrivate
Control.
L a s t D iv id e n d
a n d M a tu rity

55

P la c e s W h e r e I n te r e s t a n d
D iv id e n d s a re P a y a b le

Columbia Trust Co, N Y
A & O Apr 1 1933
5 g
$ 1 ,0 0 0 $2,122,000
50 1913
Banker* Trust Co, N Y
Galveston Hous & Hend of 1882— IstM .g .C o ly c &r
M & S Moh 1 1938
6
1.106.000
1 ,0 0 0
1908
Nat City Bk, N Y , or Gal
Galveston Terminal— 1st M 5 5 ,0 0 0 .0 0 0 gu (text)-B a.x
J & J July 1 1932
6 g
489.000
1 ,0 0 0
1882
do
do
Apr 11940
dalveston Wharf Co— 1st (r e) M goUl s f ------- _«zo
5 g A & O
1.363.000
1 ,0 0 0
1890
do
do
First series (wharf & railroad) gold 5s sink fund.zc^
5 g F & A Aug 1 1926
907.000
1 ,0 0 0
1901
Columbia Trust C o, N Y
Second series (wharf & railroad) gold fis s i . . . z o
A & O Apr 1 1929
488.000
5 g
1 ,0 0 0
16 1899
rtpnesee & Wyoming RR— 1 st M gold $o00A)00---Col
QenevaC ornl.de & S o u th e r n -S e e N Y Central RR
See Se aboard Air Line R y .
Interest fa default
npnrffia & Alabama— Georgia Carolina & Northern
5 g M & S Mch 1 1946
32.000
1 .0 0 0
Int only pay when earn
99 1906
July 1 1936
Georgia Coast & Piedmont— First M g $ 1 ,0 0 0 ,0 0 0 -Gx
5
69,800
1912
Oct 1914 coup In default
A & 6 Apr 11962
55
1.665.000
1 0 0 &c
1912
Gen. mtgc $3,500,000 auth gold red 105--------C o lx
5.250.000
100
nporffia & Fla— Common stock $15,000 per mile-----3.500.000
100
Hanover Nat Bk, N Y
Pref stock non-cum partlo. $10,000 per m i le - .- - - .
5 g A & 6 Apr 1 1955
2 1 2 .0 0 0
1 ,0 0 0
53 1905
Mlllen & South 1st M - - - - - - - - - ......................... Colx
500.000
1917
Receivers’ certificates $ 5 0 0 ,0 0 0 -----— -------------- M & N Nov 1 1956
5g
500 &o 5.600.000
284 1907
Georgia & Florida mtge $12,000,000 g o ld --.-, axo
Feb
500 &c 2 ,0 0 0 ,0 0 0 See text F & A J u l y 1 1932
1912
Gen M g (cum Inc for 10 yrs) red par.........FBa.xc
1 1930
J & J
6
2 0 0 .0 0 0
1 ,0 0 0
1910
Bankers’ Trust Co, N Y
Georgia & Florida Term M $200,000 guaranteed— :
J & J July 1 1954
5S
2.113.000
1 ,0 0 0
J P Morgan 4 Co, N 7
npnnria Florida & Alabama— First mtge gold —Ba.o* Text 1904
3 g A & O Apr 1 1946
1.650.000
1 .0 0 0
98 1896
Georgia Midland R y -F lrs tM gold $1,650,000 lntgu.x
Georgia Pacific— See Southern Ry
Oct 15 1919 3% Augusta, Ga
Q -J
4.200.000 See text
100
307
Am Ex Nat Bk, or Aug
Georgia Railroad & Banking Co— Stock----------------- J & J Jan 1 1922
5
1 . 2 0 0 .0 0 0
1 ,0 0 0
’87-’07
do
do
Bonds refunding not mortgage currency-----------zo*
J & J Jan 1 1922
6
1 ,0 0 0
1882
Am Exch Nat Bk. N Y
J & J Jan 1 1947
Bonds not mortgage......... — —
ocrI " ™
4
1 ,0 0 0
1907
Bonds not mortgage currency (V 87. p 226. 285) -ZC
100
Georgia Southern & Florida— Common stock.............
5 fa 1919 M & N N ov 7 ’ 19 2H
100
• do
do
First pref stock 5% & partlc non-cum red
-----5 fa 1919 M & N Nov 7 ‘ 19 2 44
100
do
do
qnron.l uref 5% & partlc non-cum $1,084,000 -----5 g J & J July 1 1945
1 ,0 0 0
285 1895
do
do
F?rst mortgage gold $4,000,000. — .........MeBa.xo*
J & J July 1 1952
4g
1 ,0 0 0
391 1902
Equitable Trust Co, N Y
oonsol mortgage $10,000,000 gold__-N.xo*&r
4H g M & S Mar ’1920
1 ,0 0 0
1910
Equipment trust Ser C due $25,000 semi-ann— Eqx
F & A Feb 20-Aug ’22 Bankers Trust Co. N Y
4H ft
1 .0 0 0
1912
Richm’d.Va.Old Dom Tr
do
do
Ser D due $21 M s-a--------------- Bax
1 ,0 0 0
4H g M &N15 M a y ’20-N ov’2o N Y & Baltimore
1915
do
do
Ser E due S22M or $23M s-a g . . c
5 g J & J Jan 1 1946
1 .0 0 0
36 1896
C o’s office, Albany. Ga
G eorgia Southw & O u lf— Albany & Nor 1st A1 g „ c
J & J Jan 1 1959
5g
100
36 1909
Reading Terminal, Phila
A & O Oct 11926
5
1 .0 0 0
42 1891
fledvflb£Hrtarxfafa—Con(no w 1st) if $565.000 g(text) .x
N Bk Or Co. Goshen. N Y
8 ilayVaMey G lobe & N o r th e rn -S e e Arizona E « t e rn RR
Various 1928
0
2246.500
500 &c
12 1888
Goshen & Deckertown— 1st & 2d M ($60^000 are 2ds)
Qouverneur & Oswegatchie— See N Y O & H R R R

n

B O N D S — See V. 92, P- 1636: V. 94, p. 130: V . 96, p . 1772: V. 107.
1482
Western Divs. 2ds $2,539,000 are “ stamped with a guaranty by

lflLATBST EARNINGS.— 11919-G ross. 513,997,825; net (bef.$2,810,363
« mns Tan 1 to Aug. 31. 11918--Gross, 13,829,624: taxes), 4,591,478
8 f n 1 9 1 8 stendard return. $3,230,645; other income. $367,089; interest.
&c.?charges, $2,933,588: expensos. &c., prior to 1918, $493,715: bal. sur.,

o f N . Y . a n d R ic h m o n d (V a .) T r . & S. B k .

V . 102, p . / 12.

in Ju y iy iy
o f V a ld o s t a

$170,431.
jVfil.
Oth. Inc. Interest.
Miscel.
Surplus.
Ga and E B Lewis of Montezuma, having purchased the large inter^t
1917
$19 737,996 $6,881,348 $552,867 $2,812,844 $1,420,531 S3.260.841 fa ifie property held by the Baltimore Trust f c succeeded S O. Row­
1915-16 12 831 389 2.912,587 810,905 1,776.330 2,359,906 df.412.844 land and D H Gordon on bondholders committee. V. 106, p. 1344, 1401.
1914-15 I i:ll2 :i4 1 1,453.907 884.700 (V. 103, p. 1210: V. 107. p. 603.)
HONDS__o f bonds of 1907, $5,600,000 are in hands of public and
$630 000 In treasury. V 85. p. 221, 530; V. 95, p. 1472. Holders of 1st
V. 108, p. 2122.
4r GALVESTON HOUSTON & HENDERSON RR. OF 1882.— Owns from M . bonds were asked to fuud‘ their'coupons for^3 year^ fr«™
about 82% agreed V. 98. p. 155. V . 9 f p. 1 0 2 4 1504. V . 104. P; 2452.
ualveston Tex., to Houston, Tex., 50 miles. See V. 61, p. 1013.)
Gen. mtge. bonds, see V. 94. p. 630. 826. 91 1 .1 1 1 ». v . iU4 p.
U ORGANIZATION.— TheM . K. & T. and International & Great Northern
p f p o r t __For vear ending Dec. 31 1918, gross, $l,U Zl,i4o, nei. v cj.,
have had trackage rights since Deo. 1895 under a contract providing for pay­
ment to C o n tra lW st C o., as mtge. trustee, of $100,000 yearly tomeetlnter- 897 filS' other income $142,065; fat. on bonds, $ 6 2 0 , 1 1 5 ; taxes, rentals,
d e f ! $717 512. In 1917. gross $904 883; bal surp..
Mt on G II. & H. bonds and an additional rental of $24,000 per ann. for lc™ $ 2 il°8 7 4 ; “
dividends or other purposes—see V . 61. p. 1064; V. 63. p. 697. Divs.. May $35 695. Fed. yigr., W. A . Winburn, Savannah, Ga. (\ . 108, p. 78, •
1904 to 1906. 4% yearly; since to July i 1913, none. M . K. St T . owns
n'lir i t) n'l a m i d i AND RY — Owns road from Columbus to McDonough
1 qqq shares o fs t o c k . Of the 1st gold 5s ($5,000,000 authorized Issue).
000 000 Is reserved for not over 90% o f cost of new equipment. Redeem­ JaUb98 m l l i I ek!ed from July 1 1896 for 99 years to the Southern Rail­
way’ Co. for 549,500 annual rental (being Interest on the first mtge. bonds,
able at 105 on any Interest day. V . 98, p. 839: V . 102, p. 1987,1cof) and $2,500 for Columbus tcrmfaal property
Stock Is $1,000,000.
tt Stock $1 000.000: par. $100. For cab year 1917, gross, $434,740, agst.
$350 715 and net, after taxes, S71.134, against $23,818. Federal M gr., owned by Southern Railway Co.— (V. 63. p. 361, V. 82, P. 7ol.)
J. L.’ Lancaster, Dallas.— (V. 102, p. 1987.)
^ .m -o P d lA R R & B A N K I N G CD.— Georgia R. R. Augusta, to Atlanta.
■A-OAI VESTON TERMINAL RY.— Owns extensive terminals at Galveston. f 7? m - branch^ co Washington and Athens. 58 m.; Macon & Augusta
Tax used by Trinity & Brazos Valley R y.. Colorado Southern and Chlo. RR Tproprletary road). Camak. Ga to Macon. Ga. 74 m.; trackage, 4 m.:
o eX ‘ & paolUc which own practically all the stock. V. 87, p. 9o0. Owns total 307 m. Owns 50% stock of Western R y. of Ala.
f
» iaro-e freight depot and warehouse and about 14 blocks along Galveston * L ease. _In 1881 road leased for 99 years to W . M . Wadley et al for the
c
water frontK In June 1918 operated 3.49 miles o f main line and 20.33 miles Font of Ga and the Loulsv. S Nashv., at $600,000 ner year, but fa April
of sFdlngs Stock. $25,000. Of the first 6s ($5,000,000 authorized ?899 the Loulsv. & Nashv. was held to have aenulred all rlghts under the
lease' Atlantic Coast Co. 1899 acquired half Interest. V. 68. p. 722. Own*
PaLe) itofiHl 0 0 0 guar, jointly by the Ch. R . I. & P. and Col & Sou
V
Issue) #1.0»1.UUU
£
1478. v . 103. p. 2428. 1980. Pres., J. W. majority ($594,900) stock “ Ga RK Bank
cone oao
Oomnonsation under Federal control for use of Georgia R R ., $858,662.
Ro’bfns, H e s t o n Tex.: V .-P ^ Chas. Fowler; Sec & Treas.. E. R . CheesD IvnJE N D S —
l ’83-’87. ’88. ’ 8 9 to J a n .’ l l . Since to Oct. 15 1919.
borough, both of Galveston, Tex.— (V. 100, p . 2085.)
i n n vPgTGN WHARF CO.—owns wharf properties extending from 10th
41st Sts8 *Galveston. Tex., and 12.8 miles main line switching tracks In
Gross income for the year ended Mar. 31 1919, $1,036,204, arts, u ^ /o ),
with vnrd tracks and sidings. Incorporated In Texas Feb. 24 1854
s t ^ k ontetending at list advi<5». $2,626,600; par. $100. Dividends in cno l ’non- interest $118 000; bal., sur., $414,261; total, p. & 1., sur., $1,984,­
959 For 1917-18 total receipts, $623,796; total expenditures, $622,000;
?904
1905 4 H % : 1906 to 1908, 5% yearly; 1909, W<%\ 1910 to
bal/, sur , $1,796.— (V- 103, p. 2340.)
1 Q19 k w I ’ 1914 5W % ;'1915, 4 H % (unofficial); since.
. OFORG1A SOUTHERN & FLORIDA R Y.— (.See Map ofSouthernR y.)—
G o m n o n s a t l o n unde? Govt.lcontract, $526,069. V. 108. p. 170.
,
.wiis from Macon Ga!. to Palatka. Fla.. 285 miles: on Nov. 1 1902 pur­
F o J ^ r ending D m . 31 1916. gross, $1,399,830; net. $573,456; other In
come I W o int .T o ta ls . & c.. $128,254; div. ( 4 « % ) . $ 1 1 ,6 3 0 ; bal.. sur.. chased Atl V & W Rv.. Valdosta, Ga., to Jacksonville, Fla., 106 miles;
* 3 ^ 3 4 7 1 ' F o r 1917 groM. $1,094,559; net. after taxes. $335,313. Pres.. trackage * 1 1 m .; total, 402 m. V. 60, p. 928; V. 79, p. 551. Also owns
on^eiidith of stock of Jar onville Term. Co. and 1-3 ofstock Macon Term.
T«hn SealV- Sec Treas. & Gen. M gr., J. J. Davis. Office. Galveston
John Seal£. geBy r » ed Mgr Da„ as.— (V . 107. p. 1195; V. 108,p.170.
p
° Owns the stock of the Hawkinsville & Florida Soutneru Ry., Worth to
Hawkinsville. Ga.. 43 mil*,, and Ashbdrn to Camilla Ga 50^milts $606,.
OAIJLEY & EASTERN R Y .— V. 106. p. 2228; V. 108, p. 1165.
nno istM 5 % bontls being guar., p. & 1 V 79. p. 2585. > ■97, p. 175, 365.
.
a ftuivpgpp * WYOMING RR.— Retsof, N. Y ., to Pittsburgh * Lehlgb
DIVID on
/1892. 1898. 1899. 19(MM)5
1906. 1907 to Nov. 1919
& F En Emlier Retsof Jot to GHegvllle. 4 m.; branch. 2 m.; total. 16 miles
nref (% ) 2
3
3
4 yearly
5 yearly
Stock 8500 000; par. $100. Dividends since 1909: Aug. 1910. 1H % : 1 stjfe 2nd)8 — FirstIrurge of 1895 (A bstract. V . 61. p 4H provides chat the
1 IK»N 1
429)
Nov ’
%• 1 9 1 1 , 5 % . Paid 1H %
1912 and 1913. 5% (Q.-F.): 1914
second only to
Web‘and May** 1 K % : Aug. 1914 to Aug. 1916. 1 Vi % ouar.: Nov. 1916. 2% . *684 000 first pref. stock shall be a lien the authorized the bonds and coupons.
1
S
5 Thn First Consol 4sof i902 arefor
amount of SlO.UDu.OOO
1 0 1 7 a? 0<7 2% Q.-F. with a special dlv. of 2% paid In Aug. 1918: Feb. &
.684
and $684 000
Mav 2% qu ar.; N o v ., 4% ; 1919. Feb.. May and Aug. paid 2 H % . Year of which $4 and 000 are*issuable to retire the $4,000,000 5sV 75, p OK0 1st
Qtnr'ir
31B 000 are reser\red for future need>.
ended Dec 31 1918, gross, $427,211; net, after taxes, $237,982; charges. PrSTANC
I)ARD RETURN as certified by I.-S. C. Commission, $511,457
cV9 0 2 3 5 "d iv s (10%), $50,000; bal.. sur., $58,747. For 8 mos ended
Am* 31 1919 gross. $296,394; not, $139,191; charges, $75,659; divs. (7H % ). &0R A R N IN G 8 — rm M .,7l'9199: 5 ^ 9 $i2,830,425; net (before $226,924
* 3 7 Hon- bal ’ Iur~ $26,033. Pres., M . B. Fuller, Scranton, Pa.; Sec. &
Jan. 1 to Aug. 31.
\1918--Gross, 2,283.023;
taxes),
29o,208
T r i w H Bamard, 2 Rector St.. N. Y.— (V. 76. p. 1248.)
R E i’ ORT.— Year ending Dec. 31 1918, In V. 109, p. 1<90:
a n n / i n n u COAST & PIEDMONT R R .— Extends from Brunswick to
Balance
t\,c 31
Gross
Oper.
Total Interest, JPfefSurplus.
n*a 08 4 miles. V. 98, p. 839. Receivers appointed in 1916,
Years—
Earnings.
Income. Income.
&c.
Divs.
h °M k en and C H. Leavy, Brunswick. Ga. In N ov. 1917 $100,000 iqiS
$3,694,801$272,913*$522,128 $349,568 $88,400 $84,160
E ^ v e ? s rertificates were authorized. V. 105, p. 1208, 2094. Sold under
269,940
0 7 ...............
2.983.428452.359 746,929 388,589 88,400 ------------^ iT,?I,,re Oct 7 1 9 1 9
Road being dismantled, V. 109. p. 1792, 1891.
1115.............: : : 2 :6 6 9 :8 0 9 5 8 1 ,2 1 7 7 5 2 .7 9 4 3 0 0 ,2 0 2 8 8 , 4 0 0 3 0 7 .1 9 2
^ bond h old ers’’ committee: Henry L. Cohen (Chairman) H. Brunner and
* Certified.standard return, $511,457; miscellaneous income, $10,671.
A - W t e / w M S . A d a™ . Sec.. j » B g M w g r . N. V. D c p d l a r ,.
Pres Fairfax Harrison, Richmond, Va.; Fed. M gr., E. H. C.oapman,
Columbia Trust o .■ • ^
nutti. Issue). pee V. 94, p. 1448. 1763. Washington, D. C .— (V. 107, p. 291, 1287, 1666, 2289; V. 109, p. 1790.)
A G E O R G IA S O U T H W E S T E R N & G U L F R R . (Albany 5c N o r t h e r n
v -6 s to 6 s or1 9 1 8 gross. $178,860; net d e f., $21,194; fat., taxes, &c
Mv i __Projected to extend from Albany. Ga., southwest to St. Andrews,
1119 152 b a L fd 'J .. $140.§46. Pres.. F. J. L is m a n .-(V . 109. p. 1891.)
Fia’.Von the Gulf of Mexico. In Feb. 1910 acquired the entire capital stock
x n c o D n u PI OR IDA & ALABAMA R Y .— Owns R.chland. Ga.. to of the Albany & Northern R y ., Albany to Cordele, 35 miles; trackage rights,
TAhahMsoo V a L 131.22 miles, including 26 miles opened Sept. 1909. Talla- 0.
73 miles. V. 90. p. 109, 502. G. S. W . & G. stock auth., $4,OOO,O0Ogssu^ “ fnTarrLbelle on the Gulf or Mexico. 49.68 miles; branch, Havana. able at $20,000 u. m.; outstanding Dec. 31 1917, $40,500. The $4-000.000
to Chdncv 1 1 2 3 miles; total. 192.86 miles. Also operates steamer mtge. is secured by pledge of $350,000 cap. stock of Albany & Nor. R y..
S
to Anpalachicola. Fla.. 32 miles. Stock. $450,000; &c ; bonds issuable at $20,000 p. m. In Sept. 1919 interest charges were
J*?® ~
r,°™ °oomnensationP
nxed under Government control, $57,638; other being paid “ as fast as coupons are presented.
Total coupons unpaid Gee.
Fncnmn f^ t 1
rentals. &c. fast.), $127,000; def. fast.), $65,862. 31 1918, about $30,000. For year end. Dec. 31 1918, gross, $150,925, net,
v ™ , S f f ’ nw- 31 1918 gross, $437,407; net. $32,788; other income, $43,445; other income, $1,963; charges, $39,730; balvT^ r '
, ea^ Cfinr fnfD r,;,tals &c $150,324; bal., def., $121,141. Pres., Cora B. 1917. gross. $115,955; net, $26,309. Pres, and Gen. Mgr W M. Y e e e
Y
Legg,
’J. i>’. Nisbot, Bainbridgo. Ga.; Fed. M gr., W . J
Albany, Ga.; V.-IL. Sec.-Treas., H. J. Bruton, Bainbridgo. Ga., Aud..
vVilliams, Hec.-ireuB.,
" CQ
ia q t - v
100 n 1072
Harahan, Norfolk, Va.— (V. 88. p. 14JG v. iuu . p. t o t-.)
1. C. Johnson, Albany, Ga.— (V. 90, p. 502.)
, r ic A D n i a R pi OP IDA R Y .— Owns from Madison, Fla., to Keysvl e. ★ G
.
U
S B U R G R Y — Carlisle to GeUysburg^Pa
★ G E O R G IA * ^ |jL~j£a southern R R . (controlled). Augusta to Tennille. m.; E T T Y S Bto R G & H A R R II>a.. 2.93m.: . branch Pine Grove Furnace to nun
branch
Round Top,
- 223.6 m.. Augusta
^
branchos. 96.5 m.; total. 406.3 miles
“ r’s Run, 7.46 m. The ReadlngCo. owns $574,150 of *lw SBOO^OO^oafatal
n « p . 8 t ^ ? i f GiwTriaK& Florida Term. Co. o f Augusta and Valdosta and
.
stock of Georgia et ^
“,ldatlon in A ug. 1907. V. 82. p. 1211: V.
guarantees Its 1 st 6s. A
y gg
6gl
Qn March 2? 1915 re.
aiV^wnV^Aimdinted’ the^receivers In June 1918 were W. R. Sullivan of
N Y K f f n e M.'W illiams and J. F. Lewis. In Oct. 1919 purchased
M d.
Augusta Southern R R .




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Nov., 1919.1
R A IL W A Y STOCKS A N D BONDS




58

★ Control.
Government

APrlvate
Control.

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

$ 5 ,7 9 1 ,7 0 0
$100
Grand Rapids & Indiana Ry— Stock $6,000,000------9 1 8 .0 0 0
1869
1 ,0 0 0
367
First M mostly land grant g extended In 1899_ zo*
_
4 .4 5 5 .0 0 0
1 ,0 0 0
367 1869
First M extended gold guaranteed by Penn R R .zc*
5 .0 0 0 .0 0 0
1 ,0 0 0
419 1896
Second mortgage $5,000,000 gold______________xc*
7 5 0 ,0 0 0
1 ,0 0 0
37 1886
Muskegon Grand Rapids & Ind— First M g ___Ce.x
2 5 0 ,0 0 0
1 ,0 0 0
27 1883
Traverse City R R — First mortgage gold_________ z
5 0 0 H e ld b y G r
27 1883
do
do
Income bonds ($190.000)-----6 8 0 4 0 .0 0 0
$ &£
Grand Trunk Pac— First II £ guar Can Govt (text)o&r 1 , 7 5 5 1 9 0 5
1 0 ,2 0 6 ,0 0 0
£100 &o
916 1905
Prairie Section M (Ser A) £2,100,000) guar p and 1
9 ,9 6 3 ,0 0 0
£100 &c
839 1905
Mountain Sec M (Ser B) £2,050,000) by Grand
7 .5 3 3 .0 0 0
£100 &o
1905
188
Lake Superior Dlv 1st M £1,550.000)
Trunk
1 5 ,9 4 0 .8 0 0
1914
£100 & c
Sterling bonds guar by Can Govt $15,940,800.c*&r*
3 1 .8 7 9 ,2 5 2
J100
Deb stk $50,000,000 red aft 1936. Int gu by G T
1 0 ,0 0 0 .0 0 0
1909
Gov't Loan $10,000,000 sec. on Prairie section do
1 5 ,0 0 0 .0 0 0
1913
Gov't Loan $15,000,000 cov. by deb. gu by G. T .6 ,0 0 0 ,0 0 0
1914
Dominion Government loan______________________
7 ,0 8 1 .7 8 3
do $8,000,000 sec by mtge V 103, p 406--------5 ,0 3 8 ,0 5 3
1917
do $4,500,000 (Y 105, p. 1617, 999, 818, 497)
—
—
do
$7,500,000 (V 106, p 2559)..........- ..............
2 .4 3 0 .0 0 0
$& £
1909
Grand Trk Pac Br Lines 1st M gu by Alb text—c*
1 ,1 5 9 .5 9 6
£100
58
do
do
1st M gu by Alb £238,600-------1 1 ,3 1 5 .0 5 2
£100
&c
1909
do
do
guar by Saskatchewan (see text)
1 ,8 8 1 ,7 9 2
£100
1914
do
Terminals guar by Sask text_________
V 1 0 5 .P 1 4 1 5
do
Bridges auth $1,300,000 guar by Sask
£100 &C 9 . 7 2 0 . 0 0 0
—
i9 1 4
Secured gold notes £2,000,000 guar red 10 1_____ c*
£ 2 3 QK5 4 3 7
Grand Trunk Ry— Consolidated stock_______________
£ 1 0 0 i,1 2 i5 0 0 j)0 0
1884
4% guaranteed stock non-cumulatlve £12,500,000£ 1 0 0 £ 3 ,4 2 0 .1 )0 0
’7 3 -’74
First preference 5% stock £3,420,000 non-cum---£ 1 0 0 £ 2 ,5 3 0 ,0 0 0
'7 3 - ’ 7 4
Second preference stock £2,530,000 non-cum
£ 1 0 0 £ 7 ,1 6 8 ,0 5 5
Third preference 4% stock £7.168,055 non -cum ..
£ 1 0 0 £ 4 .2 7 0 ,3 7 5
3,512 f 1 8 7 4
Debenture stock £4,270,575___________________ '
£ 1 0 0 £ 2 4 ,6 2 4 .4 5 5
i 1884
Perpetual consol debenture stock (coll trust) oum
£ 3 7 2 ,9 0 0
i:!
£100
11869
2d equip M extended (subject to 1st M in trust)l-o j
£ 2 ,7 2 3 ,0 8 0
£100
836 Vt V a r
£ 1 4 ,5 0 0
Northern Ry third preference A & B bonds______ o 4 9 0 'H ( 1 8 6 8
£ 3 0 8 ,2 1 5
11884
Debenture stock 4% perpetual £425,850---------1 6 .0 0 0 .0 9 2
3 9 6 1 9 0 5 100, £200
Canada Atlantic consol (now 1st) M g g u p & i ----£ 5 5 ,9 0 0
• •• 1 8 7 4
Wellington Grey & Bruce 1st 7s. See V. 108. p. 17(

Three-year secured notes (V 107. p 1287).........

1918
1915
1918

£100
&c
£100 & c
£100
&c

£ 1 .0 0 0 .0 0 0
£ 2 ,5 0 0 ,0 0 0
£ 3 ,0 0 0 ,0 0 0

Rate
%

Last D i v i d e n d
and Maturity

When
Payable

A
& O
& J
314 g J
&
J
414 g J
A
& O
4 g
J
&
J
5 g
J
&
J
3 g
a n d R a p id s & I n d
j
& J
3
A
& o
4
A
o
4
A
te
o
4
J
& J
4
M & s
4
A
& o
4
J
& J
4
M & N
5
J
& J
6
J
& J
6

4
4
5

See

& N
M & N
M & N
M
& N

M

4
414
414

M
te x t M
M

5

&

J
F

6
5
6

A

4
4e

F
,r

514

j
j
j

6

A

var, sa y 4

6 g

g

2

& N
& N

J & J

4

S

[Vol . 109.

P

Dividends are Payable

A p r 2 5 1 9 1 0 1 14 O
J u ly 1 194 1
VI
do
do
J u ly 1 1941
O ct 1 1936
P
Co
Lanier
J u ly 1 1 9 2 6
Y
Co
Lanier
Jan 1 1933
Y
ia n a R y
Jan 1 1962
B
A p r 1 1955
) A pril 1 1919 coupons
Apr 11955
) were paid April 15.
Apr 11955
j
Jan 1 1962
L
P erp etu a l
S
A pr. 11919
h
do
do
J u ly 1 1 9 2 3
On
dem and
O n . dem and
-

F eb 25
F eb 15
Jan. 22
1943
D e c 18

1939
1942
1939

1

1943

-

Mar 2 1921
(N o v
1917
j to N o v 1919

A p r 1 9 1 4 2 J4
14 I r r e d e e m a b l e

Ir r e d e e m a b le
Q— .
&
J J u ly 1 192 1
& A Ir r e d e e m a b le
& O I r r e d e e m a b le
& A I r r e d e e m a b le
&
J Jan 1 1955
& J c a lle d M & N
& j IS J a n 1 4 1 9 2 1
& J J u ly 1 1 9 2 0
&
o O c t 1 1921

C

do
do
do

do.
do
do

do
do
k from Co’s Office
do
do
do
do
do
do

1

-Glyn, Mills, Currie & Co

J

London

|
S font,
I
I

N Y & London
England

London
I

Grand Trunk Pacific Branch Lines bonds, see V. 90, p. 1044, 1165; V. 8 8
p 1437; V. 96, p. 285; V. 97, p. 1583. For issues guaranteed by Provinces
of Alberta and Saskatchewan, see V. 99, p. 1451: V. 95. p 1331; V 96., p.
285; V. 94, p. 1448. As to Dominion guaranty of $15,940,800 (£3,280,000)
4% issue of 1914, the final $7,500,000 of which had been issued in Jan. 1919,
seeV . 98. p. 1766; Y. 108, p .480 , 578.
_ „ „„
Perpetual debenture stock, see V. 84. p. 570: V. 96. P- 1296; V . 8 8 , p. 624;
V. 90, p. 303; V. 96. p 789; V. 94. p. 207: V. 95. p. 1207. 1607: V. 96, p.
789, 1088. 1297. 1629. 1700. Seven-year 5% notes o f 1914. see V. 98, p. 73.
In April 1919 the Canadian Govt., by way of loans, &c., had put $145,­
0 0 0 ,0 0 0 into Grand Trunk Pacific
V. 105, p. 1415; V. 106, p. 2559.
FINANCIAL STATEM ENT. &C.— A full financial statement as of
Feb. 29 1916 was given in Y. 102, p. 1982. Reports of members of the
Royal Commission. V. 104, p. 1754, 1800, 2117, 2235 V. 105. p. 1415.
EARNINGS.— For year ended June 30 1917 (comparo V. 109, p. 172):
G.T.P.Ry.G.T.P.B,.L.\
G.T.P.Ry. d.T .P.B r.L .
Oper. rovs ..$6,651,298 $1,593,0191Deductions,
N et_______ loss 250,878 loss225,613 1 incl. int., &c$7 ,991,766 $1,222,523
Non-oper. inc. 2,535,064
909,376|Net deficit ..$5,707,581
$538,760
Note.— Deductions from gross income G. T . P. Ry. include $906,934:
the operating loss on the branch lines and non-operating income of the
branch lines company includes credit for this amount.
In March 1919 it was reported authoritatively that whereas in 1917 the
Grand Trunk Pacific showed $2,200,000 and in 1918 $1,900,000 available
for interest, it was in 1919, owing to the insufficiency of tho increased rates,
showing a deficiency, instead of a surplus. In net results.
For years ended June 1916.—
Gr. Tr. Pac. G.T.P.Br.L. Transcon.Ry.
Operating rovonues...............................$6,963,189 $1,319,599 $5,798,516
Net Income after oper. expensos_____ 1,070,904 loss 50,534
466,135
Charges other than funded debt_____
________
________
808,751
Balance .............................................$1,070,90-4 loss $50,534 loss$342.615
Status in Aug. 1918, see V. 107, p. 696.
OFFICERS.— Pres., Howard G. Kelley. Montreal. Can.; Sec.. Henry
Philips; Treas., Frank Scott.— (V. 109, p. 172, 1272.)
ORAND TRUNK RY. OF CANADA.— (See M aps.)— Quebec. C an .,
Montreal to Chicago. 111., also to Portland. Buffalo, Detroit. Toledo. &c.
REPORTED SEPARATELY.
SYSTEM PROPER.
Majority stock owned.
Miles.
Miles.
Lines owned__________________ 3,472 Central Vermont*_____________ 531
Grand Trunk Western*_______ 347
Leased— partly owned.
Entire stock owned.
Atlantic & St. Lawrence, Port­
_ 101
land,Me..to Island Pond, V t- 165 Pontiac Oxford & Northern_
Buffalo & Lake Huron________ 164 Detroit Grand Haven & M il*.. 191
98
Cincln. Sag. & Mackinaw--------54 Tol. Sag. & Muskegon________
Jointly owned.
Other lines___________________ 211
Detroit & Toledo Shore Llne___ 79
Total road............................... 5,360
Total in earnings................ -.4,008
Car ferry. Grand Haven to Milwaukee. •See separate statement this Co.
H IS T O R Y .— See V. 106. p. 395.
N ATIO N ALIZA TIO N .— The Governor-General of Canada on N ov. 10
1919 signed a bill looking to the acquisition by the Government of the
entire capital stock of the company, except the £12,500,000 4% Guaran­
teed stock. A board of three arbitrators, ono appointed by tho railroad
^ O n March’ 4 HU9 notice was given that owing to the lack of funds company, one by the Govt, and the third by tho otnor two, or, falling agree­
the Grand Trunk Pacific R y. was unable to continue operations. Ac­ ment, by judges, will determine tho value of the first, second and third
cordingly, under the provision of the .War Measure Act, an order was preference stocks and tho common or ordinary stock.
passed in Council on March 6 1919, placing the Grand Trunk Pacific Ry. in
Provided the shareholders ratify the plan, new guaranteed stock to the
the hands o f Hon. J. D. Reid, Minister o f Railways, as receiver. V. 103, amount of their aggregated appraised value will bo issued in exchange for
p. 1060, 1274, 2118.
,
. .. a • * these old stocks in proportions to be determined by the arbitrators, and
INTEREST PAYM EN TS.— The interest due April 1 1919 on Series A dividends on such new stock at 4% per annum will bo guaranteed by the
Prairie Section, Secies B Mountain Section, and Lake Superior Branch 4% Canadian Government; provided, however, that tho Government shall not
bonds was paid April 15. In N ov. 1919 it was stated authoritatively that be obligated to pay in any year in excess of $5,000,000 as dividends on:
the Oct. 1919 coupons on above issue and on all other issues, payable in (a) the present £12,
{ '
New York, were being promptly met. V. 108, p. 2022.
..
. .
that will replace tlu
In March 1919 the Grand Trunk Ry. Co. paid the interest due March l p. 1891. As to liabilities to be met by
.......... ------- - — . --------- - — ^
on this company’s debenture stock, but the principal of the $ 1 0 ,0 0 0 ,0 0 0 J /o
Tho Government will also guarantee the dividends on the present 4%
loan from the Dominion G ovt., guaranteed by the Grand Trunk R y., duo Guaranteed stock and tho interest on the company’s debenture stock issues,
April 1 1919 remained unpaid. V. 108, p. 151, 1917.
.
. all these securities at the same time parting with their voting Pf>v^rJ
The Sept. 1 1919 interest due on the 4% debenture stock was not paid at present 4% guaranteed and also tho new guaranteed stock will bo made
maturity. V. 109, p. 1272.
subject to call at par and dividends.
,
.
STOCK.— Authorized. $45,000,000 (par of shares. $100 each), of which
After the shareholders ratify tho agreement a commltteo or management,
the $25,000,000 common is owned by the Grand Trunk Ry.
consisting of fivo persons, is to bo formed to insure the operation of the road
BONDS, &c.— For full debt statement in 1917 see V. 105, p. 1415.
as far as possible in harmony with tho Canadian National linos, tho two
The Canadian Government agreed to guarantee 3% 1st mortgage systems being treated in the public interest as nearly as possible as one sys­
bonds for an amount up to 75% of the cost of construction of the Western tem, pending completion of the aforesaid purchase of stock by the u o v t .
division, such amount (a) in the case of the Prairie Section not to exceed The Govt, will also be authorized to lend to the committee of management
$13,000 per mile, or £3,210,000 In all; and (b) three-quarters of total cost such sums as may be necessary for the carrying on o f the railway, upon
per mile from the mountains to Pacific Coast, called Mountain Section. the transfer to the Govt, of tho preference and common stock, tno (jo v t.
Total Issue, £14.000.000: Royal Trust Co.. Canada, trustee. V. 80. p . may provide for the discharge o f the receivership of the Grand 1 rung i aciric
996. 1234, 1363: V. 81. p. 507. 613; V. 89. p. 224, 286: V. 91, p. 214. 276.
Ry. System. V. 109. n. 1527,1609,1891; V. 108, P- 2122,1300,1274. G ov­
Decision as to guaranty by G ov’t, V. 93. d . 1386. 1462; V- 95. p. 1607.
ernment aid as to rolling stock, V. 107, p. 82.
In 1914 Canadian Govt, guaranteed £3,280.000 4% bonds due Jan. 1 1962
DEBENTURE 8TOO K— NOTES.— Perpetual consol. 4% deb .s t o c k
V. 101, p. 1628; V. 98, p. 1766, 1920; V. 99, p. 342, 674; V. 100, p. 642.
August
time to time
Series “ A " (Prairie Sec.) and Ser. “ B” (Mtn. Sec.) 4% bonds secured by lncludod in by Acts 1916 a total Issuo of $180,703,378, from $ 119,839,014
authorized
or the Parliament of Canada, of w h l^
a second mtge. (National Trust C o., Toronto, trustee) guar, as to prin. and
Int. by the Grand Trunk Ry. C o., see in V. 8o. p. 996; also V. 80. p. 996; was In hands of public; $10,723,731 was pledgod as
promissory notes, $14,105,121 wasset aside for certain ~?P0n
t0P
DurDosM
V. 8 6 . p. 794; V. 90, p. 1165; V. 92, p. 725.
^ tlon a-s to purposM
Although the mortgage to secure the 3% bonds guaranteed by the Govern­ and $6,010 2)9 was hold in the treasury without
stock is a first charge (1) “ P®”
ment ranks before the mtges. securing A and B bonds guaranteed by the of Issue.to The debentureliens. Including the 5 % debenture stock, aggre­
certain prior
Grand Trunk Ry. of Canada, yet an agreement schedule to an Act of 1904 subject
$ 7 ,0 4 8 ,4 4 1
provides in effect that In the event of default by the company for 5 years in gating about $54,000,000. and (2) on o., 6absorbed,«ecuritlM or c o ^ a n iM
...............>
and controlled cornconsolidated with theGrand Trunk C
payment of the Int. on the 3% bonds, the remedy of the Government shall
be to put In a manager with the concurrence of the company to operate the paniesL_ V -97, P .1733; V
In*T918-10’ sa’nctlon’was'obtained foVllddiUo.lal^S.SM.OOO Grand Trunk
Western Division and to collect and distribute net earnings of eaoh particular
V.
■
„
division pari passu between the holders of the bonds guar, by the Govt, R y. 4% Consol. Debenture stock. years 109, p. o ju . rate. V ^l )8 , p. 2528.
2d Equip. 6 s wero extended for 2
at same int.
and the holders of the bonds guar, by the Grand Trunk Ry. Co. in the pro­
The $12,500,000
5 -year notes of 1 9 1 5
^
portion of 75% of such earnings to the holders of the Govt, bonds and 25 £3.600,000 perpetual 5)4% consol, debenture stock, am s ^ u ranyby deposit
4%
red. on
lnt^dato
to the holders of the bonds of this division guar, by the Grand Trunk R y. Co. as a whole or In amounts o f not less than * 2 0 0 .0 0 0 by drawing , a p op
As to $10,000,000 loan o f 1909, see V. 8 8 , p. 822, 1194, 1061, 1253. For tlonate part of collateral to be released. V. 100. p. 1917. 2085.
$15,000,000 loan o 1913. V. 96. p. 1629, 1772: V . 97. p 175. Regarding

★ ORAND RAPIDS & INDIANA R Y — (See Maps of Pennsylvania RR .)—
Owns from Fort Wayne, Ind., to Mackinaw City, 367 m.; new lines, 63 m.,
branches, 110 m.; total owned, 477 miles; operates Cin. Richrnond & I t .
Wayne R R ., 8 6 m. On M ay 1 1917 purchased the property of the Mus­
kegon Grand Rapids & Indiana R R . and Traverse City R R .; trackage, all
line , 8 miles. See Y. 106. p. 2644; V. 76, p. 811: V. 82, p. 988, 1098.
Successor Aug. 1896 o f R R . Co. foreclosed (Y- 63, p. 153).
Federal Compensation.— $929,385 yearly during Federal control.
STOCK.— Stock, $5,791,700 out. Penn. Co. on Dec. 31 1918, $3,212,000.
D IV ’S.— 1900. 1% : 1901, 2% ; 1902 to April 1910,3% (yly): none since*
BONDS.— The Qrst mtge. bonds extended at 4 >4% are endorsed with the
guaranty of the Penn. R R . Co. to purchase the coupons as they mature, and
the bond Itself at maturity. See guaranty, V. 56, p. 649; V. 69, p. 1193.
Of the 2nds, $888,000 were owned Jan. 1 1919 by Pennsylvania R R . and
$4,375,000 by the Penn. Company, which company guarantees the prin­
cipal and interest on $1,038,000 2d M . bonds.
E A R N IN G S .—-8 mos.,J1919..Gross, $5,159,259; net (before $495,003
Jan. 1 to Aug. 31.
\1918.-Gross, 4,607,412;
taxes),
585,277
RE PO RT.— For 1918, V. 108, p. 2523.
_ ,
Calendar
Gross
Net, after
Other
Interest, Additions, Balance,
Year— Earnings. Taxes. &c. Income. Rents, &c. Betts,&c. Surplus
$456,583 $168,374 $264,327 ...............
1918____ $7,207,727
1,085,398
90,152
922,068 - - - - - - - - 2.3.482
1917____ 6,491,358
_____________ ___
1,201,300
83,323
926,923 $300 000
o7.700
1916____ 5.897.565
Company’s statement for 1918, Govt, compensation, $929,385; income
from investments, rentals, &c., $38,932; war taxes, $8,182; Int., rentals,
&c., $754,016: bal., sur., $206,119.
, „ „
^
Pres., J. J. Turner, Pittsburgh, Pa.; Treas., J. H. B. M cKnight, Pitts­
burgh, Pa.; Gen. Mgr. under U. S. Govt., W . B. W ood; Fed. M gr., G. L.
Peck.— (V. 108, p. 78, 171, 2523.)
GRAN D TRUNK PACIFIC R Y .— (See M aps.)— This new trans-conti­
nental railway was built with the Joint financial support o f the Govern­
ment and the Grand Trunk R y. o f Canada under special Act passed by the
Canadian Parliament in 1903 and 1914. The several lines have a combined
length o f about 1,750 miles, from Winnipeg to Prince Rupert, B. O .. on
Pacific Ocean, 30 miles south o f Alaska line, with branches, 1,180 miles,
total. 2,930 miles, viz.:
, . . „
1. Western Division, Built, Owned and Operated by Company—
а. Prairie Section, Winnipeg to Rocky Mountains, a b o u t . - . - - - - - б . Mountain Division, Rocky Mountains to Pacific Ocean, a b o u t ... 83d
2. Sundry Branch Lines— Built by co. and its subsidiaries
about 992
3. Lake Superior Branch, Built and Owned by Co.; Leased & Oper. by G ov t.Thunder Bav on Lake Superior to East. Div., east of Winnipeg----- 139
4. Eastern Division. Built and Operated by Canadian Government—
Moncton, N. B .. via Quebec to W innipeg.- - - - - - - - - - - - — - - In 1918 the rails on 106 miles o f the road m British Columbia were re­
moved and sent to France under agreement for joint operation wltn Cana­
dian Northern R y. o f line in said Territory.— V. 107, p. 169*
ORGANIZATION.— Incorp. oy Canadian Parliament in 1903. V. 80,
p. 996; V. 81. p. 1315. As to Grand Trunk Pacific Branch Lines Co., see
V. 90. p. 1044 (also bonds below); V. 82, p. 333; V. 8 8 , p. 295, 822. 1372




tfoy ., 1919.]

★ Control.
Government

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

APrivate
Control

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Grand Trunk Railway— (Concluded) —
New England Elev 1st M g gu due $10,000 yearly..
1901
$ 1 ,0 0 0
$230,000
3H e J & J July 1919-1941
Montreal Warehousing 1st M $1 000,000 gold guar.
1906
$ or £
A A () Apr 11936
4
1 ,0 0 0 ,0 0 0
1912
Car trusts due 5197,000 semi-an red 102 H ______Ba
1 ,0 0 0
M (c N M ay'20-M ay '2 2
1.985.000
4H
—
do Ser B gold due $168,000 s-a red 102)$ Ba
1912
1 .0 0 0
1,008.000
4 $ g M & N M ay'20-N ov ’22
do
S erO du es-a $112 M _________ _______
1913
red 10211......................................................Eq x
1 .0 0 0
M A N M ay’20-Nov ’23
896.000
4H
do Sor D due $125,000 s-a cal! 102)$--E q.c
. . . 1917
1 ,0 0 0
F & A Feb ’20-Aug ’27
2 ,0 0 0 ,0 0 0
5
Whipple Car Co 1st r. e. & coll tr M g due $30,000
J & D Dec ’ 19-Dec ’22
yearly red 102 (V. 97. p. 1663)_______________ c*
1912
115.000
6 g
Orand T runk W est— 1st M lnt gu $ (cur) & £ ..F x
330 1900 $ & £
15.000,000
4 g ,T A J July 1 1950
Gen consol M auth $30,000,000 guar p & 1____Usmx
330 1912
M & 8 Sept 1 1962
11,541,000
4g
i3— F N ov 1 1919 1>A
Great Northern— Stook $250.000.000-------------- -------1 0 0 249,478.250 7 in 1919
Gt Nor 1st & Ret M g red 105 beg T l-.B a.xo^ & r* 7,480 1911 1 ,0 0 0 &o X35.668.000
4 Vi g J A J July 1 1961
Collateral trust gold notes call (see text)_ Bayyc
_
1917 1 ,0 0 0 &c 2 0 ,0 0 0 ,0 0 0
M & S Sept 1 1920
5g
Old Underlying Divisional Bonds—
St P M & M consol mtgel (now 1st M) gold_ Cezl 2,542 1883
_
1 , 0 0 0 13.344.000
,T A ,T July 1 1933
6 g
tor $50,000.000------- /(V 91 p 518) sink fu nd .z) 2,542 1883
1 ,0 0 0 20.987.000
4 M g J & J July 1 1933
2,542 1883
1 ,0 0 0
8,086,000
4 g ,T A J July 1 1933
Montana Ext 1st M ($25,000 p m) gold___Ce.zo*&r
420 1887
1 .0 0 0 ylO ,185,000
4 g .T A D June 11937
Pacific Extension M £6,000.000 gold.........Ce.zo»&r
849 1890 £ 1 0 0 &c z£5,854,100
4 g J A J July 1 1940
O B-& Q col tr M g red at 105 )$ share------Qxc*&r*
1901 Sl.OOO&c 1107613 500 /
4 g J A J July 1 1921
do
do
do
registered____zr*
1901 1 ,0 0 0 Ac /
Q—J July 1 1921
1 4g
Minn Un Ry 1st mtge gold assumed.................Ce.zo*
2 1882
1 ,0 0 0
2,150,000
.T A ,TJuly 1 1922
6 g
do
do
do
________________
2 1882
1 ,0 0 0
J A J July 1 1922
650.000
E of M N o Dlv M call 105 beg 1928 ass’d Ba.zc*&r
284 1898 1 , 0 0 0 &o d9,695,000
A A O Apr 1 1948z
4g
_
Mont Cent 1st M g ($6,000,000 are 6 s) ass_ Ce.zo&r
250 1887 1 ,0 0 0 Ac 1 0 ,0 0 0 ,0 0 0 5 A 6 g J A .1 July 1 1937
Wlllmar & Sioux Falls 1st M g assum (end)Ce.zo*&r
304 1888
1 ,0 0 0
3.625,000
5 g J A D June 11938
Spokane Falls & North first mtge g assum ..B a.xo*
130 1889
1 .0 0 0
229.000
J A J July 1 1939
6
Qt North Ry of Can— See Canadian North Quebeo Ry
_
Green Bay & Western RR— Stock (see text)-----------100
Feb
2,500.000 5 Feb T9
June3 1919 5%
Debentures Class A Incomes text non-cum_____zo*
1896
1 ,0 0 0
Feb
600.000 5 Feb T9
June3 1919 5%
Class B lnoomes alter 5% on stook non-cum.zo*
—
1896
1 ,0 0 0
Feb
7,000.000 HFeb’ 19
June3 T 9 Vi%
x y z Add'l amts, pledged, viz.: x $25,000,000 under collat. notes; of y $ 1 1 , 502,000 und er Pacific Exten. M tge.; o f z £14

The £1,000,000 6 % 3-year notes Issued In Jan. 1918 to meet £1,000,000
6 >$% notes due Jan. 14 1918, are secured by £1,700,000 perpetual
consol, deb. stock. V. 105, p. 2272. 2542, 2272: V. 100. p. 54.
In Sept. 1918 £3,000,000 6 % 3-year notes were sold, secured by £5,000,­
000 perpetual consol, debenture stock. V. 107, p. 1192, 1287, 1384;
V. 97, p. 298, 52.
Canada Atlantic Ry. was merged Jan. 1 1914; V. 100, p. 1432: Its 50-yr. 4s
of 1905 (Royal Trust Co., Montreal, trustee), carry guar., prin. & lnt., of
Grand Trunk. V. 79, p. 1641. 24: V. 80. p. 2343: V. 87, p. 1477.
Station Co. bonds, V. 82, p. 452. Montreal Warehousing guaranteed
bonds. V. 83, p. 37. Grand Trunk Pacific Devel. C o., V. 90, p. 306: V. 91.
p. 1449: V. 92, p.1238: V. 93. p.1107.
V
In 1917-18 the Canadian Govt, agreed to loan the company $12,000,000
for interest charges, improvements, &c. V. 105. p. 497, 818, 997, 1415.
Compare V. 108, p. 917; V. 107, p. 1384, 1287. As to the receivership of
Grand Trunk Pacific R y., see that co. above and V. 108, p. 2118.
D IV ID E N D S .— Total percentage paid from earnings of each year since
1903 boing the October and following April declarations combined:
f‘05. '06. ’07. ’08. ’09. ’ 10. ’ l l . '12. T3. '14. ' 15. ’ 16, ’ 17-’ 19.
Guar s to ck .%
_
Guar, stock .% ! 4 4
4 4 4 4
4
4
4 3)4 4 4
See
5 5
5 5 5
1st pref...........%| 5 6
5 5
0 0 5
text.
2d pref...........%\ 5 5
5 2)4 5
3d pref...........% l 2 3
3 0
0 % \\4 2)4 2 0 0 0
N ov. 1917 to N ov. 1919 none on 4% guaranteed o^pref. stocks. V. 107.
V. 1747, 1384; V. 106, p. 1230: V. 105, p. 1708, 1522. In May 1917 paid
2 % on guar, stock and 2)4% on first prof., and an annual 5 % on 2 d pref.
SYSTEM EARN INGS.— (1919------Gross, £10.135.600: net, £1,180,900
9 mos., Jan. 1 to Sept. 30. 11918------Gross.
8.579,700; net. 1.033,600
R E PO RT.— Report for cal. year 1918 was in V. 108, p. 2115, 2118.
1918.
1917.
*
-----1916.
1915.^
M ile s...............................
4,008
4,008
4,007
4.015
Gross earnings................ £12,655,225 £10,725,482 £9,819,740 £8,292,688
Expenses and taxes____ 10,979,960
9,002,894
7,228,027
6,511,257
Net earnings...............£1,675,265
£1,781,431
£1,722,588
Total net income______ £2,269,841
£2,540,701
£2,268,740
Deduct— Rentals_______
70,000
155,206
155,206
lnt, on bds.,dob.stk.,&c. 1,861,186
1,730,192
1.819,687
Reserve for conting___
Loss on controlled roads
144,620
336,846
267,566
Divs. on guar, stock____
(4)500,000
Do 1st pref. sto ck ..
D o 2d pref. sto ck ..
................... sur.£1,809 sur.£26,280 sur.£5,019 sur.£10.684
Balance
OFFICERS.— Pres., Howard G. Kelley; Chairman of Board, Sir Alfred
W . Smithers.— (V. 109, p. 1527, 1609, 1700, 1793, 1891, 1986.)
GRAND TRUNK WESTERN R Y .— See page|l35.
★ G REAT NORTHERN R Y .— (See Maps.)— Operates a line from St.
Paul and Duluth, Minn., via Spokane, Wash., to Seattle, Wash., and Van­
couver, B. C .. with trackage rights Into Portland. Ore. and numerous
branches In Minnesota, Iowa, North and South Dakota Montana. Idaho.
Washington, Manitoba and British Columbia. Total miles o f road in sys­
tem Dec. 31 1918, 8,273, less 6 miles leased to other companies, line aban­
doned 8 miles, leaving 8,259 miles in system as operated viz.Lines owned in fee—
Miles.
Controlled Companies—
Miles.
St. Paul to St. Vincent, M in n .. 393 Vancouv., Vic. & East.Ry.&N. 270
Minneapolis to Seattle, W ash.. 1,832 Other lines___
. 438
Everett, Wash., to lnt. Boundary 92
Trackage—
Other lines owned in fee to SuSeattle to Vancouver.Wash_ 173
perior, Butte. Sioux City. &c.4,814 Various other lines
.
260
Total road owned------------------- 7,131 Second, &c., tracks & sfdihgs._2.815
New terminal companies 1917, V. 104, p. 560; V. 106 p 174.
Owns Jointly with Northern Pacific the Spokane Portland & Seattle R y..
6 6 6 miles.
V. 85, p. 1273: V. 8 6 , p. 1529.
In Dec. 1908 Chic. Burl. & Quincy (Jointly held with Nor. Pac.) acquired
control of Colo. & Southern. V. 87, p. 1664. Uses Jointly Northern
Pacific line, Seattle to Vancouver, Wash., 174 miles. V. 8 8 p 1372.
Controls Midland Ry. o f Manitoba Jointly with Nor. Pac. Ry. V.95.P.236.
ORGAN IZATION .— In 1907-08 absorbed St. Paul Minn. & M an., &c..
V. 85. p. 600, 1209: V. 8 6 , p. 168, 794; V. 106, p. 1577.
Groat Northern Equipment Co. capital stock, $12,000,000. V. 108, p. 378.
STOCK.— "Single class, with uniform rights." V.83, p.1469; V.84,p.749.
DIV ID E N D S.- I ’ 9 2 t 0 ’ 9 6 (,no,-) ’ 97* ’98>
’00. 1901 to N ov. T9.
Per c e n t . . , .............. J 5% yearly
5)4 6 X 7
7
7% yearly. Q-F
Also in 1898 50% In Seattle & M ont, stock, which was then exchanged
at 80 In payment or 40% o f subscription to additional Gt. Nor. pref. V. 6 6 ,
P. 1044, 1188: V. 74. p. 829. In May 1901. )4 % and In N ov. 1907 1)4%
was paid from earns, of Lake Superior C o., Ltd., and In Dec. 1906 unit for.
unit, shares In Great Nor. Iron Ore Properties. See "General Finances."
BONDS.— Of the "1st & Ref.” 50-year bonds ($600,000,000 auth.). $78,­
879,000) had been issued as 4 X % bonds to Dec. 31 1918, o f which $3 5 ,6 6 8 ,­
0 0 0 sold and $18,211,000 held in treasury and pension fund and $25,000,000
deposited as security under company’s collateral trust indenture to secure
tho issue thoreunder o f $20,000,000 3-year 5% Collateral Trust notes.
These bonds (in hands o f public) are a first lien, directly or through deposit
of stock, on 2,698.55 miles of road at $13,217 per mile, and a general lien
(subject to existing liens of $22,475 per mile) on 4,781.77 miles: total mileage
covered, 7,480.32; also secured by equipment at the time o f the mortgage
costing $59,073,180, upon $46,200,068 o f which it Is a first lien. V. 92. p.
1499; V. 93 p. 871: V. 98. p. 698.
Provisions Respecting $690,000,000 First & Ref. Mtge.
Sold for pres, purposes, $§5,000,000; held in treas., $10.000,000.$45.000.000
Reserved to retire existing obligations. Including the $222,400.­
000 auth. Issue of Northern Pacifio-Great Northern Joint 4s,
due 1921. of which $7,173,000 have not yet been issued____332,062,000
Reservo for general corporate purposes, acquisition o f new
lines, & c., and purchase o f stocks and bonds o f other cos____122,938,000
Reserved for the acquisition and construction of new lines, ter­
minals. &o., at not exceeding $3.000;000 in any cal. year___100.000.000




59

UnSDATrCo. Portl’d.Me
Blair & C o.. New York
do
do
do
do

Bank Montreal.NYALon
do
do
32 Nassau St New York
do
do
do
do
do
do
do
do
do
do
do
do
N Y A Lond, Baring Bro»
J P Morgan & Co, N Y
do
do
32 Nassau St New York
do
do
32 NassauNY:Lee.H.Bot
32 Nassau St New York
do
do
do
do
Office 40 Wall S t N T
do
do
do
do
5,900 under 1st & Ref. M.

The $43,211,000 of above issue owned by the company includes: $ 2 1 ,2 1 1 ,­
issued for acquisition of stocks of other cos., $ 1 2 ,0 0 0 ,0 0 0 for acquis’n &
construction of new lines, &c.. and $10,000,000 of original $45,000,000.
St. Paul Minn. & Man. consol, mtge. o f 1883, for $50,000,000, is now a
first lien on both land grant and 2.542.16 miles of road and a second Hen on
2.47 m. of double track formerly Minneapolis Union Ry. V. 91. p. 518; V.64.
p. 518 ;V. 8 6 . d . 229: V. 87. D. 1533: V. 8 8 . d . 295. 624. 1061. 1372.
Montana Extension mtge. Is limited to $21,687,000 on 837 miles In State
of Montana; $10,185,000 are in hands of the public and $11,502,000 with
trustee of Pacific ext, mtge. to secure to that mtge. first lien on tracks
Pacific Jet. to Idaho State line. 417 miles.
Pacific Extension mtge., £6,000,000, at £6,000 per mile in Montana and
£7,000 per mile west of Montana. V. 6 6 , p. 1044. 1188: V . 80. p. 1111,
1174: V. 90, p. 383. See abstract of mtge., V. 52. p. 82.
On Dec. 31 1918 Gt. Nor. and Nor. Pac. owned $107,613,500 of the
$110,839,100 Chicago Burl. & Quincy R R . stock, exchanged for their
Joint 20-year 4% gold bonds (secured by deposit of the stook In trust).
on basis of $200 In bonds for each $100 stock. See circular, V. 72, p. 871.
1034. 1135, and application to list, V. 73. p. 294. 903: V. 85, p. 600.
Eastern Ry. of Minnesota.— Nor. Dlv. mtge. of 1898 limited to $9,700,000.
are red. at 105 after April 1 1928. V. 6 6 , p. 471; V. 8 8 , p. 1002. 1253.
NOTE ISSUE.— On Sept. 1 1917 sold $20,000,000 Collateral Trust
Three-Year 5% gold notes, dated Sept. 1 1917, due Sept. 1 1920, but re
deemable at any time before Sept. 1 1918 at 101 and int., and at any time
thereafter before maturity at 100H and int. Secured by $25,000,000
First & Ref. Mtge. 4 X % bonds, due 1961. V. 105, p. 606, 715.
GENERAL FINANCES.— Total funded debt In hands of public Dec. 31
1918. $163,051,515. Per mile of road (7,840.70 m .). bonds, $20,795; stock.
$31,818. Train load, year ended Dec. 31 1918, 684 tons.
Federal Compensation.— $28,771,360 yearly during Federal control (con­
tract executed). V. 108, p. 784, 2329.
EARNINGS.— 9 mos.,J1919--Gross, $77,235,005; net (bef. $14,553,902
Jan. 1 to Sept. 30. \1918--Gross. 68,566.615; taxes),
9,947,933
REPORT.— For year 1918, see V. 109, p. 169.
------ Calendar Years------ Year end.
1918.
1917.
June 30 T 6 .
Average miles operated_____________
8,260
8,233
8,053
Passenger earnings.......................
$15,672,420 $15,836,341 $13,661,645
Freight_______________________
76,937,445
64.300.666 60,177,249
Mail, express, &c.................
5,707,159
6,342,061 5,993,718
Other than transportation__________
2,381,496
2,119,666 1,429,866
000

Gross operating revenues_________$100,698,520 $88,598,734 $81,262,478
Net ea rn in g s............................
$8,887,779 $29,316,579 $37,348,402
Federal compensation________________ 28,686,973
______
______
Add miscellaneous income__________ xl ,071,526
8,031,140
2,845,628
Deduct railway taxes----------------------- 1,514,363
6,302,952 5,132,208
Gross corporate income.................... $28,244,136 $31,044,767 $35,061,822
Rentals p a id ...............................
$12,583
$1,082,933
$888,892
732,785
149,021
129,048
Hire of equipment balance, &c---------Bond interest accrued----------7,435,498
6,772,641 6,443,267
Dividends on stock (7% per annum). 17,462,842
17,462,959 17,456,390
Renewal Allouez Bay ore docks______
______
______
256,332
Miscellaneous appropriations...........
640,583
5,385,635 3,100,865
Improvement and renewal fund_____
______
______
3,500,000
Pension fund-----------------------------------------60,475
1,000,000
Balance, surplus------------$1,959,844
$131,103 $2,287,027
OFFICERS.— Chairman, Louis W . Hill; Pres., Ralph Budd; V.-Pres. &
Asst. Sec., E. T . Nichols, New York; V.-Pres. & Compt., G. R. Martin;
V.-Pres. & Gen. Counsel, E. O. Lindley; Sec., Asst. Treas. & Transfer
Agent, F. L. Paetzold, St. Paul; Asst. Sec. & Asst. Treas., N. Terhune,
N. Y . Federal M gr., W . P. Kenney; General Mgr. under U. S. G ovt.,
J. M . Gruber, and Federal Treas., L. E. Katzenbach, all o f St. Paul, Minn.
N. Y . office, 32 Nassau St.
DIRECTORS.— L. W . Hill, R . Budd, E. C. Lindley, F. E. Weyerhaether, W . B. Dean, St. Paul; A. L. Ordean, A. D. Thomson, Duluth;
P. L. Howe, Minneapolis; E. T . Nichols, Seward Prosser, A. Barton
Hepburn, J. E. Reynolds, N. Y .— (V. 107, p. 401, 696; V. 108, p. 268, 378.
784, 2329; V. 109, p. 169, 1461. 1793.)
A O R E A T SOUTHERN R R .— See Feb. 1918 issue.
_ ★ GREEN BAY & WESTERN R R .— Owns Green Bay, Wis., to East
Winona, 213 miles; branches. &c., 38 m .; trackage Ch. & N. W ., 23 miles.
Compensation under Federal control fixed at $331,955. V. 108, p .
17a 1! v • iuy, p • oby.
SECURITIES.— There are no fixed oharges on the property other than
taxes, nor can any be placed thereon or the property.be sold or leased
without oonsent of 75% of stock. Class A debentures are entitled to 2H %
interest. If earned, then common stock to 2 )$ % , then the two share ratably,
but after 5% on both, class B Is entitled to all surplus earns. V. 61. p 471.
Federal Compensation.— $331,955 yearly during Federal control (contract
executed).
LATE DIVS. ’08. ’09. TO. T l . T 2. T 3. T4. T5. T 6 . T 7. T 8 . 1919.
Class “ A debs. 5 5 5 5 5 5 5 5 5
5 5
5
Capital sto ck .. 5 5 5 5 5
5
5 5 5
5 5
5
Class " B ” debs. X
X
H Vi X \ H Vi H Vi
1 Vi
118
These distributions, usually made in February, were in 1919 delayed till
June 3. V. 108, p. 2241.
REPORT for year ending Dec. 31 1918 in V. 109, p. 369..
Cal.
Net
Bal. after D iv.on
Dividend
Div. on
Bat.,
Year.
Earns. Taxes,&c. Deb. “ A .”
on Stock.
Deb. B.
Sum.
1918------a$204,878 $208,556 (5)$30,000 (5)$125.000(H%)$8,750 $44,806
1917.......... 202,633 172,140 (5)30,000 (5)125,000 (Vi%)S,750
8,390
1916-------- 275,099 240.973 (5)30.000 (5)125.000 <1%>70.000 15,973
a Accrued compensation. T o July 1 1919, $155,000 of this amount had
been actuallyyeceived^fromjtho U. S. RR.jAdministration.

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62

★ Control.
Government

APrivate
Control.

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

< D
fc
6
$2 0 0 ,0 0 0
$100
Greene RR (New York)— Stook.guar---------------------& J
1914
460.000
6
Greenville & Western RR — 1st M $460,000----------4g J & J
1904
400.000
Greenwich & Johnsonville— 1st M $500,000 g-G.zc&r
437.000
5g J & J
1909
Groveton Lufkin & Northern Ry— 1st M gold
----­
M & N 15
1909
6 g
600.000
1 ,0 0 0
Guantanamo & Western— 1st M $600,000 gold-C ol.x
See text
6
1918
Refunding mortgage $6,000,000______________Col
Var.
293.000
Car trusts as of June 30 1918 (Series 1, 3 & 4 )--------1917
250.000
G u lf Fla & Ala— Receivers' certificates $500,000-----5g J & J
160 1911
500 &o 4,410,000
1st M $10,000,000 gold red 105______ Col.xc*&r*
G ulf Line— See Hawklnsvllle & Florida Southern Ry
1 0 0 10.972.500
G u lf Mobile & Nor RR — Common stock (vot tr ctfs)
1 0 0 11,494,400
Pref (p & d) (v t certfs) 6 % , non-cum for 3 y e a r s ...
5g J & D
1896
27,000
Mobile Jackson & K O 1st M -------------------------- Ce
5
See text
New mortgage $15,000,000 authorized-----------------100
1917 4%
7.000.
000
Q-J
Gulf & Ship Island—Stock----------------------------- - - - - ­
307 1902 1 ,0 0 0 &o 5.000.
000 g J & J
5
First Refund and Term M gold sink fund.N.xo x&r*
M & N
1916
6 g
250.000
1 .0 0 0
Serial debentures gcall at 105 ($50,000 due y ly )— y
1907
600.000
1 ,0 0 0
4g J & J
Gulf Term, Mobile— 1st M $700,000 g gu (text) xo'& r*
'99 1909
2 .0 0 0 .0 0 0
1 ,0 0 0
5g M & N
Gulf Texas & West— 1st M $10,000,000g redl05-M px
See text
Hampden RR— First mortgage see text'.-----------Hancock & Calumet— See Mineral Range RR
Hannibal & St Joseph—See Chicago Burlington & Qul noy
2 0 1895
300.000
1 0 0 &o
6g
Harriman & Northeastern— First mortgage gold-.C ez
1914
78,000
5
Car trusts due semi-annually___________________
Harrisburg Ports Mt J & Lane— See Penna R y.
124
100
2
F & A 31
2,967,000
Hartford & Connecticut Western— Stocx-------------124 1883
700.000
1 ,0 0 0
4H J & J
First mortgage extended In gold In 1903-------------- z
1 ,0 0 0
345.000
95 1902
5 g A & O
Hawkinsv & FI So— 1st M Series A g o ld g u a r p & 1 -X
1 ,0 0 0
95 1913
261.000
5g A & O
IstM Se B (equally sec.with A) g guar p & 1------x
Q-J
100
7
6 ,0 0 0 ,0 0 0
H aytian Am Coro— Pref stock 7% s fd call 110 conv.
Serial notes $3,000,000 due $1,000,000 yearly
J &
1 ,0 0 0
1919
3,000,000
7
call 102 H -------------- ---------------- ------------------ xxxc*G
Henderson Bridge Co— See Louisville & Nashville RIl
See tex b.
k The new stock and bonds will to a greater or less e xtent be hel d In escro w for 3 yrs.

T 66
.5

Last Dividend
and Maturity
Dec
July
Jan
Jan
Nov

[V

o l

.

109.

Places Where Interest and
Dividends are Payable

19 19 3% D L & W, 90 West St
1 1934
Guaranty Trust Co, N Y
1 1924
1 1939
Columbia Trust C o, N Y
15 1929

Various
ju Iy T i9 6 i'

July 1 ’ 17 int not paid

June 1 1946

U S M tg & Tr Co, N Y

Gulfport, Miss
In 1917 4%
Metropolitan Tr Co, N Y
Feb 1 1952
May 1920 to '24 Bankers Tr Co, Buffalo
Franklin Trust Co, N Y
Jan 1 1957
Metropolitan Tr Co, N Y
Nov 11939
30 years
Jan 1 1921
T o June 1924

Central Union Trust N Y
Union 8 B & Tr Co. Olno

Aug 28 1919 1% Hartford
do
,
July 1 1923
Union 3 B & Tr Co, Cin
Apr 1 1952
do
do
Apr 1 1952
New York Trust Co, N Y
See text
July 1 1922-24

Guaranty Trust Co, N Y

D IV ID E N D S — 1903 to 1910, 4% yrly; ’ l l , 4% : '12-T 3, 2 % : '17. 4 % .
BONDS.— Of the first 5s outstanding In Dec. 1917, $986,000 bonds wore,
in sinking fund. See V. 74, p. 426, and application to list. V. 74, p. 1257,
V. 81, p. 264.
EARN ING S.— 12 mos., fl918.-G ross, $2,548,060: not before $514,927
Jan. 1 to Dec. 31.
\1917-.Gross, 2,328,741;
taxes),
776,431
For 8 months
(1919-.Gross, $1,591,585; net (before $33,030
Jan. 1 to Aug. 31.
\1918-.Gross, 1,748,488;
taxes),
434,718
REPO RT.— For year ending Dec. 31 1917 (V. 107, p. 396):
Years ending—
Gross.
Net.
Other Inc. Charges. Bal.,Sur.
$45,538 $309,339 $363,884
Dec. 31 1917............... $2,328,741 $627,685
June 30 1916.............. 1,964,177 738,477
16,982 341,443
414,016
June 30 1915.............. 1,633,006 429.581
31.488 340.069
121.003
Pres., Mrs. Melodia B. Jones, Buffalo, N . Y .; Sec., J. E. Gordon:
Fed. M gr., C . M . Kittle, Chicago: Fed. Treas., Charles Ehlers, Hatties­
burg, Miss.— (V. 108, p. 378.)
★ GULF TERMINAL CO., MOBILE.— Owns union passenger station and
approaches at Mobile, Ala., leased by the Southern Ry. and Mobile & Ohio
R R ., which own the stock and guarantee the bonds, jointly and severally,
p. & i., by end. Franklin Trust C o., N. Y ., is mtge. trustee. Fed. M gr.,
R . V. Taylor.— V. 84, p. 50.
★ GULF TEXAS & WESTERN RY.— Seymour to Salesvllle, Tex., 99
miles. Has trackage agreement for freight trains to Woatherford. 31 m ..
and for passenger trains to Mineral Wells. 9 m., giving entrance via Woath.
Mineral Wells & N. W. and Texas & Pacific to Dallas and Fort Worth.
Compensation fixed under Government control, $29,735.
GUAYAQUIL & QUITO R Y .— V. 106, p. 1900; V. 109, p. 1179.
Stock auth., $500,000; outst'g June 1917 $250,000; par or shares, $100,
A GULF FLORIDA & ALABAMA R Y .— Pensacola, Fla. to a connection Of the first 5s ($10,000,000 auth. Issue). $2.000,000 have been Issued on the
with the So. R y. at Kimbrough, Ala., 143 m.; Gateswood, Jet. to Owen, first 99 miles. V. 89. p. 993. 1223: V. 90. p. 109; V. 93, p. 44; V. 99, p. 406.
Loans and bills payable Dec. 31 1917, $568,329; car trusts, none. For cal.
15 m.; sidings, 10 m.; Goulding branch, 2Mm.; total, 170H m.
year 1917 (130 av. m .), gross, $160,894; oper. def., $32,584; other income,
In 1918 built from Pensacola, Fla., to Navy Yard 5.08 miles.
$1 409; bond, int., $100,000; rentals, &c., $12,557; def., $143,733. Pres.,
Auth. stk., $1,500,000 5% non-cum. pf.; $6,000,000 com.; par, S100.
In M ay 1917 receivers were appointed; sole receiver is now John 1. J. J. Jermyn, Scranton, Pa.: Sec. & Treas., W. Frank Knox; Dallas, Tex.
Steele
interest on 1st M . 5s was not paid July 1 1 9 1 7 . On M ay 28 the under jurisdiction of Fed. Mgr. J. L. Lancaster, Dallas. V. 108, p. 378.
Court'authorized the issuance of receivers'certificates; $517,000 of these A HAMPDEN RR. C O RPORATION .— See page 132.
were sold prior to Oct. 1918. V. 104. p. 2117, 2343* V. lOo, p. „094, \ •106, ★ HARRIMAN & NORTHEASTERN RR.— Harriman to Potros. Tenn.; 20
n 189
V. 106, P- 929. in Oct. 1919 Harold B. Thorne, acting for the
Bondholders' Protective Committee, purchased the Proportyat sale held miles. In Nov. 1902 entire (5600.000) stock acquired in interest of Cine.
Oct. 14 1919. Date of confirmation of sale was fixed for Dec. 9 1919. New Orleans & Tex. Pao. Ry.. but Is operated separately. V. 76, p. 157.
D IV ID E N D S.— In 1907, 4% ; 1908. 2H %; 1909. 2% ; 1910 to 1914. incl..
The property will be taken over by the Gulf Pensacola & Northern R R .,
none; 1915. 3% ; 1916. 3% . For 6 mos. to Doc. 31 1917, gross, $71,030;
James ?rF ra se r, President. V. 109. p. 1986; V. 109. P- 1079, 1527.
net, $15,226; other income, $8,705; int., rentals. &c., $11,568; bal., sur.,
Bondholders' Protective Committee.— George O. ^ n T ^ I J r . . Chairman.
Pres. Metropolitan Trust Co., N . Y . City: Jamesi F. McNamara, S ecy, S12.363. Fed. M gr., E. H. Coapman.— (V. 76, p. 212.)
60 Wall St. See circular V. 104. p. 2117; V. 105, p. 2094.
★ HARTFORD & CONNECTICUT WESTERN R Y.— Hartford, Conn., to
REORGAN IZATION PLA N .— In N ov. 1917 the road for lack of ade­ Rhlnecllfl, N. Y .. 110 miles, and branoh, 14 miles. Leased till Aug. 1940
quate rollinYstock and other facilities was showing a deficit from operation to Central New England Ry. (now controlled bv New York New Haven &
of about $10 000 a month. In order to put the property on its feet, with Hartford R R .), the rental paying charges and 2% on stock.— (V.83,p.l290.)
means to obtain the needed equipment, &c., and a prospective gross income A HAWAII CONSOLIDATED R Y ., LTD.— Owns Paaulllo to Puna,
of $600 000 the foregoing committee, which on N ov. 22 represented T. LI., 57 miles; Olaa Mill to Glenwood, 17 m.; branches, 7 ra.; total, 81
$3,800,000 of the $4,410,000 1 st mtge. bonds, brought out a plan of reor­ miles. Successor In April 1916 or Hilo R R ., sold under foreclosure and re­
ganization dated Nov. 12 1917 (underwritten). V. 105. p. 2094. $4,­ organized, per plan in V. 101, p. 1713, 2071. with authorized issues as fol­
190.000 of the bonds deposited to Sept. 1919, but iI .„N ” v '1 i f i 9 i c 2^ aSiqaA* lows: (a) $2,500,000 1st M . 5s; (b) $2,575,000 7% cum. first pref. stock
l3
a modified plan would probably be presented. V. 109, p. 10< 9, 1527, 1986. (c) $679,960 6 % non-cum. 2d pref. stock; (d) $400,000 common stock.
^ • filll F MOBIl E & NORTHERN R R .— Operates 466 (Sept. 1919) milas, Report showed: For year ending Dec. 31 1918, gross, $457,795; net, $89,244;
^ z Mobile Ala , To Jaclson Tenn ^409 m , (main line); Beaumont to interest, $117,899; taxes, rents, &c., $25,176; bal., deficit, $53,831. Pres.,
Hattiesburg. Miss., 27 m.; Ellisville Jet. to Ellis\illo, Miss., 6 m., McLain J. R. Galt, Honolulu, T . H.— (V. 103, p. 2426.)
to Piave Miss. 2 4 . 5 m. (Blodgett Branch).
★ HAWKINSVILLE & FLORIDA SOUTHERN R Y .— Worth to Haw­
Jackson Extension from Middleton to Jackson, Tenn.. 40 miles was com­ klnsvllle, Ga., 43 miles; Ashburn to Camilla, 50 miles. V. 97. p. 175. 365.
pleted and put in operation on Sept. 3 1919. The Blodgett Branch is now Stock, $100,000, acquired in Apr. 1904 by Georgia Sou. & Florida, which
operated for a distance of 24.5 miles extending into Henderson and Wayne guarantees bonds (see table above), prln. & Int. V. 97, p. 175, 365. For
year ending June 30 1916, gross, $123,967: net. $14,372; other income,
Counties, Miss.
GOVERN M EN T CON TROL.— R . V. Taylor, Fed. Mgr. M obile, A la., $4,799; int., taxes, &c.. $53,206; bal., def., $34,035. Pres., Fairfax
W F Owen Gen. M gr., M obile, Ala. Government contract not executed Harrison; Treas. F. S. Wynn, N. Y . Federal M gr., E. H. Coapman,
Washing on. D. C.— (V. 107, p. 1287, 2289.)
as'yet. V. i0S, p. 268.
HAYTIAN
C O PORATION .— O R G A N
ORGAN.— Successor Jan. 1 1917 o f New Orleans M obile & Chicago R R ., co rp .in N . Y. AMERICAN 1917 Rwith a viow to developingIZA T IO N .— Inon Jan. 8
the resources of
foreclosed. V. 100, p. 1078; V. 103, p. 2238, V. 104, Pi
7®$,' p 0
the Island of Hayti and acquired (per plan in V. 103. p. 145. 318: V 104
Owns entire capital stock and bonds o f Meridian & Memphis R y .L o .,
control of the 5 5 -mile railroad, electric light plant,
and
operating 33 miles of standard gauge railroad between Union and Meridian, D. 451) theIn Port au Prince, the capital and principal seaport, wharf the
warehouses
and
Miss
control, through bond and stock ownership, of the electric light property
STOCK, &c.— Both classes o f stock are vested for not over 5 years in at Cap Haitien; and cultivating and grinding sugar cane, principally In
voting trustees, viz., John W . Platten, Frederick W. Scott, Samuel S. the fertile plans of Cul de Sac and Leogane where it has obtained control
Campbell, T . Nelson Strother and A. H. S. Post. The pref. stock is 6 % and ownership of over 2 0 ,0 0 0 acres, and has completed and operated since
non-cumulative until Jan. 1 1920, and cumulative thereafter. Stock Dec. 1918 a sugar factory with a capacity of 2,000 tons a day. Bills
payable (Sept. 30 1918) $1,025,000.
outstanding as shown in table above. V. 108. p. 878.
_
_
There is no mortgage debt except $27,000 old Mobilo Jackson & K , G. 5s, Capital Stock [No bonded debt without consent of 75% of preferred stock).
Pref. (a. & d.) stock (par $100). Convertible Into common share
LATEST EARN ING S.— J1919--Gross, $1,751,939; net (bef.
$15,905
for share. V.104.P. 451; V. 107. p. 2289) -------------8 mos., Jan. 1 to Aug. 31. \1918-.Gross, 1,546,855;
taxes), 264,560 Ordinary com stock (no par value) listed on Chicago 5- - v v ^ h f n Vino «i?=°
Stock LxchbO,000 s lis .
F o u n d e r s ’ stock (without p a r v a l u e ) __________________________ _
sns.
E A R N I N G S . — For year 1917, in V. 106, p. 2751, 696; V. 108, P- 878.
Note.— Tho $3,000,000 notes dated July 1 1919 are duo $1.013 0 .0 0 0 annuFor 1918, combined Federal and corporate accounts show;
allv July 1 1922 to 1924. Callable on any int. date on 60 days notice at
December 31
Gross
Net, after
Other
All
Balance
102H and int.
See offering In V. 109, P- 176. Brocoods 'v^ o to lio used
Earnings.
Taxes.
Income. Charges. Surplus
Year__
1 Q1 «
- ---$2,418,292
$48,063 $101,878 $27,080 $122,861 to liquidate ail floating debt and provido additional funds for further de­
velopment and working capital. V. 109, p.
1917 ................. ....... 2.322,649 592.102
186,538
6,629
772.011
D IV ID E N D S.— April 1917 to Oct. 1919, paid lH % quarterly.
1 9 1 6 : : : : : : : : : ............. 2 .0 5 1 .oss
4 7 7 ,2 1 2
1 4 2 .7 1 3
7 .0 4 7
6 1 2 .8 7 8
RE PO RT.— Income for year 1918, gross, $506,882; pref. divs., $343,515
OFFICERS.— John W . Platten, Chairman; I. B. Tigrett, President,
. - -.non ggno fififi* i t
N Y ■ E D Hogan, V.-Pres., M obile, Ala.; F. M . Hicks, Aud. & Asst. bal., sur., $163,368. V. 107, p. 2289.
Estimated net earnings for years ended July 1 1920, $800,000, 1J21,
Sec Mobile Ala.; R. F. Brown, Sec. & Treas., N. Y . Fed. M gr., see
$1,600,000; 1922. $2,400,000. V. 109, p. 176.
KHlott (Pres)
above.— (V. 108, p. 268. 878; V. 109, p. 1700).
Directors: P. W. Chapman. W . K. Dick,
Edgar Elliott ( { res.).,
GUI F & SHIP ISLAND RR.— Owns from Gulfport, on Mississippi Sound, Edward H. York, George B. Caldwell, F. A. Dillingham, O. If. To boy,
uulf of Mexico, to Jackson, Miss., 160.50 m.; Maxleto Mendenhall, 104.76 H. B. Harris, William Schall, T. L. Chapman (V.-1 ;)•_ W. J*. Breed,
H L Duer, S. Mallet Prevost, Reginald Lanier. (V. 107, p. 801, 2289,
m.; Saratoga to Laurel, 41.75 miles; total, 307 miles.
376; V. 109, p. 176, 1991.)
"ST A N D A R D R E T U R N ,” &c.— See page 5.

D IR E C TO RS.— J. A. Jordan, Pres.; Edgar Palmer, V.-Pres.; Charles W.
Cox., Sec. & Treas., 40 Wall St.. O. Ledyard Blair. J. A. Jordan. Henry R .
Taylor. W . J. Wilson. Gen. Mgr. under U. S. G ovt., F. B. Seymour,
Federal Treas., A. H. Mongin, Green Bay, Wis. (V. 109, p. 369).
★ GREENE R R .— Owns road from Chenango Forks to Greene, N. Y ., 8
miles
Leased to Delaware Lackawanna & Western for term of charter
for 6 % on stock. Stock, $200,000; par, $100.
A G R E E N VILLE & WESTERN R R .— See page 132.
★ GREENW ICH & JOHNSONVILLE RY.— Owns from Sohuylervllle N. Y.
t j Johnsonville. N .Y . 21.15m. Stock. $225,000, all owned by Del. & Hud­
son Co. V. 90 p. 790. Bonds, see table above. For year ending Dec. 31
1918, Government compensation (est.), $49,685; other income, $1,826;
chartres $30 644' div., $13,500; bal., sur., $7,367. For year 1917, Ry.
operfrev., 8 1 5 2 ,886; gross income. $70,149; charges $48,326; divs., $13 500;
bal. sur., $8,323. Pres.. I. C. Blandy, Greenwich, N . Y . Federal M gr.,
F. P. Gutelius, Albany, N. Y .— (V. 107, p. 802.)
A GROVETON LUFKIN & NORTHERN R Y — Owns Veitch to Vair.
Tex 21.15 miles; trackage, Groveton to Veitch, 1.25 m ., and Vair to
Lufkin, Tex., 13.6 m .; total, 36 miles. Stock, $50,000; par, $100. Bonds
$437,000; see table above (V. 90, p . 100). For cal. year 1917, gross, $84,­
393; total net. $38,646; charges, $33,647; bal., sur., $4,999. Pres.. J. S.
Joyce, Chicago. Office, Groveton, Tex.— (V. 90, p. 109.)
AGU AN TAN AM O & WESTERN R R .— Seepage 132 and V. 107.p. 2470




N o v ., 1919. j * 8 o K m t
en

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

$100
Hibernia Mine RR— Stock--------------------------------------Hocking Valley Ry— S to c k -------------------------------------100
Columbus & Hocking Valley first mtge gold ext.xo*
*
119 1867
500 &c
121 1875
1,000
Col & Tol 1st M gold ext 1905 (V81 p 211)-.(i.x o *
First Consolidated mortgage S20.000.000 gold-.Cex
346 1899 1.000 &c
_
_ 1919
General Mortgage $50,000,000 ________________ EQ
1,000
_
_ 1919
Gold notes call 101 after Mar 1 1 9 2 1 _____EQzxxxc*
1,000
_
_ 1913
Equip notes goldSer of 1913 due $100,000 ann___ x
1.000
___ 1914
do
do
Ser of 1914 due $80,000 ann____
1.000
Hoosac Tunnel & Wiiming— 1st M $250,000 g ___ OBz
24 1892
1.000
_
_ 1907
Hous Belt&Ter— 1stM $5,000,000gred 105 textCexo*
1.000
Hous & Brazos Valley— 1st M (trus Merc Tr Co, St L)
20 1907
100
Hous E & W Texas— 1st M g u p & 1 by So Pao.Un.zo* 1 191l 1893
1.000
First mtge $3,000,000 gold not guaranteed_______ z J
1,000
t 1893
Hous & Tex C RR— 1st M 1gr gred llO lnt guCe.zo’ &r
453 1890
1.000
General mortgage gold Interest guar end.Mp.zo*&r
453 1890
1.000
Waoo & N W Dlv 1st M g $25,000 p m _ C e.zc'& r
_
55 1900
1.000
Austin & N W (merged) 1st M g gu p & 1 Mp.zo*ccr
106 1891
1.000
Ft Worth & New Orleans 1st M (Wax to Ft w ) ___z
41 1885
1 000
Cut-off 1st M S3,000,000 auth (V 94, p 131)______
94 1910
1.000
_
_
H u d son Cos— Pref stock (now com) text S4.000.00
25
Hudson & M anhattan (H udson River T ubes)—
Common stock voting trust certificates__________
100
___ ____
Pref stock 5% non-cumulative voting tr. certs___
100
_
_ 1902
New York & Jersey first mortgage red 110.G .xo»
1.000
«... 1907 $, £ or fr
First mortgage convertible---------------------- G.xc*&r
. . . 1913
First lien & ref M $65,000,000 g red 105.Cexc*&r*
100 See
___ 1913
Adjust inc M $33,574,000 redparcu beg '20 Qxc*&r_
600 &c
Real estate mortgages----------------------------------------_
_ 1910
Car trusts ser B g due $25,000 s-a(V9l,p 1253) Gz.o*
1.000
Car trust ser O due $21,000 s-a (V 92. p 1025).-G z
___ 1911
1,000
Huntingdon & Broad Top—Common stock___
72 ____
50
Preferred stock 7% non-cumulatlve____________
72
50
First M extended In 1890 (Int only In gold)_ GPx
_
72 1854
500
Second M old 7s extended In 1895 p & 1 gold_ GPx
_
72 1857
500
Third M consol extended In gold In 1895-OP.xo*
72 1865
1.000
Car trusts gold due $34,000 y e a r ly v 84.p 1424 .x
1907
1,000
Equipment trusts due about $15,000 per year.PeP
1918
1,000

★ HIBERNIA MINE RR.— Owns Rockaway to Hibernia Mines, N. J.,
4.2 m „ leased to Cent, of N. J. to Oct. 1930 at $6,000 yly.— (V.91.P.1766.)
★ HOCKING VALLEY RY.— The company's main line extends from
Rockwell to Columbus, 119.9 miles; Columbus to Athens, 75.6 m.- Oldtown to Pomeroy. 80.7 m.; total main line, 276.2 miles, with trackage
(Toledo Term. RR.) Toledo to Walbridge. 3.6 m .; (N. Y . C. R .R .).
Toledo to Rockwoll, 2.5 m.; Columbus and Athens, 2.2 m.; total main line
and trackage, 282.8 miles. Branches, 44 miles; leas-c W . & J. B. R y..
Dundas to Jackson, 17.3 ra.; Pomeroy Belt R y., Pomeroy, O., 3.9 m.; total,
349.7 miles; 2d track, 55.3 m. Owns part interest in Toledo Terminal R R .
V. 99, p. 1210. Double tracking. V. 105, p. 1801.
HISTORY. &o.— Successor Feb. 25 1899, per plan V. 68. p. 231, o f
Columbus Hocking Valley & Toledo Ry. foreclosed. The coal lands aggre­
gate about 20,975 acres, and are covered by the consolidated mortgage
artly by direct lien and partly by pledged securities. Decision in Ohio
tate anti-trust suit. V. 105, p. 997. 909. 818.
The contract to be negotiated under the Federal Control Act of Mar
21 1918, will allow the company an annual compensation o f $2,637,167.—
V. 109, p. 385.
LATE DIVS. ( ’07. ’08-T0. '11. *12. '13. '14. '15. '16. '17. 1918.
4 yrly. 7
12 7
3
4 514 text
P erC en t------------ 1 3K
In 1917 paid 2% June 30; 3 H % Dec. 31; 1918, June 2 % ; Dec., 2% :
June 30 1919, 2% . V. 106, p. 2228.
» z / „ , o r e ., ^ e,
STOCK.— Chesapeake & Ohio R y. owns $8,825,900 stock.
BONDS.— The consols ($20,000,000 authorized), besides a lien on the
entire property, subject only to $3,842,000 prior bonds, have a first lien on
all the coal lands; $3,842,000 consols are reserved to retire the existing bonds
(the latter may be extended at maturity). V. 72, p. 338- V 74 p 1038
V. 86, p. 229. Substantially all of the bonds and 3 took of the Ohio Land
& Ry. Co. and the Wellston & Jackson Belt R y., 18 miles were deposited
under said mortgage, but see V. 101, p. 370; V. 68, p. 823; V. 102. p. 2167.
The $7,500,000 5-yr. 6% Secured Gold notes o f 1919 secured by pledge
of the $9,600,000 now Gen. Mtge. 6s, Series “ A ,” were issued to replace
the $5,000,000 gold notes issued in 1917 and on account o f additions and
Improvements. V. 108, p. 784.
The Gen. Mtge. of 1919 is limited to $50,000,000 and it is also provided
that the outstanding bonds including underlying issues must not exceed
three times the outstanding capital stock $9,783,000, issued of which
$9,600,000, Series " A ," pledged to secured the aforesaid notes.
Addi­
tional bonds within the amount above stated, may be issued hereafter
at par, for refunding purposes, for additions to, and betterments, and for
other capital expenditures and also to the extent of 80% o f the cost thereof
for equipment, out with a sinking fund of 5% p. a. for 20 years in each case
upon the amounts issued for equipment. V. 108, p. 784.
Kanawha & Hocking Coal & Coke Continental Coal bonds
See V. 109,
p. 386, 1527 and issuo N ov. 1918. Car trusts Oct. 1919, $800,000.
EAR N IN G S.— 9 mos., (1 919-.Gross, $8,582,985; net (bef. $1,696,163
Jan. 1 to Sept. 30. \1918--Gross, 9,823,592;
taxes),
2,084,810
ANNUAL REPORT.— Traffic is mostly freight, and over 70% of this is
bituminous coal. Average revenue train-load is large— in 1918 1 267 tons.
Report for cal. year 1918 in V. 109, p. 368, 384.
Net Famines—
1918.
1917.
1916.
Operating reven u e.............................. .$13,155,861 $10,696,434 $8,200,420
Oper. inc. (after ta x e s)----------------------$1,989,404 $2,447,845 $2,011,938
Standard retu rn___________________ 2,637,167
_____
______
War taxes__________________________
14,200
Other income (net) .............................Cr.213,978
693",263
576*977

S

Gross corporate income...................... $2,836,946 $3,141,108
Interest on d e b t ...................................... $1,271,915 $1,207,195
Rentals, &c_______________________
205,202
Dividends.............................................(4 % H 39,980(5^)604*972

$2 588,415
$1,212,288
(4)439*985

Balance, surplus.....................
$919,849 $1,328,910
$936,147
OFFICERS.— Chairman and Pres., Frank Trumbull, New York: Vice­
Presidents, C. E. Graham, F. H. Davis, A . C. Rearick" Sec -Treas. A.
Trevvett, Now York; Federal M gr., M . S. Connors, Columbus O V. 1 0 8 .
p. 268, 378, 480, 784; V. 109, p. 368, 384, 1527.
A HOOSAC TUNNEL & WILMINQTON R R .— See page 135.
'★ HOUSTON BELT & TERMINAL RY.— Owns a terminal line In and
around Houston, Tex., 20 miles, with large freight and passenger ter­
minals. Controlled by four proprietary roads, viz., Beaumont Sour Lako
& Western Ry.. Gulf Colo. & Santa Fe (Atchison System). St. Louis
Brownsville & Mexico Ry. and Trinity & Brazos Valley R y., which each
own 25% of the $25i000 stock and, under the terms o f an agreement dated
July 1 1907, agree to pay, under a pro rata wheeiage basis, operating exeases, and, on a one-fourth basis, int. on bonds and annual sink, fund of
% o f bonds issued. The Terminal Co. has leased from Gulf Colo. &
Santa Fe Ry. for 99 years from July 1 1907 all of its property In Houston,
Tex., and the Terminal Co. has agroed to pay monthly rental and maintain
the property. Pres., J. N. Robins; Fed. M gr., F. G. Pettibone, Dallas,
Tox.— (V. 107, p. 401. 802.)
★ HOUSTON & BRAZOS VALLEY RR.— See page 135.
★ HOUSTON EAST & WEST TEXAS RY.— (See Map of Southern Pacific.)
Owns from Houston. Tex., to Sabine River at Logansport, 191 miles.
Annual compensation under Federal contract, $375,566. V. 10S. p. 974.
Stock $1,920,000. of which $1,919,100 owned by So. Pao. Co., which has
guaranteed $2,536,000 of the bonds, prin. and Int., by endorsement, re­
serving the right, to call them at 105 & int. V . 70, p, 841; V. 71. p. 236.
D lv.. 16% paid in 1902-03. 30% in 1907-08, 10% in 1909-10. 11% in
1911-12 and 4% 1912-13, to 1915-16. incl, 6% ; 1917, 6% ; 1918, 6% .
Standard return in 1918 $375,565; other income $27,594; interest and charges
$159,035; expenses prior to 1918 (net) $67,127; dividends (6%) $115,200;
bal. sur. $61,798. For cal. year 1918, gross, $2,087,716; net, after taxes,
$434,324. For cal. year 1917 gross was $1,862,980; net, after taxes, $594,­
587

?




A rivate
P
C n l.
o tro

RAILWAY STOCKS AND BONDS
Rate
%

When
Payable

fc
A <
$200,000
3
11,000,000 4 in 1918 J &
A
&
1,401,000
4g
F &
2,441.000
4 g
16,022.000
4H g J &
pledged
6g
\1 <
&
7,500,000
6g
F A
400,000
5
F &
400,000
4H
M &
220.000
6g
4,508.000
5g J &
.1 &
420,000
6
M &
2.628,000
5g
M &
372,000
5g
1,389.000
5g J &
A &
4.161.000
4g
M &
1.105,000
6g
1.920.000
5g J &
J &
709.000
6
2,383,000
J &
6
4.000.000
39.994,890
5,242,151
5.000,000
5g
858,000
4H g
37,521.234
5g
33.102.000 Up to 5
902.000
50,000
5g
84,000
5g
1.371.750
2.000,000
416,000
4g
367.500
4g
1.497.000
5 g
85.000
414 g
6
111,000

A
F
J
J

A
F
A
A

&
&
&
&
&
&
&
<
fc

Last Dividend Places Where Interest a n d
and Maturity
Dividends are Payable

O Oct 1 1919 114
D J’ne30 1919,2%
O Oct 11948
A Aug 11955
J July 1 1999
Jan 1 1949
S Mar 1 1924
A To Aug 1 1923
A To Feb 1 1924
S Sept 1 1922
J July 1 1937
.1 July 1 1937
N May 1 1933
N May 1 1933
J July 1 1937
O Apr 11921
N May 1 1930
.1 July 1 1941
D Deo 1 1925
D June 1 1940

F & A
F cfe A
F & A
See text

C3

Feb
Feb
Feb
Feb

See Central of New Jersey
61 Broadway, N . Y .
do
do
do
do
do
do
New York
(Commercial Tr Co,Phil,
l and 61 Bway. N Y
Old Colony Tr Co. Boston
Central Union T r. N . Y
165 Broadway, New York
do
do
165 Broadway. NewYork
do
do
dc
do
do
do
do
do
do
do

1 1932
1 1957
1 1957
1 1957

Guaranty Trust Co, N Y
Chase Nat Bank, N Y
do
do
No Int paid April 1917
Hud & Man R R C o, N Y
O Apr '20-Oot '20 Guaranty Trust C o. N Y
A Feb 20-Aug ’21
do
do
J Jan 28 1904 1 %
.1 Jan 25 1908 3 K
O Sept 30 1920
Phila office. No Am Bldg
A Feb 1 1925
lo
O Mch 31 1925
do
O Oct ’20 -0ct '21 Phila Tr, S D & Inv Co
Jan ’20-Jan ’28 Philadelphia

Gen. Mgr. under U. S. Govt.. C. E. Johnson: Fed. M gr., W. B. Scott
Chicago, 111.— (V. 107, p. 171.)
★ HOUSTON & TEXAS CENTRAL RAILROAD.— (See M a p o f Southern
p a cific.) — Owns from Houston. Tex., to Denison, Tex., 338 miles: Hempitead, Tex., to Llano, Tex., via Austin, 215 miles: Bremond to Ross, Tex.,
55 m .; Garrett to Ft. Worth, 53 m.; Mexia to Nelleva, 94 m.; Giddings to
Hearne, 58 m .; other, 43 m.; Trackage rights over San Antonio & Aransas
Pass. 38 m.; Texas & Pacific R y., Fort W orth to Dallas, 31 m. Other
lines, not classified, 24 miles. Total operated Dec. 31 1917, 949 miles.
Annual compensation under Federal contract, $1,717,506.
“ STAN D ARD R E T U R N ,” &c.— See page 5.
STOCK.— Stock, $10,000,000, of which the Southern Pacific Co. owned
$9,998,400 par $100. V. 76. p. 1084, 1192, 1407.
In 1902-03 6% was
paid out of accum. surp.; In 1910-11.20%; 1912-13, 3 % . V. 76. p. 1407.
BONDS.— The 1st M . 5s are being gradually retired at or below 110 with
land sales. The first mtge. was for $8,634,000. See abstract of mtge in
V. 52, p. 242. With the exception of $1,149,000 consol. M . 6s (on which
no interest Is paid) deposited with the trustee as part security for the gen­
eral 4s, all of the consolid. 6s have been retired with proceeds of land sales.
Southern Pacific Co. owns $450,000 Lampasas Extension 1st M . 5s $400
000 Waco & N. W. Div. 6s, the $2,383,000 Cut-Off 6s and $70,000 Gen. 4s.’
Unsold land grant Dec. 31 1918, 15,808 acres.
EARN ING S.— 8 mos.,(1919------------Gross, $5,676,679; net, $896,605
Jan. 1 to Aug. 31. 11918------------Gross, 5,812,720; net, 1,823 274
For year 1918, standard return, $1,717,506; other income, $110 217;
interest, &c., charges, $652,654; expenses (net) prior to 1918, S203 450'
bal. sur., $971,619.
In cal. year 1917 gross Income was $3,061,783; balance, after fixed charges
Including interest on funded debt ($606,823). $2,168,647.
★ HUDSON COMPANIES.— incorp. Jan. 9 1905 In New York. Holding
cumpany for Hudson & Manhattan R R . Co. (see below). Owned Dec. 31
1918 $2,307,613 of the $5,242,151 Hudson & Manhattan RR. pref. and
$25,171,209 of the $39,994,890 common stock. V. 106, p. 493.
The stockholders voted Jan. 14 1919 to reduce the capital stock from
$21,000,000 to $4,000,000, all the $5,000,000 old common being voluntarily
surrendered and the $16,000,000 preferred being reduced to $4,000 000 by
a change In the par value of single shares from $100 to $25. V. 108 p 78
The $1,950,000 6% notes due in 1917 and 1918 were retired as stated in
V. 104, p. 1801, in connection with the transfer o f Greeley Square Realty
Co. stock and ref. bonds (V. 104, p. 1800) to the Greeley-Hudson Securities
Corp. (V. 105. p. 1806; V. 108. p. 263.)
The whole issue of $2,000,000 6% sinking fund of the said Securities Corp
due Aug. 1 1931 (but callable at 105) having been disposed of together with
$1,000,000 of the stock, leaving $1,000,000 o f the stock in the treasury of
Hudson Companies; this latter block was in 1919 distributed to holders of
the reduced pref. stock of the Hudson Cos. of record March 17 one $100
share to the holders of each 16 shares (par $25) of Hudson Cos
V ins
p. 78, 277; V. 106. p. 493.
‘ iU8,
R E PO RT.— Balance sheet as of Dee. 31 1918. V. 108. p. 263.
OFFICERS.— W . G. Oakman, Pres.; Wm. Henry Barnum V -P &
Treas., Wm. Everdell, Sec. I l l Broadway, N .Y .— (V .108, p. 78 263 277)
HUDSON BAY RA ILW A Y.— (V. 106, p. 2757, 1837; V. 109, p.’ l72.)
★ HUDSON & MANHATTAN RR.— (See M a p .) — Owns and onerate*
louble-tube electric tunnels opened in 1908 from Sixth Ave and
N. Y. City, under the Hudson River to the D. L. & \Y R R s t a t io n ’
Hoboken. N . J.. and thence southwardly through the Erie and Pennsylvania
RR. stations in Jersey City and under the Hudson River to the Hudson
Terminal Buildings on Church St. (one block west of Broadway) extending
from Cortlandt to Fulton St. Total double-track tunnel in operation 7 91
miles. Also affords through service between Newark and N Y CItv
using Penn. R R . tracks from Jersey City to Newark. V. 90. p ‘ 635* 1041:
Eventually to extend to Grand Central Terminal. V. 98 p 1993 ' Owns
Hudson Terminal Bldgs. Fares increased from 17c. to 27c. to Newark
In 1918. V. 106. p. 2123. 2757: V. 107. p. 82. 181. 401. As to projected
trolley line connection with Federal Shipbuilding plant, see V. 106 p 1461
In Dec. 1917 passed temporarily with the steam roads as war’ measure
under Government control. Govt, advances to Nov. 15 1 9 1 9 S3 776 9 3 8 an<^
on rentaI account. V. 107,’ p. 1344;
BONDS.— Under the readjustment of Jan. 14 1913 (without fnreclosure) (V. 96 p. 208) fixed charges were reduced from $3.021,660 to
$1,851,750. The plan was assented to in 1913 by about 9814% of the
ot 8tock- Application to list. V. 98. p. 393-8
Mrs.' Af. $65,000,000 Auth.) issued. 5% call, any Int. dateat 105 $36 765 134
Reserved (Interest rate not to exceed 5% ) for—
»<JO./oo.id4
(1) Retirement of N. Y . & Jersey RR. 1st 5s car trusts and
m2r5?a8es ($1,207,500), not over________
$ 9 5 3 6 000
(2) Auditions, betterments and equipment; also for exten’
slons free from prior encumbrances, provided the annual net
Income of the company Is 1H times the Interest upon the
rtP
*“ c l-those,then about to be issued, say. 12.698.696
,
to Grand Central Station on same conditions. 6,000.000
Adjustment Income \fortQaQe Bonds— Int. payable out of surplus
income and cum. from Jan. 1 1920 (V. 96, p. 209), Issued_____33,102.000
Reserved for exchange for remaining 1st M . bonds________
472.000
The deposited[stock is to be held for 5 years in a voting trust and
so long as t h e Adjustment bonds shall not have received full 5% int. for the
preceding year, the holders shall have the right to nominate or approve
up to one less than a majority of the board. Voting trustees: Charles
Francis Adams 2d.. Boston: Felix M . Warburg and Albert H. Wiggln. N. Y.
Permission was granted in M ay 1 9 1 9 t o issue $ 1 , 0 3 6 , 0 0 0 1 s t Lien & Ref. M .
bonds in V. 108, p. 1 6 1 0 , 2 2 4 1 .
IN TEREST ON INCOME BONDS.— 2% yearly 1913 to Oct. 1916 Incl.;
beginning April 1917. none, pending establishment of $1,000,000 reserve
for contingencies. V. 104. p. 856, 1483.
Federal contract signed July 1919 fixing annual compensation at $3,003.­
362. V. 109, p. 72.

RAILWAY STOCKS AND BONDS
[V ol . 109.




iFfc

S o y ., 1919. j

J o e mn
fG v rn e t
C n l.
o tro

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, A c., see notes on first page]
Illinois Central— Stools *123.552.000.....................
Leased line 4% stock guaranteed (see remarks)_ z
_
_
First mtge ol) Sterling Bond old 6s ext In 1895_ z
1 8 7 4 tori Bonds extended In 1905 as $ bonds..
*15.000.000}4s of 1886 due 1951 gold_ zo’ &r
_
secures a l l 3)4s of 1886 due 1951 g o ld -.z o ’ &r
equally -Us 3s of 1895 due 1951 gold_ zo’ &r
_
(V 83. p 76)j3)4s of 1903 due 1951 gold__.o’ &r.
Trust bonds sterl. (sec by Ch St L & N O cons) .U s.z
Sprlngf Dlv 1st M re fM (V 66, p 1237) g..U s.c*& r
_
Kami & S W 1st M Otto to Normal Juno & br_ zr
Cairo Bridge bonds gold (see rem arks)..U s.zo’ &r
St Louis Dlv & Term M *10,000,000gold ..U s .a ’ &r
do
*5,000,000 (see V 65, p 1173) g .U s.y o ’ &r
Underlying St LI Belleville & Carondelet 1st M.zo*
Dlv & Terml-)St Louis Southern lstM g -.B a .o*
nal mortgage.)Carb & Shaw 1st M gold____o*
Purchased lines 1st M *20.000.000 gold__Us.xo’ &r
Ref M (Nor Lines) $120,000,000 g red..Q .xc*& r*
Collateral trust bonds gold * -------------- Us.zo’ &r
Coll trust *25.000,000 gold on L N O & T .U s.zo’ &r
Western lines first mortgage gold_______ Us.zo’ &r
Ch St L & N O cons M (*18.000,000) g lnt gu.xo’ &r
do
guaranteed principal and Interest_______ x
Joint 1st Ref M (Southern lines) $120,000,000—
Series A callable 110 after Dec 1 1918..F.y.c*r*
Series B callable at 110 after Dec 1 1918________
Mempnls Dlv 1st M gold guar o & 1 fend).Us.zo*
Louisville Dlv & Term M $25,000,000 g..U s,c*& r
Omaha Dlv 1st M g $5,000,000_________ Us.xo’ &r
Litchfield Dlv 1st M g *4,000.000 .....................F.xo
lstLIeneqM*30.000.000(less$26,613,000 oanoel.) Us.x
Secured g bds call 101 on or aft Jan l ’24.Fvvv.c*&r*
Equip eq certs ser A g $400,000 s-a call 102 >4____x
Serlrs B g due $175,000 s-a (V 97 ,p 2 9 9 )_____x
Series O g due $99,000s-a redl02)4beg 1920 _yc’
Series D due $95,000 each J & J; callable 102)4 &
lot on or after Jan 1 1921___________________ k
Ser E due $275,000 s-a call ’22 10214% gu.C Pyc*
a Inoludes $5,266,000 consol 5a pledged to secure

Miles Date
Road Bonds

Par
Value

Rate
%

When
Payable

65

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$100 $109 296000 7 in 1919 Q—M Dec 1*19 1% %
J & J July 2 T9 2%
100 9.989.700
4
A & () Apr 1 1951
£200
1875
2,500.000
4g
1,000
1875
1.000,000
3)4 g J & D Deo 1 1950
1,000
1.500.000
706 1886
4 g J & J Jan 1 1951
1,000 2.499.000
1886
3)4 g J & J Jan 1 1951
£200
1895
£500,000
3 g M & S Moh 1 1951
1903 $l,000&c
3.000.000
3 He A & o Apr 1 1951
£200 5,266.000
1886
3H e J & J July 1 1950
$1,000
2,000.000
111 1898
3H g J & J Jan 1 1951
1,000
F & A Aug 1 1921
968.000
5
131 1881
1,000
1892
3.000.000
4 g J & I) Deo 1 1950
500 &c
8.377.000
1 239 J1897
3)4 t J & J July 1 1951
1,000
11897
4.998.000
)
3 g J & J July 1 1951
1,000
17 1883
470.000
6 g J & D June 1 1923
1,000
30 1886
538.000
4 g M & S Sept 1 1931
1.000
241.000
17 1887
4 g M & s Moh 1 1932
748 1904 1,000 &o 12.000.000
3)4 g J & J July 1 1952
2,187 1908 1,000 &o 40.740.000
4 g M & N Nov 1 1955
500 &c 15.000,000
A & O Apr 1 1952
857 1888
4g
600 &c 24.979.000
798 1892
4 g M & N Nov 1 1953
218 1895
1.000
K & A Aug 1 1951
5.425.000
4g
1,000 al6,635,000
567 1881
5 g J & D 15 June 15 1951
. 1,000
567 1897
J & D 15 June 15 1951
1.359.000
3)4 g
500 &c 1
1,512 1913
5 g J & D Dec 1 1963
1.512 1913 £100 &c 129,979,885
5 g J & D Dec 1 1963
$1 000 3,500.000
100 1889
4 g J & D Deo 1 1951
500 &c 23,732.000
640 1897
3)4 g J & J July 1 1953
F & A Aug 1 1951
130 1900 1,000 &c 5.000.000
3 g
1,000 3.235.000
1900
3 g .1 & J Jan 1 1951
J
J Jan 1 1923
1908
1,000 16.000,000
1919
5)4 g J & J Jan 1 1934
2,800.000
1913
4)4 g F & A Feb '20-Feb ’23
1,000
F & A Feb '20-Aug ’23
1913
1,400 000
5g
1.000
1,089.000
4)4 g A & O Apr ’20-Apr '25
.98 1916

32NassauSt.N Y. & Lon
do
do
BaringBros .London ,Eng
32 Nassau 8t.. New York
do
do
do
do
Baring Brothers, London
32 Nassau St, New York
Baring Brothers, London
32 Nassau St., NewYork
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
dc
do
do
do
do
do
do
do
do
do
do
do
Baring Bros, Lon & N Y
32 Nassau St.. New York
do
do
do
do
do
do
N Y off or Com Tr. Phils
N Y office or Un Tr. Pitta
N Y office or Com T r, Phil

1,000
1,235.000
1916
4)4 J & J Jan ’ 20-Jan '26 Bankers Trust C o, N Y
1,000
4,400.000
1917
5 g M & N M ay ’20-Nov’27 New York
s Cent ral collat eral trust b onds of 1 886.
Illlnoi

EARN IN G S.— 7 m o s .,J 1 9 1 9 .-G r o s s , $ 3 ,4 8 4 ,8 3 6 ; net (bef. $ 1 ,3 6 9 ,4 1 5
Jan. 1 to July 31.
\1918--Gross, 2,844,732; taxes),
1,212,975
R E PO RT.— Year ending Dec. 31 1918 (Y. 109, p. 1 6 9 7 ):
Cal Year—
1918.
1917.
1917.
„
1918.
Gross revenue$5,078,422 $4,427,006 Stand. returnx$3,150,493 $685,000
Net, aft. taxes$2,154,110 $2,207,102 Exp., tax., &c 57,413
280.807
Bldgs., n e t ... 795,179
876,777 Prior bd. ln t .. 660,000
280.807
Miscellaneous. 117,701
51,310 Prior b d .in t ..
260,949
280.807
Fixed bd. int. 2,168,535 2,167,534
Tot.net inc.$3,066,991 $3,135,188
Surplus____
SI,847
$3,597
Railroads—
1918.
1917.
1916.
1915
1914.
Gross earnings..$5,078,422 $4,427,006 $4,084,848 S3.725.989 $3,750,950
Net before taxes. ...............$2,515,540 $2,462,214 $2,269,394 $2,303,611
OFFICERS.— Chairman o f board, Wilbur C. Fisk; Pres Oren Root;
Sec. & Treas., R. B. Kay; Federal M gr., Kenyon B. Conger N. Y . City.
New York office, 30 Church St.— (V. 109, p. 72, 1179, 1697.)
HUDSON RIVER CONNECTINQ RR. CO R P.— Incorporated In
N. Y. State March 19 1913 to build for the New York Central R R . which
on Dec. 31 1917 owned the entire $250,000 capital stock (also $300,000
notes) a high-level railroad bridge across the Hudson River between Castleton and Shodack Landing, about 11 miles south o f Albany. The U. S
R R . Administration la May 1918 sanctioned the expenditure of $2,000 000
on the enterprise. Expended in 1918, $52,455. Fed. Mgr P E Crowley
— (V. 104, p. 1801; V. 106, p. 2194, 2550; V. 107, p. 181)
★ HUNTINGDON & BROAD TOP MT. RR. & COAL C O — Owns from
Huntingdon. Pa., to Mount Dallas, P a „ 44 miles; branches, &o.. 28 miles.
DEPOSIT OF STOCK.— Over 75% of stock was deposited with 5
trustees (Drexel & C o.. Phila., depositary) under agreement limiting the
sale of the stock, the pref. to not less than $50 and the com to not less
than $25 per share. In 1918 the trust was extended till April 1 1923.
V. 106, p. 1230: V. 96. p. 420, 1021. 1297, 1488
P
BONDS, &c.— V. 107, p. 1384; V. 105, p. 2542; V. 106, p. 296.
DIVS. '98. ’99. ’00. ’01. '02. '03. '04. '05. '06. '07. '08. '09-Oct. ’ 19.
Common 0
0 0 0
0
5
1
0
0
0
0
0
Preferred 5 5 )4 7 5
6
7
6 5)4 7)4 7 3)4
0
ANNUAL EARNINGS.—
Cross.
NetInt., &c. Bal.,Sur.
1917......... ........................................$842,238 $273,145 $147,531 $125,614
1916................................................. 679.419
253,772
147,727
106.046
Pres., Carl M . Gage. Fed. M gr., Elisha Lee. Phila.— (V. 109,p.676.)
★ ILLINOIS CENTRAL RR.— (See M ap.)— ROAD.— Operates from Chi­
cago, 111., southerly to New Orleans, La., 913 miles, and westerly to Sioux
City, la.. 509 miles, with numerous branches, viz. (’ which see)
Road owned in fee—
Miles.
Leased— Control owned—
Miles
Ohloago to Cairo, 111_ iMaln
_
Chicago St. L. & N. O. R R .,
Oentralla, 111., to Eastistem .. 706
_ 546
Cairo, 111., to New Orleans_
Dubuque, Iowa___ J
Line to Louisville. &o
. . . 752
Dubuq. & Sioux Clty(seeabove) 761
Mem. ,Tenn.,toMem.Jct., Miss 98
Springfield to East St. Louis_
_
97 St. Louis Alton & Terre Haute. 224
Peoria. III., to Evansville, Ind.,
Entire stk.owned-Br&nohes.&o 967
with 6-mlle branch_________ 234
Trackage, A c _______________ 220
Indianapolis, Ind., to Effing­
ham. 111. (V. 93. p. 880).........177
Total operated Dec 31 1918.4,782
H ISTORY, LEASES, &c.— Chartered on Feb. 10 1851
The Chi­
cago St. L. & N. O Is leased tor 400 years from July 1 1882 at 4% per annum
on Its $10,000,000 capital stock deposited to secure the leased line stock and
lnt. on bonds. As to proposed terminal station In Chicago. V. 103 p. 1301.
Owns all the cap. stock ($1,998,500 common and $15,000 000 pref.) of
Central of Oa. Ry. but road Is operated Independently. See that co. above.
Substantially all of the stock o f the Yazoo & Mississippi Valley RR.
1,382 miles. Is owned in the interest o f the Illinois Central, the latter also
owning nearly all of the bonds, mostly pledged. (See below )
Owns entire stock of Chic. Meinp. & Gulf RR., 52 m.: V. 96' p 420 716;
also $1,000,000 stock o f Madison Coal Corn. See V. 105, p. 1899: fare de­
cision, V. 106, p. 296. Proposed new terminal at Chicago, V. 109. p. 270.
CAPITAL STOCK.— The leased line stock Is secured by deposit of $10.­
000.000 Ch. St. Louis & New Orl. stock. V. 65. p. 1071; V. 106. p. 395.
In Dec. 1918 Union Pacific owned $22,371,600 of the common stock, in
addition to $3,486,420 com. and $1,936,990 pref. stock or Railroad Securtles C o., the latter company owning the equity in $9,200,000 additional.
LATE\'01Sept.'04. '05 to r12. '13. '14. '15. '16. 1917. M ar.T8-Dec. T9.
D IV S ./ 6 yearly
7 yearly
6
5
5 6)46 & 1 ox 7 % p .a .(l% Q.-M)
BONDS.— Cairo bridge, see adv. In "Chronlole," May 7 1892
The Trust Bonds of 1 8 8 6 are seoured by deposit of *5,266.000 Chicago St. L.
& New Orleans consols of 1881: also by alien on the road See V 86. p 1343
Collateral Trust bonds o f 1952 cover by Diedge o f $16,350,000 5% 1st M .
bonds 863 miles o f subsidiary lines. V. 55, p. 550; V. 102. p. 1346.
The *25,000,000 collateral trust bonds of 1953 are secured by pledge of all
the Loulsv N. O & Texas (now Yazoo & Mississippi Valley R R .). $16,­
900.000 1st 4s. except $68,000, and $9,104,000mtge. incomes. V. 61, p. 112
Chicago St. Louts A New Orleans 6s have their Interest guaranteed (by
endorsement) until the principal Is paid. The 3 )4s of 1897 are guar., prin­
cipal and Interest, by endorsement—
-see guaranty. V. 65. p. 1071.
Western Lines Loan o f 1895, seei Supplement o f Jan. 1899. Total auth.,
$10,000,000: $5,425,000 outstanding and $4,550,000 pledged in Feb. 1919.
The St Louts Division A Terminal bonds are for *15.000,000 authorized.
$1,499,000 are held to retire $1,400,000 underlying[ bonds. A bstract of
mortgage in V. 66. p. 138. See also V. 66, p. 133: V. 71, p. 546.
Louisville Division A Terminal mtge. Is for *25.000,000; of the bonds
$1,112,000 were reserved to purchase the 46 m. (CeclUa br.) from Louisville
& Nashville and to retire the L. & N. bonds thereon. Chicago St. Louis &
New Orleans took title to the Loulsv. Dlv. and Joined In making mtge. See
V. 66. p. 136, for abstract; also "Supplement” of Jan. 1899. V. 65. p. 367,
516; V. 66. p. 133; V. 67. P- 581: V. 76. p. 671 V. 97. p. 887. 1024.




Amount
Outstanding

A rlrate
P
C n l.
o tro

Of Purchased Lines 3)4s of 1904 $14,662,000 were Issued on 748 miles o f
subsidiary branch lines purchased, of which $2,662,000 were canceled
in Jan. 1911 and Ref. bonds substituted therefor.
There are also $5.­
338,000 reserved to retire at maturity $968,000 bonds of the Kankakee
& Southwestern lsts due 1921 (see bond table above) and *4,370.000 bonds
of the Chicago Madison & North. (231 m .), which are pledged for the coll. tr.
4s of 1952. (See V. 71. p. 288: V. 79. p. 1273. 1642, 2588' V. 81, p. 1105.)
Refunding mtge. gold 4s of 1908 (auth. $120,000,000) are subject to call at
107)4 and lnt. M . & N. beginning N ov. 1918; V. 104, p. 863; V. 87, p.
1357. 1420; V. 88. p. 295; V. 92, p. 261. 527, 1636; V. 97. p. 1024; V. 98. p.
1459. 1608; V. 99, p. 1300. Cover main line. Chicago terminals, so-called
purchased lines, Springfield D lv., the St. Louis D lv., &c., a total of 2,174
m., subject to bonds aggregating $61,766,000, Incl. $2,500,000 Chic. Hava­
na & West. 5s and Rantoul RR. 5s pledged under 4s of 1952.
Purposes for Which $79,260,000 Ref. Bonds {Nor.Lines) Unissued WereRes'd.
To retire a like amount of prior lien bonds___________________ *59,026,000
Additional main track, improvements, funding debt, &o____ 20.234.000
[On Dec. 31 1918 111. Cent. R R . owned $20,234,000 of these unpledged.
The Illinois Central and Chic. St. Louis & New Orl. RR. Joint First Ro­
unding M . bonds ($120,000,000 auth. issue) are issuable In series bearing
Interest at not to exceed 5% and are secured on about 1,512 miles of the
Southern lines. Including the main line from Cairo, 111., to New Orleans,
La.. A c., and comprising all the system lines south of the Ohio River except
the Chicago Memphis & Gulf R R ., the Montlcello Branch (52 m. and 21 m.
respectively) and the Yazoo & Miss. Vail. R R . V. 97, p. 1822. 1733. 1204;
V. 98, p. 1459, 1608; V. 99, p. 1300; V. 100, p. 397, 474, 1852; V. 106.
p. 2757; V. 107, p. 696.)
Purposes for Which Said $120,000,000 Joint Bonds Were Issuable.
[Dec. 31 1918 amount issued, S41.534.085 ($40,883,700 Series A and
$650,385 Series B), of which the Illinois Central RR. owed $11,554,200,
leaving $29,979,885 outstanding in the hands of the public.]
(a) To purchase and improve railroads, terminal properties,
&c., covered by this mortgage, all sold_____________________$33,348,100
*it>) To refund or retire a like amount of prior mortgages______ 50.132,000
(c) For future Improvements, construction, etc______________ 36.519,900
The $16,000,000 5)4% Secured Gold Bonds, issued in 1919 on account of
improvements and additions, were secured by pledge of the following
securities, having a then market value of about $20,000,000, viz.: (a)
$17,350,000 Illinois Central R R . and Chicago St. Louis & New Orleans R R .
Joint First Ref. Mtge. 5% bonds. Series A , due Dec. 1 1963; (6) $4,550,000
Western Lines 1st M . 4% gold bonds, due Aug. 1 1951. V. 108, p. 578, 2629.
Equipment Trusts.— V. 96, p. 135, 553; V. 102, p. 608, 345; V. 99, p.
1748. 48: V. 100, p. 1257. Series E is subject to call, all (but not part)
on or after Nov. 1 1922 at 102)4 and div. V. 106, p. 189, 1577, 2123.
Loans and bills payable as of Dec. 31 1918, $21,150,000.
Federal Compensation.— Under contract signed June 18 1919 with the
U. S. RR. Administration the company receives an annual compensation
of $16,282,374 per annum, or $16,540,717, incl. Ch. Memphis & Gulf,
Dunleith & Dubuque Bridge, &c. V. 108, p. 2528, 1714. Compensation
of Yazoo & Miss. Valley R R . $3,862,317. V. 108, p. 2529.
EARNINGS.— 12 mos.,/1918-Gross, $107,320,261: net (bef.$17,135,850
Jan. 1 to Dec. 31.
\1917.Gross, 87,144,786; taxes),
24,804,952
For 9 months,
J1919-Gross, 78,895,768; net (bef.
7,579,828
Jan. 1 to Sept. 30.
[1918-Gross, 79,224,556; taxes),
14,312,328
REPORT .-Report for 1918 in full in V. 108. p. 1603, 1725.
Corporate Income Account for 1918. Based on Federal Compensation.
Calendar Years—
1918.
1917.
Accrued standard return________________________ $16,282,374
____
Net railway income----------xl5.455.863 $22,911,624
Federal income tax accruals-------------------------------928,723
1,400,864
Other income------------------------------------------------------ 7,508,053
4,317,207
Deductions..............
11,078,491 10,636,641
Sinking fund and other reserves_________________
118,200
118.200
Investments in physical property________________
55,679
56,934
Balance, surplus........................
10,782,823 15,016,193
x After taking Into account $758,887 net expenses prior to Jan. 1 1918.
Calendar Years—
1918.
1917.
1916.
1915.
Freight revenue-------)
$58,443,367 $49,437,830 $42,681,011
Passenger revenue
$107,320,261 16,908,698 14.222,848 12.661,576
8,461,492
Other revenues-------J ____________ 11,792.721 10.079.588
Total oper. revenue.$107,320,261 $87,144,786 $73,740,266 $63,804,079
Net, after taxes-------------------------------- $18,606,217 $16,759,239 $11,492,233
Other income........................................... 8.009.365 13.015.837
7.679.650
Gross income
......................... $26,615,582 $29,775,070 $19,171,883
Interest on funded debt...........................$8,477,619 $5,546,266 $5,504,903
Rente, &c.........................................- . . 3,121,770
6,762.391
6.529.815
Dividends........................................(7 K )7.923.960 (5 )4) 6011280 (5) 5.464.800
Surplus...................................................$7,092,233 $11,455,132 $2,672,365
Yazoo A M iss. Valley Ry.—
1918.
1917
1916.
Gross earnings.........................................$22,477,009 $18,152,123 $15,135,123
Net. before taxes.................................... 5,745,471
5,681,990
5,650.077
OFFICERS.— Chairman, Chas. A. Peabody; Pres., Chas. H. Markham;
V. -P ., Archibald S. Baldwin; Sec., D. R. Burbank: Treas., R. E. Connolly.
General offices, Chicago, 111.; N. Y . office, 26 Liberty St. Federal M gr.,
C. M . Kittle, Chicago.
Directors.— Walther Luttgen, John W . Auchincloss, William Averel
Harriman, R. W. Goelet, Cornelius Vanderbilt. J. Ogden Armour. Chas. A.
Peabody, John G. Shedd, R. S. Lobett, H. W. de Forest, Philip Stockton,
D. R. Burbank and ex-officio, Hon. Frank O. Lowden, Governor of Illi­
nois.— (V. 108, p. 1721, 1823, 2528, 2629; V. 109, p. 270, 1366.
A ILLINOIS SOUTHERN R Y .— See page 135.
★ INDIANA HARBOR BELT RR.— Owns Whiting. Ind.. to Blue Island;
ill.. 14 miles: McCook to Franklin Park, 111., 10.5 m.: Argo to Union Stock
Yards, Chicago, 11 m.; State line to Grassell, Ind., 5.5 m.; branches, 5 m;
total owned. 45.5 miles; trackage. 71 m.: total, 116 miles.
Federal Compensation.— $296,054 yearly during Federal control (con­
tract executed).




N V 1919.J * o r?l?e t
O .,
S mt n

RAILWAY STOCKS AND BONDS

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

Miles Dale
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

APrlvate
Control.

67

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Illinois Central (Concluded)—
c
$1,000 $2,750,000
1914
5 g J S D Dec ’19-D ec'24
1,000
1,936,000
136 1911
6 g J A D June l 1951
M & S June 1 1951
1,000
1.380.000
Income bonds $1,380,000 authorized_______ IC.xo'
Illinois T unnel C o —See Ohloago Subway Co.
Indiana Decatur & W estern—See Cln Ind AWesteri
4 g J & J July 1 1957
46 1907 1.000 &o 2,500.000
Indiana Harbor B elt— GenMJ25.000,000 g d .x o ’ &r*
1907
4 g J & J July 1 1957
1.725.000
do
do
do
_____
500 Jco 2,500,000
6 g J A J Jan 1 1927
Ohio Ham & W first mortgage gold assumed.xo»&: 27.48 1897
c
Equipment trust certificates $540.000____________
1916
468,000
444 J S J Jan 1 1931
Indiana Illinois & Iowa— See New York Central RE
Indianapolis & Louisville—See Chicago Indianapolis & Lou Isvllle
1.000
765.000
Indianapolis Un— 1st M gold s f not oallable_ FP.xo*
_
123 1886
4 44 g M & N May 1 1926
1.000 4.000,000
J S J Jan 1 1965
c
Gen S Ref M $10,000,000 g gu red text —.F.c*&r*
c
1915
5g
Interborough C onsolidated C orporation —
None 932.627 shrs
Common stock (no par value)_______________
100 45.740.500 See text
P r e f stock (as to assets) 6% non-cumulatlve.
(J— J Apr 1 1918.1>4
1956 1.000 Ac x67,825.000
444 g A & O Apr 1 1956
on dem an d
1.000
1916
700,000
100 35,000,000 See text
Interborougli Rapid T ransit— Stock $35.000.000.. Text
J— J Jan 2 T9 244%
c
5 g J S .1 Jan 1966
1913 1.000 fee 160.893.000
1st S Ref M $300,000,000 g s redTIO (text) G.yo*&r
c
100 &c 39,199,000
Secured conv notes g call series A & B _.xxx.B a.c
7 g M & s Sept 1 1921
1918
International & Qreat Northern—
100 See text
Common stook, see text__________________________
Jan 2 1913 4%
100 3,400.000
Preferred stook (p & d) non-oum (see text)_____
500 &o 111.290,500 /
M & N Nov 1 1919
6g
1.106 1879
500 &c
M Sc N N o v 1 1 9 2 2
do
as and if extended 3 years at 7 % call (text) 1,106 1 8 7 9
l 7
1.000
198,000
M & N May 1 1920
7
Colorado Bridge bonds Rlnklng fund___________ Fz
1880
M & N Nov 1 1919
y Receiver’s ctfs (refunding issue)---------------1.400,000
6
1918 1.000 &c
$ £ fr
f2.708,000
5 g F & A Aug 11941
1.106 1911
1.000 11.000,000
F & A Aug 1 1914
5
Three-year 5% secured notes redeemable 101 g.Cex
1911
F & A Feb '20-Aug '23
1,000
400.000
do g due $50,000 s-a (V 97. p. 521, 729)..Eqx
5g
1913
J & J Jan '20-Jan ’26
1.000
504.000
6
RecelversT equip trust notes $39,000 semi-annually
1916
—

New York
In default
Grand Cent Term. N Y
do
do
do
do
Comm’l Trust C o, Phlla
Fidelity Trust Co, Phila
Farmers' L & Tr C o, N Y
April 1919 coupon unpaid
T r e a s office 165 B'way
New York City

See text
Equitable Trust Co, N Y
Office. 165 B’way. N Y
Central-Un Tr Co, N Y
Aug 1914 coup not paid
Aug 1914 coup not paid
Blair & C o. N Y
First Tr & Sav Bk, Chic

x Includes $3,543.000 (face value) held alive In slnkl ng fuu d N o v . 1 1919.y Reported ex tended to N ov .l 19 22 at 7 % .
f Further $12,150,000 pledged is part security for note is sue.

Through service to Woodlawn Cemetery was begun April 15 1918. V. 106
Stock outstanding, $5,000,000. o f which N . Y . Central and Mich. Central
(V. 106, p. 2018). which guarantee the bonds, own 60% and O. M . & St. P. p. 1037, 2011. On July 1 1918 established through service on the Seventh
and Chic. & Northw., 40% . V. 93, p. 164; V. 105, p. 2183. Of the bonds Ave. subway between Times Sa. and the Battery, and via shuttle through
($25,000,000 auth. Issue), S2,500,000 are reserved to retire Chic. Ham. & the Park Pi. and William St. branch of the line from Chambers St. and
W. 6s; $2,500,000 bonds out.— V. 86, p. 108. Due for advances Dec. 31 West Broadway to Wall and William streets; also over the 162d St. elevated
road connection between the Ninth Ave. elevated line and the Jerome Ave.
1917. $3,857,082.
EARN IN G S.— For cal. year 1918, gross, $5,591,235: net, after taxes, branch of the Lexington Ave. subway is far as 167th St. station on the
def., $928,645. In 1917 (V. 106, p. 2442) showed: Gross, $5,121,878: Jerome Ave. line. On July 171918 the Lexington Ave. subway was opened
net, after taxes, $890,182: other Income, $100,143: interest, rentals, &c., for business to 138th St. and Jan. 7 1919 to Hunts Point Road. V. 107,
$2,020,106; bal., def., $1,029,781. (This deficit has been paid by owning p. 2477, 82: V. 106, p. 2752. The Clark St. tunnel to Brooklyn was opened
companies proportionately to their stock holdings.) Gen. Mgr. under In April 1919. V. 107, p. 1005. 2290.
U. S. G ovt., George Hannauer, Gibson, Ind.— (V. 108. p. 268.)
Owns stock of N. Y . & Queens County R y., 73 miles, and (Jointly with
& L. I.
Co.
★ INDIANAPOLIS UNION R Y .— Owns 1.23 m. o f road. 1.15 m. 2d main Long Island R R .) the N. Y .p. 2621; Traction 818; and Long Island Elec.
track and 4.15 m . yard tracks and sidings, with terminals at Indianapolis, R y., total, 68 miles. V. 80, 1917. V. V. 83, p.2365. V. 86, p. 1100.
“ Outside assets” in Dec.
103, p.
Ind.; leases for 999 years the Bolt RR. or Indianapolis— 14.18m.(which see).
NEW LINES.— On Mar. 19 1913 an agreement was signed between
Clevo. Cine. Chic. & St. Louis, the Pittsburgh Cincinnati Chicago & St.
Louis RR. are virtual proprietors, having invested in It $1,065,472 the city and this company (V. 94. p. 1507, 1565: V. 96, p. 62, 359. 1701)
to Dec. 31 1918. No stock outstanding. Elevation o f tracks in progress. and the Brooklyn Rapid Transit Company, providing for the establishment
V.
109,p.676. U. S. Admin, sanctioned capital outlay o f $1,604,637 forof comprehensive dual systems of rapid transit serving all boroughs.
1919.
The official statement to the N . V . Stock Exchange, dated June 30 1913,
BONDS.— The General and Ref. M . o f 1915 will secure not over $10,­
000.000 50-year bonds, to bear rates o f Interest as may be hereafter deter­ was published In "Chronicle" of Aug. 16 1913, pages 450 to 455, giving full
mined, to bo guaranteed Jointly and severally, prln. and Int.. by the particulars as to new contracts, bonds. &c. See also V. 97, p. 744, 1024.
companies above named; a sufficient amount Is reserved to redeem the
Lines to be Oper.by Interborough R .T .C o.
Road Track Track Total
444s o f 1886, and remainder for future purposes. The guarantor
[Exclusive of Manhattan Ry. and Sidings)— Miles. Subw. Elec. Track.
companies and also the Lake Erie S Western R R ., Cincinnati Indianap­ Company’s original lines ................................... 25.7
c
56.1
16.9 73.0
olis S Western, Chicago Indianapolis & Louisville R y. and Illinois Cen­ New, to be built Jointly by city and company. 48.5 75.6
c
71.5 147.1
tral RR. have contracted to use the property perpetually as their
main passenger terminal, and to pay each its proper and designated
88.4 220.1
T otal.................t ............................................... 74.2 131.7
proportion o f the Interest on present or future values and o f any bond
Status of construction on dual system In Jan. 1919, V. 107, p. 74, 172.
Issued for additions to or Improvements o f the property. The bonds are re­
As to aid for contractors and completion of lines see V. 106. p. 1126, 1344,
deemable as a whole or In series 15 years after date, or any int. day thereaf­ 1901, 2346, 2451; V. 107, p. 2009, 2098, 2290. Strike, &c., V. 109, p. 676,
ter at 103: sink, fund beginning 1926, 1% o f outstanding bonds, bonds pur­ 776.
chased to bo canceled; Farmers’ Loan S Tr. C o., N . Y ., and Union Trust
c
The Brooklyn Rapid Transit Co. on Jan. 5 1918 started service on Broad­
Co., Indianapolis, trustees. V. 100. p. 1257. 555: V. 101. p. 1272.
way between Times Sq. and Whitehall St.
Yoar ended Dec. 31 1918, standard return (est.), $226,781; other income,
Subway Leases, New and Old, to Run 49 Years— Re-Capture.
$10,617: total deductions, $157,481; bal., sur., $79,917.
The lease by the city to the company of the new subways is for 49 years
Fed. M gr., E. M . Costin, Cincinnati.— (V. 107, p. 905; V. 109, p. 676.)
from Jan. 1 1917, but if their completion should be delayed through no
INTERBOROUQH-CONSOLIDATED CORPORATION— O R G A N I­ fault of the company, the beginning of the term will be correspondingly
ZA TION .— A holding company, formed under N. Y . laws June 2 1915 by postponed; subject, however, to the city's right of re-capture after 10 years.
The leases of the original subways as modified expire contemporane­
plan in V. 100. p. 1437. 1510. 1751. 1917.
*
Owns $33,912,800 of the $35,000,000 stock of the Interborough Rapid ously with the lease of the new subways, but are not subject to termination
Transit Co. and $15,276,500 of the $17,495,060 stock of the New York Rys. by notice except as portions thereof may be taken over In substitution
Interborough Rapid Transit C o., subways, &c. (see thatco.) 146.26 miles for the 7th Ave. branch or the Lexington Ave. branch of the new sub­
ways in order to complete a direct longitudinal line, either upon the East
Elevated (Manhattan Railway, leased).........................................130.23 miles
Surfaoe lines owned or controlled by Interb. Rap. Tran. C o ..141.07 miles 8lde or upon the West Side of the city. As to the old contracts. Nos. 1 and
2. see this Section. Issue of Feb. 1913 and V. 96, p. 1701.
New York Railways (seo V. 108, p. 677) June 30 1918______ 151.02 miles
The authorizations and licenses for the elevated railway extensions and
RECEIVERSHIP.— James R. Sheffield o f N . Y . was made receiver on
Mar. 21 1919, owing to the default on the bonds which resulted from the additional tracks are for 85 years from the beginning of operation, and are
stoppage of dividends on the I . R . T . C o .’s stock pledged to secure the bond respectively subject to the right of the city to purchase and take the prop­
issue. V. 108, p. 1165. New York Railways is also in receiver’s hands. erty at any time after 10 years upon payment therefor.
Under the pooling agreement with the city which became effective
V. 109. p. 1273.
(1) Committee for Int.-M et. 446% bonds: Grayson M .-P . Murphy, Jan. 1 1919, all the receipts of the old and new lines of the Interborough
Chairman: John A. Griswold, Sec., 140 Broadway, N. Y . C ity
Guaranty system, with the exception of the old elevated lines, will be placed in a com­
Trust Co., depositary. V. 108, p. 878, 1165, 1390. $30,408,000 deposited mon pool, from which will be deducted taxes, maintenance, operating ex­
penses, depreciation, the company’s preferential and interest and sinking
Aug. 12 1919. V. 109, p. 676.
(2) Committee for Pref. and Common stocks: Chairman Eugene V . R. fund payments upon the city's and the company’s investments in the new
Thayer; Sec., Charles B. Makepeace, 115 Broadway, N. Y.’ . with Mercan­ lines. After these charges are paid the amount of revenue remaining will be
divided equally between the city and the company. V. 107, p. 501. 401.
tile Trust & Deposit C o., depositary. V. 108, p. 1275.
Interest on the securities issued to construct and equip the new lines was
Preliminary report by Stone & Webster, Sept. 4 1919. V 109 p 1079
STOCK.— Prof, stock is pref. as to divs. and assets, and while the full a charge to construction until, and to the extent of, the completion and
commencement of operation of the new lines. Under its contracts with
6% is not paid, has double voting rights. V. 100, p. 1437, 1510 1751.
BONDS.— The coll, trust 444s o f 1906 o f the Int.-M ct. Co. are secured the city the company was reported in Jan. 1919 to be entitled to take, on
by pledgo of $33,912,800 o f the $35,000,000 stock o f Interborough Rapid basis of convertible note issue of 1918, out of the revenues of the Interbor­
Transit C o., $1,000 in bonds for $500 stock. V. 82, p. 280. A sinking ough Rapid Transit system, an annual sum which, with $500,000 other cor­
fund was established in 1910, $300,000 to bo appropriated yearly out or porate income, will provide $17,620,072, as compared with $13,101,255
surplus income after interest and taxes to purchase bonds at not over par, required for interest and sinking fund on all bonds and notes outstanding
bonds acquired to be kept alive in the sinking fund. The fund, it is esti­ in the hands of the public; but in Jan. 1919 not over $9,700,000 of the sum
mated. will exceed $40,000,000 by 1956. V. 93, p. 666.
To Nov. 1 1919 last named was expected to be a charge against the earnings of the year
there had been purchased for the sinking fund about $3,543,000 (faco 1919, owing to the delay in putting tho new lines in operation. See below
and V. 108, p. 171, 268: V. 107,.p. 1100.
value) of the $67,825,000 outstanding 444s.
R E PO RT.— For calendar year 1918. in V. 108, p. 372, showed:
The amounts payable to the company out of the revenues of its subways
(compound interest being allowable on any deficiency in any fiscal year)
Cal.Years— 1918.
1917.
_ .
.
1918.
1917.
Other int., &c. $115,215
Dlvs. on I. R.
$110,307 are to bo paid before the city becomes entitled to the interest on its invest­
T . s t o c k ...$4,239,100 $6,782,560 Taxes - - - - - 209,922
229,494 ment under its 1913 subway contract with the company. The amounts
300.000
Other income.
163,076
173,306 Sinking fund.
300,000 payable to the company out of the revenues of its elevated lines (compound
Pref. d iv s ..(145)686,108 2,744,430 interest being allowable on any deficiency in any fiscal year) are to be paid
Total I n c ..$4,402,176 $6,955,866
before tae city shares any profit from tne operation of the elevated lines.
Int.onI-M4 44s$3,052,125 $3,052,125 Balance, surp.
______________________________
$38,806
\ hen the profits from the operation of the subway system exceed the
\
$519,480
OFFICERS.— Pres.. T . P. Shouts; V.-Ps., U. U. Vreoland, E. Mora amount of the company’s annual prior claim, and after all accumulated de­
Davison, D. W. Ross; Sec.. II. M . Fisher; Treas., J. II. Campbell. Office
ductions (with interest thereon) snail have been made up to the company,
the profits then remaining are to go to the city until the percentage of the
165 Bway., N. Y .— (V. 108, p. 372, 878, 1511; V. 109. p. 676, 887.)
city s return upon its investment shall equal the percentage of the return
INTER BOROUGH RAPID TR AN SIT CO .— (See M ap.)— Incorporated received by the company; and thereafter excess profits will be divided
May 6 1902 In N . Y. Operatos municipal tunnel and elevated lines in N. Y. equally between the city and the company. The profits from the elevated
City; also leases Manhattan (Elevated) R y .. which see.
system and connections, after all the company’s accumulations shall have
are
divided equally between the city and the company.
Total Single Track) 1919.’
'1918.
CONTROL.— In Dec. 1907 J33.912.800 of the J35.000.000 stock had
1918.
1919.
been exchanged for 200% In 4 44 % collateral trust bonds of the Interborough
.25.72
25.72
85.29 Metropolitan Co. (which see above), secured by the stock exchanged.
85.29
10.53
28.19
28.19
Protective Committee for Bonds and Notes.— J. P. Morgan, Chairman;
. 4.49
4.49
13.80
13.80
Ewing,
. 6.04
5.55
16.90 William p. 1461. Sec., 23 Wall St. Deposits not yet (Oct. 1919) asked.
18.89
V. 109,
. 4.19
0.49
0.72
15.73
DIV ID E N D S.—
1907(0 1910. 1911. 1912. 1913. 1914 to ’ 17. 1918.
. 5.00
21.15
Since 1906...............% . 9 yearly.
1044
15
12 20% yrly.
15
. 2.31
4.67
In July 1918 reduced div. to 244% guar. (10% p. a.) and in Oct. 1918
. 3.10
9.32
.37.67
37.67
130.23 and Jan. 1919 paid at that rate. In Feb. 1919 failed to declare any divi­
130.30
. 1.67
0.71
1.36 dend for April l .j See V. 108. p. 878.
3.08
BONDS.-*-The “ First and Refunding M ortgage" of 1913 Is limited to
100.72
85.16
Total (system)__________________ 100.72
330.42
276.49 $300,000,000, of which $170,000,000 was underwritten early in 1913.




X

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J-HIRO

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V h't *
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1

B FFA O A E
U L V.

RAILWAY STOCKS AND BONDS

INTERBOROUGH
RAPID TRANSIT COMPANY
M
S H O W

I N G

A

P

P R E S E N T

S U B W

A Y

A N D
S u b w a y

E L E V A T E D

L I N E S ,

A L S O

E le v a t e d
IN

C O U R S E

O F

S h o w n

E X T E N S I O N S

C O N S T R U C T I O N

S h o w n

IN O R TIO
PE A N
U D R CO STRU
NE
N
CTIO *
N
■ O R TIO
IN PE A N
/A
■ N E CONSTRUCTIONf
UDR

[V<m- 109~




0 5

Nov., 1919.]

*gSST"

RAILWAY STOCKS AND BONDS

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

International Rys o f C ent Amer— Ordinary sharesPreferred stock 5% and partlo see text__________
Dividend notes__________ _______________________
Guatemala Central 1st M g ext 15 yrs tol931 USmz
Internat Rys (1st M on 104 miles; 2d on bal.) Eqx
First mtg g red 102
____________________ Em.x
Interoceanic Ry of Mex— 1st pref stk, 5% non-oum ..
Second preferred stock 4% (V 87, p 1160) non-cum
4% debenture stook sub] to call at par £1,150.000
Ordinary stock___________________________________
Debenture stook 7% " B ” sub] to call 120 oum____
Second debenture stook red at 105 since 1911_____
Mex E deb stock £ 150,000 guar red 105 since 1914

Date
Bonds

Par
Value

Rate
%

When
Payable

(See also Int. Cons. Co. above)
1918-19.
^!< C
” 1916-17.
Miles of track June 30--------------------330.42
276 49
266 29
Gross operating revenue........................ $43,207,210 $40,497,728 $39,866,146
Operating expenses................................ 26,233,326 19,113,336 16,583,293
Taxes........................................................ 3,134,157
3,758,583 2,871,385
Operating income............................. $13,839,727 $17,625,808 $20,411,468
Other income
607,302
593,600
559,077
♦Credits, contract No. 3 ..................... 7,500,070
2,508|508
217,296
T otal............................................... $21,947,099 $20,727,916 $21,187,841
Int. and sinking fund city bonds____$2,413,638
$2,384,538 $2,375,715
Int. on First & Ref. 5s_____________
6,801,795
3,572,515
4.327,177
Sinking fund First & Ref. 5s________ 1,552,586
438,821
Int. Manhattan Ry. 5s______________ 1,627,360
1,627,360
1,627,360
Other interest, &c__________________
801,074
309,597
578.753
Guar. div. Manh. Ry. stock________ 4,200,000
4,200,000
4,200,000
Int. on 3-year notes-----------------------860,915
I. R. T . Co. dividends......................... 1.750,000
7 b 'o 6
",o b 6
6",125'660
Por c e n t _________________________
(5%)
(2 0 %)
(17H % )
Balance, surplus...............................$1,939,730 $1,046,267 $2,102,654
♦ Credits accrued to the company under contract N o. 3 and related cer­
tificates which are payable to the company from future earnines before
tho city participates, see V. 107, p. 1384; V. 109, p. 1175.
Passengers Carried and Cross Revenues (in Millions), June 30 Years.
’07. ’08.’09. TO. ’ l l . T2. T3. T 4. T 5. ’ 16. T 7. T 8 .
1919.
Passengers 449 483 514 562 578 607 634 651 647 684 763 771
809
G ross____$22
$24$26 $28 $29 $31 $32 $33 $33 $36 $40 $40H $43
DIRECTO RS.— August Belmont (Chairman). W. Leon Pepperman,
Guy E. Tripp, Harvey D. Gibson, A. J. Hemphill, Cornelius Vanderbilt.
Edward J. Berwind, II. M . Fisher, F. do O. Sullivan, M . J. O'Brien,
G. M . P. Murphy, Mortimer N. Buckner, Now York; T . Do Witt Cuyler.
Philadelphia. Pres. & Gen. M gr., Frank Hedley; V .-P., David W RossSec.. II. M . Fisher; Trcas., John II. Campbell. Office, 165 B ’way N Y ’
— (V. 109, p. 477, 577, 676, 776, 887, 1079, 1174, 1273. 1461, 1610,’ 1700.)
★ INTERNATIONAL & OREAT NORTHERN R Y .— (See M ap Missouri
Pacific.)— Total system Dec. 31 1918, 1,159 miles, viz.:
Lines owned—
Miles ' Lines owned (concl.)—
'
Miles.
Long View Jet., Tex., to Houston 232 Magnolia Park Terminal................10
_
129
Palestine to Laredo____________ 413 Sundry branches_
Spring to Ft. Worth, T.&P.Conn.272 „ Joint Trackage—
........... 'Miles.
Houston to East Columbia breh. 50 Galv. Houston & Hendarson etc. 54
FEDERAL CON TROL.— In 1918 the road was split up by the Federal
Management, tho lino from Spring to Fort Worth and branches thereon
being in charge of J. S. Pyeatt, Federal Manager, Dallas, W. E. Maxson,
Gen. M gr., Galveston. Tho balance is under control o f J. L. Lancaster,
Federal Manager at Dallas, A . G. Whittington, Gen. M gr., Houston.

69

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

See text
$ 1 0 0 $30,000, 0 0 0
Aug 15 ’ 14 IH %
1 0 0 1 0 .0 0 0 ,0 0 0
V &
Feb 15 1927
1917
1,247, ,813
6
Apr 1 1931
A &
2,319, ,0 0 0
1 .0 0 0
74 1886
6 g
Jan 1 1972
1912
3,261, 0 0 0 2 to 5 J &
1 .0 0 0
1912 £ , fr. disc £ 1 ,0 0 0 ,0 0 0
M & N May 1 1972
6 g
Dec 19 1913 4%
Stock £1.400, ,0 0 0 4 In 1913
Stook £ 1 .0 0 0 ,,0 0 0
Nov 141912 2%
£1,150, ,0 0 0
M"& S'l5 Sept 15 1950
Stook £1.700, ,0 0 0
1 1 - '1 2 Sept 15 1950
£100
£469, 459
7
£ 1 0 0 £1,300, ,00
4H M & N30 Nov 30 1950
£100
J & D 15 Jan 1 1984
£400, 0 0 0
5

Tn Juno 1919 $160,893,000 was outstanding and a further $61,249,000 had
been pledged to secure the $33,199,000 Three-Year Secured Convertible
7% notes due in 1921. V. 107, p. 1100. See full data, V. 94, p. 1507. 1565;
V. 96, p. 1228: V. 97, p. 450, 1024; V. 98, p. 304, 611, 1157^; V. 99, p. 119;
V. 100, d . 2085; V. 104, p. 764. Offering, V. 101, p. 1972; V. 102. p. 437;
V. 103, p. 1592, 1888. Listing, V. 108, p. 2629. See Gen. Finances below.
The new bonds became N ov. 1 1913 a first lien on all leasehold and
other rights of the company in (a) the existing subways and elevated lines
(Including power houses, sub-stations, equipment, real estate,&c., owned
directly by the Interborough Co. Bubject to the city’s rights under the lease)
and (6 ) In the new subway and elevated line extensions and In the author­
ized additional tracks on the present elevated lines. Cumulative sinking
fund of not less than 1% yearly o f amount out began July 1918, and is to
retire entire issue.
In case the city shall exercise Its right o f re-capture of any of the new lines,
after 10 years from commencement of operation, the moneys so payable
will retire all outst’g bonds Issued for constructing and equipping same.
CONVERTIBLE NOTES.— Late in 1918 the company sold $39,400,000
Three-Year Secured Convertible 7% gold notes dated Sept. 1 1918. due
Sept. 1 1921, but redeemable all or part at the option o f company at 103%
prior to Sept. 1 1919; then at 102% prior to Sept. 1 1920. and then at 101
prior to maturity, in each case plus interest. They are secured bv Died 20
of $61,249,000 First & Ref. M . 5% bonds at a price o f 64% . t L notls
are convertible at any time before maturity (provided notice o f any election
to convert after Aug. 1 1921 be given on or prior to that date) at option
of holder into the First & Ref bonds atj 87X % with a d jiitm in t o f interest.
Sinking fund $615,870 annually. V. 107, p. 1000, 1284, 1747, 1837.
GENERAL FINANCES.— Tne cost o f the Interborough new subways,
elevated extensions and third-tracking, &c., as originally estimated in 1913,
was paid from the proceeds of First & Ref. bonds, o f which $160,893,000
are in the hands of the public. Largely as a consequence of the war, the
cost of completing the Interborough new rapid transit system was approxi­
mately $37,640,000 more than the original estimates made in 1913
The proceeds of the note issue of 1918 was expected to complete the
company’s contribution to the cost o f the Interborough new rapid transit
system, while the city in Sept. 1918 had yet to provide about $40,000,000
to complote its contribution. V. 107, p. 1100, 1284.
The city administration declined in 1919 to consider an increase of
faro (from 5 cts. to 8 cts.) in spite of strong arguments. V 108 p 78 171.
Tho company stopped dividend payments early in 1919 and this precipi­
tated a receivership for the holding company, the Interborough Consoli­
dated Corporation, which see above.
Preliminary report o f examination o f subway and elevated lines by Stone
& Webster as o f Aug. 11 1919, in V. 109, p. 676, 887, 1079
Tho earnings below for the years 1916 to 1918 Include substantially no
Incomo from the enlarged rapid transit facilities, provided in last five years
at a cost to company o f $130,000,000, and to city o f $60,000,000.
R E PO RT.— Year ending June 30 1919, Y. 109, p. 1174.




Amount
Outstanding

A rivate
P
C trol.
on

Orrice. 17 Battery PI. N Y
Office. 17 Battery PI, NY
do
do
EmplreTrCo.NY.Lon, Stc
London
do
do
See text
London
See text
See text

Standard return, $1,394,946: compensation sought, $1,490,622. See
V. 109, p. 1526. Government contract not executed.
ORGANIZATION.— Incorporated In Texas on Aug. 10 1911 and
succeeded the Int. & Great Nor. RR. foreclosed June 13 1911, per plan in
V. 92, p. 1310. The I. & G. N. Holding Corporation was incorporated in
Virginia in Nov. 1911 with $6,500,000 capital stock, and owns the common
406, 342. Receiver is James A . Baker, Houston, with Thornwell Fay
as Assistant.
The $1,400,000 6 % one-year receiver’s certificates, due N ov. 1 1918. were
reissued and sold to the Director-General of Railroads, bearing 6 % in­
terest (M . & N.) at Central Union Trust Co. o f N . Y .— V . 105,p . 2272:
V. 102, p. 1623; V. 100, p. 1510, 1592.
Protective Committee for Cold Notes.— Alexander J. Hemphill, Chairman;
Wm. O. Cox, Secretary; Guaranty Trust C o., N. Y ., depositary. 90% has
been deposited. V. 99. p. 342, 406. 467. 538. 894, 1300. 1451
STOOK.— Of the com. stock, $1,422,000 had been issued June 30 1917,
the remaining $5,078,000 being held for exchange for a like amount of con­
ditional interim certificates, if issued, under agreement dated Nov. 1911.
BONDS.— Of the new 1st Ref. M . 30-yr. 5s ($50,000,00b auth.) ,512.150.­
900 have been pledged as security for the 5% notes due Aug. 1 1914 and $1,­
300,000 sold for cash to the syndicate and by it deposited as further security
for said notes (see above). Compare V. 94, p. 350; V. 96, p. 653; V. 99,
p. 269. The secured notes through their collateral cover the entire prop­
erty at (Including underlying bonds) about $20,500 per mile. V. 94 p. 350
By order of the U. S. District Court, the receiver in Oct. 1919 arranged
for the extension o f the First Mtge. 6 % bonds, due N ov. 1 1919, until
Nov. 1 1922, on the following main terms: (1) Coupon maturing Nov. 1 1919,
to be paid to the holders of bonds assenting to the extension; (2 ) interest
(M . & N .), during period of extension to be paid on the assented bonds at
.
— .
.
____________________________ year at
100H and int. Assenting holders were requested to present bonds to the
Equitable Trust Co., N . Y ., trustee. I f on or before M ay 1 1920 bonds to
an amount deemed by the]court sufficient shall not have agreed to the exten­
sion, the court may elect to terminate the extension agreement. V. 109
p. 1610. About $9,000,000 of bonds deposited to N ov. 15 1919. v ’
lb9, p. 1986.
Equipment bonds, V. 97, p. 521, 729.
E A R N IN G S .— 8 m os.,(1919----- Gross, $9,087,136; net, def., $595 398
Jan. 1 to Aug. 31.
11918___ Gross, 8,449,386; net,
1,222,549
REPO RT.— Report for year 1918, in V. 109, p. 1526.
■
-----------------Calendar Years---------------- - June 30 Yr
1918.
1917.
1916.
1917
Gross earnings.................$13,476,888 $12,588,224 $10,766,945 $11,819'828
Net. after taxes..................$1,440,353 $3,577,367 $2,559,440 $3 254 324
xStandard return______ $1,394,946
________
’
’ *
Other income.............
3,417
1,058,815
646,627
~89l',644
Gross income--------------- $1,398,363 $4,636,182 $3,206,067 $4 1 4 5 3 fia
Rents, &c.........................) 1,763,198/ 1.38ll711
1.139 136 1 291 081
Interest deductions........./__________ \ a l ,557,332 al,502,891 al,*531*881
Balance, surplus------def.$364,835 $1,697,139
$564 040 $1 322 find
x Certified by I.-S. O. C om ., but contract not yet signed
,
a Includes the unpaid annual Interest $550,000 and $55,400 respectively
on the 3-year 5% gold notes and First Ref. Mtge. 5s, and also the (unnald)
annual interest. In 1917 $95,619. on the accumulations of overdue interest
(amoimtlng Dec. 31 1917 to $2j545,708) on these issues, making the total
unpaid int. so included, $701,019. Total matured int. unpaid Dec. 31
1918, $3,274,505.
Directors.— Frank J. Gould (Chairman) and KIngdon Gould. New YorkR. Lancaster Williams,_ Baltimore, and others. Office, Houston, Tex’.

INTERNATIONAL RAILW AYS OP CENTRAL A M E R IC A __ O w n ,
558.768 miles of 3-ft. gauge railway; main line and branches
*
Incorporated la New Jersey June 8 1904 as Guatemala R y., name being
changed in April 1912 and Guatemala Central R R . (V. 7 9 D qo2 003)
taken over. For concessions and subsidy, see Issue for Feb 1918
'
Stock authorized, as increased from $7,500,000 in April 1912 s io ’ nnn non
oommon and $10,000,000 5% pref.: par $ 1 0 0

)
' r_
nf

™ nonf
Payment of alPtflvidend^Ju'e to that date
WLth $1,250,000 6 % div. notes due Feb. 15 1927. V. 107. p. 398.
cwe .n raado
complete delivery to holders
£
6 % io-year notes issued in 1917 in respect of
to Feb. 15 1917, incl., distribution abroad
h
Prevented by war conditions. V. 108, p. 1060.
ot l» !2 (£4,500,000 auth. issue, which
£6.000,000) see V. 94. p. 1449; V. 96. p. 1488.
lh e 53,500,000 bonds issued by the International Rys. covering all lines
as a second lien bore Interest at 2 % the first year. 3 % the 2 d year. 4 % the
^ ^ h ar« i nw n ^ n ? ? l'oa^ er: $239,000 purchased and in treas. Dec. 31 1917.
- j j
?0 .00'0 Guatemala Central 1st M . 6 s due Apr. 1 1916 were ex­
®
purch. and In trcas. Dec. 31 1918
_ REP9 RT .— Report for cal. year 1918, in V. 109, p. 1456, showed:
Gross, $2,4(4,653; net, after taxes, $1,084,631: other income, $55,486; in­
terest, discounts. &c ., $625,750; balance, surplus, $514,367.
OFFICERS.— Minor O. Keith. New York. President. Pres. Northern
Rys. Co. of Costa Rica, Vlce-Pres. United Fruit Co.: Henry M . Keith,
N. Y Vice-Pros.: Edward S. Hyde. Sec. * Treas.: n . H. Hanson, Oompt.
N. Y . office, 17 Battery Place.— (V. 109, p. 1456).
INTEROCEANIC R Y . OF MEXICO, LTD.— See page 135

★G
overn en
m t
C trol.
on

70

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES

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

ate
Miles D
Road Bonds

Par
Value

Am
ount
O
utstanding

Rate
%

A rlvate
P
C trol.
on

here In st and
tere
W
hen Last Dividend Places W
Dividends are Payable
Payable and Maturity

Interstate RR (of Va)— Equip trust ser A due
Jan 1920 to ’23
6 g
$150,,0 0 0
1913
$37,000 or $38,000 yearly................... ..............PhP
Apr 1 ’20 to '27
5g
600,,0 0 0
1917
Equip tr ser B due $75,000 yrly call 101--------- PhP
Iowa Central— See Minneapolis A St Louis
July 1 1939
5g
500,,0 0 0
$1,000
31 1894
Jacksonville Term— 1st M gold u -------------- -Mp.xo
July 1 1967
5
,0
2 ,1 0 0 , 00
1 ,0 0 0
1917
1st & Gen M gold guar p & 1 (end) $3,500,000---Jamestown Franklin & Clearfield— See New York Oent’l RR
300,,0 0 0 i X & 6 J & J July ’27-Jan '29
1 ,0 0 0
8 1867
Jefferson— 1st A 2d Ms ext In ’87 & ’89 (H’dale B r)—O
2,800,,0 0 0
5 X g A A O Apr 11929
1 ,0 0 0
37 1889
1st M g ext 1908 & again 1919 red 105 gu p A lFP.o*
5 g M A S Sept 1 1925
724,,0 0 0
1 ,0 0 0
96 1905
Jonesboro Lake City & Eastern— 1st M 81,000,000 -x
4 X g M A N May 1 1940
650,,0 0 0
1 ,0 0 0
1910
Joplin Union Sta— 1st M gu J’ tly red 105 aft 5 yrsxo*
Junction (Philadelphia)— See Pennsylvania RR
Quar. Sept30’ 19 1 X %
9,000,,0 0 0 5 in 1919
100
Kanawha & Mich— Stock $10,000,000-------------— A & O Apr 11990
4g
2,469, 0 0 0
1 ,0 0 0
164 1890
1st M $15,000 per mile g guar p & 1-----------Ce.xc*
5 g J & J July 1 1927
2,500,,0 0 0
1,000
1907
Second mtge $2,500,000 auth gold red par— (jxo*j
A J Jan '20-July '22
4)4 g
360,,0 0 0
1912
1 ,0 0 0
■ julpment g $6 0 ,0 0 0 s-a red p ar(V .94,p.l695)U n—X
A J Jan ’ 20-July '24
4X g
600,,0 0 0
1914
do
g $60,000 s-a red par (V 99. p 342) — Un
Controlled Company—
.
J A J July 1 1955
5g
1.477.000
1 .0 0 0
38 1905
Kanawha & West Va— First M g see t e x t ......... c*
Kansas City Belt— See Kan City Terminal Ry
A A O Oct 1 1925
5g
3.274.000
1 ,0 0 0
162 1885
Kansas City Clinton & Spring— 1st M g guar— NB.xc
Kansas City Fort Scott & Memphis Ry—
.
A A O Oot 1 1936
4g
Ref M $60,000,000 gold guar p A 1 end.Ba.xo&r 1,085 1901 1.000 Ao 25.941.000
F A A Aug 1 1922
5
390.000
1 ,0 0 0
26 1882
Kansas A Missouri R R first mortgage------—xo
M A N May 1 1928
13.736.000
6
1 ,0 0 0
715 1888
Kansas City Ft Scott & Memphis R R cons MNB.xo
A A O Oot 1 1927
5
1.606.000
1 ,0 0 0
82 1887
Current River RR 1st M $20,000 p m guar. — NBx
A A O Oot 1 1929
5g
1 ,0 0 0 b2,429.000
3 1889
Kans Cy & M R y & Bdge 1st M g s f drawn at HOxo*
M A S Mch 1 1934
4
500 Ao 3,323,390
285 1894
Kans Cy Mem & Blrm gen M $4,500,000 cur—OB.xo
Sept. Moh 1 1934
5
1 1 0 .0 0 0
500 Ao
285 1894
Income non-cum. No fixed int coupons.-O B .xc
M A S Moh 1 1934
5
5,629.500
500 Ao
285 1894
do
stamped fixed Interest redeemable text.x
A A O Oct 1 1922
1 ,0 0 0 ,0 0 0
4g
1 ,0 0 0
39 1902
Blrm Belt 1st M gold red 102 X guar p A 1 end.OBx
J A J Jan 1 1947
6 g
300.000
1 ,0 0 0
30 1907
Kan City & Memphis— Ark Okl A W 1st M g-Usmx
M A N May 1 1961
6 g
608.000
1 .0 0 0
56 1911
K C A M mtge g $18,000 p m red 107 X sf—MSt.xo*
Kansas C ity Memphis & Birmingham — See Kansa s City F S A Memphis
Mem phis
K C Memphis Ry & Bridge Co— See Fort Scott &
1 0 0 2 0 ,0 0 0 ,0 0 0
Kansas City Mexico & O rient— Stock see text——
A & O 30 Apr 30 1916
6 g
5.640.200
1914
Two-year gold notes $6,000,000 red par— - — Col.c
funds
b Excludes $571,000 held alive In sinking

★ INTERSTATE R R . (OF V A .)— See page 136.
x lA r g s o N V I I I F TFRMINAL RY.— Owns union passenger depots,
6 locomotives, Ao., at Jacksonville. Fla,., including 31.16 miles of track
used by Atl. Coast Line R R ., Seaboard Air Line. Florida East Coast
R y.. Southern R y. and Georgia Sou. A Florida R Y -.,wh’®?f «o D
nffn nnn
stock ($375,200). A new station costing, it is understood, about 82,000,000
will be opened in October 1919. The Atl
fU ^ S n A
and Fla. East Coast each guarantee X and the Southern Ry . and
•
j*
Fla. each X o f the Int. under the rentals and meet expenses on wheelage
basis, the Atl. Coast Line, Seaboard Air Line and Fla. East Coast R y. guar­
anteeing by endorsement the prin. and Int. of the 1st Mtge. bonds and also
the bomls of 1917 below described. Loans and bills payable outstanding
° T h e 3 lst 9 & ,o ln ? \ lt g e ., dated Jan. 1 1917, authorizes the Issuance of
7
S3 500 000 of bonds, $500,000 to be used to retire the 1st mtge.
balance for construction of new stations, Ac. $100,000 1st mtge. bonds
retired during year and similar units of 1st A Gen. Mtge. bonds Issued In
place thereof. $2 ,0 0 0 ,0 0 0 of the new bonds also were sold during year and
$500 J)00 are held by tbe trustees. $2,600,000 total Issue to Dec. 31 1917
held by Atlantic Coast Line R R . Co. As to guaranty, see above. Led.
M gr., Lyman Delano. V. 71, P- 135.
♦ JEFFERSON RR.— Owns'Lanesboro,1Pa.,T Carbondale, Pa., 37 m iles
to
double traok; branch. West Hawley, Pa., to Honesdale, Pa., 8 miles. Leased
in perpetuity for $154,940 per annum to Erie R R .. owner of ($2,095 700V stock
Used by D . & H. to reach Carbondale: The $2,800,000 5%
bonds due in 1919 were extended 10 years at 5 X % . See V. 108, p. 1165.
A JONESBORO LAKE C IT Y & EASTERN R R — See page 136.
♦ JOPI IN UNION DEPOT CO.— Owns union freight and passenger station
on 26 acres at Joplin. M o., completed In 1911, used by the AtchlsonTopeka
A Santa Fe, Kansas City Southern, Missouri Kansas A Texas and Missouri
A North Arkansas, which Jointly own the ^ 0 .0 0 0 stock and Jointly
and severally guarantee tbe bondsg prin. an^. Int. Of the bonds ($750,000
t u t h T e $ 6 5U 00 sold. Total stock a u t h *7*0.000- Federal M gr.,
J. A . Edson, Kansas Oity, M o.— (V. 90, p. 503, 627, V. 107, p . oUJ.;
+ KANAWHA BRIDGE & TERMINAL CO.— Owns bridge across the Great
Kanawha River near Charleston, W . Va., used for railway, street railway
S d S S S t f a S n T £ « k f » 1 0 0 .0 0 0 . owtod t o O t a , . * OWJj - M * o jerates property. Bonds. see table and V. 91. p .1 6 2 9 . Y ^ r 1916-10.
gross, $46,629; net Inc., $40,745; int. & taxes, $30,574. bal.. $10,1/1.

★ KANAWHA & MICHIGAN RY.— (Se« Mop AL

*18 miles

Owns flom lnz O to Gauley, on Ches. & Ohio, 17o miles, less io miics,
Pomlroy to &aMipolIs. and 1V i l e . Athens to Armitage, where Hocking
V a^eyR y .tracks are used. Also owns branch o f Vl >
^ o Zanesrille & Western Rv. In 1917 arranged to loan $3 0 0 ,0 0 0 to Gauley & East­
ern R y. (a subsidiary). In 1918 built from Gauley Bridge, W . Va., to
B TV
oaDec^ 3“ l917 h ^ p u rcS k sid $1 JS 9 .° bP f the $1.359,600 capital stock
4 20 o
and in Oct. 1916 had agreed to assume the $1,477,000(bondslandcar trust
ctfs. of Kan. & W. Va. R R ., a line extending from Charleston W. Va., to
Blakely, 33 m ., with branch 4 m. V. 106, p. 2221, V. 103, p. 811, V. 101,
p. 2005.

v S S P a i ^ r S f f i f c ^ O ^ ’J e ^ r a ? ^ : (

$

f

In 1915 $8,947,800 o f the $9,000,000 capital stock. V. 105, p. 818, 998,
V. 99. p. 1052; V. 98. p. 912. 1537: V. 96. p. 63.
Annual compensation under Govt, operation, $1,295,141, Kan. A
.
.
(additional), $45,260.
.
D IV ID E N D S—
1911. 1912. 1913. 19K^ t0- ’S
1
fff> 3l 1 r19^
S
5
6
5 p . &A1X Q--J- 30
P e rce n t....................................... 6 X
E A R N IN G S — 8 mos.,J1919-—Gross, $2,787,419; net (after $J77.947
Jan. 1 to Aug. 31. \1918__-Gross, 3,663,732; taxes),
1,134.707
REPO RT.— Report for year ending Dec. 31 1918. see V. 1 0 9 . p . 614.
Year—
Gross.
Net.
Gross Inc. Int.,& c. Di®s.( 5 %) Balance,
1918---------- $5,896,134 $1,461,081 *$1,346,769 $441,551 $}50.000 $455,217
1917............ 3,606,991
852,466 1,533,740 592,988 450.000 708,777
1916............ 3,527,861
980,859 1,533,021 503,871 450,000 747,o65
♦Including $1,295,141 in 1918 accrued compenration.
_
Pres., W. K . Vanderbilt Jr.; Fed. M gr., F. B Sheldon, Columbus, O.
— (V. 106, p. 2757; V. 109, p. 674.)
★ KANSAS C ITY CLINTON & SPRINQFIELD R Y .— Owns from
Olathe Kao. to Ash Grove M o. 154 miles: Itaymore Jet. to Pleasant
Hill, M o ., 8 m .; total, 162 miles. V. 107, p . 2476. Stock, $1,775,400.
Bonds were guaranteed by the Kan. City Ft. Scott & M em. R R . (old co.)
The interest that accumulated during the St. Louis & San Francisco re­
ceivership was all paid up In Dec. 1916 and coupons regularly met since
that time. See K. C. Ft. Scott & Memphis Ry. below. Year end. Juno 30
1916 gross, $349,940: net, $22,931; other income, $3,799; int. on bonds.
S163*700; taxes, $22,000; bal., def., $162,237. For cal. year 1917, gross,
S355’008; net, after taxes, $15,397. Pres., H. N. McDaniel; Sec.-Treas.,
S e ’ Trimble. Federal \ lgr., j . S. Pyeatt, St. Louis, M o.— (V. 108, p.
1273'.)
★ KANSAS C IT Y FORT SCOTT & MEMPHIS R Y .— Operates Kansas
City M o to Memphis, Tenn.. and branches, 922 miles. Also has a
controlling’ interest in stock o f the Kansas City Memphis A Blrm. K R .
owning line from Memphis. Tenn.. to Birmingham, Ala., with branoh. 290
miles, and of Kansas City A Memphis R y. A Bridge Co., owning bridge
•(wnoa MIssIssIddI River &t Memphis. 3 miles. Tot&l, 1,215 miles.
The K . G. Memphis & Birmingham was leased Dec. 17 1903 for 99 years
from Jan. 1 1904. out terminable upon 6 months’ notice from either party;
rental is net earnings, after payment o f interest on bonds, taxes, organiza­




[Vol . 109.

Philadelphia
do
Guaranty Tr Co, N Y
U S Mtge & Tr Co, N Y
Fidelity Trust Co, Phlla
Erie R R . New York
Merc Trust C o, St Louis
Phil Tr. S Dep A Ins Co
J. P. Morgan A Co, N
Central Trust Co, N
J P Morgan A Co, N
Union Trust C o, N
do
do

Y
Y
Y
Y

Soranton (Pa) Trust Co
Boston, Old Colony Tr Co
Company, 120 Broadway
Old Colony Tr Co, Boston
Bank Trust, N Y ; A Bost
Old Colony Tr Co, Boston
Bank Tr Co. N Y; A Bost
Old Colony Trust Co
do
do
do
do
Bankers Trust Co
July 1915 coup not paid
Nov 1914 coup not paid
Prin. & int. over-due.

tion expenses and cost of additions and bettermonts. This superseded the
old traffic contract. Kansas City Fort Scott & Memphis R y. owns entire
capital stock (V. 103, p. 2340.)
ORGANIZATION.— V. 72, p. 1237. See V. 72. p. 438. 532, 675., 988.
The St.L. A San Fran. R R . owned the entire stock and leased the road„guaranteelng the bonds of 1901. prin. and Int., and 4% on pref. stock trust certs.
The reorganization by which the St. Louls-San Francisco R y. Co. was
formed (V. 102, p. 896) left undisturbed the lease and outstanding bonds
of this system. Provisions In the new Frisco mortgages allow that company
to make Improvements, extensions, &c., on the Kansas City Fort Scott
& Memphis Railway system and buy equipment and deal with obliga­
tions of the system, and for these purposes to issue and renew bonds un­
der any existing mortgage of this system, and to issue new bonds of this
company, or of the new Frisco Company, secured on this system, or any
art thereof, in priority to the existing lease o f this system and to any
en of the new Frisco mortgages on this system, but the aggregate prior
mtge. debt on this system must not at any time exceed $75,000,000.
STOCK.— Common, authorized, $45,000,000; outstanding, $16,660,000
ail owned by St. Louls-San Francisco R y. and pledged under its mortgage
of 1916 along with $7,907,200 of the pref. stock. The remainder of the
$15,000,000 pref. shares (par S100) Is deposited In escrow, and against,
ft are outstanding trust certificates of the old St. L. & San F. R Il., the
latter having reserved the option to retire the certificates at any time at par,
and obligating itself to pay off the whole issue In 20 years from date (Oct.
1901). and meanwhile to pay quar. 1% thereon (V. 72. p. 1238). In the
Frisco reorganization in 1916 the holders of $7,907,200 o f the trust certifi­
cates (original issue $15,000,000) surrendered the same in exchange for
75% in the Prior Lien Series A 4 %_bonds and 25% in the Cum. Adjust.
6 % bonds o f the new St. Louls-San Francisco R y.
(See V. 103, p. 897.)
BONDS.— Of the Ref. bonds of 1901 ($60,000,000), $25,835,000 were out­
standing Dec.31 T 8 . $106,000 were in treasury, $26,324,270 were reserved
for exchange against the face amount of underlying bonds and remaining
$7,734,730. as well as any bonds not used or required for refunding purposes,
are reserved for Issue for additional lines and extensions, at not exceeding
*22 500 per mile thereof. As to guaranty, see ’ ’organization,” above.
V. 7 5 . p . 853. See V. 87. p. 414; V. 91. p. 38, 154; V. 92. p. 1311; V. 93
p. 45; V. 94. p. 279.
In 1918 the K. O. Ft. Scott A Mem. R y. had guaranteed the Int. on all
except *293,500 of the *6.322,780 K. C. Mem. A Blrm. Inoome bonds.
On M ay 20 1918 holders of these unguaranteed Incomes received on account
of coupon due Sept. 1 1916 1.198% and on coupon due Sept. 1 1917 5% .
V. 106 p. 2229. V. 74, p. 477. 577; V. 103. p. 2340. As to K. O. Mom.
R y. & Bridge, see V. 78, p. 1549; V. 99, p. 1597; V. 102, p. 800.
Birmingham Belt bonds are guaranteed, principal and Interest, Jointly by
Kansas City Memphis A Blrm. and St. L. A San Fran. V. 75, p. 1147.
EARNINGS.— For year ending June 30 1916. gross, $13,618,293; net,
$4 041.987; other Income, $442,979; fixed charges, $3,719,374; pref. dlvs.
(4% ), $600,000; bal., sur.. $165,410. In 1914-15. gross. $12,780,120:
net, $3,861,612.— (V. 106, p. 818. 1227, 2229; V. 107, p. 2476.)
A KANSAS CITY A MEMPHIS RY.— Rogers to Slloam Springs. Ark., 30
miles; Freeman to Monte Ne, 6 m.; Cave Spring to Fayetteville, Ark., 20
m. Receiver’s certificates, $S0,000 (6 % 3-year, datod Jan. 1 1916), V. 102,
p 800. Receiver R. C. Bright of Little Rock. In Oct. 1918 was bid In at
foreclosure sale for $275,000 by the Quinn committee, below mentioned.
V. 107, P- 1579, 1670. The road In Sept. 1919 was being dismantled. The
position of the Kansas City & Memphis bonds of 1911 depends on certain
litigation which is pending in the courts. V. 109, p. 1273.
Committee for Ark. Okla. & West. 1st 6 ».— Francis X . Quinn, Chairman;
Byron A . Milner, Secretary; Real Estate Trust C o., Phlla.. depositary.
Committee'for 5s of 1911. See F. J. Llsman & C o., N . Y . See V. 92.
p, 881. 1109; V. 102, p. 800.
EA R N ING S.— Year ending June 30 1910. gross. $81,081: net, $3,126:
other Income, $15; Int., taxes, A c., $22,643; bal., def., $ 1 9 ,5 0 2 .
N. Y. office, 30 Broad St.— (V. 107, p. 1670; V. 109, p. 1273.)

R

★ (THE) K A N S A S C I T Y M E X I C O & O R I E N T RR. — Hoad.
Owned (incl. K. C. M. A O. Ry. of Texas, 478 m., Securtttes Owned), Miles.
Wichita, Kan., to Alpine, Tex. (except trackage St. Louis A San
Francisco R R ., Foley to Ewing, Okla., 12.73 m iles------------------- 767.87
Marquez, Mex., to Tobalaopa___________________ - - - - - - - t,’ " ~~~ 80- ' '
Mlnaca to Sanchez, Mex. (74.28 m .); El Fuerte to Topolobampo,
62.23 miles)..............................................................................................1 3 ®'g*
Mochls. Mex., to Mochls Junction. Mex____________________________
ORGANIZATION.— In April 1917 W . T . Kemper of Kansas City was
onnrvlntp/l rOCGiVGr V l(Vi I) 1 K 1 • V. 103. P> 1503* 1301» V. 9J, p. 119,
Q
W s p 1920. In August 1918 tho’U . S. R R ing the American lines and W. T. Kemper and S. VV. Rider as receivers W re
O
operating (In part Intermittently) the 230 miles of road In Moxlco.
Federal Compensation.— 3150,000 yrly. during Fed. control. V .108,p.1610.
Committee for First M . 4s (old Co.)— Lord Monson ( 0 ^ '™ a n ) jColum bla
Trust C o., N. Y ., and Glyn, Mills, Currie A C o., London'ha1Pb ^ n
Of the $21,409,000 in tho hands of the public, $ 19,M 5,000 had been de­
p orted in Juno 1914. V. 94, p. 767. 911. 1566; V. 97, p. 443, V. 98, p.
Note Committee — Chairman J. N. Wallace an(1n ^ r ^ ^ n ^ B a r n X ' t e n '
Jozacli Z. Miller. Kaasas City; Ilenrv Sanderson, of
D. Barnoy ACo.
of N. Y .: William J. Gray. Detroit; Herbert F. Hall^I .W Goebel, W 8 .
M cI ucas and ^ ifford HUted at^Kansas. C ity,- n d ^ &
Kkn^ts o f t y f MO.’ . d e p S r i e ^ V. 102. p. 1436x ,l806; 2160
P lln o f Dec. 8 1915 failed of adoption, 101. P- 2144; V. 102, p. 153, 713.

NOV., >1919.] *8StrSmm
ne < t

A rivate
P
C trol.
on

RAILWAY STOCKS AND BONDS

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

Par
Value

Miles Date
Road Bonds

Kansas City Outer Belt &'Elec— Stock (half 4% pref)
$100
1 st M *3.000.000 g .....................................................
1 ,0 0 0
8 1903
Kansas City & Pacific— See Missouri Kansas & Texas Ry be low.
Kansas City St Joseph & Council Bluffs— See Chicago Burlln gton & Quincy.
Kansas City Shrevep & Gulf Term— 1st M red 105 . . z
500
1897
100
Kansas City Southern— Common stock $30,000,000-Prelerred stock 4% non-cum $21,000,000________
100
1900 1 .0 0 0 Ac
First mortgage $30,000,000 gold_________ Ba.xc&r
Kef andlm pt M $21,000,000 gold red 105.xc*&r.N
1909 1 .0 0 0 &c
Equip notes g ser D due $62,000 s-a red par..N x
1912
1 ,0 0 0
Kansas City Term Ry— Stock auth $50.000.000___
1st M red as a whole on or aft Jan 1930 at 105 & lnt.x
1910 1 ,0 0 0 Ac
Secured gold notes $2,500,000 call 101_____CeC.c*
1916
1 .0 0 0
Sec gold notes $9,850,000 call at 101 & intCC.vc*&r
1918 l .0 0 0 &Purchase Money Mortgage notes_________________
Kansas City Viaduct & Term— 1st M g s I (text) c ’ &i
1905
1 .0 0 0
Ken & Ind. Term RR— 1st M guar (see text) G.xo*&r
1911
£100
Keokuk & Des Moines— Preferred stock----------------162
100
First mortgage Interest guaranteed C R 1 & P ____c*
162 1878
100 Ac
Keokuk & Ham B ondholders Co— Stock_________
10
Secured notes callable any lnt date_______________
1915
Kewaunee Green Bay & Western— First mtge__ F.xc
37 1891
1 .0 0 0
Knoxville & Ohio— See Southern Ry.
La Crosse & S E Ry— 1st M $1,000,000 g red 105 „ _ z
41 1904
1 ,0 0 0
Total issued $50,000,000, o f which $16,908,000 pie dged t

Amount
Outstanding

Rate
%

$5,000,000
1,788,000

t. c.
4g

150.000
29.959.900
2 1 ,0 0 0 ,0 0 0
30.000.
18.000.
682.000
2 .2 0 0 .0 0 0
x33,092,000
2.500,00b
9.850.000
1,115,753
3.302.000
£1,351.000
1.524.600
2.750.000
1 .0 0 0 .0 0 0
384,800

When
Payable

71

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

A

A

O Apr 11953

Oct 1911 coup last paid

F

& A Aug 11927

Treas Off, Kan City, M o

4 in 1919 Q— J
A & O
000 3 g
J & J
000 5 g
5 g J & D 15

Oct
Apr
Apr
Dec

15 1919 1% Checks mailed
1 1950
New York Trust Co, N Y
do
do
1 1950
'19-Dec '24 Blair & Co. New York

• 4 g J & J Jan 1 I960
44* S J & J July 1 1921
M & N 1 5 Nov 15 1923
M ay-N ov 1922
5*
• 4 4* J & J Sept 1 1934
4H g J & J Jan 1 1961
See text See text Aug 4 1919 34*
A & O Oct 1 1923
5
1945
D June 1 1921

6

2 0 0 ,0 0 0

5

300.000

5g

A

& O Oct 1 1944

N Y Boston A Chicago
New York and Chicago
New York and Chicago
see text
J P M & Co, N Y &
First Nat Bank. N Y
'6 "ffIceT 40 WaU St. N Y
La Crosse, Wise

of Sept. 30 1919.

LATEST EARNINGS.— 11919, Gross, $1,519,869; net (bef. df.$818,814
8 mos. to Aug. 31.
\1918, Gross, 1,577,931; taxes), def.370,630
Annual report, &c., V. 101, p. 1711, 1668, 1886; Y . 102, p. 153.
---------------Years end. Dec. 31--------------- June 30 Yr.
1918.
1917.
1916.
1915.
$2,49,599
Gross earnings_______ $2,448,332 $2,526,122 $2,591,323
Net after rents_______ def$695,848 def$45,854 net$82 218
______
— See V. 101, p. 1711
OFFICERS.— William T . Kemper o f Kansas City Is (a) receiver of the
Kansas and Oklahoma lines. 272.10 miles; (b) President o f the Texas line.
465.71 miles, and (c) receiver Jointly with S. W. Rider of the Mexican lines,
226.20 miles. For other officers and directors see V. 107 p. 1579.
All the property In the U. 8 . is managed by J. A. Edson, Kansas City,
Federal M gr., and A. De Bernadi. General Mgr. under Federal control.—
(V. 107, p . 905, 1004, 1579; V. 108. p. 268, 1610.)
* eaeral t'om'ro1'

Of the 1st 4s ($50,000,000 auth.), $16,908,000 are pledged to secure notes;
V. 90. p. 627; V. 91, p. 1386; V. 92, p. 395; V. 93. p. 164: V. 96, p. 135. 202:
V. 98, p . 1244, 1316; V. 100, p. 733; V. 106, p. 296: V. 107, p. 2008.
In Nov. 1918 sold (V. 107, p. 1920, 2008), $9,850,000 Five-Year 6 %
Secured Gold Notes in order to retire $9,625,000 notes, maturing on or
before N ov. 30 1918. As security for this new issue there are pledged at
about 714*%, $13,783,000 First Mtge. 4% gold bonds, due Jan. 1 1960.
These notes are callable as a whole or in amounts of not less than $ 1 ,000.000
at any time on 30 days' notice at 101 and int. In July 1916 there were sold
$2,500,000 5-year 414% notes secured by $3,125,000 1st M . 4s, to retire
$2,500,000 Kansas City Belt Ry. 1 st 6 s. due July 1 1916. V. 102. p. 2254.
E ARN ING S.— For cal. year 1918 showed gross earnings, $1,247,830;
net, after taxes, def., $89,891; other income, $2,421,206; bond int., $1,849,­
443; rentals, &c., $177,228; surplus, $304,644. In 1917, gross, $1,131,294;
net, after taxes, $124,402.
Pres., E. F. Swinney; Sec., S. W . Sawyer; Aud., R. O. Ripley. Gen.
M gr. under U. S. G ovt., W . M . Corbett.— (V.107.p.2008; V.108.p.378.)
A KANSAS CITY OUTER BELT & ELECTRIC RR.— Incorp. July 18
1902 in Kansas to construct a double-track belt line; uncompleted in 1918. A KANSAS CITY VIADUCT & TERMINAL RY.— Company owns an
V. 75. p. 184; V 76. p. 331; V. 80, p. 871. On Ort. 31 1912 Thomas A. unoperated elevated railway and highway viaduct from Bluff and 6 th Sts.,
Bigger was appointed receiver. In Nov. 1912 $100,000 receiver's certifi­ Kansas City. M o., to Minnesota Ave. and 4th St., Kansas City. Kan.,
cates were authorized, o f which $91 000 were issued. Foreclosure sale set with branch viaduct to lnterlying railroad and manufacturing districts.
Main structure completed 1907.1.6 miles. V. 82, p. 160; V. 84, p. 271. 931,
r. a v . s w
.r a s
t m # » - Was sold under foreclosure 1st M . May 1 1917. V. 104. p. 1263
Bondholders' committee John W. Flatten, Chairman; Calvert Brewer.
In Nov. 1918 the municipalities of Kansas City. M o., and Kansas City,
Sec.; U. S. Mtge. & Trust C o., depositary. V. 102. p. 713- V. 103. o . 2340. Kan., proposed to purchase the property for $1,750,000, subject to rati­
fication by popular vote. V. 108, p. 878.
Y. 104. p.2641; V. 106, p.2757; V. 108, p .4 8 0 .
’
P
Protective Committee.— In July 1917 over 98% of the 1st 4 4*s and income
★ KANSAS CITY SHREVEPORT & GULF TERMINAL CO.— Ownsunlon bonds had been deposited with a committee consisting of Richard O. Storey
uepot at Shreveport. La , Including 1.16 miles of yard and terminal track. of Boston, Chairman; Equitable Trust Co. of N. Y .. depositary; W . O.
Stook. $150,000, all owned by Kansas City Southern Ry
Bonds. Pioneer Cox. Guar. Trust C o., Sec.— (V. 107, p. 1920; V. 108, p. 878.)
Trust C o., Kansas City, trustee. Fed. M gr., J. A. Edson Kansas City.
M o. Office, Kansas City, M o.
★ KENTUCKY & INDIANA TERMINAL RR.— Owns 2-track steel
bridge over Ohio River at Loulsviije and 16.44 miles main track and
★ KANSAS CITY SOUTHERN RY.— {See M ap.)— Operates a line extend­ 42.43 miles yard tracks and sidings In and about Louisville. Sou. R y., Balti­
ing from Kansas City, Mo., to Port Arthur, Tex., thence by Its shlo canal. more A Ohio and Chic. Ind. & Loulsv. own the $75,000 capital stock, and
7 m „ to deep water on Gulf of Mexico, with branohes and extensive term­ under new lease from Jan. 3 1911, pay monthly. In proportion to cars
inals used by various roads entering Kansas City. Total mileage 836. viz.
handled, any deficit In operations, rentals, taxes and int. Bonds, £2,000,­
Lines Owned—
Miles.
Lines Owned—
Miles. 000 auth. Issue, of which £1,351.000 guar, by the three proprietary cos.,
were Issued to retire the $2,136,600 old bonds and for new construction: re­
Kansas City, Mo., to Belt Ju n e.. 12 Branches to Fort Smith, De
for opera­
Grand View, Mo., to Port ArQuincy, La., etc
46 mainder reserved for future purposes. No government1contractall secured
tion signed as yet, but Government advances to April (being
thur, Texas.................................765 Trackage— To Gr. View” Mo’ ,'etc. 25 loans), $200,000. V. 92, p. 187; V. 91. p. 589, 214, 38; V. 92, p. 201, 1032;
Also owns entire $650,000 each of stock and bonds of Arkansas Western V. 93. p. 469; V. 95. p. 1403; V. 102, p. 437.
R y., Waldron to Heavener, Ark., 32 miles, operated separately; also con­
Pres., Geo. H. Campbell; Sec. A Treas., Columbia A Fidelity Trust C o..
trols K. C. Shreve. A Gulf Terminal Co. V. 83. p. 38. 492.
Louisville, K y.— (V. 97. p. 521; V. 102, p. 437; V. 105. p. 1898:)
ORGANIZATION.— A reorganization of Kan. C Pitts. A Gulf R R .. fore­ ★ KEOKUK & DES MOINES RY.— Owns from Keokuk. Ia., to Des
closed In 1900 per plan In V. 69. p. 1012, 1062. V. 73. p. 1356; V. 74, p. 94. Moines, la., 162 miles. Leased for 45 years from Oct. 1 1878 to the Chicago
V. 80. p. 1971; V. 81. p. 559: V. 84, p. 1306: V. 8 8 . p.375.
Rock Island & Paclflc R y ., the lessee paying 25% of the gross earnings and
guaranteeing the Int. (not the prin.) on the bonds. During the receiver­
"A D V A N C E S '' AN D "ST A N D A R D R E T U R N ." &c.— See page 5.
ship of the C. R. I. & Pac. Ry. from July 1 1915 to June 24 1917 the
G ov't contract not executed to Sept. 30 1919. V 107 n 1344- V
payments under the lease were suspended under order of Court but the
lO S.p. 268; V. 109, p. 586.
1U' ' P'
’
interest on bonds was regularly paid out or the earnings or the road. Upon
Valuation in 1910. V. 104, p. 73. 452.
termination of Rock Island receivership In June 1917. the operation of the
SECURITIES.— As to the $21,000,000 “ Ref.and Im p.” bonds of 1909, property was again taken over by Rock Island Ry. under the old lease.
see V. 8 8 . p. 1128. 1253. 1437; V. 89. p. 104; V. 90. p 107- V 92 p. 322
Stock Is $1,524,600 pref. and $2,600,400 com. (par $100). On Dec. 31
395. 401, 795: V. 95. p. 1472; V. 100, p. 1832; V. 101. p. 2144. Decision on 1918 Ch. R. Isld. & P. Ry. Co. owned $1,487,900 common and $575 100
Kansas City Suburban Belt Ry. notes. V. 97. p. 1663; V. 98. p. 1459
pref. Pref. entitled to share with common stock in any excess over 8 %
DIVIDEN DS —First div. on pref. stock. 4 % . palJ July i 1907 out o f V. 99, p . 49, 969; V. 104, p. 1801. Pref. divs. were resumed in 1919 7 %
paid March 1 .
earns, for 1906-07; Oct., 1% ; 1908 to Oct. 15 1919, 4% p. a. (Q -J.);
LATE D IV .l '08. ’09. '10-'12. '13. '14. '15. '16-'18.
1919.
LATEST EARNINGS.— fl919.Gross, $9,564,997; net (bef $1 348 307 On pref. % . / 1 H 1 24* yly 34* 34* 24* None M a-..7; Aug.. 34*%
8 mos., Jan. 1 to Aug. 31.
\1918-Gross, 9,56i;84li taxes). ^JO JL ire
Year ended Dec. 31 1917, gross, $344,073; net, $106,938; int. on bonds
$137,500; charges, $86,940; bal., def., $117,502.
'
REPO RT.— For calendar year 1918, V . 109, p. 575 589
Officers.— W . L. Bell, Pres.; Carl Nyquist, V .-P .. Treas. A Asst. Sec •
Calendar Years—
1918.
1917. '
1916.
Total gross receipts.............................. $16,531,528 $13,547,487 $11,289,324 F. W. Sargent, Sec.— (V. 105. p. 67. 1818: V. 108, p . 784.)
Operating expenses.............................. 12,363,558
8,205,536
6,782,700
A KEOKUK & HAMILTON BONDHOLDERS’ CO.
Incorporated In May 1914 with $100,000 authorized stock, of which only
Not earnings... ...............................S5.341.951 $4,506,624
a nominal amount to be Issued at present, to acquire (per plan V 99 d
Standard return __________________ $3,536,228
Total net Income------------------------------- $3,794,408 $5,647,047 $4,798,195 1920. the bonds of the Keokuk A Hamilton Bridge C o., which owns bridge
Keokuk. Ia.. used by Toledo Peoria
$272,304
Taxes, A c . . --------- -------------------------$584,959 across Mississippi River at passengers, and assist it In rebuilding A Western
$851,788
and foot
the bridge.
Interest on bonds, &c_______________ 1,841,592
1,831,080 and Wabash RUs. 30-year convertible non-cum. Income debentures to bear
1,846,784
The $1.000.000
M iscellaneous_____________________
605,580
59,515
324,332
Interest at not to exceed 24*% per annum, were exchanged $ for $ for the
Dividend on pref. stock (4 % )----------840,000
8401000840,000
40,'
840,000
Bridge Co. bonds. These debentures have Rince been retired bv an Issue
stock for like amount. Holders or Bridge bonds subscribed for an issue
Balance, surplus-------------------------$234,931 $1,784,143 $1,182,642
° fi.?4 £ 0 ' 0 0 KO 3 0 ~yr;A % sou red notes secured by the bonds, the proceeds of
i
f
v
D IRECTO RS.— Chairman and President, L. F. Loree; John F Harris, which are being used to rebuild the bridge.
J. A. Blair, W. T . Rosen, Andrew J. Miller, W. G. Street. W. H. Williams,
The ' n omo °*' j *10 new co. Is to be applied, first, to payment of Interest
£
Arthur Turnbull, Samuel McRoberts, B. S. Guinness and Joseph F. on the 6 % secured notes; second, to a special fund on the stock, and third,
Stillman o f N. Y .; John J. Mitchell o f Chicago; Edward F. Swinney.G. B. to retirement of the notes by lot at par and Int. or by purchase at less than
W ood, Kansas City, M o. G. C. Hand Is V .-P ., Sec. & Treas. Federal par (these by Increase In traffic. It Is expected to retire In a reasonable time).
M gr., J. A. Edson, Kansas City, M o.; General Mgr. under U. S. Govt., Upon such retirement the notes will be returned to the stockholders.
O. E. Johnson. Office, 25 Broad St., N. Y .— (V. 108, p . 268, 378, 1275,
EARNINGS of Keokuk & Hamilton Bridge Co. year ending Dec. 31
1610, 1823, 2528; V. 109, p. 575, 1179, 1610.)
1917. gross. $<1,805; net, $40,036; Interest, $37,700; taxes. $5,104. For
★ KANSAS C ITY TERMINAL R Y .— Owns 24 miles o f road, with passen­ year 1918, gross. $66,759; net, $39,060; Interest. $47,819: taxes, $7,398.
ger depot and freight and passenger terminals at Kansas City M o. Con­ Pres., Andrew Carnegie; Treas., Theodore Gilman. 55 William St.. N . Y .
trolled by 12 proprietary cos., viz.: Chic. R . I. A Pac., Atchison Topeka — (V. 95, p. 818; V. 99. p. 120.)
& Santa Fe, Chic. Mllw. A St. Paul, Chic. & Alton, St. Louis & San Fran., A L A CROSSE & SOUTHEASTERN RY.— Owns La Crosse and South­
Union PacIQc, Wabash, Chic. Burl. A Quincy. Mo. Pac., Missouri Kan. A eastern Jet. to Vlroqua, Wls., 40.81 miles; trackage La Crosse and
Tex.. Kan. City Southern and Chic. Gt. Western, which will pay equally S. E. Jet. to La Crosse, 1.8 miles; total. 42.61 miles.
Stock authorized,
any excess of fixed charges. V. 89, p. 1671. Has 154 miles now built $1,000,000: outstanding. $955,000: par. $100. Bonds. $1,000,000; auth.;
of main and Industrial railroad tracks, 6 local freight stations, passenger, outstand ing. $300,000.
Wisconsin Trust C o. of Milwaukee, trustee.
freight and switching yards, A c., and union passenger station. V. 107. Year ending Dec. 31 1918, gross. S98.583; net, $15,426; int., rentals, A c..
p. 2008: V. 90. p. 627, 630; V. 91. p. 13807 V 98. p. 1244: V. 99. p. 1130. $18,02^; taxes, $5,513; bal., def., $8,109. Pres., John H. McMillan,
On Feb. 15 1919 put in operation double-decked viaduct over Kaw Minneapolis, Minn.; V.-P., A. S. Cargill, Milwaukee, Wls.; Sec. & Treas.,
Valley bottoms to connect with (1) Union Pac. and Ch. R . I & p . Rys
Jas. B. Taylor, Minneapolis, Minn., and Aud., J. Hoffman, La Crosse,
(2) M o. Pac. and Oh. Ort. West. V. 103. p. 1980; V. 106. p.1120.
Wls. Office, 3004* Main St.. La Crosse, Wls.— (V. 80, p. 222.)




t




N

o t

.,

1 9 1 9 .]

★ Government
Control.

R A IL W A Y

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

Lackaw RR of N J—Stk auth S12.000.000 gu 4% dlv
L E Frank & Clarion RR— 1st M g call 1918 105-FP
Lake Erie & Detroit River—See Fere Marquette R R.
Lake Erie & Pittsburg—Stock rental guaranty_____

STO CKS A N D

Miles Date
Road Bonds
31 1913

Par
Value
s i. 606

BONDS

Amount
Outstanding

Rate
%

$10,750,000
970.000

4
5g

When
Payable
J

APrlvate
Control.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Q—J Oct 1 1919 1% Del Lack A Western RR
A D Dec 11953
U S Mtge A Tr Co. N Y

100
5
4.300,000
First mtge 515.000.000 g guar unissued--G.xG^Ar*
28 1915 1 .0 0 0 Ac See text
4 X g J A J July 1 1965
710
Lake Erie & Western— Common stock 520,000 p m ..
1 0 0 11.840.000
Preferred stock 6% (not cum) (520.000 per mlle)..
710
1 0 0 11.840,000
J A J Jan 15 1908 1%
710 1887
1 ,0 0 0
lst M (510.000 per mile, see V 46, p 45) g-.Ce.xc*
7,250.000
5 g .1 A J Jan 1 1937
710 1891
2d M (V 54. p 444) S3 625,000 ($5,000 p m) gCe.xc*
1 .0 0 0
3.625.000
5 g J A J July 1 1941
Equip trust due $110.000 yrly begin Jan 1 1918-CP
1917
J
J Jan 1 1920 to'27
770,000
4X
Lake Shore & Michigan Southern— See New York Central RR.
Lake Super A Ishp— 1st M S/'O.OOOdue yrly red 101 xc
35 1911
100 Ac
F A A Feb ’20-Feb ’ 31
692,000
6g
Lake Tahoe Ry & Tr Co— 1st M g 5500,000 s f beg 1905
17 1901
1 .0 0 0
A
A O Oct 1 1931
500.000
5g
Lansing Manufacturers— 1st M serial Interest rental..
1 .0 0 0
8 1905
60.000
5 g J A J July 1 1920-30
Laramle Hahn s Peak & P acific Ry— See Colorado Wyom Ing A Eastern Ry
Leavenworth Terminal Ry & bridge— 1st M g s f.Cex
1 ,0 0 0
3 1893
560.000
5 g J A J Jan 1 1923
_
_ ____
Lehigh & Hudson River—Stock $1.720,000________
100
1,720.000 See text .1 & D June30 1919 6 %
General M $3,000,000 g (see text)..................Ce.xc*
74 1890
1 ,0 0 0
2.587,000
5 g J A J July 1 1920
Debentures 5400.000 red 105 since Nov 1911____ x
_
_ 1907
1 ,0 0 0
M A N July 1 1920
4
400.000
Lehigh & New England—Stock--------------- -----------_
_ _ _
_
50
6,300.000 8 in '18 Various Dec 1918, 8 %
First mortgage $1,000,000 gold___________ FPx All
1895
1 ,0 0 0
J & J July 1 1945
1 ,0 0 0 .0 0 0
5g
General mtge $15,000,000 g red 105___ QuP.kc*
196 1914
1 ,0 0 0
J A J July 1 1954
4.000.000
5g
Equip tr ser A g gu red 102 X due 530,000 yrlyGuPx
_
_ 1908
1 ,0 0 0
1 2 0 .0 0 0
4 X S .1 A D June’20to’ 23
do
ser B g gu red 102 X due 545.000 yrlyGuPx
. . . 1911
1 .0 0 0
M & N May ’20to’26
>
340.000
4M
do ser O guar gold red 102 H $35.000.yrly.GuPx
. . . 1913
1 ,0 0 0
F A A Feb ’20to’ 28
340.000
4X
___ 1914
do ser D due $40,000 yearly guar_____ PeP.xc*
1 ,0 0 0
M A 8 M ar’20to’ 29
400.000
4X
do aer E due $55,000 yrly (guar) (V.103,p.1405) PeP
1916
1 .0 0 0
A A O A p r ’20to’31
635,000
4X

★ LACKAWANNA RR. OF NEW JERSEY— (See D. L. * W. M ap.)—
Owns from Hopatcong, N. J., to a point near Portland, Pa., 27.44 miles,
opened Deo.1911. D .L . & W.leases the road for a guaranty of 4% on the
■took. V. 93. p. 1324. 1786: V. 92. p. 656: V. 90. p. 557: V. 8 8 . p. 558:
V. 8 6 , p. 543
Stock outstanding, 510.750.000, was distributed In Deo.
1911 as a dividend to the D . L. A W . stockholders.— (V. 106, p. 601.)
★ L A K E E R I E & E A S T E R N R Y . — Marcy to Brady’s Lake Junction
O., 27Y, miles. Stock (V. 106, p. 2011), auth., $8,000,000: outstanding,
a
$6,903,000, all owned by N. Y . Central System. General M gr., J. B
Yoho, Pittsburgh.— (V. 105, p. 2184: V. 106, p. 2011; V. 107, p. 291;
V. 108, p. 171.)
A L A K E E R I E F R A N K L I N & C L A R I O N R R . — Owns Summerville to
Clarion. Pa.. 15 miles; branch, Strattonvllle to Mill Creek Pa. 3.10 m.;
other branches, 8H m.; trackage, Sutton to Franklin, Pa. 47.9 m.; total,
74.75 miles. Capital stock $1,000,000, par $50. 1st M . bonds auth. $ 1 ,­
000.000. callable on or after Dec. 1 1918 at 105 and interest.
For calendar year 1916, gross, $153,345: net, $56,713; other income,
$5,583; int., taxes, &c., $59,063; sur., $13,232. For 1917, gross. $159,408:
not, after taxes, $49,422. Pros., Gen. Charlas Miller. Franklin. Pa.;
V.-I’ res.. T . J. Odell, N . Y .; Treas., H. H. Ilughes.
u. ^<*-.
★ L A K E E R I E & P I T T S B U R O R Y — Owns 27.76 miles between Marcy
at a connection with Cleveland Short Line R y. (now N . Y . Central RR.)
and Brady Lake Jet. on Penna. R R .: was opened Oct. 15 1911. V. 98
p. 1241. Jointly owned by N . Y . Central R R . and Pennsylvania C o.,
which have trackage rights over the road, rental providing for Interest and
5% on stock. Stock auth.. $6,000,000, as Increased in M ay 1911: outstand­
ing, $4,300,000, o f which the Pennsylvania Company and N. Y . Central
R R . each owned on Dec. 31 1918 about $2,150,000. In June 1918 new
bonds were Issued. $1,770,000 each to Penna. Co. and N . Y . Central, but
are not guaranteed. V. 101, p. 694; V. 103, p. 320.— (V. 104, p. 1801.)
★ LAKE ERIE & WESTERN RR.— ROAD— Owns Sandusky. O.. to
Peoria, 111., 413 miles; branch to Minster, 10 miles; branch, Indianapolis to
Michigan City, 159 miles; Fort Wayne to Connersvllle and branch to Rushvllle, 128 miles: total owned, 710 miles; leases Northern Ohio R R ., Akron
to Delphos, 162 miles; trackage, 3 miles: total operated, 903 miles.
H ISTORY, Ac.— See V. 50. p. 690; V. 85, p. 600. N. Y. Central R R .
owns $5,940,000 com. and $5,930,000 preT. stock. V. 71, p. 1269.
Annual compensation under Federal control, $1,548,541.— V. 109. p. 472.
In 1918 the Director-General o f RRs. allotted to the company 18 loco­
motives. estimated to cost $936,000, and the financing thereof is being
arranged between the Director-General and tho company, which had not
been completed to Oct. 7 1919.
DIVIDENDS.— \'99. ’00. ’01-’03. ’04. ’05. ’06. ’07. '08. ’0 9 to Feb.’ 18
On preferred...% J 0
2 4 yearly 3
3
3
3
1
None
BONDS.— Guar’s 5s Nor. Ohio, which see. Equip. 4 X s , V. 104. p. 256.
E A R N IN G S .— 8 raos., 11919..Gross, $6,149,154; net (after $145,502
Jan. 1 to Aug. 31.
\191S__Gross, 5,925,172;
taxes),
767,938
R EPO RT.— Report for year end. Dec. 31 1918, in V. 109 p. 472.

~3

Treasurer’s office, N Y
Office, Gr Cent Ter. N Y
Chase Naucn&l Bk N Y
do
do
Clt Sav A Tr Co, Cleve
Merc Trust Co, San Fran
Union Trust Co, Detroit
Central Union Trust. NY
Warwick, N Y
IrvNat Bk, NY Warwick
Irving Nat Bank, N Y
Philadelphia office
Guar Tr A S D Co. Phila
do
do
do
do
Penn Co for Ins. A c. Phil
do
do

OFFICERS.— Pres., J. E. Waddill, Kansas City: V .-P ., Walter A.
Johnson Topeka; Treas. George W. Hanna Clay Center and Sec. Flovd
E. Harper, Leavenworth, Kan.— (V. 106, p. 2450, 2560; V.109, p.477, 1987.)
★ L E H I G H & H U D S O N R I V E R R Y — Owns from Maybrook on Central
New England R y. to Belvidere, N. J., on the Penn. R R ., 73.9 miles; and
from PhUlipsburg, N. J., to Easton, Pa., .70 miles; trackage, Penn. R R .,
Belvidere to Philllpsburg, 13.3 m.; D .L . & W. trackage, Andover Jet. to
Port Morris, N. J.. 8.7 m.; total op. 96.6 miles. V. 79, p . 269; V. 94.p. 416.
Annual compensation under Federal control, $519,371.
BONDS.— Of the $2,587,000 Gen. M . bonds out, $1,062,000 are guarJolntly, p. A 1., by Central R R . of N. J. and Leh. Coal A Nav. Co. V. 92,
p. 595. 1701. See form of guar A c., in V. 67, p. 788: also V. 85, p 1513.
D IV ID E N D S —
11912. .1913. 1914. 1915. 1916. 1917. 1918.
Per cent___________ / 4
4
4
8
8 A 6 extra 12 See text
On Jan. 1 1918 paid a stock dividend of 28.36%. to represent surplus
expended on the property prior to April 1912, thus increasing the capital
stock to $1,720,000. V. 106, p. 2335. June 1919, cash. 6 % . In Dec. 1918
a dividend o f 6 % was declared, and paid on Feb. 10 1919; June 1919
paid 6 % .
EA R N ING S .— 8 mos., (1 9 1 9 ..Gross, $1,670,262; net, before $317,343
Jan. 1 to Aug. 31. 11918—Gross, 1,521,320;
taxes),
264,387
ANNUAL R E PO R T — For cal. year 1917; V. 106. p. 2335.
Dec. 31 Year. Gross.
Net.
Tot. Inc. Int., Ac.
Divid’ds. Bal..Sur.
1918--------S2.476.850 $452,132*$529,532 $227,612 (12)8206.340 $95,580
1917_____ 2,247,617 681,408 691,259 338,485 (12) 160.800
191.973
1916-------- 2.143,597 738,540 745,871 325.295 (14) 187,600 232.975
♦Compensation accrued $519,371; other income $10,161.
Lewis A . Riley, Pres., Phila., Pa.; George D . Dixon, V.-Pres.; John W .
Sanford, Sec.-Treas., Warwick, N . Y . Gen. M gr. under U. S. G ovt..
Morris Rutherford, Warwick, N . Y .— (V. 107, p. 2008, 2476.)

★ L E H I G H & N E W E N G L A N D R R .— Operates road from Hauto, Pa.;
to Campbell Hall, N. Y ., 127 miles; Hainesburg Junction, N. J., to
Edgewater, N. J., 60 miles; Bethlehem, Pa., to Benders Jet.. Pa., 19 miles;
Bath. Pa., to Martin’s Creek. Pa., 18 miles, and branches, 72 miles; total.’
Dec. 31 1918, 299 miles, of which 9 m. are leased and 99 m. trackage rights'
leaving 192 miles owned. In 1918 built from Bethlehem, Pa., to Allen­
town, 5 miles. V. 95, p. 1403; V. 105, p. 181. Lehigh Coal A Nav. Co
owns majority of stock. V. 78, p. 1781, 1962; V. 91, p. 1386.
— $1,135,761 yearly during Federal control.
SECURITIES.— Stock auth., $7,500,000; outstanding Dec. 31 1918.
$6,300,000. $6,297,750 being owned by Lehigh Coal A Nav. C o.; par. $50.
D IV ID E N D S—
1913.
1914.
1915.
1916.
1917. 1918
P ercen t......................... 4%
8%
11%
10%
10%
8%
Bonds. A c— Of tho Gen. M . 5s of 1914 ($15,000,000 auth.), $1,000 000
were reserved to retire the 1st 5s and $10,000,000 for future purposes
V
102, p. 976, 1060; V. 99, p. 49. 674.
P v
EA R N ING S— 8 m os.,/1 9 1 9 - Gross, $2,351,046; net before $548 445
Y ea r —
G ross.
N et.
C om p'n . Other I n c . I n t ., & c .
Balance
Jan. 1 to Aug. 31. U918—Gross, 2,831,072;
taxes),
953iS63
1918 ...$9,343,905 $562,340 $1,548,542 $60,881 $1,113 134 $196,289
REPORT for year ending Dec. 31 1918, V. 108, p. 2236. shows:
1917 . . . 8,122,895 1,853,777
136,681
11256 865 733,593
Gross
Net, after
Other
Interest,
1916 ---- 7,404,184
2,410,960
126,438
1,017,431 1,519,967 fSk
Dividends
Balance.
Earnings. Ord.Taxes. Income. Rents, Ac.
1915 . 6 239.647
1.445.241 - - - - - 126,562 1.055,253 516.550
Paid.
Surplus.
1918—See above *$1,135,761 $24,005 $523,888
Federal M gr., II. A. Boomer, Indianapolis, Ind.— (V. 109, p. 472.
(8)8504,000 $131,878
1917—.$366,567 1,367,648
27,882
500,055 (10) 624.000
271,475
A L A K E S U P E R I O R & 1 S H P E M IN CJ R Y — Owns Presque Isle (Mar­
♦Accrued Federal compensation.
quette) to Ishpeming, Mich., 26.10 miles; branches, 7.02 miles: total.
33.12 miles. Also owns large docks at Presque Isle Harbor. Controlled
Pres.. Samuel D. Warriner: V.-P. A Gen. Counsel. Wm. Jay Turnerby Cleveland-Cllffs Iron Co. Stock, $1,000,000; par, $100. The serial 6 s Sec. A Treas., Henry H. Pease; Compt., E. M . Reynolds, 437 Chestnut
of 1911 are redeemable in reverse ofnumerical order at 101
V 92 p 1636’ St., Phila.. Pa.; Gen. Mgr. under U. S. Govt.. R. H. Wilbur; Federal
V. 93. p. 229. For year ending Dec. 31 1918 gross, $1,480 759- net. $481.­ Treas., G. W . Sitgreaves.— (V. 107, p. 1579; V. 108, p. 1936, 2022, 2236.)
283; other Income. $25,559; lnt. on bonds. $42,115; rental' Ac $204,103;
bal., sur., $260,624. Car trusts ($200,000) were paid in full July 1918.
★ L E H I G H V A L L E Y R R — O p e r . D e c . 1 918, 1,436 m ile s , v i z .;
Pres., Wm. G. Mather, Cleveland, O.; Gen. M gr.. II. R. Harris. Mar­ Main Line (fee, or all stock owned). ILeased
____
143
quette, Mich.— (V. 106, p. 929.)
Jersey City to Buffalo...............453 Trackage............- ..............*
49
LAS VEGAS & TONOPAH R R .—-In 1918 operations from Las Vegas Branches (fee or all stock own’d) 7911(2d track 597 miles)
Under order of the Director-General of Railroads the New York and
to Beatty were abandoned. As to subsidiary, Bullfrog & Goldfield R R ..
Jersey City stations of the Pennsylvania R R . have been used by this com ’
see that caption above.
pany since Sept. 15 1918. V. 107, p. 1101; V. 108, p. 1715.
In Oct. 1918 took over the 40-mile Susquehanna A New York R R .
LEAVENWORTH BRIDGE CO.— V. 106. p. 1577.
★ LEAVENWORTH TERMINAL RAILWAY d BRIDGE— Owns high­ Williamsport to Towanda, Pa., on Lehigh Valley R R . V. 107, p. 1579’
ie
way and railroad bridge (opened Jan. 1 1894), 1,140 ft. long, over Missouri
HISTORY, E TC.— V . 91, p. 276.
River at Leavenworth. Kan., and valuable terminal property in that city.
Lehigh-Buffaio Terminal R y. (entire $50,000 stock and $4,000,000
In July 1910 the Chicago Great Western acquired the entire stock, but does 1st Mortgage 4H s owned Oct. 1 1919) has built a new passenger and
not guarantee or assume bonds. V. 91, p. 214, 397. Kansas City St. freight terminal at Buffalo. V. 102, p. 153; V. 99. p . 467: V. 100 p 397
Joseph A C. B. (Chicago B. & Q.) and Chlo. R. I. A P. use the bridge at an 733 1257 1672; V 101 p 455; V. 104,j>. 1263?V */106.’ p 1461 P
*
annual rental of 516.000 each, under a 30-year contract from 1894. with
Bla<£
d«c‘s'on v - 107> P- 2008; V. 108, p. 973, 2 1 2 2 . Coal rate
option of 30-year extension. Chicago Great Wostern RR. also uses the case. \ . T„°om p. 683
108,
bridge under a contract expiring In 1924. the annual rental being $12,000
®9 ^ V1
—
B
Lehigh Valley R R Co.
Stock, $600,000. Federal contract (signed in March 1919, fixing annual tire $9,465,000 stock ^ -“ Lehigh Valley Coal. Co. on Dec. 31 1917 owned en­
of
Coxe Bros., see “ Bonds.”
compensation at $43,583; add other Income, def. $2,181, and deduct int.,
controlled 7,074,765 tons
rentals, A c., $30,527; bal., sur., $10,874. Federal M gr., W. L. Park, of The Coal Co. shipped from collieries owned andagainst 7,254,367 tons for
anthracite coal for the 6 mos. to Dec. 31 1916,
Chicago, 111— (V. 91, p. 397: V. 107, p. 696; V. 108, p. 1936.)
the corresponding period In 1915; total coal and coke tonnage, 6 mos. to
.ater data
A LEAVENWORTH & TOPEKA R Y.— Leaven worth to Topeka, 57 Dec. 31 1916, was 8.692,076. No Coal Sales published.
In Jan. 1912 the Lehigh Valley
Co. was Incorporated. See
miles. Including 11 miles trackage at terminals. The railway was bid in at
below and Lehigh Valley
Sales
foreclosure sale on May 10 1918 for $80,000 by residents along the line and extra dlv.123: V. 92. p. 956; V. 95. p. Coal 478. Co. under “ Industrials.”
1 .94. p.
487,
turnod over to tho present company. Incorporated in Kansas on May 15
Anti-trust suit appealed by U. S. Govt. V. 105, p. 1898: V. 103, p. 1118
1918, with $100,000 stock in $10 shares. It was also arranged to lease tho V. 102, p. 1346; V. 101. p. 2145; V. 102. p. 609, 1626, 1896.
property for 10 years to a now company, the Topeka & Eastern R y., headed
By O. P. Byers of Hutchinson, Kan., President of Anthony Northern RR.
DIVS.
f ’04. ’05. '06. ’07-T0.
’11-T4. 1915 t o ’ 18
1919
Rental, for first year’s taxes: for next four years taxes plus $2,000 yearly; Since’93 (% )t
1 4
4
6 y ’ly.
10 yrly.
10 yrly.
8X
2d 5 years, taxes and $5,000 yearly. Proposed bond election to rehabilitate
In Feb. 1912 also an extra cash dividend of 10%, applicable if desired
tho property, as provided under the Act o f the Kansas Legislature of 1919. to subscription for stock of new Leh. Val. C o.’s Sales Co. In July 1919
V. 109, p. 477. In N ov. 1919 Atchison Top. A Santa Fe R R . was re­ the common dividend was reduced from 2M % to 1
quarterly. Oct.
ported as about to acquire tho terminals. V. 109, p, 1987.
\M%- V. 108, p. 2330, V. 94, p. 123.




Federal Compensation.

74

★ Government
Control.

R A IL W A Y STO C K S A N D

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

Miles Date
Road Bonds

Lehigh Valley— Common stock $80,000.000______ Gp
Preferred stock 10% (V 79, p 151, 269)-------------GP
First mortgage extended In gold In 1898-GP.xcAr
286
Consolidated M lcoupA reg $4,762,000 4-Mis __xcArl
$40,000,000 Jannuity $2,538,000 4 M s____FPxj 31/.
General Consol mtgel $150,000,000 gold— GPxc*&i
317
do
do
l
317
Coll trust bonds $500,000 due s a. see textGP.xc* Ar
Coll trust bonds call 103 Sept 1923 or aft.xxxkc*&r*
Bonds of Controlled Properties—
Lehigh & N Y 1st M gold guar p & I____Mp.xc*&r
115
Lehigh Valley Ry 1st M g g u p & l (end) GP.xc*&r
514
Lehigh & Lake E 1st M $3,000,000 g Usm.xc*&r._
11
Lehigh Buffalo Term Ry Corp 1st M bonds________ „ - ­
Further $17,400,000 pledged under coll trust of 1918
Lehigh Val Term 1st M g guar p & 1end__Ce.xc*&r
28
East & Am 1st M Phlll N J to Perth Am &c guar.xr
69
Easton & Nor 1st M g guar by Leh Val.GP.xc*& r
13
Middlesex Valley 1st mtge $600,000 gold---- Ce.zc*
29
Pa & N YCan&RR— Con3 gu (text) (en d)-.G P .xr
136
Morris Canal consol stock 4% guaranteed perpetual
Preferred stock 10% guaranteed perpetual______
L V Coal Co 1st M $12,000,000 g s f not dr__xc*&r
do
Interest reduced_______________________ x
Delano Land 1st M g gu s f (V 90, p 1 6 1 7 )..GP.x
Cons Real Est 1st M $2,600,000 (V83. n 7 0 2 ).. Usm
Lexington Union Station— Preferred stock (see text).
Llgonier Valley RR — 1st M $300,000................... . . x
16
Lime Rock— Consolidated refunding mortgage g o ld ..
12
Litchfield & Madison— First mtge $1,000,000 gold.x
44
Little Miami— Stk original gu 8% 99 yrs P C A St L . .
Special guaranteed betterment stock ($5,000,000) . .
General mortgage $10,000,000----------------------------z
_
Little Rock & Hot Sp West— See St Louis Iron Mtn & Sou.
Little Schuylkill Nav RR & Coal— Stock (rental guar)
32
Live Oak Perry & Gulf RR— First mortgage........... x
81

Par
Value

Amount
Outstanding

$50
50
1868
1,000
1.000
1873
1873
1,000
1903 1,000 Ac
1903 1.000 &c
1.000
1905
1918 1.000 &c
1895
1890
1907
1916
See tex
1891
1880
1895
1892
1888
1892
1892
1891
1906
1913
i904
1912
1912

k°ConsoUdated mortgage (gold) ($3,610.000are5s)Ce.v
156 1881
General mortgage gold____________________ Ce.vc*
163 1888
1892
Long Island RR M on ferry for $2,750,000 g .Ce.zc*
b Of this amount $44,000 was In treasury on Dec. 31! 1918.

Rate
%

$60,501,700 10 In ’ 18
106,300
10
5,000,000
4g
10,400,000 4 4 & 6
12,600,000 4 4 & 6
26,983,000
4g
20.697,000
44 g
5,656.000
4g
6 g
15.000.000

When
Payable
Q— J
Q— J
A D
A D
A D
A N
& N
A A
M & S

J
J
J
M
M
F

M &
4 g
44 g J A
44 g M A
M &
44
A A
5g
1.000 10.000.000
M A
6.000.000
5
1.000
51,000
44 e M A
500 Ac
M A
200.000
5g
1.000
8,500.000 4. 4 4 . 5 A A
1.000
F A
4
100 See text
F A
10
100 See text
5g J A
1.000 10.114.000
1,400,000
4g J &
1,000
5g J A
173.000
1.000
F A
4
1.000 In treasury
4
J A
390.6)0
100
1.000
6
M &
300.000
400.000
1.000
4g J A
5? M A
1 000
1.000.000
50 4.837,3)0
8 3-5 Q-—M
4
50 4.642.650
O-- M
M A
4
1,000 b 1.070.000
2,000.000
15.000.000
3.000.000
1,000,000

1.000
1,000
1.000
1.000

50
1.000

2,487.950
789.000

1.000
1.000
1,000

4,730.000
3.000,000
1.490,000

BONDS.— Gen. Consol. Mtge. of 1903 Is for $150,000,000 bond3, bear­
ing not to exceed 5% lnt.. covering the entire road, the stock or the Lehigh
Valley Coal Co. and other stocks owned.
On Oct. 1 1919 there were
outstanding in the hands of the public. $20,697,000 4H s and $26,983.­
000 4s; in treasury, $1,000,000 4H s, $12,656,000 4s and $12,000,000 5s;
balance reserved to retire underlying bonds and for additions, &c., $8,­
000 000, these last being issuable at not exceeding $2,000,000 a year, or
larKer amounts as may D8 authorized by stockholders. Old bouds may,
however be extended. If necessary, for not over two years. Provision may
be made at time or Issue of bonds thereunder for right to convert Into stock
at pleasure o f holder not over $25,000,000 at any one time outstanding.
V. 103 p. 586; V. 102, p. 1346, 1436; V. 97, p. 1823. 1898; V. 99, p. 477,
V 77 b 824; V. 78. p. 2S7; V. 79. p. 1642: V. 82, p. 1380; V. 86. p. 1343:
V ’ 88 P. 1372; V. 81, P- 211; V. 108, p. 2241- See also collat trust 6s below.
The purchase of stock of Coxe Bros. & Co. ($2,910,150) (V. 103. p. 587)
and of Dela. Susq. & Schuylkill R R . In 1905 was financed by an Issue of
$19 000,000 coll, trust 4% bonds, to be retired by $500,000 semi-annual In­
stallments and secured by deposit o f those stocks with trustee. Bonds
subject to call as a whole at 102H, or in order o f serial numbers. V. 81,
1175 1242. 1376; V. 82, p. 100; V. &3, p. 702; V. 84, p . 1428; V. 88, p. 452.
The $15,000,000 Collat. Trust 6s of 1918 (V. 107, p. 905; V. 108, p. 8/8 ,
1715) were secured bv collateral (subject to substitution under restrictions),
viz • (a) $4,000,000 Lehigh-Buffalo Terminal Ry. 1st M . 4 4 s , due Nov. 1
1966 (guar. p. & i. by Lehigh Valley R R . V . 108, P- 1715); (6) $2,600,000
Consol. Real Estate Co. Mtge. 4s, due Feb. 1 1956 (guar. p. & I. by Lehigh
Valley R R .); (c) $17,400,000 Lehigh Valley R R . General Consolidated Mtge.
Equipment trusts^Yn1treasury Dec. 3 1 1 9 1 8 : " L ,” $ 4 0 0 , 0 0 0 ; “ M .” $1.­
000.000; “ O , ” $ 2 , 0 0 0 , 0 0 0 ; ” R .” $ 1 , 6 0 0 , 0 0 0 . V. 1 0 6 , p . 1 4 5 3 .
Loans and bills payable as of Dec. 31 1918, $4,000,000.
GUARANTIES.—Lehigh Valley Railway Co.— Owned Buffalo. N. Y .,
»n npar savre Pa.. 174.48 miles, double track, and branches, 339.74 miles,
in all 614 22 in., covered by $15,000,000 mtge. of 1890. but In 1903 and
1905 consolidated with other sub. cos. and In 1907 absorbed the Lehigh A
Lake Erie? Stock. $11,745,000. all owned by Lehigh Valley RR. Mortgage
abstract V 51? p. 114; V. 77. p. 147. 972: V. 81. p. 784; V. 84. p. 1366
Lehioh Valley RR. Co. of New Jersey.— Owned double-track road from
Philllnsburg N J to Jersey City, and branches, with about 125 acres at
Jersev Cltv and a large water front, &c. Total mileage. 122 miles. Stock
outstanding. $12.506 000. all owned by Lehigh Valley RR which In 1914
leased road for 99 years. V. 77, p. 9/2, V. 53. p. 640, 880, V. 81, p. /84,
^ Morris Canal.— Stock and* bonds mostly owned by Lehigh Valley RR
See Issue Oct 1912 and V. 92, p. 527, 1109; V. 93, p. 811. 1106: V .P 4,p
41 9-V 95 d 488- V 97 b 373. In N ov. 1915 the lease was held taxable
V. lO l; p 1 8 0 7 . ’Ownership of basin in Jersey City. V 102 p. 1060
Penn & N Y. Canal & R R . — Leased for 99 years from Deo. 1 1888 t o
Lehigh Valley', which has assumed Its debt and owns all its stock. Consols
Include $4,000,000 5s. $3,000,000 4s. *1.500.000 4Hs. V- ^ p^ OoO
Seneca Countv Ru S500.000 gu. bds.; none sold Dec. 31 1918. v .79, p. 1271.
iThigh &T ik e Erie'mortgage ($3,000,000) covers 11 m double-track termlnal road at Buffalo. V. 81. P- 211: V. 83. p. 702. Now a part of the
Lehigh Valley R y. Co. V. 84. p. 1248: V . 85. P- 312. V. 87. p. 817.818.
GENERAL FINANCES.— Protest by co. against purchase of equipment
assigned to it by Fed. Admin., see V. 108, p. 1715.
GOVT. COM PENSATION.— Fixed during Federal control at $11,321,­
233, but considered by company inadequate. See V. 108. p. 1/15.
EARNINGS.— 9 mos.f 1919-----Gross, $17,169,810: net(bef. $4.274 369
Jan. 1 to Sept. 30.
\1918___ Gross, 47,385,830; taxes)
5,956,131
Corporate Income Account for 1918, Based on Accrued federal Compensation.
1917.
1918.
1917.
1918.
$
$
$
$
I n t e r e s t,t a x e s ,
_
Fed'l comp’n .l 1,321,233
6.889.854
r e n t a l s , &C- 7,754,823
Other income- 3,026.424 4,288.829
D iv id e n d s _
_ 6,060,800 6,060,800
532,034 1,091.059
Total lncome-14,347.657 14,041.713 S u rp lu s...
ANNUAL REPORT.— For year 1918, V. 108, p. 1715.
.
------ Year to Dec. 31----------------- -lime 30 Y ea r------Revenue from Oper.—
1918.
1917.
1918'
1
■9H>.■
Coal freight___________ $24,118,333 $20,402,226 $18,330,880 $18,811,099
Merchandise freight___ 29,155,590 22,705,556 21,478,421 20,363,-ol
Passenger______________ 6,234,935
4,894.990
4,598.212
4,300,183
Mail, express, A c______ 6,077,911
5,355,674
4,452,396
3,908,037
Total oper. revenue..$65,586,709 $53,358,446 $48,859,909 $47,382,570
Net after taxes_________ $6,364,382 $9,403,324 $12,279,778 $12,574,714
Other income__________
764,470
5,077,156
2,987,267
1.626,229
Total net___________ $7,128,853 $14,480,480 $15,267,045 $14,200,943
$3,952,876 $3,753,304 $3,500,437
Bond interest------------------See
2,142,589
2,144,178
2,142,589
Lease other roads_______ Corporate
891,477
1,543,381
1,231,567
Other rents, &c_________ Account
10,630
10,630
10,630
Preferred divs. (1 0 % )-. above.
6,050,170
6,050,170
6,050,170
Common divs. (10%) —

APrlvate
Control.

BONDS

5g
5

J
A

Last Dividend
and Maturity

[V o l . 109.
Places Where Interest and
Dividends are Payable

Oct 4 T 9 1 ^ % Checks mailed
do
do
Oct 4 T9 2 4 %
June 1 1948
Dec 11923
Co’s office, 228 So 3d St.
Irredeemable
Phil, and J P Morgan
May 1 2003
& Co, New York
May 1 2003
Feb ’ 20-Feb 26
do
do
Sept 1 1928

s Sept 1 1945

J July 1 1910

s Mch 1 1957

N Nov 1 1966

o Oct 11941
N May 1 1920
N Nov 1 1935
N Nov 1 1942
O Apr 1 1939
A Aug 6 T9. 2%
A Aug 6 T9. 5%
J Jan 1 1933
J Jan 1 1933
J Jan 1 1932
A Feb 11958
J July 1 1919 2%
N May 1 1943
J July 1 1929
N Nov 1 1934
10 Sept 1919 2 1-5
10 Sept 10 T9 1%
N Nov 1 1962

Of. Phil, & J PM & Co, N Y
do
do
do
do
do
do
Of..Phil, & J P M , N Y
Office, 228 So 3d St. Phi!
do
do
Of. Phil .&J P M & C o .NY
Lehigh Valley R R . Phlla
Office. 228 S 3d St. Phlla
do
do
J P Morgan & Co, N Y .
and DrexelA C o, Phil
Jo's office. N Y & Phlla.
Office. Lexington, Ky
Mellon Nat Bk. Plttsb
Portland. Me
Central Union Tr Co, NY
Office, Fosdlck Bldg, Cln
do
do
Farmers’Ln&TrCo, N Y

A J July 15 T9 2 4 Office, 410 Walnut,Phlla
Safe Dep & Tr Co, Balt
A O Junel 1942

4A5g
Q J July 1 1931
—
4 g J A D June 1 1938
4 4 g M A S Mch 1 1922

Treas Penna R R C o,N Y
do
do
do
do

★ LEXINGTON & EASTERN R Y .— See Louisville & Nashville.
★ LEXINGTON (KY.) UNION STATION CO.— Owns passenger station.
Conmon stock, $15,000, owned equally by Loulsv. & Nashv., Ohes. &
Ohio and Lexington A Eastern. There has been authorized $500,000 of 4%
cumulative (non-voting) preferred stock, secured by mtge., and rentals paid
by above-named roads on basis of passenger cars. Pre?.. W . A. McDowell.
A L IG O N IE R VALLEY R R .— Latrobe to Llgonler, Pa.. 10.3 miles; Llgonier to Fort Palmer, Pa., 5.7 m.; total. 16 miles.
Stock. $500,000: par $50. Dividend. 25% In stock paid M ay 1 1913.
In year 1913-14 6% deferred dividend and 6% regular were paid. Bonds,
see table abovo. For year ending June 30 1916. gross, $294,961; net.
$168,167: other income, $5,198; int., A c.. $42,736: div., $60,000: sur.,
$70,629. For cal. year 1917, gross, $328,578; net, aft. taxes. $179,398.
Pres., J. R. Mellon; Sec., A. W. Mellon; Treas., R. B. Mellon. Office,
Ligonier, Pa.
A LIME ROCK RR.— Owns road In and around Rockland, Me., 11 m .,
■.rackage, 1 m.; total. 12 m. Stock, $450,000; controlled by the RocklandRockport Lime Co. of Maine (V. 92, p. 960). Dlv. In 1905-06. 5% : 1906,
07. 5% . of which 3% from accumulated surplus; 1907-08. 2 H % : 1908-09:
5% ; 1909-10. 44 % \ 1910-11. 3 X % : 1911-12. 2>*%: 1912-13. 4 4 % ‘
.
1913-14, 1 H%\ 1914-15, 1 34% ; 1915-16, 1 ^ % ; 1916-17, 3% ; 1917-18,
none; 1918-19, none. Year ending Dec. 31 1916, gross, $87,333: net
$22,951. Office. Rockland.— (V. 82. p. 1380.)
★ LITCHFIELD & MADISON RY.— Owns Litchfield Jet. to Madison. 111.,
*4 m.; trackage. 1 m.; total.*45 m. Stock, common, $500,000: pref., 4%
non-cum.. $500,000: par, $100. Car trusts Oct. 1 1918, $27,614. Year
1917, gross, $489,342: net, $130,638; other Inc., $48,411; int., &c.. $52,435;
pref. divs. (15%) $75,000; com. divs. (4 % ). $20,000; surp., $31,237.
Pres., James Duncan, Alton, 111.: Federal Treas., I. T. Bennett; Traffic
Mgr., A. S. Johnson, St. Louis, M o.— (V. 107, p. 1192.)
★ LITTLE MIAMI RR.— (See Maps Pennsylvania RR.)— Owns Cincinnati,
o , to Springfield, O., 84 m.; branch, Xenia, O., to Dayton, O., 15 m.; Day­
ton, O., to Ind. State line, 38 m.; leases Columbus A Xenia R R ., Xenia, O.,
to Columbus, O., 55 m.; Cln. St. Con. R R ., 2 m.; Richmond A Miami R R .,
Indiana State line to Richmond, 4 m.; total, 199 miles.
LEASE.— On Deo. 1 1869 leased to Pittsburgh Cincinnati A St. Louis
(now Pittsburgh Cln. Chicago A St. Louis R R .) for 99 years, renewable for­
ever. The Penna. R R . Co. Is a party to the contract and guarantees its
faithful execution. Rental Is 8% on $4,943,100 original stock, 4% on bet­
terment stock and Int. on debt: $105,800 additional stock Is In treasury.
Total stock. $10,000,000. V. 84, p. 51. 815; V. 86. p. 857; V. 104, p. 73.
Beginning Dec. 1899, 1-5% extra paid on com. stock each Dec. and
June, and with 1912 1-5% also in Sept., from surplus Invostod funds,
making div. 8 3-5% yearly.
_
B O N D S . — TheGeneral 4s of 1912 ($10,000,000 auth. issue; Cent.Trust
& Safe Dep. Co. of Cincinnati, trustee) are to bear not over 4% int., and
have a first lien. V. 95, p. 750, 1331; V. 96, p. 420.
★ LITTLE SCHUYLKILL NAVIGATION RR. 5: C O A L— Owns from Port
Ullnton to Tamanend and Reevesdale. 31.44 miles; 2d track, 26.47 m.; total.
91.71 miles. Re-leased on Dec. 1 1896 to Phlla. A Read. Ry. for 999 years
and rental reduced from 7% on stock to 5% gold from Jan. 1 1907
DIVS.— 1 '07. '08. ’09. ’ 10. ’ l l . ’ 12. ’ 13. T4. T5. '10 ’ 17. T8. 'J9.
Since 1903 % I 6 4 5 4 5
54 5
6H 5 6 4 5 5 6
5
5
Lessee pays taxes and organization expenses.— (V. 106, p. 189.)
A L IV E OAK PERRY & GULF R R . — Owns Live Oak to Econfonla. etc.,
Fla.66, .85 miles; Mayo Jet. to Alton, Fla., 14.41 m.; Murat Jet. to Murat,
Fla.. 3.74 m.; branches, 2.88 in.; total, 83.88 miles. Stock auth., $2,000.­
000; outstanding, $600,000; par, $100. Bonds, see table. Car trusts
Dec. 31 1918. $25,000. For cal. year 1918, gross, $225,635; net after ord.
taxes, $70,013; other incomo, $20,181; int., rentals Ac., $46,084; war
taxes, $12,455; bal., sur., $31,655. For cal. year 1917. gross, $246,702;
net, aftor taxes, $106,290. Co-operative contract signed in July 1919.
Pres., J. II. Powell: Sec. & Treas., R. P. Hopkins. Office, Live Oak.
V. 101, P- 2452; V. 109, p. 371.
★ LONO ISLAND R R .— Operates the steam surface roads of Long Island.
Miles.
Leases— ( ‘ Which see.)
Miles.
Main line and branches.................197 N. Y. Bklyn & Man. B ranch*.. l7
M o n t a u k d i v i s i o n a n d b r a n c h e s . .142 Trackage (included above 4 m .).
N o r t h s i d e d i v i s i o n .........................19
Total Jan. 1 1919...................... 3 9 7
Atlantic Ave. Nassau Elec. R R .. 10 Oper. electrically (miles tra c.).__i88
Double track....................... ........... 157
Leases (*whichsee)—
N. Y .A Rockaway Beach R y .* .. 12
Also owns the Huntington R R ., N o r t h p o r t T r a c t i o n , Nassau County
R y., Glen Cove RR. and Ocean Electric R y.. having combined mlleago of
34.03 miles, and through the Long Island Consolidated Jpi^rtaal
(whose entire $25,000 capital stock is owned, none or the $10,000,000 of
collateral 444s of 1905 being outstanding) a one-half Interest in N. Y. &
Long Island Traction Co., 42 in,, and Long Bland Electric R y., -6m. V.
89, p. 598; V. 90, p. 1010; V. 106, p. 396, 499. 2222. Faros in 1918
v p l a n !— I n 1917, the minority shareholders having generally surrendered
their holdings, the Penn. RR. C o.: (a) accepted in settlement of the approxi­
mately $.30,000,000 of indebtedness due It by the L. I. HR- Co. (consisting
chiefly of 4% debentures), $5,202,100 new 5 % 2 0 -year debentures, and for
the remainder capital stock at par; (b) gave $5,202,100 5% debs.I ti exchange
for minority stock. S for $. V. 104, p. 361; V. 106. P - 2222.
The debentures will be secured by any future mortgage on the prop­
erty. V. 104. p. 633, 863, 1146. 1263. 13899. 2235, 2452.
STOCK.— Authorized. $10,000,000; outstanding Dec. 31 1918, $34,110.­
250. of wnich the Penn. R R . owned $33,934,850. V. 104, p. 361, 1899,

______ $1,091,059 $1,766,971 $1,605,610
Balance, surplus_____
President. E. E. Loomis; C hairm an .---------------------- Vice-Presidents,
J. A. Middleton; Sec. & Treas., D. G. Baird, 228 South Third St., 1 hiladelphia. Executive committee: Chairman, .........................E .E . Loomis,
Geo. F. Baker, E. T . Stotesbury, W . II. Moore, Daniel G. Reid, James
McLean and F. M . Kirby. F. L. Blendingor, Federal M g r., N. Y . City;
V m°viBENDS*.—
/ ’82. '83-’90. ’91. ’92. ’93. ’94. *95. ’OB.
None
J. F. Maguire, Gen. Mgr. under U. S. Govt., Bethlehem, Pa
1 1 4 y ’ly. 4 4
5
5 4H 4
4
since.
Directors — Edward T . Stotesbury, II. S. Drinker, Fred M . Kirby, Per c e n t
BONDS.— The Refunding 4s of 1903 (J l5.000.000 authorized Issue) are se­
Wm. H. Moors, Daniel G. Reid, James McLean, Samuel T . Bodine,
Geo. F. Bak«r, Henry B. Coxe, Arthur W. Sewall. Morris L. Clothier, cured by a Hen on the entire road, subject to the $21,992,000 outstanding old
1 bonds, to retire which an equal amount Is reserved; remainder, $24,008,George T. Slade.— (V. 103, p. 2330; V'. 109. p. 173, 477, 982, 1793.)




N o v ., 1919.] *controim n
Ct

APrlvate
Control.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, <
fee., see notes on first page]

Miles Date
Road Bonds

Long Island (Concluded)—
_
18 1892
Stewart Line mtge of 1932 for $500,000 gold_ Cev
Debenture ($1,500,000) gold not subject to call_ z
_
1894
New York & Flushing first mortgage assumed.-Cez
2 1880
Bklyn&Mont 2dM assu BusSta to E’ tp't & brsCe.zc*
76 1888
L. I. City & Flushing M gold assumed -.C e .v c*
19 1887
New York Bay Extension 1st M ass $200,000____ z
6 1S93
Montauk Extension $600,000 1st M assumed . . z
21 1895
Unified M gold callable at 110 $9.673,000-Usm.xc&r
316 1899
Refund mtge $45,000,000 gold gu p & l-.E a .x o ’ &r
316 1903
Debentures call aft 5 yrs 102 46___ Usm.yyxc*&r*_
1917
Equip trust Ser A, B & O, $100,000 each ser due yrly
1906
Eq tr Ser A $106,000 due yly to '23; then $96,000 yly
1914
Equipment trust Series B $94,000 due yearly______
1917
Leased and Controlled Lines, Principal or Interest Guara nteed.
L I RR No Sh Br cons M $1,425,000 gu p&l.Ce.vc*
30 1892
N Y B & Man B 1st cons M $1,726,000 gold gu..C ev
19 1885
N Y & Rock Beach 1st M $984,000 guar p & i ____Ce
1887
P P & C I 1st and 2d ($96,000 seconds) guar p & 1. v
10 •86-’91
Los Angeles & Salt Lake RR —
San Pedro Los A & Salt Lake 1st M $70,000,000.Gx 1,033 1911
Louisiana & Arkansas— Stock $7,000,000 authorized.
302
First mortgage $7,000,000 gold (text)____(].xo*&r
302 1902
Equip notes $8,000 due annually_ _______________
_
1914
Louisiana & North West RR— Underlying M gold ._x
35 1895
First mortgage^lO.OOO.OOO gold-------------- MSt.xc*
115 1905
Louisiana Ry & Nav— First M gold-----------xxx.F.c&r
334 1903
Louisiana Southern— 1st M g red at 1 0 5 _______ Ce.xc
45 1897
N e w m o r t g a g e ------- ------------------------------------------------------------Louisiana Western— F ir s t m o r t g a g e g o l d --------- Ce.zc*

Louisv Hend & St Louis— 1st M S2,500,009 g old..G .z
First Consol M $5,000,000 gold__________________
Louisv & Jeff Bridge & RR— S5,000,000ggup&I_xc*

105 1 $ 1
182 1896
182 1915
1895

Par
Value

Amount
Outstanding

Rate
%

$1,000
$332,000
1,000 a l . 135,000
1.000
125.000
1,000
600,000
1,000
626.000
1,000
8100,000
1,000
a315.000
1.000
4,023.000
500 &c 25,913.000
100 &c
5.202.100
1,000
600.00U
1,000
626.000
1,000
752.000

4 ft
5g
6
5g
5g
5
5
4g
4u
r
5g
4
5
446

J
.1
M
J
M
.1
J
M
M
M
F
J
P

1,000 a l.262,000
1,000 a l.601,000
1,000
a883,000
1.000
g436,000

5g
5g
5g
446

Q— J
A & O
M &*
Various

1,000 59.022.000
100 5,000,000
1,000
5.196.000
1.000
(?)
1.000
100,000
1,000
2.150.000
1,000 10,361.000
500
250.000
750.000
1,000
2,240.000
500 2.500.000
700,000
1,000
4.500.000

When
Payable
&
&
&
&
(c
&
&
&
&
&
&
&
&

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

D June 1 1932
n June 1 1934
Mch 1 1920
n June 1 1938
N May 1 1937
.1 Jan 1 1943
J Jan 1 1945
S Mch 1 1949
s Mch 11949
N May 1 1937
A Feb 1920-21
D June 1920-24
A Feb 1920-27

s

Oct 1 1932

Oct
s Sept' 1 1935
1 1927
1926-1931

& J July 1 1961
Sep 15'U l 46%
M &
Sept 1 1927
A & o To 1923
6
5 g j & .1 Jan 1 1945
5 g A & o Apr 1 1935
4 46 g J & J July 1 1953
Mch 11950
5g M &

4 g

J

s

5g

s

6

g

5g
4g

J
J

&
&

M &

75

J July 1 1921

J J u l y 1 1946

Oct 1 1965
11945

s Mch

Treas Penna RR Co, N Y
do
do&Lon
do
do N Y
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Fidelity Trust C o , Phila
Fidelity Trust C o , Phila
Fidelity Trust C o , Phila
Treas Penn R R
do
do
do

Co, N Y
do
do
do

Guaranty Trust C o . N Y
Guaranty Trust Co, N Y
Boody, McL & Co, N Y
See text
R Winthrop & Co, N Y
Bk of Amer. N Y ;4 Louis
New York
J P Morgan & Co. N Y

a In hands of public: total Issue shown in left-hand c olumn ; balan ce under unified mtg e.
g There are also $104,000 2d M . 6s not guaranteed.

000, guar, as to prln. and Int. by the Penn. R R ., were sold, the proceeds to
be used tor 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 Cltv and tor a double­
track connection with the New Raven road, for additional terminals, tracks,
equipment, and to retire old bonds. V. 78, p. 583. 1549; V. 79. p 796;
V. 80, p. 1111; V. 81, p. 211; V. 82, p. 868; V. 92, p. 527. The N. Y . Stock
Exchange in July 1918 authorized the listing o f 54,053,000 guaranteed 4%
Refunding Mtge. bonds, when and as issued in lieu of the remaining $4,­
053,000 Unified Mtge. 4s, increasing the amount thereof pledged under
Ref. Mtge. to $9 673,000 and also increasing the Refunding 4s outstanding
to $29,668,000. V. 107, p. 402. V. 106, p. 2011, 2222.
The Unified Mortgage Is limited to tne amount now outstanding Bond*
are subject to call at 110 in whole orin part. See Refunding 4s above. V
68, p. 618. Mtges. on real estate, $1,767,680. V. 76, p. 266: V. 85, p. 160;
V. 89. p. 529. 1411; V. 90. p. 698, 1040; V. 93, p. 1022: V. 102. p. 609; V.
103, p. 2079. Debentures of 1917, see ‘plan” above and V. 104, p. 2452.
GUARANTIES.— In addition to guaranteed bonds in table above, guar­
antees 5% on $650,000 New York Brooklyn & Manhattan Beach pref. stock
as part rental; also 6% on $50,000 P. P. & So. Rr stock and 10% on
$82,500 of the New York & Coney Island stock and 6% on $44,000 1st
M . 6s of Montauk Steamboat C o., due Apr. l 1926.
EARN ING S.— 8 m os.,(1919.......... Gross, $16,771,376; net, $3,592,29a
Jan. 1 to Aug. 3 l. 11918-........ Gross, 14,742,531; net, 4,490,74g
R E PO RT.— Report for year 1918, V. 108, p. 1716.
xU.S.RR.Adm.data)
1918.
1917.
1917.
1916.
Operating revenue------x$22,213.445 $17,286,180 $17,286,180 $14,971,839
Net (after taxes)........... x4,422,787
3,819,613
4.379.807 4,156,845
Company Account—

U. S. compensation accr. $3,221,949
Rents, & c ......................
299,S65
Unfund, securs. & accts.
262,434

________
289,395
254,175

405'470
253,999

_____
452,812
227,379

Gross income............. $3,784,248 $4,363,183 $5,039,277 $4,837,036
Deduct—
Lease o f other r o a d s ...
$366,678
$612,897
$612,897
$668,625
Hire o f equipment_____ ________
________
221,652
204,169
Joint fa cilitie s............................................. ............
495,488
486,190
Miscellaneous rents, & c.
171,181
203,287
203.287
200,615
Bond interest................. 2,149,343
2,428.597
2,428,598 2,645,920
Other interest----- ,.........
200,407
136,197
136,197
360.873
War taxes, &c.................
123,093
112,904
71,857
29,171
Balance, surplus------$773,545
$869,301
$869,301
$241,472
Federal Manager, Ralph Peters, Penn. R r . Station, N. Y. City; Pres.,
Samuel Rea; V.-Pres., A. J. County; V.-Pres. & Treas., Henry Tatnall;
Sec.,^Lovvds Noilson^ Broad St. Station, Phila.— (V. 106, p. 2649; V. 107, p.
★ LOS ANGELES & SALT LAKE R R .—(See Map Union Pacific.) —
From Salt Lake City, Utah, to Los Angeles, on the Pacific Coast. 811 m.
of main line, with branches, aggregating in all 1.168 miles; from Daggett
to Riverside, 111 miles, is trackage over A. T. & S. Fe and Sou. Pac. Has
steamship connection via Hawaiian Islands to China. Janan and Manila.
V- 81. p. 1551: V. 82. p. 1323; V. 91, p. 590. Salt Lake City terminals.
V. 76, p. 920, 1193, 1356. V. 77, p. 38. 148. 695; V. 78, p. 1393: V. 79. p
1024. Las Vegas & Tonopah R R ., allied, runs from Las Vegas. Nev.. to
Beatty, 119 miles. V. 81, p. 1175; V. 98. p. 1920.
8
^Name^changed from San Pedro Los Angelos & Salt Lake R R . in Aug.
Federal Compensation.— $3,414,751 yearly during Federal control.
STOCK.— Auth., $25,000,000; par. $100; all Issued; held in voting trust for
5 years (from 1903) by Farmers' Loan & Trust Co. in Joint Interest of Union
Pacific and Win. A. Clark. In Dec. 1912 the U. S. Supreme Court held
valid control by Union Pacific. V. 95. p. 1542.
P
BONDS.— The mortgage of 1911 Is for $70,000,000; $28,526,000 were
held Jan. 1 1919 in the Union Pacific (Oregon Short Line) treasury. V.
90, p. I l l ; V. 94, p. 124, 490, 699; V. 96, p. 1703; V. 98. p. 1538. 1994;
V. 100. p. 1833; V. 101, p. 132.
v
EARN INGS.— 8 mos.,(1919----- Gross, $11,031,123; net bef. S2,543,702
Jan. 1 to Aug. 31. 11918----- Gross,
9,196,874; taxes, 2,121,747
R E PO RT.— For years ended Dec. 31 1917 (V. 106, p. 822):
Gross.

N et.

Total N et.

Charges.

Bal.,Sur.

1918.......
S14.517.378 $3,645,690 x$3,644,364 $2,759,569 $884,797
1917.................. 12,766,723 5,035,497
5,143,629 3.699,004 1,444,625
1916...........
11,656,885 4,843,876
4,957,732 3,432,271 1,525.461
x In 1918 $3,414,751 represents Government compensation.
Pres., W. A. Clark; V.-P., J. D. Farrell and J. Ross Clark; Treas., W. J.
Doran; Sec., C. P. Smith. Federal M gr., E. E Calvin, Omaha, Neb.
— (V. 107, p. 1837; V. 108, p. 378.)
★ LOUSI ANA & ARKANSAS RY.— Owns from Hope, Ark., to Tioga,
La. 192.89 miles less 3.98 miles not operated Packton to Wildsviile Jet.
La. 53.32 m.; Minden La. to Shreveport 27.15 m. Trackage: Concordia
Junction, La., to Vidalia, La., 8.92. miles, connecting to ferry across
Mississippi with Illinois Central and Mississippi Central: Tioga. La., to
Alexandria, La., 7.33 miles; and on the St. Louis and Southwestern, near
Shroveport, 2.01 miles. Rock Island Co. uses 36 miles, Packton, La., to
Pinovllle, La., under trackage contract, and St. Louis Southwestern pas­
senger trains the Shroveport terminals under a 25-year lease. V. 93, p. 527.
"ST A N D A R D R E T U R N ," &c.— See page 5.
D IV ID E N D S.— 1906 to 1909.3% y iy : then to Sept. 15 1911,244% y ’ly.
None since to, it is understood, April 1919. V. 102, p. 153.
BONDS.— The unissued Urst 5s (total limited to 57.000.000) are reserved
for betterments, equipment and extensions, of which 51.000,000 reserved
for bridges across Black and Red rivers, and the balance limited to 520,000
per mile of completed railroad. The entire amount outstanding, but no




part. Is subject to redemption at 110 and interest on anv interest date.
Annual sinking fund $75,000 per ann. to buy bonds at 110 and Int.. or under:
otherwise, to be invested. Of the $5,196,000 issued Dec. 31 1917. $958,000
were held alive in the sinking fund with cash, &c.; total credit balance to
sinking fund, $958,411. See V. 101, p. 2071.
E A R N IN G S.— 12 mos., (1918.............Gross, $1,671,651; net, $67,377
Jan. 1 to Dec. 31.
\ l9 1 7 -_.---G ross,
1,569.721; taxes, 332,432
For 8 months, Jan. 1
to/1019________ Gross, $1,355,384; def., $54,484
Aug. 31.
11918_______ Gross, 1,127,260; net, 201,322
R E PO RT.— For year ending Dec. 31 1917 in V. 106, p. 2009.
Year—
Gross.
Net.
Charges,&c.
Balance.
1917................................. $1,658,042
$417,804
$315,714
$102,091
424.367
300.815
123.522
1916 ............ .................. 1.570.948
Pres., Wm. Buchanan, Texarkana, Ark. Federal M gr., Wm. N . Neff,
Tyler, Tex. Fed. Treas., W . F. Wright, Texarkana.— (V. 107, 0. 1192.)
A LOUISIANA & NORTH WEST R R .— Owns Magnolia, Ark., to Natchi­
toches, La.. 115 m.; trackage. Magnolia to McNeil, 6.4 m. On Aug.22
1913 Geo. W . Hunter, St. Louis, was appointed receiver. V. 97, p. 521, 595.
In October 1919 the receiver sought authority to abandon the road be­
tween Natchitoches, and Gibsland, La. Sale was ordered but no bids were
received. V. 109. p. 578, 1273.
Stock out, $2,300,000; par, $100. 1st 5s of 1905, V. 82, p. 628; V. 85, p.
1462. Car trusts Mar. 20 1919, S16,90>,; loans and bills payable, $750,853.
For year ending June 30 1916, gross, $273,137; net, $21,937; 1914-15, gross,
$245,039; oper. def., $17,147; int., taxes, &c., $151,076; def., $168,223.
For cal. year 1917, gross. $302,667; net, aft. taxes, $45,963.— (V. 108, p.
784, 1936; V. 109, p. 578. 1273.)
A LOUISIANA R Y . & NAVIGATION CO.— Owns New Orleans to
Shreveport, La., 303.90 miles; Aloha to Wlnnfield, 27.60 m.; McNeely's to
Gravel Pit, 2.84 m.; total, 334.34 miles. Stock outstanding 1918, $8,131,­
000; par, $100. On Aug. 9 1918 passed out of Federal control.
EARNINGS.— 8 mos.,(1919___ Gross, $2,284,129; net (before $78,717
Jan. 1 to Aug. 31. \1918____Gross, 1.9S4.713; taxes),
441,636
Year ending— Gross.
Net.
Other Inc. Int..Tax.,&c. Bal., D ef.
Dec. 31 1918_ $3,078,059
_
$492,085
$21,621
$773,526
$259,820
Dec. 31 1917-— 2,497,535
759,483
....... ...............................................
Dec. 31 1916--- 2,142,164 673.983
14,023
700,309
12,303
Pres., W m. Edenborn, Hibernia Bldg., New Orleans: V -P ., W . Coughlin;
Treas., Paul Sippel, Shreveport; Sec., J. J. Tippin.— (V.107. p . 802, 1191.)
★ LOUISIANA SOUTHERN R Y .— Owns New Orleans, La., to Pointe-a-la
Hache, La., 45 m.; Poydras to Shell Beach, 16 m .; total, 67 m. Steam
for freight and gasoline motor cars for passenger service. Operated since
June 1916 by New Orleans Texas & Mexico R y. under 12-year lease made
Feb. 1911 to St. L. & San Fr. In Jan. 1901 the United R v. & Trading Co.
of New England acquired over 95% of the stock and bonds, that company
also owning the Kenilworth Sugar Estates, 10.000 acres. V. 76 p. 708
Stock, $1,000,000: par,$100. Divs. In 1900-01.7%: 1901-02, 744%; 1905-03,
4 % . Year ending Dec. 31 1917 (as reported by lessee), gross, $235,685;
net. after taxes, $81,668. Deduct hire of equipment (net), $5,759; rental
$56,807; other, $589; balance, surplus, $19,580. This last item undor
terms of lease is applicable first to bond interest, second to dividend of not
exceeding 244 % on stock, the balance if any to be divided equally between
lessor and lessee. In April 1919there werereported $1,000,000 bonds issued
or authorized. Pres., J. S. Pyeatt; Sec.. Treas. & Aud.. M . Eckert.
Fed. M gr., F. G. Pettibone. Office, New Orleans, La.— (V. 95, p. 618.)
★ LOUISIANA WESTERN RR.— (See Map oj southern Pacific).— Owns
from Lafayette, La., to Sabine River, 105 miles; Abbeville to Mamou. 68 m.:
Mallard Jet. to Lake Arthur, 34 m.; total, 208 miles. Operated indepen­
dently. Annual compensation under Federal contract. $875,178. V. 108,
p. 974. Southern Pacific owns all the $3,360,000 stock. Dividends:
In 1905-06 and 1906-07, 10% yearly; in 1907-08, 85% ; In 1908-09.
20%: 1909-10 and 1910-11, 15%: 1911-12, 10%: 1912-13. 10%: 1913-14.
10%: 1914-15, 10%: 1915-16, 15%; 1917, 15%: 1918, 15%. Year 1918
standard return, $895,17.8; other income, $128,638: int. and other deduc­
tions, $236,402; divs. (15% ), $504,000; bal., sur., $283,414. For cal. year
1917, gross, $3,653,550; net, after taxes, SI,480,230; gross income, $1,615,­
126; charges (incl. int. on bonds and notes, $134,400), $151,999: divs. (15% )
$504,000; bal., surplus, $956,128. Fed. M gr., W . B. Scott, Houston, Tex.
— (V. 103. p. 1210; V. 107,p. 402.)
★ LOUISVILLE HENDERSON & ST. LOUIS R Y .— R O A D .— Louisville
to Henderson, K y., 144 miles (Including 6 miles trackage); Irvington to
Fordsville, ICy., 44 miles; L. & N. trackage, Henderson, K y., to Evans­
ville, Ind., 12 miles; total, 200 miles. Louisv. & Nashv. on Dec. 31 1918
owned $1,544,276 of the $2,000,000 5% non-cum. pref. and $1,741,871 of
the $2,000,000 com. (par $100). V. 94, p. 207; V. 95. p. 1274: V. 96, p. 653.
In Oct. 1915 filed a $5,000,000 1st consol. M . boncL $2,710,000 reserved
to retire 1st M . 5s at maturity: $700,000 sold forthwith and $1,590,000 re­
served for future extensions and additions. V. 103, p. 1882; V. 101, p.
1370. There are $90,000 444% equipment notes of 1912. Series A. due
$30,000 yearly Sept. 1919 to 1922 and (Dec. 3 l 1918) $110.000 misc. obligs.
Federal Compensation.— $343,915 53 yearly during Federal control.
E A R N IN G S.— 12 m os.,/1918—Gross, $2,858,463; net (before $853,644
Jan. 1 to Dec. 31.
11917-.Gross, 2,226,650; taxes).
774,329
For 8 months Jan. 1 toJ1919--Gross, $1,900,522; net (before $379,540
Aug. 31.
\1918-.Gross. 1,760,713:
taxes),
476.209
R E PO RT.— For year ending Dec. 31 1917, in V. 106, p. 2751, shows:
Cal. Yrs.—
Gross.
Net.
Other Inc. Int.,Rents,&c. Surplus.
$15 248
$334,836
$362,417
1917 ........... $2,226,649 • $682,005
1916
1.751,114
528,730
11,748
281.067
59.411
1915
1.447,836
294.166
5,689
249.955
49.900
Pres., M . H. Smith; Treas., L. W . Botts, Louisville; Federal Manager,
W. L. Mapother, Louisvillo, Ky.— (V. 108, p. 1165.)
★ LOUISVILLE & JEFFERSONVILLE BRIDOE & R R .— One-half mile
long; approaches 2 miles; overhead viaducts 1 46 mtlos, with connecting lines
In Louisville; 40 acres in Louisville and about 60 acres in Jeffersonville.
U. S. R R . Administration M ay 1918 sanctioned capital outlays, $155,000.




Nov., 19X9 1 * g X T en
t

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rais
%

When
Payable

A Control.
Private

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$100 $72,000,000 7 in 1919 F A A Aug 11 19193M
Louisville & Nashville— Stock $72,000,000 .................
E H <c N 1st M Hend to Nash g drawn 110_.Ce.xc*
S
155 1879
1,000
117.000
6 g J A D Dec 11919
1,000
J A L June 1 1930
)
803 1880
6
<1877.000
L A N G e n M ($765,000called 110 June 1 T 9 ) .Ce.xc*
1,000 3.258.000
4H g M A N Nov 1 1931
L C & Lex Gen mtge gold (V 63, p 1010)___ (l.xc*
176 1881
1,000
Pensacola Div 1st M gold (drawn at 105). .-F .zc*
45 1880
6 g M A S Mch 1 1920
36,000
New Orl A Mob Div 1st M N O to Mobile g _ F.zc*
_
141 1880
1.000 b4 .990.000
6 g J A J Jan 1 1930
Second mortgage gold.........................................xc*
1,000
141 1880
1,000,000
6 g J A J Jan 1 1930
M A s Mch 11921
Southeastern & St Louis Div first mtge gold _xc*
1,000
208 1881
3.500.000
6g
M A s Mch 1 1980
Second M gold East St Louis to Evansv & br.xc*
1,000 c2.997,000
208 1881
3g
M A N May 1 1937
First M (50-year 5s) $15,000 per mile gold..U s.xc*
202 1887
1,000 d l .749,000
5g
M A N Nov 11931
First mtge collateral trust ($7,000,000) gold..F.zc*
1888
1,000 e4.705,000
5g
Unifled mortgage for $75,000,000 g_ Ce.xc* Ar* Text
_
1890 1,000 Ac f64.766.000
4 g J A J July 1 1940
1,000
Mobile & Montgomery Joint M $5,000,000 g . Ce.xc
179 1895
4,000.000
4H g M A S Sept 1 1945
Pen & At 1st M gold drawn 110 assumed______xc*
1,000 j l , 118.000
F & A Aug 1 1921
160 1881
6g
Henderson Bridge Co 1st M gold drawn 105.Ce.xc*
M A S Sept 1 1931
10 1881
1.000
6g
8559.000
Nashv Flor & Shed 1st M g assumed In 1900 Ce.zc
1,000 k 1996,000
F & A Aug 11937
105 1887
5g
Paducah & Mem Div 1st M $5,000,000 gold. Ba.xc*
F A A Feb 1 1946
1,000 14 619.000
254 1896
4g
F A A Aug 11936
Sou A Nor Ala 1st M (V 97, p 1204, 1426)g gu Ce.xc*
1,000 m9,292 OO0
202 1886
5g
Gen cons M $25,000,000 g guar___ Us.xc*Ar*
A & O Oct 1 1963
202 1913 1.000 Ac n7,400,000
5g
Newp & Cin Br 1st M g s f assum gu by Penn Co F.x
1,000
1895
1,330.000
4M g J A J July 1 1945
L A N— Southern Ry Monon Coilat Joint M $15.500.000 (see text) call 105__________ G.xc»Ar
1902 1.000 Ac o5.898.000
July 1 1952
P
4g
Lexington A East 1st M $20,000.000assumed N.yc*
213 1915
A A o Apr 1 1965
1,000 p7.870,000
5g
Kentucky Central 1st M ($7,000,000) gold. Alo.zc*
1,000 q 6 .702.000
247 1887
4 g .1 A J July 1 1987
Atlanta Knoxville & Northern first mtge gold.Ce.x
1,000
228 1896
.1 A D Dec 1 1946
r999.000
5g
do
consol M gold $10,000 d m .U s.x
1,000
228 1902
500.000
4 g M A S Mch 1 2002
L & N— Atl K & C Div M $50,000,000. _ Us.xc* Ar*
870 1905 1,000 Ac . s24 745,000
4 g M A N May 1 1955
L A N Term M $3,000,000 gold guar Jointly .Ba.xc*
1,000
1902
2,500.000
4 g J A D Dec 1 1952
Equlpt certs g ser A due $325,000 a-a_____FL.xc*
1913
1,000
2,600.000
5 g J A D Dec’ 19-June'23
do
Series B $7,323,000 (due semi.ann)
1919
ulsvllle.
Louisville New Albany & Chicago— See Chicago India napoil S A
Lykens Vail RR & Coal Co— Stock— Rental pavs4%
20
20
4
J A J July 1 1919 2%
600,000
Macon & Birmingham— First M $500,000 g . . OB.xc
1.000
9 7 1896
500,000
J A J July 1 1946
5g
Macon Dublin & Sav— 1st M $1,840,000 g gu. N.xxc*
1.000
1.529.000
93 1907
5 g .1 A J Jan 1 1947
Macon Term inal — 1st M $3,000,000 g gu.Colc*Ar*
1.000
1.600.000
1915
5 g J A J July 1 1965
b to j: Also held in treasury Dec. 31 1918: b S10.000: c S3, 000; d S2.000; e $424,000; f $3,878, 000; g SI .441,000; j $126
k to t — Also in treasury D e c .1918.
k$100 000.
m $708,0 00. n $3,3 91.000.
o $15, 500.
p 52,625
1 $217, 000.
r $1,000. s $5,740,000.

Stock, SI,425,000: mtge. for $5,000,000: bonds for $500,000 are reserved
for future construction, Ac.; the bonds are (guaranteed jointly and severally
by the Chesapeake & Ohio and Cleveland Cincinnati Chicago A St. Louis, in
whose Interest the stock Is owned, and any deficit is payable in the propor­
tion of one-third and two-thirds respectively. Federal M gr., E. M . Costin.
Cincinnati, O. See V. 60, p. 130: V. 61, p. 327, 559; V. 62, p. 84.—
(V . 89. p. 529.)
★ LOUISVILLE & NASHVILLE R R .—(See M ap.)— ROAD.— Operates
main line. Cincinnati, O.. to New Orleans) La., 921 m ; branches to St
Louis. Memphis. &c., 4,092 m.: total. Dec. 31 1918. 5.013 miles, vis.:
Miles ^
Miles.
Owned, property deeded______ 4,243 Operated under contract______
39
Entire capital stock owned____ 450 nder trackage arrangements . _
Operated under lease________ 134
do
(owned but leased).
5
Reporting Separately (Making 7,628 M les (honed and Associated Jan.
Nashville Chatt. & St. Louis___ 993 Other lines_______t_____________
8
•Georgia Railroad System______563 Owned but leased to other cos_ 21
_
•Louisville Hend. A St. Louis_ 182
_
do
Paducah A Mem. Div___243
•Chic. Indianapolis & LouIsville.66l Deduct (Incl. In trackage above)_62
• See separate statements for these companies.
Control by Atlantic Coast Line.— Late in 1902 the Atlantlo Coast Line RR.
acquired $30,600,000 of the (then) $60,000,000 stock and owns $36,720,000
of the present $72,000,000 stock, but the roads are operated independently.
V. 74. p. 830. 1038: V. 75. p. 733. 1399.
DIVS. f'01-’04. '05-’07. 1908. '09. '10 to '14. '15 '16. '17. '18. '19.
Slnoe 190015 y'ly 6 y ’ly
5H
5H
7 y'ly
5 6.
7
7
7
Also In 1908 1% In Louisville Property Co. stock. V. 86. p. 229. 421;
BONDS.— Ev. Hend. & Nash. 6s are now drawn at 110, $150,000 yearly.
The General Mortgage bonds of 1880 are called at 110 each year; S765.000
will be paid June 1 1919. V. 108, p. 1275.
*
"Unified" mortgage, $75,000,000, of which $41,917,660 was reserved to re­
tire all prior liens (none of the prior liens can be extended), the balance for
Improvements, extensions (at the rate of $32,000 per mile. Including equip
ment). and for other purposes. The mortgage covers (besides 1,994 miles
of road and equipment), $26,473,606 stock of companies controlled and
$3,150 000 bonds free from any lien. See abstract of mortgage In V 51
p. 613: also V. 72, p. 1034,1188: V. 77, p. 968. In Jan. 1919. of $67,780,000
Issued, $3,857,000 was In treasury and $21,000 In sinking funds.
Mobile A Montgomery—Louisville A Nashville Joint mortgage Is for
$5,000,000: $1,000,000 reserved for Improvements
V. 61. p 196. 750
Kentucky Central 4s. V. 45, p. 372. Lewisb. & N or., V. 101. p. 1272.
Louisville A Nashville Terminal 4s.— Jointly guaranteed prln. and int.:
by L. A N and Nashv. C. & St. L. V. 88, p . 1313. Co.’ owns $101,000.
The Louisville & Nashville Southern R y. Monon Collateral Joint Gold 4%
b d are secured by $9,796,900 of the $10,500,000 Chic. Indianapolis &
on s
Louisv. common and $3,873,400 of the $5.OOO,0OO pref. stock. V. 74. p.
1138: V. 76. p. 593. Of the $15,500,000 Joint bonds $11,827,000 had teen
Issued to Dec. 31 1918, each company being liable for $5,913,500, but own­
ing thereof $15,500, leaving outstanding for each $5,898 000. The re­
mainder is reserved to acquire remaining “ M onon" stock and for impts., Ac.
The Atlanta Knoxville A Cincinnati division 4s ($50,000 000 autnorlzem
cover 870 miles. Of the bonds, an equal amount were reserved to retire
at maturity underlying bonds, viz.: Kentucky Central 4s, $6,742,000:
Atlanta Knoxv. & North, bonds, $1,500,000. The line from Livingston to
Jelllco, 61 miles, is subject to prior lien of Unifled mtge
V 80 d 872: V.
84. p. 1428; V. 92. p. 1178, 1311. 1565; V. 96. p. 716. 1022 '
Of the South & North Alabama R R . Gen. Consol. 5s ($25 000 000 auth
Issue), $7,400,000 have been sold, guar., prln. & Int. by the L. A N.;
$lO,00O,O0O are reserved to retire the 1st 5s o f 1886: remainder for im­
provements, equipment, Ac. V. 98. p. 464, 156, 1001.
Lexington A Eastern 5s were assumed in 1917 (authorized,$20,000,000).
V. 101, p. 1272; V. 102, p. 1163; V. 104.jp. 1489; V. 106, p .29 6. 396.
In April 1919 was preparing to issue $7,323,000 Equip, trusts, series B,
Interest rate not to exceed 6 % . principal due in 30 semi-annual installments.
V. 1 0 8 . p- 1390. In October matter was still pending.
Federal Compensation.— $17,310,494 67 yearly during Federal control .V. 108, p . 1165, 1390.
EARN INGS.— 9 mos.,/1919-Gross, $78,592,992; net (before$10,080.521
Jan. 1 to Sept. 30.
\1918.Gross, 73,368.542; taxes),
17,228,134
R E PO RT.— Year 1918, V. 108, p. 1382, and in full, V. 108. p. 1620.
1918
1918.
"Standard return” _____$17,310,495 Corp. expenses_________
$71,899
Income from oth. sources 2,512,826 Taxes________________ _ _
921.220
Accrued premiums* "on
Gross Income__________ $19,823,321
96,815
sinking fund b o n d s ...
Sinking funds. Ac
____
Deduct— Rents for leased ____.
170,319
Dividends (7 % )............... 5,040.000
Misc. rents A tax accruals
42.002
Balance, surplus_____$5,809,037
Bond, &c., interest____ - 7,449,828
1917.
1916.
1915.
Calendar Years—
______ , ______________________
Railway revenues.
.$76,907,387 $64,928,120 $54,026,979
Net, aftor taxes. A c...........................$18,775,430 $20,439,866 $13,275,690
918.124
3,412,525
Add— ilire of equipment------------1.970.088
944.284
Rents, A c ----------793,476
884,959
764.133
Dividend Income________ - - ______
1,151.133
1.182.797
Income from funded securities— _
344,356
328,774
404,114
do from unfunded secur., A c . .
501,723
685.306
808,147

U

143
1 1919).

lines________ $222,198

Gross Income..................................... $24,978,643 $25,689,971 $16,916,312
Deduct— Rents, A c................................. $1,019,598 $1,006,619 $1,066,165
Interest on funded debt__________
7,495.030
7,621,067
7,618,878
Sinking f u n d s . ----------82,515
99,474
94,367
Dividends......................................(7%)5.040,000 (7)5.040,000 (5)3,600.000
Balance, surplus______________...$11,341,499 $11,922,810

$4,536,902

OFFICERS.—Chairman, Henry Walters, N. Y.; Pres., M. H. 8mith,
Sec. and Treas., E. 8. Locke: Federal Manager, W. L. Mapother, Louisville.
Ky. Office, 71 B'way. N. Y.—(V. 108. p. 1275. 1390, 1603.)



77

71 Broadway New York
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
J P Morgan A Co. N Y
71 Broadway New York
do
do
do
do
do
do
do
do
do
do
Office Broad St Sta.Phlla
No coupons ever paid
New York Trust Co, N Y
Columbia Trust Co. N Y
,000.
,000.
q $40,000.

LYKENS VALLEY RR. & COAL CO.— Owns from Mlllersburg. Pa.
to Williamstown, Pa., 20.43 miles. Was leased to Northern Central for 99
years from July 1 1910; annual rental, 824,000 (equal to 4% on stock)
organization expenses and taxes. In 1919 operated by Penn. R R . Co.
under agreement of lease dated July 29 1914 (retroactive to Jan. 1 1911).
— V. 92, p. 527.
A MACON & BIRMINGHAM RY.— Owns Sofkee Jet. to La Grange. Ga..
96 70 miles. 7.03 miles of G. S. A F. Ry. and 1.10 mile of O. of Ga. R y ,
between Sofkee and Macon operated under trackage rights. V. 101,
p. 449. In 1908 a receiver was appointed: now H. W. Miller. V . 86, p .
337. In year 1918, gross, 8222,869; net, after taxes, 838,335; other income)
$1,072. Loans & bills payable Dec. 31 1918, $67,981.— (V. 101, p. 449.)
★ MACON DUBLIN A SAVANNAH RR.— Owns road from Macon to
Vldalia, Ga., 92 miles. Stock, $3,200,000 auth.; outstanding, $2,040,000
(par $100). Seaboard Air Line Ry. guarantees bonds, prln. and Interest.
Bonds, Series 1506 to 1529 incl., have clause “ Federal Income tax. If any
on same. Is to be paid by purchaser." V 89. p. 43; V. 84. p. 102 . 450;
V. 106, p. 1126. For year 1917 gross, $644,820; net, after taxes, $232,449;
other Income, 815.113: interest. Ac., $160,487: bal.. sur.. $87,073. Pres.,
James A. Blair Jr., N. Y .; Sec. & Treas., Robt. L. Nutt, N. Y . Fed. M gr.,
W . J. Harahan, Norfolk, Va. Gen. Mgr. under U. S. G ovt., W . L. Seddon,
Norfolk, Va.— (V. 107, p. 291.)
★ MACON TERMINAL CO.— Building, tracks, A c., at Macon, Ga., com­
pleted and is used by Central o f Georgia, Georgia Southern A Florida and
Southern R y. (all lines entering M acon). which own the $ 100.000 stock and
guarantee the bonds, prin. and int., by endorsement. Rental on wheelage
basis covers int. on bonds and all charges. V. 101, p . 1886. Fed. M gr.,
W . A. Winburn.— (V. 101, p. 1886.)
★ MAHON ING COAL R R .— Owns from Youngstown to Andover. O., and
Dranches. 71 miles. In December 1907 purchased a one-half Interest in
the Lake Erie & Eastern R R . in Youngstown, &c.
Leased In perpetuity for 40% of gross earnings to Lake Shore (now N. Y .
Central), which Jan. 1 1917 owned $865,900 com. and $399,500 pref. stock.
LATE DIVS.—
/ '95- 06. ’07-'09. '10. ' l l '12 '13. '14. T 5to'19.
On c o m .. . __________ 110 yrly 12 yrly 66 70 20 70 60
50% yly.
Dividends 1915-19, 20% yly. (10% s.-a.) with 30 extra in July or Aug.)
The 5% pref. stock guaranteed is callable at par. See V. 107, p. 1579.
— (V. 106, p. 2566; V. 107. p. 1004, 1579; V. 108, p. 2433.)
★ MAINE CENTRAL R R .— Portland to Vanceboro. M e., via Augusta,
267 miles (including trackage Portland to Falmouth, 7 miles); branches.
Royal Jet. to Skowbegan via Lewiston. 90 m.; Bath to Lewiston and Farm­
ington, 79 m.; Oakland to Kineo Sta., 91 m.; Portland and Rumford Falls
System, 103 m.; Oquossoc to Kennebago, 11 m.; Bath to Rockland, Incl.
ferry (0.66 m .), 49 m.; Belfast, Harmony, Foxcroft, Bucksport and M t.
Desert, incl. ferry (7.7 m .), 157 m.; Washington County. 139 m.; Portland
to St. Johnsbury, Vt., 138 m. incl. trackage, 0.11m. St. Johnsbury Sta.,
and 8.27 m. from Portland Union Sta. to Windham Line. M e.; Quebec
Jet., N. H ., to Lime Ridge, P. Q., 108 m.; total Dec. 31 1918, 1.216 miles,
of which 654 owned, 546 operated under leases. 15 trackage and 8 ferry.
"ST A N D A R D R E T U R N ,” A c.— See page 5.
STOCK.— The stockholders In 1915 authorized retiring $10,000,000 of
the outstanding stock and issuing in place thereof $3,000,000 5% non-voting
cum. pref. stock and $7,O0O,OOO First A Ref. 20-year 4H s. V .lO l.p . 923,
1370. 1465. The common stock was thus reduced to $14,907,617. See
bonds below. V. 101, p. 1628, 1714. The majority interest in the stock
formerly owned by the Boston A Maine was all disposed of In 1914-16,
through the Maine Railways, and trust wound up. V. 98. p. 312, 1071;
V. 102. p. 1250; V. 103, p. 1407.
D IVIDEN DS— I ’04-'06.
'07.
'08-'10. ' l l .
1912 to O ct. 1919
On common stock.\ 7 y'ly.
7 J*
8 y'ly.
7H
6 yearly (lH Q-J)
BONDS.— The 1st & Ref. M tge. is limited to S25,000,000; $1,700,000
are reserved to retire underlying bonds; $2,300,000 for any lawful purpose;
and $5,000,000 may be issued only for improvements when the earnings
are 1H times all interest charges, including the bonds to be issued. A
first mortgage on about 323 miles o f road, including the line running from
Portland to Bangor and on entire stock of Portland Term. C o., and a
second mortgage on about 88 miles. V. 102, p. 976, 1163, 1250; V. 108, p.
480: V. 106, p. 1453, 1689.
There are also $119.000 Maine Shore Line 6s assumed, due 1923; also
$25,500 Belfast A Moosehead Lake mtge. 4s (not tax-exempt), due 1920,
not guaranteed, int. and sk. fd. paid out of rental; And. A Ken. stock
bonds, $11,000, exchangeable for M . O. stock; the A. A K. stock bonds are
included In the above outstanding stock. V. 95. p. 1332.
Loans and bills payable Dec. 31 1918, $1,300,000.
Guarantees bonds and notes of Portland Terminal Co. See that company.
EARN ING S.— 8 m os.,(1919................ Gross, 811.249,298; def. $200,779
Jan. 1 to Aug. 31.
\1918.................Gross, 10,481,259; net, 429,463
ANNUAL R E PO RT.— For cal. year 1918, V. 109, p. 1983, shows:
Income from lease of road [to U. S. R R . Administration!..........$2,998,417
Dividend income, $66,470; other income, $79,256....................... $145,726
Deduct— Tax accruals______ $69,401 Interest on funded debt------$805,872
Railway oper. expenses.. 30,252 Interest on unfunded debt. 49,962
Rent for leased roads______ 905,591 Improvements----------------94,486
Miscellaneous rents________ 23,029 Sinking A other res've funds 16.045
Miscellaneous tax accruals.
4.046 Dividends_________________§Z 9 '§§!
Miscell Income charges____189,310 Balance, surplus__________ $85,259
1918.
1917.
Cal. Years— 1918.
1917.
A v. miles oper 1.218.60
1,216.99 Int. on fd. d t. $805,872 $816,609
Tot.oper.rev.$16,415,178 14.125.577 Rents. A c . . . . 1.474.600 1,245,779
150,000
150,000
Net.aft.tax.Acdef518,426 $2,722,379 Pf. divs. (5% )
720,888
Other income.
383,672
441,534 Com .divs.(6% ) 720,888
Gross income def$134,754 $3,163,913 B a l.+ or--------$3,286,114 +$230,637
Pres., Morris McDonald; Comp. A Treas., Arthur P. Foss; Fed. Treas.,
Louis M . Patterson; Fed. M gr., D. C . Douglass, Portland, M e.— (V. 107,
p. 1747, 2188; V. 108, p. 268, 480. 1275; V. 109, p. 1983.)

★ Government
Control.

78

A l ’ rlvate
Control.

RAILWAY STOCKS AND BONDS
M ile s
R oad

R A IL R O A D C O M P A N IE S
{F o r a b b r e v ia tio n s , & c ., se e n o te s o n f i r s t p a g e . ]

D a te
B onds

71
71
63

1884

41
411
56
48
48
139
42
94

M a h o n i n g C o a l R R — S t o c k , C o m m o n ______________________
P r e f e r r e d s t o c k ( s e e t e x t ) __________________________________
F ir s t M Y o u n g s t o A n d & c g u a r o A l ( e n d ) . - U n . z c
M a in e C e n tr a l— C o m
s t o c k a n d s c r ip ( $ 1 5 ,0 0 0 ,0 0 0 ) .
P r e f s t o c k 5 % c u m n o n - v o t i n g , $ 3 , 0 0 0 . 0 0 0 ____________
C o lla te r a l t r u s t b o n d s fo r M t D e s e r t B r a n c h .A B .z c
1 s t A K e f M 3 2 5 , 0 0 0 , 0 0 0 c a l l a t 1 0 2 & i n t _____ c * A r *
M a in e C e n t r a l E u r & N o A m r e f u n d in g m t g e g o l d . z
F i r s t M P e n o b s c o t S h o r e L i n e R R C o a s s u m e d ____z
K A L 2 d M ( f o r $ 4 0 0 , 0 0 0 ) a s s u m e d _____________ B B z
W a s h in g t o n C o u n t y 1 s t M p e r m ile g g u r e d _ C e .z c *
S o m e r s e t R y C o n s o l M g ($ 2 4 9 ,0 0 0 w e r e in t r e a s ) _ z
F ir s t a n d R e f u n d i n g in t g e S I , 5 0 0 .0 0 0 g o l d - . A B z

1883
1915
1893
1890
1891
1904
1900
1905

Par
V a lu e

A m ount
O u tsta n d in g

$50
50
1 ,0 0 0
100
100
1 ,0 0 0
1 ,0 0 0 A c
1 ,0 0 0
1 ,0 0 0
1 .0 0 0
1 .0 0 0
500 A c
1 .0 0 0

110
110 1908
17
17 1 8 8 9
53i
53
1890
126
55.
55 1890
1 4 _____
1 9 _____
. . . ’S 7 -’89

2 5 .4 4
1892
37
37
37

—

Bonds o f Underlying Co. in Hands o f Public—
M a n i l a R y ‘ ‘ A ’ ’ d e b e n t u r e s c a l l 1 0 5 ______________________
do
‘‘B ’’ d eb en tu res 4 % red u ced to 3 ) 4 % —
M a n is t iq u e & L a k e S u p — I n c M 4 % n -c $ 1 ,3 0 0 ,0 0 0 . z
M a n is t & N E— 1st M e d u e 4 0 M y ’ ly re d t e x t .C C .x c *

•

68
te x t

1890
1913
1909
1917
1916
1906
1906
1909
1909

100
1 .0 0 0
1 00
1 .0 0 0
100
1 ,0 0 0
100
100
500 Ac
100
100
1 ,0 0 0

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

100
1 ,0 0 0
100
1 ,0 0 0 A c

1 . 0 0 0 .0 0 0
2 7 4 ,0 0 0
6 0 .0 0 0 ,0 0 0
4 0 .6 8 4 .0 0 0
4 ,5 2 3 .0 0 0
1 3 .7 1 4 .0 0 0
S ee te x t
P le d g e d

1 .0 0 0 & c
1 ,0 0 0
£20 A c
£20 A c
1 .0 0 0
1 .0 0 0

2
4 )4
5
4
4
4
5
6
4 A 4 )4
5
4 )4
4

10
4
7
4
4
4
4
5

g

4
£ 2 ,0 0 0 ,0 0 0
£ 1 ,8 8 0 ,0 0 0
3 )4
1 .1 0 0 .0 0 0 U p t o
1 .1 7 2 .0 0 0
5 g

and

P la c e s W h ere In ter es t
D iv id e n d s a r e P a y a b le

A
A
&
J
&
J
C— J
Q — M
&
J
D
D
J
A
&
J
J
F
&
A
F
&
A
J
&
J
A J2
J
J
A
J

S ee te x t
J u ly 1 1 9 2 ^ %
J u ly 1 1 9 3 4
O c t 1 1 9 1 9 134
S ept 1 1919 1 M
Ju n e 1 1923
D ec 1 1935
Jan
1 1933
Aug 11920
F eb 1 1921
Jan
1 1954
J u ly 2 1 9 5 0
J u ly 1 1 9 5 5

G ran d C en t T e rm . N
C e n t U n io n T r C o , N
do
do
O ffic e , P o r tla n d , M e

Aug
N ov
J u ly
J u ly
N ov
M ay
O ct
N ov
M ay
J u ly
N ov
J u ly

M a in e C e n t O ff, P o r t la n d
N Y . B o s t o n A P o r tla n d
O ffic e , D o v e r . M e
N Y , B o s to n & P o r tla n d
T r e a s o ffic e . P o r t la n d
N Y , B o s to n & P o r tla n d
T re a s o ffic e , B a n g o r, M e
O ffic e , P o r t la n d , M e
N Y , B o s t o n A P o r tla n d
T r e a s u r e r ’s o ffic e , P ’t l’d
O ffic e , R o c k la n d , M e
F id e lit y T r C o , P o r tla n d

F
J
J

M
J
J
M
M
A
M
M
J
M
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M
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g
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L a s t D iv id e n d
an d M a tu rity

Q - -F

$ 1 ,5 0 0 ,0 0 0 S e e t e x t .
5
6 6 1 .3 6 7
5
1 .5 0 0 ,0 0 0
1 4 ,8 8 8 ,4 0 0 6 In 1 9 1 9
5
3 ,0 0 0 .0 0 0
5
6 1 3 .0 0 0
4 )4 & 5
lO .O O iM O O
1 ,0 0 0 .0 0 0
4 g
4
1 ,3 0 0 ,0 0 0
4 0 0 .0 0 0
5
2 .5 0 0 .0 0 0
3H g
1 7 2 ,5 0 0
4 e
8 6 4 .0 0 0
4 g

Guaranteed Securities—
P o r t la n d A O g d e n s b u r g s t o c k (2 % re n ta l 9 9 9 y r s ) . .
1 s t M g u a r p r l n & l n t e n d ( V . 8 6 , d . 1 2 8 5 ) _________^
D e x te r A P is c a ta q u is s t o c k 5 % re n ta l 9 9 9 y e a r s ..
F ir s t M D e x t e r t o F o x c r o f t A c g u a r b y e n d . _ B B z
H e r e f o r d R y s t o c k ( r e n t a l 9 9 9 y e a r s ) __________________
F i r s t m o r t g a g e g u a r p r l n a n d l n t ( e n d o r s e d ) ____ z
E u r o p e a n & N o r A m s t k 5 % r e n t a l 9 9 9 y e a r s _________
U p p e r C o o s R R s t o c k 6 % r e n t a l 9 9 9 y e a r s ____________
1 s t M a n d E x t e n M ($ 6 9 3 ,0 0 0 4 3 4 s ) g u a r p A l . z
• D e x t e r A N e w p o r t s t o c k 5 % ______________________________
E a s t e r n M a i n e s t k 4 3 4 % r e n t a l 9 9 9 y e a r s ______________
P o r t la n d U n io n R y S t a s e r ie s " A ” A “ B ” ( t e x t ) . s f z
P o r tla n d T e r m in a l C o .— S e e th a t c o m p a n y .
P o r t la n d A R u m f o r d F a lls R R — S e e t h a t c o m p a n y
M a n c h e s t e r & L a w r e n c e — S t k 1 0 % r e n t t ill ’ 3 7 B A M
P l a i n b o n d s ( n o t m t g e ) I n t g u a r b y B & M _________z c
M a n h a tta n (E le v a t e d ) R y . N Y— S t o c k $ 6 0 ,0 0 0 .0 0 0 ..
M a n h a t t a n E le v c o n s (n o w 1 st) m t g e g o l d .C e .x c * A r
2 d M $ 5 , 4 0 9 , 0 0 0 g c a l l a t 1 0 5 ( s e e t e x t ) _________E q
M a n ila — 1 s t M S o u L in e s g ln t g u s f r e d l l O F - . x c * A r *
do
do
s i n k i n g f u n d ______________:_______
N e w 1 s t M & R e f o n N o r L i n e s $ 1 3 , 2 3 6 , 0 0 0 ---------C e

W h en
P a y a b le

R a te
%

[V o l . 109

A
J
M
M
J

&
A
A
&
&
&
&
A
&
&
A

28
N
J
.1
N
N
()
N
N
J
N
J

2 8 ’ 19 34%
1 1928
1 T 9 2 )4 %
1 1929
1919 2 %
1 1930
1 1919 2 )4
1919 3 %
1 1930
1919 2 )4 %
1919 234 %
’2 7 -J a n ^ 2 9

A
N N o v 1 1919 5 %
&
J Jan 1 1922
C— J
O ct 1 1919 1 X
&
C) A p r 1 1 9 9 0
1) J u n e 1 2 0 1 3
&
&
N See tex t
A
N M a y 1 1959
&
J J u ly l 1956

J & J 15 J a n 15 1 9 5 6
A & O 15 J a n 1 5 1 9 5 6
4 M
A
S Aug 11934
J
A
J Jan
1 9 1 9 -1 9 3 9

Y
Y

A m e r ic a n T r u s t . B o s t o n
N Y . B o s to n A P o r tla n d
do
do
N Y , B o s t o n A P o r tla n d
do
do
N Y . B o s t o n A P o r t la n d
do
do
do
do

M a n ch ester. N e w H a m p
B ost A M e R R , B oston
165 B ro a d w a y , N Y
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P h ilip p in e N a t . B k .
do
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N ew Y ork
L ondon
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D e t r o it
J a n 1 9 1 9 p r ln & ln t u n p a id

★ MANISTIQUE & L A KE SUPERIOR R R . — M a n i s t i q u e , M i c h . , o n L a k e
M ic h ig a n , n o r t h e r ly to E v e ly n . 4 2 m .: b r a n c h t o D o y le s , 15 m .; V . 8 1 . p ,
975; V . 87, p. 97; V . 89, p. 470.
T h e A n n A r b o r R R . In A p r . 1 9 1 1 a c ­
q u ir e d t h e e n t ir e $ 2 5 0 ,0 0 0 s t o c k .
V . 92. p. 1109.
B o n d s a u t h ., $ 1 ,3 0 0 ,­
0 0 0 2 5 -y e a r 4 % n o n -c u r a . in c o m e s .
O n D e c . 3 1 1 9 1 8 , g r o s s , $ 1 9 5 ,0 4 8 ; n e t .
$ 7 ,7 9 2 ; ta x e s (in c l. w a r ), $ 6 ,6 2 0 ; o t h e r in c o m e ( d e b .) . $ 7 ,4 5 4 ; n e t d e f ic it ,
A M A N H A T T A N R Y . ( E L E V A T E D ) . — O w n s a l l t h e e l e v a t e d r a i l r o a d s in
$ 6 ,2 8 3 ; G o v e r n m e n t c o m p e n s a t io n , $ 2 1 ,5 5 8 .
F o r 1 9 1 7 , g r o s s , $ 1 8 6 ,6 4 7 ;
b o r o u g h s o f M a n h a t t a n a n d t h e B r o n x . N . Y . C i t y , m a in lin e a n d b r a n c h e s ,
n e t , a fte r t a x e s , $ 3 1 ,5 2 2 .
P r e s ., N e w m a n E r b , T o l o d o , O .; G e n . M g r .,
3 7 .6 7
m ile s , w it h 9 2 .6 3 m ile s o f 2 d . 3 d . 4 t h a n d 5 t h t r a c k , t r a c k , s id in g s . u n d e r U . 8 . G o v t ., E . F . B lo m e y e r , M in n e a p o lis , M in n .— ( V . 1 0 8 , p . 1 1 7 1 .)
A c . ; t o t a l t r a c k . 1 3 0 .3 0 m ile s ; 3 d r a il e l e c t r i c .
T h e 2 d , 3d a n d 9 th A v e .
A M A N I T O U & P I K E ’ S PE AK R Y . — M a n l t o u , C o l . , t o s u m m l t o f P i k e 's
l i n e s , u n d e r a g r e e m e n t w i t h t h e c i t y m a d e in M a r c h 1 9 1 3 , h a v e b e e n l a r g e l y
p e a k , 8 .9 m ile s ; s t a n d a r d g a u g e .
O p e r a t e d fr o m A p r il t o N o v e m b e r y r l y .
3 -tr a c k e d , th e In te r b o r o u g h R a p id T r a n s it C o . s u p p ly in g fu n d s .
S t o c k . $ 5 0 0 ,0 0 0 : p a r o f s h a r a s. $ 1 0 0 .
D i v . , 4 0 % p a i d in 1 9 1 3 - 1 4 ; 1 9 1 5 ,
L E A S E . — T h e I n t e r b o r o u g h R a p id T r a n s i t C o . le a s e s t h e r o a d f o r 9 9 9
S e p t ., 1 0 % ; 1 9 1 6 , n o n e .
I n t . o n b o n d s p a id r e g u la r ly t o A p r . 1 1 9 1 7 : n o n e
y e a r s fr o m 1 8 7 5 . g u a r a n te e in g 7 % p . a . o n s t o c k .
V . 108. p . 171; V . 75, p .
p a id s in c e t o S e p t . 1 9 1 9 ,
F o r y e a r e n d . D o c . 31 1 9 1 8 , g r a s s , $ 4 2 ,6 7 9 ; n e t ,
1 2 0 2 ,1 3 0 2 ; V . 7 6 . p . 2 1 2 ; V . 7 9 . p . 2 4 5 6 ; V . 9 6 , p . 7 9 1 .
G u a r ., V . 7 6 ,p .4 8 0 .
lo s s . $ 9 ,1 4 3 ;
oth or
In com e.
$ 9 5 9 ; b o n d i n t ., $ 2 5 ,0 0 0 ; m ls c e ll ., $ 3 0 5 ;
S ta tu s o f s to ck , A c ., V . 108. p . 1610.
•
d e f ., $ 3 3 ,4 8 8 .
P r o s ., H . J . H o lt , M a n lt o u , C o l o .— ( V . 1 0 6 , p . 2 0 1 1 .)
S t o c k h o l d e r s ' C o m m i t t e e .— A l f r e d
S k »tt, C h a ir m a n . W illia m
A . D ay,
A M A R I O N & R Y E V A L L E Y R Y .— O w n s M a r lo n to S u g a r G r o v e . V a .,
A lv in W . K r e c h , J . H . M c C le m e n t , S ta r r J . M u r p h y a n d F r e d e r ic k S tra u ss .
18 m i l e s .
A r e o r g a n i z a t i o n in J u n e 1 9 0 0 .
C o n t r o lle d b y U n ite d S ta to s
Y . 109, p . 1891.
S pru ce L u m b er C o .
S t o c k , $ 1 0 0 ,0 0 0 . p a r , $ 1 0 0 .
D iv id e n d 1 9 1 5 , 6 % .
B O N D S .— C o n s o ls b e y o n d $ 4 0 ,0 0 0 ,0 0 0 m a y b e Iss u e d f o r e x t e n s io n s a t
B o n d s $ 1 7 5 ,0 0 0 6 s . s e e t a b le a b o v e .
V . 00, p. 1472.
Y o a r e n d in g J u n o 3 0
$ 3 0 0 ,0 0 0 p e r m ile o f s in g le a n d $ 6 0 0 ,0 0 0 p e r m ile o f d o u b le t r a c k .
O f th e
1 9 1 6 , g r o s s . $ 8 6 ,1 3 8 ; n o t . $ 3 3 ,2 9 1 ; in t ., A c . . $ 2 2 ,3 9 2 ; b a l .. s u r ., $ 1 0 ,8 9 9 ,
b o n d s . $ 1 2 ,7 1 2 ,0 0 0 a r e t a x - e x e m p t .
A f t e r a ll t h e $ 5 , 4 0 9 , 0 0 0 2 d M . b o n d s
P re s . & G e n . M a n ., J . O . C a m p b e ll; T r e a s ., L . A . A m s le r ; A u d ., II. 8 .
h a v e b e e n I s s u e d , a ll f u r t h e r c a p i t a l e x p e n d i t u r e s m u s t b e f i n a n c e d b y t h e
C h a r lt o n . M a r l o n . V a .; O . H . M i l l e r , F a ir m o n t , V a .— ( V . 9 5 . p . 1 4 7 2 .)
In terb orou g h R . T . C o .
V . 103, p . 1118: V . 51. p . 248; V . 8 7 , p. 285.
A M A R S H A I . L & E A S T T E X A S R Y . — F o r m o r l v o w n o d f r o m E ly .s ia n
I n F e b . 1 9 1 6 $ 4 ,5 2 3 ,0 0 0 4 % 2 d M . b o n d s w e r e s o ld t o r e im b u r s e t h e I n t e r ­
F i e l d s , v i a M a r s h a l l , T e x . , t o W i n . i s b o r o , o n M . IC. A T . , 9 2 m .
O n Jan.
b o r o u g h R . T . C o . fo r im p r o v e m e n t s a n d a d d i t io n s fu r n is h e d u n d e r le a s e ,
2 5 1 9 1 7 B r y a n S n y d e r , M a r s h a ll. T e x ..w a s m a d e r e c e lv o r .
I n 1 9 1 8 s o ld
A c.
T h e 2 d m t g e . Is m a d e s u p e r i o r i n l i e n t o t h e l e a s e t o t h e I n t e r b o r ­
u n d e r d e c r e e o f F e d e r a l C o u r t a n d in O c t . 1 9 1 9 n o lo n g e r o p e r a t e d .
ou gh . V . 106. p . 822: V . 103. p . 1118; V . 102, p . 609, 712, 800; V . 9 7 , p .
★ M A N C H E S T E R * L A W R E N C E R R .— O w n s fr o m M a n c h e s te r . N . E L .
t o M e t h u e n (S t a - e h u e ), 2 3 .4 m .; s id e t r a c k 9 .2 m ., t o t a l , 3 2 .6 m .
L eased
fo r 5 0 v e a r s fr o m H op- 1 1 8 8 7 t o B o s t o n & M a in e a t r e n ta l p a y in g 1 0 % d lv
In 1 8 9 5 a d iv . o f 5 0 % p a id fr o m p r o c e e d s o f C .& M . s u it .
In J a n . 1919
m e r g e r w it h B . & M . w a s p e n d in g .
S e e t h a t c o m p a n y .— ( V . 1 0 8 , p . 2 6 8 .)

1115, 1504.

In 1 9 0 7 -0 9 p a id fr a n c h is e t a x 1 9 0 0 t o ’0 8 ($ 4 ,8 7 6 ,5 4 5 )

_

R E P O R T .— S e e r e p o r t o f I n te r b o r o u g h R a p id T r a n s it C o . fo r 1 9 1 8 -1 9 .
V .
1 0 9 , p . 1 1 7 5 ; a ls o V . 1 0 8 , p . 1 7 1 .
I n th e fo llo w in g t a b le t h e in te r e s t
a n d s in k i n g f u n d o n t h a t c o m p a n y ’ s b o n d s , is s u e d f o r t h ir d t r a c k i n g a n d
o th e r w is e im p r o v in g th e M a n h a t t a n R y ., a re s h o w n a s a n I n d e p e n d e n t ite m ,
s in c e t h e le g a l p o s i t io n o f t h e M a n h a t t a n R y . w it h r e s p e c t t o t h e s a m e
u n d e r t h e le a s e h a s n o t b e e n d e t e r m in e d .
A s t o d e c r e a s e d b u s in e s s in
1 9 1 8 -1 9 d u e t o o p e n in g o f n e w s u b w a y s , s e e R a p id T r a n s it in N . Y . C i t y in
V . 108. p . 2241, an d V . 109, p . 174.
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
1 9 1 5 -1 6 .
G r o s s o p e r . r e v e n u e _____ $ 1 8 , 5 7 5 , 0 0 2 $ 1 8 , 6 5 7 , 2 8 0 $ 1 8 , 4 1 1 , 2 5 4 $ 1 6 , 5 3 4 , 2 7 6
N e t, a fte r ta x e s
4 ,4 6 7 ,5 9 3
6 ,5 9 3 ,9 5 4
7 ,8 7 5 ,6 8 9
7 ,5 6 3 ,3 2 4
G r o s s in c o m e _
4 ,5 7 9 ,9 5 1
6 ,6 9 2 ,1 3 0
7 ,9 5 1 ,2 7 9
7 ,6 7 6 ,7 0 5
In terest a n d ren t p a id ..
2 ,2 9 7 ,0 2 2
2 ,0 7 3 ,8 4 5
1 ,8 6 7 ,1 9 9
1 ,7 4 6 ,7 1 0
G u a r , d iv id e n d s
( 7 % ) - - 4 ,2 0 0 ,0 0 0
4 ,2 0 0 ,0 0 0
4 ,2 0 0 ,0 0 0
4 ,2 0 0 ,0 0 0
S u r p lu s t o l e s s e e . . - d e f . $ l , 9 1 7 ,0 7 1
I n t . & s k . f d . I n t . R . T . b d s $ 2 ,1 8 5 ,6 4 0

$ 4 1 8 ,2 8 5
$ 1 ,1 8 9 ,9 9 5

$ 1 ,8 8 4 ,0 8 0
$ 7 3 7 ,9 0 0

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

P r e s ., A lfr e d S k it t ; A s s t . S e e .-A s s t . T r e a s ., P . V . T r a in q u e .— ( V . 1 0 8 , p .
1 7 1 , 1 6 1 0 ; V . 1 0 9 , p . 1 1 7 9 , 1 8 9 1 .)

AMANILA R R . — { G a u g e , 3 f t . 6 in.) — T h i s c o m p a n y , o r g a n i z e d In N e w J e r ­
s e y In 1 9 0 6 , h a s t a k e n o v e r a n d Is o p e r a t i n g t h e o n l y s t e a m r o a d o n t h e
I s l a n d o f L u z o n . P h ilip p in e I s la n d s , 5 5 0 m ile s ( V . 8 8 , p . 1 3 1 3 ; V . 9 1 . n . 21 J .)
In o p e r a t io n D e c . 1 9 1 7 ,
3 1 5 m ile s o f N o r t h e r n
lin e s a n d 3 0 8 m ile s
S o u t h e r n lin e s .
A d d it io n a l m ile a g e h a s b e e n u n d e r c o n s t r u c t io n .
I n 1 9 1 6 -1 7 th e P h ilip p in e G o v t , p u r c h a s e d a ll t h e o u t s t a n d i n g s t o c k fo r
$ 4 ,0 0 0 ,0 0 0 c a s h .
V . 103, p . 939, 1031; V . 102. p . 609. 251. 2166.
B O N D S .— T h e M a n ila R R . (S o u t h e r n L in e s ) 1 st g o l d 4 s o f 1 9 0 9 , g u a r ­
a n te e d a s t o in te r e s t b y th e P h ilip p in e G o v e r n m n t u n d e r A c t o f U . S . C o n ­
g r e s s , a r e lim ite d t o $ 3 0 ,0 0 0 ,0 0 0 , o f w h ic h $ 1 3 ,7 1 4 ,0 0 0 h a v e b e e n is s u e d .
T h e b o n d s a r e r e d e e m a b le as a w h o le a t a n y t im e a t 1 1 0 o r b y lo t fo r a s in k ­
in g f u n d o f
o f 1 % y e a r ly fr o m M a y 1 1 9 1 9 to A p r . 3 0 1 9 2 8 . a n d 1 % y e a r ly
th e r e a fte r .
V . 91, p . 215. 276, 717, 1711; V . 93. p . 45; V . 104, p . 1801:
^ I n ^ J u n e 1 9 1 7 ,’ u n d e r a g r e e m e n t o f s a l e r a t i f i e d S e p t . 8 1 9 1 6 , $ 4 , 3 3 0 , 0 0 0
N o r t h e r n L in e s F ir s t M t g e . 6 % b o n d s a n d $ 7 ,7 1 6 ,0 0 0 2 d M t g e . 7 % b o n d s
w e r e c a n c e le d
o f J u ly 1 1 9 1 0 .
I n lie u t h e r e o f t h e r e w e r e I s s u e d $ 1 3 . ­
2 3 6 ,0 0 0
M a n ila R R . C o . R e fu n d in g M t g e . 5 % 4 0 -y e a r g o ld b o n d s , d a t e d
J u l y 1 1 9 1 6 . a f i r s t li e n o n t h e N o r t h e r n L i n e s a n d , s u b j e c t t o t h e S o u t h e r n
L in e s F ir s t 4 s , a lie n o n t h e S o u t h e r n L in a s .
T h e e n t i r e I s s u e is h e l d a n d
p le d g e d b y th e M a n ila R y . C o . (1 9 0 6 ). L t d ., a s b e lo w s t a t e d .
I t w a s a ls o a r r a n g e d t o a p p l y n o t o v e r £ 5 9 0 ,0 0 0 o f th e $ 4 ,0 0 0 ,0 0 0 p u r ­
c h a s e p r ic e t o p a y m e n t o f lo a n s o f M a n il a R y . (t h e E n g lis h c o . ) , c a n c e lin g
th e A & B d e b . s t o c k p le d g e d t h e r e fo r a n d s o r e d u c in g t h e n o m in a l Issu es
o f I t s d e b . s t o c k ( a n d b o n d s ) t o t h e a m o u n t s t h e r e t o f o r e s o l d , v i z . , £ 2 . 0 0 0 ,0 0 0
C la s s A 4 % a n d £ 1 ,8 8 0 .0 0 0 C la s s B , t h e I n t e r e s t r a t e o n t h e la t t e r b e in g r e ­
d u c e d f r o m 4 % t o 3 54 % • T h e A a n d B is s u e s t h u s t o b e f i r s t a n d s e c o n d
c h a r g e s , r e s p e c t i v e ly , o n th e $ 1 3 ,2 3 6 ,0 0 0 n e w 1 st M . 5 % 4 0 -y e a r b o n d s o f
t h e A m e r ic a n c o . a n d o n a b o u t $ 2 ,0 0 0 ,0 0 0 S o u t h e r n L in e s 1 s t M . 4 s .
See
a ls o V . 1 0 2 . p . 2 1 6 6 ; V . 1 0 3 , p 1 4 5 , 4 9 3 . 1 0 3 2 ; V . 1 0 3 , p . 1 8 8 8 .
E a rn s.
G ross.
N e t.
T o ta l I n c o m e .
C h a rg es.
B a la n c e.
1 9 1 8 .............$ 4 , 6 8 9 , 7 5 5
$ 1 ,3 8 1 ,1 8 2
$ 1 ,4 9 0 ,8 1 9
$ 1 ,3 6 6 ,4 4 8
s u r .$ 1 2 4 ,3 7 1
1917
_____ 3 , 5 7 8 , 0 7 5
1 ,6 2 0 .1 3 3
1 ,7 9 3 ,5 2 4
1 ,3 8 5 ,2 0 4
s u r . 4 0 8 .3 2 0
P r e s ., M a n u e l Q u e z o n , M a n ila .
G e n . M g r ., E . J . W e s te r h o u s e , M a n ila .
N o n -r e s id e n t S e c r e t a r y . L . V . C a r m a c k , In s u la r B u r e a u . W a s h in g t o n ,
D .
C.
C o r p . o f f i c e , 15 E x c h a n g e P la c e , J e r s e y C i t y . — ( Y . 1 0 5 , 0 . 1 8 0 2 .)
A M A N I S T E E & N O R T H E A S T E R N R R .— O w n s fr o m M a n is te e . M ic h ., to
T r a v e r s e C it y , 71 m .; S o lo n t o P r o v e m o n t , 15 m .; P la t t e R iv e r t o E m p ir e .
J e t . , 1 7 m ; o t h e r , 8 0 m .; s id in g s a n d s p u r s , 5 3 m .; le a s e d , 1 m .- o p e r a t e d
u n d e r c o n t r a c t , 6 m .; t o t a l, 2 4 3 m ile s .
T h e M ic h ig a n T r u s t C o . o f G r a n d
R a p id s w a s a p p o in t e d r e c e iv e r D e c . 2 8 1 9 1 8 . th e r o a d b e in g u n a b le t o m e e t
p r in . a n d in t . d u e J a n . 1 1 9 1 9 o n its b o n d s .
V . 108, p . 79, 268.
C o­
o p e r a t iv e c o n t r a c t s ig n e d S e p t. 2 9 1 9 1 9 .
V . 109, p . 1366.
B on d s, see V . 8 8 , p . 3 7 5 . 823; V . 90. p . 1363.
S t o c k , $ 2 ,0 0 0 ,0 0 0 .
R E P O R T .— F o r y e a r e n d in g D e c . 31 1 9 1 7 — s e e V . 1 0 6 , p . 2 0 1 1 .
C al Y ea r—
G ross.
N e t.
T o t .I n c .
C h a rges.
B a la n c e.
1918
.................. $ 5 4 7 , 7 7 1
$ 3 2 ,6 8 2
$ 5 8 ,0 3 5
$ 6 6 ,4 7 1
d e f . $ 8 ,4 3 5
1917"
......................... 4 8 3 , 1 6 1 d e f . 9 . 7 4 5
1 6 ,5 3 1 6 8 ,4 7 5
d e f . 5 1 ,9 4 3
P r e s ., E d w . B u c k l e y , M a n is t e e , M i c h . — ( V . 1 0 9 , p . 1 3 6 6 .)




★ 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 .— O p e r a te s L o v e P t .. M d ..
m i L e w e s , D e l . . 7 1 . 9 7 r a .; Q u e e n s t o w n J e t . t o C e n t e r v i l l e , M d . . 5 . 4 6 m . ; t o t a l ,
7 7 .4 3
m . ; a n d L e w e s t o R e h o b o t h , 5 m . . Is t r a c k a g e o v e r D c l . M . A V l r . A l s o
o w n s 10 s te a m e rs o n th e P o to m a c R iv e r . A c .. b u t o n A u g . 2 0 1914 w as
o r d e r e d t o d i s p o s e o f p r a c t i c a l l y a ll it s w a t e r li n o s ; a t l a s t a c c o u n t s t h e m a t m e r w a s n o t d e fin ite ly d e c id e d .
V . 101. p. 694.
F e d e r a l C o m p e n s a tio n .— $ 4 9 ,5 4 3 y e a r l y d u r in g F e d e r a l c o n t r o l .
S t o c k , $ 3 ,0 0 0 ,0 0 0 . o f w h ic h o n e -h a lf e a c h o f c o m m o n a n d 4 % n o n -c u m .
p r o f.; p a r o f s h a r e s , $ 5 0 e a c h : 1st M . 5 % b o n d s d u e F e b . 1 1 9 5 5 , $ 2 ,0 0 0 ,0 0 0 ;
lo a n s a n d b ills p a y a b le D o c . 31 1 9 1 7 , $ 8 3 6 ,7 5 0 .
B a lt . C h e s . & A tla n ­
t ic R v . ( P e n n s y l v a n i a R R . s y s t e m ) in D e c . 1 9 1 8 , o w n o d a ll t h e c o m m o n
a n d $ 3 0 0 ,0 0 0 p r e f. s t o c k , a n d g u a r a n t e e s b o n d s .
I n 1 9 1 8 , c o m p e n s a tio n ,
$ 4 9 ,5 4 3 ; o t h e r in c o m e , $ 1 ,8 4 9 ; c h a r g e s , $ 1 5 6 ,4 8 3 ; d e f ., $ 1 0 5 ,0 9 1 .— ( V .
1 0 5 , p . 6 0 7 ; V . 1 0 9 , p . 1 8 9 1 .)
A M A R Y L A N D & P E N N S Y L V A N IA
7 7 .1 9 m ile s ; o t h e r m ile a g e , 3 .5 0 .

R R .— B a ltim o r e . M d

, to Y o rk , P a .

S T O C K A N D B O N D S .— S t o c k a u t h o r iz e d , $ 3 ,6 0 0 ,0 0 0 , o f w h ic h $ 1 ,9 9 7 ,­
5 0 0 r e s e r v e d fo r c o n v e r s io n o f n o t e s (s e e b e lo w ) a n d fu t u r e r e q u ir e m e n t s .
In 1 9 0 2 t h e a u t h o r i z e d is s u e o f t h e f i r s t 4 s w a s r e d u c e d f r o m $ 2 ,7 0 0 ,0 0 0 t o
$1 2 0 0 . 0 0 0 . o f w h i c h $ 2 0 3 , 0 0 0 a r e r e s e r v e d t o r e t i r e t h e Y o r k & P e a c h
B o t t o m 5s a n d $ 1 0 0 ,0 0 0 a d d it io n a l fo r fu t u r e p u r p o s e s , & c . V . 7 4 . p . 9 4 .
427' V . 79. P- 2 2 0 5 .
O f th e 6 % n o te s o f 1 9 1 3 ($ 5 0 0 ,0 0 0 a u t h o r iz e d Issu e)
$ 3 0 0 ,0 0 0 h a v e b e e n s o l d .
T h e y a re c o n v e r t ib le In to c o m m o n s t o c k a t
* 5 0 p e r s h a re u p to J u ly 1 1 9 2 3 .
N o m o r t g a g e c a n b e m a d e w it h o u t p r o ­
v id in g fo r th e n o t e s . V . 9 7 . P . 1 1 1 5 , 9 5 1 .
M a r y la n d & P e n n s y lv a n ia T e r ­
m in a l g u a r a n t e e d b o n d s .
V . 82, p . 1041. 1102.
E q u ip m e n t
n otes D e c .
1 9 1 8 $ 2 3 ,5 0 0 .
V . 96, p. 203.
P a id o n I n c o m e s , 1 9 0 1 , 3 % ; 1 9 0 2 t o A p r .
1 9 1 4 , ln c l .. 4 % y e a r ly ( 2 % A . & O .) ; n o n e s in c e t o a n d in c l. O c t . 1 9 1 9 .
R E P O R T . — F o r y e a r e n d in g D e c . 31 1 9 1 8 . g r o s s , $ 6 0 6 ,1 6 7 : n e t , a ft e r
ta x e s (in c l. w a r ta x e s , $ 1 2 ,4 2 5 ), $ 1 1 2 ,7 4 6 : o t h e r in c o m e , $ 9 ,5 5 4 ; in t ., r e n t s .
&e
$ 9 7 ,0 5 0 ; b a l ., s u r ., $ 2 5 ,2 4 8 .
In 1 9 1 7 , g r o s s , $ 5 3 4 ,5 9 9 .
P r e s ., O . I I .
N a n c e .— ( V . 1 0 0 , p . 3 9 7 ; V . 1 0 1 , p . 1 0 9 2 , 1 9 7 3 .)
★ M A S O N C I T Y & F O R T D O D d E R R . — (S ee M a p C h ic a g o G rea t W r j f .) —
O w n s r o a d f r o m O e lw e in , l a . , t o O o u n c il B lu f f s , 2 5 9 m ile s ; l l a y f l e l d , M i n n . ,
t o C la r i o n . I a ., 1 0 0 m .; b r a n c h e s t o L o h ig h a n d C o a lv ill e , l a . , 19 m .; t r a c k ­
a g e C o u n c il B lu ffs t o S o . O m a h a , 8 m .; t o t a l. 3 8 6 m . T h e C h ic a g o G r e a t
W e s t e r n o w n o d D e c . 31 1 9 1 8 e u tir e o u t s t a n d in g c o m . s t o c k ( $ 1 9 ,2 0 5 ,­
7 50 o f t h e $ 1 4 , 0 0 0 , 0 0 0 a u t h . ) . a n d o p e r a t e s t h e r o a d a s p a r t o f I ts m a i n l i n e
to "O m a h a u n d e r a 1 0 0 -v e a r a g r e e m e n t d a te d A p r . 3 0 1 9 0 1 , a n d m o d ifie d
T une 1 9 0 4 . M . C . & F t . D . r e c e iv in g 6 0 % o f e a r n s , o n b u s in e s s I n t e r c h a n g e d .
C o m p a r e C h ic . G r e a t W e s te r n R y . a n d V . 7 3 . p . 5 6 6 , 6 1 0 . 7 2 2 ; V . 7 7 . p . 6 4 0 ;
V 78 d . 1782: V . 80, p . 2621.
E a r n in g s in c l . in t h o s e o f O . O . W . s y s t e m .
— ( V . 9 5 , p . 1 2 7 4 ; V . 9 9 , p . 1 4 5 1 .)
M A S S A W I P P I V A L L E Y R Y .— P r o v i n c e L in e t o L e n o x v lll e , Q u e ., 3 4
m ile s w ith b r a n c h , 3 m ; t r a c k a g e t o S h e r b r o o k e , Q u e ., 3 m .; t o t a l. 4 0 m .
L e a s e d fo r 9 9 9 y e a r s fr o m J u ly 1 1 8 7 0 t o th e C o n n e c t ic u t A P a s s u m p s lo
R iv e r s R R .
S t o c k , $ 8 0 0 ,0 0 0 : p a r o f s h a r e s . $ 1 0 0 ; d iv id e n d s p a y a b le F e b .
and A ug. 1
D iv id e n d s , fo r m e r ly 5 % , 6 % s in c e J a n . 1 ’ 9 7 .
O f th e s to c k ,
$ 4 0 0 0 0 0 o w n e d b y t h e C o n n . A P a s s . R i v e r Is d e p o s i t e d u n d e r I ts m t g e . a n d
$ 5 0 , 0 0 0 w a s p u r c h a s e d in 1 9 1 0 u n d e r I t s o p t i o n a t p a r . — ( V . 9 2 . p . 1 1 0 8 . )
A M cC L O U D R I V E R R R . — O w n s f r o m S i s s o n , C a l ., t o M c G a v i c , 5 0 . 6 m il e s .
S tock
$ 1 ,2 0 0 ,0 0 0 .
B o n d s ($ 1 ,2 0 0 ,0 0 0 a u t h .) , M e r c a n tile T r u s t C o ., S a n
F r a n c is c o m t g e . tr u s te e .
V . 85, p. 1005.
F o r y e a r e n d in g J u u e 3 0 1 9 1 6 ,
g r o s s $ 3 1 3 ,8 8 0 : n e t , $ 5 3 ,6 4 6 : o t h e r I n c o m e , $ 7 ,1 4 0 : In te r e s t, A c . , $ 6 6 ,8 4 4 ;
,b a l
d e f ., $ 6 ,0 5 8 .
P r e s ., J . I I . Q u e a l, S a n F r a n c is c o .— ( V . 8 5 . p . 1 0 0 5 .)
A M E A D V I L L E C O N N E A U T L A K E & L I N E S V I L L E .— M e a d v llle t o L in e s
t u lle
P a ., 2 0 .5 m ile s , a n d b r a n c h e s ,
1 m ile ; t o t a l, 2 1 .6 m ile s .
L eased
to J u ly
1 1 9 9 0 t o P i t t s b u r g h B e s s e m e r (c L a k e E r i e R R . ; r e n t a l . 2 5 % o f
g r o s s e a r n in g s .
S t o c k . $ 2 0 0 ,0 0 0 : p a r , $ 5 0 .
D i v i d e n d In 1 9 1 3 t o O c t . 1 9 1 9 .
4 or ( 2 % A . Sc O . )
F o r y e a r e n d in g D e c . 31 1 9 1 8 , g r o s s , $ 3 5 ,9 5 7 : n e t ,
$ 3 3 7 7 7 : b o n d I n t ., $ 1 0 ,0 0 0 ; r e n t a ls . $ 1 5 ,7 7 7 ; d lv s . ( 4 % ) . $ 8 ,0 0 0 ; b a l .,
s u r .’ n o n e .
F o r y e a r 1 9 1 7 , g r o s s , $ 3 i,6 0 2 ; n o t, $ 3 0 ,4 4 6 .— ( V . 9 8
p . 7 0 9 .)
★ M E M P H IS
D ALLAS
&
GULF R R .— O w n s fro m A s h d o w n to H o t
S p r in g s , A r k .. 114 m ile s ; A s h d o w n t o T e x a r k a n a . 2 0 m .; G r a y s o n la to
L e a r d 6 m . ; D a l e v i l l e t o D a l a r k . 11 m . ; t o t a l . 1 5 1 m l l a s .
E x te n s io n s p r o ­
p o s e d n o r t h t o M e m p h i s . T e n n . . 2 5 5 m i l e s , a n d s o u t h t o D a l l a s , T e x . : 1R 0 m .
C o m p e n s a t io n u n d e r F e d e r a l c o n t r o l, $ 2 8 ,2 9 6 ; c o n t r a c t s ig n e d A p r il 1 2 ,
1919;
V . 108, p . 1610.

.Nov., 1919.] *

s

M ile s
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R A IL R O A D C O M P A N IE S
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77
1911
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40
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1901
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80
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N o t e s 5 5 0 0 . 0 0 0 g o l d r e d 1 0 2 4 4 ........................ A l e B a . x c *
1913
____
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1906
M a s o n C i t y & F t D o d g e — 1 s t M g --------------------------C e . x c & r
378
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37
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1907
M e a d v ille C o n n e a u t L a k e & L i n e s v i l l c — F i r s t m t g e . - z
22
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M e m D a l& G — ls t & R e fM $ 3 ,6 0 0 .0 0 0 g r e d t e x t M S t x c *
1913
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1908
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1913
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M e r i d i a n & M e m p h is R R — 1st M $ 8 0 0 ,0 0 0 r e d 1 0 5 . .
1913
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M e x ic a n R y L im it e d — O r d in a r y sh a re c a p it a l s t o c k . .
F i r s t p r e f e r e n c e s t o c k 8 % __________________________________
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_____
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1909
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1896
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1913
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_____
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★ M E M P H I S U N IO N S T A T IO N C O .— O w n s u n io n
p a ss e n g e r s t a t io n a t
M e m p h i s , T e n n . . u s e d b v L o u i s v . Sc N a s h v . , N a s h v . C h a t t . & S t . L o u i s
S o u t h e r n R y . a n d b y M is s o u r i P a c i f i c a n d S t . L o u is S o u t h w e s t e r n , s in c e
A p r il 1 1 9 1 2 .
In te r e s t c h a r g e s a n d e x p e n s e s a r e a p p o r t io n e d a m o n g th t
lin e s o n t h e u s e r b a s is .
S t o c k . $ 1 0 0 ,0 0 0 , o w n e d e q u a lly b y f iv e r o a d s
nam ed.
In N o v . 1909 m a d e a m tg e . to th e B a n k ers T r u s t C o o f N
Y
a s t r u s t e e , t o s e c u r e a n Issu e o f $ 3 ,0 0 0 ,0 0 0 5 % g o ld b o n d s g u a r . J o in tly
a n d s e v e r a lly b y fiv e r o a d s n a m e d .
V . 97, p . 1025: V . 93 n 1324' V 89
p . 1 4 1 1 . 1 5 4 2 ; V . 9 0 , p . 2 3 6 ; V . 9 1 , p . 9 4 — P r e s . W . R . C o le , N a s h v ille !
T e n n .,;F e d e r a l A u d . , C . T . P e n n e b a k e r , M e m p h i s , T e n n . ( V . 9 7 , p . 1 0 2 5 .)
★ M E R I D I A N & M E M P H I S R R .— O w n s M e r id ia n , M is s ., t o U n io n , 33
m ile s , w it h
t e r m in a ls a t M e r id ia n .
In J a n . 1 918 th e G u lf M o b ile &
N o r t h e r n (w h ic h s e e ) p u r c h a s e d th e o u t s t a n d in g s e c u r it ie s ($ 5 0 0 ,0 0 0 s t o c k ,
$ 1 ,6 7 5 ,0 0 0 1st M . b o n d s a n d $ 2 6 0 ,0 0 0 c o lla t e r a l n o t e s ) , b u t th e p r o p e r t ie s
a re o p e r a te d s e p a r a te ly .
V . 106, p . 296; V . 105, p . 2543; V . 103, p . 1118
In 1 9 1 6 th e M e r id ia n & T o t n b ig b e e R iv e r R y . w a s I n c o r p o r a t e d a s s u c c e s s o r
o f th e M e r id ia n & D e e p w a t e r R y ., p a r t ly b u ilt , fr o m M e r id ia n w e s t t o
T o m b ig b e o R iv e r , 4 7 m ile s .
P r e s ., J . B . T ig r e t t ; F e d e r a l M g r ., R . V .
T a y l o r , M o b i l e . — ( V . 1 0 7 , p . 1 8 1 .)
★ M E R I D I A N T E R M I N A L C O .— O w n s p a s s e n g e r s t a t io n s a t M e r id ia n ,
M is s ., o p e n e d S e p t . 1 1 9 0 6 , a n d u s e d b y S o u t h e r n l t y . . M o b ile & O h io , N e w
O r l e a n s Sc N o r t h e a s t e r n R R . , A l a . & V i c k s b u r g a n d A l a . G r e a t S o u t h e r n
w h ic h o w n o n e -fift h e a c h o f th e c a p it a l s t o c k ($ 1 0 0 ,0 0 0 ) a n d g u a r a n t e e th e
b o n d s J o in t ly a n d s e v e r a lly b y e n d o r s e m e n t ; fo r m
V . 85
p fiO l
P res.
I I . W . M ille r ; T r c a s ., F . S . W y n n ; F e d . M g r ., R . V . T a y lo r .— (V . 1 0 7 ,
p . 1 6 7 0 .)
N O R TH E R N

R Y .— See p a g e 136.

M E X I C A N R Y .. L T D .— C it y o f M e x ic o t o V e r a C r u z , 2 6 4 m ile s ; P u e b lo
b r a n c h , A p lz a c o t o P u e b la . 2 9 m .: P a c h u c a b r a n c h , O in e t u s c o t o P a c h u c a
2 9 m . ; Z a c a t la n b r a n c h ( n a r r o w g a u g e ) , 3 3 m .; I l u a t u s c o b r a n c h (n a r r o w
g a u g e ). 2 0 m .; H u a ju a p a n b r a n c h n a r r o w g a u g e . 2 8 m ile s ; t o t a l J u n e 30
1 9 1 4 .4 0 3 m ile s .
J o in t ly g u a r a n te e s d e b e n tu r a s o f V e r a C r u z T e r m in a l C o
O n N o v . 18 1 9 1 4 t h e m ilit a r y a u t h o r it ie s t o o k o v e r t h e lin o a n d n o r e t u r n s
w ere ren d ered to th e c o m p a n y .
In S e p t. 1916 th e C a rra n za G o v t , su r­
r e n d e r e d p o s s e s s i o n , b u t In A p r . 1 9 1 7 a g a i n t o o k c h a r g e .
V . 105. D. 2 9 0 ;
1802: V . 104, p . 1489; V . 109, p . 674.
In N o v . 1 9 1 7 h a d ta k e n o v e r th e
o p e r a tio n o f th e T e h u a n t e p e c N a tio n a l R y ., e x te n d in g fr o m C o a t z a c o a lc o s ,
G u l f o f M e x i c o , t o S a lln a C r u z , o n P a c if i c O c e a n , 1 8 8 m ile s a n d o p e r a t in g
P a n - A m e r ic a n R y . ( N a t . R y s . o f M e x . ) , P l c a c h o t o S u c h ia t e . 2 8 5 m ile s .
V . 105. p . 1999: V . 8 4 , p. 222.
'
D I V S . (S fn c e ‘ 0 4 .) 1 9 0 5 . 1 9 0 6 . 1 9 0 7 .
F i r s t p r e f -------- % \
5
7 1 -1(3
8
S econ d p r c f--% [
—
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1908. 1909. 1910.
8
7 3 -1 6
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.............................................................

ys

1911
8
6

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1912.
8
6

2

H

1913
8
6

244

R E P O R T . — F o r 21 m o s . t o D e c . 3 1 1 9 1 8 in Y . 1 0 9 , p 6 7 4
T h e p la n fo r fu n d in g t h e in te r e s t o n t h e p e r p e t u a l d e b e n t u r e s t o c k a n d
4 4 4 2 d d e b e n t u r e s , w h i c h w a s a d o p t e d J a n . 11 1 9 1 7 \ a s e x t e n d e d i n J u n e
V
1 9 1 9 u n t i l J a n . 1 a n d A p r i l 1 , r e s p e c t i v e l y , in 1 9 2 2 .
T h e d e fe r r e d in te r e s t
c e r t if i c a t e s (£ 8 0 5 ,0 0 0 ) is s u e d u n d e r t h e 1 9 1 6 s c h e m o w it h t h e in te r e s t
t h e r e o n w e r e a ls o r e f u n d e d , p a y a b l e in o r b e f o r e 1 9 2 2 w it h in te r e s t a t 6 %
p . a.
V . 109, p . 676.
‘
O ffic e . 1 B r o a d S t. P la c o . L o n d o n , E
C . . 2 . — ( V . 1 0 9 , p . 6 7 4 , 6 7 6 .)
M E X I C A N S O U T H E R N R Y . , L T D . — P u e b l a t o O a x a c a , M e x . . 2 2 » m lie >
a ll n a r r o w - g a u g e ; b r a n c h . 3 1 m . , I e h u a c a n t o E s p e r a n z a ; O a x a c a t o S a t .
P a b l o , 16 m .; O a x a c a t o T la c o l u la , 2 0 m ., o p e n e d J a n . 1 9 1 2 ; o t h e r , 7 m .,
t o t a l , 3 0 2 m ile s ; s id in g s . 19 m ile s .
T e h u a c a n tr a m lin e s , 5 m . . s t a n d a r d
g a u g e , a n d O a x a c a t r a m lin e s , 7 m . . n a r r o w g a u g e . O r d . s t o c k . £ 1 ,0 0 0 ,0 0 0
T h e r o a d p a sses J u n e 8 1 9 9 0 t o th e S ta te w it h o u t p a y m e n t , e x c e p t fo r
s t a t io n s , r o llin g s t o c k . & c .
V . 79. p. 2642.
L e a sed fr o m J a n . 1 1910 to
I n t e r o c e a n lc R y . o f M e x ic o .
See th a t c o m p a n y .
T h e ren ta l d u e J u n e 3 0 ,
J u ly 2 8 a n d D e c . 31 1 9 1 4 a n d J a n . 2 8 a n d A p r il 2 7 1 9 1 6 w a s t o b e s a t is fie d
b y 5 % d e b . c e r t ific a t e s r e d e e m a b le fr o m e a r n in g s .
A s n o r e n ta ls h a v e b e e n
r e c e iv e I fr o m I n t e r o c e a n lc R y . fo r p e r io d s u b s e q u e n t t o J u n e 3 0 1 9 1 4 , an
e x te n s io n o f th e m o r a t o r iu m w a s a g r e e d t o . V . 1 0 1 . p . 1 3 0 ; V . 9 9 , p . 6 7 4 .
i n t . o n 2 d d e b s ( n o w 1 s t ) p a y a b l e o n l y o u t o f p r o f i t s o n F e b . 1 St A u g . 1
O F F I C E R S . ....C h a i r m a n . S i r E r n e s t P a g e t ; S e c . . T h o s . L i n t o n , 5 3
B r o a d S t . . L o n d o n . E . O . — ( V . 8 0 . p . 2 2 2 ; V . 1 0 1 . p . 1 3 0 .)

M E X IC O

N ew

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NORTH
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R Y .— O w n s a n d c o n tr o ls
540
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C iu d a d J u a r e z to T a b a l a o p a
I L a J u n t a t o M l n a c a _______________ 6 .3 4
(C h ih u a h u a )
............................. 4 7 5 . 7 8 C u m b r e t o C h u l c h u p a ( b u l l d l n g ) 5 . 0 8

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C o n t r o ls fin is h in g . & c .. p la n t a t E l P a s o . T e x .,
c a p a c it y 1 0 0 ,0 0 0 .0 0 0 f t . p e r y o a r .
See V . 8 8 . p . 749; V . 8 9 . p . 3 4 8 . 470
V . 9 4 . p . 1627 V . 9 6 . p . 287
S t o c k . $ 4 0 ,0 0 0 ,0 0 0 (p a r $ 1 0 0 ). o f w h ic h $ 2 5 ,0 0 0 ,0 0 0 Issu ed
B O N D S .— P r e s e n t lim it 1st M . 5 s , £ 8 ,4 5 9 .7 0 0 ;I s s u e d . £ 5 .6 0 0 ,0 0 0 . V . 8 8 .
p . 749; V . 93. p . 28, 1324, 1463; V . 95 , p . 176; V . 97. p . 521. 595.
A s to 6 % c u m u la tiv e c o n v e r t ib le I n c o m e b o n d s , se e V . 9 4 , p . 1 6 2 7 .
T h e I s s u e o f 1 5 - y o a r p r i o r - l i e n 6 % b o n d s Is l i m i t e d t o £ 2 . 5 0 0 , 0 0 0 . s e c u r e d
b y a p r io r lio n o n t h e e n t ir e p r o p e r t y .
R e d . a t 10244 a n y t im e o n 6 m o n t h s '
n o t ic e .
T ru s te o , N a t. T r u s t C o ., T o r o n to . L td .
V . 96. p . 285. 1229.




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P a r is & G u l f 6 s , w h ic h w e r e g u a r a n t e e d p r in c ip a l a n d in t e r e s t b y N a s h ­
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a t $ 1 8 ,0 0 0 n e r m ile in 5 - m il e s e c t io n s . V . 9 6 , p . 2 3 7 , 8 8 7 .
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$ 1 ,6 3 2 ,0 0 0 F ir s t & R e f . M t g e . b o n d s h a d b e e n a u t h e n t ic a t e d a n d in t e r e s t
r e m a in e d u n p a id s in c e J a n . 1 9 1 5 .
F o r y e a r e n d in g J u n e 3 0 1 9 1 6 , g r o s s , $ 3 3 6 ,8 6 5 ; n o t . $ 5 8 ,8 1 4 ; 1 9 1 4 -1 5
g r o s s , $ 2 7 0 ,4 3 9 ; n e t , * $ 4 2 ,9 0 9 : in t e r e s t , & c . . S 4 5 .5 7 1 : b a l . , d e f . , $ 2 ,6 6 2 .
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s o n : V .- P .. A . C . R a m s e y : S e c .. J . W . B is h o n : T r e e s .. W
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r

T h e p a y m e n t o f c o u p o n s w a s d e fe r r e d , o w in g
E u rop e a n d M e x ic o .
V . 99, p. 674.

N Y

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O F F I C E R S .— P r e s .. R . H o m e S m it h . T o r o n t o : V .- P s ., H . I . M il le r .
N .
Y .; M ille r L a s h , T o r o n t o , C a n .; T r e a s ., U . d e B . D a ly , T o r o n t o ; S e c .,
A . M . T ru eb, N . Y .
O ffic e . 115 B r o a d w a y , N . Y .— V . 1 0 7 . n . 1 1 0 1 .
★ M I C H I G A N C E N T R A L R R . — (S e e
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lin e — K e n s in g t o n
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m ile s ,
a n d W in d s o r t o S u s p e n s io n B r id g e (C a n a d a S o u t h e r n ), 3 8 1 m .;
B ran ch es
o w n e d a n d l e a s e d , 1 , 1 0 8 m . ; t r a c k a g e (111. C e n t . ) i n t o C h i c a g o u n d e r p e r ­
p e t u a l le a s e , 14 m .; o t h e r t r a c k a g e , 8 6 m .; t o t a l J a n . 1 1 9 1 9 . 1 ,8 6 2 m d e s ,
w it h 6 6 4 m . o f 2 d t r a c k , 6 .9 7 m . o f fo u r t r a c k a n d 1 ,6 1 3 m . s id e t r a c k s , & c .
C h ic a g o K a la m a z o o & S a g in a w R y . , P a v i lio n t o W o o d b u r y , M i c h . , 5 5 m . ,
Is c o n t r o l l e d b u t o p e r a t e d I n d e p e n d e n t l y .
V
84, p . 50.
S h a r e h o ld e r s
v o t e d J u n e 8 1 9 1 6 t o p u r c h a s e 15 s u b s id ia r ie s , I n c lu d in g a ll t h o s e m e n t i o n ? !
In b o n d t a b l e a t h e a l o f p a g e e x c e p t D e t r o i t R i v e r T u n n e l C o .
V . 102,
p .2 2 5 4 .
H a s c o n s id e r a b le in t e r e s t in I n d ia n a H a r b o r B e lt R R .
S ee th a t
co . and V . 106, p . 2018.
T h ir d - r a il e le c t r i c D e t r o i t R i v e r T u n n e l, 2 .7 2 m . l o n g , is le a s e d f o r 9 9 9
years.
V . 90. p . 710: V . 91. p . 276: V . 92. p . 1499: V . 98. p . 236.
I n S e p t . 1 9 1 8 th e o ffic e r s w e r e a u t h o r iz e d t o s ig n t h e c o n t r a c t w it h th e
U . S . G o v e r n m e n t a ft e r s lig h t m o d ific a t io n .
V . 107, p . 1192.
F e d e r a l C o m p e n s a tio n .— $ 8 ,1 0 5 ,7 2 7 y e a r l y d u r in g F e d e r a l c o n t r o l .
T h e U . S . R R . A d m in , in 1 9 1 8 s a n c t io n e d m p t . o u t la y s o f $ 4 ,4 2 6 ,2 2 5 :
e q u ip m e n t , $ 1 5 ,6 0 1 ,3 3 2 , a n d h a d m a d e t h e c o m p a n y a $ 4 ,0 0 0 ,0 0 0 6 % d e ­
m a n d lo a n .
V . 106, p . 2194, 1901; V . 108, p . 2340.
T h e D ir e c t o r -G e n e r a l d u r in g 1 9 1 8 a llo t t e d t o c o m p a n y 2 ,0 0 0 fr e ig h t c a r s
a n d 3 0 lo c o m o t i v e s , e s t im a t e d t o c o s t a t o t a l o f a b o u t $ 7 ,2 5 9 ,0 0 0 ; 8 2 7
fr e ig h t tr a in c a r s a n d 2 0 lo c o m o t iv e s w e r e d e liv e r e d d u r in g t h e y e a r .
The
f in a n c i n g o f t h e c o s t w a s in J u n e 1 9 1 9 b e in g a r r a n g e d b e t w e e n t h e D i r e c t o r G en eral an d th e co m p a n y .
V . 108, p . 2340.
C O N T R O L . — T h e N . Y . C e n t . Sc H u d . R i v e r R R . C o . In A p r i l 1 8 9 8 g a v e
B1 1 5 In I t s 3 4 4 % 1 0 0 - y e a r g o l d b o n d s f o r $ 1 0 0 s t o c k , a n d s o h o l d s $ 1 6 , 8 1 9 .
3 0 0 o f t h e $ 1 8 ,7 3 8 ,0 0 0 s t o c k Iss u e d .
S e e t h a t c o m p a n y 's s t a t e m e n t (a ls o
V . 9 3 . p . 1 7 8 7 : V . 9 6 . p . 1 4 2 4 , fo r p r o p o s it io n lo o k in g t o u ltim a te m e r g e r .
L A T E D I V S .— f ’ 9 1 . ’9 2 -’9 4 .
' 9 5 - ’ 0 5 . '0 6
0 7 '0 8 . '0 9 - ’ 1 4 . 1 9 1 5 t o ' 1 8 .
5 H v 'l y .
4 y ’ ly .
5
8
6
6 y ’ly
4 % y r ly
S i n c e 1 8 9 0 ............ % \ 5
. F r o m J a n . 191 6 t o J u ly 1 9 1 9 , 4 % p . a . (2 % s .-a .)
V . 101, p . 48.
B O N D S — T h e $ 1 0 0 ,0 0 0 ,0 0 0 R e fu n d in g & I m p r o v e m e n t m o r t g a g e o f
1916,
c o v e r s a b o u t 1 .2 0 0 m ile s o f d i r e c t l y o w n e d r o a d , a ls o le a s e h o ld s .
& c.
T h e n e w b o n d s w i l l b e I s s u e d In s e r i e s , a l l e q u a l l y s e c u r e d , a n d a b o u t
$ 4 0 ,0 0 0 ,0 0 0 t h e r e o f w ill b e r e s e r v e d t o p r o v i d e f o r r e f u n d i n g t h e u n d e r ­
l y i n g b o n d s s h o w n In t a b l e a b o v e , a f t e r $ 1 0 , 0 0 0 , 0 0 0 o f t h e n e w b o n d s h a v e
b e e n is s u e d fo r o t h e r th a n r e fu n d in g p u r p o s e s , b o n d s t h e r e a ft e r p u t o u t
u n d e r th e m o r tg a g e fo r a d d itio n s a n d Im p r o v e m e n ts m u s t n o t e x c e e d 7 0 %
o f th e c o s t o f s u ch o u tla y s .
T h e d e b e n tu re s o f 1909 a re
secu red b y th e
n e w m o r t g a g e o n a p a r it v w it h t h e b o n d s Is s u e d t h e r e u n d e r .
V . 10 4 p . 1 6 0 0 .
I n J u n e 1 9 1 8 n o n e o f t h e R e f. & I m p t . b o n d s h a d b e e n s o ld b u t o f th e
$ 8 ,0 0 0 ,0 0 0 a u t h o r iz e d in 1 9 1 7 $ 6 ,1 7 1 ,0 0 0 w e r e is s u e d d u r in g 1 9 1 8 , a ll o f
w h ic h a r e h e ld b y t h e c o m p a n y a n d p le d g e d a s c o lla t e r a l fo r s h o r t -t e r m
lo a n s .
V . 108, p . 2339; V . 106, p . 2018, 2123, 1901.
B a t t le C r e e k cfc S t u r g i s b o n d s f o r $ 5 0 0 , 0 0 0 , b u t o f t h i s $ 7 9 , 0 0 0 w a s s u b g u a ra n te tx l b y th e L a k e S h o r e & M ic h ig a n S o u th e r n
(n o w m e rg e d
In to
th e N e w Y o r k C e n t r a l), 7 m ile s , b e in g o p e r a t e d b y t h a t c o m p a n y .
A s to 344s o f 1902, see V . 74. p . 728; V . 76, p . 102; V . 8 3 . p . 1229.
F ir s t
4s o n J o li e t & N o r t h . I n d . . s e e V . 8 4 . d . 1 3 6 7 : 1 4 2 8 : V . 1 0 0 . p . 5 5 6 , 6 4 2 .
T o le d o C a n a d a S o . & D e l . 4 s , V . 1 0 4 . p . 1 6 0 0 ; V . 8 2 , p . 9 3 0 ; V . 8 5 , p . 4 0 6 *
I n A p r il 1 9 0 9 a n Issu e o f $ 2 5 ,0 0 0 ,0 0 0 4 % 2 0 -y e a r d e b e n t u r e s w a s a u t n o r tze d .
O f th e $ 4 ,5 0 0 ,0 0 0 a u t h o r iz e d
4s on
G r a n d R iv e r V a lle y R R . ,
$ 1 , 5 0 0 , 0 0 0 a r e r e s e r v e d f o r d o u b l e - t r a c k i n g . S e c ., a n d $ 1 , 5 0 0 , 0 0 0 f o r f u t u r e
r e q u ir e m e n ts .
V . 88. p. 945, 1002, 1061. 1254: V . 90. p . 1554; V . 8 9 .
p. 170; V . 90. p . 627.
A s t o g u a r a n te e d b o n d s , se e C a n a d a S o u th e r n a n d D e t r o it R iv e r T u n n e l.
E q u ip m e n t b o n d s o f 1 9 1 5 . se e V . 1 0 3 . p . 145: V . 1 0 2 . p . 1447
M ic h ig a n C e n tr a l R R . E q u ip m e n t T r u s t o f 1 9 1 7 .
V . 104, p . 1794.
In
M a r . 1 9 1 9 t h e $ 7 ,8 0 0 ,0 0 0 u n m a t u r e d c e r t ifi c a t e s w e r e p la c e d a s 6 p e r c e n t s .
See V . 108, p . 973; V . 106, p . 2018.
J o in t l y w ith lo u r o t h e r r o a d s , c o v e n a n t s t o p a y N e w Y o r k C e n t r a l L in e s
$ 6 2 ,2 0 0 , 0 0 0 c a r t r u s t s o f 1 9 0 7 , 1 9 1 0 . 1 9 1 2 a n d 1 9 1 3 , t h e c o m p a n y 's s h a r e o f
e q u i p m e n t t r u s t s o u t s t a n d i n g D e c . 31 1 9 1 8 b e i n g $ 1 , 0 4 1 , 7 0 2 . S 2 . 7 5 7 . 7 2 3 :
$ 1 ,3 6 5 ,3 9 8 a n d $ 2 ,6 2 3 ,5 9 5 , r e s p e c t i v e ly .
V . 8 5 . p. 1402
V . 86. p. 168:
V. 88. p . 761: V . 90 . p. 1077: V . 92 . p. 807.
E A R N I N G S .— 9 m o s . , ( 1 9 1 9 . . G r o s s , $ 5 6 ,9 1 8 ,2 2 6 ; n e t (a ft e r $ 1 5 ,1 7 1 ,9 6 6
J a n . 1 to S ep t. 3 0 .
U 9 1 8 - .G r o s s , 4 8 .9 2 3 ,7 0 0 ; t a x e s ),
I L .5 9 3 ,5 6 9
A N N U A L R E P O R T . — R e p o r t f o r 1 9 1 7 In V . 1 0 8 . p . 2 3 2 4 , 2 3 3 9 .
Y e a r s e n d in g D e c . 3 1 —
*
1918.
1917.
1916.
R a i l r o a d r e v e n u e s . ............................
$ 6 8 ,5 2 0 ,0 8 7
$ 5 2 ,8 7 9 ,4 3 4 $ 4 6 ,4 1 8 ,7 9 0
N e t f r o m o p e r a t i o n s ...............................
1 7 ,4 5 0 ,0 1 5
1 4 ,5 9 0 ,2 9 8
1 5 ,7 7 2 .5 2 9
G o v e r n m e n t c o m p e n s a t i o n _________
8 ,0 5 2 1 2 7
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_______
1 2 ,6 0 4 ,6 5 5
1 4 ,0 7 6 ,1 6 9
O t h e r i n c o m e ------------------------------------9 0 2 ,9 8 0
8 6 9 ,8 0 2
9 3 6 ,8 3 0
G r o s s c o r p o r a t e i n c o m e _______ __________$ 8 , 9 5 5 , 1 0 7
R e n t a l s l e a s e d l i n e s ___________
$ 2 ,7 7 4 ,0 2 2
I n t e r e s t o n b o n d s , & c . ......................
2 ,0 7 7 3 6 3
O t h e r r e n t s a n d m i s c e l l a n e o u s ....................
1 ,5 3 4 ,1 5 9
H i r e o f e q u i p m e n t __________________
.
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A d d i t i o n s , & c _______ ____________ I I I I I I I I
I I I Z I I .I
E x p e n s e s a p p l i c . p r i o r p e r i o d .....................
2 ,0 2 1 ,7 0 5
D i v i d e n d s ____________________________________ ( 4 % ) 7 4 9 , 4 5 6

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

B a l a n c e , s u r p l u s _____
d e f$ 2 0 1 ,5 9 8
S 2 ,4 3 6 ,1 5 7 $ 3 ,8 8 6 ,9 3 2
P r e s ., A . H . S m it h , N . Y . : F e d . M g r ., E . D . B r o n n e r , D e t r o it .— ( V . 1 0 6 ,
p . 2 5 6 0 ; V . 1 0 7 , p . 1 0 0 4 , 1 1 9 2 , 2 1 8 8 ; V . 1 0 8 , p . 9 7 3 , 2 0 2 2 , 2 3 2 4 , 2 3 3 9 .)
A M I C H I G A N E A S T & W E S T R Y .— M a n is te e t o M a r io n , M ic h ., 7 2 m .
In M a r c h 1 9 1 8 w a s d e n ie d a u t h o r it y t o d is c o n t in u e b u s in e s s a n d ju n k t h e
road.
S o ld u n d e r f o r e c lo s u r e A u g . 2 1 9 1 8 a s a g o i n g b u s in e s s t o t h e W illia m

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R A IL R O A D & CONNECTIONS.

R A IL W A Y STOCKS A N D BONDS
[V ol . 109




M

Nov., 1919.]

★ Control.
Government

APrlvate
Control.

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount

O tsta d g
u n in

Rale
%

When
Payable

81

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

M ichigan Central (Concluded.)
1st M on Det& Bay C ity____________ _______ Un.zc
171 1881
$1,000 ^$4,000,000 I 5
M A S Mch 1 1931
do
do
do
do
bonds without coupons_ zr
_
171 1881 1,000 &c
Q —M Mch 11931
l 6
Grand Central Term. NY
Debentures gold________________________G .xc’ &r
1909
1.000&C
7.634.000
A
A
O Apr 1 1929
4*
do
do
M C new M on Gr Rlv Val 54,500,000, g text.Gxc&r
84 1909
1.500.000
M A S Sept 1 1959
do
do
H C first mortgage on Kalamazoo &S Haven.xUn.r
39 1889 1,000 S c
t
700,000
M A N Nov 1 1939
do
do
Mich Cent 1st M on Jack Lans & Saginaw g -_xc*&r
1901
379
1.000 f 1.707,000
3H e M A S Sept 1 195)
Reg at G C T: cp at G Tr
M C 1st M on Joliet S Nor Indiana $3,000,000 g.x
c
45 1907
1.500 000
Guaranty Trust Co. N Y
4 K J A J 10 July 1 0 1957
Kauip. Tr. $4,500,000 ($300,000 annually) gu. gyc*
1915
1.000 3.300.000
5 g A & O Oct 20-Oct ’30 New York and Phlla
_
Equipment trusts N Y Central Lines, which see_
07-13
6.719,962 Various
T o Jan 1 1928
Mich Cent Eq Trust, due $600,000 s-a____G.c*&r
1917 1,000 &c
7.800.000
M & S Mar 1 ’20-’32
6
Bay City & Battle Cr 1st M g gu p & 1 end.M p.zc*
IS 1889
1,000
49.000
A D Dec 11989
3g J
Union Trust Co. N t
Battle Cr & Sturgis 1st M g guar p S 1 end.Mp.zc*
t
41 1889
1.000
X421.000
A D Dec 11989
3g J
do
do
ToICanSo&Det lstM$4,500,000 g gu (end) G.xc*&r.
59 1900 l.OOO&c
A J Jan 1 1950
3.100.000
4 g J
Grand Central Term, N Y
Detroit Rlv Tunnel Co
See that company
M iddletown & Unlonv RR— 1st M $500,000.. Ba.y
100 See
14 1913
M & N Nov 1 1933
2 0 0 ,0 0 0 !
0 g
Empire Trust 3o, N Y
Second M 6 % non-cum adjust Inc bonds red par._y
1913
250,000 See text M & N Nov 1 1933
Bankers Trust C o. N Y
Midland Pennsylvania— 1st M $2,000,000 gold red s t.
1910
100 Sec
812,000
5 g J A J July 1 I960
July 1912 coup not paid
1st consol M $1,000,000_________________________
1917
See text
Midland Val RR— 1st M g red 10214 beg ’18 QPxc*
299 1913
1.000
5.224.000
A A 0 Apr 1 1943
5g
New York and Phlla
Adjustment mtge (2d Income) gold red par F P .xc*
299 1913 500-1000
5.512,500 Dp to5% Sept. 1 Apr 1 1953
text
Wichita & Midland Val 1st M g gu red par_____xc
1911
1.000
1.025.000
A S OJan 1 1931
t
5g
Office, Philadelphia, Pa
Mill Creek & Mine Hill Navigation & RR— Stock___
25
323,375
o
J S J July 1919 5%
10
Reading Term, Phlla, Pa
Milwaukee Lake Shore & Western— Milwaukee Sparta & Nor thWes tern — Se e Chicago & North W estern
Milwaukee & Northern— See Chicago Milwaukee & St Paul
Mine Hill & Schuylkill Haven—Stock (6 % rental)__
37
50
4,210,200
t
5 M J S J July 1 ’ 19 3% Office 119 S 4th St, Phlla
Mineral Point & Northern— 1st M $450,000 g o ld .F .i
26 1905
1,000
450.000
e
5g
M S N May 1 1925
Farmers L A Tr Co, N Y
Mineral Range— Consol mtge (text) gold red at 105.zc
16 1891
500 &c
593.000 g & 5 g J S J Jan 1 1931
t
55 Wall St, New York
General mtge Interest guar by Canadian Paclflc.Fz
73 1901
100,000
1,000,000
J S J Jan 1 1951
t
All owned by Can Pacific
Hancock & Cal cons mtge gold red at 105 assum_z
t g
*
34 1891
1.000
325.000
5
J S J Jan 1 1931
e
55 Wall St, New York
Equipment Trust notes Series 1--------------------------94,674
Monthly To Oct 1 1920 Marquette, Mich
4H
__ 1910
do
do
Series 3 __________________
1916
50,000
5
M St S To Mar 1 1921 Marquette, Mich
Minneap Red Lake & Manitob— 1st M $700,000 e F.xc 33 H 1905
1,000
700.000
5g
First Trust A S Bk, Ohio
J A D 30 June 30 1925
Minneap & St L— Stock, all of one class, $26,000,000
100 25,792.600
New
25 Broad St, New York
First mtge Merrlam June to Albert Lea g ._ F.zc*
109 1877
600 &c
950.000
A D June 11927
7g
do
do
Pacific Extension first mortgage g o ld _____Em.zc*
103 1881
1,000
1.382.000
A O Apr 1 1921
do
do
6a
First Consol Mclosed M g (V 59, p 1145) .N.xc*&r
1,000
502 1894
5.282.000
M A N Nov 1 1934
5 t
do
do
Des Moines St Ft Dodge gold guar p & l..C e.xc*& r
138 1905
1.000
3.072.000
4 g J St J Jan 1 1935
do
do
First & Ref M $13,244,000 gold ($18,000 p m)._Cex
1,000 13.244,000
779 1899
4 g M A S Mch 11949
do
do
Refund andKxtenM $75,000,000 g red 105-Gxc* Ar* 1.409 1912 1.000 &o
4.085.956
Q— F Feb 1 1962
5g
do
do
x Anaddltlonal $79,000 is guar by N Y Central RR
.v$ 2 93.000 purchase d and retired by Lan d Grant Trustees.

S'

|

T . Joyce C o.. Chicago, mortgagee. V. 107. p. 696: V. 106, p. 1126
189; V. 105, p. 607; V. 91, p. 887, 365; V. 98, p. 74. For year ending Dee. 31
1917, gross, net def., $28,692; int., rentals, &c., $16,602; deficit, S44.909.
Pres., J. S. Joyce; Treas., F. P. Leffingwell, both o f Chicago.— (V. 107,
p. 596.)
A MIDDLETOWN & UNIONVILLE
Middletown N . Y . to
Unionville, N. Y ., 13.65 miles. Has an agreement with the N. Y. Ontario
& Western Ity. for the use In perpetuity both o f the terminal In Mlddl»town and o f the mile o f track used In entering that city.
Reorganization In 1913 (V. 97, p. 887) o f Middletown Unionville &
Water Gap R R ., foreclosed and stock, $150,000. Adjustment mortgage
coupons have been paid as follows: N ov. 1915, 1% ; M av 1916 to Nov
1917. 2% semi-annually; May 1918 (for 6 mos. ending Oct 1917) 4 % :
full 6 % paid on income bonds in 1918; Nov. 1 1 9 1 9 (for 6 mos endin'*
April 1919), 3% .
For year ending Dec. 31 1918, gross, $90,039; net, $36,611; other income
$180: int. on bonds, $26,280; taxes, &c., $10,571; bal., sur $239 against
813.892: in‘ 1917. Chairman, Newman Erb; Pres., Charles 1 . Henry. 21
State St., N. Y .; V.-P. & Gen. M gr., J. A. Smith: Treas., Garrett T. Town­
send; Sec., Frank H. Finn.— (V. 106, p. 1797; V. 107, p. 1670; V. 109, p. 72.)
AM1DLAND PENNSYLVANIA RA ILR O A D .— Projected from Millersburg, Pa., to Ashland. 44 miles. Stock authorized and outstanding $° 000.000. Bonds authorized. $2,000,000. About $812.300 bon.ls^Mued
on account o f construction 15 miles, Millersburg to Gratz, completed in
1010. Int. defaulted July 1912. Pros, and Gen. M gr., Geo. A. Aldrich,
Audubon, N. J.— (V. 95, p. 298; V. 99, p. 467.)
A MIDLAND RA ILW A Y.— Savannah. Ga.. to MidvlUe 90 miles
V.
105, p. 1118. Formerly Savannah Augusta & Northern Rv sold In 1910
by receiver for $250,000 to W. J. Oliver. V. 101. p . 4 5 0 13V 2
For financing proposed in Jan. 1919, see V. 108, p. 79. ’
’
* MIDLAND VALLEY RR.— Owns and operates from Excelsior Ark.
south to Hoye, Ark., and north to Fidelity. Ark.; also from Excelsior west
to Silverdale, Kan., and from Jenks, Okla., to Kiefer, Okla a total of
310.17 miles; also operates under trackage from Rock Island Ark to Ft
Smith. 16 m ., and Silverdale to Arkansas City, Kan.. 9 • leases Wichita &
Midland Valley RR ., Arkansas City to Wichita. 51 miles for 50 years from
July 29 1910. for 25% or the gross earnings (and any deficiency necessary
to meet the bond int. and taxes): total oper., 386.25 m. V 92. p. 462, 796.
ORGANIZ’ N.— In 1913 readjusted without foreclosure. V. 96. p. 554"ST A N D A R D R E T U R N ," & c — See page 5.
STOCK.— Auth., common. $10,000,000; pref., $5,000,000; outstanding
$4,006,500 each of common and 5% pref. (prln. and dlv.); par $50 Stock
Is all held In a voting trust terminating Jan. 1 1924 or at any time after
May 1 1918, at the discretion of the votias trustees; Edward T Stotoshurr
Sidney F. Tyler, J. R . McAllister, Lloyd W . Smith and Francis 1 Gowen
The pref. stock Is redeemable at par on Jny dlv. date after July 1 1916 on 30
cays uotlce. and subject to the right o f the Cherokee Construction Co
(which owns all of the com. stock) to purchase as follows- 1916 and 1917"
at 40% ; 1918 and 1019. 45% ; 1920 and 1921, 50%; 1922 and 1923. 55% .
BONDS.— The first 5s and adjustment M . (Income) 5s Issued per plan
V. 96. o. 554, are a first and second lien, respectively, on ( 1 ) the entire
property; (2) the leasehold Interest In the Wichita St Midland Valley RR
and all the $1,025,000 1st M . bonds of the latter and $460 000 of Its S'tnd 300
common stock; (3) all of the $250,000 stock and $1.250,000 1st M 6 s o f the
Sebastian County Coal Sc Mining Co. owning about 18.500 acres o f semi,
anthracite coal lands. Of the first 5s. $5,000,000 have been Issued on
account of retirement o f outstanding bonds and other Indebtedness and
lmpts.. Sec., of the remaining $10,000,000 reservod for $85% of the cost of
impts., extens., Stc.. under careful restrictions. $224 000 have hn«n Is­
sued. making $5,224,000 outstanding. See V. 96? p 14 >3 1 4 8 9
The Interest on the adjustment M . bonds la to be paid annually If earned
but Is not to become a fixed charge, and is not to be cumulative unless the
Cherokee Construction Co. shall exercise the option to Durchasn th« nrnf
The $3,512,500 Series A bonds have priority both as tT lien ^ d '
payment of Interest over the $2,000,000 Series B bonds.

RR.—

on
_
. _ ___„ __ _
___
clarod, ___
samo was not made until Oct. 2 ’ 18 on account o f funds o f comp being under
Government control; 3% Interest was declared, payable Sept. 1 ’*1o for vear
ended Juno30 ’ 19 (coupon No. 3). V .105,p .109; V ,107,p .1385; V;i09,p. 8 8 8 .
EA R N IN G S.— 1 2 m os.,(1918.............. Gross, $3,504,780; net. $882,489
Jan. 1 to Dec. 31.
11917— --------- Gross, 2,927,127; net 8 8 6 328
For 8 months Jan. 1 to|1919— Gross, $2,538,208; net (before’ $509,'459
Aug. 31.
(1918— Gross, 2,191,242
taxes),
607,594
REPO RT— Years ended Doc. 31:
Cal.
Gross
Net (after Other
Interest,
Balance,
Year—
Earnings. Taxes).
Income.. Rents. Ac
Surplus.
1917............................. $2,927,127 $788,925 $53,665 $467,221 $374,765
1916............................ 2,121.166 558.597
53.920
331,213
280.111
Pros., O. F. Ingersoll; Sec. & Treas., J. R . K. Delaney. Office. Liberty
Building, Phlla.; Fodoral M gr., J. A. Edson, JCansas City, M o.; General
Mgr. under U. S. Govt., C. E. Johnson.— (V. 107. p. 182, 1385.)
★ MILL CREEK & MINE HILL NAVIGATION & RR.— Mill Creek Jet. to
Broad Mountain, Pa., 4 01 m.; branches, 2.13 m.; second track, 3.79 m.;
total track, 60.03 m. Loasod in 1861 for 999 yoars to Phlla. A Reading RR.:
lease assuinod In 1896 by Phlla. S Reading Railway, rental, $33,000 St taxes.
t
★ MINE HILL & SCHUYLKILL HAVEN RR,— From Schuylkill Haven to
Ashland and Enterprise Jet., 36.72 m.; 2d track, 18.85 m.; total track,
129.91 m. In 1897 rental reduced to 6 % on Stock under new lease for 999
years from Jan. 1 1897 to Phlla- S Read. Ry. Co.; 2 H % Is paid In Jan. and
:
3 % In July,
being deducted for taxes.— (V. 96. p. 1385. 1423.)
A MINERAL POINT & NORTHERN RY.— Highland to Highland Jet..
Wl8 ., 26.4 miles; trackage to Mineral Point, 4.2 m.; total, 30.6 miles.
Stock, $550,000: par, $100. Bonds, see table. For cal. year 1918, gross,
$120,553; not. $19,972; charges, $36,831; def., $16,858. In 1917. gross.




$137,314; surplus, after charges, $15,141.
V .-P .. A . D . Terrell, Chicago.

Pres., Thos. D . Jones, Chicago

★ MINERAL RANGE R R .— Houghton, Mich., to Calumet, M ich., 1 1 m. :
branches, 19 m .; South Range exten., Keweenaw Bay to Riddle Jet., 36 m.;
total, 69 miles.
“ ADVANCES” AND "STA N D A R D R E T U R N ,” &c.— See page 5.
In 1895 paid dividends of I 0 h % : in 1896. 7% ; 1897. 7% ; 1898,
oonc since. Stock. $1,500,000; par. $100.
BONDS.— Consols for $1,000 are reserved for $3,000 old bonds. Of the
$593,000 outstanding, $339,000 are os; the Can. Pae. on Dec. 31 1918 owned
she remaining $254,000 (which are 4s) and the $1,000,000 gen. mtge. 4s,
both of which It guar, as to Int. V. 75. p. 554. See V. 73. p. 556. 616; V. 73.
p. 785. Of tonnage In 1917. 87% was ores and mining products. Equip,
trust notes Dec. 31 1918, $361,071, including deferred interest.
EA R N ING S .— 8 mos., (1 919-......... .Gross, $517,655; net, def., $5,148
Jan. 1 to Aug. 31. (1918______ Gross, 748,520; net, def. 14,108
Cal. Years—
Gross.
Fed. Inc. Net. Oth. Inc. Chgs.
Balance.
1918---------------- ------------ $147,432 ----------$837 $110,464 sur.$37,805
1917---------------- 1,184,850 _______ 21,959 9,312 125,570 def. 94,299
A MINNEAPOLIS RED LAKE & MANITOBA R Y.— Bemldjl to Redby.
Minn., 33 V miles. Stock. $100,000; bond* 'see table). For vear ending
4
Dec. 31 1918, gross, $125,659; oper. exp.. S78.018: net, $47,641; other in­
come, $1,008; taxes, rentals and fixed charges, $10,995; int. on bonds,
$35,000; bal., sur.. $2,652. Pros., C. A. Smith; Sec., A. Ueland; Treas..
A. L. Molander. Bemidji.
★ MINNEAPOLIS & ST. LOUIS R R .— {See M ap.)— Road Includes:
Road Owned—
Miles.
Road Owned <
Continued>
— Miles.
Minneapolis to Angus, l a ____ 260
Winthrop, Minn., to Storm Lake.154
Des Moines to Ruthven, la ___138
Branches ___________________
16 6
Hopkins, Minn., to Leola, S.D.330
Trackage__________________ 109
Hondo to Le Beau, S. D _______115
Iowa Jet., 111., to North wood .-375
Total owned and operated Dec. 31 1917_________________________ 1.647
Leases to C. R. I. & P .. Albert Lea to Iowa Line. 13 m ., lncl. above.
ORGANIZATION.— Incorporated In Iowa June 30 1916 (V. 103, p. 145 )
as a consolidation or Minn. & St. Louis RR. of Minn, and Iowa (V. 59.
p. 371; V. 93, p. 1668), and Iowa Central & Western Ry. per plan of Feb*
1916. V. 102, p. 522, 529: V. 103. p. 2163: V. 104. d . 2240.
"S T A N D A R D R E T U R N .” &c.— See page 5.
STOCK.— The new consolidated company has an authorized capital
stock of $26,000,000 (par $100), all of one class, o f which there was Issued
forthwith $25,792,600, the remainder to be reserved for future needs.
D1V1DS.
1 ’97. ’98. ’99. ’00. ’01. ’02. ’03. ’04. ’05 to Jan.’ lO.
Preferred......... 3
314 4 >4 5
5
5
5
5
5 yearly
None
Common...........j ----- None----1>4 4
5
5
2H
0
sinceBONDS, ScC.— Bonds due 1927, Nos. 1101 to 1400, for $500 each, addl
ttonal to those above, were assumed bv B. C. R. & N (now C R I & P )
First Refunding mtge. of 1899 is limited to $13,244,000 The'mtge is a
1st lien on 277 miles of road and on $299,500 stock of Railway Transfer Co
of Minneapolis; also a blanket lien on rest o f property. V. 68 d 187 332
V- 79. P- 2147; V. 80, p. 2220; V. 87. p. 1420; V. 88. p. 295, 452. 506
See v • 69, p» 32*
.
The “ Refunding and Extension” 50-year bonds, dated Jan. 1 1912 ($75 000 000 auth Issue) are secured by a general lien on properties now owned’
subject to existing liens, and have a first lien on 229.60 miles of road viz ’
Watertown to Leola, S. D ., 114.13 miles, and Conde to Le Beau 8 d ”
115.47 miles. Amount issued, $6,800,000; amount outstanding, Dec. 31
1918, $4,085,956; balance in treas. or pledged for loans. &c. In 1912 $39 t0 retire a like amount of underlying bonds,
$1,036,000 to retire equipment obligations, $11,073,000 for im­
provements, second track, &c., $3,000,000 to purchase rolling stock

reseryod

“ 279. 4
8
7
?
S
3
?
;
V ' **• C'
V' « •
The $3,072,000 Des Moines St Fort Dodge 4% bonds dated Jan. 1 1905
7<?r«
'• V.,79. p. 1704. 2696. The $161,000 Hocking Coal Co.
V l6
oV,$p 9520:°V U10i
1629*“ " ’ V ' 96' p ' 360' EquiP- trusts*
The Director-General in May 1918 loaned this co. $750,000 on demand,
adequately secured by collateral, at 6% Int. Compare V. 106. p. 1860.
EARNINGS.— 8 mos., f 1919------Gross, $8,320,564; net (after $308,050
\NNTT \T F P n n f
t0p
-Gross, 7,481,420; taxes),
163,614
ANNUAL REPORT.— Report for cal. year 1918 in V. 109, p. 672, 783.
Calendar Years—
i 9 i8.
1917.
* 1916.
..................................... $12,028,300 $11,005,963 $10,995,223
Net, after taxes......................................def.S37,993 $2,593,671 $3,198,632
Other in com e................... ..................

'l80]310

Total net incomo________________ 5 2 820 167
Interest on funded debt____________ $2 059’ 542
Hire of equipment_______
Miscellaneous deductions___ ~
' 549*796

x24l’ 547

'" 8 b ’,627

$2,834,618 $3,279,259
$2,063,789 $2,092,504
Cr.7,410
145,547
127,188 > - 291,090

Balance, surplus
................._
$210,829
$651,051
$750,118
x Increase due chiefly to dividend on Hocking Coal Co. stock, $74,317,
and increase of $84,943 in rental from Minneapolis Iiy. Transfer.
y C o n t r a c t n o t y e t s ig n e d

(A p r il 1 9 1 9 ).

Chairman, Chas. Hayden; Pres........................... :fV.-Pres.f& Treas., F. H.
Davis N. Y ; V.-Pres., J. S. Bache, N. Y ., and L. C. Fritch, Chicago;
Asst. Sec. & Aud., W. C. Knoble, Minneapolis, Minn.; Sec., W . D. Davids,
^£>r., W. H. Bremner, St. Paul. Minn.; Fed._Treas., W. W .
Cole, Minneapolis, Minn. Office. 25 Broad St.
Directors.— H. E. Huntington, F. H. Davis. Charles Hayden, J. S*
Bache, E. V. R. Thayer, Newman Erb, F. P. Frazier, N. Y .; F. C. Letts,
Chicago; F. A. Chamberlain and F. E. Kenaston, Minneapolis; S. B. No­
vember, Baltimore, M d.— (V. 108, p 268, 672, 769.)

★ Control.
Government

82
[For

R A IL R O A D C O M P A N IE S
a b b r e v ia tio n s . & c . , s e e n o te s o n fir s t p a g e ]

M inneapolis & St Louis (C o n c lu d e d )
E qT r ser B gold due $18,000 y e a rly _____PeP.xc*
do Ser O part due y e a rly ---------------------- PePx
do Ser D due $40,000 each N ovi: call 102 34-PeP
do Ser E due $170,000 yly Feb 1 call 102 3* PePc
Am Locomo trusts due S6 , -’ 50 quar V . 100. p 556..
Iowa Central 1st M 0 (V 49. p 582).................Me.zo*
1st Ref mtge $25,000,000 g (see text)_Un.xo*&r
Car trusts ser B due $15,000 yrly---------- Pep.xo*
Hock Coal Co 1st M $600,000 gu red 105 sf.-Em .xc*
Minn St Paul & S Ste Marie—Com stock $42,000,000 .
Preferred stock 7% non-cum $21.000.000-----------Wisconsin Cent leased line ctfs $12,500,000 auth.
Minn Sault Ste Marie & Atlantic 1st M eold.Ce.zc*
IstO onsM g. Int guar (end) ($3,477,000 5 s)_Ce.xc*
Second mortgage $5,000,000 gold Int guar------Ce.x
Chicago Terminal Joint 1st M g red text-G.xc^&r
Car tru
*
’
do
do
do
do
do
Fairmont & Veblin Ry 2d M bonds.
Miss Ri v & Bonne Ter Ry— 1st M $2,500,000 g red 10;
Mo&III Br& Belt— StC M & St L B 1st M red g-Sbt.z
Consolidated mortgage $2,500,000 authorized g ..
Missouri Kansas & Texas— Common stock----------Preferred stock 4% non-cumulatlve___________ -

Miles Date
Road Bonds
1910
1912
1915
1917
1915
502 1888
539 1901
1910
1912

495 1886
3,153 1888
3.158 1899
1911
1910
1911
1912
1913
1913
1916
1913
1916
164 1909
65 1911
1901
_
_ 1904
—
—
1,599 1895
1,599 1890
163 1894
1901
162 1892
162 1892
182 1893

Par
Value
$1,000
1.000
l.onn
1,000
250 &c
1,000
1,000
1 .0 0 0

1,000
100
ion
100
1.000
1.000
1 .0 0 0

l.OOO&c
1 .0 0 0
1 ,0 0 0
1 .0 0 0
1 ,0 0 0
1 .0 0 0
1 .0 0 0
1 .0 0 6
1 .0 0 0

1.000
1.000

Amount
Outstanding

Rais
%

When
Payable

Last Dividend
and Maturity

A & O Oct 11920
5g
$18,000
M & N To Nov 1 1922
5
72.000
M & N Nov 1 '1 9 to '25
6g
280.000
F Sc A Feb 1 '20 to ’27
1,360.000
5
6
137,500
Q—J Jan '20-Jan ’25
o
6 g J d D June 1 1938
7,650,095
o
M d S Moh 1 1951
7,156,000
4g
o
6 K A d O Oct 1 1920
15.000
161.000
6 g .1 & J July 1 1932
25,206,800 7 in 1919 A & O Oct 15 1919 3H
12.603.100 7 In 1919 A & O Oct 15 1919 3>4
A & O Apr 1 2008
4
11.177.100
o
4 g J d J Jan 1 1926
8.156,000
60.340.000 4 g & 6 g J & J July 1 1938
J & J Jan 1 1949
4z
3.500,000
d N Nov 1 1941
o
4g
6 .0 0 0 0 0 0
o
61.000
4>4 A d O Apr 20
5
180.000
434 8 M <c 8 Meh 20-Mch'21
.
4 Y g J & D Dec ’ 19-June’22
k
306 000
4H g J & J Jan '20-Jan '23
1,113,000
5 g J & D Dec ’ 19-Dec '23
576.000
975.000
g M & N15 May ’ 20
A Sc O Apr 1 1928
6
SO
O
F & A Aug 1 1940
2.167.000
5g
3.575.900
5 g J & J July 1 1949
A & O Oct 1 1931
2.600.000
6 z
745,250
4 x J & J Jan 1 1951
737.000
4 g J & J Jan 1 1951

IOO 13,000.000
500 &o 39.999.500
600 &o 20.000.00C
3.253.00C
1 ,0 0 c
1.924.00C
1.00(
4.000.00C
1.00(
58.00C
1 ,0 0 c
1,689,000
1.000

★ MINNEAPOLIS ST. PAUL & SAULT STE. MARIE RY,— Owns main
line from Sault Ste. Marie. Mich., via Minneapolis to Portal, North Dakota,
at international boundary line, there connecting with Canadian Pac-. 1,941)
miles: branches, Hankinsou.N. D . t o Max. 305 miles: Glen wood. M inn.. to
Noyes. 265 miles; Thief River Falls, Minn., to Kenmare, N . D ., 298 m.;
Fordville, N. D .. to Drake. N . D .. 131 miles: Moose Lake. Minn., to Plum­
mer. M inn.. 193 m.: Wishek, N. D .. to Pollock, 70 m.; Brooten to Duluth.
Minn. 183 m.; Lawler to Ouvuna, 30 m. (V. 91, P- 912, 787); other
branches. 698.45 miles: spurs. 21 m.: Fairmont & Veblen Ry. t airmont to
Grenville, S’. D ., 87 m.: total owned Dec. 31 1918, 3,152 miles, leases Wis­
consin Central Ry. (which see), 1,031 miles; totol o p ia te d , 4,174 miles.
Owned but leased to Minnesota N. w . Elec. R y., Thief River Falls to Goodridge. M inn., 19 miles. Late in 1916 became interested in Spokane Inter­
national Ry. V. 104, p. 1899.
„ ,
. . ...
H ISTORY.— A consolidation In 1888 of Minn. Sault Ste. Marie & Atl.
Minn. & Pac., &c. See V. 46, p. 538. 609: V. 77. p. 628.
In 1909 51% of Wisconsin Cent, com stock was purchased, affording a
Chicago connection, the road being leased for 99 years from April 1 1909$11,176,800 4% leased line ctfs. have been issued (see Wis. C ent.), secured
by Wis. Cent. pref. stock, $ for $. V. 88, p. 232. 564, 686: V. 98, p. 1668.
Int on W ise.Cent. 1st * ref. 4s ($>.8l6.')')0out)ls guaranteed V 95. 0. 968.
The Central Terminal R y., organized in 1911. on Apr. 1 1914 opened a
now Chicago terminal. See BONDS below. V. 93, p. 1463, 1387, 8/1,
285: V. 95, p. 745.
, , ,
„ ,
,
. ,
Federal Compensation.— 810,547,429 yearly during Federal control.
STOCK.— Canadian Pacllicin Jan 1 1 9 1 9 owned$12,723,500 common and
$6,361,800 preferred. Preferred stock has a prior right to 7%
:
then com. to 7% ; then share pro rata
V 75. p. 549; V. 92. p.
DIVIDENDS.— 1 ’03. ’04. ’05. ’06. '07. ’08. ’09. 1910 to Oct. 1919
Common_________ % / 2 4 4 4 4 6 6
7 yearly
BONDS.— Can. Pac. guarantees 4% int. on all old bonds assenting to a
reduction of Int. to 4% ; also on consols of 1888. (See V. 50, p. 784; V. 51.
p
) About one-hnlf \flnn < Pac bonds and nractlo'dlv all other issue0
fe
assonted. Abstract o f Minneapolis Sault Ste. Marie & Atlantic x
\
V 45 p. 243: Can. Pac. Ry. Co. on Jan. 1 1919 owned $3,993,000 of the
M St. P. & S. Ste. M . 1st 4s. The Consolidated mortgage of 1888, abstract
V . 47, p. 142, was for $21,000,000 on 800 miles (sufficient o f this reserved
to retire prior bonds) and for $20,000 per mile on all additions. Outstand­
Ing amount is. however, restricted to three times the stock, v . y4,
p 351; V. 73. p. 185: V. 78. p. 820; V. 79 p. 1332; V. 80, p . 651: V. 87.
p. 1011, 1664; V. 89, p. 779: V. 91, p. 1026; V.,95. p. 544; V. 98, P- 1316,
V. 100, p. 812: V. 103, p. 321; V. 106, p. 1126. As to 2d 4s. see V. 68,
p. 669, 771. 977; V. 71. p. 845; V. 85, p. 1616; V. 96, p. 1089.
TUe Chicago Terminal 1st M. 30-year goiu 4s ($20,000.B'M auth.) are bttoured uuder a Joint mtge. with Central Terminal Ry. on Chicago terminals
o f Minn. St. P. & S. S. M. and Can. Pac. system lines. They are subject
to call on any Interest date beginning Nov 1 1916 as a whole at 105 and
must be called yearly, beijlnnirur Nov. 1 1016, at 102 H by a sinking fund suf­
ficient to retire Issue at or before maturity If not purchasable for less, i ne
J^.ODO.OOO bonds sold represent cash Investment equal at least to their par
▼aiue, the remainder beln£ reserved for not exceeding 80% of cost of exten­
sions and Improvements
V 03, n 1468: V 05. P. 745
EARN ING S.— 8 mos. , [ 1019..Gross, $26,493,728: net (after $4-762,410
Jan. 1 to Aug. 31.
11918—Gross, 20,376.452; taxes),
2,395,989
REPO RT.— Report for year ending Dec. 31 1918, V. 108, p. 2523.
------ Calendar Years--------------.June 30 Years-------Entire System—
1918.
1917.
1916.
1915.
Avsre miles ooerated
3,172
3,168
3,168
3,021
ODer;Rh^7evenues
'$35,930 292 $34,540 491 $35,010,064 $27,763,225
^ r t a r o i n g l ! - : 111 $6!239,684 $11:575,698 $15,928,996 $9,951,851
Federal compensation.x-$10,458,176
-------­
99CL261
1.103.246
687.386
1.652,231
Other income__________
Gross income ______ $11,145,562 $13,227,929 $16,928,258 $11,057,097
U. 8 . R R . A. misc. chgs. $1,038,574
........................................................ .
Int. on Wis. Cent, leased
446,784
446,894
447,072
line certificates______
447,0/9
Other fixed chgs., taxes
7,499,577
8.254,929
8,352,418
& terminal rentals____ 5, 401, / 47
450,688
450,612
450,612
Pf. div. Wise. Cent. (4% )
450,624
882,238
882.238
882,238
do M .St.P.ASSM (7% )
882,238
1.764,476
1.764,476
1,764,476
Com. div. do (7 % )-- 1.764.476
$ 1 ,3 3 1 ,1 1 3 $5,129,108
Balance, surplus_____$1,160,824
x Federal compensation in 19i8, aggregated $10,547,429, less corporate
expenses, $89,253.
.
Substantially the entire amount of pref. dlvs. of the Wlsctmsin central
are paid to the “ Soo” company proper and included in its other income.
Pres., E. Pennington; Sec. & Treas., G. W, Webster; Comp., O. vv.
Gardner, all o f Minneapolis: Federal M gr., G. R. Huntington, Minneapolis,
Federal Treas., C. F. Cloments.— (V. 108, p. 268, 2523; V. 109, p. 371.)
★ MINNESOTA TRANSFER R Y .— Union road owning 13.54 miles, ex­
tending from Junction with Chic. Mllw. & S' Paul at Merrlam Park to r rialey (with stork yards. &c.); side tracks, 8).62 miles; total, 103 16 miles
V. 104.p. 1045. Stock, $63,000. equally owned by Chic. Mllw. & St. I aul,
Nor. Pac., Chic. St. Paul Minn. & Omaha, Minn. & St. Louis, Chic Burl. «
Quincy, Great Nirth., Chic. Great West . Minn. St. Paul A Sault Ste. Marie
and Chic. Rock Island & Pacific. In July 1916 made a now 1st M. Tor
$3 500 000, callable all or parf at 102 34. beginning Fob. 1 1922: «oml-ann.
sinking fund from 1917, 34 of 1% . Federal M gr., A. W . Tronholm, St
Paul. Minn.— (V. 104. p. 1045; V. 107, p. 697.)
★ MISSISSIPPI CENTRAL RR. —Owns from a point 14 miles south of
Hattiesburg Miss., to Natchez. 164 miles. Stock auth. and outstanding
Jan 1918, $3,910,000; par 8100. Dividends of 6 % year y paid to Oct. 1
1907: 1913. 1%; 1914 to Feb. 1919. 2% (1% F. & A.).
Bonds — 1st M. bonds dated July 1 1909, limited to $10,000,000. are Issu­
able at $25 0 0 0 p. m.: they are subj. to call by lot at 1 1 0 for yearly slnklne
fund of $49,200: also as an entire issue at same price. Retired by s. f.
to July l 1919 $524,100.
They are guar., p. & L, by U. S. Lumber Co.
V. 8 8 . o. 1561.
„ .
,
.
Compensation contract has not as yet been signed




APrlvate
Control.

RAILWAY STOCKS AND BONDS

4
4
5
4

g
g
g
g
6 g
6 g
5g

J

F
M
A
A
A
J

&
&
&
&
&
&
&

[V o l .

109.

and

P la ces W h ere In terest
D iv id e n d s a r e P a y a b l e

25 Broad St. New York
do
do
do
do
do
do
25'B road ' St T"Ne w York
do
do
do
do
25 Broad St. New York
Minn office: checks mail
do
do
Rank of Montreal. N v
Bank of Montreal, N Y
do
do
New York & London
do
do
New York
Bank of Montreal N Y
do
do
Girard Trust C o.. Phlla
N Y and St Paul
. ^
N Y,Callaway. Fish&Oo
1st N Bk, N Y & StLouis
St Louis Union Trust Co
do
do

Nov 10 ’ 13 2% Checks mailer!
Dec T 8 int paid June 19
D June 1 1990
Feb 1916 int unpaid
A June 1 1990
Nov 1915 int not paid
N Nov 1 1944
Apr 1916 int unpaid
O Apr 1 2001
Oct 1916 int unpaid
O Apr 1 1942
Apr 1916 int unpaid
O Apr 1 1942
Dec 1915 Int unpaid
D -Tune 1 1943

EARN ING S.— 12 m os.J1918.................Gross, $1,246,990; net, $279,975
Jan. 1 to Dec. 31.
11917................. Gross.
974,750; net, 308,293
For 8 months.—
(1919..Gross, $663,589; not (bef.
def.S81.357
Jan. 1 to Aug. 31.
(1918..Gross, 848,026; taxes).
net237,504
R E PO RT.— For cal. year 1917. in V. 106, p. 76:
,
Cross
Net. after Other
Int. A
Dies.
Balance.
.
Earns.
Taxes.
Income. Sink. Fd
(2% )
Surplus.
1917____ $974,749 $250,245 $156,294 $248,670 $78,754
$79,114
1916......... 757.093
204,962 160,501
251.191
78.740
34.535
Pres., F. L. Peck: Sec., G. F. Royce: Treas., E. S. Peck. Fed. M gr,,
O. M . Kittle, Chicago: Fed. Treas., Charles Ehlers, Hattiesburg, Miss.
Office, Hattiesburg, Miss. Fiscal agents, Callaway, Fish & C o., 37 Wall
St., N. Y .— (V. 106, p, 76, 402, 802; V. 108, p. 378.)
A MISSISSIPPI RIVER & BONNE TERRE RY.— Owns Riverside. Mo.,
on Mississippi River, to Doe Run, Mo., 40.44 miles, with branches, 18.10 m>;
also 43.44 miles of industrial tracks: total tracks about 108 miles
STOCK.— Stock auth. and outstanding. $3,000,000: par $100. Divs.
1900 to 1910.6% ; 1910-11.7%; 11-12. 6% : *12- 13. 5%
UONDS.— The $2,500,000 1st M. gold 5s of 1911 are secured by a closed
first mtge. on the property owned and hereafter acquired except about onehalf In value of the equipment, and further by deposit of a $2 ,5 0 0 ,0 0 0
20-year 5% note of the St. Joseph Lead Co. They ar* redeemable at 105
as n whole or bv lot for a sinking fund of $25.00° yearly for nrst. K v«ar« and
$50,000 a year thereafter. V. 93, p. 589, 871. In sinking fund March
1919, $319,000.
RESULTS.— For cal. year 1917, gross, $983,190 (against $757,093 In
1916): net, aft. taxes. $211,494; othor income. $124,134: Int.. rents, &e..
$139,794: surplus, $195,831. Year 1918, total net, $286,942 (incl. other
income, $137, 443): income charges, $122,817; bal., sur., $164,125; dividends
paid, $180,000. Total profit and loss surplus Dec. 31 1918, $620,675.
Pros., Clinton II. Craue: 1st V.-P., E. <). Smith; 2d V . - P . , F. J. Thomure;
Treas. S Soc., F. H. Dearing. N. Y . office. 61 Broadway.— (V. 101, p.48.)
c
★ MISSOURI & ILLINOIS BRIDQE & BELT RR. -H as bridge 2 UK) feet
long across the Mississippi River at Alton, 111.: also 2.75 miles of road.
Owned by C. C. C. & St. Louis, Louisville & Nashville, Chic. Peoria & St.
Louis, Balt. & Ohio, Missouri Pac., Wabash, Chic. Rock Island & Pac.
Chic. & East. III., M o. Kan. & Tex. and Pitts., Cinn., Chic. & St. Louis
(Penn. RR system). Incorp. In 1904 as successor of the St. Clair Madison
S St. Louis Bolt RR. V. 79, p. 1642, 681; V. 103, p . 2156. Stock.
c
$2,500,000; outstanding, $143,000. 1918, income from loaso of road,
$102,518; other income, $617: expenses, interest, Ac., $80,311; bal., sur.,
822,851. Pres., Henry Miller: Sec. & Treas., W. F. Bender, Railway
Exchange Bldg.. St. Louis. C. G. Burnham, Fed. M gr., Chicago, 111.—
(V. 103. p. 2156.)
★ MISSOURI KANSAS & TEXAS R Y .— Operates a line with north­
ern terminals at St. Louis, Kansas City. Junction City and Hannibal.
Ho., extending southerly across the Oklahoma and the Texas cottoD belt
to tidewater at Galveston, on the Gulf of Mexico, and to San Antonio.
Tex., and Shreveport. La., with branches.
M . K . & T . R y . — O w n ed (1663 m .) M il e s . M.K.& T.of Tex.-Leases (501 m.)—
Jet. near 3t. Louis to Red River 629 •Tex. Cent. (99% stock owned). 304
18
Hannibal, Mo., to Franklin Jet. 105 •Wichita Falls R y .....................
_
94 Other linos___________________ 174
K. C., Mo., to Parsons, Kan_
Parsons, Kan., to Okla. C ity .. 203 * Wichita Falls & N. W. Ry - - 329
Junction City to Parsons. Kan. 158 Op. Jointly (a.)— M .K.& T.Ry
m.)
K. C. June, to Paola, Kan_____
27
8 6 St. Louis to Macbens, Mo_____
O k la h o m a City t o Atoka______
132 Kansas City to Paola_________
43
Osage Juno, to Verdark. O kla..
79 Dewey to Bartlesville_________
4
23 Moran to Plqua________
Fallls to Guthrie, Okla.............
7
Other branches________
1 5 4 (6) Af. K. & T of Tex. (17B m.)—
M . K . A T . o f T e x .-O w n e d (1,118 m.) — Whitesboro to Fort Worth-----71
Red Rlv.to Houston,via F t.W . 357 Houston to Galveston________
50
D e n is o n to Hlllsb., via Dallas.. 172 Austin to San Maroos (see Int.
A Ot Nor.; V. 94. p. 4 1 6 )...
30
Whitesboro to Henrietta______
87
26
Greenville to Shreveport______ 150 Other linos___________________
Other branches_______________ 3 5 3
(♦See this company.)
ITsOO
Total operated Dec. 31 1917
In May 1918 received Federal permission to construct a lOO-mllo con­
nection botweon Weldon. Tox., on its Trinity division, and Mart on the
International & Great Northern R y. V. 106, p. 2229.
O RGAN IZATlON .& c.— Reorg. in 1890 without foreclosure. V.49.P.719.
As to Wichita Falls & Northwestern Ry. (placed In hands of receiver In
June 1917) and Wichita Falls & Southern Ry., see soparate statements for
each, also committees below. V. 95. p. 1057.
“ STAND ARD R E TU R N ,” & c.— See page 5.
„ „
R E O E I/E R SH IP .— Pres. Charles E. Schaff was on Sept. 27 1915 ap­
pointed receiver for the company by the U. S. Circuit Court at St. Louis.
Hallgarten A Co. and J. & Y 5 Seligman S Co. are preparing a reorganization
V
c
plan. V. 105, p. 909, 998, 1209. V. 102. p. 8 8 6 . In Dec. 1915 Central Trust
Co., mtge. trusteo. filed suit to foreclose Oousol. Mtge. or 1910 (bonds all
pledged as collateral) for default Oct. 1 1915. In April 1916 Farmers Loan
& Trust Co. brought suit to foreclose the First S Kef. Mtge. V. 103, p.
c
1119. In Feb. 1917 suit was brought to foreclose the $20,000,000 2d Mtge.
'See below and V. 101 p. 1973) and In March 1917 to foreclose M. K. S
c

(81

T-In June
U.OOo'5 % receiver's certificates were outetandiug on
M . K. & T. Ry. of Texas, ranking ahead of Its $4,505,000 first intgo. bonds
of 1892; $3,000,000 auth. These certificates were extended 6 months at
maturity Aug. 15 1918. and later extended to mature I'eb. lo 1920. v. 107,
p. 697; V. 104, p. 761, 2343, 2452.
,
. . . .
Reports of experts as to needs of system and probable rosults of Improve­
ment additions, see V. 103, p. 1977; V. 10 4, p. L592, 064, 6 0 O V. 105.
,
n. 998. 1101. Application for a co-receiver was denied In Oct. 1917.
^ 'Default— In&Mt p l i / S t 9— On Dec. 31 19118 the Interast matured since
8 ept. 27 1915 remaining u n p a id aggregated *11.917,620 /.inking fund pay­
ments In default. $1,731,600. V. 107, p.495
on each Issue In default, and the date or payment of deferred Interest, inay
b"- lcn-ned from table at head of page.— (V. 108, p. 1823, 2330, V. 109, p
1700.)

V

Kov., 1919.J *g” S r '“

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
IFor abbreviations, A c., see notes on first page]

Miles Date
Road Bonds

Missouri Kansas & Texas (Concluded)—
Kansas City & Pacific 1st II gold assumed ..F r.x c*
130 1890
M K & Okla 1st M $5,468,000 g assumed_ Ce.xc*
_
227 1902
Texas&Okla 1st M $2,347,000 gold assumed.Ce.xc*
117 1903
First & Ref mtge $40,000,000 gold (see text)_ F.x
_
1904
Gen M $20,000,000 gold sink fund red at par.N.xo*
1906
S W C & Imp 1st M assumed sink fund call 125--F*
1889
Consol mortgage $125,000,000 gold authorized_ x
_
1910
Two-year secur g notes axt.ln 1915 red 101-.Ce.xo
1913
Equlpt trust notes gold S95.000 due s-a call par.Cex
1913
do
do
Series A $34.000 due s - a _______ _CP
1914
Receiver’s equipment tru sts_____________________
Securities of Allied Companies—
Dallas S, Waco 1st M $20,000 p m ggu p Al.Ce.xxo*
c
66 1890
M K & T of Tex Receivers’ certif $3,000,000 au th ..
1917
M K & T of Tex 1st M $20.000p m ...C e .x x o * lG u .p .
225 1892
Boonv Bridge IstM g sfd V.73,p.494-Ce.zo*;& 1..
1901
Katy Off Bldg Oo 1st M ____________________ c*&r*
1912
Tax OentlstMS2.000,000g r*dll0($l50.0004s)F.xc*
309 1893
Wichita Falls & N W 1st M g red 105___ FC.xc&r
154 1909
Pan Handle Dlv 1st coll lien M gold s f-.F C .x c
57 1910
First A Ref M goldred 105____________ Usm.xc*
378 1911
Wichita Falls & So 1st M $780,000 g gu s f_.F C .xc*
62 1908
Beau & Gt No 1st M g $17,500 p m red 10214___ G
49 1909
San Antonio Belt & Term Ry 1st M notes g text._c
1919
Mo & N Ark R R — Rec ctfs $2,500,000 red par_______
1915
Mo Okla & G u lf RR— 1st M $20,000,000 (text).SSt
1911
Mo Okla & G ulf Ry— Receiver’s certlfic’s $1,750,000
1915
First M $10,000,000 gold................................. SSt.c*
350 1904
Second M gold___________________________________
Equipment trusts in 1919________________________
v-x Tnere are also pledged under Consol. Mtges.: Of v$448 .000; o f
x There also $584,000 heia in treasury or pledged as c ollater al.

Par
Value




Rate
%

When
Payable

$1,000 $1,500,000
4g
1,000 5.468.000
5g
1,000 2.347.000
5 g
100 &o v9.992.000
4 g
1,000 xl0.421.000
414
1.000
743.000
6
See text. 8ee text
1,000 19,000.000
6g
1,000
760.000
1.000
340.000
i ‘
99.997 Various M onthly

s

1.000
1.340.000
5 g
.000 &c
6
2.241.000
1,000 4.505.000
5 g
1,000
46
910.000
600 &c
200.000
614 g
1.000 2.000,000 4 & 6 g
1,000 2.098.000
5g
1.000
838.000
5g
1,000 x3,000 ,0 0 0
6g
1.000
729.000
5g
1,000
883.000
1,000
1.850.000
250 Sec
1.849.000
6 8
1,000 6.704.100
5
1.000
1.720.000
5g
100 &o 5.537.000
6C
885.000
5g
743,034
x $6,83 0,0000.

PROTECTIVE COM M ITTEES (see V. 101, p. 1903. 1189. 1272):
Two-Year Secured Gold Notes (Extended and Unextended) .— Willard V .
King. Chairman; O. A. Austin. Sec., 60 Broadway. N . Y . City; Central
Trust C o., depositary. Of the $19,000,000 notes issued, S9,176,000 has
been deposited. V. 101. p. 1093, 1553, 1973; V. 102. p. 1250, 1436.
First M . 4s due June 1 1990.— William Church Osborn, Chairman; Paul
G . Tomlinson, Secy.: IT. S. Trust Co , N. Y .. depositary. V. 102 d 67
1918 coupon was paid June 1919. V. 108, p. 2330.
Dutch Committee for 1st 4s.— Pres., B. W . Van Vloten. V. 102, p. 154
Second Mtae. Bonds.— E. G. Merrill, Pres. Union Trust C o.. Chairman
G. K . B. Wade. Sec., 80 Broadway. V M l . p . 1189, 2145- V. 102 p 522
2077. 2254; V. 103, p. 239. 579. $5,180,500 deposited NoV. 10 1919.
Dutch Committee.— J. II. W ysm ai, Amsterdam, President. V.102 p.151
_ First Extension 5s of 1894. John W. Flatten, Chairman; Ohauncoy H
Murphey, 55 Cedar St., N . Y ., Sec. V. 101, p. 1272; V. 102 p 345
St. Louis Division. First Mtge. Ref. Gold 4s.— Edwin 8 Marston. Prea
Farmers Ln. & Tr. C o., Chairman; Augustus V. Heely. 22 William St.
N . Y ., Secretary. V. 102, p. 67.
First & Ref. M . 4% Bonds.— Alexander J. Hemphill, Chairman: W. O
Cox, Vlce-Pree. of Guaranty Trust C o., as Sec. V. 103 p 1508- V 101
P- 1093. 1189; V. 102. p. 522. $6,386,300 deposited June 1917/
a .S mo a I>
TMlao ' a lH
9 ttQ T V
iv T
’ Chairman; Herbert W. Morse
Sec., 26 Broad St., N. Y .: N. \ . Tr. C o., depositary. V. M l. d . 1 0 9 3
P* 253, 14361
,1628, 1989 $5,305,000 deposited N ov. 10 1919.
_ ?°.U
o
1st 6s. due 1929.— Chairman, James B. OolTr ust°C 0^**New°Y or k ^ a ' ^
)ot'^ ° f N . Y . Depositary, Farmers’ Loan
Pref. Stock and Common Stock.— Alvin W. Krech, Chairman; J. Y . Rob­
bins Jr., Sec. Equitable Trust C o., depositary. V. 101 p 1272
Missouri Kansas A Eastern Ry. 1st M . 5% Bonds.— Chairman, John W
Stedman; Sec., George E. Warren, 60 Broadway, N . Y . Depositaries
Columbia Trust C o., N . Y .; Conn. Tr. & Safe Dep. C o., Hartford. Ma
Jorlty deposited. V. 102. p. 886: V. 103, p. 1210, 2238; V. 104. p. 2010.
Kansas City A Pacific 1st M . 4s.— Chairman, Edward O. Delafield,
Sec., J. O. Traphagen, 46 Wall St., N . Y . Depositary. Franklin Trust
C °.. N . Y . Over 70% deposited. V. 102. p. 1163. 1346; V. 103, p. 844;
V. 104, p. 253; V. 105, p. 389; V. 108, p. 579.
Sherman Shreveport A Southern Ry. 1st M . 6s.— R . Walter Leigh, Chair­
man; Joseph S. Dale, 52 William St.. Sec. Depositary, Columbia Trust
Oo.. N . YT V. 101. p. 1274; V. 102. p. 713.
M . IC. A Oklahoma lsf M . 5s.— John W . Platten. Chairman; U. S. Mtge.
V Tir04St ° ° r t o 2 Y ” depositary’ V * 102’ P’ 800* !346; V. 103. p. 60. 1687:
BoonvilleBridge lsf M . 4s.— Chairman, Robert Struthers Jr.; Sec.,
Emerson W. Judd. 37 Wall St. Depositary, Metropolitan Trust Co..
N - Y - V. 102, p. 1625. Majority deposited. V. 103, p. 320.
Dallas A Waco Ry. lsf M 5s.— Theodore H. Banks. Chairman: Martin
8. Watts S ecy 115 B ’way. N. Y . V. 104. p. 559; V. 105. p. 1898.
M . K . A T. Ry. of Texas lsf M . 5% Bonds.—Alhalrman, Jules S. Bache
depositary Empire Trust C o.. N. Y .: Sec., Edward P. Goetz. 42 Broad­
Way. N. Y. V. 102. p. 1060. 1540: V. 103. p. 61.844.
Texas A Oklahoma Ry. 1st M. 5s.— F. N. B. Close. Chairman; Perry B.
Wall St., Sec.; Bankers Trust C o., depositary. V. 101. P- 1189
V. M2, p. 154. 801. 887
Wichita Falis A N . W lsf 5s, 1939.— Chairman, Oscar L. Gubelman.
.
Secretary F. W. Seymour, 120 Broadway. Depositary, Bankers’ Tr. Co..
Wisconsin Trust C o., Milwaukee, as agent. V. 105. P- 717.
Wichita Falls A N . W. (Panhandle Division) lsf Lien Coll. Trust 5s, due
Jan. 1 1925 Chairman, Robert M . Lansing; Sec., John R. Gray, both o'
Chicago. Depositary Nat. City Bank of Chicago.
WtchUa Falls A N . W. Ry. First A Ref. M . 5s.— Elisha Walker. Chair­
man; G. N . Lindsay, Sec., 25 Broad St., N . Y . Depositary U. S. Mtge
* Trust C o.. N. Y . V . 104. p. 73. 2453 V. 105, P 73? Issued to D ^ 31
1917, $3.601.000. of which $519,000 is owned by M . K . & T R y. and $82.­
000 Is pledged for loan.
Wichita Falls A Southern Ry. lsf M . 5s.— (a) Robert Elliott, Milwaukee;
Wm. M . Buchanan, Benj. F. Taylor (Sec.). Depositary. P’lrst Trust &
Savings Bank. Chicago. V. 102. p. 977. (6) Truman H. Newberry
Detroit, Chairman: James It. Coulter. Sec.. 804 Union Trust Bide.. Detroit
depositary. Security Trust Co.. Detroit.
LAND GR A N T.— The U. S. Supreme Court on Nov 9 1914 decided
against the company the suit to recover the value of the land grant In Okla­
homa, 3,110,400 acres, subject to Indian title.
D IV ID E N D S.— On prer.. 1906 to Nov. 1913, 4% yrly.; none since.
BONDS.— M. K. & T. 1st and 2d mtges. of 1890 (abstracts In V 51.
495) cover, besides right to land grant. 1,599 miles of road. Including line
annlbal. Mo., to Boggy Tank (except 71 miles trackage), sundry branches,
and Sherman Shreveport & Southern, but see below.
M o. Kan. A Eastern bonds (assumed). V. 63. p. 30: V. 72. p. 1034;
V . 75, p. 608.
Sherman Shreveport A Southern mtge., limited to $3,689,000, all Issued, of
which $2,000,000 pledged under M . K .T . & mortgages. Bonds were as­
sumed on consolidation In 1901. V. 72. p. 1034. 1115.
The Missouri Kansas & Oklahoma and Texas & Oklahoma bonds. Issued
at $20,000 per mile, guaranteed, have been assumed. V. 74, p. 1038:
V, 75. p. 185, 733: V. 77. p. 252; V. 78. p. 48; V. 79. p. 968; V. 102. p 800The First and Refunding 4s o f 1904 are a second lien on 507 miles of
road and on the first mtge. bonds o f Denison A Washita Valley R y., 4.7
miles, and a first lien on terminals and equipment o f estimated value of
$24,380,000. V. 79, p. 968, 1281. 1332; V. 80, p. 222, 712; V. 81. p. 613;
V. &2. p. 987. 1497; V. 86. p. 1101; V. 88. p. 158, 295.
Gen. M . 414s. V. 82. p. 692; V. 84. p. 1551; V. 85, p. 346, 654; V. 88.
p. 101, 158.
Consolidated mortgage of 1910 Is limited to $125,000,000; $66,000,000 re­
served primarily for refunding and the remainder are Issuable only under
restrictions. The bonds were on Dec. 31 1918 secured by the pledge of
$13,073,000 bonds and $6,524,600 stocks. Including $4,776,000 M. K. AT.
Term. Co. of St. Louis 1st 5s, $6,830,000 M. K. & T. gen. 4K s. $1,310,000
Texas Central pref. and $2,672,300 common stock, and by a lien on ‘ he
property o f the M . K . & T . subject to existing liens. On Dec. 31 1916

6

Amount
Outstanding

APrlvate
Oontro,.
Last Dividend
and Maturity

83

Places Where Interest and
Dividends are Payable

Aug 1 1990
May 1 1942
Sept 1 1943
Sept 1 2004
Jan 1 1936
July 1 1929
Apr 1 1940
May 1 1916
D ec’ 19-June
Jan ’20-July

Febl919 pd July 31 1919
M ay ’ 19 int pd Oct T9
March T6 int unpaid
March T6 Int unpaid
Jan 1 1916 int unpaid
Jan 1 1916 int unpaid

M & N Nov 1 1940
F & A 15 Feb 15 1920
If & S Sept 1 1942
C
t
Nov 11951
&
Dec 1 1932
&
Apr 1 1923
&
Jan 1 1939
&
Jan 1 1925
&
Jan 1 1940
&
Jan 1 1938
&
July 1 1939
&
Apr 1 1924
M & N M ay 1 1918
M & N Nov 1 1961
F & A 20 Indefinite
M & N Nov 1 1944
M & N June 11925

M ay T9 int pd Oct T9
National City Bank. N Y
Sept 1916 int unpaid
M ay’ 19 int paid Oct T 9
In ’ 18-T9 coup pd as due
61 Broadway. N Y
Jan 1918 int last paid
do
do
do
do
Jan T9 pd in July
61 Bway. N Y.July’ 19 p’d
Chase Nat Bank, N Y
Merc Trust Oo, St L. M o
Nov 1913 coup not paid
Int defaulted 1917
Nov 1913 coup not paid
do
do
Interest in default

Nov 1915 Int not paid
June T 9 prin & int paid
July 1919 prin A int paid

$302292.000 of the Consolidated bonds had been issued, of which $25,825,000
were pledged to secure the $19,000,000 two-year notes due as extended
May 1 1916, and $4,467,000 were pledged as security for bills payable.
As to foreclosure suit, see above. V. 92. p. 725. 795; V. 90, p. 1491; V,
91. p. 336; V. 92. p. 1179. 1375, 1500. The $19,000,000 Secured gold
notes dated May i 1913 were extended May 1 1915 for one year at 6 % .
V. 96. p . 1229; V. 100. p. 1349. 1150: V. 101, p. 846; V. 104. p. 1045.
M K . A T .o f Tex. mtge. $10,000,000. V. 56. p. 604; V.102. p .1060, 1026.
The Southwestern Coal A Improvement Co.'s bonds are guaranteed. Mort­
gage ($1,000,000) covers coal lands In Indian Territory: the company also
owns 2,350 acres additional. Den. & Wash. R y.. 4 7 miles, mines. &c.
, In May 1913 sold $1,900,000 5% equip, notes. V. 96. p. 1489. In Aug.
1915 purchased rolling stock for $895,475, of which $50,000 paid la cash and
remainder due in yearly rental payments. V 101. p. 694.
Guaranty San Antonio Belt & Terminal R y ., see that company below
and V. 108, p. 1061;
EARN ING S.— 12 m os.,/1918___ Gross, $53,070,666; net, $7,231,158
Jan. 1 to Dec. 31.
11917___ Gross, 42.290,877: net. 10.125.172
For 9 months,
(1919--Gross, S43.210.561; net (before $4,712,792
Jan. 1 to Sept. 30. \191S_-Gross, 39,739,054; taxes)
$3,975,915
ANNUAL RE PO RT.— Report for 1917 in V. 107, p. 495.
----------- Years ending Dec. 31-----------June 30
1917.
1916.
1915.
1914.
Average miles_________
3,866
3,865
3,865
3,82
Gross earnings............. .$43,344,150 $36,733,682 $32,453,462 $31,917,924
Operating exp. & taxes. 35.129.225 30,986.360 24,761.185 24,726,353
Operating income____$8,214,925
$5,747,322 $7,692,277 $7,191,571
Net income.....................$8,035,085
$6,143,711 $7,921,966 $7,408,849
Interest on bonds, & c_. $6,655,512 $6,577,652 $6,558,058 $6,319,872
Rentals, A c___________
______
549,750
700.693
849,026
Balance, sur. or d ef.sr.S l,379.573d f.$1134,634 sr.$514.881 sr.$539.227
Pres. & Receiver, C. E. Schaff, St. Louis: Sec., J. W . Reid, Parsons*
Kan.; Treas., E. W. Peabody, St. Louis; Federal Mgr. under U. S. Govt(incl. M . K. & T . Ry. of Texas), Charles N. Whitdiead, St. Louis, M o .’*
Gen. M gr., W. E. Williams, Dallas, Tex.
Directors.— C. E. Spooner, Parsons, Kan.; Geo. W . Simmons, Edw. A .
Faust and Charles E. Schaff, St. Louis; Frank Trumbull (Chairman),
Harry S. Black, Stuyvesant Fish, Walter S. Crandell, A. J. Miller, James
Speyer, S. E. Kilner, Alvin W. Krech, F. H. Davis, E. R. Tinker, Jr.,
N. Y .; Edward S. Rea, Coffeyville, Kan. Office, 61 Broadway, N. Y .
— (V. 108, p. 1275, 1721, 1823, 2241, 2330; V. 109, p. 477, 1461, 1700.)
★ HISSOUR4& NORTH ARKANSAS RR.— Joplin. Mo., to Helena. Ark
365.24 miles, of wnlch Neosho, Mo., to Joplin, 19 miles, and Sellgman. M o,
to Wayne. 9 miles, are trackage. V. 86. p. 168: V. 82 o. 569.1269: V.83.P.39).
Federal Compensation.— $175,000 yearly during Federal control.
Festus J. Wade of St. Louis is now sole receiver. V. 94, p. 983.
In April 1915 $2,500,000 6 % 3-year receiver’s certfs. secured by a first
lien on the properly were authorized. of which $2,062,750 were sold to retire
the outstanding $1.472,000 certfs. due M ay 1 and for lmpts..Ac.V.100.p.2010
Stock authorized, $25,000 per mile. Entire stock and bonds are
pledged to secure $6,000,000 5-year 5% gold notes of the Allegheny
Improvement Co. V 85 p. 99. In Feb. 1917 suit was brought to fore­
close of the notes. V. 104, p. 664. Outstanding Feb. 1918, $8,340,000
each of stocks and bonds. Car trusts outstanding Dec. 31 1917, $13,294.
EARNINGS.— 12 mos..(1918-Gross. $1,404,131; net. bef. def.$16,645
Jan. 1 to Dec. 31.
11917-Gross, 1,417,969; taxes, sur. 295,659
For 8 months,
(1919---- Gross, $985,190; net (before df.$411,453
Jan. 1 to Aug. 31. 11918___ Gross, 963,994;
taxes)
net 97,934
EARNINGS.—
Gross
Net after
Other
Interest.
Balance.
Years ending— Earnings.
Tares.
Income. Rents, Ac.
Surplus.
1917......................$1,417,969
$227,895 $150,824 $290,715
$88,004
1916......................1.310.935
217,420
96,404
262,696
51.128
O h a im ia n ,D .R . Francis; Pres., John Scullin; Federal M gr., J. A. Edson
(V- 107 j p ’ 15791: ®en- M kt. under U. S. G ovt., O. E. Johnston. Kansas
City, M o.— (V, 107, p. 1385, 1579, 2290; V. 108, p. 378. 480.)
★ MISSOURI OKLAHOMA & QULF RY.— Owned and operated 205.3
S?
naaln track and 41.3 miles of sidings, extending from Wagoner to
Rod River, via Muskogee and Henryetta; Dewar to end of track. 9 m.. and
rPHSiS? /9rL£Irerre?k,?,;f ™ i‘* Junction to Bromide, 4 m.; M o. Okla. &
Gulf RR. (V. 96. p. 1022). Wagoner. Okla.. to Baxter. Kan.. 98.6 miles.
M o. Ok. & Gulf Ry. of Texas from Denison, Tex., to Dallas and Fort Worth,
and now owns and operates 9.1 miles Red River to Denison. Bid in at
receiver s sale July 8 for $650,000 and in Sept. 1919 reorganization was
proposed as Kan. Okla. & Gulf Ry. per plan In V. 108, p. 1721, 1936; V.
109, p. 776. Holders of $12,241,000 1st M . (RR. & Ry.) to receive 50%
ot^ principal In Senes G Mtge. income and pref. stock for remainder of
principal in case plan goes through. Alexander New of Kansas City and
Henry C. Ferris of Muskogee, Okla., are now receivers. V. 100, p. 1257.
Dn Nov. 13 coupons were defaulted, also the principal and interest on
J '4 3 ,000 equipment trusts and interest on $1,720,000 receivers’ certificates.
In 1918 road was not meeting expenses.
The bonds as shown above exclude amounts held by the receivers or
pledged as part security for the outstanding issues. V. 108, p. 1937.
In Jan. 1919 placed under Federal control. Standard return. See., see p. 5.
EA R N ING S.— 12 m os.,(1918...............Gross, $1,780,546; def., $267,254
Jan. 1 to Dec. 31.
11917......... ...G r o s s , 1,906,916; net, 213,100
For 8 months,
(1919___ Gross, $880,998; net (before def$526,733
Jan. 1 to Aug. 31.\1918___ Gross, 1,188,804;
taxes)
def. 219,529
ANNUAL EARN ING S.— Years ending Dec. 31 1917 and June 30 1916:
Years
Gross
Net, after
Other
Interest,
Balance,
Ending— Earnings.
Taxes.
Income. Rents, A c. Deficit.
Dec. 31 1917--------$1,935,962 $254,523
def.$10,870 $296,017
$52,365
June 30 1916......... 1,416,301 loss88,726
cr.33.237
671,567 727.056
Fed. M gr., C. N. Whitehead, St. Louis, M o.— (V. 109, p. 776.)

R A IL W A Y STOCKS A N D BONDS
[Vol. 109




QC
Jh.

Nov., 1919.1 * g S r n
t

R A IL W A Y ST O C K S A N D

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

BONDS
Rate

When
Payable

A rlvate
P
C trol.
on

85

Last Dividend Places Where Interest and
and Maturity
Dividends a r e Payable

Missouri P acific RR—
Common stock (auth $2 0 0 ,0 0 0 .0 0 0 ) _________
$100 $82,839,500
Pref stock 5% convert cum 1918 call 107 H ___
100 a71,800.100
First A Ref Mtge gold----------------------------- Q .c*A r*
Series A callable on or after 1921 107H A int . . y 6.793 1917
500 Sec a24.238.000
S A Feb 1 1965
c
fig
Co's offlce,120 Bway.NY
Series B callable (all) par A lnt________________ y 6.793 1917
500 Sec 13.641.000
S A Jan 1 1923
c
do
do
5g
Series O callable (all) par Sc lnt___________ __ _y 6.793 1917
500 Ac
& A Aug 11926
9.044.000
6 g
do
do
Gen M $53,000,000 g call par aft 1 9 2 0 ... Bayc*Ar* JJ.793 1917
500 Sec a51.350.000
Sc S Mar 1 1975
4g
do
do
(1) Missouri Pacific Railway Securities Outstanding
Pacific RR o f Missouri 1st M ext in 1887 gold. Bnzz ~ 285 1868
1,000
F &
4 g
6.996.000
Aug 11938
do
do
Second mtge ext L 1891 In gold St L to K O .xc*
u
1871
1,000
&
2.573.000
do
do
f 8 J Sc July 1 1938
First mtge St Louis real estate ext in 1892 gold x
1872
500 Sec
800,000
M
M a y l 1938
do
do
First mtge Caron Br g gu p & 1 (end) ext 1893. . . z
BO Sec
O
13 1873
c
237,500
4)1 g A S
Oct 1 1938
do
do
Third M ext 1896 red 105 (V 83. p 492.1348) C e.z
1876
1,000
M S N July 1 1938
c
3.828.000
do
do
Missouri Pao consol mtge gold________________ zc*
1,000
755 1880
6.817.000
M & N N ov 1 1920
C o’s office,120 Bway.NY
Equip notes series 2 due $147,000 s-a red par _Ce x
1911
1,000
b M Sc M ay'20-Nov ’21 Central Union Trus„, N Y
588.000
Equip notes series 3 gold $14,000 s-a______ . . .
1914
1,000
J &
154.000
5g
Dec ’ 19-Dec ’24 Girard Trust Co. Phila
Central Br Un Pac 1st M g _________________ Un"x
100 1898
1,000
J S
c
1.628.000
June 1 1948
120 Broadway, N Y
Verdigris Val Indep & W 1st M g guar__________ z
84 1886
1,000
M S
c
6g
806.000
Mar 1 1926
Co's office,120 Bway.NY
(2) Former St. Louis Iron M t. & So., A c .—
Gen Cons & L’d Gr't Mtge ($45,000,000) g B a.zc* 1,498 81-’ 87
1,000 43.090.000
A S O Apr 11931
c
fig
do
do
Unifying Sc Refund M gold $40,000,000. Mp.xc*Ar
611 1899
1,000 30.551.000
4 g J & J July 1 1929
do
do
River S Gulf Dlvs 1st M $50,000,000 g-Ba.xc*Ar*
c
772 1903 1 , 0 0 0 A c 34.548.000
M Se N M ay 1 1933
Co office. 120 B ’way,NY
Pine Bluff a West IstM assumed red 10 years 105xxx
1,000
44 1903
880,000
I I A & O Oct 1 1923
do
do
Little Rock S Hot Sp W 1st M g. assumed_ SStxxx
c
_
1,000
57 1899
1.140.000
J & J July 1 1939
St Louis Union Tr Co
Iron M t car trusts ser V, due $45,000 y r ly ____xxx
1,000
1913
Q— M To June 1922 Townsend, Whelen, PhUa
I 5
135.000
do
Ser 2 due $145,000 s-a red par___ C «.x
1911
1,000
580.000
M S N M ay'20-Nov ’21 Central Union Trust, N Y
c
5
do
Ser 3 due $25,000 semi-ann_________ _zz
1914
1,000
M Sc S Mar ’20-Sept '23 Phila Trust Co
197.000
5
do
Ser 4 $20,000 due semi-annually_____ zz
1,000
1914
220.000
J & D Dec ’ 19-Dec ’24 Girard Trust C o. M s
5
Am Refrig Transit equip notes gold not guar— See "Indu strial Cos" and V 9 2 .p 883; V 95. p 1747.
Mobile & Birmingham RR— Pref stock ($900,000)____
100
4
900.000
J & J Jan 1 1920 2% JPMorganACo.NY, ALon
Prior lien gold $600,000...................................Ce.c
150 1895 200, 1000
600.000
J S J July 1 1945
e
J P Morgan A Co. N Y
First mortgage $1,200,000-------------------------- Ba.c
150 1895 200.1000
i 1 J Se J July 1 1945
1.200.000
do
do
Mobile & Ohio— Stock---------------------- •
--------------------100 6.016.800 4 in 1918 Yearly June 27 '19, 4% Washington, D C
First M Mobile to Columbus (principal gold )..F ,zc*
472 1879
500 Ac
7.000.
000
J S D Deo 11927
e
6
Farmers L A Tr Co. N Y
First M exten Columbus to Cairo & branch g F zc
525 1883
1,000
1.000. 000
Q—Jan July 1 1927
6 g
do
do
General mtge for $10,500,000 (now gold) s f.F.zo*
525 1888
500 Sec 9.470,000
M A S Sept 1 1938
Hanover Nat Bank, N Y
i e
Moatgom Dlv 1st M $4,000,000 g(V 6 6 ,p 1045)Ce.zc*
189 1897
1.000 4.000.000
F A A Feb 1 1947
do
do
5e
Mobile & B Sb 1st M $200,000 assumed gold.F zo*
46 1899
500 Sec
M A N May 1 1949
200,000
5 g
First Nat Bk, Mobile, Ala
1 st Term A Coll TrM $l,200.000gdue$60,000 s-a x
1911
180,000
F A A 15 Feb ’20-Feb ’ 21 Guaranty Trust Co. N Y
5g
a Includes amount reserved under plan to retire cer tain of the old bonds.
See text.

te

★ MISSOURI PACIFIC R R .— (See M ap.)— Operates an important sys­
tem extending from St. Louis, M o., to Omaha, N eb., and Pueblo, Colo.,
via Kansas City, M o., and also to Texarkana, Ark., Lake Charles, La.,
and Johnston City. 111. Owns about 6.786 miles o f first main track vis.:
Missouri............ 1,448 m. IColorado.............. 152 m. (Louisiana.............556 m.
Kansas.............. ..2 ,212 m. Illinois............ .194 m. [Oklahoma.......... .162 m.
Nebraska_____ 348 m. IArkansas______ 1,714 m.)
Also has leased lines and trackage righte aggregating 323 miles, making
the total miles o f main track Dec. 31 1918, 7,108. The trackage Includes
193 miles of Tex. Pac. Ry. in Louisiana affording entrance to New Orleans.
ORGAN IZATION .— Incorn. In Missouri March 5 1917 and about June 1
succeeded to the properties of M o. Pac. R y. and its subsidiary, the St.Louis
Iron M t., foreclosed per plan In V. 101. p. 130: V. 103 n 406 493 579­
V. 104, p. 863.1899. (As to K. O. S N. W. R R .. 8ee V . 104 p. 1591 2010 )
c
The Missouri Pacific R R . C o., which In June 1917 owned about 30% of
the stock o f the Denver S Rio Grande R R .. arranged In Oct 1917 for closer
c
relations with that company. As to receivership In 1918. see that company.
V. 105, p. 1420. 1618. Also owned Dec. 31 1917 $ 1 1 5 5 5 000 stock *23 703.000 2d M tge. bonds and $2,979,420 ovwdue* n o t e o f the T e x L &
Pacific Ry- The 2nd Mtgo. bonds are pledged as part security for the
Unifying & Ref. Mtge. 4s of the former St. L. Iron M tn. & South. R y. Co.
In M ay 1919 was unofficially reported to have increased its holdings in
Texas & Pacific stock. V. 108, p. 1937.
Official statement as to properties, securities, Ac. V. 105 p. 498 1802
“ STAN D ARD R E TU R N ,” Ac.— See page 5.
OLD BONDS ALL ISSUES.— See Issue o f June 26 1915. Remnants
o f three old bond Issues Included In plan of reorganization are still being ex­
changed under terms of plan, viz.. Consol. 1st 6 s and Lexington Dlv. 5s
o f 1880.
Cent. Branch, the two Issues last named being in default.
V. 105, p. 498.
STOCK.— The now stock Issues (compare V. 101, p. 131) embrace(1) New Convertible 5% Pref. Stock (p. A d .)— Cumulative from June 30
1918. Convertible at holders option at par Into common stock at par,
subject to adjustment o f dividends. Callable by company as an entire
Issue at 1 0 7 and div^, subJocic to conversion privilege. Full voting
power. Authorized, $100,000,000. Presently issuable not over $71,800,100.
including $203,000 reserved In Sept. 1919 to retire $ for $ when presented
$203,000 Lexington Dlv. 5s, etc.
(2) New Common Stock, auth., $200,000,000: presently lss.. $82,839,500.
All the common and pref. stocks Issued are in a voting trust expiring
April 1922 or earlier, at option or trustees. The voting trustees are Otto
H. Kahn. James N . Wallace and Robert Winsor. V. 104, p. 2343.
BONDS— F irst A Ref. M t g e . B onds — Total Issue. Including amount*
reserved for refunding, Improvements, extensions, A c., under restrictions,
is limited (except with further consent o f a majority in amount of the stock­
holders) to $450,000,000 and further limited so that the total at any time,
Including amounts reserved for refunding bonds and equipment trust*
(together aggregating $135,945,500 In June 1917. exclusive o f the equipment
trust maturing prior to July 1 1918, which were provided for under plan);
shall never exceed three times the capital stock at the time outstanding,
nor shall Issues above $460.000,000 « » » e d 8 0 % o f the expenditures for Im­
provements and additions. The $46,923,150 bonds Issuable under the
plan bear 5% Interest and mature and are callable (as an entirety only) In
series as shown in table above: future Issues must not carry over 6 % Inter­
est nor mature earlier than June 1 1948, and if desired may be made con­
vertible. Now Issuable (see table above). $46,923,000. less $6,398,700
Series A (110%) reservod In June 1918 to retire $5,817,000 old Consol. 1st
6 s due Nov. 1 1920 still unexchanged.
V. 105. p. 389
after built or purchased with these bonds.
(2) General Mortgage Bonds--T o ta l authorized. $53,000,000. to bear 4%
nt. and mature 1975, but redeemable as a whole (but not in part) at par
and int. on and after March 1 1921. A junior lien upon all DroDerty at any
time subject to the new First and Refunding Mtge. Now Issuable. $51.­
350,000. loss $1,704,000 reserved In Oct. 1919 to retire. $ for $, $1,628,000
Cent. Branch U. P. Ry. 1st Mtge. 4si. due June 1 1948. and $76,000 Cent,
Branch Ky. 1st Mtge. 4s, due Feb. 1 1919, still unexchanged V. 105.P.389
EARN ING S.— 9 m os.,f 1919-Gross, $67,483,924; net (before $7,520,955
Jan. 1 to Sept. 30 11918-Gross, 64,787,366:
taxes), 13,143,428
ANNUAL REPORT.— For year 1918 extended excerpts in V. 108,
p. 2428,2523.
V
Calendar Years—
1918.
1917.
1916.
1915.
Total oper. revenue------- $89,612,397 *78,320,313 $69,972,812 $58,209,306
’ Operating expenses.......... 73,231,738 53,248,038 51,342,397 42,559,670
Taxes, A c........................ 3,267,634
4,243,312
3,103.762
2,595,996
Operating Income------- $13,113,026 $20,828,963 $15,526,653 $13,053,639
Standard return.............$14,206,814
........................... J . . .
..............
O therincom o-............
a3,852,989
1,4<0,914
1,443,872
1,103,174
Gross in c o m e -.-.......... $31,172,829 $22,299,877 $16,970,525 $14,156,814
Interest, rents, A c...........bl5,078,031 13,334,774 16,011,517 15,397,361
Standard return----------- 14,206,814
---------------------------------Bal".. sur. or deficit. _sur$1,887,984 S.$8,965,103 sur$959,008 D$l,240,547
a b These include items pertaining to preceding years, viz., “ a ” $2,421,­
876 and “ b ” $2,472,531.
O F F IC E R S — Harry Bronner, N . Y ., President: F. J. Shepard. VlcePres., J. G. Drew. Vice-Pres.: O. B. Huntsman. V.-Pres., Asst. Sec. A
Asst. Treas.; II. L. Utter, Sec.-Treas.; Federal M gr., A . Robertson, and
Federal Troas., F. M . Hickman, St. Louis.
D IR E C TO R S (new company).— Nicholas F. Brady, Harry Bronner, Ber­
tram Cutler, J. G. Drew, Alexander J. Hemphill, John H. McClemont,
Edgar L. Marston. Finley J. Shepard (V .-P .), Cornelius Vanderbilt, Albert
H . Wiggin and William II. Williams, New York: William II. Lee, Matthew
O. Brush, Now York; John G. Lonsdale and Edward O. Simmons, St. Louis;
Ohas. E. Ingersoll, Phila., and R. Lancaster Williams, Baltimore. New
York office, 120 Broadway.— (V. 108, p. 269, 973, 1937, 2428, 2523 2539.)




★ MOBILE & BIRMINGHAM R R .— ISee Map Southern R y.)— Mobile to
Marlon Junotion, Ala., with branches, 150 miles. Leased to Southern R y .
from March 1 1899 for 99 years, the latter agreeing to meet the Interest on
bonds and to guarantee a dividend on the $900,000 pref. stock of 1 % for
first year, 2% for seoond year, 3% for third year and 4% for fourth year
and thereafter. Of the $900,000 common stook. $880,400 Is owned by
Southern R y., and voting power on pref. assigned to Southern Ry. during
lease. V. 6 8 . p. 429, 1134: V. 69. p. 391: V. 71. p. 1013.— (V. 72. p. 137.)
★ MOBILE & OHIO R R .-------Owns from Mobile, Ala., to East Cairo
Ky., 489 m.; Cairo to East St. Louis. 152 m., with branch to
Millstadt. 7 m.; Montgomery Division, Artesia, Miss., to M ont­
gomery, Ala., 181.18 m.; Mobile A Bay Shore branch, 38 m.; other branches
52 miles; total owned, 919 miles; Warrior Southern R y. (all stock and bonds
owned), 14 m.; trackage, 17 miles; operated under agreement Okolona
to Calhoun City, Miss., 37.82 miles; other, 3.66 miles; total operated
Dec. 31 1918, 991 miles. '
"ST A N D A R D R E T U R N ," A c.— See page 5.
STOCK.— Stook authorized, $10,0(X).0iw. outstanding, $6,016,800; par
$100. The voting power on $4,984,200 of the stook Is exercised by the Gennn
eral Mortgage bondholders by virtue of deposit of old debentures of 1879
LATE DIVS.
7 11-12. ’ 12-’ 13. ’ 13-*14. ’ 14-’ 15. ’ 15-*16. ’ le - ’ n . lS . ’ 19
June 30 years_____\
4
4
4
4
4
4
4
4
The Southern Railway has acquired $8,346,000 o f the $9,470 000
general 4s and $5,670,200 of the $6,016,800 stock, issuing, $ for $. its col­
lateral trust 4% gold bonds In exchange for the M. S O. general 4s, secured
e
by a pledge o f the latter and had also issued stock trust certificates for stock,
dividends being payable (A. A O.) at 4% In perpetuity. V. 106. p. 2758.
BONDS.— General mortgage o f 1888 abstract, V. 47. p. 83. V. 60. p. 987.
The St. Louis Dlv. 5% gold bonds (limited to $3,008,000), dated Aug. 1
1913, are secured by a mortgage on the former St. Louis A Cairo R R . sub­
ject to St. Louis A Cairo 1st M . 4s. due Jan. 1931, tha latter of which have
been assumed. V. 96. p. 554. 1022, 1365, 1773. 1§4«. and V. 70, p. 532.
Stockholders in Feb. 1918 authorized the creation of a mortgage to secure
not exceeding $50,000,000 bonds, whenever the board of directors mav deem
It advisable. V. 106. p. 929: V. 104, p. 452; V. 102. p. 251: V. 100, p. 253.
First Terminal M . and Col. T r.5s of 1911, V. 92, p. 119; V. 105, p. 1797
Equipment bonds series “ J ,” V. 102, p. 1718. There is no series " I ’ ’
Guaranteed bonds: Warrior Southern R y. 1st 4s of 1903 (all owned).
$603,000; Mendan Terminal 1st 4s (Jointly), $250,000; Gulf Terminal
1st 4s (Jointly), $600,000.
LATEST EARNS.— f 1919.-Gross, $9,725,181: net before def.$337,055
8 mos. Jan. 1 to Aug. 31U918-. Gross, 9,533.751;
taxes),
net 669,328
REPO RT.— For calendar year 1918 in V. 109, p. 1983.
— ——— Calendar Years---------------- June 30 Y r .
1 9 1 8 ,___
1917.
1916.
1917.
Total oper. r e v e n u e .... $14.840,901$13,604.506 $12,229,643 $12,859,866
Federal com pensation.. $2,603,526
_ __
_
Net over taxes________
182,246 $2,562~513 $2,813,273
Net, incl. other income. $2,660,674 $3,646,278 $3,421,075 $2,754,957
$3,812,009
Interest, rentals, A c____ $1,672,216 2,252,587
2,305,540
2,329,605
Dividends paid (4 % )_
_
240,672
240,672
240,672
240,672
Additions & betterments _______ 700
12,957
5,766
10,829
Balance, surplus_____
$747,086 $1,140,062
25S

V .
“ MONON.” — See Chicago Indianapolis A Louisville R y.
— Brownsville Junct., Pa. (connection
* th Penn. R R . and Pitts. A Lake Erie R R .) to Fairmont. W . Va.. 69 miles,
with branches aggregating 39 miles. In Nov. 1915 operations extended
from Penn.-W. Va. State line to Fairmont. W . Va.. 33 m. A consolidation
July 1 1915. See Pitts. & L. E. report. V. 102 o 1535* V 1 0 f> n 2 0 0 3
Stock auth $10,000 000; par, S50 ’ O uLdnding Dec Sl l ^ S l ^ :
j'
whi ch Pitts. A L. E. (N. Y . Central System) owned $2,500,000
?» 1# is 5“ PPosed, the remainder, the Penn. R R . Co.
1 o? 7f
? n D ?c.‘ 3 1 1918. First A kef. Mtge. bonds of
1917 *
-.— auth., ,$15,000,000; issued in A1XI to WillJJuiliJ 1 1 N . Y . vyu Jtl C1 dllVI
*
*
1
'
* 1917 l/v company in 11 X Central and
/
1
L $
Pennsylvania systems in settlement of outstanding notes, A c., $4,584,000.
RRO^guar'antee^the*3*J4s. * L ‘ E> aud PittSb’ ^ a ’ & Charleston (Penn.

b S ^ V .T S T p l

r:r/B: Yohe/F^-

nil^ SO Ut h e RN R R .— Line extends from Monongahela
■ T ’ andfrom Clinton Jet. to Wilson, Pa., 11.56 miles
’ lraU1 1 1 R K - o f Pennsylvania).
101
$1,500,000; par. $50. all owned by
ig B P ^ ^ S ^ —
Autli.^SS.OOO.OOOioutstonding, $3,000,000.

Dated Oct. 2

A M O N T A N A W Y O M IN O & S O U T H E R N RR.— Owns from Brldger, Mont.;

on Northern Pacific, to Belfry, and westerly to Bear Creek, about 33 miles,
ser?1 K * coal district. Stock outstanding, $1,000,000. Additional bonds at
O
$25,000 per mile. V. 89, p. 470. In Mar. 1919 entered into co-operative
agreement with U. S. R R . Admin, (no compensation). V. 108, p. 973.
Year 1918, gross, $344,858: net, $135,535: int., taxes, Ac.. $65,025; bal­
ance, sur., $70,510. In 1917. gross, $^06,099; bal.. sur., $52,249. Pres.,
Frank S. Gannon.— (V. 103, p. 1210; V. 105, p. 1309; V. 108, p. 973.)
★ M O N T G O M E R Y & E . R Y .— {See Map E r i e RR.)— Owns Montgomery
to Goshen, N. Y ., 10 miles. Leased In 1872 to Erie R R . Rental now
'
$16,000 per an. Stock, $150,000. Dlvs. (4)4% *r an.) paid May 10 and
Nov. 10. 8. fd .. $6,500 per an. There are $40.5r
M . 5s due Oct. 1 1927

8 6

★G
overn ea
m
C tx l.
on o

R A IL W A Y

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

STO CKS A N D

Miles Date
Road Bonds

Par
Value

Mobile & O hio R R (Concluded)—
$1,000
159 1913
M * O St Louis Olv M $3.000,000gred 102*$ Cexc*
159 1886
St Louis A Cairo 1st M golf’ assumed----------------- *c
1.000
1912
Equip tr Ser " F ” $22,000 and $23,000 s-a----- Ba.x
1913
1.000
do
Ser " 0 ” $32,000
last 3,131.000Ba.x
1914
1.000
do
8er “ H ” $50,000 s-a, last 3 S53,000-Ba.y
1.000
. . . 1916
do 8or “ J” due s-a $47,000 Dec, $48,000 J'ne Co
Mobile Term inal & Ry— See Ala Tenn A Nor R y ...
Mc/hawk & Malone— See New York Cent & H R R R .
1917
1,000
M ononzahela Ry— I s t A R e f.M . $15,000,000 gUPl
1.000
37 1902
Monongahela RR 1st M $1,500,000 Joint guar------k
M ononzahela S outhern RR — See U S Steel Corp un der In dustria Is below.
Mononzahela River RR— Bonds— See B & O R R
1.000
33 1909
Montana Wyom & Sou— 1st M gred 110text..E m xo
1.000
1866
Montgomery & Erie Ry— 1st M (old 7s extended in 86i
1.000
57 1913
M ontour R R — 1 st Mg$2,750,000redl05sf text UP.xc*
Equipment bonds, see text.
_ _
___ 1908
1.000
Morehead & Nor Fork— let M g trust Clearf Tr C o.x
Morgan's La & Texas—
_ ^ ,
,.
_
1.000
127 1880
First mortgage Alexandria Extension gold---------Fz
500
1902
Morzantown & Kinzwood— 1st M closed Issue---- -----500 Ac
1905
1st mortgage $1,500,000
50
Morris & Essex— Stock 7% guaranteed D L & W - - 1,000
1875
lst M 7% cons held by D L &W pending dellr of 3 4 s
119 1900
1,000
1st Ref M g $35,000,000 gu p * 1 ................... P *C*Ar
100
2
Morris & Essex Extension Co.— Stock guar 4 % -----1,000
13 1903
Morristown & Erie— First M $300,000 g s red p a r ..
50
Mt Carbon & Port C RR— Stock (rental guar) t e x t ...
’07-’ l l
Mount Hood RR— 1st M $500.000.......................
1914 £100, Ac
Mt Royal T un nel & Term— 1st M rent change
$1,000
138 1903
1.000
38 1900
Munising First M tg g o ld __________________
_
100 Ac
1919
M uscatine Burlington & So— 1st Mtge $750.000CC
1916
Ten-year Mtge debentures $100,000--------------------A In dlana.
M uskezon Grand Rapids & Indiana— See Grand R apids
1,000
1904
Mutual Terminal— 1st SI gold s f red 102 M --Ux.o*
100
14H
Nashua & Lowell— Stock 9% rental 99 years B A M . .
n Excluding $500,000 held for account o f company Dec. 3 1 1917
t Additional $9,191,367 pledged for loans (notes, &c.)

t

Amount
Outstanding
n$2 500.000
4.000.000
113.000
253,000
509.000
666,000

APrivat*
*
Control.

BONDS
Rate
%
5g
4z
4M
5g
5K
4M

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

D Dec 1 1927
J Jan 1 1931
S M ch’20-Mch ’22
N M ay 20-Nov 23
15 Jan ’ 20-July ’24
L) D e c ’ 19-June 26

Hanover Nat Bk, N Y
Farmers Loan & Tr. N Y
Bankers Tr Co, N Y
do
do
do
do
Central Un T Co, N Y

Treas. office, Plttsb, Pa

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

Empire Tr Co. N Y
Goshen, N Y
Union Tr Co, Pittsburgh
Clearfield (Pa) Trust Co

4M g J
3M g A

835,000
130,000
2.475.000

5g
5
5g

373,000

5g

F

1.494.000
40,500
771.000
15.000.000
9.191.000
25.305.500
221.000
243,000
282,350
500.000
t2,238,667
1.000.000
160.000
550.000
52,100

6g
5
5
7H
7

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

4
5g
5
6
5
5
4 g
6
6

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

A J Jan. 1 1967
& O (Jot 1 1942

5.000.000
1,197,000

3Mg

[V o l . 109.

51.000
4g J
800,000 See text M

A

A Feb 1 1958

A J July 1 1 9 2 0
< J Jan 1 1922
&
A
J Jan 1 1935
A
J July 1 19.3M %
A D Matured
A D Deo 1 2000
A N Nov 1 T 9. 2%
< S Sept 1 1923
fc
& J Ju lyl5’ 19,2M%
A
.1 Jan 1 1927
A o Apr 15 1970
A D June 1 1933
A O Oct 11925
A J July 1 1924
A
J July 1 1926
A
A

S P Co. 165 R’way. N Y
Bk of Mon Val, Morg, WV
Davis Tr Co, Elkins, WV
Del Lack & Western, NY
Del Lack A West, N Y
do
do
Brooklyn Trust Co, N Y
Reading Terminal, Phlla
Ogden (Utah) Sav Bank
Clt Sav & Tr Co, Oleve
do
do
Cont & O Tr A S Bk. Ch
Ger Tr Co, Davenport,la

U S Mtg & Tr Co, N Y
J July 1 1924
N N ov 1 ’ 19. 4M % Check from Co’s Office

owning a parallel right of way on 4 miles. V. 80 p. 1059.
Successor In
A uk. 1916 of Muscatine North A South Ry. V. 103, o. 579 V. 99. p. 969,
1749. Stock, $450,000; par, $A
00. The 1st M . 5s of 1916 $750,000,
callable at par and guaranteed by the Securities Co., matured July 1 1919
and were extended for 5 years at 6% int. In Nov. 1916 Muse. Burl. A So.
Securities Co. was Incorp. In Maine with $800,000 auth. cap. stock. V. 103.
p. 1981. For cal. year 1917, gross, $151,357: net, after taxes. $°3,423;
int., rents, A c., $50,169; def., $26,747. For year 1918, gross, $162,004;
net after taxes, $9,827; int., rents, A c., $34,046: def., $24,219. Pres.,
E. H. Ryan, Muscatine.— (V. 103. p. 579, 939, 1981; V. 108, p. 2433.)
MUTUAL TERMINAL CO. OF BUFFALO.— Owns 5.22 acres of land
with 1,486 feet of frontage on the city ship canal, wharves, freight house
and a steel and brick grain elevator, capacity 3,000.000 bushels. Stock,
$60,000, all owned by the N. Y . O. A H. R . R R ., D. L. A W ., Lehigh Valley
and Erie, which each, under agreement of Jan. 2 1905 as amended, guaran­
tee to pay one-fourth the Int. and sinking fund charges on the bonds (the
latter $200,000 yearly). Of the bonds ($5,000,000 total auth.), $444,000
are reserved for future uses: $4,505,000 to July 1919 retired. V. 89. p .779.
Pres., O. S. Goldsborough, 50 Church St.. N. Y.; V.-Pres.. J. A. Middle­
ton; Treas., F. H. Sllvernall. 143 Liberty St.. N. Y .— (V. 106. p. 1348.)
★ NASHUA & LOWELL RR.— Owns double-track road from Lowell, Mass.,
to Nashua, N. H., 14.26 miles. On Oct. 1 1880 leased for 99 years to Boston
A Lowell. In 1887 lease was transferred to Boston A Maine, which pays
a rental of $73,000 (9% on stock) and $1,000 for annual expenses, and In
April 1911 received authority to purchase stock; In Nov. 1906 to 1912 Incl.
% extra was paid from accum. cash surplus.— (V.83.p.970; V.85,p .1005.)
The $4,935,000 1st 7s were retired at maturity April 1 1918 and except
★ NASHVILLE CHATTANOOQ A & ST. LOUIS R Y.— Owns from Chat­
$25,000 are held by Southern Pacific Co. V. 106, p. 1461.
tanooga, Tenn., to Hickman, K y., 323 m.; branches to Lebanon, A c., 533
EARN IN G S.— 8 mos. J 1919_____ Gross, $4,948,406; net, $783,721
m.; leases Western A Atlantic, Chattanooga. Tenn., to Atlanta. Ga., 137
Jan. 1 to Aug. 31. 11918-------- Gross
5,301,979; net
2 072,090
In 1918 “ standard return,” $1,188,526; “ other income, $105,060; mt. m. (V. 104, p. 452); and Memphis A Paducah Division of the L. A N., 254
charges, &c., $547,898; expenses prior to Jan. 1 1918 (net), .$119,540, miles. See V. 71, p. 544. 664. 864. Total operated Jan.l 1919. 1.247 miles.
ORGANIZATION.— A majority ($11,484,100) of the stock is owned by
balance, surplus, $626,152.
. .
.
In cal year 1917, gross income was $2,572,411; charges (incl. interest the Lou. & Nash., of which $8,802,400 pledged under Its mtges. West.
A Atl. Is leased from State of Georgia till Dec. 27 1919 at $120,012 yearly.
on fund, dt., $135,090). $582,863; bal.. sur., $1,989,547.— (V. 106, p. 1461.)
Under the lease as extended to Dec. 27 1969, the rental for the 50 years
★ MORQANTOWN & K1NQWOOD RR.— Owns Morgan town to M. A K.
Jot., W . Va., 47.94 miles; Rock Forge to Richard. 0.77 m.; total, 43.71 m. will be $540,000 yearly with taxes of about $113,000 p. a., while $60,000
Incorporated Jan. 14 1899 In W . Va. Stock auth., $2,000,000; oar, $100. yearly from Dec. 27 1919 will be applied to lmprov’ts. V. 104. p. 664, 863.
The Paducah A Memphis Dtv. of the Louisville A Nashv. RR. Co. Is
Bonds, see table above. Federal compensation fixed at $51,362. V 109,
D 1891.
For year ending Dec. 31 1917, gross, $416,608; net, $34,419, leased for 99 years from Dec. 14 1895; the annual rental Is 5% on the cost
deductions. $64,988; def., $30,569. Pres.. Davis Elkins. Morgantown. of road and 5% on amounts paid by L. A N. RR. for additions, etc.
Owns Jointly with the Chic. Burl. A Quincy the Paducah A Illinois R R .,
W Va.; Sec. Richard Elkins, N. Y . Federal Treas
E. M . Devereux,
Fed Mgr C. W. Galloway, Balt., M d. Office, Morgantown, \V. Va. which has built a double track bridge over the Ohio River at Metropolis,
111., and has constructed a line from Metropolis to Paducah. K y.. 14 miles,
(V. 109, p. 1891,)
and will jointly guarantee Its bonds. See that company and V. 108, p. 1788.
★ MORRIS & ESSEX K K .-(S e e M av of
LATE D I V S — / ’07. ’08. ’09. ’ 10-’ l l . ’ 12. ’ 13-’ 14. ’ 15.’ 16. ’ l7toAug’ 19
P e r c e n t________ i 6 5M 5 6 yrly. 6M 7 yrly. 5 6M 7yrlv(FAA)
Federal Compensation.— $3,182,089 yearly during Federal control.
Leased Dec. 10 1868 in perpetuity to Del. Lack. A West., which guaran­
BONDS.— Consol, mtge. of 1888 provides that all prior bonds shall be
teed 7% per ann. on stock and, contingently, 1% extra. In M ay 1917,
paid off at maturity; sufficient of the $20,000 p.m. are reserved for them.
following some litigation. It was agreed that in future the dividends under V. 105, p. 607. V. 101, p. 131. 694, 1465; V. 103, p. 1301, 1593. On
the lease should be fixed at 7 » {% . payable unconditionally, the additional Jan. 1 1918 $15,347,000 consols had boen issued, but $3,239,000 wore In
rental ( H % ) for year 1916 to be paid on July 1 1917, and for subsequent treasury; of these last $1,500,000 were sold In Aug. 1918, making $13,608,­
years on each succeeding Jan. 1. respectively. See V. 104,p.2118
000 outstanding. V. 107, p. 699; V. 106, p. 1788.
The $9,191,000 7s due June 1915 were purchased by the D. L. A W
Jointly, with Lou. A Nash., guarantees $2,601,000 L. A N. Ter. 4s;
and held in the D. L. & W . treasury pending delivery to it o f 3 Ms under with the L. A N .t Southern Ry.. St. Louis I. M . A So. and St. Louis South­
the lease. V. 102, p. 795, 609.— (V. 106, p. 601; V. 108, p. 2528.)
western $2,500,000 Memphis Union Station 5s, and with the Chic. Burl. A
Quincy R R . $5,000,000 Paducah A Illinois R R . 1st M . sinking fund 4M«.
A M ORRISTOW N & .E R IE R R .— Owns Morristown. N . J . . to Esse,
Fells. N. J.. 10.64 miles; 2 branches, 2.32 m .. to^ *
E A R N IN G S — 8 m os.,J1919...Gross, $12,517,103; net (bef. $676,378
iMnn non* m r ^ 1 0 0
Bonds seetable. For cal. year 1917. gross, 5117, o71»
Jan. 1 to Aug. 31.
ll918 --.G ross. 13,439,395; taxes),
2,906,519
net after taxes $30 381
In 1918, gross, $146,016; net. $42,608; Interest.
REPO RT.— For fiscal year ending Dec. 31 1918. V. 108, p. 2119.
Calendar Years—
xl918.
1917.
1916.
1915.
I K S
Gross earnings.................. $21,757,402 $15,194,755 $13,519,588 $11,539,813
Net after taxes................ 3,752,570
2,979,697
3,421,661 2.218,929
Hire of equipment...........
366,557
901,021
565,048
264,215
Federal compensation.. 3,182,089
________
________
________
999 years from Mar. 1910 afc 5% on stock, taxes, See. (v . 8 9, P- 4«.)
Other income, A c............
155,532
302.481
395,602^
278,955
AM O U N T HOOD R R .— Hood River to Dee, Ore.. 18-4 “ lies. Stock
Total Income.................. $3,337,621 $4,183,199 $1,382,310 $2,762,100
$250,000: par, $100. Bonds, see table. Year 1916, gross, $82,664. net
Interest............................
$684,228
$603,315
$582,776
$633,677
$22,582: Int.. taxes. A c.. $56,059; bal., def., $33,477. Pres.. W. H
Rentals, A c......................
666,009
740,568
742,599
729,094
Fccles. Dee, Ore.; Sec. A Treas., H. H. Rolapp, Ogden, Utah.
149,206
________
________
-------­
MOUNT ROYAL TUNNEL & TERMINAL CO.— A constituent com ­ Income taxes (ext.).........
pany of the Canadian Northern Ry. system, owning tunnel opened for traffic D iv id e n d s ................(7%)1,120.000 (7)1,120.000(6M) 1039533 (5)799,225
Balance, surplus.........
$718,178 $1,719,317 $2,017,403
$700,103
Oct. 21 through Mount Royal affording access to terminals at Montreal.
x Results under Federal control: comparisons faulty.
V. 105. p. 1209. Cost to April 30 1917, V. 105, p. 1209. _________
Present bond Issue was limited (V. 103, p. 1889) to $20,000,000 till Pres., Whiteford R. Cole; V.-P., H. F. Smith; Treas., W. W . McNellly;
the $1,750,000 certain Can. Nor. Ry. notes (paid Dec. 1 1917) wore re­ Sec., T . A. Clarkson: Gen. Mgr. under U. S. Govt., W. P. Brace. Nash­
deemed (V. 105, p. 2271; V. 103, p. 1209). The bonds are callable at ville, Tenn.; Fed. Mgr., W. L. Mapothcr, Louisville.— (V. 106, p. 1689,
105 and Interest (sinking fund M% beginning In 1920). Trustee. British 1788; V. 107, p. 182, 697, 1192, 1670; V. 108, p. 1610, 2119.)
Empire Trust Co., Ltd. On June 30 1917 $11,430,034 of the bonds had ★ NASHVILLE & DECATUR R R .— (See Map Louisville & Nashville■.)—
been “ issued” Including $2,238,667 In hands of public and $9,191,367 Owns from Nashville, Tenn., to Decatur, Ala., 1 1 9 miles. Re-leased to
pledged, these last embracing £514,000 deposited as collateral for the afore­ Lou. & Nash, in 1900 for 999 years, tho rental boing 7M % on stock, i ho
said Can. Nor. Ry. notes. See V. 105, p. 1304. In Dec. 1917 made a Lou. & Nash. Dec. 31 1918 owned SI,758.850 of the stock.— (v . 70, p. 1195.)
mortgage to secure demand loans from Canadian Govt. V. 105, p. 2366. ★ NASHVILLE TERMINAL CO.— Owns bridge across tho Cumberland
By Act o f Canadian Parliament in M ay 1916, rentals paid the company
99
Cent.. R .
by the Canadian Northern R y., the Canadian Northern Ontario Ry. and River and 20.17 miles of track.M .Leased forhaveyears to Tenn. Mcrcn. R ir.
coupons
been paid at
the Canadian Northern Quebec Ry. are Included in their operating expenses For several years past the 1st
Co. of St. Louis after somo months delay. In 9 c t’ T
19w9hthi°o?«U
t^cITnnn0
and thus rank ahead o f their other fixed charges. V. 103, p. 1210; V. 102,
-.0
Tnnnp°w?n
n. 1987. Capital stock. $5,000,000. owned by Can. Nor. Ry. Sec.. R . P. Jan. 1 1919 had boen paid but not those due July 1. In J
Central R R . had paid the rent in full to Jan. 1 1918. 9,or?P cr° lunnessee
Ormsby, Toronto.— (V. 104, p. 164, 1801; V. 105, p. 1209.)
Cent. R R . In V. 104. p. 2642, 1900; V. 105, p. 73, 181; V. 105, p. 607.
★ MUNISING MARQUETTE & SOUTHEASTERN R Y .— Owns MunlsNATIONAL RAILW AYS OF
^0
,i_
lng to Big Bay, Lawson to Princeton 96.26 miles; branches 36.58 miles, tem. Including the Interoceanlc M EXICO.— On Southern19,1 thl?1“TK
and Mexican
ltys. [1,()47
lirOllcQ uy Cleveland Cliffs Iron
uvuLa $1,870,000: par $100.
controlled by L/I“ Vvl<*nu viiua lIUU Cm _Stock vi*oiufuuu. jjtiii viuv/* miles controlled but operated separately!, aggregated 8.027 m los of road
r year ending Dec. 31 1918, gross, $872,730: net, $245,825; taxes. $-15,­ (1,342 miles, 3-ft. gauge). During the revolution of the succeeding 3 yours
For
1;
353 int., rentals, A c., $116,254; bal., sur., $84,218. Gen. Mgr. H. R. some hundreds of miles of track and many bridges, engiV?n ^\ i«C
’i»n
iinrweJ.r
Harris.
destroyed. On Dec. 4 1914 the railway, telegraph and telephone lines of
were seized by
and In
1919
MUSCATINE BURLIN GTON & SOUTHERN RR.—M
uscatine. Iow
a, the Republictheir possession. the Meitfcan authorities p. 1816, April 1165.
Status In 1919, V. 108,
878,
to Burlington. 55 m
iles. This In d 4.6 m trackage, the com
clu es
iles
pany were stil in

A MONTOUR R R .— Owns Montour Jet. to the Mifflin Yards o f Bessemer
A Lake Erie RR. and branches, 51 miles. In Oct. 1916 the Northern M on­
tour UR. C o., with $350,000 o f auth. capital stock, was Incorporated.
Stock $1,500,000, owned by P’ttsburgh Coal Co. V. 96. p. 286, 861.
Road not taken over bv Director-General. V. 106. d . 2011.
,
Bonds, originally $2,750,000 1st 50-yr. 5s: retired by sinking fund to
Dec. 31 1918, $275,000: redeem, at 105 as a whole on and after Feb. 1 1924,
or at 102 4 for a sinking fund o f $55,000 yearly. ^ u iP - trust gold os
of 1913, $961,000 issued, due yearly to April 1 1938. and $917,631 April 1
1923. Issue o f 1916 guar, by Pittsburgh Coal C o., due $20,000 yearly
Jan. 1 1920 to 1926, $220,000. For year endedI June 30 1916. gross earn­
ings were $660,077: def., after oper. exp., $ol .345: other Income. $359,541,
surp.. $135,240. For cal. year'1917. gross $824 095: net def.. after taxes
$168,241. Jan. 1 to Feb. 28 1919, gross, $145,590: net, def., $78,032. In
1918; gross. $140,122; net. def., $34,655.— (V. 106. p. 2011.)
MOREHEAD & NORTH FORK R R — See page 136.
★ MORGAN'S LOUISIANA & TEXAS RR. & STEAMSHIP CO.— Ses Maj.
oi Southern Pacific.)— ROAD.— Owns Algiers to Cheneyvllle. 205 mtles
branches, 119 m.: extensions to Port Allen, La.. A c.. 53 m.; trackage to
Alexandria, & c., 25 m.; total, 401 m.: ferries, 3 miles. Owns $300,000 stock
of Iberia & 'Vermillion R R ., 21 miles.
“ STAN D ARD R E T U R N ,” A c — See page 5.
Sou. Pac. Co. owns the $15,000,000 stock. Divs. 1906-07,10%: 1907-08,
2 5 ^ ; 19084)9. 4% ; 1909-10, 5% : 1910-11, 6% : 1911-12, 4 % : 1915-16, 2% :




N o t ., 1919.]

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, A c., see notes on first page1

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

APrtvate
Control.

87

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

& A Aug 1 T9. 3)4 New York and Nashville
$ 1 0 0 $16,000,000 7 In ’ 19 F
Nashville C hatt & St Louis— Stock $16.000.000auth
do
do
J & J Jan 1 1923
6 g
1 .0 0 0
371.000
23 1883
First mortgage on Jasper Branch----------------- Cez.o*
do *
do
6 g
J A J Jan 1 1923
1 .0 0 0
376.000
46 1883
First mortgage on Centrevllle Branch g — Ce.zc*&r
do
do
A A O Apr 1 1928
5g
1 .0 0 0 13.608.000
846 1888
Cons mtge ($20,000,000) $20,000 p m gold_.Us.zc*
J July 1919, 3H % Louisville, Ky
25 3.553.750
119
7)4 J *
Nashville & Decatur— Stock guar 7 H% by I. & N —
Nashville Florence & Sheffield— See Louisville & Nash villa
See Text
J A J July 1 1932
1 .0 0 0
1 ,0 0 0 .0 0 0
1902
5 z
Nashville Term inal— First M gold red 105 ..M e s t.x
M A N May 1 1949
1 ,0 0 0
1 .0 0 0 .0 0 0
5g
1909
First Ref M $3,000,000 auth(V 98. p 1668)call 105-N
City of Mexico, Lond, Sea
74.803.466
National Rys ol Mexico— Com stock $75,000,000 U S g
Feb 10 T 3, 2% Office, 25 Broad St. N Y
28,831.000
First pret stock $30,000,000 4% n-o (p & d )_____
120.434.491
2d pref stock $125,000,000 5% n-o (p & d )_______
See text
1907 $'. £. &o 84.804,115 4)4 g J & J July 1 1957
Prior lien M USg red 105beg‘ 17 (see text) Ce.xo*&r
See text
A & O Oct 1 1977
1907 $, £ &o 50,748.575
Gen mtge U S gold redeem par (text) guar._N.xo
4g
See text
1902 $500 &c 23.000.000 4)4 g J & .1 Oct 1 1926
Nat RR of Mex Prior Lien mtge gcall 105_.Un.xo
1,284
See text
A & o Oct 1 1951
500 &c 24,740.000
First Oous M $60,000,000 gold (see text)..C e.xc
1.534 1902
4g
See text
1.00C 1.374.000
Mexican Central— Priority bonds gold red 1 1 0 _ %
_
1889
5 g J & J July 1 1939
None, paid
July 10 Jan 10 1939
1 .0 0 0
First Oons Ino & scrip n-ourh ($9,600 p m)g AB.zo* 3,407 1889
170,600
3 g
Jan 10 1939
1 .0 0 0
2d oo ns Ino($6.400 p m)red 50% to July ’29 AB.zo* 3.407 1889
2 1 ,0 0 0
3
Car and locomotive rental notes_______________x
662.456
1897
1 ,0 0 0
Equipment 5s $50,000 redeemable yrly at p a r..x
150,000
5 g A & o Apr 11917
See text
A & o Oct 1 1919
1899
1.00C
do ($50,000 yrly par( red 102 )4 beg ’ 10.OB.xo*
300.000
5g
Mar 1915 coup not paid
615 1897 £ 1 0 0 &c 5,850.000
'Mex Int prior lien £1.200.000 red at par.Un.xc*<5cr
4)4 g M & s Sept 1 1947
do
do
500 &c
1897
First oons M $16,000,000 g not guar..M p.xo*& r
866
705.500
4 g M & s Sept 1 1977
do
do
M A s Sept 1 1977
500 &o a4.206,500
do g guar stamp subj to oall at 95 to Moh 1907.
4g
8 6 6 1897
Jan 1915 coup not paid
263 1904
$1.00C 7.000.000
Vera Oruz A Pacific 1st M g red (text)_________ xc*
4)4 4 J & J July 1 1934
See text
285 1903
1 .0 0 C 2.003.000
Pan Amer (Mex-Guat) 1st M(text)redl05gu p&l xc*
5 g J A J Jan 1 1934
See text
J A .1 Jan 1 1937
1 ,0 0 0
1.484,000
General mortgage guar prln & lnt---------------------x
285 1907
5
Dec 1914 coup not paid
J A D June 1 1915
1913
$ £ &c 26.730.0nn
Nat Rys 2-year secured gold notes red par_____Cex
6 g
45.&c 2,460,325
1913
J A J Jan 1 1917
3-year secured notes $2,460,341 red par________ G
6
Q
June 1 1915
Dec 1914 coup not paid
1913
746 000
Secured gold notes extended In 1914 and 1915_____
J A .1 Jan 1 1917
1914
2 . &c
1.509,752
Secured gold notes Series B $1,509,752 red par— G
6
Dec 1914 coup not paid
Secured fold notes Series O $813,090 red par____G
1914
J A J Jan 1 1917
813,055
6
None issued
Secured gold notes $3,099,046 red par----------------G
J & J Jan 1 1917
- - - 1914
6 Z
Nevada-Caiifornia-Oregon—
New York
1 .0 0 0
1st M $2,200,000 $10,000 p m g call 105 s f_.U n.-C *
1917
910,000
6 g M & N May 1 1967
Nevada Central— 1st M gold non-oum Ino (sk fd)_ Cez
4% paid Dec. 1917
1 ,0 0 0
94 1888
/50.000
J
J July 2 1938
5 g
1909
500 &c
Status 1919 unknown
622.000
J A .1 June 1 1919
Nevada Copper Belt RR— First M $1,000,000 gold__z
6 g
Nevada Co N G RR— 1 st Mklue part yearly s. fd call. 20)4
Wells, Fargo Bk, San Fr
1 .0 0 0
J A J 1920 to 1924
89.000
7
1 .0 0 0
Mortgage sk fd call 105 $500.000....................... US 20)4 1914
Union Tr Oo. San Fran
A A O April 1943
49.000
5
a Out of the $7,206,500 Mexican International R It. 1 st con sol. M . 4 s there was pledged $ 3. )0 0 00 0 under prior li en mtge. o f the National
Rys. o f Mexico of June 22 1908. $4,499,000 income bo nds an d $15,7 85.200 ca pltal stock p lodged un 'dor conso V m . o f National Rys . of M ex.of Mch 15’02
In April 1919 the Mexican Government was operating the bulk of the
lines owned and leased by the National Railways o f Mexico, Interoceanic
Railway of Mexico and Mexican Southern Railway, together aggregating
on June 30 1918 6,882 miles o f road in operation and 613 miles of un­
operated road, under title of National Railways of Mexico. The use of
the name “ Constitutionalist Railways of M exico," by which these Govern­
ment-operated lines were previously designated, was dropped Jan. 1 1919.
V . 108, p. 1816; V. 107, p. 2476.
The Vera Cruz & Isthmus R R ., 340)4 miles, and Pan American Railway,
285 miles, were in June 1917 segregated to facilitate the operation o f the
Mexican Railway.
The Texas Mexican R y., 162 miles, controlled by stock ownership, was
released by U. S. R R . Administration in Sept. 1918.
ORGANIZATION.— Organized March 28 1908 under special Act of Con­
gress of Mexico, per plan in V. 8 6 , p. 918. 982. The properties of Nat. R R .
of Mexico. Mex. Central and Mex. International were acquired by de ds
| n 1318; V. 89, p. 1601; V. 90, p. 1554. Vera Cruz & Isthmus
l
*
R R . (340 miles) was merged Nov. 1 1913 and its bonds assumed and the
Pan-American R R . in March 1914. V. 97, p. 1740, 1823; V. 98, p. 1000.
The Mexican Government owns $115,056,367 of the $230,000,000 auth
orlzed stock, viz. $ 1 0 ,0 0 0 ,0 0 0 tlrst preferred, $30,278,300 second preferred
and $74,778,067 common stock, and guarantees the principal and interesi
of the general mtge. bonds. V. 87. p. 1533.
All interest and other obligations maturing Oct. 1 1914 and subsequently.
Including the principal o f notes due June 1 1915 ($27,476,000), &c., and
lnt. were defaulted, and the plan to fund the July 1 to Sept. 30 1914 ma­
turities has not been declared operative. V. 100, p. 2010.
D IV 8 .— 1st pref.. 1908, 1% ; 1909, 2% ; 1910 to 1912. 4% : 1913. 2%
BONDHOLDERS’ PROTECTIVE C O M M IT T E E .— (Representing
both the Prior Lien 4)4s and the 4% bonds o f Nat. Rys. and Nat. R R . of
Mexico, and Mex. Int. R R . and the secured notes of Nat. Rys.). Chalrman Laurence Currie. Depositary. Glyn, Mills, Currie & C o., London.
V. 105, p. 716; V. 106, p. 396.
BONDS.— The prior lien 4)4% bonds ($225,000,000 auth.) were de­
scribed in V. 8 6 , p. 1319. 919, and the guaranteed general mortgage 4%
b°nds ($ 1 6 0 .0 0 0 ,0?)0 auth.) in V. 8 6 , p. 1320. 919.
Additional bonds may be issued to retire Mex. Internat. R R . consols.
The General mtge. bonds will be subject to call at par after April 1 1927
Financial Status.— As the decree o f seizure o f the railway, telegraph and
telephone lines o f the Republic, issued by the Mexican authorities at Vera
Cruz on Dec. 4 1914, Is still In effect for all the linos composing the com­
pany’s system in Mexico, the company Is without income from those lines
and continues unable to meet any part o f its interest or other charges, the
accumulated interest due and accrued to June 30 1918, less coupons funded
($3,941,720), aggregating 86,297,062 Mexican gold pesos.
The total amount actually paid on account o f accruing expenses for the
fiscal year 1916-1917 was $117,105 for expenses incurred in the operation of
the offices maintained by the company in the cities of Mexico, New York
and London, and this was done “ with the funds given monthly designated
for that purpose by the Citizen President o f the Republic.”
The balance sheet o f June 30 1918 showed cash In banks and on hand
$538,638 (including $132,325 cash deposits for payment o f principal and
Interest on bonds, &c.; or as guaranty), contrasting with $331,979, in
1917. Notes and accounts payable as of June 30 1918, $82,224,265.
On June 30 1916, the amount required to put road and equipment In
good condition was estimated at $13,696,809.
REPO RT.— Report for year ending Juno 30 1918, V. 108, p. 1816.
Earnings o f "Constitutionalist Railways of Mexico," Year end. June 30 1918
July to N ov. 30 1916. Infalslflcable
G oss'
Oper.Exp.
Net.
------ $304,886,271 $146,725,992 $158,160,279
paper currency
Dec. 1 1916 to Juno 17, Mex. gold 27,270,576
20,750,088
6,520,488
July 1 ’ 17 to June 30 T 8 ,Mex.pesos 57,001,692
36.579,667 20,422,026
Chairman of Board, Rafael Nieto; Vice-Chairman, Mario MendezPresident,
; Sec., Ing. R. D. Carrion, all o f City of Mexico;
Asst. Sec. & Asst. Treas.. E. E. Bashford, N . Y. City. N Y office 25
Broad St.

RE PO RT.— For calendar year 1918, compare V. 109, p 270;
Year ended—
Gross.
Total Net. Bond lnt. Miscel. Sink.Fd. Deficit.
$5,617 S52.028
$1,854 ............ $48,264
Dec. 31 1918__ $293,510
Dec. 31 1917— 383,873
17,502
59,440
3,270 ---------45.201
Dec. 31 1 9 1 6 ... 391,726
49,080
64.009
1,500 $6,780
23.209
Pres.. Charles Moran: Treas., R. Rosa, 6 8 William St., N . Y .— (V. 107
P- 1379, 1837; V. 109, p. 270.)
A NEVADA CENTRAL R R .— Battle M t. to Austin, N ev., 94 miles,
j-ft. gauge. Stock, $750,000, in $100 shares, largely owned by the Nevada
Company. Interest payments on the $750,000 income bonds in recent
years: July 1906,4%; Jan. 1908. 2)4% ; Feb. 1909. H i % ; July 1911, 1 « % ;
Aug. 1914, 3 )4 % : March 1916. 1%: Dec. 1917. 4% : none since. Pres., J. G.
Phelps Stokes, 100 William St., N. Y . City.— (V. 106. p. 8 6 , 189.)
A NEVADA COPPER BELT RR.— Owns Wabuska to Ludwig, Nev.,
i / . 8 miles; Wabuska to Thompson, 2.50 m.; total, 40.3 miles. Incorp. in
Maine March 22 1909. Stock, $1,000,000-, all issued. Bonds, see table.
In 1917. gross, $225,102, agst. $84,662 in 1916 and net, aft. taxes, $119­
829, against. $29,755. In M ay 1919 signed co-operative contract. Pres.,
Samuel Naphlay, Grass Valley, Calif.— (V. 96, p. 1840; V. 108, p. 1937.)
A NEVADA COUNTY NARROW GAUGE R R .— Colfax to Nevada City,
ual., 20)4 miles. In May 1913 control was acquired by Oakland Antioch
A Eastern (Elec.) R y. interests. V. 96, p. 1630. Stock, $250.200: par of
shares. $100 each. Divs. paid: In 1882, 3% : 1883. 6 %: 1903 to 1905. 5% ;
1906, 10%; 1909 and 1910, 2 )4 % ; 1911. 6 )4 % ; 1912, June. 8 )4 % ; 1913.
5% : 1914, 16%: Mar. 1915 to June 1917, 2% quarterly; since (? ). Bonds,
see table and V. 98. p. 1157.
Year ending Dec. 31 1916. gross, $135,858; net (for tax), $42,372; other
income, $1,156; charges, $38,784; bal., sur., $7,290. For 1917, gross.
$128,904; net, after taxes, $24,600— (V. 98, p. 1695; V. 107, p. 2476.)
A NEW JERSEY INDIANA & ILLINOIS RR.— South Bend to Pine, Ind.,
i2 miles.
Stock, all Issued, $100,000; par, $100. Bonds, $250,000
Mechanics’ Trust Co., Bayonne, N. J. trustee. Year ending Dec. 31 1918
ross, $142,343; net, after taxes (incl. $8,101 war taxes), $41,247; interest.
12,503: bal., sur., $28,744. In 1917, gross, $87,313: surplus after interest
charges, $13,761. Pres. & Gen. M gr., Clayton M ayo, New York: Sec.,
H. O. AVeppler; Treas., T . A . Hynes, South Bend. Ind. Office, South
Bend, Ind.
★ NEW JERSEY JUNCTION RR.— Terminal road through Jersey City,
noboken and Weehawken, about 5.62 miles.
Leased for 100 years in
1886 to N. Y. Central & H. R. RR. Co. (assumed by N. Y. Central),
which guarantees bonds and owns the $ 1 0 0 ,0 0 0 stock.

f

★ NEW JERSEY & NEW YORK RR.— Owns from Erie Jot., N. J., to
uarnervllle, N. Y ., 29 miles; branches to New City, <fco., 5 m.; operates to
Haverstraw, &o., 14 m.; total operated, 48 miles. Erie R R . In April 1896
purchased control. Stock. $1,440,800 com.. $787,800 pref.; nar, $100. Con­
trol Is with pref. stock and 1st mtge. till 6 % has been paid on pref. for three
years at 5 % . V. 90. p. 914. Year ending Dec. 31 1916, gross. $882 063;
net, after taxes, A c.. 3200.235; other income, $28,760: charges. $287,646:
bal., def., $52,304. Fed. M gr., A. J. Stone.— (V .*90, p. 914 )
*
★ NEW LONDON NORTHERN RR.— Owns from New London. Conn,.
*Ia Brattleboro, Vt., to South Londonderry, Vt.. 158 miles.
. LEASED for 99 years from Deo. 1 1891 to Central Vermont. The rental
is $213,5o2 per annum, which leaves a small surplus after providing for in­
terest, &c.. and 9)4% divs. An extra div. of )4% was paid July 2 1917,
and Jan. 2 1918. Taxes and improvements met by lessee. V. 90. p. 1677
A N E W nE X IC O CENTRAL R Y .— Owns Santa Fe. N . M „ to Torrance.
1 16.7
miles; 5-mile spur from Clark to Coal mines projected. Incorporated
in Delaware in Jan. 1918 as successor of the RR., foreclosed and bid In
for Federal Export Corp. of 115 B ’way, N. Y . V. 105, p. 1708; V. 106,
p. 499, 929. Capital stock authorized. $2,500,000; par $100. No bonds
auth. or Issued in Feb. 1918. Pres., S. C. Munoz (N. Y .); Sec.. Franklin
D. Wagner, and Treas., Fred. L Watson.
Offices of co.. 115 B ’way.
N .Y . City, and Santa Fe. N . M ex.— V. 106. p. 929.

★ NEW ORLEANS GREAT NORTHERN RR.— Owns New Orleans. La.,
jo Jackson, Miss., 182 miles, with branches, Rio, La., to Tylertown, Miss.,
42 m.; Slidell, La., to Folsom. La., &o., 62 m., making a total of 285 miles
operated, lncl. 29 m. trackage from New Orleans to Slidell. La., and other
trackage. 13 m. Stock. $7,500,000. 1st M „ $10,000,000 auth. issue:
Federal Compensation.-—$595,952 yearly during Federal control.
EARNINGS. 12 mos., f 1918............... Gross. $2,197,315; net. $503,436
Directors (as o f Dec. 1918): In Mexico City, Frederick Adams, Carlos
Basave y del Castillo N ., Victor L. Blanco, Jose V. Burgos, Lie. Luis
l
31*
JIB1! ........... ..G ross. 1.916.218; net. 671.411
For 8 months.—
(1919..Gross, $1,521,767; net (before $139,682
Cabrera, Elias S. A. de Lima, Mario Mendez, Rafael Neito Francisco
Jan. 1 to Aug. 31.
U918-.Groas, 1,453,778;
taxes),
441,354
Puga, Lie. Julian Ramairez Martinez, Ignacio S. Rodriguez, Lie Fernando
Gonzalez Rao. In New York, Henry Bruere, Alfredo Catureglia Ramon
REPO RT.— For year 1917, V. 107. p. 2093, showing:
P. Denegri. J. J. Hanauer, J. Hirschman, Jesus Martinez. Lie. Juan B.
J1
~, n, 0|*A,o Net,aft.Taxes. Oth. Inc. lnt..Rents,&c. Balance.
R ojo, W. T . Rosen, H. H. Wehrhano.— (V. 109, p. 173, 1610.)
---------$583,631
$192,351
$523,025
$252,957
...........H t H S i
717,579
99.419
529.995
287.003
NATIONAL TRANSCONTINENTAL R Y .— See Grand Trunk Pacific. l 9 f.5 -*• w ‘ iA,b5o ’ 4Z 7 ,
539.511
3.113
533.623
9.001
Pres.. Walter P. Cooke: V.-P. & Gen. Man., Wm. E. Farris: V .-P s„
ANEVADA-CALIFORNIA-OREGON R Y .— (3-/L gauqe.)— In June 1917
W•
the Western Pacific RR. purchased 63 miles of the main line and the 41- rV M .JG trie Chicago: Goodyear; Sec. & Treas., F. A. Lehr. Fed. M gr..
Fed. Treas., Charles Ehlers. Hattiesburg, Miss.—
mile branch line in California, together with terminals in Reno. Nev.
(V. 10/, p. 402, 604, 803, 1748, 2093; V. 108, p. 1937.)
leaving 171 miles Ilackstaff, Cal., to Lake View, Ore. V. 107. p. 1379.
★ NEW ORLEANS & NORTH EASTERN R R .— New Orleans, La., to
Of the $2,200,000 gold bonds of 1917, $750,000 were to be used to redeem Meridian, Miss. 196 miles; trackage. 8 miles. Stock. $6,000,000 (par $108)
a like amount of 5% gold bonds o f 1899 (only $3,000 still out Dec 31
acquired by Southern Ry. Co. V . 104,
1918), and $250,000 were issuable on account o f additions and improve­ sul^tantlally all of which has been1529.
J792; V. 105. p.
ments. Sinking fund to purchase bonds (or call at 105 A int ) 1922 to
AD V A N C ES" A N D “ S TAN D AR D R E T U R N .” &c.— See page 5.
1931, yearly H of 1% bonds then out. and thereafter,
of 1% .
„ D IV .— (% ) 106. ’07. ’08. 09. TO. ’l l . T 2. T 3. T4-TS. T 6 . T7 T 8.T 9.
V. 104, p. 1592.
...\
6
4
5 6)4 6)4 5
5
6
6
Stock, common. $1,450,000; pref., $750,000. After 5% on common, both Yearly . . . 1917 a5mortgage was authorized to secure 1 yrly 4 4 $16,000,­
In Mar.
not exceeding
stocks share pro rata. Divs. on pref., 1906, 3% ; 1907, 4% ; 1908 to 1910
000 bonds. The Initial $7,663,000 (Series A— see table above) were made
5% each: 1911, 3% ; Sept. 1912, 2% ; on common. 1% . 1909; 1% , 1910
Issuable only on cancelation of the $1,500,000 income bonds of 1902 and
noneeince. V. 102. p. 1540. 1626.
'°
the cap'■elation of the $6,163,000 Gen. Mtge. bonds (or the deposit of cash







Jfov., 1919.]

RAILWAY STOCKS AND BONDS

NEW YORK CENTRAL LINES




89

90

★ Control.
Government

RAILWAYSSTOCKS AND BONDS

RAILROAD COMPANIES.

LFor abbreviations. & c., see notes on first page]

Miles
Road

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

APrlvate
Control.

[V o l . 1 0 9 .

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

New England— Also New Haven & Northampton— Se e New York New Hav en A Hartt ord
Meoh Tr Co,Bayonne,N J
5 g J A J July 1 1934
1904
$250,000
$ 1 ,0 0 0
12
New Jersey Indiana & Illinois— First M *250,000 gold
N Y Central R R .
F A A Feb 1 1986
1.700,000
1 .0 0 0
4
5.62 1886
New Jersey Junction— 1st M guar *4,000,000.Q.zoAr
Office, 50 Church St. NY
M A N May 1 1950
5
600 Ac • 394,000
34 1880
New Jersey & New York— fit Mtge ext 1910______
J A J Nov 27 1985
do
do
5
1,500
1885
100 Ac
34
Second mortgage_________________________________
do
do
J A J Dec 31 1932
631,000
5
500 Ac
General mortgage________________________________
34 1892
1,500,000
9
10 0
121
3— 1 Oct 2 ’ 19 24*% New London Office
New London Northern— Stock
_______ ____________
Cp MAM Bk.NY: reg md
4 g J A J July 1 1U40
1.500,000
1910 1 .0 0 0 Ac
121
First mortgage_________________________ Ba-xo* Ar*
New London Office
J A D 1990
4
75,000
36 1905
West River first mortgage guaranteed prln and lnt.
New Mexico Ry & Coal— See El Paso A Northeastern Co
Columbia Trust Co. N Y
5 v F A A Aug 1 1955
8,348.900
243 1905 1 ,0 0 0 Ac
New Orleans Great Northern— First M g — C ol.xo'A r
6 ,0 0 0 ,0 0 0 6 In 1919 Yearly July 8 ’ 19 6 % New Orleans, La
10 0
196
Mew Orleans * North Eastern— Stook *6,000,000----M A N Nov 1 1940
Central Union Trust, N Y
1,371,000 . 5 e
1 ,0 0 0
Prior lien mortgage gold----------------------------- Ce.xo"
196 1885
J P Morgan A Co. N Y
7,195,000
4 4* g .) A J Jan 1 1952
196 1917 1.000 Ac
R e f* Imp M *16.000.000 gSerA call 1074*Oxc*Ar*
c
160.000
44* F S A Feb 20-Aug "24 New Orleans, La
1914
1 .0 0 0
Equip trusts ($17,000 s-an to Aug 15 1924)________
44* g J A D Dec 19-June'26 Bankers Trust Co, N Y
1916
1 .0 0 0
245.500
Ser E g, due s a $18,000 June: $17,000 D e c .. Ba
Guaranty Trust Oo, N Y
4 g J A J July 1 1953
19U3 1.000 Ac 14,000,000
New Orleans Term— 1st M *15,000.000 g gu.G.xo* Ar*
New Orleans Texas & Mexico Ry.
J A D Oct 11925
Guaranty Trust Co, N Y
5.870.000
6 g
1910
100 Ac
1st M $15,000,000 gold Ser A call 105--C oI yyc*Ar*
Oct 1 1919 pd 2>*% s-a
1916
100 Ac 13 849 .250 5In'17-19 A A O Oct 1 1935
Non-cum 5% Inc $25,000,000 g Ser A call par ..c*Q
M A S15 Mch '20-Sept'23 New York
5
448,000
1911
1 .0 0 0
N O T & M eq notes ser B gu due $56,000 s-a____G
Safe Dep & Tr Co,Boston
350,000
5 g J A ,J Jan 1 1941
2 2 1911
1 .1)00
Newport & Ricbford— 1st M *350,000 g gu OAP.SB.xo
Treasurer, Philadelphia
5,201,000
4 g J A J Jan 1 1948
13 1908
1 .0 0 0
New York Bay— First mortgage *6,000,000 gold.GPx
A A O Oct 1919 2 44% Cheoks mailed
5
650.000
100
N Y Bklyn S Manhattan Beach— Pref stock non-oum. 17.27
t
Treasurer Penn R R , N Y
A A O Oot 1 1935
5g
1,726.000
1 ,0 0 0
First cons mtge (now 1st M) gold guar by L I-.C e.o* 17.27 1885
Quar
Nov 1 19. 14* Grand Central Term, NY
1 0 0 249,849.360 5 In 1919
N Y Central RR— Stock ($400,000,000 auth)____Tr
M A N May 1 1935
6
Grand Central Ter, N Y
Par
1 0 0 .0 0 0 .0 0 0
1915
Convertible bonds call 110 $100.000,000_____c*Ar*
44* g A A O Oct 1 2013
N Y. London A Paris
r
1914 $. £ A T a40.000.000
RefAImpt M g.Series" A .’ ’assumed,see text G.c*Ar*
(1) Underlying Main Line Mortgage—
Grand Central Ter. N Y
34* g J A J July 1 1997
N Y O & H R RR M $100,000,000 g ___ Ce.xc*Ar 1.828 1897 1.000 Ac 94,000.000
do
do
2.500.000
34* g J A D June 1 1959
1909 1.000 Ac
do
do
Mtge on Spuyten D A P M g .C e .
do
do
34* g J A D June 1 1997
826 1897 1.000 Ac 50.000.000
Lake Shore A M S 1st M gold, ass______ Us.xc*Ar
M A S Sept 1 1928
do
do
4g
1903 1,000 Ac 50.000.000
do
Debentures (sec by 2d M ) g, ass_Ce.xc*Ar
M A N May 1 1931
do
do
4g
1906 1,000 Ac 50.000,000
do
do
do
gold assumed *____C e.xc’ Ar
(2) N Y C St H Riv bonds secured by Consol'n Mtge etc on* line N Y to Buf falo, A c., a nd (b) B uffalo to Chicago. Ac
do
do
34* g F A A Feb 1 1998
1898 1.000 Ac 19,336.000
Collateral 34*s (Mich Cent stock as collateral)-G.x
do
do
34* g F A A Feb 1 1998
1898 1,000 Ac 25,144,000
b Lake Shore Collateral 34*s assumed_ G.xc*&r
_
F A A Feb 1 1998
4 g
do
do
1913 1,000 Ac 65.434.000
b Consolidation M ($167,102,500).............Ba.xc’ Ar
M A N May 1 1934
do
do
4 g
1904 1,000 Ac 48,000.000
Debentures! Junior liens under Con- f___ Us.xc*Ar*
J A J Jan 1 1942
4g
do
do
9.188,000
1912 1,000 Ac
do
I solidation M o f 19131_____ a.sc*A r
a An additional $20,000,000 (not issued to public) pledge d to se cure $15, 0 0 0 .0 0 0 2 -y ear notes due Sept . 15 1919.
to redeem any uncanceled Gen. M tge. bonds). Bonds o f $1,371,000 are
reserved to retire the Prior Lien 5s and $363,000 to retire that amount out
of $605,000 equipment trusts outstanding Jan. 1 1917. The remaining
"j8 603.000 new bonds are reserved from additions and Improvements under
restrictions. The old bonds, except prior lien 5s. have all been retired.
V. 104, p. 865. 559: V. 105, p. 1892: V. 107, p. 1920. Future issues are to
bear not over 6 % Interest, mature not later than Jan. 1 1967, and be
callable at such prices as the directors shall determine.
LATEST EARN INGS.— 11918........ Gross, $6,474,718; net, $1,282,302
12 mos., Jan. 1 to Dec. 31.(1917____ Gross. 4.969,265; net, 1,629,760
For 8 months.
J1919_____Gross, $4,235,302; net (before $473,800
Jan. 1 to Aug. 31. \1918_____ Gross, 4,155,303;
taxes),
1,001,632
REPO RT.— For calendar year 1917 in V . 107, p. 2285:
Cal.Year. Gross.
Net.
O Inc. Int., &c. Divs.C4% ) Balance
th.
1917........... .$4,969,265 $1,211,535 $472,522 $574,659 $240,000 $869,399
1916............. 4,011,444 1,208,869 175,630 538.032 240,000 606,406
Pres., Fairfax Harrison. Fed. M gr., E . H . Coapman, Washington
D . O.— (V. 105. p. 1892; V. 107, p. 1920, 2285.)
A N E W ORLEANS LOWER COAST R R .— Algiers to Buras, La., 60 mllee
Successor Dec. 1 1916 o f New Orleans Fort Jackson A Grand Isle R y., fore­
closed and bid in for a syndicate. V. 103, p. 407. Pres., H. Hall, New
Orleans; V.-Ps., Lee Benoist and T . G. Bush; Treas., Bernard McCloakey; 8 ec., A. O. Hammer.— (V. 103, p. 1392; V. 104, p. 2343.)
★ NEW ORLEANS TERMINAL CO.— Owns extensive terminal prop
erty at New Orleans and a belt railroad around the city, leased to the
Southern Railway for 99 years from July 1 1903, rental covering all ex­
penses o f operation, maintenance, taxes and Interest. Southern Railway
and St. L o u is* San Francisco each owned half of the *2,000.000 outstanding
stock ($5,000,000 auth.), and Jointly guaranteed the bonds, but the St. L
A S. F. on July 1 1913 defaulted and forfeited its one-half share, the
Southern taking over the same. See V. 102, p. 8 8 6 : 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 by the Southern Railway System, New Orleans Great
Northern R R . and Louisiana R y. A Navigation Co. Pres.. Fairfax Harri
son; Federal M gr., E . H. Coapman.— (V. 98, p. 763, 1460; V. 100, p. 813.
★ NEW ORLEANS TE XA S & MEXICO R Y .— ROAD— ORGANIZA­
TIO N .— This company and its subsidiaries, all of whose outstanding
capitalization, both bonds and stock (excepting only $500 to $900 directors
shares) it owns, namely the St. Louis Brownsville A Mexico R y., Beau­
mont Sour Lake A Western Ry. and Orange A Northwestern R R ., form a
direct line from Brownsville. Tex., to Baton Rouge. La., whence ferry across
the river and the Yazoo A Miss. Valley Ry. (Illinois Central R R .) afford
an operating connection to New Orleans. Valuation protest, V. 104, p. 257
S mO
yste perated Dec. 31 1917 ( Including Aforesaid Subsidiary Lines).
(With oper. connection over 111. Cent, to New Orl., 93 m.)
M ile s
Main line from Baton Rouge via Houston to Brownsville, Tex., about. 647
Of the foregoing 564 m. is owned and 85 m. is under trackage.
Various branches, aggregating about______________________________
273
of which 256 m. is owned and 17 m. under trackage.
-------A total of about (see full details In V. 103, p. 61)
- — — — . — 920

Entire S ck and Bonds O n
to
w ed—O
perated Separately.

San Benito A Rio Grande Valley Ry. (V. 103, p. 1593)--------------------65
New Iberia A Northern RR., Port Barre to New Iberia, and branches.
72
Iberia St. Mary A Eastern R R . (leased to New Iberia A Northern)---49
Principal trackage is from De Quincy to Beaumont. 46.54 miles, and
Houston to Algoa, 24.32 miles. The Louisiana Southern R y., 67 miles, is
operated separately under lease; see that company.
ORGAN IZATION .— Formerly part o f St. Lousl A San Francisco R R .
but in 1916 separately reorganized, after foreclosure sale, per plan in
V. 101, p. 774, 768, 1714; V. 102, p. 8 8 6 . Incorporated in Louisiana.
"ST A N D A R D R E T U R N ,” A c — See page 5.
In Oct. 1919 contract with U. S. Government was still pending.
SECURITIES.— These include (see V. 103. p. 493):
Int. rate, not exceeding
% per annum, as determined at time o f issue. Issuable In series, due
at the 8ame or different dates, not later than Oct. 1 1925, and callable at
a premium. Reserved under restrictions for future extensions, improve­
ments, A c., $9,000,000. Issued $6,000,000, of which in treasury
Dec. 31 1917 $130,000. V. 103, p. 61. 1593, 2156.
5% Non-Cum
ulative Incom Bonds.— Limited to $25,000,000 secured by a
e
trust indenture. T o bear non-cumulative Interest payable semi-annually
at rate of 5% per annum, but payable only when and as authorized by
the board of directors, according to provisions of the indenture. Entitled
to share in tne security o f any new mortgage issue on a parity with any
such indebtedness created in excess of $15,000,000 1st M . Initial interest
payment, 14*%. made April 1 1917, and further 34*% Oct. 1, making
5 % for year; thereafter 24*% semi-annually, 5% p. a. to and incl.
Oct 1 1919.
Capital Stock— $25,000,000: Issued.......................................... __ $15,000,000
The entire Issue o f new stock has been deposited until March 1 1921
with Willard V. K ing.N . A. McMillan and Chas. H. Sabin as voting trustees
with power In majority on approval by the holders of not less than twothirds of the outstanding voting trust certificates,'to sell, exchange or other­
wise dispose of said stock en bloc.
All the outstanding ($535,000) St. Louis Brownsville A Mexico R y. 6 %
receiver's equipment trusts due serially to June 1924 were called for pay­
ment June 1 1918. V. 106, p. 2011.
E A R N I N G S — 920mlles./1919-Gross, $6,368,730; net (bef. $1,466,283
9 mos. ta Sept. 30.
(1918-Gross, 5,740,512; taxes),
1,695,044

First Lien Gold Bonds.— Total auth., $15,000,000.
6




REPO RT.— For year 1918 In V. 109. p. 1361.
Calendar Years—
al918.
1917.
1918.
Total operating revenues------------------- $8,013,713 $8,661,229 $6,410,378
Operating income----------------------------- $1,967,825 $2,182,291 $1,946,810
182,597
146,311
Hire of equipment.....................
25,019
Other income...........................
xl45,330
159,281
72,946
Gross income.........................
$2,295,752 $2,487,884 $2,044,805
Interest on income bonds (5 % )______
684,444
y757,900
Rents, A c . . . .........................................
633,918
710,023
821,687
Balance, surplus
.................
$977,390
$1,019,961$1,223,118
x Includes $3.>,185 from mcomo on funded and $80,767 on unfunded
securities, y 3 4* % charged to income and 1 !* % to profit and loss surplus.
a Note.— The figures for 1918 unite the accounts of the Railroad Admin­
istration with those of the corporation (disregarding the "Standard Return” )
or comparison on the old basis when not under Federal control.
OFFICERS.— Chairman o f the board. Frank Andrews; Pres., G. H.
Walker; V.-Pres., Roy Terrell; Sec., H. G. Dufour; Treas., O. S. Powers;
Asst Sec. A Asst. Treas., G. E. Warren, New York; Federal Mgr., T . G.
Pettibonc, Houston, Tex.
DIRECTO RS.— VV. P. Conway, G. H. Walker, Frank Andrews, Alex
Berger Stodman Buttnck, Carl A. de Gersdorff, J. D. O Koofe, Willard V.
E. Warren Lorenzo Semple, J. C. Harvey, O. B. Fox, N. A .
w ; &•
and Elisha Walker. N. Y. office. 60 Broadway.
— (V. 107, p. 402; V. 108, p. 1165; V. 109, p. 8 8 8 .)
NEWPORT & SHERMAN’S VALLEY R R .— Newport to New Ger­
mantown, Pa., 31 miles. Stock, authorized, $180,000; outstanding Dec. 31
i3 i£ ’ JH 6 5 ’ id 0:, par’ f 5.0. Bonds, $200,000 Ref. M . 30-yoar 5s due 1938;
$250,000 auth. ipue; int. J. A J. at Real Estate Trust Co., trustee; denomi­
nations $100 and $500. For year ending Dec. 3 i 1918, gross, $61,475; net,
$3,952; other income, $294: int., taxes, Ac., $16,397; bal., def., $12,150.
Pres, and Gen. Mgr., David Gring. Office, Newport, Pa.
NEW Y O R K BAY R R .— Owns from Kearney Junction. N . J ., to
Waverly, and from Wavorly to the bulkhead line at Greenville piers, on
New York Bay, 10.94 miles, with branches, 2 00 miles; total. 12 94 miles.
Stock. $6,000,000, all owned by Penn. R R . Mortgages payable Dec. 31
1917, $250,000. Divs. at rata of 14*% during 1918 paid on stock. Of the
$5,201,000 1st M . 4s, $960,000 were owned by tne l’enn. R R . on Dec. 31
1918.
— (V, 8 6 , p. 920, 982.)
NEW Y O R K BROOKLYN & MANHATTAN BEACH R Y .— Owns
from Fresh Pond Junction to Bay Ridge, 11.95 miles; Manhattan Beach Jc
to Manhattan Beach, 3.73 miles; Evergreen Branch, Cooper Ave. Jet. to
Jefferson St., Brooklyn, 1.59 miles; total, 17 27 miles. Leased for 99
years from M ay 1 1882 to the Long Island Railroad Co., which owns
majority o f stock. Rental, interest on bonds and 5% on preferred stock.
Common stock. S350,000. Long Island Railroad has attached to the
bonds its unconditional guaranty of principal and interest in addition
to facts as to lease. In Jan. 1919 the Long Island RR. Co. had agreed to
the use o f the line from Nostrand Ave. to Manhattan Bearh as part of the
Dual Rapid Transit system for operation by tho Interborough Rapid
T r a n s i t ^ , provided other necessary details can be arranged. V.108,p.379.

Maps pp.

★ ( T H E ) N E W YORK CENTRAL R A ILR O A D .— (See
8 8 and
89.)— Owns In fee direct line from New York to Chicago, 953 miles (four
tracks N. Y . to Buffalo, thence two tracks), and numerous branches, the
total mileage owned Dec. 31 1918 aggregating 3 699 miles. Also owns stock
control of the West 8 hore R R . <
leased). N. Y. to Buffalo and thence to
Chicago, via Michigan Central RR. and Canada 9o. Ry. By similar
contro! of the Pittsburgh A Lake Ene RR. the Cleveland Cincinnati Chicago
A 8 t. Louis Ry. and other companies, has close running connection to Pitts­
burgh. Columbus Cincinnati, Indianapolis, 3t. Louis. Ac. Total system
owned, controlled. Ac., Doc. 31 1918 about 12.666 miles, viz.:
(1)
6,076
Lines Owned—
Miles Beech Creek R R .* ..................... 164
New York to Chicago_________ 9 5 a Beech Creek Exten. R R ., A c .* . 135
Branches--------------------------- ' 2 7 4 6 Walkill Valley.............................
33
Lines Leased, etc. (•See this co .)— Mahoning Coal R R * -------------70
West Shore*-----------------------4 7 9 Detroit Hillsdale A 8 W *.........
65
Troy A Greenbush*__________
0 Fort Wayne A Jackson*-------98
New York A Harlem*______ 3 136 Lake Erie Alliance A Wheeling.
88
New Jersey Junction*.,
0 Erie A Kalamazoo R R ...............
22
Detroit Toledo A Milwaukee * 47 Trackage rights. A c,------------466
Kalamazoo A. A G. R ________
58
Total in earnings Dec 31 ’ 18.6,682
8 t. Lawrence A Adirondack*..
56
Leased— Operated separately—
Ottawa A New York_________
5 7 Boston A Albany system--------393
Battle Creek A 8
turgls________
7
Controlled—Operated Separately— 6,596 Miles of Road
Michigan Central*..................... 1 ,8 0 2 Zanesville A W e s t e r n - --- ---.87
Lake Erie A Western*________ 9 0 2 Indiana Harb. Belt (V. 93.P.164) 116
104
Clev. Gin. Chic. A St. L. S yst.*2.396 Toronto Hamilton A Buffalo—
Cincinnati Northern*_________ 246
Total oper. separately------- 6,596
Pitta. A Lake Erie System*____ 225
Chicago Kalamazoo A 8aginaw 45
Toledo A Ohio Central________ 436 Grand total Dec. 1918.leas 249
miles duplicated a b ou t------12,422
Kanawha A M ichigan_______ 1 7 7
ORGA N IZA TIO N .— The New York Central RR. Co. was formed by
consolidation, effective Dec. 23 1914, under laws of N . Y ., Penna., Ohio.
Ind., Mich, and 111., of the N. Y. Central A Hudson River R R . (as enlarged
In 1913 by the absorption of Rome Watertown A Ogdensburg and other
New York branch lines; see bond table above) and its loading Western sub­
sidiary, the Lake Shore A Mich. So. R y.. and 9 minor controlled proportion.
See V. 96. p. 1425; V. 98, p. 387. 1393; V. 100, p. 140.
In 1916 sold its controlling Interest In the stock of the N. Y . Chicago A
St. Louis R R . to Cleveland Interests. V. 104, p. 1598. Entire stock
Clearfield Bituminous Coal Oo. is owned. V. 103, P- 1794.
In 1917 a subsidiary, the Hudson River Connecting R R .. reedved au­
thority to build a bridge across the Hudson River 11 miles south of Albany

Operated Directly.

Miles of Road.

Nov.,

1919.]

* 8 = r “

RAILROAD COMPANIES
lFor abbreviations, Ac., see notis on first page]

Miles Dais
Road Bonds

New York Central RR (Concluded)—
(3) Other New York Central A Hudson River RR Assum ed. A c.
1900
Debentures (V 69, p 1102: V 71. p 502. 964).........x
1874
Rom* WatA Ogdens 1st Oon M ($500,000 3)4 b) F.zc All
1874
Consol mortgage___________________________ F.zx A l l
Utica & Bl'k R lr 1st M gold guar p A 1_ Ce.ze
; _
150 1890
New York & Northern first mortgage gold_____zc
57 1887
N Y & Putnam cons g gu p & 1----------------Un.xc*Ar
57 1894
Moh A Mai 1st M $15,000 p m g gu pAl(end)Col xc»
182 1892
182 1902
Consolidated mtge g old ----------------------- Q.xc*Ar
Carthage A Adirondack 1st M g guar------U n.xc’ Ar
46| 1892
Carth Water A Sack liar 1st M g gu p A 1 (end)._x
29 1891
Gouverneur A Oswegatchle 1st M g gu p A l.U n .x c
13 1892
Llttl* Falls A Dolgeville first mortgage_________ x
1902
(4) Bonds of Other Companies Included in ferger of Jan and M
Indiana Illinois A Iowa 1st M gold_______ IC.xc*
203 1901
Chic Ind A South consol M gold_______ G.xc*Ar
337 1906
Kalamazoo A White Pigeon 1st M assum_ Un.xc
_
37 1890
Pine Creek 1st M gu nrin and int endorsed_______ r
1885
Sturgis Goshen & St Louis 1st M gold p & 1 guar__z
29 1889
Jamestown Franklin & Clearfleld—
1st M $25,000,000 auth guar_________ (J.xo’ Ar*
1909
Cleveland Short Line Ry 1st M gold guar_G.xc*Ar
— 1911
Lake Erie & Pittsburgh- -see that company—
(5) Note, A c., Issues—
quip
1912
1917
Collateral loan from Central Union Trust Co ext_
_
1918
Collateral note Issue $15,000,000 g o ld ______ G.c
- - 1919
Kalamazoo Allegan A Gr Rapids— See this company
Erie A Kalamazoo—See that company.
as collat.

APrivate
Control.

RAILWAY STOCKS AND BONDS
Par
Value
Issues—
1 bond
$ 1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 .0 0 0
1 .0 0 0
1 ,0 0 0

1,000 Ac
1 ,0 0 0
1 ,0 0 0
1 .0 0 0

ar 1915

Amount
Outstanding

Rate
%

When
Payable

$5,500,000
3)4 g J
9.576.000 5 A 3)4 A
A
419,000
4
4g J
1.950,000
A
1 .2 0 0 .0 0 0
5g
A
3.987.000
4g
M
2.500.000
4g
3.900,000
3)4 g M
1 .1 0 0 ,0 0 0
4g J
300.000
5 g .1
300.000
5g J
J
250,000
3

J
J
J

J

4,850.000
15,150.000
400.000
3.500.000
322,000

4g
4g

1 1 .0 0 0 .0 0 0

4g
4)4 g A

1,000Ac
4,000,000
l.OOOAc p7,658,000
6 ,0 0 0 ,0 0 0
1,000 Ac 15,000,000

4)4 g A
4)4 g J

1 ,0 0 0

1.000 Ac
1 ,0 0 0
1 .0 0 0
1 .0 0 0
1 ,0 0 0
1 .0 0 0

Ac
Ac

11.800.000

6

6

3g

6
6

g

ad ma tured. leaving $ 15,524,000, of which

J

J

A
A
A
A
A
A
A
A
A
A
A
A

J
O
O
J

o
o

8
8

I)
J
D
J

L a s t D iv id e n d
an d M a tu r ity

July 1 2 0 0 0
July 1 1922
July 1 1922
July 1 1922
Oct 1 1927
Oct 1 1993
Sept 1 1991
Mar 1 2 0 0 2
Dec 1 1981
July 1 1931
June 1 1942
July 1 1932

A J July
A J Jan
A J Jan
A D Dec
A D Deo
A
A

1
1
1
1
1

91
Places Where Interest and
Dividends are Payable
Grand Central Term.N
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Am Exch Nat Bk. N Y

1950
1956
1940
1932
1989

Lincoln Nat Bank, N Y
Treas Grand Cent Term
do
do
do
do

D June 11959
O Apr 11961

Grand Cent Term, N Y
do
do and Lond

O Yrly to Oct '27 New York
J Jan 1920 to ’32 Guaranty Tr C o, N Y
May 5 1920
do
M A S 15 Sept 15 1920
do
A
A

$7,866,0

00

owned by co mpany or pledged by it

See that company above. Cleveland terminal, V. 106, p. 1231. Proposed Clearfield R R ., Sturgis Goshen A St. Louis R y. and Elkhart A Western
new Niagara River bridge, V. 106. p. 1689, 2011. Court decision respect­ RR ., acquired by conveyances In 1915 (see “ Organization" above). The
ing Toledo A Ohio Central, Ac., V. 105, p. 819, 998.
fen created by this supplemental mortgage Is subject, as to parts of the
Partial List of Stock Holdings and Approx. Dies. Received .Thereon for 1918­ mortgaged properties, to the respective prior Hens of the several underlying
-----Amounts Owned----------- Total Outstanding----- Dips. 1918 mortgages thereon shown In table above. See "Finances” below as to
Pref. Stks. Com. Stk.
Pref. Stks.
Com. Stk. to N .Y .C , pledge of $20,000,000 bonds in 1917 to secure notes.
Mich. Central ............. $16,819,300
None $18,738,000 $672,772 Bonds for Retirement of which Ref. & Impt. Mortgage Bonds were Reserved.
Pitts. A L. E..............
17,993,100
None 35.985.600 1,799,310
1st M . or 1897, due 1997.......... ....................................................$100,000,000
M ah.OoaIRR- 399,500
865.900
661,367
1.500.000
452,925 Consolidation Mtge. (see above) dated 1913, due 1998______ 167,102.400
O .O .C .A S t.L .................. 30,207,700
10.000.000 47.056.300
........ divisional Issues of N. Y. Cent. A Hud. River R R -------. . . 29.509,006
17
Lake E. A W_5.930.000
5,940.000 11,840,000 11.840.000
...........
Old bonds of Lake Shore and other cos. absorbed in 1914-15---- 197.002,000
Tol. A Ohio 0.3.701.400
5.846,300
3.708.000
6,500,000
...........
N. Y . A Har— 1,141,450
5,532,450 1,343,950
8.656,050
695,000 Convertible 6% 20 Year Bond Issue of $100,000,000 Dated May 1 1918.
These bonds are convertible into stock at the rate of $100 of stock for
Readingf 1stpf6.065.0001
9.852,500 28,000,000 J70.000.000 1,601,400
$105 of bonds, between May 1 1917 and M ay 1 1925. They may be called
C o - - (2dpfl4.265.000J
42.000.000 I
N.Y.StateRvs.
600
13.604,300 3.862.500 19,952.400
48,281 for redemption on any Interest date at 110 and Int. upon 90 days’ notice,
but, if so called, they may be converted into stock up to 30 days prior to
Moh. Val. Co. --------5,114,300
None
7.500.000
........
date of redemption. Denom c* $1,000; r* $100. $500, $1,000, $5,000 and
Also stock o f West Shore, Ac. See "Stocks Pledged.’
$00,000. See
The New York State Railways Co. (see “ Electric Railway Section” ) Is 813, 902, 1349,"General Finances" below and V. 100. p. 556 , 643. 593-4,
1438, 1833; V. 102, p. 1443: V. 109, p. 72.
the company’s trolley ally. Compare V. 100. p. 399 475.
OLD
CENTRAL A
RIVER R R .— First
STOCK.— Dividends on stock reglst. In London are pay. at 49 Hd. to .$. mortgageBONDS$ OF ,N.0 Y . 0 , covering theHUDSONroad owned, and, by
Is for 1 0 0 0 0 ,0 0
original
The authorized amount o f the capital stock is $400,000,000, of which moolemental deed. 930 miles of lines f Rome Watertown A Ogdens­
on Jan. 1 1919 $249,849,360 was outstanding, $100,000,000 is reserved Tor burg, Ac.) merged In 1913.
conversion of debentures of 1915. The Ohio P. U. Commission in April p. 506; V. 94. p. 208; V. 96. p. V. 77. p.452; V. 8 6 , p. 1043, 1101; V. 8 8 ,
1424.
1918 roapproved the company's application to isuso $4,219,976 additional
Collateral trust 314s of 1898 were secured by deposit of stock of the Lake
capital stock. V. 106. p. 1461.
4hore A Mich. Sou.
Central
at the
Dec. 31 1918 the Oregon Short Line RU. Co. (Union )Paciflc) ownod $21,­ $100 of L. S. A M . S.and Mich.each $200 RRs., respectively,of Mich.rate of
of bonds and $100
Cent,
000,000 N . Y. Central stock; also $3,000,000 Ref. A Impt. M . 4)4s and stock for each $115 stock for
of bonds. The Lake Shore collateral 3K s
$8,000,000 20-yoar 6 % convertible bonds. V. 84. p. 52, 571; V. 89. p. 411. exchanged for Consolidation Mortgage 4s, Series A, are a direct (third)(75% )
mtge
DIVS.
I '07. '08. '09. TO. 11. T2-T5. TO. *17. 1918.
1919.
on the former Lake Shore A M ich. So. R y ., Detroit Monroe A Toledo R R .,
P erc'n t-.J 6 5)* 5 5H 5 H 5 yrly.
5, 5
5
5
Northern Central M ich. R R ., Kalamazoo A White Pigeon R R . and Swan
C onsolidation Mort. $167,102,400 Secures W ith ou t Increasing Debt. Creek R y. of Toledo. See the “ Consolidation M ortgage” above. V. 96,
(1) Equally by Lien Prior to that Securing the Debentures and the 4% bonds— p. 1424: V. 6 6 , p. 336,811; V. 102, p. 522; V. 100, p. 556,2085; V. 101,p.288.
The New York Central Railroad Co. has duly made an indenture
(o) N. Y. Cent. 314 % Lake Shore coll, bonds o f 1898-1998_ $90,578,400
_
to secure the payment of (a) the 3 )4 % gold bonds. Lake Shore Col­
(On Dec. 31 1916 $65,238,000 or those had been exchanged
lateral, and (6 ) b y secondary Hen thereunder so many of the 4% Consolida­
for Consolidation Mtge. Series A 4s. See below.)
(ft) N. Y. Cent. 314% Mich. Cent. coll, bonds o f 1898-1998____ 19,336,000 tion Mortgage Gold Bonds, Series A, as may be issued to pay and retire
an equal amount of 3 J4 % gold bonds. Lake Shore collateral (the two Issues
(2) Equally by Lien Subsequent to Lien o f Aforesaid—
aggregating $90,578,400) .by a Hen upon the railroads .A c.. formerly owned by
(c) N . Y. Cent, debentures o f 1904, due 1934_________________ $48,000,000
(d) N . Y . Cent, debentures o f 1912, due 1942_________________ 9,188.000' the Lake Shore, and also on the property of Its four former subsidiaries,
viz.: Det. Monroe A Tol. R R . Co., Nor. Central Mich. R R . C o., Kal. A
(e) 4% Consolidation Mtge. bonds dated, Aug. 1 1913 and due
White Pigeon RR. Co. and Swan Creek Ry. of T ol., such lien following the
Fob. 1 1998. Issuable in series A. B, O and D only to refund
lien thereon of Lake Shore A Mich. So. 1st M . 314s of 1897 and the $100,­
above collateral b<rds and debentures, respectively. See below.
900.000 Lake Shore debenture (now mortgage) bonds of 1903 and 1906.
The Consolidation Mortgage (securing the collateral Issues and othei
LAKE SHORE A M ICH . SOUTHERN BONDS.— The N. Y. Central
bonds in the order Indicated above) covers by alien ranking ahead of the Re­
fund. A Impt. M tg. (see below), the lines owned In 1913 (inch those then RR. by supplemental Indenture (dated Jan. 1 1915) assumed the obliga­
brought In by consolidation or merger). 75% (3.750 shares) of the stock of tions of the $50,000,000 3)4% 1st M . of 1897 (see V. 64, p. 1182), and has
extended the lien of that mortgage over the railroads, A c., formerly
Hudson River Bridge Co. at Albany and the leases o f Troy A Greenbush
New York A Harlem, West Shore and Beech Creek railroads. On the inalD owned by Det. Monroe A Toledo RR C o., Northern Central Mich. R R .
line between Now York and Buffalo there Is no lion ahead o f it except the Go.. Kal. A White Pigeon R R . Co. and Swan Creek R y. Co. of Toledo, and
$100,000,000 1st M . of 1897: and on the ra.lroads consolidated or merged In it has also executed a supplemental Indenture dated Jan. 2 1915, assuming
ihe obligations of the mortgage dated July 1 1914, securing the 25-year
1913, such as the Rome Watertown A Ogdensburg, Mohawk A Malone
Ac., there are no prior liens oxcept the old underlying mortgages thereof 4 % gold bonds of 1903 and 1906, aggregating $100,000,000 (two Issues
$50,000,000 each), and extending the lien thereof to said add’l properties.
and the N. Y. Central's $100,000,000 1st M . V. 102. p. 800. 1541.
As to guaranty of Kanawha A Hocking Coal A Coke and Continental
R efu nd ing A Im pt. Mtge. for New Capital and Debt U nification.
Coal Co. bonds, see V. 109, p. 1527.
The purpose o f the Refunding and Impt Mtge. was to provide for futur*
EQUIPMENT BONDS.— See "N . Y . Central Lines" below.
financing of the N. Y. Cent. A Hud. River and the consolidated company,
B. A A. equipment trust, see V. 95. p. 1040. 1332, 1403; V. 98. p. 1072.
and for the unification of the debt. The bonds are issuable In series all
Equip.
396; V. 104,
due Oct. 1 2013, but bearing date of April 1 or Oct. 1 next preceding thi 1598. In Trust of 1917. V. 105, p. 1209; V. 106, p. had matured p. 2235,
Mar. 1919 $2,666,000 of this last issue
or been
date on which the series is authorized, and carrying Interest at such rates
canceled; $2,808,000 was still unissued; $14,521,000 were outstanding,
subject to call at such dates, and prices, and with such provisions as to con­ including $7,410,000 sold that month, along with $7,800,000 Michigan
version, Ac., as shall be fixed for successive series. V. 96 p 1424.
Central and $2,133,000 ‘ ‘ Big Four" Equipment Trust 6 s. V. 108, p. 973,
The amount of bonds which may be Issued under the KeL and Imp. M
is not limited to a stated amount, but Is determined bv standards set up 1061.
ANNUAL COM PENSATION.— By Govt, contract (V. 108, p. 79, 2337),
In the mortgage Itself, and those standards are believed to be such that a
bondholder will be indifferont as to the amount o f bonds which may be New York Central proper, $55,802,630. Subsidiaries, viz., Toledo A Ohio
Central R y ., $1,086,650; Zanesville A Western, def. $107,598; Kanawha A
outstanding under the mortgage, so long as the standards are oomplied
with. The amount of Ref. A Impt. M . bonds outstanding cannot exceed Michigan, $1,295,141; Kanawha A West Virginia, $45,260; total, $58.­
three times the amount of the capital stock as from time to time Increased. 122.084.
The total compensation aggregates $87,629,534 when the'subsidiaries
After $500,000,000 o f the bonds shall have been issued, not more than
80% of the cost of Improvements, additions or new property can be paid (separately operated) shown below are included, viz.: $9,915,738 for Clev.
Cin. Chic. A St. L. R R . and Muncie Belt R R .; $8,980,219 for Pittsburgh A
for from the proceeds of bonds. Not 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 Lake Erie R R .: $317,628 for Cincinnati Northern R R .; $296,053 for Indiana
panies. After $500,000,000 of bonds shall have been Issued, no additional Harbor Belt R R .; $8,105,727 for Chicago Kalamazoo A Saginaw R R . and
bonds can be Issued without the vote of stockholders. Each Issue of bond# Michigan Central; $1,548,541 for Lake Erie A Western; $127,081 for Lake
must receive approval of RR commissions and P. S. Commissions. V. 98. Erie A Eastern R R ., and $186,460 for Detroit Terminal R R .
p. 387. 611, 690. 1245. 1393: V. 99. p. 1052. 1131, 1367: V. 100. p. 1079:
FINANCES.— U. S. R R . Admin. Jan. 1 1919 had advanced funds as
follows:
V. 104, p. 1387: V. 106. p. 2757. ,
The Ref. A Impt. M . Is (1) a lion next to the lien o f the Consolidation
Made on—
N.Y.Cent. Pitts.AL.E. Mich.Cent.C.C.C.ASt.L.
Mtge. (see above) on the properties, A c., covered by the Consolidation Rental account...............- $30,400,000 $1,400,000 $3,050,000 ‘$2,650,000
Mortgage. (2) A first Hen on the leases of the Beech Creek Extension
N otes.............................
20.000.000
700.000 7,050.000 5,300.000
New Jersey Junction and WallkiU Valley railroads, subject to the outThe other company advances on rental account to Nov. 1 1919 Include
■tending bonds o f each. (3) A first collateral Hen on $500,000 2d Mtge
L* 'Y -'o Sl7°v900; K - & M . R y., $300,000; Indiana Harbor Belt,
bonds of Beech Creek RR. and $3,964,000 Consol. Mtge. 4s of the Beech $200,000; T . A O. C. R y., $570,000.
Creek Extension RR. companies. (4) A first collateral Hen on—
Venner suit, V. 108, p. 1275, 1937.
In M ay 1918 borrowed $6,000,000 from Central Union Trust Co. at 6 %
Pledge of Stock owned in— Pref. Stock. Com. Stk. Pref. Iss'd. Com.Iss'd
for use with other funds in taking up $6,000,000 notes of Mich. Cent. R R .
N. Y . A Harlem RR.(par $50)$1.111.300 $5,069,400 $1,343,950 $8,656,050 This bank loan as extended matured in M ay 1919, but was again extended
10.000.000 to M ay 1920. V. 106, p. 2123; V. 107, p. 1920.
West Shore R R ........................................... 10,000.000
Beech Creek Extension R R — ------------ 6.1/9,000
5,179,000
In Sept. 1919, to provide funds for the payment of $15,000,000 5% notes
New Jersey Junction R R - - - - -----------100,000
100.000 due Sept. 15 1919, company sold $15,000,000 One-year 6 % notes, due
Sept.
1920, secured by pledge of $20,000,000
The Refunding A Impt. Mtge. Is also a lien upon the properties described 75,00015shares of Reading Co. First Pref. stock. Ref. A Impt. 4>4s and
V. 109, p. 10S0, 1180.
In the supplemental Indenture (dated June 15 1915), assuming, as authorized
Company’s real estate holdings in N. Y . City. V. 106, p. 607.
by the shareholders, the obligations o f the Ref. A Impt. M tge. and extend­
In June 1918 there
dividends of
ing the lien thereof over the former Lake Shore A Mich. So. R y.. Ohieage had been reduced as ahad been no cases where 106, p. 2757. lessor companies
result of war taxes. V.
Ind. A So. R R .. Geneva Corning A So. R R .. Dunkirk Alleg. Val. A Pitts
EARNINGS.— 9 mos.,J1919 . —Gross, $229,010,770; net, S44.623.905
RR. and all o f the other properties Included In the consoUdation o f 1914.
Jan. 1 to Sept. 30.
(1 9 1 8 _ Gross, 210,620,888; net, 39,562,770
_
and also over the former Cleveland Short Line R v. Jamestown Franklin A




92

★ Control.
Government

RAILWAY STOCKS AND BONDS

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

Miles IDaie
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

APrlvate
Control.
Last Dividend
and Maturity

[V o l . 109.

Places Where Interest and
Dividends are Payable.

New York C entral Lines (Incl various associated c os)—
M A N M ay 1920-1922 Guaranty Trust Co, N Y
5g
1907 $1.009&o $6 ,0 0 0 ,0 0 0
Joint eq tr g $2,000,000 an (V 8 6 . p 920) --G .z o 'A r
do
do
1 0 1 0 1 ,0 0 0 ko 1 2 . 0 0 0 .0 0 0
4 A * J A J Jan 1 1920-25
do
do $2,000,000 an (V 90. p 91 4)-.a.zo*& r
8 .0 0 0 .0 0 0
1912 1,000 Ac
AA g J A J Jan 1920-1927
do do due $1,000,000 yearly________G zo*Ar
New York and London
J Jan 1920 28
1913 1,000 Ac 14,400.000
4A g J t
do do due $1,600,000 yearly________G.zc*Ar
Mar 1 1913 4% Cleveland, Ohio
1 0 0 13.3.39,000
New York C hicago & St L ouis— Common stock—
do
do
July 22 19192!^
1 0 0 10,999,800 See text
Second preferred stock (5% non-cumulative)______
do
do
4,997,900
100
July 2 1918 2 A
First preferred (5% non-cumulative)_____________
A A n Oct 1 1937
505 1887
18.220,000
4g
TfOhase Nat Bk, N Y
1 ,0 0 0
First mortgage gold (closed)___________ C e.xc’ Ar
M & N May 1 1931
New York
505 1918
4,956,000
6 g
500 Ac
2d A Impt Mtge $25,000,000 g Ser A__ClCl.xxxkc*
4 g
V A N M ay 1 1931
I
Chase Nat Bank, N Y
1906
1 ,0 0 0 1 0 ,0 0 0 ,0 0 0
Debenture bonds gold sec by 2d M tge_ G.xc*Ar*
_
770.000
1916
1 .0 0 0
4 A g F A A Aug l '20 to '26 Guaranty Tr Co, N Y
E q p s o f’ 16 $1,100,000 due$ 110,000 each Aug 1G.C*
A A O Oct 1 '20 to '26 Guaranty Tr Co, N Y
2 1 0 ,0 0 0
1 ,0 0 0
Equipment trusts due $30,000 yrly Oct 1______ G
AA
1916
M A N May 1 1931
3.070,000
5
New York and Cleveland
1917
1 .0 0 0
do
do sink fd red lOl & int__________ xxc*
1913 1 .0 0 0 Ac 24,000,000
4 A g F A A Aug l 1953
See “ a " below
N Y C onn R R — 1st M g red 105 begA ug'18-a.yc*A r*
6
1,500,000
1917
Nov 15 1919
One-year notes issued in N ov 1917 extended______
M A N May 1 1946
1.471.000
5 g
54 1896
50 Church St, New York
100 Ac
N Y & G reenw Lake— Prior lien M gu p & i-N .gxc*
Grand Central Terra.NY
146
50 8.656.050 See text S.=e toxt See text
New York & Harlem—Common 14%. 10% guaranteed
1.343,050 See text See text See text
do
50
do
146
Preferred stock 14%, 10% guaranteed___________
do
do
136 iooo 1 ,0 0 0 &o 1 2 ,0 0 0 .0 0 0
3 A e M A N May 1 2009
Ref. mtge (now first) $12,000,000 guar_G.xo’ Ar
5
214
Oct 1 1919 I X Del Lack A West. N Y
10 < 1 0 ,0 0 0 .0 0 0
)
0 - J
N Y Lackawanna & Western— Stock guar)5%— (end)
6
J <o J Jan 1 1921
5
1 2 .0 0 0 .0 0 0
do
214 1880
1 ,0 0 0
do
First mtge guar by Del Laok A Western_____F.xo*
5
F A A Aug 1 1923
5.000.000
do
do
214 1883
1 .0 0 0
Construction mtge guar by D L 4 W (end)— F.xc*
4
U A N May 1 1923
5,000,000
do
214 1890
1 .0 0 0
do
Third M Term Imp ($5,000,000) guar p & I (end) .F.x
New York Lake Erie & Western— See Erie RR
2,500,000 4 g A 5 M A S Sept 1 1941
Liberty Nat Bank, N Y
1 .0 0 0
38 1891
N Y & Long Br— Gen M (now 1st) $2,500,000 g--Ce.o*
1 0 0 157.117,900
New York New Haven & Hartford—Stock (see text).
Sept30'13 1 A % Go’s office. New Haven
100 NonoApr 19
Pref. a&d stock 7% cum $45,000,000 call 110______
9,991,000 3 A A 4 M A S Moh 1 1947
1 ,0 0 0
Lincoln Nat Bank, N Y
Debentures ($5,000,000 are 4s) non convert..zo& r
•97-'0l
9.997,900
A A o Apr 1 1954
Second Nat Bank, N H
500 Ao
1904
3A
Debentures (for F H A W) (V 78, p 2335)_______ x
4
J A J July 1 1955
1 .0 0 0 15.000.000
Lincoln Nat Bank, N Y
1905
Debentures (for N Y O A W) (V 80, p 2458) .z o '& r
8,913,3.50
J A J ’
1 0 0 Ac
Second Nat Bank, N H
3A
Debentures convertible (see text)____________xo*Ar
1906
1 1956
4
15,000.000
U A N May 1 1956
Lincoln Nat Bank, N Y
1906
Debentures not convertible______________________z
4 g
A A O
1907 fres A $ 27,582,691
J P Morgan & C o., N Y
European loan ($29,000,000)____________________x
J A J15
6 g
Second Nat Bk.New Hay
1 0 0 Ac 38.541,200
1908
Debentures $39,029,600 gold conv (te x t)----- zc’ Ar
500.000
5 K M A N
1916
'24
Debs N . H. station due $100,000 yly (V.106, p.1675)
6
1918 1.000 Ac 43.964,000
Notes to U S Gov call (U S par, others 102)----------1 ,0 0 0 .0 0 0
4g
A A O
OentUnion Tr Co, N Y
62 1892
1 ,0 0 0
N Y Pr & Bost gen M (now 1st) g ass, $4,000.000zcAr
1 1942
2,839.000 , 5 K M A N
87 1887
1 .0 0 0
Farmers' L A Tr C o, N Y
Housatonlc con M ($3,000,000) g (assumed)-F zc*
383 1895
17.500.000 4 g A 5 g J A J
1 .0 0 0
Safe Dep A Tr Co,Boston
N Eng cons (now 1st) M $17,500,000 5s g gu.Ba.zc*
a Reg. Interest Am er. Excb. Nat.Ban
. Tr *h* of Pena. R R ., Phila
If Regis, int. on 1st M . 4s and deb.atTreas. Office, Clevel and.
R E P O R T .— For year ending Dec. 31 1918, V. 108, p. 2324, 2337.
U. S. Oper. — Company Operations—
1917.
1916.
Calendar Years (All $)—
1918.
Operating revenues_________________ 269,270,957 216,267,517 201,585,048
Operating expenses, taxes, A c----------- 221,928,599 164,857,195 138,241,031

Of the 2d pref. dividends here shown In 1917, one ($274,995) was charged
by company against 1916 surplus earnings.
Chairman and Pros., O. P. Van Sweringen: Vice-Presidents, W. S. Hay­
den, J. R. Nutt, M . J. Van Sweringen, O. L. Bradley and H. D. Howe;
Sec., W. D. Turner; Treas., L. B. Williams. Directors: O. P. Van Swed ri­
pen. M. J. Van Sweringen, W. H. Hayden, J. R. Nutt, O. L. Bradley.
►^Operating income________________ 47,342,358 51,410,322 63,344,017 E. W. M oore, Parmely Herrick, J. A. House, K. V. Painter and E. R.
Tinker or N .Y .; F. E. Myer-. of Ashland, O.. and H. D. Howe, F. H. Ginn
Federal compensation_______________ 55,802,631
4,690,680
4,460,665 and V D Turner of Cleveland.
V
Rents, &c., received--’______________ 1,643,550
4.350,787
626,808
Separately operated properties---------------------------1,147,244
-J’ nRrnet, C oveland.— (V. 107, p. 1670; V. 108, p.
7,464.994 11,099,697 269, 579, 879, 1061; V. 109, p. 173.)
Dividend income___________________
6,379,729
476,467 ★ NEW Y O R K CONNECTING R R .— Owns 4-track viaduct bridge and
470,716
Income from funded securities----------500,845
2,235,812 connecting road forming a line 8.96 miles in length from Port Morris, N. Y .,
2.209,506
Income from unfunded securities, & c, 3,796,923
Gross income____________________ 69,270,921 66,873.026 85,967,446 at Hell Gate to Long Island City (with line to Fresh Pond, 4.32 m .). a
connecting link between the N. Y. N. II. & II. RR. and the Pennsylvania
War taxes__________________________ 2,017,502
2,480,452
2,200,652 R R ., each of which owns $1,500,000 of the $3,000,000 capital stock.
________
Hire of equipment__________________
2,264,661 Opened for passenger service April 11917 and for freight service Jan. 17 '18.
2,584,688
Miscellaneous_______________________ 2,151,740
6,354,581
6,462,350
Rent for leased roads------------------------ 9,314,910
Passenger trains run thence direct to Penn. RR. station in N. Y .; freight
Interest on funded debt------------------- 29,432,623 29,099,072 28,871,300 trams go t ° Bay Ridge, Brooklyn, passing by ferry to and from Grcon762,807
617,036 yjijo. N. J. V- 104. p. 1045, 1388; V. 106, p. 396. Of the 1st M . 4)4%
Interest on unfunded debt__________
2,004,364
2,500,000 ($30,000,000 auth.), $24,000,000 have been sold, guaranteed, principal and
Equipment depreciation account------ -----------Dividends paid (5 % )_______________ 12,479,610 12,479,603 12,466,611 int., jointly and severally, by the Pennsylvania RR. and N. Y. N. H. &
Hartford RR. In Nov. 1917 issued $1,500,000 one-year notes. Federal
Items prev. years (U. S. Adm in.)_______________ 6,548,224
M gr., E. J. Pearson, New Haven, Conn.— (V. 107, p. 604.)
Balance, surplus______________________________ 5,321,948 13,004,05430,692,606 Y O R K & O R E E N W O O D L A K E R Y . — (See Map of Erie RR.) —
★ NEW
OFFICERS.— President, A. H. Smith; Chairman, Chauncey M . owns from Croxton Jot.. N. J., to Sterling Forest, 42 m., and branohes to
Depew; Vice-Presidents, John Carstensen, Ira A. Place, A . H. Harris; Rlngwood, Ao., 8 m.; Watohung Ry., Forest III11 to Orange, N. J.. 4 m.s
Treas., M . S. Barger; Sec., Dwight W. Pardee. Directors: W m. K. Van­ total owned, 54 m. Stock, *100,000; par, *50. Leased to Erie R R . for
derbilt, F. W . Vanderbilt, C . M . Depew. Harold S. Vanderbilt, William 999 years from May 1 1896. Prior lien bonds are guaranteed, prln. and int.:
Rockefeller, Geo. F. Baker, W. K. Vanderbilt Jr., Ogden Mills, R. S. by Erie. See V. 63. p. 513: form of guaranty, V. 65. p. 463.
Lovett, Carl S. Gray, Edward S. Harkness, Samuel Mather and Frank J. ★ N E W Y O R K & H A R L E M R R . — (See New York Central Railroad).—
Jerome.
own* steam road N. Y. City to Chatham. N. Y.. 136 m. Also owns street
Fed. M gr., P. E. Crowley, N . Y . City.— (V. 109, p. 1080, 1527.) railroad on Fourth A Madison avenues. N.Y. Cltv. 10 m. Assets, V. v»5. p 4 7 .
Tho N. Y . Central R R . owned on Dec. 31 1918, $5,532,450 common and
NEW Y O R K CENTRAL LINES.— The N . Y . Central Lines equip,
trusts cover engines, passenger cars and freight cars used by various lines $1,141,450 preferred of the $10,000,000 stock. V. 94, p. 208, 768; V. 93
p. 1788, 1600. 1696; V. 94, p. 1057; V. 98, p. 1157; V. 99, p. 1749.
of the system, which jointly and severally agree to pay prin. and Int., th e
Tho steam road (since partly electrified) was leased April 1 1873 for 401
larger part being for N . Y. Central. V. 99. n. 1598; V. 102, p. 345; V. 103.
years to the N. Y. Cent. & Hudson River R R . Co.; and tho street railway
p. 1792, 1981; V. 104. p. 362; V. 109, p, 1793.
was leased July 1 1896 for 999 years to the Metropolitan Street Ry. (now
★ NEW Y O R K CHICAGO & ST. LOUIS R R .— Owns from Buffalo
N. Y . Railways C o.), at annual rental intended to provide dividends as
N . Y ., to Illinois State line, except 8 miles leased between Dunkirk and
follows, tho interest on the bonds being taken care of under lease of the
Silver Creek, leaving 495 miles; leases the proprietary line, Chicago A
steam road. (In Sept. 1919 tho rental duo April 1919 was overdue.
V.
State Line R R ., Illinois State line to 71st St.. Chicago. 10 miles; also leases
109, p. 1273.)
Dunkirk to Silver Creek, 8 miles; total, 513 miles; trackage In Buffalo.
Rental—
Dividends.
Payable—
N . Y .. 2 miles, and 71st St.. Chicago. III. (Lake Shore R R .). 8 miles.
Steam road— 10% per annum guaranteed____________ J^n. 5% ; July 5%
Nickel Plate Conn. R R . (4 miles projected at Buffalo), V. 105. p. 819.
Street railway— $400,000 yearly— 4% p.a. (see below).April 2% : Oct. 2%
Theso last dividends were not paid in 1919, tho N. Y. Railways Co.
“ STAN D ARD R E T U R N ,” &c.— See page 5.
,
In Oct. 1919 the company had not yet concluded a contract with the having defaulted on the street railway rental. V. 108, p. 79; V. 109, p. 1273.
— (V. 106, p. 2229; V. 108, p. 79.)
U. S. R R . Administration. The so-called “ standard return," as certified
by the I.-S. C . Commission, is $2,218,857, in addition to which non-operat­ ★ N E W Y O R K L A C K A W A N N A & W E S T E R N R Y . — Binghamton to Bufing income in 1918 amounted to about $25,000, making total income of i.do and Internat. Bridge and branohes, 214 m., of whloh the main line, 213
$2,243,857; against this the deductions for fixed charges, war taxes and m.. Is double track; D. L. & W. has a lease for duration of oharter from Oot.
corp. expenses would be $1,542,674. The figures shown for 1918 (shown 1882, giving a guaranty of the bonds and 5% yearly on the stock. See form
below) include for purposes o f comparison the results o f operation under of guaranty of terminal oud' In V. 67. p. 1357: see also V. 6 8 , p. 283.
Federal control ana the income expenses and charges o f the railroad cor- ★ N E W Y O R K & L O N G B R A N C H R R . — Perth Amboy to Bay Head. N. J . .
portation. V. 108, p. 1061.
83 mile*. Operated under an agreement made In 1888 for a period of 99
STOCK.— In July 1916 Cleveland Interests bought the control of the fears with l enn. RR. md Cent. RR. of N. J., whloh Jointly and severally
property from the New York Central RR. C o., viz.: $6,240,000 common,
guarantee Interest and 7 % on the S2.000.000 stock, all owned bv Central
$6,275,000 2d pref. and $2,503,000 1st pref. stock. In payment was given R R . of N. J. Of the bonds $192,000 are 5s. Fed. M gr., C, H. Ewing;
$2,000,000 cash and $6,500,000 notes (secured by the stock and bearing 4%
Pres., George F. Baker; Vice-Pros., Robert \V, de Forost, and Sec. &
interest for five years and 5% thereafter—-one note due $6oQ,000 In 1921 Treas., G. O. Waterman. (V. 72, p. 438.)
and the others for like amount at Intervals o f one year thereafter. V. 103, ★ NEW’ YORK NEW H A v t i N & H A R T F O R D R R . — Covers Southern New
p. 146. The Nickel Plate Securities Corporation was incorporated in Dela­
England and the only direct routes between New York and Boston.
ware on Dec. 4 1916 with $15,000,000 auth. capital stock ($2,500,000 pref )
Lines owned in ‘ “
Fee—
Miles.
------Leased (part owned)—
Miles.
' ‘ ------- —
to hold the control o f the N. Y. Chicago & St. Louis (known as the Nickel
Woodlawn Jet. N. Y .. to Provi­
Old Colony RR. (which see)---- 532
Plate road). Principally a freight road. V. 103, p. 2238; V. 104, p. 1899.
dence, R. I__________________ 173
Lines LeasedAfter 5% on $14,000,000 common stock, all classes o f stock share alike.
Boston, Mass., to Hopewell Jet.*
Providenco and Worcester------48
N. Y-------------------------------------- 213 Norw. & Worcester (which see)
71
DIVS. (since 1908) ’Og.’ lO .’ l l - ’ M . ’ 13. ’ 14. ’ 15. '16. '17. ’ 18. 1919,
New Haven, Conn., to Spring­
Other lines___________________ 109
6
First preferred______
5 2A 0
field, Mass------------------------ 1 2 0 Track to Now York City, Ac.
0
Second preferred.____
5 7 $ 5 y ’l'y 5 2 A 0
# 0
0
5
2A 2A — .
Lines to Plttsrield, Litchfield.
(V. 8 8 , p. 53)..............................
51
Common
0
____________________ 0 3
3 y ’ly 4 . 0 . 0
.
Springfield, A c_______________ 087
In the first pref. in 1918, Jan. 1 2 A %\ July, 2A%'< 1919 Jan. none;
Total oper. Jan 1 ’ 19(abt. 128 m. has four A abt. 831 m. two tracks)-1,992
July 2 A % - On 2d pref. paid 214% Jan. and July 1917; Jan. 1918, 2 A%'<
July. 1918 and 1919, none. V. 109, p. 173.
On April 1 1917 began operating N . Y . Connecting R R . (which see
BONDS.— First mtge., abstract, V. 45, p. 541.
,, above). V. 104, p. 1592; V. 105, p. 2094.
The stockholders on July 2 1918 authorized a “ Second & Impt. M tge.
In Oot. 1904 *29,160,000 of the *58,118,982 N, Y. Ont. & West. com .
for $35,000,000, including the $10,000,000 debentures o f 1906, which are •took was acquired at *45 per *100 share and *2,200 of the *4,000 pref.
equally secured, leaving $25,000,000 that may be issued for improvements.
V. 95. p. 481: V. 79. p. 2086. 2642: V 80. p. 1363; V. 05. p 1427.
The bonds are to be Issued in series, each series to bear such rate o f interest
This company and the New York Central each own $2,352,052 of the
as may be fixed by the directors. In Mar. 1919 the initial $4,135,000 bonds majority pref. stock of the Rutland RR* V. 93, p. 1600, 1788; V. 94, p.
and July 1 1919 $821,000 additional under this mortgage was sold to 1317; V. 95, p. 1608; V. 101, p. 1974.
J„
, U1 u
reimburse the company for capital expenditures under Federal control and
Owns greater part of stock of Central New England R y. (whloh see) and
prior thereto. V. 108, p. 1061, 579. (V. 107, p. 1670.)
guarantees $13,427,000 gen 4s. V. 92, p. 1179. 1375. 1436; V. 93, p. 8 6 6 .
Equip, trusts, V. 103, p. 1032; V. 104, p. 952,1592, 1801; V. 106, p. 2007.
Owns practically all the stock of the N. Y. Westchester a Boston. 177tn
C and Mt.
E A R N IN G S .— 8 m os.,/1919--Gross, $15,640,290; net (before$3,668,052 St.. N. Y . In„ fee and 24Vernon. &o.; total trackage, 74.57 miles, of which
m. under perpetual trackago rights
See bond of­
Jan. 1 to Aug. 31. \1918—Gross, 13,403,857; taxes),
2,763,214 *0-57 held
fering. A c.. V. 93, p. 346, 8 6 6 ; V. 04. p. 1508. 1627: V. 95, P:
|98. 984,
1040. 1208. 1746: V. 10(J. p. 643. lb l9 . See ‘rElectrlo Railway Ssctlen . 1
R E P O R T . — R e p o r t f o r 1917 in V. 106, p . 2007 (1918, V. 108, p . 1061).
1918.
1917.
1916.
1910.
MASSACHUSETTS A C T.— An Act of Mass. Legislature duly adopted
Railroad revenue..........$22,656,381 $16,901,206 $15,387,928 $12,536,380
Dy directors on May 8 1917, (1) grants authority to retain possession of
3,011,759
Operating income______ 4,518,937
3,390,977 $2,744,788
14 subsidiaries, but requires the sale of tha Rutland UK. stock within five
355.875
229,944
Other income_________
196,622
195,703
years (unless the time be extended); (2 ) makes numerous stipulations as to
Gross corp. incom e.. $4,715,459 $3,367,634 $3,586,680 $2,974,732 how sundry branch line securities snail bo treated In the accounts, and
$1,324,566 $1,157,267 $1,146,537 (3) limits dividend on common stock to 5% P» a., until various conditions
Interest on bonds______ $1,378,300
1,192,429
871,882
1,017,620 are complied with. V. 104, p. 2010.
Hire of equipment, A c_ 1,024,505
(5)249,895 (5)250.000 (5)250,000
D iv. on first pref______ See text
SEGREGATION.— The stockholders on Apr. 21 1914 approved an agree­
(5)549.990(214)275.000 ___________ ment which had been reached with the Govt, for a surrender to Inde­
D iv. on second pref____ See text
sur .$50,754 sr$l ,032.531 sur.$560,575 pendent control of certain part* of the ayatem so as to prevent a salt under
B a l., sur. o rd e f_____
(1)
P5




Nov., 1919.

*gsasr“

Par
Value

M iles Date
Road Bonds

R A IL R O A D C O M P A N IE S
[For abbreviations, A c . , see notes on first page]
■ * w Y o r k N o w H a v e n & H a r t f o r d (Concluded >
—
N Y A N E B o s to n T e r m 1st M J l .5 0 0 .0 0 0 .A B .z e A r
P r o v id e n c e A S p r in g fie ld 1st M g o ld a s s u m e d — z c*
D a n b u r y A N o r w a lk c o n s M (J 1 0 0 .0 0 0 a r e 6 s ) . . z c *
G en m tg e D a n b u r y , C o n n , to W ils o n P t , A c .z c *
F ir s t r e f m t g e V 8 2 , p 2 1 0 ) g o l d a s s u m e d .x c * A i
H a r le m R A P o r t 1 s t M g o l d J 1 5 ,0 0 0 .0 0 0 . U s . x o 'A r
N a u g a t u c k f i r s t m o r t g a g e g o l d a s s u m e d _______x c ’ A r
B o s t o n A N Y A i r L i n e 1 s t M J 5 .O O 0 .O O O ( a s s u m ) . . x
P a w t u x e t V a l l e y 1 s t M ______________________________________
N H A N o r t h a m p t o n r e f M J 1 0 .0 0 0 .0 0 0 g u a r p A 1 .x
P r o v i d e n c e T e r m 1 s t M J 7 .5 0 0 ,0 0 0 g a s s u m .,x c * A r
P r o v id e n c e S e cu r O o d e b s g g u rod 105 b e g 1 9 1 7 -x c *
B d s o f e le o r o a d s .
S ee te x t b e lo w
" E le c t r ic R y .
E a u l p m e n t t r u s t * , d u e $ 1 6 6 0 0 0 y e a r l y --------------------- F
do
ser A A d u e $ 4 8 o r $ 4 9 J )0 0 s -a .P h P c *
do
s e r B I3 d u e $ 1 2 3 & $ 1 2 2 ,0 0 0 s - a . C P

23
36
36
36
12
61

5 .6 0
. . .

A

—

1889
1892
1880
1885
1905
1904
1904
1902
1905
1900
1906
1906

Am ount
Outstanding

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

l .O O O A c

$ 1 ,5 0 0 ,0 0 0
7 5 0 .0 0 0
5 0 0 ,0 0 0
1 5 0 ,0 0 0
3 5 0 ,0 0 0
1 5 .0 0 0 .0 0 0
2 .5 0 0 ,0 0 0
2 3 4 ,0 0 0
3 ,7 7 7 .0 0 0
1 6 0 ,0 0 0
2 .4 0 0 .0 0 0
4 .0 0 0 ,0 0 0

1 ,0 0 0

1 6 ,7 5 8 .0 0 0

1 .0 0 0
1 .0 0 0

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

1 ,0 0 0 A c
l .O O O A c
1 .0 0 0
(7 )

1907
n " p .7 2
1914
1914
1015
1916
1918

ser

D D

due

NEW YORK NEW HAVEN & HARTFORD

(C oncluded)—

%

4
5
5 A Q
5
4 g
4 g
4 g

Z

3>4

4 £
4
4
4 g

1894.
9

1 8 9 5 to 1 9 1 2
8

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

A
O A pr
A
J J u ly
A
J J u ly
A
O Apr
A
D June
M ay
A N
M ay
A N
A
O O ct
A
A Aug
& O Apr
A
D June
A S
M ch

M
<o N
S
4 g
4. 4 H , 5
A
O
5
M A N
6 g
J
D
4H
M
A S
4H
M A N 15
6

A

A

A

A
J
M
J

M
J
A
M
A

Last Dividend
and M aturity

A

M ay
1919
Apr
N o v
D ec
M ch
N ov

O Apr

O O ct
Apr
A
J J u ly
A M 13 N o v
Jan
A
J J u ly
A

A
A
A
A
A

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

1913.
5

N one
s in c e

G O V E R N M E N T L O A N .— O n M ffr c h 2 7 1 9 1 8 t h e D ir e c t o r -G e n e r a l
a g r e e d t o a d v a n c o t o th e c o m p a n y , f o r th e p u r p o s e o f p r o t e c t in g its m a t u r ­
in g n o t e s , $ 4 3 ,9 6 4 ,0 0 0 d u e a s e x t e n d e d A p r il 15 1 9 2 0 a t 6 % i n t ., w it h th e
r ig h t o f r o n o w a l t o t h e c o m p a n y fo r 1 y o a r m o r e o n t h e s a m e t e r m s , t a k in g
a s c o lla t e r a l fo r th o a d v a n c e s u b s t a n t ia lly th e s a m e s e c u r itie s w h ic h w e re
th e n p lo d g o d t o s e c u r e th e $ 4 3 ,9 6 4 ,0 0 0 o f n o t e s t h a t m a t u r e d A p r i 1 15 1 9 1 8 .
T h e r i g h t is r e s e r v e d t o t h o S e c r e t a r y , o f t h o T r e a s u r y a t a n y t i m e t o s e ll
th e c o lla t e r a l, o r a n y p a r t th o r o o f, a t s u c h p r ic e s a s h o m a y d e t e r m in e a n d
t o a p p l y t h o p r o c e e d s o f s u c h s a le s t o t h e r e t ir e m e n t o f t h e n o t e s .
V . 106.
p . 1 3 4 4 ,1 6 7 6 ,1 6 8 9 .
P ro m J u n e 1 to J a n .31 1 919 th e G o v t , a d v a n c e d th e
c o m p a n y , in a ll $ 6 7 ,1 2 5 ,0 0 0 .
V . 108, p . 269, 540. 579.

1939
1923
1920
1925
1955
1954
1954
1930
1955
1925
1956
1950

93
Places Where Interest and
Dividends are Payable
C o u p , o ffic e ;
L in c o ln N a t
S econ d N a t B
do
do
L in c o ln N a t
S econ d N a t B

r e g , m a ile d
B ank, N Y
k, N ew H av
do
do
Bank, N Y
k, N H aven

do
do
N ew H aven, C onn
S econ d N a t B k . N H a v en
do
do

"l 1 9 5 7
to 1956
1 9 2 0 -1 9 2 9
’ 1 9 - N o v '2 4
’ 1 9 -D e c ’25
’ 2 0 - S « p t '2 6
'1 9 - M 'y '2 8

C o m m e r c ia l T r C o ., P h ila

1 1951

T r e a s u r e r , N H a v e n ,C o n

1 1947
1 1924
1 1940
1 3 1 9 6 -5
1 1955
1919
2%

N ew Y ork A L on d on

E q u ita b le T r u s t C o . N

Y

A

F arm L oa n
T rO o. N Y
P h ila T r 8 D A I n * O o
P lilla C o m m e r c ia l T r u s t

R

I H osp

A T r C o, P rov

A u g 2 0 1 9 1 9 .1 %
June 1 1992
O ffic e , G r C e n t T e r . N Y
D Ju n e 1 1955
do
do
O A p r il 1 9 2 0
B an kers T ru st C o, N Y
M c h ' 2 0 - M a r '2 8
S
do
do
O A p r '2 0 - A p r '2 3
do
do
S

F e d e r a l C o m p e n s a tio n .— $ 1 7 ,0 9 5 ,8 8 4

t h e a n t i-t r u s t la w a s f o llo w s :
(1 ) T h e B o s to n R R . B o ld in g O o . s to c k o w n ­
in g 6 2 % o f t h e s t o c k o f t h e B o s t o n * M a i n e R R . h a s b e e n t r a n s fe r r e d to
6 tr u s te e s , v i z .: M a r c u s P . K n o w lt o n a n d J a m e s L . D o h e r t y o f S p r in g fie ld .
M a s s .; J a m e s L . R ic h a r d s a n d C h a r le s P . H a ll o f B o s t o n , a n d P r a n k P .
C a rp e n te r o f M a n c h e s te r . N . U ., a n d , a fte r a rra n g e m e n ts h a v e b e e n m a d e
t o p r o t e c t t h e m in o r it y s t o c k o f t h e b o ld in g c o m p a n y , t h e y s h a ll s e ll t h e
B o s t o n & M a in e s t o c k b e f o r e (a s e x t e n d o d ) O c t . 1 1 9 1 9 .
V . 107. p . 1482.
1802.
See V . 103, p . 166; V . 99. p . 1221.
S ee B o s t o n & M a in e .
(2 ) T h e s t o c k s o f th e c o m p a n ie s w h ic h c o n t r o l th e C o n n e c t ic u t a n d
R h o d e I s l a n d t r o ll e y s w e r e p l a c e d in t h e h a n d s o f t r u s t e e s — f i v e f o r e a c h
S ta te — a n d o r d e r e d s o ld b y J u ly 1 1 9 2 1 . V . 9 9 , p . 1 4 5 2 : V . 1 0 8 , p . 6 8 3 , 1 2 7 5 .
(3 ) T h e m a jo r it y s t o c k o f th e M e r c h a n t s ' A M in e r s ’ T r a n s p o r t a t io n C o .
h e ld b y t h e N e w H a v e n R R . . w h i c h h a s b e e n s o l d
V . 9 8 . p . 1 3 20. 1396
(4 ) T h e m in o r i t y s t o c k o f th e E a s te r n S t e a m s h ip C o r p o r a t io n , h e ld b y
t h e N e w H a v e n R R s h a ll b e s o ld b y J u l y 1 1 9 2 1 (a s e x t e n d e d lu 1 9 1 9 ) . a n d
In t h e m e a n t i m e s h a l l b e d e p r i v e d o f v o t i n g p o w e r .
R e o r g a n iz a t io n p la n
in 1 9 1 6 . V . 1 0 3 , p . 8 4 6 . 1 6 0 1 .
V . 99. p . 1369. 1454; V . 106. p . 1345.
( 5 ) W h e t h e r t h e L o n g I s la n d S o u n d s t e a m b o a t lin e s m a y b e r e t a in e d
w ill b e d e t e r m in e d b y I . - S . C . C o m m .
V . 103, p . 1981; Y . 105, p . 2184.
V . 107, p . 906.
(6 ) T h e B e r k s h ir e t r o lle y s s h a ll b e s o ld b y J u ly 1 1 9 2 1 .
V . 108 p . 1275.
( 7 ) T b e s t o c k s o f c o m p a n i e s o w n l u g o r c o n t r o l l i n g s t r e e t r a i l w a y s in
N . Y . s h a ll b o s o ld b y J u ly 1 1 9 2 1 .
V . 8 9 . p . 1000. 1072. 1157. 1239. 1245
V . 9 0 . p . 4 67, 270. 198. 120. 1131. 1221; V . 100. p . 642.
R e p o r t o r I n te r -S ta te C o m m e r c e C o m m is s io n J u ly 1 9 1 4 , V . 9 9 p . 2 7 0 .
S u its a g a in s t fo r m e r d ir e c t o r s . V . 9 9 . p . 1 9 8 . 2 7 0 , 4 0 7
538
1367
1052­
V . 102, p . 345. 251, 134; V . 103, p . 844; Y . 104. p . 1592. 1801; V . 108, p .
683 , 8 79, 2123,
S T O C K .— C o m m o n s t o c k , a u t h o r iz e d is s u e u n li m it e d .
P r e f. s to c k ,
a u t h o r iz e d , $ 4 5 ,0 0 0 ,0 0 0 7 % c u m u la t i v e .
T h e p la n t o s e ll a b l o c k o f th is
s t o c k In o r d e r t o t a k e u p t h e c o ll a t e r a l n o t o s ( $ 4 3 ,9 6 4 ,0 0 0 ) w a s w it h d r a w n
In M a r c h 1 9 1 8 w h o n th e G o v 't lo a n b e lo w m e n t io n e d w a s g r a n t e d .
V . 105.
p . 1413. 1420, 1708. 1820: V . 106. p . 1127. 1131. 1231, 1345.
P e n n . R R . o n D e c . 31 1 9 1 8 o w n e d $ 5 ,3 1 2 ,5 0 0 s t o c k , a ls o $ 2 0 0 0 0 0 0 1 -y r .
6 % c o u p o n n o t e s , a n d N . Y . C e n t r a l & H . R . R R . C o . $ 1 ,5 4 5 ,6 0 0 s t o c k .
D I V I D E N D S .—
J 1 8 7 3 -1 8 9 3 .
P e r c e n t ____________________ I 1 0 y e a r l y

When
Payable

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1 .0 0 0
$ 1 7 1 , 0 0 0 * a ____C P c *
Bonds o f Leading Proprietary, A c . . Lines ( V 1 0 3 . p . 1 6 0 4 ) "
1 .0 0 0
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10 1911
4K
E n g la n d R y — S e e t h o s e c o m p a u le s
B o s t o n R R H o l d i n g O o — B o s t o n T e r m C o —C e n t r a l N e w
N e w Y o r k C o n n e c t in g R R a n d O ld C o l o n y — S e e th o s e c o n ip a n l es
1897
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51
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4
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1909
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See text
1911
N Y W e s A B o s L st M J 6 0 . 0 0 0 . 0 0 0 g r e d 1 1 0 Q x c * A r *
4H g
N e w E n g l a n d N a v i g a t i o n C o d e b e n t u r e s g o l d -------- x
. . .
1905
3 .6 0 0 ,0 0 0
4 g
4
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100
S p r in g fie ld R y c o s 4 % c u m p r e f s t o c k r e d 1 0 5 g u a r .
. . .
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3 .3 8 7 .9 0 0
4
N ow Y o r k & io r t h e r n — See N Y C en t R K .
100
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R e f u n d i n g ( f i r s t ) m t g e $ 2 0 , 0 0 0 , 0 0 0 g o l d . - B a . x c ’ A r T ext
1892
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1905
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1910
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1913
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RAILWAY STOCKS AND BONDS

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C o n t in g e n t li a b ili t ie s , s e e lis t V . 1 0 3 , p . 1 6 0 4 .
E A R N I N G S . — 8 m o s . , ( 1 9 1 9 . .G r o s s , $ 7 6 ,7 2 8 ,3 8 1 ; n e t ( b e f .
J a n . 1 to S ep t. 3 0 .
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ta x e s ),
I n c o m e s t a t e m e n t s f o r c a le n d a r y e a r s : (1 ) C o r p o r a t e r e p o r t :
1918.
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6 ,1 5 6 ,5 4 4 M i s c . e x p e n s e s
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(2 ) F e d 'l R e p o r t 1 9 1 8 .
1918.
1917.
1916.
1915.
M i l e s o p e r a t e d _____________
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o f $ 2 6 9 ,8 9 7 , a n d d e d u c t i o n s f o r r e n t f o r e q u p im e n t , $ 1 ,1 0 4 ,8 7 4 ,
d e c r e a s e o f $ 1 ,5 6 5 ,6 5 9 ; a n d j o i n t f a c il it y r e n t s , $ 3 ,3 4 8 ,4 9 4 , a n in ­
f $ 2 6 1 ,4 9 1 , le a v in g , a f t e r in c l u d i n g S I , 1 5 7 ,8 3 3 , a c c o u n t o f it e m s
J a n . 1 1 9 1 8 , a n e t I n c o m e o f $ 8 ,9 2 6 ,8 3 8 .

O F F I C E R S .— P r e s ., E . G . B u c k la n d ; F e d . M g r ., E . J . P e a r s o n , N e w
H a v e n , C o n n .; S e c . a n d T r e a s ., A r t h u r E . C la r k .
D irecto rs. — H o w a r d E l l i o t t , N . Y . ; J a m e s L . R i c h a r d s a n d J o s . B . R u s ­
s e ll, o f B o s t o n ; J o h n T . P r a t t a n d J . H o r a c e H a r d in g , N . Y . C i t y ; T . D e
W i t t C u y le r , P h ila .; A r t h u r T . H a d le y , N e w H a v e n ; J u lia n M . T o m li n s o n
a n d W . B . L a s h a r . B r id g e p o r t ,: F r a n c is T . M a x w e ll, R o c k v ill e . C o n n .;
E d w a r d M illig a n , H a r t fo r d , C o n n .; F r a n k W . M a t t e s o n , P r o v id e n c e . R . I .;
H a r r is W h i t t e m o r e , N a u g a t u c k , C o n n .; E d w . G . B u c k l a n d , N e w H a v e n ,
C o n n .— (V . 1 0 8 . p . 5 7 9 , 6 8 3 . 7 8 4 , 8 7 9 , 9 7 4 , 1 2 7 5 , 1 5 0 4 , 2 1 2 3 , 2 5 2 8 ; V . 1 0 9 .
p . 7 7 6 , 1 0 8 0 , 1 5 2 7 , 1 7 0 0 , 1 9 8 7 .)

B O N D S .— H a r le m R iv e r A P o r t o h e s t e r D lv . 4a o f 1 9 0 4 , V 8 5 . D . 1 1 4 3 .
★ N E W Y O R K O N T A R IO A W E S T . R Y — O p e ra te *
fro m
W eehaw ken«
D e b e n tu r e o e rtfs . o f 1 9 0 6 .
V .8 1 , p .9 7 6 . 1039, 1493; V .8 4 d 103 6 9 4 .
a p p o s i t e N . Y . C i t y , t o O s w e g o , o n L a k e O n t a r i o , in a ll 5 6 9 m i l e s , v i z . ;
In F eb
1 9 0 7 1 4 5 .0 0 0 ,0 0 0 fr a n c s (J 2 9 .0 0 0 .0 0 0 ) 4 %
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M ile s .
w i t h a f i x e d r a t e In m a r k s a n d £ w e r e s o l d .
V . 84. p . 391
450 50 8 804
A c .—
Miles.
O s w e g o t o C o r n w a l l , N . Y . . _____ 2 7 2 P e c k a p o r t , C o n n , ( l e a s e d ) __________
931.
T h o d o l l a r b o n d s a r e i s s u e d In e x c h a n g e f o r t h e f o r e g o ’l n g b o n d s
4
b r a n c h t o N e w B e r l i n ________ -------- 2 2
$ fo r S . a n d a r e t o b e s e c u r e d b y a n y f u t u r e m o r t g a g e o n th e m a in lin e b e ­
O n t . C a r b . & S . (le a s e d ) C a d o s la ,
tw e e n W o o d la w n , N . Y . , a n d P r o v i d e n c e , a n d a ls o S p r in g fie ld 2 3 5 m ile s
do
t o D e l h i -------------------------- ---------1 7
N . Y . , t o S c r a n t o n . P a , A c ______7 3
r o r a t a w ith a n y o t h e r b o n d s s e c u r e d t h e r e b y .
V . 103
p
759
P r o v ido
t o E l l e n v i l l e , e t c ____ -------9 R o m e A C l i n t o n ( l e a s e d ) ___________ * 1 3
e n c o T o r m in a ] O o . b o n d s ($ 7 ,5 0 0 ,0 0 0 a u t h o r iz e d ) , s e e V * 8 2 n Q 29 6 2 9
U t i c a C lin t o n A B in g , (le a s e d ) . . * 3 1
6 93. 1213, 1323; V . 8 3 . p . 96. 819.
' D
’
T o t a l o w n e d __________________ . .
3 2 0 W h a r t o n V a l l e y ( o w n e d ) __________
7
T h e $ 3 9 ,0 2 9 ,9 0 0 6 % d e b e n t u r e s a r e c o n v e r t i b le I n to s t o c k a ft e r J a n
15
T r a c k a g e (t ill 2 0 7 9 ) W .S h o r e R R . E l l e n v i l l e A K i n g s t o n ( l e a s e d ) ____ 2 8
192 3 a t p a r , a n d a re t o b e s e c u r e d b y a n y m t g e . h e r e a fte r c r e a t e d
c o v e r in g
O 'n w a l t t o W ’ k e n ( V . 6 1 . P . 4 2 5 ) . 5 6 P o r t J e r v i s M o n t . A S u m m l t v l l l e
t h o m a in lin e s b e t w e e n W o o d l a w n , N . Y . C i t y , a n d S p r i n g f i e l d M a s s , or
• S e e th is c o m p a n y .
( o w n e d a n d l e a s e d ) _________________ 3 8
N e w lla v a n . C o n n ., a n d l ’r o v id e n c e , R . I . V . 8 5 . p . 1 2 /0 . 1 3 3 9 i4 0 2 1647
C O N T R O L .— I n O c t . 1 9 0 4 N . Y . N . H . A H . R R . a c q u ir e d J 2 9 .1 6 0 .0 0 0
• T h e $ 7 0 0 ,0 0 0 5 % d e b e n t u r e s f o r N o w H a v e n s t a t io n a r e t o b e s e c u r e d b v
0 0 m . s t o c k a t $ 4 5 p e r s h a r e a n d $ 2 ,2 0 0 o f t h e $ 4 ,0 0 0 p r e f .
V . 95. p. 481.
a n y fu tu ro m o rtg a g e .
V . 103, p . 1302, 1119, 1593; V . 106 d 1675
V . 79, p . 2086. 2643: V . 8 0. p . 1363. 2458; V . 8 1. p . 1044: V . 9 7. p . 1427.
I n A p r il 1 9 1 8 $ 3 ,1 4 1 ,0 0 0 o f t h o $ 1 9 ,8 9 9 ,0 0 0 3 0 - y e a r 4 % d e b e n t u r e s o f
S T O C K . — T h e r e Is J 4 . 0 0 0 o l d p r e f e r r e d .
V . 79. p. 977. 980. 1332.
t h o P r o v i d e n c e S e c u r itie s C o . h a d b e e n a c q u ir e d b y t h e N . Y
N
H . &
H . R R . , w h ic h h a d a s s u m e d t h o is s u e , a n d Its s h a r e h o ld e r s v o t e d A p r il
F e d e r a l C o m p e n s a tio n .— $ 2 ,1 0 3 ,5 8 9 y e a r l y d u r in g F e d e r a l c o n t r o l .
1 9 1 7 t o a u t h o r iz e n o t o x c o o d in g $ 1 6 ,7 5 8 ,0 0 0 4 % d e b e n t u r e s d u o in M a y
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
1 8 9 9 -1 9 0 0
coal
1 9 5 7 , t o b o e x ch a n g e d $ fo r $ fo r th o re st. V . 106, p . 1 5 7 7 , 168 9 .
p r o p e r tie s h a v in g t h e n a m a x im u m o u t p u t c a p a c it y o f 2 ,7 0 0 ,0 0 0
ton s
T h e d e v e lo p m e n t o f th e a iD a c e n t s u r p lu s re a l e s t a t e n o t u s e d fo r t h e
a n n u a lly , w e r e b r o u g h t u n d e r f r ie n d ly c o n t r o l w it h a id o f lo a n s f r o m t h e
G r a n d C e n t r a l T e r m i n a l . N . Y . . w ill b e f in a n c e d t h r o u g h t h e N . Y . R e a lt y
R a ilw a y C o . a n d a r e n o w o w n e d b y th e S c r a n to n C o a l C o . a n d t h e E lk
A T e r m i n a l C o . , w h o s e s t o c k Is e q u a l l y o w n e d a n d o b l i g a t i o n * g u a r a n t e e d
£ ° - th 8 R a ilw a y C o . o w n in g th e s t o c k o f b o t h c o m p a n ie s .
b y N . Y . N . H , A H . a n d N . Y . C fe n tr a l.
V . 9 5 . o . 9 6 L V . 101 o 3 7 0
T h e $ 6 ,0 0 0 ,0 0 0 5 % 1 s t m t g e . n o t e s Iss u e d b y t h e r a il w a j t o e n a b le th e s e
E q u ip , n o to s , V . 1 0 6 , p . 1 5 6 0 , 1 6 7 6 ; V . 9 8 . p . 9 1 3 ; V . 9 9 , p . 1 3 6 7 , 1 4 5 2 .
c o a l c o m p a n ie s t o a c a u ir e t h e a f o r e s a id p r o p e r t i e s w e r e a ll p a id o f f o n o r
1911; v . 105, p . 1708, 910; V .
103, p . 119, 1601.
In J u n e
1918 anew
b e f o r e D e c . 1 9 1 5 , a n d o n D e c . 3 1 1 9 1 7 t h e r a il w a y h e ld a s f ir s t lie n s o n
$ 3 ,4 2 0 ,0 0 0 I s s u o , s e r ie s D D , a t 6 % in t e r o s t , w a s s o l d .
V . 106, p . 2560.
s a id p r o p e r t ie s fo r m e r 2 d m t g o s . f o r $ 1 ,1 5 3 ,0 0 0 a n d $ 2 ,4 0 0 ,0 0 0 , r e s p e c O f t h e $ 2 1 ,3 9 0 ,0 0 0 N . Y . W o s t c h c s t e r A B o s t o n 1 st 4 M s , t h is c o m p a n y
U n p a id in t e r e s t d u e t h e r a il w a y in t h e s e m o r t g a g e s a g g r e g a t e d
o w n e d $ 2 ,1 9 0 ,0 0 0 o n D o c . 31 1 9 1 8 .
See
‘E le c tr ic R y . S e c t io n .”
$ 8 o 7 ,5 U 0 t o J u n e 3 0 1 9 1 2 , a n d c o n t i n u e d t o a c c u m u l a t e w i t h o u t p a y m e n t o f
Outstanding Consolidated Ru. Co. Debentures Assumed ( s e e " E l e c . R y . S e c . ” ) . t h e a m o u n t s a c c r u i n g u n t i l 1 9 1 7 , w h e n t h e r a i l w a y r e c e i v e d $ 6 3 7 , 5 0 0 o n
4 % 1 9 0 4 . . x $ 4 ,2 5 5 .0 0 0
J u ly 1
1 9 5 4 j 4 % 1 9 0 6 _ . x $ 2 . 0 1 1 .0 0 0 J a n . 1 1 9 5 6
a c c o u n t o f s a m e , p e r m i t t i n g it t o p a y s a id 2 % d i v i d e n d s o n Its s t o c k J a n . 14
4 % 1 9 0 5 . . x 2 .3 0 9 .0 0 0
Jan. 1
1 9 5 5 3 - 3 H - 4 % '0 5
X 9 7 2 .0 0 0 - F o b . 1 1 9 3 0
1918.
S im ila r r e c e ip t s q u it e in d e p e n d e n t o f t h e o p e r a t io n o f t h e r o a d b y
4 % 1 9 0 5 . . x l , 3 4 0 .0 0 0
A p r . 1 19551
» r e e x p e c t e d In t h e f u t u r e .
See V . 106. p . 1677.
D I V I D E N D S : ! 0 5 . 0 6 t o ' l l . '1 2 , ' 1 3 . ‘ 1 4 - 1 5 . ‘ 1 6 . 1 9 1 7 .
1918.
1919.
Outstanding Street Railway Bonds Assumed as of Dec. 3 1 1 9 1 8 .
O n co m m o n % \ 4 H 2 % y e a r ly .
0
2
N one
1 % N o n e J a n .2 % A u g l %
(A ll 5 p o r c e n ts e x c o p t ns s h o w n .
S ee p a g e 7 7 , " E le c . R y . S e c t io n " ).
A u g 1 9 1 9 p a id 1 % d iv id e n d o n c o m m o n s t o c k .
See V . 108, p . 1512;
W. A G . E . 4 V 4 s $ 1 , 9 9 2 , 0 0 0 J a n . '4 3 H a r t f . S t . 4 s . . . $ 2 , 5 0 0 , 0 0 0 S e p t . '3 0
V . 109, p . 371.
N . H . A C e n t ...
2 8 3 , 0 0 0 S e p t . '3 3
............... 0
4 % d e b s ................
1 6 5 . 0 0 * J a n . '3 0

Road Controlled,

S

M er. H orse
4 1 5 ,0 0 0
N o r w ic h S t
3 5 0 .0 0 0
M on tv . S t
2 5 0 ,0 0 0
N ew L on d on
S t . 1 5 0 ,0 0 0
H a rt. M . A R o c k .
2 0 0 .0 0 0

Jan.
O ct.
M ay
O ct.
O ct.

'2 4
'2 3
'2 0
'2 3
'2 4

B O N D S , AC.-*— R e f u n d i n g m t g e . f o r J 2 0 . 0 0 0 . 0 0 0 c o v e r s 3 1 9 m i l e s o f r o a d
o w n e d , a ll t h e s e c u r i t i e s o f t h e O n t . C a r b . A S c r a n . R y . , 5 4 m l l e o . a n d a l l
a fte r -a c q u ir e d p r o p e r t y .
V . 72, p . 87: V . 78. p . 2012: V . 80. p. 651.
As
t o t h e $ 1 2 ,0 0 0 ,0 0 0 G e n . M . 4 s o r 1 9 0 4 s e e V . 7 9 . p . 1 3 3 2 , 1 4 3 2 ; V . 9 2 .
p . 462; V . 94. p . 1508; V . 96. p . 420. 653.

G E N E R A L F I N A N C E S — E f f e c t o f w a g e a n d r a t e I n c r e a s e s In 1 9 1 8 .
V . 107. p . 604.
L o a n s a n d b ills p a y a b l e D e c . 3 1 1 9 1 8 , $ 5 7 ,0 2 4 ,0 0 0 .
I n J a jn . 1 9 1 8 N . Y . O n t . A W e s t e r n R y . . $ 2 9 , 1 6 0 , 0 0 0 o f w h o s e s t o c k la
o w n o d b y t h is c o m p a n y , p a id a d i v i d e n d o f 2 % , t h e f i r s t d is t r i b u t i o n s in e *
J u l y 1 9 1 6 , w h o n 1 % w a s p a i d , p r o c o d o d b y 2 % In 1 9 1 3 . 2 % y e a r l y 1 9 0 6 t o
1 9 1 1 a n d 4 H % in 1 9 1 5 .
V . 105, p . 2456; V . 107, p . 2156.

E A R N I N G S . — 1 8 m o s ., ( 1 9 1 9 . .G r o s s , $ 7 ,4 3 8 ,4 8 9 : n e t ( b e f .
$ 1 ,2 0 5 ,8 7 9
Jan . 1 to A u g. 31.
\ 1 9 1 8 -.G r o s s .
7 ,3 9 3 ,5 9 0 ;
ta x e s ).
1 ,1 8 3 ,7 5 6
In c o m e a c c o u n t fo r 1 918 b a s e d o n G o v e rn m e n t co m p e n sa tio n . (V . 1 0 8 ,
P . 1 6 0 3 .)
S t a n d a r d r e t u r n ______________$ 2 , 1 0 3 , 5 8 9 1D e d u c t i o n s ____________________ $ 1 , 5 0 6 , 6 0 8
O t h e r i n c o m e _________________
2 0 8 , 5 9 0 1 N e t i n c o m e ____________________
8 0 5 .5 7 3

.

.

_

'3 1
'3 7
'2 8
'6 6




G reon w . T ra m . .
B r a n f o r d E l e c __ _
M er. S o. & C om p .
S t a f f . S p . 8 t _____

3 2 0 .0 0 0
6 3 .0 0 0
1 7 5 .0 0 0
4 0 0 .0 0 0

J u ly
O ct.
J u ly
J u ly

R A IL W A Y STOCKS A N D BONDS
[Vol. 109




SO

NOV,

1 9 1 9 .]

RAILWAY STOCKS AND BONDS

*con trroimCnt

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

M iles Date
Road Bonds

Par
Value

Amount
Outstanding

R a is
%

When
Payable

APrlvate
Control.
Last Dividend
and Maturity

$50
$ 2 ,5 0 0 ,0 0 0 12 in ’ 18 M & N 3 0 N o v 2 9 1 9 1 9 6 %
N e w Y o r k P h l l a & N o r f o l k — S t o c k . $ 4 , 0 0 0 . 0 0 0 __________
J
&
J Jan 1 1939
112
1899
1 ,0 0 0
F ir s t m t g e $ 3 ,0 0 0 ,0 0 0 g ( V 6 8 . p 7 7 3 , 9 7 8 ) . . F P . x o '
2 .6 0 0 .0 0 0
4 g
M
&
N Jan 1 1939
I n o o m e m t g e g n o n - c u m r e g l s ( V 6 8 . p 9 7 8 ) ____ F P x
112
1899
1 ,0 0 0
4
7 3 7 .0 0 0
R R .
N e w Y o r k & P u tn a m — S ee N e w Y o rk C en tra l
M
&
S S ept 1 1927
1887
1 ,0 0 0
9 8 4 ,0 0 0
5 g
R Y & R o c k a w a y B e a c h — 1 s t M $ 1 ,0 0 0 ,0 0 0 g g U -C e .o *
11
1887
6 In 1 9 1 9 S e p t 1 1 9 2 7
11
1 ,0 0 0
9 8 0 .0 0 0 U p t o 5
S e c o n d m t g e I n c o m e b o n d s n o n - c u m u l a t i v e ___ C e . x r
F
&
A F eb 1 1955
9 .3 8
1905
1 ,0 0 0
1 .5 0 0 .0 0 0
N f S h o r t L in e — 1 s t M $ 1 ,5 0 0 ,0 0 0 g g u p & 1 - P e P - k v o *
4 g
A
&
O A p r 1 1940
1880
500 &c
5 g
N Y S u t & W e s t — M id la n d R R 1 st M g e x t T O -C e .x o " 72
3 ,4 8 8 .5 0 0
J
&
D Ju n e 1 1950
P a t e r s o n E x t e n R R I s t M e x t In 1 9 1 0 a t 5 % s f g . x o *
1 .0 0 0
2 0 0 .0 0 0
1 1881
5 g
J
&
J Jan 1 1937
N e w Y e r k S u s q & W e s t e r n f i r s t M r e f g _______C e .z o * )
1887
1 .0 0 0
127
3 ,7 4 5 .0 0 0
5 g
1887
&
A F eb 1 1937
S e c o n d M ($ 1 ,0 0 0 ,0 0 0 g o ld ) 3 d M o n 7 2 m -C e -z o * ;
1 ,0 0 0
127
4 4 7 .0 0 0
4H e F
F
&
A A u g 1 1940
G e n e r a l m o r t g a g e f o r $ 3 , 0 0 0 , 0 0 0 g o l d _____ C e . z o *
1890
1 ,0 0 0
2 ,5 5 2 .0 0 0
5 g
127
M
&
N M a y 1 1943
T e r m i n a l f i r s t m t g e f o r $ 2 , 0 0 0 , 0 0 0 g o l d ____ U s x . c ’ & r
1893
1 .0 0 0 & c
5 g
2 .0 0 0 .0 0 0
W l l k e s - B < o E 'n 1 s t M g g u p & 1 ( V 6 0 . p 4 8 1 ) - Q . z c ^
5
1892
J
&
D Ju n e 1 1942
1 .0 0 0
5 g
3 .0 0 0 .0 0 0
65
1911
F
&
A F e b ’ 2 3 - A u g '2 1
E q u i p m e n t n o t e s s e r i e s A d u e $ 4 0 , 0 0 0 s e m l - a n n ____x
1 .0 0 0
4H
1 6 0 .0 0 0
ao
do
B d u e $ 2 1 , 0 0 0 s e m i - a n a _____ ___ _
M
&
N N o v T 9 -M a y ’23
1913
6 g
1 .0 0 0
1 6 8 .0 0 0
do
do
O d u e $ 2 8 ,0 0 0 -$ 2 7 ,0 0 0 s e m l-a n n g u a r
&
J J u n ’ 2 0 t o J l y '2 6
1916
3 8 5 .0 0 0
4 H ft J
1 ,0 0 0
—
Allied Companies —
P a s s a ic & N Y 1 st M (9 9 9 y e a r s r e n ta l) e x t 1 9 1 0 - . x
600
J
&
D D ec 1 1940
6
3 1885
7 0 .0 0 0
N * w Y o r k T e x a s & M e x i c o — S e e G a l v e s t o n H a r r i s b u r g & S a n A n t o n to
A
&
O O ct 1 1919
N e w a r k & B l o o m f i e l d — S t o c k , 6 % r e n t a l ............. .................
—
6
50
1 .6 0 0 ,0 0 0
3%
4
N e w p o r t & C in c in n a t i B r id g e — S e e L o u is v ille & N a s h v llle
F
&
A A u g 1 1922
N a g a r a J u n c t io n R y — F ir s t M $ 6 5 0 ,0 0 0 g o l d . B a . x c *
1902
1 ,0 0 0
1 7 5 .0 0 0
6 g
Text
F
&
A F eb 1 1938
N o r f o l k Sc P o r t s m o u t h B e l t L i n e — F i r s t m t g e ____F P x
1 .0 0 0
2 5 0 .0 0 0
6
8 1898
E U z R l v 1 st M g g u p & 1 s f r e d 1 0 5 s i n c e 'l l - G P . x o *
A
&
O O ct 1 1935
6 0 0 &o
1 5 7 ,0 0 0
1905
4 g
4 .6
N o r fo lk & C a r o lin a — S e e A t la n t ic C o a s t L in e R R
100
J a n 1 1 9 1 4 ,5 4 %
1 6 ,0 0 0 .0 0 0
M
&
N M ay 1 1941
F i r s t m o r t g a g e ..................................................... .................M d . x o *
1 ,0 0 0
1891
1 .6 5 5 .0 0 0
5 g
223
F ir s t G e n e r a l m o r t g a g e g o ld r e d e e m a b le a t 1 1 5 . . O x
J
&
J J u ly 1 1 9 5 4
8 2 5 .0 0 0
19^4
1 ,0 0 0
5 g
223
S u ffo lk & C a r o lin a F ir s t C o n s m tg e g o ld r e d 1 1 0 x c *
J
&
J J u ly 1 1 9 5 2
1902
1 000
6 5 0 .0 0 0
5 g
75
1 s t & R e f M $ 3 5 ,0 0 0 ,0 0 0 red 105 s in c e 1 9 1 5 C e .x c * & r*
F
&
A F eb 1 1961
500 & c h l2 835 000
1911
5 g
789
R a l e i g h & C a p e F e a r 1 s t M g ____________________C o l j c o * >
M
&
S M oh 1 1943
1 ,0 0 0
1 3 7 .0 0 0
1903
5 g
32
R a le i g h & S o u t h p o r t fir s t m o r t $ 2 ,0 0 0 ,0 0 0
-C o lx
1 ,0 0 0
J
&
D Ju n e 1 1965
3 7 4 .0 0 0
1905
5 g
61
A b e r d e e n & A s h e b o r o 1 s t M $ 1 6 4 ,0 0 0 g .M e B a .x c *
J
&
J Jan
1 1940
1910
1 .0 0 0
1 6 4 .0 0 0
5 or
82
T h r e e - y e a r S e c u r e d N o t e s c a l l 1 0 1 __________________ C e
1 .0 0 0 .0 0 0
A
Sc O A p r 1 1 9 2 0
6 g
1 9 1 7 1 .0 0 0 b e
E q u ip m e n t t r u s t s s e r ie s A d u e $ 2 5 ,0 0 0 s e m l-a n n
5
J
&
J J a n ’ 2 0 - J a n '2 4
1914
2 2 5 .0 0 0
N j r f o l k T e r m in a l— 1 st M $ 2 ,0 0 0 ,0 0 0 g g u r e d - . Q . x c *
M
&
N M ay 1 1961
1 ,0 0 0
1 .0 0 0 .0 0 0
4 g
1911
h F u r t h e r a m o u n t p le d g e d , s e e te x t .

R E P O R T . — F o r 1 9 1 8 in V . 1 0 8 . p 2 1 6 0 3 . C o a l t r a f f i c In 1 9 1 8 ,
( o u t o f $ 6 ,9 0 1 ,0 1 8 ) . a g a in s t $ 3 ,7 1 2 ,
Y e a r s e n d in g D e c . 3 1 —
1918.
1917.
1916.
G r o s s e a r n i n g s ______________$ 1 0 , 8 9 5 , 0 0 5
$ 9 ,1 6 4 ,8 7 8
$ 8 ,7 9 4 ,1 6 6
N e t , a f t e r t a x e s ____________
$ 6 2 1 ,9 0 8
$ 2 ,2 2 8 ,1 2 0
$ 2 ,3 2 6 ,2 4 9
S t a n d a r d r e t u r n ____________ $ 2 , 1 0 3 , 5 8 9
O t h e r i n c o m e _______________ C r . 2 0 8 , 5 9 1
„
2 7 2 ,8 2 6
1 8 4 ,1 3 4
I n t e r e s t o n f u n d e d d e b t . $ 1 ,1 9 4 ,2 0 5
$ 1 ,1 4 5 ,2 0 0
$ 1 ,1 4 5 ,2 0 0
M is c e ll . in t . a n d d is c o u n t
1 2 ,3 7 1
7 7 ,1 7 9
7 3 ,2 7 1
R e n t a l s , & c _________________
2 0 7 ,3 0 4
3 0 1 ,1 0 1
4 5 2 ,2 3 0
M i s c e l l a n e o u s _____________
9 2 ,7 2 7
E x p .a p p l ic .t o p r io r p e r io d
9 1 ,9 5 5
P r e f e r r e d d i v i d e n d s _____
210
210
210
C o m m o n d i v i d e n d s _______
____________ ( 2 ) 1 , 1 6 2 . 1 4 4
(1 )5 8 1 ,0 7 1

$ 4 ,3 1 5 ,0 9 0
1915.
$ 8 ,7 7 9 ,7 5 3
$ 2 ,3 1 4 ,8 1 0
1 8 5 ,1 1 0
$ 1 ,1 4 5 ,2 0 0
7 1 ,8 1 2
4 6 0 ,9 4 7

210

Balance, sur or def-.sur.$713,408def.$184,887sur.$258,301 sur.$821 ,750

P r e s ., J o h n B . K e r r ; S e c .- T r e a s ., R ic h a r d D . R ic k a r d .
O ffic e , G r a n d
C e n tr a l T e r m in a l. N o w Y o r * .
F e d . M g r ., J o s e p h I I . N u e lle . M id d le t o w n .
N . Y .
F e d . T r e a s . , A r t h u r L . P a r m e l e e . — ( V . 1 0 8 , p . 1 6 0 3 ; V . 1 0 9 , p . 3 7 1 .>

. N E W Y O R K P H I L A D E L P H I A & N O R F O L K R R . — I n D e c . 1 9 1 7 a ll
b u t $ 7 ,2 5 0 o f t h e $ 2 ,5 0 0 ,0 0 0 s t o c k h a d a c c e p t e d t h e o f f e r m a d e b y t h e
P e n n s y lv a n ia R R . in 1 9 0 8 t o b u y t h o s t o c k ( V . 9 0 , p . 9 7 7 )
V 109 p 1610.
★ N E W Y O R K & R O C K A W A Y B E A C H R Y . —O w n s ’ G le n d a le J e t . t o
R o c k a w a y P a r k , 1 0 .3 1 m . , w i t h b r a n c h e s , 2 . 0 5 m . ; t o t a l 1 2 3 6 m . ; d o u b l e ­
t r a c k . S t o c k , $ 1 ,0 0 0 ,0 0 0 ; p a r , $ 1 0 0 . L e a s e d 5 0 y e a r s f r o m J u ly 1 1 9 0 4 b y
L o n g I s l a n d R R . C o . , w h i c h o w n s $ 9 7 2 ,0 0 0 s t o c k , w h o s e e n d o r s e m e n t is
r in te d o n 1 s t M . b o n d s .
O n J a n . 1 1 9 1 6 $ 1 0 1 ,0 0 0 fir s t s w e r e o w n e d b y
i. I . R I t . , t o g e t h e r w i t h t h e $ 9 7 8 , 0 0 0 i n c o m e s .
V 83 p 890
D iv id e n d s
o n s t o c k a n d in c o m e s , 5 % e a c h , p a id in 1 9 1 4 , 1 9 1 5 a n d 1 9 1 6 ; in 1 9 1 7 t o
1 9 1 9 , 5 % o n I n c o m e s b u t n il o n s t o c k .
C a l. y e a r 1 9 1 8 , r e n t a l d u e , $ 1 1 6 .­
6 2 7 ; o t h e r I n c o m e , $ 3 ,9 1 9 ; d e d u c t i o n s , $ 1 0 5 ,9 3 1 - b a l
sur
S 1 4 6 4 5 .—
( V . 1 0 0 . p . 1 0 7 9 ; V . 1 0 2 , p . 1 5 4 0 .)
‘
’
’
’

P

★
N E W Y O R K S H O R T L IN E R R .— O w n s a c u t -o ff fo r th e R e a d in g C o .
b e t w e e n C h e lte n h a m a n d N e s h a m ln y F a lls . 9 .3 8 m ile s o p e n e d M a y 1 9 0 6 .
V 7 9 . p .1 0 3 8 .
T o b e 4 - t r a c k e d — 2 t r a c k s la id a t p r e s e n t a n d o n 1 .7 3 m ile s
3 tra ck s.
L e a s e d t o P h lla . & R e a d in g R y . f o r 9 9 9 y e a r s f r o m F e b . 1 1 9 0 7
T h e $ 2 5 0 , 0 0 0 s t o c k Is o w n e d b y R e a d i n g C o . , w h i c h g u a r a n t e e s t h e b o n d s ,
p r in c ip a l a n d I n t e r e s t .— ( V . 8 4 . p . 1 5 5 2 : V . 8 7 . p . 1 4 2 1 .)
★ N E W Y O R K S U S Q U E H A N N A & W E S T E R N R R — (S ee E r ie M a p .)
O w n e d { i n f e e ) o r e n t i r e s t o c k . M i l e s . W l i k e s b a r r e < c E a s t e r n . . ____________6 5
5
J e r s e y C it y t o S t r o u d s b u r g , P a — 99 S u s q u e h a n n a C o n n e c t in g R R . . . .
8
( D o u b l e t r a c k 19 m ile s .)
O t h e r b r a n c h e s _______ . . . _______________ 2 5
B e a v e r L a k e , N . J . . t o U n l o n v l U e . 2 1 T r a c k a g e ________
4
T o t a l r o a d o p e r a t e d D e c e m b e r 31 1 9 1 8 ____________
.
222
S T O C K .— P r e f ., $ 1 3 ,0 0 0 ,0 0 0 :
c o m . , $ 1 3 .0 0 (> ,0 0 0 . o f 'w h i c h t h e E r i e
o w n e d D e c . 31 1 9 1 6 . $ 2 5 ,6 1 0 ,6 5 8 c o m . a n d p r e f — o f t h is $ 6 ,6 3 0 ,0 0 0 c o m .
a n d $ 1 2 ,9 3 6 ,0 0 0 p r e f . b e in g d e p o s it e d u n d e r Its m o r t g a g e s
D iv id e n d s o n
p r e f.. N o v . 1891 to 1 8 9 2 . 2 H %
y e a r ly : n o n e s in c e
B O N D S .— G en e ra l 5 s a r e r e s e r v e d t o r e tir e 2 d 4 H s .
See a b stra ct. V 52,
p . 84.
T h e s e c o n d s a r e e x c h a n g e a b l e f o r g e n e r a l s o n p a y m e n t o f a u a s s e s s 't .
T e r m in a l b o n d s , s ee Issu e o f J a n . 1 8 9 8 a n d a b s t r a c t V
57. p 512.
T h e $ 3 ,5 0 0 ,0 0 0 M id la n d R R . 6 s w e r e e x t e n d e d 3 0 y e a r s fr o m 1 9 1 0 a t 5 %
a n d $ 2 0 0 ,0 0 0 P a t e r s o n E x t . 5s 4 0 y e a r s a t s a m e r a te .
V
90. p. 373. 91.
E q u ip m e n t n o te s , 1 9 1 6 . V . 1 0 3 . d
61.
L o a n s a n d b ills p a v a b l e D e c .
3 1 1 9 1 7 , $ 3 5 0 ,0 0 0 .
F e d e r a l a d v a n c e s In 1 9 1 8 . $ 2 0 0 ,0 0 0
V
108, p . 3 2 .
F e d e r a l C o m p e n s a tio n .— $ 9 9 9 ,9 4 2 y e a r l y d u r in g F e d e r a l c o n t r o l .
E A R N I N G S . — 1 2 m o s . , 1 1 9 1 8 .................... G r o s s , $ 1 , 3 5 3 , 4 2 0 ;
Jan . I to D ec. 31 .
1 1 9 1 ^ .................... G r o s s ,
3 ,4 7 8 ,9 9 3 ;
8

n e t , $ 5 5 9 ,3 5 0
n et,
7 2 9 ,1 2 7

L A T E S T E A R N I N G S . — f l 9 1 9 - . G r o s s , $ 2 ,5 4 6 ,9 6 7 ; n e t (b e fo r e $ 2 1 9 ,7 6 7
m o s ., J a n . 1 t o A u g . 3 1 .\ 1 9 1 8 ..G r o s s , 2 ,7 4 0 ,3 3 7 ;
ta x e s ),
2 3 6 ,4 2 3

R E P O R T .— F o r fis c a l y e a r e n d in g D e c . 31
C a le n d a r
O p e r a tin g
N e t (a fte r
O th er
Y ear—
R e v e n u e. T a x e s ).
In com e.
1 9 1 7 . ................. $ 1 , 1 5 1 , 1 4 5 $ 7 0 8 , 9 5 6
$ 2 9 0 ,3 2 3
1 9 1 6 .................... 3 . 9 7 4 . 4 3 1 9 8 2 . 0 8 3
2 4 9 .3 5 5
— (V . 105. p . 69: V . 107, p . 4 0 2 , 600: V . 108,
F e d . M g r ., A . J . S to n e ; G o n . M g r . u n d e r
N . Y . C it y .

1 9 1 7 , in V
107 p
F ix e d
A d d 'n s A
C h a rg es. B e lt..A c .
$ 9 7 5 ,0 5 7
$ 1 3 ,5 4 1
994 510
97 811
p . 3 7 9 .)
U .S .G o v t .. W . A .

600:
B a la n c e,
S u r p lu s .
$ 1 0 ,6 8 1
119 123
B a ld w in ,

A N I A G A R A J U N C T I O N R Y . — A to r m ln a l a n d s w it c h in g r o a d e x t e n d in g
f r o m N ia g a r a F a lls , N . Y . , t o F le t c h e r s C o r n e r s , N . Y . , 4 .8 6 m ile s ; f a c t o r y
s id in g s , 9 .1 6 m ile s .
E le c t r ic a lly o p e r a te d s in c e S e p t. 1 1 9 1 3 .
V . 97, p.
1837.
S t o c k , $ 1 6 0 ,0 0 0 c o m . a n d $ 1 3 4 ,5 0 0 8 % c u m . p r e f . ($ 5 ,0 0 0 m o r e
p r o f . In t r e a s u r y ) , a il o w n e d b y N i a g a r a F a lls P o w e r C o .
C a le n d a r y e a r 1 9 1 8 , n e t , $ 5 8 ,8 7 3 ; o t h e r in c o m e , $ 5 2 7 : in t . a n d t a x e s ,
$ 2 8 ,4 1 5 ; b a l ., s u r ., $ 3 0 ,9 8 5 .
P r e s . . P a u l A . S c h o e l l k o p f ; S e c . , F r e d 'k L .
L o v e la c e ; T r e a s ., W . P a x t o n L it t le .
★

N O R F O L K

&

PO RTSM O U TH

BELT

L IN E

R R .— S ee p a g e 1 3 6 .

★ N O R F O L K S O U T H E R N R R . — O p e r a t e d D e c . 3 1 1 9 1 8 9 0 7 .7 1 m il e s :
e x te n d in g fr o m N o r fo lk
V a .. t o R a le ig h . G o ld s b o r o a n d B e a u fo r t a n d th e
P ie d m o n t s e c t io n , N . O .. w ith b r a n c h e s .
O f th is t o t a l , t h e c o m p a n y o w n s
7 9 4 . 0 4 m i l e s a n d le a s e s 1 0 8 . 3 3 m i l e s ( f r o m G o l d s b o r o t o M o r e h e a d C i t y )
a n d h a s t r a c k a g e r i g h t s o n 5 . 3 4 m i l e s ; 4 4 . 8 2 m i l e s Is e q u i p p e d e l e c t r i c a l l y
O w n s e n tlr o c a p . s t o c k a n d b o n d s o f J o h n L . R o p e r L u m b e r C o . , o w n ia g
o v e r 6 0 0 ,0 0 0 a c r e s o f t im b e r la n d s a n d 2 0 0 ,0 0 0 a c r e s o f t im b e r r ig h t s . V . 87
1 4 1 5 . T h e J o h n L . R o p e r C o . o w n s e n t ir e s t o c k ($ 1 7 5 ,0 0 0 ) o f C a r o li n a
R.. Snow H i l l t o Pink H i l l . N O . 3 5 m i l e s
V . 95, p 1684; V 96. p 863.
A s t o C u m n o c k C o a l M in in g C o ., a n a lly , s e e V . 1 0 6 . p . 6 0 7 . 8 2 2 .

6

O R G A N I Z A T I O N .— S u c c e s s o r M a y 5 1 9 1 0 t o N . & S . R a ilw a y , fo r e c lo s e d
D » c 7 1 PQ 9 p e r plan V . 8 7 . p . 6 1 4 . 6 7 8 . - i l n o o r p . I n V i r g i n i a M a v 2 1 9 1 0 .

I G o v ern m e n t C o m p e n s a tio n .— T h e a n n u a l m in im u m s t a n d a r d r e t u r n a s
s h o w n i b y C o r p o r a t io n fig u r e s a m o u n t s t o $ 1 ,1 6 6 ,9 9 1 .
E ffo r t s a re b e in g
m a d e t o in c r e a s e th is f ig u r e a n d , p e n d i n g f in a l d e c is io n , n o c o n t r a c t h a d
b o o n s ig n e d w ith t h e U n ite d S ta te s G o v e r n m e n t u p t o O c t . 2 5 .
T h o r o h a v e b e e n a llo c a t e d b y th e R a ilr o a d A d m in is t r a t io n , w h ic h a llo ­
c a t io n h a s b o o n r e s is te d b y t h e c o m p a n y . 2 0 0 fr e ig h t c a r s a t ja c o s t o f $ 3 ,0 5 0
p e r .c a r , o r a t o t a l o f $ 6 1 0 ,0 0 0 .




95
Places Where Interest a n d
Dividends are Payable
C h e c k s m a ile d
B r o a d S tr e e t S t a t io n
C h eck s m aU ed
T reasu rer P enn R R , N Y
B r o s . S t S t a t io n . P h lla
R e a d in g T e r m in a l, P h lla
O ffic e . 5 0 C h u rch S tr e e t
do
do
do
do
do
do
do
do
do
do
do
do
C o m m e r c ia l T r C o . P h ils
P h lla T r 8 D A I n s C o
P h lla T r u s t C o , P h lla
O ffic e , 5 0 C h u rch S t . N Y
90

W est

S t,

N ew

Y ork

B an kers T ru st C o, N Y
F id e lit y T r u s t C o . P h lla
G ir a r d T r u s t C o , P h lla

M e trop ol T r C o , N Y
G u a ra n ty T ru st C o, N Y
I n t e r n a t io n a l T r C o , B a lt
C en tra l U n T r C o . N Y
C o lu m b ia T r u s t C o , N Y
C o lu m b ia T r u s t C o , N Y
M e r c T r & S D e p C o ,B a lt
C en tra l U n T r O o „ N Y
G u a ra n ty T ru st C o . N

Y

B O N D S .— O f th e “ F ir s t & R e f . ” $ 3 5 ,0 0 0 ,0 0 0 b o n d s , $ 3 ,9 8 1 ,0 0 0 w e r e
r e s e r v e d t o r e tir e a lik e a m o u n t o f u n d e r ly in g b o n d s .
T o Jan. 1 1919
r e t ir e d b y s in k in g fu n d . $ 5 9 5 ,0 0 0 ; h e ld f o r c o m p a n y b y C e n t r a l T r u s t C o . ,
$ 2 ,0 5 7 ,0 0 0 : h e ld b y p u b lic , $ 1 2 ,8 3 5 ,0 0 0 : a s c o ll a t e r a l f o r 3 -y e a r n o t e s o f
1 9 1 7 p le d g e d , $ 1 ,5 2 6 ,0 0 0 .
V . 107. p . 604.
T h e s e b o n d s a r e s e c u r e d b y a fir s t m o r t g a g e o n 3 3 4 m ile s , a n d . s u b je c t
to u n d e r ly in g Issu es a g g r e g a tin g $ 3 ,8 0 5 ,0 0 0 . o n 4 5 5 a d d it io n a l m ile s , a n d
a ls o b y a f i r s t lie n o n p r a c t i c a l l y t h e e n t i r e e q u i p m e n t , v a l u e d a t a b o u t $ 2 , ­
7 2 0 .6 2 5 : a ls o b y a 1 s t lie n o n t h e e n t ir e s t o c k ( $ 1 ,0 0 0 ,0 0 0 ) a n d 1st M . b o n d s
(5 5 .0 0 0 ,0 0 0 ) o f th e J o h n L . R o p e r L u m b e r C o ., o w n in g 10 p la n in g , s a w a n d
s h in g le a n d c e d a r m ills , w it h a n a n n u a l c a p a c i t y o f 1 5 0 .0 0 0 .0 0 0 f t . , b o a r d
m easu re: an d
1 4 0 m ile s o f s t a n d a r d - g a u g e lo g g in g r o a d . 3 0 0 lo g g in g
o a rs, 2 5 lo c o m o t iv e s ,-& o .
T h e v a lu e o f th e R o p e r lu m b e r p r o p e r t y h a t
b e e n e s t im a t e d a t $ 1 2 ,7 8 5 ,0 0 0 .
S in k in g f u n d $ 1 0 0 ,0 0 0 y e a r l y , a s lo n g a s
th e lu m b e r c o m p a n y b o n d s a r e p le d g e d , a t le a s t o n e -h a lf fo r p u r c h a s e o r
r e d e m p t io n o f b o n d s o f th is Iss u e , a n d t h e b a la n c e , i f a n y , f o r c o n s t r u c t i o n ,
im p t s .. tc c . V . 9 3 . D. 1534: V 9 6 . p . 4 8 7 : V . 9 7 . p . 1 2 0 4 ; V . 9 8 . p 5 2 3
T h e 3 -y e a r n o te s
o f 1 9 1 7 . $ 1 ,0 0 0 ,0 0 0 a u t h ., a r e s e c u r e d b y p le d g e
w it h t r u s te e o f $ 1 ,5 2 6 ,0 0 0 F ir s t & R e f . M t g e . 5 s , d u e 1 9 6 1 .
V . 104, p .
1264, 1388, 1801.
A t la n t i c & N o r t h C a r o lin a $ 3 2 5 ,0 0 0 g u a r , b o n d s o f 1 9 1 7 , s e e t h a t c o .
E q u i p m e n t t r u s t 6 s , S e r ie s B , d u e o n o r b e f o r e 1 9 2 6 , $ 1 8 ,2 0 0 ( D e c . 3 1 1 9 1 8 ) .
D I V I D E N D S .— In 1 9 1 1 . 2 %
(q u a r .); 1 9 1 2 t o J a n . 1 9 1 4 . 2 % ( Q . - J . '.
N o n e s in c e , t o O c t . 1 9 1 6 .
V . 98, p . 1000. 1072.
E A R N I N G S . — 8 m o s . , ( 1 9 1 9 .................. G r o s s , S 4 . 0 9 6 . 9 1 9 ; n e t , $ 6 1 , 7 8 2
J a il. 1 t o A u g . 3 1 .
\ 1 9 1 8 ................. - G r o s s ,
3 ,6 3 3 .2 6 8 ; n e t .
3 4 4 ,4 6 3
R E P O R T . — F o r y e a r e n d i n g D e c . 3 1 1 9 1 8 in V . 1 0 9 , p . 1 2 6 8 .
C a le n d a r
O p e r a tin g
N e t (a fter
T o ta l
I n ter es t,
B a la n c e ,
Y ear—
R even u e.
T a x es ).
In com e.
R e n ts, A c .
S u r p lu s .
1 9 1 8 (9 0 8 m . ) _ .$ 5 ,7 5 3 ,6 4 4
$ 2 8 5 ,9 4 9 x $ l ,1 7 5 .4 0 7
S I . 1 2 6 .9 8 0
$ 4 8 ,4 2 7
1 9 1 7 (9 0 8 m . ) . _
5 ,2 9 9 ,9 1 4
1 ,4 2 3 ,4 6 7
1 ,9 5 6 ,6 7 3
1 ,6 1 6 ,9 8 9
3 3 9 ,6 8 3
1 916 (9 0 8 m . ) . _
4 ,9 3 9 ,1 7 2
1 ,5 0 3 ,2 4 3
1 ,8 8 2 .1 0 2
1 ,3 7 6 .5 9 0
5 0 5 ,5 1 1
1 9 1 5 (9 0 8 m .) . .
4 ,1 3 5 ,3 4 7
9 7 7 ,3 6 4
1 .2 8 4 ,9 0 7
1 .2 7 8 ,4 8 8
6 ,4 2 0
x I n c lu d e s $ 1 ,1 6 6 ,9 9 1 (t e n t a t iv e ) F e d e r a l c o m p e n s a t i o n a n d $ 8 ,4 1 6 o t h e r
in c o m e (n e t ).
O F F I C E R S .— C h a ir m a n , M a r s d e n J . P e r r y ; P r e s id e n t. R ic h a r d
H .
S w a r t w o u t , 4 4 P i n e S t . , N . Y . ; S ec.!< fe A u d . , J . C . N e l m s J r . N o r f o l k ; A s s t .
S e c ., G . E . C h r is t ie , 4 4 P in e S t ., N . Y . ; T r e a s ., O . I . M illa r d . N o r f o l k .
G e n . o ffic e . N o r fo lk . V a .
N . Y . o ffic e . 4 4 P in e S t.
F e d e r a l M a n a g e r , M o r r i s S . H a w k i n s , N o r f o l k , V a .— ( V . 1 0 9 , p . 1 2 6 8 .)
★

NORFOLK
T E R M IN A L
R Y .— O w n s
a
u n io n
p a ss e n g e r s t a t io n
at
V o r fo lk , V a ., w ith a p p r o a c h e s , o p e n e d J u n e 1 1 9 1 2 , u s e d b y t h e V lr r ln ta n R y . , N o r f o l k & W e s t e r n R y . a n d N o r f o l k S o u t h e r n R R . , w h i c h
o w n th e e n tir e s t o c k a n d u n d e r t a k e t o
m e e t a ll e x p e n s e s , o h a r g e s a n d
ia t e r e s t a n d p r in c ip a l o f b o n d s .
B o n d s a u t h o r iz e d M a r c h 2 0 1 9 1 1 , $ 2 ,­
0 0 0 ,0 0 0 , g u a r a n te e d , p r ln . a n d
I n t ., b y t h e t h r e e le s s o r c o m p a n ie s , o f
v h lo h 5 1 ,0 0 0 ,0 0 0 h a v e b e e n s o ld .
R e d e e m a b le a t 1 0 5 a fte r N o v . 1 1 9 2 5 .
V . 9 2 . p . 6 60, 1109; V . 9 3 . p . 667. 1191.
P r e s ., J . H . Y o u n g : V . - P . , N . D .
M a h e r ; S e c ., F r a n c is W . R u s s e ll, a n d T r e a s ., M . M a n ly ; F e d . M g r ., O .
H . H ix , a ll o f N o r f o l k . V a . — ( V . 9 3 , p . 6 6 7 , 1 1 9 1 ; V . 9 4 , p . 1 6 9 6 .)
★ N O R F O L K & W E S T E R N R Y .— (S ee M a p .) — S y s t e m e x t e n d s fr o m N o r ­
f o lk , V a ., w e s tw a r d t o C o lu m b u s a n d C in c in n a ti. O ., a n d n o r t h w a r d t o
H a g e r s t o w n . M d . , w it h b r a n c h e s t o t h e v a r i o u s c o a l f ie l d s In V a . a n d W . V a .
R o a d O w n ed —
M ile s .
M ile s .
N o r f o l k , V a . , t o C o l u m b u s , O ____7 0 4
R o a n o k e t o W In s t o n _______________
119
H a d f o r d . V a . , t o B r i s t o l , T e n n . _ 1 0 6 S u n d r y b r a n c h e s ____________________
538
R o a n o k e , V a . , t o H a g e r s t o w n . . 2 3 7 C o l u m b u s t e r m i n a l _________________
4
G r a h a m t o N o r t o n --------------------------------1 0 0 T r a c k a g e ______________________________
14
4 o . C a r o . J u n c t i o n t o F r i e s _______ 4 4
'• y n c h b u r g t o D u r h a m , N . C _____ 1 1 5
T o t a l o p e r a t e d J a n . 1 9 1 9 ______2 , 0 8 7
P o r t s m o u t h J u n c t io n t o C in c in ­
n a t i a n d I v o r y d a l e . _ ___
...
. 1 0 6 D o u b l e t r a o k ___
—
557
I n 1 9 1 9 t o o k o v e r V a .- C a r o li n a R y . . & c ., lin e s lo n g c o n t r o ll e d , o w n in g
a b o u t 9 8 m ile s o f r o a d .
V . 108, p . 879, 974.
O R G A N I Z A T I O N . — S u c c e s s o r In 1 8 9 6 o f N o r f o l k & W e s t e r n R R . , & c . ,
f o r e c lo s e d p e r p la n in V . 6 2 . p . 6 4 1 .
A s o f D e c . 31 1 917, th e P e n n . R R .
o w n e d $ 3 8 ,5 7 5 ,4 0 0 c o m m o n a n d $ 6 ,3 2 0 ,0 0 0 a d ju s t , p r e f. a n d t h e P e n n . C o .
$ 5 ,0 0 0 ,0 0 0 p r e f. a n d $ 3 ,1 9 0 ,5 0 0 c o m . s t o c k . V . 8 3 , p . 5 0 2 ; V . 8 8 . p . 1 0 6 2 ;
V . 98, p. 763; V . 95, p. 361, 688.
B o a t lin e s , V . 1 0 5 , p . 7 3 .
S T O C K . — P r o v i s i o n s o f p r e f . s t o c k w e r e In t h e i s s u e o f A p r i l 1 8 9 7 . p . 4 .
O n A p r il 1 0 1 9 1 9 s t o c k h o ld e r s a u t h o r iz e d a n in c r e a s e in t h e a u t h o r iz e d
com m on
stock
to
$ 2 5 0 ,0 0 0 ,0 0 0
c h ie fly
in
ord er
to
p r o v id e
fo r
t h e c o n v e r s io n fe a t u r e o f p r o p o s e d n e w c o n v e r t ib le b o n d s .
V . 108. p .
1512.
S ee b e lo w .

DIV8
f ’04. ’05.
lom m on. %1 3 3H

*06. ’07. ’0 8 . ’09. *1 0 .’ l l . T 2-’ lfi ’ 16 1917
4*
6 4 4H
5 B H 6 y'ly. 7 H Text

In

lim e 1 9 1 6 d iv id e n d w a s In cre a se d t o \ M % q u a r t e r ly a n d an e x tr a o f
1% w a s p a i d . 1 9 1 7 , M a r . , 1 J * % a n d 1 % e x t r a ; J u n e 1 9 1 7 t o D e c . 1919,
1 M % q u ar.
A d ju s t , p r e f. r e c e iv e s 4 % p . a . ( 1 % Q .- F . 1 8 ).
B O N D S . — 'T h e F i r s t C o n s o l i d a t e d m t g e . o f 1 8 9 6 is l i m i t e d t o 5 6 2 , 5 0 0 , 0 0 0 .
t h e b a la n c e u n is s u e d b e in g r e s e r v e d t o r e tir e t h e u n d e r ly in g b o n d s . V
73,
p . 502; V . 74. p . 151; V . 75, p . 505; V . 77, p . 1785; V . 78, p . 229.
See
V b 7t9 a p t ’ ‘H 3 - 6V
r
72, P- 137, 438, 532, 723, 1080' * * 75, P ‘ 505’
T h e N . & W .- P o c a h o n t a s J o in t b o n d s a r e s e c u r e d b y a b o u t 2 9 0 ,0 0 0 a c r e s
>f c o a l l a n d s o w n e d a n d h e l d b y t h e P o c a h o n t a s C o a l & C o k e C o . , w h o s e
• t o o k Is o w n e d , o f w h i c h a b o u t 5 0 , 0 0 0 a c r e s h a v e b e e n l e a s e d t o c o m p a n i e s
• h o s e s t o c k is a l l o w n e d b y t h e U . S . S t e e l C o r p . a n d 3 9 , 7 9 7 t o o t h e r c o n ­
c e r n s , s u b je c t t o r o y a lt ie s .
T h e y a r e s u b je c t t o c a ll a t 1 0 5 f o r a s in k in g
fu n d o f 2 H c t s . p e r t o n m in e s , V . 1 0 6 , p . 1 2 3 9 .
V . 73, p . 845, 902; V . 74,
p . 41, 380, 1197; V . 75, p . 502.
T h e s e b o n d s a re th e jo in t a n d se v e ra l
o b lig a tio n s o f th e R a ilw a y C o . a n d o f th e C o a l & C o k e C o ., b u t a s b e tw e e n
t h e t w o c o m p a n i e s t h e d e b t Is t o b e p a i d b y t h e l a t t e r c o m p a n y .
$ 3 ,7 1 8 ,0 0 0
h a v e b e e n r e tir e d .
D iv is io n a l l s l L ie n a n d G en . M t g e . 4 s o f 1 9 0 4 ($ 3 5 ,0 0 0 ,0 0 0 ) a u t h o r iz e d f o r
fu t u r e c a p it a l r e q u ir e m e n t s a r e a 1 s t lie n o n e x t e n s io n s a n d b r a n c h e s a n d
a ls o a lie n s u b je c t t h e r e t o u p o n p r o p e r t i e s c o v e r e d b y 1 s t C o n s o l. M .
V . 78,
p . 1549; V . 79 , p . 5 0 1 , 6 2 8 , 9 73 , 1642. 1704 , 2148; V . 8 0 , p . 1175; V . 8 2 .
p . 510; V . 83, p . 1471; V . 88, p . 231, 453.

R A IL W A Y STOCKS A N D BONDS
IVol . 109.




w
cr.

N o t ., 1919.]

R A IL W A Y STOCKS A N D BONDS




«o
^■1

98

★G
overn ent
m
C trol.
on

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

A rlvate
P
C trol.
on

[V o l . 109

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Q— M Dec 19 1919 IH Office, Philadelphia
$100$121156 200 See text
Norfolk & Western— Common stock $2 5 0 ,0 0 0 ,0 0 0 - 0 *
100 22.992,300 4 ln 1919 Q— F N ov l9 1919 1% Office, Philadelphia
Adjust pref(p&d)4% stock non-cum $23,000,000-0*
Bankers Trust Co, N Y
M & N May 1 1931
6e
1,000 7,249,000
428 1881
N & W gen (now 1st) M Norf to Brls &c g --FP.xc*.
do
do
A & O Apr 1 1932
6 g
1,000 2,000,000
200 1882
New River Division flrst mortgage g o ld -.-F P .x c
do
do
F & A Feb 1 1934
6
000 g
1.000 5.000.
572 1883
Improvement & extension mortgage gold-FP.xc '
do
do
M & N Nov 1 1989
4g
1,000 5.000. 000
127 1889
Scioto Valley & New Eng 1st M assum gold-Ce.zc*
do
do
4 g A & O Oct 1 1996
N & W First Consol mtge$62,500,000 g . . Ba.xc" &r* 1,626 1896 ,100 &c 40.400.500
do
do
J & J July 1 1944
4g
Div 1st lien & gen M (text) g red 105 begin 1 9 2 9 . Qx 1,876 1904 l.OOO&c 23,000,000
do
do
4 g J & D Deo 11941
1,000
1901
Pocah Joint M $20,000,000 g call 105 s f-O P .xo'& r
Metropolitan Tr Co, N Y
5 g J & J Jan 1 1922
500
1892
Col Con & Terra 1st M gold gu (end) a s s ------M p.ro'
Bankers Trust Co, N Y
4 g J & D June 1 1932
285 ,00 0
1907 1.000 &c
Convertible bonds gold red text--------- -------------- ux
do
do
M & S Sept 1 1932
4g
1912 1.000 dec
do
do
13,300.000 gold red .-Q xc*&r*
do
do
4H g M & S Sept 1 1938
1913 1.OOO&e
do
do
see text gold r e d ____ G.xc*&r*
do
do
6 g M & 'S Sept 1 1929
1.000 &c
1919
do
do
$17,945,000 g see text G.yc*&r*
United States Tr Co, N Y
4 g J & J July 1 I960
1,000
89 1910
Wlnston-Sal So’b ’d lstM$5.000,000 g gu Us.xc*&r*
4K g F & A Feb '20-Aug ‘24 Commercial Tr Co, Phlla
1,000
1914
Equip tr Series of 1914 g gu $500,000 s a------- yc*
Reading Terminal, Phlla
4 g M & S Sept 1 1952
1,000
T64 1902
Norristown & Main L Con— 1st M g gu (end.)— GP.kv
__
F & A Aug 1919 344% Burlington, NO
7
100
226
North Carolina— Stock 7% paid from rental------- - - ­
Q— F Nov 25 T9 2% Office, 240 S 3d St. Phlla
8
50
87
North Penn— Stock 8% gu 990 yrs $6,000,000 a u th ..
do
do
M & N May 1 1936
4
500 dec
67 1866
Old second M (now 1st) (7s extended In 1896)--k v c
do
do
3.3g J & J Jan 1 1953
87 1873
General mortgage extend, in gold In 1 9 0 3 -FP.kvc&r
Reading Terminal. Phlla
4 g M & N Nov 1 1928
1898
Funding loan bonds $ 40 9 ,0 0 0 gold----------------,- - k Y
Reading Terminal. Phlla
5 g A & O Apr 1 1920
1,000
2576 1890
North East Penn— 1st M gold gu P & R - „ duP-kvo*
North & South Carolina— See Seaboard Air Line
Tress’ office,Washington
J & J July 1 1928
5
1,000
112 1896
Northern Alabama— 1st M($350,000 prior lien) Col xo
0 ln 1919 Q—J Oct 1 1919 1H 50 Congress St, Boston
100
83
Northern (N H)— Stock 6% rental...................- - - - ­
Northern California Ry— See Southern Paclflo R R —
8 In 1919 J
& J July 151919 4% Treasurer’s Office. Balto
50
Northern Central— Stock ($27,079,600 auth) (see text)
do
do
Q—J27 Irredeemable
6
144 1855
First mortgage State of Maryland loan (V 74.p 1197)
do
do
4H g A & O Apr 1 1925
1,000
144 1885
Consol General mortgage of 1874 gold Series E -.x o
do
do
,T
& J Jan 1 1926
6
1,000
144 ’76-’82
Second Gen M Ser " A ” & “ B” (A $2,565,000) -FPx
Bk Br NAm.NY.Mon,&L
4 v J & J Jan 1 1940
500
16.9 1910
Nor New Brunsw & Seab— 1st M g gu $390,000 auth4 In 1919 Q— M Dec 1919
1% 50 Church St, New York
100
Northern of New Jersey— Stock guar (see V 69, P 81)
do
do
J
& J July 1 1927
4H
100 deo
"21 1887
1st M ext at 4 H % till July 11927 see text------------ c
do
do
& J Jan 1 2000
4H g J
1,000
1900
Gen mtge $1,000,000 g Int guar by lease— Usm.xo*
Chase Nat’I Bank, N Y
5 g A & O Oct 1 1945
1,000
162 1895
Northern Ohio— 1st M g ($15,000 p m) gu p & 1-Ce.xc*
7 In 1919 Q— F N o v i 1919 IH J P Morgan & Co, N Y
100
Northern Pacific Ry— Stock $250,000,000 authorized
J P Morgan & Co, N Y
J 6 g F & A Feb 1 1923
1,000
182 1883
St Paul & N Pgen M land grant assumed.Ce.xc*&r
do
do
Q— F Feb 1 1923
i 6 g
1.000
182 1883
do
do
registered ---------------------- x
Office 34 Nassau St, N Y
4 g J & J July 1 1935
163 1895
Wash & Columbia River 1st M gold assumed.F.xc*
8.500 b 2.480 000.
a b Tncl. amounts in treasury Dec. 31 1918. viz: a $5.39
71
R R ., 19 m
The Oonv. 4s o f 1907. o f which $25,569,000 were issued 1907-10 (V. 83. Concord & Claremont RR .. for m.; Peterborough & Hillsborough assigned to
99 years from Jan. I 1890 was
p. 380.435. 575) were convertible into common stock, $ for $. prior to June 1 Lease to Boston & Lowell
Bos. & M e.; rental now
1897 1%
1917, and thereafter subject to call at 105 & lnt.; $25,284,000 bonds were was paid regularly from 6% , payable in gold. Until July Jan., 5% extra
contingent
Also
converted. V. 83. p. 1412, 1471; V. 84. p. 1248; V . 86. p. 109 286; V. 90. in 1896, 2% ; in 1897, 5% ; in 1904. fund. extra—ln 1894, p. 924.) extra
(V. 106,
p. 772. 1425: V. 93, p. 1324. 1534; V. 104, p. 1592; V. 106. p. 1237.
Convertible bonds of 1912 are convertible Into common stock, $ for $, ★ NORTHERN CENTRAL RY — Owns Baltimore. M d.. to Sunbury. Pa..
prior to Sept. 1 1922. and thereafter subject to call at 105 a n oin t. In 130 miles, all double track; branch, 8 m fl«: total, 144 miles. Leases of
Oct. 1 1919, $12,927,000 converted. In treasury. $269,000. V .94, p. 208, Skaraofeln Valley & Pobfcsvllle R R . and Elmira & Williamsport R R . were
assumed by Penn, R R . ln 1911.
^ T h e 2^ 7 0 0 / 4 H % convertible bonds o f 1913 are convertible Into com­
The stockholders on Nov. 2 1910 voted to lease road to Pennsylvania RR.
mon stock. $ for $. prior to Sept. 1 1923, and thereafter sub. to call at 105 for 999 years from Jan. 1 1911, the holder* of the $19,342,550 stook to
and lnt. Converted to Oct. 1 1919, $16,520,000; in treasury, $1,213,000. receive a stock div. of 40%; also 10% In cosh from treasury assets and a
V . 96. p. 360. 653, 948; V. 97. p. 666. Equipment trusts o f 1914, V. 98, guaranty of 8% on all the stock during the lease, retroactive to Jan. 1 1911.
p. 1000, 1072. Loans and bills payable Dec. 31 1918. $4,500,000.
V. 91. p. 154, 337, 464, 871, 1026. The lease wont into effect in July 1914.
T o provide for capital requirements during 1919, &c., the holders or V. 99, p. 343. 49; V. 91, p. 1768; V. 92, p. 527, 1109, 1179, 1243, 1566­
both classes o f stock o f record Dec. 18 1918 (see V . 107, p. 2098) had the V. 93, p. 45, 286; V. 96, p. 572; V. 102, p. 2342. State o f Maryland 1st M .
privilege o f subscribing at par, on or before Jan. 25 1919, for $17,945,000. o f 1855. V. 102, p. 1060, 1250.
Convertible 10-Year 6% gold bonds o f 1919 in amounts equal to 1244%
SECURITIES OWNED.— On Jan. 1 1919 among the assets held were
of their respective holdings. The subscription price was payable at Cruaranty Trust C o., N . Y ., or office o f company, in three installments, or may Elmira & Lake Ont. stock (all), $1,500,000; Sham. Val. & Pottsv, stook,
$619,650; Union R R . stock. $1,225,000 (the bal. of $875,000 being hold by
be paid in full on or before the dates named.
. _ „ ,
c
Amount.
Jan. 25.
M ay 7.
Sent. 6. Or m Full Jan. 25. Phlla., Balt. S Wash.), &c. Also Southern Pacific Oo.. $1,848,700 (ex­
changed ln July 1913 for Balt, S Ohio stock.
c
$100 .......................
$40
$30
$30
„ $100
These bonds of 1919 are convertible at the option of the holder at
STOCK.— Penn. RR. on Dec. 31 1918 owned $13,058,050 of $27,079,600
any time during their life into common stock of the same total par value. outstanding stock. The auth. Issue was increased In Nov. 1910 from
See V. 107, p. 2098; V. 108, p. 4S0, 2023. Listed on N. Y . Stock Exchange $20,000,000 to $27,079,600. A 40% stock tfov. ($7,737,000) was paid Aug.
5 1914. V. 91. p. 1630; V. 98, p. 1695; V. 99. p. 271, 538.
ln GENERAL FINANCES8 Of the traffic In 1916 66.08% (30,676,505
—
DIVS.—
’94-’00. ’01-’ 14.
tons) was coal; average rate per ton perm .. 0.425cts.: train-load, 1.018 tons. Percent____ ’88. ’89. ’90. ’91. "92. ’93. 7 yrly. 8 yrly.*Since8under L e a se .
7
8
8
7
8
8
yearly.
Income Statement for 1918 Based on Government Compensation.
• Also Jan. 1907, 12H% paid In stock ($2,149,169), V. 83, p. 471.
Government rental------- $20,634,1421Interest, rents, &c- - - - - - $4,113,775 Also 10% extra In cash and 40% 'n stock under lease ln Aug. 1914 and 28%
R y. war tax accruals____ 1,716,000 Div. on a d j.p re f.sto ck -919,692 extra ln cash representing 8% on 40% stock dividend for 2H years from
Other income........... ........ 1,000,159 IBalance............................. 14.884,834 Jan, 1 1911 to July 1 1914, during which lease was held up. V. 99, p. 343.
E A R N IN G S.— 9 mos., J1919-------Gross, $58,023,042; net, 510,226,717
Bonds, & c . — Tho shareholders voted Feb. 5 1919 to increase the fundod
Jan. 1 to Sept. 30.
\1918____ Gross, 59,236.485; net, 14,535.247 debt to the extent o f $8,216,000 by the Issuance of Consolidated Gen.
Mortgage, or other bonds or obligations, in order to liquidate Indebtedness
R E PO R T .— For fiscal yr. end. Dec. 31 '18 in full in V. 108, p. 1404.
to Penn. R R . Co. for improvements amounting, it is understood, to $5,000,­
— Years ending Dec. 31--------Years ending June SO
—
000 Jan. 1 1919 and for further similar outlays. V. 108, p. 172.
1917.
1916.
1916.
1915.
R EPO RT.— For 1918, Income (rental from lease of road), $2,526,357;
Gross earnings_________ $65,910,242 $59,449,982 $57,304,586 $42,987,044
Operating expenses_____ 41,161,503 33,508,732 32,181,346 27,831,815 int.. See., charges, $359,989; dividends (8 % ), $2,166,172; surplus, $196.
Pres., Samuel Rea; Treas., Ilenry Tatnall.— (V. 107, p. 2376; V. 108, p.
*a
<SS proflte t a x e s /-ffI 5,096,922
2,481,983
2,068.454 1,879,766 172, 579, 974.)
NORTHERN NEW BRUNSWICK & SEABOARD R Y .— Iron mines of
Net earnings- - - ...........S19.651.816 $23,459,266 $23,054,786 S13;2jjjj.46|
Canada Iron Foundries, Ltd., near Bathurst, New Brunswick, to NlplslHire of equipment___
968,960
811,592
676,842
750.411 qult Junction, on Intercolonial, 16.9 miles. Not operating in 1918, but lnt.
Divs. & int. received. I
192,019 paid to July 1 1919. Bonds auth., $390,000, at $15,000 per mile, guar, by
506.913
492.400
437,758
Other rents, &c., rec’d .
Province o f New Brunswick and Canada Iron Corp.— (V. 107, p. 1482.)
Gross income______ .$23,182,055 $26,160,572 $25,181,364 $15,318,696
- $3,673,007 $3,751,027 $3,915,690 $4,220,959 ★ NORTHERN RR. OF NEW JERSEY.— Owns from Croxton, N. J., to
Bond interest_________
687,832 Sparklll, N. Y ., 21 m.; leases Sparklll to Nyaok, 5 m. Leased to the Erie
641,615
609,471
562,912
Other interest, &c_____
919,672 RR. from June 1 1899 for the term of Its oorporate existence, for Interest
919,672
919,672
919,677
Prof, dividends (4 % )___
6.476,622 on bonds, 4% on $1,000,000 stock, payable quarterly, taxes, and all oor­
8,312,964
9.094.184
Common dividends____ 9,632,620
6%
7H %
8%
7H %
Per cent on com. d iv s .____________________________________
porate expenses. The $650,000 1st M . 6% bonds, maturing July 1 1917,
V. 104, p.2553.—
Balance, surplus_____$8,393,840 $11,786,218 $11,391,423
$3,013,612 wore extended until July 1 1927, with 4J4% lnt.
OFFICERS.— Pres., L. E . Johnson, Roanoke, Va.; V .-P ., W m. G. (V. 104. p.2553.)
NORTHERN RY, COSTA RICA.— See V 71. p. 1067. V . 100,p.643.
MacDowell; V .-P ., C. S. Churchill; Sec. and Asst. Treas., E. H. Alden,
Treas., R . P. Royer.
Phlla.
office. Commercial Trust Bldg.
OHIO RAILW AY.—
p Lake E r ie A W
r n .)—
Federal Manager, A . C. Needles; Gen. M gr. under U. S. G ovt., W . J. ★ NORTHERN Delphos, O.. 102 miles. (See M a for 999 years to L. e ste & W „
owns Akron to
Leased
E.
Jenlcs, and Federal Treas., Jos. B. Lacy, all at Roanoke. Va.
„
,
which guarantees bonds (V. 62, p. 826) and owns the $3,580,000 common
Directors.— Victor Morawetz, New York; L. E . Johnson, Roanoke,
Samuel Rea, Phila., and David W . Flickwir, Roanoke, Va.; W . G. Mac- stock. Pref. non-cum. 5% stock, $650,000; par, $100. Mortgage auth.,
and
do well, John P. Green and W . W . Atter bury Phila.; Joseph W ood, $4,000,000; issued, $2,506,000.337.) $1,500,000 reserved for extensions at
Henry C. Frick. Pittsburgh; M . C. Kennedy. Chambersburg, Pa.— (V. $15,000 per mile.— (V. 66. p.
★ NORTHERN PACIFIC RY.— (See M a p s .) — Operates one of tho
108, p. 79, 269, 480, 879,974, 1512, 2023; V. 109, p. 888.
leading lines to the Pacific, having Its eastern terminal at St. Paul, Minn.,
★ NORRISTOW N & MAIN LINE CONNECTINQ R R .— Owns double­ and Duluth, Minn, (the head of Lake navigation), and running thence west­
track road. 64 miles long. incl. bridge over Schuylkill River at Norristown, erly traversing the great wheat belt of Minnesota and North Dakota, the
Pa. Leased to Phlla. & Reading R y. Jan. 1 1904 for'999 years at 4% od mining district of Montana and the farming country of Washington to
stock and lnt. on bonds. Reading Co. owns the $50,000 stock and guaran­ Tacoma and Seattle and to Portland. Ore., with branches.
tees the bonds.— (V. 75, p. 1148.)
Lea sed to Others—
M ile s.
M ain Line—
M iles.
To other companies__________
86
Ashland, Wls., to Portland.
★ NORTH CAROLINA R R — Owns from Goldsboro to Charlotte, N . O .
Ore. (incl. 5 m. terminals) -.2,171 To Province of Manitoba______ 355
222.44 m.; Caroleigh Jet., N. O ., to Carolelgh Mills, 1.90 m .; total, 224.34
Spokane branch______________
18
Bralnerd and Staples to St
miles. Leased from Jan. 1 1896 to the Southern R y. for 99 years at $2b9.Paul . — . . . . . . . . . . . ---- 180
000 (6H % on stock) per year till Deo. 31 1901 and $286,000 (equal to 7%
Tot,(Incl. 187 m. trackage)&c.7,212
on stock) balance of lease: also taxes. V. 63, p .361 . State of North Caro
Other lines.................- ......... — 581
Controlled Properties—
llna holds $3,000,000 stook.— (V. 66. p. 665; V. 89. p. 163.)
Total main line-------------------2,932 Minn. & Intern. (V. 77. p. 451) 179
★ NORTH PENNSYLVANIA RR.— Owns from Philadelphia. P a „ to Beth
34
Various branches_____________ 3,634 Other companies______________
lehem. Pa., 56.53 m.; Delaware River branch, 21.50 m.; Doylestown branoh.
10.09 m.; total first track, 88.12 m.; total track, lncl. 2d, 3d and 4th track
Total system Jan 1 1919___ 7,414
Total, Incl. 5 miles trackage
and sidings, 264.13 m. Leased for 990 years from M ay. 1 1879 to Phlla.
(operated directly)_______ 6,566 Second track________________ 827
& Reading R R . at 8% on stock, and lease assumed In 1896 by Phlla. &
The Manitoba branches, aggregating 354 m ., were leased for 999 years
Reading R y. Pres.. Charles E. Ingersoll.— (V. 18, p. 668; V. 103, p. 2429.)
from May 31 1901 to the Provincial Government and sub-let by the latter to
★ NORTHEAST PENNSYLVANIA RR.— Owns road from Glenslde to the Canadian Northern Ry. at a rental of $210,000 annually for the first 10
New Hope, Pa., 25.64 miles; 2d track, 1.99 m.; total tracks, 33.05 miles. years, then $225,000 for 10 years, then $275,000 for 10 years and thereafter
Cap. stock, $400,000. o f which *318.950 owned by Reading Co.; par $50.
$300,000, with option of purchase any time for $7,000,000. V. 73, P. 010.
Fed. M gr., C. H. Ewing, Philadelphia, Pa.
Owns Jointly with Great Northern tho stock of Spokane Portland & Se­
★ NORTHERN ALABAMA RY,— Sheffield to Parrish, Ala., and branches. attle R y.. extending from Portland to Spokane, Wash., with branches;
112.50 miles. In April 1899 a majority of stook and bonds purchased by gee V. 81. P- 1101; V. 83. p. 1111; V. 86. p 1530. The So. Port. & Seattle
the Southern R y. V. 68. p. 824, 873. See also V. 09, p. 391.
owns majority of the stock of the Oregon Electric and United R ys..of 1 ortStock Is $2,000,000. Under supp. mtge. of 1898 $400,000 of the out­ land. V. 91. p. 1178. Twin City Belt R y., org. In 1917. See V.104 jj.560.
standing $1,700,000 1st 5s were made prior liens. V. 67. p. 1208. F or6 m os.
In 1909 arranged for Joint use of Co’s line. Tacoma to Vancouver, Wash.,
to Dec. 31 1917, gross, $478,158; net, after taxes, $165,511; other income, 1 3 5 M ., with Gt. Nor. and Un. Pac.; V. 88, p. 1373; V . 93, p. 1030. In
$21,570: bond int.. $41,250: rentals. &c.. $93,245: bal.. sur., $52,586. Jan.’ 18 began running Its own trains Into Vancouver, B .O . y . 106, p. 190.
In 1912 the Midland R y. of Manitoba, formed In the Joint Interest of the
Pres., Fairfax Harrison, Richmond, Va. Federal M gr., E . H. Coapman,
oompany and tho Great Northern, obtained trackage rights from the Cana­
Washington, D . C .— (V. 69. p. 28.)
dian Northern R y. between Emerson, Man., and Winnipeg, 68 miles, for
★ NORTHERN (N. H.) RR,— Owns Concord, N. H ., to White River Jot,,
V t„ 70 m.; branch to Bristol, N. H „ 13 m .; total, 83 m. Subsidiary lines, 20 years, with provision for 999 years. V. 95. p. 298, 1129; V. 97. P, 1038.




Nov., 1919.]

*8ou tero T en

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

Mile
Date
Road Bonds

Northern P acific R y.— (Concluded)—
Mortgages of Northern Pacific Railway—
Prior lien M $129,537,000 gold land gr-Ba.xo*Ar See z
General Hen M $190,000,000 gold land gr.F.xc* Ar See z
St Paul-Duluth Dlv pur money M $20,000,000 G.xc*
226
O B & Q coll tr M g (red at 105) 34 sh are___S.o’ Ar*
do
do
registered_______________r*
Ref and Impt M gold ($, £, fr) red text—G.c*Ar* 6.271
Bonds Underlying St Paul & Duluth Div Mtge
St Paul & Duluth first mortgage assumed______zc*
167
Consol mtge assumed $5,000,000 gold—Mp.zc*
238
Washington Central 1st M g 515,000 p m ____xCol
130
Northern Pac Term Co— First M gold red 110 —F.xo’
30
Northern Railway (Cal)— See Southern Paclflo RR
Northern Securities— See Industrials.
Northwestern Pacific— Stock ($35.000,000)________ F
607
Cal Northw 1st M g gtiar by S F & Nor Pac sk fd .z
40
1 st ARefM $35,000,000 g red HOaft 10 yrs.F.xc* Ar
Northwestern RR o f S outh Caro— First cons M _x
"76
Northw Term Ry— 1st M gold call at 102)4 — Ba.c*
Norwich & Worcester— Preferred stock 8% r e n ta l...
"72
Bonds (not mtge) Int guar under lease, c u r ____zcAr
Norwood & St L— 1st M $300,000 g red 110 19 1 2 ..Eqx
"20
Ocean Shore RR— 1st M *5,000,000...............................

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Q— J Jan
4g
Q— F Jan
3g
A D Deo
4g J
A J July
4g J
Q— J July
4g
4)4 g J & J July

1881
1898
1898
1883

5
4 g
4g
6 g

F & A Aug 11931
J
& D June 1 1968
Q— M Mar 1 1948
J
& J Jan 1 1933

5g

A
M
A
J

1.000
1.000
500 &c
1.000

1.000,000
1.000 000
X827.000
2,572,000

100 35.000,000
1898
1,000
924.000
1907 1.000 Ac 24.140,000
1914
1,000
360.000
1906
1.000 2.217.000
100 3,000,000
1897
1.000 1.200.000
1902
500 Ao
101.000
nil Oct 1919

5e
8
4
5g

HISTORY.— This Wisconsin company on Sept. 1 1896 succeeded to the
railroads, land grant and other property of the Northern Paclflo R R ,
foreclosed In July 1896 and reorganized per plan In V. 62, p. 550,
The original Northern Paclflo Company was chartered. by Congress July 2
Congr
1864: 450 miles to Bismarck were foreclosed In 1875.
DIVIDEN DS.— (1905. 1906. 1907. 1908. 1909.
1910 to N ov 1919.
On common (% )— \ 7
7
7
7
7
7 yrly. ( 1 « % Q-F)
•Also Deo. 1908. 11.26% from surplus of N. W. Impt. Co. V 87* p. 1238^
BONDS.— The Refunding and Improvement Mortgage o f'l9 1 4 covers
6.271 miles of road, on 847 of which It Is a first Hen. It Is an open mortgage
and not limited to any specified amount, but the bonds at any time out­
standing are limited to three times the outstanding capital stock, now
amounting to $248,000,000. When the amount o f bonds Issued thereunder
(bearing Interest at rates to be fixed) reaches $500,000,000. further Issues
must be limited to 80% o f the cost o f new property placed under the mtge.
Bonds of any series may be made redeemable before maturity or convertible
**je election of the holders Into capital stock on terms and dates to be
fixed. Of the bonds, $421,492,500 are reserved to retire, $ for $ prior
bonds (Including Nor. Pac.-Great Nor. Joint bonds,) at or before maturity
In 1914 420 000.000 Series A 4 4*s were sold, callable as a whole at l\o and
Int. on and after July l 1919. V. 99. p. 120. 271; V. 105 d 2366
Loans and bills payable as o f Dec. 31 1918, $4,900,000! P'
V.A
63* p 1012O
raC
-10niT. ?07°2V^e V.d9 n er49.,len mortBa« es o f 1 S 9 8 ™
ln
4s purchasable with land sales at not exceeding n o
(but not subject to call), not over $500,000 hash yearly to
$121,650,000
be so applied. Total Issue. $130,000,000: issued........... ..
Originally reserved, but no longer Issuable______
5 9 3 000
"
in 242’500
Issued, but purchased and canceled_______________
Reserved to retire St. Paul A N. P. b on d s______
7 7 5 7 000
For new construction, betterments, equipment," Ao." not"ex'
’
oeedlng $1,500,000 per annum S25.o00.000__________
All Issued.
Of Gen. Lien bonds. $130,000,000 wero reserved to retire Prior Lien 4s.
. T h e S - p , a u l * D u l u t h D i v i s i o n mortgage secures $20,000,000 purchase
J
money bonds on the former St. Paul A Duluth, of which $9,215,000 were
Usued to acquire the road, $5,283,000 were reserved to retire existing St. P
AS*. ° ° " d8 and the balance for Improvements to the property. V. 70, p.
L n.’. w J 1 ’ pvM 07- £ he lands ■deluded In the grant of the former St. Paul
® ~ 11
beidk sold and proceeds applied to purchase o f the bonds at
.ov?r 1 0 5 and lnt" °r. if not purchasable at that price, then to better­
s, Improvements or additions to the mortgaged premises or equipment
w ^ M r' Po Dec. 31 1918 $10,419,000 had been Issued but $2,339,000 had
been thU3 purchased and canceled. V. 71, p. 1167; V. 72, p. 339.
Q[tA NT.— The land grant was 12.800 acres to’ the mile In the
States of Minnesota and Oregon and 25,600 acres per mile in the (then)
Intermediate territories. Unsold on Deo. 31 1918, -L734.672 acres, viz.:
Minn., N o. Dak. & W ise ..
17,5121Idaho_____
339 102
W yom ing.............................
68.673 Washington . . . ” ............... 1.486 369
Montana-------------------------- 2,676,6751O regon ________
“ “
146 339
Sales for yoar 1918. 162,315 acres, for $1,989,261.
— *n 1994 Nor. Pao. and Gt. Northern had acaulred $107 P r io r lien

T

’iR s s & ffi ’H ,

31 1918. $5,500,000. V. io 8 , p. 269.

1837?^I4
I76;NVA K)90 p:"380ndCr G° Vt‘ contract> 530,130.069.’ V. 107, p.
EA?nNIi ^ ? ? n 3" fiS lS ........S rQSS’ 572,543,472; net. $16,778,982
Jan. 1 to Sept. 30.
11918-------Gross, 70,645,842; net, 18 718,582
REPORT — Report yoar 1918 In V. 108. p. 1505; V. 109 d 368 380
Corporate Income account under Federal control1
p ‘ ° 00’ 0
1918.
1917
. ,
1918.
1917.
Government
$
_
Bond, A c.,
$
5
compensa'n30,089,692a31,379,565 Av!"t0,,est------12,243.558 12,274,382
r <1n iis
Other incomo. 8,132,615 11.608,366 1Vi c 1 00
Xs g1
R y. tax accr'ls
charges
389,152
199,148
(war taxes). 1,657,365
888,425 Depreciation
L'sed road rents 51,332
51,332
ofequlpt— 2,203,696 ...............
Mlscoll. rents
Dividends ...17,360.000 17,360.000
and taxes..
10,598
11,959 Balance ------ x2,769,334 12,142,686
x After deducting $1,537,273 for expenses prior"to Jan 11918. a Net
T
income for 1917 as shown in Federal income account.
Federal Income Account in 1918 (Compared with Co.’s Figures in 1917 A 1916)
1918.
1917
1916
Total operating revenues................... $102,908,259 $88,225,726 $80 281 343
Maintenance of way and structures. .$14,226,882 $10,782 178 % q ’31Q'432
Maintenance o f equipment_________ 16,716,958 11.245’ l2n
—
8.419,939
Traffic expenses___________________
779,683
* ’—
1.233,124
1,219,422
Transportation expenses____________ 37,501,967 28.531,413 22,531,072
General, &c., expenses_____________ 2,290,812
1.506,026
1.742,413
Net revenue.......................................$31,391,956 $34,927,865 $37 049,065
Tax accruals and uncollectibles____
6,505,328
6,031,441
5,516,983
Operating Income........................... ..$24,886,629 $28,896,425 $31,532,181
N onoperating items (net)_________ Cr.3,974,634 Cr.606,261
4 584 170
Dividends (7% per annum)---------------- See above. 17,360,000 17'360.000
Compensation under contract............. 30,089,692
........
.......
Net Incomo.............................. x.def.$1,228,429 $12,142,686 $9,588,010
x After crediting $543,831 (net), representing payments mado and
received on account o f transactions prior to Federal control.
DIRECTO RS.— Howard Elliott (Pres.),(Chairman o f executive com­
mittee), Arthur Curtiss Jamas, George F. Baker, J. P. Morgan. Lewis
Cass Lodyard, E. A. Gay, Charles Steele, James N . Hill, Amos Tuck
French, Thomas W . Lamont, Geo. F. Baker, Jr., Payne Whitney,




99

Last Dividend Plkces Where Interest and
and Maturity
Dividends are Payable

1896
500 Ac 110.815.500
1896
500 Ac a60,000.000
1900
1,000 8.080.000
1901 1.000 Acl 107.613.500
1901 1.000 A c/ See “ a "
1014
100 Ac 20.000.000

& O Apr
& S Mch
& O Aug
A J July
Q— J Oct
M A S Mch
A A O Apr

a This Is only one-half the outstanding Issue (see Ch Icago Burlln gton & Q uincy). An add tion al $1,271
x After deducting $1,026,000 owned by Northern Pa cific R y
z 5.130 miles, including 40 miles not operated: spu rs. 261 miles.

h Foderal R . ' a . ’i tDec.
v p . advances to e

APrlvate
Control.

RAILWAY STOCKS AND BONDS

,0 0 0

1 1997
12047
1 1993
1 1921
1 1921
1 2047

J P Morgan, New York
do
do
do
do
J. P. Morgan, N Y
do
do
New York, Ac.
J P Morgan A Co, N Y
do
do
Bankers Trust C o, N Y
Winslow,Lanier A Co.N Y

11928
San Francisco
1 1957
1 1964
Safe Dep A Tr Co. Balto
1 1926
Jan 1918 coupon not paid
1 1919 2% Mech Nat Bk. Worcester
1 1927
Company’s office, Boston
1 1932
Watertown (NY) Nat Bk
was held In treasury Dec. 31 1918.

Crawford Livingston. E. A . Gay is Sec’y & Treas. N. Y . office, 34
Nassau St. Gen. Mgr. under U. S. G ovt., J. M . Rapeljo; Fed. M gr.,
Jule M . Hannaford, and Fed. Treas., C. A. Clark, all of St. Paul, Minn.—
(V. 107. p. 1837, 2476; V. 108, p. 269, 1505: V. 109, p. 368, 1366, 1700.)
★ NORTHERN PACIFIC TERMINAL CO. OF OREGON.— Owns terminal*
on the Willamette River, Ore., at Portland, East Portland and Alblnaoomprlsing 270 acres land. 40 m track, dock frontage 7.904 feet.
_ LEASE.— Leased for 50 years from Jan. 1 1883 Jointly and severally va
Northern Pacific, Oregon Ry. A Navigation and Oregon A California, w.tb
guaranteed rental to pay interest, sinking fund and taxes; leases assumed
n 1899 by new Nor. Pao. and Oregon RR. A Nav. V. 69, p. 230.
STOCK.— Stock ($3,000,000) owned by said three companies (40% by
Oregon Ry. A Nav. Co., 40% by Nor. Pao. and 20% 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.
BONDS.— The first mtge. is for $5,000,000; in April 1919 $4,323,000 had
been Issued, of which $1,690,000 retired or called for sinking fund at 110 and
interest. Federal M gr., J. P. O’Brien. Portland, Ore.— (V. 105, p. 294;
V. 106. p. 500; V. 107. p. 697.)
NORTHERN SECURITIES CO.— See Industrials.
"N O R TH W E STER N .” — See Chicago St North Western R y.
★ N O R T H W E S T E R N PACIFIC RR.— (See Map Atch. Top. & S. F .)—
Operates a system extending from Point Tlburon and Sausallto. Cal.
(whence ferry to San Franolsoo, 6 34 miles), northerly to Eureka, with
branches, 507 miles In all. Incorp. Jan. 8 1907 In the Interest of Southern
Pac. and^Atch^Top. & San. Fe, which each owns S17.500.000 stock. V
BONDS.— Cal. N . W. 5s s. f. $5,000 yearly calls at 110 and Int.
Of the 1st & Refund. 4)4s of 1907 ($35,000,000 auth.), $24,140,000 was
outstanding Jan. 31 T8, $23,976,000 being owned by Sou. Pac.: the mtge. re­
served $6,676,000 to retire a like amount of underlying bonds, $5,000,000
for lmpts. and equip, and $13,324,000 for new construction, incl. line from
Shively to Wllllts and from Wendllng to connection with main line at
Healdsburg; s. f. $10,000 yearly; bonds drawn at 110. Y . 84, p. 221.
694: V. 85. p. 222: V. 96, p. 1773: V. 98. p. 1316.
y
“ A DVAN CES” A N D “ STAN D AR D R E T U R N .” Ac.— See page 5.
_ In Jan. 1919 the California R R . Comm, authorized the company to issue
$3,941,000 First & Ref. Mtge. 4)4% bonds, the proceeds to be used to
purchase and retire $3,571,000 bonds of the old San Francisco & North
Pacific Ry. which matured Jan. 1. V. 108, p. 172, 379.
EARN ING S.— 12 mos., (1 9 1 8 ..Gross, $5,702,398; net (before $1,728,630
Jan. 1 to Dec. 31.
11917—Gross. 4.871.595: taxes),
1.757,899
For 8 months.—
(1919------Gross, $4,160,636; net (bef. $853,391
TfS5.vA.Ji? Aug- 31* U918----- Gross, 3,732,458; taxes),
1,276,380
RE PO RT.— For year 1917 in V. 107. p. 175, shows:
Cal. Years—
Cross.
Net.
Other Inc. Int., A c.
Surplus.
1917
..........$4,871,595 $1,511,480 $85,689 $1,445,030 $152,139
!910 - - - - - .........- 4,515.562
1,445.587 139.417
1.438.140
146.864
Gen. _IVIgr. under U. S. Govt., W . S. Palmer, San Francisco.— (V. io8 ,
A NORTHWESTERN RR. OF SOUTH CAROLINA.— (See M ap Atlantic
Doast L fnsJ-W llspnM U l. S. 0 .. via Sumter to Camden, 62 5 miles; branch.
Millard to St. Paul, 3.5 m.; Mannville to Rose Hill, 9.5 m.; trackage 5 m •
total. 81 miles. Stock, $100,000. Dividend. 6 % , paid yearly Dec’ 1900
to 1902; 1903 to 1905, 6% : 1907 and 1909, 4 % : 1910. 6 % ; 1911 and 1912
6% ; 1914. 4% : 1915. 5% ; 1916. 6% ; 1917.16%. Of the o u t s t e n d ^ $360.1
000 first consol, mtge. bonds. $285,000 are 4s and $75,000 5s. Year 1918
gross. $150,755; net, $44,454; other income, $2,677; int., rentals Ac $ 2 8 ­
326; bal., sur., $18,805.
*
’
★ NORTHWESTERN TERMINAL RY.— Owns terminals covering 36 aoree
at Denver and 102 acres of right of way In that city, and 100 aores of freight
terminals at Utah Junction, 3 miles north of Denver. Leased for 50 years
from Jan. 1 1914 to Denver A Sait Lake R R .. which owns the $3,000,000
itoclc, rental covering interest on bonds, operating expenses and taxes.
Operated by U. S. R R . Administration as part of Denver
A Sait Lake R R . Co. by virtue of lease but receive no Federal compensa­
te011. Interest was defaulted Jan. 1 1918 and subsequently, and in
Jan. 1919 a protective committee with S. M . Perry of Denver, as Chair­
man, called for the deposit of the bonds with the International Trust C o.
of Denver or Bankers Trust Co. o f N. Y . V. 108. d 269 37Q Ififil
V 'ww8, P: 86. Bonds ($3,000,000 auth. Issue), see V. 89. p.’ 994:’ v . 90*
p. 503. Acting Gen. M gr., W . F. Thiehoff.— (Y . 108, p. 269, 379, i0 6 i.)
(WORCESTER RR.— Owns from Groton, Conn., to WorFeb i ?8fiq
^
i eaf j \° New England R R . for 99 years from
Feb. 1 1869 (now N. Y . N. H. A H .); rental 8% on pref. stk.— V.106, p.924
R R - — Norwood to Waddlngton, N. Y ..
of shares' Li nn B n & i 3
opened July 1909. Sto.k, $100,000; par
or shares. $ 1 0 0 . Bonds w e subject to call at 1 1 0 since April l 1912. V. 95.
? 9 S 7 Q7 ‘
i ?1 979’ J ?1, after taxes. $35,371; interest, Ac.,
!20,
S3/Jl0; bal;j sur-. $2,823. 1917. gross, S94.867; net, after
1 749)n Co-operative contract signed on Sept. 29 1919. Pres.,
VPh?09V k1366^)eaS"
<p
Smlth; Soc-- J - A . Rem ington— (V. 95, p. 1542;
CALIFORNIA.— Owns partly oonstruoted road,
extend from San Franolsoo, Cal., to Santa Cruz, 80 miles,
of whion 38 miles south from San Francisco and 1514 north from Santa Cruz
1 oompleted . leaving gap of 26 34 miles. Incorporated Oct. 9 1911 as suo8
? ? Co- foreclosed Jan. 17 1911. Stock, $5,000,000. o
which $3,809,9o0 outstanding Oct. 1917, given to bondholders of old com7 A«rO ?S?]?B
X
e-J.or the,r securities. V. 96, p. 1229. Assessments: 1912,
9 0 a.'.9
o°,« } ? 1« i,^ 9^ d 23: 1914- $102,607; 1915, $114,381; 1915-16, $114,298^1916-17. $114,299; total, $1,018,912. Stockholders In 1914 authorized
,5 i ^ ’^ ,J ? ? " ds- v - 07. p. 1505; V. 98, p 236 611: V. 99. p. 748.
EARNINGS.—
G
ross. Op.Def. Olh.Inc Deduct. Loss.
1918 ........... ..............................$165,530 $44,700 $2,957 $6,548 $48,291
1917 ......................................... 187.449 17,041
1.551
4.7 9 1 . 20,280
Pres., F. W . Bradley; V.-P. A Gen. M gr., John G. Sutton; Sec. & Treas.,
J. W . Crosby. Office. 52 11th St.. San Fran.. Cal.— (V. 106 p .1461.

•fcGovernment
Control.

100

Miles Date
Road Bonds

RAILROAD COMPANIES
[For abbreviations, A c., see notes on first pace]
O cilla South RR— let M $500,000 g red llp -x c*& r
Ocden Mine DD— stock (5% rental Central of N J ). Ozdensburg & La«c Chamolain Ry— See Rutland RR
Ohio Conn Ry— 1st M J2 .0 0 0 .000 g gu text) - - Fxo
Ohio & Kentucky— 1st M gold sk Id oall at 1 1 0 -Le.zo
Debenture certificates
---- -— - - 7 - V N x iV tjw
Ohio & Little Kanawha Ry— See Balt S Ohio R R .
c
Ohio River— See Baltimore & Ohio
_
„a
Oklahomn Central— See Atch Topeka & SanU Fe
Old Colony— Stock 7% guaranteed by rental--------- °

62 1914
10

—

9 1903
26 1896
1914

• ------

—

Bonds not mortgaIe~(auth $3 ,0 0 6 ,0 0 0 ) gold-zo’ &r
Oregon & Cal— 1 st m g urawu au
O regon P acific St East Ry— ist M $5 0 0 ,0 0 0 goldOregon Short Line RR— First m tg e(R y Co) g — zo
Utah & North 1st M ext 1908 (V 8 6 , p 1410) ---X °
Cons M gu $15,000 p m aif not drawn g . AB.zo
Cons 1st M $36,500,000 g (1st M on 400 m) -.Q -x o

680
20
011

488
488
1.178

U
O
oerica u uvuniuuauiHvi»vf - - - - - - - —
First & Cons M $150,000,000 g red text Ce.xo •&r
Oregon-Wash RR St Nav— Com stk S50.000.000 auth.
1.135
Ore RR & Nav cons(now 1st) S2 4 .3 1 2 .8 0 0 g --N .xo
Text
1st &Ref M $175,000,000 ggu p&il red ^2^'n t%*TO
35
Oswego St Syracuse— Stock 9% g^ ar.a?Le? ?LDi ,w ) W
35
Consolidated mortgage (guaranteed by D T & w )._
35
Construction mortgage guar (tor $1,000,000) orther

1888
1894
1895
1902
1887
1914
1882
1878
1886
1897
1904
1897
1897
1910
1896
1911
1876
1883
n RR.

When
Payable

Rate
%

Amount
Outstanding

Par
Value

1,000
1,000
1.000

100 22.294.000
1.000 4.000.
1.000 &c 3.000.
1.000 &o 5.598.000
1.000 &c 1.000.
1.000 17.606.000
330.000
(b)
1,000 14.931.000
1,000 4.991.000
1,000 1.744.000
500 &c 12.328.000
1.000 &o 45.000,000
a272,500
500 &o
a25.000
500 &c
1.000 &o See text
100 50.000,000
1,000 23.380.000
$ & £ 239.857.305
50 1.320,400
438.000
1,000
668.000
1.000

J. F. Gray, as receivers.
....
ngo
For year ending June 30
n : k l M K e S o - . $51,491, net. $ 1 8 ,0 1 8 .“
(V. 107,r p. 182.)
★ OGDEN MINE
l T 882
& rC?ngtre r ^ N . ' / ' l o J s r !p S 'a n ^ o n stook and $500 yrly. for org. exp.
d al T
★ OHIO COa n d ^ m ^ ro ^ h ^ ’9~llV
miiesf1< Le£Sedrfro m 'o o t^ lo 1890 fm n o
1

.ylvanla Company, whichgn Jan. Jg1 1 J % . 1 9 0 7 to 1 9 1 4 , 7 % ; 1 9 1 5 to 1918,
^
6
P ' F o?V ^ r 1918 Govt, compensation, $231,573; other Inc.,
$ 5? 4*i6
$236,989Jbalance, surplus after fixed and other <*arg«.and
5% ($100,000) on capital stock, $985.— (V. 82, p . 752, v . iu /, p.
A < O n 'V a n ^ J l ^ 1K y ^ e i r e /
K
K
$ U 5 i 35 ? S e t ? ^ e f ! $ 2 1 % 1 . In 1917, gross. $228,842; not. def
y
$42,490.
OKLAHOMA CENTRAL R R .— See Atchison Topeka & Santa Fe.
★ OLD COLONY P R ;
“ ttK K w o F i
“ u w b p S e ” bem fttlne SurcPaac el Boston & Provldeno. (leased line).
“
. _ .
T_ . qqo lpoopd to New York New Haven & Hartford for 99
LEASE .— In 1893 1
|as|d3t2()J was on June 3 0 1915 held by the lessee,
years. Of the stocx.
annum on stook not exchanged.
247. 374; v f 93! p l726 1789; V. 94. p. 6 8 . - ( V . 103, p. 1211.)
- CALIFORNIA RK^ l lb
★ OREGON & r . , icn p N IA RR — (See Map Southern Pac.)— Portland
A
Jct tg Lebanon, 11 m. Port
^ rle e Ore. 74m ; M o m w k j c ^ u
branches. 54 m.; total owned. 680 m.
. n . qp . .
.... sed to southern Pacific Co. for 34 years from Aug. 1
' -itfr nteelng lnt. on the bonds and the lessor receiving any
1893, the lesse m.m-nteemg
deficit after payment of charges.
net profit anu betag charged witn any ue
QW ' u but 5 4 7 ,9 9 0 0f
n^
?*e% T m n n m s K 5 1 2 0^)0 , 0 0 0 of which Is 7% pref. V. 72. D. 287. Due
?
So. »
»
r
9V » 3 ’ 438 The^U.S Supreme>Court £ £ e c 9

m

B E V S ff-C tW

n

.S

K

. M i . 104- p

“ “

1703'

-

i | 3 3 0 ! o 4 8 .San d^ oth« deductions, the balance surplus carried to
profit and loss being $47,272•
0„ .
net « i ,368,250; other inc o m e ^ lo ^ lo is f'ln t e r ^ t ^ & m .^ l^ lifs iif'b id ^ ! 3 e .’ .$$ 6 4 .9 9 5 .-( V. 104,
J
13
p. 1703; V . 106. p. 929.)
A O R E Q O N PACIFIC & ^ A STE R N RY^jOottage^OrOTn to^^saton.

[V ol . 109

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Chath B S Sav Tr Oo.Say
c
Jan 1 1934
Julyl5’19 2 * % 253 Drexel Bldg, Phlla
Penn R R C o. New York
M & S Sept 1 1943
4 g
1,887,000
1 Broadway, New York
5 g , J & J July 1 1926
250.000
175.000 2-3-4-5 J & D July 1 1920
$416,000
450.000

$1,000
100

0S
5

1 1919 1H Treasurer’s Office, Bost
do
do
1 1938
do
do
1 1924
do
do
1 1925
do
do
1 1932
Southern Paolflo Co, N Y
1 1927
1 1934
165 Broadway, New York
1 1922
do
do
1 1933
do
do
1 1926
do
do
1 1940
do
do
1 1929
do
do
1 1946
do
do
1 1940
1 1900
Offloe 165 B’way, N Y
New York and Germany
4 g J & D June 1 1946
New York and London
J & J Jan 1 1961
R
V F & A 20 Aug 20 1919 4 * Del Laok& Westdo R .N Y
do
See text Matured
See text
do
do
M < N May 1923
&
5
7
Q—J
J A J
4
000
& .
4
000 g
&
4
&
3
000 *
&
51g
S
c
5g
&
6g
&
4 (7)
&
5g
&
5 g
&
4g
Sept
5
Oct
4
J & D

4*
£1 &c £2.925.000
1912
4M
£1 &C see text
1915
5 g
$1,000 $1,027,000
76 1899
5 g
956.000
1.000
76 1907
xOf which $ 4,613.805
Series " B ." $ 5,000.

ra u ilt a luaiui HD! ill *\j
2d M $3,000,000 gold----a Amounts held by public.
Is owned by U. P . R R .

j^ R rW

APrlvate
Control.

RAILWAY STOCKS AND BONDS

Oct
Jan
Feb
Deo
July
July
Jan
Feb
July
July
July
Deo
July
July
Deo

J & J 15 July 15 1942
J & J 15 July 15 1942
M & N Nov 1 1949
F & A Feb 1 1937
sterling at $4.85 per

Brown,S & Co.Lon&VIct.
do
do
Nov 1914 last paid
Not regularly paid
an additional $31,744,000

been sold, are secured by pledge of $8,700,000 Illinois Central stock.
$4,018,700 Chicago S North Western R y. Pref. stock, $1,845,000 Chicago
c
Milwaukee & St. Paul Ry. pref. stock, $27,657,000 San Pedro Loa Angoles
& Salt Lake 4s and $20.000?000 N . Y. O. & H. R . R R . stock
The collat­
eral may be replaced by other of equal value. See abstract. V. 80, p. 2403:
V. 79, p. 2080; V. 80. p. 1913: V. 90. p. 1424.
Of the 1st and Consol.M. bonds ($150,000,000 auth. Issue, Interest lim­
ited to 5 % ). $34,422,000 are reserved to retire underlying bonds; Ser. A are
subject to call as a whole at 105; other series on such terms and at such
times as the directors or executive comm, may fix. None sold to Dec. 1918,
but $41 487,000 were then owned by Union Pacific R R . and $3,587,000
were in the treasury. V. 91, p. 1512; V. 92. p. 1179.
(1918____Gross, $34,136,854; net $12,527,367
EARN ING S.— 12 m os.,(1917___ Gross, 31,016,342 (before 14,538,049
Jan 1 to Dec. 31.
(1916___ Gross, 26,865,973 taxes). 13,563,436
For 8 months—
J1 9 1 9 . -Gross, $23,815,263; not (bof. $6,998,815
Jan. 1 to Aug. 31. 11918--Gross, 21.334,800; taxes;, 7,831,902
Fedoral M gr., E. E. Calvin, Omaha, Neb.— (V. 106, p. 1231.)
★ OREQON-WASHINdTON RAILROAD & NAVIGATION CO.— (See
Map Onion Pacific.)— Owns from East Portland, Ore., to Huntington,
Ore.. 388 miles; Umatilla, Ore., to Spokane, Wash., 183 m.; Attalia to North
Yakima Wash., 98 m.; other lines, 33 m.; branches, 1,299 miles; total
owned. 1,972 miles, including 207 miles leased to Oregon Short Line R R .;
leased from Dos Chutes R R .. 95 m.: owned jointly with Chic. MUw. S
c
St Paul R y.. &c., 74 m.; trackage rights, 207 miles; total operated Doc. 31
1918 (excl. 71 miles leased to outside companies and 207 miles leased to
Oregon Short Line R R ., 2,090 miles. Also over 187 miles of water lines.
ORGANIZATION.— Incorp. In Oregon Nov. 23 1910 and on Deo. 23
1910 took over by purchase the Oregon R R . & Nav. Co., North Coast R y.,
and affiliated lines controlled oy the Union Paolflo. V. 91, p. 1447, 1512,
1630. 1768. Stook auth., $50,000,000; $49,998,500 ovned by Ore.Sh.Llne,
"ST A N D A R D R E T U R N ,” &c.— See page 5.
BONDS.— The 1st and Ref. 50-year gold 4s ($175,000,000 auth. Issue)
are guar. p. Sc 1. by U. P . Series ‘’ A ” are dollar t >nds. Series B sterling
bonds, each redeemable (but not part of either) at 105 an any Int. day on
90 days’ notice. Sterling bonds are exchangeable for dollar bonds at $4 8 6
on payment of $15 per £100 bond. See V. 102. p. 801, 2255.
The bonds are a first Hen on about 767 miles of road owned and a lien,
subjeot to $23,380,000 Ore. R R . & Nav. 4s, on 1,135 additional miles, on
70 miles Jointly owned and 139 miles of trackage. See V. 92. p. 1500, 1506;
$23,380,000 are reserved to refund the Ore. RR. 4s; in Jan. 1919, $39,857.­
305 were held by public: $31,744,000 were held by Union Pac. R R ., $253,000
were in treasury and $79,782,180 were reserved for extensions. Improve­
ments, acquisitions, equipment, &c., as in V. 92, p. 1500; V. 92, p. 1437.
1324. 1600; V. 94, p. 699: V. 106. p. 715.
An abstraot of Oregon R R . & Nav. Consol. M. was In V. 63, p. 928.
EARNINGS.— 12 mos., (1918-Gross, $26,264,957; net (before $6,547,348
Jan. 1 to Dec. 31.
U917.Gross, 22,097,098; deducting 7,218.900
(1916-Gross. 18,880,259; taxos ,
5,840,410
For 8 months—
(1919-Gross, $17,989,768; not (before $3,577,270
Jan. 1 to Aug. 31.
\1918-Gross, 16,685.085;
taxes),
4,424,762
For 6 mos. end. Dec. 31 1915, gross, $9,070,579. agst. $8,495,038 In 1913­
14; net, $2,927,280. agst. $2,695,730; other Income. $461,185; lnt. on Tunded
debt. $1,890,807: other rents, &c., $575,571; bal., sur. $702,944. Pres..
O. B. Seger. Fed. Mgr. J. P. O’Brien, Portland, Ore.- Fed. Treas., J . F .
M eyer.— (V. 107. p. 182, 697, 1288.)
OSWEGO & SYRACUSE RR.— Owns from Oswego. N. Y .. to Syraouae.
S . Y .. 35 miles. Leased in 1869 during length of ohartcr *ud renewals
thereof to the Del. Laok. & Western R R . Co. for 9% per year on $1,320,400
stock and Interest on bonds. The $438,000 7% bonds whloh matured
M cb. 1 1907 are held In treasury of D. L. & W .— (V. 106, p. 601.)
OZAR K VALLEY R R .— Road foreclosed and Junked in 1918.
PACIFIC GREAT EASTERN R Y .— Incorporated In British Columbia
early In 1912 to build from Vancouver, B . O., to the Grand Trunk I aclflc
at Fort George, 480 miles. Completed from Squamlsh Dock to Chasm,
18In 'oct!'l9 1 8 the Province of British Columbia, as owner o f the property,
was proceeding with construction and Intended to build not only to Wince
George, but also the contemplated extension into the Peace River District.

par? $10. Bonds, Union Trust Co

8an Fra. cuco. trustee. See taDie

abFor"year^encfing"Dec. 31 1918. total oper. revenues. $42,231: oper. exp eL % .y?28.909: fn t.. $18,402;, bal d e f . $6,977. P n * . & Q ™ . M gr..
j # £j# Chambers; Sec. & Aud., D . S. Mlnogue.— (v . 105. p. lo lo ./
x o D F fl O N SH ORT LINE
— (See Map Union Pacific.)—
-Owns
Granger^ W yo.. to Huntington. Ocv 541 m U «. .th lines also to Ogden
Silver Bow. M ont.. Yellow Stone. Wyoming.
t,al owned Dec. 31 1918.
I 190 miles less 6 8 miles leaded to other compa-. s; leased from Ore.-Wash.
R R . & N av., 207 m .; trackage. 19 miles; total operated Dec. 31 1918.
2 'o w n ? a half Interest in San Pedro L. A & S. L .. which see below.
V. 79.
n 1705: V . 76. P - 91®* 1356, V. 77. p. Jo.
r n s T O R Y __Successor Maroh 16 1897 of the Oregon Short Line & Utah
Northe?n Ry.'.lm eclosed per plan In V 62. p. 504. 505. Controlled by Un.
Pac which holds nearly entire capital stock. V. 84, p. 52. 572. 932.
••ADVANCES” A N D "S T A N D A R D R E T U R N .” &c.— See page 5.
CAPITAL S T O C K — Stock. $100,000,000. all In the U. P. treasury

V ' b9
ONDS8— >Trj<9Conso^?8$22!029.'000. were reserved to retire old bonds
7
le°rte?A
n ^ » « I .O y . * J ^ ^ S o M o S T S i .“ iS S
1 8 % ’e4 R efS|old guar.S
4sToollat. trust) of 1904 (authorlzed L s s i^ W0.0O0.
000) are mibJect to call at 1 0 2 * . The bonds, of which $45,000,000 have




V 'UnderP 5settlement, which received royal assontApril 2 3 | 9 1 8 .th e
the
Province or B. C. had in Oct. 1918 acquired the ^ I r e s ^ r e capltal stock
of tho railway ($25,000,000), the PacifIc;Great Ea8£*P —S ^ E S l^ teon tm n
the Pacific Great Eastern Development C o.,
^ !L ?n fP hcingrolmsod
Ts
also on the lands and assets of tho last-named, t h 0 P,^°7 L
dth ® dod rioht the
rom their obligations. There has been no change in the bandedl debt, the
province being fully liable for both principal and Interest on bonds.
V. 107. p. 1580, 1101. 182; V. 106. p. 929, 2123.
p
.
of n n
In Oct. 1917 the total securities guaranteed bv the Province of B.^O.,
a p p ly in g o n th e main lin e, amoun
o $l^ . ^ sj)Con,tl charge, making a
f e o f $20 160 0d0 of which°3U.23A805 (£2.925,000|i have beenAssuod.
The balance, $5,925,195. had been pledgod to secure a loan or si.suu.uub.
(V. 98. p. 524; V. 107, p. 1580.
A PACIFIC & IDAHO NORTHERN
dows, Idaho, 90 miles. In June IJ v ^a 1
ini n iufl
stock *2 Q20 reported as discharged. Y ^ 2 ?!> S ’ vr«? soo tablo’ above. Loans and bllfa
800; par.SlOO. Bonds. 1st * 2d M
soo^ ond(ng Doc 3 1 191g gross.

S

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BroaSway.

IV.

100.

p. 2600.)

N ov.. 1939.]

*g0S S T “
"

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

APrlvate
Control.
Last Dividend
and Maturity

14 1915 I1.000&C $5,000,000
4 X g J & J July 1 1955
Paducah & III— 1st M gu $7,000,000 red..U C.c*& r*
Pan-Amer (M ex-Guat)— See Nat. Rys. of M exico.
Parazould S outheastern— See St Louis Southw Ry
1,000
600,000
6 g J & J July 1 1932
53 1912
Paris & Mt Pleasant— 1st M g red 1 0 5 ------------ FC.xc*
J * J July 1919
50
14
630.000
8
Paterson & Hudson Riv— Stook 8% rent N Y L E W
<5c
50
14
298.000 5 in 1919 J & J July 1 1919
Paterson & Rama po— Stook (rental guaranty)...........
F & A Aug 1919
100
541.500 6
Pemigewasset Valley RR— Stook (rental guaranty). .
50 499,296,400 6 In 1919 Q — F N ov 29 '19
Pennsylvania RR— Stock auth $600,000,000--------- Tr
Q— M
Sept 1 1919
1,000 3.483.000
5g
(Gold registered bonds________ kv.r 1463 1879
1.000
1.500.000
5 g M & S Sept 1 1919
Consolidated
Gold coupon b o n d s_________ kv.c 1463 1879
1.000
1463 1893
2.392.000
4 g M & N May 1 1943
$100,000,000 Gold coup s f 1% not d r ------kv.o
£200 12,742.107/
3H g J & J July 1 1945
(now 1st)
Sterl (s f In 1900) not dr.kv.o*r&r* 1463 1895
$1,000 j
M of 1873
do stamped pay'le in $_kv.c&r 1463 1895
I
3 X 8 J & J July 1 1945
£200
M & N May 11948
5,267.100
4
secures all Sterling_________________ kv.c*&r* 1463 1908
M & N May 11948
$1,000 14.570,000
equally
do stamped payable In $kv.c*&r* 1463 1908
4g
1.000 20.000.000
M & N M ay 1 1948
Gold dollar bon ds_______ kv.c*&r* 1463 1908
4
1463 1915
1.000 49.000,000
Q .P.
[G o ld ................................... ..xc*& r*
4 X g F & A Aug 11960
1,000 ’ 5,688.000
& J July 1 1921
1881
4
Bonds ( P f f l t B stock as coll) (V 108, p 481) ..k v .r
1908
1,000
7.478.000
& D June 1 1948
4g
New York Phlla & Norfolk stook trust ce rt_____kv
1.000 125.000,000
A
June 1 1965
General mortgage gold--------------------------GP.yc*&r* 2834 1915
4X S
& D Dec 1 1968
2834 1918
1,000 50,000,000
do
do
5% bonds Series B ._yc*&r*
5 g
Bonds of Cos. Merged in Pennsylvania R R .—
1,000 8,680,000
288 1869
& J July 1 1920
6g
Philadelphia & Erie mortgage (now first) gold -.k .o
1,000 11,143,000 4 g & 5 g
& O July 1 1920
288 1869
do
do
($5,263,000 are 5 s ) ------- k.r
44 1878
100 &c
May 1 1928
a346,700
5
Sunb Haz & WJlk first Series A drawn at 100------zc
100 &c
44 1878
May 1 1938
1,349,500
Second mortgage Income---------------------------- zo&r
6
1,000
July 1 1936
56 1896
500,000
4g
Sunb & Lewis first mtge $600,000 p& i g -GuP.vo*
5 1879
100 &o
Sept 1 1919
75,000
5
West Chester first m ortgage--------------------------- kv
1,000
June 1 1928
140 1888
4.000.000
4«
_
West Penn consol mortgage g assumed_ PIP, kvo*
1,000 20.000.000
Moh 1 1942
264 1892
4g
Allegheny Valley gen (now 1st) M g . FPi.kv.o*&r
Apr 1 1930
3 ’ 00-’07
1,000
725,000
Junction (Phlla) Gen M (now first) g$725,000 ..k v
3X g
Nov 1 1943
1,000
91 1904
6,000,000
4g
Pitts Va & Ch first mtge gold gu p & l.G P .kvo*& i
Jan 1 1941
1,000
102 1891
534,000
5g
Cambria* Clearfield 1st M (V .96.p.2S6)gC P. kvo*
Feb 1 1955
1.000 2,000,000
407 1905
4g
Cambria & Clearfield Gen M $7,500,000________ kv
500 <
fcc 1.000,000
Jan 1 1927
57 1886
6
Clearfield & Jefferson first m ortgage.. GuP.kvo*
Jan 1 1930
1.000
1,021,000
5
87 1890
Pennsylvania & N W gen M $2,500.()00. GuP.kvo*
500 &c
July 1 1943
1853
700.000
4
Harrisb Portsm M t J & L 1st M ext In 1913-.Gp.kx
1,000
July 1 1951
1,073,000
72 1911
4g
Hollldaysburg Bedf & Oumb 1st M g gu ass. kxxc*
a Excluding about $658,300 bonds held alive In sink Ing fu nd.
•APADU.CAH & ILLINOIS R R .— Line from Metropolis, 111., to Paducah,
K y., 14 miles, including the double-track steel bridge over the Ohio River
was completed Dec. 31 1917. Owned jointly by Nashv. Chatt. & St. L. and
Ch. Bur. & Q., which use same as part of a route from Northern and Central
points to the Gulf, and unconditionally guarantee prin., int. and sinking
fund (over $120,000 yearly) on bonds. Stock auth.. $7,000,000 pref. and
$10,000 common, outstanding, $10,000, all, except directors’ shares, owned
by the guarantors and by them pledged with the mortgage trustee. V. 99,
p. 609. The bonds ($7,000,000 auth.) are redeemable for sinking fund be­
ginning 1921 at 102H- See offering V. 102. p. 67. 251; V. 103,p. 2342; V
104, p. 664. Fed. M gr., C . G. Burnham, Chicago, 111.— (V. 107, p. 1580.)

1 01

Places Where Interest and
Dividends are Payable
New York and Chicago

First Nat Bk, N Y & Chic
4% Paterson, N J
do
1%
3% Checks mailed
I X Office, Phila & N Y
Office, Phila & N Y
do
do
Treasurer, Phila & N Y
London. England
Office, Phila & N Y
London, England
Office, Phila & N Y
Office. Phila & N Y
do
do
Penn Co for Ins, &o.Phila
Fidelity Tr Co, Phila
Office. Phlla & N Y
do
do
Broad St Sta, Ph; & Lond
Broad St Station, Phila
do
do
do
do
do
do.
Broad St Sta,Phlla
do
do
Office Phila & New York
Broad St Station, Phila
Office Phila & New York
Broad St Station, Phila
do
do
do
do
do
do
do
do

Pittsburgh R R ., Erie & Pittsburgh R R ., and Pitts. Youngs. & Ashtab.
R y. V. 107, p . 83, 284; V . 106, p. 86, 1031; V. 105, p. 2094, 2184. During
1918 accordingly the Pennsylvania Company was relieved of the operation
of all the aforesaid lines, which are now operated directly by the Penn. R R .
Co. as its “ Western Lines.”
In March 1916 incorporated the Penn.-Detroit R R . with $5,000,000 stock
to build a 52-mile road from Ohio-Michigan line sorthward to Detroit.
V. 104, p. 1146; V . 106, p. 1031; V. 107, p. 291.
_
During 1917 the Indianapolis & Frankfort RR. Co. expended $2,617,237
in the construction of its line between Ben Davis, Ind., and Frankfort, Ind.
It is expected that this new line, which will afford a more direct route for
the movement of the rapidly grownlng traffic from the bituminous coal
A PARIS & MT. PLEASANT R R .— Owns Paris, Tex., to M t. Pleasant, region of southern Indiana to Chicago, 111., and other points, will be
53 miles. Short line contract with U. S. Govt, was signed in Jan. 1919. opened for operation early in 1918. V. 106, p. 500, 1031; V. 107, p. 291.
V. 108, p. 379. Stock authorized,$75,000.
On April 28 1918 B. & O. RR. began using the Pennsylvania Station in
Of the 1st gold 6s ($2,000,000 auth. issue), $600,000 have been sold, N . Y . City under order of Director-General of RRs. V. 106, p. 1689.
against the present property (53 miles), including terminals, rolling stock,
SECURITIES OW NED .— The total book value of these on Jan. 1 1919
&o., the remainder being reserved for future construction. Redeemable
since July 1 1915 at 105 and lnt. Sinking fund 5% of gross earnings, was $344,844,256, many of which are pledged to secure Pennsylvania issues.
Revenue derived from these securities in 1918, $14,885,468. The securities
beginning Jan. 1 1915, to be invested in income-producing securities or aD
plied to redemption o f bonds. V. 94, p. 1509.
include $15,653,800 Sou. Pac. Co. stock, $38,575,400 (common) stock of the
For year ended Dec. 31 1918. gross,$165,753; net, after taxes. $24,285: Norfolk & Western, and $5,312,500 stock of N . Y . N . H. & H. R R . C o.:
Interest, $37,527; hire o f equip., $18,879; bal., def., $32,121. Loans and also $13,289,400 Liberty Loan 4>£s. As to sale of a portion of So. Pac.
bills payable as o f Dec. 31 918, $26,11 . For 1917, gross, $154,019; net, holdings in 1918, see V. 108, p. 974.
after taxes, $50,275. Pres., R . F. Scott; Treas., R . J. Murphy. Office. DIVIDENDS. ’ 93 t o ’ 99. 1900 ’05 ’06.
1906.
*07 ’08 toN ov.29 19.
Paris, Tex.— (V. 96, p. 1 98; V. 108, p . 379, 2123.)
5 yrly.
6 yrly
6X
7 6 yrly. (1 X QU.)
P ercen t____
’ In 1893 paid also 2% In scrip.
★ PATERSON S HUDSON RIVER.— Owns from Marlon, Jersey City,
c
In April 1918 took title to the Susqhehanna Bloomsburg & Berwick R R ..
N. J. (south to Bergen Junotion), to Paterson, N. J.. 14 miles: single-traok.
Leased In perpetuity (at $48,400 per year for road, $5,000 for rent of lot. a 42-mile line, Watsontown to Berwick, Pa., &c., with $700,000 First Mtge
See.) to Erie R R ., forming part o f main line, Erie has built a second track. gold 5% bonds outstanding. V. 106, p. 2011.
★ PATERSON & RAMAPO RR.— Owns from Paterson, N. J., to New York
CAPITAL S TO C K .—Stockholders of record M ay 5 1913 subscribed
State line, 14 miles; single-traok; part of main line of Erie R R ., to whlob for 10% in new stock ($45,387,750) at par.
N o. of shareholders, V.
leased Sept. 1852 during legal existence, at $26,500. and which has built a 107, p. 1004.
second track. Dividends have been paid at various rates. In 1906-07.
BONDS.— Consolidated mortgage of 1873 (see In V. 86, p. 1043, 1101) in
82%; in 1907-08 and 1908-09. 8% ; In 1909-10. 6% ; 1910-11 and 1911-12. June 1915 covered 993.01 miles of road by a first lien and by supplement
1% : 1913-14. 4% ; 1914-15. 8% : 1915-16, 6 % ; 1916-17, 6 % ; 1917-18. 5% . dated 1913, 409.47 miles by a subsequent lien. V. 100, p. 399, 475, 819,
1916-19, 5% .— (V. 99. p. 1833.)
/0
1169. In 1916 majority of 4% sterling bonds of 1908 were stamped as * $’v
‘
★ PEAMGEWASSET VALLEY RR.— Plymouth, N. H .. to Lincoln, N. H . bonds. V. 101, p. 2072, 2255; V. 103, p. 321.
The General Mortgage Bonds of 1915 (V. 98, p. 695) are a direct obligation
21.41m. Leased to Cocnord & Mont, for 6% on stook: op. by Bos. & Maine
PENNSYLVANIA-DETROIT R R .— Incorp. in Michigan Feb. 27 1917 of the company and are secured by a mortgage on its property subject to
with an auth. capital stock o f $5,000,000 (par $100), to build for the Penn, prior liens amounting to approximately $165,000,000. The prior liens
R R . Co. a 62-mlIe road extending from the Ohlo-Michlgan State line north­ mature from 1919 to 1960, cannot be Increased and a sufficient amount of
ward through Monroe and Wayne counties into Detroit. V. 104, p. 1146. bonds authorized by this mortgage is reserved for their retirement.
Data June 1919 Regarding Issuance of General Mortgage Bonds of 1916.
★ PENNSYLVANIA RR.— (See M aps.)—The system, as shown on the
adjoining maps, extends from New York City westerly, via Philadelphia, Authorized, limited to paid up capital stock of the company
outstanding at the time of issue, which is at present_______ $499,265,700
to Pittsburgh, Erie, Cleveland, Toledo, Chicago and Burlington on the
Outstanding including $60,000,000 sold in March 1917, less
north and to Washington, Clnolnnatl, Louisville and St. Louis on the south
$625,000 in sinking fund Dec. 31 1918------------------------------- 125,000,000
The total system on Jan. 1 1919 aggregated 11,943 miles. On Jan. 1 1919
do series B issued in 1919, chiefly for additions and im­
the lines included in the company’s results aggregated 7,116 miles, an in­
provements and purchase of Trenton R R ________________ 50,000,000
crease of 2,575 miles over 1917, due to the taking over of the operation o f the
Western lines, which prior to Jan. 1 1918 had been operated by the Penn­ Reserved to retire equal amount of prior lie n s ..____________ 161,605.895
sylvania Company (wholly controlled), a lease o f the Phila. Balt. & Wash­ Issuable when and as voted by stockholders________________ 162,659.805
Of the Gen. Mtge. 4Hs $65,000,000 was sold in May 1915 (V. 100, p.
ington, the purchase o f Cumberland Valley R R ., &c. V. 108, p. 2330.
1593) and $60,000,000 in 1917 (V. 104, p. 1388; V. 105, p . 1105); $50,000,­
Lines Aggregating on Dec. 31 1918 7,116 Miles Included in Penn. RR. Results 000 Gen. Mtge. Series B 5s were sold in Dec. 1918. V. 107, p. 2376.
m East‘ of Pittsburgh and Erie.
'
’
’
.
(2) Western Lines.
The 3Xs of Girard Point Storage Co. became a direct obligation of Penn.
Main Line and Branches— Miles. .
Miles. RR. on dissolution of Storage co. in 1917. V. 105, p. 1310. 1523, 2543.
Philadelphia to Pittsburgh, Pa.,
Pittsb. Ft. W . & C hicago...*470.79
GENERAL.— In Feb. 1919 the directors had authority to increase the
with branches______________ 1,994 Erie & Pittsburgh..................... *82.97
Erie, Pa., to Sunbury, & c------- 591 Cleveland & Pittsburgh_____*205.32 indebtedness in the sum of $46,000,000, but as this was not sufficient to
Other lines, branches & spurs.. 243 Pitts. Youngs. & Ashta. Ry.*137.57 meet the requirements for the enlargement o f the lines, terminals, equip­
ment, &c., as carried out by the Federal officers, the stockholders voted
Lines oper. by lease or contract—
Controlled by slock or otherwise—
Phila. Balt. & Washington------ 698 Toledo Col. & Ohio R iv e r ...*345.14 Mar. 11 1919 to approve an increase of indebtedness to the extent of $75,­
Northern Central R y .*----------- 144 Pitts. Ohio Val. & Cine......... 15.14 000,000. The board was thus empowered to issue General M tge. bonds
United New Jersey R R .* ------- 161 Cleve. Akron & C incinnati.. 335.20 or other form of obligations as may seem desirable to the amount o f $121,­
Philadelphia & Trenton R R .* ._
26 South Chicago & Southern.. 23.05 000,000. It is not expected that the total amount will be immediately
Western New York & P en n .*.. 541 Branches W .N .Y .& Pa. R y. 51.52 necessary, bat the authorization was desired so that the company might
Connecting Railway*-------------36 Youngstown & Ravenna____
2.28 be in a position to meet its future capital needs promptly and adequately
Belvidere Delaware R R .* ------82 Manufacturers’ Railway . .
3.02 not only for additions and betterments to roadway, structures, terminals
Othor lines................................... 846 Other mileage (leased, & c.)— 82.26 and equipment, but also for the refunding of maturing obligations, &c.
Compare V. 108, p. 966, 480, 269, 1061.
On Dec. 31*18 the compensation accrued for use of the Pennsylvania R R .
Total East, lines in statistics.5,362
Total Western lines
.1,754.26
C o., and its leased operated lines east and west o f Pittsburgh, amounted
Lines Separately Operated.
to $65,992,740, of which only $31,296,000 had been paid to that date.
M iles .
Miles.
Annual compensation under Federal operating contract for Penn. RR.
..
West Jersey & Seash. R R .* . 340.66 Cin. Leb. & Northern
76.17
east of Pittsburgh is $53,­
Grand Rapids & Ind ian a.... 476.69 Co. and subsidiaries operated or wholly owned . C o., being $51,378,410:
Cumberland Valley R R ------603,427, the amount, according to Penn. R R
Long Island*______________ 394.56 Cin. Rich. & Fort Wayne . *85.76 for the lines west of Pittsburgh, $15,154,719. V. 108, p. 966, 1165.
Terre Ilaute & Peoria R R .. 145.07
Other companies-------------- In Jan. 1919 the improvement program was held up. V. 108. p . 379.
66.49
P i t t s . C i n . C h i c . & S t . L - . . * 2 , 0 7 7 . 3 9 Lorain Ashland & Southern
The bridge from M ott Haven to Long Island, owned by the N . Y . Con­
.
W a y n e s b u r g & W a s h in g to n .
2 8 . 1 6 Wheeling Terminal R y .
9.65 necting R R . (see that company), was opened in April 1917, permitting
Ohio River & Western— . . . 110.47
through passenger trains from the South and West to all points in New
Controlled Jointly.
England and facilitating the transfer of freight via South Brooklyn and
Miles. I
Miles. ferry, thence to Jersey City, in place of the long ferry service through the
..*230.82 Harlem and East rivers. See V. 86. p. 608; V. 87. p. 813. 1238; V. 88. p.
Central Indiana___________ £ ° 'e ?° •
< *
lco,r^ & Western
a
Pitts. Ohartlers & Y o u g h ... *19.66iTrackage, & c..................... . . 264.31 631; V. 89. p. 666, 919-. V. 90, p. 635; V. 93. p. 8674 V. 103. p. 407. 2238
V. 106, p. 397. 1031
In Dec. 1916 the Phlla. Balt. & Wash. R R .. $24,436,950 of whose stock
♦See this company.
i* owned by the Penn. R R . C o., Increased Its semi-annual dividend, making
ORGANIZATION, LEASES. &c.— The charter of the Pennsylvania RR.
total of 6% for calendar year 1916; 1917 the same.
was dated April 13 1846. As to agreement In 1917 to take over the prop­
EARN ING S.— 9 m os.,11919.Gross, $387,532,445; net (bef. $40,432,466
erties and assume the obligations Of the Pennsylvania Company, see that
Jan. 1 to Sept. 30.
\1918.Gross, 354,354,625; taxes), 39,923,997
company’s statement below, and V. 106, p. 1031.
In Nov 1917 It was agreod that, effective Jan. 1 1918, or such later dates
ANNUAL E A R N IN G S.— For cal. years (showing net before taxes):
P. C. Ch.
as might bo determined, the leases of railroad property held by the Penn­
sylvania should be reassigned to the Penna. R R .. and the lines west
Calendar -------- Eastern Lines-------- ------ Western Lines------- & St. L.
of Pittsburgh operated directly by the Pennsylvania R R ., through the same
Y ear—
Gross
Net.
Gross.
Net.
Net.
officials who had heretofore been in charge of the operation of those lines. 1918............ $367,414,695 $33,790,171 $95,530,322 $8,980,065 $8,093,352
In pursuance of this plan the Penn. R R . Co. had resumed In Oct. 1918 1917............ 290.234,093 64,584,837 78,595,298 15.847,399 1 /, 145,679
operating under lease the Pitts. Ft. Wayne & Chicago R y., Cleveland &
See also Pitts. Cin. Ch. & St. L. and L. I. R R ., &c., given separately.




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N o v ., 1 9 1 9 .]

RAILWAY STOCKS AND BONDS
103




104

★ Control.
Government

APrivate
Control.

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Pennsylvania RR (Concluded)—
Girard Point Storage 1st M guar p & i by P enn.-kr
"26
Cornwall & Leb 1st M ext in 1906 (V 82 p 1322)-.x r
42
8usq Blooms & Berwick— First M g __________ FPx
Penn R R real estate purch money gold M -F.xc*&r
Equipment Trusts—
Gold gu p&l $1,100,000 yly (V 90, p 1425)------FPrx
do
due $700,000yearly (V 94, p 1566)-FPx
do
g $1,970,000 yrly (V 96, p 1702) — FPr
Pennsylvania Company— Bonds gold guar--kvo*&r
Guar tr certs $5,000,000 g gu Pa RR Ser A — kvr
do
10,000,000
do Ser B QPkvo*
do
5,000.000
do Ser C — kvc*
do
10,000,000
do SerD QPvkc*
do
10.000,000
do S erE .G Pkvc*
Gold loan red after 15 yrs (gu V 83, p. 1229) -GPkvc*
Loan $48,262,548 guar red from 1918________ GPx
Gold loan (French loan 3J£s coll) callable guar.GPc*
Pennsylvania & North Western— See Penn. R R . — - Pensac Mob & NewOrl— 1 st M $350,000 g red 105-.F x
- 47
Peoria & Bureau Valley— Stock rental (see te x t)------202
Peoria S Eastern— Ind Bloom & W 1st M pf-Ce.xc&r
c
338
Ohio Indiana & West 1st M pref g int guar___Ce.xc*
338
Peo & E 1st (cons) M $10,000,000 int guar.-Cex.c*
338
Income M int when earned non-cumi’'ative_Ca.zc
20
Peoria & Pekin Union— First mortgage gold—-Ce.xc
20
Second mortgage gold...................... ................Ce.xc
Debentures due $60,000 y ’ly (in 1930 $40,000)____*
do
do $50,000 y ’ly (in 1917 $26.000)-----Additional held by company July 31 1919, a $129,000 b %¥.
x y On Dec. 31 1918 $37,531,140 add’l o f “ x” and $11,56
y When earned.
e Of this about $907,000 is in sinking fund.

1890
1891
1902
1893

Amount
Outstanding

Rate
%

$1,000 e$l,864,000
764.900
100 &c
700.000
1.000
1.000 2,000,000

34*
4
5g
4g

Par
Value

1,000
1910
1,000
1912
1.000
1913
1 .0 0 0
1881
1.000
1897
1.000
1901
1.000
1902
1.000
1904
1,000
1912
1.000
1906
1906 500 fr &o
1,000
1915

1,100,000
2,100,000
7.880.000
bi 5.529,000
4.033.000
a 7.988,000
c 4,110.000
d 8,842.000
9.699.000
20,000,000
xlO.463,358
y25,432,322

When
Payable

A
A
A
M

&
&
&
&

O
O
O
N

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Apr
Apr
Oct
May

1 1940
1 1921
1 1952
1 1923

Q— F May 1 1920
4g
Q—M To J u n e 1 1922
4g
44* g Q— J Apr 1 1920-1923
4 44 KJ & J July 1 1921
344 g M & S Sept 1 1937
344 g F & A Feb 1 1941
344 g J & D Deo 1 1942
&
344 g J • D Deo 1 1944
4 g M & N May 1 1952
4 g A & O Apr 11931
3 'A J & D 15 June 15 1921
444 k J & D 15 June 15 1921

5g F & A
350.000
1 .0 0 0
F
& A
8
1.500.000
100
4
964,500
A & O
100 &o
1879
5 g
500.000
500 &c
Q— J
1888
A & O
4
1.000 8.376.000
1890
(a)
1,000 4,000.000 Up to 4
1890
Q— F
6g
1.495.000
1,000
1881
1.499.000
1.000
444 B M & N
1885
6 g M & N
300.000
1.000
1911
5
F
& A
186.000
1910
c $4 2,000; d $8 0.000.
538.00 0:
2.000 o f “ y ” he Id by comp any.
1913

[V o l . 109

Feb 1 1933
Aug 9 1919 4%
Apr 11940
Apr 11938
Apr 1 1940
Apr 11990
Feb 1 1921
Feb 1 1921
•
1924 to 1930
Aug 1919 to '23

Treasurer’s Office, Phila
do
do
Fidelity Trust Co, Phila
Office Phila & New York
Fidelity Trust Co. Phila
do
do
do
do
Pa R R ,N Y ( c ) & Pitts(r)
Penna R R , New York
• and Girard Tr Co,
Philadelphia
Cred Lyon, &o. Paris, Fr
Pa R R N Y & Phila
Bankers Trust Co, N Y
Treas office, N Y
do
do
do
do
4% paid April 11913
Central Un Tr Co, NY
do
do
do
ao
do
do

BONDS.— The gold bonds of 1921 are secured by leases of P. Ft. W. A
ANNUAL RE PO RT.— Fiscal year ends Dec. 31. Annual meeting Is
tield at Philadelphia on second Tuesday In March. Report for 1918 In C., the Cleve. & Plttsb. and Erie & PIttsb. railroads and of bonds and
V. 108, p. 966. This report shows no earnings or operations statistics, but stocks having a par value in 1918 of $20,448,450, as well as real estate.
gives the result to the company on the basis o f the compensation accrued Equip, trusts, Dec. 31 1918, $2,901,943.
Guaranteed trust certificates. “ A ,” " B ,” “ C ," “ D” and " E ” were Issued by
under Federal control o f the property, the figures for 1918, but not 1917,
Including the Western lines (only $31,296,000 o f the compensation had Girard Trust Co., Philadelphia, as trustee, under a deed of trust made by
the Penn. Co. and the Penn. R R . Co., whereby the Penn. Co. pledged
been received to Dec. 31 1918):
an equal amount at par of the 7% guar, special stock of the Plttsb. Ft. W .
Income Statement (Including Western Lines in 1918 but not in 1917.)
& Chic. Ry. Co. See V. 65. p. 368, 572, 1116: V. 67. p. 122; V. 72, p. 339,
490: V .79, p.2457: V.94. d .768. Of the $40,000,000 in series A , B. O, D & B .
1918.
1917.
Increase.
7,116
4,541
2,575 the sinking fund had retired $5,015,000 to J u ly3 1 1919, and $251,000 are
Miles o f line_________ ______ „ ______
held in treasury.
Federal compensation______________ $65,992,740
----------The $20,000,000 gold loan 4s of 1906, guaranteed, were at Dec. 31 1918,
Dividend income___________________ 15,059,282 $15,310,533dec.$251,251
secured by deposit of $33,500,000 Pitts. Cln. Chic. & St. Louis stock, and
Income from other securities, acc’ts
and funds___________
6,004,236
3,847,044 2,157,192 $1,000,000 Pitts Youngstown & Ashtabula pref. stock; total par value of
950,146
588,083 collateral, $34,500,000. V. 92. p, 335; V. 83. p. 1229.
All other corp. income______________ 1,538,229
The French franc
% guaranteed loan of 1908 was originally 250.000.­
Total gross income_______________$88,594,487 $62,148,958 $26,445,534 0 0 0 francs. Denomination 500 and 2,500 francs. V. 82, p. 1439.
The gold loan 4 4*8 of 1915 are secured by an equal par value of the
Deductions from gross Income—
1,282,019 $7,365,605 $13,916,414 LrSn,c]U oani M 8 of 1
Rent for leased roads_____________ $21
^°,6: or' 8 *nal l#sue, 250,000,000 franca (equal to $48.­
1,113,405 262,548), which are being bought In and pledged therefor; the 444* are
_
1 ,113,405
Rent for Penna. Co. equipment_
684,050 dec.54.798 guar., p. & L, by Penn. R R . Co. and are red., as a whole only, at par and
629,252
Miscellaneous rents______________
64,890
89,541 Int. on and after June 15 1918, on 60 days’ notice. The French 3M* are
154,431
Miscellaneous tax accruals_______
2,660,854 secured by valuable collateral. See V. 101, p. 1014. 848. 616; V. 82, p.1439
War taxes________________________ 3 ,827,649
1,166,795
10,805 V • 1U/. D. loo / •
10,805
Separately operated properties-loss
801,839
Interest on funded debt____________13 ,509,569 12,707^729
LATEST EARNINGS.— See Pennsylvania R R . Co. above.
555,774
2,292,268
,848,042
Interest on unfunded debt________ 2
371,640
371,640
R E PO RT.— For 1918 in V. 108, p. 967.— (V. 107, p . 83, 182, 284.
Maintenance o f investm’t organiza.
454,252 291, 1288, 1385. 1837; V. 108, p. 79. 172, 967, 2630; V. 109. p.1180.)
Miscellaneous income charges_____
776,777
322*525
Total deductions from gross inc.$44,523,588 $22,867,368 $21,656,220 A PENSACOLA MOBILE & NF.W ORLEANS,— Projected from Pensa­
Net income....................... ....................$44,070,899 $39,281,585 $4,789,314 cola, Fla., to Mobile, Ala., 75 miles. In Sept. 1918 owned anu was oper­
ating from 1 ensacola to Muscogee, Fla., 2o miles, and had project for ex­
Disposition o f net income—
tension to Mobile under name of Guir Ports Terminal RR. V. 107, p. 1101.
Sink, and other reserve funds_____$2,313,202 $2,187,028
$126,174
Stock auth., $1,150,000; par $100; mtge.. $350,000. V. 96. p. 1490;
Dividend (6 % )................................. 29.950,704 29,951,098
dec.394
*>res* Elwood M . Laughlln; Sec.. L. K. Blltch.—
*
______
7 ,143,459dec7,143,459 (V ^io’lP p*1629 )
Miscell. appropriations o f income
$32,263,906 $39,281.585dec7,017,679
Balance transferred to credit o f P.&L.$11,806.994
--------- $11,806,994
Income Account East and West of Pittsburgh & Erie.
Calendar Years—
1917.
1916.
xl915.
Miles operated___________ ________
12,129
12,125
12,103
$
$
$
Gross earnings______________________ 494,261,038 443,462,523 374,938.638
Gross income...........................................127,153.511 148.517.521 122,638,972
Interest, rents, sinking fund, &c_____ 70,652,309 72,567,407 (
Improvements, &c________________
7,495,315 21,760,921(104,951,303
D ividends.............................................. 42.508,857 43,814.1371

★ PEORIA & BUREAU VALLEY RR.— Peoria to Bureau Jot., 111., 47
tnlles. Leased In 1854 to G. R. I. A’Pao. Ry. for $125,000 yly.: dlvs., usu­
ally 8 % yearly, and for some years occasionally more Feb. 1908 and Aug.
1915. 1 % extra. In 1919 at the rate of 7 4 4 % , 344 % being paid in Febru­
ary and 4% in August.— (V. 8 6 , p. 169.)

★ P E O R I A & E A S T E R N R Y . — (.See Map New York Central Lines.)—
owns from Pekin, III., to IU.-Ind. State line; holds lease in perpetuity,
Ill.-Ind. State line to Indianapolis, also quit claim deed for same effective
when mortgages on leasehold are satisfied, 2 0 2 m.; and holds a purchasemoney lien of $5,000,000 from O. O. O. & 3t. Louis Ry. Co. (owner) on
Springfield D iv.. Indianapolis to Springfield, O.. 136 m.; trackage Pekin
to Peoria, 9 m.; trackage, 5 miles, at Indianapolis; total oper.. 210 miles.
Balance, surplus________________ 6,497,029 10,375,056 17,687,666
LEASE, &o.— Formerly Ohio Indiana & Western, sold In foreclosure In
1890, reorganized per V 49, p . 616. Leased
Cln.
REPORT OF PENNSYLVANIA RR. (LINES EAST OF PITTSBURGH & Ohio. & St. L., which guarantees Interest, but till April 1 1940 to Clev. con­
not principal, of the 1st
ERIE. INCLUDING NORTHERN CENTRAL RY.)
sols and the underlying bonds, and owns $5,000,100 of the $10,000,000 stock,
Year ending Dec. 31—
1917.
1916.
1915.
par $100 See Supp. of Jan. 1894 as to provisions respecting any surplus
Miles operated end of year_____
4,543
4,536
4,541 over charges. Company owns $125,000 stock or Peo. & Pekin Union Ry.
committee (w . A. Carnegie Ewen, Chairman: Leroy B. Dorland,
Gross earnings...................................$255,093,946 $230,278,533 $196,628,170
Net earnings____________________ 54,505,410 $64,113,951 $53,891,609 74 Broadway, Sec.) asks deposits of income bonds with Empire Trust C o..
Accrued taxes, &c_____ _______
10,241.002
9,057,940
7,640,684 N. Y .; with a view to taking action, owing to the failure to pay interest on
the bonds. In Jan. 1916 $1,094.000 of Its cortfs, of dep. wore listed. V.
Operating Income______________ $44,264,408
102, p. ? 51: V,-.99’ p - ? 9 - 1215. 1367: V. 108, p. 2529; V. 109, p. 173.
The aforesaid committee understands that there was in 1919 a cash fund
Gross income__________________ $65,983,652
of the company of over $530,000 in the treasury of the “ Big Four” (O. C. O.
Rental, [interest, &c___________ 28,889,094
& St. L .R y ., the lessee), which amount had been deducted from the earnings
Dividends (6 % )..........
29.951.099
of the 1 . & E. Ry. toprovide for depreciation and renewal of equipment.
Additions and betterments______
______
V. 109, p. 173.
Construction on branches_______
______
BONDS.— See abstracts of mtges. of 1890 In V.51. p. 246.
Balance, surplus_______________
7,143,459
$7,256,682
None
D IV ID E N D ON INCOM ES.— April 1 1902 to 1908, both Inch, paid 4%
OFFICERS.— Pres., Samuel Rea; V.-Ps., Geo. D . Dixon, W . Heyward yearly; 1909, 0; 1910 and 1911, 4% ; 1912, 0% : 1913. 4% ; ;1914 to Jan,
Myers and A. J. County; V.-P. & Treas., Henry Tatnall; Sec., Lewis Neil- 1918. none. V. 104. p. 1046.
son Fed. Mgr. Lines East o f Pittsburgh and Erie, Elisha Lee, Phila.; Fed.
REPORT for 1916 was In V. 104 p. 864. Operations since Jan. 1 1014
Mgr. o f Western Lines, G. L. Peck, Pittsburgh; Gen. M gr. under U. S. included
The
G ovt., R . E. McCarty, Detroit, M ich., o f Lines West o f Pittsburgh and following in reports of Cleveland 0Cincinnati Chicago 9& St. Louis Ry. under
statement covers the 2 1 milos owned and miles operated
Erie. New York office, 85 Cedar St.
trackage rights:
Olh.Inc. Chgs..&c. Balance.
Gross.
Net.
Directors.— Percival Roberts Jr., Geo. H .M cFadden, Charles E. Ingersoll. Cal. Year—
Samuel Rea, Henry C. Frick, Clement B. Newbold, Geo. Wood, C. Stuart 1918................... ......... *$360,943 $225,376 $493,323 sur. $93,006
Henry. Joseph W ood.— (V. 108, p. 480, 579, 684, 966, 1165, 1275, 2330, 1917..................... $2,514,826 $296,780 $460,117 $653,844 sur.$103.053
391.885
757.496 tl dof.39.183
321.603
____ —
-------,
1916............. - — 2.345.246
2434; V. 109, p. 888, 982, 1892, 1987.)
* Represents average not railway operating income for three years
PENNSYLVANIA COMPANY— (See Maps Pennsylvania RR.)— Oper­ ended June 30 1917.
ated ail the Pennsylvania Railroad lines west o f Pitts, until Jan. 1 1918. — (V. 104, p. 864, 1046; V. 108, p. 2529; V. 109, p. 173.)
Owns no road in fee, and since^ Jan. 1 1918 has acted solely as an invest­ ★ PEORIA & PEKIN UNION RY.— Owns Pekin to Peoria, on both sides
ment company. (V. 108, p. 967).
jf Illinois River, and yards at and opposite Peoria. Mileage main track,
16.01; second main track. 9.73: total main track owned, 26.82 miles. M ile­
To effect a closer unity of its system, the Penn. R R . Co. in 1917 entered
into an agreement to take over the leases, business and assets of the Penn­ age of side and yard tracks owned, 113.88.
sylvania Company, and assume its obligations, liabilities and duties to the
“ ADV A N C ES” AND “ STAN D AR D R E T U R N ," &c.— See page 5.
lines and properties in which it had an interest. This agreement to be­
Capital stock. $1.000.000. Owned by Peoria & Eastern (Cleveland Cin­
come effective as of Jan. 1 1918, or such later date as may be agreed upon. cinnati Chicago & St. Louis system), Chicago & North Western, Chicago
The Penn. R R . owns the entire capital stock of the Pennsylvania Co. and Peoria & St. Louis, Illinois Central system. Lake Erie & Western and
guarantees Its outstanding bonds.— V. 106, p. 1031; V. 107, p. 82.
Tol. Peo. & West, companies. Dividends: 1891, 4% : 1895-1901, 6 % per
4% ; 1905.
1906-16, none; Jan. 1917, 6
to
ORGANIZATION.— Chartered In Penna. April 7 1870. Its $80,000,000 annum; 1902.Debentures, 5% :93, p. 1260. Loans and bills %: none since 31
June 1918.
V.
payable Dec.
stock Is owned by the Pennsylvania Railroad. On Deo. 31 '18 the Penn. Co.
1917, $100,000.
year 1918, gross, $1,306,394; net,
owned sundry stocks and bonds having value, per balance sheet, $177,025,­ Year ending Dec. Cal.1917, gross, $1,206,718; net, $31,567:def., $322,216.
31
other income.
927, yielding in 1918 income o f $9,714,751. V. 102, p. 1805.
$221,199: interest, rents, &c.. $206,236; dlvs. (6 % ). $60,000; bal., sur..
DIVS.— V04-’05. ’06. '07. '08. '09 ’ lO to’ 13. ’ 14. ’ 15. T6. ’ 17. ’ 18. 1919. $46,530. Pres., H. K. Pinkney: Fed M gr.. W . G. Bierd, Chicago.—
(V. 106, p. 1231: V. 107, p 1004.)
P e r c e n t ../
5
6
7
7 8
7 y ’ly
4
6 8 6 6
3




tfov., 1919.] * g s p n
t

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Peoria Ry Terra— 1st M gu g red 1 0 2 * be? ’16.lC.xC
1st Sc Ref M g gu (owned b y O R I & Pac R y).Ba.*
Pere Marquette Ry.____________________________
Common stock________________________
Prior prel (a So d) stock 5% cum red at par A dlvs .
Pref (a A d) stk 6% cum aft Jan 1 '19 red par A dlvs
1st mtge gold (8er. A 5% call at 105 A int.yc*Ar*
$75,000.OOOBalSer. B 4% call at 100 A lnt.y c*Ar*
Securities Left Undisturbed—
Lake Erie & Detroit Rlv Dlv coll tr M gold______Q
Collateral trust mortgage gold call Dar____________
Perklomen— 1st M Ser 1 gold callable 105 from
Jan 1923________ _____ ______________ PeP.kv.c*
First M Ser 2 g call 105 from Jan 1923.-PeP.kv.c*
Peterborough RR— Stook (rental 4 % ) _______________
Peterborough & Hillsb 1st Mtge ext 1917 guar_____
Petersburg RR— See Atlantlo Coast Line RR.
Phlla & Baltimore Central— See Phlla Balt A Wash
Pbila Baltimore & Wash— Stock auth $29,900,450..
Plain bonds_________________ f All secured .xr
All
Plain bonds gold
by 1903
-xr
Plain bonds gold
mortgage.
-xr
First mortgage $!_________
__________________
...............G.xo* Ar*
Plain bonds gold due $500,000 yearly__________ xo*
Phlla A Balt Cent—1st M $10,000,000 g gu pAiFP.x
Columbia A Port Deposit first mortgage gold____x
Chester Creek RR 1st M $185,000 gold__________
LiJ •

1907
1911

1916
1916

Par
Value

$ 1 ,0 0 0
1 .0 0 0

1 8 *

1888
1888

100 Ac

799,600
1.125.000
385.000

6 g

1 ,0 0 0
100

1 0 0 .0 0 0

R E T U R N ,”

( V . 1 0 3 , p . 1 6 9 2 ) I n c lu d e s :

C o m m o n s t o c k _______________ _______ - _________— _____________
545 045 g g g
P r i o r p r e f . s t o c k 5 % c u m u l a t i v e , 1s t p r e f . a s t o p r l n . ' a n d ' d i v V
'
’
R e d e e m a b l e a t p a r a n d d i v i d e n d s ______________________
’ 11 2 0 0 0 0 0
P r e f . s t o c k 5 % c u m . a f t e r J a n . 1 1 9 1 9 , 2 d p r e f . a s t o 'p r l r f " a n d
’
'
d lv s .
R e d e e m a b l e a t p a r a n d d l v s ____________________________ ' _____ 1 2 . 4 2 9 , 0 0 0
V o t in g T r u s t .— A l l t h r e e c la s s e s o f s t o c k a r e h e ld b y J a m e s 8 A le x a n d e r
H e n r y R . H o y t , F r a n c is R . H a r t , F r e d e r ic k S t r a u s s , E u g e n e V
R T hayer
R o b e r t W in d s o r a n d B e e k m a n W in t h r o p , a n d . If s o d e t e r m in e d
an a d ­
d it io n a l p e r s o n , a s v o t in g tr u s te e s fo r n o t e x c e e d in g fiv e y e a r s .
’
D I V I D E N D S . — N o . 1 , o f 1 2 - 3 % , w a s p a id A u g . 1 1917 o n t h e P r io r
L io n P r e f. s t o c k „ fo r th e 4 m o s . e n d e d J u ly 31 ( V . 1 0 5 d 731- N o v
1 1917
to N o v . 1 1919, 1 * %
qu ar. V . 109, p . 1367, 1793.
’ ’
B O N D S . — T h e r t r s t m t g e o f 1 9 1 6 Is a d i r e c t f i r s t l i e n o n a l l t h e r a i l r o a d
p r o p e r t y , e q u i p m e n t . Soc . . o w n e d b y t h e c o m p a n y in t h e U . S . a n d a l s o
c o v e r s s e c u r it ie s o w n e d In s e v e r a l s u b s i d i a r i e s .
T h e m o r t e a v a Is f o r
5 , 0 0 0 , 0 0 0 ( s e e V . 1 0 3 . p . 1 6 9 2 . a n d o f f e r i n g in V . 1 0 4 p . 1 2 6 5
1388)
u a b le In s e r io s , w i t h , i f d e s i r e d , d i f f e r e n t m a t u r i t i e s a n d c a l l f e a t u r e s t h e
In te re st ra te s t o b e fix e d a t n o t o v e r 6 % p . a . fo r th e fo llo w in g p u r p o s e s :

S

N o w I s s u e d a l l e q u a l l y s e c u r e d , c o v e r i n g a s a d i r e c t f i r s t lie n
a b o u t 1 ,8 5 6 m ile s o f m a in lin e a n d b r a n c h e s a n d a s a s e c ­
o n d c o l l a t e r a l H e n 1 9 9 m i l e s ; t o t a l , a b o u t 2 , 0 5 5 m i l e s ($ 6 0 0 0 ,0 0 0 S e r ie s A f o r s a le t o s y n d i c a t e ; r e m . f o r e x c h a n g e ) —
S e r i e s A 5 % , d u e J u l y 1 1 9 5 6 , r e d e e m a b l e a t 1 0 5 So i n t
2 1 ,9 7 6 ,0 0 0
S e r io s B 4 % , d u o J u ly 1 1 9 5 6 . r e d e e m a b le a t p a r & I n t
8 ,4 7 9 .0 0 0
R eserv ed t o r e tir e u n d is tu r b e d b o n d s , v i z .: $ 3 ,0 0 0 ,0 0 0 P . M .
( L a k e E r i e So D e t r o i t R i v e r R y . d i v . ) C o l l a t e r a l T r u s t 4 * s
a n d $ 2 , 8 7 0 , 0 0 0 P . M . C o l l a t e r a l T r u s t 4 s ........................ ..............
5 .8 7 0 .0 0 0
R e serv ed f o r is s u e a ft e r J u ly 1 1 9 1 8 f o r a c q u is it i o n s , a d d i t io n s ,
b e t t e r m e n t s a n d i m p r o v e m e n t s , u n d e r r e s t r i c t i o n s ____________ 3 8 , 6 7 5 , 0 0 0
T o m e e t t h e c a s h r e q u i r e m e n t s , J . So W . S e l l g m a n So C o . , R o b e r t W i n ­
t h r o p So C o . a n d K i d d e r , P e a b o d y So C o . f o r m e d a s y n d i c a t e t o p u r ­
c h a s e fo r $ 1 6 ,0 0 0 ,0 0 0 a n d In t. o n t h e b o n d s : $ 6 ,0 0 0 ,0 0 0 1 st M . b o n d s , S e r.
A . 5 % ; $ 1 1 ,2 0 0 ,0 0 0 5 % p r io r p r e f ( v
t . c . ) : $ 2 5 ,6 7 5 ,4 0 0 c o m m o n s t o c k
(t . t . c . ) .
T h is s y n d ic a t e o ffe r e d t o d e p o s it o r s o f o ld d iv is io n a l b o n d s .
C o n s o l. M t g e . b o n d s . R e f. M tg e . b o n d s , C o ll. T r u s t n o te s , d e b e n tu r e s ’
fir s t p r e f. s t o c k , s e c o n d p r e f. s t o c k a n d c o m m o n s t o c k t h e o p p o r t u n i t y to
a c q u i r e $ 1 1 , 2 0 0 ,0 0 0 5 % p r i o r p r e f e r e n c e s t o c k , c u m u l a t i v e ( v . t . c . ) . a n d
$ 2 2 ,4 0 0 ,0 0 0 c o m m o n s t o c k ( v . t . c . ) t a t t h e f o llo w in g r a t e , v i z .:

c.)

$ 1 ,0 0 0 p r i o r p r e f e r e n c e s t o c k ( v . t .
-------------------------------------------- ( f o r t h e s u m o f
* 2 , 0 0 0 c o m m o n s t o c k ( v . t . C .) ---------------------------- ------------------------------\ $ 9 7 5 i n c a s h .
L o a n s a n d b i l l s p a y a b l e D e c . 3 1 1 9 1 8 ------------------------------------------------------$ 4 , 5 0 0 , 0 0 0
E A R N I N G S .— 8 m o s . , ( 1 9 1 9 - - G r o s s , $ 2 2 , 0 9 4 , 3 9 1 ; n e t ( b e f o r e $ 5 , 3 0 1 , 1 2 4
Jan. 1 to A u g. 31.
\1 9 1 8 - - G r o s s ,
1 7 ,6 2 4 ,2 8 1 :
ta x e s ),
2 .5 9 4 ,1 9 1
R E P O R T . — F o r 12 m o s . e n d e d D e c . 3 1 1 9 1 8 , in V . 1 0 8 , p . 1 3 8 8 , s h o w e d :
E a r n in g s f o r 1 9 1 8 B a s e d o n T e n ta tiv e G o v ern m e n t C o m p e n s a tio n .
T e n t a t iv e G o v t , r e n t a l ...$ 3 ,7 4 8 ,1 9 6 I T a x , r e n ts , M is c . in t ., & c .
$ 1 9 7 ,8 5 3
E x p e n s e s _______________________
7 2 , 3 2 4 B o n d i n t e r e s t . . . ............. ........ 1 , 6 8 7 , 7 6 6
O t h e r i n c o m e . . . .................. 1 0 3 , 8 6 6 1S u r p l u s .............................................. 1 . 8 9 4 , 1 2 5




Bankers Trust Co. N Y
People’s State Bk, Detr'l

Q— J Jan 1 1938
Q— J Jan 1 1938
& O Oct 1919 2%
A J July 1 1919

Reading Terminal. Phlla
do
do
Nashua. New Hampsh Ire
Met Tr. Boston

&
A
S
o
S
o
A

&
S
o
A
&

N

June 30 ’ 19. 3% Broad St Station. Phlla
Nov 11922
Broad St Station. PhUa
Jan 1 1926
do
do
Oot 1 1932
do
do
do
Nov 11943
do
J Janl920 to 1924
do
do
Nov 1 1951
do
do
Aug 1 1940
do
do
Jan 1 1933
do
do

$5,598,490
_________
$4,598,490
638,096
1,282,832

------ June 30 Years-----1915-16.
1914-15.
$15,098,256 $12,562,523
4,129,019
3,938,086
1,598,884
1,236,129
383,894
291,472
$21,210,053 $18,028,210
$2,007,172 $2,000,282
4,268,058
3,492,973
379,125
381,311
7,022,741
7,338,105
500,859
492,361
53.045
48,323
0 .5,01 1
0 .4 ,9 0 4
$14,530,424 $13,444,014
$6,679,629 $4,584,196
511,715
626.275
1,848
8,328
$6,045,026 $4,070,633
194.538
156,611
$6,201,637 $4,265,170
767,816
665,934
609,074
749,110

Bal. for int. charges.. $3,689,875 $3,661,473 $4,786,593 $2,888,280
— 12 Months to Dec. 31— 9 Mos. to June30Year
_
„ ,
1918.
1917.
Dec. 31 T6.
1915-16.
Balance brought forw’d . $3,689,875 $1,689,751 $3,805,727 $4,786,593
Interest on bonds______ 1,687,760 xl ,687,760 fin receiver’s hands till
Int. on bills pay., &c_
_
4,702
l,991{Apr.9 T7. Figures of new
Divs. on prior pref. stock
560,000
326,667 ico. date from Apr. 1 T7.

V . 108, p . 169.

A c .— S ee p a g e 5 .

S T O C K .— T h e n e w s to c k

Bankers Trust Co. N Y
do
do

12 Months to Dec. 31—
1917.
$16,850,266
4,213.804
1,825,830
617,955
$23,507,855
$2,425,689
3,420.626
474,064
442,858
9,925,781
644,976
57,136
0 .9,68 5
$17,381,446
$6,126,410
640,479
7,403

Crosby; Federal M gr.,'w .’ GiB^erd? Chicago^— (V\C
io7, pfY o04.?e°
★ PERE MARQUETTE RY.— Total system Dec. 31 1918 2,270 miles,
less 37 miles leased to others; total operated, 2,233 miles viz.:
The company s lines gridirons the State of Michigan, serving Detroit,
Port Huron, Bay City, Lansing, Grand Rapids, Muskegon, Manistee,
Traverse City, See., See. By moans of extensions of its own lines and trackother systems the company is able to reach Chicago (entering over
B. & O.), the Suspension Bridge at Niagara Falls, using the Michigan Cent
RR. from St. Thomas, Ont., east., Toledo, &c.
Lines Owned—
Miles.
T ra cka ge—
Main lines and branches______ 1,798 S t . T h o m a s , O n t . , t o I n t e r n a t ’ l
Business producing branches___ 23
B r i d g e a n d N i a g a r a , N . Y _____ 1 4 1
Controlled—
Miles., O t h e r t r a c k a g e _________________________8 6
Lake Erie A Detroit River______ 199[ o w n e d n o t o p e r a t i n g _________________ 3 7
„
„
------------------ 088

"S T A N D A R D

First Nat Bank. N Y
do
do

& A Aug 1 1932
& J Jan 1 1923

O p e r a tin g R e v e n u e—
1918.
Freight................................ $22,200,348
Passenger_______________ 4,233,797
M a il, express, A c ______
1,903,918
Incidental, A c __________
616,948
T o ta l op er. revenues.$28,955,011
M a in t. o f w ay So struct’s $3,790,387
M a in t. o f equipm en t___ 5,607,546
do
d o deprec'n
536,348
T ra ffic expenses________
344,773
T r a n s p o r t a t i o n expenses 12,233,619
General expenses______
825,442
M iscellaneous operations
61,442
T ransportation for in v . . C r.l 1,681
T otal oper. expen ses.$23,387,876
N et operating r e v e n u e .. $5,567,136
T a xes---------------864,731
U ncollectibles & m iscell.
4,785
Operating in com e____ $4,698,720
Interest, & c., r e c e iv e d ..
_________
T o ta l in c o m e ..................$4,698,720
R entals, & c.......................
631,743
Hire o f equipm ent_____
495,628

EARNIN’S.— 12 mos., (1917-Gross, $292,141; net. aft. tax.,def$18,666
Jan. 1 to Dec. 31. 11916-Gross. 263,798; net, aft. tax.,sur 57,427

O R G A N I Z A T I O N . — I n c o r p . In M i c h i g a n M a r c h 1 2 1 9 1 7 a n d t o o k p o s SeS? ,i )
™ ° f . p r ? p e r y a s o f A p r il 1 1 9 1 7 .
A r e o r g a n i z a t i o n , p e r p l a n In V . 1 0 3
P . 1 6 9 2 , 2 3 4 2 . o f P e r e M a r q u e t t e R a ilr o a d C o . a ft e r fo r e c lo s u r e s a le , u n d e r
C o n s o l . M . o f 1 9 0 1 , R e f . 4 % M . a n d I m p t . So R e f . G e n . M . * F l i n t & P i r e
M a r q u e t t e C o n s o l. M . a n d 1st M .; P o r t H u r o n 1 st M . 5 s ; G r a n d R a p id s
B e l d f n g A S a g i n a w 1 s t M . 5 s . a n d C h i c a g o So W e s t M i c h i g a n 1 s t M . 5 s ;
C h i c a g o So N o r t h M i c h . 1 s t M . 5 s ; P e r e M a r q u e t t e o f I n d
1s t M 4 s a n d
D e t r o it G r a n d R a p id s A W e s te r n 1 st C o n s o l. 4 s .
S a le o f s t o c k in t e r e s t o f
J . P . M o r g a n So C o . a n d s t a t u s o n J u l y 1 9 1 9 , s e e V . 1 0 9 , p . 1 7 3 , 7 3 .

4*

A
J

50 26.437.000 6 in 1918 J
M
1 .0 0 0 ,0 0 0
4
927,000
4g J
1 .0 0 0 ,0 0 0
4g A
16.070.000
4g M
3,000.000
4g J
2 .2 0 0 .0 0 0
4g M
1,447.000
4g F
In treasury
J
6

1 ,0 0 0
1 ,0 0 0
1 .Q 0 0
1 .0 0 0 A c
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 ,0 0 0

O p e r a t e s c a r fe r r ie s L u d ln g t o n t o M ilw a u k e e a n d M a n lt o w o o
O f th e
3 7 m . le a s e d t o o t h e r c o s . , 3 4 m il e s , L a w t o n , M i c h . , t o S o u t h H a v e n , is
l e a s e d t o K a l . L a k e S h o r e So C h i c a g o R y . f o r 2 5 y e a r s f r o m A p r i l 1 5 1 9 0 7 .

i8

105

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Jan 2 1937
Dec 1 1941

4g
4* g

4* gF
4g J

★ PEORIA RAILWAY TERMINAL CO.— Owns terminal road between
Peoria and Pekin. 111., 8 miles, over private right-of-way, and local lines:
total, 11.4 miles; 31.01 miles of track.
Freight business handled by
steam. Local passenger business In and between Peoria and Pekin by
electricity. Has union depot In Pekin. Owns a 1,000-ft. steel drawbridge
over the Illinois River. Capital stock, $1,000,000, all owned by Chicago
R. I. S Pac. and Chicago A Alton, which guaranteed the 1st M. bonds.
o
The former owns the $1,500,000 First A Ref. M . 4 * s .) For year ending
June 30 1915. gross, $209,371; net. $17,548; other income, S15.280; int.
SUB.525: bal., def., $86,698. In 1915-16, gross. $254,426; net.
$66,479; other income, $1,271; int., taxes, &c., $121,114; bal., def., $53,364.

C A P IT A L

When
Payable

3.000,000
2.870.000

•

I n 1 9 1 8 o p e r a t io n o n 12 m ile s o r r o a d w a s a b a n d o n e d .

%

1 .0 0 0

1917

1887
1891
1892
229 1904
1909
'8 6
1911
43 1890
6
1868

$944,000
1.500.000

Rate

100 45.046.000
100 1 1 . 2 0 0 . 0 0 0 See text Q— F See text
100
12.429.000
1,000Ac 21.976.000
J A
July 1 1956
6 8
8.479.000
4 g J Sc J July 1 1956

199 1903
1903
38.2
38.2

Amount
Outstanding

A P r iv a ta
C o n tr o l.

B a l a n c e , s u r p l u s _______ $ 1 , 9 9 7 , 4 1 3

$ 1 ,6 4 5 ,0 5 5

O F F I C E R S . — E . N . B r o w n , N . Y . , C h a i r . So P r e s . ; C l a r e n c e S . S i k e s ,
D e t r o it , V .- P r e s .; E . M . H e b e r d , S e c .; W . E . M a r t in , T r e a s .. 1 2 0 B r o a d ­
w ay, N ew Y ork .
F e d . M g r ., F ra n k
H . A lfr e d , D e tr o it; F e d . T r e a s .,
Joh n L . C ram er.
D ir e c t o r s . — S . T . C r a p o , F . W . S t e v e n s . A n n A r b o r , M i c h . ; F r a n c i s R .
H a r t, E u g e n e V . R . T h a y e r , R o b e r t W in s o r . B o s to n ; J o h n A . S p o o r , C h i­
c a g o ; J o h n W . S te d m a n , N e w a r k , N . J .; F r e d e r ic k S tr a u ss , B e e k m a n W in ­
t h r o p , E . N . B r o w n . F r a n k lin Q . B r o w n , W m . P . P h ilip s , C h a s . H a y d e n ,
L . F . L o ree a n d W m . II. P o rte r, N . Y .— (V . 108, p . 2 6 9 , 3 7 9 , 1 3 8 2 , 1 5 1 2 ,
1 6 0 3 ; V . 1 0 9 , p . 7 3 . 1 7 3 , 1 3 6 7 , 1 7 9 3 .)
★ P E R K I O M E N R R .— O w n s fr o m P e r k lo m e n J e t ., P a ., t o E m a u s J e t .,
P a . , 3 8 . 2 3 m . ; t r a c k a g e o n P . So R . R y . , E m a u s J e t . t o E a s t P e n n J e t . ,
3 .6 m . S t o c k ($ 1 ,5 0 0 ,0 0 0 , p a r v a lu e o f s h a r e s $ 5 0 ) o w n e d b y t h e R e a d in g
C o . a n d m o s t ly d e p o s it e d u n d e r it s J e r s e y C e n tr a l c o lla t . 4 % m t g e . o f 1 9 0 1 .
V . 72, p . 283.
T h e b o n d s , e x t e n d e d t ill J a n . 1 1 9 3 8 , a r e s u b je c t t o caU o n
o r a ft e r J a n . 1 1 9 2 3 a t 1 0 5 a n d in t . V . 1 0 5 , p . 1 8 0 2 .
Y e a r 1918, gross,
SI , 1 1 7 ,3 8 3 : n e t , a f t e r t a x e s , $ 4 8 4 ,9 4 2 .
F e d . M g r ., C . H . E w in g .—
( V . 1 0 5 , p . 1 8 0 2 .)
★ P E T E R B O R O U G H
R R . — W i l t o n t o G r e e n f ie l d , N . H . , 1 0 .6 4 m ile s .
L e a s e d A p r i l 1 1 8 9 3 t o B o s t o n So L o w e l l f o r 9 3 y e a r s a t 4 % o n s t o c k a n d e x ­
p en ses.
C a p i t a l s t o c k , $ 3 8 5 , 0 0 0 ; p a r , $ 1 0 0 ; d l v . A . St 0 .

PHILADELPHIA BALT. A WASHINGTON R R . — (See M a p Penn.RR . )
L in e s ow n ed —
M ile s .
Lines controlled. Leased, &c.—
P h lla t o W a s h in g t o n , D . O . . v i a
Delaware R R __________________ 245
B a l t . , a l l d o u b l e t r a c k ____________ 1 3 1 Delaware, Maryland
Virginia 98
P h l l a . t o O c t o r a r a . M d . . A b r s _ _ 6 3 Other lines (5). trackage, Ac____
9
P e r r y v ille .
M d ., to
C o lu m b ia ,
P a . , & c _________________________________ 4 3
B o w i e t o P o p e ’ s C r e e k , M d _________ 4 9
S u n d r y b r a n c h e s , S o c _________________ 1 2 3
Tota operated Dec. 31 1918 760
★

S
o

O R G A N I Z A T I O N .— A c o n s o lid a t io n
1 9 1 6 -1 7 .
V . 104, p. 1586: V.
103. p . 1033; V . 102, p . 1897; V . 107. p . 2009, 2188.
P r o p e r t y le a s e d t o P e n n . R R . C o . ( V . 1 0 6 , p . 1 0 3 1 ) f o r 9 9 9 y e a r s f r o m
J a n . 1 191 8 a t a fix e d re n ta l p r o v id in g fo r d iv id e n d s o n s t o c k a t r a te o f
6 % per annum .
V . 105, p . 1709, 1898, 2543.
. , J T 9 . P & - r - s £o c l i , a i u h o r l z e d - S 2 9 . 9 0 0 . 4 5 0 ; o u t s t a n d i n g D e c . 31 1918,
$ 2 6 ,4 3 8 ,9 2 5 . o f w h ic h P e n n s y lv a n ia R R . o w n e d $ 2 6 ,4 3 6 ,9 5 0 .
D iv id e n d s s in c e c o n s o lid a t io n D e c . 31 1 9 0 2 t o J u n e 1 9 1 6 . 2 % s e m i-a n n .;
4 % p . a .; D e c . 1 9 1 6 p a id 4 % : J u n e 1 9 1 7 t o J u n e 1 9 1 9 , 3 % s e m l-a n n .; 6 %
p . a . U n d e r le a s e , 6 % p . a .
V . 105, p . 1709.
B O N D S . — T h e f i r s t m o r t g a g e o f 1 9 0 4 . ( $ 2 0 , 0 0 0 , 0 0 0 a u t h o r i z e d ) Is a f i r s t
ile n o n t h e P h l l a d e l p h l a - B a l t l m o r e d i v i s i o n , 1 1 7 m il e s , a ll d o u b l e - t r a c k e d ,
s n d a ls o s e c u r e s p a r i -p a s s u t h e $ 2 ,9 3 0 ,0 0 0 d e b e n t u r e s o f t h e f o r m e r P . W . A
B - a " d a l s ° o n t h ,c , ' n e J t o m B a l t i m o r e t o W a s h i n g t o n . V . 7 8 . p . 4 9 ; V . 9 2 ,
p 79o; V . 97 p
1427, 1734: V . 98, p . 237, 1000.

L o a n s a n d b ills p a y a b le , D e c . 31 1 9 1 8 , $ 7 ,2 2 7 ,7 7 3 .
V Tgh e p S o s J ^ ® g a r o t ° 1 j? Q .s e c u r e d

b y a new

m ortg a g e.

V . 8 4 , p . 1368

D u r in g 1 9 1 8 , f o r t h e p u r p o s e o f liq u id a t in g d e b t o n a c c o u n t o f c a p it a
ex, ? ? n,d l t u ,r e s ' . c v ^ b e s t o c k h o l d e r s a u t h o r i z e d ( 1 ) t h e i s s u a n c e o f $ 3 , 4 0 0 , 0 0 0
a d d i t io n a l c a p it a l s t o c k a t p a r ; (2 ) a n in c r e a s e in t h e f u n d e d d e b t b y $ 3 3 ,­
1 1 5 ,0 0 0 o v e r t h e a m o u n t h e r e t o f o r e a u t h o r iz e d , s u c h in c r e a s e a t t h e d is ­
c r e tio n o f th e d ir e c to r s ; (3 ) t h e e x e c u t io n o f a m o r tg a g e t o s e c u r e th e o u t ­
s t a n d in g 4 % s e r ia l g o l d lo a n , $ 3 ,0 0 0 ,0 0 0 ; ( 4 ) a n is s u e o f b o n d s n o t e x c e e d ­
in g $ 6 0 ,0 0 0 ,0 0 0 ( o f w h ic h $ 2 6 ,8 8 5 ,0 0 0 s h a ll b e r e s e r v e d t o r e t ir e b o n d s n o w
o u t s t a n d i n g o r a u t h o r i z e d a n d t h e s e r ia l g o l d l o a n ) , a n d t h e is s u e f r o m t i m e
t o t im e o f s u c h b o n d s f o r a n y p u r p o s e a u t h o r iz e d b y t h e m o r t g a g e .
T h e b o a r d h a s n o t ( t o M a y 1 9 1 9 ) a v a ile d it s e lf o f t h is a u t h o r it y , b u t u p o n
r e c e iv in g G o v e r n m e n t a l a p p r o v a l p r o p o s e s t o is s u e $ 1 5 ,0 0 0 ,0 0 0
6 % D e b e n t u r e G o ld B o n d s , d u e A u g . 1 1 9 2 8 , s e c u r e d b y a n a g r e e m e n t w i t h
t h e C o m m e r c ia l T r u s t C o . , t r u s t e e , a u t h o r iz in g a t o t a l is s u e o f $ 3 3 ,0 0 0 ,0 0 0
o f s u c h b o n d s .— V . 1 0 9 , p . 1 0 7 4 .

Ten-Year

106

★ Government
Control.

R A IL R O A D C O M P A N IE S
lFor abbreviations, A c ., see notes on first pace, J
P h i l a & C h e s V — 1 s t M p r e f o l d 5 a r e d ’ 9 6 g. P e P . k v .c *
1 s t m t g e o l d 4 s n o t p r e i l n t r e d u c e d I n *9 6 g P e P * k v c
P h i l a d e l p h i a & E r ie — S e e P e n n s y l v a n i a R R
P h ila & F r a n k — F ir s t m t g e $ 5 0 0 ,0 0 0 g u a r - O u P . k v .o *
P h ila G e r m & N o r r is t o w n — S t o c k r e n t a l P & R R y - - P h i l a H a r r i s b u r g & P i t t s b u r g h — 1 s t M g ---------k v . o * & r
P h i l a N e w t o w n & N Y — I s t M (3 s f ir s t c h a r g e ) - k v . c *
P h ila d e lp h ia & R e a d in g R y — S e e R e a d in g C o m p a n y
P h ila d e lp h ia & T r e n t o n — S t o c k 1 0 % r e n ta l P e n n R R
P h i l i p p i n e R y — S t o c k $ 5 , 0 0 0 , 0 0 0 a u t h o r i z e d ---------. . .
1 s t M $ 1 5 ,0 0 0 ,0 0 0 g ln t g u a r s t r e d 1 1 0 - - B a .x o * & r *
P ie d m o n t & C u m b e r la n d — S e e W e s t e r n M a r y la n d
P in e C r e e k — S ee N e w Y o r k C en tra l
P l a u a & T r o y — F i r s t m t g e $ 2 5 0 , 0 0 0 g o l d ----------- --------------o
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 — C o m m o n 3 % r e n t
P r e fe r r e d s t o c k 6 % c u m u la t iv e g u a r a n te e d b y re n ta l
P it t s b u r g S h e n a n g o & L a k e E r ie 1 s t M g _ C e .x x c *
C o n s o lid a t e d fir s t m t g e t o r $ 4 ,8 0 0 ,0 0 0 g - C e .x x o
P it t s B e s s & L E c o n s m t g e $ 1 0 ,0 0 0 ,0 0 0 g _ U s .x x o *
• G r e e n v ille e q u ip t r u s t $ 1 0 0 ,0 0 0 d u e y e a r ly g .U P i x x
B u t l e r e q u i p m e n t t r u s t $ 2 , 0 5 0 , 0 0 0 -------------------- U P i * *
P lt t s b C h a r t & Y o u g h — G e n M $ 1 ,0 0 0 ,0 0 0 g g u .F P i k
Plttsb C i n c i n n a t i C h i c & St L R R ( n e w ) — S t o c k .
O h io S t L & P i t t s c o n s M ( $ 2 2 ,0 0 0 ,0 0 0 ) g - . U n . x o & r
" A ” g o ld .x c ’
“ B ” g o ld .x c *
P lt t s b O In C h ic & S t L o u is R y —
C o n s o lid a t e d m o r t g a g e $ 7 5 ,0 0 0 ,0 0 0 " C ” g o l d .x o *
•
g o l d g u a r a n t e e d p r l n Sc l n t ( e n d ) b y “ D ” g o l d . x c *
•
P e n n s y lv a n ia C o m p a n y u n c o n d l- " E ” g o ld .x o *
• • t l o n a l l y . a l l e q u a l l y s e o u r e d -------------- “ F ” g o l d . x o *
“ G ” g o ld .x o *
“ H ” g o ld .x o *

1 u n a r t l e r s n r s t m o r t g a g e a s s u m e d ------------------------------ * o *
T e r r e H & I n d c o n s M ( n o w fir s t ) g o l d a s s u m
V a n d a lia
R R I C o n s M S er A s f a s s m d .F .x c

Miles Date
Road Bonds
24
24

1888
1888

2 .5 5
30
46
2 2 .2 2

1892
1890
1892

1 .0 0 0
50
1 ,0 0 0
1 .0 0 0

26

_____

% 100

1907

1 ,0 0 0

9

1899

119
136
178

1890
1893
1897
1900
1901
1892

1 ,0 0 0
50
50
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 .0 0 0

" I

20
1 ,8 5 4
581

1 ,1 4 4

23
99
651
651

1883
r i8 9 0
1892
1892
1895
1899
1903
1907
1910
,1 9 1 3
1914
1919
1901
1885
1905
1907

•

2 5 0 ,0 0 0
1 0 .0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
2 ,9 8 9 ,0 0 0
5 7 4 .0 0 0
6 .4 3 7 .0 0 0
1 0 0 ,0 0 0
2 .0 5 0 ,0 0 0
1 5 4 .0 0 0
8 4 .8 6 0 .1 1 1
1 ,4 7 8 .0 0 0
• 9 .9 9 8 ,0 0 0
8 ,7 7 4 ,0 0 0
1 ,3 7 9 ,0 0 0
4 ,4 3 9 ,0 0 0
2 ,2 4 0 ,0 0 0
9 .6 4 3 .0 0 0
8 ,4 0 6 ,0 0 0
2 .5 1 9 .0 0 0
6 .9 9 9 .0 0 0
3 ,4 9 2 .0 0 0
(? )
6 2 5 .0 0 0
1 ,8 9 9 .0 0 0
9 .8 4 3 ,0 0 0
6 ,6 1 2 .0 0 0

1.000

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

V . 63, p . 1064.
★ P H I L A D E L P H I A & F R A N K F O R D R R .— O w n s fr o m C r M o e n tv I lle t o
F r a n k fo r d .
P a ., 2 .5 5
m ile s ; t o t a l t r a c k s . 4 .2 6
m ile s .
T h e $ 5 0 0 ,0 0 0
s t o c k Is o w n e d b y R e a d i n g C o m p a n y , o f w h i c h $ 4 9 8 , 9 5 0 Is d e p o s i t e d u n d e r
I t s m o r t g a g e o f 1 8 9 7 : p r i n c i p a l a n d 4 % l n t . is g u a r a n t e e d b y R e a d i n g C o
L e a s e d t o P h ila d e lp h ia & R e a d in g R y . fo r 9 9 9 y e a r s fr o m J u ly 1 1 9 0 7 fo r
in t e r e s t o n $ 5 0 0 ,0 0 0 fir s t m o r t g a g e b o n d s a n d $ 1 1 1 ,4 6 6 o u t s t a n d i n g o b l i g a ­
t io n s , a n y e x c e s s o f n e t e a r n in g s t o b e a p p l i e d t o r e d u c tio n i o f p r in c ip a l o f
l a t t e r , a n d t h e r e a ft e r t o d iv i d e n d s o n s t o c k ,— (V . 6 7 . p . 1 3 5 8 , 1 3 5 7 .)
★ P H I L A D E L P H I A G E R M A N T O W N & N O R R IS T O W N R R .— £ h ll a .. P a .;
t o N o r r i s t o w n a n d G e r m a n t o w n , P a . , 2 1 .5 2 m ile s ; s e c o n d t r a c k . 2 0 .4 3 m ile
t h i r d t r a c k , 3 . 8 1 m i l e s ; t o t a l t r a c k , 8 6 . 5 m i l e s ; le a s e s P I Y , ™ ° u ••
m ile s
L e a s e d o n N o v 10 1 8 7 0 t o P h ila . & /R e a d in g f o r 9 9 9 v e a r s . r e n ta l
$ 2 7 7 ,6 2 3 , ln c l . $ 8 ,0 0 0 y e a r l y f o r o r g a n iz a t io n e x p e n s e s .
T h e q u a r tw ly
d i v i d e n d p a i d S e p t . 4 1 9 1 8 w a s o n l y $ 1 2 5 p e r s h a r e (2 ^ % ) a n d t h a t p a d
D e c . 4 1 9 1 8 a n d a g a i n A l a r . 1 9 1 9 , $ 1 .3 5 , | i n s t e a d o f $ 1 . 5 0 ( 3 % ) a s p r e v i o u s l y
o w i n g t o p e n d i n g l i t i g a t i o n w i t h le s s e e a s t o ,^ h lp h c o m p a n y s h o u ld p a y .
t h e e x c e s s p r o f it s . I n M a r . 1 9 1 9 J u d g e A u d e n r e id a t P h 'l a le s s e e w a s li a b le f o r t h is t a x a n d g a v e j u d g m e n t f o r a b o u t $ 1 2 ,0 0 0 a g a in s t
th e P . & R .
I n D e c . 1 9 1 9 p a id $ 1 .5 0 ( 3 % ) a n d a n e x tr a o f 8 5 c e n t s .— ( V .
1 0 8 , p . 9 7 4 , 1 9 8 7 .)
« P H IL A D E L P H I A H A R R IS B U R G & P IT T S B U R G H R R . - H ^ h u r g
p a ., t o S h lp p e n s b u r g , o n t h e W e s t e r n M a r y la n d R R . . 4 5 .8 3 m .. 2 1 t r a c k
4 1 m .: s id in g s a n d la t e r a l s . 1 4 .6 9 m .
L eased O ct. 15 1890 fo r 9 9 9 years
a t 5 % o n s t o c k , l n t . o n b o n d s , t a x e s t o P h i l a . Sc R e a d i n g R R .
w fl*ch b y e n ­
d o r s e m e n t o n o a ch g u a r , th e b o n d s , p r in .& in t.
L ease assu m ed m 1890
b y P h ila . & R e a d in g R y .
S t o c k , $ 2 ,0 0 0 ,0 0 0 , a ll o w n e d b y R e a d in g C o .
★ P H IL A D E L P H IA
NEW TOW N & NEW
Y O R K R R — P h ila d e lp h ia t o
N e w t o w n , P a .. 2 2 .2 2 m ile s ; 2 d t r a c k . 3 .5 0 m .; 3 d t r a c k . 2 .1 6 m .; s i d l e s a n d
la t e r a ls , 4 .8 8 m ile s .
S t o c k — c o m m o n . $ 1 2 2 5 . 0 0 0 : P r.c f ? / r e d . $ 4 0 0 . 0 0 0
D e c . 1 9 1 8 R e a d in g o w n e d p r e fe r r e d , $ 3 8 2 ,4 5 0 ; c o m m o n , $ 6 3 8 ,1 0 0 , p a r , $ 5 0 .
O f th e b o n d s . $ 8 4 9 ,1 0 0 (w it h c o u p o n s o n ly p a r t ly P a id — s e e V . 6 4 . d 3 8 1
a r e o w n e d b y t h e R e a d in g C o . a n d d e p o s i t e d u n d e r Its
m tg e . o f 18.
$ 2 4 7 ,1 0 0 a d d i t io n a l b e in g o w n e d b u t n o t P le d g e d
In O c t
1 8 9 8 In t o n
$ 5 0 7 ,0 0 0 b o n d s w a s r e d u c e d t o 3 % f r o m A p r il 1 1 8 9 7 a n d m a d e a f ir s t
c h a r g e : r e m a in d e r 5 % . s u b je c t t o s a id a g r e e m e n t .
V . '« 8 ^ p . 7 7 3 .
> ear
e n d in g D e c . 3 1 1 9 1 8 . g r o s s , $ 2 1 8 ,4 0 8 ; n e t , $ 1 4 ,0 9 7 . F e d . M g r . , C . H . E w in a .
R Y .— S ee "R e a d in g C o m p a n y .
f m
b a la u o e

P H I L I P P I N E R Y .— U n d e r a c o n c e s s io n g r a n te d J u ly 13 190® b y th e
P h i l i p p i n e G o v ’ t , In a c c o r d a n c e w i t h a n A c t o f C o n g r e s s o f t h e U n i t e d s t a t e s
In 1 9 0 5 . a n d w it h t h e a p p r o v a l o f t h e S e c r e t a r y o f W a r . t h is c o m p a n y h a s
c o n t r a c t e d t o b u i l d l i n e s o f r a i l r o a d In t h e P h i l i p p i n e I s l a n d s a s f o l l o w s : I s l ­
a n d o f P a n a y lO O m i l e s ; N e g r o s . 1 0 0 m
and C ebu. 95 m
O R G A N I Z A T I O N . — I n c o r p . M a r . 5 1 9 0 6 In C o n n e c t i c u t w i t h a n a u t h
c a p it a l o f $ 5 ,0 0 0 ,0 0 0 .
V .8 0 . p .2 6 2 2 : V . 8 2 . p .2 1 9 , 7 5 2 ; V . 8 3 . p . 4 9 3 . 9 ,0
1412; V . 85, p . 794; V . 87. p . 1358.
U n d e r th e te rm s o f th e c o n c e s s io n th f
P h ilip p in e G o v t , g u a r a n te e s In te r e s t o n a n Issu e o f 1 st M . 3 0 -y e a r s ln k lu g
fu n d 4 % g o l d b o n d s , w h ic h m a y b e I s s u e d t o e x t e u t o f 9 5 % o f c o s t or
co n s tr u ctio n .
A n y in te r e s t p a y m e n t s b y th e G o v e r n m e n t b e c o m e a c u m u ­
la t i v e lie n o n t h e p r o p e r t y , s u b je c t t o t h e lie n o f t h e 1st M . b o n d s .
R E P O R T . — E a r n in g s fo r c a le n d a r v e a r 1 9 1 8 , g r o s s . $ 5 0 8 ,0 2 9 : n e t a fte r
t-a x i-s $ 1 8 3 3 9 7 : o t h e r I n c o m e , $ 2 , 3 4 9
t o t a l d e d u c t i o n s $ 3 5 6 ,3 6 5 • a d d 'n s
a n d b e t t e r m e n t s , $ 2 3 ,3 2 1 ; b a l ., d e f ., $ 1 9 3 ,9 4 0 .
Y e a r 1 9 1 7 , $ 4 7 4 ,2 7 0 ; n e t ,
a ft e r t a x e s , $ 1 4 3 ,4 7 6 .
D I R E C T O R S . — H . T . 8 . G r e e n , C la r e n c e M c K . L e w is , G e o . F ra n k
M c I n t y r e , W m . B a r c la y P a r s o n s , J . G . W h ite . A lo n z o P o t t e r . J . H . P a r ­
d e e . W i lli a m S a lo m o n , C h a r le s M . S w ift , C o r n e liu s V a n d e r b ilt , C o l . C h a s .
C
W a lc u tt J r.
C h a ir m a n , W illia m S a lo m o n ; P r e s ., C h a r le s M . S w ift ;
v !-P r e s
J . H . P a r d e e a n d C . L e w is : V . - P . & O e n . M a n ., R . R . H a n c o c k :
S ec. & T reas
T . W . M o ffa tt.
O ffic e , 4 3 E x c h a n g e P la c e , N . Y . C it y .—
( V . 9 8 , p . 6 9 0 ; V . 1 0 4 . p . 2 5 5 3 ; V . 1 0 8 , p . 2 6 3 0 .)
★ 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 .— B e sse m e r. P a ., to
O o n n e a u t H a r b o r . O . , 1 5 2 m ile s ; le a s e d t o o t h e r r o a d s ; o t h e r m ile a g e o w n e d .
3 0 m .; b r a n c h e s a n d s o u r s , 3 5 m .; le a s e d M a a d v ille O o n n e a u t L a k e & L in e s v lile R R . a n d L ln e s v llle t o M e a d v ll le . 2 2 m .; t r a c k a g e t o C a s c a d e , n e a r
E r ie , & c . . 13 m .; t o t a l , 2 5 2 m ile s (1 4 2 m ile s d o u b le - t r a c k e d ) .




8 ,5 4 9 .0 0 0

1 ,0 0 0

$ 4 7 8 ,5 0 8
B a l a n c e , s u r p l u s _______________________________ --• ________$ 3 , 1 9 2 , 5 4 2
V . 10S, p . 1823, 2123; V . 109, p . 578, 1074.
★ P H I L A D E L P H I A & C H E S T E R V A L L E Y R R .— R o a d fr o m B r id g e p o r t
t o D o w n l n g t o n . P a . , 2 4 . 0 7 m il e s . C h a r t e r e d In 1 8 8 8 . C a p it a l s t o c k ( p a r $ 5 0 )
In c o m m o n , $ 5 5 0 ,0 0 0 : p r e fe r r e d , $ 2 0 5 ,1 0 0 ; t o t a l, $ 7 5 5 ,1 0 0 , o f w h ic h R e a d ­
in g C o m p a n y o w n s $ 4 8 9 ,3 0 0 c o m m o n a n d $ 2 0 5 ,1 0 0 p r e f ., $ 4 5 0 ,0 0 0 c o m m o n
a n d $ 2 0 5 ,1 0 0 p r e f . b e in g d e p o s i t e d u n d e r Its g e n . m t g e . o f 1 8 9 7
R e a d in g
C o . g u a r a n te e s b o n d s , w ith in t . r e d u c e d .
F e d . M g r ., C . H . E w in g .
Seo

★ P H IL A D E L P H IA
& TRENTON
RR. —
M o r r ia v llle , F a .. 2 6 m il e i; m o s t ly fo u r -t r a c k e d .
On June , *
9 9 9 y e a r s t o P e n n s y lv a n ia R R . a t 1 0 % o n $ 4 9 4 ,1 0 0 s t o c k , t h e
$ 7 6 5 ,0 0 0 , b e in g o w n e d b y U n it e d N e w J e r s e y R R . & C a n a l C o .

See text

aioo

$7,409,653

%

4
5 0 0 .0 0 0
2 ,2 4 6 ,9 0 0 S e e
5
2 .0 0 0 ,0 0 0
3&
1 .5 9 9 .0 0 0

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

® o i 1 qi 1 i ' i q 7 « 9 n 1? s 7 RR 9
5
$ 2 1 ,3 1 1 ,1 3 7 $ 2 0 ,3 5 7 ,5 6 2
$ 4 ,8 6 4 ,9 1 5
$ 3 ,7 5 9 ,5 2 7
1916.
1917.
$ 6 ,1 2 5 ,2 2 8
N e t i n c o m e , a f t e r t a x e s , & c -------------------------------------------$ 1 ,0 1 3 ,0 0 7
D i v i d e n d s r e c e i v e d _____ _____________________________________
*oon
3 8 4 ,5 5 0
J o i n t f a c i l i t i e s r e n t s , & c -------------------------------------------------------3 S > y ,iu o
$ 7 ,5 2 2 ,7 8 5
G r o s s i n c o m e -----------------------------------------------------------------------------* 8o q 7 9 ’ ? 7 9
$ 6 5 2 ,8 3 3
L e a s e o f o t h e r r o a d s ---------------------------------------------------------------n n f « q«
6 9 0 ,4 0 4
H i r e o f e q u i p m e n t , b a l a n c e ------------------------------------------------7 7 6 ,6 9 3
J o i n t f a c i l i t i e s , r e n t s ......................- .................................................
. Ȥ l-0 g 9
1 ,0 1 6 ,1 2 1
B o n d i n t e r e s t .............................
1 ’ 9 I 9 ’in n
3 8 3 .4 9 7
4 8 4 ,8 9 9
O t h e r i n t e r e s t a n d m i s c e l l a n e o u s -----------------------------------1 ,5 6 0 ,2 3 8
1 ’o f o ’oka
D i v i d e n d s ( 6 % ) ......................- ............................................................
1 .9 6 4 ,4 9 2
A d d i t i o n s , & c ___________________________________________________,
2 1 2 ,2 5 6

4 g
3 g

When
Payable

Rate

$ 2 8 0 ,5 1 0
1 0 0 .0 0 0

$500
600

Year end. Dec. 3 1 —
1917.
G r o s s e a r n i n g s .........................$ 3 3 , 2 1 2 , 4 0 4 $ 2 5 , 5 4 6 , 4 2 5
N e t ................ .. ............................. $ 8 , 6 2 4 , 1 5 7
$ 6 ,8 8 6 ,1 4 1

& R E A D IN G

Amount
Outstanding

Par
Value

R E P O R T . — R e p o r t f o r 1 9 1 8 in V . 1 0 8 , p . 2 1 2 3 ; V . 1 0 9 , P - 1 0 7 4 , s h o w s '
I n c o m e f r o m le a s e o f r o a d , $ 2 ,6 9 4 ,0 3 6 ; o t h e r i n c o m e , $ 1 ,3 8 5 , t a t . , & c . ,
c h a r g e s , $ 1 ,1 0 7 ,8 1 6 ; d iv id e n d s ( 6 % ) , $ 1 ,5 8 6 ,2 2 0 ; b a la n c e , s u r p lu s , $ 1 ,3 8 5 ;
P . & L . s u r p lu s , D e c . 31 1 9 1 8 , $ 1 3 ,7 9 3 ,9 2 8 .

P H IL A D E L P H IA

APrlvate
Control.

RAILWAY STOCKS AND BONDS

Last Dividend
and Maturity

&
Sc

11938
1 1938

A
A

O Apr
o Apr

A A u g l 1922
F
&
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te x t
Q— M
A & O 15 O ot 15 1 925
g
A
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10
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J

&

4 g
3
6
5 g
6 g
5 g
5 g
5 g
4 g
S ee te x t
5 g
4 )4 g
4H e
4 )4 g
4 e
3 )4 g
4 g
4 g
4 g
4 )4
4 )4
6 g
3 )4 g
5 g
4 g
4 g

M
A
J
A
J
J
M
A
A

Se
Sc
Sc
Sc
&
6a
Sc
6a
6a
N ew
Sc
Sc
Sc
Sc
Sc
Sc
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Sc
6a
&
&
&
&
6a
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Sc

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

J J u ly
N
O
D
O
J
J
N
O
O

o
o
o
N
N
A
D
N
A
A
N
J
O
J
A
N

1 1937

[V o l . 109.
Places Where Interest and
Dividends are Payable
R e a d in g T e r m in a l, P h ila
do
do
R e a d in g T e r m in a l. P h ila
M a r & M e r B ld g . P h ila
do

do
T reas P en n R R

C o , P h ila

B an kers T ru st C o, N

Y

U n S a v B k & T r C o , O In
N ov 11939
O c t 1 1 9 1 9 1 )4
do
do
D ec 1 1919 3 %
O ct 1 1940
do
do
J u ly 1 1 9 4 3
U n ite d S ta te s T r C o , N Y
Jan 1 1947
U n io n T r u s t C o , P lt t s b b
M ay 1 1920
do
do
A p r 1 1921
O fflo e ,
P it t s b u r g h .
Pa
A p r 1 1932
J u ly 2 5 1919 2 % T re a s o ffic e . P ltts b , P a
R eg P enn R R , N Y cou p
O ot 1 1932
P en n R R C o .. N Y
O ot 1 1940
do
do
A p r 1 1942
do
do
N ov 11942
do
do
N ov 11945
do
do
Aug 11949
do
do
D eo 1 1953
do
do
N ov 1 1957
do
do
F eb 1 1 9 6 0
do
do
A u g 1 1963
do
da
M a y 1 1964
Pa R R C o. N Y
„
Jan 1 1934
G o ’s o fflo e . P it t s b u r g h .P a
O ot 1 1931
Pa R R C o. N Y
J u ly 1 1 9 2 5
T reasu rer,
P it t s b u r g h
F eb 1 1955
Pa R R C o, N Y
N ov 1 1957

O R G A N I Z A T I O N , & o .— a c o n s o l i d a t i o n J a n . 1 4 1 8 9 7 .
B o a t lin e s t o
C a n a d a , see V . 7 7 , p . 1228: V . 7 6 . p . 1358. 9 2 2 ; V . 6 1 . P. 2 4 1 . 7 9 5 .
O f th e s t o c k , $ 5 ,5 0 0 ,5 0 0 c o m m o n a n d $ 7 6 1 ,0 0 0 p r e fe r r e d a r e o w n e d b y
th e U . S . S teel C o r p .
L e a s e d fo r 9 9 9 y e a r s fr o m A p r il 1 19 0 1 t o t h e B e s s e ­
m e r & L a k e E r ie R R . , a s u b s id ia r y o r g a n iz a t io n o f th e U . S . S te e l C o r p . .
fo r 6 % o n p r e f. a n d 3 % o n c o m . s t o c k . In te re st o n b o n d s a n d o r g a n iz a t io n
e x p e n s e s , & c . , le a s e g u a r a n t e e d b y t h e C a r n e g i e S t e e l C o . , s u b s id ia r y o r
U . S . S teel C o r p .
V . 72. p . 137.
ljt
„
_
,
B O N D S .— D e b e n t u r e s o f 1 8 9 9 , $ 2 ,0 0 0 ,0 0 0 w e r e p a id o f f J u n e 1 1 9 1 9 .
V . 108, p . 2023.
, x
T h e m t g e . o f 1 8 9 7 is f o r $ 1 0 , 0 0 0 , 0 0 0 ; $ 3 , 5 6 8 , 0 0 0 r e s e r v e d t o r e t i r o P i t t s ­
b u r g h S h e n a n g o & L a k e E r ie b o n d s .— ( V . 1 0 0 , p . 9 2 4 ; V . 1 0 8 , p . 2 0 2 3 .)
★ P I T T S B U R G H C H A R T I E R S & Y O U G H I O G H E N Y R Y .— O w n s fr o m
v j n a r t l e r s t o U e e c h m o n t . 2 0 m i l e s ; t r a c k a g e ( C h a r t l e r s R y . 1 . 4 0 m . : 2 2 m . in
a ll.
S T O C K o u t s t a n d in g D e c 3 1 ’ 1 8 . $ 1 ,3 9 0 ,0 0 0 . o w n e d J o in tly b y g u a r
a n t o r s m e n t io n e d b e lo w .
A u t h . s t o c k , $ 1 .5 0 0 .0 0 0 .
V . 8 2 . p . 1269.
F e d e r a l C o m p e n s a tio n .— $ 1 8 0 ,6 1 4 y e a r l y d u r in g F e d e r a l c o n t r o l ( c o n t r a c t
______
e x e c u te d ).
D I V I D E N D S .— In 1 8 95. 4 % ; 1896, 1 1 % ; 1 8 97. n o n e ; 1 8 9 8 . 7 % ; 1 8 9 9 .
1 % ; 1900, 4 % ; 1906. 6 % ; 1907, 1 0 % : 1908. 4 % ; 1909. 8 % ; 1910. 4 % ; 1911.
n on e; 1912. 6 % ; 1913. 1914 an d 1915, n on e; 1916, Ju n o 1, 5 % ; 1917. 1 2 % ;
1 9 1 8 , F o b .. 5 % .
O f th e 4 s , h a lf a re g u a r a n te e d (e n d o r s e d ) b y P it t s . C ln C h ic . & S t . L o u is , th e o t h e r h a lf b y P it t s . & L a k e E r ie .
See gu a ra n ty ,
V . 5 6 , P- 6 50.
I n 1 9 1 8 , a c c r u e d F e d e r a l c o m p e n s a t io n , $ 1 8 4 ,0 0 8 ;o t h e r
in c o m o , $ 6 ,3 8 0 ; t a x e s , $ 8 ,0 0 0 ; ln t . r e n t s , & c ., $ 8 ,3 4 1 ; b a l ., s u r ., $ 1 7 4 ,0 4 7 .
I n 1 9 1 7 . g r o s s , $ 6 3 2 ,8 7 8 ; n e t , $ 3 1 8 ,5 2 0 ; o t h e r in c o m e , $ 1 0 ,1 4 2 ; c h a r g e s .
$ 6 6 ,3 8 0 : d l v . ( 1 2 % ) , $ 1 6 6 ,8 0 0 ; s u r p lu s , $ 1 3 9 ,2 1 0 .
P r e s ., J . M . S c h o o n m a k e r ; F e d . M g r ., G . L . P e c k , P it t s b u r g h .— ( V . 1 0 9 , p . 1 3 6 7 )

P I T T S . C I N C I N . C H I C . & S T . L O U I S R R . (C o n s o lid a t e d C o m p a n y )
L in e s o w n ed —
_
M iles .
L i n e s le a s e d ( * S e e t h e s e c o s . ) —
145
P i t t s b u r g h . P a . , t o C h i c a g o . 111. 5 0 4 T e r r e H a u t e & P e o r i a _______ ____
16
R en d com b J e t. to A n ok a J c t ._
1 6 6 C h i c a g o Sc E a s t e r n I l l i n o i s ------ 195
B ra d fo r d J e t. t o I n d ia n a p o lis ..
1 0 4 • L i t t l e M i a m i _____ - -----------------------9
I n d ia n a p o lis t o J e f f e r s o n v il le ..
1 0 8 O h i o C o n n e c t i n g R y -----------------------I n d l a n a p . . I n d . , t o K S t . L . . 111. 2 3 8 O t h e r l i n e s ____________________ - — 4
T ra c k a g e..----------------------------- 1 1 8
I n d ia n a p o lis t o V in c e n n e s . I n d .
119
Operated under their own org.
F r a n k f o r t t o B e n D a v i s ---------------40
20
S o u th B e n d t o R o c k v ille . I n d . .
1 6 0 P i t t s . C h a r . Sc Y o u g h ----------- —
28
I t R ------L o g a n s p o rt, I n d ., to B u t le r ...
9 3 W a y n e a b u r g Sc W a s h
B r a n c h e s __________ _____________— 363
T o t a l o f a l l D e c . 3 1 1 9 1 8 ---------2 , 4 3 1
T o t a l o w n e d --------------------------------- 1 , 8 9 6
O R G A N I Z A T I O N . — T h is r a ilr o a d c o m p a n y c o m p l e t e d Its o r g a n i z a t io n
o n J a n . 1 1 9 1 7 w it h $ 1 0 0 ,0 0 0 ,0 0 0 o f a u t h . c a p it a s t o c k , p e r p la n In V . 1 0 3 ,
d . 6 6 6 , 8 4 4 . 2 4 2 9 , a s a c o n s o lid a t io n o f t h e f o ll o l w in g c o s b e lo n g in g t o t h e
P e n n s y l v a n i a R R . s y s t e m : P i t t s . C i n e . C h i c . Sc S t . L . R y . , V a n d a l i a R R . ,
P i t t s . W h e e l . Sc K y . . A n d e r s o n B e l t R y . a n d C h i c
In d . & E a st. R y
I n F e b . 1 9 1 9 v o t e d t o p u r c h a s e t h e n e w l i n e b u i l t In t h e c o m p a n y ’ s
I n t e r e s t a t c o s t o f $ 6 ,0 0 0 ,0 0 0 b e t w e e n B o n D a v i s (n e a r I n d ia n a p o lis ) a n d
F r a n k fo r t , 4 2 m ile s , r e p la c in g 5 4 m ile s t r a c k a g e o v e r L a k o & W e s t e r n R R .
V . 107. p . 2377.
C o n t r a c t w ith U . S . G o v t . V . 1 0 7 . p . 2 3 7 7 .
“ S T A N D A R D R E T U R N .” & c .— S ee p a g e 5 .
, .
S T O C K .— T o t a l s t o c k o u t s t a n d i n g D e c . 3 1 1 9 1 8 , $ 8 4 ,8 6 0 ,1 1 1 ( o f w h ic h
P e n n s y lv a n ia C o m p a n y o w n e d $ 6 5 ,1 1 7 ,1 5 5 a n d P e n n . R R . $ 1 5 0 ,0 0 0 ),
in c lu d in g $ 3 4 1 ,7 8 9 f o r c o n v e r s io n o f o u t s t a n d . s e c u r it ie s o f c o n s t it u e n t c o s .
D I V I D E l D S .—
N
[ ' 0 2 - ' 0 5 . ’ 0 6 . ’ 0 7 - 0 9 . ’ 1 0 . ’ l l - ' l S . ' 1 4 . 1 5 . '1 6 . 1 9 1 7
O ld P r e fe r r e d
( % ) . . ( 4 y r ly . 4 )4 5 y r ly . 6 H
5 y r ly . 2 )1 2 K 6
J O ld C o m m o n
( % ) - - ( — 3 y r ly .— 4 y r ly . 6 )4 5 y r ly . 2
. . .
2
j
In A u g . 1 9 1 7 a n d a g a in o n J a n . 2 5 1 9 1 8 p a id 2 1 4 % o n th e n e w (c o n ­
s o lid a t e d ) s t o c k , b u t in J u ly 1 9 1 8 , a n d a g a in J a n . a n d J u ly 2 5 1 9 1 9 , p a id
t h e r e d u c t io n b e in g rn a d o t o m e e t th e w is h e s o f t h e U . S . R R . A d ­
m in is t r a t io n . V . 1 0 7 , p . 2 9 2 , 4 0 2 ; V . 1 0 5 . p . 2 5 4 3 .
_
B O N D S . — - T h e Consolidated Mortgage tor $ 7 5 , 0 0 0 , 0 0 0 , m a d e I n 1 8 9 0 b y
t h e P i t t a . C i n . C h i c . Sc S t . L o u i s Railway C o . r o s e r v e s s u f f i c i e n t b o n d s f o r
t h e p u r p o s e o f r e t ir in g a ll s e c t io n a l b o n d s a t m a t u r it y , a t w h ic h t i m e t h e y
m u s t b e p a id o f f .
T h e r e m a in d e r a r e I s s u a b le f o r I m p r o v e m e n t s , a d d i t i o n s .
S ec.
T h e y a r e g u a r , u n c o n d i t i o n a l l y a s t o p r l n . Sc l n t . b y t h e P e n n . C o .
T h e t o n s e r i e s a r e a ll e q u a l l y
socu rod.
S e e a d v . In “ C h r o n i c l e M a y
21
1892 a n d g u a ra n ty
on bon d s. V . 9 6. p . 488: V . 97, p . 365, 596; V 90- p .
3 0 3 . 155 5 ; V . 9 1 . p .3 3 7 ; V 9 2 . p . 124 3 : V . 9 8 . p . 1461; V . 9 9 . p . 199s V . 1 0 0 .
D.
475: V . 103. p . 2342.
E q u ip m e n t tru s ts D o c . 31 1 9 1 8 , $ 3 .4 3 4 .7 3 7 .
T o r e t i r e t h e $ 1 , 8 9 9 , 0 0 0 o l d b o n d s o f T e r r e H a u t e St I n d . ( o l d V a n d a l i a
R R ) a n e q u a l a m o u n t o f c o n s o ls o f 1 9 0 5 w a s r e s e r v e d . S e e V . 8 0 . p . D M .
1236: V . 82. p . 162. 630; V 86. p . 1531; V . 90. p . 850, 915. 1426.
T h e s h a r e h o l d e r s v o t e d F e b . 3 1 9 1 9 t o a u t h o r i z e a n i s s u e o f $ . i o . 1 ) 0 0 ,UOO
g o ld d e b e n tu re b o n d s.
I n M a y 1 9 1 9 a p p lie d t o O h io P . U . C o m m , fo r
a u t h o r i t y t o is s u e $ 2 0 ,0 0 0 ,0 0 0 6 % D e b s , d u o J a n . 1 1 9 3 4 .
V . 107, p . 1920,
V . 108. p . 80; V . 108. p . 2123.
_
.
.
O n D e c . 31 1 9 1 8 th e c o m p a n y w a s in d e b t e d t o t h e P e n n s y lv a n ia C o . fo r
a d v a n c e s , c h i e f l y f o r c o n s t r u c t i o n p u r p o s e s , in t h e a m o u n t o f $ 1 3 ,1 9 5 ,0 0 0 .
..
------------------- a n l a R K
G o
$ - e s te r n L in e s , $ 4 ,1 0 0 ,0 0 0 . a n d h a d
a n d t o t h e P e n n s y l v a n i a _____ ______ , ______________
★

o u ts ta n d in g s h o r t-te r m

n o t e s a g g r e g a t in g $ 2 ,6 7 0 ,0 0 0 .

E A R N I N G S . — 9 r a o s . , 1 9 1 9 ........... G r o s s , $ 6 8 , 9 8 9 , 6 6 5 ; n e t , * 5 , 4 6 5 . 5 0 0
J a n . 1 t o S e p t. 3 0 .
1 1 9 1 8 ............ G r o s s .
6 3 ,2 5 3 ,2 2 7 ; n o t .
6 ,8 3 8 ,1 1 0
967; V . 109, p . 770,
R E P O R T . — -F o r c a le n d a r y e a r 1 9 1 8 , V . 1 0 8 , P
s h o w in g G o v e r n m e n t c o m p e n s a t io n , & c .:
1 9 1 7 (act.)
1918.
F e d e r a l c o m p e n s a t i o n . . . $ 1 1 ,3 3 4 ,0 9 4 G r o s s e a r n s .$ 7 3 ,5 0 7 ,6 2 9
O th e r co rp o ra te in c o m e .
2 2 4 ,2 0 3 N e t i n c o m e .$ 1 4 ,7 1 3 ,6 1 6
I n t c r o s t ,& c . 1 0 ,1 3 4 ,0 -1

Total...................*11.558,297 Add’ns, d&c.( 5 ) 4 , 2 2 5 , 4 4 5
D iv id e n s

D e d u c t io n s , in c l. s k . fu n d
8 ,0 3 1 ,0 7 6
D i v i d e n d s p a i d ------------- ( 4 % ) 3 , 3 8 0 , 6 4 6

1 9 1 6 (act.)
* 6 4 .0 3 6 .4 9 8
$ 1 5 ,7 6 9 ,0 3 6

3 ',9 7 5 ', 1 8 4

$ 9 6 3 ,8 7 5
B a l., s u r .
[$ 3 5 4 ,1 4 9
B a l a n c e , s u r p l u s ----------$ 1 4 6 ,5 7 5
T . H. B.
—
B ros
S a m u e l R e a . P h ila .: S e e
S . H . C h u r c— , a n-d T r e a s .
h
. . .
M c K n ig h t , P it t s b u r g h .
F e d . M g r ., G . L . P e c k . ? *
w (. Y q „
2 9 2 4 0 2 , 1 9 2 0 , 2 3 7 7 ; V . 1 0 8 , p . 8 0 . 5 7 9 , 9 6 7 , 2 1 2 3 , 2 5 2 9 , V . 10 9 . p . 173
1080.

S ot., 1919.] * g ;K n” ‘

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
t For abbreviations', &c., see notes on first pane]

Miles Date
Road Bonds

P it t s b u r g h C le v e la n d & T o le d o — S e e B a lt im o r e & O h lo R R
P it t s
F t W a y n e & 1C — P r e f s to c k (o r ig ’l g u a r s to c k )
470
O r ig in a l g u a r a n t e e d s t o c k u n e x c h a n g e d m O c t 1 9 1 9
C o m m o n s t o c k (g u a r s p e c s t o c k ) 7 % g u $ 8 0 ,2 8 5 ,7 0 0
470
G u a r a n t e e d s p e c i a l s t o c k u n e x c h a n g e d In O c t 1 9 1 9
P i t t s b u r g h J u n c t i o n — S ee B a ltim o r e * O h io R K
P i t t s b u r g h & L a k e E r ie — S t o c k a u t h $ 5 0 , 0 0 0 , 0 0 0
• F i r s t m o r t g a g e g o l d ______________________ .
'i c
•S e c o n d m o r t g a g e g o l d S e r ie s A a n d B l I
N ~*o
E q u i p m e n t T r u s t C e r t i f i c a t e s D e c . 3 1 1 9 1 7 _ _ .T c * & r
P it t s b u r g h M c K e e s & Y o n g h — S t o c k g u a r ( s e e 't e x t )
F ir s t m o r t g a g e g u a r b y P & L E a n i L S & M S
rc
57
2d M g u a r n & 1 (e n d ) b y P & L E a n d L S & M S .x c
57
P it t s b u r g h P a in e s v illc & F a lr p o r t — S e e B a lt im o r e & O h io
P i t t s b u r g h & S h a w m u t R R — S t o c k _____
F i r s t m o r t g a g e g o l d r e d 1 0 5 ............. ........... C E x c * & r *
F ir s t L ie n T r u s t 1 0 -y o a r n o t e s $ 8 ,7 6 0 ,0 0 0 g
T w o -y e a r c o ll tr n o te s g c a lla b le 1 0 0 H
F 'k c *
E q u ip m e n t t r u s t s d u e $ 1 0 ,0 0 0 s e m i-a n n u a lly y C o lx
do
do
$ 2 3 , 0 0 0 s e m i - a n n u a l l y ________ C o l x
do
do
$ 3 0 , 0 0 0 s e m i - a n n u a l l y ________ C o l x
do
do
$ 1 3 , 0 0 0 s e m i - a n n u a l l y ____
C o lx
do
do
$ 7 ,0 0 0 s e m i-a n n u a ll y .
* * C o lx
P it t s S h a w & N o — R e c e iv e r s * c e r t s A & B . c a l l a t D a r
R e c e i v e r ’ s c e r t i f i c a t e s V . 1 0 2 , p . 9 7 7 _______
£
do
do
____
C e n t r a l N Y & W e s t e r n R R 1 s t M __
F i r s t m o r t g a g e g o l d $ 1 2 , 0 0 0 , 0 0 0 __________ ’- " " ’ E c f x o *
R e f u n d in g m o r t g a g e g o l d $ 1 5 ,0 0 0 ,0 0 0
'
O ar t r u s t (r e c e iv e r ’ s) d u e $ 1 1 ,0 0 0 s e m i-a n n u a lly * *x

Par
Value

1878
1889
1913
1882
1882
1884
R R

50
1 ,0 0 0
1 .0 0 0
1 .0 0 0 & c
50
1 .0 0 0
1 .0 0 0
100
1 ,0 0 0
1 ,0 0 0
1 .0 0 0
1 ,0 0 0
1 ,0 0 0
1 .0 0 0
1 ,0 0 0
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 .0 0 0

1909
1917
1918
1912
1913
1914
1910
1917
1917
1916
1917
1892
1899
1902
1910

★ PITTSBURGH FORT WAYNE & CHICAOO RY.— (See Maps Penn RR.)

C A P I T A L S T O C K .— A p la n w a s a d o p t e d O c t . 17 1917 m
i n c r e a s i n '’’
t h e li m it o f c a p it a l s t o c k t o S I 0 0 ,0 0 0 ,0 0 0 , t h u s p e r m it t in g t h e is s u a n c S
t im e t o t im e a s r e q u ir e d o f S 2 7 .8 4 9 .4 1 4 1 a d d it io n a l ^ i a r a n t e S l
s p e c i a l s t o c k , o r a s i t is n o w k n o w n , c o m m o n s t o c k , w i t h d i v i d e n d s D a v a b lo u n d e r
le a s e a t s u c h r a t e a s s h a ll b o f i x e d a t t i m e o f i s s u e - ^ 2 )
t o r e n a m e th e g u a r a n te e d s p e c ia l s t o c k “ c o m m o n s t o c k ’ ’ a s a b o v e sta ted ^
a n d t h e “ o r ig in a l” g u a r a n t e e d s t o c k a s p r e f. s t o c k a n d t h e la t t e r t o c o m in u e
t o r e c e iv e d iv id e n d s o u t o f s u m o f $ 1 ,3 8 0 ,0 0 0 s e t a s id e a n n i a l l y f o ? ? M s p u r and to b e p r o t e c t
s ta te d in V . 1 0 5 , p . 7 1 6
(3 ) t h e d i s t r i b u t i o n o f f u n d o f a n n p n x iT u a te iv
$ 1 .5 0 0 0 0 0 . a ft e r m e e t in g e x p e n s e s o f r e c a p it u la t i o n , t o aU s t o c k h o l d e r o t h e r
th a n P e n n a . R R . an d P en n a . C o . See V . 105, p
710
U nder th e \ h o v e
p la n t h e a u t h o r iz e d c a p it a l s t o c k w a s in c r e a s e d t o $ 1 0 0 0 0 0 0 0 0 a n d t h e r e
h a s b e e n is s u e d t o O c t . 1 1 9 1 9 S 1 4 .7 1 3 .7 0 0 o f p r e f / s t o c k i n e x c h a n g e f o r
o r ig in a l g u a r a n t e e d s t o c k a n d $ 1 0 ,1 7 4 ,8 0 0 o f c o m m o n s t o c k i n e x c h a n g e fo r
a lik e a m o u n t o f g u a r a n t e e d s p e c ia l s t o c k , a ls o $ 1 2 ,7 8 0 ,6 0 0 o f c o m m o n s t o c k
S

S

R

S

?

K

S R

e ° ' ,d d ll,o n ? “

d

Rate

W h en

%

Payable

7
7
7
7

$ 1 0 0 $ 1 4 ,7 1 3 ,7 0 0
100
5 .0 0 0 . 5 8 6
io n
2 2 .9 5 5 ,4 0 0
100
4 2 ,2 6 1 ,5 0 0

i f i ? A I ^ - * i ? , w n .® t r ? m
P a ., t o C h ic a g o . I ll . a n d b r a n c h e s , 4 7 0
m ile s .
D o u b le tr a c k
4 6 9 m ile s
L e a s e d t o P e n n . R R . C o . f o r 9 9 9 y e a r s f r o m J u l v 1 i 8 6 0 a n d is n n e r a t e d
w it h t h a t r a ilr o a d
(V . 1 0 5 . p . 2 0 9 5 ); r e n t a l, 7 % ' o n s t o c k s o u t ­
s t a n d i n g p a y a b l e Q .- J . ,.a n d a s u m s u f f i c i e n t t o c o v e r o r g a n i z a t io n e x p e n s e s .
In 1901 a n e x tr a d iv id e n d o f 2 % w a s d e c la r e d o n b o t h s t o c k s , b u t o n
g u a r , s p e c ia l s t o c k o n l y in c a s e c o u r t s s o d e c id e .
V . 72, p . 821, 1188.

£ £ ?

Amount
Outstanding

Q— J
O— J

I*

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

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

1

&

&
&

&
&
&
&

107

Last Dividend Places Where Interest a n d
and Maturity
Dividends are Payable

O ct 7 1919
O ct 7 1919
O ct 1 1919,
O ct 1 1919,

Q— J
Q— J

3 5 . 9 8 5 . 6 0 0 1 0 I n *1 9
2 .0 0 0 . 0 0 0
6 g
2 .0 0 0 .0 0 0
5 g
2 ,6 5 4 ,6 6 1
3 ,9 5 9 ,6 5 0
2 .2 5 0 .0 0 0
6
1 ,0 0 0 ,0 0 0
6

APrlvate
Control.

A A ug
J Jan
O Jan
J Jan
J J u ly
J J u ly
J J u ly

1
1
1
1
1
1
1

1 * 4 W i n s l o w , L a n i e r < 5 c C o ,N Y
1H
do
do
1*4
1*4

1919 5%
1928
1928
1928
1919 3 %
1932
1934

D D eo 1959
M a y 1 1927
M ch 1 1920
M a y '2 0 - N o v *22
M a y * 2 0 - N o v *23
M a y 2 0 - N o v '2 4
J a n 2 0 - J a n *2 7
O A p r ' 2 0 - A p r *27
S e m i -i
A u g - S e p t *19
M
&
J u n e 1919
Jan
1 1943
F eb 1 1949
F eb 1 1952
D e c '1 9 - D e c *20

C o ’s

O ffic e ,
P it t s b u r g h
do
do
N ew Y ork T ru st C o, N Y
G u a ra n ty T ru st C o , N Y
C e n t r a l CJn T r C o ,
N V
do
do
do
do

In tern a t B a n k , N ew Y o rk
N Y , C o lu m b ia T r C o
In tern a t B a n k , N Y
C o lu m b ia T r u s t C o , N Y
do
do
do
do
do
do
do
do
C o lu m b ia T r u s t C o ,, N Y
do
do
C o lu m b ia T r u s t C o , N Y
I n d e fa u lt
F e b 1 9 0 5 ln t la s t p a id
do
do
C o lu m b ia T r u s t C o , N Y

D ec. 1914.
T h e b o n d s a r e s e c u r e d o n t h e 1 0 3 m . in o p e r a t io n : a ls o p le d g e
o f $ 1 1 ,9 5 3 ,0 0 0 o f $ 1 4 ,4 9 1 ,6 0 0 R e f. 4 s a n d $ 5 8 ,0 0 0 o f $ 1 6 4 ,0 0 0 P it t s . S .&
N o r . 1 s t 5 s o u t s t a n d i n g , p le d g e o f e n t ir e $ 3 ,6 0 6 ,3 6 2 s t o c k a n d $ 2 ,0 1 9 ,7 0 3
5 % n o t e s o f A lle g h e n y R iv e r M in in g C o .; a ls o c o n t r a c t w it h la s t -n a m e d
c o m p a n y fo r m in im u m c o a l t o n n a g e .
T o t a l b o n d s is s u e d J a n . 1 1 9 1 9 .
$ 1 1 ,0 0 0 ,0 0 0 , o f w h ic h $ 3 ,3 8 4 ,0 0 0 o u t s t a n d in g , $ 6 1 6 ,0 0 0 h a v e b e e n c a n c e le d
b y s in k in g f u n d a n d $ 7 ,0 0 0 ,0 0 0 p le d g e d a s c o lla t e r a l (s e e b e l o w ) .
U n d e r p la n o f r e fin a n c in g M a y 1 1 9 1 7 , $ 8 ,7 6 0 ,0 0 0 1 0 -y e a r 5 % T r u s t
N o t e s w e r e a u t h o r iz e d , o f w h ic h $ 7 ,2 6 0 ,0 0 0 w e r e is s u e d t o g e t h e r w it h c o m ­
p a n y s $ 1 ,5 0 0 ,0 0 0 o n e -y e a r 5 % t r u s t n o t e s , t o p r o v id e f o r b ills p a y a b le a n d
d e m a n d n o t e s t h e n o u t s t a n d i n g a ls o t o p r o v i d e f o r c a s h p a y m e n t s o n c a r
d a te d A p r il 1 1 9 1 7 .
T h e s e $ 7 ,2 6 0 ,0 0 0 1 0 -y e a r n o t e s , w h ic h in J u n e
1 9 1 7 w e r e h e ld b y t h e o w n e r s o f th e p r o p e r t y , w e r e o n J a n . 1 1 9 1 8 s e c u r e d
b y p le d g e o f $ 7 ,0 0 0 ,0 0 0 o f t h e c o m p a n y ’s 1 st M . 5 s o f 1 9 0 9 a n d $ 3 ,0 0 0 ,0 0 0
1 st M . b o n d s o f A lle g h e n y R iv e r M in i n g C o . a n d “ $ 6 0 0 ,0 0 0 v a l u e o f l o c o ­
m o t iv e s a n d c a r s b o r r o w e d f o r th is p u r p o s e f r o m t h e A ll e g . M in i n g C o .
J r
($ 1 .5 0 0 ,0 0 0 ) o f t h e 1 0 -y e a r n o t e s w e r e r e s e r v e d t o r e t ir e t h e
M , 5 0 0 ,0 0 0 1 -y e a r is s u e d u e in M a y 1 9 1 8 ; b u t in M a r c h 1 9 1 8 8 1 ,5 0 0 ,0 0 0
4 -y e a r n o t e s w e r e s o ld t o t a k e u p t h e la t t e r .
T h e t w o -y e a r C o lla te r a l N o t e s o f 1 9 1 8 a re s e c u r e d b y 1 2 0 % o f th e ir p a r
v a l u e i n h i g h - c l a s s m a r k e t a b l e c o l l a t e r a l , t h e m a r k e t p r i c e o f w h i c h is t o
b e m a in t a in e d a t 1 2 0 % .
S e e lis t , V . 1 0 4 , p . 1 8 9 9 ; V . 1 0 6 , p . 1 2 3 1 .
E A R N
Jan.
F or
Jan. 1

'< > ' « ■ »

I N G S . — 1 2 m o s ., 1 1 9 1 8 ..G r o s s , $ 1 ,3 4 3 ,6 0 8 ; n e t ( b e f o r e $ 4 0 ,8 2 2
1 to D e c. 3 1.
1 1 9 1 7 ..G r o s s ,
1 ,1 5 0 .8 0 6 ;
ta x e s ).
2 5 0 ,6 7 6
8 m on th s —
( 1 9 1 9 — G r o s s , $ 7 4 5 ,9 8 9 ; n e t (b e fo r e d e f$ 1 5 3 .9 8 5
to A u g . 3 1 .
\1 0 1 8 — G r o s s ,
8 9 6 ,9 7 1 ;
ta x e s ),
net
7 9 ,2 8 9

C a p it a l S to ck O ct. 1 1 9 1 9 ( T o ta l A u t h o r iz e d $ 1 0 0 0 0 0 0 0 0 )
„
„
A u th o riz ed .
Issu ed .
R e s e r v e d f o r C o n tc r s ic m
U n is s u e d
P r e f . s t o c k . . .$ 1 9 ,7 1 4 ,3 0 0 $ 1 4 ,7 1 3 ,7 0 0 $ 5 ,0 0 0 ,6 0 0 ( o r i g ^ i a ? )
U n is s u e d .
C o m m o n s t o c k 8 0 ,2 8 5 ,7 0 0
2 2 , 9 5 5 , 4 0 0 4 2 , 2 6 1 , 5 0 0 ( s p e c ’ F s t ’ k ) $1 5 0 6 8 * 8 0 0
T h e s p e c i a l d i v i d e n d d i s t r i b u t i o n is e x p e c t e d t o t a k e ' S a b o t i t h i n ’ t h e
n e x t f e w m o n t h s . V . 1 0 6 , p . 5 0 0 . ( V . 1 0 8 , p . 1 7 2 2 .)
P

R E P O R T .— F o r c a le n d a r y e a r 1 9 1 7 in V . 1 0 7 , p . 5 9 9 , s h o w e d ;
G r o s s e a r n in g s o f r a i l r o a d .$ 1 ,1 5 0 ,8 0 5 [I n v e s t m e n t , & c .. I n c o m e . . . $ 6 4 4 ,9 8 8
N e t , a fte r ta x e s , r a ilr o a d .
2 3 7 ,2 7 9 B o n d a n d o t h e r in t e r e s t
6 2 2 .8 0 5
H ir e o f e q u ip m e n t ( C r .) _ .
2 9 0 ,7 2 7 1
_______
,,
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,
I
B a la n c e , a fte r i n t e r e s t ...$ 5 5 0 ,1 8 9
A ls o p a id 1 s t M . s k . f d . ($ 1 0 0 ,0 0 0 ), e q u ip m e n t s ( $ 1 8 1 ,4 7 0 ), & c . .$ 2 8 6 ,4 7 0

★ PITTSBURGH & L A K E E R I E RR.— ( S e e M ats l V
Y
C e n t r a l RR )
— O w n s fr o m P it t s b u r g h , P a ., t o H a s e lto n , O ., 6 o m
’ t o b o 4 -tr -ic k e d ’
b r a n c h lin e s t o N e w c a s t le . E l w o o d C i t y , & c . , P a . , 1 0 m
tota l ow n ed 75 m '
( o f w h ic h 6 8 m . d o u b le t r a c k ); 4 8 m . 3 d a n d 4 5 m
4 th t r a c k T e a fe s P it™ '
M c K e e s p o r t & Y o u g h . (w h ic h s e e ), 1 1 8 m .; M a h . S ta te L in e R R
3 in 3 ,
t r a c k a g e r ig h ts M o n o n g a h e i a R y . ; 1 . m .; F e r r o n a b r a n c h E r i e R R
’24m :
H a s e lt o n t o Y o u n g s t o w n . E r ie R R . , 3 m .; t o t a l. 2 2 4 m ile s
’
"

I n th e c a le n d a r y e a r 1 9 1 7 th e c o m p a n y a n d th e A lle g h e n y R iv e r M in in g
C o . (a ll t h e s e c u r it ie s o f w h i c h a r e o w n e d b y t h e r a i l r o a d c o . ) s h o w e d c o m b ln e d n e t e a r n in g s o f $ 2 ,1 2 7 ,7 4 3 , w h ile t h e c o m b in e d fix e d c h a r g e s w e r e
$ 8 7 8 ,8 5 7 , le a v in g a s u r p lu s o f $ 1 ,2 4 8 ,8 8 6 .

, F e d e r a l C o m p e n s a tio n .
$ 8 ,9 8 0 ,2 1 9 y e a r l y
109, p . 169.
m J a n . 1 9 1 0 a 9 9 y e a r tr a ffic a c r e e r r e n t
M a r y la n d .
V . 9 0 , p . 2. 7 : V . 9 2 , p . 8 7 4 .

d u r in g
w as

F ederal

m ade

w ith
ltn

con trol

V .

th e W estern
tn e

. « ? J O O K — 'O p e r a t e d i n h a r m o n y w i t h t h e N . Y . C e n t r a l w h i c h D e c .
1 9 1 8 , o w n e d $ 1 7 ,9 9 3 ,1 0 0 o f t h e $ 3 5 ,9 8 5 ,6 0 0 o u t s t a n d in g S t o c k '
a n d 'b o n d s ? n

M o n o n g a h e ia ' R y ^ b m ," w h i V s e ^ b o v ? ) '.

31

S tete

^ t e ? n R R R $ i : 6 s L 5 0 i h I T ? o b U r g h & ° I e a r f iC ld B B a
T h e P it t s b u r g h & L a k e E r ie a n d N . Y . C e n t r a l R R . J o in tly o w n S 3 1 1 2 3 5 0 o f t h e $ 3 ,9 5 9 ,6 5 0 P it t s . M c K e e s p o r t & Y o u g h io g h e n v R R ^ o c k
and
h a v e a ls o a d v a n c e d t h e c o . $ 1 6 ,2 6 7 ,3 5 4 .
V . 94 p
768
‘ 1
C o v e n a n t s t o p a y N e w Y o r k C e n t r a l L in e s e q u ip m e n t t r u s t s o f 1 9 1 3 it s
s h a r e o f t h e a m o u n t o u t s t a n d i n g D e c . 31 1 9 1 7 b e i n g $ 2 6 5 4 6 6 1
U
L A T E D I V S . — J 0 7 . ’ 0 8 . ’ 0 9 . T O . ’ l l . ’ 1 2 . T3 ’ 1 4 - T 6 T 7 * M S *
191911
10
50
35
22
15
10
10
1(1
10
P e r c e n t ................. . > 1 2
A n e x t r a d i v i d e n d o f 2 0 % w a s p a i d A u g . 1 2 1 9 1 0 a n d s tT r u T lta n e o iis lv
s h a r e h o l d e r s w e r e a l l o w e d t o s u b s c r i b e a t p a r f o r 2 0 ^ ( S 5 ^ 7 fln m n e w
s t o c k . I n c r e a s in g o n t s t a r d l n p a m o u n t t o $ 3 5 ,9 8 5 ,6 0 0
V . 103 D . 494.
R E P O R T .— F o r c a le n d a r y e a r 1 9 1 8 , V . 1 0 9 p
169
'
'
C a len d a r
G ross
N e t, a fter
T o ta l N e t
In te r e s t & D iv id e n d s
Y e a r — E a r n in g s .
T axes, & c.
I n c o m e .x
C h a rg es.
(1 0 % )
1 9 1 8 ---------3 2 , 9 9 2 , 2 7 3
9 ,7 4 2 ,7 6 6 9 ,5 4 4 ,0 5 1 4 ,4 8 5 ,9 4 0 3
1 9 1 7 .-2 5 ,6 2 1 ,6 5 4
7 ,6 3 4 ,1 6 3 8 ,0 8 4 .1 8 0 2 1 2 2 ,4 8 1 3
1 9 1 6 ---------2 4 , 0 4 3 , 1 6 3
1 1 ,4 2 9 ,3 3 1 1 2 ,7 0 0 ,1 2 5 4 ,0 7 8 7 7 7 3
1915—
1 8 ,1 9 6 ,0 6 8
8 ,6 1 7 ,7 8 7 9 ,6 5 1 ,4 7 5 2 ,0 8 2 0 9 7 2
x I n 1 9 1 8 F e d e r a l c o m p e n s a t io n a c c r u e d , $ 8 ,9 8 0 ,2 1 9 ;

598
598
299
998
o th .

560
560
280
800
in c .,

B a la n c e
S u r v lu s .
1 4 5 9 552
2 363 139
5 322 068
4 569979
$ 5 6 3 ^ ,8 3 2 .

T h e t o t a l s u r p lu s D e c . 3 1 1 9 1 8 w a s $ 2 3 ,4 2 7 ,6 1 5
F c d c r i i 'i W n n T s r p r
J . B . Y o h c . P it t s b u r g h ; F e d e r a l T r e a s u r e r , W . M . D o u lin
p ltts b u r c h —
( V . 1 0 7 , p . 6 9 7 ; V . 1 0 8 , p . 8 0 , 9 7 4 ; V . 1 0 9 , p . 7 3 , 1 6 9 .)
’
lt t s D u r g n ’

★ PITTSBURGH McKEESPORT & YOUGHIOGHENY R R -(S e s Map3
New Y o r k Central Lines).— O w n s f r o m P i t t s b u r g h t o O o n n e l l s v i l l e P a •
6 6 .7 0 m ile s ; B e lle V e r n o n J e t . t o B r o w n s v il le J e t . , P a . . 3 8 5 ° m • b r a n c h e s
2 1 .0 0
m .; le a s e s . 2 .0 0 m .; t o t a l . 1 1 8 .2 2 m . o f w h ic h 9 5 .2 2 m ile s d o u b l e t r ”
L E A S E — L e a s e d t o P it t s b u r g h & L a k e E r ie R R . f o r 9 9 9 y e a r s
R e n ta l
is 0 % o n t h e s t o c k , p r i n c i p a l a n d i n t e r e s t o f t h e P i t t s b u r g h M c K e e s u o r t &
Y o u g h io g h e n y b o n d s b e in g g u a r , b y P i t t s . & L . E r ie a n d L a k e S h & M ic h
S o u . (n o w N . Y . C e n tr a l R R .) c o m p a n ie s , t h e g u a r a n tie s b e in g e n d o r se d od
th e s h a r e c e r tific a te s a n d b o n d s .
T h e g u a r a n t y o f t h e s t o c k is o n t h e e x ­
p r e s s c o n d it io n t h a t t h e h o ld e r s h a ll a c c e p t p a r f o r t h e s a m e o n J u ly 1
1934
S e e w o r d in g o f g u a r a n t y in V
56, p. 774.
S to c k a u th o r iz e d .
$ 4 , 0 6 0 ,0 0 0 ; fir s t m o r t g a g e b o n d s a u t h o r i z e d , $ 2 , 2 5 0 , 0 0 0 ; s e c o n d m o r t g a g e
b o n d s a u t h o r iz e d , $ 1 ,7 5 0 ,0 0 0 .
P r o f i t t o le s s e e in 1 9 1 7 , $ 1 9 4 8 3 5 0
and
in 1 9 1 0 $ 3 , 2 3 9 , 5 4 8 , o n o - h a l f p a y a b l e t o t h e N e w Y o r k C e n t r a l R R . C o .
T h e P it t s . & L a k e E r ie a n d L a k e S h o r e & M i c h . S o u . (n o w N . Y . C e n t r a l
R R . ) o f f e r e d j o i n t l y t o p u r c h a s e t h e s t o c k a t $ 6 5 p e r $ 5 0 s h a r e : $3* 1 1 2 . 3 5 0
a c q u ir e d u p t o D e c . 3 1 1 9 1 8 .— ( V . 1 0 6 , p . 8 1 8 ; V . 1 0 7 , p . 1 8 2 .)
’
’
★ PITTSBURGH & SHAWMUT RR.— O w n s f r o m E r i e J u n e .
B rock*
w a y v i l l o . P a . , t o F r e e p o r t , P a ., m a in lin o , 1 0 3 .0 4 m ile s ; s id in g s , 3 5 .3 3 m il e s ’
“ S T A N D A R D R E T U R N , ” & e .— S e e p . 5 , a ls o “ C h r o n i c l e ,” V . 1 0 9 p . 2 7 1 .
G o v e r n m e n t a d v a n c e s t o J a n . 3 1 1 9 1 9 , $ 8 4 4 ,0 0 5 ($ 3 5 4 ,0 0 5 6 % lo a n s ).* "
B O N D S A N D N O T E S .— In 1 9 0 9 s o ld $ 4 ,0 0 0 ,0 0 0 o f a n a u t h o r iz e d $ 1 2 . ­
0 0 0 ,0 0 0 o f 5 0 -y r . 5 % g . b o n d s , c a lla b le a t 1 0 5 ; a n n . s . f . , $ 1 0 0 ,0 0 0 , b e g .




D I R E C T O R S . — E . F . S e a r le s ( C h a ir m a n ) , T h e o . P . S h o n t s , W m . S h illa b e r (V ic e -C h a ir m a n ), J o h n H u b b a r d , E d w in E . T a it ( P r e s .), H e r b e r t G ,
G a t e s . D w ig h t C . M o r g a n (V .-P r e s .) J o h n 8 . P o r t e r , N a t h a n L . S t r o n g
L . G . B o n s t e in , A . C . G r if f i t h , F . H . D a v i s , E . F . S e a r le s , S . A . V a n
D e r v e e r , J . T . A r m s t r o n g , E d g a r W . T a i t , W . W . H e r s h e y , W m . S h illa D er J r .
F e d . M g r . , A . J . S t o n e , N . Y . C i t y .— ( V . 1 0 9 , p . 2 7 1 .)
A 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 .— O w n s a ro a d e x ­
t e n d in g f r o m b it u m in o u s c o a l fie ld s in E lk C o u n t y , P a ., n o r t h e r ly t o W a y la n d , N . Y .
T o t a l r o a d o w n e d . 1 6 0 m ile s ; t o t a l o p e r a t e d , 2 0 5 m ile s .
The
a llie d P it t s b u r g h & S h a w m u t R R . (w h ic h s e e a b o v e ) h a s c o n s t r u c t e d a lin e
r u n n in g t h r o u g h e x t e n s iv e c o a l fie ld s (la r g e a r e a s b e in g o w n e d b y t h o s e
id e n t ifi e d w it h t h e e n te r p r is e ) t o F r e e p o r t , in P it t s b u r g h d is t r ic t .
__ O w n e d — •
M iles .
L ea sed —
M ile s
W a y la n d , N . Y . , t o H y d e , P a . 1 4 4 .5 9 C la r i o n R i v e r R y _ _ _
12 0 0
9 .0 0
T racka ge—
P r o s s e r t o O l e a n , N . Y __________
K a s s o n t o H a z l e h u r s t , P a --------4 .8 1 H y d e t o B r o c k w a y v ll le P a
6 17
B r o w n ’ s R u n B r a n c h ......................
1 .5 4 W a y l a n d t o W a y l a n d J e t . , N ? Y . 1 .2 6
* , ea? ed T
u
„ , T
S t . M a r y ’s . D e p o t t o J u n c t i o n
0 .4 2
M o r a i n e t o H o r n e l l N . Y -------- 1 0 . 3 8
B r o ck p o rt to H o r to n C ity . P a
2 41
K e r s e y R R . t o C a r d i f f , P a _____ 1 2 . 0 8
y ’ _ 2 A _
T o t a l O D e r a t e d ______________
2 0 4 fifi
R E O R G A N I Z A T I O N .— O n A u g . 1 1 9 0 5 F r a n k S u lliv a n S m ith w a s a p ­
p o in t e d r e c e iv e r .
V . 101, p . 208; V . 9 2 , p . 188; V . 96 p . 864
R e c e i v e r ’s c e r t if i c a t e s . V . 9 2 . p . 3 2 3 , 3 9 6 : V . 1 0 1 . p . 2 0 8 * 2 1 3
449­
V - 102. p. 977; V
105, p . 3 89.
6 n D e c . 31 1 9 1 8 P itts b u r g h & S h a w m u t
R R . (s e e a b o v e ) h e ld (a ) a d e m a n d n o t e o f t h e r e c e iv e r o f P . S & N
R R
f o r $ 5 1 0 ^ 8 7 . s e c u r e d b y $ 5 1 0 , 0 0 0 r e c e i v e r 's c e r t i f i c a t e s , i s s u e o f J u n e ’ l 9 1 4 ;
<b > S J ^ . O O O o f t h e £ ° r o p a n y s R e f . M . 4 % b o n d s a n d S 5 8 . 0 0 0 o f i t s
1st M . 5s (V . 1 0 7 , P - 5 9 9 ) .
C a r tru sts 1 9 07, V . 8 6 , p . 1 6 9 .
A s t o s u it

S S f®
& * ’ p'
nolbtra S c f f i d 01' V ? " " S' i l l ' “ cl,,,,sea

**

v - f° 6- »• “ »• L° “ “
tbe
» ' 19»2 >■»'«

m Wv 6
^ s t a n d i n g $ 7 3 3 ,0 0 0 5 % b o n d s o f 1 8 9 2 o f t h e
fo r m e r C e n t r a l N . Y . & W e s te r n R R . . th e h o ld e r s o f w h ic h c la im a s r e g a r d s
t h e 6 7 m ile s o f r o a d e x t e n d in g f r o m W a y l a n d t o A n g e l ic a , H o r n e ll t o M >

th e Dm o r t g a ^ s e c u r ? n g t h e ^ a ’m e ',bo r P f * t h e ^ u d 'g m e n t o r d e c r o ^ o f ^ o r w i l o s u r o

h ^ C( h n p n n r t S
™
P

190* Vh

i

?

fo r e c lo s u / e s a le o f t h is p ie c e o f r o a d , s o u g h t b y t h e
i t ° f ’- 6 5 0 , 0 0 0 o f t h e b o n d s o f 1 8 9 2 , w a s d e f e r r e d
r a ‘ l r o a d , w a s r e q u ir e d t o g i v e b o n d s f o r $ 4 0 0 ,0 0 0 t o

1 0 ™ Pp ‘ 8 1 2 *

fr ° m

^

a r ls in g

fr o m

th e

d o la y .

See

V .

106.

» P^ otex?l,V ^ A ? o m i 2 l t t e « f ° r P ’
* N . b o n d s , H o w a r d B a y n e , C h a ir m a n :
Ai H c ^
v,C ’ A v P B r o a d w a y , N . Y .
I n A p r il 1 9 1 6 a m a jo r it y o f
e a c h c la s s o r b o n d s h a d b e e n d e p o s it e d w it h C o lu m b i a T r u s t C o . a s d e p o s i­
ta ry .
V . 102, p . 438.
F o r c a u s e s d e la y in g r e o r g a n iz a t io n , V . 1 0 5 , p . 3 8 9 .
C o m m i t t e e t o p r o t e c t r e c e i v e r ’s c e r t i f i c a t e s , C h a r l e s A . A u s t i n , C h a i r ­
m a n ; J oh n A . B u rn s, S ecreta ry .
V . 106 p 930
R R . E A R N S 8 m s . ( 1 9 1 9 . . . G r o s s , $ 7 1 2 ,7 8 0 ;
net
(b e fo r e
d e f.$ 2 2 5 ,4 6 8
Jan . 1 to A u g. 31.
\1 9 1 8 ---G r o s s ,
8 8 1 ,9 2 3 ;
ta x e s ),
d e f . 3 5 8 ,2 2 5
R E P O R T . — R e c e i v e r ’ s s t a t e m e n t In J u l y 1 9 1 7 w a s In V . 1 0 5 , p . 8 1 2 .
F o r c a l. y e a r 1 9 1 8 , t o t a l o p e r a t in g r e v e n u e , $ 1 ,2 1 6 ,3 4 8 ; n e t lo s s f r o m
o p e r a t io n s ( a f t e r d e d u c t i n g $ 2 2 ,3 7 1 t a x a c c r u a ls ) , $ 5 1 2 ,3 7 7 ; o t h e r i n c o m e
( n e t ) , $ 4 0 3 ,7 0 4 ; in t e r e s t o n f u n d e d d e b t , $ 1 5 8 ,2 4 2 ; o t h e r in t e r e s t c h a r g e s ,
$ 2 6 ,2 1 2 ; r e n t a ls a n d o t h e r f ix e d c h a r g e s . $ 1 2 ,1 5 0 ; n e t lo s s , $ 3 0 5 ,2 7 7 .
A c t in g P r e s , a n d R e c e iv e r , F r a n k 8 . S m it h , 6 0 W a ll S t .,
S e e d ir e cto r*
o f P it t s . & S h a w m u t a b o v e .— ( V . 1 0 5 , p . 3 8 9 , 8 1 2 ; V . 1 0 6 , p . 1 9 0 , 9 3 0 .)

108

★ Control.
Government

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

Miles Date
Road Bonds

20
P ittsbu rgh & Susqueh ann a R R — 1st M g red 105
Pittsburgh Virginia & Charleston— See Pennsylvania RR
Pittsburgh & West V irginia Ry—
Common stock par $100 a share-------------- - Pref stock 6 % (p Sc d) cum after 1920: call 105 S dlv
c

Par
Value

1913

1897
1916
1917
1902

Cons (now 1st) M $1,CK)6,&00 gold------------ OB.so'
•Collateral trust bonds $500,000 sinking fund.

96.61

5g

J

30 50fl 000
p'ion,‘ooo
379,000
557,000
1,125,000
3.490.000

5 g
5
5
5g

M S 8
c
M S S15
c
A S O
c
J
& J

7
7
5
4 g

Q— M Mch 2 1919 IK Treasurer, Pittsburgh
do
do
Q— M Dec 1 1919 I K
Pennsylv RR Co, N Y
M & N Nov 11927
do
do
J & D June 1 1948

1 ,0 0 0
1 .0 0 0
100
100
1 ,0 0 0
1 ,0 0 0

2 , 1 0 0 .0 0 0

100
100
1 ,0 0 0

1 .0 0 0 ,0 0 0
2 .0 0 0 ,0 0 0

876,000
350.000
500.000
300,000
300,000

1 ,0 0 0
8

V
*
o

5,305.000 4& 5 g
1,500.000
5g
4g
370,000
518.000
6 g

J
J
J
A

100
1 ,0 0 0

3.500,000
1,500,000

A

1 .0 0 0

320,000
4,252,503

^ ^ n Initialsemiannual dividend o f 3% was paid Dec. 31 1917 on the
$14,000,000 stock of the Pittsburgh Terminal R R . & Coal Co., a subsidiary,
and a further dividend o f the same amount was paid June 1918; also in
Aug. and later, quarterly payments o f 144% t($210,000) each.
V.
108, p. 262. The Pitts. & W . Va. R y. C o., as sole owner, received the
entire amount. V. 106, p. 296, 1689.
BONDS, &c.— The new company has made no bonds. The undisturbed
obligations Include: Pitts. Term. R R . & Coal Co. 1st M . 5 ^ of 1902.
July 1 1942 (see V. 105, p. 1618); $3,490,000 guaranteed by West Side Belt
R R . (V. 78. p. 703); West Side Belt R R . 1st M . 5 s, $379,000.
Equip, certificates West Side Belt R R ., V . 102, p. 1164: V. L®i*^-„i265.
EARN IN G S.— 12 m os.,fl918--G ross, $1,800,146: net bef. def.$132.348
Jan. 1 to Dec. 31.
\1917--Gross. 1.588.786; taxes, sur. 545,651
R E P O R T — For cal. year 1918, V. 108, P-,2118 (incl W . S. Belt) ;
Year 1918. 9 Mos. 17.
1916— Year— 1915.
$1,907,418 S1.927>^32 $1,317,362
Grosseamings__________ ISee " x ”
Net, after taxes_________ )
689,506
663,-18
333,366
D iv. P. T . R R . & Coal Co $840,000
420,000
......... .............................
Misc.(less taxes, &c., in
______
,,,
1 no non
1918)............
224,328
312,571
111,313
102,920
$436,286
353,191
------------

Balance, surplus_______ x$206,257
$971,355
$437,162
J83>093
x No contracts having been signed fixing the amounts to be paid by the
U. S. R R . Administration for the use of the two roads, the company for
1918 reported only its “ other income” (exclusive of such compensation)
with charges, &c.
CORPORATE OFFICERS.— W . H. Coverdale, Chairman o f Board,
N . Y .; H. E. Farrell, Pres., Pittsburgh; W. H. Coverdale, V.-I res.;
Arthur H. VanBrunt, General Counsel, and J. J. O Brien, Asst. Sec.,
New York; D . W. Summerfield, Sec. & Treas., Pittsburgh.
With West Side Belt Line R R . is under jurisdiction of Fed I Gen. Mgr.
J. B. Yohe o f the Pittsburgh & Lake Erie R R . V. 107, p. 1385.
Directors.— W. H. Coverdale. Haley Fiske, W . R. Nicholson. J. B,
Dennis. Richard Sutro. Eugene V. R. Thayer, Walter L. Ilaehnlen or
Charles Fearon & C o.. Phila.; Ernest Stauffen Jr., A. S. Wing. Arnold L.
Scheuer, H. E. Farrell, Joseph Walker Jr. and J. Prentice Kellogg. (V.
108, p. 80, 262, 879, 1611, 1937, 2118.)
★ PITTSBURGH YOUNGSTOWN & ASHTABULA RY.— Owns Kenwood.
Pa., to Ashtabula Harbor, O., 99 miles; Niles to Alliance Junction, O., 24
miles; Homewood to Wampum Juno., 6 miles: Lawrence Juno, to New
Castle, 3 miles: Bessemer Branch, 5 miles; trackage, 1 mile. Total, 138
miles. Pennsylvania Company owns S5.774,500 of the pref. stock and also
the $2,100,000 common. Leased to the Pennsylvania Co. for 999 years
from July 1 1910, the rental to cover all charges, maintenance and 7%
dividends on both classes of stock, the cost of betterments to be represented
by stock or bonds bearing such rate of dividend or Interest as may bo
satisfactory to the lessee. On Jan. 1 1918 lease was transferred to Penn.
R R . Co. V. 90. p. 915, 1364; V. 92, p. 1243.
BONDS.— First Gen. mtge. bonds o f 1908. $15,000,000 auth.. of which
$4,316,000 outstanding. $283,000 having been canceled by sinking fund.
The Ohio P. U. Commission in M ay 1919 granted authority for issue of
$453,000 additional 40-year bonds. V. 108, p. 1823; V. 105, p. 73; V. 87, p.
416; V. 97, p. 729; V. 98, p. 1538, 1994; V. 99, p. 50; V. 107, p. 2290.
EARN ING S.— In 1918, gross, $9,771,702; net, $864,345: income from
lease o f road (Federal compensation), $1,038,447; interest, &c., $255,218;
pref. divs. (7 % ), $636,230; com .divs. (7 % ), $147,000.— (V. 108, p. 2434.)
★ PORTLAND & RUMFORD FALLS RR.— Leases for 1.000 years from
April 1 1907 the Portland & Rumford Falls Ry. and the Rumford Falls S
c
Rangeley Lakes R R ., together extending from Oquossoo, Me., to Rumford
Junction, 94 miles,wlthbranchto Livermore Falls, 10 miles; total, 104 miles
Lease provides for Interest on bonded debt of two companies and 8 % on
$2,000,000 stock of P. & R. Falls Ry. and 2% on $300,000 stock of the R F.
& Rangeley Lakes R R . The company Is Itself leased to the Maine Central
R R . V. 84. p. 8 6 8 ; V. 85, p. 922. Has $1,000,000 auth. stock. DlvL
dendfl, 6 % oer annum since 1907. Of the $2,726,000 bonds o f the R . F . »
R L. R R . and P. S R. F. R y., as above, $427,000 were in sinking funds In
c
1919; debentures o f 1915. see V. 102, p. 773.

S
c

3 July 1 1943
Nov 29 1919 144
Sept 1 1937
Mch 20-M ar'26
Apr '20-Apr '27
July 1 1942

See text See text See text
Q— F Aug 1 1919 2%
8
M & N Nov 21926
4g
F & A Aug 1 1927
4g
F & A Feb 1 1924-34
4
J & D June 1 1935
4
J & J J & J 1927 to ’ 29
4

1.00C
1.00C
1.00C

V ORGAN IZATION .— Incorporated in Penn, and W . Va. in April 1917 as
successor of Wab. Pitts. Term. R y., foreclosed per plan in V. 103, p. 940,
V. 104, p. 74, 258.
„
“ STAN D AR D R E T U R N ,” &c.— See page 5.
,
..
,
Stockholders’ committee favoring segregation o f the coal properties, &c.,
Herbert W. Goodall, V.-Pres. Guarantee Trust & Safe Deposit Go.;
James V. Ellison, Sec. & Treas. Commonwealth Title Insurance & Trust
C o., and Isaac Starr Jr., representing Philadelphia interests; S. Bernard
November o f Baltimore, &c. V. 108, p. 879.
STOCK.— The new pref. 6 % (p. & d.) stock w ill be cum. after Jan. 1
1921; it is subject to redemption on 90 days’ notice at 105% and divs.
Both stocks were listed on N. Y . Stock Exchange in 1917. V. 104. p. 1490.
Dividends on pref. stock Sept. 1 1917 to Nov. 29 1919, both inclusive,

$774,531
337,369
------------

9.089,000
1,547,000
4,717,000

500 &o

PITTSBU RGH & SUSQUEHANNA R R .— (V. 108, p. 235, 1937.)
PITTSB U R G H TERM . R R . & COAL CO.— See Pitts. S W. Va. Ry.
c
★ PITTSBU RGH & WEST VIRGIN IA R Y .— Owns road extending from
a connection with Wheeling & Lake Erie R y., near Jewett, O.. easterly
to Pittsburgh, Pa., about 60 miles: also 4-mile connection wnth Penii. KK.,
and extensive terminals at Pittsburgh, and the entire $14,000,000 stock and
$3,800,000 1st Consol. Mtge. 444" of 1905 of Pittsburgh Terminal RR. &
Coal C o., with (a) its equity in 15,000 acres o f coal lands in Allegheny and
Washington counties. Pa., and (b) ownership of 98% o f the $1,080,000
capital stock of the West Side Belt R R ., operating a belt line from Pittsburgh
to Clairton, Pa., 21 miles, and branch of 2 miles. V. 108, p. 2 o 2 , l o l l ,

Gross income.................x$l,064,328 $1,422,077
Interest, &c_____________
314,708
177,722
Dividends......................(6%)543,363(3%)273,000

$435,000

Too

1911
21 1891
38 1909
Potom Fred & P— 1st M g red 105 since Deo '09-PeP.
32 1898
&Har tford
artfor
51
Providence & Worcester— Stook (10% rental)---------51 1897
First M (ref) our $1,500,000 (V 63. p 1064)
2.59 1889
Quebec & Lake St Joh n — 1st M deb stock guar----- 28644 1912

»ixcc/0 n ireiv m w .
.,wV
Dividends are Payable

Rate
%

1 ,0 0 0

1896
1897
1904
1915
’87-’89

Last Dividend
and Maturity

When
Payable

[V o l . 109.

Amount
Outstanding

$100 See

Text
Pittsburgh & Western— See Baltimore & Ohio RR
Plttsb W estm oreland & Somerset— See Cambria S Plttsb urgh R R.
c
138
Pitts Youngst & Ash— Com stk $2,100,000 7% guar.
138
Preferred stock 7% guaranteed $9,10d,000— - - - - 123 1887
Consol pitge sinking fund 1% not drawn------F.xo*
138 1908
•First General mortgage $15,000,000 goldsf-.C e.xo*
Portland & Rochester— See Boston & Maine RR
Portland & Rumford Falls RR— Stook $1,000,000---




APrlvate
Control.

RAILWAY STOCKS AND BONDS

10

4

& J July 1 1961
& J Jan 11941
& D June 1 1949
& O See text

Plttsb’h, Colonial Tr Co
N Y, Blair & Co; S Pitts
c
Fidelity Trust Co, Phila
Colonial Trust Co, Plttsb

Portland, Me
Portland, Me
Old Colony Trust, Boston
Portland, Me
do
do
Portland, Me and Boston
N Y . Boston S Portland
c
Reading Terminal, Phila
Penn Co for Ins, &o. Phila
See text

Sept 30 T 9, 244 Checks mailed
R I Hosp Tr Co, Prov, RI
& O Oct 1 1947

Q— M

644 g M &
4
J &

S Sept 1 1921
J Perpetual

Metropolitan Tr Co, N Y
London and Toronto

★ PORTLAND TERMINAL CO.— Owns railroad property In the cities of
Portland, South Portland and Westbrook: sub-leases from Maine Central
the property belonging to the Portland S Rumford Falls R R . and
c
Portland & Ogdensburg R y. Furnishes terminal facilities at Portland
(Including passenger and freight stations, wharves, ooal-dlscharglng
plants, shops and yard facilities) for the Maine Central and Boston & Maine,
Owns 23.43 miles and leases 8.87 miles of track; 2d, 3d<& 4th tracks owned,
12.21 m.; leased, 4.24 m.; yard tracks and sldlngs.owned, 56.71 ra.; leased.
12.53 miles. V. 95, p. 1202. Formerly Portland Union R y. Station Co.
V. 92, p. 1566. The tenant companies pay In proportion to use all costs
of maintenance and operation. Stock, $ 1,000,000, owned by Maine Cent.
BONDS, E T C .—The Boston & M . andMalne Cent. Jointly guarantee the
$300,000 bonds of 1887-89. V. 93, p. 940. The 1st M . bonds of 1911
($10,000,000 auth. issue; Fidelity Trust C o., Portland, M e., trustee), are
guar, by Maine Central, prin. & int.; $4,500,000 bear 4% and $805,000
5% int.; tho unissued $4,695,000 are reserved for extensions and improve
ments at not exceeding cost. V. 95, p. 1332, 1404; V. 108, p. 2023.
The $750,000 notes as extended to Mar. 15 1919 were duly pald.Pres., Morris McDonald: Fed. M gr., D . O. Douglass, Portland, M e.—
(V. 107, p. 2188.) V. 108, p. 2023.
★ PORT READING RR.— Owns 21.16 miles of road, completed Sept. 1892
from Port Reading Juno., N. J., to coal nlers on Staten Island Sound; sid­
ings and laterals. 67.83 miles; total, 78.99 miles.
"A D V A N C E S ” AND “ STANDARD R E T U R N ,” &c.— See page 5.
Capital stock authorized, $2,000,000; par, $100. all owned by Reading
C o., $1,555,000 being deposited under its general mortgage of 1897 and
$440,000 under its Jersey Central collateral mtge. Fed. M gr., O. H.
Ewing.— (V. 55, p. 680.)
A POTOMAC FREDERICKSBURG & PIEDMONT RR.— (3 Ft. Gauge,)—
Fredericksburg to Orange. Va.. 37.6 miles. Stock auth., $1,460,000: out
June 30 1918, $446,600; par, $100. Of the first gold 4s. $300,000 Is re­
served for Issue on vote of stockholders. V. 89, d . 470. For year ending
Dec. 31 1918, gross, $67,097; net income, $23,883; charges, $15,900: bal.,
sur., $7,983. In 1917, gross, $59,414; surplus after charges, $4,824.
Pres., Geo. W. Richards, Fredericksburg, Va.; Sec., Gilbert W. Sheldon.
Office, Fredericksburg, Va.— (V. 89, p. 470; V. 96. p. 1123.)
POTOSI & RIO VERDE R Y .— San Luis, Potosl, on National Rys. o*
Mexico to Ahuacatal, 38 miles. As a result of the political disturbance"
In Mexico since 1910, It was found necessary to suspend payment of Interest
on the company's bonds which became aue on Oct 1 1914 and subse­
quently. Tne principal, amounting to $600,000, of which $78,000 are
held in the sinking fund, matured Oct. 1 1918, and In Sept. 1918 local
political conditions permitting operation at a fair profit It was proposed,
subject to acceptance by substantially the entire Issue, to extend the prin­
cipal of the bonds for 10 years, to pay in cash the coupons which matured
on Oct. 1 1914, April 1 1915 and Oct. 1 1915, and to pay In scrip, bearing
Interest at 6% , the remaining six coupons, such scrip to be secured by the
surrendered unpaid coupons, and to be payable in 10 years with tho right
of prior redemption. Depositaries for assenting bonds, V. 107, p. 1193.
Spencer Trask & C o., N. Y ., or Isaac Jackson, Esq., of 50 Congress St..
Boston. President, George Foster Peabody. N. Y .— V. 107, p. 1193.
★ PROVIDENCE & WORCESTER RR.— Owns from Providence, R. I „ to
Worcester, Mass., 44 miles, of which 5 miles are owned jointly with Boston S
c
Providence; branches, 7 miles; total owned. 51 miles; July 1 1892 leased for
99 years at 10% per annum on stock to N. Y. N. H. & H.— (V. 105, p. 2457.)
★ PUEBLO UNION DEPOT & RR.— Owns union passenger station at
pueblo, Colo., with 2.59 miles of track and sidings. Stock auth., $300,000:
outstanding, $40,600: one-flfth being owned by each of the tenant roads,
Denver & Rio Grande, Atch. Top. & Santa Fe, Colorado & Southern.
Missouri Paclflo and Chlo. Rock Island A Pacific, which contribute $4,000
yearly to a sinking fund to redeem bonds. Latter wero extended from
Sept. 1 1919 to Sept. 1 1921, int. rate being raised from 6% to 644 %•
Operations are all at cost for benefit of tenant lines. Operating oxponses for
year ending Dec. 31 1917, $59,602; Int. and taxes, $29,785; outside rovenuos,
$23,511; balance charged to tenant lines, $65,876. Sec. & Treas., A . S.
Booth, Pueblo, Colo. Gen. Mgr. under U. S. G ovt., James Russell,
Denver, Colo.— (V. 109, p. 888.)
QUEBEC CENTRAL R Y .— (V. 107, p. 1670, 2094; V. 109, p. 1793.)
QUEBEC & LAKE ST. JOHN RY.— Owns Quebec, Can., to Roberval on
Lake St. John, 190 miles, with branches Chambard to Chlcoutinl, 51 m .#
and La Tuque Jot. to La Tuque, 40 m.; Gasford branch, 5H m.: total,
28644 m. V. 94. p. 279, 1188. Controlled by Canadian Northern R y .
V. 98. P- 1600. 1607. Stock outstanding. $4,524,000.
., . .
As to debenture stock see Canadian Northern R y. (bond table) above
and also see V. 94, p. 279, 1186.— (V. 96, p. 361.)
QUEBEC MONTREAL & SOUTHERN R Y .— Owns St. Constant Jet.
to main line, Naplerville Jet. R y., Que., 1.40 miles; St. Lambert to Fortiersvllle. Que., 109.69 m.; Bellevue Jet. to Noyan Jet.. 81.09 n^, total,
192.18 miles. Naplerville Junction R y.. also owned by Del. Sc Hudson,
operates from Rouse’s Point to St. Constant Jet., 2 7 .0 b miles.
Stock authorized, $2,000,000; outstanding. ^1
1
1
Del. S Hudson. Certificates of Indebtedness, 56,000.000. I of
c
ing Dec. 31 1918, gross, $786,129: expenses & taxes, *895,527,'other income.
$253,421; charges, $258,561; deficit, $14,538— (V. 106, p. 2346.)
“ QUEEN & CRESCENT.” — Common name for Cln. N. 0 . & Texas Pao.
Ala. Gt. Sou., Ala. S Vicks, and Vicks. Shrove. & Pac. llnosc
A RAHWAY VALLEY RR.— Owns A ldene.N . J.. on^Cratral R R . of New
jersey, to Roselle Park on Lehigh Va'ley R R .. and Summit, on tne Del.
L ackf & West., 10 miles. V. 83. p. 380. Operated under lease by Rahway
Valley Co. Stock paid in. $9,900; loan sp a y abe J a n .l i O i y . $63,774.
Stock auth., $400,000; o u t s t a n d i n g . $213,200. Bonds auth.. 1H00.0W
1st 25-yoar 5s due Jul y 1 1931. Of the ho" <? '* J 2§ ^ 0^ ti£ l naTOble For
1
were at last accounts deposited as collateral for no tew payaow. r or
calendar year 1916 the Rahway Valley Company reported gross earn 1
nga
$48,163; net from operation, $6 ,5 3 4 ; interest.
bal7j j WittoenIn 1914-15, gross, $32,849; net, $2,165. Pres, of R . V. C o.. C . J. Witten­
berg. Springfield. N. J.— (V. 90. p. 699.)

109
R A IL W A Y STOCKS A N D BONDS
N o v , 1919.]



★ Control.
Government

1 1 0

[For

APrivate
Control.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
abbreviations, & c ., see notes on fir st page]

Miles Date
Road Bonds

—
Railroad Securities— Stock common $10,000,000-----Preferred stock 4% cumulative $10,000.000--------11
1
Cent stock lnt certfs cum gold Ser Ared 105-Us.x
Raleigh & Augusta— Raleigh & Gaston— See Seaboa rd Air
43
Raleigh & Chari— 1st prior llenlbds g red text guar .xo*
43
Consol mtge bonds $ 1,000,000 g guar red text— xo*
Raleigh & S ou th p ort Ry.— See Norfolk & Southern
Raleigh & Southwestern— See Chesapeake & Ohio.
Rapid City Black Hills & West— 1st Mred textEq.xo&r
Raritan River RR— Stock $1,000,000 auth-------------23
First mortgage gold-------------------------------------------zc
8
R eading Belt— 1st M guar p & 1--------------------------kv
R eading & C olum bia— 1st consol M g ---------PePkv
...
Debentures_____________________________________ o
Debentures_______________________________________
Reading Company— Common stock_________________
First preferred stock 4% non-cumulatlve________
Second preferred stock 4% non-cumulatlve----------Gen M $135,000,000 g s f not subj to oall-Ce.xo*&r Text
Jersey Central coll trust mtge g red 105-P eP xo’ &r
--Philadelphia Subway M $3,100,000 gold— PeP kv
Wllm & Nor stk tr ctfs g red 105 (V 72, p 340) GP.xr
Equip trust Ser F due $300,000 s-a__________ PeP
do
do Ser G due $450,000 s -a __________ PeP
Old Phila & R RR (now R y)— B o n d s U n d erlyin g Q en eral M
Delaware River Terminal purqh money M gold—xc*
Delaware River Term ext purch money M gold j o *
148
■Mortgage loan of 1868 gold extended 1893— kvo&r
325
■Imp M gold ext '97 (see V 65, p 870) g . PeP. kvo&r
327
sConsol mortgage 5s ext 1897 (V 65, p 278). kvo&r
■Terminal mortgage gold (see V 64, p 85)—kvo*&r
...
■Philadelphia City Subway Loan gu $3.000,000-kv
■Philadelphia & Reading Coal & Iron—
.
...
zCol s f gold loan (RR) guar extended In 1902 _kv

—

Amount
Outstanding

Par
Value
$100
100

1902
1 .0 0 0
Line Ry.
2 0 0 &o
1906
1906
2 0 0 &o
1909
1889
1900
1912
1877
1912
1897
1901
1907
1900
1916
1917
ortgage
1892
1892
1868
1873
1882
1891
’94-’98
1892

Rate
%

$1,486,420
1,936.900
8 , 0 0 0 .0 0 0

4g

350,000
2 0 0 .0 0 0

When
Payable

J

F
4g
See text. F

&

Last Dividend
and Maturity

[V o l . 108.
Places Where Interest and
Dividends are Payable

July 2 1906 2 y, Checks mailed
do
Apr 1 1914 2%
Office. 165 B ’way, N Y
J Jan 1 1952

& A Feb 1 1956
& A Feb 1 1956

Baltimore, Tr Co. Md
do
do

See text
M & N May 1 1939
6 g
860,000
840.000 10Inl919
Q— J Oct 1 1919, 2K Jersey City
New Jersey Title G & Tr
J & J Jan 1 1939
6 g
400.000
Reading Terminal. Phila
M & 8 Sept 1 1950
750,000
4
do
do
850,000
4 a M & S Mch 1 1962
Interest not paid
J & D Deo 1 1917
6
1 ,0 0 0 ,0 0 0
1 ,0 0 0
5
M & 8 Mch 1 1962
150.000
50 70,000.00b 8 in 1919 Q— F Nov 13 T9 2% Reading Terminal, PhUa
do
do
Q— M Dec 11 T9 1%
4
50 28,000.000
do
do
4
Oct 9 19191%
Q —J
50 42.000.000
f j P Morgan & Co, N Y
1 .0 0 0 &
O 93,717,000
4 g J & J Jan 1 1997
l and PhUa
4 g A & O Apr 1 1951
1 .0 0 0 122,217,000
See text
3K g F & A Feb 1 1957
Girard Trust Co. Phila
Q— M When drawn
1,295,000 • 4 g
1 ,0 0 0
4,200,000
4 K g J & J Jan ’20-July’26 Philadelphia
do
do
J & J Jan '20-Jan ’27
6,750,000
4K
of 1897.
Guarantee Trust Co, Pbb
M & N May 20 1942
1 ,0 0 0
500,000
6 g
do
do
1 ,0 0 0
534.000
5 g J & J July 1 1942
Reading Terminal, Phila
2,696,000
1 .0 0 0
5 g A & O Oct 1 1933
do
do
9,328,000
4 g A & O Apr 1 1947
do
do
4 g M & S Mch 1 1937
500 &o 5.767,252
Prov Life & Trust, Phila
Q— F May 1 1941
8,500,000
5g
1 ,0 0 0
City Treasury
643.500
3H J & J To 1922
500

100
1 ,0 0 0
1 .0 0 0

1 .0 0 0

930,000

4g

F

& A Feb 1 1932

Reading Term Bldg. Ph»

Note.— Genera mortgage of 1897 requires that the R eadlng Co an d Readln g Coal & Iro n Co shal 1 be respo nslble for all old bonds marked s above
T Excludes $783,000 In treasury Reading Go Dec 31 1918

R AILROAD SECURITIES CO.— Owns $9,200,000 Illinois Central
■tock, of which $8,000,000 pledged for its Interest certfs., interest at 4%
(cumulative) being payable if received from dividends on the shares pledged,
the stock Itself being deliverable to the holders of the certificates at maturity
unless the option to call at 105 is in meantime exercised- V. 74, p. 937, 1039.
Union Pacific on Dec. 31 1917 owned $3,486,420 com. and $1,936,900
pref. stock. Dividends on pref., 1902 to Apr. 1 1914. both incl., 4% yrly.
(paid A. & O.); none since. V. 99, p. 1131. On com ., 3 K % . 1905; 1906.
214% .— (V. 99, p. 1131.)
★ RALEIGH & CHARLESTON R R .— Owns Lumberton. N . O.. to Ma
rion. S. O., 43 m. V . 81, p . 1241, 1437. Owns stock o f Marlon & South
em R R ., 19 miles. Stock outstanding Dec 31 1917, $574,500, all owned
by Seaboard Air Line R y. V. 95. p. 892.
Of the bonds (Baltimore Trust C o., Balt., M d ., trustee), $350,000
are 1st mtge. prior lien 4s and $1,000,000 consols, the first ten coupons on
the latter to be paid in cash up to 4% as earned, the balance in 10-year 6 %
Interest-bearing scrip, with Interest payable semi-annually and subject to
oall at par. Of the consols, $350,000 are reserved to retire the prior liens
and $450,000 for future extensions an d_ Improvements. The Seaboard Air
Line guarantees all of the bonds. V 95, p. 892.: V. 83. p. 97.
Year ending Dec. 31 1918 (incl. Marion & Southern R R .), gross, $90.­
158; net, after taxes, $14,742; interest, &c., $5,510; bal., $9,232. Pres..
W . J. Harahan, Norfolk, Va.; Sec. & Treas., Robert L. Nutt, 24 Broad
St., New York; Fed. M gr., W . J. Harahan.— (V. 95, p. 892.)
★ RAPID C IT Y BLACK HILLS & WESTERN R Y .— Owns Rapid City,
So. D ak., to M ystic, 35 miles. Successor in 1909 o f Missouri River &
Northwestern foreclosed. V. 8 8 , p . 1254. To April 1 1919 contract for
Government operation not finally executed, annual compensation agreed
upon, $15,494. In Oct. 1919 only $7,000 had been received to date on
account o f compensation. Stock authorized, common, $450,000, all out­
standing— pref. 5% cumulative, $250,000, o f which $233,000 pref. out>
standing; par, $100. Stock in 5-year voting trust. Of the 1st 3 0 -year os
(total $750,000 auth.), redeemable at 105 on and after N ov. 1 1919. $350,­
0 0 0 have been issued; remainder reserved for extensions and improvements.
One coupon was paid in 1915; one in 1916 and another paid M ay 1 1917.
and also N ov. 1 1917; none paid to Oct. 1 1919. For year ending Dec.
31 1918, gross, $83,801; net. $3,120; int.. rentals, &c., $19,809; bal., def.,
$16,689. In 1917, gross, $87,193; bal., sur., $2,364. Pres., Geo. E.
Macomber, Augusta, M e.; Sec., Charles E . H oyt, South Norwalk, Conn.
Federal M gr., C. G. Burnham, Chicago.
A R ARITAN RIVER R R .— South Amboy to New Brunswick, N . J., 13
miles; branches; 10 miles; total, 23 miles. The New Jersey P. U. Com­
mission in 1918 approved the plan to issue $ 1 6 0 ,0 0 0 capital stock on account
of additions, &c., made and to be made. V . 107, p . 2377, 2477. None
issued^ to (Sept^ 191(b^ , Q7 *o8 . ’09. TO. ’ l l to July T 5. T 6 . '17. T 8 . T9
(Calendar years) - 6
6
5 5K 8
8 % (J. & J.)
9 10 10 10
Dec. 1916, 8 % extra; 1917. D ec.. 12% extra; 1918. Sept. 3, 15% extra.
Year ending Dec. 31 1918, gross, $1,362,148; net after taxes; (incl . war
taxes), $572,656; other income, $16,797; int. on bodcls $20,000; deferred
maintenance, $341,599; rentals, &c., $104,629; div. (10% ), $79,000; bal--.
sun., $44,225. In 1917, gross, $772,104; sur. after charges $172,137.
Pres W m. G. Bumsted; Treas., Chas. H. Sisson.— (V. 101, p. 289, V. 107,
p . 2377, 2477.)
★ READING BELT RR. — Belt railroad 7.78m. In length around Reading.
P».; 2 d track. 6 38 m. V. 71. d . 761. Stock. $750,000. all owned by
Reading Company. Road leased to Phila. & Reading Ry. for 999 7®®™
from July 1 1902 for int. and taxes and 4% on stock.— (V 74, p. 1090.)
RFADING & COLUMBIA RR.— Owns Columbia to Sinking Springs, Pa..
4o!24 m.; branches. 13.81 m .: operates Marietta June, to Chickies. 6.16 m.:
total operated, 60.21 miles. Stock, $958,373 (gar 550), of w.hich 5788.200.
together with $698,000 1st consol. 4s and $1,000,000 debentures of
1917 and $150,000 new debs, o f 1962. are owned by Reading C o., all
except $3 , 2 0 0 stock and $653,000 1st M . bonds deposited under Iti®wneral
mortgage. The 1st Consols o f 1912 are guaranteed p. & L by Jtoe Reading
Company. V. 93, p. 1789; V. 94, p. 632; V. 95, p. 833. Year 1918, gro ,
$536)903; net def., $20,767; 1915-lb, gross, $37,011: net, *7.578..1914-15,
gross, $367,791; net, $53,118; other income, def., $3,825, int., taxes, &c.,
$175,837; impts., $12,091; bal., def., $121,365. Fed. M gr., C. H. Ewing.
— (V. 94, p. 632.)

READING COMPANY—★ PHILADELPHIA & READING RY.— (See

M ap.)— The Phila. & Reading Ry. operates In connection with tne great
anthracite coal properties of the Philadelphia & Reading Coal & Iron Co. in
the Schuylkill region# Pennsylvania, a system of roads centering at Pnua-

m ington ,----- -------------------- -------------- , --------Mav on Atlantic Ocean and to Port Reading on N. Y. Harbor, viz.;
■+
w
n
\M1 m Shamokln Sun. & Lewiston
4m
L
TI
Lines owned V fee—
in __
Miles. tlho ltmlrln Qnn J> Toirl ctD * __ _ 32.1
Phila. German. & Nor. R R .* -- 21.5
Phil, to Mt. Carbon. &c.. and
branches____________
128.65 Chestnut Hill R R .* ................... 4.0
Lebanon Valley branch---------61.03 Catawlssa R R .* ______________ 104.0
Lebanon & Tremont branch— 51.46 Norristown June. R R _________ 0.3
0.6
Mahanoy & Shamokln branch. 90.54 Norrlst. & Main Line Conn___
Schuylkill & Susq. branch----- 53.27 North Pennsylvania R R .* _____ 87.3
West Reading branch..........
1.80 Delaware & Bound B. R R .* ___31.0
Schuylkill & Lehigh R R .* ......... 50.0
Total (2d track. 187 miles)-.386.75 Phila. Har. & Pitts. R R .* ___ 47.0
Wilmington & North. R R .* — 89.9
Lines leased— (See each Co.).
Colebrookdalo R R -- — - ----------- 12.8 Phila. & Reading Term R R . 1.2
East Pennsylvania R R ----------- oo.o Reading Belt R R ...................- 7.8
Allentown R R * ------------ - - - - - - o f ’ i Philadelphia & Frankford RR* 2.6
Little Schuylkill Nav. & R R .* - 31.8 Allentown Terminal R R ______ 3.3
Mine Hill & Schuy. H aven *.— 70.3 Mount Carmel R R ____________ 6 .8
New York Short Line................. 9.4 Phila. Wilm. & Balt. R R ........... 8.9
Mt. Carbon & Pt. Carbon R R .* 2.6 Plymouth R R ________________ 9.9
.3
Mill Creek & Mine H. R R .* ----- 5.9 Swedesford Bridge C o________
Schuylkill Valley Nav. & R R .* 17.5
Tot. leased (2d traok 34.3).-705.7
ast Mahanoy R R .* ---------------- 11.3




Catasauqua & Fogelsvllle RR**31.7
Gettysburg & Harrisburg Ry.* 41.8
Perklomen R R .* ------------------- j. 38.2
Phila Newtown & N. Y. R R .* . 22.a
Port Reading RR •___________ 21.3
Pickering Valley-------------------- l l 2
Controlled—
' Stony Creek R R _____________ 10 2
Central R R . of New Jersey------635.0 Williams Valley R R ___________ n .n
Reading & Columbia R R * - .____ 60.2 Miscellaneous roads__________ 22 7
(•See this c o m p a n y . ) --------North East Penn. R R .* --------- 25.6
Total controlled................... 1,126.8
Phila. & Chester Valley R R .* .. 24.0
____________ RR. & branches,170.2
Trackage__________________ 34 4*
Atlantic City ______ _______ ________
Total system Dec. 31 1918 (second track, 876.3 miles)________ 2,217.7
From the company’s docks at the extensive terminal at Port Richmond
it operates a line of steamers and barges In ooastwlse coal tratflo and pro­
vides berths, with elevators, graln-drler and accommodations for several
trans-Atlantlo steamship lines, new ore-unloader and concrete dock
capacity 600 tons per hour.
ORGANIZATION.— The Philadelphia & Reading RR. (chartered April
4 1833) and the P. & R Coal & Iron Co. were sold In foreclosure Sept. 23
1896 and reorganized per plan In V. 61, p. 1109. See V. 64, p. 709.
The “ Reading Company” in the reorganization acquired the seourlty
holdings, real estate, equipment, &o., of the old Phila. & Reading RR. Co.i
also the $20,000,000 stock and $20,000,000 bonds of the Phila. & Reading
Ry. and the $8,000,000 stock of the Coal & Iron Co
The right to mins
coal, given by charter, Is protected by State Const, of 1873
V. 82, p 393.
The U. S. Supreme Court on Dec. 16 1912 in the Govt, suit (1) dismissed
the charge of combination and conspiracy In restraint of trade against the
company and other anthracite coal companies and coal-carrying roads:
(2) held that the Temple Iron Co. is an Illegal organization and should be
dissolved; and (3) also held illegal the arrangement under which the coal
companies pay the Independent operators for coal at the mines 85% of sell­
ing price at tidewater. See V. 95, p. 1684, 1652; V. 96. p. 286. 564, 1090.
1557. The U. S. District Court on July 31 1915 held that the company and
Its subsidiaries, had not violated either the Sherman Law or the commodi­
ties clause of Commerce Law. The Government has appealed. V . 103. p .l 119;
V. 101. P- 85. 929. 1465. 1807: V. 96. p. 1425; V. 97. p 680: V. 99. p .821
Property of Reading Company, $319,604,223 Dec. 31 1918.
Railway equipment leased to Railway C o___________________ $44,223,062
Real estate not appurtenant to railroad________________ _____ 16,753,982
Sea tugs and barges leased to Railway C o____________________
4,169,923
Leased equip., $11,010,401: uncompleted equip., $927,668------ 17,356,034
P. & R. R y. stock, $42,481,700 (auth. issue increased to $45,­
000,000 in April 1911) and bonds, $20,000,000, par............... 62,481,700
Philadelphia & Reading Coal & Iron stock at par_____________ 8,000,000
Miscell. securities, incl. $14,504,000 stock Cent. R R . of N. J . . 76,635.240
Mortgages and ground rents at par___________ _____ ________
230,646
Int. in Phila. & Reading Coal & Iron above securities ow n ed.. 70,514,388
Claims against other companies, &c__________________________ 9,740,777
Cash and current assets_____________________________________
9,400,889
Property of P. & R. Coal & Iron Co., $102,258,159 Dec. 31 1918.
Coal lands owned, with improvements, &c___________________ $61,572,924
Timber lands owned, $843,828; New York and Eastern depots,
$893,247; Western depots, $2,016,792; coal on hand and
other current assets, &c., $19,190,601________________- ____ 22,944,468
Stocks and bonds of (and loans to) companies controlled, nearly
all of which are collateral for loans created prior to 1896_____ 9,919,510
Liberty Loan bonds ($6,819,712), &c........................................... 7.821,256
SINKING FUND.— Whenever, In any year, a dividend Is paid on the
stock, an amount must be paid simultaneously to the trustee equal to 6
cents per ton on all coal mined by the Coal & Iron Co. during the preceding
year, if the aggregate of dividends so declared exceeds that sum; otherwise
«uch lesser sum as shall equal the dividends so declared. Under tins pro­
vision general mortgage 4s (not callable) were purchased and canceled as
follows: 1900 to 1910. $4,860,695: 1911. $468,000: 1912. $517,000: 1913.
$516,000:1914, $537,000; 1915. $480,000; 1916. $449,000; 1916-17. $506,000
1917-18, $637,000; 1918-19, $622,000.
STOCK.— Reading Co. has the right to convert the 2d pref. stock Invo
one-half first pref. and one-half common stock. See V. 84, p. 709.
’ 0 1 . ’ 0 2 . ’03. ’04. ’05. ’06-'09. ’ 10-T2. T3 to 4thcjuar T9i
DIV 8 .—
4 yrly. 4 yrly. 4 yrly. (Q-t—
M)
3
4
4
4
First pref— % f 4
4 yrly. 4 yrly. 4 yrly. (Q—J)
Second pref. %| 0
..
4
0
IK 4
(Q— F)
Common — % I 0
0
0
0
3K 4 yrly. 6 yrly. 8 yrly.
BONDS.— The General Mortgage 4s (abstract, V, 64, p. 612) are secured
by a 2 d mtge. and pledge of all properties and securities embraced In the
reorganization, and also all other property acquired thereafter by use of the
new bonds. The mtge. Is also subject only to the bonds for which reserva­
tion Is made, based upon properties or securities of all the lines of railroad
owned. Including the Phila. & Reading Ry. Co. proper, 352 m.; various
leasehold lines, 642 m.; all the property of the Coal & Iron Co., or the
securities thereof; a large amount of rolling stock, &c. Also a first lien
upon a majority of the stock of various companies owning 453 miles of rail­
road. and also on various bonds— list in V. 64, p. 613. 709. Of the $135,­
000,000 4s of 1897, there were on Doc. 31 1918 $28,918,000 reserved to take
up old bonds, $8,998,000 had been canceled by sinking fund, $3,367,000
were in the treasury and $93,717,000 held by public. See "Sinking l*und
above. V. 104, p. 765; V. 77. p. 2099; V. 84, p. 221; V. 91. p. 1630:
V. 92, p. 323; V. 108, p. 2324.
improvement mortgage 6 % bonds of 1873 due Oct. 1 1897 were extenaed
st 4% for 50 years from April 1 1897. payable in U. 3. gold, and guaranteed
principal and Interest by the Reading Co. V. 64, p. 470: V 65, p. 516.
The consol 5s of 1882 for $5,766,500 were also extended at 4% till March 1
1937. the Reading Co. and the Coal & Iron Co. becoming responsible. See
V. 65, P. 870, for contract
V 65. p 152, 870
Terminal mortgage bonds, see V 64, p. 85, and V. 60, p. 732.
For ten-year sinking fund loan see Jan. 1895 Supp.
The bonds were in
1902 oxtended to Feb. 1 1932 at 4% , being guar, by the Reading Co.,
and sinking fund reduced to $30,000 yearly. V. 72, p. 242, V. 74, p. 206,

Entire stock owned—
Miles
Chester & Delaware R R — - — 6 7
Rupert & Bloomsburg----------- 1.6
Mladlet’ n & Hummelst’ n R R — 6 .6
Tamaqua Hazelton & N. R R -- 10.4

X o t ., 1919.]




RAILWAY STOCKS AND BONDS

111

1 1 2




RAILWAY STOCKS AND BONDS

[V ol . 109

S o t .,




RAILWAY STOCKS AND BONDS

113

114

* a s m‘
"

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
lFor abbreviations, Ac., s e n te onfirst p g ]
e o s
ae

Rensselaer & Saratoga— Stock 8% guar D & H (end)
First mortgage, interest rental----------------- zo S
*< fer
Richmond Fredericksburg & Potom— Com stock-----Dividend obligations (same div as common stook)..
Stook guar 7% except $19,300 guar 6 % .............- - ­
Consolidated mortgage $500,000 gold— Ce.xo’ &r
General mortgage $4,000,000------------------- - - - — x
Rich & Meek— First M $315,000 gold (V 69, p 391) - - 0
Richmond ft Petersburg— See Atlantic Coast Line RR
Rich-Wash Co— Coll trust gold guar red 105-N.xo, &r
Rio Grande Junction—Stock------------------------- - - — First mortgage gold guaranteed----------------- Ce.xo*
Rio Grande Southern— First M g $2,277,000 aregu-x
Rio Orande Western— See Denver & Rio Grande
R obcrval-S aguenay R y— Ha-Ha Bay Ry 1st M g .c *
Consol Ref. Mtge. $3,500,000 $35,000 per mile------

ate
Miles D
Bonds Road

192
79 1871
*82 1890
1903
1898

"31

Par
Am
ount
utstanding
Value O

%

’03-’ 12 1,000 &c 10,000,000
100 2,000,000
1,000 2,000,000
1,000 4.509.000
1.000
1,000

100
18
Rochester & Genesee Val— Stook rental Erie R B - . - .
Rock Island Ark & Louisiana— See Ohio R I & Paclflo
1,000
1907
Rock Island-Frisco Term— 1st M gold guar Jolntly-xo*
1,000
2l"4 1910
Rockingham RR— 1st M $250,000 gold..........-bBax
100
12)4
Rome & Clinton— Stook (rental guaranteed)-------,- -(The) Rome W atertow n & O gdensb— See New Yor k Oen tral R R.

[V o l .

109.

h
W en Last Dividend Places W ere InteresFand
h
Dividends are Payable
Payable and Maturity

J
8
$100 $10,000,000
M
7
1,000 2,000,000
100 1,316,900 9 In 1917 J
100 3,600.100 9 in 1917 J
500.400 9 in 1917 M
100
4> gA
4
500.000
1,000
A
3h
Various
2,680.000
4g M
315.000
1,000

"62 1889
175 1890
37 1912
1915

Rate

AM .

4g

J

5g
4g

J
J

&
&
&
&
&
&
&
&

Del & Hudson Co. N Y
do
do
Richmond, Va
do
do
N Y, Phila or Richmond
Richmond
J P Morgan & Co

New York Trust Co, N Y
& D June 1 1943
Moh 5 1918 5% (Maitland, Coppell & Co.
\ 52 William St. N Y
& D Deo 1 1939
Maitl’d, Coppell&Co,NY
& J July 1 1940

5g J &
723.600
5 ft M &
536.400
7
70,000
S
c
555.200 See text j
5g J
3.390.000
5g J
250.000
345.360 6% ’18 J

J July 1 1919 4%
N May 1 1921
D June30’19 414%
D June30’19 4 >4%
N May 1 1918 414
O Apr 1 1940
O Apr 1 1943
N Nov 11948

J July 1 1942
8 Sept 1 1955

Toronto and London
Gen Tr Co of Can, Mont

j July 1 1919 3% Erie RR Co. New York

New York or St Louis
& J Jan 1 1927
Safe Dep & Tr Co. Balt
&J21 July 21 1940
& J July 1 ’19 2Vs% By oheok.

E A R N IN G S.— For 12/1918-.Gross, $7,164,372; net (before $3,340,161
mos. ended Dec. 31. 11917-.Gross. 5,249,407; rents),
2,385,592
For 8 months, Jan. 1/1919.-Gross, $5,328,661: net (before $2,277,511
to Aug. 31.
\1918-.Gross, 4,127,794; taxes),
1,763,091
R E PO RT.— Year ending June 30 1916, gross, $3,325,719; net, $1,379.­
574; other income, $165,345; charges, $520,550: bal. applicable to divs..
&c., S I,024,369. Fed. M gr., W . D . Duke, Richmond, Va.— (V. 10/, p .
2009, 2188, 2477; V. 108, p. 270.)
★ RICHMOND-WASH1NQTON COMPANY,— Controls ' a “ union” line,
Washington. D. C.. to Richmond, Va ,115 miles. In the Joint Interest of the
following roads, viz.: the Pennsylvania R R .. Baltimore & Ohio R R ., Atlan­
tic Coast Line Co., Southern R y., Seaboard A. L. Ry. and Ches. & O. R y .,
eaoh of which owns 1-6 of the $2,670,000 capital stock. Divs. in 1902, 3% 1
1903 t o 1905, i n c l . , 4% y e a r l y ; 1906 a n d 1907, n o n e ; 1908 t o 1915, 4% ;
1916, 5% ; 1917 a n d 1918, 6 %.
Incorporated on Sept. 5 1901 and acquired $947,200 of the voting capital
stock of the Richmond Fredericksburg & Potomac RR. and the entire stook
of Washington Southern R y .. Long Bridge to Quantico, 36 miles.
Federal compensation for Washington Southern is $468,433.
The collateral trust 4s of 1903 ($11,000,000 autn. issue) are guaranteed.
Jointly and severally, prln. and lnt., by the six roads named above. Of the
bonds, $10,000,000 (Ser. A to E) have been sold. V. 77, p. 629. 695; V. 78.
p. 584, 1393; V. 84, p. 932. This collateral consists of $2,680,000 Rich­
mond Fred. & Potomac gen. 3H s, $947,200 common, $828,800 dividend
obligations, $4,000,000 Washington Southern 1st 4 s, $4,000,000 stock
(being entire isues of latter). See form of guaranty, V. 77. o. 2391; V. 81.
p. 1178. Oal. year 1918, int. on investments, &c., $580,571; iDt., taxes,
&c., $406,447; div. (6 % ), $160,200; bal., sur„ $13,924.— (V. 84, p.M)32.)
★ RIO GRANDE JUNCTION RY.— Owns road Ride Creek, Col,, to a con­
nection with the Denver & Rio Grande at Grande Jet., 62 miles. This is a
connecting link In the standard-gauge route between Ogden and Denver
and Colorado Springs. Leased by Colorado Midland Railway (foreclosed)
1918.
Dec. 31 T7. June 30 T 6 . and Denver & Iilo Grande at 30% of gross earnings, which companies
jointly and severally guaranteed the bonds, prin. and int. The Denver &
Rio Grande Dec. 31 1917, ended Dec. 31 1918, owned $1,958,300 of the
% o o i:l9 2 I S g f c i ”
$2 ,0 0 0 ,0 0 0 capital stock. V. 105. p. 2457; V. 95, p. 1542; V. 97, p. 8 8 8 .
$10,350,020 $28,783,222 $22,913,074 In N ov. 1918 all bond interest had been promptly paid.
D IV ID E N D S — 1905. 1906. 1907-12. it) 13-14 1915. 1916-17. 1918
Federal compensation...............- ..........f 9q nt7
Y
_ 43l'352
Since 1903. % .........3H
4 Vi 5 yrly
Nil
15% 6 % yrly. 51,6%
Other income, &c...................- ..............
702.423
1,297,047
4 d l, 3 b2
EARNING S.— For 12 months ended Dec. 31 1918:
Gross
30% of Gross
Fixed
Total net income
......... $16,570,754 $30,080,269 $23,344,426
Earnings.
Earnings,
Charges. S ur.forY r.
$374,384
S108.333
.............
i s S o l i 1918................. ................$1,247,948
1917
1,169,256
350,777
100,000
$145,184
— (V. 97. p. 8 8 8 : V. 104, p. 2642; V. 105, p. 2457.)
S A M ll:gIs:8Sa
★ RIO QRANDE SOUTHERN R R .— Ridgeway, Col., to Durango, 162 m .,
and branches. 13 m. Stock, $4,509,000; Dec. 31 1918, $3,579,737, owned
Net earnings all companies_______ $38,003,877 $52,246,197 $33,840,469 by Denver & Rio Grande. See V. 63. p. 404. Mortgage abstract, V. 54.
Fixed charges, taxes & sinking fu n d -.$14,538,806 *29.168,441
’?20’000 p. 163, and application to N. Y. Stock Exchange In V. 54, o 446: V 61.
Divs. on first pref. (4% p. a . ) . . ------H onnm
l ’rJn’nin p. 1014. Of the bonds. $2,277,000 are guar, by D. & R. G ., which. Doc. 31
Divs. on second pref. (4% p. a .)------- J-080,000
2.5-0,000
1918. owned $1,511,000 of the issue. V.70,p.791. Seeguaranty V.70,p .1295.
Divs. on common (8 % P -a .)------------- 5,600,000
8,400,000
5,600,000 In Nov. 1919 all bond interest had been promptly paid.
Year 1918, Federal compensation, $144,366: total income, $159,970; int.
Surplus for year (all companies)
$15,065,071 $10.477 756 $8,626,468 charges, &c., $183,894; aef., $23,924. For cal. year 1917, gross was
C o a l P r o d u c t i o n i n 1918— L a n d s O w n e d . C o n t r o l l e d .
O th er .
T o ta l.,
$633,120, and net, after taxes, $184,684. J. A. Hanley, Sec.; Gen. M gr.,
P. & R. Coal & Iron Co. (tons) 9,066,097 481,660 2,024,303 11,572,061 James Russell.— (V. 105, p. 2366.)
Tenants (tons) — .............965,357 182,564 -------------1.147,921
ROBERVAL-SAQUENAY R R .— Bagotvllle to Ha-Ha Bay June., 20
m.; branches, Laterriere June, to Lake Kenogaml, 13.8 m.; La Brosso June,
Total 1918 cal. year_______ 10,031,454 664,224 2,024,303 12,719,982 to Chicoutimi. 3.6 m.; Bagotvllle to St. Alexis. 1.4 m.; total. 38.8 miles.
Total 1917, cal. year_______ 10,200,707 527,149 2,090,849 12,818,705 Stock, common, $1,200,000. and pref. 6 % non-cuin., $800,000; par. $100.
OFFICERS OF R EADIN G CO.— Pres., Agnew T . Dice; Sec., Jay V. The Consol. Ref. Mtge. Is limited to $3,500,000, o f which in Feb. 1917
536,400 was outstanding, $723,600 was reserved to retire Ha-Ha Bay
ly. bonds, and $2,240,000 to be issued only on account o f additional mile­
H DheTtorsS— E. T. Stotesbury, Joseph E. Widener, A . H. Smith, Charles
so that the total amount o f bonds outstanding shall not exceed
E. Dilkes Jr., Agnew T . Dice, Henry P. McKean, Daniel Willard, Geo. F. age, butper mile of road built and under construction. A now bond issue of
$35,000
Baker, Isaac Hiester. Office, Reading Terminal, Pbila. Fed. Mgr. P. & $70,000 was made in June 1919, making the total amount of bonds out­
R. R y. C o., O. H. Ewing, Phila.— (V. 108, p. 481, 580, 684, 2324, 2330.)
standing $1,330,000. For year ended Dec. 31 1918, gross, $213,314; net,
bonds,
baL, sur.,
★ RENSSELAER St SARATOGA RR.— (See Map Delaware A Hudson.)— $51,602; other income, $53,400; int. on $26,637. &c., $81,184; A. Dubuc;
$180,327; net,
Pres.. J.
Road owned—
Miles.1 Leased—
, 1 0 $23,819.A . In 1917, gross, Ray Belleau. Office, Chicoutimi, E.
Treas.,
Bechard; Sec.,
Que.
Troy to Lake Champlain...............72 Albany to Waterford Ju n ction .-.1 2
★ ROCHESTER & OENESSEE VALLEY RR.— Avon to Rochester. N. Y .,
Fort Edward to Caldwell..............15 Schenectady to Saratoga- - - - - - —22
18 m. Leased 1871 in perpet. to Erie Ry. Rental, $34,012, paid by Erie
Eagle Bridge to Rutland, V t____ 631Vermont Line to Castleton, V t— /
R R . direct to stockholders. $33,312, organlz'n. $700. Seo V. 108. p. 580.
LEASE.— Leased In perpetuity May 1 1871 to The Delaware A Hudson,
RO
ISLAND LINES.— (See map. p. 1 1 .).— This
which, July 1 1919, owned $800,000 of stock; rental, 8 % on the stook and name C K the important Chicago Rock Island 1& Pacific is the popular
for
system, whose
Interest on bonds. Guaranty on stock, V 56. p 773.
earnings, securities, &c,, are shown on pages 38 and 39 and ..whoso lines
appear on map, page 1 1 1 .
★ RICHMOND FREDERICKSBURG & POTOMAC RR.— Owns from Rich­
★ ROCK 1SLAND-FRISCO TERMINAL RY.— Furnishes part of St. Louis
mond, Va., to Quantico.78.85 miles, double-tracked; James River branoh.3.2/
m • leases Connection RR. in Richmond, 1.21 m.: trackage James River to terminals of the Rock Island and St. Louls-San Francisco systems, includ­
ing new freight station and yards In St. Louis, Mo., the Chicago R. I. &
Glopton. 4 55 m.: total, 87.68 m. The dividend obligations carry no voting
power
Richmond & Petersburg Connection RR. stock of $140,000 re­ Pao., St. Louls-San Fran, and Chic. & E. 111. contributing proportionate
ceives 8 % dividends under lease. The R. F. & P. RR guaranteed stock is amounts equal to operating expenses, taxes and fixed charges. Incorpo­
secured by mortgage. New station in Richmond. V. 107, p. 270.
___ rated April 9 1906; V. 84, p. 929. Auth. stock. $5,000,000; outstanding,
The Richmond-Washington Co. (see below) in 1901 took over $947,200 $500,00(5, S300.000 being owned Dec. 31 1918 by Ch. R. I. & Pacific R y.
of the $1 316.900 common stock, the road being operated as Dart of “ union ' and $200,000 by St. Louis San Fran. Ry. Co. The bonds (see above)
line by Rich.’ Fred. & Potomac officials. V. 74, p. 149. Connection R R . are jointly guaranteed by endorsement by Chic. R. I. & I jc . Ry* and old
St. Louis & San Francisco R R . C o., Merc. Trust Co. of St. Louis is trustee.
franchise suit V . 107, p. 2188.
V. 84, p. 571, 749. Pros., M . L. Boll, C hicago— (V. 84, p. 749.)
F ed e ra l C o m p e n s a tio n
1,137,374 yearly during Federal control.
ROCKINGHAM R R .— See page 136.
DIV on stock and d lv M ’97. *98. ’99. ’00-’04 ’05-’ l6. T7. 1918. 1919.
dekd obligations..% J 6 H 7
7 8 yrly. 9 yrly.
9 4M
4>4
★ ROME & CLINTON RR.— Owns road from Rome to Clinton, N. Y „ 13
•Also In Jan. 1907 2 5 % in dividend obligations, and In Feb . . 1 9 1 6 60% in miles. Organized in 1869. Leased in perpetuity in 1891 to Delaware &
same on both stocks and dividend obligations. V , 1 0 2 , p. 610; V. 83,p. 1525, Hudson Canal (now D. & H.) Co. and oper. by N. Y. Ontario & Western.
BONDS — Of the gen. 3K s of 1903 due April 1943 ($4,000,000 author­ Rentals, $22,375 yearly and taxes, except income tax. Divs. at 6 >4 % p. a.
ized), $3,500,000 were Issuable for double-tracking and Improvements (of (3 H % J.-J.) Paid to Jan. 1910, but payments reduced thereafter on account
which $2,680,000. outstanding). Is owned Dy Rlchmond-Washlngton Co. and of l^ccferal income tax; 3% paid July 1910; 1911 & 1912, 6 >4%; 1913, 6 >4%:
pledged under its mtge. (V. 81. p. 1178), the remaining $500,000 being re­ 1914 to July 1917, 6 )4 % ; Jan. 1918 to Jan. 1919, 3% s.-a.;_July 1919,
214% .— (V. 106, p, 397.)
served to retire the consol. 4H s at maturity. See V. 77, p. 2388, 2391.
The P h i l a d e l p h i a S u b w a y L o a n of 1894-98 Is payable after 10 years from
date In 2 0 annual Installments, to secure which $500,000, bearing Interest,
has been deposited, and $1 0 0 ,0 0 0 yearly
set wide !n monthly In­
stallments. See V. 58, p. 1110: V. 62. D. 950, V 63. p 881. V. 71, p. 758.
Railway C o.’s Phila. Subway 3 Hs o f 1907 are issuable from t me to time up
to a total o f $3 , 1 0 0 ,0 0 0 to reimburse the company for installments of onehalf o f the city loan and interest as paid: entire $2,437,000 issued was in
P. & R . R y. treasury Dec. 31 1917. V . 81, p. 1437: V. 85, p. 731.
The J e r s e y C e n t r a l c o l l a t e r a l t r u s t bonds ($23,000,000 present Issue) are
. ecuredby d% osn of $14,504,000 Cent. RR. of N J. (cost $23 200.000) of
the $27,436,800 stock outstanding, $1,495,000 Perklomen stock and $440,­
0 0 0 Port Reading R R . stock, the remainder of the $45,000,000 auth. being
reserved to acquire the minority stock of the Central Co
They are callable
on any lnt. day at 105 & lnt. See abstract. V. 72. P. 487. V. 73. p. 847.
Equipment trust Series F, dated Jan. 1 1916. covers Muipment described
jn V. 107 p.697. Series G covers equipment mentioned in V. 106, p. 178b.
$7,200,000 sold in Jan. 1919. V. 108, p. 684, 2324.
FEDERAL COM PENSATION.— The compensation payablo b y ,th e
U S R R . Administration to the Philadelphia & Reading Ry. and 17
affiliated companies, aggregating $17,150,659, had been properly certified
bv the Inter-State Commerce Commission, in accordance with the pro­
visions o f the Federal Control Act, but only $6,090,000 thereof had been
received by these companies at Dec. 31 1918. In addition, the ItR.
Administration directed sundry additions and betterments to be made
at the companies’ expense, which called for expenditures much in excess of
any similar expenditures previously undertaken by the companies in a
similar period.
R A ILW A Y E A R N IN G S.— \1918___ Gross, $80,769,593: net, $14,880,191
12 mos., Jan. 1 to Dec. 31-11917------Gross, 66,831,398: net, 20,132,115
AN N U AL R E P O R T .-R e p o rt for
MS, p. 2 3 2 4 .2 m .




f

V n v
10 1 Q ]
o > U V .,
j

★ Government
control.

RAILROAD COMPANIES
[For abbreviations, &c., see notes on first paoe.]
Roscoe Snyder & P acific—
1 st ref M $5,000,000 gold red t e x t_____________ Qy
Kumford Falls & R L— Stock $3Gu,000______________
Rumford Falls A R L first mtg« gold sinking fund.z
Mortgage, redeemable_______ ________ ___________x
.inland— Stock cum 7% pref (sec text)_____________
First oonsol mortgage for $3,500,000 gold-Us.xc* Ar
nord A L Ch 1st M $4,400,000 gold assumed.Ce.xo*
Rus-Can first M gold assumed $1,350,000--OB.xc*
ennmgton a Rutland— 1st ref M g ass____N.xo*Ar
Second M g assumed subj to call since 1901-N.xo*
Chatham A Leb Val 1st M $500,000 g p A 1 guar.Q
Equip trusts due $34,000 yrly (V 94, p 1250)-Q.xc*
do
do due $14,000 y e a rly _______________ x
Ogd Ter Co M glnt gu s f $10,000 y l y ________ Qc*
Rutland Toluca & Nor— 1st M g gu red Oct 15-NC.xo*
Rutland & Whitehall RR— Stock (no bonds)________
St Clair Madison & St Louis Belt— See Missouri A 1 1
1)
Sag Tuscola & Huron— See Pere Marquette RR.
St John & Quebec R y— 1st M deb stk guar see text___
Prov Govt 5% bds $10,000 per mile_______________
St Johnsb & Lake Champ— 1st M ($1,328,000 gu) _xc*
St John’ s River Terminal— First mortgage________ N
St. Joseph & Grand Isl Ry— Common stock_____
1st pref stock 5% non-cumulatlve $5,500,000___
2 d pref stock 4% non-cumulatlve_______________
First mtge $5,000,000 gold______________Ce.xc*Ar
Further $25,000 owned by Rutland R R . Co.
it Lawr & Adirondack Ry— 1st M $800,000 g _N.xo
Seoond mortgage $400,000 g __________________ Njc
8 t Louis & Cairo— See Mobile A Ohio
St Louis Bridge— See Terminal Railroad Association
St Louis El Reno & W— 1st M $817,000 g red ..(text)
8 t Louis Iron Mt & S outhern— See Missouri Pacific
St Louis K en nett & S E R R — 1st M $150,000___
St Louis Memphis & S E— See St Louis & San Fra
i t Louis Merchants’ Br Term— 1st M gu p A 1 g.SSt.xc
Merch Bridge IstM red slnceFeb 1 1909 at 110-SSt-x
it Louis & O’ Fallon— First mortgage g old ..............._z
Second M $300,000 g red par beg Oct 1912_____ y
8 t Louis Peoria & N W Ry— See Chicago A North w

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

1912
$ 1 ,0 0 0 See text
5g
- -- ___
100
2
$300,000
27 1897
500 Ac
5g
400,000
36 1903
500 Ao
300.000
4
397
100
9.057.600
1 2 0 1891
1 .0 0 0
3,494.000
4H g
127 1898
1 .0 0 0
4,400,000
4g
1 .0 0 0
43 H 1899
1,350,000
4g
59 1897
1 ,0 0 0
500,000
4H H
69 1900
1 ,0 0 0
500,000
5g
58 1901
1 .0 0 0 In treasury
4g
_
_ 1912
1 ,0 0 0
4H g
272,000
1913
1 .0 0 0
--126.000
4*
_
_ 1-911
1 .0 0 0
5g
60.000
27 1910 100A1000
225,000
4g
_
6.75 _ _
100
255.700 See text.
nols B ridge
A Belt RR
1912
170 1914
126 1894
_
_ 1902

When
Payable

115

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

M A N
3— F
A A O
M A N

New York
Portland, Me
Old Colony Tr Co, Boston
Un S D A T Co, Portlaud

&
j
J A
J A
M A
M A
5
J <c
M A
A A
5
J <c
A A
Q— F

do
do
do
do
Old Colony Trust Oo.Bos
Grand Cent Term'l, N V
do
do
do
do
Guaranty Trust Co, N Y
do
do
Grand Cent Term'l, N Y
Northern Tr Co, Chicago
United Nat Bank, Troy

Nov 1 1942
Nov 1 1919 I X
Oct 1 1937
Nov 1 1923
Jan 23 '18 2 %
J July 1 1941
J July 1 1948
J July 1 1949
N Nov 1 1927
S Mch 1 1920
J July 1 1951
N To M ay 1927
O To Apr 1928
J 1920 to 1925
O Oct 1 1930
15 Aug 15 ’ 19. I X

4

J

D 1962

Bank of Montreal, Lond

5g
4

M A
J A

S Mch 1 1944
J July 1 1952

Company's office, Boston
New York

4 g

J

A

J Jan

A

1897

1 .0 0 0

£873,285
$1,700,000
2,500,000
1.142,000
4,600,000
5,499.400
3.500.000
4.000,000

1947

U S Mtge A Tr C o. N Y

43 1896
43 1896

1 .0 0 0
1 .0 0 0

800,000
400.000

5 g
6 g

J
A

A
A

J July 1 1996
O Oct 1 1996

New York Trust Co, N Y
Equitable Trust Co, N Y

Louis
1906

1 .0 0 0

817,000

4H

J

A

J Aug 1 1926

Last coup paid 1907

1913

1 .0 0 0

130.000

6

M A N10

1890
1889
9 1902
9 1903
est.ern Rv

600 Ac

3.500.000
2 .0 0 0 .0 0 0
124.000
300,000

5g

A
F
A
M

1 .0 0 0
100
100

251

of St
42
_
_
Q
_
_
_
_

1 .0 0 0

500 Ac

A ROSCOE SNYDER & PACIFIC R Y .— Owns Roscoe, Tex., to Fluvanna,
60 miles. Stock. $150,000. Dividends for year 1914-15, 25% : 1915-16.
15%, 1917 15%. 1st Ref. gold 5s ($5,000,000), limited to $20,000 per mile,
1158,000 were reserved to retire $157,511 prior liens due July 1 T 7, held by
Texas A Pacific R y. Of these $57,511 were paid off at maturity and the
remaining 5100,000 extended for 2, 3 and 4 years, respectively, due onethird each year. Bonds are subject to call on any interest day in blocks
of $1,000,000. V. 95. p. 1685. For year ending Dec. 31 1918, gross,
$81,272: net, def., $4,749; int., taxes. &c.. S26.355: bal., def., $31,105,
For 1917, gross, $111,612; net, after taxes, $22,977; int., rentals. &c.,
522,117;
-. sur., $SG0. In 1917 a div. o f 15% was paid out o f surplus,
Dec. 31 1918, equipment trusts, $4,076; loans and bills payable, $215,000.
* RUTLAND RR.— (See Maps N. Y. C. A H. R. RR.)— 1 1 5 miles, viz.;
RR. Lines Owned—
Miles.
Leased, &c.
Allies.
Bellow’s Falls, Vt., to OgdensLines to Tlconderoga. A c________ 18
burg, N. Y ...............................283 Also trackage (for pass. trains only)
Rutland, Vt., to Chatham, N. Y.114
^
to Montreal (V. 106, p. 1789)-.50
Owns entire $100,000 stock and $100 0(H) 4%"bondo of Ruin'd"A°No‘ yan
R R ., entire $1,000,000 stock o f Rutland Transit Co. entire $100 000 stock
Ogdensburg Term. C o., entire $500,000 Chatham & Lebanon Valley RR
1st mtge. bonds, $495,900 (total $500,000) stock o f Addison R R . C o . and
•149,500 stock (total $150,000) of Champlain ConttructionKCo. V. 75
P- 1029, V. 73, p. 437, V . 72. p. 8 8 , 822. In M ay 1915 tho I.-S. Commerce
Commission ordered the company to sell the Rutland Transit Co. by Dec. 1
V
91100Slp °1753U w T oL p°2637PS WCr° S° ld in Aug’ 1915’ V ’ 101’ P’ 695:
;
Federal Compensation. $1,023,883 yearly diming Federal control.
STOCK.— In Dec. 1918 all but $189,400 com. stock had been exchanged
for pref.— 10 of common for 1 o f preferred. V. 72, p 439. On Dec. 31
1918 the Rutland R R . owned $102,200 and the N . Y. Central R R . and th
N. Y . N. H. & H. R R . Co. each own 52,352,050 of the company’s $9,057,­
600 pref. stock.
.
Divs. 1 ’98. ’99. 00. 01. 02. 03. ’04-’05. ’06-’08. ’09-’ 15. 1917. 1918.
on pf-J 2
2
3
4
3
1
0
lH y r lv
0
Apr. 2 J a n .,2
Accumulated dividends on preferred aggregated about 244% Jan. 1919,
E A R N IN G S .— 8 m os.,fl919--G ross, $3,075,593; net (before $177,400
Jan. 1 to Aug. 31. ll918--G ross, 2,948,242;
taxes),
207,391
R EPO RT.— Report for cal. year Dec. 31 1918 in V. 108, p. 1611, re­
ported as follows: Standard return, *$1,023,883; other income, $117,997gross income. $1,141,880; interest, $476,031; rentals. A c., $122,373:
bal., sur.,$543,476. *Of this amt. $241,000had been received at end of year’
„
iVe(a/(er7;azcs. Other Income. Total Income.
1918.x________ $4,540,589
def. $73,004
$122,448
$49,445
1917--------------- 4,325,369
795,833
178,877
974,710
x As reported to I.-S. C. Comm, by U. S. R R . Administration.
Directors.— Harold S. Vanderbilt, William Rockefeller Geo. F. Baker,
John Oarstenson, Alfred 11. Smith, Albert II. Harris A T . Hadley,
T. De Witt Cuyler, Percival W . Clement. Edmund R . Morse, W . Seward
W ebb, Howard Elliott (V .-P .), E. G. Buckland (Pres.). The Sec. is Dwight
W . Pardee and Treas., Milton S. Barger. Gen. Mgr. under U. S. Govt..
G. T . Jarvis, Rutland, Vt.— V. 107, p. 270: V . 108, p. 1611.
RUTLAND TOLUCA & NORTHERN RR.— Rutland to McNabb, 111.,
27 miles. Leased to Chicago A Alton RR., which owns all the $97,000
stock, for 999 years from Oct. 1 1910. and guarantees the bonds, prln. A Int.
V. 93. p. 408. Pres., F Nay; Sec Wm. Sharpe; Treas., Wm. D. Doggett.
OfTlce, 1101 Transportation Building, Chicago.— (V. 93, p. 408.)
★ RUTLAND & WHITEHALL RR.— N. Y . State Line’to Oastleton, Vt..
6-75 m. Leased 1870 In perpetuity to Rensselaer & Saratoga RR. (rental.
$15.342— 6% on stock, less U. S. Income tax); operated by Del. & nudson.
ST. JOHN & QUEBEC RY. Completed and operated by the Canadian
National Railways. Fredericton northwest to Centreville 8 8 miles, and
Fredericton southeast to Gagetown; also since Oct. 1 1919 from Centreville
to Westfield Beach thence over the Can. Rocky
St John
The 1st M . debenture stock, unconditionally guaranteed, prln. & int.,

to

?fc2»V
B nSv l «,Ti«o:,vw p.< l“ f» I% r
“ iS?b
““d

t
o

The this of the railway being now vested In the Prov. of N. B., the Prov.
of N. B. issued Provincial 5% bonds to complete the railway between
Centreville and Westfield at $10,000 per mile for 170 miles W. P. Jones,
Pres., Woodstock. N. B.; E. S. Carter, Sec., St. John N. B.— (V. 98.
p. 1678.)
ST. JOHNSBURY & LAKE CHAMPLAIN RR.— Owns Lunenburg. Vt..
to Maquan Bay, on Lake Champlain, 121 miles. Victory branch, see V.
103, p. 1033. The road is operated Independently, although a majority of
the stock Is owned by the Boston A Lowoll. leased to the Boston A Maine.
Due affll. cos. Dec. 31 1917, $940,435. Stock, com., $2,452,449; pref.,
$1.15-1.400; par. $50. In 1917, gross. $348,631; net income after taxes,
Ac., $11,206; interest on bonds and notes, $230,579; def., $219,393.—
(V. 105. p. 1414.)
★ ST. JOSEPH & ORAND ISLAND RY.— Owns St. Joseph, Mo., to Grand
Island, Neb.. 251 miles; Stouts to Highland, Kan.. 7 m.
HISTORY.— A reorganization Feb. 23 1897 (per plan in V. 62, p. 784,
050) of tho St. Jos. <c Grand Island Railroad, sold In foreclosure. Union
5
Pacific Dec. 31 1917, owned $4,553,300 com., $4,871,389 first pref. and
$3,359,779 2d pref. V. 84. p. 52. 571; V. 92. p. 597, 1244. On July 9 1915
Circuit Court of Appeals in a suit by certain prof, stockholders reversed the
decision of the lower court, which held Illegal the control by the Union
Pacific RR. Co. The appeal of the plaintiffs from this decision to the
U. 8. Supreme Court was voluntarily dismissed June 12 1916. In June 1916
the preferred stock deposited with the committee referred to in previous
reports was all sold to the Union Pacific RR. Co. V. 102. p. 1812.
Federal Compensation.— $373,811 yearly during Federal control.— V. 108,

P‘ DIVIDENDS (% )—
11898 1899 1900 1901 1902 None
On first preferred_____
----15
3
3
5
5
Since
BONDS.— Bonds for $1,000,000 can be sold under mtge. of 1897 only for
new mileage at not exceeding $0,000 per mile. See listings In V. 64, p. 1138;




APrivate
Control.

RAILWAY STOCKS AND BONDS

1902. 5%

6

5g
6 K

A
<
fe
A
A

O
A
()
S

Oct
Feb
Oct
Sep

1

1
1
1
1

1930
1929
1922
1928

/Bank of Kennett, Kenl nett. M o.
St Louis Union Tr Co
Farmers L A Tr Co. N Y
St Louis Union Trust Co
State Bank, Chicago

V . 94, p. 763. Action has been dropped on proposed new bond issue, owing
to pending stockholders' suit. V. 95, p. 420, 1123, 1536. Loans and bills
payable owned by Union Pacific R R . Dec. 31 1917 $893,500.
EA R N ING S .— 8 mos., /1919_Gross, $1,898,255; net (before $86,361
Jan. 1 to Aug. 31.
U918-.Gross, 1,744,759:
taxes),
109,789
Income Account.— For cal. year 1918: Rental from U. S. R R . Admin.,
$373,811; other income, $5,669; int. on bonds, $160,000; int. on notes,
$54,237; war taxes, $12,392; other charges, $43,682; bal., sur., $109,169.
Federal M gr., E. E. Calvin, Omaha, Neb.; Sec., Alex. Millar; Asst.
Com pt., H. S. Bradt, N . Y .— (V. 103, p. 1882; V. 108, p. 1166.)
ST. JOSEPH SOUTH BEND & SOUTHERN RR.— Owns South Bend,
Ind., to St. Joseph, Mich., 39 m. Stock, 5500,000 com. and $250,000 5%
pref. Leased to Ind. 111. A Iowa R R . (now New York Central R R .) for 50
years from Feb. 23 1900, the Michigan Central assuming operation on F eb.15
1905; 5% per annum on pref. and 2% on com. are paid yearly (M A 8 15)
since Sept. 1901. In 1905 and 1907 and March and Sept. 1909, Sept. 1911.
Sept. 1913, Sept. 1915 and Mar. 1918 paid X% extra on common. No fur­
ther extras to Oct. 1 1919. No bonds. Officers (elected in 1918— V. 106,
p. 930): Jacob S. Farlee, Pres.; Colgate Hoyt, V.-Pres.; Frank H. Carter,
Sec. A Treas.— V. 106, p. 930, 1127.
ST. LAWRENCE & ADIRONDACK R Y .— [See Maps N . Y . C. Lines— Owns from Malone, N. Y ., to Adirondack Jet., 43.07 miles. Leases from
Grand Trunk R y., Valleyfield to Beauharnols, Que., 13.3 m ., and has
trackage rights over Can. Pac. from Adirondack Jet. to Montreal, Que.,
8.80 m.; other lines, 5.46; total, 65.17 miles. Now York Central R R . owns
entire stock, $1,615,000. and leased the road for 21 years from Jan. 1 1916,
V . 102. p. 1443; V . 99, p. 1599; V. 101, p. 450, 775. As per lease, the earn­
ings are now included with those of the lessee.— (V. 101, p. 775.)
A S T . LOUIS EL RENO & WESTERN R Y .— Guthrie to El Reno. Okla..
42 m ., opened In 1904. Ft. Smith A West, acquired 51% of stock in 1906.
Stock, $970,800 June 1916. In Oct. 1915 Arthur L. Mills. Fort Smith,
was made receiver. V . 102. p. 251. Loans and notes payable. A c., D ec. 31
1917. $242,470. Year 1917. gross, $56,065; oper. surp., $5,020; inter­
est. rents. A c., $48,000: bal.. def., $42,980. Pres., J. C . Van Riper.— (V
83. p .872: V. 102, p .251 .)
A S T . LOUIS & HANNIBAL R R .— Hannibal to Gilmore. M o., 85.6 miles;
Rolls Junct. to Perry, 17.80 m. The railway was 6 old under foreclosure
Sept. 28 1917 and reorganized per plan in V. 105. p. 717, all the old bonds
being retired and no new bonds issued. The new company took possession
Dec. 31 1917. In M ay 1919 sought permission to cease operating and junk
the road (V. 108. p. 2123). Auth. capital stock, $250,000 non-cum. 5%
pref. stock and $790,000 common (par $100); all the pref. and $370,000
common stock has been issued to June 1 1918 (V. 105, p. 717). From Jan. 1
1918 to Mar. 31 1919, net loss from oper., $26,620. For the year end Dec
31 1917 gross was $237,488, agst. $223,863, and net, after taxes, $17,723*
agst. $17,080. Robert Winthrop A C o., N . Y ., are interested.— (V. 107
p. 1920; V. 108, p. 2123).
v
’
A S T . LOUIS KENNETT & SOUTHEASTERN R R .— Owns Kennett.
M o., to Piggott. Ark., 20 miles. Stock June 30 1917, $300,000: par.
$100. Bonds auth., $150,000 1st 6 s, dated Apr. 20 1913. of which $130 000 Issued to retire old bonds. Year ending Dec. 31 1918, gross. $97,384:
net, $22,482; Int. and taxes, $15,055; bal sur.. S7.427. Pres W D
Lass well; V.-Pres., H. B. Pankey; Sec. A Treas., R. R. Pankey. Office.
Kennett. M o.— (V. 106, p. 191.)
★ ST. LOUIS MERCHANTS’ BRIDOE TERMINAL RY.— O R G A N !,
Z A lrO N .— Double-track road from near Union Station, via Main S t..H all
Sc., &o., to terry St., opposite the Merchants’ Bridge, 4.01 m.; it owns abd
controls the Madison 111. & St. L. R y., 1.91 m.; total, 5.92 miles. Leases
Merch. Bridge (1.99,m.) for int. on Bridge Co.’s $2,000,000 bonds.
Federal Compensation.— $412,427 yearly during Federal control (contract
executed).
Stock auth., $3,500,000; issued to June 30 1916, $2,939,500; par, $100;
of this the Terminal R R . Association owned $2,939,300 Dec. 31 1916On Dec. 31 1918 there was due to Term. R R . of St. L. $1,630,000 lor ad
vances under Its guaranty. In Nov. 1893 Term. R R . Assoc’ n .o f St. L
guaranteed by endorsement the prln. and int. of Its $3,500,000 1st mtge
bonds and the interest on $2,000,000 Merch. Bdee. 6 i . Suit, V. 91, p. 1448
EARNINGS.— 8 mos.,/1919-Gross, $1,850,627; net (before def.$378,145
Jan. 1 to Aug. 31. \1918-Gross, 2,354,925;
taxes), net
181,068
.Y e a r —
Gross.
Net.
Other Inc.
Charges.
Balance.
................. --------------------------------x$453,929
$486,288 def.$32.359
1917 - - - - - ----- $3,166,033 $759,978
610,553
1,226.955 sur.143,576
x Includes compensation due from Government for 1918 (subject to
amendment), $412,427, and other income, $41,502. Traffic M gr., A. S.
Johnson.— (V. 91, p. 1448; V. 108, p. 2241.)
o # 7 ’ kOU,:t & O ’ FALLON R Y .— East St. Louis, III., to Mine No.J
8.64 milai. Incorporated in Illinois June 1 1896. Stock. $150.000.» I
F? r caL year 1916- gross, $262,962; net, $124,022; int. on bonds.
$24,787; charges, $12,309; divs. (16% ), $24,000; bal., sur., $6 6 ,6 8 8 .
For 1917. gross, $456,255; net, after taxes, $230,430. Pres.. William
Cotter, St. Louis, M o.; Treas., Philip Marsh.— (V. 103. p . 62.)
ST. k 9 ^ ,S” SAN FRANCISCO R A ILW A Y .— The company on
Dec. 31 1918 operated directly or through subsidiaries a total of 5,166 miles
of road, of which 3,549 m. are owned in fee, 1,546 m. are controlled through
ownership of substantially all the capital stock, and 101 miles are operated
under trackage rights. The mileage of the company extends from St. Louis
Into the States o f Missouri, Kansas, Arkansas. Oklahoma and Texas.
Through the Kansas City Fort Scott dc Memphis R y .. which It controls by
stock ownership, the St. Louls-San Francisco R y. also has a direct through
route from Kansas City to Memphis and Birmingham. V. 106, p. 2006;
V. 107, p. 2377.
O RGAN IZATION .— Incorporated in Missouri Aug. 24 1916 and suc­
ceeded on N ov. 1 1916, per plan in V. 102, p. 896, 1061. to certain proper­
ties of St. Louis A San Francisco RR., foreclosed under the General Lien
and also the Refunding Mortgage. V. 102. p. 2167, 1256. 1342.
As to security for new bond issues, see V. 107, p. 2477.
S e c u r itie s o f P r e s e n t C o . (compare V. 104, p. 452, 1703; V. 107, p . 2477*)

116

★G
overn en
m t
C trol.
on

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

Miles Date
Road Bonds

St Louis-San F rancisco Ry—
Common stock $250,000,000 v t c ________________
Pf stk non-cum$200.000.000 v t c; serA6 % red par
Prior lien M $250,000,000 gold securing—
Series A 4% callable at par and int—Cexc*&r* 3,471
Series B 5% callable at 105 and int—Cexc*&r* 3,471
Series O 6 % callable at 102)4 and lnt.Ce.xc*&r* 3.471
Adjust M cum $75,000,000; ser A, call par & IntBax 3,471
Income M non-cum $75,000,000: ser A, call par.U n 3.471
Old Gen M gold(lston658m)$3,659.000are6sUs-zo*
986
Kansas City Ft Scott & Memphis System bonds— see tb
Old Securities Undisturbed—
Equip notes Ser Q g due $72,000 or $73,000 s-a.C ex
do
notes Ser R due $5,000 s - a „ .................... x
do
Ser S due $74,000 s-a (A * O )................ Qx
w
-’ Frisco Const’n Co eq notes Ser B g gu due s-a. N.c
Remnants Old Bonds. Ac, still exchangeable under plan —
K O F S & M pref stock trust certs____________ gua
_ __
Musk Cy Bridge 1st M g Int rent red 105—-SSt.zo*
Mo & W Dlv 1st M g $5,000 yearly drawn 105-.zc*
82
St L & San Fran coll trust g s f not dr’n . — Us.zo*
101
Collateral trust mortgage on branches gold Un.zo*
64
188
Consol mtge (V 64, p 1861) gold, no optlon.Ba-z
Southwest Dlv M $1,500,000 red at par g _ Ce.*a*
_
112
Cent Dlv 1st M gold $3,462,000 red at 102 H-N.zo*
103
Northwestern Division mtge redeem 102)4—N.zc*
106
Quanah Acme & Pac Ry 1st M call 105___________
79
St L Memphis & S E 1st M (see text) call 105____c*
341
Kansas City Fort Scott & Memphis— See that co
KO Memphis & Birm— See K O F t Scott & Memphis
Auxiliary Companies
Birm Belt 1st M g red 102)4 gu p & I (end).OB.xc* 38.59
223
Ft Worth & Rio Gr 1st M gold old 5s int red.Ce.xo*
d On N ov. 1 1919 an additional $9,064,375 Prior li en " A
managers for retirement of $7,138,900 trust ctfs. f or K.

Par
Value

Amount
Outstanding

$100
100

1916
1916
1918
1916
1916
1881
at com
1910
1910
1911
1912
___
1902
1879
1880
1887
1896
1897
1899
1900
1909
1902

1 0 0 &c
1 0 0 &c
1 0 0 &c
1 0 0 &c
1 0 0 &o
1 .0 0 0

4g
d84,334,125
5g
25.000,000
6 g
10,598.000
6 g
d38,763,093
6 g
35,192,000
9,367,000 5 A 6 g
145,000
15,000
592,000
675,000

100
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0

7,138,900
31.non
58.000
92,000
118.000
450.700
495,000
47,000

600 Ac
1 ,0 0 0
1 ,0 0 0

Rate
%

Distribution o f New Securities and Cash— Holders—
(1) For R ef.M . and Gen. Lien Bonds and 4% Guar. Trust Certificates Issued
for Kansas City Fort Scott A Memphis Preferred Stock.
-------------------------- Will Receive--------------------------Existing
Originally
Prior Lien Cum. Ad).
Income.
Principal. Outstanding. Cash. Ser. A 4 % . Mort. 6 % .
Mori. 6 % .
Ref. Mtge. 4s.$68,557.000 9% +($51,417,750 $17,139,250 ...................
(Foreclosed.)
\
75%
25%
__________
Gen. Lien 5s._ 69.384,000
6 % + / 17.346.000 17.346.000 $34,692,000
(Foreclosed.)
\ 25%
25%
50%
Do Interest ___________
J ------------ - $2,312,568 ____________
\
3.333^
4% Trust Ctfs 15,000.000 ........... /$ ll’ ,250T666 $3,750,000 I — I I I — II
for K O F S & M pref stk ......... \
75%
25%
...................

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

8 .0 0 0
2 1 0 .0 0 0

60.000

J
& J July
J
& J July
J
& .1 July
A & 0 July
Oct. 1 July
J A J July

g
g
g
g

F
J
A
M

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

J
F
F
A
J
A
A
A
A
J

5
5
5
5

1902
1 ,0 0 0
1 .0 0 0 ,0 0 0
4g
1 .0 0 0
1,398,000
1888
4g
"4% b onds and $1,784,725 A 6 % ad
O .F . S . & M . R y. pref. stk. and $3,3

(2) Cumulative Adjustment Mortgage Bonds.
Limited to $75,000,000. Bankers Trust Co. and E . F. Swinney, Trus­
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 Net Incom e." Interest accumulated must be paid at
or before maturity, but accumulations shall not bear Interest.
The full semi-annual 3% interest on the outstanding Adjustment bonds
has been paid to and including Oct. 1919, and on Oct. 1 1917 to 1919,
also the full 6 % (annual) interest on the outstanding income bonds. V.
106. p. 822; V . 107, p. 1005: V . 108, p. 1166: V. 109, p . 8 8 8 .
Outstanding as of Dec. 31 1918______________________________ $38,761,693
Reserved to retire remnants of old disturbed bonds__________
1,786,125
Reserved for 33 1-3% of cost of equipment and improvements
to be Issued at par after Jan. 1 1922, $4,000,000 biennially
($2 ,0 0 0 ,0 0 0 for equip, and $ 2 ,0 0 0 ,0 0 0 for im provem ents)..$2 0 .0 0 0 ,0 0 0
Reserved to be issued at par after Jan. 1 1932, at the cumulative
rate of $3,000,000 annually for that part of the cost of im­
provements and for additions other than new mileage. In re­
spect of which Prior Lien Mtge. bonds shall not be issued.. 14,452,182
(3) Non-Cum. Income Mtge. Bonds, $75,000,000: Now Issued, $35,192,000.
Limited to $75,000,000. Trustees, Union Trust Co. o f New York and
J. H. Smith. To bear non-cumulative interest at such rate not ex­
ceeding 6 % per annum as may be named at time of issue, but only after the
payment o f all Interest on the Adjustment Bonds, which see above.
Series A, 6 % , Interest from July 1 1915 to June 30 1916 earned
and paid Id full on distribution of new bonds. V.103. p.l688..$35,192,000
Reserved for issue at par for improvements, additions and equip­
ment, 1922 to 1931, $2,000,000; thereafter $3,000,000 yearly 39,808.000
STOCK.— The company’s share capital embraces:
(4) Non-Cum. Pref. Stock, $200,000,000 Auth.; Now I s s u e d .... $7,500,000
. Entitled to receive for any fiscal year such non-cumulative dividends
as may be determined by the board, provided for the two fiscal years next
preceding the full Interest shall have been paid on the Income Mortgage
bonds. Issuable in series and redeemable. In whole or in part, at such
premiums, &c., as may be fixed at time o f issue.
Presently Issuable as 6 % pref. stock (redeemable if allowed by
laws at par and dlv.) for adjustment o f outstanding debt— $7,500,000
For future purposes, with maximum dividend rate to be fixed
___
at time of Issue at not over 7 % ____________________________ 192,500,000
(6 ) Common Stock, $250,000,000 Authorized; $50,447,000 Now Issued
Reserved for future issue for corporate purposes, not exceeding.199,533,000
Five-Year Voting Trust— Right to Pledge New Stock under Prior Lien Mortgage.
The pref. and common stock will be held till July 1 1921 in a voting trust,
unless upon payment in any year of full interest on the income bonds the
trustees shall elect to terminate the agreement. Voting trustees: Frederic
W . Allen, James W . Lusk, Charles H. Sabin, James Speyer, Frederick
Strauss, Eugene V. R . Thayer, and Festus J. Wade.
The new pref. and common stock is pledged as part security under the
Prior Lien Mortgage.
In N ov 1919 the exchange o f old bonds for the new issues and cash was
wtlll in progress under plan as follows, these then Including in the aggregate
$3,337,900 underlying mortgage bonds and $7,138,900 4% trust ctfs. for
K . C . Ft. S. & M . pref. stock;

When
Payable

[V ol . 109.

$50,447,000
7.500.000

1 ,0 0 0
1 ,0 0 0

1 .0 0 0

5,000

(1) Prior Lien Mtge., Series A 4% ; B 5% Bonds; C 6 % Bonds.
Limited to $250,000,000. Issuable in separate series bearing such inter­
est rates not to exceed 6 % . maturing at different dates and redeemable at
such times, and premiums as may be determined. Including D e c.31 1918:
Series A 4% bonds in hands of public________________________ $84,211,675
Held to retire remnants o f old securities (see table)________ 9,096,825
In insurance fund__________________________________________
90,000
Series B 5% Bonds, held by public (V. 103, p. 1889; V. 106, p.
2 0 0 6 )................................................................................................ 24,950,000
Held In Insurance fund____________________________________
50,000
Issuable for general corporate purposes_____________________ 5,533,500
Series C 6 % bonds sold in Dec. 1918 (see "G en. Finances” below
and V. 107, p . 2477; V. 108, p.2325)......................................... 10,598,000
Balance reserve in series to retire equip, bonds after Jan. 1 1918- 2,216,000
Reserved to retire $9,484,000 Gen. M . bonds, due 1931______ 9,484,000
Reserved, Issuable after Jan. 1 1917, at par, for new equipment
and improvements: (a) Prior to Jan. 1 1922. for entire cost
at rate of $5,000,000 annually, viz., equip., $2,000,000; im­
provements, $3,000,000: (6 ) After Jan. 1 1922, for two-thirds
of cost at the cumulative rate o f $8 ,0 0 0 ,0 0 0 biennially (equip.
$4,000,000, impts., $4,000.000)................................................. 59,412,000
Reserved for Issue at par to construct new mileage or acquire
other lines of railroad or stocks or bonds representative thereof
or after Jan. 1 1931 for two-thirds cost of equipment or for
Improvements and additions, $4,000,000 biennially________ 44,358,000




A rlvate
P
C trol.
on

RAILWAY STOCKS AND BONDS

1 1950
1 1950
1 1928
1 1955
1 1960
1 1931

Office of Company, N Y
do
do
do
do
Earned In full in 1916-19
Earned In full in 1916-19
Bankers Trust Co, N Y

& A Feb ’20-Aug ’20 Office of Company. N Y
& D Dec ’ 19-Dec’20
do
do
& O Apr ’ 20-Oct ’23
AS15 M ch’20-Sept ’22
do
do
q—;

A
&
&
&
A
&
&
A
&
&

1922
J July 1
A Aug 1
A Aug 1
C Jot 1
)
J July 1
O Jot 1
o Apr 1
o Apr 1
<) Jet 1
J Jan 1

1942
1919
1920
1987
1996
1947
1929
1930
1939
1952

Bankers Trust Co. N Y
St Louis Union Trust Co
Bankers Trus. Co, N Y
United StatestTrust, N Y
Union Trust Co. N Y
Bankers Trust Co. N Y
do
do
do
do
do
do
Commonwealth Tr, St L.
Bankers Trust C o, N Y

A & o Oct 1 1922
Bankers Trust Co, N Y
J & J July 1 1928
Central Union Tr N Y
justment bonds were he Id by reorganization
37.900 u nderlylng bonds

Terms Offered for Old Remnants— Originally------Will Receive(for Amounts out. See table above)Outstanding.
Cash. Prior Lien, A , 4%
Consol. Mtge. 4% bonds______ $1,558,000
10%
100%-$1.558.000
Southwest. D lv. 1 st 5% bon ds..
829,000
125%- 1,036.250
(o )fl!l%
Central Dlv. 1st 4% bonds_____
145,000
125%181.250
(o)3 H %
Northwest. Dlv. 1st 4% b on ds..
47,000
125%68,750
439,000
Trust Mortgage 5% of 1887____
648,750
m
i
Trust Mtge. 6 % bonds of 1880—
182,000
I l l l : 227.600
M o. & West. Dlv. 1st 6 % bds_
_
126%74.000 H i m ;
92,500
Muskogee City Bdge. lat M . 5s.
125%1 0 0 ,0 0 0
_____
5%
_____
125.000
Chester Per. & 8 te. Gen. 1st 5s
140,000 ..................... 125%175.000
Pemiscot R R . 1st M . 6 % bonds
54.000 100% & Int.
Kennett & Osceola R R . 1st 6 s_
65.000 100% & int.
So. M o. & Ark. R R . 1st M . 5s—
4.500 100%, & Int.
Ft. W . A RIo Gr. R y. 1st M . 4s. 2.923.006 11— —7 — — I 6 6 % - 2',923"000
Quanah A cm e* Pac. Ry. I s t 6 s_ 1,758,000 (a) 114%
125%- 2.197.56o
x No cash, but 25% ($3,760,000) c u i Adjust. Mtge. 6 s
(a) Includes interest from last matured coupon to July 1 1916.
The $10,598,000 Series "O ” . sold in Dec. 1918 (V. 107, p. 2477), reim­
bursed the company as follows: (a) $3,090,000 to retire equip, trust obll*
gations; (b) $683,000 for acquisition of new mileage, terminals and terminal
facilities; (c) $5,367,000 for additions and betterments: (d) $1,458,000 for
additions to equipment, including purchase of 28 freight locomotives and
6 passenger locomotives.
Out of the proceeds of this sale the company paid off all its floating debt,
amounting to $5.210,000,so that the increase in annual fixed charges would
not exceed $323,280.
LATEST EARN ING S./1919.Gross. $56,701,301; net (bef. $13,187,259
9m os., Jan. 1 to Sept. 30.11918.Gross, 50.714,786; taxes),
10,589.459
EARNING S.— Report for year ended Dec. 31 1918. V. 108. p.2325.
Sept. 30 ’ 18.
1917.
1916.
Aver. Mileage oper................................
5,166
5,207
5,256
Operating Revenue—
$72,475,313 $59,676,657 $53,119,999
Total oper. revenue...............
Operating income--------------------------- 11,831,848
17.292,801 15,280,127
Hire of equipment---------------------------- dr.623,759 dr.997,522 dr.455,469
Other income-------------668,098
411,855
957,206
Total income.................................
11,876,188
Rentals, sink, fd., &c------------------------ $1,138,778
Int. on fixed charge obligations--------- 8,448,877
Int. on Cum. Adjust, b o n d s ............... 2,325,033
Int. on income bonds---------------------- 2,111,520

16,707,134
$1,045,981
8,377,690
2,324,156
2,111,520

15,781,864
$1,144,236
*8,505,652
*2,322,013
*2,111,520

Balance, surplus---------------------- def.*2,148,021
2,847,788
1,698,443
♦Interest charges above shown are based on the capitalization of new co.
Note.— The 1918 figure in this statement, for continuity of record, com­
bine the income account of the Federal management with that of tho com­
pany, eliminating the “ standard return." Using the tentative minimum
standard return ($13,423,400 protested as Inadequate), tho company
showed a surplus for the year 1918 of $125,587 in place of aforesaid doficit.
See V. 108, p. 2325.
OFFICERS.— Chairman & Pres., E. N. Brown; 1st V .-P ., vacant:
2d V.-Pres. & Treas., C. W . Hillard; 3d V.-I’res. & Comp., T. A. Hamilton;
Sec. & Asst. Treas., S. J. Fortune. Fed. M gr., J. S. Pyeatt, St. Louis, M o.
Directors.— Frederic W . Allen, N. Y .; E. N. Brown, N . Y .; David T .
Davis. N. Y .; Sam Lazarus and Thos. S. M affitt, St. Louis: Henry Ruhlender, C. II. Sabin and Lorenzo Semple, N. Y.; A. L. Shapleigh, St. Louis
Frederick Strauss, N. Y .; J. W. Kendrick, Chicago; Frederick H. Ecker,
Jesse Hlrschman and E. V. R. Thayer, N. Y .; Festus J. Wado, M . L.
WBkinsomoSt.^L)>uis.— (V. 108. p. 974. 1166, 1823, 2325, 1233; V. 109.
★ ST. LOUIS SOUTHWESTERN RY.— System embrace
St. Louis S W. Ry. (943 miles).—
Main Line— Delta to Texarkana411.8 Paragould S. E. R y. (leased).. 37.3
i.o St. L. S JF. Ry. of Texas (814.7 m l.).—
Main line trackage___________
Illinois Division (traokage)____161.2 Main L— Texark to Comanche.373.9
Cairo and New Madrid Branches 63.4 Fort Worth & Dallas Branchesl74.8
Grays Point Term. R y. (leased) 13.2 Sherman & Hillsboro Branches 92.5
Memphis Dlv. trackage. &o_ 6 8 . 6 Camp MacArthur Branch------- 4 2
_
Cent. Ark. & Eastern (leased). 44.8 Lufkin Branch_______________ 130.9
Stuttgart*Little Rock Branches 78.5 Steph. N . & 8 . T . (leased)--------38.4
Pine Bluff Ark. River (leased). 25.7
Shreveport Branch------------------- 62.6 Total operated Dec. 31 1918.1,783.4
On Jan. 1 1918 leased Pine Bluff Ark.River Ry.,26 miles.— V. 108,p.297.
The Stephenvllle North & South Texas R y.. Stephenvlllo to Gatesvllle,
76 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 at
anytim e. V. 96. p. 1090. 1 4 9 0 , 1 7 7 4 ; V. 96. p. 1841. Leases for 30 years,
from July 1 1910, with privilege of purchase on payment of bonds, the Cent.
Arkansas & Eastern, operating from Stuttgart, Ark., to England, and Rice
Jet. to Hazen. total. 45 miles. See BONDS below. V. 90. p. 1045; V. 91.
p. 397: V. 93. p. 104, 228; V. 94. p. 417. 632. Valley Term. R y .. V. 105.
p. 384; V. 107, p. 795.
"ST A N D A R D R E T U R N ." &c.— See pgae 5.
O R G A N .-rR eorg. of St. Louis Ark. & Texas, foreclosed in Oct. 1890
PREF.
(1909 1910 1911
1912
Oct. 1912 ’ 13 ’ 14 since
DIV 8 .
12 %
5%
4% 4 ) 4 % (J .& J .)
1H %
1>* 0
BONDS.— First Consols: auth. issue, $25,000,000; unissued bonds were
reserved to retire the balance of 2d mtge. Incomes outstanding. $900 of
consols for $1,000 of Incomes. See V. 74, p. 831; V. 76, p. 790; V . 77, p.
2160; V. 84. p. 1249; V. 87. p. 814; V. 8 8 . p. 453.

Nov., 1919.J * g s r n
t

Miles Date
Road Bonds

RAILROAD COMPANIES
fFor abbreviations, & c„ see notes on first page.]
St Louis Southwestern— Common stock $110,000,000
Preferred stock 5% non-cumulatlve $20,000.000_
_
First mortgage certs ($16,500 per mile) gold.Ce.xc*
Second M 4% lno $10,000,000 non-cum g._Ba.xo*
First Consolidated mtge $25,000,000 g--E q.xo*& r
First and Term Unlfy lng M $100,000,000 g - uxo •3sr •
Stephenvllle Nor 3s Sou Tex 1st M g gu red 105.xo*
Paragould Southeastern 1st M *5.000.000 gu_____
Oar tr Ser A (V 90. p 1364, 1491)j$46,000 yly Usmx
Special equip trust (V 96. p 1557) *33,000 s -a n _ x
_
Equipment gold notes ser D _____________________
do
Ser E, due various s-a, call par___Q
do
Ser F, due $21,000 s-a__________ G.c*
Guaranteed Bonds, &c.—
Gray’s Pt Term 1st M guar p & 1gold____ SSt.zcJsr
1st Ref 3sExt M54.000.000 g red text gu p&lEq.xo*
Cen ArJsE 1st M $3,000,000 g red 105 text SSxo*3sr»
Shreveport Bdge 3s Term 1st M $500,000 g gu___ x
St Louis Troy & Eastern— First mtge $500,000_ CC
_
Equip notes $202,000 S15.000&S14.000 s-a._SST.x
St Paul Bridge & Term Ry— 1st M $500,000.. xxFCz
St Paul Eastern Grand Trunk— See Chic & North West
St Paul & Kansas City Short Line RR— See Chicago R
_
St Paul Union Depot— First M gold, lnt as rental_
Consol mtge gold ($100,000 are 4s), lnt as rental ..z
1st 3c Ref M $20,000,000 g gu (V 104, p 2344)____
Guar Gold notes $8 ,000,000 g callable at 101._vc*
Salt LC Un Dep & RR— 1st M $1,500,000 g red .B a ..x
Salt Lake Oar &West Ry— 1st M $600,000 call 104CC
Second mortgage $200,000 authorized_______
Car trusts &c notes________________________
San Antonio & Aransas Pass— Stock----------------

z

Equipment trust obligations (on June 30 19181___
San A n ton io Belt & Term Ry— 1st M notes.M ESTc
San A n ton io Uvalde & G ulf— 1st M *13,500.000.gx
Receiver's certificates $250,000 auth_______

1,223
1,223
1,271

1891
1891
1902
1912
106j 1910
37
1910
1913
1914
1914
1916
16 1897
1906
45 1910
1905
1904
1915
- — 1909

Par
Value

Amount
Outstanding

100
100
1 .0 0 0

500 3sc
1 ,0 0 0
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 ,0 0 0
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 ,0 0 0
1 .0 0 0
1 .0 0 0
1 ,0 0 0

500

1 ,0 0 0
$ 1 ,0 0 0

I &P

1880
1894
19 1917
1918
4.38 1908
1916
724 1893
1917
1919
318 1 9 1 3
1917
1917

opeka
61

1 ,0 0 0
1 ,0 0 0
100

&c
1 ,0 0 0

100&C
100
1 .0 0 0
1 .0 0 0
1 .0 0 0

Net opor. revenues_ $3,748,146
_
$6,412,789 $4,531,825 $3,426,233
Net income, after taxes. $2,925,536 $7,159,499 $5,438,929 $3,951,776
Income Account for 1918, based on estimated Federal compensation:
1918.
1918.
Est. Govt. compensationx$3,910,914 Other in terest.................
$26,492
Other income___________
385,455 Rents, 3cc........................... 1,144,207
lnt. on funded debt--------- 2,265,018 Balance, surplus
" ’
$860,652
x As certified by I. S. C. Commission.
OFFICERS.— Chairman, Edwin Gould, N. Y .; Pres., J. M . Herbert,
St. Louis; Vice-Presidents, Dave II. Morris, Col. F. W . Greene and N. B.
Burr; Sec., Arthur Trussed; Treas., G. K. Warner; Aud., H. R. Hurst,
St. Louis; Fed. M gr., W. N. Neff, Tyler, Tex.
Directors.— Edwin Gould (Chairman), Dave H. Morris, A. J. Hemphill,
Winslow S. Pierce, David H. Taylor and V. Everltt M acy, New York; Mur­
ray Oarleton. J. M . Herbert and J. G. Lonsdale, St. Louis. Office, R y.
Exchange Bldg., St. Louis; N. Y . office. 501 Fifth Ave.— (V. 108, p. 270,
1166; V. 109, p. 174, 677, 1456.)
ST. LOUIS TROY & EASTERN RR.— See page 136.
ST. PAUL.— See Chicago Milwaukee <c St. Paul.
5
★ ST. PAUL BRIDOE & TERMINAL R Y.— Owns 2.31 miles or right-ofway from St. Paul terminals to stock yards at South St. Paul, with receiv­
ing yard and other tracks; total, 7.57 miles. V. 104, p. 953. Compensa­
tion under Federal control, $67,509 (contract signed Jan 1 1919). Deduct
fixed charges (est.), $35,000; bal., sur., $32,509. V. 108. p. 1611.
Bonds (auth. $500,000), see table above and V. 104 p. 953. For year
ending Dec. 31 1917, gross earnings were $294,429; net Inc., after taxes,
*26,493: rentals. Interest, &c., $36,793; bal., def., $10 300. Pres.. Wm.
Magivny; Sec., A. A. McKechnie; Treas.. J. M . Lindsay. Office, South
St. Paul, Minn.; Federal M gr.. A. W. Trenholm; Federal Treas., O. P.
Nash, St. Paul. Minn.— (V. 107, p. 697: V. 108. p. 1611.)
★ ( T H E ) ST . P A U L U N I O N D E P O T C O . — Owns Union Passenger Station
with 9.54 miles o f track and is building a now station, &c. to cost about
$ 1 1 ,000,000, which will be ready for use by Feb. 15 1920, but the concourse
will not bo complete for at least 2 years. V. 109, p. 1987; V. 107, p. 1838;
V. 105, p.2543; V. 104, p .560 , 2119; V. 100, p .641 .
Great Northern, Northern Pacific, Chlo. St. Paul Minn. 3 Omaha, Ohio.
s
Mil. 3 St. Paul, Chic. Great Western, Chlo. Burl. & Quincy, Minn. St.
o
Paul 3 S. Ste. Marie. Minn. & St. Louis and the Ohio. R. I. & Paciflo.
o
own the entire capital stock eaually. In May 1 9 1 7 the Wls. R R . Comm,
tenctioned an Issue of $11,500,000 new bonds, out o f $20,000,000 auth..
guaranteed jointly by the nine proprietary companies. V. 104, p. 2119.
2344; V. 105, p. 2543.
,,
.
The $8,000,000 5 -ycar 5 % gold notes sold In Dec. 1918 (V. 107, p. 2477)
are endorsed with a joint and several guaranty of the payment o f principal
and Interest exocuted by all tho nine companies using the terminal. While
these notes are outstanding no security can be created or issued ranking
ahead o f tho notes, tho only underlying liens being the $500,000 bonds due
In 1930 and 1944. The proceeds of this issue were to bo used In part to
meet floating debt Incurred for acquisitions and construction work and In
part to provide for completion o f construction program for 1919.— V. 107
D 1838
Stock authorized. $1,000,000: outstanding Dec. 31 1917, $932,400; par,
$100. Rentals cover int. on bonds, &c., and 4% on stock since May 1 1901.
From 1881 to May 1901, 6 % divs. were paid. Pres., E. Pennington; Sec.,
Charles Jensch; Federal M gr.. A. W. Trenholm, St. Paul. Minn.— (V. 107,
p. 697, 1838. 2188. 2744. V. 109, p, 1987.)
★ SALINA NORTHERN R R .— Foreclosed and in 1918 acquired. Com­
pensation under contract for Federal operation, $15,000.— (V. 107, p. 1482,
2188; V. 108, p. 1166.)
★ SALT LAKE CITY UNION DEPOT & RR.— Owns union depot and
facilities at Salt Lake City, opened Aug. 20 1910.
Stock, $200,000,
equally owned by Denver & Rio Grande and Western Paciflo, which Jointly
guarantee bonds, prln. and lnt. Bonds are subject to call at 105 on and
after N ov. 1 1923. See table above. General Mgr. under U. S. G ovt.,
James Russell Denver.— (V. 91, p. 523 V 107, p. 1101.

Rate
%

100

19,893,650

2 0 ,0 0 0 ,0 0 0

3,042.500
21.591.750
8,155,000
2,607,000
See text
46,000
261.000
153,000
320,000
294,000

4Z
4
4Z
5Z
5Z
5
5
5g
5
5
4Xg

500,000
See text
1,085,000
450,000
500,000
87.000
$400,000

5
5
5
5
5
5
6

Z
Z
Z

Z
Z
g
*

250,000
6 Z
250,000 4 Z 3o 5 Z
5g
8 ,0 0 0 ,0 0 0
5X g
1.035,000
5g
297,000
6 g
165,000
7
82,000
1 ,0 0 0 .0 0 0
17,544.000
4Z
193,000
1.850.000
6 g
4.413.000
5g
225.000

When
Payable

1 .0 0 0 .0 0 0

5g

117

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Apr 151914. X
M & N Nov 1 1989
3s J Nov 1 1989
e
J 3 D June 1 1932
J & J Jan 1 1952
J & J July 1 1940
1943
A 3b O April 1920
c
J S D Dec ’ 19-Dec '23
F S A To Feb 1 1924
c
A 3c O Apr'20to Apr’24
M 3c S15 Mar '20-Sept'26

Office, 501 5th Ave, N Y
Guaranty Trust Co, N Y
Bankers Trust Co, N Y
Equitable Tr Co, N Y
New York, London, Jtc
New York and St Louis

A D Deo
3s A Aug
3o
J July
3b A Aug
s
J 3 D Deo
M 3c S Mar
J 3s J Jan

11947
11956
1 1940
1 1955
1 1924
20-Sept'22
1 1929

N Y. Eq Tr & St Louis
do
do
Guar Tr Co, N Y & St L
St Louis, Mo
Miss Val Tr Co, St Louis
St L Union Tr. St Louis
First Tr 3s Sav Bk. Chic

s
M 3 N May 1 1930
M 3s N May 1 1944
Jan 1967
J 3c D15 Dec 15 1923
M 3s N Nov 11938
M 3c S Sept '20 to ’41

Central Union Trust, N Y
Northwest’n Tr Co, St P

J

J
F
J
F

See C h r o nicle of N ov. 29

U S Mtg & Tr Co. N Y
Phila Tr & Safe Dep Co
U S Trust Co. N Y
Guaranty Trust Co, N Y
do
do

J P Morgan & Co, N Y
Bankers Trust Co. N Y
Cont & Com Tr & S B , Chic
1919

J Jan 1 1943

Central Union Trust, N Y

A 3c O Apr 11924
F 3c A Feb 1 1943

Chase Nat Bank, N Y
St Louis, M o

j

3
s

July 1 1957

6

Sant a Fe
1912
1 .0 0 0

3s

The First Terminal and Unifying 5s of 1912 ($100,000,000 auth. issue)
oover all the property secured by existing mortgages and will also have a
first lien on all extensions, branches, equipment, &o., constructed or ac­
quired with the proceeds of the bonds. Of the bonds, $12,269,000 have
been Issued, including $4,114,000 In treasury on Jan. 1 1919. Of the remain­
ing bonds, *38,191,000 are reserved to retire prior Hen bonds of the company
a n d controlled companies maturing during the lire of the mortgage, and
*49.640,000 for additions. Improvements, equipment, Sec., under stringent
provisions. See V. 94. p. 1450, 1120 , 560, 488; V. 95. p. 887; V. 98, p.
691; V. 100, p. 1673; V. 102, p. 1718. Equip, trusts, series F. Y . 103,
p. 1211. Loans and bills payable as of Dec. 31 1918, $100,000.
Guaranties.— Gray’s Point Term. guar, of 1st 5s, V. 69, p. 1062. St.
Louis So. W . owns all stock and leases road till Aug. 1958. V. 65, p. 413.
Of the Gray’s Point Term.IRv. 1st Ref. 3s Ext. 50-yr. gold 5s, redeemable
after 5 yrs. at 105 ($4,000,000 auth. lraue), $550,000 are reserved to
retire the first 5s, $600,000 to acquire $600,000 So. 111. & Mo. Bridge bonds;
*843,000 Issued and pledged under St. L. & S. W . First Term, and Unlf.
mtge. V. 93, p. 273. 819. 890; V. 85, p. 222, 601.
The Shreveport Bridge & Terminal Co., which is controlled, Is leased for
60 years from Aug. 1 1905, its $500,000 bonds ($450,000 Issued) being
guaranteed. V. 81, p. 1097, 1101; V. 82. p. 753; V. 8 §; p .815.
Cent. Ark. & Eastern 1st 5s issuable at *25.000 per mile are guar. p. & I.:
also Stephensville No. & So. Texas 1st 5s and Paragould Southeastern 1st
5s ($5,000,000 auth. issue; $511,000 issued, held by St. Louis S. W. Dec. 31
1918). V. 97. p. 366. 1025, 1824.
*
o.
EARNINGS.— 9 mos.,(1919-Gross, $14,433,701; net (before $1,515,290
Jan. 1 to Sept. 30.
\1918-Gross, 12,594,622; taxes),
3,555,481
RE PO RT.— Report for cal. year 1918, V. 109, p. 1456.
Calendar Years—
1918.
1917.
1916.
1915.
Total oper. revenues----- $19,588,761 S17.309.656 $13,850,130 $11,275,024
Operating expenses------- 15,840,615 10,896,868 9,318,305
7,848,791




APrivate
Control.

RAILWAY STOCKS AND BONDS

M

3c

8

Mar 1 1952

Secur Tr S Sav Bk. Los A
c

A SALT LAKE GARFIELD & WESTERN R Y .— Salt Lake to Saltair,
Beach. Utah, &c., 15 miles. V. 65, p .824 . In Aug. 1919 electrification o f
line was completed, only electric power now used. The 1st M . is limited
to $600,000 Issued, $300,000 paid off, $3,000 call at 104 and int. on any int.
date in reverse of numerical order. Remaining bonds are issuable for 80%
of cost of extensions, &c., when net earnings are twice the interest charge,
including the additional bonds. The Salt Air Beach£Co., an amusement
resort, guarantees the bonds, p. & i. See particulars, V. 104, p. 560, 864.
Stock, $750,000; controlled by the Pres., Joseph Nelson, Salt Lake City.
Year 1918, gross, $114,419; net, $2,200; other income, $14,758; interest, &c.,
$12,978; bal., sur., $3,980. In 1917, gross, $126,367; bal., sur., $25,689.
See full particulars in “ Chronicle” of N ov. 29 1919.— (V. 105, p. 608;
V. 106, p. 2011.)
★ SAN ANTONIO & ARANSAS PASS RY.— Owns from Kerrville to Hous­
ton, 309 miles: Kenedy to Corpus Christi. Tex., 8 8 m.; Yoakum to W aco,
171 miles; with branches, 156 miles; total, June 30 1917, 723.8 miles.
“ STAND ARD R E T U R N ," 3cc.— See page 5.
The U. S. R R . Admin, in May 1918 sanctioned capital outlays of $88,752.
and in July advanced the company $200,000. V . 107, 0. 1344.
BONDS.— Mortgage is for $21,600,000 (trustee, Central Trust Co.), and
the Sou. Pao. Co., by endorsement on each bond, guarantees, uncondition­
ally. "the punctual payment of the principal and Interest.” Bonds for
$2,700,000 .eserved for extensions, limited to 100 miles at $27,000 per
mile equipped. Abstract of mtge., V. 56. p. 540. Notes owned by Sou.
Pac. Co. Jan. 1 1919, $5,807,819, and $3,898,000 4% incomes due July 1
1920.
In 1903-04 (under order of the Texas Railroad Commission) canceled
$1,356,000 of the outstanding $18,900,000 bonds, reduced the stock to
$1,000,000, and separated the management from the Southern Pacific.
V. 77. p. 90, 148, 401, 452, 2340; V. 78. p. 2600; V. 82. P. 453.
LATEST EARNINGS. (1919-Gross, $2,753,183; net (bef. def.$60S,432
8 mos., Jan. 1 to Aug. 31.\1918-Gross, 2,599,812; taxes), def. 275,327
EARN ING S.— 12 mos., Jan. 1 to Dec. 31:
$39,995
1918.................................. Gross. $4,370,334; (before taxes), def.
1917___________________Gross, 4,178,192; (before taxes), net,
660,597
Dec. 31 Year—
Gross.
Net.
Oth.Inc. lsf M .Int. Olh.Int. Deficit.
1917.................. $4,178,191 $464,4033170.910 $701,760 $275,377 $341,824
1916.................. 4,141,619 549,874 91.523 701,760 252,846 313.209
Pres., W . H. McIntyre, N. Y .; Sec. and Aud., J. W. Terry, San Antonio,
Tex.; Federal M gr., W . B. Scott, Houston, Tex.— (V. 107, p. 604, 1385.)
★ SAN ANTONIO BELT & TERMINAL R Y .— Organized M ay 2 1912
with $175,000 capital stock, all owned by Missouri Kansas Jt Texas R y .,
to own freight and passenger terminals at San Antonio, Tex. See report of
M o. Kan. & Tex. R y. Co. in V. 101, p. 1816. Property leased to the re­
ceiver of the M . K. & T . Ry. Co. of Texas at a rentallncl. in their operating
charges, which covers the int. on the $1,850,000 6 % mtge. notes of 1919.
(V. 108, p. 1061; V. 102, p. 1718; V. 105, p. 710.) The principal and inter­
est has also been guaranteed by receivers of M . K. & T . R y. and M . K. S
c
T . of Texas under order of the Court. The notes are subject to call during
the first year at 1 0 2 and int.; second year at 1 0 1 )4 and int.; third year at
101; fourth year at 100)4 and int. Mortgage trustee. Mercantile Trust C o..
St. Louis. Pres., O. E. Schaff.— (V. 108, p. 1061, 1391.)
★ SAN ANTONIO UVALDE & OULF R R .— Owns San Antonio. T ex., to
Crystal City, 144.6 miles; Uvalde Jet. to Oarrizo Springs, 52.90 m .;
Pleasanton Jet. to Corpus Christi, 117.50 m.; total, 315 miles The
Bankers' Trust Co. of St. Louis owned all or nearly all the bonds, and
these, following judicial sale of same, were acquired by Leon W. Quick,
receiver of the trust company. A. R. Ponder of San Antonio. Texas, 1s
now receiver of the road. V. 99, p. 468; V. 100, p. 1259. On April 1 1917
the $163,000 receivers’ certificates were retired and new issue o f $250,000
authorized, $225,000 sold, $25,000 still with Treasurer.
For year 1917, gross, $843,687; net, $254,985; other Income, $9,578;
lnt. on receivers' certifs., $10,577; rents, &c., $92,805; bal. avail, for bond
int., &c., $161,181. Fed. M gr., W. B. Scott, Houston, Tex. Federal
Treas., H. P. McMillan, San Antonio.— (V. 107, p. 1005, 1194.)
A SAN DIEGO & ARIZONA R Y .— The construction from San Diego,
Cal., via the Imperial Valley to Seeley, Cal., connecting there with So. Pac.
Co. for El Centro, El Paso and the East, about 138 miles, was completed
in N ov. 1919. V. 109, p. 1987. In Sept. 1919 not in Federal control. In
1916 the Southern Pacific Co. agreed to join with John D . Spreckles in
completing road, and on completion to operate it. V. 106, p. 1127; V. 107,
p. 604, 1194. Description of line. V. 108, p . 172.
In Dec. 1917 obtained authority to purchase physical properties of the
San Diego & Southeastern R y. In March 1919 isued $1,500,000 of its own
bonds to make payment therefor. The San Diego & S. E. Rv. owns some
73 miles of road in and about San Diego, Calif. V. 105, p. 2366; V. 106, p.
1231, 2758; V. 108. p. 80.
In Oct. 1918 the Calif. R R . Comm, authorized execution o f a mtge.
securing $12,000,000 6 % bonds, due July 1 1957, and also the issue of
$7,289,088 of tho bonds. In N ov. 1919 applied to the California R R .
Commission for authority to issue $710,912 bonds to pay loan advanced by
Southern Pacific R R . V. 109, p. 1987: V. 108, p. 1275; V. 107, p. 1670.;
Stock auth., $8,000,000; issued, $5,826,800. Pres., John D. Spreckels,
V -Pres., R. C. Gills; Sec.. L. J. Masson; Treas., N. R. Titus; Gen. M gr.;
D. W . Pontius. Office, Spreckels Bldg., San Diego.— (V. 107, p. 1670
V. 108, p. 80.172, 1275; V. 109, p. 1987.)
A SAN JOAQUIN & EASTERN R R .— El Prado. Cal., on the Southern
Pacific, to Cascada, on Big Creek, Cal., 55-9 miles: sidings. 5.12 miles.
Stock, $1,000,000, all owned by South. Cal. Edison Co.; par *100. Bonds
are redeemable as a whoie at par and Int. on 60 days' notice or by lot for a
sinking fund of 1 % of outstanding bonds from Mar. 1J917 to Mar. 1 1951.
Chairman, H. E. Huntington; Pres., J. B. Miller: Treas., W. A. Percey;
Sec., O. V. Showers; Compt., A. N. Kemp. Office, Los Angeles, Cal.—
(V. 99. p. 1836.




Nov., 1910.J * 8 S T n
t

APrlvate
Control.

RAILWAY STOCKS AND BONDS

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

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Amount
Outstanding

Rate
%

SI .0 0 0
$327,000
1909
Salt L ake RR above
1 ,0 0 0
175,000
1911
Fe

5g

450,000
900.000
865,000
2,500,000
500,000

7
5g
6 g
6 g
7

J S J15 July
o
J A J July
M A N May
J A J 15 May
A A O Oct

185.000
600,000

5g
4g

J
A

J Jan 1 1953
o Apr 11952

Savannah Trust Co
Guaranty Trust C o.N Y .

600,000
576.050

4
5

M A N May 1 1948
J A J See text

Reading Terminal. Phlla
do
do

Miles Date
Road Bonds

32
San Luis Southern Ry— First mtge $1,000,000 g old-.x
San Pedro Los Ante & Salt Lake RR— See Los Ang eles A
18
Santa Marla Val RR— 1st M $200,000 g red 105 -C*
*
Santa Fe Prescott & Phoenix— See Atchison Topeka & Santa
Saranac & Lake P l a c i d — See Chateaugay A Lake 1
J
Saratoga & Schenectady— Stock, $450,000 guar
1 H

When
Payable

119

1887
111 1910
144 1917
1917
e RR
33 1903
1902
Co

Par
Value

100
1 ,0 0 0
1 .0 0 0

500 Ac
500 Ac
Pt W Ter Corp g notea $1,000,000 not gu.xxxxFr.c
Savannah Florida & Western— See Atlantlo Coast Lit
1 .0 0 0
Sav & Statesboro— 1st M $500,000 gu p & 1 (end) .zo'
1 ,0 0 0 Ac
Savannah Union Station Co— 1st M $600,000 g — Q.x;
Schenectady & Duanesburg— See Delaware A Hudsoi
Schuylkill & Juniata RR— See Pennsylvania RR
1 ,0 0 0
49 1898
Schuylkill & Lehigh— First M guar Reading Co . . . k i
50
Schuylkill Valley Navigation & RR— Stock............... .
Seaboard Air Line Ry— Com stock $40.041,000----—
—
100
-- -—
Pref 4-2% (non-cum) and partlc. $25.000,000_____
100
Pref stock 6 % non-cum & participating $2,280,000Flrst mtge gold subj to call (see text) -_.CoBa.xcAi AH- 1900 1 .0 0 0 ~Ac
1 ,0 0 0
Refunding mtge $125,000,000 red 105— N .xc’ Ar* 2,980 1909
1915 1,000 Ac
Text
1 ,0 0 0
1909
1 ,0 0 0
1917
Divisional Bonds and Equipment Trusts.
1 ,0 0 0
197 1903
Atlanta-BIrm Division 1st M *10.000.000--CoI.xc'
1 ,0 0 0
6 6 1904
1 .0 0 0
1909
1911
wJ do
1911
do
1,656
do g Sor P due $95,000 s -a _________
1913
do
1 ,0 0 0
1914
do g Ser Q due $72,000 s-a (V98,pl695)
do
1 ,0 0 0
1916
due $25,000 and $26,000 s-a
do
1 ,0 0 0
1917
do "S ” due $60,000 s a ...................
do
1 ,0 0 0
267 1899
42 1888

6

g

23.894.100
37 300
4g
ql2775,000
rl 9,350.000
4g
6 g
s27.777.500
25.000.000 Up to 5
7 g
4.000.000
5.910,000
755.000
69,000
300.000
618.000
760.000
720.000
357,000
1 ,0 2 0 .0 0 0
3.000.000
1 0 0 ,0 0 0

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

4 g
6

A

J Deo 111939

Internat Tr Co, Dearer

M A

S Sept 1 1931

Sec Tr 3c Sar Bk, Los An

J

A
A
M
F
M

A
A

A O Apr
A o Oct
A s Sept
A A Oct
A S15 Sept

15 ’ 19 ,3 )4
1 1937
1 1935
1 1935
1 1920

1 1950
1 1959
1 1945
1 1949
15 1920

M A S May 1 1933
J A J Jan 1 1934
J A D 15 Deo 1919
F A A 15 Feb '20-Aug ’ 21
J A J15 Jan '20-July ’22
F A A15 Feb ’20-Aug !23
J A J Jan ’26-July ’24
J A J Jan 20-July ’26
J A D Dec ’19-Dec ’27
J A J Jan 1 1949
M A N Nov 11928

Troy, N T
Bank of Montreal, N Y
Farm Loan & Tr Co,N Y
Franklin Trust Co. N Y
do
do

24 Broad St. New York
24 Broad St. New York
Guaranty Trust O o .N Y
24 Broad St, N Y
Guaranty Trust Co. N Y
24 Broad St. New York
do
do
24 Broad St, New York
do
do
24 Broad Street. N Y
do
do
Girard Trust Co. Phlla
do
do
Com Tr C o, Phlla
do
do
Merc Tr A Dep Co. Balt

q r s Additional amounts outstanding as collateral. viz. q $27,00 0 ,0 0 0 ; r $33,911,000 s$ 1 0 ,2 2 0 ,0 0 0 ; bon ds proprietary c os, $2,950,000
A SAN LUIS SOUTHERN R Y .— Owns Blanca. C olo., on Denver & R io owns stock of Tampa A Gulf Coast R R ., Tampa, Fla., to St. Peters­
Grande to Jaroso. on New Moxico-Colorado State line, 31.53 m. C om . burg. V . 96, p. 1425. See caption “ Tampa Northern R R ."
stock. $750,000; pref.. $250,000. Bonds ($1,000,000) outstanding. $327,­
VOTING
000. International Trust C o., Denver, trustee. Cal. year 1918, gross, Warfield andTRUST.— The large block of stock purchasedaby S. Davjes
associates
time
in
voting trust,
$31,767; net, after taxes, $173; interest, &c., $19,194; bal., def., $19,021. was In 1916 placed In aIn 1912, and since that June held1922. unless sooner
voting trust expiring
12
Pres., Clias. E. Gibson; Sec., H. Alexander Smith; Treas., Chas. A . Robin­ terminated by the trustees, but holders or v. t. c. could withdraw their stock
son. Office, San Acacio, Colo.
from May 12 to June 12 1917. Any stockholder may become a party to the
A SANTA MARIA VALLEY R R .— Bettaravia to Roadamlte, Cal.. 18 m .; voting trust agreement. The N . Y . Stock Exchange on Sept. 7 1917 had
leases Guadulupe to Bettaravia, 5 m.; total, 23 miles. Has traffic arrange­ listed $14,240,300 com. and $10,266,100 pref. voting trust certificate*.
ment with Southern Pacific C o., which owns one-half of bonds. V. 101, Continental Trust Go. of Baltimore Is depositary. Trustees: 8 . Davies
p. 132. Stock. $300,000; par, $100. Bonds. $200,000 1st 20-year 6 s,
Warfield, Chairman, Baltimore, M d.; Samuel L. Fuller, New York; Robert
sinking fund 6 % gross earnings yearly; redeemable after 1915 at 105.
F. M addox, Atlanta. Ga.; Charles H. Sabin, New York; O. 8 Idney Shepard,
For year ended Dec. 31 1918, gross, $96,423; net, after taxes (inci. war New Haven. Oswego County. N . Y .; Frank A. Vanderlip. New York;
taxes, $4,293), $27,032; int., rentals, A c., $20,909; com. div. (1 2-3% ), Clarence W. Watson, Fairmont, W . Va.; George W . Watts. Durham. N . O ..
$5,000; baL, sur., $1,123. In 1917, gross, $106,861; bal., sur., S5.210. and Albert H. Wlggin, New York. V . 102. p. 1988.
Pres., O. W . Gates; V.-P., O. O. Magenheimer; Sec., E. J. Miley, Los
M E R G E R , Ac.— In 1915 the company provided for present and future
Angeles, Cal.; Auditor, J. M . Davis, Santa Maria, Cal.— (V. 101, p. 132.)
★ SARATOGA & SCHENECTADY RR.— (.See Map Del. & H u d son .)- requirements through a financial plan (V. 101, D. 528.1189,1273).
Saratoga to Schenectady 21.65 m. Leased In perpetuity In 1861 to Rens.
CAPITA L STOCK
In Treas.
Held by Pub.
S Saratoga and lease assigned to Del. & Hudson, by which it Is operated. Common Stock (par $100)....................................... ---$3,021,600 $37,019,400
c
Rental. *31.750 per year. Stock, *450,000. Dlvs.. 7% yrly. (J. A J. 15). Preferred Stock $27,280,000. issued [without prefer­
— (V. 106, p. 924.)
ence o f one part over another] as follows:
_ _
(а) As 6 % non-cumulatlve preferred___________ 2,235,800
37,300
SAULT STE. MARIE BRIDOE.— Owns Sault Ste Marie Bridge, Includ­
(б ) As 4-2% non-cum. pref., 1. e., entitled to noning 6,421 feet of main track. The Can. Pao., Dul. So. Shore & Atl. and
cum. pref. dlvs. at 4% p. a., and after 4% on
Minn. St. P. & S. Ste. Marie R R . cos. agree to pay for use of bridge an
the common, to an additional 2 % (with right of
amount equal to operating expenses and Interest and s. f. of debt. Bonds
conversion below stated)____________________ 1,105,900 23,894,100
authorized, *1,000,000; c. f.. *5,500 yearly. Stock, *1,000,000.
Conversion Right.—T o do away with the division o f dividend right above
ASAVAN N AH & ATLANTA RY^— Owns and operates 144.7 miles of
railroad, oxtending from Camak, Ga., on Georgia R R ., to Savannah. mentioned, the option is given to holders of all pref. stock exchanged
The Port Wentworth terminal, which is owned by the Savannah & Atlanta for the present outstanding pref. stock from July 1 1916 and until July 1
Ry. C o., comprises about 3,000 acres of land lying along the Savannah River 1921: (1) T o convert each share of the said pref. stock Into (a) 3-3 of a
on tidowater, 6 miles from Savannah. On this property are located a lumber share of pref. stock entitled to 6 % straight non-cumulatlve dividends but
company, sugar refinery, shipbuilding concern, pulp mill, barrel factory, &c. calling for the same amount o f cash required to pay 4% dividend on the
converted stock, and (6 ) 1-3 of a share o f common stock; or (2) to oonvert
William Morris Imbrie A Co. o f New York are interested.
.....................
‘ ......................
" “
STOCK, Ac.— In July 1917, to purchase the Savannah & Northwestern each share of
Ky., the company increased its authorized capital stock from $500,000 to share of pref.
one-half the ;
$2,250,000, or which $1,250,000 Is to be 7% pref. stock cunulative after
Oct. 1 1920, and the remaining $1,000,000 will be common stock.
BONDS.— The new First and Consol. M tge. to the Guaranty Trust
BONDS.— In tne merger of July 1917, the old securities were retired, Co. of N. Y ., as trustee secures an auth. Issue of $300,000,000 bonds, o f
except the $865,000 Brinson Ry. 5s and $46,198 equipment trusts, and variable interest rates and maturities. This mortgage Is a first lien on the
there was created a new $5,000,000 First S Consol. M tge. to the Franklin 416 miles of main-line track between Hamlet and Savannah, via Charleston,
c
Trust Co. of N. Y .. as trustee, o f which $2,500,000 issued. Additional bonds Lanes and Georgetown, S. O., and on the lines running from M cBee, S. O .,
can be Issued for only 85% of the cost of extensions. See., when net earnings located on the Hamlet-Oolumbia line, to Florence. Poston, Sumter and
are twice the total interest charge as increased. See V. 104. p. 2642. Tlmmonsville, S. O. The mortgage has no direct lien on the former Sea­
Port Wentworth Terminal notes (not guaranteed) V. 105, p. 2189.
board Air Line R y .’s property, but there are pledged under It a majority
In Sept. 1919 was authorized to issue $145,125 o f equipment notes to ($36,661,000 out of $56,011,000 outstanding) of the Refunding M tge. bonds,
purchase 3 locomotives and one locomotive crane. V. 109, p. 1180.
which gives It a collateral Hen on 3,057 miles; and also all the stock of
Chairman, James Imbrie; Pres., Frank S. Gannon, New York; V.-Pres. Raleigh A Charleston R R . Co. and Tampa Northern R R . C o., and oneJohn Heard Uunter; V.-Pres., O. E. Gay Jr.; Sec., R. M . Hitch; Treas. third of the outstanding stock of Tampa Union Station C o., and all Refund­
William Morris Imbrie Jr. Office. Savannah. Ga.— (V . 106. o . 1231.)
ing bonds hereafter Issued will be pledged thereunder; also certain stocks
ASAVANNAH & SIATESBORO RY.— Owns Cuyler to Statesboro, Ga , under option. If acquired.
32.6 m.; trackage, Guyler to Savannah, 20 m. Stock, $200,000, all outa'g.
April 1 1919 $27,777,500 First A Consol. M tge. 6 s were outstanding and
Has trafflo agreement with Seaboard Air Lino, which guarantees bonds a further $11,169,000 wore pledged; $68,787,000 were reserved for refunding
by endorsement, principal and Interest: Savannah Trust Co., trustee an equal amount of Seaboard Refunding bonds and various underlying
V. 75, p. 1303: V. 77. p. 695. Form or guaranty, V. 81. p. 614. Loans bonds; the rest of said Issue are to be reserved for betterments. Improve­
and bills payable Dec. 31 1916. $28,000.
ments, additions and extensions, refunding or payment o f liens
EARN ING S.— For year ending Dec. 31 1918: gross, $71,692; net, after on after-acquired property and retirement of equipment obligations, under
taxes, $7,037; Int., rontals. Sec., $16,977; bal.. def., $9,939. In 1917, restrictions. V. fOl. p. 528. 1189, 1974; V. 103, p. 1707. 1981, 2156.
Of the First Mtge. 4s of 1900 ($75,000,000), $12,775,000 are in hands
ross, $68,892; surplus, after interest, &c., $3,168. Pres., & Treas.,
. Randolph Anderson, Savannah; Sec., Thomas F. Walsh. Office, of public and $27,000,000 are pledged as collateral under the Ref. mtge. of
1909. Of the $12,775,000, $12,433,000 are stamped subject to call at any
Statesboro, Ga.— (V. 93. p. 1464.)
Interest day. V. 89, p. 6 6 6 .
★ SAVANNAH UNION STATION CO.— Owns union pass.station and ter­
The $125,000,000 Refunding Mortgage of 1909 provided for the Issuing
minal at Savannah, Ga., with 8 m. of track. Leased by the Southern Ry.
of bonds as follows: (a) T o retire underlying and divisional bonds, except
Sav. Fla. A West, (now Atl. Coast Line R R .) and Seaboard A. L. Ry . some $10,728,000 maturing prior to 1959 and certain short-term obligations
which own the *300,000 stock,the rental providing for Interest and s.f, on and equip, obligations not over $72,076,000; sundry Improvements, double­
bonds, maintenance. Ac. Pres., J R. Kenly; Treas., Savannah Tr 08
tracking, A c., $8,424,000; further Improvements and additions at not over
Sec., W . V. Davis; Federal M gr., Lyman Delano.— (V. 71, p. 343; V. 74, $2,750,000 yearly, $44,500,000. As part security for this mortgage are
p. 1039, 1253.)
pledged $27,000,000 1st M . 4s of 1900. On April 1 1919 $36,661,000 of the
★ SCHUYLKILL & LEHIGH RR.— Owns from High’s Farm, near Reading, $56.011.000 Ref. M tge. bonds outstanding had been pledged under the new
Pa., to Slatlngton, Pa., 48.96 m.; total track, 57.93 m. In 188C leased to First A Consol. M tge., as will also ail further Ref. M tge. bonds. V. 92.
Phlla. A Read, for 999 years. Rental, *27,000 yearly and taxes. Reading p. 189. 1110. 1179, 1244; V. 93. p. 470. 956.
Co. owns stock (*600,000). of which *598.000 under Its gen. mtge. of 1897.
The Adjustment mortgage bonds (Issue limited to $25,000,000) are
entitled to cumulative interest at 5% , to bo payable as earned in Install­
★ SCHUYLKILL VALLEY NAVIGATION & RR.— Port Carbon to Reeves
dale. Pa., 17.50 m.; 2d track, 5.26m.; total track, 29.70 m. Leased July 25 ments of I H % or multiples thereof, and are redeemable at par and
1861 for 999 years to Phlla. A Read. RR.; assumod by P. A R. Ry. Dec. 1 all unpaid cumulative Interest on any Interest date, their lien to be immedi­
1896. Rental. $29,450, which has paid 5% on stock (JAJ) and State taxes. ately subsequent to the refunding bonds. No dividends to be paid on
the stock until any arrears of interest on the bonds are paid in full.— V.
★ SEABOARD AIR LINE R Y .— (Sr«M ap.)— ThUSystem includes a line 90, p. 1171, 1297, 1555; V. 91, p. 1575. Interest on adiustment bonds.
from Richmond to Atlanta. Birmingham, Charleston and Tampa. On
Dec. 31 1917 was operating 3.461 miles o f road, viz.
Mileage owned_____________ 3.393 |Leasod— Meldrlm to Lyons, Ga__58
Less leased to others------------- - 1 4 1Trackage— T o Atlanta. A c..........-.8 2
p. 2007; “ S ." V. 105, p. 2273.
Placed In operation on Jan. 1 1918. tne new line. Charleston to Savannah,
Florida Central A Peninsular 1st M . 5s, due 1918, were extended to July 1
91 miles. In 1918 removed the rails on 15J4 miles of road. V. 108. p. 169. 1923, with Int. at 6 % p. a. V. 106, p. 2758; V. 107, p. 1920.
Also owns a 1-6 Interest In the Richmond-Washington Co., controlling the
$4,000,000
15 1919 were extended
road from Richmond, Va., to Washington, D. C. (V. 73, p. 843), and under to NOTES.— The at 7% (the 6 % notes due Sept. 50 in cash at extension)
Sept. 15 1920
holders receiving $9
trafflo agreement with the Penn. RR. maintains through car servloe between
N. Y ., Phlla., Washington and the South. In Jan. 1907 the entire stock of secured by $6,000,000 First & Consol. M . 6 s of 1915. V. 109, p. 1081.
G U ARAN TIES.— On Dec. 31 1917 the company was liable as guarantor
the Macon Dublin A Savannah. Macon to Vldalla, Ga., 93 m., was acquired
or secured under option, the *1,529,000 5% bonds (*1,840,000 auth. Issue) of the Athens Terminal Co. 1st M ., $100,000; Birmingham Term. Co. 1st
being guar., prln. and Int. V. 84, p. 104, 451. Also controls the Balt. M . (Seaboard proportion, 1-6), $1,940,000; Jacksonville Term. Co. 1st M .
(Seaboard proportion, 1-3), $400,000. and 1st A Gen. M tge., 1-3 of $2,­
Steam Packet Co. and a substantial interest In the 01<T Dominion SS. Co.
Owns majority stock of Chesterfield A Lancaster R y., 38 m. V. 89. p. 43. 100,000; Mjacon Dublin A Savannah R R . 1st M ., $ 1 ,5 2 9 ,0 0 0 ; Raleigh A
In July 1912 acquired all the stock of Raleigh A Charleston R R ., extend­ Charleston R R . prior lien A consol, mtges., $550,000; Richmond-Washington Oo. coll, trust mtge. (Seaboard proportion, 1-6), $10,000,000 Savannah
ing from Lumberton, N. C., to Marlon, S. C.. 43 miles, and, through stock
ownership, a 1 2 -m. extension known as the Marlon A Southern R R .; also A Statesboro R R . 1st M ., $185,000; Tampa Northern RR . notes, $200,000;
of the Tampa Northern RR ., extending from Tampa. Fla., to Brookvllle, Tampa A Gulf Coast R R . 1st M ., $750,000. and Wilmington Ry. Bridge
4
68 mill's. V. 94, p. 49; V. 95. p. 906. Also guarantees $750,000 bonds and * Co. (Seaboard proportion, > ), $217,000. S. E. Invest. Co. notes, $165,000

f




120
R A IL W A Y STOCKS A N D BONDS
[V o l . 1 0 9




N ov., 1919. j

*g0 S mn
°
et

APrlvate
Control.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
{For abbreviations, &c., see notes on first page.]
Seaboard Air Line Ry (Concluded)—
Florida Cent & Penln 1st M ext 1918 at 6% g.C____
Second M (1st on ext. 92 m) $5,226 p m g.M p.zc*
Consol mtge $7,800,000 ($10,000 p m) gold.G.zc*
South Bound 1st M gold Interest rental.MeBa.zo*
Raleigh & Augusta Air Line 1st M_______________ z
Georgia & Ala 1st M cons $6,185,000 gold.BBa.xc*
Ga & Ala Term Co 1st M callable at 110 guar p & l.x
Georgia Carolina < North 1st M gold guar.MeBa.zc*
fc
Raleigh & Gaston first mortgage gold____Me

Miles Date
Road Bonds
575
666
780
136
107
400

__

268

81
32
32
Shamokln Valley & PottsvIIIe— Stock guar by Nor Cen
40
Sharon— Stock ($1,600,000) guar by rental text___F
33
Sharon first mtge gold (Sharon toPym at, &c) ..F .x
16
New Castle &Shen. V.— First M extended int guar.x
17
Shreveport Bridge & Terminal— See St Louis Southwe stern
Sierra Railway (of California)— First mortgage gold.z
77
Second mortgage $860,000 gold___________ .
z
77
Yosemlte Short Line 1st M $875,000 gold g u a r __ z
Silver Spring Ocala & Gulf— See Atlantlo Coast Line RR” *
Skaneateles RR— First M $5,000 dye yly gold._Usm
5
1st Refunding M $5,000 due yearly_______________
5
Somerset Railway— See Maine Central RR
South Carolina & Ga— See Southern Ry Carolina Dlv.
S outh Carolina P acific— Pref stock 6% cum ______
11
South Carolina W estern— See Seaboard Air L ine_
South Georgia— Mortgage $250,000 g old .................... z
82,
South Pacific Coast— 1st M gold gu (s f 1912) ...F .z c
97
South & North Alabama— See Louisville & NashvIU e.
Southern Illinois & Mo Br— 1st M $3,000,000 g.Ba.xo*
4.64
Southern Indiana— See Chic Terre H & Southeastern
Sjuthern Pacific Co— Stock ($394,451,800 auth.)
Coll trust mtge gold subjeot to call par..U n.xo*& r
Oonv bonds $82,000,000 gold redeem te x t -.x o ’ &r*
Gold bds $100,000,000 call 105 since July '1 2 _ G x
_
S. Fr.Term. 1st M . g call 105 since ’ 15Usmxo*&r*
Conv bonds *55,000.000 g call t e x t _____yc*&r*
a Of this $466,000 was owned by Shannon Copp er Co.

1888
1890
1893
1891
1886
1895
1898
1889
1897
1886
1882
1890

___
___

1889
1887

Par
Value

Amount
Outstanding

Rate
%

When
Payable

$1,000 $3,000,000
6g J
1,000
J
346,000
5g
1,000
J
4.372.000
5 g
1,000
A
5z
2.033.000
1,000
J
1.000,000
6
1,000
J
6.085.000
5g
1,000.000
5e J
1,000 5,360.000
5Z J
1.000
1,200,000
5Z J
1,000
J
2,500.000
5
1.000
4
M
1.000,000
1.000
J
6g
1.000,000
50j
F
869.450
6
50
1,203.650 534 in’ 19 M
1,000
164,000
534 S J
1,000
250,000
434 g J

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

1 2 1

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

J July 1 1923
J Jan 1 1930
J Jan 1 1943
O Apr 11941
J Jan 1 1926
J Oct 1 1945
D Deo 1 1948
J July 1 1929
J Jan 1 1947
J July 1 1926
N July 1 1925
J July 1 1925
A Feb 6 1919 3%
S Sept 1919 234%
n Jan 1 1937
j Jan 1 1937

24 Broad St, New York
do
do
do
do
Continental Tr Co, Balt
Continental Tr Co, Balt
24 Broad St, New York
do
do
24 Broad St. N Y ; & Balt
Continental Tr Co, Balt
24 Broad St, New York
Reading Terminal, Phila
do
do
Broad St Station, Phila
Sharon, Pa
Farmers L & Tr Co. N Y
do
do

1897
1904
1905

1,000
1,000
100

1,239.000
633.000
See text

6

1898
1908

1,000
1,000

40,000
15.000

5
5

F
F

& A Aug ’20 to 1927 C S Mtge & Tr Co. N Y
& A Aug ’20 to 1937
do
do

100

104.600

1903
1887

1,000
1,000

199,000
4.273,000

1901

1,000

3.000.000

1899
1909
1909
1910
1914
in Jan

100 301,472.900
500 &c 34.218.500
1,000 < c 53,815,760
&
1,000
227.000
100 &c 24,953,300
500 &c 46,043,500
1917

EARNINGS.— 12 m os.,f 1918-Gross, $38,923,106: net (bef. $5,576,313
Jan. 1 to Dec. 31.
U917-Gross, 30.345,146; taxes),
8,627,968
For 8 months,
(1919..Gross, $30,298,801; net (bef. $3,066,337
Jan. 1 to Sept. 30. 11918 Gross, 28,604,483; taxas),
4,991,388
Compensation Under Federal Control.— Under the contract with the U. S.
R R . Administration as agreed upon the gross corporate income for the
period of Federal control, viz.; Jan. 1 1918 to Dec. 31 1919 (last 4 mos of
1919 est.) is $14,199,713, or a yearly average of $7,099,857. This provides
for all interest charges, including equipment interest payments and interest
on the Adjustment bonds, as well as corporate expenses. The amount al­
lowed the company by the R R . Admin, additional to the standard return
ContT,°l A ct' 36,497,025, is $423,000, making a total of
$6,920,02o its the annual compensation for tho railway ciurin" Federal con­
trol. The balance between this figure and the S7,099?857 iT r a d e u£ Sf
other corporate Income.— V. 109, p. 1081.
R E PO RT.— Report for year 1917, V. 106, p. 2113 2131Calendar Years—
1917.
1916 ‘
1915
$26,184,487 $22,640,876
Gross earnings........................... $30,345,146
Net earnings................................$8,627,968
$8,652,5S0 S7,146,281
Taxes, &c..................................... 1,390,087
1,223,581
1,119,604
Operating Income................... $7,237,881
$7,428,999 $6,026,677
Other income..............................
391,375
460,432
403,107
Gross income
$7,629,257 $7,889,431 $6,429,784
Interest on funded debt..............$4,591,358
$4,375,646 $3,974,328
Other interest, &c---------- ----------------933,831
651 7 7 4
650 654
Int. on adjust. Income bonds ( 5 % ) ..
1.250,000
1.250!000
l,250j)00
Allotment of discount on securities..
133,426
222,202
307,553

A 12 & O Apr 121937
x
M 15 it s Sept 15 1944
5g
434 g M & s Sept 1 1945

Crocker National Bank
do
do
do
do

6

&

J July 1919, 3% Wilmington, N C

J
J

&
&

J Jan 1 1923
J July 1 1937

New York & Quitman.Ga
So Pao, 165 B ’way, N Y

4g
6

J

5g
4g

M & N Nov 11951

Bankers Trust Co, N Y

in 1918
4g
4g
434 g
4g
5g

Q— J
J & D
M & S
J & J
A & n
J S D
c

Jan 2 1920 134 Checks mailed
Aug 11949
165 Broadway, NewYork
June 1 1929
do
do
July 1 1929
do
do
Apr 11950
New York, London, &c
June 11934

&c., $43,212; divs., 6 % , $3,480; bal., sur., $11,180. In 1917, gross, $242.­
391; surplus, after charges. $14,202. Pres., J. W . Oglesby.— (V. 83, p.
1172; V. 107. p. 2290, 2478.)
★ SOUTH PACIFIC COAST RY.— Elmhurst to Santa Cruz, with branches,
total, 107 miles; ferry, 3 m. Leased for 55 years from July 11887 to South­
ern Pacific Co., which guarantees the bonds and owns all the $6,000,000
stock. Year 1917, gross, $1,544,523; deficit, after oper. exp. & taxes,
$105,016; non-oper. income, $76,472; rentals and taxes, $62,524; deficit,
$91,068; rental from So. Pac. C o., $440,000: net loss to So. Pac., $531,068.
★ SOUTHERN ILLINOIS & MISSOURI BRIDGE CO.— Owns bridge (and
4.64 miles of track) across Mississippi River at Thebes, 111. Stock, $5O,0OO,
all outstanding, equally owned by the St. Louis Iron Mountain & Southern,
St. Louis Southwestern, Illinois Central, Chicago & Eastern 111. and M o.
Pacific, all of which, except the last named, have a 50-year contract dated
Nov. 1 1901 for use of the bridge, under which they agree to meet all charges.
Federal M gr., William N . Neff, Tyler, Tex.— (V. 107, p. 402.)
SOUTHERN NEW ENGLAND R Y .— See Central Vermont R y. and
V. 107, p. 2009; V. 106, p. 2758; V. 102. p. 1718; V. 96, p. 1841.
★ SOUTHERN PACIFIC COMPANY.— (.See Map page 120.)— This com any owns only 537 m. In fee (operated by Oregon & California R R ., &c.) ,
ut principally through ownership of stock, it controls a great system o f
roads extending from San Francisco to New Orleans (thence by company’ s
steamers to N.Y..&C.) and to Portland, Ore.,to Ogden, Utah, with branches.
System comprises the following, mostly described under their own titles:
(1) Controlled; also leased.
Miles. Controlled as above (Concl.)— Miles.
Central Pacific Ry (see below) .2,289 Houston & Shreveport R R ____
41
South Paclflo Coast R y ________ 1107 Houston E. & W. Texas R y ___ 191
Balance, surplus...................
$720,641
T l ,389,809
$247,249 Southern Pacific R R __________ 3,435
(3) Controlled by Morgan's La. & Tex.
DIR E C TO RS.— S. Davies Warfield (Chairman), J. Wm. Middendorf Oregon & California R R _______ 701 Iberia & Vermillion R R _______
21
Townsend Scott and M . J. Caples, Baltimore: Fergus Reid, Norfolk. Va.:
_
31
(2) Controlled by So. Pac. Co.— O Less duplications, &c. (net)_
p­
Charlos H. Sabin, Albert n . \\iggin, Pierpont V. Davis S L Fuller
erated by Cos. ow
ning them
.
Total in system Dec. 31 ’ 18.11,085
James A. Blair, Franklin Q. Brown .L . F. Loree, Walter T Rosen B F
Arizona Eastern (V. 90. p.448) 378 Steamship Lines__________ . . . 4,590
Yoakum, R. C. Ream and F. N. B. Close, Robert L Nutt New’ YorkOther Proprietary Companies—
Milton El. Ailes Washington, D. C.; Mills B. Lane, Savannah,’ Ga.; Robert Galv. Harrisb. & San Ant. R y . 1,381
(x Jointly controlled.)
F. Maddox, Atlanta, Ga.; J. P. Taliaferro, Jacksonville Fla •A H Wood­ Houston & Texas Central R R .. 887
ward, Birmingham, Ala.; W . R. Bonsai (V .-P .), Charleston S. C.; Geo. W. Louisiana Western R R ________ 208 Southern Pac. R R . of M exico..1,241
Morgan’s La. & Tex. RR.& SS. 401 Northwestern Pacific R R ____ x507
Watts, Durham, N. C .; Jas. C. Colgate, Bennington Vt
*60
Pres s Davies Warfield; V .-P .. M .J . Caples; Treas'. & Sec., R. L. Nutt. Texas & New Orleans R R _____ 470 Sunset Railway (34)_________
73 Electric lines________________
_____
_
865
Federal M gr., W. J. Ilarahan, and Gen. M gr. under U S Govt W. L. Lake Charles & No. R y _______
In 1918 built from Colusa. Calif., to Hamilton, 12.81 m .; Hoover, Ore
Seddon, both at Norfolk, Va., and Federal Treas., T . W . Mathews’ Ports­
to Idanho, 1.94 m.
mouth, Va. General office, Baltimore, M d.; N. Y . office 24 Broad St
— (V. 107. p. 1005, 1921; V. 108. p. 270, 581, 2529; V. 109 p 1081 )
PRO PR IE TA R Y LINES.— These, with a total mtge. Indebtedness Dec.
★ S H A M O K I N S U N B U R Y & L E W I S B U R G R R . — (5ee M a p R e a d i n g Sys­ 31 1918 of $445,298,790, are controlled through stock ownership, only
$76,100 out of their total capital stock of $346,532,400 not being held on
tem.)— Shamokln to West Milton,^Pa.. wlth lron bridge over the Susque"
J * '* ' A
"
'
'
~~ , Leased Dec. 31 1918 by the Southern Pacific C o., along with $109,160,591 bonds
, on bonds &c. Securities owned June 30 1914, V. 99, p. 1461; V . 96. p. 570, 571. ’
O RGAN IZATION .— Organized under laws of Kentucky
traffic northward. Stock, $2,000,000 (par $50)* owned Sjy^ Reading
Penn. RR. owned Dec. 31’ 18 $15,653,800 and Penn.Co. $11,184,100stock
Co., of which $1,995,000 is deposited under mtge. of 1897
The $1 000 000 As to disposal made by Union Pacific of its interests in comDanv in 1 0 1 3
under order of court, see V. 97, p. 50, 445, 667.
1st 5s due May 1 1912 were extended at 4% to July 1 1 9 2 5 and guaranteed
prln. and lnt., by Reading Co., V. 94, p. 1120.— (V. 9 4 p 1 1 2 0 )
Suit by the Govt, to compel the company to dispose of Its holdings in
★ 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 . — (See Maps Pa. RR.)— Sun- Central Pacific was decided against the Govt. In the lower court In March
bury, Pa., to Mt. Carmel, Pa., and branches, 39.74 m. Leased Feb 27 1863 1917; appeal pending, but case postponed in Oct. 1918. V . 107. d 1542
for 999 years to Northern Central Ry Co., with a guaranty of taxes,'Interest V. 104, p. 1046; V. 107, p. 513. As to Union Pacific decision m 1 9 1 2 !
on bonds and 6 % on stock, o f which N . C. owns $619 650
The lease see V. 97. p . 445, 667.
Report for 1918 of Associated Oil Co. (controlled). See V. 108 p 1717
assumed in 1914 by the Penn. R R . C o.— (V. 97, p. 1735J
Oil land decision, V. 98, p. 1994; V. 99, p. 1461; V. 100. p. 399, 734 2011­
★ S H A R O N R Y . — Owns from Newcastle, Pa., via Sharon to Pvmatuning. V. 103, p. 1221: V .106, p. 2123; V . 107. p. 513; V. 109. p. 889, 1988 Land
Pa., with branches. 32.75 miles. Leased to Erie RR for 900 vears from grant suit, see Ore. & Cal. and V. 103, p. 1222; V. 104, p. 1703; V. 107, p 513
Dec. 1 1900 for taxes, interest and a sum equal to 6 % on stock &c
In
in Jan. 11917 agreed to take part in building and then to operate the San
1918 the lessee declined to pay the rental in full owing to the imposition Diego & Arizona Ry. (V. 104, p. 74), San Diego to Yuma, Cal., 220 miles
or Federal taxes. This necessitated a reduction in the dividends Daid in and branches. V. 104. p. 74: V. 105. p. 2367; V. 107. p. 514.
1918 to a total of 534 % a n d in 1919 to 534% s.-a.
In Janua^ lo fg suit
Southern Pacific R R . of Mexico, incorporated 1909 with $75,000,000
was brought against the Erie to compel payment o f the original rental. stock (ail owned Dec. 31 1918 by Southern Pacific C o.), took over the 1,507
V. 108, p. 380.
miles covered by Mexican concessions, extending from Empalme to Guada­
Tho stock has boon increased from time to time on account o f improve­ lajara, 815 miles, with branch lines 692 miles, of which 1,241 miles had been
ments and in 1919 was increased from $1,005,300 to $1,203 650 in connec­ completed Dec. 31 1918. In Dec. 1910 obtained additional concession
tion with doublo tracking o f the Now Castle branch
V 108 D 380
from Guadalajara to Mexico City. V. 83. p. 1536; V. 84 d 1141- V Rfl
The New O. & S. V. 6 % bonds were extended in 1917 at 414% int. and p 350: V. 87. p.
p. 303. 1622; V. 91.T ’l 4
tfo
T
tho $164,000 414s due June 1 1919 until Jan. 1 1 9 3 7 at 5 1 4 % — (V. 108, cipal and interest414; V. 88 to Southern Pacific R R . 6of 5 l exico to h e p r l^
advances
M
Dec 31
p. 270, 2023; V. 109, p. 1274.)
^ /0
’ 1918 amounted to $73,263,301. Northwestern Pacific R R . (jointly owned
J
J
A S I E R R A R A I L W A Y (OF C A L I F O R N I A ) . — Owns road from Oakdale with Atchison), see that company.
In Stanislaus County, Cal., to Tuolumne, Tuolumne County, 56.5 m.; James
*n APr - 1919 under Federal management, 182 miles o f parallel road of
town to Angels, 19.3 m.; total, 75.8 m.; yard, <fcc., track, 8 . 6 m.
this system and Western Pacific R R ., were being used as one double
Stock authorized, $5,000,000; issued, $3,248,000. Bonds. V. 79. p. 270. track road. V. 107, p. 1921.
For year ending Doc. 31 1918, gross, $352,636; net after taxes, $83,006;
n t IL«To Y n’— T? e. elec,trlc roads controlled Include (a)
other income $2,498; int., &c., $139,808; bal. def., $54,304. Pres., R. H.
Downes; Sec., J. T. Bullock; Treas., C. N . Hamblin, Jamestown. Cal.— Pacific Electric R y., 012 miles of electric interurban road radiating from
( n) e nlaoolar R y - serving San Jose, Santa Clara. &c.. 64 m.
J ^
(V. 92, p. 643, 957; V. 100, p. 1438.)
c) San Jose Railroads, 28 m.; (d) Stockton Electric C o., 13 m.; Visalia Elec★ S O U T H C A R O L I N A P A C I F I C R Y . — North Carolina State line to BenP.ros" 0 Traction C o.. 27 m. See -E lec. Ry. Sec.”
nettsville. S. C .. 10.58 miles Common stock. $100,000. $82,200 being .. UAI 11AL S 1OOK.— Against the common stock of Southern Pacific C o.
owned by Atlantic Coast Line R R ., which leases the road for a term of there was on deposit with Union Trust Co. of N. Y . on Dec. 31 1918, stocks
years from Jan. 1 1915 at a rontal sufficient to pay 6 % yearly on $104,600
Allows (at par value): Gal. Har. & San Ant..
cum. pref. stock and dividends on the $ 1 0 0 ,0 0 0 common stock as follows:
$27,005,600; La. West. R R .. $3,310,000; Morgan's La. & Texas R R . & SS.
3% for 3 years ending Jan. 1 1918; 4% for 4 years ending Jan. 1 1922. and
5% thereafter to end of lease. Tho prof, stock Is convertible with all ac­ ? i ° . 9 9 7 i 0 0 ? a , $°64.978:s,6IR - » » • • « • « * > T “ “ * Now 0 r l' * B "
cumulated dividends, at option o f holder at par into any bonds that may be
DIVIDENDS.—
\Oct. ’06-Apr. ’07. J u ly ’07. Oct. ’07 to Jan. ’20
Issued and would rank ahead of the pref. stock either as to prln. or divs.
(Common stock)------/5 % yrly. (2 34 s.-a.) 1 X % 6% yrly. (1 34 quar.)
V. 99, p. 1675; V. 100. p. 142.— (V. 100, p.142.)
BONDS, &c.— The funded and other Interest bearing debt o f Southern
A S O U T H G E O R Q I A R Y . — Adel to Greenville, Fla., 51 miles; leases West
n . De<;- 31 1918 aggregated $201,189,710; of proprietary co.,
Coast R y., Greenville to Hampton Springs, 31 m .; total, 82 miles. Short
total- $646,488,500, hold as follows: In hands of public.
line contract with U. S. Govt, was signed in Dec. 1918, but the road is $544,298,283; owned by Southern Pacific C o., $87,342,216; owned by prooperated by its own officers. V. 107, p. 2290, 2478. Stock, $58,000. prletary co’s, 32,544,000; held in slaking funds of proprietary oo's, $12,­
V. 83, p. 1172. Dividends paid in 1908-09, 20% ; in 1909-10, 30% ; in 304,000. Of the So. Pac. securities Union Pacific owned (with others),
1910-11, 25% ; in 1911-12, 35% : in 1912-13. 45% : in 1913-14. 50%; in $6,399,000 Cent. Pac. stock collateral 4s; $6,000,900 San Fran. Term. 1st
1914-15, 60% 1916, 40% ; 1917, 40% . Year ended Dec. 31 1918, gross, 4s, $1,586,000 equipment trust 434s, due 1919-26. and $14,558,000 So. Pac.
243,447; net, after taxes (incl. $5,302 war taxes), $57,882; int., rentals. RR. 1st Ref. 4s.




y

S

1 2 2

★ Government
Control.

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, A c., tee notes on first page.]

Miles Date
Road Bonds

S outhern P acific Co (Concluded)—
fiq tr Ser A *1,012.000 yly call 1024* beg 1918-xc*
do Ser B *201.000 yly call 1024* beg 1918-xc*
do Ser O *117.000 yly call 1024* beg 101*
----------do 8er D*511.000 due yrly; call 102 4* beg 1921
S onthern P acific R R —Stock *160.000,000 a u th ...
240
So Pae Br 1st M gold ■ I *50.000 1897 not drawn . . z
First Oonsol mtgeguar gold s f not drawn.Ce.xc* Ar 1.685
377
Nortnern Ry (Cal) consmow 1 st) M gold-U n.zo’ Ar
54
Northern California first mortgage gold-------------- z
First Ref M g gu red 105 since 1910------- E q.xc’ Ar* 3,109
Coast Line Ry 1st M (owned by So Pac C o )---------Southern Railway— Common stock *120.000,000----“
Preferred 5% non-cnmulatlve *60,000.000-------—
M A O stock trust certificates--------------------------Southern Railway Issues—
First Cons M 1st on 900 m g(* 120,000,000) Ce.xc* Ar 4.943
Development A Gen M (*200.000.000) g --(I.xo*A r Text
M onon Joint M red 105 since 1907half share Q.xo’ Ar
Col M g *9.500.000 s f (M ob A Ohio)____Q.xc*Ar
Three-year Secured Gold Notes call 101-vvvCCc*Ar
Dividend certificates (see V 99, p 1053, 749)------Equip tr series L g due *300.000 a.a. FAA----- FP.xc*
Series N gold due *260,000 A & O ............. PePx
Series O gold due *75.000 M A N ....................PePx
Series P gold due *75.000 J & D ..................PePx
Series Q gold due *75,000 J & D------------------ PePx
Series R gold due *88.600 P A A ......... ........Pa.Px
Series S gold due *215.000 A A O__________ PePv
Series T gold due *235.000 M & N ..................PeP
—
Series U gold due *255,000 M A N 15______ PeP
A— Properties Merged in Southern Railway Co.
566
Georgia Pacific first mortgage_____________ Ce.zc*
Rlchm A Danv deb M old 5s (no longer Incomes) Cez
Virginia Mid— Mtgaa D due 1921; K, 26; F. 3 1 ..z
403
General mortgage----------------------------------------Cez
60
Wash Ohio & West 1st M _____________________ Cex
b Also In Sept 1919 *43.500.000 pledged to secure Three-

1913
1913
1914
1916
1887
1893
1888
1889
1905

-- -—
1894
1900
1902
1901
1919
1914
1900
1910
1911
1911
1912
1913
1914
1910
1910

Par
Value

Ac 72.809,000
Ao b61,333,000
Ao 5.892.500
8,345.000
Ac
&c 25,000,000
1,200,000
900,000
1,000
260,000
1,000
225.000
1,000
375,000
1,000
450,000
1,000
704,030
1.000
1,935.000
1,000
3.055,000
1,000
3.570.000
1.000

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

R E PO R T .— Report for 1918 in V. 109, p. 266. 280.
Years ending Dec. 31—
1918.
1917.
Average miles (incl. non-proprietary)
11,101
11,137

1916.
11,009
$
Transportation operations__________ 221,611,206 193,971,489 163,427,423
Operating expenses and taxes_______ 172,180,729 128,892,678 111,419,223

-

Total net income_________________ 60,474,281
Hire of equipment__________________
________
329,589
Rent for leased roads_______________
Rents, A c............................................... 1,274,869
Bond, A c., interest______ ___________ 23,767,104
260,609
Other Interest______________________
Taxes (war)____________
1,707,269
Miscellaneous_______________________x4,449,926
Dividends paid (6 % )__________
16,404,509
Sinking, A c., reserve_______________
997,111

52,008,200
4,384,005
4,859,237
2,392,873

75,856,844 63,644,315
_____ _
627,b70
168,316
1.482,081 1.9Q9.976
24,219,075 24,278,864
319,276
337,427
--------------­
538,678
16,369,400 16,364,957
978,097
957,186

Total deductions___________ • ____ 49,190,985 44,074.923 46,543,945
.
_
Balance, surplus.............
11,283,296
31,781,921 18,100,371
x Includes $3,068,047 expenses applicable to a prior period.
D IR E C TO RS.— Julius Kruttschnltt, J. N. Jarvie, E. P. Swenson. J.
Horace Harding. W. P. Bliss, F. D. Underwood, Henry W. do Forest
Robert Goelet. H. E. Huntington. Lewis J. Sponce, Ogden M ills, L. F.
Loree, Edward S. Harkness, Paul Shoup and Samuel Rea.
Chairman Exec. Comm. A Pres., Julius Kruttschnitt, N. Y .; V.-P. A
Asst, to Pres., Paul Shoup, San Fran.; V .-P ., Henry W. de Forest, N. Y .;
Fed. M gr., J. P. O’ Brien, o f lines north o f Ashland, O.— (V. 108, p. 270,
880. 974. 2023, 2242; V. 109, p. 266, 280, 889, 1701, 1793, 1988.)
★ SOUTHERN PACIFIC RR.— (.See Maps.)— About 3,530m., embracing
a through line from east bank of Rio Grande River through New Mexico and
Arizona, via Los Angeles, San Francisco and Oakland, to Teha^na, In No
California, with branches (V. 105. p 181): 24 m. are leased to other roads .
Annual compensation under contract for Government operation, $38,­
021,938. V. 108, p. 974.
STOCK.— Sou. Pao. Co. Dec. .31 1918 held all the *160,000,000 stock.
Divs.: 4% in 1906-07: 13%. 1907-08; 5 % , 1908-09: 6% from 1 9 0 9 -1 0 to
June 1914, incl.; 5% 1914-15; 6% 1915-16; 1917, 6% ; 1918. 6 % ; 1919, 6 % .
BONDS.— Consolidated Mortgage of 1894 abstract was n V. 57, p. 104.
The First Refunding 4s of 1905 (5160,000,000 auth. Issue) will eventually
be a first lien. Guaranty, V. 82, p. 49. The mortgage Is a lien subject to
existing mortgages on the entire owned mileage, which on Aug. 31 1918
consisted o f 3,110 miles. It Is a first Hen of 2,438 miles, save lien of consol.
5« of 1893 at less than *1.700 per mile (V. 87. p. 1012). V. 88, p. 159
V. 89, p. 164; V. 98, p. 264. Sufficient o f the Issue Is reserved to retire
the underlying bonds.
On Dec. 31 1917 Union Pacific owned $14,568,000 and Southern Pacific
Co. *6,425,500 of the bonds. V. 106, p. 2758.




[V o l . 109

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

Y office
M S S Mch 1 '20 to ’23
c
do
M *
S Sept 1 20 to '23
lo
J & D Dec 1 T9 to ’24
do
M & N M ay’20-May*26
See text Jan 2 '20 14*%
So Pac, 165
A & O Apr 1 1937
do
M A N Nov 1 1937
So Pac, 165
A A O Oct 1 1938
do
J A
June 1 1929
do
J A
Jan 1 1955
(Held by So
M & N Nov 1 1941

and Phlla
do
do
do
B ’way, N Y
do
B ’way, N Y
do
do
Pac Go)

June30 1919 24* J P Morgan A Co, N v
do
<lo
Oct 1 1919 2%

100 60.000,000 See text
4
100 6,650,200

5.655.000
1.000
1882
3.368.000
1.000
1882
4,034.000
100 Ao
1881
4,859,000
1.000
1886
1.000 d l.025,000
1884
Year S ecured G old notes of

Net revenues____________________ 49,430,477 65,078,811
Standard return____________________ 48,167,343
Miscellaneous operations (net)_____ 4,317,197
Dividend income____________________
2,304,208 2,388,652
2,730,732
Income from funded securitis, A c_
_ 2,595,502
Rentals, A c _________________________ 3,090,031 3,054,306
Hire o f equipment__________________
________
2,604,342

When
Payable

Rate
%

44*
$1,000 $4,048,000
804.000
44*
1,000
702,000
44*
1,000
3,577,000
44*
1 .0 0 0
100 160.000.000 See text
3,533.000
6R
56
4,127,500
600 Ac
6g
1.000 4.751.000
6g
1.074.000
1,000
4g
500 Ac 143,818,500
6
700,000

The 4% collateral trust gold bonds o f 1899 are limited to *36,819,000 and
are subject to call at par on 6 months’ notice. The $34,100,500 outstanding
Dec. 31 1918 were secured by *67,274.200 common and $17,400,000 pref.
•tocks or the Cent. Pac. Ry. Co. See mtge. abstract, V. 69. P. 859.
Collateral for Central Pacific Ry. 4% 35-year European Loan of 1911:
(a) Stocks: Houston E. A W. Texas. $1,919,000; Hous. A Texas Central
*9.998.300; Morgan’s La. A Tex. R R . A SS. C o., $10,000,000; Oregon A
Cal. R R . com .. $6,900,000, and pref., $11,991,000;; So. Pac. R R .. $3o>000,000; So. Pac. Term. C o., $1,999,500. (6) Bonds: Galv. Har A San
Ant. Ry. 1st M . East D iv., $4,728,000, and 2d D iv., $1,000,000; Houston
A Texa's'Central Lampasas Exten. 5s, $450,000; total par value, $83,985.­
800. V. 103, p. 1222; V. 101, p. 2146; V. 94, p. 130,1762; V . 92, p. 593, 794.
In March 1909 the stockholders subscribed for *81,814.000 of
2 0 -yeai
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 $27,319,240 bonds were so converted
Into S21.014.800 par value o f stock to Juno 2 1919. V. 109, p. 285; V. 88,
p . 507, 1062; V. 89, p . 44, 105.
.
„
On June 8 1909 the directors authorized an Issue of not exceeding *100,
000,000 4 4*% 20-year gold bonds for “ corporate purposes” ; under option
then given *227,000 was exchanged, along with *20 per share In oash, for
*227,000 pref. stock; no others Issued. V. 88, p. 1501; V. 89, p. 1420.
"San Francisco Terminal” bonds (*50,000.000 auth.; Int. rate 5% or less)
oover Bay Shore line and terminals; *24,916,300 4s outstanding, $63,700 oanoeled. V. 90. p. 373. 448. 1555, 1615. 1678; V. 91. p. 1631; V . 92, p. 1180.
The $46,093,500 5% 20-year convertible bonds sold in 1914 were made
convertible at option of holder at any time on or before June 1 1921 into
full-paid stock at par and subject to call (as a whole only) on or after
June 2 1919 at 105 on 90 days’ notice. If called, they may be converted
up to 30 days prior to call date. V. 98. p. 524,1394.1539,1921; V. 99, P-199.
Equipment trusts. V. 96, p . 1425; V. 97, p. 597, 730; V. 99, p. 1599.1675.
Federal Compensation.— $47,559,989 yearly during Federal control. (V.
109, p. 2S0);
895,178
Southern Pacific_______ $3S,421,849 Louisiana Western_____
Arizona Eastern________
1,242,475 Morgan’s La. A Texas_$1,188,525
Texas A New Orleans_
_
715,136
Galveston Harrisburg A
85,032
San Antonio_________ 3,230,645 Houston A Shreveport..
73,494
Houston E. A W . Texas.
375,566 Lake Charles A Northern
14,495
Houston A Texas C en t-- 1,717,506 Iberia A Vermillion_____
E ARN S.— 9 m os„
[1919-Gross, $133,024,650; net (bef. $29,057,35(1
Jan. 1 to Sept. 3 0 .11918-Gross,
123,897,761; taxes),
34,568,962

„

Amount
Outstanding

APrivate
Control.

do
do
J July 1 1994
do
do
O Apr 11956
do
do
J July 1 1952
do
do
S Sent l 1938
New York and Chicago
S Mar 1 1922
do
do
N Nov 1 1919
A Feb ’20-Feb ’ 21 Fidelity Trust Co, Phlla
O Apr 20-Apr ’ 20 Penn Co for Ins on L. Ac
do
do
N M ay'20-M ay’21
do
do
A D Dec ’ 19-Dec '21
do
do
A D Dec ’ 19-June'22
do
do
AA1S Feb’20 toAug’23
do
do
A O Apr ’ 20-Apr ’ 24
do
do
g M A N M ay’ 20-May ’ 26
do
do J
M A N 15 May'20-Nov '26
J P Morgan A Co. N Y
Jan 1 1922
6g J A
do
do
Apr l 1927
A A
5
M A
Mar’21. ’26&’31 Safe Dep A Tr Co, Balt
5
J P Morgan A Co, N Y
May 1 1936
M A
5
do
do
Feb 1 1924
F A
4
1919
6g
4g
4g
4g
6g
4
44*
4V*
44*
444
4 4*
5g
6g
44*
44*

J
A
J
M
M
M
KF
g
g
g
g

A
A
A
A
&
&
A
A
A

R E PO R T .— For year ending Dec. 31 1918 earnings were: Income from
lease of road, $15,350,844; other income, $2,580,218; interest and other
charges, $6,617,739; reserves and sinking fund, $203,380; dividends (6 % ),
--------------- . .
.
----------- p.
~ gross, $71,859,508;
and south of Ashland, Ore.). Fed. Treas., W. F. Ingram.2023.)
★ SOUTHERN
R A ILW A Y.— (See M aps.)— System embraces 6,983
miles, extending from Washington, D. C ., and West Point and Richmond,
Va., to Danville, Va.. Greensboro, N . C ., Norfolk, Va., Charlotte, N. C .,
Columbia, S. C. and Atlanta, Ga., thence northerly to Bristol, Tenn.,
southeasterly to the coast at Brunswick, G a.,and to Columbus, Miss.
Owned in fee—
M tes. Leased (*see this co .)—
Miles
Alexandria (near Washington)
•North Carolina R R .—
to Greensboro, N. G________ 279
Goldsb.,N. C., to Greensboro.
220
Charlotte, N. O., to Augusta,Ga 190
Charlotte, A c______
Columbla,S.Co.,toGreenv.,S.C. _ 144 Atlantic A Danville R y .— \
West Point, Va., to Neapolls.. 179
Norfolk to Danv.. Va.. Sc br_ 278
Salisbury, N. C., to Morristown,
—
189
•Virginia & S. W .
Tenn _____________________ 231
Controlled by Securities—
Memphis to Stevenson, Ala____ 272
10
State University R R ---------------Bristol to Chattanooga, T en n .. 242
54
Coster to Cumberland Gap, K y .
64 North Carolina Midland----------13
Roswell R R --------------------------Ooltewah Jot., Tenn., to Bruns­
33
wick, Ga----------------------------- 412 Ensley Southern R y ---------------78
Austell, Ga., to Miss.State line, 261 Other roads__________________
Atlanta Jet., Ga., to York, Ala. 271
Trackage Rights—
17
Atlanta, Ga., to Ft. Valley, Ga. 102 Hardeev’e, S. C., to Savan., Ga.
9
E. St. L., 111., to N. Alb., Ind._ 265 Washington, D. C., to Alex.,Va.
Branches, &o-------------------------- 1,430 Stevenson,Ala.,to Chattanooga,
Tenn., Ao__________________
38
Total owned--------- ---------------4,342 York, Ala., to Meridian, M iss..
27
Kentucky A Indiana Term. R R .
8
Selma, N.C., to Pinners Pt., Va. 154
Leased— (’ see this co.)—
Savannah,Ga.,to Jacksonn, Fla. 152
•Atlanta & Charlotte Air Line,
Chari., N C., to Armour, Ga. 263 O ther_________________ — - 114
•Georgia Midland R y.................
98
Total mileage Dec. 31 1918 -7,102
•Mobile & Birmingham R R .—
Leased to other companies— - 120
Mobile, Ala., to Marlon J o t .. 150
Balance oper. Dec. 31 1918 -6,983
•Southern R y., Car. Div.—
Controlled—operated separately—
Charleston, S. C., to Augusta,
Ga., with branches to Co­
Southern Ry. Co. In Mississippi.278
lumbia, S. C., A c________ 219 Blue Ridge---------------------------------44
Camden,S.C.,to Marlon,N.O. 206 Tallulah Falls....................................*8
Blltm., N. C., to Alston, S. C. 134 Danville & Western______________ 83
Other branches------------------- 1 9 2 Hartwell R y __________________ - 10
•Riohmond & Mecklenburg R R .
31 Atlantic & Yadkin--------------------- 163
Lockhart R R . ------------------------ • 14 Yadkin R R ....................................... 41
Klberton Southern R y ________
5 1 H. P. R. A. & So. R R ................. 28
Leased for 50 years from July 1 1912. Bluemont branch, 54 m .. to Wash.A
Old Dominion Ry. Water lines— Chesapeake SS. Oo., 200 miles.
Also nas one-sixth Interest in Riohmond-Washington Co., owning line
between Richmond and Washington, 115 miles. V. 75, p. 449
Has trackage rights over Atlantic Coast Line R R . between Savannah,
Jesup, Ga.. and Jacksonville, Fla., 152 m. Now 2d track. V. 105, p. 1999.
Affiliated— (See eacn company).
Alabama Great Southern_______ 312|Northern Alabama______________ 113
Cincinnati N. O. A Texas Paclflo.337 Georgia Southern A Florida--------402
M o b ile * Ohio----- -— ---------- 1.166lNew Orleans A Northeastern------ 204
In July 1918 the Carolina & North Western R R . (V. 105, p. 605), with
lines from Chester, S. C ., to Edgemont, N. O., 134 miles, was acquired
by Southern Railway interests, but remains a separate corporation, op­
erated by U. S. Railroad Administration. V. 107, p . 1670.
ORGANIZATION.— Organ. 1894. V.58. p .3 0 3 .385.058. 874.1016.1053.
In 1903-04 Jointly with Louisville A Nashville acquired $13,680,300 of
the *15,500,000 Chicago Indianapolis A Louisville stock in exchange for
their Joint 50-year 4 % bonds. V. 74, p. 1029, 1090.
In 1916 purchased most of stock of N . O. & Northeastern R R ., which
see; also V. 104, p. 74: V. 105. p. 1530
STO C K .— Authorized $120,000,000 com. and *60,000.000 5% non-cum.
oref stock. As to whether the preL Is callable, see V. 72. p. 1136.
DIVS. (% )V 01.’02to ’06. ’07. ’08-’ 10. ' l l . 12. ’ 13. ’ 14 ’ 15’ 16’ 17. ’ 18.’ 19.
On p r e f . - - / 4
5 y ’ly 4
0
2 4 4* 5 4 4* none 24* 5 2 4*In April 1914 244% cash: Oct.. 2% payable In 5-year 4% interest­
bearing scrip. V. 99, p. 1053, 749. The dividend scrip was paid off,
n & i.fo n Nov. 1 1919. V. 109, p. 1701. Dividends resumed In 1917 with
9 U % N ov. 20. April and Nov. 1918, each, 24*% : April 1919 dividend
paid Juno 30. V. 108, p. 2431, 1938; V. 105, p. 1098.
BONDS AND NOTES.— In Feb. 1917 the p l a n f o r the c r e a t io n o f a
R e f u n d i n g a n d I n l p t . M tge.
V. 103, p . 1593, 2079; V. 101, p . 765; V. 105,
P'In Feb 1919 sold (V. 108, p. 581) an Issue of $25,000,000 throe-year 6%
notes dated March 1 1919 and duo March 1 1922, but subject to prior
rwlemDtion, all or part, at 101 and lnt. Donom. $1,000, $5,000 and
«tn nnn Secured by deposit o f $13,500,000 Development and General
Mortgage bonds. Out of the proceeds paid $25,000,000 maturing notes.
First Consol. Mtge. for *120,000.000, ab stract. V. 59. p. 783; see V. 8 1 }
n 1 8 0 0 'V 84. p. 392; V 89. p. 1698; V. 92. p. 796; V. 97. p. 300, 1205’
V 99 v 1834; V 100, p. 310; V. 102. p. 610: V. 103, p. 580: V. 107, p. 1921.
% T h e * 1,000.000 First Mtge. 6s of Ala. Central RR .. due July 1 1918.
were acquired by So. R y. Oo. and pledged under Its first consol ,mtge.
Application of *120.000.000 First Consol Mortgage 5s of 1894.
Issued to Dec 31 1918 (of whioh *154.200 In treasury)............... *72,963.200
Issuable only t o /” prlor bonds” (see V. 59. p. 785)------------------retire oertaln\stooks (see V. 69, p. 780)------------------------------- 5,700,000

350V., 1919.1

*gssr*

R A IL R O A D C O M P A N IE S
{For abbreviations. <fee., see notes on first page]

Miles Dale
Road Bonds

Southern Railway— (Concluded)—
East Tenn Virginia & Georgia DIv mtge g -.U n .zc
552
E T Va & Ga cons M g (520.000,000)____Ce.xc&r 1,020
Knoxville & Ohio 1st M g ( V 79, p 1466) —Ce.xo*&r
66
B— Southern Railw
ay Divisional Securities.
East Tennessee lien gold............................ Ce.xo*&r 1,020
Memphis Dlv 1st M (58,000,000) goId...Q .xo*& r
292
Aiken Branch first mtge gold (V 68, p 8 2 6 )___ Mpx
24
St Louis Division 1st M g $15,000,000.-IC.xc»& r
365
Mobile & Ohio bonds— See Mobile S Ohio R R Co
c
C— On Properties Practically O n b (•) or Leas ed to
w ed y
Atlantlo & Yadkin first mortgage gold g u .. Ce.xc*
166
aRlchmond & Mecklenburg 1st M 5315,000 g___ xo
31
aAtlanta & Charlotte— Stock____________________
•-1st M $20,000,000 ($14,500,000 8er B 5s)Ceyc*&r
263
C— O Properties Practically O ned b (*) or Leas
n
w
y
aGeorgla Midland first mortgage Interest guar.-Cex
98
_ __
oNorth Carolina stock 7% guaranteed____________
oMoblle & Birmingham RR prior lien g o ld .. Ce xc
149
First mortgage 51,200,000......................... Ba.xo
149
Preferred stock______________________
—
Northern Alabama Ry— See that company
aAtlantlo & Danville first mortgage_____________Ba
278
Second mortgage gold ...........
...F q
278
Virginia & Southw— 1st M g g u b y V a l O & O - . G x
136
First Consol Mtge $7,000,000 gold..Q .xc*& r*
209
Equip tr ser E due $25,000 s-a(V 93, p 1106)-B a.x
do
do ser F due $21,000 s-a______ Ba.x
do
do ser G due 24 M and 23 S s-a
G .y
—
Southern Railway, Carolina Division—
oSo Car & Ga 1st M g ext gu call 107 K % Ce.xxxc*
240
•Spar Union & Col 51.000,000 guar Ash A S p g .C x c*
General mortgage 518,000.000 gold....................... N
Transylvania 1st M gold 5500,000............. G.xo*<5cr
42
Southwest Penn RR— See Pennsylvania R R
Southwestern (Georgia)— Stock (see text)
333

Par
Value

When
Payable

%

g
5g
6g

c
J S J July 1 1930
c
M S N Nov 11956
o
J S J July 1 1925

1894
1898
1898
1901

1.000 4.500.000
1,000 6,883,000
500
150.000
1 000 12,500.000

5
5
4
4

M S
c
S
c
S
c
S
c
J

g
g
g
g

(o) S o uthern R 1
1.
1899
1.000
4g
1.500.000
1898
1.000
46
315,000
______
100
1.700,000
9
1914 1.000. See 20.000.000 4H S 5
c
(a) So uthern Ry
1896
1.000 1.650.000
3g
______
100 4.000.000
7
1895 2001.000
600.000
5g
1895 200 1,000
4
1.200.000
—
100
4
900.000

J

J

A
F
J
J
J

5.250.000
1.000.000
5.000.000
434.000

c
5H g M S
Sz
4g J
c
4g J S
c
5J5 J S

100
1.000

5.191.100
354.000

5
5g

lslon

,o r
*■
T h e c o lla t e r a l t r u s t 4 s o f 1 9 0 1 h a v e b e e n is s u e d , 5 f o r 5 . in e x o h a n g e f o r t h e
M o b ile & O h io g e n . 4 s as a o q u lr e d , b y a p le d g e o f w h ic h t h e y a r e s e c u r e d .
S t o c k t r u s t c e r t i f i c a t e s f o r M . Sc O . s t o o k a r e n o w e n t i t l e d t o d i v i d e n d s a t
ra te o f 4 %
p e r a n . in p e r p e t u i t y . ( V . 7 2 , p . 2 4 2 . 8 2 2 )- $ 8 3 4 6 0 0 0 o f th e
$ 9 ,4 7 2 ,0 0 0 b o n d s a n d 55 6 7 0
o f th e 5 6 .0 1 7 .0 0 0 s t o c k 'h a v e b e e n d e ­
p o s ite d .
V . 72. p . 439: V . 73, p . 664.
S ee M . & O . s ta tem en t.
J o in t ly w ith S t . L o u is & S a n F r a n c is c o R R . g u a r a n te e d b o n d s o f N e w
O r le a n s T e r m in a l C o . , a n d s u b s e q u e n t ly a c q u ir e d e n t ir e c o n t r o l o f p r o p e r t y
(B ee S t . L . & S a n F r . p la n . V . 1 0 2 . p . 8 9 7 ) . V
7 7 , p . 3 8 . 6 9 9 ; V . 7 9 , p .1 4 6 6 .
E q u ip m e n t tru s ts, V . 8 1 , p . 1 8 5 0 ; V . 8 2 , p . 1 3 2 3 ; V . 8 8 D . 1 3 7 4 ; V . 9 0 ,
P. 9 7 8 ; V . 9 7 , p . 3 6 6 : V . 9 8 . p . 1 1 5 8 : V . 1 0 2 . p . 1 8 9 7 ; V . 1 0 3 p . 1 8 8 9 , 1 9 8 1 1
A t la n t a & C n a r l. A ir L in e R y . (le a s e d lin e ) b o n d s , V . 1 0 2 , p . 1 0 5 8 , 1 1 6 2 .

20(5

A s t o e x t e n s io n a n d g u a r a n t y o f S o u t h C a r o lin a & G e o r g ia R y . b o n d s In
1 9 1 9 s e e S o u . R y . , C a r o lin a D iv is io n , b e lo w , a n d V . 1 0 8 p . 1 1 6 6 , 1 5 1 2 .
E X P E C T E D C O M P E N S A T I O N .— In O c t. 1 9 1 9 th e F e d e ra l c o n tr a c t
h a d n o t b e e n s ig n e d b u t t h e a v e r a g e r a ilw a y o p e r a t in g in c o m e f o r t h e t h r e e
y e a r s e n d e d J u n e 3 0 191 7 h a s b e e n c e r t ifie d b y t h e I .-S
O . C om m , to be
$ 1 8 ,7 2 8 ,5 3 7 .
A p p lic a t io n h a s b e e n m a d e f o r a d d it io n a l c o m p e n s a t io n o f
$ 4 ,7 7 1 ,3 9 9 .
V . 109, p . 1360.
_
I n F e b . 1 9 1 9 t h e W a r F in a n c e C o r p . g r a n t e d a d v a n c e s o f $ 6 ,5 6 2 ,0 0 0 .
s u b je c t t o th e a p p r o v a l o f th e D ir e c to r -G e n e r a l o f R a ilr o a d s .
V . 107. p .
2377; V . 108. p . 116. 270. 973.
n e t ( b e f . $ 1 1 ,0 4 8 ,9 7 0
ta x e s ),
2 7 ,0 3 1 ,0 2 4

R E P O R T .— F o r y e a r e n d e d D o c . 3 1 1 9 1 8 , in V . 1 0 9 p
1360
Y ea rs ending—
D e c . 3 1 ’ 1 8 . D e c . 3 1 '1 7 . D e c . 3 1 ’ 1 6 . Jun e 3 0 T 6 .
G r o s s o p o r . r e v e n u e s ..$ 1 2 6 ,5 7 4 ,2 9 7 $ 9 0 ,7 1 6 ,5 6 9 $ 7 5 ,5 5 4 ,6 5 2 $ 6 9 ,9 9 7 ,6 7 5
N o t a fte r ta x e s
---------f 3 0 , 9 7 6 , ( . 2 5 $ 2 6 , 4 2 9 , 9 6 2 $ 2 3 , 3 9 9 , 3 9 3 $ 2 1 , 0 0 4 , 0 0 5
____________
_
_
_
_
_
C e r t if. s t a n d a r d r e t u m -$ 1 8 ,6 5 3 ,8 9 3
O t h e r i n c o m e . ........................
2 ,1 7 8 ,7 3 4
3 ,3 8 0 ,2 0 0
3 ,3 5 0 ,4 5 8
3 ,4 2 2 ,6 2 6

T otal gross in co m e -..$ 2 0 ,8 3 2 ,6 2 7 $29,810,162 $26,749 851 $24,426,031
D e d u c t -R e n t s & c . „ . $2,507,045
$4,180,025 $3 956 902 $3 885 904
Interest on d e b t------------ 11,855,142
11,592,721 11.268 753 11.206.229
Pref. d i v s . .......... (5 % )3 ,000,000 (2 H )1,500;000
A d d ’ns & b etterm en ts..
58,728
120,210
88,195
199,531
761,526
_________
C orp . exp. & war ta x ___
Balance, surplus..........$2,650,186 $12,417,206 $11,324,665 $9,245,704
O F F IC E R S .— P res., Fairfax llarrtson, R ichm ond, Va • 8ec. & Treas.,
F . S. W yn n . 120 B ’w ay, N . Y .; Federal M g r., E . H . C oapm an. Washing­
ton , D . 0 . ; Treas. under U. S. G o v t.. E . F. Parham . W ashington, D . C .
D irectors.— Fairfax Harrison, Belvoir, V a.; Henry W . M iller. Atlanta.
G a .: Edwin A . Alderman, Charlottesville). V a.; John Kerr Branch. Rich­
m ond. V a.: John C . K llgo.C h arlotte, N . O .; R obert Jemlson Sr.. Birming­
ham , A la .; II. B . Spencer, R ichm ond, V a .; Adrian Iselin, Charles Steele,
Charles Lanier, Jackson E . R eynolds,. G u y C ary, W alter Kerr, N . Y .—
(V . 108, p . 270, 481, 581, 1166. 1512, 1938. 2023, 2434; V . 109, P- 1360,
1527, lf o i .)

★ SOUTHERN R A IL W A Y CAR O LIN A D I V I S I O N .-C a y o e , S . 0 .. to
Hardeevllle, 129 miles; Charleston, S. O., to Augusta, G a.. 137 m .; Klngvllle. S . O .. to M a r lo n , N . C . . 208 m .: b r a n c h e s . & o .. 381 m .: total. 755 m .
Leased to the S o u t h e r n R y . Stook authorized. $7,798,700. of which
$4,176,200 owned b y the Southern R y . V . 75, p . 136. Holders o f
$5,250,000 So. C aro. & G a. 1st M . 5s, duo M a y 1 1919, h ave the privilege
o f extending their bonds for ten years at 5M % , at tho same tim e receiving
a cash bonus o f 2 4 i %• T he extended bonds are guaranteed (endorsed) as
to principal and interest b y the Southern R y . C o ., and are subject to call at
and int. V . 108, p . 1166. 1512, 2023.
J
★ SOUTHWESTERN R R . (G eorgia).— Owns Maoon, G a.. to Eufaula; Fort
Valley to Columbus, Ga., & o „ with branohes total. 333 m . Leased for 101
years from N ov. 1 1895 to Central of GeoriHa R y; rental 5 % on stook. A*
to suit, see V . 71, p . 809: V . 73. p. 1062. Ofiloe, M aoon, G a.
S O U T H W E S T E R N R Y — See p. 136.
A S P O K A N E IN T E R N A T IO N A L R Y .— Owns Spokane, W ash., to East
p ort. Idaho, on Can. Pac. R y ., 141.3# in.; leases for 50 yrs. C oeur d ’Alene &
Pend d ’Oroillo R y ., C oeur d ’Alene J et., Idaho, to C oeur d ’Alene, 9.04 ra.;
(operation discontinued A ug. 17 1918); C orbin Jet. to B ay View, Idaho,
11.61 m ., operated undor trackago rights in Spokane 3.40 in ., total operated,
156.38 m . T ho Canadian Pacific R y . C o. on D ec. 31 1918 owned $3,941,­
800 capital stock. V . 103, p . 1981; V . 99, p . 539; V . 89, p . 594. T he U. S.

do
do
do
do

S O Apr 1 1946
c
J P Morgan S Co, N Y
c
S A Feb 1919 3H % Burlington.N C
c
.1 July 1 1945
J P Morgan S Co. N Y
c
S J July 1 1945
c
do
do
S J Jan 1 1919 2%
c
do
do

1894
1.000
1895
1.000
1902
1.000
1906 1,000 See

5
5

do
do
do
do

Sc

3,925.000
1 525.000
2,000,000
5.000.000
100.000
168.000
209.000

4X

a Sept 1 1938
j July 1 1996
j July 1 1998
j Jan 1 1951

J P Morgan & Co. N Y
do
do
do
do

c
A S O Apr 11949
J P Morgan & Oo, N Y
c
M S N Nov 1 1948
do
do
c
M S a M chl ’19 4H % U S Mtge & Trust, N Y
S J July 1 1944
c
J
Central Trust Co. N Y

1900
1,000
1Q04
1.000
1903 1,000 &c
1908 1.000 &c
1911
1,000
1913
1.000
1914
1,000

4g
4g
5g
5g

123

Last Dividend Places Where Interest a n d
and Maturity
Dividends are Payable

5

O n D e c . 31 1 9 1 8 $ 6 1 ,3 3 3 ,0 0 0 o f th e D e v e lo p m e n t & G e n . M t g e . b o n d s
w e r e o u t s t a n d i n g a n d a f u r t h e r $ 5 4 , 3 7 4 , 0 0 0 w a s a v a i l a b l e f o r c o m p a n y ’s u s e .
I n c lu d in g $ 4 3 , 5 0 0 , 0 0 0 p l e d g e d a s c o ll a t e r a l f o r n o t e s .
T h ese b on d s, su b ­
j e c t t o u n d e r l y i n g l ie n s , a r e n o w s a id t o b o a d i r e c t m o r t g a g e o n s o m e 3 , 8 8 0
m il e s o f r o a d , a c o ll a t e r a l lie n o n 1 , 1 7 5 m il e s , a lie n b y p l e d g e o f le a s e h o ld s
o n 1 , 8 1 3 m il e s , a n d c o v e r a l s o a s o % D e c . 3 1 1 9 1 8 $ 3 1 1 5 1 9 0 0 ( D a r v a l u e )
* 1 7 ’ 8 8 9 ’ 0 ° 0 d iv is io n a l a n d t i l l e d K a n y
bon d s.
$ 1 3 , 2 6 2 , 9 0 0 a llie d c o m p a n y a n d T e r m i n a l c o . s t o c k s
& c.
V . 82
n 397­
V . 86. p. 1468: V . 88. p. 565, 626, 1622; V . 105. p. 1530
’ P
'
D i v i s i o n a l f i r s t m t g e . 5 s w e r e I s s u e d In 1 8 9 8 o n a c c o u n t o f p u r c h a s e o f
M e m . & C h a r i. R y .
T o t a l a u t h . Issu e, $ 8 ,0 0 0 ,0 0 0 .
V 6 7 n 1 7 9 - V 81
P -1 1 8 0 ; V . 8 3 . p. 436; V . 8 4 . p . 392.
S e c o n d m tg e . o n fo rm e r M e m . &
C h a r i, s e cu re s $ 2 ,5 0 0 ,0 0 0 o f 5 s . o f w h ic h $ 1 , 5 0 0 ,0 0 0 o w n e d b y S o u th e rn




Rate

$1,000 $3,106,000
1.000 12.770.000
1.000 2.000.000

A p p l ic a t io n o f $ 2 0 0 ,0 0 0 ,0 0 0 D e v e lo p m e n t a n d G en e ra l M o r tg a g e B o n d s .
I s s u a b l e f o r t h w i t h a n d t o r e t i r e c o l . t r . 5 s ( $ 1 6 , 0 0 0 , 0 0 0 ) A p r . '0 9 $ 3 1 , 0 0 0 , 0 0 0
( 1) T o r e t i r e p r i o r lie n s n o t p r o v i d e d f o r b y c o n s o l , m o r t g a g e . 3 1 ,1 5 8 ,0 0 0
(2 ) T o r e t ir e e q u ip m e n t o b lig a t io n s m a t u r in g 1 9 0 6 -2 1
1 8 ,0 0 8 .0 0 0
(3 ) T o a c q u ir e c a p it a l s t o c k s o f c e r t a in le a s e d lin e s
10 0 00 000
( 4 ) F o r E a s t e r n D i v i s i o n o f T e n n e s s e e C e n t r a l ( o p t i o n e x p i r e d ) . 1 0 , 0 0 0 !0 0 0
(5 ) T o p r o v id e fo r fu t u r e a c q u is itio n s a n d b e tte r m e n ts u n d e r
s t r in g e n t p r o v is io n s (a ) a t n o t e x c e e d in g $ 5 ,0 0 0 0 0 0 y e a r ly
f o r I m p r o v e m e n t s a n d e q u ip m e n t a n d ( b ) in e x c h a n g e f o r fir s t
m o r t g a g e b o n d s n o t e x c e e d in g in a m o u n t t h e a c t u a l c o s t
t h e r e o f o f r a i l r o a d s a n d t e r m i n a l s h e r e a f t e r a c q u i r e d ____
9 9 ,8 3 4 ,0 0 0

L A T E S T E A R N I N G S .( 1 9 1 9 - G r o s s , $ 9 3 ,4 2 6 ,2 8 8 ;
9 m o s ., J a n . 1 t o S e p t . 3 0 .\ 1 9 1 8 -G r o s s ,
9 3 ,1 1 0 ,4 7 0 ;

Amount
Outstanding

1880
1886
1885

Southwestern R y (Texas)— 1st M g o l d . . . . . ............_x
1907
Spartanburg Union & Colum bus— See Southern R y . Garoll na Dlv
ton

1 0 7

A rlvate
P
C trol.
on

RAILWAY STOCKS AND BONDS

S J July 1 1948
c
Bankers Trust Co. N
S J July l 1<H8
c
Equitable Trust Oo.
& J Jan 1 2003
Guaranty Trust Co, N
A
S <) Apr 1 1958
c
do
do
& N May’20-Nov’21 Bankers Trust C o , N
M
c
.1 S 1) Dec ’ 19-June’23
do
do
M & a Mar'20-Mar ’24 Guaranty Trust Co, N
J

Y

J

J

J

S
c

A

Sc

May
Jan
J July
J Jan

N
J

1 1929
1 1995
1 1952
1 lu56

Y
Y
Y

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

J July 5*19 2H % Maoon and Savannah,Ga
O Oct 11937
New York

R R . Adm inistration in 1919 relinquished con trol. V . 108, p . 841. S tock,
$4,200,000; par o f shares, $100. V . 81, p . 156, 1551. F or year ended
D ec. 31 1917:
Year.
Gross Earns. N et Earns. Oth. Inc.
In t., A c .
Balance.
$353,076
$5,722
$329,662
sur.$29,136
1 91 8 ......... $1,011,604
1917.............. 999,221
383.680
1,634
334,443
sur. 50.871
E A R N IN G S .—8 m os., (1919................Gross, $685,441; net, $203,218
Jan. 1 to A u g. 31
11918________ Gross. 651,523; net, 224,724
P res., E dm und P ennington; S ec. & T reas., G eo. W . W ebster, M inn eap­
olis.— (V . 104, p . 2455.)
★ SPOKANE PORTLAN D & SEATTLE R Y .— (See M ap Northern P a cific. ,
Road Oper. (554.73 m .)—
M iles.
Corporations Controlled—
M iles
Spokane,W ash.,to Portl.,O re._372.54 Oregon T r k .R y .(V . 89. 0 . 666).1 5 6 . o
Goble, Ore., to H oliday, O r e .. 79.41 Pac. & E ast. R y .(V . 108. p.5 7 9) 3 2 .o
Lyle, W ash.,to Goldendale,W ash42.21 Oregon Elec R y . (V 92, p.
W arrenton,Ore.,to F t.S tev en s.- 3.54
323: V . 107, p . 2 188)............156.26
Trackage rights-------------------------21.74 U n lced R ys.(V .9 0.p .l 29 7, 1364)29.82
Leases W llbrldge to G ob le, Ore.35.29 Great Northern Pacific 3 3 . C o ______
From Vancouver, W ash., to a point near Portland, Ore., the line Is owned
as to an undivided 2-3 by this com pany and 1-3 by N or. Pao. R y .
Jointly controlled b y Northern Paolflo and Great N orthern. Stock a u th .,
$32,500,000; outstanding June 30 1917, $40,000,000, equally owned b y
tfor. Pao. and Great N orthern, together with the $73,710,000 bonds Issued
which were Jointly guaranteed and held In treasuries of two oom panies.
Of the 1st gold 4s of 1911 ($125,000,000 auth. Issue), redeemable at 105
and Int. after Maroh 1 1931, $80,000,000 are Issuable for corporate purposes,
$25,000,000 are reserved for acquisitions, stooks and bonds In other com ­
panies, and $ 20 ,000,000 reserved for Im pta.. & c.. at not exceeding $ 1 ,000.
000 a year. V. 92. p . 886 . In June 1917 com panv was m eeting the
original 1% normal Federal incom e tax. Loans and bills payable A pr. 30
1918. $2,910,343.
E A R N IN G S .—8 m o s.,(1 9 1 9 --G ro s s, $4,730,458; net (before $1,439,670
Jan. 1 to Aug. 31.
\1918--G ross, 5,332,617;
taxes),
2,369,904
" S T A N D A R D R E T U R N ,” & c.— See page 5.
In Sept. 1919 con tract not executed, but the estim ated G overnm ent com ­
pensation was $1,871,624: incom e from investm ents, rentals, & c., $31,848.
Corporate incom e a ccou n t based on estim ated G o v t, com pensation:
1918.
1917.
1918.
1917.
G o v t .com pen­
B o n d , & c..in t.$4,007,977 $3,624,221
sation (est) .$2,096,225x$2,855,432 A m ortiza tion .
444,618
444,618
Other in com e36,815
52,110 M isc. expenses
15,311
1,111
R entals & misc
Balance, d e f.a 2 ,793,976 1,226.057
tax accruals
115,707
53,649
x N et incom e for 1917 as show n b y Federal incom e a cco u n t, including
Oregon Trunk R y . and Oregon E lectric R y .
a A fter taking into a ccou nt $2,332 fo r p rop erty adjustm ent p rior to
Federal con trol, $7,310 fo r revenues p rior to Jan. 1 1918, and $333 760 fo r
expenses p rior to Jan. 1 1918.
Year.
Gross E arns. N et E arns. Other In c.
I n t.. & c
Bal D e t
1918.................... $8,496,944 $2,490,664 $362,987 $3,039,721 $186*069
6,778.799
2.759,197
414,321 3:594:513
420 995
1 9 1 7 -............ ..
These earnings are from road p rop er, 5 54 % miles.
P res., W . F . Turner; S ec., R obert Crosbie; T reas., Charles C . R oseD avidson, Fed. M g r., P ortland, O re., and Paul M c K a y , F ed . Treas’ —

AJ

(V. 106, p. 2758; V. 107, p. 697, iOOo, 2098, 2188; V. 108. p. 2123, 2242 j
SPOKANE TERMINAL CO.— See "Electric Railway" section.
SPRINGFIELD (O.) UNION DEPOT CO.— (V. 77. p. 770; V. 79. 2589.)
STATE LINE & SULLIVAN RR.— Owns Monroeton, Pa., to Berenice,
Pa., 24.06miles. Stook. $980,250 (par. $50). Dividend. 1 % .paid Deo.7
1904 Mortgage oovers 5,000 acres coal lands. The bonds are subject to
call at 105 after 1914 at par. V. 67. p. 1209. Road leased tUl 1934 to
Pennsylvania S New York Canal S P.R. (rental. $40,000 per annum), and
c
c
so operated by Lehigh Valley.— (V. 74. p. 479: V. 76, p. 332.)

★ STEPHENVILLE NORTH & SOUTH TEXAS RR.— Owns Gatesville
to H am ilton, T e x ., 31.64m .; E dson to C om ancho, 31.86m ., and H am ilton
to Stephenville, 42.23 m .; tota l, 105.73 m . Stock all ow ned b y St. Louis
Southwestern R y which leases the road from July 1 1913 as part o f its
W aco division.— (V . 96, p . 1090, 1490, 1841.)
★ STONY CREEK R R . — Norristown to Lansdale, Pa.. 10.22 milee; total
cracks. 14.15 m. Stocky $300,000 auth. (par $50). of which $176,100 out­
standing, the Reading Company owning $110,900. Bonds, principal and

interest, guaranteed b y P . & R . R R . C o .
(V . 85, p . 532.)

F ed. M g r ., C . H . E w ing.—

VAN COUNTY RR.— Road from Bellows Falls to Windsor. Vt..
26.04 miles. Operated since April 1893 by Boston & Maine as agent under
lease of Conn. River, the Sullivan County receiving earnings over charges
with a minimum guaranty of 8% stock.
.Stock $500,000, owned by Vermont Valley RR.
For year 1917.
gross. $682,036; net, after taxes. $197,902; other Inc.. $30,658; Int. St
rentals, $40,237; divs. (10%). $50,000; sur., $138,322.— (V. 105, p. 1414.)
★ SUNCOOK VALLEY RR.— Owns Sunoook to Pittsfield, N H.. 17.55
miles. Leased till Jan. 1 1912 to Conoord & Montreal for 6% on $240,000
of capital stock, and renewed for 2 years at 3% on full capital stock, $341,­
700. Operated under same temporary arrangement on same basis as last
renewal, but subject to termination on 2 months’ notice by either party.
V. 93, p. 1727; V. 94, p. 280. Pres., Frank W . Sargeant, Manchester, N . H.
— (V. 94. p. 280.)
★ SUSSEX RR.— Stanhope to Franklin, N. J., and branch, 30 miles. Oper­
ated by Del. Lack. & Western, which owns a majority of the $1,838,800
stock. Dividends from earnings of 1899. 3% : 1900. 4% ; 1901 to 1903. both
lncl., 2% yearly; 1904, 5 % : 1905. none: 1906. 5% ; 1907 and 1908. none:
1909, 2% ; 1910 to 1918, none. Year ending June 30 1916. gross, $178,427;
oper. def., $9,866; other Inc., $3,717; deduc.. $17,830; bal., def., $23,979.
For calendar year 1917, gross, $200,233; net, def. after taxes, $42,351.

124

★G
overn en
m t
C trol.
on

RAILROAD COMPANIES
[For abbreviations, A c., see notes on first page.]
Spokane International— First M $4,200.000g Col.vo*
Coeur d'A A Pend d’O 1st M $514,000 g gu.Us.vc*
Spok P & S— 1st M $125,000,000 g red text_.Ce.cAr
Spuyten Duyvii & Pt Morris— See New York Centr
State Line & Sullivan— First M $300,000 gold.Un.xc*
Staten Island Ry and Staten Island Rapid Transit—
Stephen North & So Texas RR— 1st M g gu red 10oc*
Stony Crk— lstM$350,000ext U7 gu (V85.p532)-FPx
Sullivan County RR— First mortgage $400,000----- so
Sunbury Hazleton & Wilkes-Barre— Sunbury & Lewis
Suncook Valley— Stock (3 % rental Con & Mon)----Susquehanna Bloomsburg & Berwick— See Penn
Syracuse Binghamton & N Y — Stock 12% rental— Tacoma East— 1st M $1,500,000 g red 110_____ICx.c*
Tallulah Falls— First mortgage........._ ............. . ... --G
T a m p a & G u lf C o a s t — 1st M

g g u re d 1 0 5 .C o B a .x c *

Tampa & Jacksonville— First mtge (see te x t).........Qx
Tampa Northern— First M $5,000,000 g red 106— OBx
Tampa Union Station Co— First mortgage-----------Tavares & Qulf RR— 1st M gold............................Bax
Tenn Ala & Qa— 1st M $5,000,000 g red 110--Em.xc*
Tenn Cent— Prior lienM $4,200.000g red 110.MSt.zc*
Receiver’s certificates (V. 104, p. 1900)-----------------Receiver’s certificates_ ______ _____ _____ _______
_
Receiver’s certificates____________________________
General mortgage $20,000,000 gold (see text) —zo*
Tennessee & North Carolina— 1st M $750,000----- Q.xc
Tennessee Ry— First mtge $4,500,000 gold— axo*&r
Terminal Railroad Association— First mtge gold.Q-vo*
First Consolidated mtge $12,000,000 gold— Qxo*
Gen M Ref $50,000,000 g s t call (text)— Ce-xc* Ar*
St Louis Bridge Co 1st pret stock guaranteed--------Second preferred stock guaranteed (endorsed). .
---------------------- - .xc*
First mortgage gold---------•
Tunnel RR of St Louis stock guaranteed (endorsed)

Miles Date
Road Bonds
143
22

1905
1910
1911

Par
Value

Amount
Outstanding

Rate

$ 1 ,0 0 0
1 ,0 0 0
1 ,0 0 0 A c

$.4200,000
544.000
73.710.000

5 g
5 g
4 g

★ T A C O M A E A S T E R N R R . C o .— O w n s T a c o m a , W a s h ., t o M o r t o n .6 7
m ile s , t o b it u m in o u s c o a l fie ld s ; b r a n c h e s , 2 5 m ile s ; t o t a l 9 2 m ile s .
Th
C h ic a g o M ilw a u k e e & S t. P a u l R y . o w n s th e s t o c k ,
D u e fo r a d v a n ces
D e c . 3 1 1 9 1 8 , $ 2 ,7 9 6 ,9 3 1 .
S t o c k , c o m ., $ 7 5 0 ,0 0 0 ; p r e f ., 6 % n o n - c u m .,
$ 7 5 0 ,0 0 0 ; a ll is s u e d ; p a r o f s h a r e s , $ 1 0 0 .
V . 76, p . 655.
D iv s . 1 1 % ea ch
o n c o m . a n d p r e f . s t o c k s p a id J u ly 31 1 9 1 1 .
F e d e r a l in c o m e a c c o u n t fo r
1 9 1 8 , g r o s s r a il w a y r e v e n u e , $ 5 7 4 ,4 9 8 ; r a il w a y n e t , (a f t e r t a x e s ) , d e f .,
$ 1 9 ,2 5 2 ; o t h e r in c o m e , c r ., $ 5 9 ,9 7 2 ; b a l ., s u r p ., $ 4 0 ,7 2 1 .
C o rp o ra te
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 . 3 1 1 9 1 8 , G o v t , c o m p e n s a t i o n . $ 1 3 3 ,5 2 5 ;
o t h e r in c o m e , $ 1 7 ,3 9 3 ; in t . o n b o n d s , $ 4 4 ,2 0 0 ; o t h e r i n t ., & c ., $ 1 5 5 ,4 5 9 ;
b a l ., d e f . , $ 4 8 ,7 4 1 .
P r e s . , E . D . S e w a l l , C h i c a g o , 111.— ( V . 9 1 , p . 6 5 5 ;
V . 9 3 , p . 7 3 2 .)

★ T A L L U L A H F A L L S R Y . — O w n s C o r n e lia , G a ., t o F r a n k l in . N . O .. 5 8
m ile s .
S o u t h e r n R y . o w n s $ 2 0 0 ,0 0 0 c o m m o n s t o c k , o f w h ic h $ 1 9 9 ,5 0 0
a n d $ 1 2 3 ,4 0 0 p r e f . s t o c k a n d $ 1 ,5 1 9 ,0 0 0 b o n d s a r e d e p o s it e d u n d e r Its
D e v e l o p m e n t a n d G e n e r a l m o r t g a g e . V . 8 8 , p .6 8 7 , 7 5 0 . 8 8 4 . Y e a r e n d in g
D e c . 3 1 1 9 1 7 . g r o s s , $ 1 2 8 ,0 3 0 : o p e r . d e f . , $ 2 ,6 6 6 ; o t h e r in c o m e , $ 4 6 3 :
c h a r g e s , $ 7 7 ,8 6 3 ; b a l ., d e f ., $ 8 0 ,0 6 7 .
F e d . M g r ., E . H . C o a p m a n ,
W a s h in g t o n , D . C . — ( Y . 8 8 , p . 7 5 0 , 8 8 4 .)
A TA M PA
&
O U LF
C O A ST
R R .— O p e ra te s fr o m
S t. P etersb u rg to
T a m p a , F l a ., 5 5 .0 2 m . , in c lu d in g t r a c k a g e , 7 .5 4 m ile s ; T a r p o n S p r in g s R R . ,
T a r p o n J u n c t io n t o P o r t R ic h e y , 3 1 .7 m ile s .
H a s a 5 0 -y e a r tr a c k a g e a g r e e ­
m e n t w it h T a m p a N o r t h e r n R R . , g iv in g e n tr a n c e in t o T a m p a a n d u s e o f
T a m p a t e r m in a ls .
T h e S e a b o a r d A ir L in e R y . g u a r a n te e s t h e b o n d s , p r in .
a n d In te re st, b u t d o e s n o t o w n th e s to c k .
O f t h e 1 s t 5 s ( $ 5 ,0 0 0 ,0 0 0 a u t h o r iz e d is s u e ) t h e r e m a in d e r is is s u a b le
fo r e x t e n s io n s o r b r a n c h e s a t $ 1 2 ,0 0 0 p e r m ile , o r , in c a s e n e t e a r n in g s f o r
a p r e c e d i n g y e a r s h a l l h a v e b e e n 1 4$ t i m e s t h e I n t e r e s t o n o u t s t a n d i n g
b o n d s , a d d it io n a l b o n d s m a y b e Issu ed t o s u c h a n a m o u n t th a t t h e to ta l
s h a ll n o t e x c e e d $ 1 7 ,5 0 0 p e r m ile o f m a in t r a c k . V . 9 6 , p . 1 4 2 5 .
F or year
e n d in g D e c . 3 1 1 9 1 7 , g r o s s , $ 1 9 3 ,1 2 3 , a n d b a l ., d e f ic it , a ft e r fix e d c h a r g e s ,
A c . , $ 1 6 2 ,7 2 4 .
P r e s ., C h a r le s H . B r o w n ; T r e a s ., R . L . N u t t , N e w
Y o r k . — ( V . 9 6 , p . 1 4 2 5 .)
A T A M P A & J A C K S O N V I L L E R Y . — S a m p s o n C i t y toi E m a t h l a . F l a . . , 5 6
m .
S t o c k a u t h .. $ 1 ,0 0 0 ,0 0 0 ;
p a r , $ 1 0 0 ; Iss u e d . $ 6 0 4 ,9 0 0 .
The
fir s t
5 s a r e li m it e d t o $ 1 0 ,0 0 0 p e r m ile .
V . 89, p . 1543.
C ou p on s du e O ct. 1
1 9 1 4 In d e f a u l t .
B o n d h o ld e r s ’ c o m m it t e e : H e n r y L . C o h e n , 61 B w a y ..
C h a ir m a n . H . A . S m it h , H a r t fo r d , a n d W m . S h illa b e r J r ., N e w Y o r k , w ith
G rah am A d a m s. 61 B roa d w a y . S ec.
,
,
,
Y e a r e n d in g D e c . 3 1 1 9 1 8 , g r o s s , $ 8 8 ,3 3 2 ; n e t , $ 1 7 ,1 8 1 ; in t e r e s t o n b o n d s ,
$ 2 6 ,0 0 0 ; o t h e r c h a r g e s , $ 1 9 ,8 5 6 ; b a l ., d e f . , $ 2 8 ,6 7 5 .
I n 1 9 1 7 , g r o s s , $ 7 4 ,­
7 9 7 ; b a l ., d e f . , $ 2 0 ,0 3 7 .
P r e s ., F . J . L is m a n , N . Y . ; V .- P . & G e n M g r .,
A . d e S o la M e n d e s , G a in e s v ille , F la .; S e c ., W . G . E d in b u r g , N e w Y o r k .—
— ( V . 8 9 , p . 1 5 4 3 ; V . 1 0 3 , p . 1 3 0 2 .)
★ T A M P A N O R T H E R N R R . — O w n s T a m p a F l a . , t o B r o o k s v i ile , 5 0 m ile s I n J u ly 1 9 1 2 t h e S e a b o a r d A ir L in e R y . a c q u ir e d e n tir e s t o c k . V . 9 5 . p . 4 9 ,
1 1 2 . S t o c k , p r e f ., $ 2 5 0 ,0 0 0 ; c o m m o n , $ 5 0 0 ,0 0 0 .
B o n d s a u t h o r iz e d is s u e
( $ 5 ,0 0 0 ,0 0 0 ) a r e lim it e d t o $ 1 0 ,0 0 0 p e r m ile o f r o a d , 8 0 % o f t h e c o s t o f n e w
e q u ip m e n t a n d t h e a c t u a l c o s t o f t e r m in a ls . V . 8 7 , p . 8 1 4 ; V . 8 9 , p . 1 4 8 4 .
S e a b o a r d A ir L in e R y . g u a r a n t e e s $ 2 0 0 ,0 0 0 n o t e s a n d h a s d e p o s it e d a s se ­
c u r it y t h e r e fo r $ 2 6 0 ,0 0 0 o f 1 st A c o n s o l. M . b o n d s . V . 9 5 , p . 8 9 2 . F o r y e a r
e n d in g D e c . 3 1 1 9 1 7 , g r o s s , $ 1 1 4 ,5 7 2 ; n e t , s u r ., $ 4 ,7 2 3 ; i n t ., A c ., $ 7 5 ,6 2 8 ;
b a l ., d e f . , $ 7 0 ,9 0 5 .
P r e s ., S . D a v ie s W a r fie ld , B a lt im o r e ; S e c . A T r e a s .,
R . L . N u t t , 2 4 B r o a d S t ., N . Y . — ( V . 9 5 , p . 8 9 2 , 1 0 9 0 .)
★ T A M P A U N IO N S T A T I O N C O .— P r o p e r t y u s e d jo in t ly b y A t la n t ic
C o a s t L in e R R . . S e a b o a r d A ir L in e , T a m p a N o r t h e r n a n d T a m p a A
G u lf C o a s t R R .
F e d e ra l M g r ., W . J . H a ra h a n .
A T A V A R E S St Q U L F R R . — O w n s E l l s w o r t h J e t . t o O c o e e , F l a . , 2 8 . 0 2
m il e s ; W a l t 's J e t . , t o C l e r m o n t . F l a . , 5 .9 3 m . ; t r a c k a g e . T a v a r e s t o E ll s ­
w o r t h J e t . , 3 .3 9 m .; t o t a l. 3 7 .3 4 m ile s .
In co rp . M a r. 27 1890.
S to ck ,
$ 2 5 0 ,0 0 0 ; p a r . $ 1 0 0 .
B o n d s . $ 2 9 9 ,0 0 0 1 st 5 s (a u t h . $ 9 ,0 0 0 p e r m il e ) :
see t a b l e . F o r y e a r 1 9 1 8 , g r o s s , $ 3 0 , 7 6 0 ; o p e r . e x p . , t a x e s , A c , , $ 4 6 , ­
9 2 3 ; b a l., d e f ., $ 1 9 ,1 6 3 .
P r e s ., H e n r y H . J a c k s o n ; S e c ., 8 . I I . J a c k s o n ,
N ew Y ork .
O ffic e , T a v a r e s , F la .
R Y — (S e e V . 1 0 7 , p . 1 8 3 8 .)

A T E N N E S S E E A L A B A M A & Q E O R Q IA R R .— O w n s ro a d fr o m T e n n e sse e
S t a t e lin e t o G a d s d e n , A l a ., 8 6 .7 4 m .j b r a n c h . 4 .4 2 m . t r a c k a g e t o C h a t t a ­
n o o g a , 7 .8 5 m . V . 9 1 . p . 1 6 2 8 . 3 3 6 : V . 9 2 . p . 3 2 3 .
*
S T O C K . — A u t h o r iz e d , c o m m o n , $ 2 ,3 5 0 ,0 0 0 ; p r e fe r r e d , $ 7 5 0 ,0 0 0 .
B O N D S . — B o n d s ( $ 5 ,0 0 0 ,0 0 0 a u t h . is s u e ) , in J u n e 1 9 1 8 $ 1 , 5 0 0 , 0 0 0 n o m i ­
n a lly Iss u e d , n o n e a c t u a lly o u t s t a n d in g .
T h e se b o n d s b e a r In terest a t 5 % .
e x c e p t t h e fir s t $ 1 ,0 0 0 ,0 0 0 , w h ic h f o r t h e fir s t j5 y e a r s w e r e e n t it le d t o in t e r ­
e s t u p t o 5 % o n l y In s o f a r a s e a r n e d , p a y a b l e s e m i - a n n u a l l y , a n d t h e r e a f t e r
t o fix e d In te r e s t a t 5 % . V . 9 2 , p . 5 2 8 , 3 2 3 . T o J u n e 1 9 1 8 n o in te r e s t h a d
b e e n p a id o n th e b o n d s a n d n o n e h a d b e e n w r itte n u p .
T h e r e w ere th en
o u t s t a n d i n g c a r t r u s t s , $ 5 7 ,5 1 6 . a n d lo a n s a n d b ills p a y a b l o , $ 1 4 7 ,4 2 4 .
F o r 1 9 1 8 . g r o s s , $ 1 3 8 ,6 1 7 .
F o r c a l. y e a r 1 9 1 7 , g r o s s , $ 1 2 1 ,2 1 6 ; n e t , d e f .,
a f t e r t a x e s . $ 4 4 ,4 0 1 ; o t h e r i n c o m e , $ 1 ,8 7 0 : d e d u c t i o n s : in t e r e s t o n fu n d e d
d e b t , $ 1 ,6 7 5 ; o t h e r in t e r e s t c h a r g e s , $ 8 ,4 5 5 ; r e n t a ls , A c . , $ 1 4 ,4 6 9 : d e fic it
f o r 1 9 1 7 , $ 7 ,1 3 0 .
F o r 1 9 1 6 , g r o s s , $ 1 2 0 ,1 6 0 ; o p e r . d e f . , a ft e r t a x e s , $ 3 7 .7 9 8
P r e s ., J . J . S lo c u m ; V . - P . . H e n r y W . d e F o r e s t ; S e c ., H . B . B la n c h a r d ;
T r e a s ., E . O . O s b o r n .
E x e c , o f f i c e . 11 1 B ’ w a y , N . Y . — ( V . 1 0 0 , p . 5 5 7 .)

★

Harrlman, Tenn., westerly to Hopkins
Branches, 41.63 miles; sidings and spur traoks, 73.67

TENNESSEE C E N TRA L R R .—

vllle, 253.24 miles.




%

al R R
4H g
1 ,0 0 0
24 1898
272.000
See B altlm o re & Ohl
2.607.000
1 ,0 0 0
105 1910
4 8
5
1872
350.000
1 ,0 0 0
10
4
1894
1 ,0 0 0
357.000
t o w n - See Pe unsylvanl a R R
341,700
100
sylvan l a " "
12
2.500.000
100
81
5 g
884.000
92 1903
1 ,0 0 0
1.519.000
5
58 1909
5 g
750.000
77 1913
5
480.000
1909
1 ,0 0 0
1.258.000
1906
1 ,0 0 0
225.000
1910
1 ,0 0 0
5 g
299.000
1 ,0 0 0
32 1890
See text See text
1 ,0 0 0
1911
4.014.000
1 ,0 0 0
320 1904
330.000
1915
6
15,899
1915
6
18,655
1917
8.353.900
1 .0 0 0
320 1904
300.000
1 ,0 0 0
41 1903
5 g
1.130.000
1 ,0 0 0
56 1907
7 .000.
000 H g
1 ,0 0 0
1889
4
5 .000.
000 B
1 ,0 0 0
5
1894
1903 1,000 Ac 21.700.000
Vs
2.490.000
100
3
3.000.
000
100
5.000.
000
500 Ac
1879
1.250.000
6 8

r o a d d u r in g Its c o r p o r a t e e x i s t e n c e t o t h e D e l . L a c k . A W e s t e r n R R . fo r
1 2 % o n t h e $ 2 ,5 0 0 ,0 0 0 s t o c k , o f w h ic h t h e le s s e e a t la s t a d v is e s o w n e d
$ 2 ,1 6 0 ,6 0 0 .
L ea se to o k e ffe c t O c t. 1 1 9 1 2 .
I n t h e s u it o f m in o r it y s t o c k ­
h o l d e r s J u s t i c e G le g e r l c h In t h e S u p r e m e C o u r t In N . Y . o n N o v . 1 6 1 9 1 6
d e c id e d t h a t t h e le a s e o f 1 9 1 2 w a s I n e q u it a b le t o t h e m in o r i t y I n t e r e s t s .
T h is d e c is io n u n le s s r e v e r s e d w ill n e c e s s it a t e t h e m o d if ic a t i o n o r a n n u lm e n t
o f t h e le a s e .
V . 103. p . 1982; V . 95. p . 481.
D IV S .
1 ’ 8 8 . '8 9 . ’ 9 0 . 9 1 . — 1 8 9 2 t o 1 9 0 9 — '1 0 t o 1 2 . S i n c e t o 1 9 1 9 .
P er c e n t— . / 12
8
8
13 8 y ’ l y ( 2 % q u a r .)
10 yr y
12 y e a r ly .
— ( V . 9 4 . p . 8 2 8 : V . 9 5 . p . 4 8 1 ; V . 1 0 3 . p . 1 9 8 2 : V . 1 0 6 , p . 6 0 1 .)

T E M IS C O U A T A

A rlvate
P
C trol.
on

RAILWAY STOCKS AND BONDS

fg

When
Payable

[V ol . 109

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity
Amer E xch Nat B k, N T
do
do
Central U nion T rust,N Y

J
J

A
&

M

A

J

A

J Jan 1 1929

Union Trust C o, N Y

J
A
A

A
A
A

J July 1 1940
O Oct 1 1957
O A pr 1 1924

N Y and C o m T r C o, St’L
Reading Term inal, Phila
Safe Dep A Trust Co. Bos

J

A

J July 1 1919 1H Manchester, N H , Nat Bk

S

July 1 1955
July 1 1960
Mch 1 1961

Q— F N o v 1 1919 3 %
J A J Jan 1 1923
M
A S
Mch 1 1959
A & O Apr 1 1953
A A O A p r 1 1949
J
A J July 1 1936
M & N N o v 1 1940
J
A J July 1 1921
F A A Feb 11961
J
A J Jan 1 1934
A pr 1 1916
A ug 20 1916
N o v 1 1918
J
A
Jan 1 1954
J
A
1933
Mch 1 1937
M A
A A
O ct 1 1939
A ug 1 1944
Jan 1 1953
Jan 1 1919 3%
Jan 1 1 9 1 9 1H %
A pr 1 1929
Julv 1 1919 3 %

D L A W R R Co, N Y
Harris T r A Sav B y, Chic
Guaranty Trust Co, N Y
New Y ork & Baltimore
Oct 1914 int not paid
Old Colony Tr Co. Boston
Safe D ep & T r C o , B a lt
Interest not paid
Jan '16 coup pd July *16

In default since July 1908
In default
J P Morgan A Co, N Y
do
do
do
do
do
do
do
do
New Y ork and London
J P Morgan A Co, N Y

m ile s ; lin e s a t N a s h v i lle t e r m in a ls , 2 0 .1 7 m ile s ; t o t a l , 3 6 8 .5 4 m ile s .
L ease
till 2 0 0 1 N a s h v i lle T e r m in a l C o . ( t e r m in a l s , b r id g e a n d 1 7 .9 5 m ile s o f t r a c k )
V . 79. p . 213: V . 87. p . 39.
C it y o f N a s h v ille o w n s $ 1 .0 0 0 .0 0 0 c a p . s t o c k
O n D e c . 3 1 1 9 1 2 r e c e i v e r s w e r e a p p o i n t e d ; W . K . M c A l l i s t e r is n o w s o l
r e c e iv e r .
V . 107, p . 182; V . 105, p . 181; V . 9 6 , p . 63.
J a n . 1913 co u p o n
o n g e n e r a l m o r t g a g e in d e f a u lt .
T h e f o r e c lo s u r e s a le h a s b e e n a d jo u r n e d
fr o m t im e t o t im e . T o b e s o ld s u b j. t o $ 4 ,0 1 4 ,0 0 0 u n d is t u r b e d P r io r L ie n
M t g e . b o n d s o f 1 9 0 4 . S ee sta tu s F e b . 1 9 1 8 . V . 1 0 5 , p . 1 8 9 9 . 1 7 0 9 ; V . 1 0 4 .
p . 766, 1389. 1900.
In F e b . 1 9 1 8 N a s h v llie T e r m in a l C o . r e n t h a d b e e n
p a id in fu ll t o J a n . 1 1 9 1 8 .
T h e I llin o is C e n t r a l w h ic h o n D e c . 31 1 9 1 7 o w n e d $ 1 ,3 3 8 ,0 0 0 P r io r L ie n
b o n d s w i l l . It is b e l i e v e d , e v e n t u a l l y b u y In t h e p r o p e r t y .
“ S T A N D A R D R E T U R N ,” A c .— S ee p a g e 5 .
S E C U R I T I E S . — S t o o k o u t s t a n d i n g . $ 8 ,0 0 0 ,0 0 0 , a ll o o m m o n (p a r $ 1 0 0 .)
T h e p r io r lie n 4 s o f 1 9 0 4 ( o r ig in a lly 5 s . s t a m p e d 4 % ) a r e s u b je c t t o c o l .
a t 1 1 0 ; o a s h w a s r e s e r v e d t o r e t ir e $ 1 2 ,0 0 0 N a s h . A K n o x v i l l e 6 s d u o 1 9 1 8 .
III.
C e n tra l R R . a n d S o u th e rn R y . o w n fn o s t, o f th e 4 s .
V . 80, p . 1059.
I n M a r c h 1 9 1 8 t h e r e c e iv e r s w e r e a u t h o r iz e d t o is s u e $ 1 0 0 ,0 0 0 r e c e iv e r s ’
c e r t if i c a t e s f o r s e c o n d t r a c k o n t h e lin e t o H a d l e y 's B e n d a n d o t h e r i m ­
p rov em en ts.
A t H a d le y ’s B e n d is b e in g c o n s t r u c t e d a la r g e e x p lo s iv e s
p la n t b y d u P o n t in t e r e s t s o n b e h a lf o f t h e U . S . G o v t . S e e V . 1 0 6 . p . 9 3 1 .
P r o te c tiv e C o m m itte e fo r O e n . 6 s .— A le x a n d e r J . H e m p h ill ( C h a i r m a n ) :
L e w is B . F r a n k lin , 2 8 N a s s a u S t ., S e c r e t a r y ; G u a r a n t y T r u s t C o . . N . Y . ,
d e p o s it a r y .
V . 96. p . 204 . 488.
I n 1 9 1 6 h a d p la n u n d e r a d v is e m e n t .
V . 102. p . 1810: V . 103. p . 1119.
G e n . m t g e . 5 s ($ 2 0 ,0 0 0 ,0 0 0 a u t h ., M e r c . T r . C o . o f S t . L o u is , t r u s t e e ) ,
V . 78. p . 1783: V . 79, p . 213.
T h e Nashville T e r m . m t g e . i s f o r $ 1 , 0 0 0 , 0 0 0 ;
see th a t co m p a n y a n d V . 1 0 4 , p . 2 5 7 .
C u r r e n t lia b ilit ie s D e c . 3 1 1 9 1 6 .
$ 4 ,0 5 5 ,5 1 2 .
L A T E S T E A R N I N G S . — /1 9 1 8 - G r o s s , $ 3 ,0 1 1 ,8 1 3 ; n o t ( b e f o r e $ 2 9 9 ,2 8 6
12 m o s ., J a n . 1 t o D e c . 3 1 .1 1 9 1 7 -G r o s s ,
1 ,7 9 7 ,2 5 2 ;
ta x e s ),
4 1 7 ,9 4 9
F o r 8 m o n t h s .—
( 1 9 1 9 ..G r o s s , $ 1 ,8 6 6 ,0 8 9 ; n e t ( b e fo r o d c f $ 2 2 7 ,8 9 4
Jan . 1 to A u g . 31.
\ 1 9 1 8 -.G r o s s ,
1 ,9 2 4 ,8 9 0 ;
ta x e s ),
n e t 3 5 1 ,7 6 7
E A R N I N G S .— Y e a r e n d e d D e c . 31 1917 (V . 1 0 6 , p . 6 0 7 ):
Y ea rs—
C ross.
O per. E xp .
N et.
D eficit.
1 9 1 7 ..........................................................$ 1 , 7 9 7 , 2 5 2
$ 1 ,4 3 5 ,7 2 7
$ 3 6 1 ,5 2 5
$ 4 1 9 ,3 5 1
------------------- 1 . 7 0 7 . 5 2 2
1 ,2 7 0 .3 4 2
4 3 7 ,1 7 9
4 0 3 ,6 0 8
1916
C h a ir m a n o f B o a r d , E b e n R ic h a r d s , N . Y . ; S e c ., D . R . C a r p e n t e r , N a s h ­
v i l l e ; T r e a s ., 11. L . W i lli a m s o n ; F e d e r a l M g r . , W . L . M a p o t h e r , L o u is ­
v ille , K y . , a n d G e n . M g r . u n d e r U . S . G o v t . , I I . W . S t a n le y .— ( V . 1 0 7 .
p . 1 8 2 , 1 7 4 8 .)

ATENNESSEE KENTUCKY

& NORTHERN R R . — L e a s e s f o r l o n g t e r m
C in c in n a t i N a s h v ille A S o u th e r n R y . , w h ic h e x t e n d s fr o m A l g o o d .T e n n ..o n
T e n n e s s e e C e n t r a l R R . , t o L iv in g s t o n , 17 m ile s .
V . 9 8 . p .2 3 8 .
T h e O in c ln n a t l - N a s h v l l l e S o u t h e r n R y . Is s u c c e s s o r t o O v e r t o n C o u n t y R R . , f o r e c l o s e d
A u g . 13 1 9 1 2 ; V . 9 5 , p . 4 8 1 . T h e O I n .- N a s h v . S o u . R y . h a s Is s u e d $ 2 5 ,0 0 0
s t o c k A $ 1 5 0 ,0 0 0 1 st M . t a x -e x e m p t 2 5 - y r . g o ld 5 s , d u e O c t . 1 6 1 9 3 7 ; In t.
A . A O . a t C o l o n i a l T r u s t A S a v i n g s B k . , C h i c a g o , 111., t r u s t e e ; d e n o m i n a ­
t io n $ 1 ,0 0 0 e a c h . T h e T e n n . K e n t u c k y A N o r t h e r n h a s Issu e d $ 1 0 ,0 0 0 s t o c k
and no bon d s.
Y e a r e n d in g D e c . 3 1 1 9 1 8 , g r o s s , $ 4 5 ,5 6 4 : n e t , $ 1 1 ,6 3 3 ;
d e d u c t i o n s , $ 1 1 ,3 4 1 : b a l ., s u r ., S 2 9 2 .
P r e s . , M r s . I* . E . C l a r k ; V . - P . A
G e n . M g r . , S e c . A T r e a s . , T . C . M c C a m p b 3l l , N a s h v i l l e , T e n n . — ( V . 9 5 .
p . 1 1 2 3 ; V . 9 8 , p . 2 3 8 ; V . 9 9 , p . 1 3 6 7 .)
A T E N N E S S E E & N O R T H C A R O L I N A R R .— O p e ra te s N e w p o r t , T e n n .,
t o C r o s t m o n t , N . G ., 19 K m ile s (3 m ile s o v e r le a s e d t r a c k ) .
L e a s e s P ig e o n
R iv e r R y . , W e s t C a n t o n t o S p r u c e , 17 m ile s ; t o t a l o p e r a t e d , 4 1 .4 8 m ile s . I n
S e p t . 1 9 1 6 V .- P r e s . J a s . G . C a m p b e ll w a s a p p o i n t e d r e c e iv e r . V . 1 0 3 ,n .1 7 9 3 .
C a p it a l s t o c k a u t h ., $ 6 2 5 ,0 0 0 ; o u t s t a n d i n g , $ 3 0 6 ,0 0 0 : p a r $ 1 0 0 . B o n d e d
d e b t , $ 3 0 0 ,0 0 0 (s e e t a b l e ) .
E a r n in g s f o r y e a r e n d e d J u n o 30. 1 9 1 5 -1 0 ,
g r o s s , $ 1 5 0 ,7 1 1 : n e t , $ 6 3 ,9 7 4 ; 1 9 1 4 -1 5 , g r o s s . $ 1 1 4 ,4 4 6 ; n e t , $ 5 1 ,7 7 5 ; i n t .,
t a x e s , A c . , $ 4 2 ,9 3 9 ; b a l ., d e f ., $ 4 ,6 6 3 .
F o r c a l. y e a r 1 9 1 7 , g r o s s , $ 1 1 0 ,8 1 9 ;
n e t , a ft e r t a x e s , $ 4 0 ,0 3 7 .
P r e s ., J a s . G . C a m p b e ll, N . Y . ; S e c .. F r e d H . E ly . P h il a ., P a .; T r e a s ..
I ). G . W ils o n , P h ila .
O f f i c e . N e w p o r t . T e n n .— ( V . 1 0 0 , p . 1 5 1 1 .)
A T E N N E SSE E
R Y -O w n s
O n e id a . T e n n ..
to
R o s e d a lo . 6 0
m ile s .
O n J u l y 1 1 9 1 3 B ir d M . R o b i n s o n w a s a p p o i n t e d r e c e i v e r a n d In M a r c h 1 9 1 8
w a s p u r c h a s e d a t fo r e c lo s u r e s a le b y J . N . B a k e r , t r u s t e e . V . 1 0 6 , p . 1 4 6 2 .
V . 9 7, p . 177.
R e o r g a n iz a t io n c o m m it t e e : A le x a n d e r J . H e m p h ill, C h a ir ­
m a n ; L e r o y W . B a ld w in , A lb e r t I I . W ig g in , V iv ia n S p e n c e r a n d E r s k ln e
llo w it t .
D e p o sita r y , G u a ra n ty T ru s t C o ., N . Y .
P la n o f F e b . 1 1 9 1 8
w a s In V . 1 0 7 , p . 5 0 2 .
P r e s ., B ir d M . R o b in s o n ; S e c .. M . T . D e V a u lt ,
O f f ic e , 1 8 B ’ w a y , N . Y . — ( V . 1 0 6 , p , 1 4 6 2 ; V . 1 0 7 , p . 2 9 2 , 5 0 2 .)

★ TERMINAL RR. ASSOCIATION OF ST.LOUIS.-PROPERTY.— Owns
a n d o p e r a t e s e x t e n s iv e te r m in a ls a t S t . L o u is ,
a n d a t u n n e l 4 , 8 0 0 f e e t In l e n g t h : o w n s a n d
C a r o n d e le t R y . , 7 .7 8 m ., s in c e 1 9 0 3 .
V . 74, p.
in g t h e M is s o u r i A I llin o is B r id g e A B e lt R R . .

w ith b e lt lin e s a n d b r id g e s ,
o p e r a t e s E a s t S t . L o u i s ab
479: V . 83, p . 1168.
T ou ch ­
see th a t o o ’s sta te m e n t.

O R G A N I Z A T I O N . — O r g a n iz e d in 1 8 8 9 .
T h e fo llo w in g c o m p a n ie s a r e
s o le o w n e r s : C le v e la n d C in c in n a ti C h ic a g o A S t . L o u is , L o u is v ille A N a s h ­
v ille . S t . L o u is I r o n M o u n t a in A S o u t h e r n . B a lt im o r e A O h io S o u t h w e s t e r n .
M is s o u r i P a c ific , W a b a s h , P itts . C in . C h ic . A S t. L o u is R R .. C h ic . R o c k
I s l. A P a c in o . S t . L o u is A S a n F r a n .. C h lo . A A lt o n , C h ic . B u r l. A Q u ln o y ,
111.
C e n t ., S o u th e r n R v . . M o . K a n . A T e x . a n d S t . L o u is S o u t h w e s t e r n ,
V . 7 5 , p . 1355: V , 76. p . 103.
T h e s e c o m p a n ie s a g re e d u n d e r o o n tr a o t to
u se th e p r o p e r t y fo r e v e r a n d p a y a s t o lls th e I n te r e s t, t a x e s , r e n ta ls a n a
oth er oh arges. each
l i n e t o c o n t r i b u t e I ts p r o p o r t i o n t o
th e e x te n t o r
o n e -fift e e n t h t o m a k e u p a n y d e fic ie n c y fr o m u n fo r e s e e n o lr c u in s t a n o e s .
See V . 79. p . 4 9 9 .
S e e a ls o S t . L o u is M e r c h a n ts ’ B r id g e T e r m in a l R R .
G o v e r n m e n t s u it, V . 8 8 , p . 1 3 7 4 : V . 9 0 . p . 3 7 3 : V . 9 1 . P . 3 9 .
D e c is io n o f U . S . S u p r e m o C o u r t p e r m it t in g a ll y o h j d - b o
th e p ro p e rty , see V . 91, p . 1187: V . 9 5 . p . 5 4 5 , 1208, 1685; V . 9 6 , p . 1 3 6 ,
1774; V . 98, p . 764, 1394, 1991: V . 100, p . 1734.
„
.
.
.
.
F e d e r a l C o m p e n s a tio n .— $ 2 ,5 7 4 ,5 1 0 y e a r l y d u r in g F e d e r a l c o n t r o l .

LEASES.— The leases of the Bridge and the Tunnel are for their corporate
existence, and were made July I 1881. As to litigation, see V. 77, p. 299,
512: V. 78. P. 1908. 2443, 2600: V. 81. p. 32. 1666.
STOCK.— A u t h o r i z e d . $50,000,000: o u t s t a n d i n g Dec 31 ’17. $3,087,800

b o v .,

1919.] ^Control.

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 f i r s t p a g e .]

Terre H a u t e & I n d i a n a p o l i s ; T e r r e H a u t e & L o g a n s o o r
Terre H a u t e & P e o r i a —
F ir s t m t g e $ 2 ,5 0 0 ,0 0 0 g o l d g u a r p & 1 ( e n d l - U m i o *
Texas C e n t r a l — C o m m o n s t o c k $ 2 , 6 7 5 , 0 0 0 a u t h o r i z e d

M ile s
R oad

D a te
B onds

t— See V a n d a
138

1892

P r e fe r r e d s t o c k n o n -c u m u la t l v e $ 1 ,3 2 5 ,0 0 0 a u t h . .
1893
309
F ir s t M $ 2 ,0 0 0 ,0 0 0 g o l d r e d 1 1 0 ($ 1 5 0 ,0 0 0 4 s ) .F .x c *
1908
111
Texas M i d l a n d R R — F i r s t R e f u n d i n g m t g e $ 2 , 0 0 0 , 0 0 0
1875
T e x a s & N O o f 1 8 7 4 — M a i n e l i n e f i r s t m o r t g a g e -------208
1893
C o n s o l i d a t e d m o r t g a g e f o r $ 4 , 1 9 5 , 0 0 0 _____ Q . * o * & r
1900
D a lla s D lv 1 s t M g o l d $ 2 0 ,0 0 0 p e r m ( t e x t ) - U n . z c *
T e x a s T r a n s p o r t a t io n fir s t m o r t g a g e (n o t a s s u m e d )
1907
B u r r s F e r r y B r o w n d e l l & C h e s t e r f i r s t m o r t g a g e ____
1 ,3 8 7
1888
T e x a s cc P a c i f i c — F i r s t c o n s o l ( n o w 1 s t ) M g - _ F P . x o *
1 ,3 8 7
1888
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1901
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456
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’0 2 -’ 10
1912
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1915
do
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g o l d S e r ie s O O d u e $ 2 2 ,0 0 0 s -a _ _ E q . c *
1916
do
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d o S e r i e s D D d u e $ 2 5 , 0 0 0 s - a ___________
1917
do
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d o S e r i e s E E d u e 3 6 0 , 0 0 0 s - a ___________
1852
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1895
T o l e d o C o l & O h i o R iv — C l e v e & M a r 1 s t M g g u F - x o '
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1902
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197
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1910
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1913
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1917

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B O N D S , & o .— O f th e G e n . M . R e f . 4 % s . t . g o ld b d s . o f 1 9 5 3 ($ 5 0 ,0 0 0 ,0 0 0
a u t h .) , $ 1 7 ,5 0 0 ,0 0 0 a r e r e s e r v e d t o r e tir e e x is t in g b o n d s a n d S 5 ,5 3 7 ,0 0 0
fo r Issu e a t n o t o v e r $ 1 ,0 0 0 ,0 0 0 y e a r l y f o r im p r o v e m e n t s a n d a c q u is it i o n s .
A s l n k . f d . o o m m e n o e J J u ly 1 1 9 0 6 r e t lr e s $ 1 0 0 ,0 0 0 o f th e s e b o n d s y e a r l y
b y lo t a t 1 1 0 a n d in t. If n o t p u r c h a s a b l e r o r le s s ;$ l ,3 0 0 .0 0 0 b o n d s h a v e b e e n
c a n c e le d b y s in k in g fu n d .
T h e e n t i r e I s s u e Is s u b j e c t t o c a l l a t 1 1 0 a n d l n t .
s in c e J a n . 1 1 9 1 0 . S e e V . 7 6 . p . 2 6 7 . 3 8 3 , 4 8 1 , 8 0 7 ; V . 7 9 , p . 4 9 9 ; V . 8 3 . p .
1168; V . 85. p . 1647; V . 99, p . 50; V . 100. p . 1079; V . 104, p . 2642.
I n J u n e 1 9 1 9 w a s a u t h o r iz e d t o is s u e S I ,0 0 0 .0 0 0 4 s . V . 1 0 8 . p . 2 5 2 9 , 2 6 3 0 .
G u a r a n t e e s $ 3 ,5 0 0 ,0 0 0 S t . L . M e r c h a n t s ’ B r id g e T e r . 1 s t 5 s a n d in te r e s t
o n $ 2 ,0 0 0 ,0 0 0 1 s t 6 s o f M e r c h a n t s ' B r id g e .
S e e th o s e c o m p a n ie s .
E A R N I N G S . — 8 m o s . , f l 9 1 9 - . G r o s s , $ 2 ,4 4 1 ,8 8 6 ; n e t ( b e f o r e $ 2 2 3 ,8 3 6
J a n . 1 to A u g . 3 1 .
\ 1 9 1 8 --G r o s s ,
2 ,4 6 0 ,0 1 7 ;
ta x e s ),
4 6 8 ,9 6 5
A N N U A L , R E P O R T .— Y ea r en d s D e c . 3 1 :
Y ear—
G ross.
N e t.
O th er I n c .
C h a r g e s . D a l .. S a m
- ............. ( x ) $ 2 , 7 5 6 , 9 1 1
1 9 1 8 .............................................
$ 2 ,7 6 2 ,8 2 9 d e f$ 5 ,9 1 8
1 9 1 7 .....................$ 3 , 3 8 1 , 3 6 2
$ 1 ,0 2 4 ,7 7 0
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2 ,4 7 8 ,8 8 8
1 1 4 ,7 0 5
1916
3 ,1 7 6 .0 1 1
1 ,3 7 4 ,3 6 2
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(x ) I n c lu d e s $ 2 ,5 4 7 ,5 1 1 c o m p e n s a t i o n d u e f r o m U . S . G o v t , ( s u b je c t t o
a m e n d m e n t ) a n d $ 1 8 2 ,4 0 0 o t h e r in c o m e .
P r e s ., W . S . M c O h o s n e y ; S e c ., O . A . V in n e d g e ; T r e a s ., F . E . A n d e r s o n .
F e d . M g r ., A . S . J o h n s o n , S t . L o u is , M o . — ( V .1 0 8 , p .2 7 0 , 2 2 4 2 , 2 5 2 9 , 2 6 3 0 .)
★ T E R R E H A U T E & P E O R I A R R .— (S ee M a p s o f P e n n s y lv a n ia R R .) —
R o a d o p e r a t e d f r o m T e r r r e H a u t e , I n d . , v i a D e c a t u r , t o P e o r i a , 111., 1 7 4 m . ,
o f w h l o h 1 3 8 m . a r e o w n e d a n d h a l f I n t e r e s t o w n e d I n 8 m . , a n d 2 8 m . Is b y
tra ok a g e o v e r o th e r ro a d s.
F rom O ot. 1 1892
le a s e d fo r 9 9 y e a r s t o t h e
T e r r e H a u t e Sc I n d i a n a p o l i s a t r e n t a l o f 3 0 %
o f g r o s s e a r n in g s , w ith a
m in im u m s u ffic ie n t t o p a y I n t . o n d e b t , t h e le a s e b e in g a s s u m e d J a n . 1 ’ 17
b y P it t s . O in . O h . & S t. L .
V . 1 0 4 , p . 7 3 ; V . 5 5 , p . 7 6 6 ; V .- 8 1 , p . 2 1 2 .
L e s s e e o w n s $ 6 4 6 ,7 0 0 o f t h e $ 1 ,8 3 7 ,4 0 0 p r e f . a n d $ 1 ,5 7 0 ,0 0 0 o f t h e $ 1 .9 2 6 ,­
8 0 0 c o m m o n , a n d P e n n s y lv a n ia C o . J u ly 3 1 1 9 1 9 o w n e d $ 1 ,1 6 8 ,7 0 0 p r e f.
a n d $ 2 6 9 ,3 0 0 c o m m o n .
B O N D S .— T h e o o n s o ls (U n io n T r u s t C o ., N . Y „ t r u s t e e ), o a r r y t h e
g u a r a n ty o f th e T . H . & I n d ia n a p o lis .
I n 1 9 0 5 a ll b a o k c o u p o n s w e r e p a id .
V . 81. p . 156. 212; V . 72. p . 481, 873.
See gu a ra n ty . V . 8 1 , p . 2 1 2 .
E A R N I N G S .— F o r y e a r 1 9 1 8 , in c o m e fr o m r e n ta ls ,
& c .,
$ 2 8 5 ,5 2 5
I n t e r e s t , r e n t a ls , & c ., $ 2 1 1 ,3 7 4 ; w a r t a x e s , $ 1 5 ,0 1 3 ;
p r e fe r re d
d iv s .,;
( 4 % ) , $ 7 3 ,4 9 6 , p a id o u t o f s u r p lu s ; b a l., s u r ., $ 5 9 ,1 3 8 .
★ T E X A S C E N T R A L R _ R .— [ S e e M a p M o . K a n . & T e r . ) — W a c o t o R o t a n ,
T e x ., 2 6 8 m .; b r a n c h t o G r o s s P la in s , 41 m .
F ir s t 5 s , V . 9 3 , p . 1 3 2 5 ; V . 9 2 ,
p . 1437; V . 91, p . 95, 1631: V . 90. p . 1556.
M o. K an. & T ex. R y. of
T e x a s le a s e s t h e r o a d f o r 9 9 y e a r s f r o m M a y 1 1 9 1 4 , w it h a u t h o r i t y t o
p u rch a se th e sa m e, & c.
____
O f t h e s t o c k $ 1 , 3 1 0 , 0 0 0 p r e f . a n d $ 2 , 6 7 2 , 3 0 0 c o m m o n Is p l e d g e d a s p a r t
s e c u r ity fo r M . K . & T . R y . C o n s o ls o f 1 9 1 0 ,
1 9 1 5 -’ 18.
B e lo w
B e lo w

D iv id e n d s p a id u n d e r le a s e , 5 % o n b o t h c la s s e s , J u ly 1 9 1 4 t o J u ly 1 9 1 9 .
E a r n in g s f o r y e a r 1 9 1 8 : T o t a l a v a ila b le in c o m e , $ 2 9 9 ,4 7 3 ; in t . o n b o n d s ,
$ 9 8 ,5 0 0 ; p r e f . d iv s . ( 5 % ) , $ 6 6 ,2 5 0 ; c o m . d iv s . ( 5 % ) , $ 1 3 3 ,7 5 0 ; m is c e lla n e ­
o u s c h a r g e s , $ 9 7 3 ; b a l., in c o m e , n o n e .
P r e s ., O . E . S c h a ff; S e c . & T r e a s .. A . T . C li f t o n .— ( V . 1 0 4 , p . 7 6 6 , 2 0 1 2 .)
★ T E X A S M I D L A N D R R . — R o a d f r o m E n n i s o n H o u s t o n Sc T e x a s C e n t r a l
K y . t o P a r is , T e x ., 1 2 5 m ile s , o f w h ic h 14 t r a c k a g e o v e r S t . L o u is S o u t h ­
w e st.
V a lu a t io n 1 9 1 7 , s e e V . 1 0 5 , p . 1 8 0 3 ; V . 1 0 4 , p . 1 6 4 ; V . 1 0 7 , p . 9 0 7 ,
S t o c k , $ 1 1 2 ,0 0 0 ; p a r , $ 1 0 0 .
Y e a r e n d . D e c . 3 1 1 9 1 7 . g r o s s , $ 7 1 8 ,9 9 4 ; n e t , $ 1 7 7 ,5 5 3 ; l n t . , t a x e s , & c .,
$ 1 8 0 ,4 0 1 ; d o f ., * 2 .8 4 8 .
P r e s ., E . H . R . G r o e n , T e r r e ll, T e x .
F e d . M g r .,
F.
G . P e t t ib o n e . D a ll a s , T e x .— ( V . 1 0 5 , p . 1 8 0 3 ; V . 1 0 7 , p . 1 8 1 , 9 0 7 .)
★ T E X A S & N E W O R L E A N S R R .— [S ee M a p S o . P a c .) — H o u s t o n , T e x .
t o O r a n g e (S a b in e R i v e r ) , 111 m ile s ; a n d S a b in e P a s s t o D a lla s , 3 1 4 m ile s ,
s u n d r y b r a n c h e s , 4 5 m ile s ; t o t a l D e c . 3 1 1 9 1 8 , 4 7 0 m ile s .
A n n u a l c o m p e n s a t io n u n d e r F e d e r a l c o n t r a c t , $ 7 1 5 ,1 3 6 .
S E C U R I T I E S , & C . — T h e s t o o k Is $ 5 , 0 0 0 , 0 0 0 . a l l b u t $ 9 0 0 o w n e d b y t h e
S o u th e r n P a c ific .
D i v i d e n d o f 2 0 % p a i d In 1 9 0 9 - 1 0 f r o m a c c u m u l a t e d s u r ­
p lu s .
T h e r e w o r e , D e c . 3 1 1 9 1 8 , $ 2 4 5 ,6 3 0 T e x a s S c h o o l F u n d 6 s , p r in c ip a l
D a v a b lo 2 % p e r a n n u m .
V . 80, p . 1425.
O f t h e $ 3 ,9 9 7 ,0 0 0 D a lla s D l v . 1 st 4 s , $ 5 7 3 ,0 0 0 a r e o w n e d b y t h e S o u .
P a c . C o . a n d $ 3 ,2 3 5 ,0 0 0 a r e o w n e d b y t h e p r o p r i e t a r y c o m p a n ie s o r a r e
h e ld In t h o ir s in k i n g f u n d s .
O f t h e $ 8 6 2 ,0 0 0 m a in lin e fir s t 3 0 -y e a r 6 s ,
$ 5 3 3 0 0 0 w e r e o n D e c . 3 1 1 9 1 8 h o ld In t h e S o u . P a c . t r e a s u r y a n d t h e r e ­
m a i n d e r In t h e s i n k i n g f u n d s o f p r o p r i e t a r y c o s .
T h e r e w o r e a ls o $ 2 ,5 7 5 ,0 0 0
S a b in e D iv is io n b o n d s , a ll h e ld b y S o u . P a c . C o . , D e c . 3 1 1 9 1 8 .
E q u ip ­
m e n t 6 s . $ 2 0 4 ,0 0 0 , a ll o w n e d b y S o u . P a c .
E A R N I N G S . — 8 m o s . , ( 1 9 1 9 ------------ G r o s s , $ 5 , 1 9 2 , 5 7 6 ; n e t ,
$ 6 2 1 ,5 0 7
Jan
1 to A u g . 3 1 .
1 1 9 1 8 ..............G r o s s .
4 ,8 7 1 ,4 2 3 ; n e t .
1 ,5 1 5 ,6 8 6
I n 1 9 1 8 “ s t a n d a r d r e t u r n ,” $ 7 1 5 ,1 3 6 ; o t h e r in c o m e , $ 5 6 ,9 8 1 ; in t e r e s t
c h a r g e s , & c ., $ 7 0 6 ,4 5 3 ; e x p e n s e s p r io r t o 1 9 1 8 ( n e t ) , $ 4 2 ,8 2 7 ; b a l ., s u r .,
S 2 2 §35*
I n t h e 'v e a r e n d i n g D e c . 3 1 1 9 1 7 , g r o s s , $ 6 , 4 1 0 , 0 7 7 ; n e t , i n c l . o t h e r i n c o m e ,
$ 2 3 4 7 9 8 7 : In te r e st, r e n ta ls , & c .. $ 1 ,0 0 5 ,9 1 9 ; b a l .. s u r ., $ 1 ,3 4 2 ,0 6 7 , a g a in s t
d e f i c i t o f $ 4 9 ,7 1 6 f o r y e a r 1 9 1 5 -1 6 .
F e d . M g r ., W . B . S c o tt, H o u s to n , T e x .
— ( V . 1 0 3 . p . 1 2 1 1 .)
★ T E X A S & P A C I F I C R Y .— iS e e M a p M o . P a c .) — N e w O r le a n s , L a ., w e s t
t o E l P a s o T e x . , 1 ,1 5 0 m ile s ; M a r s h a ll v i a T e x a r k a n a J e t . a n d W h l t e s b o r o
t o F o r t W o r t h 3 3 5 m .: O p e lo u s a s b r a n c h , M e lv ill e t o C r o w le y , L a ., 5 7 m .;
b r a n c h e s . 4 0 2 m . ; t o t a l , 1 ,9 4 7 m . , d e d u c t 9 6 m . . S ie r r a B la n c o t o E l P a s o ,
t r a c k a g e ; b a l a n c e o w n e d , 1 ,8 5 1 m .
O n O c t . 2 7 1 9 1 6 J . L . L a n c a s t e r a n d P e a r l W i g h t o f N e w O r le a n s w e r e
a p p o in t e d r e c e iv e r s o n a p p lic a t io n o f R e c e iv e r B u s h o f th e S t . L o u is I r o n
M t n . & S o . R y . . $ 4 1 0 ,0 4 0 o f t h e J u d g m e n t o f $ 8 4 2 ,0 0 0 o b t a i n e d b y h i m In
D e c . 1 9 1 5 r e m a in in g u n p a id .
V . 103, p . 1688.
In J u ly 1 9 1 8 M r . L a n c a s ­
t e r w a s m a d e F e d . M g r . o f t h is a n d o t h e r r o a d s , M r . W i g h t b e c o m in g s o le
r e c e iv e r . V . 1 0 7 , p . 1 8 2 , 8 0 3 .
O il p r o s p e c t i n g in 1 9 1 9 , V . 1 0 8 , p . 4 8 1 , 1 7 2 2 ,
2123; V . 109, p . 168.

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RAILWAY STOCKS AND BONDS

S ept 1 1942
S ee te x t
S ee te x t
A p r 1 1923
Aug 11938
Aug 11935
J u ly 1 1 9 4 3
Aug 11930
Aug 11923
Apr 11937
June 1 2000
D eo 1 2000
Jan
1 1931
T o A u g 1920
D e c '1 9 - D e c ’ 2 2
N o v ’ 1 9 -M a y ’20
J a n '2 0 - J a n ’ 2 6
F e b ’ 2 0 - F e b '2 7
N ov 1 1935
M ay 1 1935
J u ly 1 1 9 3 1
J u ly 1 1 9 3 3
S ept 1 1942

Penn R R C o , N Y
61 B r o a d w a y . N Y
do
do
do
do
N o n e e v e r p a id

J u ly 1 1 9 3 5
O ct 1 1935
June 1 1935
F eb 1 1951
F eb 1 1951
Jan 1920
Jan
1 1928
J a n 1 9 2 0 -2 7

S o P a o , 165 B ’w a y , N Y
do
do
do
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C o m m o n w ’t h T r C o , S t L
B an kers T ru st C o, N Y
3 H %
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B an kers T ru st C o, N Y
do
do
B la ir & C o , N e w Y o r k
E q u it a b le T r C o , N
Y
B l a i r Sc C o , N e w Y o r k
E q u it a b le T r C o , N Y
E r l e R R , 5 0 C h 'c h S t ,N , Y
P enn R R C o . N Y
do
do
do
do
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A ll o w n e d b y N Y O R R
A ll o w n e d b y N Y O R R
C e n tra l U n io n T r , N Y
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G u a ra n ty T ru st C o. N Y
S e co n d N a t B a n k , T o le d o
P r o v L ife & T r C o . P h ila
G u a ra n ty T ru s t C o . N Y

N N ov 1 1938
7 1 3 ,0 0 0 .

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O R G A N I Z A T I O N .— In 1 8 8 8 r e o r g a n iz e d (V . 4 3 , p . 1 6 4 ; V . 4 5 , p . 4 0 1 )
w it h o u t h a v i n g fo r e c lo s u r e s a le c o n f ir m e d , t h u s p r e s e r v in g F e d e r a l c h a r t e r .
T h e T r a n s -M is s is s ip p i T e r m in a l C o . , w h ic h w a s fo r m e d t o
b u ild N e w
O r le a n s t e r m in a ls , in 1 9 1 4 f l l e d a m o r t g a g e t o s e c u r e $ 7 . 5 0 0 . 0 0 0 b o n d s .
The
T e x a s & P a c i f i c a n d M is s o u r i P a c i f i c R y . e a c h o w n s o n e - h a lf ($ 1 ,0 0 0 ,0 0 0 )
o f t h e s t o c k a n d g u a r a n t e e d it s b o n d s , p le d g e d t o s e c u r e a n o t e is s u e o f
w h ic h $ 4 ,1 2 5 ,0 0 0 w e r e o u t s t a n d in g o n J a n . 3 1 1 9 1 9 .
V . 102, p . 68; V . 104,
p . 2005; V . 105, p . 1523, 1709.
S u its .— O n D e c 2 7 1 9 1 5 t h e B a n k e r s T r u s t G o ., a s t r u s t e e u n d e r t h e 2 d
M . (in c o m e ) b o n d s , file d s u it fo r a r e c e iv e r s h ip o n r e q u e s t o f r e c e iv e r B u s h
o f t h e S t . L o u i s I r o n M t . Sc S o . R y . ( n o w M o . P a c . R R ) , o w n e r o f $ 2 3 , 7 0 3 , ­
0 0 0 o f t h e $ 2 5 , 0 0 0 , 0 0 0 2 d M . b o n d s , o n w h i c h i t Is c l a i m e d I n t e r e s t h a s b e e n
e a r n e d b u t n o t p a id .
T h is s u it w a s d is m is s e d M a y 2 2 1 9 1 6 fo r la c k o f ju r is ­
d i c t i o n , b u t o n M a y 2 6 a n e w s u it w a s b e g u n in L o u is ia n a .
V . 102, p .
988, 2078.
O n D e c . 3 1 M r . B u s h f i l e d s u it in L o u is ia n a t o r e c o v e r o n S 8 4 2 .0 0 0 6 % p r o m is s o r y n o te s d u e J u n e 1 1 9 1 5 , h e ld b y h is r o a d s .
On Jan. 4
1 9 1 6 t h e G o u ld e s t a t e s e c u r e d a n a t t a c h m e n t in N . Y . S t a t e f o r $ 1 ,7 4 1 ,0 0 0
o n n o te s m a d e t o th e I r o n M t n . o n M a r c h 1 1 9 1 4 a n d a s s ig n e d t o t h e
e s t a t e in A u g . 1 9 1 5 .
V . 102, o . 154, 2167; V . 103, p . 1505, 2239.
S T O C K .— A u t h o r iz e d , $ 5 0 ,0 9 0 ,0 0 0 :
Iss u e d . $ 3 8 ,7 6 3 ,8 1 0 ;
oar, $100.
M is s o u r i P a c if i c R R . D e c . 3 1 1 9 1 0 o w n e d $ 6 ,5 5 5 ,0 0 0 s t o c k a n d $ 2 3 ,7 0 3 ,0 0 0
2 d M . b o n d s a n d in M a y 1 9 1 9 w a s r e p o r t e d ( u n c o n fir m e d ) t o h a v e in c r e a s e d
its in v e s t m e n t in t h e p r o p e r t y . V . 1 0 8 , p . 1 9 3 8 .
S to c k h o ld e r s ' P r o te c tiv e C o m m it t e e .— A l v i n W . K r e c h , P r e s , o f E q u i t a b l e
T r u s t G o ., C h a ir m a n .
D e p o s it a r y , E q u it a b le T r u s t G o .
V . 102. p . 154.
S a m u e l A r m s t r o n g , S e c ., 3 7 W a ll S t.
P r o te c tiv e C o m m itte e f o r M i n o r i t y I n c o m e B o n d s .— M o r t i m e r N . B u c k n e r ,
C h a ir m a n ;
H e r b e r t W . M o r s e , S e c ., 2 6 B r o a d S t ., N . Y .
D e p o s ita r y .
N ew Y ork T ru st G o.
V . 102, p . 610: V . 103, p . 1688.
B O N D S .— S e e 1 8 8 8 m o r t g a g e a b s t r a c t s , V . 4 7 , p . 8 2 : V . 7 8 , p . 1 4 4 8 .
T h e W e a t h e r f o r d M in e r a l W e l ls & N o r t h w e s t e r n ($ 6 6 0 ,0 0 0 5 s o f 1 9 0 2 ) a r e
g u a r a n te e d , p r in c ip a l a n d In te r e s t, b y e n d o r s e m e n t .
V . 7 8 ,. p . 3 4 4 .
The
$ 1 0 0 , 0 0 0 D e n i s o n Sc P a c i f i c S u b u r b a n 5 s a r e a l s o g u a r a n t e e d .
T r a n s -M is s .
T e r m in a l n o te s , se e c a p t io n o f th a t c o m p a n y .
★ L o u is ia n a B r a n c h L in e s m t g . is lim it e d t o $ 7 ,0 0 0 ,0 0 0 . V . 7 2 , p . 5 7 7 , 1 1 8 9 .
O n 2 d M . i n c o m e 5 s t h e r e Is n o r i g h t t o f o r e c l o s e u n l e s s d e f a u l t Is m a d e o n
1st m tg e .
A i l e x c e p t $ 9 6 0 ,0 0 0 o f t h e 2 d s h a v e b e e n e x c h a n g e d f o r 6 5 % in
S t . L o u i s I r o n M t n . Sc S . 4 s .
V . 68, p. 525, 619, 725, 774; V . 70, p . 533.
In te re st o n s e co n d m t g e .\ 1 900. 1 9 0 1 . 190 2 t o 1 9 0 7 . 1 9 0 8 . 1 9 0 9 t o 1 9 1 8 .
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in te r e s t o f a ll e q u ip m e n t t r u s ts h a d b e e n p a id r e g u la r ly w h e n d u e .
L o a n s a n d b ills p a y a b le D e c . 3 1 1 9 1 8 , $ 4 ,0 3 8 ,6 7 0 , in c lu d in g $ 1 ,7 4 1 ,0 0 0
n o t e s d a t e d J u n e 1 1 9 1 4 , e n d o r s e d b y S t . L o u i s I r o n M t n . Sc S o u . R y . , w i t h
In te re st u n p a id .
(S e e M o . P a c . p la n . V . 1 0 1 . p . 1 3 0 . 6 1 5 .)
F e d e r a l C o m p e n s a tio n .— $ 4 ,1 0 7 ,4 3 2 y e a r l y d u r in g F e d e r a l c o n t r o l .
E A R N I N G S .— 9 m o s .,
J a n . 1 t o S e p t .3 0 .
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year

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O t h e r i n c o m e .............................. ........................ .

$ 4 ,2 8 8 ,9 7 0
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D I R E C T O R S .— N . S . M e ld r u m (C h a ir m a n & P r e s .) , K in g d o n G o u ld
(V . P .) , H e n r y A . B is h o p , H a r r y B r o n n e r , B . D . C a ld w e ll, G e o r g e G .
H a v e n , A le x a n d e r J . H e m p h ill, G . O . H u it t , A . A . J a c k s o n . A lv in W .
K r e c h , J . H . M c C le m e n t. D u n le v y M llb a n k , S . T . M o r g a n , W m . C h u r c h
O s b o r n , F in le y J . S h e p a r d (1 s t V .- P r e s .) , J o h n I . W a t e r b u r y . W m . H .
W illia m s .
See V . 108, p . 974, 1166.
S e c . & T r e a s ., O . W . V e it c h , 1 4 9 B r o a d w a y . N . Y .
F e d . M g r ., J . L .
L a n c a s t e r , D a lla s ; G e n . M g r . u n d e r U . S . G o v t . , J . A . S o m e r v ille .—
(V . 1 0 7 . p . 1 8 2 , 803 , 2 1 8 8 ; V . 1 0 8 , p . 2 7 0 , 5 8 1 , 9 7 4 ,1 1 6 6 ,1 9 3 8 .2 1 2 3 ;
V . 1 0 9 , p . 7 3 , 1 6 8 .)
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— V . 101. p . 1465, 1554

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U R .) — O w n s r o a d T o le d o J e t . t o T o l e d o , O ., 8 1 m ile s , a n d L o u d o n v ll le t o
C o s h o c t o n . O ., 4 5 m .; S a n d u s k y t o C o lu m b u s . 1 0 8 m .: M a r ie tta t o C a n a l
D o v e r , 103 m ., b r a n c h , 8 m .
T o t a l o w n e d 3 4 5 m ile s ; t r a c k a g e , C le v e . C in .
C h i c . Sc S t . L . i n S a n d u s k y a n d C o l u m b u s , O . , 2 m i l e s ; N . Y . C . L i n e s ,
B .
& O . J e t . t o U n i o n S t a t io n , T o l e d o , O ., 2 m ile s ; t o t a l , 3 4 9 m ile s .
P e n n s y lv a n ia C o . o w n s t h e e n t ir e $ 1 2 ,0 0 0 ,0 0 0 c a p it a l s t o c k a n d le a s e s
th e p r o p e r t y f o r n e t e a r n in g s , a n d g u a r a n te e s th e b o n d s o f t h e o ld c o s .
V . 92, p . 1702; V . 93, p . 106.
D i v . 6 % p a id 1 9 1 1 a n d 1 9 1 2 ; t h e n n o n e t ill
1 9 1 5 , 6 % ; 1 9 1 6 , 6 % ; 1 9 1 7 , D e c ., 6 % ; 1 9 1 8 , D e c ., 6 % . V . 9 3 , p . 1 7 9 0 .
I N C O M E . — F o r c a l. y e a r 1 9 1 8 , s t a n d a r d r e t u r n , $ 1 ,3 0 1 ,4 3 3 ; o t h e r in ­
c o m e , $ 4 1 ,3 1 4 ; w a r t a x e s , $ 1 1 3 ,7 6 0 ; i n t ., $ 2 1 3 ,0 8 0 ; r e n t a l, & c ., $ 6 1 ,7 3 2 ;
d iv s . ( 6 % ) , $ 7 2 0 ,0 0 0 ; b a l . , s u r ., $ 2 3 4 ,1 7 5 .— ( V . 1 0 2 , p . 1 5 5 .)
★

T O L E D O & O H I O C E N T R A L R Y .— O p e r a te s 4 3 6 m ile s , v i z .;
L in e s o w n ed —
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T o l e d o t o T h u r s t o n _________________1 4 8 1T r a c k a g e ( K a n . & M i c h . , & c . ) —
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T o le d o W a l h o n d i n g V a lle y & O h io — S e e T o l e d o C o lu m b u s &
T o m b lg b e e V a ll e y — S e e A la b a m a T e n n e s s e e & N o r t h e rn
T o n o p a h & G o l d f i e l d — C o m m o n s t o c k ----------------P r e f e r r e d s t o c k 7 % n o n - c u m _________________________

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I n O c t . 1 9 1 8 w it h K a n a w h a & M i c h , s t a r t e d b u ild in g a 5 -m ile c u t - o f f
a lo n g L e a d in g C r e e k in G a ll ia C o u n t y t o r e a c h a n u m b e r o f c o a l a r e a s .
V . 107, p . 1386.
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„
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O w n s a ll s t o c k a n d b o n d s o f Z a n e s v ille & W e s t . R y . , T h u r s t o n to _ S h a w n e e
a n d Z a n e s v ille , O ., w ith b r a n c h e s , 9 0 m ., o p e r . s e p a r a t e l y .
V . 75. p . 906.
I n 1 9 1 4 p u r c h a s e d fr o m t h e C h e s . & O h io R y . a n d L a k e S h o r e & M ic h .
S o u t h e r n R y . n o w N e w Y o r k C e n t r a l R R . $ 8 ,9 4 7 ,9 0 0 o f t h e $ 9 ,0 0 0 ,0 0 0
K a n a w h a & M ic h i g a n R y . s t o c k , is s u in g t h e r e fo r d e m a n d o r o n e -y e a r n o t e s
fo r $ 8 ,7 1 9 ,0 1 2 .
V . 100, p . 1250.
T o t a l o u t s t a n d i n g lo a n s a n d b ills p a y ­
a b le a s o f D e c . 3 1 1 9 1 8 , $ 1 1 ,5 4 3 ,1 9 9 , a ll o w n e d b y N . Y . C e n t r a l R R .
N e w Y o r k C e n t r a l R R . o w n s $ 3 ,7 0 1 ,4 0 0 p r e f. a n d $ o ,8 4 6 ,3 0 0 c o m m o n
s t o c k — a l l t h e c a p i t a l s t o c k o u t s t a n d i n g — t h e b a l a n c e a u t h o r i z e d Is h e l d
b y th e T o le d o & O h io C e n tr a l R y .
V . 90, p . 771. 1095: V . 92. p . 804.
A n n u a l c o m p e n s a t io n u n d e r G o v t , o p e r a t io n , $ 1 ,0 8 6 ,6 5 0 : Z a n e s v ille &
W e s t e r n ( a d d i t io n a l) , d e f ., $ 1 0 7 ,5 9 8 .
V . 109, p . 471.
(
1 9 1 3 -1 7 in c l.
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. 1 9 0 9 . 1 9 1 0 . 1 9 1 1 . 1 9 1 2 -1 3 .
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e q u ip m e n t tru s ts
c o v e r i n g 1 ,0 0 0 a ll -s t e e l 5 5 - t o n h o p p e r c a r s .
V . 104, p . 1265.
G U A R A N T I E S .— T h e c o m p a n y g u a r a n te e s th e p r in c ip a l a n d ln t . o f th e
K a n a w h a & M ic h ig a n fir s t m t g e . b o n d s (s e e t h a t c o m p a n y ) .
T h e T o l e d o & O h io C e n t r a l R y . C o . ( o f w h ic h t h e N . Y . C e n t r a l o w n s a ll
o f o u t s ta n d in g s t o c k ) a n d t h e H o c k in g V a lle y R y . C o . w e r e g u a r a n to r s o f
th e b o n d s o f t h e C o n t in e n t a l C o a l C o . a n d K a n a w h a & H o c k in g C o a l &
C oke C o.
T h e b o n d s h a v in g b e e n d e c la r e d d u e b e c a u s e o f d e fa u lt in p a y ­
m e n t b y t h e c o a l c o m p a n ie s o f t h e in t e r e s t o n t h e ir b o n d s , t h e N e w Y o r k
C e n tr a l R R . , u n d e r te r m s a s t o h o ld in g b y a tr u s te e , & c ., im p o s e d b y t h e
F e d e r a l C o u r t o f O h io s t e p p e d in a n d b o u g h t t h e b o n d s a t p a r a n d in t .
V . 105, p . 2544.
T h e N e w Y b r k C e n tr a l R R . a c q u ir e d b o n d s o f t h e C o n t in e n t a l C o a l C o .
$ 1 ,5 2 5 ,0 0 0 a n d K a n a w h a & H o c k in g C o a l & C o k e C o . $ 2 ,5 6 9 ,0 0 0 .
Sub­
s e q u e n t ly b o n d s o f t h e C o n t in e n t a l C o a l C o . in a m o u n t $ 1 ,4 9 7 ,0 0 0 w e r e
s o l d , le a v in g b a la n c e o f $ 2 8 ,0 0 0 in t h e t r e a s u r y o f t h e r a ilr o a d c o m p a n y .
S e e S u n d a y C r e e k C o ., V . 1 0 6 , p . 2 3 4 9 : a ls o K a n a w h a & H . C . & O . C o .
— V . 109 p . 1529.
N e w R o l l i n g S t o c k .— T h e D i r e c t o r - G e n e r a l o f R R s . a l l o t t e d 7 5 0 f r e i g h t
c a r s , e s t im a t e d t o c o s t $ 2 ,1 3 8 ,2 5 0 , a n d 2 0 lo c o m o t i v e s , e s t im a t e d t o c o s t
$ 1 ,0 2 4 ,0 0 0 : a t o t a l o f $ 3 ,1 6 2 ,2 5 0 .
O f t h is e q u ip m e n t , 3 9 2 fr e ig h t c a r s a n d
2 0 lo c o m o t iv e s w e r e d e liv e r e d d u r in g 1 9 1 8 .
T h e s e a llo t m e n t s w e r e a c c e p ­
t e d b y t h e c o m p a n y a n d t h e f in a n c i n g o f t h e c o s t t h e r e o f is b e in g a r r a n g e d
b e tw e e n th e D ir e c to r -G e n e r a l a n d th e c o m p a n y .
V . 109, p . 471.
E A R N I N G S .— 8 m o s .,/1 9 1 9 ..G r o s s ,
Jan. 1 to A u g . 31.
\ 1 9 1 8 ~ G ross,

$ 5 ,8 5 8 ,2 7 9 ; n e t (a ft e r
6 ,3 1 5 ,5 0 8 ; t a x e s ) ,

_

A N N U A L R E P O R T . — R e p o r t f o r 1 9 1 8 w a s in V
t o t a l t o n n a g e in 1 9 1 8 , 8 ,1 9 4 ,7 9 9 w a s b it u m i n o u s
Years end. Dec. 3 1 —
1918.
1917.
O p e r a t in g r e v e n u e s $ 1 0 ,1 2 9 ,6 6 0
$ 8 ,0 8 8 ,5 4 1
N e t , a f t e i ' t a x e s ___
$ 8 1 4 ,9 3 8
$ 1 ,6 0 2 ,3 2 4
C o m p e n s a t i o n a c c r u e d . . $ 1 ,0 8 6 ,6 5 1
- - - - - - - O t h e r i n c o m e _______________
6 7 8 ,5 0 1
6 9 2 ,1 4 9
T o t a l i n c o m e ........ $ 1 , 7 6 5 , 1 5 2
I n t e r e s t , r e n t s , & c _______
1 ,6 8 6 ,2 2 5
B a l a n c e , s u r p l u s _______

.

$ 7 8 ,9 2 7

$ 2 ,2 0 9 ,2 3 4
1 ,4 6 4 ,9 3 3

$ 9 1 4 ,6 9 0

$ 7 4 4 ,0 3 1

$ 1 ,4 7 7 ,8 8 4
1 ,4 3 4 ,7 7 1
$ 4 3 ,1 1 3

P res
W . K . V a n d e r b ilt J r .; F e d . M g r ., F . B . S h e ld o n , C o lu m b u s , O .—
(V . 107, p . 1386; V . 108, p . 380; V . 1 0 9 , p . 471.
★ T O L E D O P E O R IA & W E S T E R N
R Y . — (See M a p s o f P e n n sy lv a n ia R R — O w n s f r o m E f l n e r , I n d i a n a S t a t e li n e , J ? W a r s a w , IH *. 2 2 0 m il e s . L a
H a r p e t o I o w a , 111., 1 0 m i l e s : J o i n t l y w i t h W a b a s h , 1 m i l e , t r a c k a g e a t
P e o r ia a n d B u r li n g t o n , l a . . 17 m .; t o t a l , 2 4 8 m lle a .
S t o c k , $ 4 ,o 0 0 ,0 0 0
(p a r $ 1 0 0 ); o u t s t a n d in g , $ 4 ,0 7 0 ,9 0 0 , o f w h ic h t h e P a . O o . a n d O . B . & Q .
e a c h o w n a b o u t $ 2 ,0 1 1 ,2 0 0 .
M o rtg a g e a b stra ct. V . 4 5 . p . 242.
C a r tr u s t s o u t s t a n d i n g D e c . 3 1 1 9 1 7 , $ 1 9 8 ,9 8 3 ; b ills p a y a b l e , $ 7 1 8 ,0 0 0 .
I n J u ly 1 9 1 7 P r e s . E . N . A r m s t r o n g w a s a p p o in t e d r e c e iv e r , b o t h p r in ­
c i p a l a n d I n t e r e s t d u e J u l y 1 1 9 1 7 o n t h e $ 4 , 8 9 5 , 0 0 0 1 s t M t g e . 4 s b e i n g in
d e fa u lt . V . 1 0 5 , p . 7 3 .
D e c . 31 1 9 1 7 P e n n . C o . o w n e d $ 1 ,2 4 8 ,0 0 0 1st 4 s .
B o n d h o ld e r s ’ C o m m it t e e : T h o m a s D e n n y , A d r ia n I s e lln J r . a n d H e n r y
R . M cH arg.
D e p o s ita r y , F a rm e rs' L o a n & T r u s t C o ., N . Y . C ity .
M a jo r it y d e p o s ite d .
V . 104, p . 1046; V . 105, p . 73, 390.
Federal Compensation.— C o m p e n s a t i o n u n d e r F e d e r a l c o n t r o l , $ 1 5 9 , 7 3 9
(c o n tr a c t e x e c u te d ).
E A R N S .— F o r y e a r 1 9 1 7 (V . 1 0 7 , p . 2 8 6 ) a n d 8 m o s . e n d e d A u g . 3 1 :

Calendar
Years—

Gross
Earnings.

N et
Earnings

Other
Incom e.

Interest.
Taxes, &c.

Balance.
Surplus.

1 9 1 8 ...............................$ 1 , 6 4 5 , 5 9 3 x d e f $ 4 , 3 7 7
........................................................................ ...
1 9 1 7 ............. - .............. 1 , 2 8 9 . 4 3 2
1 0 4 ,6 5 7
$ 2 1 8 ,9 5 3
$ 2 2 8 ,7 1 5
$ 9 4 ,8 9 5
1 9 1 9 — 8 m o s ____ 1 , 0 6 5 , 7 7 8
d e f7 0 ,7 8 9
--------------------------1Q 18— 8 m o s . . . 1 ,0 1 4 ,2 7 8
3 ,5 3 0
1 2 6 ,1 5 0
7 1 ,4 8 1
5 8 .1 9 9
x F e d e r a l in c o m e a c c o u n t (b e fo r e b o n d i n t ., & c .) s h o w s n e t d e f ,. $ 4 ,3 7 7 .
F e d e r a l M g r . , C . G . B u r n h a m , C h i c a g o , 111.— ( V . 1 0 9 , p . 1 3 6 7 . )
★

TO LE D O

R IV E R S ID E

P R E F E R R E D
D I V I D E N D S .— 1907 t o O c t. 1 9 1 1 .
V . 93, p . 1609.
C o m m o n s t o c k , $ 1 0 ,0 0 0 ,0 0 0 ; p a r . $ 1 0 0 .

4% :

none

s in c e .

B O N D S .— O f t h e P r io r L ie n 3 H s , $ 4 2 5 ,0 0 0 w a s in t h e t r e a s u r y D e c . 3 1
1918.
A d d i t i o n a l fir s t m o r t g a g e b o n d s n o t t o e x c e e d $ 1 0 ,0 0 0 ,0 0 0 m a y b e
is s u e d a t a n y t im e t o r e t ir e t h e p r io r lie n b o n d s .
T h e c o lla t e r a l t r u s t b o n d s
s e c u r e d b y C h ic . & A lt o n s t o c k a r e lim it e d t o $ 1 2 ,0 0 0 ,0 0 0 , S e r ie s A b e in g
I s s u e d in e x c h a n g e f o r C . & A . p r e f . s t o c k , $ f o r $ . a n d S e r ie s B ( b e a r i n g l n t . a t
2 % t o J u ly 3 1 1 9 1 2 a n d 4 % t h e r e a ft e r ) in e x c h a n g e f o r C . & A . c o m . s t o c k
o n t h e b a s is o f $ 3 5 In b o n d s f o r $ 1 0 0 s t o c k , b u t t h e b o n d s o f b o t h s e r ie s a r e
e q u a lly s e c u r e d b y th e d e p o s it e d s e c u r it y .
V . 85, p. 1647: V . 86, p . 1468.
T h e A u g . 1 9 1 4 In te re st w a s d e fa u lt e d .
V . 99. p . 199.
T h e b o n d s fe ll d u e
A u g . 1 1 9 1 7 a n d r e m a in u n p a id .
O n D e c . 31 1 9 1 8 C h . R . I d . & P a c ific
R y . C o . o w n e d $ 4 0 0 ,0 0 0 s e r ie s A a n d a ll o f t h e $ 5 ,0 4 7 ,0 0 0 s e r ie s B b o n d s .
T o N o v . 15 1 9 1 9 a ll in t e r e s t o n b o n d s a n d e q u ip m e n t n o t e s w a s b e in g
p a id p r o m p t ly w h e n d u e .
P r o t e c t i v e C o m m i t t e e f o r S e r . A a n d B C o l l a t . T r u s t B o n d s .— E d w i n G .
M e r r ill. C h a ir m a n : G . K . B . W a d e , S e c .; U n io u T r u s t C o . , N . Y . . d e p o s i­
ta ry .
I n O c t . 1 9 1 8 t h e c e r t s , o f d e p . fo r $ 4 ,5 5 9 ,0 0 0 “ A ” b o n d s w e r e lis t e d
o n th e N . Y . S t o c k E x c h a n g e . V . 1 0 1 . p . 1 2 0 8 ; V . 9 9 , p , 3 4 4 , 4 0 8 .1 3 0 1 ,1 6 7 5 .
C o m m it t e e f o r 1st M . B o n d s . — A l v i n W . K r e c h . C h a i r m a n ; O . S . H e r r i n g ,
S e c ., 3 7 W a ll S t.
V . 100. p . 1753.
C o m m itte e f o r
G o e t z , S e c .; E m
d e p o s it fo r o v e r
E xch an ge.
V .

P ref. an d C om
S t o c k .— J u l o s S . B a c h e , C h a i r m a n ; E . P .
p ir e T r u s t C o ., N . Y . , d e p o s ita r y .
In D o c. 1910 certs, o f
8 5 % o f t h e c o m m o n a n d p r e f. w e r e o n lis t o f N . Y . S t o c k
9 9 , p . 1750. 1911; V . 103, p . 2239.

S T A N D A R D R E T U R N a s c e r t ifie d b y I . - S . O . C o m m ., $ 9 9 4 ,2 9 4 , n o t
y e t ex ecu ted .
A c la im h a s b e e n file d w it h t h e F e d e r a l G o v e r n m e n t f o r a n
a n n u a l c o m p e n s a t i o n o f $ 1 ,1 7 0 ,3 4 6 .
V . 109, p . 1787.
'
E A R N I N G S .— 12 m o s ., 1 1 9 1 8 ,-G r o s s , $ 8 ,3 0 6 ,1 2 7 ; n e t (b o f o r e $ l,8 8 1 ,9 9 0
Jan. 1 to D ec. 31.
\ 1 9 1 7 -.G r o s s ,
7 ,0 4 1 ,6 6 2 ;
ta x e s ),
2 ,0 1 7 ,8 0 0
F o r 8 m on th s—
/ 1919
G r o s s , $ 4 ,9 6 8 ,7 1 3 ; n e t (b e fo r e
$ 7 4 4 ,8 6 4
Jan . 1 to A u g . 31.
\ 1 9 1 8 --G r o s s ,
5 ,2 4 4 ,5 1 6 ;
ta x e s )t
1 ,2 2 5 ,4 7 6
R E P O R T .— F o r c a l. y e a r

1 9 1 8 w a s in V . 1 0 9 , p
— Y ea rs en d .
1918.
G r o s s e a r n i n g s .....................................
$ 8 ,3 0 6 ,1 2 7
N e t e a r n in g s ( a f t e r t a x e s ) . j -------------------- $ 1 , 6 0 7 , 6 1 9
S t a n d a r d r e t u r n _______________________________
9 9 4 ,2 9 4
O t h e r i n c o m o ................................................................
8 6 ,2 6 3
T o t a l i n c o m e ...........................................................$ 1 , 0 8 0 , 5 5 7
I n t e r e s t o n f u n d e d d e b t ................................. x $ l , 0 9 4 , 2 7 3
......................
O t h e r i n t e r e s t , d i s c o u n t , & c .........................
3 7 3 ,3 5 1

H ir e o f e q u i p m e n t .................................... ..............

. 1787.
D ec. 31—
June 30 Y r.
1917.
1916.
$ 7 ,0 4 1 ,6 6 3 $ 5 ,9 5 8 ,9 8 7
$ 1 ,6 9 7 ,6 5 8 $ 1 ,8 9 8 ,3 2 2
____________
____________
1 5 5 ,2 4 5
1 1 2 ,8 0 8

$ 1 ,8 1 2 ,9 0 3
x $ l,0 9 4 ,3 8 1
5 4 9 ,1 1 9
5 9 ,5 0 1

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

B a l a n c e ----------------------------------------------------------- d e f . $ 3 8 7 , 0 6 6 s u r $ 1 0 9 , 9 0 1 s u r $ 4 2 1 , 8 8 3
x I n c l . i n t . o n A . & B . b o n d s , d u e 1 9 1 7 , a m o u n t in g t o $ 4 6 1 ,0 8 0 , d e fa u lt e d .
D I R E C T O R S .— W . L . R o s s ( P r e s .), J b h n H u b b a r d , T . P . S h o n t s ,
E .
J . B e r w in d , C la r e n c e B r o w n , S p e n c e r D . C a r r , C o lg a t e H o y t , W m . S h llla b e r , F r a n k H . D a v i s , J . S . B a c h e a n d J a m e s S te u a r t M a c K ie ; F e d . M g r .,
B .
C . S te v e n s o n , T o le d o ; T r e a s . a n d A s s t , t o R e c e iv e r , A . L . U n g e w itte r .
O f f i c e , 6 0 W a l l S t ., N . Y . — ( V . 1 0 8 , p . 2 7 0 , 7 8 5 , 1 9 3 8 .)
★ T O L E D O T E R M I N A L R R — O w n s b e lt r o a d . 2 8 .7 7 m ile s (I n c lu d in g t w o
b r id g e s ) , w it h 2 H -m P e b r a n c h t o t e r m in a l s t a t io n : t o t a l , 3 1 .2 7 m il e s .
U .
S . R R . A d m in , in M a y 1 9 1 8 s a n c t io n e d c a p it a l o u t la y s o f $ 1 7 3 ,9 6 4
V .
107, P- 2156.

ORGANIZATION.— Controlled by nine roads.

V. 84, p. 130; V. 85,

100, 347. 1402; V. 8 6 . p. 170.
.
.
-.
S t o c k o u t s t a n d in g . $ 4 ,0 0 0 ,0 0 0 .
O f th e $ 8 ,0 0 0 ,0 0 0 n e w
b o n d s , $ 4 ,­
2 0 0 .0 0 0
h a v e b e e n is s u e d a n d $ 1 0 0 ,0 0 0 h e ld in t r e a s u r y .
V . 99. p . 1210.
T h e P e r e M a r q u e t t e a n d C in . R a m . & D a y . (fo r e c lo s e d ), e a c h g u a r a n te e d
p a y m e n t o f 1 6 .1 2 % o f t h e in t e r e s t o n t h e b o n d s , a n d t h e H o c k i n g V a ll e y ,
P e n n s y lv a n ia C o .. N e w Y o r k C e n t r a l, M ic h . C e n t r a l, T o l. S t . L . & W e s t .
G r a n d T r u n k W e s t e r n , H o c k in g V a lle y a n d T o lo d o & O h io C e n t r a l, 9 .6 8 %
each .
F o r c a l. y e a r 1 9 1 8 , F e d e r a l c o m p e n s a t i o n , $ 2 5 2 ,9 9 9 ; o t h e r in c o m e ,
$ 2 8 3 3 ; d e d u c t i o n s , i n c l . i n t . o n f u n d e d d e b t , $ 1 8 9 ,0 0 0 , a n d o t h e r c h a r g e s ,
p i . q o o , v.
4
„«• o o
„ ’i
1 Q 17. c r o s s . $ 5 8 7 ,1 9 5
p.

R Y . — ( V . 1 0 7 , p . 1 8 3 8 .)

T O L E D O S A G I N A W & M U S K E G O N R Y .— F ro m M u s k e g o n , M ic h .,
t o A s h le y
M i c h . , 9 5 .9 1 m ile s .
T h e G ra n d T ru n k o f C a n a d a ow n s th e
$ 1 ,6 0 0 ,0 0 0 s t o c k a n d a ls o t h e $ 1 ,6 6 2 ,0 0 0 b o n d s .
V . 71, p . 85; V . 72, p . 338.
F e d . M g r ., H . E . W h itte n b e r g c r , D e tr o it, M ic h .
★ T O L E D O S T . L O U IS & W E S T E R N R R .— O w n s ro a d fr o m T o le d o to
L a s t S t . L o u is , 4 5 4 m . (m o s t ly 7 5 & 8 0 -lb . s te e l r a ils ); s id in g s , & o ., 1 8 2 m .;
a ls o h a s t r a c k a g e t o S t . L o u is a n d T o le d o U n io n d e p o t s .
O w n s J o in tly
w i t h t h e G r a n d T r u n k W e s t e r n R y . a l l t h e s t o c k o f t h e D e t r o i t <fc T o l e d o
S h o r e L in e R y „ D e t r o it t o T o le d o . 4 8 m ile s , J o in tly g u a r a n t e e in g its 4 %
b o n d s ; p r e s e n t Issu e $ 2 ,9 1 8 ,0 0 0 .
V . 76, p . 655.




R E C E I V E R S H I P .— O n O c t. 2 2 1 914 P re s . W . L . R o s s w a s a p p o in te d
r e c e iv e r .
V . 99, p . 1216.
I n J a n . 1 9 1 5 fo r e c lo s u r e s u it w a s b r o u g h t u n d e r
c o lla te r a l tr u s t m o r tg a g e .
V . 100, p . 231.
In 1 9 1 8 litig a tio n w a s p e n d in g
in v o lv in g t h e v a l id it y o f th e c o lla te r a l t r u s t b o n d s .
V . 106, p . 1462.
T h e s t o c k h o ld e r s p r o t e c t iv e c o m m it t e e in N o v . 1 9 1 8 b r o u g h t s u it t o p r o ­
v e n t th e U . S . R R . A d m in is t r a t io n fr o m c o m p e llin g th e c o m p a n y t o j)u r c h a s o 1 ,2 5 0 f r e i g h t c a r s a s s i g n e d a t a c o s t o f $ 3 , 5 7 2 , 2 5 0 , w h i c h i t is c l a i m e d
fa r e x c e e d s th e ir n o r m a l v a lu e . \ . 1 0 8 , p . 2 0 0 9 , 2 0 9 8 .

$ 3 8 4 ,9 0 2
7 7 6 ,2 2 7

. 109. p . 471.
O f th e
c o a l.
1916. _
1915.
$ 6 ,2 0 3 ,8 4 7 $ 4 ,7 2 2 ,3 5 2
$ 1 ,2 9 3 ,1 7 1
$ 8 3 5 ,6 4 1
- - - - - - - ­
9 1 6 ,0 5 3
6 4 2 ,2 4 3

$ 2 ,2 9 4 ,4 7 3
1 ,3 7 9 ,7 8 3

O R G A N ’ N .— S u c c e s s o r o f T o l. S t . L . & K . C . (fo r e c lo s e d ): V . 7 0 , p . 1 1 9 0 .
I n A u g . 1 9 0 7 a c q u ir e d c o n t r o l o f th e C h ic a g o & A lt o n , v i z ., $ 6 ,4 8 0 ,0 0 0
D re fe rre d a n d $ 1 4 ,4 2 0 ,0 0 0 c o m m o n s t o c k .
S e e B o n d s b e lo w .

A TONOPAH & GOLDFIELD R R . — O w n s T o n o p a h Jet. via Tonopah t r
B u ll f r o g J e t . . N e v . , 8 9 m ile s ; t r a c k a g e , 9 m il e s ; b r a n c h e s , & C .. 1 2 m i l e s .
V . 82, p. 80.
D IV ID E N D S — 1906.
C o m m o n ...................... 2 7 %
P r e f ..................................
7%

1907.
10%
10%

1 9 0 8 - 1 1 . * 1 2 . ’ 1 3 . * 1 4 . 1 8 . * 1 6 . '1 7
N one
3
7 44
7 1044 7
7
N one
7
7
7
7
7
7

'1 8
10
1

*1 1 '
7
1

A s i n k i n g f u n d r e t i r e d t o J u l y 1 1 9 1 7 , ^ ' At h ° v 1 i r)K ° n ° 7 17 ° V ^ S ^ ' n ^ O f i ’
Iss u e d u n d e r t h e $ 1 ,5 0 0 ,0 0 0 m o r t g a g e o f 1 9 0 6 .
V . 1 0 5 , p . 7 1 7 , V . 8 2 , p .8 0 0 .

S ot., 1919.] * g 3 S " “ ‘

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 fir s t p a g e .]

M ile s
R oad

R E P O R T .— F o r y e a r e n d in g D e c . 31 1 9 1 7 , V . 1 0 6 ,
G ross
T o ta l N e t
In i.
P f. D iv s .
E a rn s.
I n c o m e . R e n t s ,& c .{ 7 % p .a .)
S 9 .4 3 1 $ 3 5 ,0 0 0
Y o a r 1 9 1 8 ...............$ 4 7 2 , 6 0 8 $ 1 2 7 , 8 9 1
6 m o s . 1 9 1 8 ______ $ 2 5 3 , 9 0 7
$ 7 7 ,4 9 2
$ 4 ,8 6 1 $ 1 7 ,5 0 0
Y e a r 1 9 1 7 ...............$ 6 2 5 , 6 1 2 8 2 7 4 . 9 S 6 $ 1 2 1 , 9 5 6 $ 3 5 , 0 0 0
P r o s ., M . B . C u t t e r ; 8 e c ., W in . F . lle n s U a w , B u llit t
— ( V . 1 0 6 , p . 3 9 7 , 2 2 3 0 . 2 4 4 3 .)

D a te
B onds

Par
V a lu e

42
67
6
29
101
” 15

R a te
%

£100
1 ,0 0 0
1 .0 0 0
1 .0 0 0
100
1 ,0 0 0
1 .0 0 0 & o

£ 5 0 0 .0 0 0
1 7 5 .0 0 0
3 .2 8 0 .0 0 0
2 ,0 0 0 ,1 )0 0
5 2 5 .0 0 0
8 e e tex t
3 .7 3 3 .0 0 0
4 3 4 .0 0 0

4H
5
4 g
4H

1902
1904

1 ,0 0 0
50
500 &o
1 ,0 0 0
1 ,0 0 0
1 .0 0 0 & o

1 .5 5 0 .0 0 0
2 7 5 .0 0 0
1 0 0 .0 0 0
2 .0 0 0 ,0 0 0
1 .0 0 0 ,0 0 0
2 0 0 ,0 0 0

5
7
5
5 g
4 g
4 g

£

&o

1912
1908
1917

84

A m ount
O u tsta n d in g

1907

T o n o p a h & T id e w a t e r R R .— 1st M d e b stk ce rts g g o
S t e r l i n g b o n d s , g u a r , r e d e e m a b l e 1 0 5 __________________
T o r o n t o H a m & B u f f — 1st M g 5 4 0 ,0 0 0 p m _ _ A B .z o *
C o n s o l 1 s t M $ 1 0 , 0 0 0 , 0 0 0 s k f u n d g u a r _____________ Q r
E q u ip g o ld s e r A d u e $ 7 5 ,0 0 0 s -a ( V .9 0 ,p .3 8 1 ) C e .x
T r a n s -M ls s ls s lp p l T e r m C o — 1st M s f red 105 G y e * r *
N o t e I s s u e $ 4 ,.1 5 0 .0 0 0 a t 7 % g c a l i 1 0 1 . E x t 3 y r s _ E q
T r a n s y l v a n i a — F i r s t m t g e g o l d $ 5 0 0 , 0 0 0 -------- G . x o ’ & r
T r a v e r s e C it y R R — S ee G r a n d R a p id s & I n d R y —
T r e m o n t & G u l f — F i r s t m t g e g o l d r e d t e s t ____l C . x o *
T r o y & G re e n b u sh — S to o k 7 % re n ta l N ew Y o r k C en t
T u c k e r t o n R R — 1 s t M e x t 1 9 1 0 r e d 1 9 2 0 a t 1 0 5 _____ o *
U l s t e r & D e l a w a r e — C o n s NI f o r $ 2 , 0 0 0 , 0 0 0 - g . C e . o *
R e f u n d i n g m o r t g a g e 5 3 , 2 0 0 , 0 0 0 _____________ G . o * & r
U n a d illa V a ll e y — F ir s t M $ 2 0 0 ,0 0 0 g o ld r e d e e m a t 1 1 0
U n d e r g r o u n d E le c t r ic R a il w a y s L o n d o n —
4 H % b o n d s £ 3 ,0 0 0 ,0 0 0 c a lla b le a t -p a r (s e e t e x t ) . .
C e n t r a l L o n d o n R y t r u s t c t f s £ 3 , 0 0 0 . 0 0 0 g u a r 4 % __
F i r s t c u m 6 % d e b ( I n c o m e ) s t o c k c a l l a t 1 2 5 _________
I n c o m e b o n d s 6 % n o n -c u m c a ll a t p a r £ 6 ,5 0 0 ,0 0 0 ..
T h r e e - y e a r n o t e s ( r e n e w e d I n M a r c h 1 9 1 7 ) _________
• C a p i t a l s t o o k ( f u l l p a i d ) ______________________________________
• " A ” O r d i n a r y s h a r e s o f 1 s h i l l i n g e a c h £ 6 0 , 0 3 5 _____
C o n t i n g e n t c e r t i f i c a t e s _______________________________________
M e t D ls t a n d L o n E l R y p o w h o u s e 4 % r e n t o h g s tk

£

&o

1905
1907
1896
1916
1913
1914
1914
1906

190S
1885
1888

&
c

£10
l s h illin g
£1 n o m ’l

p . 2443.
C o m . D iv . B a la n c e ,
( 7 % p .a . ) S u r. o r D e f
S ll5 ,5 0 0 d e f.$ 3 2 ,0 1 0
$ 5 7 ,5 7 0 d e f.$ 2 ,4 3 9
$ 1 1 5 ,5 0 0 s u r .$ 2 ,5 2 9
B ld g ., P h ila d e lp h ia .

T O N O P A H & T I D E W A T E R R R .—See page 136.
A T O R O N T O H A M I L T O N & B U F F A L O R Y .— O w n s W e lla n d J u n c t io n
t o W a t e r fo r d J u n c t io n , O n t ., 8 0 m ile s ; P o r t M a il t a n d o n L a k e E r ie , O n t .,
n o r t h a b o u t 2 0 m ile s t o S m it h v ille ; t r a c k a g e , 4 m ile s .
O p e ra te s c a r fe r r y
b e t w e e n A s h t a b u la a n d P o r t M a it la n d in c o n n e c t io n w it h N . Y . C e n tr a l
L in e s .
V . 106, p . 930.
S T O C K .— A u t h ., $ 5 ,5 0 0 ,0 0 0 , $ 4 ,5 1 2 ,5 0 0 o u t s t a n d i n g D e c . 3 1 1 9 1 8 ,
h e ld b y N . Y . C e n t r a l s y s t e m a n d C a n a d ia n P a c ifi c , t h e la s t n a m e d o n
D e c . 3 1 1 9 1 8 , o w n in g $ 7 4 9 ,6 0 0 s t o c k a n d $ 1 ,0 0 0 ,0 0 0 c o n s o ls . V . 6 1 , p . 7 5 3 ;
V . 63, p . 359; V . 68, p . 475, 1134; V . 69, p . 2 9 .
In O c t. 1912 a ca sh d iv i­
d e n d o f 2 0 % w a s p a id .
O n O c t. 1 1913 1 H %
(q u a r .) w a s p a id . 1 9 1 4 ,
J a n ., A p r il a n d J u ly , 1 ! 4 % ; n o n e t h e n t o J a n . 1 9 1 7 . w h e n l W % w a s p a id :
A p r il 1917 t o J a n . 1 9 1 9 , 5 % p . a . (.I X % q u a r . J .) .
I n A p r il; J u ?y a n d O c t.
1 9 1 9 p a id 1 > 3 % .
V - 100, p . 310.
L o a n s a n d b ills p a y a b le D e c . 3 1 1 9 1 8 ,
$ 4 7 5 ,0 0 0 .
B O N D S .— U n d e r t r a ffic a g r e e m e n t w it h N . Y . C e n t r a l, M ic h ig a n C e n t .,
C a n a d a S o u t h e r n a n d C a n a d i a n P a c i f i c , i n t e r e s t o n 1 s t M t g e . b o n d s is
p r a c t ic a lly g u a r a n te e d .
S e e V . 6 8 . p . 4 7 5 , a n d a d v t . in “ C h r o n ic le " o f
M a r . 11 1 8 9 9 .
T h e C o n s o l. 1 s t M . b o n d s ( $ 1 0 ,0 0 0 ,0 0 0 a u t h .) a r e a f ir s t lie n o n t h e fo r m e r
E r i e Sc O n t a r i o R y . a t $ 4 5 , 0 0 0 p e r m i l e , a n d a t h i r d H e n o n t h e r e m a i n d e r o f
th e p r o p e r t y , t o p r o v id e fo r b e tte r m e n ts , r e fu n d in g , & c .
V . 101, p . 528:
V . 99, p. 1750.
T h e M ic h ig a n C e n tr a l R R . C o ., C a n a d a S o u th e r n R y . C o
a n d C a n a d ia n P a c if i c R y . C o . w e r e t o j o in In a g u a r a n t y o f t h e In te r e s t
t h e r e o n a n d p r o v i d e f o r s i n k i n g f u n d in p r o p o r t i o n t o t h e i r r e s p e c t i v e In ­
t e r e s t s t h e r e i n , b u t In M a r c h 1 9 1 7 t h e O h i o S u p r e m e C o u r t h e ld t h a t ,
w h ile t h e N e w Y o r k C e n t r a l m ig h t g u a r a n t e e s u c h o f t h e T o r o n t o H a m ilt o n
& B u f f a l o b o n d s a s I t m a y I t s e l f o w n o r a c q u i r e , i t Is n o t p e r m i t t e d , u n d e r
t h e O h i o l a w , t o m a k e a J o in t g u a r a n t y w i t h t h e o t h e r p r o p r i e t a r y c o m ­
p a n ie s .
S e e V. 1 0 1 . P . 1975. a n d C a n . P a c . . V. 1 0 3 . p. 1 5 0 8 ; V. 1 0 4 . p . 1 1 4 6 .
C a l.
G ross
N e t (a fter
O th er
C h a rges,
B a la n c e ,
Y ea r—
R even u e.
T a x es ).
In co m e.
& c.
D iv id e n d s .
____ r p l u s .
S u ,______
1 9 1 8 — $ 3 , 0 4 5 , 4 8 2 $ 1 , 1 0 9 , 3 2 4 $ 1 1 3 , 0 5 0 $ 3 1 9 , 8 6 7 ( 5 % ) $ 2 2 5 , 6 2 5 $ 6 7 < f ,8 8 2
1 9 1 7 . . . 2 ,3 5 8 ,0 2 4
7 4 9 ,4 8 2
8 1 ,5 3 2
2 9 6 .4 7 5 ( 5 % ) 2 2 5 6 2 5
3 0 8 :9 1 4
1916
1 ,8 7 0 ,2 3 7
7 0 5 ,0 2 9
8 7 ,8 4 9
2 7 9 ,0 2 8 ( 2 k ) 1 0 1 ,5 3 1
4 1 2 ,3 1 9
— ( V . 1 0 2 , p . 1 6 2 6 ; V . 1 0 3 , p . 1 5 9 3 ; V . 1 0 6 . p . 9 3 0 , 2 3 4 6 ; V . 1 0 8 , p . 1 7 2 2 .)

T R A N S C O N T IN E N T A L R Y .— See Grand Trunk P acific R y . above.
★ T R A N S -M IS S IS S IP P I
opened

F eb.

15

1916.

T E R M IN A L

T exas

&

P a c ific

C O .— New Orleanst ermlnals,
and

M o.

P ac.

R R .

C o.

each

own one-h alf o f the $2,000,000 stock o f Trans-M lsslsslppl Term inal R R .
C o ., successor to the Trans-M lsslsslppl Term inal C o ., and join tly guarantee
prin. and Int. not exceeding $7,500,000 bonds. O f the bonds, $6,071,000
have boon deposited to secure an Issue o f $4,250,000 6 % 3-year gold notes
dated N ov. 1 1914.
The shareholders voted O ct. 22 1917 to extend
the 6 % notes, due N o v . 1 1917 to N o v . 1 1920, the interest rate being
Increased from 6 to 7 % , the join t guaranty also being continued. See V .
105, p . 1523, 1709.
O f t h e $ 4 ,2 5 0 ,0 0 0 n o t e s is s u e d , $ 1 2 5 ,0 0 0 r e t ir e d
t h r o u g h s in k in g f u n d , $ 3 9 2 ,0 0 0 in t r e a s u r y a n d $ 3 ,7 3 3 ,0 0 0 in h a n d s o f
p u b lic .
O p e r a t in g m e r g e r o f fr e ig h t te r m in a ls s t ill in f o r c e in O c t . 1 9 1 9 .
V . 107, p . 803.
F o r c a l. y e a r 1 9 1 8 . F e d e r a l c o m p e n s a t i o n , $ 6 6 5 ,3 9 1 ; t a x e s ,
$ 1 8 ,9 3 7 ; in t . o n b o n d s , $ 2 6 1 ,4 3 0 ; r e n t s & c ., $ 2 0 2 ,4 3 9 ; s in k , f u n d , $ 4 0 ,3 2 2 ;
m is c e ll a n e o u s , $ 4 ,5 2 9 ; b a l ., s u r p lu s , $ 1 3 7 ,7 8 0 .
F ed e r a l C o m p e n s a tio n

$ 6 6 5 ,3 9 2

y e a rly

APrlvate
Control.

RAILWAY STOCKS AND BONDS

d u r in g

F e d e r a l c o n tr o l.

P r e s id e n t , O . L . W a lla c e ; F e d e r a l M g r ., J . L . L a n c a s t e r . D a lla s , T e x .,
a n d G e n . M g r . u n d e r U . S . G o v t . . J . A . S o m e r v ille .— ( V . 1 0 7 , p . 4 0 3 ,8 0 3 .)

W h en
P a y a b le

L a s t D iv id e n d
a n d M a tu rity

A & O 15 J u ly
M
&
S J u ly
&
D June
Sc
A Aug
R
Sc A F e b
4H g
Sc
J u ly
5
M
Sc
N ov
7
J
&
Jan
5 it

£ 1 ,8 3 2 ,4 0 0
4 M
2 ,5 4 8 ,6 7 1
4
1 .2 7 3 .0 0 0 U p t o 6
6 ,3 3 0 ,0 5 0 U p t o 6
£ 7 0 0 ,0 0 0
4 X
5 .0 0 0 .
000
5 9 ,9 4 9
5 .0 0 0 . 00 0
£ 2 ,2 5 0 ,0 0 0

F
&
J & D
J
&
J
&
A
&
J
&

A
15
J
D
O
J

F eb
June
J u ly
June
O ct
Jan

127
P la c e s W h ere In terest a n d
D iv id e n d s a r e P a y a b le .

1 1960
1 1960
1 1946
1 1966
2 0 - F e b '2 3
1 1944
1 1920
1 1956

I n d & G e n I n v T r .L o n d o n
G ly n ,M ills ,C u r r & C o , L o n
L in c o ln N a t B a n k , N Y

1 1948
15 ’ 19, 3 M
l 1930
1 1928
1 1952
1 1934

N e w Y o r k a n d C h ic a g o
T roy. N Y
C a m d e n (N J )S D & T r C o
C e n tr a l U n . T r u s t C o ,N Y
do
do
B an kers T ru st C o , N Y

J
&
J Jan 1 1933
M
&
S
F & A 3 1 1945
M
A S
Jan 1 1948
A p r 1 1920
J
&
J

N
N
O
G

ew Y ork
Y T r e a s O f.G r C e n T e r
r f ic e , 1 4 9 B ’w a y N Y
u a ra n ty T ru st C o , N Y

N Y , L ond, &c
A m sterd a m
3%
pd 6 m os D e c 1918
3 % p d 6 m oa D e c 31 1918

B a r in g B r o s ., L o n d o n
London

e d r e c e iv e r , t h e in t . o n b o n d s d u o J a n . 1 1 9 1 4 b e in g in d e fa u lt .
In S ep t.
1 9 1 9 G e n . J o h n A . I lu le n w a s a p p o in t e d r e c e iv e r t o s u c c e e d L . H . A t w e ll,
r e s ig n e d .
Y . 109, p . 1180; V . 98, p . 1921.
C o l o r a d o S o u t h e r n a n d R o c k I s l a n d G>». e a c h o w n h a l f i n t e r e s t i n s t o o k
( t h e R o c k I s l a n d ’ s i n t e r e s t b e l n u s u b l e o t . t o t h e M en o f t h e C o l o r a d o & S o u t h ­
e r n m t g e .)
T h e C h ic . R . I . & P . R y . C o . a ls o a g r e e d t o p a y f o r , o n M a y 1
1 9 3 5 (d a t e o f m a t u r it y o f C o l. & S o u . r e fu n d in g a n d e x te n s io n m t g e .) ,
o n e - h a l f o f t h e 1 s t m t g e . b o n d s a n d o t h e r s e c u r i t i e s o f t h e T r . Sc R . V . R y .
V . 80, p . 1423, 2622; V . 82. p. 930, 986; V . 99, p . 1529.
T h is la t t e r o b lig a ­
t io n w a s d is a v o w e d b y r e c e iv e r s o f t h e C h . R . I . & P a c ., b u t in J a n . 1 9 1 9
a s e t t le m e n t w a s r e a c h e d b y w h ic h th e la t t e r c o m p a n y o n p a y m e n t o f a b o u t
$ 4 ,0 0 0 ,0 0 0 c a s h t o t h e C o lo r a d o S o u t h e r n , o b t a in e d o w n e r s h ip o f a h a l f
in te r e s t in t h e p r o p e r t y .
V . 109, p . 6 72, 677; V . 108, p . 3 8 0 , 1611; V . 103.
p . 2429; V . 100, p . 2087; V . 102, p . 885.
Owns one-quarter interest in Houston B e l t & T e r m . R y . a n d p r a c t i c a l l y

entire stock of Galveston Term . R y.
C o m p a n y ’s c o m p e n s a t i o n u n d e r F e d e r a l c o n t r a c t , $ 1 0 0 ,0 0 0 (lu m p s u m ) .
F ed eral M a n a g e r, w . B . S co tt, H o u sto n , T exa s.
S t o c k , s d b O .O O O : par, $ i O d .
I n A u g . 1 9 0 5 m a d e a fir s t m o r t g a g e , t o
s e c u r e 3 0 - y e a r 6 % b o n d s d u e 1 9 3 5 a t $ 3 0 ,0 0 0 p e r m il e , a ll t o b e d e p o s i t e d
as Issu e d u n d e r C o l. & S o u t h , r e fu n d in g m o r t g a g e ; o u t s t a n d in g J u n e 1 9 1 6 .
$ 8 ,7 6 0 ,0 0 0 .
C e r t . , o f i n d e b t e d n e s s t o C o l Sc S o u t h e r n a n d C h i c . R . I . Sc
P a c i f i c R y . J u n e 3 0 1 9 1 0 , $ 7 ,9 8 6 ,7 4 1 6 s a n d 4 H s *
T h e 5 % e q u ip , b o n d *
o f 1 9 0 7 a r e g u a r , j o i n t l y , b . Sc L , b y C o l . Sc S o u . a n d C h i c . R . I . & P .
V . 84, p . 509.
C h i c . R . I . Sc P . I n 1 9 1 6 a n d 1 9 1 7 m a d e n o p a y m e n t o n
a c c o u n t o f i t s g u a r a n t y o f t h e s e e q u i p m e n t n o t e s , o f w h i c h S IO O .O O O d u e
A p r il 1 9 1 7 , w e r e o u t s t a n d in g o n D e c . 31 1 9 1 7 .
E A R N I N G S .— 8 m o s .,
Jan . 1 to A u g . 31.

f 1 9 1 9 -G r o s s ,
1 1 9 1 8 -G r o s s ,

$ 8 0 9 ,6 5 5 ; n e t ( b e f . d e f .$ 4 0 7 .6 0 5
7 2 8 ,3 7 3 ;
t a x e s ) d e f . 2 0 6 ,6 4 8

F o r y e a r e n d . D e c . 3 1 1 9 1 8 , g r o s s , $ 6 3 7 ,9 2 7 ; n e t , a ft e r t a x e s , d e f ., $ 2 0 1 ,­
300.
F o r 1 9 1 7 t h e r e w a s a d e f ic it in t h e n e t o p e r a t in g r e v e n u e o f $ 1 1 6 ,1 6 0 ,
t o w h i c h w a s a d d e d f o r t a x e s , $ 7 1 ,9 7 9 , lo s s n e t c r e d i t in m i s c e l l a n e o u s I t e m s ,
$ 4 0 ,9 5 4 , c r e a t in g a n e t in c o m e d e f ic it ( b e f o r e d e d u c t i n g fix e d c h a r g e s ) .
$ 1 4 7 ,1 8 5 .— ( V . 1 0 1 . p . 2 4 2 9 ; V . 1 0 8 , p . 3 8 0 , 6 8 5 , 1 6 1 1 ; V . 1 0 9 , p . 6 7 7 )
★
T R O Y & G R E E N B U S H R R .— O w n s fr o m T r o y to R e n s s e la e r , 6 m ile s ,
d o u b le t r a c k ; le a s e d t o t h e H u d s o n R iv e r R R . C o . In 1 8 5 1 a t 7 % o n '$ 2 7 5 , 000 sto ck .
L e a s e a s s u m e d b y N . Y . C e n t . R R . D e c . 1 9 1 4 .— V . 1 0 6 , p .9 2 4 .
A T U C K E R T O N R R .— O w n s W h itin g s S t a t io n t o T u c k e r t o n , N . J ., 2 9 m .
s t o c k a u t h o r iz e d , c o m m o n , $ 1 2 5 ,0 0 0 : p r e t ., $ 5 0 0 ,0 0 0 : o u t s t a n d i n g , c o m ­
m o n , $ 1 0 0 ,8 6 8 : p r e f ., $ 4 4 5 ,3 7 4 ; p a r . $ 5 0 .
Y e a r e n d in g J u n e 3 0 1 9 1 0 , g r o s s .
$ 8 3 ,0 8 5 ;n e t , $ 1 9 ,1 6 5 ; in t . a n d t a x e s ,& c .. $ 1 0 ,2 7 9 ; b a l ., s u r .. $ 8 ,8 8 6 . P r e s .,
W a lte r W . P h a r o ; V .- P . & T r e a s ., W m . S e lfr id g e . P h ila d e lp h ia ; T . P .
P r ic e , S e c ., T u c k e r t o n .— ( V . 9 0 , p . 6 2 8 .)
A T U S C A R O R A V A L L E Y R R .— P o r t R o y a l t o B la ir ’ s M ills , P a .. 2 7 m .
(3 f t . ) .
S t o c k is s u e d , $ 1 5 0 ,0 0 0 ; p a r , $ 5 0 .
T h e $ 1 5 0 ,0 0 0 5 % F ir s t M t g e .
b o n d s w h ic h fe ll d u e J u ly 1 1 9 1 7 a r e o w n e d b y J . M . B la ir a n d H . O . H o w e r
th e p r e s e n t o w n e r s o f th e r o a d ; r e o r g a n iz a t io n p r o b a b le , V . 1 0 5 p . 8 2 0 !
Y e a r 1 9 1 7 , g r o s s , $ 3 2 ,9 4 7 ; n e t , $ 6 1 5 .
F o r y e a r 1 9 1 8 , g r o s s , $ 3 4 ,2 5 0 :
d e f.. $ 10,3 99 .
P r e s . , J . M . B l a i r . — ( V . 6 7 , p . 1 1 6 2 ; V . 1 0 5 , p . 8 2 0 .)
★ (T H E ) U L S T E R & D E L A W A R E R R .— O w n s fr o m K in g s t o n P o in t (o n
H u d s o n R i v e r ) , N . Y . , t o O n e o n t a , 1 0 7 .1 0 3 m ile s , w it h b r a n c h e s , a t o t a l o f
1 2 8 .8 8
m ile s .
V . 74, p . 42.
S t o c k , $ 3 ,0 0 0 ,0 0 0 ; o u t s t a n d in g , $ 1 ,9 0 0 ,0 0 0 ;
p ar, $100.
A s t o r e fu n d in g 4 s o f 1 9 0 2 , se e V . 7 5 , p . 6 6 7 ; V . 7 9 , p . 1 5 3 .
“ S T A N D A R D

R E T U R N ,”

& c .— S e e

D I V I D E N D S . — A n n u a ll y in J a n u a r y

page

5.

1914 to

1 9 1 8 , in c l., 3 % .

E A R N S .— 12 m o s ., { 1 9 1 8 . G r o s s , $ 1 ,0 0 6 ,4 4 4 ; n e t , b e f . t a x ., d e f.$ 8 ,2 0 0
J a n . 1 t o D e c . 3 1 .1 1 9 1 7 -G r o s s ,
1 ,0 0 8 ,8 9 3 ; n e t , b e f . t a x e s
2 1 1 ,4 1 8
F o r 8 m o n t h s , J a n . 1 /1 9 1 9 - G r o s s ,
$ 7 3 5 ,0 1 1 ; n e t , b e f . t a x ., d f.$ 1 1 6 ,1 9 7
to A u g. 31.
\ 1 9 1 8 -G r o ss ,
6 7 9 .6 9 3 : n e t , b e f . t a x e s
1 4 ,7 7 1
C a l.Y r s .e n d .
G ross.
N e t.
O th . I n c . I n t .,T a x .,& c . C o m .O iv s .
B a la n c e .

★ T R A N S Y L V A N I A R R . — H e n d e r s o n v i l l e t o Lake T oxaw ay, N. 0 ., 42
miles. L e a s e d t o S o u t h e r n R y . f o r 5 0 y e a r s f r o m J a n . 1 1 9 0 6 at a rental
of $ 2 5 ,0 0 0 y e a r l y f o r 1 0 y e a r s a n d $ 3 0 ,0 0 0 t h e r e a ft e r . V . 8 3 . p . 9 7 .
Stook authorized. $420,000. Bonds, see table, ( y . 87, p. 814.)

1917.......... $1,008,893 $211,418 $79,658 $237,423 (3)$57,000 der.$3.347
1916 - - - - - - 1,007.840 211.669 81,712 194,343 (3) 57,000 sur.42,038

ATRAVERSE CITY LEELANAU & MANISTIQUE R Y . — O w n s H a t c h s
to N o r t h p o r t , M i c h . . 2 4 m i l e s ,
rra ck a g o T ra v e rs e C ity to H a tch s . 6 m.
t o t a l, 3 0 m ile s .
I n 1 9 1 8 s u s p e n d e d o p e r a tio n s , b u t t o A p r il 1 9 1 9 w a s n o t
b e in g ju n k e d .
V . 108, p . 169.
V . 86, p . 975; V . 87, p . 814.
T a x agree­
o woic k a u t h . , s z f7s8 u0u u .
m
N o b o n u s r e o ..
m e n t in 1 9 1 7 , V . 1 0 5 , p . 1 9 9 9 .
St ai
$2 ., 00
d
Feb
19*
1917.
Y e a r e n d . J u n ei 3 0 * “ 1 6 , g r o s s , $ 3 3 , 8 7 8 ; n e t i n c o m e , $ 6 , 5 5 7 ; r e n t a l s ,
C a r t r u s t s o u t s t a n d i n g , $ 6 ,9 4 1 .
c h a r g e s , & c . , $ 1 0 , 6 0 2J; d e f . , $ 4 , 0 1 3 .
;
( V . 1 0 5 , p . 1 9 9 9 .)
T R A V E R S E C I T Y R R . — See Grand R apids & Indiana R y . C o .

A UNADILLA VALLEY RY. — O w n s r o a d f r o m B r i d g e w a t e r t o New B e r ­
lin . N . \ . . 1 9 m ile s .
S t o c k , $ 2 0 0 ,0 0 0 ; p a r , $ 1 0 0 .
V . 78, p. 104.
B ond*,
se e t a b le a b o v e ; V . 7 8 , p . 1 4 9 9 .
L e w is R . M o r r i s is t r u s t e e .
L oans and
b ills P a y a b le o u t s t a n d in g D o c . 3 1 1 9 1 8 , $ 6 ,6 5 0 .
Y e a r 1 9 1 8 , g r o s s , $ 7 4 ,1 7 5 ;
n e t , $ 1 1 ,5 1 8 ; b o n d i n t ., $ 8 ,0 0 0 ; t a x e s , r e n t a ls , & c ., $ 4 ,3 6 3 ; b a l .. d e f .;
$845.
P r e s ., L e w is R . M o r r is , 2 7 C e d a r S t ., N e w Y o r k .— ( V . 7 8 , p . 1 1 6 8 ),

A T R E M O N T & G U L F R Y .— Owns Trem ont to W lnufleld. L a.. 48 miles;
Menafoe to R ochelle, 18.47 miles: total, 66.74 miles. 8 tock 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 F eb. 1 1918 at 105
Sc Int. the $3,450,000 unissued are reserved for extensions at not over
$30,000 per m ile, for improvem ents, & c., under restrictions contained in the
m ortgage. V .8 8 .p . 1314. For year 191o-16, gross. $302,890; net. $120.­
441; Int.. taxes. See.. $101,563; Im provem ents, $20,201; b a l.. d ef.. $892.
F or cal. year 1917, gross, $292,564; net, after taxes, $111,123. Pres., J. 8.
Joyce, C hicago; Sec., Frank P . Stubbs Jr., M on roe, L a .— (V . 88, p. 1314.)
★ TRENTON D E LA W A R E BRIDGE CO.— Owns bridge 0.19 miles In length.
a n d r e c e iv e s to lls fr o m f o o t p a ss e n g e r s a n d v e h ic le s .
L easod Ju n e 20 1877
t o D e c . 1 2 8 7 0 t o P e n n . R R . ; r e n t a l, $ 2 0 ,0 0 0 y e a r ly a n d 6 6 2 - 3 % o f ta x e s .
S t o c k , $ 2 9 8 ,9 0 0 .
C o n t r a c t t e r m in a te d J u ly 1 1 9 1 7 w it h P e n n . R R . C o .
a n d b r id g e o v e r t o S ta te s o f P e n n , a n d N e w J e r s e y , M a y 3 1 1 9 1 8 .

★ T R I N I T Y & B R A Z O S V A L L E Y R Y .— Owns Cleburne to H ouston,
T e x .. 235.5 in.; Teague to W axahachle, 67.32 m .; trackage at H ouston.
12.59 m .; total, 315.41 m . On June 16 1914 J. W . R obins was appoint-




G e n . M g r . u n d e r U . S . G o v t ., R ic h a r d
( V . 1 0 6 , p . 2 6 5 1 .)

O ’ S u lliv a n ,

K in g s to n , N . Y . —

U N D E R G R O U N D E L E C T R IC R Y S . C O . O F L O N D O N . L T D .-O p e r a t o *
u n d e r g r o u n d e le c tr ic r o a d , v iz .:
T u b e C o . — S t o c k m o s t l y o w n e d . L o n d o n E l e c t r i c R y ______________________2 2 H
T u n n e l— L e a s e d , m a j. s t k . o w n e d , M e t . D i s t . R y . ( 3 M m . o w n e d J o In tIy )2 8
O R G A N I Z A T I O N .— T h e c o m p a n y w a s re g is te r e d A p r il 9 1 9 0 2 u n d e r
E n g l i s h C o s . A c t a n d u n d e r t o o k t h e e l e c t r i f i c a t i o n o f t h e M e t . D i r t . Ry.
( n o w c o n t r o l l e d a n d l e a s e d ) , a n d a ls o b e c a m e la r g e l y I n t e r e s t e d In t h r e e t u b e
c o m p a n i e s w h i c h w e r e a m a l g a m a t e d I n J u l y 1 9 1 0 a s L o n d o n E l e c t r i c Ry.
I n 1 9 0 8 f i n a n c e s w e r e r e a d j u s t e d p e r p l a n In V . 86. p . 1 0 4 4 ; V . 8 7 . p. 347.
I n 1 9 1 2 I m p o r t a n t c h a n g e s w e r e m a d e I n t h e c a p i t a l i z a t i o n of t h e c o m ­
p a n y a n d it * s u b s i d i a r i e s In c o n n e c t i o n w i t h t h e p u r c h a s e o f c o n t r o l of t h e
L o n d o n G e n e r a l O m n ib u s O o . ( V . 9 4 , p . 3 5 2 , 4 1 7 ; V . 9 5 . p . 1 1 2 . 3 6 2 , 4 7 8 )
a n d t h e C e n t r a l L o n d o n R y . ( V . 9 5 , p . 1 5 4 2 : V . 9 6 . p . 2 8 6 , 1 3 6 5 ) . t h e C i t y Sc
S o u th L o n d o n R y . , a n d a m a lg a m a t io n o f M e t . E le c t . T r a m w a y s C o . a n d
L o n d o n U n ite d T r a m w a y s C o . (V . 1 0 6 , p . 1 6 8 9 ; V . 1 0 7 , p . 2 1 8 9 ; V . 1 0 8 .
p . 581, 685, 2023)
as L o n d o n
S u bu rban
T r a c t . C o . (V . 9 5 , p . 1 6 0 9 ).
P o o lin g a g r e e m e n t o f 1 9 1 6 , see V . 1 0 2 , p . 8 0 1 , 154 1 .
A s t o J o in t p o w e r - h o u s e r e n t c h a r g e s t o c k , s e e Y . 9 2 , p . 1 6 3 7 ; V . 9 3 , p .
135, 347, 872.
I n c o m e b o n d s h a v e 11 v o t e s fo r e a c h £ 1 0 0 p r in c ip a l.
I n A p r il 1 9 1 4 £ 7 0 0 ,0 0 0 3 - y e a r 5 %
n o t e s w e r e s o ld (in 1 9 1 7 r e n e w e d ) '
s e c u r e d b y C ity & S o u th L o n d o n a n d L o n d o n E le c . R y . s to c k s .
V .1 0 4 7
p . 1265. 1389.
V . 98. p . 1394: V . 100. p . 1342.

128
R A IL W A Y STOCKS A N D BONDS
IVol. 109.




N o t ., 1919.] * g ? K " “ *

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

Union Pacific R R — Common stook $296,178.700____
Pref stook 4% non-cum $200,000,000 (V 80. p 1364)
First M g RR & land grant $100,000,000 g___ Bax
Bonds redeemable convertible (text)_____
Bax
FlrstLlen & Ref mtge red 107 H beg 1918-Eq.xo* &r*
do
do
do
sterling________________
Ten-year Secured gold bonds________________ c*&r
Union RR— See D 8 Steel Corp under “ Industrials”
Union Station Co of Chicago—See Chicago Union
Un Term Co. Dali— 1st M red 105 beg '22 text.CCyc*
Union Springs & Northern—See Birmingham & South
United N J R R
Canal Co— Stook 10% guaranteed-.
General mortgage of Loan of 1923 gold________ xr
1871 for $20,000.­ Loan of 1929 g o ld _____xo&r
000
(now first Loan of 1944 g o l d _____xo&r
mortgage) FP se­ Loan of 1951 gold guar___ x
cures all equally Loan of 1948 g p & 1gu.xo&r

&

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

1897
1907
3.556 1908
3.556 1908
1918

$100
100
500 &o
500 &c
$
£
1.000

$222291600
Text
Q—J Jan 2 '20 2H %
99.543.500 4 In 1919 A & O Jan 2 ly20 2%
100.000.000
4 g J & J July I 1947
26.974.500
4 g J & J July 1 1927
4 g M & S June 1 2008
x60.974.500
t/4,779,675
4 g M & S June 1 2008
J & J July 1 1928
20,000,000
6 g

Statlo n Co
1912

1,000

2.090

easter

233
miles
road
and
oanal

1883
1889
1894
1901
1908

xy Union Pacific R R In Dec 31 1918 owned further am ou n ts.

HISTORY.— Incorp. In Utah In 1897 per plan of Oct 15 18Q5 (V 61 d .
704. 705, and V. 64. p. 424; V. 6 6 , p. 618: V. 67, p 790 )
Under the modified plan for the sale of the Southern Pacific stock ap­
proved by the U 8 . District Court June 30 1913 (V. 9 7 n 5 0 ) 138 292 400
of the Southern Pacific Co. stock was on July 16 191& exchanged’ for’ the
antlre holdings of $42,547,200 Baltimore A Ohio stock (one-half pref.) of
the Penn RR
The remaining $88,357,600 So. Pac. stock formerly owned
was deposited with a trustee, which Issued certificates of Interest In the
stock, certificate holders to have no voting rights and receive no dividends
until they exercised the option to convert their certificates Into So Pac
Co. stock, after first making affidavit to the effect that the applicant owned
no Union Pacific stock and was not acting for any stockholder thereof or In
the Interest of the Union Pacific. In 1916 reported net profit of 116 099 290 from sate of Southern Pacific Oo. stock.
P
* 10, v
U P. stocknolders In 1913. under an offer, which was underwritten sub­
scribed for $84,426,700 of said $88,357,600 certifs. o f Interestat92
SeeV
97. p. 177. 445. 662. 730. 1288. 1904; V. 99. p 895. 167^ V 95. P 1543
SECURITIES OWNED. On Dec. 31 1918 the company and Its sub
sldlarles held unpledged except as below shown (l) In affiliated companies,
(a) stocks. $39,420,901: (b) bonds and notes. $42,512,600; (2) In outside
companies stock. $70,932,147: and their bonds, notes and eauloment
trusts, $119,314,300; (3) U. S. Liberty bonds, $16,53U 00
equipment
Some of Principal Securities Owned as Foresaxa Dec. 31 1918 Face Value.
B.A O. RR com. & pref. $5,400,027 N°rf. A W . Kv. e<j
1.669,000
Bonds & equip. 4 f^ s.. 7,486.000 N
; Cent. RR. stock.w$21.000.000
O, A Alt. RR. prer. stock. 10,343,100
Ref. A Impt. M . 4 H s. 3.000.000
Gen. Mtge. 6 s ($8 ,­
8 . 0 0 0 .0 0 0
C o n v e r t i b l e 6 s ...................
417.000). A c............. 9.225.000 No. Pac — Ot.Nor.Jt.4s. 4.132.000
O .A N. W. Ity com . stk. v4,420,600 Penn. RR. & penn. Oo
Gen.M.($4i00.000).&c 5 017.000 a V 5 f l 0 J i! b o n d s . A c___ 1 0 . 6 0 0 . 0 0 0
Ob.M il.& St.P.Ry pref.. xl.845.000 8o- Pacific Oo. 4s, 1949. 6.399.000
Sundry bonds____ _
4,975,000
San Fran. Term. 4 s
6.000.000
D . & H. gold notes, &c_ 3,500,000
Equip trust 4 4 s .
4,586.000
Illinois Gent. R R .stock.y22.500.000
8 0 .Pac.RR. 1st ref 4 s. 14.568.000
Joint Ref. 5s ($5,­
Los Ang A Salt L.RR stk. 12.500.000
000.000), A c............. 5,098.000 rr l,8t M 4s of July 1 1981x29.511.000
R R . 8 ocur d o. stocks._ 5,423.320 Union Pac. Coal Oo. stk. 5.000.000
St. Jos. & Gr. Isl. Ry.
l8t. Mtge 5s (out of
1st pref. stock_______ 4,926,689 __ *5.0 00.0 00)............. 1,965.000
do
2nd pref. stock 3,360,479 Utah Light A Tract. 5 s . . 12.136.000
do
com —ML. 4,553,300 N . v ™>;>n RR. 1st 4 4 s 3 .0 0 0 .0 0 0
—
------ stock
„
.
v w x y z Amounts Pledged.— Oregon Short Line Mtge. covers $4 018,700
of Item “ v ,” $20,000,000 of “ w .” all of "x , $8,700,000 o f " v " and $27.­
577,000 Of “ z .” See also "Secured gold bonds below.”
STOCK.—In 1901 common stook was authorized to be lnoreased by
$100,000,000, to provide for conversion of First Lien 4s, and on June 15 1907
by $100,000,000, of which $42,857,200 to be reserved for conversion of the
$75,000,000 4s of 1907: balance for future requirements. See BONDS
below
v 82. p 1271: V. 84. P 1115: V 85. p. 1587.
LATE DIV8.—
f’ 06. ’07-’ 13. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19.
1920.
Common (% ).............\ 8 10 yearly 9
8
8
8 9H 10 Jan. 2H
Extra...........................l__
...
text . . - - 3K H
_______
Jan. 1917 paid 2% and 2% extra, Apr., July and Oct., 2% and 14% extra
Jan. 1918. 2% A Vi% ext.; April 1918 to Jan. 1920. 2>4 % q uar.
There was distributed on July 20 1914 out of accumulated surplus profits
to the holder of each share of com. stock 12% In Balt. A Ohio pref and
2214% of B. A O. com. held In the treasury and also $3 per share in cash.
199 1682187’ 238' 4M ' 625‘ 84° ’ 914’ 1240' 1394* 1639'

184 71

V‘ " ’ P'

Rate
%

5.000,000

100 21.240.400
1.000
1.824.000
1.000 6.020.000
1.000 5.646.000
1.000 5.669.000
1.000
841,000
viz.: Of x $14,098.0

IN TEREST ON 6 % NON-OUM ULATIVE INCOM ES (1908)—
1910- \9 l h Mar. i912. Sepf.1912. 1913fol916. 1917. 1918. 1919.
,
H%
l> i%
1%
,
2%
6 % yearly
4%
4%
text
4% p. a. (2% M . & S.). Mar. 1917 to Sept. 1918; Mar. and Sept. 1919,
3 % each.
Capitalization o f Subsidiary Companies and Amounts Owned by Parent
■Company.— See issue o f June 1918. Statement o f Frank Pick Commercial
Manager on June 24 1919 before Select Committoe o f the House of Com­
mons. V. 109, p. 578.
REPORT.— Annual report for year 1918 In V. 108 p 1605­
Cal.
Inc. from
Fixed
Interest on Int.onlstC um . other
Balance.
Year. Invest.
Interest.
Income Bds. Inc. Deb. Stk. Int Ac. Sr orDf
1918-_£760,265 a£115,766 a(5)£445,909 (6)£76,380 £116 656 sur£5 553
1917.. 606.730
109.944 a (4)33?.602
(6)76.380
82.297
sur.507
1916 . ,653.361
106.508
a(5)406.178
(6)76.380
72 238 def 7 942
a Includes Income tax.
'
’
Rt. Hon. Lord Geo. Hamilton, G .O .S.I., Chairman- Sec W E Mandellck. Offices. Electric Railway House. Broadway 'Westminster l i n ­
den, S. W .— (V. 107, p. 803, 907. 2189; V. 108, p 581 685 785 2023
2434; V. 109, p. 578, 1180, 1462, 1893.)
’ 08i)’
U d’
• UNION PACIFIC R R .— (See M ap.)— The lines operated on Jan 1 1918
ft
aggregated 8,003 miles o f road (with 1 266 miles o f 2d track and 2.72.5 miles
o f yard track and sidings), extending from Council Bluffs and Kansas Cltv
in the east, via Denver, Cheyenne. Ogden, &c.. to Portland Ore. and
Spokane, Seattle, &c., in the west. The system comprised:
Miles of Road on
Wholly Owned Leased Tr'k'ge Deduo
Total
Jan. "1 1919—
Owned. Jointly. &c. Rights, tions. Operated.
Union Pacific R R ................... 3.602
3,615
Capital Stock Owned— (See each co.)
Oregon Short Line R R ______ 2,190
x207
9
68
2.348
Ore.-Wash. R R . & N. C o . . .1,972
74
95
207
2,069
y279
T o t a l...............................-.7,764
79
308
8,032
255
354
x Leased from Oregon-Wash. R R . & Nav. Co. y Includes 207 miles
leased to Oregon Short Line. ‘ Also owns U interest in the Los Angles A
Salt Lake Ry. (recently San Pedro Los Angeles & Salt Lake) which see.
!n Dec. 1918 was reported to have acquired control of former Salina &
Northern R R . forclosed, Salina to Osborne, Kan., 81 miles. V. 107,




APrivate
Control.

RAILWAY STOCKS AND BONDS

5g

When
Payable

A

A

00:

of y

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

O Apr 1 1942

Q— J
10
F & A
4g
4 g M & S
M & S
4g
3H g M & S
4g M & S

129

Offloe, 165 B’ way, N Y
do
ao
do
do
Office. 165 B ’way. N Y
New York and London
do
do
Office. 165 B ’way. N Y
Oont&Com Tr&S Bk, Ch

Oct 10 '19, 2M Offices, PennR R , Phila
Feb 1 1923
do
do
Sept 1 1929
do
do
Mch 1 1944
do
do
Mch 1 1951
do
do
Sept 1 1948
do
do

$19,400, 000.

BONDS.— The li t mtge. of 1897 oovers the original 1.854 miles. Includ­
ing the telegraph, terminals, equipment and land grants. V. 6 6 . p. 618.
Stockholders subscribed In 1907 for $73,762,000 of $75,000,000 new con­
vertible 4s at 90. These are convertible at any time be re July 1 1917 Into
oommon stock at $175 per share, and are redeemable at the option o f
the oompany, or on any semi-annual Interest day since July 1 1912, at a
premium of 2 H % . upon 90 days' notloe. In which case the privilege of con­
version will terminate 30 days before redemption date. V. 84, p. 1115.
1183; V. 85. p. 100. 161.
The First Lien and Refunding 4s of 1908 are seoured by first mort­
gage on 1,466 miles of main traok. Including the line from Julesburg to
La Salle. Colo., and also, subject to the 1st mtge., the 2.090 mtles of road
oovered thereby, making a total of 3.556 miles oovered by the mtge. Of the
remaining bonds. $100,000,000 are reserved to retire the 1st 4s o f 1947, the
other $34.098.000 to be issued only for additional lines, lmpts., &c. V. 9 9 :
p. 749. 818. 895; V. 8 6 . p. 1468; V. 87. p. 546. 1012. 1541; V. 90. p. 44*
V .9 1 .P 872: V 100. p. 1834-V 101 o 1165
102 o 801 1719.
In July 1918 sold an Issue of $20,000,000 10-year 6 % Secured Gold bona*.
Secured (V . 106, p. 2758) by deposit of the following collateral, estimated
market value of over $25,000,000: $2,000,000 Chicago A N. W . Ry. Gen.
Mtge. 4s and $2,500,000 5s. due 1987; $3,000,000 N. Y. Central R R . Ref.
& J P p t- 4 ^ 8- due 2013: $1,000,000 Penna. RR. Consol. Mtge. 4>4s. due
I960 and $2,500,000 Gen. Mtge. 414s. due 1965; $6,000,000 Southern Pa­
cific RR. First Ref. Mtge. 4s. due 1955: $4,000,000 Balt. A Ohio R R . Baf A
Gen. M tge. 5s, due 1995: $5,000,000 Illinois Central R R . Co. A Chic St
Louis A New Orleans RR. Co. Joint First Ref. Mtge. 5s, due 1963; $4 CO
O
000 Denver Union Terminal Ry. 1st M . 4>4s, due 1964 (guaranteed Jointy
and others).
Guarantees $39,840,820 Ore.-Wash. R R . & Nav. 1st & Ref. 4s ($175 OOOi000 auth. Issue) not including $31,744,000 In U. P. Treasury. See that
co. (V. 92. p. 1437: V. 93. p. 1325.)
The Federal contract executed in Feb. 1919 fixed the amount of annual
compensation at $38,416,000, Including the following subsidiary companies:
The Oregon Short Line, the Oregon-Washington RR. A Navigation C o.,
the Des Chutes R R ., the Green River Water Works C o., the Rattlesnake
Creek Water Co. and the Union Pacific Water Co. V. 108, p. 785.
EARNING S.— 9 mos., 11919.Gross, $80,746,408; net (bef. $27,915,009
Jan. 1 to Sept. 30.
\1918_Gross, 69,853,762; taxes)
27,394,348
R E PO RT.— Year now ends Dec. 31. Annual meeting first Tuesday In
April. Report for 1918 In V. 108, p. 2132.
y
-------- Federal Basis-----------------Company Basis------„
1918.
1917.
1916
1915.
Average miles.......
8,016
7,987
7,933
7,853
Operating revenue-158,845,176
Oper. exp. & taxes-108,201,664

130,101,864 114,412,607 91 952 244
84,131,458 69,355,937 58.79L940

Net revenue------ 50,643,512
45,970,406
Net from operations____ 50,822,110 45,316,464
Federal rental_________ 38,416,111
_____
Other incom e-................... dr.263,686
49,274
Income from inv., & c . . . 11,747,311 11,791,367

45,056,670 33.160 304
.
’ *
1,258’,56I 1 481*510
12,246,971 12,'l70,541

Total income---- 49,899,736
57,157,105 58,562,142 46 812 361
,0 1 -2 ,001
Federal war taxes______ 2,795,633 1,627,972
Fixed charges.........
14,513,368 14,004,260 15.39*0",356 15*.237*751
Add ns & betterments..
6,379,835 15,313,973
4,367,075 1 083 459
Preferred divs. (4%)
3,981,740
3,981,740
3,981.740 3 981,740
Common dividends..(10)22,229.160(10)22229160(8) 17783,328(8)17783|328
Balance, surplus.........
None
None
17,039,643 _ 8,726,083
OFFiCERS, & c — Pres Judge Robert S. Lovett (V. 107, p. 2188):
^
Adams, J. D. Farrell, Wm. A. Harriman and H. W. Clark
(also Gen. Counsel); Sec., Thomas Price; Treas., E. V. S. Crosby; F ed.
Ivin, Omaha, Neb., and Gen. Mgr. under U. S. G ovt.,
DIRECTO RS.— Otto H. Kahn, F. A. Vanderlip, Marvin Hughitt. A . G.
Earl mg, Mortimer L. Schiff, Robert S. Lovett, Oliver Ames, Wm. G.
Rockefeller, Wm. Rockefeller, Chas. A. Peabody, O. B. Seger, Wm. Averil
Harriman, W. V. S. Thorne, Robert W. Goelet and H. W. Clark.
1 7 8 ? ® ? V0f109.'pRTo“ l32l 5
3427.)0 B 'Way' N ’ Y ’- (V ’ 108’ P- 270’ 785’
UNION RR., P ittsbu rgh .— Owns East Pittsburgh to Streets Run and
?n Q l^ np p* 'L 9i 9 2 '“ d leased: North Bessemer to East Pittsburgh. Pa.,
M onogahela S o u t h ^ R S . ^ U L ^ ^ m lie£ M im ‘ n ICt" P* ’ ’
ownld by • u AS thStleld o “
U

<llDg’ $2’000’000: par- ***• a» ° r

8

8 77

m“

major ty

BOND 9 n See D; 8 ' Steel Oorp- under “ Industrial Companies" below.
station
K ansas A

Fe (Atchison T. & S. Fe system'lT frlnu'F & T lr^os'lW leyT SL Louis & San
Francisco, Chicago Rock Island < Pacific and St. Louis < Southwestern
&
5
c
•yitems, each owning Hth of the $48,000 capital stock. Uoder 99-year
operating contract the company handles the passenger business of the afore­
said companies, who discharge all Its expenses, liabilities and receive all
Income. In Dec. 1915 the Trinity A Brazos Valley Ry Oo. had dis­
continued operating trains Into Dallas, but while It Is not released from
any of Its obligations under the operating agreement. Its obligations
will
JHT M I>« discharged by the remaining companies. V 101 p 1887.
a T-Wc
1.
U. S. RR. Admin. In May 1918 sanctioned capital outlays of $17,080.
Oovers about I
city blocks ou 10 C acres of real estate In business
*
district, with 10 parallel tracks and space for 8 more; total trackage, 9.6
miles of malD track 2.8 miles of depot track and 3 1 miles of sidings, also
5 miles leased from user companies.
All of the bonds ($5,000,000).
have been issued under said agreement, guaranteed principal and interest.
Jointly and severally, by the eight proprietary companies. V. 98, p. 1073.
1158. 1394: V. 103, p. 146. In 1915-16 William Salomon & C o.. N . Y ..

130

★ Government
Control.

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

503
United RRs of Yucatan— 1st M g red 101 beg 20 si par
Utica & Black River— See New York Central RR
97
Utica Chen & Susa Val— Stock 6% guar by D L A W
Utica Clinton & Binghamton— Common stock - - - - ­
31
First mtge guar p <c 1 by Del A Hud (end) ---N .x c
S
Debenture stock, guar div------------------------ - — -----11
Valley (N Y)— Stock 5% guaranteed t>y D L & W - . - 11
Flrst mortgage (for $ 5 0 0 ,0 0 0 )---------------F
Van Buren Bridge— See Bangor & Aroostook R R .
Vandalia RR— See Pittsb Cin Oh & St Louis RR
Vera Cruz & Isthmus— See National Railways o f M exlco
59
Vermont & Mass— Stock 6% guar by Fitchburg R R Bonds currency guar p & 1 by Fitchburg R K --------24
Vermont Valley Ry— S t o c k - .------------------ -----— ■■
24
First mortgage $1,500,000 gold— . . . ...B B .zc& r
1-year notes guar (see text), ext. 1 9 1 5 -1 6 ---------Vicksburg & Meridian— See Alabama & Vicksburg
Vicksburg Shreve & Pac Ry— Com stock 53,000,000Preferred stock 5% non-cumulatlve $2,200,000---188
General mortgage $3,500,000— ------------— -F -zc
188
Vicks Shrev & P RR prior lien ext 15 at 5% g.Ce.xo
Eq tr “ B ” 6s; “ C ” 4 ) 4 s --------------------------------------- •
'
Virginia Air Line— See Chesapeake A Ohio
67
Virginia & Caro Sou— 1st M $1,000,000 g (see text) -X
Virginia iMidland— See Southern Ry
136
Virginia & Southw— 1stM g g u b y V a l C A C — --.Q x
209
First Consolidated mtg $7,000,000 gold — G.xc Ar
Equip tr ser E due $25,000 s-a (V 93, p 1 1 0 6 ) - - Bax
do
do ser F due $21,000 s -a -----------------Ba.x
do
do ser G due 24 M and 23 S s-a — -Q .y
—
Virginian Ry— Common stock auth $45,000,000-----Pref stock $35,000,000 auth 5% cum red t e x t .. . .
470
First mtge $75,000,000 g red at 110.......... F.xc*Ar«
42
Wabash Chester & Western— First mtge g o ld ----* c
65
First consolidated mortgage $1,000,000 g — SSt.zo

1910
1889
1881

Par
Value
£50 Ac

Rate
%

£825.000

5g

6
$100 $4,000,000
649,224 3 H % ’ 18
100
5
800.000
1.000
ion
200,000
5
750,000
100
5
400.000
1.000

100
1.000
50
1,000
1910
1915 1,000 Ac
100
100
1,000
1901
1885
1.000
1916

1903

1913

Amount
Outstanding

1,000

6
3,193.000
772.000
3)4
1.000.000 10 In 10
1,500.000
4>4 g
6
2.300.000

When
Payable

A P r lv n t e

Control.

[Vol . 109.

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

Apr ’ 17 coup pd July ’ 17
A & O April 1950
M & N N ov 1 1919. 3% D U t W R R , New York
F & A 10 Aug 1919 1)4% Utica (N \ [C ity Nat Bb
New York Trust Co, N Y
J & J July 1 1939
No maturity
J & j July 1 '19,2)4% Del Lack A Western,NY
Owned by Del Laok A W
F & A ?8 Aug 1 1911
A & O O ct7 1919, 3%
M & N May 1 1923
J & J Julyl 1916, 5%
A & O Oct 1 1910
F & A-28 Aug 31 1916

53 Devonshire St. Boston
Office Treas Fttchb'e RR
Jan 1917 dividend unpaid
Safe Dep A Tr Co Boston
Aug 1918 int pd when due

Sept 4 '19 2)4 Central Un Trust N Y
2,856,500
do i
do
yearly Sept 4 T9 2)4
2,142.800
Farmers' L & Tr Co, N Y
M & N May 1 1941
5
1,922,000
Central Un Trust N Y
5 g M A N Nov 1 1940
1,323.000
68.278 6 & 4*4 Various To 1919 & 1923
Safe Dep & T r, Bait
A J July 1 1943
j
524.000
5g

2,000.000
1903 1,000 &c
5.000.000
1908 1,000 Ac
100.000
1,000
1911
168.000
1,000
1913
215,000
1.000
1914
----100 27,955,000
100 &c 29,500,000
1912
300.000
1,000
1888
390.000
1.000
1893

Guaranty Trust Co, N Y
«o J Jan 1 2003
S
do
do
A O Apr 1 1958
A N M ay’20-Nov '21 Bankers Trust C o, N Y
do
do
& D Dec 19-June'23
A S Mch 20-Mar '24 Guaranty Trust C o . N Y

5g
5g
4)4
5
5

j

7
6g
5g

Feb i ,
M A J May 1
N
J & J July 1
J A J Jan 1

5 ff

A
M
J
M

1917 7%
Farmers' L 4 T C o ,4 LoU
1962
July 1913 coup last paid
1918
July 1894 paid July 1'90
1928

Year—
G r o s s e r Net Inc. Int., A c. P f.(5 % ). Com. Divs. Surplus.
1918_____$2,689,104x$457,820 $277,909 $107,140 (2H)$71,412
$5,241
1917_____ 2,206,558 747,238 172,852 107,140 (2)4) 64,271 402,975
1916_____ 1,305,138 633,630 181,362 107,140 ........... - - - - 345,12*
x Net income In 1918 was compiled on the following basis: Standard
return, $337,948; revenue prior to 1918, $88,515; and other income,$457,821.
Federal M gr., J. A. Edson, Kansas City, M o.; General Mgr. under
U. S. G ovt., C. E . Johnson.— (V. 107, p . 182. 907, 1005; V. 109,p. 1789.)
A VIRGINIA & CAROLINA SOUTHERN R R .— Owns from Lumberton.
JN C ., north to Hope Mills, 27 m.; St. Pauls, N . O., to Elizabethtown,
.
27.75 m.; Lumberton Jet. to North Lumberton and East Lumberton.
3.86 m.; total, 58.67 m. Stock at last accounts, $141,000; majority owned
by Atl. Coast Line. Year ending Dec. 31 1918, gross, $148,422; net,
$54,926; other income, $38; int., taxes, &c., $46,916; bal., sur., $8,048.
°^ E A R N iN G S .—-For year ending Dec. 31 1918, gross, $72,219,282; net, For 1917, gross, $127,559; net, after taxes, $51,124; balance, surplus after
$6,567,746; other income, $130,395; war taxes, int., rentals, impts., &c., interest, &o., $8,107. Pres., A. W. McLean,;. Lumberton; Fed. M gr.,
$8,606,196; dividends, $2,124,040; bal., def., $4,032,095.— (V. 106, p.924.) A . C. Needles.— (V. 86. p. 1345.)
•
UNITED RAILROADS OF YUCATAN.— V. 104, p.2553; V .105, p.181. ★ VIRQINIA & SOUTHWESTERN R Y .— Owns Bristol, Va.. to coal fields
around St. Charles, Va., and southerly to mines at Mountain City, Tenn..
UNITED R A ILW A YS OF THE HAVANA & REQLA WAREHOUSES
with branches, 151 miles; Moccasin Gap to Persia Jet., Tenn., 38 m. Leases
LTD .— (V. 108, p. 2023; V. 109, p. 1459, 1893.)
Rogersville via Persia to Bull’s Gap, Tenn., 14 m.; traokage, 22 m.; total,
UTAH R A ILW A Y.— See V. 104, p. 1389; V. 105. p. 2544; V. 106. p.2012. 225 miles. In 1908 Southern Ry. purchased the $2,000,000 stock at $200
★ UTICA CHENANGO & SUSQUEHANNA VALLEY RY.— Owns Utica. per share and on July 1 1916 took a lease of the road for one year and from
N. Y .. to Greene, N. Y .. 75 miles: branch to Richfield Springs, 22 miles. year to year thereafter until terminated by either party, at a rental equal
Leased to Delaware Lackawanna & Western at 6% on stock. No bonds. to int. on bonds and equip, trust obllgs. V. 87, p. 98; V. 103, p. 321. Divi­
dends 5% each paid June 1912, June 1913 ».nd Feb., June end Dec. 1914,
— (V. 106. p. 601.)
1915 and June 1916.
A Coke Co.
★ UTICA CLINTON & BINGHAMTON RR — Owns Utica, N. Y .. to June and Dec. p. A. 1. V. 75, p. 348. Vlrgloia Iron. Coal 273. Of theguar.
1st M .
398 , 736: \ . 70. P.
first
Handallvllle, N. Y ., 31 miles. Leased during continuance of chartei consol. oonda,
50-year
and renewals thereof to Delaware A Hudson Company, which pays rental are reserved to 5s ($7,000,000 auth. Issue), dated April 1 1908, $2,000,000
retire 1st 5e. V. 86. p. 1102, 1161, 1187; V. 87, p. 1606:
of $61,500 per annum. Operated by N. Y . Ontario & Western. The
V. 93, p. 1192— (V. 103, p. 321, 1509. 2073.)
atrppt l i n e s owned (10 miles) are leased to Utica & Mohawk Valiev Ry
or $15 000 per annum. Capital stock. $849,285 (par $100). $200 000 of ★ VIRGINIAN RAILW AY.— The main line of the road extends from
which is guaranteed by Del. & Hudson 5% per annum; balance va ria b ly - Deepwater, on the Kanawha River, In West Virginia, to Sewell s Point
Qj/cr icqq fn 1Q19 incl • 1913. 4% ; 1914, 3 1 9 1 5 and 191o, 074 /% on Hampton Roads, near Norfolk, Va., a distance of 441 miles. Winding
o
1(^17^3 ^ % ; ^ 1 8 , 3 k % ;1919! Feb. , i M % ;A u g .,l H %■— (V . 94. p. 1764.) Gulf branch. Mullins, W. Va., to Pemberton, 24 miles; other lines owned
A VALDOSTA M OULTRIE & WESTERN R Y .— Valdosta to Moultrie, and leased, 23 m .; trackage, 24 m .; total, 513 m. . , In 1918 extensions. were
.
. ..
aaV.4 2 miles
In Jan .1910 the HR. was soldMinderforeclosure ofN W M . built aggregating 14.63 miles. New River coal fields, and .
Road taps the Pocahontas and
forms the short­
to B. P. Jones, for this Railway C o., organized Mar. 19 1917, with $350,000 est possible route to tidewater over the lowest grades.” From Princeton,
capital stock. V. 104, p. 258. 363. C. L. Jones, Pres.; and S. W . Jones, the main coal-gathering yard, 350 miles west of Sewell's Point, the east8ec.-Treas., Valdosta.— (V. 104, p. 258, 363, 953, 1389, V. 106, p. 1462.) bound grade does not exceed 0.2 of 1% . or 10H ft. per mile, except for a
+ v ’a i i FV (N Y ) RR — Binghamton, N. Y ., to State Line of Penn., 9-mlle section over the Allegheny Mountains, where the maximum grade
I I miles. Leased to Delaware Lackawanna & Western at 5% per annum is 0 . 6 of 1% . or 32 ft. per mile; on this section a pusher Is used. One
on stock. The $400,000 1st M. 5s were purchased at maturity, Aug. 1 1911. locomotive will haul 80 loaded 50-ton coal cars, or 4,000 tons of coal per train.
— (V. 106. p. 601.)
STOCK.— Pref. stock Is redeemable as an entirety at any time after 3
years from date of issue by vote of majority In amount of all the outstanding
VANCOUVER, V ICTO RIA & EASTERN R Y . & NAVIGATION
Passenger and freight terminal at Vancouver, B . G. (V. 103, p. 2080.)
stock on payment of $105 per share, plus any accumulated dividends.
The shareholders on Jan. 27 1917 authorized an Increase o f capital stock
VERA CRU Z T E R M IN A L — (V. 105, p. 1210; V. 106, p. 1578. 2015.)
from $65,000,000 to $75,000,000. consisting o f $40,000,000 common and
★ VERMONT & MASSACHUSETTS R R .— Road Fitchburg to Green­ *35.000,000 5% cum. pref. stock. V. 104. p. 258, 453.
.
field. Mass., 5 6 miles o f double track; branch, 3 miles. Leased to Fitch­
In Feb. 1917 paid dividend of 7% on pref. stock on accountiof accumuburg R R . for 999 years from Jan. 1 1874 at 6% on stock. Interest on bonds
and organization expenses. Interest and dividends regularly paid to tlon. V. 106, p. 2346.
B O N D S . — The first 5s of 1912 ($75,000,000 auth. Issue) are a first lien
M ay 1918.— (V. 79, p. 2589; V. 106. p. 818.)
on all property owned or hereafter acquired. Including terminals and
★ VERMONT VALLEY R R .— Owns Bellows Falls to Brattleboro, Vt., equipment. The remaining $45,500,000 are reserved for extensions of the
24.44 miles. Controlled by Connecticut River R R ., which owns entire main line at not over cost, or $75,000 per mile, additional branches or
stock, and was operated by Boston & Maine as agent under lease of Conn. second track not to exceed $50,000 per mile, additions and ltnpts. of Vir­
River, the Vermont Valley receiving earnings over charges with a minimum ginia Terminal R y.at not to exceed actual cost, additional equipment, and
guaranty o f 4% on stock. V. 76. p. 214; V. 94, p. 1628. Owns all the other additions and equipment at not over 75% of cost, and 75% of cost of
stock o f Sullivan Co. R K ., Bellows Falls to Windsor, V t., 26.04 miles. In not less than 60% of the securities of other companies whose properties
March 1911 acquired control of the Montpelier A Wells River, Barre and form extensions or can be operated advantageously therewith (to an aggre­
Chelsea R R s., Incl., with spurs, 68 miles. V. 92, p. 528, 660. Dividend, gate not exceeding $10,000,000), to acquire stocks under restrictions named
long 6% ; 1904, 8% : 1905 to July 1916, incl., 10% yearly; 1917-18, none.
in the mtge. V. 94. p. 1058. 1187. 1318, 1385, 1765; V. 95, p. 44. 1270:
On Aug. 31 1916, James H. Hustis, President and temporary receiver V. 98. p. 454. 1539: V. 102. p. 252; V. 105, p. 2186.
of the Boston A Maine R R ., was made also temporary receiver of the
“ STAN D AR D R E T U R N ,” A c.— See page 5.
Vermont Valley R R ., owing to inability to pay the $2 ,3 0 0 ,0 0 0 notes due
WARNINGS.— 12 m os.,(1918.Gross, $11,906,444; net (bof. $2,628,527
that day. V. 103, p. 805. The six months' interest to Aug. 31 1917 on
Jan 1 to Dec. 31.
1917-Gross, 10,242.473;
taxes). 4,543.611
the note was paid Oct. 1; the interest due Feb. 28 and Aug. 31 1918 was
For 9 months— / 1919.-Gross, $8,628,252; not (bof.
$2,050,727
paid when due. V. 106, p . 930.
„
,
.
Jan. 1 to Sept- 30.
\ l918 -G ross, 8.679.748;
taxes). 2,424,714
Bonds ($1,500,000 1st 4
of 1910) are secured by first lien on road, 24
R E PO RT.— Report for year end. Dec. 31 1917 was in V. 106. p. 2440:
miles, and additionally by deposit of $700,000 Connecticut A Passurnpslc
Rivers R R . and $100,000 Massawlppl Valley Ry stock. V. 91, D. 791.
f^nliynflnr VpflTV—
1917.
lUlO.
1915.
revenues
....................... $10,242,473 $8,455,904 $6,252,014
In Jan. 1914 sold $2,300,000 one-year 6% notes to construct the Brattle­
S S )
................................. $3 ,9 7 2 ,1 1 1
$3 ,8 0 0 ,7 0 0 $2 ,5 2 1 ,0 9 3
boro extension and acquire the M ontp. A Wells River, Barre and Barre v W
Branch roads; these are guaranteed by the Connecticut River R R . and Mlscel fane ous Incom e!........................... - 624,966
443,057
215,910
endorsed by B. A M . R R ., and were extended to Aug. 31 1916. V. 97, p.
-Total income
$4,597,077 $4,243,763 $2,737,003
1899; V. 98, p. 157.. 238; V. 99. p. 1675; V, 100, p. 1919; V. 105. p. 182.
Total c h a r e s ........................... : : : : I i 504 961 $ 1 ,5 1 6 ,8 4 3 $ 1 ,4 1 7 ,1 7 9
999, 1310. 1414: V. 106. p. 930.)
Calendar
Gross Net, after Other
Interest, Dividends
Balance,
ln
„ofa &c
2 5 1 :3 5 1
2 4 7 .0 1 3
2 3 4 ,9 3 4
Year—
Earnings. Taxes.Income. Rents, Ac.
Paid.
Sur. or Def.
ITef. divs. account of accumulations. (7) 1,956,850
----------------------1 9 17............. $592,833 $133,732 $135,251 $234,025 _________ sur.$34,958
inmlus
-$ 8 8 3 ,9 1 5
$ 2 ,4 7 9 ,3 0 6 ^ $ 1 ,0 8 4 ,8 8 9
1916
554,132 191,634
120,225 238.067 (5)$50,000 sur. 23.792
— (V. 105. p. 182. 999. 1310, 1414; V. 106. p. 930; V. 107, p. 907.)
C oa l an d co k e ton n a g e, y ea r 1917. 6
,
4
0
3
3
2J p i 2 ' j
"ST A N D A R D R E T U R N ,” A c.— See page 5.
OFFICERS.— C h a i r m a n a n d P r e s . . O.
H u n t i n g t o n , Sec., James
★ VICKSBURG SHREVEPORT & PACIFIC RY.— Delta, La., on Mis­
sissippi River, via Shreveport, to Texas line, 188 miles. Of this, 17 miles. C1n n ’t KOTOVS8—\wiilarn E ^Benjamin, \V. R. t o o , Samuel L. Fuller
Shreveport to Texas State Line, is leased to Mo. Kan. A Tex. till July 1925.
BONDS, Ac.— Of the $3,500,000 general 5s, $1,323,000 are reserved
to take up at maturity the prior lien 6s which were extended In 1915 to
« * ■ • » » & « ? ■ »■ g » « 1940 at 5% and $255,000 In treasury for future needs. V. 101, p. 774. 1629, J D . Stack, Norfolk, Va.— (V. 106, p. 2440: V. 108, p. 685.)
DIVS—
(’04. 05. 06. '07. '08.09 t o '12. '1 3 .'1 4 .'1 5 .'1 6 .'1 7 T8 ’ 19
C o m m o n _( 3
2 — ------None-------- — 2
0 0 0 - - 2 X 2Vi 2 'A
Preferred I— 5% yearly------ 0
------ 6% yearly-----o
5
5 5
5
1
receiver V V V 344. Stock, $1,250,000; par, $100. First
Paid 2K % on the pref. stock in Aug. and Sept. 1918 and again April and con^ L m tgl ^ n J d u e 9 jS iy 1894 paid July 1896: none p a W . Inca;: on
1st M bonds the July 1913 coupons were those last paid,
year ending
SeE.ATE8T EARN IN G S.— (1919--Gross, $2,111,740; net (bef. $384,906 Dec731 1918, gross, $156,112; def., $13,320;.int., Uxes, &c^, $56,624, bal. .
8 mos., Jan. 1 to Aug. 31. (1918--Gross, 1,617,166 taxes),
384,895 d(*f $69,944. C o -o p e r a t iv e c o n t r a c t signed in July 1919.( V. J~,p. 1637,
REPORT — For year 1918, based on expected U. S. compensation, in V . 99* P* 2111; V. 109. p. 372.)
Y . 109, p. 1789:
offered these bonds. V. 101. p. 1887; V. 102, p. 1164 1898. Pres Frank
Ringer; Sec. & Treas., J. W . Everman; Aud., A. S. Steirer, Fed. M gr., F. G.
Pettibone; Gen. M gr., under U. S. G°v t-. JV. E. Maxson, Galveston.
(V. 103, p. 146; V. 107, p . 403, 803, 2187, 2383.)
★ UNITED NEW JERSEY RAILROAD & CANAL CO.— (See Map Penn.
RR .).— Part of a system of roads In Northern New Jersey, extending from
Camden to South Amboy and from Trenton to Jersey City, with branches
and connections, a distance o f 166 miles; Hudson River fe rric to New York,
I m .: Del. & Raritan Canal, from Borden town to New Brunswick. &c..
66 m .; Phila. & Trenton and Belvidere. Del.— which see— are le^ed ines.
LEASE.— Leased in June 1871 to the Pennsylvania R R . for 99J years,
rental equal to 10% on stock. Interest on bonds, taxes. Ac.
Of the $21,240,400 stock outstanding, the Penn. R R . on Dec. 31 1918




tfov., 1919 ]

*8SBsr“

R A IL W A Y S T O C K S A N D B O N D S

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

Miles Date
Road Bonds

W abash-PIttsburgh Term— See Pitts & West Va
Wabash Railway—
Common stock. $47,290,000_____________
Pref stock A 5% prof-shar, red 110 aft 5 yrs7text)"
Oonv 5% pref stock B red 110 aft 1920 $49,970,000
Gold notes secured by Belt Ry & Refrlg Co stock
Underlying Securities—
First mortgage gold ($34,000,000)_______ Ce.sc*
1.542
Second mortgage gold__________________
Mp zc 1,009
Deben mtge Income non-cum Series B not red Ba 1.542
Detroit & Chicago Ext 1st M g s f red 110 — Ce zc
150
Des Moines Dlv 1st M g$1.800,000!(V68.p574) Nxo
94
Toledo & Chicago Dlv mtge g 53,000,000 ..C o l xc*
225
Omaha Dlv $3,500,000 gold (V 75. p 6 8 6 ) —Ea xc*
144
1 st lien terminal mtge $10,000,000) gold__Ba.xc*&r
Kan City Exo Sp & Nor M g guar (V 79 p 2697)
Columbia & St Louis $300,000 gold guar p &l_SSt~
22
Equipment bonds sinking fund (V 72. p 822)N.xc<&r
Warren (N .1)— Stock 7% perpetual guar D L 4 W
"18
First ref mtge $2,000,000 g gu p & 1_____F.xo*&r
18
Washington & Columbia River— See Northern Pacific
Washington County— See Maine Central RR
Washington & Franklin— 1st M $475,000 g lnt rent__i
19
Washington Ohio & Western— See Southern Ry
Wash Ter— 1st M g gu($2.000.000 4s) (text) .Us.xo*&r
Wash & Vand— 1st M $1,500,000 g gu p&l.SBa.xc*
W aycross 5c Western RR— First mortgage notes_
_
Weath Minn Wells & Nor— 1st M gu end (text)____Nx
West Chester— See Pennsylvania RR
West Jersey & Seashore— Com stock_____________
Special guaranteed stock (lnclud $19,500 W J RR)
First Consol Mortgage Series A g s f _______ xc*
338
Series B $1,500,000 g o ld __________________ xc
338
Gold Series C & D ($756,000 Series C 3 Hs) .x c
338
Gold Series E ______________________________
:
338
Gold Series F _____________________________ Jxc
West Shore— 1st M gu p & 1 end by N Y C ..U n zc&r
479
West Side Belt RR. Pitts—See Plttsb Terminal RR & Coal
West Virginia Central & Pittsburgh— See Western Ma ryland
West Virginia & Pittsburgh— See Baltimore S Ohio
c

Par
Value

$100
100
100 17,174,642

1915

1 .0 0 0

1889
1 . 0 0 0 33,900,000
1889
1,000 14.000.000
1889
1,000
1,248,450
1891
1.000
2.643.000
1899
1,000
1.600.000
1901
1 .0 0 0
3.000.000
1901
500 < s
So 3.173.000
1904 1.000 See 3,923.909
1901
500
100,000
1902
1 .0 0 0
200,000
1901
1.000
627.000
50
1.800.000
1900
1.000
1.394.000

y eartyTW

tU '

reorganized per plan in V. 100. p. 1599. 1594: V. 10J7 p 1 9 7 5 Took dosl
I m Of * 1 h w ilL ^ i® P,a« reduced the fixed charges from $5.795P
273
V . 1 0 8 , p. 2 7 6 b1927 elim' natIns guaranties and unsecured obligations.
Federal compensation negotiations, V. 108, p. 1929.
.^ T O C K .— Thepref. shares A and Bare respectlvelv uref nrln anddlvs
(non-eumulatlve) and are callable after 5 years at 110
The 4 shares are
pay,r ni ln
5% on all sto^k (com and ^ e O to
clare.l nn ™
furt,h,’L d vblend for that year at the same rate as de­
clared on common stock (above said 5 % ).
Of the authorized com ­
mon and convertible preferred, $3,750,000 and $1,250 000 resnectlvely
were Issuable from time to time on account o f claims against old Po
The
O c /‘ 1 m o thmm° n
Issl*aJ a.9 needed for conversion of pref. B. and in
)le
nor 'fro it? thn a“ 0.un,ts outstanding had been increased chiefly in this man­
n 1 I£(?5 1~
tille totals issued at reorganization in 1 9 1 5 namalv
*540 0 0 0
page * 4 V 0,°os00^ i'o
W
W
n*0, ‘ hV ^ UntSo ^ n ^ ^ l ! 4 a t ^ p T f
io n ? 6 hoid(^s\?f’ tn^cb^ve«lt>m 'pr^L^to^'m ay
a ?u iP u g ^
A
1918. and up to 30 days prior to any date fixed for the d e m o t io n of the
entire Issue o f said Prorit Sharing Pref. Stock A. convert the S m e Into and
e*calar,ge the same for profit-sharing pref. stock and com stock at the rate
J
P of profit-sharing pref. stock and $50 o f com. stock for each $100 of
convertible pref. stock, with adiustment o f unpaid dividends
D I V I D E N D S .— N o . 1 o n p r e f. “ A " s to c k J a n . 2 9 1 9 1 7

1 <y • A n r i !

T u lv

a
paroOVt -i01 %:p191 829Ja'1- and APri' ’ 1% ! n° n° sinco to
8
9
C*>i£
BONDS. &C.— The plan o f 1915 left It to the new C
O after reonranfzA
tlon. to provide by a W s t & Ref. M tge., or otherwise’ ’ for ref^ndfnv thr
undO Tlylng^ndsat maturity and for future capital reciulremenS
in o ^ltOUU.iiOO 4% Gold Note* are secureu bv 2 4 0 0 nhuppi nf th«
stock of the Belt Ry. Go. o f Chicago and 1 217 sh am nf th .
nf
American Refrigerator Transit Go?
tmares o f the 8tock o f t h 0
Abstracts o f the mortgages o f 1889 were In V. 4 9 n 2 7 0 - 2 7 3 - Detroit

a a 1012; V. 74. p.
w s .
786.

v.

c °% i
m

r r ir f S

1040: V. 75. p7686.
L’
W' 73’ P* 338>
For $10,000,000 terminal gold bonds of 1904, see V 7 fl n A3 A 7 *-j 1 0 3 * *
1
V. 81. p . 1437; V . 82. p . 570: V. 83. p. 1236: v f 84. p % 97438' 753’ 1033,
EARNING S.— 9 m os.J 1919.Gross. $34,727 202- not
«o aa2 0 5 2
Jan. 1 to Sept. 30.
f 1918-Gross! 34.351.330;’ “texesT $f ’525 433
R E PO RT.— Report for cal. year 1918 In V. 108, p. 1929.

Gross earnings................. $48,246,411 $4ol t7 7 ’9 9 9 2 2 7 17 9 ?'in s
Not, after taxes................. $6,790,909 $10,543,882 $16 671 449
Compensation accru ed.. 5,867,268
..
0
1,44y
Other income...................
263,243
571,877
"509 772

a
339"l60
$0,339,ibU
~ 447 457

^ 6

Total Income................. $6,130,511 $11,115,669 $12 181 221 $6,786,617
Hire of equipment--------$212,848 $1,631,818 $1 534 8 7 5 $1,060,442
Other rents, &c-----------189,504
2,206,935
2 177 3 0 2
2,646,773
ln t. on funded debt------ 3,092,874
3,104,872
3 1 6 9 'id i
3.969,229
Divs. on Pref. A s to ck .. (1)462.000(4)1,848,000 (1)462 000
Bal., sur. or def___sur.$2,173,285sr$2,324,045srS4 844’498def 8889*827
OFFICERS.— Chairman Sc Pres., William H. Williams V P S, c f e
Treas.. J. O. Otteson; Federal M gr., J. E. TausMg s t TnniY’ xfA 3
&
Directors: William H. Williams. Alvin W. Krech' Guv
n xr
Pomroy, J. Horace Harding, George W. Davison, J. c 7 OttT«nnP Ro'hert
Goelet, Winslow S. Pierce, William A. Jamison and H r winthron
J. Leonard Replogle, New York: John N. WUlys, Toledo’- t F W t o n '
Chicago, 111.— (V. 108, p. 172, 270, 1061, 1391, 1929, 2124! 2529.)
’
★ WARREN R R „ N. J.— New Hampton Jot. to Dela. Bridge N J 19 9
m. Leased in perpetuity to Dela. L. & W . at 7% on stock and Interest
on bonds. See form of guaranty, V. 72, p. 628.— (V. 100, p. 601.)
W ASHINGTON CENTRAL R Y — See Northern Pacific R y.
★ W ASHINGTON & FRANKLIN R Y .— Hagerstown. M d. to Zumbro
.11 miles Controlled by Phlla- S Reading R y. Leased to Western
c
Maryland for lnt. on bonds and 5% on $150,000 stock: par $50 ner share
In 1917 Reading Co. owned $48,750 o f stock.— V. 737p 392 ) P
W ASHINGTON POTOMAC & CHESAPEAKE R Y .— (V. 106. p. 8 8 .)




Rate
%

When
Payable

131

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Apr 30 1918 1%
4g

S N M ay
c

M &
F &
J &
6
5
J <c
• 5e
4S J &
.
4g M &
5
3H g A <e
4g J &
J &
■ g
1
M &
4g
M
5g
A< O
x
7
31 gF &
4
5g
5e

1901
1.000
378.000
5e J
1905 1.000 &c 12.000.000 3 hi & 4 g F &
1907
7 2 0 .0 0 0
1,000
414 g F &
1919
142.000
6
1902
1,000
660.000
F &
5g
50 11,586,250 5 In 1919 A S
c
50
104.000
6
J &
1896
1.000
1.561.000
4g J &
1896
1.000
847.000
3 14 g J (c
1896
1,000
1.814.000 3 14 & 4 T *
1896
1.000
679.000
C
4g J u
1896
968.000
4g J S
c
1886 1.000 & 49.994.500
4
J A
Co
RR

★ Ol/)TH
WABASH RAILWAY . (See M ap.)— Embraces lines as follows, viz.
< ot 5/fV«e fltnoT
? t
\i1lno
*« ...
Owns East/ r\ Miss. River.
Miles. a. T t
Miles
Toledo, O., to East Hannibal,
St. L. Levee to Ferguson, M o ..
ll
Camp Point and Elveston, 1 1 536 Salisbury to Glasgow, la .. &o_
1
15
Des Moines to Chesterfield, Xa.
94
Adjacent Branches—
9
Decatur, 111., to E. St. Louis-. 109 Excelsior Spr. to Mllw. Ju n o..
,31 Brunswick, Mo.,
to Council
Streator to Falrbury__________
Juno, near Chicago to Effingham
Bluffs, la. (lncl. 9 m. leased) 207
and Altamont. Ill__________ 214
Ed wards vlllc Branch_________
9
Total owned and leased......... 2,034
Delrey, near Detroit, to Butler. 110
.
Trackage, &c.
Montpelier, O., on line to De­
Chicago to Clarke Junction___
27
70
troit, toCIarke Jot..nearChlo. 150 Moberly to H a n n ib al..............
15 East Hannibal to Quincy______
Attloa to Covington__________
16
12 Short lines to Quincy.
Champaign to Sidney_________
De­
Maumee to Montpelier, O
50
troit, Sec___________________
43
New Haven to Butler, Ind_ I
_
26 Other lin e s .._______________ ~
64
Buffalo, N. Y ., to Detroit_____ 243
Owns West of Miss. River
St. Louis to near Kansas City
275 (.Grauu fr . Ry., V. 105,P.1709.)
Centralla to Colum.bla, M o . . "
22
Total operated Jan. 1919____
13
Moberly to Ottumwa, la ___ . . . . . .] Also owned, leased to III. Term . 2.51.3
■
7
company owns $ 1 !o00?000°(dWldends*189*1918? 6

Amount
Outstanding

APrlvate
Control.

1

1920

New York

N
A
J
J
J
S
O
J
J
N

Central Union Trust. N Y
do
do
6 % In 1918.
Central Union Trust, N Y
New York Trust Co, N Y
Equitable Trust Co, N Y
do
do
do
do
Office St Louis
Office. 165 B'wav. NY
N Y fru st Co. N ^
Del Lack & W R R , N Y
do _
do

J Jan l 1939

Reading Trust C o. Phil*

A Feb 1 1945
A Feb 1 1947
July 1 1925
A Aug 1 1939

Washington & New York
U S Tr Co, N Y; & Balt

May 1 1939
Feb 1 1939
See text
July 1 1941
Jan 1 1 9 3 9
Mch 1 1941
Oct 1 1941
Jan 1 1954
Jan 1 1928
May 1 1942
8 Mar 1 1921
15 Oct 15 1919 3J4
A Aug 12000

O
D
J
J
J
J
J
J

Bankers Trust Co, N i
Oct 1 1919 2 >4 Broad St Station, Phlla
June 1 1919 3%
do
do
July 1 1936
July 1 1936
July 1 1936
July l 1936
do
do
July 1 1936
do
<to
Jan 1 2361
Grand Central Term. N Y

★ WASHINGTON TERMINAL CO.— Owns union station at Massachusetts
Ave., Washington, D. C., with terminal and approaches: opened Oot. 27
1907. V. 85, p. 1144. The Phlla. Balt. & Wash. (Penn.RR. system) and
the Balt. & Ohio own the outstanding $4,252,000 stock (auth. amount
$5,000,000) and guarantee the bonds, of which $10,000,009 bear 3 H % lnt.
and $2,000,000 4% . V. SO. p. 1973: V. 76, p. 812, 594: V. 77, p.
252; V. 80, p. 652, 1176, 1364; V. 35, p. 42: V .89. p .4 4 . Form of guaranty
V. 84, p. 1368. Other tenants. Southern Ry.. Wash South Rv. and Ches.
S Ohio R y. Pres., Daniel Willard, Baltimore. Federal M gr.. J. B. War­
c
rington.— (V. 106, p. 2651.)
★ WASHINGTON
V a NDBMERE.—Washington N. 0 .. to Vandemere
on Pamlico Sound, 42 miles, completed Jan. 1909. Stock all owned
by the Atlantic Coast Line R R ., which guarantees the bonds, principal
£
Bunds are issuable at $18,000 per mile, including $4,600 tor equip,
V. 84. p. 1249; form of guaranty, V. 85, p. 347. Loans and bills payable
Dee. 31 1918, $275,424. For year Dec. 31 1918, gross, $5,092: int., taxes,
&c. $46,012; bal., def., $40,920. Fed. M gr., Lyman Delano.— (V. 85.
p. 347.)
★ WATERTOWN & SIOUX FALLS R Y .— Owns Sioux Falls, S. D ., to
Watertown, 106 miles. Successor of South Dakota Central R y .. foreclosed
June 12 1916. Capital stock, $1,500,000 authorized.
The contract between the U. S. R R . Admin, and the Great Northern Ry.
takes care of any compensation for the use of the properties o f the company
in a gross amount to the Great Northern Ry.
Calendar Years—
1914.
1915.
1916.
1917.
1918.
Gross earnings...........$323,465 $367,168 $160,621 S2S7,961def$34,902
Net after taxes------- 36,766
83.942
55,246 def.33,068 def.51.519
* July 1 to Dec. 31.
OFFICERS.— Pres., C. O. Kalman; Sec.-Treas. F. L. Paetzold; Fed.
M gr.. W . P. Kenney.— (V. 103, p. 62.)
W AYCROSS & WESTERN.— In October 1919 was operating from
Waycross to Cogdell, Ga., 21 miles. Reorganized in June 1919 (following,
it is understood, foreclosure sale) with $50,000 o f auth. capital stock and
$142,000 6% 5-year notes (all sold) secured by mortgage on the road. The
remainder of the line was to be junked (V. 109. p . 380). Has “ short line”
co-operative contract with U. S. R R . Admin. President, Alex K . Sessoms
Office, Waycross, Ga.— (V. 108, p. 81. 380: V . 109, p . 478.)
★ WEATHERFORD MINERAL WELLS & NORTHWESTERN RY.—
awns Weatherford via Mineral Wells to Graford, Tex., 41 miles. Stock
$100,000. of which Texa3 & Pacific owns $94,680. Latter guarantees the
Bonds
1.354.000 authorized issue), principal and Interest, by endorse­
ment. V. 75, p. 908, 1356. See form, V. 78, p. 344. For cal. year 1917
gross, $141,851: net, $35,243: other income, $12,028; interest, rentals, &c.’,
$45,163; bal., sur., $2,107. Annual compensation under Government con­
trol fixed at $31,148. V. 109, p. 478. Pres., J. L. Lancaster, New OrleansSec., A . J. Baird, Dallas. Fed. M gr., J. L. Lancaster, Dallas.— (V.
109, p. 478.)
WELLSVILLE & BUFFALO R R .— Operations suspended N ov. 1 1916.
Pres., Charles A . Finnegan, Depew, N . Y .— (V. 103, p. 1594.)
★ WEST JERSEY & SEA SHORE RR.— (See Map Pennsylvania RR.)—
owns all the lines on the Pennsylvania system In Southern New Jersey
Including Camden, opp. Philadelphia, to Atlantic City (59 miles), Camden
to Cape May, 81 miles, &o„ total, 340.66 miles. V. 62, p. 366, 871. Of this.
1 5 1 Q.J° Atlantic City, with branch, total about 7r miles. Is equipped
»
electrically. Penn. R R . Jan. 1 1919 owned $6,793,250 stock.
“ STAN D ARD R E T U R N .” &c.— See page 5.
STOCK.— The stockholders on Feb. 4 1915 authorized an increase in the
common stock from $10,000,000 to $13,000,000. On Dec. 31 1918 Penn.
R R . owned $6,747,900 common and $45,350 pref. stock.
D IV ID E N D S.— Common. Sept. 1896 to March 1905, Inch, 5% yearly)
then to '07. lncl., 6% yrly; ’0 8 .4 % : ’0 9 .4 .4 %: HO to Oct. 1 ’ 19. 5% (A .-O.)
BONDS.— First consol, mtge. Is for $7,000,000: $90,000 reserved for prior
hen bonds when due. V. 62, p. 1179; V. 84, p. 160; V . 89, p . 995; V . 92
p. 1702; V. 100, p. 57, 311, 473; V. 102, p. 1156.
EARN ING S.— 8 mos., 11919..Gross,
$.249,266; net (bef.$1,002,599
Jan. 1 to Aug. 31.
\l918--Gross,
6,976,485; taxes),
977,780
RE PO RT.— Year end. Dec. 31 1918, V. 108, p. 1457. showed19 1 8 .. $10°599.543
D [rj,(5 % ). _ Bal.
1917.. 8,555.048
1916.. 7,829,320 _________
____ _
c o m p e n s a t i o n a'nd°$137,50!f o t h e r fnco’me!
F e d e r a l M g r . , E l i s h a L e e , P h l l a . , P a . — ( V . 104 d 1 0 4 7 1 9 2 c - v
ln fi n
598. 601. 607, 924, 2336; V. 109. p. 982.)
P'
7’
6’ ‘ 106, P’
★ WES! SHORE RR.— (*See M a p s N. Y. C e n t r a l * H u d s o n R i v e r . ) — Weer ;Vw£P«S
ttm N’
alt7> t0 Hu(Ial°. N. Y.. with branches,
479 miles. Between Utica and Syracuse la equipped electrically.
*rD
475 years to the New York Central A
^
now New York Central R R .), with the privilege of a further
tin nrt/m n ' »n ? aV earnlngs. &c.. Included la that company's report.
<
The $10,000,000 of stock Is owned by the New York Central R R .
BONDS.— The bonds cover 479 miles o f road and also the terminals at
Weehawken. Abstract of mtge. In V. 42, p. 176. Advances for additions
and betterments by lessee to Dec. 31 1918, $16,874.953.— (V. 109, p. 1457.)
★ WESTERN (THE) RY. OF ALABAMA.— Selma to West Point, 133 m.
Central Trust Co. o f N .Y ., as trustee under Central Railroad S Banking
c
Co. coll, trust 5s o f 1937. and Louisville S Nashville, as trustee for Itself
c
a , Atlantic Coast Line R R ., each own one-half the $3,000,000 stock.
The $1,543,000 4H s of 1888 due Oct. 1 1918 were extended to Oct. 1 1928
at 6% .
Gov’ t contract executed in Jan. 1919 fixes annual compensation at
$288,237; additional annual income to company 1918 basis, $39,809 net.
DIVS.— /'94-'96. ’97. ’98. ’99. '00. '01. ’02-’06. '07-’ 13. 1914 oo June '19
Per c e n t -.) 2 y ’ly 3
0
2
7
4 4 y ’ly 5 y ’ly
6 % (3% s. a.)

★ Control.
Government

132

APrlvate
Control.

RAILWAY STOCKS AND BONDS
Par
V a lu e

D a te
B onds

M ile s
R oad

R A IL R O A D C O M P A N IE S
fF o r a b b r e v i a t i o n s , A c . , s e e n o t e s o n f i r s t p a g e . ]

L a s t D iv id e n d
a n d M a tu rity

W h en
P a y a b le

R a te
%

A m ount
O u tsta n d in g

6 g
130 1888
$ 1 ,0 0 0
$ 1 ,5 4 3 ,0 0 0
W e s t e r n (A la ) — 1 s t M g g u a r b y C G a a n d G a R R . z c
Co
d b y N ew R a i Iw a g
W e s t e r n M aryland
100 ~ 4 9 . 4 2 S . 0 9 8
C o m m o n s t o c k $ 5 0 . 0 0 0 , 0 0 0 --------------------------------------------------1 7 . 7 4 2 . 8 0 ) ............. ...
100
F ir s t P r e f (p A d ) s t o c k 7 % c u m $ 1 8 ,0 0 0 ,0 0 0 a u t h .
2 d P r e f ( p A d ) s t o c k 4 % n o n - c u m $ 1 0 , 0 0 0 , 0 0 0 --------5 g
A s O o ila t
1 5 1 7 1 ,0 0 0 A c
616
I s t A R e f M . $ 1 5 0 0 0 0 .0 0 0 S e r A (s e e t e x t ) . E q c * A r *
7 g
5 ,0 0 0 ,0 0 0
1917
1 ,0 0 0
T h r e e - y e a r n o t e s $ 5 , 0 0 0 , 0 0 0 g o l d ---------------------------- - B a
•
U nderlying Ilortd a n d E quipm ent Issu es —
4 e
T ext
1902
1 .0 0 0 4 6 . 5 6 6 . 0 0 0
F i r s t m o r t g a g e $ '> 0 , 0 0 0 , 0 0 0 g o l d — _ - _ B a , x c * A r - 5
289 000
1916
1 .0 0 0
E q tr " B ” d u e 10 $ 2 3 ,0 0 0 s .- a . t h e n $ 2 2 . 0 0 0 - _ - E q
5
x l , 2 2 2 .5 7 4
1915
a E q u i p o b l i g a t i o n s d u e $ 1 1 1 , 3 1 3 s-a-------------------5
X S S 8 .1 9 2
1916
a do
do
d u e $ 5 8 , 8 0 5 s - a ---------------- ----------- ------4 .5 2
x 2 , 1 2 2 ,3 6 3
1917
a do
do
d n e $ 1 6 8 , 3 2 4 y e a r l y s - a ------------------1917
a do
do
d u e $ 5 4 , 9 9 2 s - a ----------------------- - - - - ­
5 g
1 . 0 0 0 ,0 0 0
1900
1 .0 0 0
‘ 46
C oa l A Ir o n R y 1st M g assu (V 7 1 . p 1 166) -M e B a z
5 g
1 ,3 0 0 .0 0 0
1891
1 .0 0 0
31
P o t o m a c V a l 1st M $ 2 ,0 0 0 ,0 0 0 g a s s u m .M e B a .z c * A r
6
4 8 .5 0 0
3
1879
500
B a l t A C o m b V a l R y 1 s t m c g e __________________
6
7 2 ,8 9 0
1879
1 00 A c
B a l t A C u m b V a l R R 1 s t m t g e __________________
5 g
6 9 0 .0 0 0
1 ,0 0 0
66 1 8 8 6
B a lt & H a r r is b u r g R y m o r t g a g e g o l d .M e B a .z — 5 g
2 4 0 ,0 0 0
1888
1 ,0 0 0
B a lt * H a r r is b u r g R y W E x t g g u a r . . . M e B a , z - - C *
5 g
1 1 5 .0 0 0
1914
500 A c
H a z . F h f C o 1st M * l5 0 ,0 0 0 g ( V 8 7 p 4 8 2 )M e B a .c *
Securities o f L e a s e d Lines—
5A7
3 9 0 ,6 0 0
50
B a l t A Cum V a l R R E x t s t k g u ( $ 2 7 0 , 0 0 0 7 % ) --------6
2 3 0 .0 0 0
1 .0 0 0
27
1881
5 g
9 ,9 9 0 .0 0 0
1 ,0 0 0
576 1887
Western N Y & P e n n — 1 s t M i$ 1 0 , 0 0 0 . 0 0 0 ) g . B a . x c *
4 g
1 0 . 0 0 0 , 0 )0
1 ,0 0 0
600
1895
5 g
9 . 6 0 5 , 0 >0
1 .0 0 0
1895
1 4 7 .5 0 0 0 0 0
1 00 1 2 7 . 5 0 0 0 0 0 4 H in ’ 1 9
in n A c
2 0 .0 0 0 .0 0 9
5 g
1916
7
3 ,6 0 0 ,0 0 0
1 ,0 0 0
1919
E q u ip m e n t g o l d n o t e s S e r “ A ” d u e $ 3 0 0 ,0 0 0 s - a .

A

A

O O ct

1 1928

[V ol . 109.
D iv id e n d s a r e P a y a b le .

G u a ra n ty T ru s t C o, N

Y

—
Capitalization Issued or assum
e

... —

__

—

9tl

x H e ld

a A m o u n ts p a id s e m i-a n n . r e p r e s e n t p r in . & in t . In cl u d e d

F o r year ending D ec. 3 1 1 9 1 7 . gross • f l -7 M .8 (W .n t f, after t a x e s S .1 6 2 .
751; other Inc., $ 2 0 1 , 1 0 3 ; charges. Sec.. $ 1 8 3 , 2 0 9 . d iv . (6 % ). l f l l 8 0 ’ 00, ,i ' o . v
$ 2 0 3 ,6 4 6 .

C . A . W lc k e r s h a m ,

P r e s .,

A tla n ta ,

G a .— (V .

1 0 8 . p . 1 2 7 6 .)
★ W ESTERN
M A R YLA N D
R A I L W A Y .— E m b ra ce s :
B a lt im o r e . M d ., t o B e lin g t o n . W . V a ., C o n n e lls v llle ,

107, p . 183. V .

P a .,

a n d ^

^

S u n d r y b r a n c h e s ’( l n c l " r o a d s m e r g e d i n F e b 1 9 1 7 . V . 1 0 4 . p . 7 4 ) ---------1 6 2 3 1 9
L e a s e d !A c ^ ^ L in e s ^ .— B a l t . 'A C u m V V a L E z t m . '~ 2 6 K m .; W a s h . &
F r a n k l i n R y . . 1 9 .1 m . : S o m e r s e t C o a l R y . , 4 . b 2 i n . ; F a i r m o n t
H e le n s R u n R y . , 6 .1 1 m . ; F a l r m o n t - B l n g a m o n R y . , A c . , 9 .3 3 m . .
T ra ck a g e R o c lc w o o d J e t . t o C o a l J e t ., B o w o s t J u n e , t o O liie ft o n , & c . .

2 6 .4 9

by

P u llm a

n

Q—J

N ew

j
M

A
j J u ly 1 1967
A N
N o v 1 1920

A

A
O
A
J
A S
A S
A
A
A
D
A
A
A
J
A
J
A
J
A N
A N
A
O

J

M
M
F

J

F
J
J
J
M
M

A
J
J

A
J
A
J
<g
5
J
A
A
O
N ov 1

J

M
F

Q -J
A
A

S

O ct 1 1952
J a n ’ 2 0 -J a n
26
T o M a rch 1926
do
do
T o Sept
1926
F e b ’20 to F e b ’27
J ’n e ’2 0 to J ’n e ’2 7
M e r c T r Sc D e p O o , B a l t
Aug 11920
'
l a n k o f C o m .. B a lt ,
Jan
1 1941
m al B a n k o f C o m .
J u ly 1 1 9 2 9
do
do
J u ly 1 1929
do
do
N ov 11936
do
do
M ay 1 1938
M e r c T r Sc D e p O o B a l t ,
O ct 1 1924
J u ly
J u ly
Jan
Apr
Apr

1919
1 1931
1 1937
1 1943
1 1943

71 B r o a d w a y . N Y
C ity
N a t B a n k o f C o m . B a lt.
T r e a s . P h i l . Sc N . Y .
do
do
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O c t 1 8 '1 9 .
1 % C h e c k s m a ile d
E q u ita b le T r u s t C o .
M a r 1 1946
do
do
A A u g 1 '2 0 - F e b ’ 2 6

N Y

O o.

(V . 106, p . 2561;

V.

1 0 7 , p . 1 0 0 5 ; V . 1 0 8 , p . 2 7 0 : V . 1 0 9 . p . 1 7 4 .)

W ESTERN
N . Y . & P E N N S Y L V A N I A R Y . — [See
l a p PenneyI O w n s B u f f a lo t o E m p o r iu m , P a . , 1 1 8 m ile s ; B u f f a lo t o O il
C ity
P a . , 1 3 7 m ile s ; O il C i t y t o O l e a n , 1 1 0 m ile s : S t o n e b o r o t o M a h o a l n g t o w n . 3 7 m ile s ; H in s d a le t o R o c h e s t e r , 9 8 m ile s : b r a n c h e s , in c lu d in g p r o ­
p r ie t a r y lin e s , 93 m ile s : t o t a l o w n e d a n d o p e r a t e d u n d e r c o n t r a c t # , 5 9 2 m ile # ;
t r a c k a g e r ig h t s , 6 8 m ile s : t o t a l , D e c . 3 1 1 9 1 8 , 6 6 0 m ile s .
O R G A N I Z A T I O N . — R e o r g a n i z a t i o n M a r . 1 8 1 8 9 5 i p e r p l a n In “ S u p ­
p l e m e n t '' o r J a n . 1 8 9 5 ) o f t h e Railroad, f w e c l o s e d F e b . 5 1 8 9 5 .
P e n n a . R R . o w n e d o n D e c . 3 1 1 9 1 8 $ 1 9 ,4 3 4 ,0 9 1 o f t b e $ 1 9 ,9 7 2 ,7 5 6 s t o c k
a n d $ 9 , 4 0 0 , 7 6 2 o f t h e 5 % I n c o m e b o n d s a n d le a s e s t h e r o a d f o r 2 0 y e a r #
fr o m A u g . 1 1 9 0 3 . s u b je c t t o te r m in a tio n o n 6 0 d a y s ' n o t ic e .
V . 7 5 , p ,1 2 5 f.
R O N D S . — A b s t r a c t o f 1 s t M . in V . 4 7 . p . 1 0 9 .
R e p o r t f o r c a l. y e a r 1 9 1 8 : I n c o m e f r o m le a s e o f r o a d , x $ l ,1 5 6 ,1 0 5 ;
o t h e r in c o m e , $ 4 2 ,1 2 0 :
g r o s s . $ 1 ,1 9 8 ,2 2 6 ; t o t a l d e d u c t io n s . $ 2 ,1 3 1 ,2 1 4 ;
b a l ., d e f ., $ 9 3 2 ,9 8 8 .
V . 109. p . 1789.
★

eania RR.)—

T o t a l (w it h a ls o 7 9 .2 5 m . 2 d a n d 3 5 2 .0 6 m . s id in g s _ _ _ _ _ _ _ - _ . _ _ 7 0 7 . 6 1
I n M a y 1 9 1 7 l e a d i n g s t o c k h o l d e r s ( I n c l u d i n g , I t Is u n d e r s t o o d , t h e
A N N U A L R E P O R T . — R e p o r t f o r 1 9 1 8 w a s In V . 1 0 9 . p . 1 7 8 9 .
R o c k e fe lle r In te re sts) p u r c h a s e d a c o n t r o llin g a m o u n t o f s t o c k lB t h e W ih e e lCalendar
Gross
Net after
Other
Interest,
Add nt
B a la n c e ,
l n g Sc L a k e E r i e R y .
See V . 105, p . 1709 ; V . 107, p . 180.
I n J u ly 1917
Years. Earnings.
Tates.
Income. Rents. A c. A Betts.
Deficit.
C a r l R G r a y P r e s id e n t o f W e s t e r n M a r y l a n d , b e c a m e C h a ir m a n o f W h e o l.
1 9 1 7 _ _ _ $ 1 4 ,7 1 0 .3 9 7
$ 7 0 1 , 6 8 8 $ 3 7 , 9 3 4 $ 2 , 7 3 9 , 3 0 1 ......................
$ 1 ,9 9 9 ,6 7 9
& L. E . R y.
V . 105. p . 182. 1709; V . 108, P . 270.
1 9 1 6 _____ 1 3 , 6 8 2 . 4 1 0 2 , 6 8 3 . 6 7 7
4 1 ,1 7 3
2 .5 1 3 .9 6 8 $ 7 4 9 ,3 9 5
6 9 8 ,6 1 3
O R G A N I Z A T I O N . — A c o n s o lid a t io n J a n . 2 3 1® 17 P « P l M
x B e in g c o m p e n s a t io n a c c r u e d u n d e r c o n t r a c t b e t w e e n t h e G o v e r n m e n t
1 7 0 0 . o f “ T h e W e s t e r n M a r y l a n d R y . ( f o r m e d a s » t a t e d In V . 8 9 . p . 2 8 7 ) .
a n d t h e P e n n s y lv a n ia R R . ’ s e a s te r n lin e s u n d e r F e d e r a l c o n t r o l.
V . 106.
a n d s u b s id ia r ie s , A c . ( V . 1 0 4 , p . 7 4 , 7 6 6 , 1 0 4 7 , 1 2 6 5 ; V . 1 0 5 , p . j l 7 )
1 4 6 2 ; V . 1 0 7 , p . 1 7 5 . 4 0 3 , 6 9 8 : V . 1 0 9 , p . 1 6 1 0 . 1 7 8 9 .)
T h is p la n w a s t o a ffe c t t h e s ta tu s o f t h e c o a l, & c ., p r o p e r tie s a s fo llo w s .
(o )
T h e a c q u is it i o n b y t h e n e w c o m p a n y o f a ll t h e s y s t e m s t e r m in a l ★ 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 D e la w a r e h o ld in g
p r o p e r tie s a t B a lt im o r e . In c lu d in g g r a in e le v a t o r w it h s to r a g e c a p a c it y o r
c o m p a n y o w n i n g a ll t h e s t o c k o f t b e W e s t e r n P a c i f i c R R . ( o f O a l . ) , w h i c h
In t u r n o w n s t h e r a i l r o a d r u n n i n g f r o m S a n F r a n c i s c o t o S a l t L a k e O l t y ,
( ^ T h e underwriting a n d o f f e r t o s h a r e h o l d e r s a t p a r o f $ 1 8 , 0 9 0 0 0 0 7 %
v ia O a k la n d . S t o c k t o n , S a c r a m e n to , M a r y s v ille a n d O r o v llle , O a l., a d is ­
la t n r e f s to c k (cu m
f r o m J u l y 1 1 9 1 8 ) In a m o u n t s 3 0 % o f t h e i r h o l d i n g s ,
t a n c e o f 9 3 0 m ile s ( i n c l u d i n g S a n F r a n c i s c o B a y f e r r y , 3 m i l e s ) ; C a r b o n a t o
t h e s u h s e r t b e r w i t l f e a c h $ 1 0 0 o f 1s t p r e f . r e c e i v i n g a l s o $ 2 2 s t o c k o f O a v l s
W a l d r o n , 11 m . ; B . Sc L . J e t . t o L o y a l t o n . 1 6 m . ; G r a n t s t o T o o e l e . 1 6 m . ;
C o a l & C o k e C o . a n d $ 2 5 s t o c k o f M o n o n g a lia C o a l L a n d s C o .. (V . 1 0 3 , P ­
s p u r s , 9 m .; R e n o t o R e n o J e t ., 3 3 m ile s .
T o t a l m ile a g e D e c . 31 1 9 1 8
2 1 6 7 ; V . 1 0 4 , p . 7 6 9 ) . th u s d is t r ib u t in g th e e n tir e o u t s t a n d in g s t o c k s o f th e
1014 m ile s . C r o s s e s t h e m o u n t a in s a t m a x im u m g r a d e o f 1 % .
in O c t o b e r 1917 a r r a n g e m e n ts h a d b e e n m a d e t o g iv e fin a n c ia l a s s is t
co a l c o s . In 1917 th ese c o a l p r o p e r tie s w e re m e r g e d . V . 10 5 , p . 1 4 2 1 . 7 1 7 .
(c)
T h e l e a s e t o t h e D a v i s C o a l Sc C o k e C o . f o r 9 9 y e a r s o f a l l t h e r a l l -a n c e t o t b e f o l l o w i n g c o m p a n i e s In t h e c o n s t r u c t i o n o f t h e i r p r o j e c t e d
c o a l m in in g D r o p e r tle s a n d t h e t r a n s fe r o f t h e r e s e r v e c o a l la n d s t o t h e
lin e s w h i c h w ill s e r v e a s fe e d e r s f o r t h e W e s t e r n P a c i f i c , t h e l a t t e r r e c e i v i n g
M onot
l a c J la n d s C o .
rtJls m e a s u r e , w i t h t h e d i s t r i b u t i o n o f t h e i r
In r e t u r n f o r t h e I n v e s t m e n t a c o n s i d e r a b l e I n t e r e s t In t h e i r c a p i t a l s t o c k ;
■ ^
r e m o v i n g d a n g e r o f le g a l c o m p l i c a t i o n s o w in g t o o w n e r s h ip o f c o a l
(1 )
I n d ia n V a lle y R R . , P a x t o n J u n c t io n t o T a y l o r s v ill e a n d E n g le s C o p p e r
n r o t fe r t lV b v th e r a ilw a y .
T h e n e w r a i l w a y c o . , u n d e r t h e le a s e w a s t o
M i n e , C a l . . 2 1 m ile s :( 2 ) D e e p C r e e k R R . . W e n d o v e r . U t a h , s o u t h e r l y I n t o
S S c S v e m r m t o l 6 r t s . p e r t o n o n c o a l m in e d a n d w a s t o t r a n s p o r t a ll t h e c o a l .
G o l d H i l l a n d F e r b e r M i n i n g D i s t r i c t , 4 6 m i l e s : ( 3 ) In 1 9 1 7 p u r c h a s e d
O o w a s t o o p e r a t e 3 1 m in e s h a v in g a n a n n u a l c a p a c it y o f
$1 1 3 7 , 9 6 8 o f t h e c a p i t a l s t o c k o f t h e T i d e w a t e r S o u t h e r n R y . , a n e l e c t r i c
S tock ton to b ey on d
2 .5 0 0 ,0 0 0
t o n s , a n d r e p o r t i n g f o r f i s c a l y e a r l 9 1 5 '* ® a n o u t p u t o f 2 . 0 0 4 . 0 0 0 r a i l w a y , n o w 5 6 m i l e s i n l e n g t h , e x t e n d i n g f r o m
T u r lo c k (s e e “ E le c t r ic R a ilw a y S e c t io n ." )
_
_
to n s a n d n e t p r o fit s o f $ 2 0 6 ,0 0 0 .
V . 103. p . 1791.
O R G A N I Z A T I O N . — B o t h t h « H o ld in g c o m p a n y ( T h e W e s t e r n P a c i f i c
D escrip tion o f Nero $ 1 5 0 , 0 0 0 , 0 0 0 F irst a n d ^ f u n d i n g M ortgage
R R . O o r p . , l n c o r p . in D e l a w a r e ) , a n d t h e o p e r a t i n g c o m p a n y ( T h e W e s t e r n
I n it ia l 86 5 0 0 0 0 0 tile d ^ e d t o s e c u r e t h e is s u e o f $ 5 ,0 0 0 ,0 0 0 7 % 3 - y e a r
P a c i f i c R R . . C o l n c o r p in O a l i f i , w a r e f o r m e d In J u n e IB 1B p e r r e o r g a n i ­
n o t e ^ w h i c h , R is u n d e r w o o d , w e r e t a k e n b y J o h n D
R o c k e fe lle r a n d a llie d
z a t io n p la n o f W e s t e r n P a c ific R y . fo r e c lo s e d .
P o s s e s s io n t a k e n J u ly 13
1916.
S e e p la n , A c .. V . 1 0 2 . p . 1 6 5 . 1 6 0 . 2 1 6 8 . 2 2 5 5 ; V . 1 0 3 . p . 6 2 . 2 4 0 ,
ln t (T r r d ° l r e c t n ^ m t g ^ u ^ o T r o a d ^ r o m 'C u m o e ? i a n d
M d .. t o C o n n e ll s 4 0 8 : V . 1 0 4 .P . 1 6 5 , 2 5 8 , 5 6 0 .
V . 103, p. 2080.
v l l l e P a . , t o g e t h e r w i t h b r a n c h e s , i n a l l 1 1 9 . 4 9 m i l e s ; ( 2 ) a n e w F i r s t LIlen
T h e U . S . R R . A d m i n i s t r a t i o n in 1 9 1 8 a r r a n g e d t o u s e s o m e 1 7 7 m i l e s o f
b y p le d g e o f a ll s e c u r itie s r e p r e s e n t in g o w n e r s h ip
L l i « f ? n l V« 5f>n3 n o n
t h is r o a d a n d 1 8 3 m ile s o f t h e S o u t h e r n P a c if i c s y s t e m a s a d o u b l e t r a c k
1 6 1 1 ) , a g g r e g a t i n g 1 7 . 8 2 m i l e s : ( 3 ) a . m o r t g a g e s u b j e c t t o e x i s t i n g | 5 < W ,0 0 0
lin e .
L is t o f s e c u r itie s o w n e d D e c . 31 1 9 1 7 , s e e A n n u a l R e p o r t a n d V . 1 0 6 ,
m o r t g a g e u p o n W e s t e r n M a r y l a n d R R . T e r m i n a l , a n d . s u b j e c t t o a $ 1 1 5 .0 0 0
p . 1892. 1797.
.
.
4
m o r t g a g e u p o n t h e B a l t i m o r e F i d e l i t y W a r e h o u s e a n d H a z a r d 'W h a r f .
In 1917 th e E q u it a b le T r . C o . o f N . Y . . a s m o r t g a g e tr u s t e e , b r o u g h t s u it
(4 )
a b l a n k e t m o r t g a g e , s u b j e c t o n l y t o e x i s t i n g u n d e r y in g [ m o r t g a g e
a g a in s t D e n v e r A R io G r a n d e R R ., a s g u a r a n t o r o f th e 1st M . b o n d s o f th e
a m o u n t i n g t o $ 5 0 , 1 7 7 , 0 0 0 . o n l i n e s a c q u i r e d In t ^ « m M l l d a t I o n m w e l l a s
o ld (fo r e c lo s e d ) W e s te r n P a c ific R y . (t h e h o ld in g c o . o w n in g $ 1 7 ,4 3 7 ,5 0 0
a l l e x t e n s i o n s , A c , h e r e a f t e r c o n s t r u c t e d o r a c q u i r e d w i t h t h e n e " b J?’ ’^ 8 n „
o f t h i s $ 5 0 , 0 0 0 , 0 0 0 I s s u e ) , a n d In J a n
1 9 1 8 o b t a in e d a J u d g m e n t fo r $ 3 8 .­
( а ) R e s e r v e d f o r c o r p o r a t e p u r p o s e s - - - - - - - - - - - .............................. n m iu m i
270 3 4 3 .
V . 106, p . 1797.
T h e J u d g m e n t w a s fo llo w e d b y a r e c e iv e r s h ip
( б) F o r fu n d lu g o f u n d e r ly in g a n d d iv is io n a l b o n d s
--------- 5 0 . 0 0 0 . 0 0 0
fo r th e D . A R . G .
V , 106, p . 85. 192. 498: V . 107, p. 503.
See D e n v e r
( r ) U n d e r r e s t r ic t io n s f o r t e r m in a l s a n d t e r m in a l f a c i l I t l M - _ _ _ 2 5 .0 fW .0 0 0
& R io G r a n d e R R .
,,
, .
.
ld\ r i n r l a r r e s t r i c t i o n s f o r n e w e q u i p . . e x t e n s i o n s Sc I m p r o v t s . n i
In S e p t . 1 9 1 8 , h a v in g r e a liz e d t o d a t e a b o u t $ 7 ,7 7 1 .3 9 5 o n t h is J u d g m e n t
T h e M a r y la n d P . S . C o m m is s io n o n J u n e 2 7 1 9 1 9 a u t h o r iz e d th e c o m ­
t h e T r u s t e e m a d e d is t r ib u t io n o f $ 1 5 0 p e r b o n d o f o ld W o s te r n P a c if i c R y . .
p a n y t o is s u e $ 2 ,8 5 7 ,0 0 0 F i r s t & R e f . 5 % b o n d s t o b e p l e d g e d a s s e c u r i t y t o
o v e r 9 0 % o f th e s e b o n d s b e in g o w n e d in t h e I n t e r e s t o f t h e n e w W e s t o r n
a n o t e f o r $ 2 ,0 0 0 ,0 0 0 b e a r in g 6 % in t . t o b e g iv e n t h e D ir e c t o r -G e n e r a l o f
P a c ific R R .
V . 107, p . 1102, 1187.
,
, TTi u
I n J u n e 1 9 1 8 t h e e q u i t y in t h e $ 1 0 , 0 0 0 , 0 0 0 s t o c k o f U t a h F u e l C o .
K T h e l's t M . d s ' o f 1 9 0 2 c o v e r s o m e 5 2 2 m i l e s o f r o a d , s u b j e c t t o , a s t o p a r t ,
o w n e d b y D . & R . G . ( s u b je c t t o c o ll a t e r a l lie n o f $ 1 5 ,0 8 0 ,0 0 0 R io G r a n d e
t o $ 1 ,2 8 1 ,5 0 0 u n d e r ly in g is s u e s a n d a ls o c o a l a n d c o k e p r o ^ r t i e s
W e s t e r n R y . 1 s t C o n s o l . 4 s ) w a s s o l d in p a r t i a l s a t i s f a c t i o n o f a b o v e j u d g ­
I n 1 91 7 w e r e t a k e n o v e r u n d e r le a s e o r o t h e r w i s e b y t h e e o a l o o m p a n l w
m e n t a n d w a s b i d in f o r t h e W e s t e r n P a c i f i c R R . C o r p . f o r $ 4 , 0 0 0 , 0 0 0 .
m e n tio n e d .
C om p a re V . 103, p . 1700; V . 7 5 . P 5 5 0 . 850, V . 79 , p . 1024.
V . 7 9 , p 2692. a n d V . 8 1 . p . 266; V . 8 0 , p 4 7 3 . 1 9 1 4 ; V 8 1 , p . 6 1 4 . V . 8 3 .
p . 273; V . 8 9 , p 666: V . 92, p . 120. 1437: V . 9 3 . p
1465.
T h e Issu e o f $ 5 ,0 0 0 ,0 0 0 7 % 3 -y e a r n o t e s d a t e d N o v . 1 1 9 1 7 s s e c u r e d b y
$ 6 ,5 0 0 ,0 0 0 o f t h e n e w F ir s t A R e f . M t g e . b o n d s . V . 1 0 5 . P - 1 6 1 9 .
F o r 5 % 10 - y e a r s e r ia l e q u i p , t r u s t n o t e s o f 1 9 1 7 , s e e V . 1 0 3 . p . 2 2 3 9 . 2 3 4 3
V . 108, p . 270.
" S T A N D A R D R E T U R N , ” & c .— S e e p a g e 5 .
E A R N I N G S — 12 m o s ., 1 1 9 1 8 -G r o s s , $ 1 5 ,4 0 2 ,3 5 2 ; n e t ( b e - d e f $ 1 2 4 ,0 9 8
J a n . 1 to D ec. 3 1 .
1 1 9 1 7 .G r o s s . 1 3 .6 3 8 ,4 5 0 ; fo r e t a x e s ), 4 ,0 7 7 ,1 3 4
F o r 9 m on th s—
J 1 9 1 9 - .G r o s s , $ 1 0 ,8 8 9 ,6 2 7 ; n e t ( b e fo r e $ 3 9 1 ,0 6 5
J a n . 1 to S e p t. 3 0 .
1 1 9 1 8 -.G r o s s ,
1 1 ,0 0 9 .4 0 5 ;
ta x e s ),
8 4 ,9 9 4
R E P O R T . — R e p o r t f o r y e a r e n d . D e c . 3 1 1 9 1 7 In V . 1 0 6 ,
C a le n d a r Y e a r s —
1917.
1916.
M i l e s o p e r a t e d _____________________
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G r o s s e a r n i n g s .......................................... $ 1 3 , 6 3 8 , 4 5 0
$ 1 1 ,9 6 7 ,9 8 2
N e t a f t e r t a x e s ........................................ $ 3 , 5 5 2 , 4 9 9
$ 4 ,0 4 5 ,6 7 4
I n c o m e f r o m c o a l c o m p a n i e s --5 1 .0 2 8
1 2 3 .5 7 2
Int. on a d v a n c e s t o s u b s i d i a r y c o s —
1 1 8 .6 7 1
1 0 3 .2 1 5
G ross co rp o ra te I n c o me _ $ 3 , 7 2 2 , 1
I n t e r e s t o n b o n d s .................................. $ 2 , 3 1 0 , 2 3 8
O t h e r i n t e r e s t , a m o r t i z a t i o n . S e e --------H i r e o f e q u i p m e n t _________________ C r . 6 4 3 , 7 3 4

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r J o ? v i?
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2442.
1915.
663
$ 9 ,8 8 8 ,6 0 0

$ 2 ,9 1 3 ,3 8 4
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n _ . , n c ,,
.....................................s u r . S l . 6 4 1 . 2 8 5 s r $ l . 3 1 9 . 0 6 0 d e f $ 1 0 7 . 5 0 7
P re s & C h a ir m a n , C a r l R . G r a y , B a lt im o r e : S e c . & T r e a s ., L . F . T im ­
m e r m a n . 71 B r o a d w a y . N . Y . C i t y . — V . 1 0 5 . p . 7 1 7 , 1 4 2 1 . )
D I R E C T O R S — J . K . B a r t l e t t o f B a l t . ; F. T . G a t e s . M o n t c l a i r , N . J
J o h n N . W illy s , T o le d o . O .; E d w . D . A d a m s . H e n r y E . C o o p e r . B e r tr a m
C u t l e r , L a w r e n c e G r e e r ( V . - P . ) , E d g a r L .M a r s t o n , A lv in W . K r e c h
and
E . I I . S m ith o f N . Y . C it y ; W . A . W i lb u r , S o . B e t h le h e m , P a .
B ed. M gr.




V F E D E R A L 1C o m p e n s a t i o n .— I n 1 9 1 8 - 1 9 t h e U . S . U R . A d m i n i s ­
t r a t io n o ffe r e d th e c o m p a n y a s r e n ta l d u r in g G o v e r n m e n t c o n t r o l a n a n n u ­
a l c o m p e n s a t i o n o f o n ly $ 1 ,9 8 6 ,5 8 0 ( n o t ) , n o t w it h s t a n d in g t h e r o c o n t e x ­
p a n s i o n in e a r n i n g s s h o w b e l o w , o u t o f w h i c h s u m w o u l d h a v e t o c o m e
lin o .
L is t o f s e c u r itie s o w n e d , s e e a n n u a l r e p o r t a n d V . 1 0 b , p . 1 » » Z . l < 9 G
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“ ‘ s t o c k . — T h e t w o n e w c o r p o r a t i o n s h a v e precisely s i m i l a r c a p i t a l
s t o c k s , c o m m o n a n d p r e f., a u th a n d Iss u e d , th e S o l d i c o m P t n y o w n in g
a ll t h e o u t s t a n d i n g s h a r e s o f t h e o p e r a t i n g c o m p a n y .
T h e p r e f . Is c o n v e r ­
t ib le b y h o ld e r s , $ fo r $ . I n to c o m m o n
D I V I D E N D S .— In F e b . 1 9 1 8 th e d i r e c t o r o f th e b o ld in g .c o r p o r a t i o n
d e c la r e d a d iv i d e n d o f 6 % o n t h e S J 7 .5 0 0 .0 0 0 o u t s t a n d i n g 6 ^ n o u - c u m u
l a t i v e p r e f . s t o c k , p a y a b l e in in s t a ll m e n t s o f I 1 4 % e a c h o n I e h . 2 ) 1 . 1 8 t o
h o ld e r s o f r e c o r d f o b . 15. A p r il l t o h o ld e r s o f recorrI M o r . 2 0 . J u y 1 t o
h o ld e r s o f r e c o r d J u n e 2 0 , a n d O c t . 1 t o h o ld e r s o f re c o r d ^ S e p t. 2 0 .
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m e n t c o n t r o l, p a id o n ly 1 % q u a r te r ly t o p a r e n t c o m p a n y .
V. 1 0 6 , p. 1 9 2 , 1 3 5 : V . 1 0 8 , p . 1 6 1 2 , 1 7 2 3 .

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RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
abbreviations, A c., see notes on first page]

Miles Date
Road Bonds

a n d L a k e Erie R y —
P r io r L ie n 7 % s t o c k c u m c o n v e r t r e d e e m _
P r e f s t o c k ( a S d ) 6 % n o n - c u m c o n v e r t r e d e e m _____
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C e r t i f s o f p a r t i c i p a t i o n ( i n L o r * W V a R y ) ____ C C I
S e c u r e d s k f d e q u l p n o t e s $ 8 4 3 . 7 0 0 c a l l a t p a r , ____U s
E q u i p t r u s t c t f s S e r B d u e $ 4 6 2 , 0 0 0 y l v c a l l 1 0 2 V 4 .C *
Left Undisturbed ( I s s u e s c l o s e d b y R e f M o f 1 9 1 6 )
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E x t e n a n d I m p t m t g e ( $ 1 , 9 0 0 , 0 0 0 ) g o l d ____ C e . z c *
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Kec c t f s ( l i e n o n I n d u s s p u r a t C a n t o n ) V 1 0 4 p 6 6 5
E q u ip n o t e s r e c e iv e r s d u e $ 1 0 1 ,0 0 0 s e m i-a n n , c a l l .x
Wheeling T e r m — 1 s t M $ 2 , 0 0 0 , 0 0 0 g s f g u p S i . x c *
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P r io r L ie n d e b e n t u r e s t o c k £ 1 0 0 ,0 0 0 .
C o n s fir s t m t g e d e b s t o c k £ 7 9 4 .8 0 2 r e d a f t e r 1 9 2 0
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W ic h it a F a lls & N o r t h w — 1 st M g r e d 1 0 5 ..F C .x c & r
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A c t u a lly o u t s t a n d in g S e p t . 9 1 9 1 8 . $ 4 5 ,5 9 8 ,4 2 5 c o m

Par
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When
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1916
1917

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S in k in g fu n d b e g in n in g in 1 9 1 9 , $ 5 0 ,0 0 0 a n n u a lly .
V . 101 p . 1 5 9 3 : V . 1 0 3 .
p . 2157, 20S0.
T h e r e m a in in g $ 3 0 ,0 0 0 ,0 0 0 1 st M . b o n d s a r e r e s e r v e d fo r f u t u r e u s e . w it h
i n t . r a t e n o t t o e x c e e d 6 % , f o r o r a g a i n s t b e t t e r m e n t s , a d d 'n # a n d e x t e u s .
u n d e r s a f e g u a r d s , a t n o t o v e r $ 1 ,0 0 0 in b o n d s f o r $ 1 ,0 0 0 o r m o n e y a c t u a l I s
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O E N E R A L F I N A N C E S . — O n D e c . 31 1 9 1 8 t h e r e r e m a in e d in t h e h a n d s
o f t h e m o r t g a g e tr u s te e $ 1 1 ,5 2 5 ,7 3 6 o f t h e p r o c e e d s o f t h e $ 2 0 ,0 0 0 ,0 0 0 1st
M t g e . b o n d s a v a ila b le f o r e x te n s io n s , a d d it io n s , & c .
V . 106. p . 1892.
I n 1 9 1 9 $ 4 , 9 4 1 , 6 1 9 w a s a d d e d t o r o a d a n d e q u i p m e n t a c c o u n t in c -l u d 'n g
1 ,9 0 0 s t e e l u n d e r fr a m e c a r s a n d r e b u il d i n g p u r c h a s e s o f b r a n c h lin e s & c .
V . 109, p . 1074.
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& c .— S e e p a g e 5 .

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( 6b ) A n a m o u n t e q u a l t o t h e a m o u n t o f F i r s t C o n s o l . 4 % b o n d s
n o t a s s e u t i n g t o p l a n , r e s e r v e d t o p a y o r r e f u n d t h e s a m e ____ $ 6 , 8 7 3 , 0 0 0
(e c ) U n d e r r e s t r ic t io n s f o r b e t t e r m e n t s , e x t e n s io n s a n d n e w
p r o p e r t i e s , a n d t o a id in r e f u n d in g t h e a b o v e - m e n t i o n e d
b o n d s , a n d t o r e t i r e e q u i p , o b i i g ’ n s o f r e c e i v e r o r o f o l d c o ____ 3 5 . 0 0 0 . 0 0 0
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1 9 1 9 , $ 1 0 ,7 2 0 ,0 0 0 ; o w n e d b y c o m p a n y , $ 5 ,9 2 3 ,0 0 0 : b a la n c e in h a n d s o f p u b ­
li c , $ 4 ,7 9 7 ,0 0 0 .
O f t h e $ 5 ,9 2 3 ,0 0 0 (S e r ie s “ B ” 5 % ) o w n e d b y t h e c o m p a n y ,
$ 5 ,0 1 7 ,0 0 0 o n S e p t . 1 1 9 1 9 w e r e p le d g e d t o s e c u r e s h o r t -t e r m lo a n s a s fo l­
lo w s : (a ) $ 1 ,5 5 0 ,0 0 0 t o s e c u r e $ 1 ,0 0 0 ,0 0 0 7 % n o t e g i v e n t o t h e G u a r d ia n
S a v . & T r u s t C o . , C l e v e l a n d , D e c . 2 6 1 9 1 8 , i n t . q u a r .; (b ) $ 1 ,2 5 0 ,0 0 0 t o
s e c u r e $ 8 0 0 ,0 0 0 7 % n o t e t o C it iz e n s S a v . & T r u s t C o . , C le v e la n d , D e c . 3 0
1 9 1 8 ; (c) $ 1 5 6 ,0 0 0 t o s e c u r e $ 1 0 0 ,0 0 0 7 % n o t e t o U n i o n C o m m e r c e N a t i o n a l
B a n k , C le v e la n d , D e c . 2 6 1 9 1 8 ; id ) $ 4 6 9 ,0 0 0 t o s e c u r e $ 3 0 0 ,0 0 0 7 % n o t e t o
G u a r d ia n S a v . & T r u s t C o ., C le v e la n d , D e c . 2 6 1 9 1 8 (th e a b o v e fo u r n o te s
a ll b e in g r e n e w e d f r o m t im e t o t im e , p r e s e n t m a t u r it y b e in g in D e c . 1 9 1 9 ) ;
(e ) $ 1 0 8 ,0 0 0 t o s e c u r e $ 7 0 ,0 0 0 6 % n o t e t o D ir e c t o r - G e n e r a l o f R a i l r o a d s ,
D e c . 3 0 1 9 1 8 ; ( f ) $ 2 6 8 ,0 0 0 t o s e c u r e $ 1 7 4 ,0 0 0 , 6 % n o t e t o D ir e c t o r - G e n e r a l
o f R a i l r o a d s , F e b . 2 0 1 9 1 9 ; (g ) $ 1 , 2 1 6 , 0 0 0 t o s e c u r e $ 7 9 0 , 0 0 0 , 6 % n o t e t o
D ir e c t o r -G e n e r a l o f R a ilr o a d s , A u g . 2 5 1 9 1 9 .
I n A p r il 1919 th e P . U . C o m ­
m is s io n g r a n t e d a u t h o r it y t o is s u e $ 9 5 8 ,0 0 0 R e fu n d in g M t g e . 5 %
S e r ie s
“ B ” bon d s.
V . 106, p . 1061.
V . 108, p . 1938.
.
E q u ip m e n t tru s ts o f 1 9 1 7 , V . 1 0 4 . p . 1 0 4 7 ; o f 1 9 0 2 , s e e V . 1 0 3 . p . 2 4 2 9 .
T h e $ 6 0 ,0 0 0 r e c e iv e r ’s c e r t ifi c a t e s a r e p a y a b l e o n ly o u t o f e a r n in g s o f a n
in d u s tr ia l s p u r a t C a n t o n , O .
T h e $ 3 0 0 ,0 0 0 n o u -t r a n s fe r a b le c e r t ific a t e s o f
p a r t ic ip a t io n a r e p a y a b l e o u t o f t h e e a r n in g s o f t h e L o r a in & W e s t V ir g in ia
R y. C o.
A l l o f t h e o u t s t a n d i n g s e c u r i t i e s o f t h e L . Sc W . V a . R y . , v i * . :
$ 1 ,9 9 9 ,3 0 0 s t o c k a n d $ 2 ,0 0 0 ,0 0 0 1 s t M . b o n d s , o f 191 3 a r e o w n e d , th e s t o c k
b e in g p le d g e d u n d e r R e f. M t g e . o f 1 9 1 6 , a n d t h e b o n d s a s s e c u r it y fo r th e
$ 1 ,2 0 0 ,0 0 0 S \ i % 6 - y e a r g o ld n o t e s , d a t e d J a n . 1 1 9 1 7 .
V . 104. p . 665.
E A R N I N G S . — 1 2 m o s ., f 1 9 1 8 . . G r o s s , $ 1 3 ,5 9 2 ,1 7 2 ; n e t ( b e f . $ 2 ,3 2 6 ,3 2 1
J a n . 1 to D e c. 3 1 .
( 1 9 1 7 ..G r o s s .
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9 ,9 9 2 ,7 7 4 ;
ta x e s ),
1 ,8 3 2 ,9 6 8
R E S U L T S .— F o r 1 9 1 8 , b a s e d o n F e d e r a l c o m p e n s a tio n , w e r e a s fo llo w s :
S ta n d a r d r e t u r n , $ 1 ,5 8 6 ,0 3 7 : n e t , a ft e r ta x e s , $ 1 ,5 2 9 ,1 1 0 ; o t h e r in c o m e ,
$ 1 3 9 ,4 6 0 : in t e r e s t , $ 1 ,1 6 9 ,9 5 8 ; r e n t s a n d o t h e r d e d u c t i o n s , $ 1 9 8 ,3 2 6 ; b a l ..
s u r ., $ 3 0 0 ,2 8 6 .
G
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E A R N I N G S .— F o r c a le n d a r y e a r 1 9 1 7 . in V . 1 0 7 , p . 2 8 5 :
r a s s e a r n i n g s ---------------------$ 1 1 , 0 2 8 , 9 0 4 I I n t . o n f u n d e d d e b t _________ $ 1 , 0 0 5 , 5 9 0
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85 100
t h e r i n c o m e -----------------------$ 1 7 7 , 6 5 3 1 R e n t a l s , & c __________________
1 ,0 1 1 3 4 5
a l a n c e , s u r p l u s f o r y e a r ____________________________________________________ $ 1 , 1 1 3 , 8 9 5

-Y e a r s _ e n d in g D e c ._ 3 1 1917.
1916.
C o a l f r e i g h t ___________________$ 3 , 3 6 1 , 0 8 6
$ 2 ,6 0 0 ,2 4 3
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5 ,9 1 9 ,9 5 9
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6 3 0 .6 0 6
6 6 8 ,6 4 2
9 6 0 ,0 5 0
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8 1 4 ,7 6 4

- Y e a r s e n d in g J u n e 3 0 1915.
1914.
$ 6 8 4 ,5 5 0
$ 2 ,6 9 0 ,4 4 1
3 ,7 0 0 ,8 7 0
3 .8 5 4 ,4 5 8
5 5 3 ,6 3 0
6 2 1 ,0 3 4
4 8 9 .0 1 9
4 9 2 ,4 9 1

O ffic e r s o f O p e r a tin g C o m p a n y .— P r e s ., C h a s . M . L e v y ; V . - P .
A . R.
B a ld w in ; T r c a s ., L y m a n R h o a d e s ; S e c ., C . F . C r a ig ; F e d T r e a s
'C h a r l e s
E l s o y ;.— ( V . 1 0 9 , p . 1 2 7 4 .)

T o t a l o p e r . r e v e n u e . . $ 1 1 ,0 2 8 ,9 0 5 $ 1 0 ,0 0 3 ,6 0 8
$ 5 ,4 2 8 ,0 6 9
$7 658 4^4
$ 3 ,1 9 1 ,8 7 2
$ 1 ,3 8 8 ,3 2 9
$ 2 .3 6 1 ,7 6 4
N e t . b e f o r e t a x e s ................$ 3 , 6 5 0 , 6 9 2

★ WHEELINQ AND LAKE ERIE RAILWAY.— 512 miles of road, viz.:

O F F I C E R S .— C h a ir m a n . C a r l R . G r a y ; P r e s ., W . M . D u n c a n - F e d e r a l
M g r ., H . W . M c M a s t e r ; S e c . & T r e a s ., O . E . B a h l, C le v e la n d .

L in e s o w n e d —
M ites . I
M ile s
T o l e d o . O . , t o T e r m i n a l J u n o -------- 2 1 0 1 ' r a r l o u s b r a n c h e s o w n e d
80
C l e v e l a n d t o Z a n e s v i l l e , O ----------------1 4 4 ] T r a c k a g e ( C . O . O . & S t . L . ) L l n C a n t o n t o S h e r r o d s v i l l e -------------------- 4 5 1
d a l e t o W e l l i n g t o n _________________ 3 2
O R G A N I Z A T I O N . — I n c o r p o r a t e d in O h io D e c . 12 1 9 1 6 a s s u c c e s s o r o f
o l d W h e e l in g & L a k e E r ie R R . . p e r p la n in V . 1 0 3 , p . 1 2 1 1 1 6 8 9
I n M a y 1 9 1 7 K u h n , L o e b & C o . a n d B l a i r Sc C o . s o l d t h e i r l a r g e h o l d i n g
of p r i o r li e n s t o c k , s a i d t o a g g r e g a t e $ 1 1 , 4 5 0 , 0 0 0 , c a r r y i n g c o n t r o l f o r f i v e
y e a r s o r m o r e , t o l e a d i n g s t o c k h o l d e r s In t h e W e s t e r n M a r y l a n d s u p p o s e d
t o in c lu d e th e R o c k e fe lle r s , w ith a v ie w t o th r o u g h tr a ffic
C o a l m in e s
served .
V . 107. p . 285.
In J u ly 1 9 1 7 C a r l R . G r a y , P r e s id e n t o f W e s te r n
M a r y l a n d R y . , b e c a m e C h a i r m a n o f \\ . & L . E . R y . i n M a r c h 1 9 1 8 : h e r e ­
s ig n e d b u t w a s a g a in e le c t e d C h a ir m a n in J a n . 1 9 1 9 . v . 1 0 5 n 1 8 2 - V 104
p . 1802; V . 108, p . 270.
’
’
"S T A N D A R D

R E T U R N .”

& c .— S e e p a g e

5.

S T O C K . — I s s u e d : P r io r lie n , $ 1 1 ,8 8 2 ,6 0 0 : c o m . , $33 641 3 0 O; p r e f .,
$ 1 0 ,3 4 4 ,9 5 8 .
Owned b y c o m p a n y : C o m m o n , $ 1 3 4 , 9 9 1 ; p r e f ’ $ 1 3 4 , 9 9 1 ;
l e a v in g in h a n d s o f p u b l i c a m o u n t s s h o w n in b a la n c e s h e e t .
1.

P r i o r L ie n 7 % S lo c k , e n t it l e d t o (a ) c u m u l a t i v e d i v s . f r o m N o v . 1 1 9 1 6 ,
p a y a b l e q u a r . ; (ft) t o p r i o r i t y o v e r a l l o t h e r s t o c k b o t h a s t o d i v s . a n d
in l i q u i d a t i o n , a n d a l s o , s o f a r a s l e g a l , r e d e e m a b l e o n o r a f t e r N o v . 1
1 9 1 9 a t $ 1 1 5 p e r sh a r e a n d d iv s .; (c ) c o n v e r t ib le a t a n y tim e a fte r N o v . 1
1 9 1 9 I n to c o m . s t o c k . $ fo r $ , w ith a u a d ju s t m e n t o f d iv s .; (d ) T o e le c t
fo r fir s t f iv e y e a rs a m a jo r it y o f th e d ir e c t o r s , a n d t h e r e a ft e r a m a jo r it y
o f t h e b o a r d , in c a s e o f fa ilu r e t o p a y t n e fu ll d l v . o n t h e P r io r L ie n s t o c k
f o r f i v e c o n s e c u t iv e y e a r s ; o t h e r w is e t h e t h r e e c la s s e s o f s t o c k s h a ll h a v e
p r o p o r t io n a t e ly e q u a l v o t in g r ig h ts .
N o w is s u e d u n d e r p la n $ 1 1 ,8 8 2 ,6 0 0
2 . P r e f e r r e d 6 % S to ck . e n t it l e d t o u o n - c u m . d i v s . f r o m N o v . 1 1 9 1 6 .
P r e f.
o v e r t h e c o m . s t o c k b o t h a s t o d iv s . a n d in l i q u id a t io n , a n d . s o fa r as
le g a l, r e d e e m a b le o n o r a fte r N o v . 1 19 1 9 a t $ 1 0 5 , a n d c o n v e r t ib le a t a n y
tim e a ft e r N o v . 1 1 9 1 9 In to c o m . s t o c k . $ fo r $ .
T o t a l p r e s e n t ly is s u a b le
(w ith fu r t h e r a m o u n t s s o le ly t o r e p la c e 1 r io r L ie n s t o c k ) . .$ 1 0 ,3 4 4 ,9 5 8
3.

C o m m o n S t o c k , p r e s e n t l y I s s u e d f o r p u r p o s e s o f p l a n ......................$ 3 3 , 6 4 1 , 3 0 0
B O N D S .— N o w R e fu n d in g M t g e .

V . 1 0 4 , p . 8 6 4 , 1 9 0 0 ; V . 103. p . 1211-

P u r p o s e s f o r W h ic h th e $ 5 0 ,0 0 0 ,0 0 0 R e fu n d in g B o n d s W e r e M a d e I s s u a b le .
( a ) N o w i s s u e d iu e x c h a n g e f o r s u c h 1s t C o n s o l . 4 % b o n d s a s
a s s e n t t o p la n ; G o ld . 4 H * . c a lla b le o n a n y in t . d a t e a t 1 0 2 . $ 4 , 7 9 7 , 0 0 0
(b ) A ll o t h e r R e f . M . b o n d s t o b e a r n o t o v e r 6 % i n t . , a n d t o b e
r e d e e m a b le o n a n y ln t . d a t e , r a te o f i n t .. In t. d a t e s a n d re ­
d e m p t i o n p r ic e s t o b e fix e d a t t im e o f is s u e .
R eserved :
(o n ) T o p a y o r r e fu n d t h e L a k e E r ie D l v . b o n d s , t h e W h e e lin g
D l v . b o n d s a n d t h e E x t e n s i o n s Sc I m p r o v e m e n t s b o n d s ______
3 ,3 0 3 .0 0 0




D I R E C T O R S .— T e r m e x p ir in g O c t . 1 9 2 0 : H . E . C o o p e r
N ew Y ork T h o m a s S . G r a s s e lll, E . A . L a n g e n b a c h , E . A . P e t r e q u in , F r a n k A
S e ib e r l
lin g .
T e r m e x p ir in g O c t . 1 9 2 2 : W . M . D u n c a n , J o h n N . W i lly s C a r l R
G r a y , F r e d e r ic k H . E c k e r , N . S . M e ld r u m .
T e r m e x p ir in g O c t
1921f ’
W a r r e n B ic k n e ll, B e r tr a m C u t le r , J . A . H o u s e , W a lt e r S . B o w le r L
L o r e e .— ( V . 1 0 8 , p . 2 7 0 , 1 9 3 8 .)

★ W H E E L IN G T E R M IN A L R Y .— O w ns a
W . V a ., a n d 10 m ile s o f t e r m in a l t r a c k .

r a ilw a y b r id g e a t W h e e lin g
S T O C K .— $ 2 ,0 0 0 ,0 0 0 .
a ll
o w n e d b y P e n n s y lv a n ia C o m p a n y , w h ic h g u a r a n t e e s p r ln . a n d ln t . o f b o n d s
o f w h ic h $ 4 0 0 ,0 0 0 a r e r e s e r v e d t o r a d d 'n s a n d l m p r o v ’ t s ; m t g e . t r u s t e e s
C o m m e r c ia l T r . C o . o f P h ila .
V . 98. p . 612, 1769.
F orm or g u a ra n ty
V - 76, p. 655.
D i v s . 2 % p a id in 1 9 0 6 , 1 9 0 7 , 1 9 1 1 . 1 9 1 2 a n d 1 9 1 3 .
1916
2 % . 191- ..3 % ; 1 9 1 8 , m l.
I -o r t h e y e a r 1 9 1 8 , G o v e r n m e n t c o m p e n s a t i o n
$ 1 1 3 ,1 5 1 ; in c o m e f r o m in v e s t m e n t s , r e n t a ls , & c ., $ 4 ,4 2 0 ; in t e r e s t , r e n t a ls
& c ., $ 6 2 ,2 0 0 : w a r t a x e s , $ 6 ,1 3 9 ; b a l ., s u r ., $ 4 9 ,2 3 2 .
S e c ., S . H . C h u r c h !
F e d . M g r . , G . L . P e c k , P i t t s b u r g h .— ( V . 9 8 , p . 6 1 2 , 1 7 6 9 .)

£ .i y Hr? E u& BvkA n ,K R ' V E R V A L L E Y R R . — B r i n k l e y t o J a c k s o n p o r t .
«T
A r k . . 5_f! ',a i l e s : W i v i l l e . A r k . , t o G r e g o r y , 6 i n . ; t o t a l , 6 2 m i l e s .
L e a s e d fo r
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A W H I T E P A S S Sr Y U K O N R V — O w n s a r ^ r r o w - j . i u i . ' i n - o i l m n « v m
l m ^ h - i ? x te n d ln g r f r o m S k a g u a u , A l a s k a , t o W h i t e H o r s e w i t h b r a n c h t o
W h it e H o r s e c o p p e r m in e s , 12 m ile s ( V . 6 9 . p . 3 3 5 ; V . 6 7 . p . 1 1 6 2 , 1 1 3 8 ):
a ls o o p e r a t e d s t e a m e r s b e t w e e n W h i t e H o r s e a n d D a w s o n C it y a n d C a r ib o u
a n d A tlin .
V . 73, p . 443; V . 75, p . 1300.
R E O R G A N I Z A T I O N .— In 1 9 1 8 th e s e c u r it y h o ld e r s fo r m a lly a p p r o v e d
w ith s o m e a m e n d m e n t s , p la n o u t li n e d in V . 1 0 7 , p . 6 0 5 , 2 0 9 9 . 2 4 7 8 .
I n t e r e s t d u e J a n . 1 1 9 1 5 a n d s u b s e q u e n t l y w a s p a i d In s c r i p o r d e f a u l t e d .
I n o r d e r t o r a is e £ 9 o ,0 0 0 ( £ 5 2 ,0 0 0 f o r w o r k i n g c a p i t a l , a n d a b o u t £ 3 8 .0 0 0
t o p a y o f f lo a n s , a n d £ 5 ,0 0 0 fo r c o m m is s io n s , & c .) , it w a s a r r a n g e d u n d e r
t h e p la n t o is s u e £ 1 0 0 ,0 0 0 7 % P r i o r L ie n d e b e n t u r e s t o c k .
F o r y e a r e n d i n g J u n e 3 0 1 9 1 8 . t o t ,a l I n c o m e . £ 5 3 , 9 8 2 . c h a r g e s , £ 6 5 , 9 3 1 ,
n e t . d e f i c i t . £ 1 1 , 9 4 7 . a g a i n s t £ 2 6 . 1 8 2 f o r ‘. 3 i 6 - l 7 .
P r e s , o f lo c a l (s u b s ld ia r y i c o s ., F . O . E llio t t . I l l W . W a s h in g to n S q . .
C h ic a g o .— ( V . 1 0 4 , p . 3 6 3 ; V . 1 0 5 , p . 2 9 1 ; V . 1 0 7 , p . 5 0 3 , 6 0 5 . 2 0 9 9 , 2 4 7 8 .)

W H I T E R I V E R R R . — O w n s R o c h e s t e r t o B e t h e l, V t ., 2 0 m ile s . H a s
s h o r t lin e ( c o -o p e r a t iv e ) c o n t r a c t w it h t h e U . S . R R . A d m in is t r a t io n .
S t o c k , $ 2 5 0 ,0 0 0 ; p a r , $ 1 0 0 .
B o n d s ( $ 2 5 0 ,0 0 0 a u t h . is s u e ), s e e t a b le
above.
Y e a r e n d e d D e c . 3 1 1 9 1 8 . g r o s s . $ 6 4 ,7 1 2 . n e t . $ 1 9 ,6 8 6 ; in t . o n
b o n d s , $ 1 2 ,5 0 0 ; t a x e s , r e n t a ls , & c ., $ 1 3 ,1 0 3 ; b a l.. d e f ., $ 7 ,1 9 7 .
P r e s ..
C h au n cey D . P arker. B o sto n , M a ss.
O ffic e , R o ch e s te r. V t.

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Government

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[F o r a b b r e v ia tio n s , & c ., s e e n o te s o n f ir s t p a g e ]

W ic h it a F a lls & S o — 1 s t M 5 7 8 0 ,0 0 0 g g u s t - - - F C . x c *
W i c h L in T e r m R y — 1 s t M g g u r e d 1 0 8 'A b e g ’ 2 1 - C e *
W ild w o o d & D e la w a r e B a y S h o r t L in e R R — I s t M .
W i l k e s - B a r r e & S c r a n t o n — S t o c k 5 % r e n t a l -----------------F ir s t m o r t g a g e g o ld g u a r p & 1 b y L C & N C o - . x x x
W i l l i a m s V a l l e y — F i r s t m t g e 5 1 2 0 . 0 0 0 a u t h ------------- k v
W i l l i a m s p o r t & N o r B r — F i r s t M $ 7 5 0 . 0 0 0 ’g - F P . x o *
W ilm in g t o n C o lu m b ia & A u g u s t a — S e e A t la n t i c C o a s t
W illm a r & S io u x F a lls — S e e G r e a t N o r t h e r n
W i l m i n g t o n & N o r t h e r n — 1s t M c a ll 1 9 0 7 i n t g u — x r
G e n m t g e 5 1 .0 0 0 .0 0 0 g o l d p & I g u a r (e n d ) — P e P - s r
D e b e n t u r e b o n d _________________________________________________
W ilm in g t o n & W e ld o n — S e e A t la n t ic C o a s t L in e R R
W i l m i n g t o n R y B r i d g e — M g u a r J o i n t l y _____________ S B a
W i n o n a B r id g e — 1 s t M e x t 1 9 3 5 g o ld s f r e d a t p a r - F z
W i n s t o n - S a l e m S o u t h b o u n d — 1 s t 51 g g u - . U s . x c ’ & r *
W i n s t o n - S a l e m U n i o n S t a t i o n C o — '1s t M g c a l l . c *
W is c o n s in C e n t R y — ■ C o m m o n s t o c k § 1 7 ,5 0 0 ,0 0 0 - P r e f s t k 4% n - c S 1 2 . 5 0 0 . 0 0 0 a u t h _________________________
F i r s t G e n e r a l m o r t g a g e ____________________________U s . x c *
M a r s h & S E D l v 1 s t 51 g o l d s u b j t o c a l l a t 1 0 5 . U s x
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W is e M in n & P a c if i c — S ee C h ic G r e a t W e s t R y
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W o r c e s t e r N a s h u a & R o c h e s t e r — S e e B o s t o n 6c M a i n e
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★ W I L K E S - B A R R E & S C R A N T O N R Y . — (S e e M a p R e a d i n g
O w n s fr o m S c r a n to n t o M in o o k a J e t ., P a ., 4 .2 7 m . , o f
w h ic h
d o u b le tr a c k .
L e a s e d f r o m M a y 1 1 8 8 8 t o L e h i g h C o a l 3s N a v .
h o l d s a l l t h e s t o c k ) d u r i n g c o r p o r a t e e x i s t e n c e , le s s o n e y e a r ,
p er a n n u m and ta x es.
L e a s e a s sig n e d t o C e n tr a l o f N . J . a t 6 %
road
($ 1 ,1 4 1 ,6 7 6 ) a n d t a x e s .

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a b o v e .—

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on cost o f

★ WILLIAM’S VALLEY RR.— W i l l i a m s V a l l e y Jet. to Lyk e n s . P a . , 1 1 . 0 4
m ile s .
S t o c k a u t h o r iz e d , $ 1 2 0 ,0 0 0 ; o u t s t a n d i n g , $ 8 9 ,9 0 0 ; p a r o f s h a r e s ,
$50.
In A p r il 1907 th e R e a d in g C o . o b t a in e d c o n t r o l.
V 8 4 . p .9 3 3 .
F or
y e a r 1 9 1 8 , g r o s s , $ 4 3 ,0 7 1 : n e t d e f ic it , $ 1 5 ,4 8 4 ; t a x e s , $ 6 9 2 ; b a la n c e , d e ­
d e f ic it , $ 1 4 ,7 9 2 .
F e d . M g r . , C . I I . E w in g .— ( V . 8 4 , p . 9 3 3 .)
A W IL L IA M S P O R T & NO. B R A N C H
R R .— H a ll’s t o S a tte r fie ld . P a .
a n d b r a n c h , 4 0 m ile s ; le a s e s E a g l e ’ s M e r e R R . . 1 0 m ile s ; t o t a l , 5 6 m ile s .
H a s s h o r t lin e ( c o -o p e r a t iv e ) c o n t r a c t w it h U . S . R R . A d m in is t r a t io n .
S t o c k (a u t h o r iz e d . i2 ,0 0 0 ,0 Q 0 ) , c o m m o n , $ 9 2 3 ,9 5 0 ; p r e fe r r e d , 5 4 0 0 .0 0 0
par, $50.
In S e p t . 1 9 0 9 $ 1 5 0 ,2 5 0 p r e fe r r e d s t o c k w a s p u r c h a s e d b y n e w
p a r tie s .
V . 89. p. 780.
T h e 4 )4 s o f 1 9 0 1 c o v e r t h e r o a d a n d 3 ,0 0 0 a c r e s
o f c o a l l a n d s in S u l l i v a n C o u n t y , P a . , $ 2 5 0 , 0 0 0 b e i n g r e s e r v e d f o r e x t e n s i o n * .
V . 72, p . 990, 1280.
R e a d i n g C o . in 1 9 1 8 o w n e d $ 1 ,4 9 6 , 4 0 0 o f s t o c k .
O a r tr u s ts o u t s t a n d in g D e c . 31 1 9 1 8 , $ 1 0 ,0 0 0 .
F o r y e a r e n d in g D e c . 3 1 1 9 1 8 , g r o s s , $ 1 2 0 ,4 5 3 ; n e t , $ 2 ,5 8 4 ; i n t ., r e n t a ls .
& c . , $ 3 7 ,3 3 4 ; b a l . , d e f . , $ 3 4 ,7 5 0 .
I n 1 9 1 7 , g r o s s , $ 1 2 5 ,4 2 0 ; n e t , $ 2 8 ,8 9 8 ;
b a l., d e f., $ 9 3 5 .
P r e s . , _______________ ; S e c . & T r e a s . , F . W . C o r c o r a n .
O f f i c e , H u g h e s v ffle , P a .— ( V . 8 9 , p . 7 8 0 ; V . 1 0 5 , p . 6 0 8 .)
★ W IL M IN G T O N
& NORTHERN
R R . — (S e e M a p s H e a d in g S y s t e m .) —
O w n s W i lm in g t o n , D e l ., t o H ig h s F a r m . P a ., 9 0 .4 4 m ila s ; t o t a l t r a c k .
1 4 6 .2 4 m . L e a s e d t o t h e P h il a . & R e a d . R y . f o r 9 9 9 y e a r s f r o m F e b . 1 1 9 0 0
fo r In t. o n b o n d s a n d 3 ) 4 % d lv . o n s t o c k , p a y a b le q u a r . (Q .-F . 15) and
o r g a n i z a t io n t a x e s .— V . 8 0 . p . 1 8 5 8 ; V . 1 0 2 . p . 1 8 1 2 .)
W I L M I N G T O N R Y . B R I D G E .— O w n s
H ilto n
t o N a v a s s a , N . C . t 2 .4
m ile s .
S t o c k . $ 4 0 ,0 0 0 , o w n e d i b y S e a b o a r d A ir L in e R y . a n d A t la n t i c
O o a s t L in e R R . , w h ic h lo i n t l y g u a r a n t e e th e $ 2 1 7 ,0 0 0 b o n d s — s e e t a b l e
above.
P r e s ., G e o . B . E l l i o t t . W i lm in g t o n , N C .: S e c . a n d T r e a s .. R
L.
N u t t , 2 4 B r o a d S t ., N e w Y o r k .
F e d . M g r . L y m a n D e la n o .
R A I L W A Y .— S e e p a g e 1 3 6 ,

★ W I N S T O N -S A L E M
SOUTH BOUN D
R Y - O w n s W in s to n -S a le m , N . C .
o n N o r f o l k & W e s t e r n . t<> W a d e s b o r o o n A t l a n t i c C o a s t L i n e R R . , 8 8 m i l e s .
U n d e r tru st a g re e m e n t (V . 1 0 6 . p . 12 3 9 )
s a id t w o r o a d s o w n t h e $ 1 ,2 4 5 .0 0 0
s t o c k a n d . J o i n t l y a n d s e v e r a l l y , g u a r a n t e e t h e $ 5 , 0 0 0 , 0 0 0 b o n d s , p r l n . 3c
in t .
S ee fo r m , V . 9 2 , p . 3 9 6 ; V . 1 0 5 . p . 2 3 6 7 .
R e c e iv e d a lo a n fr o m G o v t
t o A p r il 1 1 9 1 9 , $ 1 1 2 ,0 0 0 , a t 6 % .
R e p o r t fo r 1 9 1 8 ; F ed era l co m p en s a tio n ,
$ 2 6 0 ,2 5 2 y e a r ly d u r in g F e d e r a l c o n t r o l (c o n t r a c t e x e c u t e d ); o t h e r in c o m e ,
$ 8 ,1 1 2 ; w a r t a x e s , $ 1 2 ,0 0 0 ; i n t . , 3 c c ., c h a r g e s , $ 2 1 2 ,2 9 5 ; b a l ., s u r ., $ 4 4 ,0 7 0 .
H L 1 9 1 7 ( V . 1 0 6 , p . 2 4 5 1 ) , g r o s s , $ 8 9 8 ,3 0 2 n e t , $ 3 7 9 ,0 3 6 ; o t h e r in c o m e .




$729 000
2 ,3 0 0 .0 0 0
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W I L D W O O D & D E L A W A R E B A Y S H O R T L I N E R R .— O w n s R io
G r a n d e , N . J ., c o n n e c t in g w it h A t la n t i c C i t y R R . t o W i ld w o o d , 4 m ile s .
S t o c k , $ 5 0 0 ,0 0 0 ; is s u e d $ 3 7 6 ,0 0 0 ; p a r , $ 5 0 .
B o n d s a u t h ., $ 5 6 2 ,5 0 0 1st
g o l d 5 s ; is s u e d t o O c t . 1 9 1 8 , $ 4 7 9 ,0 0 0 .
B r o a d w a y T r u s t C o ., C a m d e n ,
N . J ., tr u s te e ; s e e t a b le a b o v e .
P r e s ., H o n . J . T . B a k e r ; T r e a s ., W . F .
S h o r t; S e c ., O . I . B la c k w e ll.
O ffic e , W ild w o o d , N . J ,

B R ID G E

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U N IO N
T E R M IN A L
R Y .— O w n s r a ilw a y t e r m , a t W i c h ­
it a , K a n ., I n c lu d in g a p a s s e n g e r s t a t io n w it h e le v a t e d t r a o k a p p r o a c h e s o t
a b o u t 2 m ile s , in c l u d i n g a 4 - t r a c k m a in lin e , t o b e u s e d b y t h e A t c h is o n
C h ic . R . I . & P a o ., S t . L o u is & S a n F r a n c is c o a n d K a n . C it y M e x . & O r ie n t
T h e s e 4 r o a d s o w n t h e s t o c k a n d g u a r a n t e e J o i n t l y a n d s e v e r a l l y t in - $ 2 ,
3 0 0 ,0 0 0 3 0 -y e a r 4 ) 4 %
g o ld b o n d s (V . 1 0 1 , p . 1 6 2 9 ).
F e d e ra l M g r .,
J . A . E d s o n .— ( V . 1 0 1 , p . 1 6 2 9 .)

W IN O N A

1
1
1
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do
do
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F o r y e a r 1 9 1 7 , g r o s s , S I ,0 5 3 ,2 7 4 ; n e t lo s s , $ 2 2 ,3 5 4 ; o t h e r in c o m e , $ 4 6 ,3 6 0 ’
c h a r g e s . $ 3 6 3 , 5 5 5 ; b a l . , d e f . , $ 3 3 9 , 5 4 9 , a g a i n s t $ 1 1 5 , 1 4 5 in 1 9 1 6 .
P r e s .,
O . E . S c h a ff; V .- P .’s , F r a n k R in g e r , D a lla s , T e x .; J . A . K e m p a n d F r a n k
K e ll, W ic h it a F a lls , T e x .; S e c ., E . W . P e a b o d y , S t. L o u is ; T r e a s ., W . M .
M c G r e g o r , W ic h it a F a lls , T e x .; A u d ., W . W . M o o d y , S t. L o u is , M o .;
F e d e r a l M g r . , C . N . W h i t e h e a d , S t . L o u is , M o . — ( V . 1 0 6 , p . 1 3 4 5 .)

W IC H IT A N O R T H W E S T E R N — See
( V . 1 0 9 , p . 1 9 8 8 .)

1 1927
1 1932
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J a n . 1 to D e c . 3 1 .
\1 9 1 7 - G r o s s ,
1 ,0 5 3 ,2 7 4 ; t a x e s ) ,
7 5 ,4 3 1
F o r 8 m o n t h s .—
(1 9 1 9 -.G r o s s ,
$ 1 ,3 4 0 ,4 0 0 ; n e t ( b e f . d e f . $ 3 7 ,2 8 9
Jan . 1 to A u g. 31.
\ 1 9 1 8 --G r o s s ,
6 5 3 ,2 3 6 ; ( t a x e s ;,
d e f.1 9 2 ,3 8 0

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&
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B O N D S , & c .— 1st 5 s o f 1 9 0 9 , V . 8 8 , p . 1 4 3 9 .
P a n h a n d le D lv . c o ll,
t r . 5 s o f '1 0 , V . 9 0 , p . 7 0 0 .
W i c h . F . & S o . b o n d s ($ 7 2 9 ,0 0 0 o u t s t a n d in g )
g u a r . p . 3s i . b y W i c h . F a l l s R y . a n d W . F . 3s N . W .
V . 88, p . 687. 884. 946.
O f t h e 1 s t 3s R e f u n d i n g g o l d 5 s ( $ 1 0 , 0 0 0 , 0 0 0 a u t h . i s s u e ) . $ 3 , 6 0 1 , 0 0 0
w a s i s s u e d o n D e c . 3 1 1 9 1 7 , o f w h i c h $ 5 1 9 , 0 0 6 i s o w n e d b y t h e M . K . 3s T .
R y . , $ 8 2 , 0 0 0 p l e d g e d w i t h M . K . 3s T . R y . f o r a d v a n c e s m a d e .
V . 93,
p. 873.
A s t o I n t e r e s t p a y m e n t s a n d c o m m i t t e e s f o r W i c h i t a F a l l s 3s S o u t h e r n
a n d W i c h i t a F a l l s 3s N . W . 5 s . s e e M i s s o u r i K a n s a s 3s T e x a s R y .

★

A m ount
O u tsta n d in g

550 & c
50

★ W IC H IT A
FALLS & NORTH W ESTERN
R Y .— C o m p a n y o w n s fro m
H e n r ie t t a , T e x . , t o F o r g a n , O k l a ., 3 2 1 m ile s , a n d f r o m A lt u s , O k l a ., t o
W e llin g to n , T e x ., 5 7 m .
T h is I n c lu d e s t h e W i c h it a F a lls R y . , H e n r ie t t a ,
T e x . , t o W i c h it a F a lls , 1 8 m ile s , a ll o f w h o s e s e c u r it ie s a r e o w n e d b y W . F .
& N . W . R y.
W i c h it a F a lls & S o u t h e r n R y . . c o n t r o ll e d b y t h e M is s o u r i
K a n s a s & T e x a s o w n s fr o m W ic h it a F a lls t o N e w c a s t le , 5 2 m .
The M o.
K a n . & T e x a s R y . o f T e x a s le a s e d t h e s y s t e m f o r 9 9 y e a r s .
V . 96, p . 790;
V . 98 p
999
I n J u n e 1 9 1 7 O . E . S c h a ff, r e c e iv e r o f t h e M is s o u r i K a n s a s & T e x a s R y . .
w a s a p p o in t e d r e c e iv e r , t h e c o m p a n y n o t h a v in g b e e n a b le , u n d e r in d e p e n d ­
e n t o p e r a tio n , t o e a rn fix e d c h a r g e s .
T h e r e c e iv e r s h ip d o e s n o t in c lu d e th e
s u b s id ia r y W i c h it a F a lls R y . n o r t h e a llie d W i c h i t a F a lls & S o u t h e r n .
V . 104, p . 2344, 2453.
" S t a n d a r d r e t u r n ,” & c .— S e e p a g e 5 .
S T O C K .— 5 2 ,0 0 0 ,0 0 0 , a ll o w n e d

APrlvate
Control.

RAILWAY STOCKS AND BONDS

See te x t

Y ork

$ 3 0 ,7 3 7 ; c h a r g e s , $ 3 3 9 ,9 8 1 : b a l . , s u r ., $ 6 9 ,7 9 2 .
V a lu a tio n r e p o r t , V . 1 0 7 ,
p . 1194; V . 108, p . 2124, 2434.
P r e s ., H . E . F r ie s , W in s t o n -S a le m , N . O .
F e d e r a l M g r ., L y m a n D e la n o , W ilm in g to n , N . C .— (V . 1 0 8 , p . 2 4 3 4 .).
★ W I N S T O N - S A L E M (N . C .) U N I O N S T A T I O N C O .— T h e b o n d s a r e
a fir s t lie n u p o n t h e u n io n p a s s e n g e r s t a t io n a t W in s t o n -S a le m , N . O ., a n d
t h e p a r c e l o f l a n d ( . 8 4 o f a n a c r e ) u p o n w h i c h t h e s t a t i o n is e r e c t e d .
The
N o r fo lk & W e s te r n R y . C o ., S o u th e r n R y . C o . a n d W in s to n -S a le m S o u th ­
b o u n d R y . C o . o w n th e c a p ita l s t o c k , u n c o n d it io n a lly g u a r a n te e t h e b o n d s ,
lo in t ly a n d s e v e r a lly , b o t h p r in . & in t ., b y e n d o r s e m e n t o n e a c h , a n d h a v e
c o n t r a c t e d t o u s e t h e t e r m in a l t h r o u g h o u t t h e life o f t h e s e b o n d s , p a y in g
a s r e n ta l a n a m o u n t e q u a l t o t h e c o s t o f o p e r a t io n a n d in t . o n t h e b o n d s .
B o n d i s s u e ( l i m i t e d t o $ 2 5 0 , 0 0 0 ) is c a l l a b l e a t 1 0 7 1 4 & i n t . a f t e r O c t . 1 9 3 0 .
V . 103, p . 944.
I n c . in N o . C a r o . D e c . 1 6 1 9 1 5 .
P r e s ., H . E . F r ie s .—
( V . 1 0 3 , p . 2 4 0 .)
★ W IS C O N S IN C E N T R A L R A I L W A Y .— S Y S T E M e x te n d s fr o m C h ic a g o ,
„u A s h l a n d , W l s . , a n d L a k e S u p e r i o r I r o n m i n e s : a l s o t o S t . P a u l a n d M i n n e ­
a p o lis a n d t o S u p e r io r a n d D u lu t h .
B y c a r fe r r y c o n n e c t s w ith th e P e r e
M a r q u e tte a n d h a s a s h o r t lin e t o t h e E a s t . V . 6 3 , p . 1 1 7 . S y s t e m in c lu d e s
L in e s ow n ed —
M ile s .
L in es ow n ed —
M ile s .
O h i o , t o T r o u t B r o o k J o t . , W l s . . 4 5 9 M a r s h f i e l d t o N e k o o s a __________
33
8 p e n c e r t o A s h l a n d , W l s ____________ 1 4 6 O t h e r b r a n c h e s ____________________
109
O w e n t o S u p e r i o r ______________________ 1 5 3 T r a c k a g e t o C h i c . , M i n n . . * o _
77
B r a n c h t o B e s s e m e r __________________ 3 4 R u g b y t o M i l w a u k e e , & o _______
28
S t e v e n s P o in t t o P o r t a g e C i t y . . 71
N e e n a h t o M a n i t o w o o _________________ 3 7
T o t a l J a n 1 1 9 1 8 ____________
1 ,1 2 6
O R G A N I Z A T I O N .— S u c c e s s o r J u ly 1 8 9 9 o f W is c o n s in C e n t. C o ., fo r e ­
c lo s e d p e r p la n V . 6 8 . p 7 2 5 ; V . 6 9 . p . 2 9 . 1 3 3 : V . 7 0 , p . 4 3 4
In J a n . 1 9 0 9
M i n n . S t . P a u l 3c S . S . M . a c q u i r e d 5 1 % o f c o m m o n s t o c k a n d o p e r a t e s t h e
r o a d a s it s “ C h i c a g o D i v i s i o n , ” t h e r o a d b e in g le a s e d f o r 9 9 y e a r s f r o m
A p r i l 1 1 9 0 9 , a n d m o s t o f t h e p r e f . s t o c k e x c h a n g e d f o r M . S t . P . 3c S . 8 . M .
le a s e d lin e c e r t if i c a t e s , s o u r e d b y W i s . C e n t . p r e f . s t o c k , o n w h ic h 4 % d iv a ,
a re p a id . V . 8 8 , p . 1 59 2 3 2 , 5 6 6 . 6 2 6 , 7 5 0 , 1 0 0 3 , 1 4 3 9 , V . 8 9 , p . 7 8 0 .
S T O C K .— S t o c k , a u t h o r iz e d , o o m m o n . $ 1 7 ,5 0 0 ,0 0 0 : p r e f ., 4 %
nonoum .
$ 1 2 ,5 0 0 ,0 0 0 .
O u t s t a n d in g , 0 0 m .. $ 1 8 ,1 1 9 ,0 0 0 : p r e f ., $ 1 1 ,2 6 5 ,3 0 0 ;
p a r o f sh ares. $ 1 0 0 .
A f t e r 4 % d i v i d e n d s o n b o t h c la s s e s s h a ll h a v e b e e n
p a i d In a n y y e a r , b o t h s h a l l p a r t i c i p a t e e q u a l l y In a n y f u r t h e r d i v i d e n d s
or suoh y ea r.
T h e p r e fe r r e d h a s th e r ig h t t o e le o t a m a j o r it y o f t h e d ir e c ­
t o r s o n fa ilu r e fo r t w o s u c c e s s iv e y e a r s t o r e c e iv e 4 % p e r a n n u m .
D I V I D E N D S . — F ir s t d l v . o n p r e f .. 4 % f o r t h e y e a r , p a id
1 9 0 8 a n d 1 % e a c h o n M c h . 11 a n d J u l y 1 5 a n d O o t . 1 5 1 9 0 9 .
1 9 1 0 , 2 % ; O c t. 1 , 2 % ; 1911 to O c t. 1 1 9 1 9 , 4 % y e a r ly .

1% D eo. 23
O n J u n e 15

B O N D S .— T h e 1 s t G e n . g o ld 4 s o f 1 8 9 9 a re s e c u r e d b y a m t g e . u p o n a ll
t h e lin e s o f r a i l w a y , t e r m in a l s , e q u l p m ’ t a n d o t h e r p r o p e r t y a c q u i r e d t h e r e ­
b y , a n d a l s o b y d e p o s i t o f a ll s e c u r i t i e s o w n e d o r a c q u i r e d u n d e r t h e p l a n .
O f t h e G e n e r a l s . u p t o J u n e 3 0 '1 4 . $ 1 , 8 0 7 , 0 0 0 w e r e p u r c h a s e d I n t h e o p e n
m a r k e t a n d c a n c e le d . V . 7 5 . p . 7 3 4 , 1 2 0 4 ; V . 7 7 , p . 1 2 3 8 ; V . 8 0 . d . 1 5 9 1 .
T h e S u p e r i o r & D u l u t h D i v i s i o n 3c T e r m . 4 s a r e l i m i t e d t o $ 7 , 5 0 0 , 0 0 0 ,
th e p re se n t a m o u n t o u ts ta n d in g ; th e y c o v e r th e ro a d fr o m O w e n , W ls .,
v ia S u p e r io r t o D u lu t h , M in n ., 1 0 0 m ile s , a n d t e r m in a ls a t b o t h S u p e r io r
a n d D u lu th .
V . 82. p . 806, 930. 1103: V . 83. p . 980: V . 84. p. 1429: V .
85. p . 532; V . 86. p . 1411: V . 88, p . 824.
T h e “ F i r s t a n d R e f . ” i n t g o . Is l i m i t e d t o $ 6 0 , 0 0 0 , 0 0 0 , o f w h i c h $ 3 0 , 4 5 9 , 0 0 0
la r e s e r v e d t o r e f u n d e x i s t i n g b o n d s a n d e q u i p m e n t o b l i g a t i o n s a n d t h e r e ­
m a in d e r fo r g e n e r a l p u r p o s e s ; $ 6 ,0 0 0 ,0 0 0 h a v e b o e n s o ld .
V . 88, p. 087.
824 , 884; V . 89. p. 44, 1069; V . 94, p . 489; V . 98, p. 840
T h e M in n . S t.
P . 3c S a u l t S t e . M a r i e g u a r a n t e e s i n t e r e s t o n t h e b o n d s .
V . 95. p. 969.
T h e $ 1 ,0 0 0 ,0 0 0 3 -y e a r 5 % g o ld n o te s d a t e d F e b . 15 1 9 1 5 , s e c u r e d b y
d e p o s i t o f $ 1 , 5 0 0 , 0 0 0 F i r s t 3c R e f . 4 s a r e g u a r . , p r i n . 3c i n t . , b y M i n n . S t . P .
& S a u l t S t e . M a r i e . , w e r e p a i d o f F e b . 1 5 1 9 1 8 a t p a r 3c i n t . V . 1 0 6 . p . 5 0 0 .
G E N E R A L F I N A N C E S . — T h e W is c o n s in R R . C o m m is s io n in M a y 1 9 1 8
a u t h o r i z e d t h e c o m p a n y t o s e l l a b o u t $ 1 , 8 9 0 , 0 0 0 F i r s t 3c B o f . M . b o n d s o t
t h e I s s u e o f 1 9 0 9 ( $ 5 , 8 1 6 , 0 0 0 o u t s t a n d i n g ) a t n o t le s s t h a n 7 5 t o p r o v i d e f o r
t h e r e t i r i n g o f F i r s t M . b o n d s o f M a r s h f i e l d 3c S o u t h e a s t e r n R y . a n d f o r
a d d it io n a l e x t e n s io n s a n d im p r o v e m e n t s .— V . 1 0 6 , p . 2 2 3 6 .
E A R N I N G S .— 4 m o s .,
J a n . 1 t o A p r il 3 0 .

1 9 1 8 .- G r o s s , $ 3 ,5 5 7 ,6 9 0 ; n o t (a ft e r
1 9 1 7 .-G r o s s ,
3 ,9 7 0 .5 8 3 :
ta x e s ).

$ 1 4 4 ,1 4 8
1 .0 8 9 .9 1 2

R E P O R T . — R e p o r t f o r y e a r e n d in g D e c . 3 1 1 9 1 8 in V . 1 0 8 . p . 2 5 2 1 :
1918.
1917.
1916.
1915.
O p e r a t i n g r e v e n u e ----------N ot
$ 1 3 ,8 1 4 ,2 1 1 $ 1 2 .,8 9 5 ,7 6 4 $ 1 0 ,6 8 2 ,2 4 8
N e t e a r n i n g s ----------------------rep orted
$ 4 ,9 4 4 ,1 8 7
$ 5 ,7 1 2 ,3 1 7
$ 3 ,9 3 1 ,1 2 8
S t a n d a r d r e t u r n .................. ... $ 3 , 4 2 4 , 3 3 8
____________
— .v s s s
O t h e r i n c o m e ...........................
2 4 ,4 4 3
7 7 ,7 6 3
5 9 ,8 3 4
5 0 ,3 8 3
T o t a l i n c o m e ..................... $ 3 , 4 4 8 , 7 8 1
$ 5 ,0 2 1 ,9 5 0
I n t e r e s t , t a x e s , 3 c c .............
2 ,4 0 3 ,7 5 0
3 ,3 3 9 ,9 4 1

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

$ 3 ,9 8 1 ,5 1 1
3 ,1 6 6 ,1 6 9

B a l a n c e , s u r p l u s ............. $ 1 , 0 4 5 , 0 3 1
$ 1 ,6 8 2 ,0 0 9
$ 2 ,5 1 2 ,4 6 3
§ 8 1 5 ,3 4 1
D iv id e n d s o n p r e fe r r e d $ 4 5 0 ,6 2 4
$ 4 5 0 ,6 1 2
$ 4 5 0 ,0 1 2
$ 4 5 0 ,6 8 8
D iv id e n d s p a id o u t o f a c c u m u la t e d s u r p lu s , b u t s u n s t a n t ia lly p a id d u r ­
in g r e s p e c t iv e y e a rs s h o w n — s e e V . 9 3 . p . 7 9 2 .
„ , .
_
_
O F F I C E R S . — P r o s .. E . P e n n in g t o n : V . - P . . A . H . B r ig h t ; C o m p . , O . W .
G a r d n e r ; S e c r e ta r y a n d T r e a s u r e r , G . W . W e b s te r , a n d A s s t. S e c ., W . F .
C r a n k , a ll o f M in n e a p o lis ; F e d e r a l M a n a g e r , G o o . R . H u n t in g t o n ; 1 e d e r a l
T r e a s ., C . F . C le m e n t , M in n e a p o li s .— ( V . 1 0 8 , P - 2 5 2 4 .)
A W IS C O N S IN
&
M IC H IG A N
R R .— O p e ra te s fr o m
F a ith o r n J u n e ..
M i c h ., t o M e n o m in e e , M i c h ., 4 9 .8 m ile s .
S u c c e s s o r , a fte r fo r e c lo s u r e
s a le , o f t h e W is c o n s in & M ic h ig a n R y . C o . , a c q u ir in g o r a t le a s t o p e r a t in g
o n ly th e p o r tio n o f th e r o a d a b o v e m e n tio n e d .
E A R N I N G S . — 12 m o s . , / 1 91 7 - G r o s s . $ 1 0 0 ,5 0 5 ; n e t (a ft e r
d o r .$ 2 5 ,3 2 0
Jan. 1 to D ec. 31.
il9 1 6 -G r o s s ,
1 2 9 .8 0 0 ;
ta x e s ).
su r3 4 0 2
P r e s ., J o h n M a r s c h , C h ic a g o ; V .-P r o s .. W . II. W r ig h t . M e n o m in e e M ic h ,
T r e a s ., N ic o la s M a r s c h , C h ic a g o .
O ffic e , M e n o m in e o , M ic h .— (V . 1 0 5 .
p . 1 8 9 9 , 2 0 9 6 .)
W IS C O N S IN
M IN N E S O T A
&
P A C IF IC
R R . W IS C O N S IN &
N O R TH E R N
R R .
W R IG H T S V IL L E
&
T E N N IL L E
R R . and
Y O ­
S E M IT E V A L L F Y R R .— See p a g e 136.

RAILROAD COMPANIES.
S U P P L E M E N T A R Y — S ee

a ls o

R a b ie s

6

to

136.

★ A K R O N & B A R B E R T O N B E L T R R . — B e lt lin e a t B a r b e r t o n . O .. a n d
F a ir la w n t o A k r o n , O .; t o t a l, 2 3 .1 m .
S t o o k , 6 1 0 0 ,0 0 1 . o w n e d e q u a ll y
b y t b e C le v e la n d A k r o n & C in c in n a t i, B a lt . & O h io , E r ie R R . a n d N o r t h e r n
O h io R y .
B o n d s a u t h .. S I . 5 0 0 ,0 0 0 - I s s u e d . S t . 2 1 0 ,0 0 0 : $ 2 1 4 ,0 0 0 r e d e e m e d
b y s in k in g fu n d : $ 2 6 0 ,0 0 0 f o r fu t u r e n e e d s .
R e s u lt s fo r 1 9 1 8 : A n n u a l G o v t ,
c o m p e n s a t io n , $ 3 0 ,1 0 4 : o t h e r in c o m e , $ 8 3 1 .
F e d e ra l M g r ., G . L . P e c k ,
P it t s b u r g , P a .— ( V . 1 0 5 , p . 7 1 .)
A A K R O N C A N T O N & Y O U N G S T O W N R Y .— 1 8 ? i m . fr o m A k r o n t o
M o g a d o r e c o m p le t e d in 1 9 1 4 .
S t o c k , a ll is s u e d , $ 1 ,5 0 0 ,0 0 0 .
V . 92, p.
1434; V . 95, p . 678.
Y e a r e n d in g J u n o 3 0 1 9 1 6 (7 m il e s ) , g r o s s , $ 2 7 6 ,1 0 1 ;
n e t , a ft e r t a x e s , $ 1 5 7 ,8 2 1 ; o t h e r in c o m e , $ 1 ,3 1 8 ; i n t . a n d r e n t a ls , S 1 3 0 .3 1 3 ;
b a l ., s u r ., $ 2 8 ,8 2 6 .
F o r 1 9 1 7 , g r o s s , $ 1 7 7 ,7 0 2 ; n e t , a ft e r t a x e s , $ 2 5 9 ,7 2 1 .
C o - o p e r a t iv e c o n t r a c t s ig n e d in M a y 1 9 1 9 .
P r e s ., H . B . S te w a r t, C a n t o n ,
O .; S e c ., J a y T a y l o r .— ( Y . 9 5 , p . 6 7 8 ; V . 1 0 8 , p . 2 2 4 0 .)
A A M A D O R C E N T R A L R R — l o n e t o M a r t e ll, C a l.. 1 2 m . S t o c k , S 4 0 0 .0 0 0 .
p ar, $100.
M o rtg a g e , see V . 8 8 , p . 1 5 6 .
Y e a r e n d in g D e c . 31 1 9 1 8 , g r o s s .
$ 8 3 ,1 5 9 ; n o t , a ft e r t a x e s , $ 1 4 ,7 0 7 ; i n t ., r e n t a ls , & c ., $ 1 5 ,5 2 6 ; b a l ., s u r .,
$ 6 ,0 6 6 .
D iv id e n d s 1 9 1 1 -1 2 , 6 2 - 3 % , $ 2 5 ,0 0 0 f r o m a c c u m u la t e d s u r p lu s ;
1918.
1 % d u r in g t h e y e a r .
P r e s ., M e t a J . E r ic k s o n , S a n F r a n c is c o .—
( Y . 8 8 . p . 1 5 6 .)
A A T L A N T I C Q U E B E C & W E S T E R N R Y .— P a s p e b fa c t o G a s p e , Q u e ­
b e c , 1 0 2 m ile s ; t r a c k a g e ,
m.
S t o c k $ 2 , 0 0 0 , 0 0 0 in $ 1 0 0 s h a r e s .
T h e in t e r e s t d u e J u ly 1 1 9 1 7 o n 1 st M . 5 % d e b e n t u r e b o n d s w a s n o t p a id ,
a n d th e b o n d h o ld e r s a g r e e d t o f o r m o a ll In te re st d u r in g th e w a r e x c e p t
i n s o f a r a s 'e a r n e d .
S ee Y . 105, p . 1616. 2007; V . 9 1 , p . 1253.
Jan. and
J u ly 1 1 9 1 9 in t e r e s t n o t p a id .
V . 109, p . 1985.
A
5%
2d
M tg e.
D e b . a m o u n t in g t o $ 2 ,0 5 0 ,0 0 0 d a t e d , J u n e 3 0
1 9 1 9 ,, d u e J a n . 1 9 4 0 ,
file d S e p t. 3 0 1 9 1 9 , V . 1 0 9 , p . 1 4 6 0 .
C h a ir m a n & P r e s ., E a r l o f R a n fu r ly ,
L o n d o n , E n g .— ( V . 1 0 9 , p . 1 9 8 5 .)
A B I R M I N G H A M & A T L A N T I C R R .— T a lla d e g a t o P e ll C it y . A la ., 2 2
m ile s ; b r a n c h e s , R o g a n s t o o r e b e d s , 9 m i l e s , a n d F u r n a c e t o 'W e i s i n g e r s .
3 m ile s .
S t o c k , $ 5 0 0 ,0 0 0 . a ll c o m m o n ; p a r o f s h a r e s , $ 1 0 0 . ^ B o n d s .
$ 5 0 0 ,8 0 0 4 0 -y e a r 1 s t 6 s , d u e N o v . 1 1 9 3 1 ($ 1 ,0 0 0 e a c h ) ; in t .. p a y a b le
M & N . , In d e f a u l t .
Y e a r e n d in g J u n e 3 0 1 9 1 5 , g r o s s , $ 1 6 ,3 9 0 ; o p e r . d e f . .
$ 1 2 ,2 1 5 : o t h e r I n c o m e . $ 1 ,5 2 7 ; in t ., t a x e s ., & c .. $ 4 4 ,5 7 5 ; b a l ., d e f .. $ 5 8 ,3 1 8 .
P r e s ., S id n e y H . M a r c h ; S e c . & T r e a s ., W . J . K in g s b u r y . 4 1 B r o a d S t ..
N . Y . — ( V . 6 9 . p . 7 7 .)
J
B O Y N E C I T Y G A Y L O R D & A L P E N A R R .— O p e ra te s B o y n e C it y to
A lp e n a , M i c h ., w it h b r a n c h e s , a t o t a l o f a b o u t 9 2 m ile s , fo r m in g a c r o s s ­
S ta te lin e fr o m L a k e M ic h ig a n t o L a k e H u r o n .
A n is s u e o f $ 8 0 0 ,0 0 0 1 s t
m t g e . 2 0 -y e a r 5 s w a s s o ld in 1 9 1 7 , a ls o $ 4 7 ,0 0 0 n o t e m a t u r in g p a r t y e a r l y
J u ly 1 1 9 1 8 t o 1 9 2 2 , in c l.
I n A p r il 1 9 1 9 th e r o a d h a d b e e n t a k e n o u t o f
h a n d s o f r e c e iv e r , a n d t h e in t e r e s t d u e J a n . 1 1 9 1 8 t o J a n . 1 1 9 1 9 , i n c l . , o n
th e 1st M t g e . b o n d s h a d b e e n p a id .
V ic e -P r e s id e n t C la u d e H a m ilt o n o n
S e p t . 2 2 s a id :
“ T h e r o a d is c o m p le t e d f r o m B o y n e C i t y t o A lp e n a a n d
d o in g g o o d b u s in e s s .
U n d e r t h e la w p a s s e d b y t h e la s t L e g is la tu r e t h e y
w ill b e a llo w e d t o c h a r g e 4 c . p e r m ile a s s o o n a s g iv e n p e r m is s io n b y t h e
TJ. S . R R . A d m i n . ”
R o a d is o p e r a t e d u n d e r s h o r t lin o a r r a n g e m e n t w it h
U . S . R R . A d m in is tr a tio n .
See V . 105, p . 1616, 2183.
B R O W N S V I L L E & M A T A M O R O S B R I D G E C O . — O w n s In te r n a tio n a l
ste e l b r id g e o v e r t h e R io G a n d e R iv e r b e t w e e n B r o w n s v ille
T e x ., an d
M a t a m o r o s . M e x .. c o n n e c t in g S t . L o u is B r o w n s v ille & M e x i c o R y . (N e w
O r l e a n s T e x a s Sc M e x i c o ) a n d N a t i o n a l R y s . o f M e x i c o .
S t o c k . $ 6 5 0 ,0 0 0 .
o n e -h a lf ( e x c e p t d ir e c t o r s ' s h a r e s ) o w u e d b y e a c h o f s a id c o m p a n ie s w h ic h
j o i n t l y g u a r a n t e e b o t h c la s s e s o f b o n d s .
1 s t M . , $ 3 3 3 ,0 0 0 a u t h .
Y ear
e n d e d D e c . 31 1 9 1 8 , g r o s s , $ 5 8 ,6 4 5 ; n e t , $ 5 2 ,2 8 3 : o t h e r in c o m e
$4 472in t e r e s t , $ 2 0 ,2 5 0 ; t a x e s , & c ., $ 5 ,2 1 7 ; b a l ., s u r ., $ 3 1 ,2 8 8 .
S ee N a tio n a l R y s .,
V . 94, p . 277.
A B U T T E A N \ C O N D A & P A C I F IC R Y .— O w n s B u tte to Y A n a co n d a j
M o n t . , a n d w e s t t o S o u t h e r n C r o s s , 4 7 m ile s ; s p u r s , 3 8 m .; 2 d t r a c k , 2 m .s id in g s , 6 3 m ; t o t a l, 1 5 0 m .; a ls o le a s e s S t u a r t t o A n a c o n d a 9 m .; s id in g s , 5
m .: t o t a l, 1 6 4 m ile s , o f w h ic h 1 2 2 m ile s o p e r a t e d e le c t r ic a lly .
V . 97. p.
1114; V . 96, p . 135.
S t o c k , $ 2 ,5 0 0 ,0 0 0 , o f w h ic h J A n a c o n d a C o p p e r C o .
• w n s 5 1 % a n d C h ic . M ilw . & S t. P a u l R y
49% .
D iv id e n d s :
1910 and
1 9 1 1 , 6 % ; 1 9 1 2 , 3 % a™ * > 5 0 % In S t o c k ; 1 9 1 4 , 4 3 * % ; 1 9 1 5 , 6 % ; 1 9 1 6 . 1 9 1 7
an d 1918, 1 2 % .
B o n d s ($ 5 ,0 0 0 :0 0 0 a u t h . is s u e ) , o f w h ic h $ 3 ,0 0 0 ,0 0 0 h a v e
b e e n s o ld , a r e g u a r a n te e d p r in . a n d in t . b y A n a c o n d a C o p p e r M in in g C o .
V . 98, p . 837.
F o r y e a r e n d in g D e c . 3 1 1 9 1 8 , g r o s s , $ 2 ,0 9 5 ,7 1 4 ;' n e t ,
$ 5 5 9 ,9 9 0 ; c h a r g e s , $ 1 8 7 ,0 6 7 ; c o m m o n d i v . ( 1 2 % ) , $ 3 0 0 ,0 0 0 ; b a l.. $ 7 2 ,9 2 3 .
— ( V . 1 0 1 , p . 1 8 8 4 .)
A C A L Q A R Y & E D M O N T O N R Y . — O w n s C a lg a r y J e t ., C a n a d a , t o E d ­
m o n t o n , C a n a d a . 1 9 2 .8 m ile s , a n d t o F o r t M c L e o d , C a n a d a 1 0 7 m ile s : W e t a s k lw ln t o H a r d is t y , 1 0 0 .2 m .; L a c o m b e t o K e r r o b e r t . 2 2 3 .1 m .; t o t a l ,
6 2 3 .4
m ile s .
V . 93, p . 1785; V . 94, p . 910.
I n 1 9 0 3 r e le a s e d t o C a n a d ia n P a c i f i c ( w h ic h o w n s e n t ir e $ 1 ,0 0 0 ,0 0 0 s t o c k
a n d $ 5 ,9 0 0 ,0 0 0 1st M . 4 % b o n d s ) fo r 9 9 y e a r s : d e b e n t u r e s t o c k In te r e st
Is g u a r a n t e e d a t 4 % .
I n 2 0 0 2 t h e b o n d s w ill b e p a id o r a f u r t h e r le a s e e n ­
te r e d in t o .
V . 7 6 , p . 4 3 4 : V . 7 7 . p . 1 2 2 4 : V . 8 0 , p . 1 1 6 .— ( V . 9 4 . p . 9 4 0 .)
A C A L I F O R N I A - W E S T E R N R R . & N A V I G A T I O N C O .— O w n s F t . B r a g g .
C a l . , to W l l l l t s , 5 0 . 6 6 m i l e s .
S t o c k is s u e d , $ 1 ,0 0 0 ,0 0 0 : p a r , $ 1 0 0 D iv s .
o a ld y e a r 1 9 0 9 . 2 W % : 1 9 1 0 . 7 K % : 1 9 1 1 . 1 0 % : 1 9 1 2 , 1 0 % ; 1 9 1 3 -1 4 ,n o n e ;
1916, 6 % : 1917, 2 3 * % : 1918, 7 3 * % .
B o n d s a re g u a ra n te e d p . & i., b y
U n io n L u m b e r C o .
V . 99, p . 894, 1213; V . 100, p . 1436.
Y e a r e n d in g
D o c . 3 1 1 9 1 7 , g r o s s , $ 2 6 1 ,3 6 5 ; n e t , $ 8 9 ,1 0 4 ; o t h e r in c o m e , $ 1 1 ,4 5 0 : i n t .,
r e n t a ls , & c ., $ 5 4 ,2 6 6 ; c o m . d i v . ( 2 3 * % ) , $ 2 5 ,0 0 0 ; b a l . , s u r ., $ 2 1 ,2 8 7 —
< V . 1 0 0 , p . 1 4 3 6 .)
A C A M B R I A & I N D I A N A R R . — O o lv e r H e ig h t s t o M a n v e r , P a ., 2 1 .8 m .:
b r a n c h e s t o R o x is , R e v l o c . & c ., 3 1 .5 4 m .; t o t a l . 5 3 .3 4 m ile s .
S tock ,
$ 1 ,5 0 0 ,0 0 0 .
B o n d s , $ 9 0 0 ,0 0 0 a u t h o r iz e d ; s in k in g f u n d , 2 c . p e r g r o s s t o n
o n c o a l o r ig in a t in g o n t h e lin o ; m in im u m , $ 1 6 ,0 0 0 .
A u t h o r iz e d is s u e o f 1 s t M . 5 s o r 1 9 1 1 , $ 4 ,0 0 0 ,0 0 0 , o f w h ic h o n D e c . 3 1
1 9 1 8 * 9 0 0 .0 0 0 h a d b e e n Iss u e d a n d o f th e s e $ 1 1 4 ,0 0 0 h a d b e e n r e tir e d a n d
$ 7 5 ,0 0 0 h a d b e e n p le d g e d .
T h e 2 - y e a r C o l l . T r u s t 6 % n o t e s i s s u e d :,A u g .
1 jl 9 1 9 t o r e fu n d $ 5 0 0 ,0 0 0 2 d M . n o t e s m a t u r e d , & c .— V . 1 0 9 p . 3 7 0 .
E q u ip m e n t t r u s t s D o c . 3 1 1 9 1 8 , $ 7 5 ,0 0 0 . S o r le s " A ” 5 s , d u e a n n u a ll y t o
d e p t . 1 1 9 2 1 : $ 1 3 5 , 0 0 0 “ B ” r>s, d u e a u n u a . l y t o F e b . 1 1 9 2 7 : $ 2 0 0 , 0 0 0 “ C "
5 s , d u o 'a n n u a l l y t o F e b . 1 1 9 2 8 : $ 1 , 9 6 7 “ D " 5 s , p a r t d u e a n n u a l l y t o F e b . 1
1 9 2 8 ; $ 2 6 1 ,0 0 0 S e r ie s " E ” 5 s , d u e p a r t a n n u a ll y t o M a y 1 1 9 2 9 , a n d
$ 1 ,1 1 4 ,0 0 0 “ F " 4 3 * s , d u e a n n u a l l y t o D e c . 3 1 1 9 3 1 .
E A R N I N G S .— F o r 12 m o s . t o D e c . 31 1 9 1 8 , g ro s s , $ 5 5 7 3 9 3 ; n e t,
$ 3 7 2 ,4 2 3 ; o t h e r I n c o m e , $ 4 3 9 ,5 5 4 ; in t e r e s t , t a x e s , r e n t a ls . & c
$ 2 2 2 ,4 0 6 :
b a l. s u r ., $ 2 5 1 ,3 9 0 .
F o r y e a r 1 9 1 7 , g r o s s , $ 3 8 1 ,9 3 3 ; n e t d e f . , a f t e r t a x e s .
$ 3 ,5 2 7 .
I n 1 9 1 8 p a id d iv id e n d s o f 2 5 % o n th e c o m m o n s t o c k fr o m a c c u m .
s u r p lu s.
P r e s , a n d G e n . M g r . , B . D a w s o n C o l e m a n ; S e c . Sc T r e a s . , L . G .
B a ll.
O f f ic e , L a n d T it l e B ld g ., P h lia ., P a .— ( V . 1 0 9 , p . 3 7 0 .)
’ C E N TR A L

R Y . O F C A N A D A .— S e e Issu e o f N o v . 2 1 9 1 8 .

★ C H I C A Q O M I L W A U K E E & O A R Y R Y . — In o p e r a t io n fr o m R o c k ­
f o r d , 1 1 1 ., t o D e l m a r . 1 2 9 . 5 1 m i l e s i n c l u d i n g E l g i n J o l i e t & E a s t e r n t r a c k a g e
b e tw e e n A u r o r a a n d J o lie t . 2 2 m ile s . V . 8 8 . p . 6 3 5 .
T h o b o n d s a n d s t o c k p lo d g e d t o s e cu re o u t s t a n d in g n o t e s w e r e b id a t in .
O c t . 1 9 1 5 b y S t. L o u is U n io n T r u s t C o . fo r t h e n o te h o ld e r s .
V . 101. P ­
1369, 1092; V . 86, p . 980; V . 88, p . 685.
E q u ip , t r u s t s . $ 7 4 ,4 2 0 .
Y ear
e n d e d D e c . 3 1 1 9 1 6 , g r o s s , $ 1 5 5 ,8 3 3 ; n e t , a f t e r t a x e s , $ 3 6 ,2 4 4 : o t h e r in c o m e ,
$ 2 , 3 9 1 ; i n t . on b e n d s , $ 2 8 9 , 9 0 0 : c h a r g e s , $ 7 8 , 8 2 0 : b a l . , d e f . , $ 3 3 0 , 1 0 5 .
F or
1 9 1 7 , g r o s s , $ 5 7 1 ,6 8 8 ; n o t d e f ., a ft e r t a x e s
$ 1 6 ,1 6 6 .
P r o s ., A lb e r t T .
P e r k in s , e a r o S t. L o u is U n io n T r u s t O r , S t. L o u is ; G e n . M g r . u n d e r U . 8 .
G o v t . , S . M . R o g e r s .— ( V . 1 0 7 , p . 6 9 4 .)

A- (T H E) C O L O R A D O W Y O M I N G & E A S T E R N R Y . — Owns f r o m t h e
U n io n P a c if i c R R . a t L a r a m ie . W y o . . t o C o a l m o n t . C o l o . , 1 1 1 .3 5 m ile s .
In corp
in W y o m i n g J u n o 2 1 9 1 4 .
S u c c e s s o r J u n e 4 1 9 1 4 o f L a r a m ie .
H a h n 's P e a k & P a c i f i c R y . , f o r e c l o s e d p e r p l a n V . 9 8 , p . 4 5 3 , 1 7 6 6 , 1 8 4 5 .
A le x a n d e r J . H e m p h ill, H e n r y S a n d a r s o n a n d T r o w b r id g * C a ll a w a y , a s
v o t in g tr u s t e e s , w ill h o ld th e n e w s t o c k u n t il a ll a c c r u e d I n te r e s t o n t h e
o j e o m o b o n d s s h a l l h a v e b e e n p a i d a n d t h e c u r r e n t I n t e r e s t p a i d r e g u l a r -,* *
o jr 2 c o n s e c u t iv e y o a r s , a n d fo r s u c h fu r th e r p e r io d n o t e x c e e d in g o n e y e a r
a s t h e t r u s t e e s In t h e i r d i s c r e t i o n m a y d e e m a d v i s a b l e . I f l a w f u l .
S tock ,
c o m m o n , $ 2 , 3 0 0 , 0 0 0 : p r e f . 0 % n o n - c u m . fS .O O O .O O O . p a r <j1 0 0
F o r c a l . y e a r 1 9 1 8 , g r o s s , $ 2 1 1 ,8 6 3 ; n e t , $ 4 8 ,6 3 8 ; i n t . , r e n t a ls , & c ..
$ 1 5 6 ,6 1 5 ; b a l ., d e f . , $ 1 0 7 ,9 7 7 . In 1 9 1 7 . g r o s s . $ 1 8 1 ,5 1 2 ; b a l .. s u r .. $ 9 ,6 3 6
D E A T H V \ L L E Y R R . — O w n s li n e In I n y o C o u n t y . C a l . , t o t h e B i d d y
M c C a r t h y b o r a x m in e , & c ., 2 3 m ile s .
B o n d s (a ll o r p a r t ) g u a r a n t e e d b y
■th e B o r a x C o n s o l . . L t d .
F o r t h e y e a r 1 9 1 5 -1 6 g r o s s e a r n in g s w e r e $ 1 2 3 ,5 3 8 ’




.

RAILWAY STOCKS AND BONDS

NOV., 1919.j * g S mn
et

A P r lv a tfl
C o n tr o l.

135

total net, $93,810; rentals, int., &c., $18,897; divs., $4,275; bal., sur., $13.
576. For cal. yr. 1917 gross was $107,223 and net, aft. taxes, $73,534; int
on funded debt. $14,963; other deductions, $4,557; dividends, $14,810
bal., sur.. $39,204.— (V. 106. p. 715.)
★ GRAND TRUNK WESTERN RY.— Owns from Port Huron, Mich..
to Chic. & West. Ind. RR.. at Chicago, 331 m.; leases Chic. Kalamazoo &
Saginaw, 9.57 m.; Chic. Sc Kalamazoo Terminal, 1.73 in.: trackage Chic. Sc
West. Tnd., 5 m.; total, 347 m. Stock. $6,000,000, all owned by Grand
Trunk. V. 69, p. 954; Y. 71. p. 22. Allied line. Pont. Ox. < Nor., 100 m.
&
“ STANDARD RETURN.” &c.— See page 5.
BONDS.— The Grand Trunk unconditionally guarantees the interest on
the 1st 4s. The Incomes were called for payment on Deo. 1 1910 at 85 and
any Int. then due. V. 90, p. 1239. Jointly with Toledo St. Louis & West,
guarantees Det. & Toledo Shore Line bonds. V.76.P- 653: V. 89. p.1411.
Of the bonds of 1912, $7,662,000 4s, due Sept. 1 1962, were purchased
by the Grand Trunk Ry. The latter guarantees principal and interest;
$15,000,000 to be held to retire the first at maturity. V. 92, p. 795, 1108,
1242, 1436: V. 93, p. 1323; V. 97. p. 237.
EARNINGS.— 8 mos., J1919—Gross, $14,175,305: net (bef. $2,798,668
Jan. 1 to Aug. 31. \1918-.Gross, 11,499,619:
taxes), def.19,617
Year ending Dec. 311918, Government compensation, $1,004,410; income
from investments, &c., $718,017; int. on funded debt, $1,351,950; other int.
charges, $33,968; rentals and misc., $455,826; bal., def., $119,317. For
1917, gross, $16,208,568, and net before taxes, $2,375,492. Federal Mgr.,
H. E. Whittenberger, Detroit, Mich.— (V. 107. p. 1003; V. 108, p. 2022.)
A GREENVILLE & WESTERN RR.— Owns Greenville. S. O., to Riverview, 23 miles. V. 99, p. 406. Road reported sold (presumably under
foreclosure) to W. II. Cook of Duluth, Minn., in Sept. 1919, and that
preparations to start operations were under way. V. 109, p. 1272; Y. 108,
p. 274. Stock, $50,000; par, $100. Bonds, see table above. Pres., R. A.
McTyer; Treas., Carl H. Lewis, all of Atlanta, Ga.— (V. 108. p. 1274;
<3. 109. p. 577. 1272.)
A QUANTANAMO & WESTERN RR.— Owns from Boqueron at Granadlllo
oay on south coast of Cuba, via San Justo and La Maya to San Luis, with
brahehes to various sugar mills; total mileage. Incl. sidings and yards, 108.42
miles. Incorp. In Maine. A reorganization after foreclosure Mar. 1 1910,
per plan in V. 88, p. 294. Control acquired In Aug. 1916 by Cuban bank­
ers. V. 103, p. 758; V. 93. p. 1725.
Stock authorized and Issued, common. $2.750.000:1st pref. 7% non-oum.,
$2,750,000, and 2d pref. 5% non-cum., $250,000 (in treasury $232,300.
$233,600 and $153,000 respectively): par of all shares, $100 each. Equip­
ment trust notes, 1918, $293,000; loans and bills payable June 30 1918 (3
series), $1,224,645.
The Refunding Mtge. for $6,000,000 was executed Feb. 1 1918 and sub­
sequent to June 30 1918, $1,400,000 6% bonds secured thereby, were sold
and a further $600,000 was expected to be outstanding by June 30 1919,
thus taking care of all the ..aforesaid floating debt. V. 107, p. 2470.
"EARNINGS.— For year ending June 30 1918 in V. 107, p. 2470, showed:
Oper. revenue, $748,664; gross income, $60,805; interest on funded debt
(1st M . $36,000: equip, trust, $18,482; coupon notes, $10,125), $64,607:
hire of equip., &c., $8,261; interest on unfunded debt, $69,688: amortiz
discount, $10,063; net loss, $91,814.
OFFICERS.— M . H. Lewis, Pres.; Robert L. Dean, Sec. S Treas..
c
Gabriel Juve and Jose Bosch, V.-Ps. N. Y. office. 44 Whitehall St.—
(V. 103, p. 1508, 1592; V. 105, p. 2179: V. 107, p. 2470.)
HAMPDEN RAILROAD CORPORATION.— Owns Springfield to
Bondsville, Mass., 14.82 miles; completed, but In Jan. 1917 not yet oper­
ated. Stock auth., $1,400,000. V. 100, p. 1509. Bonds, not issued.
$1,900,000. Notes, about $2,000,000 6s. V. 99, p. 537. On July 2 1914
suit was filed against B. & M . to enforce alleged “contract liability” amount­
ing to $3,798,000, the approximate cost of road.
The Boston & Maine reorganization plan of Nov. 1918 made no provision
for the Hatnoden RR., as the Court had ruled that it has no valid claim
against the B. & M ., but see V. 107, p. 1919, 200S; V. 109, p. 172, 477.
AHOOSAC TUNNEL & WILMINOTON RR.— Hoosac Tunnel. Mass. .
to Wilmington, Vt.. 24 miles. Made standard-gauge In 1912. V. 05. p­
1541 Stock. $250,000: par. $100. Diva.: In 1903. 2% : year 1905-06­
3 % ; 1910-11 and 1911-12, 10%; 1912-13 to 1914-15, none since. Earn­
ings for 1918, gross, $134,639; net, after taxes, $34,408; bond int., $11,066;
bal., sur., $23,341. For 1917, gross, $129,814; net. $37,096. Pres.,
John P. Kellas, Malone, N. Y .— (V. 95, p. 1541.
★ HOUSTON & BRAZOS VALLEY RR.— Owns Anchor to Freeport and
Bryanmound, 28.40 miles; leased mileage Freeport Term. Co., Freeport
to Sulphur Docks (mouth of Brazos River, 2.07 miles. Total mileage. 30.47.
Switches and sidings, 6.63 miles. In March 1916 Receiver George C.
Morris was authorized to issue $100,000 6% receiver’s certificates to build
a bridge over the Brazos River connecting Valasco and Freeport. Of these,
only $78,000 was issued, and In Sept. 1917 the entire issue had been paid.
Brazoria County paid part of the cost of bridge. V. 105. p. 608; V. 102, p.
1250. In Oct. 1919 foreclosure suit filed by Mercantile Trust Co., St.
Louis, was pending in the U. S. District Court, Southern Dist., Texas,
Houston. V. 103, p. 2155.
The Missouri Kansas & Texas owns a half interest In the stock and $131,­
000 bonds, and the Freeport Texas Co., 61 Bway. owns remaining stock
and $79,000 bonds. V. 108, p. 1511. Stock auth., $120,000; out..
$24,000. Of the $420,000 bonds, one-half are guar, by the M. K. & T .,
prin. and Int.. which has purchased $92,000 additional. V. 97, p. 1590.
Year
Gross
ending— Revenue.

Expenses.

N et.

Additions Fed. Ry.
&c.
Oper.Inc.

Revenue
Ton M .

Dec. 30T8$446,594 $275,457 $171,137 $31,797 $139,340
________
June 30’ 17 324,973
22S.820
95,153
42,923 ...............
7,333,350
Dec. 31’ 17 461,039
315,426
145,613
44,344 ------------- 10,579 487
Federal Mgr., J. L. Lancaster, Dallas, Tex.; General Mgr., under U. S.
Govt., A. G. Whittington, Palestine. Texas.— (V. 103, p. 1511.)
A ILLINOIS SOUTHERN RY.— Owns Salem. 111., to Bismarck, Mo. (includng River Transfer, 60 miles). 123.34 m.; Collins, III., to Chester. III.,
10 67 m.; branches. 2.83 m.: total owned. i36.82 m.; trackage. 2.81 m.
On Sept. 17 1918 William W.Wheelock was appointed receiver. 1st M .
bond3 in default. V. 107, p. 1192.
Stock, com., S4.000.000: 6% cum. of., SI,000,000: par. S100, all out.
Bonds.— V. 93. p. 589: V. 90. p. 167. Holders of $1,528,000 1st M bds.
canceled the coupons due Dec. I 1913 and all In 1914. and holders of $203 000 bonds canceled all 1914 coupons. Oar trusts Dec. 1918 $5,000.
REPORT.— For year ending Dec. 31 1918: gross, $672,611: def , after
taxes. $191,159: int.,&c., $108,608: def., $299,767. Pres.. E. K. Boisot;
Sec., E. M. Tourtelot; Treas., O. A. Bestel. Chicago; V.-Pres., J. W.
Walsh: Aud.. A. F. Williams. Office, 915 Oliver St., St. Louis.— (V. 101,
p. 1372; V. 107. p, 181, 1192.)
INTEROCEANIC RY. OF MEXICO. LTD.— Vera Cruz to Mexloo City.
Mex.. 338 miles; Los Reyes to Puente de Ixtla, 123 miles; Los Aroos to
Ouautla, 102 m.: 3 branches, 30 m.; Mexican Eastern Ry (V. 73, p. 1263)
141 miles; leases Mex. Southern Ry.. 313 miles; total, 1,047 m
Conces­
sions end Feb. 1982. after which road passes to State at a valuation
Nat. Rys. of Mexloo (whloh see) owns £1,038,450 of the 2d debentures.
£1,310,500 ordinary and £244.800 pref. stock. About Aug. 15 1914 the
Mex Govt took possession V 100 p 55
See Nat Rys of Mexico
In May 1919 property was still operated by Mexican Government.
SECURITIES.— The deben. stockholders In 1914 approveu a elan (V.99p. 48, 674) for deferring Interest payments and In 1917 extended the mora.
torium for a further three years from May 29. V. 101. p. 130; V. 104.P.2343.
DIVIDENDS on 1st pref., 4V*% 1908 and 1909, 5% 1910 and 1911
5%
( M - & £•>•
In 1912. Nov.. 5 % : 1913. Dec., 4 % . On 2d pref..
1% 1909: Nov. 1910. 4% ; Nov. 1911. 4% : Nov. 1912. 2% : 1913. none

xTIV?P(^ «T'T |,o 19i 2^13 ,n V 104. P- 1895- v - 100. P. 55.
r
N. Y . office. 25 Broad St.— (V. 97 • p. 2343.)
★ INTERSTATE RR. (OF VA.).— Operates about 55 miles of track In
Southwestern Virginia, of which part Is owned, extending from Stonega
via Norton to Glamorgan, &c. In March 1917 had no funded debt, other
than equipment trust certificates, which are being retired annually. The
lines have direct connection with the Southern Ry.. Louisville S Nashville
c
RR.. Norfolk S Western Ry. and the Carolina Cllnchfield & Ohio Ry.
c
Equipment trusts of 1913 and 1917 (V. 95, p. 1608: V. 104. p. 1015) guar­
anteed by the Virginia Coal S Iron Co. (V. *H. p. 16331, which owns 99%
c
of the capital stock. Gross (year ending Dec. 31 1918). $814,107; net.
$50,858; other Income, $109,713: int., rents, &c.. $61,591: surp., $98,979.
Pres, of RR., Harry L. Miller, Big Stone Gap. Va.; Sec., Lafayette Lentz.
Treas., Harrie B. Price. Land Ti le Bldg., Phila.— (V. 95, p. 1608; V. 104.
p. 1015.)

★ Government
Control.

136

RAILWAY STOCKS AND BONDS

A JONESBORO LAKE CITY & EASTERN RR.— Owns Jonesboro to Bar­
field, Ark., 63.23 miles; Osceola Jet. to Osceola. Ark.. 14.33 m.; Midway to
Luxora, 9.6 m.; Ross to Wilson, 17 m.; total, 96.16 miles. Stock, $600,000
Bonds, $724,000 outstanding, of which $70,000 are pledged as collateral.
Loans and bills payable Dec. 31 1916, $203,875. For calendar year 1916,
gross, $379,727; net, $90,989; Interest, taxes, &c., $104,124; def., $13,135.
For 1917, gross, $326,113; net, after taxes, $49,291. Pres.. R. Lee Wilson;
Treas., E. J. Mason. Office, Jonesboro, Ark.— (V. 103, p. 239; V. 105, p.
606.j
MEXICAN NORTHERN RY.— Owes from Escalon. Mexico, on the Meti
can Central Ry. to Sierra Mojada, 83 miles, all steel. See V. 64, p. 619.
In Jan. 1919 reported under lease to American Metal Co.
V. 103, p. 480.
Bonds, see V. 83. p. 143L 1500; V. 89. p. 104; V. 91, p. 1026.— (V.
103, p. 759; V. 107, p. 2098; V. 108, p. 480.)
AMOREHEAD & NORTH FORK RR.— Morehead to Redwlne, Ky.. 25
miles; 6 m. branch. Stock, auth., $500,000; out, $260,600; par, $100'
Bonds, see table above. For year ending June 30. 1916, gross, $79,922
net, after taxes, $9,802: charges, $19,591; bal., def., $9,788. Pres.. A. W.
Lee, Clearfield, Pa.; Sec. & Treas., John W. Wrigley, Clearfield, Pa.
★ NORFOLK & PORTSMOUTH BELT LINE RR.— Owns Port Norfolk to
Berkley, Va.. 6.13 miles, and Southern branch extension. 6 01m.: operated
under lease, 1.85 miles. In 1918 built from Virginian Ry. to Elizabeth
River 2.47 miles (main line owned, 14.10 miles; leased, 4.20 miles; total
all track, 56.55 miles). In Nov. 1909 acquired entire stock of Elizabeth
River RR., whose bonds are guaranteed. V. 90, p. 1044. Stock, $57,600.
all owned by Atlantic Coast Line, Norf. & West., Ches. & Ohio, N. Y. Phlla
& Norfolk. Seaboard Air Line. Norf. Sou.. Southern Ry. and Virginian Rv
Bonds, see table. Loans and bills payable as of Dec. 31 1918, $50,000.
Year ending Dec. 31 1918, Federal compensation (incl. $3 miscel. income),
$48,671; int. on bonds, $18,923; other charges. $19,025: bal.. sur., $10,723.
For 1917, gross, $388,867; net, after taxes, $110,216. Fed. Mgr., C. H.Hix.
A ROCKINGHAM RR.— Owns Gibson to Leak, N. C., 21 )4 miles. Opened
May 1912. Incorporated in No. Car. In 1910. Stock. $72,000; par $100
Bonds, see table above. Pres., T. O. Leak. Sec. St Treas.. J. LeGrand
Everett. Office, Rockingham. N. O.
A ST . LOUIS TROY & EASTERN RR.—East St. Louis, 111., to Troy, III.,
with branch 1 mile to Donkville. 111.; total. 18.9 miles; leases St. Louis &
111. Belt. Edwardsviile, Hi., to near Formosa, 111., 7 m.; yard track and
■idings, 17.28 m.; total, 45.19 miles. Strictly a freight road. In Jan. 1916
sold $202,000 5% equip, notes guaranteed prin. and int. by Merchants' &
Mfrs.' Investment Co. (which owns the $850,000 cap. stock) and Pres.
Conrades. V. 102. p. 154, 251. Dividend record to Jan. 1 1916: 12)4% in
1903 and 1904: 25% each year 1905 to 1909 incl.; 12)4% In 1910 and 10%
In 1912. None since at last advices. For year 1915-16, gross, $350,421
net, $134,692; int., &c., $60,957; surplus, $102,748. For cal. year 1917.
ross, $565,651: net, after taxes, $259,148. Pres.. E. H. Conrades, 314 N.
th St.. St. Louis. V. 108, p. 1166.
A SOUTHWESTERN R Y.— Owns Henrietta to Archer. Tex., 29.07 miles;
leases Henrietta terminals. 0.75 m. On Nov. 12 1917 A. O. Parka was
made receiver, and in 1918 operations were suspended. V. 108, p. 169.
Stock, $35,000: par, $100. Bonds (authorized amount, $389,905). Fi­
delity Trust Co., Fort Worth, Tex., truste— (V. 105, p. 2273.)
ATONOPAH & TIDEWATER RR.— Owns Ludlow, Cal., on the Atoh.
Top. & Santa Fe, to Beatty, Nev., 168 miles; extension proposed to Tonopah, Nev., 110 miles. Stock auth., $1,500,000.
The debenture stock
certificates are guaranteed by the Borax Consolidated, Ltd., and are secured
by deposit of mortgage and bonds Issued thereunder with the Indian &
General Trust Co.. Ltd., of London: redeemable at 105. V. 81, p. 1793

f

INDUSTRIAL COMPANIES.
SUPPLEMENTARY— See also Tables 137 to 236.
CUMBERLAND TELEPHONE & TELEGRAPH CO.— Incorporated in
Kentucky in 1833. Operates under perpetual and exclusive license from
American Bell Telephone Co. through the entire States of Mississippi and
Louisiana, Tennessee and Kentucky and a few counties in Illinois. Sub­
scribers Dec. 31 1918 owned stations. 214,120; connecting stations, 105,619
Southern Bell Telephone & Telegraph Co. owned Dec. 31 1916 about 99%
of stock. V. 95, p. 684.
After cancellation of $12,000,000 of the $15,000,000 5s of 1912 the
remainder may be called as a whole at 105 and int. on 8 weeks' notice.
The greater part of the issue was acquired by Am. Tel. & Tel. Co. and by it
exchanged for Ournb. stock, which nas been canceled. V. 93, p. 1467; V.
94. p. 210, 354. Bills payable (Dec. 31 1918), $8,822,693.
The $6,000,000 notes due Feb. 1 1919 were paid at maturity.
DIV3.—•/’92 to '97. '98. '99. *00. '01. 02to '07. '08. ’09to’12.,13., 14-’ 17
Cash % - - . l 4 yearly 5 5)4 6)4 6 \i 7 yearly 7)4 8 yearly 7
6
Also 2% In stock of Amer. Tel. St Tel. Co. Sept. 15 1909.
REPORT.— Report for year 1917, In V. 107. p. 179, shows: Gross.
$9,219,954; net. $2,379,936; rent, int., &c.t 31.345.011: divs. (6% ). 3664,­
" sur., $3<0,086. For 7 months to July 31 1918, oper. rev., $5,­
604,554; sur., bal after 3% on stock, $27,796. Offices, Atlanta, Ga.—
(V. 107. p. 179; V. 108, p. 272. 1063.)

Abstracts of mortgages published In the “Chronicle”:

C h i c a g o St N o r t h W e s t e r n G e n . M . g o l d b o n d s ( u p t o 5 % ) , d u e
N o v . 1 1 9 8 7 ........................................................................................................................
C h i c . R . I . & P a c . g e n . M . g o l d 4 s , d u e J a n . 1 1 9 8 8 ...............................C l e v . C i n e . C h i c . St S t . — . C o l l a t . t r u s t S t . L . D I v . 4 s . d u e 1 9 9 0 D e n v e r & R i o G r a n d e 1 s t C o n . M . 4 s , d u e J a n . 1 1 9 3 6 _______________
I m p r o v e m e n t M . 5 s , d u e J u n e 1 1 9 2 8 __________________________________
D u l u t h S o u t h S h o r e St A t l . 1 s t M . 5 s , d u e J a n . 1 1 9 3 7 ----------------------E r ie R R . 1 s t C o n s o l .m t g e . s e c u r in g p r io r lie n a n d g e n e r a l m t g e .
b o n d s , d u e J a n . 1 1 9 9 6 --------------------------------------------------------------------------------F o r t W o r t h & D e n v e r C i t y 1 s t M . 6 s , d u e D e c . 1 1 9 2 1 --------------------- -G e o r g i a C a r . & N o r . 1 s t M . 5 s . d u e J u l y 1 1 9 2 9 --------------------------------------G a . S o . St F l a . ( S o . R y . S y s t e m ) 1 s t M . 5 s , g . , d u e J u l y 1 1 9 4 5 —
H o u s t o n St T e x a s C e n t r a l m o r t g a g e s o f 1 8 9 0 ____________________________
I o w a C e n t r a l 1 s t m t g e . 5 s o f 1 8 8 8 . d u e 1 9 3 8 ______________________________
I l l i n o i s C e n t r a l - L o u . D i v . St T e r m . 1 s t M . g o l d 3 ) 4 s ----------------------------S t . L o u i s D i v . St T e r m . 1 s t M . g o l d b o n d s ( 3 t o 4 % ) ______________
L a k e E r i e St W e s t e r n 1 s t M . 5 a , d u e J a n . 1 1 9 3 7 _______________________
2 d M . 5 s , d u e J u l y 1 1 9 4 1 _____________ _______ _____________________________
L . 8 h . St M . S o . 3 ) 4 % g o l d b o n d M . o f 1 8 9 7 , d u e J u n e 1 1 9 9 7 ______
L e h i g h V a l l e y St N e w Y o r k 1 s t 4 ) 4 s , d u e J u l y 1 1 9 4 0 _________________
L o u i s v i l l e St N a s h v i l l e u n i f i e d m t g e . 4 s . d u e J u l y 1 1 9 4 0 ____________
M a n h a t t a n E l e v a t e d c o n s o l . 4 s , d u e A p r i l 1 1 9 9 0 . . . _______________
M i n n . & S t . L . 1 s t c o n s , g o l d 5 s o f 1 8 9 4 . d u e N o v . 1 1 9 3 4 . ...................
M . S t . P . & S . S t e . M a r i e 1 s t c o n s . M . 5 s , d u e J u l y 1 1 9 3 8 ................
1 s t M . M i n n . S . S t e . M a r i e St A t l . 5 s . d u e J a n 1 1 9 2 6 ____________
M o . K a n . St T e x a s R y . 1 s t M . 4 s , d u e J u n e 1 1 9 9 0
2 d M . 4 s , d u e J u n e 1 1 9 9 0 ....... .......................................... ........................................
M is s o u r i P a c ific 1 st c o n s . M . 6 s, d u e N o v . 1 1 9 2 0 * *~
M o b i l e St O h i o g e n . M . 4 s , d u e S e p t . 1 1 9 3 8 ....................................1 ______
N e w Y o r k C h ic a g o & S t. L o u is 1st M . 4 s , d u e O c t . 1 1 9 3 7
N . Y . S u s q . & W e s t . 1 s t M t g e . 5 s , d u e A u g . 1 1 9 4 0 ____
T e r m i n a l 1 s t M . 5 s . d u e M a y 1 1 9 4 3 ............................
N o r fo lk & W e s te r n R y . 1 st c o n s o l, m tg e g o ld 4 s . d u e 1 9 9 6
N o r t h e r n P a c i f i c R y . p r i o r l i e n M . 4 s g o l d . d u e J a n . 1 1 9 9 7 _________
G e n e r a l l i e n M . 3 s . g o l d , d u e J a n . 1 2 0 4 7 ---------------------------O r e g o n R R . St N a v . c o n s o l , m o r t . 4 s , d u e 1 9 4 6 _________________________
P e o r ia & E a s te r n — O . I n d . & W e s t . 1 st M . 5 s , d u e A p r . 1 1 9 3 8 -1 1
C o n s o l . 1 s t m t g e . 4 s , d u e A p r i l 1 1 9 4 0 __________________________________
I n c o m e m t g e . b o n d s , d u e A p r i l 1 1 9 9 0 -----------------------------------------------------R e a d i n g C o m p a n y a n d P h l l a . St R e a d i n g C o a l & I r o n C o . g e n .




65
66
52
47
47
45

117
622
42
228
229
274

62
45
49
61
52
49
66
66
46
54
64
51
51
51
59
47
45
51
51
47
47
45
52
57
64
63
63
63
47
51
51

80
44
239
429
242
582
130
138
45
444
1182
114
013
24
1145
142
243
495
496
287
83
541
84
512
370
1012
1017
928
20
240
247

64
64
72
54
49

612
956
487
163
237

[Vol . 109.

V. 82, p. 753, 871, 1440. The bonds or 1905 and 1907 are guar, by Borax
Consolidated. V. 86. p. 722.
EARNINGS.— 12 mos.,11917...................$469,391; Net (after $233,575
rents)
247.060
Jan. 1 to Dec. 31......... 11916........... ........ 505,634;
For year 1917 the surplus balance after interest, &c., charges.was $68,311.
Total profit and loss deficit, Dec. 31 1917, $909,769.
OFFICERS.— John Ryan, Pres. St Gen. Mgr.; De Witt Van Buskirk.
Vice-Pros.; O. B. Zabriskle, Sec. St Treas.;— (V. 103, p. 1882.)
★ WINONA BRIDGE RAILWAY.— Owns bridge between Winona, Minn.,
»ud Buffalo. WIs., 1.03 miles: opened Sept. I 1891. Leased for 30 years
to Chicago Burlington & Quincy and Green Bay & Western, the former,
it was reported, acquiring about two-thirds and the latter the balance of
3400.000 stock: par $100. Of the $334,000 5% bonds due Sept. 1 1915,
$ 101,000 were paid at maturity and $280,000 extended for 20 years at 6% .
Sinking fund provision of old mortgage abrogated and sinking fund of $14,­
000 per annum provided, which will retire the extended bonds at maturity.
Year end. Dec. 31 1918, total net earnings, $36,637; int. on bonds, $14,­
840. sinking fund payments St miscell., $16,601; bal., sur., $5,196. Fed.
Mgr., O. G. Burnham, Chicago.— (V. 101. p. 1629.)
A WISCONSIN & NORTHERN RR. ★ WRIQHTSVILLE & TENNILLE RR. A YOSEMITE VALLEY RR.— See issue of Nov. 2 1918.
AYOSEMITE VALLEY RR.— Merced. Cal., to the Yosomite National
Park, 78 miles, completed May 15 1907. Stock, $5,000,000, all outstand­
ing; par, $100. 1st M. bonds ($3,000.000auth.). V. 82, p. 511,930; V. 84,
p. 1553. Chairman of bondholders’ committee, Charles K. McIntosh, care
Mercantile Trust Co., San Francisco. 1st M. coupons due Jan. 1 1919,
were met in June 1919, the stockholders providing at least a part of the
funds. V. 109, p. 74. 2d AI. 5s. $2,000,000, held in treasury Juno 30 1914.
For year ending June 30 1915, gross, $323,215; net, $117,548; other income,
$1,060: int.rest, &c., 8158,026; bal., def., 339,418. In 1915-16, gross,
$429,396; net, $244,430. In 1919 travel was unusually heavy and for tho
half-year to June 30 the gross Income was estimated at $136,874; net, after
taxes, $39,5J5. V. 109, p. 74. Pres., Frank G. Drum, West Coast Life
Bldg., San Francisco. V. 109, p. 74.

I N D E X TO MORTGAGES.

Vol. Paoe
Atchison Topeka St Santa Fe mtgee., securing prior lien gold 4s
due Oct. 1 1925 and gen. M . g. 4s due Oct. 1 1995_______ . . . 62
731
739
Adjustment mortgage gold 4s due July 1 1995______________ 62
52
970
873
61
242
45
402
45
808
Central Pacific 1st Ref. gold 4s due Aug. 1 1949.
69
69
868
55
45
147
49
51
144
144
51
644
54
441
45
283
69
911
51
45
146
45
213
45
145
45
144
45
212
45
114
45
145
45
145
48
830

APrlvate
Control.

2d M . 5s, due Feb. 1 1939.

Vol. Page.
45
342
52
82
49
241
67
851
57 1049
69
783
47
82
47
82
. 45
242
00
618
. 47
20
. 49
270
, 49
272
, 49
273
, 54 1049
, 47
109
. 42
176

RAILROAD A N D OTHER M A P S IN THIS ISSUE.
Map.

Paoe.

9
A t c h i s o n T o p e k a St S a n t a F e R a i l w a y _______ _____________________________________
A t la n t ic C o a s t L in e R a il r o a d .
_______________________________
ll
B a l t i m o r e St O h i o R a i l r o a d _____
Z
__________________________________ ~ 1 5
B a n g or & A ro o sto o k R R ..
_
17
B u f f a l o R o c h e s t e r St P i t t s b u r g h ' R a l l w a y Z I I I _____________ ______________ . . . 1 1 2 0
C a n a d ia n P a c ific R a i l w a y ..
2 2 -2 3
C a r o l i n a C l i n c h f l e l d St O h i o R a i l w a y ” * __________ _______ - .....................................
26
C e n t r a l P a c i f i c R a i l w a y — S e e S o u t h e r n P a c i f i c C o m p a n y ................................. 1 2 0
C h e s a p e a k e St O h i o R a i l w a y L i n e s
................................. ........................................
30
33
C h i c a g o B u r l i n g t o n & Q u i n c y R R . ...................
C h i c a g o St N o r t h W e s t e r n R a i l w a y . . ............................................ ....................................... 3 7
C h i c a g o S t . P a u l M i n n . St O m a h a — S e e C h i c a g o & N o r t h W e s t e r n _______ 3 7
C h i c a g o R o c k I s l a n d & P a c i f i c R y _____________ _________ _____________ ____________ 1 1 1
C h i c a g o T e r r e H a u t e St S o u t h e a s t e r n R y _____________ . . . .
.
40
C h i c a g o St W e s t e r n I n d i a n a R a i l r o a d ......................................... .................................. ........ 4 2
C l e v e l a n d C i n c i n n a t i C h i c a g o St S t . L o u i s — S e e N . Y . C e n t r a l L i n o s . . 8 8 - 8 9
C o l u m b i a G a s St E l e c t r i c C o m p a n y __________________________________________________ 1 59
D e l a w a r e & H u d s o n C o ______________________________________________________
46
E r i e R a i l r o a d - ----------------------------------------------- --------- -------------------------------------------- I ” . ” ”
62
G a l v e s t o n H a r r i s b u r g & S a n A n t o n i o R y . — S e e S o u t h e r n P a c i f i c _________1 2 0
G r a n d R a p i d s St I n d i a n a R y . — S e e P e n n s y l v a n i a R R _______________ 1 0 0 - 1 0 1
G r a n d T r u n k P a c i f i c — S e e G r a n d T r u n k S y s t e m ____________________________ 5 6 - 5 7
G r a n d T r u n k S y s t e m . ..........................................................................................................
5 5 -5 7
G r e a t N o r t h e r n R a i l w a y ______________________________________________________________ 6 0 - 6 1
H o c k i n g V a l l e y R a i l w a y L i n e s — S e e C h e s a p e a k e St O h i o _______ ______________ 3 0
H o u s t o n & T e x a s C e n t r a l R a i l r o a d — S e e S o u t h e r n P a c i f i c ............. ................... 1 2 0
H u d s o n & M a n h a t t a n R a i l r o a d ______________________________________________________
64
I l l i n o i s C e n t r a l R a i l r o a d .......... ..........................
55
I n t e r b o r o u g h R a p i d T r a n s i t C o m p a n y ______________________________________________ 6 8
K a n s a s C i t y S o u t h e r n R a i l w a y --------------------------------------------------------72
L o u i s v i l l e St N a s h v i l l e R a i l r o a d ----------------------------------------------------------------------------------------- 7 5
M a r a c a i b o O i l E x p l o r a t i o n C o r p o r a t i o n _______________________________________
jg 7
M i c h i g a n C e n t r a l R a i l r o a d — S e e N e w Y o r k C e n t r a l _________________________8 8 - 8 9
M i n n e a p o l i s & S t . L o u i s R a i l r o a d ________________________ ____ _______ ______________ g o
M i n n e a p o l i s S t . P a u l St 8 . S t e . M a r i e R y . — S e e C a n a d i a n P a c i f i c ____2 2 - 2 3
M i s s o u r i P a c i f i c R a i l w a y . ........................
84
N e v a d a C a l i f o r n i a E l e c t r i c C o r p o r a t i o n ____________________________________________ 1 9 5
8 8 -8 9
N e w Y o r k C e n t r a l L i n e s ..........................................
N e w Y o r k C h i c a g o & S t . L o u i s R a i l r o a d — S e e N e w Y o r k C e n t r a l ____8 8 - 8 9
N i a g a r a L o c k p o r t & O n t a r i o P o w e r _____________ ________— .....................................1 9 7
N o r f o l k & W e s t e r n R a i l w a y _________________
92
N o r t h e r n P a c i f i c R a i l w a y ____________________________________________________________ 9 6 - 9 7
O r e g o n S h o r t L i n e R a i l r o a d — S e e U n i o n P a c i f i c _________________________________1 2 8
P a c i f i c G a s St E l e c t r i c C o .............................. ................................................................................... 2 0 2
P a n - A m e r i c a n P e t r o l e u m St T r a n s p o r t C o ________________________________________2 0 5
P e n n s y l v a n i a R a i l r o a d . ------------------ ---------------------------------- - . - - - 1 --------------------------- 1 0 2 - 1 0 3
P it t s . C in e . C h ic a g o & S t . L o u is R y . — S ee P e n n s y lv a n ia . —
----------- 1 0 0 - 1 0 1
P i t t s b u r g h F o r t W a y n e St C h i c a g o R a i l w a y — S e e P e n n s y l v a n i a ---------1 0 0 - 1 0 1
109
R e a d i n g S y s t e m ................................................
R o c k I s l a n d L i n e s ________________________________________ _______ — .................................. I l l
S e a b o a r d A i r L i n e R a i l w a y ___________________________________
118
S i n c l a i r O i l St R e f i n i n g C o r p ....................
214
S o u t h e r n P a c i f i c C o m p a n y -------------------------------------------------------------------------------------------------1 2 0
S o u t h e r n R a i l w a y ____________________________
1 1 2 -1 1 3
U n i o n P a c i f i c R a i l r o a d ..................................................................
128
V a n d a lla R a ilr o a d — S ee P e n n s y lv a n ia R a ilr o a d
. . . . . . . — . —
1 0 0 -1 0 1
V ir g in a n P o w e r C o
_________ . . . . . _______ - —
------------------------------ --------- ---- 2 3 2

INDUSTRIAL AND M
ISCELLANEOUS COM
PANIES,
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 . & c .. s e e n o te s o n f i r s t p a g e]

D a te
B onds

Acme Tea

C o — C o m m o n s t o c k _________________________________________
F i r s t p r e f e r r e d s t o c k 7 % c u m c a l l 1 1 0 s f d 2 % y e a r l y _________
2 d p r e f s t o c k 7 % c u m u l a t i v e _________________________________________
A d a m s E x p r e s s — S t o c k , 1 2 0 ,0 0 0 s h a r e s (2 0 ,0 0 0 h e ld b y c o )
C o l l a t e r a l t r u s t m o r t g a g e g o l d __________________________________ B a z
C o l l a t e r a l t r u s t d i s t r i b u t i o n m o r t g a g e g o l d _____ ___________ f j z
Advance Rumelv C o . — D e b s $ . 1 , 5 0 0 , 0 0 0 g s k f d c a l l i 0 2 ) 4 __
P r e f ( a & d ) 6 % c u m a f t e r 1 9 1 8 ; c a l l 1 0 5 _______________________
Aetna E x p l o s i v e s C o Inc — C o m s t o c k a u t h . 6 3 0 . 0 0 0 s h r s New Bonds Issuable Under P l a n —
S e r ie s " A ” b o n d s 8 6 6 0 ,0 0 0 c a ll a b le a t p a r s f d l - 1 2 t h y l y B a
S e r ie s “ B ” $ 3 , 9 9 2 , 0 0 0 c a l l ( t e x t ) a t p a r s f d l - 2 5 t h y l y B a
Ajax R ubber C o Inc — S t o c k $ 1 0 , 0 0 0 , 0 0 0 l i s t e d o f N Y S t k Ex
AlaDaina P o w e r C o m p a n y —
1 s t M $ 1 0 0 , 0 0 0 , 0 0 0 s f d c a l l 1 0 5 a f t e r 1 9 2 1 .................. U s . c *
S e c u r e d g o l d n o t e s $ 5 , 0 0 0 , 0 0 0 c a l l a b l e ( t e x t ) ____________ N c *
Alabama T r a c Light & P o w e r C o — C o m s t o c k S 2 5 . 0 0 0 , 0 0 0 - P r e f e r r e d s t o c k (a & d) 6 % c u m u l a t i v e $ 5 , 0 0 0 , 0 0 0 __________
F ir s t M $ 2 5 ,0 0 0 ,0 0 0 g o l d r e d 1 0 5 1 % s l n k f u n d b e g 1 9 2 0 c *

Other bonds— see text.

Par
V a lu e

50 & c
50 & c
50

1898
1907
1915

1919
1919

1916
1917

N ew Y ork
N ew Y ork
N ew Y ork

1 ,0 0 0
1 .0 0 0
100
100
100

1912

ADAM S E XPR E SS.
O R G A N I Z A T I O N .— A n u n in c o r p o r a t e d a s s o c ia ­
t io n f o r m e d in 1 8 5 4 . V . 1 0 0 , p . 2 8 9 . 3 7 1 ; V . 1 0 4 , p . 2 1 2 0 .
A s o f J u l y 1 1 9 1 8 , a t t h e b e h e s t o f t h e U . S . G o v t . , a l l t h e c o m p a n y 's
e x p r e s s b u s in e s s a n d e q u ip m e n t in t h e U . S ., t o g e t h e r w it h a r e q u ir e d a m o u n t
o f w o r k in g c a p it a l, w a s tu r n e d o v e r t o th e A m e r ic a n R a ilw a y E x p r e s s C o
( w h i c h s e e ) i n r e t u r n f o r s t o c k i n t h a t c o m p a n y , a m o u n t i n g ( 'n e t ) i n \ u " '
1 9 1 9 t o $ 6 ,6 2 7 ,9 3 0 . V . 1 0 9 , p . 9 7 9 .
8 K
>
° ’
O n A p r il 10 191 9 th e c o m p a n y r e p o r t e d t o t a l a s se ts , a s r e v a lu e d
of
$ 3 0 ,9 8 3 ,6 4 1 (in c lu d in g a t p a r s a id s t o c k o f A m . R y . E x p r e s s C o ) o f w h ic h
t h e f o l l o w i n g a m o u n t s w e r e u n d e r p l e d g e , v i z . : ( a ) F o r $ 7 8 ° 4 O O o’ c o l l a t e r a l
b o n d s o f 1 9 4 8 , $ 6 ,7 7 2 ,4 8 1 ; (b ) f o r $ 9 ,7 3 8 ,0 0 0 c o l l a t e r a l “ b o n d s o f 1 9 4 7
$ 7 , 0 0 6 , 4 5 1 ; ( c ) f o r $ 5 , 1 8 7 , 9 9 6 o f s e c u r e d l o a n s , $ 7 ', 7 9 0 5 5 4
T h is la s t
a m o u n t in c lu d e s s e c u r it ie s o f A d a m s E x p r e s s B ld g . C o
v iz
$5 000 000
1 s t M . b o n d s , $ 3 ,4 0 0 ,0 0 0 in c o m e s a n d $ 5 0 0 ,0 0 0 o f t h e ’ $ l ,0 0 0 i 0 6 0 s t o c k
(a ll o w n e d ). V . 1 0 9 , p . 9 7 9 .
T h e A m e r ic a n R a ilw a y E x p r e s s C o . h a s p r o v e d v e r y u n p r o fit a b le
but
th e F e d e r a l a u th o r itie s g iv e n o g u a r a n t y o f in c o m e o t h e r t h a n t h e a g r e e m e n t
t o p r o v id e f o r t h e o p e r a t in g d e f ic it s o l o n g a s t h e U . S . G o v t r e ta in s o p e r a t ­
in g c o n t r o l o f t h e r a ilr o a d s .
S a id m e r g e r c o m p a n y is e x p e c t e d t o c o n t in u e
o p e r a t in g t h e c o m b in e d p r o p e r tie s in d e fin it e ly . V . 1 0 9 , p . 9 8 0 .
T h e f o r e i g n e x p r e s s a n d m o n e y o r d e r b u s in e s s w e r e 'a l s o s o l d in 1 9 1 8
le a v in g t h e c o m p a n y m e r e ly a h o ld in g a s s o c ia tio n .
1917
$5 50

1918
none

R E P O R T — F o r “ x ” 1 8 m o n t h s t o J u n o 3 0 1 9 1 8 a n d “ y ” 9 1 -3 m o n t h s
e n d e d A p r il 1 0 1 9 1 9 , in V . 1 0 9 , p . 9 7 9 .
C ross
O p e r a tin g
O th er
I n t., A c .
D iv id e n d s
B a la n c e ,
Y e a r - R e ceip ts .
L oss.
In com e.
C h a rges.
P a id .
S u r p lu s .
$
$
“ y”
N one
N one
1 ,2 7 5 ,9 4 9
7 2 1 .5 9 4
N one
5 5 1 , .3 5 5
“ x”
4 1 ,9 5 7 ,2 7 9 8 ,6 2 7 ,1 8 9 2 ,8 8 9 ,7 4 9 2 ,2 8 0 ,9 7 6
_______ _____ ____________ _____ __
S e e b e lo w d e f.8 ,0 1 8 ,4 1 6
1 9 1 7 .5 3 ,7 3 0 .0 3 5 3 ,1 3 7 .1 8 7 2 ,3 0 8 .7 0 9 1 .0 5 6 .0 6 4 (5 2 4 )5 5 0 .0 0 0 d e f.2 .4 3 4 .5 4 3
1 9 1 6 .4 5 ,8 9 3 ,9 2 3 c r 7 9 8 ,9 2 5 2 ,0 5 4 .1 1 3 1 ,0 1 4 ,5 5 3
(6 ) 6 0 0 ,0 0 0 s u r . l , 2 3 8 .4 8 5
P r o f i t a n d lo s s d e f i c i t A p r il 1 0 1 9 1 9 , $ 7 ,2 9 8 ,2 7 5 .
P r e s ., f f m . M . B a r ­
r e t t .— ( V . 1 0 7 , p . 1 1 8 8 ; V . 1 0 9 , p . 9 7 9 .)

$

s

A D I R O N D A C K E L E C T R I C P O W E R C O .— (V .
p . 2 0 99, 2189; V . 10S, p . 1720; V . 109, p . 74, 1610.

106, p . 818;

V.

107,

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 . — I n c o r p . in I n d i a n a
D e c . 1 5 1 9 1 5 , p e r p la n in V . 1 0 1 , p . 7 7 7 , 8 5 1 , 1 2 7 6 , 2 1 4 6 .
B u s in e s s e s t a b ­
lis h e d in 1 8 5 3 .
H a s p la n ts a t L a P o r t e , I n d ., B a t t le C r e e k . M i c h ., a n d
T oron to.
P r o d u c t s , a g r ic u lt u r a l im p le m e n t s s u c h a s t h r e s h e r s , p lo w in g
e n g in e s , & c .— ( V . 1 0 2 , p . 1 6 2 6 ; V . 1 0 4 , p . 1 4 8 6 ; V . 1 0 6 , p . 1 5 7 5 ; V . 1 0 7 , p .
2 1 8 9 .)
N E W S E C U R I T I E S . — ( a ) $ 1 3 , 7 5 0 , 0 0 0 c o m . s t o c k , p a r $ 1 0 0 : (ft) $ 1 2 . ­
5 0 0 ,0 0 0 6 % p r e f. (p . & d .) s t o c k c u m . a ft e r J a n . 1 1 9 1 9 , a n d c a lla b le a n y
t im e a t 1 0 5 a n d d i v s ., p a r $ 1 0 0 ; (c) $ 3 ,5 0 0 ,0 0 0 1 0 -y e a r 6 % s in k in g fu n d
d e b e n t u r e s (c a lla b le 1 0 2 2 4 a n d I n t .) p r o t e c t e d b y p r o v is io n s o f tr u s t d e e d
and a s in k in g f u n d o f $ 1 0 0 ,0 0 0 y e a r l y f o r f ir s t 5 y e a r s a n d $ 2 0 0 ,0 0 0 p e r a n n .
th e r e a fte r .
T o J a n . 1 1 9 1 9 , $ 1 ,9 5 5 ,0 0 0 d e b e n t u r e s h a d b e e n r e t ir e d , le a v ­
in g $ 1 ,5 4 5 ,0 0 0 o u t s t a n d i n g .
S ta tu s in N o v . 1 9 1 8 , V . 1 0 7 , p . 1 8 3 8 .
P r e fe r r e d D iv id e n d s .— N o . 1 , 1 2 4 % p a id A p r i l 1 1 9 1 9 ; J u l y a n d O c t .
1 9 1 9 p a id 1 2 4 % - V . 1 0 8 , p . 4 8 2 .
R E P O R T . — F o r c a l. y o a r 1 9 1 8 , in V . 1 0 8 , p . 1 5 0 8 : G r o s s p r o f it , $ 3 ,­
3 9 3 ,7 0 4 (in c l. $ 3 1 9 ,8 2 7 fr o m in t e r e s t , d is c o u n t s , & c .) ; n e t , $ 1 ,5 3 3 ,5 8 7 ;
in t . c h g s ., $ 1 4 4 ,6 5 7 ; F e d e r a l t a x e s , $ 2 0 0 ,0 0 0 ; s u r p lu s $ 1 ,1 8 8 ,9 2 9 (a g a in s t
$ 5 5 0 ,5 5 7 fo r 1 9 1 7 ).
O F F I C E R S .— F in le y P . M o u n t , P r e s .; A . H . B e r g e r . V .- P . a n d S e c -;
W .
I . B a ilc n tin e ,
V .-P .:
J
A bram s,
V .-P .;
J. R .
K ohne,
T reas.
D ir e c t o r s : F in le y P . M o u n t . W . E . T a y l o r a n d M a u r ic e F o x , L a P o r t e ,
I n d .; F r a n k N . B . C lo s e , H e n r y H . W e h r h a n e a n d C la r e n c e L e w is , N . Y .
C it y ; S te p h e n S . S tr a tta n an d C . E d g a r E llio t t , C h ic a g o ; J o h n W . O ’ L e a r y ,
a n d L u c iu s T o t e r o f C h ic a g o ; H o w a r d C o o n le y , B o s t o n .
O ffic e . L a P o r t e ,
I n d .— ( V . 1 0 7 , p . 1 8 3 8 , 2 0 9 9 , 2 1 8 9 ; V . 1 0 8 , p . 4 8 2 , 1 3 9 1 , 1 5 0 8 , 2 6 3 0 .)
A E T N A E X P L O S I V E S C O ., I N C .— O R G A N I Z A T I O N .— I n c o r p o r a t e d
in N e w Y o r k in N o v . 1 9 1 4 a n d a c q u i r e d a n u m b e r o f p l a n t s f o r t h e m a n u ­
fa c t u r e o f g u n c o t t o n , b la c k , s m o k e le s s a n d c o m m e r c ia l p o w d e r , p h e n o l,
& c . ( S e e V . 1 0 5 , P* 8 1 4 . ) V . 1 0 0 , p . 1 5 9 4 , 2 0 1 2 . B e n j a m i n B . O d e l l , o n e
o f t h e r e c e iv e r s in J u n o 1 9 1 9 , d e r iv in g r e p o r t s t h a t t h e c o m p a n y w o u ld
d is c o n t in u e it s c o m m e r c ia l p o w d e r b u s in e s s , s a id :
" S in c e t h e r e c e iv e r s w e r e a p p o in t e d in A p r il 1 9 1 7 t h e y h a v e s p e n t o v e r
$ 8 0 0 ,0 0 0 o n t h e d o m e s t i c p o w d e r p la n t s , p u t t in g t h e m in t h e m o s t e ffic i e n t
c o n d it io n w it h s a t is fa c t o r y r e s u lts a s t o o u t p u t a n d c h a r a c t e r o f p r o d u c t .
T h e o n l y s a le s o f p r o p e r t y m a d e o r c o n t e m p la t e d a r e t h e s a le o f m il it a r y e x ­
p lo s iv e s p la n t s w h ic h h a v e n o c o n n e c t io n w it h t h o d o m o s t i c p o w d e r b u s in e s s .
T h e c o m p a n y 's li n e o f c o m m e r c i a l d y n a m i t e , b l a s t i n g c a p s a n d o t h e r c o m ­
m e r c ia l p o w d e r p r o d u c t s is t o b e c o n t in u e d a n d a ll o f it s 8 d o m e s t i c p o w d e r
p la n t s , 7 in t h is c o u n t r y a n d o n e in C a n a d a , a r e n o w b e in g o p e r a t e d .
“ W i t h t h e u n u s u a l l y s t r o n g f i n a n c i a l p o s i t i o n in w h i c h t h e c o m p a n y n o w
Is a n d w h i c h w i l l b o b e t t e r e d a s a r e s u l t o f t h e p r o p o s e d r e a d j u s t m e n t , i t i s
m y c o n f i d e n t b e li e f t h a t t h e c o m p a n y w ill b e a f a ir g r e a t e r f a c t o r in t h e
d o m e s t i c e x p l o s i v e s b u s in e s s in t h is c o u n t r y t h a n i t h a s e v e r b e e n in t h o
p a st.
I t w ill b e m y p o l i c y , i f I a m s e le c t e d a s P r e s id e n t o f t h e n e w c o m ­
p a n y , a s i s c o n t e m p l a t e d , t o c a r r y o u t t h i s p o l i c y in t h e f u t u r e c o n d u c t o f
t h e b u s in e s s ." V . 1 0 8 . p . 2 3 3 1 . V . 1 0 8 , p . 1 7 3 , 2 7 1 .
I n A p r il 1 9 1 7 e x - G o v . B e n ja m in B . O d e ll a n d o x -F e d e r a l J u d g e G e o r g e
O . H o l t w e r e m a d e r e c e iv e r s in a c r e d i t o r s ’ s u i t . V . 1 0 4 , p . 1 5 9 3 , 1 4 9 1 .
1140, 1802, 2612.
In N o v . 1 9 1 9 r e o r g a n iz a t io n w a s b e in g c o m p le t e d p e r
n ia n in V . 1 0 8 , p . 2 2 4 3 , J . & W . S e lig m a n & C o . a c t i n g a s R e o r g a n i z a t i o n
M an agers.




P la c e s W h ere In terest a n d
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B an kers T ru st C o, N Y
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B an kers T ru st C o . N Y

R E P O R T .— F o r c a le n d a r y e a r 1 9 1 7 , V . 1 0 6 , p . 2 4 4 5 :
1917.
1916.
1915.
1914.
1913.
S a l e s _________$ 2 4 , 5 4 0 , 8 5 5 $ 1 8 , 3 1 4 , 7 3 7 $ 1 5 , 0 4 9 , 6 4 5 $ 1 2 , 0 4 6 , 3 5 6 S 9 . 8 9 7 6 7 4
N e t p r o fit s 8 1 6 ,7 3 6
7 1 9 ,1 3 0
5 2 6 ,7 3 4
508 636
581 495
P r o s .. II. J . M o f f e t t , P h ila .— ( V . 1 0 7 , p . 1 8 3 ; V . 1 0 9 , p . 2 7 1 .)

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N o n e 6 2 8 ,4 1 4 sh a .

D I V I D E N D S .— O n 1st p r e f.. S e p t .1 9 1 6 t o D e c . 1 1 9 1 9 , i n c l . , 7 % p e r a n n
( 1 2 4 % q u a r .)
O n 2 d p r e f. S e p t. 1916 t o D e c . 1 917. 7 % p e r a n n . (1 ? * %
q u a r .) ; n o n e s in c e t o A p r il 1 9 1 9 ; in J u n e 1 9 1 9 p a id i f i % .

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A C M E T E A C O . — O R G A N . — I n c o r p . in P e n n a . In J u n e 1 9 1 6 ( V . 1 0 2
p . 1 9 8 8 ) t o s u c c e e d A c m e T e a C o . ( V . 9 4 , p . 5 6 1 ) , e s t a b l i s h e d in 1 8 8 5 . H a s
a c h a i n o f ( l e a s e d ) s t o r e s l o c a t e d in e a s t e r n p a r t o f P e n n a . a n d N . J .
O f
t h e $ 3 ,5 0 0 ,0 0 0 c o m m o n s t o c k , o v e r $ 3 ,3 1 5 ,4 0 0 c a r r y i n g c o n t r o l is o w n e d
b y A m e r ic a n S to r e s C o .
S ee b e lo w .
V . 104. p. 1491, 2120.
1st p rer.
s t o c k o r ig in a lly S 2 ,7 5 0 .0 0 0 ; h a s b e e n r e d u c e d b y s in k , fu n d to $ 2 ,1 6 9 ,0 0 0 a n d
d u r in g J u ly 1 9 1 8 h o ld e r s o f s a m e w e r e o ffe r e d a n e x c h a n g e fo r A m e r ic a n
S t o r e s C o . 1 s t p r e f . s t o c k s h a r e f o r s h a r e . V . 1 0 9 , p . 2 7 1 ; V . 1 0 7 . d. 1 8 5 .
V . 102. p . 1988; V . 103, p . 62; V . 106, p . 88.
N o b on d s or m o rtg a g e .

C A S H D I V S ., & c .—
fl9 0 8
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1915
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I n 1 9 1 8 d i v i d e n d s w e r e s u s p e n d e d . V . 1 0 6 , p . 9 .3 0 , 2 3 4 6 .

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N E W
S E C U R I T I E S .— U n d e r t h e a fo r e s a id p la n t h e c o m m o n s h a re s
r e m a in u n d is t u r b e d .
T h e h o ld e r s o f t h e $ 5 ,3 2 2 ,6 5 0 p r e f ..s t o c k w e r e o ffe r e d
f o r e a c h $ 1 0 0 s h a r e , S 2 0 7 5 in c a s h a n d $ 7 5 in n e w 6 % s e r ie s B b o n d s , d u e
J a n . 1 1 9 4 1 . b e a r in g in t e r e s t f r o m J a n . 1 1 9 1 9 ; o n N o v . 2 1 1 9 1 9 a b o u t
$ 5 ,0 5 5 ,5 5 0 h a d a s s e n t e d .
T h e h o ld e r s o f t h e $ 2 ,2 2 4 ,0 0 0 1 st M . 6 s o f 1 9 1 4
w e r e e n t it l e d t o r e c e iv e f o r e a c h $ 1 ,0 0 0 b o n d e it h e r (a ) $ 8 5 0 a n d in t . in
c a s h o r p a r f o r p a r iu n e w S e r ie s A 6 % b o n d s , d u e J a n . 1 1 9 3 1 a n d b e a r in g
in t . f r o m d a t e o f la s t m a t u r in g c o u p o n o n o l d b o n d ; im m e d ia t e is s u e in
N o v . 1 9 1 9 , $ 5 2 2 ,0 0 0 .
S e r ie s A b o n d s , li m it e d t o t h e a m o u n t e x c h a n g e d f o r
o ld b o n d s , p a r fo r p a r , h a v e a p r io r r ig h t a s t o p r in c ip a l a n d in te r e s t u n d e r
t h e m o r t g a g e , a n d , w h ile d u e J a n . 1 l9 3 1 k l - 1 2 t h o f t h e s e r ie s is t o b e p a id
a n n u a ll y b e g i n n in g w it h y e a r e n d in g J u ly 1 1 9 2 0 , S e r ie s B b o n d s a r e li m it e d
t o t h e a m o u n t e x c h a n g e d fo r p r e f. s t o c k a n d h a v e a n a n n u a l s in k in g fu n d
o f l - 2 5 t h o f t h e s e r ie s .
A n y p a r t o r a ll o f S e r ie s “ A ” b o n d ; s h a ll b e c a ll a b le
b y t h e c o m p a n y ( b y l o t i f le s s t h a n a il l o n a n y i n t e r e s t d a t e a t p a r a n d
a c c r u e d in te r e s t.
A f t e r a l l o f t h e S e r i e s * 'A ” b o n d s s h a l l h a v e b e e n r e t i r e d ,
a n y p a r t o r a ll o f t h e S e r ie s “ B ” b o n d s s h a ll b e lik e w is e c a ll a b le b y t h e
c o m p a n y a t p a r a n d in te r e s t.
V . 109, p . 1793.
0 3 0 , le f t n e t b e f o r e F e d e r a l t a x e s o d $ 3 ,7 7 3 ,1 8 5 .
R E P O R T . — R e c e iv e r ’s r e p o r t f o r y e a r e n d e d J u ly 31 1 9 1 8 w a s c i t e d I d
V . 1 0 7 , p . 1 4 8 2 , 1 8 3 4 s h o w in g p r o fit s a m o u n t in g t o $ 6 ,8 2 8 ,1 5 5 ( c o m p a r e d
w it h $ 3 ,6 1 3 ,7 7 3 f o r t h e c a le n d a r y e a r 1 9 1 7 a n d $ 1 ,7 9 7 ,5 9 6 In t h e t h r e e
m o n t h s e n d e d J u l y 3 1 1 9 1 8 ) ; d e d u c t i n g f o r s e t t l e m e n t o f c l a i m s , <Sce..
$ 1 ,6 0 6 ,6 6 6 , lo s s e s b y e x p lo s io n s o f $ 1 ,1 3 2 ,2 7 4 a n d im p r o v e m e n t s o f $ 3 1 6 ,­
0 3 0 , le f t n e t , b e f o r e F e d e r a l t a x e s , o f $ 3 ,7 7 3 ,1 8 5 .
_ T h e e a r n in g s in O c t . 1 9 1 9 w e r e r u n n in g c lo s e t o $ 1 0 0 ,0 0 0 m o n t h ly , d e ­
r iv e d fr o m o p e r a t io n o f t h e fe w r e m a in in g p la n t s a n d fr o m in te r e s t o n lo a n s
a n d in v e s tm e n ts .
B a la n c e s h e e t A p r il 3 0 1 9 1 9 ( V . 1 0 9 , p . 7 4 ) s h o w e d : F u n d e d d e b t , $ 2 ,0 1 1 ,­
0 5 0 ; n o t e s a n d a c c o u n t s p a y a b l e , $ 9 3 3 ,5 2 6 ; a d v a n c e s o n c o n t r a c t s b y F r e n c h
G o v t . , $ 6 8 4 ,1 4 0 .
C u r r e n t a s s e ts : B ills a n d a c c t s . r e c e iv a b le , $ 3 ,1 8 1 ,0 6 9 ;
c a s h , $ 8 7 8 ,5 8 9 ; fin is h e d p r o d u c t c o s t , $ 3 ,7 1 1 ,7 0 8 ; U . S . L ib e r t y b o n d s ,
$ 2 ,2 6 0 ,5 1 7 . V . 1 0 4 , p . 1 1 4 0 ; V . 1 0 7 , p . 8 3 , 1 8 3 ; V . 1 0 8 , p . 1 2 7 6 ; V . 1 0 9 ,
p . 74.
D ir e c to r s .— G . C . H o lt , B . B . O d e ll, S o l W e x le r , S . M . S c h a t z k in , A lfr e d
T . H o ll e y , F . H . P r in c e , G u y W . C u r r ie r , T . L . W a t s o n , W . P . F o s s .
O ffic e r s .— P r e s ., B . B . O d e ll; V . - P . , G . C . H o l t ; S e c . & T r e a s ., F . E .
F e n t o n .— ( V . 1 0 9 , p . 7 4 , 1 7 4 , 3 7 2 , 1 7 9 3 .)
A J A X R U B B E R C O ., I N C .— O R G A N I Z A T I O N .— I n c o r p . in N . Y .
D e c . 2 0 1 9 1 5 , s u c c e e d in g A ja x -G r ie b R u b b e r C o ., T r e n t o n , N . J ., e s ta b ­
lis h e d S e p t . 11 1 9 0 6 . V . 1 0 1 , p . 2 0 7 3 , 2 1 4 6 .
I n S e p t. 1 9 1 9 o w n e d p la n ts
in T r e n t o n , N . J . , a n d R a c in e , W i s ., a n d d e c id e d t o l o c a t e a t h ir d p la n t
in J a c k s o n t o b e in o p e r a t io n b y J u l y 1 1 9 2 0 , e m p lo y i n g 2 ,5 0 0 w o r k m e n
in J a c k s o n , M i c h ., a t c o s t o f $ 7 5 0 ,0 0 0 , a n d h a v i n g a d a ily o u t p u t o f 3 ,0 0 0
a u t o m o b il e t ir e s .
V . 109, p . 1275.
I n D e c . 1 9 1 8 $ 1 ,0 0 0 ,0 0 0 o f s t o c k h a v i n g b e e n u n d e r w r it t e n w a s o f f e r e d
t o s h a r e h o ld e r s a t 1 1 0 % ($ 5 5 p e r $ 5 0 s h a r e ) t o p r o v id e a d d i t io n a l w o r k in g
c a p it a l; a ls o $ 1 0 0 ,0 0 0 w a s o ffe r e d t o e m p lo y e e s .
I n A u g . 1 9 1 9 a fu r th e r
$ 1 ,8 0 0 ,0 0 0 s t o c k w a s w h o ll y t a k e n b y t h e s h a r e h o ld e r s a t $ 7 0 a s h a r e (p a r
$ 5 0 ), m a k in g th e e n t ir e $ 1 0 ,0 0 0 ,0 0 0 o u t s t a n d i n g . V . 1 0 9 , p . 1 2 7 5 , 1 1 8 1 ,7 7 7 .
O n J u n e 3 0 1 9 1 9 n o t e s a n d b ills p a y a b le a g g r e g a t e d $ 2 ,9 0 0 ,0 0 0 . V . 1 0 7 .
p . 2377; V . 108, p . 173, 880; V . 104, p . 363, 766; V . 103, p . 2429.
S tock
lis te d o n N . Y . S t o c k E x c h a n g e ; se e o ffic ia l s ta te m e n t, V . 1 0 3 , p . 2 5 0 .
N o fu n d e d d e b t J u n e 30 1 9 19.
D iv . M a r . 1916 t o M a r . 1 9 1 7 , 1 0 % p . a .;
J u n e 1917 to D e c. 1919, 3 % q u a r. (1 2 % p . a .).
E A R N I N G S .— C a l. y e a r 1 9 1 8 , V . 1 0 8 . p . 7 8 2 ; 6 m o s . 1 9 1 9 , V . 1 0 9 .P .1 1 7 6 N et
f
'l T a x e s
T o ta l
D iv id e n d s
B a la n c e .
P r o fits .
( E s t .)
S a le s .
P a id .
S u r p lu s .
1 1 ,8 8 6 ,7 3 0 N o t s h o w n
6 m o s . 1 9 1 9 ____N o t s h o w n
( 6 ) $ 4 8 8 ,5 2 8 $ 1 3 9 8 ,2 0 2
Y e a r 1 9 1 8 ............. 1 9 , 2 9 7 , 7 2 1
2 ,9 1 5 ,3 6 8
1 ,7 0 0 ,0 0 0
(1 2 )8 5 2 ,0 0 0
3 6 3 ,3 6 8
Y e a r 1 9 1 7 ............. 1 3 , 8 2 8 , 2 8 2
1 ,9 5 5 ,2 9 3
4 9 5 ,0 0 0
8 3 0 ,7 0 0
“
6 2 9 ,5 9 3
1 6 m o s . 1 9 1 6 . . 1 0 ,0 8 2 ,9 2 7
......................
1 ,2 6 8 ,3 1 1
4 0 8 ,8 7 5
8 5 9 ,4 3 6
P r o f it a n d lo s s s u r p lu s , J u n e 3 0 1 9 1 9 , $ 2 ,5 3 0 ,4 1 1 .
O F F I C E R S .— H o r a c e D e L is s e r (P r e s id e n t & C h a ir m a n ) , L o u is P
D e s t r i b a t s , F r e d E . D a y t o n , L . T . V a n c e a n d J . C . W e s t o n ( V . - P r e s 't s ) "
W . J . J a c k s o n (S e c .) a n d S tu a r t W e b s t e r ( T r e a s .) .
N . Y . o ffic e
1796
B r o a d w a y .— ( V . 1 0 9 , p . 7 7 7 , 1 1 7 6 , 1 1 8 1 , 1 2 7 5 .)
'
A LABAM A

C O M P A N Y .— S e e V . 1 0 6 . p . 2 3 4 2 ; V . 1 0 8 . p . 7 8 5 , 2 2 4 3 .)

P O W E R C O . — O R G A N I Z A T I O N , & c . — I n c o r p o r a t e d in
1 9 0 6 in A l a . a n d s e r v e s d i r e c t l y a n d I n d i r e c t l y t h e m a j o r p a r t o f t h e u r b a n
p o p u la t io n o f n o r th e r n A la ., in c l. “ B ir m in g h a m D is t r ic t .” V . 1 0 9 , p . 6 8 .
O w n s : (a ) H y d r o -e le c t r ic d e v e lo p m e n t o n C o o s a R iv e r , 4 5 m ile s s o u t h e a s t
o f B ir m i n g h a m , in s t a ll e d c a p a c i t y 9 0 ,0 0 0 h . p . ; (6 ) S t e a m t u r b i n e s t a t i o n
o f 1 5 ,0 0 0 h .p . a t G a d s d e n ; (c ) a d d i t io n a l s t e a m p l a n t a t G o r g a s d e s i g n e d f o r
1 0 5 ,0 0 0 h . p . , in c l . 3 5 ,0 0 0 h .p . n o w in s t a ll e d ; (d ) h y d r o - e l e c t r i c d e v e l o p m e n t
o f 2 ,0 0 0 h ,p . a t J a c k s o n S h o a ls ; (c ) 9 0 0 m ile s o f s t e e l- t o w e r t r a n s m is s io n
lin e s t o B ir m in g h a m , & c .; ( / ) la r g e ly t h r o u g h s u b s id ia r y c o m p a n ie s , h y d r o ­
e le c t r ic p o s s ib ilit ie s a g g r e g a t in g m a n y t h o u s a n d h o r s e -p o w e r .

ALABAMA

S T O C K . — $ 1 8 , 7 5 1 , 0 0 0 , a l l o w n e d b y A l a . T r a c . , L t . <fc P . C o . . w h i c h

see.

B O N D S .— O f t h e a u t h o r iz e d is s u e o f $ 1 0 0 ,0 0 0 ,0 0 0 1 s t M . 5 % b o n d s o f
t h e A la b a m a P o w e r C o . , $ 1 2 ,7 2 4 ,0 0 0 in A p r il 1 9 1 9 h a d b e e n c e r t ifie d b y
t h e t r u s t e e , o f w h i c h $ 1 0 ,0 0 0 ,0 0 0 is in t h e h a n d s o f t h e p u b l i c , $ 2 6 3 9 0 0 0
p le d g e d t o s e c u r e o u t s t a n d i n g n o t e s o f 1 9 1 7 a n d $ 8 5 ,0 0 0 is in t h e t r e a s u r y .
See V . 102, p . 1250; V . 101, p . 2344; V . 108, p . 68.
N o t e s .— T h e n o t e s o f 1 9 1 7 a r e c a l l a b l e o n f o u r w e e k s ’ n o t i c e a t 1 0 1 1 4 and
P rif° r t o J u l y 1 1 9 1 3 ; t h e n a t 1 0 1 H t o J u l y l 1 9 1 9 a t 1 0 1 a n d I n t . t c
J u ly 1 1 9 2 0 . a t 1 0 0 H t o J u ly 1 1921 a n d 1 0014 a n d in t . th e r e a ft e r .
T hej
a r e s e c u r e d b y $ 2 ,6 3 9 ,0 0 0 o f t h e F ir s t M t g e . 5 % b o n d s .
T h e a u th o r iz e d
Iss u e is S o ,0 0 0 ,0 0 0 , o u t s t a n d i n g $ 1 ,9 0 0 ,0 0 0 , a n d t h e r e m a in in g n o t e s m a y
o n ly b e is s u e d a s a d d i t io n a l F ir s t M t g e . b o n d s a r e p le d g e d in t h e f o r e g o in g
r a tio . S ee V . 1 0 5 , p . 3 9 0 .
E A R N I N G S .— 8
m o s . , / 1 9 1 9 ............... G r o s s , $ 1 , 8 3 0 , 1 0 7 ; n e t , $ 1 , 8 8 4 , 5 5 7
J a n . 1 to O ct. 3 1 .
\ 1 9 1 8 ................ G r o s s ,
1 ,0 3 4 ,3 1 3 ; n e t ,
1 ,0 6 1 ,0 5 8
R E P O R T .— F o r c a l. y e a r 1 9 1 8 , g r o s s . $ 3 ,0 1 9 ,7 3 1 ; n e t , $ 1 ,5 7 2 ,2 5 0 .
a g a in s t g r o s s $ 2 ,1 0 1 ,9 5 8 a n d n e t $ 1 ,3 0 0 ,6 2 4 in 1 9 1 7 .
F o r y e a r e n d in g
J u n e 3 0 1 9 1 7 . g r o s s , $ 1 ,7 7 8 ,1 4 1 ; n e t , a ft e r t a x e s , $ 1 ,1 6 2 ,7 2 9 ; a n n u a l in t .
c h a r g e , in c l. $ 1 ,9 0 0 ,0 0 0 n e w n o t e s , $ 6 1 4 ,0 0 0 .
C om p a re V . 106, p . 2556.
P r e s id e n t, J a m e s M it c h e ll, 1 2 0 B r o a d w a y . N . Y . — V . 1 0 9 . p . 6 9 .

_
TRACTION. LICJHT & POWER CO.. L T D . — ORGANI­
Z A T I O N . — I n c o r p o r a t e d i n C a n a d a J a n . 5 1 9 1 2 aud o w n s t h r o u g h i t s s u b ­
s id ia r y , th e A la b a m a P o w e r C o . (w h ic h se e a b o v e ) , h y d r o a n d o t h e r e le c ­
t r ic p r o p e r t i e s in A la b a m a .
A l s o o w n e d . D e c . 3 1 1 9 1 8 . $ 5 0 0 , 0 0 0 c o m . and
$ 1 ,5 0 0 ,0 0 0 2 d p r e f. s t o c k o f U n it e d G a s & E le c t r ic C o r p o r a t io n .
V . 94.
p . 628, 981, 1696: V . 101. p . 283.
S ee A la b a m a P o w e r C o . a b o v e .
S T O C K .— P r e f. d iv id e n d s in a r r e a r s D e c . 31
B O N D S .— V . 1 0 6 , p . 2 5 5 6

V . 99, p .

1053

1 9 1 8 , $ 2 4 0 ,0 0 0 .

V.

101. P- 283, 775.

138

IN D U S T R IA L ST O C K S A N D
Amount
Outstanding

Rate
%

When
Payable

1915
1916

$10 $7,500,060
1,499,800
100 Ac
1.500.000
100 Ac

6g
6g

M A S
M A S

1911

243,900
231.000

6g

Date
Bonds

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

Debens Ser A g conv red 110 beg 1918 text________ G.yc*
do Ser B $1,500,000 g conv red 110 beg 1919------- Gyc*
Alaska Gastineau Mining Co (sub co)—
Aleoma Steel C orporation — See Lake Superior Corp.
Allied Oil Corp— Capital stock $12,500,000------- ------------Allied Packers, Inc— Common stock 450,000 shares______
Convertible debs auth $25,000,000 call 110______ xxx.c*EQ
Matthews-Blaclcwell, Ltd, First M call 105 s f 2 % _____c
Serial notes— see text.
Allis'Chalmers Manufacturing Co— Common stock--------Preferred stock (a & d) cum (see text) red 110__________
Bullock (The) Elec M fg 1st M $936,000 auth.......................
1st Pref a A d stk $5,006,000 8% cum call 120 s f 2% of issuo
American Agricul Chemical Co— Stock common S50.000.000
Pref (a A d) 6% cum 550,000,000___________ - ...............
First mtge bonds conv 512.006.000 red 103_ C ol.x c’ Ar*
_
Debentures $15,000,000 convgred 101 b eg F eb ’ 19Gyc*Ar*
American Bank Note Company— Com stock 55,000,000____
Preferred (a & d) 6% cum $5,000,000................... ................

Par
Value

$1 9,583,462
None
200.000
100 5.616.000
1,000 16,000,000
1919
1.059.000
1911 1,000 Ac

[Vol . 109.

BONDS

New
New
6
6

100 y26000000
100 yl6.500.000 10 in T9
6
100 Ac See text
1914
6,824,400
8
100 5,000,000
100 31,978.800 6H in 19
100 28,440,200 6 in 1919
5
7.279.000
1908 1.000 Ac
100 Ac
5,036,500
1914
58
50 4.496.737 6 in 1919
50 4.496.737 6 in 1919

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Mar 1 1925
Mar 1 1926

\
J

No coupons paid
since Sept. 1917

Feb 1 1931
Q— J10 Oct 10 1919 3% Checks mailed
J
J

J

A J July 1 1939
A D Dec 1 1931

Montreal

and

Toronto

Q— J Oct 15 T9, 2>*
First Trust C o., Milw
A J Jan 1 1934

Q— F Nov 1 1919,2%
Q— J 15 Oct 15 1919, 2
Q — '15 Oct 15 T9. 1>*
A & O Oct 1 1928
F A A Feb 1 1924
Q —F Nov 15 T9, 1H
Q—J Oct 1 1919, 1 ^

Checks mailed
do
do
Columbia Tr Co,NY A Bos
Guar Tr Co, N Y A Bos
Checks mailed
do
do

y For small amounts in treasury, see text.
REPORT.— Report for year 1918. in V. 109. p. 68, showed:
All Co's— Gross.
Net Income. *Int.Chgs. Disc.Amor.Depr.Tax. Dal.su
1918------------$3,063,366 $1,730,157 $1,195,879 $123,886 $313,621 $96,771
1917
-- 2,154,325 1,220,750 1,059,592 139,817
21,341
-- 1,471,433
880,604
794,896
------------- 85,708
1916
*After deducting $26,414 in 1918 and $63,653 in 1917 and 1916 charge­
able to capital account.
DIRECTORS.— James Mitchell. Pres., New York: Lawrence MacFarlane, K .C ., V.-Pres., Montreal; E. Mackay Edgar, London, and William
J. Henderson, Sec.-Treas., Montreal, 34 Commercial Union Bldg., Mon­
treal President’s office, 120 Broadway, N . Y .— (V. 109, p. 68, 1081.)
„A S K A GOLD MINES CO.— ORGAN IZATION , &c.— Incorporated
in Maine Aug. 26 1912. Owns over 95% o f the $12,000,000 stock and over
93% o f the $3,500,000 1st M . 20-year 6% bonds o f the Alaska Gastineau
Mining Co. The latter owns a low-grade free-milling gold deposit near
Juneau and a mill cap. 8,000 tons per day. V. 102, p. 1633: Y. 100, p. 1175.
DEBENTURES.— The 10-year 6% debentures. Series “ A ,’ dated
March 1 1915, as also Series “ B ,” dated Feb. 1 1916, are convertible into
stock at $30 per share and redeemable on or after 3 years at 110 on 60 days’
notice. See application to list, V. 102, p. 1626; V. 100, p. 1175, 476. As to
Ser. “ B ,” see V. 102, p. 346. Notes payable Dec. 31 1918, $400,000.
Owing to lack o f available funds tho coupon due March 1 1918 to March
1 1919 on the A and B bonds were not paid at maturity. V. 106, p. 930.
Ore Milled ( Tons)— (V. 109, p. 1793)—
1919.
1918.
1917.
Month o f October______________________ 206,200
75,870
191,610
10 months to Oct. 31_______ _______ ____ 1,765,320 1,073,744 1,899.257
EARNINGS.— For cal. year 1917, gross value, $2,009,633: net earnings,
$285,158; other income, $12,071; interest, $228,552; deprec. reserve, &c.,
$339,399; def., $270,722. For year 1918 product value $1,136,223; net
income (def.), $116,565; int. charge, $219,685; deprec., $311,724; bal.,
def., $647,974. For 9 mos. ended Sept, 30 1919 product val,, $1,052,037;
net income (def.), $188,880; other inc,, def., $1,678; bal., def., $190,558,
before int. A depreciation.
OFFICERS.— Pres., Charles Hayden; V .-P ., D. C. Jackling; 2d V.-P.,
J. R . Dillon; Sec., K. R . Babbitt; Treas., C. W . Peters; Man. Director,
B. L. Thane.— (V. 109, p. 174, 678, 1081, 1462, 1793, 1988.)
ALLIED OIL C O R P — ORGANIZATION.— Incorp. in Dela. in 1917.
Owns entire outstanding capital stock o f (a) Consumers Gas & Fuel Co.,
Tex.; (6) Central Power A Light Co. o f Tex.; (c) Dalsa Oil Co. of Tex.;
(d) Allied Drilling Co. o f Tex.; (e) San Jacinto Petroleum Corp. of Dela.;
(/) Alamo Petroleum Corp. o f Dela. Through its subsidiaries, owns about
85,100 acres of oil and gas leases in 16 counties in Wichita and two counties
in Texas. Has 8 oil wells in the Ranger and Burkburnett fields, daily pro­
duction 6,500 barrels, 6 gas wells, with an open flow capacity o f 40,000,000
cu. ft. per day in the Mineral Wells gas field. Properties include also 25
miles of pipe line, gas distributing plants and long-term franchises in Mineral
Wells and Weatherford, Tex., and 7 complete drilling outfits. V. 109, p.1181
DIV ID E N D S.— Dividends have been paid at the rate of 12% p. a.
(3% quar.) since Jan. 1 1919; 3% Oct. 10 to stock of record Sept. 25.
Pres., J. B. Levy (V. 109, p. 1181, 1368.)
ALLIED PACKERS. INC.— ORGAN IZATION .— Incorp. in Dela*
June 6 1919, acquired through the purchase of the capital stock or the phys­
ical properties, the assets and business of various packing cos., viz.: Parker,
W ebb A Co., Detroit; Klinck Packing C o., Buffalo; F. Schenck A Sons,
Wheeling, W. Va., Matthews-Black well.. Ltd., Toronto; W . S. Forbes &
C o., Richmond, Va.; Macon Packing C o., Macon, Ga.; Batchelder &
Snyder, Boston. V. 108, p. 2434, 2630; V. 109, p. 74, 174.
The Canadian Packing Co., Ltd., a subsidiary, was incorp. in June 1919
and will operate the five plants of the Matthews-Blaclcwell, Ltd., The
Allied Packers owns a majority o f the capital stock. V. 109, p. 774, 478.
CAPITAL STOCK.— Auth., common, 450,000 shares, no par value;
pref., $25,000,000; outstanding, common, 200,000 shares; pref., $5,616,000.
Sufficient of the common is reserved for the conversion of the debenture bds.
BONDS.— The debenture bonds are callable at 110 and int. on any int.
date on 60 days’ notice. Convertible into common stock at the rate of
13 shares o f stock for each $1,000 bonds. Authorized, $25,000,000, bal­
ance issuable under certain careful restrictions. Annual sinking fund be­
ginning Dec. 31 1921, 2% o f all bonds at any time issued. Bonds converted
are credited against the sinking fund obligation. See V. 109, p. 74. _
There were $4,200,000 serial notes issued part purchase price o f certain
o f the acquired plants. V. 109, p. 74. In April 1919 cash had been pro­
vided for the redemption o f the Matthews-Blackwell bonds.
President, John A. Hawkinson; V .-P ., F. S. Snyder.— (V. 108, p. 2434,
2634; V. 109,, p. 74, 674, 478, 1275.)
ALGOMA STEEL C O R P O R A T IO N — See Lake Superior Corporation
elow and V. 109, p. 1075, 1988.
ALLIS-CHALMERS MANUFACTURING CO.— O R G A N IZA T IO N .—
Incorporated in Delaware on Mar. 15 1913 as successor of the Allis-Ghalmers Co. (foreclosed) per plan V. 94, p. 913,with new cash working capital.
Manufactures heavy engines, mining and other machinery. V. 94, p. 913.
Has no bonded debt. Dec. 31 1918 owned $925,300 Bullock Elec. Mfg.
Co. bonds out o f $936,000. V. 102, p. 1724. Peace products, V. 107, p.
1748.
STOCK.— The pref. stock Is pref. both p. A d., cum. from Jan. 1 1913
a t 5% per annum; from Jan. 1 1915 at 6% , and from Jan. 1 1917 at 7% .
b u t entitled to 7% from beginning If earned and declared. It may elect
a majority of the directors and is redeemable at 110 and di vs. Of the Issued
stock as in table above the treasury held Dec. 31 1918 $229,250 common
and $316,600 pref. V. 102. p. 1724. V. 106, p. 1128.
N o mortgage lien while any pref. stock remains outstanding, unless 80%
of pref. v. t. c. consents. Notes payable Dec. 31 1918, $400,000.
PR EFERRED DIV ID E N D S.— 1916. 1917.
1918.
1919.
6H
7
7, 11% Q-J15)
R egular............................................... 6
On accumulations-------------------------- 3
3H
3
3, ( M Q--J15)
In Oct. 1919 the accumulated pref. dividends were reduced to 1J£%,
In Aug. 1918 the management proposed to pay no dividends on common
stock “ so long as we ha v e to save for taxes.” V. 107, p. 605; V. 108, p. 975,
2331; V. 109, p. 982.
REPO RT.— For year 1918, in full, in V. 108, p. 1607, 1624. Earnings
and orders, 9 mos., V. 109, p. 1610, 1793.
Sales
Total Fed., A c..T ax. Preferred
Balance,
Calendar
Billed.
Net.
A Conting. Dividends.
Sur. or Def.

Year—

$

$

$

$

$

1918
__35,031,234 9,754,749 5,128,882 (10)1,619,423 sur.3,006,444
1917
...26,129,317 5,308,790 1,298,300 (10)1,618,375 sur.2,392,116
1916................19,440,509 3,165,020 ................ (9)1.426,455 sur.1.738,565
1915_________11,666,413 1,078,352 _________
(3)475,485 sur. 602,867
1914............. 10,323,150def.25,068
.................................... def.
25,068




9 Mos. to Sept. 30—
1919..............23,894,600x2,839,279 ............. .(7 ^ )1 ,2 1 4 ,5 6 7 su r.l,624.712
1918...........-.25,040,199 7,439,290 2,989,000(7^)1,214,567 sur.3,235,723
x Net after deducting all expenses, including reserve for Federal taxes.
Unfilled orders Sept. 30 1919, $14,542,704, against $32,382,335 in 1918.
DIRECTORS.— J. H. McClement (Chairman), 165 Broadway, N . Y ..
Fred Vogel Jr. (Chairman Exec. Comm.), Otto H. Falk (Pros.), Oliver Cr
Fuller, Charles F. Pfister and C. E. Albright of Milwaukee; Wm. T;
Abbott, Max Pam and F. O. Wetmore of Chicago; J. D. Mortimer, Arthu,
W. Butler, Charles W. Cox, Oscar L. Gubelman, R. G. Hutchins Jr.,
Arthur Coppell and Charles Hayden of New York, and James P. Win­
chester of Wilmington, Del. Office, Milwaukee.— (V. 108, p. 880, 975,
1507, 1823, 2331; V. 109. p. 372, 982, 1610, 1793.)
ALUMINUM CO, OF A M E R IC A — V. 108, p. 880; V. 109, 1988.
AMALGAMATED SUGAR CO.— ORGANIZATION.— Incorp. Jan.
1914 in Utah. Owns eight best sugar plants at Ogden, Brigham City,
Logan, Lewiston and Smithfield, Utah, and Burley, Twin Falls and Paul,
Idaho. V. 107, p. 804.
CAPITALIZATION.— Common stock auth., $25,000,000; issued Aug.
1919, $6,824,400; Pref. stock, $5,000,000, all issued to retire old pref. and
Is tM . convertible bonds, and provide additional working capital. No
mortgage or additional pref. except with consent of 75% of outstanding
pref. Sinking fund is to retire 2% of pref. issue annually. V. 109, p. 678.
EARNING S.— The average annual net income after all taxes, including
Federal taxes, for the five years ended Feb. 28 1919 available for dividends
was $1,485,000. For the last three years of this period the average annual
amount available for divs. was $1,608,000. The amount required to pay
dividends on the $5,000,000 Pref. stock is $400,000 per annum.
Years Feb. 28. 1915.
1916.
1917.
1918.
1919.
Production(lbs.)81,727,500 91,187,600 92,451,600 93,987,900 112,326,700
Vice-Pres. David C. Eccles, Ogden, Utah.— (V. 109, p. 272, 678.)
AMERICAN AGRICULTURAL CHEMICAL CO.— ORGANIZATION,—
Incorporated In April 1899 In Connecticut under special charter. V. 68.
p. 974. and V. 72. p. 672; V. 73. p. 664' V. 75, p. 241. 292, 440; V. 77. p. 399;
V. 83, p. 1230: V. 84. p. 272; V. 87. p. 874: V. 92. p. 324: V. 93. p. 1669;
V. 94, p. 209; V. 98, p. 525. See V. 71, p. 545. Good-will, patents,
trade-mhrks, &c., carried at $1. V. 103, p. 754. Status and outlook in
Jan. 1919. V. 108. p. 173.
STOCK.— All shareholders of record N ov. 14 1918 had the right to sub­
scribe for $9,484,400 new common stock in amounts equal to 20% of their
respective holdings. Subscriptions were payable either in full on Nov. 29
or 50% , then and 50% Apr. 21 1919. This issue (underwritten) provided
funds for the reduction of the “ notes payable" (which on Oct. 4 1918 aggre­
gated $17,682,500, due largely to heavy inventory), thus increasing work­
ing capital, and raising the outstanding common stock in connection with
the conversion of bonds to $31,655,200 June 30 1919. V. 107, p. 1838.
V. 108, p. 1062.
BONDS.— Tho 1st M . bonds ($12,000,000 auth.) are convertible Into
pref. stock at par. Sinking fund, 3M % annually of all bonds Issued;
retired by sinking fund to Nov. 1919 (V. 107, p. 292), $3,521,000, conv.
Into pref. stock, $1,198,000. V. 87, p. 741. 814, 874; V. 92, p. 264, 324.
The debs. ($15,000,000 auth.) are conv. into com. stock at par; of the
$9,100,000 issued $4,063,500 had to Nov. 1 1919 been so converted. No
additional mtge. can be placed on tho property while bonds remain out.
V. 98, p. 525: V. 100, p. 1512. Notes payable at Juno 30 1919, $12,887,500
(excluding $2,030,000 secured by U. S. obligations), against $17,020,000
June 30 1918.
Common Dividends (Rate % ).
Jan.T2-July’ 16.
Oct.’ 16-July’ 17.
Oct.T7-July’ 18.
O ct.T8-O ct.T 9.
4% p .a .(l% q u .) 5% p .a .(l^ % q u .) (6% p .a .(lH % q u .) 8% p.a.(2%qu.>
R EPO RT.— Report for year end. June 30 1919 in V. 109. p. 885:
June 30 Years—
1918-19.
1917-18.
1915-10.
1910-17.
Total in c o m e -............... $8,206,128 $11,377,108 $8,709,216 $8, l ’<4,828
Bond interest...................
$784,785
$876,404
$883,392
$884,680
Deprec'n, freights, & c._ 3,202,673 2,455,725
1.845,908
2,278,180
Bonus to employees___
_
_
210,264
Preferred divs. ( 6 % ) . . , 1,659,896
1,658*487
1,653*492
1,655,067
Common dividends.-(7»<i,1.813,125 (6)4,059,777 (5)875,408 (4)737,237
Surplus.........................
$085,649
$5,326,715 $2,805,557$3,054,799
D IRECTO RS.— Robert S. Bradley (Chmn.). Peter II. Bradley (Pres.),
Wm. Prescott (V .-P .), J. M . Gifford (V .-P .), Thos. A. Doe (V .-P. & Treas.)
Goo. B. Burton (V.-P.) W. J. Hiss (V .-P .), Geo. O. Bingham, A. II. Hep-

V. 109,, P- 885 1081.)
AMERICAN BANK NOTE CO.— OR GA N IZA TION .— Incorporated in
N. Y. Feb. 20 1906 as United Bank Note Corp., per plan V. 81, p. 1851,
1794; V. 92. p. 1315, 1503; V. 96, p. 714. Has plant in Bronx and office
building at 70 Broad St. V. 104. p. 859. In Oct. 1919 sold the old plant
on Trinity Place, N. Y ., for, it is supposed, $750,000 or more. V. 109, p.
1793.
STOCK.— No lien or new stock without assent of 80% of each class.
DIVS. I ’06. 1907-11. T2. T3. T4. T5. T8.
1917. To Nov 1919
Oom-%\ 2
4 yearly 5
6
3>£ 2
4 6(1>SQ--«L)
6
COUPON NOTES -T ho remaining $200,000 5% serial gold notes of
1915 (originally $600,000) were paid March 1918, leaving no floating debt.
R EPO RT.— Year 1918. V. 108, p. 968. ,
Common
Balance,
Calendar
Profits(afterJnt.A Pension Pf.Divs.
ear—
Depr.,Ac.) Disc..Ac. Fd.,Ac. (6 %P-a; ) dividends. Surplus.
Year—
~
* ' '
‘
i ............. $1,217,221 $32.3433130.810 3269,739 (0%)$269,742 $514,587
1918.
I— ........... 824,064 34,134 $55,877 269,739 (6% 269,742 194.572
l o i o : : : : : : : : : 9 7 0 1 1 3 5 s i i m ''7 8 1 2 6 3 26§;v39 (4 %) 1 7 9 ,8 2 8 397.237
1915................. 890.464 105,710 40,000 269.739 (2%)89.914 385,101
Pres., D. E. Woodhull; Sec., Goo. H. Danforth; Treas Charlesi L. Lee.
Office, VO Broad St., N. Y .— (V. 107, p. 797, 2190; V. 108, p. 173, 968t
V. 109, p. 678. 780. 1793.)

N o t ., 1919.1

IN D U S T R IA L

MISCELLA NEO US COMP A NIES
[For abbreviations, A c., see notes on first page]

Date
Bonds

American Beef Sugar— Common sto ck ..
Preferred (a & d) stock 6% non-cum *5.000.000________
Amer Bosch M agneto Corp— Stock 60,000 shares_
_
Serial gold notes due $600,000 yearly Jan 1 5 ..
American Brake Shoe & Foundry— Com Stk *5.000.000 auth
Pref (a & d) stk 7% cum & partic *5.000.000 (see text) . .
First mortgage gold sinking fund redeemable ( t e x t ) ____x
American Can— Common stock *44,000,000 authorized
Preferred (a & d) stock 7% cumulative *44.000.000
Debentures $15,000,000 g red 1024 s f beg M a y ’ 14 Ba.xc*
Serial (discount) notes dated Mch 17 ’ 19 orig $12,000,000
American Car & Foundry— Common stock *3oV(X)O.0bb
U
Preferred (a & d) stock non-cum *30.000.000
G
American Chicle— Stock common S8.0 0 0 .0 0 0
Preferred fa & d) stock 6% cumulative S3.bbb.bob
Serial gold notos (closed) due $300,000 yrly
Baxxxc*
Sen Sen Ohidot Oo. sk.fd. bonds call 107 4 V.106. p. 2344 zz
American Cigar Co— 0 ommon stock $10,000,000
Preferred stock 6% cumulative_____ .
American Cities Co— See “ Electric Railway Section.”
American Coal Co—Stock________

1902
1913
1919

1919
i9oy

STOCKS
Par
Value

AND

Amount
Outstanding

Rate
%

BONDS
When
Payable

139

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$100 $15,000,000 See text O V Oct 31 *19. 2% Checks mailed
}
•
5
5.000 O O
O
O .T
100
None 60,000 shrs
Q— M 30 Jan 1 *1920 * 12 Mercan T & E Co, N Y
>
t
*99!
1,000
J & J 15 Jan 1F *91
1.800,000
7 g
u 0
4,6' M ill 7 m 1918 Q—M Sept 30 ’ 19. I X 30 Church St. N V
100 6.000.000 See text Q— M Sept 30 ’ 19. 3%
do
1.000
M & S Mar 1 1952
X377.000
5g
Farmers’ L & Tr Co. N Y
100 41.213.300
100 41 >33.300
Q—J Jan 2 ’20. 1 4 % Checks mailed
7
500 10.791.500
F & A Feb 1 1928
5g
Bankers Trust Oo, N Y
Discou
10) 30 000.OdJ 9 in 1919 0 -- J Oct 1 *19. 3% Guaranty Trust Co, N Y
100 30.000.
do
do
000 7
Oct 1 ’ 19. 1 4 %
100 h. m no 1 4 in 1919 8 ~ f N ov 1 19 i%
1<V
l 3.000,000 6 In 1019 Q - J
Oct 1 19 1 4 h
1,000 2,500,000
6g
A & O Oct. 1 ’20-’27 Bankers Trust Co, N Y
500 Ac
2.106.500
J & D June 14 1929
N Y Guar l'r Co
100 10.000. 000 6 In 1919 Q— F N ov 1 ’ 19 2% Checks mailed
100
w J
25
sept y iy iy 0 7 0 Office 1 Broadway. N 1

x An additional $235,000 held In treasury on Dec. 31 1918.
z $285,050 ofthisamt.purch. & canceled to Dec. 31 1918.

AMERICAN BEET SUGAR CO.— Incorp. March 24 1899 — (V 6 8
p. 280. 616; V. 8 8 . p. 1250; V. 102. p. 715. l809.)
n n ^ L 0 3 — cr l 189^ ? 0l 9 i 2’ 1913-15. 1916. 1917. 1918. 1919.
C om m on.........%\ Nil
14
5
Nil
44
74
8
8
Preferred - - - - - % [Oct. 1 '99 to Oct. 1 1919,'fnci.. 6 % 'p. a. (1 4 % 'Q -J ) ."
Tn*?
^~L was declared on common, payable Mar. 1.
7°
J o ‘ 1 9 1 9 doc*?r,?d 2 % 0 'iar. (8 % p. a.) Apr. 1919 to Jan. 1920. inch.
A
V. 108, p. 81. Bills payable outstanding Mar. 31 1919, $3,285,000.
RE PO RT.— For year ending March 31 1919 in V. 108, p. 202 showed:
1918-19.
1917-18.
1916-17
1915-16
£«?S
1nJi?™SaleS-----------f7.471.383 S12.584.367 $14,97l‘ ll6 $10,479,293
Net in c o m e ...
. . . $1,200,739 $3,135,188 $6,126,677 $3,174,831
Preferred divs. (6 % )—
300,000
300,000
300 0 0 0
300 0 0 0
Common dividends (8 % ) 1 ,2 0 0 , 0 0 0 (8)1,200,000(20)3000,000 (6)900^000
Ueprec n, additions. &c.....................
...............
1,571,930
1,539,683
Balance

surplus

def $299,281

$1,635,188 "$1,254,747

$435,147

S « rl'f243.P"Pra‘ ’ 32 Na“ “
,
AMERICAN BOSCH A1AGNETO C O R P O R A T IO N __ORGANIZA­
TION.- Incorp. in N . Y . Jan. 9 1919, and acquired the assets o f every
character o f the Bosch Magneto Co. o f N. Y . City (previously German
owned), including a $20,000,000 plant at Chicopee Mas* &c Capital
stock of present corporation 60,000 shares o f
par value The stock­
holders will vote about Dec. 15 1919 on increasing the canital t o 80°000
shareholders, it is stated, will be rtven the
to s u h M

n
o

Additional working capital was secured’ bv the « ! n n f ! i B n n oori tw
Serial Gold Notes, maturing $ 6 0 0 ,0 0 0 a n n u a lly T h e '*600 000° dim
Jan. 15 1910, were called and paid July 15 1919 y b n Au«r 1 1919°therl

K

K

A

t t r a

a

l -

-a u s s

REPO RT.— For 6 mos. ended June 30 1919 fV m o « n m „
1919 (6 mo.) 1917-18.
1916-lV
1915*1 fi177) 1 9 1 4 -1 5
Net nm fitV........
Net p rofits------- $2,334’?56 $ 3 07n’ 517
334,15b
670,547
478,864 S4.069J322 $4,617,059
806,646 1,554,600
OFFICERS.— Arthur T . Murray, Pres.; George A MacDonald V -Pres
& Treas.; Arthur II. D. Altreo and Leon W . Rosenthal V-Presidents’
John A . MacMartin, Sec. V. 108. p. 2019, 2124; 4L 109 p 7 7 7 1 1 7 7 198si
A M E R I C A N BRAKE SHOE St FOUNDRY CO.— ORGAN -I n c o r p id
N. J. on Jau. 29 1902. Reincorp. In Delaware, effective Oct 1 1916
Official data V. 103, p. 2427; V. 100, p. 558. 2012 A consolidation V 74
P. 579; V. 79. p. 2087; V. 90. p. 238; V. 91, p f 212; V 92 n 18V V 90 d
1240; V. 95. p. 1747; V. 96. p. 655; V. 98. p. 384“ V 100 o' 557
Manu­
factures about 175.000 tons or brake shoes for steam and’ electric eari and
castings. V. 105, p. 2453. Sale o f Erie plant, V 108 p 2 m
LATE DIVS. 1907. ’08. ’09. ’ 10-’ 12. ’13-’ 15. ’ 16 ’ 17 ’ 18
1919
Common % . .
5
4 4 5 7 yrly. 7 yrly. 7
7 ' 7 1 5 ^ IX IX
Preferred % - - ------------- 7 yearly------------- 8 yrly. 8
8
8 2
.3
, ^
3
Extra on preferred stock, in cash_______________ 2
2 2 1 ,a
~~
In Liberty bonds______________________________ - . 5
’
’ Z~~
. On preferred Doc. 1918 and March 1919, quarterly 3 % dor reinilar'ami
1% extra) 6 in June and Sept. 1919, 3% quar. with no extra regUIar ana
Pref. is entitled to all earnings after 7% on common. V. 95, p. 1609.
BONDS.— Drawn $20,000 yearly till Mar. 1 1922 at 105 then at par
Notes payable Dec. 31 1918. $2,075,000; also U .S V G o v t.,& 9 8 d )5 0 .P
REPO RT.— For 15 months ended Dec. 31 1918 fin V
n 11621
including subsidiaries and years ending Sept. 30. excluding subsidi’aries:
Total Net Bond Cont.,Ac. Preferred Com. Div. Balance.
Income. Int..etc. Reserve. Dividend. (7% p.a.) Surplus.

OFFICERS.— Chairman, Otis H. Cutler; Pres. J B Terbell- Vice­
Presidents, James S. Thompson, William S. McGowan Clifton D 'Pettis
and Thomas Flnigan; Treas., Henry C. Knox- Sec
m
Tudd*
Comp., G. C. Ames. Office, 30 Church St., N Y - i V m n 381 476
1162V 2124, 2243, 2435.)
(V. 108, p. 381, 476,
AMERICAN BRASS CO.— (V. 109, p. 372, 478, 1610 )
AMERICAN & BRITISH MFQ. CORP.— (V. 109, p . 7 4 , 1080.1462.)
AMERICAN CAN CO.— ORGAN IZATION .— Incorp. in New Jersey on
March 19 1901 as a consolidation of about 100 concerns
See V 72 o 582
In 1916 operated about 50 can factor.es and two machine shons ' See V 84
P. 994: V. 90, p. 371. 629; V. 96. p. 1841
In 1907 plantaTe’re co“ pl'e&d
In New Orleans, La., Savannah, Ga., and New Castle, Pa and in 1918-19
in Newark, N. J., and Oakland, Calif. The Sanitary Can Co acquired in
1908, has been dissolved. V. 85, p. 656; V. 8 6 , p. 336. 422' V 90 p 504.
1230; V. 105, p. 2367: V .1 0 6 p. 8 8 ; V 8 6 m 796.’ Ilas a^angoment
with Goldschmidt petinning C o., now M etaf & Thermit Corporation.
V. 8 8 , p. 232. 373: V. 90. p. 371. Dissolution suit, see V. 103 n 13 240
667. V. 102. p. 802. 134$. 1719; T. 106, p. 8 8 ; V. 107, b l 5 ^ ; V.ToS.
P. 680. Prices 1918-19, V. 106, p. 192, 608; V. 107, p. 84; V? 108, p. 81
In May 1918 was charged by li oderal Trade Commission with attempts to
stifle competition. V. 106, p. 1962. Munition orders and outlook in
1918, V. 106, p. 2452; V. 107, p. 503, 907, 1386. Liberty Ordnance C o .,
V. 107, p. 2190. Settlement o f munition contracts, V. 108, p. 2435.
PREF DIVS.|
f ’04-42. 4 3 . 4 4 . 4 5 . 4 6 . 4 7 . ’ 18.
19.
’20
7
7
7
7
7
Jan I X
Regular.................%\ 5 y’ly 7 7
Onaccurau............. [ ............2 4 4 - — - - 8.96
. . (All paid in 1917)
On Doc. 20 1917 paid the final 3.7157% due for accumulations on the
preferred stock. V. 105, p. 2186, 1421, 999, 907. Outlook 1918, V. 108,
p. 685.
DEBENTURES.— The debentures ($15,000,000 auth.), o f which $14,­
0 0 0 .0 0 0 were sold, are callable at 10 24: sinking fund, now $500,000 yearly.
V. 96, p. 421, 489, 1230: V. 97, p. 1841. In Oct. 1919 $10,791,500 re­
mained outstanding.
-




In M ch, 1919 sold $12,000,000 notes due In 7, 8 ,9 and 10 months (and
eligible to rediscount), the proceeds to be used for purchase of tin plate
and other supplies, the issue being self-liquidating, as and when the prod­
ucts are sold. V. 108, p. 1062. In Nov. 1919 only $3,000,000 remained
outstanding. V. 106, p. 192; V. 107, p. 292, 503, 907; V. 109. p. 1988.
REPO RT.— Fiscal year ends Dec. 31. Report for 1918 in V. 106, p . 680.
„
,
1918.
1917.
1916.
1915.
Earnings------------ -------- $17,076,335 $21,995,042 $11,091,048 $6,533,806
Res. for Federal taxes.. $7,000,000 $6,000,000
______
______
Depreciation..................... $3,500,000
3,500,000 2,500.000
850,000
Interest on deb. b on ds..
575,508
602,183
628,067
654,533
Pref. dividends............(7)2,886,332
*6,583,185
2.886.331
2,886,331
Balance, surplus.........$3,114,495 $5,309,674 $5,076,651 $2,142,942
♦Includes 7% regular and 8.9657% back dividends.
Total profit and loss surplus Dec. 31 1918, $19,536,401.
„ DIRECTO RS.— D. G. Reid (Chairman). F. S. Wheeler (Pres.), H. W .
Phelps. F. Rudolph and J. R. Harbeck (V.-Ps.), R. H. Ismon (Sec.-Treas.).
W. H. Moore, Paul Moore, F. L. Hine, R. L. Skofield, Jas. MacLean,
K. S. Breckenridge, Chas. Skollberg and Henry R. Ho.vt. Office, 120
Broadway, N. Y.— (V. 108, p. 680, 685, 1082, 2435; V. 109, p.372,889,1988.
AMERICAN CANDY CO.— V. 109, p. 1610.
AMERICAN CAR & FOUNDRY CO .— ORGANIZATION. &c.— In­
corporated in New Jersey on Feb. 20 1899 as a consolidation. Manufac­
ture* freight and passenger cars of wood and steel. V. 6 8 , p. 280, 377.1029:
V. 71. p. 8 6 . 545; V. 73. p. 958: V. $3. p. 1413: V. 84. p. 1553.
Orders on hand M ay 1 1919 about $100,000,000; 1918, $290,000,000.
DIVS.—
(1901-02. '03. ’04. ’05. ’06. ’07. ’08. ’09fo 15.46. ’ 17.'18.’ 19
On1 c o m ...% | 2 yrly.
4
1
0
0
3
3
2 yrly. 2
8
8 9
In Jan. and April 1918 paid 3% and 1% extra; July 1918 to July 1919.
2% quar. In Oct. 1919 paid 3% (quar.) and increased dividend reserve
from $7,200,000 to $10,800,000. See V. 109, p. 982; V. 108, p. 975..
REPO RT.— For year ending April 30 1919 was in V. 108. p. 2625. 2639. 3
^
,
„
1918-19.
1917-18.
1916-17.
1915-16.
Earns, from all sources.$17,273,172 $16,461,823 $17,522,909 $4,595,359
Net earnings----------------$11,771,813 $11,281,742 $10,310,872 $2,816,018
Preferred divs. ( 7 % ) . . . $2,100,000 $2,100,000 $2,100,000 $2,100,000
Divs. on common (8 % ) . 2,400,000 (8)2,400,000(64)1950000 (2)600,000
Reserve for com. divs_
_ 2,400,000
2,400,000 2,250,000
________
Spec. res. for employees. ............ 250,000
500.000
...............
Res’ve impts. & m aint.. 3,000,000
1,000,000 2,500,000
...........
Reserve for insurance_
_
.............
500,000 .............—
...............
Balance, surplus------- $1,871,813 $2,631,742 $1,010,872
$116,018
Profit and loss surplus..$31,324,521 $29,452,707 $26,820,966 $25,810,094
Status in Nov. 1918, V. 107, p. 2009.
DIRECTORS.— William H. Woodin (Pres.), A. B. Hepburn. S. S. De
Lano (Treas.), J. M . Buick (V .-P .), W. G. Oakman. H. Rieman Duval,
Gerald L. Hoyt, W . M . Hager (Asst, to Pres.;, C. R. Woodin, W . O.
Dickerman (V .-P.), Chas. J. Hardy (Gen. Counsel), Hanson R. Duval and
John Sherman Hoyt. Secretary is H. C. Wick. N. Y . office, 165 Broad­
way.— V. 108, p. 880, 975, 2331, 2625, 2639; V. 109, p. 982.)
AMERICAN CHICLE CO.— ORGANIZATION.— Incorp. In N . J. on
June 2 1899 and consolidated chewing gum Interests (V. 71. p. 545): In
Aug. 1914 acquired Sen Sen Chiclet Co. V. 90. p. 238; V. 63, p. 871.
1130 V. 77, p 197; V. 83, p. 152: V. 84. p. 160: V. 8 6 . p. 230: V. 90. D. 238
V. 99. p. 51. 122, 271, 409. In Oct. 1916 Am. Chicle C o. o f N. Y . took
over property of Sterling Gum Co. V. 103. p. 1594. 1 8 9 0 : V. 104 d . 258.
History of property. &c.. in 1917, V. 104, p. 1796. War orders. 1918,
V. 107. p. 183. 698.
DIVS.— ( ’ 9 9 . ’0 0 . ’0 1 .'0 2 . 1903-13. 4 4 . 4 5 . 4 6 . 4 7 -4 8 . 1919.
C o m m o n ... 1 ^ 9
8
11 18% yly. 20 1 1 4 1 4
Nil
4
Preferred - , . l -------------- 6 % yearly (1 4 % Q .- J .) to Oct. 1 1919----Dividends on the common stock were reduced to 1 4 % quarterly in
Jan. 1916 and suspended in Apr. 1916; none then until Feb. 1 1919, when
1% was paid: M ay Aug -and N ov . each 1% . V. 107, p. 2478. Sen Sen
•vio’ f f i 0n^ o i 7 ' 89’ P- 1286‘ D cc- 31 1918. surplus, $1,794,134, against
NOTES.— In Oct. 1919 issued $2,500,000 serial gold notes, due $300,000
on Oct. 1 from 1920 to 1926 and $400,000 Oct. 1 1927. but subject to call at
9rlc,°^R^ A93 ^ in year 1919-20, decreasing 4 of 1% each year thereafter
to 1 0 0 4 % in year 1926-27. While these notes are outstanding, the
property cannot be mortgaged. V. 109, p. 1610.
EARNINGS.— Net earnings 8 months ended Aug. 31 1919, after proJ n t h fy S r I ^ I V m
&C” Were $1’376'451; estimate
_ REPO RT.— For yoar 1918 (V. 108, p. 785, 1718) showed;
P/-Div s-(6% >-Com.Divs.
Balance.
9 8..$2,098,883 *170,904 $662,389 $180,000
sr.$l,083,590
—
1’09|.713 177,272 323,943 180,000 ------- -------- - sr. 411,498
qi a"
l i l ’M l i g K f i t
25’306 180.000 (14>$120,000 sr. 267.445
1915-548.934 135.165
180,000
(114)920.000 df. 686.231
r
of the Board, Thomas Adam-s; Pres.. Darwin
ihVf-Um'.V ce"Kres' ’ A'JT,-,Htcsuahan and Leon G. Godley: Sec., M . D.
Bromberg, T r ^ s ., Ernest WUlvonseder. Office, 19-25 W . 44th St., N. Y .
— (V. 107, p. 183, 503, 698, 2478; V. 108, p. 785, 1718; V. 109, p. 1610.)
.h
CO .— The American Tobacco Co. owns majority of
the SIO’OOO.OOO com. andl $10,000,000 6% cum. pref. stock. See V. 73.
l393: v -,93, p. 1122-24. Holds a large interest In Ha­
vana Tobacco Co com. stock. V. 85. p. 285; V. 86. P- 110. Properties,
v . 7.2. P- 185. 284. 937. 1037: V. 73. p. 958: V. 75. p 1255
? 'Jni^n»~rSvl*st<i f r o m July 1906 to July 1912, 6% yoarly (3% s.-a.);
Oct. 1912
Oct. 1919. 1 4 % quar. On coin., in 1912 to Nov. 1 1918.
O v l ) :F ob. to N ov. 1 1919 paid 2% quar. V. 108, p. 81.
Report for 1918, in V. 108, p. 1162, showed: Net, $2,318,982 (after doductmg Federal taxes); pref. div. (6 % ), $600,000: com. div. (6 % ). $600,000:
bal., sur. $1,118,982, against $1,013,755 in 1917. Pres., A. L. SylvesterTreas., Geo. G. Finch; i l l Fifth Ave., N . Y .— (V. 108, p. 81, 1162.)
AMERICAN CO AL.—Mines at Barton and Lonaconlng, M d.. and Poca­
hontas region. W. Va. Inc. in M d.; re-iuc. In 1903 in N. J. V. 80. p. 118.
LATE DIVIDENDS. / ’03. ’04-’06. ’07. 08. ’09. ’ 10-15. ’ 16 ’ 17. ’ 18.
Regular...........................\ 30 10 yrly 35 10 10 6 y ly 25 30 28.

140

IN D U S T R IA L STO CK S A N D

MISCELLANEOUS COMPANIES
[For abbreviations, A c., see notes on first page]
(The) American Cotton Oil— Common stock .$20,237,100----Pret (a & d) stock 6% n-o sub to call 105 $14,562,300..
Bonds $15.000.000 authorized sold red 1 0 5 . . _____Ce.xe*
Notes gold $10,000,000 call 102 $500,000 yearly------- Cec
American Dtst lei Co <ot IN J i— stoou iLU.OOO.OuO a u tn o r ..

1st M collat trust call at 105 S lnt. auth $1.000.000______
c
American Still Alarm 1st M Series G 5s guar p & i ________
American D ruggist S yndicate— Stock

Date
Bonds
1911
1919
1906

American E xpress— Snares______ ___________ pat not Qxed.
American lias S Elec— Common stock auth $25,0)0.000—
c

Preferred (a & d» stock 6% cum auth $25,0 )O,ik)O red 120
Collateral M $6,282,000 gold callable at 105______ d .x c*
Debenture bonds g (Amer series) red 110______ G.cAfer
Sec.g notes $2,500,000 1920, $1,500,000 '21, call lOO^Eq.c*
Secured Conv g notes $3,500,000 auth call lOOVtf-NC.kc*
Amer G raphophone Co— See caption Columbia Grapbopbo
American rlide & Leatner— Common stock $17.500.000------Preferred (a * d) 7% cum $17,500,000 (V 76. p 104)...........
American Ice C o—
Common stock $7.500,000____________________________
Pref stock (new) 6% non-cum $15,000,000 (V 104, p 5 6 1 )..
Collateral trust bonds gold ($5.000,000)______________Ce
Real Bat 1st & Gen M S6.500.000 gs f r e d .............PeP xx.c*
Underlying bonds (Oct 31 "18) after deduct $817,500 owned

1907
1914
1918
1918
ne Co

1902
1912

Par
Value

Amount
Outstanding

[V o l . 109

BONDS
Rate
%

When
Payable

Last Dividend
and Maturity

$100 $10,237, ,100 4 In 1919 Q—M Dec 1 1919. 1%
100 10,198, 600 6 In 1919 J & D Dec 2 1919.3%
c
1,000 5.090, 000
5 B M S N May 1 1931
1.000 10,090, ,000
6 g M & S Sept 2 1924
9.965, ,351 See text Q—J Oct 2 9 ’ 19 M %
100
A S O April l 1926
c
1.000
5
235 ,000
A & O Apr 1 1923
19,,000
500
5£
c
5,123 ,620 in 1919 M S S 15Septj. ’ 19 %
• J a n '2 20 1 X %
J
d 'a a 'I o o 18.000, 000 6 in 1919
See text
5,439 ,750 See text Q - J
50
7,696 ,750 6 In 1919 Q— F Feb 1 ’20, I X %
50
F & A Feb 1 2007
100 &c 6,282 ,000
5g
100 See 3.500 ,000
« ft M A N May 1 2014
c
1,000 4.000 .000
6 ft J S J Jan. 1 1920-21
M & S Mar 1 1921
6g
1,390 .000
1.000
below.
Q— J
100 xl 1,500,000 None pd
100 x 13.000.000 9 in 1919 A & O See text

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

Winslow. L & Co, N Y
do
do
do
do
do
do
15 Ex PI. Jersey City. NJ
New York
...
Detroit Trust Co, Mien
Office, 65 H way. I N
Checks mailed
do
do
Guaranty Trust Co, N 5
do
do
New York
Guar Tr Co, N Y or Chic
New York
Equitable Trust Co, N Y

100 7,161,330
100 14,920,200 6 in 1919 Q—J 25 Oct 25 "19. 2H New York
Central Trust Co, N Y
A & O Apr 1 1922
1.076.000
1.000
5g
New York & Phlladel’a
F & A Aug 11942
6g
1.000 5.283.000
302.200

x Of these amounts. 2.259 shares of com. and 4.517 of pref. w ere held i n trust Jul y 1 1919

In Mar. "17. 3% and 2% extra: Sept.. 20% : D ec., 5 % . Mar. and Sept.
1918,10% each: Dec. 1918 and Sept, 1919, 8 % . Report for 1918 showed:
Gross earnings, $1,630,302: net. $367,265: deprec., $123,805: divs. (28% ),
$340,786: bal., def., $97,326: total surplus, Dec. 31 1918, $1,025,560.
Pres., W . DeL. Walbridge. Office, 1 B ’way.— (V. 107, p. 698, 2291:
V. 108, p. 685.)
AMERICAN COAL PRODUCTS CO,— See Barrett Company.
(THE) AMERICAN COTTON OIL C O .— Incorporated Oct. 14 1889 in
New Jersey. Makes crude and refined cotton oil and (through subsidiary
companies) lard, soap, fertilizers. &c. Crude oil mills in all cotton-growing
States: refineries in Northern and Southern cities. V. 77, p. 1872: V.
D f v s .— i "0 3 . "04. "05. "06. "07. "0 8 . "09. "10. *11. "15. 1916 to Dec. 1’ 19.
Com _% \ 4 1 1 2
4 3 5 5
2 H 1 4 yrly (1% Q.-M.)
BONDS, &c.— Of the 5s o f 1911 ($15,000,000 auth.), $5,000,000 were
reserved to retire the 4!^s due N ov. 1915 and the remaining §5,000,000 for
future purposes. No prior lien without written consent or 80% of the
bonds. V. 92, p. 661, 1638. In Aug. 1919 sold $10,000,000 5-yoar 6%
notes, from the proceeds $5,000,000 were used to retire 2-year notes due
Sept. 1 and $5,000,000 to relieve $5,000,000 1-year 7% notes due Sept. 2
1919. N o prior liens without consent o f 80% o f the notes. V. 109, p. 678.
R E P O R T .— Report for 1918-19. at length In V. 109. p. 1984. 1995.
Aug. 31 Yr. Net Profit. Da0..Ac..Int. Pr»f. Divs.
Com. Din<. Bat.. Sur.
$422,814
1918-19_______$2,694,214 $850,000 (6)$611,916 (4)$809,484
1917-18______ 2,327,995 666,667 (6 )611 .916 (4) 809,484
239.928
1916-17 .......... 2,034,042
500,000 (6)611,916 (4) 809.48!
112,642
OFFICERS.— Pres., William O. Thompson; 1st V.-Pres. & Treas.,
Lyman N . Hine; 2d V.-Pres., H. W . Shcekley: V .-P . in charge of sales,
J. G. Gash: Sec., R . Catlin. 65 B ’way, N . Y . Transfer agents. Winslow.
Lanier & C o.— (V. 108, p. 173: V. 109, p. 678, 1984.)
AMERICAN DISTRICT TELEGRAPH CO. (OP NEW JERSEY).—
ORGANIZATION.— Incorporated in New Jersey in Nov. 1901: operate-'
In most of the large cities and towns of the U. S.; is engaged In all kinds of
electrical protective servioe. V. 77, p. 148; V.81, p.213. Messenger business
was leased to Western Union Telegraph Co. from Jan. 11911 to Sept.1927,the
ann. rental being based on past oper. returns, subj. to increase on changes of
business. V. 94. p. 1121. Dividends in 1903, 3 ) i % : since to July 1918.
4% yearly, Q.-J., with 1% extra in Jan. 1916. Jan. 1917 and Jan. 1918.
Dividend? were then suspended (payment of rental having been intermittod
owing to losses on messenger service), but on Oct. 29 1919 H of 1% was
paid.
The Western Union, owning 81.37% o f the stock, voluntarily arranged in
1919 to pay annually $20,280 (being a return o f 6% on the present value),
for the use o f the messenger plant pending a further adjustment of the rela­
tions botween the companies. Minority shareholders’ protective com­
mittee, Charles F. Tuttle, Chairman; Robert F. Brown, 55 Cedar St.,
N . Y ., Secretary. V . 107, p. 1670: V. 108, p. 582, 685. Purchase money
obligations, $285,625. Guarantees principal and interest o f N . Y . Fire
Protection 1st M . 4s due Sept. 1 1954, and $19,000 Amer. Still Alarm Co,
1st M . 5s.
■Pres., Newcomb Carlton; Sec. S Asst. Aud., F. J. McLain: Tresa., Lewis
c
Dresdner; Aud., E. Y . GaUaher.— (V. 107, p. 1670: V. 108. p. 582, 685;
V. 109, p. 1528.)
_
_
i^A M ERl'CAN ^DISTRICT"TELEGRAPH CO ? O F 'N E W Y O R K .— In
liquidation; messenger plant s o n to Western Union Tel. Co.— (V . 108, p.
880. 1062.)
1M AMERICANIDRUGGIST SYN DICATE.— Has manufacturing plant
at L. I. City stock (largely owned by druggists throughout U. S.) listed on
N . Y . Stock Exchange in 1919. Dividends paid regularly 1908-’ 19, rate
In 1919, 8% . Annual report for 1918 in V. 108, p. 1935.
AMERICAN EXPRESS C O — An ’’ Association” formed under the law*
of New York State Nov. 25 1868. Not an incorporated company.
On July 1 1918 the American Railway Express Co. under Govt, control
took over the domestic express operations o f American, Adams, Wells Fargo
and Southern express cos. for duration o f war. The American Express Co.,
however, continues to transact a foreign forwarding business and foreign
exchange as well as its traveler’s checks, money orders and other financial
activities.
The Am. Express C o., Inc., was incorporated in Conn, in Feb. 1919
with $6,000,000 to facilitate the company's operation in foreign countries.
V. 108, p .8 8 0 .
„
In July 1918 merger o f the express business o f leading cos. was effected.
See American Railway Express Co. below.
DIVS.—
J ’01. 02 to ’05. ’00. ’07 to "13. "14. 1915. 1916 to Jan. 20
P e r c e n t .........\ 7 8% yrly. 11 12% yrly. 5
414 _
text
J a n .l9 1 «to Jan. 1920 paid \ M % quar. (6% per ann.). with a special dlv
of $2 In Jan. 1917 from investments. V. 103, p. 1793. In July 1913 paid
25% ($4,500,000) In Wells. Fargo S Co. stock.
c
ANNUAL EARNINGS.— For cal. years (V. 107. p. 1188):
1918.
1917.
„
1918.
1917.
Gross earns.$48,206,330 $79,815,069 Gross in c .. $1,764,326 $1,539,894
Oper. e x p .. 47.011,532 78,547,106 Deductions.
383.574
282,301
Taxes, &c__
305,438
588,779 Dividends. (8) 1,031.052 (6) 1.046.190

In June 1919 extra divs. of 2 H % . payable Oct 1 and 25% payable July
1 in common stock, were declared on the common stock along with the
regular quar. of 2)4% in cash, payable July 1 and again Oct. 1. In Nov.
1919 declared an extra div. of 2% , payable in common stock, together with
regular quar. of 21-6% in cash, wsa declared payable Jan. 2 1920. V. 109.
p. 1988; V. 108.
2435, 2630.
„
BONDS. &c.— Coll. trust 5s. see V. 83, p. 1349.1472 V. 86. p. 549, 1102,
1531 V. 94. p. 700 V. 99, p. 1834. In 1914 $1,000,000 100-year 6%
debenture bonds were issued. V. 99, p. 51, 122.
The $4,000,000 6% notes dated Jan. 1 1918 (total auth., $5,000,000) are
due $2,500,000 Jan. 1 1920 and $1,500,000 Jan. 1 ’21, but callable at 100HThey are secured by $6,667,000 First S Rer. M. bonds or Central Power
c
C o., the entire common stock of which Is owned by the American company.
Reserved notes are Issuablo only as additional First S Ref. 5s or the Power
c
Co., pledged to at least 166 2-3% o f notes to be Issued. Y. 106. p. 192:
V. 103, p. 2344; V. 106, p. 298. 608. [The $500,000 714% notes of Central
Power Co., part o f an authorized $1,500,000 dated June 1 1918 and due
June 1930 (but callable), are also secured by $1,667,000 Central Power Co.
First S Ref. M tge. 5s.j
c
The 3-year 6% Secured Convertible gold notes dated Jan. 1 1918 are
secured by deposit (at 70% of par) of First Mtge. 30-year 5% gold bonds
of the Indiana General Service Co. The notes are callable as a whole or in
amounts of hot less than $500,000 by lot at 10016 and int. on six weeks’
notice, and are convertible at option of holder at par Into the pledged bonds
at 86 \4 and int. to Mar. 1 1919, at 88 and Int. thereafter to Mar. 1 1920
and at 89% and int. thereafter to maturity. Total auth. note issue
$3,500,000, all issuable on same proportion of collateral. See offering of
initial $1,430,000 in Mar. 1918 in V.,106. p. 1323, 1346.
Leading Bond, A c., Issues of Controlled Companies Dec. 31 1918.
A uthortced Outstanding. Oaten. Compare.
OentralPowerCo. F irst* Ref. M150.000.000 Pledged 1917 V .107,p .183
Coll. 714% notes due J'ne ’40- $1,500,000
$500,000 1918 ...................
C iutonvO .i Kieotrio Co. os_ x*2.5l)O,UO0 $1,356.5)0 iyo7 V.93,p.lHi)-t
_
Canton Lt., Ht. * P. 1st 5s. .x
Closed
18.000 1805 V.85.P. 224
Ohio L .*P .C o . Tiffin,O„lstosx30 000,000 1.188.000 1914 V.99.P.1678
General Service Co. Mtge. 5s_
_
(7)
Pledged 1918 V.106,p.l34
' Munote El. Lt. Oo.ist g u .5 s ..t 1,500,000
836.500 1907 V.86.P. 484
Marion Llgh* ft Heating 5s_ t 1.500.000
_
288.500 1907 V 91 .p.1774
Ohio State Power Co. 1st 6s------ 3,000,000
700,000 1915V.101,p.2076
Rockford E. Co. 1st & ref. 5 s ...x 7,500,000 1.562.000 1909 V.89.p. 630
Closed
Rockford Ed. 1st M. 5s______x
21,000 1899 ...................
SorantonfPa.) Eleo.Co.lst s.f.5s xl0.000.000 5.509.000 1907 V.85.p. 808
613.000 1917 V.105.P.1315
Secured gold notes, 6% ..$1,000.000
Atlantto City (N. J.) E leo.5s-.-X 5,000.000 2,113,000 1908 V.HO.o 1105
370,200 (divs. Q.-F. ).
Pf. (a .& d.)stk .6% cu m ..call.l20
500,000
8.000 1906
N J . Hot Watcn Ht. 5s______x
Closed
175,000 1904 ...................
Atlantic El. Lt. & P. 1st 5 s ...x
Closed
Wheeling (W. Va.) Elec. 1st 5 s.x l2 ,000.090 1.797.000 1911 V .92.p.1441
EARNING S.— Years ended Dec. 31:
Fixed Chgs. A
Bal., for
Dec. 31 Gross Earns. Net Sub. Cos. Earnings
Deb. Int.
Year— Sub. Cos.
to Am. G.AE. Am. G. A E. Pref. Divs.
$1,144,278
1918. ..$10,056,609
$973,537
$758,728
$587,987
828,907
_____
____
1 9 1 7 ... 7.915.137
761,591
610,780
543,470
Chairman o f Board. S. Z. Mitchell: Pres., R . E . Breed: Sec. & Treas.;
F. B. Ball. Office, 30 Church St., N . Y .— (V. 108, p. 2124, 2435, 2630.
V. 109, p. 74, 1988.)
AMERICAN GLUE CO.— V. 108, p. 1276. 1391, 2527; V. 109, p. 777.
889, 1462.
AMERICAN GRAPHOPHONE CO.— See Columbia Graphophone Oo,
AMERICAN HIDE Sc LEATHER CO.— O R G A N IZA T IO N .— Organ­
ized In New Jersey In 1899 as a merger of upper leather Interests. See V .
09. p. 493; V. 68, p. 925; V. 70. p. 77; V. 102, p. 1348: V. 103. n. 753, an d
application to list, V. 72. p. 673. War orders, 1917, V. 105, p. 999.
Government prico fixing (ended Jan. 31 1919), V. 106, p. 1853, 1747;
V. 107, p. 404. 804; V. 108. p. 81.)
_
STOCK.— Of the amounts issued ($13,000,000 pref. and $11,500,000
C immon), $451.700 prof, and $225,900 com. Is held in trust.
PREF. DIVIDENDS—
1905. 1906-15. 1916. 1917. 1918. 1919.
Per cent cash---------------3
n il
5
5
5
9
TJ.
oonas______
U. S. Liberty bonds________. . . .
..
..
.. ..
2
z
—
-;uar.,
From Jan. 1919 to July 1919, lncl., paid 1 M % quar., Oct. 1 1919 paid
l\%% regular and 2% extra in cash, Jan. 1920, l'4 % -— V. 109, p. 478.
i . ..
'
Overdue .
Overduo pref. divs. Oct. 1 1919, about 114%; V. 106, p. 2561; V. 107, p.

p
.

4°BONDS, &c.— On Sept. 1 1919 the remainder of tho $10,000,000 1st
Mtge. 6s o f 1899 amounting June 30 1919 to $2,507,000 was paid off out of
surplus funds. V. 109, p. 983; V. 108, p. 880.
REPO RT.— Year 1918-19, V. 109, p. 885.
,
„ .
June 30
Gross
Trading Int.onXst Other
xPref.
Balance,
Years.
Output. Profits, etc. M.Bds. Deduc.
Dio.
Surplus.
1918-19 —$28,593,608 $3,730,436 $511,500 $523,933$1,267,500 $1,427,503
1917-18.. 29,104.428
3.534.811 511,500 615,112
650,000 1,758,199
1916-17-- 24,076.824
2,730.983 511,500 422.836
975.000
821,627
1915-16-- 23,559,749
2,521,407 511,500 360.641
1.643,266
1914-15— 19.092,483
1,888,588 511,500 397.114
959,974
3 Mos. to Sept. 30—
yNct.
Bona Int. Sk.Fd.ADepr. Bal. Surn.
Oper. inc.
$889,360
$679,184
$31,840
$107,410
1919................................ $1,351,666
Other in c ..
$349,700
$211,403 1918.................................
874,986
860,710 Bal.. su rp ..
814,205
53,785
111,590
V48-M °
x Dividends in 1918-19: cash, 7 )4 % , 4l.007.500: Liberty bonds, 2%
Pres., G. C. Taylor; Treas.. James F. Fargo, 65 B ’ way.— (V. 107,p .1188.)
$260,000. y After charging replacements, interest on loans and reserves
AS CO. (HOLDING C O .)„ PHILA.— (V. 108. p. 1166. for Foderal taxes and State franchise taxes. V. 109, V- 1701 •
22
09, p. 1988.)
Profit and loss surp., June 30 1919, $9,540,929. agst. *8.46! .386 in 1918.
AMERICAN OAS & ELECTRIC C O .— O R G A N IZA T IO N .— Incorpo­
DIRECTORS.— Thoo. S. Haight (Pres.). Charles P. H.?U/ . ‘ "a, V,C8’
Pres.), Aaron Hecht (2nd V .-P .), F.L. Roenltz!(3d V .-P.). Frederick Strauss,
rated in New York Dec. 20 1906, per plan V. 83, p. 1349, 1473, 1592
V. 101, P- 2168: V. 102. p. 137. V. 106, p. 298, 39S. Controlled by Inter­ M. Robson. O. H. Buswell, Chas. W. Tidd, Henry Sellgman. Jamesi skin­
ests a f f i l i a t e d with Gen.'I Elec. Co. New 30.000 k.w. generating plant ai ner, Geo. A. Hill (See. S Treas.), Lindsey Hopkins
c
® . Danforth,
Windsor. W. Va. (Central Power C o.): V. 107, p. 2291; V. 106, p. 298: V. Thomas B. Yiullo, J. P. Story, Jr., Fred. E. Thompson and Thomas B Doe.
105 p 821, 1524. In 1916 purchased Citizens’ El. Co. o f Pittston, Pa. Office, 96 Cliff St., N. Y . —(Y 107. p. 1748: V. 108, p. 81. 381, 880, 1823,
.
V. i02, p. 1719. Increased rates, see V. 105, p. 821.
V . loS. P- 885. 983.)
AMERICAN ICE CO.— R O A N IZA TIO N .— Incoroorated n New
O
STOCK.— Stockholders on June 9 1919 voted to increase the stock from
$15,000,000 to $50,000,000 half preferred.
V. 108. p. 2124.
The Jersey March 11 1899. Transacts a wholesale anil retail biwlnws In N. Y.
stock dividend paid in July 1919 increased the outstanding common City. Phlla., Boston, Baltimore, Washington. D .C .. Camden and Atlantic
to $5,439,750. See V. 98. p. 1539. 1610, 1769: V. 97. p. 1585; V. 102,tp. City, N. J- Operates In N. Y. under name of Knickerbocker tee C o., and
25% of Its common, making the capitalization In hands of public about
1626, 1898; V . 101, p. 1887. In 1919 also issued $1,772,500 Pref.
D IV ID E N D S.— % j ’ 12. ’ 13. ’ 14. '15. ’ 16 to Apr. '19, July ’ 19 & ’ 20 as shown above. V. 104, p. 165, 363. 453, 501.
D IV ID E N D .— No. 1. on new pref.. Apr. 25 1917 to Oct. 2o 1919, lj£ %
,
10 (2)4 quar.)
See
See
On common, cash___ \ 614 7M 8 8
Extra In stock (J. A J.)
t
2 4
4 (2 s. a.)
text
text quar.: also extra 1 % . Oct. 25 1918 and 1919. making 6% for year V. 107
do instock (special) - - — — - -25
- - p. 1289. 1386: V. 109. p. 1275.




Nov., 1919.]

INDUSTRIAL STOCKS AND BONDS

[For MISCELLANEOUS COMPANIES.
abbreviations, &c., see notes onfirst paae.]

Date Value Amount
Par
Outstanding

Bonds

A m e r Int C o r p — C o m m o n s t o c k a u t h S 4 9 . 0 0 0 . 0 0 0 1 0 0 % p d
M a n a g e r s s t o c k $ 1 ,0 0 0 ,0 0 0 1 0 0 % p a id O c t 1 5 1 9 1 9
_____
A m e r i c a n L i g h t & T r a c t i o n — C o m m o n s t o c k * 4 0 , 0 0 0 . 0 0 0 _____
P r e f ( a & d ) s t k 6 % c u m 5 2 5 .0 0 0 .0 0 0 a u t h ( V 8 2 p 5 0 2 7 9 )
A m e r ic a n L in s e e d C o — C o m m o n s t o c k $ 1 6 .7 5 0 .0 0 0
- ­
P r e fe r r e d $ 1 6 ,7 5 0 ,0 0 0 7 % n o n -c u m u la t i v e . _
A m e r i c a n L o c o m o t i v e — C o m m o n s t o c k $ 2 5 .0 * 0 0 0 0 0
P r e f e r r e d (a & d ) 7 % c u m S 2 5 .0 0 0 .0 0 0 ( B o n d s , s e e " t e x t ) '
R ic h m o n d L o c o m o t iv e C o n s o l M t g e a s s u m e d
z
L o c o m o t iv e & M a c h in e C o 1 st 4s g u a r p & I
z
A m e r i c a n M a lt & G r o i n C o — S tk 5 5 .0 0 0 s h . n o ‘ p a r v a l u e l .
A m M a lt .g C o 1 st R e fM a s s u m (c lo s e d ) g c a U 1 0 5 s f.y G .x c *

$ 1 0 0 $ 4 9 ,0 0 0
100
1 ,0 0 0
100
2 3 ,2 7 1
100
1 4 ,2 3 6
100
1 6 .7 5 0
100
1 6 .7 5 0
100
2 .5 .0 0 0
100
2 5 .0 0 0
432
1 .0 0 0
1 .5 0 0
none
55
1 .0 0 0
321

II

1889
1904
1916

C
o
m
n b 0 , , aia l E ? t a t e F 1^ t & G e n e r a l M t g e . s i n k i n g f u n d g o l d
T
6 s W > ,5 0 0 ,0 0 0 a u t h . is s u e ) a r e a f i r s t lie n o n r e a l e s t a t e In M a i n e , N e w
Y o r k , N e w J e r s e y , P e n n s y lv a n ia
M a r y la n d a n d D is t r ic t o f C o lu m b ia ,
h a v in g a n e s t im a t e d v a lu e o f $ 8 ,1 0 0 ,9 4 9 a n d a g e n e r a l lie n , s u b je c t t o e x is t l.tl ,?^ l O u m b r a , , c ®8 ' o n s u b s t a n t i a l l y a l l t h e r e m a i n i n g p r o p e r t y . O f t h e b o n d s
$ 5 ,2 8 3 ,0 0 0 o n O c t . 1 1 9 1 9 w e r e o u t s t a n d i n g , $ 3 0 5 0 0 0 in t r e a s u r y $ 5 9 5 0 0 0
in s in k i n g f u n d a n d $ 7 6 ,0 0 0 in t h e f b e i n s t a n c e a n d ® O m e n ’s C o m ­
p e n s a tio n fu n d s .
R e m a in d e r r e s e r v e d t o r e t ir e a b o u t S I , 1 3 3 ,0 0 0 b o n d s
a n d r e a l e s ta te m o r tg a g e s a n d fo r 7 5 % . o f c o s t o f a d d it io n s a n d im p r o v e ­
m en ts.
R e d e e m a b le a t 1 0 2 5 4 a s a w h o le o n a n y in t . d a t e o r fo r y e a r ly
to r 10 * “

1 1 » | S In t n . u n u . ™

! • » '" “

“

• “ ““

‘ l.O M - O O O o u & i S i t S ? ’ l l

2 ,«

'

2 ?

5 “ b I ‘ c - f InK . JK n - , 9 1 9 * ^ ! r e T T * ^ * * 1 0 Q ‘ y $ 4 1 0 , 0 0 0 b o n d s f o r t h e r e t i r e a
r i y ^ f 3 W 00 w e « o u t e t ™ g
7
b e ^ a w n . a n d o f t h e $ 4 1 0 ,0 0 0

Years

$9
$2
1
54)

2 2 9 111
$8 650
132 008
$ l '8 5 3
427 447
1 327
1 8 6 [5 0 2 (1 5 4 )2 2 3

428
416
233
[8 0 3

ng?P Iace^ersey C it^ a n d ' 1480 B V a y , p A 2 7 5 ? )

T i& r a ^ s ,. .r a E? NoVA?!?A i9ci S ^ u TC d 5 o S fi« iS d .'
2-i
X " !!o % o T w ^
Is fin a n cia lly interested in the fo llo w in g co m n a n ip s r v i m n
Pa.c if i c M a il S3. C o. ( V . 101. p. 2076): th e A1 lied M a A in e rv C o o f A m e r iia
Allied Machinery Co. de Franco: Allied M a c h in e r v O o ^ V r it a lia A o S i
Sugar M a c h in e r y Corp., L a tin -A m e rica n Corp
o i ^ Turpentine ExH' J 59aV
I n t e r n i o n a l ? M e r ca n t He

(V
105. p . 999: V . 106. p . 8 8 ) , G . A m s i n c k & C o !
and S o u t h A m e r i c a n e x p o r t a n d i m p o r t h o u s e ( V 1 0 5 n
p . 8 8 . 1579).
C e n tra l P ro d u cts C o .
U n ite d F r u it C o
V

C orp

S t u m E 'L a v o r i Pubblici0' ’ V ‘ 108’ P ' 1157,

I n c !, C e n tra l

1S03- V 1 0 6
102 p . ‘ l816.

Societa ita lo-A m m ca n a di

C o ^ T v l W . ^ V 0 6: i P 8 8p S R ]
4 34:1 V
0
8!
1232, 1463: V . 106, p . 1128: V . 107. p . 84. 606. Grkce Am er Int C oro [
& c.; V 106, p . 1579. Uruguay contracts y . 1 0 7 ,p ? 5 0 3
Internatfonai
P roducts C o. (see below ana V . 109, p . 1083).
C om m on and pref. stock are to be treated alike until over 7 % is paid,
when managers shares will receive 20 % and com m on 8 0% or disbursements.
M J ^ ^ m e n t o f $10. payable O ct. 15 1917, increased the total amount
paid in to $60 per share; the final $40 was called for paym ent in 1919 as
stated in first paragraph above. V . 108, p . 2124 0243
Statement o f O ct. 31 as to financial p olicy. See V 109 p 1793
19P .
7

S! “ A"” ' T W . T

A M

s . 75° c V e £ t e r90
:

U 8 8 . YS:

!| K

1a

“ ••«

R E P O R T .— For calendar year 1918 in full In V . 108 o 1157
C a l.

Years.

and
P a y a b le

%

, 0 0 0 ...............
000 See
tex t
9 0 0 S ee te x t
.2 0 0 6 i n 1 9 1 9
0 0 0 ________
0 0 0 7 in 1 9 1 9
0 0 0 5 5 4 % ’ 19
0 0 0 1 in 1 9 1 9
7
000
A
A g
,0 0 0
4 g
M
000
new
J
,0 0 0
5 g

Q
Q
y
Q

—
—
—
—

M
M

D e c 3 1 ’ 1 9 .$ 1 .5 0
D e c 3 1 ’ 1 9 .$ 1 .5 0
See tex t
F
N o v 1*19 1 5 4 %
Jan 2 1920 54%
O ct 1 1919
154
Q— J
D e c n 1 9 I 54 %
Q -J
Q— J
D e c 3 1 191 9 1 » 4
&
O A p r 1 1929
&
S M a r 1 1924
new
& D June 11926
f

T o ta l
In com e.

N et
E a r n in g s .

P ref.& C om .
D iv id e n d s .

B a la n c e. '

Surnlus

T o ta l

Surplus

1 9 }8 ............... *7.846.547 *3 716.379 $1.817 325 $1 899 054 x S S j I & l O
1 9 1 7 -._______ 6,830.394
3,746,122
1.574,175 2 171 Q17 *3 507 513
1916............... 3,839.877
2.483,943
375:000 2
108043
x After adding $336,843 sundry adjustm ents. * A fter deducting $587,993
sundry adjustments.
O F F IC E R S .— F . A . Vanderllp, Chairman o f the B oard: Pres., O . A .
Stone: Vice-Presidents, G eo. J. Ba dw in, Frederick H olbrook, Thos. W .
Streeter Philip W . Henry, W . S. K ies, R . P . Tinsley. R . B . Sheridan and
Harris D . H . C onnick. M atthew C . Brush. R obert F. Herrick The SecreL o r a U ,s ‘ -

N - Y - o r t ‘“

S to ck .

B onds.

Milwaukee Gas Light Co
- - - - - - - - $ 5 , 0 0 0 ,0 0 0 $8,697,000 V . 74. P- 482
Grand Rapids (M ich.) Gas Light C o . 2,400.000 1.575.000 V . 64. p. 662
Madison (WIs.) Gas & Elec. C o---------400,000
863,6001
S t. Joseph (M o.) Gas C o . . ......... - - - 1.000.000 1,000.000 See page 189
S t.P .(M in n .)G .L t.C o .(V .106,p.2759) 4,350,000 5.000.000
'
Bingham ton (N . Y .) Gas W o r k s .. . .
450,000
996.000
Con. Gas Co. of N . J. (Long B ra n ch ).. 1,000,000 1.715.000 V . 75. p. 341
9,500,000 10,000,000 See this seot'n
Detroit City Gas C o.................. - - - —
S t. Croix Power C o.. Somerset. W I s ..
2.500
750.000 V . 73, n. 1014
San A ntonio P. S. C o .(V .1 0 5 .p .3 9 0 )_ - 4.700,000 4 ,793,000/See "E lectric
M uskegon (M ich .) T rac. & L tg. O o ._
663,000
600.0001 R y . S ec.”
South St. Paul Gas & Elec. C o ..................... ................................. ................... .........
„ D IV S. (% ).
f ’04. ’05. ’06. ’ 07. ’08. ’09. *10.
1911 t o JVor.1919.
C om m on ( c a s h ) ... ] 1H 3 H 4)S 5)4 6)4 9
9>4 10% yriv. ( 2 )4 Q .-F .)
Do
(stock ). . ( ...................................... 12)4 10 10% yrlv. (2)4 Q .-F .)




G u a ra n ty T ru st C o. N *Y

E A R N I N G S .— F o r c a le n d a r y e a r 1 9 1 8 , V . 1 0 8 , p . 7 8 2 .
_
1918.
1917.
1916.
G r o s s e a r n . s u b . c o . s t o c k s $ 4 ,3 2 6 .3 6 7
$ 5 ,3 9 2 ,6 1 5
S 5 .8 5 9 .9 3 8
N e t e a r n i n g s ------------------------- $ 4 , 0 1 4 , 8 0 1
$ 5 ,0 2 3 ,3 8 1
$ 5 ,6 4 8 ,0 2 7
D iv . o n p r e f. s to c k ( 6 % ) .
$ 8 5 4 ,1 7 2
$ 8 5 4 ,1 7 2
$ 8 5 4 ,1 7 2
C a s h d iv . o n c o m . ( 1 0 % ) 2 .1 9 0 ,3 9 0
1 .9 8 6 .9 6 8
1 .8 0 1 .7 9 8

1915.
$ 5 ,1 7 8 ,3 8 7
$ 5 ,0 2 1 ,7 6 4
$ 8 5 4 ,1 7 2
1 .6 3 2 .6 4 5

B a l a n c e , s u r p l u s -------------$ 9 7 ,2 3 9
$ 2 ,1 8 2 ,2 4 1
$ 2 ,9 9 2 ,0 5 7
$ 2 ,5 3 4 ,9 4 7
T h e r e w a s a ls o d e d u c t e d i n 1 9 1 8 , a s in p r e v io u s y e a r s . $ 2 ,1 9 0 ,3 9 0 ( 1 0 % )
(10<J
yea
r o r s t o c k d iv id e n d s o n c o m m o n s t o c k , a g a in s t $ 1 ,9 8 0 ,9 6 8 ( 1 0 % ) in 1 9 1 7
F ° r t h e y e a r e n d e d S e p t .3 0 1 9 1 9 t h e g r o s s e a r n in g s o n s t o c k o f s u b c o s
w e r e $ 4 ,0 8 1 ,2 1 7 a g a in s t $ 5 ,0 0 8 ,5 4 1 in y e a r 1 9 1 7 -1 8 : n e t e a r n in g s $ 3 ,8 7 2 .* 4 ,7 0 4 ,7 6 9 .
A ft e r a d d in g th e s u r p lu s fr o m p r e v io u s y e a r
$ 1 2 ’ 2 7 4 .1 6 8 ’ a n d d e d u c t i n g p r e f. d i v . , $ 8 5 4 ,1 7 2 , a n d d iv s . o n c o m m o n
s t o c k ( 1 0 % in c a s h , $ 2 ,3 5 7 ,9 6 3 a n d t h e s a m e in s t o c k ) , t h e r e r e m a in e d a s
c o . s t o t a l p . & 1. s u r p l u s a n d r e s e r v e , $ 1 0 , 5 7 6 , 2 6 5 .
V . 109, p . 1893
, C h a ir m a n , E m e r s o n M c M il lin ; P r e s ., A la n s o n P . L a t h r o p ; V . - P . , M a r io n
"•

Y - 0”

“

’ 120

108. p .

i Vo

ww c k , $ 3 3 , 5 0 0 , 0 0 0 vuuD-UAK 7 % nan-Riim.i
vyia,
1 1 1 0.
'
J
1 Q 2 .P . 1 7 1 9 .
S to
(o n e -h a lf
n on ^ cu m )
P ” ^ .-:J 3 a r * 1 0 0 - .
V . 76. p. 216.
D i v s . o n p r e f . . 1 8 9 9 t o 1 9 0 0 . aggregated
1 0 ) 4 % ; n o n e t h e in t i l l N o v . m9 1 6,, w h e n 3 % w a s d e c l a r e d p a y a b l e 1 ) 4 %
n
n
1 o
J a n . 1 i1 9 1 7 a n d 1 ) 4 % J u l yj 1 i » 1 7 ..
19k
.
i i
l u N o v .. 1 a 1 7 a ........... .. ...................... 1 „ 1 8
In h o
l 9u
n d a g a in N o v . - 9
d e c la r e d a n n u a l d iv id e n d s o f 7 % , p a y a b l e q u a r t e r ly ( Q .- J .) in f o ll o w in g
y e a rs (V . 1 0 7 , p . 2 0 1 ).
I n N o v . 1 9 1 9 d e c la r e d a n in it ia l d e v id e n d o f 3 %
t b e c o m m o n s t o c k p a y a b l e *4 o f 1 % . D e c . 1 5 1 9 1 9 a n d M a r c h , J u n e
a n d S ep t. 1920.
V . 109, p . 1893.
L o a n s p a y a b le (S e p t . 3 0 1 9 1 9 ), $ 8 ,0 4 8 .v fn P
rL 3 0 —
i n i o rVn

^ ?P o r t f o j y e a r e n d in g S e p t. 3 0 1 9 1 9 . V . 1 0 9 . p . 1 8 8 8 .
R
GI 0SS (4 W
O p e r a tin g
R es. fo r
P referred
B a la n c e ,
_ S o u r c e s ).
G a in .
C o n t in g .U D iv id e n d s .
S u r p lu s .

1 9 1 7 * 1 8 --------------3 $

4 ’ 3 8 5 9 8 7 a $ 9 ’ ? ? 8 ’Q7n
! : i « : ! i 7§

................... ( 7 ) $ 1 , 1 7 2 , 5 0 0 a $ 2 , 6 8 3 , 3 2 8
m

m

§

h e r e t o f o r e ° n o t r p u b l U h e d n C lU d e rG SU ltS o f o P e r a t i o n s b y s u b s i d i a r y c o m p a n y s ;
P r e s ., R . H
A d a m s : S e c ., W . A . J o n e s ; T r e a s ., H . E . C o o p e r .
W o o l w o r t h B l d g ., N . Y . — ( V . 1 0 8 , p . 5 7 6 : V . 1 0 9 . p . 1 8 9 3 .)

A M E R IC A N

L O C O M O T IV E

O ffic e
'■'“ m e ,

C O .— O R G A N IZ A T IO N .— I n c o r p .

In

7 9 I ’ s n i J u V 1 7 9 1^ 011 ? ^ o a c o n s o l i d a t i o n o f v a r i o u s c o m p a n i e s ( s e e f i s t V .

J i i f t Y i o S M 4- p- 2454: T- 105’ p- 182- 908- T-

» • i ® ’-

DIVS. (% )— 1906. 1907. 1908. 1909-15. 1916.
1917.
1918 1919
On c om m on ... 2)4
5
3%
Nil
2)4 5 & 1 R . O .
5 ° ' 15 tk'
On Sept. 30 1919 the quarterly dividend was increased from 1 If to 1 X of
4
.
Dec. 1919, 1 ) 4 % . V . 109, p. 678. On the pref. stock full 7% p a f r o m
organization to date.
0
B O N D S r & C .— T h e fin a l in s t a llm e n t ( $ 1 ,3 3 6 ,0 0 0 ) o f t h e $ 6 ,0 0 0 0 0 0 5 %
s e r ia l g o l d n o t e s o f 1 9 1 2 w a s p a id o f f o n J u l y 1 1 9 1 7 .
V
105
n
718
N e t .c u r r e n t a s s e t s D e c . 3 1 1 9 1 8 , $ 2 9 ,6 5 2 ,7 4 2 .
V . 108, p . 968.
P '
U N F I L L E D O R D E R S .— U n fille d o r d e r s o n D e c . 3 1 1 9 1 8 ' $ 5 4 5 1 7 978
a g a in s t $ 7 4 ,7 3 6 ,5 4 3 J u n e 3 0 1 9 1 8 .
S ta tu s 1 9 1 9 , V . 1 0 8 .p
9 6 8 ,2 2 4 3 3 7 3 ,
R E P O R T .— F is c a l y e a r c h a n g e d

to

c a le n d a r y e a r ,
m

K

a f e ^ 1®

24

e x p e n s e s & d e p r e c ’n . . ' 9 1 ,5 6 9 ,9 1 5
U . S . & C a n . ta x o n p r o f.
4 ,9 2 2 .7 8 9
I n t. o n b o n d s o f c o n s tit.
c o s ., c o u p , n o te s , & c _ .
4 1 8 ,2 5 2
P r e f. d iv . ( ? % p . a . )
H 5 0 .0 0 0
C o m . d iv . (5 % p . a .) _ ._
1 ,2 5 0 .0 0 0
do
R e d B ross ( 1 % ) .
_________
R e s e r v e fo r a d d itio n s . . .
5 ,0 0 0 ,0 0 0

a

fo llo w in g in te r im

°- 975-

* ® 3 .7 «
8
7 0 ,3 5 8 ,5 6 6
4 ,0 1 8 ,9 5 1

6

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

4 7 ,4 5 0 .5 8 2
7 9 5 ,0 0 0

1 9 2 .1 9 2
1 .7 5 0 .0 0 0
1 .2 5 0 .0 0 0
2 5 0 ,0 0 0
1*.0 0 0 * .0 5 0
2 .0 0 0 .0 0 0
B ^ a n c e s u r p l u s - - - - $ 4 ,0 1 2 5 6 7
$ 1 ,9 1 1 ,1 3 7
$ 1 , 9 5 1 ,6 8 0
P r o f i t a n d lo s s s u r p lu s J u n e 3 0 1 9 1 9 , $ 2 1 ,8 4 1 ,0 7 4 .

3 0 1 .0 0 5
1 ,7 5 0 ,0 0 0

D I R E C T O R S , & c .— A n d r e w

A AJll ,EeR ,,^ ^ N

^M A L I

t h f c f e o Wa n d B

^

2 9 9 .4 1 7
1 ,7 5 0 ,0 0 0
1 ,2 5 0 ,0 0 0

F le tc h e r

(P re s )

Charles

3 .0 0 0 .0 0 0
$ 6 ,0 1 9 ,4 2 9

p r nT. ri „ „

t„„„ ,

G R A IN
C O . — O R G A N . — I n c o r p . in
D e la
i u n e ^ 1 9 1 9 s e v e n m a lt h o u s e s fo r m e r ly o w n e d

l r t

S

'n o t

X

'

- 120

A M E R IC A N LA FR A N C E F IR E E N Q IN E C O . IN C .— V . 109, p . 1893.
A M E R IC A N L IO H T & T R A C T IO N C O .— O R G A N IZ A T IO N .— Incor­
porated in New Jersey M a y 13 1901 b y Emerson M cM illin and associates.
V . 72. p . 724. 8 7 1 .9 3 7 : V . 73. p. 235, and V . 75. p . 343. Owns practically
all o f the stock o f the below-noted com panies:
S e c u r it ie s is s u e d —

N . Y .
N ew Y ork
C h e c k s m a ile d
do
do
do
do
do
do
C h e c k s m a ile d
C h e c k s m a ile d
30 C h u rch S t, N e w Y o r k
R o y a l T r u s t C o , M o n t r ’l

p . 2 6 6 . in c h s u b . c o e .

Balance, surplus.........
$315,360
$420,044
$518,058
$302,379
DIRECTORS, &c.— Pres., Wesley M . Oier- V - P r e s
W a l t e r T.r.n
▼-Pres. & Trees., Thomas PettigrewTsecretary Hen^y C ilirrlson W a '
L U Robert w l>aTfeUvr0T JT Mann, Col. ®amuelM offitt, HenryTnsenh w
n
Ckp
' °3\
son, eif.;tI W . Kelly, L. L. 7 ayneoJli'1Robert M Thnmmnn O.' Harri­
15aE
“

When and Dividend
Payable Last Maturity Places Where Interest
Dividends are

Rate

T s f l f f i i

® E p O « J - ~ Y ear
191& J - 1 0 8 .
O cL 3 1
—
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
T o t a l i n c o m e ------------------------ $ 1 2 , 7 4 2 , 4 3 3
$ 1 0 ,0 1 4 ,9 3 2
N e t i n c o m e -----------------------------$ 3 , 6 6 1 , 6 2 7
$ 2 ,6 1 0 ,1 6 8
I n t .. ta x e s , im p t s .. & c . .
2 .4 5 2 ,3 3 3
1 ,6 2 6 8 5 7
P r e fe r r e d d iv i d e n d s ...(6 % > 8 9 3 ,9 3 4 ( 3 5 4 ) 5 6 3 .2 6 7 ( 1

141

“ ’ a s 0 " d l“ l o n < » 1 8 9 7 ) s e e r o f e r c c o a

0v S S u ? l^ fl(jg ? ^ ted“crf “
LA TE

E A R N I N G S .— F r o m

J u n e 1 0 t o S e D t. 3 0 1 9 1 9

cross

$745 972-

f X i n i n t a a n d taoX c a n 1 5 f 7 r 6 2 8 : D e t I n C o m e ’ * 1 5 7 . 7 4 4 ; o t h e k S c o m e , $ f O ^ O R
r
b o n d in t . a n d o r g a n iz a t io n e x p e n s e s , $ 1 4 ,9 0 1 : b a la n c e , s u r p lu s , $ 1 5 3 ,0 4 4 .
^ R E P O R T —

Aug. —
Year

Output.
Net
No. Bush. Earnings.

Y « r l 9 1 7 - 1 8 . i n V . 1 0 7 . p . 1 9 1 7 . f o r A m e r ic a n M .l t i n n O n .
31
’

EaT?‘r s ) '
m on th

1 9 1 5 - 1 6 _________ 9 , 3 4 7 . 6 9 1
1 9 1 4 - 1 5 ................ 5 , 9 4 0 , 0 0 0
1 9 1 3 - 1 4 _______ N o t s t a t e d
do
1 9 1 2 - 1 3 ................

$ 4 0 8 ,4 5 9
1 0 .9 7 3
3 3 0 ,7 7 6
4 0 3 .3 6 7
B a ia n c o s h e e t o f J u n e 1 0 1 9 1 9 s h o w e d fix e d a s s e ts . $ 9 9 5 ,0 0 0 : c u r r e n t
a s s e ts o f $ 1 ,3 2 7 ,1 5 6 ; o t h e r it e m s , n e t , $ 1 1 ,4 9 6 ; c u r r e n t lia b ilit ie s , $ 3 2 ,6 5 2 :
1 s t M . b o n d s , a s s u m e d , $ 3 2 1 ,0 0 0 ; c a p . s t o c k , 5 5 ,0 0 0 s h s ., n o p a r , $ 1 ,9 8 0 ,0 0 0 .
1 9 1 8 - 1 9 - - .e s t .2 ,8 8 0 .0 0 0 (5
1 9 1 7 - ! 8 -------------5 , 4 2 4 , 8 5 7
$ 1 3 5 ,7 5 8
6 6 9 .6 1 8
1 9 1 6 - 1 < -------------9 . 9 3 1 , 6 3 1

— D e F o r e s t C a n d e e , R u s s e ll H . L a n d a le , S . J . L e o n a r d
W ._ F o r b e s M o r g a n , J a m e s B . T a y l o r , R o b e r t H . M a i n z e r a n d G e o r g e A *
E liis J r .. N e w Y o r k .
O ffic e r s : R u s s e l H . L a n d a le , P r e s .: W . F o r b e s M o r ­
g a n , V .-P r e s .; W illia m A . M c C a r t h y , S e c. & T r e a s .
H ea d q u a rters, 120
B r o a d w a y .— (1 0 9 , p . 2 7 2 , 3 7 2 , 4 7 3 , 4 7 8 . 1 4 6 2 , 1 7 9 4 .)

[Vol . 109

INDUSTRIAL STOCKS AND BONDS

142

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 fi r s t p a g e ]
A m e r i c a n P i a n o C o — C o m m o n s t o c k S 5 . 3 0 0 . 0 0 0 -------------------------P r e f e r r e d ( a & d ) s t o c k 7 % c u m u l a t i v e $ 6 . 0 0 0 . 0 0 0 ------------A m e r ic a n P n e u m a t ic S e r v ic e — C o m m o n s t o c k $ 5 .0 0 0 ,0 0 0 —
F i r s t p r e f e r r e d ( a & d ) $ 3 , 0 0 0 , 0 0 0 7 % c u m u l a t i v e -------------P r e f e r r e d ( a & d ) 6 % n o n - c u t n u l a t l v e $ 7 . 0 0 0 , 0 0 0 --------------C o lla te r a l tr u s t m o r t g a g e S o .0 0 0 .0 0 0 g o ld s in k in g f u n d .J B z
L a m s o n C o n S t o r e S e r v i c e C o s f b o n d s --------------------- --------- I B z
A m e r ic a n P o w e r & L ig h t C o — C o m m o n s t o c k $ 1 7 .5 0 0 .0 0 0 - .
P r e f e r r e d ( a & d ) s t o c k 6 % c u m u l a t i v e $ 5 , 0 0 0 . 0 0 0 ------------N o t e s g o l d c o n v e r t i b l e t o A u g 1 0 2 1 r e d 1 0 2 s e e t e s t -------- s
G o ld d e b e n b o n d s 6 % c a ll 1 1 0 (8 6 .9 8 4 ,3 0 0 s u b s c r fo r ) B a c
A m e r ic a n P u b l i c S e r v C o — P r e f s t o c k 7 % c u m , $ 1 0 ,0 0 0 ,0 0 0
F i r s t L i e n g c a l l 1 0 5 ..................................................................................... N x x k
" A " 7 % S e r i a l g o l d n o t e s _____________________________________ _______
A m e r i c a n P u b l i c U t i l i t i e s C o — C o m m o n $ 2 0 , 0 0 0 , 0 0 0 --------P r e f ( a & d ) 6 % c u m r e d 1 0 5 $ 2 0 , 0 0 0 , 0 0 0 a u t h ---------------- - - ­
F i r s t l i e n g o l d b o n d s r e d 1 0 5 ------------------------------------------- N . x c * & r »
B o n d s (s e c b y c o l l : V 1 0 2 .p 1 1 6 4 ) $ 3 ,5 0 0 ,0 0 0 c a l U 0 2 H K x - c
S c r i p f o r d i v i d e n d s _______________________________________________________
A m e r ic a n R a d ia t o r C o — C o m m o n s to c k $ 2 2 ,0 0 0 ,0 0 0 - - - - - P r e fe r r e d s t o c k (n o t a s t o a s se ts ) 7 % c u m u la t iv e 5 3 .0 0 0 ,0 0 0
A m e r R e f r i g T r a n s C o — E q n o t e s d u e $ 5 7 ,0 0 0 - $ 5 9 ,0 0 0 s - a . x
E q u i p m e n t n o t e s d u e $ 2 4 , 0 0 0 s - a ----------------------------------------------------- x
do
do
S e r C d u e $ 1 0 5 , 0 0 0 s - a ______________________x
A m e r i c a n R o l l i n g M i l l — C o m m o n s t o c k $ 2 0 , 0 0 0 , 0 0 0 ------------P r e f s t o c k 6 % $ 1 , 5 0 0 , 0 0 0 ---------------------------------------------------------- ----------D e b p r e f ( a & d ) s t o c k 7 % c u m $ 2 0 , 0 0 0 , 0 0 0 c a l l 1 1 0 --------A m e r i c a n S a f e t y R a z o r C o r p — S t o c k a u t h 8 0 0 ,0 0 0 s h a r e s .

D a te
B onds

1903
1902

1911
1916
1912

1912
1916
1918

1911
1912
1913

Par
V a lu e

A m ount
O u tsta n d in g

$100
100
25
50
50
600 & c
500 & c
100
100
1 0<) & c
100 & c
100
100 & c
1 ,0 0 0
100
100
500 & c
500 & c

$ 3 ,1 6 1 ,1 0 0
3 .8 5 8 .6 0 0
4 .9 9 5 .6 6 2
1 .4 9 8 .8 9 0
6 .3 2 8 .8 0 0
6 4 ,0 0 0
3 1 1 .0 0 0
8 ,7 0 5 .4 0 )
3 ,6 5 6 .7 0 0
2 ,2 0 0 .0 0 0
5 ,6 5 0 ,0 0 0
687 600
2 ,9 5 2 .1 0 0
3 5 0 ,0 0 0
2 ,9 3 3 ,5 0 0
4 ,2 6 8 ,2 0 0
4 5 6 ,3 0 0
2 ,5 0 0 .0 0 0
3 1 0 ,0 6 8
1 2 ,2 7 8 ,4 0 0
3 ,0 0 0 ,0 0 0
2 3 0 ,0 0 0
1 6 8 ,0 0 0
8 4 0 ,0 0 0
1 2 ,4 0 0 ,9 7 5
S ee tex t
S ee te x t
8 0 0 ,0 0 0 s h .

100
100
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
25
100
100
N one

R a te
%

7 In 1 9 1 9
S ee te x t
do
5 g
5 g
4 in 1 9 1 9
6 in 1 9 1 9
6 g
6 g
7 in 1 9 1 9
6 g

6
6 g
6 g
6
S ee te x t
7 in 1 9 1 9
5
5
5
(? )
6
7

W h en
P a y a b le

Q— J
____
M
&
M
&
A
&
F
&
Q— M
Q — J
F
&
M
&
Q— J
J
&
M
&

8
S
O
A

A
S
D
S

Q -J
&
D
&
O
&
O
Q — XI
Q — F 15
J
&
D
J
&
D
M
&
N
Q — J 15
Q — J 15
Q — J 15

J
A
A

L a s t D iv id e n d
a n d M a tu rity

O ct 1 T 9 1
_____________
S o p t 3 0 ’ 18 3 H
M ar 30 T 8 IH
O ct 1 1928
Feb 1 1922
D e c 1 1 9 )9 1 %
O ct 1 1919
1 H
A u g 1 1921
M a r 1 2016
O c t 1 1919
IM
D e c 1 1942
M a r 1 1 9 2 0 -2 3
J u ly 1 14 l %
A
See te x t
D e c 1 1942
A p r 1 1936
A p r 1 1923
D e c 31 1919 3 %
N o v 15 1 9 1 9 1 H
D e c T 9 -J u n e ’2 l
D e c '1 9 - D e c ’ 2 2
N o v '1 9 - M a y 2 3
S ee te x t
O c t 15 T 9 1 H %
O c t 15 1919

P la c e s W h e r e I n te r e s t a n d
D iv id e n d s a r e P a y a b le

B an kers T ru st C o N

T

By ch eck
B y ch eck
I n t e r n a t io n a l T r C o , B o «
do
do
C tie c k s m a ile d

Guaranty Trust C o . N v

B an kers T ru s t O o , N Y
N ew Y ork
N ew Y ork
N ew Y ork
„
A m E xch N a t B a n k , N Y
do
do
C e n t r a l T r C o o f III, C h ic
L ogan T ru st O o
P h il*
G r a n d R a p id s , M ic h
O tr 3 1 6 S o M i c h A v e . C h i c
do
do
G u a ra n ty T ru st O o , N Y
F ir s t T r & S a v B k , C h ic
F ir s t T r & S a v B k , C h i c

P r e s ., C . M . W o o l le y .
O ffic e , 8 1 6 S o u th M ic h ig a n A v e ., C h ic a g o .
A M E R I C A N P I A N O C O .— O R G A N I Z A T I O N — I n c o r p . in N . J . J u n e
— ( V . 1 0 8 , p . 5 8 2 , 9 7 5 , 1 0 6 2 , 1 7 2 2 , 1 8 1 7 ; V . 1 0 9 , p . 4 7 8 , 1 8 9 3 .)
1 0 1 9 0 8 a s a c o n s o lid a t io n o f th e fo llo w in g c o m p a n ie s , th e n h a v in g a c o m ­
b in e d o u t p u t o f a b o u t 1 8 ,0 0 0 p ia n o s y e a r l y ; W m . K n a b e & C o . , B a lt i m o r e ,
A M E R I C A N R A I L W A Y E X P R E S S C O . — I n c o r p . in D e l a w a r e J u n e 2 2
M d .; C h ic k e r in g & S o n s , B o s t o n , M a s s .; t h e F o s t e r -A r m s t r o n g C o ., R o c h e s ­
1 9 1 8 , t o a c t f r o m J u ly 1 1 9 1 8 d u r in g t h e p e r io d o f F e d e r a l c o n t r o l o f r a il­
ter.
P r e f. s t o c k r ig h t s , V . 8 5 , p . 4 1 7 .
N o b on d s o r m tg e.
See V . 86, p .
r o a d s a s t h e A g e n t o f t h e D i r e c t o r - G e n e r a l o f R a i l r o a d s in c o n d u c t i n g t h e
1531.
B a la n c e s h e e t a s o f D e c . 3 1 1 9 1 8 in V . 1 0 8 , p . 2 3 3 1 . D i v s . o n p r e f . in
e x p r e s s b u s in e s s o f th e c o u n t r y .
T o o k o v e r t h e e x p r e s s b u s in e s s a n d p r o p ­
fu ll t o O c t . 1 9 1 9 , 7 % p . a . ( 1 M % Q - J ) ,
N o n e o v e r p a id on c o m . s to ck .
e r t y d e v o t e d t o t h a t b u s in e s s o f a ll o f t h e f o r m e r e x p r e s s c o m p a n i e s in t h e
O F F I C E R S .— C h a ir m a n , C . H . W . F o s t e r ; P r e s ., G e o . G . F o s t e r ; V .- P s .,
U n i t e d S t a t e s , w h i c h , in 1 9 1 7 , d i d a g r o s s b u s i n e s s o f o v e r $ 2 0 0 , 0 0 0 , 0 0 0 .
W . B . A r m s tr o n g , G e o . L . E a to n a n d G e o . L . N ic h o ls ; T r e a s ., I . E . E d g a r .
T h e n e w c o m p a n y w a s f o r m e d u n d e r F e d e r a l a u s p i c e s a n d in a g r e a t m e a s ­
S e c ., G . W . C o b b .
O ffic e , 4 3 9 5 th A v e ., N . Y . C i t y — (V . 1 0 4 , p . 2 3 4 4 ;
u r e it s o p e r a t i o n s w ill b e s u b j e c t t o F e d e r a l c o n t r o l w i t h r e s p e c t t o r a t e s ,
s e r v ic e , & c .
T h e p r o p e r t y d e v o t e d t o t h e e x p r e s s b u s in e s s in c lu d e s a p p r o x i­
V . 1 0 8 , p . 2 3 3 1 .)
m a t e ly 2 0 ,0 0 0 m o t o r a n d h o r s e v e h ic le s .
V . 106, p . 2346, 2452; V . 107,
A M E R I C A N P N E U M A T I C S E R V I C E C O .— O R G A N I Z A T I O N .— I n ­
p . 1580.
A s t o i n c r e a s e in r a t e s s e e V . 1 0 7 , p . 8 4 , 1 8 3 , 1 1 9 4 , 2 0 1 0 .
c o r p o r a t e d J u l y 1 1 8 9 9 in D e la w a r e .
V . 68, p . 1130, 1179.
O w n s a ll, o r
O n N o v . 18 1 9 1 8 th e F e d e ra l G o v t , b e g a n th e a c t iv e d ir e c tio n o f th e
n e a r ly a ll, s t o c k o f T h e L a m s o n C o . (Y . 6 8 , P - 1 0 7 3 ), th e I n t e r . P n e u m .
c o m p a n y ’s o p e r a t i o n s .
V . 107, p . 2010, 1978.
In cre a se d ra tes to o k
S e r v ic e C o . . & c .
V . 84, p . 572, 1244; V . 88, P -8 2 4 ; V . 102, p . 2255.
e f f e c t in J u l y 1 9 1 8 a n d a g a i n J a n . 1 1 9 1 9 .
V . 107, p . 2065.
O ffic ia l s t a t e m e n t in V . 8 3 , p . 3 4 .
S e e a ls o Y . 8 8 , p . 8 2 4 .
A s a r e s u lt o f P r e s id e n t W ils o n ’s v e t o o f t h e a p p r o p r ia t io n f o r p n e u m a t ic
S T O C K . — T h e t o t a l a u t h . c a p i t a l s t o c k is $ 4 0 , 0 0 0 , 0 0 0 , o f w h i c h $ 3 3 . ­
m a il s e r v ic e t h r o u g h t h e t u b e s o f t h is c o m p a n y in N e w Y o r k a n d o t h e r
0 0 0 ,0 0 0 w a s is s u e d t o p a y f o r t h e p h y s ic a l p r o p e r t y t a k e n o v e r a n d a ls o t o
c it ie s , t h is s e r v ic e w a s d is c o n t in u e d o n J u n e 3 0 1 9 1 8 .
V . 107, p . 8 4 , 183;
fu r n is h c a s h w o r k in g c a p it a l.
N o o t h e r c a p it a l s t o c k w ill b o Iss u e d e x c e p t
V . 106, p . 2124, 2561.
,
a t p a r fo r ca sh .
V . 106, p . 2453.
S T O C K .— T h e 7 % fir s t p r e f. s to c k ra n k s a h e a d o f o ld p r e f.
V . 90, p .
T h e th r e e o ld c o m p a n ie s o w n th e s t o c k o f t h o A m e r ic a n R a ilw a y E x p r e s s
449, 504, 701; V . 91, p. 334.
I n 1 9 1 2 r e d u c e d t h e c o m m o n t o $ 4 ,9 9 5 ,6 6 2 ,
[W e lls F a r g o , $ 1 0 ,5 0 0 ,0 0 0 ; A d a m s ( n e t ) , $ 6 ,6 2 7 ,9 3 0 ), b u t r e c e iv e n o g u a r ­
c h a n g in g p a r fr o m $ 5 0 t o $2 5 a sh a re .
S u b . c o . s t o c k o u t . $ 7 7 ,1 8 3 .
a n t y o f in c o m e fr o m t h e A d m in is t r a t io n f o r t h e u s e o f th e ir p r o p e r t ie s .
D I V I D E N D S o n o ld (n o w 2 d ) p r e f. s t o c k t o J a n . 2 0 1 9 0 2 , in c l., 6 % p e r
— V . 108, p . 271: V . 109, p . 979.
a n n u m in 1 9 0 6 , 4 ( 4 % in 1 9 0 7 , J a n ., 1 X % ; 1 9 1 2 , 2 % ; 1 9 1 3 t o M a r c h 3 0
1918.
3 % ; S e p t . 1 9 1 8 , n il.
V . 107, p . 907, 1006.
S e m i-a n n u a l d i v . o n
C O M P E N S A T I O N . — T h e D i r e c t o r - G e n e r a l w i l l r e c e i v e 5 0 A % o f o p e r 'g
fir s t p r e f.. S e p t. 3 0 191 0 t o S e p t. 3 0 1 9 1 9 , 7 % y e a r ly ( 3 H % M . & S .).
r e v e n u e s (o r g r o s s e a r n in g s ), a n d o u t o f th e b a la n c e th e e x p r e s s c o m p a n y
F ir s t M t g e . C o lla te ra l T r u st S . F .— O f t h e $ 5 ,0 0 0 ,0 0 0 5 %
b o n d is s u e *
w ill p a y o p e r a t i n g e x p e n s e s a n d t a x e s a n d a d i v i d e n d o r 5 % o n it s c a p i t a l
$ 1 ,8 4 9 ,0 0 0 h a s b e e n is s u e d , o f w h i c h $ 1 , 7 8 5 , 0 0 0 w a s in t r e a s u r y o r s in k i n g !
stock .
O u t o f th e n e x t 2 % a v a ila b le fo r d is t r ib u t io n th e e x p r e s s c o m p a n y
f u n d O c t . 1 1 9 1 9 ; $ 6 0 0 ,0 0 0 is r e s e r v e d t o r e t i r e t h e $ 6 0 0 ,0 0 0 ( a u t h . is s u e )
w ill r e c e i v e 1 % a n d t h e G o v e r n m e n t 1 % ; o u t o f t h e n e x t 3 % a v a i l a b l e f o r
o f L a m s o n b o n d s , a n d t h e b a la n c e f o r e x te n s io n s , & c .
V . 81, p. 32.
d i s t r i b u t i o n t h e e x p r e s s c o m p a n y w ill r e c e i v e 1 % a n d t h e G o v e r n m e n t 2 %
R E P O R T . — Y e a r 1 9 1 8 , in V . 1 0 8 , p . 2 2 4 3 , s h o w s : N e t , a f t e r d e p r e c i a ­
a n y f u r t h e r a m o u n t s a v a i l a b l e f o r d i s t r i b u t i o n w ill b o d l v i d o d , o n e - q u a r t e r
t i o n , & c . , $ 3 3 7 ,2 1 4 ; in t . o n b o n d s , $ 2 4 ,4 9 8 ; d i v . o n s t o c k o f s u b s i d i a r y c o s .,
t o th e e x p r e s s c o m p a n y a n d th r e e -q u a r te r s t o th o G o v t .
V . 106, p. 2152
$ 7 2 3 ; d iv s . o n 1 s t p r e f. s t o c k ( 7 % ) , $ 1 0 5 ,0 0 0 ; d i v . o n 2 d p r e f. ( 1 > 3 % ) ,
N o a l l o w a n c e is m a d e i n t h e c a p i t a l i z a t i o n o f t h e n e w c o r p o r a t i o n f o r
$ 9 4 ,4 9 0 ; s in k in g f u n d , $ 7 4 ,5 7 5 ; s u r p lu s , $ 3 7 ,9 2 7 .
t h e g o o d w ill o r o t h e r in ta n g ib le a s se ts o f th e e x is tin g c o m p a n ie s , a n d th e s e
K P r e s . & T r e a s ., G ilm e r C la p p ; V .- P r e s ., M e r t o n L . E m e r s o n ; S e c ., I I . C .
c o m p a n ie s w ill n o t o n l y r e t a in t h e ir o u t s id o i n v e s t m e n t s , b u t t h e y w ill c o n ­
T u rn er.
O ffic e , 1 00 B o y ls to n
S t ., B o s t o n .— ( ( V . 1 0 7 , p . 9 0 7 , 1 0 0 6 ;
t in u e t o c a r r y o n t h e ir b u s in e s s in m o n e y o r d e r s , t r a v e l e r s ’ c h o c k s , t r a v e l
V . 1 0 8 , p . 2 2 4 3 .)
d e p a r t m e n t , f o r e ig n e x c h a n g e a n d f o r e ig n f r e ig h t , a n d w ill r e t a in t h e ir
b a n k in g a n d fo r e ig n o r g a n iz a t io n s , t h e n e w c o r p o r a t io n a c t in g a s th e ir
A M E R I C A N P O W E R & L I G H T C O .— I n c o r p . S e p t . 1 7 1 9 0 9 In M a i B e*
a g e n t in t h e s e m a t t e r s .
O r g a n i z e d b y E l e c t r i c B o n d & S h a r e C o . o f N . Y . , a n d Is c o n t r o l l e d b y I n t e r
e s t s c lo s e ly a llie d t h e r e w it h .
C o n t r o ls t h r o u g h s t o c k o w n e r s h ip K a n s a s G a s
E A R N I N G S .— F o r th e 8 m o n th s e n d e d F e b . 2 8 1 919 th o D ir e c to r -G e n ­
& E le c . C o . a n d P o r t la n d (O r e .) G a s & C o k e C o . . P a c if i c P o w e r & L ig h t C o
e r a l r e p o r t s th e d e fic it s h o w n b y t h o A m e r ic a n R a ilw a y E x p r e s s C o . a s
N e b r a s k a P o w e r C o . a n d S o u t h w e s t e r n P o w e r & L ig h t C o . (s e e e a c h c o m ­
a b o u t $ 1 4 ,5 4 0 ,0 0 0 .
T h is m u s t b e m e t b y U . S . R R . A d m in , (s e e V . 1 0 8 ,
p a n y ).
V . 106, p . 1897.
S u b s id ia r ie s s e r v e (e it h e r d ir e c t ly o r t h r o u g h
p . 1 8 9 1 , 2 1 2 4 ).
c o n t r o lle d c o m p a n ie s ) a t o t a l o f 2 3 0 c o m m u n it ie s .
T h e y s u p p ly e le c t r ic
T h e o p e r a t in g d e f ic it a ft e r ta x e s f o r t h e s ix m o n t h s e n d e d D e c . 3 1 1 9 1 8
lig h t a n d p o w e r t o 1 9 7 c o m m u n it ie s , a r t ific ia l g a s t o 3 9 c o m m u n it ie s ,
is r e p o r t e d a s $ 9 , 8 7 0 , 3 1 6 , a s f o l l o w s :
n a t u r a l g a s t o 6 , w a t e r s e r v ic e t o 7 , s tr e e t r a ilw a y s e r v ic e t o 3 , in te r u r b a n
1918.
J u ly .
Aug.
S ep t.
O ct.
N ov.
D ec.
r a i l w a y s e r v i c e t o ,3. i c e t o 1 .
T o t a l p o p u l a t io n s e r v e d e s t . a t 1 ,5 3 6 ,5 7 5 .
D e f i c i t — $ 1 ,2 3 4 ,6 4 9 $ 5 2 5 ,1 7 8 $ 1 ,8 3 1 ,1 7 5 $ 1 ,6 6 5 ,7 5 1 $ 1 ,8 7 4 ,5 3 8 $ 2 ,7 3 9 ,0 2 5
S T O C K , & c .— W it h t h e 6 % g o ld n o t e s o f 19 1 1 w e r e is s u e d t r a n s fe r a b le
o p t io n w a r r a n ts g i v in g t h e h o ld e r o f t h e w a r r a n ts a n o p t io n a t a n y tim e
O F F I C E R S . — P r e s ., G e o r g e O . T a y l o r ; C h a ir m a n , B . D . C a ld w e ll w ith in 10 y e a r s t o p u r c h a s e a n a m o u n t o f c o m . s t o c k a t p a r e q u a l t o a m o u n t
S e v e n V i c e - P r e s i d e n t s in c h a r g e o f o p e r a t i o n s , t r a f f i c a n d a c c o u n t i n g , w i t h
o f n otes.
S e e fu ll p a r t ic u la r s , V . 9 3 , p . 1 0 6 , 6 6 8 ,
D i v s . o n p r e f . in f u ll t o
F . P . S m a ll, S e c r e t a r y , N e w Y o r k ; a n d C a le b S . S p e n c e r , V ic e -P r o s . &
O ct. 1919.
O n c o m ., 1913 to D e c . 1 9 1 9 . 4 % p e r a n n u m (1 % Q .- M .) .
T r e a s ., N e w Y o r k .
H o l d e r s o f r e c o r d F e b . 2 1 1 9 1 6 o f p r e f e r r e d s t o c k a n d v o t i n g tr u s t , c e r t l r l
D I R E C T O R S .— B . D . C a ld w e ll (C h a ir m a n ), G . O . T a y l o r , F . d o O c a t e s a n d w a r r a n t s f o r it s c o m m o n s t o c k o n F e b . 2 1 h a d s u b s c r i b e d fo r
S u lliv a n , W . M . B a r r e tt, C . A . P e a b o d y , I I . W . D e F o r e s t , J . II. S c h iff,
86%
o f a n u n d e r w r i t t e n is s u e o f $ 6 , 9 8 4 , 3 0 0 6 %
g o ld d e b e n tu re b o n d s
J . H o r a c e H a r d in g , J . 8 . A le x a n d e r , O . D . N o r t o n , J . G . M iib u r n , A lb e r t
(s u b s c r ip t io n p a y m e n t s s p r e a d o v e r f i v e y e a r s ), r e c e iv in g th e r e w ith o p t io n
H . W ig g in . G e n .o ffic e s . 65 B r o a d w a y . N .Y .— (V . 1 0 8 . p . 1 6 1 2 ,2 1 2 4 ,2 3 3 1 .)
w a r r a n ts g iv in g th e r ig h t t o p u r c h a s e c o m m o n s t o c k a t p a r a t a n y tim e
b e f o r e M a r c h 1 1 9 3 1 a n d a f t e r M a r c h 1 1 9 1 8 . a n d t o p a y t h e r e f o r w ith
A M E R IC A N
R O L L IN G
M I L L .— O R G A N I Z A T I O N .— O r ig in a lly
in ­
b o n d s o f th is is s u e .
A u t h . 6 % g o ld d e b e n t u r e s , u n lim ite d a s t o a m o u n t ,
c o r p . in N . J . in 1 8 9 9 ; In 1 9 1 7 c o n s o l i d a t e d w it h C o l u m b u s I r o n & S t e e l,
t o b e Issu ed p u rsu a n t t o a n a g r e e m e n t.
B a n k e rs T r u s t C o . o f N . Y .,
p e r p la n in V . 1 0 4 , p . 1 9 0 0 , u n d e r la w s o f O h io w it h p r e s e n t n a m e ; m a k e s
tru stee.
V . 102, p . 610, 887, 1601, 1627.
c h ie fl y h ig h g r a d e s h e e ts a n d p la te s .
I t s p r o p e r tie s in c lu d e ( V . 1 0 9 , p .
E A R N I N G S . — F o r y e a r s e n d in g D e c . 3 1 .
( V . 1 0 6 , p . 1 8 9 7 ):
1 0 8 1 ): (a ) M i d d l e t o w n , O ., 12 o p e n -h e a r t h fu r n a c e s , b lo o m i n g a n d b a r
C a le n d a r
G ross
N et
S u rp lu s o f
P f . D iv s . C o m .D iv s . B a la n c e .
m il l, s h e e t m ills a n d fa c t o r ie s ; (b ) a t C o lu m b u s , O ., 2 la r g o b la s t fu r n a c e s ;
Y ear—
E a r n in g s .
In com e.
Sub. C os.
(6 % ).
(4 % ).
S u r p lu s .
(c)
a t Z a n e s v i l l e , O . , s h e e t m il ls f o r m a k i n g s p e c i a l t i e s ; ( d ) c o n t r o l s a ll it s
1917
- - $ 1 , 6 2 2 , 1 7 7 $ 5 5 8 ,2 3 9
C r .$ 4 3 ,6 8 8 $ 2 1 6 ,9 7 1 $ 3 3 6 ,8 2 7
$ 4 8 ,2 1 9
r a w m a t e r i a l a n d is t h e o w n e r in f e e o f c o a l m i n e s a n d c o k e o v e n s i n F a y e t t e
C r . 1 8 8 .8 1 1
2 1 3 ,7 9 2
3 2 8 ,2 1 6
2 0 4 ,6 4 3
1 9 1 6 __________ 1 , 2 3 6 , 7 5 7 5 5 7 , 8 4 0
C o u n t y , W . V a . , a n d l i m e s t o n e q u a r r ie s in F r a n k l in C o u n t y . O . ; o n e - t h i r d
1915.................. 1 , 2 7 5 . 6 8 7 5 1 7 . 4 4 7
3 2 .0 4 3
2 0 3 .7 3 4
3 2 8 ,2 1 6
1 7 .6 4 0
o w n e r in t h e P o r t s m o u t h ( O . ) S o l v a y C o k e C o . , a n d in ir o n o r e p r o p e r t i e s
S u b . C o s .—
1 9 1 9 — F e b .— 1 9 1 8 .
In c.
191 9 — 12 M o s .— 1 9 1 8 . I n c .
in M ic h i g a n a n d M in n e s o t a , a n d h a s s u b s t a n t ia l I n t e r e s t s in s t o a m s h ip
G r o s s f r o m o p e r . S l , 3 2 2 . 8 2 6 $ 1 , 1 0 9 , 7 0 9 1 9 % $ 1 4 , 1 2 2 , 3 7 5 $ 1 1 , 6 5 6 , 2 6 6 21 %
lin e s o n t h e G r e a t L a k e s .
N e t e a r n i n g s ____
5 2 3 ,4 6 3
4 2 6 ,6 3 5 1 3 %
5 ,3 5 7 ,7 5 3
4 ,8 4 6 ,4 /0 1 1 %
T h e c a p a c i t y o f t h e o p e n - h e a r t h s t e e l w o r k s in S e p t . 1 9 1 9 w a s 4 0 0 ,0 0 0
D I R E C T O R S .— A
C
B e d fo r d . R
K . B r e e d . A . VV. B u r c h a r d . H H
g r o s s t o n s p e r y e a r , b u t it c o u ld fin i s h o n l y a b o u t t w o - t h ir d s o f t h is c a p a c i t y .
C r o w e ll. F A . F a r r a r S .Z M it c h e ll F . G S y k e s . F C
W a lc o tt H en ry H
W h e n t h e p r o p o s e d n e w m ills a r e in s t a lle d c o m p a n y w ill b e a b lo t o fin is h
W e h r h a n e , H . P . W r ig h t , A . S . G r e n ie r . C . E . G r o o s b e c k .
O ffic e r s : F . G .
its e n t ir e c a p a c it y .
T h e n e w p r o f , s t o c k is f o r t h e p u r p o s e o f a d d i n g t h is
S y k e s , P r e s .; W illia m R e is e r . T r e a s .: a n d E . P . S u m m e r s o n , S e c .
N . Y
a d d it io n a l fin is h in g c a p a c it y .
o f f i c e , 7 1 B ’ w a y .— ( V . 1 0 6 , p . 8 1 8 , 1 7 9 8 , 1 8 9 7 ; V . 1 0 7 , p . 5 0 4 , 6 0 6 . 2 3 7 8 .)
A M E R IC A N

P U B L IC

S E R V IC E

C O .— S e e is s u e o f F e b .

1 1918.

A M E R I C A N P U B L I C U T I L I T I E S C O .— R e p o r t , V . 1 0 9 , P - 9 7 9 .
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
J u n e 3 0 Y ea r s. 1 9 1 8 -1 9 .
1 9 1 7 -1 8
,
G r o s s e a r n s - .$ 4 ,6 4 3 3 1 8 $ 4 ,4 5 2 ,1 2 5 P r e f . D iv s .
$267,954
year___ (4H)$183,588
N e t i n c o m e . . $ 1 ,5 4 2 ,7 2 3 $ 1 ,6 2 6 ,5 0 4
I n t e r e s t , & c l l $ 1 , 6 4 7 . 5 4 0 $ 1 , 3 7 6 , 8 5 5 [ B a l a n c e _____ d e f . . $ 2 8 8 , 4 0 4 s u r . $ 1 8 , 3 0 5
F r o m A p r . 1 9 1 8 t o A p r . 1 9 1 9 th e q u a r t e r ly d iv id e n d s o f l f i % o n th e
p r e f . s t o c k w e r e p a i d , o w i n g t o w a r c o n d i t i o n s in 6 % 5 - y e a r s c r i p .
S ee
V . 106, p . 1346; V . 107, p . 1000, 2378.
D i v id e n d s s u s p e n d e d in J u ly 1 9 1 9
p e n d i n g a p p l ic a t io n f o r h ig h e r r a t e s .
V . 109, p . 174.
.
M a n a g e d b y K e ls e y , B re w e r & C o ., G r a n d R a p id s , M ic h .— ( V . 1 0 6 ,
p . 501, 608, 710, 1346, 1798: V . 107, p . 907. 999, 2378; V . 109, p . 174, 979.
A M E R I C A N R A D I A T O R C O . — I n c o r p o r a t e d in N
J. Feb
10 1899.
V . 6 8 . p .3 2 9 ; V 8 0 p . 2 3 4 6 ; V . 9 0 . p 3 7 4 .6 2 9 . G o v t o r d e r , V . 1 0 5 . r . 9 1 1 .
R e p o r t e d u n o f f i c i a l l y in N o v . 1 9 1 9 t o b e c o n s id e r in g n e w f in a n c i n g b y
m e a n s o f is s u e o f c o m . s t o c k a n d r e d u c t io n o f t h e p a r v a l u e , n o w $ 1 0 0 a
s h a r e , b y s u b d iv is io n .
V . 109, p . 1893.
L A T E D I V S .—
1 9 1 0 -1 1 . 1 9 1 2 -1 3 . 1 9 1 4 . T 5 .
T 6.
1 9 1 7 .1 9 1 8 . 1 9 1 9 .
C o m m o n , c a s h .— 1 0 y r ly . 10 y r ly . 1 1 H
16
16
13
12
12
E x t r a , s t o c k , & c - ----------10 s to c k lO s t k . . .
__ 5 0 s tk .
4 bd s. 4 bd s.
I n F e b . 1 9 1 8 p a i d e x t r a 4 % in 4 % L i b e r t y b o n d s , a n d in M a r . 1 9 1 9
a n e x t r a 4 % in 4 ( 4 % L i b e r t y b o n d s .
V . 106. p . 501; V . 108, p . 582.
R E P O R T f o r y e a r 1 9 1 8 -1 9 in V . 1 0 8 . p . 1 8 1 7 .
Y e a r s e n d in g J a n . 3 1 —
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
1 9 1 5 -1 6 .
t r a d i n g p r o f i t s ____________ x $ 2 , 6 5 6 . 2 1 3 x $ 3 , 2 6 1 . 8 7 1
$ 2 ,6 0 4 ,0 6 8
$ 2 ,3 6 4 ,9 5 3
7 % d iv . o n p r e f. s t o c k ..
$ 2 1 0 ,0 0 0
$ 2 1 0 ,0 0 0
$ 2 1 0 ,0 0 0
$ 2 1 0 ,0 0 0
C a s h c o m m o n d i v . . ( 1 6 % ) 1 - 9 6 4 , 5 4 4 ' 13 ) * 1 ,5 9 6 ,1 9 2 ( 16 ) 1 , 3 0 9 , 6 9 6 (1 6 ) 1 , 6 0 9 , 6 9 6
B a l a n c e , s u r p l u s _______
$ 4 8 1 ,6 6 9
$ 1 ,4 5 5 ,5 7 9
$ 1 ,0 8 3 ,3 7 2
$ 8 4 5 ,2 5 7
x A ft e r d e d u c t in g p r o v is io n fo r in c o m e a n d e x c e s s p r o fit s ta x e s .
* E x tr a d iv id e n d o f 5 0 %
in c o m m o n s t o c k w a s p a i d M a r c h 1 5 1 9 1 7
($ 4 ,0 9 2 ,8 0 0 ).
V. 104. p. 454, 561. 2554.
T o t a l s u r p lu s J a n . 3 1 1 9 1 9 . $ 6 ,9 0 1 ,7 6 3 .




C A P I T A L S T O C K .— I n S e p t . 1 9 1 9 w a s in c r e a s in g its o u t s t a n d i n g co r n s t o c k fr o m $ 9 ,9 0 0 ,9 7 5 t o $ 1 2 ,4 0 0 ,9 7 5 a n d w a s b r in g in g o u t $ 7 ,0 0 0 ,0 0 0 o f
a n a u t h o r iz e d Iss u e $ 2 0 ,0 0 0 ,0 0 0 D e b e n t u r e p r o f ., $ 1 ,3 0 0 ,0 0 0 o f th is $ 7 ,­
0 0 0 .0 0 0 b e in g is s u a b le o n ly t o r e t ir e t h o $ 1 ,3 0 0 ,0 0 0 6 % p r e f. s t o c k . V . 1 0 9 ,
p . 372, 478, 1081.
T h o $ 4 3 9 ,0 0 0 n o t e s d u e A p r i l 1 1 9 2 0 w ill b e p r o v id e d
fo r a t m a t u r it y .
D I V I D E N D S .— D iv id e n d s o n th e c o m . s t o c k o f th o p r e s e n t c o m p a n y
h a v e b e e n p a id a s fo llo w s :
O c t. 15 1 9 1 7 t o O c t . 15 1 9 1 9 , in c l., 2 % q u a r .;
e x tr a d iv s . o f 3 % p a id O c t . 15 1 9 1 7 a n d 1 % e a c h q u a r t e r th e r e a ft e r t o O c t .
15 1919.
S t o c k d iv s . o f 5 % o n th e c o m . s t o c k w e r e p a id F e b . 1 1 9 1 8 a n d
F eb . 1 1919.
V . 109, p . 1275.
E A R N I N G S .— T h e a v e r a g e y e a r ly in c o m e fo r 5 y e a r s b e g in n in g J u ly 1
1 9 1 4 , a f t e r p r o v id in g f o r fu ll d e p r e c i a t io n a n d a ll t a x o s ( in c l . F e d e r a l ta x e s )
a n d a ll in t e r e s t , w a s $ 2 ,6 0 1 .9 0 5 .
T h e y e a r ly p r o fit s fo r t h e la s t 3 y e a r s o n
t h e s a m e b a s is w e r e :
Y e a r e n d in g J u n e 3 0 1 9 1 7 . $ 3 ,0 7 0 ,4 0 1 ; 1 9 1 8 , $ 5 ,5 8 8 ,­
0 8 7 ; 1 9 1 9 ( t o M a y 3 1 ) , $ 2 ,2 4 9 ,8 1 5 .
P r e s id e n t , G . M . V e r it y , M id d le t o w n .
O h io .— V . 1 0 9 . p . 1 0 8 1 , 1 2 7 5 .
A M E R I C 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 .— In c o r p .
a b o u t S e p t . 2 0 1 9 1 9 in V ir g in ia a s a c o n s o l i d a t i o n o f G e m S a f e t y R a z o r
C o r p ., A m e r ic a n S a fe ty R a z o r C o . , I n c ., K a m p fo B r o s ., m a k e r s o f th e
“ G e m , " “ E v e r - R e a d y ,’ a n d “ S ta r ” s a fe t y r a z o r s .
A ls o a c q u ir e d a m a jo r it y
o f t h e s t o c k o f J a y & J o h n s o n B o x C o . a n d w ill m e r g e th e s a m e w ith N e w
J ersey L e a th e r C o .
T h e A m e r ic a n S a fe t y R a z o r E x p o r t C o r p . w a s fo r m e d
in D e l . O c t . 21 1 9 1 9 w it h a c a p it a l o f 4 0 0 .0 0 0 s h a r e s n o p a r v a lu e , a n d w ill
a c q u ir e a ll t h o f o r e ig n r ig h t s , t r a d e - m a r k s , & c . , o f t h o A m e r ic a n S a f e t y
R a z o r C o r p . in t h o f o r e i g n c o u n t r i e s w h e r e s u b s i d i a r i e s a r e t o b e a s t a b l i s h e d .
T h e V ir g in ia c o m p a n y w ill o w n 5 1 % o f t h o E x p o r t C o r p .
Seo V . 109,
p.

1181, 1611-

N e t e a r n in g s (in c l. E n g lis h .a n d C a n a d ia n c o . ’s ) . .
R a z o r b l a d e s m a r k e t e d ______________________________________

O c l.,1 9 1 9 .
$ 2 5 1 ,0 0 0
1 2 ,5 0 0 ,0 0 0

S e p l.,1 9 1 9 .
* 2 3 8 ,0 0 0
9 ,0 0 0 ,0 0 0

Nov., 1919.]

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 rev ia tio n s, & c ., see n o te s o n fi r s t p a g e]

A m e r S h i p & C o m m e r c e C o r o — S t k a u t h 1 ,5 0 0 .0 0 0 s h a r e s .
B o n d s , & c , s e e O r a m p S h ip & E n g in e B u il d i n g C o
A m e r i c a n S h i p b u i l d i n g — s t o c k c o m m o n $ I o .UU lU JO O __________
P r e f e r r e d ( a & d ) 7 % n o n - c u m u l a t l v e $ 1 5 . 0 0 0 , 0 0 0 _________
A m e r ic a n S m e lte r
S e c u r it ie s — S t o c k h e ld b y p u b lic .
P r e l e r r e d ( a s t o d i v ) “ A ” 6 % c u m r e d p a r $ 1 7 , 0 0 0 , 0 0 0 ____
P r e f e r r e d “ B ” 5 % c u m u l a t i v e g u a r a n t e e d $ 3 0 . ODD.0 0 0 ____
A m e r ic a n S m e lt in g & R e fin in g — C o m m o n s t o c k $ 6 5 ,0 0 0 ,0 0 0
P r e f e r r e d s t o c k ( a & d ) 7 % c u m u l a t i v e $ 5 0 . 0 0 0 , 0 0 0 . . ____
1 s t M S e r A c a l l a b l e a t p a r f r o m O c t 1 ’ 3 0 _____ C e c . * & r *
A m e r i c a n S n u r t — S t o c k c o m m o n $ 1 1 , 0 0 0 . 0 1 ) 0 ____________________
N e w p r e f e r r e d ( a & d> 6 % n o n - c u m S 4 . 0 0 0 . 0 0 0 ____________
A m e r ic a n
S t e e l F o u n d r i e s — S t o c k ($ 1 7 ,1 8 4 ,0 0 0 a u t h ) . .
P r e f(a & d )s t o c k 7 % c u m n o n -v o t $ 2 5 m il c a ll 1 1 0 1 9 2 2 s . f d . l %
D e b e n t u r e s $ 3 , 4 3 6 , 8 0 0 r e d e e m a b l e a t p a r ( t e x t ) ______________x

Date Par
Amount
Bonds Value Outstanding Rate
%
_____

N one

_____
_____
______
______
_____
_____
1917
_____
_____
_____
_____
1908

4 6 1 ,6 1 5

100
100

O F F I C E R S .— C h a ir m a n o f B o a r d & V ic e -P r e s ., G e o r g e L . S to r m ; P r e s .,
J o s e p h K a u f m a n ; S e c ., M i l t o n D a m m a n n .— ( V . 1 0 9 , p . 1 6 1 1 ,1 7 9 4 , 1 9 8 8 .)
A M E R I C A N S E W E R P I P E C O .— N a m e c h a n g e d in A u g . 1 9 1 9 t o A m e r ­
ic a n V it r ifie d P r o d u c t s C o .— V . 1 0 9 , p . 4 7 8 , 5 9 9 .
A M E R I C A N S H IP & C O M M E R C E C O R P .— O R G A N I Z A T I O N .— In ­
c o r p o r a t e d in D e la w a r e J u ly 1 8 1 9 1 9 a s a h o ld in g c o m p a n y , p r in c ip a ll y fo r
s t e a m s h ip , s h ip b u ild in g a n d a llie d c o m p a n ie s a n d t o e n g a g e in c o m m e r c e
a n d in d u s tr y .
O w n s $ 3 ,1 2 5 ,4 0 0 c a p it a l s t o c k ( v . t . c . ) , t o t a l a u t h o r iz e d ,
$ 6 ,2 5 0 ,0 0 0 , o f W m . C r a m p S o n s S h ip & E n g in e B u il d i n g C o . (s e e s t a t e m e n t
a b o v e ) a n d 7 6 ,0 0 0 s h a r e s , n o p a r v a l u e , o f A m e r ic a n S h ip & C o m m e r c e
N a v ig a t io n C o r p . (V . 1 0 9 , p . 3 7 2 ).
T h e l a t t e r c o m p a n y w a s i n c o r p . in
N e w Y o r k A u g . 2 1 1 9 1 9 w it h a n a u t h o r iz e d c a p it a l o f 4 0 ,0 0 0 s h a r e s C la s s
“ A ” s t o c k , n o p a r v a l u e , a n d 1 5 0 ,0 0 0 s h a r e s C la s s “ B ” s t o c k , n o p a r v a l u e ,
o n S e p t . 4 1 9 1 9 a c q u ir o d 8 o c e a n s t e a m s h ip s o f 5 0 ,9 1 5 D . W . t o n s f r o m t h e
K e r r N a v ig a t io n C o r p ., a n d a s s o o n a s le g a l d e t a ils o f d is s o lu t io n o f t h e
re s e n t K e r r N a v ig a t io n C o r p . c a n b e c o m p le t e d th e A m e r ic a n S h ip &
o m m e r c o C o r p . w il l c h a n g e it s n a m e t o K e r r N a v i g a t i o n C o r p .
L is te d
o n N e w Y o r k S t o c k E x c h a n g e in J u l y 1 9 1 9 .

S

D I R E C T O R S .— J o s . W . H a r r im a n , J n o . R . O g d e n , P a r m e ly W . H e r r ic k ,
J . L e o n a r d I ie p lo g le , H . F . K e r r , K a r l G . R o e b lin g
G . M . D a h l. P e r c y
M . C h a n d le r .— ( V . 1 0 9 , p . 1 7 0 1 , 7 7 7 .)
s '
’
A M E R I C A N S H I P B U I L D I N G C O .— I n c o r p . in N . J . M a r c h 16 1 8 9 9 .
V . 6 8 . p . 770; V . 70. p 896; V . 71, p . 3 4 4 , 1014: V . 73, p . 390; V . 8 3 . p . 1172
D e c is io n , V . 9 4 . p . 1765; V . 9 5 . p . 1 5 4 3 ; V . 9 6 , p . 4 8 9
V . 103, p . 1890;
V . 104, p. 367.
F u ll 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 in O c t . 1 9 1 7 a s

to properties, finances, &c., on listing of stock, was given In V 105 p 1716

A n n u a l r e p o r t fo r 1 9 1 8 -1 9 ( V . 1 0 9 , p . 1 3 6 2 ), s a y s : “ D u r in g t h e fis c a l y e a r
1 0 9 o c e a n c a r g o s h ip s o f 4 2 2 ,8 0 0 g r o s s t o n s c a p a c i t y w e r e c o m p le t e d a n d
d e liv e r e d .
T h e c o m p a n y h a s y e t t o c o m p le t e a n d d e liv e r t o th e U . S .
S h ip p in g B o a r d E m e r g e n c y F le e t C o r p . 6 3 o c e a n c a r g o s h ip s , o f 2 5 5 ,9 0 0
g ro s s to n s c a r r y in g c a p a c ity .
C o n s t r u c t io n w o r k h a s b e e n d e la y e d b y
c h a n g e s o r d e r e d b y th e F le e t C o r p . a n d r e s tr ic tio n s im p o s e d lim it in g th e
h o u r s o f la b o r .
N o p e n a lt ie s , h o w e v e r , w ill a c c r u e t h r o u g h d e la y s in
d e liv e r y .”
L A T E S T D IV S .
f '0 9 . ’ 1 0 . ’ l l . ’ 1 2 . ’ 1 3 . ’ 1 4 . ’ 1 5 . ’ 1 6 . ’ 1 7 . '1 8 . ’ 1 9 .
O o m m o n c a s h _____________ (
2
6
4
0
0
0
0
0
74$
12
16
do
L i b e r t y b o n d s I ........................ ...
. .
. . . .
n
15
_
P r e f e r r e d ------------------------------- 1
7
7
7
7
7
1K
~0
7
( I K Q -J )
I n 1 9 1 7 . a ls o 1 % f o r R e d C r o s s .
*
u
v
^
'
I n c a l. y e a r 1 9 1 9 p a id e a c h q u a r te r o n c o m m o n b e g in n in g F e b . 1 . I K %
a n d 2 K % e x t r a in c a s h .
I n 1 9 1 7 a ls o 1 % fo r R e d C r o s s .

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

N ew
Q — F
Q— F

7 .6 0 0 .0 0 0 1 6 in l 9 1 9
7 .9 0 0 .0 0 0 7 in 1 9 1 9

100
100
100
100
100 & c
100
100
1 -3
100
100 & c

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

V.

143

6
5
4 in 1 9 1 9
7 In 1 9 1 9
5 g
1 0 0n l 9 l 9
02 i
6 In 1 9 1 9
See
te x t
7
4

See te x t
N o v 1 ’ 19

IK

Q— J
O ct 1 1919 1 X
Q — J
O ct 1 1919 I K
Q — M 15 D e c 15 ’ 19 1 %
D a c 1 1919 I K
Q — M
A
&
O A p r 1 1947
Q— j
O ct 1 1919 3 %
O c t 1 ' 1 9 l 4$
Q— T o
Q — M 31 O c t l 5 ’ 1 9 2 M %
Q — M 31 S e p t3 0 ’ 19 1 K %
F
&
A F eb 1 1923

I n M a r . 1 9 1 9 t h e q u a r t e r ly d iv id e n d
108, p . 582, 1159.

C le v e la n d . O h io
do
1 2 0 B r o a d w a y ,N e w Y o r k
do
do
120 B r o a d w a y ,N e w Y o r k
do
do
C e n tra l T ru s t C o , N Y
M e m p n ls , T e n n
do
do
C h e c k s m a ile d
G u a ra n ty T ru st C o. N

w as red u ced

fr o m

I X

%

to

Y

1% .

B O N D S .— In J a n . 191 7 t h e c o m p a n y a r r a n g e d t o m a k e a fir s t m o r tg a g e
b o n d Is s u e , lim it e d in a m o u n t t o t h e p a r a m o u n t o f t h e fu ll p a id p r e fe r r e d
a n d c o m m o n s h a r e s a t a n y t im e o u t s t a n d i n g , a n d I s s u a b le u n d e r s u it a b le
r e s tr ic tio n s fo r I m p r o v e m e n t s , a d d it io n s , th e a c q u is it io n o f s e c u r it ie s , & c .
T h e m o r t g a g e c o v e r s a ll t h e p r o p e r t y o f t h e R e f i n i n g C o . , a ll t h e $ 3 0 , 0 0 0 . ­
0 0 0 c o m m o n s t o c k o f t h e A m e r i c a n S m e lt e r s S e c u r it ie s C o . ( a n d a ll o f it s
‘ ‘ A ’ ’ a n d “ B ” s t o c k s u r r e n d e r e d ) a n d th e e n tir e s t o c k o f C o n s o l. K a n s a s C it y
S m e lt . & R e f. C o . , & c .
V . 104, p . 363; V . 105, p . 608; V . 108, p . 880.
T h e in i t ia l $ 3 0 ,0 0 0 ,0 0 0 s e r ie s “ A ' ' 5 % b o n d s w e r e o f f e r e d In J a n . 1 9 1 7
In e x c h a n g e f o r t h e " B " s t o c k o f t h e A m e r . S m e l t e r s S e c u r i t i e s C o . , $ f o r $ .
T h e s e b o n d s lik e t h e “ B ” s t o c k a r e s u b je c t t o c a ll o n a n d a ft e r O c t . 1 1 9 3 0 .
a ll o r p a r t , a t p a r a n d l n t .
A n n u a l s i n k i n g f u n d b e g i n n i n g In 1 9 1 8 .1 4 $ %
o f th e m a x im u m a m o u n t o f b o n d s a t a n y t im e is s u e d .
In M a y 1917
h o ld e r s o f t h e S e c u r it ie s C o . 's t o t a l u n c a l l e d S e r ie s “ A ” p r e f . s t o c k w e r e
o f f e r e d in e x c h a n g e a t p a r in S e r ie s “ A ” b o n d s , p lu s 7 X % c a s h .
I n J u ly 1 9 1 9 o f t h e $ 7 9 ,5 8 1 ,6 0 0 s h a r e c a p it a l o f t h e S e c u r itie s C o . , t h e r e
r e m a in e d in h a n d s o f p u b l i c o n l y $ 9 ,7 3 8 ,1 0 0 S e r . A a n d $ 3 ,1 8 8 ,4 0 0 S e r . B
p r e f . a n d t h e r e w e r e o u t s t a n d i n g $ 3 2 ,2 1 0 ,3 0 0 A m . S m e lt . & R e f . 1 s t M .
5 s w i t h a f u r t h e r $ 9 8 5 ,0 0 0 in s i n k i n g f u n d a n d $ 5 ,2 0 0 in t r e a s u r y .
A s t o $ 1 ,3 2 5 ,0 0 0 g u a r a n t e e d 5 -y e a r 6 % s in k in g fu n d g o ld b o n d s o f R o s it a
C o a l & C o k e C o ., d a te d N o v . 1 1 9 1 9 , s e e V . 1 0 9 , p . 1 7 99.
R E P O R T . — F o r 1 9 1 8 in V . 1 0 8 , p . 1 1 5 9 ; h a l f y e a r 1 9 1 9 , V . 1 0 9 , p . 1 2 6 9 .
C a le n d a r Y e a r s —
1919— 6 M o s — 1918.
1 9 1 8 --------- Y e a r ---------- 1 9 1 7 .
S m e lt in g , r e fin in g , & c ._
$ 5 ,2 8 5 ,6 9 8 $ 7 ,3 6 0 ,0 2 5 $ 1 3 ,2 3 4 ,7 1 1 $ 2 4 ,1 2 5 ,6 8 4
4 2 8 ,0 8 1
1 ,1 3 3 ,4 5 7
2 ,6 8 6 ,8 4 0
4 ,0 6 9 ,2 4 3
M i n i n g p r o p e r t i e s .....................
3 0 7 ,9 0 5
1 ,2 5 2 ,0 4 3
2 ,3 9 0 ,0 1 7
3 ,4 0 7 ,6 8 9
O t h e r i n c o m e s ( n e t ) _____
G r o s s i n c o m e .........................$ 6 , 0 2 1 , 6 8 4
$ 9 ,7 4 5 ,5 2 5 $ 1 8 ,3 1 1 ,5 6 7 $ 3 1 ,6 0 2 ,6 1 6
A d m in ., & c ., e x p e n s e s ..
$ 5 2 2 ,6 9 0
$ 5 2 9 ,1 6 4
$ 1 ,3 0 5 ,9 3 4
$ 1 ,4 8 2 ,4 5 8
T a x e s (in c l. F e d . t a x e s ) .
4 1 2 ,3 5 5
1 ,3 1 3 ,3 3 8
1 ,2 5 2 ,3 5 6
3 ,8 4 9 ,9 7 1
D e p r e c . & a m o r tiz a tio n .
2 ,1 4 0 ,6 8 6
2 .5 8 7 ,5 6 2
5 ,4 3 9 ,6 3 1
4 ,9 5 4 ,4 8 3
D e b . in te r e s t (S e c . C o . ) _
_________
_________
_________
2 5 ,4 5 0
B o n d in t . (S . & R . C o . ) .
7 9 6 ,7 9 3
8 1 2 ,9 0 2
1 ,6 1 6 ,1 0 9
1 ,2 0 8 ,7 9 8
P e n s i o n s , & c _______________
_________
_________
2 5 0 ,0 0 0
1 0 0 ,0 0 0
C h a r g e s , p r o f i t & l o s s ____
_________
3 5 8 ,7 3 8
7 4 0 ,0 3 8
9 8 5 ,8 3 1
A m e r . S m e lt. S e c .
L ife in s u r a n c e f u n d
P r e f. A d iv . ( 6 %
P r e f. B d iv . ( 5 %

C o .—
_______
) _____
) _____

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

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

_________
5 8 2 ,5 5 5
1 6 5 ,2 1 9

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

A m . S m e l t . & R e f . C o .—
P r e fe r r e d d iv id e n d ( 7 % )
1 ,7 5 0 ,0 0 0
1 ,7 5 0 ,0 0 0
3 ,5 0 0 ,0 0 0
3 ,5 0 0 ,0 0 0
R E P O R T . — F o r y e a r e n d in g J u n e 3 0 1 9 1 9 in V . 1 0 9 d 1 3 6 2 .
C o m m o n d i v i d e n d . _ _ ( 2 % ) 1 . 2 1 9 ,9 6 0 (3 )1 ,8 2 9 ,9 4 0 (5 1 4 )3 3 5 4 8 9 0 (7 ) 4 ,2 6 9 .8 6 0
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
T o t a l i n c o m e . ............................................... — $ 2 1 , 6 5 9 , 9 5 1
$ 1 7 ,0 6 7 ,9 9 1
5 ,6 1 7 ,9 8 5
T o t a l d e d u c t i o n s _______ $ 7 , 2 1 7 , 1 4 8
$ 9 ,6 3 1 ,6 5 3 $ 1 8 ,2 0 6 ,7 3 3 $ 2 2 ,0 8 9 ,5 1 7
D e d u c t — G e n e r a l , & c . , e x p ----------------------2 ,6 2 4 ,5 1 8
1 ,9 3 1 6 4 1
4 2 4 ,3 1 0
S u r p l u s ____________________d e f . l , 1 9 5 , 4 6 4
$ 1 1 3 ,8 7 2
$ 1 0 4 ,8 3 4 $ 9 ,5 1 3 ,0 9 9
S t a t e , c o u n t y & m is c e lla n e o u s t a x e s . .
3 1 5 ,3 6 6
2 0 7 ,9 2 4
1 5 0 ,1 1 0
T o t a l p . & 1. s u r p l u s J u n e 3 0 1 9 1 9 , $ 2 5 , 0 6 0 , 2 2 9 .
F e d o r a l t a x e s in e x c e s s o f p r e v . a p p r .
------------------1 ,7 3 6 2 4 0
1 2 2 ,3 0 8
D I R E C T O R S .— E d g a r L . N e w h o u s e , C h a ir m a n ; S im o n G u g g e n h e im ,
D e p r e c i a t i o n ........................... .............. .............. 9 4 5 ,9 3 1
6 9 3 ,8 4 7
6 0 3 ,0 4 0
P r e s id e n t (e le c t e d J a n . 1 9 1 9 , V . 1 0 8 , p . 3 8 1 ); D a n ie l G u g g e n h e im , I s a a c
M a i n t e n a n c e & r e p a i r s ------------------------------3 ,6 0 6 ,0 1 1
1 ,7 2 3 ,4 5 9
7 5 0 ,8 7 6
G u g g e n h e im , E . P . M a t h e w s o n , M u r r y G u g g e n h e im , E d w a r d B r u s h
S p e c , a llo w , fo r e x c . p r o f, ta x e s , & c ._
7 ,0 0 0 ,0 0 0
4 ,0 0 0 .0 0 0
4 0 0 ,0 0 0
(V
A m o r t , o f p e rm , a ssets to p r e -w a r v a l .
2 ,9 4 9 ,5 1 1
1 4 7 ,8 1 5
______ . - P . ) , W a l t e r T . P a g e , W . S . M c C o r m i c k , K a r l E i l e r s ( V . - P . ) , F r a n k
W . H ills ( C o m p t . ) , C h a r le s E a r l, W illa r d S . M o r s e , J o h n N . S t e e le ,
In te re st o n b o n d s a n d n otes p a y a b le ..
------------------------------------1 9 ,3 0 1
J o s e p h C le n d e n in ( V . - P . ) , L e o p o ld F r e d e r ic k ( T r e a s .) , H . A . P r o s s e r ,
A d j . o f L i b e r t y b o n d s --------------------------------4 3 4 ,1 8 1
.1
H . R . W a g n e r (S . F r .) , R . W . S tr a u s , W illia m L o e b J r ., C . W . W h it le y
C o m . d l v s . ( c a s h ) ..............................( 1 3 ^ % ) 1 . 0 4 5 , 0 0 0 ( 1 1 5 ^ ) 8 9 3 . 0 0 0
(7 )5 3 2 ,0 0 0
( V .- P r e s .) , W . M . D r u r y , F . H . B r o w n e ll ( V . - P . ) , L . G . E a k in s , H . A .
do
( L i b . b d s . ) ------------------------------- ( 1 0 % ) 7 6 0 , 0 0 0
(5 )3 8 0 ,0 0 0
____________
G u e s s , C . A . H . d e S a u lle s , J o h n K . M a c G o w a n , F r a n k R . R a i f f . W . E .
P r o f , d i v i d e n d s ------------------------------------------- ( 7 % ) 5 5 3 ,0 0 0 ( 7 ) 5 5 3 . 0 0 0 ( 1 0 4 $ ) 8 2 9 , 5 0 0
M e r r is s (S e c .) , a n d E . B . S c h le y .
O ffic e , 12 0 B ’w a y , N . Y .— (V . 1 0 8 .
p . 1 5 1 3 , 2 2 4 3 ; V . 1 0 9 . p . 1 2 6 9 , 1 7 9 4 , 1 8 9 4 .)
B a l a n c e , s u r p l u s . . ................
$ 1 ,4 2 6 ,4 3 4
$ 4 ,8 0 0 ,2 6 6 $ 1 ,7 8 6 ,5 4 0
P r e s . , M . E . F a r r , D e t r o i t ; V . - P . & S e c . , _________________
• T re a s . & A sst.
A M E R I C A N S N U F F C O .— I n c o r p o r a t e d In N . J . o n M a r c h 1 2 1 9 0 0 .
S e c . , J o h n S . G o r m a n . O f f i c e . C l e v e l a n d . O .— ( V . 1 0 9 , p r i 2 7 5 , 1 3 6 2 , 1 5 2 8 .)
U n d e r p la n o f d is in t e g r a t io n o f A m T o b a c c o C o . ( V . 9 3 , p . 1 1 2 2 - 4 ) . t h e
a s s e ts r e m a in in g w e r e la r g e m o d e r n g r in d in g fa c t o r ie s a t Y o r k l y n , D e l. ’ a n d
AMERICAN SMELTERS SECURITIES CO.— O R G A N I Z A T I O N . —
C la r k s v ille . T e n n ., a n d fin is h in g w o r k s a t M e m p h is . T e n n .
S in c e d is in ­
I n c o r p o r a t e d M a r c h 31 1 9 0 5 In N e w J e r s e y .
V . 8 9 . d. 1 6 6 2 .
V . 8 0 , p.
t e g r a t io n a n o w la r g e a n d m o d e r n g r in d in g p la n t h a s b e e n e r e c t e d a t M e m ­
1 7 3 0 , 1 9 1 5 . 1 9 7 3 ; V . 8 2 . p . 6 9 4 ; V . 9 0 . p. 1 0 4 6 ; V . 9 3 . p. 2 9 1 ; V . 9 1 . p.
p h is . T e n n ., a n d th e Y o r k ly n . D e l ., p l a n t s o ld .
In M a y 1915 th e a u th .
1327; V . 94. p. 854; V . 101, p. 529.
p
sto ck w as re d u ce d .
V . 93, p . 280; V . 93, p . 1603: V . 100. p . 1439.
S T O C K . — F r e f . " A ” Is p r e f e r r e d o v e r “ B " o n l y a s t o d i v i d e n d s .
T h ere
L A T E D I V S . ( '0 7 . '0 8 . '0 9 . '1 0 . ' l l . ’ 1 2 . ’ 1 3 . ’ 1 4 . ’ 1 5 f o ’ 1 7 . T 8 . 1 9 1 9 .
is s e t a s i d e f r o m i n c o m e f o r r e t i r e m e n t o f “ A ” s t o c k a t p a r y e a r l y o n J u l y 1
C o m m o n -------- % ( 1 0 4 $ 1 3
19
20
2 0 124$ 12
9
12 y l y .
10
12
1 % o n p r o f, s t o c k se r. ’ ’A " a n d a fu r th e r s u m e q u a l t o 6 % o n s to c k th e r e to ­
d o e x t r a ________ l ___
. . . .
4
9
3
3
2 4 $ _________
_
_
__
f o r e p u r c h a s e d ; r e d e e m e d In 1 9 1 4 t o 1 9 1 8 $ 9 5 8 , 3 0 0 ; In t r e a s u r y A m . S . &
I n J a n . a n d O c t . 1 9 1 8 o n l y 2 % w a s p a id o n t h e c o m m o n s h a r e s , b u t in
R e f . C o . , D e c . 3 1 1 9 1 8 , $ 6 ,3 0 3 ,6 0 0 ; in h a n d s o f p u b lic D e c 3 1 1 9 1 8 . $ 9 ,­
J a n . a n d a g a in in A p r il, J u ly a n d O c t . 1 9 1 9 p a id 3 % ( q u a r t e r ly ) .
7 3 8 ,1 0 0 .
V . 104, p. 1047.
S ee V . 100. p . 5 2 9 ; V . 94
p . 1628.
P re f.
A ls o in D e c . 1 9 1 1 . 3 4 4 - 1 1 % e a c h In c o m
s to ck or G e o . W . d e lm e a n d
s t o c k h a s n o v o t i n g p o w e r u n le s s d i v i d e n d s f o r o n e y e a r r e m a in u n p a i d .
W e y m a n - B r u t o n c o m p a n i e s ( V 9 4 , p . 2 8 0 ) ; In J u l y 1 9 1 3 . 1 0 % in A m e r . T o ­
I n J a n . 1 9 1 7 t h e A m e r i c a n S m e l t i n g & R e f i n i n g C o . a s o w n e r o f a ll t h e
b a c c o C o . p r e f. s t o c k a n d 4 .5 4 % o r A m e r . C ig a r C o . p r e f. s t o c k ( V . 9 0 , p .
$ 3 0 ,0 0 0 ,0 0 0 c o m m o n s t o c k a n d g u a r a n t o r o f th e $ 3 0 ,0 0 0 0 0 0 p r e f. ’ ’ B ’ ’
1 6 3 1 ).
In O c t . 1 9 1 4 , d is t r ib u t e d P . L o r llla r d C o . a n d L ig g e t t & M y e r s
s t o c k , o f f e r e d t o g i v e In e x c h a n g e f o r p r e f . “ B ” I t s o w n 1 s t M . 5 s o f 1 9 1 7
T o b . p r e r . s t o c k o u t o f s u r p lu s , m a k in g .0 2 2 0 4 6 -1 1 a n d .0 3 1 2 7 3 -1 1 o f a
$ fo r $.
O n D e c . 3 1 1 9 1 8 $ 2 6 ,5 6 3 ,0 0 0 o f t h e $ 3 0 ,0 0 0 ,0 0 0 h a d th u s b e e n
ih a r e . r e s p e c t i v e ly , o n e a c h s h a r e o f c o m m o n s t o c k .
V . 9 9 . p . 6 76. 1676.
exch a n g ed .
V . 105, p . 608; V . 104, p . 363.
R E P O R T .— R e p o r t f o r y e a r e n d in g D e c . 3 1 1 9 1 8 (in V . 1 0 8 , p . 9 6 9 ) :
I n M a y 1 9 1 7 t h e h o ld e r s o f t h e ( u n c a l l e d ) $ 1 0 ,2 5 8 ,4 0 0 S e r ie s A p r e f .
C a len d a r Y e a r —
1918.
1917.
1916.
s t o c k w o re s im ila r ly o ffe r e d th e r ig h t t o e x c h a n g e fo r a n e q u a l p a r a m o u n t
N e t e a r n i n g s ........................................................* $ 1 , 5 3 3 , 8 9 3
* $ 1 ,5 0 4 ,6 4 5
$ 1 ,8 9 9 ,6 8 6
o f F ir s t M t g e . 5 % b o n d s o f t h e R e f in in g C o . p lu s c a s h $ 7 50 p e r s h a r e .
On
P r e f e r r e d d i v i d e n d s ( 6 % ) .................
$ 2 3 7 ,1 6 8
$ 2 3 7 ,1 6 8
$ 2 3 7 ,1 6 8
D e c 3 1 1 9 1 8 $ 6 , 3 0 3 , 6 0 0 o f t h e i s s u e w a s h e l d in t r e a s u r y .
V . 105. p . 608.
C o m m o n d i v i d e n d s .............................( 1 1 % ) 1 , 2 1 0 , 0 0 0 ( 1 1 ) 1 , 2 1 0 , 0 0 0 ( 1 2 ) 1 , 3 2 0 , 0 0 0
D I V I D E N D S . — O n b o t h c la s s e s o f p r e f. s t o c k in fu ll t o O c t . 1 1 9 1 9 .
In c. 6 % o n p r e f. “ A ,” 5 % o n p r e f. ‘ B
(n o w Q .-J .).
B a l a n c e , s u r p l u s ........................................
$ 8 6 ,7 2 5
$ 5 7 ,4 7 7
$ 3 4 2 ,5 1 8
O F F I C E R S .— P r e s .. S im o n G u g g o n h e lm ; S e c ., W . E . M e r r is s .
O ffic e ,
1 2 0 B r o a d w a y , N . Y . — ( V . 1 0 6 , p . 2 9 8 , 9 2 5 , 1 4 6 2 , 2 4 5 3 ; V . 1 0 8 , p . 3 8 1 .)
A M E R I C A N S M E L T IN G & R E F I N I N G C O .— O R G A N I Z A T I O N , & o .—
I n c o r p o r a t e d A p r il 4 1 8 9 9 u n d e r la w s o l N e w J e r s e y ; V . 6 8 , p . 6 6 8 .
O w ns
a n d o p e r a t e s p l a n t s f o r t h e s m e l t i n g o f o r e s a n d t h e t r e a t m e n t o f le a d
b u l l i o n , c o p p e r b u l l i o n a n d c o p p e r m a t t e in U t a h , M o n t a n a . C o l o r a d o
N e b r a s k a , I llin o is , N ew J e r s e y , M e x ic o a n d e ls e w h e r e .
T h e p r in c ip a l m er
c h a n t a b l e p r o d u c t s a r e ba> g o l d a n d s l i v e r p i g l e a q , e l e c t r o l y t i c c o p p e r a n o
b lu e v it r io l.
V . 106. p . 1457.
P la n t s r ig h ts o f s t o c k . & c .. V . 1 0 2 . p 1 9 8 9 ;
V . 6 8 . p . 1041; V . 8 4 , p . 160; V . 8 8 . p . 1059; V . 9 3 , p . 4 7 1 .
F o r sta tu s
o f m in e s in M e x i c o , s e e V . 1 0 8 , p . 1 1 5 9 , 2 2 1 3 .
A m . S m e lt e r s ’ S e c u r itie s
C o. above.
V . 80. p. 873; V . 9 1 . p . 1329; V . 9 3 , p . 2 91.
F or p rod u cts.
& c ., D e c . 31 1 9 1 8 , see V . 108. p . 1 1 5 9 .
P r ic e s , V . 1 0 8 . p . 6 8 5 . 1 5 1 3 .
In
N o v . 1 9 1 9 w a s r e p o r t e d as p u r c h a s in g a s ilv e r -g o ld p r o p e r t y in B r itis h
C o lu m b i a fo r a b o u t $ 4 ,0 0 0 ,0 0 0 . V . 1 0 9 , p . 1 8 9 4 .
S T O C K . — T h e c o m m o n s t o c k w a s I n c r e a s e d In 1 9 1 6 - 1 7 f r o m $ 5 0 ,0 0 0 ,0 0 0
t o $ 0 0 , 9 9 8 , 0 0 0 In c o n n e c t i o n w i t h t h e r e t i r e m e n t o f t h e r e m a i n i n g $ 1 0 , ­
9 9 8 .0 0 0
6 % d e b e n t u r e s o f A m e r ic a n S m e lte r s S e c u r . C o . , w h ic h s e e a b o v e .
D I V S .—
| ’ 0 5 . ’ 0 6 . ’ 0 7 . '0 8 . ' 0 9 - T 1 . '1 2 . ’ 1 3 - '1 5 . ' 1 6 . ’ 1 7 - T 8 . 1 9 1 9 .
C om m on (% ) \ 5 X 7
7M S
4 y l y . 4 2 -3 4 y l y
44$ 6 y ly
4
----------------------- J u l y l 9 1 7 , l . R . C .
C o m ., e x t r a .. I . .
..
—




* A fte r d e d u c tin g F e d e r a l a n d w a r ex ce s s p r o fit s ta x e s .
P r e s ., M a r t in J . C o n d o n : T r e a s .. M . E . F in c h .
O ffic e , M e m p h is , T e n n .
— ( V . 1 0 6 , p . 5 0 1 , 1 0 3 7 , 1 2 2 7 ; V . 1 0 7 , p . 1 0 0 6 ; V . 1 0 8 , p . 9 6 9 .)
A M E R IC A N
STE E L
F O U N D R I E S .— O R G A N I Z A T I O N .— In c o r p o r ­
a t e d In N e w J e r e e y o n J u n e 2 6 1 9 0 2 .
V . 79, p . 1463; V . 80, p . 224. 602;
V . 8 3 , p . 6 8 5 , 1 5 7 5 ; V . 1 0 3 , p . 4 9 5 ; V . 1 0 1 , p . 1& 73.
In J u n e 1919 p u rch a se d
in c a s h a t $ 9 0 p e r s h a r e a n d d i v . , m o s t o f t h e $ 8 , 7 2 3 ,9 0 0 c o m . s t o c k o f t h e
G r i f f i n W h e e l C o . ( V . 1 0 8 , p . 2 4 4 3 , 2 3 3 1 , 2 4 3 5 ) l e a v i n g t h e l a t t e r ’s $ 5 ,8 4 9 , ­
3 0 0 6 % c u m . p r e f . s t o c k in t h e h a n d s o f t h e p u b l i c .
V . 108. p . 2435,
2626, 2631.
S T O C K — T h e s to c k h o ld e r s v o t e d J u n e 12 1 9 0 8 t o r e d u c e th e a u th o r iz e d
s t o c k fr o m $ 1 8 ,1 1 0 ,0 0 0 c o m m o n a n d $ 1 9 ,5 4 0 ,0 0 0 p r e f. t o $ 1 7 ,1 8 4 ,0 0 0 o f o n e
c la s s o n ly .
V . 8 6 , p . 170, 482, 605, 722, 796: V . 107, p . 1386, 2190.
T h e s h a r e h o ld e r s v o t e d A p r . 2 2 1 9 1 9 t o a u t h o r iz e (1 ) a n is s u e $ 2 5 ,0 0 0 ,0 0 0
7 % c u m . n o n -v o t in g p r e f. s t o c k , a n d a ls o (2 ) t o c h a n g e th e p a f v a lu e o f
t h e c o m m o n s h a r e s f r o m $ 1 0 0 t o $ 3 3 1 -3 b y in c r e a s in g t h e n u m b e r o f
s h a r e s fr o m 1 7 1 ,8 4 0 t o 5 1 5 ,5 2 0 .
V . 108, p . 1062. 1276.
T h e p r e f . is
c a lla b le a t 1 1 0 a n d d iv s . a ft e r 3 y e a r s : s in k in g fu n d e q u a l t o 1 % o f is s u e ,
w ill b e g in D e c . 1 1 9 2 0 .
N o m o r t g a g e c a n b e c r e a te d w it h o u t t h e c o n s e n t
o f 6 6 2 - 3 % o f t h is p r e f. s t o c k .
V . 108, p . 2530.
T h e in it ia l $ 9 ,0 0 0 ,0 0 0
p r e f. w a s s o ld in J u n e 1 9 1 9 c h ie f l y t o f in a n c e p u r c h a s e o f G r iffin W h e e l C o .
V . 108, p . 2631.

J44

INDUSTRIAL STOCKS AND BONDS

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

American Stores Co— Stock common 150,000 shares--------First pref (a & d) 7% conv call 115 $7,000,000__________
2d pref 7% conv stock $2,000.000________________________
American Sugar Refining— Common stock $45,000,000----Pref stock 7% cum inot pref as to assets) $4 5 ,0 0 0 ,0 0 0 _.
American Sumatra Tobacco Co— Com stock $15,000,000—
Pref stock (pref. A. & D.) $2,000,000 7% cum call 110-----Conv debs called, to be paid Apr 1 1920 at 1 0 5 --M e.yc*r
American Telegraph & Cable— Stock 5% rental------------------American Telephone & Telegraph—Stock $500.000,000----Collateral trust mortgage gold (V 70, p 40)______ OB.zc*
Bonds, no longer convertible, call 105 (text)_OB.xxc*&r*
Convertible bonds redeemable, text____________________ z
Sinking fund collateral trust bonds s fd 1% call 105------OB
Weil T A T Co coll trust bonds $10,000,000 assum.OB.zc*
Conv bonds $50,000,000 conv after 2 yrs into stock at 106c*
5-yr notes call 1st yr 105, 2d 101,3d 103, 4th 102, thlOl Bac*
3-year notes call any time 102_____________________ Ba.c*
195 Broadway Corp. and other notes endorsed__________

Date
Bonds

1919
1899
1906
1913
1916
1902
1918
1919
1919

Par
Value

Am ount
Outstanding

Rate

%

None 142,2 lOshrs
$ 1 0 0 $3,596,000
1.457.000
100
10 in’
000 19
1 0 0 45.000.
1 0 0 45.onn.non / In 1919
1 0 0 13,532.885 10% ’ 19
7
1,963,500
100
7g
181,300
1 0 0 &c
5
1 0 0 14.000. 000
1 0 0 441,956,500 8 in 1919
000 4 g
1 .0 0 0 78.000.
2.589.000
4g
1 .0 0 0 Ac
100 Ac 13,058,800
4H
5g
1 0 0 &c 77,434,900
9.985.000
5g
500 Ac
6 g
1 0 0 &c 48,367,200
000 6
1 0 0 &c 40.000.
000 6
1 0 0 &c 50.000.
11,014,000

When
Payable

[Vol . 109
Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Q— J Oct 1 1919 14
Oct 1 1919 1%
Q— J Jan 2 20 2 4 %
O—J Jan 2 20 1 M %
Q— F Nov 1 1919 2 4
M A S Sept 1 T9 3 4
J & D June 1 1929
Q— M Dec 1 T9, 1 4 %
Q— J Jan 15 20, 2%
J & J July 1 1929
M & S Mch 11936
M & 8 Mch 1 1933
J & D Dec 1 1946
J & J Jan 1 1932
F & A Aug 1 1925
F & A Feb 1 1924
A & O Oct 1 1922
J & J July 1 1920

Philadelphia
do
Checks mailed
do
Western Union Tel, N *
Checks mailed
N Y , Bos, Loud & Amst
N Y, Boston and Amstd
do
do
New York and Boston
Old Colony Tr C o. Bos
New York and Boston
do
do
New York and Boston
Old Colony Tr Co, Bost

x Tenders for sale to sinking fund o f $800,361 worth were sought in Sept 1 919— V 109 , p 1081

BONDS, &c.— The 1st Mtge. 6 s, amounting formerly to $3,900,000
and on Dec. 31 1916 to $1,586,500. were called and paid o ff Oct. 1 1917.
Notes payable to banks March 31 1919, none.
DIVS.—
I TO. ’ l l . '12. '13. '14. '15. T 6 . '17. '18.
1919.
2
2
0 14 6
7 2 ,2 4 ,2 4 ,C ash ......................1 3 4 2 4 0
Also in 4% and 4 4 % Liberty bonds___________________ 2 4
--------- ,-----In June 1919 paid 75 cents on the 33 1-3 par value shares, or 2 4 % '.
initial dividend on pref. stock was paid Sept. 30 1919. V. 108, p. 2331;
V. 107, p. 1006, 2190; V. 108, p. 975, 1722.
EARN INGS.— For 9 months to Sept. 30 1919, V. 109, p. 1794;
9 m's. Net Earn. Other Inc. Deprec.
Ch’ges. Tax Reserve. Bal-. Sur.
1919.$3,751,696 $330,118 $210,826 $165,302 $1,243,113 $2,462,573
3,970,000
2,606,723
1918. 6,858,017
142,063
305,860
117,497
R E PO RT.— Year 1918, V. 108, p. 968:
Dividends
Balance,
Cal.
Gross
Net, after Other
Tax Res.,
Paid.
Surplus.
Years.
Sales. Deprecn. Income.
&c.*
$
753,617
1918.-49,113,098 4,015,825 173,599 *1,803,327 (9^)1.632,480
1917.-49,369,584 7,800,649 238.025 3,013,008
(6)1,031,040 3,994,626
1916.-31,361,006 4,102,823 122,987
807,753
(1^)214,800 3,203,257
* Includes in July 1918 $1,357,200 and in 1917 $2,287,600 for excess
profits and income taxes. Total profit and loss surplus, June 30 1919,
$8,296,302, against $7,182,846 Dec. 31 1918, also appropriated surplus
June 30 1919 (used to retire bonds and debentures), $5,475,403. The
9 4 % dividends as above in 1918 include 2 4 % in Liberty Loan bonds
and 7% cash.
D IR E C TO RS.— Charles Miller, R . P. Lamont, F. E. Patterson, K. L.
Ames, W . D . Sargent, Geo. B. Leighton, Max Pam, John M . Harri­
son, E. F. Goltra, Geo. E. Scott, R . H. Ripley, President, Robert P.
Lamont; First Vice-Pres., Geo. E. Scott; Second Vice-Pres., R. H. Ripley;
3d V .-P ., Warren J. Lynch; 4th V .-P ., J. C. Davis; Treas. & Sec., F. E.
Patterson; Asst. Sec. & Treas., W . Epple; Com pt.. Thos. Drever; Gen.
Counsel, Max Pam. Office, C hicago— (V. 108. p. 1276. 1612, 1722, 2124,
2243, 2331, 2435, 2530. 2631; V. 109, p. 478, 678, 777, 983, 1794.)
AMERICAN STORES CO — O R GAN IZATION .— Incorp. in DelaMarch 29 1917. Owns over 34,578 shares o f the 35,000 shares of common
stock o f the Acme Tea Co. (see above), and also the business and assets
of the following chain store companies: Robinson & Crawford, the Bell C o.,
Childs Grocery Co. and George M . Dunlap C o. Weekly baking capacity
about 2,000.000 loaves and 25 tons o f cake. As at Jan. 1 1919 was op­
erating 715 stores in Penna., N. J., Dela. and M d, against 752 in 1916,
Deals in food products, coffees, groceries, meats, etc. (V. 104, p. 1491.
STOCK.— The pref. stock Is convertible prior to Jan. 1 1927 into common
stock. 1 1-3 shares o f common for one of pref. Divs., Q.-J. Sinking fund,
2% per ann. from July 1 1918. Net tangible assets must be 125% of pref.;
net quick assets, 75% . Default gives 1st pref. voting power till default is
cured. The $3,418,300 1st pref. in reserve is only issuable under restric­
tions. There are neither bonds nor mortgages (except purchase money
mortgages) and none can be created, nor authorized pref. stocks be increased
without consent of 6 6 2-3% o f outstanding pref. issues. (V. 104, p. 1491
705, 2013. All classes o f stock listed on Philadelphia Stock Exchange in
une 1919. V. 108, p. 2435. Initial dividends o f 1 j£% paid on tne 1st and
nd 2d pref. stocks July 6 1917. On 1st pref., Oct. 1 1917, 1 4 % . On 1st
nd 2d pref., Jan. 2 1918 to July 1918, 1 4 % each (quar.) and in Oct. paid
4 % on 1st pref. Jan. 2 1919, 1 4 % on 1st and 2d pref. April 1 1919,
4 % on 1st pref; July and Oct. 1919, 1 4 Vo on 1st and 2d pref. Y. 104,
. 2554.
R E PO RT.— For calendar year 1918, in V. 108, p. 1508, shows:
1918.
1917.
1918.
1917.
$
$
$
36,065
1 2 ,0 0 0
Gross sa le s ...62,315,465 58,123,807 Other income.
69,392
Cost g'ds sold 52,018,770 49,067,507 Misc. deduc’s 297,440
Res’ve Fed’l &
Gross profit on
652,053
State taxes. 1,086,185
sales.............10,296,695 9,056,299 Pref. divs. &
Store op. exp. 5,419,931 4,807,559
415,215
sink, funds.
717,934
Whse. adm. &
expense------- 2,275,577 2,041,022 Surplus______
535,691 1,083,054
Net stores pro­
Notes & accts.
f i t ................ 2,601,185 2,207,716
pay. as o f
De
^ e c.3 1 '18. 2,948,831
OFFICERS.— Pres., Samuel Robinson; Sec. & Asst. Treas., E. J.
Flanigan; Treas., W m. M . Robinson. Directors.— Samuel M . Clement Jr.,
Joseph Gilfillan, Samuel Robinson, Robert H. Crawford, W m. M . Crowe,
George M . Dunlap Sr., John Eagleson, Geo. R . Pelouze, J. K. Trimble
and F. W. Bacon o f Chandler & C o., Inc., and Charles Counselman.
Chicago.— (V. 107, p. 183, 504; V. 108. p. 381, 1508, 2435; V. 109, p. 74,
272, 984.)
AMERICAN STRAW BOARD C O — (V. 109, p. 74, 174.)
AMERICAN SUQAR REFININQ C O — ORGAN IZATION .— Orga­
nized in New Jersey in Jan. 1891. For plan. Y. 51. p. 609 (see also V. 91,
P -1571). Holds (see description V. 90, p. 164; V. 8 8 , p. 943; V. 104, p.
2454) by direct ownership, and ownership of subsidiary companies, renneries at Boston, Brooklyn, Jersey City, Chalmette, two refineries at
Philadelphia, one of which it uses as a reserve refinery. The company’s
refinery in New Orleans, formerly held in reserve, is now dismantled. For
acquisition o f Central Cunagua, Cuba, see V. 109, p. 1988.
The company’s Investments in Dec. 31 '18 were carried at $30,161,130
which is said to be much below actual value. V. 106, p. 2231. They include:
Beet Sug. Cos. (minority)— Par val.
Beet Sug. Co. (minority)— Par val.
Alameda Sug. Co. (par $25) $371,250 Iowa Sugar C o___________ $416,500
Continental Sugar C o------- 739,000 Michigan Sug. Co., pref...2 ,043 ,800
Gt. West. Sugar C o., pref.5,159.200
Common (V. 106. p. 933)1,757,400
Common (V. 106. p. 825)3,649,600 Spreckehs Sugar Co_______ 2,500,000
Total,. „
par, $16,636,750; market (unofficial Dec. 1 T7), $29,989,282.
.
Company s book value---------------------------------------------« 1 0 302,410
Other investment securities at book value, Dec. 31 1918
National Sugar Refg. Co. (par $2,482,900 out o f SIO.OOO.OOO)! ) 20.078.420
Sundry properties. Including West Street building______
J
The sugar investment alone, it is stated, produced in ’l917"an income of
$3,896,678. V. 106, p, 2231, 1346. For references to beet sugar items.
Government and other litigation, &c., see issue Feb. 1918, p. 144. In­
creased dividends in 1917 on stocks owned: Great Western Sugar C o..
V. 105, p. 2188; National Sugar Refining, V. 105, p. 2189.
Settlement of Louisiana trust litigation in April 1917 by payment of
about $700,000. See V. 104, p. 1492; V. 105, p. 1421; V. 106. p. 1225.
Other litigation, V. 104, p. 561, 1041.




DIVS.— (1891. 1892, 1893. 1894. to 1899. 1900.1901 to Jan 2 '20*
Common _ % ) 8
9
22
12 y'ly (3 Q-J) 6 ) 4 7 y ’ly (1 4 Q-J)
do extra.! —
—
__July T 8 to Jan '20, 3% [ 4 % quar.)
R E PO RT.— For year end. Dec. 31 1918, V. 108. p. 1055, 1163.
Jec.
Cal.
Net
Net
~
Depre- Insurance, Dividends Balance,
Yr.
Profits.
Income.
nouvn. nnvis.,<x,c. \i Vol'
juruius.
1918..
$6,661,684 $12,587,487 $2,000,000 $2,153,111 $7,312,470 $1,121,906
1917..10.055.291 14,212,787 2,000,000 4,000,000 6,299,972 1,912,815
1916.. 9,756.379 13,703,443 2,000,000 3.383,562 6,299,972 2,019,909
Total surplus Dec. 31 1918, $21,383,433; total cash in hand, $23,658,102.
DIRECTO RS.— Earl D. Babst (Pres.) Washington B. Thomas (V.-P.)
George H. Frazier (V.-P.) Albert H. Wiggln, Nathan O. Kingsbury.
James H. Douglas. Samuel Carr, Philip Stockton, Samuel McRoberts,
Edwin S. Marston, Charles H. Allen and Edwin F. Atkins. Other Officers.—
V.-Pros., Robt. M . Parker; Treas., W . Edward Foster; Sec., Edwin T .
Gibson; General Counsel, Joseph E. Freeman.
Executive Committee: Earl D. Babst, George H. Frazier, Edwin S.
Marston. Samuel McRoberts, Washington B. Thomas. Albert H. Wiggln.
N . Y . office, 117 Wall St.— (V. 109. p. 174, 1081, 1794. 1988.)
AMERICAN SUMATRA TOBACCO CO— O R G A N IZA T IO N .— Incor­
porated in Ga. Feb. 12 1910 and is engaged in the operation o f tobacco
plantations, raising, curing sorting and merchandising of cigar wrapper
tobacco. At organ, acquired the facilities and business in Gadsden County
Fla., and Decatur County, Ga., of eight established tobacco plantation cos.
purchased Connecticut property; also A. Cohn & Co. V. 108.
®a.lea Corn.. see V. 106, p. 1579. In Oct. 1919 acquirod
k m 1
.ob^
,cco
of Hartford and New York, the noxt largest grower
toba° coC ° V 0 1^9 npC l RV? ant* a *a r g 0 exporter of American cigar leaf
C
C
6
o+.S.'wH™
voted Aug. 6 1917 to increase the pref.
stock from $ 1 ,0 0 0 ,0 0 0 to $2 ,0 0 0 ,0 0 0 in connection with tho purchase of the
Connecticut Tobacco C olora tion . V. 105, p. 391, 608, 1311. Initial dlviAug. 15 1917; Nov. 1 1917, 1 4 % ; Feb. 1 1918,
1
2% , Aug. 1918 to Nov. 1919, 2 4 % quar. V. 107, p. 183.
i - i . ar? * d°r.? v°ted Aug. 29 1918 to increase the authorized common
capital stock from thepresent amount thereof, to wit, $ 7 ,0 0 0 ,0 0 0 ($6,813,900
outstanding) to $15,000,000. par $100. Of tho now stock $1,022,100 was
issued Dec. 7 1918 as a stock dividend of 15% on tho outstanding common
shares. The common stock was thus increased to $7,835,985. On or about
July 5 1919 there was a further increase of $5,696,900 in the outstanding
common stock, due to the exchange therefor of a like amount of tho $5,878,­
200 10-year 7% convertible debentures (offered at par to shareholders of
the total outstanding common stock on July 31
1919 $13,532,855. The company's stocks are traded in on N . Y . Stock
Exchange. Compare V. 107, p. 404. 606, 2010; V. 108, p. 2023, 2243;
V. 109, p. 75; V. 107, p. 404. 606, 2010, 2190.
NOTES, &c — The final $850,000 of the $1,250,000 5% notes of 1916 was
paid at maturity Jan. 15 1919. V. 108, p. 271.
For further expansion of the business $6,000,000 7% Sinking Fund
Convertible debentures were brought out in 1919, $5,879,000 thereof being
underwritten and offered at par to shareholders of record M ay 20. These
debentures were mado exchangeable at option of holders for common stock
(a) for first 30 days, par for par; (6 ) thereafter $110 of bonds for $100 stock
with adjustment of interest and dividends. Sinkin» fund beginning in
1921, 5% of bonds then outstanding. On July 31 1919 all except $181,300
of these debentures had been converted into stock as above stated and the
remainder were called for payment April 1 1920 at 105. See also V. 108
p. 2024; V. 109. p. 75.
R E P O R T — For year ending July 31 1919, V. 109, p. 1176.
Year Gross Prof.
Net.
\Tax,&c. Pref. Div.
Com. Div.
Bal., Sur.
18-19$1.708.334 $1,292,066 $404,580 (7)$137,445y(10)$900,248 def$150,207
17-18 3,731.633 3.214.6551,069.605 (7)137,445 (7^)528,077 1,479 528
16-17 1,780,364 1,409,909 390,302 ...............
( 1 4 ) 68,000
951,607
x Includes in 1918-19depreciation, $150,000; bond and noteint., $45,361:
amortization, $35,269; reserve for taxes, $129,560 (in 1917-18, $1,000,000).
and miscellaneous, $44,390. y Also paid 15% , $1,022,085, out of the
surplus account.
OFFICERS.— Julius Lichtenstein, Pres.: William A. Tucker; V.-Pres '
Stephen N. Bond, Frederick Griffin and Fritz Lederer; Treas., Frank M :
Arguimbau, Asst. Treas. & Sec.— (V. 107, p. 1670, 1839, 2010, 2099, 2190,’
V. 108, P- 271, 785. 1612, 1938, 2023. 2124. 2243; V. 109. p. 74. 983 1176.
1462, 1989-)
AMERICAN TELEGRAPH &CABLE.— Owns two cables between Nova
Scotia and England. Leased until 1932 to Western Union.— V. 106,p.710.
AMERICAN TELEPHONE & TELEGRAPH CO.— ORGANIZATION.—
Owns a large interest, generally a majority Interest. In the capital stock of
the leading local companies operating under the Bell patents in the U. S
V. 107, P. 2100; V. 8 8 , p. 1554; also owns the system of long-distance tele­
phone lines by which they are united. Pupln patents, V. 72. p. 677; V. 76
p 332, 596; V. 77, p. 39; V. 92, p. 796, 1312, The major operating com­
panies. greatly reduced In number of late years by conaolldatlon. have had
their ahare8 largely exchanged for stock of Am. T . A T . Co. V. 97, p. 446
The chief subsidiaries having bonds outstanding are separately described
In this section. They are: Chicago Tel. C o.. Cumberland Tel. & Tel. Co.
New York Tel. C o., Central District Tel. C o.. New England Tel. A Tel
C o., Michigan State Tel. C o., Southern Bell Tel. A Tel. and Pacific Tel. &
Tel. Co. Also see Mountain States T . A T . Co. and Western Elec. C o.
Also owns most of the stock of Western Electric C o., Inc., New York,
manufacturer of electric and telephone supplies, which in March 1918 in­
creased the quarterly dividend on its 150,000 shares of common stock from
$2 to $2 50. V. 106, p. 1040. See that co. Control o f Central Union.
V 104, P - 364; V. 105, p. 182. In Sept. 1919 offered $100 in its own stock
for each $114.28 of the minority stock of Mountain States Telephone A
Telegraph Co. or for $100 in stock and $14.28 in cash. V. 109, p. 478.
BELL SYSTEM .— On Dec. 31 1918 there were 10.992,325 telephones
connected with the Bell System, which owned 7,201,757 and connected with
about 3,790,568 owned by connecting companies and rural associations.
The capital obligations in the hands of the public Dec. 31 were $991,­
074,264, of which the outstanding obligations or the American T . & T . Co.
represent $676,283,362 and the associated companies $314,790,902. The
telephone plants stand on the books of tho companies at $1,142,815,341,
and appraisals by public authorities, it is stated, indicate a greater actual
value. The surplus and reserve aggregate $340,000,000, an increase of
over $36,000,000. Plant and real estate additions by the system in the
19 years to Dec. 31 1918 aggregated $992,571,000. V. 108, p. 1066.

Nov., 1919.]

INDUSTRIAL STOCKS AND BONDS

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

Date
Bonds

Ainer,can Thread— Pref (a & d) stk 56.000.000 5% cum g or £
•First mortgage 50.000,000 gold........... _
Q xxxc*
American Tobacco Co— Cora, stk (“ A ” ) SM O ft"rihTi aurn
O
Class B (non-voting) $50.000.000..
autnPreferred (a & d) % $54,010,600 (see text)...........................
G° d bonds vnot mortgage) S56.100.000 auth‘ "oTxcv &r
Gold bonds (not mortgage)__________
_
ri xc&r*
Consolidated Tobacco coli trust mtge gold
n 'x c 'A r
Serial gold notes due serially N ov 1 call text...........Q xxxc*
° ^ w di
P
JSrnle
maturity at holders" option,
either in cash or Class B common stock Series A to E ._

Par
Value

$5 $4,890,475
6 ,0 0 0 ,0 0 0
40.242,400
See text
52,699,700
50 &c
565,100
50 &c
50 &c i 1.365,300
1 ,0 0 0 2 0 .0 0 0 ,0 0 0

1918

1 ,0 0 0
1U
O
100
100

1904
1904
1901

1918

18-’ 19 various

GOVERN M EN T CONTROL.— On July 31 1918 the U S Government
as a war measure assumed control of the lin a so f this c o m n a n v S ri
subsidiaries and also of the telegraph lines o f the country
the du?atlLn
o f the war. Annual compensation fixed at $65 1 4 s R4 i v ins 7, lnca

^tatus o f this company at that time and subsequently, V. 109, p. 272, 1275,
STOCK.— As to convertible bonds o f 1906 and in to coa
V. 101, p. 1630; V. 92, p. 1702; V. 93, p. 47 166 23 ^ ^ 98 11921 Of th«
authorized $500,000,000 capital stock there
convorsinn nf mnmrtihiA RV.ndc
0 was sufficient reserved to cover
conversion of convertible bonds.
Each stockholder of record Dec. 11 1916 was
$100 a share, for 10% new stock in all, say $ 3 0 5 5 0 6 0 0 % 'fos*1 it par,
]? u
V. 106, p. 1128; V. 103, p. 1982; Y. i 0 5 , p . i 7 1 0 0,600 V ‘ 108, P ‘ 1067.)
1(
D IV ID E N D S.— July 1900 to July 1906 incl 7 u or „ „ „ _______ „ .
p9°f5 28 J an" 1920, 8 ™

F avorable outiook^1n°Oct. 1919, V. 1 0 9 ’

7-yearN coE rtr^ e EbondsN wfs offered1' tT t h e stockholders0!00J '
nveT
T

i§ &

bondsU
for^ac'h^O 21^ 9^ "h eld^ n d-n or’ any frM tiS^^F^I^^h^is 11
°
bonds will bo convertible after Aug. 1 U j o c ^ i n t n ° !
These
underwritten. V. 106, p. 2651; V. 107.'p °8 4 ? 292?698;V?1()8?P° 271? W" S
Trust bonds of 1916 have a^shikl^g00^
Collateral
able at 105 and int. See V. 103. p 1982.208T0 2157 2344- V
“
.
Security for 5 % Collateral Trust Bonds of I 9 i «
nf
™ lni „ ’ '
’
$10,900,000 stock of New England Tel.Ac Tel On
19lRbx
34.462.000 stock of New York Tel. Co (V ira
„„„
12,208.700
stock of Southern Bell Tel A Tel°OnPVv1 2 i Ao 10h & 7 08)
2
23.377.000 stock of Southwestern T . & T Co
P o i 986’U x
,
13.600.000 pref. stock of Pacific Tel. & T e l Co (V '
( p ‘ 1883)P' 7>*

*105 » 1 ? W

102

eral; and the Issue at any time outstanding
,7 7 .
,, v l lue or c01‘at'
.
the company’s capital stock then paid up] %■« g i S Q = c¥ A o % a™ % nt4 n
V. 85. p. 1398: V. 80. p. 999. 1113: V. 92. p on W M K
V
a,l0’ P- 40
These bonds are a direct obligation "of tha^nm??7’ V * 9j •p ’ 347/ .
posit with trustees of the following stocks a
n
d
and se^ ^ ed by de"
$102,809,650, (Est. value, $118,328,052; V. 105 d
v SQ aw f « ? ' ,J ? "
7
Shares— Collateral Sept. 30 1919 for Col. Trust 4* o f 1 aoA
>
350,000
Chicago Telephone C o . . __
4s of 1899­
60,565 Cincinnati & Suburban Bell Telephono'cn----------------- Qnoa’^ n
238,213
Mountain States Telephone & TelogranhCo----------oa’ a o f’ Qno
248,601 New York Telephone C o___ AU‘ egrapb C o................... 23,821.300
71.000 Wisconsin Telephone C o______
24,860,100
60.000 Southwestern Tel. & Tel. Co. (N ~ V 1
H aa
30.000 Southern New England Tel. Co * ' ----------------------- q
- - - - - N o" Eagland T - & T ’
4 % bondsVdue*1930........... 3 ® 0 0
The convertible 4s of 1906 (5150.000,000 original ,L. ,------7 K J ♦A.,
secured by any future mtge. or coll, trust lndpntiilJLssHm,are t0
call since Mar. 1 1914 at 105 and convertible in tn ^ n ^ r r J r rfT v r fr ^ io n o
to Mar. 1 1918. The conversion rate is decroa^in^a0^ from Mar. 1 1909
to convert the 4H % convertible bonds 0r ^ 3 3 1 l,f„s v ^ o ^
qoaH 1
^
699; V. 83. p. 438; V. 84, p. 105, 160, 273 933 13ro°
1411: V. 87. p. 1013, 1481, 1535, 1606; V. 8 8 ,p 4 5 3 9,5 n|89* f i I 9 7 Pv 1q4’

v

A89.000 M a y d im 's b jc o n v e % io n 1 n r sto^k. ^
to
0 K ° / 1636 ° ° ° ' ^
since Mar:\0a914
5^to Mar" 1 l°925?o? (b H n to ln ^ u a l ('0) ln’tp sftof k at 1 2 0

£2

afto™ a"* p a ^ °/?ra oim teoiit^re?luced rby° c™nver3 o ^ ^ ^ ’01
^ ^ 0 (^fr
^
$13,061,600 on Oct. 15 1919. V. 96. p . 204 '364 70“ • v “ in!?87« 0 fSk0 (i « ^
i
In Jan. 1919 the co. sold (V. 108, p 1 7 3 ) « 4 n nm 'n™ *9r’ p ‘
1939dated Feb. 1 1919 in order to redeem the $40 nno nnn’n0 9,O 5ly r ‘ %%
cT
maturing Feb. 1 1919. V. 108. P. 73 1067°v0'9nR B° Uo oyS^ ? 6r^anotCS
S
In Sept. 1919 tho co. (V. 109, p. 1275)
L o SSa S xM ’ 192’ „698- .
dated Oct. 1 1919 in ordor to provide funds n e i l ^ 0? 0 ’92° 3' yca7 °,% notfu
of tho Bell Telephone System, foreca?tcHl b v ^ h i
th° cxpe<;ted Srowtl»
volumo of business. V. 109, p. 1275, 1368 ° y
tben Present abnormal
000!000n
30-yeara
6% ^ebMturesT ' V

^

i

o

"

'

see beIow) sold $25’'

notos toTetire'no^e^duo M ayC 0 . v f l O ^ ^ S
1

f 3 ^ 0 0 .0 0 0

6

%

in N . Y. City, where the c o .’s offices are noW ^omed V T n T S ,e,BSf
The collateral trust bonds of 1902, made bv thn w JJn
Oo.t were assumed In Sept. 1912 and will *on AimnSS 0 Telep. & Tel eg.
endorsed with tho agreement to pay prin. arid int PPrhai on
t
or $5,527,000 Now England Tel. & Tel. Co “tock $ 3 37 ^ 7 nn P l? v e ^ d
Telephone Co. stock. $3,332,600 Wisconsin^ T e ln n E d 71rZ? 0 ^ t d ^H
$4,348,100 N. W. Telephone Exchange Co? "tocks?Ph
°
Btock
d
REPORT . - F o r cal. year aUongth in V 108. p. 1053. 1066; V. 109 ,p .272.
Dividends received.........$19,527,451 $28,894 254 * 2 fi17 i n ,Roi
Telephone traffic (net). 1x4,726,096 (7,887,548
8 i 3 « ’§ ? i 8 2 r '^4 4 ' 4 R
9
Real estate, &c...............(x 7 months) ( l 650 255
l
i ’? q1'
interest & other revenue
,
1.555,068
1,194,299
from associated c o s .. 18,022,220 17,805.006 u w o 0 7 0 1 ^ 4 0 7 0 7 7
Oompens’n Govt, contr’t 18,780,396 (This c C p e n ^ t i ^ i f for ^m onths)
K ,™ ™ *-........................ 8 6 r ’ 0 r6 ' 1 6 3 $56’221’952 550.932,051 $46,809,354
expenses........................ o ,/b d ,i 4 b
7,296,596
6,188,675
5,691,867
IntorLtarnlngS............... 8f n ’ 39?R Q7 $i 8 ’ 9pR’^ Z 544.743,376 $41,117,487

D M & r m r .: : : : : :

I fiij®

Carried to reserves------- $5,000,000

$2,500,000

$2,55o,000

2§ ® :f|?

$2,500!000

Carried to su rp lus... $3,671,623 $3,489,492 $ 4 391 non 83 018 R4 7
Balance sheet of Dec. 31 1918 shows’ p. i i f surplus $°3 414.697 '




Amount
Outstanding

12,072,720

Rate

5 in 1919
„ 6 g
See text
low
6
6

g
4g
4g
7g
6

When
Payable

145

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

& .T Julyl ’ 19. 2 H % Guar Tr C o. N Y , & Lon
& D Dec 1 1928
do
N Y only
Q— M Dec 1 1919. 5% Checks or div scrip mailed
New
Q—J Oct 1 ’ 19, 1M%
A & O Oct 1 1944
Guaranty Trust Co, N Y
F & A Aug 11951
do
do
F A A Aug 1 1951
do
do
M & N N ov 1 ’20 to ’23
do
do
M & S Mar 1 1921
New York

— Theo. N. Vail (Chairman of board) II B Thavpr
(President) N. C. Kingsbury (1st Vice-Pros.), Geo. F. Baker f f m , ,
ray Crane, Henry S. Howe, Chas. E. Hubbard, William Loweil 'Putnam"
4’ Waterbury.Eugene V. R. Thayer, Henry L. Higginson Lewis
Ledyard, Charles F. Adams, G. P. Gardner, Philip Stockton* W s r ’ if
Jord. V.-Pres. & Compt.; Sec., A. A. Marsters; Treas ? Geo’ D ' Mime"
?-7 C o 19 L 5 way’ N - Y - and 125 Milk St., Boston.— (V. 109 p 2 7 2 3 7 0 '
fo ^
478. 678, 983. 10S1, 1275, 1368, 1528.)
’ p ’ ^72’ 372’
CO.— Incorp. in N. J. March 10 1898 (V R7
p •.4458; tY . 107, p. 2010). Common stock, $6,000,000, fully paid ' ° 7,
LateDivs.—• ’06. ’07. ’08. ’09. '10. ’ l l . ’ 1 2 . ’13. ’ 14. ’ 15. ’16.'’ 17
io is
Com.cts.per sh. 49 63 45 18 6 7 ^ 45 27 54 81 4 5 81 7 6 ^ $ 1 0 3 ^
BONDS. The $6,000,000 1st \1. 4s due Jan. 1 1919 were replaced hv
an issue of $6,000,000 1st M . 6 s due Dec. 1 1928. V 1 0 7 . p 2010 V 7 n
p. 179; also V. 76, p. 296. In 1901 purchased control o f W ool Exchange
owning^bmkhng^260^ West Broadway, subject to first mtge. of S200.000’.
R E PO RT.— For year ending Mar. 31 1919 in V 109. p. 267, showed:
-n 4 4
t .
.
.
1918-19. 13 mos. 18. 11 mos. ’ 17 Year 1 Q1 «
Net after interest, & c._ $2,099,780 $4,058,481 $1,418 170 SI 529 4 8 8
244,524
244,524
244 524
244 5 2 4
Pref. dividend (5 % )-----Common div. ( % ) - ( 2 0 ^ ) l ,200,000(22)1,242,000 (18)918!000 (18)972 000
Pres. R C. Kerr, Montclair, N. J.; Sec. & Treas., J. G. Wvlie 260 Ui.ct

?.'267’.)

Y ' ~ (V- 105’ P‘ 711 V" 106’ P‘ 926: V’ 107.

176, 20i0; ’V.Tol!

(THE) AMERICAN TOBACCO C O .— O R G A N IZ A T IO N A merge*
19 1904 under New Jersey laws. V. 79, p. 1024 1705' V 80 rf^R sf
m Sin ,MHy 2 9 .19,,11 ‘ h e.u - s - Supreme Court held the oompany a comblnatfon
in violation of the Anti-Trust law (V. 92 n 1 5 0 1 ) and ron n i;^
a" on
^
Properties bo disposed of. Properties an dL tp^ rrem aln togafter^ h e
iforosaid sale was given in V 94, p. 280; V. 107, p. 1670. In April 1918 the
D
,? ^ & 7& ?K .over the B u l1 Durham output o ft h e Durham 1
n
?579^S 2 ’000.000 lbs. monthly for its fighting force abroad. V. 106, p. 1463’
( o O c t .l O l 9 the A. T . Securities Co. (which P
seebelo°3) ’ a closeP
aOv9nf
the United Retail Stores Corp., offered to acquire all o f the issued shares
of the common stock of the American Tobacco Co m / i n m - i S J ” ?
issuing and delivering four (4 ) shares o f i K n c o m ^
and non-assessable. for each such share delivered to the G u a ^ t v T ™ !*
C o., N. Y ., prior to 3 p. m. N ov. 14. Betwwn
deposited. V. 109, p. 1989, 1894.
eU% and 75% reported
There is under consideration the making o f an offer which will entitle th„
record holders of the Dividend Certfs., issued by the?\merhan Tobacco^
commonly called "Scrip,” to participate in this reorganization
International Trade Alark Corp. below.]— V. 109 n 1 5 2 8 ir i i
omPar®
The Mongol Box Co. of Louisville, a majority of whose 8 6 non "nnn
is owned by the Am. T ob. C o., placed $4,000^ 000^7% sedll^gAld
0Ck
?atlS421° V' 1 1 9 1 8 a" d dUG $ 1 ’ 0 0 0 ’ 0 0 0 yearly N ov. 1 1920 to l ^ ^ V ^ l O ^
^P,ISJ?L’PEGRATION.— The plan of Oot. 1911 (see V 93 n 1199 iqok
1557, !603’ 1670) divided up the business of the company
Ifn e a
5
imong 14 separate and independent companies, no one of them havi™
control of or dominance In the trade as to any of the products manJJf
ay it. or as to purchase of raw material, and no one of ?hem h » im iU
.red
nterest, byway of ownership of stock or otherwise In anv o?th ^ nnf- K
Subsequent status, V. 95. p. 1405; V. 100. p. 311. 644; v To2 p 970
T hn
leading independent companies resulting from the disint<£rafr™ Tbe
Liggett & Myers, P. Lorillard C o., Reynolds Co A
are:
George W . Helme C o., and Weyman-Bruton.
° ” American Snuff C o..
8TOOK.— The pref. stock all ranks now as 6% crnnuiaHm ... , ,,
voting rights. V. 102. p. 523. The shareholders v otol M ^ R ® ,7*,^ ,^
fu.U
retire $25,989,400 of treasury preferred capital stock thus^rfvinr.lni^h0
Authorized pref. from $80,000,000 to $54,010,600. V 104 p 766 1 0 4 7 h*
To place the company in a position to issue stock sh mi ih
i,? 472,
“ the fu tp e , the shareholders voted Jan. 7 1918to change 5 nnnon
597,576 shares of unissued common stock into "common
having the same rights to dividends and upon iTJidation ^s
shares of common stock, but without any voting rights Th?, d m ! ,
it was announced, has no plan for selling any of the Dronn.«S
w “y'
Class B common stock under developments which
d °£~VOtm8
>,«
But see “ Dividends’’ below. V. 105, p. 2367.
b foreseenD m D E N D B .-O n common stock since ‘ ^ In teg ra tion ’ ’ of 1911 to 1912.
Regular, cash(%) 7H

20 '

2 0 9(text) 1920 (5% Q?-M?917' 191t^ ’t
19’

8crip.1pa4 o fd S ^ a.r'lJlU
dP
<H5an Ai?o°C
Setft^l9n $ 2 0 ner'sha914/ 5<^° In,
i^
certain securities under the disintegration plan
8al® of
chine & Foundry Co. stock and In March 1 Q13 a
? i ? Amer- M a­
i l s per share. V 95. p. 362 620;Var93 .19.14 2 1 lmO n S l d
C p
2Oto^
tribution was made in restricted B deferred n r H i n u rU 2 0 i 9 1 4 a dls'
Tob. Co. equaling about 215-240?or about Q-10 .?f i n y ShareST L Irnperial
d
70
The directors In Jan. 1918 decided^ that for a^owlod^hn diIid!,n,dP' 841'
the common stock should be paid In serin h£nin„
diY nds upon
ld®
6 % per ann. int oavahle M A q «n^ * f!*
7 p2 n®aidng interest at rate of
1918 and redeemabl^atmaturRv^ir? cash1
ln 3 year,s
M ar’ 1
Cash option eliminated beginning M aSh^l IQto
, B
parv
l
quarter 5% in scrip March H o i S to J^ne 1 9 1 9 ' According,y paid each
V V
i p. 582,d97VC 106, 'p. 193, Quarterly 1902, 2452. V. 109. p. 579:
1 582 975, V
“ m ? 298, 608, 5% in cash.
v. ius,
V.
dlscount^notes^to^nrnvida syndicate took an issue of $25,000,000 6 %
2231 V 105 n ?«ooO oo^nf 0o ^ e 8 f®atly increased business. V. 106, p.
V
r,
with an" issue of 8 9 5 90 f?r? on'n2 lir6, In N ov’ 1 9 1 8 these notes were replaced
8 3 3 3 3 3 3 3 V?,,ViHo ’000’P00, 7% notes. maturing $5,000,000 Nov. 1 1919.
fifth velr hm ^ iffK ieacb ° [ t? e three following years, $ 1 0 ,0 0 0 ,0 0 0 for the
callable as whole or in series (the earliest maturity first) as
h»ihwr 3 ™ » ~ for uot°s having 4 years or more to run; 104% for notes
°r.mpre (but less than 4 years) to run; 103% for notes having
d y^,a
J-„°/Krri? r (bu,t 'ess than 3 years) to run; 102% for notes having 1 year
ie
(pnt less than 2 years) to run; 1 0 1 % for notes having less than 1
years to run. VVhile any o f these notes are outstanding none of the real or
personal property can be mortgaged (Liberty bonds alone excepted) and
the quick assets must not fall below \% of the current liabilities plus
these notes. V. 107, p. 1670. 1748.

i 40

[Vol . 109.

INDUSTRIAL STOCKS AND BONDS

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

American Type Founders— Common stock-------------------------Prelerred (a & d) stoca 7% cum $3,000,000 red 105--------Deb gold $1,000,000 s f $20,000 y ’ly began Sept 1900.Ba*
Deb gold $2,000,000 red 106 s fd $30,000 y'ly (t e x t).-.G .z
Deb gold $1,000,000 g call 105 s fd $40,000 yearly----- Q c*
Amer Water Wks & Elec Co., Inc.— Comstock $10,000,000
First pref (a & d) 7% cum stock red 110 $10.000,000--------6 % participating pref stock red 105 $10.000.000__________
Collat. trust bonds $20,000,000 auth call 1 0 2 _ Baxxxc*
_
Amer W holesale Corp— Common 150,000 shares---------------Preferred (a & d) 7% cum call 110 s f auth $9,000,000-----American Window Class Co— Pref stk $4,000,000 7 % cum

First Mtge & Collat bonds sinking fund call par---------------American Window Glass Machine— Com stock $13,000,000-.
Preferred a & d stock 7% cumulative $7.000,000-----------American Woolen— Common stock $20,000,000------------------Preferred stock 7% cum (a & d) $40,000,000 auth--------Ayer Mills Con & Equip notes guar p & 1 (end) call at 102
American Writing Paper— Common stock--------------------------Preferred (a & d) stock 7% cumulative $12.500.000--------New 1st M $12,000,000 sk fund from Jan 1 1919
call 105__________________________________xxx.0B.c*& r

Date
Bonds

1896
1909
1917
1914
1912

1917

1919

Par

Value

Amount
Outstanding

When
Payable

Rate
%

$ 4 ,0 0 0 ,0 0 0 4 In 1919
2,560,600 7 In 1919
6 g
577 500
6 g
880 800
6 g
913,900
100
9 200,000
100
5.450.000 7 "in’ 1919
100
1 0 .0 0 0 .0 0 0
1 0 0 &c 16,673 600
5g
None 90,000 shs.
7
1 .0 0 0
8.500.000
7
100
4.000.
000
801 0 0 0
6 g
1 ,0 0 0
100 12,9’ 9 550
6,997.550
100
0 00
5X\n '19
1 0 0 2 0 .0 0 0 .
7 in
000 1919
1 0 0 40.000.
5
1 .0 0 0 .
000
1 ,0 0 0
9.500.000
100
100
12.600,000
$100
100

100
100
100

&c
&c
&c

1 .0 0 0

1 2 .0 0 0 .

700
0 to

6

Last Dividend
and Maturity

Places Where Interest ant
Dividends are Payable

Q— J
Q— J
M A N
M & N
M & N

Oct 15 1919,1% Checks mailed
do
Oct 15 1919,1
Bankers Trust Co, N Y
May 1 1926
May 1 1939
Guaranty Trust Co, N Y
May 1 1937
do
do

Q-F 15

Nov 25 '19,

A

&

O Apr 1 1934

Q— J Oct 1 1919 IX
M & S 7 Sept 1 1919 'AX
F & A Feb 1 1922
See text
Q—J Oct 1 1919 \X
Q—J 15 Oct 15 1919 IX
w—J io Oct 15 19 1 X %
M & 8 Mar 1 1920

% J

New York
N Y . London & Paris
Central Un Tr Co, N Y
By check from Pittsburgh
Farmers Dep N Bk, Pitts
Pittsburgh. Pa
do
do
Company’s office, Boston
BrownBros&Co.NY.Bost

Apr 1 1913 1% Checks mailed
&

J Jan

1939

Cosof NY ;01dColTr ,Bost

STOCK.— Annual sinking fund for purchase or redemption of Pref. stock
commencing July 1 1920 is to receive 25% of net profits after Pref. divi­
dends, but not less than 3% of the largest amount of Pref. stock at any one
time outstanding. Redemption price, $110 and divs. No mortgage with­
out consent of 75% of Pref. stock. Initial dividend of I X % paid on Pref.
stock Oct. 1 1919.
Sales and Profits Before Federal Excess Profit and Income Taxes.
Year—
1916.
1917.
1918.
* After deducting Federal excess profits and Income taxes.
Sales_____________________ - .............$20,735,638 $23,700,722 $24,502,376
During 1917 (not 1918) the company sold over 8.000,000,000 cigarettes, Profit before Federal taxes, &c.......... 2,012,937
2,600,748
2,501,341
64.000. 000 lbs. of smoking tobacco, 33,000,000 lbs. of plug tobacco.
171.000. 000 little cagars and nearly 74,000,000 cigarette books; and Ameri­ Sales for the first 9 months of 1919 were $26,492,036, an increase of $6 ,­
705,447 over the same period of 1918.— V. 169, p. 1528.
.
can Cigar Co. sold over 515,000,000 cigars. V. 107, p. 1670.
Jacob Epstein, Pres., Abraham I. Weinberg, Nathan Epstein, A. Ray
DIRECTORS.— Perclval 3. Hill (Pres.), Charles A. Penn, C. 8 . Keene. Katz, Sidney Lansburgh. Office Baltimore. (V. 109, p. 272, 1528, 1894.)
W.
O’Brien and G. W. Hill (V.-Ps.), J. T . Wilcox A . L. Sylvester,
AMERICAN W INDOW GLASS CO.— See American Window Glass
T. E. Lipscomb, M . W. Reed, James C. Brady and J. H. Mahler (V .-P.), Machine Co. below and in V. 108, p. 582, 975; V. 109, p. 372, 1611, 1790.
F. M Da Costa, C. F. Neily (Sec.). The Asst. Sec. is Richard J. Boylan
AMERICAN WINDOW GLASS MACHINE CO.— ORGANIZATION.
and Treas. J. M . W . Hicks. Office, 111 Fifth Ave.. N. Y .— (V. 108, p. 582,
— Incorp. in N. J. on Mar. 6 1903. V. 76, p. 596. Owns exclusive rights
975,1054, 1938; V. 109, p. 579, 1275, 1528, 1894, 1989.)
in certain window-glass machine patents in the U. S. See V. 109, p. 372;
AMERICAN TYPE FOUNDERS CO.— Incorporated In 1892 under laws V. 76, p. 596, 707: V. 107, p. 2010. Also owns $12,999,100 of tho $13,000,­
of N. J. See V 55. p 625. and adv. In 1896 the capital stock was re­ 000 com. stock of Amer. Window Glass Co. (V. 107, p. 1668) and leases
adjusted. V. 62. p. 682. New plant, V. 77. p. 1292; V. 79. p. 1703. In patent rights to latter on royalty; total said royalty accrued May 7 1903 to
1918 purchased portion of Keystone Type Foundry for $350,000, and its April 11 1919, $11,627,954 (including $1,880,383 accrued in year 1918-19);
standard merchandise for about $850,000. giving in payment $800,000 royalty paid, $11,627,954; balance royalty accrued, $1,369,772. Is also
debentures due in 1937 and about $400,000 cash. V. 108, p. 1833.
entitled to back and current royalties from all other companies using its
Owns $1,000,000 Barnhard Bros. & Spindler com. stock and guarantees machines. See V. 109, p. 372. V. 76, p. 707, 867; V. 77, p. 2282; V. 79,
$1,250,000 7% 1st pref. (par $100; dividends (Q.-F.); also $750,000 7% p. 2644;V. 9 1 .p. 1027.
2 d pref. stock, prln. & dlvs.. according to terms of an agreement with
DIVIDENDS % .—
1915. 1916. 1917. 1918. 1919.
Guaranty Trust Co. of N. Y. dated May 19 1911. V. 92, p. 1601.
On cum. Pref. stock________________ 7
47U
34
20
7
DIV ID E N D S.— On common, Oct. 1898 to Oct. 1919, Incl., 4 % p. an.
On Common, cash_______________
_
10
..
In addition. In Jan. 1902 6 % scrip; In Apr. 1903, 3% scrip: Apr. 1909 . 2%
do
Liberty bonds________ **
””
..
5
7
■crip; May 1913. 2% , scrip, was paid; Mar. 1917. 2% scrip, applicable in
All the accumulation on the Pref. stock’ having been discharged in Jan.
payment for bonds of 1917. V. 104, p. 1265. Dividend scrip outstanding 1918, an initial dividend of 10% on common was paid Juno 29 1918. V . 106,
Aug. 31 1918. $25,450.
p. 2652. On Oct. 5 1918 a dividend of 5% and in Juno 1919 ono of 7% was
DEBENTURES.— Of the 6 % debentures dated May 1 1909, $800,000 are paid on tho common stock in U. S. Liberty 4 !4% bonds. V. 107, p. 1103;
to be used to retire the old debentures. A sinking fund of $30,000 and $20 - V. 108, p. 2024.
0 0 0 additional when the old debentures are retired will be used to purchase
REPO RT.— Roport of tho Machine Co. for year ended April 30 1919
the debentures at not over 106 or draw them by lot at 106 and Int. V 8 8 , (V. 108, p. 1938, 2626) showod: Net income (after taxes, &c.), $2,972,741;
p. 627: V. 89, p. 1068. On Aug. 31 1919 notes payable aggregated $975,000, pref. dividends, $490,861; common dividends (15% ); $1,949,660; balance
against $1,159,000 in 1918: debentures. $2,372,200, against $2,484,500; surplus, $532,220. Report of tho Amer. Window Glass Co. for year ended
pref. stock, $2,560,600, against $2,360,000. V. 109, p. 1889.
Aug. 31 1919. V. 109, p. 1790.
Pres., M . K. McMullin; Sec. & Treas.,A. E. Braun, Pittsburgh, Pa.—
RE PO RT.— For year ending Aug. 31 1919 In V. 109, p. 1889:
Year—
Net
Common Dio. Preferred Div Bal., Sur
(V. 106, p. 2652; V. 107, p. 1103, 1669, 1921; V. 108, p. 975, 1938, 2024,
1918-19........................... $518,484 (4%)$160,000 (7%)$175.785 $182,699 2626, V. 109, p. 372. 1701, 1894.)
1917- 18........................ 446,271 (4% ) 160,000 (7% ) 165,242
121,029
AMERICAN WOOLEN CO. (OF MASS.)— O R G A N IZA T IO N .— Incor­
1916-1 7..................
401.641
(4% ) 160.000
(7% ) 165,24279.399 Mas*. Feb. 15 1916 as a reincorporation of the N. J company
porated in
Pres., R . W . Nelson, 300 Communipaw Ave., Jersey City.— (V . 104. p. with the same name and capitalization.
In 1899 merged the Washing­
1047, 1265: V. 105, p. 1800; V . 106, p. 398: V. 107, p. 1833, 1839: V. 109, ton Mills. Lawrence. Mas*.; National Providence Mills Providence. R. I.,
p. 1889.)
See.; see V. 6 8 . p. 472; see also p. 716; V 69, p. 77; V. 73 p 446: V 71,
103, p.
78.
U18;
90. p
AMERICAN WATER WORKS & ELECTRIC CO.. INC.— O R G A N I­ p 545. p. List ofpropertles, V. V. 101 580 V 1554p 1715 VV 102 p 622;
V 91.
71. p 1316;
p. 529
253,
ZATION . &c.— Incorporated In Va. April 27 1914 (per plan In V. 98. p. 347, 802, 1162: V. In March 1919 purchased Whitestone Mills, Ellenville,
1542.
914, 1074), as successor o f the American Water Works & Guarantee Co. Conn. V. 108, p. 1276. Bank loans Dec. 31 1918, $3,350,700. V. 108.
V. 101. p. 372. 769; V. 105, p. 1519: V. 107, p. 1477.
Properties owned or controlled: (a) Water-works supplying cities and p. 2237.
In May 1918 owned or controlled (a) cards. 1.036 sets woolen and 271
towns in U. S. [see capitalization V. 105, p. 1519; V. 102, p. 713; V.87, p.1092: worsted:
V. 91 p 158; V. 95, p 1547; V 97. p. 959 1050: V 98. p. 1005: V. 100. 213 viz.: looms, 1.006; combs.411 English and 25 French:spindles, 750,010,­
EngILsh worsted.
worsted. 185.840;
p. 558; V . 108, p. 1938]; (b) West Penn Trac. & Water Power Co. Elec. 058. Government control290.112; French In May 1918. V. woolon. 274.­
of wool. &c..
106, p. 1747,
R y. Sec.” and V. 107, p. 2471; V. 105, p. 1518; V. 102, p. 891; V. 104, p.
2012, 2179, 2180; V. 107, p. 804, 854. Status 1919, V. 108, p. 381, 2328.
766; (c) 33,000 acres of land in Sacramento Valley. V. 107, p. 1477.
Employees 1918, V. 108, p. 482. Group insurance for employees, V. 109,
Bonds of subsidiary companies in hands o f public June 30 1919 (excluding
Ports. Berk. & Suffolk and Racine Water cos. sold to cities), aggregate p. 75.
The Wood Worsted Mill Corporation which was merged In Sept. 1910,
$22,319,000, against $24,498,500 in 1918; collateral notes o f sub. co.,
owned a large mill at South Lawrence. Mass., for the manufacture of yarns
$400,000.
and men's wear fabrics. V. 81, p. 900 842: V. 84, p. 1054: V. 86, p.
VOTING TR U ST.— All or the stock Is vested for 5 years from Apr. 27 599: V 90. p. 622; V. 91, p. 5 2 2 . 1162.
1914 In 5 voting trustees viz. E. O. Converse. William Nelson Cromwell,
The Ayer Mills, whose stock is owned, built a yarn mill at South Lawrence,
Howland Davis, Wm. B. Schiller and A. n . Wiggin.
Mass. V. 8 8 . p. 508; V 90. p. 622. 701: V. 92. p 1312: V 102. P. 8 8 8 :
STOCKS.— The 6 % participating pref. stock Is entitled to share with V. 104, p. 766. On March 1 1918, and again March 1 1919, $1,000,000
the common stock In any dividends over 6 % declared in a°yJ_e¥n2n
* * Ayer Mills 5% guar, notes of 1910 were paid. V. 106, p. 1346, 2453. 2561;
In 1917 the outstanding common was increased.fromi $7,000,000 to V. 108. p. 1276.
v
,
The American Woolen Products C o., organized to carry on a general
$9 200 000 and the first pref. from $5,000,000 to $5,450,000 per plan in
export business, began business on Apr. 1 1917, and opened branch offices
V. 104, p. 1803; V. 105. p. 182.
D IV ID E N D S.— The accumulated dividends having been discharged as in Canada, South America, Mexico and in the Far East. V. 108, p. 2328.
D IV ID E N D S.—
1916. 1917. 1918. 1919
above stated (compare V. 106, p. 50), 1 % % was pa-ld quarterly Aug. 25
/
L
On common stock-----------3x
5
5
OX
1917 to N ov. 25 1919 on tho $5,450,000 7% cum. 1st pref. stock.
do. in Liberty bonds (Feb. 1919, 5; Apr. 10 % ).....................................
BONDS.— Of the collat. trust 5s ($20 000.000 authorizedissue) .$ 1 7 .­ On pref. stock— July 1899 to Oct. 1919, p. a ________________________ - J
840.000 had been Issued to June 30 1918. of which S599.900 were in the
In Oct. 1919 increased the common div. from 1 X quarterly to 1)4% .
treasury. $756,000 had been retired and canceled, and $213,600 otherwise V. 109, p. 983.
E A R N IN G S — Report for year 1918, in V. 108, p. 2237, 2328, showed:
1918.
1917.
1916.
1915.
i o f subsidiary
Not profits (after taxes) .$12,324,084
..........................
VoTfoaS
R E PO RT.— For year ending June 30 1919 in V. 109, P - 1989, showing:
Net profits (before taxes) ------------ $15,664,985
*8.210,761 $5,160,295
-----Water Companies----- ------ West Penn. Rys—
Earnings of
Pref. dividond (7 % )--------$2,800,000 $2,800,000 $2,800,000 $2,800,000
Subsidiary Cos.—
1918-19.
1917-18.
1919—6 Mos.— l918.
...............
Common dividend------( 1 0 ) 2 ,0 0 0 ,0 0 0 (5 ) 1 ,0 0 0 ,0 0 0 (5)1.000,000
Gross earnings..................$5,011,316 $4,973,392 $5,234,007 $4,556,972
Insurance, &c., fu n d ... 1,500,000
2,500,000
......................................
Net. after taxes................. 2,294,437
2,494.470
1,789,482
1,713.047 Reserve for taxes...........
x
3,000,000
-------f TiVo'cno
Balance, after charges. x_
463,068
618,953
734,492 .
683,291 D epreciation.................... 5,251.557 3,320,829
2,346,943
1,079,609
x Interest, depreciation and payments on preferred and outside stock.
Company's Income Account—
1918-19.
1917-18.
1916-17.
Bal., surplus................. x$772,527 $3,044,156 $2,063,819 $1,280,685
Co's proportion net earns, water cos__ $463,067
$618,953
$ 6 8 8 ,3o7
Total p. & 1. surplus, Dec. 31 1918, $19,724,623.
__ . „ . „
.
x Net profits for 1918 are shown, after deducting roservo for taxes and
Income from invest., &c., incl. pref—
stock West Penn. Trac. & W . P _____ 927,930
861,426
849,659
C ,[)n tE C T O R S .— Wm. M . Wood (Pres.), Wm. M . Wood Jr., (V -IV ),
O
$1,480,379 $1,538,016 Wheaton Kittredge, Henry P. Binney, Andrew G. Plwce Jr. (V. I ), Geo.
Total income Am .W .W .& E l.C o_$1,390,997
Netearnings..................... - ......................$1,263,953 $1,396,259 $1,462,582 L Shepley and W II. Dwelly (Treas.). Office1 245 State St Boston.
.
Bond interest, &c_______________
828,843
811,073
814,347 Mass.—-(V. 108, p. 381, 482, 975. 1062, 1276; V. 108, p. 2237, 2328, v . iUJ,
Dividends on first pref. stock-----381,500
381,500 See text.
n. 75. 678, 983.)
___ ,
AMERICAN W RITING PAPER CO.— ORGANIZATION.— Incorpor­
Balance.........................................
$53,610
$203,686
$648,235 ated in N. J. on Juno 25 1899 as a consolidation . In April 1918
1 26
OFFICERS.— Pres., II. Hobart Porter; V .-P., J. R . Purdy; V .-P . & separate manufacturing plants, 16 of these located In Holymce.Ma
Treas C ecils Ashdown: Sec., W. K. Dunbar. Office, 50 Broad St., N. Y . the other 11 in Mittineague (2), Huntington and South Loo M a^ . Man
Chester Unionville and Windsor Locks, Conn., Franklin ana &xcei 10 .^u.
— (V 108?p. 81, 173. 271. 1722. 2243; V. 109, p. 1701. 1989.)
and De Pure, Wise. Departments: Writing and lodger papers, specialties
A M E R I C A N W H O L E S A L E C O R P . — ORGAN IZATION .— Incorn. Juno
and covers, books and papoterles and envelope papors. V . 69. p. 2 o, 128,
27 1919 in Maryland. Its business started in 1881. Is conducted througn 227; V. 70. P- 998; V. 80. p. 1172; V. 90, p. 625; V. 92, p. 4..8 In Feb.
catalogue instead of salesmen, and comprises nearly everything sold by 1917 important new interests became directors. V. luo, p.
the average department store (except groceries). See V. 109, p. 272.
REPO RT.— Report for year ending Dec. 31 1918, in V. 108, p. 1054.
Cal.
Net
Bond
Pref. Die. Com. Dio. Bat.,
Year— Sales.
Income.
Int..& c.
(6 % ).
(20% ).
Surp.
1918S144,470,069*319,034,762$2421,722 $3,161,982 $8,048,480 $5,402,578
1917. 89,920,249 *13,563,665 252,980 3.161,982 8,048,480 2.100,223
1916- 70,009,437
12,412,623 114,566 3,161.982 8,048,480 1.087,596
1915. 64,710,286 11.434.019 199,438 3,162.770 8.048.480
23,331

n.




Nov., 1919.

INDUSTRIAL STOCKS AND BONDS

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

Date
Bonds

American Zin c Lead & Smelting; Co— Common stock___
Pref stock cum 21% (entitled to $100 per share in liquidation) —
Granby Mining & Smelting 1st M (closed) assumed call
sk fd, $100,000 yearly (V 104, p 1492, 1486)________ NC 1916
Anaconda Copper Minins C o —Stk $150,000,000 auth___
___
Secured gold bonds $50,000,000 Ser A ______________G.yc* 1919
Anglo-American Oil Co— Stock £3,000,000__________ _____ __ _
Appalachian Power Co— 1st M $25,000,000 s f call 105.CC.xc* 1911
Collateral (renewal) notes_______________________ _ _____ 1918
Second mortgage $3.000.000______________
1-13
Interest (unsecured) notes (as on Dec 31 1918)
var

Par
Value

Amount
Outstanding

Rate
%

$25 $1,828,000 See text
25 2,414.000 24%in’ 18

When
Payable

Q—F

147
Last Dividend
and Maturity

M ay 1 1917 4%
Nov 1 1919 6 % Boston Mass

J & D June 1926
1.782,500
5g
50 116.562.500 9% in’ 19 Q— F 28 N ov 24 '19 2%
J & J Jan 1 1929
25,000,000
6 g
£3.000,000 See text See text Ju lyl6 ’ 19, 15%
1.000 8,553,000
5 g J & D June 1 1941
1 0 0 &c
2,170,700
7g
See text Jan 31 1920
1 .0 0 0
Pledged
M & S Sept 1933
6 g
858,385
Sept 1 1920
1 ,0 0 0
£1

Places Where Interest and
Dividends are Payable

Chicago Northern Tr Co
National City Bank V Y
Nat City Bk & Gu T .N Y
Guar Trc'o, N Y, Lon, dec
1st Nat Bk, MY & C O
N YBa& WPBonb&Co Ln
Bankers Trust Co. N Y

Appraisal in 1917 plus additions showed on Jan. 1 1919 physical property
and working capital to a total o f over $25,000,000 offset in part by ou t­
standing obligations, viz.: bonds, $ 1 1 ,0 0 0 ,0 0 0 : notes, accounts payable. &c
$2,818,046. V. 106, p. 1793: V. 105, p. 1524: V. 108, p. 2239 Notes pay­
able (as o f Dec. 31 1918), $840,000.
P
y y

000,000 authorized stock ln $25 shares, of which the Anaconda will own
about 80% . to develop copper deposits under option about 13 miles from
Status o f So. American properties in
iy iy see V. 108, p. 81, 2020.__
In Sept. 1918 acquired the Walker mine of California from the Plumas
P R E P . S T O C K .— Total auth. and issued, $12,500,000 7 % cu m .; total
Mining C o., at a price said to be $660,000.— V. 107, p. 1103.
dividends accrued thereon from organization in Julv 1899 to O ct 1919
In 1918 completed a rod and wire mill capable of rolling 100 tons of copper
1 4 1 ^ % , less 10% paid in 1908-’ 13; balance unpaid in Oct. 1919, 1 3 \ % % .' daily, marking entry Into the metal manufacturing business. V .106, p .1895.
BONDED DEBT.— The plan of 1918 (given in full in V. 107, p. 1674, DIVS.
% f -05. ’06. '07 '08 to ’ l l . ’ 12. ’ 13. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18.
1748, 2010, 2190, 2291, 2478: V. 108, p.381,685) recasts the funded debt Since 1904--------- \ 8 19& 26 8 yearly
9
12 10 6
14 17 16
as follows:
_
In 1918, Feb., M ay, Aug. and N ov., 4 % . In Feb. 1919 dividend re­
(а) The bonded debt consisting of $17,000,000 1st M . 20-year 5s due duced from 4 to 3 % , and in M ay to 2% ($1 a share); Aug. and Nov. 2%
July 1 1919, o f which $11,000,000 then were in the hands of the public
($1 a share). V. 107, p. 2478; V. 108, p. 1276, 2631.
$3,<77,000 in sinking fund and $2,223,000 purchased by the company and
BOND ISSUE.— Of the $50,000,000 ten-year Secured gold
held^in its treasury was retired and canceled on or before maturity, July $25,000,000 o f Series A were sold in Jan. 1919 to provide forbonds o f 1919
the develop­
ment of the South American property and to reimburse the treasury on
Each $ 1 .000 outstanding bonds exchangeable for $1,000 new bonds.
account of capital expenditures. These bonds are secured by practically
(б ) A now (closed) $12,000,000 20-year mortgage was created, dated as the entire stock not only of the several South American companies (mining,
o f Jan. 1 1919, o f which $11,000,000 was applied to refunding the $ 1 1 0 0 0 - exploration and railway), but also in the Raritan Copper Works, Int.
0 0 0 of bonds held by public and $ 1 ,0 0 0 ,0 0 0 war ap plirableto roroorate
Smelting C o., Int. Lead Ref. C o., &c. No mortgage can be made without
requirements.
V. 108, p.
The new bonds bear interest (1) at 7% p. a. from Jan. 1 1919 to and securing these bonds as a prior lien thereunder. at maturity81. ar. 1 1917.
The $16,000,000 5% 2-year notes were paid
M
including Jan. 1 1921, and. if the war still continues, for a further period V. 104, p. 865: V. 100, p. 735, 1080; V. 102. p. 707.
to and including the first interest period after war ends; (2 )thereaft«r 6 % .
Output (in Lbs.)— V. 109, p. 1794.
1919.
1918.
1917.
(c)
SinjUng fund for new bonds: An annual 1 % o f bonds outstanding,
15,000,000
23,450.000 22,336,460
plus (1) 25% of the net surplus earned in any one year after providing for Month o f October...........................
10 months to Oct. 31------------- 131,482,000
253,334,000 211,361,469
depreciation, fixed charges, &c., until the amount o f bonds outstanding has
REPO RT.— For cal. year 1918, with bal. sheet, was in V. 108, p. 2019.
been reduced to $ 1 0 , are 0 0 par value; (2 ) and th^wftOT 15% of such net
surplus till the bonds0 0 0 ,0 all retired.
tnereauer ia % or such net
Years ending Dec. 31—
1918.
1917.
1916.
Fine copper produced (lbs.).......293,603,726
253,508,332 331,893.273
REPO RT.— For cal. year 1918 in V. 108, p. 1817 2239 showedSilver produced (ounces)........... .......... 10,967,905
9,031,026 11,837.769
Gross Sales. Net Income. Bond Ini. Exp &c Sink Fd
Ral
64,318
58,546
92,099
Gold produced (ounces).................
1918—
.$21,327,777 $2,792,295 $554,359
a$9S5 306
SI 252 629
Sales of copper, silver and gold-------$109,504,744$109,055,593 $96,097,709
1917------ 15,019,564 1,486,153
566,530
b769 335 ........ 5 1 150287
Income from invests., sub. depts.,&c. 13,116,306 16,932,058 17,217,174
....................... f ’065.122 850.000
590>44 YOO.6 6 6 2.524:378 Copper, silver and gold on hand- 27,865,266
32,966,589 37,225,804
l y i o ------ -----------UoO o50,000
449.900 1 0 0 0 0 0 dof 19fi
ab Include Fed. tax reserve, viz.: (a) 1918, $225,000: (6 ) 1917\ $171 060
Total receipts..
---------------------$150.486.317$158,954.240$150.540.687
PREF. DIVS.— Juno 1908. 2% ; 1909. 1%; 1910 to April 1913, 2% yrly. Copper, silver & gold on hand Jan. l.$ 3 2 ,966,589 $37,225,804 $18,944,075
None since. V. 97, p. 367, 446. Accum. pref. divs. to Jan. 1918, 120%. Mining, transp n, roduc’n, deprec., &c. 96,040,325 86,868.409 79,817,096
O F F IC E R S .— Chairman, W alter T . R osen; Pres

George A

Galliver-

B ^ M ^ . N. V n ie k ^ T r ^ s ^ B. F t w 9 ? m pbe11 and F. R. Gee.
Sec., M ^ g lnSlotnlck, Treas., it ’ K.' Hutchinson; Comp., John T. Wolohan;'
DIRECTO RS.— Henry Evans, H. B. Lake, Otto Marx Walter T Rosen
Parmely W. Herrick, F. M . Tait and W. C. Loreo Carl T SchmidlaDD and
W . Mason Smith, all of New York, N. Y .; T . A Jones F rankim O J K
Branch. Richmond, Va.; George A. Galliver, IIolvike M a^ M E
Marcuse, Richmond, Va.; Edwin Packard, Brooklvn Tf Y • lames D
v
Gallery. Pittsburgh, Pa.; Ridley Watts, o f New York Gear4 C Lee
Boston.— V. 109, p. 175, 373, 770, 1611.
’ uoorge u ’ ^ eeA M E R I C A N Z I N C , LEAD & S M E L T IN G C O . — ORGANIZATION —
Incorporated Jan. 26 1899 in Maine as a mining and smelting romnanx
It Is also a holding and operating company for certain Isutefdiaries ?V P102
p. 73; V. 104. p. I486) In Missouri. Tenmssee. Wisconsin. Kanslfadd Ills'
Settlement of ore flotation suit, V. 105, p. 1804
Govt nricn of rinr
l 2 2295P 2 3 .ternllUatC(1 ^
r45b
1 1919'
^ 107-P 858. 1748.2378; V. 106,'
STOCK.— On June 15 1916 there were Issued 96 560 shares or nref
stock (par value $25) as a 50% stock dividend
The nref sh.^os are en.
titled to cumulative quarterly dividends o f $6 per share O -F or 24 < ner
7
ann. and are callable at $100 and divs., and in llquidatloh will receive ur
n? stock, V0U102 p. 2330, llo 4 , 69. ih c total Y St0'common And list in*
k Exch. on nrof
of
V. 102,
stock
is limited to $7,500,000. Accounts payable Dec 3 1 i 9 i 8 ? 2 3 n 9 9 2 P '
Year—
'99. -00.1907.1910. ' l l . '12. ’ 13. ’ i 4 -’ i 5
18, 191(T
1917
0
kn<7 in stk 1 R
Com. d i v s ------ $2 $1 $1.25 $1.60 $2 $2 $1
On common stock In 1917, Feb. & May each 4% ; dividends thlm deferred
pending decisions as to war taxes. V. 105, p. 291- V 106 n 2448eferred

A u t Y m 'e M ™ '1 i V

-

6% °*c'‘ < « * » & »

* • p *"=

ba L p ^ f.fs^S O O ."157 58 $1’900-000 D ec- 31 1917: retired in 1918 $117,500:
REPO RT.— For cal. year 1918 showed: » Total income s o n 4 ifi con
trusting with $1,780,164 in 1917. and $9,307 968 in ? 9 1 6 1 Pref d^1‘
(24% ). $482,637; balance, surplus for year, $428 779 1916‘ P f- d‘
* After deducting Federal taxes.
’ a"
OFFICERS.— O. W. Baker, Chairman; William A Ogg President
L. A. Coolidge. P. E. Coyle. W. F. Rossman. J N Houser H A W en t
worth and C. A. Ilight. Vice-Presidents; F. W . Batchelder See ^T reas
Office. B o s t o n ( V . 107, p. 504, 804. 908. 1006, 1748 m i 2190 2378 f
AMOSKEAG MFG. CO.— V. 109, p. 1462.
ANACONDA COPPER MININO CO.— ORGANIZATION — Incor­
porated in Montana June 18 1895 and was for many years the leading onerating subsidiary of the Amalgamated Copper Co , a holding comnany di^
solved in 1915. the Anaconda taking over Its assets (V i00 n 1 59 -f)
New
plants. & c„ V. 102. p. 707; V. 104. p. 1796; V. losl p. 2545-' £ ' 106 n 180fi
From Sept. 1917 to July 2 1918 the price of copper was fixed bv the Federal
authorities at 23 M cts.; then till Jan. 1 1919 at 26 cents
i
V 106 d 193
'
352, 2182; V. 107, p. 6 0 6 , 8 0 4 . Notice o f voluntary dissolution of Northern
SoOt tT919N V
tU109C S127^-a SUbs d ary’ filed
’p
Montana Sec. of State in
2q
L 1917 began producing manganese. V. 106. p. 1346; V. 107. p. 1895.
A m ongthe properties taken over in 1914-18 were: Plants of the Inter­
national Smelting & Refining Co (V. 98. p. 13ly. 1 4 5 7 1 5 9 6 V 100
p. 1606), and In 1915 (V. 100, p.735, 1080); the capital stock of the United
Metals Selling Co.; 250,000 shs.of Inspiration Con. Copper Co V 106 d 1895
7
59,600 shams of the Greene-Cananea Copper C o., &c
V " 1 6 ° n 1809
V. 107, p. 2190: V. 108, p. 81. Ore reserves, &c ., V. 103 d 32*' P'
In 1916 acquired practically the entire capital stock of the Andes Cop­
per Co. incorporated ln Delaware on Jan. 20 with $ 5 0 000 000 stock m
$25 shares to control Andes Copper Mining Co. and th eP otferillo.
Railway Co. The Mining Co. has begun to develop low-grade steam-shovei
copper depasits near Potrerillos, Chili, and the railway co is buildinc a rail­
road from Pueblo Hundldo. on the Govt. R y.; V. 102, p. 707 624 1809­
7 ' in f A *a9®’ Y' 106-.P/ 39 A'
Actu,a* m *n *n 8 awaits normal’ conditions.
In 1917 the Santiago Mining Co. was Incorporated in Delaware with $10,-




Total disbursem ents----------------- $129.006.914$124,094,213 $98,761,171
Total net income (incl. interest). 21,479,403
$34,860,027 $51,779,516
Interest ........................................
$676,533
$526,275
$951,145
........................................................ 17,484,37519,815,62517,484,375
Rate of dividends------- -------------------(15%)
(17%)
(15%)
Balance, surplus for year........$3,318,495
$14,518,127 $33,343,907
DIRECTO RS.— John D. Ryan (Chairman), C. F. Kelley (Pres.) B B
Thayer (V.-Pres.). Geo. H. Church, Andrew A. Miller. William Rock&l
feller, Nicholas F. Brady, J. Horace Harding and H. H. Rogers. A H
Melin is Sec. and Treas.— (V. 107. p. 1748, 1839, 2010. 2099, 2190, 2291!
2478; V. 108, p. 81, 173, 582, 975, 1276, 1391,1823, 2019, 2435, 2631­
V. 109, p. 272, 579, 983, 1275, 1368, 1794.)
’
ANGLO-AMER. COMMERCIAL CORP.— See V. 108. p. 2024, 2631.
ANGLO-AMERICAN OIL CO.— ORGANIZATION, * o — Incorporated
In England in 1888. Marketed most of the oil of the Standard Oil Co of
N. J. ln the United Kingdom and was the largest marketing ooncern there
Owns a large number of tank steamers, chiefly used In trade with the United
Kingdom. Formerly controlled by Standard Oil Co. of N J but segre­
gated in 1911. See Standard Oil Co., V. 85, p 216. 790’ V 93 d 1390
The shareholders voted Nov. 21 1917 to increase the capital stock from
£2,000.000 to £3,000,000, holders having the right to subscribe for the 5 (P7
new stock pro rata at $7.50 per share in the U. S. and at £1 11s 6 d In th£
United Kingdom (par £ 1 ) till Feb. 28. English shareholders'were then
prevented by war regulations from subscribing for this new stock but were
v T o S ^ p ^ m o 6 2096,°2457*
complete thcir Purchase. V °ld 9 P 889®
DIVIDENDS.—
1912. 1913. 1914. 1915. 1916. 1917 1918 1919
Regular ( % ) . . . ........... 10
25
15
15
15
15
s n ' 1 30
Extra (% )..................... 1 0 1 0 0 stock 5
5
5
10
°
1918,
Jan. and July, 15%; 1919, Jan. and July, 15%. V. 109, p.'75, 267.
Cal. Year— Profits. Deprec'n. Int.,& c. Inc. Tax. Dividends. Survlus
1918........... £1,582,312 £289.899 £65,595
£318.296 £900 000 £ 8 522
1917.......... £1,396,730 £348.687 £29,853
£214 248 £750 000 £53 942
1916----------£1,122,979 £282,715 £12,974
£222.398 £500,000 £104,891
Office, 36-38 Queen Anne’s Gate, London, S. W ., England— (V 107
•2378; V. 108, p. 2024, 2631; V. 109, p. 75, 267, 889.)
*v * 1U/*
i

POWER CO.— Incorp. in Virginia in 1911. Owns
water rights for 5 hydro-electric developments aggregating about
75,000 h.p. on New River, in Carrol, Pulaski and Grayson counties Va
Also owns and operates the local utilities in the towns of Bluefield, M arion’
Pulaski, Welch, Keystone, Pocahontas, Bramwell, Wythevilie Graham'
Christiansburg, Dublin and Galox. Owns and operates 2 modern water
powers of 19.000 k.w. installed capacity, and a modern steam turbine power
house of 15,000 k.w. capacity (approaching completion in July 1919 on
of the 3 plants a&ut 34,000
VW
l'08Cn n23O
3l
aJ
Gas & FJectric Co in l919
V.’ 105, p’. ^509 V 8
V ' 92, P ’ 1567: V ’ 93’ P- 529- 874; V, 97. p.523;
’ SO.0 0 0 ,0 0 0 ; issued, $6 ,0 0 0 ,0 0 0 : pref. stock. 7 % .
^ er ^ Years at 1 1 2 and div. authorized,
$2,500,000. issued, $2,180,000. First M . bonds, auth., $25,000,000; outgfia?Ttnnniv on
qo IS - 8 ^ 2 ‘17 having been retired by sinking fund),
$6,133,000, on Sept. 30 this amount had been increased to $8,553,000 fol­
lowing the payment on July 15 of the $1,000,000 7% loan from the War

$3,000,000 issue o f 2 d mtge. 2 0 -year 6 % bonds, were replaced by a like
notes due Jan. 31 1920, having the same collateral. V. 107, p.
unsecured notes due Sept. 1 1920 represent interest on each issue
at 7% . V. 97, p. 667, 804.
REPORT.— Cal. year, V. 109, p. 1459, Aug. 31 years, V. 107, p. 1289:
„
1918.
1917.
I
1918.
1917.
Gross earns__$l,254,266 $948,277 Depreciation .
$44,000
...........
Net incom e.. $580,718 $422,400 Balance, sur.
Interest chgs.
511,197
483,384
or deficit-.sur.$25,521 def.$60,984

148

MISCELLANEOUS COMPANIES
lFor abbreviations, & c., see notes on first page]

Armour & Co-—Stock8150,000,000_________ ___________ Pref stk (a&d) 7% cum $60,000,000 (call 115) for conv debs
Baal estate 1st M 550,000,000 gold red 102 H ----- xc*A r’
Debentures call par convertible Into pref s tock._C C .xxxc*
Associated Dry G o o d s C o r p o r a t i o n -----------------------------------Common stock $2 0 ,0 0 0 ,0 0 0 ------------------------------------ _
1st pref (a A d) stock 6 % cum after Dec 1 1917 $ 2 0,000,000
2d pref (a S d) stock 7% cum after Dec 1 1917 $10,000,000
c
Associated M erchants— See Associated Dry Goods C om .
Associated Oil Co— S tock --------------------------------------- . . .
First mtge gold annual sinking fund 5% o f bonds o u t . . . .
First & Kef o w e 525,000.000 call at n a r ___________ US
A T Securities Co— Cap stock 3,000,000 shares-------------Ati G & W I SS— Com stk $20,000,000 listed on N Y Stk Ex
Preferred (a & d) stock $20,000,000 5% non-cum------------Collateral Trust M g red text---------------------------------Eq.xx
Bonds o f sub. cos. Dec. 31 1917 (less amts, in treas., &c.)_
U S S Porto Rico Navigation Co 1st M call for-----------c

D a te
B onds

Par
V a lu e

A m ount
O u ts ta n d in g

R a te

%

W h en
P a y a b le

•T
an
$100 100,000.000 See text
7
$27,000,000
Q— J
g ,f * D
000
1909 irdoo'&c 50.000.
1918
000 6 g J & D 15
100 See 33.000.
100 14,985,000
100 13,818,700
100 6,725,500

1908

100
1,000
1.000
None
100
100
500 Ac

1901

■ "V .666

1902
1910

Pres., J. A. Trawick; Treas., W . R. Emerson, 47 Ames Bldg., Boston.—
^ V .105,p. 2458; V. 106. p. 1902; V. 107. p. 804,1006,1289; V. 108, p. 2331;
During the year 1918 company obtained from the War Finance Corp.
a loan o f $1,000,000 7% for one year, payable July 15 1919.
ARMOUR & CO.— O R G A N IZA TIO N — Incorporated In Illinois April 14
1900. Owns plants In Chicago, Kansas City, South Omaha, East St. Louis,
Fort Worth, Tex., St. Joseph, M o ., Denver, C olo., South St. I aul (to be
opened early in the year 1920, see V . 109, p. 1894), Hamilton, Can., Eng­
land and the Argentine., lncl. packing houses, glue works, soap works,
warehouses, refrig, stations, tanneries, A c.. Ac. See application to list,
V. 00. p. 370, and V. 95, p. 546; V. 98. p. 1002. Ini Jan. 1917 acquired
four large tanneries in Western Pennsylvania. V. 104, P.75, 2013, 2110.
In 1917-18 contemplated the construction o f large plants in Brazil, St. Paul,
Ac. V. 105, p . 911. 1900: V. 107, p. 2190. War restrictions in 1917-18,
V. 105. p. 2325; V . 106, p. 1902. Chicago Stock Yards C o., V. 106, p. 193.
Relations with Trade Commission, V. 107, p. 183, 606, V. 108, p. 482,
V. 109, p. 373, 579. Status, A c., in 1918-19. V. 108, p. 685.
STOCK.— The $80,000,000 of profits accumulated from 1900 to N ov. 1
1912 was capitalized in Dec. 1916 by Increasing the outstanding capital
•tock from $2 0 ,0 0 0 ,0 0 0 (par $ 1 0 0 ) to $ 1 0 0 ,0 0 0 ,0 0 0 . giving the now stock to
shareholders. Total authorized common, $150,000,000, V. 107, p. 804,
1103. V. 103. p. 1414. Dividends: 1911. 10%; 1913 to 1916, 10% yearly.
Jan. 1917, on increased stock, 2 % : Jan. 1918; Jan. 1919, 2 % .
The $60,000,000 7% cum. pref. stock was authorized in 1918 to provide
far conversion o f the debentures below mentioned; iv is subject to redemp­
tion by the company at 115 and divs. Additional pref. stock can be issued
only when annual earnings available thereto are twice the pref. dividend
charges. Including the proposed issue. V . 106, p. 2561. On Oct. 1
1919 about $27,000,000 prer. stk. had been issued for conversion o f bonds.
First dividend on pref. stock, I X % quar. paid Oct. 1 1918; Jan. to
Oct. 1919 paid 1 X % quar. V. 107, p. 1194.
BONDS.— Of the "Real Estate 1st M tge.” 4 Ha ($50,000,000 authorized
Issue), final $20,000,000 were sold In April 1916. V. 102, p. 1542. They
are subject to call as a whole on any Interest day at 1 0 2 X and interest on
12 weeks’ notice, and since Dec. 1 1914 In blocks of not less than 10%.
V. 8 8 , p. 1374; V. 104, p. 665. Bills payable N ov. 2 1918, $90,136,091
profit A loss surplus, $69,366,799.
The $60,000,000 6 % convertible debentures Issued in June 1918 ma­
ture $10,000,000 yearly on June 15 from 1919 to 1924. but are redeemable
at company’s option at par on any Interest day as a whole or as entire series
in the order o f their maturity.
They are convertible on and after
Sept. 1 1918, par for par, into the 7% cum. pref. stock. N o additional
mortgage can be m?de without securing „hLs issue. The entire proceeds
were to be used to reduce current liabilities resulting from increased busi­
ness and heavier inventories. V. 106, p. 2561. On Oct. 15 1919 $27,000,000
debentures had been conv. Into pref. stock, leaving about $33,000,000 out­
standing. V. 109, p. 1701. The balance sheet N ov. 3 1918 showed total
assets o f $404,286,359, including capital assets of $123,895,554. V. 108,
p. 275, 2435.
R E PO RT.— For year ending Oct. 27 1918 in full in V. 108, p . 264, 881.
Years ending—
Nov. 2 ’ 18. Oct. 27 ’ 17. Oct. 28^16. OcL 30 15.
Gross business (over)_861,000,000
575,000,000 525,000,000 425,000,000
Total net income- 26,128,611
30,628,156 27,162,164 16,048,694
Int. oh borrowed money 7,178,224
3,509,055
1>§25,425 2,608,069
Interest on bonds______ 2,286,986
2,240,422
1,809,783
1,346,301
Interest on debentures_ 1,203,563
------------------------Pension fund____
212,000
208,000
______
______
Admin, expenses____ \ lncl. in
f 2,072,549
1,960,602
1,745,192
x p .__
1,366,354
1,349,132
Taxes, insurance A c__ J op. eexp^ \ 1,512,566
S ' r l n ‘dbddends- H'2'% ) 2 .0 0 0 .0 0 0 (2 ) 2 ,0 0 0 ^ 0 0 0 (2 ) 2 ,0 0 0 ,0 0 0 (10) 2 .0 0 0 ,0 0 0
Surplus for the years. 13,210,556 19,085,563 18,100,000
9,000,000
Annual meeting changed in 1918 to the 3rd Wednesday in January.
OFFICERS.— Pres, and Gen. M gr., J. Ogden Armour; V .-P .,O .W . Ar­
mour: Arthur Meeker, R. J. Dunham, A. Watson Armour. G. B. Robbins,
F Edson White and E. A . Valentine; Sec., G. M . Willets; Treas., F. W.
Croll. Office, 208 La Salle St., Chicago, 111.— (V. 108, p. 881, 2435;
V . 109, p. 373, 1701, 1894.)
ASSOCIATED D R Y QOODS C O R P .— ORGAN IZATION.— Incor­
porated In VIrglnla 64ay 24 1916 in d in l u g . 1916 s u c c e e d , per plan In
V. 102. p. 69. 64. to all the properties o f the Associated Merchants Go.
and United Dry Goods C o., viz. (V. 103, p. 1412): (a) Retail dry goods
stores wholly owned, with net tangible assets valued Dec. 31 1918 at
$16,890,042 (V. 108. p. 1513), viz., James McCreery A C o., N. Y . (V. 105
p. 1421); Hahne A C o., Newark, N . J.; Stewart A C o.. Baltimore: Wm. Hengerer Co., Buffalo; Powers Mercantile C o.. Minneapolis; J. N. Adam <c Co*.
3
Buffalo; Stewart Dry Goods C o., Louisville, K y. (b) Adrico Realty Co.
owning equity in McCreery real estate. West 34th St.. N . Y ., $1,600,000
(V. 103, p. 1208.) (c) Other investments now including Lord A Taylor.
1st pref. stock, 9,855 shares, 2d pref. stock, 14,600 shares, common stock,
24,207 shares, par o f each $100 a share, and $750,000 7% debenture bonds,
due Jan. 1 1923; C. G. Gunther’s Sons, $200,000 common stock; Surety
Coupon C o., ali capital securities, Ac.
The aforesaid seven retail dry goods companies, whose capital securities
are wholly owned, had on Dec. 31 1918 tangible assets. $21,250,280; liabili­
ties, $4,360,238; net assets, $16,890,042. The parent company indebted­
ness for borrowed money which amounted Dec. 31 1917 to $1,217,472
was paid o ff in 1918.
CAPITALIZATION .— Of the capital stock as shown In table above
there was on Dec. 31 1918 $19,400 in treasury and $22,800 held against
undeposited stock o f Associated Merchants Co. and United Dry Goods Co.
D IV ID E N D S.— Dividends of I X % were paid on the 1st pref. stock
Dec. 1 1917. quar., to Dec. 2 1919. On 2d pref. stock (N o. 1), 1 X %
Mar. 1 1918. quar., to Dec. 2 1919. V. 106, p. 609.
R E PO R T .— Cal. year 1918, (V. 108, p. 1513):
Cal. Years— 1918.
1917. I
1918.
1917.
Profits, sales.$2,065,342 $1,589.6281Not profits___$l,573,110 $1,530,884
Total incom e. 2,199,736 1,764,187 Dividends x__ 1.297,586
201,306
Interest. A c .!
98J25
109,3021Balance. sur__
275,524 1,329,578
Fed tax reserve 528,500
124,000|Tot. p.A 1. sur.$2,673,671 $2294.553
x Rate in 1918, 6 % on first pref.,7% on 2d pref.; total, $1,299,907; minus
divs. on treas. stock owneu, $2,321; bal., as stated above. In 1918,
V. 108, p. 1513




[V o l . 109.

INDUSTRIAL STOCKS AND BONDS

39,756,116 5 in 1919
1.502.000
5
8.810.000
5g
(?)
I New
14.963,400 10 In ’ 19
13,742.900
5
11.048,500
5g
14,120,000
5
97,000
5g

Q— M
Q— M

Last Dividend
and Maturity

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

Farmers L Sc Tr C o, N Y
Jan 15 ’ 19 2%
Oct 1 1919 I X
do
do
June 1 1939
J'ne 15 ’20-'24 Chic (CO)& IstN Bk,NY
Dec 2 1919 1 X Checks mailed
Dec 2 1919 I X

Q— J 15 Oct’,15 '19 I X
F & A Aug 11922
an
J-J 15 •T 15 1 <130
Dec 51919 $1.25
F & A Aug 1 1919 5
Q—J Jan 1 20 I X %
J & J Jan 1 1959
semi-an. See text
M & S Mar 1 1921

Checks mailed
Yew York and San Fran
Paid by check
New York
do
Equitable Trust Co. N Y
New York
N Y Trust Co, N Y

OFFICERS.— Samuel W. rteyourn, Pres.; Charles A. Gould and
Theron S. Atwater, V.-Ps.; Ralph M . Stauffen, Sec. A Treas. The direc­
tors include the foregoing officers and also Cornelius N. Bliss Jr., Gates W .
McGarrah, Thomas Cochran, Chas. A. Sargent Jr., Louis Stewart, Ed. L
Hengerer and Howland Davis.— (V. 106, p. 1228, 1341, 2759; V. 108, p
1513.)
ASSOCIATED OIL CO.— ORGANIZATION.— Incorp. in Cal. Oct. 5
1901. In Jan. 1919 the company owned in fee 37,292 acres, leases 3,828
acres and holds mineral locations on 3,333 acres in and adjacent to various
producing fields in California. Also stockholdings, notably $3,500,000 of
the $7,000,000 stock of Associated Pipe Line, $2,500,500 of the Amalga­
mated Oil C o.’s $5,000,000. See V. 90, p. 1484.
In 1908-09 the Southern Pacific Co. acquired control and on Aug. 31 1919
owned $20,069,000 stock and $8,612,000 of the $8,810,000 1st Ref. 5s.
DIVS.— 1905. 1906. 1907. ’08-’ 12. ’ 13-T4. 1915. ’ 16. '17. ’ 18. 1919.
Percent_
_ 3 1 X % 1 X % None. 3 yrly. 4.X
4
5 5
5
BONDS.— Of the $25,000,000 first Refunding bonds, sufficient are re­
reserved to retire the 1st M . 5s of Aug. 1 1922. V. 75, p. 1149: V. 102,
p. 1538; V. 101, p- 1888; V. 88, p. 1432. $1,159,000 was neld in treasury
on Aug. 31 1919.
EARNING S.— 6 months to June 30 (V. 109, p. 579)—
„
J ,
,
1919.
1918.
1917.
Income, after deducting oper. exp___ $5,397,408 $5,692,235 $2,959,761
Taxes and in te r e st............................ 1,176,349
1,020,420
422,974
1,465,705
1,334,345
Reserve for depreciation, A c .............. 1,228,477
Dividends............... ............................... •
993,908
903,915
993,917
Balance, surplus................................. $1,998,674 $2,302,195
$208,525
R E PO RT.—-For calendar year 1918 see V. 108, p. 1717.
Calendar Year—
1918.
1917.
1916.
1915.
Total receipts................ $31,243,481 $28,188,565 $21,663,906 $15,818,671
Net earnings
............ 11,076,993 $7,721,363 $6,625,886 $5,040,197
Interest, taxes, A c.......... 3,863,287 $1,260,357 $1,068,390 $1,137,387
Depreciation................... 2,672,399
2,619,217
2,359,107
1,984,805
Dividends........................ (5H ,987,832 (5)1,987,834(4)1,590,287(4^)1789095
Balance, surplus---------- $2,553,475 $1,853,954 $1,608,102
$128,909
Loans and notes payable as of Dec. 31 1918, $125,000.
OFFICERS.— Pres., Paul Shoup; Treas. W. A. Sloan; Sec.. P. G.
Williams. Office, Sharon Bldg., San Francisco— (V. 108, p. 1513, 1717,
2243; V. 109, p. 579.)
ATLANTIC GULF OIL CORPORATION.— V. 109, p. 478.
A. T. SECURITIES CORPORATION.— Formed under laws o f Dela­
ware Oct. 8 1919 with an authorized capital pf 3.000,000 shares of stock,
all common, without normal or par value. Each share ranks equally with
every other share as respects dividends, voting rights and distribution of
assets. T o provide a cash balance, 1,000 shares of the stock of this corpo­
ration was subscribed for $100 per sharo, payable as and when called by its
board of directors, but in no event later than N ov. 14 1919.
Controlled by Whelan interests which also control United Retail Stores
•Corp., Montgomery Ward A C o.„ Inc. (new co.), Ac.
An initial dividend $1.25 per share has been declared payable Dec. 5 1919.
V. 109, p. 1989.
The corporation offered to acquire all of the issued shares o f the common
stock of the American Tobacco Co. (about $40,242,400, par $100 a share),
and to pay therefor by issuing and delivering four shares of the common
stock for each share of common stock of American Tobacco C o.; between
$20,000,000 o f $30,000,000 of said common stock, it is said, accepted the
offer. V. 109, p. 1894. 1989.
There is under consideration the making of an orfer which will ontitlo the
record holders of the Dividend Certificates, issued by the American Tobacco
C o., commonly called “ Scrip," to participate in this reorganization. See
International Trade Mark Co. below.
OFFICERS.— Pres., George A. Harder; V.-Pres., Angier B. Duke; Treas.
Robert A. Norris. The directors are George A. Harder, Angier B. Duke,
G. M . P. Murphy, Harold Stanley, John B. Cobb and Thomas Yuille.
N. Y . Office, 511 5th Ave.— (V. 109, p. 1528, 1611.)
ATLANTIC aULF & WEST INDIES STEAMSHIP LINES.— Incorp. In
Maine Nov. 2o 1908 as successor of the Consolidated SS. Lines (V. 87. p. 287.
1013, 1090) and owns nearly all the stock of the Clyde, Mallory, N. Y. &
Cuba Mall S3. Co..and all of the stock of the N. Y . A Porto Rico SS. C o.
In 1919 acquired control of an oil field in the Tampico district in Mexico,
which will be operated by the "Atlantic Gulf Oil C orp." to be capitalized
at $20,000,000, and financed by the A. G. A W. I. SS. Linos, without public
offering. V. 108, p. 1391, 1823: V. 109, p. 474.
, „
The Mexican Navigation Co. (controlled) In Feb. 1918 sold its entire fleet
to Mexican capitalists for $4,250,000. V. 106. p. 2659, 609; V. 103, p. 760;
V. 90, p. 1166; V. 88, p. 160; V. 93, p. 409; V. 99, p. 1530; V. 102, p. 1432;
V. 104, p. 1589. 'The coastwise sorvico reverted from Government to
company control Doc. 6 1918, and in Feb. 1919 the Clydo Line, owing to
the excessive operating costs, suspended service on three of its lines. V. 108.
p. 686. Proposition to soli tho company’s ship was dropped in May 1019.
V. 108, p- 2243. Net gain since Aug. 1914 in vessels owned or controlled,
to July 26 1919, 1,284 tons.
..
The corporation and Its subsidiaries on Dec. 31 1918 held $8,710,361
cash In addition to $12,360,420 marketable stocks and bonds. On Dec. 31
1918 with its subdd’s held $20,109,250Liberty Loan bonds. V.106.P.2659.
STOCK.— Both the company's stocks were listed on N. Y. Stock Ex­
change in July 1916. See official statement to tho Exchange as of June 21
describing the properties, stock rights, Ac. V. 103, p. 157 to 161.
During 1917 purchased at market price $826,000 of its
bonds, and 12,370 shares of its prer. Btock at 60 or under; also $543,000 sub­
sidiary company bonds were purchased, either by the corporation or its
subsidiary companies. V. 106, p. 2659.
,„ _ . , ,„
D IV ID E N D S.— On pref. stock No. 1, Apr. 10 1916. 1% : July 1 .1 % .
— V. 102. p. 977. 1061. In Oct. 1916 a dividend of 1 X % was paid. InPeA o n
ittitlal^ivi^endof 5 % wa, p a k fl’ ob. 1 1917 on the common stock
Aug. 1917 5% and 1% to Red Cross; Feb. and Aug. 1918, 5% cash. Feb.
and Aug. 1919, each 5% cash.
_„
.. . _.
nnn
BONDS.—The auth. issue of collateral trust 5 % gold bonds Is $15,000,­
000. The $2,000,000 unissued can only be put °ht °n vote of 6 6 2-3% of
pyef. stocK. Redeemable at 105 and int. on any date by lot. No foreclos­
ure proceedings can be brought for default In Int. for less than 2 years.
V. 8 8 , p. 160. Brunswick SS. Co. 1st 5s in Juno 1916 had all been paid off
V. 102, p 2168. All coupons free of Federal income tax.

Nov., 1919.]

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

A tlantic R efin in g Co— Stock $50,000.000____________ Eq
I’ ref (a & d) stk 7% cum $20,000,000 non-vot call 115. Eq
Atlas Powder Co— Common stock auth $10,000,000______
Preferred stock (a A d) 6% cum, $10,000,000 (see text)_
_
Austin N ichols & Co, Inc— Com stock 150,000 shares____
Preferred stock 7% cum $15,000,000 call 115 sinking fund.
Auto Sales Corp— Com auth $4,500,000__________________
Prof (a & d) stock 6% non-cum partic auth $3,000,000___
Weighing & Scale Co sinking fund 5s_________________ EM
B abcock & W ilcox C o.— Stock authorized $15.000.000_____
Baldwin Locomotive Works— Common stock S20.000.000__
Pret (a & d) stock 7% cum 520,000,000 red I25,beg July’ 16
First mtge 515,000,000 gold redeem text ..PeP.kvc*& r*
Standard Steel Works 1st M gold sink fund..PeP.kc*& r*
a After deducting $856,000 in sinking fund.

Date
Bonds

—
——
1911
1910
1908

Par
Value

Amount
Outstanding

Bate
%

$100 $5,000,000 20 in ’ 19
100 See text
7
100 5.002.400 12 in ’ 19
100 9,000,000
6
137,000 shs
100 5.500.000
7
50 4.025.000
50 2.653.000 See text
100 &c
101,700
5
100 15,000.000 8% in T9
100 20,000,000
100 20.000,000
7
1,000 &c a9.144,000
5g
1,000 b 2 ,800.000
5 g

When
Payable

Q-M 15
Quar
Q— M
Q— F
Q— F

Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

Dec 15 T 9, 5% Co office, Phila, Pa
New
Dec 10 T9 3%
N ov 1 T9 1M%
Nov 1 1919 1H By check

Q— M Text
J & D June 1 1931
Empire Trust Co, N Y
Q— J Oct 1 1919 2% New York
J & J Jan l 1915 1 % Cheeks mailed
do
do
J & J July 1 1919 3H
Phila, & Brown Bros, NY
M & N May 1 1940
Penn Co for Ins,&c. Phila
J & J Jan 1 1928

b After deduc ting $ 2.200,000 in sinking f und.

Bonds of Sub. Companies $14,547,000 Dec. 31 1917 (See V. 106. p . 2660).
Int. Outstanding. Maturity
b Clyde 8 S. Terminal Co. 1st M ..5 A & O $487,000 Oct. 1 1934 (V.91. p.1887)
c N Y. Cuba Mail 8 S. Co. 1st M ..5 J & J 5,703,000 Jan. 1 1932 (V. 89, p. 229)
C N. Y. A Porto Rico 83. Co. lstM .5 MAN 1,307.000 May 1 1932 (V. 8 8 . p. 235)
503,000 Nov. 1 1937 (V.95. p. 1748)
b Carolina Terminal Co. 1st M ----- 5 MAN
C Mallory 8 8 , Co. 1st M ............... 5 J A J 2,841,000 Jan. 1 1932 (V. 83. p. 194)
b U. 8. A Porto Rico Nav. 1st M ..5 MA 8
97,000 Mar. 1921
C Clyde 8 8 . Co. 1st M ...................5 F A A 3,279.000 Feb. 1 1931 (V. 82. p. 807)
a Callablo at par. b Callable at 105. c Callable at 110
RE PO RT.— For cal. year 1918 (inch sub cos.), V. 109, p. 473.
„
1918.
1917.
1916.
Operating revenue---------------------------$26,633,550 $48,212,055 $35,175,970
Net operating re v e n u e ........................$4,651,464 $15,137,633 $10,481,251
Other in co m e ...............................
882,867
2,138,143
284,352
Gross income---------------------------------$5,534,331 $17,275,776 $10,765,603
Bond interest, &c.............................
$1,300,394
$1,347,737 $1,409,784
Federal taxes (estimated)-----------------750,000
5,400,000
________
Additional depreciation____________
________
237,649
Rentals, &c ------------773,950
880.527
883,503
Net incomo...................
$2,709,987
$9,647,513 $8,234,667
From incomo as above in 1918, $2,709,987, deduct pref. dividends (5 % ),
$687,145; common dividend (10% ), $1,496,340; divs. on sub. cos. stock not
held by A. G. W. I., $4,236; leaving a balance o f $522 266.
OFFICERS.— Chairman, Galen L. Stone; Pres. A R Nicol; Treas.,
Charles R. Page; Office, 11 Bway., N. Y .— (V. 106 p 1579, 1798, 2553,
2646.^2659;^. 107., p. 2291; V. 108. p. 6 8 6 , 881. 1391. 1722, 1823, 2243;
ATLAN TIC LOBOS OIL C O — (V. 109, p. 1275 )
ATLAN TIC MUTUAL INSURANCE CO.— (V. 106 p. 501: V. 108,
p. 482.)
ATLANTIC REFINING CO.— ORGANIZATION, Ac.— Incorporated
In Pennsylvania In 1870. Has refining plants at Philadelphia. Franklin
and Pittsburgh, Pa., capacity m Jan. 1920 about 75,000 bbls. daily.
Formerly controlled by Standard Oil Co. o f N. J., but segregated in 1911.
In June 1917 acquired 52% of the stock and all the oustanding bonds of
the Gulf Coast Oil Co. o f Houston, Texas, with properties situated in the
Gulf Coast district o f Texas. V. 105, p. 821 V 107 p 292, 1483.
In N ov. 1919 expected to have in operation by Jan. 1920 a new refinery at
Brunswick, Ga., capacity 10,000 bbls.; this construction followed extensive
oil developments in Mexico. V. 107, p. 1839. Tax decision in March 1918,
V. 106, p. 1232.
The Atlantic Refining & Asphalt Corporation, a subsidiary o f the
Atlantic Refining C o., was incorporated in New York State in Jan. 1919
with an authorized capital stock o f $10,000. V. 108 p 482. “ La Atlantica,” owned by the A. R . C o., is erecting a refinery at Port Lobos,
Mexico, capacity 10,000 bbls.; this is expected to begin operations in Jan.
1919. The A. R. Co. also controls the Panuco-Boston Oil Co. o f Mexico,
and is interested in the Producers Terminal Corp. o f Tampico Mexico.
STOCK.— Tho shareholders voted Oct. 6 1919 to increase the auth. com.
stock from $5,000,000 to $50,000,000, and to create $20 000 000 7% cum.
(non-voting) Pref. stock. This last having been underwritten, was offered
for subscription at par on or before N ov. 1 1 9 1 9 to shareholders of record
Oct. 6 1919. Subscription payable at Equitable Trust Co N. Y ., either:
(n) in full Nov. 1 1919, or (6 ) in four equal installments, N ov. 1 1919, Dec. 1
1919, Jan. 2 1920 and Feb. 2 1920. Tho new common stock will remain in
the treasury. Y, 109, p. 5(9, 12(5.
Merger of Port Lobos Petroleum Corp. with Atlantic Oil Producing Co..I
into Atlantic Lobos Oil C o ., combining Mexican properties in V 109, p.1275.
Dividends on common stock Dec. 1914 to Dec. 1919 5 % quarterly.
REPORT for cal. year 1918, in V. 108, p. 2238; V. 109 p 5 7 9 showed;
Earns. Before
Federal
Earns, after Divs’ Paid
Balance,
Year—
Fed. Taxes. Taxes Paid. Fed.Taxes.
(20%)
Surplus.
1 9 18............$19,610,000 $12,200,000 $7,410,000 $1,000 000 $6,410,000
3,925,000
9,006,000
1 000 000 8 006 000
1917............ 12,931,000
1916............ 9,828,000
200,000
9.628,000
1 00&000 8 628 000
1915
5,651,000
59 000
5,592.000
1.000.000
4,592,000
Profit and loss surplus Dec. 31 1918, $48,468,526!
OFFICERS.— Pres., J. W. Van Dyko; V.-Ps.. W . p . Cutler W . M . Irish;
Sec., W. D. Anderson; Treas., Albert Hill. Office 3144 Passvunk Avo..
Philadelphia, Pa.— (V. 108, p. 382, 786, 2238; V. 109. p! 579, 1275.)
POWDER CO.— O R G A N IZA T IO N .— Ineorp. in Delaware Oct.
18 1912 and took over as of Jan. 1 1913. per plan of disintegration part of
the properties of the E. I. du Pont de Nemours Powder Co fV 9 4 d 1386.
1629, 1698; V. 95. p . 969; V 97. P. 446. In 1915-16^.rchasodthe entire
outstanding capital stock o f the Giant Powder Co. Consol o f Cal., &c.
STO C K .—One-half of the common stock received by the 27 defendants
In the du Pont Co. dissolution is without voting power. The stockholders
p) April 24 1915 authorized an Issue of $5,500,000 6 % cum. pref. stock
on. & d .), red. on any Aug. 1 beginning 1925. at 110. V. 100, p. 1595
V. 102, p. 1627 .1899.
Entire capital stock or Richards & C o ., In c., and its two selling companies.
the Zapon Leather Cloth Co. and Celluloid Zapon Co. (V. 106. p. 193),
was purchased as of July 1 1917, and outstanding pref. stock of Atlas
Power Co. thereby increased by $1,802,000 to $9,000,000. U. S. ammonia
plant. V. 106, P- 823.
DIVS.—
1913.
1914. 1915.
1916. 1917. 1918.
1919.
Comm on____ 1>6% 6 %
11}$% 25% *26% *21%
12
--, 3%
6%
6%
6%
6
P referred.................
* Includes Red Cross dividend of 1% paid In Juno.
RE PO RT.— For cal. year 1918. V Ids. p. 1055. 1528 (lncl. sub. cos.):
Cal.
Cross
Net
Preferred
Common
Balance.
Yr.:
Sales.
Income.
Dividends.
Dividends.
Surplus.
1918.. $35,766,620 $2,262,294 (6% $540,200 (21 % )$1,050.504 $671,590
1917..$27,487,631 $3,050,481 (6%)$486,513 (26% )$1,300.617 $1,263,352
1916.. 20.652,916 2,939.790 (6%)3S8.706 (25%) 1.164.180 1.386.901
Operating expenses for 1917 and 1918 Included for accruod Federal taxes.
V. 106, p. 1232.
„
_
.
Pres., W. J. Webster; Sec.-Treas., Leland Lyon. General office, 140
N. Broad St., Phila.— (V. 108, p. 582, 786, 1055, 1389; V. 109, p. 1528.)
AUSTIN, NICHOLS & CO., INC.— ORGAN IZATION .— Ineorp. in
Virginia, Aug. 23 1919, succeeding company of same name, ineorp. in New
York, in 1912. Business established about 1855. In Aug. 1919 acquired
(a) the entire capital stock of tho Lame Canning C o., owning eight vegetable
canning plants in tho Middle West, (0 ) 51 % of the Capital stock of the Wilson
Fisheries C o., owning two plants for the canning of salmon in Washington,
and three in Alaska; and (c) the Whitland, Ind., vegetable canning and
condiment plant of Wilson & Co., along with tho privilege of using certain




149

INDUSTRIAL STOCKS AND BONDS

of the latter’s grocery product brands. Warehouses and factories in New
York City, Utica, Watertown and Ogdensburg, N. Y ., New Haven, Waterbury, Bridgeport and Norwich, Conn., and Minneapolis. V. 109, p. 579.
STOCK.— Cumulative sinking fund for the redemption of the Pref. stock
at not exceeding 115 and div. will receive from profits, commencing in
1921, a sum equal to 3% of tho Pref. stock issued. No mortgage without
2-3 of the Pref. stock. Regular quarterly dividends of 1 % % paid on the
Pref. stock of the N. Y . Corporation, from Feb. 1 1912 to Aug. 1 1919; on
Nov. 1 1919 paid 1 % % on the Pref. stock of the new company.
Harry Balfe, Chairman of Board, C. W . Patterson, President.— V . 99,
p. 1599; V. 101, p. 1015; V. 109, p. 373, 579, 890, 1181.
AUTO CAR CO.— Offering 1st M . 6s. V. 108, p. 1062, 1722; V. 109,
p. 1794.
AUTO SALES CORP.— ORGANIZATION.— Ineorp. In N. Y ., N ov. 12
1917, successor to Auto Sales Gum & Chocolate C o., as per plan (V. 104,
p. 2345; V. 105, p. 1900). Manufactures automatic vending and weighing
machines, chewing-gum and chicle products, chocolate, &c. Plants at
New York and Chicago.
, „
STOCK.— The Pref. stock shares equally with the Common stock after
6% has been paid in any year in that stock. No mortgage without consent
of 2-3 of outstanding Pref. stock. Both classes of stock listed on N. Y .
StockiExchange in Oct. 1919.
DIVIDEN DS.— On Pref. stock, initial div. of 1% paid M ay 15 1918;
July and Sept. 30 1918, 1% each; Dec. 30 1918, 2% ; March 31 and June 30
1919, 1% each; Sept. 30 and Dec. 31 1919, 1 y2% regular and }*% extra.
V. 109. p. 890.
Earnings for Eight Months Ended Aug. 31 1919—
1919.
1918. I
1919.
1918.
$38,398
Gross collect'ns$l,792,705$l,445,777 Interest, &c____ $42,207
Operat. income. 252,243
189,3231 Net income for
Total income_
_ 262,102
189,3231 p eriod _______ 219,895
150,925
’-'OFFICERS.— G. F. Hurd, Pres.; John Brandt, V .-P . & Gen. M gr.;
E. B. Potts, Sec. & Treas.; F. E. Lang, Asst. Sec. New York Office, 96
Spring St. (V. 107, p. 2099; V. 109, p. 890, 1611).
B A B C O C K & W I L C O X C O . — O RGAN IZATION .— Ineorp. in N . J .
In 1881 and manufactures water tube boilers, heaters, &c. Stock auth.
and issued, $15,000,000 (par $100). No bonds; no mortgages. Dividend*
of 7% per annum have been paid Q.-J. since l906;increased to 8% p. a.
(Q.-J.) in July 1917; then to Oct. 1919, 2% quar. In July 1917 atso paid
1% to aid “ Red Cross” fund. V. 105. p. 292; V. 104, p. 1492. Plants a»
Bayonne, N. J., and Barberton, O. V. 107, p. 405. Unfinished business
Dec. 31 1917. $46,248,662.
OFFICERS.— Chairman, E. H. Wells; Pres., W . D . Hoxie: V .-P .,
A. G. Pratt; Sec., J. E. Eustis; Treas., J. G. Ward. N . Y . office, 85
Liberty St.— (V. 106, p. 502, 1124; V. 107, p. 405; V. 108, p. 2435; V. 109.
p. 1082.)
(TH E )

B A LD W IN

L O C O M O T IV E

W O R K S .— O R G A N IZ A T IO N .—

Incorporated in Pennsylvania June 1911 as a consolidation. Works In
Philadelphia; foundries, shops, &c., at Eddystone, Pa., and Burnham, near
Lewistown, Pa. Capacity 2,650 locomotives yearly. V. 88. d . 1623.
See application to list, V. 92, p. 1105, and offering. V. 92, p. 1703. In
1915 erected extensive new ships at Eddystone, Pa., eventually for con­
struction of locomotives, but for the immediate use under lease for war
materials. V. 108, p. 875; V. 109, p. 75. Status in 1918-19, V. 108, p.
173, 685. V. 107, p. 0, 2100; V. 106, p. 124; V 105, p. 1804,1900, 2012.
2000, 2458.
Recapitalization and merger talk was denied Oct. 1919. V . 109, p. 1701.
STOCK.— Prel. stock cannot be Increased without consent ol majority ol
pref. shares outstanding. V. 92, p. 1703; V . 93. p. 47.
iM V rtffiN D S.— On pref., 1912 to July 1919, 7% (3 H % s.-a.). On
com., in 1912 to July 1915, 2% (J. & J.): none since. See official explana­
tion in Nov. 1917 in V. 105, p. 2096 V. 106. p. 2231.
BONDS.— Ol the 1st 5s of 1910 ($15,000,000), $5,000,000 are reserved
for 75% of cost of extensions and Improvements. Redeemable as a whole
at 115 after May 1 1915 and by lot at 107 H for an annual sinking fund of
2% of the maximum bonds theretofore Issued. V. 91. p. 40: V. 90, n. 1104,
1046; V. 92. p. 1703); sinking fund installments, aggregating $856,000,
were paid 1915 to 1918. Standard Steel Works Co. has auth. $5,000,000
1st M. sinking fund os. of which $5,000,000 have been Issued. $2,200,000
having been retired by the sinking fund
Sinking fund. $200.O O vearly,
O
V. 86, p. 232; V. 89. p. 1416; V. 92. p. 1245, 17037 On Dec. 31 1918 total
bills payable outstanding, none, except $900,000 for Liberty bonds (but
$4,894,778 advanced by U. S. Govt.) (both cos.), against $15,000,000 in
1916; total current assets, $48,276,665, against $13,630,796.
OPERATIONS IN 1919.— On Oct. 28 1919 enough orders were on hand
to require operations up to 80% of capacity through the winter; 70% of the
locomotives in hand were for foreign countries, and the other 30% were
domestic orders from such roads as the Lehigh Valley and the Pennsylvania,
which were placed before the United States entered the war. V. 109, p.1701
REPORT.— For year ending Dec. 31 1918, in V. 108. p. 875.
Cal.
Gross
Gross
Bond,
Pref.Divs. Com.Div.
Balance,
Year. Sales.
Income.
Int., Ac.
(7% )
(2% )
Sur. or Def.
191SS123,179.252 $19760,441 *14008,145 $1,400,000 ......... sr.$4,352,295
1917. 98,263,865 12740,48b *4434,764 1,400,000 ........... sr.6.905 722
1916. 59.219.058 7.042,937 4.423,471 1.400.000
sr. 1,219,466
1915. 22.083.011 3.510.383
682,567 1.400,000
sr. 1.427,816
1914. 13.616.163 981.754
631,5241,400,000 $400',663 defl.449.776
* Includes 1917 S I,750.000 and 1918 $6,500,000 reserve for taxes, and
in 1918 $3,698,921 for amortization of machinery, buildings, &c., against
nill in 1917 and reserve for depreciation, &c., $1,850,000, against $600,000
in 1917.
The total surplus Dec. 31 1918, after deducting $15,800,000 in 1917
written off account of patents and goodwill, and $2,500,000 in 1918 as
unexpended appropriations was $1,907,643. Total surplus Dec. 31
1918, ind . Standard Steel Works C o., $6,257,201.
OFFICERS.— Chairman, Arthur E. Newbold; Vice-Chairman, W m. LAustin; Pres., Samuel M . Vauclain; V.-Pres. & Treas., Wm. de Krafft;
Sec., Arthur L. Church.
DIRECTORS.— William L. Austin, Alba B. Johnson, Samuel M . Vau­
clain, S. F. Pryor, Arthur E. Newbold, Arthur W. Sewall, B. Dawson
Coleman, Dr. Thos. G. Ashton, Harold T . White, Sidney F. Tyler, William
E. Corey and Sydney E. Hutchinson. Messrs. Corey, Vauclain and Pryor
are also directors of Midvale Steel & Ordnance Co. V. 103, p. 2082.
Office, 500 N. Broad St., Phila.— (V. 108, p. 173, 482, 685, 875, 1938, 2125:
V. 109, p. 75. 272, 1275, 1701.)

150

INDUSTRIAL STOCKS AND BONDS

M IS C E L LA N E O U S C O M P A N IE S
[For abbreviations, & c. , see notes on first page]

Barnet Leather Co.— Common stock 40,000 shares________
Pref. (a. & d.) 7% cum. s. f. stock, call. 115, $2,000,000 —
Barrett Company (of N J ) — Common stock $25,000,000..
Pref (a&d) 7% cum, $12,500,000 red after 3 years at 120_ Barrett Co (of W Va) (controlled) deben call 110 In 1919—
BeU Telephone Co of Canada—Stock auth $30 000,000______
Debentures ‘amt auth. 7 5 % of pald-uo canltal stock) .zc*
Bethlehem Motors Corporation— Stock 130,000 shares___
Bethlehem Steel Corp,— Common stock $15,000,000, Class A
Common stock Class B $75,000,000 non-voting__________
Pref stock 8% cum and convert call 115 $30,000,000..........
Pref la A d) stock 7% non-cum $15,000,000 ___________
Cons M $500,000,000 g: Ser A $70,000,000 call 105 s f 1920
Ser gold bds (Spar Pt Dry Dk) $1,250,000 due 20% yrly..
Sec Notes due $7,500,000 1922; rem ’23 call________ Ba.c*
Securities of Controlled Companies—
Beth Steel purch money mtge for Beth Iron gold fiP.xc* Ar
do
1st E x t M g guar red 105 $12,000,000-G.xc*
do
First Lien A Ref M g gu redl05 sf-Eq.xo’ Ar*
do Pur Mon & Imp M $60,000,000 call 105 s f- Bakc*&r

Dale

Bonds

Par
Value

When
Payable

Rate

%

Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

1918
1918
1918

None
4 0 .0 0 0 sh .
$100
$ 2 ,0 0 0 ,0 0 0
O c t i ’ 19 i
Q— J
100
1 6 .3 4 3 .1 0 0
in ’ 19
O c t 1 1 9 1 9 . 2 % 17 B a t t e r y P l a c e , N Y
Q— J
100
Q— J
do
do
7 .8 1 1 ,4 0 0
7
O c t 15 ’ 19 .
1 .0 0 0
A
&
O Apr 1939
2 .5 0 0 .0 0 0
P h ila L a n d T i & T r u s t
5 g
1 0 0 2 2 , 5 0 0 , 0 0 0 8 In 1 9 1 9 Q — J 1.6 O c t 1 5 1 9 1 9 2 % V Ion trea l
500 Ac
A & O A pr l 1925
1 1 .1 4 9 .0 0 0
5 g
B k o f M o n t , M o n t & Lon
None
N ew
1 3 0 ,0 0 0 s h s.
100
1 1 .8 6 2 .0 0 0
1919
Jan 1 1920
Q— J
100
Q— J
4 4 .5 8 6 0 0 0
1919
Jan 1 1920
100 3 0 .0 0 0 .0 0 0
Q— J
8
Jan 1 1920 2
100
1 4 . 9 0 8 . 0 0 0 7 in 1 9 1 9
C h e c k s m a ile d
Q— J
Jan 1 1920
See tex t
6 4 6 ,0 0 0
6 g
A u g 1 1918
6
1 ,2 5 0 ,0 0 0
D e c 3 1 '2 8 t o ’ 3 2
1 ,0 0 0
3 0 .6 8 6 .0 0 0
7 g
J & J 15 J u ly 15 ’ 2 2 - ’2 3
N ew Y or

1901
1906
1912
1916

1 ,0 0 0
y 7 ,5 0 0 .0 0 0
1 .0 0 0
6 .9 3 6 .0 0 0
500
b 1 2 ,7 5 9 ,5 0 0
1 .0 0 0 & c x 2 2 ,4 4 7 ,0 0 0

7% n
7K

1899
1895

k%

IK

H
K
8K

b Aug- 31 1919, $12,759,500 out; $23,000,000 In treasury; $4,240.
* $22,447,000 with public Aug. 31 1919, $9,541,000 in treas ury.
purchased for sinking fund or canceled.

tec

6 g
5 g
5 g
g

5

IK
IK
IK

Q— F
r
M
J

&
A

&

Aug 1
Tan 1
M ay 1
J J u ly 1
j

N

G ir a r d T r u s t C o , Phila
H arvey F i s k & S o n s, N V
E q u i t a b l e T r u s t Co, N Y
B a n k e r s T r u s t Co, N Y

1998
1926
1942
1936

5 0 0 in sin k i n g f u n d o r c a n c e l e d ,
y $ 6 , 9 3 6 , 0 0 0 o u t s t a n d i n g D e c . 3 1 1 9 1 8 ; $ 1 , 0 0 0 , 0 0 0 in

B A R N E T L E A T H E R C O .— O R G A N IZ A T IO N .— In corp . in Deleware
A ug. 4 1919, succeeding to com p a n y o f same nam e. M anufactures high’
^ra* < ca lf leathers. Tannery and plan t at Little Falls, N . Y . See V . 108
J?
p . 2631.
C A P IT A L IZ A T IO N .— N o m ortgage w ithout 7 5% o f Pref. stock out­
standing. Callable at 115. Sink, fu n d 3 % p . a. first three years and 5 %
thereafter. B oth classes o f stock listed on N . Y . Stock E xchange. Initia l
quarterly d iv . o f \ K % p a id on Pref. stock O ct. 1 1919, V . 109 p . 1181.
E A R N IN G S .— For six m onths ended June 30 1919. Sales, $3,040,429
expenses & costs $2,594,128; net p ro fit, $446,301; other incom e, $6,865,
total incom e, $453,166; interest, $26,893; dividends, $60,000; b al., sur,
$366,273. F or three m os. to Sept. 30 1919; N et available for pref. divs.,
$431,650; pref. d iv. and sink, fu n d , $50,000: b a l., sur., $381,650. Pres.,
M . S. B arnet. (Y . 108, p . 2631; V . 109, p . 580, 679, 1181, 1611, 1989.)
(T H E ) B A R R E T T COMPAN Y.— O R G A N IZ A T IO N .— Incorporated In
New Jersey Feb. 6 1903. Owns and operates through Its subsidiaries
plants in 37 cities o f United States and Canada for m anufacturing coal
products, such as tar, am m onia, roofing felts, &c. M erger o f the Barrett
C o . o f W est Va. was voted Sept. 16 1918. V . 107, p . 908, 1194; V. 76, p.
867; V. 91, p. 1513; V. 94, p. 125, 1318; V . 96, p . 717; V. 97, p. 730, 51;
V . 96, p. 655. N am e changed from “ American C oal Products C o .” in
Jan. 1916. V . 102, p . 346; V. 100, p. 1595; V . 105, p . 2096. A lso under­
stood to own 4 5% o f the $977,500 stock o f H . F. W atson C o ., asbestos
goods, Erie, P a. V . 106, p . 1371. Is interested with General Chemical
C o . and Semet Solvay C o . in N ational Aniline & Chem ical C o . V . 108, p
1166; V . 109, p. 287. Status in July 1919, V. 109, p .4 78.
f S T O C K .— T he full-paid com m on stock must always be twice the pref.
stock and no additional m ortgage or bonded d ebt can bo placed w ithout a
two-thirds vote o f the stockholders. V . 94. p. 125. Stocks listed on N . Y
Stock E xch. In July 1916. V . 103. p . 63, 241.
T he stockholders voted M arch 16 1917 to increase the total auth. capital
stock from $15,000,000 com m on and $5,000,000 pref. t o $25,000,000 co m ­
m on and $12,500,000 preferred. Shareholders o f record were then p er­
m itted to subscribe at par ($100 a share) for approxim ately $2,850,300 p re f.
and $2,723,900 co m ., m aking the outstanding stock after Jan. 15 1918
$16 343.100 com . and $7,811,400 p ref. V , 104, p . 954, 1047, 2345, 2454.
T h e offering was underwritten.
Owns the $110,000 bonds o f Peters Paper C o. o f Latrobe, Pa.
C o m .D iv .(% )1 9 0 3 -0 9 . 1910. 1911-14. 1915. 1916. 1917. 1918.
1919.
6
7 % y ly .
7
7
7
7
7
In cash---------- 5 K y ly .
____
______ 5 stk. 7 stk. 10
T ex t
1
d o e x t r a .. ______
A lso N o v . 1915 5 % and In July 1916 7 % in stock, and Jan. 25 1917
10% cash with right to subscribe for 10% ($1,208,910) com m on at par.
In Jan. 1919 paid 1% extra in cash, m aking 8 % for year 1918. On April 1
1919 Increased the quar. d iv. to 2 % . V . 107, p. 2291; V . 108, p .975; V .
103, p . 2157; V . 101, p . 1466.
R E P O R T .— R ep ort for cal. year 1918 in V . 108, p . 1607.
1918.
1917.
1915.
1916.
N et sales............................$41,339,665 $34,297,371
N o t stated
Gross inc. (all s o u r c e s )..$11,150,301 $9,235,871 $9,547,604 $6,652,639
N et in c o m e ..........................$3,789,561 $3,673,244 $5,165,286 $3,121,184
B on d , & c., interest_____
175,308
211,856
158,657
211,220
P ref. d iv . ( 7 % ) ..............
545,122
425,265
______
333,249
175,000
C om m on (cash) d i v . . .(8 )1 ,3 0 6 ,9 1 2 (7)1,034,542(17)2026,426
(7)761,932
C om m on (stock) d iv ___
_________
_________
(7)790,900
(5)538.000
R eserves, & c.....................
*333,530 * 0 .2 6 6 ,9 1 3
758,772
427,728
B alance, surplus..........a$2,095,749 a$2,26S,494 $1,097,283 $1,007,304
* Reserves are deducted before arriving at “ gross in com e."
a A fter providing for Federal taxes.
O F F IC E R S .— Chairman, Evereley Childs: Pres., W . H . Childs; Sec. and
T rea s., E . J. Steer. O ffice, 17 B attery Place. N . Y .— (V . 107, p. 1194,
2291; V . 108. p . 975. 1166, 1607; V . 109, p . 478.)
B E A V E R B O A R D C O M P A N IE S .— V . 109, p . 1369.
B E TH LE H E M M O T O R S C O R P . (O F D E L .).— O R G A N .— In corp . in
Delaware on June 30 1919 as successor o f Bethlehem M otors C o rp ., o f
A llentow n, Pa. (organized in D ec. 1916), and the N orth Am erican M otors
C o . o f Pottstow n, P a ., organized in 1917. P rodu ct exclusively m otor
trucks built in carrying capacities o f 1 l .
A
and 3 K tons. F actory
buildings at Allentow n ancf Pottstow n. A pproxim ate floor area o f the
two plants is 200,000 sq. ft. See fu ll official statem ent to the N . Y . Stock
E xchange in V . 109, p . 1188.
S T O C K .— T he stockholders will v ote D ec. 8 on increasing the capital
stock from 130,000 to 200,000 shares, no par value. Stockholders o f record
D ec. 12 will have the right to subscribe at $28 per share to 43,334 shares
t o the extent o f 33 1-3 o f their holdings. T ucker, A n th on y & C o ., N . Y .,
has underwritten this issue. V . 109, p . 1989.
E A R N IN G S .— Condensed incom e accounts years ended June 30 1919.
,
Beth. M o t., N .Y . N o. A m . M ol.
Total.
S a le s . ...................................... $3.516,02S
$2,001,386
$5,517,414
N et profit after taxes________
$199,124
$365,626
$564,750
O F F IC E R S .— Arthur T . M u rray, Pres.; D . G . D ery, V .-P res.; S. C . P o t­
ter, V .-P .; H . B . Hall, V .-P .; M artin E . K ern, Treas.: M . H . B eary, Sec.
Directors.— A rthur T . M urray, D . G . D ery, S. C . P otter, D uncan S.
Holm es, M artin E . K ern, George R . Bidwell, Allan A . R yan , Charles S.
M artin , Charles W . Stiger.— (V . 109, p . 1082, 1188 1989.)
B E T H LE H E M ST E E L C O R P O R A T IO N .— O R G A N IZ A T IO N .— In ­
corporated in N . J. on Dec. 10 1904 as successor, per plan V. 78, p. 587, o f
the U. S. Shipbuilding C o ., and Dec.31 1918 owned entire stock (V . 108, p .
1158; V . 105, p . 1211) o f: (1) Bethlehem Steel C o ., with its great steel plants
at Bethlehem, P a ., Sparrows P t., M d „ & c.; interest in Cornwall iron ore
properties and numerous subsidiaries, notably Bethlehem Steel Bridge C o .,
Bethlehem Loading C o . (V . 106, p . 2652), Spanish-American Iron C o. o f
C uba, and Bethlehem Chile Iron Mines C o .. (2) Bethlehem Shipbuilding
C orp. (V . 105. p. 1619, 1804: V. 106, p . 2652), owning plants Sparrows P t.,
M d ., W ilm ington, D e l., and E lizabethport, N . J ., and .also operating under
lease the plants o f the other controlled corporations, v iz.: Fore R iver Ship­
building C orp. o f Q uincy, M ass., and Union Iron W orks (and U . I.
W . D . D. C o .) o f San Francisco (V . 105, p . 1619, 1804). (3) Bethlehem
Iron M ines C o ., C u ba. (4) P enn -M ary Coal C o. (V . 82, p . 1050; V. 85,
P. 1520; V. 87, p . 1359; V. 91. p. 278; V. 94, p. 1121; V . 100, p . 2013: V.
105. p . 1619
(5) Eastern C ok e C o . (V . 104, p . 668, 1705; V . 93, p . 1603;
V , 100, p. 231).
In October 1919 purchased Elkins Coal & Coke C o ., em bracing 46,000
acres o f coal land in W est Virginia, with coal reserves o f m ore than 150,-




Am ount
Outstanding

[Vol . 109

tre a su ry ;

$ 4 ,0 6 4 ,0 0 0

000,000 tons, and equipped for an annual output o f 1,500,000 tons o f coal,
which will be increased to 3,000,000 tons. V. 109, p. 1611.
In 1916 consum m ated purchase (V . 103, p . 241, 243) o f all the assets of
the Pennsylvania Steel C o. o f Pennsylvania and M aryland Steel C o ., witb
their extensive steel plants, shipyard, &c. Through the medium o f Penn
M ary Steel C o ., for about $6,660,000, payable in bonds o f 1917, acquired
the plants o f American Iron & Steel M fg . C o. at Lebanon and Reading, P a „
also acquired other properties. V. 103, p . 2344; V. 104, p. 1139. Im ­
provem ents aggregating $25,000,000 to $40,000,000 were proposed fo r
Sparrows P oint (M d .) plant by Jan. 1 1920. V. 108, p. 2331; V . 109, p . 175.
Bethlehem-Chile Iron M ines C o. was incorporated in Delaware Jan. 18
1913, controlled b y Beth. Steel C o ., to operate the T o fo iron mines near
the coast o f C oqu im bo, Chile. A uth. capital stock was increased in Sept.
1917 to $10,000,000. V. 105. p . 999; V. 109, p. 890. Also Bethlehem
Steel C o. authorized stock from $15,000,000 to $65,000,000, and Ore
SS. C o rp ., $100,000 to $10,000,000. V. 96, p. 204, 287, 1023; V. 98, p. 833.
In 1913 purchased Fore River Shipbuilding C o ., Q uincy, M ass., and
guar. $750,000 1st 5s. V. 96. p. 1300, 1492; V. 98. p. 239; V. 105, p . 1619.
C onsolidated Steel Corporation, V. 108, p. 2126, 174; V. 107, p . 2481.
B lack T o m suit, V . 108, p . 2125.
S T O C K .— The stock as authorized in Sept. 1917 (V . 105, p. 911) includes
(a) $30,000,000 8 % cum . & convert, pref. non -voting, (ft) $15,000,000 7%
non-cum . pref. with voting power, (c) $15,000,000 com m on stock A witb
voting P°wer. (d) $ 75 ,000,000 com m on stock B (with no voting pow er),
ot which $30,000,000 issuable only for conversion o f the 8 % pref. stock .
In Sept. 1917 holders o f the $60,000,000 com m on stock , A & B, were
permitted to subscribe and pay pro rata for $30,000,000 8 % cu m . (nonvo^ [!,?) underwritten. V. 105. p. 911, 1311; V. 106, p. 89.
The 8 % cum . pref. stock is (a) entitled to 8 % cum ulative dividends
(2% quar.) from Oct. 1 1917 ahead o f the 7% pref. stock; (ft) is entitled to
participate equally with the 7% non-cum . pref. shares as to its principal
and any accrued dividends in case o f liquidation; (c) is convertible at option
o f holders at any time (unless called for redemption at 115, the right ter­
minating in such case 60 days before redemption date) into an equal am ount
or class B com m on upon payment by holders o f $15 per share in cash;
(a) is subject to call at 115 and divs. after three years from date o f issue
,n amounts not less than $1,000,000. V . 105. p . 911
Late Divs.
1908-12. 1913. 1914. 1915. 1916. 1917. 1918. 1919
8 % p r e f..
8
N ew
8
7% pref....................
7
N one.
7
7
3K
C o m m o n __________
22 H T e x t 10
C om m on B _______
5
N ew in 1 9 1 7 . . _________
10
IS
In Jan. and April 1919 paid dividends on the com m on stock, b oth “ A ’
and B , o f I K % .regular and 1 K % extra. In July 1919, K o f 1% w a s/
paid extra along with the regular quarterly l k % , but in October 1919 and
Jan. 1920 only the regular 1 K , with no extra.
See unfilled orders below
and V . 109, p . 373, 1611. V . 108, p . 376, 1722.
In Jan. 1917 a quarterly cash dividend o f 10% was declared on the $15,­
000.000 com m on stock, payable April 2 and upon the authorization of
$45,000,000 o f new class " B " (non-voting) com m on stock the com p a n y
paid a stock dividend o f 200% on Feb. 17 In said stock, and perm itted the
com m on shareholders to subscribe and pay in full at par on or before
M arch 6 Tor the remaining $15,000,000 class " B " which had been tinderwritten. See V . 104. p. 364, 66o, 865, 1266, 2345. On A ug. 1 1917 a R ed
Cross dividend o f 1% was paid on Class “ A ” and “ B ” stock. V . 104, p .
2554; V . 106, p . 502.

6K

NOTES.— T he $50,000,000 7% Secured Serial G old notes sold in 1918
(V . 107 p. 293, 405. 747) were applicable as follow s: (a) $20,000,000 to
secure advances from W ar Finance C orp. for imm ediate com pletion o f coke
ovens, blast furnaces and steel plants at Sparrows Point, M d ., as desired
by U. S. G ov t, (ft) $12,400,000 to retire such part o f $50,000,000 5 % notes
“F
®?1 V**<*He Feb. 15 1919 as wero not met from proceeds o f
$o< .600,000 pledged British Treasury notes: remainder as working capital.
These notes, while due one series each year, 1919-23— see table above—
are redeem able at option o f corporation at any tim e upon 30 d a ys’ notice,
as a whole or as entire series in order o f m aturity at 102 for notes with 4
years or m ore to run; 101
3 , but less than 4 years to run; 1 0 1 , 2 , but less
than 3 years to run; 1004$. 1, but less than 2 years to run; and 100 for notes
c l n n m L i 1311 1
run.
T he issue was secured b y pledge o f
$70,000,000 now Bethlehem Steol C orp. C onsol. M tge. 3 0 -Year Sinking
Fund 6 % gold bonds Series A due A ug. 1 1948 (see below ), and they will
bo convertible at option o f holder into said bonds at a price for the bonds
equivalent to a u K % incom e basis at the tim e o f such conversion. Series A
notes. $7,500,000 matured July 1 1919 and Series B and C $7,500,000 each
were caned for paym ent July 30 1919, a total o f $22,500,000, o f which
$19,297,000 had actually been redeemed to N o v . 1 1919, while a further
$17,000 o f Series D and E had been converted into C onsol. 3 0 -year 6s on.a
incom e basis for the bonds at tim e o f conversion.
B O N D S .— T h 0 Consolidated Mortgage authorized in 1918 is limited to
$500,000,000, and the entire initial issue o f $70,000,000 has boon pledged
to secure the aforesaid serial gold notes
T he m ortgage, in which the
Bethlehem Steel Corporation and Bethlehem Steel Company join , was to
be secured (subject to $85,340,000 underlying issues), either b y direct
m ortgage lien, or collaterally through pledge o f m ortgage bonds and-or
entire issues o f stocks (excepting directors' shares), upon the real estate and
plants o f the principal subsidiaries o f the Corporation com prising in value
over 9 5% o f such properties owned; also b y $35,434,000 previously issued
underlying bonds which in respect to im portant properties rank
equally with certain o f the above-m entioned underlying issues. N o addltional underlying bonds m ay bo issued unless pledged thereunder, v . 107.
293, 405.
JI#, .
T he C onsolidated M ortgage bonds m ay be issued in series, differing as
to dates, maturities, interest rates, redem ption prices, sinking funds, con­
version privileges, A c., but no such bonds shall be issued maturing prior to
these Sories A b o n d s .. O f the total auth. issue, $70,000,000 Scries A bonds
are pledged as above stated and $85,340,000 reserved for
’ 2KJ.0’
ment o f the above-m entioned underlying issues, and not to exceed $ 00,uui),000 reserved to acquire additional bonds hereafter issued secured by prior
liens, all o f which are required to be pledged under the m ortgage, when
issued. Bonds not issued for refunding purposes m ay be issued from tim e
to tim e for not exceeding 80% o f the cost o f investments in properties or
T ho Series A bonds will be callablo at 105, and will have the benefit of
a sinking fund beginning in 1920 o f 1% per annum o f all Series A bonds
issued prior to the dates o f the respective sinking fund_payments to be ap­
plied to the purchase o f such bonds at not exceeding 105 or to their redemp­
tion at that price. Bonds so purchased or redeemed will be canceled.

N ov., 1919.]

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 notes on first page]

D te
a

Bonds

B eth leh em S teel C o r p o r a t io n (Concluded)—
Cornwall Ore Banks Purchase M on ey M ortgages—
Colem an E state Pur M M tge call par text P ep.kc*
Freeman Est Pur M M tge call any int day text P ep.kc*
Cornwall Pur M M tge call any int d ay te x t ..P e p .k c *
Lackawanna Iron & Steel C o 1st M assumed
Fore River 1st M g gu due $40,000 yly red" 103" O B .x c*
Titusv Forge C o 1st M gu p& Idu e$20.000ylyred 102 \4 B a.xc*
Bonds o f Penn-Mary Steel Properties Guaranteed—
Maryland Steel first m ortgage currency
QP xrr
Penn-M ary Steel Co cons mtge $ 7 .0 0 0 ,0 0 6 g 'II I I I lQ P .x x c *
Spanlsh-Amerlcan Iron 1st M g guar red 102 44. QP xxc*& r
Collat trust loan (Cornwall) s f red 105: V 74 p 1312 xx
Penn M ary Steel M tge $13,000,000 guar call i05 Q P .xc*
Bonds o f Coal and Coke Companies also Dry Docks—
Eastern C oke C o 1st M (closed) call s f Joint guar xxU pic*
P enn-M ary C oal 1st M gold gu red 102 H (s f 1 0 1 )..G P .x x
1st M Elkins prop call 102)4 s fd $200 yearly
Fr.c*
San Francisco D ry D ock C o __________
U nion Iron W orks D ry D o c k _______ H Z
B o o th F ish eries -C om m on stock 500.000'sh'rs'authorized'I
1st pref stock $10,000,000 (cum since Apr 1912) red 110Sink fd deb So.OOO,ooo a red 101 con v into 1st pf stk xc*
B onds on cold storage plants D ec 28 1918
B o rd e n C o —Common stock 5 2 2 ,5 0 0 ,0 0 0 I
Preferred (a & d) 6 % cum $7,500,000 redeemable "aVllO

1919
1919
1919
1896
1913
1913
1892
1895
1907
1902
1917
1917
1909
1919
1909
1911

c $2,960,000 purchased for sink fund or canceled
x $1,000,000 auth.: $1,600 in treasury, $483,533 in sinki ng fd
y In addition $1,946.000 held in sinking fund June 1 1919.

Par
Value

R te
a

Amount
Outstanding

$ 1,000

1.000
1,000

500 &c
1.999
1,000
1.000

500 < ec
5
1.000
1,000
1.000

%

$310,000
465.000
1.506.000
1.769.500
530.000
229.000

5
6
6
5
5

W en L st D en P
h
a ivid d laces W ere In
h
terest a d
n
P
ayable a d M rity D en s a P
n atu
ivid d re ayable
&
&
J &
F &
J &
M &

Pa C o Ins on Lives, P hila
do
do
do
do
A Feb 1 1926
N Y Farmers’ L & T C o
J July 1920-33
Old C olon y T r C o , B ost
S To
M ar 1933 Bankers’ T r C o . N Y

F

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

1.903.000
3.931.000
c 2 .040,000
5.101.000
6.465.500

151

J

A Feb 1
S Sept 1
J July 1
Oct 1
J Jan 1

J

g

M
J

S
g

J

g

A

&
&
&
&
&

J July 1 1939
J July 1 1939

J July 1 1939

1922
1925
1927
1932
1937

o

F & A
5.729 .000
5 g
A A O
1,345 .000
5 g
5,000 000
A & O
5 g
495 .000
5
X514 .866
6 g
None250,000 shrs See text Q — J
$100 5.000 .000 7 In 1918 8 — J
1.000 y3.054 000
A & 0
6 e
1.000

1,000

Girard Trust C o , Phila
do
do
Guaranty T r C o , N Y
Girard T r C o . Phila
Bankers T rust C o , N Y

Feb 1 1931
Apr 11939
do
do
O ct 1 1939
Franklin Trust C o , N Y
Alar 1 1931
O ct 1 1929
A p r 1 '19 50 cts Central T r C o o f 111. C h ic
do
do
Jan 2 ’20 1J£%
A pr 1 1926
Nat City B k. N Y ; or C h ic

1,002 ,813
100 21.368 100 8 in iy i9 b <e A Aug 15 ’ 19 4 % By cneck from Co’s office
5
100
7,500 000 6 In 1919 Q — M D ec 14 19 1)4
do
do

or cancel e d .

$ 5 1 4 , 866 held

b y publi cD ec. 31 191S.

1158,

stee' C om p a rw s3 0 -yoa r 5s o f 1912 ($50,000,000 auth.
Issue) $12,759,500 on Aug. 31 1919 were in the hand o f the public, $4,240,5°0 in sinking fund or canceled and $23,000,000 were in the treasury.
Or the remaining bonds part is reserved to provide for the retirement
o f the First Extension M ortgage bonds and the balance is to be issued
from time to tim e, subject to proper restrictions, for additions and exten­
sions, except that a moderate am ount m ay be used as necessary to assist
n refunding. Annual sinking fund 2)4 % o f bonds outstanding (but not
•oss than $300,000). V . 94. p. 1450: V. 95, p. 892; V 96 p. 1300 1366
V V9h 8
I,0,0? ’ 192o2 = V 99. P- 898: V . 100 ,’p 1169. 1260V
105 p. 1524.
I he Bethlehem Steel C o. s 1st Extension 5s are guaranteed, prin. & int.,
« n 0 c ^ r? ora.tI? ? : ° ? A.u g ' 31 1919 $6,936,000 were held b y public;
t£,
$4,064,000 in sinking fund or canceled, and $1,000 000 in treasury- total

R E P O R T .— F or 1918 in V . 108. p .
1277, 376: V . 109, p . 373.
1918.
1917.
1916.
1915.
Calendar Years—
$
$
$
$
Gross s a l e s . . . ................. 448,410,809 298,979,531 216.284,555 146,513,798
M anufacturing p ro fitS -.x 5 7 ,188,769 x53,979.360 61,717,309 24,821.408
B ond, & c., interest____ 9,748,013
8,746.982
----------------------------3,772,555
2,342,596
D epreciation, & c ........... 31,510,366 17,911.841 14,350,785
4,716,000
8 % pref. d iv. N o . 1____ (8)2,397,800
(2)594,480
Pref. dividends ( 7 % ) - - . 1,043,560
1,043,560
_________
1,043,560
1.043"560
C om m on d ivid en d s. (10 % ) 1,486,200 (7 H ) 1486200 (30) 4458,600
C om m on “ B ” d ivs.(1 0 % )4 ,4 5 8 ,6 0 0 (7 H )4 4 5 8 6 0 0
.....................................
R ed Cross d iv s _________
______
594,480
_______
_______

V 9 i ;'V . 2i 77 i ; T -94 p.8 l 'l 88 2S2' 105° : V ' * * ^ 7 3 ; V Se ^ O

B alance, surplus.......... 6,544,230 9,143,417 38.091,808 15.719.252
x A fter providing for taxes (incl. war incom e and war express profits
taxes , expenditures for repairs and m aintenance. V . 106, p.

. 860;

Purch. M oney A Impt. Bonds o f 1916 [Afade Jointly with Penn-Afaru Steel Co )
T otal auth., $60,000,000 (V . 103, p. 1793. 2157; V 105 p 1 7 1 1 ) v i z ■
On n ^ PTiC^
(se« v •103,p. 1793)$31.942.000
On D ec.

S 1919 .^9,541.000 o f this am t.
i

was in the treasury

g ffe r v e d
0 ° n d s o f Penn. Steel C o. and subsidiaries.- 16.949.000
Reserved for' <•>% o f cost o f additions and im provem ents after
M arch 1 1919 on m ortgaged premises or any com p any 9 0% o f
whose stock is owned and pledged under the m ortgage
1 1 109 000
HHJ
These bonds have a 2)4 % sinking fund from July 1 1916?------ I I .H hM

1227, 1338.

O F F IC E R S .— Chairman, Charles M . Schwab: Pres., Eugene G . G race
Sec., R . E . M cM a th ; T reas., E . B . H ill; A sst. Treas. & A sst. S ec., AVmJ . B row n.
D I R E C T O R S .— C . M . Schwab (C hairm an), A rchibald J oh n ston ,
C . Austin B uck, John W . Griggs, Allan A . R ya n , G . M .-P . M u rp h y,
H enry S. Snyder, E . G . Grace, Eugene V . R . T hayer and James II. AVard.
O ffice, 111 B roadw ay, N . Y .— (V . 109. p . 125, 2 i 2 , 373, 890 ,17 9 4 , 1989.)
(E . W .) B L ISS & C O .— See V . 106, p .
2530; V . 109, p. 1276.)

viz.: (a) Colem an E state, $310,000, at least $18 000 to be calfecf each year
BanksJU L l
Banks, Incl. bldgs., & c., (b) Freeman Estate. $465 000 at Ipnst
7 ooo
to be redeem ed yearly after July 1 1922, s e c u r e d b v 75-1'536^interest in
Cornwall Ore Banks: (c) Cornwall, $1,566,000 at least 89^ 000 to be ^ I le d
waC
n
125- ,59G un divid^ fintorest^ n C orn­
e l o ° 5£
c
^
^
aforesaid issues (a) and ( 6); and also secured on
5,333 shares capital stock o f Cornwall Iron C o and & ooo shnrp«i p^nital
stock o f Cornwall R R . See V . 108, p . 173.
“ 8,000 snares caPltal

9t^ u i^nW 1917 on purchase «r°M.IS k1' 58 wero assumod b y p. 1691.
T
Steel < o. inn?Q i''Im ?r.nrrhool o f the Lebanon p roperty. V . 106, Bethlehem
C in
£ fq^l»inrv ?ariy h tei .1 5 ° - . created on acquisition o f propere
4 . : , rr 2 ? Q cnn ° H ;,J J l d to $13.000.000, o f which $6,660,000
“
^
issued (incl. $194,500 retired to A ug. 31 1919 ) and $6,340,000 reserved
for future extensions to 7 5% o f cost o f sam e. Callable all or any at 105.
Sinking fund beginning D oc. 31 1918 a sum equal to 2)4 % o f the bonds at
time outstanding^ V . 104, p. 1139. This issue has been assumed.
Eastern C oke C o. 1st AI. <
lover’ 574i coke ovens, benzol plant. & c. Sink
tng fund. $250,000 s.-a. Callable 101 & int. on or hefore Feb 1 1918
thereafter 102!4 & tat.; retired to A ug. 31 1919, $1,271 000 V 104. p. 1706
The Union Iron Works Dry Docks C o., a subsidiary of the Beth Steel
C o rp ., took over on N ov.1 1908 the property of San Francisco Dry Dock
G o ., and Issued 20-year 6 % Purchase m oney bonds ($514,866 outstanding
D ec. S L lO lSLbesldes assuming $495,000 underlying 5s. V. 88. p .9 4 1 .
T itusville (P a.) Forge C o. 1st 5s are guar., prin & int V 96 P 1492
T he Penn M ary Coal C o. 1st M . 5 % bonds o f O ct 1 1919 $5,000,000
auth. and issued, have an annual sinking fund o f $ 200,000 after
N o v . 1 1920, and are callable at any tim e all or part at 102)4 and int.
These bonds issued it is understood. In connection with the Elkins pur­
chase (V . 109, p. 1611 , cover 2.515 acres o f land in fee and 43,628 acres o f
coal rights in M onongalia and Preston counties, W . Va with bldgs & impts.
For full statem ent as o f Aug. 31 1917, showing the funded debt in detail,
Incl. total amounts in treasury, sink. fund. & c., see V. 105. p. 1524.
r E 'o\ T i(rn
’TiT? 10 •fp " ow*'18 official statement was Issued
July 24 1919 explaining thelomission o f the extra dividend on the com m on
stock (V . 109, p . 373). Itlw as deemed expedient to make no extra distri­
bution to stockholders at this tim e, feeling it wise to conserve the C orpora­
tion s resources against the somewhat uncertain future. Although the steel
£uS \ T ' s
.,r
a satisfactory growth in volu m e, it was recognized that
with the continued high cost o f production and present level o f prices, that
resultant profits would not justify any extra dividends ”
y
A further statem ent issued O ct. 23 1919 (V . 109 n 1 6 1 1 ) said: “ The
shipbuilding plants, as also the steel plants other than the rail mills, are
running at full capacity, the form er with no diminution o f orders, the latter
w‘ th an increaseing volum e o f new business offering. The railroad buying
is stil below normal, but general com m ercial lines are rapidly filling the
capacity usually operating on railroads orders
“ T he corporation is continuing its program o f extensions and additions to
plants, having spent to date this year over $15,000,000 for new construc­
tion. A number o f new plants are just now com ing into operation and over
the next five m onths a, material increase in capacity will becom e available."
W hen com pleted this expenditure, to a total o f $20,000 000, in the main,
will provide structural capacity at the Bethlehem plant additional mer­
chant plate and tin plate output and a new sheet plant at the M aryland
plant, extension o f dry dock and repair facilities at our various shipyards
and the m odernization and extension o f the Am erican Iron & Steel plant at
Lebanon.^"
lH 1
> d
.
In M arch 1919 the com pany estimated its unfilled orders at $328,946,066
after making deductions for orders definitely canceled and an allowance for
the possibility o f further cancellations. Included in the orders on hand
is a largo amount o f shipbuilding work for both the N a vy Departm ent and
Em ergency Fleet C orporation, which should stabilize the earnings o f the
immediate future independent o f business conditions in the steel trade.
T he unfilled orders on D ec. 31 1917 aggregated $453,808,759, against
$193,374,249 in 1916, $175,432,895 in 1915, $46,513,190 in 1914 and $24,­
865,560 in 1913.* V . 108, p . 1158: V . 109, p . 373.
T he financing o f July 1918 increased fixed interest chargos only 51,000.000
per annum. On the basis o f present operations, the management estimated
that for 1918 tho com bined earnings before paym ent o f taxes and interest
charges and before providing for depreciation would approxim ate $60,000,0P0, while fixed annual interest charges upon com pletion o f this financing
would bo about $7,700,000.
W hen the present construction program, arranged for in 1918, has been
com pleted, the plants, it is stated, will have a total capacity o f 3,000,000
(tons o f ingot steel per annum, representing abou t 8 % o f the cou ntry’s
present capacity, and shipbuilding facilities for 1,000,000 deadweight tons
Iter annum, or about one-third o f the present steel shipbuilding capacity o f
the U . S. O f the $650,000,000 orders on hand, less than 1 2 H % were for
guns, arm or plate, projectiles, and similar war m aterial. V. 107, p. 293,
405, 606.




1339.— .
(V

108, p. 82.

1 1166,
159,

B O O T H F I S H E R I E S C O .— O R G A N IZ A T IO N .— Incorp. in Delaware
May 10 1909 and purchased at receiver’s sale all the assets of A . B ooth &
Co., Chicago, per plan In V . 88. p. 1063. Is engaged in buying and selling
it wholesale and retail fish, oysters and all sea foods, and has a large fleet
of fishing boats on the Great Lakes and Pacific Ocean. On April 1 1911
purchased the N . W . Fisheries C o. V. 100, p. 2088; V . 101. p. 530.
Booth St. Louis C old Storage C o. has a large cold and dry storage plant in
St. Louis. V . 101. p. 1976. In Dec. 1916 purchased the Lindenberger
Packing C o . and the C olum bia Salmon C o. through its subsidiary, the
Northwestern Fisheries C o .— V . 103. p. 2430. Early in 1917 purchased
5 packing plants o f the L ubeck Sardine C o. and also property o f the M a chiasport Packing C o ., b oth on the M aine coast. V . 105. p . 2000. N ew
Sardine factory at St. Johns, N . B „ opened in July 1918. V . 107, p . 405.
Booth Fisheries C o. o f Canada, L td ., was incorporated July 4 1916 with
$1,000,000 capital stock, primarily to take over and operate the N ew Bruns­
wick Sardine Canning C o ., with plant near St. Andrews, N . B .
S T O C K .— T he first pref. stock, cum . from April 1 1912, with no voting
power except while dividends are not paid or set aside. A7. 102, p. 1438.
Holders o f the 6 % debentures have the option o f exchange at par for the
first pref. V . 94. p . 125, 489. T otal pref. a u th ., $10,000,000. V . 107,
p . 698. V . 105, p . 2000, 502.
The com m on shareholders voted M a y 21 1917 to change the authorized
com m on stock July 1 from 100,000 shares o f $100 each to 500.000 shares o f
no par value; 250.000 o f tue new shares then being exchanged for the ou t­
standing com m on five new for one old . V . 104, p. 1705, 2120, 2236, 2454.
An additional $1,000,000 pref. stock was issued in June 1919 on account o f
im provem ents, & c., the am ount authorized to be listed on N . Y . Stock
Exchange (on or before Jan. 1 1920) being increased to $6,000,000 ,o f which
$1,000 was in treasury in Oct. 1919. A further $1,946,000 pref. was the
issuable against bonds theretofore retired b y sinking fund.
D IV ID E N D S .— On first pref. paid July 1912 to Jan. 1920 1 H % Q -J
On com m on paid 4 % April 1913 in new pref. stock, and in M ar. 11917 a cash
dividend (N o. 1) o f 2 % : A pr. 1 and July 2 1917. 1 % . O ct. 1917 to A pr. 1
1919, in cl., paid 50 cts. quar. ($2 per ann.j on new com m on stock (see
above); July and O ct. 1919 com . d iv. om itted. V . 108, p . 2244- V . 109
p. 890.
B O N D S .— O f debentures ($5,000,000) $1,946,000 were in June 1919
in sink, fun d, $3,054,000 were outstanding. Cum . sink, fund $150 000
yearly at outset. V . 96, p . 655; V . 101, p . 1191. B onds on cold storage
plants D ec. 28 1918, $1,012,814, including M idland C old Storage C o . 5s.
$87,500, due $12,500 yearly June 1919-1925: 1st M tge . gold 6s o f B ooth
C old Stoarge C o . o f M in n ., 1st M . gold 6s o f D etroit C old Storage & T erm i­
nal C o . ($1,000,000 a u th ., V. 104, p . 2014), B ooth C old Storage C o . o f
B uffalo 1st 6s and T w in C ity C old Storage 1st & 2d M . 6s. In 1916 guar­
anteed (p . & i.) $500,000 1st M . serial 6s o f B ooth -S t. Louis C old Storage
C o . due Jan. 1 1917 to 1931. but callable at 102)4. V . 102, p . 2344.
N otes payable D ec. 31 1918, $10,286,079, including (a) $5,034,618, co v , warehouse receipts or certificates for canned p ro d u cts.
(6) $856,200 with L iberty bonds as collateral.
R E P O R T .— F or cal. year 1918 at length in V. 108, p. 1507, 1521.
Calendar
Net
Bond,Ac., D ep r.A c., Federal Pref. Divs.
Balance,
Year—
Profits.
Interest. Reserves. Taxes.
(7 % .)
Surplus.
...............$2,217,677 $719,876 $498,442 $250,000 $275,833
$473,526
9 7 ............... 3,388,829 531,904 354.293 625,000 236.110 1,641.522
1916------------- 1,659,295 378.919 274.024
214,270
792.082
1915............... 1,042,770 386.779 3071334
- I - I - I 180!005
168,652
D I R E C T O R S .— K . L . Am es, P . L . Smithers, AY. G . AVeil, A ndrew M .
Lawrence, G eo. F . G ood n ow , W . J. Feron, Charles H . E w ing, C hicago;
K . L . Ames is P res.; AV. G . AVeil, Seo., and P . L . Smithers, V .-P res. &

v.fSs. p

° iW

f & n 5 s

g

©

5

r

, v ' i o 7 - »• « » • « » • 6 9 8 - * * » •

Incorp. in N . J. in 1899 as B orden’s
Condensed M ilk C o . In Oct. 1919 present name was adopted, the business
having been expanded to include evaporated m ilk, malted m ilk, milk
cbocolBte, &c. V. 109, p. 1463, 1528: V. 68, p. 821: V. 69. p. 1195; V. 74,
p . 97, 579; V . 76, p. 656. P rice, A 106, p. 193, 1580, 1798; V. 103, p . 667.
r.
Statement as to m ilk situation, new m anagement, & c., see V. 105, p. 5 00 .
1322. y^1 jq ^80^ ’ jl.999,^2000; V. 106. p . 1232; V. 107. p .3 1 ,3 3 , 1387. 1436,
BORDEN

COM PANY,

I N C .—

B O R D E N ’ S F A R M P R O D U C T S C O ., IN C .— Incorporated a t A lb a n y .
N . 'V ., April 24 1917. A subsidiary com pany engaged in the business o f dis­
tributing fresh m ilk, cream and other farm products in N . Y . C ity an d ad­
jacent cities, C hicago, M on treal, & c. V . 107, p. 2478. A uthorized ca p ­
ital stock, $17,918,000, v iz .: (a) $12,500,000 com m on; (6) $5,000,000 0 %
cum . p ref., callable at 105; (c) $418,000 7 % cum . non -voting 1st p re f.,
callable at par. Outstanding O ct. 1 1918, $10,500,000 com m on and $3,­
500,000 6 % p ref., b oth ow ned b v B orden’s Condensed M ilk C o .; $417,700
1st pref. ow ned b y others. D ividen ds, M . & S
V . 106, p . 823, 931. 1038.
2453, 2759; V . 107. p . 183, 606.

152

INDUSTRIAL STOCKS AND BONDS.

MISCELLANEOUS COMPANIES
[For abbreviation, Ac., see notes on first page
R o rn e-S cry m ser C o— S tock_________________________________
B ra d en C o p p M ines— D ebs (closed issue) g s f call 1 0 5 -B a .c*
B rill— (T h e J G ) C o — Comm on stock _____ _______________
Preferred (a & d) stock 7 % cum ulative . . . . ________
B r o o k ly n E d ison C o , In c— Stock §19.000,000___________
General M tge §100.000,000 Ser A call 1 0 5 --C e.x xxk k c*& r
Underlt/ing Bonds, A c .—
K ings C o E l L t & P 1st M g $2,500,000___________ E q.zc
Pur m oney M g sec b y Edison stk < cc (V 7t>. p 4 7 )-.C e.x xo*
3
Edison Elec 111 cons m tge (now 1st) $10,000,000 e .G .x x c*
Debens con v Into stock beg Mch 1 1913______________xxc*
do
do
beg M ch 1 1916______________xxc*
Brooklyn Ferry C o.— See N Y Terminal Co (V 92, p 1180).
Brooklyn Union Gas— Stock $20,000,000 __________________
First Cons S15.000.000 g (for underlying bonds see text) _Gz
D ebs convertible on & after N o v 1 1924 into stock $ for
B row n S h o e C o — C om m on stock 510.000,000 aued_________
Pref stock (a 9c d) 7 % cum red 120 _______________________
Buckeye Pipe Line Co— Stock $10,000,000___________________

Date Par
Amount
Bonds Value Outstanding Rate
%
1916

[V

When
Payable

§100
§ 2 0 0 ,0 0 0 20 In T 9 O ctober
F & A
1,000 zl6,47 7 ,0 0 0
6 g
100
5.000.
000
100
4.500 000 6 K % ' 19 Q— F
100 17.282 000 8 in 1919 Q— M

1919

100 &c

5.500.000

5 g

1898
1898
1898
1910
1913

1,000

2.500.000
5.176.000
4.275.000
350.400
1.367.600

J

&

Oct 15 T 9 2 0%
Feb 1 1931
Sept 1 5 '0 8
See text
D ec 1 1919 2 %
J Jan 1 1949

5 g

1895
1919

Last Dividend
and Maturity

1,000

1,000
100 Ac
100 &c
100
1.000

100 &c
100
100

50

6 K

t e
6

18.000,000 6 In 1919 Q— J
M A N
14,698,000
M & N
7
2 .0 0 0 .
000 *
Q— M
6,00 0 .0 0 0
5.500.000
Q— F
10,000,000 I6 in l9 1 9 Q— M

O ct
O ct
Jan
Mch
M ch

1 1937
1 1997
1 1939
1 1922
1 1925

Oct 1 1919 I K
M a y 1 1945
N o v 1 1929
D ec 1 1919 I K
N o v 1'19. IK V o
D ec 15 T 9 4 %

o l

. 109

Places Where Interest and
Dividends are Payabte
80 South St. N ew Y ork
Bankers Trust C o , N Y
Checks mailed
ao
do
Checks mailed
Central U nion T rust C o
E quitable T rust C o
Central U nion Tr Co, N 7
“
Guaranty t rust Co, N 7
Franklin Trust Co, N 7
do
do
B y check frum Co's office
Chase National B ank.N Y
Checks mailed
Checks mailed
N ew York

z R edeem ed in A ug. 1919, §707,000, leaving §16,477,000 o utstan ding.

D IV ID E N D S — (1903 19041 9 0 5 ’0 6 '0 7 '0 8 to T 4 T 5 T 6 *17 T 8 '19
On com m on (% )_ _ J
8
8
8
88
8 yrly
8
8 8
8
8
m
2
22
_
_
-- - t e x t ...
E x t r a --------------------- 1
In A ug. 1917 paid X o f 1 % to aid R ed Cross contributions.
E A R N I N G S .— For the year ended June 30 1918 the com bined net earn­
ings o f the com p a n y and its subsidiary, the Farm Products C o ., aggre­
gated, it is understood, approxim ately §3,200,000 (after deducting taxes,
depreciation and §450,000 p ref. d ivid end .) These earnings, how ever, i n ­
clude the earnings o f the Farm P roducts C o ., which paid no dividends
on the $14,000,000 o f its stock held b y the p arent com p a n y, its earnings
thereon being less than 5 % . V . 107, p . 2478.
In 1919 fiscal year was changed to calendar year, regular annual reports
to be issued beginning in April 1920. V . 109, P- 1463.
Chairm an, A lbert G . M ilban k; Pres., Arthur W . M ilburn; V .-P ., W alter
M . Gladding; T rea s., Franklin D . Shove: S ec.. Sidney J . Pearson, 108 H ud­
son S t.— (V . 107, p . 183, 606, 1387, 1581, 2478; V . 108, p . 82; V . 109, p.
1463, 1528.)
B O R N E -S C R Y M S E R C O .— O R G A N IZ A T IO N , A c .— Incorporated in
New Jersey in 1893. Has lubricating oil plant at E lizabethport, N . J.
Form erly controlled b y Standard Oil C o . o f N . J ., but segregated In
1911. See Standard Oil C o. o f N . J .. V . 85. p. 216. 790; V . 93. p. 1390.
Stock, $200,000; par §100. D ividends: 2 0% annually In D e c . 1912 to 1919,
incl. O ffico. 80 South S t.. N . Y .— (V . 109. p . 983.)
B R A D E N C O P P E R M IN ES C O .— Incorp. in D ela. in 1909. Owns
entire stock and bonds o f Braden C opper C o. (M aine corp oration ), which
owns and operates in Province o f O ’ Higgins, C hile, extensive mining prop­
erty with m ill ca p a city o f abou t 7,500 tons o f ore per d a y . which it Is pro­
posed to increase to 10,000 tons. K ennecott C opper C orporation (which
•ee) owns 9 9% o f tne 2.590,706 shares authorized and outstanding (reduced
from 2,800,000 shares July 14 1916). B onds auth. and issued, $20,000,000
(in cl. §5,000,000 sold in D e c. 1918); canceled b y sinking fun d to D e c. 1
1918. $2,106,000. V . 107. p . 2190. V . 102, p. 524, 713: V . 103. p. 63;
V . 106, p. 609; V . 109, p . 580. Reports o f expert In V . 101, p . 1970. See
K en necott C opper C orp. V . 102, p . 1713.
R E P O R T .— F or year ending D ec. 31 1918, see V . 108, p . 1931.
Cal. Years.
19l8 .
1917.
Cal. Years.
19187
1917.
C o p .p rod . (1bs) 71,362,788 41,010,502 T otal incom e.$7,784,163 $7,219,136
A ver, per lb -.2 6 .8 8 8 cts. 31.80 cts. B ond, & c., Int 816,475
859,038
C op per rev s.§19,188,495$13,041,925 D ep roc., & c _ . 3,270,807 3,496,987
N et p r o fit____ $7,557,921 §6,342,199 B alance. surp . $3,696,881 $2.863.111
T he com bined general p rofit and loss account o f the Braden C opper Mines
C o . and B raden C opper C o. for the six m onths ended June 30 last, shows
copper sales o f $977,847; operating costs, delivery and selling expenses, & c.,
§1,222,788; operating loss, $244,941; total incom e, $57,511; net incom e,
§9,508: deficit after interest on bonds, & c., $538,580; p rofit and loss, sur­
plus, $4,497,959. V . 109, p . 1276.— (V . 108, p . 1931; V . 109. p. 75,
B R A Z O S O IL C O R P .— V . 109, p . 273.
B R IG H T O N M ILLS, P A S S A IC , N. J .— V . 109, p . 1794.
B R IL L (THE J . G.) CO.— O R G A N IZ A T IO N .— Incorporated In Pennsyl­
vania A ug. 1 1906: organized Feb. 1907. Manufactures cars and trucks,
principally electric, and in 1917 aeroplane m otors for U . S. G o v t. See
V . 108, p . 681; V . 106, p . 766; V . 85, p . 1400; V . 86. p . 1102.
"•’ STOCK A N D B O N D S.— Of the preferred stock, $420,000 unissued is
reserved to retire the $325,000 5 % bonds on the John Stephenson A Co.
plant due D ec. 31 1925, but subject to call at 105. No other bonded d ebt
can be creited w ithout the approval o f 75% o f preferred stock.
D I V I D E N D S .— On 7 % pref., 1 K % quar. to A ug. 1914; N o v . 1914 to
A ug. 1 1919, 4 % (1 % Q .-F .). Also A u g. 1 1918 paid 1 % ; N ov . 1 1918 to
A ug. 1919 paid 3 % quarterly and on N o v . 1 1919 2 % % on accumulations,
entirely discharging same as o f date last nam ed. V . 109, p . 1611. On
com m on, June 1907 to M arch 1908, 1% quar.; June and Sept. 1908, K o f
1 % ; none since to 1919.
R E P O R T .— F or 1918. In V . 108, p . 681, show ed:
Calendar
Total
O p.E xp.,M aint. Federal
Preferred
Balance,
Years—
Sales.
A Res., A c .
Taxes.
Dividends.
S u r .o r D e f.
1918-------$16,761,155 §15,479,769 N o t deduct. (8)$366,400 sur.$914.986
1917____ 7,706,099
6,711,900
$90,000 (4)$183.200 sur.$720,989
6,157,717
1916------ 6,180,896
............
(4) 183,200 d c f. 89,912
1915------ 4.403,117
. _____
4,286,790
______
(4) 183,200 d ef. 66.874
Status in N o v . 1918, V . 107, p . 2100.
P res., Samuel M . Curwen; V .-P ., W illiam H . Hedlings J r.: 2d V .-P .,
J. W . Rawle; S ec., Henry C . Esling.— (V . 108, p . 482, 681, 975; V . 109,
p.';175, 273, 1611.)
B R IT IS H -A M E R IC A N T O B A C C O C O ., L T D .— (V . 108, p. 975, 2024,
2125, 2244, 2435; V . 109, p . 890, 1701.)
B R O O K L Y N B O R O U G H G A S C O .— (V . 108, p . 271, 482, 1062, 2244;
V . 109, p . 1794.)
, B R O O K L Y N EDISON C O .. IN C .— O R G A N IZ A T IO N .— Successor in
Jan. 1919; b y change o f nam e, o f the Kings C ounty E lec. L igh t & P ow . C o ,
(incorp. in N . Y . State June 26 1890), and b y m erger o f its subsidiary,
the E dison E lectric Illuminating C o. o f B rooklyn . D oes all the electric
light and p ow er business in the B orough o f B rooklyn (except the 29th
W a rd ), C ity o f N ew Y o rk , serving a population estim ated at 1,800,000.
V . 108, p . 173, 582; V . 107, p . 2190. 2380; V . 69, p . 177, 957; V . 70, p. 483;
V . 80, p . 2216.
Franchises fa vora b le an d , in opinion o f counsel are perpetual. V . 108,
p . 583.
S T O C K .— Follow ing change o f name in Jan. 1919, certificates bearing
name B rooklyn E dison C o ., I n c ., were issued, share for share, for Kings
C ounty E lec. L igh t & Pow er C o. certificates.
D I V I D E N D S — June 1900 to M a r .T 9 0 3 , 1 K % quar.; since to D ec.
1919, 2 % quar.
B O N D S .— T h e General M tg e. bonds o f 1919 (V . 108, p . 582) are se­
cured b y m ortgage on all the com pany's real and personal p roperty (subject
to prior lien o f K ings C o. E lec. Light & Power C o . 1st M . 5s and Purchase
M on ey 6s and Edison E lec. 111. C o. o f Brooklyn 4 % bon d s), including two
steam generating plants with an installed cap acity o f 125.000 k. w ., and
5.236 miles o f distribution lines, o f which 2.549 miles are underground.
T h e y also cover all other property hereafter acquired.
T h e m ortgage is lim ited to $100,000,000 and the bonds are Issuable in
series with such interest rate, m aturity and redem ption rate, and m ay have
the privilege o f conversion into capital stock , as shall be determ ined b y the
com p a n y.




Purposes fo r Which the General Mortgage Bonds A re Issuable.
Issuable forthw ith to reim burse the treasury for extensions,
im provem ents, & c., m ade prior to Jan. 1 1919 (o f this am ount
$5,500,000 series A were sold in F eb. 1919— V . 108, p .5 8 2 ) . . $9,000,000
Issuable fo r refunding underlying bonds and debentures______ 13,713,300
Issuable with the approval o f the P . 8. Com m ission fo r 8 0 % o f
the cost or reasonable value (whichever is less) o f extensions,
a dditions, & c., m ade a fter Jan. 1 1919, b ut o n ly when the
net earnings are tw ice the annual interest charge, including the
bonds p rop osed ________________________________________________remainder
The convertible 6 % bonds o f 1910, originally $4,000,000, and o f 1913,
originally $5,000,000. are convertible into stock , $ fo r $.
R E P O R T .— F o r ca l. year 1918, in V . 108, p . 576 (and advertising page
X X I V ; issue o f M a r. 1 ), showing:
Calendar
Gross
Total N et
Bond Fixed, A c ., Divid'ds Balance,
Year—
Earnings.
Incom e. Discount. Charges.
(8 % ).
Surplus.
1 9 1 8 ............ $8,768,038 $2,691,857 §20,269 §1,199,562 §1,374,216 $97,809
1917.............. 8,304,412 2,869,072 20,269
1,469,952 1,334,716 44,136
1,401,550 1,202,564 566.376
1916............. 8,130,199 3,190,758 20.269
1915
_ 6,928.115 2.431.285 20,269
921,462 1,072.270 417,284
Fixed, & c., charges in 1918 include interest on funded d eb t, §715,374;
int. on unfunded d eb t, $163,034; reservod for contingencies, §199,620;
appropriations and em ployees’ dividends, $121,534.
Chairm an, N . F . Brady; Pres., M . S. Sloan: V .-P ., J. C . Brady; V .-P . &
Gen. M g r., W . F . W ells; Sec., E . A . B aily; T reas., H . P . Erwin. O ffice.
360 Pearl S t., B rooklyn, N . Y .— (V . 107, p. 2190, 2380; V . 108, p . 173.
576, 582, 873, 881; V . 109, p. 479, 1528, 1989.)
B R O O K L Y N UNION O A S .— Incorp. in N . Y . State Sept. 7 1895, per
plan V. 61. p. 831. and V. 62. d . 1141: V . 64. p. 887: V . 80. p. 1854. Dally
m anufacturing capacity D ec. 31 1918, 82,000.000 cu . ft. V . 101, p. 1630.
Suit. V . 99. p. 51. 345. 1369. New gas standard. V. 105, p . 1805. T olu ol.
V. 105, p. 2000. Rates, 1918-19, V. 106, p . 609. 931; V. 107. p . 2010;
V . 108. p. 1722, 2244.
L A T E D IV S .—
'08. '07. '08. '09-’ l l . 1912 to 1917. 1918 to O ct’ 19
P e r c e n t....................... 3
0 5 K 6 y 'rly b & 2 ext. yly . 6 % (14* Q-J)
BON DS.— Mortgage o f 1895 is for $15,000,000 of bonds, subject to:
Bonds—
Interest.
Outstanding.
M aturity.
Citizens' Gas con . m ortgage___ 5% F . A A .z
$264,000
F eb. 1 1940
Union Gas L. con . m tge.............5 % J. * J .z
38.000
Jan. 1 1920
In Oct. 1919 offered to shareholders at par $2,000,000 7 % 10-year deben­
tures convertible into stock, at holders’ op tion , on any int. d a y on and after
1924 $ for $. V. 109, p. 1528, 1082; V . 108, p. 1391.
R E P O R T .— F or year 1918 to P. S. C om m , in V . 108, p . 2331 shows:
1918.
1917.
1916.
1915.
Gross earnings...................§13,053,798 $12,243,762 $11,353,594 $10,719,758
N et after taxes.................
825,604
2,140,461
1,996,972
2,324,212
Other in com e....... .............
242,767
261,914
239,200
232,167
B ond interest, & c...........
868,580
870.943
847,256
839,319
D iv id e n d s .................... (6% )1,08 0 ,0 0 0 (7)1,260,000 (8)1,440,000 (8)1,440,000
B a l a n c e . . ...............
def.880,209 sur.271,432
dof.51,084 sur.277,060
Pres., James H . Jourdan; V .-P res’ts, Win. G . Rockefeller and A . F.
Staniford: T rea s., E . R . Chapman. O ffice. 176 Remson S t., B rooklyn.
N . Y .— (V . 108, P- 1391, 1722, 2244, 2331; V . 109, p . 1082, 1369.)
B R O W N S H O E C O .— O R G A N IZ A T IO N .— Incorp. in N Y . Jan. 1913
and acquired the Brown Shoe C o . o f M issouri. Operates 10 largo modern
plants, 5 in St. Louis and one each in M ob erly , M o ., B rookfield, M urphysb oro, D ixon and Charleston, 111. Aggregate net flo o r space, over 15 acres.
In 1912 sold o f own m anufacture and outside goods about 7,000,000 pairs
o f shoes. In Feb. 1913 acquired Barton Bros, or Kansas C ity , V. 96, p . 556.
N o m ortgage or funded debt Oct. 1919, $20,000 real estate m tge. redeemed
Fob. 15 1919. V . 96, p. 204. W ar orders in 1918, V . 106, p. 193, 1903;
V . 107, p . 1839, 2004.
S T O C K .— T he pref. stock is redeemable at any tim e, all or part (p ro
rata), and also upon dissolution at 120 and dlvs. on 3 m os.' notice. N o
m ortgage (other than purchase m oney) 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 t* %
annually o f the maximum p re f.s to ck at any tim e outstanding. V . 107, p .
2004- Pref. shall n ot vote fo r directors unless four quarterly dividends are
in defau lt. N otes payable A pr. 1918' $5,650,000; O ct. 31 17, $4,450,000.
Pref. stock authorized $6,000,000; issued to April 30 1919, $4,000,000:
retired b y sinking fund and canceled, $500,000; balance, $3,500,000; sold
as o f M a y 1 1919, $2,000,000; total outstanding, $5,500,000.
in default. N otes payable April 1918, $5,650,000; Oct. 31 1917, $4,450,000.
D I V I D E N D S .— D iv . on pref. from F eb. 1913 to N o v . 1919, 1 K % quar.
D ividends on com m on, 1% paid F eb ., M a y and Aug. 1 1914: none to D ec. 1
1916 when 14*% was paid; M ar. 1917 to Sept. 1919, 14*% quar.; D ec.
1919! i k C ­
o
o p e r a t i o n s .— F or the 3 m os. ended Sept. 30 1919 shipments aggre”
rated 80 832.618, against $8,741,105 in 1918; increase shipments, $1,091,"
513 or nearly 1 2 .5 % . F or 6 m os. ended April 30 1910, shipments, $12,sn'q’s83- net profits after d eprec., $1,150,854. E stim ated output year
ending ’O ct. 31 1919. §31,000,000.
R E P O R T .— Y ear ending Oct. 31 1918 (see V. 107, p. 2004), showed:
M
191314
1914-15.
1915-16.
1916-17.
1917-18.
Sales
____ 10,748,120 10,786,130 15,913,373 21,882,016 30,825,715
N et after d e p r ..
495,889
240,322 1,467,756 2,078,560 1,838.385
Federal taxes (against $410,000 in 1916-17)............................. - - - - est.500,000
D ividends, pref. 7 % , $244,470: com m on, $360,000.........................
604,470
Reserves red. pref. stock, $94,340; contingencies, $400,000
494,340
(1916-17. §3 00.000).............................................................................._
B alance, surplus (against $662,005 in 1916-17)..........- - - - - - *239,575
P rofit and loss surplus A pril 30 1919, $4,316,664, including $900,000
airman. G eo. W arren B rown; P res., John A . Bush: V .-P res., E . R .
M cC a rth y , H . L . T om es, P . O ’ Brien, G . A . Bull and T . P. M o o d y ; T reas.,
S H utchins: Sec., W m . ICrall.— (V . 107, p . 1581. 1839, 2004; V. 108, p .
82; V . 109, P- 175. 1463, 1794.)
B R U N S W IC K -B A L K E -C O L L E N D E R C O .— (V . 108, p . 383. 483,
2527; V . 109, P- 373.)
B U C K E Y E P IP E LIN E C O .— O R G A N IZ A T IO N . & c.— Incorporated in
Ohio M ar. 31 1886. Owns pipe lines in Ohio. Form erly controlled by
Standard Oil C o. o f N . J ., but segregated in 1911. See Standard Oil Go
o f N . J .. V . 85, p . 216. 790; V . 93. p. 1300. S tock, $10,000,000; par. $50.
H

Nov.; 1919.]

IN D U S T R IA L S T O C K S A N D BO N D S-

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 f i r s t p a g e ]

D a te
B onds

Buffalo General Electric Co— S t k $10,000,000 V.102.D. 1628
F ir s t m o r t g a g e (t r u s t e e F id e lit y T r u s t C o )
z
Cataract Power A Conduit 1st M sink fund____Mo xxc*
*
First Ref M $10,000,000 call at 105. V .102.p.1628 Col.zc*
Debentures convert into stock $ for $ call (V 105, p 718) _.
Buffalo & Susquehanna Iron— S e e R o g e r s - B r o w n C o
Burns Bros— Common stock $10,000,000 (see text)
_ .............
Preferred 7% cum $2,000.000______ . . . . . .
Bush Terminal Co— C o m m o n s t o c k $ 7 , 0 0 0 , 0 0 0
’ *
Preferred (a & d) 6% cum redeemable at 110 "text . . _
F i r s t M ( V 7 6 . p 9 7 4 ) c o n v s i n k f u n d s i n c e 1 9 0 7 . Col.xc*
F i r s t c o n s o l i d a t e d m o r t g a g e $10,000,000
xc*
Secured gold notes due $100,000 Q-M: call!" l6 i ""C o f xxc
B u s h T e r m B l d g s C o \f S12.on<),000g g u s f Col x c * & r *
do 7% cum pf stk gu call 120_________ _______ _____ _
Butte Electric & Power— See Montana Power 6o ”
Butte & Superior Mining Co,— Stock auth $3,500,000 .
Rutterick Co— S t o c k $ 1 6 ,0 0 0 ,0 0 0 ( b o n d s se e t e x t )
Caddo Central Oil & Refining— Stock $15,000.666111111
Consol 1st M $5,378,000 gold sinking fund _
.
G
Caddo Oil & Rof Co 1st M (closed mtge) s f caU105
CP
California Packing Corp— Com 500,000 shares (no par)
Pref stock 7% cum conv $10,000,000 call 115 & divs._____
x

Additional $1,170,000 owned by

B ush

Term. Co. and pledg

1899
1897
1909
1917

1902
1905
1917
1910

Par
V a lu e
$100
100 &e
1 ,0 0 0
1 .0 (H )
100 A c
100
100
100
100
1 .0 0 0
1 ,0 0 0
1 ,0 0 0
1 .0 0 0
100

1919.
16

B U F F A L O G E N E R A L E L E C T R I C C O .— S e e is s u e O c t . 1 9 1 2 ; V . 1 0 5
p . 1 8 2 , 2 8 9 , 5 0 0 , 7 1 8 . 2 5 4 5 ; V . 1 0 6 , p . 1 1 2 8 , 2 6 4 7 . 2 6 5 2 ; V . 1 0 8 . p . 7 8 6 .)
B U R N S B R O S . — W h o l e s a l e a n d r e t a i l c o a l d e a l e r s In N . Y . C i t y
A
c o n s o lid a t io n D e c . 3 1 1 9 1 2 u n d e r la w s o f N . J . V . 9 6 , p . 3 6 3 ; V . 1 0 3 . p . 2 0 8 1 .
D IV ID E N D S —
1913. 1914. 1915. 1916. 1917. 1918. 1919.
D 4
5
5
5
5M
10
10
O n c o m m o n , % .................................
d °
i n s t o c k - . - - ........................................................
........................ 2 6
2 )4
10
do
L i b e r t y L o a n ____________
____
____
____
g
_ _
F r o m F e b . 1 9 1 9 t o N o v . 1 9 1 9 . e a c h q u a r t e r , 2 ) 4 % in " c a s h a n d 2 ) 4 %
0 m n i < , s t o c k t o § 8 ,0 9 4 ,4 0 0 .
S

V . 105,

5 8 0 8 0 5 ’ 2186> V ’ 1 0 6 ’ P ’ 1 5 8 ° ' V ’ 1 0 7 ’ P ' 1 5 8 1 : V ' 1 0 8 , p ' 1 5 1 3 : V ' 1 0 9 , p ‘
nf
M 7S
31, J 9 1 9 ( V - 1 0 9 . p . 5 8 0 ):
o r c o a l (4 7 8 ,7 1 2 t o n s ) , $ 3 ,8 4 7 ,4 1 0 ; n e t p r o f it s , $ 1 8 5 ,1 5 4 .
3 A fo $ . to
i 37 024
$ 2 7 2 ,9 8 4

N e t s a le s
2 M o s . to
’i f t )
$ 1 8 5 ,1 5 4

R E P O R T . — F o r y e a r e n d e d M a r c h 3 1 1 9 1 9 . i n V . 1 0 8 D , OQ2 s h o w e d M a r c h 31 Y ea r s—
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
1 9 1 6 -1 7
’ 191^16
T S W t n i m n o " .............................. f l i ’ f n r ' i i l o f « ? ’ 2 ? 2 ’ 4 8 3 8 1 5 . 2 3 5 . 9 1 0 $ 1 2 , 3 3 9 , 2 5 2
S i 28Q 7 8 4
s in
N e t i n c o m e -------------------------- * $ 1 > 1 3 6 , 4 4 2 * $ 1 , 4 4 9 , 8 3 3
P r o f, (ca s h ) d iv s . ( 7 % ) .
$ 1 0 6 ,4 3 5
$114 319
$120 000
$127 156
C o m m o n (c a s h ) d i v s - ( 1 0 % ) 7 1 9 , 4 0 7
(6 )4 1 8 3 9 4
(5 )2 7 5 0 0 0
(5 )2 7 5 0 0 0
C o m m o n (s to c k ) d iv s ..( 5 % ) 3 6 2 .1 0 0
(4 )2 7 1 3 0 0
(& ,2 7 6 ’00U
(5 )2 7 5 ,0 0 0
do
L ib e r ty b o n d s .(5 % )3 4 4 ,3 5 7
..........
......................................................
O t h e r d e d u c t i o n s ------------1 3 0 ,5 9 3
1 6 5 ,2 2 1
" 1 3 8 ,5 9 2
T ?)
B a l a n c e -------------------------- x d e f . $ 5 2 6 , 4 5 1
s u r $ 4 8 0 5 9 9 s u r $75 6 1Q2
719 536
* A f t e r d e d u c t i n g w a r t o c s i n 1 9 1 7 - 1 8 $ 4 0 6 ,0 4 3
x T o t a l p r o fit L i d l o l s
s u r p lu s D e c . 31 1 9 1 8 , a d d in g $ 7 6 8 ,9 3 5 f o r a p p r e c . o f p r o p e r t y . $ 2 ,1 9 3 ,8 1 9 .
P r e s ., M ic h a e l 1 . B u r n s .
O ffic e , 5 0 C h u r c h S t
N
Y
C itv
N ew
d ir e c t o r s 1 9 1 9 , V . 1 0 8 , p . 2 2 4 4 .— ( V . 1 0 8 , p . 6 8 6
1519
1823 1932 2 2 4 4 ­
V . 1 0 9 , p . 1 7 5 , 3 7 6 , 5 8 0 . 1 8 9 4 .)
’ 1& 13, 1 6 J 3 , 1 9 3 Z ’ “ Z 4 4 ,
BU R N S
p . 1169.

B R O S . IC E

C O R P .— S ee N a tio n a l C o a l A

I c e C o . In V . 1 0 8

B U S H T E R M I N A L C O .— O R G A N I Z A T I O N , A O .— I n c o r p o r a te d
In
N e w Y o r k o n F e b . 10 1902 (V . 7 4 , p . 4 7 7 ).
O w n s e x t e n s iv e te r m in a ls o n
th e w a te r -fr o n t. 4 0 th to 5 1 st stre e ts, B r o o k ly n .
V 7 6 n Q74. 1 0 3 2 - V
79
p . 1 9 5 6 : V . 8 2 p . 1 0 3 9 ; V . 8 8 . p . 1 6 3 : V - 1 0 6 . p . 3 9 9 ’ M s o c o n t r o ls B u s h
T e r m m a l B u i l d i n g s C o . , o w n i n g $ 1 , 0 0 0 , 0 0 0 c o m m o n s t o c k ( $ 2 ,0 0 0 , 0 0 0
a u t h .)
p e d g e d in N o v . 1 9 1 6 u n d e r C o n s o l
M tg e.
A s t o In te r n a tio n a l
1 9 H ))

m 'o

V K108

p d 2 2 3 9 M a n h a t t a n - a n d le a s e s t o t e n a n t s (2 3 1 in A p r il

T h e U . S . G o v e r n m e n t o n D e c . 3 1 1 9 1 7 “ c o m m a n d e e r e d 8 p ie r s a n d 1 1 8
w a r e h o u s e s t h e p r o p e r t y o f t h is c o m p a n y , f o r t h e p u r p o s e o f m a in t a in in g
a m ilit a r y b a s e d u r in g t h e p e r o d o f t h e w a r .”
C om m a n d eered p rop erty
e x p o c t e d t o b o r e tu r n e d d u r in g 1 9 1 9 .
V . 1 0 8 , p . 2 2 3 9 1 7 .3 -V 1 0 7 d 1 1 0 3 :
V . 106, p. 1897, 2750; V . 105, p . 289.
y ’ lia ' v ' 1
’ p
’
P R E F E R R E D STO C K .
I n a d d i t io n t o t h e I n it ia l $ 5 ,0 0 0 ,0 0 0 p r e f . s t o c k
a t 1 1 0 A d i v s .) , m a y Iss u e : (a ) fr o m t im e t o tim e n o t e x c e e d in g
$ 5 ,0 0 0 ,0 0 0 a d d it io n a l p r o f, s t o c k o n c o n s e n t o f a m a jo r it y o f th e d ir e c t o r s
In i n t e r e s t o f a l l t h e s t o c k o u t s t a n d i n g : a n d ( 6 ) a f u r t h e r
$ 5 ,0 0 0 ,0 0 0 p r e f. s t o c k o n c o n s e n t o f a m a j o r i t y o f t h e d i r e c t o r a n d a m a o f c o m m o n a n d o f n r e f. s t o c k o u t s t a n d in g .
V . 92. p . 1034.
B O N D S . — O f t h e c o n s o l . 5 s , s u f f i c i e n t ii r o r e s e r v f t f i t n PA firA t h o 1 s t 4 s
“
o f 1902.
S e e listin g a p p lic a t io n , V . 8 8 , p . 1 6 3 ; V 7 9 p 1956- V 8 0 p 9 9 9
1 0 0 5 , 1 1 7 7 ; V . 8 1 . p . 1 2 1 3 ; V . 9 0 . p . H 2 7 ( V . l 6 3 p P l> 9 3 V 1 0 8 n 2 2 3 9
B u s h T e r m in a l B u il d i n g s C o . g o l d 5 s c o v e r o f f i c e ; F ort a n d o t h e r b u i l d i n g
in N . Y . C i t y a n d B r o o k l y n .
V . 89, p. 848; V
92
n
747 1 )3 4
n ilV . 9 7 . p . 1901: V . 100, p . 1675: V . 101. p . 1809 V 102 p 1344
See a b ov e!
T h e $ 1 ,2 0 0 ,0 0 0 6 % g o l d n o t e s o f 1 9 1 8 d u o $ 1 0 0 0 0 0 O - M
( b u t c a lla b le
a t 1 0 1 ) w e r o s e c u r e d b y $ 1 ,6 0 0 ,0 0 0 B u s h T e r m
b ld g s
Co
1st 6s o f 1910
a n d $ 1 ,1 0 0 ,0 0 0 o t h e r c o lla t e r a l r e p r e s e n t in g c o s t o f n e w b u ild in g o n 4 2 d
S t .^ M a n h a t t a n ; $ 1 0 0 , 0 0 0 d u e e a c h 3 m o s . b e g i n n i n g M a r .

15

1918. V . 106

‘ d IV ID S .
j ’0 6 . ’ 0 7 .
0 8 . ’ 0 9 . T O . ’ l l . ’ 1 2 - T 4 . '1 5 . ’ 1 6 .T 7 t o J u l y ’ 1 9 .
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t h e c o m m o n s lia r o s fr o m J a n . 1 9 1 6 t o J u ly 1 9 1 9 , j n c l . , w e r e d is t r ib u t e d o n
a c c o u n t o r in c r e a s e in v a l u e o f p r o p e r t y .i n c r e a s i n g t h e o u t s t a n d i n g c o m m o n
s t o c k t o $ 5 ,9 4 3 ,2 4 8 .
V . 1 0 4 , p . 2 5 9 ; V . 1 0 8 , p . 1 7 3 o r -j i
R E P O R T .— Y ea r 1 9 1 8 , V . 1 0 8 , p . 2 2 3 9 :
’ ‘ S031,
C a le n d a r Y e a r s —
1918.
1917.
1916
1915.
$ 2 ,1 3 1 ,5 7 1
$ 2 ,1 5 7 ,2 1 0
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$ 3 0 1 ,5 5 6
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P r e s ., I r v in g T . B u s h : V .- P s ., W m . S h illa b e a n d R . G . S im o n d s , T r e a s .):
S e c ., I I . F . H . R e id .
O ffic e , 1 0 0 B r o a d S t ., N . Y .— (V . 1 08 P - 1 7 3 , 2 2 3 9 ,
2 4 3 5 , 2 6 3 1 ; V . 1 0 9 , p . 1 7 5 .)
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&
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C O .— O R G A N I Z A T I O N .— In c o r ­
p o r a t e d in A r i z o n a O c t . 2 1 9 0 6 .
O w n s m i n i n g c l a i m s in S i l v e r B o w
C o . , M o n t , ( a r e a 1 6 4 .7 a c r e s ) , in t e r e s t s in o t h e r c la i m s h a v i n g a n a r e a o f
5 8 .3 a c r e s a n d s u r fa c e r ig h ts , A c .
A p p l i c a t i o n t o lis t d e s c r ib in g p r o p e r t ie s ,
A c ., V . 100, p . 100, 1602: V . 102. p . 1635.
O u t p u t c h ie fly z in c s p e lte r
F lo t a t i o n s e p a r a t io n , V . 1 0 5 , p . 1 2 1 1 . 1 4 2 2 : V . 1 0 6 , p . 112O 2 2 3 1 . 2 4 4 6 1
2 7 5 9 : V . 107. p . 289. 6 0 6 , 1103; V . 108, p . 5 8 8 , 2 5 3 0 ; V . 109, p . 3 7 3 , 1082.
O r e b o d y s e ttle m e n t, V . 1 0 9 , p . 8 9 0 .




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C h e s e b r o ; T r e a s . , VV. F . L i v i n g s t o n .
N . Y . o f f ic e , 18 B r o a d w a y .— (V
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N e t s a l e s o f c o a l .................................................................
N e t p r o f i t s f o r t h e p e r i o d . . . ................................. . " I I "

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l 9 1 ? ,V i n v - 1 0 8 . p . 6 8 5 , s h o w e d : N e t i n c o m e .
$ 1 ,7 1 5 ,3 6 1 ; d iv i d e n d s ( 8 % ) , $ 1 ,8 0 0 ,0 0 0 ; b a l .; d e f i c i t , S 8 4 .6 3 9 .
F or year
1 9 1 7 , n e t in c o m e , $ 2 ,3 8 0 ,0 8 3 ; d iv s . ( 1 9 % ) , $ 1 ,9 0 0 ,0 0 0 ; b a l ., s u r ., $ 4 8 0 ,0 8 3 .
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fu n d 1 9 1 8 .

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is s u e d $ 1 5 0 ,0 0 0
1 0 -y e a r
1st M . c o n ­
v e r t ib le b o n d s d a t e d J u n e 1 1 9 1 5 (I n c o m e s fo r 5 y e a r s ) , $ 5 0 0 ,0 0 0 a u t h o r iz e d
V . 1 0 0 , p . 6 4 4 , 1 7 5 4 . P r e s e n t n a m e a s s u m e d in 1 9 1 6 , V . 1 0 2 , p . 1 6 3 5 .
S T O C K . — O f t h e $ 3 ,5 0 0 ,0 0 0 a u t h . s t o c k , $ 2 ,9 0 1 ,8 4 5 is o u t s t a n d i n g .
L A T E D I V S .—
1915.
1916.
1917— M a rch .
dune.
S ep t.
D ec.
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30
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In J u n e 1 9 1 7 p a id q u a r t e r ly 1 2 ) 4 % a n d a fu r t h e r 1 2 ) 4 % o u t o f c a p it a l
a c c u m u la t i o n s p r io r t o M a r c h 1 9 1 3 : b u t in S e p t , o n l y 6 X
and 6 X %
fro m
s u c h a c c u m u la t i o n s : lik e w is e in J u n e d e c la r e d a n e x t r a d i v i d e n d o f 4 %
t o a id in R e d C r o s s d is t r ib u t io n s . V . 1 0 5 . p . 1 0 0 0 .
In D e c . 1917 su sp en d ed
d iv id e n d s p e n d in g d e t e r m in a t io n o f o il f lo t a t i o n s u it .
V . 105, p . 2096.
P r o d u c tio n ( V . 1 0 9 , p .1 4 6 3 ) 1 9 1 9 — S e p t — 1 9 1 8 .
Z i n c ( l b s . ) . ...................................... . 1 0 , 6 0 0 , 0 0 0 9 , 5 0 0 , 0 0 0
S i l v e r ( o z s . ) --------------------------------2 0 0 ,0 0 0
1 8 0 ,0 0 0

1 9 1 9 — 9 M o s .— 1 9 1 8 .
7 8 ,0 2 5 ,0 0 0 1 0 7 ,5 0 0 ,0 0 0
1 ,4 8 6 ,0 0 0
2 ,0 7 0 ,0 0 0

R E P O R T .— Y e a r 1918 (V . 1 0 8 , p . 8 8 1 ), s h o w e d :
1917.
1918.
1918.
1917.
C a l. Y e a r —
$
$
$
Z in c s a le s , & c . 5 ,9 1 5 ,2 4 4
6 , 7 1 6 , 4 3 7 IW a r t a x e s , & c .
8 6 ,4 5 0
2 3 6 ,6 4 7
N e t p r o f i t ______
6 5 1 ,9 2 5
2 ,1 2 0 ,9 3 6 D e p r e c ia t io n _
1 ,9 4 1 ,1 2 9
O th e r in c o m e 6 2 ,8 7 4
_____ 7 , 0 5 7
.
1 0 3 , 1 9 1 1D i v i d e n d s . . .
__
1 ,5 6
T o jt a l i n c o m e .
7_________
1 4 ,7 9 9
2 , 2 2 4 , 1 2 7 [ D e f i c i t ................ s u r 6 2 8 , 3 4 8 d e f l 5 2 0 , 7 0 6
F o r t h e n in e m o n t h s ended S e p t . 3 0 1 9 1 9 : T o t a l in c o m e , $ 3 ,1 8 1 ,4 9 2 ; e x ­
p e n s e s , t a x e s , & c ., $ 2 ,7 8 7 ,3 6 2 : b a l ., s u r ., $ 3 9 4 ,1 3 0 .
V . 109, p . 1989.
O F F IC
H ayden;
T r e a s ., C
2530; V .

E R S .— P r e s id e n t & G e n . M g r ., D . C . J a c k lin g ; V .- P r e s ., C h a s .
V .- P . A G e n . C o u n s e l, K . R . B a b b it t ; S e c ., A . J . R o n a g h a n :
. W . P e t e r s .— ( V . 1 0 8 , p . 1 7 3 , 5 8 3 , 8 8 1 , 9 7 5 , 1 9 3 8 , 2 1 2 5 , 2 3 3 1 .
1 0 9 , p . 1 7 5 , 3 7 3 , 6 7 9 , 8 9 0 , 1 4 6 3 , 1 9 8 9 .)

B U T L E R B R O T H E R S , C H I C A G O . — ( V . 1 0 8 , p . 2 5 3 0 ; V . 1 0 9 , p . 1 6 1 1 .)
B U T T E R I C K C O . — O R G A N I Z A T I O N . — I n c o r p o r a t e d I n N . Y . o n Jan
15 1 9 0 2 .
O w n s s t o c k s o f v a r io u s c o s . p u b lis h in g m a g a z in e s , m a n u fa c t u r in g
p aper p a ttern s. & c .
See V . 7 5 , p . 237.
S t o c k w a s o n O c t . 19 1 9 0 9 a u t h ­
o r iz e d t o b e in c r e a s e d f r o m $ 1 2 ,0 0 0 ,0 0 0 t o $ 1 5 ,0 0 0 ,0 0 0 . t o a c q u ir e t h e
$ 1 ,0 0 0 ,0 0 0 R id g w a y C o . J u n e 3 0 1 9 1 9 .
V . 104, p . 1147.
O n th e o u t­
s t a n d in g o b lig a t io n s in c lu d e d : F e d e r a l P u b . C o . c o lla t e r a l 6 s , d u e 1 9 2 0 .
p a y a b l e 1 0 % y e a r l y , $ 1 0 9 ,0 0 0 ( $ 1 ,0 9 1 ,0 0 0 r e t ir e d ) ; B u t t e r ic k P u b . C o .
5 % r e a l e s t a t e m t g e ., m a t u r in g S e p t . 7 1 9 1 9 , $ 5 0 0 ,0 0 0 ; B u t t e r ic k C o . n o t e s
$ 2 3 9 ,0 0 0 ; b ills p a y a b l e (L ib e r t y b o n d s ) , $ 2 5 0 ,0 0 0 .
D IV ID E N D S —
f > 0 3 . '0 4 . ' 0 5 . ’ 0 6 . ’ 0 7 . ' 0 8 .
’0 9 . ’ 1 0 -T 5 .
4
4
4
4
3 1 ) 4 2 1 *
3 y ly .
S i n c e 1 9 0 2 . % ------------- 1
In D e c
1 9 1 6 th e d iv id e n d w a s o m it t e d .
N o n e s in c e t o J u n e
V . 103, p . 1890.

1916.
2X
1918.

R E P O R T . — F o r 1 9 1 8 , in V . 1 0 8 , p . 1 1 6 7 ; h a l f - y e a r 1 9 1 9 , V . 1 0 9 , p . 1 3 6 9 *
1 9 1 9 -6 A fo s .-1 9 1 8 . Y ea r 1918. Y ea r 1 9 1 7 . Y ea r 1 9 1 6 . Y ea r 1 9 1 5 “ P r o fit ...$ 3 9 1 ,7 9 8
$ 3 0 0 ,9 9 1
$ 4 4 1 ,8 9 6
$ 2 6 1 ,0 1 4
$ 3 0 4 ,8 5 4
$ 4 5 8 ,1 3 9
T o t a l p . & 1. s u r p l u s D e c . 3 1 1 9 1 8 , $ 2 , 3 4 0 , 8 3 3 : D e c . 3 1 1 9 1 7 , $ 1 , 8 9 8 , 9 3 7 .
T h e p r o f i t in 1 9 1 6 is s h o w n a f t e r d e d u c t i n g $ 1 0 5 ,4 5 2 f o r “ r e d u c t io n in t h e
R id g e w a y C o . s u r p l u s ’ b u t w it h o u t a llo w a n c e fo r t h e $ 3 2 9 ,5 6 2 ( 2 ) 4 % )
p a i d o u t In d i v i d e n d s i n 1 9 1 6 ; n o d i v i d e n d s w e r e p a i d i n 1 9 1 7 . V . 1 0 5 . D . 8 2 2
P r e s ., G . W . W ild e r ; T r e a s ., C . D . W ild e r , B u t t e r ic k B ld g ., N . Y
C ity "
— ( V . 1 0 7 , p . 2 1 9 1 ; V . 1 0 9 . p . 1 3 6 9 .)

CADDO CEN TR AL OIL & REFIN IN G C O R P O R A T IO N .— O R G A N r a A T I O N . — I n c o r p . in N . Y . S t a t e M a y 2 1 9 1 9 , a n d a l o n g w i t h $ 2 ,5 0 0 0 0 0
a d d it io n a l c a s h w o r k in g c a p it a l a n d le a s e h o ld s o n 1 0 ,6 5 6 a d d i t io n a l a c r e s
in t h e N o r t h L o u is ia n a o il f ie l d s , a c q u ir e d a ll t h e p r o p e r t i e s o f t h e C a d d o O il
& R e f . C o . ( i n c o r p . D e c . 9 1 9 1 6 ) , v i z . : (a ) F e e o w n e r s h ip o f 3 3 0 3 8 a c r e s in
L o u is ia n a , i n c l . 2 ,0 3 8 in C a d d o f i e l d ; (b ) le a s e h o ld s o n ? , 5 0 0 a c r e s - ( c ) 8 4
w e lls , p r o d u c in g o v e r 2 ,0 0 0 b b ls . o f o il d a ily : (d ) 8 3 m ile s o f g a t h e r in g p ip e
lin e s ; (e ) r e f in e r y n e a r S h r o v e p o r t , c a p a c i t y 6 0 ,0 0 0 b b ls . o f o i l m o n t n l v a n d
t h r e e -fo u r t h s in t e r e s t in r e fin e r y a t S h r e v e p o r t , c a p a c i t y 1 5 0 0 0 b b ls
m o n t h l y ; CD 1 8 0 s t e e l t a n k c a r s ( 3 6 u n d e r c a r
A c.
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-4
lu b r i c a t in g o il f a c t o r y is b e in g b u il t n e a r L e w is , L a . , w it h c a p a c i t y
o f 5 ,0 0 0 b b ls . a d a y , a n d t o c o s t a b o u t $ 1 ,7 5 0 0 0 0
^
r
B o n d s , & c .. se e V
108. p . 1938.
P r ic h it t A C o .. N . Y . , a r e in te r e s te d .
P r e s ., E . K ir b y S m ith ; V .- P ., L . B . D u n h a m ; V .- P .
J
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'° ^ N,r4, P4 S £ ,.N a CORPORATION (OF N. Y .)” ^O R G A N I-

f A ] T I O N .— I n O c t . 1 9 1 6 i n c o r p o r a t e d in N e w Y o r k t o a c q u i r e ( V . 1 0 3 d
1 2 1 2 ), fr e e o f m o r t g a g e o r o t h e r fu n d e d d e b t , th e b u s in e s s , a s se ts a n d p r o p ­
e r t ie s o f J . K . A r m s b y C o . ; C a li f o r n ia F r u it C a n n e r s ’ A s s o c i a t io n ; C e n t r a l
C a li f o r n ia C a n n e d ^ : G r if f i n & S lc e lie y C o . ; a n d a b o u t 8 0 % o f t h e c a p s t o c k o f ,th e A la s k a P a c k e r s ’ A s s n .
T h e la r g e s t p a c k e r a n d d is ­
t r ib u t o r o f C a lifo r n ia d r ie d fr u it s a n d c a n n e d g o o d s , a n d a n im p o r t a n t fa c ­
t o r In H a w a i i a n p i n e a p p l e i n d u s t r y ; A l a s k a P a c k e r s ' A s s n , is t h e l a r g e s t
p a c k e r o f c a n n e d s a lm o n in t h e w o r ld .
W illia m S a lo m o n & C o
N
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n°
P rn r r . M ° i : k V Y ’ 1 0 3 '
1!l 8 2 ' 2 l 5 7 '
H a w a lI a “ p r o p e r t y .’ V . 1 0 4 ,
P- 2454
O f f i c i a l s t a t e m e n t o f M a y 1 0 1 9 1 7 t o N . Y . S h r ie k ' E x c h a n g e
In V . 1 0 5 , p . 1 2 0 3 .
N o t e s p a y a b le F e b . 2 8 1 9 1 9 , $ 1 ,9 0 5 ,0 0 0 .
S ^ C C K . — T h e p r e f . s t o c k is c o n v e r t i b l e a t o p t i o n o f h o l d e r i n t o c o m m o n
o/A V ! P ? ? ! l fc° i a n ' 4 1 9 3 2 . 1 ) 4 s h a r e s o f c o m m o n f o r 1 s h a r e o f

1 918 t o D e c . 15 1 9 1 9 , $1 q u a r .
P A C K E R S A SSO dA T H D N
( C o n tr o lle d ) p a id o n F e b . 1 0 .
i.9 1 9 {
v
V ! J? d o f 2 5 % . p a y a b l e in L i b e r t y b o n d s . V . 1 0 8 , p . 3 8 3 .
d
, e r e P a ld fr o m in c o m e o f in s u r a n c e a n d m v e s t w
iJi t f 9J 7 *,al,l d F e b . 9 1 9 1 8 .
r
A s p e c ia l d iv id e n d o f $ 2 0 p e r s h a re
w a s a ls o p a id F e b . 9 1 9 1 8 .
• ~ f ’o r y e a r e n d i n g F e b . 2 8 1 9 1 9 in V . 1 0 8 , p . 2 2 3 8 .
C o n s o l. R e s u lts — Y e a r s e n d . F e b . 2 8 a n d P e r i o d N o v . 1 9 1 6 to F e b . 1 9 1 7 .^
n
.
1 9 1 8 -1 9 .
1 9 1 7 -1 8 . P e r . T 6 - T 7 .
P r o f i t ( a f t e r a l l t a x e s ) . . ................................. $ 2 , 3 9 6 , 0 0 0
$ 3 ,6 1 4 ,5 3 1
$ 1 ,0 8 6 ,5 2 2
y I n c o m e f r o m i n v e s t m e n t s ” __________ y l , 2 9 3 , 2 7 9
y 2 , 5 3 3 ,4 0 9
____________
™ T , o t a l .l n p p m e - ...............................
$ 3 ,6 8 9 ,2 7 9
P r e f e r r e d d i v i d e n d s ( 7 % ) ............................
5 7 0 ,8 9 8
C o m m o n d i v i d e n d s ___________
($ 4 )1 ,3 5 5 ,6 6 8

$ 6 ,1 4 7 ,9 4 0
5 9 2 ,2 6 8
($ 2 )6 7 7 ,8 0 2

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

S u r o l u s . ----------- -------------------------------------------- y $ l , 7 6 2 , 7 1 3
y $ 4 ,8 7 7 ,8 6 9
$ 9 7 5 ,4 3 3
y T h i s i t e m i n c l u d e s in a d d i t i o n t o d i v i d e n d s a c t u a l l y r e c e i v e d , t h e
a m o u n t (in y e a r 1 9 1 7 -1 8 , $ 1 ,0 8 5 ,3 6 5 ) e a r n e d b u t le ft in v e s t e d in p r o p e r t ie s
o f A la s k e r s P a c k e r s ’ A s s o c ia t io n .
V . 106, p . 299, 393, 398.

______

1

IN D U S T R IA L S T O C K S A N D BO N D S

a1

M IS C E L L A N E O US 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 f i r s t p a g e]

California Petroleum Corp— S t o c k ,

D a te
B onds

Par
V a lu e

A m ount
O u tsta n d in g

B a te
%

$ 1 0 0 $ 1 4 ,8 7 7 ,0 0 5
c o m , 5 1 7 .5 0 0 ,0 0 0 a u th
P r e f ( a A d ) s t o c k , 7 % c u m A p a r t r e d t e x t 5 1 7 .5 0 0 .0 0 0 a u th
100
1 2 ,3 4 3 ,0 2 6 S e e t e x t
B o n d s o j c o n tro lled
co m p a n ies—
1908
A m e r P e t r o l e u m C o 1 s t M g r e d 1 0 6 b e g ’ 1 4 s i n k f d ________ x
5 7 1 ,5 0 0
6 g
1910
A m e r O ilfie ld s C o 1 s t M g r e d 1 0 5 b e g ’ 16 s in k fd
-------------x
9 2 3 ,8 0 0
6 g
10
C a l u m e t & A r i z o n a M i n i n g C o — S t o c k $ 0 , 5 0 0 , 0 0 0 _________
6 .4 2 5 ,1 9 0
25
Calumet & H e c l a Mining— S t o c k ( 5 1 2 p e r s h a r e p a i d ) __________
2 ,5 0 0 ,0 0 0 S e e t e x t
Cambria Iron— S t o c k ( 4 % g u a r a n t e e d ) ____________________________
50
8 , 4 6 8 . 0 0 0 4 In 1 9 1 9
C a m b r i a S t e e l — S t o c k 5 5 0 . 0 0 0 . 0 0 0 ....................... ............................... ...
50
4 5 .0 0 0 ,0 0 0 9 In 1 9 1 9
Bonds o f s u b s i d i a r y c o m p a n i e s — S e e M i d v a l e S t e e l A O r d n a n c e C o
N one
(J I) Case P l o w W o r k s — C o m m o n s t o c k 1 2 5 , 0 0 0 s h a r e s _____
1 2 5 ,0 0 0 s h r s
1 s t p r e f ( a & d ) 7 % c u m $ 5 , 0 0 0 , 0 0 0 c a l l 1 1 0 ____________________
100
7
3 ,5 0 0 ,0 0 0
2 d p r e f ( a & d ) 7 % ( n - c ) A p a r t i c $ 5 , 0 0 0 , 0 0 0 c a l l ( t e x t ) _____
100
7
3 .5 0 0 .0 0 0
(i I) Case Threshing Mach Co— C o m s t o c k 5 2 0 , 0 0 0 , 0 0 0 --------100
8 .3 0 1 1.0 0 0
P r e f s t o c k ( a & d ) 7 % c u m 5 2 0 . 0 0 0 , 0 0 0 _________________________
100
1 3 ,0 0 0 .0 0 0 7 In 1 9 1 8
500 A c
1 s t M s e r i a l g o l d b o n d s r e d 1 0 3 s e e t e x t _________F C . x c * A r *
1914
2 ,3 8 3 ,0 0 0
6 g
Celluloid Co — S t o c k 5 6 , 0 0 0 , 0 0 0 a u t h o r i z e d _______________ ______
100
5 . '> 2 5 , 0 0 0 1 0 i n ’ 1 8
C e n t D is t T e l C o . P i t t s — 1st M 5 2 5 ,0 0 0 ,0 0 0 r e d t e x t . F P is c *
1913
500 A c
9 ,7 6 3 ,0 0 0
5

—

—

C A L I F O R N I A 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 h o l d i n g c o m p a n y I n c o r p o r a t e d in V i r g i n i a S e p t . 2 7 1 9 1 2 . O w n s 9 9 % o f
■ t o c k o f (a ) A m e r ic a n P e t r o le u m C o . ( V . 9 2 , p . 1 1 1 1 ; V . 9 1 , p . 2 1 6 ) ; w h ic h
o w n s o r c o n t r o l s 2 , 0 0 0 a c r e s o f la n d in t h e C o a l i n g a . L o s t H il ls a n d L o s A n ­
g e le s d is t r ic t s ; a n d (b ) 9 6 % o f A m e r i c a n O il F ie l d s O o . , V . 9 2 , p . 9 5 7 ) ,
w h ic h
c la im s 4 ,2 0 0 a c r e s in t h e M i d w a y , S u n s e t , M c K i t t r i c k a n d L o s t
H ills o il d is t r ic t s o f S o u t h e r n C a li f o r n ia , a n d a ll t h e s t o c k o f P e t r o le u m
M i d w a y C o . , L t d . , w h ic h o w n s 4 2 0 a c r e s in M i d w a y o il f ie l d .
In M a r. 1919
w a s a u t h o r iz e d t o p u r c h a s e a t p a r a fu r t h e r $ 4 ,0 0 0 ,0 0 0 o f la s t n a m e d c o m ­
p a n y ’s s t o c k .
V . 108, p . 1062.
O n D e c . 3 1 1 9 1 8 t h e r e w a s in h a n d s o f
p u b lic $ 6 6 9 ,9 5 5 s t o c k a n d a ls o $ 1 ,5 3 8 ,3 0 0 b o n d s (s e e t a b le a b o v e ) o f t h e
s u b s id ia r y c o m p a n ie s r e m a in d e r o w n e d b y C a lifo r n ia P e t r o le u m C o r p o r ­
a tio n .
D I V I D E N D S .— D lv s . o n c o m m o n , J a n . 1, A p r . 1 a n d J u ly 1 1 9 1 3 ,1 H %
e a c h : n o n e s in c e . V . 9 7 , p . 2 3 9 , 6 6 8 . O n p r e f . in 1 9 1 3 a n d 1 9 1 4 , 7 % ; 1 9 1 5 ,
5 ) 4 % ; 1 9 1 6 , 4 % ( 1 % Q .- J .) ; 1 9 1 7 , 4 % : 1 9 1 8 . J a n . a n d A p r il, 1 % ; J u ly
a n d O c t . , 1 % % ; J a n ., a n d a g a in in A p r il, 1 9 1 9 , 1 ) 4 % a n d 2 % o n a c c u m u ­
la t io n s .
J u l y 1 9 1 9 p a i d 1 )4 r e g u l a r a n d 2 ) 4 o n a c c u m u l a t i o n s .
In O ct.
1 9 1 9 p a id 1 M r e g u la r a n d 2 )4 o n a c c u m u la t i o n s , w h ic h , i t is u n d e r s t o o d ,
c le a r s u p a ll a c c u m u la t io n s o n t h e p r e f.
V . 109, p . 1082; V . 108, p . 2435.
R E P O R T .— Y e a r 1 9 1 8 , V . 1 0 8 , p . 1167:
Y ea r—
G ross E a r n s . N e t E a r n s . D e d u c tio n s .
D iv id e n d .
S
$
S
S
1919
( 9 m o s .) 3 .4 5 2 .5 9 1
2 ,4 4 0 ,0 9 5
.......................................................
1919
(6 m o s .) 2 ,2 5 9 ,4 4 1
1 ,5 9 5 ,3 2 8
6 6 3 ,2 4 9 (8 % )
9 8 7 ,4 4 2
1 9 1 8 (y e a r )..$ 4 ,1 5 4 ,3 5 4
3 ,0 5 6 ,8 8 3 a l ,7 3 5 ,3 0 2 (8 )4 )1 ,0 1 8 ,3 0 0
1 9 1 7 ( y e a r ) . . 3 ,1 8 5 ,3 2 7
2 , 4 6 2 , 2 7 8 a l . 1 8 3 ,7 8 0 ( 4 % ) 4 9 3 ,7 2 1
1 9 1 0 ( y e a r ) . . 2 ,0 8 1 ,1 5 4
1 ,5 1 1 ,6 5 8
6 9 9 ,7 1 0 ( 4 % ) 4 9 3 ,7 2 1

S u r-o r D ef.
s
s u r 4 S 9 ,2 2 1
d e l 5 5 ,3 6 4
s u r 3 0 3 .2 8 1
s u r 2 8 4 ,7 7 5
s u r 3 1 8 ,2 2 7

a I n c lu d e s $ 2 9 6 ,2 6 2 f o r r e s e r v e f o r F e d e r a l, A c . , t a x e s a n d $ 1 ,2 9 8 ,3 1 5
f o r d e p r e c i a t io n r e s e r v e , & c ., a g a in s t $ 2 1 7 ,8 0 8 a n d $ 8 6 3 ,7 5 3 in l 9 l 7 .
* A v a ila b le fo r d e p r e c ia tio n a n d w a r ta x e s .
T h e n e t p r o d u c t i o n i n 1 9 1 8 w a s 3 ,4 1 3 ,7 2 4 b b l s . , a n in c r e a s e o f 8 1 ,9 1 1
b b ls . fr o m 1 9 1 7 .
C h a ir m a n , T h o m a s A . O ’D o n n e ll; P r e s ., I . W . F u q u a ; V .- P r e s ’t s , R . W .
C r a w fo r d a n d N o r m a n B r id g e ; S e c . A T r e a s ., W . D . S te w a r t; A s s t . S e c .,
J o h n R . D o n n e lly .
O ffic e , 1 0 3 4 S e c u r it y B ld g ., L o s A n g e le s , C a li f .—
( V . 1 0 8 , p . 1 1 6 7 , 1 7 2 2 , 2 3 3 1 , 2 4 3 5 ; V . 1 0 9 , p . 6 7 9 , 9 8 3 , 1 0 8 2 , 1 9 8 9 .)
C A L U A 1 E T & A R I Z O N A M I N I N G C O .— O R G A N I Z A T I O N .— In c o r p .
In A r iz o n a in 1 9 0 1 a n d o w n s m in in g p r o p e r t i e s in B is b e e , A r i z . , ( M a m m o t h
G r o u p ), a n d D o u g la s , A r iz .
O n D e c . 3 1 1 9 1 8 o w n e d a ls o 1 ,2 2 9 ,7 4 1 o f t h e
1 .8 0 0 .0 0 0 o u t s t a n d in g s h a r e s o f $ 5 e a c h o f t h e N e w C o r n e lia C o p p e r C o .;
in itia l d iv id e n d t h e r e o n 2 5 c t s . a s h a r e ( 5 % ) w a s p a id N o v . 2 5 1 9 1 8 ; n o n e
s in c e t o N o v . 2 6 1 9 1 9 .
See V . 108, p . 168; V . 107, p . 2 8 9 , 1842.
D I V I D E N D S .—
f ’0 8 -’ H . T 2 . T 3 . T 4 . T 5 . ’ 1 6 . T 7 . T 8 . 1 9 1 9 .
P e r c e n t ................ .............. .............. 4 0 y r l y . 4 2 ) 4 5 0
3 0 3 2 )4 9 0
110 80
30
I n M a r c h 1 9 1 9 p a id o n l y a 1 0 % q u a r . d iv i d e n d in s t e a d o f 2 0 % : in J u n o
p a id 5 % a n d S e p t. 1 0 % , D e c . 5 % . V . 1 0 8 ,p . 8 8 1 ,2 3 3 2 ; V . 1 0 9 , p .7 7 8 , 1 9 8 9 .
T o t a l d iv s . t o D e c . 3 1 1 9 1 8 , $ 4 1 ,1 3 2 ,8 2 3 , in c l . $ 6 4 2 ,4 7 9 d is t r ib . a s c a p it a l.
R E P O R T .— F o r c a l. y e a r 1 9 1 8 , V . 1 0 8 , p . 1 7 1 8 , s h o w s ;
1918.
1917.
1916.
1915.
C o p p e r ( l b s . ) . .................
5 1 ,3 5 7 ,1 5 4
6 2 ,3 9 7 ,0 1 7
7 4 ,8 9 8 ,7 8 8 6 5 ,2 6 8 ,9 1 0
$ 2 0 ,5 8 7 ,9 4 1 $ 1 1 ,6 8 3 ,7 2 4
G r o s s i n c o m e ................ . . . $ 1 5 , 5 2 8 , 5 3 0 $ 2 0 , 0 3 5 , 8 6 6
N e t f o r d i v i d e n d s - ............. y 4 , 0 8 3 , 2 3 8
6 ,6 2 8 ,5 0 0
1 1 ,1 5 5 ,0 0 5
5 ,4 5 3 ,8 8 2
D i v i d e n d s p a i d ____________
5 ,1 4 0 ,0 6 2
x 6 ,4 2 4 ,7 6 2
5 ,7 7 7 ,2 9 6
2 ,0 0 6 ,5 5 7
R a t e . ................................. ..
(8 0 % )
(1 0 0 % )
(9 0 % )
(3 2 )4 % )
x A ls o p a id a 1 0 % d iv i d e n d ( $ 6 4 2 ,4 7 9 ) o u t o f r e s e r v e s f o r d e p r e c i a t io n
a n d d e p le tio n ,
v A f t e r d e d u c t i n g $ 1 ,4 9 9 ,2 8 3 f o r d e p l e t io n .
P r o d u c tio n ( l b s .)— ( V . 1 0 9 , p . 1 8 9 4 ).
1919.
1918.
1917.
M o n t h o f O c t o b e r ____________________________ 4 , 2 4 4 , 0 0 0
4 ,7 1 2 ,0 0 0
4 ,6 7 0 ,0 0 0
1 0 m o n t h s t o O c t . 3 1 ........................ ....................3 7 , 4 8 2 , 0 0 0
4 3 ,5 7 8 ,0 0 0
4 9 ,3 6 5 ,2 0 5
N e w C o r n e lia C o p p e r C o .—
1919.
1918.
M o n t h o f O c t o b e r ______________________________________________ 3 , 8 7 8 , 0 0 0
3 ,6 4 4 ,0 0 9
1 0 m o n t h s t o O c t . 3 1 _________________________________________ 3 2 , 3 7 2 , 0 0 0
3 9 ,8 7 8 ,0 0 0
P r e s ., C h a r le s B r ig g s , C a lu m e t , M i c h .— ( V . 1 0 8 , p . 1 5 1 3 , 1 7 1 8 , 1 9 3 9 ,
2 3 3 2 , 2 4 3 5 ; V . 1 0 9 , p . 1 3 5 , 5 8 0 , 7 7 8 , 1 0 8 2 , 1 4 6 3 , 1 8 9 4 , 1 9 8 9 .)
C A L U M E T & H E C L A M I N I N G .— S t o c k , $ 2 ,5 0 0 ,0 0 0 : $ 1 2 p e r $ 2 5 sh a r e
p a id in .
V . 93, p. 941.
V . 98. p. 239.
D e c is io n 1 9 1 5 , V . 1 0 0 , d . 2 3 2 .
I n 1 9 1 6 -1 7 t h e c o m p a n y r e d e e m e d , a t p a r a n d in t .. t h e r e m a in d e r o r th e
8 . 5 1 9 . 0 0 0 n o t e s i s s u e d in 1 9 0 9 .
S ta tu s J a n . 1 9 1 9 , V . 1 0 8 , p . 3 8 3 .
I n 1 9 1 7 p u r c h a s e d T a m a r a c k M in i n g C o . fo r $ 3 ,6 0 0 ,0 0 0 .
V . 1 0 4 , p .1 0 4 7
L A T E D I V S .—
/ ’ 0 8 . ’ 0 9 . T O . ’ l l . '1 2 . T 3 . T 4 . T 5 . T 6 . T 7 . 1 9 1 8 .
P . O . s i n c e 1 9 0 6 _________/ 8 0
108 116 96
168 128 40
200 300 340
te x t
I n M a r c h , J u n e a n d S e p t. 1 9 1 7 p a id d iv id e n d s o f 1 0 0 % e a c h ; D e c ., 4 0 % .
1 9 1 8 . M a r c h . 4 0 % ; J u n e , S e p t , a n d D e c .. 6 0 % ($ 1 5 o n $ 2 5 f a c e v a lu e .
I n M a r c h a n d J u n e 1 9 1 9 d iv id e n d w a s o m it t e d o w in g t o u n s e ttle d c o n d it io n
■of c o p p e r m a r k e t .
I n S e p t, a n d D e c . p a id 2 0 % ($ 5 ). V . 1 0 8 , p . 1 0 6 2 , 2 4 3 5 ;
V . 109, p . 778.
T o ta l.
O u tp u t (in P o u n d s ) —
C a l. & H e c la .
S u b s id ia r ie s .
1 9 ,4 3 1 ,4 8 0
O c t o b e r 1 9 1 9 ...........
5 ,3 1 3 ,5 8 2
1 4 ,1 1 7 ,8 9 8
1 1 ,9 2 9 .9 2 9
O c t o b e r 1 9 1 8 ...........................................................
5 ,8 5 9 ,2 9 6
6 ,0 7 0 ,6 3 3
9 3 ,6 5 7 ,0 6 3
10 m on th s to O ct. 31
1 9 1 9 ...................... 4 3 , 5 6 3 , 2 9 1
5 0 ,0 9 3 ,7 7 2
10 m on th s to O ct. 31 1 9 1 8 .
1 1 8 .8 2 4 ,6 4 8
-1 1 8 ,8 2 4 ,6 4 8 R E P O R T . — F o r c a l. y e a r 1 9 1 8 in V . 1 0 8 , p . 1 3 9 1 , s h o w e d : R e c e ip t s
f o r c o p p e r d e liv e r e d ( 7 8 ,3 6 7 ,2 4 8 lb s . a t a n a v e r a g e o f 2 4 ,2 8 c t s . p e r l b . ) ,
$ 1 9 ,0 2 7 ,0 5 2 , a n d a f t e r a d d i n g “ o t h e r i n c o m e ” ( d iv i d e n d o f $ 1 ,8 5 6 ,9 4 1 o n
s t o c k s o w n e d , & c .) , a n d d e d u c t i n g a ll e x p e n s e s , d iv id e n d s p a id ( 2 2 0 % ) ,
$ 5 ,5 0 0 ,0 0 0 , a n d F e d e r a l t a x e s a g g r e g a t in g $ 1 ,3 8 6 ,8 3 4 ( in c l u d i n g $ 6 0 0 ,0 0 0
r e s e r v e d f o r 1 9 1 8 F e d . ta x e s ( e s t .) , t h e r e r e m a in e d a s u r p lu s f o r t h e y e a r
o f $ 1 ,1 5 0 ,8 0 4 .
P r e s ., R . L . A g a s s iz .— ( V . 1 0 8 , p . 1 6 1 2 , 2 0 2 4 , 2 4 3 5 , 2 5 3 0 ;
V . 1 0 9 , p . 6 8 0 , 7 7 8 , 1 1 8 1 . 1 5 2 8 , 1 9 8 9 .)
C A M B R I A S T E E L C O .—
p la n , V . 6 7 , p . 6 8 8 , le a s in g C
0 0 0 sto ck . V . 68, p . 128: V .
I n 1 9 1 6 M id v a le S teel &
a sh are. V . 102, p . 616; V .

I n c o r p o r a t e d in P e n n s y lv a n ia in N o v . 1 8 9 8 , p e r
a m b r ia I r o n C o . fo r 9 9 9 y e a r s a t 4 % o n $ 8 ,4 6 8 ,­
75, p . 443; V . 76, p . 862; V . 78, p . 1166.
O rd n an ce C o . b o u g h t 9 7 % o f th e sto ck a t $81
101, p . 1554, 1630, 1715, 1809, 1976.

D I V I D E N D S .—
f ’ 0 2 to ’ 0 9 . T O . ’ l l to T 3 . T 4 . T 5 . T 6 . T 7 . '1 8 . T 9 .
6 )4 5 y e a r ly .
5
5 614
6
6
6
P e r c e n t ____________________ ( 3 y e a r l y
E x t r a _________________________l __________
_______________
1
- 2 'A
6
6 3
T h e q u a r . d i v . o f 1 \4 %
in N o v . 1 9 1 4 a n d F e b . a n d M a y 1 9 1 5 w e r e p a id
in 5 % s c r ip , $ 1 ,6 8 7 .5 0 0 , a ll r e d e e m e d in 1 9 1 6 .
I n 1 9 1 9 p a id in M a r . 1 H %
a n d 1 1 4 % ex tra .
T h e e x tr a q u a r t e r ly d iv id e n d in J u n e , S e p t , a n d D e c .
1 9 1 9 w a s o n l y >4 o f 1 % . V . 1 0 8 , p . 2 0 2 4 ; V . 1 0 9 , p . 7 7 8 , 1 9 8 9 .




Q— J
Q— J

L a s t D iv id e n d
an d M a tu rity

J u ly 1 T 3
See te x t

1 )4 %

P la c e s W h e r e In te r e s t a n d
D iv id e n d s a re P a y a b le

C o lu m b ia T r u s t C o , N
do
do

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&
D
F
&
A
Q — M 24
Q— M
A
&
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June 1 1920
F eb 1930
D ec 22 T 9 . 5 %
D e c 31 T 9 2 0 %
O ct 1 1919 2 %
D e c 15 T 9 2 %

C h e c k s m a ile d
do

Q— J
Q— J

O ct 1919, 1 )4 %
N ew

B y ch eck
do

Jan l 20 1 )4 %
S ee te x t
Sept 30 T 9 2 %
D e c 1 1913

C h ecks
F ir s t N
O ffic e ,
N ew Y

Y

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J

— J
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A
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S ou th ern T r C o , L o s A n g
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m a ile d
B . N Y A C h ic F C
3 6 W a s h P i, N Y
o r k a n d P it t s b u r g
•

R E P O R T f o r 1 9 1 8 , V . 1 0 8 , p . 1 5 1 3 , s h o w in g n e t in c o m e (a ft e r d e d u c t in g
o p e r . e x p e n s e s , in c l . a p p r o x . $ 2 0 ,1 7 0 ,0 0 0 f o r o r d in a r y r e p a ir s a n d m a in t .
a n d p r o v is io n f o r F e d e r a l t a x e s ) , $ 1 6 ,6 9 1 ,4 6 3 ; d e p r e c . a n d o t h e r r e s e r v e s ,
$ 8 ,7 8 5 ,2 0 7 ; C a m b r ia I r o n C o . le a s e , $ 3 3 8 ,7 2 0 ; d iv s . ( 1 2 % ) , $ 5 ,4 0 0 ,0 0 0 ,
a n d b a l., s u r ., $ 2 ,1 6 7 ,5 3 6 .
C h a ir m a n , A . C . D in k e y , N . Y . ; P r e s ., A . A . C o r e y J r ., P h ila ., P a .; S e c .
A T r e a s ., D . B r e w e r G e h ly .
O f f i c e , W id e n e r B l d g ., P h ila .— ( V . 1 0 6 , p .
1 4 5 5 , 2 0 1 2 , 2 1 2 4 ; V . 1 0 7 , p . 2 9 3 ,1 4 0 5 ; V . 1 0 8 , p . 1 5 1 3 , 2 0 2 4 ; V . 1 0 9 , p .
7 7 8 , 1 2 7 6 , 1 9 8 9 .)
C A N A D I A N C A R & F O U N D R Y C O ., L T D .— (V .
2 3 7 8 . 2 4 7 8 ; V . 1 0 8 , p . 7 4 , 5 8 3 , 2 4 3 5 ; V . 1 0 9 , p . 6 8 0 .)
C A R B O N

107. p .

293, 405,

S T E E L C O .— ( V . 1 0 8 , p . 1 7 1 9 , 2 5 3 0 ; V . 1 0 9 , p . 1 3 6 9 , 1 7 0 1 .)

(J . I .) C A S E P L O W
W O R K S C O . — O R G A N I Z A T I O N . — I n c o r p . in
D e ie w a r e J u n e 2 9 1 9 1 9 t o a c q u ir e t h e p r o p e r t y , b u s in e s s & c . o f J . I . C a s e
P lo w W o r k s a n d W a llis T r a c t o r C o . o f R a c in e , W is .
M a n u fa c tu r e s p lo w s ,
t illa g e im p le m e n t s a n d t r a c t o r s .
V . 109, p . 1276, 1528.
S T O C K . — T h e 1 s t P r e f . is c u m u la t i v e .
R e d e e m a b le a t 1 1 0 .
Annual
s in k in g f u n d o f $ 1 7 5 ,0 0 0 b e g i n n in g in 1 9 2 3 p r o v id e s f o r it s r e t ir e m e n t a t
110.
T h e 2 d P r e f . is n o n - c u m u l a t i v e .
R e d e e m a b l e a t 1 1 5 o n 3 0 d a y ’s
n o t i c e w h e n 1 s t P r e f . is a l l r e t i r e d .
S h a r e s e q u a lly in a n y d iv s . d e c la r e d
u p o n th e C o m m o n s t o c k w it h o u t r e s e r v a tio n a s t o a m o u n t o f s u c h C o m m o n
d iv .
N o m o r tg a g e w it h o u t c o n s e n t o f 7 5 % o f 1 st P r e f. s t o c k .— S ee o ffe r ­
in g s in V . 1 0 9 , p . 1 2 7 6 , 1 5 2 8 .
E A R N I N G S .— T h e a n n u a l n e t p r o fits b e fo r e ta x e s o f th e
P lo w W o r k s fo r t h e t w o y e a r s a n d o f th e W a llis T r a c t o r C o .
y e a r s e n d in g J u n e 3 0 1 9 1 9 , c o m b in e d , a v e r a g e d $ 7 5 5 ,7 3 7 .
F
e n d in g J u n e 3 0 1 9 2 0 , n e t p r o fit s b e fo r e ta x e s a re e s tim a te d a t
F e d e r a l t a x e s f o r t h e fis c a l y e a r e s t im a t e d a t $ 1 3 0 ,0 0 0 .
D IR E
V en tu re
W . O . Q
T ild e n ,

C T O R S .— H . M . W a llis ( P r e s .),
( T r e a s .) , M . E . E r s k in e ( S e c .) ,
u a r le s , M il w a u k e e , W i s .; H e n r y R
C h ic a g o .— V . 1 0 9 , p . 6 8 0 , 1 2 7 6 ,

J . I. C ase
fo r th e 2 )4
o r th e y e a r
$ 1 ,2 5 0 ,0 0 0 .

L . N . B u rn s (V .-P .), W . M . L a
H . M . W a llis J r ., R a c in e , W i s .;
u s s e ll P la t t , C . F . G lo r e , W m . A .
152$.

( J . I .) C A S E T H R E S H I N d M A C H I N E C O . — O R G A N I Z A T I O N . — I n c o r ­
p o r a t e d in W i s c o n s i n in 1 8 8 0 a s s u c c e s s o r o f a c o - p a r t n e r s h i p f o r m e d In
1842.
H a s p la n t a t R a c in e , W i s ., o n n a v ig a b le w a te r s , c o v e r i n g o v e r 4 0
a cre s o f flo o r s p a c e .
M a n u fa c tu r e s th r e s h in g m a c h in e s , c l o v e r h u ilo r s ,
s te a m t r a c t io n a n d fa r m e n g in e s , s t e a m -r o a d r o lle r s , o il t r a c t o r s , b o t h fo r
g a s o lin e a n d k e r o s e n e , a u t o m o b ile s , A c .
O w n s 1 0 0 a c r e s a d d itio n a l a t
R a c in e , o n w h ic h b u ild in g s h a v e b e e n e r e c te d a n d 1 9 2 a c r e s a t F o r t W illia m ,
O n t.
V . 9 4 , p . 353; V . 98, p . 1152; V . 101, p . 372; V . 107, p . 1834.
On
J u l y 1 1 9 1 9 p u r c h a s e d a n d m e r g e d G r a n d D e t o u r P l o w C o . o f D i x o n , 111.
V . 109, p . 273.
S T O C K .— T h e v o t i n g t r u s t a s e x t e n d e d e x p ir e d
b y lim ita tio n J a n . L
1918.
V . 99 . p . 1676, 1913: V . 105, p . 254 5 .
P r o f, r ig h t s . A c .. V . 1 0 6 ,
p . 1248, 1580.
I n S e p t . 1 9 1 9 in c r e a s e d p r e f. s t o c k b y $ 8 5 0 ,0 0 0 t o $ 1 3 ,­
0 0 0 ,0 0 0 . V . 1 0 9 , p . 1 2 7 6 .
D iv s . o n p r e f., A p r il 191 2 t o J a n . 1 1 9 2 0 , 1 % % q u a r . ( 7 % p . a .) .
O n J a n . 2 8 1 9 1 9 , a ft e r a n in t e r v a l o f 8 y e a r s , d iv id e n d s w e r e r o s u m e d o n
t h e c o m m o n s t o c k w it h p a y m e n t o f 7 % in L ib e r t y b o n d s .
V . 1 0 8 , p .2 7 1 .
B O N D S .— I n 1 9 1 4 s o ld $ 1 2 ,0 0 0 ,0 0 0 I s t M . b o n d s , r e d e e m a b le o n a n y in t .
d a t e a t 1 0 3 a n d i n t . , b u t i f le s s t h a n t h e e n t i r e i s s u e i s c a l l e d t h e l a s t m a ­
t u r in g b o n d s m u s t b e r e d e e m e d fir s t .
T h e b o n d s o u ts ta n d in g a t D e c . 31
1 9 1 7 a m o u n t e d t o $ 6 ,0 1 2 ,0 0 0 , b u t o n S e p t . 3 0 1 9 1 9 o n l y $ 2 ,3 8 3 ,0 0 0 . v i z .:
D u e D e c . 1 1 9 1 9 , $ 6 0 7 ,0 0 0 ; 1 9 2 0 , $ 5 8 2 ,0 0 0 ; 1 9 2 1 , $ 4 9 5 ,0 0 0 ; 1 9 2 2 , $ 6 9 9 ,0 0 0 .
T h e $ 7 9 1 ,0 0 0 d u e D e c . 1 1 9 2 3 w e r e c a lle d a n d p a id J u n e 1 1 9 1 9 ( V . 1 0 8 ,
. 2 1 2 5 ) , a n d a fu r t h e r $ 1 ,7 9 6 ,0 0 0 d u e 1 9 2 0 t o 1 9 2 0 w a s c a lle d p a y a b l e
e c . 1 1 9 1 9 , le a v in g a b o u t $ 6 9 9 ,0 0 0 d u e 1 9 2 2 . V . 1 0 9 . p . 1 8 9 4 . V . 1 0 7 ,
p . 1834, 1839.
B ills p a y a b l e (a s o f D e c . 3 1 1 9 1 8 ), $ 1 ,7 8 5 ,0 0 0 .

B

R E P O R T f o r c a l . y e a r 1 9 1 8 , in V . 1 0 8 , p . 1 2 6 8 , 1 2 9 7 :
1918.
1917.
1916.
1915.
G r o s s s a l e s ---------------- $ 2 5 , 1 6 2 , 7 6 9
$ 1 7 ,6 5 7 ,7 5 4 $ 1 3 ,0 4 7 ,2 5 7 $ 1 4 ,0 5 8 ,6 3 2
P r o f i t s ----------------$ 5 ,4 3 6 ,5 0 5
$ 3 ,7 7 5 ,9 2 2
$ 2 ,3 8 5 ,1 1 0 $ 2 ,8 8 9 ,2 8 2
B o n d in t e r e s t , & c .
$ 5 7 2 ,6 2 1
$ 7 2 6 ,5 4 0
$ 7 3 7 ,3 8 9
$ 9 5 7 ,4 5 7
P re m . o n b d s . c a n c ., & c.
2 2 5 ,0 3 2
143 315
_
_______
____________
Written o f f accts., & c ..(a )l,4 3 5 , 6 1 5
2 7 4 095
" " I ___
______
P r o v . fo r F ed era l ta x e s .
8 5 0 ,0 0 0
2 7 5 ,0 0 0
____________
_________
P re fe rre d d iv s . ( 7 % ) . . .
8 5 0 ,5 0 0
8 5 0 ,5 0 0
8 5 0 ,5 0 0
8 5 0 ,5 0 0
.

O F F I C E R S .— M . J . F o n t a n a , C h a ir m a n o f t h e B o a r d ; J . K . A r m s b y ’
P r e s .; A lb e r t L e s t e r , S e c .; S . L . G o ld s t e in , T r e a s .; L . A . W o o l a m s , C o m p t *
— ( V . 1 0 6 , p . 2 9 9 . 3 9 9 , 8 1 9 , 2 1 2 4 , 2 2 2 4 ; V . 1 0 8 , p . 3 8 3 , 1 9 3 9 . 2 2 3 8 .)

. W h en
P a y a b le

[V o l . 109

B a la n c e , s u r p lu s
$ 1 ,5 0 2 ,7 3 7
$ 1 ,5 0 6 ,2 7 3
$ 7 9 7 ,2 2 1 $ 1 ,0 8 1 ,3 2 5
a E u r o p e a n a s se ts w r itte n o f f , a m o r t iz a t io n , A c .. $ 1 ,4 3 5 ,6 1 5 .
D I R E C T O R S . — F r a n k K . B u ll (C h a ir m a n o f B o a r d ) . W a r r e n J . D a v ia
(P r o s . & T r e a s . ) , E llis J . G it t in s a n d M i l t o n H . P e t t i t ( V . - P s . ) , W . F .
S a w y e r , R a c in e , W is ; F . W . S te v e n s , A n n A r b o r , M i c h .; A . O . C h o a t e ,
F r a n c is L . H in e , N . Y .; W . E . B la c k , C h a s . J . M c I n t o s h , M ilw a u k e e , W is .;
W . ■ . B r i n t o n , D i x o n 111
B
O ffic e , R a c in e , W is .— ( V . 1 0 8 , p . 12G S, 1 2 9 7 .
2 1 2 o| V . 1 0 9 , p* 2 / o , 1 2 7 6 .)
C E L L U L O I D C O M P A N Y .— O R G A N I Z A T I O N .— I n c o r p o r a te d N o v .2 8
1 8 9 0 In N o w J e r s e y .
S t o c k . $ 6 ,0 0 0 ,0 0 0 ; Is s u e d , $ 5 ,9 2 5 ,0 0 0 ; p a r . $ 1 0 0 .
N o b o n d s o r m o r tg a g e o u ts ta n d in g .
D I V I D E N D ? .—
11899. 1900. 1901. 1902 f o ’ 15.
T 6. T 7.
T 8.
1919.
S in c e 1 8 9 9 . . . . . . % I 6
7
7
8 y e a r ly .
1 9 (4
10
10 2 ,2 ,2 ,—
1 9 1 8 . D e c ., p a id 2 % e x t r a , m a k in g a t o t a l o f 1 0 % fo r y e a r .
F a c t o r ie s a t N e w a r k . N . J .; O ffic e , 3 0 t o 3 6 W a s h in g t o n P la c e , N . Y .
P r e s ., M . C . L e ffe r ts ; V ic e -P r e s ’ ts , W . E
P u lls , N . M . C la r k a n d H e n r y
R a w le ; S e c . & T r e a s ., C a r le t o n M o n t g o m e r y .— ( V . 1 0 4 , p . 1 2 6 6 ; V . 1 0 6 ,
p . 5 0 2 , 1 3 4 6 , 1 9 2 2 .)
*
T H E C E N T R A L D I S T R I C T T E L E P H O N E C O .— O R G A N I Z A T I O N .
— S t o c k h o ld e r s v o t e d A p r il 2 6 t o s e ll t h e e n t ir e p r o p e r t y t o B e ll le l e p h o n e
C o . o f P e n n a ., o w n e r o f t h e e n tir e ($ 1 5 ,0 0 0 ,0 0 0 ) s h a r e c a p it a l.
O n S o p t. 30
1 9 1 8 t h e B e ll T e le p h o n e C o . o f P e n n a . a c q u ir e d t h e p r o p e r t y a n d b u s in e s s
o f t h e C e n t r a l D is t r ic t T e le p h o n e C o . a n d a s s u m e d its fu n d e d d e b t o u t B o n d s , $ 2 5 ,0 0 0 ,0 0 0 a u t h . is s u e , o f w h ic h $ 1 0 ,0 0 0 ,0 0 0 s o ld ; r e m a in d e r
I s s u a b lo o n l y a s e q u a l a m o u n t s in c a s h a r e o b t a i n e d f r o m s a le s o f s t o c k a n d
in v e s t e d in P e n n s y lv a n ia ; $ 2 3 7 ,0 0 0 r e t ir e d b y s in k in g f u n d .
R e d e e m a b le
a s a w h o le o n o r a ft e r D e c . 1 1 9 1 8 a t 1 0 5 a n d in t. o n 3 m o s . n o t ic e .
Annua
s in k in g fu n d o f 1 % .
V . 98, p . 613, 765, 1159.
,
.
R E P O R T .— R e p o r t fo r 1 9 17. V . 106, p . 5 0 2 , s h o w e d :
. . .
„
C a le n d a r
„ G ross
N et
In terest
D iv id e n d s
B a la n e e .
Y ea r—
E a r n in g s .
E a r n in g s .
C h a rges.
(7 % ).
S u r p lu s .
1 9 1 7 . ................ S 7 . 9 3 6 , 8 9 4
$ 1 ,6 2 2 ,7 9 1
$ 5 1 3 ,0 4 8
1 9 1 6 ..................... 7 , 7 9 4 . 5 8 8
1 .8 9 3 ,4 4 9
5 1 1 ,2 4 0
1 S O .q O O
i/O
3 3 2 ,2 0 9
— ( V . 1 0 1 , P - 4 4 7 , 8 0 2 , 8 8 4 : V . 1 0 4 . p . 7 6 7 ; V . 1 0 6 , P - 5 0 2 . 1 1 2 9 .)
C E N T R A L F O U N D R Y C O .— (V . 1 0 8 , p . 1 3 9 2 , 1 7 2 2 , 2 1 2 5 , 2 3 3 2 , 2 4 3 5
2 5 2 5 . 2 5 3 0 ; V . 1 0 9 , p . 4 7 9 , 5 8 0 , 6 8 0 .)

Ncrv., 1 9 ’ 9.]

IN D U S T R IA L S T O C K S A N D B O N D S
,

M IS C E L L A N E O U S C O M P A N IE S
& c . , s e e n o te s o n f i r s t p a g e]

[F a b b r e v ia tio n s ,
or

D a te
B onds

C e n t r a l L e a t h e r C o — C o m m o n s t o c k $ 4 0 0 0 0 . 0 0 0 ____________E q
P r e f e r r e d ( a & d ) 7 % c u m u l a t i v e $ 4 0 , 0 0 0 , 0 0 0 __________ E q
F i r s t l i e n g o l d b o n d s $ 4 5 . 0 0 0 , 0 0 0 _______________ _______________ x
C e n t r a l & S o u th A m e r ic a n T e l e g — S t o c k a u th $ 2 5 ,0 0 0 ,0 0 0 —
C e n tr a l S t a t e s E le c t r ic C o r p o r a t io n — C o m s t o c k $ 1 0 ,0 0 0 ,0 0 0
P r e t s t o c k 7 % c u m u l a t i v e $ 3 0 . 0 0 0 , 0 0 0 __________________________
S e c u r e d c o n v g o l d n o t e s r e d 101 s f , e o n v o r e f s t o c k . . Q c *
Cerro de Pasco Copper Corp— S t o c k (no f a c e v a l u e ) _________
C o n v e r t i b le b o n d s — A l l r e t ir e d in 1 9 1 8
Certain-teed Products Corp— C o m s h a r e s 1 0 0 , 0 0 0 ( a u t h ) . .
F ir s t p r e fe r r e d s t o c k 7 % c u m u la t iv e $ 1 0 ,0 0 0 ,0 0 0 ( a u t h ) . .
S e c o n d p r e f s t o c k 7 % c u m $ 5 ,0 0 0 ,0 0 0 c o n v in t o c o m (a u t h )

1905

1912

C o m m o n s t o c k a u t h 4 0 0 , 0 0 0 s h a r e s n o p a r v a l u e _______________
P r e f s t o c k 8 % c u m c a l l a t 1 1 0 s i n k f d 3 % J u l y 1 1 9 2 0 _______
1 s t M t g e g o l d n o t e s o f C h a l m e r s M o t o r C o _________________ M p
Chandler motor Car Corp — A u t h c a p i t a l s t k $ 3 3 0 , 0 0 0 s h r s
1918 and

C E N T R A L I L L I N O I S P U B L I C S E R V I C E C O . —See " E

l.

A m ount
O u tsta n d in g

$ 1 0 0 $ 1 9 ,7 0 1 ,0 3 0
1 0 0 3 3 .2 9 9 ,0 5 0
q 3 0 ,6 2 3 ,6 5 0
100
See tex t
5 ,4 5 1 ,9 0 0
4 ,5 4 3 ,3 0 0
500 & c
5 .9 6 3 ,7 8 4
N one
8 9 8 ,2 1 8 sh s.

W h en
P a y a b le

R a te
%

Q— F
7 in 1 9 1 9
7 in 1 9 1 9
Q -J
A
&
n
5 g
S ee te x t
Q — J10
S ee te x t
Q— F
7 In 1 9 1 9
Q—J
J
&
D
5 g
Q — M
$4
1919

N one
6 5 ,0 0 0 s h rs
1 0 0 ( 3 ,2 2 5 ,0 0 0
100,
1 ,9 2 5 .0 0 0

Chalmers Motor Corporation—

a A f t e r d e d u c t i n g $ 1 8 2 ,0 0 0 in t r e a s u r y D e c . 3 1

Par
V a lu e

1917

Q— J

A

&

Q—J

S 5 .9 5 9 ,0 0 0 h e ld i n s t u m p a g e a n d s p e c ia l

Ry.

S e c t io n .’

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 . — I n c o r p . in N . J . o n
A p r . 12 1 9 0 5 a s a r e o r g a n iz a t io n , p e r p la n V . 7 9 , p . 2 7 5 1 , o f U . S . L e a t h e r
C o . ( V . 5 6 . p . 7 5 7 : V . 5 7 , p . 2 3 ; V . 7 1 . p . 8 1 7 : V . 8 1 . p . 2 1 3 . 5 6 0 , 1 1 7 6 .1 8 5 2 :
V . 90, p . 1173: V . 94, p . 624.
O u t p u t , s o le le a th e r .
In Ju n e 1917 p u r­
c h a s e d W i l d e r T a n n i n g C o . , w i t h t a n n e r y a t W a u k e g a n . 111.— V
104 d
2555: V . 106. p . 921.
'
S ta te m e n t t o N . Y . S to c k E x c h .,
V . 81. p . 504: V . 82. p . 159.
O rd ers
1918, V . 106, p . 399.
P r ic e s , V . 1 0 7 , p . 1 7 4 9 .
B O N D S .— S e c u r e d b y a 1 st M . o n a ll th e a s s e ts a n d la n d s a c q u ir e d
a n d , p e n d in g th e ir p h y s ic a l a c q u is it i o n , b y t h e s h a r e s o f o ld c o m p a n y
(n e a r ly a ll a c q u ir e d ) a n d a ll t h e s t o c k a n d b o n d s o f its s u b s id ia r ie s , in c l u d ­
in g $ 3 ,7 5 0 ,0 0 0 4 % 2 5 -y e a r g o ld d e b e n t u r e s a n d $ 1 0 ,0 0 0 ,0 0 0 s t o c k o f t h e
C e n t r a l P e n n s y lv a n ia L u m b e r C o .
(a u t h o r iz e d a m o u n t $ 2 0 ,0 0 0 ,0 0 0 ).
I n D e c . 1 9 1 3 a s in k in g fu n d w a s e s t a b lis h e d .
V . 76. p. 1196: V . 78. d . 5 0 ­
V , 8 1 . p . 1176: V . 96. p . 648: V . 98. p . 75: V . 104! p . 858
T o t a l a u t h . b o n d Issu e : $ 4 5 ,0 0 0 ,0 0 0 , v i z . (o n J a n . 1 1 9 1 9 ): u n is s u e d ,
$ 8 ,2 3 7 ,3 5 0
( o f w h ic h $ 5 ,8 0 8 ,0 0 0 w e r e r e s e r v e d f o r r e t ir e m e n t o f U . 8 .
L e a t h e r C o . d e b e n t u r e s a n d a r e n o w fr e e b o n d s ) ; h e ld in s t u m p a g e a n d
■ p e c i a l d e p r e c i a t i o n f u n d , $ 5 , 9 5 9 , 0 0 0 : i n g e n e r a l t r e a s u r y , $ 1 8 2 , 0 0 0 , le s s
$ 1 ,5 0 0 h o ld f o r e x c h a n g e o f U . S . L e a t h e r p r e f. s t o c k : b a la n c e o u t s t a n d in g .
$ 3 0 ,6 2 1 ,6 5 0 .
D IV ID E N D S —
1914. 1915. 1916. 1917.
1918.
1919.
C o m m o n -------------------------------------------2
7
3
5
5
5
do
e x t r a _____________________ _
_
4
4
2
2
P r e fe r r e d d iv id e n d s r e g u la r ly 1 K % q u a r t e r ly O c t . 1 9 0 5 t o O c t . 1 9 1 9 .
PW REPORT.
F o r y e a r 1*918 ( V . 1 0 8 , p . 8 7 4 ) s h o w e d v o l u m e o f b u s i n e s s
$ 9 4 ,1 4 7 ,4 1 8 , a g a in s t $ 9 1 ,7 3 1 ,5 4 8 , $ 9 3 ,2 4 7 ,5 5 2 a n d $ 6 8 9 1 7 9 3 9 in 1 9 1 7 ’
1916 an d 1915.
S ta tem en t fo r 9 m os. 1919, V . 109 p
1611 37 4
'
CaL
T o ta l
G ross
B ond
P r e L D iv s .
C om m on
B a la n c e .
Y ea r.
E a r n in g s .
In com e.
In ter es t.
( 7 % p . a . ) D iv id e n d s .
S u r p lu s .
1918- 1 2 ,9 2 2 ,4 3 7 * 8 ,3 1 4 ,6 4 2 1 ,8 3 8 ,2 0 8 2 ,3 3 0 ,9 3 0 ( 7 ) 2 7 7 9 0 6 3
1 9 1 7 .- 2 1 ,0 6 6 ,0 6 1 * 1 6 ,2 4 3 ,0 6 2 1 .8 3 8 .2 0 8 2 ,3 3 0 9 3 0
9 3 573 081
1 9 1 6 - 2 1 , 7 8 S .6 7 9 1 7 ,3 2 7 ,4 0 9 1 ,8 3 8 ,2 0 8 2 ,3 3 0 9 3 0 ( 8 4 ) 3 2 7 5 3 2 6
1 9 1 5 --1 2 .1 4 5 .5 S 9
8 .4 6 5 ,1 0 4 1 ,8 3 8 ,2 0 7 2 .3 3 0 ,9 3 0 (4 )1 3 8 8 0 3 S
9 m os.
1 9 1 9 — 1 5 ,3 1 4 ,2 1 8 1 1 ,7 4 3 ,1 1 6 1 ,3 7 8 ,6 5 5 1 ,7 4 8 ,1 9 9 ( 5 K ) 2 2 8 2 8 0 1
6 333 460
1918
9 .8 5 5 .2 3 8
6 ,5 4 9 .7 4 8 1 ,3 7 8 6 5 5 1 ,7 4 8 ! 1 9 9 5 4
2282801
1 140 093
* A ft e r d e d u c t in g p r o v is io n fo r F e d e r a l I n c o m e a n d e x c e s s p r o fit s ta x e s .

L a s t D iv id e n d
a n d M a tu rity

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

See tex t
O ct 1 1919 I K
A p r 1 1925
O c t 1 4 ’ 19 1 K %
F eb
1915
K %
O c t 1 '1 9 1
%
J u n e 1 1922
D e c 1 1919
$1

C h e c k s m a ile d
C h e c k s m a ile d
C en tra l U n io n T r C ® . N Y
89 B roa d S t, N V
C h e c k s m a ile d
G u a ra n ty T r C o , N
C o lu m b ia T r u s t C o , N

Y
Y

J a n 2 8 '1 8 $ 4
O ct 1 1919
IK
O ct 1 1919
IK

Q—J

N one
i4 0 0 ,0 0 0 s h s
100
4 .4 0 0 ,0 0 0
100 & c
3 ,1 5 0 ,0 0 0
6 g
N one
2 1 0 ,0 0 0 s h s S e e t e x t

15 5

O O ct
O ct

1 1922
11919 6%

d e p r e c ia tio n

N ew Y ork

fu n d .

Y o r k , P a ., N ia g a r a F a lls , N . Y . , a n d R ic h m o n d , C a lif. P a in t a n d v a r n is h
p la n t s , S t. L o u is , M o .
P r o d u c e s p r e p a r e d r o o fin g s , b u ild in g p a p e r s , ta r r e d
f e lt s , in s u la t in g p a p e r s , p a in t s , v a r n is h e s , & c . T h e o u t s t a n d in g c a p it a l s t o c k
lis t e d o n t h e N . Y . S t o c k E x c h a n g e , a p p e a r s in t a b le o n a p r e c e d in g p a g e .
N o b o n d s . V . 1 0 7 , p . 1 0 0 0 , 1 6 6 9 . D iv id e n d s o n 1 s t a n d 2 d p r e f. in f u ll t o
O c t . 1 1 9 1 9 . I n it ia l d iv id e n d o n c o m m o n , J a n . 2 8 1 9 1 8 , $ 4 p e r s h a r e .
N o t e s p a y a b l e J a n . 1 1 9 1 9 , $ 1 ,1 8 5 ,0 0 0 .
R E P O R T .— F o r y e a r 1 9 1 8 , V . 1 0 8 , p . 1 2 72: 6 m o s . 1 9 1 9 , V . 1 0 9 , p . 7 7 8 :
Y ear—
G ross.
N e t.
F e d . T a x . P r e f . D iv s . C o m . D iv s . B a l.,S u r .
’ 1 9 (6 m o s ) $ l , 1 1 0 ,0 5 2
$ 2 ,9 8 2
(?)
$ 1 8 0 ,2 5 0
d e f$ 1 7 7 ,2 6 8
4 8 2 ,7 1 2
$ 4 3 ,8 7 1
3 6 9 ,6 8 8
6 9 ,1 5 3
1 9 1 8 _______ 2 , 6 3 5 , 0 9 0
1 9 1 7 ............. 3 , 1 0 9 , 8 5 3
1 ,3 9 2 ,5 8 2
2 9 6 ,5 6 1
3 4 9 .3 7 0
$ 2 4 0 ,0 0 0 5 0 6 .6 5 1
F u r t h e r d e d u c t i o n s , w a r d o n a t io n s , & c ., in 1 9 1 8 , $ 4 7 ,0 7 0 : 1 9 1 9 , $ 3 3 ,5 9 1 .
G e o r g e M . B r o w n , S t . L o u i s , M o . , is P r e s id e n t .— ( V . 1 0 8 , p . 1 2 7 2 , 2 4 3 5 ;
V . 1 0 9 . p . 7 7 8 .)
C E R R O
DE PASCO
C O PPE R
C O R P O R A T I O N .— See V
1467, 1716.
I n c o r p . in N . Y . S t a t e i n N o v . 1 9 1 5 a n d a c q u i r e d
c o p p e r , & c . , d e p o s it s In A n d e s M t n s . , P e r u .
C a p ita l s t o c k ,
s h a r e s , n o p a r v a lu e ; Iss u e d , M a y 1 9 1 8 , 8 9 8 ,2 1 8 s h a r e s .
L is t e d
S tock E x ch . F eb . 1917.
V . 104, d . 666.
D IV ID E N D S —
1916.
R e g u l a r .............................................................. .. .............. $ 4 0 0
E x t r a ............. .............. .. ...................... ................. ........................

1917.
$4 00
$1 75

.

101. p .
e x te n s iv e
1 ,0 0 0 ,0 0 0
on N . Y .

1 918 (Q .-M .)
$4 00
$1 00

1919.
S4 00
______

T h e b o n d s o f 19 1 W e r e m a d e c o n v e r t i b l e , e a c h $ 1 ,0 0 0 b o n d i n t o 3 3 1 -3
h a r e s o f s t o c k , a ls o c a lla b le a t 1 0 5 s u b je c t t o t h e c o n v e r s io n p r iv ile g e .
T o t a l b o n d s a u t h . a n d is s u e d , $ 1 0 ,0 9 0 ,0 0 0 : c o n v e r t e d in t o s t o c k o r r e ­
d e e m e d a n d c a n c e le t i i D e c . 31 1 9 1 7 , $ 5 ,4 5 8 ,0 0 0 .
O n M a y 1 1 918 th e
r e m a in d e r o f t h e Issu e s o fa r a s n o t c o n v e r t e d w e r e p a id o f f a t 1 0 5 .
O f th e
t o t a l is s u e a b o u t $ 6 ,2 0 0 ,0 0 0 w e r e c o n v e r t e d i n t o s t o c k a t $ 3 0 p e r s h a r e .
V . 106. p . 2012; V . 105, p . 501.
R E P O R T .— F o r c a l. y e a r 191 8 in V . 1 0 8 , p . 1 8 1 8 , s h o w e d :
C a le n d a r S a le s o f
N e t, a fter
O th er
B ond
D iv id e n d
B a la n c e ,
Y e a r . C o p p e r ,& .c .
T a x e s ,& c . I n c o m e . I n t e r e s t .
P a id .
S u r. or D e f.

s

s

1 9 1 8 .-.2 2 ,8 6 7 ,8 0 7 x d fl2 7 ,1 2 8
1917.
— 2 4 ,9 7 4 ,0 8 2 y 3 , 5 5 2 ,6 8 5

s

s

s

s

6 2 7 ,0 4 4
5 8 ,0 0 0 4 ,3 9 3 ,3 5 2 d e f . 3 , 9 5 1 ,4 3 6
2 ,0 6 0 ,9 1 4 5 3 4 ,7 3 0 4 ,0 0 9 ,4 7 1 s u r . 1 ,0 6 9 ,3 9 7

x y A f t e r d e d u c t i n g : (1 ) U . S . a n d f o r e ig n t a x e s : (a ) in 1 9 1 8 , 1 ,3 4 4 ,3 8 8 :
(ft) i n 1 9 1 7 , $ 1 , 2 0 7 , 8 2 2 : ( 2 ) r e s e r v e f o r U . S . i n c o m e a n d e x c e s s p r o f i t s t a x e s :
(a ) in 1 9 1 8 , $ 2 ,0 0 0 ,0 0 0 : (6 ) i n 1 9 1 7 , $ 1 ,6 4 8 ,1 2 5 : (3 ) d e p l e t io n a n d d e p r e c i a ­
D I R E C T O R S .— C h a ir m a n E d w a r d C . H o y t , A . A u g u s tu s H e a ly , G e o .
D .
H a l l o c k , M a x J . H . R o s s b a c h , W . W . I l e r o y , W a l t e r S . H o y t , W a r r e n t i o n : (a ) in 1 9 1 8 , $ 6 ,1 5 8 ,4 2 4 : (6 ) in 1 9 1 7 . $ 5 ,3 9 1 ,0 5 0 .
T h e t o t a l s u r p lu s D e c . 3 1 1 9 1 8 w a s $ 7 ,2 9 0 ,8 3 0 , a ft e r d e d u c t i n g $ 2 0 5 ,6 5 0
G .
H o r t o n , L e w is I I . L a p h a m , E r n e s t G r ie s s , A r t h u r W
W e llin g to n , G e o .
s in k in g fu n d f o r b o n d r e d e m p t io n .
W . C h ild s , E d w a r d O . T h ie r s , C h a s . E in s ie d le r , F r a n k H . P la t t , P r e s .
P r o d u c tio n (lb s .)— V . 1 0 9 , p . 1 7 9 4 .
1919.
1918.
1917.
W a lt e r S . H o y t , 1st V . - P . , G e o . W . C h ild s ; 2 d V .- P ., W . G . H o r t o n : S e c .,
5 ,8 3 6 ,0 0 0
7 ,3 2 5 ,0 0 8
M o n t h o f O c t o b e r . ............................... ................ 5 , 6 5 2 , 0 0 0
F r e d E . K n a p p : T r e a s ., I I . W . H ill.
N e w Y o r k o f f ic e s , W h it e h a ll B ld g .,
1 0 m o n t h s t o O c t . 3 1 ................ ..........................4 8 , 7 2 8 , 0 0 0
6 0 ,0 9 8 .0 0 0
5 9 ,9 0 0 ,0 0 9
B a t t e r y P l a c e a n d W e s t S t .— ( V . 1 0 9 , p . 3 7 4 , 1 2 7 6 , 1 6 1 1 .)

C E N T R A L P O W E R C O R P O R A T I O N .—(V . 109, p . 479,
C E N T R A L & S O U T H A M E R I C A N T E L E G R A P H . —In

1 3 6 9 .)

J a n . 1919
o w n e d t e le g r a p h a n d c a b le lin e s e x t e n d in g fr o m V e r a C r u z M e x i c o , t o th e
p r in c ip a l p o r t s o f C e n t r a l a n d S o u th A m e r ic a , a s fa r s o u t h a s V a lp a r a is o
a n d S a n tia g o , C h ile , a n d fr o m th o s e p o in t s t o B u e n o s A ir e s , A r g e n tin a .
T o t a l c a b le li n e s , 1 6 ,2 0 0 m ile s , a n d la n d li n e s , 1 ,8 0 0 m il e s .
A ls o o w n s
jo in t ly w ith t h e M e x ic a n T e le g r a p h C o . c a b le s fr o m G a lv e s t o n , T e x a s
t o O o a tz a c o a lc o s , M e x ic o , a n d fr o m N e w Y o r k t o C o lo n
Isth m u s o f P a n ­
a m a , v ia C u b a .
In N o v . 1 9 1 9 a c a b le t o M o n t e v id e o w a s e x p e c te d t o b e
o p e n e d D e c . 1 1 9 1 9 a n d c a b le w a s b e in g m a n u fa c tu r e d fo r u se fr o m R io
t o A r g e n t in a , a ls o S a n to s t o A r g e n tin a ; a ls o h a s r ig h t s t o la y c a b le fr o m
R io to U ru g u a y a n d C a rta g e n a to C o lo n . V . 1 0 7 , p . 2 0 1 0 ' V . 108, p . 8 2;
V . 109, p . 1369.
S T O C K . — T h e s t o c k h o ld e r s v o t e d F e b . 1 1 1 9 1 9 t 0 in c r e a s e t h e a u t h ­
o r iz e d lim it o f c a p it a l s t o c k fr o m $ 1 4 ,0 0 0 ,0 0 0 t o $ 2 5 000 0 00 t o p r o v id e ,
w h e n a n d a s r e q u ir e d , fo r e x te n s io n s a n d a c q u is it io n s a n d d is t r ib u t io n t o
s t o c k h o ld e r s o f a c c u m u la t e d e a r n in g s .— V . 1 0 8
p
174
I n 1 9 1 9 o f f e r o d u n t il N o v . 1 1 9 1 9 t o g i v e $ 1 8 0 o f c o m p a n y ’s s t o c k f o r e a c h
$ 1 0 0 s h a r e o f t h e $ 4 ,9 9 0 ,2 0 0 o u t s t a n d in g s t o c k o f M e x i c a n T e le g r a p h C o .
T h i s , i f a c c e p t o d b y a ll h o ld e r s w il in c r e a s e t h e o u t s t a n d i n g s t o c k o f C e n t .
& S o . A m o r . T p l. C o . t o $ 2 2 ,9 9 1 ,4 0 0 , o r , d e d u c t i n g t h e $ 9 5 3 ,1 0 0 t h e r e o f

y ^ / ^ r v o t e M - i a f e . ’ 22’038'30^
D IV S .
/ '8 5 . ' 9 6 . ’8 7 . ’8 8 -’9 6 . '9 7 . ’9 8 -’ 1 5 .
1916.
C a s h .— % 1 4
4
6
7 y ’ly .
6 * 6 y ’ly . 6 & 3 ex
I n s t o c k .— 1 8 9 0 , 2 0 % : 1 9 0 7 , 2 5 % ; 1 9 1 7 , J a n ., l £ %
s t o c k , in c r e a s in g a m o u n t o u t s t a n d i n g t o $ 1 3 ,9 9 1 4 0 0
J u ly 1 9 1 7 t o A p r il 1 9 1 9 , c a s h , 1 K % q u a r .; J u ly a n d O
C a b le r a t e s r e d u c e d in 1 9 1 7 . V . 1 0 5 , p . 2 0 0 ; V . 1 0 6 ,

tod
1917
1918. 19196
6
T ex t.
- A p r il 1 . 4 6 % in
c t ., 1 9 1 9 , I K % •
p . 89.

R E P O R T . — F o r y e a r 1 9 1 8 , V . 1 0 8 , p . 2 6 2 6 : 3 m o s ’. t o S e p t . 3 0 , e s t . ,
V . 109, p . 1369.
„
C a l. Y e a r —
T o ta l I n c .
N et In cW ar T ax.
D iv id e n d s . B a L .S u r p .
1 9 1 8 (y e a r ) — $ 4 ,5 8 4 ,8 8 8 $ 2 ,9 9 1 ,1 9 4 $ 1 ,3 9 0 ,5 6 7 ( 6 % ) $ S 3 9 .4 8 4
$ 7 6 1 ,1 4 3
1 9 1 7 (y e a r ) . . . 4 ,2 7 3 ,3 9 7
3 ,2 1 7 ,7 4 8
6 5 3 .7 8 3 ( 6 % ) 7 7 3 ,1 7 2
1 .7 9 0 .7 9 3
1 9 1 9 (9 m o s . ) . . 4 ,0 4 3 ,3 5 5
2 ,9 7 3 ,8 5 9
7 5 0 ,0 0 0
8 2 2 ,1 7 1
1 ,4 0 1 ,6 8 8
1 9 1 8 (9 m o s . ) . . 3 ,2 6 8 .2 8 0
2 .3 7 7 ,8 1 2
5 1 0 ,0 0 0
6 2 9 ,6 1 3
1 .2 0 8 ,1 9 9
T o t a l e s t im a t e d p r o f i t a n d lo s s s u r p lu s S e p t . 3 0 1 9 1 9 $ 3 5 4 5 ,7 2 7 .
C h a ir m a n , W . E m le n R o o s e v e lt : P r e s ., J o h n L . M e r r ill; T r e a s ., W . I I .
C o a d o ; S e c ., H e n r y d o la M o n t a g n e J r .
D ir e c t o r s , V . 1 0 8 . p . 8 2 .
O ffic e ,
8 9 B r o a d S t ., N . Y .— (V . 1 0 8 , p .
2 6 3 1 ; V . 1 0 9 , p . 1 0 8 2 , 1 3 6 9 .)

2626,

CENTRAL

STATES

ELEC T R IC

C O R P .—O R G A N I Z A T I O N .— I n c o r p o r a t e d in V ir g in ia M a y 2 8 1 9 1 2 , w it h p o w e r , a m o n g o t h e r t h in g s , t o
a c q u ir e s t o c k s a n d s e c u r itie s o f p u b lic u t il it y c o r p o r a t io n s .
Owns over 75%
o f t h e $ 8 ,8 0 3 ,2 0 0 C le v e la n d (O .) E le c t r ic I llu m in a t in g C o . c o m m o n s t o c k .
V . 99, p. 272.
C o m m o n s t o c k h a s b e e n d e p o s it e d w it h E d w in M . B u lk le y ,
A n s o n W . B t ir c h a r d a n d H a r r is o n W illia m s a s v o t i n g t r u s t e e s .
D iv . on
p r o f ., 1 K % q u a r ., p a id O c t . 1 9 1 2 t o O c t . 1 1 9 1 9 .
D iv . o n co m m o n sto ck ,
1 9 1 4 , 4 % ; 1 9 1 5 , F e b ., K % : n o n e s in c e t o O c t . 15 1 9 1 8 .
T h o 1 0 -y e a r 5 % s e c u r e d g o ld n o te s d u o J u n o 1 1 9 2 2 ( $ 6 ,0 0 0 ,0 0 0 a u t h o r
i z e d is s u e ) a r e s u b j e c t t o c a l l , in w h o l e o r p a r t , o n a n y i n t . d a t e , o n d u o n o t i c e
a t 101 a n d in t ., a n d c o n v e r t ib le a t p a r in t o p r e f. s t o c k a t 1 0 5 , w it h th e r ig h t
t o c o n v e r t i f c a lle d fo r p a y m e n t p r io r t o m a t u r it y .
T h e $ 5 ,9 6 3 ,7 8 4 is s u e d a r e s e c u r e d b y d e p o s it o f $ 6 ,6 3 0 ,4 0 0 (o v e r 7 5 % )
o f t h o o u t s t a n d i n g C l e v e l a n d K l . 111. C o . c o m m o n s t o c k . V . 9 4 , p . 1 4 5 1 ;
V . 95, p . 50, 1334.
P r e s ., F . L . D a m e .— ( V . 1 0 6 , p . 3 9 9 .)
C E N T R A L T E R E S A S U O A R C O —V .

109. p .

1701, 1794.

C E R T A I N - 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 .
— I n c o r p o r a t e d in M d . J a n . 3 0 1 9 1 7 a s s u c c e s s o r o f t h o G e n e r a l R o o f i n g
M fg . C o rp .
R o o f i n g p l a n t s l o c a t e d a t E a s t S t . L o u i s a n d M a r s e i l l e s , 1 1 1 .,




P r e s ., L . T . H a g g in .
C h a s . D . B a r n e y & C o . a r e in t e r e s t e d .— ( V . 1 0 8 .
p . 174, 583, 686. 976, 1513, 1818, 1939, 2332; V . 109. p . 175, 580, 983,
1 4 6 3 , 1 7 9 4 .)
C H A L M E R S M O T O R C O R P . — O R G A N I Z A T I O N . — I n c o r p . in N . Y .
N o v . 3 1 9 1 6 a s s u c c e s s o r o f C h a lm e r s M o t o r C o . o f D e t r o it .
A ls o o w n s
e n tir e s t o c k o f C h a lm e r s M o t o r C o . o f C a n a d a , L t d .
V . 103, p . 1794, 1890.
A n n u a l O u tp u t.
1912.
O a r s ---------------- ------------ 7 . 2 5 2

1913.
6 ,6 7 4

1914.
7 ,3 7 4

1915.
6 ,1 1 8

1916. T o
2 1 .4 0 8

N ov . 2 8 ’17.
.
1 1 ,1 8 9

T h e s h a r e h o l d e r s v o t e d S e p t . 1 0 1 9 1 7 t o r e a d j u s t t h e c a p i t a l i z a t i o n as
s h o w n in t a b le a t h e a d o f p a g e a n d t o le a s e t h e p la n t f o r f i v e y e a r s t o t h e
M a x w e ll M o t o r C o ., I n c .
V . 105, p . 1106: V . 106, p . 299; V . 107, p . 1194
1387.
I n O c t . 1 9 1 9 m e r g e r w a s p r o p o s e d w it h M a x w e ll M o t o r C o .— se e
th a t c o m p a n y .
B a la n c e s h e e t J u n e 3 0 1 9 1 9 , V . 1 0 9 , p . 9 7 8 .
D ir e c t o r s e le c t e d in F e b .
1 9 1 8 : J u le s S . B a c h e , J . H o r a c e H a r d in g , H u g h C h a lm e r s , H e n r y E B u t le r
G e o r g e C . V a n T u y l J r ., J o s e p h H . C la r k a n d W . P . K is e r .
C om pare v ’
106, p . 399.
F in a n c ia l o f f i c e , D e t r o it .
V . 107, p . 1194, 1378 2291- V
1 0 8 , p . 1 7 2 2 , 2 0 2 4 , 2 3 3 2 ; V . 1 0 9 , p . 9 7 8 , 9 8 3 , 1 9 8 9 .)
C H A N D LE R
M O TO R
C A R
C O R P .— O R G A N I Z A T I O N .— I n c o r p ­
o r a t e d in O h i o o n N o v . 1 6 1 9 1 5 t o s u c c e e d a n O h i o c o r p o r a t i o n o f t h e s a m e
nam e.
C a p a c it y 2 5 .0 0 0 c a r s p e r a n n u m . P la n t a n d o f f ic e a t C le v e la n d O .
A r m y c a t e r p i l l a r , & c . . t r a c t o r s in '1 8 . V . 1 0 6 , p . 8 2 3 ; V . 1 0 7 . p . 2 9 4 , 1 4 8 3 .
V . 108, p . 271.
S to c k h o ld e r s o f r e c o r d F e b . 2 7 1 9 1 9 w e r e g iv e n th e p r iv ile g e o f s u b s c r ib in g
t o t h e S I . 4 0 0 ,0 0 0 8 % c u m . p r e r . s t o c k o f t h e C le v e la n d A u t o m o b il e C o .
E a c h h o ld e r o f 1 0 0 s h a re s o f C h a n d le r r e c e iv in g fo r $ 1 0 0 p e r s h a r e 2 0 s h a r e s
o f p r e f. s t o c k o f th e C le v e la n d c o m p a n y w it h a b o n u s o f fo u r s h a r e s o f
C le v e la n d c o m m o n .
T h e n e w c o m p a n y w ill m a n u fa c t u r e r a s m a lle r a n d
lo w e r p r ic e d c a r .
V . 108, p . 786.
S T O C K .— A u t h . c a p it a l $ 1 0 ,0 0 0 ,0 0 0 (p a r $ 1 0 0 ) : o u t s t a n d i n g . $ 7 ,0 0 0 .­
000
C o m p a n y h a s n o b o n d s , n o p r e fe r re d s t o c k .
T h e s to c k h o ld e r s v o t e d O c t . 6 191 9 t o c h a n g e th e c a p ita liz a tio n fr o m
1 0 0 ,0 0 0
s h a r e s (p a r $ 1 0 0 ) o n 3 0 0 ,0 0 0 s h a r e s , n o p a r v a l u e .
21 0 0 0 0 sh ares
t o b e is s u e d t o s t o c k h o ld e r s in e x c h a n g e f o r 7 0 ,0 0 0 s h a r e s o f s t o c k n o w
o u t s t a n d in g in p r o p o r t i o n o f t h r e e s h a re s f o r e a c h o n e s h a r e o f e x is tin g
s t o c k a n d 9 0 ,0 0 0 s h a r e s t o b e h e ld in t h e t r e a s u r y in e x c h a n g e f o r 3 0 .0 0 0
sh a res $ 1 0 0 p a r v a lu e s t o c k n o w h e ld .
T h e d ir e c t o r s o n S e p t . 9 1 9 1 9 r e c o m m e n d e d t h a t d iv id e n d s b e in a u g u r a te d
o n t h e n e w s t o c k w h e n is s u e d a t t h e r a t e o f $ 8 a s h a re a n n u a lly , p a y a b le
q u a r t e r ly , a n d b e li e v e t h a t “ in v i e w o f c u r r e n t a n d p r o s p e c t iv e e a r n in g s a
d iv i d e n d o r a t le a s t $ 8 a s h a r e c a n b e m a in t a in e d .”
S e e d iv id e n d s b e lo w
and V . 109, p . 1082, 1611.
1 9 1 6 : A P rl1 W o . 1 ) . 1 H % : J u l y . 2 K : f r o m O c t . 2
1 9 1 6 t o A p r . 1 1 9 1 9 . 3 % , m a k i n g 1 2 % p . a . , a n d in J u l y 1 9 1 7 1 % f o r R e d
C r o s s c o n t r i b u t i o n s ; in J u l y 1 9 1 9 p a i d 4 % q u a r . a n d in O c t . 6 % .
See
"S tock
above.
V . 109, p . 1082: V . 108, p . 2435.
E A R N I N G S .— F o r c a l. y e a r 1 9 1 8 (s e e V . 1 0 8 , p . 1 0 5 8 ) s h o w e d :
„
1918.
1917.
I
1918.
1917.
N e t p r o f it s — _ $ 2 .1 6 7 ,8 4 0 * $ 2 ,3 8 2 ,4 0 3 F e d . t a x e s . . x N o t d e d u c t .
$ 6 0 9 ,1 2 4
D i v i d e n d s . . . ( 1 2 ) 8 4 0 , 0 0 0 ( 1 3 ) 9 1 0 , 0 0 0 1B a l . , s u r p — - x S l , 3 2 7 , 8 4 0
8 6 3 ,2 7 9
x P r o f it a n d lo s s , s u r p lu s , D e c . 3 1 1 9 1 8 ( b e fo r e d e d u c t i n g 1 9 1 8 F e d e r a l
t a x e s ), $ 3 ,3 8 1 ,9 0 5 .
F o r t h e 8 m o n t h s e n d in g S e p t. 1 1 9 1 9 , n e t p r o fit s w e re
$ 3 ,1 8 9 ,8 3 5 , b e f o r e p r o v id in g f o r F e d e r a l t a x e s .
I n O c t . 1 9 1 9 s h ip p e d 2 ,7 5 9
cars.
V . 109, p . 152S, 1794.
O F F I C E R S .— P r e s . & G e n . M g r ., F . C . C h a n d le r : V .- P r e s ., W . S . M .
M e a d ; S e c ., I s a d o r G r o s s m a n ; T r e a s ., S a m ’l R e g a r .— (V . 1 0 8 , p . 7 8 6 , 9 7 6 ,
1 0 5 8 , 2 4 3 5 ; V . 1 0 9 , p . 5 8 0 , 1 0 8 2 , 1 5 2 8 ; V . 1 0 9 , p . 1 6 1 1 , 1 7 9 4 .)
C H A R C O A L

IR O N

C O . O F A M E R I C A , D E T R O I T .— ( V . 1 0 9 .P -1 9 8 5 .)

156

IN D U S T R IA L

M IS C E L L A N E O U S C O M P A N IE S
[F o r a b b r e v ia tio n s , A c . , s e c n o te s o n f i r s t p a g e]

Ch«s & Potomac Te! Co— Cons M $1.500,000 s fd call 103 c*
C h e * & Potomac T eleph C o of Va— 1st M g red_______ c*,
C lu s i e b r o u g h M a n u f a c t u r i n g C o C o n s o l— Stock $ 1 .5 0 0 .0 0 0
Pref stock 7% cum $1,000,000 non-voting call (text)...........
Chevrolet Motor Co— See General Motors Co
Chicago Edison Co— See Commonwealth Edison Co
Chicago Junction Rys & Union Stock Yards— Common stock
Preferred (a & d) 6% cumulative ........................................ ..
Mtge 8c Coll Tr Ref bds g ($10,000,000 5s)...........a.xc*Ar
Central Mfg Dtst 1st M $10,000,000 gu “A” due $120,000
yearly call 105___________________
_____ c*
Union Stock Yd A Transit Co (sub co) debs g red 105_ x
_
Railroad issues guaranteed, see text______________________
Chicago Pneumatic Tool Co— Stock in 1920 to be $15,000,000
1st M $3,250,000 g due ann Oct 1; call 101-.CeCxxxxc*Ar*
Chicago Stock Yards Co— Collat tr bonds g red 105_ OBx
_
Chicaxo (Bell) Telephone— Stock $40,000,000 authorizedlst M $50,000,000 tr red 105 since Dec 1 1913 .FC.xxc’ &r*
Chile Copper Co— Stock auth $135.000.000_______________
Coll trust 7% conv g bonds auth $15.000,000_____G.c*Ar*
Convertible 15-year bonds. Ser A. (see text) call g -Gc*Ar*

D a te

B on d s

1899
1913

1900
1916
1910

STOCKS

100
100
1 .0 0 0

100

see text
3.086.200
6 .2 2 0 .0 0 0
40.000.
18,995.000
95.000.
15.000.
35.000.

1908

1 .0 0 0

100

Ac
25
500 Ac
500 Ac

CHESEBROUGH MANUFACTURING CO.. CONSOLIDATED.—OR

GANIZATION, AC.— Incorporated In 1880 in New York. Manufacturers
o f “ Vaseline” (petroleum jelly). Formerly controlled by Standard Oil Co.
of N. J.. but segregated In 1911. See Standard Oil Co. of N. J.. V. 85. p.
216. 790; V. 93. p. 1390. Stock. $500,000; par, $100. June 10 1916 the
capital stock was increased from $500,000 to $1,500,000 hy a 200% stock
dividend. V. 102, p. 1720. Notes payable June 30 1919, $300,000.
The stockholders voted Nov. 17 on increasing the capital stock from
$1,500,000, all common, to $2,500,000. by the creation o f $1,000,000 7 %
cum. non-voting pref. stock (par $100) redeem, at 112H after Jan. 1 1925.
$500,000 o f this new pref. stock is being offered to stockholders of record
Dec. 1 1919 at par and dividend to the extent o f 33 1-3% o f their holdings,
subscriptions payable in full on or before Dec. 31 1919. The remaining
$500,000 may be issued at the discretion o f the director's. V. 109, p. 1701,
1989.
LATE DIVS. (% ). 1912-15. 1916. 1917 to Sepl.’ XS. Mar. Jne & Sept.’ 19
R e g u la r ...................... 40 y'rly. 15
12 (S3 Q.-M.)
$3
Extra cash (stk., see above) . .
5M 2 (50c. Q.-M .)
50cts.
Owing to the abnormal conditions prevailing it was thought best in
N ov. 1918 to conserve cash by omitting the usual December dividends.
V. 107, p. 2011.
Pres., O. N . Cammann; V .-P ., C. W. McGee: Sec.. R . S. GUI; Treas.,
Charles Lamont; Asst. Sec. A Treas.. Fred'k FT Williams. Office, 17 State
.
St., N . Y .— (V. 108, p. 786, 1939, 2125; V. 109, p. 1701. 1989.)
CHICAGO JUNCTION RAILWAYS A UNION STOCK YARDS,— OR­
G AN IZATION .— Incorp. in 1890 in New Jersey, and owns entire stock
(132,000 shares) o f Union Stock Yard A Transit Co. and Chic. June. R y.,
Incl., about 700 acres o f land (with one mile o f water front), contain
lag warehouse*, sheds and pens to accommodate 75.000 cattle, 300.000 hogs
Ac. V. 100, p. 1261. In 1907 New York Central RR. interests acquired
the 46 miles outer belt line o f the Chicago Junction R y., assuming the
$2,500,000 bonds, and giving $2,500,000 new bonds in payment. V. 85.
p . 159; V. 8 6 . p. 664.
The Central Manufacturing District of Chicago trustees own about 376
acres on which factories have been erected and used by about 150 industrial
concerns. V. 99, p. 342; V. 100, p. 1261; V. 106. p. 2227. See bonds below.
Chicago Stock Yarns Co. (which see) owns all or the $6,500,000 com. stock;
Licensing of all stock yards ordered In June 1918. V. 106, p. 2652;
V . 107, p. 460.
D IV ID E N D S .— On pref.. 6 % yearly (Q.-J.). On common. 1891. 10%.
1892 to Jan. 1 1915. incl.. 8 % yearly: 1915 to Apr. 1919,9% (2 tf% Q.-J.i
BONDS.— The collateral t r u s t bonds are secured by pledge of 131.803
shares o f the stock o f Union Stock Yards A Transit C o., $5,499,100 of the
$5,500,000 stock o f Chicago Junction Ry. and $2,500,000 bonds of Indl*
ana Harbor Belt RR. Of the bonds. $4,000,000 are 4s and $10,000,000
Issued In 1915 are 5s. both being equally secured, except that under a sup­
plemental mortgage the 1 % additional Interest over the original 4% on tne
$10,000,000 bonds will be a secondaiw charge on the property. See V. 70.
p. 1251: V. 72. p. 389; V. 8 6 . p. 664; V. 100, p. 1261.
Central Mfg. DIst.Ss are issued by J. A. Spoor, Arthur G. Leonard and
Eugene V. R. Thayer, as trustees of the Central Manufacturing District,
and are a first mtge. on real estate and property the value of which is esti­
mated in excess o f $12,000,000. Bonds are guaranteed, prin. A int., by
endorsement, bv the Ch June. Rys. A Union Stock Yards Co. Minimum
sinking fund 2% of bonds out. In 1918-19 the $500,000 loan obtained by
the parent company to finance construction o f new buildings In the district
21S7?V ^106?p.
102’
8S8, ^
V'
P' 198° ’
Also Suarante^ principal and interest of (a) $765,000 Chic. River A Ind.
R R . 5s; (b) $2,327,000 Chicago Junction R R . 4s. See R R . companies.
RE PO RT.— Report for 1918, in V. 108.p. 1167, showed combiued results
of N J. company. Transit Co. and R y. Co.:
1918.
1917.
1916.
1915.
Gross earnings.............*$5,644,627 $7,726,131 *$7,208,313 $6,566,836
Taxes, int. A oper. exp. 4,130,862
6.320.568
5.515,109
4,943,324
Surplus after int., A c- $1,513,765 $1,405,563 $1,693,204 $1,623,512
* Exclusive o f earns, from real estate invests., included in former years.
The decrease in gross earnings is explained in the report as due to the
fact that the U. S. R R . Administration has operated the railroad since
July 1 1918. V. 107, p. 698.
D IRECTO RS.— F. II. Prince (Pres.), Eugene V. R. Thayer (V -P.)
Geo. P. Gardner (V .-P .). Bradley W. Palmer. F. Lothrop Ames, C. B.
Wiggin, Boston; John A. Spoor, Chicago; Wm. O. Lane, L. F. Loree,
N . Y ., M . A. Taylor, Boston. N . Y. agency, 25 Broad St. Sec.-Treas..
M . A. Taylor.— (V. 107, p. 607, 698; V. 108, p. 1167.)
CHICAGO PNEUMATIC TOOL CO— ORGANIZATION.— Incorporated
in New Jersey on Dec. 28 1901. In 1904 began to manufacture electric
tools, in 1906 rock drills; the commercial truck was liquidated in 1919. In
1918 the output capacity was being largely increased. V. 107, p. 1483.
Description of plants, Ac., in 1918, V. 107, p. 1667, 1922; V. 109, p. 1276.

La st D ivid en d
a nd M a tu r ity

Places W h ere In terest and
D ivid en d s are Payable

J A J July 111929
Waah, Am Sec A Tr C o
M A N M ayll943
5g
Richmond. Va
'18 Q— M Sept 2 0 '19 3J4 Checks mailed
Q -M 31
New

5
4*4

3.520.000
500.000

&c
500 Ac

W h en
Payable

%

[V ol . 109

6.500.000 9 In 1919 Q—J Oct 21919 2 M Old Colony Tr Co, BostoD
6.500.000 6 In 1919 Q— J Oct 2 1919 ly i
do
do
14 000.000 4 A 5 it A & O Apr 11940
Guaranty Trust Co. N Y

1 .0 0 0

100

BONDS

Bate

$ 1 ,0 0 0 $1,207,000
100 Ac
3,342,200
1.500.000
100
See text
100

THE CHESAPEAKE & POTOMAC TELEPHONE COMPANY — In­
corporated under New York laws July 2 1883, succeeding the National
Capital Telephone Co. o f Washington, D. G.. and the Telephone Exchange
Co. o f Baltimore, Mrt. Stock authorized *15.000.000; outstanding $13.­
000,000. All owned by the New York Telephone Co. Stations Dec. 31
1918, 84,401 (not including 547 service, A c., stations).
BONDS.— Authorized, $1,500,000; outstanding Aug. 31 1919, $1,207,000Retired through sinking fund, $293,000. Redeemable at 103 and interest
on any interest date upon three weeks’ notice. Sinking fund 2% annually
of outstanding bonds.
EARNINGS.— For 7 mos. in 1918: gross, $2,835,218; net (after $512,720
for maintenance, incl. deprec.), $972,391: interest, $647,885; surplus, Ac.,
Jan. 1 1918, $560,067; divs. (3 % ), $390,000; bal., sur., July 31 1918,
$494,572.
THE CHESAPEAKE & POTOMAC TELEPHONE CO. OF VIR­
GINIA.— Incorporated in Virginia in 1912 as successor o f the Southern Bell
Telep. A Teleg. Co. o f Virginia. Stations operated directly Dec. 31 1918,
$77,285. Stock, $4,247,000, owned by the New York Telephone Co.
Of the bonds ($5,000,000 auth. issue), $3,342,200 outstanding Aug. 31
1919, $157,800 retired through the sinking fund and $1,500,000 reserved for
improvements and additions. Redeemable as a whole, on or after Nov. 1
1918 at 103. Sinking fund, M o f 1% semi-annually beginning May 1 1914;
Old Dominion Trust Co. o f Richmond, trustee. V. 98, p. 765, 915; V. 100,
p. 558. For 7 mos. ended July 31 1918, gross, $1,556,050; net (after
$405,106 for maintenance, incl. depreciation), $244,247; interest, $166,747;
surplus Jan. 1 1918, $88,918.— (V. 103, p . 2344; V. 105, p. 1900; V. 106, p.




A m oun t
Outstanding

Par
V a lu e

1918
1911
1913
1917

AND

in '19
6 g
5g
8 In 1919
000
5 g
000
000 7 g
0006 g
6

M A S Mar 1 '20 to '41 First Tr A Sav Bk, Chic
& J Jan 1 1920
do
do

J

Q— J25 Oct 25 '19 1 ^
A A O Oct 1 1920 to’23
A A O Oct 1 1961
Q— M 31 Sept 30 '19 2%
J A D Dec 1 1923

Llb’ty NatBk.N YA Chic
Guar Trust, N Y A Chic.
Old Colony Tr Co, Boat
Chicago
First Tr A Sav Bk. Ob

A N May 1 1923
A O Apr 1 1932

Guaranty Trust C o,N Y
New York

STOCK.— Stock listed on N. Y . Stock Exchaneg in June 1918.
The stockholders will vote on Dec. 5 1919 on increasing the auth. capital
stock from $7,500,000 ($6,448,800 outstanding) to $15,000,000. Stock­
holders o f record Dec. 19 1919 will be given the privilege of subscribing until
Jan. 20 1920 to the new stock at par equivalent to their present holdings,
bringing the outstanding amount up to $12,897,600. V. 109, n. 1794.
The proceeds will bo used for the retirement of outstanding bonds and
all fixed charges, and tojncrease the company’s working capital. It is
understood that Allan A. Ryan A Cop have underwritten the new stock.
.
LATE DIVS.— / ’05. ’06. '07. ’08. ’09. ’ 10. ’ l l to ’ 17. 1918.
1919.
4
4
0
0
3
4 yearly
Per cent.............^ -l 3
6
In April 1918 the quarterly dividend was raised*to iy i'% . v f lf)6 . p.1347
BONDS.— The shareholders voted Oct. 21 to authorize an issue of $3,­
250,000 6 % Ref. M tge. bonds to provide for the retirement of $1,238,000
1st M . 5s (paid off) before maturity Dec. 31 1921 and for plant extensions
A syndicate headed by Ilornblower A Weeks and Elston A Co. placed
these bonds. These bonds are callable at 101 and int. on any interest
date upon three weeks’ notice, all or any part. Maturities: $400,000 Oct.
} 1920. *400.000
1?31. $450,000 Oct. 1 1922 and $2,000,000 Oct. 1
1923. Sinking fund beginning Oct. 1 1918. 25% of net earnings; $163,800
retired to Sept. 30 1919. See V. 107, p. 1581. 1071. 1922. Notes payable
as of Sept. 30 1919, $720,000.
REPO RT.— For 1918. V. 108. p. 1162; 9 mos. 1919, V. 109, p. 1795.
Calendar
Net
Bond
War
DepreciaBalance,
1nt• Taxes,
tion. &c. Dividends.
Surplus.
1919(9 m o.)$1,231,437 $244,811 $135,000 $396,192 (0)$290,196 $165,238
...........x l,283,214 308,667
(*)
438,712 ( 6 ) 386,928 149,907
1917
2,006.372
121.725 227.674
487,582 4) 257,952 911,438
1916 ........... 1 ’££J’ £P9 J }9.375
505,182 (4) 257,952 695,471
1015 - - - - - 982,864
117.775
331,842 (4) 257.952 275,295
x Net profits in 1918 are reported after provision for Federal taxes.
OFFICERS.—Chairman of Board. John R. McOInley: Pres., Herbert A.
Jackson; V.-Ps., J .L . Price, W. P. Presslnger and VV. H. Callan: Treas.,
J .L . Price; Sec. II. D Megary; Compt., J. U. Btanchot. Directors Jan.
1919, Ohas. M . Schwab, James H. Ward, A. F. Cassidy. J. R. M cGinley,
W. A. Mitchell. Allan A. Ryan. II. A. Jackson. J. I,. Price and E. M .
Richardson. General office, Fisher Bldg., Chicago. Will bo moved early
in 1920 to 6 - 8 East 44th St., N. Y .— (V. 108, p. 1162, 2125, 2244; V. 109.
p. 581, 1276, 1701, 1794.)

C H I C A G O S T O C K Y A R D S C O . — Incorp. in Sept. 1911 In Maine and
owns all of the $6,500,000 common stock of Chicago Junction Rys. A Union
Stock Yards C o.— which see above. (V. 93. p. 1193; V. 94. p. 210). Hm
outstanding $8,000,000 common stock In $100 shares (20% owned by
Armour A C o., V. 106, p. 1931), on which 5% has been paid yearly from
Jan. 1914 to July 1 1917, Incl. (234% J- A J.). and the collateral trust
bonds above described (auth.. $13,000,000), callable at 105. Pres.,
Norman J. McGaffln and Treas., F. R. Pegram. Ames Bldg., Boston.—
(V. 94. p. 210; V. 106, p. 193.)
C H I C A G O ( B E L L ) T E L E P H O N E C O . — Incorp. in Illinois Jan. 14
1881. Operates In Chicago and neighboring towns. Amer. Telep. A Teleg.
Co., which owns $39,314,200 of the $40,000,000 stock. V. 93. p. 1467.
1791. Franchise granted 1907. expiring Jan. 8 1929. provides that 3% of
gross earning* are to be paid to city annually. City may purchase proper­
ties Jan. 1 1919 or 1924 at price 5% in excess of cost of duollcatlon. V. 85,
p. 1 2 1 1 . Stations Aug. 31 1919, 642,188. Rates, V. 106, p. 2124; V. 107.
p. 1749:V. 1 0 8 ,p. 2531.
STOCK.— Holders of record Aug. 31 1918 were offered the right to sub­
scribe at par for $-4,000,000 new stock, to be issued Oct. 1 1918. V. 104,
p. 1390; V. 106, p. 2760.
DIVIDENDS.— For many years 10% yearly: since Deo. 1908 2% quar.
(stock dlv. Oct. 1908. 20% ); 1909 to Sept. 1919. 8 % (Q.-M.).
BONDS.— Bonds autnorlzed, $50,000,000. In 1908 $5,000,000 were
jold and in Apr. 1912 $14,000,000. Additional bonds oan be Issued since
Deo. 1 1909 at rate of $5,000,000 yearly, Amount of bonds cannot exceed
50% of total assets nor more than 60% of the real estate and construction
accounts. Subject to these limitations, further amounts may be Issued up
to 75% of the cost of Improvements. Ac. V .87. p. 742 1607; V. 94. 0.1905.
Other funded debt Aug. 31 1919: Real estate notes, $30,000; Lake C o. T e l.
1st A Ref. 5s. $14,000.
REPORT.— Report for cal. year 1917. V. 106. p. 2557.
Year—
Gross.
Net.
Int., A c. Divs. (8 % ; Balance.
1917.................. $21,543,914 $3,666,219 $1,219,221 $2,520.000def.$73.002
191 p
........... 19.672,718 4.509.965 1.096.379 2.220.000 1.193.586
— (V‘ ‘ l06, p. 601. 609, 2557, 2760: V. 107. p. 1749; V. 108, p. 786; V.
109, p. 479.)
CHILDS CO.. N. Y.— (V. 108, p. 264, 2244; V. 109, p. 890.)
C H I L E COPPER CO.— Incorporated April 16 1913 In Delaware and
owns the entire 1 0 .0 0 0 shares of full-paid and non-assessable capital stock
of the Chile Exploration Co. of N. J. Said company owns and operates
extensive deposits of low-grade copper ore and a plant for producing eleci-olvtlc copper at or near Ohuquicamata, Northern Chile, on a branch of
the Antofagasta A Bolivia R y.. 163 miles northeast of Port o f Antofagasta,
has Its own standard-gauge railroad connecting tho plant with the mine.
Altitude of mine. 9.600 ft.; of plaat, 9.000 ft. The plant, with capacity
rnr treating 1 0 .0 0 0 tons or ore daily, began operations M ay 18 1915. yearly
ranacitv 1 1 0 .0 0 0 ,0 0 0 lbs. In 1913-19 capacity was to be increased to
2 7 0 0 0 tons dally, or 300.000.000 lbs. yearly.
V. 104, p 1147
In Oct
lo is the dailv capacity had been increased from 10,000 to 15.000 tons per
iy is ww u j ltlye and probabie oro Dec. 31 1918, 697,510,349 tons, viz.,
3 3 g u mi] “ oxidized,” 1.91% cu.; 151 mil “ mixed,” 2.98% cu.; 210 mli
'^Securities Us'tedonN.' Y . Stock Exchange. See statement, V.101 ,p.l893.
STOCK.__Of $135,000,000, $40,000,000 Is reserved for conversion or b d s.
BONDS.— Issue of 1913 secured by entire capital stock o f Chile Explor­
ation Co of N. J. and convertible at option of holder prior to M ay 1 1923.
Into stock, par for par. (V. 100, p. 2088. 2169.)
A
in April 1917 sold $35,000,000 6 % convertible, series A bonds, (total
auth. $ 1 0 0 ,0 0 0 ,0 0 0 ) to pay floating debt and pay for farther additions, Ac.
These’ bonds are convertible into stock at any time, $35 of bonds for $25
•tock lor at lower rate in case of issue of (a) bonds convertible at lower rate;
(b) stock at loss than $35per sharol; also callable by company after April 1
1922 at 110 and int. Of tne remaining bonds (a) $15,000,000 is reserved to
retire the $15,000,000 1st 7s which must be paid off May 1 1923 and $50.­
000,000 for acquisitions. Improvements, A c., under careful restrictions.

Nt>v., 1919.

IN D U S T R IA L

MISCELLANEO US COMPANIES
[For abbreviations. A c., see notes on first page]
C hino C opper C o.— Stock $4.500,000------------------ .— - - - Cln a « & El Co— 1 st M $15,000,000 g s ra call 1 0 2 -C o.c*A r;
Two-year secured notes call 100 3^------------------------ xxxc
Cities Service Co— See "Electric Railway Section'
Civic Investm ent & Industrial Co— See Montreal Light,
I'lnflin (14 B) Co— See Mercantile Stores Corporation
Clearfield It Coal Corn— 1st Mint gu by BchCr R H e s f.Col.xc
C Mortgage $5,000,000 gold auth gu by N Y Cent_a.xc*A r*
Old bonds on Penn C & O properties, see text
Cleveland'Oi Pier III Co— 1st M *30.000,000 call Apr '24 text c*
C linton W right W ire C o.— Common stock $7,500,000---lst Pref. (a. A d.) conv. stock, 7% cum. call 110 S3,500,000
2d Pref. (a. A d.) com. stock 8 % cum. call 110 $7,500,000Cluett Peabody & Co. In c.— Common stock $18,000,000-Pref < A d) 7
n
cumulative *9.000 000 -----------------------C oca-C ola Co (of Del)— Com stock 500,000 shares ( v t c )
Preferred (a A d) stock 7% cum non-voting $10,000,000.
Cninraiio I uel & Iron— Common stock 5 4 4 .2 U .uuu autn —
0
Preferred stock (not as to assets) 8 % cum $ 2 ,0 0 0 ,0 0 0 -Colo Fuel & Iron Gen M 56.000,000 g s f red 105—Ce.c Ar
Colo Indus IstM gold ser A & B guar p A I call 105— N.c*&r
Bonds o/ Properties Controlled.
Rocky Mountain Coal & Iron first mtge gold guar— Col
Pueblo Realty Tr Co M (V 91, p 1772) .............................

Date
Bonds

STOCKS A N D
Amount
Outstanding

Par
Value

157

BONDS

Bate
%

$5 $4,349,900 See text
1916 1.000 Ac x9.459.000
2,225,000
1 ,0 0 0
1918

S*

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Q-M 31 Sept 30 T9 15% New York
N Y and Cincinnati
A & O Apr 1 1956
N Y and Cincinnati
M A S 1 5 Mar 15 1920

Heat A Power Consol
1891
1911

100 Ac
1.000 Ac

644.400
2.50U.0U0

4g
4H g

A & O Apr 1 1939
500.000
5g
,500,000 New
Oct 1 1919 1H
7
500,000
New
8
,500,000
y — F N o v i 1919 1H
18. 0 0 0 .0 0 0 6 In 1919
“ 0 0 0 .0 0 0 7 in 1919 O— J Oct 1 T9 1*A%
New
New
None 500,,0 0 0 shs.
New
New
1 0 0 1 0 ,0 0 0 ,0 0 0
.
Q—J N ov 20 T9 M%
1U 3*. 235.600
U
Q-J25 N ov 20 1919 2%
100
2 .0 0 0 .0 0 0 8 in 1919
F & A FeO 1 1943
5g
____
.333.000
1 ,0 0 0
5.
F & A Aug 1 1934
5g
1.000 V32.531.000
May 1 1951
380.000
1 .0 0 0
6 8
383.000

500 Ac
50
100
100
100
100

1893
1904
1901

Jan 1 1940
Nov 1 1932

Columbia Trust Co. N Y
Company’s office
Checks mailed
Checks mailed
do
do
Chase Nat Bank, N Y
Chase Nat Bank, N Y
New York Trust Co, N Y
Columbia Tr Co, N Y
New York City

x Exclusive o f $3,000,000 pledged for 2-year secured notes
y Excluding amounts in sink fund and held by Col Fuel A Ir on Co i n April 1 919.

The initial $35,000,000 was underwritten. In M ay 1919 holders of the
50% paid receipts for these bonds who desired it were given till Sept. 29
1919 to complete their payments. On Dec. 31 1918 $27,353,250 had been
paid In on the subscriptions for these $35,000,000 6 % bonds and there were
still outstanding $7,646,750 deferred subscriptions all due Sept. 29 1919.
V 109 P. 778: V. 10<*. p. 1047, 1147, 1594, 2013; V . 105, p. 1000, V.
106, p M o . 2563; V. 107. p. 148$; V. 108, p. 1612, 2430.
MonttaoTOctober
........................... elloO.OOO
8!548,'000
9,050,000
10 months W r t f 3 1 - — -- .-............. 61.937.084 81.378.512 71.674.110
R E P O R T . — Year 1918. V. 108, p . 2430; 6 mos. 1919, V. 109, P- 1611:
Cal Yr
Gross
Net.
Oth. Inc. Interest.
Miscel.
Surplus.
1918
$ 20 931,071 $8,516,404 $437,263 $2,422.419*$3,091.019 $3,440,229
1917 " 18 90S 855 7. 57.077 649.294 1,860.526 *3.347.435 2.598.411
1916 I ! 10:558:725 4:133:703
39.346 1.463.676
772.981 1.936.392
? 9 T 0 ,‘—
Q
$75,963 $188,788 $1,350,985 $88,135 def.S l,174,368
99,957 1,097,789 113,980
, 2,570,245
1918 ----------------1 .. 3.682.056
•Includesln 1918 Fed'l taxes, A c., $595,877, and other chgs., $2,495,142.
OFFICERS.— Daniel Guggenheim, Pres. A. O. Burrage. Murry Gug*
genheim, H. F. Guggonheim, V.-Ps.; Leopold Frederick, Treas.; W . EBennett, Sec.— (V- 108. p. 271. 383. 881. 1612, 1939 . 2125, 2430, 2531’.
V. 109, p. 479, 778, 890.)
CHINO COPPER CO.— Incorp. in Maine in Juno 1900. Owns prop­
erties in Grant Co., N. M .
D IV ID E N D S.—
1913. 1914. 1915. 1916. 1917. T 8 . 1919.
50
60
165
198
90 15.15,15.
Per cent.................- ............47>4
In March 1919 paid 75 cents (15% ), V. 108, p. 976.
Production (in lbs.)—
1919.
1918.
1917.
Month o f September............................... 3,538,704 7,974,000
7,719,496
9 months to Sept. 30...........................- 32,747,734 59,640,412 61,649,094
RE PO RT .— For year 1918 in V. 108, p. 1933:
Calendar Years—
9 Mos. 1919. Year 1918. Year 1917. Year 1916.
Copper produced (lbs.). 32,480.999 75,655,641 79,636,235 72.319.508
________ $17,089,312 $19,261,306 $19,219,767
Total income______ ____
Net for dividends.........- $2,959,312 $3,967,221 $9,512,854 $12,527,948
D ividen d s....................... 2.174,947 *4,060.011 *8.612.802 7,177.335
(50%)
(90%)
*(198%)
(165%)
Dividend rate.................
♦Includes in 1918, $1,087,475 capital distribution and $145,101 con­
tributions to war charities, and in 1917. $1,087,475 (25%) capital dts-

STOCK.— Auth.. $15,000,000. of which Sl.000,000 may be 6 % cum .
pref. (a. & dO
I W a tS * issued. $800,000: com $9£63.500. V . 96.
p. 1158. Dlvs. on pref. in full; on com. from 1904 to Oct. 15 1918, 8 %
yef n ^ e b f 1918 applied to the Ohio P. U. Commission for permission to
Increase the authorized capital sto<*: from $15,000,000 to $18,000,000. the
$3,000,000 new stock to consist o f 7% pref. stock. V. 106, p. 931.
BONDS.— The bonds are now a first lien. They are redeemable on Apr. 1
1924 at 107 4 and tnt., and thereafter on any lnt. date at a prl«: decreasing
at rate of 4 of 1% yearly to maturity. The authorized Issue is $30,000,000;
beyond the first $5 ,0 0 0 ,0 0 0 bonds can be issued only to the extent of 80%
of the cost of future additions, provided th e n e t earnings are tvrice the
Interest chsrve
V 95 D 969: V. 100, p. 143: V. 104, p. 562
In 1917
issued $4,500,000 1st M tge. 5s, and in , an■ 19^ „ ahfuj;ther.
J
(to Increase the capacity of Power plant to 240,000 b. p ., Ac.) making
$18,500,000 then out. V. 104, p. 2110; V. 105. p. 183, 2186. 2275, V. 108.
p. 174.
o
C a *£™ ™ G G o s r T° T
r
m t — M O T S fe
« 4 8 .® j * 7 ® 0
« $ $ »
1916-1- 5,109.738 1.601.592
401,983
48,000
781,080
370.529
OFFICERS.— Chairman and Pres., Harrison Williams; Sec., 8 . C . D .
Johns. Office, Cleveland, O.— V . 108, p. 174: V. 109, p. 374.
CLINTO N -W R IG H T W IRE CO.— ORGANIZATION.— Incorp. June
23 1919 in Massachusetts, and has acquired the Clinton Wire Cloth C o.,
Morgan Spring Co.,^Wright Wire C o., and Spencer Wire Co. (V. 108, p.

1st and 2d Pref. stocks are convertible into
Com. stock at any time on the basis of 2 shares of Com. for one Pref. Sink­
ing fund for both issues begins July 1 1920. 3%, of the largest amount of
each class at any time issued. No mortgage without consent of 75% of
each class of pref. stock voting separately. An initial div. of l * i % was
paid on the 1st prof, stock on Oct. 1 1919. V. 108, p. 2632; V. 109, p. 1276
OFFICERS.— Harry W . Goddard. Chairman; Evan F. Jones, Pres. &
Gen. M gr.; Geo. W . Wright, V.-P.; G. M . Thompssn, V .-P .; F. Kelmer.
Treas. V. 108. p. 2632; (V. 109, p. 1612. 1463, 1276.)
CLUETT. PEABODY & CO., INC.— ORGANIZATION.— Incorp. in
New York Feb. 4 1913. Combined factories at Troy, N. Y .; also
operates factories at Rochester and Corinth, N . Y .: Leominster, Maas.;
South Norwalk. Conn.; St. Johns. Que.. and a bleachary at Waterford.
N Y
Annual
dozen
^ P r o b f c i . M . McNeill, N . Y . City.— (V. 109, p. 274, 680. 778. 1182, dozen . shirts. V. production about 12.000.000 V. 106, collars and 500.000
96. p. 491. Canadian C o..
p. 2454.
1611, 1?01, 1990.)
STOCK.— Pref. Is callable, all or part, in blocks of 10% of issue, at 125
CHOATE OIL CORPORATION.— V. 109, p. 1611, 1990.
and accrued div., also at same price on dissolution or consolidation or dis­
annual sink.
CINCINNATI QAS & ELECTRIC CO.— Owns generating stations and tribution of capital. Beginning Dec. 31 1916. out of surplusfund. 1916 to
1920, 1% of issue and thereafter 2% . payable
profits. The
distributing systems supplying gas and electricity to Cincinnati and suburbs
pref. has no vote for directors unless four quarterly dividends are in default.
No mortgage or new pref. without consent of 75% of each class of stock.
Tn Feb. 1919 $2,000,000 pref. stock was In treasury; $1,000,000 of the
whi ch, an amouuou, pi uvm
tw *
“ . ----,_’
original $10,000,000 has been amortized. Bills payable (on Dec. 31 1918),
chargee and dividend of 5 % upon the $35,056,300 capital stock, (par $100 $5,458,835; total p. & 1. surplus, $5,256,189.
a share). Performance of lessee company is guaranteed by deposit of
Dividend on common, 1914 and 1915, 4 % ; 1916, 5% ( 1 4 % quar.);
S3.000.000 In cash and securities with trustees, which is to be gradually 1917, 6 % ( 1 4 % quar.); Feb. 1918 to N ov 1919, 6 % p. a. ( 1 4 % quar.)—
increased to $3,750,000. Official report to N. Y . Stock Exchange was in V. 102, p. 156.
full in V. 103, p. 1428. Rates in 1919, V. 108, p. 1723.
REPO RT.— For cal. year 1918 in Y.108, p . 575, showed;
BONDS.. E T C .— Of the $15,000,000 1st M . bonds. $ 9 ,4 5 9 ,0 0 0 weresold
1918.
1917.
1916.
1915.
In 1916-18 to provide for Improvements and the construction of an riwrtric Total Income................... $21,490,554 $19,250,603 $16,524,117 $13,351,405
generating station with an Immediate capacity o f 50.000 h. p. (\i\timateiy Net income....................... $3,653,142 $2,905,725 $3,051,269 $2,337,462
1 0 0 ,0 0 0 ). raising the company's total present output capacity to /u.uuu n.p.
Bond, A c., interest, net
$279,663
$153,061
$26,016
$21,440
and to refund J1.500.CKI0 Cincinnati Edison Electric Co. bonds- J u “ 6 ■ Depreciation A c_______
213,428
242,465
327,315
222,4l9
1917, the balance were avatlablefor the company under restrictions, see v. Federal taxes__________ 1.175,000
- —- -490.000
532,333
104, p. 266. 1901,2014; V. 105. p. 74. 391. 501. 1524.
Preferred dlvs. ( 7 % ) - - 490.000 . . . . 490.000
In March 1918 sold $2,225,000 2-year 6 % notes secured by $3,000,000 Common dividends.(6 % ) 1,080.000(6)1,080,000 (5)900,000 (4)720,000
First A Ref., now 1st, M tge., due 1956, to provide for completion of new
generating station with initial capacity o f 10,000 k.w. V. 106, p. 1129.
Balance, surplus.........
$301,164
$960,245 $1,421,824
$821,224
(V. 108. p. 583. 1167, 1723.)
Reserved for taxes Dec. 31 1918, $1,164,366.
President, G. A. Cluett; Vice-President, E. Harold Cluett and O. A .
CITIES FUEL & POWER CO.— See V . 109, p . 1701, 1795.
Culver; Sec., A . E. Cluett: Treas., A . Gillespie.— (V. 108, p. 675, 583; V .
109, p. 175, 778.)
CITIES SERVICE CO., NEW Y O R K .— See "E lec. R y ." Section.
COCA-COLA CO. OF DELA.— ORGAN.— Incorp. in Delaware on
CLEARFIELD BITUMINOUS COAL C O RPORATION .— O R G A N I­
ZATION .— Incorp. Oct. 7 1886 in Penn, and owns over 148.000 acres of Sept. 5 1919 as successor of Coca-Cola Co. of Ga. Business started in 1886.
coal lands, mineral rights, &c., in Clearfield, Centre and Indiana counties, Main plant at Atlanta, G a., also has manufacturing plants at New York,
Chicago Baltimore, Dallas, Kansas City, Philadelphia, Los Angeles and
Pa
Stock, $825,000. all owned by New York Central RR.
In 1911 acquired, per plan V. 92. p. 1439, property o f the Pennsylvania in Hava’na, Cuba and Toronto and Winnipeg, Can. Normal combined
Coal A Coke Co. (foreclosed June 23 1911), and under said plan leases to manufacturing capacity o f plants is 16,000,000 gallons p . a. A new plant
the Pennsylvania Coal & Coke Corporation the developed properties, now nearing completion at Atlanta, Ga., with additions in other plants,
,
t ^
,
ahnut 59 000 acros, until the coal is exhausted. Annual minimum rental will provide 25% increased capacity.
Voting Trustees.— The 500,000 shares o f common stock will be deposited
of 8225 000. See V. 93. p. 1606; V. 98. p. 391; V. 106, p. 2232. Also see
with the Guaranty Trust Co. o f New York under a voting trust agreement,
report, V. 107, p. 800.
for 5 years, the voting trustees to be S. C. Dobbs, V.-Pres. the Coca-Cola
BONDS — The N. Y. Central R R . Co. guarantees (V. 103, p. 1794) Co.: E. W. Stetson. V.-Pres. Guaranty Trust C o., N . Y .; Ernest W oodruff,
d & I of the 4 4 s of 1911 ($5,000,000 auth.), present Issue, $2,500,000.
Pres. Trust Co. of Georgia, Atlanta. Common stock listed on N. Y .
(V 92 D 1 4 3 9 ; V. 9 3 , p. 164; V. 103, p. 1794.) These bonds are dated 1911 Stock Exchange. The pref. stock is callable at par. V. 109, p. 1082, 1795(see v ' 103 P 1794) were a first lion on 22.000 acros o f coal and a general
EARNING S.— 9 M os. to Sept. 30—
1919.
1918.
Increase.
mortgage on 126.000 acres, subject to $ 6 260,400 closed prior lien bonds.
Gross sales...............- ............- ..............S18.918.709 $10,125,023 $8,793,685
Including those shown In table on preceding page, and also the following:
Bonds on Penn. C. A C. Prop. Date.
Interest. Outstanding. When Due. Net profits......................... - ......... ........$3,946,174 $1,995,943 $1,950,231
From Jan. 1 to Sept. 11 1919 sales less refunds and returns were $17,­
W riJsterC & C . 1st cons. Mtg.xl902
5 g M-S $2 618.000 March 1941
198,258, and net income after taxes other than Federal, 3,606.873.
Penn C AC 1st M. Ser. A. g .l 1902
5 g J-J
1.057.000 July 1 1932
red’ 105 s I 3c. per t o n -x /I n t . at Commercial T i . Co.. Phlla.. trustee. V. 109, p. 1795.
Net Sales and Net Income (Before Federal Taxes), Calendar Years.
Chest' Creek Land A Im pt.l 1898
4 A-O
60,000 Oct. 1 1924
01“flSt mortgage — — — - CK*J To be retired $12,000 yearly,
first
1918.
1917.
1916.
1904
5 g J-D
1.818,000 June 1 1944 Net sales..........................$12,892,568 $15,047,665 $12,345,994 $9,529,496
Beech Creek C. A C. 1st mtg
Net. before Fed. ta x es.. 2.672.895
2,572,105
2.328.258
2,436.060
$3 ,0 0 0 ,0 0 0 g. Kuan n A l. lnt. at Columbia Tr. Co.. N. Y., trustee
Sinking fund 3c. per ton; minimum, $75,00C Gallons s o l d . . . .............. 10,314.727 12,109,420
end. redeem. ($ 1 ,0 0 0 each)
9,715,892
7,521,833
yearly; V. 78, p. 1910: V. 79. p. 1706
Chairman, C. H. Chandler, and Pres., S. C. Dobbs, of Atlanta, Ga.;
(V. 80. p. 1364)
5JJ
75,000 Jan 1 1930 Sec.-Treas.. William Chandler — (V. 109, p. 1182. 1702, 1795.)
West Branch Goal Co. 1st M . 1896
H. B. Powell. Clearfield, Pa., trustee
($ 1 .0 0 0 )
COLORADO FUEL & IKON CO.— A Colorado corooratlon formed
Pros P E Herrlman: V .-P ., H. 8 . Vanderbilt: V .-P ., John Carstensen; Oct. 21 1892. Re-chartered Oct. 1912. V. 93. p. 1728.. In June 1903
ered
1728.
93j
See n W Pardee; Treas., M . S. Barger. OfTlce, Grand Central Terits
Rockofeller-Gould Interests assumed control. V. 76. P- 14U). V. 98. p.
m?nal N Y . - ( V . 106. p. 2232: V. 10?. p. 184.)
1159. Annual capacity of finished steel products Is WW.WW tons. V
•9;
62. p.
79. p ----CLFVFLAND (0.) ELECTRIC ILLUMINATING CO.— ORGANIZA­ 73. p. 561; V. 75, p. 1149; V. 79, p. . 736; V. ro, - 461; V. 105, p. 1211,
TION —Incorporated In Ohio in 1893: present name, 1895. Has unlimited V. 108, p. 483. Industrial plan, V. 109, p. 581. 2037, 2282. 2341; V. 79.
Under the reorganization plan of 1903 (V 77, P
franchles to Cleveland and 28 adjoining towns. V . 105. p. 2001. 2097.
___ _ __ »
p. i ou,
<i luc L-uioiauo luuuawioi
'T ;
Rates V 107 D 1922: V. 109, p. 374.
owned, created an Issue of $4 5 ,0 0 0 ,0 0 0 consol, first mtge. guaranteed bonds
T h e ’ C e n t r a l ' S t a t e s E l e c t r i c Corp. ( w h i c h see above) has acquired more
(see below: also full statement In V. 80. p. 1726: V. 83. p. 378).
than 7 4 % o f the common stock. V. 94, p. 1451, 1386, 1251.




2 6 C A ITT A L i£A T IO N .— The

158

IN D U S T R IA L

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 f i r s t p a g e ]

C olts Patent Fire Arms Mfg Co— Stock $5.000.000______
Columbia lias & Electric Co— Stock So0.0U0.000__________
First M s f gold $25,000,000 ($7,336,000 canceled) .Col.xc*
Debentures authorized $2.850.000___________________ Cex
Cln Gas Transp Co 1st M $5,000,000 s t call 1911 110------z
Union Lt Ht & Power Co— See that co on subsequent page.
Oin Gas & El Co bonds— See that co. above.
United Fuel Gas Co bonds— See that company.
Colum bia G rap hop hon e Mfg Co.—
Common 1,500.000 shares no par value__________________
Preferred stock 7% cum $15,000,000 call 110____________
Columbia Graphophone Factories Corp. 1st M $5,000,000
_
due $125,000 yrly 1921 to 1934 call 102>4_ MeBaxxxx
Colum bus (O) Gas & Fuel Co— See Ohio Cities Gas C o-----Commercial Cable Co— IstMUnc deb stk) $2 0 .0 0 0 .OOOg.F.o&r
Commonwealth Edison— Stock authorized $6 0 ,0 0 0 ,0 0 0 __ . . .
Commonwealth Elec 1st Mf Equally sec by ComlNCxxxc*
Commonwealth Ed 1st M t Electric mtge of 1S9SJ______ xx

D a te
B onds

STOCKS
Par
V a lu e

AND

A m ount
O u ts ta n d in g

R a te

%

W h en
P a y a b le

$25 $5,000,000 See text
1 0 0 50.000.000
500 &c 11 524.500
5g
500 &c 2.850.000
5
1 .0 0 0
3.205.000
5k

Q —J

None 744,300 sh. See text
100 10.820,700
7

1907
1913
1908

Q— J
Q— J

1919

1,750.000

1897

& £

1898
1908

100
1 .0 0 0
1 .0 0 0

D IV ID E N D S.— Dividends on pref. In full to Feb. 1903, then none till
July 1912, 2 H % : Jan. 1913. 2>*% . M ar. 20 1913, 35% account 74% ac­
cumulated dividends; July 1 1913, 4 % : Jan. 1 1914, 4 % : then none till
Aug. 1916. when 30% was paid; on Dec. 22 1916 also paid 30% . thus
clearing up all accumulations 1917, Feb., 4 % ; M ay 1917 to N ov. 1919, 8 %
p. a. (2% quar.). V. 103, p. 63, 2081.
An initial dividend of 3% was declared in July 1917 on the $34,235,500
common stock, payable % o f 1% on July and Oct. 25 1917 and Jan. and
April 25 1918; July and Oct. 1918, M o f 1% ; Feb., M ay, Aug. and N ov
1919, H o f 1% . V. 105. p. 74.
|7BONDS.— The’ Col. Ind. guar. 5s ($4 5 ,0 0 0 .0 0 0 ,authorized Issue) cover all
the property of that company and,by supplemental mortgage of 1913, the
real estate transferred to the Col. Fuel & Iron Co. and entire issue of securi­
ties of subsidiary cos. named, viz., $4,500,000 bonds and $100,000 stock of
C ol.& W yo. R y.; $3,000,000 Rocky M tn. Coal & Iron stock and $331,200
stock and $160,000 notes of Crystal Riv. R y. Series “ A " (limited to $14,­
067,000), Series ” ’B ’ (limited to $30,932,000). $6,000,000 to retire gen. M
5s of 1893. V. 80. P. 1481. 1720: V. 83. p. 381. 377. 326; V . 96. p. 1492.
V. 97, p. 53, 630. The $848,000 Grand River Coal & Coke Co. 1st M . 6 s,
due April 1 1919, were paid at maturity with funds provided by the Colo.
Fuel & Iron &o., but what securities replaced was not known in N ov. 1919.

,000.000
50,422,800
8 .0 0 0 .0 0 0
38.631,000

6

20

8

[V o l . 109,

BONDS

&
&
&

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Oct 2 1919, 5% Hartford. Conn.
N ov 15 '19. 1 %
Jan 1 1927
Columbia Tr Co. N Y
Jan 1 1927
J July 1 1933
Prov S B & Tr Co, Cln

See text
Oct 1 '19 1M % Paid by check

M & N Nov 1 ’21 to ’34 New York

Q—J Jan 1 2397
4 ft
F 1. & T Co & Office N Y
in 1919 Q— F Nov 1 1919 2% Checks from co’s office
5 g M & S June 1 1943
Illinois Tr & S Bk, Chic
5 g M & S June 1 1943
do
do

R E PO RT.— For 1918 in full, V. 108, p. 1062, 1384, 1419; 9 mos. 1919,
V. 109, p. 1612:
.
.
.
xi/.
Consolidated Income Statement (Including Subsidiary Companies).
„
1919— 9 Mos.— 1918.
1918.
1917.
Gross earnings---------------- $8,585,845 $8,496,801 $11,538,772 $10,861,331
Net earnings------- -------- 4,204,755
4,254,302
5,579,340
5,220,794
Other income---------------- 1,505,989
1,470,380
1,965,470
1,944,323
Gross income_________ $5,710,744
Accrued rentals, &c____ 2,956,664
Fix. chges.C .G .& E .C o.
528,851

$5,724,682
2,678,321
535,013

$7,544,810
3,632,262
713,350

$7,105,117
3,514,488
717,266

S u rp lu s... ..........
$2,225,229 $2,511,349 $3,199,198 $2,933,363
Dividends p a id ..
........................... ..
(4)2,000,000 (3)1,500,000
Gasoline production in 1918.11,997,930 gals., agst. 11,068,658 gals, in ’ 17.
LEADING CONTROLLED PROPERTIES
„ „ (Cln. N. & Cov. Lt. & Traction, see “ Electric Ry. Section” ).
CINCINNATI GAS TRANSPORTATION CO.— A West Va. corporation,
having capital stock of 53,000,000 5% pref. and 52,000,000 com. stock and
outstanding 52.882,000 5% 1st M. bonds. (V . 8 8 , p. 1375.) Owns 183 miles
of steel pipe line, running from the Columbia company’s natural gas Held
lb S. W. West Va., connecting with Covington and Newport, K y., &o.,
Of the totaf of $37,630,000 Col. Ind. 1 st 5 s outstanding D ec.3 1 1918 (after and Cincinnati and surrounding towns. Leased by the Columbia company
deducting Sl.370.000 retired by sink, fd .), $5,099,000 were held in treasury * * 3 0 yea™- Rental .all maintenance charges, taxes, &c., bond int., sk. fd.
I*® nionthly beginning Aug. 1 1911. and divs. on common stock
of Col. Fuel & Iron Co.
annu'b. The pref. stock Is to receive a div. of 5% per annum,
R E PO RT.— Report 1918 (V. 108. p. 1055); 6 mos. 1919, V. 109, p. 778 after all Transportation bonds have been canceled. V. 8 6 . p. 1532.
9 mos.
Cal. Year — Years end. June 30—1
® ? M P£N IE S— The Columbia Company owns all
1919.
1918.
1917.
1916.
*{“ *®1°9?,’0°P A ? P r i c e d and 99.5% of the $10,000,000 common
Total gross earnings____$30,576,271 $48,223,575 $-10,004,887 S25.626.605
an.d *U o f the $375,000 dividend certificates of the Union Gas
Total net income_______ 3,541,068 $8,101,110 $9,019,602 $4,971,077
5,369,064
5,040,133
2,769,906 & Electric Co. of Cincinnati (V. 89. p. 230; V. 103, p. 1046), which op­
Interest, taxes, &c_____ 1,968,432
Preferred dividends.. . ( 6 %) 120,000 (8)160,000 (38)760,000 (30)600,000 erates, under a 99-year lease, the properties, &c., of the Cincinnati Oae
& Electric C o., with exclusive gas and electric privileges In Cincinnati
D iv. on com. stock ..(2J*% )770,288 (3)1,026,875 (3)1,027,065
___
and suburbs. V. 83 p. 274. 892, 1231; V. 8 8 . p. 1375; V. 95. p. 752;
P: 53^,2,4 0- .
Union
Elec. Co. owns $22,000
Balance, surplus_____
$682,349 $1,545,171 $2,192,404 $1,601,171 ¥• 9 /, or the Columbia Co., these Gas Sc being deposited as part of the 1st M .
bonds
bonds
coll at*
c
OFFICERS.— Pres., J. F. Welborn; Vice-Presidents, Starr J. Murphy, eral under the guaranty fund of the Cine. Gas S Elec. Co. V. 100. p. 232:
V. 104, p. 365, 562, 1063, 1266. New steam electric plant capacity 50,000
J. Chilburg, S. G. Pierson and J. B . McKennan; Sec., Fred Farrar; Treas.,
k.w . was completed In June 1918. V. 106, p. 2052. Ratas In Cincinnati.
J. A . Writer.
V. 105. p. 610. 719. 1000, 1901; V. 106, p. 2764; V. 107. p. 612. Regard­
DIRECTO RS.— J. H. McClement, J. B. McKennan. Willard P. Ward, ing contract with U. S. Govt. In Aug. 1918, see above.
As to Cine. Gas & Elec. Co. see separate statement above.
J. F. W elbom, Cass E. Herrington, Starr J. Murphy, John D . Rockefeller,
Jr., Joseph Chilberg, S. G. Pierson, Bertram Cutler, David H. Taylor,
KE N TU CK Y PROPERTIES.— Cincinnati Newport & Covington Light
Albert A . Reed and M . D . Thatcher— (V. 108, p. 1055, 1514, 1612, 1939, S Traction Co. controlled under a 90-year lease. (See “ Electric Railway
c
2125; V. 109, p. 581, 778, 1990.)
Section” and V. 84, p. 1489. under Columbia Gas Sc Electric Co.; V. 105,
p. 1620). These properties embrace 6 6 miles of track, a power house of
COLORADO POWER CO.— (V. 108. p. 383, 881.)
o,950 h. p. supply, the electric railway, and about 8.938 electric consumers
and 125 miles of pipes for distributing gas to 26,831 consumers.
COLT’ S PATENT FIRE ARMS M ANUFACTURING CO.— ORGAN
Union Light, Heat & Pow. Co. of Covington notes. See V.106, p.717, 827,
IZA TIO N .— Incorporated in Connecticut in 1855. Manufactures revolv­
ers, automatic pistols, machine guns and carriages. Plant at Hartford.
UNITED FUEL GAS CO.— Owns gas rights on over 802.00C acres (also
Oodn. In Oct. 1917 purchased plant at Meriden, Conn. V. 106, p. 2013. oil rights on about 438,000 acres of same), located In W. Va.. Ky. and
In Mar. 1919 was reported to have taken contract to make 50,000 adding Ohio. With about 1,500 miles of pipe line, compressors, &c., supplies
gas direct in about 50 cities including cjnanesiou, nunungcon, Itavensmg Charleston, Huntington, uavensmachines. V. 108, p. 1062.
In Apr. 1917 the company increased its auth. capital stock from $2,500,­ wood, Ciendenin, Spencer, Ripley, W. Va;, *
'
Va., Ironton and Portsmouth,
000 to $5,000,000 and reduced the par value from $100 to $25. The now Ohio, and Ashland and Oatlettsburg. Ky. Further sells large quantities
?, V
of gas to Columbia Gas S Electric C o., Ohio Fuel Supply C o., Louisville
c
supp
stock was distributed as a 100% stock dividend. V. 104, p. 1390.
Jo., um o
LATE DIVS.—
’ 12.
’ 13.
’ 14.
’ 15.
’ 16.
'17.
’ 18.
’ 19. Gas & Electric Co. and Central Kentucky Natural Gas Co. and Ports­
13
32
36
text mouth (O.) Gas Co. Population served directly about 110,000;by other
6
6 :
7
Regular, per cent_____ 6
companies using Its gas wholly or partly about 1,800,000. V. 106, p. 1140.
Extra_________________ 1
4
4
714
42 H 32
Capital stock, $10,000,000 auth. and outstanding. V. 104, p. 75.
In April 1917 declared a 100% stock dividend. In Jan. 1918 paid $3 each
In 1915-16 United Fuel Gas Co. retired all old bonds and made a now
per share on the new $25 par value shares. In April, July and Oct. 1918 $15,000,000 1st M . under which $11,979,000 1st M . 6 s have been issued.
paid $2 50 per share (10% ). On Dec. 31 1918 paid $1 50 per share (6 % ). See statement to N. Y. Stock Exchange In V. 103, p. 1133; V. 104, p. 869;
and in April, July and Oct. 1919 paid $1 25 per share (5 % ). V. 107, p. 2479 also said company’s caption below and V. 102, p. 816,1354: V. 105. p. 711.
DIRECTO RS.— Chairman. P. G. Gossler. New York; Pres., A. B.
EARN ING S.— For year ending Dec. 31 1917 (see V. 106, p. 1463.)
Cal. Year—
Gross.
Net.
Dividends.
Surplus. Loach. New York; Vice-Pras’ts, W. Y . Cartwright and W. W. FroemaD.
$4,604,390
$2,400,000
32,204,390 Cincinnati; Sec.-Treas., T . F. Wickham, Beverly Bogert, J. M . Hutton.
1917........................ $6,506,506
6,345,731
1,575,000
4,770,731 C. P. Taft, Cincinnati O.; Henry Seligman. Frederick Strauss, John W.
1916........................ 6,847,670
1915............
2,827.328
2.470.944
573.914
1.897.027 Herbert. Wm. P. Philips. N. Y . City: Geo. W. Crawford, Pittsburgh.
Unofficial (press) reports state that the total p. & I. surplus for 1918 R . G.Altizer, Charleston. Office, Charlaston, W . Va.— (V. 107, p. 1195.
(after deducting dividends, depreciation and taxes) aggregated $4,749,000, 1290,1387, 1671, 2191; V. 108, p. 174, 272, 384, 583,1062; V. 109 , p 1612?)
against $4,072,148 in 1917. V. 108, p. 1392.
COLUMBIA GRAPHOPHONE MFG. CO.— OR G A N IZA TIO N .—
Incorporated in Dec. 1917 under laws of Delaware, per plan in V. 105. p.
Pres., W . C . Skinner; V.-Ps., F. C. Nichols and S. M . Stone; V.-P. & 2367, 2458, as successor of the American Graphophone Co., with factories
Treas., W . H. Penfield; Sec., A. L. Ulrich. Office, Hartford, Conn.— (V. in Bridgeport, Conn., England and Canada. V. 106, p. 1037, 1128, 1463.
106, p. 1124, 1463, 2013; V. 107, p. 2479; V. 108, p. 1062, 1392.)
Products, Columbia Graphophones and records and dictaphones. Sec
COLUMBIA OAS & ELECTRIC CO.— (See M ap .).— Incorporated in V. 108, p. 2024 as to Col. Graph. Factories of Balt., see guaranteed bonds
West Virginia In Sept. 1906. and. In conjunction with the sub-companies below.
C
named below, controls (compare V. 103, p. 1324): (a) The gas business (V. APITAL STOCK.— By plan of reincorporation dated Dec 14 1917
105, p.
the
In Cincinnati and In 13 municipalities In Hamilton County, Ohio, and of 7% cum. 2367) stock new company was organized, with $15,000,000
prer.
(with
also as to assets), par $100: and
the electric business in Cincinnati and 14 adjoining Ohio municipalities^ 150,000 shares o f common stockpreference value. In Sept. 1919 tho 150,000
of no par
(6 ) the electric-light and power business In 14, the gas business in 1 0 and the
by subdivision
increased to
of the
water-supply business In 3 communities on the Kentucky side of the Ohio sharesentitled to only were vote for each 1,500,000, the holdersp. 581. latter
being
one
10 shares. V. 109,
The
River opposite Cincinnati; (c) a 6 6 -mile system o f electric street railways pref. stock has a sinking fund. V. 108, p. 2024
operating exclusively In Covington, Newport and other o f said Kentucky
In M
sold $7,200,000 pref. stock (making
municipalities and connecting the same with Cincinnati; (d) a 183-mile ing) to ay 1919 for (a) paying off $1,936,800 1st M .$10,781,890 outstand­
provide
6 % bonds, called for
system o f pipe lines for natural gas, connecting (e) gas lands held by the
1 1919;
Sorlal 6 %
company under leases, contracts, agreements, royalties, and the ownership payment Dec. 1919 at (b) retiring $2,200,000 additional notes, called and
1
K; (c) supplying
working capital.
In fee of 255,009 acres of land In Southwestern West Virginia and Eastern paid Nov. 2024; V. 109, 1021612.
p.
Kentucky, with above-mentioned municipalities In Kentucky and Ohio. V. 108, p.
When all the American Graphophone stock has been exchanged thorn
Also 51% o f the $10,000,000 stock of United Fuel Gas Co. (see below).
will bo outstanding 783,383 Common shares and $10,880,700 Prof. Mock.
STOCK.— Authorized and outstanding, $50,000,000. Shares $100.
D IV
D S.— On new
IH % quar. from
In July 1912 a syndicate with A. B. Leach < C o. at the head purchased a 1919. ID E N common $1 75 pref. paid from July 1918 toJuly 1918 to Oct.
&
New
quarterly
Jan. 1919. On
majority interest. V. 95, p. 178. Listed on New York, Cincinnati and April and July 1 1919 paid $2 50 in cash and 1-20 of a share in common
Pittsburgh Stock Exchanges.
stock. In Oct. 1919 paid 25 cents in cash and 1-20 of a share in com. stock,
See full official statement made to N. Y . Stock Exchange in Sept. 1916
the
subdivided as
20 1919. V. 109, p. 778;
V. 103, p. 1304. Also for United Fuel Gas and Cincinnati Gas & Electric on 108. com. shares as p. 2652, 2760: of Aug. p. 90S.
V.
p. 881; V .106,
V. 107,
,
__
,
Co. V. 103, p. 1133, 1414.
N otes.— The $2,500,000 notes of 1926 mature $300,000 yearly on M ay 1
D IV ID E N D S.— An initial dividend o f 1% was paid on the $50,000,000 1920 to 1924 and $350,000 in 1925 and 1926. See "capital stock above.
stock May 15 1917 Aug.. 1917. to N ov., 1919, 1% quar.
V. 102, p. 1899; V. 108, p. 1612.
GU ARANTEED BONDS.— In N ov. 1919 the Col. Graph. Factories
BONDS.— The company has an authorized Issue o f $25,000,000 1st M
Corp. of M d. had been organized to extond $5 ,0 0 0 ,0 0 0 in the establishment
5% bonds, o f which $21.113 000 have been certified and issued. $7,336,000
were retired to Oct. 1 1919, leaving outstanding $13,777,000 (Including of now plants at Baltimore and Toronto and made an issue of $5,000,000
1st M . serial 6 s due $125,000 serially beginning in 1921. Of those bonds,
$2,252,500 in treasury), o f which the Union Gas & Elec. Co. owned $22,000
V. 106, p. 1140; V. 93, p. 1467; V. 101, p. 49. Accounts payable as o. $1,750,000 were sold. These bonds aro a first lion on the proposed now
plants. Additional bonds may only bo issued for 50% of tho cost of futureD ec. 31 1918, $309,464. V. 108, p. 1419.
additions and improvements. Principal and interest guaranteed by an
For debentures o f 1913 see V. 96, p. 1631, 170.




H'oy., 1919.]




INDUSTRIAL STOCKS AND BONDS

159

J60

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 o r a b b r e v ia tio n s , & c ., s e e n o te s o n fi r s t p a g e]
C o m m o n w e a l t h P e t r o l e u m C o r p — S t o c k 3 ,0 0 0 ,0 0 0 s h a r e s
V A im p u t in K - l a h u la t in g - k e c o n li n g C o — S t k ($ 1 2 .1 )0 0 .0 0 0 a u t h )
S i n k f d g o l d b o n d s ( e x c l $ 6 2 8 , 6 0 0 In t r e a s ) c a l l a t 1 0 5 - - O Z
C o m p u t i n g S c a l e C o o f A m e r c o l l t r r e d 1 0 5 ___________________
C o n s o l C i g a r C o r p — C o m m o n s t o c k , 9 0 , 0 0 0 s h a r e s ____________
P r e f e r r e d ( a & d ) 7 % c u m u l a t i v e a u t h $ 5 , 0 0 0 , 0 0 0 ......................
C o n s o l i d a t e d G a s »N Y ) — S t o c k $ 1 2 5 , 0 0 0 , 0 0 0 ____________________
D e b e n t u r e s $ 2 5 , 0 0 0 , 0 0 0 c o n v e r t i b l e b e g . F e b ' 1 8 _________ c *
B o n d s o f C o m p a n ie s C o n tro lle d
XN Y E d -N Y G 4 E L H 4 P
1st M $ 1 5 ,0 0 0 ,0 0 0 g - ( I . c * A r
x P u r c h m o n e y M $ 2 1 ,0 0 0 ,0 0 0 g su D ] t o c a ll t o F e b '0 2 - C e . o *
x E d l s o n E l e c III N Y 1 s t c o n s M $ 1 5 , 0 0 0 , 0 0 0 g o l d _____ Q . c *
x U n i t e d E l e c t r i c L i g h t & P o w e r 1 s t M $ 5 . 3 7 0 . 0 0 0 _____ U n
■ E q u it a b le G a s L ig h t c o n s (n o w 1 st) M .C e l A s s u m e d b y j
■ N Y A E a s t R i v e r G a s 1 s t M g _______ Q . c * }
N ew A m st
(
•
■ F ir s t c o n s M ( $ 5 ,0 0 0 ,0 0 0 ) g o l d _ _ C K .o * J
G as C o.
I
N e w A m s t e r d a m fir s t c o n s M g o l d $ 2 0 ,0 0 0 ,0 0 0 - C e . x c * A r
C e n tra l U n io n G a s g u a r p A I N Y & E a s t R lv e r _ .C e .x o *
S t a n d a r d G a a L i g h t 1 s t M $ 1 , 5 0 0 , 0 0 0 g o l d ................ ................. x c
N o r t h U n io n G a s 1st M $ 1 ,5 0 0 ,0 0 0 g o ld n o t g u a r . C o l . x c *
W e s t c h L i g h t i n g 1st M $ 1 0 , 0 0 0 , 0 0 0 g ass ( s e e t e x t ) E q . x c *
F i r s t c o l l a t e r a l t r u s t 1 0 - y e a r n o t e s ___________________________x
! ' N Y 4 W e s t L G e n M $ 1 0 ,0 0 0 ,0 0 0 g o l d g u a r r e d ( t e x t ) .C e x
D e b e n t u r e s $ 2 ,5 0 0 ,0 0 0 g o l d g u a r p r ln & ln t r e d a t 1 1 0 _ x
N o r W e s t c h e s t e r L t g C o 1 st C o n s 5 1 .0 0 0 ,0 0 0 c a ll 1 0 5 ..E .C *
S i n g S i n g E l e c t r i c L i g h t i n g b o n d s _____________________________
P e e k s k ill L t g & R R (c o n t r o lle d c o ) b o n d s , s e e “ E le c R y S e c ”
N Y & Q u e e n s E l L & P 1 s t M $ 2 , 5 0 0 , 0 0 0 g o l d ................... U n x
N Y A Q u e e n s G a s C o 1 st & g e n M $ 1 ,0 0 0 ,0 0 0 r e d 1 1 0 — x c *

I gI i

Par
Value
N one
100
500 Ac

1898
1899
1895
1894
1894
1895
1898
1897
1890
1897
1900
1910
1904
1904
1905
1896

500

C os. an d

1 ,0 0 0
1 .0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 .0 0 0 A c
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 ,0 0 0

1 5 .0 0 9 ,0 0 0
2 0 .8 8 8 .0 0 0
2 . I S n .0 0 0
4 .8 3 8 .0 0 0
3 .5 0 0 .0 0 0
3 .5 0 0 .0 0 0
1 .5 0 0 .0 0 0
1 0 ,6 3 5 .0 0 0
3 .5 0 0 .0 0 0
1 .1 9 5 .0 0 0

•5
4
5
5
5
5
5
5
5
5
5
5
5
4

1900
1004

V . 88. p. 999.

CO M M O N W EALTH
E D IS O N
C O .— O R G A N I Z A T I O N .— I n c o r p o r ­
a t e d S e p t . 17 1 9 0 7 a s a c o n s o l i d a t i o n , p e r p la n In V . 8 5 , p . 1 8 2 . 7 2 4 .
L a te r
In 1 9 1 3 . a c q u ir e d ( b y c o n s o lid a t io n ) O o s m jp o lit a n E le c t r ic O o . F r a n c h is e s
e x p ir e 1 9 4 7 . C o n t r o ls e n t ir e e le c t r ic li g h t in g A p o w e r b u s in e s s o f C h ic a g o ,
s e r v in g a p o p u l a t io n o f o v e r 2 .5 0 0 ,0 0 0 .
O n M a r c h 2 4 1 9 0 8 th e C h ic a g o
C it y C o u n c il p a ss e d a n o r d in a n c e p r o v id in g t h a t 3 % a n n u a lly o f th e g ro ss
r e c e ip ts d u r in g th e life o f th e fr a n c h is e o f th e o ld C o m m o n w e a lt h E le c tr ic
O o . b e p a i d t o t h e c i t y , a n d p r o v i d i n g t h a t t h e f r a n c h i s e b e e x t e n d e d t o In ­
c lu d e a ll o r t h e s u b s id ia r y c o m p a n ie s .
U n d e r a r a t e -r e g u la t in g o r d in a n c e
p a sse d b y th e c it y o f C h ic a g o N o v . 3 0 1913 th e m a x im u m ra te s ch a rg e d
w e r e fix e d t o N o v . 3 0 1 9 1 8 .
In J u ly 1 9 1 6 r e d u c e d p r im a r y r a te fr o m 1 0 c.
to 9 c. per k . w . h ou r.
S t a t u s In N o v . 1 9 1 7 . s e e V . 1 0 5 . p . 1 9 0 1 .
H as seven
g e n e r a tin g
s t a t io n s
w ith
a
to ta l c a p a c ity
of
8 8 0 ,0 0 0
e le c t r ic a l h . p . a n d 5 0 s u b s ta tio n s .
V . 108, p . 969, 976.
O n S e p t. 1 1 9 1 9
w a s s u p p ly in g a n e q u iv a le n t o f 1 7 ,7 9 8 .0 0 0 5 0 -w a t t la m p s , c o m p a r e d w ith
1 2 ,2 4 4 ,0 0 0 a s o f D e c e m b e r 31 1 9 1 5 a n d w it h 4 .1 3 8 .0 0 0 a s o f S e p t e m ­
ber 30 1903.
I t Is a l s o s u p p l y i n g e l e c t r i c e n e r g y a m o u n t i n g t o 3 6 0 . 0 0 0
h .p . t o s t r e e t a n d e le v a t e d r a ilw a y s a n d o t h e r p u b lic s e r v ic e c o r p o r a t io n s
u n d e r c o n t r a c t s r u n n in g fr o m f iv e t o 2 5 y e a r s .
(V . 8 7 . p
1013: V . 89.
p . 3 5 0 ; V . 1 0 0 , p . 7 3 0 , 1 3 5 1 .)
N o . o f c u s t o m e r s , a b o u t 3 9 3 ,0 0 0 , S e p t . 1
1919.
D I V I D E N D S .- 1 9 0 7 . 1 9 0 8 . ’0 9 . 1 9 1 0 . 1 9 1 1 . 1 9 1 2 . 1 9 1 3 .
1 9 1 4 -N o v ’ 19
P e r c e n t .................. ..... 1 H
5
6
6 (Q -F )
6J*
7
7 H
8 (2 %
Q — F.
A ls o 1 0 % p a id :n s t k . t o h o ld e r s o f r o c . O c t . 4 1 9 1 3 . V . 9 7 . p . 4 4 7 , 8 8 9 .
B O N D S .— A d d i t io n a l C o m m o n w e a lt h 5 s o f 1 9 0 8 a r e I s s u a b le f o r n o t e x ­
c e e d in g 7 5 % o f c o s t o f e x te n s io n s a n d I m p r o v e m e n t s .
R e d e e m a b le a t 110
o n o r a fte r S e p t 1 1 9 1 8 .
V . 79. p. 2 1 4 - V . 83 p . 3 2 6 . V . 8 5 . o . 183: V 88.
p . 55, 103: V . 90, p . 40: V . 100, p . 1351, 1440.
A b lo c k o f $ 4 ,0 0 0 ,0 0 0 o f
t h e s e b o n d s w a s s o ld in F e b . 1 9 1 9 .
V . 108, p . 83, 786, 969, 975.
M id la n d
C o u n tie s C o a l C o ., V . 1 0 7 , p . 1 0 0 7 ; V . 1 0 4 , p . 2 2 3 8 : V . 1 0 5 , p . 7 4 .
R E P O R T .— R e p o r t fo r y e a r e n d in g D e c . 31 1 9 1 8 . V . 1 0 8 , p . 9 6 9 :
C a le n d a r
G ross
N et
B ond
D iv id e n d s
B a la n c e .
Y ear—
E a rn in o s .
In com e.
In ter es t.
(8 % ).
S u r p lu s .
1 9 1 8 ............. $ 2 6 , 5 0 5 , 1 3 6
$ 7 ,0 6 8 ,0 2 1
$ 2 ,1 3 1 ,5 5 0
$ 4 ,0 3 3 ,8 2 4
x $ 9 0 2 ,6 4 7
1 9 1 7 ............. 2 5 . 3 5 1 . 5 8 5
x 6 .8 0 8 .6 2
3 .6 8 7 ,3 5 2 y l ,0 0 9 .7 2 5
2 .1 3 1 .5 5 0
2 ,0 9 9 .3 9 3
1 9 1 6 ______ 2 2 . 8 6 3 , 1 1 8
6 .4 9 3 .8 0 7
3 ,6 6 7 ,1 1 2
7 3 2 .3 0 1
1 9 1 5 ..............2 0 , 8 8 2 . 3 2 7
3 ,.6 6 7 , 1 1 0
9 6 2 .3 5 3
1 ,8 9 0 ,0 0 0
_________
..
6 .5 1 9 ,4 6 3
x F r o m t h is d e d u c t e d $ 1 3 3 ,7 9 6 f o r e x c e s s p r o f it s t a x e s .
y A fte r d e d u ctI n g a ll ta x e s e x c e p t w a r e x ce s s p r o fits ta x e s .
P r e s ., S a m u e l I n s u ll; S e c . A T r e a s ., E d w a r d J . D o y l e .
O ffic e , C h ic a g o ,
111.— ( V '. 1 0 8 , p . 8 3 , 7 8 6 , 9 6 9 , 9 7 6 , 2 6 3 2 . )
C O M M O N W E A L T H P E T R O L E U M C O R P ., N . Y .— O R G A N I Z A T I O N
— I n c o r p . i n D e l a w a r e e a r l y in 1 9 1 9 , a n d a c q u i r e d a m a j o r i t y o f t h e c a p i t a l
s t o c k s o f t h e W e s t e r n U n i o n O il C o . , U n i t e a W e s t e r n C o n s o lid a t e d O il C o .
a n d t h e W . D . H e a d D r il lin g C o . , t h u s d i r e c t l y o r t h r o u g h Its s u b s id ia r ie s ,
o w n e d in f e e , o n p e r p e t u a l le a s e o r o n m in e r a l l o c a t i o n s , a b o u t 2 7 ,0 0 0 a c r e s
o f o il la n d s in C a li f , a n d W y o m . a n d o il a n d g a s la n d s in W . V a ., w it h 7 7
w e lls , t h e n p r o d u c i n g a b o u t 3 ,2 0 0 b b ls . o f o il p e r d a y a n d o v e r 5 ,0 0 0 ,0 0 0
c u . f t . o f n a t u r a l g a s p e r d a y : a ls o o w n s h a l f in t e r e s t in 6 ,0 0 0 a d d it io n a l
a c r e s in W . V a .
V . 108. p . 1062, 1167.
I n s u m m e r o f 1 9 1 9 w a s in t e r e s t e d w it h o t h e r s in t h e o r g a n iz a t io n o f t h e
U n io n O il C o . o f D e l ., f o r t h e p u r p o s e o f a c q u ir i n g a d o m in a n t i f n o t a
c o n t r o l l i n g in t e r e s t in t h e U n i o n O il C o . o f C a u f . , C o l u m b i a O il P r o d u c in g
C o ., A c .
S e e b o t h U n io n O il C o m p a n ie s , b e lo w .
I n N o v . 1 9 1 9 t h e U n io n
O il C o . o f D e l . o ffe r e d t o g i v e in e x c h a n g e 1 1 -5 s h a r e s o f it s o w n s t o c k fo r
e a c h s h a r e o f C o m m o n w e a lt h P e t r o le u m .
O v e r 5 1 % o f th e o u ts ta n d in g
s t o c k o f t h e C o m m o n w e a lt h P e t r o le u m a g r e e d t o a c c e p t t h is o f f e r .
V . 109,
p . 1990.
S T O C K .— T o t a l a u t h ., 3 ,0 0 0 ,0 0 0 s h a r e s , n o p a r v a lu e .
In S e p t. 1919
h o ld e r s o f t h e 2 0 0 ,0 0 0 s h a r e s , o f n o p a r v a l u e s t o c k w e r e p e r m it t e d t o s u b ­
s c r ib e a t $ 4 0 a s h a r e f o r 1 0 0 ,0 0 0 a d d i t i o n a l s h a r e s .
D I R E C T O R S .— P r e s . C h a r le s H . S c h la c k s ; C h a r le s H . S a b in , P r e s .
G u a r a n ty T r u s t C o ., N . Y .; E u g e n e P . W h itc o m b , P re s. U n io n N a tu r a l
G a s C o r p ., P it t s b u r g h , P a .; T h o m a s W . P h illip s J r ., P r e s . P h illip s G a s A
O il C o . , B u t le r , P a .; W . E . S . G r is w o ld , 2 6 B w a y ., N . Y . , d ir e c t o r M e c h a n ­
ic s A M e t a l s B a n k a n d P e e r le s s T r u c k A M o t o r C o r p . ; B e r n a r d G u g g e n h i e m , 1 4 t h S t . a n d I r v i n g P l a c e , N . Y . , P r e s . E s s e x T e x t i l e C o . , I n c . ; VV. J .
B r o d e r , G e n . M g r . o f th e C o m m o n w e a lth P e tr o le u m C o .; H e n r y L o c k h a r t
J r ., 6 0 B w a y ., N . Y .
N . Y . o f f ic e 1 2 0 B w a y .— ( V . 1 0 9 , p . 7 5 , 1 7 5 , 4 7 9 ,
5 8 1 , 9 8 3 , 1 0 8 2 , 1 8 9 4 . 1 9 9 0 .)
C O M P U T I N G - T A B U L A T I N G - R E C O R D I N G C O . — I n c o r p . in N . Y .
in 1911 a s a n a m a lg a m a t io n , p e r p la n in V . 9 3 , p . 4 8 , o f I n t e r n a t io n a l T i m e ­
R e c o r d in g C o . , T a b u la t in g M a c h in e C o . a n d C o m p u t in g S c a le C o . o f
A m e r i c a , C h i c a g o , 111.
S e e V . 9 4 , p . 1 2 5 4 -5 .
C a p it a l s t o c k a n d s u r p lu s
o f s u b s id ia r y c o m p a n ie s n o t o w n e d D e c . 31 1 9 1 8 , $ 2 2 7 ,2 1 2 .
A ls o o w n s a la r g e p a r t o f t h e s t o c k o f 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 .. L t d ., o f T o r o n t o , a C a n a d ia n m e r g e r o f N o v . 1 9 1 7 .
V . 106. p . 193.
D I V I D E N D S .— 1 % p a id A p r il, J u ly a n d O c t . 1 0 1 9 1 3 .
In 1916 a n d
a g a i n In 1 9 1 7 4 % w a s d e c l a r e d , p a y a b l e 1 % q u a r t e r l y .
Jan. 1918 to Jan.
1 9 2 0 p a id 1 % q u a r . ( 4 % p . a .) .
E A R N I N G S .— 9 m o s . e n d in g S e p t . 3 0 —
1919.
1918.
E a r n i n g s o f s u b . c o s . a f t e r d e p r e c i a t i o n , A c _________$ 1 , 9 2 4 , 7 4 7
$ 1 ,6 9 2 ,4 0 8
I n t e r e s t o n b o n d s (u n u s u a l t a x e s n o t d e d u c t e d ) 2 7 8 ,4 2 6
2 5 7 ,8 9 5




$ 1 ,4 3 4 ,5 1

Q

1 0 ,0 0 0 .0 0 0
2 .5 0 0 .0 0 0
6 1 8 .0 0 0
2 5 ,0 0 0

J
F
J
J
M
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J
J
J
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F eb
J u ly
J u ly
M ch
Jan
Jan
Jan
J u ly
M ay
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D ec
D ec
j J u ly
j J u ly
D June
A F eb

F
F

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A

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A A u g 1 1930
A A u g 1 1934

g
g
g

A
A
A
A
A
A
A
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A
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19
1 1920

Feb

6 g
5 g

580.000

G u a ra n ty T ru st C o. N Y
C o lu m b ia T r u s t C o . N Y

xr
- F

5 g
5

1.250.000

1 .0 0 0

C O M M E R C I A L U N I O N T E L E G R A P H C O .— S t o c k , $ 5 0 0 ,0 0 0 . g u a r . 6 %
( J . & J .) b y P o s t a l T e le g r a p h C a b le C o .; p a r o f s h a r e s , $ 2 5 .

N e t e a r n i n g s ...........................................................................................$ 1 , 6 4 6 , 3 2 1

x

6

h it t e n : V lc e -P r e s ., W m . M . J o h n s o n :
r o p : V lc e -P r e s . A G e n . M g r .. H . L .
A A s s t. T r e a s .. F . J . A m e s .
N . Y ,
881, 1939, 2024, 2328; V . 109, p . 778,

C O .— S e e M a o k a y

7

2 4 .2 7 9 .5 0 0

8 ,5 1 0 .0 0 0

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 le

Last Dividend
and Maturity

ew
1919
Q— J
J a n 1 '2 0 . 1 %
J
J J u l y 1 ls»4 1
A
6 g
A
A
O O ct 25 1921
6

Ac

E A R N I N G S .— F o r t h e n in e m o n t h s e n d e d S e p t . 1 1 9 1 9 w e r e a p p r o x i­
m a t e ly $ 2 ,5 0 0 ,0 0 0 .
O r d e r s o n h a n d in N o v . 1 9 1 9 , o v e r $ 1 0 ,0 0 0 ,0 0 0 .

CABLE

%

i o o 1 0 6 ! 3 8 4 . 5 d 6 7 In 1 9 1 9 Q — M 15 D e c 1 5
1915

R E P O R T . — F o r 1 9 1 8 in V . 1 0 8 , p . 2 3 2 8 V . 1 0 9 , p . 1 6 1 2 , s h o w e d :
C a le n d a r
N et
B d . , & c . , D e p r e c ' n , ------------ D i v i d e n d s -----------B a la n c e ,
Y ea r—
E a r n in g s .
In te r e s t. & c ., R es. P r e fe r r e d .
C om m on.
S u r p lu s .
1 9 1 9 . 8 m o s $ 3 ,1 1 0 ,3 3 9 $ 2 1 9 ,5 3 3 $ 3 8 8 ,2 6 7
$ 1 ,0 7 2 ,0 6 2 $ 1 ,4 3 0 ,4 7 5
1918, yea r.
1 ,9 3 9 .5 1 3 5 0 3 ,7 1 5
6 1 6 ,3 3 6
6 1 1 ,2 7 9
2 0 3 ,1 8 2
1 9 1 7 ................ 1 , 7 2 2 , 7 7 2
4 1 7 ,9 4 4
6 7 0 .6 3 3 1 7 5 ,0 0 0
3 1 8 .1 6 4
1 4 1 ,0 3 1
2 7 2 ,8 7 6
5 3 0 ,0 0 0 1 6 1 ,0 1 5
1 8 3 ,9 4 6
X 4 5 6 .7 9 6
1 9 1 6 ............... 2 , 1 7 6 , 4 7 5
x A ft e r c h a r g in g o f f p a t e n t s , A c . , t o a t o t a l o f $ 5 7 1 ,8 1 2 .

C O M M E R C IA L

When
Payable

Rate

N
3 'K ) , 0 0 0 s h s
1 0 ,4 8 2 ,7 0 0 4 in
6 .1 2 3 ,0 0 0
11 4 n o n
9 0 ,0 0 0

N on e
100

I r r e v o c a b le 2 5 - y e a r le a s e t o t h e C o l u m b i a G r a p h o p h o n e M f g . C o . , o f t h
p r o p e r t y m o r tg a g e d , fo r a n a m o u n t s u ffic ie n t t o p a y th e p r in c ip a l a n d
in t e r e s t o f th e s e b o n d s .
V . 109, p . 1894.

O F F I C E R S . — P r e s ., F r a n c is S . W
V ic a -P r e s . A T r e a s ., C . W m . W o d d
W ills o n : S e c .. O . W . C o x : A s s t . S e c .
o f f i c e , W o o lw o r t h B ld g .— ( V . 1 0 8 , p .
5 8 1 , 7 7 8 , 8 9 1 , 1 6 1 2 , 1 8 9 4 .)

Amount
Outstanding

[V o l . 109

N ew Y ork
O ffic e . 130 E 1 5 th S t
N a f l C ity B a n k , N Y
G u a ra n tv T ru st C o , N Y
C en tra l U n . T r . C o , N
Y
G u a ra n ty T ru st C o , N Y
1170 B roa d w a y . N Y
C en tra l U n . T r . C o , N Y
G u a ra n ty T ru s t C o , N Y
N a tio n a l C ltv B a n k , N Y
N a tio n a l C it y B k , N Y
N a t C ity B a n k . N Y
B an kers T ru st C o, N Y
N a tio n a l C it y B k , N Y
E q u ita b le T r u s t C o .
C o lu m b ia T r u s t C o . N Y
C en tra l U n , T r . C o , N Y
do
do
N Y , E q u ita b le T r u s t O o

1 1948
11949
1 1995
1 1924
1 1932
1 1944
1 1945
1 1948
1 1927
1930
1 1927
1 1950
1 1920
1 2004
1 1954
1 1955
1 1926

U n io n T r u s t C o , N Y
L in c o ln T r O o . N Y

R E P O R T .— F o r c a l. y e a r 1 9 1 8 , in f u ll , V . 1 0 8 , p . 1 1 5 7 , 1 1 8 3 .
1918.
1917.
1916.
1 9 1 5 .1
$ 2 ,1 3 4 ,3 3 7
$ 1 ,9 1 5 ,7 4 7
$ 1 ,5 5 1 ,2 2 7
$ 1 ,0 4 2 ,6 3 4
3 4 6 .5 3 1
3 4 4 ,3 7 3
3 4 7 ,3 8 9
3 5 1 ,9 4 0
4 1 9 ,2 2 2
4 1 8 .9 6 2
4 1 8 ,2 9 2
"x "
2 8 2 .9 6 3

N e t ea rn s, (s u b . c o s .)_ _
A c c r u e d ln t . o n 6 % b d s _
D iv id e n d s ( 4 % p . a . ) —
F e d e r a l t a x e s _____________

$ 8 6 6 ,4 3 3
B a l a n c e , s u r p l u s ----------- $ 1 , 3 6 8 , 5 8 4
x F e d e r a l t a x e s f o r 1 9 1 8 n o t y e t d e t e r m in e d .

$ 7 8 8 ,5 6 2

$ 6 9 0 ,6 9 4

D I R E C T O R S . — G e o . W . F a ir c h ild (C h a ir m a n a n d V . - P . ) , T h o m a s J .
W a ts o n (P r e s .); A lfr e d D e B u y s . C h a r le s R . F lin t , O s c a r L . G u b e lm a n ,
S a m u e l M . H a s tin g s . J o h n W . H e r b e r t, C la r e n c e P . K in g . R o llin S .
W o o d r u f f , O . D . S m it h e r s , C h a r le s S m it h , G e o . I . W i lb e r , J o s e p h E .
R ogers, D ru ry W . C o o p e r an d A . W ard F o rd .
J . S . O g s b u r y Is S e c . &
T reas.
O f f i c e , 5 0 B r o a d S t ., N . Y . — ( V . 1 0 9 , p . 9 8 3 , 1 7 9 5 .)
C O N G O LE U M

C O .,

I n c .— (V . 1 0 9 , p . 2 7 4 , 3 7 4 , 77 8 )

C O N S O L I D A T E D CAR HEATING C O . — S u p p l i e s s t e a m a n d h o t w a t e r
? P p. ? I a t u s
ra l| w a y t r a i n s a n d e l e o t r i o h e a t e r s f o r s t r e e t c a r s , A c .
V. 70, p. 232.
S t o c k . $ 1 ,2 5 0 ,0 0 0 : o u t s t a n d i n g , $ 1 ,1 3 0 ,4 0 0 : p a r . $ 1 0 0 .
D I V S J ’ 0 4 . ’ 0 5 . ' 0 6 . '0 7 . '0 8 - ’ 0 9 . ' 1 0 . '1 1 . ’ 1 2 . ' 1 3 . ’ 1 4 . '1 5 . 1 9 1 6 - 1 9 1 9
P er c e n t!
6
4
3
3
N one 3 4 * 6 6 4 *
7
5 2 4 *
N one
P r e e ., C la u d e O . N u c k o ls . 4 1 3 N . P e a r l S t .. A l b a n y .— ( V . 1 0 1 , p . 2 1 4 7 .)
t o C ,9 ^ k S ? L I P . A T E D C , 9 A R C O R P . — O R G A N I Z A T I O N . — I n c o r p . M a y
13 1 9 1 9 in D e l a w a r e a n d a c q u i r e d t h e p r o p e r t i e s a n d 2 4 f a c t o r i e s o f s i x
! ° n 8 e?
(a )

^

is £ e ^

E l S id e lo

c o n c £ r ?.s ' n a m o l y

C ig a r a n d

(a )

E.

M .

S ch w arz

A

C o .,

I n c ..

N ew

^ o w K o r k : ( c > L ilIe s C i x a r C o - D e t r o i t . M i c h . ;
( e ) J o s e L o v e r a C o . , T a m p a F J a .; ( f ) S a m u e l I .

i hV l ? n ’J , a n P a '
1 9 1 9 a c q u ir e d b y p u r c h a s e t h e C . J .
J o h n s o n C ig a r C o r p .. G r a n d R a p id s , M ic h .
V . 109, p . 1463.
P la n ts a t
Tam pa, K ey
W est
N ew
O r le a n s , N e w Y o r k , P h ila d e lp h ia . W i lm in g t o n ,
C in c in n a t i, D e t r o it , P o u g h k e e p s ie , A lle n t o w n . C o p la y , H a r r is b u r g , G r a n d
R a p id s , T r a v e r s e C it y , M a n is h e e a n d o t h e r c it ie s .
S T O C K .— N o m o r t g a g e w it h o u t c o n s e n t o f 2 -3 o f P r n f. s t o c k .
A nnual
c u m u la t i v e s in k in g f u n d o f $ 8 0 ,0 0 0 b e g i n n in g J u n e 1 192 1 t o b e a p p l ie d
fo r r o d o m p tio n o f th e P re f. s to c k a t 11 0 .
B o t h c la s s s o o f s t o c k lis te d o n
N. Y
S tock E x ch a n g e.
V
108, p . 2125, 2244.
A n in it ia l d i v i d e n d a t
t h e r a t e o f 7 % p e r a n n u m f o r t h o 3 4* m o n t h s e n d i n g A u g . 3 1 ( a b o u t $ 2 )
w a s p a id S e p t. I 1 9 1 9 ; D e c . 1 9 1 9 ,
109. p
175.
R e s . 4 C a s e s — ---------- O u t p u t o f C i g a r s -------------------------------N e t a f t e r T a x e s ----------------C a s e s ( a ) , (6 ), (c )
1917.
1918.
1916.
1917.
1918.
a n d « f ) , a b o v e . 3 0 8 ,9 5 9 ,0 1 3
2 5 3 ,4 6 8 ,9 1 5
$ 7 2 0 ,5 0 3 $ 5 1 3 ,1 5 9 $ 1 8 1 ,7 1 3
O F F I C E R S .— C h a ir m a n o f B o a r d . W . A . T u c k o r : P r o s . S a m . T . G il b e r t ;
1 s t V ic e - P r e s id e n t D . E m il K le in ; 2 n d V i c e - P r o s .- W . A . T u c k e r a n d S o c . T r e a s L o u is C a h n .
G e n . O ffic e , 8 1 s t S t. a n d E a s t E n d A v o ., N . Y . C it y .
( V . 1 0 8 , p . 2 1 2 o , 2 2 4 4 , 2 8 3 2 ; V . 1 0 3 , p . 1 7 5 . 1 4 6 3 . 1 8 9 1 .)
C O N S O L I D A T E D O A S O F N E W Y O R K .— T h is o o m p a n y w a s o r g a n iz e d
V o v . 1 1 1 8 8 4 a s a c o n s o l i d a t i o n , a n d in 1 8 9 9 - 0 0 s e c u r e d c o n t r o l o f a l l t h e
> th e r g a s c o m p a n i e s a n d o f a ll t h e e l e c t r i c - l i g h t i n g p r o p e r t i e s In M a n h a t t a n ,
V Y . C it y . V . 7 8 , p . 105, 1964: V . 7 9 . p . 1 0 5 , 6 2 9 : V . 8 3 . p . 1 4 1 4 ; V . 8 4 ,
p. 219; V 8 6. p . 282: V 92. p . 257; V . 9 7. p . 210. 301.
S t o c k h o ld in g s
D e c . 31 1 9 1 7 , V . 1 0 7 , p . 6 0 0 .
F r a n c h is e t a x a t i o n . V . 1 0 2 , p . 2 5 3 .
I n 1 9 0 6 a l a w w a s p a s s e d r e d u c i n g t h e p r i c e In N . Y . C i t y t o 8 0 c e n t s
o e r 1 ,0 0 0 c u b i c f t . , b e g i n n in g M a y 1 1 9 0 8 . e x o e p t In o u t l y i n g d i s t r i c t s .
V . 82
n 5 7 2 . 8 0 7 , 9 ( 1 : V . 9 0 , d. 3 0 1 .
In Ia n
1009 th e U . S. S u o r e m e
C o u r t h e ld 8 0 - c e n t fe a t u r e o r la w t o b e v a l id u n t il g iv e n a fa ir t r ia l .
In
J a n . 1 9 1 9 t h e c o m p a n y b r o u g h t s u it t o h a v e t h e 8 0 -c e n t r a t e d e c la r e d c o n ­
fis c a to r y .
V . 108, p . 272, 483, 881, 1723, 2025, 2214; V . 109, p . 1702;
V . 88, p. 103, 161, 233, 292, 29?, 378, 689; V . 90, p . 301.
T h e s u D sid ia ry
N . Y . E d is o n C o . r e d u c e d its r a tio f o r e le c t r ic it y fr o m 8 c e n t s p e r k . w . h .
t o 7 4 * c e n ts fr o m J a n . 1 t o J u ly 1 1 9 1 6 . th e r e a fte r 7 c e n ts .
V . 104, p . 2645.
A p p lic a tio n fo r n e w g a s s ta n d a r d . V . 1 0 5 , p . 1 7 1 2 , 1 8 0 6 .
D IV S . ( % )/
S in c e 1 9 0 5 .- 1

'0 6 . '0 7 - ; 0 9 . ’ 1 0 . 1 9 1 1 - T 4 . 1 9 1 5 . M a r c h 1 9 1 6 t o D e c .
5
4 y ly .
4 4* 6 y e a r l y
64*
7 % y ’ t y (1 4* Q - M 1 5 )

1919

S T O C K . A c . — In 1 9 1 4 t h e a u t h o r iz e d Issu e w a s I n c r e a s e d t o $ 1 2 5 ,0 0 0 ,0 0 0
c o a v e r s ,° h o f $ 2 5 ,0 0 0 ,0 0 0 d e b s .
V . 7 8 . p . 1964; V . 9 8 ,p .l4 6 3 .
T h e 6 % d e b e n tu r e s w e re c o n v e r tib le N o v . 1 1 919 in to s t o c k a t p a r ;
$ 5 6 8 ,0 0 0 w e r e s o c o n v e r t e d , le a v in g $ 2 4 ,2 7 8 ,2 1 8 t o m a t u r e F e b . 1 1 9 2 0 .
v ' i o o ' p ' 3 1 2 % o7 ' 9 8 ' p ' 1 5 1 0 , 1 4 6 3 , 1 6 1 0 : V ’ 9 9 ’ p - 1751 • 1600> 1 6 7 6 :
R E P O R T . — Y e a r e n d in g D e c . 3 1
C a le n d a r Y e a r s —
1918.
N e t e a r is . o f g a s b u s in e s s
$ 9 4 ,4 0 0
A st. L ., H . A P . O o . gas
see " y "
D iv s . a n d in t . r e c e iv e d
(s e e V . 1 0 6 , p . 3 9 2 ) . _ y 7 . 1 4 1 ,3 7 2
T o t a l n e t I n c o m e ---------$ 7 , 2 3 5 , 7 7 2

1 9 1 7 In V . 1 0 8 , p . 4 7 4 .
1916.
1917.
$ 2 ,0 8 8 ,8 6 6
$ 1 ,3 6 8 ,6 9 9
1 ,1 3 0 ,6 4 6
1 ,1 6 9 .5 7 9
6 .6 9 5 ,9 5 7
$ 9 ,2 3 1 ,2 3 6

1915.
$ 2 ,3 7 0 ,7 5 3
1 ,1 4 5 ,4 6 7

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

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

D iv s . p a id o n s t o c k
( 7 % ) 6 .9 9 4 .7 9 4 (7 )6 ,9 8 7 ,1 5 5 ( 7 ) 6 ,9 8 7 .1 5 5 ( 6 t f)8 7 3 7 6 1
In t. o n fu n d . A o t h . d ’t 1 ,5 3 3 .3 7 2
1 ,4 9 3 ,1 5 9
1 .4 9 3 ,1 5 6
1 ,7 1 9 ,7 4 6
S u r p lu s
d e f . $ l , 2 9 2 .3 9 3 ~ $ 7 5 3 ,9 2 2
$ 1 ,6 8 7 ,3 0 9
$ 1 ,7 6 5 ,2 4 4
y D i v i d e n d s , A c . , r e c e i v e d r r o m A s t o r i a L t . . H t . A I*. C o . a r o I n c l u d e d
in t h e r e p o r t f o r 1 9 1 8 , b u t n o t a s In p r e v i o u s t h e c o m p a n y ’ s n e t e a r n i n g s .
O F F I C E R S .— P r e s id e n t , G e o r g e B . C o r t e ly o u ; V ic e -P r e s id e n t s , W a l­
t e r R . A d d i c k s a n d R o b e r t A . C a r t o r ; S e c ., K . A . C a r t o r S r .; T r e a s u r e r .
O . G . M . T h o m a s ; A -s s t . S e c . . I I . M . B r u n d a g e a n d F . I t . U a r n l t z ; A s s t .
T r e a s ., B on J . W h lt e ly .
T ru ste e s, II. E . G a w tr y , J o h n
VV. S t e r l i n g .
W . R o c k e fe lle r . G e o . F . B a k e r . F . A . V a n d o r llp . S a m u e l S lo a n , M o s e s
T a y lo r , W . R . A d d ic k s . D o n a ld G . G e d d a s , N . F . B r a d y . G e o . B . O o r te lv o u . W a l t e r P . B lis s a n d L o u is M . G r e e r .
O ffic e . 4 I r v in g P la c e .—
(V . 107. p . 2 3 7 8 ; V . 1 0 8 . p . 4 7 4 . 4 8 3 , 7 8 6 , 8 8 1 , 1 7 2 3 , 2 0 2 5 , 2 2 1 4 ; V . 1 0 9 , p .
4 7 9 , 1 7 0 2 .)
C o n tr o lle d C o m p a n ie s .
„
(I) N E W A M S T E R D A M
In c o r p o r a te d N o v . 1 is u ( au u c m s o iid a ie u
Eq
G a s L ig h t p e r p la n V . 6 6 . p . 1 3 3 .

G AS.
N . Y.

A

E ast

R iv e r

an
d

S E C U R I T I E S . — T h e s t o c k a u t h o r i z e d is $ 1 3 , 0 0 0 , 0 0 0 o f c o m . s t o c k
$ 1 0 ,0 0 0 ,0 0 0 o f 5 % p r e f ., c u m u la t i v e .
P ar. $100.
T h e C o n s o lid a te d G a
C o . o w n s $ 1 2 .1 a 4 ,5 9 2 c o m . a n d $ 8 ,9 9 1 ,4 7 5 p r o f, s t o c k .
V. 70, p. 897
948, 1052. 1197. 1252; V . 80. p . 1858, 2224. ,
r ,
- _ . „ ir
,
C a l. Y e a r —
G ross.
N et.
O th er I n c .
IrJ
1 9 1 8 ...........................$ 3 , 9 1 5 , 3 9 7
$ 7 5 5 ,2 6 5
$ 9 1 ,3 9 3
-^ 0 7 .5 3 5 d e f .$ 5 6 0 .8 7 7
1 .0 6 8 .6 0 0
8 0 .8 2 8
H 9 H 9 J lo “
1 9 1 7 .......................... 3 . 7 3 4 , 5 5 5
1 9 1 6 .......................... 3 . 5 4 6 , 1 1 4
1 .3 7 0 ,2 5 0
7 0 .1 6 5
1 .3 6 8 .8 8 4 s u r . 7 1 ,6 3 1

Nov., 1919.]

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 f i r s t p a g e ]—

D a te
B onds

Par
V a lu e

C o n s G a s E le c L t & P o w e r o f B a lt — C a p it a l s t o c k _
C oB a
D e b s t o c k $60,000,000 a u t h r e d 110 ( s e e t e x t ) . . _ _
F B a *■
G e n e r a l m o r t g a g e S 1 5 . 0 0 0 . 0 0 0 g o l d ( V . 103. p.2240)C oBa x c *
1905
C o n v e r t i b l e g o l d n o t e s c a l l a b l e s e c b y 1 s t r e f m t g e a t 1 0 1 'A
1916
1 st R e f M t g e $ 1 0 0 ,0 0 0 ,0 0 0 g c a ll (t e x t ) s f d
Ba
1919
7 % s e c u r e d c o n v e r t n o t e s (c lo s e d ) c a ll t e x t
M B a c*
1919
U n it e d E le c t r i c fir s t c o n s o l m t g e ( c lo s e d ) g o l d
""M B a xc*
1899
C o n s o l G a s c o n s o l 1 s t M g ( c l o s e d ) __________
M eB a xc*
1889
C o n s o l i d a t e d G a s G e n e r a l ( c l o s e d ) M g o l d ( t e x t " ) F B a ’x c *
1904
L e a d in g G u a r a n te ed I s s u e s —
"
B a ltim o r e E le c t r ic M § 7 ,5 0 0 ,0 0 0 g r e d 1 1 0 g u p & i s f x c *
1907
P r e fe r r e d s t o c k 5 %
g u a r a n t e e d ________
” _
C o n s o l P o w C o s e cu re d g o ld n o te s g u a r p & i c a H ~ ~ C o B a c *
1917
T h r e e y e a r 6 % n o t e s _______________________________
“
1918
Pub S e r B ig C o 1 s t M $ 9 0 0 ,0 0 0 g g u p & 1 r e d l 0 5 x c * " J f t c B a
1915
P r e f s t o c k 6 % c u m g u a r * 7 0 0 . 0 0 0 . _ .............
R o l a n d P a r k E l e c & W a t e r C o 1 s t M § 4 0 0 , 0 0 0 g g u p " & " llx
1907

N EW

Y O R K

E D IS O N

500

&c
100
1 .0 0 0

CO M PAN Y.

O r g a n iz e d M a y 1 1 9 0 1 a s a c o n s o lid a t io n o f th e N . Y . G a s A E le c L ig h t
H e a t A P o w e r C o . a n d th e E d is o n E le o . I liu m . C o . o f N
Y
O w n s la r g e
p o w e r p la n t lo c a t e d o n 1st A v e ., b e tw e e n 3 8 th a n d 3 9 th s tr e e ts . V . 6 9
p . 704: V . 68, p . 1025; V . 70, p . 283. 482: V . 80. d . 1915;
84 p 219
S tock
o u t s t a n d in g , $ 6 5 ,9 4 5 ,4 0 0 , o f w h ic h $ 6 5 ,6 9 2 ,1 0 0 o w n e d b y C o n s o l. G a s C o
V . 90. p . 562. 773; V . 91, p . 1516; V . 92. p . 191; V . 9 7. p . 301. 448. 1484i
Q u a r t e r ly d iv i d e n d s o f 1 4 % w e r e p a id f r o m F e b . 1 9 0 7 t o D e c . 1 9 1 4 , b o t h
I n c lu s iv e .
I n M a r c h 1 9 1 5 th e r a t e w a s in c r e a s e d t o a 7 % b a s is ( 1 W %

v.

3 u n e 'l * 9 1 7 \ " v . ° l 6 ^ * p ^ 2 3 k 7 ? ,2 M 5 ? V . ^ * 0 6 ? p ? 2 4 5 5 J "

t i t r a t e s

r id u * c 3

BON DS.
The
o n t h e c o m p a n y 's
o u s s e c u r it ie s ; lis t
are s e c u r e d b y a
p r o p e r ty , s u b je c t

fir s t 5 s o f 1 8 9 S ( § 1 5 ,0 0 0 ,0 0 0 ) w e r e s e c u r e d b y a fir s t lie n
p o w e r p la n t a n d o t h e r p r o p e r t y o w n e d a n d p le d g e o f v a r i­
see V . 6 8 . p . 7 7 3 . 8 2 4 , 1025; V . 7 6 , p . 2 6 8
T h e 4s o f 1899
p u r c h a s e -m o n e y H en o n th e fo r m e r E d is o n E le o
I liu m
t o b o n d s o f 1 8 9 0 a n d 1 8 9 5 a n d b y a s e c o n d m t g e H en

£

°

o

f &

»

. 5

i r

rt’' - v - ”

• " • 9 3 9 - 103S: v -

■>• * > •

R E P O R T fo r y e a r e n d in g D e c . 3 1 1 9 1 7 s h o w e d ( c o m p a r e V 1 0 7 d 7971O p e r a tin g
N e t, a fter
O th er
I n t.. R e- (
D ?v fd c n d s
' l a d n ce.
Y e a r J ie V e n U e S '

T axes’ A c '

In com e’

serves, & c .

P a id . ( 7 % )

S u rp liis .

1 9 1 8 ^ 2 5 ,3 3 9 ,2 0 3 7 ,3 3 2 .5 0 4 1 ,8 8 5 ,8 8 8 4 .0 3 4 ,6 4 6
4 616*178
s u r 5 6 7 -6 6 *
1 9 1 7 .2 5 ,6 8 8 ,0 0 9 8 .7 5 5 .0 3 5 1 ,8 2 8 ,3 1 7 6 ,0 8 4 ,1 1 5
4 616 817
d e f SI 17 580
1 9 1 6 .2 4 .3 3 6 .4 4 9 1 1 1 5 0 .6 4 5 1 .7 0 4 .7 9 4 5 8 4 1 .8 9 2
4 .6 1 6 7 3 8 s u ? 2 3 9 6 8 0 9
" I n t e r e s t , r e s e r v e s , & c ., in 1 9 1 8 in c lu d e in t e r e s t $ 2 0 2 7 f i i r f a n d r e n t s
$ 2 ,0 0 7 ,0 0 6 .
N o a m o u n t r e s e r v e d f o r c o n t in g e n c ie s h i 1 9 1 8 .— ( V ^ T o ?
_
(3 ) N E W Y O R K M U T U A L G A S L I G H T C O
1 u c o r p . l a N . Y . I n 1 8 6 6 u n d e r s p e c i a l c h a r t e r . S t o c k g * <tno 7 n n
8 8 0 , 2 0 0 h o l d b y C o n s . G a s C o . P a r $ 1 0 0 . F a v o r a b l e d e c l s ’i o n , V . 9 5 , p . i 6 8 7 . ’)
D I V ’S .—
J ’ 9 8 . ’ 9 9 . ’ 0 0 . ’ 0 1 - ' 0 5 . ' 0 6 . ’ 0 7 - ’ 1 0 . ' l l ’ 1 2 '1 3 t o J u l v I Q I Q
S in c e ’9 7 (J .A J .)\ 8
7
30
9 y 'l y
7
6 y 'l y
8
2 4 16
9 v r lv
I n J u ly 1 9 1 2 p a id e x t r a d iv id e n d o f 1 4 % t o b r in g d iv id e n d s fo r 5 v e a
e n d in g D o c . 31 1 9 1 0 t o a n a v e r a g e o f 9 % y e a r ly ,
v
95 n i l 5
I n IQ
1 9 1 8 a n d 1 9 1 9 p a i d 4 % in J a n u a r y a n d 5 % in J u l y
’ P> 1 1 5 ,
19
Y ea r— G ross I n c .
N et
O th er I n c .
In t.
D i v i d e n d T i n in n r e
1 9 1 7 --------- $ 1 , 5 0 4 , 7 4 0 $ 1 5 8 , 1 7 8 $ 8 5 , 5 0 0 $ 1 8 , 3 3 5 ( 9 % ) $ 3 0 8 2 1 8 d e f $ 8 2 8 7 5
1916—
. 1 .4 7 4 .4 3 5
2 9 5 ,2 2 6
6 4 ,6 2 5
1 2 .3 9 0
(9 ) 3 0 9 .2 9 4 s m . 3 8 , 1 6 7
(4 ) S T A N D A R D G A S L I G H T O O
O r g a n i z e d In 1 8 8 6 .
O w n s 2 0 2 m ile s o f g a s p ip e s n o r t h o f 1 3 th S t
N Y
T h e C o n s o lid a t e d G a s C o . o w n s § 4 ,7 9 6 .2 0 0 o f th e §4 9 55 7 0 0 c o m m o n a n d
$ 4 ,0 9 6 ,1 0 0 o f t h e § 4 ,2 9 3 .6 0 0 p r e fe r r e d .
* * .w > o .7 U O c o m m o n a n d
D I V S - '9 8 . '9 9 . ’ 0 0 . '0 1 . '0 2 - ’ 0 5 . '0 6 . ’ 0 7 - ’ 0 9 . ' 1 0 . ’ l l .
1 0 1 2 t o '1 6
1017
C om . % .
8
5
0
2
6 y 'l y
1 4
0
2
4
33 vyeeaarrl l y
v
M
P r e f . %3 ,
6o 2 4
6o
6 y ’ lly
6
6o
6
6
6 vveca rrllvv
2 08
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6
6
6
a
I n 1 9 1 7 J u n e , 4 % o n c o m m o n a n d .3% o n p r e f . ;• n o n e s i _ o ey e a r l 7
h 1917 Ju n e, 4 % on com m on an d 3 % on n rof
y
o
I
in c
a
Y n .—
G ross.
V ea r —
^ -----N et.
In terest. D iv id en d s
Balance
1 9 1 8 . ....................... . $ 2 , 0 6 0 , 6 8 0
$ 1 0 6 ,2 7 0
$ 7 1 ,8 6 1
none
su r $34 409
1 9 1 7 ................................ 1 , 9 1 2 , 0 1 0
3 3 9 ,1 8 6
7 0 .7 9 1
165 976
8^
102 419
1 9 1 6 ............................ 1 . 8 2 3 , 9 8 6
5 1 8 ,9 1 9
7 2 .3 3 0
4 0 7 ,3 1 3
6 9 .2 7 6
O f f i c e , 1 3 0 E a s t 1 5 th S t,
N - v . — ( V . 9 4 . p . 1 6 3 0 ; V . 1 0 0 . p . 1 2 5 3 .)
(5 ) U N I T E D E L E C T R I C L I G H T A P O W E R r n
S t o c k , $ 5 ,2 9 9 ,6 8 4 ( o f w h ic h $ 1 ,6 4 2 ,2 3 8 p r e f .) . m o d t lv o w n e d — fV
1836; V . 8 7 . p . 1535: V . 98 . p . 1529; V . 100, p . 1253; V . 103 p i 690
(6 )

C E N T R A L

(7 )

N O R T H E R N

U N IO N

G A S C O .— (V . 1 0 0 .

U N I O N G A S C O .—

(V.

p.

1253- v '

V

100 D. 1253’

107
107*

80
°

D

600 )

p

600 )

( 8 ) W E S T C H E S T E R L I G H T I N G C O . ( N . Y . & W e s t c h e s t e r T 1<rht C a
— S u p p l i e s g a s a n d e l e c t r i c i t y In W e s t c h e s t e r C o u n t y n o r t h o f N e w Y o r k
C i t y . S e e V . 7 1 . p . 1 0 2 .3 . 1 1 7 5 . T h e C o n s o l . G a s C o . o w n s t h e § 1 2 5 0 0 0 0 0
c a p it a l s t o c k . S e e V . 7 9 . p . 1 6 0 . 2 1 7 , 5 0 4 , 1 7 0 6 . I n 1^ 0 9 o e r m ls s lo n w a s
o b t a in e d t o p u r c h a s e th e § 8 0 1 .0 0 0 N o r t h e r n W e s t c h e s t e r T l^ h tin ^ r o ? t r ^ k S
a ll t h e $ 5 0 0 ,0 0 0 P e e k s k l ll L i g h t i n g & R R . c o m S
S
^
^
^
th ;
p r e f. s t o c k .
V . 87. p . 617; V . 89. p . 103. 1486 7 V 7 9 6? p . 731.5 0 %
b o n d s T s u b j e c t V o c a l l a t p ^ a n d ' i n t CI(

7 0 0 ° 'n ? 5 7 ? ° ? r o ( g u a r a n t e ta i

isa y .- a r t » i w . % f S f e * v w s i

SSaSfg* $ V sS rl? J % !‘? £ ‘b°v° <"«•*«& s 9b Z “riSSSi
N e ^ ° ¥ o r k V & ® S u b u r b a ° n G a s 1 s t M . l 5 T u 'A S x ° a § 2 ( W 0 0 0 ' U c h
g . g u a r , p & 1, b y A m G a s C o --------- / S u b ) t o c a l l a t l O S A l n t s l n ^ U a
H u d s o n R i v e r G a s A E l e c 1 s t M ------------5 M A N *
b ''5 Q 0 0 0
\ fa v
W h i t e P l a i n s L i g h t i n g 1 s t M ......................5
J & D ,
b 3 3 5 .0 0 0
J u /e

Y llld
h 1 ’09
1 1099
1 1938

(a ) V . 6 8 , p . 4 7 4 : V . 7 0 , p . 8 4 4 .
(b ) V . 6 8 , p . 8 2 4 - V 70 n
E a r n i n g s f o r y e a r 1 9 1 8 , g r o s s , $ 4 , 2 0 4 , 0 9 0 : n e t , $ 1 . 2 3 7 ’9 4 4 - o t h e r i n c o m e
— (V ^ lb o ^

8 ! ! ? * 1 1 3 4 6 ? ) 11 b a l " S U r" S 1 1 7 ’ 3 2 5 , a g a irL ^

$ 3 6 7 ,8 4 8 in 1 9 1 7

(8 a ) N O R T H E R N W E S T C H E S T E R ( N . Y .) L I G H T I N G G O — O r­
g a n i z a t io n .— I n c o r p o r a t e d in N e w Y o r k M a y 1 9 0 5 a s a c o n s o lid a t io n o f
c o m p a n i e s o p e r a t i n g In O s s i n i n g . C r o t o n , B r i a r c l i f f M a n o r
A c
in W e s t ­
ch e ste r C o u n t y , N . V . (V . 8 1 . p . 2 6 8 ).
T h e e n t ir e c a p i t a ? s t o c k ‘ s 804 0 M
is o w n e d b y t h e W e s t c h e s t e r L i g h t i n g C o .
p ic a i s t o c k ’ $ 8 0 4 ,0 0 0
B O N D S . — A u t h o r i z e d 1s t c o n s o l s . , $ 1 , 0 0 0 , 0 0 0 :
s e r v e d fo r a d d it io n s . A c .— V . 8 9 . o . 1 4 8 6

b a la n c e u n is s u e d
u s a n c e u n is s u e d

is r e ­
is r e -

( 9 ) N E W Y O R K «Sc Q U E E N S E L E C T R I C L I G H T & P O W f f R p n —
S u p p lie s B o r o u g h o f Q u e e n s o u t s id e o f R o c k a w a y .
S e e V 79 ™ in u o
T h e C o n s o l i d a t e d G a s C o . o w n e d D o c . 3 1 1 9 1 6 $1 0 4 4 0 0 0 c o m m o n a n d
$ 8 1 9 ,8 0 0 p r e f. s t o c k ; o u t s t a n d i n g . $ 1 ,2 5 0 ,0 0 0 e a c h
V
q f ? m ^ ° ? 4q 2
D I v . o u p r o f .. 2 4 % . p a id D e c . 1 1 9 0 4 : 1 9 0 7 t o 1911
5V
9-°-' p ' 1 4 9 2
1911. 4 4 % :
1 912 t o 1 9 1 9 , 1 % Q .-M .
V . 9 2 . p . 1 4 3 9 ; V . 1 0 0 . p '. 1 2 5 3
R E P O R T . — F o r y e A r 1 9 1 7 in V . 1 0 7 , p . 6 0 0 . 6 0 1 -

Y ea r —

G ross.

1 9 1 8 ............... $ 2 , 3 0 2 , 0 5 7
1 9 1_7 ............... $---------------------2 ,0 7 2 ,6 9 7
1 * 1 6 ............... 1 , 7 4 1 , 6 8 4
— V . 100, p . 1253.

N et.
$ 5 7 9 ,9 4 3
$ 6 2 8 ,7 3 4
7 0 3 ,8 5 4

’

In terest.

D ividen d s

8 2 8 2 ,2 7 4
$ 2 7 0 ,8 7 8
2 6 S .9 9 5

(4 % ) $50 000
U
( 4 % ) $ 5 0 ,0 0 0
(4 % )

5 0 .0 0 0

B a la n c e.
s u r .$ 2 4 7 ,6 7 0
s u r .$ 3 0 7 ,8 5 5
s u r . 3 8 9 .8 5 9

(1 0 ) N E W
Y O R K & Q U E E N S G A S C O .— S u p p lie s F lu s h in g
P n lle v e
P o in t . W h it e s to n e a n d B a y s id e . N . Y .
S t o c k . $ 6 0 0 ,0 0 0
I n \ f ftv i q n
th e C o n s o lid a t e d G a s C o . o b t a in e d a u t h o r it y t o p u r c h a s e a m a l o r i t v o f th e
s t o c k a n d a ls o t h e r e m a in d e r a t t h e s a m e p r ic e .
V . 96 n
y e a r 1 9 1 8 , g r o s s . $ 3 4 4 ,2 3 9 ; n e t . $ 2 3 ,4 7 8 ; o t h e r l n c o m e ? ’$ 5 9 8 ; i n t e r e s t ! & c .




R a te
%

$ 1 0 0 $ 1 4 ,5 8 6 ,3 0 0 S e e t e x t
3 6 7 ,5 0 3
5
a l3 ,8 4 5 .0 0 C
4 4 g
8 ,2 7 7 ,8 0 0
5 g
6 g
5 ,0 0 0 ,0 0 0
7 g
4 ,4 2 8 ,0 0 0
4 4 g
3 ,4 0 0 .0 0 0
5 g
6 .1 0 0 .0 0 0
4 4 g

a T h e r e m a i n i n g $ 1 ,1 5 5 ,0 0 0 Is p l e d g e d u n d e r B a l t i m o r e E l e c C o 5 s c l o s i n g

(2 )

A m ount
O u tsta n d in g

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

5 g
5

6 g
6
5 g
6
5 g

t h e i s s u e ($ 1 5 , 0 0 0 . 0 0

W h en
P a y a b le

M
J
M

Q— J
&
N
A
.1
&
N

F
M
J
A

&
A
A
A

J
J
F

A
A
&

A
N
J
O

161

L a st D iv id e n d
a n d M a tu ritg

P la c e s W h e r e I n te r e s t a n d
D iv id e n d s a r e P a y a b le

Jan 2 1919 2 %
P erp etu a l
F e b 14 1935
N o v 15 1921
F eb 1 1949
A u g 1 1922
M a y 1 1929
J u ly 1 1939
Apr 11954

C h e c k s m a ile d
C h e c k s m a ile d
N e w Y o r k . B a lt a n d L o n
N Y T r u s t ;A l e x B r ' n . B a l t

D June
J J u ly
A Aug
M ar
F
&
A Aug
Q— F
N ov
F
A
A F eb

1 1947
2 1919 2 4
1 1922
1 1921
11940
1 1919 ]
1 1937

M N B k ,N Y ,A l e x B r ’ n ,B a l
A le x B r o w n A S o n s , B a lt
F a r m A M e r c h B k , B a lt
F id e lit y T r u s t C o , B a lt
N o r t h e r n T r u s t C o , P h lla
C h e c k s m a ile d
B k r s T r .N Y ;A le x B r ’n ,B a l
M e r c T r & D e p C o , B a lt
C h e c k s m a ile d
C o n tin e n ta l T r C o . B a lt o

0) .

$ 5 5 ,8 1 8 ; b a l. d e f . , $ 2 1 ,7 4 1 .
I n 1 9 1 7 , g r o s s , $ 3 0 3 ,8 9 6 ; b a l. s u r ., $ 3 4 99
£ « ? .. N
T a y lo r ; S e c . & M g r ., H . M . S p e a r; A s s t . S e c ., W m . R a y n o r
o n J c e . 88 M a in S t .. F lu s h in g , N . Y . — (V . 1 0 7 . p . 6 0 0 , 8 0 5 , 2 3 7 8 ; V . 1 0 8
p . 272, 2246.
*
C O N S O L . G A S C O . O F P I T T S .— S ee “ E l. R y . S e c ." a n d V . 1 0 8 . p .6 8 6 .
^ . M 9 i ^ Sr P L , P ^ J . E D 'J A S E L E C T R I C L I G H T & P O W E R C O . O F B A L ­
T I M O R E .— O R G A N I Z A T I O N .— In c o r p . J u n e 2 0 1 9 0 6 . V . 8 2 , p . 1441
H a s a n a r r a n g e m e n t w ith th e P e n n a . W a t e r & P o w e r C o . w h e r e b y it c o n ­
t r o ls t h e e n t i r e p o w e r s u p p l y o f t h a t c o m p a n y in B a l t i m o r e a n d v i c i n i t y
e x c e p t in g a n a m o u n t r e s e r v e d fo r t h e lo c a l t r a c t io n c o m p a n y .
V . 84, p .
6 2 7 ; V . § 5 , p . 1 6 3 ; V . 9 0 . p . 3 7 7 , 1 5 5 7 ; V . 9 1 . p . 4 6 8 , 9 4 7 ; V .' 9 2 , ‘ p . 4 6 4 .'
1241.
O n J u n e A 1 9 1 2 tuMouv* t h e v ilw c t r iv Uu s iin ersn UI UUO u a ilu um u r e VvUUIiLI
1
l e a s e d wuw e e v v i i c b i u u s o f t h e B a t i u o c C o u n t y
E le c tr ic C o .
V . 94, p . 1386.
A n n u a l m e e t in g 1 s t W e d n e s d a y in A p r il
R a t e s in 1 9 1 8 , V . 1 0 7 , p . 1 4 7 6 .
, - T h e p r o c e e d s o f t h e $ 5 ,0 0 0 ,0 0 0 7 % c o n v e r t i b le n o t e s is s u e d in M a r .
1 9 1 9 , i t w a s s t a t e d , w ill t o g e t h e r w it h a d d it io n a l c a s h t o b e fu r n is h e d b y
th e
com p a n y
p r o v id e
$ 6 , 0 0 0 ,0 0 0 , f o r u s e i n i n c r e a s i n g t h e c a p a c i t y
o f e le c t r i c p o w e r p la n t s b y 4 0 ,0 0 0 k . w . , o r 5 3 ,0 0 0 h . p . , a n d a ls o t o e x t e n d
g a s p la n t a n d h o ld e r s , g a s a n d e le c t r ic tr a n s m is s io n lin e s a n d d is t r ib u t io n
s y s t e m s , a n d t o liq u id a t e t e m p o r a r y lo a n s a lr e a d y c o n t r a c t e d f o r t h e s a m e .
in o ls r in ? ^ i n g w i' 1 p r o v i d e f o r n e e d s w e ll i n t o 1 9 2 0 .
S e e b e lo w a n d V .
1w o f p « 1 0 0 2 *
In 1907 all o f the $2,500,000 Baltim ore E lec. C o . com m on stock w a s

acquired (through M aryland Securities C o .), the property being leased for
99j years at a rental providing fo r interest on any outstanding 5 % bonds
tlxe $1,000,000 5 % pref. stock. V . 85, p . 1341; Y . 86, p . 112.
in Jan. 1907 purchased the entire stock o f the R oland Park E lectric & W ater
°O j,and guarantees its 1st M . 5 % bonds. V . 91, p . 721.

-T h ® c o m p a n y ' s o p e r a t i o n s e x t e n d t h r o u g h o u t t h e C i t y o f B a l t i m o r e a n d
in t o B a lt im o r e C o u n t y , A n n e A r u n d e l C o . a n d H o w a r d C o .
G as w as re­
d u c e d fr o m 8 0 c . t o 7 5 c . o n J a n . 1 1 9 1 6 .
V . 101, p. 215; V . 102. p. 253.
f “ « M a r y l a n d P . S . C o m m is s io n N o v . 2 6 1 9 1 8 a u t h o r iz e d a n in c r e a s e in
r , „ l ^ ? c ° nda. r y - g a s r a t e , r o m 3 5 t o 5 0 c e n t s p e r 1 ,0 0 0 c u b i c f e e t , b u t d e n ie d
f
p e r m i& s m n t o in c r e a s e t h e p r i m a r y r a t e f r o m 7 5 t o 8 5 c e n t s e f f e c t i v e D e c . 1
550 '
T h S c o m tn is s lo n h o w e v e r , r e d u c e d t h e B .t .u . s ta n d a r d fr o m 6 0 0 t o
O n A p r il 1 1 9 1 0 la w s w e r e s ig n e d r e p e a lin g m o n o p o l y A c t s .

V . 90, p . 979.

*
A l ’r o f t h e $ 4 , 1 0 3 , 7 5 4 6 % p r e f . s t o c k w a s p a i d o f f a t 1 2 0 o n
A p r il 2 1 9 1 7 .
V . 105, p . 1306.
C a p it a l s t o c k a u t h o r iz e d , $ 3 0 ,0 0 0 ,0 0 0 - r e ­
s e r v e d fo r c o n v e r s io n o f $ 8 ,5 0 0 ,0 0 0 c o n v e r t ib le n o te s o f 1 9 1 6 , $ 7 ,7 2 7 ,3 0 0 .
S ee b e lo w a n d V . 1 0 3 , p . 1 5 9 5 ; V . 1 0 5 , p . 1 3 0 6 , 1 7 1 2 .
N o te s p a y a b le
J u n e 3 0 1 9 1 8 . $ 2 ,9 8 5 ,7 7 5 ; o t h e r c u r r e n t lia b ilit ie s . $ 1 ,6 2 9 ,6 5 3 ; c a s h a c ­
c o u n t s r e c e iv a b le , & c ., c u r r e n t a s s e ts t o t a l, $ 6 ,1 1 9 ,7 8 2 .
D IY S .
/1 ? 1 1 . 1 9 1 2 . 1 9 1 3 . 1 9 1 4 . 1 9 1 5 . 1 9 1 6 . 1 9 1 7 .
1918.
1919.
On com m on % | 4 4
5
5H
6 4
7
7
7 4
8
8
T h e d iv id e n d r a te w a s in c r e a s e d fr o m 1 4 t o 2 % a u a r (8 % n a 1 w ith
t h e A p r il 1 9 1 7 d is t r ib u t io n a n d s o c o n t in u e d t ill a n d i n c h J a n ? ’l 9 2 0 .
C O N V E R T T B L E N O T E S .— I s s u e d $ 8 ,5 0 0 ,0 0 0 ; d a t e d N o v . 1 5 1 9 1 6 , d u e
N o v . 15 1921.
C o n v e r t ib le a t o p t io n o f h o ld e r s a ft e r N o v . 1 5 1 9 1 8 in t o
com m on stock at $110 p er sh are.
A ls o s u b je c t t o c a ll b y th e c o m p a n y a ll
o r a n y p a r t, o n a n y In t. d a te o n o r a fte r M a y 15 191 9 a t 1 0 1 4 % o f p a r a n d
to t. ° n 6 0 d a y s n o t ic e , b u t i f s o c a lle d m a y b e c o n v e r t e d in t o c o m m o n s c o c k
UP
30_ d a y s p r i o r t o d a t e o f r e d e m p t i o n .
S ecu red b y 1st R e f. M tg e o f
1 9 1 9 p a r i p a s s u w it h t h e b o n d s is s u e d t h e r e u n d e r o r p r o v is io n m a d e t h e r e f o r .
— V . lO o , p . l l o 7 .
T h e $ 5 , 0 0 0 , 0 0 0 7 % S e c u r e d C o n v e r t i b l e g o l d n o t e s , i s s u e d i n M a r 1 Q1Q
fo r th e p u r p o s e s a b o v e s ta te d (V . 1 0 8 , p . 1 0 6 2 ), a r e c o n v e r t ib le p a r fo r n a r
a t a n y t im e , a t h o ld e r s ’ o p t io n , in t o F ir s t R e f . M t g e . 6 % S k g . F d b o n d s
d u e l e b . 1 1 9 4 9 ( if c a lle d fo r r e d e m p t io n c o n v e r t ib le u p t o 3 0 d a y s b ° fo r e
r e d e m p t io n d a t e ) , a n d a re s u b je c t t o c a ll, a s a w h o le , a t a n y t im e o n 6 0
d a y s ’ n o t ic e a t 1 0 3 a n d in t . p r io r t o F e b . 1 1 9 2 0 ; a t 1 0 2 a n d in t o n E p h 1
1 9 2 0 , a n d p r io r t o F e b . 1 1 9 2 1 ; a n d a t 101 a n d in t . o n a n d a ft e r F e b 1 l l m

a S E ta ?

6 % b o I,d , o f C o “ ” lki“ “ d

’ ^ c A s t o t h e $ 1 5 ,0 0 0 ,0 0 0 G e n . M . 4 4 s . s e e t a b le a n d V 1 0 3
p . 2 1 5 8 ; V . 8 0 . p . 1 7 3 1 , 7 1 4 , 1 4 81; V . 8 8 . p . 2 3 3 : V . 9 1 . p . 41 1632- V 92
P - ] 3 7 6 . 1 5 0 2 . 1 5 6 8 ; V . 9 3 . p . 1 7 9 1 ; V . 9 6 , p . 1 7 0 4 ; V . 98, p . ' 2 3 9 ; V
i0 5 ,'

First Refunding Mortgage of
1st Ref. Mlge.ot

1919.

The
1 9 1 9 w ill c o v e r a ll p r o p e r t y n o w o w n e d o r h e r e ­
a fte r a c q u ir e d .
A u t h o r iz e d is s u e n o t t o e x c e e d $ 1 0 0 ,0 0 0 ,0 0 0 ; B a n k e r s
T ru s t C o ., N . Y ., T ru s te e .
I n it ia l $ 3 ,5 0 0 ,0 0 0 p le d g e d t o
secu re
7%
ts m n n m
$ 1 ,5 0 0 ,0 0 0 a d d it io n a l r e s e r v e d f o r c o n v e r s io n o f s a id
$ 5 ,0 0 0 ,0 0 0 7 %
n o t e s b e a r 6 % in t e r e s t , a n d w ill m a t u r e F e b
1 1949
b u S r i 1 b e r e d e e m a b le o n 6 0 d a y s ' n o t ic e , v iz . ( a ) . I n fir s t 5 y e a r s a t 1 1 0
a n d i n t . ; (ft) n e x t 5 y e a r s a t 1 0 7 4 a n d i n t . ; ( c ) n e x t 1 5 y e a r s a t 1 0 5 a n d i n t •
(d ) la s t f iv e y e a r s b e f o r e m a t u r it y a t 102 a n d in t .
S u b s e q u e n t s e r ie s t o
b e a r s u c h in t e r e s t , m a tu r e a t s u c h tim e s (n o t la te r th a n F e b
1 1999) an d
b a je d e e m a b ie a t s u ch p n e e s , a s m a y b e fix e d .
(V . 108, p . 1062, 1167, 1612?
S u ffic ie n t o f t h e n e w b o n d s w ill b e r e s e r v e d t o r e t ir e , p a r f o r o a r
La)
a ll u n d e r ly i n g s e c u r it ie s o f t h e c o m p a n y a n d o f it s s u b s id ia r ie s
and
a n y c o n v e r t i b le 5 % n o t e s d u e N o v . 4 5 1 9 2 1 n o t c o n v e r t e d in t o ’ c o m m o n
s t p c k p n o r t o m a t u r it y . (S a id c o n v e r t i b le 5 % n o t e s a r e s e c u r e d
w it h b o n d s is s u e d u n d e r t h is m o r t g a g e .)
T h e r e m a in d e r a i i t w i
is s u a b le o n l y f o r 8 0 % o f t h e c o s t I t a d & i t t o M ^ a X m ^ r o v e m e n t s
Annu^J
s in k in g fu n d f r o m A u g . 1 1 9 2 2 , e q u a l t o 1 % o f t h e t o t a l o f^ th e se b o n d s fr o m
t im e t o t im e o u t s t a n d i n g , t o p u r c h a s e o r c a ll t h e m f o r c a n c e ll a t io n in
a m o u n t s p r o r a t e d o v e r a ll s e r ie s io u t s t a n d i n g .
c a n c e ll a t io n in

vartoMsu

«. 3 fi 7E 5 n 3 N ^ i r o ^ k ® T ® ° > ' “ " A u t h ; ’ $ 6 0 , 0 0 0 , 0 0 0 ; o u t s t a n d i n g i n O c t . 1 9 1 9 ,
?
n
r
i
n
r
Vla r y l n g r a l o s o f i n t e r e s t a s d e t e r m i n e d b y
“
f ' s u c h r a ^Q n o t 60 e x c e e d 5 % p e r a n n .
R edoem o n 3 m ° n t h s ' n o t i c e a t 110 a n d in * .
A n fV h «
eA 1 b o P ^ d o f f F e b . 1 1 9 2 0 . V . 1 0 9 , p . 1 9 9 0 .
.1
U a ? ir it b EiH eH f0v
r ^ 8 ? f 1904 o f C o n s o l. G a s C o . . $ 6 ,1 0 0 ,0 0 0 h a v e b e e n
r^ H r? t
' Vrt r u s t o 0 ’
N o fu r th e r b o n d s c a n b e Issu ed e x c e p t
in £ w h an 5
i 7 e o 7 8 ’ P - 196 4 . 2 0 1 4 . 2387; V . 7 9 . p . 1643: V .8 8 .
99 3 , p ? 1 0 5 0 .P ‘ 1 1 7 3 , U 9 3 : v * 9 1 , p ’ 4 1 : V - 9 6 ’ P - 3 6 3 ’ 4 9 1 ’ 7 1 8 ’ 9 4 9 :
T h e B a lt im o r e E le c t r ic C o . 5 s ($ 7 ,5 0 0 ,0 0 0 a u t h o r iz e d Issu e : N o r t h e r n
i e r iV v , - S ^ 95 1
, a VL t r u s t e e ) a r e s e c u r e d b y a l i e n o n t h e p r o p e r t y a n d
? ^ ' A 55,V00 o0-T C o n l ^ , ' ? r a s E1 L - & p - C o . g e n . 4 4 s .
’
V . 85. p . 598, 1271.
1340; V . 87, p . 741; V . 108, p . 1166.
T h e P u b lic S e r v ic e B u ild in g C o . h a s e r e c te d a 20-s t o r y b u ild in g w h ic h
is l e a s e d t o t h e C o n s o l i d a t e d C o . f o r 2 5 y e a r s u n d e r a n a n n u a l c h a r g e
s u f f ic ie n t t o p a y i n t . a n d s in k * f u n d o n t h e b o n d s , d i v s . a n d s in k , n f n d s o n

[Vol . 109.

INDUSTRIAL STOCKS AND BONDS-

1(52

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

C onsol Interstate Callahan M ining— S t o c k ._ _ - ._ - - - -----C onsolidated Textile Corp.— Stock auth. 1 ,0 0 0 ,0 0 0 shares.
Consolidation Coal—Stock authorized $ 5 0 0 0 0 .0 0 0 --------First range $750,000 gold s redeem each Jan at 105-Usx
Refunding mtge $7,500,000 auth go'd s f red 105 Q.xc’ &r
Fairmont Coal 1st M gold sinking fund assumed----- u.zc
1st & Ret M $40,000,000 g auth red 107 H s f--(i.x c* & r*
Convert Collat gold bonds $8,500,000 r e d ------Ea*c*&r*
Cumberland & Pennsylvania RR— See Railroads
C on tin en ta l Can Co— Common stock $ 1 5 ,0 0 0 ,0 0 0 -------Pref stock (a & d) 7% cum $7,500,000 red 125.....................
C ontinen tal Candy C orp.— Stock 5O0.OOO shares-----------C ontinen tal (Pirei Insurance C o— S tock.- - - - - - - - - - - - C ontinen tal M otors Corp—
Common stock, $15,000,000 ------------------------------- ----------Pref (a St dj stk % cum s f text---------------------------------------

t

7

Date
Bonds

Par
Value

$10

$2,983,030

Rate
%

New
1 1 0 ,0 0 0
40.205,449 See text
93,000
4H g
4H a
1.0 io 4.593.000
5 g
4.584.000
1 .0 1
5 g
1 .0 0 i 10.875.000
6 g
600 ate 5,873.500

None
1897
1904
1901
1910
1913

Amount
Outstanding

100
1 .0 0 0

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Oct 21 *18 75c
< — J Oct 31’ 19,1
J
X & J lan 1 1922
M & N May 1 1934
X & J July 1 1931
X & D Dec 1 1950
F St A Feb 1 1923

J u a r a n ty Trust Co.
C S Mtge & Tr Co,
J
Guaranty Trust Co,
U S Mtge & Tr Co,
G u a r a n t y T r u s t Co,
Equitable Trust Co,

N
N
N
N
N
N

V
Y
Y
Y
Y
Y

100
10 0

13.500.000 See text Q—J Oct 1 '19 l*A% Checks mailed
do
4.675.000 7 in 1919 O— J Oct 1 ’ 19 l f i %
New
500,000
J July 10’ IS 10% Central Union Trust Co
1 0 ,0 0 0 .0 0 0 See text J &

10
100

14.537,950
3.222.000

None
25

Nov 15 T9, 2% By check
do
Q—J 15 Oct 15 1919 1H

do

5 years, then 3o. for 15 years, 4o. for 10 years and 5o. for remaining 10
yrs. Depreciation charge of 2 Ho. per ton, &o.. also charged agst. operation.
Status of $40,000,000 First and Refunding Mortgage Bonds Dec. 31 1918The $5,000,000 secured gold” notes of The Consolidated Power Co. of Reserved to retire prior lien bonds (see table at head of p age).-.$9,270,000
Balt, were Issued In Aug. 1017 to provide toward construction amounting Pledged as collateral under 6 % convertible secured gold bonds— 6.500,000
865.000
to $6,000,000 consisting o f power plant, transmission lines, &c. On and Retired by operation of sinking fund ($166,000 In 1918)----------after Aug. 1 1918 leased to Consol. Gas, Elec. Lt. & P. Co. o f Balt. The Held for future development, &c., for most part to 75% of cost— 6,333,000
notes (guaranteed) are secured by $6,000,000 o f a 815,000.000 bond issue Held in treasury, $6,157,000. and outstanding, $10,875.000------17,032,000
The $6,500,000 10-yr. 6 % gold bonds dated Feb 1 1913 were secured by
o f the Power Co. {A further $2,500,000 of the bonds were pledged in Mar
1919 as part security for 7% Secured Convertible notes.] The notes are deposit of $6,500,000 1st & Ref. 40-yr. bonds, $1,800,000 Northwestern
Fuel Oo. (of Wisconsin) common stock and $500,000 Metropolitan Goal Co.
callable as a whole at 103 and int.; on and after Au„. 1 1919 at 102, and on
and after Aug. 1 1920 at 101. V. 105, p. 501. As to same company s 3-year (of Massachusetts) common stock. They will be convertible into common
stock at $105 per share up to Feb. 1 1922 (except that In case or redemption
notes o f 1918, see V. 107, p. 1483.
. „ ln7
, . 7R
REPO RT.— For year ending June 30 1919, in V. 107, p. 1476. Results In whole or part at 105 on Feb. 1 1916 or any int. day thereafter conver­
sion right will cease 30 days prior to redemption.) The company may at any
for year 1918-19 (5 months estimated). V . 108. p . 1062.
time deposit in lieu of the shares named “ 1st St ret." M . 5% bonds equal to
June 30
Gross
Nat (after
Fixed
Pf.Divs. Common
Net
t i l 1-9% of the par value of the shares withdrawn, or on any after Feb. 1
Year— Income.
Taxes).
Changes. (6 % ).
Dividends. Surplus
1916 withdraw said shares at 80% of par In case for use in redeeming the
bonds at 105%. To Dec. 31 1918 $626,500 had been converted Into stock.
xl918-1913,469?000 4,569?000 2,257.500 - - - - - - (8% ) 1.155,024 i , 156,476 V. 96. p. 363. 421. 491, 556. 792: V 98 p. 997.
.
1 9 1 7 - 1 8 lb 619 588 4 203,904 2,071,340 retired
(8)1,150,864
*6,701
Of Fairmont Coal Oo. $6,000,000 1st M. 6 s. $1,227,000 had on Dec. 31
1 9 lL l7 8 498 809 4 018 644 1672 223 226,588(7^)1.079.158 *140.675 1918 been retired by sinking fund and $189,000 was pledged under First &
1915-16ll7;43i;769 3',5S3'.692 1,580,058 246,225
(7)885,578 *97.289 Ref. Mtge. of 1910. V. 106. p. 1475.
x Five months results estimated as reported in bond offering. V. 108,
REPORT.— For 1918 at length in V. 108, p. 1158, 1178 to 1180, incl.
subsidiaries.
P'* 1After deducting depreciation and contingency reserve. &c., $975,000
Gross.
Net.
Int., Ac. Fed'l Tax. Dividends. Bal., Stir.
In 1917-18 and $900,000 in 1916-17. against 8774,542 in 1915-16.
1918.$26,148,895 $8,507,398 $2,727,897 $770,810 $2,410,046 $2,598,645
Compare ten-year record witn financial information in V. 104, p.2246
1917. 26.113.204 12.792,349 2.790,059 1,491,067 3,121.290 5,389,933
OFFICERS.— Chairman. J. E. Aldred; Pres., Herbert A. Wagner; V.-Ps
........ 1.500.781 2,574,774
1916. 17.342,366 6.131,919 2.056,364
Ohas. M . Cohn and Chas. E. F. Clarke; Sec., Wm. Schmidt Jr.: Treas
The total surplus Dec. 31 1918 was $52,193,517. after deducting 14%
John L. Bailey. Office, Liberty & Lexington Sts., Baltimore.— (V. 108, stock dividend, $4,937,002. In 1913 revaluation of coal lands added
$38,925,971 to total surplus.
p. 583, 686, 1062, 1167, 1612, 1824, 1990.)
Chairman of Board, J. H. Wheelwright: Pres., Clarence W . Watson.—
CONSOLIDATED INTERSTATE— CALLAHAN MININO CO .— (V. 107. p. 805. 2292; V. 108, p. 1158, 1167. 1178.)
ORGAN IZATION .— Organized in Arizona June 12 1912. and is engaged
CONSUMERS POWER CO. (OF MAINE), MICH.— See "E l. R y. Sec..
in mining and milling zinc and lead ores in Shoshone County, Idaho. Stock
CONTINENTAL CAN C O — O RGAN IZATION .— Incorp. In N. Y .
auth., $5,000,000. in $10 shares. Paid dividends regularly since April 1
1915 to June $0 1917. in all $13 50 per share, or $6,2 7 7 ,3 6 5 in divs.; Sept
Jan. 17 1913. Operates “ 23 up-to-date mills" at Oanonsburg. Pa. V. 95.
1917 none, pending certain Improvements, &c.; Jan. 2 1918, 50 cents (5). p. 1610 V. 96. p. 363: V. 104. p. 555, 2643.
STOCK.— The preferred Is callable . all or part, at 126 and accrued
June 15. 50 cents (5% ) quarterly. In Oct. 1918 paid 75 cents (7H %) quar.
none since. V. 107, p. 1387. V. 106, p. 2347. See V. 105, p. 20J7, lo24- iiv .. also, beginning In 1915. for annual sink fa. or 3% of Issue, payable
Listed on N. Y . Stock Exchange in July 1916; see full statement in V . 103, out of 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
P ‘ ln1Oct. 1918 the 10-year contract o f 1914 with the American Metal Co. pref. until all the defaults have been made good. No mtge. or Increase
for the sale o f all the company's output was canceled by mutual consent In pref. stock without consent of 7 5 % of each class of stock. Dividend on
and the Metal Co. interests surrendered all their holdings in the capital pref. from organization to Oct. 1 1919, inch. 1H % quar. (7% per annum).
stock. The outstanding stock was thus decreased froin $4,649,900 to On common Oct. 1 1915 to Jan. 1 1918, incl., 5% p. a. (1 H % Q - J ) . also
$2,983,030, excluding treasury shares. Pooling of about 1 2 0 ,0 0 0 shares or Feb. 21 1918. 35% in com. stock; April 1918 to July 1919, 1H % quar.
.
stock for one year. V. 109, p. 175. V. 107, p. 1483. In Mar. 1919 shut In Oct. paid I H % quar. V. 109, p. 1082.
In June 1917 to provide additional working capital to take care of the
down because o f unprofitable prices following war. V. 108, p. 1277, 2531
For year ended Dec. 31 1918, total Income was $ 1 ,2 2 8 ,6 1 6 ; balance, after growing business, $2 ,0 0 0 ,0 0 0 (25%) new common stock having been under­
operating costs and impts., $260,289; current surplus as o f Dec. 31 1918, written, was offered at par to common stockholders, V. 105, p. 2275;
$254,553. In June 1918 directors or officers o f the company were elected V. 106, p. 90, making the total common $10,000,000. In Jan. 1918 In­
to fill six o f the seven positions on the board o f the Big Ledge Copper Co. creased the auth. common stock to $15,000,000 and the outstanding issue
V 106 p. 2760. Pres., John A . Percival. N . Y . office, 61 Broadway. to $13,500,000 through a stock dividend of 35% . V. 105, p. 2275, 2458.
— (V. 107. p. 805. 1387, 1483, 2191; V. 108, p. 1277. 2531; V. 109, p. 175.) V. 104. p- 2455, 2555; V. 105, p. 392. Of $5,500,000 pref., $825,000 was
redeemed to Dec. 31 1918.
CONSOLIDATED TEXTILE CORP.— ORGANIZATION.— Incorp.
REPO RT.— Report for year ending Dec. 31 1918 In V. 108, p. 680.
in Deleware in Oct., 1919 to acquire all the properties assets &c., of the
Deprecia- Federal
Pref.
Common
Pilot Cotton Mills C o., Raleigh, N. C ., James N . Williamson & Sons Co., *Year.
tion.
Taxes.
Divs.
Dividends.
xSurplus.
Net.
Burlington, N. C ., owners of the Ossipee and Hopedale mills, and the Ella 1918-$3.728.269
$229,226 $900,000 $327,250 (6%)$809,776
$897,017
M fg Col o f Shelby, N. C . The four mills contain 40,340 spindles and 1,019
400,392 850.000 344.575 (5% ) 450,000 2,486.403
917- 4,531.370
looms, together with water-power plants, dye-houses, &c. Stock listed 1916- 2.510.665
323,111
44,000 353.237 (4% ) 400,000 1.390,317
on N. Y . Stock Exchange in Nov. 1919. (V. 109, p. 1894).
________ ______
132,126
- - - - - 361.725 (2H 200.000
764,114
EARNINGS.— Consolidated earnings calendar year 1918: Net income 1915- 1.457.965 d e d u c t i n g $ 1 6 5 ,0 0 0 . r e d e m p t i o n of p r e f. s t o c k .
x Shown a f t e r
$956,425; depreciation, $100,376; income St profits taxes, $539,891; net
Profit and loss surplus Dec. 31 1918, $2,623,259 (after deducting stock
dividend of 35% — $3,500,000— paid in Jan. 1918.)
PrDltR E C T O R l— Frederick K^Rupprecht (Pres.), Eugene V. R. Thayer,
orrice. Syracuse. N. Y/— (vTlOd, p. 90. 598, 712, 717931, 1690. 1903.)
Sherburne Prescott (Treas.), Leavelle McCampbell, William II. Williamson
CONTINENTAL CANDY CORP.— ORGANIZATION.— Incorp. in
W . S. Prankard, Allan A. Ryan, T . Edward Hambleton, Henry B. Stimson.
Now York M ay 27 .1919 and in June 1919 purchased the two factories o f
— V. 109, p. 1528, 1894.
the Novelty Candy Co., a subsidiary of the Corn Products Refining C o .,
CONSOLIDATION COAL CO., MD — Inc. in M d . 1860. V. 82, p.1043. one located in Jersey City and one in Chicago. For full statement to the
'
Owns 301,130 acres o f land in Maryland, West Virginia, Kentucky and N . Y . Stock Exchange see V. 109, p. 687.
Pennsylvania. V. 88, p. 1256, 1375. Also owns: (1) Entire capital stocks
STOCK.— The stockholders of record Oct. 8 1919 were given the right
as follows: (a) $1,500,000 Cumberland & Pennsylvania R R ., which see to subscribe up to Nov. 13 1919 to 70,000 shares of stock (no par valuo) o f
under '“ Rail roads’ ’ above; (6) $4,000,000 Somerset Coal Co.; (c) $1,000,000 Buddy Buds, Inc., at $5 a share to the extent of 14% of their holdings.
Fairmont Mining Machine Co.; (d) $650,000 Consolidation Coastwise Co. — (V. 109, P- 1277).
(2) M ajority stocks, viz.: (a) 5.400 shares pref. and 18,900 shares common
E A R N I N G S , &c.— of the two factories mentioned above compare a s
o f Northwestern Fuel C o., owning large docks at Washburn, Green Bay and
Superior, and yards at St. Paul and Minneapolis; (6) $1,457,600 of the follows:
Output
Net
Net Before
$2,660,000 capital stock o f Metropolitan Coal Co. o f Boston, and $1,301.800
Calendar Years—
(lbs.)
Sales
Fed. Taxes.
stock o f Coastwise Transportation Co. V. 106, p. 931; V. 103, p. 2431,
Calendar itu » .......................................19,000.000 $2,668,496
184,477
V. 78. p. 1271; V. 79. p. 502: V. 88. p. 1200; V. 95. p. 683.
20,000,0003,732,156804,559
Coal mined In 1918. including subsidiaries. 8,Oo3.01O net tons, and j x l o9........................................
416,311
792,947 net tons mined by lessees. See 55-year record. V. 106. p. 1179. 1 9 1 ( 6 m «».) ) e s t .) ....................................11,000,000 1,985,644
•DIRECTORS.— Benjamin Schneewind (Pres.), Charles W. Stiger,
Owns $1,500,000 stock of Cumberland & Penn. R R . and guarantees its
$1,000,000 bonds. As to allied Elk Horn Fuel C o., see that co. below. Chicago- W. A. Millet (V .-P.), Jersey City, N. J.: Allan A. Ryan, J. R .
Coffin (Treas.), Geo. F. Lewis (Sec.), Milo B. Bennett (2d V .-P .). Now
G ovt, fuel control. V. 105, p. 1949. 1851. 1852. V. 106, p. 2760.
York office, 37 .Wall St. V. 109, p. 1277.
STOCK.— In Jan. 1917 the authorized capital stock was Increased from
CONTINENTAL (FIRE) INSURANCE CO.. N. Y.—Stock listed on
$39,190,500 to $45,000,000, and in Mar. 1918 from $45,000,000 to $50,­
000.000; a stock uividend of 5% was paid In Feb. 1917 and o f 14% In March M Y Stock Exchauge In Feb. 1916. In Jan. 1916 (a) the authorized issue
was increased from $2 ,0 0 0 ,0 0 0 to $ 1 0 ,0 0 0 ,0 0 0 ; (b) the par value of shares
1918. V. 106 p. 1233, 15S0.
Stock to amount of $7,980,000 was issued In exchange for the $7,000,000 was changed from $100 to $25 each; (c) $7,000,000 of the now stock paid
debenture bonds and accrued interest at maturity Feb. 1 1917; the deben­ for out of surplus, was distributed Jan. 10 as a stock dividend; and (a)
tures were held by the Rockefeller Interests and the conversion Is understood «u non 0 0 0 now stock was offered to stockholders for subscription at oar.
Cash divs., 1911 to Jan. 1916. 50% per annum; 1916, July. 5% : 1017.
to have given them a majority interest. V. 104, p. 365, 767, 1804.
Jim. and July, 6 %; 1918, Jan., 6 %; July. 8 %; 1919, Jan. and July, 10%.
DIVS. (% ).'0 6 . ’07. ’08.
1909. TO to 16 T 7.
1918.
1919.
Henry Evans, Pres.; J. E. Lopez, V.-P. and Sec. Office, 80 Maiden Lane,
Since 1 9 0 3 ---- 6
6
6
6 & 2 e x . 6 yearly. 6
6
6
N? Y f— (V. 162. p. 156, 611; V. 104, p. 167; V. 106, p.339; V. 107. p.2379.)
do extra - . 2
2
2
——
0
— Feb., 3.
----------CONTINENTAL MOTORS CO R P.— ORGA N IZA TIO N .— Incorp. In
do in stock _--60
-5 Apr., 14
----------In 1918, Jan. 31. 1H (au.); Feb. 11, 3% extra; April 20. 14% In stock. Virginia In Jan. 1917 (see V. 104. p. 259). and took over business and plants
at Detroit and Muskegon, Mich., of Continental Motors (Jo., makers of
V. 106. p. 1580, 1233. 193.
"Continental" gasoline motors. Com. stock auth., $15,000,000; par, $10.
BONDS
outstanding Jan. 1919. $14,537,950. Pref. stock (offered by William P.
1256
Bonbright & Co. and Lee, Higginson & Co.) is callable in 1 9 2 0 as a whole at
cha8ed*~Nov7 1910) and a general lien, subject to about Jll.000,000 prior 104 and div.. increasing 1 % yearly to 110 In 1926 and thereafter. Sinklng
aecumul^o
bonds on the remaining property, about 106,160 acres, and on other fund equal to 2 0 % of net profits remaining after pref. div.
tangible assets, Including mining plant, tugs, barges, coal cars, securities, until entire issue can be called. No bonds. Notes payable (Oct. 31 1918).
The Michigan Securities Commission in D ec. 1918 removed Its
&o., aggregating $21,469,075. Sinking fund, 2o. per ton mined In first $850.000.
the pref. stock, oper. exp., taxes, maintenance. &c. There have been
sold^900,000 lst^VI.^58,^$700,000^pref. stock and $439,000 common stock.




N ov., 1919.]

INDUSTRIAL STOCKS AND BONDS

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

(T he) C ontinen tal Oil Co— Stock $12,000,000 . _______
C opper Range Co— Capital stock $10,000,000 .
_____
Corn P roducts R e fin in g .—Common stock S50.000.000
Preferred (a & d) stock 7% cum $30,000,000
1st M. g sink, fa red 105_______________
" x c*
Debentures g $114,000 called yearly par'(V"857 p" 527)
N Y Glucose Co first mtge assumed gold s f (see text)___z
Guaranteed Debentures—
Nat Starch Co debs g guar p & I (V 9 4 , p. 127)
z
Cosden and Com pany— Common stock $35.0007000
Pref stock 7% cumulative convertible $7,000 000
Convertible s f bonds $20,000,000 A & B text
" I ll
Cosden & Co (old) 1st M convertible s f bonds
Convertible debentures (proposed) $25,000,000
"
(Wm) Cramp & Sons Ship & en g in e Bldg Co— See text ""
Crescent Pipe Line Co— Stock $ 3 , 0 0 0 , 0 0 0 ____ .

Par
Value

Amount
Outstanding

Rate
%

See text 12% 1918 Q— M Sept '15 19, 3% Checks mailed
25 $9,854,450 10inl9l9 Q—M Dec 15 19. 2 % Boston
49.784,000
2 9 .8 2 i 933 See text Q—J Oct 15'19 1% Title Guar & Tr Co, N Y
1909
M & N May 1 1934
5g
a4,903.000
do
do
1906
b620. >00
5 g AI & N Nov 11931
do
do
1901 See text
M & S Sept 1 1926
C727.040
6 g
Title Guar & Tr Co.Bklyn
1910
1 ,0 0 0 d 5 ,168,000
5 g J & J July 1 1930
Farmers’ L & Tr Co. N Y
5 18 507,590
Q— P
Text
See text
Baltimore, Md
5 3,587,965
Q— M Dec 1 '19 1 K
7
do
do
1917
J & J July 1 1932
8,884.500
6 g
Central Union Tr Co N Y
1916
1 .0 0 0
A & OOct 1 1926
747.000
6 g
Equitable Tr C o, Balt
1919
1 0 0 &c
See text
7
1929
New York
100
100
1 ,0 0 0
1 .0 0 0

restriction on dividends upon common stock to 6 % per annum, earnings
having been accumulated as ordered. V. 107 p 2191' V 104 P 954
Divs. on pref., 1 K % quar. from April 1917 to Oct. 1919. D iv.’ on'com !
1 Q10k ffcv ,1* JUn° tt
°
J5
1917> 2 % : V. 105, p. to Au~- 15
1919,1)4% quar.; Nov. 15 1919, 2 % . V. 5109, p. 1795; Feb- 1 9 1 8 2187, 2275.
R EPO RT.— For year ending Oct. 31 1918; V. 108, p. 576, shows:
„
Y r.T 7-’ 18. 9)4 Afo.’ 17. „
J
Y>.’ 17-’ 18 .9 K M o .l 7
Net profits...$1,939,785 $1,396,814 C om .d iv .(8 % )$ l,162,784 $217,928
Pref. div— (7%)238,282
178,305 Balance, surp. $538,719 $1,000,583
Tot.p.& 1. sur.
Oct. 31 1918
$ 1 ,5 5 5
$610,000
t, P res- Benj. F - Tobin, Detroit: V^Pres.. R. W . Judson; Sec. & Asst.
Treas., W . Ii. Angell; Troas., G. TV. Yeoman.— (V. J09, p. 1795.)
(THE) CONTINENTAL OIL CO.— O RGAN IZATION . &c.__Incoro. In
Colorado April 1913 as successor of the Iowa company o f the same name,
each share of stock receiving ten times the amount In new stock. V. 96
p. 492, 1091, 1158. Formerly controlled by Standard Oil Co. o f N. J but
segregated In 1911. See Standard Oil Co. of N. J. V 85 o 216 790-V Q
3
p. 1390. Stock, $3,000,000; par, $100. Stockholders voted Sept. \7 i 917
to Increase the auth. stock from $3,000,000 to $ 1 2 0 0 0 0 0 0
V 105 n
1212.
Dividends paid Sept. 1913 to Sept. 15 1919 12% (3 % 'O M ?
Pres., E. T. Wilson: Treas., G. F. Smith.
Office Denve? Colo
Earn
ings for year 1915 (V. 103. p. 2368) .— (V.108. p. 384 )
lsqqO P 8 eeR vRAin 5 ^ C^ n ~ 9 R? ^ N IZ^ T iON ' - IncOTPa
Mich. Jan. 2C
anil- mineral rights in' Lake Suporib^'distri'ct.^Mich*1 6 Owns'the s t o c ^ o f
Trirnountain and Atlantic mining companies and Oo'nnm Rsiilfl r r C
“ Railroads "), 99.69% , 97% and 100%!
O^M V?Q? 8_ l ^ C- i q ^ 'M a l r h ^
1916’ 40% 1917. 40% (10%
v ! 108' p 2025
191J’ Marcb 15>SI. June, Sept, and Dec., 50 cts. (2% ).
R EPO RT.— Report for cal. year 1918 showed (V. 108. p. 1612):
1918.
1917.
iQifl
iq ic
Copper produced (lbs.). 37.498.197 45,043.301 54 747 498 53 7 3 9 442
Total revenue.................. $9,481,563 $13,097,933 $13 910 036 $9373 1 2 0
Net for dividends........... 2,895.615
6J078.190
3.564,762
Dividends paid--------(24)2,366,394(40)3943,913(40)3941 *648(12)1182*003
Pres., William A . Paine. Boston.— (V. 108. p. 786.1612, 2025 ) 1 8 2 ,0 0 3
CORN PRODUCTS REFININO CO.— ORGANIZATION — Incorp Feb P
1906 per plan V. 82. p. 103. 1.321: V. 85. o. 527: V 8 6 o ' 1412-V 8?* n )•
>
V' 103,P % :7 V ' I lants at Argo, Granite Oity and Pekin HI 1908 tb 1918
n
P
a" d MpOrt
.V,
P- 2<U7. p ? 'nfs
Edcewater
litis-.
9:,S: v '
-• ° 28m j Vt ' m " 1:
. :,u.n?. 19'[j t h 0 u •S. District Court In N . Y . held the company to have
violated the Sherman Anti-Trust Law, and on March 21 iqiq » final dperee
was filed, to which the company assented ordering the dissoLtPon o fth e
later than Jan. 1 1921. The company must dispose of its
plants at Granite City, III.; Davenport, Iowa; its interest in the stock and
other securities o f the National Starch C o., with its nlant at Oswpgn N Y
and tho stock and securities of the Novelty Candy S o., which has8 plants at
Chicago, UL, and Jersey City, N, J., to a person or persons, including cor­
porations not controlled by or affihatod with the Corn Products Refining
Co. and the company, or affiliated corporations, shall not have any officers
or directors in common with such purchaser, nor shall any defendant be
such purchaser
Only persons or corporations intending to continue the
business shall be eligible as purchasers.
6
Accordingly in Aug. 1919 the Novelty Candy plants were sold to the
Continental Candy Co. (V. 109, p. 687). In SeD 1910 also the Granite
t
City plant was sold for $4 500.000 to the Best-ClymerMfg Co. o f St Louis
and is now owned by the Temtor Corn & Fruit Products Co though it will
continue to bo operated by the Corn Products i f f l g Co. f o 'f n e y Z
un i r a i l i s e on ling Ott. 1 19 JO See V. 109 p [ >77 1 pig 17 9 >
.
The decree leaves tne company with plants at Argo and Pekin 111., and
Edgewater, N . J., and also its foreign business which before the war
wni
£?ta' business. The sale o f the plants involved in
the decree will not be followed by a reorganization or readjustment ofthe
capital o f the parent corporation
Instead of this, tho proceeds o f the severa1 saies will be used to pay off the funded debt resting on these plants.
2345

V ' 105> P' 501: V ' 106’ p ' 90: V ' I08,

PR EF.D IV S.— '07. '08-T1. 1912. ’ 13. ’ 14. '15. ’ 16 '17
’ 18
Regular ( % ) . . 7 4 yrly. abt. 6 5
5
5
5
7
78*
Extra (% )............. 1 yrly..........................................
1 9 .1 5 —

1919
7

—, _

With the regular 1K % quarterly the pref. shares in 1917 received in
Jan., April and July each 5% and In Oct. 4 1-6%. extinguishing all
accumulations. V. 104. p. 1147. 2555: V. 105; p 392 extln B U l!,u ,U 8
In March 1918 Pros. Bodford Informed tho shareholders that In view of
the Informal understanding with the court, no action on the common dlv
would be taken bv the management until the final determination of the anti­
trust suit. V. 106, p. 1347, 90. .
BONDS.— Of the N. Y. Glucose 6 s, 4% of each bond ($40) is rctirnbit
Sept. 1 yearly beginning 1902. but they are not sub to call. V 74. p. 1086
The 1st 25-year 5s of 1909 ($10,000,000 auth. issue) are secured by a firs
lien on ail the property of the oompany and its subsidiaries now owned or
hereafter acquired (except certain real estate in Chicago) subject only to
N . Y. Glucose 1st 6 s. Annual sinking Tund of 2% o f total at any tlmt
Issued may bo used to draw bonds at 105 and lnt. Of the bonds $5,870,000
issued $2,601,000 had on Dec. 31 1918 been acquired by the company by
purchase or exchange. As to other bonds retired (largely 1917-18), see foot­
note to tablo at head of page and V. 106, p. 1034. V. 8 8 . p . -1064. 1256.
1439; V. 90, p. 845. 846; V. 93. p. 348; V. 105, p. 1423.
EAR N IN G S.— Results for 3 and 9 mos. end. Sept. 30 (V. 109, p. 1702).
„
1919—3 Mos.—4918.
1919— 9 M o s — 1918.
Income after est. taxes.
$3,797,791 $1,640,867 $11,985,051 $8,950,205
Interest and depreciation
576.623
558,693
1,732,423
1,698,331
Preferred dividends____
521,973
521,971
1,565,918
1,565,912
Per cent.......................
IK
lK
5)4
5)4
Balance, surplus.........$2,699,195




$560,203

Last Dividend Places Where Interest a n d
and Maturity
Dividends are Payable

$100

50 3,000.000 See text
a b e d Including amounts held by Corn Products Ref. C o., vi z.: a $2,5 88,000; b$3 0 1 ,0 0 0 : c
held by National Starch Co itself.)

p ' 1392 Pi723’ )63' 1689’ 1891’

When
Payable

163

$8,686,710 $5,685,962

Q— M Dec 15 '19 I K Checks mailed
$479,000

d $2,995,000 (along with $1,365,000

RE PO RT.— For cal. year 1918, in V. 108. p . 1268:
„
„
19181917.
1916.
Profits from operations.$24,282,303 $16,852,793 $7,900,188
lnt. on dep., loans, & c._
215,844
219,958
146,294
lnt. & divs. on securities
828.205
314,472
231,081
Rents real estrnot in op .
2,602
1,837
4,038

1915

$4,682 658
’ 27 437
191 31 q

4,961

Total income............... $25,328,954 $17,389,061 $8,281,600 $4,906 3 7 5
Interest on bonded debt
$201,187
$225,803
$255,608
$305 710
General ta x e s...............
195.997
131,363
222,792
111 071
Insurance
202,470
132,758
87.679
205,304
Preferred dividends------ 2,087,885
6,313,361
3,131.825
1,491,345
Dividend rate.............
(7% )
(2 1 1 - 6 % )
(10)4% )
(5 % )
Depreciation................... 2,594,899
2,050.676
807.044
514,507
Inc.& war exc. prof, tax 13,000,000 3.500.000
________
Repairs & replacements.
______
______
612.230
60 1414
______
212,500
_J____
Special & extraor. losses.
482,000
Balance, surplus......... $6,564,516
$5,035,099 $2,951,922 $1,677,023
Total accumulated surplus Dec. 31 1918, $24,905,861. (appropriated for
various purposes), against $18,341,348 Dec. 31 1917. See V.-108. p. 1268.
National Starch Co.— Results for Calendar Years.
Calendar
2Ve(
Other
Bond
Insur. & Deprecia- Balance,
: ni £ ars—
Jlr0 its- Income. Interest.
I
Taxes.
tion.
Surplus.
} 9 } § ............. $948,293 $13,938 $197,652 x$318,465 $250,304 $195,810
9 7 -------- 533.112 12,606
227.727
59.447
250!317
8,22 7
1916 - - - - - - 544,106 11,090
243,933
43.282
261,396
6,585
x includes $250,000 reserved for income and excess profits tax.
. n l hu ? ™ n i1 Starch Clo. has outstanding in the hands of the public
?? n
5 ref* ar*d $99,300 common stock, the balance being owned by
the Corn Products Refining Co. Of its $5,168,000 debenture 5s (guaran­
teed) only $808,000 on Dec. 31 1918 were in hands of public. On that
5 7 7 0 n n n T P tly
n
$1.365.000 of the issue for redemption (against
$27
995°000) DeC' 3 1 1 9 1 7 , whlle the Corn Products Refining Co. held
DIRECTORS.— E .T . Bedford (Pres.), W. J. Matheson (V .-P .), E. B
Walden (V -P res.), G. M . Moffett (V .-P .), F. T . Fisher (Sec-Treas )
w *17 Ke-s2y l
,
M ‘« w . r“ er> Q- S. Mahana (V.-Pres.), T . P. Kingsford,
a
.
iT n ^ w u r h iiS w “
A . Smith. A. B . Boardman. Preston Davie. F. H.
891.’ 1277!8 l^ i2 °170'20 ' 108’ P' 1268’ 1392’ 1723; V ' 109, P ' 175’ 479’
C ° SDEN AND CO.— ORGA N IZA TIO N .— Incorp. in Delaw. July 9
1917 as a consolidation (V. 104, p. 2018, 2455. 2007). Properties: (a) in
^ a 9nAoaL ° PCr^ tIivg 8 5 0 W ^ u cm g wells in Oklahoma and controlled over
300,000 acres in Kansas, Oklahoma, Texas, &c., including 10,000 acres in
Cushing District; (6 ) pipe line system, about 300 miles in length, connecting
the producing area with the refineries; (c) 2,062 tank cars: (d) modern
refinery at Tulsa, Ok a., said to have a consumping capacity of 25,000 bbte
daily if producing all by-Droducts. 75.000 hhls. riaiiv if

CAPITAL STOCK.— It was announced in Oct. 1919 that in addition to
us'iaI dividend the future policy of the company would be to declare
extra dividends in stock from time to time from the surplus earnings^ For
this purpose the board of directors recommended to the stockho ders'an increasehi the uuth com stock from $25,000.000 to S35.00o!o00
v °09
p. l - i /, 1182, 1699. The pref. stock is redeemable at $ 6 per share (all or
part preferred as to assets and convertible at option of holder into com
t 15a
!
? o 7u?J’ of ptTf ■ ;,ock for ono share of common stock
T
u T
$ 1 0 D er^ a ra 17(nire S5 C ° M e^nr7 nnn offcred the riSfat to subscribe at
^ ^
610 «
nai?07(Par
f° r 88’899,99d uew common stock. V. 105, p.
D IV ID E N D S.— In Sent. 1917 an extra dividend of 4 % was declared
on the common stock in addition to tho initial quarterly 2 % Davable N o v i
On Feb. 1 1918 in view of extraordinary conditions due^ to c o l/w ^ th e r and
Tn^fe!?efC
en^?St
comraoa dividend of 5% was paid In common stock
In lieu of cash and this was ropoated in May; Aug. 1918. 2 K % was paidin
stock-increasing the outstanding stock to $182)11.398. * Nov
1918 to Aug. 1919, 2 )4 % each paid quar.: Nov. 1 p a id 2)4% cash and
v
in com. stock. See ^'Capital Stock" above.
n /c
Q
%
PONDS .— Convertible sinking fund gold bonds (V. 105. p. 1000) total
auth., $20,000,000. The right to issue these two lots of reserved ’bonds
has been rescinded. Both A and B bonds are now alike as to securitv
conversion and all other rights. Prior to July 1 1919 their conversion right
*te9 v srl^ rent' Tbe rat 0 °,f conversion for both series in Nov. 1 9 1 9 was
j.12 75 face amount of bonds for one $5 share of com. stock but subject
to change from time to time on agreed basis when and as the amount o f
outstanding com. stock is increased. Annual sinking fund equal to 5<7 of
?!", 2 0 of ,net earnings whichever is larger. In June5 1919
$8,881,500 of thise bonds were outstanding, excluding 81 250 000 in sink
( O k t T f n f l i T o in7 r f ted intV st,°o 7 SI 7 2 -0 0 0 held b y c i d e n V c o !
C
k:
VAA SJ.tJ 9 ’ 0 0 0 P? trT
easury. V. 107, p. 1097: V. 105, p. 822; V. 104. p.
1706. Notes payablo Juno 30 1919, $3,076,358.
’p
Jun^30°toT qT ^O o rL n m calendar year 1918. For half-year ended
inreP^
accrued interest'aPdVP' 1 6 9 9). earnings were “ $4,281,533, after deducting
t„C
eroi oaiCrm!ea r taxes, including estimated Federal taxes, amounting
K
„
' i ,, Je i o foro hepreciation and depletion. The earnings for the
$4 ™ 5 5 8 ^ 9 ^” n 19^® were $3,819,171 and for the last six months of 1918 were
For half-year ended June 30—
1919.
tu rn in g s after interest and Federal tax reserve. $4.281,533
m
ends’ cash (3)4 %) about.................
125,577
Common dividends_____________________________
a901,936

1918.
$3,819,171
121,838
b l,637,300
Balance, surplus, before deprec'n & depletion.. $3,254,020 $2,060,033
a 5% cash, b 10% stock.
_______

OFFICERS.—-Pres., J. S. Cosden; V.-Pres’ts., A. TV. Gieske, Jacob
France and E. R. Perry; Sec. & Treas., E. M . Rouzer. Offices, Tulsa
and Maryland Casualty Tower, Baltimore, M d.— (V. 107, p. 85*
1097, 1581, 2292. 2379; V. 109. p. 680, 1182. 1277. 1699.)
*

[V ol . 109.

INDUSTRIAL STOCKS AND BONDS

164

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

Date
Bonds

Crucible Steel Co— Common stock autnorlzed $25,000,000. .
Preferred (a & d) 7%_cumulative $25,000,000 authorized..

III I

Pitts Cruc Steel Co 1st M $250,000 yrly beirfn 1916.UPi.xc*

1911
1911

C uba Cane Sugar Corp— Com stk no par value (see text).
Pref stock 7% cum convert red 120 $50.000,000-------------Ten-year Debenture bonds convertible text---------------------Cuban-American Sugar Co— Common stock-----------------------Preferred (a & d) stock 7% cumulative------------------------First Lien g notes call 101. due $2,000,000 yrly.Cexxxxc*

Par
Value

$25,000,000
25,000,000
1,530,797
5.830.000
49,000
None 500,000 shs
1 0 0 50.000,000
$100
100

100

1918

Amount
Outstanding

1 .0 0 0

Rate
%

When
Payable

7

Q— M
M &

5
5

6

Oct .31 *10 3%
Dec 22 '19 1H Checks mailed f'r Tr office
To June 30 1920
S M arl920to 1945 Union Trust Co. pittsbg,
July 15 1920

Q— J
g

j

Oct 1 1919, 1H Guaranty Trust C o. N X

Q—J

7

9.999.500 10 in ’ 19
4.000.000

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Jan 2 20 2H

&

129 Front St. N Y

j Jan 1920 to 21 New York

On Aug. 31 1919 profit and loss surplus was $15,774,800; surplus, appro
printed to additions, improvements. &c.. $3O.0OO,0OO.
Consolidated balance sheet of Aug. 31 1919 showed: “ Reserve for Federal
Income and profits tax, $8,520,679” ; other reserves, $12,653,404, viz.
depreciation and renewal of plants, $6,973,483; fire and marine insurance
$1,463,344; workmen's compensation, $2,734,891; contingent, $1,481,686;
accounts payable, $4,211,308: notes payable, $500,000. On the other hand,
“ plant, good will, &c., stood at $85,168,741; inventories of materials and
supplies at $27,605,896; cash, $1,536,718; accounts receivable, less reserve,
$8,927,757.”
Chairman, H. S. Wilkinson; Pres., O. H. Wharton; Treas. & Sec., Geo.
A. Turville. Exec. Committee: H. S. Wilkinson, Hon. Nathan L. Miller,
George E. Shaw, H. D. W . English, G. M . BlaCk, O. H. Wharton.
Office,
Oliver Bldg., Pittsburgh, Pa.— (V. 109, p. 175, 274, 778, 891, 1182, 1369,
1702, 1790, 1990.)
CUBA CANE SUOAR COR PO R ATIO N .— ORGA N IZA TIO N .— In­
corporated In Dec. 1915 In N. Y. A consolidation of 17 sugar plantations.
V. 103, p. 64; V. 102, p. 1628. In July 1916 acquired Stewart Sugar Co.
o f Cuba. V. 102, p. 2344; V. 103, p. 64, 496. Crops made by the com­
pany: Number of bags (7 bags equal one ton of 2,240 lbs.), viz.:1915-16,
3,174,168; 1916-17, 3,261,621; 1917-18, 3,613,325; 1918-19, 4,319,189.
Status in July 1919 (Goethals and committee reports), V. 109, p. 274, 1463.
S 3 8 8 ’0 0 0
975.000
able $25,o6o yearly at 110; interest M . & S ------- ---------------STOCK.— Authorized, $50,000,000 7% cum. conv. pref. (par *100), and
Consol. M tge. bonds, $7,500,000; isued in exchange for 20-year
I , 414,666 shares common (including 500,000
.. 1 H
OtfiS
—
— — — — — X|O |U U of pref. stock and 416,666 reserved for conv. of shares reserved for conversion
————
uU u
7% Deb. bonds; see below):
R e n e w a b l e 5 % o n e ^ y e a r n o t e i ”(V . 153, p . 63) o r jg i n a l l y $1,500,­
no par. Pref. is redeemable at 120 and int. and is preferred as to assets and
000. s e c u r e d b y $1,670,000 C o n s o l , b o n d s ; $o00.000 p a d o f f
dividends. Convertible into common share for shro, at any time at option
June 27 1918 a n d r e m a in d e r e x t e n d e d 6 m o n t h s . V.107.P.1387. 1.000,000 of holder. V. 103, p. 64, 1794.
oso .4 4 4
Real estate mortgage and ground rents-----------------------------------BONDS, &c.— The shareholders voted Nov. 25 1919 to issue $25,000,000
R E PO RT.— Year changed to end Dec. 31. Report for 8 mos. to Dec. 31
Ten-Year 7% debentures, convertible into common stock at $60 per share,
1 9 1 8 , in W 108, p. 1932’ showed;
ig lg
1Q17
and also to increase the auth. capital stock from 1,000,000 to 1.410,667
N it earnings.$1 jjffiMM} $1,507,402 All interest..
$172,044 SI92,658 shares of no par value, to provide for conversions. The bonds will be
Deduct depr’n $281,726 $196,5511Balance, surp $1,085,326i $1,118,193 offered for subscription at par to the stockholders (pref. and com.) of record
Dec. 3
rate
each 4 shares o f stock
Dividends o f 6 % p. a., resumed Aug. 1 1917, call fo^ 6 5 £ 8 0 per ann., J. & W .1919 at the& Co. or $100 of bonds for & C o., it is stated, will owned.
Seligman
and Hayden, Stone
form a
or $243,920 for 8 months. Profit and loss surplus Dec. 31 1918, $9,331,523.
syndicate to underwrite the issue. V. 109, p. 1612, 1702.
D IR E C TO RS.— H. A. Berwind, Andrew Fletcher, Hoboken, N . J . ,
On Fob. 11 1919 the stockholders authorized the issue of $25,000,000
W Ilinckle Smith H. S.|Grove, (Chairman), J. K .M itchell. O .E . Mather;
H B Taylor, Phila.; Carroll S. Smith, N. Y . City; W Potts o f Wycbrook. (V. 108, p. 384, 6 8 6 ) mortgage bonds, to reimburse the treasury for improve­
the
Pa’ • J H Mull, Phila.; and Charles Hayden, N. Y . Officers: Pres., ments, extensions and additions, and to pay not, floating debt incurred in
however, availed them
J Harrv Mull- V.-Pres., H. B. Taylor; Sec. & Treas., O. T . Taylor; connection therewith. The directors have
selves o f the authority thus given. V. 108, p. 384, 786; V. 109, p. 1463.
A<at Sec R L Howe, and Asst. Treas., O. L. Peterson.— (V. 106, p.
7fo.*2563.’276o£V. 107 P- 78. 1387 2192 2292, 2479; V. 108, p. 1723.1824,
D IV ID E N D S.— On pref. April 1916 to Oct. 1 1919, 7% p. a, ( 1M% qu.)
1932, 2531; V. 109, p. 274, 375, 479, 581, 1277.)
REPORT.— For year ending Sept. 30 1919, see "Cbronlclo” for Septr o p g C P N T PIPE LINE CO.— ORGAN IZATION , &c.— Incorporated
In
vania in 1891
Has pipe line from Greggs, Pa., to Marcus Hook,
1918-19. | 1917-18.
1918-19. 1917-18.
K J W S t t F o r m e r l y ^ f ^ l l e d by Standard Oil Co. o f N J but 2 9 19191
$
.
Net profits____11,069,880 7,390,604 Deprec’n res— ..2,150,000 1,750,000
Interest chgs—
555,810 679,654 Res. for doubtful
accounts, & c.3.500,000 ----------Res. for taxes..
979,490 834,525
Pref. divs___ 3,884,580(7)3,500,000
Balance................................
626,424
x Includes income and war excess profits taxes.
Total p. & 1. surplus. Sept. 30 1919, $16,712,303. Bills payable Sept.
P CRUCIBLE STEEL CO. OF AMERICA.— ORGANIZATK)N^ in c o r ­ 30 1919 $15,000,000.
porated in N. J. on July 21 1900. V. 71, p. 32, V. 7 3 . P - 8 4 2 , V •8L p. 5 7 d,
OFFICERS.— Frederick Strauss, Chairman; Manuel Rionda, Pres.;
V. 101, p. 290. Fourteen of plants owned and contrcdled lit tsbur H, I a.
Regino Truffin; Frederick Strauss, Alfred Jaretzkl and B. Braga Rionda
Syracuse, N. Y ., Auburn, N. Y ., Harrison, N . J-.Jersey City, N .J . Mid­ Vice-Presidents; H. F. Kroyer, Sec. and Treas. N . Y . office, 112 Wall St.
land, Pa., McKees Rocks, Pa., &c. V. 109. P - n l k J t ^ d d i t t o n s
— (V. 108, P- 6 8 6 . 786; V. 109. p. 274. 1463, 1612. 1702, 1990.)
a large part o f the exceptionally heavy earnings w o
and improvements (new open hearth steel plant, &c.)
qoo 0 0 0
CUBAN-AMERICAN SUGAR CO.— ORGANIZATION.— Incorporated
pany impregnable against competition, domestic: and foreign, $30 0003)00 Sept. 19 1906 In New Jersey and controls and operates, through Its sub
o f surplus income having been appropriated for and invested in addltio to companies, eight sugar plantations in Cuba and two sugar refineries, one In
property and working capital. V . 103, p. 1790; V. 1 0 5 , p. 1895, V. 107, p. Cuba and one In Louisiana. Annual capacity of Cuban plantations.
1832. In 1919 was completing improvements under way, but undertaking 700,000 tons of sugar. Compare V. 89, p. 719: V. 90, p. 916.
1920
TO. ’ 11-T4. T 5. T6. T7. TR. T9.
DIVS.—
n0IneT9 T9rWilliIm Hamlin Childs, August
eterted
Jan. l ? i , q u . ,
Miller, Hamilton Stewart, Eversley Childs and A . W . MeUon, were eiectea
7
7
7
14
7
SH 7 y ’ly
Jan. 2M
to the board to represent, in part at least a large amount o f stock a cq u ire
10 10 10 10
10 10
by New York and other interests. V. 108,, p. 2632, V. 109.
--The Pittsburgh Crucible Steel C o., all of whose stockMs■ownoa dv tno
::::
40
Crucible Steel Co. o f America, Pm-chased the propa-ty o f ^UclLand Steei Co.
On Oct. 1 1917 an extra cash dividend o f 10% was paid with the rogula
(V. 83, p. 41), owning a plant at Midland, Fa also 5 0 1 aCTM of larm, ana quarterly 2)4%• On Oct. 2 1916 10% cash and 40% stock.
NOTES.— Total authorized issue. $6,000,000 sold in Dec 1917 (Vm M u r td fS o O O
105, p. 2545; $2,000,000 redeemed Jan. 2 1919. Tho company owns al»
the capital stock except sharas necessary to qualify directors and an tno
bonds of the Chaparra Sugar Co., Tinguaro Sugar Co , Cuban Sugar Re­
expecting to complete early in 1920 its 100 Koppers by-product coke «v
and a 600-ton blast furnace, which will cost approximately $2 ,0 0 0 ,0 0 0 . fining C o., Unidad Sugar Co., Mercedita Sugar Co., Colonial Sugars Co.,
San piuuuv. Sugar Co. — a uaapiUTti RR. u u ., which. bonds are 0'A -V.,^
and Chaparra iw>. Co., * »
oau Manuel —
A . Pledged
V. 107, p. 406; V. 108, p. 893.
, ,
nr i o n
tS
(1 .1 8
. _____ this note issue. Bills .... .... l.l,. and bankers 1 ,9 1 SODu. 30 1i)1n.
Halcomb Steel Co. of Syracuse (controlled by stock) 2d M . os o f 1911 to secure tV n nnf n InmiA Dtlln payable nnrl KonlmPQ* loans Sept. •ill 1918,
(guar. p. & i.) see V. 92, p. 728, 397; V. 103. p. 2082; V. 104. p. 2346, $1,910,391; real estate mortgages, &c., $462,193.
V. 105, p. 2545; V. 106, p. 811.
, . .
, a ,O
Q
The foregoing issues constitute the $5 ,8 7 9 ,0 0 0 j.guaranteed bonds [as or
R E PO R T .— For yr. end. Sept. 30 1918, at length In V. 107, p . 2472,2479r
Aug. 31 1919] mentioned in V. 105, p. 1895.
_ ,
. ln1f.
1917-18.
1916-17. „ JBlS-iO.
1814-lg.
Guarantees interest ($45,000 yearly) on Norwalk Steel 4H s of 1910, Gross incom e.................. $40,089,316 $40,345,554 5 2 7 ,3 4 4 ,1 2 8 $23,366,625
due July 1 1929, having the option to purchase the same before maturity N e t income...................... $10,249,273 $10,821,960 $9,625,471 $7,210,623
at 80 and int. (V. 95, p. 424); also prin. and int. of bonds of the St. Clair Reserved Fed. taxes____ 3,500,000 2,500.000
Steel and St. Clair Furnace Co. jointly with U. S. Steel Corporation.
729,339
788,497
D epreci
909,794
762,030
L A T E D T V .’07. ’08. ’09. ’ 10. ’ 11-’ 13. ’ 14. T5. T 6 . T 7 . *18. T9. Interesta t i o n , &c---------661,020
827,978
charges..............
897,047
665,930
On pref .% 5 A
0
5H
7
7 yrly. 3H 1H
7
7
7
7.
494,921
276,283
Sinking fund, &c-------------------------- 811,357
Onacc‘nsI% fin 1910 ?/3 & 1 0 sc|
6
18H 7
(7)552,566 (14)1,105,132
Preferred (cash) d i v s . . . (10)999,950(20)1999.137(20)1427,120
dividends------(7)552,566
(7)&£2,?STmmi/ 297’ i20
Common
° In ° M f‘ y ea r'1917” paid'the regular 7% (1J* Q-M) on'the"pref.'shares Common (stock) divs.....................................(4 0 )2 «a i,zw
------------and ai<30 is M % o f accumulated dividends, clearing all accumulations.
Tn Tnlv 1919 an initial div. o f 1H % was paid on the common stock, and
Balance, surplus........... $2,578,559 $3,704,370 f2.906.265 $4,212,633
in Oct paid 3 %
V. 109, p. 1182; V*. 108, p. 2632.
Production in 1916 (not 1918), 3,174,168 bags; 1019'w a s 4,319,189.
R E PO RT.— For year ending Aug. 31 1919, V. 109, p. 1789, showed^^
Total profit and loss surplus Sept. 30 1918, $16,828,168.
- F i s c .Y r . P r o fits .
D e p t . . A c. Canting. Interest.
P r e f.^ D iv .
or£ e f‘
OFFICERS.— Pres., R . B. Ilawley; 1st V.-P. & Treas,. J .J I . Post;
Asst Sec., Walter J. Vrecland. Office, 129 Front St., N . * . ( V . 1 0 0
p. 503; V. i07, p. 2472, 2479; V. 108, P- 272, 686; V. 109. p. 274. 375, 1463.)
1916^17 16 161 237 3 375 000 ........... 503,879 (30 AY7.562,500 4.719.858
1:915:240 794.570 595.282 *8*)4.125.600 11.098.8&
CUBAN SUGAR MILLS COR PO R ATIO N .— V. 103. p. 2240.
1914-15. 5,220.921 1,464.616 48.443 634,112 - ....................... 3.073.75U
(WM.) CRAMP & SONS’ SHIP & ENGINE BUILDING CO.— Incorp
in'Penn. March 26 1872. Properties owned, V . 78, p. 46; V 90, p. 916­
In June 1915 a large interest was acquired by New York and other parties.
V. 100, p. 2013: V. 101, p. 50; V. 102, p. 1 5 6 .I n N o v .1 9 1 7 purchased for
some $1,500,000 the 5 H -aere plant o f the De La Vergne Machine Co.
V . 105, p. 2001. War and other business Dec. 31 1918, V. 108, p. 1932.
In July 1919 American Ship & Commerce C o p . (see above) acquired a
majority o f the stock, issuing in place o f each $ 1 0 0 share acquired five shares
of its own stock, with no par value. V . 109, p. 372, 479.
^
STOCK.— Stock (as increased June 1 9 0 3 ), *6.250.000, w i n d in g .J ,® C
098,000; par of shares, $100. Of this, $5,756,000 has b®e“ ^ o s U « l with
voting trustees, viz.: E. T . Stotesbury and Levi 1 Rue, Phda., and Geo. F.
L.
Baker, N . Y . V. 76. p. 921. 975. 1087; V. 101. p. 290; V. 102. p. 803
LATEST
/ ’96-’ 97. ’ 98. ’ 99. ’ 00. ’01. ’02. ’03-T6. 1917. ’ 18. 1919.
DIVS - . % I None l'A 5
5
5
3 H None Aug., 3% 6
7H
In M ay 1917 resumed dividends, 3% being paid Aug. 1. Feb. 1918 to
Aug. 1919, 3% s.-a. In Oct. 1919 paid 1 H % - JJ - 10?, P- 1277.
Funded Debt as o f Dec. 31 1918, Less Maturing Installments (Compare V. 108,

is&iwsisM KiW PiKi* iy-dijs s




M l

N ov ., 1919.]

INDUSTRIAL STOCKS AND BONDS-

•
MISCELLANEOUS COMPANIES
[For abbreviations, &c , see notes on first pace]

Date
Bonds

Cudahy Pack Co-lstM $12,000,000 s f calll023$.........c*&r*x 1916
Sinking fund gold notes $10,000,000 call lOl&tnt-IC.xxxc* 1918
Cumberland Pipe Line Co— Stock $1,500,000 V. 105, p.502
Cumberland Telep & Teleg— 1st & Gen M $15,000,000
authorized red text____________________________ Col.xc*&r 1912
D e b e n t u r e s c a l la b le a t p a r _______________________________________
1900
Curtiss A eroplane & M otor C o— Common stock_______
Pref stock 7% cum s fd call at 105 till Jan 1 '18 then 110—
Dallas Power & Lt C o—See Electric R y. Section. •
Dayton Power & Light C o—Common stock $14,000,000_
_
Pref stock 6% cum callable at 110 & divs $6,000,000 _____
Dayton Ltg Co 1st & Ref Mtge call 107H assumed.Eq.c* 1907
Dayton El Lt Co. 1st M call 10714 assumed
IC.c* 1901
lst&. Ref M $20,000,000 s f call 1 0 5 .................
K.c* 1911
General Mtge 2-year 7s $1,750,000 call 101...........FPkxxx 1918
Deere & Co— Common stock 525,000,000____________ _____
P r e fe r r e d (a & d) stock 7% c u m not c a l l a b l e _________ FC
Delaware Lack & Western Coal—Stock $6,800,000 ________
Denver Gas & El Lt— Pref (a & d) stock 6% cum call 110
First & Ref M $25,000,000 g red 105 s f ________ Ba.xxc* 1911
1st M $8,000,000 g callable at 105 and interest___ __ _E 1903
Lacombe Electric Co first mtge closed guar callable . .
1901
(a) Additional $2,828,500 purchased and in treasury,

Par
Value

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$1,000 $8,228,300
Boston & Chicago
5 g 3 & D Dec 1 1946
100 &c 8.500.000
7 g J& J 15 July 15 1923 N Y , Boston & Chicago
100 1.500.000 See text See text Dec 15’ 18. 12% Checks mailed
500 &c 15.000,000
1.000
239.000
None 218,0608hr8
100. 5,463,100

5
5

J
F

& J Jan 1 1937
& A Feb 1 1920

J & J15 Julyl5'19 3>4%
100 3.0.53 000
100 3,330 000 6 In 1919 Q - J
Oct 1 1919 1H
1,000 2,432 000
5 g M & S Mar 1 1937
1.000
285 000
5 g M & S Mar 1 1921
1.000 2,540 000
J & D June 1 1941
1,000 1,750, 000
A & O April 1 1920
100 bl 7.901 400
100 a35.000 000
O—M Dec 1 ’ 19 1 H%
50| 6.590 700 See text O— J Oct 15 ’ 19 214%
100 1.217 700
Mthly Sept 1 1919
6
1.000 5.372 000
5 g M A N May 1 1951
100 Ac! 6.458 350
5 g M & N May 1 1949
500
900 000
5
M & N May 1 1921

?g

Columbia Tr Co, N Y
N ashv& N atShawBk. Bos
52 Vanderbilt ave, N Y
Equitable Trust Co, N Y
Harris,Forbes,NY& Chic
Columbia Tr Co. N Y
Fidelity Tr Co, Phlla
Co’s Office. Moline, III
Cheeks mailed
H L Doherty & Co, N Y
do
do
N Y ,or Inter Tr Co.Denv

(b) Addit tlonal $3 ,668,400 re served fo r sale to e mployees under contracts

(THE) CUDAHY PACKING CO.— ORGAN.— Began business In
1887 In South Omaha, and, as subsequently enlarged, was sold on Oct. 15.
1915 to present company, organized In Maine. History, V. 107, p. 294, 607.
In Oct 1919 had 8 main plants (In Omaha. Kansas City, Sioux City.
Wichita, Salt Lake, Memphis, East Chicago and Los Angeles) and over 100
branch houses, with slaughtering, curing and preparing capacity for 15.000
hogs, 4,000 cattle and 10,000 sheep per day. Reappraisal in 1918, V. 107,
p. 2191. Reply to report o f Federal Trade Commission in July 1918,
V. 107, p. 184.
DIVIDEN DS ON COM MON STOCK.— In 1916, N ov., 1 H % cash and
50% in stock; March 1917 to Oct 6 1919, 194% quar. (cash); also from
accumulated surplus common shareholders o f record Dec. 15 1918 received
a stock dividend o f 25% . V. 107, p. 2191.
C A PITAL STOCK.— V. 105. p. 2361) Jne 1 '18.
Aulh.
Outstand'g.
Pref. cum. ($2,000.0006%; $6,550,500 7% )par $100 $8,550,500 $8,550,500
Common stock (par $100)............................................. 26 449 500 17,249,500
The shareholders voted N ov. 29 1918 (following a reappraisal o f the
property) to increase the authorized capital from $2 0 ,0 0 0 ,0 0 0 ($11,449,500
being common stock, all outstanding) to $35,000,000, the increase to con­
sist of 150,000 shares o f common stock, par value $ 1 0 0 each, making the
total authorized common stock $26,449,500; o f which $17 9 4 3 5 Q is out­
0
standing, including the 25% stock dividend paid on Jan. 2 1919, and 25%
allotment at par to holders o f record Dec. 15 1918
On N ov 2 1918 the
p. & I. surplus amounted to $12,493,077. V. 107, p. 1922, 2191, 2373.
BONDS, &C.— The remaining $3,000,000 bonds may be issued up to
2-3 of the cost o f future acquisitions, &c. Annual sinking fund, $250,000
cash, plus 2>4% on any additional bonds. See V. 103, p. 2345 $771 700
bonds retired to Oct. 1918. reducing amount outstanding to $8 223 300
The proceeds o f the $10,000,000 notes sold in July 1918 provided addi­
tional working capital by reducing current liabilities. While any o f these
notes are outstanding the co. shall not further mtge. or pledge any o f its as­
sets, and will not issue, guarantee or endorse any other bonds debentures
long-time notes or similar securities,except for acquisition of additional prop­
erty and except ‘ •purchase money" obligations. The co. will maintain “ net
quick assets equal to at least 200% o f notes outstanding
Annual sinking
fund (first payment was made July 15 1919. of 15% b f fhe total notes
issued, will retire at least $1,500,000 of these notes in each o f the vears
1919, 1920, 1921 and 1922. V. 107, p. 291; V. 108, p 2632.
R E P O R T — Year 1917-18 in V. 107, p. 2373, showingCross Sales for Fiscal Years ending Oct. 31— Net Earninas
A K ($ ).
1913-14.
1914-15.
1915-16.
1916-17
1917-18.
S ales.........109,121,449 116,162,155 133.960.986 184.811,423 286.660.971
Reserve for Fed. tax. & contingencies ________
o yur. 410
Net available for divs. after all int.,
depreciation, renewals, &c----------- 3,011,415
4.430 529
3 376.809
Pres., E. A. Cudahy; V .-P .. E. A . Cudahy Jr.; 2d V -P G C Shepard;
Treas., John E. Wagner; Sec., A . W . Anderson, C hicago__(V 107 o
181, 291, 406, 607, 1749, 1810, 1922, 2191, 2373; V. 109, p 75.)
CUMBERLAND PIPE LINE CO.— ORGAN ., &C.— Inoorp in 190 Jin
Kentucky. Owns pipe line in Kentucky. Formerly controlled by Stand­
ard Oil Co. o f N. J., segregated in 1911.
D IVIDEN DS.— 1912. 1913. 1914. 1915. 1916. 1917. 1918. 1919.
(Paid ann. in D e c .).. 6 %
6%
5%
5%
5%
10%
12% 12%
July 15 1918, 6 %: Dec. 16 1918, 6 % , then none till Dec 15 1919, 12%.
V. 109, p. 1795. Report for 1918, V. 108, p. 584, showed- Gross profits,
$564,054; dividends (12% ). $179,991; baL, sur., $384 063 For 1917!
gross, $187,758; divs. (10% ). $148,879; surp., $338,879
Pres., Forrest
M . Towl; V.-Pres. & Treas., E. R. Shepard; Sec., O. A. McLouth. Office,
Oil City. Pa.— (V. 108, p. 584; V. 109, p. 175, 1795.)
’
CURTISS AEROPLANE & MOTOR CO.— ORGA N IZA TIO N .— In­
corporated in N. Y. Jan. 14 1916 to take over the entire business founded
by Glenn H. Curtiss for the manufacture o f aeroplanes Curtiss flying boats
and Curtiss motors. V. 102. p. 254. Plants at Buffalo and Hammondsport, N. Y ., and Marblehead, Mass. V. 102. p. 611- V 105 n 2097­
V. 107, p. 406. Large orders, V. 105, p. 392, 822, 2458' V 107 P 13S7.
Order cancellation, V. 107, p. 2011. Patent pooling. V 1’0 4 'n 2 5 5 5 2643.
Govt, financing in Dec. 1917, V. 105, p. 2458. In Sept 1 9 1 9 a bill was
introduced in the House of Representatives, providing for the payment of
$6,11 1, 126 to tho corporation in settlement of war contracts and for the
purchase by the United States o f the company’s Buffalo plant
V 109,
p. 127; V. 107, p. 1486.
p
v
paid at 110 Oct. 15 1919. 0U 109, P-’ M b 000 A 00 7% cum - auth. 303,000
V.
1277 Common stock loss $536,900
shares of no par value; outstanding, 218,060 shares. Including 63 000 shares
offered at $35 a sharo to stockholders o f record. V. 104, p 2643.
All tho stock, common and pref.,is held in a .5-year voting trust expiring
Jan. 1921, the ^trustees being J ^ N . Wlllys, Toledo, J. E. Kepperley and
In Aug.y?917 the WiFlys-Overland Co. (which see) purchased (a) 24.000
shares of Curtiss 7% pref. at $75 per share; (b) 60,000 shares of common at
$25 a share; and fc) $l,600.000_Curtlss 10-yoar 6% notes, convertible into
common at $50. V. 106, p. 1464.
D IV ID E N D .— On pref. 7% p. a. was paid July 15 ’ 16 to July 1919 incl.
BALANCE SHEET.— Of Juno 30 1919 (V. 109, p. 1370), including sub­
sidiaries, shows: Profit and loss, surplus of $2,271,020 (against $945,974
Dec. 31 1917; cash, $2,858,391; Inventories, $610,510; accounts and notes
receivable, $2,740,744: and among liabilities "initial payment by U. S.
Govt. acct. of amoritzation,” $4,000,000; mortgages and notes, none;
advances and accounts payable, $1,603,081.
REPO RT.— For year ending Dec. 31 1917, V. 106, p. 2013, showed:
S alos................................. $19,S26,773 Taxes ($291,018) & extra­
Net profits______________$3,321,356
ordinary .......................
$729,738
Income credits_________
152,506 Dividends (7 % )...............
420,000
All interest, paid----------334,627
____________ _____ ____ extraord. deductions o f $438,720.
Balance after divs. and
__________
$1,989,497
The earnings for the 7 months ended July 3 1 1 9 1 8 were reported as $ 7 , ­
8 0 0 .0 0 0 . or 1 3 0 % , on $ 6 , 0 0 0 , 0 0 0 pref. stock. V. 1 0 7 , p. 1 4 8 6 ; V . 1 0 6 .P . 2 1 2 7 .
OFFICERS.— G. H. Curtiss, Chairman; J. N. Willys, Pres.; W . W.
Mountain, V.-Pres. & Gen. Mgr.; J. E. Kepperley, V.-Pres. & Gen. Counsel;
C. M . Keys and W. B. Stratton. Vice-Prests.; R. W. Moore, Sec. & Treas.;
A. E. Sweetman, Asst. Sec. & Asst. Treas.
Directors.— G. II. Curtiss, O. M . Keys, F. II. Russell, C. II. Conner,
J. E. Kepperley, W . W . Mountain, J. N. Willys, W. B. Stratton and A. II.
Marks. Office, Buffalo, N. Y .— (V. 107, p. 1387, 1483, 1923, 201L;
V. 109, p. 778, 1277.)
DAFOE-EUST1CE C O „ INC., D E TROIT.— V. 109, p. 479, 1464.




When
Payable

Amount
Outstanding

165

DALLAS (TE X.i POWER & LIGH T CO.— See "Electric Railway Sec."
and V. 108, p. 2332; V. 109, p. 175, 274, 479.
DAYTON (O.) POWER & LIGHT CO.— O RGAN IZATION .— Incorp.
In Ohio March 23 1911 and Is supplying electric light and power in Davton.
O.. covering the entire city, also in numerous neighboring municipalities,
in the Dayton, Xenia, Piqua and Wilmington districts. No divs. on com. to
July 1919. Divs. on pref. stock from Oct. 1911 to Oct. 1919, incl., 6% per
annum (1 H % Q.-J.).
In July 1919 issued $232,000 pref. stock on account of additions, &c.,
making issue $3,330,000. V. 108, p. 2632.
First & Ref. M . 5% bonds ($20,000,000 auth.) are callable at 105 on or
before Dec. 31 1936. and decreasing 1% for each succeeding year to 101 in
1940 and 1941. (See V. 94, p. 282). Columbia Trust C o., trustee.
V. 105, p. 822; V. 106, p. 824.
In April 1918 sold $1,750,000 2-year Gen. Mtge. 7s; no other bonds can
be issued while they remain out except for refunding them. V. 106, p.1129.
EARNINGS.— 8 m os.,/1919................ Gross, $1,823,551; net, $661,564
Jan. 1 to Aug. 31.
\1918_________ Gross, 1,482,311; net, 439,991
Fixed charges for 8 mos. in 1918, $318,594; pref. dividends,. $118,633;
bal., sur., $23,579. V. 107, p. 1484.
R E PO RT.— For year ended Dec. 31 1918:
Survl.
Cal. Yr.
Gross.
Net.
Other Inc. Charges. Pref. Die
$77,571 $175,374
1919 (5 m o.)$ l,211,(558 $453,446 $12,665 $213,167
1918........... 2,430,729
122,364
768,778 33,302
500,163
179,552
1917______ 1,880,618
140,679
614,073 10,334
177,750
305,978
1916........... 1,613.874
20S .629
613,912
6.619
235.964
175.938
1915........... 1.098.065
185.192
518.484 12.987
217,932
128,346
Pres., F. M . Tait; Sec. & Treas., O. E. Howland. N . Y . office, 54 Wal
St.— (V. 108, p. 786; V. 109, p. 274, 375, 479.)
(ALFRED) DECKER & COHN, INC., C H ICAGO.— V. 109, p. 1528.
DEERE & CO.— ORGANIZATION.— Business founded in 1837; Incorp.
In 1868 and again in 111. in 1911. Manuf.steel plows, farm implements and
vehicles. V. 92. p. 959, 1245, 1313, 1502; V. 95. p. 238, 299. In March
1918 purchased Waterloo (Iowa) Gas Engine C o., manufacturer of tractors
atra gas engines. V. 108, p. 969.
STOCK.— Pref. stock. See V. 92, p. 1502; V. 95. p. 299, 820. Common
stock is held in voting trust expiring Nov. 1 1920. Voting trustees, William
Butterworth W. L. Velie. Burton F. Peek, Geo. W Mixter and G. N.
Peek of Moline, 111., and Charles O. Webber of Minneapolis. Mina.
Outstanding common stock Dec. 31 1918, $17,904,400. with additional
$3,668,400 practically all reserved for sale to employees under contracts.
V. 108, p. 921. Div. on pref. Sept. 1911 to Dec. 1919, incl., \%i% quar.
/
Notes payable (as of Oct. 31 1918), $6,987,150, due to acquisitions, en­
larged inventories ($23,706,770, against $16,526,227 Oct. 31 1917) and
purchase of $1,984,000 Liberty bonds. From 1911 to 1917 the company
paid off all its $5,000,000 serial gold notes of 1910, and all of its $500,000
debentures and reduced its notes payable from $7,715,234 to $38,500.
Sub. co. stocks not acquired Oct. 1 1919, $7,000, and bonds and mtges.
$222,000.
RE PO RT.— Report for year ending Oct. 31 1918 in V. 108, p. 969:
Oct. 31
xTotal Net Adm.,&c., Deb. Int. Depre- Pref. Divs.
Balance,
Year.
Earnings.
Kips. (Net). <% tion.Ac. (7% ).
c
Surplus.
1917-18------$7,9S0,152 $634,199 $464,857 $60,832 $2.450,000y$2,384.988
1916-17------ 5,851,130 651,287
94,363 173,455 2,518,455 2,413,570
1915-16----- 4.783,031 403,327 162,990 98,771
2,647,995 1,469,998
1914-15------ 3.904.957 340.134 210.408 106.392 2.647.995
600 029
x After deducting provision for all taxes except as stated in * y . ” y Sur­
plus for 1917-18 is shown after allowing $650,000 for contingencies and
$1,335,276 for Federal taxes additional to amts, paid by subsidiaries
V. 108, p. 882.
OFFICERS.— Pres., Wm. Butterworth; Sec. & Cornpt., T . F. WhartonTreas., Geo. W. Crampton. Office, Moline, 111.— (V. 106, p. 503, 92lj
V . 108, p. 969.)
DELAWARE LACKAWANNA & WESTERN COAL C O — Incorporated
in New Jersey on June 30 1909. Purchases coal produced by the D. L .& W .
RR. in Pennsylvania for 65% of the market value at time of sale (N . Y]
tidewater orleei. assuming ail transportation charges from the mines
Stock, $6,590,700. acquired by D. L. & W. R R . stockholders July 20 1909’
V. 89. p. 46; V 90, p. 561.
DIVS.— f’ 10. ’ l l . 12. ’ 13. ’ 14. '15.
1916. 1917. 1918. 1919
Regular - - % { 10
10 10
10
10
10
10 yrly
10 10
10
Extra - ___% [ __
-- - 20
10 50
10% Text Text
____
Extra dividends in 1917, June, 50% cash; Dec. 28. 40% ; in bonds and
notes at par, viz., 15% in British notes of 1919 and 1921 and 25% in U. S.
Liberty Loan 4s due 1942; July 1918. 30% in U. S. Liberty Loan 4K s.
V . luo. p. 2368, v . 107, p. 184.
The U. 3. Supreme Court on June 21 1915 In the suit brought by the Gov­
ernment held that the company under the contract of Aug. 2 1909, with the
D. L. & W. RR. violated the commodities clause of the Inter-State Com ­
merce Act and the Sherman Anti-Trust Law. A new contract will be ar­
ranged. V. 101, p. 1750. Balance sheet June 30 1915. V. 101. p. 208.
R^ ?frt«?r7 oo'-?i0? r W M . «» V. 98, p. 1311 showed: Coal sales, $38,376,486;
<inl ,7
Q r;7l-711ir«ahe? 'S.00,?10- *293.067;.divs. (3 0% ). $1,977,210: bal..
I oo ’tvL19 tj’ v 1
C5
Ji B e n n in g h a m ; Treas., J. J. A. Owens. Office.
120 B way, N. Y .— (V. 105, p. 2368; V. 106. p. 926; V. 107, p. 184.)
& ELECTRIC LIGH T CO.— ORGANIZATION.— Inrr
liP°T?ra^0
29 1909. In 1909 acquired the property and
franchises of the Denver City Steam Heating Co. In 1911 acquired through
vor Highlands Electric Co. V. 92, p. 1502; V. 90, p. 112; V. 91, p. 41;
V. 74, p. 1359; V. 83, p. 154'. _
’
Has 20-year _____________ _____ V . 8 ,
franchise from 1906. . .9
P.- n?75 ' Ericos increased, V. 108, p. 83; V. 107, p. 1581; V. 106, p. 503;
,v •90, p. 449. _ Court decision affecting rates. V. 109, p. 176. Controlled
by Cities Service C o., V. 91, p. 656. 873, 1255, 1632; V. 92, p. 1245. See
•
‘Electric Railway’* Section.
STOCK.—
-Common stock auth., 510.000,000, all issued, over 99M%
owned
s®
rvice Co.; par, $100. Pref. stock auth., $5,000,000;
$1,500,000 sold in Feb. 1917 to retire tho $900,000 Lacombe Electric bond!
by purchase or call and for improvements and additions. Additional pref.
stock cannot be issued unless earnings are twice existing dividend require­
ments, including the stock proposed. In Sept. 1919 dividends on the cornstock had been uninterruptedly paid since 1907.

I6(i

[V ol . 109.

INDUSTRIAL STOCKS AND BONDS

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

Date
Bonds

Detroit City Gas— Stock $15,000,000 (V . 101. d . 373) —
1898
5% gold mortgaee bonds SO.000.000 call 110.- . — N.c
General M $10,000,000 gold (see text) call 105-Eqxxc*&r* 1903
Detroit & Suburban Gas Go 1st M gold red 103-------------c* 1908
Detroit Edison— Stock to be $60,0 1 0 .0 0 0 au th orized ..- - - - 1st M $10,000,000 gold (V 77.P 2037; V 97. p 5 3 )- -.Q .x c * 1903
First and Refunding$75,000,000 anrti red text. Bayc*&r* 1915
Debentures gold convert (ser 1924-25) subj to call-------c TO-'15
do
do
do
yc* 1918
do
do
do
c* 1919
Eastern Mich Edison 1st M SlO.OOu.oOOg gu call 11 0.Ea* 1906
Diamond Match— Stock Sl8.u00.000 (listed In Chicago A( NY1
Dominion Coal— Pref 7% cum conv red at 125 fV 80, p 1732)
1905
1st M g sink fund S79.000 yrly call 105 (V. 102.p. 1542) xc
Dominion Iron & Steel— Pref stock 7% cum convertible----1899
1909
Dominion Steel Corporation— Com stock auth S50.000.000-Pref stock 0% cum red 110. Convert, by holder Into c o m ..
1910

Par ■ Amount
Value Outstanding

Rale
%

When
Payable

Last Dividend
and Maturity

S100 $9,500,000 See text See text See text
6.000.900
i oon
5 g J ft .1 ran 1 1923
5 g J & J See text
1,000 4,000,000
930.000
1,000
5 g J & D Dec 21 1928
100 25.739,000 8 In 1919 Q—J 15 Oct 15 '19 2%
5 g J & i Jan 1 1933
i .oon 10,000,000
M & S •Tilly 1 1940
500 &c 16 665 000
5g
Various Var. 1920 25
6 g
180,300
100 &c
J & J 15 Jan 15 1928
7
100 &c
F & A Feb 1 1929
7
100 &c 36,322.6001
M & N Nov l 1931
5 e
1,000 4,000 009
100 16.965,100 8 in 1919 O— M Dec 5 T9 2%
Q— F Nov 1 1919 \3
A
7
100 3.000 ooo
5 g M A N May l 1910
6,016,500
500 &c
100 5,000,009 7 in 1919 Q— J Jan 1 ’20 lj* %
6,237,000
5 g J & J July 1 1929
7.262.527
$ &£
5* , M A S Sept 1 1939
See text 6 in 1919 See text Jan 1 1920 14*
100
Q— F N ov 1 1919 14*
7.000.000
6
A & O Oct 1940
5g
1,142,000
1 ,0 0 0

lliceo Yvnviv im c/ tot
Dividends are Payable

Emerson McMillin,“ N Y
Emerson McMillin & Co
Citizens 8 & Tr C o, Clev
Checks mailed
NoAmCo.30BroadSt.NY
do
do
do
do
do
do
do
do
do
do
By check from N Y Office
do
do
N E Tr Co, Bost & Mont
Bank of Montreal, Can
do
do
Can. Bank of Commerce
Montreal, Canada

BONDS.— The “ First and Refunding” 5s of Denver Gas & El. Lt. Corp. | 000 bonds, incl. $4,989,000 sold in Sept. 1919, $1,533,250; balance, sur­
($25,000,000 auth. Issue) are callable at 105 In any amounts on any lnt. day. plus, $2,670,012. V. 109, p. 1277.
Annual sinking fund, beginning 1910, an amount equal to 1% of outstanding
OFFICERS.— Pres, and Gen. Mgr., Alex. Dow; V.-Presidents, Alfred
bonds; $8,900,000 can be used to retire $8,000,000 D. G. & E. bonds and Jaretzki. N. Y.; Alfred O. Marshall and James V. Oxtoby, Detroit; Treas..
$900,000 Lacombe Elec, bonds due 1921. but subject to call at a oremlum. George R. Sheldon, N. Y .: Sec. & Asst. Treas., James F. Fogartv. N. Y .;
guaranteed by Denver Gas St Elec. Co. V. 90, p. 112; V . 91, p. 656. Dur- Offices, 30 Broad St., N. Y .; 18 Washington Avo., Detroit.— (V. 107, p. 85,
I ng the year 1916 $4,269,000 of these bonds were sold. chieHy to retire the 184, 2379; V. 108, p. 384, 475, 483; V. 109, p. 1277, 1529. 1795.)
$3,500,000 3-year 6% collateral notes due 1917 paid Oct. 1 1916. V. 103,
DIAMOND MATCH CO.— ORGANIZATION, &c.— Incorporated
p. 496; V. 102. p. 1062; V. 98. p. 1075. _ „ oc
... _ ... „ ,,.
Feb. 13 1889 In Illinois as successor to a Oonecticut corporation. Owns
1st M .o r 1903, V. 100. p. 478; V. 82, p. 103: V. 86, p. 983; V. 102. p .714
tracts of timber lands in Mass., N. H., Vt. and •Mo., and has extensive
EARN INGS.— For calendar years (compare V. 104. p. 767. 866):
holdings of timber lands In California; owns match factories located at
Calendar Year
1908
1910.
1914.
1916.
1918.
Oswego, N. Y .: Oshkosh, Wis.; Barberton, O.; Chico, Cal.: Savannah, Ga.;
Gro&s from oper'-$2,167,444 $2,608,269 $3,140,965 $3,228,666 $3,667,614 machine ship and foundry at Barnerton, O.; paper board mill at Southford,
Net, after taxes.
924,022 1,149,255 1,423,219 1,523,732 1,461,867 Conn.; block factory at Spokane, Wash., together with plant employed in
lumber operation in California consisting of saw mills, power plants, logging
railroads, equipment, rolling stock, retail lumber yards, &c. Owns hold­
ings of pine lands In Maine, Mass,. N. II.. Vt. and California, and conducts
selling branches in N. Y ., Boston, Chicago, St. Louis, San Francisco, A t­
lanta and Now Orleans. Is interested in the match businoss of Groat
83, 1613; V. 109, p. 176, 274.)
Britain (V. 108, p. 1821) and Peru.
DFNVER UNION W ATER CO.— Earnings for year ending Oct. 31 1917,
gross. S 1 430 T53; net after taxes. $146,670), & c„ $857,883; interest on
STOCK.— Of the $2,000,000 6 % convertible debentures Issued In 1910,
lionds, $544,939; bal.. $312,944. Property sold to city in 1918 and com ­ $1,034,900 had on or before Doc. 15 1916 been bought In, and the re­
’) any’s bonds paid o ff at par and interest to Nov. 1 1918. In Oct. 1919 mainder, $965,100, converted Into stock. Status Doc. 1918, V .108, p .1840.
about 75% o f the $4,000,000 bonds of South Platte Canal & Reservoir Co.
DIVS.— / 1895.
to 1908.
l
T
had been exchanged for Denver City bonds. See V. 107, p. 607, 1840; Since 1893%\21 1-9 1896 t^quar.) '09. ’ 10. ' l6 . T 2-T5. 7 6 , '17. '18. 8’ 19.
10(2
8
6
7 y'ly
« 9
8
V . 108, p. 1514; V. 109, p. 1464.)
Sept. 1917 to Dec. 1919, 2% quar.
DETROIT CITY GAS.— Organized In March 1898 and owns all the gas
ANNUAL R E PO RT.— Report for 1918 in V. 108, p. 1272. 1821:
properties In Detroit. Mich. Has a franchise till 1923. The Araer. Light
1916.
1918.
& Traction Co. owns over 99% o f the stock. V. 82, p. 283, 989. On Aug. 1 Gross earnings------------------------------------------ $3,679,168 1917.
$5,637,925 $3,925,806
1913 acquired the physical property o f Detroit & Suburban Gas C o., sub- Add— Bryant & M ay, Ltd_______________ a l9 1,400
a279,475
ect to $930,000 20-year 5s due Dec. 1 1928. V .9 7 , p 731.
1,295,685
Depreciation, reserve,
2,309.440
STOCK.— In Aug. 1915 auth. was given to Increase limit of stock to $15 - Deduct—Government taxes______&c__ 1,264,911
U. S.
550 000
_________
1,103,098
000,000 and to Issue $1,128,000 to provide for extens. & improv ts and
Dividends--------- -------- -------- . . . ( 8 %) 1,3 5 7 .208 (9 )l .526.859(7 4Q13I4,795
also $1,792,000 as a stock dividend of 27.234% to represent earnings di­
Balance, surplus------------------------------------------------ $701,419$978,003
verted in recent years for additions. Sta., making total outstanding stock
$9,500,000. The stock dlv. was paid at once. V 101 p. 373.616.
a In 1918, stock dividend; in 1917, profit from sale of ordinary stock.
BONDS.— Of the Genoral M . 5s o f 1903 ($10,000,000 authorized Issue)
$6,000,000 were reserved to retire the prior liens. Of the outstanding bonds,
OFFICERS.— Pres., W. A. Fairburn; V.-Prcs., T . J. Reynolds; Sec.,
$100,000 mature yearly July 1 1918 to 1922 and remainder o f outstanding IT. P. Holman: Treas., N. O. Johnson. General offices, 110 W. Kinzio St.,
bonds and those auth. July 1 1923. Bonds due 1917 to 1922 are redeemable Chicago. N. Y. offices, 111 B'way.— (V. 108, p. 1168. 1272, 1821.)
at par and those due 1923 at 105 and int. If bonds o f earlier maturity than
DOMINION STEEL CORPORATION, LTD.— O R G A N IZ A T IO N —
1923 are called, holder may take new bonds due July 1 1923. V. 1Q6, Incorporated in 1910 to amalgamate (per plan in V. 90, p. 1104, 1173) the
1038: V. 77. p. 253; V. 78, p. 822; V. 97. p. 1206, 1826. Statement to Dominion Coal and the Dominion Iron & Steel companies. Owns prac­
. Y. Stock Exchange, V. 79. p. 102.
.
..
stock of Dominion
EA R N IN G S.— Net earnings for three years 1915-17 averaged more than tically all of tho common in Cumberland Ry. Iron & Steel Co. and Dominion
Coal C o., and also stock
& Coal Co. Cumberland Ry.
44* times the Interest charges on the total bonds outstanding. Sales or & Coal Co. owns coal areas near Glace Bay. N. S., and road Springfield Jet.
gas (cubic feet). 1917, 9.443,407,800: 1916, 7,991.707,600; 1915, 6,492,- to Parrsboro, N. S., 32 miles. Seo V. 91, p. 1772, 1632, 1576; V . 92, p. 186.
Plant at Sidney was closed indefinitely Aug. 24 1919 owing to lack of orders.
OFFICERS.— Pres.. Emerson M cMillin. N . Y . Gen. M gr., O. W . Ben­ V. 109, p. 778. ,
_
nett, Detroit, M ich.— (V. 106, p. 824, 1038.)
In April 1919 the Dominion Iron & Steel C o., at the instance of the Cana­
dian Govt., stopped construction work on the $3,500,000 rolling mill
DETROIT EDISON C O .— O R G A N IZA TIO N .— Incorporated in Jan
1903: owns capital stock o f the Edison Illuminating Co. o f Detroit. Penin­ capable of producing annually 150,000 tons of steel plates for ships which
sular Electric Light C o., Inc., and Delray Term. R R . Co. Serves Detroit were to have been built under Government guaranty, ensuring a return on
and suburbs, Ann Arbor, Ypsilanti, M t. Clemens, Monroe, Port Huron and the investment. See V. 106, p. 1464; V. 107, p. 85, 1387: V. 108, p. 2431.
During the four years ended April 1 1919 approximately $11,500,000 was
other towns and rural districts. V. 106, p. 707, 1580: / . 109. P- 1277, 1529.
STOCK.— The auth. capital stock was increased from $25,000,000 to expended for new construction and acquisitions, all from earnings. V. 108,
$35,000,000. The outstanding stock on Mar. 31 1919 was $25,728,700. p 2431.
V. 104, p. 562, 1267. The stockholders voted N ov. 24 1919 to increase
'STO C K .— Common, $50,000,000 auth.; outstanding March 31 1919,
the auth. capital stock from $35,000,000 to $60,000,000, and to auth. the $37,097,700, o f which $5,000,000 held by constituent cos.; par $100.
■ In Nov. 1919 an arrangement was reported as agreed to by which a further
issue o f $10,000,000 additional conv. deb. bonds. V. 109, 1795.
$5,000,000 common stock would be Issued and sold to Dominion Iron &
D IV ID E N D S .—
f 1909.
1910.
1911-15. 1916 to Oct. 1919
Steel C o., which company would sell the same to prominent British inter­
P erce n t....................... ........l 4%
5%
7% y ’ ly
8yrly(2% q u ar
BONDS.— The Refunding Mortgage or 1915 is for $75,000,000 (interest ests. See "Chronicle'’ of Nov. 29.
DIVIDENDS. 1912 1913 1914 1915-16 1917 ^1918 1919 1920
rate to be fixed at time of issue), to retire at or before maturity the $10,000.­
4
1
uil
3 * 5
6
14a
000 1st M . 5s and $4,000,000 East. Mich. Edison Co. 1st M . 5s, and to pro­ On common_______ 4
vide add'! capital when needed. Callable until Mar. 1 1930 at 107 4*:. then On preferred--------- In full to Nov. 1919
In Jan. 1920, 14*% quarterly.
to Mar. 1935 at 105. thereafter 1024* . In 1919 an additional $4,989,000 was
NOTES.— Tho $3,406,666 5-yoar 6% notes dated Dec. 1 1913 wore called
sold, making $16,665,000 outstanding. V. 100, p. 2169; V. 102. p. 1990:
and paid Dec. 1 1916 except $13,627. V. 104, p. 2340.
V. 103, p. 2240; V. 105. p. 74; V. 106, p. 2563. 2652; V. 109, p. 1277.
From 1910 to 1915 issued $9,000,000 6% 10-year convertible bonds call­
R E PO RT.— For year end. Mar. 31 1919. V. 108, p. 2430 shows:
1918-19.
1917-18.
1916-17.
1915-16.
able at 105: o f these to M ch. 3 1919. $8,819,700 had been converted into
stock, leaving $180,300 outstanding, viz.: 1910 and 1 9 1 1 Issues (no longer Not earnings----------------*$8,768,051 *$11,030,112 $12,967,874 $7,004,316
1,384,242
1,859,595 1,192,823
convertible). $16,400 duo April 1 1920 and $11,200 due Feb 1 1921. 1914 Depreciation, & c .._____ 1,304.323
1,590,085
In terest________
1,013,263
1,064,210 1,230,203
issue $11,200, convertible into stock, $ for $, till Feb. 1 19-2. 1915 issue
226,181
326,909
________
$132,800, convertible into stock, $ for $, till Jan. 15 1923 (but callable at Discount on bonds_____
500.000
560.000
Pref. div. (subsidiaries).
560^000
560,000
105 after Jan. 15 1920).
. . . . . .
'
. .
(7)350.000
An Issue of $9,000,000 convertible bonds, for use if and when occasion
do arrears, D.I.&S.Co ____
.
________
420.000
420",666
do (corporation).........
420,000
420,000
requires, was authorized Nov. 22 1917 and shareholders of record Dec. 18
1917 were permitted to subscribe at par for the initial $3,800,000 10-year Common dividend. ..(545) 1,765,374(44$) 1444396 (1)320,977
Debenture 7s. These bonds are convertible between Jan. 15 1920 and July Reserves---------------------- y8,500,000
.............
......... .
, .........—
15 1927 into stock, $ for $, and are subject to call Jan. 15 1923 to Jan. 15
Bal., sur. for yr...der.$4,794,906 $6,157,264 $7.900,14*8 *3-015.225
1926 at 105: thereafter at 102 and lnt. (but still convertible if called).
♦After deducting Government taxes, y Includes $1,000,000 for Govt.
Eastern Michigan Edison Co. 1st M. bonds are callable at 110.
taxes and construction expenses.
_
...
___
Stockholders o f record Dec. 31 1918 were permitted to subscribe at par
Total surplus Mar. 31 1919, $19,459,252. Pros., Mark Workman,
for $2,600,000 (underwritten) 10-year 7% convertible debentures, dated Montreal.— (V. 108, p. 2244, 2430: V. 109, p. 176, 778.)
Feb. 1 1919, In amount equal to 10% o f the par value o f stock then hold;
Dom
o.. Ltd.— O
— Incorporated ini 1893.
subscriptions payable either in full on Feb. 1 1919 or Feb. 1, 50% , M ay 1 Pref. isinion Coal C115% out ofR G A N IZA T IO N common in dissolution
entitled to
assets ahead of
25%, and Aug. 1 25%. These bonds will be convertible between Feb. 1 Dividends now paid quarterly (7% p. a., 1J*% quar.). Adjustment of
1921 and Aug. 1 1928, at option of holders, into paid-up stock of the same
par value. Redeemable Feb. 1 1923 to Jan. 31 1927 at 105 and Int., and C°Output for year ending Mar. 31 1919, 3,622,644 tons, against 4,279,772
on or after Feb. 1 1927 and before maturity at 102 and int., on 60 days tons In 1916-17. Bonds (Royal Trust C o.. Montreal, trustee). mc V 80,
notice, and when so called for redemption, may, at option of holders be
p. 1481. 1732; V. 88, p. 1562, 1624; V. 89. p. 108. Coal 6% dobs. *3 500,­
converted at any time before redemption date. V. 107, p. 2379.
000; see Dom. Steel Corp. above.— (V. 106, p. 1580; V. 108, p. 2244.)
EAR N IN G S.—
Cross.
Net.
Charges.
Surplus.
Dom inion Iron & Steel C o.— Works at Sydney. Cape
10 mos. to Oct. 31 1919___ 813,130.802 $3,355,516 $1,407,830 $1,947,686
pacity 1.000 tons of steel. Owns six blast furnaces,
,,p a ?.f •
do
do
1918___ 11,063,959 2,866,765 1,096,262 1,770,503
billet mill, blooming mill and rod mill. See V. 79. P- 2203. Bair mill
RE PO RT.— For cal. year 1918, V. 108, p. 475,
700 tons dally capacity. R e p u t e d capacity, 400.000
,l 9!i
Calendar Gross
Net, after Interest
Other
Dividends Balance. per annum. V. 77. p. 149; V. 81. p. 1549; V. 90. p. 1042, V. 92. p. 1433;
Years.
Earnings. Taxes, &c. Charges.
Deduc'ns.
(8 % ).
Surplus. V 94. p. 1319: V. 97. p. 1586. Thoseml-ann. dlv. on P™fJ ^ kf£ “ e
J
1918...$13,801,527 $3,747,990 $1,353,767 $240,186 $2,055,625 $98,413 1914 was deferred. In Aor. 1916 dividends were resumed at the regular
1 9 1 7 ...
12,279,928 3,664.410 1,028.562 272.328 1.966.905 396.616 rate of 3 44% semi-annually. V. 102, p . 1063. In
an ^ s
1 9 1 6 ...
10,086,786 3,795.693 1,078,280 881.508 1,487.721 348,185 w e r o p a i d . 1917, A p r i l and Oct., 344%: 1918, Apr. and Oct., 34*%• Divs.
1 9 1 5 ...
7,759.933 2.918.713 1,100,055 265,943 1,214.518 368,197 paid quar., Jan. 1 1919, t o Jan. 1920, l% % A dividend declared in Jan. 1918 ($513,832) was deducted from profit
BONDS.— Of $20,000,000 consols., sufficient reserved forunderlylng
and loss for 1917.
For year ended Aug. 31 1919: Gross earnings, $15,357,203; net,, after bonds. V. 87, p. 99; V. 88. p. 1064. 1315. 1624: V. *9. Plr 1?nv_ ^(Vox98'
p . 1 6 9 8 ; V. 97, p. 804.
See above. V. 106, p. 1464, 1581, V. 107, p. 85.
maintenance, deprec. reserve & taxes, $4,203,262; annual int. on $30,665,

la ss chw».....................

&




$1,315

Nov., 1919.]

INDUSTRIAL STOCKS AND BONDS

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

Duluth Edison Elec— Com stk $1,000,000 auth (V 86, p 1533)
Pret stock $1,250,000 (auth a <s d) 6% cum red 120_______
S
First mtge $2,000,000 cold red 105 sinking f u n d __ OBx
(E I) du Pont de Nemours & Co— Com stock $80,000,000-.
Debenture stock 6% red at 125% cum voting $10,000.0001
do
do
do non-voting $150.000,000_______ __
(E I) du Pont deNemours P ow (old co)— Com stk($2,942,728)
Preferred (a & d) stock 5% cum (see text) $16,068,301__
Bonds (not M) $16,000,000 g red at 110; opt V 95, p 969.x
du Pont Bldg Corp 1st M SI.500.000 g lnt gu red llO -.x c*
East Ohio Qas Co— Common stock______________________
Preferred stock 7% cumulative__________________________
Eastman Kodak— Common stock $25.000,000_____________
Preferred (a & d) $10,000,000 6% cumulative__________
Edison Electric Ilium Co. Boston— S to c k ___________ _____ .
Boston El Lt Co 1st Consol Mtge g _____________________
Coupon notes callable on 4% basis___________________ OB
Two-year gold notes $3.000.000_________________________
Four-year gold notes $3.000,000______________________ c*
Three year gold notes $6,000,000____________________ c

Date
Bonds

1906

1906
1910

1894
1917
1917
1918
1919

Par
Value

Amount
Outstanding

Rate
%

When
Payable

167
Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

$100
$500,000
100 1,150.000 6 In 1919 Q— J Oct 1 1919 I X Guaranty Tr. N Y
1.000 a l. 177,000
M & S Mch 1 1931
Old Colony Trust Co. Bos
100 58.854.200 18irTl919 Q— M 15 Sept 15 19 4 X Checks mailed
100 60,813.950
Q— J 25 Oct 25 19 I X
do
6
10
100
1,000
1,000
100
100
100
100
100
500 &c
1,000 &c
1.000
1.000
1,000

2,942 ,728 6 in 1919
271, ,101 5 in 1919
1.060, 000
4X e
1.5 )D 000
,
5 e
30.000, 000
10.000, 000
19 538, 400 40inl919
6.165, 700
6
22,528, ,000 12inl9l9
1.250, 000
5g
10.000, 000
5
3,000 000
6g
3.000, 000
7g
6.000, 000
6g

ix

J
J

Q—F Nov 1 '19
Checks mailed
Q— F Nov 1 '19 I X
do
& D June 1 1936
Guaranty Trust Co, N Y
& D June 1 1940

See text
Q -J
Rochester, N Y & Lond
Q -J
do
do
Jan 2 1920 1 V
>
Q— F N ov 1 l *19 3% Ry check
State Street Tr, Boston
M & S Sept 1 1924
Old Col Tr Co, Boston
J & D Feb 1 1922
.1 & D Dec 1 1919
do
do
F & A Aug 1 1922
do
do
F & A Feb 1 1922
Boston

a Held alive in sinking fund $433,000.

DONNER STEEL CO.. INC— Bond offering. &c., V. 108. p. 174^
V. 107, p. 2094; V. 108, p. 174, 483, 1063; V. 109, p. 75. 891. 1182, 1795.
DULUTH EDISON ELECTR 1C CO.— ORGANIZATION.— Incorporated
in Minnesota In 1906 as successor of the Duluth General Electric Co. Has
unlimited franchise and 10-year contraot with Great Northern Power Co.
expiring in 1927 to provide power on advantageous terms. V. 82, p. 572.
DIVIDENDS.— On pref., 1 X % quar., July 1906 to Oct. 1 1919. Incl.
BONDS.— Of the bonds ($2,000,000 authorized Issue), the unissued
bonds are Issuable for 80% of oash cost of additions and Improvements
provided for
months preceding net earning* shsi) havf* been twice the
interest on all bonds out and to be issued. See V. 82, p. 572.
E A R N IN G S.— Statement for year ending April 30 1915 (latest available)
in V. 101, p. 133 showed: Gross. $510,713; net, $188,929; Interest. $67,650:
sink. fund. $25,000: pref. dlv. (6 % ). $69,000: bal.. sur.. $27,279.
Pres., A. W. Hartman, Duluth, Minn.; V.-Ps., D. F. McGee, N .Y .. and
O. E. Van Bergen, also Sec., Duluth, Minn.; Treas., T C . Hartman,
Duluth, Minn.; Asst. Sec., E. P. Summerson, and Asst. Treas., William
Reiser, both of New York.— (V. 101, p. 133; V. 106, p. 818.)
E. I. DU PONT DE NEMOURS & CO. (o f Dels.)— Incorporated in
Delaware on Sept. 4 1915 and an Oct. 1 1915 succeeded to the ownership of
all the properties o f the E. I. du Pont de Nemours Powder Co. o f NL J
(per plan in V. 101. p. 616. 696, 848), with no change in the management,
and without creation of bonded debt or fixed charges. In Dec. 1915 pur­
chased the Arlington Co. o f N. J. for about $6,500,000. V. 101 p. 1888
In May 1917 had acquired from the Government of Chile two large nitrate
fields in the northern part of that country. V. 104, p. 1902' V 106 p 1034
In 1917 built at Deepwater, N . J., an extensive plant for manufacture of
coal tar dyes. V. 105, p. 610. The plant at Hopewell, Va was closed in
Nov. 1918 becauso o f cancellation o f orders due to end o f war V 107 n
2100; V. 108, p. 174.
,p '
In 1917 purchased the property o f Harrison Bros. & C o.. Inc., and other
companies and had made substantial progress in the manufacture and sale
of fabrikoid, pyralln, lacquers, solvents, dyes and a variety of chemicals,
against the dav when there will be loss call for munitions
V. 106. p.
1034, 1347. Export Co., V. 107, p. 2292; V. 108, p. 83, 174, 1392. In
Oct. 1918 purchased New England Paint & Varnish Co. o f Everett. Mass.
V. 107, p. 1671. Confusion o f names. V. 109, p. 75.
The company in Feb. 1918 had acquired a 27.6% interest in tho General
Motors Corporation which see. Also see V. 109, p. 479; V 106 p. 1034.
Tho du Pont Chemical Co. was chartered Dec. 12 1918 in Deiaware with
a capital of $6,300,000 at the Instance of the du Pont interests to engage
in tho dyestuff business. V. 108. p. 174; V. 106, p. 1034.
Tho plan o f June 1919 for exchange o f stock for stock o f Du Pont Secur­
ities Co. was dropped because of possible effect of Income Tax law. V. 109,
p. 7 7 8 ;V. 108, p. 2435.
CAPITA LIZA TIO N .— The auth. capital stock is $240,000,000 in shares
of $100 each, viz.: (a) $150,000,000 6% cumulative non-voting debenture
stock; (b ) $10,000,000 6% cumulative v o tin g debenture stock: (c) $S0.000,000 common stock. V. 101, p. 616, 848, 1275.
The shareholders on Oct. 10 1917 decided to forego the right to acquire
for the company the stock interests in the enterprise acquired by the com­
pany’s leading officials from T . Coleman du Pont. See V. 105. P 1107.
1525, 1901, 2001. Litigation (Jan. 1918), V. 106, p. 300, 824. 1233, 1581
Stock ownership suit. V. 107, p. 1484; V. 108, p. 976, 2025 2332. Trust
suit, V. 107, p. 2292.
R ig h ts o f D e b e n tu r e S to ck . — Except as to voting powers the rights of both
debenture stocks will be identical.
All debenture shares will bear cumula­
tive dividends of 6% p. a., may be called for payment at $125 per share,
and have preference as to assets for both principal and accumulated divi­
dends. No mortgage or other specific lien may be placed upon any of the
iroperty without the consent of 75% of the total debenture stock outstamlng. but this does not apply to purchase money mortgages or liens upon
property purchased, or collateral loans for cash advances In the ordinary
coarse of business, provided they do not run more than three years. The
voting deb. stock has equal voting rights with the common stock
The non-voting deb. stock has no voting privileges except that (a) In
case of default for 6 inos. in the payment of any dividend thereon the voting
and non-voting debenture stockholders will have the sole right of voting
until the company shall pay all accrued dividends on said debenture stock:
and (6) in case of the net earnings in any cal. year amounting to less than 9%
on the debenture stock, then the debenture stockholders or both classes will
have equal voting rights with the common until the net earnings for somt
future year equal 9% on the debenture stock. V. 101, p. 616. 848.1275.
D IVIDEN DS (% )—
1916.
1917.
1918.
1919.
6
18
18 4 X . 4 X . 4 X
Regular, cash.................
Extra, cash___________
36.3 IRedCross 2RedOross
_______
do
d o ....................... - - - - - - - - - ................... 1 U td.W .W k......................
Anglo-French bonds----- about 57.7 ---------------- ---------------- ---------------U. S. Liberty bonds---- --------- -—
32
______ " ______________
du Pont Chemical Co.
pref. stock (par $ 5 )-- -------------- ---------------5
__________
R E P O R T — For cal. year 1918 in full in V. 108. p. 968, 1071 to 1075.
1918.
1917.
1916.
1915.
$
^
3
$
Gross from sales_______329,121,608 269,842,465 318,845,685 131.142,015
Net, after amortization. 47,221,368 49,112,953 82,013,020 57,399,900
Profit & loss items___ Deb.4,123,293 Cr. 145,709
Cr.94,673 Cr.440,858
Earns, capitalized (r e o r g .)------------------------------------ 29,955.799
lnt. on funded debt------ - - - - - - - -------­
583,450
Debenture stock divs.(6% )3,648,822
3,648,822
1,715.033
3,648,222
Common stock divs____ 15,302,092 30,015,642 58,854,200 24,130,222
Rate per cent_________
(26%)
(41%)
(100%)
Divs. on sub. co. stocks.
841
6,664
6.450
6,450

f

Total deductions___ 18,951,755 33,671,128 62,508,872 56,390,954
Surplus for tho year___ 24,146,319 15,587,534 19,598.821
1,449,801
Accumulated surplus— 68,300.891 44,154.571 28,567,038
8.968.217
OFFICERS.— President, Ireneo S. du Pont; Chairman of Board, Pierre S.
du Pont; Vice-Presidents, II. M . Barksdale, E. G. Buckner, Frank L.
Connable, J A. Haskell, Charles L. Patterson, H. G. Haskell, Frank G.
Tallman; Lammot du Pont, H. F. Brown, R. R. M . Carpenter William
Coyne, John J. Raskob, F. W . Pickard, Charles A. Meade, W. S. Car­
penter, Jr.,.J. B. D. Edge, A. Felix du Pont, William C. Spruance and
Charles A. Patterson; Secretary, Alexis I. du Pont; Treasurer, F. D. Brown.




DIRECTO RS.— F. D. Brown, H. F. Brown, E. G. Buckner, R. R. M .
Carpenter, Walter S. Carpenter, Jr., Frank L. Connable. William Coyne,
A . Felix duPont, Alexis I. duPont, Eugene duPont. Eugene E. duPont,
H. F. duPont, Irenee duPont, Lammot duPont, P. S. duPont, Chairman,
J. B. D. Edge, H. G. Haskell, J. A. Haskell, J. P. Laffey, C. A. Meade,
Chas. A. Patterson, Chas. L. Patterson, F. W. Pickard, H. M . Pierce;
John J. Raskob, Charles L. Reese, W . C. Spruance, Jr., F. G. Tallman,
V. 108, p. 174, 968, 976, 1054, 1063, 1723. 2025. 2244, 2332, 2435; V. 109.
P. 778.)
E.
I. DU PONT DE NEMOURS POWDER CO.— ORGA N IZA TIO N .—
Incorporated In N. J. M ay 19 1903. V. 85. p. 342; V. 92. p. 1704; V. 94,
p. 1386, 1629, 1698; V. 95, p. 51, 113, 969; V. 97. p. 1901. On Oct. 1 1915
the (E. I.) du Pont de Nemours & Co. purchased this company.
Common stock reduced to $10 par in Jan. 1918 and dividend paid of $90
per share. V. 105, p. 2001.
D IV ID E N D S.— From Feb. 1916 to N ov. 1919, incl., paid 1 X % (quar.)
on common shares.— (V. 105, p. 2001.)
DUQUESNE LIG H T CO.— See “ Elec. R y .” Sec. and V. 108, p. 2429,
2632; V. 109, p. 176, 891, 984.
DURHAM (N. C.) HOSIERY MILLS.— V. 109. p. 891, 984. 1182.
EAST BUTTE COPPER MINING CO.— (V. 108, p. 173, 272, 584, 976,
1514, 1939, 2332; V. 109, p. 176, 681, 984, 1464, 1795.)
EAST COAST FISHERIES.— V. 109, p. 984, 1702, 1990.
EAST OHIO OAS CO.— ORGANIZATION.— Incorporated In Ohio In
1910 by consolidation of the original East Ohio (natural) Gas Co. and the two
artificial gas companies In Cleveland known as the Cleveland Gas Light
S Coke Co. (estab. 1846) and the People's Gas Lt. Co. (estab. 1838). Owns
c
about 2,000 miles of distributing pipes, supplying gas exclusively to a popu­
lation of upwards of 1,000,000 people In Cleveland and 31 other cities and
towns; also owns 403 miles of pipe lines, conveying natural gas from West
Ylrglnia to the distributing systems In the above-mentioned municipalities.
V. 95, p. 1334: V. 96, p. 421. Controlled by former Standard Oil interests,
V. 90, p. 3756.
Owns the common stock of Akron Gas Co. and operates the property
under lease without assuming any o f its liabilities. A rental of $20,000 is
paid annually which is equivalent to paying the interest on the $400,000
5% bonds of tho Akron Co. due Oct. 1 1947 (V. 66. p. 234). The lease ex­
pires Oct. 1 1947 but may be canceled at any time on 6 months notice by
the lessee. The Akron bondholders have waived all sinking fund]provisions.
STOCK.— On Dec. 6 1917 the auth. capital stock was Increased from
$20,000,000 ($10,000,000 being 7% cum. pref.) to $45,000,000, the Ohio
P. U. Commission having sanctioned the issue of $20,000,000 additional
common stock, the proceeds to be used to retire $16,821,000 First Mtge.
5% bonds (V. 92, p. 661) called for payment at 105 and interest at the
New York Trust Co. on Jan. 1 1918. V. 105, p. 2546, 2187, 1806.
The
Akron Gas C o.$400,000 5s, due Oct. 1 1947 (V.66, p.234) and $396,366 deb.
5s, due 1921.V. 95. p. 682. 969, 1334; V. 96, p. 364, 421; V. 97, p. 1118.
EARNINGS.— For cal. year 1918: Gross, $15,679,479; net,earnings
$5,122,481; other income, $210,915; total net, $5,333,396.
DIRECTO RS.— A. C. Bedford, M . B. Daly (Pres.), George H. Jones.
R. W. Gallagher (Asst. Gen. M gr.), R. W. Bruik (Treas.) and S. H. Tolies.
Office, Cleveland, O — (V. 105, p. 1620, 1806, 2187, 2546; V. 108, p. 584;
V . 109, p. 1370.)
EASTERN SS. LINES.— (V. 108, p. 83. 687, 1939; V. 109, p. 274.)
EASTERN POWER & LIG H T CORP. See "E l. R y. Sec.” and V. 109
p. 1795.
E ASTMAN KODAKCO. (OF NEW JERSEY).— ORGANIZATION.— In ­
corporated In New Jersey Oct. 24 1901 as an amalgamation per plan V. 73,
p. 1114, of various operating companies, of which lt owns practically all the
stock
See list V. 67. p. 1160, 1207: V. 69. p. 387: V. 75. p. 735, 613: V. 77.
p. 253, 300; V. 89. o. 1225; application to list, V 80._p. 1477; V. 93. p. 1728:
V 97. p. 731: V. 98, p. 1540. Judge Hazel In the U. S District Court at
Buffalo on Jan. 18 1916. in the suit for alleged violation of the Sherman
anti-trust law, caused It to be understood that If the company did not,
shortly present a plan for a division of its business so as to restore
competitive conditions, the Court would undertake the task. Affairs are
In statu quo pending an appeal to the U. S. Supreme Court. V. 102. p. 440.
1063. 1438. 1900: V. 101. p. 696: V 96, p 1705: V 97. p. 731: V. 99. d .
1676: V. 100, p. 1755: V. 105, p. 2098; V. 106, p. 90; V. 107, p. 1671. Pat­
ent suit settled, V. 102, p. 1062; V. 98, p. 841. 1002, 1159. Stock bonus to
employees, V. 108, p. 1514.
Extra Dividends on Common Stock (Additional to 10% per an., 2 X % Q.-J.)
Year—
’05. ’06. '07. '08. '09. '10-T3. T4. '15. T 6 .’ 17 '18 ’ 19.
E x tra --------- % 2 7 X 10 15 20 30 y'ly 20 50 40
40 27X 30
Extras in 1919, Jan., 7 X % : April, 2 X % : M ay, 5% ; July, 7 K % ; Sept.
5% ; and Dec., 2 X%\ Jan. 1920, 7 X % REPORT for cal. year 1918. incl. sub. cos. (V . 108, p. 2626), showed:
Cal. xNet (after War Pref. Divs.
Common
Balance.
Total
Yr. Depreci'n).
Taxes.
(6 % ).
Dividends.
Surplus.
Surplus.
T8-S14.051.969 ------------ $369,942 (45)$8,792,280 $4,889,747 $31,871,771
•17- 19.292.567 4.750,000 369.942 (30) 5.86i:520 8:311.105 26.982.024
16- 17.289.206 ............... 369,942 (70)13.674,635 3,244.629 18.670,918
x Figures for 1918 after taxes, figures for 1917 and 1916 before taxes.
GSl^H64G lSoT )Eastman' o ffice . Rochester, N . Y .— (V. 109, p. 176, 479
EDISON ELECTRIC ILLUMINATING CO. OF BOSTON.— ORGANIZATION.— Incorp. In 1886. Does entire electric-light business of city.
V. 81. p. 157; V. 88, p. 454; V. 88. p. 1132; V. 94, p. 1190; V. 95. p. 422.
D IV ID E N D S— (1903-06.
1907 to 1909.
1910. 1911 to N ov 1919.
12 p. a. (3% Q.-F)
Since 1901------- %\10 yrly. 10 rly. & 1 ext. XIX
NOTES.— The $10,000,000 5-year 5% notes (callable at 104) and the
$3,000,000 6% notes of 1917. $3,000,000 7% notes of 1918 and $6,000,000
6% notes of 1919 must bo secured by any future mortgage. V . 104, p. 563;
V. 105, p. 2275, 2187; V. 107, p. 295, 406; V. 108, p. 2632. Real estate
mortgages June 30 1919, $1,891,000. ^ V . 83, p. 1101; V. 84, p. 934; V. 96.
p . 1125.

168

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 f i r s t p a g e ]

D a te
B onds

Par
V a lu e

Amount
Outstanding

Rate
%

When
Payable

V ol . 109.]
Last Dividend
and Maturity

P la c e s W h e r e I n te r e s t a n d
D iv id e n d s a r e P a y a b le

Edison Electric Illuminating;— See Kings County Electrio Llg
ower and Consolldat ed Gas C o of New York
Eisemann M agneto Corn.— Com. stock 30,000 shares_____
None
New
30.000 sh.
Pref. stock 7% cumul. s. f. red. 110 auth. SI,500,000____
New
100 $1,500,000 Q— F
Electric Storage Battery— Stock ($97,500 Is preferred— text).
100 16,619,400 5 In 1919 Q— J Oct 1 1919 2% Checks mailed
Elk Horn Coal Corn—
Com stk 6 % &partic$22,000,000 ($10,000.000) conv o f notes
50 12,000,000 See textQ— M 10 Sept 11 ’ 19, 144
Pref stock 6 % and participating red at 56 K _____________
50 6.600.000 6 In 1919 Q— M 10 Dec 1 '19, 1>4
Ten-yr s f g conv notes call 105 & lnt any Int date $9,500,000 1915
1.000 6.476.000
6 g
'
‘
Dec 1 1925
Guaranty Tr C o, N Y
Mineral Fuel Co 1st M sinking fund____________________ 1913
5
430,000
May 1 1943
100 10.132.500
Emerson-Brantingham Co— Common stock $30,000,000-----Preferred stock (a & d) 7% cum red 115 (text)__________
100 12.170.500
Nov 1 1919 IK Checks mailed
Empire Gas & Fuel Co— Pref stock 8 % cum non voting-----100 See text
Kef & coll trust mtge $150,000,000 gold sk fd call_____Eq 1919
Pledged
June 15 1939
Bond secured convertible notes call______Ba.xxx-_kc*&r 1919
1 0 0 &c 15,584,700
J & J June 151924
6 g
New York City
First & coll trust mtge (closed) guar call (text)____Ba.k.c* 1916
6 g
1,000 10.312.500
M & N May 1 1926
do
do
Empire Refining Co 1st M & coll tr g gu s f d call (text) -gzzk 1917
500 &c
6 g
F & A Feb 1 1927
7.234.000
do
do
Empire Steel & Iron— Preferred (p & a) stock 6 % cum ------2.5 0 0 .0 0 0 8 in 1919 J
100
& J July 1 1919 3% COhecks mailed
E ndlcott-Johnson Corp— Common stock $21,000,000-----50 14.000.
See text Q— J Oct 1 1919, I K olumbia Trust C o , N Y
000
Pref (a & d) 7% cum (sk fd) call 125 auth $15,000,000-----100 15.000.
Q— J
000 7
do
do
Oct 1 1919, IK

EARNINGS.— Year ending June 30 1918, V. 105, p. 1577, showed:
Gross.
Net.
Other Inc. Int.&Tax. Div.(12%) Bal.,Sur.
Year_■
3
S
S
S
S
S
1918-19..........11,435,709 5,147,977
81,508 2,078,860 2,703,360 447,265
1917-18-------- 9,623,606 4,792,335
89,606 1,643,843 2,703,360 534,738
1916-17_____ 9,235,778 4,851,467
197,967 1,429,624 2,703,066 916,744
1915-16_____ 8,302,815 4,677,397
124,051 1,230,995 2,702,184 868,269
OFFICERS.— Pres., Charles L. Edgar; Treas., T . IC. Cummins. Office,
70 State St., Boston, Mass.— (V. 108, p. 687, 2633; V. 109, p. 1529.)
EDMUNDS & JONES C O R P ( V . 109, p. 772. 1990.)
EISEMANN MAGNETO CORP.— ORGAN IZATION .— Incorp. in
New York, Aug. 19 1919, and succeeded to company o f same name, organ­
ized in N. Y. in 1910. Three-quarters o f the stock o f the latter company
was seized by the Alien Property Custodian and sold in Feb. 1919 to G. E.
Matthies of Seymour Conn, who also acquired control o f tho remaining
stock.
*
Manufactures high-tension magnetos, used as standard equipment by
over 125 motor truck, tractor, automobile and machinery manufacturing
companies. V. 109, p. 681.
STOCK.— Pref. stock callable as a whole or in part at 110 on 90 days’
notice. Sinking fund, 10% o f net earnings after taxes and div. begins
Jan. 1 1920. See offering in Y. 109, p. 681, 1702
Years June 30— 1914-15.
1915-16.
1916-17.
1917-18.
1918-19.
Gross sa le s_____$1,127,723 $1,105,914 $1,501,216 $3,425,112 $3,834,080
Net, before taxes
194,444
329,251
345,816
894,076
866,848
DIRECTO RS.— Joseph A . Bower, Abram I. Elkus, Jacob S. Earlee,
Franklin S. Jerome (Treas.), Raymond E. Jones, George E. Matthies,
Horace A . Moses, Latham R. Reed, William N. Shaw (President).— (Y. 109,
p. 681, 1702).
ELECTRIC BOND & SHARE C O — (V. 108, p. 2244, 2332.)
ELECTRIC STORAGE BATTERV —r-i — i i tkkx m New Jersev.
Owns basic patents for storage batteries. (V. 69, p. 76, 850, V 105, p. 1212 )
STOCK, &o.— Stock authorized <•< •• >
>)<
mumodlnv nref 1%
cum., $97,500; convertible into com. stock, share for share; common stock,
$16,551,900, including $400,000 issued in July 1919 in settlement o f profit
participation certificates. V. 109, p. 681. After 1% on pref., com. and
pref. share equally. On com., 1901 to 1907, 5% yearly, 1908, 3 K%\
1909, 3 K % : 1910 to July 1919, 4% (Q.-J.). In Oct. 1919 paid 2% .
V. 109, p. 984.
Note issue o f 1917, see V. 105, p. 1212. On Oct. 1 1918 $1,000,000 of
the $2,000,000 issue was paid at maturity and on Oct. 1 1919 the remainder.
V . 109, p. 1083. E A R N IN G S — Statement for cal. year 1918 in V. 108,
P. 1819.
Cal.
Gross
Net
Other
Res. for Dins.Paid
Balance,
Year—
Sales.
Earnings. Income. Fed. Tat.
(4 % ).
Surplus
1918 ..$4,825,757 $3,662,224 $287,149
“ x”
$049,968 x$3,299,406
1917 - - 3.140.560 2,220,613 257,269 450,000
649,967
1,377,916
1916 - . 2,069.978 1.318,796 263.257
.............
649.964
932.089
x Federal taxes for 1918 not here deducted are officially estimated at
$2,000,000. Totl p. & 1. surplus Dec. 31 1918, 86,957,509.
j , ut
Pres., Herbert Lloyd; Sec. & Treas., Walter G. Henderson. PhiladelphiaOffice, Allegheny Ave. and 19th St., Philadelphia.— (V. 109, p. 1083.)
ELK BASIN PETROLEUM CORP.— V . 109, p. 891, 1182, 1702.
ELK HORN COAL C O R P O R A T I O N — O R G A N IZA T IO N .— Incorp
In W. Va., N ov. 18 1915, per plan in V. 101. p. 1716; V. 102. p. 348; and
took over the properties and business of Elk Horn Fuel Co. (V . 98, p. 1762),
Elk Horn Mining Oorp. (V. 98, p. 1618), and Mineral Fuel Co. (V. 96, p.
1427.) Nineteen mines hare been opened. See V. 103. p. 6 6 8 . Stooksowned,
V. 104, p. 1706. Official statement to N . Y . Stock Exchange In M ay 1917
on listing of stock and notes was given at length In V. 104, p. 2140.
The
assets on Dec. 31 1918 included 19,765.47 shares o f stock o f Consolidation
Coal Co.
CAPITAL STOCK IN $50 SHARES.— Authorized (a) pref. (6 % and
participating; red. at 5644%). $6,476,000, all out, with sole voting power
during any default on full year's dividend, (b) Common, $22,000,000 (6 %
and partlc.); outstanding. $12,000.OO0. V. 101. p- 1716: V. 104. p. 2140.
Pref. dividend N o. 1. June 15 1916 to Dec. 1918: 3% semi-ann. (J. & D .):
M ar., June & Dec. 1919, 144% quar. Com. div., 2 % , June, Sept, and
Dec. 1918 March, June and Sept. 1919, 144% each; Dec. 1919 dividend
was postponed because o f strike, &c.
NOTES.— The 10-year sink, fund notes o f 1915 ($9,500,000 auth.
V. 1 0 1 , p. 1716; V 1 0 2 , p. 348) are securod by mortgage on the entire
property. Sinking fund. 2c. per ton on all coal mined commencing April 1
1916 (after April 1 19t9, 3c. per ton), will purchase or call and retire the
notes at not exceeding 105 and lnt. Convertible at option of holder Into
common stock o f the company at par. Through retirement in 1918 of
$ 1 ,0 0 0 ,0 0 0 underlying bonds, these notes are secured by a first mortgage
(closed) on the entire property owned, appraised in part, at over $18,­
0 0 0 ,0 0 0 , subject only to $ 4 3 4 ,0 0 0 5 % bonds below mentioned, on a small
portion o f property. Additionally secured by pledge o f 19,765.47 shares
o f $100 each Consolidation Coal Co. stock. See also V. 108, p. 483, 584.
V. 106, p. 2013; V. 104, p. 2140. The only underlying liens are $434,000
Mineral Fuel Co. 1st s. f. 30-year 5s, duo May 1 1943, excl. $45,000 on
Dec. 31 1918 held in sinking fund. V. 101, p. 1716; V. 96, p. 1427; V. 97,
p. 731, 1507. Notes payable as of Dec. 31 1918, $430,000.
R E PO RT.— For cal. year 1918, V. 108, p. 1384, 1409.
1918.
1917.
1916.
Earnings (all sources)............................$4,951,921 $4,497,121 $2,457,453
Net, after taxes, &c..............
$1,712,650 $2,245,789 $1,108,320
Interest, sinking fund, &c................
360,703
414,631
468,712
Federal taxes......... ................— - .........
101,302
107,960
...........
Preferred dividends_________________ (6% )395,558
393,363
395,651
Common dividends--------------------- (6%)719,278
______
_______
Balance, surplus.................................
$135,809 $1,329,835
$243,957
OFFICERS.— Chairman, C. W. Watson, Fairmont, W . Va.; Pres.,
George W. Fleming. N. Y .: Sec., J. W . M . Stewart, Ashland, K y .; V.-P. &
& Treas., J. F. Caulfield, N. Y .— (V. 106, p. 824, 926, 1233, 2013; V. 107,
p. 805; V. 108, p. 483, 787, 1384, 1409, 1514.)
EMERSON-BRANTINGHAM CO.— ORGANIZATION.— Owns at Rookford III., (a) farm machinery plants located on 160 acres of land. d>) Plant
for manufacture of carriages and wagons for country trade (business estab­




lished In 1852). In 1912 purchased the Gelscr Mfg. Co. (established 1869).
with plants at Waynesboro and Greencastle. Pa.; Reeves & C o., Columbus;
Ind.; Gas Traction Co. (V. 94, p. 1189). Minneapolis, Minn., and Winni­
peg, Can., and La Crosse Tool C o., Chicago Heights, III.; Newton Wagon
C o., Batavia, 111.; American Drill C o.. Marlon, Ind.; Rockford Engine
C o., Rockford, I. V. 95, p. 363. In Aug. 1918 purchased tho Osborne
line of harvesting machines (but not the Auburn plant) from the Inter­
national Harvester Co. (see V. 107, p. 700, 608).
STOCK.— As to pref. stock, see V. 95. p. 363; V. 97. p. 1507. N o bonds.
The N . Y . Stock Exchange in May 1919 listed $8,535,500 common stock,
the remainder, $1,597,000, still deposited under voting trust expired
Aug. 1 1917.
DIVIDEN DS.— On pref., I K % . paid Nov. 1 1912 to Aug. 1 1914. then
none till Nov. 1918, 144%; Feb. to Nov 1919, 144%: overduo accumulated
pref. dividend Aug. 1 1918, 28% . Sink, fund payments were also omitted.
V. 99, p. 1054; V. 107, p. 1290. Notes payable were $4,446,517 Oct. 31
1918, against $2,692,959 Oct. 31 1917.
R EPO RT.— For year ending Oct. 31 1918, in V. 108, p. 783.
y Total
x Net
DeprePreferred
Balance,
2rni>igs. Interest, ciation.
Dividends.
Surplus.
3296,331 $167,845 (1^)3212,984 $1,069,285
...................
924,236
.16- 17- 11,104,128 1.264.727 189,988 150,502
15-16- 8 ^83 ,2 ’°J 8 68L404 208,231 125.000
........... ........
351,173
x After deducting Federal taxes, y Includes in 1917-18 $1,948,720
Govt, contracts.
Pres., C. S. Brantingham. Rockford, 111.— (V. 108, p. p. 1063, (2245.)
EMPIRE GAS & FUEL CO. (DEL.).— ORGANIZATION.— Incorp. in
Delaware June 1919. Owns leaseholds on 22,000 acres of fully proven oil
lands in the Eldorado and Augusta fields, Butler County, Kan.; producing
oU ^e ls in operation in June 1919, 1,400; daily production over 40,000 bbls.
With its subsidiaries also owns leaseholds on nearly 1,000,000 acres of other
oil and gas lands in other parts of Kansas and Oklahoma. Subsidiaries
operate a natural gas system of about 1,300 miles of trunk lines covering
portions of Oklahoma, Kansas and Southwestern Missouri. As to now pipe
lines, &c., see V. 109, p. 7 5 .
The company and its subsidiaries, tho Empire Gas & Fuel Co. of Texas,
Lmpiro Refining Co. and Empire Gasoline C o., produced about 17,000,000
barrels of crude oil in 1918. Its natural gas subsidiaries are transporting
and marketing about 1 0 0 ,0 0 0 .0 0 0 cu. ft. of gas daily.
„ , §'I19-?IS,)7_I^
rufu,rruX ’, -a” th■ $500,000,000; outstanding in N ov. 1919,
i
$17,407,000, o f which $15,000,000 is owned by Cities Service Co. Common,
auth. and outstanding, $62,500,000; all owned by Cities Service Co.
. BONDS.— The First Mtge. & Coll. Trust 6 s are guaranteed, p. & i., by
sink, fund by Cities Service Co. Semi-annual sinking fund (M . & N.)
retires over $1,000,000 annually. This issue is redeemable, all or part,
until M ay 1 1920, at 102 and int.; thereafter to M ay 1 1923 at 103 and int.,
and thereafter until maturity at 104 and int. V. 102, p. 1542. The Em­
pire Refining Co. First M . & Coll. Trust s. f. 6 s are guaranteed, p ., 1. & s. f .,
by Empire Gas & Fuel Co. sink, fund retires over $1,000,000 annually.
These 6 s are callable at 104 till Feb. 1921; then till Feb. 1 1924 at 106;
thereafter at 108. V. 104, p. 365.
The $25,000,000 Bond Secured Convertible notes are convertible at any
time, par for par, into 8 % non-voting Cumulative pref. stock of company,
except that this privilege expires 60 days prior to date of maturity, and if
called 3 weeks after date of the first publication of notice o f call. Callable
at any time at not exceeding 102. Monthly sinking fund beginning Oct. 1
1919, 1% o f outstanding notes. Secured by deposit of $50,000,000 First &
Ref. & Coll. M . 6 % bonds, total auth., $150,000,000, dated Juno 16 1919,
due 1939. V. 108, p. 2436.
Of these $150,000,000 First & Ref. & Collat. bonds, $50,000,000 are
pledged as aforesaid, $18,772,000 are reserved to refund the underlying
bonds and So 1,228,000 will be issued at tho rate of $50 in bonds for each
$ 1 0 0 of additional expenditures made for capital account in the various
properties or for deposit in the sinking fund.
EARNINGS.— Combined earnings (inter, co. sales eliminated) year
ended Feb. 28 1919: Gross, $64,504,499; net after taxes, $23,121,297;
int. on bonds and notes, $2,626,320; bal., sur., $20,494,977.
President, Henry L. Doherty, New York. V. 109, p. 581, 681, 1702.
EMPIRE STEEL & IRON CO.— Incorp. in N. J. in 1899. V. 6 8 . p. 524.
Common stock, $1,254,770. V. 85, p. 1211. Preferred, see table.
PREF. DIVS. ’06. ’07. ’08. ’09. ’ 10. ’ l l . T 2. ’ 13.-T5. T 6 . T7. ’ 18.T9.
C o.’s d a t a -_ % 4 4 4 6 414 6
5
1 2
nil
8 1514 10 8
Jan. 1919,3% , and 2% on accum., reducing same to 32%; July, paid 3% .
V. 105, p. 2369; V. 107, p. 2379.
1918.
1917.
Cal. Years:
1918.
1917.
Gross income.$l,207,029 $1,800,251 For taxes, & c. $510,000 $600,000
Int., deprec’n 212,526
182,076 Pref. divs. (10%)250,000 387,500
Net incom e.. $994,503 $1,618,175 Bal., surplus. $234,503_ $630,675
Pres., Leonard Pockitt, Ca’tasauqua. Pa’.’; Sec. and Treas., J. S. Stillman,
Catasauqua, Pa. N . Y . office, 30 Church St.— (V. 108, p. 882, 1063.
ENDICOTT JOHNSON C O R P .— O R G A N IZ A T IO N .— Incorp. in
N ew Y ork M ar. 31 1919. Business, principally manufacturing leather and

m edium -priced staple shoes and footwear. Plants at E ndicott and Johnson
C ity , N . Y t o g e t h e r with tanneries, shoo factories. N um ber o f em ployees
abou t 1 2 ,0 0 0 . Average output, about 70,000 pairs o f shoes daily.

STOCK.— Both classes of stock listed on the N. Y . Stock Exchange in
June 1919. (V. 108. p. 2633). Listed on Boston Stock Lxchango in Sept.
1919. Annually beginning Feb. 1 1921 the company shall acquire out of the
surplus profits 3% of the largest amount of Pref. stock at any timo outstand­
ing. No mortgage without 75% of each class of stock. I ref. stock has
__
equal voting power with the Common stock.
, _
Dividends.— An initial dividend o f 1K on both tho Pref. and Common
stock was paid July 1 1919; Oct. 1 1919, 1 K% each.
r'ni V rs __
1910
1016
1017.
1918.
1919 (4 m.)
S a le s
$26,070,404 $34*515,400 $14,144,637 $52,896,275 $17,149,168
Net bef. tax 2.174,430
3:669,797
4.630,471
4,398,187
1,914,524
Profits and surplus April 17 1919, $2,055,734.
DIR E C TO RS.— Pres., Henry II. Endicott; Vico-President, Georgo F.
Johnson, H. Wendell Endicott; Treas., Eliot
5^ wnddiO
George W . Johnson, Harry L. Johnson, Henry 9* B pyer8» Waddill Catchings.— (V. 108, p. 1392, 2436, 2633; V. 108. P- 1370.)
EQUITABLEIGAS LIGHTLCO.[(Of N.LY.).— Seo Consol. Gas Co.

jtfov., 1919.]

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 f i r s t p a g e ]

D a te
B onds

Bauitable Illuminating Gas Light Co of Phila— Com stock ..
_
Pref (a & d) stook 6 % (dlvs paid regularly since o r g .)_
First mtge gold red 105 for sinking fund of $124.000yearly 1898
Eureka Pipe Line— Stock *5.000,000_______________________
Fairbanks Co.— Common stock 51,500,000_______________
1st Pref. (a. & d.) 8 % cum. stock, call. 100, s.f. $1,000,000.
(2d) Pref. (a. & d.) 8 % cum. stk., call. 110 $2,000,000____
Fairmont Coal Co—See Consolidation Coal Co
Famous Piayers-Lasky Corp— Com stock 450,000 shares..
Preferred (a & d) stock 8 % cum conv s f auth $20,000,000
(William) Farrell & Sons, Inc— Common 130,000 shares_
Preferred (a & d) stock 7% cum call 120 auth $3,000,000-Federal Mining & Smelting— Common stock SIO.OOU.OUU__
Preferred (a & d) 7% cumulative *20,000,000 authorized
Federal Sugar Refining— Common stook___________________
Preferred (a S d) stook 6 % oum red conv (tex t)________
c
Five year gold notes $3,000,000 call 101 s fd text.Ba.xxxc* 1919
Gold notes $2,000,000 call 1 0 1 ____________________ Ba.c* 1917
Firestone Tire & R ubber Co— Com stock $25,000,000____
First pref stock 6 % cum $10,000,000 call______________
Second pref stock 7% cum $40,000,000 call 110 sk fd 1921
Fisher Body Corp.— Com. stk. 500,000 shares part v t c .
Pref (a & d) stock 7% cum auth $6,000,000 s fd call 120.
Ser gold notes $5,000,000 due $1,000,000 yly call.Ba.xxxc* 1919

Amount
Outstanding

Par
V a lu e

1,000
• 100
25
100
100
None
1.080
None
100
100
100
100
100
1,000
1,000
10
100
100
None
100
1,000

EQUITABLE ILLUMINATING OAS L IG H T CO. OF PHILADEL­
PH IA.— Formed In 1898 to take assignment of the lease o f the gas works
of Philadelphia from the city to the United Gas Improvement C o., and to
operate the same. See V. 84, p 1304; V. 84, p. 1370; V . 6 6 , p. 436.
DIVIDENDS.—
1898. 1899. 1900.
1901 to Dec. 1918.
6
6
6 yearly
Common ( % ) ________________ 4
Sinking fund to retire stock In 1928.— (V. 96. p. 556; V. 101, p. 1976;
V. 105, p. 2187; V. 106. p. 90. 924; V. 107. p. 406; 2292.)
(THE) EUREKA PIPE LINE CO.— ORGAN IZATION . &C.— Incorp.
In 1890 In W. Va. Owns pipe line In W. Va. Formerly controlled by
Standard Oil Co. o f New Jersey, but segregated In 1911.
Stock, $5,000,000; par. $100. Dlv. 10% paid quar. from M ay 1912 to
Feb. 1914: M ay & Aug.. 8 % ; N ov. 1914 to M ay 1918. lncl., 24% (6 % qu.).
Aug. and N ov. 1918 and Feb. 1919, 5% quar.; M ay, Aug. & N ov. 1919, 4% .
Report for cal. year 1918 in V. 108 p. 584, showed: Profits $848,713; divi­
dends (22%) $1,100,000; balance deficit $251,287. Total p .& I. surplus,
Dec. 31 1918, $4,214,480. V. 108. p. 584. For 1917, profits, $1,111,883;
dividends (24% ), $1,200,000; bal., def., $88,120.
Pres. Forrest M . Towl, Vice-Pres. & Treas., E. R . Shepard. Office, Oil
City, Pa.— (V. 106, p. 2760: V. 108 p. 384, 484, 584, 1392.)
FAIRBANKS CO.— ORGANIZATION.— Incorp. in New Jersey, June
11 1891, to acquire the business, &c. o f the Fairbanks Co., of N. Y ., and
other cities. Manufactures valves, trucks and barrows; also acts as selling
and distributing agents for manufacturers. Has the exclusive right until
1929 to sell the Fairbanks Scale throughout the entire world, except Can­
ada and the western part of the United States. Plants located at Rome,
Ga. and Binghamton, N. Y . (V. 106, p. 2563)
STOCK — Sinking fund for the 1st Pref. beginning in 1918 10% of net
earnings after all taxes and divs. on both First Pref and Pref stock
If
in any year such 10% is less than $50,000 all available earnings up to
$50,000 shall be sot aside for the sinking fund. If such 10% is more than
$100,000 only $100,000 shall be set aside. See also under divs. below.
(2d) Pref. and Com. stock listed on N. Y . Stock Exchange in 1919.
DIVS. ’94. ’95. ’97. '99-’01. ’02-’03. ’04-’06. ’07-'08. TO. ’ l l . T2. T3. ’ 18.
Com. % 18
9 10 15 9 6 8 y'ly. 10 y'ly.12 y ’ly. 12
4 10
8 text
Dividends o f 2% have been regularly paid quarterly on the 1st Pref.
from June 7 1918 to date. On the (2d) Pref. stock 2% quarterly from Nov.
27 1907 to April 1 1914, incl. The accumulated divs. from April 1 1914 to
April 1 1918 were adjusted by a Com. stock div. (20%) issued June 7 1918,
the (2d) Pref. stockholders receiving one share of Com. stock for each $10,
accrued. Cash divs. were resumed July 1 1918 and have been paid quar­
terly to date.
On Doc. 1 1918 paid a 4% stock dlv. on the Common stock. The Cornstockholders o f N ov. 25 were also given the right to subscribe to 5,265
shares o f (2d) Pref. stock at par ($100) and 5,265 shares of Com. at par ($25)
to the extent of 10% o f their holdings. (V. 106, p. 2100).
Gross
Gross
Net after
Earnings Cal. Years—
Sales.
Profit.
Taxes.
1918...................... ..................................S16.158.930 $3,563,277
$554,364
1917...................... - ......... - .................. 11.774,610
3 352,158
945,775
1916......................................................... 8,476,635
2 193.809
673,310
Earnings 6 inos. ended June 30 1919. V. 109, p 1370. Total profit
$500,561; net before Federal taxes $40,620; divs., 1st Pref. (4%) $40,000,
2d Pref. (4 % ), $80,000; bal. sur., $281,260; p. & 1. surplus, Juno 30 1919,
$ 2 808 091.
OFFICERS.— Chairman o f Board, W . Storrs Wills, Pres.; Harry T .
Peters, 1st V.-P. Sc Sec.; J. R. Peters, Treas.; J. A Wells. New York
office, 416 Broome St.— (V. 109, p. 681, 891, 1277, 1370).
FAMOUS PLAYERS-LASKY CORP., N. Y.— ORGANIZATION.—
Incorp. in New York, July 19 1916, as a holding and operating company
with the right to produce, lease and exhibit motion pictures, operate thea­
tres, &c. Acquired the Famous Players Film C o., the Jesse L. Lasky
Foaturo Play Co., Inc., and the Paramount Pictures Corp. and its subsi­
diaries and the Artcraft Pictures Corp. Owns stock m several other
companies doing business in the United States and foreign countries. Has
general contracts with foreign concerns for substantially exclusive distri­
bution of its pictures. Official statement to N Y Stock Exchange in
V. 109, p .487. On July 2 1919 acquired the Charles Frohman Inc. V. 109,
p. 176, 480. See V. 109, p. 1708. Distribution contract with the DanishAmerican Film Co. V. 109, p. 1795.
STOCK.— Stockholders N ov. 10 1919, authorized an issue of $20,000,000
8 % Cuinul. Convertible Prof, stock (par $100) and increased the Common
stock from 200,000 shares to 450,000 shares (no par value)
The Common stockholders o f record Nov. 13 1 9 1 9 were given the right
to subscribe at par ($100) for $10,000,000 Pref. up to’ Nov. 28, in the ratio
of one share o f Pref. for each two shares o f Common held
Of the 250,000
shares of additional Common stock about 182,000 shares will be set aside
to provldo for the conversion not only of the $10,000 000 Pref. stock issued,
but also of the unissued Pref. stock. V. 109, p. 1612, 1703, 1894. Sinking
fund of 3% of issued Prof, stock, loss converted amount begins Nov. 30
1920.
Redeemable on 60 days’ notico (also for sinking fund) at 120. Con­
vertible at par at any time into Common stock at $110 per share up to Nov.
30 1920, at $115 to N ov 30 1921 and at $120 thereafter. No mortgage
without the consent o f 2-3 o f the outstanding Pref. stock
Each share of
Pref. shall bo entitled to one vote. Common stock listed on N. Y . Stock
Exchange. V. 108, p. 2245, 2633; V. 109, p. 487, 1612
Late Dividend
------- -— -1917— ------------- 1918. ----------- 1919----------Common—
Jan. April.
July.
Oct.
April. July.
Oct.
Per share.............. $2.50 $2.50 $2.50 $2.50 None $1.50 $2.00 $2.00
Gross
Net Before Federal Divi.
Balance
Earnings. Fed. Taxes. Taxes.
dencls.
Surplus.
Juno 30 T9 (6 mos.)$13,073,938 $2,439,337 $190,649 $251,903 $1,996,786
Cal. yoar 1918......... 18,090,500 1,281,175. ______
. . . 1,281,175
Quarters ending—
Oct. 3 1 ’ 19.
June 30 T9. Mar. 31 ’ 19.
Gross income-------------------------------$5,983,792
$7,173,265
$5,900,673
Surplus Sept. 27 1919, $3,331,308; bills payable, $1 556,300.
OFFICERS.— Adolph Zukor, Pres.; Jesse L. Laskv 1st V.-P.; Frank
A. Garbutt, Walter E. Greene and Walter W . Irwin, Vice-Pres.; Arthur S.
Friend, Treas.; Emil E. Shauor, Asst. Treas.; Elek John Ludvigh, Sec.;
Ralph A. Kohn, L. S. Wicker and Frank Mever, Asst Secs.— (V. 108,
2 4 3 7 ^ 3 3 ; V. 109, p. 176, 375, 480, 771, 1083, 1529, 1611, 1705,
(WILLIAM) FARRELL & SONS. INC.— ORGAN IZATION .— Incorp.
Jan. 29 1919 in New York. Acquired assets, good will &c. of coal dealers
n the Boroughs of Manhattan and the Bronx, N. Y . City, including with
ho following- William Farrell & Son, Robt. Gordon & Son. Inc., Hencken
& Willenbrook Co., Thedford Eltz Coal Co., O. H. Perry Sc Son, inc.,
PattisonJ& Brown, S. Trimmer & Sons, Inc., Scranton & Wyoming Coal




169

INDUSTRIAL STOCKS AND BONDS
Bate
%

When
Payable

Dec
3.125.000
3.125.000 6 In 1919 J & D
3.356.000
5g J & J
21 In ’ 19 See text
5.000.
000
text
1.500.000
1.000. 000 8 in 1919
text
2,000,000
8 =?
200,000 Text
10,000,000
8
130.000 shs
3.000.
000
3.000. 000
12,000.000 3 K in’ 19
6.707,900 See text
See text 6 In 1919
6 g
3.000. 000
See text
5g
3.500.000
10,000,000
10.000,000
2 0 0 .0 0 0 shs
New
4.714.000
5.000. 000
6 g

Q— F
New

Last Dividend
and Maturity

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

Dec 1917
6 % Philadelphia
Dec 16 1918 3
do
Tan 1 1928
New York Trust Co, N Y
Nov 11919, 4% Checks mailed
N ov 1 1919
Oct 1 1919
Oct 1 1919 $2

New York Trust Co
Q— J Text
Ian 15 1909 I K Checks mailed
o —J
Q—M Dec 15'19
do
K
Q— F N ov 1 ’ 19. IK Checks mailed
do
Q— F N o v i 1919, I K
M & N Nov 1 1924
Bankers Trust C o, N Y
New York
J & J Jan 1 1920
Q—J 15 Oct 1 1919, I K
Q— F New
F

Q— F N o v i 1919. I K New York
& A Aug 1 1921-25 Bankers Trust Co, N Y

C o., Matthew Wilson Coal C o., Joseph Gordon, Inc., &c., representing
an annual tonnage of about 3,000,000.— V. 108, p. 2126, 2633.
STOCK.— Pref. stock may be redeemed on any div. date at 120 and div.
N o mortgage without the consent of K of the Pref. stock. Offering in
V. 108, p. 2126, 2633. An initial quarterly dividend of $2.33 (being for
4 months period) was paid Oct. 1 1919 on the Pref. stock.
President, Thomas F. Farrell.— V. 108, p. 2126, 2633; V. 109, p . 788.
FEDERAL MININO & SMELTING C O — O R 3AN IZATION .— Incor­
porated under laws of Delaware June 25 1903. Owns silver-lead mines in
Ooeur d'Alene district. Idaho. V. 93, p. 733; V. 96. p. 1088; V. 97. p. 1424,
In 1905 Amer. Smelters Securities Co. (Amer. 8melting & Refining Oo.)
acquired about $3,000,000 common stock. V. 93. p. 1728; V. 99. p. 52,
DIVS. f ’08. ’09. TO. ’ l l . '12. T3. T4. '15. 1916. 1917. 1918. 1919.
-----Common! 0 1 4 4 0 0 0 0 0 0
0
0
0
Preferred!In full to Dec. 1911 6
6
5
4
4K
7
7
3K
From March 1917 to March 1919, 1 K % quar. In June 1919 paid 1% ,
and in Sept, and Dec. 44 of 1% . V. 104, p. 667.
REPORTS.— Year 1918 in V. 108, p. 1824 (no exact income account):
Cal.
Value of
Net
Other
Gen. Exp.,
Preferred
Balance,
Year. Products.
Profit.
Income. Depr.,& c. Dividends. Sur. or Def.
1918.$2,405,867 $545,876 $296,382 $112,321
(*)$838.854 def.$108,917
1916. 5.204,512 1,044,768 613.312 789.881 (444)509,409 sur.358.789
1915- 2,782.659 455.939 352.663 493.234
(4) 479.444 def.169.077
Chairman & Pres.. Francis H. Brownell; Sec., Geo. W . Petersen; Treas.,
F. O. Drudling. Office, 120 B'way, N. Y .— V. 108, p. 1168, 1613,1824.)
FEDERAL SUGAR RF.FININGCO.— Incorporated in New Jersey June 1
1902; re.ncorporated .n New York M ay 3 1907. V. 84. p. 1117. Plant at
Yonkers, N . Y ., capacity in 1919 10,000 bbls. daily. Process, V . 74, p.
1358. Pref. stock is subject to call at 125 and convertible into com. stock
at par. Description, V. 84, 0. 691. Div. on common stock 1921 to Oct.
1913 5% yearly (Q.-J.); none since to June 15 1917, when 1 K % was paid;
since to N ov. 1919, 144% qu. (7% p. a.). Dividend period changed in
Feb. 1919 from Q.-M.16 to Q .-F .l. Dividend previously paid in March was
paid Feb. 1 1919. V. 104, p. 2121. In N ov. 1919 sold $3,000,000 FiveYear 6% notes to refund $2,000,000 5% notes due Jan. 1 1920; s. fd. to
retire $334,000 yearly will begin in 1922. V. 109, p. 1895.
In Dec. 1917 offered to buy in pref. shares at 95% . V. 105, p. 2187;
V. 106, p. 1347. In April 1919 reduced the outstanding pref. stock in
that way from $3,322,800 to about $1,000,000.
On Sept. 20 1919 the balance sheet showed: Cash, $2,288,290: accts.
receivable, &c., $3,784,229; inventory, $2,540,457; accts. payable, $1,­
585,490; bills payable, $4,660,000; notes due, 1920, $2,000,000. V.
108, p. 2625.
ANNUAL REPO RT.— For year end. M ay 31 1919, V . 108, p. 2625:
Years end.—
Profit.
Interest. Taxes,&c. Pref. do). Common. Surplus.
M ay 31 1919.$1,654,291 $328,001 *$218,909 $199,368 $584,257 $323,756
M ay 25 1918. 2,172,945225,427*1,003,002
199,368 403,720
341,428
M ay 26 1917. 3,227,464
363,629
40,331 199,368 ________2,624,136
* Includes income and excess profits taxes.
Pres., Claus A. Spreckels; V .-P ., Lewis L . Clarke; Treas., Pierre J.
Smith; Sec., A. H. Platt. Office, 1 Wall St., N. Y .— (V. 107, p . 85:
V. 108, p. 2625.)
F I R E S T O N E T I R E & R U B B E R C O — ORGANIZATION.— Incorp.
«n W . Va. in Sept. 1900; in 1910 reincorporated in Ohio. Plant at Akron, O.
Daily capacity 22,000 tires and 25,000 tubes. This in Oct. 1919 was being
ncreased to 36,000 tires and 40,000 tubes a day. V. 109, p. 118.
STOCK.— In June 1919 increased the outstanding 1st Pref. stock to
$10,000,000. V. 108, p. 2531; V. 109, p. 375. In August 1919 (V. 109,
p. 681) increased the auth. issue of common stock to $25,000,000 and auth
also $40,000,000 of 2d Pref. stock, of which $10,000,000 was sold. See
offering, V. 109, p. 1182.
Divs. on 1st pref., \ K % , Q.-J. 15; 2d pref., Q.-F.
REPO RT.— For year ended Oct. 31 1918 in V. 107, p. 2472
Sales & Profits Fiscal Years ended July 31 1910 to 1915 & Oct. 31 1917 & 1918.
1910-11.
1913-14.
1914-15.
1916-17.
1917-18.
Sales------------ $7,462,581 $19,250,100 $25,319,476 $61,587,219 $75,801,507
P rof.a ft.depr.
616,912 3,227,699
4,343,376
5:819!727
§:356 230
Sales for the 6 months period of present fiscal year show a substantial
increase over the same period of last year.
For the 9 months, Nov. 1 1918 to July 31 1919, the net sales amounted
to $59,145,396, and for the month of August, which was the largest in the
company’s history, the net sales were over $10,000,000.
OFFICERS.— Pres., H. S. Firestone; Sec., S. G. Carkhuff; Treas., J. G.
Robertson. Offices at Akron, O., and 1871 Broadway, N. Y .— V 109
p. 984, 1182.
’
F I S H E R B O D Y C O R P O R A T I O N ( O F N . Y . ) . — O RGAN IZATION .—
Organized in N. Y . State Aug. 1916. The original Fisher Body Co. was
formed in 1909, and in Oct. 1919 its business as developed by the present
corporation had grown to a gross volume of between $50,000,000 and $60 000,000 per year. The Corporation operates 23 plants in United States
and Canada.
The Fisher Body Ohio C o., a controlling in which will be held by Fisher
Body Co. was organized in Oct. 1919, to build an additional plant with
1,500,000 sq. ft. of floor space. See that Co. below. V. 109 n 1612 480­
V. 103, p. 1690,.1893.
’ p'
’ u’
The company in Oct. 1919 received from General Motors Corp., an offer
whereby the latter^ will purchase 300,000 shares (no par value) Common
stock, to be issued in addition to the 200,000 shares now outstanding, mak­
ing total outstanding 500,000 shares (see above). In case of acceptance.
General Motors will, by creation of a voting trust for the shares thus pur­
chased. place complete control of Fisher Body Corp., in the hands of the
latter company s present management. This sale when and if consummated
will add approximately $30,000,000 to Fisher Body Corporation’s current
assets. V. 109, p. 1612.
STOCK.-—The stockholders voted N ov. 6 1919 (a) on increasing the
Common stock from 200,000 shares (no par value) to 500,000 shares (no
par value); (o) on amending certain of the articles of Incorporation and add­
ing a new article that for a period of five years, commencing Oct. 1 1919,
not less than 2-3 of the net earnings, after taxes, interest, and Pref. stock
divs. and Sinking fund payments, shall be paid in dividends to the Common
stockholders, until they shall have received in each fiscal year, divs. at
the rate of not less than $10 per share per annum: (c) on increasing the num­
ber of directors from five to fourteen. V. 109, p. 1612.
Of the original 200,000 shares of Common stock, 102,000 shares are held
under a voting trust expiring Aug. 25 1921, unless terminated earlier, by
the trustees. Voting trustees, Frederick J. Fisher, Charles T . Fisher,
Louis Mendelssohn and Aaron Mendelson. ^V. 104, p. 1706.
As to
voting trust, seelabove.

170

INDUSTRIAL STOCKS AND BONDS

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

Fisher Body Ohio Co— P r e f

(a &

d

8%

cum s

f

Date
Bonds

c a ll 1 1 0 _____

F ir s t p r e f (a & d ) s t o c k 7 % c u m $ 1 5 , 0 0 0 , 0 0 0 c a ll 1 1 0 s k f d
S e c o n d p r e f 7 % c u m $ 7 , 0 0 0 , 0 0 0 c o n v t i l l N o v 1 1 9 2 3 _____

—

P r e f e r r e d 8 % __________________________
___________
__________________
N e w p r e f ( a A d) 8% c u m $ 8 , 0 0 0 , 0 0 0 c a ll 1 1 5 _________________
Subsidiary Co., entire $ 6 , 0 0 0 , 0 0 0 stock owned—
G a l e n a S ig n a l O il o f T e x b d s ( p a r e n t c o a ls o o w n s $ l , 0 0 0 , 0 0 0 )
G aston, W i l l i a m s & W i g i n o r e — S t o c k a u t h 3 0 0 , 0 0 0 s h a r e s . .
S e r ia l n o t e s d u e S I . 0 0 0 . 0 0 0 y l y a l l o r a n y c a l l a t 1 0 1 y G . c *

1916

P r e f ( a & d ) s t k 5 % cum c o n v e r t ( t e x t ) c a ll 1 1 0 & d i v ____c .
Debentures gold red Dar sink fund_____________FP.kc*

1915

1918

Par
Value

Rate
%

When
Payable

N ew
$ 1 0 0 $ 1 0 ,0 0 0 ,0 0 0
Q— J
?
1 0 ,8 5 9 ,5 0 0
25
Q— F
7
100
1 4 ,5 0 0 ,0 0 0
Q— M
7
100
4 ,9 0 4 ,5 0 0
Q— F
N one
5 0 0 ,0 0 0
S ee tex t
1 6 ,0 0 0 .0 0 0
100
Q — VI
.1 0 0
2 , 0 0 0 0<Hi 8 In 1 9 1 9
Q— M
100
8
4 ,0 0 0 ,0 0 0
1 ,0 0 0
None
1 ,0 0 0
100
lO u

500 Ac

Pref. stock, par S100, auth., $6,000,000; issued, $5,000,000; retired to
April 30 1919, $660,000. Callable at 120 & divs.; sink, fund beginning in
Aug. 1915, 15% o f net earnings, after deducting pref. divs. See V. 103,
p. 581, 760, 1510. Pref. dividends paid N ov. 1 1916 to Nov. 1919, 7%
p. a. (1 X % quar.).
•
Loans payable April 30 1919, $4,065,000, including $1,475,000 for pur­
chase of Liberty bonds, of which $1,500,000 (par value) pledged as collateral
V. 109, p. 71.
NOTES.— In July 1919 sold $5,000,000 6% Serial Gold notes, due $1,000,000, payable on Aug. 1 from 1921 to 1925, incl., but callable till Aug. 1 1921
at 102)4; till Aug. 1922 at 102; till Aug. 1923 at 101 >4; till Aug. 1924 at
101; thereafter at 100'A- No mortgage while these notes are outstanding.
— V. 109. p. 480. 1370.
R E PO RT.— Year ending April 30 1919. V. 109, p. 71.
Pres., F. J. Fisher, Detroit.— (V. 107, p. 2479; V. 109, p. 71, 480, 1370.
1464, 1612.)
1918-19.
1917-18.
1916-17.
Net income after deprec. reserve___ a$3,534,853 $4,352,078 $2,261,364
$306,564
$203,111
$96,619
Deduct— Interest charges____j ______
Federal Canadian profits war taxes.. 1,625,000 b l ,294,486
--------Deduct— Dividends on Pref. s t o c k ..(7%)$304,539 (7)$326,305(514)262.500
Balance, surplus_________________ $1,298,750
$2,528,176 $1,902,245
a Includes in 1917-18 $4,109,024 from body plants and $243,054 from
aeroplane division, b An additional $403,000 for Federal taxes was
deducted from the surplus of Apr. 30 1918. Pres., F. J. Fisher, Detroit.
— (V. 109. p. 71, 480, 1370, 1464, 1612, 1795.)
FISHER BODY OHIO CO.— ORGAN IZATION .— Incorp. in Ohio
about Oct. 18 1919. (Fisher Body Corporation owning a controlling In­
terest) and will build at Cleveland, O., an additional plant for building
automobile bodies. Total floor space about 1,500,000 sq. ft.; to employ
upwards o f 7,000 men. Fisher Body Corporation agrees to turn over to
The Fisher Body Ohio C o., all o f the business necessary for operation to
capacity. See V. 109, p. 1612.
CAPITALIZATION .— Auth. and issued, 8% Cum. Sinking Fund Prof,
stock (par $100), $10,000,000; Com. stock (no par value) 100,000 shs. No
bonds. No mortgages without consent o f X o f Pref. stock outstanding.
Sinking fund beginnin Jan. 1 1923 4% of largest amount o f Pref. stock at
any time outstanding. Pres., Fred J. Fisher.— (V. 109, p. 1612, 1990.)
FISK RUBBER CO.— ORGANIZATION, & c — Incorp. in Mass, in
1912.
Manufactures pneumatic and solid tires for automobiles and trucks;
also for motorcycles and bicycles, &c. Plant located at Chicopee Falls,
Mass., has a floor space o f 20 acres (V. 108, p. 2436; V. 109, p. 778). Owns
a controlling interest in Federal Rubber Co. (V. 108, p. 2126; V. 109, p.
1182), which owns a factory having a floor space o f 5 acres at Cudahy, Wfs.
STOCK.— The stockholders on June 10 voted to retire the First Pref.
and First Pref. Convertible stock and to issue (1) $15,000,000 (new) First
Pref. stock; (2) increase the then outstanding Second Pref. stock by an
additional amount of $2,500,000 and (3) to issue $1,000,000 additional
common, making the authorized capital stock to consist of $15,000,000
First Pref. 7% cum., $7,000,000 2d Pref. 7% cum., conv. into common until
N ov. 1 1923, and $20,000,000 common stock; outstanding $15,000,000
First Pref., $6,344,700 2d Pref. and $9,325,700 common stock. V. 108,
p. 2436; V. 109, p. 581. The new non-voting First Pref. has an annual
sinking fund equal to 15% o f net profits after payment of taxes and 1st Pref.
dividends. The 2d Pref. is convertible into common par for par until
N ov. 1 1923. The 1st Pref. is callable all or any part at 110 at any time
on 60 days’ notice, and when that has all been redeemed the 2d Pref. will
be redeemable in like manner.
ANNUAL REPO RT.— For cal. year 1918 in V. 108, p. 1058; V. 109,
p. 778, 1183.
Calendar Years—
5 Mos. T9. Year 1918.
Net sales and earnings__________________________ $16,924,658 $36,682,168
Net after mfg. costs, depreciation,interest, &c___ 1,983,401
3,760,280
Dividends on old first preferred stock(now retired)
307,047
631,750
Second preferred_____________________________
147,527
315,000
Federal income and war taxes___________________
396,680
1,253,427
Sinking fund for retirement of old first pref. shares. ________
589,659
Balance, surplus______________________________ $1,137,148
$970,444
Sales for 1917 were $29,916,681; 1916, $19,457,789; 1913, $9,594,231.
Pres., II. T. Dunn, Chicopee Falls, Mass.—IV . 108,p. 87, 787, 1058,
2332, 2436; V. 109, p. 480, 581, 682, 984, 1183.)
FORD MOTOR CO.— Notes, V. 109, p. 275, 1277, 1529.
FOUNDATION CO., N. Y.— V. 109, p. 480, 778, 891.
FRANKLIN PROCESS CO.— 8% Pref. stock.— (V. 109, p. 1989.)
FREEPORT TEXAS C O . — ORGANIZATION.— Incorp. Sept. 30
1913, in Deieware. A holding company controlling through ownership of
entire stock: Freeport Sulphur Co. ($200,000); Freeport Terminal Co.
($10,000); Freeport Town Site Co. ($20,000); Freeoprt Light, Water &
Ice Co. ($5,000): Freeport Sulphur Transportation Co. ($25,000); Free­
port Gas Co. ($50,000). Also owns ono-half of the capital stock o f Houston
& Brazos Valley Ry. Full description in V. 108, p. 1517.
STOCK.— On M ay 7 1917 the authorized share capital was increased to
500,000 shares (no par value) which were issued in exchange for 35,000
shares (par $100) at the rate o f 14 2-7 shares of new stock for each share of
old stock. V. 104, p. 1804. Of the authorized stock 96 shares are held in
the treasury- No bonds. Stock listed on N. Y. Stock Exchange in June
1919. V. 108, p. 2633.
.
LATEST D IV .— (On capital of $100 par). Nov. 4 1915 to M ay 15 1927
incl., 10% quarterly; on capital no par value (per share); Aug. 15 1917, $3
N ov. 15 1917, Feb. 15 and M ay 15 1918, $1.50 each; M ay 20 1919, $2
Aug. 20 1919, $1. V. 109, p. 480.
EARNINGS.— For fiscal year ending N ov. 30 1918 in V. 108, p. 1506,
1517; 6 months to M ay 31 1919, V. 109, p. 1984:
Gross
Total
Taxes
DiriSales.
Income. Res., &c. dends.
Balance.
1918-19 (6 m os.)___ $1,438,371 $881,227 $112,989 .............. def.$768,238
1917-18 (y e a r )____ 9,913,184 5,882,018 1,948,969 $864,014sur3,069,035
For the six months to M ay 31 1919: Gross sales $1,438,371; net incomo
$881,227; dividends, $112,989; bal. sur., $768,238. V. 109, p. 1613.
OFFICERS.— Pres., Eric P. Swenson; V .-P ., Sidnell Tilghman; Sec..
F. M . Altz; Treas., S. M . Swenson. New York office, 61 Broadway,
— (V. 108, p. 976, 1506, 1940, 2025, 2633; V. 109. p. 480, 1613, 1984.




Amount
Outstanding

2 ,8 0 0 ,0 0 0
3 0 0 .0 0 0 s h

2.000.000

6
tex t

6g
5

Vol.

1 0 9 .]

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

N ew
N ov
S ept
Aug
Sept
D ec
D ec

N e w E n g T r C o , B o sto n
1919, I X
1 1 9 1 9 I X B a n k e r s T r u s t Ao, N . , Y
2 0 1919
3 0 ’ 18. 1 )4
do
31 ’ 19, 2 %
do
31 ’ 19. 2 %

H o u sto n , T e x
A
&
O J u ly 1 1 9 3 3
.See t e x t S e e t e x t
N ew Y o rk C ity
A A O
1 5 A p r 1 5 1 9 2 0 ’ 21

1 8 ,9 4 6 ,3 0 0
Q—M D e c l 1 9 1 9
8 , 0 3 5 , 8 0 0 5 In 1 9 1 8
A
& O A pr 1 1925
6g
1 .5 5 0 .U 0 U

l x Checks from Co’s office
Co'sPhlladelptala.Pa off

G A IR (ROBERT) CO., B KLYN., N. Y — (V. 106, p. 820, 1464, 1684;
V. 108, p. 2121.)
.
GALENA-SIGNAL OIL CO.— ORGAN IZATION . AO.— Incorp. In
Pean In 1901. Deals in railroad lubricating and signal oils. Formerly
controlled by Standard Oil Co. out segregated In 1911.
In 1918 arranged to acquire control, subject to $2,800,000 6% bonds,
of Important interests In the Humble, Tex., oil field. Including 42 wells
(daily capacity 3,690 bbls. in 1917), with 24-milo pipe line, and remaining
50% of the $1,500,000 stock of the Petroleum Refining Co. (name changed
to Galena Signal Oil of Texas), owning refinery at Houston. V. 106, p. 1233.
In connection with these acquisitions the shareholders voted May 21
to Increase the authorized common stock from $12,000,000 to $2 0 ,0 0 0 ,0 0 6
and on creating $8,000,000 of 8% cumulative preferred (a. & d.) stock!
(callable at 115 and divs.), ranking as to assets and dividends ahead of al.
other stock except present $2,000,000 8% cum. pref. stock. Par of all $100
The plan Involved (1) the issuing of $2,000,000 of such new pref. stock
and $4,000,000 of the Increased common stock, in part payment for afore­
said acquisitions; while (2) $4,000,000 of such now pref. stock was offored
for subscription to all stockholders of record Juno 29 at par. Subscriptions
were payable at office of Blair & C o., 24 Broad St., N. Y. V. 107, p. 85.
It was the intention of the board that the remaining $4,000,000 of new
common stock and $2,000,000 of new pref. stock should for the present re­
main Id the Treasury, unissued. V. 106, p. 1233, 2563.
The new properties wore expected to yield forth with net earnings of $1,­
000.000 and presently $2,000,000 when developed with tho proceeds of
the $4,000,000 new preferred stock through enlargement of refinery, A c.,
subject In each case to interest charges of $168,000. V. 106, p. 1233.
“ American Republics Corporation C o.," &c., see V. 109, p. 1181, 1275.
SUB. CO.— BONDS.— A now company with title “ Petroleum Refining
Co. of Texas” (in 1919 name changed to Galena Signal Oil Co. of Texas)
took over the properties acquired in Texas and operates tho same as
a separate organization. This new company issues $6,000,000 capital
stock, all ownod by the Galena Signal Oil C o.; also $3,800,000 6%
bonds dated July 1 1918, $1,000,000 of which are ownod by the Galena.
Of the now bonds. $2,800,000, It Is understood, have been or are Intended
to be issued In exchange for tho 6% bonds outstanding at time of purchase,
viz.: Amer. Petroleum Co. of Tex., $1,500,000; Republic Prod., $1,300,000.
COM MON DIVS.— 11912. 1913.
1914 to July 1918. Sept. 30 1918.
14
12% (3% quar.)
1)4% quar.
Cash ( % ) .......................I 16
The quarterly dividend paid Sept. 30 1918 was only 1)4% owing to In­
creased expenses and other war conditions. V. 107. p. 1104. The June
1918 quarterly 3% was paid in July.
In N ov. 1 9 1 8 action on the December
dividend on the common shares was postponed because of exceptional con­
ditions prevailing, but tho quarterly distributions were declared on both
classes of pref. stock. No divs. paid on common since Sept. 1918. V.
107, p. 2101.
Com.stock, *4,000.000 was distributed M ay 15 1913 as a 50% stock dlv.
BALANCE SHEET OF DEO. 31, 1918.— In V. 108, P. 1168 showed
bills and accounts payable $7,970,169 against $2,371,475 In 1917; p. & 1.
surplus $240,858 against $1,085,201.
, „
.
OFFICERS.— In Feb. 1919 J. s. Cullinan Was elected President and
L. J. Drake, L. F. Jordan and James E. Linahen, Vice-Pres’ts, and J.
French Miller, Secretary and Treasurer. New directors were also elected,
including J. S. Cullinan, Frederick Strauss, John B. Dennis, L. F. Jordan*
E. V. Sedgewick, L. J. Drake and J. French Miller. Office, Franklin, Pa.
— (V. 108, p. 882, 1168; V. 109, p. 1183.)
GASTON. WILLIAMS & W IGMORE. INC.. N. Y .— Incorp. In N . Y .
State Oct. 10 1914. exporters and Importers and does a sht >ping business,
owning, operating and controlling the Globe Line (Gastin. Williams &
Wigmore SS. Corp.) See V. 102. p. 1438. 1900. Official statement to
N. Y. Stock Exchange, V. 103, p. 2076. Initial dlv.. $1 per share, was paid
July 26 1916; N ov. 15 1916 to Feb. 15 1919, $1 quar. ($4 p. a.); the May
15 1919 div. was reduced to 50c.; Aug. 1919, 50c.: Nov. 1919, none, due to.
adverse exchange situation, Ac. (V. 109, p. 1623). July 26 1917, 25c.
extra to aid Red Cross contributions. V. 101, p. 2556; V. 103, p. 64, 147:
In M ay’ 1918 a "substantial” amount of the stock was acqulrod by the
Guaranty Trust Co.-Ohase Nat. Bank interests through Hornblowor &
Weeks giving them. It is understood, with previous holdings a working
control. Messrs. Williams and Wigmore then retired from tho board.
V. 106, p. 2125. Notes payable, April 30. 1919, $1,387,980. Of the tho
$3,000,000 6% serial gold notes, $1,000,000 wore redemmed April 15. 1919.
R E P O R T — Year ending April 30 1919, V. 1 0 8 , P - 2526.
1Q1R-19.
1917-18.
lOlb-17.
si 262 402
$1,298,487
$2,604,306
Net income_________________
Dividends declared.............. -~(S3)4)lj)50|000 (4 )^)1.275.000 (4)1,200,000'
Balance____________________________________
$212,402$23,487
Profit and loss surplus_________
1,620,938
1,432,418
1,408,931
Gross volume of business of the cos. for year 1917-18 was $57,537;991.
against $41,950,995 in 1916-17. Unfilled orders M ay 1 1918. $16,727,912.
Directors are: Charles H. Sabin, Pres, of the Guaranty Trust C o., Chair­
man; John W. Prentiss, G. M. Dahl, Charles A. Corliss Goorgo A. Gaston,
Jas. J. Phelan. A. \V. Frank Is V.-P. & Treas; It. II. Lp0 Martin, Sec
39 Broadway, N. Y .— (V. 107, p. 1582, 2472; V. 108, p. 976, 1168, 1613,
2526, 2531; V. 109, p. 1613.)
GENERAL AMERICAN TANK CAR C O R P — (V. 108, p. 882; V. 109
p . 1991.)
GENERAL ASPHALT COT— ORGANIZATION.— Inoorp. In N J on
May 19 1903 as successor of the Nat. Asphalt Co., per
pV. 76. o 1115: V 79 p 101,2586: V. 80, p. 2218; v . 82. p 1108
Through subsidiary companies owns extensive asphalt deposits ana pe­
troleum land** in Trinidad and Venezuela and gilsonlte deposits In Colorado
and Utah; operates Important mining, refining and sblPP,1'1
*
duclng a great variety of asphaltic and other materials for paving, rooring,
painting, A c., and conducts a large paving business In N. Y uity, i nua..
Buffalo. Toronto. Chicago, St. Louis, Kansas City and Now Orleans.
Output Trinidad oil wells in 12 mos. of 1918, 229,296 bbls. V. 108, p. 1932.
DIVIDENDS.—
11906. 1907. 1908. 1909 to 1916 ’ 17. 18. 1919.
On preferred - ------- J 4
2
2
5 yearly
5
6
o
Tho accumulated dividends, 914%, were discharged In full In cash.
1% In 1910 and balance, 8 )4 % . through payment In 1915 or debenture*
issued representing same. Outlook in M ay 1919. V. 108, p. 21-6.

N ot ., 1919.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on first page]
General Bakins Co— Common stock ($10,000,000) - ...............
Preferred (a & d) stock 7 % -------------------------------------------1st S Ref M g red 105 also for sink fd________________ Q.c*
c
Kolb Bakery pref stock dlvs guar red 110_______ __________
do
do
1st M lnt and sinking fund guar________
General Chemical Co— Common stock, *20,000.000 auth----Preferred (a & d) 6% cumulative. $25,000,000 auth_____
General Cigar Co, Inc— Common stock $25.000,000______
Preferred stock (p & d) 7% cumulative $5,000,000 _ ___
Debont pref (a & d) stk “ B” 7% cum $5,000,000 call 110
sk fd convert into common $ for $___________________
General Electric— Stock ($125,000.000)............._.........
......
Debentures for Sprague stock g call 105 (V. 75, p. 139).xc
Debentures *60,000.000 g red 107 H not conv_ Ba.xc’ &r*
_
Gold notes $15,000,000 gold__________________________ c*

Date Par
Bonds Value

1911
1911

$100
100
500 Ac
100
1,000
100
100
100
100

Amount
Outstanding

$3,400,000
2.925.000
5.900.000
2,000.000
1.720.000
16.519.200
15.208.000
18.104.000
5,000,000

Rate
%

Last Dividend
and Maturity

Q—J Oct 1 *19
A D June 1 1936
Q—J Oct 1 1919
J A J Jan 1 1937
10H *19 Q— M Dec 1 1919. 2%
Q— J
Jan 2 1920 1 H
6
5 In 1919 Q— F N o v i 1919 1 M
7 In 1919 Q— M Doc 1 1919 1H
6J4 1919

J

7*

7
100 4,620,800
100 See text See text
1902
100 Ac
3H g
2.047.000
1912
500 Ac 10.000,000
5g
1917 1,000 &c 15,000,000
6g

STOCK.— In N ov. 1919 all o f the original $10,000,000 common and
$12,000,000 pref. stock had been disposed o f and the voluntary conversion
o f the pref. into com. ($150 com. for $100 pref.) had resulted in increasing
the outstanding com. to $18,946,300 with a reduction in the pref. to $8,­
038,800. Cbmpare V. 109, p. 778, 984, 1613. 1703, 1796, 1895; V. 79,
p. 2586.
DEBEN TU RES.— The $2,000,000 10-year 6% debentures o f 1915 have
a sinking fund o f at least 10% of net earnings; $450,000 redeemed to M ay 31
1919, V. 108, p. 2126. V. 100. p. 815, 1171, 1352. 1670.
On Doc. 31 1913 had outstanding $595,000 collateral loans and $138,762
mortgages payable; notes payable, $845,000.
Bonds of subsidiary companies: New Trinidad Lake Asphalt C o. deb. 6s,
due Jan. 1 1930, *1,940,000: redeemed to Dec. 31 1918, $953,995; outstand­
ing, $986,005. V. 70, p. 993; V. 71, p. 555; V. 79. p. 104.
REPO RT.— Cal. yr. 1918, V . 108, p. 1933; 11 mos. to Dec. 31 1917 and
years ending Jan. 31.:
Total
Nef
Other
Interest, Pref.Div. Bal.,
Income.
Proofs. Income. Depr.,&c. (5% )
Surp.

When
Payable

Q— J
Q—J 15
F A A
M A S
J & J

Jan 2 ’20 1H %
See text
Aug 1 1942
SeDt 1 1952
July 2 1920

171
Places Where Interest an d
Dividends are Payable
Checks mailed
Harvey Fisk A Sons, N Y
do
do
do
do
25 Broad St, New York
do
do
Check from Co's Office
do
do
New York
Check from Co's Office
Guar Tr Co, N Y; A Bost
N Y . Boston A London
Bankers Trust C o, N Y

GENERAL CIG A R CO., INC., N. Y .— O R G A N IZA T IO N .— Incor­
porated in N . Y . April 28 1906. V. 84. p. 802; V. 94, p. 213, 357. 1388.
In 1916-17 merged the business o f M . A . Gunst & C o., Inc.. Bondy S
c
Lederer. and Best & Russell companies. V. 102. p. 1255. Formerly
known as United Cigar Manufacturers C o., name changed and stock listed
on N Y . Stock Exchange in March 1917. V. 104. p .866 . V. 106, p. 2653.
With the acquisition in Aug. 1918 of the four factories previously operated
by the Wayne Cigar Co., Detroit, this company now controls 58 plants con­
sisting of factories, stemmeries and warehouses for the packing and storing
o f tobacco. The 1918 output of all the properties was upwards o f 450.­
000,000 cigars. V. 107, p. 805. Also in fall o f 1919 acquired the plants o f
Quality Cigar Co. at Cincinnati and Grill Bros, at Evansville, Ind., thus
increasing the company’s capacity, it is said unofficially, from about
535,000,000 to over 600,000,000 cigars per annum.
Government anti-trust suit in Oct. 1918, V. 107, p . 1484.
STOCK.— Neither pref. can be increased nor can mtge. other than pur­
chase money mtge. be created without consent of 75% o f that issue, and
neither has voting power except while default for at least two quarterly
dividends continues.
The $5,000,000 debenture pref. stock issued in July 1919 is entitled to
1918 (12 mos.) 13.2S7.492 2,323,483 104,540 1,264,816 652,705 510*502
1917 (11 mos.) 12.559.313 1.897.362 100.527 1.098.229 652,705 177,954 an annual cumulative sinking fund beginning with 1921, sufficient to
1916-17 ( y r . ) _ „ 11,677,309 1,571,069 100.878 911,639 652,705 107,603 purchase (or call) and cancel at not exceeding 110 & div. 1,500 shares of
1915-16 ( y r .) ._ .10,445,705 1,644,729 76,696
944,739 652.705 123,981 said stock; it is al&> exchangeable, at option of holders thereof, at any time
(except when transfer books are closed) and except if called for or the re­
OFFICERS.— Pres., Arthur W . Sewall; V.-P ., ,T. L. Rake, O. W . BaylissI demption during the 10 days just prior to the redemption date for com.
and A. L. Robinson; Treas., Ira Atkinson; Sec., F. Seamans. Office. Land stock, share for share, with a cash adjustment o f dividends. V. 108,
Title Bldg., Philadelphia.— (V. 106, p. 2341; V. 108, p. 882, 1168, 1392, p. 2633; V. 109, p. 176, 375.
1933, 2126, 2255, 2332; V. 109, p. 778, 984, 1464, 1613, 1703, i895, 1&91.)
DIVIDEN DS.— On common, 1909, 5% ; 1910, 6 % : 1911, 4 X % : 1912
GENERAL. BAKINO CO.. NEW Y O R K .-O R G A N I Z A T I O N .-I n - to M ay 1919,4% yearly (1% Q .-F.);A ug. 1919, 1> *% ;N ov . 1 9 1 9 ,1 ^ % .
corp. In N. Y. State In 1911 to unite the baking business o f 20 concerns V. 109, p. 275, 375.
(located In 15 dlfferenct cities), notably J. G. S B. 8. Ferguson S Co.
c
c
and Geo. G. Fox C o.. Boston; Fleischmann's Vienna Model Bakery. Inc..
REPO RT.— Cal. year 1918, V. 108, p. 882, 1058; 6 mos. 1919, V. 109.
N . Y. City: O. Martens C o.. Inc.. Jersey City; Weber Baking C o.. Newark. p. 475.
N . J.: Collins Baking C o.. Buffalo. Morton Baking Sc Mfg. Co.. Detroit. Calendar
Gross
Net
ln t. on Pf. Dlvs. Com. Dlvs. Balance
Govt, regulation of business. V. 105. p. 1944, 2459; V. 106. p. 1233.)
Year
Profits.
Income. Loans,&c. 7% p.a. 4% p .o. Surplus.
D IV ID E N D S .— On pref.: In 1912, 5J*% ; 1913 to Jan. 1919. 4% p. a. 1919, 6 mos .$3,620,951 *1,426,448 $163,686 $175,000 $362,080 $725,682
In April, July aud Oct. 1919 paid 1% % quar. Overdue on pref., Oct. 1919. 1918,6 mos - 3,045,082 1,483,776 217,820 175,000 362,080 728,876
1918.............. 5,893,956 2,083,770 423,883 350,000 724.160 585,727
2 2 ^
1917............... 4.520.578 1,610,360 268.339 350.000 724,160 267,865
Controls Kolb Bakery C o., guaranteeing dividends on Its *2.000.000 7%
1916________ 4.553.656 1.491.298 177.433 350,000 724,160
239.701
pref. stock and lnt. and sink, fund on *2.000 ooo 5% bonds. V. 94. p. 211.
taxes
BONDS.— Authorized bond. debt. $5,000,000. o f which *1.300.000 re. 30The net earnings after Federal 1529. were for the 9 months ended Sept.
1919, $1,801,941. V. 109, p.
served for future extensions. See V. 93. p. 232. Of the *3,700.000 Issued.
*79,000 were on Dec. 31 1918 held In the treasurv and $721,000 canceled
OFFICERS.— President, Fred Hirschhorn; Senior V.-Pres., R. C. Bondy;
by sinking fund. V. 108, p. 1057. Notes payable Dec. 31 1918, $30,000. Vice-Pres. & Treas., William Best Jr.; V.-Ps., Milton H. Esberg, B. G.
Meyer; Sec., H. V. Shick. Office, 119 W. 40th St., N . Y .— (V. 107.
R E PO R T .— Report for year 1918 In V. 108, p . 882, 1057, showed:
p. 499, 805, 1484; V. 108, p. 882, 976,1058, 2437, 2633; V. 109, p. 176, 375,
Years end. Dec.25to Dec. 31 1918.
1917.
1916.
1915.
475, 1183, 1529.)
Net income.....................x$l,004,955
*$964,020
$919,053
$741,014
Bal., after 4% pref. d iv.
x222,212
*298,108
213,784
85,325
GENERAL ELECTRIC CO.— ORGANIZATION.— Organized under a
x After providing for Federal taxes. * Before deducting war income and toeclal charter of New York April 15 1892. and manufactures outfits for
excess profits taxes.
electric railways and all kinds of electrical supplies. V. 85. p. 155. 1648;
Pres., William Deinlnger; V .-P ’s., F. H. Frazier and F. R. Shepard, V. 62. p. 502. 635. 1040; V. 65. p. 151: V. 68. p. 1024. ( V. 108. p. 1837.)
Sec. & Treas., G. E. Fawcett. Office, 45 East 17th St., N. Y .— (V. 106, V. 70. p. 689: V. 80, p. 1481; V. 83. p. 689. Owns entire common stock of
Electrical Securities Corp. and Elec. Bond & Share Co. V. 79. p. 1706.
p. 1340, 1347; V . 108, p. 882, 1057.)
2645: V. 81, p. 510; V. 103, p. 1595. International General Electric Co.
GENERAL CHEMICAL CO.— ORGAN IZATION . Sec.— Incorp. In export organization. V. 108, p. 83, 385. In 1919 acquired control o f the
N . Y. on Feb. 15 1899 as a consolidation. V. 68. p. 571; V. 74. p. 1093: V. Cooper-Hewitt Electric Co. and Trumbull Electric Co. V. 108, p. 2437;
73. p. 724: V. 89jP . 351. 414: V. 91. p. 656: V. 96. p. 1427: V. 97. p. 295. V. 109, p. 375.
V. 99, p. 1835: V. 100. p. 57. In 1915 began making baking powder.
As to organization bf Radio Corp. of America, see caption o f that com ­
V. 101, p. 925. Is Interested in National Aniline S Chemical Co. V. 108, pany below. V. 109, p. 1704.
c
p. 1169; V. 109, p. 267. The 20th anniversary report issued in 1919 (V.
Owns the rights for the U. S. under patents covering Curtis steam turbine
109, p. 1790) gives full particulars as to plants, products, financial record.&c. engines. V. 76, p. 1195: V. 77. p. 2161; V. 82, p. 1272. Settlement of
STOCK.— Common shareholders o f record Dec. 30 1916 were permitted Government suit, V. 93. p. 1024, 1194; V. 92, p. 599. Wages, V. 106,
to subscribe at parfor$2,622.000 (20%) new common stock (see dividends p. 2761; V. 107. p. 908.
below). (V. 103. p. 1891: V. 104, p. 366.)
STOCK.— The shareholders voted Jan. 3 1918 to increase the auth.
LA TE DIVS. ( '06-’09. '10. *11. *12. *13. *14. *15. *16. *17. *18. 1919.
cap. stock from $105,000,000 to $126,000,000. Of the new stock a part
Common „ % | 4 yrly. 5
6
6 6 6 6 6 8 8
8
will be used to pay the stock dividends noted below and *10.151.200 was,
Extra cash—
................. — I 5
6
6
5 _ 1 20 2H 2J4, Feb. offered to shareholders o f record J an. 14 for subscription at par. This,
do stock. ( _____ 10 — j
:k
“ '
Feb.
15) — 5 ' 0
together with stock dlvs. since p i 1. has increased the outstanding stock to
On Feb. 1 1918 paid an extra dividend o f 5% In common stock at par $118,192,000. V. 106. p. 400. 2653; V. 105. p. 2187. 2369.
(making $16,519,230 outstanding), and a special dividend o f 2H % In
DIVIDENDS.—
1899. 1900. 1901. 1902 to Jan 1920.
cash on common stock. On Feb. 1 1919 paid extra 2 K % cash. V. 109,
In cash, per cent------- --------- 3
6H
9
8 yearly (Q.-J.)
p. 2011.
__
4% y'ly Jan'18 toJan'20
In Nov. 1916 Increased the quarterly dividend payable In March 1917 In stock J&J----------------------from m to 2% and also declared an extra 5% and special 15%. total 20%
In 1902 distributed 66 2-3% stock, restoring 40% surrendered in 1898.
applicable optionally to purchase o f 20% new stock. V. 103. p. 1891.
and on Jan. 18 1913 30% ($23,297,000) to repay in part dividends passed
or reduced in years since 1893. In Aug. 1917 1% extra was paid to aid
E A R N IN G S .— For 3 and 6 months ending Sept. 30 (V . 109, P- 1703):
Red Cross contributions. V. 95, p. 2388, 422.
1919— 3 M os.— 1918.
1919—9 M o s — 1918.
On Jan. 15 1918 paid a special semi-annual dividend of 2% In stock
Total profits...............
$1,761,500
$959,680 $1,851 933 $6,462,148 along with the regular quarterly 2% in cash. V. 105, p. 2187. From July
Preferred dividends.. . (1^)228.125 (1445228.124 (4 H )684.374
681,373 1918 to Jan. 1920, incl., paid semi-annually 2% extra in stock (or as to
Common dividends------- (2 %) 330,384 (2 %) 330,384 (6 %) 991,152 (6) 991,15 2 fractions o f a share in cash) raising the outstanding stock from $113,584,000
Insurance fund------------4o,000
75,000
155,000
315,000 to $120,553,800. V. 106, p. 2347, 2653; V. 107, p. 1923, 2479; V. 108.
Res. for taxes, plant &c.
___
p. 272, 2437.
depreciation..................
300,000 Cr.500,000
1,500.000 1,500,000
DEBENTURES.— No mortgage can be made without equally securing
Balanco, surplus.........
$857,991
$826,172 $1,521,407 $2,971,623 the debentures except purchase money mortgages and pledges as security
.
REPO RT.— For 1918, in V. 108, p. 573 ; 20th anniversary report, for temporary loans or as indemnity. V. 95. p. 238. 7 5 2 . 892. 1611The *15.000,000 3-year 6% gold notes of 1917 were issued on account of
V. 109. p.1790:
^
^
1M 5.
additional plant facilities, which for 1916 aggregated *9.000,000 and for
1917 a still larger amount. V. 105.
292, 1713. Late.Jn 1917 the busi­
Net profits......................... $9'£?!H £2 *11.394.686 $12,286,826 $5,958,746 ness and consequently the necessaryp inventories having continued to in­
Prof dividend ( 6 % ) - - - - , 912.498
912.498
912.498
„ 912.498
crease rapidly a further issue o f $10,000,000 6% notes was issued. These
Common dividend — (8 % )1.321,5361(8)1,258,608 (6)786,636 (6)684,030
Extra common divs--(2>*)412,970(7H)1179.915(20)2622.000(15)1710.075 were paid o ff Dec. 1 1919. V. 109, p. 1991.
98,572
405.197
Ohgd. off, &c., acct------ 1,260,291
195,133
REPO RT.— For year ending Dec. 31 1918, in V. 108, p- 1720.1817. 1837.
724.276
Profit-sharing, & c .-----.......
905.433
1,547,275
Calendar Year—
1918.
1917
1916.
1915.
919,499
Reservo for deprec n —
1,724,330
750,000 Sales. ....... ........... - $ 2 1 6 ,815,278*196,926,318*134,242.290 $85,522,070
849,230
1.800,000
Reserved for taxes.. . . . 2,550,000
Net, after ord. taxes____$32,982,071 $33,516,830 $19,160,973 $12,307,995
570,086
571,445
Interest, &c------------------- 2,377.089 1,113,002
Balance, surplus.........$1,398,635 $4,320,160 $5,374,054
S$772,6;
Fedora! taxes (est.)------- 13,500,000
5,500.000
Total profit and loss surplus Dec. 31 1918, $17,117,806, 1991.
8.121,646
8,129.918
Dividends (8% p . a . ) , . .
9,165,622 8.120,648
OFFICERS.— Chairman of the Board, William U. Nichols: Pres., W. 1
Red Cross div. (1 % )____
______
1,015,078
Nichols Jr.. Gen. Counsel. Sanford II. Steele; V.-P. and Sec . James ]
Div. in sto ck ............... (4%)4,587,398(2)2,030.156 ________________________
Morgan; V.-Ps.. Ohas. Robinson Smith, E. B. Bragg. A . W . Hawke
and Nelson A. Howard; Treas., Lancaster Morgan. 25 Broad St.. N . Y.Balance, over d i v s ... *3,351,962 *15,737,946 $10,467,882 $3,607,992
(V. 108. p. 573. 1168, 1723; V. 109, p. 275, 1703, 1790,1991 )
Total surplus Dec. 31 1918, $53,250,661.




172

[Vo l . 109.

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, A c.. see notes on first page]

Qeneral Qas & Electric Co— Common stock $10,000,000Pref stock $7,000,000 7% cum & partic callable 125_____
Convertible preferred stock_____________________________
First Lien convert call 105 $20,000,000............. _Eq.c*&r*
Ten-year gold bonds $1,411,000 callable at par______ G.c*
Secured 6% bonds $4,700,000 call par__________ Nxxxkc*
Income bonds 7% non-cum call par____________ Me.xxxc*
Principal Bona, A c,, of Subsidiary Cos (See also text)—
Pennsylvania Utilities Co 1st M $50,000.000gcall 1 0 5 c*&r*
10 year 2nd Mtge notes callable 110_______________ zxx
Rutland R y, Lt & Power 1st M (closed).______________ c*
N J Power & Light C o. 1st M unllm g __________ Gxc*
Sand G & El 1st Ref & ImpM$2,000,000 s f call 103 toxt-C*
Blng’n L. T & P Co 1st R ef M (V 102.P 1710) call 105.G.c*
T
Vermont Hydro-Elec 1st M ser A g call 101 s f 1 % Me.xxxc*
Metropolitan Edison Co
/See “ Electric R ”
Reading Transit & Light Co
\ way Section”
General M otors Corp— Common stock auth $500 000,000Pref stk 6% cum non-vot red 110 & dlvs $20,000,000 _____
Debenture stock $500,000,000 6% cum call 115--------

Date
Bonds

— 1912
1915
1919
1919

Par
Value

Amount
Outstanding

$100 $4 500 200
100 2.500!000
100 3,927,700
1,000
1.050.000
500 &c
450.000
100 &c 4.250.000
25 &c

1916
100 &c
100 &c
1916
1.000
1906
1916 1,000 &c
1,000
1915
1916
1.000
1919
100 &c

3,889,500
1.150.000
1.900.000
991.000
843.000
1.285.000
1.350.000

Rate
%

7
5g
5g
6g
5g
6%
5g
5g
5g
5g
- 6g

See text 151,301,100 12 In ’ 19
6
100 16,037,700
6
106 85 315,000

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

See text

Q—J

New York

J &
J &
M &
April

J July 1 1932
J Jan 1 1925
S Sept 1 1929
1 Oct 1 1934

New York
_„
Guaranty Trust Co, N Y
New York

A
M
M
F
M
A
A

O Apr 1 1946
N May 1 1926
S Mar 1 1946
A Feb 1 1936
S Mar 1 1945
O Feb l 1946
O Oct 1 1929

New York & Philadelphia
Fidelity Trust C o, Phila
Lincoln Trust Co, N Y
New York
Fidelity Trust Co. Phila
New York
New York

&
&
&
&
&
&
&

Q— F
Q— F
Q— F

N o v i 1919 3% Checks mailed
N ov 1 1919 m
do
do
N o v i ’ 19,1 %

•

DIRECTO RS.— O. A. Coffin (Chairman). E. W . Rice Jr. (Pres.), limit as to amount issuable in series under careful restrictions; Series A $2,­
Gordon Abbott, Oliver Ames, Anson W. Burchard (V .-P .), George P. 000,000 auth.; present issue, $1,350,000 has sinking fund Oct. 1 1922 to
Gardner, Henry L. Higginson, Robert Treat Paine 2d, Marsdeil J. Perry, 1928, equal to 1% o f amount issued.
Seward Prosser, Charles Steele, B. E. Sunny, Chicago; Geo. F. Baker, Jr.
REPORT.— For cal. year 1918, in V. 108. p. 1613, shows: Dividends,;
and .Charles Steele, N. Y ., and Philip Stockton, Boston. N . Y . office, &c., received, $221,467; net, after taxes, $208,531; other income, $5,410
120 Broadway.— (V. 103, p. 83, 272, 3S1, 1720, 1816, 2025, 2126, 2437. int. charges. $188,031: bal.. $25,914.
V. 109, p. 275, 375, 1703.1
^
Combined Operating Income of Subsidiary and Affiliated Companies Now
Controlled by the General Gas A Electric Co., 12 Months Ended Aug. 31.
‘-“ dEN E R A L GAS & E L E C T R IC ^ O ^ -O R G A N IZ A T IO N .— Incor­
Operating Revenues—
1916.
1917.
1918.
1919.
porated.in Maine July 3 1912 (V. 95, p. 110). Owns control of public E le c tr ic ........... - ..............$2,820,072 $3,431,294 $4,589,966 $5,199,993
service properties under management o f The W . S. Barstow M gt. Assn., Inc.
Railway............................ 2.010.249 2,241,644
2,444,094
2,864,975
In 1917 arranged for a part o f its own coal supply through Eastern Utilities
610,328
596,854
614,040
Coal C o., which issued $325,000 1st M . 6s ($150,000 auth.). V.104, p.2237. Gas................................... _ 553,339
T o t a l ............................. $5,383,660 $6,283,266 $7,630,914 $8,679,008
IM PO R T A N T PLANS CONSUMM ATED IN NOV. 1919.— There
Included (V. 109, p. 480, 1796):
(1) The acquisition by the General Gas & Electric Co. o f the Pennsylvania
Operating income------$1,697,686
$1,672,548 $1,753,104 $2,479,694
and New England properties formerly owned b y the Eastern Power &
OFFICERS.— Pres., W. 3. Barstow; V.-P., Jos. B. Taylor; Sec. and
Light Corp.
(2) ,Merger o f New England properties o f the Eastern Power & Light Corp.Treas.. O. Clement Swenson; Asst. Sec. and Treas.. W. J. Roast. Office
with 'certain o f the properties in New England then owned by the General 50 Pino St., N . Y .— (V. 108. p. 1613; V. 109, p. 480, 1703, 1796.)
Gas & Electric C o., as Vermont Hydro-Electric Corp., which will make
GENERAL MOTORS CORPO R ATIO N .— OR G A N IZA TIO N .— In­
additional water power developments in Vermont and New Hampshire. corporated in Delaware Oct. 13 1916 as successor o f General M otors Co.
Securities o f this new company have been underwritten.
(of N. J.), per plan in V. 103, p. 1510, 2346. On Aug. 1 1917 the N. J.
(3) Acquisition by the General Gas & Electric Co. o f the $3,000,000 company was dissolved. Further acquisitions: (a) as of M ay 2 1918 all
com. stock o f the Metropolitan Edison Co. and $2,900,000 com. stock and assets o f Chevrolet M otor Co. o f Dela. (except its 450.000 shares of Gen.
$550,000 6% pref. stock o f the Reading Transit & Light Co. [Compare M otor C oro.). V. 106 p. 824, 2761: V. 107. p. 1006, 1194; (6) as o f
each company, pages 113 and 114 o f “ Electric Railway” Section.]
Dec. 31 1918 United Motors Corp., maker of accessories, parts, &c. See
(4) Secured notes retired: Metropolitan Edison Co. 2)d-year 6% notes separate statement In issue of this Section for Oct. 1918 and V. 107. p. 1484,
o f 1920, $725,000; The General Gas & Electric Co. 7% 2-year notes o f 1920, 2101; V *108, P* 83, 584; (c) in Jan. 1919 entire capital stock of Gen. M otors
525,000; *Reading Transit & Light Co. 2-year 6% notes, due Aug. 1 1919, Corp. o f Canada. V. 108, p. 272, 534, V. 107; p. 1923. (d) Interstate
2,450.000.
Automobile C o.. Muncle, Ind., V. 108, p. 1277. See also V. 108, d . 1606.
(5) Acquisition of certain collateral o f matured notes o f Eastern Power
A detailed statement as to properties as of Jan.20 1919 was in V.108,p.882.
& Light Corp., due March 1 1918, purchased with $1,830,000 cash and
The General Motors Corp. and subsidiaries have 41 manufacturing and
$643,400 in securities.
assembling units and 49,118 employees, and their manufacturing capacity
(6) Issue o f new securities by General Gas & Electric Co., viz.: (a) for the season from July l 1919 to Juno 30 1920 (V. 108, p. 2025) was to bo as
$1,327,700 additional convertible pref. stock; (b) $4,250,000 10-year 6% follows: (a) 512^000 motor cars, viz.: Buick, 140.000; Cadillac, 25,000; Oldsbonds 1929; (c) $607,125 income bonds.
mobile, 40,000; Oakland, 72.000; Scripps-Booth, 15,000; Chevrolet, 220,000.
«ii.(7) Other securities issued to public: (a) Vermont Hydro-Electric Corp., (6) G.M .O . and other trucks, 40.000. (c) Samson tractors, 25,000.
(d) Farm implements [horse and motor-drawn farm tools, &c.|, 75,000
^ T L ea d in g A llie d P rop erties a nd O w nersh ip T h e r ein . D ir e c t a nd In d ire c t.
(making a total of 652,000 vehicles and implements.) (e) Automobilo parts:
Delco and Remy starting lighting and ignition systems, Hyatt roller bear­
— C a p ita lS tock —
B on d s, A c .
See
ings, New Departure ball bearings, Harrison radiators, A-O spark plugs,
As o f N o v . 1 1919 Iss u e d . O w ned.
Outstanding.
" C hronicle “
motors, axles rims, gears and miscellaneous parts, if) Refrigerating ma­
Met.Ed.com.stk3,000,000 3,000,000
None
See“ El. R y. Sec.”
chines: Frigidaire ice plants (V. 107, p. 2292.)
Penn. Util. Co.—
$
$
$
In Oct. 1919 had recently acquired control of the Delco house light busi­
C om m on ......... 828.571
457 3 889 500 1st5s
V.105.P.1713
ness and plant at Dayton. O., and the Sunnyhome Electric Co. of Detroit,
Pf.stk.7% cum. 800.000
738.600 1,150.000 2-yr notes
............ - - - - - B ing.(N .Y .)L .,H .& P.C o. (ownership in Sabin-Ootton-Newhall committee). and had made an offer for control of Fisher Body Corp. by purchase of
300,000 shares of its new common on a basis adding about $30,000,000 to
C om m on ......... 500.000
500.000
166,000 1st 5s
V.75.p. 187
that company s current assets. V. 109 p. 1673.
Pf.stk.6% cum.
452,500
None 1,285,000 1st Ref. 5s V.102,p.l719
In Dec. 1918 resumed manufacture of automobiles after engaging exten­
N . J. Power & Light—
991,000 1st 5s (V. 108. p. 2129) sively in war work. See V. 107, p. 2292. Gen. Motors Acceptance Corp.,
C om m on_____ 345,700
345.700
Preferred......... 200,000
None
V c 10 n -iP 4l .— In March 1918 the E. I. du Pont de Nemours & Co. ac­
o8
ro 8
Northw. Ohio Ry.
800,00011 293.000 1st 5s all owned by Gen- quired a 27.6% interest in the corporation constituting with the holdings
& Pow., c o m .. 800.000
of President Durant a controlling Interest. V . 106, ii. 824, 2761; V. 108,
500 .000/ era! Gas & Electric Co.
Pref. stock____ 500.000
p. 1606, 2245; V. 109, p. 480.
Pittsford Pow.Co.
C A PITA L STOCK— DEBENTURE STOCK.— The shareholders voted
.....................
None
263.900 1st M . 5s
(of Mass.) pref. 200.000
75.000 (Rest owned by Rut. R y. L. & P O o.) Dec. 10 1918 (1) to authorize an issue o f not exceeding $150,000,000 6%
C om m on_____ 300.000
debenture stock, o f which $20,000,000 was made exchangable for the out­
Port Clinton (O.)
standing Issue of pref. stock, sharo for share: (2) to decrease the present
Elec. Lt. APow
21.356
21.356
None
See “ E L ’RyT Sec.”
Read.Tran.& Lt.2,900,000 2,900,000
None
L .P f.6% cum.“ A ” 188,500
...........
................. .
_______________ ________ HRHHI
_________ ________ _______issues
r*Pf.6% cum.“ B” l,511,500 550.000
............... .
o f common and debenture stocks to $500,000,000 each, in order to make
Rutland (Vt.) Ry.
„
_
V .83.p .101
provision for future financing as required from time to time, and not with
dU.Lt. & Pow. C o . 1.700,500 1.679.100 1.966,000 1st 5s
a view to any immediate issuo. V. 108 p. 1824, 2025, 2437. The stock­
Sandusky (O.)Gas
40.000 1st M . 5s
........... .........
holders were to vote (Nov. 26) 1919 on changing the authorized common
& & Elec. C o____ 500.000
500.000
843,000 Ref.&Imp. V.100,p.l923 stock from 5,000,000 shares (par $100) to 50,000.000 shares (no par value)
Pref. stock 6 % .
100.000
None
V .lO l.p . 928 and for exchanging 10 shares of new stock (no par value) for each sharo of
Sayre (Pa.)El.Co.
150.000 150.0001 318.500 M . 5s
40.000 Old 5s
----------------oil stock of $100 par value. V. 109 p. 1991.
'
Pref. stock____ 100.000
100.0001
Common stockholders of record Jan. 15 1919 had the right to subscribe
Vt. Hydro-El. com. 550,000 . 550,000
.........................
........................
to 240,000 shares o f common stock at $118 per share (underwritten at that
(V. 109, p. 1796.)
price) to the extent o f 20% of present holdings, payment to bo made 35%
All Easton Gas Works stock is owned by Pennsylvania UtilltlM.
See “ Electric Ry. Section” and V. 105. p. 1713, 1423,1313. 1214. ^As Fob. 15 1919. 35% May 15 and the balance o f 30% Aug. 15. This now
to 1st M . 5 s o f Penn. Utilities Co., see V. 102, p. 2172. 2259. For par­ Dec6 3 f S
1918U
'V 1 0 3 t h 0 S l 4 7 -3 7 9 -9 0 0 common reported as outstanding
ticulars regarding other subsidiary companies, see “ El. R y. Section.
On Doc. 31 1918 there wero outstanding: Dobonturo stock, $29,175,300
CAP. STOCK OF GEN. GAS & EL. CO.— The 7% pref. (cumulative pr^ st?rCkV 51a .’ 6 7 1 -.Q common stock. $147,379,900. V. 108. p. 1606.
9
00:
from July 1 1915) is entitled to participate with common in any year after , ,T,h? ! i x K ; n & 9 ,k J i xchanS° on Feb- 3 1919 authorized tho listing o f the
8
6% on common. The non-cum. convertible pref. (convertible into com­ initial $50,740,800 6 % cumulative debenture stock, and also $68,742,300
mon at par at any time) is pref. over common as to assets and as to 4% additional common stock, on official notice of issuance, making the total
common stock auth. to bo listed $151,342,300. Oomparo V. 108, p. 584.
dividends in 1916, 5% In 1917 and 6% thereafter. V. 105, p. 1713.
Purposes for Which Such Debenture Stock and New -------- ConsiderationD IV ID E N D S
/ 1912. 1913. 1914. 1915. WJ?
A pr.’ 1?.
Common Stock Have Been or Will Be Issued—
Com. Stock. Deb. Stock,
On 7% Preferred.........% \ 1 X %
6
544
7
7 (1W % Q— J) a Purchase from Chevrolet Motor Co. or Del., &c-$28,268,400
-------In June 1918, because o f exceptionally high operating costs, due to the b Purchase from United Motors Corporation, & c -. 9,956,400 $29,869,200
necessity of buying a large amount of spot coal and to other more or less * c Stock of Lancaster Steel Products Co. and $1,- ,
rnn
•
temporary causes, pref. div. was deferred. V. 105. p. 1713; V . 104, p. 2643.
216,000 General Motors debenture stock____ 1,617,500
500,000
d Stock in Canadian corporation, &c____________
4,900,000
----------- BONDS.— Convertible bonds o f 1912, auth., $20,000,000; issued and
(cS $550,000 cash)
e
outstanding N ov. 1 1919, $1,077,000; they are convertible, $ for $. Into e Reserved for exchange for $19,980,300 pref. stk...................... 19,980.300
pref. stock. Additional bonds under certain conditions, V. 95, p . 1210.
Subscription at $118 a sharo for reduction of lia­
As part o f the financing in Sept. 1919 the company made two new bond
bilities of subsidiaries and for extensions and
ssues:
.
developments....................................................... 24,000.000
...............
(1) An auth. $4,700,000 6% bonds due Sept. 1 1929 (callable at par and
lnt.) .whereof $450,000 are reserved to retire the 10-year bonds due 1925.
T ota l.............................
............. $68,742,300 $50,740,800
These new bonds are secured by pledge o f (a) also $3,000,000 Metropolitan
In May
the
Edison Co. com ., entire $2,900,000 com. stock o f Metropolitan Edison Co.; making the 1919 $50,000,000 debenture stock was offered to pref.public,
stock,
(b) entire $2,900,000 com. stock o f Reading Transit & Light Co., also $16,037,700:outstanding capital: Debenture stock, $85,315,000,
common stock. $151,301,100. V. 108, p . 2025.
$550,000 o f its 6% cum. prof, stock subject to agreement to exchange same
The debenture stock possesses (V. 108, p. 2025): (a) Ilm right to vote
for its 7% cum. pref.; (c) $345,700 com. stock N . J. Power & Light Co.; equally with the common stock unless the earnings are 1 H times the
(d) $500,000 com. stock Sandusky Gas & Elec. C o.; (e) entire $550,000 com. amount required to pay the dividends on the outstanding debenture stock.
stock o f Vermont Hydro-Electric Corp.
,
, ,
^ x
(ft)
default
for six
to
(2) An auth. $900,000 7% non-cum. income bonds due Oct. 1 1934 the In case ofvote, to on the dividends holders months, the holders..(c )have
right to
the exclusion of
of common st o o k
No
entitled to interest only if earned except that at maturity is entitled to debenture stock to be issued unless the net assets above the direct liabilities
10 months int. and if called Interest from preceding Jan. 1 to redemption shall amount, after the Issue of the debenture stock, to 1 >$ tunes all deben­
date, &c.
ture stock issued and outstanding, (d) No mortgage or other lien, with
Verm ont H ydro-E lectric C orporation .— Whose entire $550,000 issued certain specified exceptions, such as purchase-money m ortgage, to be
com. stock is owned by General Gas & Electric C o., on Oct. 1919 made a created without the consent of three-fourths of thp debenture stockholders
(e) Redemption figuro $115 a share, compared with $110 for pref. stock
1st M . to Mercantile Trust Co. o f N. Y . as trustee, to secure bonds withou

Oper. exp., taxes &rents $3,685,974 $4,610,718 $5,877,809 $6,199,314

i




Nov., 1919.]

INDUSTRIAL STOCKS AND BONDS

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

Date
Bonds

General Petroleum Corp.— Com. stock S21.787.800______
Pref. (a. & d.) 7% cum. call, at par $3,212.200__________
Serial Gold notes (V. 104, p. 2556) $330,000, June 1,
$1,650,000 .......................- ............................................U. S. 1917
Gen P L Co 1st M( V 94 p 156SV103pl414)calll05 s f 102H 1912
G illette Safety Razor Co— Stock 250,000 shares__________
Girard Point Storage— See Pennsylvania RR.
_
(loldfield Consolidated Mines Co— Stock $50.000,000 auth_
Goodrich (B F) Co— Common stock $60.000.000___________
Preferred (a & d) 7% cumulative auth $49 600,000 ______
Goodyear Tire & Rubber Co—Common stk $50 000,000____
1st pref (a&d)7% cum to bo paid at 112 Jan 1 ’20 if notexch
New 1st pref (a & d) stock 7% cum $100,000,000 call 110 sfd
G oodyear Tire & Rubber Co o f C alifornia—
Pref (a&d) stock 7% cum $10,000,000 call 5 yrs 105, then II 0

Par
Value

100 $17,217,600
100
3,212,200
1,000
1,000
None

924,000
3,781,000
See text

10
100
100
100
100
100

35.591.480
60,000.000
39.600,000
20.466,800
See text
See text

100

8.000,000

D IV ID E N D S .— On pref., Feb. 17 to N ov. 1919, incl., 1>$% quar. On
com ., in 1917, Feb., 1%; M ay 1917 to N ov. 1919, 3% each (12% p. a.).
V. 104, p. 2556.
FUNDED DE B T.— The funded debt o f the corporation and its sub­
sidiaries in 1919 included only ( 1 ) N . Y . real estate (office building)
mortgages— (a) $400,000 4 K % due Apr. 1 1920, (b) $270,000 5% due
June 2 1919; (2) eight 5% notes on St. Louis factory, aggregating
$275,000, one for $25,000 each, due Jan. 20 1920 and Jan. 20 1920, and five
for $50,000 each, due half yearly July 20 1919 to Jan. 20 1922; (3) $150,000
1st M . 6 % bonds of New Departure M fg. Co. dated 1911 and due $75,000
March 1 each year, 1920 and 1921.
RE PO RT.— For 1918, V. 103, p. 1603; 9 mos. 1918, V. 108, p. 1574,
6 months ending June 30 1919, V. 109, p. 977.
— Half Years to June 30— Year ending 5 Mos. to
„
,
1919.
1918.
Dec. 31 T 8 . Dec. 31 T7.
Cars and trucks sold------ ------------------------See below
86,901
Net sales.
-------------- $269,796,830 $96,295,741
Net prof. aft. depr n, &c.$48,900,800 $26,078,120 35,504,576 17,359,488
2,848,574
War taxes, &c................. 17,706,636 13,490,861 20,113,548
Balance . . . -----$31,194,164 $12,587,259 $15,391,028 S14.510.914
Gon Motors proportion_$30.591,988 $12,307,784 $14,825,530 $14,284,873
Preferred dividends-----522,392
590,304 (6)1,180,901
491,890
Deb. stock, 5 mos--------943,653
____
739 596
Com stock (12% p. a .). 8,842,434
5,618,655 11,237,310 (3)2,294,199
Balance, s u r p lu s .....$20,283,508 $6,098,825 $1,067,753 SI 1,498,784
Including the companies purchased during the year the net sales for 1918
aggregated $.^6,011,756. Number o f cars, trucks and tractors sold during
the year, 216,831.
OFFICERS.— Pierre S. du Pont, Chairman; J. J. Raskob, Chairman of
finance committee; W. C. Durant, President; T S Merrill Sec • M L
Prensky, Troas.; Frank Turner, Comptroller. 'Main office Detroit —
(V. 109, p. 176, 375, 475, 489, 977, 1277, 1370, 1703, 1991.) ’
GENERAL PETROLEUM CORP.— ORGAN IZATION .— Incorp. May
25 1916 In California, successor to company of same name, foreclosed June
28 1916 per plan of reorganization in V. 102, p. 889. Owns various oil
fields, held in fee or under lease, in California and Mexico V 104 p 2556
For recent acquisitions, &c., see V. 109, p. 977. Owns entire canital stock
($2 000.000 class “ A ” and $5 500.000 Class ’ ’B '') of Gcnend IMpe Llne Co
of California. V. 103, p. 1414.
STOOIG— The stockholders will vote Dec. 19 1919 on increasing the
authorized Common stock from $21,787,800 to $4^000,000
— InitiaI tMv. of 3>4 % pa!a on Pref. stock Sept. 1 1916
and 1 Vi % Q. since to Sopt. 1 1919.
On Common initial div. o f 10% was
declared payable 24£% each on Oct. 1 1917, j an Anr and July, 1918;
Oct. 11 1918, 2)4% ; Oct. 31 1918 to date. 1 % monthly
Report for fiscal year ended June 20 1919, in V. 109 p 977 showed:
Gross
Gross
Deprec.
Pref
Com
Bat
Profit.
Income. Int.^&c. Div. (7% ) Dins'.
Surplus.
1918-19........ 7,864,827 6,846,748 4,398.171 224.154 b l 650 497
571,226
1917-18........ 8,183,106 7,330,989 3,568,499 224i854 c l 3 4 9 018 2,188,621
a Includes Federal income and excess profits taxes 1918-19 $649,146:
1917-18, $1,097,520. b (11*!% ). c (10%V President, Jbhn Barn.kon.
San Francisco. New York office, 52 Broadway.— (V. 109 p. 977, 1895),
GENERAL PHONOGRAPH CO.— (V. 109, p. 1 3 7 0 , 1464, 1529.)
GILLETTE SAFETY RAZOR CO.— Incorporated in Delaware Sept. 10
1917 (V. 105, p. 1108, 1213). succeeding Mass, corporation
STOCK.— Authorized, 250,000 shares o f no par value
In Nov. 1919 it
was understood that there were outstanding about 2 2 0 0 0 0 shares of captal
stock, about half the notes having been converted.
Canadian Co., see V. 109, p. 1464.
D IV ID E N D S.— Rate previously $7 p. a. was in A u" 1918 increased to
$ 8 (extras of $1 were also paid in June and N ov. 1918 and May 1 1919),
and in Aug. 1919 to $10 per share; Dec. 1 1919, 2)4 quar. V. 108, p. 1294;
V. 109, p. 176.
NOTES.— On Feb. 11 1919 $1,452,000 o f the $6,000,000 convertible 6 %
notes of 1917 remained outstanding; the unpaid balance was called at 105
‘ Company's Net Earnings Without Reserve for faxes__Sales
The sales include the sales o f subsidiaries in England France and Canada.
1918.
1917.
1916.
’ 1Q15
1914.
Sales, N o. razors 4,580,987 1,094,182
782,028
451 861
350,765
Doz.bladesl2,895,618 9,619,030 7.153:466 5 908 117 4.414;i53
C o.’s net earn s..$5,252,136 $4,603,782 $3,192,832 $2'427 174 $1,673,436
OFFICERS.— Chairman, J. E. Aldred; Pres., King O Gillette; V.-Pres.
& Treas., Frank J. Fahey; Sec., Frank J. Sullivan. Office 47 West First
St., Boston.— (V. 109, p. 176, 682.)
C’
GODCHAUX SUGARS, IN C — (V. 109, p. 76. 176.)
GOLDFIELD CONSOLIDATED MINES CO.-O R G A N IZ A T IO N .—
Inoorp. In Wyoming Nov. 13 1906. Owns 381 aores of mining ground In
fee. Owns an Interest of about 25% in O. O. D. Consolidated Mining Co.
Stock authorized. S50.000.000: outstanding, $35,591 480: par. $10.
In March 1919 tho entire roinainlng.mlning property not theretofore leasod,
except the milling plant, was leased to the Goldfield Development C o., a
now independent company (backed by local [Goldfield] interests), for a
royalty or from 15 to 20% of the net proceeds o f the ore produced. The
right to subscribe at 5 cts. a share for a block o f tho 2,500,000 assessable
shares of the new company was offered to the shareholders o f this com­
pany. V. 108, p. 1277.
D IV ID E N D S— U07. ’09. TO. 1911. 1912. 1913. 1914. 1915. 1916-18.
Cents per s h a r e 20 90 200 200
160
17
30
45
None
Cal. Year— Gross.
Net Profs. Dcprec.,&c.
Dividends.
Balance.
1918 ........ S796.410
$29,393 $866,208
None
dof.$837.811
1917........... 1.671.285
196.634 196.634
None
None
1916........... 2,271,704
428,620 428,620 ................... ..
.
None
1915........... 3.505.549 1,558,303 735,712 (4>4%)1.601,6i7 der.$779,020
OFFICERS.— Pres.. George Wingfield; V .-P ., j D. Hubbard; Sec. &
Treas., O. F. Burton. Office, Reno, Nev.— (V. 108, p. 2232.)
(B. F.) GOODRICH CO.— ORGANIZATION.— Reincorporated in
N. Y . May 2 1912, and in Juno 1912 acquired Diamond Rubber Co. (V. 93.
P. 1262), having adjoining plant at Akron, O. V. 94. p. 829, 1386, 1629.
Manufactures a large variety of rubbor goods, including automobiles tires.
War production, V. 108, p. 1392.




Amount
Outstanding

Rate
%

When
Payable

Q— M

7%
6g
6g
See
4 in
7 In
See

J
J

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Sept 1 T9 1H %

& J June 1 1926-22 Union Trust C o., San F.
& J Jan 1 1925
N Y , San Fran & London
Q—M Dec 1 T9, $2.50 Boston

text
1919 See text.
1919 Q— J
text Q— M
7
O—J
Q—J
7
7

173

Q—J

Oct 30 T 5. 10c Cheoks mailed.
Feb 16 1920 1% Checks mailed
do
do
Jan 1 ’ 20. 1J*%
Sept 1 T 9. 3%
Oct 1 T9 \M% Checks mailed
New
New

•
]

,
—p £er- may be redeemed at not exceeding 125 and divs
At
least 3 % of pref. stock must be retired yearly after July 1 1913 from sumlus
profits before divs. are paid on com. stock. Entire voting power for elec
tion of directors is vested in common stock until four quarterlypref divs are
in default. V. 94. p. 1629. Pref. stock formerly $3l),000,00(^ reduced bv
sinking fund prior to Oct. 1 1919 to $24,600,000 (V. 106. p. 1130)
Auth
pref. stock increased to $49,600,000 June 26 1919 and $15,000,000 offer,M
to stockholders of record July 1 at $102. The $8,000,000 thereof not so sold
was taken by bankers, increasing the outstanding pref. to $39 600 000
V. 108. p. 2332, 2437, 2633; V. 109, p. 1183.
sou.ouu.ooo.
r DiT1
?e5nS
pref' have been declared regularly \% % to and including
•an. 1 1920. On common 1% was paid Aug. and Nov. 15 1912 and Feb 1
’
1913; then none till Feb. 1916 to Feb. 16 1920, 4 % per ann. (1% Q.-F.).'
NOTES.— In Oct. 1917 sold $15,000,000 notes, which matured Nov 12
1919 and were paid off from the proceeds of the sale of pref. stock. V. 105,
P» 1713, v. 108, p» 2437.
EARNINGS.— Net profits for first 6 months o f 1919, after making full
provisions for maintenance charges, depreciation, doubtful accounts and all
known outstanding liabilities, but before providing for income taxes are
approximately $7,700,000. Net profits for the corresponding period of 1Ql 8
after providing for Federal taxes, aggregated $7,150,000. V. 109, p. 375
REPO RT.— For 1918, in V. 108. p. 779:
Calendar Years—
1918.
1917.
1916
Net sales.............................................. $123,470,187 $87,155,072 $70,990,782
Net Income........................................... $21,610,322 $15,220,377 $10,614 910
Income and excess profits taxes_____Not deducted 2,250 000
Interest on bills payable, &c------------- 1,993,032
1,333,144
*155'982
1,231,644 1,111,620
Depreciation, &c................................... 4,089,681
Preferred dividends (7 % )---------------1,785,000
1,848,000 1,911,000
Common dividends (4 % )---------------- 2,400,000
2,400,000 2,400 000
Pref. stock redeemed and canceled..
900,000
900,000
700,000
Balance, surplus................................$10,442,609 $5,257,490 $4,336,299
OFFICERS.— Pres.. B. G. Work; Sec., F. C. Van Cleef; Treas., L. D

2r
6 3Tn ?0f9 C 1l83n ° ,— (V’ 108, P’ 272’ 484> 779’ 1392’ 2332•2437.
v
p
)
GOODYEAR TIRE & RUBBER C O .-O R G A N IZ A T IO N .-In co rp .
in P.5J?, in„ 189§- .0wD? fireproof plant, at Akron, O., capable (V. 109.
p. 1703) of producing tires and, other rubber goods; owns rubber lands in
8u™ a V : c o tto n ’ ands in Arizona. V 106, p. 293. Canadian plant, V. 105.
P - i i 3L
0 0 0 balloons, &c
V. 106, p. 2563; V. 107. p. 1388. Owns
entire $3,000,000 common stock of Goodyear Tire & Rubber Co. of Calif
which see below.
th?^niIi^w»HST 0^ Ki’_ 7Thi(3 shareholders voted Jan. 14 1918 to increase
authorized capital stock from $50,000,000 consisting of $25,000,000
i o n m«onS0 7 fikAon $-5,000,000 7% cum. pref. stock (of which on Oct. 31
t
«?nn
C mi n° 1 ? n»r 524.393.700 pref. were outstanding) to
5
/
? cl? do, tel S50.000.000 common; (5) $25,000,000 7%
(,the Present preferred); (c) $25,000,000 new? %
fn T qI r1 ^tp'r so nnn'nnn°Ck' °.f.thjs 8% stock some $15,000,000 was sold
oS2,Uf?i0,000. a - retired, leaving $13,124,600 outstanding.
0
a v *ew to a broader financial plan for the future, the
for pa/m ent at 105 on N ov. 1 all the $13,124,600 2d
J-irf' 1S1 09 n'. 1? \ h t e o « 1
1
l4 PPrposed to call and pay off at 105 on
3aj1‘J ,4929 ar l45;°? “ h ^3
> /o\299 lst b,ruf- stock (so far as not exchanged—
17°
(3) arranged as authorized by shareholders on N ov.
aphorized capitalization so as to include only (a)
$100,000,000 commun stock, par $100, which may be reduced by subdivision
to a smaller or no par value; (b) $100,000,000 7% cum. First Pref. stock
callable at $110 witn annual sinking fund of 244% after Oct 31 lQun nnfl
provision forbidding mortgaging the property or° L“ uing any addiUonal
pref. stock without consent o f 75% o f pref. stock outstanding. V. 109.
?• 1SJ3; O ft h e ?ew pref. stock $40,000,000 was offered to (and sub­
scribed for in full at parlby) all stockholders, the 2d pref stockholders being
permitted to subscribe on or before N ov. i , the other s t S
on o?
s t / n W i Vi o17' th? -st pref‘ stockholders also being allowed to turn in their
P 1G 13 S
1703 F1796lnf991W PrUf' St° Ck at 8100 a share and 52 cash- v - 109,
DIVIDENDS on pref., l ’^ % quar. in full to Oct. 1919. On com 12%
y Nov. 1912 to Sept. 1919 (3% Q .-M .). Prior to 1912cash di“ den<N
aggregating $442,292 were paid on common shares. Dividends Daid in
fo c k - 1908-09. $400,0°0; 1909-10, $1,000,000; 1911-12, $2.^29 100
1013-14, $1,006,620; 1915-16, $8,247,000. V. 106, p. 293.
/aw ?,PORT,7 r 1917‘ 18’ V \r1? 7’ P* 2184; 10-year growth, V . 106, p. 293.
R
Oct. 31
Gross
Net
Pref. Divs.
Common
Balance
,„Year— Business.
Income.
1st & 2nd % Dividends
Surnlut
1919est.$165,000,000 $20,000,000 (See V. 109, p. 1703)
Surplus.
1917-18. *131,247,382 15,388,191 $2,199,736 (12)$2 451 816 $10 73fi aqq
1916-17. 111.450.643 1».004.206
1,499.040 (12) 2 228 34 » lO M fiX d
1915-16.
63.950,400 7,003,330
764 239 12 1 261 332
4 Q77 7sa
1914-15.
36.400.652 5,127,083
4601583 (21) 1.686.151
3 031 240
Net income, as above in 1916-19 is subject to Federal taxes’ Total
psurplus Oct. 31 1918 subject to Federal taxes, $20 717 357 '
An official statement dated Oct. 14 1919 says “ One w a r am d to „ „ „
ditions growing out of the war, we were employing approxhnate^v*14 000
men, making at the low point (November) fe s than 11 OOoTh^ L r dav
with a volume of business approximating $8,000,000 per m onclf P\Ve are
now employing 2o,000 men. making in excels nf
erthetesn^ S
efhave^ot°b'pnW hiaPt> X*IH
a1
r°
ate 829
y 'N®vfeauir^nent® h To m L tT h »
40 pr5duce ‘ n excess of 70% of our sales
h growing demand we find it necessary to inffnanchig^on^n^d^inM^'^ V ^iog^p^ iQ i^ 1 to make provislon for future
^
i!o ? IriEivfr Q ^ ^ i&C’~ S re?A' Frank A - Seiborling; V .-P s„ O. W . Seiberln 1 ' L ! ! ' Stadelman, P. W . Litchfield. Frank H. Ada ns. II. B. Manton
qoo
. ,oomis- The Secretary Is A . F. Osterioh; Treas. & Asst.
L
Sec., W. E. Palmer.— (V. 109. p. 275, 1464, 1613, 1703, 1796, 1991.)
i„ 9 ^ ? ^ Aroi
RUDDER CO. OF CALIF. & ORE.— Incorp.
in California July 10 1919. In Sept. 1919 was building at Los Angeles a
plant
a capacity o f 3,000 tires a day. Entire outstanding common
stock, $4,000,000, owned by Goodyear Tire & Rubber Co. of Akron, O.;
« AAnnm°rlZad ' f 40,000,000 pref. stock. $10,000,000; sold In July 1919,
$8,000,000. See V. 109, p. 275, 1083.
(H. W.) QOSSARD CO., C hicago.— (V. 109. p. 375, 480, 891J
GRACE STEAMSHIP CO.— (V. 109! p. 1895.)

174

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

Granby Consol Min Smelt & P ow C o— Stock ($20,000,000*
1st M convertible bonds series A gold red see text------xct
Great A tlantic & P acific Tea Co Inc.— Common stock—
Pref stock 7% cum $12,500,000 (3% s fd) call 115.- — Notes conv Into pref stk; call after June 11919102>i-Eq.c*
Great Lakes T ow ing— Common stock $2,500,000— —
Preferred (a & d) 7% non-cumulatlve $2.500.000--------Great Northern Iron Ore P r o p — Trust c e r t s l .5 0 0 .0 0 0 shares
Q rt W estern Pow Co o f Cal—Com stock auth $30,000,000
Preferred (a & d) stock 7% cum $30,000,000 call 105--------1st Ref M $150,000,000 series “ A ” call.......................Bxxxc*
Underlying Bonds on Properties Absorbed by Merger—
Great West Pow Co 1st M $25,000,000 (call 1 0 6 )-Ba.xxxc*
Olty Eleo Co San Fran 1st M (call 105) S5.000.000 guar .xxx
Central Okla Lt & Power Co 1st mtge gold s f -------------Consumers Light & Power Co gen mtge gold sink fu n d ..-Oonsol Elec Co Gen M sk fd $2.500,000 guar see text — z
Convertible debentures call 101 & lnt $5,000,000 g-Eq.xxxc
Held under Stock Control and Lease—
Cal Eleo lien Co 1st M $1,500,000 gu p & 1 call 105 ..x x x
do
do
1st Mtge Series • B” $3,500.000-----------‘
Pref stk $2,500,000 6% eura aft 1911 icall 1913 IO«, guar
G reene Cananea C opper Co— Capital stock $60.000,000..

Date
Bonds

Par
Value

1919
1906
1907
1909
1908
1915
1915

1 .0 0 0
1 .0 0 0
1 .0 0 0
1 .0 0 0
1 0 0 , &c
1 0 0 , &c

1908

1 ,0*00

992.000

100
100

2,500,000
50.000,000

1916

$100
1 0 0 &c

REPO RT — Year ending Feb. 28 (V. 106, p. 2013):
K
1918-19.
Feb. 28 1918. Feb. 28 T7.
Saies
................... $151,891,919 $126,004,958 $75,558,737
T o t t r e a r n i-n g i::::::-------------------------------------Depreciation
______ ________ . . . . . . . . . .
$606t527
55396,481
Deducting a
’lso’ for year 1917-18 war tax reserve, $2,356,349. and divi­
dends. $509,790. there remains for that year a surplus of $3,061,274.
1919.
1918.
Increase.
cnipt__
6 months current year ended Aug. 31-$89,283,250 $71,319,026*$17,964,221
O F F IC E R S .— P r e s ., _______________________I V .-P res., John A

Rate
%

Amount
Outstanding

$15,000,420 1 0 in ’ 18
6
1,799,800
None 250.000 shs
7
See text
100
1 .0 0 0
6 g
See text
100
1.675,000 5 in 1919
100
1,952,850 7 in 1919
None 1,500 000*41 See text
100 27.500,000 Western
7
100
1,995,158
1 0 0 , &c
6 g
6 ,0 0 0 ,0 0 0

1913

ORAN BY CONSOLIDATED MINING, SMELTING & POWER CO.
LTD .— ORGANIZATION.— Incorporated M ch. 29 1901 In British Colum­
bia. Owns low-grade copper, &c., deposits; also smelter at Grand Forks
B.O. V. 79, p. 1644; V. 81. p. 1490; statement to N .Y . Stock Exchange
V. 85. p. 40# report of expert. V. 91. p. 1250; V. 96. p. 289. In 1907 a
large Interest was acquired In the Crow’s Nest Pass Coal C o., which pro­
vides the coal supply. V. 8 8 , p. 155. Stock authorized. $20,000,000: out­
standing. $15,000,000: par. $100, changed from $10 in 1906.
1919.
D lV .j T3. ’ 14. Aug.'ib to May'lQ. Auq.& N ovlfi. T 7. ’ 18.
„ , 6
3 6%~ (1 X % Q.-F.) 2% each 2K qu. 10
2 H .l t f .- .
Stockholders In 1913 auth. $5,000,000 15-year bonds, subj. to call after
10 years at 105 and lnt.. with sink. fd. of 4% of bonds Issued, to purchase up
to 110 and then call at 105, and conv. Into com. stock at not less than par;
Issues above present $3,440,000 (convertible Into com. stock at par until
May 1 1923) limited to $650,000. The $2,000,000 Issue of 1915 and future
Issues will be redeemable at 110 by lot by an annual sinking fund of 10% of
net earnings or 1% of copper ore mined (except at Phoenix). V. 96. P- 289,
718; V. 100. p. 1513, 1596; V. 98. p. 1319. 1811; V. 101. p. 1275. Loans
and bills payable June 30 1919, $5,035,243.
Production (V. 109, p. 1895)—
Anyox.
Grand Forks.
Total.
9 months to Sept. 30 1919----------12,464,471
2,958,811
15,423,282
9 months to Sept. 30 1918______ 24,724,936
6,431,250
31,156,186
The production In July 1919 came entirely from the Anyox plant, the
Grand Forks smelter having been closed.
REPO RT.— Year end. June 30 1919. V. 109, p. 1985:
June 30
Gross
Net, after Deprec.,&c., Dividends
Balance,
Year—
Income.
Interest.
Reserve.
Surnlus.
1918-19..........$6,561,099defS219,839 $764,570 (8^)$1.312.537
(x)
1917-18
11,644,310 3,542,624 2,015,491
1,500,042
27,091
1 9 1 6 -1 7 1 :::: 112,259,185 5.’222;476 1.256.266
0 ) 1 ,3 4 9 9 6 2 2 616 248
1915-16........... 9,299,337 3,819,295 ------- - - (6)899,911 2,919,384
x Deficit, $2,296,946, charged against surplus, reducing same to $1,124,­
409 as o f June 30 1919.
,
. _
_
....
.
Pres, W . H. Nichols; Sec., Edward Everett. Office, 52 Broadway.—
V. 109, p. 76, 481, 891. 1464, 1985.)
GRE A T ATLANTIC & PACIFIC TEA CO.— O R G A N IZA T IO N .—
Established In 1858. Incorp. Mar. 4 1901 in New Jersey. In Feb. 1918
operated about 3.859 tea and grocery stores in 29 States.— (V. 106. p. 932.)
STOCK.— Under the recapitulation plan the company authorized (a)
$12 500.000 7% cum. pref.. $6,505,000 outstanding, the balance. $5,995.­
000, being reserved for the conversion o f notes (see below); (6) also 250.000
shares of common stock of no par value. V. 103, p. 1795.
DRrs on pref. stock Dec. 1 1916 to Sept. 1919. 7% year ( l % % Q.-M .)
NOTES.— Of the $5,000,000 6% notes, convertible, at par into ref
stock, on or prior to June 1 1919. $106,000 have been redeemed. V.10I

5 g
52
5

20,760,000
1,584.000
6 8 .0 0 0

85.000
1.602.200
4,529,600

6

5 g
g

6

5 e
5g
6

8

in 1918

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Q— F M ay 1 1919 1X Company’s office
M & N May 11928
Title Guar & Tr Co
Q— M
Q— M
Q— M 30
Q— J
See text
Power C
M—3
J &
r &
M &
A& O
J &
M &
U

S op tl ’ 19 \M%
June 1 1921
Sept 30 19 \Vi
Oct 1 1919 l J
4
Oct 25 ’ 19. $ 2 i
orp owns large
Oct 1 ’ 19 1 Yt.%
Mar 1 1949

Checks mailed
do
do
2 Nassau St, New York
majority.
N Y Bost Chic & San Fr

J July l 1946
.) July 1 1937
N May 1 1939
15 Apr 15 1933
D June 1 1955
N Nov 1 1925

New York London. &o
W P Bonbr&Co.NY S 8 F
c

S Sept 1 1948

New York and San Fran

&
Q—i
Q— F

N Y Bankers Tr & SanFr
New York and San Fr

Oct 1 1919. I X New York
Feb 24, T9 I X New York

(3)
Also owns the $5,000,000 common stock o f the California Electric
Generating Co. at Oakland, a steam power plant, capacity 12,000 k. w. (see
below)
When the 40,000 k. w. Caribou plant is completed late In 1920, the com­
pany will have a generating capacity of 105,00Q k. w. of hydro-electric
power, which together with the 34,500 k. w. from steam plants, will give a
total capacity of 139,500 k. w. When all the power sites are utilized, over
500.000 k. w. will be developed.
STOCK OF GREAT W ESTERN POWER CO. OF CALIF.— Auth.,
com ., $30,000,000; 7% cum. pref. (p. & d .), $30,000,000. Outstanding
Sept. 1 1919, com., $27,500,000, all owned by Western Power Corporation;
preferred outstanding Oct. 8 l9 l9 , $1,995,158, including $1,500,000 recently
sold on account of new construction. V. 109, p. 682; V. 108, p. 2126.
The pref. stock Into which the debentures are convertible, as below,
stated, la non-assessable by specific covenant, la preferred as to assets In
liquidation, is entitled to cumulative dividends at rate of 7% per annum,
payable Q.-J., and Is subject to call for redemption In whole or In part at
105 and dlvs. upon 60 days' notice. No preferred shares, other than those
reserved against conversion, may be Issued unless the annual net earnings,
after deducting Interest on all funded debt and guaranteed dividends,
are twice the annual pref. dividend, including shares proposed.
(1) Great W estern Power Co. of C alif.— The $5,000,000 6 % con­
vertible debentures are convertible from Nov. 1 1917 to Nov. 1 1920 Incl.
at 100 aud lnt. Into Great Western Power Co. of California 7% cum. pref.
stock (par value $100) at $95 per share and divs.; in Oct. 1919 had thus boon
reduced to $4,529,600. See V. 101, ? . 1889, 2147, and offer to Western
Power Co. stockholders. V. 101, p. f890; V. 105, p. 493.
Tho First & Ref. Mtge. of 1919 is for $150,000,000 and tho $6,000,000
o f bonds Senes A sold in 1919 (with $1,500,000 7% Cum. Pref. stock),
will provide in part at least for the construction of a new power plant on the
Feather River at Caribou. It will also furnish sufficient money for the
construction of a new power transmission- line to San Francisco Bay. of
150.000 volts These bonds are callable at 103 to Feb. 28 1939, at 102
thereafter to Feb. 28 1948 and par thereafter to maturity. (Compare offer­
ing in V. 108, p. 2126.) V. 108, p. 2127; V. 109, p. 1703.
(2) Underlying Bonds (Bonds of Properties Merged in Parent Company).
Great Western Power Co. 1st M . 5s of 1906 authorized $25,000,000, all
authenticated and on Oct. 1 1919 located as follows: $21,411,000 ’ ’held by
public (including $651,000 pledged under Calif. Electric Generating Co.
mtge. not bearing interest); $889,000 retired through sinking fund (annually
1 % of outstanding amount annually beginning July 1 1916); and $2,700,000
pledged under First & Ref. Mtge. of 1919. V. 108, p. 2127: V. 109,p . 1703.
The $5,000,000 com. stock of California Elec. Generating Co. is deposited
under the 1 st M . V. 91, p. 1163; V. 92, p. 1438; V. 89. p. 1283.
,
Leased and Controlled Properly.
„
California Electric Generating Co.— Leased to Great Western Power C o.,
which owns the $5,000,000 com. stk. and pays 6 % on tho prof, stock ($2 ,­
5 0 0 ,0 0 0 ); ail now out (divs. cumulative at 6 % from Jan. 1 1912 and guaran­
teed by Great Western Power C o.); 1st M . auth., $5,000,000; Issued, guar,
by Great Western Power Co. (V. 8 8 . n. 6 8 8 ; V. 89 n 472) «l .200.000,
of which $199,000 retired through sinking fund and $9,000 hold bv G. W
City Electric Co. of San Francisco.— First mtge. 5% bonds, interest guar.
(V. 92, p. 883), $4,387,000 issued, $237,000 retired by sinking fund, while
------!
• -*
0 0 0 held by
- ~ . --------- ’
V. 108,

Hartford;

Treas George L. Hartford; Sec., Edward V. Hartford.— (V. 106, p. 2013.
V. 108, p. 1393.)
GRE A T LAKES STEAMSHIP CO.— See V. 105, p. 502, 1901; V. 109,
p. 1277.
GREAT LAKES TOW IN G CO.— O RGAN IZATION .— Incorporated in
N .J on July 6 1899 a.s a consolidation. See V. 69. p. 79. 593; V 72. p. 778.
The company has amended its practice so as to conforna to the Anti-Trust.
Law as ordered by the Federal Court. V .99, p. 123; V. 98, p. 1922; V. 100.
p. 645; V. 96. p. 492; V. 97, p. 301. 1026; V. 100. p. 1441.
D IVS.—
f ’03. ’04. ’05. ’06. ’07. ’08. ’09. ’ 10. *11. ’17.
1918-19.
Com ( % ) - - - ( 0 0 0 0 2
— —
2
0
— 5 ( lt fq u .)
Pref ( % ) - - - - 1 0 0 7 7 7 7 7
7
7 7 y r I y (Q -J »
In March 1919 declared a div. o f 5% on common stock, payable 1 %
M
quar. beginning March 30; 7% on pref. has been paid regularly since 1905.
U Pres H. E ? Gilpin: Sec. & Treas.. M . H. Wardwell. New directors
Feb. 1917, V. 104, p. 667. Office, Cleveland, O.— (V. 106, p. 503. 932.)
GREAT NORTHERN IRON ORE PROPERTIES.— In July 1917
M . A. Hanna & Co. of Cleveland, O., took over under lease substantially
all the active controlled properties on the Mesaba range not theretofore
leased, leaving free only about 15% o f the original holdings. See V. 105,
p. 184. The trustees are Louis W. Hill, James N. Hill, E. T . Nichols
and Ralph Budd. The 1,500,000 shares o f beneficial interest equal
to the number of shares o f stock held were issued Dec. 1906 to Great North­
ern Ry. stockholders. Properties, <&c., V. 104, P 2346: v. 103, p. 58;
Y . 94, p. 556; V. 99, p. 1751; V . 104. p . 955; V . 109, p. 69, 1277.
LATE DIVS.— ’ 10. ’ l l . '12. '13. ’ 14. '15. '16.
T7. T 8. 1919.
Per share................. $1 $1.50 50c. 50c. 50c. 50c. $1.25 $1.50 $4
$4
In 1918, March and June, $1 each; Dec., $2; 1919., April, $2.
R E PO RT for year ending Dec. 31 1918 in V. 107, p. 69
N. Y . office.
32 Nassau St.— (V. 107, p. 85, 287; V. 108, p. 1063: V. 109, p. 69.)
GRE A T WESTERN POWER CO. OF CALIFORN IA.— ORGN AIZATIO N .— Incorp. in California N ov. 23 1917, and, as o f June 1 1919, purch­
ased, subject to existing mortgages, the propertise o f old Great Western
Power Co. (incorp. in 1906), City Electric Co. and Consolidated Electric
Co
The California Electric Generating Co. properties were not Included In
the' purchase, but the leases thereof were assumed and the Great Western
Power Co. o f California is now the operating company of all system propertleThe company in Oct. 1919 (a) owned on a tributary o f the Sacramento
River about 18 miles from Oroville and 160 miles from Oakland, hydro­
electric plants with a present capacity o f 87,000 h. p. V. 108, p. 2127;
V 109 D 1363
(2) steam driven electric plant in San Francisco with ca­
pacity 'of kbout 36.000 h. p . (including former City Electric Co ); (3) holds
under lease and stock control & similar 14,000 h. p. plant of California Electrie Generating Co. in Oakland, transmitting electricity to Oakland over
two circuits to substations at Sacramento, Brighton, Antioch, Cowell and
Oakland. Rate increase in 1918, V. 106, p . 185.
. . .
.
.
. .
In 1919 had begun construction o f an additional hydro-electric plant,
Initial capacity 53 000 h. p ., known as the Caribou plant, and a steel tower
transmission line thence to San Francisco Bay district, 192 miles. See
V . 109, p. 1364, 1703; V. 108. p. 2127.




' [Vo l . 109.

INDUSTRIAL STOCKS AND BONDS

R E P O R T . — For cal. year 1918, V. 108, p. 681; V. 109, p . 673, 1363.
For 12 Months ended—
Afar.31’ 17 Afnr.31’ 18 Afar.31’ 19 July 31 19.
Gross earns., inch other In c ..$4,066,655 $4,130,597 $4,898,181 $5,122,855
Net, after oper. exp., taxes,
rentals, &c---------------------- $2,402,325 $2,318,122 $2,811,751 $2,922,279
Annual interest requirements on all outstanding mtge. bonds,
including this issue----------------------------------------------- ------------- 1,565,810
Annual interest requirements on all outstanding debentures..
271,776

Offices, 50 Broad St., N. Y ., and 14 Sansome St., San Francisco.— (V. 107,
p. 185, 1286, 1388, 1841; V. 108, p. 83, 681, 883, 1824, 1940, 2126; V. 109,
p. 673, 682, 891. 1363, 1703.)
GREEN STAR STEAMSHIP C O R P O R A T IO N .— V. 109, p. 1703.
GREENE CANANEA COPPER CO.— O R G A N IZA T IO N .— Incorp. in
Minn. Dec. 26 1906 and acquired nearly all of the 1,000,000 shares of the
capital stock of Groono Consolidated Copper Co. (YV. Va.), which In turn
owned all the shares of the Cananea Consolidated Copper Co. of Mexico.
In June 1917 arranged to purchase outright the properties of the last-named
company. See V. 105, p. 75. 184; V. 104. p. 2155.
D IV ID E N D S—
/1912. 1913. 1914. 1916. 1917.
1918.
1919.
Per c e n t ------- -— I 3*4
2X
2
7
8
8
text
A dividend of $1 50 was paid Feb. 24 1919, but none In May, because of
the unsettloment in the market for metals. V. 108, p. 384.
R E PO RT.— For year end. Dec. 31 1917, V. 106, p. 2556, showed: Total
Income. $9,392,639: net Income, $284,344; deprec’n, $350,455; dividends
(8 % ). $3,954,215; def. for year. $1,456,327. Total surplus Dec. 31 1917.
Output—
Copper (lbs.)
Silver (oz.) ®old(os<)
months 1919.............. ....................... 33.800.000
1.421.533
7.600
10 months 1 9 1 8 ----------------------------- 43,070,000
1,225j212
11,328
Pres, is W . D . Thornton, N. Y .— (V. 107, p. 185. 608, 1104. 1484, 1841,
2293; V. 108. p. 175. 384, 687, 1063. 1514. 1723. 2127, 2437; V. 109, p.
176, 582, 1183, 1464. 1895.)
GRIFFIN WHEEL CO.— See American Steel Foundries Co.
GUANTANAMO SUGAR CO.— Report. V. 107. p. 2286.
GUFFEY-GILLESPIE OIL C O .— O RGAN IZATION .— Incorporated
in Delaware Sept. 1918. Successor to the business conducted by Messrs.
Guffey and Gillespie of Pittsburgh. Produces and sells crude oil and
natural gas and is constructing plants for tho extraction of gasoline trom
casing-head gas. Operates principally in Mid-Continent, West Virginia
and Texas fields, where lt has leases (Including the gas rights on 166,000
acres of land situated in Osage Nation. Okla., and the oil rights on about
1 280 acres of land In the same district, and oil and gas rights on a tract of
900 acres in West Virginia, recently acquired) on about 200,000 acres o f oil
and gas properties. Presdent daily production over 3,000 barrels. No.
of producing wells, 90.
..
.
Owns 75% of the stock of the Billings Gasoline C o., operating a casing­
head gasoline plant at Billings, Okla., daily capacity 2,000,000 cu. ft. of gas.
10

Nov., 1919.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, A c., see notes on first page]

Date
Bonds

Q u ffey G illespie Oil— Common stock 500.000 shares--------Pref (a & d) 7% Cum Conv stock call 105 $2,000,000_____
G u lf Oil Corp— Stock $60,000,000 authorized____________
Serial gold notes due $6,000,000 yly July 1 ’21 ’23.zz.UPi 1919
G ulf States Steel Co—Common stock v t c (V 107, p 2101) 1 st pref stock 7% cum v t cca ll begin 1918 at 110_________
2 d pref stock 6 % non-cum v t c convert into common______
Self Fluxing Ore & Iron Co 1st M call 101 (V 101. p 7 7 7 ,)~ 1913
Harblson-W alker R efractories Co— Common stock--------Preferred stock 6 % cumulative__________________________
Hart. Schaffner 6c Marx— Common stock $15.000.000-----Preferred (a & d) stock 7% cumulative $5.000.000______
artman C orporation— Capital stock $12.000.000________
askell & Barker Car Co— Stock 250.000 shrs_____________
Havana Tobacco Co— Bonds $10,000,000 gold____________ x 1902

H

Par
Vatue

Rate
%

When
Payable

Last Dividend Places Where Interest ahd
and Maturity
Dividends are Payable

None 420 ,0 0 0 shrs
1 0 0 $ 2 ,0 0 0 ,0 0 0
$100 35 ,154,600 6 in 1919
Oct 1 1919 1)4%
6 g
J V
July 1 ’21 to f23
,0 0 0 ,0 0 0
1 ,0 0 0
Apr 1 l'M9 1 %
100
,136,555 See icxt
100
.0 0 0 0 0 0
7
8=5 Jan 2 1920 1
100
85.700
Jan 2 1920 1>4
V
1 .0 0 0
6 ’
Jan 2 1943
209 000
1 0 0 18 .0 0 0 .0 0 0 12 in '19 Q— M 15 Dec 1 1919 1H
100
9 ,600.000
6
Jan 20 ’20 1H
Q— J
1 0 0 15 .0 0 0 .0 0 0 4 In 1919
Nov 29 ’ 19 1%
100
3 .331.500 7 In 1919
SeptSO *9 1 % %
1 0 0 12 ,0 0 0 .0 0 0
Dec 31 1919 1M
None 2 2 0 ,0 0 0 shrs $4 1919
Oct 1 1919 $1
1 ,0 0 0
7 ,500,000
5 g J dc D June 1 1922

STOCK.— The Pref. stock is convertible in Common stock at the rate of
one share o f Pref. to four shares o f Common. Has equal voting power with
the Common stock. The authorized Common stock was increased in July
1919 from 300,000 shares (no par value) to 500,000 shares (no par value).
N o mortgage without consent of 67% o f the outstanding Pref. stock.
Prof, is callable, all or part, after Dec. 1 1920 at 105. See offerings in
V. 108. p. 174: V. 109, p. 275. Both classes of stock listed on Pittsburgh
Stock Exchange in Nov. 1919.(V. 109, p. 1895.)
E A R N IN G S — Gross income period Sept. 1 1918 to M ay 31 1919, in­
cluding oil salos $1,808,539, gas, interest received, &c., aggregated $1,853,­
593; deduct dividends, $70,000: balance surplus after general, &c., expenses,
$812,789. V. 109, P. 1895.
DIRECTO RS.— Joseph F. Guffey (Pres.), E. N . Gillespie (V.-Pres.),
J. D. Gallery, II. M . llrackenridge, Pittsburgh, Pa.; E. H. Mather, Boston
and II. K. Bragdon (Treas.), Pittsburgh.— (V. 108, p. 83, 174: V. 109,
p . 275. 375. 1895).
GULF OIL CORPORATION .— O R G A N IZA T IO N — Organized in
1907 and through its subsidiary conducts an active business in proudeing,
refining, transporting and distrbuting petroleum and its products. Owns
and operates (a) producing wells, with its own connecting pipe lines, in
Texas, Oklahoma, Louisiana, Kansas and In Mexico; principal refineries
located at Port Arthur and Fort Worth, Tex., have a daily capacity o f 60,000
bbls. of crude oil: (o) a large fleet or tank steamers and other ocean-going
equipment: (c) distributing stations at practically all of the Atlantic sea­
port cities and at inland points over a large area o f country.” Its produc­
tion of oil from its own wells in the United States in Juno was over 50,000
bbls. per day, and has not been under that amount in the past two years.
V. 108, p. 2634: V. 109, p: 682.
STOCK.— Auth., $60,000,000: outstanding, $35,154,600, including
$22,416,400 issued In 1913 at par and to the extent o f 50% paid for option­
ally with proceeds o f 1 0 0 % cash dividend.
D IV ID E N D S.— Regular rate 5% p. a. in July and Oct. 1913: thereafter
6 % per annum to and including Oct 1 1919.
NOTES.— The issue o f $18,000,000 6 % gold notes sold in 1918 will
maturo $6,000,000 yearly on July 1 1921 to 1923, without option of prior
redemption. No mortgage while these are outstanding.
Gulfoil SS.
bonds in 1919, $175,000.
Report for 1918 in V. 108, p. 1386, showing:
1918.
1917.
1916.
Gross e a rn in g s.....................................$85,904,306 $70,499,403 $51,056,131
49,779,314
41,013,567 27,520,095
Operating expenses.............
Net earnings.......................- .................. 36,124,992 29,485,836 23,536,036
16,677,064
11,723,450 4,778,903
Depreciation reserve...................
Interest, taxes, &c------- ------------------ x6,865,331
1,111,640
863,721
.........
5,000,000
-----------Reserve for war taxes...........................
Dividends (6 % per annum)--------------- 2,082,104
2,074,320 2,067,675
Balance, surplus................................$10,500,493 $9,576,426 $15,825,736
x After deducting surplus tax reserve from previous year.— (V. 108, p.
1386. 1514. 1633: V. 109, p. 682.)
J
GULP STATES STEEL CO.— ORG A N IZA TIO N .— Incorp. In Dela­
ware Nov. 1 1913 as successor o f Southern Iron & Steel Co. (foreclosed).
er plan In V. 97. p. 1119. Owns blast furnaces, open-hearth steel plant,
looming mill, rod mill, merchant mill, wire mills, machine shop. tic . at
Alabama City. Ala., and also coal mines at Altoona. Sayre and Virginia,
Ala., and Iron ore mines at Shannon, Ala. Its products are barbed wire,
galvanized wire, bar steel, billets, rods and wtro nails. V. 101. p. 128. 776.
In Jan. 1918 purchased Sayre coal property, 15.000 acres. V. 105. p.
2547; V. 106. p. 1457. Notes outstanding Dec. 31 1918, $140,000.
STOCK.— First pref., $3,000,000: in treasury Dec. 1918. $1,000,000:
outstanding. $2 ,0 0 0 ,0 0 0 . There was formerly $4,000,000 2d prer. stock,
but in Dec. 1918 ail except $85,700 had been converted into common, share
for share. V. 108, p. 1270. Common stock auth., $12,500,000; outstand­
ing in Doc. 1918. $11,136,550. including $2,222,250 Issued June 3 1918 as a
25% stock dividend. V. 107, p. 2101. V. 106. p. 2232, 2013. 1799.
The voting trust agreement of Dec. 1 1913 expired Dec. 1 1918, but was
extended till Dec. 1 1921 (subject to earlier termination at any time, at
option of the trustees), as to 12,626 shares o f First Pref. stock, 350 share
or Second Pref. and 69,534 shares o f Common stock had
Voting trustees.
Alexander J. Hemphill, Alfred A. Cook and John V Platten, and the
V
depositary, the Guaranty Trust Co. of New York. V 107. P 2101. 2298.
Dividends.— After paying first prer. accums. (15 1-6% ). Oct. 1916
1913-15. 1916. 1917? 1918.
1919.
First preferred ( % ) ...................See above
7
7 - 7
7
Second preferred ( % ) ............... - ..........414
6
6
6
Common ( % ) -------------------------- -------------8
10
Apr., 1%
Common ( e x t r a ) - .- - - - ....................- - - - - — 1 V*&1 .R C.25stk............
April 1919 a nuarterly common dividend o f 1% was paid; none since.
V. 108, p. 8S3. 2333. Dividends on both Pref. stock declared In full to
and incl. Jan. 2 1920.
EARNINGS.— (1) Month of—
sent. 1919. Aug. 1919.
Net profits, after taxes, depreciation, & c ........... $42,228
$12,989
(2) Net operating income before deducting depreciation, taxes, &c.
July.
June.
May.
April. March.
Feb.
Jan.
1919 dof.$9,422df$19,569 $10,488 $22,513 $67,124
$80,839 $57,241
1918___144,340 119.637
246,188 272,524 259,437 224,544 370,132
R E PO RT.— Report for cal. year 1918, In V. 108, p. 1270. showed:
Cal.
Cross
Net after
1st Pref. 2d Pref. Common
Balance,
Years. Sales.
Depr., A c.
Div.____ Div.
Dividend. Sur. or Del.
1918
$11 206.468*$1,191,662 $140,000 $17,474 $l,037,999ydef. $3 811
1917
It 763 476 *2.871.479 140.000 64,543
874 1 8 8 sur. 1.792.718
1 9 6 7 626 250 2.452.511
140.000 207.068
141 6 6 0 sur. 1.963.7S3
......... j . . . . . . . . sur. 417.843
19 5” 4 406.618
608.943 191 100
* After deducting reserve for Federal taxes, depreciation. &c. y Also
paid a 25% dividend ($2,222,250) in common stock.

g

Amount
Outstanding

175

Pittsburgh by check
N Y Guar Tr; Pitts UnTr
Guar Tr. N Y . by check
do
do
Birm’ham Tr & Savs Co
Checks mailed
Chicago. II
Guaranty Trust Co, N Y

STOCK.— Authorized and Issued $9,600,000 6 % cumulative pref. and
$18,000,000 common stock, par each $100. No bonded or funded debt.
D IV ID E N D S.— On preferred, 1902 in full to Jan. 1920, 6 % .
On Common— f '07. 1908-09. 1910-14. T 5. T 6 . T 7. T 8 .
1919.
6
6 (114 Q .-M .)
Regular.............. \14% None 2% yrly 2H 5 J* 6
Extra__________ l ______________ _______ ____ 4 18
6
Jan., 6 %
R E PO RT.— For 15 mos. ended Dec. 31 1918 (In V . 108, p . 1270) and
years ended Sept. 30:
_

Net

Net

Pf. Divs.

Common

Balance,

Earnings. Profits.
(6% )
Dividends.
Surplus.
1918. 15 mos.$7,207,722 $5,504,957 $720,000(13 H)$2.430.000 $2,354,957
1916-17 year
8.865.386 6,725.817 576,000 (8 %) 1.440,000 4.709,817
1915-16 do
4.305.450 3.540.604 576.000 (7% ) 1.260.000 1,704.604
1914-15 do
1.673.791 1.498.889 576,000 (2% )
360.000
562.889
Also 1917 paid a further 18% ($3,240,000) out of surplus prior to March 1
1913. Total surplus Dec. 31 1918, $12,372,032; “ reserves,” $5,330,940.
OFFICERS.— H. W. Croft. Pres.; J. E. Lewis, O. M . Relf and Hamil­
ton Stewart. Vice-Presidents; Wm. Walker. Treas.. and P. R . Hllleman.
Sec. Office. Pittsburgh. Pa.— (V. 108. p. 83. 1270. 1940.)
HART, SCHAFFNER & MARX. INC — ORGAN.— Inoorp. in N. Y .
May 11 1911, succeeding firm manufacturing men’s clothing. V . 92, p. 1376.
STOCK.— Common stock, $15,000,000; par, $100; pref., see table. Pref.
is redeemable In whole or part at 120 and accrued dividends, at least $500,­
000 to be retired on or before July 1 1921 and $500,000 during 5-year periods
thereafter. No mtge. without the consent of 75% of the oref. stock.
V. 92, p. 1376. 1439, 1639. Pref. stock originally Issued. $5,000,000; had
been reduced to Dec. 1918 to amount shown in table ($3,331,500) by the
sinking Tund. V. 108, p. 475.
D IV ID E N D S.— On pref. in full to Sept. 30 1919 incl., 7% (1 1£% quar.).
Common div. Mar. 1 1916 to Nov. 29 1919, 1% quar. (4% per annum).
R E PO R T .— For year ending N ov. 30 1918. in V. 108, p . 475:
1917-18.
1916-17.
1915-16.
1914-15.
Total profits........................... $1.481,015*$1.603,762 $1,792,002 $1,287,505
Preferred dividends (7 % )—
234,617 240,843
260.539
286,110
Common dividends (4% )___
600,000
600,000
600.000 ________
Redemption pref. stock, & c.
367,111
198,509
368.893
454,163
Balance, surplus............... $279,287
$564,411
$562,571 $547,233
*After deducting $270,000 Federal income and excess profits taxes.
OFFICERS.— Pres.. H. Hart: V.-Ps., Max Hart and Alex M . Levy;
Sec. & Treas., W . M . Cresap.— (V. 108. p. 83, 475, 484; V. 109, p. 582.)
HARTMAN CORPORATION .—ORGA N IZA TIO N .— Incorporated in
Va. in Jan. 1916 and acquired the capital stock of the Hartman Furniture
* Carpet Co. of Chicago and affiliated companies. V. 103. p. 2337. Con­
ducts a mail order and retail business in the Middle YVest. Capital stock.
$12,000,000 (all one class), was listed on N. Y. Stock Exchange in Dec.
1916. V. 103, p. 2337, 148. Dividends: Sept. 3 1917 to Dec. 31 1919
5% per annum (114% Q»-M.).
The directors in Aug. 1919 recommended to stockholders that the par
value of the capital stock be changed from $ 1 0 0 to $2 0 , stockholders to
receive 5 shares of new for each share of old. V. 109, p. 582.
No funded debt other than the (unassumed) $165,000 1st M . R. E. serial
gold 5 Y$s of Hartman Furniture & Carpet Co., due on or before July 1 192(7.
In 1917, In addition to paying three dividends aggregating $450,000,
reduced its current liabilities from $1,615,000 on Jan. 1 to $749,697 on
D ec.31. Dec. 31 1918 these stood at $944,057.
EARNINGS.— For half year ended June 30 1919, after deducting int.
and taxes, $1,610,020; dividend (214% ), $300,000; b a l.,s u r ., $710,020.
In Oct. 1919 a record business was reported, sales being 78% in excess of
Oct. 1918 and for the 10 months ended Oct. 31 an increase o f 4 8 % . V . 109,
REPORT.-—Combined results year 1918 (V. 108, p. 1163.):
Cat. Year— Net Inc. Interest. Depr., &c.
Dividends.
1918................ $816,989 $21,656 ............. .. (5%)$600.000

1917...............

509,310 ...............................

(3 k) 450,000

Surplus.

$195,333

59.316

1916.............. 2,014,407 24,374 $188,000 .........................
1,802 033
1915------------- 1,302.610 20,835
25.000 .......................
1.256,775
OFFICERS.— Pres., Max Straus; V.-Pres., Milton L. Hartman; Sec. &
Treas., Leon Hartman; Asst. Sec. & Treas., Harry A.Cohen. Office, 3913
Wentworth Ave., Chicago.— (V. 108, p. 977; V. 109, p. 481. 1895.)
HASKELL & BARKER CAR CO.. N. Y .— O R G A N IZA TIO N .— In ­
corporated in N. Y. Jan. 12 1916 with 250.000 shares of authorized capital
stock, 220,000 outstanding (no par value), to succeed the Haskell & Barker
Oar Co. of Michigan City. Ind.. organized 1852. Plants at Michigan C ity.
Ind., have capacity of between 15.000 and 20.000 cars, both wood and steel.
Stock, all of one class (no bonds), was listed on N. Y. Stock Exchange
in June 1917. In June 1918 received Government order for 8,000 steel
underframe freight cars. V. 106. p. 1861. 2561. 932.
D IV ID E N D S.— Jan. 1917 to April 1918 (quar.), 75 cents each; July
1918 to Oct. 1919 (quar.), $1 each.
REPO RT.— For year ending Jan. 31 1919, in V. 108, p. 1393. shows’
Jan. 31 Yrs.— 1918-19.
1917-18. |
1918-19
1917-18
Gross earns-.$4,409,210 $2,634,193 I Dividends.($3 M)825,000($3)660 000
Renewals. &c_
403.884
293.333 Repl.. res., &c
418 409
300 000
Net earningS-$4.005.326 $2,340.8601 Balance, surp.$2,761,917 $1,380:860
Subject to 1918 Federal taxes estimated at $2,220,000.
OFFICERS.— E. F. Carry. Pres.; Chas. A. Liddle. V.-Pres.; H . E .
Harding, V.-Pres.; P. O. Curtis, Sec.; David A. Crawford. Treas.
DIRECTO RS.— E. F. Carry, Arthur O. Choate, YVm. E. Cory, David A.
Crawford, Jos. YV. Harriman, Geo. E. M arcy, Ambrose Moneli, John
Morrow, Frank A. Vanderlip and Edwin S. Webster.— (V. 107, p . 295;
V. 108, p. 1393. 1514.)

HAVANA TOBACCO CO.— ORGANIZATION.— Incorporated In New
Jersey on May 28 1902 as amalgamation, per plan in V. 74. p. 1142. The
’ ’ *---- *
’
’
---- Amer. Cigar Co., it is understood, owns a majority Interest In the com ­
HACKENSACK W ATER CO.— (V. 109. p. 1529. 1703.)
mon stook and J3.696.000 of $7,500,000 bonds. V. 85. p. 287.
iii
p & KILBURN CO.— Reorganization plan, V. 105, p. 2276, 2270,
Stock com. $30 000.000: mef 5% non-cum.. $5 0 0 0 ,0 0 0 - outstanding,
369, 2459: V. 107. P. 177. 908. 1270: V 108, p. 883. 1168? Offering of com ., $29,790,941; pref., $4,703,800; par of shares, $100. On Dec. 31 1918
st M tge. 6 s dated June 1 1919, in V. 108, p. 2333, 2527.)
there was $296,200 of pref. and $209,059 of com. stock held in treasury.
Bonds, $10,000,000 2 0 -year gold 5s. o f which $2,500,000 not issued. Report
HARBISON-W ALKER REFRACTORIES C O .—ORGANIZATION.
-Incorporated June 30 1902 In Pa. Manufactures fire-clay products. &c. for calendar year 1918 shows: Divs. received, $224,316; def. after exp.,
tas 33 plants, embracing 397 kilns, employing 5.800 hands, total dally $174,469; int. on bonds, $375,000; bal., def., $549,469: p. & 1. def., $6,982,
opacity l .315.000 brick. Plants are located 22 In P a.,.5 in Ohio and one 790. Treas.. George G. Finch. Office. I l l Fifth Ave., N . Y .— (V. 107,
p. 79.)
ach in K y.. Ind. and Ala.
1 U1 ,




176

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS notes on first
[For abbreviations, Ac., seeCOMPANIES page]

Date Par
Bonds Value

Amount
Outstanding

Rate
%

When
Payable

[Vol . 109.
Last Dividend
and Maturity

Helme (Geo W) Co— Common stock________________________
$ 1 0 0 $4,000,000 10 in ’19
Q— J Oct 1 '19 2}*%
Q—J Oct 1 1919 1 X
Preferred stock (a & d) $4,000,000 7% non-oum__________
100
4.000. 000
7
1 0 0 1 0 ,0 0 0 .0 0 0
Hendee M anufacturing Co—Com stock §10.000,000______
Pref (a & d) cumul convert call $2,500,000_______________
100
1 .0 0 0 .
000
7
Q— J Oct 1 1919 \X
100
Hercules Powder Co— Oommonstock auth $10,000.000
7 160,000 See text Q— M Sept 25 T9 4%
Q— F Nov 15 T9 1X
100
Pref stock 7% cum $10,000,000 red 120 N ov 15 beg 1915—
5.350.000
7
See text July 1 1919 2'A
100
Herring-Hall-Marvin— Common stock--------------------------------700.000
A & O Oct 1 1919 3 A
100
Pref stock 7% cum callable at par $700,000_____________
400.000
1 0 0 J25.116.000 See text See text Sept 25 -19 50c
Homestake Mining Co— Stock $25.116,000_________________
J & J Jan 1 1923
Hudson Navigation Co— Coll trust s f bonds red par— Eq.c* 1903
5
1 ,0 0 0
203.000
M & N Mch 11921
New Jersey Steamboat first mortgage gold____________ F 1891
1 ,0 0 0
1.392,900
5g
F & A Feb 1 1938
Hudson Nav Co gold sinking fund mortgage__________ c* 1908
1 ,0 0 0
2.403.000
6 g
Albany River Front 1st Hen bds gu ser due $15,000 ann.c* 1915
6
O— M Sept 1920-1925
1 .0 0 0
90.000
Q—J Oct 1919
Humble Oil & R efin in g— Capital stock $25,000,000______
100
Text
(?)
Hupp Motor Car Corp— Common stock autn $6,500,000___
10
5,192.100
Pref stock 7% cum conv auth $1,600.000 call 120 & divs_
_
100
1,062,500
Q— J Oct 1 1919 1X
H ydraulic Power Co o f Niagara Falls— See Niagara Falls Power Co.
& D D e c 31 T 9. 8 %
Illinois Pipe Line Co— Stock $20,000,000_________________
1 0 0 2 0 ,0 0 0 .0 0 0 161nl919 J
None
Text
Indian Packing C orporation— 425,000 shares__________
425.000
Oct 14 1919 25c.
100
3.0UU.UUU See text Q— J Sept 15 19 3%
Indian Refining Co— Common stock 54,500,000_______ _____
Pref (a & d) atk 7% cum and participating convertible..
Q—M Sept 15 T9 I X
100
7
3.000. 000
7 quar
Class B (2d) pref (a & d) stk 7% cum (non-conv) call 110_
See text
New
100
50 6 . 0 0 0 .
000
24inl918 Q— F Nov 15 T9. 2%
Indiana Pipe Line Co— Stock $5.000.000__________________

HAYNES AUTOMOBILE CO.— Note offering V. 109, p. 1464.
H. C. S. MOTOR CAR CO.— V. 109, p. 1896.
’
(GEO. W.) HELME CO.— ORGANIZATION.— Incorporated In New
Jersey Deo. 4 1911 and took over snulT factories at Yorklyn, Del., and Helmetta, N.J., formerly owned by Amer. Snuff Co. V. 93, p. 1605: V.94.p.282.
No prior Hen without the consent o f two-thirds o f each class of stock.
D IV ID E N D S.— I T 2. T 3. T 4. T 5. T 6 . T 7.
1918.
1919.
10 10
10
10 10
10
10
On common.........%\ 5
extra In January ( _
_
2
2
4 4
4
—
R E PO RT.— Report for cal. year 1918 In V . 108, p . 970, showed net
earnings (after Federal. &c.. taxes). $1,074,702: pref. divs. (7 % ), $280,000;
com. divs. (10% ). $400,000: bal.. sur., $394,702. Net in 1917, $917,971:
1916. $1,078,503. Total p. & 1. surplus Dec. 31 1918. $2,092,198. Pres.
Otis Smith; Sec. & Treas., E. D . Christian. Office. I l l Fifth Ave.— (V.
107, p. 2192; V. 108, p. 970.)
HENDEE MANUFACTURING CO.— ORGAN IZATION .— Incorp .
Oct. 4 1913 in Massachusetts, successor to company o f same name. Manu­
factures the “ Indian M otorcycle” . Plant at Springfield, Mass. Branches
at London and Chicago, 111.
C A PITALIZATION .— Pref. stock is convertible into Common share
for share. Callable as a whole only at 125 and for sinking fund at 110. No
mortgage without consent o f 75% of outstanding I’ref. stock. Both
classes have equal voting power. Since Aug. 31 1919, $510,000 pref. stock
has been retired leaving §1,000,000. The difference between the original
amount authorized, $2,500,000, and the $1,000,000 now outstanding, was
retired under the terms o f our Sinking Fund, as provided in the Articles of
Organization. Quarterly divs. o f 1X % have been paid on the Pref. stock
since Jan. 1 1914 to Oct. 1 1919, incl.
RE PO RT.— For fiscal year 1918-19 in V. 109, p. 1889.
Years Ending Aug. 31—
1918-19. 1917-18. 1916-17.
1915-16.
Net profits . . . . ________ ______ $1,454,717 $740,691 $539,755
$208,980
Bal. after Pref. divs. & taxes..
914,718 484,391 235,699 def.100,729
Pres., John F. Alvord; Treas. & Gen. M gr., Frank J. Weschler. Office,
Springfield, Mass.— (V. 109, p. 1613, 1889.)
HERCULES POWDER CO.— ORGAN IZATION .— Incorp. In Dela­
ware Oct. 18 1912, and took over,as of Jan. 1913. per plan o f disintegra­
tion, part o f the properties o f the E. I. du Pont de Nemours Powder Co.
(V. 94, p. 1386, 1629. 1698; V. 95. p. 969). Half o f the stock received by
tbe27 defendants in the dissolution suit is without voting power.
Common Dividends—
1913. 1914. 1915. 1916. T 7. T 8 .
1919.
(In 1918 compare V. 106, p. 811.)
8
8
8
8
Regular ( % ) . . . ............... .......... 3
8
2, 2, 2, ..
Extra, cash (% )............. ..................
0
8
39H
14 8 2 . 2 , 2 , „
do Red Cross ( % ) ________ ___
__
__
l
1
...................
Anglo-French bonds, total (% ) . . . .
..
47H 47
do price at which taken_______
._ 95
94
—
STOCK.— The stockholders on Jan. 22 1914 authorized $10,000,000 7%
cum. pref. stock. See V. 98. p. 390, 1416.
On June 30 1919, $5,350,000
pref. stock was outstanding. See V. 100, p. 1835. N o funded debt.
R E PO RT.— Year 1918, V. 108, p. 1055; 6 _mos. 1919, V. 109, p. 481:
Calendar
Gross
Net (all
Btmd
Pref. Bal.for Com.
Sources).
Int.
Divs.
Divs., &c
Year—
Receipts.
$187,250 $1,301,171
1919 ( 6 m os.)—$12,173,832 $1,488,421
2,624,050
187,250
2,436,800
1918 ( 6 m o s .)-. 19,880,967
1918.................... 45,556,052 *2,315.603
374,500
1,941,103
374,600
5.447.962
1917.................... 44,105,533 *5.822,462
374,500 16.284.373
1916.................... 63,419,030 16.658.873
4.922.402
36,300
368,308
4.517,794
1915......................15,715,860
1.434.755 187.500 223,589
1,023.666
1914.................... 7,927.801
* After deducting depreciation, taxes, &c. In 1918 paid 17% on com­
mon shares, calling for $1,215,500, against 70% ($5,005,000) in 1917.
Total p. & 1. surplus June 30 1919, $15,710,171.
Pres., R. H. Dunham; V.-P., T . W. Bacchus and J. T . Skelly; Sec.
Treas., G. H. Markell.— (V. 108, p. 977, 1055, 2333; V. 109, p. 481, 984.)
HERRJNG-HALL-MARVIN SAFE CO.— OR G A N IZA TIO N .— Incorp
In N. Y . on Sept. 22 1905, per plan In V. 80, p. 999. V. 94, p. 354
419. Par, $100. D iv. on pref. In 1913. 7% (A. & O .). On Jan. 27 1916
paid 7 % , being the deferred dividends o f 1914. and on M ay 25 1916 paid
April 1 1915 deferred dividend; on Nov. 16 1916 paid Oct. 1 1915 deferred
dividend; on Jan. 31 1918 paid two deferred dividends, July 20 1918 paid
April 1917 deferred dividend (3 H % ). V. 106, p. 611. On Oct. 2 1918,
3 A % , covering deferred div. due Oct. 1 1917: Jan. 8 1919 paid 7 % . cover­
ing deferred divs. to Oct. 1918. In 1919 on pref., 7% , 3 A % A . & O. On
July 1 1919 paid 2 A % on the com. stock.
Pres., W . F. Forepaugh; Sec., F. A . Marsellus; Treas., J. M . Swanson,
Office, 400 B ’way, N . Y .— (V. 102, p. 612; V. 104, p. 663; V. 106. p. 61.
1130.)
HERSHEY CHOCOLATE CO.— V. 109, p. 481, 682.
HERSCHELL-SPILLIMAN MOTOR CO.— V. 109, p. 1895.
HOCKING VALLEY PRODUCTS CO.— (V. 108, p. 175, 1393, 1514,
2127, 2634; V. 109, p. 177. 1890.)
HOMESTAKE MINING CO.— Incorp. In California N ov. 5 1877. Owns
over 4,000 acres, located In the White Wood Mining District, near Lead,
Lawrence County. So. Dak., where the company has a large gold mining
plant, including reduction works, stamp mills, electric plants, &c.
D IV S fl910 to 1912.
1913.
1914 to 1916.
1917.
1918.
Since’09( 50c. monthly 65c. monthly 65c. monthly 65c. mthly 60c. mthly
Extra __ I
None
15% stock
$1 yearly
None
____
Jan. 1918 to Sept. 1919, 50 cents monthly. In Oct. 1919 dividends
were suspended “ for the present” owing to a fire that necessitated flooding
to the 6 th level. V. 109, p. 1529.
RE PO RT.— Report for year ending Dec. 31 1918 in V. 109, P. 171.
Total income, S6 ,1 2 1 ,347; oper. exp., taxes, &c. $4,399,197; deprec n, &c.,
$1,416,733; dividends, $1,506,960; deficit, $1,201,543.
Pres., Edward H. Clark, N. Y .; V.-P., F. G. Drum, San Francisco;
Treas., L. T. Haggin, N. Y.; Sec., Fred. Clark. San Francisco. Cal. Office
Room 910 American Nat. Bank Bldg.. San Francisco transfer agent*.
Columbia Trust C o., N . Y .— (V. 106, p. 90, 927, 1234, 2340: V. 109, p.
171, 1529.)
HOUSTON OIL CO. OF TE XA S.— (V. 106, p. 1234;V. 107, p.1923,
2479; V. 108, p. 75, 384. 687, 2128; V. 109, p. 177, 275, 1896.)
HUMBLE OIL & REFINING CO.— ORGAN IZATION .— Incorp. in
1917 in Texas. Has large holdings o f well selected leases upon lands in all
sections of Texas and has considerable holdings in Louisiana, Oklahoma
and smaller holdings in Wyoming. For description of new wells, output,
new pipe lines, refineries, &c.. see V. 109, p. 1890.




Places Where Interest and
Dividends are Payable
Checks mailed
Checks mailed
Checks mailed
do

do

Equitable Trust Co
Central Un Tr Co, N Y
Union Trust Co, Albany
Union TrOo .Albany .NY
New York
New York
Findlay, Ohio
Equitable Trust Co, N Y
Checks mailed
do
New York

STOCK.— The Standard Oil Co. of N. J. owns 50% of the Capital stock.
The company in Oct. 1919 had arranged to increase its stock from $8,200,­
000 to $25,000,000, and having set aside $400,000 of the new stock for sub­
scription by employees, offered the remaining $16,400,000 to shareholders
of record Oct. 28, $10,250,000 of it as Series “ A , at par, $100 a share, and
$6,150,000 Series “ B at $250 a share. V. 109, p. 1703. Stock of Series
“ A shall be entitled to receive one-third of the per-share quarterly dividend
that may be paid for the quarter ending Dec. 31 1919; stock of Series “ B
shall be dated as of the date final payment in full is made on the respective
stock subscription and shall be entitled to receive that proportion of the
per-share dividend payable at the close of the quarter during which such
final payment is made that the portion of said unexpired quarter at the
date of such final payment bears to the entire quarter. V. 109, p. 1896.
The company is understood to have paid liberal dividends but no dividend
record was available in N ov. 1919.
President, R . S. Sterling, Houston, Tex.— (Y. 108, p. 787, 1168; V. 109,
p. 1703, 1890, 1896).
HUPP MOTOR CAR CORPORATION.— O RGAN IZATION .— Inc. on
Nov. 24 1915 In V a.. to make automobiles and take over the business and
properties of the Hupp Motor Oar (Jos. of Detroit and Canada, and the
Amer. Gear & M fg. Co. of Michigan. V. 101, p. 2074: V. 102. p. 2079.
C A PITALIZATION .— Pref. stock. $1,500,000. all Issued; 7% cum. and
conv. Into com. stock, one share of pref., par $ 1 0 0 . for ten shares of com .,
par $10, prior to Jan. 1 1919. To Dec. 31 1918, $192,100 pref. had thus
been converted; retired in 1919, $245,400. leaving $1,062,500 outstanding.
Common, $6,500,000 auth., $5,192,100 issued, balance roserved for pref.
conversion. No bonds or mtges. outstanding Apr. 15 1919. Pref. divs.
Jan. 1916 to Oct. 1919, 1% % quarterly. Pref. is redeemable at 120 and
accrued div. at 3 months notice on any div. date 3 years after issuance
of last installment.
RE PO RT.— For year ended June 30 1919 (V. 109, p. 1076) showed:
-r .
,, .
1918-19.
1917-18.
1916-17.
^ trPr , e S?7
ftCr*a a°?...........................
X
$535,603
$836,691
$271,479
OFFICEW - P r o s ' - J : W . D 'rak^V .-p/es’S l Q ^ M g v l C. D Hast­
ings: v --Pres., Dubois Young; V.-Pres., Sec. & Treas., A. von Schlege.lN. Y . office, 25 Broad St. Ladenburg, Thalman & C o., N . Y ., are in­
terested.— (V. 108, p. 273; V. 109. p. 177, 984, 1076.)
IDAHO POWER CO.— V. 108, p. 2333, 2531.
ILLINOIS NORTHERN UTILITIES C O .— See “ Elec. Railway" Seo
,JhL,N-&,i n ? iPEL l,N. CO* ORGANIZATION.— Incorporated in Ohio
S
E
—
and took over as of Jan 1 1915 the pipe line owned by Ohio
Oil Go., extending from Wood River. 111., to Oenterbrldgo on PennuylvanlaNew Jereey boundary Hne. about 900 miles. Joining at that point the line
of the Standard Oil Co. leading to the Bayonne refinery. The line also
reaches the Solar Refining O o/s plant at Lima. O. Also has line from
Martinsville. HI., to Preble, 182 miles. Stock. $20,000,000. all distributed
among stockholders of Ohio Oil Co. V. 99, p. 1678, 1913; V. 100, p. 144.
LATE DIV ID E N D S.—
4915.
191g
4947.
1 9 is .
1919.
P e rc e n t---------- ----------------- 5
39
22
14
16
Dividends paid in 1918, June, 8 %; June, 8 %; D ec., 6 % . 1919, M ay,
and Dec. 8 % . Bal. sheet Dec. 31 1918 V. 108. p. 883, shows surplus
$692,128, against $37,632 Dec. 31 1917
Pres., W . A. Miller, Lima, O.; V.-P. & Treas.. W . E. Badger; Sec., O F.
Moore, Findlay, O — (V. 107, p. H04, 2012; V. 108, p. 883, 2128.)
IMPERIAL OIL
LTD. OF 3 CANADA.— (V. 109, p. 891. 1278
1465.)
b4

^ V A ,00TP
1
OB»1CC6S2C « 5 ! ; F QREAT D R ' T A ' N’ &^
1
V - 108
INDIAN PACKING CORP.— ORGANIZATION.— Incorp. in Doleware, July 22 1919. Owns all the stock of the Indian Packing Co., the
Wrecn Bay Packing Co and the New England Supply Co. Engaged in
fbo manufacture and distribution to wholesale grocers and for export a
full line of canned meats.
ig|^i0!^en<^
sInitial dividend of 25 cents per share was paid Oct. 14

DIRECTORS.— Frank L. Peck, President; Hugo R. Hermann, Vice.Treasurer; John M . Clair, Secretary and Nathan
J. Miller, office Green Bay, Wis.— V. 109, p. 481. 1083.
d
A
c
° r. ,N C.— From Jan. 1 to Sept. 15 1917 a total of
42% in dividends was paid on the pref. stock on account of accumula­
tions for the quarters ending from Doc. 15 1912 to Sept. 1917, thus clearK S ? ,3
1017 dividends on common stock, suspended
1^191U w"f® resU
vm^ w ,th 3% Payable Dec. 20; Mar. 1918 to Sept. 1919
paid 3% quar. V. 105, p. 2098.
The $1,500,000 unissued common is issuable only for the conversion of
Pfcf. stock, two shares of preferred for one of common. Voting trust
ended IVlay 1 191o.
Tho shareholders voted Nov. 11 1 9 1 9 to authorize new Preferred stock,
subject to the existing Preferred issue, to consist of $8,000,000 Class B 7%
Cumulative Non-Convertible Preferred stock, callable on any dividend date
at 1 1 0 and divs., entitled to no dividends above its 7 % p. a. and having
no voting power (except in default in payment o f four quarterly dividends),
and no right to subscribe to future issues of stock. V. 109, p. 1704, 1896.
In Sept. 1919 the final $212,000 of the $6,000,000 1st M . 6 s of 1911 was
paid off. V. 109, p. 891.
EARNING S.— For the six months ended June 30 1919. V. 109, p. 1176.
Six M os.—
Net.
Tax Res’ve. Pref. Div.
Com. Div.
Bill., Sur.
1919-------------- $1,555,694 $500,000 $105,000 (6%)$180,000 $770,694
1918— - ......... 1,580.206 SOOfooO
105,000
(6 % ) 180,000 795,206
Net income for calendar year 1917 $2 878 395: reserve for est. Federal
&c., taxes, $ 1 ,2 0 0 ,0 0 0 ; pref. divs., current 17%), $2 1 0 , 0 0 0 ; account of pref,
accumulations (76*4%), $1,102,500; com. divs. (3 % ). *90,000; surplus,
$275,895. Net income for year 1918, $3,703,988; pref. div., 7 % , $210,000;
common div., 1 2 % , 5360,000; reserve for taxes, obsolescense, « c . , 52,500,­
000; bal., sur., $633,988. V. 108. p. 1063. President Theodore L. Pom­
eroy. Gen. office, 244 Madison Ave.. N . Y . City.— (V. 105. p. 816: V. 107,
n. 908, 1195, 1280; V. 108, p. 1063, 1514. 2333; V. 109. p. 891, 1176,
1704, 1896.)
,
INDIANA PIPE LINE CO.— ORGANIZATION, &C.— Incorporated In
Indiana in 1891. Owns pipe lines In State of Indiana. Formerly controlled
by Standard Oil Co. of N. J., but segregated In 1911.
DJVS.— —
1912. 1913. 1914. 1915. 19l6. 1917. 1918.
1919.
R egular......... % - 20
32
27
16
16
16
16
12
E x tra ............. % ........................................................
4
8 3 .-.-.-

Nov., 1919.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS notes on first
[For abbreviations. &., see COMPANIESpage]

Date Par
Bonds Value

Amount
Outstanding

Rate
%

S100
100
100 &c
100
1908
1.000
1912 1,000 &c
20
100
100
1912
100 &c
50
100

$10,900,035
2.525.500
1.000,000
25.019.500
1.350.000
4.320.000
23,639,340
7,260.600
13.055.500
t9,881,400
4,760,900
5.000.

10inl919
6 in 1919
5g
8 in 1919
6g
6g
See text

3.000.
See text

000 g
7
7g

Ingersoll-Rand— Common stock 515.000,000 authorized___
Pref stock 6% cum (a & d) option (see text)____________
First mtge $5,000,000 gold red 105 since 1911 _ N.xc*&r
Inland Steel Co (new co)— Stock $30.000,000____________
1st Mtge g due $150,000 yearly April 1________ _FC.c*
Exten & Ref Mtge $10,000,000 skg rd call 103_xxFC.c*&r*
Inspiration Consol Copper Co— Stock $30,000,000______
International Agricultural Corp— Com stk $18,000,000 auth.
Pret stock (a & d) 7% cum $18,000,000 authorized...........
1st M & Oollat Tr sink fd bonds $30,000,000 red 103 Baxo*
International Cotton Mills— Com stock $5.000,000______
Pref 7% cum red 105 for 3 years, then 115 ($10,000,000).
Gold notes $4,000,000 callable at 101 till Aug 1 1919,
thereafter at 100V$ and int_____________
OB.xxxc*
10-year sinking fund notes $5,000,000 all sold ca ll-.O B .c*

1906

1918
1919

500 &c
500 &c

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Oct 31 ’ 19 2H
& J July 1 1919 3%
& J Dec 31 1935
Q— M Dec 1 1919 2%
A & O A p rl’ 20-Apr'28
J
& J July 1 1942
Q—J Oct 27 ’19 7H
J
J

177

Q—J

Checks mailed
do
Office 11 B’ way, N
First Tr & S B. Chicago
New York and Chicago

Q—J 15 Oct 15 '19 1>*% Bankers Tr Co, N Y
7
do
do
5 g M & N May 1 1932
Q— M Dec 1 1919 $1 Boston, Old Col Tr Co
See text
70001919 Q—M Dec 1 ’ 19. 1?*
in
do
do
Feb 1 1920
Dec 1 1929

Lee, HIg. N Y . Bos, Chic
do
do

t As reduced from $10,723,800 early in 1918 (V 108, p 1824)

In 1918, Feb., 4% and 6% extra; M ay, 4% and 2% extra; Aug. and N ov.,
4 % . 1919, Feb., 4% and 3% extra. In M ay paid 2% regular, no extra.
Total surplus Dec. 31 1918, $2,827,462.
R E PO R T .— Report for cal. year 1918 in V. 108, p. 787, showed:
1918.
1917.
1916.
1995.
Profits for y e a r ............ $1,146,233 $1,454,154 $1,300,836 $1,271,416
D ividen d s------------ (21 % )1,050,000(24)1200,000 (18)900,000 (16)800,000
Balance, surplus----------$96,233
$254,150
$400,836
$471,416
OFFICERS.— D. S. Bushnell, Pres.; R . A . Miller, V.-Pres. & Gen
M gr.; George Chesebro, Sec.; W. F. Livingston. Treas.
Main office, Huntington, Ind. N . Y . office, 18 B ’way, N . Y .— (V 107
p . 2479; V. 108, p. 787, 1168.)
v
*
INGERSOLL-RAND CO.— ORGAN IZATION .— Incorporated In N . J
June 1 1905 and acquired Ingersoll-Sergeant Drill and Rand Drill companies
Owns plants at Phillipsburg, N. J., Easton and Athens. Pa., and Painted
Post. N. Y . See V. 83. p. 117 ; also V. 84. p. 867; V. 85 p. 465. Cana­
dian C o.. V. 105, p. 824. Reported war order, V . 105 p 2 “77
STOCK.— Authorized Issue, $15,000,000. V. 102 ’ d 255 440 143QV. 91. p. 719. 1028, 1098. 1388, 1515. 1632; V. 93. p. 874: V. 96. p. 139
1232. Common stock was Increased In April 1916 by 20% stock dividend!
In Dec. 1916. there being $10,231,035 stock outstanding, $750,000 new
stock was offered to employees at 200. payable out of wagas. V. 103 n 2240
D I V I D E N D S - 1911. 1912. 1913. 1914. 1915. '16. '17. 1918.
Common cash — % 5
5
5
5
15
50
30
10
do
s t o c k ...% 25%
..
25% . .
20%
On Dec. 29 1915 paid 10% extra In cash as shown and in Ap'rll 1916*30%

a sftsg
J

“a

U m i f f t o ' n ’ '“l 77° " K
ln« dlvidc“ d Ocrl.nl from somlR E P O R T — For year 1918 in V. 108, p. 1930, shows:

DenredaM^n...................^ l . ' l S O
$5!459.884
ResOTve^or F ^eraltaxes
6$000’,000 s S s i *
Bond interast, &c--------160,426
1733)00
Div. on pref. stock (6% )
151,518
151,518
Common (cash) divs—
1,089,580 3,268,600
Common dividend rate.
(10%)
(30%)

S619'539
'* 50*000
151518
3 268 600
’y(30%)

$647'807
*'l25*non
151518

4 719 090

Bal., sur. or def___sur.$2,416,074sr$l,769,667sr$3 835 498def 8183 531
.v Also paid a common stock dividend of 20% ($1 , m 8 8 0 )Anril 1916
c
Total surplus Dec. 31 1918, after adding isurplus’^of$730^92§ from con­
solidation of subsidiary company, $10,941,120.
Chairman, V
'^!U'
launders; Pras.. George Doubleday;
V.-P. & Treas.. Wm. R. Grace: Sec., Fred. A. Brainerd. Office. 11
Broadway.— (V. 106, p. 1682; V. 108, p. 1930; V. 109, p. 177.)
•
«,.J££L=ANDf t.T.EE.L CO.— <
ORGAN.— Incorp. In Delaware Feb. 6 1917 as
successor of Illinois company Incorp. In 1893. and owning (a) at Indiana
.Vr./5°,r .work? with a capacity of 1,000.000 tons of steel p.a. and also by-prod­
Sn nS?1 1 plant, (6) at Chicago Heights a finishing mlli producing about
!1®
rn ^ °iL t^ riB oT ,1tooL poS aTfn,r, ^ ; uIn April 1917 purchased 2,000 acres of
,
1
coal land 14 miles N. E. oV Pittsburgh. V. 104 d 1493
STOCK.— Auth.. $30,000,000; unissued,»$5.000,000‘ exchanged for stock
of old co.. $250 for $100. $25,000,000. V. i04. n 168
n
une, ay 19H 1 9 1 2 919- ,ncl- 8 %
P -a . (2% Q .-M .). Extra dividends: JT M1917 to , D ec- land 1913, each
In
O /o .
•in nJSJXkZT1st M . 6s of 1908. See V. 87. p. 1162. Exten. & Ref. Mtge.,
<10.000.000 auth. Subject to call at 103 & lnt., all or part. Annual slnk4% o f aggregate amount Issued except on first $2,500,000. for
JfsnnnJ?8 47f sinking fund begins In 1928, the 1st M . 6s being retired
y ln meantime. V 95. p. 1749: V. 97. p. 9.53; V. 100, p. 645.
r « i v £ 01/JT/ T F9r calendar year 1918, In V. 108, p. 574; V. 109. P- 177.
r
e W S l ; Bond Int. Fed.fax.Est.
Dividends.
Surplus.
1 9 1 7 ------$353,250 $7,000,000
(8)$2,001.060 x$4,407,316
101A*— * n’U i ’S U
$436,549 $8,500,000
$1*999.820
$8,535,248
...............
799 90S
9.650,878
2 2 - - 19 ?19-?^7
375.450
19i 5AftVr i i i i V 04
331.690
599.886
3.155.358
su rplusD m .1 11 l§18?I?14S d 973t. entS ° f 51,241’827’ Total P’ & L
]
30ai U m
Tr< !sUrlw n ’r!J' S ’ B'°,C Pres.’, P. D. Block; V.-P. & Sec., E. M . Adams;
.'
V

y.109*, i

177\ 6M.e89a f ) ~ (V’ 106’ P' 5° 4, 598: V’ 108, P’ 485’ 574:
i

TION —
. CONSOLI DATED COPPER CO.— ORGANIZAlW n f n r m i M M i 1 Maine Dec. 18 1911. Owns 4,216 acres, o f which (a)
1
sunnlv * ! ? Inlp ?J ?nds’ a,nd l*1 2'346 for mill site, tailings, disposals, water
al / Rlon na'tfl Irr du« es abo,4t 18.000 tons per day. Company's bonds have
of the Arizona Oil c ? ns ^ o f the outstanding 16,320 shares o f the stock
*flbor troubles, the mines were shut down during the entire
months o f July and Aug. 1917. V. 105, p. 611
Mav Y
Initial div o f 6 J* % ($125 per share) was paid

10?

S l& ifv

f . 15)5:

t S s i V ( 7 H % )°; ‘S S S y S S
W J ® § $ £ 28 waS rCduCed
Production (in Lbs.)—
’ n / 1919.
0
' P‘ fo,Q ’
1917
Month o f October................................. 7.000 0 0 0
a io s n n n
2 400 000
T °RFPORT *° wiCt‘ i 1.........~A~r\— 61,500!000 83,675’000 72|050!000
3
R E PO RT.— Fiscal year end. Dec. 31 1918. in V . 108 p . 1607.
E ues0 fP
o croDDerd (lbS-).......................gfi't'JR ’S41 801
,566*,982 120,772',637
Operating exnensos................... *..........SJ I -323.$21,242.2 1 7 $33.496.343
Admin, exp. and F(^era"l‘taxes— I I I 1l ’,0 6 5 ’ 7 4 3 11 236’ l76 11’478 789
Othor income.........................................I
2 9 8 Ofig
1 ,7 ?§*}i§
4 7 8 ,7 8 9
Interest paid..............................
JJU,ob3
177.144
---—
D1l i d on d 3....................................... — - 9.455:736
9.75R228 S.MSlOM
Depreciation---------------------------------7 5 0 qoo
( 7^ n n o
(|7 0^000
Net cos t of producfn^connor.............“ V k ° 578 sr-l -329 505 srl2J)81438
Pres^ * O P™ KcHct ^ P Pv ^*‘soc **T1 i / 59iCt?^ I?,’439 cts.
r
8.673 cts.
1085.1
0H65.121 8 V )5^ ’ 1‘607’;2 1 2 8 - 2245. 2&33. 2 f l ^ ? ^ :T ( K p ? l V ? ; 580!
INTERNATIONAL ABRASIVE CORP.— V. 109. p . 1083 1278.
4 T 10NAL AGRICULTURAL CORPORATION __ORGANIZA­
TION.— Incorporated In June 14 19091n New York. Owns oni-half of the




stock of the Kallwerke Sollstedt Gewerkschaft, owning potash mines at
Sollstedt, Germany (having sold one-half with an option outstanding ln
Jan. 1912 on the remaining half), Prairie Pebble Phosphate Co., Florida.&c.,
phosphate deposits ln Tennessee and fertilizer factories ln various States.
V. 91. p. 1516. 1450; V. 92. p. 1181: V. 94. p. 282. 1768: V . 97. p. 1895;
V. 109, p. 1699. Has contract till Dec. 31 1920 with the Tennessee Copper
Co. for sulphuric acid. See V. 108, p. 2437; V. 106, p. 932, 1581. Stock
increase, V. 92, p. 959, 1131, 1181. Potash supplies, V. 93, p. 287, 231,
1107; V. 94, p. 70, 282. Propreties owned, &c., see application to list.
V. 100, p. 138.
BONDS.— Of the 1st M . and coll, trust gold 5s, $13,000,000 were issued
the remaining $17,000,000 are Issuable for not more than 75% of the
oost of acquisitions. Improvements or betterments, securities of other com­
panies and general corporate purposes (the last-named to a maximum
amount of $4,000,000, until $21,000,000 are outstanding, and thereafter to
a maximum amount of $2,000,000), but only when the consolidated net
Income for the fiscal year next preceding shall have been three times Interest
charges, incl. bonds to be issued. Annual sinking fund equals 2)4% of all
bonds outstanding; M ay 1 1914 to June 1919, $3,118,600 bonds were pur­
chased and retired ($394,200 in 1919), leaving only $9,881,400 bonds in
hands of public. V. 94, p. 1767; V. 95, p. 1211; V. 96, p. 1632; V. 98, p.
1463; application to list, V. 100, p. 138; V. 102, p. 255; V. 104, p . 2347;
V. 108, p. 1824.
On June 1 1916 the loans and notes payable aggregated $1,166,092;
on June 30 1917, $3,304,733; June 30 1919, $4,409,665. V. 109, p. 1699.
Kallwerke Sollstedt Gewerkschaft has outstanding mortgage bonds Tor
6.000.000 marks, dated June 18 1912. Independent Phosphate Co. has
out $389,000 bonds pledged under mortgage. Endorsed notes of jointly
owned corporations June 30 1919, $450,000.
D IV ID E N D S.— On pref. to Jan. 1913, incl., 7% per ann. None since
till July 1918, when ljJ % was paid; Oct. 15, 1 K % ; Jan., April, July and
Oct. 1919,1 >£ % each; V. 107, p. 85,1290. Dividend accumulations Oct. 15
1919 about 40?*% .
R EPO RT.— Report for year ending June 30 1919, see V. 109, p. 1699.
June 30 Gross
Net
Bond Reserve for Preferred Balance,
Year— Profits.
Income.
Interest. Cont.,&c. Dividend. Surplus.
1918-19.$4,734,553 $2,845,014 $511,097 $726,512x$815,969
~
$791,437
1917-18- 4,504,583 2,726,678 533,237 1,025,171
______ 1,168,270
1916-17- 2,851,408 1,975,173 556,629
840,061 — ........
578,483
1915-16- 2,793,898 2,107,778 581,906
_____
491,817
--------- 1,034,055
x Includes five quarterly dividends of 1 J* % each.
Total profit and loss surplus, June 30 1918, $1,805,082, against $636,812
in 1917.
DIRECTO RS.— Stephen B. Fleming (Pres.), Albert French (V .-P .).
J. J. Watson Jr. (V.-P. & Treas.), Waldemar Schmidtmann, Thomas W ,
Lamont, A. II. Wiggin, J. R . Floyd (Sec. & Asst. Treas.), Daniel E.
Pomeroy, Francis M . Weld, Everett B. Sweezy and Douglas I. M cK ay.
Office, 61 B ’way, N. Y .— (V. 108, p. 273, 1824, 2437; V. 109, p.1613, 1699.)
INTERNATIONAL COTTON MILLS.— O RGAN IZATION .— A M ass,
corporation organized on Feb. 6 1913. per plan ln V. 96. p. 1232. 1705
New interests then entered the board with Lockwood, Greene & C o., o f
Boston, as managers.
See V. 96, p. 1705; V. 98. p. 1395; V. 100. p.) 587:
V. 106. p .5 0 4 .
1
’
Mills Owned in Fee and Through Controlled Companies. No Spindles
Owned In fee— Manchester. N. H ., 107,496: La Grange, Ga., 9,984;
Hogansville. Ga., 11,232 __________ _________________________ 128.712
Bay State Cotton Corp. ($1,208,800 out of $1,212,100 stk owned;
no bonds)— Warner Cot., Newburyport, Mass., 21,624; Le Roy
Cotton, Le Roy, N. Y .. 10,080, and Lowell Weaving, 390 looms
31 704
Imperial Cotton C o., Hamilton, Ont. ($521,300 out of $600,000
’
stock ow n ed)_________________________________________
220
Cosmos Cotton C o., Ltd., Yarmouth. N. S. ($470,000 out of $600 ’
000 stock owned: funded debt Is $228.000)__________
’ 1 9 508
Owns all the outstanding ($175,000) com. stock and $189,700 of ’ the
$817,800 pref. stock of the J. Spencer Turner Co.
Also owns entire capital stock o f Boston Yam C o., Boston ($100 000)
No funded debt.
’
Also owns a minority Interest ($2,000,000 common) of the M t VernonWoodberry Mills, Inc., Baltimore. Incorporated Jan. 30 1915, to take over
the M t. Vernon-Woodberry Cotton Duck properties, per plan V 99 p 893
now independently controlled. See offering of that co.'s notes V 99’
p. 89S, 1218, 1303: V. 100. p. 58. 234, 479, 737, 816. 905. 1262:'2090-V*.
101, p 373, 697, 927; V. 103 p. 582; V. 104. p. 1268; V. 106 p 1898
Litigation ended, V . 108, p . 1514.
CAPITAL STOCK.— The shareholders voted in April 1916 to reduce the
par value of the common stock from $100 to $50, thus reducing the outstand­
ing common to $5,000,000. and to issue $500,000 additional pref stock to
pay the accumulated prer. dividends, which had been In default since Dec
1913. See proposition to pref. shareholders in June 1916 in V. 102 n 2170Q D IV ID E N D S .-O n pref.. 1 * % paid Sept, and Dec 1 1913 ’ None to
Sept. 1916. when dividends were resumed at the regular rate 1 M % auar
Dec. 1916 to Dec 1919 1?*% quar. On common div of 2% ($d per
$50 share) was paid quar. from June 1918 to Dec. 1919. V mfi
2195
NOTES.— The proceeds of the new issue of $5,000,000 10-year notes
N ov. 1919 will in part be used to retire the $4,000 000 2-vear notes
*>'b - 1 1920. Thcse new notes are callable, all or part for firet sfx
at 103 and int., then for 2 years at 102, and 101 thereafter
S in k w S
” Ch onicVe1* ’ f e 0,T l 5 f t rlyV & retir® « % ° f W
,
m
a t t 's e e
19^18, $3,159,570
V 108 p. 1 4 1 ?
c o u n t s payable as of Dec. 31
Sales of Finished Goods by International. Bay State. Cosmos and Imperial Cos.
Sal)<
elUnoinnH<! 0UndS............................. 4l!o61,'oOO SS^T^OOO 32!943.'000
P
sales, pounds...................- - - - - - .......... 40,881,000 38,587,000 35.071,000
.
.
.
1919 (9 mo.)
( ° 1 J?. ’ u0 3 1
A
"
?■'092■
812 $28,648,530 320,090,258 $11,819,034
P«
/
eooo-T
current interest, reserves for deprec’n of
? ^ e r a lia x ’es: $l!8432942 S’
ltXaCS’ 8439' 178; net profits> after
RE PO RT.— Formal’ , year 1918 in full in V. 108, p. 1383, 1414.
Gross profitS-$5,859,681 $4,008,618Int. on notes. $262,206 $240,000
Net p r o fits ... 4,487,914 *2,732,919Net co's prop. 4,087,752 2,355.779
Co. sp ropor. 4 ,349,958
2.595,779 Net co's books 2,189.981
258,158
* After deducting $1,096,000 U. S. war taxes, $146,661 Canadian war
$25,000 contingencies in 1917. No alowance has been made in
*9} nrn-nV.'nO
osUu)atcd to be approximately $2,000,000.
DIRECTO RS.— Robert F. Herrick (Chairman), S. Harold Greene
(Pres.), Frank J. Hale (V .-P .), Edwin Farnham Greene, Rodman P.
Snelling, F. L. Higginson Jr., Boston; F. P. Carpenter, Manchester,

178

[V ol . 109

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

Par
Value

International Fur Exchange— Common stock 160,000 shs
Preferred (a & d) 7% cumulative call 110 $5,000,000-----Internal Harvester C o .—Coin stock i8 1.0 i i 1 0 - . - — - - ­
Preferred (a & d) 7 cum. *60.000.000. See V. 107, p. 1574
Unsecured loan In Oct 1918--------------------------------------------Internat Harvester C orp.— See Int. Harvester Co.
International Vlercantne rtarine— Stock com *60,000,000 —
Pref (a & d) 6% cum *60.000.000 (V 84. p 1309, 13 70)-.lst M & Col Tr $.50,000,000 callable at 110 S Int-------------N 1916
c
S
ecurities of Controlled Com
panies—
1908
Oceanic Stm NavISer l s f £125.000 yrly. call at par------1914
1st M debents/Ser 2 s f 5% or £125.000, call p a r ------Other Issues see text below

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

None

MISCELLANEOUS COMPANIES
[For abbreviations, A c., see notes on first page]

Amount
Outstandlno

Bate
%

Q—J
Cheeks mailed
Q—J 15 Oct 15 19
10) 8 i ii i.oiO
7
Q — M Dec 1 1919 l * Cnecks mailed
too 60.000.100
10 000 000 6 in 1919
1921

100 10.872.000
100 -> 725 5 )0
l
500 &c 33.655.000
£1001
£100/

9,662,170

6g
I4M
U tf

F & A
See text.
A & O Oct 1 1911

New York City

J & D 30 June 30 1922
J & D 30 June 30 1943

London
do

INTERNATIONAL MERCANTILE MARINE CO.— ORGANIZATION.
fcC. —Formerly Internat. Nav. Oo . acquiring in 1902 (per plan. V. 74.
p. 888. 941, 1093; V. 75. p. 1089. 1305), entire cap. stock of White Star.
American. Red Star. Atlantic Transport and Dominion Line and In the
Leyland Line, £587 .030 of the £1.414,350 5% cum oraf. stock and £1.184.­
630 of the £1,200,000 common stock. V. 102, p. 2080. Securities owned In
1919, V. 103, p. 2327. In Nov. 1916 joined in purchase o f N . Y . Ship­
building Corp. V. 103, p. 1891: V. 105, p. 387.
„
In 1918 all the company’s 93 steamers representing on Dec. 31 1918
896.524 gross registered tonnage (Including several jointly owned) had
been requisitioned and were being operated by the British, United States
and Belgian Governments. Steamers under construction and ordered at
Jan. 1 1919 aggregated 215,000 tons (V. 108, p. 2328, 2333). The 43 vessels
lost through enemy action, 1914 to 1918, aggregating 409.967 gross tons,
wero all covered by insurance and so account for the increases shown
in the following items:
Quick Assets on Hahd Dec. 31—
1916.
1918.
Cash on hand................................................................. $5,607,025 $18,443,556
^. Fouke, St. Louis, M o.— (V. 109. p. 984, 1083.1278.1529). Accounts, &c., receivable-------------------------------------- 18,379,489 31,511,955
INTERNATIONAL
HARVESTER
CO.— Originally _ Incorporated Marketable stocks and bonds--------------------------------17,907,363 30,856,144
The British Government began releasing from requisition on Feb. 15 1919
all of the British flag steamors not actually required for war purposes, which
has resulted In most o f the British flag steamors being freed from requisition
ties. See full description o f plants, organization, &c., in Oct. 1918. V. but continuing undor certain llcensos as to trades and special requirements
107 p. 1574, 1575: V. 103, p. 2038: V. 8o, p. 101. Canadian C o., V . 108, and regulations for the carriage, at very moderate fixed rates, or a propor­
p 385. In June 1919 acquired Chattanooga Plow C o. and Parlin & Oren- tion of British Government traffic. This release from requisition is very
satisfactory, as it permits of a majority of British steamers being re­
dorff Co. o f Canton, 111. V . 108, p. 2437.
. .
Tae American flag steamers have not
In Jan. 1913, in view o f conditions tuen prevailing, it was thought best turned to their regular services.
to transfer the business in foreign countries and the so c died new lines to been releasod from requisition, as they are still required for the transport
a separate organization, the fnternationd H irvestor Corporation per plan o f troops from France. Annual report dated June 2 1919. Red Star
in V. 96, p. 365, the capitalization, previously $30,000,000 common and service was resumed In Nov. 1919.
In Oco. 1916 the company's financial position having been vastly Im­
$60 000 000 7% cum. pref. stock being divided equ dly between the two
companies. On Sept. 19 1918 the separate companies were again united proved owing to the war, a reorganization was effected without foreclosure
under the laws of N. J. as the ‘ 'International Harvester Company with per plan in V. 103. P 582, 668, 1214. 1985, the runded debt or the Inter­
the former capitalization. V. 107, p. 1195, 1101, 1290, 1672: V. 108, p.2033. national Oo. being reduced by $30,729,000 and Its direct interest charges
Under the pressure of war conditions the Internation d Harvester Co. from $3,248,330 as of Dec. 31 1914 to $2,369,820. V. 105. p. 387. The
(the old company) agreed in Aug. 1918 to a settlement of the Federal anti­ plan left entirely undisturbed the existing common and preferred stock,
trust suit which it had previously appealed from the decree or a divided V 103. p. 1214. The American International O >rp. (V. 103, p. 2338; V.
court a decree based on the alleged, but unexercised power to dominate 106. D 90) In 1916-17 acquired a considerable amiunt of the canital stock.
The shareholders in June 1919 voted not to dispose of the British ships.
the agricultural implement trade. This settlement is outlined as follows:
See official data bearing on this matter but of general interest in V. 108,
n Essential Provisions of Settlement in Aug. 1913 (V. 107, p. 603, 699.)
(а) The company to dispose o f the harvesting machine lines known p. 883, 1393, 2128. 2245, 2333, 2437. 2531.
Voting Trust.— In June 1919 (V. 108. p. 2137) about $12,000,000 of the
under the trade names o f “ Osborne.” “ Milwaukee,” and “ Champion ’
the trade names themselves, and all patterns, drawings, blueprints dies, stock was still held in the voting trust established at the organization of the
jigs and other machines and equipment used in the manufacture of those company.
lines to independent manufacturers of agricultural implements.
Dividends on Pref. Stock Since Jan. 1 1917— 1917.
1918.
1919.
(б) The company to dispose or the plants and works at Springfield, Ohio, Regular dividends, now F. & A ........................... 6%
6% „
6%
and Auburn, N. Y ., where the "Champion” and “ Osborne” lines are On accumulations------------------------------------------ Dec., 10 N ov., 5 10 & 5
Payments on prof, dividend accumulations In 1919: M ay, 10%; N ov., 5% ;
ma(c)UfffCnoteotherwise disposed o f within one year after the war, the beforeleaving unpaid 52% , or $26,893,260. V. 103, p. 327; V. 109, P- 1183, 1278.
mentioned lines o f machines, &c., to be sold at public auction.
BONDS.—
dated Oct. 1916,
(d) Company to be prohibited after Dec. 31 1919 from having more than
one sales representative or agent in any city or town In the United States *al due Oct. 1 1911, but subject to prior redemption on any Int. date at
110 and Int. on 1 weeks’ notice. Sinking fu nl not loss thin $100,009 oer
for the sale o f harvesting machines and other agricultural implements.
tunum beginning in 1917. and proportionately mire If more than $19,000,(e) If at the expiration of 18 months after the war the foregoing measures
)00 bonds are Issued. Total auth., $50,009,00)
Present Issue, bearing
have not proved adequate, in the opinion of the Government to bring about
Reuniting $19.1)).110 reserved for future
harmony with the law. the Government to have the right to such further 6% Int., $10.01)010.
use under restrictions to meet not over 85% of the cost of additional ships,
10 tvfuowing^t his settlement the International Harvester Co. o f N. J .and the equipment. &c., and for Improvements anl betterments of the property.
International Harvester Corporation were reunited as above stated. The Int. rate not to exceed 6% and callable at not over 110 and Int . On Dec. 3 1
1918 $500 000 of the $10,000,000 rem lined In treasury, and $815,000 had
preferred stocks being then exchanged share for share, while the common
was exchanged 1 1-3 shares or the new for each share o f the International been retired by sinking fund. V. 105. p. 337.
Harvester Co. of N. J., and 2-3 o f a share for each share of the International
8 UB OO. BONDS.— Oceanic Steam Nav. Oo. 4 Vj% debs.: to Jan. 1
Harvester Corporation.
V. 107, p. 608, 699, 1104, 1195, 1290.
1qi o £ > 7 5 0 000 had beea Issued, of which £610.30) retired by sinking
STO C K .— Rights o f stock, see application to list. V. 107, p. 1574.
fund see V. 87, p. 1091; V. 99. p. 202: V. 102. p. 2170: V. 105. p 387.
D IV ID E N D S .— Regular dividends at rate o f 7% per annum were paid £2.800 Leyland Line debentures, due Dec. 1 1921 (cash deposited for these).
on the pref. stocks o f the International Harvester Co. or N. J. and Int.
Official Estimate for 1919.— The estimated combined net earnings for
Harvester Corp. Dividends at rate o f 5% per annum werepaid on Inter. ADril 1919. during which, for the first time since the war, the majority of
Harvester Co. o f N. J. common stock from 1913 to 1916: 7% in 1917 (5% the Drooerties were operated under mure nearly normal conditions, showed
and 2% extra) and two dividends o f 1*4% each were paid on April lo and de-ided improvement, indicating that the combined not eannngs o f the
Julv 15 1918. respectively.
No dividends had been paid on the common British and A m e r i c a n properties for the year 1919 would probably oxcood
stock o f the .inter. Harvester Corp. since July 15 1914 owing to European by not less than from 25 to 50% the average net oarnlngs o f 1917 and 1918,
which were, respectively, $12,171,512 and $ll,493,07o. V. 108, p. 2333.
*The consolidated company paid its initial dividend on common stock
ANNUAL REPO RT.— For calendar year 1918. see V. 108, p . 2327.
1
Oct. 25 1918.
J a n . and April and Oct. 15 1919 paid 1 >4% quar. V.
(Compare report of White Star Line, V. 106. p. 2ao3. 1636.)
INDEBTEDNESS.— The only long-term obligation outstanding in Dec. Combined Income. Incl. Sub. Cos. W o r s e n e d and Fred. Leyland^ Co.
1918 was an unsecured $10,000,000 loan, due in 1921; other bills payable
Gross earnings (after providing for
$370,000.
REPO RT.— For 1918 at length In V. 108, p. 1932, 2038.
miscellaneous^- - - - - - - - I - ’_ . .^$38,012,093 $60,027,287 $88,449,720
Consolidated Income Account of Merged Companies
918 * 1917.^
Gross op. exp., incl. U S. war taxes,
Operating income after taxes____________________$31,618,856 $30,417,211
b m t u r o 'K ” ’
20.507.389 41.188.379 55,081,353
Interest .........................................................
882,454
973.821
Ore and timber extinguishment_________________
447,632
581,488
Reserve for depreciation_________________________ 2,385,942
2,172,146
5S i fa", m o o . b 5 n d » ::::. ■2 3 3 0 $os
2 .3 0 2 ,8 1 1
3 , 1 9 1 .5 8 8
Special maintenance reserve______________________
219,6.37
530,998
4.301.505
4,169,489
Reserve or losses on receivables_________________
999,866
1,163,08b Denroclation on steamers..................... 3 705,322
...............
Pension funds...............- ......................................... — 1,009,000
750,090 P r e f divs l M . M . O o................ (11%)5.639,805(19)9827,815
Appropriation, employees’ savings plan---------------250,000
2o0,000
Net result............................................. $5,803,270 $2,343,697 $26,027,290
Other reserves____________________ - ___- ________
........
9QO»OOi)
War losses (profit and loss deductions)---------------- 10,478,000
?,033.103
mha (Tiremlng includes the earnings from operations of American, Red
Preferred dividends--------------------------------------------- 4,200,000
4,200.000 d fa r W h lte Star, Atlantic Transport and Dominion lines, and Leyland Oo.,
Common dividends___________________
3,800,000
2,800,000 a n d d i v i d e n d s from other companies.
_,'phn British excess profits duty on earnings In excess or the averS urplus....................................................... - ............$6,985,325 $7,009,593
N "** i r . ny tw-0 of tho throe years previous to tho w ir w as Increased
Profit and l oss, surplus--------------------....----- .----*$68,036,662
--------- - fn lg i^ fro m 50% to 60% . and In 1917 to 80% . but in 1919 was reduced to
* Subject to foreign war losses, undetermined, not covered by reserves.
Earnings of Merged Companies Since 1913.
__1921: narry Bronner, Philip A. S. Franklin, John M .
(a) Int Har Co. of N. J.—
I W fat. liar. Corporation—
_ DI,Rn?arles U Sabin and Frederic W. Scott: (6) 1921 term: Otto T . Ban1913 37 915 526 1916-$10.6S2.160 1913 „ $ 7 . 155.25311916-*$5,137.098 Per5y ’r ^ a l ( f a Geddes John W. Flatten, Charles A. Stooe and Frank A.
1914 : : 7 :4 8 ^ . l n 1917- 14.009.593 1914 . 4.262.594 1917-.See below.
1920
term:'Edward O. Grenfell. J. P Morgan, R . Hon. Lord
iQ is
q s7« lQfi
11915 -.*3.720,1411
Vanderlip, (c)
Sanderson an 1 Charles Steele. Chairman, Harold
Int lftar Ooro in 1917 earned $9,0S6.103: less war losses charged o ff in
Airri°n,iVr«An Pres P A S
Franklin: Treas.. H. G. Philips; Sec..
1917, $10,436,825: def., $1,350,722. ‘ Subject to war. & c„ losses.
Ei E Parvln
N . V . office. 9 Broadway.— V. 1(59, p. 1183, 1278, 1890.)
O F F I C E R !— President, Harold F. McCormick; Vice-Prests., James
Deering and John J. Glessner: Sec. St Treas.. George A. Ranney; Oom pt..
INTERNATIONAL MOTOR T R U C K CORP.— (V . 109, p. 206, 270.
William VI Rear
G nera offi:e. 6 6 So. Mi :hlgan Ave., Chicago.— 779/1183; 1704.1796; V. 108. p . 2439, 2627,)
(V. 108. p 175! 385, 1932. 2038. 2437; V . 109, p. 2 /6 . 582.)
N . H .; John B. Dennis. John E. Rousmanlere. N. Y .; S. Davies Warfield.
W.
J. Casey, Baltimore: Albert L. Scott, Boston; Allan B. Greenough
(Treas.), John D. Eliot (Asst. Treas.), and Chas. L. Talbot (Sec.). Office,
Boston, Mass.— (V. 108, p. 1514.)
INTERNATIONAL FUR EXCHANGE INC.— ORGAN IZATION.—
Incorp. in Deleware Aug. 29 1919. Has acquired the International Fur
Exchange o f Missouri, which In 1916 acquired Funsten Brothers & Co.
(estab. 1881) and F. C. Taylor Fur Co. (estab. 1871). Business, wholesale
purchase and sale o f raw furs o f all varieties. Holds public auctions in
Spring, FaU and Winter at its salesrooms in St. Louis, wh ther dealers from
afi over the world ship both raw and dressed furs for sale at these auctions.
See V. 109, p. 984.
CAPITA LIZA TIO N .— The Pref. stock is callable at 110, sinking fund
begins June 30 1920. See offering in V. 109, p. 984. N o mortgage without
consent o f 2-3 o f Pref. stock outstanding. Initial dividend o f 64 cents for
the Pref. stock for period from Aug. 29 to Sept. 30 has been paid Oct. 1




First M. A Coll. Tr. Sinking Fund bonds

Xov., 1919.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[Eor abbreviations, &c., see notes on first pane]
(The) International Nickel— Common stock S50.000,000auth
. Preferred stock (a & d) 6% non-cum $12,000,000 auth_
_
International Panei—
Stock common $20,000.000--------------------- ----------------------Preferred (not as to assets) 6% oum $25,000,000 ...............
1st & Ref M 5s $20,000,000 s f call 102 * Series A ($7,500,OOOconv)-------------------------------------------------------- Baxxxc*
Cons mtge $10,000,000 g red 2% sink fd(V 80,p 1482)Ea.*c*
Other divisional Issues, see text.
International P roducts— Common shares 135,000 auth__
Pref stock 7% cum $6,000,000 1st M bonds......................
1st M bonds______________________ ______________________
International Salt— Stock $6,077,130 (V 96. p 1025)______
Coll tr M gold $ 1 2,000 ,000 red 105 s f $200,000 y rly.U sm x

Subsidiary Companies— Bonds held by Public—
Retsof Mining first mortgage gold ____
_
. Colz
Detroit Rock Salt Co. (sub c o ) l s t M g ...................................
International Silver C o— Common stock (issued, $9,944,­
700; In treasury. $9,259.338)__________________________
Stock pref 7% ia & d) $9,000,000 (Issued $6.607.500)____
Dividend scrip (V 76, p 1 0 6 ).................................................
First mtge $4,500,000 s f called at 110 since 1901._ N .«*
Debentures $2,000,000 gold redeemable at par_________ x
International Steam Pump Co— See Worthington Pump &

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

$25 $417834,600 See text
100 8.912.600 6 in 1919

Q— M
Q— F

1 79

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable
Mar 1 1919 2% Bankers Trust Co
N ov 1 1919 1 *
do
do

July 11899 I % Checks mailed
100 xl9.764.008
100 24.724.676 6ta'i919 ” ”q —J " Oct 15 '19 1 *
do
1917
1905
1,917
1901
1912

1.000
1.000

6,410.000
564.000

5g
5g

J
J

&
&

J Jan 1 1947
J Jan 1 1935

Bankers Trust C o. N Y
Metropolitan Tr Co, N V

None 131,500shrs
100 5,997,500
1927
1,300,000
Oct 1 1919 1 *
100 6,077,130 6 in 1919 Q—J
A & O Oct 11951
500 &c 4,120,400
5g
1,000 *2,500.000
1,000,000
100
100

1,000
1898
l.oon
1903
Inery Cor P.
Mach 1

5g
6g

J
J

*.
&

3 Oot 14925
J July 1 1932

685,362
6,028,0.38 7 in 1919 Q—J Oct 1 ’ 19 1 * % Checks mailed
At will
970,764 None
2,932.000
6 g J (6 D Dec 1 1948
Am Ex Nat Bank. N Y
1,867,000
6 g J & J Jan 1 1933
dc
do

* Of these $1.702.000 owned by Int Salt Co
x Included Apr. 1919 about $2,000,000 not “ stamped" as as sent’g to plan o f Jan. 1917 for dlsch harge of accum.

(THE) INTERNATIONAL NICKEL CO.— Incorp.lnN . J. Mch.29 1902
In Sept. 1912 succeeded to International Nickel Co. and Colonial Nickel
Co., per plan V. 95, p. 239, 682. Had previously acquired all stock of
Canadian Copper Co., with plant at Copper Clift, Ont.; and the Orford
Copper Co. of Bayonne. N. J.: control Nickel Corn.. Ltd.. London and
Soclete Minlere New Caledonia, &c. V. 75, p. 1205, 1257. English con­
tract and new plants In Canada; see V. 102, p. 714: V. 103. p. 761. 2432;
V. 104, p. 2227: V. 105. p. 502; V. 106, p. 1581. Federal Commission re­
port, V. 107, p. 29. Wages, V. 107, p. 805. Power development, V. 107,
p. 2012.
•
Large capital expenditures were made for new construction and improve­
ments in the three years 1915 to 1917 at the mines, smelter, power plant
and refinery in the U. S. and Canada, providing the additional productive
capacity necessary to meet the increased war demands.
The new refinery at Port Colborne, Ontario, was placed In opera­
tion in July 1918; it had cost to March 31 1918 $5,314,091, all paid for out
o f treasury funds: Its annual output capacity is reported as about 15,000,000
lbs. of nickel. V. 108. p. 1063, 2237; V. 106, p. 2338: V. 107, p. 85. In
1918 the International Nickel Co. of Canada. Ltd., increased its authorized
capital stock from $5,000,000 to $50,000,000 (the issued stock being owned
by the American company) and took over the assets o f Canadian Copper Co.
with its mining and smelting operations in Canada and the refining opera­
tions at the Port Colborne plant. V. 108. p. 2236; V. 106, p. 2348.
Canadian tax retroactive from Jan. 1 1915. See V. 104. p. 1390, 1902.
Government price April 1918. V. 106. p. 1419: V. 104. p. 1148.
STOCK.— Shareholders voted Jan. 1916 to decrease the par value of com.
•hares,each $100 share being exchanged for four $25 shares. V.102. p.348.71.
DIVS.— 1 1912. 1913. 1914.
1915.
1918. ’ 17.
’ 18. 1919.
Oomraon%f 2
10*
10 1 7 * & 1 0 s tk . 2 5
23
16
Text.
In March 1919 com. div. was reduced to 2% and in Juno and Sept, no
dividend was paid on common stock because o f over stocked market fol­
lowing end o f war. Pref. dividend, however, was paid as usual. V. 108,
p. 1940: V. 109, p.582.
i gREPORTV— Fiscal6yeag
rg1918-19. V. 108, p . 2236; 6 mos. ended Sept. 30.
Afar.’ 31 Y rs.’ i918-19.
1917-18.
1916-17.
1919— 6 Mbs.— 1918.
G ross-----------$11,211,521 $16,181,501 $16,979,608 $21483,733 $7,809,342
N e t ..
_x$5.922,630x$10.129.988 $13.557,970 y$777,980 $3,683,283
Pref. divs.(6%) 534,756
-534,756
534,756
267,378
267,378
Com. divs_
_ 4,183,460. 7,948,574 10,040,304
3,346,768
P e r c e n t ...
(10%)
(19%)
(24%)
(§% )

Empire Trust Co, N Y
Columbia Tr Co. N Y

3 3 * % dividends.

The $7,500,000 “ A " bonds were used (a) to retire the following bonds
all or substantially pledged under the mortgage; First Consol. M . 6 s due
Feb. 1 1918, $4,337,000; Consol. M . Convertible 5s. due Jan. 1 1 9 3 5
$1,722,000: Hudson River P. & P. Co. 6 s, due Jan. 1 1918. $377,000- Rumford Falls Sulphite Co. 1st M . 6 s. due July 1 1918, $332,000, and Piscata­
quis P. & P. Co. 4s, due Aug. 1 1918, $9,000: or ( 6 ) will bo used to retire
the remaining $769,000 1st Consols, due 1935 (V. 107. d . 700).
An annual sinking fund 1 % of the total amount o f bonds at any time
Issued [plus interest on bonds so retired.] Callable at option of company,
all or in part, on any interest date at 1 0 2 * and int. V. 104, p. 563'.
Notes payable as o f Dec. 31 1918, $9,565,000.
Bonds of Controlled Cos— .

Int.

Where paid.

Maurice Lum(PentecostM)
M -Sx_______________
REPO RT.— For 1918. in V. 108. p. 1608, 1507.

C a l.
Y ear.

T o ta l N e t
B ond
I n c o m e . I n terest.

F ed eral
T a xes.

D ep re c ita io n .

Ontst'q.

M aturity.

99,500 Sept 1 ’27

P ref - D iv s .
P a id .

B a la n c e ,
S u r p lu s .

$
$
$
$
$
$
1918 . 8.194,884 385,520 y l, 100,000 1,556,786 (6 %) 1,500,000 3.652.578
1917 .12,932,173 726,704 y2.500.000 1,524,682 (6*)1.461.000 6 719.687
1916 . 7.465.827 1,326,983 ------------ 1,518,117 ( 3 * ) 784.234 3,836.493
1915 - 3,121,681 847,834 ------------ 1,054,332 (2% ) 448.134
771.381
y The total tax for the year 1917 was determined to be $2,047,808,
leaving of the $2,500,000 reserved therefor in 1917 an excess of $452,192,
to be carried to 1918 tax reserve.
The total surplus Dec. 31 1918 was $19,104,763. after deducting stock
and cash divs. paid & reserved for payment in settlement of def. cum. div.s
DIRECTO RS.— A. N. Burbank, Philip T . Dodge (Pres, and Chair, of
Ex. Comm .), Ogden Mills (V .-P .), F. B. Jennings, F. N. B. Close F.
S. Flower, Chester W. Lyman (V .-P .), R. Pagenstecher G F. Underwood
H. A. Wilder, Albert H. Wiggin, Wm. D. Russell (V .-P .), Ogden M . Reid
The Sec. is F. G. Simons. Office, 30 Broad St., N . Y .— (V. 108, p. 584
1608, 1824, 1940, 2128.)
P
’
INTERNATIONAL PRODUCTS CO.— ORGANIZATION — Incorp .
in M d. in M ay 1917 and in Sept. 1919 was establishing itself in the cattle­
raising and packing business in Paraguay and also in the Quebracho (tanning
extract business). Owns extensive tracts o f grazing lands and quebracho
forests. V. 109, p. 1083. The American International Corporation is largely
^nterested and in Sept. 1919 owned all the $1,300,000 1st M . bonds.
STOCK.— The stockholders voted Sept. 2 1919 to increase the authorized
issue of pref. stock from $5,000,000 to $6,000,000 (par $100) and the author­
ized common stock from 100,000 shares to 135,000 shares of no par value
outstanding Oct. 16 1919, $5,997,500 pref. and 131,500 shares o fcom m on '
V. 109, p. 985, 1529.
In Sept. 1919 all accumulated'dividends on pref. stock were paid up to
June 30 1919. V. 109, p. 985. ‘
p
P 0
OFFICERS.— V.-Pres., Percival Farquhart. N . Y . office, 120 Broad­
way.— (V. 109. p. 985, 1083, 1465, 1529.)
|
,
, (
1 4

Bal., surplus. $1,204,414 $1,646,658 $2,982,910 $510,602
$69,137
x After $2,214,027 reserve for U. S. taxas, against $3,590,836 in 1918
(with further $947,921 charged against p. & 1. surplus o f April 1 1918) and
$628,873 in 1916-17. y After deducting $450,475 for Federal tax' reserve
against $2,749,126 in previous year.
Profit and loss Sept. 30 1919, $8,690,858.
•.
OFFICERS.— Chairman o f Board, Edmund C. Converse; Pres., W. A.
Bostwick: Sec. & Treas.. James L. Ashley. Office. 43 E x c h a n g e Place.
N . Y .— (V. 108, p. 584. 679, 1063, 1940, 2236; V. 109. p. 582, 1896.)
INTERNATIONAL SALT CO.— ORGANIZATION.— Incorp in New
Jerseyi n 1901. On Feb. 28 1918 owned (a) all o f the $2,501 000 capital
INTERNATIONAL PAPER.— Incorporated Jan. 31 1898 and pur­ stock (since reduced to $2,501,000) and $1,702,000 bonds of Retsof Mining
chased 25 of the principal pulp and paper mills o f the U S.; see V. 81, p. C o., rock salt, and Retsof, Livingston Co., N. Y ., which company owns
2623; V. 67, p. 428, and V. 69. p. 494. For full description of properties, $300,000 stock (entire issue) o f Avery Rock Salt Mining Co. with mine at
organization, securities, &c., as of June 1918 and earlier dates, see state­ Avery Island, La. (this stock isin treasury of Retsof Mining Co )• (b) entire
ments to N. Y . Stock Exchange in V. 107, p. 1575. V 67, p. 1359. and $750,000 stock, and of Intemat. Salt Co. of N. Y . (with producing plants
V. 68. p. 726; V. 80. p. 1482. In Juno 1918 owned or leased over in N. Y . State known as Watkins, Ithaca and Cayuga) which rnmmmr
4.000.000 acres o f timber lands in U. S. and Canada The Continental owns $1,159,200 of $1,500,000 Detroit Rock Salt Co. common stock P 8 m
Paper Bag Co., a majority o f whoss $5,000,000 stock is owned, has fac­
tory at Rumrord Falls, Me., capacity about 15,000.000 bags daily. V. 70, statement Sept. 10 1917, V. 105, p. 1307; V.96,p.852, 1100; V.96 p 422Se6
LATE DIVS.— 1907-14. 1915. 1916.
1917.
1918. ’ l’ q iq ’
p. 742: V. 69, p. 494. 908; V. 73. p. 786: V. 80. p. 2624; V 82. p 103.
1 * % 4 * 6 * + * R .O .
10
k
Work was started at Three Rivers^ Canada, in September 1919 on a sul- Per c en t................ none
On Jan. 1 1918, 1 * % and 4% special.
b
hite pulp plant of the company. The capacity will be about 80 tons per
ay. It Is probable that this will be followed in a reasonable time by a
BONDS.— Of the 5s of 1901 ($12 900,000 auth. issue), one-slxtleth of
newspaper plant. V. 109, p. 891, 985.
tmount Issued to be retired each year by sinking fund and canceled in
Prlcas of paper in 1917-18, V. 105, p. 2142, 914; V. 104 p 701, 714. 898. March 1910 52.420.000 were retired as the result of the sale of the West?
1493, 1595, 1667; V. 108. p. 2455. 2653; V. 1 0 7 , p 37 ^ 8
Litigation
ern properties. Of the1 $8,917,900 bonds Issued. $4,797,500 were retired
V. 106. p. 194. 611. 1039. 1234. 1682. In June 1918 the maximum base on or before April 1 1919. V. 82. p. 1443: V. 90. p. 852; V. 99, p. 273.
price of newsprint was fixed by U. 8. Federal Trade Commission at 3.10
R E PO RT.— For year ending Feb. 28 1919, V. 108, p . 1934.
cts. per pound but on Sept. 25 1918 D. S. Circuit Court Judges, Second
Divs.
Int. on
Expenses
Bond
~ Dies.
Balance,
Circuit, as arbitrators, fixed the price at 3.50 cts. from Apr 1 1918. V.
I.S.Co. Interest.
Paid.
Surplus.
106. p. 2613. During year 1919 mills produced 472,668 tons of paper of 1918-19.. Sub. Cos. Treas. Bonds. $59,127 $208,790 $364,628
$613,500
$78,033
which about two-thirds was newsprint and remainder higher grades. 1917-18.. 1,027.500 Cr$97,078 ‘ 51.873
Cr 77,287
210.645 622 906
219.363
V. 108, p. 1608.
1916-17..
675.000 Cr 72.142
31,753 215,980
364!628
134.782
D IV S.— 1898. 1899. *00 to ’ 07. ’08. ’09 to *14. ’ 15. ’ 16 ’ 17. T8. 1919.
Pres.. M . B. Fuller; Sec. & Treas., W. H Barnard, orflce. Scranton
Pref. (% ) . 4 *
6
6 yearly
4 2 vearly
2 2* 6 6
6
Pa. N. Y . office. 2 Rector St.— (V. 106. p. 2225; V. 108. p. 1934.)
Com . (% )- 1
2
None
None None
— __ __ —
—
See below as to payment of 33 * % of accumulated pref. dividends. Divi­
INTERNATIONAL SILVER.— ORGANIZATION-. &o.— Incorporated In
8 ov. 1898 under laws of N. J. and acquired silver-plating properties__see
dends on common stock not resumed to Apr. 1919. V. 108, p. 1608.
FINANCIAL PLAN.— The plan of Jan. 31 1917 (V. 104, p. 563. 1049. V. 67. p. 1160: also V. 6 8 . p. 232, 334, 1024: V. 76. p 106 Also has a la?M
tterllng sliver output. See V. 6 8 . p. 334, as to rights of capital stock6
2121) was declared operative May 12 1917. It provided for (a) the refund
olants, &o. V. 67, p. 1160; V. 6 8 . p. 1024, V. 71. p. 545: V. 82. p. 9 9 8 *
Ing of the bonded debt; (0 ) an increaso In the authorized pref. stock from
$25,000,000 to $32,500,000 solely against the convertible feature of $7.­
500,000 of the now bonds, and (c) the discharge of the 3 3 * % accumulated
dividends with 7 * % In cash, 14% In 6% cum. pref. stock and 12% In
common stock, using for this purpose the remainder o f the stock theret v
fore authorized. V. 104, p. 1148, 1595. 1902. V. 105. p. 1526. On
Dec. 31 1918. or the authorized $20,000,000 common and $25,000,000
pref., thore remained In the treasury $235,992 common and $275,324 pref.,
REPORT for year end. Dec. 31 1918 In V. 108. p. 1058. 1168:
practically all reserved for settlement of the overdue dividends on the (ap­
"
*p rpf fyin
Net.
Deprcc. Bond Int.
Balance.
proximately) S2.000.00p pref. stock not assenting to aforesaid plan. De­
$290 5 0 6 ( 7 ^ ) 8 4 2 2 0 0 2
cision handed down in May 1919 holds non-assenting prof, stockholders are 1918- $353,717net$99,529
def $449,324
not entitled to cash distribution. V. 108, p. 2128. V. 104, p. 2121; V. 107, 1917.............$1,287,120 $313,194 $293,278 (V%Y$422 Kw sur.$258,6549 }§ ...............1.290.454
285.417
296.529 (5% ) 301.430
sur. 407.078
p. 1575.]
l9l 1 r , - V . 768i2 4
278.279
300.918 (7% . 422.002 def. 234.985
$20,000,000 First A Ref. 5% Sk. Fd Mlge. Bonds— See V. 107, p. 1575.
Total ? l2 l t ^ n U n S3 suH>Jus Dec. 31 1918. $3,027,103.
<
Series A. issued to retire 6 % bonds o f parent and subsidiary cos.
Pres.. Geo. H. Wilcox. Meriden. Conn : Treas.. G. H. Yea mans. Meri­
and Consol. Mtge. 5s, these Series A bonds (but not the re­
den. Conn.— (V. 108, p. 1058. 1168: V. 109, p. 1704.)
mainder. Sories B) to be convertible from July 1 1 9 1 9 to July 1
1922, Incl., into 6 % cum. pref. stock, par for par.......................$7,500,000
INTERNATIONAL TRADE MARK CO.— ORGANIZATION.— InLoss cancolod through skg. fund, $218,000; in treasury, $S62,c °rp*
^ 1919 in Delaware with a capitalization of 4,250,000 shares
Without par value.. M ay. it wasiumored, take over the holdings in the
0 0 0 ...................................................................................................... 1,080.000
common stock of the American Tobacco C o., acquired by the A. T. Securi­
Series A bonds outstanding Dec. 31 1918 (see V. 107, p. 1575)'-$6.420.000 ties Co. I which is said to be a temporary organization!. Also maylacquire
sorved
Series B reserved to retire Plercefield Co. 5s, paid Sept. 1 1919 313,000 other concerns with established trade marks; taking in only one company
Series B Issued to the company fin exchange for Consol. Mtge.
in each kind. Companies to be taken, it is stated, will include manufac­
5% sinking fund bonds similarly held or Immediately issuable
turing food products, shoes and other necessities of life. These products
to the companyl. but held In treasury------------------------------------ 3,400,000 will, it is stated, be marketed through the worldwide chain of stores of the
Series B reserved under restrictions for extensions, &c_________ 8,787,000 United Retail Stores Oorp. See A. T . Securities Co. above. V. 109,p. 1529

S




INDUSTRIAL STOCKS AND BONDS

180

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 f i r s t p a g e ]

D a te
B onds

Interstate Electric Corporation—

O o m s t o c k $ 1 ,0 0 0 .0 0 0
P r e f e r r e d s t o c k 7 % c u m u l a t i v e $ 1 , 5 0 0 , 0 0 0 ______________________
1 s t L ie n 6 % c o l l .b d s .c a ll (a ll o n l y ) a t 1 0 2 & I n t s in c e M a r '1 6
U n d e r l y i n g b o n d s a s o f J u n e 1 9 1 8 s e e t e x t ________________________
2 - y r g o l d n o t e s c a l l t i l l S e p t 1 '1 8 a t 1 0 1 . t h e r e a f t e r 1 0 0 J 4 - N
I n v i n c i b l e O i l C o r p — S t o c k a u t h $ 1 4 , 0 0 0 , 0 0 0 __________________
F u n d e d d e b t a n d n o t e s s e e t e x t _____________________________________
I r o n P r o d u c t s C o r p — C o m a u t h 1 5 0 , 0 0 0 s h a r e s _________________
P r e f s t o c k 8 % c u m u l c o n v a u t h $ 3 , 6 0 0 , 0 0 0 _____________________
I s l a n d O i l & T r a n s p o r t C o s t o c k , $ 3 0 . 0 0 0 , 0 0 0 _____ '____________
1 0 -y e a r g o l d d e b s $ 5 ,0 0 0 ,0 0 0 p le d g e d t o s e c u r e 1 s t lie n n o t e s
1 s t L i e n C o l l g o l d n o t e s , $ 3 , 0 0 0 , 0 0 0 ; c a l l 1 0 5 ______________c * N
2 1 4 - y e a r 7 % n o t e s $ 1 , 5 0 0 , 0 0 0 c a l l 1 1 0 ______________________N . c *
I s l a n d R e f i n i n g C o r p — 7 % & P a r t i c 10- y r g b o n d s $ 6 ,0 0 0 ,0 0 0
J e ffe r s o n & C le a r fie ld C o a l & I r o n — P r e f s t o c k 5 % n o n -c u m
S e c o n d m t g e g o l d s i n k i n g f u n d d r a w n a t 1 0 5 ____U s m . x c *
I n d ia n a C o u n t y 1 st M $ 2 ,5 0 0 ,0 0 0 a u th s in k in g f u n d — 0 *
Jewel Tea C o — C o m m o n s t o c k $ 1 2 , 0 0 0 , 0 0 0 _______________________
P r e f s t o c k 7 % c u m $ 4 , 0 0 0 0 0 0 c a l l 1 2 5 & d l v s __________________
S e r g n o t e s $ 3 ,5 0 0 ,0 0 0 (d u e s e m i-a n n -t e x t ) c a l l 1 0 1 - C e c *
Jones B r o . Tea C o I n c ( G r a n d U n i o n Tea)— C o m m o n s t k
P r e f s t o c k 7 % c u m c a l l 1 1 0 2 % s f 1 9 2 0 ____________________________
Jones & L a u g h l l n Steel C o — S t o c k ---------------------------------------------------1 s t H $ 3 0 , 0 0 0 , 0 0 0 g s f r e d 1 0 5 b e g i n n i n g 1 9 1 4 -------- F C x o *

1913
1917

100 & c
50

1896
1910

1919

1909

500 & c
500 & c
100 & c
100
1 ,0 0 0
1 ,0 0 0
100
100

1 ,0 0 0
100
100
100
1 .0 0 0

IN T E R S T A T E
E L E C T R IC
C O R P O R A T I O N — (S e e
M a p .)— O R ­
G A N I Z A T I O N . — I n c o r p . in V ir g in ia o n
J a n . 2 8 1 9 1 3 t o a c q u ir e
e le c tr ic
l i g h t , g a s , w a t e r a n d I c e c o m p a n i e s i n t h e U . S . O w n s a n d o p o r a t e s u t i l i t i e s In
Union C i t y a n d C o r r y C i t y , P a . , G r e a t B e n d a n d H o i s i n g t o n , K a n . , T r e n ­
ton a n d C h i l l i c o t h e , M o . , S a n A n g e l o , B a l l i n g e r , W i n t e r s , P a l e s t i n e a n d
L a r e d o , T e x . , a ls o t r a n s m is s io n lin e s in T e x a s , M is s o u r i, K a n s a s a n d P e n n ­
s y lv a n ia .
C om p are V . 103. p . 941: V . 104. p . 2654.
.
C A P I T A L I Z A T I O N . — S t o c k a u t h . , $ 1 , 0 0 0 ,0 0 0 ; c o m m o n , in $ 1 0 0 s h a r e s ,
a n d $ 1 ,5 0 0 ,0 0 0 7 % c u m . p r e f ., a ls o In $ 1 0 0 s h a r e s , is s u e d J a n . 1 9 1 6 ; o u t ­
s t a n d in g c o m m o n , $ 1 ,0 0 0 ,0 0 0 ; p r e f .. $ 1 ,0 7 7 1 0 0 .
F ir s t L ie n 6 % b o n d s
a u t h o r iz e d , $ 2 ,0 0 0 ,0 0 0 ; o u t s t a n d i n g .
$ 1 ,2 9 6 ,5 0 0 , $ 2 5 ,0 0 0 h a v i n g b e e n
r e d e e m e d b y s in k in g fu n d J a n . 1 1 9 1 8 .
E n t ir e b o n d is s u e lim it e d t o
$ 2 ,0 0 0 ,0 0 0 , s e c u r e d b y u n d e r ly i n g b o n d s a n d s t o c k in s u b s i d i a r y c o m p a n ie s .
R e d e e m a b le a s a w h o le b u t n o t in p a r t o n a n y in t e r e s t d a t e a f t e r M a r c h
1 1 9 1 6 a t 102 a n d in te r e s t.
V . 103, p . 1795; V . 104. p . 1804_
. ,
I n A p r il 1 9 1 8 r e c e iv e d fr o m th e V ir g in ia S t a t e C o r p o r a t io n C o m m is s io n
p e r m i s s i o n t o I n c r e a s e t h e a u t h . 7 % c u m . p r e f . s t o c k f r o m $ 1 , 0 0 0 ,0 0 0 t o
$ 1 ,5 0 0 ,0 0 0 (p a r $ 1 0 0 ) .— V . 1 0 6 , p . 1 7 9 9 .
I n 1 9 1 7 a n d 1 9 1 8 s o ld $ 2 2 2 ,2 0 0 6 % 2 -y e a r g o l d n o t e s .
A u t h .. $ 1 ,0 0 0 000.
T h e 2 -y e a r n o t e s a m o u n t in g t o $ 2 6 1 ,5 0 0 d u e S e p t . 1 1 9 1 9 w e r e e x ­
ten d ed to S ep t. 1 1922 a t 7 % . V . 105, p . 1313, 1 5 2 6 , V . 1 0 6 , p . 2 1 2 5 .
D I V I D E N D S .— in itia l d iv id e n d , I X % - o n p r e f. s t o c k M a r c h 1 1 9 1 6 ;
t h e n t o M a r . 1 1 9 1 9 , 7 % p . a . ( l j * % Q .- M .) ; s in c e t o O c t . 1 5 1 9 1 9 , n o n e .
C o m m o n d iv . N o . 1, 1 % , w a s p a id J u ly 1 1 9 1 6 ;J a n . 1 1 9 1 7 , 1 % , A u g ., 1 % .
S U B S I D I A R I E S . — C o n t r o ls t h e e n t ir e s t o c k in t h e f o ll o w in g c o m p a n ie s
w h o s e o u t s t a n d in g b o n d s n o t o w n e d b y I n t e r s ta te E le c . C o r p ., A p r il 1

1 ^ S a n tA n g e ? 0 ( ( T e x ? f ’ W a t e r ? ^ L t . & P o w . C o . ( 1 s t 6 s . d u e 1 9 3 9 , $ 4 2 9 , 5 0 0 ) :
G r e a t B e t id ( K a n . ) W a t e r & E le c . O o . (1 s t 5 s , d u e 1 9 2 3 . $ 1 9 ,0 0 0 ) ; L a r e d o
( T e x .) W a t e r O o . (1 s t 6 s , d u e 1 9 2 0 , $ 1 6 .0 0 0 : 1 st c o n s . 6s , d u e 1 9 3 2 , $ 9 1 ,­
0 0 0 ’ C o r r y C i t y ( P a .) E le c t r i c L ig h t C o . (1 s t 6 s , d u e 1 9 2 0 , $ 6 ,5 0 0 , a n d 2 d
4 3 4 s , $ 6 ,4 0 0 ); T r e n t o n G a s & E le c . C o . (1 s t 6 s , e x t e n d e d , $ 3 6 ,0 0 0 ): a n d
1s t R e f . 6 s , d u e 1 9 3 7 , $ 7 3 ,0 0 0 ) ; W a y n e T o w n s h i p P o w e r C o . , P a . ) , ( I l o m c
P o w e r C o . ( P a .) , C o n c o r d T o w n s h ip P o w e r C o . ( P a .) , H o is in g to n (K a n .)
E l . & I c e C o ., P e o p le ’s G a s & E le c . C o ., C h illic o t h e , M o . ; B a llin g e r E le c .
L t . & P o w e r C o ., B a llin g e r I c e C o . , C o n s u m e r s I c e & F u e l C o . , W in te r s
L ig h t & P o w e r C o . a n d P a le s t in e I c e C o .
E a r n in g s —
D e c . 31 1 8 .
G ross
_ .......................................................................................... - - $ 6 4 5 , 1 5 0
O p e r a t i o n s _________________________________________________________ 4 4 3 , 9 2 7
^ N e t ............. .. .................................................................................................. . $ 2 0 1 , 2 2 3

J u n e 30 19.
$ 6 5 9 ,3 3 6
4 7 6 ,1 4 8
$ 1 8 3 ,1 8 8

O F F I C E R S .— P r e s ., W illia m H o w a r d H o o p le ; T r e a s ., W . O .
S e c ., R o b e r t W . D a v id s o n ; V .- P s ., A . E . F it k in , W . C . H a r t y .
1 4 1 B r o a d w a y , N . Y . C i t y .— ( V . 1 0 S ,p . 8 8 3 ) .
IN T E R S T A T E

IR O N

&

STEEL

H a rty ,
O ffic e ,

C O .— (V . 1 0 9 , p . 7 6 ).

IN V IN C IB L E
O IL
C O R P .— O R G A N I Z A T I O N .— I n c o r p .
Junei
16
1 9 1 9 in V ir g in ia , a n d a c q u ir e d (a ) e n t ir e C a p it a l s t o c k o f I n v in c i b le O il
C o . ( O k la .);
( 6) 5 0 , 0 0 0 s h a r e s
o fC o m . sto ck
o f L o u is ia n a O il R e fin in g
C o r p . ( V a .) ; (c ) M a j o r i t y
o f th e s t o c k o f G la d s to n e O il &
R e fin in g C o .
(O k la .).
T h r o u g h it s s u b s id ia r ie s t h e c o m p a n y is in t e r e s t e d in a b o u t 8 3 ,6 4 3
a c r e s lo c a t e d in R a n g e r D is t r ic t , T e x a s , O k l a ., A la b a m a a n d L o u is ia n a ,
o f w h ic h 5 ,4 4 5 a c r e s a r e p r o v e n .
P r e s e n t p r o d u c t io n a b o u t 5 ,0 0 0 b b ls .
d a ily .
H a s t w o r e fin e r ie s o f 3 ,0 0 0 b b ls . d a ily c a p a c it y e a c h , 1 6 0 t a n k c a r s
& c.
See Y . 109, p . 24 3 7 .
,
B O N D S .— T h e r e a r e a u t h o r iz e d (n o n e is s u e d ) $ 1 ,9 0 0 ,0 0 0 6 % s e c u r e d
n o t e s , d u e s e r ia lly J u n e 1 9 2 0 t o 1 9 2 4 ; L o u is ia n a O il R e fin i n g C o r p . $ 9 4 6 ,5 0 0
1st C o n v e r t. 6s, d a te d M a y 1 1917 d u e M a y 1 1927 (V . 1 0 5 , P - 2003) a n d
I n v in c i b le O il C o . (O k la .) $ 6 0 0 ,0 0 0 6 % n o t e d u e D e c . 1 9 1 9 .
P r e s ., E . R .
R a t c liff.— (V . 1 0 8 , p . 2 4 3 7 , 2 5 3 1 ; V . 1 0 9 . p . 7 6 , 1 7 0 4 ).
IR O N
PR O D U C TS
C O R P .— O R G A N I Z A T I O N .— I n c o r p .
M ay
29
1 9 1 9 in D e le w a r e a n d a c q u ir e d t h e E s s e x F o u n d r y o f N e w a r k , N . J . a n d
C e n t r a l F o u n d r y C o . p e r p la n in V . 1 0 8 , P - 2 5 3 0 .
A ls o h a s p u r c h a se d th e
p r o p e r tie s o f C h a tta n o o g a I r o n & C o a l C o r p .
V . 109. p . 1796.
B o th
c la s s e s o f s t o c k lis t e d o n N e w Y o r k S t o c k E x c h a n g e in N o v . 1 9 1 9 .
V . 109,

R a te
%

$ 1 ,0 0 0 ,0 0 0
1 ,0 7 7 .1 0 0
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Text
A u g 1 1 9 1 7 1 % A E F itk ln & C o , N Y
Q — M
M a r 1 1919 \ % G u a ra n ty T ru st C o . N Y
E q u it a b le T r u s t O o . N Y
&
S M a r 1 1933

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6 g
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S S ept 1 1922

N o w Y o r k a n d C h ic a g o

1927
Sept 1 1920
S e p t .l 1920
A p r il 15 1 9 2 9
A u g 15 T 9
J u n e l 1923
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C h ic a g o

t h e t h ir d in t h e U n it e d S t a t e s a d ja c e n t t o t h e G u l f C o a s t .
T h e M e x ic a n
a n d C u b a n p la n t s a r e t o p r o d u c e g a s o lin e a n d fu e l o il a n d t h e p la n t in t h e
U n it e d S ta te s g a s o lin e , g a s o il a n d c o k e .— V . 1 0 8 , p . 1 3 9 3 .
B O N D S .— T h e R e fin i n g C o m p a n y h a s a u t h o r iz e d a n is s u e o f $ 6 ,0 0 0 ,0 0 0
S e v e n P e r C e n t . & P a r t ic ip a t in g T e n -Y e a r G o ld B o n d s t o b e d a t e d A p r il
15 1 9 1 9 , a n d t o m a tu r e A p r il 15 1 9 2 9 .
T h e s e b o n d s in a d d i t io n t o 7 %
in t e r e s t a r e e n t it l e d t o p a r t i c i p a t e in d iv i d e n d s r e c e iv in g a p r o r a t a s h a r e
o f a n a n n u a l d is t r ib u t io n o f 2 0 % o f t h e n e t e a r n in g s (a ft e r d e d u c t i n g s in k ­
in g fu n d r e q u ir e m e n t s ) o f e a c h c a le n d a r y e a r .
T h e b o n d s . It is s t a t e d ,
w ill b e a d ir e c t fir s t m o r t g a g e o n t h e A m e r ic a n p la n t a n d b y t h e p le d g e o f
a ll t h e s t o c k o f t h e c o m p a n y o w n in g t h e M e x i c a n p l a n t , a n d b y n o t le s s
th a n tw o -th ir d s o f th e s t o c k o f th e c o m p a n y o w n in g th e C u b a n p la n t .— V .
108, p . 1393.
,
T h e s h a r e h o ld e r s o f t h e I s l a n d O il & T r a n s p o r t C o . w e r e o f f e r e d t h e
r i g h t t o s u b s c r i b e f o r t h e i n i t i a l i s s u e o f $ 1 , 5 0 0 , 0 0 0 o f t h e s e b o n d s in A p r i l
1 9 1 9 a t 9 2 1 4 % , t h is is s u e w a s u n d e r w r it t e n b y a s y n d ic a t e , h e a d e d b y
A . B . L e a c h & C o .. N . Y . C it y .— V . 1 0 3 , p . 1 3 9 3 ; V . 1 0 9 , p . 1 4 6 5 .
J E F F E R S O N & C L E A R F I E L D C O A L & IR O N C O .— O R G A N I Z A T I O N .
— O r g a n i z e d u n d e r t h e la w s o f P e n n s y l v a n i a in M a y 1 8 9 8 .
See V . 6 2 , p.
908: V . 63, p . 115.
C o m p a r e B u ffa lo R o c h e s t e r & P itts b u r g h R y .
S T O C K .— T h e $ 1 ,5 0 0 ,0 0 0 c o m m o n a n d $ 3 0 0 ,0 0 0 o f t h e $ 1 ,5 0 0 ,0 0 0 o f 5 %
a o n - c u r a . p r e f . s t o c k is o w n e d b y t h e R o c h e s t e r & P i t t s b u r g h C o a l & I r o n
C o . ( t h e c o m m o n m o s t l y p le d g e d a s s e c u r it y f o r Its b o n d s ; V . 7 5 , p . 1 3 5 7 ) .

DIVS.— f 1901. 1902 t o 1905. 1906 to 1914. 1915-16.
C o m m o n ,% \

01

5%

y e a r ly .

N one.

N one

Preferred.% i— 1897 to Aug. 1914. 5% yearly—

3Ji

'17. '18.

N one

1919.

N o n e ________

5

5

5

B O N D 3 . — T h e fin a l $ 5 2 ,0 0 0 1 s t M . 6 s w e r e c a ll e d f o r p a y m e n t o n J u n e 1
1 9 1 8 a t 1 0 5 .— V . 1 0 5 , p . 2 2 3 2 .
In J u ly 1 9 1 0 file d m t g e . f o r $ 2 ,5 0 0 ,0 0 0 ,
c o v e r i n g a b o u t 1 6 ,0 0 0 a c r e s c o a l la n d s in I n d ia n a C o u n t y , P a . , o f w h ic h
$ 1 ,9 0 0 ,0 0 0 is s u e d .
V . 85. p . 1341; V . 9 1 , p . 279.
R E P O R T .— Y e a r e n d in g D e c . 3 1 1 9 1 8 , V . 1 0 9 , p . 1 0 7 9 .
Y r.
C ross.
N e t.
T axes.
P ref. D ie s .
I n t.,& c .
Surplus.
1 9 1 8 — $ 8 ,2 1 8 ,5 1 3 $ 2 ,9 0 7 ,6 S S (a ft . t a x e s ) ( 5 ) $ 7 5 ,0 0 0
$ 5 8 1 ,0 7 1 $ 2 ,2 5 1 ,6 1 5
1 9 1 7 . . 6 .7 6 5 ,1 6 1
2 ,3 8 8 ,6 2 5 * $ 5 1 8 ,1 0 0 (5 ) 7 5 ,0 0 0
1 ,0 7 8 ,7 8 0
7 1 4 ,7 4 5
1 9 1 6 - 3 ,0 3 9 ,4 0 3
5 8 3 ,6 3 5
2 9 ,7 2 7 (5 ) 7 5 | 0 0 0
4 0 1 ,2 1 7
7 4 ,6 9 2
* I n c lu d e s in 1 9 1 7 a n e s t im a t e o f t h e e x c e s s p r o f it s t a x d u e J u n o 1 9 1 8 .
— (V . 1 0 7 , p . 7 9 3 ; V . 1 0 9 , p . 177, 1 0 7 9 ).

Cal.

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 . — I n c o r p o r a t e d in N . Y .
o n J a n . 14 1 9 1 6 t o t a k e o v e r t h e I llin o is c o . o f t h e s a m e n a m e .
S e lls c o f f e e ,
e a , b a k in g p o w d e r , s o a p . & c.
M a i n o f f i c e s a n d p l a n t s in C h i c a g o a n d
H oboken.
V . 108, p . 2026.
L a r g e s h ip p in g s t a t io n le a s e d in H o b o k e n ,
N . J.
C A P I T A L . — P r e f. s t o c k , $ 1 ,0 3 0 ,0 0 3 ; r e t ir e d t o D e c . 3 1 1 9 1 8 , $ 2 1 0 ,0 0 0 .
D iv s . Q .-J .; A p r il 1 191 6 t o O c t 1 9 1 9 ,
1H %
q u a r. (7 %
p . a .).
C o m m o n a u t h ., $ 1 2 ,0 0 0 ,0 0 0 (p a r $ 1 0 0 ).
P r e f. r e d e e m a b le a t o p t io n o f d i ­
r e c to r s o n 9 0 d a y s ' n o tic e a t 1 2 5 a n d a c c r u e d d iv s . P r o p e r t y c a n n o t b e m o r t ­
g a g e d : p r e f . s t o c k c a n n o t b e in c r e a s e d w it h o u t c o n s e n t o f
in I n t e r e s t in
D o th c la s s e s o f o u t s t a n d in g s t o c k , ta k e n s e p a r a t e ly .
N o te s p a y a b le D e c . 31
1 9 1 8 , $ 2 ,9 3 1 ,5 0 0 .
C u r r e n t s u r p lu s D o c . 3 1
1 9 1 8 , $ 1 ,8 3 5 ,8 2 0 ; c a p it a l
s u r p lu s , $ 7 3 7 ,1 3 8 .
G O L D N O T E S .— T h e $ 3 ,5 0 0 ,0 0 0 6 % g o l d n o t e s o f 1 9 1 9 m a t u r e in s o m ia n n . ( M . & N . ) i n s t a l l m e n t s o f $ 5 0 0 , 0 0 0 e a c h i n 1 9 2 0 , o f $ 7 5 0 , 0 0 0 in 1 9 2 1 a n d
$ 1 ,0 0 0 ,0 0 0 M a y 1 9 2 2 , b u t a r e c a lla b le a n y in t . d a t e a t 101 a n d i n t ., b u t
n o t le s s t h a n t h e w h o l e o f a n y o n e m a t u r i t y .
F o r p r o te c tiv e p r o v is io n s ,
see V . 108, p . 2026.
S A L E S .— ( V . 1 0 9 , p . 1 9 9 1 )—
1918.
1918.
F o u r w e e k s e n d e d N o v . 1 . . . ......................$ 1 , 2 2 4 , 7 7 0
$ 1 ,1 7 1 ,4 3 2
4 4 w e e k s e n d e d N o v . 1 . .........................
1 3 ,5 8 4 ,8 5 2 1 2 ,7 6 2 ,9 9 3

1917.
$ 1 ,2 0 8 ,4 0 1
1 3 ,8 7 7 ,5 2 5

R E P O R T .— F o r c a le n d a r y e a r 1 9 1 8 , V . 1 0 8 , p . 9 7 0 :
1918.
1917.
1916.
T o t a l s a l e s . .............................. $ 1 5 , 5 9 8 , 4 9 8 $ 1 5 , 8 1 7 , 6 0 1 $ 1 2 , 8 9 2 , 5 0 0
$ 1 ,5 3 2 ,0 6 1
N e t e a r n i n g s ------------------$ 1 ,1 2 6 ,3 8 2
$ 1 ,8 8 7 ,3 4 5
I n t e r e s t , & c -------------------------1 4 5 ,6 4 4
1 2 3 ,4 3 0
5 2 ,3 8 8
W a r , & c . , t a x e s ----------------e s t . 3 5 , 0 0 0
2 0 5 ,5 6 4
2 7 5 ,1 4 0
P r e f . d i v i d e n d s , 7 % --------2 6 6 ,8 9 5
2 7 5 ,8 0 0
D o u b tfu l a c c o u n ts — —
2 5 0 , OOP

1915.
$ 8 ,1 8 4 ,5 4 8
N ot
rep orted
sepa­
r a te ly .

P E A R N T N G S .— C e n tr a l F o u n d r y C o ., p e r io d fr o m J a n . 1 t o S e p t . 6
N e t e a r n i n g s ......................
$ 4 2 8 ,8 4 3
$ 1 ,2 8 2 ,5 5 1
$ 1 ,2 0 4 ,5 3 4
$ 1 ,4 6 4 ,2 7 3
1 9 1 9 . t o t a l e a r n in g s a ft e r e x p e n s e s , & c .. $ 3 8 1 ,4 4 8 ; b a la n c e a ft e r d e p r e c ia t io n
& d e p l e t io n $ 1 8 6 ,3 7 7 ; n e t in c o m e a f t e r t a x e s & in t e r e s t $ 7 0 ,4 0 1 , s u r p lu s
O F F I C E R S .— C h a ir m a n , E . V . S k iff; P r e s ., R a y m o n d E . D u r h a m ;
V .- P r e s ’s ., W . H . E u la s s a n d V . W . S k iff; S e c . & T r e a s ., O . J . S h e r id a n .
a ft e r d iv i d e n d $ 5 1 ,5 5 3 .— ( V . 1 0 8 , p . 2 3 3 3 , 2 4 3 8 , 2 5 3 1 ; V . 1 0 9 . P - 5 3 2 , 6 8 3
— (V . 1 0 8 , p . 1 0 6 3 , 1 9 1 0 , 2 0 2 6 , 2 3 3 3 ; V . 1 0 9 , p . 2 7 6 , 8 9 1 , 1 5 2 9 , 1 9 9 1 ).
1 7 9 6 ).
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 s t. a s a
I S L A N D C R E E K C O A L C O . — ( V . 1 0 8 , p . 3 8 5 , 8 8 3 , 1514; V . 1 0 9 , p .
c o - p a r t n e r s h i p in 1 8 7 2 .
I n c o r p . in N . Y . S t a t e In 1 9 1 0 a s J o n e s B r o s . O o . ;
1 8 9 6 .)
„
'
p r e s e n t n a m e a d o p t e d In 1 9 1 6 ( V . 1 0 3 . p . 2 3 1 6 ) .
O w n s In B r o o k l y n , N . Y . ,
IS L A N D
O IL
&
T R A N S P O R T
C O R P . — O R G A N I Z A T I O N . — (S e e
a p l a n t c o v e r i n g a fu ll b lo c k fo r p r e p a r in g a n d p a c k in g t e a , c o f f e e , s p i c e s ,
) . — I n c o r p o r a t e d in V i r g i n i a i n 1 9 0 7 t o p r o d u c e a n d t r a n s p o r t o i l f r o m
b a k in g p o w d e r , s o a p , & c ., a ls o d o e s im p o r t in g a n d J o b b in g b u s in e s s a t 1 0 7
3 b o r d e r in g o n t h e C a r ib b e a n S e a a n a in M e x i c o .
T h ro u g h sto ck
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C o n t r o ls (a ) G lo b e G r o c e r y S t o r e s , I n c ., o p e r a t in g
o w n e r s h i p o w n s l a r g e a c r e a g e i n M e x i c o ( i n t h e T a r a p i c o s ) . C o l u m b i a a n ar o n t S t . , N . Y .
1 4 2 s t o r e s in P a . , N . Y . , N . J . a n d O h i o ; ( 6) G r a n d U n i o n T e a O o . r e ­
Cuba.
S e e I s la n d R e fin in g C o . b e lo w a n d V . 1 0 8 , p . 1 3 9 3 .
»
.
t a il in g t h e c o m p a n y ’s p r o d u c t s o n l y ) , t h r o u g h 1 9 2 s t o r e s ; (c ) A n c h o r l o t ­
I n O c t . 1 9 1 9 , t h e M a s s a c h u s e t t s O il & R e f in i n g C o . , a m a j o r i t y o f w h o s e
tery, T ren ton , N . J.
$ 5 ,0 0 0 ,0 0 0 C o m m o n s t o c k is o w n e d b y t h e I s la n d O il & 1 r a n s p o r t C o . ,
Iss u e d $ 3 ,0 0 0 ,0 0 0 7 % P a r t ic ip a t in g C o n v e r t i b le 1 0 -y o a r b o n d s , d u e O c t . 1
S T O C K .— P r e f. s t o c k (s e e t a b e a b o v e ) o r r e r e d b y M e r r ill. L y n c n & C o .
1 9 2 9 , a n d h a s b e g u n c o n s t r u c t in g in B o s t o n H a r b o r a m o d e r n r o fin in g p la n t
In D e c . 1 9 1 6 ( V . 1 0 3 , p . 2 3 4 7 ) .
N o b o n d s o r m o r tg a g e s w it h o u t th e c o n ­
w it h a n in it ia l c a p a c it y o f a b o u t 1 ,4 0 0 ,0 0 0 b a r r e ls o f c r u d e o i l p e r a n n u m .
s e n t o f 7 5 % o f t h e p r e f . s t o c k ; t h e p r e f . Is r e d e e m a b l e a t 1 1 0 a n d a f t e r J a n 1
1 9 2 0 Is s u b j e c t t o a y e a r l y s i n k i n g f u n d o f 2 % .
N o t e s p a y a b le , A p r il 3 0
V . 109, p . 1796.
.
,,
.
N O T E S .— A n Issu e o f $ 5 ,0 0 0 ,0 0 0 F ir s t L ie n c o lla t e r a l 7 % g o l d n o t e s w a s
1 9 1 9 . $ 1 ,1 2 7 ,5 0 0 ,
.
o ffe r e d la t e in 1 9 1 7 b y A . B . L e a c h & C o ., N . Y . ; a ls o e a r ly in 1 9 1 8 $ 1 ,5 0 0 ,­
D I V I D E N D S . — P a id o n p r e f . s t o c k in f u ll t o d a t e .
D iv id e n d s o f
0 0 0 7 % g o l d n o t e s , d u e S e p t . 1 1 9 2 0 , s in k in g fu n d 5 c . p e r b b l . s o ld .
o f 1 % e a c h w e r e p a id o n c o m m o n s t o c k O c t . 15 1 9 1 7 t o O c t . l o i y i u .
O P E R A T I O N S .— I n S e p t . 1 9 1 9 s h ip p e d 6 0 0 ,0 0 0 b b ls . o f o il a n d e x p e c t e d
E \ R N I N G S .— F o r th e fo u r m o n th s e n d e d A p r il 3 0 1 9 1 9 ,
t h a t b y D e c . 1 1 9 1 9 a l o o p w o u ld b e a t t a c h e d t o t h e p i p e li n e a t a p o i n t s ix
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m ile s f r o m t h e s e a . p e r m it t in g e x p o r t a t io n o f 7 5 0 ,0 0 0 b a r r e ls a m o n t h .
in c o m e , $ 2 8 9 ,9 1 3 ; n e t p r o fit s a ft e r in t e r e s t a n d in c o m e t a x , $ J l 3 , i b o .
T h e c o m p a n y ’ s p r o d u c t i o n a t p r e s e n t is c o m i n g e n t ir e l y f r o m o n e w e ll , a n d
is a v e r a g in g 2 0 ,0 0 0 b a r r e ls a d a y .
T h e w e ll t h a t is t h e s u b je c t o f li t ig a t i o n ,
1918.
1917.
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.— ( V . 1 0 9 , p . 1 9 9 1 ) —
1910.
a n d w a s c lo s e d d o w n a n u m b e r o f w e e k s a g o o w in g t o a n in f l u x o f s a lt
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m o r e w e ll s , t w o o f w h ic h a r e d o w n 1 ,5 0 0 f e e t .
T h e d e c r e a s e in m o n t h s s a le s in O c t . 1 9 1 8 w a s c a u s e d b y t h o m t iu e n z a
I s la n d O il o w n s 5 1 % o f t h e s t o c k o f t h e M a s s a c h u s e t t s O il R o f in i n g C o .
w h ic h is p u t t in g u p a 5 ,0 0 0 -b a r r e l r e fin e r y a t E a s t B r a in t r e e , M a s s .— ( V .
R E P O R T . — F o r y e a r e n d in g D e c . 3 1 1 9 1 8 In V . 1 0 8 , P - 1 6 0 7
1917.
1918.
1 0 7 . p . 1 0 0 7 , 1 3 8 8 ; V . 1 0 8 , p . 3 8 5 , 1 3 9 3 ; V . 1 0 9 , p . 1 5 2 9 , 1 7 9 6 ).
C a len d a r Y e a r s — 1 9 1 8 .
1917.
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S e c o n d P r e f 8 % c u m $ 7 ,0 0 0 ,0 0 0 c a ll 1 2 5 s in k in g fu n d 3 %
Kelsey W h e e l C o — C o m m o n s t o c k $ 1 0 , 0 0 0 , 0 0 0 ( V 1 0 5 . p 7 5 )
P r e f s t o c k 7 % c u m r e d e e m a b l e a t 1 2 5 a n d d l v s _____________ K en necott C o o p e r C o r p — S t o c k 3 . 0 0 0 , 0 0 0 s h r s . n o p a r v a l
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B o n d s B r a d e n C o p p e r M in e s , & c , see te x t
Keystone T e l e p h o n e C o . o f P h i l a — 1 s t M g r e d 1 0 8 C o l x c * r
E q u i p & 1 s t M C o l l a t s f c a l l 1 0 1 _____________________ F P z z . c *
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(x ) I n c lu d in g $ 5 ,9 0 0 in t h e t r e a s u r y ,
a E x c l u d i n g $ 1 ,5 0 0 ,0 0 0 u n d e r E q u ip & F ir s t M t g e o f 1 9 1 9 .

L td .
O w n s p la n t s a n d p r o p e r t y a t P it t s b u r g h a n d W o o d la w n , 2 0 m ile s
f r o m P it t s b u r g h ; c o n t r o ls o r e . c o a l a n d r a ilr o a d p r o p e r t ie s .
V . 93. p. 49.
B O N D S .— T h e fir s t 5 s o f 1 9 0 9 ($ 2 5 ,0 0 0 ,0 0 0 o f w h ic h w e r e Issu e d )
a r e s e c u r e d b y a ll t h e p r o p e r t y o w n e d o r h e r e a ft e r a c q u ir e d a n d f u r t h e r
b y p le d g e o f s t o c k s o f s u b s id ia r ie s o w n in g c o a l m in e s , o r e la n d s a n d r a ilw a y * .
N e t q u ic k a s s e ts a r e a lw a y s t o a m o u n t t o $ 8 ,0 0 0 ,0 0 0 , w h ile a n e q u a l
a m o u n t o f b o n d s a re o u ts ta n d in g .
S in k in g fu n d e q u a l t o l- 1 5 t h o f b o n d s
Issu ed .
V . 9 3. p . 49: V . 9 2. p . 1503; V . 8 8. p . 1257.
O F F I C E R S .— P r e s ., B . F . J o n e s J r .; V . - P . , W . L . K in g ; V .- P . & G e n .
M g r ., W . L . J o n e s ; S e c ., 4 V . C . M o r e la n d ; T r e a s ., J a m e s C . W a t s o n , a n d
A s s t , t o P r o s ., O . A . F is h e r . O f f ic e , P it t s b u r g h , P a .— ( V .1 0 7 .P .5 0 6 , 2 1 0 2 .)

K A N S A S C I T Y M I S S O U R I G A S C O . — O r g a n i z e d A p r i l 1 8 9 7 In M i s ­
s o u ri as a c o n s o lid a tio n .
L ea sed N o v . 16 1906 to K a n sa s C ity G a s C o .,
r e n ta l t o c o v e r In te re st o n b o n d s , s in k , fu n d , ta x e s a n d d iv id e n d s o n s to c k
(p a y a b le Q .- M .) .
T h e 5 % d iv id e n d r a t e b e g a n D e c . 1 1 9 1 0 a n d c o n t in u e d
t o J u n e 1 9 1 3 , b u t , o w in g t o d e c r e a s e d s u p p ly o f g a s a n d e a r n in g s , r e n ta l
p a y m e n t s w e r e r e d u c e d a n d n o d iv id e n d s h a v e b e e n p a id s in c e r e d u c t io n
a n d d iv id e n d s c u t o f f .
V 96 p . 1559.
See V . 8 4 , p . 1371.
C a p ita l s t o c k ,
$ 5 ,0 0 0 ,0 0 0 .
B o n d , Int*. i s p a y a b l e A . &
a t N . Y . o ffic e o f G u a r a n ty
T r u s t C o . o r M . & N . In L o n d o n .
V . 65, p . 277; V . 67, p . 28.
C o n tr o l,
V . 107, p . 400.
R a t e s in 1 9 1 8 , V . 1 0 7 , p . 1 8 5 .
P r e s ., J . O . J a m e s ;
V .- P r o s ., A . H u r lb u r t : S e c .. R . M a c m il la n .— ( V . 1 0 7 . p . 1 8 5 .

o.

K A N S A S C I T Y S T O C K Y A R D S C O . O F M A I N E .— O R G A N I Z A ­
T I O N . — I n c o r p o r a t e d in M a in e In D e c . 1 9 1 2 a n d a c q u ir e d p e r p la n V . 9 5 ,
1 2 7 5 , a b o u t 9 5 % o f t h e $ 8 ,7 5 0 ,0 0 0 s t o c k o f t h e K a n s a s C i t y S t o c k Y a r d s
o . o f M is s o u r i, w h ic h o w n s a b o u t 1 7 5 a c r e s u s e d fo r s t o c k y a r d s p u r p o s e s ,
o n w h ic h 6 % d iv id e n d s w e r e p a id fo r o v e r 2 0 y e a r s . S t o c k a u t h .. c o m m o n .
$ 2 ,5 0 0 ,0 0 0 ; p r e f. (p . & d . ) . 5 % c u m . n o n - v o t i n g $ 9 ,0 0 0 ,0 0 0 .
N o m o rtg a g e
e x c e p t w ith th e c o n s e n t o f 6 6 2 -3 % o f th e p r e f. s t o c k .
D iv . o n co m m o n ,
5 % , N o v . 1 1 9 1 5 ; ’ 1 7 a n d ’ 1 8 5 % y e a r l y ; ’ 19 F o b . 1 ^ % ; M a y 1 K % ; A u g .
an d N ov . 1919, I M % .
T h e M is s o u r i c o m p a n y h a s o u t s t a n d i n g $ 1 ,3 3 4 ,0 0 0
5 % d e b e n t u r e b o n d s o f 1 9 1 0 d u e F e b . 1 1 9 2 0 , b u t c a lla b le s in c e F e b . 1
1 9 1 5 a t 1 0 2> £ a n d in t . o n a n y in t . d a t e ; a u t h . is s u e , $ 2 ,0 0 0 ,0 0 0 .
V . 97,
). 8 9 0 .
P r e s ., E u g e n e V . R . T h a y e r ; S e c ., O . L . W a it e ; T r e a s ., W . J .
F>r a y , K a n s a s C i t y . — ( V . 1 0 5 , p . 1 6 2 1 , 2 0 9 8 ; V . 1 0 6 , p . 5 0 4 . )
.’

8.

K A N S A S G A S & E L E C T R I C C O .— I n c o r p . In D e o . 1 9 0 9 In W . V a . a s a
c o n s o lid a t io n ( V . 9 0 . p . 8 5 2 ): a ls o o w n s e n t ir e s t o c k a n d b o n d s o f H o m e
L i g h t , H e a t Sc P o w e r C o . o r P i t t s b u r g . K a n . , & c .
O w n s e le c tr ic g e n e r­
a t in g p la n t , a g g r e g a t e c a p a c i t y 2 4 ,1 5 5 k . w . . I n c lu d in g n e w 1 8 ,0 0 0 k . w .
p la n t a t W ic h it a .
T h e c o m p a n y h a s 2 8 9 m ile s o f h ig h v o l t a g e t r a n s m is s io n
lin e s a n d 2 0 5 m ilo s o f g a s m a in s .
G a s c u s t o m e r s , 1 7 ,2 9 2 D e c . 3 1 1 9 1 7 ;
e le c t r ic c u s t o m e r s , 2 5 ,0 3 2 .
C o m p a n y b u y s n a tu r a l g a s fr o m W ic h ita a n d
K a n s a s N a t u r a l G a s C o ’s .
S e e f u l l d a t a , V . 9 3 , p . 1 7 0 . a n d V .9 7 , p . 1 1 3 .
C o m p a n y s u p p lie s w it h o u t c o m p e t it io n e le c t r ic lig h t a n d p o w e r a n d n a tu r a l
g a s t o W ic h it a a n d P it t s b u r g a n d e le c t r ic lig h t a n d p o w e r t o I n d e p e n d ­
e n c e , N e w t o n , A r k a n s a s C it y , C h e r r y v a le , E ld o r a d o a n d 14 o th e r c o m ­
m u n it ie s in K a n s a s .
T h e c o m p a n y a ls o s u p p lie s a t w h o le s a le e le c t r ic
li g h t a n d p o w e r s e r v ic e In P a r s o n s a n d t w o o t h e r c o m m u n it ie s .
P o p u la t io n
s e r v e d e s t im a t e d a t 1 6 6 ,5 0 0 .
S T O C K .— C o m m o n a u t h ., $ 6 ,0 0 0 ,0 0 0 , o f w h ic h t h e r e is o u t s t a n d in g
$ 3 ,0 0 0 ,0 0 0 , a ll o w n e d b y A m e r . P o w e r & L ig h t C o . , w h ic h s e e .
P r e f. s to c k ,
7 % c u m ., r e d . 1 1 5 , a u t h ., $ 6 ,0 0 0 ,0 0 0 ; o u t s t a n d in g w it h p u b lic , $ 2 ,2 9 0 ,6 0 0 ;
p ar, $100.
D I V I D E N D S . — Q u a r ., 1 X % o n p r e f. s t o c k J u ly 1 9 1 0 t o O c t . 1 1 9 1 9 ,in c l.
B O N D S (s e e t a b l e ) .— R e d e e m a b le in w h o le o r In p a r t f o r s k . f d . a t 1 0 5
a n d I n t. u p t o D o c . 3 1 1 9 1 7 . a t 1 0 4 in 1 9 1 8 , 1 0 3 in 1 9 1 9 , 1 0 2 in 1 9 2 0 a n d 101
a n d in t . in 1 9 2 1 .
R e s e r v e d b o n d s is s u a b le f o r n o t o v e r 8 0 % o f c o s t o f
I m p t s . , & c . , p r o v i d e d e a r n s , a r e t w i c e t o t a l I n t e r e s t c h a r g e o n a l l b o n d s is ­
s u e d a n d t o b o is s u e d , a n d p r o v id e d t h a t n o t e a r n in g s e x c lu s iv e o f e a r n in g s
o f n a t u r a l g a s b u s i n e s s o f b o t h K a n s a s G a s Sc E l e c t r i c C o . a n d H o m e L i g h t ,
H e a t & P o w e r C o . s h a l l b e n o t l e s s t h a n 1 4$ t i m e s t h e I n t e r e s t c h a r g e .
V . 92, p. 1439.
I m p r o v e m e n t fu n d p a y m e n ts o n to ta l a m o u n t o f b o n d s o u t
M a r c h 1 e a d i y e a r a s fo llo w s : 1 % 1 9 1 3 -1 5 ; 2 % 1 9 1 6 -1 8 ; 3 % 1 9 1 9 -2 1 .
Im ­
p r o v e m e n t fu n d m a y b e u s e d a s s in k in g fu n d .
A ll b o n d s a c q u ir e d fo r
s in k in g f u n d s h a ll b e c a n c e le d .
V . 107, p . 806.
E A R N I N G S .— 12 M o s . to —
G ross.
N e t.
$ 7 4 3 ,6 9 7
F e b . 2 8 1 9 1 9 ...................................... $ 2 , 2 4 1 , 9 6 8
F e b . 2 8 1 9 1 8 ...................................... 1 . 7 7 5 , 1 3 7
4 9 8 ,4 1 8
x A ft e r a llo w in g f o r o t h e r in c o m e r e c e iv e d .

C h a rges.
$ 4 0 8 ,9 7 6
2 9 3 ,8 6 2

S u r p lu s .
* $ 3 5 2 ,4 5 5
2 0 4 ,5 5 6

R E P O R T . — F o r c a le n d a r y e a r 1 9 1 7 In V . 1 0 6 , p . 1 8 9 8 ;
C a l. Y e a r s —
G ross.
N e t.
I n t., A c
P f •( 7 % )

1918...........................$2,123,556
1 9 1 7 .......................................

1916

$709,434 x8101,800

1 ,7 6 7 .6 1 2

1,597.882

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598.785

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$133,000 S174.631
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x I n c lu d e s in t e r e s t o n b o n d s , $ 2 5 2 ,5 2 1 o t h e r in t e r e s t , & c ., $ 1 4 9 ,2 7 9 .
P r e s ., H . P . W r ig h t ; S e c ., C h a s . I I . S m y t h , W ic h it a , K a n .; T r e a s ., W ill­
ia m R e is e r .
N . Y . o f f i c e , 71 B ’ w a y .— ( V . 1 0 8 , p . 3 8 5 , 8 8 3 .)
KAU FFM AN N
2 5 3 2 , 2 6 2 6 .)

D EPA R TM E N T

STO R E S

I N C .— (V .

108,

p.

584,

K A Y C O U N T Y O A S C O .— O R G A N I Z A T I O N .— I n c o r p . D e c . 2 0 1 9 1 1
In O k la h o m a .
W a s o r i g i n a l l y o n l y a d i s t r i b u t i n g c o m p a n y , b u t is n o w
e n g a g e d In a ll b r a n c h e s o f t h e o i l a n d g a s b u s in e s s e x c e p t t h e r e f i n i n r
b u s in e s s .
A s a p r o d u c i n g g a s c o m p a n y h a s h o l d i n g s I n e x c e s s o f 3 5 0 ,0 0 '_
acres.
H a s c o n s id e r a b le a n d v a lu a b le h o ld in g s in t h e O s a g e N a t i o n a n d
e ls e w h e r e .
O w n s a n d c o n t r o ls a m a in lin e s y s t e m f o r t h e p u r c h a s e a n d s a le
o f g a s , a n d o w n s a n d c o n t r o ls th r o e p ip e lln o .s y s t e m s f o r th e g a t h e r in g a n d
tr a n s p o r ta tio n o r c r u d e o il, a n d h a s a fo u r th s y s te m u n d e r c o n s tr u c tio n
M o s t o f I t s o i l p r o d u c i n g p r o p e r t i e s h a v e b o o n b o u g h t in p a r t n e r s h i p w i t h
M a r l a n d R e f i n i n g G o . (s e e b e lo w > a n d o t h e r c o m p a n i e s .
V . 109, p . 1896.
S T O C K .— T h o c o m p a n y w a s f o r m e r ly c a p it a liz e d a t $ 1 ,0 0 0 ,0 0 0 (p a r
$ 1 ).
T h i s w a s in c r e a s e d In 1 9 1 9 t o $ 1 0 ,0 0 0 ,0 0 0 o f w h i c h $ 4 , 0 0 0 ,0 0 0 w a s
is s u e d t o s h a r e h o ld e r s a t p a r . m a k i n g $ 5 .0 0 0 , 0 0 0 .o u t s t a n d i n g .
T h e sh are­
h o ld e r s a r o o f f e r e d t h e r ig h t t o s u b s c r ib e a t $ 2 p e r s h a r e (p a r $ 1 ) f r o m D e c 1 1 9 1 9 t o J a n . 1 5 1 9 2 0 , i n c l u s i v e f o r $ 4 , 0 0 0 , 0 0 0 n o w s t o c k in a m o u n t s
e q u a l t o 8 0 % o f t h e ir r e s p e c t iv e h o ld in g s , m a k in g $ 9 ,0 0 0 ,0 0 0 o u t s t a n d in g
V . 109, p . 1896.
P r e s id e n t, E . W . M a r la n d .
O ffic e , P o n c a C i t y , O k la
— (V . 1 0 9 . p . 1 8 9 6 ).
( J U L I U S ) K A Y S E R & C O . — O R G A N I Z A T I O N . — A r e - l n o o r p o r a t l o n (I n
N . Y .) J u n e 31 1 9 1 1 .
“ T h e l a r g e s t m a n u f a c t u r e r s o f s ilk g l o v e s In t h *
w o r ld ” ( o u t p u t b e t w e e n 1 0 ,0 0 0 ,0 0 0 a n d 1 1 ,0 0 0 .0 0 0 p a ir s y e a r l y ) : a ls o m a n u ­
f a c t u r in g lis le a n d s ilk g l o v e s , s ilk h o s i e r y , s ilk a n d c o t t o n - r i b b e d u n d e r ­
w e a r , d re ss n e ts a n d v e ilin g . P la n t s a t B r o o k l y n , A m s t e r d a m , S id n e y ,
O n e o n ta , B a ln b r ld g e , W a lt o n , C h e r r y V a lle y . R o c k v ille C e n te r , M o n t ic e llo ,
C o b le s k ill, H o r n e li a n d O w e g o , N . Y . , a n d S h e r b r o o k , Q u e .
V . 9 5 , p . 1405
V . 92, p . 1568; V . 107, p . 185.
A n n u a l s in k in g fu n d c a n c e lin g fir s t p r o f




s t o c k a t o r u n d e r 1 2 0 , S 1 5 0 .0 0 0 .
T o t a l fir s t p r e f. s t o c k a u t h ., $ 3 ,0 0 0 ,0 0 0
r e tir e d t o A u g . 1 1 9 1 9 , $ 1 ,1 4 0 ,4 0 0 . V . 9 2 , p . 5 6 8 ; V . 1 0 5 , p . 2 2 7 0 .
D I V I D E N D S .— O n c o m m o n , A p r il 1 9 1 2 t o J a n . 1 9 1 3 , 1 % q u a r .; A p r il
1 9 1 3 t o O c t 1 9 1 6 . 1 Vi % q u a r . ; J a n . 1 9 1 7 , 1 > 4 % a n d 1 % e x t r a ; A p r i l , J u l y
a n d O c t 1 9 i 7 . 1 « % ; J a n 1 9 1 8 , 2 % a n d 1 % e x tr a ; A p r il 1 9 1 8 t o O c t . 1 9 1 9 .
2 % qu ar.
V . 106, p . 2277.
R E P O R T .

Y e a r e n d in g A u g . 3 1

y „ r ; 6 _I 7 .

P r o f i t s ( a f t e r d e p r e c i a t i o n ) --------------------- 8 2 , 0 5 5 , 8 3 3 / $ 1 , 5 8 5 , 6 3 1 1 $ 1 , 9 0 6 , 1 9 7
F e d . in c o m e a n d e x ce s s p r o fit s t a x e s . .
6 0 0 ,0 0 0 /
,
n n r .>
S 1 7 o ,0 0 0
R e d e m p t i o n o f p r e f e r r e d s t o c k --------------1 5 0 ,0 0 0
1 5 0 ,0 0 0
lo O .O O O
M i s c e l l a n e o u s d e d u c t i o n s -----------------------F i r s t p r e f e r r e d d i v i d e n d s -------------------------( 7 % ) 1 3 3 , 0 0 6
1 3 4 ,0 4 7
1 4 1 ,3 9 4
S e c o n d p r e f e r r e d d i v i d e n d s ---------------------’ o / S / q
’S n n r v L z iiit n ’n o n
C o m m o n d i v i d e n d s . - - __________________ ( 8 % ) 5 2 7 , 2 0 0 ( 8 ) 4 ) o 6 4 , 9 0 0 0 , 2 ) lo O .O O O
B a l a n c e , s u r p l u s __________________________
$ 6 2 5 ,6 8 3
$ 7 1 6 ,4 3 6
$ 9 0 1 ,8 5 4
B a la n c e s h e e t o f A u g . 3 1 1 9 1 9 s h o w e d ; P r o f i t a n d lo s s , s u r p l u s . $ 5 . 0 1 1 .­
1 7 2 ; s p e c ia l r e s e r v e a c c o u n t , $ 5 0 0 ,0 0 0 ; r e s e r v e f o r F e d e r a l t a x e s , $ 7 3 8 ,1 3 4 ,
a n d f o r c h a n g e in p r ic e s , $ 5 0 0 ,0 0 0 ; s u r p lu s a p p l ie d in r e d e m p t i o n o f p r e f .
S t° G F F u S 'l D i S 0 — P r e s . . J u l i u s K a y s e r ; V . - P . , a n d T r e a s . , E d w i n S . B a y e r ;
V - P a n d G e n M g r ., W . A . S h a k m a n : S e c . a n d A s s t. T r e a s ., L . L e w ln s o h n ;
C o m p , O .M .H e m io n .
O f f i c e , 3 5 3 F o u r t h A v e . , N . Y . — ( V . 1 0 9 , p . 1 8 8 8 .)
(G E O .

E .)

K E IT H

C O .

K E L L Y -S P R I N G FI E L D

(S H O E S ).— (V .
M O TO R

109, p .

T R U C K

1530, 1796.

C O .— (V .

106. p .

2 3 4 8 .)

K E L L Y -S P R IN G FI E L D T I R E
C O — Organization.— I n c o r p o r a t e d
In
N J . A p r il 15 1 8 9 9 a s C o n s o lid a t e d R u b b e r T ir e C o .; n a m e c h a n g e d J a n . 2
1914.
In M a r . 1 917 p u rch a se d fo r c a s h th e N o r th la n d R u b b e r C o . o r B u f­
fa lo .— v . 1 0 4 , p . 9 5 5 .
M a n u fa c tu r e s a u to m o b ile , m o to r tr u c k a n d c a r r la g e tir e s a t A k r o n a n d W o o s t e r , O h io , a n d B u f f a l o , N . Y .
C o n c e n tr a tio n
o f w o r k s a t C u m b e r la n d , M d ., s e e o ffic ia l s ta t e m e n t t o N . Y . S t o c k E x c h .
in A p r il 1 9 1 9 .
V . 108, p . 1835, 2634.
O r d e r s in A u g . 1 9 1 9 , V . 1 0 9 , p . 7 7 9 .
S T O C K .— O n N o v . 3 0 191 5 th e p a r v a lu e o f th e c o m m o n sh a re s w a s
c h a n g e d fr o m $ 1 0 0 t o $ 2 5 b y in c r e a s in g t h e n u m b e r o f s h a r e s f o u r f o ld
O u t s t a n d in g c o m m o n , fu ll s h a r e c e r t ific a t e s , N o v . 1 1 9 1 9 , a b o u t S 5 , 3 ^ , 9 o o .
V . 101, p . 2075.
F ir s t p r e f. h a s a 2 % s in k in g fu n d w h ic h t o J u n e 3 0 1 9 1 9
h a d r e t ir e d a n d c a n c e le d $ 4 4 1 ,1 0 0 o f t h e $ 3 ,7 5 8 ,2 0 0 fir s t p r e f . t h e r e t o fo r e
i s s u e d . ^ I y V ^ JQ s i i a r e h o l d e ’r s h a d t h o r i g h t t o s u b s c r i b e a t p a r f o r $ 5 , 8 6 0 , 2 0 0
o f a n is s u e o f $ 7 ,0 0 0 ,0 0 0 8 % c u m . (2 d ) p r e f . s t o c k , u n d e r w r it t e n .
T h is 8 %
p r e f . is r e d e e m a b l e o n o r a f t e r A u g . 1 5 1 9 2 2 a t $ 1 2 5 & d i v s . , a n d w il l h a v e
s in k in g fu n d a ft e r A u g . 1 5 1 9 2 1 e q u a l e a c h / e a r t o 3 % o f m a x im u m a m o u n t
is s u e d , p a y a b l e b e f o r e a n y d i v i d e n d is p a i d o n c o m m o n s t o c k .
T h is 6 %
p r e f . h a s v o t i n g p o w e r ; t h e 8 % p r e f. h a s n o s u c h p o w e r u n le s s t w o o f it s
q u a r t e r ly d iv id e n d s r e m a in p a id .
V . 108, p . 2634; V . 109, p . 683.
T h e N . Y . S to c k E x c h a n g e o n A p r il 2 3 1 9 1 9 a u th o r iz e d t h e lis tin g o n a n d
a ft e r M a y 1 1 9 1 9 o f $ 6 2 5 ,0 0 0 a d d it io n a l c o m m o n s t o c k ( o f a t o t a l a u t h o r iz e d
Iss u e o f $ 1 0 ,0 0 0 ,0 0 0 ) , o n o f f ic i a l n o t ic e o f is s u a n c e , in p a y m e n t o f f o u r
q u a r t e r ly s t o c k d iv id e n d s o f 3 %
e a c h o n th e c o m m o n s t o c k b e g in n in g
M a y 1 i f a n d a s d e c la r e d , m a k in g t h e t o t a l t o b e lis t e d $ 5 ,5 3 2 ,2 0 0 , p a r $ 2 5
p er sh are.
V . 108, p . 977, 1393, 1835.
C A S H D IV S . f ’9 9 .
'0 0 .
1914.
1915.
1916.
1 9 1 7 t o N o v '1 9
__
- - —
714
15
18
(4 % Q -F )
C o m . s t o c k __ {
6 % 1st p r o f - - I
3
6
A p r. 1914 to
O c t '1 9 . 6 % p . a . ( l > 4 % Q . - J - )
O n M a y , A u g . a n d N o v . 1 1 919 p a id a s t o c k d iv id e n d o f 3 % a lo n g w ith
t h e r e g u la r q u a r t e r ly c a s h d iv . o f $ 1 .
V . 108, p . 1393, 977.
E A R N I N G S .— F o r h a lf-y e a r e n d e d J u n e 3 0 1 9 1 9 , g r o s s , $ 3 ,7 6 2 ,3 8 1 : n e t ,
a ft e r in t e r e s t , & c ., $ 2 ,0 5 3 ,5 3 1 ; F e d e r a l t a x a c c o u n t e n t ir e
year
1918,
$ 1 ,2 8 5 ,9 4 7 : p r e f . d i v . , 3 % , $ 9 9 ,5 1 3 ;c o m m o n , 8 % , $ 3 9 2 ,5 7 6 ; 3 % d i v . p a id In
s t o c k , $ 1 4 7 ,2 1 6 ; b a l . , s u r ., $ 1 2 8 ,2 7 9 .
T o t a l s u r p lu s J u n e 3 0 1 9 1 9 , $ 9 ,9 5 5 .­
1 8 0 , s u b je c t t o F e d e r a l t a x e s f o r 1 9 1 9 .
R E P O R T .— R e p o r t fo r y e a r e n d in g D e c . 31 1 9 1 8 , V . 1 0 8 , p . 9 7 0 ,1 8 3 5 :

Calendar
Years—

Gross
Earnings.

Total Net Int.,S k. Preferred Common
Incom e. F u n d ,A c. Divs.
Divs.

Balance,
Surplus.

1918
.............$ 7 , 1 8 7 , 8 3 4 $ 4 , 5 8 9 , 7 6 5 x 6 5 8 , 6 6 3 S 2 0 5 . 9 5 9 S 7 8 5 . 1 5 2 $ 2 , 9 3 9 , 9 9 2
1917
. — $ 4 ,3 2 3 ,9 5 5 $ 2 ,6 4 8 ,9 1 3 $ 7 5 ,1 6 4 $ 2 1 3 ,0 7 8 $ 7 8 5 ,1 5 2 $ 1 ,5 7 5 ,5 2 0
2 ,1 1 7 .3 1 4
9 6 .7 6 4
2 1 5 .9 3 2
7 3 5 ,3 1 6
1 ,0 6 9 ,3 0 2
1 9 1 6 ________ 3 , 4 6 4 . 4 5 9
x I n c lu d e s $ 1 3 4 ,1 2 4 f o r 1 9 1 7 F e d e r a l t a x e s .
T h e t o t a l s u r p lu s D e c . 3 1 1 9 1 8 w a s $ 9 ,1 9 7 ,8 5 8 .
O F F I C E R S .— A r n o ld L . S c h e u e r , C h a ir m a n ; V a n H . C a r tm e ll, P r e s .;
M a u r ic e S w itz e r , O . R . C o o k a n d O . A . B r o w n , V . - P ’s .; F . A . S e a m a n ,
V -P
& S e c ., a n d H . B . D e la p ie r r e , T r e a s .
N . Y . o ffic e , 2 0 0 W . 5 7 th S t.
— ( V . 1 0 8 , p . 1 3 9 3 , 1 7 2 3 . 1 8 3 5 , 2 6 3 4 ; V . 1 0 9 , p . 1 7 7 . 6 8 3 , 7 7 9 , 1 4 6 5 .)
K E L S E Y W H E E L C O . . I N C .— O R G A N I Z A T I O N . — I n c o r p o r a t e d In
N . Y . o n A u g . 2 3 1 9 1 6 . a n d t o o k o v e r a s o f D e c 31 1 9 1 5 th e e n tir e a s s e ts
a n d b u s in e s s o f K e ls e y W h e e l C o . o f M i c h , a n d H e r b e r t M f g . C o . o f M i c h .,
as g o in g c o n c e r n s , a n d th e c a p it a l s t o c k o f K e ls e y W h e e l C o . , L t d ., o f
C a n a d a a n d o f th e K e ls e y W h e e l C o . o f T e n n .
O w n s o n e o f th e la r g e s t
a u t o m o b i l e w h e e l p la n t s in t h e w o r l d . V . 1 0 3 , p . 4 1 1 , 8 4 8 ; V . 1 0 5 . p . 7 5 .
S T O C K .— A u t h . a n d Is s u e d , $ 1 0 ,0 0 0 ,0 0 0 c o m . a n d $ 3 ,0 0 0 ,0 9 0 (p a r $ 1 0 0 )
7 % c u m . p r e f.; p r e f. r e d e e m e d t o D e c . 31 1 9 1 8 , $ 9 1 ,0 0 0 .
P r e f . is r e d e e m ­
a b le , a ll o r p a r t , a t a n y t im e o n 9 0 d a y s ’ n o t ic e , a t $ 1 2 5 a n d d iv s .
N o
m o rtg a g e o r fu n d e d d e b t .
S ee s to c k o ffe r in g , V . 1 0 3 , p . 4 1 1 .
D iv . o n
p re f. N o v . 1 1916 t o N o v 1 9 1 9 , 7 % p e r a n n u m
(1 % %
q u a r .).
N o te
p a y a b le a s o f D o c . 3 1 1 9 1 8 , $ 1 ,0 9 0 ,0 0 0 .
R E P O R T . — F o r c a l. y e a r 1 9 1 8 in V . 1 0 8 , p . 1 5 0 9 , i n c l . s u b . c o s . , s h o w e d

Cal.
Years

Net
Sales.

Total Net
Income.

D eprec.,
In t., A c .

Federal
Tates.

Preferred
Dividends.

Balance,
Surplus.

1 9 1 8 - - $ 1 0 ,3 3 6 ,3 1 5 5 1 ,5 0 5 ,2 9 0 $ 4 5 3 ,5 1 1 $ 2 7 5 ,0 0 0 ( 7 % ) $ 2 0 4 .7 5 0 $ 5 7 2 ,0 2 9
1 9 1 7 --$ 1 1 .3 2 1 ,3 5 6
1 ,7 2 2 .8 6 4 $ 3 7 7 ,6 0 9 $ 3 0 5 ,0 0 0 ( 7 % ) $ 2 1 0 ,0 0 0
830 255
1 9 1 6 ..
8 .1 7 8 .9 2 1
1 ,1 0 7 ,6 0 2
4 0 0 .6 8 2
...................( 1 H )
5 2 ,5 0 0
6 5 4 .4 2 0
P r e s ., J o h n K e l s e y .— ( V . 1 0 6 , p . 5 0 4 , 1 2 3 4 , 1 4 5 9 , 1 1 6 8 V . 1 0 8 , p . 1 5 0 9 .)
K E N N E C O TT
C O PPE R
C O R P O R A T I O N .— O R G A N I Z A T I O N .—
I n c o r p . o n A p r il 2 9 1 9 1 5 In N . Y . w it h 7 2 0 ,0 0 0 s h a r e s w it h o u t p a r v a l u e ,
a n d t o o k o v e r t h e K e n n e c o t t a n d B e a t s o n p r o p e r t i e s in A la s k a .
V . 100,
p.
1922.
O n D e c . 14 1 9 1 5 th e n u m b e r
of
sh ares
w asi in c r e a s e d
to
5 .0 0 0 .
0 0 0 fo r th e p u r p o s e o f a c q u ir in g (V . 1 0 1 .P - 1 7 1 7 , 1 8 1 1 . 1 8 8 9 , 2 0 7 5 ):
(a ) T h e s t o c k a n d c o n v e r t ib le b o n d s o f t h e B r a d e n C o p p e r ^ M in e s C o .
(m in e s f
..........................
C o.
' t o r e t i r e t h e S lo V o O O B O O 'S % 1 0 - y e a r ' c o n v e r t T b l e b o n d s o f t h e K e n n e c o t t
C o p p e r C o r p o r a tio n .
S e e f u l 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 In
V . 102. p . 805.
C o . 's s t a t u s In N o v . 1 9 1 7 . V . 1 0 a . p . 2 0 0 2 .
O n D e c . 3 1 1 9 1 8 o w n e d (a ) $ 1 2 ,8 2 8 ,4 5 5 o u t o f a t o t a l is s u e o f $ 1 2 ,9 5 3 ,5 3 0
s t o c k o f B r a d e n C o p p e r M in e s C o .
T h e la s t - n a m e d c o m p a n y in F e b .
1 9 1 6 s o ld $ 1 5 ,0 0 0 ,0 0 0 F ir s t C o ll , t r u s t 6 % s in k in g fu n d g o ld b o n d s . V . 1 0 2 .

[V ol . 109.

INDUSTRIAL STOCKS AND BONDS
D a te
B onds

M I S C E L L A N E O U S C O S .— C A P I T A L I Z A T I O N
[F o r a b b r e v ia tio n s , & c .. s e e n o te s o n fir s t p a g e]

K e y s t o n e T i r e & R u b b e r C o — S t o c k a u t h $ 5 ,0 0 0 ,0 0 0 — - - l b » ) K r e s g e C o iN e w M i c h U o ) — O u m fflo o su e $ I U ,0 0 0 ,0 0 0 P r e f s t o c k ( n e w ) 7 % c u m f r o m A p r 1 1 6 p r e f a & d ------------------( S H ) K r e s s & C o — C o m m o n s t o c k $ 1 2 . 0 0 0 , 0 0 0 -----------------------P r e f s t o c k 7 % c u m $ 5 ,0 0 0 ,0 0 0 a u t h .: s fd 1918 c a ll a t 1 2 5 —
L a B e lle I r o n W o r k s — C o m m o n s t o c k $ 1 0 ,0 0 0 ,0 0 0 a u t h . . - - P r e fe r r e d s t o c k (a & d , $ % o u m $ 1 0 ,0 0 0 ,0 0 0 a u t h o r l z e d . .
1915
F i r s t & R e f M $ 7 , 5 0 0 , 0 0 0 c a l l 1 0 5 ................- .................... P e P . c *
L a c k a w a n n a S t e e l— C o m m o n s t o c k $ 6 0 ,0 0 0 ,0 0 0 a u t h o r i z e d . .
1903
F ir s t m o r t g a g e g o ld r e d e e m a b le c o n v e r t i b le ( t e s t ) - _ F . x c *
1910
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L a c k I r o n & S t e e l C o 1 s t M a s s u m e d in 1 9 1 7 b y B e t h le h e m S t e e l
1902
E lls w o r t h C o a l C o 1st M $ 2 ,0 0 0 ,0 0 0 g $ 1 0 0 ,0 0 0 d u e y l y U P i
1907
E l l s w o r t h c o l l p u r m o n s f d 5 s g u a r ( p a r t d u e In 1 9 2 7 ) - - F . 3
1916
C a r t r u s t d u e $ 6 2 , 0 0 0 s - a M & S 1 5 c a l l ( a l l o n l y ) 1 0 2 --------- K

$10
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p. 524, 714.
S e e c a p t io n o f B r a d e n C o p p e r M in o s C o .
(5 ) $ 2 ,3 8 5 ,4 1 3 o u t
o f $ 4 ,5 0 0 ,0 0 0 s t o c k o f A la s k a S S C 0 . (c l E n t ir e $ 4 ,8 1 7 ,4 0 0 s t o c k a n d $ 2 3 .­
0 2 0 ,0 0 0 fir s t m t g e . 5 s o f C o p p e r R iv e r & N . W . R y .
(d ) $ 6 ,1 6 5 ,0 4 0 s t o c k
o f U t a h C o p p e r C o . , o u t o f $ 1 6 ,2 4 4 ,9 0 0 .
V . 1 0 4 , p . 1 1 4 8 : V . 1 0 6 , p .. 1 9 0 4 .
T h e M o t h e r L o d e C o p p e r M in e s C o . p r o p e r t y in A la s k a a d jo in s th e
B o n a n z a m in e s , a n d in A p r il 1 9 1 9 d e e d e d a ll it s p r o p e r t y t o M o t h e r L o d e
C o a li t io n M in e s C o . , in c o r p . in D e la w a r e o n A p r il 17 1 9 1 9 w it h a c a p it a l
o f 2 ,5 0 0 ,0 0 0 s h a r e s ( n o p a r v a l u e ) , o f w h ic h K e n n e c o t t C o p p e r C o r p . o w n s
51 % .
F u n d s t o r e d e e m T e n - y e a r 6 % b o n d s o u t s t a n d i n g , is s u e d b y M o t h e r
L o d e C o p p e r M in e s C o ., w a s d e p o s it e d b y M o t h e r L o d e C o a lit io n M in e C o .
V
1 0 6 , p . 2 3 4 8 : V . 1 0 7 , p . 4 0 7 , 2 1 0 2 ; V . 1Q 8, p . 1 3 9 3 . 2 2 4 6 . 4 J
D I V I D E N D S . — A n I n it ia l d i v i d e n d o f $ 1 p e r s h a r e w a s d e c l a r e d in F eD
1 9 1 6 , p a y a b le M a r c h 3 1 .
V . 1 0 2 , p . 5 2 6 : J u n e 1 9 1 6 t o S e p t. 1 9 1 7 , $1 50
q u a r . ($ 6 y e a r l y ) : D e c . 1 9 1 7 t o D e c . 1 9 1 8 , $1 q u a r .
In M a rch , June an d
S e p t. D e c . 1 9 1 9 p a id 5 0 c e n ts q u a r .
V . 108, p . 1393.
L a te d iv s . h a v e b e e n
o n e -h a lf c a p ita l d is t r ib u t io n s .
I n J u ly 1 9 1 7 p a id a R e d C r o s s d iv . o f 2 0 c t s .
N O T E S . — I n F e b . 1 9 1 9 s o ld t o J . P . M o r g a n a n d a s s o c i a t e s $ 1 2 ,0 0 0 ,0 0 0
o n e -y e a r 6 %
n otes d a te d M a rch 1 1919 a n d d u e M a rch 1 1930.
I t is
u n d e r s t o o d t h a t t h e c o m p a n y h a d a b o u t $ 8 ,0 0 0 ,0 0 0 c a s h o n h a n d a n d c o u ld
e a s ily h a v e t a k e n c a r e o f t h e la 3 t $ 4 ,0 0 0 ,0 0 0 m a t u r it y o f t h e $ 1 6 ,0 0 0 ,0 0 0 o f
n o t e s is s u e d in 1 9 1 7 , b u t t h e c o n d it io n o f th e c o p p e r m a r k e t m a d e t h e
n e w n o t e is s u e d e s i r a b le f o r r e f u n d in g a s a f o r e s a id a n d t o p r o v i d e f o r n e w
c o n s t r u c t i o n a n d im p r o v e m e n t s a t t h e B r a d e n p r o p e r t ie s in S o u t h A m e r ic a ,
a u t h o r iz e d t h e n e w n o t e is s u e .
V . 108, p . 787: V . 104
d . 1 1 (1 8 .
™P r o d u c t i o n ( A l a s k a <& S o . A m e r . ) —
M o n t h o f S e p t e m b e r , p o u n d s ---------------9 m o n t h s t o S e p t . 3 0 , p o u n d s __________

919.
9 ,9 2 8 ,0 0 0
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191b.

11 , 5 2 8 , 0 0 0
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1917.
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_

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R E P O R T .— F o r y e a r e n d in g D e c . 31 1 9 1 8 ( V . 1 0 8 . p . 1 9 3 0 ) , s h o w e d :
E a r n in g s .
C ross
N et
I n te r e s t & D e p r e c ., D iv s . ( S ee
B a la n c e,
C a l.
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In com e.
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“ x ” b elo w ).
S u r p lu s .
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$
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1 9 1 8 ________1 5 , 0 8 0 , 9 2 7 1 4 , 6 7 2 , 2 7 2 8 9 8 . 3 0 7 1 , 2 2 2 , 8 7 2 1 1 , 1 4 8 , 1 7 8
1 ,4 0 2 ,9 1 5
1917
1 6 ,0 2 6 .1 0 5 1 9 .2 8 3 ,4 8 1 1 ,3 1 8 ,5 7 9 8 4 5 .4 2 7 1 5 .8 8 5 .7 2 1
1 .2 3 3 .7 5 4
1916
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6 6 7 .9 8 5 2 2 2 .9 0 9 1 5 ,3 2 0 ,2 8 3 1 2 ,3 4 1 ,4 3 1
x I n c l u d e s In 1 9 1 7 . $ 3 7 0 f r o m i n c o m e ( $ 1 0 , 3 1 1 , 6 6 5 ) . a n d $ 2 a s “ c a p it a *
d is t r ib u t io n s ” ( $ 5 ,5 7 4 ,0 5 6 ), t h e la t t e r p r o v id e d o u t o f d e p le t io n a c c o u n t L ik e w is e in 1 9 1 8 $ 5 ,5 7 4 ,0 8 9 ($ 2 ) f r o m e a c h o f t h e a fo r e s a id s o u r c e s .
O F F I C E R S .— C h a ir m a n . W . O . P o u te r ; P r e s ., S te p h e n B ir c h ; V .- P .
W . P . H a m ilt o n ; S e c ., C a r l T . U lr ic h ; T r e a s ., E . S . P o g r a m .
N ew Y ork
o ffic e . 120 B ro a d w a v .
.
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D I R E C T O R S .— S te p h e n B ir c h . S a m u e l J . C la r k e , O . T . U lr ic h , H . F .
G u g g e n h e im
E A . G u g g e n h e im , W m . P ie r s o n H a m ilt o n . H . O . H a v e m e y e r
S ew a rd P rosper a n d W . C . P o tte r , N . Y .— (V . 1 0 8 . p . 7 8 7 . 8 8 3 . 1 5 1 4 . 1 «3 0 .
2 1 2 8 , 2 2 4 5 . 2 5 3 2 ; V . 1 0 9 , p . 7 7 9 , 9 8 5 , 1 6 1 3 .)

KEYSTONE STEEL & WIRE CO.— V. 107, p. 407, 2192; V. 108, p.
1393.

.
____________
KEYSTONE TELEPHONE CO., PHILADELPHIA.— ‘ ‘ I n d e p e n d e n t ’ ’
( o f B e l l ) t e l e p h o n e s y s t e m in P h i l a d e l p h i a a n d v i c i n i t y .
T h e P h ila . E le c t r ic
C o . in J u n e 1 9 1 7 o b t a in e d t h e a p p r o v a l o f P e n n . P . S . C o m r n . t o a lo n g
le a s e o f c o n d u it s p a c e a t 4 c t s . p e r d u c t f o o t w ith a g r a d u a t e d n r n im u r a
r e n t a l r is in g t o $ 1 2 5 ,0 0 0 y e a r l y , w it h o p t i o n o f p u r c h a s e a t e n d o f le a s e .
V . 100. p . 736: V . 103. p . 1035; V . 104, p . 1149: V . 105, p . 184.
S t o c k . $ 2 ,5 0 0 ,0 0 0 . a ll o w n e d b y K e y s t o n e T e l . C o . o f N . J
h a v in g o u t ­
s t a n d in g $ 1 ,9 3 6 ,8 5 0 6 % p a r t ic ip a t in g b u t n o n -v o t i n g p r e f. a n d $ 5 ,0 0 0 ,0 0 0
co m . sto ck — par, $50.
O f th e $ 5 ,0 0 0 ,0 0 0 c o m m o n s t o c k , a m a jo r it y w a s
in v o t i n g t r u s t t i l l F e b . 1 1 9 1 7 ; t h i s h a s b e e a r e n e w e d f o r 5 y e a r s . V . 9 7 .
p . 2 7 3 ;V . 104, p . 1149.
D I V I D E N D S .— R e g u la r s e m i-a n n u a l d iv id e n d s o f $1 5 0 w e r e p a id o n t h e
p r e f. sh a res fr o m N o v . 5 1913 t o M a y 1 9 1 9 .
N o v . 1 9 1 9 , m l.
V . 109, p .
A c c u m u la t e d d iv id e n d s , p r e v io u s ly 6 3 % . h a v e b e e n r e d u c e d b y p a y m e n ts
a s f o l l o w s : 1 9 1 5 , 2 % ; 1 9 1 6 , 4 % ; 1 9 1 7 , 4 1 4 % '- 1 9 1 8 , F e b . . 2 H % . l e a v i n g
a b o u t 5 0 % a c c u m u la te d .
V . 106, p . 194.
_
B O N D S .— F ir s t 5 s s u b je c t t o c a ll, a s a n e n t ir e t y o n l y , a t 1 0 8 . b e g in n in g
J u ly 1 1 9 0 8 ; $ 6 ,7 2 5 ,0 0 0 h a v e b e e n s o ld ; $ 1 ,5 0 0 ,0 0 0 a r e p le d g e d u n d e r
E q u ip . & F ir s t M t g e . o f 1 9 1 9 , $ 2 ,5 0 0 ,0 0 0 a r e r e s e r v e d t o a c q u ir e s e c u r itie s
o f o t h e r t e le p h o n e c o m p a n ie s , a n d t h e r e m a in d e r o f a u t h . $ 1 0 ,0 0 0 ,0 0 0 fo r
f u t u r e p u r p o s e s , a t n o t o v e r $ 6 0 0 ,0 0 0 y e a r l y .
N . 8 1 , p . 34; V . 8 8 , p . 1625;
V . 89, p . 47; V . 99, p . 273, 541: V . 101. p . 1192: V . 103. p . 883. 977.
I n O c t . 1 9 1 9 s o le ! $ 1 , 1 0 0 , 0 0 0 E q u i p . & F i r s t M t g e . C o l l a t e r a l 1 0 - y e a r
S in k in g F u n d 6 % g o l d b o n d s , t o t a l a u t h ., $ 1 ,6 0 0 ,0 0 0 .
P roceed s to be
u s e d f o r t h e in s t a lla t io n o f th e a u t o m a t ic te le p h o n e s y s t e m .
S ecu red b y
e q u ip m e n t tr u s t s o n a u t o m a t i c s w it c h b o a r d s t o c o s t $ 9 6 6 ,0 0 0 , a n a b y
p le d g e o f $ 1 ,5 0 0 ,0 0 0 1 st M . 5 s o f 1 9 0 5 .
A s in k in g fu n d b e g in n in g N o v . I
1 9 2 2 w ill r e t i r e t h e s e 6 % b o n d s a s f o l l o w s : 1 9 2 2 a n d 1 9 2 3 , $ 1 0 0 ,0 0 0 e a c h ,
1 9 2 4 t o 1 9 2 6 , $ 1 5 0 ,0 0 0 e a c h ; 1 9 2 7 a n d 1 9 2 8 , $ 2 0 0 ,0 0 0
each .
V . 109, p .
1 7 0 4 , 1 9 9 1 . i4 2 A

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P la c e s W h e r e I n te r e s t a n d
D iv id e n d s a r e P a y a b le

N ew Y ork
C h e c k s m a ile d
ao
L a w y e r s T I tle & T r C o N Y
C h e c k s m a ile d
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C h e c k s m a ile d
.
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C e n tr a l U n io n T r C o , N Y

&
N M a y 1 ’ 2 0 t o '2 5 P i t t s U n i o n T r u s t C o
&
J J a n 1 1922 & 27 F a rm e rs’ L & T r C o , N ^
& S 1 5 M a r ’ 2 0 - M a r ’2 6 C o m m e r c ia l T r C o , P t illa

O F F I C E R S .— P r e s ., L . W a lt e r L is s b e r g e r ; V .- P r e s ., S y d n e y B e r n h e lm ;
S e c ., W a lt e r L o w e n t h a l; T r e a s ., J o e l J a c o b s .
O ffic e , 1 8 7 7 B w a y ., N . Y .
— ( V . 1 0 8 , p . 1 7 5 , 6 8 7 , 1 0 6 4 , 1 5 1 5 , 1 7 1 6 , 2 5 3 2 ; V . 1 0 9 , p . 7 6 , 1 7 7 , 1 0 8 4 .)
(S . S .)
K R E SO E
C O .— O R G A N I Z A T I O N .— In M a r c h
1916 In cor­
p o r a t e d in M ic h i g a n t o s u c c e e d , p e r p la n V . 1 0 1 . p . 1 5 5 5 , 1 7 1 7 , t h e S . S .
K r e s g e C o . i n c o r p o r a t e d In D e l a w a r e A p r i l 1 9 1 2 a n d o p e r a t i n g ( e i t h e r
d ir e c t ly o r t h r o u g h s u b s id ia r y c o r p o r a t io n s , a ll o f w h o s e s t o c k s a r e o w n e d )
1 7 0 r e t a i l 5 . 1 0 & 1 5 - c e n t s t o r o s In C h i c a g o , D e t r o i t , S t . L o u i s , G r e a t e r N e w
Y o r k , P h ila d e lp h ia , P it t s b u r g h , B o s t o n a n d o t h e r c itie s n o r th o f W a s h in g ­
to n , D . O ., a n d e a s t o f S t. J o s e p h , M o . V . 9 4 . p . 13 1 9 : V . 1 0 4 , d . 3 6 6 .
N o
b o n d e d d e b t D e c . 3 1 1 9 1 8 : p u r c h a s e m o n e y m o r t g a g e . $ 3 0 5 ,0 0 0 .
C A P I T A L S T O C K .— A u t h o r iz e d a n d Issu e d (s e e t a b le a b o v e ) a s s t a t e d
In V . 1 0 1 , p . 1 5 5 5 : V . 1 0 2 , p . 3 4 9 . 7 1 5 , 8 0 4 .
I n M a r c h 1 9 1 7 v o t e d t o In ­
c r e a s e in p a r v a lu e o f th e s h a r e s o f c o m m o n a n d p r e f. s t o c k s fr o m $ 1 0 p e r
sh are to $ 1 0 0 .
V . 104. p . 1049.
B o t h s to c k s w e re lis te d o n N . Y . S t o c k
E x c h a n g e in M a y 1 9 1 8 .
D I V I D E N D S .— O n n e w p r e f., \ H % q u a r . ( Q .- J .) .
O n now co m m o n .
N o . 1, 1 5 c . ( U 4 % ) , J u ly 1 1 9 1 6 t o J a n . 1 9 1 8 ,4 % y e a r ly ; J u ly 1 9 1 8 , 2 1 4 % :
1 9 1 9 , J a n . a n d J u ly , 2 * 4 % .
S A L E S ( V . 1 0 9 , p . 1 8 9 6 )—
1919.
M o n t h o f O c t o b e r . . . ...................................... . $ 3 , 8 3 3 , 0 6 1
1 0 m o n t h s t o O c t . 3 1 --------------------------------- 3 2 , 0 1 5 , 8 5 3

1918.
$ 2 ,9 7 1 ,4 6 9
2 7 ,5 2 2 ,6 8 7

1917.
$ 2 ,6 3 1 ,2 7 1
2 2 ,6 1 3 ,2 7 8

R E P O R T . — F o r y e a r e n d . D e c . 3 1 1 9 1 8 in V . 1 0 8 , p . 8 7 6 .
1918.
1917.
1916.
1915.
S to re s, N o ., D e c . 3 1 —
170
157
139
S a l e s ............................................... $ 3 6 , 3 0 9 , 5 1 3 $ 3 0 , 0 9 0 , 7 0 0 $ 2 6 , 3 9 6 , 5 1 4 $ 2 0 , 9 4 3 , 3 0 0
N e t i n c o m e ___________________$ 2 , 9 5 0 , 9 9 9
$ 1 ,8 0 9 ,1 2 6
$ 1 ,2 9 3 ,2 2 1
$ 2 ,3 6 0 ,9 8 8
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5 0 J .0 0 0
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P r e f e r r e d d i v i d e n d s _____ ( 7 ) 1 4 0 , 0 0 0
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(7 )1 4 0 ,0 0 0
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$ 1 ,3 2 0 ,9 8 8
__________
_____ ______
P r e s ., S . S . K r e s g e ; V .- P ., C . B . V a n D u s e n ; 2 d V .- P . & T r e a s ., O . B .
T u t t le , a n d 3 d V .- P . & S e c ., R . R . W illia m s .
O ffic e , D e tr o it, M ic h ,
— (V . 108, p . 175, 787, 876, 1168, 1613, 2 0 2 6 , 2 4 3 8 ; V . 109. p . 8 9 1 . 1183.
1 8 9 6 .)
( S . H . ) K R E S S & C O . — O R G A N I Z A T I O N . — I n c o r p o r a t e d In N . Y . In
J u n e 1 9 1 6 t o t a k e o v e r t h e 5 - 1 0 - 2 5 - c e n t c h a i n s t o r e b u s ', a s s o f S . H . K r e s s
& C o . o f N . Y . a n d S . H . K r e < s <fc C o o f T e x .
In J a n . 1 9 1 8 w a s o p e r a t in g
1 3 7 p - t ill s to r e -* a i d 7 m a l l o r d e r .
V. 102. p. 2080. 2345; V . 103, p . 64.
F u l l o f f i c i a 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 In V . 1 0 4 , p . 2 1 4 3 .
S T O C K .— P r e f. 7 % c u m ., a u t h ., $ 5 ,0 0 0 ,0 0 0 ; $ 4 ,0 0 0 ,0 0 0 is s u e d ; r e t ir e d
in 1 9 1 8 , $ 2 6 0 ,0 0 0 .
C o m m o n , $ 1 2 ,0 0 0 ,0 0 0 a u t h .
T h o p r e f . w ill h a v e n o
v o t i n g p o w e r u n l e s s a n d u n t i l t w o q u a r t e r y d i v i d e n d s a r o In d e f a u l t .
M ay
b e r o d e e m e d , a ll o r p a r t , a t a n y t im e u p o n 9 0 d a y s ’ n o t ic e a t 1 2 5 a n d d i v s .
A n n u a l s in k i n g f u n d t o r e t ir e p r e f . t o b e g in in 1 9 1 8 , 3 % o f la r g e s t a m o u n t
is s u e d .
N o m o r t g a g e p o s s ib le w it h o u t c o n s e n t o f 7 5 % o f e a c h c la s s o f
stock .
V . 102. p . 2080; V . 104, p . 2143.
,
D iv id e n d s — O n p r e L , 1 * 4 % q u a r. O c t. 1916 t o O c t. 1 1 9 1 9 .
O n com .
s t o c k in 1 9 1 9 , A u g . 1 t o N o v . 1 1 9 1 9 , 1 % q u a r t e r ly .
S A L E S ( V . 1 0 9 , p . 1 8 9 6 )—
1919.
M o n t h o f O c t o b e r . . ..............................................$ 2 , 4 1 8 , 7 8 9
1 0 m o n t h s t o O c t . 3 1 ........................................... 1 8 . 4 4 6 . 5 3 5

1918.
$ 1 ,7 3 4 ,7 9 0
15 .6 3 0 .7 9 1

1917.
$ 1 ,7 4 6 ,4 7 8
1 2 ,9 6 8 ,8 2 9

R E P O R T .— F o r y e a r s e n d in g D 8 c . 3 1 1 9 1 8 , V . 1 0 8 , p . 9 7 0 :
C a l.
N o.
S a le s .
P r o fits .
P r e f. D iv s.
C om . D io s .
B a l.,S u r .
Y r s . S to re s.
$ i
$
$
S
$
1 9 1 7 _______1 4 4 2 1 , 1 6 0 , 1 1 1 * 1 , 1 5 3 , 7 1 7
(7 % )2 6 4 ,8 2 8 (2 % )2 4 0 ,0 0 0
6 5 3 ,8 8 9
1 9 1 7 _______1 4 4 1 7 , 6 3 3 , 1 0 0 * 1 , 4 6 5 , 4 6 1 ( 7 % ) 2 8 0 . 0 0 0 ............................... 1 , 1 8 5 , 4 6 1
1 9 1 6 . 1 . . 1 3 0 1 5 ,0 5 9 .6 8 3
1 . 3 5 4 , 0 9 2 ( 3 ^ ) 1 4 0 , 0 0 0 ............................... 1 . 2 1 4 , 0 9 2
1 ,0 6 3 .0 6 7
- . --------------1 ,0 6 3 ,0 6 7
1 9 1 5 1 2 ,4 2 9 ,5 9 0
♦ A fte r p r o v id in g fo r F e d e r a l e x c e s s p r o fit s a n d I n c o m e ta x e s .
3 M o s to M a r c h 3 1 —
1919.
1918.
S a l e s ( V . 1 0 8 . p . 1 6 1 3 ) ................................................................ $ 4 , 6 8 4 , 0 9 5
$ 3 ,9 4 0 ,3 2 1
_

182

O F F I C E R S .— P r o s ., S . H . K r o s s , N . Y . — ( V .
1 6 1 3 , 1 9 4 0 . 2 4 3 8 ; V . 1 0 9 , p . 1 7 7 , 1 0 3 4 , 1 5 3 0 .)

108, p .

175, 970,

1084,

LA
BELLE
IR O N
W O R K S . — O R G A N I Z A T I O N . — I n c o r p . In W e s t
V i r g i n i a in 1 8 7 5 ( b u s i n e s s f o u n d e d In 1 8 5 2 ) a n d m a n u f a c t u r e s p i g i r o n , s t e e l
s la b s b il lo t s , p la t e s , s h e e t s , t u b e s a n d o t h e r f in i s h e d s t e e l p r o d u c t s .
M a in
p la n t a t S t e u b o n v llle , O .. 126 a c r e s .
A ls o o w n s 5 9 0 a c r e s o f la n d o n t h e
W e s t V ir g in ia s id e o f th o O h io R iv e r , o p p o s it e S t e u b e n v il le , o n w h ic h a
b y - p r o d u c t c o k e p l a n t o f 9 4 o v e n s w a s p la c e d in o p e r a t io n .
, T n n i ( ___T h e $ 1 0 , 0 0 0 , 0 0 0 p r e f . s t o c k w a s d i s t r i b u t e d I n O c t . 1 9 1 2 a s a
1 0 0 % d iv id e n d o n c o m m o n s t o c k . V . 9 4 , p . 1 5 6 9 . 176 8 ; V . 9 5 , p . 1 0 4 2 .
D IV S . S IN C E 1912—
O n c o m m o n ----------- ------------%

1913.
2

1914.
1

1915.
0

'1 6 .
0

’ 17.
10

’ 18.
1^

1919.
te x t

R E P O R T .— F o r t h e fis c a l y e a r e n d in g D e c . 31 1 9 1 8 :
° “ P r e d o rr0<1, rBo n a c c u m u l a t i o n s . 7( a l l p a i l I n 1 9 * 6 )
5
V 1 0 3 .p 2 o l2
Y ea rs—
C ross.
N e t.
R e n e w .R e s t s , I n te r e s t.
P r e f .D i v . S u r p lu s .
F r o m J u n e 1 9 1 7 t o M a r c h 1 9 1 9 p a id l % a n d 2 % e x t r a o n c o m m o n , q u a r .
............................ $ 1 , 6 0 5 , 7 2 1 $ 6 6 4 , 0 4 3
$ 1 8 1 ,5 5 9
$ 3 4 4 ,4 8 4
x $ l 1 6 , 2 1 1 I n $ 2 1 ,n e 8 1 9 1 9 p a i d 1 % a n d 1 % e x t r a q u a r . ; S e p t , p a i d 1 ) 4 % , n o o x t r a .
Ju 78
1918
1917
------------------------ 1 , 6 3 9 , 2 6 9 7 4 7 , 4 4 9
1 8 3 ,0 4 9
3 3 5 ,2 7 1
1 1 6 ,2 1 1
1 1 2 ,9 1 8
v ‘ n r a \ r n q — O f th e a u t h ! $ 7 ,5 0 0 ,0 0 0 F ir s t & R e f . M t g e . b o n d s (n o w a fir s t
x A ls o p a id 2 1 4 % ($ 4 8 ,1 2 1 ) o n a c c u m u la t i o n a c c o u n t F e b . 1 1 9 1 8 .
^
iia n i ‘ e a 5 0 0 0 0 0 h a v e b e e n I s s u e d , b u t in D e c . 1 9 1 8 $ 1 ,0 2 1 ,0 0 0 o f t h e s e
N . T . F o lw e ll, P r e s .; J a m e s C o llin s J o n e s , 1 st V . - P . : E d w a r d M . C o o k e *
h . 3 ’h m ii r e d e e m e d a n d c a n c e le d a n d
$ 2 3 ,0 0 0
h ad been rep u rch a sed
2 d V .-P . & G e n . M g r .; E lw o o d F . R e e v e s , S e c. & T r e a s .
M a in o ffic e '
.a n d
h e M In t r e a s u r y .
S in k i n g f u n d , b e g i n n i n g 1 9 1 6 . w ill r e t i r e a t l e a s t
1 3 5 -1 4 1 S o . 2 d S t ., P h il a .— ( V . 1 0 9 , p . 1 5 3 0 ; 1 6 1 3 . 1 7 0 4 , 1 9 9 1 .)
A8 2 - 3 % o f n e w Issu e b e fo r e m a t u r it y . V . 1 0 1 . p . 2 0 7 5 ; V . 1 0 2 , p . 6 0 7 .
KEYSTONE T I R E & R U B B E R C O . — O R G A N I Z A T I O N . — I n c o r p . in
i t i r p n R T ___F o r y e a r e n d i n g D e c . 3 1 1 9 1 8 In V . 1 0 8 , p . 1 0 6 4 , s h o w e d :
N e w Y ork S ep t. 26 1911.
E n g a g e d in b u s in e s s o f b u y i n g a n d s e llin g a u t o ­
KK
W .
1918.
1917.
1916.
1915.
m o b il e t ir e s a n d t u b e s .
H a s n o p la n t , b u t h o ld s c o n t r a c t s w it h t h e G r y p ­
$ 6 ,4 3 4 ,3 1 8
$ 1 ,2 8 1 ,4 9 2
P r o f it s f o r y e a r . — - - - - ­ $ 9 ,4 7 9 ,1 3 0 $ 1 4 ,1 9 8 ,4 0 4
h o n R u b b e r & T ir e C o r p ., N . Y . C it y ., B a ta v ia R u b b e r C o ., B a ta v ia , N . Y .,
$ 1 6 8 ,3 9 4
$ 2 5 3 ,7 5 8
$ 6 8 6 ,4 9 9
$ 5 1 1 ,1 9 0
"
E x h a u s t m in e r a l s , < x c ._
f o r t h e e n t ir e o u t p u t o f s a id fa c t o r ie s o n a c o s t p lu s b a s is .
T h e con tra cts
2 0 9 ,1 6 6
9 9 ,8 6 0
1 2 6 ,9 5 1
1 4 5 ,6 5 4
In terest on b o n d s — - - w it h t h e s e o t h e r c o m p a n ie s t e r m in a t e in 1 9 2 3 , w it h r e n e w a l p r iv i le g e s . A ls o
1 ,0 0 0 .0 0 0
8 0 0 ,0 0 0
1 ,2 0 0 .0 0 0
In v e n to ry , reserv e, & c_
b u y s s u r p lu s s t o c k o f tir e m a n u fa c t u r e r s .
S e e fu ll s t a t e m e n t t o N . Y . S t o c k
2 7 0 ,1 5 1
5 ,3 3 0
D ic s .& p r e m .o n b d s .,& c .
E x c h a n g e in “ C h r o n ic le ’ o f A p r il 2 6 1 9 1 9 , p . 1 7 2 9 .
5 0 0 ,0 0 0
2 5 0 ,0 0 0
7 5 0 ,0 0 0
9 5 0 ,0 0 0
D e p r e c i a t i o n . - - - ................
S T O C K . — C o m m o n , a u t h . in c r e a s e f r o m $ 2 ,0 0 0 ,0 0 0 t o $ 5 ,0 0 0 ,0 0 0 ( p a r
......................
5 ,1 8 9 ,3 0 2
F o r w a r t a x e s , & c -------------4 ,3 3 0 ,2 6 2
$ 1 0 ) in J u n e 1 9 1 9 .
S t o c k h o l d e r s o f r e c o r d J u l y 21 1 9 1 9 w e r e g i v e n t h e r i g h t
( 8 ) 7... 3. . 2 3 2 ( 1 3 ) 1 , 2 8 9 , 0 0 2
9 .
( 4 )3 9 6 " ,6 1 6
.......
B
P r e f d i v s . ( c a s h ) .............( 8 % ) 7 9 3 , 2 3 2
t o s u b s c r ib e t o $ 6 6 0 ,7 5 0 o f t h e n e w s t o c k a t $ 4 0 p e r s h a r e , b r in g in g t h e
(1 )9 9 ,1 5 4
C o m m o n d i v s . ( c a s h ) . ( 1 2 ) 1 , 8 1 9 , 8 4 8 ( 1 -------------------2 )1 ,8 9 ,8 4 8
a m o u n t o f o u t s t a n d in g u p t o $ 2 ,6 5 9 ,6 o 0 .
V . 108, p . 2532; V . 109, p . 177.

w
ere

I n S e p t . 1 9 1 9 $ 3 9 6 ,4 3 0 s t o c k w a s lis t e d o n a c c o u n t o f 1 5 % d i v . p a id S e p t .
1 5 , m a k in g t h e t o t a l lis te d $ 3 ,0 5 6 ,0 8 0 .
V . 109, p . 1084.
In itia l d i v . o f
2 H % p a i d o n c o m . s t o c k in O c t . 1 9 1 6 ; in 1 9 1 7 , 1 2 % ; in 1 9 1 8 , 1 2 % , a n d
1 5 % in s t o c k ; in 1 9 1 9 , J a n ., 3 % ; A p r il, 3 % ; M a y , 1 5 % in s t o c k ; J u ly , 3 % ;
S e S A L E S ^ S i x t m ( H i t h s tt o J u n e 3 0 1 9 1 9 , $ 5 , 5 7 0 , 1 2 0 ; n e t p r o f i t , $ 5 8 1 , 2 7 7 :
q u a r t e r ly d iv i d e n d o f 3 % in c a s h , $ 5 1 ,7 0 6 . a n d d iv id e n d s o f 1 5 % in s t o c k ,
$ 2 5 8 ,5 3 4 .
N e t p r o f i t a n d . lo s s s u r p lu s J u n e 3 0 1 9 1 9 , $ 5 1 4 ,2 2 7 .
R E S U L T S . — S a le s in 1 9 1 8 a g g r e g a t e d $ 6 ,1 7 2 ,2 9 1 : n e t p r o f i t s , $ 8 9 9 ,2 8 4 .
N e t e a r n in g s in 1 9 1 7 . $ 8 5 3 ,1 6 2 ; in 1 9 1 6 , $ 1 9 1 ,8 0 9 ; in 1 9 1 5 , $ 2 8 ,6 6 5 .




.
B a l a n c. e , s u r p ....................
l u s ----------T o t a l * p r o f i t a n d Toss,

$10,580,678.

P res
R
O . K ir k ;
D
A . B u rt.
T r ■eas
eas
(V 1 0 5 . p . 9 1 4 .2 2 7 7 ;
I 4C K 4 W ANNA
V e w Y o r k o r F e b . 15
V 76, P liil. 437; V

............... 7 _ $ 4 , 4 1 3 , 8 4 8
$ 6 0 ' 2 , 3 3..................... ..............

$ 2 ,6 0 0 ,4 4 6

.
$ 2 8 1 ,2 5 8

surplus, Dec.’ 3i 1918, $10,122,948; rosorvos,

V .- P ., H . D . W e s t fa ll: s e c .. W . B . H ig g in s ; V .- P . &
O ffic e . W h e e lin g , W . V a .. a n d S to u b o n v illo . O .—
V . 1 0 8 . p . 7 1 3 , 1 1 3 0 , 1 6 8 7 ,2 3 4 8 ; V . 1 0 8 , p . 1 0 6 4 ,2 3 3 3 .)
STEEL
C O .— O R G A N I Z A T I O N .— I n c o r p o r a t e d
in
1902.
T h e p r o p e r tie s (s e c V . 7 7 , P .3 4 : V . 7 4 , P. 1142*
. 8 0 . p . 1916; V . 81. p . 1668; V . 8 4 . p . 3 9 3 . 510, 689.

N ov ., 1919.]

183

INDUSTRIAL STOCKS AND BONDS

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

Date
Bonds

Laclede das Light— Common stook, 537.500,000 auth _____
Preferred stock, 5% cum, $2,500,000
Refunding and extension M $20,000,000 g ’Baand MStxxc*
1st M Coll & Ref g Ser A conv c a ll__________ SStxxxc*r*
Lake Superior C orporation— S to ck ..
_ _
First and collateral trust mortgage gold
Income mortgage $3,000,000 g o ld .. .
Bonds, A c.. of Controlled Companies Held bVPublic
Alg Steel 1st & Ref M $30,000,000 g gu sf red 105 -Usm.o*
Oannelton Coal 3c Coke 1st M Int gu sk fd 5c per ton ___
Algoma C & H Bay RylSee these cos. under " R R s ."
Algoma East R y______ /

Par
Value

Amount
Outstanding

1904
1919

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

$10,700,000 See text Q— M M ck l5 ’ 19. IH
2.500.000 5% 1919 J & D Dec 15 ’ 19 2>$
5 g A & O Apr 1 1934
10,000 000
F & A * Jan 1 1929
7g
16,000,000
40,000,000
5 g J & D June 1 1944
5.294.000
3.000.000 Up to5% Oct 1 Oct 1 1924

1904
1904
1912
1911

$&£

15.691.900
341,000

Rate
%

5g
5

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Apr 1 1962
July 1 1950

[Bankers Trust Co, New
■ York, and St Louis
j
Union Bank St Louis
New York and St Louis
Bank of Mont, N Y . &c
5% paid Oct 1 1919
3^0 text
Fidelity Trust C o. Phlla

* First and last coupons for seven months.

application to list. V. 90. p. 985) are: (l) Plant situated at Lackawanna,
near Buffalo, N\ Y .. to manufacture plate and all classes of structural steel
and other materials. In addition to steel rails and billots, having at last ad­
vices a capacity of 1,584,000 tons of finished product p. a.; (2) ore properties
In Minnesota, Michigan, W se >nsln and New fo r k , stated to nave 60,000.1)00
tons of ore In sight; (3> 21,700 acres of bituminous coal lands (coal rights
and In fee) In Pennsylvania. Lebanon property was sold to Bethlehem
Steel Co. on Feb. 1 1917, the Lackawanna Iron & Steel Co. bonds, $1,775,9 2 L belng, as?u^ ? d
company. V. 106. p. 1139, 1140. 1691. In
1906 acquired Ellsworth Coal Co. owning over 16,000 acres of coal land.
Y'
*3 9 ?r: y k § 4' p ’,2 ?2 ’ 3? 3 i,X ’ *0®’ P- 815. Government price fixing
In 1917. see V. 105, p. 1313; V. 106, p. 1138.
-S T O C K .— Of the $60,000,000 o f common stock authorized, $15,­
000.000 is reserved to retire convertible bonds. V. 76. p. 869. Pre­
ferred stock authorized in Feb. 1910 (for conversion o f debentures since
redeemed), $10,000,000; none outstanding Jan. l 1919.
D IV ID E N D S —
(1913. 1914-15. 1916. 1917. 1918.
1919.
None
6%
12%
844% 1 U quar.
On common ( % ) --------- \ 1 %
q 1“ 1918. March 1 >4%; June 1 >*% and 244% extra; Sept.. 1918 to
V ^ lW 9
pl92098 h
(
extra)> V ’ 107’ P-2193; V. 106, p. 2233;

f* 10 *st 'nt^e- 5s of 1903 are convertible into stook. $ for $,
,*
at holders option up to April 1 191o. V. 77 D 34- V 76 p 437
The stockholders on Feb. 15 1910 authorized, per plan In' V. 9 0 .‘o. 240
hnnru
xSVmlVnnn3o.090.000 40-year first consol, mtge. gold
b
, 0 e ^e,s
W
,e!’ve<l to take up the first mtge. bonds
Jl® «w?nontn r i r » ^ V tut* a'?'l'tlonal oropert.v and Improvements
The $10,000,000 first consol. M . series A bonds issued were made convertible
into common stock at par between Mar. l 1 9 1 2 and Mar 1 1Q29
The Ellsworth Collieries Co. $6,000,000 s. f. purchase money bonds are
Snnr‘ uPrQJ' a adiM
r „
v 8 1 oaCkaW? £ ? a S*e0l C o.; outstanding. $2,654.999\ V ‘ 8 4 ’oP'too^'T? 12bor' *04, p ' *98, ° ar trust o f 1916 cover 1.400
steel cars. V. 102, p. 889.
, *n
^
f *10 funded debt was decreased
from $ 3 2 , 114,500 to $22,802,000, floating debt from $616,174 to $208,886
and the prorit and loss surplus increased from $17,148,169 to $33,771,280.
EARN INGS.— For poriods eudod Sept. 30­
-----—— 3 Months- — ---------------- 9 Months---------1919.
xl918.
1919
xl918
Net earns., after all laxes $1,184,674 $3,935,719 $3,629,422 $12,342,128
Intorost, A c .............
268,856
276,177
809.940
830.151
5(2,491
603,255
1.502.132 1,672.875
Depreciation, &c.............
Profit s .........................

$343,327

$3,056,287

$1,317,350

$9,839,102

x The 1918 figures do not agree with those previously reported for that
poriod on account of adjustment of estimated charge for Federal taxos
which had boon takon up in excess o f actual accruals
UnfiRed orders as of Sept. 30 1919, amounted to 178,981 tons, against
451,405 in samo poriod of 1918.— V. 109, p. 1465.
RE PO RT. Year 1918, V. 108, p. 1267, 1412 (incl. sub.cos.):
rr «... .
.
.
. ,
19181917.
1916.
1915.
Unfilled orders at end of

year(grosstons)

314,948

731,526

811,126

812,680

Gross sales and oarnings.$83,438,135 $77,446,241 $53,970,838 $27,792,935
Not earnings................... $23,418,905 $29,833,917 $16,090,858 $5,977,470
War taxos______________ 10,9d0,000 y9,260,746
Sink. Fund on bonds and
exhaust’n o f minerals255,549
412,603
363.730
313.115
Doprec. & accr. ronowals 2,767,843
1,789,059
1 653 847
1,210,528
In t. Lack. St . bds. &dobs.
923 559
1.285,357
1,445.194 1 033 283
Int. bonds or sub. c o s ._
173,600
191,379
303,317
309,900
Rentals and royalties___ ________
8.543
101 536
101 536
Divs. on com. sto ck .(8>4)2,983,237 x3.158>77
3,152.338
-------Balence su rp 'u s...
$5,365,067 $13,727,453 $9,065,897 $2,409,020
x Total dividends paid In year 1917. 12% ($4,211,685). but 3% included
In amount charged against 1916 earnings. V. 106 d 1139 605
y Results In 1917 are here adjusted, the actual war tares'being $779 254
less than originally allowed. V. 108. p. 883.
85
04
O F F IC E R S — Chairman, Moses Taylor: Pros.. O. H. McCullough Jr.;
y.-P ros., Charles R. Robinson and George F. Downs; Asst, to Pres., Arthur
J. Singer; Troas J. P. Higginson; Sec F. p . Graham; Comp., W. II.
Dupka. Principal office and works, Lackawanna N Y
New York
office, 2 Rector St.
DIRECTORS. J. J. Albright. O. Ledyard Blair, B. S .Guinness,
Adrian Iselin. Geo. W. Bur oigh, Ogden L. Mills, John J. Mitchell, Beekman Winthrop, Moses Taylor, Cornollus Vanderbilt C H McCullough
Jr., Edwin S. Marston. H. G. Dalton. John II. Hammond \V. V. S.
Thorne.— (V. 108. p. 883. 1267, 1515. 1723. 1940; V 1 0 9 . p l77.1465.)

LACLEDE GAS LIG H T. -ORGAN IZATION .— Incorporated in 1857
and in 1889 secured control of all the other gas companies In St. Louis.
Oporates under perpetual franchises. In June 1909 the $7,400,000 common
stock hold by the North American Co. was sold to a syndicate. V. 88, p
1563; V. 76, p. 545. 922; V. /8, P. 1273; V. 80, p. 1000. Price o f gas was
roducod in July 1916 to 75c. per 1,000 cu. ft. for the primary quantity; 55c.
per l .000 cu. ft. for the secondary quantity and 45c. per 1.000 cu. ft. Tor
all I11 excess of these amounts. In Oct. 1918 sought permission for 25%
lncreaso In rates. V. 107. p. 1582. V. 103. p. 324, 2433: V. 92. p. 265.
V. 107, p. 185, 610; V. 108, p. 876. In 1914-15 built 56-oven by-product
coke ovon plant. V. 102. p. 797. Rates, V. 109, p. 76.
STOOK, &c.— The shareholders voted Sept. 10 1918 to authorize:
(1) An lncreaso o f the [authorized) common stock from 175.000 shares of
$100 each ($10,700,000 outstanding) to $37,500,000 (the 5% cum. pref.
remaining unchanged at 25.000 shares). (2.) An increase in the authorized
bonded debt from $20,000,000 to an amount not In excess of the capital
stock, as from time to time authorized, by the issue o f bonds secured by
a new mortgage. V. 107, p. 295, 1104.
LATE DIVS.— f’OO-’O l .’05-’08. ’09. '1 0 .’ l l . '12-’ 16. ’ 17. '18. 1919.
Com. ( % ).................4 y'ly. 5 y ’ly.
6 6>4
7 7 y ’ly.
7
7 154
Extra______________l ______________ _______ lO s t k .____ __ 10
________
Dlvidond payable Juno 15 1919 was doforrod. V. 1 0 S, p. 2243.
BO VOS —Sec abdication to Stook Exchange In vT 4 9 , n. 657.
Refunding and Extension 5s of 1904 ($20,000,000 auth. issue). See
V. 78, p. 1273, 1395: V. 79. p. 1644; V. 80. p. 470: V. 83. p. 1169; V. 91. p.
1331; V. 92. p. 6 6 6 ; V. 93. p. 1195.




The First M tge. Collateral & Refunding bonds of 1919 (V. 108, p. 273)
must at no time exceed the auth. issue of capital stock as from time
fixed ; they are issuable in series with such maturities, interest rates and
redemption and conversion rights as may be determined for each series.
The $5,000,000 Series A 10-year 7% bonds sold in Jan. 1919 to provide
for retirement of same amount of debentures due Feb. 1 1919 are callable
at any time at 102 and int., prior to Jan. 1 1922, and at 101 and int. there­
after, and are convertible at their face values on or after M ay 1 1919, at
holder’s option, until 15 days prior to maturity or redemption date, into
either (a) common stock, par for par, interest and dividends, if any, to be
adjusted; or (6) into Series “ B ” 30-year 5% bonds issued under the same
mortgage, the latter at a 5>4 % income basis (equal to a price of 92.79% on
April 30 1920 and 93.98% Dec. 15 1928), any difference due on the con­
version to be paid by the company in cash.
In March 1919 a further $11,009,000 Series A, in all respects similar to
the above were sold (V. 108, p. 1278), chiefly to replace the $10,000,000 1st
M . bonds, due M ay 1 1919, whereupon the $10,000,000 Ref. & Exten.
M . bonds of 1904, reserved to retire the latter, will, as part of a then
($20,000,000) first mtge. issue covering the entire property, be pledged as
part security for the new bonds. V. 108. p. 977.
Additional amounts of the new bonds may be issued as follows: (1) to
refund a like amount of Refunding & Extension Mtge. bonds, due April 1
1934, $10,000,000; (2) for general corporate purposes, $3,000,000; (3) for
permanent Improvements, &c., or new property for not exceeding 80% of
cash cost, provided net earnings are not less than 154 times the annual
interest charge on all bonds including those applied for; or (4) instead of
the company may. at its option, issue bonds at 75% of cost when net earn­
ings are not less than 1 >4 times interest charges.
RE PO RT.— For cal. year 1918, V. 108. p. 875:
Year—
Cross.
Ael.
Interest. Pf 5 %>. Com (7% ). Hal.,Sur.
1918......... $4,946,611 $1,854,498 $1,244,331 5125,000 $749,000*5263,883
1917......... $4,800,264 $2,247,715 $1,204,534 $125,000 $749,000 $109,181
1916
4,509.424 2.486,695 1.162.500 125,000 749,000
450,195
* Deficit.

Also In Ian. 1917 nald 10% ($1.070.000) from total surplus on com. shares
Pres., Chas. L. Holman; Sec. & Treas., W . H. W hitton.— (V. 107, p. 185,
295. 806. 1104, 14S4; V. 108. p. 273, 787, 875, 9/5 , 1278, 2245; V. 109,
p. 76.)
LAFAYETTE MOTORS C O .— (V. 109. p. 1465.)
LAKE SUPERIOR CORPORATION (THE).— O RGANIZATION.— Inonrnorated in V r on Mav t‘) 1004 a* S'lneessor ner plan V. 77, n. 1296. and
V. 78, p. 1784. 909. of Consol. Lake Superior Co. Controls Algoma Steel
Corp., Sault Ste. Marie, Canada, and affiliated companies. V. 107. p .
902. Compare V. 103, p. 2075; V. 77, p. 771. Peace conditions, V. 107,
p. 2380.
The plants Include: Open-hearth steel works and rail mill; 4 blast furnaces
of about 950 tons daily capacity; 8 5 >-ton open-hearth furnaces and 3 75-ton
furnaces with a 300-ton mixer and a duplex plant consisting of one 150-ton
mixer, all representing a capacity of 50.000 tons ingots per month;
Magpie Iron ore mine; 579 miles of railroad; freight steamships; machine
shops, forge, iron and brass foundry, car building shops, water-works and
electric-light plant. See also V. 79. p. 1026; V. 81. p. 977; V. 83. p. 1096:
V. 88. p. 1004; V. 90. p. 1105; V. 93, p. 1195; V. 99, p. 1134. Also owns
6,000 acres of W. Va. coal lands acquired in 1910. V. 91. p. 868. 50 new
coke ovens have recently been completed, making 160 in all.
In Jan. 1909 the Fleming syndicate acquired control and undertook e x­
tensive Improvements 'See V 87 n q g g - v S«. r> ‘’ 34. 1065- V 89 p 916)
.

Lake Superior Coal Co. and Oannelton Coal & Coke Co. own extensive
coal properties in West Va. V. 96, p. 1493; V. 101, p. 921; V. 109, p. 1075. t
— As t0 lst mortgage and coll, trust 5s ol 1904 (reduced to 57.­
300,000, and further reduoed to $5,294,000). see Consolidated Lake SupertorOo., V 77 p. 771. 1290; V. 78. p. 1784. 1900: V. 88 p 1065: V. 90, p.
110a; V. 92, p. o29. and below. First dividend on Incomes. 5 % . Oct 1
1906; 1907 to 1909, none; 1910, 2 !^ % . 1911. 2>$%; 1912 and 1913 5 % :
1914, 1915 to 1916, none; 1917 to 1919 incl.. 5% yearly in October
Algoma Steel Corporation’s $15,000,000 common and $10,000,000 7%
cumulative preferred stock is all owned by the Lake Superior Corporation,
which guarantees as to prin. and int. the First & Ref. M . 5s of 1912
*30.000.000 authorized. V. 103. p. 2076. The Steel Corporation Issued
Its purchase money bonds for *5.800.000 to secure L. 8. Corp. lst 5s. These
purchase money bonds rank prior to lst & Ref. bonds as to certain of the
roperties; $5,800,000 are reserved to retire the Lake Sup. Corp. lst 5s.
Callable at 105. Cum. sk. fd. of 1% y ’ly on bonds out. V. 94. p. 1253,
1387. lo69. 1697: V. 9a. p. 421, 1747; V. 97, p. 1113; V. 101. p. 920; V. 104 .
P’ J?^5’ . . Report- v.- *^5, p. 994; V. 106, n. 1799. V. 107, p. 902.
The A soma Steel Corporation in yr. 1917-18 paid to Lake Superior Corp.
7% dividend ($700,000) on pref. stock for year ended June 30 1914 and in
year 1918-19 paid it $1,050,000 for 18 months to Dec. 31 1915. See re­
port, V. 107, p. 904, 1388. V. 105. p. 994; V. 99, p. 1216 818' V 93
p. 6!2 764; V. 99. p. 1370. 1599; V 100. p. 1169; V 103. p 840
'
’
For Algoma Central & Hudson |*ay R y. and Algoma Eastern R y., see
R R . Dept, and V. 10a, p. 9 9 4 .
For pending settlement as to guaranty
V. I l f p . 804.’ Se°
9 ’ P' 91> 1075, 1984’
Cann0lt °n Coal & Coke,
R E PO RT.— For yoar ending June 30 1919 in V 1 0 9 n 0 7 7 1 0 7 1
The deficit in 1915-17 was absorbed b y total surplus
*
97 * 1075
Earnings
Int. ADios. Other
General 1st Mine .Int. (5% )on Balance.
iq ib i < > P’
Jo?0 ? ! Ezp.,Ac Bond Int. Inc.Bcls. Sur. or Del.
.........S1’o o - ’n™
$75-573 $261,700 $150.000xsur.$903,484
ioifi~ i 7 ------qoo nRR
8 l -785 264,700 150.000 sur. 552.276
I o JQZi « .........
oonnoo
42,391 367.428 150,000 def. 5,986
191 j - 16.........
290,000 45,760
72,985 277.320
- def. 14,545
8iB arn*‘ ^8f!hE
>
rnYS cntK -^ c ” Sk. Fd., Deprec'n, Div.&c.Pd. Balance,
'
’
uu a IQ
m C? 7 . "Sub-Cos.
Ac.
A c., Res. L.S.Corp Sur. or Def.
io 7 is n 'U H n l *1-235.710 $324.464z$2,125,000$t054000 sur.$702.400
loift 1 7
1.315.041 278.187 4.008.912 705,000 sur. 244.355
Q i i 'if i '
H 9.071 731.521 2.743.155 ------------ sur. 429.257
l9i laf.Hr.o?’ ?03’ 47,.1- ^ ® 13’539 873.853
425.595 ......... .. sur. 690,484
x Deduct loss of .5,2 0 ,0 0 0 on St. M ary’s Traction Co. and $500,000 re■
servea against rurther depreciation in values and loss on other investments.
Ada balance from previous year $57,621; balance carried forward (subject
to taxes), $441,107.
y Excluding A l g o m a Central & Hudson Bay R y., with deficit of $312,887
for the year 1917-18 and $490,682 for year 1918-19, after deducting railway
and term, bond int. V. 108, p. 372, 1724.
z Includes $365,000 against $1,000,000 in year 1917-18.

S

184

INDUSTRIAL STOCKS AND BONDS

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

Lake T orp ed o Boat Co— Common auth $2,800.000----------1st pref 7% cum auth $1,000,000 full voting power (p&d)

Date
Bonds

—

Lanston M onotype M achine Co— Stock $10,000,000 auth.
Lee R ubber & Tire Corp— Stock auth 150.000 shares (text)
Lehigh Coal & Navigation— Stock authorized $29,243,400-­
General mortgage gold (closed)----------------------------FP.xc&r 1884
Fund and Imp mtge, g (Ser A $2,805,000) (closed). . PiP.xc *1898
Collat trust power bonds $3,000.000red 102H — GuP.xo* 1911
Consol M $40,000.000,g . s f red text................ PeP.kc*r* 1914
Unsecured serial notes due $100,000 yearly----------------------- 1916
Lehigh Valley Coal Sales Co—Stock auth $10.000.000...........
Lehigh & Wilkes-Barre Coal— Stock 510,000,000 authorized.
Consol M sold maturing $2,500,000 every 5 years. -PeP.o* 1910
Liggett & Myers Co— Common stock $21,496,400---------------Preferred stock (a & d) 7% cumulative $22,759.900...........
Gold bonds (not mortgage) $15,507,800 auth_ G.xc’ &r* i 5 i i
_
do
do
do
do
15,059,600 auth..-G .xc*& r* 1911
Three-year Gold Notes $20,000,000 callable (te x t).. Q.c* 1918

Par
Value

Amount
Outstanding

$10 $2,195,000
632,920
10
1,200.000
10
100 6.000.000
None 140.000shrs
50 29,173,950
1,000 3.906.000
1,000 3.924.000
2.985.000
1,000
1.000 &c 15.028.000
240,000
20.000
50 9,778.435
50 9.210.000
1,000 y8.204.000
100 21,496.400
100 None Oct'19
100 22.514.000
50 &c 14,535,100
50 &o 15.059,600
1,000 20,000,000

Rate
%

When
Payable

[Vol . 109

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

June30'17,3X% Bridgeport. Conn

7 In 1<H6
Q— M

N ov 29 T9 1)4 Checks mailed
Dec 1 T6. 75c New York
8 in 1919 Q— F 28 Nov 29 T9 2% Office, Philadelphia
4)4 g Qu & Sa May 1 1924
do
do
4 g J & J July 1 1948
do
do
J & D Deo 1 1921
do
do
New York & Phila
4)1 g J & J Jan 1 1954
J & J To July 1 1922 Office, Philadelphia, Pa
4
See text Q— J Oct 1 1919 4% Checks mailed
13 in T8 J & D June 28 T9 6)4 Checks mailed
4 g J & D June 1920-35
Liberty Nat Bank. N Y
16 in T9 Q— M Dec 1 1919 3% Checks from Cent Tr Co
6 In 1919

do
do
7 In 1919 Q—J Oct 1 1919 1H
A & O Oct 1 1944
Guaranty Trust Co, N Y
l«
F & A Aug 1 1951
do
do
•g
■
>
New York
6 g J & D Dec 1 1921

y As o f Sept. 301919. including $1,976,000 In sinking fund but exclud ing $6,29 2,000 in tre asury.

D IRECTO RS.— J. Frater Taylor. Chairman; W . H. Cunningham
(Pres.), Phila.; James Hawson, Sauit Ste. Marie, Ont ; W . C. Franz, Her­
bert Coppell (V.-Ps.), N. Y .; Fred’k McOwen, Phila.; R. Home Smith,
Toronto; J. S. Dale, N . Y .; Alex. Taylor, Sec. (office, 1428 Traders’ Bank
Bldg., Toronto); Harvey I. Underhill, South Orange, N . J.; Sydney Mason
and Horace C. Coleman, Phila.; Thomas D . W ood, Philadelphia, Pa.; and
Thomas Gibson, Toronto. Office, Sauit Ste. Marie. O n t— (V. 108, p. 273
385,584, 1723; V. 109, p. 891, 977, 1075, 1370, 1992).
LAKE TORPEDO BOAT CO.— O RGAN IZATION .— Incorp. Jan. 13
1914 in Maine and builds submarines under the Lake patents, with yards
at Bridgeport. Conn. Capacity 24 boats yearly. V. 101, p. 850.
D IV ID E N D S.— 1st pref., 1914 and 1915, 7% ; 1916. Jan. 2. 7 % . In
Feb. 1916 changed 1st pref. payments from annually to semi-annually.
June 1916 to June 1917, 3)4% semi-annually: Dec. 1917. none paid; since
to M ay 1918, none. V. 106. p. 2125.
D IRECTO RS.— Herbert S. Miller (Pres.), Simon Lake (V .-P.), C. E .
Adams (Treas.); C. E. Adams (Sec.). Office, Bridgeport.— (V .106,p.2125.
LANSTON MONOTYPE MACHINE CO.— ORGANIZATION.— Incor­
porated in Virginia in 1892. Manufactures for sale or rental automatic ma­
chines for composing and casting tvoe. Controls Lanston Monotype
Corporation o f London. V. 78, p. 2440; V. 84, p. 994. In 1917-18 had
munition contracts. V. 106, p. 2226; V. 107, p. 1484. English contract
for casting machines, keyboards &c., totalling $7o0,000 in V. 99, p. 171.
Stockholders on Oct. 28 1909 authorized an Increase In the stock from
$5,000,000 to *6.000.000 and In par value from $20 to $100. V. 90. p. 11058
LATE J’09. T 0-’ 13. *14. 1915.
1916.
1917 to N ov. 1919.
DIVS.— % l 1)4
6 yly 3
0
4)4
6 yly (1)4 Q-F)— see below
The div. o f 1)4% M ay 31 1918 was paid in 6% div. ctfs. due M ay 31
1919, was paid at maturity. See V . 106, p. 2125; V. 109, p. 121.
REPO RT.— For years ending Feb. 28 1919, V. 109, p. 171.
1918-19.
1917-18.1
1918-19.
1917-18.
Net profits, after
IDividends — (6) $360,000(6) $360,000
depreciation ..$658,442 $502,0331Bal., surplus...$298,442 $142,033
Prs., J. Maury Dove; Sec., Arthur Sellman. Office and Factory,.
24th and Locust Sts., Phila.— (V. 107, p. 1484; V. 109, p. 171, 1896.)
LEE RUBBER & T IR E CORP.— ORGAN IZATION .— Incorporated
In N . Y . on Dec. 14 1915 to take over the assets o f the Lee Tire & Rubber
C o. o f Conshochten, Pa. The company has authorized 150,000 shares of
stock (no par value), o f which 100,000 are outstanding. The stockholders
o f record N ov. 10 1919 were offered the right to subscribe to 40,000 shares
up to N ov. 28 1919 at $33 per share. The company has also set aside In
hands o f trustees 10,000 additional shares to be offered within three years
at $33 per share to tho officers and employees o f the Lee Tire & Rubber Co
V. 109. o. 1613. Has no bonds or Pref. stock. Common stock listed on
N . Y . Stock Exchange. V. 101, p. 1977; V. 103. p. 1892. In 1916 paid
three dividends o f 50c. and 25c. extra, none since Jan. 1917. See V. 104,

A bonds, but giving an option on them till 1921 to Lehigh Power Securities
Co., which also indemnifies co. in Its guarantee of interest on Series B bonds
above. V. 105, p. 720; V. 99, p. 1677, 1532; V. 101, p. 697.
The Consol, mtge. 4)4s ($40,000,000 auth. issue) were secured by about
12,734 acres of anthracite lands In Carbon and Schuylkill counties. Pa., and
canal and railroad properties, and all except 100 shares o r Lehigh & New
England RR. stock and stocks and bonds of other affiliated companies. Of
the $18,000,000 Series A, $14,000,000 were sold to retire $10,054,333 prior
lien bonds and secured gold notes outstanding, and for general purposes,
and $4,000,000 held In treasury or pledged as collateral for bonds. $3,390,­
000 Series B issued in 1917 and taken into treasury as reimbursement for
Improvements made in years 1914, 1915 and 1916. O f the bonds un­
issued, sufficient were reserved to retire $7,874,000 prior bonds matur­
ing after July 1 1914 and the balance under restrictions for future
purposes. Redeemable on any July 1 at 102)4 and Interest by sinking
fund of 5 cents per ton of pea and larger coal mined and shipped. Callable
at 102)4 and int. until July 1 1921; thereafter at 105. T o July 1919, $647,­
000 had been retired by sinking and other funds, making $15,028,000 out,
and $5,715,000 in treasury pledged or unpledged, being $2,325,000 Series
A and $3,390,000 Series B. V. 103, p. 324; V. 104, p. 1149, 2456; V. 107,
p. 506; V. 109, P- 177.
ANNUAL REPO RT.— For 1918, in V. 103, p. 1389:
Net 1917.
Cross 1918. Cross 1917. Net 1918.
$18,012,760 $1,787,035 $2,244,520
C oal....................... $21,935,938
Canals---------------272,641
161,476 loss 52,196 loss 63,343
Railroad rentals received 2,289,057 2,270,374 (
Investments-------980,872
970,7631 3,501,493
3,514,934
359,038
426,5211
Miscellaneous-----^ J
„
, . , ?25,837,546 $21,841,894 $5,236,331
Deduct—General administrative expenses.............
$273,523
Taxes, general...................................................... ..
963,750
"
1 171,177
Interest on funded debt___
Other interest. &c----------------- '
22.793
Dividends ( 8 % ) - - .................. ......... - " " I l l ___ 2,333,672

$5,696,111
$190,354
947,103
1,186,882
9,372
2,124,636

Balance, surplus.....................................................
$471,417 $1,273,764
Pres., S. D. Warriner; V.-P., h . F. Baker; Sec. & Treas., H. II. Pease.
Office, 437 Chestnut St., Phila.— (V. 108, p. 1389, 2438. 2634; V. 109, p. 76,
177, 1896.)
LEHIGH VALLEY COAL SALES CO— 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 same under contract. The lower Federal
Court on Dec. 21 1914 dismissed the Govt, suit against the company and the
Lehigh Valley R R .. &c.. for alleged violation of the anti-trust law and the
commodities clause of the Inter-State Commerce law. V. 99, p. 1914; V.
98, p. 916. Stock auth., $10,000,000 (par $50), of which $9,778,435 baa
been Issued. 25% stock allotment was Issued Jan. 17 1914 and a 30%
stock allotment on July 14 1917 being paid for out o f special dividends
D" 366‘
Output and Total Net Sales of Subsidiary Company.
Tires.
Tubes. Net Sales. declared for same amounts. V. 104. p. 2238; V. 94, p. 123. 282: V. 97.
1919, estimated................................................. 300,000 225.000 $5,500,000 p. 1429.
i9 i8
i&4,6081 4 4 ,1 9 6 4,6 0 9 .9 2 4
DIVS. (% )—
1913. 1914. 1915. i 9 i 6 . 1917.
1918.
1919.
1917...........................................
267,744152.8164,073.895
R egular------------—
10
10
10
10
13
16
16
25
„
„
30
-—
3 ,587,761 Extra (see a b ov e).—
1916 " " " " " " " " " I I I ........................ 212,679 163,581
do Liberty L. bonds.
10
5
Consolidated Statement for 8 Months to Aug. 31 1919.
From Oct. 1917 to July 1919 paid $2 (4% ) quar. (16% p. a.); M ay 1918
Net sales. $3,345,067; cost of goods sold, including freight, selling, ad­ paid an extra of approx. $5 (10%) and again in M ay 1919 ($2 50) 5% in
ministrative and general expenses, $2,956,541; operating profit, $388,o26; Lib. bonds. V. 108, p. 2246.
Add: discount on purchases. $31,771; Income from rentals, Ste., $3,499:
OFFICERS.— Pres., Geo. N. Wilson; V.-P. & Gen. Sales A gt., W.. R .
gross income, $423,796. Deduct: Interest, &c., $27,421; net profit, $396,­
Evans; Sec. & Treas., W. J. Burton.— (V. 106, p. 1904; V. 108, p. 687,
375. V. 109, p. 1613, 1896. ■
•
■ ■ ’
2128, 2246.)
“ DIR E C TO RS (and OfficersL^-John J. Watson Jr .(P r e s .), Albert A.
Garthwaite (V.-P. & Treas.), H. C. Coleman, Joseph Wayne Jr. Stephen
LEHIGH &
B. Fleming, Samuel H. Miller, James A. Fayne, Walter R. Herrick, J. Carl Pennsylvania WILKES-BARRE COAL CO.— ORGANIZATION.— Ore. In
Jan. 1874. Owns In fee and leases property located In
De La Cour. John M . Dettra, Horace O. Jones. The Secy, is Henry Carbon, Luzerne and Schuylkill counties. Pa. Stock authorized, $10.­
Hopkins Jr. N . Y . office 61 Broadway.— (V. 109, p. 1613, 1896).
000.000. issued, $9,210,000. or which Central R lf.o f N. J.on Doc. 31 1918
LEHIGH COAL & N A V I G A T I O N — Owns canal from Coaiport to Easton, owned $8,489,400, $7,850,000 being pledged under Its General Mortgage.
Pa., 46 miles, and leases Delaware Division Canal. 60 miles. Also owns Tonnage mined for year 1918, 4.353.328 tons, purchased 23,680 tons,
sold 4,388,221 tons. The decision o^ U. S. Dist. Court in Oct. 1916
Lehigh & Susquehanna R R ., PhiUlpsburg, N. J.. to Union Junction. Pa.
105 miles, with branches, 58 miles, and leases for 999 years Nesquehonlng ordering Central R R . of N. J. to dispose or its holdings was still pending In
Valley R R ., 17 miles; Treskow R R ., 7 miles; other lines, 17 miles; total, 206 April 1919 in U. S. Supreme Court—see that company. V. 103, p . 1215;
miles, of which 115 miles double track; but all these roads are leased for V. 105, p. 2460. Reading anti-trust case, see V. 103, p. 1122.
999 years from 1871 to Central of N. J. R R .. rental being 33 1-3% ofjrross
BONDS.— Of the consol, mtge. serial gold 4s ($20,000,000 auth. Issue).
$2,500,000 mature every 5 years beginning June 1 1915; amount o f bonds
outstanding, $8,204,000, with an additional $6,292,000 purchased and held
New’ England R R . was acquired. V. 78, p. 1785: V. 79. p. 2646: V. 97. p. In treasury.
D IV ID E N D S.— Dividends of 6)4% have been paid each J. & D . from
668,1587; V. 100, p. 731. Cancellation of guaranty o f Allentown Terminal
1909 to June 1919, both Inclusive.
R R . 1st M . extended (from July 1 1919) 6 p. m. V. 108, p. 2634.
As to decision In Oct. 1915 in anti-trust suit by U. S. DJst. Court (sub­
REPO RT.— For cal. year 1918 (V. 109,. p. 1270) shows: Gross receipts,
ject to appeal), see V. 101. p. 1473
Rebate suit March 1916 appealed In $23,019,215; net $5,057,845: int., divs. (13% , $1,197,300), taxra, &c.,
April 1916 before the U. S. Circuit Court.
V. 102, p. 1063. 1350. 1440. $3,285,865; bal., surplus, $1,771,980. For 18 mos. ended Dec. 31 1917,
In 1917 the company sold Its stock Interest In the Lehigh Nav. Electric gross, $29,522,234, bal. after dividends, $3,635,950.
— .
C o., owning a large power plant 10 miles west o f Mauch Chunk, Pa., and
Pres., Charles F. Huber; Sec. & Treas., G. O. Waterman. Offices,
using the coal dust from the mines, to the Lehigh Power Securities Corpora­ Wilkes-Barre, Pa., and 143 Liberty St., N. V .— (V. 106. PV. 109,
tion. for $1,500,000 cash and 61,000 shares of the last-named company s p. 1270.)
_
305,000 shares o f capital stock (V. 105, p. 498). 50-year contracts being
LIBBY, McNEILL & LIBBY.— V. 108, p. 2634; V. 109, p. 1797.
made to furnish coal for the plant and to receive the electricity needed to
operate the mines. V. 96, p. 1367: V. 100, p. 645, 731.
LIGGETT & MYERS CO.— ORGANIZATION.— Incorporated In New
STOCK.— Shareholders o f record Oct. 31 1917 were allowed to subscribe Jersey Nov. 24 1911 and under order of U. S. Circuit Court dated Nov. 10
1911 took over under plan of disintegration of American Tobaccoi Co . ( V., 93.
at par for $2,655,750 10% o f new stock. V. 105, p. 1713.
D. 1122-24). certain of Its plug, smoking, cigarette and tittle olgar factories.
DIVS.— 1900. 1901. 1902. 1903. 1904. 1905-08. 1909. 1910-19
V. 93, p. 1537; V. 94. p. 282; V. 100, p. 896; V. 107. p. 2012.
Per c e n t.. 5)4
6
5
6
7
8 yearly
9
8 yearly
Also 15% in scrip March 1 1910. V. 90. p. 55; V. 92. p. 265.
S T O C K .— T o provide additional working < »P i^ , % ^ ar®^0' d ®wop
BONDS — Gen. mtge. of 1884covered 7,460 acres coal land, 4 8 miles canal Sept. 10 1917 were allowed until Sept. 25 to subscribeand l p ay ro r ^ a tip «
and 161 miles railroad. For mtge. of 1898. see V . 67, p. 125; V. 70, p. 428. $7,376,100 7% cumulative pref. stock to the extent of one share for each
Y /8 1 p 720: V. 84. p. 106. With Central R R . o f n '. J. guar. $1,082,000 five shares held, whether com m on or prof. V. 105.P '
*„^uft'erlals
Lehigh & Hudson River R y. gen. 5s. prin. and lnt. V. 67. p. 788.
W ar conditions having Increased the coRt o f
S
K t a S d m
The coll trust 4)4% power bonds, dated Dec. 1 1911, are secured by and supplies over 2 0 0 % , making necessary banknr~ £ ?een em ersten ev brv
deposit of $1,000,000 Lehigh Coal & Nav. Co. consol. 4)4s and $3,000,000 voted June 18 1918 to provide against anY
saino rivht to
Leh. Nav. Ei. C o . ser. A . 1st gold 6s. V. 95. p. 1671: V. 98, p. 685.
authorizing an Issue o f $21.496,400 com m on 8tock
P rraD n U
dividends and upon liquidation as the existing com m on sto ck . Pres. D u la
Lehigh Navigation Electric Co. $950,000 1st Ser. B bonds are guaranteed
becom e i M
as to interest payments by Lehigh Coal & Nav. C o., this Interrat being on M ay 16 1918 stated ’ ’ Should Itauthorized J W _ t o Uwuiimore stock ,
ayable at the following annual rates: July 1917 and Jan. 1918, 4% . not m ore than 25% o f the am ount
ufy 1918 and Jan. 1919, 4 H % ; thereafter, 5% per annum. The mortgage at one time and at least three months’ notice will be given stockholders of
has been closed, the Lehigh Coal & Nav. C o. retaining the $3,000,000 series the payment date. None offered to Oct. 1919. See V. 106, p. 2125, 2653 .

2339.

S




N ov., 1919.]

185

INDUSTRIAL STOCKS AND BONDS

tISCELLANEOUS CO IPAN IE S
[For abbreviations, &c., see notes on first page

Date
Bonds

Loose-W iles Biscuit Co— 1st pref (p & d) 7% cum red 120..

Second pref (a & d) 7% cum $2,000,000 conv into common

—

Lorillard (P) Co— Common stock $30,311,200_____a_______
Pref stock (a & d) 7% cum $11,307,600.............................
Gold bonds (not mortgage) $10,933,500 auth_ Q.xc’ &r* i5 il
_
do
do
do
do
10,617,450 auth_ G.xo’ &r* 1911
_
L ou.G as& E lec.C o.— Pref.stock 6% cum S25.000.000 red 115
Loulsv G&E Co (of K y)— Louisv. L’ting Co 1st M gold.xc* 1903
L. G. & Elec of Ky 1st & Ref M g call (see text) HGxxxc* 1918
Do Gen M bonds $3,784,000 pledged for Bond Sec notes. 1918
D o Bond secured notes $3.750,000 g call (see text)Gxxx*. 1918
Lukens Steel Co—Common stock S16.398.SOO___________
McCrory Stores C orp —Common autnorized $5,000,000_
Pref stock 7% cum authorized $1.250.000_______________

Par
Value

None
None
$100
100
100
100
100
50 &c
50 &c
100
1,000
500 &c

Amount
Outstanding

700.000 shs
650.000 shs
$4,865,000
2.000,000
8,000,000
24.246.600
11.307.600
10.359,400
10,271.450
10.907.000
1.195.000
12.843.000
Pledged
100 &c 2.838.000
50 15,898.800
100 5,000,000
100
1,178.900

Rale
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

New
7 in 1919

Q—J
Q— F

Oct I ’ 19 1% % OUecks mailed
do
Feb 1 *15 1X %

12 in ’ 19 Q—J Oct 1 1919 3%
7 in 1919 Q—J Oct 1 1919 15*
7 g A & O Oct 1 1944
5 g F & A Aug 1 1951
See text Q— M Sept 1 ’ 19.1)5%
5 g A & O Apr 1 1953
J & D June 1 1923
M & S Sept 1 1920
V
7 g M & S Sept 1 1920
See text See text Oct 15 1919 1%
7 in 1919

Q—J

Oct 1 ’ 19

New York Trust C o, N Y
do
Guaranty Trust Co, N Y
do
do
Louisville, Ky
Fid & Col Tr C o, Loulsv
New York and Chicago
Guaranty Trust Co, N Y
N Y and Chicago

I X New York

it

REPO RT.— Report for the cal. year 1918, in V. 108, p. 970. showed:
DIVIDEN DS % )—
\Dec. 1912. 1913 to Dec. 1 1919Cal.
Net
Bond War & Exc. Pf.Divs. Common
Balance.
3%
12% (3% Q.-M .)
On common_________________________ \
Year.
Income. Int. &c. Prof. Taxes. (7 % ). Dividends.
Surplus
Common, extra in Apr.(V. 10S,p;1064) [
___
4% extra ann. in April.
S
S
S
S
$
S
BONDS.— The rights of the 7s are prior to those of the 5s. No mortgage 1918____ 9,292,825 1,268,730 2,396,230 791,532 (12)2,454,021 2,382,312
without making these bonds a prior claim. See V. 94, p. 282.
1917____8,312,343 1,283,864 1.337,257 791,532 (18)2,728.000 2.171,682
NOTES.— The 520,000,000 Three-Year 6% gold notes were sold in 19 16____5,874,077 1,290,120
791,532 (17)2.576.452 1.215.972
Nov. 1918 (V. 107, p. 2012) to reduce current indebtedness, due to increased
NOTE.— On April 10 1918 also paid 20% ($3,031,120) stock dividend.
amount and cost of inventory. They are callable at company’s option on The 1917 results as above have been adjusted to include the $237,257 paid
any interest date after 30 days’ notice, either as whole or in part, at 102% as war tax above the estimated $1,100,000. Total p. & I. surplus Dec. 31
and int. for notes with two years or more to run from the date fixed for 1918. 57.164.877.
„
^
redemption; at 101X and int. for notes with one year or more but less than
OFFICERS.— Pres., T . J. Maloney: Sec. and Treas., W . B. Rhett.
two years to run; at 101 % and int. for notes with less than one year to run. Office, Jersey City, N. J.— (V. 107, p. 506, 610; V. 108, p. 884, 970.)
As long as any of the notes are outstanding the company will not (a) mort­
LOUISVILLE GAS & ELECTRIC CO.—
A N IZA IO N
gage or pledge any of its real or personal property, except U. S. Government oorated In Delaware Feb. 17 1913. Operates O R G controlsTall of .— Incorand
the gas,
obligations.
A -3 electric-light (Including suburbs),
In the
On Sept. 30 1918 the quick assets (inter-company items excluded) ex­ city. Owns all except $124,400 of power and steam-heat properties Louis.
the $10,324,300 common stock or
ceeded 569.700,000; current laibilities, about S21,200,000.
Gas & El. Co. of Ky. Also owns the entire stock (except directors’ quali­
fying shares) and bonds of Kentucky Pipe Line C o., owning pipe line
R EPO RT.— Year 1918UV. 10S, p. 876, showed:
for natural gas from the West Va.-Ky. State line to Louisville, about
Bond
Net
'
" ef. Dies.
Common
Balance,
200 miles, capacity 12,000,000 cu. ft. daily. Also controls through stock
Int.. &c.
Profits.
(7% )
Dividends.
Surplus.
ownership Kentucky Coke Co. Controlled by Standard Gas & Elec. C o.
1918.. — $10,050,222 $1,896,214
in conjunction with Mississippi Val. Gas & Elec. Co. V. 97 n. 54. 179,
1917 _ _ . . . 9.184.783 1.821,064
526, 1507; V. 105, p. 1714. City suit, V. 107, p. 1007. Violation of fran­
1916— — 8,416,814 1,872,759
chise, V. 108, p. 2128.
_
1915— . . . 8.633,449 1,833,173
STOCK.— Auth., $8,000,000 common and $25,000,000 6% cum. pref.
O F F IC E R S — Pres., C. C. Dula; V.-P. & Treas., T . T . Anderson; (red. at 115); outstanding, common, 56,448,900; par, 5100. V. 97, p. 526.
V .-P ’s, W. W. Flowers, E. B. McDonald, O. W . Toms and H. A. Walker; In N ov. 1919 the authorized issue of preferred stock was increased from
Sec., E. H. Thurston; Asst. Sec., W. S. Tisdel and E. O. Brenn. Office, $15,000,000, and on N ov. 6 52,000,000 of the new stock was offered at
4241 Folsom Ave., St. Louis; branch, 212 Fifth Ave N Y — (V. 106 D. par (increasing the outstanding issue, when all sold, to $12,907,000) to
2125, 2653; V. 107, p. 1923, 2012, 2102; V. 108, p. 876, 1064, 13930
provide for retirement of the outstanding bonds and coupon notes and for
construction, &c. V. 109, p. 1896. D iv. on pref., 1)4% quar., Dec. 1913
LIMA LOCOMOTIVE W ORKS. INC. (V A .)— V. 106. p. 194, 1348.
to and incl. Dec. 1914. In 1915, 4 )4 % . leaving total accumulated divs.,
1 )4 % . From March 1916 to Sept. 1919, 1 )4 % quar. (6% p. a .). V . 101.
LINDSAY LIGHT CO. CHICAGO.— (V. 109. p. 1797.)
p. 2148; V . 100, p. 1441.
LO E W S IN CORPORATED.— ORGAN IZATION .— Incorp. in Dela­
BONDS.— First and Ref. M . 5-year 7s of Louisville Gas & Elec. Co. ol
ware about Oct. 18 1919 to take over the business of Loew’s Theatrical Ky. are a first lien on all the properties owned (subject only to y i , 195,000
Enterprises (incorp. under N . Y. laws on April 17 1911). Through the Louisville Lighting 5s) and also the Pipe Line property through the deposit
latter company it controls: In fee, 5 theatres; 100% stock ownersnip, 19 with the trustee o f $3,000,000 1st M . bonds and $2,000,000 stock of the Pipe
subsidiaries; 55%-S0% stock ownership, 7 subsidiaries; 50% stock owner­ Line Co. The initial $16,566,000 was sold in June 1918 toprovide for retire­
ship, 3 corporations; 24% -45% , 6 corporations; and shareholdings in 5 ment of 510,413,000 1st Ref. M . 6s o f 1913, due July 1 19l». The new issue
corporations, o f which 3 are Canadian corporations These companies on is redeemable all or part on any int. date to and incl. June 1 1920 at 103 and
July 31 1919 controlled 60 theatres distributed all over the country. On int.; to June 1 1921 at 102, thereafter to and incl. June 1 1922 at 101, and
N ov. 1 controlled about 71 theatres, having a total seating capacity of on Dec. 1 1922 at 100 and int. V. 105. p. 1691. 2653. 2762. V . 107.
104,465. For recent acquisitions see V. 109, p. 1896. See full statement p. 1104. Outstanding amount was increased to $12,519,000.
in V. 109, p. 1992.
Of the remaining bonds. $1,195,000 are reserved to retire the Louisville
DIRECTO RS.— David Bernstein (Treas.), C. E Danforth, W . C. Dur­ Lighting 5s, and the balance is reserved for 75% of the cost of extensions
ant, Harvey D. Gibson, Joseph P. Knapp, Marcus Loew (Pres.), David L. and additions, provided net earnings are 1 2-3 times the annual interest
Loew. James II. Perkins. Daniel E. Pomerov. N. M Schenck (Sec.), Lee charge, including the underlying bonds and those applied for. Total
auth. issue, $20,000,000. V. 106, p. 2653.
Shubert.— (V. 109, p. 1530, 1704, 1896, 1992.)
The Bond Secured 7% notes of 1917 ($3,750,000 auth. issue) of Louisville
c
LOFT INC.— ORGAN IZATION .— Incorp. In Delewaro Sept. 18 1919 G. S E. Co. (of K y .), were redeemable all or part before Sept. 1 1918. at 101
and succeeded to a company o f the same name incorporated in Virginia in and int., before Sept. 1 1919, at 100)4 and int., and thereafter at 100 and
1916 (V. 103, p. 1795). Business, manufacture and distribution of candy. int., upon 30 days notice, to be secured at all times by deposit of General
Owns two factories.nd operates 13 retail stores in N Y City and Newark. Mtge. 6% bonds in a principal amount of 133 1-3% of the par value of
A third factory is under construction. Balance sheet," &c.. in V. 109, p.1371. notes outstanding. V. l06, p. 1039. 1131. 1235: V. 108. p. 273.
EARNINGS.— For year ended Dec. 31 1918, gross, $3,176,478; net,
EARN IN G S.— Gross sales, 1916, $2,891,401; 1917, 54,005,396: 1918,
55,140,501; 1919 (7 mos.), 52,980,043. Chairman o f Board, G. W. Loft. $1,642,677; interest, $978,346; bal., sur., $664,331. In 1917, gross, $2,­
838,589; net, $1,525,084.
— (V. 109, p. 1183, 1371).
OFFICERS.— Pres., Arthur S. Huey; V.-P. & Gen. M gr., Donald Mac­
LONE STAR GAS CO. DALLAS Tex.— (V. 109. p. 177.)
Donald; Sec. & Treas.. T. B. Wilson.—-(V. 107, p. 185. 1007. 1104. 1750:
V. 108, p. 273, 2128, 2438.)
LOOSE-WILES BISCUIT CO.— ORGANIZATION.— Incorp. in N. Y .
May 4 1912. Operates large factories in Boston, Chicago, St. Louis, Kan­
LUKENS STEEL C O „ COATESVILLE, PA.— O R G A N IZA T IO N .—
sas City. Minneapolis, Omaha and Dallas. New Long Island City. N. Y ., Incorp. in Penna. in 1917 to acquire all the capital stock and ultimately,
factory in full operation since about Sept. 1914. v 96 p. 65, 350; V. 98, the entire property, &c.. o f Lukens Iron & Steel Co. (established in 1810)
p. 1069. Also manufactures candy. V . 94, p. 1320. *
free and clear except for current accounts (V 92, p. 1314). Specializes
STOCK.— Com. stock ($8,000,000) was in a voting trust extending to In marine and locomotive boiler plates. Capacity about 450,000 tons per
May 8 1917. but extended as to a majority until May 8 1922. with right to annum. V. 103, p. 2433; V. 105, p. 2369; V. 108, p. 884. Owns entire
terminate vested in 75% . Voting trustees, Jacob L. Loose. William Salo­ capital stock of Allegheny Ore & Iron C o., with iron mines in Virginia and
blast furnaces (75,000 tons annual capacity).
mon and Joseph S. Loose. V. 104. p. 1903. V
n 1768
In April 1919 327,976 shares of common stock, par value $50 ($16,398,­
Notes payable Oct. 1 1919, $525. V. 106, p." 1684." 1
including
DIV ID E N D S.— On nrst pref 1J*% quar. July 1 9 1 2 t o O c t .l 1919. On 800) have been issued, Coatesville,$500,000 in treasury. 2480; V . 108. p.
Pres., A. F. Huston,
Pa.— (V. 107, p. 1388,
tf
<luar-: none since to Feb. 1918. 884.)
V. 106, p. 933; V. 101, p. 861; V. 100, p. 646, 905.
McCRORY STORES CORP.— O R G A N IZA TIO N .— Incorporated in
R EPO RT.— Report for cal. year 1918. in V. 108 A _ — » showed:
p 1272,
• />n /I rt r
1
n
Calendar
Total
Balance, May 1915 in Del., successor of J. G. McOrory Co. Owns and operates a
_ Net
,
1st Pref.
Year—
Income.
Surplus. chain of 150 5 and 10-cent stores in the Eastern and Southern States.
Earnings.
Dividends.
1918............................................
STOOK.— Auth. and issued, $5,000,000 common and $1,250,000 7%
*5709,17
♦51,053,222
$344,050
1,178,351 cum. pref. stock retired $71,100 pref. Par. $100. Surplus of $250,000
1917........... .............$2,062,361
*1,522,404
344.050
559,650 must be maintained prior to payments of com. divs., none tc exceed 4% until
1916.......................... 1,057,994
903,700
344.050
surplus is $500,000. Preferred has preference as to divs. and assets at 110,
♦After providing for war taxes— in 1917, 5300,000.
Pres., J. L. Loose; Treas., J. H. Wiles. Office, Kansas City, M o.— and provision is made for redemption after Jan. 1 1917 at price not exceed­
ing 110 and divs. V. 100, p. 1756. Dividends paid on pref. stock, I X %
(V. 106, p. 1684; V. 108, p. 883, 1272.)
quar. to and Incl. Oct. 1 1919.
The company Itself in Dec. 1918 had no bonded debt, but 16 of the pieces
(P.) LORILLARl) CO.— ORGANIZATION.— Incorporated in New Jer­
sey Nov. 24 1911 and, under order of U. S. Clroult Court dated Nov. 16 of store property occupied by the company were in 1915 transferred to
William J. Fallon, who executed thereon an issue of $700,000 1st M . 6%
1911, took over, under plan of disintegration of Amerioan Tobaooo Co.
V. 93. p. 1122-24), certain of ts plug, smoking, cigarette and little oigar serial bonds dated June 1 1915 and due yearly on July 1 1917 to 1930, the
properties being then leased back to the company for 20 years. V .101.p.135.
factories. V. 106. p. 1348; V 93, p. 1537; V. 94, p. 70, 126, 283.
STOCK.— Of the stock. $161,600 is issuable in exchange for the $403,900 Bills payable, Dec. 31 1918, $821,435.
REPORT.— For year ending Dec. 31 1918, V. 108. p. 1268. 1393:
pref. stook of the former P Lortllard Co. at the rate of $114 25 per $100
share o f the old stock. V. 94. p. 70. 128.
Sales and Net Profits, Except Interest on Debt Retired bu Financing in 1915.
The shareholders voted Mar. 12 1918 (V. 106, p. 825 1131. 1235. 1348) x r yea/ T
1918’
19171916.
1915.
1914.
to increase the authorize;! common stock from $ 1 5 ,1 5 5 600 (all outstanding) No. of stores----164 Not stated
137
115
113
to $.30,311,200. one-rifth of the now stock, or $3,031 120 being distributed Sahas
. ...........$9,607,250 $7,831,509 $6,787,117 $5,613,987 $4,929,184
Apr. 10 as a 20% stock div. to common stockholders in lieu of the usual Net p rofits..
$347,114
$321,747 $422,14S $352,196 $304,558
extra dividend in cash payable annually on Apr. l (in 1917 6% . and in 1916
$84,740: pref. stock sk. fd.. $38,392; bal., sur., $223,982.
5 % ). Common shareholders ef record Aug. 9 1918 wore permitted to
SALES (V. 109. p . 1898)—
1919.
1918.
1917.
$619,557
subscribe for 33 1-3% ($8,062,240) new common stock at par until Aug. 29, Month of S ep tem ber.............................. $925,754 $776,521
5,164,580
Onis^increaslng^tho amount outstanding to $24,248,900. See circular, 9 months to Sept. 30.............................. 7,577,626 6,486,524
OFFICERS.— Pres., J. G. McOrory; V -P res.. J. H McCullough: P. A.
COM . DIV.—
(1912. 1913. 1914. 1915. 1916. 1917. 1918. 1919. Prior. Van O. McCrorv: Treas.. F. D. JoIIvt Sec.. B. H. Stenzel. N. Y.
office, 621 B ’way. Merrill, Lynch & C o., N. Y ., are interested.— (V. 108,
Regular---------------------i 6
10
J1
'
10
11 u , 12
12
12
Extra............................. I —
2X
5
3
6
6 20stk —
p. 273, 884, 1169, 1268 1393, 1824, 2246; V. 109, p. 482, 1278.)
Paid regularly in cash 3% quar., April 1916 to Oct. 1919, inclusive.
(W . H.) McELWAIN CO.— (V. 109, p. 67.)
BONDS.—The rights of the 7s are prior to those of the 5s. No mortgage
MacANDREWS & FORBES CO.— (V. 106, p. 713, 2014; V. 107, p.
without providing for those bonds as prior claims. See V. 94. p. 283.
2380; V. 108, p. 1268, 1278, 2627, 2634.)




I8G

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, A c., see notes on first page]

Date
Bonds

Mackay C rnpanies (The)— Common shares $50,000,000 auth
<
Pref (a & di i % cum $50,000,000 auth red 106__________
Madison Tire & R ubber— Com 120,000 shares----------------Preferred (a & d) 8 % cum conv s f call 125 auth $2,000,000
Magnolia Petroleum Co— Stock $60,000.000___________ Co - - ­
1st M $10,000,000 sink fund call par__________ Col.zzc* 1912
M
anhattan Shirt Co— Common stock $5,000,000-----------Pref stock (a & d) 7% cum red 120---------------------------------Manufacturers Light & Heat — Stock $25,000,00u-------------- Mortgage due part yearly Oct 1 (red)----------------- CbPix 1907
Maracaibo Oil Exploration Corp— Stock 250,000 shares__
Mark Mfg Co— See Steel & Tube Co o f America
Marland R efin in g— Stock $25,000,000-----------------------------

Par
Value

Amount
Outstanding

Rate
%

341,380,400 6 i n ’ i9 i9
50.000.
000 4

$100
100

None

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

When
Payable

Jan 2 '20
Jan 2 ’ 20

o —j
Q— j

8 6 ,0 0 0
2 ,0 0 0 ,0 0 0

8
Q— J
Q—J 5
6
58.675,500
J & J
6 g
9.508.000
25 5,000,000 See text -Q— M
100
1.600.000
7
Q—J
50 23.000.
Q— J
8 in 1918
000
1 .0 0 0
A & O
428 000
6
None 250,000 sh. New
100
100
1 ,0 0 0

MACKAY COMPANIES (TH E ).— O R G A N IZA T IO N .— A voluntary
association formed under trust deed o f Dec. 19 1903 and managed by tei'
trustees, elected annually. Present trustees are: Clarence II. Mackay
W . W. Cook. George G. Ward. Edward C. Platt. George Clapperton
M . W . Blackmar (New York), Sir Edmund B. Osier (Toronto), Sir Vin­
cent Meredith (Montreal), Sir Thomas Skinner (London, England), and
Right Hon. Lord Shaughnessy, K .C .V .O . (Montreal). Owns entire
$25,000,000 stock o f Commercial Cable Co. and the entire capital of the
Postal Telegraph system: also capital stock In other cable, telegraph and
telephone companies in United States, Canada and Europe. See V. 84, p
448: V. 85, p. 407: V. 8 6 . p. 476: V. 89. d . 848 Rights of stock. V.84.p.87b
Government valuation in 1918. V. 106. p. 1465. 1581.
Y- l f' “
p. 2762. In Sept. 1919 arrangements were proceeding for the laying of a
new American cable to Japan, &c. V . 109, p . 1278.
Increased rates, V. 108, p. 1392, 2334.
,. „
On M ay 2 1919 the Government surrendered control o f all the cable lines
held by it, and on also the land lines on Aug. 1 1919. V . 108, p .1 7 7 5 ,182,),
1940, 2128, 2438, 2532: V. 109, p. 482. As to Government demands for
$2,349,195, see V. 109, p. 1992.
D IV ID E N D S.— (1905. 1906. 1907-10. 1910-16. ’ 17. ’ 18
1919.
On common____%\ 2
3
4 yearly 5 yearly 5 3 9 1Js .U3.1J3
A
R EPO RT.— Year ending Feb. 1 1919, In V. 108, p. 782
Common
Op.Exp. Balance.
Year end.
Income from Pref. Divs.
Dividends. Taxes. Ac. Surplus
Feb. 1— Investments.
(4 % ).
$2,388,677 $301,121
$5,697
1918-19........... $4,695,497 $2,000,000
(5fi)2,425,198
89.059
5,108
1917-18_____ 4,519,365 2,000.000
(5) 2.069.020
56.800
57.446
1916-17.......... 4.683.265 2,000.000
(The policy o f the Mackay Companies Is to obtain from the subordinate
companies only enough money to meet the dlvs. of the Mackay Company
■hares, all surplus earnings being left In the treasuries of the subordinate
companies for extensions and the development of the business and the In­
crease of reserves.) Office, 1 1 2 State St., Boston— .(V. 108. p. 83, 273, 787,
1278, 1825, 1940, 2128, 2334, 2438, 1278, 1992.)
MADISON TIRE & RUBBER CO.. INC.— ORGAN IZATION .—
Incorp. Aug. 13 1919 in New York to manufacture high-grade cord and
fabric pneumatic automobile tire, tubes, &c. Acquired the facilities of
U. S. Rubber Reclaiming C o., Inc., established in 1881. Plant at Buffalo,
N . Y ., has a daily capacity o f 1,2uj tires and z,000 tubes, total floor space
230,000 sq. ft.
CAPITAL STOCK.— Pref. is callable at 125 and div. on 60 days notice;
convertible at any time until July 1 1929 into the Common stock share for
share. A cumulative sinking fund o f 3% o f the outstanding Pref. stock
begins July 1 1922. No mortgage without consent o f % of the outstanding
Pref. stock.— V. 109, p. 683, 892.
OFFICERS — President, Rudolph A. Low; Vice-President, Theo. W.
Bassetf Secretary, Clarence H. Low; Treasurer, Max Loewenthal.— V. 109,
p. 683, 892.
MAGMA COPPER CO.— (V. 108. p. 273, 782, 787, 1825, 2026, 2532.)
MAGNOLIA PETROLEUM C O .—OR G A N IZA TIO N .— Incorporated
Apr 24 ’ l l In Texas. Owns and controls oil wells in Texas, Okla., Kan. and
Ark’ having in 1919 a production o f about 25.000 to 30,000 bbls. of crude
oil daily, with refineries located at Beaumont, Fort Worth and Corsicana,
Tex
also trunk pipe lines from Cushing and Healdton, Okla . and
Electra, Tex. In Dec. 1918 commenced construction o f an 8 -inch oil pipe
line from Ranger to Corsicana, Tex., 120 miles. V. 107, P- 2380.
Stock.— Auth., $60,000,000 (increased in Jan. 1918 from $30.000.000),
outstanding. $44,003,600 (par $100). Of the new stock, $22,000,000 was
offered to shareholders of record Jan. 21 1918 at par from Jan. 15 to Feb. 1
(see V. 106, p. 302, 194; V. 104, p. 76). and $14,671,900 was offered in
July 1919, making $58,675,500 outstanding. V. 109, p. 77, 177. In
Jan. 1918 Standard Oil Co. o f N. Y . acquired about $19 800,000 o f the stock
without voting power. The Federal Trade Commission in April 1918
charged that this might unduly lessen competition. V. 106, p. 504, 1799.
Dividends.— In March 1914 a stock dividend o f 100% was paid, and In
Jan 1915 a stock div. of 25% cash dividends: In 1915. 4% : 1916. 6 %:
1917. 6 % : 1918, Jan. and April. 1 J3% each: July 1918 to Oct. 1919, paid
quar. 1J3% and a special div. o f J3 o f 1% (V. 109, p. 683).
BONDS.— First mtge. 6 % gold bonds, authorized. $10,000,000: out­
standing Jan. 1 1919, $9,508,000: canceled by sinking fund to Dec. 31
1918. $492,000.
^
T ,„ 0
T
10T0.
RE PO RT.— Balance sheet Dec. 31 1918, V. 108, P- 1278.
1915.
1918.
1917.
1916.
Total profits__________ $32,538,173 $18,825,980 $14,316,198 $3,928,188
1,248,157
Deprec’n and depletion. 13,921,782 *6,675,06a 2,888,893
Bond, &c., interest____
971,248
1,974,265
Z§§’§5'o 551,706
Other deductions______
2,773,407
748,157
820,898 453,696
Dividends (6 % ).............. 2,729.465
1,320,000
1,200,000S61.118
_____

$5

See text

10

Q— J

[V o l . 109.

1H N Y, Canada and London
do
do
1%

New
Oct 5 ’ 19
2%
Jan 1 1937
Dec 1 1919 1
Oct 1 ’ 19 1H %
Oct 15 1919 2 %
Oct 1 1920

By check
Checks mailed
. do
Checks mailed
Plttsb, Colonial Trust Co

Oct 15 ’ 19 2 H %

The stockholders on June 101919 voted to reduce the par value of the com’
shares from $100 to $25. V. 108, p.2438.
Notes payable as of M ay 31 1919. $1,442,000.
In March 1919 paid 1% on com.; in June, Sept, and Dec. ,1 % % .
EARNINGS.— For 6 mos. ended M ay 31 1919: net profits, $698,403!
other income, $4,538: total, $702,941.
R E PO RT.— Report for year ending N ov. 30 1918, in V. 108, p. 265,
showed total net income, $1,026,045; reserve for income and excess profits
taxes, $365,000; pref. divs. (7 % ), $112,000; com. divs. (6 % ), $300,000;
bal., sur., $249,043. In 1916-17 net income was $964,126; 1915-16,
$846,676.
Pres., Lewis Levi; Treas., Jacob Samuels; Sec., Louis B. Tim. Office,
212 Madison Ave., N. Y — (V. 108, p. 265, 2026, 2128, 2438, 2532,
2634; V. 109, p. 683.)
(TH E)

MANUFACTURERS

I.J Q H T &

H E A T C O ..

P IT T S B U R O H .—

ORGANIZATION.— Incorporated in Pa on Nov. 28 1899 rc-lneorporated
April 21 1903. Leased Dec. 31 1917 336.578 acres of gas and oil lands
in Penna., W. Va., Ohio and Kan., of which 118,140 were operated and
218.438 unoperated. V. 8 8 . p. 503: V. 90. p. 1428; V 92. p 524: V. 91.
p. 1633, 217. In 1918, through the Venture Oil Co., acquired Interest in a
considerable amount of prospective oil property in Mill County, &c., Tex.
Kates, 1916, V. 104, p. 168. V. 107, p. 1388.
LATE DIVS./ ’07 to TO. ’ l l . ’ 12. ’ 13. ’ 14. ’ 15. T 6 . 1917. ’ 18. 1919.
%
3 6 J$ 7% 8
8
8&2ex 8
8
P e r c e n t ______ 1 None
BONDS.— Total bonded debt Oct. 1919, $428,000. Tho $145,000 1st M ,
6 s due Oct. 1 1919 were paid off.
R E PO RT.— Cal. year 1918, V. 108, p. 971; 6 mos. 1919, V. 109, p. 583:
Cal.
Gross
Gross
Bond.DepreDividends
Balance.
Year— Earnings.
Income. Int.Ac.elation.Ac.
% — Paid.
Surplus.
1918.--$0,693,573 $3,591,199 $60,710 $1,287,536 (8)S1,840.000$402,953
1917- - - 9,122,218 3,517.504 69.200 1,126,582 (10)2,300,000 21./22
1 9 1 6 --- 7,592.225
3.123.515 79,348
715,149 (8 ) 1.840,000 489,018
1 9 1 5 -.. 6,463.113
2,816.771 93,111
721.675 (8 ) 1.840,000 161,985
6 Mos.
1919--.$5,672,399 $2,173,392 $26,951 ............... (4)$920,000 $1,226,440
1 9 18- - - 4,938,270 2.116,732 31,507 .......... .. (4) 920,000 1,165,225
Gross earnings for 9 months ending Sept. 30 1919 aggregated $7,921,824
gross income, $2,876,395; and surplus, after dividends, $1,144,475.
OFFICERS.— Pres.. John E. Gill, Franklin. Pa.; Sec. and Asst. Treas.,
H E Seibert: Treas.. G. W. Ratcllffe.. Pittsburgh: V -P.. L A Meyran,
J. I. Buchanan, Pittsb.— (V. 108, p. 971, 2940; V. 109, p. 583, 1084.)
MARACAIBO OIL EXPLORATION CORP.— ORGANIZATION.—
(See M ap.)— Incorp. Sept. 6 1919 in Delaware to take over and develop ex­
tensive lands in Venezuela, showing oil formations and soepages. Owns all
of the capital stocks of the Mara Exploration C o., Miranda Exploration
Co., Paez Exploration Co. and Perija Exploration C o., which companies
possess Government concessions located in the Maracaibo Basin of Vene­
zuela, totalling 750,000 acres of oil bearing land, carefully selected and ap­
proved by geologists. Tho acreage acquired in the opinion of the geologists,
includes some of the most potentially valuable lands in tho Maracaibo Basin.
In addition to tho holdings referred to, the corporation has acquired options
on various other areas, which are now being reported upon, totalling 125,000
acres. Plans have been made for rapid development of the corporation’s
properties, including immediate drilling on two sides of tho lako on areas
already recommended as especially favorable to (he corporation’s geolo­
gists. Intensive exploration of other district .s.uow going on. The.com­
pany has no bonds or preferred stock.
W ORKING CAPITA L.— With the completion of tho present financing*
tho Maracaibo Corporation will have in its treasury $2,000,000 cash availr
able for development of its properties and the acquisition of such furthe
holdings as may seem advantageous to the corporation.
DIRECTO RS.— William Wallace Mein, Pres.; R. W . Griggs, VicoPres.; W. A. Bostwick, J. W. R. Crawford, Huntington W. Jackson, 8 . C.
Thomson, W . D. Ticknor, R. C. Warrinor, New York.— (V. 109, p. 1897.)

M ARGAY OIL C O R PORATION .— V. 109, p. 1466, 1530.
MARCONI W IRELESS TELEGRAPH CO. OF AMERICA.— (V. 108,
p. 274, 1064, 1169, 2246; V. 109, p. 1704,). See also Radio Corporation of
American below.
MARLAND REFINING CO.— ORGAN IZATION .— Incorp. Nov. 18
1916, in Okla., with a capital of $1,000,000, but was organized In March,
1917, with a capital of $2,500,000 and took over the property and assets
of 101 Ranch Oil C o., Marland Oil Co., all the oil properties of W. II.
McFadden and E. W. Marland and acquired a large amount of undeveloped
oil and gas leases. Owns in part or in full 77,512 acres in Oklahoma, 80
acres in Texas and 1,354 acres in Kansas. Averago daily production
7,000 barrels; number of wells, 137; tank cars owned, 320. Refining at
Balance, surplus______$12,142,271 $8,108,493
$8,620,753 $813,511
* After crediting $451,616 unused reserves. Liability has not been set Ponca City. Daily capacity 2,500 to 3,000 barrels. Is closely allied with
up for war excess profits and Income taxes for 1917. Undivided profits Kay County Gas Co. (See above). Full statement to tho Pittsburgh
Dec. 31 1918, $31,463,522 (before provision for 1918 Federal taxes), against Stock Exchange in V. 109, p. 490.
$19,009,804 Dec. 31 1917; capital surplus,- $60,278,618, an increase over
C APITAL.— The stock was increased from $2,500,000 to $10,000,000
1917 of $19,132,398, due to a revaluation o f certain oil-producing leaseholds in Feb. 1918, of which $2,568,740 as a stock dividond. In May 1919 was
made under Federal tax law.
increased to $25,000,000. The stockholders of record May 15 1919 wore
OFFICERS.— Pres., John Sealy, Galveston; V.-Pres. & Gen. M gr., E. R. given the right to subscribe to new stock at par ($5) to the extent or 50%
Brown, Dallas: Sec., Courtenay Marshall, Beaumont: Treas.. W . O. of their holdings (V. 109, p. 490). The stockholders of record Oct. 31 have
the right to subscribe up to Dec. 1 1919, to 10% of their holdings at par
Proctor, Dallas.— (V. 107, p. 2380: V. 108, p. 1278: (V. 109, p. 683.)
($5) to the remaining treasury stock. Any unsold will bo sold to the em­
MANATI SUGAR CO.— V. 109, p. 482, 1465.
ployees, making the entire authorized and issued $25,000,000. V. 109,
MANHATTAN ELECTRICAL SUPPLY CO.— (V. 106, p. 2455, 2564.) p. 189/.
V. 107, p. 610: V. 108, p. 585: V. 109, p. 1992.)
D IV ID E N D S.— Divs. have been paid as follows: Aug. and N ov. 1917,
MANHATTAN OIL CO.— V. 109, p. 1530.
2 K % each; Feb.. June and Sept. 1918. 2J*%; Jan. to Oct. 1919, 2 H %
auar. Stock dividends have been paid as follows: M ay 31 1918, 4o% ,
MANHATTAN SH IR T CO.— ORGA N IZA TIO N .— Incorporated In
New York June 15 1912 as successor of New Jersey company of same name. July 31 1918, 10%: Dec. 31 1918, 10%; July 15 1919, 25% .
E A R N IN G S . — Net earnings, after depletion & depreciation &c. for tho
Manufactures men’s shirts, collars, underwear, shirtings. &c. Application
to list showing properties owned, rights of stock. 4cc.. V. 100. p. 405.
twelve months ended Dec. 31 1918:
_
~ , 7 1 qR9
STOCK.— Total pref. stock issued $3,000,000: amount redeemed to Jan.......... $8,063 A pr---------- $26,552 J u ly ____ $120,021 O ct.........$174,362
Dec. 1918. $1,400,000. Pref. is redeemable (also in liquidation) as a whole Feb.......... 21,870 M a y .......... 50,007 A u g -------105,293 N o v ------ - 239,702
or in part at 120 and accrued div. Cumulative yearly sinking Tund. $90,­ M a r .........17,509 June.......... 70,471 S ep t------- 144.332 Doc
000. to purchase or call pref. stock. For further rights, see V. 100, y. 405. Additional earnings from production, not distributed by months^. 144,551
D IVIDEN DS % .—
(1915.
1916.
1917.
1918.
1919.
On common________________ ( H
4
4
Text
do
in Lib bonds
I ---D ec., 2
-­
On pref. stock 7% p. a. (1_Q.-J) Oct. 1 1912 to Oct. 1919. In Doc. 1918
an extra 2% was paid in 4J£% Liberty bonds. V. 107, p. 1924.




Net earnings for Jan., Feb. and March 1919, after deducting operating
and overhead expenses and before deducting depreciation, depletion,
income & war taxes and new development, was $602,110. Current gross
earnings are about $500,000 per„month.

Nov.,

1919.]




INDUSTRIAL STOCKS AND BONDS

187

188

[Vol. 109.

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on first page\

M arlin-Rockwell Corp— Common stock 81,136 shares____
M artin-Parry Corp— Stock auth 100,000 shares__________
Massachusetts Gas Companies— Common stock_____________
Preferred (a & d) 4% cum $25,000.000_______________OB
Sinking fund gold bonds redeemable at 105_____ OB.zc*&r
Debentures gold red 105________________________ -.O B.z
M assachusetts Oil R efin in g— Com stock $5,000,000------7% cum participating Pref stock $5,000,000 auth________
Conv 10-yr g bonds 7% partic call 120 $5,000,000auOBe*
M athieson Alkali— Common stock $6,500,oOO_____________
Preferred fa & d) stock cum 7% $3,500,000_______________
Maxwell Motor Co. Inc— Common stock $13,000.000_____
1st pref (a & d) 7% cum red 105, $13,471,500___________
8 econd preferred fa & d) 6 % non-cumulative.$ 1 1 ,0 0 0 ,0 0 0 .
1st pref dividend certificates, call at par______________Var
Capitalization Proposed under Merger Plan—
Common stock 800,000 shares no par____________________
Pref (a & d) stock 7% cum $3,150,000 call llO s k f d ______
Gold notes $10,000,000 g call (tert)s f conv into com stk.xxx

Date
Bonds

1909
1911
1919

1918

Par
Value

Amount
Outstanding

None 68,145 shros
None 1 0 0 .0 0 0 sh.
$ 1 0 0 $45,000,000
1 0 0 25.000.
1 ,0 0 0
4.665.000
1 ,0 0 0
4.000.
100
5.000.
None
100
1 0 0 &c
3.000.000
50 5.885.700
3.076.900
100
1 0 0 12,805.158
1 0 0 13.133.336
1 0 0 10.127.468
700,173
None
100

Bate
%

When
Payable

See text

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

See text

Bankers Tr Co, N Y

See text
Q— F Nov 1 T9 1 5 4 % Old Colony Tr Co. Boston
4 in 1919 J & D Dec 1 T9 2%
do
do
000
Boston, Mass
4Vi g J & J Jan 1 1929
Old Colony Tr Co, Bost
000
4Vi e J & D Dec 11931
000
J & J Oct 1 1929
7 g
See text
Q— J Jan 2 T9. lVi
Q-J 15 Oct 1 T9. 1 Vi
7
See text
July2 T7 2)4%
See text Q - J
See text
7
July 2 171)4%
Semi-an. Var. 1920
7

800.000 sh.
$3,150,000
1 0 .000.
0007 g

Semi-an.

N Y and Boston
New York
Checks mailed
New York

1929

DIRECTORS.— E. 5V. Marland (Pres.), W . H. McFaden (V .-P.),
OFFICERS.— Pres., James L. Richards; Treas., E. M . Richards; Sec.,
J. S. Alcorn (V .-P.), Samuel C . Collins, W . K. M oore, A . L. Bogan (Sec.- A. S. Bull. Office, Minot Bldg., Boston. Old Colony Trust C o., Transfer
Treas.), Ponca City, Okia.; C. D. Darrigrand, Wichita, Kan.; Louis J. Agent and Registrar.
Nicolaus, W. G. Lackey, St. Louis, M o.; John E . Stevenson, Wheeling,
TRUSTEES.— Robt. Wlnsor, Chairman, Charles F. Adams 2d, Walter
W . Va. and J. D. Callery, Pittsburgh, Pa. Office, Ponca City.— (V. 108, O. Baylies, Samuel Carr, Joseph B. Russell, Frederic E. Snow, Edwin S.
p. 1515, 1940; V. 109. p. 473, 482, 490, 1897).
Webster, James L. Richards, Charles S. Davis, Henry B. Endicott.—
MARLIN-ROCKWELL CORP.— O RGAN IZATION .— Incorp. In New (V. 106, p. 825, 1575, 1691; V. 107, p. 408, 909, 1388, 1672, 1750; V. 108.
York Dec. 8 1915 as Marlin Arms Corp. Name changed as above March p. 274. 1515, 2334.)
1917. Property includes (V. 107, p. 1383, 1104): (a) Marlin plant at New
MASSACHUSETTS OIL REFINING C O — O R G A N IZA T IO N .—
Haven, Conn.; (b) Norwich, Conn., plant, formerly owned by Hopkins &
Allen Arms C o., acquired during 1918; (c) Hamden plant at New Haven; Incorp. in Nov. 1919 in Virginia, to engage in refining, transporting and
(d) Philadelphia plant for manufacture o f roller bearings, formerly of marketing of petroleum and its products. Has under construction at Boston
Standard Roller Bearing Co.; (e) Plainville, Conn., ball and roller bearing Harbor a refinery of 1,400,000 barrels of crude oil per annum. Is closely
plant; (/) M ayo plant for manufacture o f radiators for automobiles and allied with Island Oil & Transport Corp., which owns a majority of the Com­
aeroplanes, located in leased property in Bronx, New York City; (g) Con­ mon stock. V. 109, p. 1797.
trol of the Braeburn (Pa.) Steel C o., with 33-acre plant reported to have
BONDS.— The bonds are redeemable on any int. date on 30 days'
a monthly capacity o f 750 tons o f high-speed and tool steels; (/») Plant of notice at 120 and int., but convertible during said period. Annual Sinking
Richmond Radiator C o., Phila. V. 107, p. 909. Full official statement as Fund o f a sum equal to 10% of net earnings for the previous year to be ap­
plied to the purchase or to the drawing of bonds by lot at 1 2 0 and int.
to status under peace conditions, V . 107, p. 1845.
______
NOTES.— The 2-year 6 % unsecured notes dated March 1 1917 were Upon the retirement of all bonds (by purchase or conversion) the 10% sink­
all retired by conversion or otherwise.
ing fund will be applied to the purchase of Preferred stock at not exceeding
STOCK.— Common, 81,136 shares, no par value., viz.: Oct. 22 1918, 125 and div. Convertible at any time $ for $ into 7% Cumulative & Par­
outstanding, 68,145; reserved for conversion o f notes, 12,991 shares. No ticipating Pref. stock. This Pref. stock is entitled to participation (20%)
divs. on com. to Oct. 1918. Voting trust was extended in March 1917 till in the same earnings as the bonds, and is callable as a whole at 125%. The
beyond March 14 1922. Voting trustees, O. B. Willcox, A. F. Rockwell company covenants that each year it will set aside 2 0 % of the net earnings
and G. Hermann Kinnicutt. V. 107, p. 1383. All o f the $3,500,000 pref. (after deducting bond interest, taxes, Pref. stock divs. and sinking fund
stock was paid o ff at par and divs. in Dec. 1916 and Jan. 1917. V. 104, p. requirements) for the previous calendar year, which amounts is to be dis­
76, 260. Common stock listed on N. Y . Stock Exchange in Sept. 1918. tributed to holders of the bonds (and for Pref. stock issued for same)
m pro rata payments on July 1— in addition to the fixed int. (or dividend)
Full statement, V. 107, p. 1383; V. 108, p. 2634.
D IV ID E N D .— A dividend o f $ 6 was declared in N ov. last, payable $1 at the rate of 7% p. a. President, W. O. Robinson.— (V. 109, p. 1797),
each N ov. and Dec. 11 1918, and Jan., Feb.. March and April 11 1919,
MATHIESON ALKALI W ORKS ( I N C . ) . — O R G A N I Z A T I O N . — Inrespectively; t in M ay and June also paid $1; July, none.
V. 109, p. 1787. corp. in Va. in 1892 and manufactures soda ash, caustic soda, bicarbonate of
“ E a r n i n g s .— For cal. year 1917 and 6 mos. o f 1918, V. 107, p. 1383, soda &c. Total output 1917 about 150,000 tons. In July 1917 merged
the Castner Electrolytic Alkali Co., all stock previously owned.
1845, 1383. Balance sheet Dec. 31 1918, V. 108, p. 2634.
Capital stock, see table on a preceding page. (See offering, V. 104. p.
Sales.
Net Inc. Olh.Inc.WarTax.P.&L.Ch. Net Prof.
Year 1917--$12,525,296 $2,226,540 $12,884 $700,000 $564,921 $974,503 261.) No bonded debt.
............. 3,024,296
6 m os.1918- 13,252,301
2,989,038 35.208
(?)
R E PO RT.— For year ending June 30 1919, V. 109, p. 8 8 6 .
OFFICERS.— Chairman, A. F. Rockwell; Pres., Edgar Park; V.-Pres.,
1918-19.
1917-18. I
1918-19.
1917-18.
T . O. Fogel: Treas., H. R. Tobey; Sec., Albert Newcombo. N . Y . office, P r o fit............. $943,962 $1,225,480 Pf. divs. (7% )
215,383
215,383
347 Madison Ave.— (V. 108, p. 84 , 977, 1169, 1825 , 2246 , 2634; V. 109, Deduct— Plant i ............439.0231Cm.divs.(3%)
353,142
176,571
Liberty Loan.
p. 177, 1466.)
173,7501BaL.sur. for yr
552,008
44,182
' MARTIN-PARRY CORP.— ORGANIZATION.— Incorp. in Deieware
^ D IV ID E N D S.— On the pref. at rate of 7% yearly, since organization
M ay 26 1919 and has acquired Martin Truck & Body Corp., York, Pa., Apr. 1919 div. on com. passed. V. 108. p. 1169.
and Parry Manufacturing C o., o f Indianapolis. Manufacturers of com­ Common dividends. 09. TO. ’ l l . '12. T3. 14’ . T 5. T 6 . T 7. T 8 . 1919.
mercial automobile bodies. Plants at York and Parry have a combined P ercen t...................4 Vi 6)4 6
7)4 5 Vi 4
4
6M 6
6
l)4(text)
output o f 60,000 bodies annually. V. 109, p . 1797.
Pres.. Edward E. Arnold. Office, Saltville, Va., and Providence, R . I.,
EARNINGS.— Profit and loss account for the three months ended Sept. — (V. 107, p. 909: V. 108, p. 1169; V. 109, p. 8 8 6 .)
30 o f the Parry plant and the two months ended Sept. 30 o f the Martin
MAXW ELL-CHALMERS
plant shows sales $850,626; net sales, $840,606; gross profits, $238,639; Maxwell M otor C o., Inc.— MOTOR C O R P — ORGANIZATION.— See
net profits after interest, &c., $134,969.
MAXWELL MOTOR CO.. INC.— O RGAN IZATION .— Incorp. In
DIRECTORS.— J. J. Watson Jr., Chairman; F. M . Small, Pres.;
Robert I. Barr, Walter R. Herrick, S. C. Parry, James F. Shaw, Guy E. Delaware Doc. 31 1912 as successor after foreclosure (plan V. 95, p. 1044,
Tripp, George H. Walbridge and W . T . Dewart. The Sec. is Henry Hop­ 1335, 1626) of U. S. Motor Co. V. 90. p. 1177. 1494. 1618. 1682; state­
ment Sept. 1910. V. 91, p. 8 6 8 ; V .97, p. 1111. Output capacity was In
kins, Jr. ana Treas., A. P. Bablett.— (V. 109, p. 1797.)
1916 increased to over 8,000 automobiles per month. V. 95. p. 1335; V.
MASSACHUSETTS GAS COMPANIES.— O R G A N IZA T IO N .— A vol
96, p. 1559.
application to list, V. 100, p. 52. On
untary association formed in Oct. 1902, per plan in V. 74, p. 1311. Boston a 5-year lease See plant of Chalmers Motor Corp. (which Sept. 11917 took
of
see).
Consol. Gas Co. operates gas generating plants at Everett. Commercial
M E RG ER .— In N ov. 1919 a readjustment of capitalization and a merger
Point, Calf Pasture. Allston. &c. Gas is sold and distributed for con­
sumption in Boston and suburbs; amount sold for year ending Dec. 31 1918, with the Chalmers M otor Corp. was proposed by tho aforesaid committee,
6,323,497,000 cu. ft., an increase o f 4.54% , compared with the output of per plan in V. 109, P- 985, 978, 985, 1700, with the capitalization shown be­
the previous year. The Massachusetts Gas Companies own $15,111,600 low also in table above. The merger if consummated will probably be
of the $15,124,600 stock o f Boston Consol. Gas Co. (no bonds Issued); also effected until title of Maxwell Motor C o., Inc. (present name), or as Maxthe $25,000,000 capital stock o f the New England Fuel & Transportation weli-Chaimers M otor Corp. On Nov. 13 1919 the N. Y . Stock Exchange
Co. called 6 % notes (see V. 109, p. 1705), $575,000 East Boston Gas Co., authorized tho listing of $969,900 1st pref. stock, $3,215,400 2d pref. stock
entire $560,000 capital stock o f Newton & Watertown Gas Light C o., &c. and $250,600 com. stock of Maxwell Motor C o., Inc., assenting to plan
with permission to increase these amounts as further deposits are made.
V. 10 , p. 1575, 1690; V. 108, p. 274. Wages, V. 107, p. 1750.
Citizens' Gas Light Co. of Quincy, Mass., was acquired in 191)6. SlidingDescription of Proposed New Securities.
scale gas law* see V. 101, p. 1268; V. 82, p. 1270. Boston Consol. Gas Co
1. Ten-Year 7% Sinking Fund Convertible Gold Notes..................$10,000,000
July 1 1907 reduced price o f gas to 80 cents, but on Jan. 1 1918 on account
Subject to call at company’s option, all or part, at on any interest date,
o f increased expenses raised rate to 90 cents, and in Oct. 1918 to $1. V. 107, after 30 days’ notice, at par and interest plus a premium of Vi of 1 % for
p. 1672, 1921; V. 105. p. 2277.
each six months from tho date of the maturity thereof to tho date of redemp­
Effective June 30 1917, the New England Fuel & Transportation Co. (of tion. Convertible at any time, at option of holders thereof, into com. stock.
Mass.), whose capital stock is all owned by the Massachusetts Gas Cos
Unless otherwise determined prior to the consummation of the plan, oach
took over all the property of the New England Gas & Coke C o., Boston holder of new notes surrendered for conversion will bo entitled to receive,
Tow Boat Co. and Federal Coal & Coke C o.; and thocapital stock and all for each $ 1 ,0 0 0 of said notes in new com. stock: (a) if converted during first
the property o f New England Coal & Coke Co. (except business of purchas­ 90 days from date of notes, 15 shares; (b) if converted after first 90 days
ing and selling o f coal); also the 2,000 shares o f J. 11. B. Coal Co. stock. and prior to the date when the same shall bo payable or shall bo called
V. 105. p. 2189. 2003, 612; V. 101, p. 2122; V. 99, p. 1455; V. 93. p. 232.
for redemption, 12 shares.
The New England MTg. C o., the munition co., 47)4% of whose $250,000
Annual sinking fund 5% of the notes outstanding to retire same either
stock is owned by Mass. Gas Cos., just prior to Oct. 1 1916 completed pay­ through purchase or by call.
ing for Its plant out o f profits and from Nov. 1916 to Feb. 1917 paid four
The new company will be forbidden to declare any divs. on its com. stock,
monthly dividends aggregating 256% . V. 104, p. 1049. This company's if such payment would reduce its said quick assets to an amount less than
affairs in April 1919 were in the process o f liquidation, due to the cessation doublo all of its said current liabilities and (subject to wavier by a special
o f hostilities.
committee) it is provided that after the first four months tho quick assets
Beacon Oil Co was organized early in 1919 with a capital o f $2,500,000 to must bo maintained at an amount at least l Vi greater than the current
enable the Massachusetts Gas Cp.’s owning stock control to enter the oil liabilities including all the new rates.
The new company must not make
refining business. V. 108, p. 2334.
mortgage or pledge any of its assets except (a) purchase-money mortgages
DIVS.— 1 1907 co 1910. U & '1 2 1913.'14. *15.'16 ’ 1 7 ’ 18
1919.
not exceeding 70% of the purchase price of additional property purchased;
On oora.% f 3 yearly
4 yearly. 4Vi
6
5
5 text. 7 I H . l V i d H (b) temporary obligations running not more than one year and secured by
$1,250,000 set aside for 5% com. divs. Aug. 1916 to M ay 1917; but in auick assets In ordinary business.
„ „„ ,„
June 1917 81,750,000. increasing rate for 1917-18 to 7% yearly. V. 104,
2. Preferred (a. & d.) Stock, 7% Cumulative, Shares $100 Par Val$3,lo0,000
p. 2644. Red Cross, Vi of 1% July 16 1917.
BUNDS. — l'lie 46,000.000 4 )4s of 1909 have a sinking fund of $120,000 any
per annum for first 5 years and $180,000 thereafter. No mortgage or pledge
of assets can be made without equally securing the bonds. V. 8 8 . p
wil?Psubject to the sinking fund and other requirements of tho now notes,
104,-161. Debentures, see V. 93. p. 1671; V. 94. p. 283.
set aside at the end of each fiscal year as a sinking fund an amount equal
In Dec. 1917 Boston Consol. Gas Co. paid dividend of 1 Vi % . against 2%
to 2 Vi % of the par amount of pref. stock then outstanding. I or the retire­
in Sept, (and East Boston Gas Co. nil, against 2Vi% in Sept. 1917).
ment or said stock either through purchaso or by redemption by lot.
The pref. stock and the com. stock will have equal voting rights.
R E PO RT.— For calendar year 1918, V. 108, p. 1509:
3. Common Stock icilhout Nominal or Par Value--------..-.._ 8 0 (),0 0 0 shares
Period
Total Int.,& c.,
Preferred
Common
Balance,
Disposition of New Notes.— For tho purpose of providing funds for addi­
Covered—
Income. Charges. Dividends.
Dividends. Surplus.
tional cash working capital pf tho new company and for its other corporate
.*
5
S
S
S
S
Y r.toD ec.31’ 18.3,330,496 770,293 (4%)1,000,000 (7 % )1 ,166.667 393,536 purposes, it is propdsed to sell the $10,000,000 new notes to Central Union
Trust Go. of New York and Chase Securities Corp. (hereinafter called the
6 mos. ending
857,376 bankers) which have agreed to purchase said notes on or before Dec. 3 1919.
ID ec. ----------------------------------------(2% ..................
31 1917.1,702,631345,258 — ) 500,000
(7)4)1.875,000 352,243 If the plan had been declared operative by Nov. 8 the shareholders .would
Yr.toJune30’17.3,784,330557,088 (4 % )1 , 0 0 0 ,0 0 0
(5 % )1,250.000 132.728 have been allowed to subscribe for the notes.
Yr.toJune30’16.2,902,922520,191 (4%)1,000,000




N ov., 1919.]

189

INDUSTRIAL STOCKS AND BONDS

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

Date
Bonus

MayDepartment Stores Co— Common stock $15,000,000-----Pref (a & d) 7% cum redeem 125 (text) $8,250,000_______
May Bldg 1st M leasehold serial M gold red text________

1913

Debenture bonds $5,400,000 g call par; s f _________ Ba.c*

1918

Pref (a & d) stock 8 % cum $3,500,000 call 115__________
Mergenthaler Linotype— Stock authorized $15,000,000------Mexican Petroleum Co., Ltd.— Common stock, $48,000,000Pref (a & d) 8 % non-cum $12,000,000___________________
Underlying bonds, see text

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$15,000,000 6 in 1919 Q—M Dec 1 ’ 19 1*£%
6.765.000 7 in 1919 Q— J Jan 2 '20. I X %
M & S Mar 2 '20-’33
6 g
1.640.000
New
See text
100
5 g J & D 31 Dec 31 1933
See text
1 0 0 &c
None
40.000 shs.
8%
Q— J Oct 1 ’ 19 2%
1 0 0 $3,500,000
Q— M Dec 31 T9 2 X
1 0 0 12.800.000 10%1918
See text
1 0 0 40,612,100 See text
Oct 1 1919 2%
8
£ 3
1 0 0 1 2 ,0 0 0 ,0 0 0
$100
100

500 &c

Checks mailed
do
Cleveland and Chicago
New York
Lawyers T & Tr Co, N Y
Tribune Building, N t
Los Angeles, Cal.
Los Angeles, Cal

trustee. Minimum sinking fund beginning in 1919, 66 2-3% of the net
earnings of each fiscal year after deducting interest, setting up necessary
reserves, &c. It is contemplated to retire the bonds either through call for
tenders, purchase at public or private sale below par or by lot at par to
extent of available funds. To secure continuity in the management a fiveyear voting trust for the stock will be created, and the five men previously
composing the board of trustees consented to serve as the members thereof
namely James S. Alexander, Pres. Nat. Bank o f Commerce, N. Y .; Ernest a !
Hamlll, Pres. Corn Exchange Nat. Bank. Chicago: John W. T Nichols,
of M inot, Hooper & Co., N. Y .; Philip Stockton, Pres. Old Colony Trust
Co., Boston, and Henry W. Howe, of Lawrence & C o., Boston and N. Y .
Basis o f Exchange o f Notes o f Old M ercantile Store C orporation .
Valuation of Collateral— Original Face of Notes and Percentage on Same Now
to be Represented by New Securities (Stock and Bonds in Equal Amounts).
Total auth. stock, &c________ $919,333
$3,150,000 (shrs.)800,000
[Amounts so issuable and sums paid in cash inserted by Editor.]
Collateral No.
Notes,
*Princ'l Paid -----Plan Offered----a Less any part o f th 9 dividends accrued on the 1st pref. stock o f Maxwell
Valuation. Ser.
Original Amt. to Dec.30 ’ 18. P. Ct. ytstk.Xbds.
M otor C o., Inc., which may be paid pending the carrying out o f the plan;
a
1 Claflin, N. Y $6,713,244 $2,807,274 10.05
$674,681
this sum representing 1st pref. divs. to Sept. 30 1919.
$366,593 2 Batte’ n.Bkln
814,950
195,588 55.03
448.460
6 With adjustment in cash o f accrued interest and dividends.
511,646 3 Bacon.Louisv 1,985,674
666,104 35.81
711.070
c 1 0 % of this represents dividends accrued on existing pref. stock.
a
4 Bedford, B r. 1,072,078
289,461 10.05
107.744
Readjustment Committee, viz.: (a) Harry Bronner, Chairman, James C.
523,986 5 Castner.Nash
564,747
135,539 92.71
523.577
Brady, John R. Morron and Elton Parks, stockholders o f Maxwell Motor
559,744 6 Connell.Butte 1,000,942
289,272 65.97
660.321
C o., Inc.; (6 ) Jules S. Bache, Hugh Chalmers and J. Horace Harding,
a
7 Defender.NY 1,206.856
860,609 10.05
121.289
stockholders o f Chalmers M otor Corp. Depositary. Central Union Trust
196,681 8 Fair, Cincinn 1,541,723
370.013 22.80
351.513
C o.. N. Y .
'
1,431,869 9 Hensy.Butte 1,612,331
536,100 83.19
1.341.296
RE PO RT.— In full for year ending July 31 1918, in V. 107, p. 1832, 1844. Free asset 10 Jones, Kan O
521,545
521,545 _____
None
The very full statement issued with the readjustment plan covering the
522,166 11 Joslin,Denver
586,240
313,190 62.68
367.455
period from Aug. 1 1918 to June 30 1919, in V. 109, p. 978, shows:
157,731 12 Kline.Alt’na
1,275,617
355,897 22.41
285.866
802,540 13 Lion, Toledo 1,744,636
622,835 56.05
977,868
(3) Maxwell Motors Co. and Chalmers Motor Corp. Consol. Income Account.
a
14 L & G, Read. 1,161,313
342,587 10.05
116.712
[Showing income of both companies for the period from Sept. 1 1917 to
602,411 15 MacD,Seattle 1,642,510
394,203 46.72
767.381
June 30 1919, and of Maxwell Co. only prior to Sept. 1 1917, date of lease.]
282.522 16 McAlpin.Cin
843,820
99.398 43.53
367.315
Aug. 1 18 ------ Fiscal Years ended July 31-----354,705 17 M ontg'yFair 1,095,573
300.187 42.42
464.742
Net earnings from opera.
294,440 18 Peoples.Tac'a 1,647,812
629,464 27.92
460 069
tions (after taxes)------x$l,987,900 y$2,594,361 z$5,342,728 $5,531,034
245,201 19 Root, Ter. H 1,168,625
280,470 31.03
362 624
Cash discounts............
267,4o3
407,119
327,964
250,735
a
20 Springs, GrR
1,053,714
492,611 10.05
105.898
Sundry misc. revenue..
679,297
432,563 '
244,212
145,122
426,874 21 W atkins___ 1,107,972
340.147 48.57
538 142
196,707 22 W att,Norfolk 1,092,907
334,430 28.05
306 561
Total-------------------. . . . $2,934,650 $3,434,043 $5,914,904 $5,926,891
384,047 23 White,Au'sta 1,473,031
353.527 36.12
532 059
Deprec’n above repairs- 1,127,122
1,099,807
407,207
500,256
120,996 24 Whiteh'e.Spo
846,874
203,249 24.33
206 044
2,819,141
Free assets.. ________
________ . _____
________
Net income----- ------- x$l,807,527 y$2,334,236 z$5,507.697 $5,426,636
x Corporation income tax deducted at 12% for 5 months 1918 and 10% $10,800,000
Total.........S33.774.736 $11,733,799 about $10,800,000
for 6 months 1919; net income in this case is subject to change in accordance
with settlement, when finally effected, o f claims against U. S. Government.
a Wholesale house sold in 1917. * Inserted by Editor as of Dec. 30 1918.
y Corporation income tax deducted at 6 % and without deduction of
RE PO RT.— Statement of Oct. 1917 with financial report for each
excess profits tax. z Corporation income tax deducted at 2% and without store. V. 105. p. 1895.
deduction o f excess profits tax.
^
OFFICERS.— President, Alexander New; Secretary, Charles H Low
O F F IC E R S — Chairman and President, W . Ledyard Mitchell, Detroit; N. Y . office, 220 5th Ave.— (V. 108, p. 274; V. 109, p. 1798.
V .-P ., Carll Tucker, N. Y .; Treas., W . M . Anthony, Detroit; Comp.,
MERCER MOTORS CO.— V. 109, p. 1466, 1530.
John Flint; Sec., L. W . Lmaweaver, N . Y . headquarters, 1808 Broadway.
— (V. 107, p. 909, 1007, 1388, 1832, 2013; V. 108, p. 1613. 1724, 2026, 2334;
MERCK & COMPANY.— ORGAN IZATION .— Incorporated in New
York in 1908 (recapitalized in Aug. 1919). Principal plant at Rahway
V. 109, p. 978. 985, 1705. 1992.)
N. J., occupies 35 acres and a small plant at Midland, Mich. Business’
fine chemicals, chiefly for medicinal purposes; in all, about 4,000 different
M A Y D E P A R T M E N T S T O R E S C O .— ORGANIZATION.— Incorporated
in New York on June 4 1910 and took over the Shoenberg Mercantile Co. ol articles for medicinal, photographic, technical and household uses- standard­
St. Louis (operating the “ Famous •). May Shoe & Clothing Co. of Denver, ized reagent chemicals and disinfectants, being among the largest producers
Colo., and May Co. of Cleveland, O. V. 90, p. 1617
On Feb. 25 1911 ac­ o f chloral hydrate, iodine preparations, bismuth preparations acetanilid
quired entire stock ($1,000,000 each of common and pref.) of Wm. Barr salicylic acid, methyl salicylate (artificial oil of wintergreen)’ and other
D ry G o o d sC o . of St. Louis. V. 92. p .8 7 6 ; V. 1 0 0 . p 2075. In J u ly l912 salicylates, important alkaloids, as well as other articles and, in addition
purchased department store business o f M . O’Neill & Co. of Akron. O.— having exclusive agencies for some of the most important articles alon” these
lines. V. 109, p. 482.
see below. V. 94. p. 1569; V. 95. p. 484.
Owns stock of M ay Building Co. (Cleveland) and leases property for 30
STOCK.— Preferred stock, authorized and issued, $3 500 000 8% cum
years, rental providing Tor Interest and principal of 1 2 0 0 0 .0 0 0 6 % serial Common, 40,000 shares, no par value. Pref. stock is callable at 115 at
bonds, maturing $60,000 yearly in 1915 and 1916. then $80,000 yearly to any time all or in part. Beginning July 1 1921 3% of the largest amount
1922, $90,000 in 1923 and 1924. $100,000 in 1925 to 1927. $126,000 In 1928. of pref. stock outstanding must be retired annually at not above 115 out
and 1929. $140,000 in 1930 and 1931 and $200,000 In 1932 and 1933. of surplus profits after divs. on pref. stock. No mtge. without consent of
Bonds red. at 103 on any lnt. day beginning Mar. 1 1918.MV. 97. p . 54. 75% of each class of stock given separately. Both classes o f stock have
V. 98. p. 993. Purchase money mortgage Jan. 31 1919 $150,000. Notes equal voting power. 38,000 shares of com. stock have been deposited under
payable Jan. 31 1919. $500,000; profit and loss surplus\ $10,788,372.
a custodian for the purpose of continuing its American charter. V. 109.
STOCK.— As to stock provisions, see V. 94. d . I raq 17B8* V. 95 d . 484.
1914.
1915.
1916.
1917.
lQ is
Pref. stock Issued. $8,250,000; retired by e. fd. to Jan. 3 1 ’19. $1 485.000. Cal.Yrs. 1913.
S a le s..$3,926,280 $4,220,953 $6,913,638 $6,609,254 $8,142,184 8S 024 289
DIVIDEN DS on
111. ’ 12. ’ 13. 1914. 1915. 1916. 1917. ’ 18. ’ 19. Profits. 320,742
428,648 1,513,357 1,366,839
989,165
606,897
Common stock------- %] 1 414
5
5
2H
2X
5
5
6
President, George Merck. N . Y . office, 45 Park Place.— (V. 108 n onoR.
In 1919 paid in March I X %; Juno, 1X%\ Sept., i j / % ; Dec., I X % .
V. 109, p. 482.)
v
p ’ “ u‘2b’
R E PO RT’.— For year ending Jan. 31 1919.V. 108 d . 1387. showed:
MERQENTHALER LINOTYPE CO.— Owns plant at Brooklyn N Y
Years— Net Sales. Tot.Income. Int.Depr&c. Pref. (7). Com.Div. Surplus.
and controls British Linotype & Machinery, Ltd. and MfitWnfh’uioi
1918-19.$41.179,261 $5,028,439 *82.240,580 $477,881 a$750.000$1,559,978 Setzmaschlnen Fabrik. V. 88. p. 509. 567. 948. 689. Decisions* V inn
1917-18, 35.031.660
4.277.948 *1.269,637 499.538 a750,000 1.758,773 p. 58. 234: V. 104. p. 1149. Bills payable (Oct. 1 1917) $ 4 5 0 000
00*
1916-17. 30.347.482
3,445.0o8
412.707 512,531 bll2.500 2,107,320
DIVS. '97. 9v-'00. ’01. ’02-’ 13. ’ 14. ’ 15. ’ 16. 1917
1918
1919
1915-16. 23,309,802
2.187.065
456,523 534.187 b412.500
783.855 Per cent. [16 20 y ’ly 13 X 15 y ’ly 14W 10 1 2 ^ 12 u
10 u
in '
* Including $1,600,000 Federal taxes, &c., in 1918-19. against $850,000
In Dec., both in 1916 and 1917, 2 X % regular and 2K % extra, wss bairt
In 1917-18. a 5 % . b 2 J i% .
Up to Oct 1 1918 tho company paid in dividends S39 1 1 3 229 of which
of which
Pros., Morton J. M ay. N . Y . offico, 15 Broad St.— (V. 106. p. 1691; $12,962,181 represented special or extra.
V. 108, p. 1387, 1825, 2334.)
yeaF eDi o W - 3 0 l?,1
d e!
,?.
V. 107. p. 2184. showed:
Sept. 30 Years—
1918-19.
1917-18.
1916-17
I 0 i f>-16
AIERCANTILE STORES CO., INC.. NEW Y O R K CITY.— ORGAN.
— Incorporated in Delaware in Jan. 1919 per plan in V. 107, p. 2480, as Net, after deprec-----------$1,663,138 $1,343,545 $1 883 159 Si S9 S 2 0 0
.(1 0 % ) 1280000(12^) 1,600,000(12X ) 1600000(10) i279!997
successor of Mercantile Stores yOJT>.. which in turn was formed in accord­ Divs. (about)
ance with the plan o f Sept. 25 1914 for the reorganization o f the dry goods — Pv S
018SV 107, 1
(V. lOfiynb 7
106, p. <13, V.f in?6' p. 2184; w .1 V& 1 -300- a« atust $450,000 in 1917.
V 109, p. 780; V. 109. p. 1992.)
house of II. B. Claflin Co. (V. 99, p. 971, 967, 1302, 1451). Will supervise
M ERRITT OIL CORP.— V. 109, p. 1466.
the 23 retail stores named below^owning their entire share capital. Has
as “ free assets” (I.e., not pledged for any special series of notes), e n t ir e
■ '
e s ) , entire
METROPOLITAN EDISON CO.— See ’ ’Electric B y . Section.’ ’
capital stock o f McCreery & t o . , Pittsburgh; Wilkes-Barre Dry G o o d"s C o
Goc
MEXICAN PETROLEUM CO.. LTD .. OF DEL.— ORGANIZATION.
and________________ & Cloutier Mercantile C o., Anaconda,S M ont., J o n e s
____ MacCullum
.
____________ B
,
* c ’7TLnc? rp- Del.Feb. 16 1907. Holds 99% of outstanding stock of M ex­
Store Co. o f Kansas City.
ico Petroleum Op. (Oallf.) and entire stock of Huasteca Petroleum G o..
NEW S E C U R I T I E S . — T h e p l a n q f D e c . 18 1918 (V. 107, p . 2480), w a s Tamiahua Petroleum Oo. and Tuxpam Petroleum Co. Thus owns or controls
f o r m u l a t e d t o p u t t h e s e v e r a l p r o p e r t ie s o n a p e r m a n e n t b a s is b y e x c h a n g in g
600.000 acres, 75% owned In fee and the remainder under leases with an
C o l l a t e r a l n o t e s o f t h e s e v e r a l s e r ie s , a ll d u e D e c . 1 1919, f o r s t o c k a a d
aggregate rental of less than $20,000 yearly. V. 91. p. 1450; V. 94. p. 355.
b o n d s ( i i e a c h ) in a m o u n t s t o g e t h e r a g g r e g a t i n g t h e v a l u a t i o n o f t h e a s s e t s
Petroleum Transport C o.. V. 96. p. 206; V. 97. p. 526. 6 6 8 . V. 100. p.1514p l o d g e u t o s a i d s c r ie s b y t h e c o ll a t e r a l t r u s t a g r e e m e n t o f 1914, a s b e l o w
In June 1916 the Pan American Petroleum & Transport Co. (which see)
sh ow n .
I n N o v . 1918 a v e r y la r g o p r o p o r t i o n o f t h e n o t e s h a d a s s e n t e d t o
acquired control, owning in July 1919 $9,035,000 pref and $17,500,000
th o p la n , b u t t h e tra n s fe r o f a sse ts w a s a w a itin g fu r th e r a s s e n ts .
V.
common, leaving n other hands less than $3,000,000 preferred and only
a little more than. 22.000.000 common. V. 102. p. 71.5: V. 105. p. 2277
109, p. 1798.
. , ,. ,
.
Tho now co mpany is authorized to issuo under the plan $5,400,000 5% 15
New Mexican oil tax in April 1918, V. 106, p. 1465, 2295. Fuel oil
year debenture bonds dated Dec. 31 1918, Bankers Trust Co. of N. Y." contract, V . 109, p. 1466.

Table Showing Treatment of Deposited Securities.
Existing
Out— Cash and New Stock Deliverable in Exchange—
Securities standing. -------- Cash------------- Pref. Stock----- — Com. S tock Maxwell Motor Co., Inc.—
(No. Shares.)
1st pf. stk.$13,133,336 (7%)$919,333a ....................... . 120% - 157,601
2d pf. stk_. 1 0.1 27 .4 6 8 ....................... - ______________________ 6 6 H % - 6 7 ,3 4 S
Com. stock. 12,805,158 ............... ........ . _ . ............. ........ 7 0 % - 89,637
Chalmers Motor Co.—
6 % n otes.. $3,150,000
....................... 100%-$3,150,0005 ........... ............
Chalmers Motor Corporation—
Pref. stock. $4,400,000 ....................... ................... ....... c l0 5 % - C46.200
Com. stock 399,364 shs. ----------------------------- ---------- 1 5 % - 59,905
For conversion, &c____ ____:________
_______________
379,309




1

U0

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on First page]

Date
Bonds

Mexican Seaboard Oil Co— Debens 515,000,000 call 1 0 5 ..
Mexican Telegraph Co— Stock authorized 56,000,000--------Miami C opper Co— Capital stock 54.000.000----------------------Mich State Telep— Common stock________________________
Pref 6 % cu (a & d) $4,000,000 red any Feb 1___________ c*
Michigan State Telephone 1st mtge $10,000,000 g-.O B xc*
Detroit River Telephone Co 1st M _____________________
Real estate mortgage notes___ __________________________
Middle States Oil Corp— Stock $8,000,000_______________
middle West Utilities Co— Common stock $20,000,000---Preferred stock 6 % $20,000,000________________________
Collateral bonds gold red text_____________________I Cxc*
Collateral gold notes Ser A see text call 1 0 0 ______ xxIC.c*
do
do
do.
do
Ser B
do.
do
do
Ser O
do
do
do
do
Ser D
do
do
do
do
Ser E
do.
do
do
Ser F
do
do.
5-yr 7% Convert Gold Notes (auth $2,500,000) call____c*
Bonds o f subsidiary companies________________________

Par
Value

1919

Amount
Outstanding

$100

5
1904
1910

100
100

500 &c
text

1915
1917
1917
1917
1918
1918
1919
1919

100
100
100
100
100
100
100
100
100
100

&c
&c
&c
&c
&c
&c
&c
&c

The British Mexican Petroleum Co. was incorporated in England in
July 1919 with a paid-up initial capital o f £2,000,000, one-half of which was
subscribed by Birtish interests and the other half by the Pan-American com­
pany, to market Mexican Petroleum oil and gasoline in the Eastern Hemi­
sphere and to own a fleet of tankers and tank farms for the bunkering of
ships with fuel oil. Proposes also to erect refineries to handle crude oil from
the Mexican Petroleum Co. The contract with the Mexican Petroleum Co.
runs for 20 years and requires an annual purchase from the Mexican Pe­
troleum Co. o f several million barrels o f oil and gasoline. V . 109, p. 373.
STOCK.— In N ov. 1919 the Pan-American Petroleum & Transport Co.,
owner of 517,500,000 o f the $40,612,100 common stock (as well as $9,035,000
pref.) offered from N ov. 5 to 25, to give two $50 shares o f its non-voting
Class B common stock for each $100 share o f its outstanding common.
V. 109, p. 1703. 1992.
D IV ID E N D S.— On common, 1% , 1910 and 1911: 1912. 3% : 1913. 4% ;
then none till Oct. 15 1917. 114%: Jan. 1918, 144%: April 1918 to July 1919
(quar.), 2 % , half in Liberty bonds. In Oct. 1919 paid 2% in cash. V.
109, p. 985; V. 106, p. 933, 2126: V. 107, p. 2193; V. 108, p. 884, 2334.
Dividends on pref. stock were resumed ApriJ 1 1916, 2% being paid quar­
terly (8 % p. a.) thereafter till and including Oct. 1919.
BONDS.— All the $1,190,000 or less o f First Lien & Ref. Gold bonds of
1911. Series A . B and C. were called for redemption April 1 1919 at 105%
and interest. V. ^08, p .585. Total bonded debt Dec. 31 1918, $1,279,855,
including:
.
Underlying bonds: Huasteca Petroleum 20-year Coast Pipe Line 6 s due
July 1 1929 and joint 20-year lluasteca Petroleum and Mexican Petroleum.
Ltd., of Del. 6 s, due Apr. 1 1928 (of which only $675,500 and $269,000,
respectively. In the hands of the public, the remainder being held by the
consolidated cos.), and the balance for not over five-sixths o f the cost o.
acquisitions and capital expenditures. Each series has a sinking fund 1
R E PO RT.— Report for calendar year 1918, iu V. 109, p. 976, 1271:
1918.
1917.
|
19J8.
19J7.
Gross earnings 26,320,546 18,121,789 Pref. divs.(8 % ) 960,000
960,000
Total incom e.12,146,282 6,215,480 Common div(8)3,168,088(3)1180,263
Bond interest125,668
608,460,Balance, sur______ [ p lu s_______ 2,571,436 2,845,757
Other d e d u c..
321,170
War t a x e s .... 5,000,000
621,000!
*
Profit and loss surplus Dec. 31 1918, $18,466,894, against $18,426,639 on
Dec. 31 1917. *
OFFICERS.— P r e s ..E .L . Doheny; V .-P s.,C . E . Harwood, H. G. Wylie
Norman Rridge (& Treas ); J M Danzlger, J. S. W ood; Sec., O. D Ben­
nett. Office, Los Angeles, Calif.— (V. 108, p. 585, 884, 2334; V. 109, p.
376, 976, 985, 1271, 1466, 1530. 1992.)
MEXICAN SEABOARD OIL CO.— O R G A N IZA T IO N .— Incorp. in
Delaware Sept. 12 1919 as successor o f International Petroleum Co. (V.
109, p. 1465, 1530). Under reorg. plan the Sinclair Consolidated Oil Corp.
and Ogden Mills agree tobuy $11,500,000 7% 10-year debentures of the new
Seaboard Co.
OFFICERS.— Pres., Harris Hammond; V.-Pres., A . E. Watts and F. N .
Watrise; Sec., J. A. Murphy; Treas., R. D. Hanna. The board of directors
will consist of these officers, together with R. C. Bulger, Ogden Mills
Theodore Schulze and Mark L. Requa. An advisory committee was elected
consisting o f John Hays Hammond, Ogden Mills, Harry Payne Whitney,
Harry F. Sinclair and Harris Hammond.— (V. 109, p . 1465, 1530.)
MEXICAN TELEGRAPH.— Company organized in 1878 under laws of
N . Y. State. Owns three cables in the Gulf o f Mexico, from Galveston,
Texas, to VeraCruz, Mexico, comprising about 2,100 miles of lines. It also
owns a one'third interest in two cables from New York to Colon, Isthmus of
Panama, 1,476 miles, and a land Hue from Vera Cruz to the City of Mex­
ico. 267 miles
Owns 9.531 shares of Cent. & So. Amer. Telegraph C o.,
which see. In Aug. 1919 the last-named company (which see above)
offered $180 o f its own stock for each $100 share o f this company. V . 109,
p. 1084.
i*l vIDENDS.— In 1882 to 1886, Incl.. 8 % yearly; from 1887 to Oct.
1919, both tncl., at rnte of 10% per annum (2
Q.-J.): also June 1 1906,
50% . and June 1 1909, 25% in stock: April 1 1917, 39% In stock, increasing
the outstanding stock to $4,995,200. V. 106, p. 91. See full statement,
V. 104. p. 568. 1049; V. 83. p. 1104. 2627.
R E PO RT.— For 1918, V. 108, p. 2627:
„
Gross.
Net.
War Tax.
Dividends.
Bal., Sur.
1919 (9 m os.)_._ $527,400 $379,884 $52,500 (2 4 4 ) 8 1 2 4 ,8 8 0 $202,504
1918 (9 m o s ,)... 407,000
300,575
60,000 (2 M) 124.880 115,695
1918, year........ 1,522,910
974,002 187,372 (10%) 499,520 287.110
1917, year------ 1,492,526 1,220,814 176,631 (10%) 464,370 579,812
1916, year------ 1,412,836
997,700
(10%) 358,940 638,760
Total surplus Sept. 30 1919 (partly est.), $4,313,850. V. 108, p. 2627.
Chairman, E. L. Baylies; Pres., John L. Merrill; V.-Pres. & Sec., J. R.
Beard, 89 Broad St., N . Y .— (V. 108, p. 84. 1515, 2627, 2635; V. 109, p.
1084, 1371.)
MIAMI COPPER CO.— ORGANIZ N .— Incorp. N ov. 29 1907 In Dela
Property totals 1,222 acres near Globe, Ariz. Decision,V.105. p. 1109, 1214.
R E PO R T .— For fiscal year end. Dec. 31 1918 (compare V. 106, p. 2555).
.
1918.
1917.
1916.
1915.
Copper sold (lbs.)........... 54.842,335 44,208.061 53,433,863 41.907,754
Total sales....................... $14,446,704 $10,673,409 $13,072,440 $7,262,884
Balance for dividends.. 5.262,419
3,204,261
5,852,560
3.408.561
Dividends................... (90)3.362.013(75)2801.678(115)4295.906(50)1.681.004
Output (lbs.) Preliminary Figures—
1919.
1918.
1917.
Month o f August_________________
4,302,5485,318,755
290,508
8
months to Aug. 31...............- ............36,861,421 39,057,323 30,887,514
D ividends—
’ 12. ’ 13. 14. ’ 15. '16. '17. ’ 18. 1919.
Percent (see V. 105. p 2 0 9 9 ).. 30 40 30 45 115 170 90 50,
Also in Aug. 1917 5% optionally applicable to Red Cross and Army and
Navy branch of Y. M . C. A. V. 108, p. 1515; V. 104, p. 2557.
Pres., Adolph Lewisohn, N . Y .— (V. 108, p. 175, 585, 977, 1515, 1724.
1940,2438; V. 109, p. 177.)
MICHIGAN STATE TELEPHONE CO.— O R G A N IZ A T IO N — Incor­
porated in Michigan In 1904 ( V. 75. p. 33, 1034). In Dee. 1918 Am. Telep.
& Tel eg. Co. owned $1,854 500 pref. and $5 997.200 com. stock. V 91.
P 218; V. 95, p. 484. 622; V. 96. p. 949; V. 97, p . 179, 369. No dividend
on common stock since 1914. Rates In 1918. V. 107, p. 506, 2193, 2293.




[Vol. 109.

INDUSTRIAL STOCKS AND BONDS
Rate
%

See text
7
10
$4,995,200
3.735.570
6 ,0 0 0 ,0 0 0
6 0001918
In
4.000.
5g
9.715.000
6
52.000
214.600
text
2.250.000
9 796,300 See text
6
12 750 600
6 g
8 .2 2 2 .2 0 0
1 .0 0 0 . 0 0 0
6 g
6 g
1 .0 0 0 .0 0 0
1 .0 0 0 .0 0 0
6 g
1 ,0 0 0 ,0 0 0
6 g
6 g
800.000
300.000
795.000
See text

When
Payable

Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

New York
Office, 89 Broad st. N Y

J&D 31 Sept 1 1929
Q— J Oct 10 T9 244
Q— F Nov 15T9, 10%
Sept 1914 14$
Q— M30 Sept 30 T9 144
F & A Feb 1 1924
M & S Sept 1 1930

Checks mailed
HarrisForbes&Co.NY&B
Detroit Trust Co. Detroit

M thly See text
text
See text
Q— M See text
J & J ■Ian 11925
J & J July 1 1920
M & S Sept 1 1920
M & N Nov 1 1920
J & J Jan 1 1921
M & S Sept 1 1921
M & S Mar 1 1922
M & S Mar 1 1924

New York and Chicago
do
do
do
do
do
do
do
do
do
do
do
do
do
do

BONDS.— See V. 86, p. 921, 1103; V. 88, p. 380, 1005; V. 92, p. 600.
R E PO RT.— Report for 1917 in V. 107, p. 176, showing: Gross earn­
ings, $7,991,343; net. $643,702; other Income, $182,418; Int., rents, &c.,
8959,662; bal.. def., $133,542; pref. divs. (6 % ), $240,000. paid out of surp
OFFICERS.— Pres., B. E. Sunny; V .-P 's.. Dudley E. Waters. Alonzo
Burt (also Treas.) and Horace F. Hill; Sec.. W. I. Mlzner; Gen. Aud., B. S.
Garvey. Office. Detroit.— (V. 107. p 179. 506. 2193, 2293).
MIDDLE STATES OIL CORP.— ORGANIZATION.— Incorp. in D el
Feb. 24 1917. A holding company. Owns stocks of the following com­
panies: Number One Oil Co., $200,000; Number Seventy-seven Oil C o.,
$200,000; Ranger Texas Oil C o., $626,120. Through its subsidiary com­
panies owns leases of 10,630 developed and 8,904 undeveloped acres in
Oklahoma and Texas, on which are a total of 78 oil producing wells, 4 gas
producing wells and 20 wells drilling. Full statement to the New York
Stock Exchange in Oct. 1919 in V. 109, p. 15 32.
Also owns 51% o f
the $1,800,000 common stock of Dominion Oil Co. of Texas. V. 109,
p. 1705, 1795.
STOCK.— Authorized, $8,000,000; issued and outstanding, 174,685
shares (par $10), and 503,150 shares (par $1, exchangeable for shares of
$10 par value at the ratio of 10 for 1), $2,250,000. Number Seventy-seven
Oil Co. has a promissory note outstanding for $450,000, dated Sept. 22
1919, payable in 90 days, owned by Middle States Oil Corp.
DIVIDENDS.— Cash dividends have been paid each month since Nov. 1
1917 as follows: From Nov. 1 1917 to March 1 1918, both incl., 44 of 1%
monthly, from April 1 1918 to date, 1% monthly. The last declaration
was 3% , covering the 1% distributions to be made N ov. 1 and Dec. 1 1919
and Jan. 1 1920. In addition, six stock dividends aggregating 50% havo
been paid, viz.: Aug. 1 1918, 4% ; N ov. 1, 8% ; Feb. 1 1919, 8% ; M ay 1,
Sept. 1 and Dec. 1 1919, 10% each. V . 109, P- 1705.
DIRECTO RS.— C. N . Haskell (Pres.), Arthur Falk, W . L. Walker,
P. O. Saklatvala, L. E. Haskell (Asst. Treas.), M . C. Collins, William
Murdock (V .-P.), New York; W. E. Holloway, Yonkers, N . Y .; G. J.
Haskell, Tulsa, Okla.; L. G. Niblack, Guthrie, Okla.: W. N. Patterson,
Muskogee. Okla., with Chas. B. Peters, Sec., Pawkuska, Okla. Office,
347 Madison Ave., N. Y . City.— (V. 109, p. 1614, 1705.)
MIDDLE W EST UTILITIES CO.— A holding company incorporated
by the Insull interests of Chicago in Delaware May 1912.
Subsidiary Operating Companies April 30 1919 (compare Electric RailwaySection and V. 106, p. 2646; V. 108, p. 2525)— (1) Illinois.—.Central Ilf.
Pub. Serv. Co.; Sterling Dixon & Eastern Elec. R y.; Central III. Util. Co.
(V. 103, p. 496); Eastern 111. Ice Co.; 111. Northern Util. Co. (V. 103, p.
496); McHenry County Lt. & Pow. Co.; Southern II . Ry. & Pow. C o.;
Hoopeston Gas & Elec. Co.; Hamilton Util. Co. (2) Indiana.— InterState Pub. Serv. Co. (V. 94, p. 1157, 1 7 0 1 ): Franklin Water, Lt. & Pow. Co.;
Southern Ind. Pow. Co. (V. 100, p. 2006); United Gas & Elec. C o., New
Albany Water-Works, Louisville & Northern R y. & Ltg. Co. Louisville &
South. Ind. Trac. Co.; Central Ind. Ltg. Co. (3) Kentucky.— Kentucky
Util Co.; Kentucky Lt. & Pow. Co. (V. 104, p. 2010). .(4) Michigan.—
Michigan Gas & Elec. Co. (V. 104, p. 950); (5) Missuori.— Missouri Gas
& Elec. Serv. Co. (6) Nebraska.— Nebraska City Util. Co.; Central Pow.
Co. (V. 109. P- 479);
(7) New England.— Twin State Gas & Elec. Co.
fV 109 p 79): Berwick & Salmon Falls Elec. Co. (8) Oklahoma.— Public
Serv. Co. of Okla. (V. 101, 0. 923); Chickasha Gas & Elec. Co. (V. 101, p.
532)' Amer. Pub. Serv. Co. (of Okla. and Texas). (9) Tennessee.— Tennes­
see Pub. Serv. Co.; Citizens Gas Lt. Co. (10) Virginia.— Electric Trans­
mission Co. of Virginia (V. 102, p. 254, 440). (11) Wisconsin.— Southern
Wisconsin Elec. Co. (V. 104, p. 1050; North West Util. Co. (V. 108, p. 385,
2525).
As to offering of bonds of Central Power Co. of Delaw. in Aug. 1919,
see V 109 n. 479.
In 1917 acquired Amer Pub. Serv. Co., &c. See V. 106, p. 2646.
STOCK.— Dividends on pref.. Sept. 1912 to June 1918, 144% Q.-M .
The Juno 1 1918 pref. dividend was paid in 10-yr. 6% tliv. certs, subject
to call bv the company and convertible at option of holders into stock o f
either class; none paid since. V. 107, p. 909; see V. 106. p. 2123. In Jan.
1917 declared an initial cash div. of 2% on com. stock,payable in quraterly
installments or 44 of 1%, beginning April 2, and a stock div. of 2% , payable
i% semi-annually in April and Oct. 1917; April 1918, 44 of 1% cash and
i % stock div.; none since on the com. stock. V. 106, p. 2646; V. 108, p.
2525.
BONDS.— The 10-yr. 6% collat. bonds of 1915 have (a) their Issue limited
to 75% of the company’s capital stock at any time outstanding; (b) are se­
cured by bonds which are a mortgage on the property of subsiding compa­
nies, the earnings of each of which at time of pledge are required to be at
least 1 44 times the annual int. charge on all mortgage debt of such c o .’ (c)
are redeemable at 10244 on int. dates to Apr. 1 1922 & at 10144 thereafter.
The subsidiary companies in most cases h a v f bonds In hands of public.
NOTES.— The collateral notes are restricted to 40% of the amount o*
pref. stock at any time outstanding and are to be secured by pledge of mtgebonds, collateral trust notes and debentures of public service corporations
to an amount equal to 120% of all the notes outstanding, the mtge. bonds
so pledged to equal at least the amount of the notes and further secured by
a second lien on all collateral covered by the bonds of 1915. All series are
eaually secured, but each will mature three years after the date thereor.
Series A, B and C are for $1,000,000 each. In 1918 Series D and E were
created, the auth. amount of the former being * 1* 9 P ° a«o rnn nno
latter $800,000. V. 105. p. 499, 1313; V. 106, p. 2 6 4 6 . The $2,500,000
convertible notes o f 1919 as issued are secured by pledge of'30% * the com­
n
pany’s common stock of Middle West Utilities C o., and 120% in pref. stock
of various subsidiaries. V. 108, p. 1613, 2525. _
______ „
. .
On April 30 1919 there were outstanding $ 1 ,7 4 2 ,4 5 0 collateral loans
and $1,189,258 deferred payments on purchase contracts. V. luo, p. zozo.
R E E OliT.— For^year ending AprUJ0_l_919. JlnV
^ _
(Showing sub. co. chges., & c. ---- Sub. Companies-------- — Miaatt
1917-18.
.J18-19.
paid outside holders — 1918-19.
191Y-18.
1918-19.
$2,009,504 $1,955,211
Gross earnings.................$14,641,035 $12,157,122 *• ona an
>
1,812.185
1,716,975
Net, after expenses, &c_ 3,882,342
3,448,098
897,672
675.373
1
"
*
—
- *1.715.190
Int.on coll.notes,bds.,&c 1,983.174
1 0 0 ,0 0 0
95,000
85,017
77.167
Discount on securities..
30,000
/ 720.000
420,478
389,971
Preferred d ivid en d s...)
1192,977
Common divs. (c a s h )../
193,009
do in stock and scrip
_______ ____________________________
Balance, sur. or def .sur.$1.393.672 sr$l,265,770 sur$784,513 def$159,384

N ov., 1919.]

RAILWAY STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on first page]
Midvale Steel & Ord Co— Stock $150,000,000 (V 102 p 71o)
Collateral Trust conv s fd bonds, call, at 105 (text) Qc*&r*
Bonds of Subsidiaries—
Union Coal & Coke 30-yr s fd bds call 105____________ UP
Pitts S. Westm Coal Co $2,500,000 20-yr (closed m tge).G P
c
Pitts-Westmore Coal $ 6 000,000 1st mtge bonds______SP
Manufacturers Water Co $4,000,000 1st M s fd bon ds..Q P
Johnstown Water Co $1,500,000 1st mtge s fd bonds______
Beaver SS Co 1st M due Dec 1 1918 to '20 $13,000; 1921
to 1927 $28,000; 1928, $30,000, call 102...............QP.c
Beaver Steamship Serial bonds due $15,000 ann______I)D
Johnstown SS Co $1,300,000 bonds due $130,000 p a___QP
Mahoning S3 Co $150,000 1st M due $15,000 p a_________
Milwaukee Uas-Light— First mtge g $10,000,000 red 110--Ce
M inneapolis Gen Elec— See Northern States Power Co
Mississippi Valiev Qas & El Co— Coll tr bonds red 102 text ,.x
Mitchell Motors Co Inc— Stock 125,000 shares no par value
Moline Plow Co— Common stock $21,000,000 au th ________
1st pref stock (a & d) 7% cum $7,500,000 red text________
2 d pref stock 6 % non-cum $1.500.000___________________
Serial gold notes due $1,000,000 yrly. call (text).-C e.xxxxc

Date
Bonds

1916

Par
Value

Amount
Outstanding

Rate
%

$50 1 0 0 ,000,000 .
600 See z43.292,500
5 g

1916
1905
1907
1909
1909

$3,271,000
542.000
2.980.000
3.959.000
690.000
239.000
30.000
1.170.000
30.000
8.697.000

5g
5
5 g
5
4 g

1916
1910
1902
1912

1918

1 ,0 0 0

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

Q— F N o v i 1919 2%
M S 9 Mar 1 1936
c
New York
N Nov 1 1946
..
N Nov 1 1925
N M ay 1 1947
D June 1 1939
S Mar 1 1929

5g
5
5g
5
5

1916

When
Payable

191

J

& D Dec 1919-28
Dec 1919-20
Dec ’ 18-Dec ’27
___
Jan ’20-Jan ’21 ____________________ ___
May i 1927
Emerson McMllUn & Co

M & N May 1 1922
Chicago (CC) & N Y (Q )
500 &c 5.000.000
5
Q— F Aug 24 17 81.50 Checks mailed
None 125,000 sh s ..........
Oct 15 ’16 2% Checks mailed
1 0 0 1 0 ,0 0 0 .0 0 0 ..........
7.500.000 7 in 1919 Q— M Dec 1 T9 1 % %\
do
do
.
100
Q— M Dec 1 T 9 1 H % !
100
1.500.000;
6
do
do
M & S Sept ’20 to 1924 Nat City Bank, N Y
5.000.000
7
1 ,0 0 0

z On Sept. 1 1918 $13,292,500 was outstanding, excluding $1,585,000 In t reasury and $1,741,5 00 redee med.

Increased rates In 1918 promise Improved results. V. 106. p. 2646.
Latest Earnings.— Of sub. cos. for cal. year 1918 (partly est.), gross,
$13,403,446; net. $3,838,064. Gross earnings for the cal. year 1919 are
estimated at $14,641,035, and net, $4,140,571.
D IR E C TO RS.— Samuel Insull (Pres.), Martin J. Insull and John F.
Gilchrist (Viee-Prests.). Frank J. Baker. Edward J. Doyle (Sec.). Louis A.
Ferguson, W m. A. Fox, John H. Gulick, W . S. Brewster, L. E. Myers,
C. A. Munroe, Britton I. Budd, Edward P. Russell, Marshall E. Sampsell
and H. L. Stuart. Oliver E . McCormick is Treas.— (V. 108, p. 1613, 2525,
2635; V. 109, p. 482.)
MIDVALE STEEL & ORDNANCE C O .— Incorporated In Delaware
on Oct. 5 1915 (V. 101. p. 1192. 1276) with $100,000,000 of auth. capital,
all of one class (par $50), and took over 99% of the $9,750,000 capital
stock of the Midvale Steel Co. (V. 101, p. 1095). the entire share capita)
o f Remington Arms Co. and Worth Bros. C o., all o f the properties of Coatesville Rolling Mills (operated by the Worth Bros. C o.), and all of the capital
stock of the Buena Vista Iron Co , owning extensive Iron ore properties in
Cuba. In Feb. 1016 had steel capacity o f 2.840,000 gross tons per ann. See
V. 105, p. 604. Plants, see V. 104, p. 1142; V. 105, p. 604. In Nov. 1917
title was taken to the properties o f the Midvale Steel Co., Worth Bros. Co.
and the Wilmington Steel Co. On Dec. 31 1918 owned and controlled 69
open-hearth furnaces, 2 crucible furnaces, 14 blast furnaces, &c. Muni­
tions, V. 109, p. 77. Vote o f employees deprecaring persistent wage de­
mands and shorter hours, V. 109, p. 985.
On Nov. 18 1916 acquired all of the stock o f the Union Coal & Coke Co.,
with mines at Marianna Pa. covering about 5,200 acres of coking coal
and In Jan. 1917, the adjoining 15,000 acres owned by the Pitts .-Westmore.
Coal Co. V. 104. p. 76, 1142; V. 105, p. 604. Buena Vista Iron C o.,
Cuba, V. 105, p 604. Consolidated Steel Corp. V. 107 p. 2480.
In Feb. 1916 the company acquired (see V. 102, p. 613) at $81 a share
(par $50) 97% o f the $45,000,000 stock o f Cambria Steel Co. (which see),
j A reconstruction program involving the expenditure of $8,000,000 auth.
n June 1919. V. 108, p. 2532.
.

E A R N IN G S.— Statement for year ended June 30 1916 In V. 103. p. 1122.
D IVIDEN DS not made public. Chairman, Emerson McMllUn.—
(V. 103, p. 1035, 1122: V. 106. p. 601.)
MINNEAPOLIS (MINN.) GAS LIGH T CO.— (V. 108.p. 176, 274, 385.
MINNEAPOLIS STEEL & MACHINERY CO.— (V. 109, p. 482.)
MISSISSIPPI RIVER POWER C O — (V. 104, p. 1149; V. 106. p. 1131
V. 108, p . 1064.
MISSISSIPPI VALLEY QAS & ELECTRIC CO.— ORGANIZATION.—
Incorp. in Maine May 23 1912 to acquire the securities and assist in the de­
velopment of electric, gas, railway and water-power properties. Controls,
in conjunction with Standard Gas & Elec. Co., the Louisville Gas & Elec.
Co. Controlled by Standard Gas & Elec. C o., through stock ownership,
which guarantees prin. S int. of the $5,000,000 present issue of 10-year 5%
c
coll, trust bonds, secured by pledge of $4,500,000 pref. and $2,500,000 com ­
mon stock of the Louisville Gas S Elec. Co. V. 94, p. 1252, 1510.
c
BONDS.— Of the 10-year 5% coll, trust bonds ($10,000,000 auth. Issue).
the remaining $5,000,000 can only be Issued for 80% of the cost of additional
collateral.— (V. 94. p. 1630; V. 95. p. 300 )
MITCHELL MOTORS CO., INC.— O RGAN IZATION .— Incorporated
In N. Y . July 15 1916. Output of Mitchell cars: 82 in 1904, 6.186 in 1915;
year ending Oct. 31 1917, about 12,000 cars. V. 103, p. 243.
Dividend No. 1 quarterly $1 50 was declared Oct. 20, pay. Nov. 24 1916.
1917, Feb., May and Aug. 24, $1 50. In Nov. 1917 the dividend was de­
ferred owing to a “ large order from the Government for motor trucks."
a new line. V. 105, p. 2188, 2460. Pres. D . O. Durland.— (V. 105,
1002, 2099, 2188. 2460.)
MOLINE PLOW CO.— O RGAN IZATION .— Incorporated In Illinois
In 1870: business established in 1865; large manufacturers of agricultural
Implements.
See plants in V. 96, p. 290: V 98. d 69; V. 107. p. 806.
V. 109, P- 1278. No bonded debt. Bills payable 30 July 1918, $10,734,500.
In Sept. 1918 a majority of the $9,996,000 common stock was sold to
John N. Willys, President of the Willys Overland Co. and the minority
- ,^J9£F
l-^rT,?t' ^ ;} uth0,roce ?•S 15,0.000.000: listed on N. Y . Stock Exch,. Interests were
o<
terms, namely, $150 per share payable in
$100,000,000 ( V. 104, p. 1268) : unissued. $50,000,000. o f which $24,440,000 stocks paying offered the samepreferred dividends quarterly, in following
on Dec. 31 1918 was reserved for bond conversion privilege. V. 102, p. 715. proportions of 7% cumulative companies: Willys-Overland, 55%; Electric
the following
Capital stock o f sub. cos. not owned Dec. 31 1918, $2,133,450.
Auto-Lite (now Willys Corporation) ,3 0 % ; Curtiss Aeroplane& M otor Corp..
D IV ID E N D S .— Feb. 1 .1 9i7 to Feb. 1 , 1919 inch. 12% p.a. (3% Q.-F.)
15%. V. 107, p. 1389, 1290; V. 108, p. 474.
in M ay, Aug. aud N ov. 1919 paid $1 (2 % ), V. 108, p. 1393.
STOCK.— Common stock auth..$21.000.000; outstanding. $10,000,000.
BONDS.— The bonds o f 1916. $50,000,000 auth., are convertible at The first pref. stock (Issued In Jan. 1913) Is subject to call as a whole on 60
option of holder into capital stock of the Midvale 8 S O. Co. at the rate of days notice at 115 (on dissolution at 110) and accumulated divs. First
c
10 shares of stock (par value $50) for each $1,000 o f bonds. If called for pref. stock Is entitled to a majority of board In case of 6 mos.’ default on
redemption, bonds are convertible until within 30 days of redemption date
any quar. div. thereon, or of failure for one year to have net quick assets
A cumulative sinking fund of $500,000 per annum to acquire bonds at not 1.4 times the amount of 1st pref. No mortgage thereafter without consent
exceeding 105% Is to begin May 1 1917. Redeemable In part at any time of 75% of the first pref.. and no rirst pref beyond $7,500,000 without
at 105% and Int. Tor the sinking fund, or as a whole, after March 1 1920 on consent of 50% of first pref. Otherwise the first pref. stock has no voting
any interest date. V. 102, p. 715, 804, 1064; V. 105. p. 604. These power. V .96, p.290. D iv.on lstpref., 1?4% quar..June 1913 toD ec. 1919
bonds are secured by pledge o f 875,295 out o f a total of 900,000 shares of Inch On 2d pref., 114% quar., June 1913 to Sept. 1914. then none till
capital stock of Cambria Steel Co. On Sept. 1 '19 $1,585,000 of the bonds Sept. 1916, when 6 % was declared: Dec. 1916 to Dec. 1919, 114% quar.
were In the treasury; $3,381,000 were unissued; $1 741 500 had been retired (6 % p. a.). The com. stock divs., also suspended m 1914. were resumed
by sinking fund. V. 104, p. 1403, 2015. 2557; V. 106, p. 1455. 2564.
Oct. 15 1916, when 2% was paid. Oct. 1917 to Apr. 1919, none on com
Manufacturers’ Water bonds are red. on any int. day at 101 and int. out V. 105, p. 2003.
of the sinking fund ($150,000 yearly, beginning 1912). and also at 102)4 in
blocks of $500,000 or over. V. 8 8 , p. 1376; V. 90. p. 770; V. 96. p. 1090. of NOTES.— The $6,000,000 7% Gold notes sold in Aug. 1918 on account
expanding business and greatly enlarged inventory consists of six series
Guaranty, V. 90, p. 1365. Bonds sub. cos. Dec. 1918, $12,328,000.
A to P. of $1,000,000 each, due one series each year on Sept. 1 1919 to 1924*
ORDERS.— In April 1918 the Cambria Steel Co. received from the U. S. but callable the last maturities first at 103 for notes with 5 years or more
R R . Administration an order for 3.000 steel underframe freight cars to to run; 102 H for 4 to 5 year maturities; 102, 3 to 4 years; 10114 2 to 3
cost about $8,500,000. V. 106. p. 1861. Car wheel order, V. 106, p. 2654. years; 101. 1 to 2 years, and 100)4 for notes with less than 1 year to run
On Sept. 21 1918 the Eddystone plant had turned out 1.000.000 rifles No mortgage can be created while these notes are outstanding without
within a year, being two months ahead of schedule. V. 107, p. 1196, 174_ providing for their prior payment. See further restrictions, &c. V 107
’
EARN ING S.— For 3 mos. and 9 mos. end. Sept. 30 (V. 109, p. 179S): * p. 806. Bills payable outstanding as of Oct. 31, 1918, $4,574,000.
RE PO RT.— For 15 months ending Oct. 31, 1918 in V. 108 p 474
1919—3 M os.— 1918.
1919— 9 Mos.— 1918.
Net
A
r"'
1st Pref.
2d Pref.
Common ’ ’ Balance.
Net earns., after taxes..*$5,851,570 $11,590,601 $8,990,220 $33,474,398
Income.
Div.
Dividend.
Dividend.
Survlus
Int. on sub. cos. b o n d s ..
235,5581
772,812 I 473,5831 2,351,020
1918-15m $2,038,779
Int. on cos. bonds______
546,068/
$656,250
*112.500
_________ $1.270 030
11,096,022/
3,024,162
Deprec. & depletion____, 1,661,585
§25.000 (6%)$90,000 (2%)$200,000
751.842
3,065,989
6.9S3.967 1917-Y r .. $1,566,842
1916-Y r ..
1,034.552
525.000
509.552
N etprofit.....................$3,408,359 $7,793,627 $ 4 354,626 S24,139,41i
Volume of Business and the Income Available for Interest and Federal Taxes
D ividends.............(2%)$2,000,000(3)$3,000,000 (7) $7 ,0 0 0 .000(9)59,000,00o
Years ended July SI—
(11 Mos.) 1917-18. 1916-17.
19 15-1 6.’
Net sales
...........$17,315,036 $13,140,450 $9,735,710
R E PO RT.— For cal, year 1918 in full, V. 108 p. 1383,1417.
Available for Interest & Fed’l taxes.. $3,424,115 $1,909,023 $1,114 830
• — Years end. Dec. 31—
— (V. 106, p. 605; V. 107, p. 806, 1290, 1389; V. 108, p. 474; V. 109, p.1278.)
,
1918
1917
1916
Total net Income
....................... -a$52,036,939 $71,405,776 $37,606,018
MONTANA POWER CO.— OR G A N IZA TIO N .— Incorporated In New
Deduct— Int. paid, &c................................................
$407,940
$188,904 Jersey Dec. 12 1912 as a consolidation, per plan V. 95, p. 1334. Supplies
Prov. for deprec., &c...........................
9,915.777
6,826,421
3.560.277 to large mines, various cities, A c ., and has contracts to furnish electric power
l’ rov. for Federal taxes.........................
“ a"
25 731.910 __________
for operation of 438 miles of main line of Chic. Mil. S St. Paul Ry. between
c
Balance after taxes................................. 42,121,162 38 439.505 33.856.837 Harlowton. M ont., and Avery. Ida., now in operation. V 104 p 1040
Bond Interest---------------------------------2,880,342
------------„
2,086,133
2,524.227
Total completed capacity of plants March 1919 was 212.340 k. w viz •’
Guar. div. Cam. I. C o .stk .................
338,720
310,493
38.720
Hydro-electric. Montana. Grt. Falls. Thompson.
Steam.
Total
Special depreciation-----------------------4,950,000 __
15,000,000 Completed............. 83.530
98,000
30,000
810
212 340
To approp. surplus------------------- ---- - ----------------’903,434 ...................
Undeveloped......................
121.500
.........
.
121 500
Dividends p a i d . . . . -------------------(12) 12,000,000 1 2 ,0 0 0 ,0 0 0 ...................
See official statement. V. 96, p. 1017; Y. 98, p. 455. 159; V. 100. p. 976.
Amort, under Fed. law--------------------5,193,563
STOCK.— The $6,000,000 of common stock, on which divs. are deferred
4,500,000
Invent, deprec--------------------------------will become dividend bearing as lollows; $3,000,000. each June 2 from 1920
to 1921, both lnci. See V. 96. p. 1017; V. 98. p. 456; V. 95. p 1611, 1687.
Balance surplus..................................... $12,258,537 $22,673,124 $16,460,211
See voting trustees, for the dividend deferred shares. V. 104, p. 2456.
Total surplus Dec. 3 1 .......................... $53,720,098 $41,461,561 $18,656,610
Dividends paid on pref. In full to Oct. 1919
On common, April 1913
(a) After deducting all expenses incident to operations Including In 1918. 1°
i ? l 5 , >4 % quar.;' Jan. and April 1916, M %; July div. was increased
those for ordinary repairs and maiutenauce amounting to $20,600,000, und to 1% ; Oct. 1916, 1%; 1917. Jan. and April, 1 % ; Julv. 1)4% . and 25 cents
for Federal taxes.
„ „
.„
extra to aid Red Cross contributions. Oct. 1917 to July 1919. 1)4% quar.
Directors.— William E. Corey. Albert H. Wiggin, Samuel F. Pryor, In Oct. paid X of 1% . V. 109, p. 892.
J. W . llarriman. Ambrose Monell. Frank A. Vanderlip. Alva C. Dinkey,
BONDS.— The First and Ref. 5s ($75,000,000 auth. issue) are now
Samuel M . Vauclain, Percy A. Rockefeller, Charles if. Sabin, Marcellus a first Hen on about 71% In capacity of the present developed power
Hartley, Dodge, J. O. Neale, A. A. Corey Jr., W . B. Dickson and Frederick plants, 56% of the present transmission lines and 84% of the undeveloped
W. Allen, Chairman, W. E. Corey; Pres., A . C. Dinkey; V.-Ps., A. A.
of the new power plants now under
Corey Jr., John C. Neale, D. Brewer, Gehly and Wm. B. Dickson (and water powers, and upon completion much larger percentage of total power
will be a first lien
Treas 1: Soo.. Robert Brewster. Office, Widener Bidv. PhiladelDhia.— constructiontransmission lines. on a the authorized bonds (a) $10.767 000
plants and
Of
reserved to retire, par for par. all outstanding underlying bonds; (b) remain­
der Issuable only when net earnings are 1 X times the entire bond Int. chgee..
MIDWEST REFINING CO. DENVER. COLO.— (V. 107, p. 2193; Including Int. on the bonds sought to be issued, and then only for 80% of
the cash cost and fair value of additions, extensions or impts. Cum. sink­
V. 108, p. 977, 1393; V. 109, p. 268, 892, 1371.)
ing funds begin in 1918. V. 98. p. 455. 240. 159; V. 100 p. 646. 816. 984,
MILWAUKEE UAS LIUHT CO.— ORGANIZATION.— Incorporated In 1514; V. 103, p. 1985. In 1918 sold a further $5,300,000 of these bonds,
1852. Has perpetual franchise. V. 74, p. 1199. V. 78. p. 2602; V. 83. p
making $22,328,700 of this issue outstanding and leaving $1,675,000 of
1293. Am. Lt. & Trac. Co. owns practically entire stock (V. 8 8 . p. 762). same in treasury and $11,300 in sink. fund. V. 106, p. 1039, 1342, 2014;
V. 85. p. 164. Rate decision. V. 93. p. 731.
V. 107, p. 2293, 2372.




p
.

IN D U S T R IA L ST O C K S

192

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 f i r s t p a g e ]

Montana Power Co— Common stock $75.000.000-------------Do (part o f $75,000,000) dividends deferred (t e x t)--------Pref (a & d) stock 7% red 120 after 3 years $25,000,000Butte E le c * P 1st M g s f due part y ’ly June 1 Usm.xc*
M o n t a n a P o w e r T r a n s m i s s i o n 5 7 o 0 0 0 0 g g u c a l l 1 0 5 --------x
M a d i s o n R i v e r P o w e r 1 s t M $ 5 , 0 0 0 , 0 0 0 g g u c a l l 1 0 5 ----- x

Great Falls Pow Co 1st M $15,000,000 call 107)4 -B a.xc*
First Sc R ef M $75,000,000 g red 105 beg July '18 s f,Q .yc*r*
M ontgomery Ward & Co— Common stock, no par value.Pref stock 7% cum $10,000,000 red text-------------------------M W Warehouse Assn. K O .p r stk 8% cum (a&d) a f redilO
Montreal Light. Heat & Power— S t o c k 5 2 2 , 0 0 0 . 0 0 0 -----------First & coll trust mtge 57,500,000 g red 105 since 1912-.0*
Lachlne mtge 54,000,000 gold s f red 105 after 10 years-.o*
Prov L. H & P 1st M g gu p & 1 s f red 105 (V. 105. p. 394)
Cedars Rap M fg & Pow Co 1st M $15,000,000 g s f ca ll-.c*
Montreal L ight, Heat & Power C onsolidated— Stock-----Morgan & W right— See U S Rubber Co
Morris & Co— First mtge auth 525.000.000g red 103-FC.xc&r
M otor P rod u cts Corp— Stock class A --------------------------------Stock class B _____________________________________________________________ _
1st M ser notes g due $100,000 s-ann J&J call 1 0 1 _____xc*
Mountain States Tclep & Teleg Co— Stock 550.000.000 auth.

D a le
B onds

1901
1903
1905
1911
1913

1902
1903
1906
1913

AND

A m ount
O u ts ta n d in g

Par
V a lu e
$100
100
100
1 .0 0 0

[V ol. 109

BONDS

When and Dividend Dividends Interest and
Bate Payable Last Maturity Places Whereare Payable
%

$43,633,300 4 )4 % ’ 19

Q— J

Oct 1 1919

K C hecks m ailed

6 .0 0 0 .0 0 0

9.700.000 7 in 1919
y3,919.000
y512.000
500 &c
5 K
5 g
1 . 0 0 0 y2,066,000
x4.270.000
6g
1 ,0 0 0
5 g
100 See W22328.700
300.000 shs. $5 in T 9

Oct 1 T 9 i~K%
T o June 1 1951
A ug 1 1933
Feb 1 1935
M a y 1 1940
July 1 1943
Feb 1919 $5
Q— J
Oct 1 T 9 1 )4 %
8 . 0 0 0 . 0 0 0 7 In 1919
100
Q -F 15 Aug 1 *18 1 )4 %
6
525.000
1 ,0 0 0
Q— F N o v 15 T 9 2 %
18,778.260 8 in 1919
100
7.013.000
4 )4 g J & J Jan 1 1932
1 .0 0 0
A & O Apr 1 1933
3.046.000
1 .0 0 0
f e
M & S Sept 1 1946
5 g
1.337.000
$ &£
J & J Jan 1 1953
5 g
500 &c 11.498.000
Q— F N o v 15 T 9 . 1 K
4
$ 1 0 0 $64,126,100
Q— J
J & D
F & A
F & A
M Sc N
J & J

•

1909
1917

1 .0 0 0
16.750.000
4^8 J & J
shs.N ew
None 75.000
Q— J
None 5.000 shs. N ew
J— J
600.000
6 2
500 &c
34.168,600 7 In 1918 Q— J 15
100

July 1 1939
Oct 1 1917 $1
Oct 1 1917 $1
Jan 1920 to 1922
O ct 15 T 9 I K

do
do
(J S Mtge & T r Co, N Y
do
do
do
Bankers T r O o , N Y
Guaranty Trust
N Y

do

Co,

Checks mailed
Checks mailed
/C o m p a n y’s off, R o y .B k l
\of Canada or N Y AgoyJ
N Y , Montreal & London
New York
M ontreal
First N at B k , N Y:& Chlo
Empire T ru st C o , N Y
First & Old D ot N at Bk
N ew York and Denver

x Excluding $730,000 uncanceled in sinking fund O c t 1 19 19 and $5,782. 000 pledge d under First & R ef M tge o f 1913, all further bonds must
y C l o s e d m o r t g a g e , w E x c l u d i n g $11, 300 un canceled I n S F

a ls o b e s o p le d g e d ,

Butte Elec. & Power Co. 1st 5s mature $25,000 yearly to 1930, incl
$320,000 In 1931. less bonds acquired In 1916 and after through sinking
fund; balance in 1951. V. 80, p. 713; V. 73. p. 139: V. 82, p. 1441; V.
88, p . 1623. Madison River guaranteed bonds, see V. 81, p . 615, 104o;
V. 84. p.511: V. 87. p. 1482: V. 90. p. 113. Transmission 5s, V. 81. p. 015:
V. 69, p. 1251. Of the Great Falls 5s of 1911. $4,270,000 are in hand* of
public, $730,000 alive in sinking fund and $5,782,000 are pledged undor 1st
S Ref. Mtge. of Montana, as will be any further issues of the $15,000,000
c
authorized. See V. 101, p. 1631: V. 94. p. 985. 914.
B ills p a y a b l e A p r il 3 0 1 9 1 9 t o b a n k s , $ 5 3 0 ,0 0 0 .

REPORT.— For year 1918. V. 108. p. 1268, 1386.
Net, after Interest, Pref.Dies. Common
Taxes. Depr.. Ac. (7%P^a.) Dividends.

Cal.
G
ross
Year. Earnings.

'18 (yr.) 7,558.741
’17 (yr.)*0,912,364
*16 (yr.) .6.244.905
*15 (yr.).4.359.408

5,136,305
4,889,032
4,753 282
3.167.504

2,086*10
1.745,604
1.669,735
1,489,162

677,026
677,026
677.020
677.026

B a la n c e ,
S u r p lu s .

(5% )1,910,208 456,961
(5%)1.654.958 811,443
3 g ) 1.067.364 1.339.157
(2 K ) 604.283 397.033

D I R E C T O R S .— P r e s .. J o h n D . R y a n ; V ic e -P r e s id e n t s , F r a n k M . K o r r .
B u t t e , M o n t ., F r e d e r ic k S tr a u ss a n d A lfr e d J a r e t s k i, N . Y . ; W . 3 - B r a y t o n ,
M o n t c la i r . N . J . ; G e o r g e F . C a n f ie l d . C h a r le s M . C la r k , O . A . C o f f in .
W illia m E . C o r e y , M a r c u s D a ly , S . Z . M it c h e l l, C h a r le s H . S a b in , A lb e r t H .
W ig g in , F r e d e r ic W . A lle n , H e n r y S e lig m a n , H . P . W h it n e y
a ll o f N e w
Y o r k ; J . G . S c h m id la p p , C in c in n a ti; N . P e n r o s e H a llo w e ll, B o s t o n , a n d
W illia m D . T h o r n t o n , B u t t e , M o n t .
W a l t e r D u t t o n is S e c . & T r e a s .,
42 B ’ w a y , N . Y . — ( V . 108, p . 1268, 1386, 2438, 2635; V . 109, p . 892.)

MONTGOMERY WARD & CO „ INC— ORGANIZATION.— Incorpo­
rated In N. Y . In Jan. 1913. Mail order business established in 1872.
Owns plants at New York, Chicago, Kansas City, M o.. Fort Worth, and
Portland, Ore. V. 96. p. 557; V. 98. p. 240; V. 103, p. 1985; V. 107, p.2293.
Leases until Oct. 31 1925 building at Kansas City, M o., rrom Montgom­
ery Ward Warehouse Associates (of which entire common stock is owned),
the rental being $48,000 yearly plus $75,000 to retire the $750,000 6% cum.
pref. stock, redeemable at 110 and dividend. V. 98, p. 240.

Plan for New Illinois Corporation Incorp. Nov.

1 9 1 9 ( V . 1 0 9 , p. 1 7 9 8 , 1 9 9 2 ) .
[ I n c o n n e c t i o n w i t h t h e r e o r g a n i z a t i o n o f t h i s c o m p a n y i t is s t a t e d t h a t
G e o r g e J . W h e la n h a s c o n t r a c t e d f o r t h e p u r c h a s e o f 8 5 0 ,0 0 0 s h a r e s o f t h e
c o m m o n s t o c k a t $ 3 0 p e r s h a re o n b e h a lf o f th e U n ite d R e ta il S to r e C o r p .,
th u s a s su rin g c o n t r o l o f t h e n e w c o m p a n y .
S t o c k Issu es (n o b o n d s ) t o b e a s fo llo w s :

( 1 ) Preferred Stock 7 %
w ith e x istin g p r e fe r r e d

Cumulative
sto ck ,

par

a n d o t h e r w is e s u b s t a n t ia lly id e n t ic a l
$ 1 0 0 ; t o t a l p a r v a l u e , $ 8 ,0 0 0 ,0 0 0 .

(2) Classes A & B Stock, aggregate number of shares, no par..300,000 shs.
(а ) C la s s A , n o n - p a r v a l u e s h a r e s e n t it l e d , s u b s e q u e n t t o p r e f. s t o c k ,
t o d iv id e n d c u m u la t iv e a t $ 7 p e r s h a r e p . a . a n d t o $ 1 0 0 o f a s se ts in e v e n t
o f liq u id a t io n o r d is s o lu tio n .
_
,
,
(б ) C la s s B , n o n - p a r v a l u e s h a r e s e n t it l e d , s u b s e q u e n t t o p r e f. s t o c k a n d
C la s s A s t o c k , t o s h a r e w it h c o m m o n s t o c k in a ll e a r n in g s d e c la r e d a s d iv i­
d e n d s o n c o m m o n s to c k a t th e ra te o f $3 p e r sh a re fo r e a ch $1 p e r sh a re o f
d iv id e n d o n c o m m o n s t o c k , a n d t o p a r t ic ip a t e w it h th e c o m m o n s t o c k u p o n
d is s o lu t io n o r li q u id a t io n a ft e r t h e p a y m e n t o f a ll s u m s p a y a b l e u p o n t h e
p r e f . s t o c k a n d t h e C la s s A s t o c k in t h e r e m a in in g a s s e ts o f t h e c o r p o r a t io n
a t t h e r a t io o f 3 p a r t s o f s u c h a s s e ts f o r e a c h s h a r e o f C la s s B s t o c k t o 1 p a r t
o f s u ch a ssets fo r e a ch sh a re o f th e c o m m o n s to c k .
. . . .
. ,
An o f f i c i a l c a n v a s s o f 278,000 s h a r e s o f t h e o l d c o m m o n s t o c k i n d i c a t e d
t h a t t h e h o l d e r s o f 233,000 s h a r e s w o u l d c o n v e r t i n t o C l a s s A s t o c k a n d
45,000 s h a r e s i n t o C l a s s B s t k . , t h e l a t t e r b e i n g l a r g e l y a c t i v e i n t h e b u s i n e s s .
(3 ) C o m m o n S to ck , n o n - p a r v a lu e .
S u b je c t in a ll r e s p e c ts t o t h e s e v e r a l
r ig h t s o f t h e p r e f . s t o c k , t h e c la s s A a n d t h e C la s s B s h a r e s .
T o ta l
a u t h o r i z e d ................................................................... ......................... ........... .. - - - - - 1 , 0 0 0 , 0 0 0 s h a r e
Distribution o f These Securities.— ( a ) T h e h o l d e r s o f t h e p r e f . s t o c k o f t h e
N e w Y o r k c o r p o r a t io n m a y e x c h a n g e th e ir h o ld in g s s h a r e f o r s h a r e f o r th e
p r e f. s t o c k o f t h e Illin o is c o r p o r a t io n .
(6 ) T h e h o ld e r s o f t h e e x is t in g n o n ­
p a r v a l u e s t o c k w il l b e g iv e n t h e o p t io n t o r e c e iv e in e x c h a n g e t h e r e o f,
s h a r e f o r s h a r e , e it h e r C la s s A o r C la s s B s h a r e s o r b o t h , in s u c h r e s p e c t iv e
p r o p o r t io n s a s t h e y m a y e le c t , (c ) T h e c o m m o n s t o c k w ill b e a v a ila b le f o r
s a l e a n d i t is c o n t e m p l a t e d t h a t n o t le s s t h a n 8 5 0 ,0 0 0 s h a r e s w i l l b e s o l d
u p o n t h e n e w in c o r p o r a t io n o f t h e I llin o is c o m p a n y a n d t h e v e s t m g o f th e
a s s e ts a n d b u s in e s s o f t h e e x is t in g c o m p a n y in s a m e .

T h e n e w t o . h a s Iss u e d $ 6 4 ,1 2 6 ,1 0 0 o f its s t o c k a n d le a s e s t h e t w o p r o p e r ­
tie s fo r 9 8 y e a r s , g u a r a n t e e in g a ll fix e d c h a r g e s . & c .. a n d 8 % p .a . o n a ll s t o c k
o f M o n t r e a l C o . a n d 3 % o n a ll C e d a r s R a p id s s t k . n o t e x c h a n g e d o n A u g . 1;
1916.
See V . 102, p . 2 1 6 9 .
R a t e in c r e a s e . & c .. in A p r il 1 9 1 8 .
V . 100, p .
1799.
C e d a r s R a p id s T r a n s m is s io n C o . V . 1 0 7 , p . 1 1 0 4 .
D I V 3 — 1 ’ 0 7 . ’ 0 8 . '0 9 . ’ 1 0 . ’ l l .
P ercen t- /
5
6
0
7
8

*12. ’ 1 3 . "1 4 . T 5 . T 0 . ’ 1 7 . ’ 1 8 .
9
10
10
10
10 8
8

1919.
2

S E C U R I T I E S . — R o y a l T r u s t C o . . M o n t r e a l , Is t r u s t e e o f b o t h m t g e s .
O f t h e 4 ) 4 s o f 1 9 0 2 , $ 4 8 7 ,0 0 0 a r e r e s e r v e d t o r e t ir e a n e q u a l a m o u n t o f
u n d e r ly in g b o n d s a n d $ 7 1 2 ,0 0 0 in t h e t r e a s u r y .
O f th e L a c h ln e d iv is io n
b o n d s $ 4 1 6 ,0 0 0 a r e r e s e r v e d t o r e tir e a n e q u a l a m o u n t o f u n d e r ly in g b o n p s
a n d $ 1 2 5 ,0 0 0 a r e in t h e t r e a s u r y .
L is t o r u n d e r ly in g b o n d s a n d d e s c r ip ­
t io n o f m o r t g a g e s , V . 7 4 , p . 5 8 0 ; V . 7 5 . p . 2 3 8 ; V . 7 6 . p . 9 2 3 .
T h e $ 1 ,3 5 8 .­
0 0 0 P r o v i n c i a l L . , H . Sc P . 5 s a r e g u a r a n t e e d , p . Sc 1.
V . 88, p. 380.
C e d a r s R a p i d s M f g . Sc P o w e r C o . 1 s t 5 s ( $ 1 5 , 0 0 0 , 0 0 0 a u t h . ) a r e r e d e e m ­
a b le o n o r b e fo r e J a n . 1 1 9 2 2 a t 1 0 5 , th e r e a ft e r a t 1 1 0 a n d in t .
V . 103, p .
323; V . 102, p . 1813.
O F F I C E R S . — P r e s .. S ir H e r b e r t, s . H o l t : V . - P . . J . S . N o r r i s : S e c . - T r e a s . .
O .
S . B a g g ; A s s t . S e c .- T r e a s .. G . R . W h a t l e y .— ( V . 1 0 7 , p . 1 1 0 4 , 2 2 9 3 .)

MONTREAL LIGHT, HEAT & POWER CONSOLIDATED.— I n c o r o r a t e d in C a n a d a in 1 9 1 6 a s C i v i c I n v e s t m e n t & I n d u s t r ia l C o . , n a m e
e in g c h a n g e d a s a b o v e in 1 9 1 8 .
S t o c k li s t e d in M o n t r e a l t o O c t . 1 9 1 9 ,
$ 6 4 ,1 2 6 ,1 0 0 .
In J u n e 1919 o w n e d 9 8 % o f th e s to c k o f b o th th e M o n tr e a l
L t ., H t . & P o w . C o . (w h ic h s e e a b o v e ) a n d C e d a r s R a p id s M f g . C o . ( V . 1 0 6 ,
p . 8 2 3 ) ; o p e r a t e s t h e i r p r o p e r t i e s u n d e r l e a s e s r u n n i n g T or 9 8 y e a r s f r o m
A u g . 1 1 9 1 6 , a s s u m in g a il t h e ir f ix e d c h a r g e s a n d p a y in g d iv i d e n d s a t f ix e d
r a te s o n th e ir c a p it a l s t o c k .
D iv id e n d s N o v . 15 1 9 1 6 t o M a y 15 1 9 1 9 4 %
p e r a n n u m (Q .-F . 1 % ) ; A u g . 1 9 1 9 , 1 > 4 % ; N o v ., 1 * 4 % .
R E P O R T .— F o r y e a r e n d in g A p r il 3 0 1 9 1 9 (V . 1 0 8 , p . 2 2 3 9 ) s h o w e d :
G r o s s , $ 1 0 ,9 3 9 ,2 7 3 ; n e t , $ 5 ,5 8 1 ,7 8 0 ; d e p r e c i a t io n , & c ., $ 1 ,9 9 6 ,5 9 8 ; p r e fe r r e d
d iv i d e n d s ( 4 % ) , * $ 2 ,5 6 2 ,2 9 1 ; s u r p lu s , $ 1 ,0 2 2 ,8 9 1 .
* I n c lu d e s $ 6 4 1 ,2 6 1 f o r d iv s . n o t p a id t i l l M a y 1 5 1 9 1 9 .
P r e s ., S ir H e r b e r t S . H o l t : V . - P r e s . , J . S . N o r r i s ; S e c . & T r e a s . , O .8 .
B a g g ; A s s t . S e c . & T r e a s ., G . R . W h a t le y , M o n t r e a l.— ( V . 1 0 8 , p . 2 2 3 9 :
V . 1 0 9 . p . 3 7 6 .)

§

M O R R I S & C O . ( P A C K E R S ) . — O R G A N I Z A T I O N . — r n o o r p . In M a in e
O ct. 16 1903.
O w n s p a c k in g h o u s e s , r e fin e r ie s . & c ., a t C h ic a g o , a t U n io n
S t o c k Y a r d s ; E a s t S t . L o u is , a t N a t . S t o c k Y a r d s ; K a n s a s C it y , K a n .. S t.
J o s e p h , M o . , O k la h o m a C it y , O k la ., a n d S o u th O m a h a , N e b ., e m b r a c in g
1 1 4 a c r e s o f la n d .
D a il y k illin g c a p a c it y , c a t t le , 8 ,0 0 0 ; s h e e p . 9 .0 0 0 : h o g s ,
2 5 ,0 0 0 .
V . 9 5. p . 547; V . 91. p . 1510.
R e p ly t o r e p o r t o f F e d e ra l C o m ­
m is s io n .
V . 106. p . 185; V . 109. p . 376, 583.

S
ee.

S T O C K .— A u t h . a n d Is s u e d , $ 3 ,0 0 0 ,0 0 0 ;
p ar. $100.
D I v * . p a id fo r
1 2 m o a . e n d in g O c t . 1 1 9 1 0 . 1 4 ) 4 % ; fis c a l y e a r s e n d in g N o v . 1 1911 a n d
1912, 6 % ; 1913. 1 2 % ; 1914. 1 5 % ; 1915. 2 5 % ; 1916. 33 1 -3 % ; 1917, 5 %
B O N D S . — A u t h . is s u e , $ 2 5 ,0 0 0 ,0 0 0 ; F ir s t T r u s t & S a v . B a n k a n d E m il e
K .
B o is o t o f C h ic a g o a n d th e M e r c a n tile T r u s t C o . o f S t . L o u is , tru s te e s;
o u t s t a n d in g , $ 1 6 ,7 5 0 ,0 0 0 , in c l. $ 6 ,2 5 0 ,0 0 0 s o ld in J u n o 1 9 1 9 ; $ 2 ,0 0 0 ,0 0 0
c a n c e le d b y s in k in g f u n d ; r e m a in d e r , $ 6 ,2 5 0 ,0 0 0 , c a n b e c e r t if i e d o n l y f o r
a d d i t io n a l fix e d a s s e ts , s u c h a s r e a l e s ta te , b u ild in g s , i r r c h i n e r y , fix tu r e s
a n d ^ a p p a ra tu s, a t 7 5 % o f a ctu a l co s t.
A n n u a l s in k in g fu n d , b e g in n in g
J u l y 1 1 9 1 0 , a n a m o u n t o f c a s h o r c a n c e le d b o n d s a t p a r n o t le s s th a n 1 .6 %
(o r $ 2 0 0 ,0 0 0 ) o f t h e a m o u n t o f b o n d s d e liv e r e d , in c lu d in g a n y c a n c e le d .
V . 91, p . 1510; V . 8 9, p . 4 8 , 107; V . 108. p . 2334.

For year ending Nov. 2 1918 (V. 108. p. 475):
1917-18.
1916-17.
1917-18.
$
Total Income. 10,658.078 11,169,077 Oth.int.,fnx.,&c.4,290,086
Int. on bonds.
478,500
496,500 Dividends...(10)300,000
Admin, exp— 1.662.633 1,494,406
Bal.,surp— 3,917,859
Bills payable as of Nov. 2 1918, $31,988,054.
R E P O R T .—

1916-17.
$
3,877.100
(5) 150.000
5,151,071

OFFICERS AND DIRECTORS.— Nelson Morris (Chairman), Edward
Morris (Pres.). O. M. Macfarlane (V.-P. & Treas.), L. H. Hoyinann (V.-P.
& Asst. Sec.), George.R. Collett (V.-P.), II. A . Timmins (Sec. & Asst.
Treas.), Ohas. E. Davis. Ira N. Morris and M . W. Borders.— (V. 108, p.
475 12V8, 2334; V. 109, p. 376, 583, 1992.)
PREFERRED STOCK.— As to pref. stock provisions, see V. 96, p. 557,
MOTOR PRODUCTS CORPORATION.— ORGANIZATION.— In­
In Feb. 1918 the holders of the $5,000,000 pref. stock were permitted to
corporated in N. Y. June 3 1910 (V. 104. p. 1595) as a consolidation of
subscribe at par for $3,000,000 additional preferred. V. 106, p. 505,719,933^
Of the common stock 3.000 shares previously held by Insiders were Detroit and Ann Arbor cos. engaged In manufacturing miscellaneous prod­
ucts from steel, brass and coppeir. and automobile radiators, motor car tops,
placed with the public in March 1919. V. 108, p. 1064.
windshields, fenders, holds, mufflers, exhaust pipes, cowls, hubs and hub
Notes and accounts payable Dec. 31 1918. $14,050,481.
caps, motor manifolds. &c. In 1910 purchased the Detroit plant
DIVIDENDS.— On pref., 1.18% Apr. I 1913. covering 2 moa. and 1 day! of the Lozier Motor Co. and concentrated operations therein, the Ann
July 1913 to O c t . 1919, I K % quar. Dividend No. 1. $3 ner shwe, was Arbor plant or Superior Mfg. being the only other plant retained; also plant
paid on common stock out of earnings of year 1914 and dividend No. 2 at Walkerville, Ont., V. 103, p. 941. ip Dec. 1917 purchased a wind­
$3 50 in Feb. 1916 o u t of e a r n i n g s o f 1915. No. 3, $ o in Feb. 1917; No. 4. shield business. V. 106. p. 92.
Stock authorized. 100.000 shares with no par value, divided Into 5.000
$5 in 1918; No. 5, $5 i n Feb. 1919.
class " B ." having full voting power, and 95,000 class “ A " without voting
REPORT.— Report for year ending Dec. 31 1918, In V. 108. p. 574.
power. If the company fails to earn $5 per share per annum for two suc­
Cal.
S
ales
Net after ExcessProf. Pf.Divs. Com on
m
Balance.
Year. Made. D
eprec’n.
Ac..Tax.
(7% ). Dividends.
Surplus. cessive years, both classes of stock will have full voting power. Issued In
1918-.$76,166,848 $6,390,181 $2,000,000 $527,615($5)$1575,000$2,287,566 June 1916 05.000 shares class ‘‘A’' and 6,000 class “ B.” A syndicate
1917— 73.512.645 5,419,688 1,289,594 350,000 ($5) 1,575,000 2.205,094 underwrote 50.000 shares of class ” A ." (V. 102. p. 2171.)
Dividends. No. 1, April 3 1917. $1 per share on both classes; July and
1910— 62.044.336 4.550.791 ............... 350.000 ($5)1,575.000 2.625,791
1915— 49.308.537 2.472.658 _______ 350.000(3)4)1.050.000 1072.658 Oct. 1 1917. $1 por share on both classes. Actlou on Jan. 1918 dividend
was deferred. V. 105, p. 2460; V. 100. p. 1794.
[T h e c o m p a n y ’ s b u s in e s s in O c t o b e r s h o w e d a n in c r e a s e o f 5 9 % o v e r
B O N D S . — The First Mtge. notes of 1917 (originally $1,000,000). aro a 1st
O c t . 1 9 1 8 .]
lien on the properties In Michigan, formerly belonging to Lozier Motor Oo.
OFFICERS.— Pres., Robt. J. Thorne; Vice-Pres., J. O. Maddison,’ They are callable in numerical order. V. 104, p. 1268. 1595; V. 107, p.2294.
Treas.. J. I. Zook; Sec., Henry Schott; Asst. Sec., P. O. Maylone. Office,
R E F O R T . — For cal. year 1917. in V. 106. p. 1794.
•
inlo
618 W . Chicago Ave.. Chicago — (V. 109. p. 277, 985, 1705, 1798, 1992.)
1916.
1917.
1918MONTREAL LIGHT. HEAT & POWER CO.— ORGAN.— Controls the
t pro^te
- - *$537,527
gas, electrlo light and power business of Montreal and suburbs: also two N ePres., W.before deducting FederaTuxVs*^’^ - ’ - V. 106. P- 92, $696,961
O. Rands.— (V. 105, p. 393, 2460;
1794; V.
hydraulic stations for generation of electricity In operation In the fall c*
107, p. 2294.)
1903, to have a capacity of 28.000 h. p.. viz., one hydraulic plant, Lachlne.
Que.. and one at Chambly, Que. Controls output for Island of Montreal
MOUNT VERNON WOODBERRY COTTON MILLS.— (V, 105. p.
of S’nawlnlgan Water Power Co., also the output of the Provincial Light, 2369; V. 106, p. 195.1691,1898; V. 107, p. 2193. 2294; V. 108, p. 1825,1940.
Heat S Power Co., which has built a 15,000 h.p. (hydro-eloctric) plant on
c
MOUNTAIN STATES TELEPHONE & TELEGRAPH C O .-O R the Soulange Canal. V. 83, p. 216; V. 88, p. 380; V. 103, p. 238.
In 1916 Civic Investment & Industrial Co. (see Montreal Light, Heat S QANIZATION.— Operates over approximately 780.000 square miles. Incl.
c
Power Consolidated below), formed for the purpose with $75,000,000 Colorado, Utah, Idaho, Montana. Wyoming. New Mexico, ArzIona and a
of authorized capital stock in $100 shares, offered 3 of these shares for part of Texas. Total stations Dec. 31 1917, 301.048. V. 98. p. 1997,
each $100 of the $18,709,400 cap. stock of Montreal Lt., Ht. S Pow. Co. Amer. Telep. & Teleg. Co., owning 70% of tho stock offered in July 1919
c
to buy the minority shares on or before Sept. 30, giving $100 of its own stock
shares, and par for par for the $8,900,000 stock of the Cedars Rapids Co




N o y ., 1919.]

IN D U S T R IA L ST O C K S A N D

M IS C E L L A N E O U S C O M P A N IE S
[F o r a b b r e v ia tio n s . A c . , se e n o te s o n fi r s t p a g e]

D a te
B onds

Par
V a lu e

A m ount
O u tsta n d in g

$ 7 0 ,0 0 0
text
7 s c
1 . 0 0 0 ,0 0 0
8%
Q— F
5 2 ,0 0 0 s h s .
4 ,8 0 0 .0 0 0
7
Q— F
2 5 .0 0 0 .0 0 0 6 in 1 9 1 9
Q— M
3 7 3 .9 9 0 sh s
2 1 ,1 5 0 ,2 6 0
2 9 .2 3 b .U U 0 7 In 1 9 1 9 Q — J
15
2 4 ,8 0 4 ,5 0 0 7 in 1 9 1 9
Q— F
Q— F
5 .6 0 0 ,0 0 0
Q— F
8
2 5 0 .0 0 0 s h rs
(J— J
6 g
A
A
O
4 .7 3 5 .0 0 0
1 6 . 5 9 1 . 8 0 0 6 in 1 9 1 9 M A N 1 5
1 0 . 0 0 0 .0 0 0 7 I n 1 9 1 9
Q— M
2 .1 5 0 .0 0 0
J
A
D
5 g

$100
N one

1 00
50
N one

160
1 00

P r e f e r r e d (a s t o d i v i d e n d s ) 7 % c u m s a B .O O O l o S a l H I I I ” !
N a t i o n a l C a r b o n C o . I n c — C o m s t o c k 1 ,0 0 0 0 0 0 aha n o n a r
P r e f (a A id ) s t o c k 8 % c u m $ 5 ,6 0 0 ,0 0 0 c a ll 1 4 0 .
’
P
.1
Ba

N one

1917

M o n100
N
e
500 A c

0 ° ? ‘S O a S t o c k 5 2 b l 5 o 0 , 0 0 0

P r e f e r r e d s t o c k (a & d ) 7 % c u m u l a t i v e . $ 1 0 .0 0 0 0 0 0
R e f u n d 1 s t M r e a l e s t a t e s i n k f u n d g r e d t e x t _____ C e . x c A r *

o r each $114 28 .
V
io d
ra tes,

V . 93, p . 1195; V . 96, p . 793; V . 98

d

100
100
1909

916

1997

S

Ac

D iv

1917

( i n V . 106 d
O th er
I n ter es t

show edD itid e n d s
Bal
S u rp .
$ 6 2 ,0 0 0
7 .0 0 0

V.

109

p

1897

o u ts ta n d in g t o

&

7 \ " , T , . v s s ^ pr? r
55

. N A S H M O T O R S C O .— O R G A N I Z A T I O N - l l n ^ i
.
L
,
J u l y 2 8 1 9 1 6 a t d i r e c t i o n o f L e e . H I g g i n s o n * T n E c o r p o r a t e d In M a r y l a n d
e r t y a n d b u s i n e s s o f t h e T h o m a s B . J e f f e r y O n A r r r ° ° Y OVw i t h e p r o p *
fa c tu r e r s o f m o to r ca rs a n d tr u c k s .
S e e fu ll
m auuC a p ita l s t o c k , see ta b le a b o v e ; n o b o n d s
T h e ap f m e n t . i n V ‘ 1 9 3 i. P ‘ 4 9 7 ,
o f n o n - p a y m o n t o f 5 q u a r . d l v s . ) p r e f . s t o c k i s V i m P h Y 011
e ^Se p t , iS S S
a t 1 0 5 a n d d i v s . a n d t h e r e a f t e r a t 1 1 0 a n d d b ^ . 1? o w UPi ti ° i N o X ‘
b e g i n in 1 9 2 0 .
n d d l v s -i 2 % s i n k i n g f u n d w i l l
D iv id e n d o n p r e f ., N o v . 1 1 9 1 6 t o N o v
iq io
no,
.
I n it ia l d iv id e n d o f $ 6 o n c o m m o n s t o c k p a id F e b '
F ob . 1 1919. $10; A u g. 1 1919. $8.
V . 1 0 9 n 9 7 7 18^ S? aiy 3 1 / . ? 1 8 ; ^ 1 5 '
s u r p lu s N o v . 3 0 19187 $ 2 ,5 0 3 ,6 3 1 .
U a’ P ' 2 7 7 • T o t a l p r o f l t a n d lo s s
R e p o r t .— F o r f i s c a l y e a r e n d e d N o v . 3 0 191 s i n or i n o ~ 0-70
n e t p r o fit s , a fte r a llo w in g re s e r v e (fo r F e d e r a l ta x m )
7 % . $ 3 5 0 , 0 0 0 ; d i v s . o n c o m m o n s t o c k a s a ^ v f s t i r l ^ 7 « . 63n8^ m a d I '*
P r e s ., C h a r le s W . N a s h K e n o s h a ; C h a ir m a n
T i m a te4 ’ a f
d
V . 1 0 6 , p . 1 9 5 , 598, 1 0 3 6 . 2 2 3 3 ; V . 1 0 8 . p . 1 7 6 8 S
97O V I O 9 ' n 277 I
N A T I O N A L A C M E C O . — O R G A N I Z A T I O N — i ’J .
,1
D e c . 1 1 9 1 6 ) t o t a k e o v e r t h e a s s e t s . A c . . o r t h e ’N m f h F ^ P ' A l ^ a ^ f r i * ? ? ? *
o f C l e v e l a n d ( i n c o r p . In O h i o S e p t . 2 0 1 9 0 1 ) m » m i f t J S r ^ ? S f
s c r e w m a c h in e s a n d m ille d s c r e w p r o d u c t s / O
( 1 ) C l e v e l a n d ( f l o o r s p a c e o v e r 1 0 a c r e s ) , n e w 7 - a c r nar ? i A ^ P/ M r t|^f A o r / n A
In 1 9 1 9 ; ( 2 ) W i n d s o r . V t . . 4 a c r e s o r f l o o r ■ s n a ™ - P n H p d t ' P i
s t a n d a r d a n d s p e c ia l m ille d p a r t s .
V . 1 0 3 p P 2 -L i 7 . 3^
8 T D O K . — C a p i t a l s t o c k , a u t h . $ 2 5 , 0 0 0 ryTii
^ Y ' . 105.*. p ' 1 9 0 3 ’ . =n
N o p r e f. s to c k , m o rtg a g e o r fu n d e d d e b t.
y . 103A
m T t . 'v
'V r u P n ' i c w y ! '
D I v r iD E N D 8 ._ M .r c l. 1917 t „

D e c. 1 1 9 lJ

E A R N I N G S . — Q u a r t e r s e n d in g S e p t . 3 0 ( V . 109
N e t p r i f f i t s ...................................................................., 3 $ 8 5 8 ^ 6 ?
D iv id e n d s p a id

a u lr T ilf

1 7 0 5 )•

p

f 3 *9 2 8 ^ ! )

$ 4 ,5 5 3 7 7 9 0

) .........................H I !

* 3 7 5 :0 0 0

$ 1 3 7 5 :0 0 0

$ 1 8 3 161

SI.

E A R N I N G S .— Y e a r 1 9 1 8 , V . 1 0 8 , p . 1 3 8 7 .
N
N
T
D

1 3 9 ,3 3 3

$ 8 4 8 ,9 2 6

S u rp . fo r y r .

$ 8 4 5 ,4 5 1

$ 2 ,1 6 4 ,3 0 1

O F F I C E R S . — W . D . B . A l e x a n d e r . C h a l r m a n l 'a
............. 7
T r e a s .; E . O . I le n n . V .-P r e s . A G e n . S u m
v
q Ar i I ' J I e n n a ' P T \ a n .d
T r e a s . ; N e a l W . F o s t e r , A s s t . T r e a s . , W i n d e r S ' v a j ? b l^ n r f S e A i A A SCT'
W l g g l n , G a le n L . S t o n e a n d H e r b e r t L o w e ll D illn n
G ° f I- A lb e r t I I .
( V . 1 0 8 , p . 6 8 7 , 1 2 7 8 , 1387: V . 1 0 9 , p . 1 7 0 5 . ) ’ 6t al- are d l r ^ o w - —

m NATIONAL

ANILINE

&

CHEMICAL

CORP

N

v

nROAvriv*

T I O N — I n c o r p In N . Y . S t a t e M a y 2 6 1 9 1 7 a n d
(? A n,
V
B e c k e r s a n d S ta n d a r d d y e p la n ts a t B u ffa lo
llr n n Y ir e d ^ / w 0 0 ? ° P '
F a lls . N . Y .. r e s p e c t iv e ly , a ls o a n ilin e 5 l p la n t o f &
M a r c u s H o o k , N . Y ., & c .
T h e G e n e r a l C h e m i c a l O a Z°}^ ^
1
m o o t , V 109, p . 1 7 9 1 ). B a r r e tt M f g . C o . a n d S ? m / t - A
n /T i/n t i A A n
a m a jo r it y o f th e s to c k (V . 1 0 8 . p . 1 1 6 9 ).
I n M l r (•h 7 n YePxva i ° j l ' o i K a I !
p r o d u c i n g 5 5 % t o 6 0 % o f t h e c o u n t r y 's o u t p u t o f c n l «
w a s Ra l 10 b e
S T O C K .— A u t h .. c o m m o n . 3 9 5 .9 9 0 s h a r e s ! n o M r i w
* 9 9 5 94 7 n n par $100.
I n t r e a s u r y A u g . 2 3 1 9 1 9 . 2 2 . 0 0 0 s h ?a re s o f P^
’ ! n H 5 9 77 9 i'
49 ° °
sh a re s o f p r e f.
A m a j o r i t y o f t h e s t o c k is h e l d in a v n H n » 0* « , c t a wdh in h 3 / n i
u n t il A p r il 2 0 1 9 2 3 .
V o tin g tr u s te e s, W m . II. N ? c h o ls
H
I la n d i
W m . H . C h ild s , W . J . M a th e s o n a n d E i» ? e n e M e y e r J r ‘
v
m ? n
D I V I D E N D S — O n p r e f. s t o c k J u ly 1 1 9 1 8 . 3
th e r e J t e r ItV V m ia r
t o J a n . 1 1 9 2 0 ; a l s o 3 ) 4 % o n a c c u m u l a t i o n s J a n . 15 1 9 1 J)
°r 1
% 9 u ar.
R E P O R T . — F o r c a le n d a r y e a r 1 9 1 8 in V . 1 0 9
n
907
1 9 7 : o t h e r i n c o m e C r . $ 3 3 1 , 8 8 9 ; F e d r a l t a - . P.L e m 'o s h o w s ’ I
$ 5 1 99 800,.1 9 7 ; o t h e r I n c o m e . C r . $ 3 3 1 , 8 8 9 : F e d ee r a l / Ix e ’s P|n/2 0 7/- r v ° l.o s s e T r
,. 8
'
$ 2 ,0 9 1 ,5 3 8 : p r e f. d iv s . ( 1 0 ^ % ) . $ 2 ,2 6 2 ,8 8 0 ; s u r p lu s ^ li o w o h s
' & “ *•
P r o s .. O r la n d o P . W e b e r ; j e c . ^ H e n r y P . A h 't e n V . 1 ' ^ 7 ’ ^ 8 o f f i c e , 2 1
B u r li n g S lip — ( V . 1 0 9 , p . 2 6 7 . 6 8 3 .)

-N A T IO N A L BISCUIT CO.— Incorp. in N. J. | iaq* V. 66. p . 288.
n
v r,n n 9««
7 l\ P a 5 4 5 : V 7 7 - p 0 2 : y - 9 d - p - 0 0 9 : V . 9 7 ? p 5 9 9 - V
106 d ' 2 9 2 ’
1 “ M a y 1 9 1 9 p u r c h a s e d t h e r e a l e s t a t o c o v e r i n g t h e e n t i r e h l 'o c k o n W n « r
1 5 th S t .. N . / . C it y , o c c u p ie d b y it s N o w Y o r k p la n t s .
b
°
W est




&

b e lo w

a n d °V k

do

J a n 1 1 9 2 0 V / i. C h e c k s m a i l e d
J a n 1 5 1 9 2 0 1 M F ir s t N a t i o n a l B a n k , N Y
N o v 2 9 19 1%
do
do
C h e ck s fr o m N Y T r C o
N o v 1 1919 2 %
do
do
O ct
1 1917 $1 O ffic e , 41 P a r k R o w , N Y
A p r 1 1927
B an kers T ru st C o . N Y
N o v 2 9 T 9 154 G u a r a n t y T r C q* N Y
D e c 31 T 9 1 %
do
do
J u n e l 1929
C e n tra l U n io n T r C o , N Y

1 9 1 2 to J a n
15 1 9 2 0
7 % t l X % Q .-J d *

*'

su rp us

D eC '

$ 8 3 9 ,5 1 3

31

1918’

$ 7 9 6 ,4 7 1

5 1 7 .7 6 1 .7 8 4 ;

$346 956

reserve

fo r

ta x e s?

IO ^ p A

t

I s 1*16 U n o n C a r b l d e *

P r a c t ic a l ly a ll o f t h e

C a r b o n C o r p .. w h ic h s e e

XTC l V I D E N D S . — T h e s e h a v e b e e n p a i d q u a r t e r l y f r o m M a y 1 1 9 1 7 t o
N o v . 1 1 9 1 9 , I n c l.. a t t h e r a t e o f $1 p e r s h a r e p e r q u a r t e r o n t h e c o m m o n
a n d 2 % p e r q u a r t e r o n th e p r e fe r r e d , th e la tte r b e in g 8 % c u m .
5 ® w „ **>•)•— J a m e s
P a r m e le e ,
W a s h in g to n .
D .
O
C h a ir m a n & P r e s .: W . J . K n a p p , V ic e - P r e s . & G e n . M g r . ; J
8
C r id e r "
H n w
" v n » H ’ E xTI I a S k e r d )e r £ - V . - P r e s . & S e c . , a l l o f C l e v e l a n d - C o n r a d
(V

106.

& !.? •

6

Shea’

V - P r e s -’

NATIONAL CASH REGISTER CO.— (V.
p.

6 4 T l 8 9 7 A )L

CLOAK &

S U ,T

C O .-(V .

W - M - p e a r d . d T ? r : a2
-

108.

108,

p.

p.

681

NATIONAL CONDUIT & CABLE CO., INC.— O

6 8 3 . 8 9 2 .)
1515; 1940;

V.

109.

R G A N IZ A T IO N

i S S * B P v ! U N .' X ;
25 A9 1 7 a a d to S k o v e r th e W t£ ^ a n d ^ b u B it S i c ? t h i
o ld N a tio n a l C o n d u it & C a b le C o . , A c .
M a n u f a c t u r e s c a b le s a n d w ir e
b rass r o d s , c o p p e r s h e e ts a n d o th e r c o p p e r a n d b rass p r o d u c ts .
H a * its
ow n barges
lig h t e r s , t u g s , A c .
O w n s m o d e r n p la n t a t H a s t ln g s -o n H u d s o n , h i. Y . , c o v e r i n g 3 5 a c r e s .
S e e d e s c r ip t io n fu r n is h e d N
Y ° S tock
. a , c 3 9 .t • 1 0 4 - p - 2 4 6 ° - , 4 9 4 ' 1 3 9 1 o

N « "

<

^

S

• U S g ja fy °a;
S

J u n e 1 9 1 /.
V . 104 p . 2 3 4 7 . 2 6 4 5 .
D i v i d e n d o f $1 p e r s h a r e p a l d J ? i1 ? 16
1917: O ct. 1. $1.
J a n . 1918 d iv . o m itte d .
V . 105. p . 2460 V
106 p 92
B O N D S .— A n n u a l s in k in g fu n d
h a s b e e n s e t a s id e fo r t h e s t o c k .
d e e m a b l e a t 1 0 2 54 a n d i n t . u n t i l
*>■ 1 3 9 1
1 4 9 4 . 1 5 9 6 ).
N otes p a
n O ct. 1919 re p o rte d as n on e

2 4 * % . a l s o In a n y y e a r a f t e r $ 4 a share*
5 0 % o f t h e e x c e s s e a r n in g s
RnnH ?
1 9 1 9 , th e r e a fte r 105 a n d i n t
fV
in T
y a b le (a s o f D e c
3 1 1 9 1 8 ) *1 500 o o o
o l
5 f-6 9 0 ,0 0 0 .

R E P O R T . — F o r y e a r e n d e d D e c . 3 1 1 9 1 8 , V. 1 0 8
d
2628
th e „ „
fa v o r a b le s h o w in g b e in g a t t r ib u t e d la r g e ly t o m u n it io n a n d o t h e r C o S ’
e m in e n t w o r k ; fo r h a lf y e a r to J u n e 3 0 1 9 1 9 ! V . 1 09 n 771 U o t a e r G o T -

Cai. Vear». 6 m°s
T

3 '„ e , “ ;: : d ®

I n t ., t a x ., A c .

e t s a l e s .............$ 1 4 , 1 9 3 , 7 5 4 $ 1 0 1 3 O .'5 6 3 $81, 4 4 7 2 2 8 * 41 ? a * W
.6
M ttia iw Q
e t e a r n ln g s ..
4 .5 4 5 .4 5 1
5 .1 6 4 .3 0 1
2 .8 0 4 2 9 6 * 4 ,o ? o ' q o i , 3 ' r 4 4 ' « o 7
a x e s ---------------2 ,2 0 0 ,0 0 0
1 ,5 0 0 ,0 0 0 — L w r / l .
9 1 0 ,3 9 4
6 4 4 .6 0 7
i v i d e n d s _____
1 ,5 0 0 ,0 0 0
1 .5 0 0 ,0 0 0
N o t s e a t e d f o r t h o s e y e a r s ----------

1 1 9 1 9 1J<
do
l 1 9 1 9 154 C h e c k s m a ile d

^ S A P I T A L , S 7 'O C K - r - p r e f e r r ? d - s e e f a b l e a b o v e .

$1 3 7 5 .0 0 0

S u r p l u s f o r q u a r t e r _______________________

( ! « %

1 1919
C e n tr a l U n io n T r C o N Y
1 1919 2 % ^
do
do
1 1 9 1 9 $6

i r ^ X ' ^ A L CARBON CO., INC.— ORGANIZATION.— I n c o r p J a n
1 5 1 9 1 7 u n d e r la w s o f N . Y . S t a t e f o r t h e p u r p o s e o f m a n u f a c t u r in g b u v l
I n g a n d s e l l i n g c a r b o n In a l l i t s v a r i o u s f o r m s , a s w e l l a s d r y b a t t e r i e s
s to r a g e b a t t e r ie s , s ta r te r s , la m p s , m a c h in e r y , d e v ic e s a n d a p p lia n c e s o f
e v e ry n a tu re . & c
S u cce e d e d th r o u g h e x c h a n g e o f s to c k to th e p r o p e r ty
a n d b u s in e s s o r t h e N a t io n a l C a r b o n C o . , a N e w J e r s e y c o r p o r a t io n w h ic h
la tte r c o m p a n y h a s b e e n d is s o lv e d .
(V . 1 0 4 , p . 261 8 5 8 )
’
P la n ts a t C le v e la n d . F r e m o n t . F o s t o r ia . O h io ; N o b l e s v lll e , I n d .; E a s t
S t . L o u i s 111.; S a n F r a n c i s c o . C a l . , C l a r k s b u r g . W . V a . . J e r s e y C i t y N J
N ia g a r a F a lls , L o n g Isla n d C it y a n d N e w Y o r k . N . Y .
T h e com p an y
o w n s th e e n tir e c a p it a l s t o c k o f th e C a n a d ia n N a t io n a l C a r b o n C o
L td
l o r o n t o ; a u t h . I s s u e , 3 0 , 0 0 0 s h a r e s o f n o p a r v a l u e : i s s u e d . 6 , 0 0 0 s h a r e s ’.
V . lU o , p . 1 5 o l .

B o t h c la s s e s o f s t o c k lis t e d o n N . Y . S t o c k E x n h /n S »
n? o ? o e f’ f ^ h d iv id e n d s o f 7 5 c e n ts p e r s h a re o n t h e c o m
- * 9 *9 •. I n l t l »
s t o c k w a s p a id N o v . 1 1 9 1 9 .
a n d $ 2 p er sh are o n th e p re f

O F F I C E R S .— W . H . M u ll in s , P r o s .- R
m
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C a r p e n t e r , V . - P . A T r e a s . ; C . O . G i b s o n ' V iJM ? / < ? o t t e , T V T ? ' O Y * P ’
T
V . - £ . & G o n . M g r . — ( V . 1 0 9 . p . 1 1 7 8 . 2 7 7 / 3 7 6 ' ^ 8 * iflT -T 1 7 9 8 ° )' N e ls o n >

N ov
N ov
A ug
N ov
D ec

P la c e s W h ere I n te r e s t a n d
D iv id e n d s a r e P a y a b le

O F F I C E R S .— W . H . M o o r e . C h a ir m a n o f B o a r d : R . E
T o m lin s o n
S o 68 ' 1 Z Y J - E v a n s . T . S . O lliv e , R . A . F a ir b a ir n , J . G . Z e lle r a r n l c V
B lls -s V i c e - F r e s i d e n t s ; G . P . W e l l s , S e c . & T r e a s .
O ffic e , 4 0 5 W e s t 1 5 th
S t .. N . Y . — (V . 1 0 6 . p . 292 3 0 2 ; V . 1 0 6 , p . 7 1 9 , 1 2 2 8 ; V . 1 0 8 , p . 2 6 6 1 9 4 0 ?

1 0 0 ,0 0 0 s h a r e s o f n o

S a l e s ____$ 6 7 ! L 1 3 4 $ 1 , 4 3 M 2 9 $ 1 1,50^ 481 $ 1 9 ? r 7o o o
m o s -'>
N e t . . . . $ 7 0 ,3 4 2
$ 3 8 4 ,4 1 7 J * $ 4 0 0 , 9 4 7 * * 3 1 3 9 4 5
F
M
E a r n i n g s t h r e e m o n t h s e n d e d A u g . 31 1 9 1 0 ’ / v
lr f Q 4 ' 3 / « . . ® 1 3 4 ' 7 0 5
“
S a le s , $ 6 6 8 ,4 2 6 ; t o t a l n o t i n c o m e . $ 1 8 2 9 4 7 - s n m w 12 9 , p ' 1, 1 4 )
6
n e t p r o f i t , $ 1 7 9 ,7 1 1 .
.
, a l ' ' s u n d r y c h a r g e s , & c ., $ 3 ,2 3 6 ;

L a s t D iv id e n d
a n d M a tu rity

B a l a n c e , s u r p l u s .............$ 1 , 3 5 3 , 0 0 5
S l^ C W o d o

'

v a lu e .

W h en
P a y a b le

R E P O R T — F o r y e a r e n d in g D e c . 31 1 9 1 8 ( V . 1 0 8 . p
266)
show edY e a r s e n d in g —
D ec . 31 ’ 1 8 . D e c . 31 ’ 1 7 . J a n . 31 ’ 17
> a n 31 'i e
N e t p r o f i t s ..................................$ 5 , 1 3 5 , 8 4 0
$ 4 ,6 2 2 ,3 4 8
$ 4 ,5 7 9 ,3 0 6
$ 4 'l 2 9 791
C o m m o n d iv s . ( 7 % ) . . .
2 ,0 4 6 ,5 2 0
2 .0 4 6 ,5 2 0
2 046 520
2 0 4 6 520
P r e fe r r e d d iv s . ( 7 % ) —
1 ,7 3 6 ,3 1 5
1 .7 3 6 .3 1 5
1 .7 3 6 .3 1 5
i;7 3 6 :3 1 5

2557)

J u l y U 5 S lyN 0 . B S i? c c e .s ^ (? r Rt ,o ’ \VC>! il G A n u n a s T C o No r O n f o r ? n c 1
2
1
<?ri)7Cin m fu tk
B u s in o s s o r ig in a ll y e s t a b lis h e d in 1 8 7 1 .
P la n t ° - f t % m M n P ' n / i i n o c '
c o n s is t s in s t a m p i n g a n d w e ld in g o f s t e e l a u t o m o b i l e ^ o d / e ™ m a n u f a c t u r e d ?

par

R a te
%

D I V S .—
( 1 9 0 0 - 0 5 . ’ 0 6 . ’ 0 7 . ’ 0 8 . '0 9 . ’ 1 0 . ’ l l .
C o m m o n . r e g _ _ \ 4 y e a r ly
5
551
6
5J1
6
6H

V

17
s f o ^ V ? ^
v a r i £ f - i I^
^
- R en ^
(7 % K
1 9 1 6 ................... 8 K 9 9 ’ 5 8 4 $ 2 ’ 4 2 4 ' 7 f s
* 2 7 8 - 8 <>0 * 2 , 3 9 1 . 8 0 2
P ? o t ~ '" r
S R n a 'd - V p
* t w ,= 1 0 £ :,4 4 0 „ * 5 0 - 2 * 2
2 .3 6 8 .9 5 6
d“
v

1 .0 0 0

1 1 i 8 t6 < t ‘l 0 7 19n 7 ^ 7 ^ <v rl3i n s i ' ’ J ' ) o o T e l e p h o n o r a t e s i n 1 9 1 8 - 1 9 ’,
p9
VC
109/ p
1 7 8 .’
5° 7 ’ V ' 108, P ' 3 8 5 '
C o u r t d e c is io n a ffe c t in g

R E P O R T .— F o r c a le n d a r y e a r
C a le n d a r
C r o ss T e l.
N e t (a fte r

193

N one

M u l l i n s B o d y C o r n — C o m a u t h 1 0 0 ,0 0 0 s h a r e s
... 1 " * < » & d ) s t o c k 8 % c u m c a l l f o r s f a u t h S f , b ' 0 ( f O O O l I I I
i ^*1?® 8 ^ o c k a u t b 5 2 . 0 0 0 s h a r e s a o p a r v a l
P r e r ( a & a ) s t o c k 7 % n o n - c u m a u t h S 19 8 0 0 0 0 0 a f pji.llA.hlA
N a t i o n a l A c m e C o — S t o c k 1 2 5 .0 0 0 .0 0 0 .
'
c a lla b le
N a t A n i l i n e & C h c m C o — C o r a s t o c k a u t h * 3 9 5 OQO’ s h a r e s * "
P r e fe r r e d (a & d ) s t o c k 7 % c u m $ 2 3 ,5 2 1 ,7 0 0 c a li 1 2 0 - . I I
N a tio n a l B is c u it — C o m m o n s t o c k 5 3 0 .0 0 0 m m

N a iJ., 0 J, ? , 9 « n d u l t ^ C a b , e — S t o c k 2 5 0 . 0 0 0 s h a r e s . .
T
F ir s t M 1 0 -y r s f g b o n d s re d $ 5 ,0 0 0 .0 0 0 ..

BONDS

19'

: 7 4 8
1 8 1 ,5 5 2

j

19s18’
14' 9

U

'>»■
la » .w «

4 5 1 ,6 1 3 1

m a c h i n e r y ? S $ 7 4 ‘f , 0 9 0 ? e P r e C i a t * ° n

4

«

1918.
» 1 .0 9 8 .9 0 8

B a l a n c e ____ d e f $ 6 4 3 . 2 9 6 d e f $ 8 6 0 8 2 2

$ 2 4 8 ,2 2 5 : ,o s s

on

m u n itio n s

d e p t,

and

D I R E C T O R S .— R e s id e n t , H . J . P r itc h a r d ; J a m e s J . W a ts o n J r .
J
O . B a ld w in J r ., A lb e r t H . W ig g in . C . E . M it c h e ll.
A n^ e p P ' ^ b cr. S te p h en O
M U le tt
M ic h a e l G a v in , C . G . G a ls t o n .
a n d W
q
F ^ £ r ° m R - M cM ah °u T h e V .-P r e s id e n t s a r e G . H . H a w le y
M a h ^ ’ — V v m ? ’ / r seo ^ U5 2 o , o ^ S ? r g e P ‘ n a u e r : S e c r e t a r y is O . R . M c ­
M ahon.
( V . 1 0 8 , p . 5 8 5 , 7 8 8 , 2 0 2 7 , 2 6 2 8 : V . 1 0 9 , p . 7 7 1 , 1 4 4 6 .)
I n m r ^ ’ ln N A J
S T A M P I N Q C O .— O R G A N I Z A T I O N .—
i n c o j ^ l ^ N ^ J . o n ^ J a n .^ 2 1 ^ 1 8 9 9 . _ S e e p r o s p e c t u s . A c . , V . 6 8 . ^
187; V^ 76,
V ____ \
6 4.6

V8 &

0<,
i
. P2 1 ^ , . V8 2 82p ! Uo

5 - ^ T r rc o n t r a r t 8t o

v

&

l

768’

e e ls io n D e c .

In ’ A u g . 1 9 1 9 e n te r e d In to a

P n r t l o n o f t h e p r o d u c t o f t h e 5 0 0 - t o n b l a s t T u r im c e a n d a ls o t h e C T r a t e ^ n ir t
w ? -m a b - n i r u / h e V o ^ / r n X ^ 8 ‘ Y t 1’ 0 p r o d u c e d a t t h e 8 0 c o k e o v e n s w E i c h
w ere
^ c o n s t r u c t e d a n d o w n e d b y t h e S t. L o u is C o k e A C h e m ic a l
s o fr t S 5 n n o 0 6 6
s o r a 90.U U O .U O O 8 %
P r e ? ? a ^ A fM s tl? 8
C om m on
c o m m o n s to c k (p a r

r ia o r d e r t o p r o v i d e f o r th is n e w c o n s t r u c t i o n
c u m . p r e f. s to c k . S ee V . 1 0 9 , p . 686, 7 8 1 .
U 1Si F ? o r C^ f m i r a l C o . —
A u th o r iz e d .
Issu ed .
1 2 5 : d i v s .Q - M ( p a r $ 1 0 0 ) 1 0 .0 0 0 ,0 0 0 $ 5 ,0 0 0 ,0 0 0
$ 5 ) .................................................................... 1 . 0 0 0 , 0 0 0
1 .0 0 0 ,0 0 0

a f n r Y s a 6 ik q
t
~
,
1 9 1 9 - b a v I nK p u r c h a s e d $ 1 , 2 5 0 , 0 0 0 p r e f . s t o c k in
j G<^Jc e *
C h e m ic a l C o . , o ffe r e d a t p a r t o its o w n s h a r e n n ft n r ^ f
v 4 1 n o ,-4 5 3 ,-4 0 0 ( u n d e r w r i t t e n ) o f t h e N a t i o n a l ' s $ 1 0 , 0 0 0 . ­
0 0 0 p r e f. s t o c k . V . 1 0 8 , p . 2 1 2 9 . 2 6 3 5 : V . 1 0 9 , p . 7 7 .
~
1 9 0 2 -0 4 .
1905.
1 9 0 6 -1 6 .
1917.
O n com m on (% )
----------- 4 y e a r l y
154
N one
4
Pr, 5 ^ r r ^
7 u U p a , d a n d d e c l a r e d t o D e c . 31 1 9 1 9 . 1 H
* 9 1 9 a d iv id e n d o f 6 % w a s d e c la r e d o n th e c o m m
a b l e 1 54 % q u a r t e r l y M a r . 2 0 . M a y 3 1 . A u g . 3 0 a n d N o v . 2 9 .

1918 A 1919.
6 (1 5 4 q u a r . )
% q u ar.
on sto ck , p a y­
V . 1 0 8 . p .7 8 8 .

. P G ^ * ? , ? - ~ 8 u b J e c t t o a n n u a l d r a w i n g s a t 1 0 5 In a m o u n t s I n c r e a s i n g y e a r l y
fr o m $ 1 0 8 ,0 0 0 t o $ 2 6 3 ,0 0 0 .
O r ig in a l Is s u e . $ 3 ,5 0 0 ,0 0 0 ; $ 1 ,1 3 5 ,0 0 0 r e t ir e d
t o D e c . 3 1 1 9 1 8 , $ 1 5 8 ,0 0 0 in 1 9 1 8 .
See V . 8 8 , p
1502; V . 9 0 . p . 17#
A c c o u n t s p a y a b le a s o f D e c . 3 1 1 9 1 8 . $ 1 ,5 8 7 ,0 9 2 .

IN D U S T R IA L ST O C K S A N D

194

Par
Value

Date
Bonds

MISCELLANEOUS COMPANIES
[For aoorettations. A c.. see notes on first page]

National Fireproofing— Common stock f4.600.000............
Preferred stock 7% non-onmulatlve $8.000.000— . . . .
1st M and Ooll Tr g due $125,000 yrly red l02 H --U P l^ o
National Fuel Gas Co— Stock $32,000,000------------ -— - - National Lead Co— Stock common $25 ,000,000 authorized.Preljalso as to assets) 7% cum $25,000,000 r. d® £A?ISAe ,3c
National Sugar Refining Co of N J— Stock $10,000,000.

%

$50 $4,461,300
50 7.900.500
5 g
1.524.000
18.495.900 10% 1919
100 2o.655.400 5 in 1919
100 24.367.600 7 in 1919
100 l n . 0 0 0 , 0 0 0 7 In 1919
0.362.500 40 In ’ 19
12.60
100 2.418.900
100 ,.059.400 See text
6g
100 &c 7.522.500
6
200 See 7 336.800
751.000
600 &c
6 *
197.200
200 See
1 ,0 0 0

1912

1916
1916
1918
1918

Convertible debentures (convertible Into pref stock)------Two year secured gold notes, auth $2,000,000, call par-----Two-year conv notes auth $ 3 0 0 , 0 0 0 call par------ -— - ­
Mortgage Bonds (Closed Issues)— ----------------------- in77
Nev-Cal Power Co. 1st callable at 1 0 5 s f V . 1 0 9 P . 1 0 7 7 c*
Southern Sierras Power 1st call 1 0 5 s J V . 1 0 9 p. 1 0 J 7 . . C
Nevada Consolidated Copper Co.— $ 1 0 , 0 0 0 , 0 0 0 stock---------

Bate

Amount
Outstanding

a l .789.000
1 .0 0 0
600 &c bl .904.000
5 9.997.285

1907
1911

[V o l . 109

BONDS

a !

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Aug 2 5 ’03 I X
Jan 1 5 ’ 15 1%
S Sept 1 ’20-’32
Oct 15 ’ 19 244%
Dec 31'19 I X %
Dec 15 ’ 19 1
$ = -J
Jan 2 1920 1
See text
J & D 15
Q— F
Q— J

M &

Checks mailed
do
Paid by check
111 Broadway, New York
do
do
Checks mailed
Checks mailed

Q— J 30 Oct 30 ’ 18. I X
N*y T Bankers Tr: Denv
J & J Jan. 1 1946
International Tr Co,Den
Apr 1 1926
Denver: B k T r.N Y
J & J Jan 1 1920
do
do
J & J Jan 1 1920
A
J

N Y . Guar Tr, & Denver
& O April 1 1927
N Y Chic & Denver
& J Sept 1 1936
Q—J Sept 3 0 ’19. 7X

a b Pledge under First Lien Mtge additional to above.
of “a” $486,000 of “ b” $686.000

(^ R E P O R T .— F o r ,
m

! “ r $5^07^6*50
.

f f l f c
1 9 1 5 ..

C

* $ 3 ,0 4 5 ,5 7 1

3 ,6 7 9 .7 6 2
1 ,9 3 6 .6 2 0

1 ,1 9 9 ,8 6 1

1914.. 1,532.388

836.850

&

3

$ 2 7 2 . 3 0 6 ‘$ 5 9 8 ! 2 6 2
O S g
2 8 6 ,1 1 9

5 9 8 .2 6 2

288,094 598.262

$ 9 3 5 ,5 0 8

..................... s i w .
------------ d e r .

3 1 5 .4 8 0

4U.0UD

* A ft e r d e d u c t in g $ 1 ,1 0 0 ,0 0 0 r e s e r v e f o r F ^ e r a l ta x r a .
reserve
D pt *
iq ir
s in k in g fu n d r e s e r v e , $ 1 ,2 6 7 ,5 0 0 , d e p r e c ia t io n r e s e r v e ,
$ 3 ,7 4 7 ,9 6 7 , a n d ’p r o f it a n d lo s s a c c t .. b e in g u n d iv id e d o r s u r p lu s p r o fit s ,
$7i4 5 . ’f c L .
J

W . N le d r in g h a u s ; S e c .

E

H . S c^ w a rtzb tm g ; T T eM

G eorge

O n F e b . 2 1 9 1 6 s h a r e h o ld e r s v o t e d t o r e d u c e t h e c a p it a l s t o c k f r o m
$ 1 2 ,7 2 7 ,5 7 5 t o $ 6 ,3 6 2 ,5 0 0 b y th e r e t ir e m e n t o f 1 0 3 s h a r e s a n d t h e r e d u c t io n
o f t h e p a r v a l u e o f t h e r e m a in d e r fr o m $ 2 5 t o $ 1 2 5 0 p e r s h a r e a n d t h e
p a y m e n t o f $ 1 2 5 0 In c a s h t o t h e s t o c k h o l d e r s .
T h e N a t io n a l T r a n s it
P u m p Se M a c h i n e C o . w a s I n c o r p o r a t e d In P e n n , o n N o v . 2 6 1 9 1 5 , c a p i t a l
s t o c k , $ 2 , 5 4 5 , 0 0 0 ( i n c r e a s e d o n A p r i l 1 1 9 1 8 t o $ 3 , 1 8 1 0 0 0 ) I n $ 2 5 ts h a r e s
t o ta k e o v e r (h a s c o n s e n t o f P e n n . P . 8 . C o m m .) t h e c o m p a n y s p la n t
a t O il C it y
P a ., fo r th e m a n u fa c tu r e o f p u m p s , e n g in e s, c o m p r e s s o r s ,
t o o ls , f i t t i n g !, & c .; a ll o f th e c a p it a l s t o c k w ill b e h e ld b y t h e N a t io n a l
T r a n s it C o .
V . 101, p
1890, 2149 V
93 p . 669.
D I V I D E N D S .— 1 9 1 2 t o 1 9 1 4 , 1 2 % p e r a n n .: 1 9 1 5 . 8 % : t h e n n o n e t o
D e c . 1 5 1 9 1 6 , w h e n 4 % w a s p a id ; 1 9 1 7 ^ 8 % ; 1 9 1 8 . .1 6 % . ( 8 % s a ) ; 1 9 1 9 ,
June,
D ec. T o ta l
R E P O R T .— F o r y e a r 1 9 1 8 , V . 10 8 . p .8 8 4 :
1918.
1917.
1916.
1915.
N e t e a r n s . $ 1 ,6 2 0 ,9 6 3
$ 8 2 0 ,4 0 5
$ 1 ,2 0 8 ,8 9 1
$ 1 ,0 2 4 ,6 3 1
$ 1 ,4 8 2 ,1 8 7
D i v s . . (1 6 % )1 .0 1 8 .0 0 0
(8 )5 0 9 .0 0 0
(4 )2 5 4 .5 0 0 (8 )1 .0 1 8 .2 0 7 (1 2 )1 5 2 7 .3 0 7

*B 6:

B

v

i

l T

a

N o t e s p a y a b l e D e c . 3 1 1 9 1 8 . $ 3 5 0 ,0 0 0 . a g a in s t $ 6 9 0 ,0 0 0 D e c - 3 1 1 9 1 7 .
B O N D S . — T h e s t o c k h o l d e r s J u l y 2 5 1 9 1 2 * “ t h o r t a e d $ 2 . 5 M .O O O r e f u n d 8
b o n d s m a t u r in g $ 1 2 5 ,0 0 0 y e a r l y .
V . 9 4. p . 1452: V 9 5 . P. 53 424, 893.

l T l T ¥ T T

T n -

f

u i r p m i T ___V p a r 1 9 1 8 ( V . 1 0 8 . P . 1 7 1 9 ) s h o w s : N e t , $ 5 , 8 4 0 : d e p r e c i a t i o n ,
S i o o SK
l . .
d“
. $94 160
l b V l 7 . n e t . $ 3 0 1 .8 6 5 ( in c l . $ 4 2 ,4 5 9 p r o f it
o n s a l e o f p r o p e r t y ) , a g a i n s t $ 1 0 0 , 4 1 2 in 1 9 1 6 ; d e p r e c i a t i o n . & c . , $ 1 6 2 , 4 5 8 ,
a g a i n s t $ 1 7 0 ,0 2 9 ; b a l . , s u r ., $ 1 3 9 ,4 0 7 . a g a i n s t d e f i c i t o f $ 6 9 ,6 1 7 in 1 9 1 6 .
D I R E C T O R S .— (C h a ir m a n ) H . M . K e a s b e y , (P r e s id e n t) E . H . S t r a u b ,
J . S . C r a ig , A . S . B e y m e r . J . J . F is h e r . D . M . C a m p b e ll, S id n e y F . H e c k e r t ,
E . W . G w in n e r a n d W . M . S c a ife .
T r e a s u r e r is S - P .
? ’ G ’
J o n e s is S e c r e t a r y .— ( V . 1 0 6 , p . 1 1 3 1 ; V . 1 0 7 , p . 4 0 8 , V . 1 0 8 , p . 1 0 6 4 .)
N A T IO N A L
FUEL
G A S
CO.— O R G A N I Z A T I O N . — I n c o r p o r a t e d
D e c . 8 1 9 0 2 in N . J ., s u c c e e d in g N a t u r a l G a s T r u s t C o .
O w n s a ll o r a m a ­
j o r i t y in t e r e s t in t h e c a p it a l s t o c k s o f f i v e g a s p r o d u c i n g a n d d e l i n g c o m D a n ie s w it h m a r k e t s in N . Y . , P e n n a . a n d C a n a d a . V . 1 0 8 , p . 1 7 0 9 , V . 1 0 6 ,
p ? 1 7 9 9 , 1 8 0 0 . C a p i t a l s t o c k a u t h o r i z e d , $ 3 2 ,0 0 0 ,0 0 0 1 (in c r e a s e d .f r o m i $ 1 6 .nnn n n o A n r il 2 8 1 9 1 7 ). V . 1 0 5 . p . 2 2 7 8 .
O u t s t a n d in g $ 1 8 ,4 9 5 ,9 0 0 , p a r
$100.
S h a r e h o ld e r s o f r e c o r d A p r il 2 8 1 9 1 7 w e r e g iv e n t h e
j 2 t5u 5 f
L
s c r ib e a t p a r t o 3 7 .0 1 0 n e w s h a r e s in a n a m o u n t e q u a l t o o n e -fo u r t h o r
h o ld in g s .
D iv s . Q .-J . 15 a t r a te o f 1 0 % p . a .
R E P O R T . - F o r c a l. y e a r 1 9 1 8 . in V

108. p . 262 7 . sh ow s:

T o to l^ a r n lm ^ s ™
................................. $ 9 , 0 8 6 ? 2 6 8
$ 8 ,6 0 4 ,6 2 3
in c .$ 4 8 1 ,6 4 5
N e f e a r o i S w f t d t o r t a x e s . . ............. - 3 . 9 4 5 . 6 M
4 4 4 6 ,4 9 5
d e c .$ 5 0 0 ,8 8 1
T o t o l s u r p l u s D e c . 3 1 1 9 1 8 . $ 1 3 ,6 8 2 3 7 7 .
P r e s .. W a lt e r J e n n in g s ; V . - P . ,
vr
V ii f n r d - V - P . & S e c ., W . J . J u d g e ; T r e a s ., H . P . S m it h .
N . Y .
o f f i c e ," 2 6 * B r o a d w a y , N . Y . — ( V . 1 0 6 , p . 6 0 5 . 1 7 9 9 : V . 1 0 8 . p . 2 0 2 7 , 2 6 2 7 . )

NATIONAL ICE & COAL CO.. N. Y .— (V. 108. p. 1169.)
n a t i o n a l

nn

D ec

7

LEAD
1891

H ^ th &
M U lig a n
o £ r t £ W h lto L ea d
V
104 d . 1 3 8 3 ),
-. 1 0 7 , p . 2 1 9 3 .
S

i

C O . — O R G A N I Z A T I O N . — O r g a n i z e d In N e w J e r I t c o n t r o l s e x t e n s i v e p l a n t s In d i f f e r e n t S t a t e s f o r

M f g . C o . . B a s s -H u e te r P a in t C o .. ( V . 1 0 4
p . 1 3 8 3 ).
C o ? a n d W illia m s
H arvey * O o . L td
tln . r a . t w . .
& c ., & c .
P r ic e o f le a d , V . 1 0 5 , p . 2 0 0 3 , 2 5 4 8 , 1 6 9 1 ,
ta tu s, & c ., V . 1 0 8 , p . 1 6 1 4 .

S T O C K . — P r e f . Is c a l l a b l e a t p a r .
D I V S .—

C ° A lt o 0 in J u l y 1 9 1 7 a n d
I n N o v . 1 9 1 8 p a id X %
^ A N N U A L

V . 60, p . 349: V . 88. p . 1376.

’0 6 . ’0 7 . ’0 8 . ’0 9 . T O . 1 911 t o ’ 1 5 .

1 9 1 6 -1 7 .

R E P O R T .— R e p o r t fo r 1 9 1 8 . V . 1 0 8 , ^ 5 0 7 .

W V s s i-H «

1918.

1919.

? 9 1 8 ^ % 4 M t r a b f a i d R e d C r o s s d i s t r i b u t i o n s '!
e x tr a t o a id U n ite d W a r W o r k C a m p a ig n .
V .

am A SW SL -

show ed:

K fn & t

o S S

^IceTTwidwita)".- E^ F.
Field. Walter Turts, Geo. W. Fortmeyer. Fred M. Carter G . D . Dorsey.
G. W. Thompson. W. N. Taylor. J. B . Wettoteto and Norrte B. Ojegg
(V.-Pres). Sec. Is Charles Davison; Treas.. F. R• For_
t™ey " ,_ Jv.X.
office. I l l B’way.— (V. 107. p. 507. 1750. 2193: V. 108. p.585.1507.1614.)
NATIONAL LEATHER CO.— See Swift & Co. below and V . 109, p. 892.
NATIONAL SECURITIES CORP.— See V. 108, p. 1064, 2635.
NATIONAL SUGAR REFINING OF NEW JERSEY.— Incurporated In
New Jersey on June 2 1900 and took over the New York Sugar Refining
G o’8 (Doscher) refinery. Long Island City, the Afollenhauer refinery
Brooklyn N. Y . (dismantled as a refinery in 1918 and leased for warehouse
nurnoses V. 109, p. 178), and the National refinery, Yonkers, N. Y . Amerlca n V gar Ref. Co. in June 1918 owned $2,428,900 stock. V. 91, p. 1577;
V 92 | 1377; V. 93. p. 535; V. 98. p. 307.
STOCK — V. 92. p 326. 666.1377;f A H p f p.0115. T o n
p.
V. 95. 1 1 7 * 424.1276. 1408. Divs.
a iu ^ r v ..
T . if .
im O
O p
Nn'honds
Bal sheet Dec. 31 1912, V. 96, p. 419. Financial status in
Ju lv1919* V 109. p. 178. Pres., J. H. Post; V.-P., Thomas A. Howell;
T n L H F Mollenhauer; Sec., Geo. R. Bunker.— (V. 95. p. 1406; V. 96,
p 365,’ 419; V. 105. p. 2189; V. 106. p. 927. V. 109, p. 178.)
NATIONAL TEA CO.— (V. 109, p. 780. 1897.)
N A T I O N A L T R A N S I T CO.— ORGANIZATION. &c.— Incorp. In Penn­
s y lv a n ia in 188 1
O w n s p i p e line in Penna. Formerly controlled by Stand­
ard OU Co. of N. J. I segregated In 1911. V. 85. p. 216. 790; V. 93. p. 1390.




P r e s .. W . V . M ille r ; V .- P . a n d G n . M g r .. F . D . W illia m s : T r e a s .. D . R .
M a c k e n z ie ; S e c ., S . R . B a ll.
D ir e c to r s : F . D . W illia m s , T . L . B la ir . 8 . R .
B a ll. D . R . M a c k e n z ie . O . E . M a r tin a n d L . O . L o n g a k e r .
O f f ic e . O il O ; y ,
p a — (V . 106, p . 4 0 2 , 933, 223 3 . 2455, 2014; V . 108, p . 884, 212 9 ; V . 10 9 .
p . 7 8 0 . 1 9 9 2 .)

NEVADA CALIFORNIA ELECTRIC C O R P O R A T IO N — ORGAN­
I Z A T I O N .— ( S e e M a p . ) — I n c o r p . i n D e l a w a r e o n D e c . 1 4 1 9 1 4 , a n d h a s
b r o u g h t u n d e r o n e c o n tr o l a n d m a n a g e m e n t (V .1 0 2 . p . 2 1 7 1 ), 7 h y d r o ­
e le c t r ic p la n ts h a r in g a c a p a c it y 4 9 ,0 0 0 h .p .; a ls o s t e a m p la n t s o f 1 1 ,2 8 7
h . p . ; t o t a l , 6 0 ,2 8 7 h . p . , w i t h 1 ,3 3 0 m ile s o f n l g h - t e n s l o n lin e s a n d 4 5 9 m il e s
o f d is t r ib u t io n lin e s s e r v in g t e r r it o r y in d ic a t e d o n a c c o m p a n y in g m a p .
V . 105. p . 1314: V . 106, p . 195. 1131; V . 107. p . 1196. 1668.
S T O C K . — P r e f . s t o c k is e n t i t l e d t o d i v i d e n d s a t r a t e o f 6 % f o r 1 9 1 7 a n d
7 % t h e r e a f t e r , a n d In t h e e v e n t o f l i q u i d a t i o n , h a s p r e f e r e n c e o v e r c o m m o n
s t o c k t o p a r a n d a c c r u e d d iv id e n d s .
D I V I D E N D S .— O n p r e f.. 1 9 1 5 . 2 % : 1 9 1 6 . J u ly . 2 X % : O c t . . 1 X % ;
1 9 1 7 . J a n . , 1 X % , c o m p l e t i n g p a y m e n t o f a ll d i v i d e n d s t o J a n . 1 1 9 1 7 :
A p r il 1 9 1 7 t o J a n . 1 9 1 8 , I X q u a r .; A p r ., J u ly a n d O c t ., 1 9 1 8 , 1 X % V .
on
V °0 1 06 '
i(,
O f t h e * $ 1 5 .0 0 0 .0 0 0 S e r ie s " A " b o n d s , s u f f i c i e n t a r e r e s e r v e d t o r e t i r e
t h e N e v . - O a l . a n d S o u t h . S ie r r a s 1 s t M . 6 s o u t s t a n d i n g . T h e r e m a i n d e r c a n
b e Issu ed o n ly f o r n e w p r o p e r t y a n d a c q u is itio n o f a d d it io n a l 1st M . b o n d s
o f it s s u b s id ia r ie s o r f o r w o r k in g c a p it a l, b u t o n l y w h e n t h e n e t e a r n in g s a r e
I X t im e s t h e In t e r e s t r e q u ir e m e n t s o n a ll o u t s t a n d i n g b o n d s a n d t h o s e t o
b e Issu ed .
S u b s e q u e n t s e r ie s , " B , ’ ’ & c . , m a y b e ls s u e d f o r 8 0 % o f t h e c a s h
c o s t o f a d d it io n a l p la n ts o r p r o p e r t ie s . & c ., b u t o n ly w h e n t h e n e t e a r n in g s
are I X
t im e s t h e in t e r e s t o n a ll o u t s t a n d i n g b o n d s a n d t h o s e p r o p o s e d .
W h e n a ll s e r ie s ‘ ‘ A ” b o n d s h a v e b e e n r e d e e m e d p r o p o r t i o n n e t e a r n in g s
t o in t e r e s t c h a r g e s s h a ll b e r e d u c e d t o 1 X t im e s s u c h in t e r e s t r e q u i r e m e n t s .
S e m i - a n n u a l l y , b e g i n n in g in 1 9 2 1 . a s u m e q u a l t o X o f 1 % o r a ll F ir s t
L ie n b o n d s t h e n o u t s t a n d in g m u s t b e u s e d t o c a n c e l S e r ie s " A .
T hese
b o n d s a r e s u b je c t t o c a ll a t 1 0 5 a n d in t . o n o r p r io r t o J a n . 1 1 9 2 1 . o r a t
103 a n d in t . a fte r th a t d a te .
,
.
, . . . .
T h e a u t h o r iz e d $ 1 ,5 0 0 ,0 0 0 C o n v e r t i b le D e b e n t u r e s , d u e A p r . 1 1 9 2 6 , w e r e
c a lla b le a t 1 0 5 a n d in t . , u n t il A p r . 1 1 9 1 9 a n d t h e r e a f t e r a t 1 0 2 a n d i n t . .
a n d w e r e c o n v e r t i b le u n t il A p r . 1 1 9 1 9 I n t o p r e f . s t o c k in t h e r a t io $ 1 5 0 p r e r .
s to c k fo r $ 1 0 0 d e b e n tu re s.
T W O -Y E A R S E C U R E D G O L D N O T E S .— F r o m J a n . 1 1 9 1 8 t o J a n . 1
1 9 1 9 t h e r e w e r e is s u e d $ 1 ,0 9 7 ,0 0 0 t w o - y e a r s e c u r e d g o l d n o t e s o r a n a u t h ­
o r iz e d is s u e o f $ 2 ,0 0 0 ,0 0 0 ; $ 3 4 6 ,0 0 0 r e d e e m e d t o O c t . 1 1 9 1 9 .
T h ese n otes
a r e s e c u r e d b y t h e p le d g e o f 6 % S e r ie s ’ ’ A ” F ir s t L ie n G o l d B o n d s , e q u a l a t
p a r t o 1 2 5 % o f t h e n o t e s o u t s t a n d i n g , a n d a r o In a d d i t i o n t o t h e $ 7 , o 2 2 , 5 0 0
bon d s show n a b ove.
V . 106. p . 195.
E A R N I N G S .— 8 M o s . to —
G ross.
A u g . 3 1 1 9 1 9 ...................................... $ 1 , 7 6 0 , 3 3 4
A u g . 3 1 1 9 1 8 ...................................... 1 , 4 8 1 , 8 9 4

N e t.
$ 9 8 4 ,4 5 6
7 5 7 .8 1 6

C h a rges.
$ 6 9 9 ,0 6 5
6 0 3 .9 0 2

S u r p lu s .
* 2 8 5 ,3 9 1
1 5 3 .9 1 4

R E P O R T .— Y e a r 1 918. V . 1 0 8 . p . 1 719; V . 1 0 9 , p . 1 0 7 7 . s h o w s:
C a le n d a r Y e a r s —
1918.
1917.
i9 1 6 .
E a r n i n g s f r o m a l l s o u r c e s ................................... $ 2 , 1 5 8 , 7 0 7
$ 1 ,9 9 7 ,9 6 9 * 1 .5 5 0 ,7 7 5
E x p e n s e s a n d t a x e s ...................
1 ,0 3 6 ,4 5 2
9 1 9 ,8 7 8
6 1 2 ,7 3 8
O p e r a t i n g p r o f i t ................................................... $ 1 , 1 2 2 , 2 5 4
* 1 .0 7 8 .0 9 1
* 9 3 8 .0 3 7
D e d u c t i o n s — I n t e r e s t ....................................
$ 6 3 5 ,6 1 1
$ 5 4 9 ,7 7 5
$ 4 6 3 ,5 8 5
D e p r e c i a t i o n . . . ............................................... _
1 1 8 ,5 5 3
1 2 1 .3 1 8
9 5 ,3 7 0
D i s c o u n t a n d a d j u s t m e n t s . . . ....................
6 2 ,3 5 7
C r .1 2 ,5 7 2
1 4 ,3 5 8
D i v i d e n d s ...........................................................( 5 X % ) 3 1 8 , 2 7 1 ( 6 % ) 3 5 2 , 0 0 6 ( 5 % ) 2 6 5 , 8 4 9
N e t i n c r e a s e i n s u r p l u s _______________ d e f . $ 1 2 , 5 3 7
I n t . In e a r n s , o f o t h . c o s ., a d d i t io n a l .lo s s $ 2 7 ,5 2 7

s u r .$ 6 7 ,5 6 4
lo s s $ 2 .4 1 5

s u r .$ 9 8 ,8 7 5
-

P r e s ., W . E . P o r t e r ; T r e a s ., L a w r e n c e C . P h ip p s 1 J r ., D e n v e r , C o l o .—
l
(V . 106. p . 1342; V . 107, p . 5 6 7 , 1196, 1668, 219 3 ; V . 108. p . 1719. 1940,
V . 1 0 9 , P - 4 8 2 . 5 8 3 , 8 9 2 .5

1 9 1 8 , $ 9 .9 3 4 ,3 6 1 .
F lo t a t io n s u it , V . 1 0 9 . p . 1 0 8 4 .
d u r in g A u g . 1 9 1 9 d u e t o s tr ik e .

M in e s w e re s h u t d o w n

R E P O R T .— 1 9 1 8 , V . 1 0 8 , p . 8 8 4 : 9 m o s . 1 9 1 9 , V . 1 0 9 , p . 1 9 9 3 1Q 16

W JS S K 2 2:

Net for distributions-----D i v i d e n d s -------------------

$538,067
2,249,389

i ' t ' 4 5 9 880
1 :4 9 8 .2 3 5

9 ,9 3 7 ,5 9 9
* 8 .2 9 7 £ 4 7

(8.V%)

15.435,359
7.497,963
' ’ ‘ (75%)

D iv id e n d r a te
(22X % )
x Before deducting
U ‘ .V*1n c lu d * M JS999~,729 (10%)“ a s " c a p i t a l d ‘ V
^ ^ ^ b s c tX t I o n t ^ U n i
$ 5 0 , 0 0 0 s u b s c r i p t i o n t o A m e r . R e d C r o s s . $ 1 0 0 ,0 0 0 s u O s c t r i p t i o n 10 u n i ted
W a r F u n d , a n d $57,809 c h a r g e d c o s t s f o r p l a n t a b a n d o n m e n t s .

m
H

S

&

o
:::::::::::

J ?®

«

T h e m in e s w e r e s h u t d o w n d u r in g ” A u g u s t 1 9 1 9 o n a c c o u n t o f a s t r ik e .

N ov., 1919.]




INDUSTRIAL STOCKS AND BONDS

i 95

196

INDUSTRIAL STOCKS AND BONDS

MISCELLANEO US COMPA NIES
[For abbreviations, &c., see notes on first page]
Hew Central Coal— Stk S1.000.000(V66, p 901.1140:V64.d515)
New England Com pany— Common stock
First pref (a A d) stock cum 5)* % till 1920, then 6 % --------2d pref (a A d) stock cum 4% & partlc (V 102.p984. 2172).
Mass Co Oollat Trust assumed callable at 105___ OBxxc*
New England Co 1st A Ref m tge________________________
Ten-yr debentures g cony into 1st pref call 102>* OBc*
2 H-year notes_______________________________________
System Securities N ot Owned by N ew England Co—

D
ate
Bonds
—

1907
1915
1918

Par
Amount
Value O
utstanding

DIVS—
’ 10. ’ l l .
’ 12.’ 13.
’14.’ 15.
'16.
’17.
Hegular.percent 30 30 30
30 22)* 27)* 35 40(10qu.) 65 7)*-7)*,7)*
10
10
2)* 40 40(10qu .)----------Extra, per ce n t_____
Of the 10% extra dividend paid June 30 1917. one-half was capital dis
^ribution. A special div. of 15 cents was declared payable July 25 for
Bed Cross contributions. In Mar. 1919 paid 37)* cents ( 7 ) 4 %) quar.
y j Qg p q j j
President is D. C. Jackling, N . Y .— (V. 108. p. 176. 585. 884,_977 1064.
1825. 2027. 2129, 2438; V. 109. p. 277. 683. 780. 1084. 1184, 1703.)
NEW CENTRAL COAL.— Incorporated in West Va. in June 1911,
J . 92. p. 1569: V. 93. p. 875. Owns coal lands in Allegheny County. Md.
r. 66. p. 901. 1140; V. 64. p. 616.

D
IVID D
EN S.—
’ll. T2. T3. '14. T5. * 6 '17 '18. T9.
1.
percent_______________ 4 4 4 3 2 2 4 4 4

New York office, 17 Battery Place.— (V. 104, p. 1596.)
NEW CORNELIA COPPER CO.— See Calumet & Arizona Copper Co.
NEW ENGLAND COMPANY (Hydro-Electric).— A Massachusetts
70luntary association (created in March 1915 under the laws of 1914,
per plan In V. 100. p. 984). and owns. In addition to undeveloped
water rights on the Deerfield River, the entire com m on stock of New Eng­
land Power Co. (*3,600,000), Conn. River Power Co. of N. H. (*1,500.000)
and Rhode Island Power Transmission Co. (S500.000. only one class outjtandlng. and 85% of the *150.000 common and practically all of the $650,*00 prer. stock or the Bellows Palls Power Co. Control is thus held of the
several operating corporations below mentioned.
The system so formed constitutes the largest hydro-electric develop­
ment In the U. 8. east of Niagara Palls, with generating stations on the
Connecticut and Deerfield rivers, having Installed capacity of over 75 000
h p and controlling power and reservoir sttes capable of the contemplated
(1 velopment of an additional 125.000 h p. In addition a large amount
of developed power Is under contract to the system. Over 350 miles
of transmission lines, six generating and 11 sub-stations and a large
reservoir are operating to serve about 100 cities and towns in Central
New England (in Mass., Conn., R. I ., Vt and N. H.) which an sup­
plied wholly or In part by the system through contracts with large commer­
cial users and with local electric-lighting companies, electric and steam
railways, notably in Worcester, Fitchburg. North Adams. Mass., and
Providence and Pawtucket, R. I. (Sse V. 105, p. 1714; V. 106, p. 2762.)
Abnormal water and coal mndltlons in winter o 1917-18. V. 106. p. 195.
Has agreements for interchange of power, see V. 108. p. 1273.
Properties C om prisin g S ystem .
N e w E n g la n d Pow er C o . — Has in operation on Deerfield River five gen­
erating stations (one completed in 1916) and a storage reservoir of some
S3 billion gallons capacity. The five operating stations will utilize about
610 ft of rail and have a generating capacity of over 48.000 h.p. out of a
contemplated development of over 100.000 h.p.. some 1.050 ft. of fall being
controlled by the system. In April 1919 a new 10.000 k.w. turbine at the
Uxbridge station was about to be put in operation, increasing the capacity
tfthat station to 15.000 k.w.
,
„
, „
Also owns about 278 miles of transmission lines in Massachusetts acquired
by merger of Conn. RIyer Transmission Co. in April 1916.
Connecticut Riser Pow er C o . — Plant located on Connecticut RIyer below
Brattleboro, Installed capacity 27,000 h.p. with dam. storage basin and
about 60 miles of transmlasion lines in New Hampshire and Vermont
Bellows Falls P ow er C o .— Water-power on the Connecticut River (fall over
50 ft.), capable of re-development on modern hydro-electric lines. V.

10R5od(! ^Island P ow er T ra n sm ission C o . — Distributes the power sold In
Rhode Island by means of high-tension steel transmission lines and a large
Bew sub-station for transforming purposes.
STOCK OF NEW ENGLAND CO.— 8ee table above. The first pref
itock. *884.000, was exchangeable for *650.000 guar. pref. stock or Bellows
• Falls Power Co. and also is 1 suable on request for conversion of 10-year 6%
debentures due Nov. 1 1925 (see below'. The 2d preferred Is entitled to
4 % V- a. (com.) and after 4% Is paid in any year on common Is entitled to
a&m rate for that year as paid on common up to 5% and above 5% to
e
one-half the rate on common. Both pref. stocks of the New England Co
(as also the pref. stock of the New England Power Co.) bad Id July 1919
ncelyed their full dividend regularly from organisation to date.
p BONDS AND NOTES.— The New England Co. First & Ref. M. 5s (V
98, p. 1997) had in Oct. 1918 been practically all redeemed. The
•onvertlble 6s of 1915 are convertible Into first pref. stock par for par at
any time; they are callable at 10244 and lnt. Autn., *4,000.000, see V. 104.
* . *338; V. 102. p. 158.
, ,
. New England Power Co. 1st M . s. fd. 5s are callable at 105 and lnt. on
any lnt. date. Autb.. *14.000.000. Outstanding Jan. 1919, *6 961.000
(tael. *500,000 sold In 1918); additional canceled by sinking fund. *62.000.
V. 106. p. 2233. In Sept. 1919 sought permission to Issue *350,000 pre­
ferred stock and *600,000 1st M. bonds (making $7,700,000 of the latter
Issued). V. 109j». 1085; V. 108. p. 176; V. 107. p. 700; V. 103. p. 243;
V. 102, p. 1721: V . 98. p. 308. Conn. River Power Co., see V. 89. p 165,
and 6% coupon notes. V. 100, p. 1440: V. 107. p. 1749. Bellows Falls
Power Co. and Falls Mt. El. Lt. & P., V. 96, p. 64.
EARNINGS.— For June and 6 months ending June 30 (V. 109, p. 583).
1919— J u n e — 1918.
1919—6 M o s . — 1918.
Gross earnings...............
$297,766
$258,467 $1,816,937 $1,534,234
Oper. expenses & taxes..
188.433
162.636
1,034.400
885. Ill
Bond Interest...................
40.560
40.139
24.3.715
225.110
Other Interest.................
24.470
14.514
145.281
81.503
$393,541

$339,181

E arnings o f all P roperties C om prisin g the N e w England C o . S ys l. (V.104. p.367)
Y ea rs
C ross
N e t . after B on d . S ic ., — P r e f . D iv id en d — Balance
E n d in g — E a rn in g s.
T a xes.
Interest
F irst.
Second. S urp lus.

Dec 31
Dec. 31
Dec. 31
Dec. 31

T8-$3.557.281 $1,322,881 *664.869 *29.3.227 *108.800 *256.185
*17- 2.645.974 1.144.195 597.744 278.412 108.800 159.239
*16. 2.068.437 1.311.133 599,462 237.102 108.800 365.768
*15- 1.489.453
954.299 612.827 210.601 108.800 122,071
Calendar Y ea rs—
1910.
1914.
1916.
1917.
1918
Gross Income........... *270.202 *982.529 *2.068.4.37 *2,645.974 *3.557.000
Output. 1.000 k.w.b. 34.000 120.000
246.000
300.000
323.000
OFFICERS.— George 8. Smith. Boston (Pres.); G. B. Baker. Boston
(V.-Pres.): Malcolm O. Chace. Providence (V.-Pres.); Wm W. Brooks
Boston (Treas.); R. Y . FitzGerald. Boston (Sec.). General offices. 60
Congress St.. Boston.




%

here Interest and
W
hen Last D
ividend Places W
Dividends are Payable
Payable and Maturity

S20 $1,000,000 4 In 1917 M A N Nov 1 1919
100 5.000,000
Aug 18 ’ 19
M AN 15 Nov 1 '19
100
6
877.600
J A J15 July 15 T9.
4
100 2.720.000
1 .0 0 0
5 g J A D June 1 1937
122.000
5
96.000
M A N Nov 1 1925
6g
1 .0 0 0
2.310.000
6
M A N M ay 1921
8.800

100
New England Power Co pref (a A d) stock 6% cum----------1 .0 0 0
1st M $14,000,000 g skg fd callable at 105...........NBc* 1911
100
Conn River Power Co. 6% pref (a A d) stock $1,200,000 - 1 .0 0 0
1st M (closed) sinking fund callable at 107_____OBc* 1907
Five-year n o te s_____________________________
1915
100
Bellows Falls Power Co pref stock callable at 105
1 .0 0 0
Collat trust callable at par gold (V . 109, p . 273)-OBxxc* 1912
Falls M t Electric Co 1st M ____________________________ 1904
100
le w England Telephone & Telegraph— Stock $75,000,000._
1 .0 0 0
Bonds $1,000.000......................................................................* 1900
1 .0 0 0
Bonds *10.000.000.................................................- ........... * 1912
100
flew York Air Brake— Stock $13,000,000 authorized----------100 Ac
First M $3,000,000 gold convert text to July 1 1914._xCe i§08
100
New Y ork D ock Co— Common stock *7,000,000__________
100
Preferred stock 5%,non-cum (text)_________________ Usm
500 Ac
1901
age $
New Y o r k G a i ,
New York & East River Gas Co— New Y ork Edison

Balance, surplus------$44,303
$41,179
REPORT — Cal. year 1918 (V. 108. p. 1273):

R
ate

[Vol . 109

6
3.796.800
5g
6.871.000
6
714.000
5g
1.908.000
6
486.000
5
200.000
5g
550.000
«5.000
5
06 456.100 7 in 1918
4
1 .0 0 0 .0 0 0
10.000.000
5g
10,000,000 See text
3.000.
000 g
6
7.000.
000
10.000.000
5
12.550.000
4 (t
Elec L t. H eat & Po

1% Co's Off, 17 Batt PI. N ¥
1%
2M Boston
do
27.
Boston A Philadelphia
Boston, Old Col Tr do

Q— J 15 Oct 1 *19. 1 H Boston
J A J July 1 1951
Boston A Philadelphia
J A D June 1919 3%
J A D June 1 1937
Boston and Philadelphia
A A O Apr 1 1920
Boston
MAN 15 Nov 15 T9. 2H
J A j July 1 1922
Boston. Old Col Tr Co
Nat Bank Bellows Falls
A A O 1924
Q— M 8ept30 1919 1 H 50 Oliver Street. Boston
J A J Jan 1 1930
Merchants Natl Bank
Old Colonv Tr Co Boston
A A O Oct 1 1932
Q— M D ectl9 T 9 2 H % ortlce. 165 b way N Y
Central Union Tr Co N v
M A N May 1 1928
Feb 1919.2**% U S M tge A Tr Co N Y
do
do
J A J 15 July 15 19 2)* %
F A A Aug 1 1951
do
do
w— SeeO onsolldated G a s G o

Trustees and1919.
Shareholders Com ittee.— Charlos L. Ayllng, George B.
m
T8.
Baker, Wm. W. Brooks, Stedman Buttrlck. R. Y. Fitz Gerald, Henry I.
Harriman, Roland O. Lamb, George S. Smith. Philip Stockton, Philip
Young, all of Boston; Geo. B. Adraas. Adams. Mass.; Robert L. Bacon
(Kissell, Kinnicutt & C o.), John S. Phipps and L H. Shearman (W. R .
Grace & C o.), all of New York; Malcolm G. Chace. V .-P ., Providence:
J. Sloat Fassett, Elmira, N. Y .; Geo. K. Johnson, George Gordon, Phila­
delphia; Edward T . Kimbalt, Portsmouth, N. H.; Arthur H. Lowe. Fitch­
burg, Mass.; S. C. Moore, Gen. M gr., Worcester; Geo. N. Kimball and
Frank S. Streeter, Concord, N. Y .— (V. 108, p. 176, 687, 1273, 1724; V.
109. p. 277, 583, 1085.)
NEW ENOLAND TELEPHONE & T E LE G R A PH .— 1 his company does
T
a telephone business In Maine. New Hampshire. Vermont and Massa­
chusetts. Telephone stations owned Aug. 31 1919. 644.068; connecting,
&c.. 70,672; total, 714,740. Or the capital stock. $38,514,000 on Aug. .31
1919 was owned by Amer. Telep. & Teleg. Co. V. 70, p. 40. Wages,
V. 106, p. 12.35. Strike, V. 108, p. 1614.
Own* $3,960,450 or the $4,000,000 stock of, Providence Telephone Co
V. 101. p. 532. 1473.
'
Stockholders of record Aug. 28 1917 had the right to subscribe at par on
on before Sept. 22. for $11,100,500 new stock. Total stock outstanding
Aug. 31 1919 was $66,456,100. See V. 105, p. 824.
DEBENTURES.—These are to be secured by any mtge. V 95. p. 1043.
The $446,000 bonds due April 1 1919 were paid off. V. 108. p. 1169.
D IV ID E N D S. I *94. *95. *96 *97. *98- 09. TO. *11 1912(0 Sept. 1919.
6 6H 7% yly (l M Q-M
P e r c e n t.............. 4 4W 5 5 4$ 6 y*ly
REPO RT.— For calendar year 1917. in V . 106, p. 2753. showed:
C
alendar
Year—

Cross
Net (after
O er
th
Interest Dividends. Balance.
Earninos. Taxes. \-r.) Income. R
entals Ac (7%) Surplus.

19187mo.$14.300.805 $3,258,199 $405,605 $668,889 $2,S08.996$485.919
1917......... 22.649.935 4,662,489 499.<*80 1,049.456 3.982 496 130.317
>916------- 20.971.274 4.821.978 495.848 1.066.195 3.460.347 791.284
Pres., Matt. B Jones. Office. 60 Oliver St., Boston.— (V. 108. p.
485. 1169. 1614. 1724.)
NEW JERSEY ZINC CO.— (V. 108. p. 485. 687, 1825. 1724, 2635:
V. 109, p. 482. 1798.)
NEW Y O R K AIR BRAKE.— Incorporated under laws ofN ew Jersey.
Works at Watertown. N. Y .: capacity. 500 sets of car brakes a day; al-o
new plant built in 1917, 100x802 ft. V. 105. p. 2460. The Jefferson
Munitions C o., a subsidiary, in Jan. 1918, took over the new plant at
Watertown, N. Y . V. 106. p. 402. In 1912 the Westingbouse Air Brake
Co. granted a general license undor its U. S patents. V 95. p. 748;
V. 96, p. 551. In 1918 erected 5 new plants for the manufacture of shell
forgings, gun mounts, &c. In 1919 at small expense was preparing to use
these facilities for the building of motor trucks and motor cars on a con­
siderable scale. V. 109, p. 1798.
DIVS. *99-*07. 08- 09. *10. *11. T 2. T 3-T 5. *16. *17. *18.
1919.
Percent-8 yrly. None 3
44$ 14$
6
114$
20
For year 1919 paid 24$% (quar.) V. 108, p. 788.
BONDS.— V. 86. p. 725, 797, 921, 1104. Bills payable (as o f Dec. 31
1918). $5,950,000. V. 108. p. 874.
REPO RT.— Report for year end. Dec. 31 1918 in V. 108, p . 873, showed:

20

Calendar
Year—

Sales,
Ac.

Net. after Bond,
Taxes, Ac. Interest.

Dividends
Paid.

10

B
alance,
Surplus.

1918............ $10,464,508 $2.2.32,553 $180,000
(20)$1.937,715 $114,838
1917
10.269.330 2.073.826 180.000
(20)1.986,980 def.93,154
1916
24.144.997
8.394.962 180.000 (1144)1.149.126 7.065,836
1915
4.770.153
1.558.442 215,156
(6%)599.544
743.742
Total surplus Dec. 31 1918. $6,595,667, agst. $6,480,829 In 1917.
The report for 1918 says: “ None of our Government orders have yet
been settled, the profits of which will appear In the earnings of 1919. The
sales of air brakes for 1918 were the largest In the company's history."
D IRECTO RS.— Pres.. O. A. Starbuck, 185 nroadway. V.-P., John O
Thompson: F. S Flower. N. F. Brady O. W Mead Wm. N. Shaw. Elon
R. Brown. Walter T. Rosen and Le Roy W . Baldwin.— (V. 107. p. 807.
2103; V. 1(58. P- 585. 788. 873, 977: V. 109, p, 1798.)
NEW YORK DOCK CO.— ORGANIZATION — Incorporated In N Y.
State on July 18 1901 as successor of the Brooklyn W h arf* Warehouse C o.,
foreclosed and reorganized per plan V. 72. p. 937
V. 73. p. 239. 1355.
Owns water frontage in Brooklyn, "frontage of more than 2 4 miles," o f
1
which 157 feet leased with 10 miles of railway tracks. 159 bonded and Tree
warehouses having 116.2 acres of floor space. 34 piers (the longest 119 3 ft.)
20 mfg. buildings, and cold storage. V. 90. p. 1365; V. 106. p. 1794.
The railroad department was acquired Oct. 1 1912 by New York Dock
Ry.. the capital sWck^of whlcbjs owned by the New York Dock C o. V. 95.
9. p. 1026.
p. 1271.
STOCKS A N D B O N D S— Com . stock, *7,000.000: pref.. 5 % nnn-oumuI tive *10.000.000. ai: In sharps o f * 100 each. After 5% on both stooUs;
they share equally. B onds. $150,000 In treasury O ct. 1 1919 with further
$12,550,000 outstanding. P. & 1. surplus D ec. 31 1918. $2,937,587.
D IV ID E N D S .| '0 4 . *05. *06. *07. *08. *09. *10. *11. T 2 -T 6 . *17. *18. *19.
On preferred. % ) 2
24$ 344 4
44$ 4 4 244 N one
2 S>4
5
On com m on, % 1— —
— —
— _____ —
-----—
— 244
D iv . N o . 1 was paid on com m on stk. Fob 15 1 9 1 9 .2 44% - V . 107. p. 2480
E A R N IN O S .—
Cross
N et
F ix ed Charges
B a lan ce,
fi M o n th s to Aug 3 1.
E a rn in g s.
E a rn ings.
and Taxes.
S u rp lus.
1919.....................- .......... *3.143.121
*1.315.751
*717.371
*598.379
1 9 1 8 ............................... 3.529 075
1,510.781
749,448
761,333
R E P O R T .— For calendar year 1918 In V. 108, p. 19,31.
C alendar
Y ea rs —

d ro ss

Total N et

ln t , A c . .

I 'f D ie . Com . D iv. B alance

E a rn in g s.
In com e. Charges.
(1 0 % ). (2 ^ 4 % ).
S u rp lus.
1918
..........*4.989.462 *1.663.558 *578.569 *500.000 *175.000 *109.988
1917 .............. 4.423.035
1,552.009 635.322 500.000
.......... 616.687
1916
3.065.136 1.293.690 511.173 ..........- ..................... 782.517
1 9 1 5 ________ 2.419.927
921.885 515.599 .................................
409.286
O F F IC E R S .— Chairman. F . S. Landxtreet: Pres.. W illiam E . H alm ;
V -P s .. C . D . Hoagland and O. O ’ D . Iselin: Sec.. Edwin T hrone: C o m p .,
F A D avis: Treas.. W m . M M ortim er. O ffiro. 44 W hitehall St. (M an­
hattan). N . Y — (V . 107, p . 2480- V . 108, p . 1724. 1934.)

NEW Y O R K & E AST R IV E R F E R R Y .— Owns the “ A storia" Ferry
from fo o t o f 92d S t., N . Y ., and has three ferryboats. Discontinued
service D e c. 28 1918. Foreclosure suit was filed in July 1919. V . 109,
U i . S tock, *750,000.

3i

co
Q
£
O
«
Q
55
CO

M
o
o
H
co
cd

H
co
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Q
a

o
rH
o



D a te
B onds

M IS C E L L A N E O U S CO M P A N IE S
I F o r a b b rev ia tio n s, & c ., se e n o te s o n f i r s t p a g e]

Par
V a lu e

A m ount
O u tsta n d in g

$ 4 ,1 0 0 ,0 0 0
5
$ 1 ,0 0 0
1896
Y & H o b o k e n F e r r y C o — H o b o k F y 1 st c o o M r e d U s m .z o *
1 .0 0 0 .0 0 0
1896
N Y A N e w J e rse y F e rry tw o m o rtg a g e s (V 8 2 , p 1 6 4 )— *
3 .3 0 0 .0 0 0
1 ,0 0 0
1898
Gen M g o l d $ 4 . 0 0 0 . 0 0 0 ........................................................
3 .4 0 9 .7 0 0 9 I n 5191
100
N Y M u tu a l G a s L ig h t— S t o c k (b o n d s s e e C o n s o lid a t e d G a s)
5 .0 0 0 .
000
5 g
1 .0 0 0
N Y M u t u a l T e l — M u t U n i o n T e l 1 s t M g u p A I e x t In ’ l l . N .c 1 8 8 1
New Y o r k & Q u e e n s E l e c t r i c L i g h t & P o w e r — S e e C o n s o l l d a t e d G a s C o o f N e w Y o r k
1 500 000
1 .0 0 0
5 g
N Y & R ic h m o n d G a s — F ir s t m o r t g a g e g o ld re d 1 1 0 - .C e .x c * 1901
See te x t
100 A c
1919
F i r s t A R e f . M t g e ( p r o p o s e d I n 1 9 1 9 ) $ 3 . 0 0 0 . 0 0 0 -------- - - - ­
2 0 0 .0 0 0 s h r s
N e w Y o r k S h i p b u i l d i n g C o r p — S tk (n o p a r v a l) 2 0 0 .0 0 0 sh s
7 .2 4 5 .0 0 0
5 s
100 A c
1916
1 st M $ 2 5 .0 0 0 .0 0 0 g c a l l 1 0 2 H ; s k f d 2 « % b e g ’ 1 8 . U P i.x c *
$ A £
1909
6 8 ,2 1 9 ,0 9 0
N e w Y o r k T e l e p h o n e. — 1 s t A G e n M a u t h r e d 1 1 0 . . F .- x t c " „ r «.
phon
-------------------------------------—
„A
2 4 ,8 1 1 ,1 0 0
100 A c
1919
D e b e n t u r e s s k g f u n d $ 3 7 5 , 0 0 0 y e a r l y c a l l 1 1 0 ---------a . c * A r *
1 0 0 i0 ’ 1 9
6 n
5 .0 0 0 .
100
N e w Y o r k T r a n s i t C o — S t o c k ------------ - - - -----------------------------------------tex t
2 .3 5 0 .0 0 0 S e e
10
N e w Y o r k T r a n s p o r t a t i o n C o — S t o c k ---------- - - - - - - - - - - ­
N e w a r k (N J ) C o n s o l G a s C o — S e e " E l e c t r i c R V
S e c tio n
1 4 ,4 8 4 ,6 0 0
100
N i a g a r a F a l l s P o w e r C o — C o m m o n c o n s o l i d a t e d s t o c k --------7
100
1 1 .5 1 5 .4 0 0
P r e f e r r e d ( a & d ) s t o c k 7 % c u m c a l l a b l e ( a l l ) a t 1 1 0 --------5
N one
1919
100 A c
1 s t & C o n s o l m o r t g a g e $ 7 5 , 0 0 0 , 0 0 0 ( s e e t e x t ) ----------------B o n d s I s s u e d a n d I s s u a b le o n C o n s titu e n t P r o p e r tie s —
5 g
1 0 .0 0 0 ,0 0 0
500 A c
1891
N i a g a r a F a l l s P o w e r C o ( o l d c o ) f i r s t m t g e g o l d ----------- - C e . x
8 .2 2 6 .0 0 0
6 g
1 9 0 9 1,000 Ac
R e f * G e n M 1 2 0 . 0 0 0 . 0 ( 1 0 ( V 8 8 . p 1 4 4 1 >g o l d . B a . x o * & r »
3 .5 0 0 .0 0 0
5 g
1 .0 0 0
1910
H y d r a u l P o w C o 1 s t & R e f M c a ll 1 1 0 a f t J u ly 1 '2 0 . x c * A r
5 g
1 000
6 .5 0 0 .0 0 0
1916
R e f & I m p t $ 1 0 ,0 0 0 ,0 0 0 c a ll a t 1 0 5 a f t e r O c t 1 1 9 2 1 - . x r
4 .0 6 7 .0 0 0
5 g
1 .0 0 0
19 U 4
B la g L o c k & O n t P C o — ls t M $ 5 .0 < )0 .0 0 0 g r e d l l O s f t e x t . G x c *
4 .7 7 3 .0 0 0
, r
AC
1912
5 If
S a l m o n R i v e r v>r>w C n 1 s t \ f $ 5 0 0 0 . 0 0 0 g g u a r n A ( . C o l x
100 A c
1 .9 8 0 .0 0 0
1918
6 8
R e f m t g e $ 1 5 ,0 0 0 ,0 0 0 g s in k f d s e r ie s A c a ll 1 1 0 - - E q k k c *
1 .0 0 0
5 z
5 7 2 ,0 0 0
1911
N l a g A E P . 1 s t i l $ 1 . 2 5 0 . 0 0 0 g >4 g u s f r e d 1 0 5 t e x t „ G . x o •

I*

D iv id e n d s 1901 t o 1 9 0 8 , 6 % y e a r l y w it h o n e o r m o r e e x t r a , s in c e , I f a n y .
n o t rep orted .
D ir e c t o r s : W illia m
A
N a sh , T h e o . F . Jackson
H . K
K n a p p , E . L e h m a n a n d R o s w e ll E ld r id g e .— ( V . 1 0 7 , p . 1 1 9 < ; V . 1 0 8 ,
p . 8 4 . 3 8 5 .)
N E W Y O R K & H O B O K E N F E R R Y C O .— I n c o r p o r a t e d N o y
lO 1 8 9 8 .
V . 77, p. 454.
I n A p r il 1 9 0 3 D e l. L a c k . A W e s t
R R . a c q u h e d e n tir e
$ 3 ,3 0 0 ,0 0 0 s t o c k .
O f t h e $ 4 , 0 0 0 , 0 0 0 g e n e r a l 5 s o f 11898, $ 7 0 0 , 0 0 0 w e r e r e ­
s e r v e d f o r I m p r o v e m e n t s ; a ll a r e r e d e e m a b le a t 1 1 0 .— ( V . 8 2 , p . 1 6 4 .)
GAS

L I G H T .— S e e C O N S O L I D A T E D

GAS.

N E W Y O R K M U T U A L T E L E O R A P H .— S u c c e s s o r t o th e M u tu a l U n io n
T e le g r a p h C o .
T h e s t o c k c a r r i e s d i v i d e n d s o f 6 % p e r a n n u m u n d e r a le a s e
fo r 9 9 y e a r s fr o m F e b . 1 5 1 8 8 3 (w ith p r iv ile g e o f r e n e w a l f o r 9 9 9 y e a r s fr o m
1 8 8 3 ) t o W e s te r n U n io n T e le g r a p h .(V . 9 3 . p . 1 0 8 '

? p . “ T i “ a» S 5 N r p i h ‘ 1 i 8 i o f o 4 i 9 i f : I P
^
W
S
f i S
. W
1 % (q u a r .); th e n n o n e t o O c t. 1 9 1 5 . 1 % : 1 9 1 6 , 3 % ;
I n O c t . 1 9 1 8 p la n s w e r e s t ill p e n d in g f o r m a k i n g o f a $ 3 ,0 0 0 ,0 0 0 F ir s t A
R e f . M t g e . t o p r o v id e f o r th e r e tir e m e n t a t o r b e fo r e m a t u r it y o f th e
$ 1 5 0 0 0 0 0 1 s t M . 5 s a n d f o r im p r o v e m e n t s , A c . : t h e I n it ia l Is s u e w il l p r o b ­
a b ly b e $ 3 0 0 ,0 0 0 .
C o m p a re V . 106. p . 2126; V . 104, p . 1149
C a l . y e a r 1 9 1 8 . g r o s s , $ 5 1 3 ,5 3 9 ; n e t , $ 4 2 ,7 2 4 ; I n t ., A c . , $ 8 0 ,8 4 5 ; d lv s .
n o n : b a l ., d e f ., $ 3 8 ,1 2 1 .
P r e s ., W m . J . W e ls h ; S e c . A T r e a s ., J o h n
K o h o u t .— ( V . 1 0 6 . p . 7 1 9 . 2 1 2 6 ; V . 1 0 7 . p . 5 0 7 , 2 4 8 0 ; V . 1 0 8 , p . 6 8 8 .)
N E W Y O R K S H I P B U I L D I N G C O R P .—
In N . Y . N o v . 2 8 1 9 1 6 a n d t o o k o v e r ( V . 1 0 3 ,
o f t h e N e w Y o r k S h i p b u i l d i n g C o . o f N . ,T „ w
w a r e R iv e r n e a r C a m d e n , N . J .
V . 107, p .
tio n , V , 1 0 6 , p . 1 3 4 9 .
S ta tu s in N o v . 1 9 1 8 ,

O R G A N IZ A T IO N .
In corp.
p . 2 1 5 9 ) t h e e n t ir e a s s e t s ,A c ..
it h m o d e r n p la n t o n th e D e la ­
507; V . 108, p . 1821.
L itig a ­
V . 107, p . 2014.

C o n t r o l.— C o n t r o ll e d b y A m e r ic a n I n t e r n a t io n a l C
th e I n te r n a t io n a l M e r c a n t ile M a r in e O o .. W . R .
P a c if i c M a ll S S . C o ., w h ic h c o n c e r n s c o n t r o l d ir e c t ly
L in e . A tla n tic T r a n s p o r t C o ., P a c ific M a ll a n d W . R

o r p . (V . 103, p . 2 3 3 8 ),
G r a c e A C o . a n d th e
o r I n d ir e c tly A m e r ic a n
. G r a c e A C o . stea m ers.

S T O C K . — O ffe r e d in N . Y . In D e c . 1 9 1 6 a t $ 4 7 5 0 p e r s h a r e . V , 1 0 3 ,
p . 2159.
A u t h . a n d Is s u e d , 2 0 0 .0 0 0 s h a r e s , n o p a r v a lu e .
D i v . N o . 1 p a id o n p r e f. s t o c k M a r . 1 1 9 1 9 . $ 1 ; J u ly 1 5 . $ 1 ; N o v . 1 5 , $ 1 .
B O N D S .— O f th e t o t a l a u t h o r iz e d Issu e o f $ 2 5 ,0 0 0 ,0 0 0 b o n d s . $ 7 ,5 0 0 ,0 0 0
w e r e Is s u e d in p a y m e n t f o r t h e p u r c h a s e o f t h e p r e d e c e s s o r c o m p a n y s p r o p ­
e r t ie s , A c .
R e m a in in g b o n d s m a y b e is s u e d fr o m t im e t o t im e f o r a d d i­
t i o n s o r i m p r o v e m e n t s a t n o t In e x c e s s o f 7 5 % o f a c t u a l c o s t , o n l y w h e n n e t
e a r n in g s a r e t w ic e b o n d in t e r e s t ( V . 1 0 5 , p . 1 1 0 9 ); $ 2 5 5 ,0 0 0 r e t ir e d t o
D e c . 3 1 1 9 1 8 . a n d t e n d e r s a s k e d in N o v . 1 9 1 9 f o r s a le t o c o m p a n y o f fu r t h e r
$ 1 8 7 ,5 0 0 .
V . 109. p . 1897.
E A R N I N G S .— T h e n e t in c o m e f o r y e a r e n d in g D e c . 3 1 1 9 1 8 (a v a ila b le
f o r F e d e r a l t a x e s ,, w a s $ 3 7 8 ,3 5 8 , a n d t h e t o t a l s u r p lu s D e c . 3 1 1 9 1 8 .
$ 1 ,9 1 9 ,8 0 7 .
See V . 108. p . 1821.
O F F I C E R S .— G e o . J . B a ld w in , C h a ir m a n ; M a r v i n A . N e e la n d , P r e s .;
H .
A . M a g o u n . V .-P .: N . d e T a u b e , V .-P .; J . T . W ic k e r s h a m , T r e a s .
A S e c — ( V . 1 0 7 , p . 4 9 9 , 5 0 7 , 2 0 1 4 ; V . 1 0 8 , p . 5 8 5 , 1 8 2 1 : V . 1 0 9 , p . 1 8 9 7 .)
N EW
Y O R K T E L E P H O N E C O .— O R G A N I Z A T I O N .— A c o n s o lid a ­
t i o n in S e p t . 1 9 0 9 o f a ll t h e “ B e l l " t e l e p h o n e c o m p a n i e s o p e r a t i n g In S t a t e
o f N ew Y ork .
See V . 9 1 . p . 151. 157; V . 9 3 . p . 1283.
O w n s a ll th e
s t o c k o f t h e D e la w a r e & A t la n t i c T e le t? . & T e l e p h . O o . a n d $ 5 2 ,4 8 4 ,0 0 0
o f t h e S 6 0 .0 0 0 .0 0 0 * t o c k o f B e ll T e le p h o n e O o . o f P e n n a . ( V . 0 6 . p . 5 6 6 )
C o n t r o ls E m p ir e C it y S u b w a y C o .
V . 92. p . 1569: V . 93. p . 167, 474.
1263.
T o t a l s ta tio n s , in c lu d in g s e r v ic e a n d c o n n e c t in g s ta tio n s , D e c . 61
v . ? o f a 0 i2 T 5 S. f f i T
p1
P a R a t e s , v T l O ? ! p ? 1 8 6 ; V . Si 0 6 ? p . ° 2 0 1 4 , 2 4 5 7 ; V . 1 0 9 , p . 9 8 6 , 1 3 7 1 .

b

TiI s

W ages.

V . 109. p . 1278.
S T O C K .— A u t h o r iz e d . $ 2 0 0 ,0 0 0 ,0 0 0 : o u t s t a n d i n g
$ 1 5 0 0 0 0 .0 0 0
(p a r
£ 1 0 0 ) a ll o w n e d b y A m e r . T e le p . & T e le g . C o .
V . 8 9 , p . 7 8 1 , 8 4 9 , v . 9 (1 ,
p
1242: V . 98, p . 1997.
I n A p r il 1 9 1 8 o b t a in e d a u t h o r it y t o is s u e $ 2 5 ,­
0 0 0 .0 0 0 a d d it io n a l s t o c k t o r e im b u r s e t h e A m e r . T e le p . A T e le g . C o . fo r
ad van ces m ade.
V . 106. p . 1800, 2349.
D I V I D E N D S .— I n 1 9 1 0 t o a n d in c lu d in g 1 9 1 8 , p a id 2 % q u a r t e r ly .
B O N D S . — T h e “ F i r s t A G e n . M t g e . " m a d e in 1 9 0 9 i s l i m i t e d t o $ 7 5 . ­
0 0 0 ,0 0 0 (a ll t o J a n . 1 1 9 1 9 is s u e d a n d $ 6 ,5 0 7 ,2 5 0 r e t ir e d b y s i Q ^ g f u n d ) .
h a v i n g a f ir s t lie n o n e n t i r e p r o p e r t y ( i n c l u d i n g r e a l e s t a t e v a l u e d
at
a p p r o x im a t e ly $ 2 9 ,3 0 0 0 0 0 ) p la n t , lin e s , u n d e r g r o u n d c o n d u it s , fr a n c h is e s
A c.
T h i s m o r t g a g e , h o w e v e r . Is s u b j e c t In p a r t t o t h e o u t s t a n d i n g m o r t ­
g a g e I n d e b t e d n e s s o f b o n d s lis t e d b e lo w , c o v e r i n g p r o p e r t ie s a c q u ir e d rrorn
o th e r c o m p a n ie s .
I s s u e s u b j e c t t o c a l l In w h o l e , b u t n o t i n p a r t , a t U U
a n d In t. o n a n y M . A N .
V . 8 9 . P- 8 4 9 . 9 2 4 . 1 3 5 1 ; V . 9 0 . P - 7 7 3 : V . 91
p . 131; V . 9 4 . p . 1510; V . 95. p . 5 4 8 . 753; V . 102. p . 1815; V . 103. P- 1122
U n d e r ly in g B o n d s — A u g . 3 1 1 9 1 9 .
In t.
N . Y . A N . J . T e l. C o . G e n . M . g o ld s. f.5 M A N z
N . Y . A P a . T . A T . O o . 1 s t M . g . s . f __ 5 F A A z
do
do
G e n . M . g o l d .................. 4 M A N z
C o r t la n d H o m e T e l. C o . 1 st M . g o ld - . 5 A A O z
U t i c a H o m e T e l e p . C o . 1 s t M . g o l d _____ 5 A A O x x
A l b a n y H o m e T e l . C o . 1 s t M . g o l d _______ 6 J A J x x
C o h o e s -W a t e r f. H o m e T e i.O o . 1 st M . g . .6 J A J x x

O u tsfd in g .
M a tu rity
$ 9 5 3 ,0 0 0
M a y 1 1920
2 1 4 .0 0 0
F e b . 1 1920
N o v . 1 1929
4 6 3 .0 0 0
A p r . 1 1921
1 .1 0 0
A p r . 1 1923
4 5 .4 0 0
J a n . 1 1927
2 3 .5 0 0
J a n . 1 1927
1 1 .5 0 0

T h e $ 2 5 ,0 0 0 ,0 0 0 6 % d e b e n t u r e s s o ld In J a n . 1 9 1 9 a r e t o b e s e c u r e d b y
a n y n e w m o r t g a g e r a t a b ly w it h a n y o t h e r in d e b te d n e s s s e c u r e d t h e r e o n .
T h e s i n k i n g f u n d t o w h i c h $ 3 7 5 , 0 0 0 m u s t b e p a i d a n n u a l l y w i l l , i t Is s a i d ,
w it h in t e r e s t o n t h e a m o u n t s r e t ir e d s u f f ic e t o r e d e e m t h e e n t ir e is s u e b y
m a tu r ity . V . 1 0 8 , p . 1 7 6 . 2 7 4 .
R E P O R T .— R e p o r t

(“ x ” )

fo r fo r

7 m os. to

J u ly 3 1

1 9 1 8 , in

V .

108.

C a jlie O o r o s T ^ d N e t. a fter
O th er
In ter es t
D iv id e n d s
B a la n c e .
Y r'
E a m in o s .
T axes. A c .
In com e.
C h a rges.
(8 % p . a .).
S u r p lu s
‘ ‘ x ;’$ 3 8 606 800
$ 5 ,8 6 4 ,8 5 4 $ 3 ,6 2 3 ,7 0 8 $ 2 ,9 1 6 ,7 8 3
$ 5 ,0 0 0 ,0 0 0 $ 2 ,5 7 1 ,7 7 9
*17
6 2 9 6 1 ,0 0 6
1 4 .2 9 3 .3 3 3 0 .0 0 3 .9 9 4 3 .9 2 4 .8 3 7 1 0 .0 0 6 .0 0 0
0 ,3 7 7 ,4 9 0
'1 6
57 005 565
1 5 0 0 2 ,2 0 0
5 .6 0 4 .9 9 4
3 .3 4 1 .9 1 3 1 0 .0 0 0 .0 0 0
7 .2 0 5 .3 4 1
P res
H o w a r d F . T h u r b e r ; C h a ir m a n o f B o a r d . T . N . V a il; G e n e r a l
A u d ito r . J . S . W ile y .
N . Y . o f f ic e , 1 5 D e y S t .— ( V . 1 0 9 , p . 9 8 6 , 1 2 7 8 ,
1 3 7 1 , 1 5 3 0 .)
.
N E W Y O R K T R A N S I T C O .— O R G A N I Z A - n O N . & o .— I n o o r p . in N o w
Y o r k In 1 8 9 2 .
O w n s p i p e lin e s in S t a t e s o f N e w Y o r k a n d N e w J e r s e y .
F o r m e r l y c o n t r o l l e d b y S t a n d a r d O il O o . o f N . J . , b u t s e g r e g a t e d In 1 9 1 1 .
See S t a n d a r d O i l O o . o f N . J . . V . 8 5 . p . 2 1 0 . 7 9 0 ; V . 9 3 . p . 1 3 9 0 .
.




L a s t D iv id e n d
a n d M a tu rity

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%

N

N. Y . M U TU AL

[V ol . 109.

INDUSTRIAL STOCKS AND BONDS

198

P la c e s W h ere In ter es t a n d
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N Y . O ffic e D e l L A W
1 1946
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S eaboard N a t B an k . N Y
M A N
M ay 1 1921
C en tra l T ru s t C o , N Y
N o v 15 19 19$1
B a n k e r s T r , N Y 4 P itts
N o v 1 1946
M A N
N Y o ffic e : a n d L o n d o n
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M A N
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N ew Y ork
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W i n s l o w ,L a n ie r A O o .N Y
B an k ers’ T ru st O o. N V
C it y T r C o , B u ffa lo . N Y
B an k ers T ru st C o , N Y
G u a ra n ty T ru s t C o , N Y
v V
T .o n d n n , P a r is A e
E q u ita b le T r C o , N
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G u a ra n ty T r u s t C o . N Y

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1932
193?
1950
1951
1954

M u r 1 19 V >
F eb 1 1958
Jan 1 1911

D I V S . (c a l. y r s .) 1 9 1 2 .
1913.
40
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I n 1 9 1 8 p a i d In J a n . 4 % a n d 2 %
1 9 1 8 t o O c t. 1 9 1 9 4 % q u a r . (n o

1919.
1914. 1915.
1916. 1917. 1918
16
10
34
17
16
16
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—
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4
e x t r a ; A p r il 1 5 . 4 % a n d 4 % e x t r a ; J u ly ,
e x tr a ); J a n . 15 1 9 2 0 , 4 % a n d 4 % e x tr a .

V R n n o r t * f< fr " y e a r *1 9 1 8 , V . 1 0 8 , p . 4 8 5 . s h o w e d n e t r e v e n u e , $ 9 1 4 ,2 9 4 ;
d iv i d e n d s ( 2 0 % ) . $ 1 ,0 0 0 ,0 0 0 ; d e f . , $ 8 5 ,7 0 6 .
I n 1 9 1 7 . n e t .. $ 1 ,4 6 1 ,6 1 9 ;
d l v s . ( 2 0 % ) , $ 1 ,0 0 0 ,0 0 0 ; b a l.. s u r ., $ 4 6 1 ,6 1 9 ; t o t . s u r . D e c . 3 1 1 9 1 8 ,
$ 5 ,9 1 3 ,8 6 3 .
O F F I C E R S .— D . S . B u s h n e ll, P r e s .; D . M . S a c h s , V .- P r e s .; G e o r g e
C h esebro
S e c .: W . F . L iv in g s t o n , T r e a s .
O ffic e , 18 B ’w a y , N . Y .— (V .
1 0 6 , p . 1 2 1 , 4 3 9 , 6 1 2 , 2 3 4 9 ; Y . 1 0 8 , p . 4 8 5 , 6 8 8 ; V . 1 0 9 , p . 7 7 .)
N E W Y O R K T R A N S P O R T A T I O N C O .— O R G A N I Z A T I O N .— I n c o r ­
p o r a t e d In N e w J e r s e y o n F e b . 2 1 1 8 9 9 .
S h a r e h o ld e r s v o t e d J u n e 15 1 9 1 6
t o r e d u c e t h e s t o c k f r o m $ 5 ,0 0 0 ,0 0 0 t o $ 2 5 0 0 ,0 0 0 b y c h a n g in g t h e p a r
v a lu e t o $ 1 0 .
V . 102. p . 1987, 2081: V . 74. P -9 9 . 215.
O w n s e n tir e
c a o lta l s to c k s o f F ifth A v e n u e C o a c h (V . 1 0 5 . p . 2 0 9 8 ) a n d M e tr o p o lita n
(e x p r e s s ) c o m p a n ie s .
V . 103. p . 325.
D lv ld n d o f 2 5 c e n ts . 2 ^ %
(1 0 %
p . a .) w a s p a id q u a r . S e p t . 1 1 9 1 6 t o J u n e 1 1 9 1 8 , in c l.. S e p t. 1 1 9 1 8 t o
A p r il 1 5 1 9 1 9 , n o n e .
In J u ly 1 9 1 9 p a id 2 H %
V . 107, p . 700.
R eal
e s t a t e m o r t g a g e o u t s t a n d i n g D e c . 3 1 1 9 1 8 , $ 1 7 5 ,0 0 0 .
E A R N I N G S .— F o r y e a r e n d in g J u n e 3 0

1918. V . 108, p . 1394.

O F F I C E R S .— C h a ir m a n . R ic h a r d W . M e a d e ; P r e s .. J o h n A . R it c h ie
V . - P . . H e r b e r t H . V r e e la n d ; S e c ., S a m u e l E . M o r r o w ; T r e a s ., G e o . L .
W i lle m s . O f f ic e , 1 0 E a s t 1 0 2 d S t .. N . Y . — ( V . 1 0 7 . p . 7 0 0 ; V . 1 0 8 , p . 1 3 9 4 .)
N E W P O R T C O M P A N Y — ( V . 1 0 9 , p . 6 8 3 , 9 8 6 , 1 0 8 5 .)
N I A G A R A F A L L S P O W E R C O .— U n d e r t h is t it le c o n s o lid a t e d O c t . 31
1 9 1 8 t h e o ld N i a g a r a F a lls P o w e r C o . , t h e H y d r a u li c P o w e r C o . a n d C l i f f
E l e c t r i c a l D i s t r i b u t i n g C o . , p e r p l a n in V . 1 0 7 , p . 1 2 9 1 . w i t h c a p i t a l i z a t i o n
s h o w n In t a b l e a t t o p o f p a g e .
C o m p a r e A c t o f N . Y . S ta te L e g is la tu r e ,
A c .. V . 106, p . 2 4 5 5 . 2561; V . 107. p . 1924. 2 1 9 3 . 2 2 9 4 .
I n c lu d in g t h e p l a n t o f Its s u b s i d i a r y , t h e C a n a d ia n N i a g a r a P o w e r C o . ,
t h e c o m p a n y in D e c . 1 9 1 8 h a d a n in s t a lle d c a p a c i t y o f a b o u t 3 5 0 ,0 0 0 h .p .
a n d is in s t a ll in g a n a d d i t io n a l 1 0 0 .0 0 0 h . p . t o b e r e a d y f o r o p e r a t io n d u r in g
1 9 1 9 , m a k in g it t h e la r g e s t a n d m o s t im p o r t a n t p o w e r in s t a lla t io n o r th e
w o r ld .
I t is p r o p o s e d t o s u b s t i t u t e f o r o n e o f i t s p r e s e n t 1 0 0 , 0 0 0 h . p .
p la n t s a n e w 2 0 0 ,0 0 0 h .p . p la n t .
F o r t h e u n d e r t a k in g o f t h is w o r k th e
c o n s o l i d a t e d c o m p a n y in D e c . 1 9 1 8 h a d li q u id a s s e t s a v a i la b l e f o r t h e p u r ­
p o s e a p p r o x im a t in g $ 6 ,0 0 0 ,0 0 0 . in c lu d in g $ 2 ,2 5 0 ,0 0 0 I n v e s te d in L ib e r t y
L o a n a n d C a n a d a V ic to r y L o a n b o n d s . V . 1 0 7 . p . 2 1 9 3 . 2 2 9 4 .
T h e c a p it a l s t o c k o f t h e c o n s o lid a t e d c o m p a n y w a s lim it e d u n d e r th e
S t a t e la w t o a n a m o u n t n o t e x c e e d in g t h e a g g r e g a t e s h a r e c a p it a l, s u r p lu s e s ,
u n d iv id e d p r o fit s a n d u n im p a ir e d r e s e r v e fu n d s o f t h e c o n s t it u e n t c o m P aT h e F ir e t ^ C o n s o l i d a t e d M t g e . o f 1 9 1 9 ( V . 1 0 8 . p . 2 5 3 2 ; V . 1 0 9 . P - 5 8 3 )
is l i m i t e d t o n o t e x c e e d i n g $ 7 5 ,0 0 0 ,0 0 0 n o r le s s t h a n t h e t o t a l b o n d s o f t h e
c o n s t it u e n t c o m p a n ie s is s u e d o r is s u a b le , a s s h o w n a t t a b l e a t t o p o f p a g e ;
t h e s e o l d b o n d s o u t s t a n d i n g in D e c . 1 9 1 8 . a g g r e g a t in g $ 2 8 ,2 2 6 ,0 0 0 , a n d m a y
b e I n c r e a s e d t o $ 1 0 ,0 0 0 .0 0 0 .
T h e u n d e r ly in g b o n d s a r e t o b e e x c h a n g e a b le
a t o p t io n o f h o ld e r s f o r t h e b o n d s o f t h e n e w is s u e f o r li k e p r in c ip a l s u m s a n d
b e a r i n g I n t e r e s t a t n o t le s s t h a n 5 % p e r a n n .
A s t o b o n d s o f o ld N ia g a r a
F a lls P o w e r C o ., s e e V . 8 8 . p . 1 3 1 & V . 9 0 . n . 2 4 0 . 6 3 2 . 1 2 0 9 .
H y d r a u lic
P o w e r C o . . V . 1 0 3 , p . 2 3 4 1 : V . 1 0 7 , p . 2 9 5 , 6 9 9 ; V . 9 2 . p . 1 6 3 9 : $ 2 ,0 0 0 ,0 0 0
R e f . A I m p t . b o n d s w a s s o ld in N o v . 1 9 1 8 , V . 1 0 7 , p . 2 1 9 3 . 2 3 8 1 .

D I V I D E N D S . — O f o l d N ia g a r a F a l l s P o w e r C o . — A p r i l 1 9 1 0 t o J u l y
1 9 1 8 , I n c L . 8 % D er a n n .
In O c t . p a id 2 % a n d 3 % e x tr a . V . 1 0 7 , p . 9 0 9 .
O n n e w N ia g a r a t a i l s P o w e r C o . p r e f. s t o c k J a n . 1 9 1 9 t o O c t . 1 9 1 9 p a id
I H .% q u a r.
I n itia l d iv id e n d o n c o m m o n o f 1 % p a id M a r c h 15 1 9 1 9 . J u n e
a n d S e p t ., 1 % e a c h .
V . 108. p . 9 77.
.
R E S U L T S .— F o r q u a r te r a n d 9 m o s . e n d in g S e p t. 3 0 (V . 1 0 9 , p . 1 7 9 8 )1 9 1 9 — 3 M o s .— 1 9 1 8 .
1 9 1 9 — 9 M o s .— 1 9 1 8 .
O p e r a t i n g r e v e n u e ........................ $ 1 , 2 3 2 , 8 1 7
$ 8 2 5 ,7 3 4 $ 3 ,7 4 4 ,1 8 8 $ 2 ,4 1 7 ,7 7 4
N e t i n c o m o , a f t e r t a x e s -----------$ 7 6 5 ,5 2 3
$ 6 3 1 ,5 1 0 $ 2 , 5 1 6 , 4 8 8 $ 1 , 8 2 3 , 3 8 3
3 4 6 ,3 9 7
2 1 8 ,9 3 5
1 ,0 2 4 ,3 8 1
7 4 6 ,8 0 5
I n t e r e s t , A c ...........................................
N et

s u r p l u s .....................................

$ 4 1 9 ,1 2 6

$ 3 8 5 ,5 7 5

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

U E P O R I ---- F o r
R X kl U U pT . — j XX*i yUI1UUUn U e d . D, e c . 3 1 1 9 1 8 :
e a r e d UC

Total operating revenue..$5,016.366 Net Income..................- — S3.240.875
O
A
O
N

p e r a t i n g e x p e n s e s ................1 , 1 0 2 . 1 4 6
m o r t i z a t i o n -------------------------2 3 2 ,8 5 2
p e r a t i n g t a x e s ........................
8 0 2 ,0 7 6
o n -o p e r .
ite m 3
( n e t ) . . C r .3 6 1 ,5 8 3

I n te r e s t o n fu n d e d d e b t . .
M i s c e l l a n e o u s _______________

1 '3 2 5 , 7 5 2
1 3 ,4 3 9

S u r p l u s ______________________ $ 1 , 9 0 1 , 6 8 3
Pr
l
D i r e c l o r s .— J a c o b F . S c h o e l l k o p f . C h a i r m a n ; ------------------------------- — T T - 1™e s rd e n t ; C . P . H u g o S c h o e llk o p f. V t c e -P r e s .; P a u l A . S c h o e llk o p f . V ic e -1 r e s .
a n d G e a . M g r .; M o r r is C o h n J r ., V lc e -P r e s . a n d G e n . C o u n s e l; I h lllp P .
B a r t o n , V i c e - P r e s .; F r e d e r ic k L . L o v e l a c e , S e c ’ y ; W . P a x t o n L i t t l e , T r e a s ..
C a r lt o n W . P ie r c e . A s s is t. S e c ’y a n d T r e a s .
O ffic e , N ia g a r a F a lls , N . Y . .
S t o c k t r a n s fe r a g e n t s , W in s lo w , L a n ie r A C o . , 5 9 C e d a r S t . , N . Y .
(V .- 1 0 7 ,
p . 1672. 1750, 1924, 2014, 2295, 2381; V . 108, p . 077, 1169, 1825, 2531.
V . 1 0 9 . p . 5 8 3 . 6 8 4 .)
,
N I A G A R A L O C K P O R T & O N T A R I O P O W E R C O . — (S e a M a p . ) —
O R G A N I Z A T I O N . — I n c . In N . Y . M a y 2 1 1 8 9 4 u n d e r s p e c i a l c h a r t e r s .
O w n s t r a n s m i s s i o n l i n e s o v e r w h i c h I t s u p p l i e s n u m e r o u s ° P ° r1 t iI J £ .c 9 3 - a “ 4
;}
m a n u fa c t u r in g p la n t s w ith p o w e r r e c e iv e d fr o m O n t a r io P g w e r C o . o f
N i a g a r a F a lls , N . Y . , a t w e s t e r n e n d o f it s s y s t e m ; a ls o a t e a s t e r n e n d o w n s
a n d o p e r a t e s h y d r o - e l e c t r i c p l a n t o n S a l m o n R i v e r a t A l t m a r . in . v . . a n a
m o d e r n s te a m p la n t a t L y o n s . N . Y . . a n d u n d e r lo n g -t e r m lo M e h y d r o ­
e le c t r ic p la n t o n O s w e g o R iv e r a t M ln e t t o . N . Y .
n n ^ r a ^ lT o o
t r a c t s f o r s u p p ly in g 13 p u b lic s e r v ic e c o r p o r a t io n s , w h ic h o p e r a t e M 0 0
m ile s o f r o a d In O s w e g o . S y r a c u s e , a n d R o c h e s t e r , a n d ln t e r u r b a n r o a d s
e x t e n d in g t o p o in t s b e tw e e n R o c h e s t e r . B u f f a lo , a n d E r ie . A c .
V . 106,
n 2 7 5 3 . 6 1 2 ; V . 9 5 , p . 1 6 9 1 ; V . 8 9 . n . 1 4 1 5 ; V . 8 8 . P - 1 3 1 7 ; 'V . 1 0 0 . p . 7 7 1 .
892.
A ls o s u p p lie s N ia g a r a A E r ie P o w . C o .
V . 9 f. P- 1692. V . 9 2 . p . 5 3 0 .
I n J a n . 1 9 1 8 a b s o r b e d i t s s u b s i d i a r y , t h e S a nm u n. R i v e r P o w e r O o . v( o w n .
i
o
o a
no s al u o.
ba
In g 3 5 .0 0 0 h . p . h y d r o -e le c t r i c p la n t 4 2 m ile s n o r t h e a s t o f S y r a c u s e . V . 9 8 .
1320: V . 9 9 . P- 53: V . 102. p . 1 * 2 . 1991; V . 103.
V . 1 0 5 . D. 2 2 7 8 .
I n 1 9 1 5 l e a s e d f r o m N o r t h e r n N e w Y o r k P o w e r C o r p . a 12 . 0 0 0 h .^ p . p l a n t
a t M i n e t t o . N . Y . . o n O s w e g o R i v e r . W i t h $ 9 0 0 , 0 0 0 1st M . s e H a l 6 s o f 1 9 1 5
* 2 .5 0 0 ,0 0 0 a u t h .) , g u a r . p . A I ., b y C o lu m b i a M il ls .
V . 100. p. 1082, 1597.
R e c a p i t u l a t i o n . — S o u r c e s o f P o w e r S u p p l y . A g g r e g a t i n g 1 4 7 .0 0 0 h . p .
N ia g a r a R iv e r (n o w e r p u r c h a s e d f r o m O n t a r io P o w e r O o . ) — 6 0 ,0 0 0 h . p .
P o w e r p la n t o n S a lm o n R iv e r ( c o m p a n y ’ s o w n m a n t )
-d o .w u n . p .
P o w e r p la n t a t M ln e t t o (le a s e d fr o m N o r t h . N . Y . 1 o w . C o r p .) .1 2 .0 0 0 h . p .
S t e a m p l a n t a t L y o n s ( c o m p a n y ’ s o w m p l a n t ) ................- ..........................i m o
C o n n e c t e d h i g h v o l t a g e t r a n s m i s s i o n l i n e s ---------------------------------------1 . 0 1 9 m i l e s

M IS C E L L A N E O US C O M P A N IE S
[For abbreviations, A c., see notes on first page]

H lle s -B e m e n t -P o n d C o — S t o c k c o m J 8 .5 0 0 .0 0 0 (V 8 3 . p 1 3 5 0 )
P r e l (a A d ) s t o c k 6 % c u m $ 3 ,0 0 0 ,0 0 0 c a ll b e g in 1 9 2 1 a t 1 0 5
P r a tt & W h itn e y n ew 6 % cu m p re l s to c k g u a r J a n 1 1921
N ile s T o o l W o r k s 6 % c u m p r e f e r r e d s t o c k n o t g u a r a n t e e d
N o r t h A m e r i c a n — S t o c k $ 3 0 . 0 0 0 . 0 0 0 _______________________ _________
N o r t h e r n C a l P o w e r C o C o n s — S e e P a c ific G a s A E le c t r ic
N o r t h . N Y U t i l i t i e s C o — W a t e r f n L & P 1 st M s f c a ll 1 0 5 - l s t M A R e f a u t h $ 1 0 , 0 0 0 , 0 0 0 ■ M c a l l 1 0 5 ........................ C o . c *
C o l l a t e r i a l t r u s t n o t e s a u t h $ 3 8 1 , 6 0 0 .......... ................... ................... C
N o r t h e r n P i p e L i n e C o — S t o c k . . ---------. . . ----------------------------------N o r t h e r n S e c u r i t i e s — S t o c k $ 3 , 9 5 4 . 0 0 0 ---------------------------------------„
N o r t h e r n S t a t e s P o w e r ( D e l ) — C o m m o n s t o c k $ 5 0 ,0 0 0 ,0 0 0
P r e f ( a A d ) s t k 7 % c u m $ 5 0 , 0 0 0 , 0 0 0 c a l l 1 1 0 & d l v s ................
N o r th e r n S ta tes P o w e r C o ( o f M i n n . ) —
ls t & R e f M J 1 0 0 .0 0 0 .0 0 0 g c a ll l0 5 t i ir 3 6 th e n 1 0 2 X Q .c * & r
G o ld n o t e s $ 1 2 ,0 0 0 ,0 0 0 r e d t o A p r 1 9 2 1 a t 1 0 2 ; t o A p r 1 9 2 o
a t 1 0 1 . t h e r e a f t e r a t p a r ____________________________ C C . c * & r *
S i n k f u n d c o n v n o t e s $ 3 , 5 0 0 , 0 0 0 c a l l ( t e x t ) ---------Q . x x x k . c *
M i n n e a p o l i s G e n E l e c 1 s t M r e d 1 1 0 ( V 9 5 . p 1 8 0 ) ---------x c *
D i v i s i o n a l b o n d s ________________________________________________________
D i v i s i o n a l p r e f e r r e d s t o c k ____________________________________
—
N o r th w e s te r n d a s -L ig h t & C o k e C o — See P u b S erv C orp

Date
Bonds

Co.
1909
1913

1917

1916
1916
1918
1904

Par
Value

1918 ...$3,146,759
_
1917_ 2.311.718
1916 . . . 1.883.431

Net
Earnings.

Other
Income.

V

90

Bate

$3,500,000
1.674.2)0
12,284.2()0j

8X 1919
6 in 1919,
6In 1919
6 in 1919,

1 .0 0 0
1 .0 0 0
100
100
100
100

$1,326,241 $47,925 $505,438 $581,616
1.023.510
31.586
477.453
364.659
974.629 208.465
485,412
290.857

500 Ac
10 &c
0

125M 3 V ' 7 2 , P ‘ 1 4 3 : V ’ 78> D ' 1 1 1 3 : v " 801 P ‘ 1 7 3 4 ’

V *

A lso owns "entire com m on stock of Niles T ool W orks, dividends of 6%
yearly on $1,000,000 having been paid regularly since 1890. In 1905 and
1906 the entire stock o f John Bertram A Sons. L td ., and Pratt & W hitney
C o. of Canada. L td ., was acquired. V . 81. p. 977: V . 83. P- 1350.

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

Checks mailed
Dec 20 ’19 2
do
Nov 20 ’ 19 I X
do
Aug 20 ’ 19 I X
do
Sept 30 ’19 1 X
Jan 2 1919 1 H 30 Broad St. New York

A

7.805.000
2 .0 0 0 .

1 .0 0 0

$287,112
212.984
406.825

Q— M
Q— F

Q—J

500 Ac 24.6504)00

Balance,
Surplus.

When
Payable

1.654.500
1.629.500
376,600
10 lnl919
4.000.
000
3.954.000 7% 19
7
6.170.000
7
17,036.600

7.473.000
560,000
111.500
!
of Nor them 111 nols

Interest
Taxes,
Charges. Rents. &c.

%

29.793.300 5 in 1919

500 Ac

O F F IC E R S .— P res., F red. D . C orey, B u ffa lo, N . Y .; V .-P ., Langdon
A lbright: Sec. and T reas., R . O . B oard. B uffalo. N . Y . E xecutive offices.
M arine Trnst B ld g .. B uffalo. N . Y .— (V . 108. p . 84. 977; V . 109. p . 771.
892.)
^ f
NILES-BEMENT-POND CO.—O R GAN IZATION .— Incorporated in
N ew Jersey Aug 11 1899; makers o f h e a ^ machines. V . 69. P- 388,
V . 105. p . 2370. Pref. stock is red. at 105 beginning 1921. V . 91. P - 1634.
C O N T R O L L E D C OM PAN IES— G U A R A N T IE S .— Owns entire com m on
■took ($2,000,000) of Pratt A W hitney C o., guar. 6 % on latter’8 $2,000,000
pref. stock, nrovlded that the guarantor earns same on Its own stock. V . 71.
I g i s O ’s M

Amount
Outstanding

$100
100
100
100
100

Principal Customers— Population of District Served, About 1,500,000
(1) Public Utilities Corporations in Oswego, Syracuse, Auburn, Geneva,
Rochester, Batavia, Lockport, Depew, Lancaster, Hamburg, Jamestown,
Lackawanna, Dunkirk and numerous smaller municipalities.
(2) Electric Railroads having a total length
(3) Leading Manufacturers.— Lackawanna
C o., Atlas Crucible Steel Co., American Locomotive
Co. and other large industrial plants.
STOCK.— Outstanding stock, common ($5,000,000 auth.). $1,230,000.
First Pref. 6 cum. ($3,000,000 auth.). $2,750,300: 6 non-cum. Pref.
%
%
($2,000,000 auth.). $2,000,000; par $100. V. 95, p. 301. V. 98, p. 1396;
V. 99, p. 1915: V. 104. p. 457- Dividend on first pref. stock. I X % quar..
paid Sept. 1 1912 to March 1 1915, inclusive.
DEBT.— The 1st gold 5s of 1904 ($5,000,000) all issued. are callable as
a whole at 110; cum. sink, fund purchases these at not over 120 and Int.;
$933,000 so purchased to Jan 1 1919. V. 85, p. 225; V . 8 , p. 137; V .90.
8
p. 506; V. 96. p. 950.
Refunding Mortgage Bonds of 1918 are secured by a general mortgage on
the combined properties subject to $8,840,000 underlying bonds outstand­
ing. Auth., $15,000,000. Sufficient bonds are reserved to retire thdunder­
lying Bonds, $1,980,000 were issued immediately and have been sold, the
balance being available for 85% of the cost of additions, under restrictions.
A sinking fund is to retire the total issue by maturity. V. 106, p. 2753.
V. 107, p. 2180; V. 108, p. 84. 977; V. 109. p. 771.
The $1,300,000 2-year secured 6 convertible gold notes of 1918 were
%
called in Feb. 1919 andireplaced by Refunding bonds.
Salmon River .Power Co. 1st guar. 5s of 1912; $227,000 bonds are in the
■inking fund. V. 108, p. 84. V. 95. p. 1043; V. 99. p. 53. 411; V. 103.
p. 1036; V. 104. p. 769; V. 105, p. 2461.
Niagara Lockp. A Ont. Power Co. and Buffalo A Lake Erie Traction Co.
guarantee 50% each or Niagara A Erie Pow. Co. 1st 5s and annual sinking
fund payments of I X % . beginning Jan. 1 1916. V .94.P . 1692; V. 92. p.530.
EARNINGS.— 10 mos.,f 1918.Gross, $2,568,370; net (before $1,075,992
812.197
taxes),
Jan. 1 to Oct. 31.
11917-Gross, 1,861.020';
R E P O R T . — Year 1918 in V. 109, p. 771:

Sales of
Elec. Power.

199

INDUSTRIAL STOCKS AND BONDS

N ov.. 1919.]

J Jan 1 1959
& J July 1 1963
& N May 1 1920
J A 3 July 1 1919
See text July 10 ’19,
Q-J 20 Jan 20 '18
Q-J 15 Oct 20 '19

5%
3%
IX
1H

O Apr 11941

5g

A &

g*
g
5g

A A O Apr 1 1926
F & A 15 Aug 15 1923
J A D Dec 1 1934

0 0 07

New York
New York A Watertown
New York
New York
Checks mailed
Checks mailed
do
New York and Chicago
New York and Chicago
New York and Chicago
Old Colony TrCo.Boston

NORTH AMERICAN PULP & PAPER CO.’S TRUST.— V. 109, p. 772.
NORTH BUTTE MIN’O CO.— (V. 107, p. 507,1750; V. 108. p. 84.485.)
NORTHERN CALIFORNIA POWER CO. CONSOLIDATED.— A Cali­
fornia corporation having In successful operation 6 hydro-electric plant*
combined Installation 48.000 h. p.; water-works at Redding and Willows;
also gas plants in Redding. Red Blurf and Willows In 1912 purchased
Sacramento Valley Power Co. V. 93, p. 1538; V. 94, p. 419. 1511. In
July 1919. Pacific Gas & Electric Co. purchased most of stock and arranged
to acquire the properties (V. 109, p- 170, 277.)
CAPITAL STOCK.— Common outstanding, $10,000,000; par, $100.'
Notes payable as of Dec. 31 1918, $214,250. Rates, V. 108, p. 2334.
BOND AND NOTE ISSUES.— Of the $10,000,000 consols, $937,000 re­
served to retire all underlying Issues Northern California Power Co.
1st M 5
s—see above— $821,000; Battle Creek P. 5s. $84.O O due Feb 2
O.
1936: Keswlok Eleo. P. 5s, due June 1 1931, $22,000; and $10,000 Redding
Water Co. bonds and $5,000,000 for 80% of cost of additions. &o See bona
offering. &c.. V. 93. p. 167; V. 90. p. 853: V. 87. p. 1667: V. 92. p. 1439.
The $634,351 Ser. “Av‘ debentures of 1912 were extended to Feb. 1 1920.
E A R N I N G S — For year 1918 (V. 109, p. 170) shows:

Calendar
Year—

Gross
Net
Earnings. Earnings.

Oth£ Bond. A c. Other
Balance,
Income. Interest. Deducfns. Surplus.

1918.............$1,154,933 $661,110 $11,190 $323,777
17.746
334,626
1917 ................ 965.915 654.416
11.221
352.920
1916 ................ 846.227 470,438
— (V. 108. p. 884. 2334; V. 109. p. 170, 277.)

$3,849
3.608
516

$344,673
233.829
128.222

NORTHERN PIPE LINE C O . — ORGANIZATION. &c.— Incorp. In
Pennsylvania In 1889. Owns pipe lines In State of Pennsylvania. For­
merly controlled by Standard Oil Co. of N. J.. but segregated tn 1911. 8
ee
Standard Oil Co.. V. 85. p. 216. 790; V. 93. p. 1390. Stock. $4,000,000:
par. $100. Div., 5% paid semi-annually July 1912 to July 1919. In Jan.
^Report tor°HUS tn°^*108, p. 6 8 showed: Net Income, $503,235; divi­
8,
d en d s(10%) $400,000; ba l..su r., $103,235. In 1917 $629,964; dlvs.
(14%). $560,000; bal., sur., $69,964.
OFFICERS.— D. S. Bushnell, President; J. A. Bartlett, V.-Pres. A Gen.
Mgr.; Geo. Chesebro. Sec.: W . F. Livingston. Treas.—Main office. Oil
City. Pa. N . Y . office, 18 Broadway.— (V. 106, p. 402.612; V. 108, p. 6 8
8,
2246.)
NORTHERN SECURITIES CO.— In 1904 the capital stock was reduced
from $395,400,000 to $3,954,000. the par value of shares toi remain at $100
pending completion of dissolution. V. 78, p. 1168, 1223,1275, 1392; V. 76.
p. 811. 919. 1249. Report for cal. year 1918 was In V. 108. p. 168.
DIVIDENDS.— On stock as reduced 5% yearly 1906 to 1908:1909. 4 % ;
910. 2 X % : 1911. 4% : 1912. 3% : 1913 to 1916. Incl^yearly Jan. U . 2 % .
l9l7,Jah.;3X% ; 1918. Jan. 3j_ . ;; June. 3 % ; Jan. 1919, 4 % ; July 1919.3% .
V. 107, p. 2290; V. 106, p. 234(
OFFICERS.— Pres., E. T . Nichols; Sec. A Treas., Nicholas Terhune.
Office. 26 Liberty St.. N . Y .— (V. 107. p. 2290; V. 108, p. 168.)

* NORTHERN STATES POWER CO. (OF DELA.). — Incorp. In Delawareon Dec. 23 1909 (V. 9 0.p. 1299; V. 91. p. 467. 592). Stock authorized
$1000 00 0 In $ 0shares,having equal voting power, of which $50,000.­
, 0, 0.
10
0 0is common stock and $50,000,000 Is 7% cumulative pref. redeemable
0
D I V S . — { ’ 0 0 . ’ 0 1 . ’ 0 2 . ' 0 3 . ' 0 4 . ' 0 5 - ' 1 2 . 1 3 . * 1 4 . '1 5 . * 1 6 . * 1 7 . * 1 8 . * 1 9
any time at 110—§ee above table. V. 102, p. 2346. V. 94, p. 1511. A hold­
C om . (% ).l 3
6
8
8
7
6 y r ly
l x
0
IX 8
12
12 tex t
ing company organized by H. M . Byllesby A Oo., Chicago. See full statn1 9 1 7 t o 1 9 1 8 . i n c l . , 1 2 % P- »•: Ma.r , 1 ? 1 9 . 2 X % W i a r . )
^
J u n e. S e p t,
ment to N .'Y . Stock Exchange in Dec. 1916. V. 104, p. 265.
a n d D e c . 1 9 1 9 , p a id j2 % .
V . 108, p . 1940.
„
Owns the entire capital stock, except directors' qualifying shares, of
A lso 4 0% in com m on stock ($2,000,000) paid on com . stock Jan. 2 1907.
Northern States Power Co. of Minn., which see below. Annual report.
REPOR T.— F or cal. year 1918, V . 108. p . 779:
_ ,
V. 102, p. 1433. Pref. dlvs. paid April 15 1910 to Oct. 20 1919. 7 % . or
Calendar
N et
O th er
P r eferred
C om m on
B a la n c e .
1 M % Q.-J. (V. 102. p. 1543). An Initial 1X % was paid on common stock
Year—
In com e.
In com e.
D iv i d e n d s .
D iv id e n d s .
Surn/uj.
1 9 1 8 ...............$3,165,505 $ 16.428
$238,584
$1,020,000
$1,923,349 July 20 1916: Oct. 20. 1 X % ; Jan. 1917 to Jan. 1918. 1H%1 Apr. 1918
no common dividend was declared due to increased operating costs, A c.
-----146,983
245,914
1,019.876 1.867.843
1 9 1 7 ........... ------------2.986.650
See V. 106. p. 1349.
125.479
289.688
680.000
4,120,571
1916............. 4.864.780
2.482
303.369
127.497
3.341.592
1915............. 3.769.976
NORTHERN STATES POWER OO. (OF MINNESOTA).
B alance sheet D e c. 31 1918 shows total p . A 1. surplus $14,575,649;
resorve for taxes. $4,175,000, against $1.2 66 .0 0 0 in 1917; notes payable
$2,831,086. against $1,200,000; unfilled orders F eb. 5 1919 abou t 7 0 % o f
am ount in Feb. 1918.
_
_ _
Pres. James K . Cullen; V .-P res., O . L . C ornell; T rea s., John B . Cornell;
S e c.. F ay Ingalls. I l l B 'w a y , N . Y .— (V . 106. p . 605, 612; V . 108. p . 585.
<688, 779, 1940.)
N O RD YK E & M ARM ON

& C O .— V . 1 09 , p . 7 7 . 6 84 .

N O R T H A M E RIC AN C O .— Organized in 1890 in New Jersey and c o n .
trols or is interested In. The Wisconsin Edison C o ., which controls Mllwauk oo (W is ) Electric R y . & L t. C o. (see E l. R y .” Sec.) and Wisconsin Gas
A k S c.O o (V.95, P 1124. 1279. 1335. 1478; V. 9 8 ? p . 1075. 1172).. N orth
M ilwaukee Light & Pow er C o. and W ells Power C o .; also the electric light,
p ow er & trolley com panies o f St. Louis, M o ., as follow s: Union E lectric

Edison Co'.' Controlled cos. Dec. 31 1918, V. 106.'pi 2446.
...
The West Kentucky Coal Oo. 1st mtge. 25-year 5% bonds. $1,839,000
outstanding Aug 31 1919. have Interest guaranteed.
V. 81. P- 35. 563.
1178; V . 8 . p. 999; V. 90. p. 301; V. 104. p. 1700.
8
nTV’ DS —
J1904 to Sept. 1907.'08. '09. ’ 10 to Jan. 2 1920.
............... 1 5 (1 X O -March)
0
3X
5 yearly
Percent
L)aM payable (Dec. 31 1918). $4,177,500.
dd' d a d 't jrn — H > voar end. Dec. 31 1918 (V. 108. n. 1161) showed:
i
Yr

n in r n T r iR 1 __Edward Q. Keasbey. John t. Beggs, Henrv H. Pierce.
)
J D Mortimer Edwin M. Bulkley, Win. Nelson Cromwell, Charles S.
Ruffnor James F Fogarty. Charles F. Pfistcr. F. S. Smithers. F Vogel Jr..
O A 60
S
W J Curtis. Bayard Dominick, Morton Jourdan Alex.
Dow *F J . Wade, E. G. Burkham. Pros., James D. Mortimer; V.-Pres.,
II if Pierce C. S. Ruffner; Treas.,------------------------ : Sec. A Asst. Treas.,
J F Fogarty- Asst Treas., Robt. Sealy; Asst. Secs., F. II. Piske and Robt.
L n d S lf/o M
st N . V . - ( V . 108. p. 274. 116i. 1614; V. 109. p. 780.)




This operating company (until March 1916 known as Consumers' Power
Co.) was Incorporated in Minnesota In June 1909. V . 102. p. 980. It owns
all the properties formerly comprising Northern States Powsr Oo.. sys­
tem. directly or through ownership of all securities except $7,403,000 1st
(closed) M. bonds of The Minneapolis General Electric Oo. and except
directors' qualifying shares. Higher rates In 1918. V. 105. p. 2099.
Supplies electric light and power to approximately 224 communities In
Minn No. Dak., So. Dak., WIs., III. and Iowa; i3 communities with gas; 5
with steam heating; 4 with street railways and 1 with telephone service. The
communities served Include Minneapolis. St. Paul, Stillwater. Faribault,
Mankato. Hutchinson, Pipestone and Montevideo, Minn.; Grand Forks,
Fargo and Minot, N. D.; Sioux Falls, S. D ., small communities in northern
Iowa and the zinc mining district in and around Galena, 111., and Platteville,
Wis. Population served, 990,000. In Dec. 1918 the installed hydro­
electric plants had a generating capacity of $51,330 h. p. and the steam
generating plants of 79,921 h. p. V. 107, p. 909. Also owns or controls
undeveloped water powers.
In summer of 1917 acquired a controlling Interest In three groups of
electric light and power properties in Minn., which have $556,000 bonds
and $111,500 pref. stock outstanding in the hands of the public.
The proceeds of the $2,000,000 7% convertible bonds sold in Aug. 1918
(see below) were to be Issued, together with other funds, for Improvements
and Increased facilities. Including a new 25,000 k. w. turbine, which It
was estimated will add over $400,000 to the net earnings in its first year
of operation. V. 107, p. 909.
BONDS' &c.— First & Ref. M . of 1916 made by Minnesota Oo. (V . 102.
p. 1630). Is limited to $100,000,000 bonds, of which In Oct. 1919 $24,650,­
0 0outstanding; the remainder may be issued (a) for not over 75% of the
0
cost of permanent extensions A additions, when net earnings are twice the
annual bond Interest charge. Including bonds applied for: or (b) to retire an
equal amount of Minn. Gen. Elec. Co. bonds. See V. 104 p. 284: V. 105.
p. 76; V. 106, p. 1131, 2564: V. 102, p. 1441; V. 108. p. 585; V. 109. p. 1371.
The $8,000,000 gold notes (V. 102. p. 1441) are part or an authorized
$12,000,000 protected by a trust agreement; $250,000 Is applied annually
out of any surplus earnings remaining after payment of pref. dividends ror
additions and betterments or to retire notes. In 1917 $195,000 of the notes
were exchanged for stock, leaving $7,805,000 now outstanding. M M A M

INDUSTRIAL STOCKS AND BONDS.

2 0 0

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 rev ia tio n s, A c . , see n o tes o n fi r s t p a g e)

D a te
B onds

Northwestern Telegraph— First mtge gold guar p A I____Ea
Nova S cotia Steel & C oal— Ordinary shares S15.000.000_
_
Preferred (a A d) stock cum not callable__________________
First mtge (closed) gold s fd H % call 105..................... ..........
Mtge debenture stock callable 105 after July 1 1919_______
Eastern Oar Oo 1st M (closed) guar s fd 1% call 105-C*Ar
, do
do
Preferred stock 6% cum_________________
O hio Cities d a s Co— Common stock $100,000.000_______
Pref stock. 5H % cum. $10.000.000......................................
8er notes due $625,000 s a call 102 till ’ 19. then 101-Oxx.c*

1904

Par
V a lu e

A m ount
O u tsta n d in g

$500

100
100
1909
1909
1912

100

Ac

£1 A c
100

Ac

100
25
1917

100
1 .0 0 0

1892
1896
1910

1 .0 0 0
100 A c
1 ,0 0 0

B o n d s o f C o n tr o lle d C o m p a n ie s —

Columbus Gas Co 1st M redeemable 110__________ Ce.zc*
Springfield Gas O o l s t M ............................. ...........................
Dayton Gas Oo 1st M (V 90. p 702) g call 105____C1CI
O hio Fuel Supply Co— Stock $20,000.000________________
Ohio Oil Co— S tock_______________________________________
Oklahoma P roducin g & R ef Co— Stock auth $12,000,000

In
1 9 1 8 s o ld * 2 ,0 0 0 ,0 0 0 o f a n a u t h o r iz e d $ 3 ,5 0 0 ,0 0 0 7 % s k . fd
c o n v e r t i b l e n o t e s , c a ll a b le a ll o r p a r t o n a n y I n t e r e s t d a t e .
O n o r b e fo r e
A „u 8 - 1 5 1 9 2 0 a t 1 0 2 % ; i n 1 9 2 1 a t 1 0 1 % ; I n 1 9 2 2 a t 1 0 0 1 $ % ; F e b . 1 5 1 9 2 3 .
/
1 0 0 % • . T h e n o te s a re c o n v e r t ib le a t a n y tim e a fte r J a n u a r y 1 1919
(p r io r t o d a t e o f r e d e m p t io n i f c a lle d ) in t o 7 % c u m u la t iv e p r e fe r re d s t o c k
o r c o m m o n s t o c k o f N o r t h e r n S ta te s P o w e r C o . ( D e la .) , w h ic h o w n s c o m ­
m o n a n d p r e f. s t o c k o f M in n . C o ., a t p a r fo r n o te s a n d 9 5 f o r t h e p r e fe r re d
s t o c k o r 1 0 0 fo r t h e c o m m o n s t o c k , w it h a d ju s t m e n t f o r a c c r u e d I n te re s t
a n d c a s h d iv id e n d .
S in k in g f u n d t o r e t ir e $ 2 0 0 ,0 0 0 n o t e s A u g . 15 1 9 2 0 .
$ 3 0 0 ,0 0 0 A u g . 1 5 19 2 1 a n d $ 4 0 0 ,0 0 0 o n A u g . 15 1 9 2 2 . a n d p r o p o r t io n a t e ly
l a r g e r a m o u n t s I f r e m a i n d e r o f a u t h . i s s u e i s s o l d , o r a d i v i d e n d Is p a i d o n
co m m o n sh ares.
T h e f in a l $ 1 ,5 0 0 ,0 0 0 n o t e s c a n b e Is s u e d o n l y o n a c c o u n t
o f a d d i t io n s , A c . , w h e n t h e n e t e a r n in g s a r e
a t le a s t 1 }$ t im e s in te r e s t
c h a r g e s , in c l. n o te s a p p lie d fo r .
See V . 107. p . 909.
E A R N I N G S . — 1 2 m o s . , ( 1 9 1 9 ...............G r o s s . $ 9 , 3 6 5 , 0 6 0 ; n e t , $ 4 , 0 2 3 , 1 8 7
„
ended A u g. 31.
1 1 9 1 8 ...............G r o s s , 7 . 8 5 2 , 6 8 0 ; n e t .
3 .2 6 6 ,0 8 3
R E P O R T .— F o r c a l. y e a r 1 918 s h o w s:
C a len d a r
G ross
N e t a fter
B ond. A c .
P r e f. D iv . C o m .D iv .
B a la n c e
T ear—
E a rn s.
T axes.
I n t.lN e t.)
(7 % ).
a 7 % :b 4 J i
S u r p lu s .
1 9 1 9 - 7 m .$ 9 .0 8 5 .0 9 8 $ 3 ,8 9 4 ,0 4 9 (s e e V . 1 0 9 , p . 1 3 7 1 )
...............$ 5 8 3 , 3 4 5
1 9 1 8 ..
. 8 ,3 9 2 .6 6 4
3 .5 4 2 ,9 7 4 $ 1 ,9 2 2 ,7 1 4 $ 1 ,0 3 6 ,9 1 5
1 9 1 7 ..
. 7 .1 5 4 ,5 0 9
3 .3 8 9 .7 8 1
1 ,7 0 9 .8 3 8
9 1 6 ,0 1 1 a $ 4 2 9 ,9 0 2
1 9 1 6 ..
. 6 ,0 8 7 ,1 5 3
3 ,3 4 1 ,6 5 7
1 ,5 9 3 ,1 2 8
7 4 0 .2 3 6
b 2 8 3 .8 1 3
O F F I C E R S .— P r e s ., H . M . B y lle s b y ; V .- P r e s ., R . F . P a c k ; S e c ., R . J .
G r a f, C h ic a g o : T r e a s ., J . J . M o ly n e a u x , M in n e a p o lis .
N . Y . o ffic e .
T r in i t y B l d g .; C h ic a g o o f f i c e , 2 0 8 S o . L a S a lle S t .— ( V . 1 0 8 , p . 5 8 5 , 2 1 2 9 ,
2 4 3 8 ; V . 1 0 9 , p . 1 3 7 1 .)
N O R T H W E S T E R N T E L E G R A P H . — O w n s 1 0 , 0 0 0 m i l e s o f w i r e a n d is
le a s e d t o W e s t e r n U n io n fo r 9 9 y e a r s , w h ic h g u a r a n te e s d iv id e n d s a t 6 %
o n $ 2 ,5 0 0 ,0 0 0 s t o c k ( p a r $ 5 0 ) a n d p . & i. o n b o n d s .— ( V . 1 0 6 , p . 7 1 0 .)
N O R TO N

C O „

W O R C E ST E R ,

M A S S — (V .

109, p .

1 5 3 0 .)

N O V A S C O T I A S T E E L & C O A L C O .— O R G A N I Z A T I O N .— In c o r p .
. £{•
*n 1 8 9 8 .
O w n s s t e e l p la n t , b la s t fu r n a c e s , c o ll ie r ie s , a n d I r o n m in e s
In C a p e B r e t o n C o u n t y . N . 8 .
A ls o o w n s $ 8 0 0 ,0 0 0 o f t h e $ 1 .5 5 0 .0 0 0 s t o c k
o f E a s te r n C a r C o ., L t d ., w h ic h o n J u ly 15 191 9 p a id 6 % o n p r e f. s t o c k fo r
y e a r 1 9 1 8 ... V . 1 0 8 , p . 2 5 3 2 .
S e e fu ll 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
in 1 9 1 6 o n li s t i n g o f o r d in a r y s h a r e s in V . 1 0 3 , p . 1 8 9 6 ; V . 1 0 6 , p . 1 8 0 1 ,1 7 9 0 .
S t a t u s a n d p r o p o s e d d e v e lo p m e n t w o r k in J a n . 1 9 1 9 .
V . 108, p . 385.
P r o p o s e d a d ju s t m e n t o f c o a l a r r e a r s , Y . 1 0 8 , p . 2 2 4 6 .
S T O C K . — T o p r o v i d e a m p le w o r k i n g c a p it a l, a ll s h a r e h o ld e r s o f r e c o r d
a s o f J u n e 3 0 1 9 1 7 w e r e a llo w e d t o s u b s c r ib e a t p a r p r o r a t a fo r $ 5 ,0 0 0 ,0 0 0
new com . stock .
T h e H a y d e n -S t o n e in t e r e s t s a s u n d e r w r it e r s t o o k u p t h e
r e m a in d e r . I n c r e a s in g th e ir h o ld in g s t o a d e c id e d m a jo r it y o f t h e s t o c k .
V . 105, p . 721.
T h e s t o c k b o n u s o f 2 0 % , o r $ 2 ,5 0 0 ,0 0 0 , d is t r ib u t e d t o
c o m m o n s h a r e h o ld e r s N o v . 2 0 1 9 1 7 , r a is e d t h e is s u e d c o m m o n s t o c k t o t h e
fu ll a u t h o r iz e d $ 1 5 ,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 O . T 1 -T 3 . T 4 . T 5 . T 6 . T 7 . T 8 .
1919.
8
8 y ’l y
4
12
8
8
8
8
P r e f e r r e d s t o c k ..................... %
C om m on
.............................. % 4 M
6 y ’ly
3
0
0
24$ 6 X
5
D i v i d e n d s o n t h e c o m m o n s t o c k w e r e r e s u m e d in 1 9 1 7 w it h a d e c la r a t io n
o f 2 > $ % , p a y a b l e J u ly 1 4 ; o n J a n . 15 1 9 1 8 p a id 2 4 $ % : A p r il 1 9 1 8 t o O c t .
1 9 1 9 p a id 1 4 $ % q u a r .
V . 108, p . 1169.
(P e r io d c h a n g e d fr o m s e m i-a n ­
n u a l t o q u a r t e r ly .)
•
I n 1 9 0 9 a 2 0 % d i v i d e n d in s t o c k w a s p a i d .
V . 102, p . 1064.
In N o v
1 9 1 7 s t o c k d i v i d e n d o f 2 0 % in c o m m o n s t o c k .
S e e a b o v e a n d V . 1 0 5 ,p . 2 0 9 9 .
B O N D S , A c . — F ir s t m t g e . a u t h ., $ 6 ,0 0 0 ,0 0 0 : r e d e e m e d . $ 3 0 8 ,5 8 0 .
V.
88, p . 1563.
B ills p a y a b l e D e c . 3 1 1 9 1 8 , $ 3 0 8 ,5 8 0 .
D e b e n t u r e s t o c k is l i m i t e d t o a m o u n t o f p a i d - u p c a p i t a l .
E a s t e r n Car
C o . 1 st 6 s , $ 1 ,0 0 0 ,0 0 0 , r e d e e m e d t o D e c . 3 1 1 9 t 8 , $ 4 4 ,6 0 0 V 9 4 . p 1 6 9 8 .
N o v a S c o t ia L a n d C o . 1 st 6 s . d u e 1 9 2 4 , $ 5 0 ,0 0 0 ; r e d e e m e d , $ 2 7 ,2 0 0 .
R E P O R T . — F o r y e a r 1 9 1 8 in V . 1 0 8 , p . 1 0 6 4 , 1 6 0 9 .
C a le n d a r Y e a r s —
a l9 1 8 .
a l9 1 7 .
b l9 1 6 .
b l9 1 5 .
V o l u m e o f b u s i n e s s .............$ 1 1 , 5 2 5 , 7 7 9 $ 1 2 , 3 5 9 , 1 1 4 $ 1 1 , 4 2 5 , 4 4 0
$ 7 ,8 9 6 ,3 7 5
In c o m e ta x , d e p r e c .,& c .
1 ,2 0 6 ,9 6 9
9 7 6 ,1 1 1
_________
N e t p r o f.a ft .in c .t a x .,A c .
2 ,3 2 8 ,5 5 6
2 ,0 9 3 ,3 3 6
2 ,7 3 1 ,7 8 7
2 ,0 9 4 ,1 7 0
B o n d , & c . , i n t e r e s t ______________________ 6 1 2 , 0 6 4 2 , 8 7 8
75
6 2 7 ,3 0 9
4 8 1 ,1 1 7
M i s c e l l a n e o u s ______________
_________
3 6 ,3 1 0
P r e f . d i v i d e n d s ...................._ ( 8 % ) 8 0 , 0 0 0
(8 )8 0 ,0 0 0
(8 )8 0 ,0 0 0
( 1 2 )1 2 3 ,6 0 0
C o m m o n d i v i d e n d s ____ ( 5 % ) 7 5 0 , 0 0 0
( 5 ) 5 6 2 ,5 0 0
B a l a n c e , s u r p l u s .............
$ 8 8 6 ,4 9 2
$ 6 9 7 ,9 7 7
$ 2 ,0 2 4 ,4 7 8
$ 1 ,4 5 3 ,1 4 3
a I n c lu d e s s u b s id ia r y c o m p a n ie s
b C om p a n y p roper.
C h a ir m a n , T h o m a s C a n t le y ; P r e s ., D . H . M c D o u g a l l ; V .- P r e s ., W . D .
R o s s ( T o r o n t o ) ; S e c ., A r c h ib a ld M c C o ll .
O ffic e , N e w G la s g o w . N . S .
— ( V . 1 0 7 . p . 2 9 6 , 6 1 0 , 1 1 9 7 , 1 9 2 4 ; V . 1 0 8 , p . 3 8 5 , 1 0 6 4 , 1 6 0 9 , 2 2 4 6 , 2 5 3 2 .)
O H I O C I T I E S G A S C O . — O R G A N I Z A T I O N . — I n c o r p . In O h i o A p r i l
1 9 1 4 , p e r p la n V . 9 8 . p . 1 4 6 3 , 1 8 4 9 ; V . 1 0 0 . p . 1 7 4 6 : V . 1 0 3 , p . 2 4 3 4 .
Its
p r o p e r t ie s (s e e V . 1 0 9 , p . 5 7 5 : V . 1 0 8 , p . 2 3 4 3 ) c o n s is t o f t h e fo llo w in g
m ilt s , e a c h u n it o p e r a t in g s e p a r a t e ly .
T h e s e in M a r c h 1 9 1 9 in c l u d e d ; (1 )
I u b ll c u t i l i t y c o m p a n ie s s e r v in g 1 0 9 ,0 2 7 c o n s u m e r s , a d e c r e a s e o f 1 ,5 0 4 f r o m
y e a r 1 9 1 7 -1 8 .
(2 ) 2 ,8 6 2 o il w e lls , a g a i n f o r t h e y e a r o f 1 2 4 .
(3 ) 70 g a s
^ « ™ v .^ £ * ,e c r e a s e , ° f o n e (4 ) 5 r e fin e r ie s w ith t o t a l r e fin in g c a p a c it y o f
2 1 ,0 0 0 b b ls . p e r d a y .
(5 ) S a lt p la n t a t B e lle , W . V a .
G a s C o m p a n ie s M a r .3 1 1 9 1 9 F r a n c h is e
— C o n s u m e r s -------- M i l e s M a i n s N a tu r a l A A r tific ia l.
E x p ir e s .
1917.
1919.
1918.
1918.
C o lu m b u s ( O .) G a s & F u e l . . . P e r p e tu a l
408
442
4 2 .9 3 2
4 5 .5 2 2
F e d e r a l G a s & F u e l C o _________
do
142
1 4 .7 4 1
1 5 .3 8 4
144
S p r i n g f i e l d ( O . ) G a s C o _________N o v . 5 1 9 2 4
196
1 4 ,6 1 9
1 3 .3 7 1
202
D a y t o n ( O . ) G a s C o -------------------A p r i l
1930
3 5 .7 0 1
z336
354
3 6 .7 0 5
M o u n t a in S ta te G a s C o ., A c .
1966
553
26
20
(?)
x D is c o n t in u e d u s e o f a r t ific ia l g a s .
G as
O il
— N et In crea se—
N o . o f W e lls M a r c h 3 1 1 9 1 9 .
W e lls .
W e lls .
G as.
O il.
O k l a h o m a ________________________________________ 8
952
. . .
25
K a n s a s _______________________________________________
3
. . .
3
O h i o . . . .............................................................................. 3 2
1 .2 0 5
2
59
W e s t V i r g i n i a ___________________________________ 2 8
281
d e c .3
43
P e n n s y l v a n i a ______________________________________
7
K e n t u c k y _________________ _________________________ 1
0
' 'i
i n
I l l i n o i s .......................
1
4H
d e c . l u c u -1
I n 1 9 1 7 b o u g h t 9 9 . 3 2 % o f t h e $ 4 , 5 3 5 , 2 4 5 c o m m o n s t o c k o f P u r e O il C o .
a t $24 50 p er sh are, p a r $5.
C o m p a re V . 104, p . 2 3 4 8 , 2645; V . 105 p . 76.
I n A p r i l 1 9 1 9 p u r c h a s e d t h e M o o r e O il C o . , o f C i n c i n n a t i , d o i n g a g r o s s
a n n u a l b u s in e s s o f $ 5 ,0 0 0 ,0 0 0 . w it h j o b b i n g a n d r e t a il b u s in e s s in t h a t c i t y ,
C o lu m b u s , a n d L o g a n s p o r t , I n d .
T h e M o o r e R e fin in g C o . w a s th e n in c o r ­
p o r a t e d in O h io w it h $ 1 7 ,5 0 0 ,0 0 0 a u t h . s t o c k ( $ 1 0 ,0 0 0 ,0 0 0 7 % p r e f .) t o
t a k e o v e r t h e s a m e , a n d in S e p t . 1 9 1 9 i s s u e d $ 2 , 0 0 0 , 0 0 0 7 % c u m . p r e f . s t o c k .
V . 108, p . 1614, 1825, 2027, 2246; V . 109. p . 575, 986.




25
25
5

R a te
%

$ 1 ,5 0 0 ,0 0 0
1 5 .0 0 0 .0 0 0 S e e
1 .0 0 0 .0 0 0
5 .6 9 1 .4 2 0
4 ,5 0 0 .0 0 0
9 5 5 .4 0 0
750 000
4 5 ,9 3 7 5 0 0 S e e
9 .0 0 2 ,1 0 0
2 .5 0 0 .0 0 0

W h en
P a y a b le

A
4K g J
tex t
Q— J
Q— J
J
A
5 g
J
A
6
J
A
6

8

te x t

6 g

1 ,3 3 2 ,0 0 0
5 g
4 0 0 .0 0 0
6
1 .4 4 1 .0 0 0
5 g
1 9 .8 1 3 .0 0 0 S e e
te x t
1 5 ,0 0 0 .0 0 0 S e e
tex t
1 2 , 0 0 0 ,0 0 0 1 0 I n l 9 1 9

[Vol. 109.
L a s t D iv id e n d
an d M a tu rity

J
15
15
J
J
J

Jan 1 1934
O c t 15 T 9
IU
O ct 15 T 9
2%
J u ly 1 1 9 5 9
C a lla b le o n ly
J u ly 1 1 9 5 2
D e c 31 1916
Q— M
D ec 1 T 9
4%
Q— J
O ct 1 T 9 . \M %
J A
J J a n 1 ’2 0 t o ’21

J
A
J J u ly 1 193 2
J
A
J Jan 1 1926
M
A S
M a r 1 1930
Q— J
15 S e e t e x t
Q — M 31 D e c 31 T 9 2 4 %
Q— J
J a n 6 1 -9 2 0

P la c e s W h ere In terest a n d
D iv id e n d s a r e P a y a b le

W e s t U n T e le g C o .

N

Y

T o r l 'M t f . —
N Y , L ondon,
N Y , London, M ont
C e n t r a l T r u s t C o , 'C h i a
C e n tr a l U n io n T r , N Y
G u a ra n ty T ru st C o . N Y
E q u it a b le T r u s t C o . N Y
1st N a t B k , S p r ln g f, O
N Y , H a r r is . F o r b e s A O o

S T O C K .— C o m m o n s to c k h o ld e r s o f r e c o r d F e b . 15 1 9 1 9 w
r ig h t t o s u b s c r i b e a t p a r f o r $ 9 ,1 8 7 ,5 0 0 ( 2 5 % ) n e w c o m m o n
p u r p o s e o f e x p a n d in g a n d e x t e n d in g t h e b u s in e s s , & c .
T h is
a m o u n t o u t s t a n d i n g t o $ 4 5 ,9 3 7 ,5 0 0 .
See V . 108, p . 5 85, 884,
p. 575.

e re g iv e n th e
s to c k fo r th e
In crea sed th e
2343; V . 109,

D I V I D E N D S .—
( % ) (1 9 1 4 .
1915.
1916.
1917.
1918.
1919.
C o m m o n c a s h .........................( 3 M
5 X
84$
193*
20
5 ,4 .4 ,4
____
5
______
5
5,- - do
i n s t o c k _________l _____
I n 1 9 1 8 , F e b . 1 , 5 % in s t o c k , in c r e a s in g o u t s t a n d i n g s t o c k t o $ 3 6 ,7 5 0 ,0 0 0 :
M a r c h 1, 5 % ca sh ; J u n e , S ep t, a n d D e c . 1919, 4 % ca sh .
V . 108, p . 1725:
v • i U o , p . / 1J .
N O T E S . — S e r ia ls o f 1 9 1 7 , V . 1 0 3 , p . 2 4 3 4 ; $ 6 2 5 ,0 0 0 p a id o f f J u l y 1 1 9 1 8 .
R E P O R T .— F o r y e a r e n d in g N o v .
M a r . 31 1919, V . 108, p . 2 3 2 6 , 2313;
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
G r o s s _________$ 4 7 , 4 2 2 , 8 9 0 $ 3 9 , 9 2 9 , 1 3 4
N e t ................... $ 1 4 , 3 9 7 , 0 3 3 $ 1 4 , 7 8 7 , 8 7 6
A ll t a x e s —
a 2 , 1 5 1 ,1 7 7
a l,7 7 2 .6 4 0
I n t e r e s t ______
3 5 2 ,1 0 4
4 2 6 ,6 5 0
A m o r t, d is c .
5 1 ,2 0 0
5 1 ,2 0 0
3 3 4 ,0 3 0
7 2 4 . 4 8r0d i n a r y t a x e s in y e a r 1 9 1 7 - 1 8
a O
a d d e d to F ed era l ta x e s .
x2 0 % .
z
P r e s ., B e m a n G . D a w e s ; V .- P s ., R .
W e b e r H . N . C o le a n d G . O . S c o tt;
2 4 ° 3 8 “ v UV o 9 T

30 1918, V
108, p . 884.
V . 1 0 9 . p . 5 7 5 .)
1 9 1 8 -1 9 .
D e p r e c i a t 'n . $ 2 ,3 0 5 ,9 8 4
P f.d iv .(5 4 $ )
4 7 4 ,3 3 2
C o m . d iv s _ _ x 7 ,3 4 8 .3 8 8
B a l., s u r p ._ $ 1 ,7 1 3 ,8 4 8

(Y e a r e n d .
1 9 1 7 -1 8 .
$ 2 ,2 0 8 ,8 9 6
4 7 3 ,8 6 5
z 5 ,9 6 0 ,6 1 2
$ 4 ,8 9 4 ,0 1 4

i n c l u d e d w i t h o p e r . e x p . . In 1 9 1 8 - 1 9
l9 4 i%
W . M c tlv a in , W . E . H u tto n , N . H .
S e c . A T r e a s ., F S . H e a th .
O ffic e .

( 5 7 5 109 8 6 P)' 5 8 5 ’ 8 8 4 ' 1 6 1 4 ’ 1 8 2 5 ’ 2 0 2 7 , 2 2 4 6 , 2 3 2 6 , 2 3 4 3 '

O H IO
FUEL SU PPLY
C O . — O R G A N I Z A T I O N . — I n c o r p . In O h i o
M a y 1 5 1 9 0 2 a n d a c q u i r e d v a r i o u s p r o p e r t i e s e n g a g e d In t h e p r o d u c ­
t io n , p u r c h a s e a n d d is t r ib u t io n o f n a tu r a l g a s a n d p e tr o le u m o il fo r lig h t ,
h e a t , p o w e r a n d fu e l; a ls o le a s e c o v e r i n g o v e r 9 6 0 .0 0 0 a c r e s o f o il a n d g a s
t e r r i t o r y In O h i o .
A ls o o w n s th e $ 2 ,7 7 5 ,2 5 0 s t o c k
(e x c e p t $ 4 5 0 d lr e c ^ 8 ^
a r o 8 , . o f . rf , ’ V - N a t u r a l G a s C o . , a n d $ 4 , 9 0 0 , 0 0 0 o f t h e $ 1 0 . ­
0 0 0 .0 0 0 s t o c k o f U n it e d F u e l G a s O o . (1 s t M . b o n d s . $ 8 ,9 6 7 ,0 0 0 o u t s t a n d ­
in g .
S e e t h a t c o m p a n y b e lo w a n d in V . 1 0 3 , p . 1 1 3 3 ; V . 1 0 8 . p . 9 7 1 .)
S T O C K .— A u t h ., $ 2 0 ,0 0 0 ,0 0 0
(p a r $ 2 5 ); o u t s t a n d in g . $ 1 9 ,8 1 3 ,0 0 0 .
L i s t e d o n N . Y . S t o c k L x c h . In 1 9 1 7 ( V . 1 0 4 , p . 6 6 8 ) . N o p r e f . s t o c k ; n o b d s .
D I V I D E N D S .—
1 9 0 4 -0 9 .
1910.
1 9 1 1 -1 6 .
1917.
1918
P e r c e n t ..............................
10
9>$
8
94$
1 0 A 2 % U S b d s.
In O c t . 1 9 0 9 a s p e c ia l d is b u r s e m e n t w a s m a d e o f o n e s h a r e (p a r $ 1 ) o f
O h io F u e l O d s t o c k t o e a c h s h a r e o r O h io F u e l S u p p ly s t o c k h e ld .
In J u ly
1 9 1 0 a n e x t r a d i v o f 5 0 % w a s p a i d in 6 % d e b e n t u r e b o n d s f a l l c a l l e d f o r
r e d e m p t i o n o n o r b e f o r e J a n . 1 1 9 1 7 .)
In 1 9 1 9 , J a n . a n d J u ly , 2 4 $ % a n d
2 % e x t r a in L i b e r t y b o n d s ; A p r il a n d O c t ., 2 4 $ % .
V . 107. p . 2194.
R E P O R T .— F o r y e a rs
e n d in g A p r il 3 0 a n d 9 m
J lr 2 ~ X - ,
1 9 1 9 (9 “ ° . )
$ 8 ,7 7 3 ,1 9 3
1 9 1 8 ................ $ 1 2 , 5 8 6 , 8 6 4
1 9 1 6 -1 7 x -9 ,4 1 0 ,8 3 3
1 9 1 5 -1 6 .X -.
7 .1 2 9 .7 8 6
1 9 1 4 -1 5 X -.
6 .1 3 4 ,1 5 3

e n d in g D e c . 31 1 9 1 8 , V
os. to S ep t. 30 1919, V .
ATef.
D iv id e n d .
$ 4 ,5 1 0 ,6 4 2
$ 2 ,2 7 8 ,4 8 9
$ 6 ,0 0 4 ,6 4 0
$ 2 ,3 7 7 ;5 6 0
3 ,4 7 3 ,4 8 4
1 5 0 4 ,3 2 5
2 .4 9 8 .4 6 9
978 420
2 ,0 2 2 .7 0 5
9 7 8 ,4 2 0

. 108. P- 971.
(x Y e a rs
109, p . 1705.
I n t., A c .
B a l.. S u r p .
* $ 1 ,4 ? 4 ,2 0 6
$ 7 5 7 .9 4
* $ 1 ,4 0 7 ,6 3 4
$ 2 ,2 1 9 ,4 4 6
____________
1 ,9 6 9 .1 5 9
3 6 6 ,9 0 7
1 ,1 5 3 ,1 4 6
3 6 6 ,9 0 7
6 7 7 .3 7 8

»
i nc I j
fo r t a * e s a n d $ 7 5 7 ,9 4 7 f o r d e p r e c i a t io n , a g a in s t
$ 4 8 2 ,6 1 7 a n d $ 4 9 3 ,3 8 6 , r e s p e c t i v e ly , f o r t h e h a lf - y e a r In 1 9 1 9 .
T o ta l
s u r p lu s J u n e 3 0 1 9 1 9 . $ 1 5 ,5 8 8 ,6 7 6
V . 106, p . 1684. 2654.
D I R E C T O R S .— G e o . W . O r a w r o r d (P r e s .), L . B . D e n n in g ( S e c .) , C o l­
u m b u s , O . ; F . VV. C r a w f o r d ( V . - P . ) , j . m . 6 a r a r d ( V . - P . ) . 5 . O . H a g a n .
C o l u m b u s O .; M . CL T r e a t , W a s h in g t o n , P a . ; L . E . M a l l o r y , B r a d f o r d ,
P a -: H . H - D r e ib e lb u s Z a n e s v ille , O .; a n d W . H . T h o m p s o n , C le v e la n d ;
,L - M ^ d l o r y J r .
B r a d fo r d . P a .; J . B . C r a w f o r d . O il C i t y . P a .; J . B . W ik ? f f *s„ r r e a s A,. P f f i c e s - P i t t s b u r g h , P a . — ( V . 1 0 8 , p . 7 8 8 , 9 7 1 , 1 9 4 1 , 2 4 3 8 :
v . lu y , p . o o 4 .)
„C H IO
O I L C O . — O R G A N I Z A T I O N , A c . — I n c o r p o r a t e d In O h i o I n
O w n s e x t e n s i v e t r a c t s o f o i l l a n d s In O h i o , I n d i a n a a n d I l l i n o i s .
P r o d u c e s c r u d e o il.
S ee S ta n d a rd OH O o . o f N e w J e rse y .
V. 85. p.
2 1 6 , 7 9 0 , V . 8 8 • P- 9 8 4 . 1227; V . 9 3 , p . 1 3 9 0 .
The
p ip e
iln e f
in
a,n a .?ln d I l l i n o i s , a b o u t 1 1 0 0 m i l e s lu l e n g t h , w e r e
fw w w i
t t le I l l i n o i s P i p e L i n e C o . , t h e l a t t e r ' s
$ 2 0 ,P r o r a t a . In t h e p r o p o r t i o n o f 1 3 3 1 - 3 %
a m o n g th e O h io O il C o . s t o c k h o ld e r s .
V. 99, p. 1678, 1915.
S h a r e h o ld e r s
v o t e d J a n . 31 191 7 t o In cre a se th e p a r v a lu e o f t h e s h a r e s o f s t o c k a s o f M a r .
2 0 ro m $ 2 5 t o $ 1 0 0 , a n d t h u s t h e t o t a l s t o c k f r o m $ 1 5 ,0 0 0 ,0 0 0 t o $ 6 0 ,0 0 0 .­
0 0 0 , In o r d e r t o r e p r e s e n t a c c u m u l a t e d p r o f i t s , b u t p l a n w a s h e l d i l l e g a l b y
f i 2 t0l rA t ,tn ? u e y ' ^ . n r o 1 ? ! r ‘ )J 'a r d « i n c r e a s e o f p a r v a l u e .
-re
.
V . 104. p . 1149.
SnM; v
l
. p . AVI/,
V . lo t , p . 457
D I V I D E N D S .—
/1 9 1 3 . 1 9 1 4 . 1 9 1 5 . 1 9 1 6 to J u n e T 9 . S e p t .'l d D e c ' 1 9
R e g u l a r , % ......................
20
20
20
20
(5 q u .)
5 qu.
5
E x t r a , % - - - -------- - - - l
37
. .
30
7 6 (1 9 q u - )
11 q u .
19
B a la n c e s h e e t D e c . 31 1 9 1 8 , V . 1 0 8 . d . 8 8 4 s h o w e d t o t a l s u r p l u s $ 6 3 ,­
8 3 9 .6 4 2 . a g a in s t $ 6 5 9 5 0 .7 5 0 D e c . 3 1 1 ^ 1 7 a n d $ 6 6 8 4 6 .9 2 1 D e c 31 1 9 l6 .
H a s e n t e r e d t h e N o r t h C e n t r a l T e x a s fie ld th r o u g h it s s u b s id ia r y , th e
M i d - K a n s a s O il & G a s C o .
V . 107, p . 1007.
D I R E C T O R S .— P r e s ., J a m e s C . D o n n e ll- V .- P . . J a m e s K . K e r r , M a r ­
s h a l l , 111.: O . D . D o n n e l l , V . - P . ; p . e . H u r l e y V - P . : a n d R . J B e r r y , a l l
o f F in d la y , O .
S e c . is C . L . F l e m i n g . — ( V . 1 0 8 , p . 7 8 8 , 8 8 4 , 2 1 2 9 ; V . 1 0 9 ,
p . 7 8 0 , 1 9 9 3 .)
O H IO S T A T E T E L E P H O N E
1 1 6 9 ; V . 1 0 9 , p . 1 1 8 4 .)
O K LA H O M A
N A TU R A L
V . 1 0 9 , p . 2 7 7 , 8 9 3 .)

C O .— (V . 1 0 7 , p . 2 3 8 1 . 2 1 8 1 ; V . 1 0 8 , p .
1
v

G A S

C O .— (V .

108,

p.

2129.

2238.

2532;

O K L A H O M A P R O D U C I N G & R E F I N I N G C O .— O R G A N I Z A T I O N .
— I n c o r p . in D e la w a r e o n F e b . 2 7 1 9 1 6 .
O w n s th e fo llo w in g s to c k s ;
P ar.
A u th o r iz e d .
Issu ed .
P a ren t C o . O w n s.
O k la . P r o d . & R e f.
( $ 3 ,0 0 0 ,0 0 0 p r o f . $ 3 ,0 0 0 ,0 0 0 p r e f .
nnn
C o r p . o f A m e r . - $ 5 1 2 2 ,0 0 0 .0 0 0 c o m . 1 8 .5 0 0 .0 0 0 c o m . $ 1 3 ,5 0 0 .0 0 0 c o m .
F ra n cs.
F ra n cs.
F ra n cs.
F ra n cs.
U n io n d e s P e tr o le s
11 5 ,0 0 0 .0 0 0 p r e f . 1 5 ,0 0 0 .0 0 0 p r e f .
2 ,6 7 6 ,0 0 0 p r e f .
d ' O k l a h o m a -------- 1 0 0 1 2 5 . 0 0 0 , 0 0 0 o r d . 2 5 , 0 0 0 . 0 0 0 o r d .
2 2 ,6 3 3 ,3 0 0 o r d .
A s o f F e b . 2 8 1 9 1 9 t h e c o . le a s e d 2 2 ,3 7 9 a c r e s o f d e v e l o p e d la n d a n d
5 6 ,0 7 8 a c r e s o f u n d e v e l o p e d la n d a n d o w n e d in f e o 6 6 9 a c r e s d e v e l o p e d a n d
5 8 9 a c r e s u n d e v e lo p e d la n d .
V . 108. p . 1724.
„ „
T h e n e t p r o d u c t i o n o f p r o p e r t i e s n o w o w n e d is s h o w n a s f o l l o w s ( V . ^ 1 0 8 ,
P ' 1 7 2 1 )'
1918.
N o .b b l s . (4 2 g a l . ) . . .2 ,2 3 9 ,9 5 4

1917.
3 .0 9 3 .3 5 2

1916. " ‘ 1 1915.
2 ,0 4 2 .6 7 0 1 ,9 2 6 ,4 3 4

1914. ‘ I
1 ,6 2 8 .4 9 8

Nov., 1919.]

MISCELLANEOUS COMPANIES
]
[For abbreviations, A c., see notes on first page]

Date
Bonds

M
o)

O ld D o m in io n C o (o f
— S t o c k $ 8 , 7 5 0 . 0 0 0 __________________
O n t a r i o P o w e r — S t o c k . $ 1 5 , 0 0 0 , 0 0 0 a u t h o r i z e d __________________
F i r s t M $ 1 2 , 0 0 0 , 0 0 0 a u t h g s t ( t e x t ) __________________________ c *
G o ld d e b s s e cu red b y 2 d m tg e (In co m e ta x n o t a s s u m e d )..
O n ta r io T r a n s m 1st M s f g u p & I re d 110 t o M a y ’ 1 6 ..x x c *
O t l * E l e v a t o r — S t o c k c o m m o n $ 1 0 , 0 0 0 , 0 0 0 _____ ______________ .
S t o c k ( a < c d ) p r e f e r r e d 6 % n o n - c u m $ 6 , 5 0 0 , 0 0 0 ____________
S

1903
1906
1905

Convertible debentures $ 3 .5 )0 .0 0 0 gold red text . N .x c 'A r

1910

O t i s S t e e l C o — S t o c k c o m m o n 5 0 0 ,0 0 0 s h a r e s
_____________
P r e f ( a & d ) s t o c k 7 % c u m c a l l 1 1 0 $ 1 5 , 0 0 0 , 0 0 0 _______________
O w e n s B o t t l e C o — Com s t o c k $ 3 0 , 0 0 0 , 0 0 0
_______
P r e f s t k ( a Jfc d ) 7 % c u m c a l l a b l e a t 1 1 5 & d l v s $ 2 0 , 0 0 0 , 0 0 0
Pabst B r e w i n g C o — C o m m o n s t o c k $ 1 0 . 0 0 0 , 0 0 0 ________________
P r e f s t o o k ( a & d ) 7 % c u m u l a t i v e r e d e e m a b l e 1 1 5 __________
F i r s t m t g e g o l d r e d 1 0 5 d u e $ 1 5 0 , 0 0 0 y e a r l y J u n e 1 ____ c *

1906

Par
Value

R E P O R T . — F o r 1 9 1 8 in V . 1 0 8 , p . 2 7 8 , 8 7 6 , 1 7 2 4 :
„
1918.
I
C o m b i n e d e a r n i n g s --------------$ 4 , 5 4 0 , 3 8 0 O u t s i d e h o l d e r s ______________
Depr., depl., develop., & c . 2 , 4 2 7 , 9 8 6 Dividends
______________
W a r t a x e s ( e s t . ) ------------------ -6 0 0 , 0 0 0 1 B a l a n c e , s u r p l u s ____________
O F F I C E R S . — P r e s ..............................................;
R . L . H o w a r d ; T r o a s ., J o h n L . W e e k s .
— ( V . 1 0 8 . p . 2 7 4 , 4 8 5 , 7 8 8 , 1 7 2 4 .)

(2 H %

1918.
$ 2 1 1 ,8 3 5
9 8 8 ,3 7 5
$ 3 1 2 ,1 8 4

V .- P ., T . O . L ily s t r a n d ; S e c .,
O ffic e . 14 W a ll S t .. N . Y . C it y .
*

O L D D O M I N I O N C O . ( O F M A I N E ) .— S t o c k lis t e d o n N . Y . S t o c k
E x c h a n g e in M a r c h 1 9 1 6 .— ( V . 1 0 8 , p . 1 7 6 , 5 8 6 , 9 7 8 , 1 5 1 5 , 1 9 4 1 , 2 3 3 4 ;
V . 1 0 9 , p . 1 7 8 .)
O N T A R I O P O W E R C O . O F N I A O A R A F A L L S .— O R O \ N I
Z A T I O N .— O r g a n iz e d u n d e r s p e c ia l c h a r t e r o f C a n a d ia n P a r lia m e n t a n d
o p e r a t e s h y d r o - e l e c t r i c p la n t o n C a n a d ia n s id e o f N ia g a r a F a lls b e lo w
H o r s e s h o e F a ll s ; 1 6 9 .0 0 0 h . p . in s t a ll e d M a y 1 9 1 4 .
O w n s a ll t h e s t o c k o f
O n t a r i o T r a n s m is s i o n G o . , g u a r a n t e e * it s b o n d s a n d o p e r a t e s Its p r o p e r t y
u n d e r le a s e e n d in g A p r il 1 1 9 5 0 , w it h o p t i o n t c p u r c h a s e o r r e n e w t h e le a s e
£o r x r P v e a r s /
y ' 9 1 ', ? - ? 20; V . 9 2 , p . 1 315.
H a s c o n t r a c t s t o s e ll p o w e r
t o N ia g a r a L o c k p o r t & O n ta r io P o w e r C o .
S ee th a t c o m p a n y .
P rop osed
p l a n t e x t e n s i o n In 1 9 1 8 , V . 1 0 5 , p . 2 5 4 8 .
I n F e b . 1 9 1 8 th e B a n k o f M o n t r e a l h a d a g r e e d t o a d v a n c e $ 1 ,2 5 0 ,0 0 0
t o t h e c o m p a n y f o r u s e In p a r t t o c o n s t r u c t a p i p e l i n e a n d I n s t a l l t u r b i n e s
a n d g e n e r a t o r s in t h e p la n t a t N i a g a r a F a ll s , c o s t i n g $ 1 , 8 0 0 ,0 0 0 : t h e a d d i ­
t io n a l $ 5 5 0 ,0 0 0 w a s t o c o m e o u t o f s u r p lu s e a r n in g s .
V . 106. p. 505.
In J u n e 19 1 7 th e O n t a r io H y d r o -E le c t r i c C o m m is s io n c o n t r a c t e d to p u r ­
c h a s e t h e p r o p e r t y ( s e e V . 1 0 4 . p . 2 3 4 8 ) , g i v i n g T or e a c h s h a r e ( p a r $ 1 0 0 )
o r t h e $ 1 0 ,0 0 0 ,0 0 0 c a p it a l s t o c k d e p o s i t e d w it h B a n k e r s T r u s t C o . . B u ffa lo
o n o r b e fo r e J u n e 1 5 , $ 8 0 p a r v a lu e . 4 % 4 0 -y e a r G o ld D e b e n t u r e s o f th e
H y d r o -E le c t r ic P o w e r C o m m is s io n o f O n t a r io , g u a r a n te e d b y th e P r o v in c e
o f O n ta r io
T h e t r a n s f e r o f t h e p r o p e r t y t o o k D la c e A u g . 1 1 9 1 7 .
V.
105, p . 613. 2548; V . 104, p . 2348.
p
*
* _ ____
B O N D S .— F ir s t m t g e . o f 1 9 0 3 ( $ 7 4 5 ,0 0 0 c a n c e le d ) o n ly $ 1 ,4 2 1 ,0 0 0
a d d i t io n a l I s s u a b le .
See V . 9 1 . p . 1176; V . 9 4 , D 1630; V . 8 6 . p. 1413;
V . 8 5 . p. 226; V . 8 0 . p . 1427: V . 9 ? p . 1429: V . 9 8 . n . 1396.
O n ta r io T r a n s ­
m i s s i o n g u a r , b o n d s o f t h e $ 2 , 0 0 0 ,0 0 0 I s s u e d $ 2 2 8 0 0 0 h a v e b e e n r e t i r e d .
V. 9 2 . p . 1 3 1 5 : V . 9 3 . p . 5 1 : V . 9 0 . p . 3 0 6 : V . 8 9 . p . 3 5 2 ; V . 9 6 . p . 4 9 3 .
I n 1 9 1 7 a ll t h e b o n d s a n d n o t e s o t h e r t h a n t h o s e s h o w n In t h e a b o v e
t a b le w e re r e tir e d ( V . 1 0 5 , p . 1 7 1 4 ).
I n 1 9 1 8 t h e c o m p a n y w a s n o t p a y i n g a n y F e d e r a l I n c o m e t a x o n Its
1st M t g e . b o n d s.
R E P O R T . — R e p o r t f o r y e a r e n d i n g D e c . 3 1 1 9 1 6 in V . 1 0 4 , p . 2 2 d s “
G ross
N e t (a f t e r
O th er
B ond, A c .
D ies .
B a la n c e ,
E a r n in g s .
T a x e s ).
In c o m e . In ter es t.
(5 % ).
S u r p lu s .
1 9 1 6 ...................$ 1 , 7 5 9 , 7 1 1 $ 1 , 4 1 7 , 3 2 2 $ 1 4 0 . 1 6 2 $ 1 0 0 8 . 7 8 6
- - - - - $ 5 4 8 ,6 9 8
1 9 1 5 ................... 1 , 6 0 6 . 9 5 0
1 .1 9 8 .6 1 0
1 4 9 ,2 2 4
9 7 4 .2 8 8
.................
3 7 3 ,5 4 6
1 9 1 4 ................ 1 .5 2 5 .5 7 1 1 ,2 9 3 .0 3 7
1 0 5 .4 8 5
8 9 8 .4 4 3
5 0 0 .0 0 0
<|79
D I R E C T O R S ( a n d O f f i c e r s ) e l e c t e d In A u g . 1 9 1 7 ; p r e s . . S i r A d a r o 'B e o a
1 s t V .- P . , C o l. M c N a u g h t ; 2 d V .- P ., H o n . I . B . L u c a s ; S e c .. W . W . P o p e ,
a n d T r e a s .. W . S . A n d r e w s , a n d C o l. O . S . M a c in n e s a n d F . A . G a b y .—
O f f ic e . N ia g a r a F a lls , O n t .: 1 9 0 U n i v e r s it y , A v e .. T o r o n t o .— ( V . 1 0 4 .
p . 2 2 3 4 . 2 3 4 8 : <1. 1 0 5 , p . 6 1 3 . 1 7 1 4 . 2 5 4 8 ; V . 1 0 6 , p . 5 0 5 . )
O T I S E L E V A T O R C O — I n c o r p o r a t e d N o v . 2 8 1 8 9 8 u n d e r t h e la w s c t
N e w J e r s e y a n d t o o k o v e r a b o u t 1 5 p la n ts . S e e V 6 7 n 1 1 6 1 - V . 7 4 . p . 2 7 1 .
V . 7 5 . P - 5 5 2 : V . 8 .3 . p 4 4 1 ; V . 9 1 . p . 3 9 9 ; V . 9 4 . p ’. 3 2 5 : V . 1 0 0 . p . 1 0 7 6 ;
O w n s o v e r 9 6 % o f th e $ 1 ,5 0 0 ,0 0 0 O t ls -F e n s o m E le v a t o r C o . o f T o r o n t o
s t o c k , w h i c h h a s a l s o o u t s t a n d i n g $1 0 0 0 ,0 0 0 7 % c u m
o r e f. s to c k .
V . 96.
p . 1093.
I n v e s t i g a t i o n In M i s s o u r i . V . 9 9 , p . 1 4 5 5 . '
1 9 0 7 -1 0 .
3 % y ly .

A p r .’ l l to J a n .’ 14.
4 % y l y . ( 1% q u a r .)

S in c e t o O c t . ’ 19
144% o u a r .

D E B E N T U R E S .— T h e s e a r e r e d e e m a b le s in c e A p r il 1 19 1 3 a t 1 0 2 )4
a n d a r e c o n v e r t i b l e I n t o c o m . s t o c k a t o a r ; n o t le s s t h a n * 1 0 0 . 0 0 0 a r e t o b e
r e tir e d y e a r ly . V . 9 0 , p . 5 6 2 , 1 1 0 6 , 1 1 7 5 .
I n O c t . 1 9 1 9 b y c o n v e r s io n a n d
o t h e r w is e t h e o u t s t a n d in g d e b e n t u r e s h a d b e e n r e d u c e d fr o m $ 3 ,5 0 0 ,0 0 0 t o
$ 2 , 5 1 3 , 0 0 0 a n d t h e o u t s t a n d i n g c o m m o n s t o c k h a d b e e n i n c r e a s e d t o $ 6 ,­
9 2 0 ,3 8 7 .
N o t e s p a y a b l e S e p t . 3 0 1 9 1 9 , $ 9 0 0 ,0 0 0 . V . 1 0 6 . p . 1 6 8 3 .

Rate

When
Payable

%

100
lu o
1 ,0 0 0
N one
100
25
100
100
100
1 ,0 0 0

S T O O K , & c .— A u t h o r iz e d a n d is s u e d , $ 1 2 ,0 0 0 ,0 0 0 (p a r $ 5 ) .
A p p lic a ­
t i o n t o l i s t o n N . Y . S t o c k E x c h a n g e i n J a n . 1 9 1 9 w i l l b e f o u n d i n f u l l in
V . 103, p . 2 7 8 , 1515
D I V I D E N D S .— R e g u la r d iv s . a t th e r a te o f 1 0 % p e r a n n u m
q u a r .) h a v e b e e n p a id s in c e J u n e 2 9 1 9 1 6 t o J a n . 1 9 2 0 , in c lu s iv e .

Amount

$25
100
1 .0 0 0
1 .0 0 0

E a r l y in 1 9 1 9 t h e c o . h a d 1 ,7 1 7 w e lls in o p e r a t io n w it n a d a i l y g r o s s
p r o d u c t i o n o f 8 , 9 4 2 b b l s . , n o t a b l y in O s a g e f i e l d , w it h a d a i l y g r o s s p r o ­
d u c t i o n o f 2 ,3 1 3 b b l s .; G le n n , 1 ,5 3 4 b b l s .; C u s h in g , 1 ,1 2 7 b b l s . , a n d
K a n s a s , 1 ,0 8 2 b b l s .
T h e o il-p r o d u c in g p r o p e r t ie s a n d o il a r e a s a r e c h ie fly
s i t u a t e d i n 1 1 p r i n c i p a l r e g i o n s (8 i n O k l a h o m a , 2 i n K a n s a s a n d 1 in I l l i n o i s ) .

D I V S .—
1 1 9 0 3 -0 8 .
O n com . % -1 2 % y ly .

$ 8 .7 5 0 .0 0 0
10, 0 0 0 . 0 0 0
9 8 3 4 .0 0 0
2 8 4 4 .0 0 0
1 8 0 5 .0 0 0
6, 9 2 0 .3 8 7
6 , 50 0 .0 1 )0
2 5 1 3 .0 0 0
411 6 6 8 sh s
4, 8 3 0 ,6 0 0
9 546 625
10 4 1 0 ,2 0 0
9, 7 6 1 .0 0 0
6 8 1 ,9 0 0
2 5 0 .0 0 0

See

te x t
5 e
6 g
5
5 In 1 9 1 9
6
5 g

Q — M 30
Q— M
&
A
& J1
&
N

D e c 31 ’ 18. $1
D ec 1 14,
IX
F eb 1 1943
J u ly 1 1921
M a y 1 1945
Q—J O c t 1 5 '1 9 1 X %
Q— J
O ct 15 '1 9 1 M %
A
&
O Apr 11920

7
Q— J
in ’ 19
Q ---- J
7
Q— J
4 In 1 9 1 8 S e e
te x t
7 in 1 9 1 8 Q — M 1 5
J
&
D
4 g

B o sto n
C a n B o f C o m , T o r orNY
do
do
do
do
O ffic e . 2 6 th S t & 1 1 th A t
do
do
N . Y . T ru st C o .. N Y

B y ch eck
do
C h e c k s m a ile d
C h e c k s m a ile d
W is c o n s in T r

do

C o,

MUw

D I V I D E N D S . — S in c e in c o r p o r a t io n h a d p a id t h e r e g u la r s -a d iv s . o n
it s o ld P r e f. s t o c k , c a lle d f o r p a y m e n t o n O c t . 1 1 9 1 9 .
O n th e C o m m o n
s t o c k (p a r $ 1 0 0 ) p r io r t o O c t . 1 1 9 1 9 p a id d iv s . a s f o llo w s :
Y e a r ......................— I — 1 9 1 3
1914
1 9 1 5 -1 6
1917
1918
1919
N one
1
1
% .................................... ...........
1 2 )4 1 0 ( + 10 e x t) 5
9 M o s . to
■
C a le n d a r Y e a r s O t is S t e e l C o .—
S e p t . 3 0 '1 9 .
1918.
1917.
1916
P r o f i t a f t e r F e d . t a x e s . . x $ l , 7 2 7 ,8 9 1
$ 2 ,8 7 6 ,5 7 9
$ 5 ,6 9 4 ,6 2 4
$ 3 ,3 6 3 ,9 3 7
In t. o n b d s. & g d . n o te s.
1 8 ,5 3 4
1 0 ,7 2 9
8 9 ,2 0 3
2 2 3 ,5 0 0
D e p r e c i a t i o n _______________
_______
5 5 0 .0 0 0
5 5 0 ,0 0 0
3 0 0 ,0 0 0
N e t p r o f i t f o r y e a r . . . $ 1 ,7 0 9 ,3 5 6
$ 2 ,3 1 5 ,8 5 0
$ 5 ,0 5 5 ,4 2 1
$ 2 ,8 4 0 ,4 3 7
I n 1 9 1 9 n o p r o v is io n fo r F e d e r a l ta x e s h a d as y e t b e e n m a d e .
The
p r o v is io n in 1 9 1 7 w a s $ 5 ,0 7 1 ,7 6 1 , a n d in 1 9 1 8 $ 3 ,6 3 5 ,0 0 0 .
N e t a fter
I n ter es t
B a la n c e
C l e v e l a n d F u r n a c e C o .—
d e p r e c .A F e d .la x .
C h a rg es.
S u r p lu s .
1 2 m o n t h s M a r . 3 1 1 9 1 7 .............................. $ 1 , 3 8 3 , 8 1 4
$ 9 4 ,0 7 8 8 1 ,2 8 9 ,7 3 6
1 2 m o n t h s M a r . 3 1 1 9 1 8 ...............................
4 8 2 ,6 4 3
5 4 ,3 3 5
4 2 8 ,3 0 8
9 m o n t h s D e c . 3 1 1 9 1 8 ...............................
3 2 2 ,8 0 9
4 1 ,5 6 5
2 8 1 .2 4 4
x l2 2 ,9 4 6
6 7 ,3 0 5
5 5 ,6 4 1
9 m o n t h s S e p t . 3 0 1 9 1 9 .............................
. x F ig u r e s f o r 1 9 1 9 a r e s h o w n b e fo r e m a k i n g a n y p r o v is io n f o r d e p r e c ia ­
tio n o r F e d e r a l ta x e s .
D I R E C T O R S . — A V il lia m G . M a t h e r , C h a i r m a n ; G e o r g e B a r t o l ( P r e s . &
T r e a s .), D . T . C r o x t o n ( V .- P .) , H o w a r d F . D e v e r e ll ( V .- P .) , S . L iv in g s t o n
M a t h e r , H . A . R a y m o n d , W illia m B . S a n d e r s , J o h n S b e r w in , P . F . W ils o n ,
C le v e la n d ; E . R . T in k e r , E lis h a W a lk e r , N e w Y o r k : w it h H . B . M ille r
(S e c .).
O ffic e , C le v e la n d .— (V . 1 0 9 . p . 2 7 7 , 1 7 9 8 , 1 8 9 7 ).
O W E N S B O T T L E C O ., T O L E D 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 O h io o n D e c . 1 6 1 9 0 7 , s u c c e e d i n g a N . J . c o r p o r a t io n o f t h e s a m e n a m e
in c o r p o r a te d S e p t. 3 1 9 0 3 .
T h e w o r d “ M a c h in e ” w a s d r o p p e d fr o m n a m e
in M a y 1 9 1 9 . V . 1 0 8 , p . 2 0 2 7 . O w n s t h e U . S . r ig h t s t o u s e a n d lic e n s e
o th e r m a n u fa c tu r e r s t o u se th e O w e n s b o t t le -m a k in g m a c h in e , th e p a te n ts
c o v e r i n g w h ic h a r e h o ld b y t h e T o l e d o G la s s C o . , a n O h io c o r p o r a t i o n .
P la n ts a t T o l e d o . O .. C la r k s b u r g , F a ir m o u n t a n d C h a r le s t o n , W . V a .. a n d
G r e e n fie ld , I n d .
O u t p u t in c lu d e s b o t t le s fo r c a t s u p , c h ili s a u c e , s a la d
I r e s s ln g s , s v r u o . p e r f u m e , p r i p d e t a r v m e d ic in e s .
Ir i g g l s t s ’ b o t t l e s . A c .
See sto ck , V . 103, p . 1795, 935, 936, 1596.
In J u ly 1 917 p u r c h a s e d p r o p ­
e r t y o f K a n a w h a M fr s . G a s C o . a n d J u ly 1 1 9 1 8 t h e W h it n e y G la s s W o r k s .
O th e r p u rch a se s, V . 1 0 9 , p . 7 7 3 .
S T O O K . — T h e p r e f e r r e d s t o c k Is e n t i t l e d t o c u m u l a t i v e p r e f . d i v i d e n d s
o f 7 % p e r a n n u m ; t o p r i o r i t y a s t o a s s e t s t o Its p a r v a l u e p lu s a c c r u e d d i v i ­
d e n d : a n d Is s u b j e c t t o r e d e m p t i o n , a ll o r p a r t , a t 1 1 5 a n d d i v s . o n 9 0
d a y s ’ a o t 'c o .
R e c a p i t a l i z e d In 1 9 1 6 , o l d
p r e f , $ 5 0 0 ,0 0 0 . b e in g r e t ir e d
and
$ 7 ,2 5 7 ,4 0 0 n e w
p r e f.. a ls o
$ 1 ,5 5 0 ,0 0 0
n e w c o m m o n , b e in g Iss u e d .
V. 103. p . 935. 609, 1595; V
104, p . 2122. 2016 , 2456.
O n J a n . 1 1919
c o m m o n s t o c k o u t s t a n d i n g , $ 9 . 5 1 6 ,5 2 5 : t o t a l a m o u n t a u t h o r i z e d t o b e
lis te d o n N . Y . S t o c k E x c h a n g e . $ 1 0 ,5 5 6 ,9 0 0 , w h e n a n d a s is s u e d , in c l u d ­
i n g a b l o c k h e l d In t r u s t f o r 5 y e a r s f o r e m p l o y e e s .
S ee V . 104. p . 2122.
2016, 2456.
O n J a n . 1 1 9 1 9 p r e f. s t o c k o u t s t a n d in g $ 7 ,3 3 6 ,7 0 0 .
T o re­
im b u r s e t h e t r e a s u r y fo r c o n s t r u c t io n o f n e w p la n t s a t G la s b o r o , N . J ., a n d
C h a r le s t o n , W . V a ., c o m m o n s to c k h o ld e r s o f r e c o r d A p r il 21 1 9 1 9 w e r e
o ffe r e d t h e r ig h t t o s u b s c r ib e a t p a r f o r $ 3 ,0 0 0 ,0 0 0 n e w p r e f . s t o c k Is s u e d
J u n e 1 1 9 1 9 , in c r e a s in g th e a m o u n t o u t s t a n d in g t o $ 1 0 ,4 1 0 ,2 0 0 ( o r $ 1 0 ,­
1 2 6 ,7 0 0 )
I n F e b . 1 9 1 8 t h e s in k in g fu n d r e tir e d $ 7 2 7 ,2 0 0 p r e f. s t o c k , a n d in M a y
1 9 1 8 a n a d d it io n a l $ 1 2 0 ,0 0 0 .
N o t e s p a y a b le a s o f D e c . 3 1 1 9 1 8 , $ 2 ,0 4 0 ,0 0 0 .
in c lu d in g $ 4 9 0 ,0 0 0 L ib e r t y b o n d n o t e s .
1

DIVIDENDS ON COMMON STOCK.—
„
'l O - 'l l .
’ 11- ’ 12.
P a id In c a s h — %
10
12
P a i d In s t o c k -------—

'1 2 - '1 3 .
12
i0

T 3 - ’ 1 4 .’ 1 4 - ’ 1 5 .’ 1 5 - T 6 .
12
12
12
3 3 1 -3
25
20

’ 1 6 -’ 1 8 .
tex t?
„

O n O ct. 1
19 1 6 p a id o n c o m m o n s h a r e s r e g u la r
3 % and
an ex tra 8 %
V . 103 p . 11 2 2 .
F r o m J a n . 1 1 9 1 7 t o J a n . 1 9 1 8 . I n c l.. p a id 2 0 % p a .
t n c l. f o r e a c h q u a r . r e g u la r 3 % a n d 2 % e x t r a .
In A p r il, J u ly a n d O c t .
1 9 1 8 p a id r e g u l a r q u a r t e r l y 3 % In c a s h a n d e x t r a d i v s . o f 2 % o n t h e c o m m o n
s t o c k in S e c o n d L ib e r t y L o a n 4 s a t p a r .
I n J a n ., A p r il, J u ly a n d O c t . 1 9 1 9
p a id 3 % , n o e x tr a . V . 1 0 7 , p . 2 2 9 5 ; V . 1 0 6 , p . 1 1 3 2 , 2 3 4 9 .
E A R N I N G S . — F o r 9 m o n t h s e n d i n g ( a ) J u n e 3 0 1 9 1 8 , ( 6) S e p t . 3 0 1 9 1 9
(V . 1 0 9 . p . 1 7 9 9 ).
(D iv id e n d s in 1 9 1 9 a p p r o x im a t e )

N ine
Months—

Total Net Estimated
Profits. Fed. Taxes.

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

$ 5 4 2 ,1 9 2
1 ,0 5 4 ,2 0 0

Common
Dividend.

Pref. Div.

(9 % )$ 5 9 6 ,2 5 0
(1 5 % )1 .4 3 5 ,8 9 5

Balance,

(5 )4 % ).
Surplus
$ 4 8 4 ,9 0 0 $ 1 ,3 4 1 ,6 3 8
3 9 7 ,1 5 0
6 6 2 .8 5 6

B O T T L E S A L E S .— F o r c a l. y e a r 1 9 1 8 (in c l. s u b . c o s .) a g g r e g a t e d 4 ,9 9 8 ,­
8 0 4 g r o s s b o t t le s ; f o r 1 9 1 9 e s t im a t e d 4 ,9 4 6 ,6 4 9 g r o s s .
R E P O R T .— F is c a l y e a r n o w

Period

Total Incom e

N et

D ec. 31.

V.

109. p . 773:

Pref .D ivs. Common Divs.

Balance.
S u r p lu s .
$ 9 4 5 ,1 4 2
$ 1 ,5 0 7 ,8 0 4
1 ,1 0 6 ,1 5 5

a n d 'C e ? ! H 8 $ 6 9 8 * l 7 { M o s t 'e l u d e
in

x I n c lu d e s 6 %

ends

P ro fit.
(7 % p .a .).
% (C a s h ).
$ 3 ,7 9 5 ,5 7 2 $ 6 5 0 ,7 5 7 x ( 2 3 ) $ 2 ,1 9 9 .6 7 3
3 ,8 3 3 ,0 6 8 $ 5 1 0 ,3 4 3 ( 2 0 ) $ 1 ,8 1 4 .9 2 1
3 ,1 0 4 ,0 8 1
2 8 2 ,4 2 6 (2 0 ) 1 ,7 1 5 ,5 0 0

f F o r 9 m o s . e n d in g S e p t . 3 0 1 9 1 9 t h e n e t e a r n in g s , a ft e r d e d u c t in g in te r e s t
c h a r g e s ($ 2 1 6 ,3 6 6 ) , F e d e r a l ta x tw ($ 3 1 5 ,0 0 0 ) , fo r e ig n lo s s e s ($ 1 7 ,7 2 3 ) . in ­
d u s t r ia l lo s s e s ( $ 2 4 5 ,8 5 1 ) a n d o t h e r e x p e n s e s w e r e $ 1 ,4 2 3 ,0 2 7 ; p r e f . d i v s . ,
( 4 > $ % ) $ 2 9 2 ,5 0 0 ; b a l ., s u r p lu s , $ 1 ,1 3 0 ,5 2 7 .
C h a ir m a n , W . D . B a ld w in ; P r e s ., F l o y d O . F u r lo w ; S e c ., T . M . L o g a n ;
T r e a s ., R . H . P e p p e r ; A u d ., O . K . K ir k b r id e .
O ffic e . 1 1 th A v e . b e tw e e n
2 6 t h a n d 2 7 t h S t s ., N . Y . — ( V . 1 0 7 , p . 6 1 0 ; V . 1 0 8 , p . 1 5 0 8 ; V . 1 0 9 , p . 1 4 6 6 .)

S T O O K . — P r e f . s t o c k is c a l l a b l e a t 1 1 5 .
S in k , f u n d , 3 % o f t o t a l P r e f.
■ t o c k is s u e d o u t o f p r o fit s a ft e r P r o f . d i v s . b e g in n in g J u ly 1 1 9 2 1 .
N o
o r t iijj
1 j n 31 u 3 a t o f 2 -3 o f o u t s t a n d i n g P r e f . s t o c k .

T ext
O ct 1 1919
3%
O ct 1 1919 I X
S ee tex t
S e p t l5 19 I X %
To J u n e 1 1 9 2 7

12

C o v e r e d — I n c l .S u b .C o s .
1 9 1 8 (1 5 m o s .) $ 4 ,7 1 3 ,6 9 2
1 9 1 6 -1 7 (Y e a r ) 4 ,0 0 6 ,2 9 9
1 9 1 5 -1 6 (Y e a r ) 3 ,3 3 7 ,6 9 0

O T I S S T E E L C O . , C L E V E L A N D . — O R G A N I Z A T I O N . — I n c o r p . in
O h io J a n . 3 1 9 1 2 a n d a c q u ir e d t h o O tis S te e l C o . , L t d ., a n E n g lis h C o . ,
r e g is te r e d in 1 8 9 5 .
In J u ly 1 9 1 9 r e o r g a n iz e d a n d a c q u ir e d th o C le v e la n d
F u rn ace C o .
P r o p e r tie s c o m p r is e : (a ) t h e R iv e r s id e W o r k s o c c u p y in g s o m e
3 5 0 a c r e s , o n w h ic h a r e 2 b la s t fu r n a c e s , 1 0 0 S e m e t -S o l v a y b y - p r o d u c t
c o k e o v e n s , m ills , o r e d o c k s , & c .; ( 0) T h e L a k e s id e w o r k s , o n a b o u t 2 2
a c r e s , o n w h ic h a r e 8 o p e n -h e a r t h s te e l fu r n a c e s , m ills a n d f o u n d r y .
C om ­
b in e d a n n u a l c a p a c i t y 3 6 0 ,0 0 0 t o n s p ig ir o n , 2 7 5 ,0 0 0 t o n s p la t e s , 8 4 ,0 0 0
t o n s lig h t p la te s a n d s h e e ts , u p w a r d s o f 3 0 ,0 0 0 t o n s o f s te e l c a s t in g , 1 0 ,0 0 0 ­
0 0 0 lb s . a m m o n i a , .3 ,5 0 0 ,0 0 0 g a l l o n s t a r , 1 ,2 5 0 , 0 0 0 g a l l o p s c r u d e b e n z o l
a n d t o lu o l a n d 6 0 0 ,0 0 0 lb s . s o d i u m f e r n c y a n i d e .
See V . 109. p . 178, 277.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

F
J
M

R E P O R T f o r c a l . y e a r 1 9 1 8 . w i t h t h e b a l a n c e s h e e t , in V . 1 0 8 . p . 1 5 0 8 .
C a l.
N et
P e n s io n R eserv es,
F ed eral
P f.D iv s C o m . D io . B a la n c e ,
Y rs.
E a r n in g s .
Fund.
* c .
T a xes.
(6 % ) .
(5 % )
S u r p lu s .
1 9 1 8 .$ 1 ,8 0 3 ,4 0 9
$ 7 0 ,0 0 0 $ 3 1 0 ,9 1 9 $ 3 8 0 ,0 0 0 $ 3 9 0 fo 0 0 $ 3 1 8 .5 7 5 $ 3 0 3 ,9 1 3
1 9 1 7 . 1 ,7 8 8 .5 7 7
1 0 0 ,0 0 0
7 3 9 ,3 0 5
1 5 0 .0 0 0
3 0 0 .0 0 0
3 1 8 .5 7 5
9 0 ,6 9 7
1 9 1 6 - 1 .0 3 6 .5 8 9
5 0 .0 0 0
2 .0 ,0 0 0
3 9 0 ,0 0 0
3 1 8 .5 7 5
2 8 .0 1 4




20[

INDUSTRIAL STOCKS AND BONDS

in L ib e r t y b o n d s a t p a r .
$ 5 4 0 ,0 0 0

p r o v is io n

fo r

w ar

ta x e s (e s t .),

O F F IC E R S — E d w ard D
L i b b e y , C h a ir m a n a n d P r e s .; A V m . S . W a l b r id g e , M ic h a e l J . O w e n s , J . D . R ig g e r s a n d W m . H . B o s h a r t , V .- P r e s t s ;
F r e d e r ic k L .^ G e d d e s , S e c ., a n d J . C . B la i r , T r e a s .— ( V . 1 0 8 , p . 1 8 2 5 , 2 0 2 7

PA,W \ S ,RE'VIN(3C0- MILWAUKEE.—ORGANIZATION.—Incor­

p o r a t e d I n W I s c o n s I n in 1 8 7 1 .
P la n t a t M i l w a u k e e , c a p a c i t y 2 .0 0 0 .0 0 0 b b l s .
a l s o 4 2 ^ o r o o e r t t a s In 1 8 7 c I M e s
f o r < ls t r fb » iM o n
1
V Qi p . 42
R e d u c t io n in o u t p u t .
V . 107. p . 35, 1197.
V . 106. p . 1349.
P r o h ib it io n
a n d liq u id a tio n
V . 108, p . 485, 1941, 2246.
N ew P a b st bevera g es w ere
b r o u g h t o u t in J u l y 1 9 1 9 . V . 1 0 8 , p . 2 6 3 5 .
S T O C K — S t o c k , c o m m o n , $ 1 0 ,0 0 0 ,0 0 0 : $ 2 3 6 ,0 0 0 in t r e a s u r y .
N o bonds
o r o t h e r o b li g a t i o n s s e c u r e d b y lie n c a n b e o u t s t a n d i n g in e x c e s s o f $ 2 ,6 0 0 ,0 0 0
w h i l e t h e p r e f . s t o c k is o u t s t a n d i n g .
P r e f. d iv s ., 1 5 4 % q u a r . t o S e p t. 1 9 1 9
In cL
O n c o m m o n , in 1 9 1 2 , 8 % ; 1 9 1 3 , 4 t $ % ; 1 9 1 4 , 4 % ; 1 9 1 5 ( t o D e c . 1 5 ) ,
4 % : 1 916, 5 % ; 1 9 1 7 , 4 % ; 1 9 1 8 , 4 % t o S e p t. 5 .
T h e p r e f . s h a r e h o l d e r s In J a n . 1 9 1 9 w e r e g i v e n a n o p p o r t u n i t y t o o f f e r
t h e ir s t o c k fo r s a le t o t h e c o m p a n y , V . 1 0 8 , p . 2 7 4 , 4 8 5 .
A s o f Ju n e 1 1919
o n l y $ 6 8 1 ,9 0 0 o f p r e f . s t o c k r e m a in e d o u t s t a n d in g a n d a b o u t $ 1 ,2 5 0 ,0 0 0
bon d s. V . 108, p . 2129.

2 0 2




INDUSTRIAL STOCKS AND BONDS

[V ol . 109.

K

o y

.,

1919.]

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 f i r s t p a g e]
P a c i f i c C o a s t C o — S t o c k c o m m o n * 7 , 0 0 0 , 0 0 0 ( s e e t e x t ) .............
F ir s t p r e f (a & d ) s t o c k * 1 ,5 2 5 ,0 0 0 5 % n o n - c u m u l a t l v e ..
S e c o n d p r e t ( a & d ) s t k * 4 ,0 0 0 ,0 0 0 4 % n o n - c u m (s e e t e x t )
F i r s t m o r t g a g e * 5 . 0 0 0 . 0 n o g o l d _______________ ___________B a . x x c *
S e r i a l n o t e s d u e a b o u t $ 3 0 , 0 0 0 y e a r l y ------------------------------------------P a c i f i c D e v e l o p m e n t C o r p — S t o c k $ 1 0 . 0 0 0 , 0 0 0 _______________
P a c i f i c G a s & E l e c C o — C o m s t o c k $ 1 0 0 , 0 0 0 , 0 0 0 a u t b _______
1 s t p r e f c u m $ 5 0 , 0 0 0 , 0 0 0 a u t h ___________________________________
2 d p r e f s t o c k 6 % c u m u l a t i v e ------------------------------------------------------------G e n & R e f M ( $ 1 5 0 , 0 0 0 , 0 0 0 ) g s f c a l l ----- x x x B a c * & r *
C a l G a s & ( G e n M & C o l l T r g s f c a l l 1 1 0 _________ M S c * x x x
E l C o r p \ U n l f y ’ g & R e f M g c a l l 1 1 0 ________ U S c & r * x x
B a y C o u n t i e s P o w e r C o 1 s t M g n o t c a l l ______________ M S x x x
B a y C o u n t i e s P o w e r C o 2 d M g c a l l 1 0 5 ______________ U S x x x
N e v a d a C o E l e c n o t c a l l a b l e 1 s t M _________________________z z
Y u b a E l e c P o w e r n o t c a l l a b l e I s t M _________________________z z
C a l C e n t G a s '& E l e c C o 1 s t M g s f n o t c a l l _______________ M S z z
S a c r a m e n t o E l G a s & R y 1 s t M g c a l l 1 0 3 f o r s f __________c z z
C e n t r a l E l R y 1 s t M ( $ 4 0 0 , 0 0 0 ) $ 2 5 , 0 0 0 d u e a n n g ____z z
S t a n d a r d E l e c C o 1 s t M g u a r p & 1_____________________________ z z
B l u e L a k e s W a t e r 1 s t M n o t c a l l _____________________________ z z
U n i t e d G a s & E l e c C o 1 s t M g o l d s f _____________ M S c * x x x
V a l l e y C o u n t i e s P o w e r C o 1 s t M g s f n o t c a l l _____ M S x x x
S o Y u b a W a t e r P o w C o C o n s M g o l d c a l l 1 1 0 _________z z F
S u b u r b a n L t & P o w M t g e n o t c a l l __________________________ c * x x x
S F G & E l G e n M t g e s f d g o l d ____________________________ U S x x x
P a c i f i c G a s I m p t M t g e g o l d s f d c a l l __________________________ z z
E d i s o n L & P 1 s t M _________________________________________________ z z
♦ A ll o f t h e s e is s u e s h a v e b e e n c l o s e d u n d e r t h e t e r m s o f
x E x c l u d i n g $ 1 ,0 0 0 ,0 0 0 in t r e a s u r y D e c . 1 4 1 9 1 8

D a te
B onds

1897

1919

1911
1903
1907
1900
1901
1901
1897
1892
1899
1S93
1902
1902
1893
1908
1903
1900
1891
the G

Par
V a lu e

A m ount
O u tsta n d in g

R a te
%

$7,000,000 4 % in 18
1.525.000 5 In 1918
4 .000.
4000 1918
In
5.000.
000 g
5
300,000
50
Text
8,323,750
100
34,004.058
29,976,780
100
6
100
72.000
6
36.542,000
1 ,0 0 0
5 g
4.195.000
1 ,0 0 0
5 g
5 g
♦18.889,000
1 ,0 0 0
•1,055,000
5 g
1 ,0 0 0
*524,000
*166,000
6 8
6
*179,000
1 ,0 0 0
*645.000
j> 8
1 ,0 0 0
*2,033,000
5 g
500-1.000
54.000
6
*2,095.300
5
*713,000
6
1 ,0 0 0
*1,407.000
5g
*1,757.000
1 ,0 0 0
5 g
1 ,0 0 0
*1,455,000
500
* 2 2 2 ,0 0 0
6 8
1 ,0 0 0
*6,819,000
4K
1 .0 0 0
*494,000
1 ,0 0 0
*623.000
en. & R ef. M tg e . o f 1911.
$100
100
100
1 .0 0 0

R E P O R T .— R eport for cal. year 1917. in V . 106. p . 2752, 2763.. showed
1917.
1916.
1915.
1914.
Gross Incom e...................
$452,620
$773,165
$454,004
$654,120
Interest on bonds, &c__
60,121
67,736
83,441
98.931
Pref. dividend ( 7 % ) . —
112,688
125,935
137,235
140,000
C om m on
d iv id e n d s .. (4 % )39 0 ,5 6 0(5 % )4 88 ,20 0 (4% )3 9 0 ,5 60 (4 % )3 89 .9 5 8
B a la n ce.....................
d e fll0 ,7 4 9
sur91,294 d efl57,232
sur25.231
P rofit and loss, surplus. 1,474,867
1,585.616
1,494,322
1,691,435
O F F IC E R S .— Pres., Gustavus Pabst: V .-P ., H enry Danishefsky: Sec. &
T reas., H . J. Stark. O ffice, M ilw aukee.— (V . 108, p . 274, 485, 1941.
2129. 2635.)

PACIFIC COAST COMPANY (TH E ). — This com pany owns all the
securities o f P acific C oast R R . (old C ol. & Puget Sound R R .), Seattle to
Franklin, W ash., & c., with branches, 57 miles; P acific C oast R y . (narrow
gauge). Port San Luis, C a l., to Los A livos, & c., with branches, 103 miles;
P acific Coast C oal C o ., owning Franklin mines, with 3,850 acres at Frank­
lin, W ash., Black D iam ond mines, with 4,670 acres at Black D iam ond,
W ash., Newcastle mines with 2,520 acres at N ewcastle, W ash., Issaquah
mine with 1,600 acres at Issaquah. W ash., South Prairie m ine, with
1,140 acres at Burnett, W ash., and H yde mine with 1,120 acres at Cum ber­
land, and coal-handling plants at Seattle, T acom a, San Francisco and P ort­
land, Ore., Juneau and N om e, Alaska. (V . 83, p . 1048.)
D iv . Since '09—
( TO. ' l l . T 2 . T 3 . '14. T 5 . ’ 16. ’ 17. T 8 . 1919.
9
6
6
6
5
2
0
C o m m o n ___________ %\
4
4
4
First preferred______ %
5
5
5
5
5
5
5
5
5
5
8 econd preferred____% (
9
6
6
6
5
4
4
4
4
4
A fter 4 % on 2d pref. and c o m ., these share equally. V . 92, p . 1 2 2 . In
A ug. 1914 d ivs. on 2d pref. and com . were reduced from 1 K to 1% quar.
V . 99, p. 202. T h e com m on d iv . was resumed Feb. 1 1917 at 1 % quar.
"~
y
N O T E S .— Issue o f 1919, see V . 109, p . 1457.
R E P O R T for year ending June 30 1919 in V . 109, p . 1372.
1918-19.
1917-18.
1917-18.
June 30 Year— $
$
$
Gross earnings..5 ,312,938 5,815,400 T otal ch gs., & c.
268,428
N et, after taxes. 722,397
978,857 lst p f. d iv (5 % )
76,250
Other i n c o m o ...
72,086
202,686 2d p f. d iv . (4 % )
160,000
C om . divs. (4 % ) ___ ____
280,000
Gross incom e- 794,483 1,181,543
Surplus______
20,690
396,865
O F F IC E R S , & c.— Pres.. W m . M . Barnum , N . Y • V -P & Gen M gr
E . O . W ard. Seattle; Sec.. John II. Kelly; Treas.. Walter Barnum. N . Y
office, 10 W all St.— (V . 106, p . 402; V . 107. p . 909 1672, 2286; V ? 109.
P. 1457.)
^ PACIFIC DEVELOPMENT CORP.— O R G A N IZ A T IO N .— Incorp In

N ew Y ork , Jan. 17 1917, prim arily a holding com pany owning stock in
the following com panies engaged in im porting, exporting and industrial
developm ent, especially in the Orient: P acific Comm ercial C o. (8 0 .4 3 % ),
Andersen, M eyer & C o ., L td . (9 9 .7 5 % ), Hartm ann Bros. In c. (1 0 0 % ),
H artmann P a cific C o. In c., form erly know n as N ew Y ork Pacific Comm er­
cial C o . (1 0 0 % ), Am erican M achine & M fg . C o. (1 0 0 % ), Sun Cheong
M illing C o. (1 0 0 % ), W . A . Pratt & C o. L td . (1 0 0 % ), International Vege­
table Oil C o. Cl0 0 % ), South Seas P a cific C o. In c. (1 0 0 % ). V . 104, p . 668:
V . 106, p . 2564.
/c
S T O C K .— The auth. stock was increased from $5,000,000 to $10,000,000,
F eb. 21 1918. V . 108, p. 933. Stockholders o f record July 15 1919 were
given the right to subscribe at par ($50) for one share o f stock for each
share held. V . 109, p . 178. Stock listed on N . Y . Stock Exchange in
O ct. 1919.
D IV ID E N D S .— Initial dividends o f 1 V % paid A ug. 15 1917, which
rate was paid quarterly to A ug. 15 1919, inch ; N o v . 15 1919, 2 % . V . 109,
p . 1456.
R eport for calendar year 1918 In V . 109, p . 181, showed:
Calendar Years—
1918.
1917.
N et profits sub. cos. after est. war taxes............ $ 1,730 905
$1,226,624
627 299
334,746
D ividen d incom e P a cific D ev . C orp ----------------E x p e n s e s ----------------------------------------------------------28L 095
101,600
Dividends p a id ............................................................(7% )330.391 (3K )112.312

Balance, surplus------ -------------------------------------$119,268
$103,45 5
D IR E C T O R S .— Andrew W . Preston, A rnold Hartmann, E . B . B ruce
(P res.), E . II. Hartm ann (V .-P .), Francis R . Hart Frank Hawkins, Galen
L . Stone (C hairm an), Herbert Fleishhacker, Herbert II W hite, J. W .
C on w a y, Lester H . M on ks. M . F . Loewenstein, Richard F . H oyt, Royall
V ictor (V .-P .), V ilhelm M eyer, George W . Sim m ons, William E ndicott,
W . W . Banks, H . M . Billingsley, Louis Banigan (Sec ) Charles M eurer.
N . Y . O ffice. 80 W all St.— (V . 109. p . 77, 178 170. 181. 1466. 1614.
1898).

PACIFIC Q A S & ELECTRIC CO., S an F rancisco. — See M a p .—
O R G A N IZ A T IO N .— Incorporated in C al. O ct. 10 1905 as a consolidation
and owns and operates extensive properties em ployed in the production
and sale o f electricity and gas for light, heat and pow er, abou t 5 4% o f its
revenues being derived from electricity and abou t 3 8% from gas. It also
owns and operates the entire street railway system or Sacramento, 44 miles
o f track, and is engaged in the salo o f steam for heating and o f water
fo r irrigation and dom estic purposes, deriving approxim ately 8 % o f its reve­
nue from these and other less im portant activities. A ll the properties, ex­
cep t those o f the recently acquired M t . Shasta Power C orp ., owned in fee.
T h e operations o f th e com pany extend into 30 counties o f central and
northern C alif., having an area o f 37,775 sq. miles and a population 119101
o f 1,325,637. T he business fiold em braces a present estimated population
o f 1,825,000, and includes the im portant San Francisco B ay section and
the fertile Sacram ento and Joaquin V alleys. T h e cities o f San Francisco.
Oakland, Sacram ento, San Jose and 176 other com m unities are served b y co .
System includes 17 hydro-electric and steam generating stations with
270 643 h. p . ca p a city , 1,640 miles o f transmission lines with 4,500 miles
o f distribution lines and 112.5 miles o f underground distribution; 70
reservoirs with storage capacity o f 6.398.176,773 cu . ft ., 18 gas plants,
2,878.6 miles o f m atas^supplying 53 com m unities. V . 97. p . 1584: V . 102.
P 'ln ° O c t Y 1919 Sad arranged to purchase the properties and m ost o f the
$10,000,000 capital stock o f the Northern California Power C o. Consoli­
dated at $34 per share, thus acquiring 525 miles o f high-tension lines and
1.611 miles o f low-tension lines, a valuable power site on the P itt R iver,
potential developm ent o f at least 90,000 h .p . and six hydro-electric generat­
ing plans on B attle Creek and C ow Creek with an aggregate installation
o f nearly 50,000 h .p .. then marketing 30,000 h .p . V . 109, p . 173.




203

INDUSTRIAL STOCKS AND BONDS

Vs

W h en
P a y a b le

L a s t D iv id e n d
a n d M a tu rity

N o v 1 1919. 1%
N o v 1 1919. IH
N o v 1 1 9 1 9 ,1 %
J
& D June 1 1946
1920-1924 ____
Q— F T 5 N o v 15 ’ 19 2 %
July 21 '19, 1 K
Q— J
N o v 15 '19, I K
Q— F
Q— F15 N o v 15 '19. I K
J & J Jan 1 1912
M & S M a r 1 1933
M & N N o v 1 1937
M & S Sept 1 1930
A & O A pr 1 1931
O ct 1 1928
A &
J & D June 1 1929
F & A Aug 1 1931
M & N N o v 1 1927
J & D June '20 to '22
M & i Sept 1 1939
M -S 15 M ar 15 1938
J & J July 1 1932
M & N M a y 1 1930
July 1 1923
J &
Aug 1 1938
F &
M & N N o v 1 1933
Q— M Sept l 1930
Q -F 3 N o v 3 1921
Q— F
Q— F
Q— F

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 le

Bankers T rust C o . N
do
do
do
do
do
do

In N . Y . & San Francisco
M ercantile T r C o , San Fr
N ational C ity C o . N Y
N ational C ity C o , N Y
U nion T rust C o , San Fr
M ercantile T r C o , San Fr
G uaranty T r C o , N Y
U nion T rust C o , San Fr
In San Francisco
In N Y , San Fr & L ondon
U 8 M tge & T r C o , N Y
Farmers L ’ n & T r C o ,N Y
Oakland Bk o f Sav, trus.
U nion T rust C o , San Fr
do
do
A t o ffice o f C o , San Fr

F r a n c h is e s i n o v e r 1 7 6 c it ie s a n d t o w n s , it is c la i m e d , a r e p e r p e t u a l , t h e
U . S . S u p r e m e C o u r t o n A p r il 6 1 9 1 4 h a v i n g r u le d t h a t a il fr a n c h is e s o f
p u b lic s e r v ic e c o r p o r a t io n s w ith in t h e S ta te o f C a lifo r n ia o b t a in e d p r io r t o
O c t . 10 1 9 1 1 , w e r e o f p e r p e tu a l d u r a tio n a n d c o u ld n o t b e a lte r e d .
S T O C K .— I n J u ly 1 9 1 4 t h e is s u a n c e o f t h e in itia l $ 1 2 ,5 0 0 ,0 0 0 1 st p r e f.
s t o c k ( a u t h ., $ 5 0 ,0 0 0 ,0 0 0 ) f o r i m p t s ., e x t s ., r e f u n d in g , & c . , w a s a u t h o r iz e d .
T h e o ld p r e f . s t o c k ($ 1 0 ,0 0 0 ,0 0 0 a u t h . a n d o u t s t a n d i n g ) b e c a m e 2 d p r e f .
a n d t h e a u t h . a m o u n t o f c o m . w a s r e d u c e d f r o m $ 1 5 0 ,0 0 0 ,0 0 0 t o $ 1 0 0 ,0 0 0 ,­
000.
V . 98, p . 1846; V . 99, p . 121.
T h e 2 d p r e f . s t o c k is c o n v e r t i b le
s in c e J u ly 1 1 9 1 6 in t o 1 0 2 K % o f 1 st p r e f. a n d h a s m o s t ly b e e n t h u s r e t ir e d ,
o n ly $ 7 2 ,8 0 0 b e in g o u t s t a n d in g S e p t . 3 0 1 9 1 9 .
I n J u ly 1 9 1 9 s o ld a b o u t $ 5 ,0 0 0 ,0 0 0 F ir s t P r e f. s t o c k , m a k in g $ 3 0 ,0 2 5 ,1 5 5
o u ts ta n d in g , t o p r o v id e fo r p u r c h a s e o f N o r t h e r n C a lifo r n ia P o w e r C o .
C o n s o l.— se e a b o v e , & c . V . 1 0 9 , p . 173 , 2 7 1 , 5 7 8 .
.
C om m on
stock
to
t h e a m o u n t o f $ 3 1 ,6 9 6 ,8 6 7 in a d d it io n t o t h a t
r e p o r t e d o u t s t a n d i n g is o w n e d b y s u b s i d i a r y c o m p a n ie s .
D IV ID E N D S —
' 0 6 . '0 9 . T O . ' l l . '1 2 . ' 1 3 . T 4 . '1 5 . ' 1 6 . ' 1 7 . '1 8 . T 9 .
O r ig . (n o w 2 d ) P f %
l
K
x
6
6
6
6
6
6
6
6
.6
6
N e w 1st P r e fe r r e d # ,(V . 9 8 .p . 1 8 4 6 ; V .9 9 .p .1 2 1 ) I K
6 6
6
6
6
. .
3 K 2K
—
--3 K
5
tex t
5
C o m m o n __________ % ___ ______ - _
- -50
---6 —
—
-—
do
i n s t o c k ____ % . .
x A c c u m u la t e d 2 0 % in d iv id e n d s s e t t le d in s t o c k .
V . 89, p . 104.
D iv id e n d s o n c o m m o n s t o c k w e re r e s u m e d A p r il 21 1 9 1 9 a ft e r a n in t e r v a l
o f I K y e a r s , w ith p a y m e n t o f 1 K % . V . 1 0 8 , p . 1 5 1 2 .
B O N D S .— O f t h e $ 1 5 0 ,0 0 0 ,0 0 0 G e n e r a l a n d R e f u n d in g M o r t g a g e b o n d s ,
t h e u n is s u e d p o r t i o n is r e s e r v e d t o r e t ir e u n d e r ly i n g b o n d s , a n d f o r f u t u r e
a d d i t io n s , b e t t e r m e n t s a n d im p r o v e m e n t s a t 9 0 % o f c o s t u n d e r c o n s e r v a t iv e
r e s t r ic t io n s .
$ 1 ,0 0 0 ,0 0 0 a r e in t r e a s u r y , o f w h ic h $ 8 7 5 ,0 0 0 d e p o s it e d a s
s e c u r it y f o r s u r e t y b o n d in r a t e c a s e s ; $ 8 1 5 ,0 0 0 h a v e b e e n c a n c e le d b y s ta k ­
in g f u n d . D e n o m .: C o u p o n , $ 1 ,0 0 0 : r e g is t e r e d , $ 1 ,0 0 0 , $ 5 ,0 0 0 a n d $ 1 0 ,0 0 0 .
I n t e r e s t a ls o p a y a b l e in L o n d o n , B e r lin , A m s t e r d a m , P a r is a n d G e n e v a a t
£ 5 .2 .9 , 1 0 5 m a r k s , 6 2 g u ild e r s o r 1 2 9 .5 0 f r a n c s , r e s p e c t i v e l y .
R ed . as a
w h o le ( b u t n o t in p a r t ) J a n . 1 1 9 3 7 o n a n y in t . d a t e t h e r e a ft e r a t p a r & t a t .;
a ls o r e d . a t 1 0 5 & in t . o n a n y in t . d a t e o n 6 0 d a y s ' n o t ic e in b lo c k s o f n o t
le s s t h a n $ 5 0 0 ,0 0 0 . S in k in g f u n d o f 1 % p . a . o f fa c e a m o u n t o f a ll u n d e r ­
ly in g b o n d s a n d b o n d s o f t h is is s u e . S e e V . 9 4 , p . 3 5 1 . L is t e d o n N . Y .
S t o c k E x c h a n g e . V . 1 0 3 , p . 14211; V . 1 0 5 , p . 1 5 2 3 . I n D e c . 1 9 1 8 $ 3 , 5 0 0 , 0 0 0
o f th is is s u e w a s s o ld o n a c c o u n t o f a d d i t io n s , m a k in g $ 3 6 ,5 4 2 ,0 0 0 o u t ­
s ta n d in g . V . 1 0 7 . p . 1 8 3 7 , 2 4 7 7 : V . 1 0 8 , p . 7 9 . 2 1 4 4 .
,
T h e o l d d i v i s i o n a l b o n d is s u e s w e r e q u i t e f u l l y d e s c r i b e d in t h e “ E l e c t r i c
R a il w a y ” S e c t io n o f S e p t . 1 9 1 8 .
F u r t h e r p a r t ic u la r s a s t o le a d in g is s u e s
m a y b e fo u ,.
a s fo llo w s : C a l. G a s & E le c t r ic C o r p .
U n ify in g & R e f.
M t g e ., V . 8 6 , p . 1 1 5 8 , 9 8 0 ; V . 8 8 , p . 1 1 9 9 ; V . 9 0 , p . 1 6 7 7 : V . 9 3 , p . 1 1 9 1 ;
V . 9 5 , p . 1 3 3 2 ; (6 ) G e n . M t g e . & C o l . T r . b o n d s , V . 9 4 , p . 3 5 1 .
$ 4 ,4 9 2 .­
0 0 0 a r e d e p o s it e d u n d e r U n ify in g & R e f . M t g e . a n d $ 1 ,6 9 7 ,4 9 0 o n A p r il 3
1 9 1 9 in s in k in g fu n d .

(a
)

R E P O R T .— F o r c a l y e a r 1 9 1 8 in V .
p e r io d s e n d in g S e p t . 3 0 :
P erio d s
O p e r a tin g T o t. N e t a f t .
E n d in g —
R even u es. T a x & D e p .
S e p .3 0 T 9 ( 9 m 's ) $ 1 8 ,9 8 8 ,0 1 7 $ 5 ,7 3 6 ,4 4 5
S e p .3 0 ’ 1 9 (1 2 m s )
2 5 ,0 8 1 ,3 7 9 7 ,8 8 6 ,7 1 3
D e c . 3 1 '1 8 ( 1 2 m s )
2 2 ,5 9 5 .5 1 7 7 ,3 7 5 ,3 8 8
D e c .3 1 T 7 (1 2 m s )
1 9 ,8 1 3 ,3 8 2
6 ,4 6 7 ,0 3 7

1 0 8 , p . 1 6 0 6 , 2 1 2 0 , 2 1 4 2 , a n d fo r
B on d I n t.,
P referred
B a la n c e ,
D i s c ’ t, & c . D iv id e n d s .
S u r p lu s .
$ 3 ,3 1 0 ,2 5 6 $ 1 ,1 4 3 ,0 1 4 $ 1 ,2 8 3 ,1 7 5
4 ,3 8 3 ,3 6 4
1 ,5 1 6 ,9 8 5
1 ,9 8 6 ,3 6 4
4 ,3 0 4 ,0 S 5
1 ,4 9 0 ,4 6 3
1 ,5 8 0 ,8 4 0
4 ,2 8 5 ,9 5 7
1 .4 7 1 .1 0 5
7 0 9 ,9 7 5

Year—
1918.
G a s_______ ..............254,433
E lectricity............... 209,412
W a te r____ ............ 12,705
463
Steam ____ ..............

1917.
243,182
194,374
12,655
446

1915.
227,586
166,149
9,432
378

1911.
176,131
102,024
7,257

T otal . . ..............477,013

450,657

4 0 3 ,5 4 5

2 8 5 ,5 1 3

1907.
122,304
54,772
5,539

101
1 8 2 ,6 1 5

O F F I C E R S .— P r e s ., F . G . D r u m ; V .- P . & G e n . M g r ., J o h n A . B r it t o n !
V .-P . & T r e a s ., A . F . H o c k e n b e a m e r ; S e c . & A s s t. T r e a s .. D . H . F o o t e !
A s s t . S e c ., C h a s . L . B a r r e t t .— ( V . 1 0 8 , p . 7 9 , 2 6 9 , 1 5 1 2 , 1 6 0 6 , 2 1 2 0 ; V . 1 09*
p . 1 7 3 , 2 7 1 , 3 7 1 , 5 7 8 .)
P A C I F I C M A I L S T E A M S H I P —In A u g . 1 9 1 9 p u r c h a se d fo u r ste e l
fr e ig h t e r s f o r s e r v ic e b e t w e e n S a n F r a n c is c o a n d B a lt im o r e v i a P a n a m a
C a n a l.
V . 109, p . 893.
A ls o o p e r a t e s f r o m S a n F r a n c is c o (a ) t o H a w a ii,
J a p a n , C h in a a n d t h e P h ilip p in e s ; (b ) d ir e c t t o M a n ila , S in g a p o r e , C a lc u t t a
a n d C o lo m b o ; (c ) v ia C e n t r a l A m e r ic a n p o r t s t o P a n a m a , a ll u n d e r th e
U . S . fla g .
R E P O R T .— F o r y e a r 1 9 1 8 , V . 1 0 8 , p . 1 0 5 7 ; fo r h a lf y e a r t o J u n e 3 0 1 9 1 9 .
V . 109, p . 885:

War
Balance,
Taxes.
Surplus.
$800,000
$2,000
945,255 585,377
n ot
$790,760
deducted
597,414
In June 1917 a dividend o f 50 cents per share (1 0 % ) was declared on
the com m on stock, payable July 16. In D e c. 50 cents a share (1 0 % ) with
an extra o f $2 50 (5 0 % ).
In June and D ec. 1918 and 1919 paid s.-a .
d iv. o f 50c. a share (1 0 % ) with an extra o f $1 (2 0 % ). V . 104, p . 2 5 5 8 ,
2234.
,
T he shareholders voted July 3 1918 to call for redem ption at 110 and d iv .
on Sept. 1 all the $1,700,000 7 % cum . pref. stock. See V. 107. p. 86.
H olders o f the $1,150,000 com m on stock o f record A u g. 5 1918 had the
right t o subscribe pro rata at ?25 a share for 70,000 new com m on shares,
par $5 each, paying therefor Sept. 3 . V . 107, p . 86.
„ „
Pres.. George J. Baldwin; V .-P . & S ec., C ecil Page, 120 B roadw ay, N . Y .
— (V . 107, p. 86, 807, 909, 2014; V . 108, p. 1057, 1170. 2129; V . 109, p .
885, 893, 1993.)
PACIFIC POWER & LIGHT CO— ORGANIZATION.— Incorporated
In Maine on June 16 1910 and serves an extensive territory >9 W ashington,
Oregon and Idaho. A m on g the 61 com m unities served are W alla w a lla
W ash., and Astoria, O re., which are supplied with electric light and p o w e r ,
gas and street railway service. V .9 1 , p . 1634; V .9 3 , p . 171; V . 96, p .7 9 3 ;
V . 97. p . 114; V . 107. p . 2381.
„
T h e American Power & Light C o . (controlled b y the E lectric B ond «
Share Intercets) owns all o f the com m on and second preferred stock.
S T O C K .— B oth pref. stocks are subject to redem ption after due notice,
the pref. at 115 and d iv ., the 2d pref. at par and d iv . T he 2d pref. sharee
are also convertible in lota o f 1,000 shares or m ore into pref. stock , pax rot
par, whenever, in any 12 consecutive m onths, earnings applicable to divs.
shall have been 2 H times d iv . requirements upon pref. stock , incl. stock
which it is proposed to issue in exchange. V . 91. p . 1634; V . 93, p . 1<26
V . 94. p . 70, 208.
N et

1 2 M o n th s—
R ev en u e.
1 9 1 8 ........................... $ 1 , 6 8 6 , 2 5 0
1 9 1 7 ........................... 2 . 4 5 4 , 6 3 2
1 9 1 9 (6 m o s . ) . $ 1 ,2 4 0 ,7 6 0
1 9 1 8 (6 m o s . ) . 1 ,0 0 1 ,9 1 4

P r eferred
D iv i d e n d .

$ 8 9 ,2 5 0
1 1 9 ,0 0 0
................
$ 5 9 ,5 0 0

C om m on
D iv i d e n d s .

(6 0 % )$ 7 9 5 ,0 0 0
( 7 0 % ) 8 0 5 ,0 0 0
(3 0 % )$ 4 5 0 ,0 0 0
(3 0 % )3 4 5 .0 0 0

204

INDUSTRIAL STOCKS AND BONDS
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
lF o r a b b r e v ia tio n s . & c ., s e e n o te s o n f i r s t p a g e]

? « c i f i c Q a s & E le c tr ic C o .— (Concluded).
M utual E lec L t C o 1st M ca ll_________________________xxxc
M etrop Qas C orp s fd $25,000 ann ca ll__________ M Sxxxc*
Liverm ore W ater & Pow er 1st M not ca ll______________ USc
Oroville L t & Pow er C o 1st M ($ 50 ,00 0 )_________________ c
Northern California Pow 1st m tge gold ______ USxxc*
R e t * OonsM $10,000,000 s f callable 1915 at 110-U S xxc*
Debentures “ A " ext to 1920___________________________ —
Underlying bonds outstanding as o f O ct. 1919 $116,000
Guaranteed Bonds o f Northern C a l , Power Co.
Sacra Vai Pow er 1st M call 1919 at 105 sink f u n d _______*
1st and R efunding m ortgage call at 105_______________ xx
P a cific Lt & P ow C orp — See Southern C alif Edison Go below
P a cific Mall SS C o— C om m on s to c k _________________________
Pacific Power & Light Co— Comm on stock, $ 7 ,0 0 0 .0 0 0 -------Preferred (a & d) 7 % cum $4,500,000 red 115____________
Second pref 7% cum red par convertible $2,500.000______
First A R ef M $30,000,000 gold see te x t_____ Ustn.xxe* Ar*
Pacific Telep & Teleg— 1st M $35,000,000 gold red 110
beg 1922 8 f ______________________________________xc* Ar*
H om e Long Distance Telephone Co 1st M a s s u m e d ____ xx
H om e Tel & Tel C o Spokane 1st M ass’d s f call 10 5 -.x x c *
Southern Cal T el C o 1st & R e f 5s $12,000,000 g call 105
i w M ay 1 1922 guar_____________________________________
j-.
e 1 & Tel C o 1st M g s fd 2 % (V 83. p 2 1 6 )............z
’el
o 'L o 3 A n g ls t& R e fM $ 5 ,0 0 0 .0 0 0 g s id 2 % c a lfl0 5 % 1 9 2 0 z c*
•All o f these Issues have been closed under the terms o f the

Par
V a lu e

W h en
P a y a b le

A m ount
O u tsta n d in g

R a te
%

1902
1902
1908
1912

$ 1 ,0 0 0
500
500
500
1 000
l 000
1 .0 0 0

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

5
5
6
6

1909
1911

— ................

4 0 0 ,0 0 0
5 0 0 ,0 0 0

1910

5
100
100
100
1 ,0 0 0

1907
1912
1906

1 .0 0 0 A c
1 ,0 0 0
200 & c

3 3 .4 8 3 .0 0 0
6 .9 7 8 .0 0 0
1 .5 6 0 .9 1 0

5g
5
5 g

A
.1 A
M & N

1917
1902
1905

1 ,0 0 0
1 ,0 0 0
1 ,0 0 0

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

5 g
5 g
5

M
J
J

G en.

a n d R e f.

1904
1911

[V ol . 109.

L a s t D iv id e n d
a n d M a tu rity

6

J
.1
.1
F
■
1
J
F

&
&
&
&
A
<c
5
&

D
D
D
A
J
D
A

6
6

M
J

&
&

N M ay 1929
J J u ly 1 1941

5 g
5g

June
D ec
Sept
F eb
June
D ec
F eb

i
1
1
1
1
1
1

1934
1941
1922
1927
1932
1948
1920

1 .5 0 0 .0 0 0
ft 1 0 0 0 0 0
2 ,7 5 0 | 0 0 0
7
Q F N o v 1 1919 1 H
F
1 ,5 0 0 .0 0 0 S e e
tex t
k
A u g 1919 I H
F
& A A u g 1 1930
8 ,8 6 3 .0 0 0
5 g

M tg e.

of

J

&
&
Sc

P l a c e s W h e r e I n t e r e s t a n it
D iv id e n d s a r e P a y a b le

U S M tg e & T r C o, N
M e r c a n t ile T r C o , S a n
A t o ffic e o f c o m p a n y .
N ew
Y 'o r k o r
do
S a n F r a n c is c o

A n g lo -C a l
do

U

do
do
S M tg

Tr

A

San
do

Y

Fr

F ran

C o , San Fr
do

Tr

do
do
C o.

N

Y

J Ja n 2 1937
J Jan 2 1932
15 M a y 15 1 9 3 6

U S M t g A T r . N Y ; A S FJ
N a t C ity B k , N Y o r S F r
O ffic e , S p o k a n e

N M a y 1 1947
J Ja n 1 1933
J J u ly 1 194 5

N Y a n d L o s A n g e le s
N a t C i t y B a n k ,& L s A n g
do
do

1 911.

I n O c t . 1 9 1 9 in v i e w o f in c r e a s in g b u s in e s s a r r a n g e d fo r 2 7 5 m ile s n e w
p ip e li n e , 8 0 0 n e w t a n k c a r s , a d d it io n a l v e s s e ls b r in g in g f le e t u p t o 4 6 w ith
t o t a l c a p a c i t y o f n e a r ly 3 ,0 0 0 ,0 0 0 b b is . (in c l u d i n g c h a r t e d v e s s e ls ) a n d a n
in c r e a s e o f 5 0 %
in c a p a c i t y o f t h e r e f in i n g p la n t a t T a m p i c o , M e x i c o
B O N D S .— O f t h e 1 st a n d R e f . 5 s ($ 3 0 ,0 0 0 ,0 0 0 a u t h o r iz e d Iss u e ), t h e u n ­
( m a k i n g it s c a p a c i t y 7 5 ,0 0 0 b b is . d a i l y ) , a n d a t D e s t r e h a n , L a ., m a k in g
is s u e d b o n d s a r e r e s e r v e d f o r Iss u e a t 8 0 % o f t h e a c t u a l c o s t , r e a s o n a b le
it s d a i l y c a p a c i t y 1 5 ,0 0 0 b b is . a t o t a l o f m o r e t h a n 3 2 ,0 0 0 ,0 0 0 b b is . a n n u a ll y ,
w o r t h a n d r e p la c e m e n t v a l u e o f I m p t s . a n d a d d 'n s , w h e n n e t e a r n in g s fo r
p r o d u c i n g 1 2 5 ,0 0 0 ,0 0 0 g a ls , o f g a s o lin e a n d 2 9 ,0 0 0 ,0 0 0 b b is . o f fu e l o il.
e c e d in g 12 m o n t h s a r e a t le a s t t w ic e In te r e s t o n a ll b o n d s o u t a n d t o b e
V . 109, p . 1705.
ued.
S u b je c t t o c a ll a s a w h o le o r in p a r t a t 1 0 5 a n d in t . t o D e c . 3 1 1 9 2 5 .
I n J u n e 1 9 1 8 h a d a c q u ir e d 1 0 ,0 0 0 a c r e s le a s e d in S a n t a M a r l a F ie l d ; 8 ,0 0 0
1 0 4 a n d in t . d u r i n g 1 9 2 6 ; 1 0 3 a n d in t . in 1 9 2 7 : 1 0 2 a n d I n t . In 1 9 2 8 ; 10 1 a n d
a c r e s i n V e n t u r a - N e w h a l l f i e l d ; 3 , 5 0 0 a c r e s l e a s e d in M o n t e b e l l o f i e l d ;
I n t . In 1 9 2 9 t o J u l y 3 1 1 9 3 0 . V . 9 3 . p . 5 3 8 ; V . 9 4 , p . 2 7 9 ; V . 9 6 , p . 7 9 3 :
a l l i n C a l i f o r n i a a n d w a s p r o p o s i n g t o d e v e l o p n o w o i l f i e l d s In C e n t r a l a n d
7 . 100, p. 402.
S o u th A m e r ic a , e n a b lin g it t o d e liv e r o il d ir e c t ly o r t h r o u g h s u b s id ia r ie s
R E P O R T .— F o r c a l. y e a r 1 9 1 7 , V . 1 0 6 . p . 1 8 9 8 .
t o t h e in d u s t r ie s o f t h e P a c ific C o a s t a n d A t la n t i c S e a b o a r d o f b o t h
1 2 M o s . e n d .—
G ross.
N e t.
I n ter es t.
P r e f .D i e s .
S u r p lu s
A m e r ic a s , in a d d i t i o n t o p a r t ic ip a t in g in t h e w o r ld - w id e m a r k e t f o r m a r it im e
J a n . 3 1 1 9 1 9 _____ $ 1 , 8 7 8 , 3 1 1
$ 8 6 6 ,2 8 6
$ 5 0 7 ,0 6 6
( 7 )$ 1 8 8 ,1 8 3
$ 1 7 1 ,0 3 7
fu e l.
M e x ic a n o il m a t t e r s V . 1 0 7 , p . 4 9 . 7 7 3 .
J a n . 3 1 1 9 1 8 _____ 1 , 6 6 9 , 7 7 3
8 8 3 ,9 0 8
4 3 6 ,8 5 9
(7 ) 1 7 5 ,0 0 0
2 7 2 ,0 4 9
In M a r c h 1 9 1 9 p u r c h a s e d th e p r o p e r tie s o f th e D o h e n y P a c ific P e tr o le u m
O F F I C E R S . — P r e s . . G u y W . T a l b o t . P o r t l a n d . O r e . ; V . - P s . . E . 4V
C o . , l o c a t e d In C a s m a l i a , M o n t e b e l l o a n d V e n t u r a c o u n t i e s , C a l i f .
H ill, F . G . S y k e s , A . S . G r e n ie r , 71 B ’ w a y , N . Y . ; J . A . L a in g a n d E d w .
B r i t i s h M e x i c a n P e t r o l e u m C o .— I n c o r p o r a t e d i n E n g l a n d i n J u l y 1 9 1 9
O o o k in g h a m , P o r tla n d , O re .
S e c . & T r e a s ., G e o r g e F . N e v in s , P o r t la n d ,
w it h a p a id - u p in it ia l c a p it a l o f £ 2 ,0 0 0 ,0 0 0 ( p r o s p e c t i v e l y £ 4 .0 0 0 ,0 0 0 ) o n e O re.
A s s t . S e c ., E . P . S u m m e r s o n : A s s t . T r e a s ., W illia m R e is e r , 71 B ’ w a y ,
h a lf s u b s c r ib e d b y im p o r t a n t B r itis h in te r e s ts a n d t h e o t h e r h a lf b y t h e
N . Y .
O ffic e s , P o r t la n d , O r e ., a n d 71 B ’ w a y , N . Y . — ( V . 1 0 7 , p . 5 0 7 ,
P a n -A m e r ic a n c o m p a n y t o m a r k e t M e x ic a n P e t r o le u m o il a n d g a s o lin e
in t h o E a s t e r n H e m i s p h e r e f r o m
ta n k e rs a n d ta n k fa r m s , p a r tic u la r ly
2 3 8 1 ; V . 1 0 8 , p . 8 4 .)
f o r t h e b u n k e r in g o f s h ip s w it h fu e l o il .
P r o p o s e s a s lo t o e r e c t r e fin e r ie s
P A C I F I C T E L E P H O N E & T E L E O R A P H C O .— O R G A N ’N .— I n c o r p .
t o h a n d le s a id o il .
H a s c o n t r a c t w ith t h e M e x i c a n P e t r o le u m C o . f o r a
h) C a l. D e c . 31
1906.
V . 84. p . 54, 163.
S ta tio n s
D e c . 31 1 9 1 8 ,
m in im u m p e r io d o f 2 0 y e a r s .
V . 109 p 3 7 6 1270
3 8 1 ,9 0 0 .
In M a r c h 1 9 1 2 p u r c h a s e d th e B a y C it ie s H o m e T e le p . C o . fo r
T h e o r g a n iz e r s a n d d ir e c t o r s in c lu d e w i t h 'o t h e r s L o r d P lr r io . W i lli a m
1 9 6 ,0 0 0 c a s h , $ 1 , 3 0 0 , 0 0 0 P a c . T e l . & T e l . s t o c k a n d $ 7 , 0 8 0 , 0 0 0 H o m e L o n g
W e i r , S ir T h o m a s R o y d e n , S ir P e t e r M c C l e l l a n d , S ir J a m e s T . C u r r i e ,
Ista n ce T e le p . C o . b o n d s g u a r , b y th e P a c ific T e l. & T e l. C o .
V . 95. p.
.1. R . M o r t o n
E
L
D o h e n y , H . G , W y lie . E . L . D o h e n y , J r ., J . M .
180, 1406; V . 98, p . 207, 291.
I n 1 9 1 7 w a s a u t h o r iz e d t o p u r c h a s e p r e f . D a n z i g e r E lis h a W a l k e r . L P . S h e ld o n , S ir A le x a n d e r M c G u i r e a n d W . A .
s to c k v . t. c . o f U . S . L o n g D is ta n c e T . & T . C o .
V . 105. p . 1314
1807.
W h i t e w ill a c t a s a lt e r n a t e s f o r t h e A m e r ic a n d ir e c t o r s r e s id in g o u t s id e G r e a t
In M a y 1 9 1 8 p u r c h a s e o f S a n D ie g o H o m e T e le p h o n e C o . fo r $ 6 5 0 ,0 0 0 w a s
B r ita in .
p e n d in g , V . 1 0 6 , p . 2 0 1 4 .
A s t o S o u th e r n C a lifo r n ia T e le p h o n e C o ., se e
S T O C K .— O n O c t . 2 2 1 9 1 9 $ 7 0 ,0 0 0 ,0 0 0 o f t h o $ 1 2 5 ,0 0 0 ,0 0 0 a u t h . c o m .
? . 102, p . 1441, 1631; V . 103. p . 1986: V . 106. p . 1692.
R a te s a n d v a lu a ­
s t o c k w a s m a d e C la s s B c o m . w i t h n o r a t i n g p o w e r b u t in a ll o t h e r r e s p e c t s
tio n c a s e in A p r il 1 9 1 8 , V . 1 0 6 . p . 1 8 0 0 .
havu n g th e sa m e
as th o o th e r c o m .
T h o in itia l b lo c k o f th is
S t o c k , c o m m o n . $ 1 8 , 0 0 0 , 0 0 0 , a ll o u t s t a n d i n g : p r e f . , 6 % c u m . ( a l s o p r e f
C la s s B w a s o f f e r e d t il l D e c . 2 2 1 9 1 9 , $ 1 0 0 p e r $ 5 0 s h a r e , t o a ll s t o c k h o l d e r s
a s t o a s s e t s ), $ 3 2 ,0 0 0 ,0 0 0 a u t h ., o u t s t a n d in g $ 3 2 ,0 0 0 ,0 0 0 .
A m e r ic a n
° L r e ,c o r ( f N o v . 2 5 i n a m o u n t s e q u a l t o 1 0 % o f p r e s e n t h o l d i n g s .
T h is
T e le p . & T e le g . C o . o n J a n . 1 1 9 1 8 o w n e d $ 1 2 ,4 1 7 ,6 0 0 c o m . a n d $ 2 2 ,9 5 0 ,8 0 0
o f f e r i n g i f p u r c h a s e d in b y a ll t h e m i n o r i t y c o m . s t o c k h o l d e r s o f t h e M e x .
£ r e f.
V . 99, p . 1533.
P r e f. d lv s . p a id r e g u la r ly , 6 % p e r a n n . ( Q .-J . 15 )
P e t r o l e u m C o . ( s e e b e l o w ) w ill y i e l d a b o u t $ 1 4 , 0 0 0 , 0 0 0 , o t h e r w i s e a s a
B O N D S .— “ F ir s t a n d C o lla t e r a l T r u s t ” 5 s o f 1 9 0 7 ($ 3 5 ,0 0 0 ,0 0 0 . a ll Is s u e d :
m in im u m $ 9 ,0 0 0 ,0 0 0 .
a u t h . Issu e , M e r c a n t ile T r u s t C o . , S a n F r a n c is c o , tr u s te e ) h a v e a s in k in g
H o ld e r s o f t h e m in o r it y c o m . sh a re s o f t h e M e x i c a n P e t r o le u m C o . w e r e
( a n d b e g i n n i n g 1 9 1 2 w h i c h w ill r e t ir e a b o u t 3 0 %
b y m a t u r it y .
V . 88.
g iv e n fr o m N o v . 5 to N o v . 2 0 th o o p tio n t o e x c h a n g e th o s a m e $ fo r $ fo r
a . 825; V . 90 . p . 854; V . 9 1 . p . 720; V . 92. p . 1569: V . 93. p . 349. 412:
C la s s B s h a r e s w it h o p t io n t o p a r t ic ip a t e in t h e a fo r e s a id s u b s c r i p t i o n .
W. 9 5 . p . 180: V . 9 7 . p . 954: V . 98. p . 3 0 9 . 391.
T h e p r e f . s t o c k is c o n v e r t i b le in t o c o m . a t r a t e o f $ 1 1 5 p r e f . f o r $ 1 0 0
S o u t h e r n C a lifo r n ia T e le p h o n e C o ., F ir s t & R e f . M t g e . o f 1 9 1 7 , s e e
c o m . t ill M a r c h 2 1 9 2 0 a n d i f n o t c o n v e r t e d w ill b e p a id o f f A p r . 1 1 9 2 0 .
V . 108. p. 486.
V . 109, p . 1705.
S ee o ffe r in g , V . 1 0 2 , p . 125 3 .
T h e p r e f. s h a r e s w e r e lis t e d o n t h e N . Y .
E A R N I N G S . — 7 m o s . . ( 1 9 1 8 ............... G r o s s . $ 1 2 , 2 5 2 , 8 2 0 ; n e t . $ 3 , 5 8 5 , 2 5 8
S t o c k E x c h a n g e in N o v . 1 9 1 6 a n d t h e c o m . s h a r e s a n d b o n d s in O c t . 1 9 1 8 .
J a n . 1 t o J u ly 3 1 .
\ 1 9 1 7 ............... G r o s s ,
1 2 ,2 1 0 ,9 4 9 ; n e t .
3 ,2 9 7 .1 6 0
V . 105, p . 393; V . 103, p . 1795.
R E P O R T .— F o r c a le n d a r y e a r 1 9 1 7 in V . 1 0 6 . p . 2 7 5 3 :
D I V I D E N D S .— O n p r e f., 1 4 %
q u a r . J u ly 1 9 1 6 t o O c t. 1 9 1 9 .
On
C a l.
G ross
N e t. a fter
O th er
In ter es t.
P r e f. D iv s .
B a la n c e .
c o m . N o . 1 , 1 4 % . O c t. 10 19 1 7 ;
10 1 9 1 8 , 1 4 % : A p r il 1 9 1 8 t o J u ly
Y e a r — E a r n in g s .
T a xes. A c .
In com e.
R en ts. A c .
(6 % ).
S u r p lu s .
1 9 1 9 p a id e a c h q u a r . 2 4 % , h a l f in L ib e r t y b o n d s .
I n O c t . 1 9 1 9 p a id 3 %
1917— - $ 2 4 6 5 5 , 2 4 3 $ 5 . 0 t 8 . 7 1 9 $ 2 8 8 , 3 9 7 $ 3 , 0 6 5 , 2 8 8 $ 1 , 9 2 0 , 0 0 0 $ 3 2 1 , 8 2 8
in c a s h .
V . 109, p . 986.
V . 108, p . 2335.
1916 —
2 1 .2 5 5 4 7 9
4 .6 2 4 ,8 8 5
2 2 3 .9 5 8
2 ,7 0 0 .0 4 6
1 ,9 2 0 ,0 0 0
2 2 5 .7 9 7
D i v i d e n d s .— O n p r e f . , I H % q u a r . f r o m N o v . 1 9 1 0 t o N o v 1 1 9 1 9 .
On
M p r e f . . 6 % In 1 9 1 2 : f r o m J a n . 1 9 1 3 t o A n g 1 1 9 1 9 . l n c l . . p a id 1 H % q u a r .
O n com m on
n ot an n ou n ced .

S

g

Jan.

— ( V . 1 0 7 , p . 6 1 1 , 1 6 7 2 : V . 1 0 8 , p . 3 8 6 , 4 8 6 , 1 1 7 0 .)
P A C K A R D M O T O R C A R C O . — O R G A N I Z A T I O N . — I n c o r p . in M i c h .
S e p t. 1 1 9 0 9 a s s u c c e s s o r o f W e s t V ir g in ia c o . o f s a m e n a m e .
P la n t a t
D e tr o it.
V . 103, p . 576: V . 109, p . 77.
L ib e r ty m o to r s , see V . 1 0 6 , p .
1132; V . 107, p . 2103, 2295.
I n S e p t . 1 9 1 8 w a s d e v o t in g its e n t ir e p la n t
c a p a c it y t o w a r w o r k , w h ic h in c lu d e s a ir p la n e e n g in e s , w a r t r a c t o r s a n d
m o to r tru ck s.
E x t e n s io n t o p la n t a t c o s t o f $ 1 ,7 5 0 ,0 0 0 u n d e r w a y in N o v .
1919. V . 1 0 9 . p . 1 9 9 3 ; V . 1 0 7 , p . 1 1 9 7 , 2 0 1 4 , 2 1 0 3 .
S T O C K . — T h e s h a r e h o ld e r s o n J u n e 2 6 v o t e d t o in c r e a s e t h e a u t h o r iz e d
c o m . s t o c k fr o m $ 1 3 ,0 0 0 ,0 0 0 t o $ 3 0 ,0 0 0 ,0 0 0 a n d t h e p r e f. f r o m $ 8 ,0 0 0 ,0 0 0
t o $ 2 0 ,0 0 0 ,0 0 0 .
N e w p r e f. t o t h e a m o u n t o f $ 7 ,5 0 0 ,0 0 0 w a s t h e n is s u e d ,
b r in g in g t h e o u t s t a n d in g a m o u n t u p t o $ 1 5 ,5 0 0 ,0 0 0 .
O c t . 2 8 1 9 1 9 it w a s
v o t e d t o r e d u c e th e p a r v a lu e o f e a c h s h a re o f c o m . s t o c k b y s u b d iv is io n fo r
$100 to $10.
V . 109, p . 1608.
P r e f . s t o c k is c a ll a b le a t 1 1 0 a n d d i v s . o n
n o t ic e u p t o A u g . 3 0 1 9 3 9 : th e r e a fte r a t p a r .
V . 108, p . 2635; V . 109, p.
77, 1614; V . 102, p . 2172, 2250.
N O T E S .— T h e $ 5 ,0 0 0 ,0 0 0 3 -y e a r 5 % g o l d n o t e s d u e O c t . 16 1 9 1 9 w e r e
red eem ed o n th a t d a te fr o m th e p ro ce e d s o f th e n ew p r e f. s to c k .
V . 109,
p. 7 7 .
D I V I D E N D S . — P r e f . . 7 % (1 H % Q . - M . ) f r o m D e c . 1 9 0 9 t o D e c . 1 9 1 9
C o m m o n , 4 0 % p a i d i n c o m m o n S t o c k O c t . 1 9 1 3 . 1 0 % p a y a b l e In c o m ­
s t o c k F e b . 1 9 1 6 a n d \ H % c a s h F e b ., M a y , A u g . a n d N o v . 1 1 9 1 6 ; 5 0 % ,
p a y a b l e In c o m m o n s t o c k A u g . 1 1 9 1 6 : 1 9 1 7 , F e b . . A p r . , J u l y a n d O c t . 3 1 ,
2 % q u a r ., th e n n o n e t ill J u n e 1 9 1 8 , 2 % : J u ly 1 9 1 8 . 2 % : O c t . 1 9 1 8 . 4 % .
J a n . a n d A p r . 3 0 1 9 1 9 e a c h . 2 % ; J u ly 1 9 1 9 , p a id 2 , 4 % ; O c t . 3 1 , 2 4 %
(q u a r .) a n * 2 4 a x tr a .
V . 109, p . 277.
R E P O R T .— F o r y e a r to A u g . 31 1 9 1 9 , see V . 1 0 9 , p . 1608:
A u g . 31 Y e a r s —
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
1 9 1 5 -1 6 .
G r o s s r e v e n u e . . ...................$ 5 , 4 3 3 , 6 3 4
$ 9 ,2 8 1 ,3 3 2
$ 7 ,7 0 0 ,4 8 7
$ 9 ,0 4 6 ,2 0 3
D e p r e c i a t i o n -----------------------5 6 0 ,0 0 0
3 ,6 6 4 ,6 3 0 2 ,2 9 9 .7 9 6
2 ,8 4 7 ,6 4 9
N e k r e v e n u e _____________ $ 4 , 8 7 3 , 6 3 4
$ 5 ,6 1 6 ,7 0 2
$ 5 ,4 0 0 ,6 9 1
$ 6 ,1 9 8 ,5 5 4
P r e f. d iv id e n d s ( 1 3 % ) . .
1 ,5 3 9 ,2 4 5
(7 )5 6 0 ,0 0 0
5 6 0 ,0 0 0
4 5 5 ,0 0 0
C o m m o n d i v s . , c a s h _____
.......................( 6 % ) 7 1 0 , 3 8 2 ( 7 4 ) 9 1 0 , 6 3 6
(7 )3 9 5 ,6 0 2
C o m m o n d i v s . , s t o c k ____
....................................................................................... ( 6 0 ) 4 5 9 1 , 6 3 0
B a l a n c e , s u r p l u s ............ $ 3 , 3 3 4 , 3 8 9
$ 4 ,3 4 6 ,3 2 0 x $ 3 ,7 3 0 ,0 5 5
$ 7 5 6 ,3 2 4
P . & L . s u r p l u s -------------$ 1 6 , 9 9 2 , 2 5 0 $ 1 3 , 6 5 7 , 8 6 1
$ 9 ,3 1 1 ,5 4 1
$ 5 ,3 8 1 ,4 8 6
Q u ic k a s se ts A p r il 3 0 1 9 1 9 t o t a lle d $ 3 4 ,9 0 4 ,5 3 3 , in c lu d in g c a s h a n d G o v t ,
■ e c u r it ie s a m o u n t in g t o $ 1 4 ,8 7 4 ,8 8 6 .
V . 108, p . 2636.
O F F I C E R S .— P r e s ., A lv a n M a c a u le y ; V .- P ., R . A . A lg e r ; S e c ., F . R .
R o b in s o n ; T r e a s ., F . L . J a n d r o u .
O ffic e , D e t r o it .— (V . 1 0 8 , p . 2 7 4 , 2 6 3 5 ;
V . 1 0 9 , p . 7 7 . 2 7 7 , 8 9 3 , 1 5 3 0 , 1 6 0 8 , 1 6 1 4 , 1 8 9 7 , 1 9 9 3 .)
P A IQ E

D E T R O IT

M O TO R

C A R

C O — V .

109. p.

1467, 1530.

P A N - A M E R I C A N P E T R O L E U M & T R A N S P O R T C O . — (S e e M a p . ) —
O R G A N I Z A T I O N . — O r g a n iz e d in D e la w a r e o n F e b . 2 1 9 1 6 a n d
ow ns
$ 1 7 ,5 0 0 ,0 0 0 c o m m o n a n d $ 9 ,0 3 5 ,0 0 0 8 % p r e f . s t o c k (B e in g a b o u t 51 % o f
the t o t a l o f b o t h i s s u e s ) o f t h e M e x i c a n P e t r o l e u m C o . , L t d . a n d v a r i o u s
o t h e r s e c u r i t i e s , r e p r e s e n t i n g o i l h o l d i n g s In C a l i f o r n i a a n d m a r k e t i n g
f a c i l i t i e s in S o u t h A m e r i c a .
T h e s e h o l d i n g s c o n s t i t u t e a m a j o r i t y i n t . in t h e
c o n t r o l o f w h a t th e m a n a g e m e n t b e lie v e s t o b e th e la r g e s t a n d r ic h e s t a r e « s
of p r o v e n o i l t e r r i t o r y in t h e w o r l d u n d e r o n e o w n e r s h i p , e m b r a c i n g a p r o x im a t e ly 6 0 0 ,0 0 0 a c r e s o f la n d a n d a p p r a is e d a t o v e r $ 2 9 4 ,0 0 0 ,0 0 0 b y
ta te G e o lo g is t o f W . V a .

S




B O N D S .— F ir s t L io n E q u ip , b o n d s o r 1 9 1 7 , $ 7 ,0 0 0 ,0 0 0 a u t h . a n d Is s u e d ,
($ 1 4 2 ,0 0 0 o u t s t a n d i n g O c t . 2 5 1 9 1 9 )
a re c o n v e r tib le in to c o m . s to c k a t
1 2 0 % a n d i f n o t c o n v e r t e d b y M a r c h 2 1 9 2 0 w ill b o p a i d o f f A p r i l 1 .
V.
109, p . 1705.
,
.
.
T h e r e w e r e a ls o o u t s t a n d i n g D e c . 3 1 1 9 1 8 $ 6 2 8 ,0 0 0 1 st M . b o n d s o n
S S . S p a u ld in g .

R E P O R T .— I n f u l l f o r c a l . y e a r 1 9 1 8 w a s I n V . 1 0 8 . p . 1 0 7 6 ,
1918.
1918.
Y e a r '1 7 .
$
In c o m e fr o m —
$
$
D e d u c tio n s —
3 6 3 ,9 5 4
S t e a m s h ip s — 7 ,3 3 2 ,3 0 8 4 ,1 1 1 ,2 7 8 B o n d .& m is c . i n t .
2 4 8 ,3 5 8
4 0 1 ,3 7 2 B d . d i e t . & o x p .
O i l _______________ N o t s h o w n
In c
a n d excess
p r o fit s t a x e s . .1 ,2 5 0 .0 0 0
G r o s s I n c o m e — 7 ,3 3 2 ,3 0 8 4 ,5 1 2 ,6 5 0
7 2 0 ,3 1 1
N e t i n c o m e ---------3 , 5 2 4 . 0 7 5 2 , 5 9 6 , 0 9 0 Pref d i v i d e n d s M e x .P e t . d i v . r e c . 2 , 1 2 2 , 8 0 0 1 ,2 4 7 ,8 0 0 C o m m o n d l v - x 3 , l 1 7 ,8 5 2
U n d .p r o f .s u b .c o ’s 8 8 2 ,1 6 4 1 ,2 3 2 ,2 6 4
B a L , s u rp lu s.
8 2 8 ,5 6 4
T o t a l in c o m e .6 ,5 2 9 ,0 3 9 5 ,0 7 6 ,1 5 4 P . & L . s u r p l u s .5 ,0 2 0 ,5 9 6

1270: t
Y ear ’17.
$
1 2 8 ,8 0 6
1 4 5 ,6 2 1
5 3 0 ,0 0 0
7 3 5 .0 0 0
1 ,0 6 7 ,1 6 0
2 ,4 6 9 ,5 6 8
5 ,0 1 0 ,1 6 4

x 1 0 % in a ll , o n e - h a l f p a id in L i b e r t y b o n d s .
D I R E C T O R S .— E . L . D o h e n y , H e rb e rt O . W y lie . A . S . H a r w o o d .
;. J . S c h w e p p e , J . O . A n d e r s o n , A , A , A n d r e w s ,
O h as. E . H arw ood ,
d w . O . H a r w o o d , J . M . D a n z ig e r , O , E . D o h e n y , J . S . W o o d
O. D .
e n n e t t , E li s h a W a lk e r ( o f W illia m S a lo m o n & C o . ) . E . R . T in k e r J r . ,
a cq u es W e in b e r g e r .
P r e s id e n t , E . I .. D o h e n y , L o s A n g e le s .
N . Y .
if ic e , 1 2 0 B r o a d w a y .— ( V . 1 0 9 . p . 3 7 6 , 9 8 6 . 1 0 7 6 . 1 2 7 0 . 1 2 7 9 . 1 5 3 1 , 1 7 0 5 .)

r F a n n a n a i e n u n n i i i g u o . o r T e x a s , w h i c h in t u r n w in
ri
T--------- II t h e p r o p e r t i e s h e r e t o f o r e o w n e d b y B r o w n & J,° 5 ,e s >. K o Y,
„
,,o n w ! r u s t e e . T h e 6 6 6 6 O il C o . , T h o T r o j a n O il C o . a n d P a n h a n d l e B o i l e r &
la c h in e S h o p .
W i l l o w n l e a s e s c o v e r i n g a b o u t 1 ,0 0 0 a c r e s I n W i c h i t a
o u n t y , T e x a s ; a ls o 8 1 a c r e s in C o t t o n C o u n t y , O k l a .; a ls o r e f i n e r y , g a s o n e p la n t , p ip e lin e s , & c .
S T O C K . — P r e f . s t o c k is c a l l a b l e a t 1 1 0 .
C o n v e r tib le in to C o m m o n s to c k
i th e r a t io o f o n e s h a re o f P re fe rre d fo r t w o sh a re s o f
stock ,
in k in g fu n d p r o v id e s :
2 5 % o f n et p r o fits a fte r
l a n $ 4 0 0 , 0 0 0 a y e a r , u n t i l t h e P r e f . is r e d u c e d t o $ 3 , 0 0 0 , 0 0 0 , t h e r e a f t e r ,
a t le s s t h a n $ 3 0 0 ,0 0 0 a y e a r u n t il t h o is s u e h a s b e e n r e d u c e d t o $ 2 ,0 0 0 ,0 0 0
a d t h e r e a f t e r n o t le s s t h a n $ 2 0 0 ,0 0 0 p e r a n n u m u n t i l t h e p r e r . s t o c k h a s
sen r e t ir e d .
N o m tg e . w it h o u t c o n s e n t o f 7 5 % o f t h e p r e f. f t o c k .
lir s t
I v id e n d o f 2 %
d u e Jan . 1 1920.
L is te d o n C h ic a g o S t o c k E x c h a n g e .
3e o f f e r i n g s i n V . 1 0 9 . p . 1 6 1 4 , 1 9 9 3 .
O F F I C E R S .— R o y B . J o n e s , P r e s .: J . A . G e r m a n y a n d T h o m a s M a r r ls iy
V ic e -P r e s .; L . C . M c C lu r e , S e c .: M . A . C h a m b e r s , T r o a s .
O ffic e ,
r ic h ita F a lls . T e x a s .— ( V . 1 0 9 . p . 1 6 1 4 . 1 7 0 5 , 1 9 9 3 .)
P A T C H O O U E -P L Y M O U T H

PEERLESS

M IL L S

C O R P .— V .

109,

p . 1184, 1372.

T R U C K
&
MOTOR CORPORA TION.— O R G A N IZ A I O N * — I n c o r p o r a t e d In N o v . 1 9 1 5 In V a . a n d a c q u i r e d 2 0 , < 8 1 s h a r e s o f
•ef. a n d 2 0 . 8 o 5 s h a r e s o f c o m m o n ( b e i n g e n t i r e s t o c k e x c e p t
o f p r e f.)
’ t h o P e e r le s s M o t o r C a r C o . o f C le v e la n d , O .
A u t h ° r i z e d s t o c k , ^11 o n e
a s s . $ 2 0 ,0 0 0 ,0 0 0 (p a r $ 5 0 ) ; o u t s t a n d i n g , $ 1 0 ,0 0 0 ,0 0 0 .
N o b o n d s . C le v o n d in t e r e s t s in 1 9 1 9 h a v e p u r c h a s e d c o n t r o l a n d m o v e d t h o i o i f i c e t o t h a t
ty .
D ir e c t o r s , s e e b e lo w

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P a e a n . J M o t o r C a r C o — C o m m o n s t o c k $ 3 0 ,0 0 0 ,0 0 0 a u t h —
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P e n n . S e a b o a r d S t e e l — S t o c k 2 0 0 ,0 0 0 s h a re s
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P e n n s y l v a n i a S t e e l C o — S e e B e th le h e m S te e l C o .
P e o p l e 's ( la s L ig h t & C o k e (C h ic a g o ) — S t o c k (S e e t e x t ) . .
F ir s t C o n s o lid a t e d m o r t g a g e fo r S 1 0 .0 0 0 ,0 0 0 g o l d — C e .o
C h i c a g o G a s L i g h t & C o k e f ir s t m o r t g a g e g o l d --------------F P . e
C o n s u m e r s ’ G a s f i r s t m t g e g o l d ( s e e V 6 6 . p 4 7 2 ) --------- — C e . c
R e f u n d i n g m o r t g a g e $ 4 0 , 0 0 0 , 0 0 0 g o l d -----------------------------F . o & r
M u t u a l F u e l G a s f i r s t m o r t g a g e a s s u m e d _____________________ G e n e r a l a n d R e f M g o l d ( s e e t e x t ) ---------------------------------------------- 1 C
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P e t t i b o n e M u l l i k e n C o — C o m m o n s t o c k , $ 7 . 0 0 0 . 0 0 0 -----------------1 s t p r e f (a A c d ) 7 % c u m r e d 1 1 5 s e e t e x t --------------------------------------2 d p r e f 7 % c u m . $ 7 5 0 ,0 0 0 r e d (s e e t e x t ) .
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D I R E C T O R S .— W a lt e r O . B a k e r , T . W . F w sch , W illia m E . S . G r is w o ld ,
G e o r g e W . Y o r k , L . H . K it t r e d g e , R o la n d T . M e a c h a m , G . B . S id d a ll,
W . H . S ta r in g , B . G . T r e m a in e , H . A
T r e m a in e , F . S . T e r r y , L . I I .
T r e a d w a y a n d H a r r is o n W i lli a m s .
P r e s id e n t is B . G . T r e m a in e .
(V . 108,
. 2 5 3 2 ; V . 1 0 9 , p . 1 1 8 5 , 1 4 6 6 .)
FU EL

C O .— (V .

107, p .

2481; V .

108, p .

3 8 6 .)

PENN
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C O R P .— O R G A N I Z A T I O N .— I n c o r p .
D e c 6 1 9 1 5 in N e w Y o r k , a s P e n n . M a r in e & O r d in a n c e C a s t in g s C o .
N a m e c h a n g e d t o p r e se n t t it le J u n e 2 4 1 9 1 6 .
M e r g e d P e n n . S te e l C a s t in g s
& M a c h in e C o ., B a id t S te e l C o . a n d S e a b o a r d S te e l C a s tin g s C o .
V . 102.
p 1631.
P la n ts lo c a t e d a t C h e s t e r , P a ., N e w C a s t le , D e l. a n d N e w H a v e n ,
C onn
H a v e a t o t a l c o m b in e d a r e a o f a b o u t 5 9 5 .0 0 0 s q . f t . o f f l o o r s p a c e .
M a n u f a c t u r e s a n d s e lls s t e e l p l a t e s , c a s t i n g s a n d i n g o t s .
V . 101, p . 1J77,
V . 1 0 2 , p . 1 6 3 1 ; V . 1 0 3 , p . 4 9 8 ; V . lO o , p . 2 2 7 8 ; V . 1 0 7 , p . 2 3 7 3 .
S T O C K — O f t h e 2 0 0 ,0 0 0 s h a r e s a u t h o r iz e d (n o p a r v a lu e ) 1 2 2 ,8 0 8 s h a r e 8
a r e o u t s t a n d i n g a n d 1 2 ,2 8 0 h e ld in T r e a s u r y .
T h e s t o c k is h e ld in a v o t i n g
tr u s t a g r e e m e n t e x p ir in g J u n e 2 8 1 9 2 1 . v o t i n g tr u s te e s : W a lt e r S . B ic k le y .
R o d n e v T h a v e r . W illia m C . S p r o u l, H o w a r d F . H a n s e ll J r . a n d H a r v e y D .
G ebson .
S to c k h o ld e r s o f r e c o r d D e c . 18 1 9 1 8 h a d th e r ig h t t o s u b s c r ib e
a t $ 1 0 p e r sh a r e t o th e e x t e n t o f 4 0 % o f th e ir h o ld in g s t o $ 3 5 ,0 8 8 s h a r e s .
V . 107. p . 2381.
L is t e d o n N . Y . S t o c k E x c h a n g e in J a n . 1 9 1 9 .
D I V I D E N D S ( P e r S h a r e ) . — M a y 1 1 9 1 6 . $ 1 2 5 A u g . 1 19. 1 9 Q .°Q IV£ ;} y (. i
t
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e a c h ;’ n o n e s i n c e .
V . 108, p . 2 3 4 9 .^
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O ffic e , 1 i 1 B r o a d w a y ,
N e w ’Y o r k . — ( V . 1 0 8 , p . 8 8 4 , 9 7 8 . 1 0 6 4 . 2 4 3 8 ) .
(I
C )
P F N N E Y C O .— O R G A N I Z A T I O N . — I n c o r p . i n U t a h , 1 9 1 3 .
R u s in e s ^ s t a r t e d in 1 9 0 2 .
O p e r a t e s 1 9 7 d e p a r t m e n t s t o r e s in 2 5 S t a t e s .
B in c e h s H c e p U o i h i s r ^ i n v & t e d a s u b s t a n t ia l p o r t i o n o f it s e a r n in g s in
t h e b u s in e s s .
B u s in e s s o n a c a s h b a s is .— V . 1 0 9 , p . 4 S J .
S T O C K ___P r e f s t o c k r e d e e m a b l e a t 1 0 5 .
A n n u a l s in k in g f u n d 5 % o f
t o t a T a S o u n t o f P r e f ° ^ o c k o u t s t a n d in g w it h a n a v e r a g e
H n n a n n in .llv
N o b o n d s w it h o u t t h e c o n s e n t o f 6 6 2 -3 o t t n e t-r e r . s t o c k .
S e e o ffe r n g in V 109 p . 4 8 3 .
I n it ia l d i v . o f 3 0 .8 1 6 p e r s h a r e f o r t h e p o r t io n
o f th e q u a r te r fr o m A u g . 19 t o S e p t. 3 0 . 1 9 1 9 w a s p a id S e p t . 3 0 . - ? . 1 0 9 .
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T e n m o n t h s t o O c t . 3 1 ...........................2 2 , 2 4 6 , 4 6 2
1 6 ,2 4 9 ,8 5 5
5 ,9 9 6 .6 0 /
C h a i r m a n of B o a r d , J . C . P e n n e y ; P r e s . , E . O . S a m s ; V i c e - P r e s . , D . S ’
M u d d ; V ic e -P r e s ., G . G . H o a g ; V ic e -P r e s ., W ilk I ly e r ; S e c ., G e o - H .
B u s h n e ll: T r e a s ., J . I . H e r b e r t; G e n . M g r ., C . E . D im m i t t .— V .
1 0 9 ,,
p . 4 8 3 , 1 1 8 5 , 1 9 9 3 .)
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S teel C o r p . a b o v e .

P E N N S Y L V A N I A W A T E R & P O W E R C O .— (V . 1 0 7 , p . 9 0 9 . 1 9 2 4 .
2 1 0 3 , 2 4 8 1 ; V . 1 0 8 , p . 5 7 7 .)
P F O P L E ’S O A S
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v
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In F eu . 1907 tn e O g d e n G a s C o . a n d th e
n ii iv e r s a l G a s C o w e r e le a s e d f o r a b o u t 3 4 y e a r s , t h e O g d e n C o ’ s $ 6 ,0 0 0 ,0 0 0
b o n d s ^ e ln e G u a ra n te e d
V 84 o 3 9 4 ' V 78 . p l7 S o : V . 7 2 . o . 2 4 4 . 9 1 :
V Q7 d 1 5 0 3 In 1 9 1 8 t h e c o n s t r u c t io n o f th e c o a l g a s p la n t , c o s t in g
a b o u t $ 7 0 0 0 0 0 0 w h i c h w ill e n a b l e t h e c o m p a n y t o m a n u f a c t u r e g a s m o r e
cheaply t h i n f r o m oil w a s d e f e r r e d .
V . 108, p . 680; V . 104. p . 658, 2348;
V.

106, p . 704, 1905.
p n n p itR T Y
— In s e r v ic e J a n u a r y
1 9 1 8 : S tr e e t m a in s , 3 ,0 6 8 m ile s ,
m e te r s 7 0 4 6 6 9 ' p u b lic la m p s . 7 6 5 3 : V . 7 8 . p . 1 5 0 1 .
See V . 66 , p . 382
T h e p r ic e o f g a ” w a s fix e d a t '8 5 c e n t s p e r 1 .0 0 0 c u . f t . f o r 5 y e a r s fr o m
F eb
1 1906
V
82 p . 574; V . 84. p. 342.
A n o r d i n a n c e w a s p a s s e d In
J u l v 1 91 1 r e d u c i n g t h e p r i c e f r o m 8 5 t o 7 5 o . f o r t h e f i r s t y e a r . 7 0 t h e 2 d a n d
3 d y e /w i a n d *68 $ i e 4 tn a n d 5 th y e a r s
T h ; - S t a t e C i r c u i t C o u r t In D e c
191 1 fix e d th e p r ic e a t 8 0 c e n ts fo r th e o r d in a n c e p e r io d , p e n d in g fin a l
d is p o s it io n o r t h e s u it b r o u g h t b y c o r n p a n y t o e n jo in e n f o r c e m e n t .
V. 93.
n 349 536 1606' V
104. P- 1190.
V a lu a t io n s , V . 1 0 8 , p 6 7 9 .
^• T h e A D o e l l a t e C o u r t o n A p r i l 2 5 1 9 1 2 r e v e r s e d t h e d e c i s i o n o f t h e S t a t e
O ir c u ? t C o u r t o n D e c . 5 1 9 1 1 i n - s o - f a r a s It I m p o u n d e d t h e d i f f e r e n c e b e t w e e n




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C o n s o l . I n c o m e A c c t .—
1918.
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V . 109, p . 1466.
N O T E S .— A u t h o r iz e d $ 5 ,0 0 0 ,0 0 0 1 0 -y e a r 6 % g o l d n o t e s d a t e d N o v . 10
9 1 5 a n d d u e N o v . 10 1 9 2 5 , c o n v e r t ib le a t h o ld e r s o p t io n in t o c a p it a l s t o c k
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t io n s a le .
S e e o ffe r in g . V . 1 0 2 , P -.7 1 6 .
O f t h e 8 o .0 0 0 .0 0 0 6 % n otesi o f
1 9 1 5 , $ 2 ,2 6 4 ,5 5 0 h a v e b e e n r e a c q u ir e d a n d d e p o s it e d w it h t r u s t e e
th u s
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P E N N -M E X

[Vol . 109.

INDUSTRIAL STOCKS AND BONDS.

206

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N

O o .’s o f f ic e , C h ic a g o
C e n t U n io n T r C o , N Y
C e n t T r , N Y ; & C h ic a g o
do
do
C en tra l T r N Y ; & Chi
do
do
I llin o is T r & S B . O h io

M ay 1 1936
M ay 1 1945

C e n t U n io n T r C o , N Y
F a rm ers L & T r C o . N Y

Jan 2 ’2 0 .1 )f%
Jan 2 ’20. 15*%
O ct 2 T 9 , 2 )* %

C h e c k s m a ile d
do
do
O ffic e 9 9 J o h n S t , N

Y

th e 8 0 -c e n t r a te a n d th e 7 5 -c e n t m a x im u m r a te fix e d b y th e o r d in a n c e o f
J u lv 17 1 9 1 1 .
V . 9 4 , p . 1253, 1190; V . 108. p . 679.
T n a g i s ra ta
o r d in a n c e p a s s e d J u n e 2 5 '1 7 p r o v id e d f o r th e fo llo w in g
r a t e s : ( a ) 3 0 c e n t s f o r t h e f i r s t 3 5 0 c u . f t . o r le s s p e r m o n t h .
(6 ) 7 0 c e n t s
f o r e a c h l . O O O c u . f t . in e x c e s s o f 3 5 0 f t . a n d n o t m o r e t h a n 1 0 , 0 0 0 f t . ( c ) 6 5
c e n t s f o r e a c h 1 ,0 0 0 c u . f t . in e x c e s s o f 1 0 .0 0 0 a n d n o t m o r e t h a n 5 0 ,0 0 0 .
(d )
4 0 c e n t s f o r e a c h 1 ,0 0 0 c u . f t . in e x c e s s o f 5 0 ,0 0 0 .
U n d e r th e m ea su re
t h e c o m p a n y w a s t o b u ild a c o k e o v e n p la n t w ith in th r e e y e a r s s u p p ly in g g a s
fr o m c o a l a n d e s t a b lis h a p r o fit -s h a r in g a r r a n g e m e n t w ith t h e c o n s u m e r s .
See a b o v e .
V . 105. p . 77, 503, 613, 825.
See V . 104, p . 2 3 4 8 , 1049, 658;
V . 103, p . 1215, 1511: V . 102, p . 604.
T h e I llin o is P . U . C o m m is s io n o n J u ly 2 5 1 9 1 9 fix e d n e w r a te s w h ic h
b e c o m e e ffe c t iv e A u g . 1 1 9 1 9 a n d a re t o c o n t in u e u n til A p r il 1 1 9 2 0 , a s fo l­
lo w s : (a ) F o r t h e f ir s t 3 5 0 c u . f t . , 3 5 c t s .; (6 ) f o r t h e n e x t 1 0 ,0 0 0 c u . f t . , p e r
1 ,0 0 0 .
8 5 c t s . ; ( c ) f o r c o n s u m p t i o n o v e r 1 0 , 0 0 0 c u . f t . a n d le s s t h a n 5 0 , 0 0 0
c u . f t . p e r 1 ,0 0 0 , 8 0 c t s .; (d ) o v e r 5 0 ,0 0 0 c u . f t . , p e r 1 ,0 0 0 , 6 5 c t s .
The
n o w r a t e s , it w a s s a id , w o u ld p e r m it t h e c o m p a n y t o e a r n a b o u t $ 2 ,4 8 0 ,0 0 0
o v e r o p e r a t in g e x p e n s e s , in te r e s t c h a r g e s o n o u t s t a n d in g b o n d s , & c .
V .
108.
p . 1170. 1394, 2129, 2533; V . 109, p . 179, 483.
V a lu a t i o n s o f p r o p e r t y in 1 9 1 8 , V . 1 0 7 , p . 2 9 7 . T a x r u lin g , V .1 0 7 , p .2 4 8 2 .
D I V S . i ’ 9 5 . '9 6 . ’ 9 7 - ’ 0 5 . ’ 0 6 . ’ 0 7 . '0 8 . '0 9 . ’ 1 0 - T 2 . T 3 . ’ 1 4 - T 5 . T 6 .
1917,
P e r c e n t \ 2>4 14* 6 y ly
5
6
8
6 «
7 y ’ly
7 H 8 y 'l y
64*
34*
I n M a y 1 9 1 6 t h e d i v i d e n d w a s r e d u c e d f r o m 2 % q u a r . t o 1 4* % q u a r . .
In M a y a n d A u g u s t 1 9 1 7 t o 1 % , a n d in N o v . 1 9 1 7 e n t i r e l y o m i t t e d t o
p r o v id e fu n d s f o r p u r p o s e s o f e r e c t in g c o a l g a s p la n t (s e e a b o v e ) .
V . 105,
p . 1527: V . 104, p . 1593, 658.
B O N D S , & C .— O f t h e $ 4 0 ,0 0 0 ,0 0 0 Iss u e o f 1 8 9 7 . t h e $ 1 9 ,1 4 6 ,0 0 0 u n is s u e d
a r e r e s e r v e d t o r e tir e p r io r b o n d s .
V . 6 5 . p . 572: V . 7 9 . p . 155: V . 8 4 .
p . 1555; V . 9 1 . p . 792, 876; V . 9 4 . p . 702; V . 9 7 . p . 954: V . 9 8 . p . 842.
G u a ra n tees, p . & L . In d . N a t. G a s A OH R e f. 5s.
V .8 4 , p . 3 8 8 . 1430:
V . 8 8 . p . 1317. 1433; V . 104, p . 168; fo rm . V . 8 7 . p . 1302.
T h e s to c k h o ld e r s o n N o v . 14 i g i 3 a u th o r iz e d a n e w G e n e r a l a n d R e fu n d in g
m t g e . (u n li m it e d In a m o u n t ) t o s e c u r e 5 0 - y e a r 5 % b o n d s t o p r o v i d e f o r n e w
c o n s t r u c t io n a t n o t o v e r 7 5 % o f c o s t , a n d t o r e fu n d a ll o ld b o n d s , & c .r
$ 1 ,7 1 2 ,0 0 0 Issu ed t o D e c . 31 1 9 1 6 .
V . 9 7 . p . 954. 1119. 1508. 1738: V . 9 8 .
p. 76.
P r o p o s e s e v e n t u a lly t o Issu e a n a d d it io n a l $ 2 5 0 ,0 0 0 t o r e p la c e C a lu ­
m e t G a s C o . b o n d s p a id o f f o n J u ly 1 1 9 1 7 .
V . 104. p . 2239.
In J u n e 1918
w a s p r o p o s in g t o is s u e $ 1 ,5 0 0 ,0 0 0 G e n R e f. 5 s o n a c c o u n t o f im p r o v e m e n t s
m a d e b e t w e e n J a n . 1 9 1 4 a n d A p r il 1 9 1 6 .
V . 106. p. 2762.
O n D e c . 3 1 1 9 1 8 a c c o u n t s p a y a b le a g g r e g a t e d $ 4 ,8 9 5 ,5 7 1 : ta x e s a c c r u e d .
$ 1 ,0 6 1 ,4 8 2 .
V . 106. p . 2233.
R E P O R T . — R e p o r t f o r y e a r e n d in g D e c . 3 1 1 9 1 8 , in V . 1 0 8 , p . 6 7 9 :
Y ea rs en d . D ec. 31—
1918.
1917.
1916.
1915.
G r o s s i n c o m e . . ..................... $ 2 1 , 5 8 8 , 4 0 1 $ 1 9 , 3 3 8 , 6 3 8 $ 1 7 , 0 8 4 , 8 7 8 $ 1 7 , 0 3 7 , 8 9 4
N e t e a r n i n g s _______ _________ $ 2 , 6 5 4 , 0 8 1
$ 3 ,4 7 1 ,9 0 0
$ 5 ,7 4 6 ,0 1 0
$ 6 ,9 0 6 ,4 5 6
I n t e r e s t o n b o n d s .................... $ 2 , 3 6 6 , 1 5 0
$ 2 ,3 7 5 ,1 5 0
$ 2 ,3 8 7 ,0 6 3
$ 2 ,3 8 5 ,3 5 0
D e p r e c i a t i o n _______ ________
1 ,6 5 4 ,5 5 9
1 ,4 6 1 ,9 5 1
1 ,2 8 1 ,6 8 9
1 ,2 9 2 ,1 4 0
B a l a n c e ........................... d e f . $ l , 3 6 6 , 6 2 9 d e f . $ 3 6 5 . 2 0 1 s r . $ 2 , 0 7 7 , 2 5 8 s r . $ 3 , 2 2 8 , 9 6 6
D i v i d e n d s ............. ....................
N one
( 3 ) * ) 1 3 4 / ,4 7 7 ( 6 ) * ) 2 5 0 2 I 4 7 ( 8 ) 3 . 0 7 5 . 9 9 4
I n 1 9 1 8 t h e n e t r e v e n u e f o r t h e la s t f o u r m o n t h s w a s $ 8 9 9 ,5 4 5 , a g a in s t
o n l y $ 7 5 ,2 1 5 f o r f ir s t e ig h t m o n t h s , r e s u lt in g in a s u r p lu s a f t e r p r o p o r t i o n ­
a t e b o n d in t e r e s t o f $ 1 0 0 ,8 2 8 , a s a g a in s t a d e f ic it o f $ 1 ,5 0 2 ,2 1 8 f o r t h e e ig h t
m on th s.
T h e d e f ic it fo r th e y e a r w a s m e t , $ 1 ,0 9 2 ,8 1 4 fr o m c o n t in g e n c y
f u n d , $ 2 7 3 ,8 1 5 fr o m a c c u m u la t e d s u r p lu s .
V . 108, p . 679.
D I R E C T O R S .— S a m u e l In su ll (C h a ir m a n ), E . G . C o w d e r y ,
J.
J.
M it c h e l l, J a m e s A . P a tte n a n d S t a n le y F ie ld .
In F e b . 1 9 1 8 C h a r le s
A . M o n r o e w a s m a d e V ic e -P r e s . a n d A c t in g M a n a g e r u n d e r M r . I n s u ll,
P r e s id e n t C o w d r y le a v in g fo r a p r o lo n g e d a b s e n c e .
V . 108, n. 486.
O th er
o ffic e r s : J o h n W illia m s o n a n d E d w a r d J . E . W a r d ( V .- P s .) , J o s . E . D o u g h ­
e r t y ( T r e a s .) , T . V . P u r c e ll ( S e c .) , R o b e r t B la ir (A s s t . S e c .) , A . L . T o s e e ll
(A s s t. T r e a s .).
O ffic e . C h ic a g o .— ( V . 1 0 8 , p . 4 8 6 , 5 8 6 , 6 7 9 , 1 1 7 0 , 2 1 2 9 .
2 5 3 3 ; V . 1 0 9 , p . 1 7 9 , 4 8 3 .)
P E T T IB O N E
M U L L IK E N
C O .— O R G A N I Z A T I O N .— I n c o r p o r a te d
In N e w Y o r k J u n e 21 1 9 1 2 .
H a s p la n t o n 3 2 a c r e s o f la n d a b o u t 6 m ile s
fr o m h e a r t o f C h ic a g o .
M a n u fa c tu r e s fr o g s , c r o s s in g s , s w itc h e s , g u a r d
r a ils . & c ., f o r s te a m r a ilr o a d s .
V . 94. p . 1511.
N o bon d s.
S ta tu s
D ec. 1918, V . 107, p . 2191.
S T O C K .— A s t o p r e f. s t o c k p r o v is io n s , s e e V . 9 4 . p . 1 5 1 1 .
T h e secon d
p r e f . h a s n o v o t i n g p o w e r a n d Is s u b j e c t t o c a l l a t p a r a f t e r a ll t h e f i r s t p r e f .
s h a ll h a v e b e e n r e t ir e d .
V . 94, p . 1511.
F ir s t p r e f. o r ig in a lly $ 2 ,2 5 0 ,0 0 0 ;
c a n c e le d b y s in k in g fu n d t o J a n . 1 1 9 1 9 , $ 1 ,2 5 0 ,0 0 0 ;2 d p r e f. s t o c k , $ 7 5 0 ,0 0 0 . o f w h ic h $ 3 7 0 ,2 0 0 w a s in t r e a s u r y D e c . 3 1 1 9 1 8 .
D I V I D E N D S .— O n 1st a n d 2 d p r e f., I M % q u a r ., O c t . 1 9 1 2 t o J a n . 1 9 2 0 .
R E P O R T . — R e p o r t f o r c a l. y e a r 1 9 1 8 , in V . 1 0 8 . p . 1 2 7 2 , s h o w e d :
Y ea r—
N et In c.
l s f P r e f .D ip . 2 d P r e f . D i v . S k . f d . . ? i c . F c d . T a x . S u r p l u s .
$ 9 2 8 ,3 9 3 (7 ) $ 7 0 ,0 0 0 ( 7 ) $ 3 3 ,1 2 7
$ 4 2 8 ,7 1 2
$ 2 5 6 ,6 8 8 $ 1 3 9 ,8 6 6
1 9 1 8 .............
1 9 1 7 ............. 1 . 6 8 2 . 3 5 4 ( 7 ) 1 1 2 , 0 7 2 ( 7 ) 5 0 . 8 9 0
4 5 0 .9 3 4
4 4 0 .0 0 0 6 2 8 .4 5 8
1916
------0 1 7 .7 5 1 (7 ) 1 2 2 .5 0 0 (7 ) 5 2 .5 0 0
2 7 0 .0 /7
- - - - - 1 7 2 .7 2 4
P r e s ., A . I I . M u llik e n .— ( V . 1 0 6 . p . 8 2 1 , 9 3 3 , 1 6 8 8 ; V . 1 0 7 , p . 2 1 9 4 :
V . 1 0 8 . p . 6 8 8 , 1 2 7 2 .)
’ V

P H E L P S , D O D G E C O R P . — O R G A N I Z A T I O N . — I n c o r p o r a t e d in N e w
Y ork
A u g . 10 188 5 a s th e C o p p e r Q u e e n c o n s o l. M in in g C o . a n d fr o m
D e c . 1 9 0 8 t o A p r il 1 9 1 7 a c t e d a s th e le a d in g o p e r a t in g s u b s id ia r y o f P h e lp s .
D o d g e & C o . (a h o ld in g c o m p a n y .)
I n c o r p o r a t e d In N o w l o r k S t a t e o n
D e11 1 9 0 8 p e r p l a n V
S7 . D 1535; v . 8 8 . p . 1 4 9 ; V . 8 9 . p . 1 5 4 5 .
In
1 9 1 7 t h e n a m e w a s c h a n g e d t o P h e lp s . D o d g e C o r p ., a n d th e a u th . s t o c k
w a s I n c r e a s e d fr o m $ 2 ,0 0 0 ,0 0 0 t o $ 5 0 ,0 0 0 ,0 0 0 , o f w h ic h * 4 5 .0 0 0 0 0 0 w a s
t h e n a p p l ie d t o t a k i n g u p s h a r e f o r s h a r e t h e $ 4 5 ,0 0 0 ,0 0 0 s t o c k o f t h e h o ld ­
in g c o r p o r a t i o n .
T h e s u b s id ia r ie s w h o s e p r o p e r t ie s w e r e a b s o r b e d b y
P h e l p s , D o d g e C o r p . In s u c h r e o r g a n i z a t i o n , w e r e a s
D e tr o it
C o p p e r M in in g C o . o f A r iz o n a . B u r r o M t n . C o p p e r C o . a n d S ta g g C a n o n
Fuel C o .
O t h e r s u b s id ia r ie s w h o s e p h y s ic a l a s s e t s w e r e n o t t a k e n o v e r ,
b u t a ll o f w h o s e Iss u e d s t o c k w a s a c q u ir e d In s u c h r e o r g a n i z a t io n , a r e :
M o c t e z u m a C o p p e r C o . , $ 2 ,6 0 0 ,0 0 0 s t o c k ; P h e lp s D o d g e M e r c a n t ile C o . .
$ 2 ,0 0 0 ,0 0 0 s t o c k ; a n d B u n k e r H ill M in e s C o . , $ 7 5 0 ,0 0 0 s t o c k .
D I V I D E N D S . — U n til M a r . 3 0 1 9 1 7 o f P h e lp s . D o d g e & C o .( h o l d i n g c o .)
1 9 0 9 -1 1 . ’ 12 . ’ 1 3 . ’ 1 4 . ’ 1 5 . T O . T 7 . 1 8 .
1919.
R e g u l a r , % ...................1 0 % y l y 1 0
10
10
10
10 7 ) * y
10
E x tra
% ............. - —
2 % y ly
5
6 )*
4
1 0 2 2 ) * 1 4 1 0 ) * 3 ) * .........................
A c c o u n t d e p le tio n .
------------- ---- _
__
- _
- -o
^x
--r
X 2 % p a y a b le I n 4 ) < % L ib e r t y b o n d s ,
y O n ly th r e e q u a r te r ly d iv id e n d s ,
2 )* %
e a c h , d u e t o c h a n g e in d i v i d e n d p e r io d f r o m Q . - M . 3 1 t o Q . - J . 2 .
— V . 108, p . 1170.
C o n n e r O u tp u t (i n L b s .) —
1919.
1918.
1917.
M o n t h o f O c t o b e r ............... ...............................
8 ,9 2 6 ,0 0 0
1 6 ,7 2 8 ,3 7 1
1 7 ,5 7 8 .6 2 4
T e n m o n t h s t o O c t . 3 1 .................................... 9 2 . 8 9 3 . 9 6 9 1 8 0 , 8 2 2 , 6 3 6 1 6 7 , 4 8 1 . 5 1 0

N ov., 1919.]

207

INDUSTRIAL STOCKS AND BONDS

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

P hlladel ohlaElectr!c(of Pa.)— Stock full paid $25 per sh .(text)

First mtg$60,000.00015% call HOfromOct 1 21kxxc*&r*
B fd $212,000 y’rly J4%call 105 from Oct 1 ’21kxxc*&r*
k
Secured notes $12,000,000 g call 101 till Feb 1919, then
100 K .....................................................................GP.xxxkc*
Delaware Co El Co (sub co) 1st M closed s fd call 105------c*
Pierce-Arrow Motor Car Corporation— Common— - - ---Pref (a & d) 8% cum $10,000,000 s f call 125 convertible..
Pierce O il Corporation— Common stock ($33.000.000)-----Common stock Class B non-voting $20,000,000---------- - - Pf (a&d) stk 8% cum conv into Cl B com, $ for $, 15mil call
Ten-year debs gold called for payment Jan 1 1920 at 105-C*
Conv gold notes called for payment Doc 31 1919 at par.-C*
Two-year gold notes-------------------------------------------- ------Pierce Pipe Line Co (sub co) 1st (closed) M notes endorsed
due $250,000 s a gold------- ----------- -------- -------- xxxEqc

Date
Bonds

1916
1916
1918
1909

1914
1916
1918
1918

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest an 6
Dividends are Payable
and Maturity

Checks mailed
$25 $29,985,300 See text Q— M Decl5 ’19 1
Philadelphia
5g
A & O Oct 11966
100 &c a36 663.300
do
1.671.700
4 g A & O Oct 11966
100 &c
do
F & A Feb 1 1920
6g
500 &c 7.500.000
Phila Tr & Safe Dep Co
F S A Aug 11939
c
5g
300.000
1 .0 0 0
New Mayl '19. $1.25 Check mailed
None 250,000 shs New
do
Q— J Jan 2 1920 2%
8
100 1 0 . 0 0 0 , 0 0 0
25 b21,943.450
25 See text
8
Q—J Oct 1 1919 2%
15,000,000
100
Laden Thai & Co., N Y
6 g J & J Dec 15 1919
100 &c 9.406.000
Equitable Tr Co., N Y
T & J Dec 31 1920
6g
100 &c 1.975.000
F & A Feb 1 1920
6g
114,800
6 g J & J 15 Jan-Julyl5 1920 New York
500.000
1 .0 0 0

a Includes $1,500,000 sold In Feb 1919. V. 108. p. 586.
to Subject to increase by conversion of notes, &c., up to Jan. 1 1920 to not ov er SI 1,056 ,550

REPORT.— For cal. year 1918, In full, V. 108, p. 2295: V. 108, p. 1064,
ehowed:
1918.
1917.
_________________ ___ _____ ’, oS ’4To’ Sds
Total gross income
T o ta l gross lncomB....................
incom e..........- ...........- ................................ $59,483,208 $62,262,186
................
99 712 898 29,411,933
N e t incom e ______________________________________ 22,712,898 2 9 .411.933
1,097,432
i S i 'c o c
D e p r e c i a t i o n , b u i l d i n g s a n d p l a n t s ---------------------------------5,857,595
S tate and Governm ent t a x e s . . . .................................. 5,863,585
10,800.000
D ividends paid (2 4 % )-------------------------------------------■Rnlinr-n snrnlus for yea r________________________
5,145,083 11,656,906
ii.u o u .ru u
T h e total surplus D ec. 31 1918 was S131.379.717, after deducting

85 662.813 provision for depletion o f mines for year 1918.

Fine’ copper recovered, 192,063,212 lbs. In 1919, 191,581,131 in 1917.
A s to allied railway see El Paso & S. W . under “ Railroads.
O F F IC E R S . &e.— Pres.. W alter Douglas; V .-P s., Cleveland H . D o d g e ,
A rthur Curtiss James. James M cLean: Sec. & Treas.. George N otm an.
Directors.— Cleveland H. D odge. Arthur Curtiss James, James M cL ean ,
Georsre B . Agnew, E . Hayward Ferry. Francis L. Hine, W alter Douglas.
W m Church Osborn, George N otm an. N . Y . office, 99 John St.— (V . 108,
p . 177. 586. 9 7 8 ,1 0 6 4 ,1 1 7 0 .1 3 9 4 .1 8 2 6 , 2438; V .109. P-179, 5 8 4 .14 6 6 ,1 89 8 .
PHILADELPHIA CO. — See Pittsburgh, in “ Electric R y ." Section.
PHILADELPHIA E L E C T R IC CO.— O R G A N IZ A T IO N .— Incorp. in
Penna. Owns or controls all electric-light properties o f Phila., also in
W est Philadelphia and Chaster; and all the large towns in Delaware
C ou n ty. V . 73. p. 496. 6S0: V . 86 p. 977: V . 90. p . 1047; V . 99. p. 820:
V . 105, p. 1425: V . 104. p. 261, 367; V . 105, p . 1807. lia s long lease o f
con du it space from Keystone Telephone C o. at a graduated rental rising to
$125 000 yearly, with option o f purchase at end o f lease. V . 104. p . 2558:
V 100, p . 737. Rates, V . 102, p . 1254: V . 106. p . 92, 612; V . 108, p . 586.
N ew piant in 1917 cost $5,000,000. V . 105, p . 1527, 2004; V . 106, p . 1683.
T h e capacity o f entire system Is 266,826 k .w .
S T O C K .— A uthorized, $25,000,000 (o f which $ 1 2 ,2 5 0 In treasury). T he
final Installment o f $2 50 per share was called and paid D ec. 16 1916, making
the $25 shares full paid. The Phila. E l. C o . o f N . J . (holding co .) was dis­
so lv ed in Dec. 1917; its $24,987,750 stock, except $21,475, has been ex­
changed for stock o f the Phila. E lec. C o . o f P a ., each S25 share for a new
$25 share. V. 105, p . 1425, 1622: V 103. p . 326, 1416; V . 104, p . 261. 367.)
Shareholders o f record N ov . 30 1918 were given the privilege o f subscrib­
ing for $4,997,550 new stock authorized as a 2 0% stock allotm ent at par.
$25 per share, paym ent to bo m ade 50% each Jan. 15 1919 and M arch 15
1919 increasing the capital stock outstanding to $29,985,300. T he p ro­
ceeds ($4 997,550) to be used to finish certain construction work fo r the
distributing ssytem in Philadelphia, and the com pletion o f the new station
a t Chester with a present installation o f tw o 30,000 k . w . units, b o th o f
which are no ^operating: liquidate outstanding bank loans: and p rovide
additional working capital. See V . 107, p . 2103. In O ct. 1919 aB o f this
now stock had been sold, making the totai outstanding issue $29,985,300.
V . 109, p. 1185.
D IV ID E N D S —
;*02-’07. ’ 08. ’09 to T 2 ’ 13. *14. T 5 . 16. 17-19.
O n amounts paid ln l5 y ’ ly .
5H
6 y ’rlv
„ ’ 1 4to M a r’1 9 .7 yrly
A l s o extra paid In s t k -------------51
5 15 0
$ 1 5 0 ..
- - ----------B O N D S — The 1st M . bond3 o f 1916 (see V . 104, p . 565) were t o cover
the entire property (and all after-acquired property except stocks and
securities) tuon em bracing all the public electric light and power plants in
Philadelphia
In Feb. 1918 $2,500,000 were pledged under secured
N ote issuo
In June 1918, and again in F eb. 1919, an additional $1,500,000
1 st M 5s was sold, making $36,663,300 out. V . 106, p. 2762; V . 108. P-586.
Reserved bonds can only be Issued for 8 5% o f the cash cost and fair value
o f acaulsltions, permanent additions, extensions. & c., and then only when
th e net earnings are 1H times the Interest charges on all bonds Issued and
to bo Issued. Sinking fund o f $212,000 yearly plus accum ulations. N otes
navabie Dec. 31 1918. $2,900,000.
.
P fn Feb 1918 sold (V . 106. p . 1683) $7,500,000 2 -year 6 % sec. notes (of
an authorized $12,000,000) to provide for retiring the $ 2 , 500,000 notes
due A ug. 1 1918 and also for cost o f additions, notably the new Chester
now er station o f Delaware C ou n ty E lectric C o ., initial capacity 60,000
k w.
This Issue is secured b y the pledge or $2,500,000 o f the com pany s
first m tge. 5 % bonds, together with the outstanding stock and all the
$10 000,000 6 % m ortgage bonds o f Delaware C ounty E lectric C o . m e
remaining notes can only h e Issued after Increase o f collateral (b y an amount
eaual to 150% o f the additional notes) when the net earnings are twice
the Interest charges as so increased. See V . 106, p . 826. 933.
R E P O R T .— F or 1918, V . 108, p . 1605;
„ , .. ...
“
Cal.Yr. , 18. Cal.Yr. T 7 . Cal.Yr. T 6 . Cal.Yr 15
502,397
361,848
248,504
•Sales 1 000 k. w . h ................................
OroSs Incom e, all c o s . . .$14,503,851 $12,160,769$ 10.260.072 $8,777 924
N ot after taxes. &C— - $1,628,209 $4,455,553 $4,775.0971
N ot
Fixed chargos, & c.......... 2,595,815
2.437.359
1.981,046/ shown
D ividends ( 7 % ) ..............
1-749.192
1.7491189
1 .574.313
1.574.311

S u r p lu s .----.............
$283,202
$269,005 $1,219,738
$840,239
Pres Joseph B. McCall; V.-P., W . H. Johnson; Sec. * Asst .T reas.,
A V R Coo-Treas., II. O. Lucas. Office, 1000 Chestnut St„ Phila.. Pa.
- ( V . 108 P 386.586.)
pH j LI IPS-JONES CORPORATION.— (V. 109. P- 780.)
p H1 I IPS PETROLEUM C O — ORGANIZATION— Incorp. in July
1
1919 in Delaware. The company and its partners own over 63,000 acres
in foe land and leases approximately as follows: Kansas, 18,000 acres,
oUihnirn 15 000 acres; Texas. 25.000 acres; Kentucky and Louisiana,
5 900 awes Has over 353 oil and gas wells on the above properties and
100 wolta drilling. SeeV. 108. p.1614; V .109. p. 685. 1466.
n \ p it A LIZ AT ION.— Authorized 400,000 shares, no par value, out­
standing 254 957 shares. No bonds. The Pref. stock was redeemed.
1 1919. Pros., Frank Phillips, Bartlesville, Okla.— (V. 109, p. 179,
fT H F )2 PIERCE-ARROW m o t o r c a r C O . — O R G A N I Z A T I O N . rniX-;! nor' 21916 1a N . Y. State as successor of the original company of
ilmUar’name. Modern plant at Buffalo covers 43 acres. Denial of charge

C o m m o n stock! auth. and Issued. 250.000shares, no par value.
p ,!™ t o « .s K o .o o o
<\?vsan Sinking fund for purchase (or call at l i b and dlvs.) of
receive cash equal to whatever is paid in any year In cash
dtvldondfon the common stock over $5 per share. Pref. stock W retired
or otherwise redoemod will be converted into common stock. AH the bond*
worecalledto? payment Feb. 1 1917. War contracts canceled. V. 108, p.
^ D IV ID E N D S .— At rate of 8% per annum (2% Q.-J.) on pref. stock.




Jan 2 1917 to Apr. 1 1919 Inch On common Aug. 1917 to May 1919, both
incl., $1 25 quar.; Jan. 2 1920 com. div. was omitted. V. 109, p. 78.
EARNS — To Sept. 30— 1919— 3 M o s . — 1918. 1919— 9 M o s . — 1918.
_______ $749,045 $1,338,129 $2,664,747 $5,188,102
Operating profit
Deorec in? & Federal ta x..
272,192
451,370
994,205 2,155.447
Prafewed dividend............. (2%)200.000 (2)200.000 (6)600,000 (6)600.000
Common dividend------- -—
----------62c5°ko
9
«
------------$ 1 2 5 _______ o u ___________ S o t o
do
rate (per share)-----Balance, surplus________ - $276,853
$374,259 $445,542 $1,495,155
REPORT.— For calendar year 1918 (V. 108, p. 1507):
1918.
1917.
____
1917.
1918.
$800,000
Gross.........$41,354,440 $32,565,908 Pref. div.(8%)$800,000
Net................$4,288,773 $4,791,274 Com ,div.($6 4£) 1562500 ($2 ]A)625000
$403,241 $2,173,748
Fed’l taxes. 1,200,000
1,161,802 Bal.,surp._
Deduc., net
323,032
30,724 Surp.Dec.31 $2,819,204 $2,415,963
O F F I C E R S .— C h a r le s C li ft o n , C h a ir m a n ; J o h n C . J a y J r ., P r e s .; G . W .
M ix t e r , V .-P r e s .; W . J . F o s s , V .- P r e s .; M . E . F o r b e s , T r e a s .; E . C . P e a r s o n ,
^ D i r e c t o r s .— C h a r le s C li f t o n . J o h n C . J a y J r ., G . W
M ix te r W . J . F o s s .
C h a r le s H
M c C u llo u g h J r ., W illia m S . P h ilip s , F r e d e r ic k S tr a u ss , O . J .
S c h m id la p p .— ( V . 1 0 8 . p . 3 8 6 , 1 9 4 1 ; V . 1 0 9 , p . 4 8 3 , 7 8 0 , 8 9 3 , 1 4 6 7 , 1 7 0 5 .)

PIFRCE O I L C O R P . — O R G A N I Z A T I O N . — I n c o r p . I n V i r g i n i a J u n e
2 3 1 9 1 3 , p e r p la n V . 9 7 , p . 3 0 3 , 3 0 2 ; V . 9 5 , p . 1 2 7 9 ; V . 9 6 , p . 4 9 5 ; V . 1 0 7 ,
903.
O w n s d ir e c t ly , o r th r o u g h th e e n tir e c a p it a l s t o c k o f s u b s id ia r y
c o m p a n ie s : (a ) F iv e m o d e r n r e fin e r ie s a t F o r t W o r t h a n d T e x a s C i t y , T e x . ,
S a n d S p r in g s , O k la ., T a m p ic o a n d V e r a C r u z , M e x i c o .
T o ta l a verage
d a ily c a p a c it y 4 3 ,0 0 0 b b ls . o f c r u d e o il .
(to) 1 2 9 . 0 0 0 a c r e s o f o i l l a n d s ,
p r in c ip a ll y h e ld u n d e r le a s e , p a r t ly o w n e d in f e e , In O k la
T e x ., A r k
and
T a m p i c o , M e x . . I n c lu d in g h o ld in g s In t h e C u s h in g a n d M o r r i s f ie l d s In
O k la 7
(c ) T h r e e t a n k s t e a m e r s , f l o a t i n g e q u ip m e n t a n d 1 .6 0 0 t a n k c a r s .
(d ) 1 .1 5 0 c e n t r a l l o c a t e d m a in d is t r ib u t in g s t a t io n s ,
(e ) a 6 - i n c h p i p e l i n e
o w n e d in f e e f r o m C u s h in g f ie l d t o S a n d s S p r in g r e f i n e r y , 3 5 m ile s ,
(f)
t h r o u g h P ie r c e P ip e L in e C o . (e n t ir e s t o c k o w n e d ) , a n 8 -m c h p ip e lin e 1 0 0
m ile s in le n g t h f r o m H e a ld t o n f ie l d , O k l a ., t o F o r t W o r t h r e fin e r y .
V . 101,
p . 2077; V . 105. p . 2461; V . 106, p . 196; V . 107, p . 611.
E x te n s io n s p r o p o s e d
'n
M a y ^ l Q l s ! S a v i n g o b t a i n e d a u t h o r i t y t o o p e r a t e in T e x a s , t o o k t it l e
t o th e p r o p e r tie s o f th e P ie r c e -F o r d y c e C o .
V . 106, p . 196, 1905, 2014.
S T O C K .— T h e a u t h o r iz e d c o m m o n s t o c k is $ 3 3 ,0 0 0 ,0 0 0 , p a r $ 2 5 a s h a r e ,
(r e d u c e d fr o m $ 1 0 0 in 1 9 1 4 b y s u b d iv is io n , V . 9 9 , p . 5 3 . 2 0 3 , 9 8 7 ) .
O u t­
s t a n d in g O c t . 1 9 1 9 , $ 2 1 ,9 4 3 ,4 5 0 , a n d s u b je c t t o fu r t h e r in c r e a s e u p t o
D e c 3 1 1 9 1 9 b y c o n v e r s io n o f d e b e n tu r e s a n d g o ld b o n d s t o g e t h e r a g g r e g a te
in g a s o f S e p t 2 6 1 9 1 9 . $ 1 0 ,6 0 0 ,0 0 0 .
V
108. p . 386. 1941.
T h e s to c k h o ld e r s o n J u ly 2 5 1 9 1 9 v o t e d t h a t t h e m a x im u m c a p it a l s t o c k
b e in c r e a s e d f r o m a n a u t h o r iz e d $ 3 3 ,0 0 0 ,0 0 0 , a ll c o m m o n s t o c k , p a r v a l u e
$ 2 5 . t o $ 6 8 ,0 0 0 ,0 0 0 , d iv i d e d in t o (a ) $ 1 5 0 0 0 ,0 0 0 8 % c u m c o n v . p r e f . s t o c k
D a r $ 1 0 0 ' (6 ) $ 3 3 ,0 0 0 ,0 0 0 c o m m o n s t o c k , p a r $ 2 5 ; (c )
2 0 .0 0 0 ,0 0 0 C la s s B
co m m o n s to ck (n o n -v o tin g ). p a r $ 2 5 .
\ . 1 0 9 , p . 1 7 9 . 2 7 7 , 4 8 3 . 1 1 8 5 .1 2 7 9
T h e e n t ir e $ 1 5 ,0 0 0 ,0 0 0 o f 8 % c u m . c o n v . p r e f . s t o c k w a s s o ld f o r t h w it h
fo r c a s h t o b a n k e r s , w h o a g r e e d t o e x c h a n g e s a id p r e f. s t o c k fo r s u c h o f th e
t e n -y e a r 6 % c o n v . g o ld d e b e n tu r e s o f 1 9 2 4 a s m ig h t b e d e p o s it e d o n o r
b e fo r e S e p t 22 1 9 1 9 .
T h e p r o c e e d s r e c e iv e d f r o m t h e s a le w e r e t o b e u s e d
a s fo llo w s - (a ) t o p a y o f f o n J a n . 1 1 9 2 0 s u c h o f t h e c o n v e r t ib le g o ld d e b e n ­
tu r e s o f 1 9 2 4 ($ 9 ,2 9 7 ,0 0 0 J u n e 3 0 1 9 1 9 ) a s m ig h t n o t b e e x c h a n g e d f o r p r e f.
s to c k o r c o n v e r te d in to c o m . s to c k ; (b) t o p a y o f f o n D e c , 3 1 1 9 1 9 s u c h
o f t h e 5 -y e a r 6 % c o n v e r t i b l e g o l d n o t e s ($ 1 ,5 0 0 ,0 0 0 ) J u n e 3 0 1 9 1 9 a s m ig h t
n o t b e c o n v e r t e d in t o c o m m o n s t o c k ; a n d (c ) f o r t h e d e v e lo p m e n t o f t h e
c o r p o r a t io n ’s p r o p e r t y in t h e R a n g e r -T e x a s a n d o t h e r o il fie l d s , t h e li q u id a ­
t io n o f c u r r e n t b a n k lo a n s a n d o t h e r c o r p o r a t e p u r p o s e s .
T h e p r e f . s t o c k is c o n v e r t i b l e a t a n y t fm e o n o r b e f o r e J a n . 1 1 9 2 3 i n t o a n
e o u a l o a r a m o u n t o f O la a s B c o m . s t o c k , a n d is r e d e e m a b le a t o p t i o n o f
c o m p a n y a ll o r p a r t , f r o m J u ly 1 1 9 2 2 t o J u ly 1 1 9 4 9 a t 1 1 5 a n d d i v s ., b u t
i f s o c a lle d p r io r t o J a n . 1 1 9 2 3 , m a y b e c o n v e r t e d u p t o t h a t d a te ; s in k in g
f u n d b e g i n n in g J u l y 1 1 9 2 2 , n o t le s s e a c h y e a r t h a n 3 % o f t h e is s u e ( o r
$450 000) to ca n cel sam e.
T h is s t o c k h a s n o v o t i n g p o w e r u n le s s a y e a r s
d iv id e n d s r e m a in u n p a id t h e r e o n .
T h e c o n s e n t o f a 6 6 2 -3 in t e r e s t is
n e c e s s a r y t o th e m a k in g o f a m o r tg a g e , & c .
.
T h e C la s s B c o m m o n s t o c k is in a ll r e s p e c t s o f t h e s a m e c h a r a c t e r a n d
h a s t h e s a m e r i g h t s a n d is s u b j e c t t o t h e s a m e c o n d i t i o n s a s t h e p r e s e n t
c o m m o n s t o c k , e x c e p t t h a t ttie C la s s B s t o c k lia s n o v o t i n g p o w e r .
O B L I G A T I O N S .— T h e 1 0 -y e a r 6 % d e b e n tu r e s , o r ig in a lly $ 1 0 ,0 0 0 ,0 0 0 .
h a v e b e e n c a lle d f o r r e d e m p t i o n a n d w ill b e p a id a t 1 0 5 o n J a n . 1 1 9 2 0 , in
s o fa r a s n o t c o n v e r t e d in t o c o m m o n s t o c k , $ fo r $ . p r io r t o t h a t d a t e .
The
r ig h t t o c o n v e r t in t o p r e f. s t o c k e x p ir e d S e p t . 2 2 1 9 1 9 .
V . 109, p . 584.
T h e $ 2 0 0 0 ,0 0 0 5 -y e a r 6 % g o l d n o t e s o f 1 9 1 5 , c o n v e r t i b le a t a n y t im e in t o
c o m m o n s t o c k a t $ 2 0 (o r 8 0 % , p a r $ 2 5 a s h a r e ), p r io r t o r e d e m p t io n h a v e
b e e n c a lle d f o r p a y m e n t o n D e c . 31 1 9 1 9 , if n o t c o n v e r t e d .
V . 109, p . 1467.
T h e P ie r c e P ip e L in e C o . in A u g . 1 9 1 8 s o ld $ 1 ,0 0 0 ,0 0 0 1 s t M t g e . 6 %
n o t e s d u e $ 2 5 0 ,0 0 0 s e m i-a n n u a lly , b e g in n in g J a n . 1 5 1 9 1 9 , b e a r in g t h e
e n d o r s e m e n t o f t h e P ie r c e O il C o r p o r a t io n , w h ic h o w n s t h e e n t ir e $ 1 ,0 0 0 ,0 0 0
c a p it a l s t o c k ; $ 5 0 0 ,0 0 0 p a id o f f .
V . 107, p . 611.
.
B a la n c e s h e e t J u n e 3 0 1 9 1 9 s h o w e d o u t s t a n d in g ( Y . 1 0 9 . p . 1 4 6 7 ) m is ­
c e lla n e o u s s e c u r it ie s a s f o ll o w s ; (a ) C a r t r u s t s , $ 5 7 1 ,0 8 0 . d u e $ 2 5 8 ,4 3 2 in
1 9 1 9 a n d $ 3 1 2 ,6 4 8 in 1 9 2 0
(6 ) p i p e li n e c o n s t r u c t i o n 6 % l o a n , r e n e w e d
J u n e 1 5 1 9 1 8 a n d m a t u r in g $ 2 5 0 ,0 0 0 s e m i-a n n u a lly J u ly 1 5 1 9 1 9 t o J u ly 1 5
1 9 2 0 , b o t h in c lu s iv e , $ 7 5 0 ,0 0 0 ; (c ) m o r t g a g e o n m o t o r t a n k s h ip , $ 5 0 0 ,0 0 0
(d ) n o t e s p a y a b l e , $ 2 ,5 3 5 ,6 0 0 ; (e ) t w o - y e a r g o l d n o t e s . $ 1 1 4 ,6 0 0 ; U > 1 0 - y e a r
d e n e n t u r e s , $ 9 ,2 9 7 ,3 6 o ; (g ) c o n v e r t i b l e g o l d n o t e s , $ 1 , 5 0 0 ,0 0 0 .
T h e s e la s t
t w o ite m s , s o fa r a s n o t c o n v e r t e d in t o c o m m o n , h a v e b e e n c a u e a a n a w iu
b o p a id o f f b y J a n . 1 1 9 2 0 o u t o f t h e p r o c e e d s o f t h e p r e f . s t o c k is s u e .
■ L E A R N I N G S .— D a t a fo r 6 m o s . t o J u n e 3 0 1 9 1 9 (V . 1 0 9 . P - 1 3 7 2 . 1 4 6 7 ):
T o t a l in c o m e , $ 2 ,5 8 0 ,9 7 6 ; m is c . e x p e n s e s , $ 9 8 ,7 9 3 : d e p le t io n a n d d e p r e c n ,
$ 5 9 4 , 9 0 8 ; i n t . o n d e b e n t u r e s a n d g o l d n o t e s , * 3 3 8 . 0 8 (L f n t - 'o n ^ t h e r d n d t b t e d
n e s s ( n e t ) , $ 9 6 ,6 8 1 ; n e t in c o m e f o r t h e p e r io d b e fo r e a llo w in g f o r t e a e r a i
t a x e s , $ 1 ,4 5 2 ,5 1 5 .
_
R E P O R T .— C o m b in e d r e s u lts f o r c a le n d a r y e a r s ( V . 1 0 9 , p . 1 1 7 6 ):
W
.
m
.
.
Trad'g profits.$6,057,864 $3,954,771
Other income.
16,961
154,272

In w . « .

f

c

j

i

l

j

i

‘ W 3B

* i $ M

»

?1'.™

T o t a l i n c o m e . $ 6 , 0 7 4 , 8 2 5 $ 4 , 1 0 9 , 0 4 3 Surplus ................$ 2 , 8 9 4 , 4 S 8 $ 1 , 6 0 9 , 4 8 9
D I R E C T O R S (P ie r c e O il C o r n ) — H
C la y P ie r c e (C h a ir m a n & P r M ) .
a y A r t h u r P ie r c e ( V .- P r e s .) ,, % e n R .c h a r d s
V -P )
J. N
G a ilb r a it h
f v k p O '7 W ? r L * 'w a ° g n e V '’ ( T r ^ s . ) . T . ^ i ^ h n T E u g e n e W . S t e t s o n , J o h n
1
r
J W a tson
S e c . Is H . R. W a t e r b u r y .
N. X v > -/r»
B r o a d S t.

(V.U09. p. 179. 277, 483, 584, 780, 1176 1185. 1279. 1467.)

208

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
\For a b b r e v i a ti o n s , & c ., s e e n o te s o n f i r s t p a g e ]

Pittsburgh Coal Co. (of

P e n n ) — C o m s t o c k 6 % a n d p a r tic
P a r t ic ip a t in g p r e f s t o c k 6 % c u m (a ls o a s t o a s s e ts , s f c a ll 110
1 s t M S t . 5 0 0 , 0 0 0 g s r u a r r e d 1 0 2 Mi s
______________U P i . s c *
Mon River Cons Coal Sc Coke 1st M g 8 f ( s e e t e x t ) . U P I . zc*
M id la n d C o a l p u r c h a s e 1 s t M $ 1 ,2 0 0 ,0 0 0 g r e d 1 0 2 H - U P i x c
D e b e n t u r e s S O .3 5 0 . 0 0 0 g a u t h r e d e e m a b l e p a r ___________
E q u i p m e n t T r u s t s o f 1 9 1 3 ________________________________________
do
do
_ ____ _____________ _____ _
_
do
do
S e r i e s A g u a r __________________
B o n d s o f S u b s id ia r y C o m p a n ie s .
N o r t h w e s t e r n C o a l R y 1 s t M t g e b o n d s ________________________
M o n t o u r R R r e d 1 0 5 b e g i n 1 9 2 4 ________________________________
P i t t s & C a s S h a n R y , d u e $ 1 0 , 0 0 0 y l y , e x c e p t ’ 1 9 - ’ 2 2 _____
P i t t s Coal D o c k & W h 1 s t M g u a r a & d r e d , 1 0 2 H - - _____
P i t t s b u r g h S t e e l — C o m m o n s t o c k $ 7 . 0 0 0 . 0 0 o a u t n . ______
Pret (a & d ) 7 % c u m $ 1 0 , 5 0 0 , 0 0 0 r e d 1 2 0 ( V . 9 6 . p . 6 5 ) .
Rortland ( O r e ) Qas & Coke Co— P t ( a & d ) s t k 7 % c u m r e d l l 5
P i n t & R e f M $ 1 5 ,0 0 0 ,0 0 0 c a ll 1 1 0 a f t 1 9 1 9 - .x x x c * U S m
P o r t l a n d G a s CV» 1 s t M _______________ ______ ______ .
_____ x x x
Porto Rlcan-Anr*ricsn Tobacco — Stock $ 5 . 0 0 0 . 0 0 0 ---------------Dlv s c r i p s e r 1 t o 5 ( $ 1 4 9 , 3 1 6 e a c h ) d u e q u a r b e g J u n e 1 9 2 1
P r a i r i e O i l & O a s C l - S t o c k , $ 1 8 , 0 0 0 . 0 0 0 ....................................... .

f

a E x c lu d in g

$ 4 ,0 0 0 ,0 0 0 p r e f . a n d

1918

100
100
100
1 ,0 0 0
1 ,0 0 0
100
V a r io u s
100

tre a s u r y

$ 7 ,8 3 0 ,8 0 0 c o m . s t o c k in

S T O C K . — T h e p r e f . s t o c k is e n t i t l e d : ( a ) T o c u m u l a t i v e d i v i d e n d s a t
r a te o f 6 % p a y a b le q u a r te r ly w ith in te r e s t a t 5 % o n a n y a c c u m u la tio n s ;
( b ) T o p a r t i c i p a t e e q u a l l y w i t h t h e c o m m o n s h a r e s In a n y y e a r in w h ic h
e a c h s t o c k h a s r e c e iv e d 6 % : (c ) T o s h a r e In a s in k in g f u n d e f f e c t iv e fr o m
J a n . 1 1 9 1 6 , b a s e d o n t h e s a le o f m in e -r u n c o a l, s a id fu n d t o b e a p p lie d ,
a s th e d ir e c t o r s m a y d ir e c t , a s fo llo w s (b u t s u b je c t t o th e r e s o lu t io n o f
J u ly 9 1 9 1 7 , V . 1 0 6 , p . 1 3 3 8 , b y w h ic h s u f f i c i e n t a m o u n t s o f t h e is s u e s h a ll
b e r e t ir e d fr o m t im e t o t im e t o p r e s e r v e t h e r e la t io n o f v a lu e o f u n m in e d
c o a l t o t h e a m o u n t o f o u t s t a n d i n g p r e f . s t o c k t a k e n a t it s c a ll p r ic e o f 1 1 0 ),
v i z . : ( a ) f o r p a y m e n t o f d e b t , (ft) a d d i t i o n s , ( c ) r e t i r e m e n t o f p r e f e r r e d
s h a re s b y p u r c h a s e (o r c a ll) a t n o t e x c e e d in g 1 1 0 a n d d iv id e n d s ; (d ) t o p r e ­
fe r r e d p a y m e n t o f p r in c ip a l a t 1 1 0 a n d d iv id e n d s in c a s e o f liq u id a t io n ;
(e ) T o t h e r e s t r ic t io n t h a t n o in d e b t e d n e s s s e c u r e d b y m o r t g a g e o r p le d g e ,
o f t h e g r e a t e r p a r t o f t h e p r o p e r t y s h a ll b e c r e a t e d w it h o u t t h e c o n s e n t a t
a m e e t in g o f a t le a s t 2 -3 o f t h e o u t s t a n d i n g p r e f . s h a r e s
D I V I D E N D S .— O n p r e f. s t o c k o f o ld P it t s . C o a l C o . o f N . J ., 1 9 0 0 t o
A p r . 1 9 0 5 , 7 % y r l y .; 0 6 t o ’0 9 . n o n e ; ’ 1 0 . 5 % : ’ l l t o A p r . 2 5 1 9 1 9 , 5 %
p . a . ( 1 H % q u a r .).
O n P it t s 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
1 9 1 6 t o J u l y 1 9 1 7 . In a l l . 5 H %
( t o P i t t s . C o a l C o . o f N . J . ) ; t o p u b l i c in
J u l y 1 9 1 7 in s e t t le m e n t o f a c c u m u la t i o n s , 3 . 4 8 % c a s h w it h 3 3 1 - 3 % o f
p r e r . s t o c k : O c t . 2 5 1 9 1 7 t o O c t . 1 9 1 9 . q u a r t e r ly , 1 4 4 % c a s h .
I n M a r c h 1 9 1 8 a n in itia l d iv i d e n d o f $ 5 p e r s h a r e w a s d e c la r e d o n th e
c o m m o n s t o c k , p a y a b l e in f o u r q u a r t e r l y in s t a l l m e n t s o n A p r . , J u l y a n d
O c t . 2 5 1 9 1 8 a n d J a n . 2 5 1 9 1 9 , t o h o ld e r s o f r e c o r d o n t h e 1 0 th d a y o f th e
m on th o f p a y m e n t.
A p r il, J u ly a n d O c t. 1 9 1 9 , 1 V i % .
V . 106, p . 1349.
B O N D S .— P itts b u r g h C o a l G o . o f P e n n a . 1 st 5s o f 1 9 1 0 a re g u a r , b y
P it t s b u r g h C o a l C o . o f N . J .
S i n k i n g f u n d . 1 0 c . p e r t o n . n o t le s s t h a n
$ 6 0 ,0 0 0 y e a r l y .
V . 90, p . 1494.
F ir s t M . o n P it t s . C o a l D o c k & W h a r f C o . p r o p e r t y a t D u lu t h . M in n .,
$ 3 ,5 0 0 ,0 0 0 . V . 9 4 . p . 1 0 5 2 ; V . 9 6 . P 8 6 1 ; V . 8 9 . p . 1 2 8 4 .
P itts b u r g h C o a l C o . o f P e n n . (M id la n d C o a l C o . p u r c h a s e ) 6 s h a v e a
m in im u m s in k , f u n d o f $ 5 0 ,0 0 0 y r l y .
V . 95 , p . 893. 1043; V . 96. p . 861. .
T h e M o n o n g a h e la R iv e r C o n s o l. C . & O . b o n d s h a v e a s in k in g fu n d o f
6 c . p e r t o n o f 1 4 4 -in c h , c o a l m in e d , a n d s h ip p e d , w h ic h r e tir e s b o n d s a n ­
n u a lly a b o u t D e c . 1 i f p u r c h a s a b le a t a r e a s o n a b le p r ic e ; t o J a n . 1 9 1 8
$ 4 ,5 2 0 ,0 0 0 w e r e c a n c e le d .
V . 1 0 8 , p . 1 2 6 9 . s h o w in g :
C o . , P a .---------------- P i t t s . C o a l C o . o f N . J . —
1917.
1916.
1915.
1 7 ,9 8 9 .2 1 5
1 8 .7 0 9 ,9 2 6
1 9 .1 3 4 .4 3 6
$ 5 0 ,0 2 5 ,0 1 7 $ 2 9 ,3 7 5 ,7 8 8 $ 2 6 ,7 9 1 ,9 8 5
$ 2 1 ,3 2 8 ,3 8 1
$ 5 ,5 9 2 ,7 9 9
$ 4 ,2 1 9 ,8 3 7
------------------9 7 6 .5 9 6
8 4 1 .3 1 8
1 ,6 2 9 ,1 6 1
1 ,0 8 7 ,6 2 3
1 ,1 3 2 ,5 0 9
1 ,8 2 1 .2 8 0
1 ,7 9 8 ,6 7 3
1 ,0 6 0 ,1 5 9
5 9 2 ,4 8 6
3 8 4 ,6 5 4
9 4 2 ,2 5 6
1 ,3 5 0 ,8 9 9
1 ,3 5 3 ,5 9 0
4 ,0 0 5 ,0 0 0
________________

B a l a n c e , s u r p l u s ............. $ 3 , 3 9 8 , 9 2 4 2 $ 1 0 , 0 7 1 . 8 5 2
x T h e a b o v e s u r p lu s fo r 1 9 1 7
D IR E
M e llo n .
B is h o p ,
W illia m
bu rgh .

$ 2 9 9 ,9 3 4

ta x e s.

C T O R S . — M . H . T a y l o r ( C h a ir m a n ). W . K . F ie ld ( P r e s .) , A . W .
J . J . F is h e r , H . R . R e a , E . M . L o v e , J a m e s H . B e a l, J o h n I .
W . G . W a r d e n , A n d r e w J . M ille r , D . L . G ille s p ie
J
D . L yon.
F l i n n , J . O . D y s a r t . F . J . L e M o y n e ( e s t . ) . 32! F i f t h A v e
P itts ­
T r e a s . is W i lli a m M i l l e r . — ( V . l 6 8 , p . 1 0 6 4 , 1 1 * 0 , 1 2 6 9 1 8 2 6 , 1 8 9 8 .

P IT T S B U R G H
P . 1 3 7 2 .)

V.

$ 1 ,7 9 3 ,0 2 8

. s u b je c t t o F e d e r a

P IT T S B U R G H
1 0 9 . p . 6 8 5 .)

PLA TE

R O LLS

G LA SS

C O .— (V . 1 0 8 . p . 1 0 5 6 , 1 0 6 4 ; V .

C O R P .— (V .

107,

p.

2381;

V .

108,

p.

109,

1934;

P IT T S B U R G H
S T E E L C O .— O R G A N I Z A T I O N — I n c o r p . in P e n n a .
J u ly 1 1 9 0 1 .
O w n s w o r k s a t M o n e s s e n a n d G l a s s p o r t , S e e ., a n d c o a l m i n e
w it h in 2 m ile s o f M o n e s s e n w o r k s ; o r e m in e o n C u y u n a R a n g e , M in n .
M a n u fa c t u r e s p ig ir o n , o p e n -h e a r t h b a s ic s te e l b lo o m s , b il le t s , b a r s , w ir e
r o d s , w ir e , w ir e n a ils , w ir e fe n c in g , s te e l h o o p s , b a n d s , c o t t o n t ie s , A c .
I n 1 9 1 5 -1 6 s u r p lu s e a r n in g s w e r e u s e d fo r e r e c t io n o f 4 n e w o p e n -h e a r t h
fu r n a c e s in a d d i t io n t o r e d e m p t io n o f $ 5 ,0 0 0 ,0 0 0 n o t e s .
V . 102. p . 2081.
In M a r c h 1 9 1 9 p u r c h a s e d th e A lic ia C o a l & C o k e p r o p e r t ie s , c o n s is t in g
o f 6 6 0 a c r e s o f c o a l la n d a n d 4 0 0 r e c ta n g u la r c o k e o v e n s lo c a t e d a t A lic ia .
F a y e t t e C o u n t y . P a . , k n o w n a s A l i c i a M i n e N o . 1 , a n d 1 ,7 6 1 a c r e s o f c o a l
la n d in G r e e n e C o u n t y . P a . , k n o w n a s A lic ia M i n e N o . 2 : a ls o f l o a t i n g
e q u ip m e n t fo r r iv e r t r a n s p o r t a t io n .
T h e p r ic e w a s $ 3 ,7 5 0 ,0 0 0 , o f w h ic h
$ 1 ,0 0 0 ,0 0 0 w a s p a id in c a s h .
T h e b a l a n c e o f $ 2 , 7 5 0 , 0 0 0 Is p a y a b l e in i n ­
s t a llm e n t s o v e r a p e r io d o f f i v e y e a r s w it h in t e r e s t a t t h e r a t e o f 5 % p e r
a n n u m o n th e d e fe r r e d p a y m e n ts .
I n 1 9 1 9 a ls o a c q u ir e d a s u b s t a n t ia l in te r e s t in a n e w ir o n o r e c o m p a n y ,
f r o m w h i c h i t is c o n f i d e n t l y e x p e c t e d a c o n s i d e r a b l e t o n n a g e o f o r e w i l l b e
r e c e iv e d .
B y th e s e a c q u is it io n s th e p o s it io n a s t o ra w m a te r ia ls w a s
‘ • n o t a b ly i m p r o v e d . ”
S T O C K .— M a y 2 1 9 1 2 In c r e a se d p r o f, s t o c k fr o m $ 7 ,0 0 0 ,0 0 0 t o $ 1 0 ,5 0 0 .­
0 0 0 a t p a r fo r im p t s .
V . 94 p . 6 3 4 , 1 2 5 3 , 1321
N o m tg e . o r a d d ’l p r e f.
s t o c k w it h o u t c o n s e n t o f H o f o u t s t a n d iig p r e f.
V . 91, p . 1388, 1451.
O n J u n e 3 0 1 9 1 9 , in a d d i t i o n t o a f o r e s a id $ 2 ,7 5 0 ,0 0 0 r e m a in in g
p a id o n A li c ia p r o p e r t ie s , th e r e w e r e $ 5 0 0 ,0 0 0 b ills p a y a b l e .

to

be

DIV3.—
Common %\f 1911. 1912. ‘13. ’14. ‘15. 1916. 8&20ex 8 & 20 ex. 1919
8
8 8 0
0
6 1917. 1918. 8
Preferred % l 7
7
X
7 10H 7 yrly (7 Q-F) 7



L a s t D iv id e n d
a n d M a tu rity

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

5 g
5 g
5
5 .4
See
te x t
7 In 1 9 1 8
7 per an.
5 g
5 g
See
te x t
6
2 6 % 1919

O c t 2 5 '1 9 I H %
O ct 2 5 ’ 19 1 )4 %
Jan
1 1935
O ct 1 1949
M a y 15 1932
J u ly 1 1031
A p r 1 1923
A p r 1 9 2 3 -3 8
$ 4 0 ,0 0 0 y r l y J a n

M
P
P
A

<& N
&
A
&
A
&
O
Q — J
Q— M
Q— F
J
&
J
F
&
A
Q — M
s -a n n
Q — J 31

P la c e s W h ere I n te r e s t a n d
D iv id e n d s a r e P a y a b le

B y ch eck
do
U n io n T r u s t C o , P ltts b
U n io n T r u s t C o .P I t t s b 'h
do
do

M a y 1 1923
F eb 1 1963
A u g 1 9 2 0 -2 3
A p r 1 1938
O c t 1 1 9 1 9 .2
D e c 1 19 1 H N o v 1 1919. 1M
Jan
1 1940
A u g 1 1951
J u n e 6 '1 9 3 s c
J u n e j’ 21 J u n e ’2 2
O ct 31 ’ 19 8 %

U n i o n T r u -s
do

U n io n T r u s t O o o f P lt t s b

C o o f P it t s
do

U n io n T r C o o f P it t s
C h e c k s m a ile d
C h e c k s m a ile d
C h e c k s m a ile d
N Y , U 8 M ort & T r Oo
S ec S a v & T r , P o r t. O re
G u a ra n ty T r C o , N
Y
N ew Y ork , N Y
C hase N a t B k , N Y

D e c . 3 1 1918

P IT T S B U R G H
CO A L
C O .
(O F
P E N N A .)— O R G A N I Z A T I O N .—
T h i s c o m p a n y s s t o c k w a s is s u e d t o t h e p u b l i c in J u ly 1 9 1 7 in e x c h a n g e f o r
t h e s t o c k o f t h e P it t s 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 e r p la n
In V . 1 0 2 , p . 8 0 4 , 1 1 6 6 .
V . 105. p . 1527.
C o m p a r e fu ll s t a t e m e n t , V . 1 0 5 ,
p . 1101.
M o n to u r R R ., see "R a ilr o a d C o s .”
I n J u l y 1 9 1 7 o w n e d 1 4 3 .3 7 3 a c r e s o f c o a l in t h e P i t t s b u r g h v e i n , a s w e ll
a s a la r g e a r e a o f c o a l in u n d e r ly in g v e in s , w it h t h e s u r fa c e la n d s n e c e s s a r y
fo r o p e r a tin g p u r p o s e s .
I n A u g . 1 9 1 7 h a d p u r c h a s e d a f u r t h e r 5 ,9 4 8 a c r e s
o f c o a l la n d a n d fn 1 9 1 8 1 0 ,0 8 5 a c r e s , a n d in M a r c h 1 9 1 9 a f u r t h e r 2 ,2 0 0
acres.
V . 108, p . 1170.
C o a l p r ic e s fix e d b y G o v e r n m e n t , s e e V . 1 0 5 , p .
825, 1808, 1903; V . 106. p . 1339.
C o n t r a c t w ith U . S . S te e l C o r p ., V . 1 0 5 ,
p . 1003; V . 106. p . 1338.

R E P O R T . — F o r c a l . y e a r 1 9 1 8 in
----------P i t t s . C .
C o n s o lid a te d R e s u lts f o r
C a le n d a r Y e a r s —
1918.
C o a l p r o d u c t i o n ( l b s . ) __ 1 7 , 0 7 3 , 2 8 3
G r o s s r e c e i p t s ______________ $ 4 9 , 6 0 8 , 8 2 7
N e t p r o f i t s ........................... . $ 1 4 , 2 1 5 , 8 9 8
D e p le t io n c o a l la n d s , & c .
1 .6 0 4 ,5 5 9
D e p r e c . p l a n t & e q u i p __
1 ,5 3 3 .0 3 6
P l a n t , & c . , w r i t t e n o f f __
4 6 ,8 6 6
O t h e r r e s e r v e s ______________
1 ,1 2 8 ,8 8 7
I n t e r e s t o n b o n d s _________
_________
I n te r e s t p a id & a c c r u e d .
8 9 5 .7 0 8
P r e f e r r e d d i v i d e n d s _____
2 ,1 6 0 .0 0 0
C o m m o n d i v i d e n d s _____
1 .6 0 8 ,4 6 0
1 ,8 3 9 ,4 7 0
F e d e r a l t a x e s ( 1 9 1 7 ) ____

W h en
P a y a b le

$ 1 0 0 a 3 2 . 1 6 9 . 2 0 0 5 In 1 9 1 8 Q — J 2 5
(Q u a r )
6
100 a 3 6 .0 0 0 .0 0 0
l.O O u
8 8 9 .0 0 0
5 g
1 .0 0 0
5 .2 1 3 .0 0 0
6 g
1 .0 0 0
5 g
6 4 9 .0 0 0
500 & c
3 991 5 0
5 g
9 1 7 .3 6 1
5
5
9 6 1 .0 0 0
1 0 0 .0 0 0
5

1910
1899
1912
1911
1913
1913

1910
1901

R a te
%

A m ount
O u tsta n d in g

[V o l . 109,

E A R N I N G S .— 3 m o s. to S e p t. 30—
1919.
S a l e s ................................................................................. $ 6 , 8 8 7 , 0 6 7
N e t p r o f i t s ...................................................................
2 0 9 ,0 6 1

1918.
$ 9 ,0 3 4 ,2 1 9
6 4 5 ,1 4 7

D ecrea se.
$ 2 ,1 4 7 ,1 5 2
4 3 6 ,0 8 6

R E P O R T .— Y e a r 1 9 1 8 , V . 109, p . 1 527.
J une 30 Y ears—
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
1 9 1 5 -1 6 .
G r o s s s a l e s ................................. $ 3 1 , 2 6 5 , 0 1 2 $ 3 7 , 9 3 0 , 8 4 2 $ 3 3 , 0 6 6 , 0 8 3 $ 2 1 , 8 4 8 , 0 3 6
N e t p r o f ., a f t e r d e p r e c . . x $ 2 , 7 7 1 ,5 4 6
$ 4 ,5 5 6 ,4 4 3
$ 7 ,8 1 1 ,4 4 4
$ 4 ,5 6 4 ,0 6 7
P r e f . d i v i d e n d s ....................( 7 % ) 7 3 5 , 0 0 0
(7 )7 3 5 ,0 0 0
(7 )7 3 5 .0 0 0 (1 4 )1 4 7 0 ,0 0 0
C o m m o n d i v i d e n d s . . . ( 1 3 % ) 9 1 0 , 0 0 0 ( 2 8 ) 1 , 9 6 0 ,0 0 0 ( 2 8 ) 1 .9 6 0 .0 0 0
(4 )2 8 0 ,0 0 0
B a l a n c e , s u r p l u s _______ $ 1 , 1 2 6 , 5 4 6

$ 1 ,8 6 1 ,4 4 3

$ 5 ,1 1 6 ,4 4 4

$ 2 ,8 1 4 ,0 6 7

x A ft e r s e t t in g a s id e $ 1 ,2 6 0 ,4 1 6 a s r e s e r v e f o r d e p r e c ia t io n a n d d e p le t io n
a n d $ 2 4 4 ,0 5 1 f o r e s t im a t e d in c o m e a n d w a r p r o f i t s t a x e s .
I n 1 9 1 7 -1 8 t h e
a m o u n t s s o c h a r g e d w e r e $ 1 ,0 1 5 ,1 3 4 a n d $ 2 ,7 3 0 ,1 2 2 , a n d in 1 9 1 6 -1 7 $ 9 6 3 ,­
3 3 9 a n d $ 1 ,8 2 3 ,5 4 8 , r e s p e c t iv e ly .
T o t a l p r o f it a n d lo s s s u r p lu s , J u n e 3 0 1 9 1 9 , $ 1 3 ,4 8 4 ,9 0 7 ; L ib e r t y L o a n
a n d o t h e r U . S . s e c u r it ie s , $ 3 ,6 4 2 ,5 6 1 ; t o t a l c u r r e n t a s s e t s , in c l . in v e n t o r ie s ,
$ 1 5 ,5 4 7 ,6 4 0 ; c u r r e n t lia b ilit ie s , $ 2 ,9 0 1 ,3 7 9 .
P r e s ., J o h n B in d le y ; 1 st V .- P ., E m il W in t e r ; V .- P . & T r e a s ., D . P . B e n ­
n e tt; S e c ., O . E . B e e s o n — (V . 1 0 8 , p . 5 8 6 . 6 8 8 , 9 7 8 , 1 0 5 6 ; V . 1 0 9 , p . 1 3 7 2 .
1 5 2 7 , 1 8 9 8 .)
P O N D C R E E K C O A L C O . — S t o c k l i s t e d i n N . Y . S t o c k E x c h a n g e In
A u g 1917.
See V
105, p . 613, 503; V . 107. p . 2381; V . 108, p . 386. 1279
1 5 1 5 ; V . 1 0 9 , p . 1 8 9 8 .)
P O R T

LO B O S

PE TRO LEU M

C O R P . — ( V . 1 0 9 , p . 1 2 7 9 .)

P O R T L A N D (O R E .) G A S & C O K E C O .— I n c o r p o r a te d J a n . 10 1910
In O r e g o n .
V . 105. p. 1715; V . 99, p . 1678.
G a s o u t p u t fo r 1 9 1 8 . 2 .3 7 4 ,­
2 0 0 .0 0 0 c u . f t . : 1 ,0 4 4 m ile s o f m a in s .
C u s t o m e r s D e c . 3 1 1 9 1 8 , 5 6 .3 9 5 .
See V . 9 3 . p . 172; V . 9 7 , p . 114, 527: V . 106. p . 1897.
S T O C K .— C o m m o n , a u t h ., $ 3 ,5 0 0 ,0 0 0 ; is s u e d , $ 3 ,0 0 0 ,0 0 0 ; a ll e x c e p t
d ir e c t o r s ’ sh a re s o w n e d b y A m . P o w . & L t . C o . , w h ic h s e e .
P r e f. a u th .
$ 3 ,0 0 0 ,0 0 0 ; is s u e d . $ 2 ,3 5 7 ,9 0 0 .
D l v s . o n p r e f. In f u ll t o N o v 1 1 9 1 9 , I n c l.
u u N U S .— O f th e * 7 5 0 ,0 0 0 P o r t la n d G a s O o . o s o f 1 9 5 1 , * 3 7 9 ,0 0 0 a r e
d e p o s it e d as p a r t s e c u r it y fo r “ 1st a n d R e f . M .” b o n d s , le a v in g * 3 7 1 0 0 0
o u t s < n d ln g n o w
T h e " 1 s t a n d R e f . M . ” Is f o r * 1 5 . 0 0 0 , 0 0 0 ; I s s u e d
* 6 2 5 9 0 0 0 ; r e s e r v e d t o r e t ir e P o r t la n d G a s C o . 5 s , t h e o n l y p r io r lie n ,
$ 3 7 1 ,0 0 0 ; r e m a in d e r I s s u a b le o n ly f o r 7 5 % o f c o s t o f p e r m a n e n t a d d i t io n s ,
Im p u ecm p n tJ
Srn
n r o v i< 1 **fl tt ie n p t e a r n ln t z s a r e 1
M m es t h e t o t a l in t .
c h a r g e o n a ll b o n d s o u t a n d t h o s e t o b e is s u e d . S e e V . 9 9 . p . 1 1 7 6 .
R E P O R T . — F o r c a le n d a r y e a r 1 9 1 7 in V . 1 0 6 , p . 1 8 9 7 .
.
C a l. Y e a r .
G ross.
N e t.
I n t .,d k c , P r e f . D iv . ( 7 % ) B a l.,S u r .
1 9 1 8 ...............$ 1 , 7 9 7 , 4 6 1
$ 7 9 5 ,3 0 7
$ 3 5 1 ,7 4 7
$ 1 4 3 ,3 5 8
$ 3 0 0 ,2 0 2
1 9 1 7 .............. 1 , 3 6 1 . 1 5 0
6 0 7 .7 5 2
3 3 6 .0 1 5
1 4 0 .0 0 0
1 3 1 .7 3 7
1 9 1 6 ________ 1 , 2 7 4 . 1 4 0
6 1 4 .7 4 6
3 2 3 .2 2 7
1 4 0 ,0 0 0
1 5 1 .5 1 9
P r e s ., G u y W . T a lb o t ; S e c . & T r e a s ., G e o . F . N e v in s .— ( V . 1 0 9 . p . 7 8 0 .)
P O R T O R 1 C A N -A M E R I C A N T O B A C C O C O . O F N E W J E R S E Y .—
O R G A N I Z A T I O N .— I n c o r p . S e p t . 2 2 1 8 9 9 in N . J . a n d m a n u fa c t u r e s
c ig a r s a n d c ig a r e t t e s .
O w n s e n tir e c a p it a l s t o c k o f th e P o r t o R ic a n -A m e r ic a n T o b a c c o C o . o f
P o r t o R i c o , w h ic h o p e r a t e s 14 f a c t o r ie s in P o r t o R i c o , a n d o w n s a n d c o n t r o ls
2 ,0 0 0 a c r e s o f f a r m i n g la n d s In P o r t o R i c o ; a l s o e n t i r e c a p i t a l s t o c k o f t h e
I n d u s t r ia l C o . , w h o o p e r a t e a f a c t o r y a t P e r t h A m b o y . N . J . , a n d a ll t h e
c a p it a l s t o c k o f M . A lv a r e z & C o . , w h o o p e r a t e a f a c t o r y a t 'l a m p * , F l a . ,
a n d o n e -h a lf o f th e c a p ita l s t o c k o f th e P o r t o R ic a n L e a f T o b a c c o C o .
S T O C K .—
$ 9 0 8 ,1 8 7 s o ld
M a r. 5 1918
1918 as a 4 %

A u t h . $ 5 ,0 0 0 ,0 0 0 (p a r $ 1 0 0 ); o u t s t a n d i n g $ 4 ,9 7 6 ,8 6 7 , I n c l.
a t p a r t o s t o c k h o ld e r s o f r e c o r d F e b . 14 1 9 1 8 ; $ 2 9 0 ,6 2 0 Issu e d
t o r e d e e m d iv id e n d s c r ip , a n d $ 1 4 5 ,3 1 0 d is t r ib u t e d M a r . 7
d iv id e n d .
V . 106. p . 826.
N o b on d ed d e b t.

D I V I D E N D S .—
’ l l . ’ 12. ’ 13. ’ 1 4. ’ 15. ’ 1 6 . ’ 1 7 . ’ IS .
1910.
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3 % d iv i d e n d w a s p a id in 3 - y e a r 6 % s c r ip , S e r ie s 1 t o 5 , c a ll a b le b u t w it h o u t
c o n v e r tib le fe a tu r e . V . 1 0 7 , p . 6 1 1 , 1 8 4 3 .
I n S e p t . 1 9 1 9 , o w in g t o s tr ik e
(th e n e n d e d ), n o n e . V . 1 0 9 , p . 7 8 0 .
R E P O R T . — F o r c a le n d a r y e a r 1 9 1 8 . In V
108, p . 1394.
C a le n d a r Y e a r s —
1918.
1 9 1 7 1 9 1 0 , .
N e t i n c o m e ___________________________________
$ 9 1 0 ,9 3 3
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s u r .$ 1 ,4 1 8
L u is T o r o , P r e s .; A r t h u r I I . N o b l e , S e c .-T r e a s .
M a in o ffic e .
N . Y .
o f f i c e , 2 5 0 F i f t h A v e . — ( V . 1 0 8 . p . 6 8 8 , 1 0 6 5 . 1 3 9 4 , 1 9 4 1 ; V . 1 0 9 . p . 7 8 0 .)
PO TO M A C

ELEC. PO W E R

C O .— S ee “ E l. R y . S e c .”

(W a s h . R y .& E l.)

P R A I R I E O I L & O A S C O . — O R G A N I Z A T I O N . & o . — I n c o r p . In K a n s a s
In 1 9 0 0 .
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In 1 9 1 1 .
I n J a n u a r y 1 9 1 8 w a s g iv e n p e r m it t o o p e r a t e In T e x a s , a n d
In A p r il w a s p r e p a r i n g t o b u il d a $ 1 0 ,0 0 0 ,0 0 0 r e f in e r y n e a r H o u s t o n ,
t o b e c o n n e c t e d b y 12 In . p ip e lin e w it h t h e C u s h in g , E le c t r a a n d R a n g e r
fie ld s .
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$ 1 8 0 0 0 0 0 0 p u t o u t in 1 9 0 5 , w a s r e p o r t e d a s p a i d o r f .
V . 108, p . 788.
$ 1 4 0 0 0 .0 0 0 h a v i n g b e e n r e t ir e d .
V . 95. p . 1126, 1212; V . 9 6 , P - 494.
B a la n c e s h e e t D e c . 31 1 9 1 7 , V . 1 0 6 . p . 1 8 0 0 , s h o w e d s u r p lu s o f $ 5 3 ,7 4 3 ,4 5 8
( a g a i n s t $ 4 7 , 1 9 7 , 1 3 3 In 1 9 1 6 ) : a c c o u n t s p a y a b l e , $ 2 3 , 8 6 1 , 9 5 2 ; b i l l s p a y a ­
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O f f i c e . T u l s a , O k l a .— ( V . 1 0 8 , p . 7 8 8 , 1 0 6 5 ; V . 1 0 9 , p . 1 1 8 5 .)

Nov., 1919.]

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 f i r s t p a g e ]

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iS v

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c o m p a n ie s , A c .
V . 107, p . 1197 V . 108, p 874
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T b e W e s t e r n S t e e l C a r A F o u n d r y C o . 'e x e r c i s e d t h e « n t i r , n t «
t h e H e g e w i s o h p r o p e r t y o f t h e I l l i n o i s C a r A F o u n d r y C ^ o n V e n P- ? n ° { a f i
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b u r g h . T r e a s .; J . H . R e g a n , A s s t. S e c . & A s s t. T re a s E ’ 8
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M cC u n e.
N . V . o f f ic e , 2 4 B r o a d S t .— ( V . 1 0 7 n
408 507 1 1 9 7 ’
1 9 2 4 ; V . 1 0 8 , p . 7 8 8 . 8 7 4 ; V . 1 0 9 . p . 3 7 6 , 4 8 3 .)
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S T O C K . — T h e s t o c k h o l d e r s o n J u l y 2 8 1 9 1 Q a „ t i , __ „ „
.
t h o c a p i t a l s t o c k f r o m $ 2 6 , 2 5 0 , 0 0 0 ( m a d e u p o f 4 ^ 2 5 0 ° n n f T s <7 O u m u h t i v e
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$ 4 5 , 7 5 0 , 0 0 0 6 % c u m u l a t i v e p r e f . ( p a r $ 1 0 0 ) , o f w h e h S 9 8 fi 6 0 0 0 h a v i n g
b e o n u n d e r w r it t e n w a s o f f e r e d t o c o m m o n s t o c k h o ld e r s o f A u g 3 0 1919g
s u b s c r ip tio n s p a y a b le S e p t. 15
V . 109, p . 780 483
’
T h e n e w p r e f . s t o c k is i n e f f e c t a s e c o n d p r e f e r e n c e i « , i » r a n k i n g s u b s e ­
q u e n t t o t h e 8 % p r e f . a n d is t o b o c a l l a b l e ^ ^ t 1 1 0 ^ n d X s
The ho d e «
w i l l n o t h a i 'e t h e r f e h t t o s u b s c r i b e t o n e w s t o c k is s u e s
N e O h c r I s s u e « ,f o r e f
s t o c k s h a ll b o in c r e a s e d n o r s h a ll a n y a d d i t io n a l s t o c k b o a u t h o r z e d t o b e
is s u e d w it h r ig h t s e q u a l w ith o r p r io r t o t h e r ig h t s o f th o 6 % D re f s t o c k
T h i s s t o c k w ill b o is s u e d o v e r a p e r io d o f y e a r s a n d ir ^ s u c h a m o u n t s a s
c o n d i t i o n s m a y w a r r a n t a n d t h e b u s i n e s s m a y r e a u i r e a n d a ll s t o c k s o t o
b o I s s u e d w ill b o o f f e r e d f i r s t t o t h e h o l d e r s o f t h e c o m m o n s t o c k
V
108
p . 2636; V . 109, p . 483, 780. 986.
co m m o n sto ck , v . tu s,
I h o s t o c k h o l d e r s w i l l v o t e D e c . 2 2 1 0 1 0 o n c h z in cr in ti t h o o n ,r v n l u c o f t h e
c o m m o n s t o c k f r o m $ 1 0 0 t o $ 2 0 . I s s u in g in e x c h a n g e f o r e a c h s h a r e o f S I 00
n o w o u t s t a n d i n g f i v e s h a r e s e a c h o f t h o p a r v a l u e o f $■>()
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o f a u t h o r i z e d c o m . s t o c k , $ 2 4 , 0 0 0 , 0 0 0 , w i l l n o t b o ^ a f f e c t e d .^ V . 1 0 9 , p 1 9 9 3 ?
D I V I D E N D S . ( ’ 9 8 - ’ 0 (). ’ 0 1 - ’ 1 2 . '1 3 . ’ 1 4 . * 1 5 . ’ 1 6
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(2 0 % )
(1 7 % )
S to ck d iv . o n c o m . (4 % )
7 5 8 ,9 ^ 2
5 8 3 ,9 ^ 9
5 6 1 ,4 9 5
539^26
B a l a n c e , s u r p l u s ............. $ 2 , 5 9 1 , 9 4 0

$ 6 ,0 3 6 ,1 7 1

$ 3 ,5 0 7 ,5 2 2 $ 3 ,2 0 1 ,4 4 1

N o t e . — ' h e n e t i n c o m e is s h o w n in t h i s t a b l e a f t e r d e d u c t i n g I n t e r e s t
T
c h a r g e s , in c lu d in g t h e in te r e s t o n g o ld n o te s w h ic h a m o u n t e d t o a b o u t
$ 2 8 1 ,0 0 0 in 1 9 1 6 -1 7 ; $ 8 6 5 ,0 0 0 in 1 9 1 7 -1 8 a n d $ 1 ,3 2 6 ,0 0 0 in 1 9 1 8 -1 9
.P r e s - . W m . C o o p e r P rocter.
O ffic e , C in c in n a t i.— ( V . 1 0 8 , p . 3 8 6 . 2 5 3 3 .
2 6 3 6 ; V . 1 0 9 , p . 4 8 3 , 7 8 0 , 9 8 6 , 1 0 8 5 , 1 9 9 3 .)
Q «C R 3 ! ? o U ( ^ r R^
y o b , l z b y , 1 4 6 7 .)
P R O V ID E N T

&

R E F IN E R S

LOAN

C O R P O R A T I O N .— (V .

S O C IE T Y

O F N EW

109

p.

Y O R K .— (V . 1 0 6 . p

179.

1 3 4 9 .)

. P U B L I C S E R V I C E C O . O F N O R T H E R N I L L I N O I S . — <> R G \ N I Z A r i O N . — t o c o r p o r a t e d In I l l i n o i s In A u g . 1 9 1 1 a s a c o n s o l i d a t i o n o f e l e c t r i c
li g h t a n d p o w e r c o m p a n i e s in N o r t h e r n I lli n o is o u t s i d e o f C h i c a g o , c o n t r o l l e d
b y S a m u e l In su lt ( P r e s id e n t o f C o m m o n w e a lt h E d is o n C o . ) a n d a s s o c ia t e s
p e r p la n V . 9 3 . p 2 3 1 . v i z .: N o r t h S h o r e E le c t r i c C o . ( V . 9 2 p 1 9 2 ’ V 9 l ’
P - 1 5 0 8 . 1 5 1 6 ) . E c o n o m y E ig h t A P o w e r C o . ( V . 9 3 . p . 3 9 ; V . 9 9 . p . 6 1 3 ) !
liiln o is V a le y G a s A E le c t r ic C o . ( V . k 3 . p . 1 6 7 : V . 9 1 . D . 4 1 ) . O h lc a iw
S u b u r b a n U g h t A P o w e r C o . (V 9 2 . p . 1 9 1 ) a n d K a n k a k e e G a s A E le c tr ic
S ° - i Y ’ . 9 1 i P ; ? 7 5 , 1 5 7 7 ).
In 1913 v o te d to p u rch a se th e N o rth w e ste rn
G a s L ig h t & C o k e C o .
V . 96, p. 654, 793.
G as ra tes, V . 107, p . 1389.
On

D I V I D E N D S .—
com m on
_
O n p r e f., 1 H %

1 9 1 2 . 1 9 1 3 . 1 9 1 4 . 1 9 1 5 . N m >. 1 9 1 6 to N o r 1 9 1 9 .
%
4
4
*
5
5K
7 % p . a . ( 1 « Q .-P .).
q u a r. F eb . 1912 to N o v . 1919.
’

. B O N O S . - T h e F ir s t A R e f . 5 s o f 19 1 1 ( n o t lim it e d a s t o a m o u n t ) c o v e r
a f t e r - a c q u ir e d p r o p e r t i e s .’ ’ a n d a r e a f ir s t m t g e . o n a ll p r o p e r t y f o r m e r ly
o e lo n g in g t o Illin o is V a lle y G a s A E le c . O o . a n d C h ic a g o S u b
Lt A P ow «- S i ’ ? n t l f rS
s e c u r e d b y d e p o s it o f $ 2 ,1 1 4 ,5 0 0 N o r t h S h o r e E le c . O o .
F ir s t a n d R e f.
5 s a n d $ 4 0 1 , 0 0 0 1 s t M . 5 s , $ 4 2 8 , 0 0 0 E c o n o m y L i g h t St
t O T ^ x r w ? n ‘m 8 t
A8
* 4 0 S .O (K ) K a n
G a s A E l e c . O o . “ F ir - i t a n d R e f " 5 s
Tb^. ' 5 ^?fi. C *
l
t
:
a n d $ 1 7 ,0 0 0 o t h e r u n d e r ly in g b o n d s .
The
F ir s t & R e f. b o n d s h e ld
by
p u b lic
w a s i n c r e a s e d i n 1Q 1K f r n m
$ 1 5 .0 4 1 .0 ° 0 t o $ 1 7 .7 2 2 .0 0 0 , n o t i n c l u d i n g $ 4 ,3 6 6 ,0 0 0 o n p le d g e in D e c ?
I 9 l 8 , a s c o lla t e r a l fo r $ 3 ,2 7 3 ,3 0 0 A a n d B n o t e s .
V . 107
p
2381
A d d i t i o n a l b o n d s m a y b e is s u e d a s f o l l o w s .
A s u ffic ie n t a m o u n t t o
r e t ir e t h e o u t s t a n d i n g $ 1 1 ,2 0 0 ,5 0 0 u n d e r ly in g b o n d s a n d f o r 7 5 % o f t h e o o s t
o f p r o p e r t y h e r e a f t e r a c q u i r e d , a n d i f m o r t g a g e lie n s e x i s t t h e r e o n a t t h e
tim e o f a c q u is it io n , b o n d s m a y a ls o b e Iss u e d to th e p a r a m o u n t o f s u o h
,le n s t o r e fu n d s a m e . . V . 9 3 . p . 1 6 0 7 : V . 9 4 . p . 1 1 9 0 . 1 3 2 1 : V . 1 0 2 , p . 1 2 5 4 .
O u ts ta n d in g B o n d s A s s u m e d o n P r o p e r ti e s P u r c h a s e d {P le d g e d V 1 0 2 □ 1 2 5 4 1
[E x c lu d in g a m o u n t s d e p o s it e d u n d e r F ir s t & R e f. M t g e . V . 1 0 7 b 2 3 8 1 1
bunas
In ter es t.
O u tsta n d in g .
M a tu r ity .'
L a G r a n g e W a t . , L t . A P . O o . 1 s t M ____ 5 g J & D
$171 0 0 0
D ec
1 1091
V illa g e o f L a G r a n g e c e r t if i c a t e s .
...............
15 0 0 0
T ^ b i e ’l l
N orth
S hore
E le c .
1st c a ll 1 0 5 f 5 g A A O
1 .8 6 4 0 0 0
O ct
11022
I s t A R e f M .c a ll 107 H a f t . A p r .’ 2 0 ( 5 g A A O
1 6 7 6 .5 0 0
A p r. 1 1940
..
. . .
[I n te r e s t a t I llin o is T r . A S a v . B k
Ohl
E c o n o m y L ig h t A P o w e r 1st M . s . f . 5 g J A D
1 407 000
D ec
i ’ iq x «
K ankakee G as A
E le c 1st A r e f. M . 5 g M A S
231 5 0 0
t o t
1 1020
C it iz e n s ’ G a s O o .( K a n k .) c a ll 1 0 5 . . 5 g F A A
128 5 0 0
F eb
1 1020
P o n tia c L ig h t A W a te r O o 1st M 5 s .
_______
85000
A n i 1 Q2 7
N o r t h w e s t e r n G a s L ig h t A C o k e [5 g Q - M
1 747 000
D eo
f 1098
C o n s o l . M . $ 2 0 0 0 . 0 0 0 g ...................( I n t e r e s t a t C e n t r a l T r u s t O o
C I
C i c e r o G a s 1 s t M ............ ............................... 0 Q - J
5 0 0 000
J u l 'v 1 1 0 9 9
do
R e f. A G e n . M . $ 5 ,0 0 0 .-1 5 g J A J
3 .3 6 5 .0 0 0
Ju y
1932
S t a r k C o u n t y P o w e r C o . " * * * M t g e l . B 1^"
N

^

M

b

r s ^

v

\

“

T oO O O °0 -

d l M n p . r 7 5 8 f U e d lD 1 9 1 7 b y P u b U c S e r ^ c « O o - o f

S 2 ? 5 0 ^ (W 0 seri es0c f p t f l ^ g ” ^ . ' a r e ^ s e c u r ^ ' b y
F i r s t A R e f : M t g e . 5 s ( a t 7 5 % ) a n d a r e c a l l a b l e a l l 3! o ? g r t

000
a

100U

t o

i"t
a nH U
inrn g f ^
l 8. r n o P t h s ; " O " d u r i n g f i r s t 3 0 m o n t h s , a n d t h e r e a f t e r
a t 100 a n d in t.
A d d i t io n a l n o te s m a y b e is s u e d o n l y o n d e n o s it o f a n rn
p o r t lo n a t e fu r t h e r a m o u n t o f s a id b o n d s .
T h e $ 1 .5 0 0 .0 0 0 d u o O c t f / q i q
r

r
6ei2P;a v , f i 0 9 ! r i 3 7 2 f ° f S C riC S °
r

n ° te S S o W ’

V - ™ 5' p

R E P O R T .— F or y e a r 1 9 1 8 , V . 1 0 8 . p . 7 8 9 .
C a le n d a r Y e a r s —
i918.

......... 83®
9

1808: V . 106

1017

«
? 's o 7 ’o y o

n t e r e s t c h a r g e s .............................................
1 7 8 4 '7 9 6
P r e f e r r e d d i v i d e n d s ( 6 % ) ____________
455 268
x C o m m o n d i v i d e n d s __________________ I ( 7 % ) 8 3 7 6 2 2
A m o r t i z a t i o n a n d d e p r e c i a t i o n ____ I I
4 3 8 234
B a l a n c e , s u r p l u s . . . ; . .............
................
< 7 i r 'oob

tT ie u o ’ - o ?
^

s l o ’on o
4 5 0 .0 0 0

! n F e b . 1 9 1 8 t h e a n n u a l f n t o r e s V c h a r g e In’c h f d i n g ^ t h e ^ i^ O O O O O O ^ e 'r le s
B n o te s th e n b e in g Issu e d w a s * 1 .7 6 9 .0 5 0
8
* 2 .0 0 0 .0 0 0 s e r ie s
M u n ^ t o j” h n n H 0 G u i r c k :
Wm
4
Fox John F
S

i S

p o

m

i s t o
.

T

T

^

‘ o r ^ W^

* !’
w

P re8’ :
A

U la lr ’
^

P r a n k J ’ B a k e r . C h a r le s A .
A F ergu son .

' n° J
<* t e w -

P a u ? D .’
,T - 109-

4
D e c . 1905

N O T E S . — T h e $ 7 , 5 0 0 , 0 0 0 S c r i e s 5 % n o t e s i s s u e d in 1 9 1 5 ( V 1 0 3 d 1 2 1 5 1
w e r e p a id o f r $ 2 ,5 0 0 ,0 0 0 y e a r ly (o n O c t . 1) 1 9 1 7 t o 1 9 1 9 in c l
i h e $ 2 5 ,0 0 0 ,0 0 0 7 % s e r ia l g o l d
n o te s d a te d
M arch
1 1 9 1 8 m a tu re
$ 5 , 0 0 0 , 0 0 0 y e a r l y , b e g i n n i n g M a r c h 1 1 9 1 9 , b u t a r e s u b j e c t t o c a l l In r e f c lv n ,I ° r i e r ° C m a t u r .l t y d a t e , a t 1 0 3 , 1 0 2 . 1 0 m . 1 0 1 a n ^ 1 0 0 4
r^ p ect lv e ly . fo r n o te s h a v in g s e v e r a lly 4 y e a r s . 3 y e a r s , 2 y e a r s
1 y e a r (a n d a
f r a c t i o n o f a y e a r i n e i t h e r c a s e ) a n d le s s t h a n o n e y e a r t o r u n * T h e i s s u e
V ^ 1 0 6 ? p e i 0 4 0 rOr l 3 2 . fO r , 1 8 ’ 5 0 0 ’ 0 0 0 b a Q k l o a n s ’ * c ’

2 -y e a r

L a s t D iv id e n d
a n d M a tu rity

i>

108

T P R E S S E D S T E E L C A R C O . — O R G A N I Z A T I O N — I n c o r p o r a t e d In N e w
J e r s e y o n J a n . 13 1 8 9 9 a s a c o n s o l i d a t i o n o f t h e S c h o e n a n d F o x D ressed
s te e l e q u ip m e n t c o m p a n ie s .
T h e c o m p a n y h a s i) Ia n t s n r \ n e ^ h e n S
p »
a n d M c K e e s R o c k , P a ., w it h a c a p a c i t y o f 1 5 0 fr e ig h t c a r e p ? r d a y
a -

ssssr

W h en
P a y a b le

12%
’ 19
8
1919
7
5 g
2 0 in l9 1 9
8 in 1 9 1 9
6
7 g
7 In 1 9 1 9
6 In 1 9 . 9
6 £
6 g
« g
6 g

c o ll a te r a l s e c u r lty f o r th e

P R A IR IE PI P E L IN E C O .
O R G A N I Z A T I O N .— I n c o r p o r a t e d In K a n
i a n ’ P 15 a i l d ^ o k ° v e r “
E 0 b ’ 1 1 9 1 5 t h e p ip e lin e o f t h e P r a ir i e
O il & G a s C o
e x te n d in g fr o m R e d F o r k . I n d .. to G r iffit h . I n d .. A c .. 8 6 0
w i » 2 8 V ? n<T,T.,M c o m p l e t e t h e 8 - i n p i p e l l n e / r o m K a n s a s C i t y t o a c o n n e c t i o n
w it h th e I llin o is I ip e L in e .
I r o p o s e d 1 2 I n . p i p e l i n e t o H o u s t o n , i t Is
s a id , w ill h a v e a d e liv e r y c a p a c it y o f 4 0 ,0 0 0 b b ls d a lly a n d p r o b a b ly c o s t
f S ’ O O O ’ O OO.
V . 107
p
1485
See P r a i r i e O i l V t o
C o a b ^ l

^*177

R a le
%

$ 1 0 0 1 2 0 .0 0 0 .0 0 0 8 in 1 9 1 8

t E x c l u d i n g $ 4 , 3 6 6 , 0 0 0 F i r s t St R e f u n d i n g b o n d s d e p o s i t e d a s

p

A m ount
O u ts ta n d in g

$ 1 0 0 $ 2 7 , 0 0 0 ,0U 0
100
12 5 0 0 0 0 0
100
1 2 . 5 0 0 ,0 0 0
100
1 .2 5 0 0 0 0
100
1 9 .7 3 2 11 1
1O0
2 .2 5 0 0 0 0
100
9 ,8 6 6 , 0 0 0
2 0 .0 0 0 0 0 0
100
1 1 ,9 7 1 ,6 0 0
100
7 ,6 7 2 0 0 0
1 .0 0 0 * 1 8 .9 2 6 0 0 0
100A C
2 .9 9 7 . 7 0 0
100 A c
1 .7 7 3 3 9 0
100 A c
2 .5 0 0 0 0 0

1898

.........

Underlying bonds— See text

P u llm a n C o m p a n y — S t o c k

Par
V a lu e

2 0

S e e p a r t i c u l a r in

• old 7 U s
D, \ i ~ ° n i a n
1 "X K I th e W a g n e r P a la c e C a r C o .
n i t s - n t c r i n c t h ° K h e jP u U b J a n C o m p a n y
r e p r e s e n ta tiv e s o f th e V a n d e r h i IW L
n f < T r o > to r s
.1 l
V 6 9 0 854 v
70, n 40.
In 1408
b e g a n b u ild in g s te e l c a r * .
V 8 4 . p 697: V . 87 . p. 1163: V . 90, p . 506; V . 9 7 .
P
V
P i l f l l,7 1 6 8 2 V 01
p
15 7 2 8 0 1 3 .2 2 1 5 l / . 1 7 7 7 - V 0 2 .
V
0 8 ’ n 6 88S
'n ' 9 ,8 V
106. p
196. 924. 1905. 2015
T ax case.
K n H i c c ’f ^
E.1 ° b t o b e r 1 9 1 9 u n d e r t o o k t o b u i l d s o m e 4 , 0 0 0 a u t o m o b i l e b o d ic s fo r t h e P a c k a r d M o t o r C a r C o .
V . 109, p . 1614.
' 2 g O V 0 r ,<)f> t h e P u l l m a n s e r v i c e f o r o p e r a t i o n b y t h e G o v e r n m e n t
w a s o r d e r e d o n J u l y 3 1 9 1 8 , e f f e c t i v e a s o f J a n . 1 1 9 1 8 ; in A u g . 1 9 1 9 t h e
, ’
u l Vr
o X ? t ,o n c o n t r a c t e d t o p a y a s r e n ta l $ 1 1 ,7 5 0 ,0 0 0 p e r
annum ,
v . iu y , p . 8 9 3 .
S e v e r a l w a g e in c r e a s e s a n d a n I n c r e a s e in s l e e p i n g
■Ve,rr ° P i1 i n e f f e c t b y t h e F e d e r a l a u t h o r i t i e s .
V . 106, p . 2305
2349, 2 1o7; V . 107, p . 8 6 . 2015, 2 1 03, 2194; V . 108. p . 1572.
’

210

MISCELLANEOUS COMPANIES
[For abbreviations. Ac., see notes on first page)

Punta Alegre Sugar Co— Stock $12,000,000--------------------Pref (a & d) stock $1,000,000 s fd call par-------------------------Bonds convertible (see text)
Pure Oil Co— See Onlo Oltles Gas Oo
Quaker Oats— Common stock $25.000.000--------- ----------------Preferred (a & d) stock 6% cumulative *25,000.000------R adio Corp o f Am— Common stock 5,000,000 shares no par.
Pref stock 7% cum beginning in 1923 $25,000,000-----------Kail way Steel-spring Co— Common $13,600.00U---------------Preferred (a & d) 7% cumulative $13,500.000— . . . . . . .
Ray C onsolidated C opper Co—C apital stock $16,000,000.
R em in gton Arms U nion M etallic Cartridge C o—

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

W h en

Payable

100
100
New
5
100
100
10

Gross income____________________ $15,439,936 $33,358,179 $19,184,559
-------­
Operating expenses, &c., 5 m onths.. ________ $13,702,054
Year ending July 31 1917_________
------------ - - - - - - - $29,196,669
Corporate expenses & taxes, 7 m o s ..
________
3,664,666
------------Year ending July 31 1919________ $2,709,879
------------------Net earns, pd. to other interests (5 m.) -----------Cr. 18,639
-------­
Year ending July 31 1917------------------------Depreciation in general____________
x
x2,607,891
6,170,584
Dividends ( 8 % ) - - ................................. 9,599,792 9,599,792
9,599,792
Balance, surplus...............................$3,130,265
$3,802,414 $4,032,628
x Under Federal control beginning Jan. 1 l9 l8 , this item is taken care of
by U. S. R R . Administration.
DIRECTO RS.— Robert T . Lincoln (Chairman). John 8. Runnel)*
(President). J. P. Morgan, Gustavus S. Fernald. W . Seward W ebb. John J.
Mitchell, Chauncey Keep, George F. Baker, John A. Spoor, Harold Van­
derbilt, N. Y . Secretary is J. F. Kane. Office, 2612 Adams Exprs.
Bldg., N. Y . C. Fed. Mgr. of the car operating department, L. S. Taylor.
— (V. 108, p. 274 , 885 , 2027; V. 109. p. 79, 1680.)
PUNTA ALEGRE SUGAR CO.— ORGAN IZATION .— Incorp. In Dela­
ware on Aug. 3 1915. Owns all the stock ($550,000) o f the Florida Sugar
Co. and $897,600 of $900,000 stock issued of the Trinidad Sugar Co. The
company’s plant at Punta Alegre consists of a sugar mill with other build­
ings having a normal capacity o f 300,000 bags of sugar per annum. The
Florida Mill, in Cuba, also has an annual capacity o f 300,000 bags, while at
Trinidad the mill capacity is 125,000 bags.
STOCK, &c.— Common authorized, S12.000.000 (par $50), increased
from $8,000,000 in M ay 1919. In July 1919 there was $3,870,100 common
stock outstanding and a further $3,694,200 was reserved for conversions
as follows; (a) $1,494,000 1st M . 6s due 1935 at $57 50 per $50 share; (6)
$2,993,800 coll, trust 6s at $62 50 per share. In July 1919 $1,290,000 new
common stock was offered to shareholders at par (making $5,160,100 out­
standing) in order to retire $760,000 temporary 8% pref. stock and to pro­
..
vide working capital. V. 109, p. 78, 277.
, _______^
The shareholders voted Sept. 5 1919 to retire the $760,000 8% (tem­
porary) pref. stock and to make a new issue o f $1,000,000 8% pref. stock.
V. 109, p. 893, 1185.
D IV ID E N D S.— The directors in Sept. 1919 reserved for the payment of
dividends upon the Common stock during the year beginning Oct. 1 1919
a sum sufficient to provide for the payment of dividends at the rate of 10%
($5 per share) per annum; 2 )4 % , accordingly, was paid Oct. 15 1919.
V. 109, p. 1185.
BONDS.— The company had outstanding in July 1919 $1,494,500 1st
M . 6% conv. bonds and $2,993,800 coll, trust 6% conv. bonds. All these
bonds have been called for payment on Jan. 1 i920 but the right o f con­
version continues for 90 days thereafter. See V. 109, p. 1706; V. 108, p.
979; V. 109, p. 893, 1185.
RE PO RT.— For year ended M ay 31 1919 was given in full in V. 109,p.
17Yean endfng M a y 31—
1918-19.
1917-18.
Output o f estates, bags___________________________
605,150
442.746
Operating profits. — - . ................................. - ............. *3.017,622 *1.822.979
Interest on bonds and loans___________ __________
Depreciation on plant_____________________________
General expenses (&c.), net______________________
92,434
Or.2,431
Estimated U. S. and Cuban income & war prof. tax.
226,913
193,600
Available profit for year________________________$1,573,519
$763,975
Pres., Edwin F. Atkins; Treas., Robert W. Atkins; Sec., John I".. Ihayer.
— (V.108, p.885, 978, 1941, 2130; V.109, p.277, 376, 893, 1614, 1698 1706.)
QUAKER OATS CO.— ORGANIZATION — Incorporated in New Jer­
sey on Sept. 21 1901. Owns and operates plants for the production of cereal
food products*(notably Quaker oats. Puffed wheat, &c.) at Akron, O.;
Cedar Rapids, ia.; Fort Dodge, la.; Battle Creek, Mich.; Tecumseh, Mich.;
Peterborough, Ont.: London, Ont.; Neepawa, Man.; Saskatoon, Sask.;
and until the outbreak o f the war, Hamburg, Germany. Some of these
plants also produce commercial mixed feed. Plants for the production of
feed alone are operated at Morris, 111., and Richford, Vt. Flour mills are
owned and operated at Akron, Ohio; Cedar Rapids, la .; Peterborough,
Ont., and Saskatoon, Sask. Macaroni and spaghetti are manufactured at
Tecumseh. Mich. In addition, owns and operates 59 country elevators,
a veneer boxboard plant at Foxworth, Miss., and a strawboard plant at
Pekin, 111. In Aug. 1919 the Cedar Rapids mill was said to be the largest
general cereal food plant in the world, the Akron and Peterborough mills
the second and third largest. The company has 49 sales offices in the
United States and Canada.
WLAntt-trust suits, V. 96, p. 1706. 1766; V. 98, p. 76, 100; V . 102, p. 1544,
1631; V. 106. p. 92; V. 107, p. 1673.
W»STOCK, &c.— Pref. stock has no voting power (except as regards Increaso
of pref. stpck) unless dividends are 3 months in arrears. V. 83, p. 574.
»^|ln July 1919 the authorized issue o f each class of stock was increased
from $15,000,000 to $25,000,000 and the outstanding .common was increased
from $8,250,000 to $9,000,000 and the preferred *from $10,536,700 to
$18,000,000 by sale o f new stock to shareholders and syndicate to reduce
floating debt incurred in part for additions. V. 109, p. 78, 376.
'^D IV ID E N D S (% )— / 1906. 1907-09. ’ 10.
1911-16.
1917. 1918
Od common (cash)____ 1 2
8 yrly.
914
10% yrly. 10t4 15
In 1918, Jan., 3% : April 15 1918 to Aoril 15 1919 paid each quarter 3 and
l % ,’extra. In July and Oct. 1919 paid 3% ; no extra. V. 108, p. 2335,
789; V. 106, p. 719.
.
_
____
Also common stock, 5 0 % ($2,500,000) 1912 and 10% ($750,000) in 1916

9.001,000
18,000.000
See text
See text
13.500.000
13.500.000
15.771.790

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Oct 15 ’ 19 $1,25

$50 $5,160,100
50
(?)

REGULAR CASH DIVS.l ’77-’80. ’81-’83. ’84-’ 98. ’99. ’00 to N ov ’ 19.
8 yearly
Since 1877 ( % ) .....................J 8 y’ly. 9 h y’ ly- 8 y ’ly. 6M
Also in 1898 and 1906 and to stockholders of record April 30 1910 (Iasi
20%) extra dividends to distribute surplus assets. V . 67, p. 75, 789, 840
902; V. 83. p. 1174. 1233; V. 90. p. 451. 506. 854.
REPO RT.— For year ending July 31 1919 was in V. 109, p. 1608; total
surplus July 31 1919, $20,364,382. Cal. year 1918, V. 108, p. 2027.
Years ending July 31—
1918-19.
1917-18.
1916-17.
Earnings o f cars, entire year________
________ ___ - - - - - - - - $47,404,304
$23,287,252
-----------5 months ending Dec. 31 1917-----♦Federal compensation—
7 months ending July 19 18----------*6,854,167
-----------Year ending July 31 1919________ $11,750,000
-------.- v „ v a : ;
Returns from mfg. interest, &c_____ 3,689,936 3,216,760
1,720,255




[Vol . 109.

INDUSTRIAL STOCKS AND BONDS

15 in ’ 18 Q—J 15 Jan 15 ’ 20, 3% Checks mailed
6 in 1918 Q— F Feb 28 ’20, 1>4
do
5)4 1918 see text Dec 31 -19 2% Bankers Tr Oo, N Y
do
do
7 in 1918 Q— M Dec 20 ’19 1%
32 H ’ 18 Q— J Sept 30 '19 50c.

R E PO RT.— Report for cal. year 1918. In V. 108. p. 885,971, showed;

Calendar
Year—

Gross

Depre-

Pref. Dies. Common Dies.

Balance.

Profit. da n, Ac.
(6 %)
Paid.
Surplus.
1918............ $4,052,265 $519,677 $632,202 (15)$1.237.500 $1,632,838
663,050 (10)4) 866,250
3.397,604
1917............. 5.211.752 384,848
1916_______ 3.991.313 305,227
540.000 (10%) 768.750
1,905.937
The aforesaid gross profit for 1918 Is reported after deducting reserve
of about $2,905,000 for war taxes. In 1917 $2,053,775 was reserved for
Federal taxes.
OFFICERS.— Pres., Henry P. Crowell; V.-Ps., James H. Douglas and
John Stuart; Treas., Robert Stuart: Sec.. Robert Gordon, office. 1600
Railway Exch., Chicago, 111.— (V. 108, p. 789, 885, 970 1826, 2335; V.
109, p. 78. 277, 376.)
QUINCY (COPPER) MININO CO.— (V. 103, p. 885, 1828, 2335
V. 109, p. 987.)
RADIO CORPORATION OF AMERICA.— Incorporated in N ov. 1919.
Has contracted to use the patented radio, &c., devices belonging to the Gen­
eral Electric Co.; also in Oct. 1919 made a proposition to acquire all the
property of the Marconi Wireless Telegraph Co. of America (except its
manufacturing plant, which is to bo leased to the Genoral ElectriclOo.), its
claims against U. S. Govt, and claims against individuals on infringement
account, the first $500,000 from these last, however, to go to the new radio
corporation with a view to eliminating therefrom the dominating foreign
stock interest and to develop extensive wireless operations. V. 109. p. 1704.
_ STOCK.— Authorized issues, both with the same voting rights: 1(a)
5,000,000 shares of common stock with no par value; (6) $25,000,000 7%
pref., par $5. Callable at 110 ($5.50) and cumulative after fiscal year end­
ing in 1923. Of this stock General Electric Co. acquired 2,000.000'shares
of common and $13,517,400 pref., while $10,000,000 pref. and 2,000,000
shares of common were offered for tho Marconi property. V. 109, p. 1706.
RAINEY-W OOD COKE CO.— V. 109. p. 781.
RAILW AY STEEL-SPRINQ CO.— Incorp. In New Jersey on Feb. 25
1902 as a consolidation (V. 74. p. 382 482): enlarged by subsequent acquisi­
tions. V. 6 6 . p. 185: V. 72. p 444. V. 74. p. 1041. 1200; V. 75. p. 80; V. 93,
p. 942. 734
Total capacity steel spring plants. 155.000 tons; steel-tired
wheel plants. 69,600 wheels; tire plant. 150.000 tons.
DIVIDENDS on pref., 1)4% quar., paid June 1902 to Dec. 1919, lncl.
Com .. 2% 1904: 1905 to 1907. 4% vearly: 1908, 3% ; 1913. 2% ; 1914-16.
none. Dec. 1916 to Sept. 191S, 5 % yearly (1 H % Q .-M .); Dec. 1918 to
Dec. 1919 paid 2% quar. V. 10^, p. 2103.
BONDS.— The $2,994,000 bonds outstanding on Latrobe plant (re­
mainder of $4,500,000) were paid off Jan. 1 1918, reducing fixed charge*
$235,000 yearly (lncl. annual sinking fund $135,000). V. 105. p. 1109,
2190; V. 81. p 1496 1726; V. 82 p. 51- V. 84. P- 100 The 1st 20-year
5 s or 1911 ($3,500,000) have also been paid; the final $1,674,000 being called
at 105 and Int. on Oct. 1 1918. V. 107. p. 807; V. 93, p. 942, 1108; V. 96,
p. 1560.
REPORT for cal. year 1918. In V. 1 8 . p. 1057. showed:
Cal.
Gross
Net. after
Tate
Year. Earnings. Denrer,., Ac. Ac ’

Pf. Dies. Com.Dies. Balance,
(7%). Paid.
Snr.orDef.

1918-S25.182.031 $8,019,019 *$4.592 920 $945.000b$776.250srf 1.704,849
1917. 23,905.714 9.098.967 4 791,108 915.000 x675,000 sr2.687,859
1918. 14.086.499 4,022.590 1.311 785 9 4 5 ,0 0 0 zl88.750 s r l.597,058
1915- 7.043.957 1.688.466
325 237 9 4 5 .0 0 0 _______sur.418.229
1914- 4.351.465
713.285
3
.831 945.000 ............. def.570.546
b 594 % ; x 5% ; z, 1 \i % . Tota surplus Dec. 31 1918, $10,382,651; re­
serve for contlng., $2,000,000; for Federal taxes, $4,500,000; mlsc.,$214,520.
•Includes $4,500,000 reserve for Federal taxes, agst. $3,500,000 In 1917.
Pres., F. F. Fitzpatrick: V.-Ps., A. 8 . Henry; Sec., M . B. Parker.
Treas., H. S. Banghart. Office, 30 Church S t„ N. Y .— (V. 109, p. 893.)
R AY CONSOLIDATED COPPER CO.— O R G A N IZA TIO N .— Incorp?
In M e. In May 1907. Mining lands at Ray. Arlz.. comprise 2,143 acres.
Mllland4,324 acres owned at Hayden, Arlx. Owns $1.767.100 capital stock
(total outstanding) of Ray & a n a valley RR. Capital stock auth.. $16,­
000.000; outstanding. Jan. l 1 9 1 9 , $15,771,790.
Production (Lbs.)—
ig ig .
ig is .
1917.
Month of September............................ 3.850,000
7,250,000
7.413.881
Nine months to Sept. 30.................
35,650,000 66,397,559 70,256,679
REPO RT.— Year 1918 in V. 108. p. 1716; 9 mos., 1919, V. 109, p. 1993.
9 Mos. 1919. 1918.
1917.
1916.
Copper produced (lbs.). 32.132,246 83,599,160 88,582,649 74,983,540
Total operating revenues _____
$19 209,311 $21,278,070 $20,060,783
Balance for dividends,. $1,096,214 $1,653,455 $9,701,170 $11,716,427
Dividends - - - - - - - ......... 2,365,769
5,125,832 *6,624.152
4,337,955
Rate of dividends
.
(15%)
(32)4% )
*(42>4%)
(20)4% )
* Includes $788,590 5% as capital distribution.
DIVIDENDS.—
1913. 1914. 1915. 1916. 1917. 1918.
1919.
Per cent.........- - — ---------11)4 7H
12H
27X . 42
>*2)4
5,5,5
In June 1917 paid cash dlv. of 5% and capital distribution of 5 % . and
in July extra 2 % to aid Red Cross contributions. V. 104. p. 2558; V. 108,

P"pres\ Sherwood Aldrich, 25 Broad St.. N. Y .— (V. 107. p. 701, 1197.
1843, 1925, 2194: V. 108, p. 177, 586, 789, 885, 978. 1065, 1614, 1716
2027, 2439; V. 109, p. 685, 781. 1185.)
(ROBERT) REIS & CO.— See V. 109, p. 1706, 1898,
REMINGTON ARMS UNION METALLIC C A R TR ID G E C O .—
O R G A N IZA TIO N — Incorp. j an. 17 1916 In Conn, to take over the Reinln£ton Arms & Ammunition Oo. of N. Y. and the Union Metallic Cartridge
Go. of Conn. Plants at Bridgeport. Oonn.. Illon. N- Y .. Hoboken. N. J.,
and Swanton, Vt., with enlargements, said to be the 1ar,SS$.8\?a in
plant In the world. As to war contracts, see V. 103,. P - 2083,, V. 105, p.
1109! 1215. 1314. 2370: V. 106. p. 196. 2654; Midvale Steel, V, 104, p. 1142,
Curtailment of operations in Doc. 1918, V. 107, p. 2482.
STOCK.— Authorized capital Is $60,000,000 In $50 shares, consisting
of $2 0 ,0 0 0 ,0 0 0 7% cum. pref. and $4 0 ,0 0 0 ,0 0 0 common stock, all the pre­
ferred and $30,000,000 of the common stock being outstanding. Pref. I*
retlrable at 110% and accrued divs. on any dividend date. Nearly all of
the stock Is said to be owned by Marcellus Hartley Dodge, Chairman of
the board.
N O T E S . — In 1916 Issued $15,000,000 3-year 5% gold notes, due Fob. 1
1919; about $ 1 0 ,0 0 0 ,0 0 0 having boen retired, the remainder was paid at
maturity without the creation o f any new securities. V. 102, p, 627;
V. 103, p. 76; V. 108, p. 586.

INDUSTRIAL STOCKS AND BONDS

N ov., 1919.]

Par
Value

MISCELLANEOUS COMPANIES.
[For abbreviations, A c., see notes on first page.]
R em ington T ypew riter— Common stock $10.000,000-------First 7% pref (a & d) stock cum $4,000,000-------------- - - - ­
First 7% pref (a & d) Ser “ S” (special) stock cum call 110
Second pref (a & d) stock 8% cum $6,000,000 auth-----1st M $550,000 yrly call 1024$ conv into 1st pref.Col.c*&r*
Republic Iron & Steel—Common stock $30.000.000-----------Pref 7% (a & d) cum (V 69. 850) $25,000,000...................
Sinking fund gold (ls t )M $25,000,000 red par.Ce.xo*<5cr*
Potter Ore first mortgage gold guaranteed (text) s f --------- x
Bessemer Coal & Coke Co 1st M gold due $100,000 yly-P eh
R epublic Motor T ruck— Com stock 100,000 shares--------Preferred (a & d) stock 7% cum call 115 auth $1,000,000-.
First mtge & coll trust 7% serial notes callBaGcl.xxxc*
R ep u blic Rubber C orp —Com stk 650.000 shrs no par v a l ..
1st pref stock 7 % cum $10,000,000 issued & held for exchge
2d pref stock 8% cum $2,500,000. Subscribed_______
R eyn old s (R J) T o b a cco C o—Common stock__________
Class B com stk $10,000,000 authorized (see t e x t !-------Pref stock 7% cum $20,000,000 (V 106, p 1622)..........
3-year notes call 1st year 102; 2d yr 101; 3d yr 1004$- B a.c*
Notes or scrip for April 1918 5% on common shares (text) —
do
for July 1918 3% div___________________
do
for Oct 1918 3% d iv ..................................
Roch & Pitts Coal & Iron Helvetia purch mon M gsf.Ce.xc*
First mortgage of 1902 $2,000,000 gold red 105 s f.G .xc*
Debentures due $50,000 to $75,000 seml-ann (V95, P 55).*

p

1916
1910
1906
1918

1919
1918
1918
1918
1896
1902
1912

Amount
Outstanding

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Rate
%

$100 $9,996,000
7
100 3.998.000
7
1.091.200
100 4.994.000
6g
500 &c x l ,682,500
100 27,191 000 6 in 1919
7 in
000 1919
100 25.000.
5g
1,000 &c 12,941,000
201,000
5*g
1.000
900.000
68
Text
100.000
None
904.000
.14$
100
7g
1,000 3,000,000
369,334shrs
7
100 $6,767,400
8
100 2,198,500
100 10,000,000 12% ’ 19
100 10,000.000 12% ’ 19
7
100 See text
000 6 g
1,000 15.000.
6
500.000
Var
6
450.000
6
600.000
642 000
1,000
5g
1,000 1.210.200
44$ l
671.000
5
1,000

211

See text
Oct 1 ’ 19 14$%
Oct 1919 14$%
Oct 1 ’ 19. 2%
Jan 1 '20 to '26
Feb 2 1920 14$
Jan 2 '20 14$%
Oct 1 1940
Dec 11931
Jan 1 '20 to ’28
Q— F M ay 15 1919
Q— J Oct 1 1919
M & N Nov 1 1920-23

Check from Co's offloe
do
do
do
do
do
do
Columbia Tr Co, N Y

Q— M
Q— M
Q—J
Q— J
Q— J
F & A
A & O
J & J
A & O
M & N
P & A
M A N

Checks mailed
do
Checks mailed

Sept 1 1919 14$
Sept 1 1919 2%
Oct 1 ’ 19
3%
Oct 1 '19
3%
Oct 1 ’ 19 14$%
Aug 1 1922
Apr 1 1920
July 1 1920
Oct 1920
May 1 1946
Aug 1 1932
M ay'20-Nov ’28

Gen’ l Office. Youngst’wn
Central Trust Co, N Y
Hanover Nat Bank, N Y
New York
New York

do
New York City
Winston Salem, N O
do
do
36 Wall Street, New York
do
do
do
do

x $150,000 additional in insurance fund.
OFFICERS, &c.— Managing Committee, organized in Dec. 1916, Samuel
F. Pryor. Chairman; Chas. A. Sabin. Pres. Guaranty Trust C o.; and W.
E. S. Griswold. The President is Henry S. Kimball; V .-P ., W . F. Law­
rence; Treas., Chas. W . Many; Sec., Geo. Bingham. N . Y . office, 233
Broadway.— V. 108, p.586; V.109, p. 78.)
REMINGTON TYPEW RITER CO.— Organized In 1893 in N . J. as
Union Typewriter Co.: re-incorporated in New York In May 1909. V. 88,
p. 752, 1377; V. 89. p. 925. In M ch. 1913 changed name to Remington
Typewriter Co. after taking title to the plants of the controlled companies,
viz.: W yckoff, Seamans & Benedict, Yost Writing Machine, American
Writing Machine. Monarch, Smith Premier and Densmore Typewriter
cos. V. 96, p. 866; V. 79, p. 1481; V. 101, p. 1812. Prices, V. 109, p. 1706.
1919.
LATE DIVS.—
t ’01. ’02-’07. ’08-'12. 13. ’ 14. ’ 15-'18.
See I K . I K . I X
7
First preferred, % ____{ 7 7 yrly. 7 yrly. 7
Text 2. 2, 2
Second preferred, % . . 16 8 yrly. 8 yrly. 8
8
0
Common % __________ !
6 yrly. _____ 0 U K None
_
The accumulated dividends on Oct. 1 1918, amounting to 2S% on 1st
pref., was paid, half in cash and half in Liberty bonds; the div. of 32% on
the 2d prof, was paid 6% in cash, 6% in Liborty bonds and 20% in 1st pref.
Series S” stock obtained by buying $1,000,000 6% bonds and converting
the same into stock which was then distributed as a dividend. The direc­
tors declared the full cash dividends on both the 1st and 2d pref. shares for
the quarters ending Dec. 31 1918. On April 1 1919 a dividend at rate of
7% p. a. was paid on 1st pref. Sories “ S” stock. V. 108, p. 177. 1065, 1185.
STOCK.— A majority of the stock (all classes) is held in a five-year voting
trust, expiring Dec. 31 1920, the voting trustees being Lorenzo Benedict.
Archibald A. Forrest, A. Barton Hepburn, Robert W. Martin and Guy E.
Tripp
See bonds below. All stocks listed in June 1919. V. 109. p. 78.
Under plan o f N ov. 1 1918 for the payment o f accumulated dividends
on the pref. stock and the reduction o f its bonded debt, the company to
June 5 1919 had by the conversion o f $1,000,000 of bonds into 1st pref.
stock and by purchase reduced its bonded debt to $1,925,000 and expected
to further reduce the bonds to $1,650,000 as proposed by the plan. Under
this plan also the auth. issue ($1,000,000) of 1st pref. stock was increased
on Nov. 26 1918 by $2,000,000 (designated Series S ), and on June 2 1919 by
$925,000 (making a total o f $2,925,000 Series S stock). This Series “ S”
(i. e., "special” ) has all the privileges o f the other 1st pref., but is subject
to call at any time at 110 and divs. V. 107, p. 1927, 1925, 1750, 2194.
On June 5 1919 there was outstanding $3,998,000 first pref., $1,000,000
first pref. Series “ S,” $4,994,000 2d pref. and $9 996,000 com. stock and
$1,925,000 1st M . 6s. V. 108, p. 1158.
BONDS.— The mortgage is limited to $7,500,000 serial bonds, whereof
the initial issue ($5,500,000) was to mature $550,000 Jan. 1 annually 1917
to 1926, both incl., callable at 1024$, but convertible at option of holder
after Jan. 1 1918 Into new 7% first pref. conv. stock at par. In 1918 as
above stated, it was arranged »to reduce the outstanding unmatured por­
tion to $1,650,000. V. 102, p. 72, 158. Sub. co. bonds and stock not
owned Dec. 31 1918, $46,791.
REPORT for year ending Dec. 31 1918 at length in V. 108. p. 1158, 1185.
Year N et Earn*. In t.(N et). D eprec’ n IstPf.Divs Bal.. Surp. TotalSur.
1918 $2,469,031
$264,000 $286,560
$728,471
$5,611,895
1917- 2,256.134
297,000 282.000 $1,190,000 1.677.134 4.883.424
1916. 2,015,946
322.387 278.100
...
1.415.459 3.206,291
Chairman. Lorenzo Benedict; Pres.. Frank N . Kondolf; Sec., Geo. K.
Gilluly, 374 B'way. N. Y . office, 374 B'way, N . Y .— (V. 103, p. 177,
1065, 1158 2533. 2638; V . 109, p. 78, 1076.)
REPUBLIC IRON & STEEL CO.— ORGAN IZATION .— Incorp. in
N. J. May 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 11 blast furnaces. Bessemer steel plant, open-hearth
steel works, tube works, &c., mining properties in Mesaba, Marquette and
Menominee, extensive iron and coal lands in Alabama, &c., by-product coke
plant, Youngstown, coke plants at Republic and Acheson, Martin and Bowood, Pa., and Thomas, Ala. See V. 71, p. 545. For properties, V. 68, p.
<174: V. 70, p. 228; V. 71, p. 454; V. 77, p. 455; V. 79 p. 1480, 1702; V. 81, p.
1562; V. 83, p. 1035: V. 84, p. 342; V. 87, p. 1303. Hi Jan. 1918 the Woodside Coke C o., a subsidiary, purchased some 4,000 acres of coal lands in
Allegheny and Butlor counties. Pa. Export combine, V. 107, p. 2182
On May 1 1919 took over the property of the De Forest Sheet & Tin Plat0
C o., which has 10 sheet mills near Niles, O. V. 108, p. 1614, 1941.
In N ov. 1906 Republic Irou & Steel and Tenn. Coal & Iron jointly guar­
anteed $700,000 5% bonds o f Potter Ore Co. V. 83. P- 973. 1417.
LATE DIVS.—
’ l l . ’ 1 ’ 1.3. '14. '15. ’ 16. ’ 17. '18. ’ 19. 1920.
12.
On preferred------7 F eb.l J$
- 7 1 5$ 7 5>$ 15$ 7 7 7
On accumulations.
Jan.l}$
-l 1 1
1 1
K 8
4 _On common__________ — — — _
______
6
6
...........
6
BONDS.— The 5s of 1910, now a first lien on the entire property, are
callable for sinking fund (minimum $250,000) and also on and after Apr. 1
1920 as an entire issue at 105 and lnt.; $19,869,000 had in Jan. 1919 been
issued to retire the 5s of 1904 and for general purposes (of which $6,868,000
retired by sinking fund and $60,000 held In treasury.) The remaining
$5,131,000 o f the $25,000,000 auth. are reserved for issue for acquisitions
and betterments under restrictions. V. 90, p. 451. 703, 854, 1048; V. 92.
p. 1182; V. 93. p. 51: V. 95, p. 622. 822: V. 100. p. 1353. 1442.
There were also, Dec. 31 1918. $133,000 bonds outstanding on the
Martin h Palos Coke Works properties.
In 1917 $1,000,000 6% serial gold bonds were assumed on purchase of
the Bossemor Coal & Coke Co.'s property (Bessemer mines Nos. I and 2)
having a capacity of 600,000 tons o f coal yearly in Feb. 1918.
DIRECTO RS.— John A.Topping (Chairman).O. Watson French,Thos.
J B^ay (Pres.). Earl W. Oglebay, Edw. J. Berwind. Alexander Glass,
W . T Graham, J. W. Deetrick (V.-Pras.), George W. Watts, H. L.
Uo'wnd (V.-Pros.), and Howard M . Hanna Jr. Richard Jones Jr. is Sec.,
and H M . Hurd. Treas. Main office, Republic Bldg., Youngstown, O.
N. Y. office. 17 Battery Place.— V. 108, p. 386 1054, 1614, 1911,)
L . R E PO RT.— For cal. year 1918 in full, V. 108, p. 1076, showing:
A
1918.
1917.
1916.
1915.
Unfilled orders Dec. 31
206,515
418,943
800,976
729,676
Gross business
......... $75,224,110 $78,325,461 $52,844,017 $00,000,009
Gross profits 1 ................. $18,906,815$28,769,021 $16,893,212 $5,622,909
Depreciation, & c.............. 4,695,939 2,273,832
1,245,312
1,237,186
lnt. on bonds S n o te s..
c
73S.182
759,334
858,737
869,904
Excess profits taxes, & c. 5,680,759
9,878,657(1917 figures sub. to adj.)
Preferred d ividends...(7)1.750,000 (7)1,750.000(18)4500,000(4*$)1187500
Common dividends_ (6) 1,631,460 (6) 1,631,460(1 )$ 1407.865
_
-----------$9,881,298 $2,328,319
Balance, surplus_____$4,410,475 $12,475,737




Total profit and loss surplus Dec. 31 1918, $35,122,462.
Latest Earnings, A c.— For quarter end. March 31 1918, in V. 108, p. 1614
EARNING S.— For quarters and 9 months ending Sept. 30:
-3 Months-9 Months----------1 Qi q
1 qi q
1918.
1919.
♦Net earnings__________ $1,740,407 $2,829,555 S4,265,652 $10,032,729
82.645
506,265
515.822
Other income__________
135,4(8
Total income_________ $1,875,885 $2,912,200 $4,771,917 $10,548,551
$535,271 $1,136,096 $1,605,132
Depreciation & renewals $337,747
90,669
260,689
248,865
Exhaustion of minerals.
84,728
178,942
539.113
559,695
Bond interest__________. . _.. 182,263
Preferred dividend___ (1 H )437,500(1 X )437,500(54$) 1 3 1 2 5 9 0 (5 )1312500
Common dividend___ (1 V$) 407,865(1 V$)407,865(4 tj) 1223595(41$) 1223595
$425,782 $1,261,953
$299,924 $5,598,763
Balance, surplus.........
♦ Net earnings are shown after deducting charges for repair and main­
tenance of plants (amounting in 1919 to $1,287,908) and provisions for
Federal and excess profits taxes.
. . . . . .
,
...
. .
Unfilled orders on hand Sept. 30 1919 of fmished and semi-finished prod­
ucts totaled 433,495 tons, against 187,361 tons June 30 1919. V. 109, p.278.
REPUBLIC MOTOR TRUCK CO., INC.— ORGANIZATION.—
Incorp. in New York, Aug. 10 1916, and purchased Republic M otor Truck
Co. of M idM Owns entire capital stock of Torbansen Axle Co. of Ohio and
Republic Motor Truck Co. o f Calif, and Baltimore-Republic Truck Co.
Plant at Alma, Mich, covers 595,000 sq. ft. o f floor space.
STOCK.— Of the Pref. stock $96,000 is held in the Treasury for can­
cellation. Annual sinking fund for the retirement of Pref. at 115 began in
^IDicidends.— On the Pref. stock at rate of 7% (Q.-J.) since organization
to date; on the Common stock Feb. 15 and M ay 15 1919, $1 each. July
15 1919 div. passed.—V . 109, p. 893.
NOTES.— The notes are due $500,000 each Nov. 1 1920 and 1921 and
$1,500,000 each Nov. 1922 and 1923. Callable on any int. date on 30
days’ notice as follows (with int.): First year 1004$: 2nd year 101; 3rd
year 101 1-3; 4th year 102. A first mortgage on entire property; also secured
by deposit of the Common stock of the Torbenson Axle Co.— See offering
in V. 107, p. 2382.
Earnings for Year Ended June 30 1919 in V. 109, p. 1372
Net
Net
Fed.
Pref.
Com.
Bal.
June 30 Y r.— Sales.
Profit.
Taxes.
Div.
Div.
Sur.
19171918______ $20,522,381 $1,485,084 $500,000 $70,000
___________$915,084
191819 19.-. 16,513,377
882,902 *532,310 67,299 $200,000
33,293
* Estimated.
Consolidated income account for the 3 months ending Sept. 30 1919 showNet sales, $6,264,773; cost, general expenses, &c., $5,619,822; net profit,
$644,951; other income, $122,279; total income, $767,230; interest charges,
&c., $246,327; balance, surplus, $520,903.
OFFICERS.— Pres., Frank IV. Ruggles; Vice-Pres., J. O. Eaton; Chair­
man, James H . Foster; Vice-Pres. & Gen. M gr., C. F. Hepburn: Vice-Pres.,
Thomas A. Burt; Vice-Pres., O. W. Haye; Compt., H. O. Minich; Sec.Treas, Chas. G. Rhodes. General office, Alma, M ich.— (V. 108, p. 885.
2533: V . 109, n. 483. 1372, 1706, 1799, 1993.)
REPUBLIC RUBBER C O R PORATION .— Incorp. Oct. 6 1917 (V. 105.
p. 1622, 2279) under laws o f N. Y . Has acquired nearly all the outstanding
capital stock of the Republic Rubber Co. of Youngstown. O., and the entire
property, assets, business and good-will o f the Knight Tire & Rubber Co.
o f Canton. See full particulars regarding organization, &c., in V. 105
p. 1622, 2279; V. 107, p. 807, 2295. The 2d pref. stock (V. 107, p. 2295)
is convertible prior to Jan. 1 1926 into common stock, one share of pref. for
10 shares of common and is callable at $115 a share beginning D ec 1 1921
In 1919 full 7% and 8% p. a. were being paid (Q.-M .) on both classes of pref.
Financial statement o f Aug. 31 1918, V. 107, p. 2473, and annual report
for cal. year 1918 in full in V. 108, p. 1184, showing: Gross sales, $15,<49,627; net earnings, $1,560,167; total net Income, $1,577,110; plant deprec.
& int., $575,007; stock Issue expense & Fed. taxes, $339,190; bal.. sur..
$602,913. Pres., Guy E. Norwood; Sec., O. F. Garrison. N. Y . office.
Singer Bldg.— (V. 108, p. 978, 1159.)
REYNOLDS (R. J.) TOBACCO CO.— ORGANIZATION, &c.— In ­
corporated in New Jersey Apr. 3 1899. Manufacturers plug, twist and
smoking tobacco and cigarettes. Manufacturing plants at Winston-Salem
N . C ., Jersey City, N . J., and Louisville, K y.; leaf tobacco and re-ordering
plants at Richmond, Danville, South Boston, Martinsville, Va., M t. Airy,
Reidsville, N .C .. Lexington, Maysville and Springfield, Ky.
STOCK.— Holders of the $10,000,000 common stock of record Feb. 15
1918 had the right to subscribe at par for $5,000,000 of Class B common
stock and holders of rocord May 28 1918 of the $10,000,000 old common and
$5,000,000 outstanding Class B had the right to subscribe for the remaining
$5,000,000 Class B at par on or before July 1. V. 106. p. 934 2126.
Class B has same rights and privileges as common, except it will have
no voting power unless the company fails for 90 days to pay the regular
common stock dividend. V 105. p. 1622. 2190.
To take care of increasing business the directors on Nov. 6 1919 authorized
tho issuance on Jan. 1 1920 of a further $10,000,000 7% cum. pref. stock,
making $20,000,000 pref. outstanding. Common stockholders (Classes
“ A " and “ B” ) of record Nov. 21 will be given the privilege of subscribing
to the new stock at par in the ratio of one new share for each two shares held.
See V. 109, p. 1709; V .106, p. 1622.
C O M . D IV S .' 09. ’ 10.’ l l .
’ 12.
13’ .
’ 14.’ 15.’ 16.’ 17.19181919.
Regular % -----6 6
6 6 12 12
12 12 12
x 12 12
Extra % --------14 0
0
4 0
4
10 11 16
y2
..
x 3% paid in cash and 9% paid in 6% notes (or scrip), oy Paid In 6%
notes (or scrip). Jan. to Oct. 1919, inclusive, paid 3% quar. in cash on
common and Class B common stock.
NOTES.— In Aug. 1919 sold $15,000,000 3-year 6% notes. The prop
erty cannot be mortgaged,while these notes are outstanding. V .109, p.584R E PO RT.— For cal. year 1916. in V. 104, p. 1041. Reports for 1917
and 1918 had not been issued to Oct. 1919. See V. 108, p. 1394.
Calendar Years—
1916.
1915.
1914.
1913.
Net earnings____________$8,043,678 $4,729,988 $2,916,564 $2,862,567
Pref. dividends ( 7 % ) . - .
175,000
175,000
------------ .............
Common dividends. (23% 19.300.000(22)2209.000(16) 1600,000(12) 1200 000
Balance, surplus_____»6.668.67«
*2.354,988 $1,316,564 *1,662.567
Pres., W. N. Reynolds: Sec., M . E. Motslnger: Treas., D . Rich. Office
Winston-Salem, N. C.— (V. 107, p. 507; V. 108, p. 1394; V. 109, p. 277;
483, 584, 1534, 1799.)
ROBINS & MEYERS CO. SPRINGFIELD, OHIO.— (V. 109, p. 987.)
ROCHESTER GAS & ELECTRIC CORP.— (V. 109. p. 1705.)

INDUSTRIAL STOCKS AND BONDS

2 1 2

MISCELLANEOUS COMPANIES
[For abbreviations, cfee., see notes on first page]

Date
Bonds

Rogers-Brown IrCo— lst&RefM$8.000.000g red 102 36 Ba xc*
Bud & Susq Iron— 1st XI $3,000,000 g red (text)__N.xc*&r
Debens SI,500,000 g red 105 since Sept 1910 Col.xc*&r
Royal Baking Powder— Common stock 510,000.000________
Prelerred (a & d) stock *10,000,000 6% cumulative______
Safety Car Heating & Lighting— Stock $10,000.000___ St Joseph Lead Co— Stock $20,000,000___________________
St Louis Coke & Chem ical— Com stock $1,000,000 ______
Pref (a &
stock 8% cum $10,000,000 _________________
St Louis Rocky Mt & Fac Co— Common stock $10,000,000
Preferred stock 5% non-cumulative______________________
1st mortgage g sinking fund__________________ M p.xc’ &r*

1910
1902
1906

d)

Par
Value

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

$4,431 ,000
5 g 3 & J Jan ’20-Jan
1,683 ,000
5 g J & D June 1 1932
5 g M & S Jan 1 1926
1,500 000
10,000 ,00(1 See text Q— M Sept 30 19
10.000 000
6
O— M Sept 30 ’ 9
9.862, ,000 See text
Q— J Oct 1 19.
14,094 ,660 11% ’ 19 Q -M 20 Dec 20 '19
1,000, ,000
M
8
5,000 ,000
10,000, ,000 See text
Oct 15 19
1,000, 000 5 In 1919 Q— M Sept 30 T9
1905 1.000 &c
5 g J & J July 1 1955
4.850, 000
$500 &c
1,000
1,000
1D0
100
100
10
5
100
100

ROOERS-BROWN IRON CO.— ORGANIZATION.— Incorp. In N. V.
Dec. 27 1909 and owns 4 blast furnaces at South Buffalo. N. Y ., leases for
50 years ore lands In Mesaba Range; also leaseholds on ore lands at IroD
River, Mich. Company mines Its own coal and manufactures Its own coke
from coal lands leased at Tyler and Sykes. Pa. Stock auth., $5,000,000
common and $2,000,000 7% pref.: of the latter $1,550,000 was outstanding
on Dec. 31 1918. Applications to list, V. 83, p. 101, and V. 85, p. 1524.
BONDS.— The "First and Refunding" 5s of 1910 ($8,000,000 author­
ized Issue) are secured by a tlrst lien on two new furnaces and a direct
Hen on all the remaining property, and by a sinking fund of 25c. ner ton on
upwards o f 20.000.000 tons of Iron ore. Of the Issue, $4,431,000 Is out­
standing, $1,516,000 had been retired up to Dec. 31 1918 and $20,000 had
been purchased and held in treasury on Dec. 31 1918; $500,000 is re­
served to retire final $500,000 Buffalo & Susq. 5a to be outstanding June 1
1932, $1,500,000 to retire $1,500,000 B. S S. debentures. The bonds
c
will be paid at 10234 and Int. Jan. 1 yearly, the rate now being $213,000
1917-20, IncL. and $214,000 1921-1940. incl. V. 90. p. 774; V. 92. p.
1246: V. 93. p. 1793.
.
,
.
The B. & S. 1st 5s are sub. to call as an entire issue at 107 36. also at par
for sinking fund In order of their numbers, beginning at the lowest number,
$100,000 redeemed in June 1907 to 1919, and $17,000 purchased and held in
treasury. Debentures, V. 82, p. 220: V. 85, p. 1524.
R E PO RT.— For cal. year 1918 in V. 108. p. 1615.
„ ,
Net
Total
Interest.
Preferred Common ,Balance,
C al.Yr. Sales.
Income. Deprec., &c. Dividends. Dividends. Surplus.
1918......................$-4,517,743 $1,921,188 (7)$108,500 $400,000 x$241.169
1917
2,039,3381,403,318(7) 108,500 400.000 127,520
1916 .$8,900,825 2.798.023 1.763.558 (7) 108,190 200.000 726.275
x After deducting $1,846,885 for provision for income and war profits tax.
”F?Notes payable as o f Dec. 31 1918, $540,000.
raiWm. A . Rogers, Pres.; Hugh Kennedy, 1st V.-Pres. and Gen. M gr.'
John D. Larkin. 2d V.-Pres.; Wra. 8. Rogers, See.: H. T . Clement, Treas.
— (V. 104. p. 1050; V. 105, p. 179; V. 107, p. 1835.)
ROLLS-ROYCE CO. OF AMERICA, INC.— (V. 109, p. 1531. 1467.)
ROOT & VAN DERVOORT ENGINEERING CO.. EAST MOLINE.
ILL — ORGAN IZATION .— Incorp. Oct. 22 1917 in Illinois: a consolidation
of Root Van Dervoort Engineering Co. (organ, in 1900) and Moline Auto­
mobile Co. (organ, in 1904). Manufactures engines for farm tractors,
automobiles and trucks, &c. See V. 109, p. 278. . . . . . .
STOCK.— Auth. $5,000,000 8% cum. pref. (a. & d.) stock (par 8100)
and $2,500,000 com. (par $100) outstanding, $1,000,000 pref. and $1,187,­
300 com. The Root & Van Dervoort Corp. owns entire com. stock.
Pref. stock is callable at 110 on 30 days’ notice. Annual sink, fund begins
in 1921, 10% o f net earnings after pref. divs. No mtges. without consent
of 2-3 of pref. stock outstanding. An initial quarterly dividend of $1 per
share is payable on the common stock Jan. 1 1920 to holders of record
Dec. 15. Initial quar. div. of $2 paid Sept. 1 .^919/VD ?91 1 J^kv’o ^'oo-i ,
T
’Q
Pres., W . H. Van Dervoort, East Moline, 111.— (V. 109, p. 278, 1993.)
ROYAL BAKING POWDER CO.— ORGAN IZATION .—A consolida­
tion incorporated in Feb. 1899 under the laws of N. J. See V. 71, p. 545.
T9.
DIVS.— '02 to ’05. ’06-’09 T O to ’ 13. T4 T 5 '16. T7
T8,
‘
Common % 8 yearly 10 y'rly 12 y’ rly
10 8 8
8
8 2, qu.
-- 2
2
Extra In Dec. ________________
Pres., VV. L. Garey; Vlce-Pres., A. II. Porter; Sec., V. C. Gray. Office"
Royal Bldg., William and Fulton Sts., N. Y.— (V. 109, p. 1898.)
ROYAL DUTCH CO.— ORGAN IZATION .— Incorp. in The Hague,
Holland, In 1890, with a capital o f 1,300.000 florins ($522,600). Through
Its subsidiaries it is now the largest international producer and distributor
o f mineral oil and its by-products o f Europe. V. 107, p. 2243. Started
as a local enterprise o f the Dutch East Indies. After 1900 developed
rapidly. In 1902 entered the international field and in conjunction with
the “ Shell” Transport & Trading Co. o f London (which see) and the de
Rothschild (Paris) group, founded the Asiatic Petroleum Co. as a distribut­
ing concern. Subsequently absorbed the principal other oil producing
enterprises In Dutch East Indies and amalgamated its interests with those
o f the "Shell," the combined assets o f both being turned over to two new
companies, viz., the “ Bataafsche Petroleum Co. and the Anglo-Saxon

interests in important oil fields in Rumania, Russia, Egypt, the_ United
States (Oklahoma and California), Panama, Venezuela and Mexico.
AM ERICAN INTERESTS.— The combination owns a predominating
Interest In the Roxana Petroleum Co. o f Oklahoma and the Shell Co. of
California. V. 109. p. 377. The “ Roxana" has an Issued capital of
$5,000,000 and the “ Shell” o f $33,535,575. The "R oxana" owns fields in
the well-known oil districts o f Cushing, Ilealdton and Bartelsville. There
were constructed In 1917 134 miles of six-inch pine line from Cushing to
Healdton, and In 1918 450 miles o f ten-inch pipe line from Cushing to St.
Louis. Also constructed a large refinery in St. Louis. At Martinez, on
the Pacific Coast, near San Francisco, a refinery capable of handling 25,000
bbls. a day and storage facilities at Martinez and on the fields for 4.250,000
bbls. have been established, as well as an 8-inch pipe line 170 miles long,
from the field to the refinery. In Mexico the allied companies, besides
owning other valuable property, controls the Mexican Eagle Oil Co., Ltd.,
whose production in 1918 amounted to 17,390,827 bbls. Has also estab­
lished large storage facilities and a refinery o f exceptionally great capacity
In Curacao, West Indies, in the immediate proximity o f the Panama Canal.
On Dec. 31 1918 had a fleet o f 263,746 tons (1914, 255,965 tons). The
Russian properties, a reserve has been created, which entirely covers the
amount at which these properties were carried.
SHARES.— The com. shares have a par value of FI.1,000 (say $402)
each, but the company issues sifb-shares o f FI. 100 (say $40 20) each. For
trading purposes here, Dutch shares o f 100 Florin par value were deposited
with the Equitable Trust C o., N . Y ., against which were issued three
certificates for each share deposited. This gives a nominal par value of
$13 40 to each “ American certificate.
Capitalization (no funded-----In Dutch Guilders--------------- In U. S. Cold-------debt or fixed charges)— Outstanding. Author d. Outstanding. Authorized.
FI.
FI.
$
$
Common shares________ 213,818,000 370,000,000 85,957,500 148,740,000
4% preferred shares____ 1,500.000
1,500,000
603,000
603,000
4H % cum. prior shares. 28,500,000 28,500,000 11.457,000 11,457.000
The authorized ordinary stock was increased in June 1919 from 230.000,­
000 guilders ($92,460,000) to 370.000.000 guilders ($148.740,000). Holders
of outstanding ordinary shares o f record July 7th were given the right to
subscribe at par plus stamp tax in Holland for one new share for each four




Amount
Outstanding

%

[V o l . 109

’40 Bankers Trust Co, N Y
New York Trust Co, N Y
Columbia Tr Co, N Y
.
2 Checks mailed
do
136
136 By check
236
1% Bankers Trust Co, N Y
13i
do
do
do
do

shares held. V. 108, p. 2533, 2636. In June 1916 the shareholders were
permitted to subscribe at par (equal to a bonus of about 120%) for one new
share for each three old shares.
DIVIDENDS.— In addition to the cash dividends the company In 1907
distributed its surplus by a stock bonus of 200%. In 1918 paid a 50%
stock dividend. The cash dividend record (% ) is as follows:
’02. ’03. ’04. ’05. ’06. ’07. ’08-10. ’ l l . T2. T3.
T4-16. T7. T8. T9.
24 35.85 65 50 *73 273 28 yrly. 19 41 48 49 yrly. 38 z48 40
A
* Plus 200% stock dividend.
z Plus 50% stock dividend.
REPO RT.— For calendar year 1918 in V. 109, p. 1458.
NET PROFITS.— Net profit for Dec. 31 1918 was $29,020,000. against
$17,838,000 in 1917; cash on hand, 1918. $26,135,000: 1917, $14,547,000.—
(V. 108, p. 2246, 2439, 2533, 2636; V. 109, p. 377. 1458.)
SAFETY CAR HEATING & LIGHTING C O .— O R G A N IZA T IO N .—
Incorporated In 1887 in New Jersey. Manufactures "Pintsch" light appa­
ratus, which. Sept 1917, was In use on over 43,000 cars In the United States,
Canada and Mexico: In the world on 165.000 cars and 8,000 locomotives.
Electric lighting systems Installed on over 80 railroads In U S and Canada.
LATE DIVS. ( ’08. '09. TO. 11-13. T4-T7
Dec. 17. T8.
1919.
9
11 9 y'ly. 8 p.a. 1 4 % ( q u . ) 6 1 4 . 1 4 , 1 4 .
C ash...............% \9
In July 1907 a 100% stock dlv was paid
R E PO RT.— Report for year ending Dec. 31 1918, in V. 108, p. 2626,
showing: Earnings, after U. S. and Canadian war taxes (of $93,000),
$864,339 (against $1,054,108 in 1917); deprec., &c.. reserves, $241,473;
dividends (6 % ), $591,720; bal., sur.. $31,146.
DIRECTORS.— W. L. Conwell (Pres.), Robert Barbour Chellis, A. Aus­
tin, F. F. Fitzpatrick, Alex. C. Soper, H. H. Wehrhano, II. It. Carse,
M . Bulkley, F. LeB. Gardner, R. Parmly, J. P. Soper, A. B. Hepburn,
G. D. Pope and J. A. Dixon. N. Y. office, 2 Rector St.— (V. 108, p. 1826,
2027. 2G26.)
ST. JOSEPH LEAD CO.— ORGANIZATION.— Incorp. In N. Y. State
March 24 1864; charter now perpetual. Owns (a) mineral right on 13,498
acres of lead-bearing lands in Flat River— Leadwood and Doe Run districts,
M o.: (ft) modern smelter at Herculaneum, Jefferson County, M o., capacity
120,000 tons of pig lead yearly: (c) practically entire capital stock of Miss.
River & Bonne Terre Ity., 46 miles; (d) control of 14-inile interurban electric
line, &c. (V. 109, p. 1831).
C A PITAL STOCK.— $20,000,000 auth., par $10; issued to March 1919,
$14,094,660. Listed on N. Y. Stock Exchange in April 1919 (see full
statement, V. 109, P- 1831).
Annual Dividend Record Since 1890.
1890. 1891-92. 1893. 1894. 1895-1912. 1913. 1914. 1915. 1916. 1917. 1918.
16% 12%yly. 8% 536% 6%yrly 5% 2 4 % 6% 10% 25% 20%
Dividend in 1919: March 20, 3 4 %; June. 2 36%: Sept., 2 36%: Dec.. 2 36 .
BONDS.— Miss. River & Bonne Terre Ry., $2,500,000 1st M . 5s, due
1931; to Jan. 1 1919. $319,000 retired by sinking fund and $375,000 owned
by St. Joseph Lead Co. See Railroads on a preceding page.
EARNINGS.— For year 1918, see V. 108. p. 1831: for half-year 1919
V.22
109, p. 987.
OFFICERS.— Pres., Clinton H. Crane; V.-Pres. & Treas., Hugh N.
Camp Jr.: V.-Pres. & Sales Mgr., Irwin II. Cornell; Sec., Leonidas H,
Besson. N . Y. office, 61 Bway.— (V. 108, p. 1817: V 109, p. 987.)
ST. LOUIS COKE & CHEMICAL CO.— ORGANIZATION — Incorp.
In Nov. 1917. The company will erect a 500-ton blast, furnace and 80
Roberts By-Products coke ovens adjacent to the Granite City plant or the
National Enameling & Stamping Co. with which It has entered Into a
5-year contract to furnish Its Granite City steel works up to the capacity of
the St. Louis Coke S Chemical Co.'s plant, also the major portion of the
c
by-product tar and gas produced by the coke ovens. The American Coke
& Chemical Co. owners of the Roberts patents, from whom the St. Louis
company gets its license, has agreed not to issue any other license to other
companies for the construction, operations, &c., of coke ovens under its
patents within the St. Louis industrial zone (a circle 50 miles In diameter
with Eads Bridge as centre). V. 109, p. 781.
STOCK.— The pref. stock is callable at 125. Of the issued prof. $1,250,was subscribed for by the National Enameling & Stamping C o.. For the
disposition of the com. stock see V. 109, p. 781. The American Ooko &
Chemical will retain a majority of the com. stock.
Clement Studebaker, Pres.; Geo. \V. Nledringhaus, Vice-Pres.; Geo. r.
Buckingham! Vico-Pres. & Gen. M gr.; Scott Brown. Sec. & Treas.— (V.
109, p. 686. 781.)
ST I OUIS ROCKY MOUNTAIN & PACIFIC C O .-C om p a n y owns
in r«n90« 488 acres of high-grade bituminous coal lands and coal rights and
surface1necessary for mining In 314.837 acres additional, east west and
liiiUiwtwt oT Uton Colfax County. N M
At Brilliant Van Houten.
KoeWer Gardiner Sugarite and Swastika has In operation 14 electrically
Motioned coal mines of a present producing capacity of about 10 000 ions
of coal daUy
lu operation at Gardiner and Koehler coke ovens of
orevlousl v owned were acquired In April 1915 by the Atchison 1opeka &
Santa Fe for $50 000 cash and $3,000,000 50-year 1% bonds secured by a
Ist M on the road
O f the Atch T & Santa Fe 4s. $2,378 000 have been
exchanged for St. L. R- M. St Pac. 1st 5s. reducing the latter by that amt.,
and the remaining $613 000 substituted for the 8t. L U M * » ;
■
homts formerly held under the lien of the St. L It M S I ac «/o c ' v*
,
bonds
The latter (of which the mortgage trustee still held $6(11,000 In
Dec 1918) may be sold and the proceeds sold for sinking fund purposes or

m v h4 s ? . , p v p
V. 105; p. 1536: V. 109. p. 69.
STOCK. — Pref. (as to assets and <llvs.). 5% non-cum.,
$1 000.000; common. $10,000,000. Stockholders owning 88% of the com­
mon stock have established a voting trust for five years from Dec 15 1 H.)
with Charles Springer. Hugo A. Koehler. J. van Hou te n .
^ •
Dobyne and Thomas B. Harlan as voting trustees and
lTiist
Co.. N. Y .. depositary and transfer agent
1," '™ "
Bankers Trust C o., N . Y „ registrar. V.105, p. 2370. V. 95. p. 1332.

N ov., 1919.]

INDUSTRIAL STOCKS a ND 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 fir s t p a g e]

D a te
B onds

Par
V a lu e ,

Savaxe

A r m s C o r p — C o m a u t h $ 1 0 , 0 0 0 , 0 0 0 _____________________
F i r s t p r e f e r r e d 7 % c u m u l a t i v e a u t h o r i z e d $ .5 0 0 . 0 0 0 _________
S e c o n d p r e f e r r e d 6 % n o n - c u m c o n v $ 5 0 0 . 0 0 0 _________________
S e a r s . R o e b u c k & C o — C o m m o n s t o c k , $ 7 5 . 0 0 0 . 0 0 0 ____________
P r e f e r r e d s t o c k (a & d )
c u m u la tiv e (t e s t ,
_ __________
S h a f f e r O il & R e f i n i n g — C o m m o n s t o c k 5 0 0 ,0 0 0 " s i i s I .I I I I
P r o f s t o c k 7 % c u m u l f t p a r t ic $ 5 0 ,0 0 0 ,0 0 0
_ _ _______
1 s t M C o n v s f (g u a r ) $ 1 5 ,0 0 0 ,0 0 0 g c a l l . _ C o C k x x x c * & r *
S h a t t u c k A r i z o n a C o p p e r C o — S t o c k ____________________________
S h a w i n i x a n Water & P o w e r C o — S t o c k
bob. 0 0 0 _______
1 s t C o n s o l M ( c l o s e d ) c a l l 1 10 s i n k f u n d 1 %
c*
F ir s t & R e f M S K . fd $ 5 0 ,0 0 0 ,0 0 0 g 5 f d S e r a I Y .Z Y .Y .Z . .
P e r p e t u a l C o n s o l i d a t e d M o r t g a g e d e b e n t u r e s t o c k . . _____
C o n v e r t i b l e g o l d n o t e s c l o s e d c a l l a b l e ( t e x t ) ____________d . c *

A m ount
O u tsta n d in g

$ 1 0 0 C $ 7 ,9 5 8 ,0 0 0
100
1 0 .0 0 0
100
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100 1 1 .0 0 0 .
1 00 & c 1 2 ,0 0 0 ,0 0 0
10
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500 &c
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See text
500 & c
S ee te x t

1919

$20.

1904
1919
1907
1917

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S ee te x t
F r a n k lin T r u s t C o , N
do
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Y ork and

M on trea l

c A f t e r d e d u c t i n g $ 6 6 7 ,5 0 0 r e t ir e d in 1 9 1 8 .

D I V I D E N D S . — O n p r e f., A u g . 31 1912
S ep t. 3 0 1 9 19. 5 %
q u a r .)
O n com .
4 $ % , p a i d J u l y 1 6 . 1 9 1 3 ; K e 'b . 1 5 a n d J u l y
"
H % : J a n Sc J u l y 1 0 & N o v . 1 '1 5 . 4 $ % ; '1 6 . J a n . . A p r . , J u l y & O c t . ,
1 9 1 7 , J a n . . 1 % : A p r i l , 4 $ % : J u l . , 1 % ;________, _______________ t o O c t . 1 9 1 8 ,
y
O ct.
4$% : Jan.
I n D e c . 1 9 1 8 p a id 2 % q u a r .
i n 1 9 1 9 , A p r . t o O c t . a q u a r te r ly 1 %
p a id .
V . 107, p . 2382.

{IK%

E A R N S . — 7 M o s . to—
G ross.
J u l y 3 1 1 9 1 8 ........................... $ 3 , 0 1 6 , 5 4 5
J u l y 3 1 1 9 1 7 ........................... 2 . 1 1 1 1 5 2

N e t.
$ 7 8 1 ,6 9 4
6 2 2 .5 6 1

C h a rg es.
$ 1 4 4 ,1 7 5
1 4 6 .0 6 0

p. a.
1914,
4$% ■
1% .
, w as

S u r p lu s .
$ 5 4 0 ,4 7 4
3 9 4 .9 7 4

R E P O R T .— F o r y ea r 1918.
V . 109, p. 69,
31.
G ross
N i l (a fte r
O th er
I n te r e s t, D iv id e n d s B a la n c e ,
Y ea r—
E a r n in g s .
T a z e s ).
I n c o m e . D e p r ..& c .
P a id .
S u r p lu s .
J » } 8 ................ $ 4 , 9 4 4 , 8 9 1 a $ 1 . 5 2 8 , 3 7 0 $ 1 1 2 , 6 9 6 $ 7 2 9 , 1 7 4 $ 6 5 0 , 0 0 0 $ 2 6 1 , 8 9 2
1 9 1 7 . . . — , 3 ,7 8 3 ,6 4 3
9 2 3 .6 1 3
1 6 2 ,4 0 8
3 7 2 .9 0 6
3 5 0 ,0 0 0
3 6 3 ,1 1 5
. D LVS. ' I n c l u d e 5 % y e a r l y o n n r e f
c a l l i n g f o r $ 5 0 ,0 0 0 , a n d in 1 9 1 8 6 % a n d
In 1 9 1 7 3 % o n c o m m o n ,
a i n 1 9 1 8 t a x e s w e r e e v i d e n t l y in c l . in “ i n t . .
a e p r o c ., & c . ”
P r e s ., J . V a n H o u t e n .— ( V . 1 0 7 , p . 1 3 8 5 1 8 4 3 , 2 3 8 2 ; V
109, p . 69)

Dec.

S T . PAU L

O AS

SAN

F R A N C IS C O

SAN

J O A Q U IN

SA PU LPA

L IQ H T

C O .— V . 1 0 6 . p . 2 7 6 3 .

O A S 3c E L E C T R I C C O . — S e e ‘ ‘ E l e c t r i c R a i l w a y S e c .
L IO H T

R E F IN IN Q

&

P . C O R P .— S e e “ E le c t r ic

R y . S e c t io n ."

C O — V . 109, p . 179. 476, 1185.

S A V A G E A R M S C O R P O R A T I O N — O R G A N I Z A T I O N . — I n c o r p . In
D e l . o n A u g . 16 1 9 1 5 a s D r l g g s - S e a b u r y O r d n a n c e C o r p . , a n d p u r c h a s e d t h e
• f& S
th e D r lg g s -S e a b u r y C o
a n d In D e c . 1 9 1 5 t h e S a v a g e A r m s C o .
Y .
M a n u f a c t u r e s t h e L e w is m a c h in e g u n . S ee.
P resen t n am e
a d o p t e d M a y 1917 on m e rg e r o f p ro p e r tie s
V
104 n
2014- V
in A n
1771 0 7 ' P ‘ 1673< 2 1 9 4 : V
V lri o 7 U p

297

p u r' hased

p la n t

0f

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I 0 8 P P9 8 2 0 1 P e a c e ' c o ^ d F
S tov e

M fg .

C o.

S T O C K .— T h e 2 d p r e f. w a s c o n v e r t ib le f r o m J u ly 31 1 9 1 6
1 9 1 8 in c o c o m m o n a t 1 0 0 .. V . 1 0 4 , p . 2 2 3 9 ; V
106 p . 506

in
to

P h ila .
J u lv 31

7

/ ^ ur^ ga M n y e a r , S e.n d in t ? , D e c . 3 1 1 9 1 8 t h e c a p i t a l i z a t i o n w a s r e d u c e d
( n e t ) * 3 ,2 7 1 .3 0 0 o u t o f e a r n in g s a s f o ll o w s : (a ) $ 1 ,5 0 0 ,0 0 0 b o n d s o f 1 9 1 5
r e d e e m e d , (ft) $ 2 3 9 , 3 0 0 2 d p r e f . s t o c k c o n v e r t e d i n t o c o m m o n ; ( c ) b o u g h t
u p a n d h e l d in t h e t r e a s u r y D e c . 3 1 1 9 1 8 , $ 4 9 0 , 0 0 0 1 s t p r e f . a n d $ 1 , 0 4 2 , 0 0 0
com m on .
.
O u ts ta n d in g —
B onds.
Is / P ref.
2d P r e f.
C om m on.
R TC‘ o\
D e c . 31

o f ........................ «ti £ > n " n n n
1 9 1 7 . . ..................$ 1 , 5 0 0 , 0 0 0

* 2 6 0 ,7 0 0
5 0 0 ,0 0 0

5 0 0 ,0 0 0

$ 7 ,9 5 8 ,0 0 0
9 ,0 0 0 ,0 0 0

A s a t D e c . 31 1 9 1 8 th e r a t io o f c u r r e n t a s s e ts t o c u r r e n t lia b ilit ie s w a s
a p p r o x i m a t e l y 10 t o 1 , w h i l e o f t h e t o t a l a s s e t s o f $ 2 2 , 0 0 0 , 0 0 0 . $ 1 5 , 0 0 0 , 0 0 0
w e r e “ c u r r e n t ; o u t o f e a r n in g s a ls o t h e r e h a d b e e n s e t u p v e r y la r g o r e ­
s e r v e s fo r c o n t in g e n c ie s , A c .
See V . 108, p . 982, 983.
In J a n . 1 9 1 9 a s t o c k h o ld e r s
p r o t e c t iv e c o m m it t e e , W illia m
H a m lin
C h ild s o f N . V .. C h a ir m a n a n d C h a r le s H . S t u d in , 5 5 L ib e r t y S t .. N . Y .,
c o u n s e l, s o u g h t a c a p it a l d is t r ib u t io n , b u t t h e c o m p a n y p r o n o u n c e d th is
" I m p o s s ib le a t th e p r e s e n t tim e .
See V . 108, p . 386, 376, 4 8 6 , 983.
D I V I D E N D S .— O n co m
th e n n o n e till J u n o 15 1 9 1 7
J a n . 15 1 920 a n e x tra o f 5 %
d e n d s a r e r e g u la r ly p a id .
p,

m o n : In 1916. M a r
15 2 W % : J u n e 1 5 . 5 %
to D e c . 15 1 9 1 9 , 6 % p . a . (1 4 $ % Q .- M .) .
On
w ill b o p a id .
V . 109; p . 1706.
P re fe rre d d iv i­
V . 109, p . 278.

R E P O R T . — F o r 1 9 1 8 In f u l l In V . 1 0 8 . p . 9 6 7 ,9 8 2 ; 9 m o s . 1 9 1 9 .
1706.

T o ta l
In terest
E a r n in g s .
P a id .
Y r . 1 9 1 8 .$ 7 ,8 5 9 ,1 2 1 $ 2 4 ,3 9 7
Y r . 1 9 1 7 . 5 .2 2 7 ,7 4 9
6 3 .6 3 0
9 M o . ‘ 19 $ 2 ,0 2 1 ,8 0 5
- - - - do
’ 18
7 ,0 7 7 ,0 0 1 $ 2 1 ,8 7 4

V . 109,

F ed . T ax A c P ref.
C om m on
B a la n c e ,
R eserve.
D iv s .
D iv id e n d s .
S u r p lu s .
* 0 .4 6 0 ,2 3 8 $ 3 8 ,2 1 1 ( 6 % ) S 4 9 8 .8 4 0 $ 8 3 7 ,4 3 5
3 .6 6 9 .0 0 0
6 1 . 5 5 0 ( 4 , 4 ) 3 9 7 . 5 9 8 1 0 3 5 ,9 7 1
$ 6 5 4 ,4 5 2 $ 1 2 ,2 5 6 (4 4 $ )$ 3 4 9 ,5 6 2 $ 1 ,1 0 5 ,5 3 5
5 .9 0 6 ,2 0 1
3 5 ,9 2 3 ( 4 M ) 3 7 7 ,3 7 4
7 3 5 .6 2 9

O F F I C E R S .— C h a ir m a n o f B o a r d , A . E . B o r ie - P re s
W . L . W r ig h t;
T r e a s .. N a t T y le r J r .. N e w Y o r k ; S e c ., J . H . C o o k
S h aron . P a .
N . Y
o f f ic e , 5 0 C h u r c h S t .— ( V . 1 0 8 , p . 9 8 2 , 1 3 9 4 , 1 5 1 6 ) 1 6 1 5 , 1 8 2 6 ; V . 1 0 9 ,
p. 2 7 8 , 4 8 3 , 1 7 0 0 . )
SAXO N M OTOR
1 0 8 5 , 1 i) o 1 1 1 7 9 9 . )
SC H U LTE

C A R

R E T A IL

C O R P .— (V . 1 0 8 . p . 1 1 7 0 . 127 9 ; V . 1 0 9 . p . 9 8 7
.

STO R E S

C O R P .— v .

109

p

1085.

S C R IP P S -B O O T H
C O R P ,, N . Y . (A U T O M O B I L E S ).— (V . 1 0 3 ,
1 0 4 6 . 1 1 2 3 : V . 1 0 4 . p . 1 3 9 1 ; V . 1 0 5 . p . 9 1 5 . 1110
1715. 2 3 7 o ' 2461 0

p

S E A R S , R O E B U C K & C O . — O R G A N I Z A T I O N . — I n c o r p o r a t e d in N e w
Y o r k J u n e 16 1906.
O o n d u o t s r e t a i l m a l l o r d e r b u s i n e s s In C h i c a g o .
V . 83, p. 629, 41.
S t a t e m e n t t o N e w Y o r k S t o c k E x c h a n g e , s h o w in g p r o p B rtle a o w n e d , r i g h t s o f s t o c k . A o .
V . 84 , p . 1246: V . 90. P. 240.
S T O C K .— P r e fe r r e d s t o c k c a n n o t b e I n c r e a s e d o r m o r t g a g e ( o t h e r th a n
p u r c h a s e m o n e y m o r tg a g e ) c r e a te d w it h o u t th e v o t e o f t h r e e -fo u r th s of
e a c h c la s s o f s t o c k
E u tlr e p r e fe r r e d s t o c k o r p r o ra ta p o r t io n m a v b e r e ­
d e e m e d at 125
V
84. p. 1246.
A s t o s t o c k d i s t r i b u t i o n in 1 9 1 7 , s e e
" D i v i d e n d s ” b e lo w .
I n N o v . 1 9 0 9 * 7 . 5 0 , 0 0 0 p r e f . s t o c k w a s c a n c e l e d . * 2 0 0 0 . 0 0 0 In a ll ( o r i g i n a l
Iss u e * 1 0 0 0 0 0 0 0 ) h a v i n g h e e n r e t ir e d
V g q p g 2 5 1 2 8 6 : V 9 0 n 714
N o t e s p a y a b le a s o f D o c . 31 1 9 1 8 , $ 2 1 ,9 7 2 ,4 9 7 , a g a in s t $ 3 ,0 0 0 ,0 0 0 D e c .3 1
1916.
V . 108, p . 477.
D I V I D E N D S . — P r e f.. I K %
q u a r . . p a id O c t . 1 9 0 6 t o J a n . 1 9 2 0
b oth
I n c l.
O n corn . 1909 4 4 % : 1910 to K eb
191 7 7 % ( 1 4 % Q -K > : M a v .
1917 to N o v 1919. 2 % qu ar.
A ls o A p r il 1 1911 a 3 3 1 - 3 % s t o c k d iv id e n d
V . 92. p. 601.
A s t o c k d lv . o f 5 0 % w a s p a id A p r il 1 1 9 1 5 .
V . 100, p . 479
I n A p r il 1 9 1 7 p a id a s t o c k d lv . o f 2 5 % , I n c r e a s in g t h e o u t s t a n d in g c o m m o n
s t o c k t o $ 7 5 ,0 0 0 ,0 0 0
V . 104, p. 368, 868, 1050.
S A L E S — (V . 1 0 9 . p . 1 7 9 9 )—
1919.
M o n t h o f O c t o b e r ............................................... $ 3 3 , 5 3 6 , 4 4 8
1 0 m o n t h s t o O c t . 3 1 .......................................1 9 5 , 6 3 1 , 0 4 2

1918.
$ 2 0 ,8 8 1 ,1 7 6
1 5 2 ,0 2 9 .5 3 2

R E P O U T . — R e p o r t f o r y e a r e u d l n g D e c 31 i g j g
T o ta l
N et
P f. D iv .
C om m on
Y ear
In com e.
P r o fits .
(7 % ).
D iv id e n d s
»,
'i
*
$
*
*
1 9 1 8 -1 8 1 ,8 9 6 ,4 2 6 * 2 2 .1 8 5 ,0 1 0 5 5 9 ,1 8 8
(8 % )5 ,9 9 9 ,2 4 6
1 H 1 7 - 1 6 6 . 1 0 6 . 4 6 0 1* . 0 9 7 , 3 2 0 6 6 9 . 1 » » (7 K 16 . 6 4 9 , 0 0 0
1 9 1 6 . 1 3 7 4 2 1 9 0 S 1 6 0 7 6 , 1 0 6 5 5 9 . 1 9 0 ( 7 % ) 4 1 9 9 .M 7 4
P r o f it a n d lo s s js u r p lu s D e c . 31 1 9 1 7 . $ 2 0 ,6 1 6 ,1 3 4 .
r

Cal.

1917.
$ 2 0 ,3 7 5 ,5 8 9
1 3 9 ,5 3 1 ,4 1 6

|n v
108. p . 477.
F ed . I n c .,
B a la n c e ,
A c . . 7 'o z .
S u r p lu s '
%
$
9 ,4 8 0 ,9 4 6
6 ,1 4 5 ,6 3 0
3 ,9 7 7 ,3 9 8
H .0 1 1 ,7 3 )
..................... 1 1 . 3 1 7 , 3 4 4
V . 108, p . 477.

O F F I C E R S .— P r e s ,. J u liu s U o s o n w a ld : V . - p . & T r e a s .. A lb e r t H . L o e b
S e c ., J o h n H ig g in s .— ( V . 1 0 8 , p . 8 4 , 4 7 7 .5 8 6 , 9 7 8 , 1 3 9 4 , 1 8 2 6 . 2 3 3 4 ; V . 1 0 9 ,
p . 7 8 .^ 5 8 4 9 8 7 , 1 3 7 2 , 1 7 9 9 . )




S H A F F E R O I L & R E F I N I N Q C O . — O R G A N I Z A T I O N . — I n c o r p . in
D e l. M a y 31 1 9 1 9 a n d a c q u ir e d t h e o il in te r e s ts o f C . B . S h a ffe r , a ls o th e
S t a t e L a n d s O il G o .
O w n s a p p r o x i m a t e l y 1 2 7 ,8 4 7 a c r e s o f le a s e s , w it h
3 9 1 p r o d u c in g w e lls .
T h e o il la n d s c o m p r is e fo u r g e n e r a l g r o u p s lo c a t e d
r e s p e c t i v e ly in t h e C u s h in g f i e l d , S h a m r o c k a n d O k m u l g e e f i e l d s o f O k l a .,
t h e B u t le r C o u n t y d is t r ic t o f K a n s a s a n d a c r e a g e in T e x a s .
N et produ c­
t io n f o r c a l. y e a r 1 9 1 8 o v e r 1 ,5 0 0 ,0 0 0 b b ls .
T h e p r o d u c in g p r o p e r tie s
a g g r e g a t e a b o u t 6 ,7 8 9 a c r e s .
H a s 5 2 m ile s o f m a in p ip e lin e s a n d o v e r 1 0 0
m ile s o f g a t h e r i n g lin e s .
L o c a t e d a t t h e r e f i n e r y is a f a r m o f 2 5 s t e e l t a n k s
o f 1 ,3 7 5 ,0 0 0 b b l s .
O w n s 5 0 8 ste e l ta n k ca rs.
S T O C K .— T h e S t a n d a r d G a s & E le c t r i c C o . o w n s 1 1 0 ,0 0 0 s h a r e s o f t h e
c o m m o n s t o c k a n d $ 1 , 0 0 0 ,0 0 0 o f t h e p r e f . s t o c k , w h i c h is d e p o s i t e d a s
p a r t c o lla te r a l fo r S ta n d a r d G a s & E l. 7 % n o te s o f 1 9 1 9 .
T h e p r e f. s to c k
is e n t i t l e d t o c u m u l a t i v e d i v s . a t t h e r a t e o f 7 % P - a . a n d w il l p a r t i c i p a t e
r a t a b ly w it h t h e c o m m o n s t o c k u p t o 1 0 % p . a .
I n a d d i t io n , w ill p a r t ic i­
p a t e a t t h e r a t e o f K o f 1 % f o r e a c h d o lla r p a i d o n t h e c o m m o n s t o c k in
e x c e s s o f $ 1 0 p e r s h a r e d u r in g a n y o n e fis c a l y e a r . V . 1 0 8 . p . 2 2 4 6 , 2 6 3 6 .
D I V I D E N D S . — A n I n itia l d iv i d e n d o f 1 K %
O ct. 25 1919. V . 109, p . 1085.

w a s p a id o n th e p r e f. s to c k

B O N D S .— ( V . 1 0 8 , p . 2 2 4 6 ) A u t h ., $ 1 5 ,0 0 0 ,0 0 0 : a d d it io n a l b o n d s m a y
b e is s u e d f o r 7 5 % o f a d d it io n s , b e t t e r m e n t s , & c ., u n d e r c a r e fu lly g u a r d e d
r e s t r ic t io n s .
G u a r a n t e e d , p ., i. & s . f . , b y S ta n d a r d G a s & E le c . C o .
C a lla b le in w h o le o r in p a r t f o r t h e s in k , f u n d o n 4 w e e k s ’ n o t ic e a t 1 0 3 a n d
in t . f o r t h e f ir s t f i v e y e a r s , 1024$ a n d in t . f o r t h e f o ll o w in g 2 4 $ y e a r s , a n d
th e r e a fte r a t 102 a n d in t .
C o n v e r t ib le a t p a r in t o p a r t ic ip a t in g p r e f. 7 %
cu m . sto ck a t 105.
I s s u e d In c o n j u n c t i o n w it h $ 1 1 ,0 0 0 ,0 0 0 p r e f . s t o c k t o
a c q u ir e C . B . S h a ffe r o il in t e r e s t s , & c .
S in k , fu n d p a y a b le s e m i-a n n . t o
t h e t r u s t e e e q u a l t o t h e f o l l o w i n g p e r c e n t a g e s o n $ 1 2 , 0 0 0 ,0 0 0 b o n d s , a n d
t h e s e w ill r e t ir e n o t le s s t h a n $ 1 1 ,2 8 0 ,0 0 0 b e f o r e m a t u r i t y : D e c . 1 1 9 1 9 t o
J u n e 1 1 9 2 1 , 4 % s .-a .; D e c . 1 1921 t o J u n e 1 1 9 2 3 , 4 4 $ % s .-a .; D e c . 1 1923
t o J u n e 1 1 9 2 5 , 5 % s .-a .; D e c . 1 1 925 t o J u n e 1 1 9 2 7 , 5 4 $ % s .-a .; D e c . 1
1 927 t o D e c . 1 1 9 2 8 , 6 % s .-a .
A n y f u r t h e r is s u e s o f t h e s e b o n d s w ill b e
r e t ir e a b le in a s im ila r m a n n e r .
A ll b o n d s p u r c h a s e d o r r e d e e m e d w ill b e
c a n c e le d .
E A R N I N G S .— E ig h t m o s . e n d e d A u g . 3 1 1 9 1 9 : G r o s s , $ 6 ,2 8 8 ,1 5 5 ; o p e r .
e x p ., $ 3 ,7 8 7 ,6 1 5 : n e t e a r n in g s , $ 2 ,5 0 0 ,5 4 0 : in t . c h a r g e s , $ 6 0 4 ,0 9 7 ; p r e f. d iv s .
$ 1 2 8 ,3 3 3 ; b a l . f o r F e d e r a l t a x e s , & c ., $ 1 ,7 6 8 ,1 0 9 .
V ic e -P r e s . A . S . H u e y , C h ic a g o .— V . 1 0 8 , p . 2 1 3 0 , 2 2 4 6 , 2 3 3 5 . 2 6 3 6 ;
V . 1 0 9 , p . 7 8 , 7 8 1 , 1 0 8 5 .)
S H A T T U C K -A R I 7 .0 N A
C O PPE R
C O .— O R G A N I Z A T I O N .— I n ­
c o r p o r a t e d M a r . 2 2 1 9 0 4 In M i n n e s o t a .
P r o p e r t i e s ( o w n e d In f e e ) c o m p r i s e
1 0 9 a c r e s In C o c h i s e C o u n t y , A r i z .
P r o d u c in g c o p p e r a t th e r a te o f 1 8 .­
0 0 0 .0 0 0 lb s . p e r a n n u m .
F lo t a t io n lic e n s e . V . 1 0 5 , p . 1 2 1 5 .
C A P I T A L I Z A T I O N .— A u th o r iz e d
$10.
N o b o n d s o r p r e fe r re d s t o c k .

and

o u ts ta n d in g ,

$ 3 ,5 0 0 ,0 0 0 ;

p ar.

D IV ID E N D S — 1910
‘ 11.
‘12.
‘13.
‘14.
’15.
‘16.
‘17.
‘18.
‘ 19
P e r c e n t --------------------- 2 0
10
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15
20
20
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te x t.
do
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. .
5
274$
30
10
I n J a n . 1 9 1 9 . 5 % ( n o e x t r a ) ; A p r i l , 2 4 $ % : O c t . 2 4 $ % ; in J u l y 1 9 i 9 . p a i d
a c a p it a l d is t r ib u t io n o f 2 4 $ % . b u t n o o t h e r d iv i d e n d .
V . 1 0 8 , p . 2636•
V . 107, p . 2295.
C a l.
T o ta l
N et
D ep reD iv id e n d s
Y ear—
R e ceip ts .
P r o fit.
c ia tio n .
P a id .
1 9 1 9 ( 9 m . ) ------------------------ d f . $ l 7 7 , 2 4 4 $ 2 5 , 4 5 1
(5 % )S 1 7 5 ,0 0 0
b $ 7 8 4 .6 5 9 $ 5 4 1 ,1 9 1
(1 2 4 $ )S 4 3 7 ,5 0 0
1 9 1 8 ................$ 2 , 6 6 8 , 0 8 3
1 9 1 7 ................ 3 . 6 5 2 . 1 5 6
1 .4 7 7 ,5 0 0 7 6 3 .8 5 9 x (1 7 4 $ ) 6 1 2 .5 0 0
1 9 1 6 -------------- 5 , 1 6 0 , 9 2 4
3 ,0 7 4 .0 1 3
3 4 .9 3 6 (4 7 4 $ ) 1 .6 6 2 .5 0 0

B a la n c e ,
S u rp . o r d ef.
d e f.S 3 7 7 .6 9 5
d e f . 1 9 4 ,0 3 2
s u r x 1 0 1 ,1 4 1
__________________
s u r 1 .3 7 6 .5 7 9
b A fte r F ed era l ta x e s,
x I n 1 9 1 7 in a d d i t i o n t o d i v i d e n d s . a g g r e g a t i n g
$ 6 1 2 ,5 0 0 ( 1 7 4 $ % ) , t h e r e w e r e p a id fo u r " c a p i t a l d i s t r i b u t i o n s " o u t o f d *
p l e t i o n r e s e r v e a g g r e g a t n g S 8 7 5 , 0 0 0 . o r 2 5 % ; a l s o f o r 1 9 1 8 p a i d 5 % a*
c a p it a l d is t r ib u t io n a n d in 9 m o n t h s o f 1 9 1 9 .
C om pare V
106
n
m
827. 2763; V . 107, p . 289.
p
v ‘ 1U 0‘ p ‘ 5 0 ®
P ro d u c tio n —
C o p p e r ( l b s .)
( 9 m o s . ) 1 9 1 9 .............................. 1 , 4 5 7 , 2 8 3
Y ear
1 9 1 8 ................................... 9 , 0 8 1 , 9 5 9
Y ear
1 9 1 7 ............. .. ....................1 1 , 9 3 5 , 3 1 7

L e a d ( l b s .)
2 ,1 3 5 ,0 2 2
2 .4 2 0 .6 9 0
2 ,0 1 0 ,1 4 5

S ilv e r ( o s .)
8 2 ,4 3 1
2 3 3 ,9 2 5
1 5 4 ,3 4 4

Gold to t.)
2 2 2 .3 6
2 ,0 6 1
1 ,5 4 2

O F F I C E R S .— P r e s ., T h o m a s B a r d o n ; Y .- P r e s ., H . L . M u n d y V - P
&
S e c ., N o r m a n E . L a M o n d ; T r e a s ., A . M . C h is h o lm .
O ffic e s , 1 2 0 B r o a d ­
w a y , N . Y . , a n d B is b e e , A r i z .— ( V . 1 0 9 . p . 1 1 8 5 , 1 8 9 8 , 1 9 9 3 .)
S H A W I N I O A N W A T E R & P O W E R C O , — ( S e e M a p . ) — I n c o r p . In 1 8 9 8
in Q u e b e c .
O w n s h v d r o - e le o t r i c p la n t , w it h p r e s e n t c a p a c i t y o f 1 5 0 0 0 0
h .p . a t S h a w in lg a n P a ll9 , Q u e .
S e r v e s w it h Its 8 0 0 m ile s o f 1 0 0 .0 0 0 a n d
5 0 .0 0 0 v o l t t r a n s m is s i o n lin e s M o n t r e a l . Q u e b e c . T h r e e R i v e r s . S h e r b r o o k e
T h e t f o r d M i n o s a n d 4 0 s m a l l e r c i t i e s a n d t o w n s In t h e P r o v i n c e o f Q u e b - c ’
( I a s a ls o d e v e lO D e d a U r g e d e m a n d f o r p o w e r a m o n g t h e in d u s t r i a l p l a n t s
a d j a c e n t t o I ts p r o p e r t y .
A ls o o w n s o r c o n t r o ls w a te r r ig h t s c a o a b l e o f a
f u r t h e r d e v e l o p m e n t o f 1 1 0 .0 0 0 h .p .
U n d e r c o n t r a c t s w it h L a u r e n t ld e
P o w e r C o . . L t d . ( V . 1 0 3 . p 1 0 3 5 ) , is a b le t o o b t a i n 1 0 0 .0 0 0 h p
A u r d ia r y
c o m p a n ie s , & c ., V . 1 0 6 , p . 3 0 3 .
’
p
A u x ilia r y
T h e c o m p le t io n o f th e L a L o u tr e d a m b y th e P r o v in c e o f Q u e b e c
I t Is
s t a t e d a ssu res th e c o m p a n y fo r th e fu tu r e a s t e a d y flo w o f w a te r th e y e a r
f : 0 l,H"d ^ n, ' i , ^ e r c f0 r e , \ d e p e n d a b I . , s o , l r c ,e o f p o w u r f o r a » m a n u f a c t u r e r s
e
In t h e d i s t r i c t s e r v e d b y p o w e r l i n e s o f t h e S h a w i n l g a n s y s t e m .
The
V k6 J
lb a r a l

ls r e p o / t e d ‘ h a s t a k e n s p e c i a l p a i n s t o m a k e
a t t r a c t iv e t o th e m a n u fa c tu r e r b y m o d e r a te ta x e s a n d fa ir ,
trea tm en t.
C om pare V
106. p. 938.

v o , e d O c t . 3 1 191 7 t o a u t h o r iz e th e Iss u a n c e
o f th e r e m a in d e r ($ 5 ,0 0 0 ,0 0 0 ) o f th e $ 2 0 ,0 0 0 ,0 0 0 a u t h . c a p it a l s t o c k , n o n e
t o h e Issu ed im m e d ia t e ly .
V . 105. p
1425, 1808.
D I V I D E N D S .— j ‘0 7 . ‘0 8
4

Per cent___________ \ 2

‘ 10
4

‘ 11. ‘ 12
5
54*

‘ 13

6

‘ 1 4 . ‘ 15
0
6H

16
7

t o O c t . ‘ lfl
(H $ q u a r .)

, ? P N I ? S ‘ A cV r ~ J 'i r s t D o n c o l . 5 s ( $ 5 , 0 0 0 , 0 0 0 ) , a l l i s s u e d b u t $ 6 8 7 , 0 0 0 ir
s in k in g fu n d (V . 7 9 . p . 2 7 4 ).
In A u g . 1 9 1 9 B r itis h h o ld e r s o f a s u ffe ie n t a m o u n t o f t h e $ 5 ,5 0 0 ,0 0 0 4 4 $ %
p c r p e t.u a l d e b e n t u r e s t o c k a g r e e d t o a n e v e n e x c h a n g e o f t h e ir h o l d i n g s fo i
5 4 * % 3 0 - y e a r 1 s t & R e f u n d i n g M t g o . s i n k i n g f u n d g o l d b o n d s t o m a k e th<
e x c d ia n g e e f f e c t iv e f o r t h e e n t ir e is s u e a s o f D e c . 1 1 9 1 9 . V . 1 0 9 , p . 8 9 3 , 1 4 6 7 .
T h e . s i 1® . 0 0 0 , 0 0 0 F i r s t A R e f . M t g e . b o n d s o f 1 9 1 9 m a y b e i s s u e d i n s e r ie s
w it h d iffe r e n t in te r e s t r a te s n o t e x c e e d in g 6 % a n d m a tu r itie s n o t la te r t h a r
J a n . 1 9 7 4 , fo r th e fo llo w in g p u r p o s e s (V . 1 0 9 , p . 5 8 4 ):
( a ) S e r ie s A 5 K %
c h ie fly t o r e fu n d fo r t h w it h
$ 5 ,4 7 6 ,2 6 1 .
P e r p e tu a l C o n s o l. D e b e n tu re

214
IN D U S T R IA L STOCKS A N D BONDS
[V ol . 109.




Nov., 1919.]

INDUSTRIAL STOCKS AND BONDS

cu m

C o m m o n s to c k £ 2 0 ,0 0 0 ,0 0 0 ..
£ 3 , 0 0 0 , 0 0 0 _______ . ________________

£1 £ 1 2 , 0 9 5 , 9 0 4
£ 1 0 £ 2 ,0 0 0 ,0 0 0
N one
3 ,7 5 6 ,5 8 4

....

100

s t o c k , $ 6 ,0 0 0 ,0 0 0 ; (6 ) T o r e t ir e 1 s t M . b o n d s o f 1 9 0 4 a t o r b e f o r e m a t u r i t y ,
$ 5 ,5 0 0 ,0 0 0 ; (c ) I s s u a b le f o r c a p it a l e x p e n d it u r e s p r o v id e d a ll o f th e $ 4 ,5 0 0 ,0O 0 c o n v e r t ib le n o te s s h a ll h a v e b e e n c o n v e r t e d in t o s t o c k o r p a id fr o m p r o ­
c e e d s o f t h e s e b o n d s , $ 8 ,5 0 0 ,0 0 0 ; (d ) R e s e r v e d f o r 8 0 % o f f u t u r e a d d i t io n s ,
& c ., $ 3 0 ,0 0 0 ,0 0 0 .
) » T h e n o t e s o f 1 9 1 7 ( V . 1 0 5 , p . 2 3 7 0 ; V . 1 0 6 . p . 3 0 3 , 1 2 3 6 ) o r ig in a ll y $ 4 ,­
5 0 0 ,0 0 0
w e r e m a d e c o n v e r t ib le in t o s t o c k , $ 1 1 0 o f n o te s fo r $ 1 0 0 o f s t o c k a n d
s o fa r a s n o t c o n v e r t e d w ill b e p a id o f f a t 1 0 0 1 4 a n d in t . o n D e c . 15 1 9 1 9 .
S T O C K S O W N E D .— A ls o c o n t r o ls v a r io u s s u b . m fg . a n d d is t r ib u t in g c o s .

in

R E P O R T . — F o r c a l. y e a r 1 9 1 8 , in f u ll , in V . 1 0 8 , P - 1 2 6 7 , 1 2 9 5 :
C a le n d a r Y e a r s —
1918.
1917.
1916.
1915.
G r o s s e a r n s , (a ll s o u r c e s ) $ 3 ,6 2 1 ,0 7 4
$ 2 ,9 0 2 ,2 1 0
$ 2 ,3 2 5 ,8 7 3
$ 1 ,9 2 0 ,1 4 3
N e t e a r n i n g s ...............................$ 2 , 3 3 5 , 0 5 3
$ 2 ,1 4 9 ,3 6 8
$ 1 ,8 9 7 ,9 4 5
$ 1 ,6 9 5 ,1 0 5
I n t e r e s t c h a r g e s __________
$ 8 2 4 ,9 5 9
$ 6 9 8 ,5 0 3
$ 5 4 4 ,2 0 9
$ 5 2 6 ,0 7 3
R e s e r v e fo r d e p r e c ia tio n
1 0 0 ,0 0 0
1 0 0 ,0 0 0
_________
_________
D i v i d e n d s ........................... ( 7 % ) 1 . 0 7 7 , 5 2 7
1 ,0 5 0 ,0 0 0
9 8 9 ,0 0 6
7 8 7 .1 3 1
B a l a n c e , s u r p l u s _______

$ 3 3 2 ,5 6 7

$ 3 0 0 ,8 6 4

$ 3 6 4 ,7 3 0

$ 3 8 1 ,9 0 1

T o t a l s u r p lu s D e c . 3 1 1 9 1 7 , $ 3 0 ,1 4 4 , a f t e r d e d u c t i n g $ 1 0 0 ,0 0 0 d e p r e c ’ n
r e s e r v e , $ 2 5 0 ,0 0 0 r e s e r v e a n d s in k in g f u n d ; $ 5 0 ,0 0 0 f o r in c o m e t a x , & c .
C h a ir m a n , T h o s . M c D o u g a ll; P r e s ., J . E . A ld r e d ; V .- P s ., H o w a r d M u r ­
r a y a n d J u lia n O . S m it h ; T r e a s .. W . S . n a r t : S e c .. J a m e s W ils o n .
O ffic e ,
P o w e r B ld g ., M o n t r e a l.— ( V . 1 0 8 , p . 3 8 6 , 7 8 9 , 8 8 5 , 1 2 6 7 , 1 2 9 5 ; V . 1 0 9 ,
p . 5 8 4 , 8 9 3 , 1 4 6 7 .)
S I E R R A & S A N F R A N C I S C O P O W E R C O .— S e e “ E le c tr ic B y ” S e c t io n .
S H E L L T R A N S P O R T & T R A D IN G
C O .— O R G A N I Z A T I O N .— in ­
c o r p o r a t e d in L o n d o n in 1 8 9 7 a s s u c c e s s o r o f M . S a m u e l & C o . in L o n d o n
a n d s o m e o t h e r i m p o r t a n t o il h o u s e s ; w h o le s a le r s a n d t r a n s p o r t e r s o f p e t r o a n d s o m e o t h e r im p o r t a n t o il h o u s e s ; w h o le s a le r s , d is t r ib u t o r s a n d tr a n s ­
p o r t e r s o f p e t r o le u m p r o d u c t s , o w n in g a la r g e n u m b e r o f t a n k s te a m e r s a n d
4 0 la r g e a n d m o r e t h a n 3 0 0 s m a ll t a n k in s t a lla t io n s , in c lu d in g c a n f a c t o r ie s ,
& c . , in a ll p a r t s o f t h e w o r l d , w i t h a t o t a l c a p a c i t y o f a b o u t 4 0 0 ,0 0 0 t o n s .
A ls o p r o d u c e d o il it s e lf in B o r n e o , t h r o u g h t n e N e d e r la n d s c h -I n d is c h e I n d u s t r i o e n H a n d e l M a a t s c h a p p ij, o w n in g t h e w h o le s h a r e c a p it a l, o r ig in a lly
F I . 2 ,0 0 0 ,0 0 0 1 s in c e in c r e a s e d t o F I. 2 0 ,0 0 0 ,0 0 0
A m a lg a m a tio n w ith R o y a l D u tc h C o ., A c . — I n 1 9 0 2 , in c o n j u n c t i o n w it h
t h e R o y a l D u t c h C o . (s e e s t a t e m e n t a b o v e ) a n d t h e d e R o t h s c h ild (P a r is )
g r o u p ,_ o r g a n iz e d t h e A s ia t ic P e t r o le u m C o . a s a d is t r ib u t in g c o n c e r n .
E a r l y in 1 9 0 7 t h e c o m p a n y a m a lg a m a t e d it s in t e r e s t s w it h t h o s e o f t h e
R o y a l D u t c h .”
T h e c o m b in e d a ssets o f b o t h w e re tu r n e d o v e r t o tw o
n e w c o m p a n ie s , t h e “ B a t a a fs c h e P e t r o le u m C o . ” a n d th e “ A n g lo -S a x o
P e t r o le u m C o . ”
T h e “ B a ta a fs c h e ” d o e s th e p r o d u c in g , th e “ A n g lo -S a x o n ”
t h e t r a n s p o r t a t io n a n d t h e d is t r ib u t io n b u s in e s s .
T h e "S h e ll” h o ld s 4 0 %
o f th ese tw o co n ce rn s, th e “ R o y a l D u tc h ” 6 0 % . V . 109, p . 3 7 7 ; V . 107,
P.
1 3 8 1 ; V . 1 0 8 , p . p . 2 6 3 6 ; V . 1 0 3 , p . 2 2 4 3 .)
k O A P H A L .— A u th o r iz e d ,
£ 2 0 ,0 0 0 ,0 0 0 o r d in a r y s t o c k (in c r e a s e d fr o m
£ 1 5 ,0 0 0 ,0 0 0 in A p r il 1 9 1 9 ) a n d £ 3 ,0 0 0 ,0 0 0 5 % c u m . p r e f . s t o c k ; o u t s t a n d ­
in g
o r d in a r y , £ 1 2 ,0 9 5 ,9 0 4 ; p r e f ., £ 2 ,0 0 0 ,0 0 0 .
T h e p r e f. sh a res h a v e n o
v o t i n g p o w e r u n le s s t h e i r d i v i d e n d is a f f e c t e d o r in a r r e a r s .
I n J u ly 191 9
2 7 7 ,0 0 0
o f a t o t a l o f 3 7 5 ,0 0 0 “ A m e r ic a n s h a r e s ” w e r e o ffe r e d b y K u h n ,
L o e b & C o . a t $ 6 9 a s h a r e , e a c h “ A m e r ic a n s h a r e ” b e in g e q u a l t o t w o
E n g lis h s h a r e s ’ * o f £1 p a r v a lu e ( V . 1 0 9 , p . 3 7 7 ).
O R D IN A R Y
/1 9 0 8 .
1909.
1910.
1911.
1912.
1 9 1 3 to 1 9 1 9 .
D IV ID E N D S
\ 2 0 % ’ 2214%
2214%
20%
, 30%
3 5 % y e a r ly .
T h e c o m p a n y p a y s its d iv id e n d s fr e e o f t h e B r it is h in c o m e t a x , a p r e ­
lim in a r y d iv i d e n d e v e r y y e a r in J a n u a r y , a n d its f i n a l d iv id e n d — d e p e n d e n t
u p o n e a r n in g s — in J u ly th e r e a ft e r
V a lu a b l e S u b s c r ip t i o n R ig h ts — A m o u n t a n d P r i c e o f N e w S to ck O ffe r e d H o l d e r s .
„
1900.
1907.
1909.
1912.
1913.
1917.
1919.
N o . s h a r e s ..2 0 0 ,0 0 0 3 0 0 ,0 0 0 2 0 0 ,0 0 0 5 0 8 ,7 7 3 3 6 7 ,9 6 4 9 1 5 ,7 1 7 4 ,0 5 4 ,4 9
£214
£114
£214
£314
£314
£1
£1
P r i c e ---------------I n 1 9 1 8 t h e c o m p a n y d is t r ib u t e d a s t o c k b o n u s o f 6 0 % b y is s u in g t o
s h a r e h o ld e r s 3 ,0 1 4 ,9 2 1 s h a r e s g r a t u i t o u s l y , a p p l y i n g in p a y m e n t t h e r e o f
£ 3 ,0 1 4 ,9 2 1 o f t h e c o m p a n y ’s s u r p lu s o f £ 4 ,0 0 0 ,0 0 0 .
H o ld e r s o f s h a re s o f
t h e S h e ll C o m p a n y o f r e c o r d o n J u n e 1 7 1 9 1 9 w e r e o f f e r e d t h e r ig h t t o s u b ­
s c r ib e a t p a r (£ 1 ) fo r o n e n e w s h a r e fo r e v e r y t w o h e ld .
1918.
1917,
1918.
1917.
C a l. Y e a r s —
$
$
$
$
T o t a l i n c o m e . . . 2 ,8 9 3 ,6 0 2 2 ,7 7 4 ,6 3 0 P r e v i o u s s u r p lu s 1 .2 3 9 .0 3 2
4 5 0 ,3 8 4
E xpen ses, & c ...
4 0 ,6 5 9
1 3 6 ,5 7 2 T o t a l s u r p l u s
4 0 9 1 ,9 7 5 3 ,0 8 8 ,4 4 2
B a l a n c e ...................... 2 , 8 5 2 , 9 4 3 2 , 6 3 8 , 0 5 8 D i v i d e n d s , & c * * 2 , 9 5 5 , 0 9 8 1 , 8 4 9 , 4 1 0
— — — ,
,
S u r p l u s __________a l , 1 3 6 , 8 7 7 1 , 2 3 9 , 0 3 2
* I n c lu d e s £ 4 1 ,1 7 2 tr a n s fe r r e d t o r e s e r v e a c c o u n t
a S u b je c t t o p r o ­
v i s i o n o r e x c e s s p r o fits d u t y .— (V . 1 0 8 , p . 1615 , 2 5 3 3 ; V . 109, p . 2 7 8 . 3 7 7 ,
S I M M S M A G N E T O C O .— L i s t e d
1 9 1 9 .— ( V . 1 0 9 , p . 1 8 9 8 .)
S IN C L A IR

C O N S O L ID A T E D

on

O IL

B oston

S tock

E xch an g e

Rate

in

N ov.

C O R P .—

S I M M O N S C O . ’, K E N O S H A ! W I S . — V . 1 0 8 . p . 2 1 3 0 .
S IN C L A IR C O N S O L ID A T E D
O IL
C O R P .— (S ee A f a p .) O R G A N I ­
Z A T I O N . — I n c o r p . in N e w Y o r k S e p t . 2 3 1 9 1 9 a s a h o ld in g c o m p a n y .
C o n s o lid a t io n o f S in c la ir O il & R e fin i n g C o r p ., S in c la ir G u lf C o r p . (s e e
s t a t e m e n t s in A p r il 1 9 1 9 is s u e ) a n d S in c la ir C o n s o lid a t e d O il C o r p . , u n d e r
a c o n s o lid a tio n a g r e e m e n t r a tifie d b y th e s t o c k h o ld e r s o f e a ch c o m p a n y o n
S e p t . 2 2 1 919 ( V . 1 0 9 , p . 1 2 7 9 ).

6 0 .0 0 0 ,0 0 0 S e e

%

5

When
Payable

te x t

Last D ividend
and M a tu rity

Places Where Interest and
D ivid e n d s are Payable

O

P r e fe r r e d sh a re s 5 %

Sinclair Consolidated Oil— S t o c k 5 , 5 0 0 . 0 0 0 s h a r e s __________
Bonds and e q u i p m e n t t r u s t s — s e e t e x t
S ger (Sewing Machine! Manufacturing— S t o c k $ 6 0 , 0 0 0 , 0 0 0
in

A m o u nt
Outstanding

>

Shell T ransport & Trading —

Par
Value

9?

D ale
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 first page]

‘2 1 5

Q M
—

See tex t

N ew Y ork

3 ,6 3 0 a c r e s u p o n w h ic h a r e lo c a t e d it s r e fin e r ie s , a s fo llo w s : E a s t C h ic a g o ,
I n d .; K a n s a s C it y , K a n .; C h a n u te a n d C o ffe y v ille , K a n .; V in it a , M u s k o ­
g e e a n d C u s h in g , O k la .; H o u s t o n , T e x .; N e w O r le a n s , L a .; W e l ls v il le , N . Y . .
h a v i n g a d a i l y c a p a c i t y o f 5 0 ,0 0 0 b a r r e ls o f c r u d e p e t r o le u m .
In O ct. 1919
a p p r o p r ia t e d $ 2 3 ,0 0 0 ,0 0 0 t o d o u b le t h e c a p a c it y o f it s r e fin e r ie s a t C h ic a g o .
K a n s a s C it y a n d C o ffe y v ille , K a n . V . 1 0 9 , p . 1 6 1 5 .
In 1 9 1 9 a c q u ir e d 4 4 0
a c r e s a t T r e m le y P o in t , N . J . fo r a r e fin e r y s it e .
A ls o t h r o u g h s u b s id ia r ie s
h a s in s t a lle d 7 g a s o lin e p la n t s in w h ic h a r e m a n u f a c t u r e d a b o u t 3 0 ,0 0 0
g a llo n s o f h ig h g r a d e g a s o lin e d a ily .
D is t r ib u t io n o f M e x ic a n c r u d e o il
is m a d e b y F r e e p o r t & M e x i c a n F u e l O il C o r p . a n d b y S in c la ir C u b a O il C o .
(4 ) P i p e L in e s .— T h r o u g h S in c la ir -C u d a h y P i p e L in e C o . , W a r P ip e
L in e C o . a n d S in c la ir G u l f P ip e L in e C o . o w n s a n d o p e r a t e s 2 ,4 4 3 m ile s o f
tr u n k a n d g a t h e r in g (3 , 4 , 6 a n d 8 -in c h ) lin e s , e x t e n d in g f r o m (a ) R a n g e r ,
T e x . , t o E a s t C h i c a g o , I n d .; (b ) F r e e m a n , M o . , t o K a n s a s C i t y , K a n .;
(c )
H u m b o l d t , I v a n ., t o A u g u s t a a n d E l d o r a d o , K a n ., o i l f i e l d s ; (d ) H o m i n y .
O k l a ., t o t h o B illin g s a n d G a r b e r , O k l a ., o il f ie ld s ; (e ) H o m in y , O k l a ., t o
K i e f e r , O k l a . , a n d (J ) D r u m r i g h t , O k l a . , t o V i n i t a , O k l a . , t h e n c e n o r t h to
C o ffe y v ille , K a n .
( 5 ) V e s s e l s a n d T a n k C a r s .— T h r o u g h S i n c l a i r N a v i g a t i o n C o . o w n s a n d
o p e r a t e s 5 o c e a n -g o in g ta n k s h ip s , 2 o c e a n -g o in g b a r g e s a n d 5 t u g s a n d
o p e r a t e s 2 a d d it io n a l o c e a n -g o in g t a n k s h ip s u n d e r 1 0 -y e a r c h a r t e r , a ls o
a c o n s id e r a b le r iv e r a n d h a r b o r f le e t .
C o m p a n y o w n s a n d o p e r a t e s 4 ,0 2 4
ta n k cars.
( 6 ) O ffi c e B u i ld in g .— O w n s L i b e r t y T o w e r B l d g . , N . Y . C i t y , a n d S in ­
c la ir B ld g ., T u ls a , O k la .
( 7 ) P r o p o s e d A c q u i s i t i o n s .— F o r a c q u i s i t i o n o f 5 0 %
in t e r e s t in W r i g h t s m a n o il p r o d u c i n g p r o p e r t ie s in B u ll B a y o u fie l d in L o u is ia n a a n d p r o p o s e d
n e w 2 5 0 -m ile p ip e lin e f r o m n e a r S h r e v e p o r t t o H o u s t o n S h ip C a n a l.
See V . 109, p . 1615.
F o r a m e n d e d p la n o f I n t e r n a t io n a l P e t r o le u m C o . o f M a in e ) , w h e r e b y
t h e s u c c e s s o r c o m p a n y , M e x i c a n S e a b o a r d O il C o . , w a s in c o r p o r a t e d a n d
t h e c o n t r a c t u n d e r t h e p la n w it h t h e S in c la ir C o n s o l. O il C o r p . a n d O g d e n
M il ls u n d e r w h ic h t h e y a g r e e s e v e r a lly b u t n o t j o i n t l y t o b u y $ 1 1 ,5 0 0 ,0 0 0
d e b e n t u r e s a n d 2 8 7 ,5 0 0 s t o c k ( v . t . c . ) o f t h e n e w c o m p a n y .
See V . 109,
p . 1465, 1530.
S T O C K .— A u t h o r iz e d , 5 ,5 0 0 ,0 0 0 s h a r e s , n o p a r v a l u e ; is s u e d , 3 ,7 5 6 ,5 8 4
sh ares.
T h e s t o c k w a s is s u e d in e x c h a n g e , s h a r e f o r s h a r e , o f t h e s t o c k o f
t h e th r e e c o n s t it u e n t c o m p a n ie s .
S to c k h o ld e r s o f r e c o r d O c t . 14 1 9 1 9 o f
t h e th r e e c o n s t it u e n t c o m p a n ie s a s w e ll a s o f t h e n e w c o r p o r a t io n w e r e g iv e n
t h e r ig h t t o s u b s c r ib e f o r a b o u t 9 0 0 ,0 0 0 s h a r e s o f n e w s t o c k a t $ 6 0 p e r s h a r e ,
p a y m e n t t o b e m a d e n o t la te r th a n N o v . 1 1 9 1 9 .
T h e sh ares w ere u n d er­
w r it t e n a t a c o s t t o t h e c o m p a n y o f $ 3 p e r s h a r e . V . 1 0 9 , p . 1 3 7 3 .
S tock
li s t e d o n N e w Y o r k S t o c k E x c h a n g e in S e p t . 1 9 1 9 .
B O N D S & E Q U I P M E N T T R U S T S .— T h e s u b s id ia r y c o m p a n ie s h a d
b o n d s a n d e q u ip m e n t t r u s t c e r t fs . J u n e 3 0 1 9 1 9 a s fo llo w s : (a ) W a r P ip e
L in e C o . 1 s t 7 s , d a t e d A p r il 2 2 1 9 1 9 , d u e $ 2 5 0 ,0 0 0 s e r ie s A 1 9 2 0 ; $ 5 0 0 ,0 0 0
(b ) S in c la i r B u il d i n g C o . 1 s t
s e r ie s B 1 9 2 1 , a n d $ 2 ,0 0 0 ,0 0 0 s e r ie s C 1 9 2 2 .
M . b o n d s , d a t e d M a y 5 1 9 1 1 , d u e A p r il 2 1 1 9 2 1 : $ 1 ,6 0 0 ,0 0 0 .
(c ) S in c la ir
O il
& R e f in i n g C o r p . (1 ) e q u ip , t r u s t n o t e s , S lO ,5 6 0 d u e m o n t h l y t o D e c . 3 1
1 9 1 9 ; (2 ) $ 1 3 5 ,0 0 0 d u e m o n t h ly t o A p r il 1 1 9 2 0 ; (3 ) $ 3 2 5 ,0 0 0 d u e m o n t h ly
t o N o v . 1 1 9 2 0 , a n d (4 k $ 4 1 4 ,0 0 0 d u e t r i- m o n t h l y t o M a y 1 1 9 2 1 : t o t a l ,
$ 8 8 4 ,5 6 0 .
(d ) S in c la ir R e f in i n g C o . (1 ) e q u ip , t r u s t n o t e s , $ 5 5 0 (0 0 0 d u e
s .- a . t o J a n . 1 1 9 2 0 ; (2 ) s u n d r y n o t e s , $ 8 5 ,9 1 0 .
(e ) S in c la ir G u l f R e f in i n g
C o . n o t e s a s s u m e d in p u r c h a s e o f H o u s t o n R e f i n e r y s it e d u e a n n u a ll y t o
S e p t . 9 1 9 2 2 , $ 1 8 5 ,3 9 6 .
( /) U n io n P e t r o le u m C o . s u n d r y m t g e .’s a n d
g r o u n d r e n t s , $ 9 3 ,8 5 0 .
(0 ) F r e e p o r t & M e x i c a n F u e l O i l C o r p . ( 1 ) e q u i p ,
t r u s t n o t e s , d u e m o n t h ly t o F e b . 1 5 1 9 2 1 , $ 1 8 ,7 5 0 ; (2 ) d u e m o n t h ly t o
M a r c h 6 1 9 2 1 , $ 4 2 ,7 3 4 ; t o t a l, $ 6 1 ,4 9 3 .
(A ) F r e e p o r t & T a m p i c o F u e l O i l
C o r p . p u r c h a s e m o n e y o b li g a t i o n s d u e J u n e 2 7 1 9 2 0 , $ 2 2 ,5 0 0 .
S ta te m e n ts f o r R e c e n t P e r i o d s F u r n i s h e d N . Y . S to ck E x c h a n g e .
----------6 M o n t h s t o J u n e 3 0 ---------( 1 ) S i n c l a i r O i l & R e f i n i n g C o .—
1919.
1918.
$ 6 ,3 9 3 ,1 0 0
N e t e a r n i n g s f r o m o p e r a t i o n s ---------------------------------------- $ 7 , 4 0 8 , 4 2 1
M i s c e l l a n e o u s i n c o m e -----------------------------------------------------1 2 1 ,0 9 7
5 3 ,6 4 3
T o t a l .................................................................................................. $ 7 , 5 2 9 , 5 1 8
I n t e r e s t , d i s c o u n t a n d F e d e r a l t a x e s ______________ a l , 0 6 6 , 4 9 5
D e p r e c i a t i o n , d e p l e t i o n , & c ___________________________
See a
N e t i n c o m e . ................................................
$ 6 ,4 6 3 ,0 2 2
(2 ) S in c la ir G u lf C o r p o r a tio n —
6 M o s . to J u n e 3 0 T 9 .
N e t e a r n i n g s f r o m o p e r a t i o n s ________________________ $ 2 , 7 2 9 , 3 1 9
M i s c e l l a n e o u s i n c o m e ___________________________________
1 2 ,9 6 5
T T o t a l .................................................................................................. $ 2 , 7 4 2 , 2 8 4
I n t e r e s t a n d F e d e r a l t a x e s ____________________________
a 2 9 3 ,2 0 9
D e p r e c i a t i o n , d e p l e t i o n , & c _________________________
_________

$ 6 ,4 4 6 ,7 4 3
1 ,6 3 2 ,8 4 3
1 ,7 6 4 ,9 8 2
$ 3 ,0 4 8 ,9 1 8
C a l . Y r . '1 8 .
$ 5 ,6 0 0 ,8 6 1
4 6 8 ,4 1 3
$ 6 ,0 6 9 ,2 7 4
1 ,2 5 6 ,5 1 4
2 ,7 8 5 ,2 5 1

N e t i n c o m e . ......................................................
$ 2 ,4 4 9 ,0 7 5
$ 2 ,0 2 7 ,5 1 0
a N o p r o v is io n m a d e in 1 9 1 9 f o r d e p r e c ia t io n , d e p l e t io n , a m o r t iz a t io n
a n d F e d e ra l ta x e s.
(3 )
S in c l a ir C o n s o lid a te d O il C o r p . a n d S u b s id ia r y C o m p a n i e s — P e r i o d f r o m
M a y 8 1 9 1 9 to J u n e 3 0 1 9 1 9 .
N e t e a r n i n g s a n d m i s c e l l a n e o u s i n c o m e __________________________
$ i 710 503
I n t e r e s t p a i d _______________ _________ _____________________________________ _________
’ 2 9 ,0 5 0
N et

i n c o m e .......... ..............- ..................................................................................................$ 1 , 6 8 1 , 4 5 3

D I R E C T O R S . — H . F . S in c la ir ( P r e s .) , E . H . C la r k , A . H . W i g g i n ,
D a n ie l C . J a c k lin g , W illia m B o y c e T h o m p s o n , H a r r y P a y n e W h it n e y ,
W illia m E . C o r e y , G . T . S ta n fo r d ( V .- P .) , A . E . W a t t s ( V .- P .) , J o s e p h M .
C u d a h y ( V . - P . ) , M . L . R e q u a ( V . - P . ) , F r a n k S t e in h a r t , E . W . S in c la ir .
W illia m P . P h ilip s , S a m u e l L . F u lle r , J . F le t c h e r F a r r e ll ( V .- P . & T r e a s .) .
R . T . W ils o n .
N . Y . o f f i c e , 120 B r o a d w a y . — ( V . 109, p . 179 , 483,^584.

P R O P E R T I E S . — (1 ) C r u d e O il a n d G a s I n te r e s ts .— T h r o u g h s u b s id ia r ie s
(a ) S in c la ir O il & G a s C o . , E x c h a n g e O il C o . , S in c la ir O il C o . o f L o u is ia n a ,
S i n c l a i r C o n s o l i d a t e d O il & G a s C o . a n d S i n c l a i r G u l f O il C o . ,
is e n ­
g a g e d in t h e p r o d u c t i o n o f c r u d e p e t r o le u m , o w n in g o il a n d g a s le a s e s o n
a b o u t 5 2 0 ,0 0 0 a c r e s in t h e o il f ie l d s in K a n s a s , O k l a h o m a , T e x a s , L o u is i­
686, 781, 893, 1279, 1373, 1467, 1531. 1615, 1993.)
a n a , K e n t u c k y , T e n n e s s e e a n d C a n a d a , o f w h ic h 3 0 ,0 0 0 a c r e s a r e p r o d u c ­
(T H E ) S IN G E R
J E W IN G
M A C H I N E ) M F O . C O .— O R G A N IZ A i n g a c r e a g e : (b ) t h r o u g h t h e M e x i c a n S in c la i r P e t r o le u m C o r p . a n d t h e
T IO N .— Incorp . in 1873 in N ew Jersey under special A ct. Plants located at
F r e e p o r t & M e x i c a n F u e l O il C o r p . o w n s o il a n d g a s le a s e s o n a b o u t 1 5 2 ,5 0 0
Elizabeth, N . J .; K ilbow le, near Glasgow; S t. John. d u e ., &c. V . 8 3 , p .2 7 6.
a c r e s in M e x i c o , o f w h ic h 5 ,2 0 0 a c r e s a r e p r o d u c i n g .
T h e fo r e g o in g c o m ­
Stock increased in 1900 by 200% stock dividend and in 1910 b y 100%
p a n ie s a r o in t e r e s t e d in a b o u t 1 ,7 6 3 o i l w e lls , 6 6 g a s w e lls a n d 1 3 5 d r ill in g
stock dividend, capitalizing surplus. V . 71, p . 1224. 1273; V . 90, p 1494,
w e lls a n d a r e p r o d u c i n g a b o u t 4 0 ,0 0 0 b a r r e ls d a ily .
(c)
T h r o u g h t h e C o s t a R i c a O i l C o r p . h a s a c o n c e s s i o n o n l a n d s i n C o s t a A T E D I V S .- / *09. TO. ’ l l . T 2 . T 3 . T 4 . T 5 . T 6 .
L
1917.
1918
R ic a fo r 5 0 y e a r s fo r th e e x c lu s iv e e x p lo r a tio n a n d e x p lo ita tio n ( if d e sir e d )
S iD c e 1 9 0 8
l 30
19
12
13
16
12
8
9
1 0 & K R .O .)
2H qu
o f 9 8 8 .4 1 6 a c r e s ,
(d ) T h r o u g h t h e S in c la ir P a n a m a O il C o r p . h a s a c o n ­
In July 1917 was paid an extra dividend of $12 per share b y th e dis­
c e s s i o n o n l a n d s in P a n a m a f o r 4 0 y e a r s f o r t h e e x c l u s i v e e x p l o r a t i o n o f a
tribution at the price o f $4 80 per share, at which It was acquired ou t o f
z o n e c o m p r is in g 15 m ile s p a r a lle l t o a n d a lo n g th e c o a s t o f t h e r e p u b lic ,
surplus A ug. 27 1907. 1,500,000 o f the 2,000,000 £1 shares or the Singer
w i t h t h e r i g h t t o d e s i g n a t e f o r e x p l o i t a t i o n p u r p o s e s 1 , 2 8 0 ,0 0 0 a c r e s .
M fg . C o ., L td ., o f G reat Britain & Ireland (owning plant at C ly d eb an k .
( 2 ) C o a l L a n d s .— T h r o u g h S in c la i r C o a l C o . h a s a c q u ir e d 1 1 ,0 0 0 a c r e s o f
c o a l la n d s in I lli n o is .
. .
„
(3 ) R e fin e r ie s .— T h r o u g h S in c la ir R e fin i n g C o . , S in c la ir G u lf R e fin i n g
C o . , F r o e p o r t & M e x i c a n _ F u e l O il C o r p . , U n i o n P e t r o le u m C o . , o w n s




N. Y.—(V. 1 p. 1 5 : V. 105, p. 395; V. 1 p. 507. 1229, 1349.)
02. 2 4
06.

216

INDUSTRIAL STOCKS AND BONDS

M ISC E L LA N E O U S C O M PA N IE S
[For abbreviations, & c., see notes on first page]

Date
Bonds

_
Sloss-Shefrield Steel & Iron— Common stock 810,000.000_
Preferred (a & d) 7% non-rum S10.000 000
Sink fd gold notes $6,000,000 call 105 s f .C e .w w .c * & r *
Sloss Iron * Steel C > 1st M join to be paid o ff F e b .l’20Ce.z
<
S o la r R e fin in g C o— Stock $2,000,000 ______________________
South Penn Oil Co— Stock $20,000,000______________________
South Porto Rico Sugar Co— Comm on stock $6,000,000____
Preferred stock (a & d) 8 % oum $5.000,000______ _______
South Bell Tel & T — 1st M red 105 beg 1910 s t B i xxe*<%r*
Southern California Edison C o— Common stock $83,500,000Pref 5 % and participating cum ulative $4,000,000 _______
2d pref 5% cum stock non-participating $12,500 000 _____
Oen & R e f M o f 1917 $136,000,000, Series o f 1919. call
(t e x t )----------------------------------------------------------H C .xxxxc*& r
D eben $8,000,000 due $1,000,000 yrly call (text) B u .xxxxc*
Underlying Divisional Bond Issues.—
Edlsou Electric of Los Angeles first m ortgage____________ z
United Electric Gas & Power first mortgage sink fu n d -.x x x
Edison Eleo of Los Ang 1st & R ef M g s f red 110. U sm .-zc*
D e b red 101 con v sec’d equally b y Gen & R e f M tg e ___xxx
Guaranteed bonds— See text______________________________
So Oal E d General m ortgage gold redeemable at 105..x x x
Pac L t & P Co 1st M call 110__________________________xxxc*
San Gabriel Electric Go 1st, M call at 104 and interest___z
Pac L t Sc P O orp 1st & R ef M call at 105____ U sm .xxx
Ventura C ounty Power G o 1st M sk fd call 101___________ z
Ventura Water Lt & P G o 1st M __________________________z

Par
Value

Am ount
Outstanding

%

When
Payable

Last Dividend
and Maturity

Q— F
100 $ 1 0 ,0 0 0 ,0 0 0 6 in 1919
6.700.000 7 in 1919
100
Q— J
F & A
1,000
6 g
6 ,0 0 0 ,0 0 0
1,000
& A
See text
6 g •? F
&i D
100
2 .000.000 See text J
' 100 2 0 .0 0 0 ,0 0 0 See text Q— M
5.602.800 See text
100
Q—J
100
Q— J
5 000.000 8 In 1919

1919
103/

I

1911

Rate

[V ol . 109

500 &o
100
100
100

N o v i0 T 9 .1 )$ %
Jan 1 1920 1 X
A ug 1 1929
Feb 1 1920
D ec 2 0 '1 9 10%
Sept.30 1 91 9 5 %
D ec 31 1919 5%
D e c 31 1919 2 %
J & J Jan l 1941
16.910.000
b g
*14,937,872 7 In 1919 Q — F N ov 15 1919 1 X
Q—J Oct 15 1919 1H
4.000. 000See text
Q— M Sept 1919 1 }i
5
12.029.900

Places Where Interest and
Dividends are Payable
Central U nion G o, N Y
do
do
N ew Y ork
do
do
Checks mailed
Pittsburgh, Pa
Checks mailed
do
do
Bankers Trust Co. N V
General office, Los Ang
do
do
do
do

1919

100 A c
100 A c

8 .0 0 0 . 000
8 ,0 0 0 ,0 0 0

6 g
7 g

F *
A Feb 1 1914
N Y , C hic A Los Angeles
J & J 15 Jan 15 ’21 to '28 N Y and Los Angeles

1899
1900
1902
1915

1.000
1.000
1,000
1,000

390.000
2.708.000
1.978.000

5
5
5 g

SI
J

&
&

M

A S

1909
1902
1898
1911
1906
1901

1,000
1.000

1017

1.000

16 000

13.360.000
6.860 000
241 000
7,479 000
659.000
172,500

6

S Sept 1 1929
D Deo 1 1920
Sept 1 1922
M A 8 15 M ar 15 1920

5 g
5 g

6

5
8
6

M

&

N ov
July
Apr
Sent
N ov
M ay

11939
1 1942
1 1928
1 1951
1 1936
1 1921

Title Ins & T rC o.L A & N Y
Olt T r & Ss Ilk ,L A , N Y
H arris. Forbes <ScCo, N Y
N Y , C hic or Los Angeles
Bank TrC o.N Y .L A & C b
Nat Bk or Oom.N Y A S F
Los Angeles. Cal
Los Angeles U » m
N Y & Los Angeles
do
do

• N o t including am ount controlled b y co . through stock o w n e rsh ip
S L O S S -S H E F F IE L D S TE E L & IR O N C O .— O R G A N IZ A T IO N .— In ­
corporated in N ew Jersey. See V . 109, p. 378; V . 69, p. 286; V . 70, p . 1099.
1200. In July 1919 owned (V . 109, p. 378): 6 modern blast furnaces, daily
capacity o f 1,500 tons foundry or basic pig iron; also a new stack and cast
shed with com plete equipment o f handling ore; 11 well-developed coal
mines on 4 o f the best known seams o f coal in Alabam a, daily capacity o f
6,500 to 7,000 tons ;5 red ore mines, daily capacity o f 3,000 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
hem atite ore daily; 1 dolom ite quarry, with capacity o f 700 tons o f stone
da ily . A s to by-p rod u ct coke ovens, see gold notes below .
L A T E D I V S .f’06. *07. '0 8 . ’09. '10. ’ l l - ’ 14. ‘ 1 5 -1 6 . 1917. 1918. 1919
N one
14$
te x t
6
C om m on ______ 1 5 5 « 4X 5X 3X N one
7 7 7 7 7 yrly B elow 7(Q-IX)
Preferred______ [ 7
The pref. dividend was paid in Jan. and O ct. 1915 In 1-year 6 % scrip; no
distribution April or July 1915. but In Jan. 1916 all the dividend scrip
( 3 H % ) was redeemed and there was paid In cash 1 *4 % and also an extra
I X % as deferred dividend for 1915; April 1916 to O ct. 1919, incl., paid full
l X % quar. C om m on d ivs. Feb .1917, 14$% , then none till 1918, when
quarterly distributions o f 14$% each were resumed, beginning M a y 10.
A ug. 10 and N o v . 11, 14$% : in 1918, F eb. to N o v . in cl., paid 14$% quar.
I d June 1918 the 6 % d lv . on com m on shares earned but deferred in
1917 was declared _
payable July 1. V. 106, p . 2565, 1800; V . 104, p .
1596, 1904. T otal surplus D ec. 31 1911 $6,227,543. V. 108, p. 2121.
1918,
In 1905 com m on shareholders received 5 % in cash and 33 1-3% in stock
G O L D N O T E S , A c.— The $6,000,000 gold notes o f 1919 have an annual
sinking fund o f $300,000 beginning A ug. 1 1920. W hile they are outstand­
ing the property cannot be m ortgaged. The proceeds are to be used for
erection o f by p rod u ct coke ovens, electrification o f the mines, & c., and
$2,060,000 were deposited in escrow to retire the $2,000,000 1st 6s due
F eb. 1920. V . 109, p . 378.
In A ug. 1919 offered to pay par and int. for any o f the $2,000,000 1st M .
6s due Feb. 1 1920 upon presentation to Central Union Trust C o ., N . Y .
V . 109, p. 585. A dem and loan o f $800,000 and the $2,000,000 44$%
bonds due A pril 1 1918 were paid o ff.
R E P O R T .— For 1918 in V . 108. p. 1055. 2121.
Net
Interest, Federal Pref. Divs.
Profit. P e p r ., &c. Taxes.
Paid.
$
$
$
$

Period
Ended—

Com.Divs.
(x).
.$

Balance,

S rp s.
u lu

bDec.31’18 6,195,527C3223.456 1000,000(7%)469,000 1,050,000 453,071
aDec.31’17 3,370,614 893,241 325,000(84$)57.3,881 148,869 l,429i623
bNov.30’16 2,230.000 *239.325 ______
(7)469,000
........... 1,521,674
a 13 m onths, b 12 m onths, c Includes $2,502,959 for excessive cost
o f building coke ovens in war tim e, x 10% in 1918. 1 4$ % in 1917. * In
eludes int. only, dep rec., & c., deducted before arriving at “ net p ro fit.”
Chairman, W addill Oatchings; Pres., J. W . M cQ ueen; Sec. & T reas.,
Russell H unt, Birmingham , A la.— (V . 108, p. 1055, 1065, 2121. 2439;
V . 109, p. 179, 378, 585, 1615. 1993.)

(A. O .) SM ITH C O R P O R A T IO N .— (V . 109, p . 1279.)
SOLAR REFININO C O.— O R G A N IZ A T IO N . A c — Incorporated In Ohio
In 1886. Has refining plant at Lima. O
Formerly controlled by Standar
Oil Co- of N . J .. but segregated In 1911
See Standard Oil C o., V. 85.
316, 790; V 93. p. 1390. The stockholders on June 16 1913 voted to in­
crease the stock from $500,000 to $2,000,000. the new stock being dis­
tributed as a 300% stock dividend
V. 96 d. 1493. 1777. On D ec. 20
1912 20% dlv. was paid: June 20 1913. 20% D ec. 20. 5% and 30% extra
from June 1914 to June 1917, 10% (5 % s . - a ) : D ec 1917. 5 % & 2 5% extra:
J “ ne 1918, 5 % ; D ec. 1918 and June 1919, 5 % and 5 % extra; D ec. 1919,
5 % and 15% extra. V . 109, p . 1898. R eport for 1918 in V . 108, p . 2130,
showed: Profits, $2,694,119; divs. (1 5 % ), $300,000; b a l., sur., $2,394,119;
total profit & loss, surplus, D ec. 31 1918, $3,361,999. Pres., J. G . N eu­
t e r ; 1st V .-P ., F. T . Cuthbert; 2d V .-P . & Treas., F. G . Borges; Sec.,
N . D Keys
O ffice. Lim a, O .— (V . 105. p. 2005: V . 106, p . 507, 1349;
V . 107, p . 1925; V . 108, p . 2027, 2130; V . 109, p . 1898.)
S O U T H A M E R IC A N G O L D & PLA TN IM U M C O .— (V . 109, p . 79.)
SOUTH PENN OIL CO — O R G A N IZ A T IO N . A C — Incorporated Id
P ennsylvania In 1889
Produces crude oil. Early In 1913 acquired 51%
o f the $10,000,000 Penn-M ex Fuel C om pany stock, controlling 180.000
acres leases and fees along the G u lf C oast o f M exico, and In 1917 properties
in W . Va. and K y. V. 107, p. 2181: V. 105. p 722: V. 96. p 657; V 101.
In Aug 1917 purchased for about $3,500,000 the holdings o f the Big
Creek Developm ent C o. In Lincoln C ou n ty, W. Va . some 6.000 acres, on
which are 500 oil and gas wells with a net settled production o f about
900 barrels daily. V 105. p. 613. 722.
Formerly controlled by the Standard Oil C om pany o f New Jersey, but
segregated In 1911. See Standard Oil C om pany. V. 85. p. 216. 790; V. 93.
p . 1390
The shareholders voted Feb. 14 1917 to Increase the author­
ized capital stock from $12,500,000 to $20,000,000 in order to pay a stock
d lv . o f 6 0% to shareholders o f record Feb. 14. V .103.p.2244; V .104.p.769
D IV S .—
1912 1913 1914
1915
‘ 16
1917
1918
1919
Cash, regular 7V$
11
0
12
20
20
20
20
E xtra, s t o c k . _
300
60
" v ca sh . . .
2
4
2
12
..
..

__

R E P O R T .— Report for cal year 1917 in V. 106. p. 934. showed:
.
.
1917.
1916.
1915.
1914.
N et earnings
$6.107.723
*4.7 15.098
$5.314.150loss$2.215,219
Dividends (cash) -.(2 0 )4.000,000(20)4.000,000(14)1.750,000 (10)1.250.000
T he total surplus D ec 31 1917 was $8.997.130. after deducting $7,500,000
for stock dividend o f 6 0% paid Feb 14 1917.
Pres., L. VV Young Jr.; Sec., R W . Cummins- Treas., S. G . Ha?tman
O ffice, 424 Sixth A v e ., Pittsburgh, P a.— (V . 106. p. 714 934 - V. 107
p . 2482.)
S O U TH P O R T O R IC O S U G A R C O .— The stockholders voted June 14
1917 to Increase the authorized com m on capital stock from $4,000 000 to
$6,000,000. O f the new stock $500,000 was offered at par (V 104 p
2239) to stockholders In 1917. In Feb. 1919 the com pany sold $1,005,000
new pref. stock Increasing the outstanding to $5,000,000. V. 108. p . 386,
486. Holders o f the $4,500,000 com m on stock o f record June 22 1918
were entitled to subscribe at par on or before July 16 for $1,125,000 (1 2 % )
new com m on stock, the proceeds to be used in connection with the paym ent
for the new $4,000,000 sugar fa ctory and other im provem ents at La
R om ana. V...106, p . 2654, 2763.




D ividends on com m on were paid from 1910 to 1915 incl. at an average
rate o f nearly 6>$ % per annum. From Jan. 1916 to D ec. 1917 at tho rate
o f 20% with occasional extra cash and stock d ivs. In D ec. 1917 and April
1918, 5 % ; July 1918 to April 1919, 5 % quar. in 3-year 7 % scrip, all o f which
was redeemed in cash in July and Oct. 1919. In July to D ec. 31 1919 the
5 % quarterly dividends were paid in cash. V . 108, p. 2130: V . 109, p. 894.
D ivs. on pref. at tho rate o f 8% have been paid since 1902. V . 106, p . 2654:
V . 107, p . 910, 2015, 2104: V . 108. p . 885, 2130.
R E P O R T .— Year 1917-18, V . 107. p. 2185.
Sept. 30.
Tot. R eds.
N et.
D ep r.. ‘k c.P f.( 8 % ) .
Com. D ivs. Surplus.
Year—
$
$
$
$
$
$ .
1917-18 ..1 1 ,4 4 8 ,2 4 2 2,691,851 1,345,878 319.507 (x) 956,250 70.217
1916-17 -.10.690.741 2.617,957 1,366,668 312.730 (20) 823.890 114.670
x 20% scrip. Including $450,000 (1 0% ) paid in cash and $506,250 (1 0% )
paid in scrip.
O F F IC E R S .— W illiam Schall, Chairman o f board; F . A . Dillingham ,
President; Julius A . Stursberg, 1st V .-P res.; F . T . M axw ell, 2d V .-P res.;
F . M . W elty , Treas.; Edward S. Paine, Sec.— (V . 107, p . 910, 1389, 1925,
2015, 2104, 2185: V . 108, p . 386, 486, 789, 885, 2130; V . 109, p . 894, 1993.)
S O U T H E R N & A T L A N T IC T E L E G R A P H C O .— Leased to Western
Union for 999 years from O ct. 1 1876 (which at last accounts owned $390,­
475 o f the $949,050 stock) and stock guaranteed b y rental 6 % , payable
A. & O. V . 104. p. 669.
^OIITHPPN RRI.I. TFI PPHONF S T F L F 'iR A "H CO" —O O O A V ’ ZA
s
T IO N .— Incorporated in N ew Y ork in D e c. 1879. Stations, D e c. 31 1918.
$377,939. C ontrols “ B ell” telephone system In southeast coast section
o f United States, including N orth Carolina, South C arolina, O eorgia,
Alabama and Florida. Also owns nearly all o f the $11,080,150 Cum­
berland Telephone A Telegraph C om pany o f Kentucky stock , operating
in K e n t u c k y , Tennessee, M i s s i s s i p p i . L o u i s i a n a . A c .
Stock a u th o rize d ,
$30,000,000: outstanding. $27,500,000, all owned b y Am er. T el. & T el. C o.
D ivs., 6 % yearly since 1906. to and including 1918.
B O N D S .— Authorized Issue, $50,000,000: arter $21,400,000 have been
Issued, the remainder ($28,600,000) can only bo Issued to an am ount not ex­
ceeding the cash paid in on further Issues o f stock, provided that, during the
previous year, the com pany shall have earned net at least twice the Interest
charge o f all bonds outstanding during the previous year. A sinking fund
o f 1 % o f bonds issued will be used yearly to cancel bonds if purchasable at
or under par. T o D ec. 31 1918 $1,090,000 o f the $18,000,000 Issued had
been canceled. V . 91, p. 1714; V. 95. p . 684, 893. 1212; V. 107, p. 2295.
R E P O R T .— Report for year ending Dec. 31 1917 In V 107, p. 178
showed: Gross, $8,009,404; net incom e, after taxes, $2,674,602: charges
$1,085,002; d ivs. (6 % ). $1,284,000; b al.. sur., $325.600.— (V . 107. p. 178
2295.)
S O U T H E R N C A L IF O R N IA E DISO N C O .— O R G A N IZ A T IO N —
Incorporated In California July 1909. as a reincorporation o f the Edl­
sou Electric C o . o f Los Angeles.
On M ay 26 1917 purchased the physi­
cal property o f the Pacific Light A Power C orporation together with
the controlling Interests In other smaller com panies, retiring $5,000,000 of
Pacific Light & Power Oorp. 1st & Ref. 5s. V. 103, p. 2244; V. 104, p.2239.
C ontrols $337,400 o f the $400,900 com m on stock and all o f the $400,000
p ref. stock o f the Santa Barbara E lectric C o. (V . 92, p 1570), having
outstanding $1,000.000 first mtge. serial and sinking fund 5s. due $10,000
yT ly Julv 1 1920 to 1940, and $790,000 July 1 1941. V 102, p. 527, 615.
Owns 9 4% o f tho stock o f the M t. W hitney Power & E lectric C orporation,
which owns all o f the com . stock o f the M t. W hitney Power A Electric C o .,
having outstanding $3,464,000 1st m tge. 6 % sinking fund gold bonds due
O ct. 1 1939. V. 108, p. 1761; V. 104, p. 867. In D ec. 1917 purchased
the properties o f the Ventura C ounty Power C o . V . 106, p. 1365: V . 83,
p. 1124. Purchase o f Shaver Lake prop erty, V . 108, p. 2335; V. 109,
P ’ santa Barbara Gas & E l. C o ., see V. 102, p. 2164. Southern C alif. Gas
C o .. V. 104. p. 2645; V. 105, p. 186. 1215. 2371. 2548; V. 106. p. 013, 2457;
V’T he ’ consolidated com pany operates a com prehensive system for the
generation, transmission and distribution o f electric energy, operating
throughout Southern California and In the San Joaquin Valley, em bracing
over 150 cities and towns and covering an area o f over 55.000 square miles,
having a population o f m ore than 1.000.000. This system , with the co n ­
trolled com panies, included In D ec. 1918' (a) 17 hydro-electric generating
plants with an aggregate capacity o f lo8.920 h. p. and 8 steam generating
plants with an aggregate capacity or 143,510 h. p ., or a total capacity o f
302.430 h. p . Including the hydro-electric developm ent at Big Creek; (6)
undeveloped hydro-electric developm ents capable o f generating abou t 4 00 ,­
000 h. p .: (c) 1.639 miles o f transmission lines at voltages ranging from
150.000 to 15.000 volts. 158 sub-stations, and 7,883 miles o f distributing
lines serving 201.129 meters.
In Feb. 1919 the com pany was "proceeding a ctively with the com pletion
o f water power p roject, Korn River N o. 3, 40.000 h .-p ., an tho Installation
o f a third generating unit at Big Creek Plant N o. 2, 22,000 h .-p . T he
power from thase plants. It is stated, should b eav a lable during the year
1920. V . 108, P- 1176, 486, 84. In N ov. 1919 sought a certificate for the
con struction o f a hydro-electric generating plant on the north fork o f the
Kern R iver at a cost, including transmission lines, o f abou t $9,231,358,
and to bo com p leted in 1922. V. 109, p. 1799.
,
.
,
As to suggested purchase o f com pany s distribution system In Los Angeles
by the city , see V 101. p 1812: V. 103 p 916; for tem porary agreem ent
made In April 1917 and extended In Aug. 1917 till July 1 1919. see V. 105,
p. 78. 613; V. 104. p. 1050, 1708, 1904: V. 103. p 2161, 2348: V. 106,
1366. C ity o f Los Angelas has been granted tho right to purchaso electric
distributing system in Los Angeles for $11,000,000. but litigation ensued.
V 10,8 p. 2247, 2335, 2439, 2637. Inter-connection plan in 1918. V . 106,
p. 2654. Rates in 1919, V. 107, p . 508; V. 108, p. 84.
S T O C K .— T he first pref. shares equally with the com m on In all d iv i­
dends In excess o f 5 % ; 2d pref. lim ited to 5 % divs. AH voting.
In A ug. 1919 offered $2,500,000 new com . stock to shareholders at 90.
making $17,222,972 outstanding or subscribed for, not including $10,­
836,628 controlled b y co.s through stock ownership. V. 109, p . 781.
Dividends.— 1st pref. divs. paid 5 % (Q--J- 15) to Jan. 15 1914; Apr. 14 to
Julv 1916, I !4 % qua r.; O ct. 1916 to O ct. 1919. 1 X % <}Uar. On com m on
5% yearly ( l X % Q - F . 15) from M ay 1910 to N o v . 1913. incl.; Feb. 1914
t o Y u g 1916 6 % yearly ( l t $ % Q .-F .); N o v . 1916 to N ov. 1919. \ % %

p
.

1 On 2d pref.', \ x % quarterly ’(5 % pi a.) from Sept. 1917 to Sept. 1919.
1

D
ate
Bonds

MISCELLANEOUS COMPANIES

(For abbreviations. &c., s e n te on first p g ]
e o s
ae

1898
S o u th e rn P ow er C o— 1st M $10,000,000 g red 1 0 5 --F .x x c*
South W est Pennsylvania Pipe Lines— Stook $3,500,000 —
S o u t h w e it e r n P ow er & L ig h t C o— C om stock $20,000,000
P refstock 7 % cum $12,000,000____________________________
Second preferred cum $3,000,000___________________________
First lien m tge gold red 105 beg June 1 9 1 8 -.B a .x x x c*A r*

1910

1913

Par
Value

BONDS.— The shareholders voted M ay 31 1918 to authorize an Increase
V. 106. p. 1800.
The General A Refunding Mortgage o f 1917 Is limited to'$136,000.000.
The $8,000,000 series o f 1919 was issued as stated below in connection
with the retirement o f the $10,000,000 Gen. Mtge. two-year 6s, due July 1
1919. This new series is callable at 105 and int. up to Feb. 1 1942 and at
102 and int. thereafter. A semi-annual sinking fund (or Improvement)
fund is to receive an amount equal to 1% o f all bonds o f the company
outstanding after providing for sinking fund o f underlying bonds. V. 108,
p. 486. 789.
Other series may be issued but only upon retirement of preceding series.
The remaining bonds may bo issued for 75% o f expenditures for acquisitions,
extensions & add'ns to co s property, provided net earns, for the preceding 12
mos. are 1 H times the annual bond int. charge, including int. on those
bonds for which application is made. Escrow bonds may also be issued,
$ for $, to retire underlying bonds and also $1,978,000 debentures of 1915,
due March 15 1920. which are secured equally with the General and Refund­
ing mortgage bonds. Harris Trust & Sav. Bank, Chicago, and Eos Angeles
Trust A Sav. Bank, Los Angeles, trustees. See V. 105, P. 295; V. 106,
p. 1365. 1349: V. 108, p. 486.
P
In July 1919 guaranteed $1,150,000 5% bonds o f Shaver Lake Lumber
C o., payablo $250,000 yearly 1921 to 1924, and $150,000 Jan. 15 1925.
V. 109, p. 378, 1085.
GENERAL FINANCES.— In Feb. 1919 the company sold (o) General
and Refunding Mortgage 25-Year 6% bonds, the proceeds o f which have
been applied to the redemption o f $10,000,000 2-Year General Mortgage
Bonds maturing July 1 1919: (ft) $8,000,000 two to nine years serial 7%
debentures, the proceeds o f which were used to complete the payment of
the $10,000,000 duo July 1 next, and the remainder towards the liquidation
of the floating debt, which has thereby been reduced to approximately
$1,0004)00. See V. i08, p. 1175, 789, 486. In Nov. 1919 applied to the
Cal. RR. Comm, for permission to issue $7,500,000 Gen. & Ref. 6% bonds
to be sold at not less than 93.
As to General Mtge. 5s o f 1909, see V. 89, p. 1599 1673: V. 91. p. 1517:
V. 92, p. 1705: V. 93, p. 1538, 1671. There are also $48,000 Edison Electric
Co. of Los Angeles 6s (see V. 96, p. 207, 423: V. 97. n. 55: V. 98. p. 456: V.
99, p. 1533: V. 100, p. 145). and $37,000 Mentone Powor Co. 5s.
DEBEN TU RES.— Those debentures o f 1919 (see below) will share In
the security o f any new mortgage made, the lien o f which Is junior to that
o f the General A Refunding Mortgage of July 1 1917. They are redeemable
at company's option as follows: On the 1,5th o f any month after 60 days,
notice to viz.: till Jan. 15 1924 at 105: next year 104- next year 103; Feb. 1
1926 to July 15 1927 102: last six months 101, with Interest in each case.
V. 108, p. 486. 1175.
„ .
The 5-year 6% debentures o f 1915 ($5,000,000 auth. issue) are redeem­
able on any Interest date at 101 and int., and convertible, at option of
holder, into common stock on the basis o f 11 shares of stock for $1,000
debentures. These debentures are now secured equally with the Gen. A
Ref. Mtge. bonds. V. 100, p. 1758. Compare V. 107, p. 2295.
EARN ING S.— Including Pacific Light A Power Corporation:
G ro s s

N et (after

Fixed

Balance,

12 Afas. e-'dina—
Earnings.
taxes).
Charges.
Surplus.
Sept. 30 1919................... $10,043,150 $6,062,252 $3,092,761 $2,969,491
Sept. 30 1918-..........
8,599,855
5,376,422 2,864,709
2,511.713
R EPO RT.— For cal. year 1918 in full in V. 108, p. 1157, 1175, showing
(exclusive of Mount Whitney Powor A Electric Co. and Santa Barbara
Gas & Elec. C o.), also for.the year ended Sept. 30 1919 as follows:
Calendar Year —
1918.
1917.
1916.
Gross earnings__________ $8,773,326 $8,735,458 $6,885,150 $5,034,250
Net, after taxes. A c____$6,062,252 $5,387,035 $4 425,195 $2,800,016
Int. and amortization_
_ 3,056,942 x2,943,569 1’913,253
1,004,015
Deprec’n reserve, A c_
_
542,008
500,000 1 000.000
521,711
First pref. dividends— (7%)280,000 (7)280,000 (7)280,000(6>i)250,000
Second pref. divs. (5 % ).
601,495
601,495
296,407
______
Common dividends..(7 % ) 1,048,656 (7)984,209 (7)781,834(6^)650,272
B ala n ce......................... sur.$533,150 sur.$77,762sur.$153,700sur.$374,017
T otal p . & 1. su rp lu s .. $1,321,699
y$568,483
$613,030
$687,652
x After deducting $12,148 Intorest charged to construction, y Before
providing for 1918 Federal taxes.
O F F IC E R S .— Chairman. John B. M illor: Pres., W A. Brackenridge;
V lce-P res'ts, R . II. Ballard, G . O . W ard, Geo. I. Cochran, J. C . Drake.
W m . R. Staats: A. N . K em p, C om ptroller; W . L. Percy Treasurer; Alan
F .M o r h p y , Sec. O ffice, E iison B ldg., Los Angeles. C al.— (V . 106. p. 1692.
1800, 2457: V. 107, p. 86, 186. 508. 1008, 2295: V. 108 p. 84. 386, 486.
586. 789, 1065, 1157, 1175, 1394, 2027, 2247, 2335, 2139, 2637; V. 109,
p . 378, 278, 585. 781, 1085.)
S O U T H E R N NEW E N Q L A N D T E L E P H O N E .— (V . 105, p. 286). On
A ug. 1 1918 Federal G o v t, assumed con trol.

G
rass. Net Incom In st.
e
tere

Dividends.

Bal..Surp

7 m os.to July 31
1918.................. $2,945,464 $562,052 $55,964
x$490,000
$16,088
1917........
4.794,395
908,531 97,798
(7 % ) 770,000
40,733
1916...................... 4.377.027
885.061 76.004
(7 % ) 700,000
109.057
x Incl. July's share ($70,000) o f the d lv. paid O ct. 15 1918, although
It was not form ally appoprlated out o f net Income July 31 1918.)
In 1917 shareholders were perm itted to subscribe on or before N o v . 7
for $1,000,000 new stock at par, making $12,000,000 stock outstanding
V . 105, p. 1315. Am. T el. A T el. C o. Jan. 1 1918 owned $3,385,100 stock
V . 105. p. 286, 1315; V . 106, p. 602; V . 107, p . 179; V . 108. p . 85, 1826.)
S O U T H E R N O IL & T R A N S P O R T C O R P .— v . 108, p . 2439; V . 109,
p . 1373.
SOUTHERN PIPE LINE CO.— O R G A N IZ A T IO N . &C.— Incorporateo
in Pennsylvania In 1890. Has pipe line extending from Pennsylvania State
line to Philadelphia, Pa., 263.15 miles. Form erly controlled by Standard
Oil C o. or N I . but segregated in 1911
D ividends: 1912. 2 8 % : 1913
3 2 % : 1914. 3 0 % ; M ar. 1915 to June 1918, 2 4% p. a. (6 % _ Q .-M .). In
Sept. 1918 to D ec. 1919 paid 5 % quar. V . 107. p. 508. R eport for cal.
year 1918 in V . 108, p . 586, showed total p . & 1. surplus $2,594,694: also:
1918.
1917.
1916,
1915.
P rofits for yea r................ $2,069,038 $2,534,565 $2,354,371
$1,966,756
D ividends p a id ____(21 % ) 2 , 199.999(24)2399,999(24)2399,999(24)2399.99S
B alance, sur. or d e fic it.d e f.$ l3 0 ,961 sur.$134,566 def.$45,627def.$433,242
Pres., Forrest M . T ow l; V .-P . A Traas., E. It. Shepard; V .-P . & Gen.
M g r., J. W . Vandergrlft; S ec., C . A . M cL ou th . O ffice, Oil C ity , P a .—
(V . 104, p . 458: V . 106. p. 650, 613, 1229; V. 107. p. 508: V. 108, p. 487.)




Am
ount
Outstanding

Rate
%

W
hen Last Dividend Places W
here In
terest and
Payable and Maturity
Dividends are Payable

Q— J
$100 $12,000,000
7
J A D
1,000.000
5
ICO 10,000.000 See text Q — M
M A S
1.000
7.000.000
5 g
100
3.5U0.000 See text
Q— J
100 15.125.000
Q -M
100
2.923.000
7
Q -M
100
1,464,000
7
J A D
100 A c
3,797.000
5g

o f the bonded debt from S136.000.000 to $272,000,000.

Calendar Year—

217

INDUSTRIAL STOCKS AND BONDS

N o t ., 1919.]

Oct
D ec
D ec
M ch
O ct

15 '19 1H N ew H aven
1 1948
N H aven, M erch N at
1 1919 5% Checks mailed
1 1930
Farmers’ L A T r C o , N Y
l 1919 3% Checks mailed

D e c l '1 9 . \% Checks mailed
do
do
D ec 1 ’ 19, 1 H
Bankers Trust C o , N Y
June 1 1943

S O U T H E R N PO W E R C O .— O R G A N IZ A T IO N .— In corp . June 22
1905 and owns (a) hydro-electric developm ents aggregating in A ug. 1919
119,200 h .p . on C ataw ba R iver, S. C ., and B road R iver, S. C .. and steam
developm ents aggregating 44,000 h.p ; (b) high-tension transmission lines,
com prising a 3-wire circuit equivalent to 1,900 miles in length; (c) entire
capital stock o f 2 hydro-electric cos., v iz.: Catawba Power C o ., on C atow ba
R iver (8,800 h .p .); Greenville-Carolina Power C o. (3,500 h .p .), on Saluda
R iver near G reenville, S. C . (V . 93, p . 533); also capital stock o f Charlotte
Power C o . and C harlotte E lectric R y ., L t. & Power C o . o f C harlotte, N . O .
See “ Electric R y ." Section. On or about Sept. 18 1919 began its 100,000
hyd ro-electric station at W ateree Station, 7 miles from C am den, S. C .
V . 109, p . 1280.
In M ch . 1913 the Southern Power C o . or interests connected therewith,
purchased from the Fries M fg. A Power C o . the street railway and electric
light plants o f W tnstcn-Salem. N . O . V . 96, p . 793. Supplies power to
Piedm ont A Northern R y ., 125 miles, owned b y allied interests; V . 104,
p. 2006; V. 99, p. 749. 1533. In 1915 Southern Public Utilities C o ., said
to be an allied concern, sold $2,600,000 1st A R ef. 5s. due July 1 1943.
Serves a manufacturing and industrial territory extending for some 315
miles over the western section of N orth Carolina and South C arolina,
having a population o f over 959.000. V. 90, p . 855; V . 92, p. 1640; V . 95.
p. 1625: V. 97. p. 1219; V . 100, p. 2014.
S T O C K .— Pref. stock, 7 % cum ulative, $8,000,000, all outstanding
com m on, $5,000,000; outstanding, $4,000,000.
B O N D S .— O f the 1st 5s of 1910 the unissued $3,000,000 are reserved fo r
70% o f the cost o f additions when annual net earnings are twice the interest
charge, including bonds to be issued. V . 109, p . 580. C ataw ba Power C o .
has outstanding $628,000 (closed m tge.) 30-year s. f. 6s due June 1 1933
and $6,000 6s due A u g. 1 1922, but neither the property nor the stock
o f that com pany is covered by the Southern Power C o. uitge., nor have the
bonds o f that co . any lien or interest on the So. Power C o .’s p rop erty.
V. 90. p. 855; V. 92, p 1640; V. 95. p. 1625; V. 99, p. 1533; V . 100, p. 2014.
The earnings Include the Income derived from the Catawba Power C o .
and the Catawba rental is charged into operating expenses.
E A R N IN G S .— A s reported for years ended April 30 1919 and 1917:
1918-19.
1916-17. I
1918-19.
1916-17.
Gross e a r n s ..$4,163,856 $3,643,341 B ond interest- $350,000
$350,000
748,632
493,384
N et a ft. ren ts. 1,098,632
843 .38 4 ]B a la n c e ..........
O F F IC E R S .— P res., J. B . Duke; V ice-Prests., B . N . Duke, W . Gill
W ylie and W . 8 Lee; Sec. and T reas.. R . B Arrinvton. O ffice, 200
F ifth A v e ., N . Y .— (Y . 104, p . 2348; V . 109, p . 585, 1280.)
S O U T H E R N U T IL IT IE S C O .— V . 105, p . 287; V . 109, p. 278.
SOUTH W E ST P E N N SY L V A N IA PIPE LIN ES CO.— O R G A N IZ A T IO N .
A c .—Incorporated in Pennsylvania in 1886.
Own pipe lines in P enn­
sylvania. Formerly controlled by Standard Oil C om pany o f N ew Jer­
sey, but segregated in 1911. See Standard Oil C o ., V. 85. p. 216, 790;
V. 93. p . 1390. D ividends paid A pr. 1912 to July 1914, 5 % q u a r.; O c t..
3 % ; D ec. 31, 3 % ; 1915, 12% (3 % Q .-J. and 3 % in D e c .). Jan. 1916 to
O ct 1 1 9 1 9 ,1 2 % yrly . (3 % Q -J ). R eport for 1918 in V . 108, p . 5 8 6 show ed1918.
1917.
1916.
1915. '
Profits fo r ca l. yea r______
$295,723
$338,535
$456,358
$346,453
D ividen ds____________ (1 2% )419,999 (12)419,999 (12)419.999 (12)419,999
Balance, surp. or de f_____def.$124,276 def.$81,464 su r.$36,359 def.$73,546
P. & 1. surplus D ec. 31 1918, $843,611. P res., Forrest M . T ow l; V .-P res.
& T reas., E . R . Shepard; V .-P ., Allan T . T o w l; S ec., C . A . M cL o u th Oil
C ity , P a .— (V . 106, p. 613, 714, 1229; V . 108, p . 387, 487. 586.)
S O U T H W E S T E R N P O W E R & L IG H T C O M PA N Y .— O R G A N I ­
Z A T IO N , A c.— Incorp. In M aine July 30 1912, and owns extensive interests
In public utility properties in Texas and in tw o o f the border cities o f M exico
thus serving, through controlled operating com panies, 116 prosperous
com m unities, com bined population in 1910. 449,074; 1918 (est.), 644,725.
V . 97, p . 954. Owns:

(1) All th S ck Except D
e to
irectors Shares and Bonds of Sub. Cos. O
perating in
El Paso, gas
Ciudad Juarez, gas served.
Galveston, gas.
Eagle Pass, electricity and water.
Pledras Negras, electric and water.

Paris, street railway.
W ichita Falls, electricity and water
Big Spring, electricity.
Sweetwater, electric and Ice.
C olorado, electricity

In 1916 acquired en tlreca p lta i stock o f the H utchinson Gas A Fuel C o*
and the N ew ton Gas & Fuel C o ., except directors’ shares. T hese com "
panies serve natural gas in Hutchinson and N ew ton, Kansas.
(2) A controlling in
terest, th gh Com on S
rou
m
lock ow
ned, vtt.: (a) $9 995 .
800, (all e ce t directors sh res) 9 9 .9 6 % , (b $2,578,300. m
x p
a
nrethanQ3% in—
'
(a) Texas Power & Light C o (see that com pany below ), operating In
W aco, Tem ple, T a ylor, Sherman. H illsboro.C lebu rne T yler Bonham
Denison Paris, Palestine, Ennis, Gainesville. B row nw ood W axahachie, A c ., & c. (V . 102. p. 1442).
(&) F t. W orth Power A Light C o. (Y . 93. p . 533; V . 97. p . 119 240:
V . 98. p. 307; V . 105, p. 2276.)
*p
’
'
S T ° C K .— Authorized: C om m on, $2o.000,000; preferred. $12,000,000
Jo
3J000V ’,
002
C om m on, $15,125,000; preferred.
$2,923,000, - d p re f., $1,464,000. C ontrolled b y American Power A L t. C o .
Dividends on pref. stock . 7 % per annum (Q .-M .) to D e c . 1 1919.
B O N D S .— T h e first lien bonds ($3,797,000 outstanding; are secured by
pledge o f all the s to ck , except d irectors’ shares and bonds o f the nine sub­
sidiary com panies and are additionally secured b y d eposit with trustee o f
all com m on stock , excep t d irectors' shares ($9,995,800 par value) o f the
Texas Power A Light C o and m ore than 9 3% ($2,578,300 par value) o f
the com m on stock o f Fort W orth Power A Light C o ., and all the cap ita l
stock, except d irectors' shares and by part o f the bonds o f the H utchinson
GasAFuel C o . and o f the N ew ton G asAF uel C o . Additional first lien bonds
may be issued for 8 0% o f cash cost o f permanent im provem ents or ad­
ditions or for 8 0% o f cash cost b y additional properties, but not to exceed
80% o f replacem ent value; but In no case unless the annual net earnings
o f properties su b ject to the lien o f the bonds are double the annual Intorest
charges on all the underlying securities o f the subsidiary com panies not
pledged under the m ortgage and all first lien 5s outstanding and those
about to be issued. (V . 97, p. 954.)
E A R N IN G S (Sub. c o s .) .(1919____Gross, $6,062,580;
12 m os. end. Sept 30. (1918____ Gross, 5,427,385;

net. $2,138,581
net, 2,071,156

218

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 first page

Date
Bonds

Par
Value

Rate

%

When
Payable

Last Dividend
and M aturity

Places Where Interest and
Dividends are Payable

Q

General (now first) m ortgage *28.0^0 000 g o ld __________ xx
T w o year collateral notes $4 000 000___________________US 1918
Standard Gas & Electric C o— Com stock $15,000,000 a u th ._
Pret stock 8 % cum $30,000,000 auth_____________________ Convertible sinking fund gold bonds redeem able 1 0 5 --xo* 1911
20-year 6 % gold notes $15,000,000 red 103----------------xxc* 1915
C ollat trust notes S750.000 call at 101 till Sept 1920, then
“ b ” 100 H _______________________________________ N xxxc* 1918
C onv s f secured notes $4,500,000 call text____ C e.C kxxxc* 1919
_ Dividend scrip (originally $1,649,893) callable at p a r -------- ' 1 3 -’ 15
Standard Milling— Comm on stock $7,500,000 - - ______________
• Stock pref (a & d) 6% non-cum $6,488,000 .............. ...............
• First m ortgage gold sink fd $6,250,000 (see tex t)-_M p .x c* 1900
Debentures after A ug. 1 1918 convert into com stock c a l l .. 1916
Hecker-Jones-Jewell Go 1st M $2,500,000; $184,000 re­
deem ed; $868,000 owned b y Standard______________ xc* 1892

n

M a r 1 1920
t*
3,«0 0 000
50 12 679.150
— M See text
50 12 379.8>0 See tex*
500 < co 7.032.000
S
6 g J & D Deo 1 1926
A & O Oct 1 1935
50 Stc
6g
6.841,200

Q

100 &c
500 &c
'

100
100
1.000

100 &c
1,000

R E P O R T .— For cal. years (see V .106, p.1897. C om p a roV .1 0 8, p . 1170.)
1916.
$4, 193,265
Gross earnings o f all subsidiaries__________________ $4.677,378
Balance o f subsidiary com panies’ earnings, after
deducting all charges and all expenses, applicable
$1. 153,313
to Southwestern Pow er & Light C o ---------- ------ ® 1 •
VSX o , o
61,429
Expenses o f S. W . Pow er & L t. C o ., less other in c .
137,812
152,140
In t. charges on S. W . P ow er & L igh t C o . b on d s—
178,750
68,721
A ll other Interest----------------------------------------------------°0,853
157,360
Preferred dividends (7 % ) ---------------------------------------169,610
B alance............................................................................
$450,580
$713,663
N . Y . office. 71 B roadw ay.— (V . 107. p . 611; V . 108, p . 1870; V . 109.
p . 1898.)
(A . Q .) S P A L D IN G & B R O S .— (V . 109. p . 1373. 1531.)
S P IC E R M F G . C O .— (V . 109. p . 1467.)
SPRIN G V A L L E Y W A TE R CO.. SAN FRANCISCO.— O R G A N IZ A ­
T IO N .— Successor S ept. 24 1903, per plan V . 76, p. 216, 977, to Spring
Valley W ater W orks. V . 78. p. 827. Suit, V . 82, p. 574; V . 84. p .5 7 7 . In
A ug 1906 an assessment o f $3 a share was levied on the stock. V . 83. p.
3 2 7 .4 9 8 ,7 0 4 . V . 100, p . 480, 985, 1516. T h e city is proceeding with the
H etch-H etchy m unicipal schem e. (V . 101, p . 1978; V . 105. p . 915.)
R ate suit 1907 to 1915 decided in fa vor o f com p a n y. Im pou nded m oney
$2,323,442 awarded to com p a n y. V . 107, p . 1105, 1008, 508; W ater rates,
19O f’the General gold ’ 4s ($28,000,000 authorized Issue; Union Trust Co. of
San Fran., trustee) the unissued bond3 are applicable for acquisitions and
lm pr'’ vprnents equal In cost to at lpast .85% o f value of hoods
V vq .
id 992; V . 81. p . 1726; V . 82, p . 164; V . 87, p . 1482.
On D ec. 3a 1918 $17,­
859 000 o f these bonds were in hands o f public and a further $6,794,000
•were in treasury, this last including $4,685,000 pledged to secure 2yr. notes
In Feb. 1918 made a new issue o f $4 000 000 tw o year 6 % notes secured
b v 130% o f Gen. M tge. 4s chiefly to refund $3 325 000 notes due M a r. 1
1918. V . 106, p . 1132, 934, 1466, 1582; V . 108, p . 978.
LATE
( 1913. 1914. 1915. 1916. 1917. 1918. 1919 [to Sept)
D IV ID E N D S —
($2 12H 82 50 $3
$3 50 $3Ji
4
S IK q u a r.
R E P O R T .— R eport for cal. year 1918, in V . 109, p . 1365, showed:
1918.
1917. I
1918.
1917.
G ross earns $4 107 785 $3,899,191 j Depr., &c., res. $407,451
$346,204
N et earn^ngi 2 531 389 2 430.474 D ivs............... (4)1,120.000(3^)1015000
Bond?&c.?int~.
8 08 !010
790.8621Surplus............. $195,928
$278,408

Cl Y
a ear

O F F I C E R S — Pres W . B . B ourn; S ec., John E . Behan; T reas., B .
B anU
O ffice. 375 Sutter S t.. San F r a n c is c o .-(V . 108, p . 978, 1279;
V . 109, p . 1365.)
(A . E.) S T A L E Y M F G . C o .— (V . 108, p . 2247.)
S T A N D A R D G A S & E L E C T R IC C O .. C H IC A G O , IL L .— In corp . in
D e l a t e April 28 1910 ^ a holding com p any. Owns bonds, stock and
other securities or 13 public service corporations (electric, gas and street
railw ay) controlled and operated b y H . M . Byllesby & C o. o f Chicago in
various parts o f the cou ntry, serving m ore than 460 communities with total
population o f abou t 2,200.000. including .M iss. Valley G m & E lw . C o
which, in conjunction with Standard Gas & Electric C o .. controls through
s to ck ownership Louisville Gas & E lec. C o. o f D ela. V . 96, p . 556, 102.),
1559, 1632, 1777. T ho com pany guarantees prin. and lnt. on $5,000,000
M iss. Valley Gas & Elec. C o. 5 % bonds due M a y 1 1922. V . 94, p. 1452.
A lso controls through stock ownership W estern States Gas & E lec. C o. or
D ela. V . 102, p . 15-14; V . 104, p. 1269. See separate statement for each.
E ffectiv e as o f Jan. 1 i9 19 , acquired the public utility, & c., business (ex­
cep tin g the banking department) o f H . M . B yllesby & C o ., In c. V . 108,
p . 2335; also acquired a large interest in Appalachian Power C o . V . 108,
p . 2335.
S H A F F E R O IL & R E F IN IN G C O .— T he com pany controls also guar­
antees principal and in t., $12,000,000 Shaffer Oil & ^efinlning C o. 1st M .
co n v . 6s, dated June 1919. See that co . above and V . 108, p . 2 2 4 /, 2330,
2636.
P R E F . D IV S .— 1911. ’ 12. ’ 13. 1914. 1915. 1916. 1917. *918. 1919.
In cash, % ________ 7>S 8
4
0
1
6
6 1 > S .2 ,2
In 6 % scrip . % .........................
4
7
3 none. - —
---r
T he directors on A ug. 19 1919 declared the regular quarterly 2 % cash
dividend oh the pref. stock, and also 13% cum ulative dividends on the prci.
ayable in com m on stock ($1,532,044) at par, b oth payable Sept, l o
v.
09, p . 782.
O f the $1,649,893 dividend scrip issued to S ept. 30 1915, $1,447,749
scrip had been redeemed and canceled to M ch . 1 1919. leaving only W - . 144 outstanding as o f M ch . 1 1919.
V . 102, p. 1902. As to dividend
p olicy in M arch 1918. see offic*a statement i n V. 106. p . 1466.
N O T E S .— Plan o f Sept. 1 ’ 15 p iovid ed for an Issue o f 20-year 6 % gold
notes dated O ct. 1 1915, at no tim e to exceed In the aggregate $15,000,000
N ote offering, see V . 101, p. 1978; V . 103, p . 670.
Under the trust agreement no additional 20-year 6 % gold notes may be
issued unless the annual net earnings (after deducting operating expenses,
taxes and annual interest charges on the then outstanding indebtedness,
excep t these notes and the pref. stock dividend scrip ), are 2 4i times the
•um o f the annual interest charges on the 20-year 6 % gold notes. Including
those to be then Issued and the then outstanding prer. stock dividend scrip,
(in M a r. 1919, $202,144.) See also V . 101, p . 843, 851, 1978.
A s to
collateral trust notes o f 1918, see V . 107, p . 1750.
B O N D S .— T h e gold 6s o f 1911 ($30,000,000 auth. Issue) are convertible
Into p ref. stock on the basis o f $110 o f bonds for $100 stock at any time
and if called within the period o f 30 days' required notice o f redem ption.
Unissued bonds are reserved for not exceeding 75% ol the cost of securities
pledged with the trustee, when for the 12 m onths next preceding the net
earnings applicable to the paym ent of interest or dividends thereon, to­
gether with the net earnings applicable to Interest or dividends on the
securities so to be purchased, shall have been 2 H times the total Interest
charges, including the bonds then to be issued. See V . 93. p. 1327. O f the
$11.800.00G 6 % bonds due 1926, previously Issued. $4,768,000 bonds have
been canceled by sinking fun d, treasury cash or sale o f securities pledged,
leaving $7,032,000 bonds outstanding in N o v . 1919. V . 102, p . 350, 1902;
V . 103. p . 670; V . 104, p . 2122; V . 108, p . 1394. Offering o f Oklahom a Gas
& E lec. C o. notes in June 1917, see V . 104, p . 2558.
T he 7 % notes o f 1919 are secured b y $2,280,000 o f bonds and notes.




Am ount
Outstanding

— M 31 Sept30’ 19 l \ i % Checks mailed
$100 $28,000,000 4 % In '18
N Y . San Fr & Fran-on M
J
& D Deo 1 1923
1,000 17.859,000

Spring Valley W ater— Stock $28.000.000------------------------

P

[Vol . 109.

INDUSTRIAL STOCKS AND BONDS

San Francisco

Checks mailed
Phtla Tr, S Dep & Ins Oo
Guaranty T r C o , N Y

750,000
7 g
4.500.000
7
6
202.144
5,960,142 10% 1919
6.488.000
6
2.699.000
5 g
163.900
6

M & S Sept 1 1921
N Y and Chicago
N ew Y ork and Chicago
M & N N o v 15 1921
Q-M 15 Seot 1 1923
Q — F N o v 29 1919 4 % M etropolitan Tr Co, N Y
do
do
Q — F N ov29 T 9 1 H %
do
do
M & N N o v 1 1930
do
F & A Aug 1 1926
do

1.448.000

M &

6

S Sept 1 1922

do

do

$1,160,000 pref. stock and $1,150,000 com m on sto ck .o f Standard Gas &
E lectric public utility properties, together with $1,000,000 7%. pref. stock
and 110,000 shares com m on (no par value) o f Shaffer Oil & Refining O o.
(v. t. c .) , all valued at $9,000,000. N otes are convertible par for par into
8 % cum . pref. stock or com m on stock o f the com pany. Callablo on 60 days,
notice at 101 and int. prior to N o v . 15 1920, thereafter at 1004£ and int.
Quarterly sinking fun d o f $150,000 begins F eb. 15 1920 for redem ption o f
notes at call price. See V . 109, p . 1993.
Bonds ($7,199,000) So Pledged— Also Total Thereof Outstanding M ch. 28 1919
and Am ounts o f Old Underlying Bonds Out.
Company and Bond Issue—
Par Val. Pledged. TotalOutst’g. Prior Bonds
A rk .V a ll.R y .,L t.& P .C o . lst& R e f. 5s. $3,665,000 $3,715,000 $2,727,000
620.000
Enid E lec. & Gas C o . 1st M . 6s
20.000
2,483.500
F t. Smith L t. & T ra c. C o . 1st M . 5 s.
150,000
1,821.000
M obile E le c.C o .1st M 5s(V .95.p.753)
224,000
994.000
309.500
M uskogee Gas & E lec. C o . lst& R ef.5 s
196,000
444.000
Southwest. G en. Gas C o . lst& R e f. 6s
444,000
2,500,000
Utilities Investm ent C o . Coll T r. 5 s .. 2,500,000
T o ta ls ________________ .......................$7,199,000 $12,577,500 $3,036,500
-------------Stocks Pledged for Bond Issue-------------------Pledged— P ref.— Outst'g. Pledged— Com. Outst’o.
Company—
............ $1,310,400 $3,499,400 $3 .500,000
A rk. Vail. R y . L t. & P - . .
949,900
950.000
798,700
1,410.000
Ft. Smith L ight & T r a c .. .
861,200
950.000
277,500
852.500
M obile Electric_________ .
759.500
.170,000
498,200 15,806,500
N orthern States P o w e r.. .
3,692,000
,500,000
980,800
2.095.900
Oklahoma Gas & E lectric
630,200
650.000
234.500
507.800
Ottum wa R y . & L ig h t.. .
2,607,300
,955,000
621.500
San Diego C ons. G . & E.
1.000.000
.001.000
25.000
Southwestern G en. Gas..
25.000
1 ,000,000
,000,000
Utailities Investm ent Co
3,145.700
.503.000
W est. States G .& E .(D e l, )
103~,400
2,125,065
T o t a l ..............................$2,918,100 $24,751,600 $18,148,200 $25,179,000
For list o f bonds pledged to soc collat trust notes o f 1918 see V . 107, p.1750.
R E P O R T .— For calendar year 1918 In V . 108, p . 2131. showed:
Calendar Years—
1918.
1917.
I ? ! 0™
Gross earnings.................. $1,618,567 $1,620,343
§1.712.927 §1.618.467
N et earnings____________ $1,574,927 $1,566,051
$1,664,200 $1,575,441
P rofit on bonds owned
______
(called for redem ption)
______
100,000
311.857
-------- Gross in c o m e _________
In te re st________________
Preferred dividends-----R a te ................................
A m ort, o f discount, & c.

$1574.927 $1,666,051
786.184
792,746
707.097
707,097
(6% )
(6 % )
55,000
55,000

51,976,057
789.763
549,964
(4 2-3 % )
55.000

$1,575,441
833,064
471.398
(4 % )

B al.. sur. or d e f..........sur.$26.616sur.$lll,208sur.$581,330sur.$270.979
For 12 m onths ended Sep . 30 1919 "th e actual incom e o f Standard Gas
& Electric C o ., not including any earnings o f Shaffer Oil & Rofining C o .,
was as follows: Gross earnings, $2,509,837; general e x p e n se and taxes,
$75,806; annual interest charges on entire funded debt, including now $4,­
500,000 7 % con vert, secured notes dated N o v . 15 1919. $1,199,892;
balance, $1,234,139.”
O F F IC E R S .— P res.. TI. M . B yllesby: V .-P s ., O. E . O sthoff. J. J.
O ’Brien, Arthur S. H uey. F . C . G ordon. Geo. H . Harries; Soc. & T reas.,
R . J. G raf. C hicago office, 208 So. La Salle St.; N ew Y ork office, Trinity
B ldg.— (V . 109, p . 782, 1898. 1993.)
S T A N D A R D M IL L IN G C O .— O R G A N I Z A T I O N .— Incorp. In N . J .
O ct. 31 1900. Consolidated with Colonial M illing O o. June 29 1916, per
plan in V . 103, p . 65. and owns directly or through subsidiary cos. mills
in M inneapolis, Duluth, W est Superior, B uffalo, Kansas C ity and New
Y ork; total daily capacity, 40.000 bbls. o f flour. V. 75, p . 1252; V . 68.
p. 873. 929; V . 69. p. 29. 1010; V . 71. p. 8 t7 ; V . 84. p. 697.
.
C om m on stockholders o f record O ct. 29 were offered the right to su b ­
scribe at par ($100) on or before D ec. 1 with paym ent in full for abou t
$1,384,000 treasury com m on stock to tho extent o f 23% o f their holdings.
T he proceeds reimbursed the com pany for tho erection o f new flour mills
and grain elevators at Kansas C ity and for further expansion. V . 109,
p . 1799. 1531.
L A T E D IV S .— ’07. ’08. ’09. ’ 10. ’ l l ’ 12-’ 13 ’ 14-’ 15 ’ 16 *17 '18 ’ 19
On preferred-------% 2 H
3 4 3 4
5
5
5
6
0 6
10
On com m on -------------- —
2
3
5
4 /
d o in stock ------ —
..
..
„
. . . .
-1 4
3 —
In O ct. 1916 and again In O ct. 1917 a dividend o f 8 % (4 % in cash and
4 % in stock) was doclared on tho com m on stock, payablo 1 % in stocK ana
1% in cash on the following N ov. 30, F eb. 28, M a y and A ug. 31. Also
paid July 31 1918 an extra 2 % in cash on com m on shares. N ov. 30 1J18
to N o v . 30 1919 paid 2 % quarterly in cash with on A ug. 30 191J an ext. 2 % .
V . 108, p . 1732; V . 109, p. 378.
1Q17
T h e outstanding stock was increased from * 4 .786,515 on A ug. 31 1 9 1 /
to $5,960,142 A ug. 31 1919 through tho 4 % ($ 197 ,0M ) d l^ rib u tion m
stock dividends plus $975,100 issued for conversion o f that am ount o f the
$1,110,000 convertible 6 % debentures o f 1916. V . 107, p. 1477.
B O N D S .— O f the 1st 5s. $1,448,000 is reserved to retire at par tho
$1,448,000 Hecker-Jones-Jewell 1st 6s. V . 94. p .
, V . 9 9 . p.
* T he convertible debentures are convertible into cor™n° n
in v e r s io n
redeem able at 105% and int. upon 60 days’ notice
privilege which m ay be exercised during tho 60-day period, s j / o . iuu so

1631

C I n Th cTyeaM*!) 18-19 $4,555.000 notes nayable inventories having increased
°
from $6,195,800 to $9,042,678. V . 109. p. 1458.
R E P O R T .— For year ending A ug. 31 1919. In V . 109, p . 1458, showing.
August 31 Years—
1918-19.
m j-iS .
1916r17.
1915-16.
N et profits, a ft. in t..& c. $1,996,295 $1.931,227 $1,668,298 $1,657,410
(6)389.153
(6)389,071
D lv . on pref. s to c k ------ (6% )3S 9.172
(0)389.161
(8)372,990 (5)229,820
D lv! on com m on stock (10 % )584',823 (10)488.663
$906,155 $1,038,520
U Balance, surplus..........$1,022,300 $1,053,403
O F F IC E R S .— Pres., A. P . W alker; V .-P .. James l
J. A . K n ox; A sst. Sec. & T reas.. J. A . Neville. O ffice. 49 W all S t.. N . Y .
(V 107, p. 508, 1477 1673, 1732; V . 109, p. 378, 1458, lo 3 1 , 1799.)

JSov.,

1919.]

219

INDUSTRIAL STOCKS AND BONDS

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

Date
Bonds

Standard Oil Co of California— Stook authS100.000.000_____
Standard Oil Co of Indiana— Stook $100,000,000
--------Karpen Bldg 1st M bonds due $50,000 yrly; $100,000 in
1925 call 1 0 2 --._______ _____________
. . .* 1910
Standard Oil Co of Kansas— Stock $2,000,000 (a u th )____
Standard Oil Co (K en tu ck y)— Stock $6,000,000 auth-----Standard Oil Co of Nebraska— Stock, $5,000,000 __________
Standard Oil Co of New Jersey— Stook $100,666.000._ _
Pref (a & d) stock 7% cum $100,000,000 call after 3 yrs 115
Standard Oil Co of New York— Stook $75.000,000_________

Par
Value

Amount
Outstanding

Rate
%

$100 a $99373311 S e e t e x t
100 30,000,000 24 in T9
316,500
100 2,000.000 24
100 6.000,000 12
100
1.000.000 20
100 98.338,300 20
100 98,338,300
100 75.000,000 16

5g
in T9
in T9
in T9
in T9
7
in T9

When
Payable

Q— M
Q —M
J & D
See text
Q— J
I & D
Q— M
Q— M 15
Q— M

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Checks mailed
See text
Doc 15 T 9 6% Checks mailed
Dec
Dec
Oct
Dec
Dec
Dec
Dec

’ 19-Dec '25
15 T 9 6%
1 1919 3%
20 T9 10%
15 T9 5%
15 T9 1 H
15 T9 4%

Checks mailed
Louisville, K y.
Omaha
Guaranty Tr C o. N Y
Checks mailed

a $626,689 held in treasury.

S T A N D A R D O I L C O . ( C A L I F O R N I A ) . — O RGAN IZATION .— Organtzed in California Sept. 10 1879 as the Pacific Coast Oil Co. Present name
adopted July 23 1906. Owns crude oil properties, pipe lines for the trans­
portation of oil, rofineries at Richmond. El Segundo and Bakersfield, Calif.,
tank steamers and barges for the transportation of its products. Aiso
owns sales stations in principal cities and towns on Pacific Coast. Govt,
action as to Midway oil lands, V. 106, p. 1583. Decision V.108.P.387,2247.
1914. 1915. 1916. 1917. 1918. 1919.
r- LATE DIVS. (% )— 1913
10
Regular cash__________ 10
10
10
10
10
10
1
Extra cash____________ - ­
1
In stock_______________ - ­
50 33 1-3
'In Liberty bonds______ - ­
2^
2k
Sept. 1918 and again March 15 1919, paid 2VZ% extra in U. S. Liberty
Loan 4Hs- In Dec. 1919 1% extra in cash.
E A R N IN G S.— For cal. year 1918, in V. 108. p. 1162, showed:
1918.
1917.
1916.
1915.
Earnings for year.............$44,276,521$30,377,073 $21,263,520 $12,974,655
Depreciation, & c---------- 9,917,985
5,897,326
3,658,216
3,444,709
Excess profits & income
taxes (est.)_________ 19,405,462
5,830,117
______
______
Dividends (1 0 % )............ 9,937,331
9,316,248
6,831,915
4,968,666
do in L ib .b d s . (2H%)2,484,332
......
......
......
Balance, surplus.........$2,531,411 $9,333,382 $10,773,489 $4,561,280
OFFICERS.— Chairman, W . S. Miller; Pres., K R. Kingsbury; V.-Pres.
& Sec., H. M.Storey; V.-Pres., R. J. Hanna and F. H. Hillman; Treas.,
J. P. Smith.
D irectors— K. R. Kingsbury, F. H. Hillman, R . J. Hanna, H. M .
Storey, W . S. Miller and J. P. Smith. N . Y . office, 37 Wall St.; head
office. Standard Oil Bldg., San Francisco.— (V. 108, p. 1615, 1826, 2247.)

S T A N D A R D O I L C O . O F I N D I A N A . — ORGAN IZATION , &C.— In­
corporated in 1889 in Indiana. Has refineries at Whiting, Ind., Sugar
Creek, M o., Wood River, III., and Casper, W yo. Also markets oil, its
distributing territory comprising extensive areas iu Middle West and North­
west. Formerly controlled by Standard Oil Co. o f N. J., but segregated in
1911. V. 105. P. 1 2 1 6 . See Standard Oil Co. o f N .J . V. 85. p. 216, 790;
V. 93. p. 1390; V. 95, p. 1750; V. 97, p. 1290. Stock, $30,000,000, a 2.900%
•lock div. boing paid May 15 1912; par, $100. V. 94, p. 420. Sharehold­
ers voted March 1 1917 to increase the auth. stock from $30,000,000 to
*100.000,000. with a view to a stock dividend (none declared to Apr. 1919);
also obtained right to enter the oil production and transportation business.
V. 104, p. 368. Bonds, Karpen Bldg. 1st M . 5s, mature in annual install­
ments from Dec. 1 1912 to Dec. 1 1925.
V. 92, p. 61; V. 91, p. 1773.
War tax, V. 106, p. 2458.
j
In May 1918 the Federal Trade Commission charged this company with
practicing monopolistic methods. V. 106, p. 1905, 2075.
D IV ID E N D S (% )—
( T 2. ’ 13. ’ 14. ’ 15. T6. T7. T 8. 1919.
R e g u la r ............................................... { 6 12 12
12 12 12 12
12
E x t r a ...............................
. . . J 7 20 13
„ ..
12 12
12
Quarterly dividends1917 to Dec. 11919, both inclusive, 3% and 3% extra.
V. 107, p. 1673.
R E PO R T .— F o r calendar year 1918, V. 108, p. 1065, 1171, indicating:
1918.
1917.
1918.
1917.
N ot..............$43,263,877 $43,808,931 Sur. for y r .$ 1 6 ,063,877 $18,208,931
Fed’l taxes. 20,000,000 18.400,000 Prev. surp. 71,445,588 53,236,657
Divs. (24%) 7,200,000
7.200,000 Total surp. 87,509,465 *71,445,588
* The surplus before allowing for Federal taxes paid in 1918 was $89,­
645.588.
Chairman, Robert W . Stewart; Pres., W m. M . Burton; Sec. & Treas.,
Geo. W. Stahl. Office, 910 So. Michigan Ave., Chicago, 111.— (V. 107, p.
701, 808. 1485, 1583, 1673; V. 108, p. 387, 1065, 1724; V. 109. p. 585. 1799.)
S T A N D A R D O I L C O . O F K A N S A S . — OR GA N IZA TION , &c.— Incor.
porated In Kansas lu 1892. Owns refining plant at Neodesha, Kan., with
125 stills aud u crude distilling capacity o f about 3 000,000 bbls. yearly.
V . 103. p. 1512; V. 96, p. 1093. 1428.
STOCK.— The authorized capital was increased from $1,000,000 to
$2,000,000 by a 100% stock dividend June 30 1913
LATE D IV S.— f
1913.
1914. 1915. 1916.' 1917. 191_8.
1919.
12
6
12
12
12
12
R egular............. %
E xtra..................% 128 & 100 stk.
7
4
12
12
Feb. 28 to Dec. 15 1919 paid quarterly 3% and 3% extra.
RE PO RT.— For cal. year 1918 in V. 108, p. 1394, showed:
Calendar Years—
1918.
1917.
1916.
____
1915.
Not profits..................... $1,413,890 $1,422,982 $1,270,313
$ 563,946
D ividends................... (24%«)480,000 (24)480,000 (16)320.000 (12)240,000
Profit and loss surplus, $4,295,555. V. 108, p. 1394.
Pres., J. C. M cDonald; V .-P ., Thomas Black; Sec. & Treas., E. A,
Warren. Office, Neodesha, Kan.— (V. 108, p. 387, 1394, 2027; V. 109, p
686, 1898.)
STANDARD OIL CO. (K E N TU C K Y.)— ORGANIZATION, &C.—
Incorp. in Kentucky in 1886. A marketing and refining co. Formerly
controlled by Standard Oil Co. of N. J., but segregated In 1911. See
Standard Oil Co. of N . J.. V. 85. p. 217,790; V. 93. p. 1390. Stockholders
voted Dec. 18 1913 to Increase the auth. stock from $1,000,000 to $3,000,­
000. a 200% cash div. being paid Feb. 14 1914, applicable, if desired, to
purchase of new stock at par. V. 97, p. 1589, 1827, 1903; V. 98. d . 76.
CASH D IV S.— 1913. 1914. 1915. 1916.
1917.
1918.
1919.
Regular. % --------- 10
17
16
16
14
12
12
Extra. % ...............- .
2
0
4
2
—
-----July 1917 to Oct. 1919 paid 3% quar. on the $6,000,000 stock.
Shareholders on Feb. 1 1917 authorized the Increase In capital stock from
*3,000,000 to $6,000,000, a cash dividend o f 100% being paid M ay 1.
stockholders subscribing for the new stock pro rata at par
V. 103, p.
2348; V. 104, p. 458. 669, 769. P. & L. surplus Dec. 31 1917, $2,356,345.
R E P O R T .— For cal. year 1918. in V. 108. p. 885. showed:
1915.
1918.
1917.
1916.
$1,124,640
Net profits.....................$2,713,948 $1,967,020 $2,068,598
Federal taxes_ _______
_
1,250,000
( ’)
_ --­
_
Gash d ivid en d s..-.--(1 2 % )7 2 0 ,000 (14)660,000 (20)600,000 (16)480,000
Balance, s u r p lu s .....
$743,948 $1,307,020 $1,468,598
$644,640
Pres., O. T . Codings; 1st V .-P.. G. H. Stansbury; 2d V.-Pres., S. W.
Goons; Sec. & Treas,. Jos. C. Steidle; Asst. Sec., A. K. Whitelaw; Asst.
Treas., Thos. McGoodwin. Office, Louisville, K y.— (V. 106, p. 507, 613,
720; V. 108, p. 586, 885.)




STANDARD OIL CO. OF NEBRASKA.— ORGANIZATION.— Incorp.
in Nebraska in 1906. A marketing company. Formerly controlled by
Standard Oil Co. of N J., but segregated In 1911. See Standard Oil Co
of N. J., V. 85. p. 216, 790; V. 93. p. 1390. Stock authorized. 51,000,000;
on April 15 1912 a 33 1-3% stock div. was paid, and on June 20 1913 . 25%
raising amount outstanding to $1,000,000; par $100. In Jan. 1919 the
authorized issue was increased to $5,000,000. Div. 10% ,, paid June 20
and Dec. 29 1912: June 20 and Dec. 20 1913. 10% and 5% extra
June
1914 to Dec. 1919 10% semi-annually. For the year 1915. net, $561,914;
dividends (20% ). $200,000; balance, surplus, $361,914; total surplus
Dec. 31 1915, $858,707. Pres.. A. H. Richardson. Office, Brandie*
Bldg., Omaha. Sec., H. W . Pierpont.— (V. 108, p . 282.)
STANDARD OIL CO. (OF N. J .).— O R GAN IZATION .— This com ­
pany was incorp. under the laws of New Jersey in Aug. 1882 and reorgan­
ized in 1899 taking over from liquidating trustees the properties o the
former Standard Oil Trust (V. 68 p. 1227; V. 69, p. 28; V. 85 p. 1293.)
Tiie U. S. Supreme Court having on May 15 1911 ordered the dissolution
of the company for violation of the anti-trust laws (V. 92. p. 1343, 1378),
the company on Deo. 1 1911 distributed its holdings in 33 subsidiary
oil gas, pipe line and allied companies in the amounts given in V. 93.
p. 1390. The large refineries at Bayonne, Baltimore and Parkersburg,
W. Va., were retained. In 1919 was understood to be largely interested in
Carter Oil Co. of Okla., Standard Oil Co. of La. and Imperial Oil Co. of
Canada wtib its dependency, the International Petroleum C o., Ltd.
V. 105, p. 2002, 2369. 2462. 2547: V. 106, p. 401. Fleet. V. 107. p 297.
The Humble Oil & Refining Co., at Houston, Tex., in Feb. 1919 voted to
increase its capital stock from $4,090,000 to $8,200,000, and sell $4,100,000
of the new stock to W. C. Teagle of New Y ork, President of the Standard
Oil Co. (New Jersey), for $17,000,000, or a basis of $414 63 per share.
With the funds thus obtained, the Humble Co. was in a position to carry out
a large expansion program, not only relating to its producing operations,
but to its transportation and refining facilities. V . 108, p. 1168.
In 1917 the Federal Trade Commission charged the former Standard Oil
properties with dominating the gasoline market. V. 105, p. 2362, 2371;
V. 106. p.613. Sale of interest held in German subsidiary. V. 104, p.2348t.
STOCK.— In August to provide for a vigorous “ development campaign,”
the auth. capital stock was increased to $200,000,000 by the creation of
$100,000,000 7% cum. non-voting pref. stock, pref. as to assets and divs.,
and subject to redemption after 3 years at 115 and divs. Of this new stock
$98,338,300 having been underwritten, was offered at par to stockholders of
Aug. 15, subscriptions payable either in full on Sept. 15 or in four equal
installments. Sept. 15, Oct. 15. N ov. 15 and Dec. 15 1919. V. 109, p. 378,
686, 1373. 1531.
DIVS.—
/ ’99. ’00. ’01. ’02. ’03. ’04. ’05-T0. ’ l l . ’ 12 to Dec. ’ 19
Since 1898 (% )-1 33 48 48 45 44 36 40 y ’ly 37 2 0 % y rly .Q -M
Also a distribution of 40% ($39,335,320) on Feb. 15 1913 from funds re­
ceived in liquidation of loans to former subsidiaries. V. 96. p. 423.
EARNINGS AND BALANCE SHEET.— For cal. years, V. 109, p. 378 :
Earns. Before
Federal Taxes
Earns. After
Dividends
Year—
Federal Taxes Paid & Accrued. Federal Taxes.
Paid.
1 9 18...............$101,614,144
x$44,330,359
$57,283,785
$19,667,660
1917 .........
105,785,859
25,019,917
80,765,942
19,667,660
1,634,633
70,792,059
19,667,660
1916 ............. 72,426,692
1915 .............. 61,396,923
619,679
60,777,243
19,667,660
1914 ............. 31,798,850
341.215
31.457,634
19,667,660
1 9 13________ 46,168,955
477,086
45,691,869
y59,002,980
1912 ............. 35,397,717
289,830
35,107.887
19.667,660
x 1918 taxes subject to adjustment (V. 108, p. 1279. y Includes $39.­
335,320 from loans repaid by former subsidiaries.
Consol. General Bal. Sheet Dec. 31 1918 (Standard Oil Co. (N . J. & Sub. Cos.)
Assets— Total value plant, stable & float’g equip.(less depr.)..$249,827,932
Stocks in other companies___________________________________ 23,009,550
Government bonds and other investment securities.$93,452,370
Inventories of merchandise______________________160,505,280
Accounts receivable_____________________________ 151,320,086
C ash..................
13,201,852 418,479,587
Total assets____________________________________________$691,316,969
Less accounts payable________________________ $116,816,715
Marine insurance reserves__________________ - 11,957,228 128,773,943
Net value______________________________________________ $562,543,026
Nominal Liabilities— Capital stock___________________________ $98,338,300
Reserve for annuities_____________________________________
492,316
Surplus, including reserve for working capital------------------- 463,712,410
Total........................................................................................... $562,543,026
DIR E C TO RS.— Chairman and Chief Executive A .O . Bedford; Pres.,
Walter O. Teagle; V.-Pres’ts, F. H. Bedford, F. W . Weller, F. D. Asche;
S. B. Hunt, Treas.; Geo. H. Jones, O. T . Waring, Walter Jennings, T . A.
Williams and J. A. M offett Jr. Sec. is Charles T. White. Office, 26
B'way, N. Y .— (V. 109, p. 378, 686, 782, 1373, 1531.)
STANDARD OIL CO. OF NEW YORK.— ORGANIZATION. &o.—
Incorp. In New York in 1882. Has several refining plants at New York and
BufTalo and also markets oil. Also conducts a number of collateral busi­
nesses, including the manufacture of barrels, cans, boxes and wicks. For­
merly controlled by N. J. company, but segregated in 1911. See Standard
Oil Co. of N. J., V. 85. p. 216, 790; V. 93. p. 1390. Stockholders voted on
June 5 1913 to increase the authorized stock from $15,000,000 to $75,000.­
000. a 400% stock dividend being paid June 30. V. 96. p. 1428. 1633.
In 1918 purchased a 45% (non-voting) interest in the $44,000,000 capital
stock of the Magnolia Petroleum Co., a prosperous petroleum producing
and refining organization, firmiy intrenched in the rich oil fields of Okla­
homa, Kansas, Northwest Texas and Mexico. In May 1918 the Federal;
Trade Commission objected to this alliance. V. 106, p. 507, 1809.
D IV ID E N D S .— (Dec. 1911 T2 ’ 13 T4 ’ 15 '16 T7. ’ 18. 1919.
Per c en t.................. )
20
6
6
8
8
8 11
12
16
In 1919, March, June, Sept, and Dec., each 4 % .
I REPO RT for cal. year 1918. In V. 108. p. 1826. showed:
Calendar Years—
1918.
1917.
1916.
1915.
Net (after depr.. &c.)_ $28,642,388 *$30,000,673 $36,638,495 $15,761,663
Cash dividend...........(12)9,000,000 (11)8,250,000 (8)6,000,000 (8)6,000,000
Balance, surplus____$11,642,388 $21,750,673 $30,638 495 $9,761,663
* After deducting war taxes.

^ 2 2 0

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
'
[For abbreviations, & c.. see notes on first page)

Date
Bonds

Standard Oil Co (of Ohio)— Stock S7.000.000....................... .

S t e e l & T u b e C o o f A m e r ic a — Stock............. ........................

Pref (a & d) stock 7% cumul $17,500,000 red 110 sk fd____
Convertible gold notes $7,500,000 call (all 1024$) CCxxxxc*
*
S50.000.000 s fd (collateral for above notes)___
Underlying Bonds—
Iroquois Iron Co 1st M due $128,000 yearly Dec 1; 1929.
$124,000________ _______________
IC
RefundingMortgage (closed)__________ __
Mark M fg Co 1st M call 1024$________
CCc*
Real estate mortgage (as of Oct 24 1918)_____J______
stewart-Warner Speedometer Corp— Com stk 400,000 shrs
Strom berg Carburetor Corp— Stock full pd S non-assess
c
line) S tudebaker Corp— Common stock $75,000,000
Pref stock (a a d) 7% cum *15.000.000 red 125(allornarti
Ser g notes due in yrly install tobepaidJan.1’20.(text)C e.c*
Stutz Motor Car Co— Stock 100,000 shares

1918
1909
m e

1919

Par
Value

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

W h en

Payable

$100 $7,n00.000 10 In ’ 19 Q—J Jan 1 ’ 20 4% Checks mailed
$2
Shrs970,906
100 17,500,000
7
Q —J Oct 1 ’ 19 1 X %
600 &c 5,000,000
J & J July 1 1921
New York and Chicago
Pledged
? 8 J & J July 1 1943
500 &c

1.404,000
620,000
4.000,000
98,110
None
See text
None 75.000 shrs
100 See text
100 10.965.000
1,000 15.000,000
None 100.000 shrs

68
6g

500 &c

The total surplus Dec. 31 1918 was $110,028,634,
H ‘ c -JTolger: V --Ps., H. L. Pratt and VV. R. King; Sec., Howard E.
Cole, Treas F. J. Frost; Asst. Treas., W. J. Higgs and A. T . Roberts;
A- T . Doremus. Office, 26 B ’way, N . Y .— (V. 108, p. 586,
1171. 1826.2336; V. 109. p. 894, 1468. 1898.)
(THE) S T A N D A R D OIL CO. (OF O H IO ).— ORGA N IZA TIO N .—
tocorp. In Ohio in l8?0. Has refinery at Cleveland, O.. also markets oil.
Formerly controlled by N . J. company. V. 85. p. 216, 790: V. 93, p. 1390.
Refinery proposed V. 108, p. 1171. Shareholders on M ay 25 1916 author­
ed an increase o f stock from $3,500,000 to $7,000,000 to provide for 100%
stock dividend, payable July 5 1916. V. 102.p . 1544,1991; V. 106,p.2371.
Bai. sheet Dec. 31 1918, showed surplus o f $12,507,184. before deduct­
ing Federal taxes for 1918, $2,891,143, payable in 1919. V. 108, p. 1394.
Dlvii., Dec. 10 1912. 5% for 0 mos. ending Oct. 30 1912; 1913, 20% ( 3%
a“ d 2 % extra quar.; 1914.9% and 9% extra; 1915. 12 and 12 extra
(3% and 3% extra quar. Q.-J.); 1916. Jan.. Apr. & July. 3% and 3% extra
Jan- 1917 to Jan. 1920, 16% p. a. (quar. 3% and 1% extra). Office, East
Ohio Gas Bldg., Cleveland, O.— (V. 108, p. 1394. 2027; V. 109, p. 686,1898.)
STAN DARD T E XTILE PRODUCTS CO.— V. 109, p. 1085, 1559.
"■’STEEL & TUBE CO. OF AMERICA.— O R G A N IZA TIO N .— Incorporated in Dela. June 24 1918 (V. 107, p. 297) as a consolidation o f Mark
M fg. Co. and Iroquois Iron Co. (V. 90, p. 112). In July 1919 acquired
the entire properties as enlarged by new acquisitions (V. 109, p. 180) incmded (a) iron ore mines in Mich, and Wis., with Iron ore reserves of about
33.000,000 tons; (b) 228 by-product coke ovens, capacity 1,000.00 tons of
u.eL 'c) 8> b 'ast furnaces, capacity 1,200,000 tons o f pig iron p. a., 5 of
which are at South Chicago. 1 at Indiana Harbor and 2 at Mayville, Wls.;
(a) the steel plant at Indiana Harbor, Ind., comprises open hearth furnaces,
blooming, billet and skelp mills, a large universal plate mill and pipe miles,
annual capacity o f 500.000 tons o f ingots and 375,000 tons o f plates and
Melp, (e) 120 Semet-Solvay by-product coke ovens; V. 109, p. 1085;
(*) pipe mills at Indiana Harbor, Ind., Evanston, 111., and Zanesville. O.,
capacity o f 360,000 tonsp. a; (g) at Kalamazoo, M ich., electric furnace pro­
ducing alloyed steel, 2 rolling mills, &c. V. 109, p. 585, 180.
STOCK.— An annual sink, fund o f 3% o f the total amount o f prefstock issued provides for its retirement at 110. V. 109, p. 180, 585.
An initial dividend o f 1 % % on the new pref. stock was paid Oct. 1 1919.
w m F ND.EI?> D,EBT.— The $5,000,000 notes offered in July 1918 by
William A. Read & Co. are part o f an auth. $7,500,000 secured by an equal
amount o f Gen. M tge. series 7 % bonds and convertible at option o f holders
Into said bonds $ for $. V. 107. p. 186,297.1750. No. Gen. M tge. bonds can
be issued except to secure the notes till these are retired. Underlying
bonds, see table above.
Earnings Calendar Years—
1918.
1917.
1916.
Gross safes.......................
$58,058,598 $43,218,016 $30,083,525
Gross profits after Federal taxes. 10,240,176
7,416,315 6,699,916
Fixed charges
.................
1,617,978
661,282
332,031
Net. prof, avail, for d ivs.& dep . r e s .. 8,622,198
6.755,033
6.367,885
OFFICERS.— Clayton Mark, Chairman o f the Board; A. A . Schleslnger,
Pres. S Treas.— (V. 109, p. 180, 379, 585, 1085, 1185.)
c
STEW ART-W ARN ER SPEEDOMETER C O R P.— OR G A N IZA TIO N .
— Incorp. In Virginia Dec. 20 1912. Factories. Chicago. 111., and South
Beloit, III. Full data. V. 104. p. 450. V. 98. p. 207. 140. 68: V. 101, p. 45:
V .1 0 3 .P .4 9 9 . As to allied Stewart M fg. C o., see V. 107, p. 1198, 1673,
2104, 2295; V. 108. p. 978.)
STOCK.— Stockholders voted on N ov. 14 1919 to change the capitaliza­
tion from 100,000 shares (par $100), all outstanding, to 400,000 shares (no
ar value), four new shares for one old share. V. 109, p. 1799, 1898. On
ept. 30 1919 the $1,000,000 pref. stock paid o ff prior to Dec. 31 1916 was
held in treasury.
D IV ID E N D S.— 1
1 1913. 1914 to 1918.
1919 (Cal. yr.)
Per cent.............................................( 44$
6 yearly
9 (2 + 2 + 2 + 3 )
A quarterly dividend o f 3% was paid on the com. stock N ov. 15 1919,
increasing the annual rate from 8 to 12%. V. 109, p. 1615.
EARN ING S.— For periods ending Sept. 30 (V. 109, p. 1015.) .
*
„„
1919—3 M os.— 1918.
1919— 9 M os.— 1918.
Net prof, before Fed. tax $1,224,857
$638,846 $2,598,740 $1,583,146
REPO RT.— For cal. year 1918 In V. 108, p. 575.
Cal. Years—
1914.
1915.
1916.
1917.
1918.
Net profits.........$982,362 $2,030,020 $2,215,043 $2,202,646 $2,200,774
After deducting In 1918 reserve of $407,981 for Federal excess profits
and Income tixas and $600,000 for dividends paid, the .surplus was $904.­
664. T ot. sur. Dec. 31 T8. $0,450,880. Gross earns. 1917, $9,601,730.
OFFICERS.—Chairman. L. fl. LaChance; Pres.. O. B. Smith: V.-Pres.
& Stjc W. J Zucker; V.-Pres * Treas., T. T . Sullivan: V.-Pros.. V R.

t

?799k 1898 )V" 108’ P‘ 177’ 387, B75! V ’ 109, P’ 484’ 886, 1185, 1615,
VAS £ £ MBr RO CARBURETOR CO. OF AMERICA. INC.— OR GA N Im
E
ln N- Y . on July 21 1916 and acquired the capital
*^?C
Ifi.?50’000Lo f 6110 Stromberg Motor Devices Co., an Illinois corporation
(V. 103, p. 417). with factory In Chicago and branches in N. Y.. Boston,
Detroit, IndianapoHs and Minneapolis. Full official statement Dec. 31
In Jan. 1919 obtained contract supplying carburetors for all new Stude­
baker motor cars, proposed production o f cars for 191 , 40,000. V. 108,
p. 282.
STOCK.— Authorized and issued, as increased n Aug. 1919, 75,000
shares o f no par value, fully paid and non-assessable. Listed on N.' Y.
Stock Exchange in Jan. 1919. V. 108, p. 276/ In Aug. 1919 offered
25,000 shares o f new stock to shareholders at $45 per share, till Oct. 2.
issue underwritten. V. 109, p. 278. 585.
DIV ID E N D S.— No. 1. April 2 1917 to July 1 1918. 75 cents quar.; Oct.
1918 to April 1919, paid 75 cents and 25 extra. In July and Oct 1919
paid $1 regular. V. 108, p. 2247. V. 107, p. 910, 2194.
EARNINGS.— For 6 months ended June 30 1919, $361,9.53; admin,
expenses, $101,497; war taxes paid, $33,010: reserve for Federal taxes,
$50,000; dividends, $2 per share, $100,000;ibal., sur., .$47,446. ^ V .jl0 9 ,
P lo7o.




Rate
%

Amount
Outstanding

[V ol . 109.

J

& D Dec ’ 19 to 1929 Chicago and Boston
& D June ’22 to 1930
& D June ’ 19 to 1939 Bankers Tr, N Y ; & Chic

9 In 1919 Q— P
1919 $4
Q —J
8 in 1919 Q— M
7 in 1919 Q—M
7g J & J
$51nl919 Q—J

N ov 15 '19 3% Checks mailed
Oct 1 ’ 19 $1
................................... ..
See t*>xt
Lawyers TI & Tr Oo.N Y
Dec 1 T9 14f%'Cheeks mailed
Jan ’21-Jan '29, Centra* Union Tr Co N Y
Oct 119. $1 25 New York

R E PO RT.— For cal. year 1918, in V. 109. p. 771.
Number of Carburetors Produced— Profits, Etc.
1912.
1913.
1914.
1915.
1916.
1917.
1918.
Carb.,No. 64,146 51,317 46,563 128 0 1 8 1 6 8 832 183 381
Netprof.$108,786 $63,087 $60|232 $1471703 $2781220 $318,820 $356:027
Net Profit, after adding Interest earned. $21,742; less sundry exp.
and taxes, $9,780; net profit...........
$362,589
70,392
Income, war and excess profits taxes paid June 15*1918"............ .
Charges affecting prior period___
13 1 0 0
PHd by .Porent comPat?y. *3 50* a" sha?e*[75cT*Aprfl* I ;' 75c*
'
July 1; 75c. and 25c. extra Oct. 1 and Jan. 1 1919............................. 175,000
Balance.............................................................. .*................................$104,097
D IRECTO RS.— Charles W. Stigor, Chicago, III., Pres.; Allan A. Ryan
HD Say,or. of Chase Nat. Bank of N. Y. City,
° ’ ,stutzv Bres.- of Stutz M otor Car C o., Indianapolis;
y o^crick E. Gunnison, o f the Lawyers Title S Trust C o.. N Y.: William
c
9247 m
o l u v inn „r° 07nj Chicago.— (V. 108. p. 177. 282, 885.
2247, 2336, 2b37, V. 109, p. 278, 585, 080, 771, 782, 1233. 1373.)
oorativi inS
CP,RpOR ATION .— ORGAN IZATION. — Incorw i
^ M
1 and t00k over the Studebaker Bros.
oS " V 0 9 °n
% ■ v 0 Q UeS * ■ Ind ■ami "G M F (automobile)
b
~

S
ited

T &TW »° % !£& !£

as°SrooosJdbSTfon'’ J o i n S’ 1800: V> 109> p - l’800. Tbe completion.
1916 wifi it?is saiH°’iHvn1th^eWia U to m o b l1 0 P,ant at South Bend, begun ln
annui^and wffh
p, ant a, caPacity o 1 0 0 ,0 0 0 automobiles per
pli nt °J 6 9 -0 0 0 cars Per annum, double the
a
“ N b i t e V ^ h p l n makc? farm wagon and farm trucks. See
a^Ui^ns fo r T o lo amnnSfinS * 8§& U60: v - 109. P- 894. Contemplated
1919, S fV. 109? p 1800.T o 8 5 .* 8 9 4 '° ° 0' ^ ^
“
P‘ 2247‘ 8tatUS *“
t 9 8^ ?
*flr8 U lu9 a
^p
,ccount•which on Dec. 31 1918 amounted to
amounMs^u^d1 $13^00.000, had onC^ yoarly 1918 thusdeeding 125; the
amuunt Issued. *T3 35 mi nnnPrhf 'H8t,O Dec. 31 at uot “ been reduced to
« 5 rt9 *e . °r preferred stock Increase, except by
coM en tof at least 75% o f each class. See V. 1 0 1 . p 1482; V 1 0 2 , p. 527.
*.
? 94’
P l f o 'H ,1^
there wQro $9,525,000 notes payablo outstanding
(as against $13,231,500 July 1 1917). v . 108, p. 1160.
^ Z ? « n n hannhnooei l
2 4 1019 to increase the common stock
o»5 imP)000, ° f the new stock $15,000,000 (under­
written) was offered at 105 to com. stockholders of record Nov. 29, one
share for every two shares held, subscription to bo filed and paid not later
? 1920. T (ls ic 18 1800.
ree,
serial notes on Jan. 1 fioVnPr0V. 109, p. Proposed to pay o ff the $15,000,000
DIVIDEN DS.—
1915.
ig ie .
1917.
1918,
1919.
On common_____%
5
JO
7
4
8
109?p! 18007 40 Sept’ 2 ’ 1 9 ’ 4 P-a-d Q -M .); Dec. 1 T9 l j * S 2)4. extra. V.
c
hf.OTES. The $15,000,000 Serial gold notes were to mature In In^»°^iJ
1 ’ 7 1 n1aR °.’ 0 0 0 ln 1921; $1,250,000 In 1922: $1,500,000
1
^
each 1923 and 1924; $1,750,000 1925; $2,000,000 yearly 1926 to 1929, incl..
unless called for payment on any interest day on 30 days’ notice as a whole
or In series a a premium of l % p i^ an additional 1 % for each full calendar
year remaining to maturity. The directors Oct. 23 1919 voted that If
nmC 0 7 roS i S authorlz.e said increase o f stock as aforesaid, the
mn
<
$15,000,000 7% Serial Notes shall be called for redemption on Jan. 1 1920
a,nd paid o ff at the redemption rates from the proceeds o f the aforesaid
offering. V. 108. p. 167, 1160; V. 107. p. 2382; V. 109, p. 1707.
non
9.99. after
tingencies, and

for 4 h° first 9 months o f 1919 wero $7,000,
*1 *£00.000 for Federal taxes and $500,000 for con­
^tlm ated that the net profits for the year, after
*?,p00,000 and $10,000,000. Output of auto109? p ! 18001.919 (pM y es6 ) ’ 4 0.000; expected for 1920, 75,000. V .
^ a8

REPO RT.— For calendar year 1918, in V. 108, p. 1100, showing:
Automobiles sold...........
23?861
1 9 27 i57
1 9 5?8S5
1905
845
Net
997 $50,147,516 $61,988,59 4 $56,539,000
Net earnings. ................ 54.817,613 $4,359,417 $8,642,123 $9,248,375
Deduct— int. ch a rg es...
$295,66 4
$298 488
......
*$49,187
Federal ta x es...............
637,754
560 188
--­
Preferred divs. (7 % ). l . , 707.550
,
767.500
$70*7'.550
830.445
Common divs ..( 4 % ) 1,200.000 (7 ) 2 , 1 0 0 .0 0 0 (10) 3 ,0 0 0 ,0 0 0
1,396.580
Extraordin y charges.
288.346
30.878
3.682.797
Prem. on pf. stk. retired
______
” ” ”
. . . ___
84,234
Balance, surplus.........$1,030,299

$633,191

$4,843,695 $3,205,133

* Stated as a net item only In 1 9 1 5 and 1914.
OFFICERS.— Chairman, Frederick S Fish- Pres., A. R. Ersklne; Treas.,
N . R. Feltes; Sec., A . G. Rumpf.— (\r. 109. p. 379, 894, 1085. 1707, 1 8 OO.)
STUTZ MOTOR CAR CO. OF AMERICA. INC.— ORGANIZATION.
— Incorporated in N. Y. on June 22 1916 (V. 102. p 2347) and took over
the entire capital stock and in 1917 the property of the Stutz Motor Oar
Co. of Ind., manufacturing motor cars at Its plant in Indianapolis (free
from mortgage).
STOCK.— Stock, 100.000 shares (no par value), Including 25,000 shares
underwritten and offered to shareholders at $100 per share in Sept. 1919.
Listed on N. Y. Stock Exchange. V. 103, p. 1016. 1893. V. 109. p. 894.
D IV ID E N D S.— An Initial dividend of $1 25 was paid Oct. 2 1916 and
have paid the same rate to Oct. 1 1919 (quar.)
REPO RT.— For year 1918, V. 108, p. 780: 6 mos. 1919. V. 109, P - 6 8 6 :
Cal. Year— 6 mos. T9.
1918.
1917.
iSiO.
1 9 1 . n7_
5
--------- Not stated
2.207
1.535
1.079
Output of ca rs..
Net profits___
$653,742
$594.048x$l,074.778
$ 6 49,042
$366,475
x Before deducting Federal taxes.
n 1918 $375,000 was paid In divs.
OFFICERS.— Allan A. Ryan, Pres.; F. E. Gunnison, Vice-Pres.; George
F. Lewis, Sec.; VV. N. Thompson, Treas.— (V. 108, p. 780 2533; V .,109,
p. 484, 6 8 6 , 984. 1898.) * « * * * «

Nov., 1919.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, <fkc., see notes on first page

Date
Bonds

Submarine Boat Corn— Stock 800.000 aha no Dar vaiue-----Sun C o.— Capital stock com $7,920,000__________________
10-yr 6% a r Debs auth 20.000,000 call 101. CPkxxxc*Ar* 1919
Superior bteel C orp —$11.500,000 common stock-------- . . .
1st pref8% convcum red 115aft Jan 1920 $3.500,000_____
2d pref 8% convcum red 115 aft Jan 1920 $2,000.000_____
Swan A Pinch Co— Stock *2.000.000.
................
Sweets Co o f America— Stock auth $5,000,000 _______
Swift & Co— Stock auth $150,000,000 as increased in 1918-1914
lst M sold a f red 102K
_________________FC-xc*Ar*
Gold notes $25,000.00) call (text)_____________Ic .w v v .c* 1919

Par
Value

Rate
%

When
Payable

Last Dividend
and Maturity

None 765 810shrs See text
J u lyl6 ’ 17.75 cts
$100 a6.890.000
500 Ac 6,000,000
6g
M ay 1 1929
100 6.000.000
6
Nov 1 19 75c.
100 2.535.900
8
N ov 15. 19 2%
100 1,909.800
N ov 15. •19.2%
8
100 1,123.700 See text
M ay 1 ’ 19,214%
10
3,000,000 New
100 150.000.000 8 in 1919 Q—J Oct 1 1919 2%
500 Ac 30.258,500
5 g J ft J July 1 1944
500 &c 25,000,000
P & A 15 Aug 15 1921
3g

a Tenders for the sale of $90,000 were received by Oommer cial Tr ust Co.

S U B M A R I N E B O A T C O R P O R A T I O N . N . Y .— O R G A N IZA TIO N .—
Incorporated at Albany, N. Y.. Aug. 4 1915 with 800.000 shares of capital
stock with no par value, and on Apr. 30 1918 had Issued 765,810 thereof
(on a ten for one basis) for 76,581 of the 76,721 shares of the com. and pref.
stock of the Electric Boat Co. V. 101. p. 215, 373. 451, 530, 851. Divi­
dends of $1 50 were paid Jan., Apr.. July and Oct. 1916 and Jan. 1917;
Apr. 1917, 75 cents. July 1917, 75 cents. None since to June 1919.
V. 108, p. 2439.
In Sept. 1917 the Electric Boat Co. deferred action on Its dividend owing
to capital requirements.
President Carso March 12 1919 reported (V. 108, p. 1271): "The Sub­
marine Boat Corporation In addition to the actlvites of the Electric Boat
Co. and its subsidiaries, has been engaged directly in the construction of 150
steel cargo vessels of 5,500-ton deadweight capacity for the U. S. Shipping
Board Emergency Fleet Corporation. Twenty vessels were launched
during the year.
The gross business of the different departments of
the Electric Boat Co. during 1918 amounted to $29,500,000, and there was
unfinished business on hand at Dec. 31 1918 of $23,000,000. During 1918
the company completed and delivered to the U. S. Government 22 sub­
marine boats of different types.
On Sept. 13 1919 the corporation launched at the Newark Bay yard of
the U. S. Shipping Board the 73d fabricated cargo ship of the 150 which
was building for the U. S. Shipping Board. In Nov. 1919 the Government
suspended contracts which it had given the company for 32 vessels. It
was then reported that the company had made arrangements to build a
series of fabricated steel ships ranging in size from 8,000 to 14,000 tons for
private interests. V. 109, p. 1186, 1198.
STOCK.— The voting trust of Aug. 9 1915 was terminated Sept. 15
1919. V. 109, p. 987.
REPO RT.— For cal. year 1918, in V. 108, p. 1171. 1271, showed: Net
income, $172,779; dividend, none. In 1917: Net income. 51,248,000; divs..
$1,147,215; bal.. sur., $100,884.
Earnings of Electric Boat Co. and Sub. Cos., Cal. Years (V. 108, p. 1171):
1918.
1917.
1917,
1918.
Gross earns.$29,499,335 $23,873,935 Pref. dlvs._
$481,050
$213,800
Net earns.. $1,014,974 $2,612,012 Com. d iv s ..
899,928
Doprec'n . .
446,448
531,974 Bal., surp_
$699,060
$354,726
DIR E C TO RS.— Henry R. Carse (Pres.), L. Y . Spear, Henry R. Sutphen. Gregory O. Davison (Vice-Presidents), Thomas C. Dawson (Treas.),
H. O. Sheridan, A. L. Sheuer, George W . Hoyt, Reginald B. Lanier.
William H. Remick, Isaac L. Rice, Jr., and H A. G. Taylor. N. Y . office,
11 Pine St.— (V. 106, p. 2349: V. 107, p. 2383. 2482; V. 108. p. 85, 688,
1171, 1271, 2439; V. 109, p. 987, 1186, 1898.)
SUN CO.— ORGAN IZATION .— Incom . in N . J. M ay 2 1901, successor
to the Sun Oil Co. of Ohio, organized in 1893. Business comprises the
operation of certain allied and subsidiary companies which are operated
as part of the general business o f producing, refining, transportation and
marketing of petroleum products. The property embraces the following:
Pmrinrinr: wells in Oklahoma. Kansas. T»vn= nhir> Louisiana. KenYale and Avoy, Okia ; t,cj i ransponaiion equipment 7 steel screw ocean­
going tankers totaling 54,800 d.w. tons, 3 barges, also 775 steel tank cars;
(d) Pipe lines in Texas and Ohio; (e) Oil leases In Oklahoma, Kansas, Texas.
Ohio, West Virginia, Indiana, Louisiana, Kentucky, Colorado, New
Mexico; (/) distributing stations, sales offices, Ac.
Controls the following companies to the extent stated:
_____
Delaware River & Union R R .99.5% The Sun Oil Line C o—.over 99.6%
The Twin State Oil C o.............99.4% Hardwood Package C o ............. 94.5%
Sun Pipe Line C o...........over 95.8% IThe Sun Oil C o .....................-.9 2 .5 %
Also holds In its treasury securities o f these additional companies: Sun
Shipbuilding Co., over 79%: O Connell Oil C o., over 69%; Augusta Wood
Products Corp., 50% . V. 108, p. 2028.
P 'BONDS.— Callable for the sinking fund at par. The sinking fund on
this $6,000,000 retires somi-ann. beginning Nov. 1 1919, 1st year, 3% ; 2d,
5% : 3d. 6% ; 1th, 8% ; 5th. 9% : 6th, 11%; 7th, 12%; 8th, 14%: 9th, 15%,
and 10th year. 17%; a total o f 100%. Addition debentures may be issued
for 75% of additions, Ac., when annual net earnings equal 3 times deb. int.
on outstanding and to the then Issued debentures The stock Is closely
held. V 108 n 2028.
p.
Earnings—
Cross.
Net.
*Fed.Tar’s.
Bal., Sur.
6 yrs. '13 to ’ 18 lncl.$l 19,750,137 $23,032,358 $2,185,091 $20,847,267
2.185,091
9.361.975
2 years 1917-18......... 66,119,669
11,547.066
ti * Federal taxes accrued In 1918, one payable in 1919.
“ President, J. Howard Pew.— (V. 106, p. 2763: V. 108, p. 85, 2028;
V. 109, p. 1280.)
SUPERIOR OIL CORP.— V. 109; p . 1707.
SUPERIOR STEEL C O R P .— O R G A N IZA TIO N .— Incorp. in Va.
Dec. 22 1916 to acquire all outstanding stock or Superior Steel Co. of Car­
negie Pa. Manufactures hot and cold-rolled strip steel, which is used In
making pressed steel parts, replacing castings and machine parts for auto­
mobiles. furniture, buildings, Ac. No debt. Plant covers 24 acres.
The official statement made to New York Stock Exchange In connec­
tion with the listing of the preferred and common stocks, was in V. 104.
p. 1904, giving full particulars regarding the company’s properties, sales
net profits, balance, sheet. Ac.
Capitalization—
Authorized.
Issued.
Retired. Outstdnd'g.
1 st pref (a. & d.) sto ck ..$3,500,000 $3,500,000
$964,100 $2,535,900
,909,800
2J pref. stock................. 2,000,000
2.000.000
90.200
Com. stock, 55,500.000
,
reserved Tor conv. of
1st & 2d pref. stocks_11,500,000
6,000,000
________
________
stock offered In Dec. 1916 by White, Weld & C o.. Frazier ft C o.. Cassatt
ft Co and Merrill. Lynch ft Co. An Initial dividend of $1 11 a share on
1st and 2d pref. stock at rate of 8% from Dec. 26 was payable Feb. 15.
May 1917 to Nov. 1«19. 2% quar
On com., No. 1. iH % on Noy 1 1917;
Feb. 1918 to May 19l9 paid 1 Vi% quar; Aug. and Nov. 1919 paid 75 cts.
quar. V. 108, p. 2637: V. 105, p. 1315.
EARN ING S.— Six months ended June 30 1919 (V. 109. p. 1186):
Pref. stock sinking fu nd -$S2.500
Net salts________________
306.023
Gross income___________
723.1)9(1 Dividends...........................
19,043
Exp. ord. tax, doproc., Ac. J2 j 9..V19 Surplus_________________
Federal tax reserve______
45,b75




Amount
Outstanding

/2 2 L

Places Where Inerest ofo
Dividends are Paydbe

Phila. ft New York
165 Broadway
New York and Chicago
Am Ex N Bk. N Y & FC
N Y .Am Ex N B & Chic

Phila., until Oct. 6 19 19

R E PO RT.— For year ending Dec. 31 1918, V. 108. p. 873. 887:
1918.
1917.
1918.
1917.
Gross sa les..$8,961,862 $10,821,194 Net income____$1,939,366 $298,475
Gross
mfg.
Sink, fund p f.s t k .$165,000 $885,833
p r o f it ____ 2,372,431 3,416,078 Excess profits tax 942,862 931,279
Other Income
178,912
72,584 Dividends............. 800,475 530,332
Surplus............... $31,029 $437,031
Gross inc-$2,551,343 $3,488,662 Profit and loss,
surplus_______ $501,034 $466,926
Adm.,depr.,&c
611,977
704,187
Chairman, James II. Hammond Pres., E. W. Harrison; V .-P. & Treas T
C. H. Forster; Sec. & Asst. Treas., II. D. Sarge; Asst. Sec., Donald M . Lid­
dell.— (V. 107, p. 910, 1925. 2296; V. 108, p. 873, 885. 887.)
S U S Q U E H A N N A S I L K M I L L S . — (V. 109. p.585.)
S W A N & F I N C H C O . — ORGANIZATION. A C .— Incorp. in New York
In 1891. Deals in lubricating oil. Formerly controlled by Standard Oil
Co. of N. J., but segregated In 1911. See Standard Oil Co. of N. J. V. 85,
n. 216, 790; V. 93, p. 1390. In Nov. 1919 purchased Cataract Refining ft
Mfg. Co. with large lubricant plants at Buffalo and Chicago and 12 branches
and warehouses, domestic ana foreign. V. 109, p. 1994. In M ay 1918 in­
creased the authorized capital stock from $1,000,000 ($970,000 outstanding)
to $2,000,000; $500,000 of the new stock was offered to shareholders until
Aug. 1 at par to finance the increasing business. V. 106, p. 1583. 1685,
1905, 2015; V. 102, p. 1723. Dividend paid March 31 1913, 5% : then none
till N ov. 1 1917. 2>$%; May 1918, 2 H % : V. 105. p. 1315. Sept.. 2% extra;
N ov., 2 H % . V. 107, p. 186. M ay 1919, 2JS%. Notes payable Dec. 31
1918, $600,000.
Earnings. 1914.
1915.
1916.
1917.
1918.
N et.
Ioss$89,635 profit$27,555 profit$63,062 prof.$203.469 prorit$82,780
...........................................
(7%)74,812(2)S%)28.093
D iv s .......................
OFFICERS oloctod in Nov. 1919).— Henry Fletcher, Chairman; W. G.
Moncrieff (formerly President of Cataract C o.), Pres.; H. C. Hutchins, V.Pres.; Georgo Elliott Brown, V.-Pres. & Sec., and John T . Lee, V.-Pres. A
Treas. Office, 165 .Broadway, N . Y .— (V. 107, p. 18o; V. 108, p. 1826:
V. 109, p. 69, 1994.)
SWEETS C O . O F A M E R I C A . — ORGANIZATION.— Incorporated in
Virginia about July 1919 and acquired entire outstanding Capital stock
of the Sweets Co. of America, Inc., including the Capital stock of the Lance
Cough Drop Co., Inc. Products, tootsie rolls, nut tootsie rolls and Lance
Cough Drops are sold to over 2,700 wholesale dealers who act as distributors
Factory buildings located in N. Y . City. V. 109, p. 379. Has made
arrangements with the United Cigar Stores C o., the Metropolitan Tobacco
Co., New Jersey Tobacco Co., Schulte Cigar Stores, Union News Co. and
the stores of the Woolworth Company, for the distribution of its products.
Will erect a new plant at Plymouth, N. C . , at cost of $100,000 for the
grading and roasting of peanuts.— V. 109. p. 585.
EARNINGS.— The gross sales of the constituent companies for 1918 were
$1,323,033; net profits before Federal taxes, $111,675. Oct. 1919 sales,
$270,567; 10 mos. to Oct. 31 1919, $1,673,940. V. 109, p. 1898.
DIRECTO RS.— Milton Dammann, Leo Hirschfeld, 2nd Vice-Pres.
Joseph Kaufman, 1st Vice-Pres.; H. F. Fletcher, Treas.; Leon Schinasi,
Malcolm Summer, Calvin Truesdale: Samuel F. Williams, President;
George L. Storm, Benjamin Block, and Henry A. Fehn, Sec.— (V. 109. n.
278, 379, 585, 1468, 1531, 1615.)
SWIFT & CO.— ORGANIZATION.— Incorporated in Illinois April 1
1885. V. 95. p .1647. Has packing plants at Union Stock Yards . Chicago;
at South Omaha. Kansas City, East St. Louis. South St. Joseph. South
St. Paul, Fort Worth, Milwaukee, St. Louis, New York Denver and
Boston. V. 95, p. 547,1547; V. 96, p. 1133; V. 101, p. 698: V. 108, p. 688.
Suit, V. 102, p. 1723. Canadian 6 o ., V. 105. p. 1809. 1198.
In Aug. 1918 the South American and Australian properties were organ­
ized as Companla Swift Internacioual Ltd. under tne laws of the Argen­
tine Republic, with a stock of $22,500,000 Argentine gold, divided into
1,500,000 shares of $15 each, all one class, fully paid and non-assessable all
outstanding. Each stockholder of the Swift A Co of record Aug 31 1918
was given until Oct. 15 the opportunity of exchanging 15% of hLs holdings
in Swift A Co. at par for equivalent amount of capital stock in Internacional at par, evidenced by the First Trust of Chicago certificates of de­
posit. The company by thus exchanging $22,500,000 of stocks In foreign
subsidiaries for equal amount of stock of Swift A Co.obtained the latter as a
(see below) ,
business.
auick asset, oince soidare materiallyfor requirements of p. 701, 910.Meantime
ividond obligations
lessened. V. 107,
Dividends paid by Swift International: No. 1, Fob. 20 1919, 8 % ; June
20, 8% , future payments to be made semi-annually. V. 108, p. 85. V . 108,
p. 1171. Swift International balance sheet as of Dec. 31 1918 in V. 108.
p. 2130.
The aforesaid exchange In Oct. 1918 had reduced the outstanding capital
stock to $127,500,000 when the holders of record Oct. 26 were offered
until and Incl. N ov. 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. McNeill A Libby (canners), held In Swift A C o.'s treasury.
This further reduced the stock to about $114,750,000. The $36 250 000
treasury stock was offered at par to shareholders and employees In M ay
1919. V. 108, p. 2130. 688.
y
In Aug. 1919 the National Leather Co. was incorporated in Maine with
$30,000,000 of authorized capital stock in shares of $10 each to take over
the company’s tanning and leather interests, Ac. Swift shareholders of
record Sept. 10 1919 were allowed to subscribe as par in cash for two of the
$10 shares for each $100 share helo in Swift A Co. The National Leather
Co. started with $37,035,000 of assets (incl. $1,003,000 cash), offset by the
.OJW.OOO-Stock. Accounts payable $3,116,525 and surplus $3,919,161.
Reply Fn 1918 to report of Federal Commission, A c.. V. 107. p. 186. 612,
808; V. 109, p. 229. Government orders, V. 108, p. 409.
STOCK.— The shareholders voted Nov. 8 1916 to Increase the capital
stock from $76,000,000 to $100,000,000. the new stock being offered at par
to shareholders to whom on Nov. 25 a cash dividend o f 33 1-3% was pay­
able. this cash being applicable to payment for the new stock. See below
and V. 103. p. 1796. In Aug. 1919 23,000 employees had subscribed for
stock. V. 109, p. 686.
The shareholders voted M ay 13 1918 to increase the capital stock from
$100,000,000 to $150,000,000, $25,000,000 of the new shares being offered
to the stockholders of record M ay 18 1918 at par. payable June 15. to
provide additional cash for the increasing business, and the remaining
$25,000,000 issued July 15 as a stock dividend of 25% to holders of record
M ay 18 on account of Increased value of the property as shown by recent
appraisals. V. 106, p. 1583, 1692, 2127. 2234. Options 1918, see above.

INDUSTRIAL STOCKS AND BONDS

2 2 2

MISCELLANEOUS COMPANIES

(For abbreviations, Ac., see notes on first page]
Swift International (Comp. Swift Internacional)— Stock
Syracuse Light et Power— coll trust M g red s i 1U5 ..h q x >
Syracuse Lighting Co first mortgage gold_______ Eq.xxc*
Syracuse Gas Co 1st M g guar by Syracuse Lighting Co..xx
Temple Coal Co—
First & coll trust M $2,500,000 g s f red 101........... PeP.xc*
Tennessee Coal. Iron & RR Co— Stock com $50,000,000 auth
Preferred stock 8% cumulative_________________________
General Gold Bond M $15,000,000 g______________Un.xc*
Alabama Steel & Shipbuilding preferred 6% cum guar.. First mtge gold guar s f red 110 since Jan 1907- Ba.x
Cahaba first mtge $1,100,000 g gu s f red at 110___ Ce.zc*
Potter Ore 1st M $700,000 g guar Jo (text) s ( H share_ x
_
Ten, essee Copper & Chem Corp—400,000shrs cap stock..
Sut Co— Tenn Oop Co 1st M g red Nov 1 ’ 18 at 110 & in t..
Te*» Company— stoeg $130.000.000_______________
-­
Bonds g to be called & paid off in ’19 or ’20(V109,pl615)Eqx

Date
Bonds
1907
1901
1914
1901
1898
1892
1906
1915
1911

Par
Value

Amount
O
utstanding

R
ate
%

15 l,500,000sh See text
100 &c 7.039.740
5K
1.000 2.500.000
5e
1,000 2.500.000
5g

W
hen
Payable

[V o l . 109

Last Dividend Places W
here Interest and
and Maturity
Dividends are Payable

See text June 20 ’19, 8% Checks mailed
J & J July 1 1954
Equitable Trust Co, N Y
J & D June 1 1951
New York & Philadelphia
J & J Jan 1 1946
Guaranty Trust Co, N Y

J & J July 1 1924
1.000
1.086.000 „ 5 8
100 32.528,698 See text
M ayl 1914 1°*
8 = f Nov 1 1919 2%
100
82.500
8
j
& j July 1 1951 ‘
1,000 See text
j
& j Julyl 1919 3%
126,300
j
& j Jan 1 1930
■'T .odo
730.000
1,000
892.000
J & D Deo 1 1922
P g J & L Dec 1 1931
>
1.000
201 000
5
792,947shrs
May 15 1918 *1
M & N Nov 1 1925
500 Ac a 1,488.000
text
See text 101n81919 Q-M 31 Dec 31 ’19 2 X
1,000 14,798,000
0 K J & J July 11931

Penna Co forlns.&cPhila
Office, Birmingham, Ala
71 Broadway, New York
do
do
do
do
do
do
Hanover Nat Bank, N Y
Company’s office, N Y
Checks mailed
Equitable Tr Co, N Y

a Not including $1,000,000 pledged as collateral with Tenn Cop & Chem Co rp.

DIVIDENDS.— 1888 to 1894 lncl., 8% : to 1895 July 1898 Inch. 6 % ;
Oct. 1898 to July 1915. 7% : Oct. 1915 to and lncl. Oct. 1 1919. 8% p. a.
(2% Q.-J.) On Oct. 20 1917 paid 2% extra.
On Nov. 25 1916 there was paid to shareholders of record Nov. 8 a cash
dividend of 33 1-3% in order to distribute $25,000,000 of accumulated earn­
ings. See V. 103, p. 1416, and "STOCK” above. V. 108, p. 1420. The
profit and loss surplus on Nov. 2 1918 was $84,575,179.
.
On July 15 1918 a stock dividend of 25% was paid as above stated out o f
adjusted values of fixed assets as reappraised to values current Jan. 1 1914
V. 106. p. 2127. Appraised value of physical properties Nov. 2 1918
V. 108, p.689. Outlookfor stock dividend m Oct. 1919, seeV. 109, p. 1186
BONDS.— The 1st 5s. dated July 1 1914 ($50,000,000 auth. issue)
are secured by all property, plants and branch houses and further by
the pledge of stocks of subsidiary companies representing an investment by
the company of over $15,000,000. V. 98, p. 160, 242, 392, 528; V. 99, p.
1678. 1515; V. 100, p. 292, 560, 647. Of the $50,000,000 1st Mtge. 5s on
July 1 1919 there had been issued and retired by s. f. $3,111,500; $30,258,­
500 were outstanding, $1,630,000 were reserved for corporate purposes and
the remaining $15,000,000 may be Issued only for 75% of the cost of addi­
tional real property upon which the mortgage shall be a first lien. Sink­
ing fund 2% per annum.
NOTES OP 1919.— Auth. and issued, $25,000,000. V. 108, p. 688.
Redeemable at the option of the company as a whole or In multiples or
$1,000,000 on 30 days' notice on Aug. 15 1919 at 102 and int.; on Feb. 15
1920 at 101H and int.; on Aug. 15 1920 at 101 and int., and on Feb. 15
1921 at 100M and int. While any of these notes are outstanding no new
mortgages, except purchase money mortgages, shall be made, but this shall
not prevent the emission of the unissued 1st M . bonds.
REPORT.— Report for year ending Nov. 2 1918 and yearj ending Sept. 30
1915 to 1917. V. 108, p. 168.7265. 885.

Joyce being voting trustees. On stock of old Tennessee Copper Co. 3%
w as^aid in _April 1916; none since until M ay 1918, when 8% was paid.
RE PO RT.— For cal. year 1918 in V. 108, p. 1819, 1732, showed: Total
income, $539,538 (dividends from operating co., $385,634; interest, $153,­
904), against $128,533 (from interest) in 1917; all deductions, $62,026;
bal., surplus, $477,512 (against $68,978 in 1917); dividend, $1, $392,817:
bal., sur., $84,695.
Results fo r Operating Company,

Tennessee Copper Co.

Cal. Year —
1918.
1917.
1918.
1917.
...........
Oper. profits. $922,681 $1,346,0821D ividen d ____ $400 000
Int.,depr.,& c. x566,109
434,9321Balance_____dcf.$43,428
$911,150
x Includes interest on bonds, $101,346; on loans, $110,160; Federal tax,
$4,602; depreciation, $350,000.
Production in 1918, copper (co.’s ore), 9,819,838 lbs. (against 10,547,708
in 1917); acid output. 283,092 tons, against 262,858.
OFFICERS.— Adolph Lewisohn, Pres.; Sam A. Lewisohn, V .-P .; E. H .
Westlake, V.-P. & Treas.; F. M . Looer. Sec. N. Y . office, 61 Broadway.
— (V. 108, p. 1732, 1819, 2028, 2439; V. 109, p. 79, 279.)

( T H E ) T E X A S C O M P A N Y . — ORGANIZATION.— Incorporated In
Texas April 7 1902 and Is engaged In the production, refining and dis­
tribution o f petroleum and its products. In Jan. 1918 (V. 106. p. 186)
held crude oil producing properties with dally production of 50,000 bbls.,
owing 100,000 acres in Texas. Okla. and La. and leasing 2.167 000 acres in
Texas, La., Olka., Kan.. Wyo., Mexico. &c. Also controlled 2,310 miles,
of pipe line reaching Texas Oklahoma and Louisiana oil fields, and owns 5
refineries (combined capacity Jan. 1918 70.000 bbl. daily) located at Tulsa.
Okla., Port Arthur Dallas and Port Neches, Tex. (near Beaumont) and
^ also, 2 toPbing plants in Mexico, at Tampico and Port Lobos,
10.000 bbls. capacity each; tank steamers, barges, &c. V. 88, p. 831; V. 86,
$
$
$
$
P- 606; V. 93. p. 1480; see V .9 8 . p. 767. Application to list, V. 91. p. 960:
Business done............. 1,200,000,000 875,000,000 575.000,000 500,000,000
Net earnings................... 21,157,277 34,650.000 20,465,000 14,087,500 V. 93, p. 875. In October 1919 was drilling to determine the value of the
Dividends....................... (8)9,000,00000)10000000 (8)6,000,000(7>05437500 sulphur discovered on its property near the Gulf in Hoskins M ound, Bra­
zoria County, Tex. V. 107, p. 1485.
The $14,000,000 stock or the Texas Pipe
the $6,000,000
8,650,000 stock of the Texas Pipe Line Co. of Oklahoma Line Co. and (V. 106. p. 186.)
Balance, surplus......... 12.157,277 24,650,000 14,465,000
is all owned.
Pres., Louis P. Swift; V.-P., Edward P. Swift: Treas., L. A. Carton; Sec.
The first named company on July 30 1917 took title to the Texas Oo.'s
P. S. Hayward. Office, Chicago— (V. 108, p. 85. 168, 265, 282, 586, 688
1,451 miles of pipe line In Texas and Louisiana, excluding gathering lines,
885, 1420, 1516, 2130; V. 109, p. 379, 585, 686, 782, 1186.)
and the Okla. co. owned 495 miles, excl. gathering lines. V. 105. p. 78. 613.
$3,000,000 stock and $2,000,000 convertible bonds
SWIFT INTERNATIONAL (Companla Swift Internacional).— See to In 1913 securities of Producers’ Oil Co. whose property waswere Issued
acquire
taken over
Swift & Co. above.
In 1917. V 97, p. 527: V 94. p. 491; V. 105. p. 1715, 1904; V. 106, p. 186.
As to purchase by Midland Securities Co., see V. 105, p. 1904.
SYRACUSE LIGHT & POWER CO.— See issue Peb. 1915
In Oct. 1918 the Texas Pipe Line Co. had completed the 8-Inch oil pipe
TEMPLE COAL CO.— See issue of June 1918 and V. 106, p. 821.)
line from Port Worth, Tex., to its producing properties near Ranger, Tex.,
Extensions, v 107 p. 1389- V.
1692.
TEMTOR CORN & FOOD PRODUCTS CO.— (V. 109, p. 1468, 1531, about 100 miles. Central Fuel Oil Co. dated June 23106, p. see plan V. 96,
Under plan of
1913,
1994.)
p. 1842, and earnings, &c., V. 109, p. 1076, the Texas Co. guarantees
TENNESSEE COAL. IRON & RAILROAD COMPANY.— ORGAN­ dividends at 5% (under certain contingencies at a less rate, but not less
IZATION.— Owns rail, plate, bar and steel mill, blast furnaces, coal mines, than 3 % per annum) on $6,000,000 preferred stock of the successor co.
iron mines, foundries, &c., in Tennessee and Alabama. V. 70, p. 558: (Central Petroleum Co., incorporated in Maine) till April 30 1923 . hav­
V. 84 P. 1179; V. 105. p. 295. In 1906 Tenn. Coal & Iron and Republic ing at that date the option of paying off the pref. and thus acquiring per­
Iron & Steel companies Jointly purchased about 1,800 acres of iron ore manent ownership of $600,000 or the $900 000 common stock, and in the
lands near Birmingham. Jointly guaranteeing $700,000 Potter Ore 5% bonds. meantime having complete control of the property. (All the 1st mtge.
collateral 6s were paid off Oct. 1 1918). V. 97. p. 524; V. 99. p. 819; also
V. 83, p. 1416, 973. Shipyard, V. 105, p. 825; V. 106, p. 1583.
On Nov. 30 1899 the Alabama Steel & Shipbuilding Co. plant was opened V. 101, p. 1482; V . 105, p. 1106; V. 109, p. 580, 1076.
at Ensley City. The plant has 9 open-hearth furnaces, and is leased to
STOCK.— Early in 1917 the outstanding stock was Increased 25% to
the Tennessee Coal, Iron & Railroad Co., which guarantees its 6% bonds, $55,500,000 by sale or $11,100,000 new stock to shareholders at par
of which $730,000 are outstanding and $130,000 in the Tennessee Coal & and in Jan. 1918 similarly by $13,875,000. making $69,375,000 outstand­
Iron treasury and its preferred 6% stock, of which $126,300 is outstand- ing. V. 104, p. 1270, 2123 , 234$, 2558, 2656: V. 105, p. 78. 395. 613;
ingand $313,700 in Tenn. O. & 1. treasury. V. 70. P 591. The common
V. 106. p. 186, 198. 404. Shareholders of record Doc.
offered
* by Tenn. Coal, Iron & RR. Co., carries control. V. 66. $13,87o,000 new stock at par In ratio of 1 share for 5. 30 1918 were$1,750.­
' — *stock, all owned ■ ~ —
carr
In addition,
p. 1002. 1235; V. 67. p. 127. 801; V. 70. p. 1196; V. 72. p. 584.
000 is to be sold at par to a trustee for allotment and sale to employees,
substantially all
In Nov. 1907 the United States Steel Corp. acquired
first installment payable Feb. 3. 50%; balance on or before May 1 1919.
the common stock, owning at Jan. 1 1918 afi but $66,093 thereof. V . 85, The shareholders voted Dec. 16 1918 to increase the total authorized issue
o 1212.1282; V. 86, p. 730. In Dec. 1915 U. S. Steel Corp. had expended of capital stock to $85,000,000, of which $84,128,900 had been listed on
$21,641,000 for Impts.. and in June 1917 had appropriated $11,000,000 N. Y . Stock Exchange in Aug. 1919. y . 108, p. 2637.
for further development work. V. 104. p. 2457. V. 92, p. 735: V. 94,
The shareholders voted Nov. 18 (1) to reduce the par value of shares from
p. 844: V. 96. p. 871: V. 98. o. 923: V. 100. D. 991.
$100 to $25 by subdivision; (2) to increase the auth. issue of capital stock
from $85,000,000 to $130,000,000 par, by the sale of $45,000,000, of which
B O N D S . — Of the $15,000,000 Gen. gold 5s of 1901. $6,653,000 were out­
standing Dec. 31 1918 in the hands of the public and *5.115.000 were in $42,500,000 to be offered at par to stockholders of record Nov. 29 1919,
the treasury or held by the U. S. Steel Corp.; the $5,104,000 under­ and the remainder, $2,500,000 par, to be sold at par to a trustee for allot­
lying 6s matured and were paid Jan. 11917. leaving the Generals as straight ment and sale from time to time to employees. Payment for this $42,500,­
1st mtge. on all the properties covered by that mortgage, excepting only 000 stock to be made in three Installments, as follows: (a) 30% , on or before
Jan. 9 1920: (5) 30% April 9 1920; (c) 40% July 9 1920. "Out of the pro­
those included in the lien of the *892.000 Cahaba Coal Mining Co .1st^
company proposes to retire
($14,798,000)
6s of 1892 and the $730,000 Alabama Steel & Shlpbldg. Co. 1st M . 6s of 1898. ceeds the contemplates large extensionsits debenture bondsacquisitions of
of plant and new
for both of which issues Gen. Mtge. bonds are reserved. V. 103, p.2244. V. and also
and
p
72. p. 876. 940.989; V. 73. p. 86. 554.1217: V. 77. p. 93, 2162; V . 80. p. 169. shipping1615. other property.” V. 107, v. 2383,1673: V. 108, p. 586; V.
109, p.
1994.
OFFICERS.— Pres., George G. Crawford; V.-P., H. O. Ryding: Sec. &
Fiscal Y ea rs
S to
Treas., L. T. Beecher, Birmingham, Ala.; Asst. Sec., Thomas Murray. Cash D i e . ^ o r d ji i i K e l Q O S -O A'69-10. ’10-11. (% )— Also- 50% 13-’ c k J u n e ’ 10
’04-06.’06-07. 07-08. 08-09.
’ 11-12. ’ 12 13 .
14 Since..
71 B’way, N. Y .— (V. 104. p. 2457; V. 105, p. 295; V. 106, p. 1583.)
12 yly.
15
12 12&5ex.
12
10
5
6
8 K 2H qu
TENNESSEE COPPER & CHEMICAL CORP.—ORGANIZATION.
DEBENTURES.— Stockholders Mar. 4 1911 auth. $ 20,000,000 6 % con­
— Incorp. in N . Y . Oct. 14 1916. Organized as a holding company (per vertible (no longer conv.) gold debent, redeemable since Jan. 1 1915 on any
plan in V. 103, p. 1512), with power also to do a mining and chemical busi­ int. day at 105 as a whole or in blocks of at least $100,000. Sink, fund be­
ness. On Dec. 31 1918 owned $4,823,675 of the $5,000,000 stock of the gan Oct. 1 1915. V. 92. p. 398. 467. 597; V. 93, p. 875; V. 98. p. 843.
Tennessee Copper Co. of N . J., whose properties include: 3 copper mines
REPORT.— For year
For 10
railway, smelting works (5 furnaces), sulphuric and nitric acid plants. mos. to April 30 1919, ending June 30 1918, V. 107, p. 1097.
The contract to turn over Its sulphuric acid output to International Agri­
10 M o s . to ------------ -Y e a r end in g J un e 30
cultural Corp. will expire Dec. 31 1920, and in 1919, with view to more
A m 3 0 ’ 1Q
1917-18.
1916-17.
1915-16.
profitable employment for its output of sulphuric acid (then approximately
360,000 tons of 50 degrees Baume per annum), had out of the $5,000,000 G r o s s earnings........................Sift.387,311 $80,260,634 S54.339.050 |;^ .708,382
proceeds of the new stock issue below mentioned bought a phosphate prop­ Net earnings .............. $23,421,537 $34,873,403 *22.907,924 $15,746,733
($ 5 ,2 9 7 ,9 8 8
$ 2 ,0 4 7 ,2 1 7
$ 1 ,6 4 7 ,3 1 5
erty in Florida and was proposing to construct a number or acid phosphate Sink, f u n d & d e p r . a c c t .
200,557
’ 136,180
1 2 5 ,2 9 8
fertilizer plants. V. 108. p. 2439; V. 109, p. 279; V. 106, p. 934, 2226. Acid P r o v . f o r b a d , & c . , a c c t s . [ * 7 , 2 3 9 , 1 6 8 1
1,340,940
plant, see V. 107, p. 409. Acid prices, V. 107, p. 1389. Litigation with R eplac’t o f marine equip]
1 ,0 0 0 ,0 0 0
7.408.185
Russian Govt, was settled in Nov. 1918 by payment of $1,000,000 from A dd p rov . fo r taxes------ 2,739,863
4,532,500
3,350,000
6.243,750
company’s reserve of $1,140,000 set aside for that purposo. V. 107, p. 2015, D iv id e n d s -------- . . . . . . . 5,203,125
(1 0 %
(l6 % )
(l6 %
Per cent o f d iv id e n d s .(10% p . a .) ___________)________________ ___________)
2296" V. 108, p. 1732. In Aug. 1919 Southern Agricultural Chemical Corp.
was organized with $1,000,000 stock as selling agency. V. 109, p. 894.
Balance to s u r p lu s ... $8,239,381 $14,392,242 *15.192.026 *10.548,862
STOCK.— The stockholders on May 28 authorized an increase in the T otal p rofit & loss s u rp .$62,906,811 $54,667,430 $40,270,189 $25,078,163
capital stock from 400,000 shares to 800,000 shares (no par value). The
Pres E. O.
Chairman
Comm.,
V.-Ps.,
holders of v. t. c. of record June 9 1919 were given the right to subscribe T .J D onoghue.Lufkin; HolmosO.Ex. Noble . W Arnold Schiaet; Jr. and
R. O.
. A. Thompson
at $12 50 per share for the 400,000 new shares of stock. V. 108, p. 1732, i r Mlglletta: Sec., O. P Dodge. L.N. Y. office, 17 Battery Place.—
1819 2028 2439. Stock listed on N . Y . Stock Exchange. Initial dividend
of $i’ paid in May 1918; none since. V. 106, p. 1371. Ail the stock is in fv i‘06 p l96 404, ’l692: V.107g p. 1096. 1389. 1485. 1583 1673 i 78l .
2383; Vl 108, p. 586, 1171f 1279, 2&33. 2637: V. 109. P- 484. 1615, 1994.)
a 5-year voting trust, Adolph Lewisohn, Sam A. Lewisohn and ffm . B




o
l

INDUSTRIAL STOCKS AND BONDS

N o t ., 1919.]

MISCELLANEOUS COMPANIES
[For abbreviations, Ac., see notes on Jirst page]

D
ate
Bonds

Texas P acific Coal & Oil Co— Stock $6,000,000— .
Texas Power S. Light Co— Pref 7% cum red 115 —
c
2d pref cum, 6% to 1910, then 7% red convertible
First M 530.000.000 auth gold red 105 begin 1917— Baxxxc* 1912
T i d e W ater Oil of N J— Capital stock (See text)
.
Tobacco ProductsCorp— Com stock $20,000,000 _
Pref (a S d) 7% cum red 120 after 3 years $8,000,000
c
Dividend scrip (as o f April 1 1919) see text_______________
T ranscontinen tal Oil Co— Stk 2,000,000 shs (no bonds out)

Par
Amount
Value O
utstanding

$10
100
100
1 ,0 0 0
100
100
100

None

R
ate
%

223

W
hen Last Dividend Places W
here Interest anC
Payable and Maturity Dividends are Payable

See text. Q— M 30 See text
N ov 1 1919 IH Checks mailed
3.550,000 7 in 1918
Aug 1 T 9 , IK
do
do
450.000 See text 8 = 5
J & D June 1 1937
5g
Bankers Trust C o. N Y
al0.205.000
Q— J Sept 30 '19 4%
See text
N o v l5 ’ 19 $1.50
176.000 sh See "text
8 , 0 0 0 . 0 0 0 7 in 1919 QQ— J15 Oct 1 1919 IK Checks mailed
2 yrs from date
7
984.000
$ 6 ,0 0 0 ,0 0 0

2 ,0 0 0 ,0 0 0

a Includes $1,250,000 sold in Dec 1918 but previously pledg ed for gold note s called and paid off

■

TEXAS PACIFIC COAL & OIL C O — Owns 70.000 acres of coal and
REPORT.— Combined results 1918, in V. 108, p. 2441: 6 mos. 1919,
oil lands in Texas, and controls leases covering about 200.000 acres. On V. 109, p. 976:
Mch. 3 1 ’ 19 the prospect wells were producing over 30.000 bbls. of oil per
Calendar Years —
1918— Years— 1917.
1919— H a lf Years — 1918
day and further development work Is expected greatly to increase the pro­
duction. Business consists of mining coal, producing oil and gas and Total business.................$40,644,352 $31,436,998 $22,846,054 $19,629,088
Operating income..........
9,062,768
8,818,763
manufacturing brick, &c. In 1915 discovered oil ana gas. In 1917-19 Other income__________ 15,511,176 13,642,370
470,558
161,520
169,952
230,941
several new oil and gas wells were brought in. See V. 105, p. 2190: V. 108,
p. 886. Deal with Prairie Oil & Gas Co. in Feb. 1918, see V. 106, p. 720,2015
Total income________ $15,981,734 $13,803,890 $9,232,720 $9,049,704
Voted April 17 1918 (V. 106, p. 1371): (1) To change the name from Texas
Pacific Coal Co. to “ Texas Pacific Coal & Oil Co. (2) To authorize re­ Deprec’n & depletion. — $6,137,978 $3,721,050 $1,950,945 $1,718,364
2,082,592
1,326,722
1,395,662
Federal
ducing the par value of the shares from $100 to $25 whenever the direc­ Outside taxes................... 3,115,498
stockholders...
292,110
520,683
18,369
262,437
tors shall deem proper. (3) To ratify the amendment of certificate of
(4)1,275,988 (5)1,594,975
incorporation jfilea in Texas Mar. 19 1918. (4) To authorize the directors Dividends cash_____(19%)6,060,929 (19)6060,656 (4)1,323,472(4)1,275,980
----------------------to increase the.capltal stock from $4,000,000 (V. 104, p. 2349) already is­ Dividends (stock)------sued to a total amount of $5,000,000. (5) To organize a corporation under
Balance, surplus.........
$375,223 $1,418,909 $3,338,123 $2,802,286
the laws of Texas w.th power to engage in the business of prospecting for,
Profit and loss surplus Dec. 31 1918, $9,022,518: 1917, $9,439,235 (after
producing and marketing oil and gas. On Oct. 5 the board had taken no
deducting 10% stock dividend, $2,900,000, March 1917); same plus sub.
action on No. 5 above. V. 107, p. 1583.
The stockholders voted April 16 1919 to increase the authorized capital cos., $13,292,225, against $12,917,000 in 1917.
stock from $5,000,000 to $6,000,000, the new stock being offered at par to
OFFICERS.— Pres.,
V.-P. & Treas., IV. S. Benson: 2rd
shareholders of record May 1 1919. V. 108, p. 1615, 1516. The stock­ V.-P. & Asst. Treas., D.R. D. Benson; V.-P., Robert McKelvey; Sec., Geo.
holders voted Nov. 11 to subdivide the $100 shares into ten shares of $10 L . Webb; Asst. Treas., Q. Brown; 3d
F. A. Marselius; Asst. Sec. & Asst. Treas., B. D .
each. V. 109. p. 1468, 1898.
In Nov. 1919 the shareholders were given the right to subscribe at par, Benson.— (V. 108, p. 1065, 1279, 1941, 2336, 2439, 2441, 2637; V. 109. p.
$10 a share, for the $600,000 stock of a new earthen products company, 976, 1800, 1898.)
probably to be known as the Thurber Earthern Products Co. V. 109, p.
TOBACCO PRODUCTS CORPORATION.— ORGANIZATION.—
Incorporated in Virginia Oct. 1912 and has taken over concerns manufac­
DIVIDENDS.— Afar.'09. J u n e '09. O c t . '09. TO t o S e p t . T9. E x t r a s • turing cigarettes, smoking tobacco and little cigars. Owns entire capital
stock of M. Meiachrino & Co., Inc. (N. Y .), Meiachrino Tobacco Trading
2% stock
2
6%(1M Q-J)J Below
Since 1908-------------- 1J*
An extra of 5% in cash was paid Oct. 30 1918: also Dec. 31 1918 and Co., Inc. (N. Y .), Nestor-Gianaclis Co. (Me.), the Surbrug Co. (N. J.),
March 31 1919. In June 1919 paid an extra of 714% and in Sept. 11% Khedivial Co. (N. Y .), Schinasi Bros., Inc. (N. Y .), Prudential Tobacco
Co., Inc. (N. Y .), Falk Tobacco Co., Inc. (Va.), and approximately 50% of
extra was paid. V. 109, p. 1086.
Pres., Edgar L. Marston; Sec., S. Mims, 24 Broad St., N. Y .— (V. 108, the capital stock of Stephano Bros,. Inc. (Va.), which companies own,
among others, such well-known brands of cigarettes as Meiachrino, Schinasi
p. 886, 978, 1516. 2336: V. 109, p. 1086, 1468, 1898.)
______
Bros. Naturals, Rameses, Milo, Nestors and Herbert Tareyton, and also
TEXAS PACIFIC LAND TRUST.— (V. 107. p. 2287: V. 109, p. 1898.) own prominent brands of smoking tobaccos and little cigars. In Jan. 1919
TEXAS POWER & LIGHT C O — ORGANIZATION, AO.— lncorp. purchased Robert Harris & Bro., Inc. V. 108, p. 282.
Merger negotiations in Dec. 1918, V. 107, p. 2194.
May 27 1912 in Texas and took over lighting properties in Texas. Does
These companies carry on an extensive business throughout the U. S.,
entire commercial electric light and power business in 95 communities, and
gas business in Waco, Cleburne, Denison, Brownwood and Paris. Co. and also operate factories and depots in New York, Richmond, Philadelphia,
supplies at wholesale, under long-term contract, all electrical energy for Cairo, Athens, Cavalla and Smyrna.
the elec, light Sc power co. in Corsicana and supplies at wholesale electric
In Feb. 1919 purchased the business and assets of Philip Morris Sc Co.,
energ^to Corsicana and Terrell. Total population served is estimated at Ltd., of New York, and transferred same to a new Virginia corporation with
an authorized capital stock of $3,000,000, 300,000 shares (all of $10 par
"^Controlled by Southwestern Power Sc Light Co. by ownership of all value) of these, 265,000 shares were subscribed for by the Tobacco Prod­
the 2d preferred and the entire common stock ($10,000,000) except ucts Corp. at $4 per share, which in turn offered to its shareholders 256.000
directors shares. See American Power & Light Co. on a preceding page. shares at the same price in the ratio of one share of new stock for a share
V. 95. p. 1126; V. 96, p. 1428: V. 97, p. 954: V. 102, p. 1442. Has Import­ of the Tobacco Products preferred or common at said price. V. 108, p.
ant long-term contracts with the Texas Electric Ry. Co. for supplying Ii 689, 789.
In 1918 Fed’l Trade Commission alleged unfair practices; V. 107. p. 1673.
with electrical energy, &c. Also supplies the street railways in Paris,
The common and preferred stockholders of record July 1 1919 nad the
Temple and Belton and the Southwestern Traction Co.'s interurban rail­
way between Temple and Belton. V. 95, p. 970. Is inter-connected with right to subscribe at $10 per share for 256,000 shares v. t. c. of no par value,
Fort Worth Power & Light Co. and Dallas Power & Light Co. for inter­ of the Tobacco Products Export Corp. (of N. Y .), total auth. issue, 450,000
change of power to insure reliability service. Description, see V. 97, p. 114; shs., in a voting trust for five years; voting trustees, L. B. McKitterick.
Sidney Whelan and Charles R. Stoddard. V. 108, p. 2336, 789.
T h e ' stockholder* on July 5 1916 authorized an increase in pref. stock from
CAPITAL STOCK.— The stockholders voted Dec. 10 1918 to increase
$3,000,000 to $4,000,000 by sale from time to time. V. 103, p. 417. T h e
the common stock from $16,000,000 to $20,000,000 in connection with
2d pref. stock is convertible by lot into pref. stock when net earns, for 12 the stock dividend of 10% payable Jan. 15 1919, increasing the outstanding
months within previous 14 months equal twice dividend requirements on all common to $17,600,000. V. 107, p. 2015, 2383.
outstanding pref., together with that to be issued in exchange. Both pref.
The preferred stock (total
$8,000,000)
and 2d pref. were originally authorized as “preferred,” but some of the assets and is subject to call, authorized issueany dividendhas preference for
all or part, on
date at 120% of
outstanding pref. was subordinated and made 2d pref. The $4,000,000
par and divs. No mortgage can be placed on the property without the
here includes the 2d pref. Div. on pref., \ K % quar., paid May 1912 to consent of two-thirds of all outstanding stock. Stocks have equal voting
Nov. 1 1919. Paid on 2d pref., 6% per annum from date of issue, Jan. 1 power. V. 103, p.:2339.
1916: 7% per annum since
Q.-F.).
DIVIDENDS—
1913. 1914. 1915. 1916. 1917. 1918. 1919.
BONDS.— The 1st 5s ($30,000,000 auth.) are issuable for 80% of cost
of extensions and additions, but only while annual net earnings are equal Preferred--------------------- ------------- 7% annually (1 J£% Q.-J.)-------------------...
. . . $150 $150 $3 00
to twice Interest on bonds. Including those to be issued. Bonds are re­ Common (cash)............................... —
Common
...
. . . $450 $300
deemable as a whole on any interest day at 105 and int. (or in part by pur­ Common (scrip) x...........................................
(stock)--------- —
___
___
_
_
_
_
_ Jan., 10
_
chase for sinking fund) on 6 weeks’ published notice. In Dec. 1918 the
amount in the hands of the public was increased to $10,205,000 by the sale
x 2-year 7% scrip. Scrip issued In Feb. 1919 could optionally be sold
of $1,250,000 theretofore pledged to secure $900 000 gold notes of 1917, to banking house at par till March 1 1919. V. 108. p. 282. In Aug. and
called for payment. See below, V. 107, p. 2383
Nov. 1919 paid quarterly cash dividends of $1 50, having paid five dividends
Two-year gold notes of 1917 authorized, $4,000,000; issued, $900,000, in scrip and in Jan. 1919 10% in stock.
secured by pledge of $1,250,000 1st M . 5s of 1912 V. 105, p. 722. The
Annual meeting, second Thursday in Oct. at Richmond, Va.
$900,000 outstanding were called for payment Jan. 6 1919. V. 107, p. 2296.
R E PO RT.— For calendar year 1918. V. 108. p . 780, showing:
EARNINGS.— For year ending Dec. 31 1918 in V. 108, p. 886.
R
esults for Calendar Year—'
1918.
1917
1916.
F o r 12 M o n t h s to —
G ross.
N et.
C h a rges.
S u r p lu s
Net income-------------------------------------- $3,276,282 $2,006,209 $1,364,540
Jan. 31 1919...........................$3,282,513 $1,080,854 $662,745 $418,109 Excess profits tax (for year 1917)____
128,611
Jan. 31 1918........................... 2.654,437 1,015.758 563.227
452,531 Preferred dividend (7 % )..........
556,016
514,500
493,916
See Amer. Pow. Sc Lt. Co.. V. 102, p. 1434.— (V? 107, p. 612,1751, 2296, Com. div. (one quarter, $1 5 n , cash.
240,000
240,000
2383.)
do in scrip $4 50(3 q u .,$ l 50 each) 720,000
______
______
T I D E W A T E R O I L C O o O F N E W J E R S E Y . — ORGANIZATION.—
Balance, surplus (Federal taxes
lncorp. in N. J. in Nov. 1888. Producing, transporting and refining crude
. . l 91^ n? t d ?ducted).......................... $1,631,655 $1,251,709
$870,624
oil. Owns (1) through subsidiaries producing properties in Pa., W . Va..
After deducting stock dividend of (10%) $1,600,000 paid Jan. 15 1919,
Ohio 111.. Okla., Ky., Kan. and Tex.; in June 1917 had developed 43,957
acres'(undeveloped 14,733), with 3,681 producing wells; (2) refinery, ca- the total profit and loss surplus amounts to $3,393,187. No reserve was
set up for Federal taxes for 1918.
nacity at last advices, about 11,500 bbls. of crude oil a day at Bayonne
C__
ilntiKni* Tr +V T\niirn«.n -J_1 1
xl l
_
DIRECTORS.— Chairman, James M . Dixon; Reuben M . Ellis, L. B.
McKitterick, Geo. A. Harder, William H. Butler, James M . Dixon, Gray
Miner, Francis M . Collier, Albert Falk, J. L. Hoffman, Wm. A. Ferguson
Bayonne through the Bradford oil regions o f Pennsylvania, to Stoy, 111., and Stephano Stephano. N . Y . office, 1600 Bway. Pres., James M .
whence via the Illinois pipe line and the Prairie pipe lino, direct connection is Dixon; Treas., Gray Miller.— (V. 109, p. 379, 1468.)
had with the Okla.. Kan. and Texas fields: (4) 1,929 miles of branch pipe line.
TODD SHIPYARDS CORP. N. Y.— (V. 108. p. 2248, 2534; V. 109.
P. O O.)
O
TRANSCONTINENTAL OIL CO.— ORGANIZATION.— lncorp. in
Delaware June 27 1919 as a merger or amalgamation.— Properties (a) owns
?917“ u^n^ls^ingo"6s t o c k In V 105. p.79.'82, 1426. 2 1 0 0. 2372.
.
acres
STOCK — The stockholders will vote Dec. 15 1919 on increasing the capi­ UlPSiff controls by lea.se596.973 Southof oil and gas lands as follows: Texas,
185,673 acres; Okla., 300 acr> s;
America, 810,000 acres; Louisiana,
tal stock from $40,000,000 to $100,000,000. If the stockholders authorize 1,000 acres, the leases numbering upwards of 550 and covering approxi­
this increase, $6,617,400 (20%) additional stock will be offered to the mately 2,400 wells; (b) 25 leasehold properties in seven States (N. Y .,
stockholders at par, $100. Subscriptions to be payable 50% Feb. 2 1920, Penn., 111., &c ) for distribution and storage; (c) 17 gasoline plants; (d) a
25% April 6 and 25% July 6, increasing the outstanding stock to $39,704,­ refinery, daily capacity 3,000 bbls., at Boynton, Okla., (e) Inland refinerv
400? I further $2.MO.000 is to be offered to employees. V. 109, p. 1899. just completed at Fort Worth, Tex., capacity 5,000 bbls. a day. (f) pipe line
Stock of subsidiaries held by outsiders, $203,683. No bonds.
from the Inland refinery to the Duke and Knowles pool with branches to the
Ranger and Caddo fields, in all, 96 miles.
D IVIDEN DS. J u l u ' 1 6 .
1917.
1918. 1919: M a r . J u n e . Sept.
Complete statement to the New York Stock Exchange, &c. V. 109, p.
Extra. — —— —- 1 % 1 12 & 10% stk. 11%
2%
2%
2%
988. 1186, 1373.
Regular_________ Paid 8% per ann., 1899 to Sept. 30 1919, incl.




(1K%

224

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 f i r s t p a g e]

T r a n s u e St W i l l i a m s S t e e l F o r g i n g C o r o — S t k 1 1 0 , 0 0 0 s h s
U n d e r w o o d T y p e w r i t e r C o — C o m m o n s t o c k S O .0 0 0 , 0 0 0 a u t h
P r e f e r r e d 7 % c u m ( a A d ) r e d 1 2 5 $ 5 , 0 0 0 . 0 0 0 _______________
Union B a x & P a p e r C o r p o r a t i o n — S t o c k _________________________
F i r s t m o r t g a g e 1 5 , 0 0 0 . OOO c o l d r e d 1 0 5 s i n k l n g f u n d . E a . x c *
A l l e n B r o s O o l e t M $ 6 0 , 0 0 0 : 2 d M $ 1 0 0 , 0 0 0 a s s u m e d _____
C h e b o y g a n P a p e r C o 1 st M g u d u e $ 1 0 0 .0 0 0 y l y c a ll p a r E rn e *
U n i o n C a r b id e & C a r b o n C o r p — S t o c k 3 ,0 0 0 ,0 0 0 sh s n o p a r
U n io n E l L 5: P . S t L o u i s —
P r e f s t o c k 7 % n o n - c u m c a l l 1 0 5 $ 8 , 0 4 0 . 0 0 0 ___________________

D a te
B onds

1905
1916

Par
V a lu e

A m ount
O u tsta n d in g

W h en
P a y a b le

R a te
%

N o n e 1 0 0 .0 0 0 s h s '1 8 $ 5 0 0
Q— J
y — j
$ 9 ,0 0 0 ,0 0 0 S e e t e x t
$100
Q — T
3 9 0 0 . 0 0 0 7 In 1 0 1 9
100
100
1 0 .0 0 0 .0 0 0 6 ^ % ’ 19 Q — M 15
J
A
J
5 g
2 .9 5 6 .0 0 0
1 ,0 0 0
s e m i-a n
6
1 6 0 .0 0 0
M A N
8 0 0 ,5 0 0
500 A c
5 g
Q — J
N one
2 ,5 3 3 ,2 6 1 s h

100
1st M g _______________________________ _____________- - M S t . x x c *
1902
1 .0 0 0
M i s s o u r i E l e c t r i c L i g h t A P o w e r 2 n d M t g e g o l d _____ S S t x x
1891
1 .0 0 0
M i s s o u r i E d i s o n E l e c t r i c C o 1 s t C o n s o l M t g e _________K x x c *
1897
1 ,0 0 0
•>' R e f V E x t V1S.V). W lO .O O O g r w l 1 1 0 b e g V f a v i s B a S r 'l ' * ' **■*
1 .0 0 0
1908
B o n d s e c u r e d g o l d n o t e s $ 2 , 0 0 0 , 0 0 0 c a l l 1 0 1 _____ M E S T c *
1918
1 .0 0 0
T w o - y e a r 6 % s e c u r e d g o l d n o t e s ( a u t h $ 5 0 0 . 0 0 0 ____________
1918
1 ,0 0 0
U n i o n F e r r y — S to ck
...............
. . .
too
1 s t M . g o l d c a l l a b l e a t 1 1 0 ( a m o u n t a s o f S e p t 2 6 1 9 1 8 ) ____
1^90
100 &c
U n io n L ig h t , H t & P o w C o , C o v in g t o n . K y —
F i r t y - y e a r g o l d b o n d s $ 5 , 0 0 0 . 0 0 0 (s f g u a r C O & E l ) _____
1<#5
F i r s t M L l e p n o t e s g c a l l 1 0 0 H t i l l F e b 1 5 '1 9 . t h e n p a r . x x x
100 A c
1918
U n i o n N a t u r a l Q a s C o r p — S t o c k S i 0 , 0 0 0 , 0 0 0 ____________________
100
S e r ia l b d s $ 6 ,0 0 0 ,0 0 0 a u t h g d u e $ 5 0 0 ,0 0 0 a n n r e d . C P i x c *
1913
1 .0 0 0
B o n d s o f a f f i l i a t e d c o m p a n ie s (s e e t e x t )
c E x c l u d i n g $ 1 ,9 5 0 ,0 0 0 s e c u r i n g c o l l a t e r a l n o t e s o f M a r c h 1 5 191 8 .

^ S T O C K . — C a p it a l s t o c k , a u t h . a n d is s u e d 2 ,0 0 0 ,0 0 0 s h a r e s n o p a r v a l u e ,
lis t e d o n N . Y . S t o c k E x c h a n g e in A u g . 1 9 1 9 ( V . 1 0 9 , p . 9 8 8 ).
fla n k e r s
o ffe r in g s t o c k , P r ic h it t & C o ., N . Y . a n d E . W . C la r k & C o ., P h ila . (V . 1 0 9 ,
p. 7 9 ) . N o f u n d e d d e b t .
P r e s ., A . B . D a lly , J r .: S e c ., T . R . C o w e ll: T r e a s ., E d . K u p p o r .— ( V . 1 0 9 ,
p. 7 9 . 1 8 0 , 5 8 5 , 6 8 6 , 9 7 5 , 9 8 8 , 1 0 8 6 , 1 1 8 6 , 1 3 7 3 . )

7
1 ,9 5 2 ,5 0 0
5 g
6 .2 0 2 .0 0 0
6 g
6 0 0 .0 0 0
3 .1 9 8 .0 0 0
5 g
c 9 .6 0 0 0 0 0
5 g
1 .3 0 0 .0 0 0
6 g
5 0 0 .0 0 0
6
3.U1 in , 0 0 0 4 In 1 9 1 8
5 g
4 0 3 .8 0 0

Q — M 30
M
A
S
Q— F
F
A
A
M
A
N
Q — M 15
J A D 15
See tex t
M
A
N

3 0 8 .8 0 0
5 g
1 ,5 6 0 ,9 0 0
6 g
9 . 8 4 0 . 0 0 0 1 0 in ’ 1 9
6 g
2 .1 5 6 .0 0 0

M A N
F A A 15
Q— J
15
A
A
O

O F F I C E R S .— C h a ir m a n ,
V .-P s ., C . R . M c M ille n a n d
C h a r le s B . S a n d e r s .
O ffic e ,
2015, 2333, 2482.
V . 108, p .

[V o l . 109
L a s t D iv id e n d
an d M a tu rity

P la c e s W h ere In ter es t a n d
D iv id e n d s a re P a y a b le

O ct
See
O ct
D oc

2 0 T 9 $ 1 .2 5
te x t.
C h e o k s m a ile d
do
l l9
l H %
15 T 9
2%
J u ly 1 1 9 3 0
233 B road w ay
T o 1934
N o v 1 T 9 t o '2 6 N Y . E m p i r e T r u s t O o .
O c t 1 1 9 1 9 J 1 .C 5 B y c h e c k
See

te x t.

N ov 11920

S t L o u is , M o
N Y O ffic e , 3 0 B r o a d S t
N a t B k C o m , S t L o u is
N e w Y o r k a n d S t L o u is
N Y O ffic e , 3 0 B r o a d S t
S t L o u is : a ls o N e w Y o r k
N ew Y ork
C orn E xch B a n k , N
Y
C en U n T ru st C o , N Y

N o v 1 1965
F e b 15 1920
O ct 15 1919 2 H
T o A p r 1926

C o lo n ia l T r u s t O o , P lt t a b

S e n t 1 1 93 2
M a y 1 1921
Aug 11927

V la v l 1 9 3 3
M a r 15 1920
J u ly 15 1 9 2 0
J u ly l5 l9 i9 2%

B an k ers T r , N

Y ; A

O ln

A u g u s t R e c lt s c h e r ; P r e s ., M .
B . W a lla c e
E . B . M u r r a y : T r e a s ., M . B . W a lla c e : S e c .,
W o o lw o r t h B ld g ., N . Y . — (V . 1 0 7 , p . 8 0 8 .
3 8 7 , 1 2 7 0 , 1 4 2 0 ; V . 1 0 9 , p . 1 9 9 4 .)

U N IO N
C A R B ID E
&
C A R B O N
C O R P O R A T IO N — O R G A N IZ A ­
T I O N . — I n c o r p o r a t e d in N e w Y o r k N o v . 1 1 9 1 7 ( V . 1 0 5 , p . 1 4 2 6 , 1 7 1 8 :
V . 1 0 6 , p . 5 0 7 ) t o m a n u f a c t u r e a n d d e a l in c a l c i u m c a r b i d e a n d a ll g a s p r o d u c i n g m a t e r ia ls a n d g a s , e s p e c i a lly a c e t y l e n e g a s , a n d a ll m a c h in e r y
r e la t in g t h e r e t o ; a ls o m e t a llu r g ic a l a n d c h e m ic a l s u b s t a n c e s a n d c o m ­
p o u n d s , A c .; c o a l, c o k e , o il, lu m b e r , A c .; ir o n , s t e e l, s ilic o n , c h r o m iu m ,
S T O C K .— C a p it a l s t o c k , a u t h . is s u e , 1 1 0 ,0 0 0 s h a r e s ; n o p a r v a lu e .
1 0 0 ,0 0 0
s h a r e s li s t e d o n N . Y . S t o c k E x c h a n g e in J a n . 1 9 1 7 ( V . 1 0 4 , d . 3 6 8 ) . m o l y b d e n u m , v a n a d i u m , t i t a n i u m , t u n g s t e n , m a n g a n e s e , c a l c i u m , c a r b o n ,
c o p p e r , a lu m in u m , n ic k e l a n d o t h e r e le m e n t a r y s u b s t a n c e s , a n d a n y a n d
B a n k e r s o ffe r in g s t o c k , H o r n b lo w e r & W e e k s , D o m in ic k A D o m in ic k a n d
a ll a l l o y s , c o m p o u n d s , & c . ; a l s o t o m a n u f a c t u r e a n d
d e a l in e le c t r i c a l
K is s e l. K in n lc u t t A C o . ( V . 1 0 3 , p . 1 6 9 1 ).
N o fu n d e d d e b t.
b a tte r ie s , s ta r te r s , la m p s , m a c h in e r y a n d
o t h e r e le c t r ic a l a p p lia n c e s ;
D I V I D E N D S .— 1 9 1 7 . J a n . a n d A p r il. $ 1 .
In J u ly 1 9 1 7 in c r e a s e d th e
o x y g e n , h y d r o g e n , n itr o g e n a n d o t h e r g a s e s s e p a r a te d fr o m a ir , e t c .
q u a r . d iv . t o $1 2 5 .
O c t . 1 9 1 7 t o O c t . 1 9 1 9 , $1 2 5 q u a r ., b o t h in c l.
T h e C o r p o r a t io n o w n s d ir e c t ly o r I n d ir e c t ly s u b s t a n t ia lly a ll o f t h e c o m ­
► E A R N S . — 6 M o s . to J u n e 3 0 ( V . 1 0 9 , p . 4 8 4 ) —
1919.
1918.
m o n c a p it a l s t o c k o f U n io n C a r b id e C o . ( V . 1 0 5 . p . 9 1 6 , 7 2 2 ), N a t io n a l
$ 3 8 8 ,1 5 3
$ 2 8 4 ,7 0 9
N e t e a r n i n g s a f t e r t a x e s a n d d e p r e c i a t i o n _____________
C a r b o n C o . , I n c . , t h e L in d e A ir P r o d u c t s C o . ( V . 1 0 4 , p . 6 6 8 ) t h e P r e s t -O E a r n i n g s p e r s h a r e ____________________________________________
$ 3 .8 8
$ 2 .8 4
L lte C o . . I n c . ( V . 1 0 4 , p . 4 5 8 ), E le c t r ic M e t a llu r g ic a l C o . . M ic h ig a n N o r t h ­
R E P O R T .— R e p o r t f o r c a le n d a r y e a r 1 9 1 8 , s e e V . 1 0 8 . p . 6 8 1 .
ern P o w e r C o ., U n io n C a r b id e C o . o f C a n a d a , L t d .. E le c t r ic F u r n a c e
G ross
N et
O th er
F ed eral
D iv id e n d s
B a la n c e
P r o d u c t s C o ., L t d ., O x w e ld A c e t y le n e C o ., O x w e ld R a ilr o a d S e r v ic e C o r p .
S a le s.
E a r n in g s .
In com e.
T a xes.
P a id .
S u r p lu s .
a n d o t h e r s u b s id ia r y c o m p a n ie s .
[T h e o u ts ta n d in g p r o f, sh a res a re u n d e r­
1 9 1 8 ................$ 6 , 2 9 8 , 3 0 1
$ 7 2 8 ,8 6 5 $ 6 0 ,7 3 7 $ 2 7 5 ,0 0 0 ( $ 5 ) $ 5 0 0 .0 0 0 $ 1 4 ,6 0 1
s t o o d t o in c lu d e : N a t io n a l C a r b o n , I n c ., $ 5 ,6 0 0 ,0 0 0 8 % c u m . p r e f ., c a ll a b le
5 8 ,7 3 1
3 6 0 ,0 0 0 ( 4 ^ ) 4 7 6 . 0 0 0 4 0 5 ,0 8 6
1 9 1 7 ............... 6 . 7 4 9 . 7 7 1 1 . 1 8 1 , 3 5 5
a t 1 4 0 (p a r $ 1 0 0 ): L in d e A ir P r o d u c t s O o .
6 % p r e f., $ 7 5 0 ,0 0 0 .1
In O c t . 1 9 1 9 th e U n io n C a r b id e C o . p u r c h a s e d a 2 1 -s t o r y o f f ic e b u ild in g
B u s i n e s s , N e t P r o f i t s a n d D i v i d e n d s ( O ld C o . t o N o v . 2 1 9 1 6 ) .
o n t h e s o u t h w e s t c o r n e r o f 4 2 d S t. a n d M a d is o n A v e ., N . Y . C it y , fr o m th e
Y ea r—
S a le s.
F o r g in g s .
S ta m p ed
N e t E a rn .
F o r t y - S e c o n d S t . & M a d is o n A v e . C o . f o r a s u m s a id t o b e a b o u t $ 7 ,0 0 0 ,0 0 0 .
1 9 1 1 ............................................................... $ 6 6 1 , 1 1 2
6 ,2 5 9 t o n s (a d d it i o n a l ).
$ 9 4 ,1 9 9
— V . 109, p . 1468.
1914
.............................................
1 .9 8 2 .2 2 3 1 3 .1 9 1 “
424 ton s
1 9 4 .1 5 6
1915
........................................................... 3 , 8 4 1 . 3 2 2 3 0 , 6 3 5
’*
4 .1 7 6 “
6 7 1 .2 5 2
C A P IT A L
S T O C K .— A u t h o r iz e d . 3 ,0 0 0 0 0 0 s h a r e s
(n o
p a r v a lu e )
1916
........................................................... 6 , 1 4 9 , 6 9 0 3 8 . 5 7 0
“
5 .8 9 6 ”
1 .2 8 7 .5 7 2
is s u e d a n d o u t s t a n d in g O c t , 1 9 1 9 , 2 5 3 3 ,6 2 1 s h a r e s .
T r a n s fe r o ffic e *
1917
...........................................................6 , 7 4 9 , 7 2 2 3 7 . 7 2 2
’’
5 .0 0 0 “
1 ,2 4 0 .0 8 6
4 2 d S t r e e t B l d g . . N . Y . ; P e o p l e 's G a s B l d g . C h i c a g o .
R e g is tr a r s : C e n tr a l
1918
............................................................6 , 2 9 8 , 3 0 1 2 5 . 8 4 2
“
3 ,8 7 9 ”
7 8 9 .6 0 1
U n io n T r u s t C o ., N . Y . ; P e o p le s T r u s t & S a v . B a n k , C h ic a g o .
See V .
f
P r e s .. O . F . T r a n s u e : V . - P . . F r a n k T r a n s u e : S e c .- T r e a s . F . E . D u s s e l —
N . Y . O f f ic e , 1 4 W a l l S t .— ( V . 1 0 6 , p . 8 2 7 , 9 3 5 , 1 2 3 6 : V . 1 0 8 , p . 4 8 7 : V . 1 0 9 ,
S t o c k h o ld e r s o r r e c o r d D e c . 12 1 9 1 8 h a d t h e r ig h t t o s u b s c r i b e f o r 4 0 6 ,8 5 7
p. 3 7 9 , 4 8 4 . )
s h a r e s o f a d d i t io n a l s t o c k a t $ 4 0 p e r s h a r e t o t h e a m o u n t o f 2 0 % o f th e ir
T R I A N G L E F IL M C O R P O R A T I O N .— V . 1 0 9 , p . 2 6 7 .
h o ld in g s , t h e s t o c k t o b e o f f e r e d in t w o p o r t i o n s , 5 0 %
t o b e s u b sc r ib e d
a n d p a id fo r J a n . 15 1 9 1 9 a n d t h e b a la n c e o n o r b e fo r e A p r il 1 5 1 9 1 9 .
T R U M B U L L S T E E L C O .— ( V . 1 0 8 , p . 1 5 1 6 , 2 1 3 1 , 2 4 3 9 , 2 6 3 7 .)
V . 107, p . 2195, 2482.
U N D E R W O O D T Y P E W R I T E R C O . — O R G A N I Z A T I O N . — I n c o r p . In
A N N U A L M E E T I N G . — T h i r d T u e s d a y In M a r c h a t N . Y . C i t y .
D e la w a r e .
V 90, p. 632.
M a n u fa c tu r e s “ v is ib le ” t y p e w r it e r .
V . 86, p.
1359.
F a c to r y , H e r tfo r d , C o n n .
N o bon d s.
D I V I D E N D S . — A n I n it ia l d iv i d e n d o f $ 1 p o r s h a r e w a s p a id J a n . 2 1 9 1 8 ,
D i v i d e n d N o . 2 $ ! p e r s h a r e , p a i d A p r i l 2 1918; July 1918, $1.
Oct.
S T O C K .— P r e f. s t o c k , s e e V . 9 0 . p . 7 8 8 .
In 1 9 1 7 r e t i r e d $ 1 0 0 ,0 0 0 p t e f . .
1918 t o O c t . 1919, p a i d $1.25 q u a r .
m a k in g $ 1 ,1 0 0 ,0 0 0 o f t h e $ 5 ,0 0 0 ,0 0 0 p r e f a c q u ir e d a n d c a n c e le d .
V . 103.
T R A N S U E & W I L L I A M S S T E E L F O R Q I N O C O R P .— O R G A N I Z A ­
T I O N . — I n c o r p . In N . Y . O c t . 2 6 1 9 1 6 a s s u c c e s s o r o f c o m p a n y o f s i m i l a r
n a m e (o r g a n . In 1 8 9 8 ) .
M a n u fa c tu r e s ste e l fo r g in g s , s ta m p in g fo r m s ,e t c .

p
1797.
N o t e s p a y a b l e ( $ 9 0 0 , 0 0 0 ) w e r e a l l p a i d o f f in 1 9 1 6
In M a r c h
1 9 1 7 - 1 8 $ 5 0 0 ,0 0 0 c o m m o n s t o c k w a s a u t h . is s u e d u n d e r p r o f i t - s h a r i n g p l a n ,
m a k in g $ 9 ,0 0 0 ,0 0 0 o u t s t a n d in g .
V . 104, p . 1270: V . 108. p . 780.
D I V I D E N D S .— O n p r e f., J u ly 1 1910 to O c t. 1 9 1 9 , l « %
qu ar.
On
c o m . s t o c k , J u ly 1 1 9 1 1 t o O c t . 1 9 1 6 , 1 % q u a r .. 1 9 1 7 . J a n .. A p r il, J u ly a n d
O c t ., 14<J% ; 1 9 1 8 , J a n ., 1 V 4 % a n d 5 % e x tr a fr o m a c c u m u la t e d s u r p lu s
A p r ., J u ly a n d O c t ., 1 K % q u a r t e r ly .
1 9 1 9 , J a n ., \ H % a n d 5 % e x tr a :
A p r i l , 2 % ; J u l y , 2 % a n a 5 % e x t r a in U . S . V ic t o r y B o n d s : O c t . , 2 % c a s h :
In 1 9 2 0 , J a n . , 2 % a n d 5 % e x t r a in c a s h , V . 1 0 9 , p . 1 8 9 9 , V . 1 0 8 , p . 1 9 4 1 ,
886: V . 107, p . 1925: V . 105, p . 1904.
R E P O R T . — R e p o r t f o r c a l . y e a r 1 9 1 8 , in V . 1 0 8 , p . 7 8 0 .
C a l.
T o ta l N e t
F ed era l
D ep reP r e f.D iv .
C om m on
B a la n c e ,
Y ea r:
In com e.
T a xes.
cia tio n .
(7 % ).
D iv id e n d s.
S u r p lu s .
1918
. . $ 4 , 2 3 0 , 7 5 4 $ 1 ,2 5 0 ,0 0 0 $ 2 0 0 ,0 7 1 $ 2 7 3 ,0 0 0 ( 1 1 ) $ 9 7 3 .5 0 0 * $ 1 ,1 5 7 ,3 4 6
1917 —
3 .2 7 1 .9 7 1
5 0 0 ,0 0 0
2 4 4 ,4 0 5
2 7 4 ,7 5 0 (1 1 ) 9 4 4 .5 0 0
* 9 8 0 .6 5 3
1916 —
2 .6 2 4 .1 9 0
2 4 4 ,4 5 2
3 0 2 .7 5 0
(4 ) 3 8 2 ,5 0 0 * 1 .4 0 1 .0 9 0
1915 —
1 .5 1 7 .1 5 9
1 8 0 ,5 7 3
3 1 6 ,7 5 0
(4 ) 3 4 0 ,0 0 0
6 7 9 .8 3 6
* A f t e r d e d u c t i n g $ 3 7 6 , 8 3 7 b o n u s t o e m p l o y e e s , a g a i n s t $ 3 2 7 , 6 6 3 In 1 9 1 7 .
O F F I C E R S .— P r e s ., J o h n T . U n d e r w o o d ; V . - P . , C lin t o n L . R o s s lt e r
T r e a s ., D e W it t B e r g e n : A s s t . T r e a s ., J n o . J . H in c h m a n ; S e c ., L . W . G u e r n ­
sey.
O ffic e . 3 0 V e s e y S t .. N . Y . — tV . 1 0 6 . p . 7 1 4 , 7 2 0 , 8 1 2 , 1 6 9 2 ; V . 1 0 8 ,
p. 780 8 8 6 , 1 9 4 1 : V . 1 0 9 , p. 6 8 6 . 1 8 9 9 . )
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 .— In
c o r p o r a t e d in N e w J e r s e y O c t . 4 1 9 1 6 a s a m e r g e r , p e r p l a n In V . 1 0 3 , p .
2 4 4 . 7 6 2 . o f U n i o n B a g & P a p e r C o . a n d i t s s a l e s a g e n t , t h e R l e g e l B a g St
P aper C o.
I n th is m e r g e r t h e $ 2 7 ,0 0 0 ,0 0 0 s t o c k o f o ld U n io n B a g & P a p e r
C o . ($ 1 1 ,0 0 0 ,0 0 0 b e in g p r e f j , g a v e p la c e t o $ 1 0 ,0 0 0 ,0 0 0 s t o c k , a ll o f o n e
c la s s (lis t e d o n N
Y . S to c k E x c h .).
S e e fu ll s t a t e m e n t , V . 1 0 4 , p . 7 1 .
In
D e c . 191 6 p u rch a se d th e C h e b o y g a n (M ic h .) P a p er C o . a n d g u a ra n te e d
I t s $ 1 , 0 0 0 , 0 0 0 b o n d s , p . St. I.
V . 1 0 3 . p . 2 4 3 6 . 2 1 6 1 : a ls o th e n p u r c h a s e d
fo r cash B a d g er B a g A P a p e r C o . o f W a u s a u , W Is.
V . 104. p. 262
O w n s $ 3 7 5 0 .0 0 0 o f t h e $ 5 ,0 0 0 ,0 0 0 o u t s t a n d i n g c a p it a l s t o c k o f t h e S t.
M a u r i c e P a p e r C o . , L t d . , a c o m p a n y w h i c h In D e c . 1 9 1 5 t o o k o v e r t h e p r o p ­
e r tie s in c lu d in g w a te r p o w e r s o f th e C a n a d ia n s u b s id ia r ie s o f t h e U n io n B a g
& P a p e r C o . , a n d u n d e r t o o k t h e e r e c t i o n o f a n e w s p a p e r m i l l , S e e ., a t C a p
M a d e l e i n e , P . Q . T h e S t M a u r i c e P a p e r C o . s o l d in 1 9 1 6 $ 1 , 5 0 0 , 0 0 0 1 s t M .
c o n v . s in k in g f u n d 6 s , p a r t o f a $ 5 ,0 0 0 ,0 0 0 Issu e d u e J a n .
1 1946.
V.
103, p . 148: V . 109, p . 1085.
C o n t in g e n t lia b ilit y
D e c . 31 1 9 1 8 :
N otes
o f S t . M a u r ic e P a p e r C o . d is c o u n t e d , $ 1 8 5 ,0 0 0 , a n d n o t e s o f c o n t r a c ­
t o r s e n d o r s e d , $ 1 9 4 ,2 1 7 .
V . 106. p. 1340.
S e e V . 103. p . 150; V . 101,
p. 2 0 7 8 : V . 1 0 2 , p . 7 2 , 3 5 0 . T h e S t . M a u r i c e P a p e r C o . o n D e c . 3 0 1 9 1 8
p a id a n in itia l d iv i d e n d o f 1 H % , w h ic h b r o u g h t th e U . B . A P . C o . $ 4 6 ,8 7 5
I n c l u d e d In 1 9 1 8 n e t i n c o m e b e l o w ) .
V . 107. p. 2482.
S T O C K . — O f t h e $ 1 0 ,0 0 0 ,0 0 0 s t o c k . $ 1 1 3 ,0 0 0 w a s h e ld D e c . 3 1 1 9 1 8 f o r
e x c h a n g e u n d e r m e r g e r p la n .
D I V I D E N D S ( N e w C o . ) . — D e c . 1 5 1 9 1 6 t o S e p t . 1 5 1 9 1 9 , 6 % p . a . (1
Q .-M .): D e c .’ 19 2 %
A l s o e x t r a d l v l d . F e b . '1 7 , 2 % c a s h , a n d o n N o v . 1 5 * 1 7
J a n . 2 5 1 9 1 8 a n d F e b . 1 5 1 9 1 9 , e a c h 2 % in L i b e r t y L o a n b o n d s .
S ta te­
m e n t in D e c . 1 9 1 8 . V . 1 0 7 , p . 2 3 8 3 .
B O N D S — A s t o b o n d s o f 19 0 5 ($ 5 ,0 0 0 ,0 0 0 a u t h .) . s e e V . 8 0 , p . 2 4 0 2 :
V . 81 p 2 6 9 . 5 6 4 , V . 8 7 , p . 1667: V . 8 8 . p . 12 0 1 .
B o n d s n u m b e r e d fro m
3 ,6 0 0
u p w a r d a r e t a x - f r e e In N e w Y o r k i n o w n e r s ' h a n d s .
V . 91. p. 99.
V . 94. p. 921.
O f t h e $ 5 ,0 0 0 ,0 0 0 Iss u e . $ 2 ,9 5 6 ,0 0 0 o n D e c 31 1 9 1 8 w e r e
o u t s t a n d i n g , $ 1 ,4 3 8 ,0 0 0 w e r e in s in k i n g f u n d a n d $ 6 0 6 ,0 0 0 in t r e a s u r y .
R E P O R T . — F o r 11 m o n t h s ( x l ) e n d e d D e c . 3 1 1 9 1 8 ( V . 1 0 8 . p . 1 2 7 0
1 4 2 0 ), a n d y e a r s e n d in g J a n 31 1 9 1 8 :
N et
In ter es t. E ic . P r
R e d u c. in D iv id e n d s .
B a la n c e,
In com e.
D e p . A c A I n c .T a x .P r . A c c t.
P a id .
S u r p lu s
X I . ’ 1 8 .$ 2 ,6 6 6 ,0 4 8 $ 6 1 7 ,8 6 1 $ 6 0 1 ,4 6 6
................ ( 6 ) $ . 5 8 9 . 0 7 4
$ 8 2 7 ,6 4 5
1 9 1 7 - 1 8 .$ 3 .1 3 1 .1 0 6 $ 4 7 2 ,6 2 6 $ 5 5 5 ,7 6 4
................( 1 0 ) 1 9 8 8 . 4 3 7
$ 1 ,1 1 4 2 7 8
1 9 1 6 -1 7 . 2 .8 3 2 .2 7 7
4 2 7 .7 2 1
--------------$ 8 2 1 . 7 6 3 ( 3 H ) 3 5 0 , 0 0 0
1 ,2 3 2 .7 9 0
T h e S t. M a u r ic e P a p e r C o ., L t d ., a s u b . c o ., e a rn e d fo r t h e c a l. y e a r
1 9 1 8 . $ 5 6 2 ,3 0 1 ; 1 9 1 7 . $ 5 9 5 ,1 4 7 ; 1 9 1 6 . $ 3 0 6 ,7 6 7 ; p a id I n itia l d i v . D o c . 3 0
1918; see a b o v e .




D I R E C T O R S .— C . K . G . B illin g s , C h a r le s A . C o f f i n , G e o r g e O . K n a p p ,
J e s se J . R ic k s , N ic h o la s F . B r a d y , O
W . D a v iso n , C o n ra d H u b e rt, J a m es
A . A l l i s o n , I n d i a n a p o l i s , I n d . a n d ________________ —— , N e w Y o r k : J a m e s
P a r m e le e , M y r o n T . H e r r ic k a n d A n d r e w S q u ir e , C le v e la n d ; R o g e r O .
S u lliv a n . C h ic a g o ; F . C . W a lc o t t
E x e c u tiv e C o m m it t e e : C . K . G
B illin g s C h a r le s A . C o f f i n , G e o r g e O .
K n a p p , N ic h o la s F . B r a d y a n d J a m e s N . W a lla c e , N e w Y o r k ; M y r o n T .
H e r r ic k a n d J a m e s P a r m e le e , C le v e la n d .
O F F I C E R S .— C h a ir m a n o f B o a r d
M y r o n T . H e r r ic k : P r e s ., G e o r g e O .
K n a p p ; V i c e - P r e s i d e n t s , E d g a r F . F »rice G i l e s W . M e a d
M . J. C arn ey
a n d J . S . C r id e r ; S e c .. H . E . H a c k e n b e r g -' T r e a s ., G ile s W . M e a d .
O ffic e .
4 2 d S tr e e t B ld g ., N . Y . - ( V . 1 0 8 , p . 1 1 7 1 ; V . 1 0 9 , p . 6 8 6 . 1 4 0 8 .)
U N IO N E L E C T R I C L I G H T & P O W E R C O .. S T . L O U I S .— O R G A N ­
I Z A T I O N . — I n c o r p . In M i s s o u r i In S e p t . 1 9 0 3 ( V . 7 7 . p 4 0 , 7 7 4 ) a n d l x
J a n . 1 9 1 7 m e r g e d w ith P e r r y C o u n t y U t ilit ie s C o . a n d t h e r e a ft e r p u r c h a s e d
p r o p e r t y o f th e E le c t r ic C o . o f M is s o u r i ( V . 1 0 4 . p . 4 5 8 ).
D o e s p r a c tic a lly
a ll o f t h e e l e c t r i c l i g h t i n g b u s i n e s s o f S t . L o u i s .
H a s a 1 0 -y e a r c o n t r a c t
t o s u p p ly p u b lic c i t y e le c t r ic lig h t in g till S e p t . 1 1 9 2 0 .
V . 96. p. 793.
S t e a m p o w e r g e n e r a t i n g p l a n t In M a y 1 9 1 8 7 6 . 0 0 0 k . w
s c h e d u le d to b e
I n c r e a s e d In 1 9 1 8 t o 9 8 . 0 0 0 k . w .
A ls o r e c e iv e s h y d r o -e le c t r i c p o w e r fr o m
M is s is s ip p i R iv e r P o w e r C o .
R a tes 1918, V . 107. p . 186, 2 2 9 6 , 2383.
In O c t . 1 9 1 9 w a s r e p o r te d t o b e p la n n in g th e c o n s t r u c t io n o f a p o w e r
p l a n t w it h a d a lly g e n e r a t in g c a p a c it y o f f r o m 6 0 ,0 0 0 t o 1 0 0 ,0 0 0 k w . h . a t
a c o s t o f a b o u t $ 7 ,0 0 0 ,0 0 0 .
V . 109, p . 1468.
S T O C K ~ T o t a I a u ,t h o r l z e d s t o c k , a s I n c r e a s e d In M a y 1 9 1 8 . $ 2 2 , 2 4 0 , 0 0 0
( p a r $ 1 0 0 a s h a r e ) , v i z : (<j> C o m m o n . $ 1 4 , 2 0 0 , 0 0 0 , o f w h i c h $ 1 1 0 0 5 . 0 0 0
o u t s t a n d i n g . a ll
d ir e c t o r s ’ sh a re s o w n e d b y N o r t h A m e r ic a n C o .
( i n c l u d i n g $ 5 0 0 , 0 0 0 p u r c h a s e d a t p a r f o r c a s h In M a y 1 9 1 8 . ( 6 ) 7 % n o n c u m .
p r e fe r re d $S 0 4 0 0 0 0 . o f w h ic h $ 1 ,9 5 2 ,5 0 0 s u b s c r ib e d S e p t . 3 0 1 9 1 8 .
V .
105. p. 1110: V . 104, p . 1904, 2016.
C O M M O N
D I V I D E N D S . — 1 9 0 6 a n d 1 9 0 7 , 5 % : 1 9 0 8 to J u n e 3 0 1 9 1 5 ,
6 % y e a r ly (Q .-J .).
S in c e n o t r e p o r t e d .
A ls o s o m e s m a ll e x t r a p a y m e n t s .
B O N D S . & c .— I n 1 9 0 8 file d a R e f . a n d E x t e n s io n M . f o r $ 5 0 ,0 0 0 ,0 0 0
) I t h e b o n d s , $ 9 . 6 > 0 .0 0 0 h a v e b e e n s o l d
$ H U )0 0 .0 0 0 a re r e s e r v e d to
e t lr e u n d e r ly i n g b o n d s a n d t h e r e m a in in g $ 3 0 ,4 0 0 ,0 0 0 a r e I s s u a b le f o r n o t
iv e r 8 5 % o f c o s t
o f e x te n s io n s a n d I m p r o v e m e n t s , o n c o n d it io n th a t th e
n e t e a r n i n g s a r e 5 0 % In e x c e s s o f I n t e r e s t o n b o n d s , I n c l . t h o s e p r o p o s e d t o
b e Issu ed .
V . 105. p . 1315.
V . 86, p. 232, 1163; V . 8 7 , P- 1425, 1537;
V . 9 6 , p . 7 9 3 ; V . 9 9 , p . 6 7 7 ; V . 1 0 5 . p . 1 3 1 | {.
„ „„„
.
In 1 9 1 8
s o ld
on
a c c o u n t o f e x te n s io n s a n d a d d it io n s $ 1 ,5 0 0 ,0 0 0 o f
a n a u t h . $ 2 ,0 0 0 ,0 0 0 T w o - Y e a r 6 % b o n d s e c u r e d g o ld n o t e s d a t e d M a r . 15
1 9 1 8 , s e c u r e d b y 1 5 0 % o f R e f . Si E x t e n s i o n M t g e . 5 s , d u e 1 9 3 3 , a n d $ 5 0 0 , ­
0 0 0 2 -y e a r 6 % s e c u r e d g o ld n o te s d a te d J u n e 15 1 9 1 8 , s e c u r e d b v 1st M t g e .
b o n d s a n d c a p it a l s t o c k o f U n io n C o llie r y C o .
V . 1 0 0 . p . I 4 8 6 ; V . 1 0 7 . p .8 8 .
E A R N I N G S .— Y e a r e n d in g D e c .
31 1 9 1 8 (I n c l.
E le c . C o . o f M n . 4
P e r r y O o . P . U . C o . ) , g r o s s , $ 6 ,5 9 9 ,6 6 6 ; n e t . a ft e r t a x e s . A c . , $ 1 .6 8 9 2 6 1 :
I n t e r e s t c h a r g e s , $ 1 ,1 3 9 ,2 4 5 * b a l. f o r d l v s . , $ 5 5 0 0 1 7 , a ffa ln s t $ 6 1 2 ,9 9 3 In
1917.
S e e a ls o N o r t h A m e r ic a n C o . r e p o r t ., V . 1 0 8 , p . 1 1 6 1 .
O F F I C E R S .— P r e s .. J . D . M o r t im e r : V . - P . . O . S . R u ffn e r : S e c . A
T r e a s ., H e r m a n n S p o e h r e r : A s s t. S e c . A A s s t. T r e a s ,, J . F . F o g a r t y .
N . Y . o f f i c e , 3 0 B r o a d S t .— ( V . 1 0 8 . p . 3 8 7 : V . 1 0 9 . p . 1 4 6 8 .)
U N I O N F E R R Y .— O p e r a te s 3 fe r r y lin e s b o t w e e n N . Y . a n d B r o o k l y n ,
9 fe r r y b o a ts , rea l esta te , A c .
F a re in c r e a s e , V . 8 7 , p . 1 5 1 7 ; V . 9 3 , p . 5 3 8 .
I n A p r . 1 9 1 9 o u t s t a n d i n g b o n d is s u e h a d b e e n r e d u c e d t o $ 4 0 3 ,8 0 0 .
V*
9 0 . p . 114; V . 97 . p . 1827.
D t V S . 1 8 9 8 . 1 8 9 9 . 1 9 0 0 to J a n . 1 9 0 8 . 1 9 0 9 to 1 9 1 5 . 1 9 1 6 to J a n . 1 9 1 9 .
P e r c e n t . . 3 44
.
2 y e a rly .
3 y e a r ly .
i? a w K
P r e s ., T h o s . R e a d ; A s s t . S e c . A T r e a s ., J o h n O B r ie n .— ( V . 1 0 6 , p . 8 1 9 .) .
U N IO N N A T U R A L
I n c o r p . In D e l a w a r e M
P e n n a . a n d O h io .
On
a l s o o n e - h a l f I n t e r e s t In

(I A S C O R P O R A T I O N .— O R G A N I Z A T I O N , A o .—
a y 2 4 1 9 0 2 a n d a c q u i r e d v a r i o u s g a s p r o p e r t i e s In
D e c . 31 1 9 1 8 o w n e d 7 0 7 .9 5 9 a c r e s o f g a s la n d s a n d
5 6 ,0 2 3 a c r e s in W . V a . ( R e s e r v e G a s C o . ) .

ifov., 1919.]

D ate
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 fir st page]

U n i o n O il C o o f C a l i f o r n i a — S t o c k $ 5 0 , 0 0 0 , 0 0 0 a u t h -----------------F ir s t L ie n M $ 2 0 ,0 0 0 ,0 0 0 g c a ll a b le s e e t e x t - _ E q . x * c * & r *
M i s s i o n T r a n s p & R e f C o 1 s t M s f d q u a r p & i __________ x x
U n i o n T r a n s p o r t a t i o n C o 1 s t M _______________________________ x x
P r o d u c e r s ’ T r a n s p o r t a t i o n C o G u a r a n t e e d b o n d s ____________

Par
Value

D I V I D E N D S .— D iv id e n d s 1 9 0 3 t o 1 9 0 6 , 8 % y e a r ly : 1 9 0 7 t o 1 9 1 8 . 1 0 %
y e a r ly : A p r il 1 9 1 9 t o O c t . 1 9 1 9 p a id 2 H % q u a r .
B O N D S , & c .— B o n d s o f s u b s id ia r y c o s . J u n e 3 0 1 9 1 9 , $ 9 5 6 ,5 0 0 ; $ 3 4 5 ,­
0 0 0 in t r e a s u r y ; o u t s t a n d in g , 6 1 1 ,5 0 0 .
O f $ 6 ,0 0 0 ,0 0 0 6 s o f 1 9 1 3 , $ 2 ,1 5 9 ,­
0 0 0 w e r e o u t s t a n d i n g in J u l y 1 9 1 9 , $ 2 ,5 0 0 ,0 0 0 h a d b e e n r e d e e m e d a n d
c a n c e le d (in c l u d i n g $ 5 0 0 ,0 0 0 p a id A p r il 1 1 9 1 9 ) a n d $ 1 ,3 4 1 ,0 0 0 r e m a in e d
a v a ila b le f o r e x t e n s io n s , & c ., a s r e q u ir o d .
N o b o n d s a r e r e s e r v e d t o r e tir e
b o n d s o f fiv e “ u n d e r c o m p a n ie s .”
V . 96, p . 794: V . 97. p . 370; V . 100,
N otcs

P a y a b le

,b in o 3 0

1919,

$ 1 ,0 2 1 ,1 8 0 ; p .

&

1. s u r p l u s . $ 9 . -

R E P O R T .— F o r 1 9 1 8 , V . 108. p . 1 2 70; h a lf y e a r 1 9 1 9 , V . 1 0 9 .
G ross
N e t , a fter
I n t , o n D e p r 'n , D iv id e n d s
C a l.
In com e.
T a xes.
B d s ..& c .
& c.
(1 0 % p .a .)
Y ea r—
$
$
$
$
$
1 9 1 9 (6 m o s . ) . . 4 ,1 4 7 ,9 8 0 1 ,9 8 9 ,9 8 9 1 3 0 ,7 2 6
x
4 9 2 ,0 0 0
1 9 1 8 (6 m o s . ) - . 4 , 0 5 0 , 1 3 2 1 ,5 6 8 ,8 3 3 1 0 3 ,7 3 7
x
4 9 2 ,0 0 0
1 9 1 8 ........................... 8 , 0 4 6 , 4 1 3
2 ,8 7 2 ,6 7 9 2 6 8 ,6 9 7 9 5 3 ,9 8 9
9 8 4 ,0 0 0
1 9 1 7 ........................... 8 , 5 0 1 . 2 6 0 * 3 . 5 7 4 . 6 7 7 2 6 6 , 8 1 2 8 2 8 , 6 7 6
9 8 4 .0 0 0
1 9 1 6 ........................... 7 , 1 4 6 , 8 1 7
3 .4 4 3 .5 1 7 3 1 7 .7 9 7 8 5 4 ,9 6 5
1 ,0 0 0 ,0 0 0
1 9 1 5 ........................... 5 . 7 3 2 , 3 8 4
2 .4 9 5 ,4 0 4 3 7 2 .3 0 7 8 4 7 .5 8 5
1 ,0 0 0 ,0 0 0

p . 575.
B a la n c e ,
S u r p lu s .
1 ,3 6 7 ,2 6 3
9 5 3 ,0 9 6
6 6 5 .9 9 3
1 ,4 9 5 .1 8 9
1 ,2 7 0 .7 5 5
2 7 5 .5 1 2

* A f t e r d e d u c t i n g $ 4 7 1 ,7 4 7 F e d e r a l t a x e s ,
x N o t show n .
P r e s . & G e n . M g r ., E . P . W h it c o m b ; V .-P r e s ., S . Y . R a m a g e ; S e c .,
D a v id E . M it c h e ll; a n d T r e a s .. W . R . H a d le y .
O ffic e . U n io n B a n k B ld g .,
P it t s b u r g h . P a .— ( V . 1 0 8 . p . 8 8 6 . 1 1 7 1 ; V . 1 0 9 , p . 5 7 5 .)
U N IO N O I L 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 .— In c o r p
In C a l i f o r n i a in O c t . 1 8 9 0 a n d p r o d u c e s fu e l o i l , r e f in e d o i l . g a s o l i n e , k e r c ■ en e, b e n z in e , & c .
O w n s o r c o n t r o ls m o r e th a n 8 4 0 m ile s o f m o d e r n p ip e
lin e (I n c l. P r o d u c e r s ’ T r a n s p o r t a t io n C o .. V . 9 6 . p . 1 2 9 4 ; r e p o r t , V . 1 0 3 ,
p . 6 5 9 5 ), e x t e n d in g fr o m 3 s e p a r a te t id e w a t e r p o r ts t o th e 4 g r e a t o il -p r o d u c ­
in g s e c t io n s o f th e S t a t e , a n d c o n t r o ls a n d o p e r a t e s 3 m o d e r n r e fin e r ie s , a
la r g e fle e t o f o il -c a r r y in g v e s s e ls , w ith a c a p a c it y o f o v e r 8 1 3 .1 0 0 b b l s ., 2 3 9
s t a t io n a r y t a n k s , w it h a s t o r a g e c a p a c i t y o f 1 7 .8 7 0 .0 0 0 b b ls . f o r c r u d e a n d
r e fin e d o il. & c .
I t s o il p r o p e r t i e s a g g r e g a t e a b o u t 2 2 7 ,0 7 9 a c r a s In C a li­
f o r n i a , a ls o r ig h t s o n 3 1 .3 9 4 a c r e s o f le a s e h o ld in T e x a s a n d 1 6 ,0 0 0 a c r e s
le a s e h o ld in M e x i c o ; t o t a l D e c . 3 1 1 9 1 8 , 2 9 9 ,0 6 0 a c r e s .
V . 108, p . 781.
V . 106, p . 705; V . 97 . p . 149; V . 99 , p . 7 5 8 . 7 4 5 .
In F eb . 1918 com p a n y
ow ned
99 8 1 %
o f P ro d u ce rs ’ T r a n s p o r ta tio n
C o . , $ 7 ,0 0 0 ,0 0 0 s t o c k .
V . 104, p . 2565; V . 105. p. 78.
A n o w r e f in e r y w it h a c a p a c i t y o f 1 0 ,0 0 0
b b l s . a d a y w a s t o s t a r t o p e r a t io n s a t S a n P e d r o a t L o s A n g e l e s B a y in
D e c . 1919. V . 109, p . 1899.
I n 1 9 1 7 p u r c h a s e d P in a l D o m e p r o p e r t ie s f o r $ 5 0 0 ,0 0 0 in c a s h ( V . 1 0 5 ,
p. 8 2 6 , 2 2 8 0 : V . 1 0 7 . p . 2 9 8 ) , a n d $ 3 , 2 8 3 , 0 0 0 I n F i r s t L i e n 5 s o f 1 9 1 3 .
S T O C K . — N o d i v i d e n d s w h il e t h e F ir s t L i e n b o n d s a r e u n p a i d , u n le s s
n e t I n c o m e is t w i c e t h e i n t e r e s t c h a r g e .
V . 101. p . 523; V . 100. p . 1353.
1516. 897: V . 102, p
1065; V . 103 p . 762.
J ,
I n J u ly 1 9 1 9 $ 1 0 ,8 1 3 ,5 0 0 o f t h e $ 4 3 ,5 7 1 ,5 0 0 o u t s t a n d in g s t o c k a n d r ig h ts
o n $ 1 ,6 1 1 ,5 0 0 o f t h e $ 6 ,4 2 8 ,5 0 0 a d d i t io n a l s t o c k t h e n b e in g s u b s c r i b e d
w a s p u r c h a s e d a t $ 1 5 7 .5 0 e x - d i v i d e n d o n b e h a l f o f U n i o n O il C o . o f D e l a . ,
w h ic h s e e b o lo w . V . 1 0 9 , p . 2 7 9 .
I n 1 9 1 9 t h o h o ld e r s o f t h e $ 4 3 ,5 7 1 ,5 0 0 s t o c k o f r e c o r d A u g . 2 0 ( V . 1 0 9 ,
p . 7 8 2 ) h a d t h o r ig h t t o s u b s c r ib e a t p a r , $ 1 0 0 a s h a r e , f o r t h e r e m a in in g
$ 6 , 4 2 8 , 5 0 0 o f t h o a u t h o r i z e d is s u e o f $ 5 0 , 0 0 0 , 0 0 0 , s u b s c r i p t i o n s p a y a b l e in
f o u r in s ta llm e n ts o f $ 2 5 a s h a r e , o n S e p t . 2 0 1 9 1 9 a n d J a n . 1 . M a y 1 a n d
S ep t. 1 1920.
T h e p r o c e e d s w ill b o u s e d f o r a d d i t io n s a n d im p r o v e m e n t s ,
n o w d e v e lo p m e n t w o r k , & c.
T h e is s u e w a s u n d e r w r it t e n b y E a s t e r n
b a n k e r s a n d fin a n c ie r s , p r e s u m a b ly t h o s e in te r e s te d w ith th o C o m m o n ­
w e a l t h P o t r o l o u m C o . in b u y i n g i n t o t h e p r o p e r t y ( V . 1 0 9 , p . 2 7 9 , 5 8 ) .
L A T E D 1 V S ( ’ 0 9 . ’ 1 0 . ’ 1 1 -’ 1 2 . ’ 1 3 . ’ 1 4 - T 5 .
C a s h ...................( 6 6 2 7 . 2 y l y .
48 N o n e ..
E x t r a ................I ..........................................................................
I n s t o c k ______1 ------- --------- -------------------------- -----------------

T 6.
6
3
----

’ 17.
6

1918.
6
4
_
M a r ., 10

1919.
6
4

O n J a n . 19 1918, 1 H %
a n d 1 % e x t r a : M a r . 1 5 1 9 1 8 . 1 0 % in s t o c k
A p r i l , 1 9 1 8 t o O c t . 1 9 1 9 , 1 J-S % c a s h a n d 1 % e x t r a .
V . 108, p . 177.
.
B O N D S .— F ir s t L ie n 5 % 2 0 - y r . b o n d s , a u t h . $ 2 0 ,0 0 0 ,0 0 0 ; v i z .: r e c e iv e d
f o r u n d e r l y i n g a n d g u a r a n t e e d b o n d s , $ 2 , 0 2 3 , 0 0 0 ; in c o m p a n y 's t r e a s u r y ,
* 9 7 9 ,0 0 0 ; r e d e e m e d , $ 4 ,8 0 0 ,0 0 0 : u n is s u e d , $ 3 ,6 7 9 ,0 0 0 ; in h a n d s o f p u b l i c ,
* 8 ,5 1 9 ,0 0 0 .
V . 9 2 , p . 1373; V . 93, p . 109, 168; V . 9 2 , p . 1373. 1503, 1641.
S in k in g f u n d r e tir e s y e a r ly a t 1 0 2 H & in t . (in M a y 1 9 1 9 a b o u t $ 7 3 0 0 0 0 )
a ls o c a ll a b le a s a n e n t ir e is s u e a t 1 0 5 a n d in t . o n a n y in t . d a t e .
V . 102, p .
1726.
In J u n e 1 9 1 8 th o N . Y . S t o c k E x c h a n g e lis t e d t h e F ir s t L ie n b o n d s .
Q U A R T E R L Y R E P O R T .— F o r 9 m o s . t o S e p t . 3 0 1 9 1 9 . in V . 1 0 9 .
p .1 8 9 9 .
N i n e M o n t h s en d e d S e p t. 3 0 —
1919.
1918.
1917.
P r o d u c t i o n o f c r u d o o i l , b a r r e l s -------------6 ,4 6 0 ,0 0 0
6 ,3 0 0 ,0 0 0
5 ,4 5 0 ,0 0 0
S a l e s ......................................... .................- ................ . $ 3 9 , 5 0 0 , 0 0 0 $ 3 1 , 0 0 0 , 0 0 0 $ 2 5 , 3 7 5 , 0 0 0
P r o f i t s e a r n e d , a p p r o x i m a t e -------------------- $ 1 3 , 1 0 0 , 0 0 0
$ 9 ,7 0 0 ,0 0 0
$ 9 ,0 5 0 ,0 0 0
P r o v is io n fo r d e p r e c ia tio n & d e p le tio n
3 ,9 0 0 ,0 0 0
3 ,2 5 0 ,0 0 0
2 ,2 5 0 ,0 0 0
P r o fit , s u b je c t t o F e d e r a l in c o m e
a n d w a r t a x ------------------------------------------- $ 9 , 2 0 0 , 0 0 0

S 6 ,4 5 0 ,0 0 0

Rate
%

te x t
S ee tn x t See
$ 8 ,5 1 9 ,0 0 0
5 g
2 1 2 .0 0 0
5
5
1 ,2 2 5 0 0 0
333 000
5
5 7 5 ,5 0 0
N ew
N one
S ee te x t
1 .0 0 0 & C a 2 4 , 0 2 5 , 0 0 0
5 S
96 000
............. l o o
7 .4 9 6 ,3 0 0 8 in 1 9 1 8
1 .0 0 0
7 0 0.000
5
100
1 2 .0 0 0 .0 0 0 S e e
te x t
5 g
3 ,0 0 0 ,0 0 0
N one
5 2 5 ,0 0 0 s h s .

D ec. 31

a A n a d d i t io n a l $ 1 9 ,8 8 6 ,0 0 0 h e ld b y t r u s t e e s o f s in k in g fu n d ,

Am oun t
Outstanding

$100
100 A c

1911
1909
1909
Var
1917

1902
U n io n S t e e l— F ir s t & c o ll m t g e 5 4 5 ,0 0 0 ,0 0 0 g g u s t . N - x o ’ & r
S h a r o n C o k e C o 1 s t M c a l l a b l e 1 9 6 1 ______________________________ *
U n i o n S t o c k Y a r d s o f O m a h a — S t o c k $ 7 . 5 0 0 , 0 0 0 _______________
1911
F i r s t m o r t e a i r e 5 5 . 0 0 0 . 0 0 0 r e d e e m a b l e 1 0 5 . ________________ C C
U n i o n T a n k C a r C o — S t o c k $ 2 5 , 0 0 0 , 0 0 0 ____________________ . . .
1917
E q u i p m e n t T r u s t g o l d n o t e s d u e * 1 , 5 0 0 , 0 0 0 s e m l - a n n _____
U n i t e d A l l o y S t e e l — S t o c k 5 2 5 , 6 0 0 s h a r e s _____________________
In c.
U n it e d C ig a r M a n u f a c t u r e r s C o — S e e G e n e r a l C ig a r C o ,

§09*820

2*25

INDUSTRIAL STOCKS AND BONDS

$ 6 ,8 0 0 ,0 0 0

R E P O R T . — C a le n d a r y e a r 1 9 1 8 in V . 1 0 8 , p . 7 8 1 .
C o n s o lid a te d A n n u a l S l a t c n w n ^ l n c l . C o n tr o lle d C o m p a n ie s .
1916.
1915.
6 ,6 8 1 .0 1 5
1 ,3 7 9 ,8 9 6
P r o d u c t io n , n e t b a r r e ls 8 ,2 7 1 ,0 8 4
7 ,4 3 0 ,1 5 4
G r o s s s a le s
........................... $ 1 3 , 8 6 3 , 5 6 2 $ 3 3 , 8 7 0 , 8 8 9 $ 2 7 , 7 4 5 , 0 0 9 $ 1 9 , 2 4 8 , 1 4 3
$ 6 ,3 2 1 ,6 4 8
T o t a l p r o f i t s ...................... $ 1 4 , 3 6 4 , 6 9 5 $ 1 4 , 1 7 1 , 0 5 1 $ 1 1 2 0 6 , 2 6 3
7 4 1 ,8 6 4
9 6 3 .3 2 3
G e n . e x p . , t a x e s , & c --------1 ,3 5 1 ,1 2 7
i ’^ 2 9 ’£33
2 ,1 4 8 ,5 0 2
2 .4 3 2 .4 6 5
D e p r e c i a t i o n ----------------—
6 1 2 ,1 5 3
5 8 5 ,9 1 1
I n t e r e s t o n b o n d s , & C -_
5 7 7 ,8 0 3
, ,' § 9 5 ’ 7 9 9
P r o v isio n fo r F e d . ta x _ _
1 ,5 5 0 ,0 0 0
1 ,2 4 0 ,9 9 3
C a s h d i v i d e n d _______( 1 0 % ) 4 . 2 5 2 . 5 1 9 ( 9 ) 3 , 2 9 7 . 8 6 6 ( 6 ) 2 , 0 4 5 , 5 3 2
S t k . d i v . p d . M a r . l 0 ’ 1 8 ( 1 0 % ) 3 9 5 1 ,1 9 3
----------- .

W h en
Payable

Last D ividen d
and M a tu rity

O ct 25 T 9
Q— J
&
.T I a n 2 1 9 3 1
&
N N o v 1 1921
&
A F eb 1 1923
&
J J u ly 1 1921
D e c 1 T 9 t o '2 2
N ew
J
4
D D e c 1 1952
J
&
D D e c 2 1931
Q— M
O c t 1 19 1 ^ %
W A N
M a y 1 1931
M
&
S D e c 2 4 '1 9 1 H %
F
&
A F e b ’ 2 0 & A u g ’2 0
Q— J
O c t 2 0 1 9 1 9 $1

•
T
M
F
J

Places W h ere Interest and
D ividends are Payable

L o s A n g e le s
N
Y . L o s A n g e le s , & c
N Y C orn E x B k & L os A
do
do
L o s A n g e le s T r & S a v B k

V pw Y o r u T r u s t C o
N >
U n io n T r u s t C o , P it t s b
O m aha. N eb
F ir s t T r & S a v B k , O h io
C h e c k s m a ile d
G u a ra n ty T ru s t C o , N Y

19 18

p ro p e rtie s. V . 1 0 9 , p . 1 0 8 6 , 1 4 6 8 , 1 8 9 9 .
T h e U n i o n O il C o . o f C a l i f , is
s e p a r a te ly d e sc r ib e d a b o v e .
T h e C o lu m b ia C o . (9 1 % o f s t o c k o w n e d )
h a s le a s e s o n 2 9 0 a c r e s , o w n s in f e e 1 ,4 1 0 a c r e s , c o n t r o ls t h r o u g h m in e r a l
r ig h t s 3 ,3 0 0 a c r e s in s o u t h e r n C a lifo r n ia , w it h a p p r o x im a t e ly 1 0 5 w e lls ,
a n d c o n t r o l s t h r o u g h 1 0 0 % s t o c k o w n e r s h i p t h e P u e n t e O il C o . w i t h a r e ­
fin e r y lo c a te d a t C h in o .
M e r g o r w ith t h e C o m m o n w e a lt h P e t r o le u m C o r n . .
a n a llie d o r g a n i z a t io n , w a s p r o p o s e d in N o v . 1 9 1 9 . e a c h o f t h e n o p a r v a l u e
s h a r e s o f t h e C o m m o n w e a lt h s t o c k t o b e e x c h a n g e d f o r 1 1 -5 s h a r e s o f
U n io n s t o c k , in c r e a s in g t h e o u t s t a n d in g a m o u n t o f t h e la t t e r i f th e e x c h a n g e
is c o m p l e t e d t o 1 ,3 6 8 ,0 0 0 s h a r e s . V . 1 0 9 , p . 1 8 9 9 , 1 9 9 0 .
T h e a s s e t s o f t h e U n i o n O il C o . o f D e l . in O c t . 1 9 1 9 i n c l u d e d $ 1 0 ,8 1 3 ,5 0 0
o f t h e $ 4 3 , 5 7 1 5 0 0 o u t s t a n d i n g s t o c k o f th e . U n i o n O i l C o . o f C a l i f , a n d r i g h t s
o n $ 1 ,6 1 1 ,5 0 0 o f t h e p r o p o s e d $ 6 ,4 2 8 ,5 0 0 n e w s t o c k , m a k in g 2 4 .8 5 % o f t h o
e n l a r g e d is s u e ; a l s o $ 3 ,3 8 4 ,7 0 3 ( 9 9 % ) o f t h e s t o c k o f t h e C o l u m b i a O il P r o ­
d u c in g C o . o f C a li f , a n d a f t e r p r o v is io n f o r fu ll p a y m e n t o n t h e f o r o g o m g ,
s o m e $ 9 ,8 3 0 ,0 0 0 c a s h f o r w o r k in g c a p it a l, & c .
C A P I T A L S T O C K .— A u t h o r iz e d , 5 ,0 0 0 ,0 0 0 s h a r e s o f n o p a r v a l u e , o f
w h ic h in S e p t . 1 9 1 9 1 ,0 0 8 ,0 0 0 s h a r e s h a d b e e n is s u e d . V . 1 0 9 , p . 1 0 8 6 ,1 1 8 6 .
M A N A G E M E N T .— C . H . S c h la c k s . P r e s .; H e n r y L o c k h a r t J r ., V .- P r e s .;
C . E . F o rs d ick
S e c .; H . F . O s b o r n J r ., T r e a s .
A m o n g th e d ir e c t o r s a re
C h a r le s H a y d e n a n d C h a r le s I I . S a b in o f N . Y . , W . L . S t e w a r t o f I .o s A n ­
g e le s . J o h n S . D r u m o f S a n F r a n c is c o , S . M . V a u c la in o f P h ila . N . Y . o f f i c e ,
1 2 0 B ’ w a y , N . Y . C i t y . — ( V . 1 0 9 . p . 1 0 8 6 , 1 1 8 6 , 1 4 6 8 . 1 8 9 9 . 1 9 9 4 .)
U N I O N S T E E L C O .— T h e U n i t e d S t a t e s S t e e l C o r p o r a t i o n , w h ic h t o o k
p o s s e s s io n a s o f D e o . 1 1 9 0 2 , o w n s th e e n t ir e 5 2 0 .0 0 0 ,0 0 0 s t o c k , g u a r a n t e e in g
$ 4 5 ,0 0 0 ,0 0 0 o f 5 % b o n d s .
See V . 7 5 . p . 1359, 1150; V . 7 4 . p . 100.
B O N D S .— T h e 1 s t a n d C o l l . 5 s o f 1 9 0 2 ( 5 4 5 ,0 0 0 .0 0 0 a u t h o r iz e d is s u e )
a re g u a r a n te e d p r in c ip a l a n d In te re st b y th e U
S . S te e l C o r p ., a n d a re
s e c u r e d b y a ll t h e p r o p e r t y o f t h e c o m p a n y , i n c l u d i n g t h e S h a r o n S t e e l s t o c k
a c q u ir e d .
T h e y a r e s u b je c t t o c a ll s in c e D e c . 1 1 9 0 7 a t 1 1 0 a n d I n te r e s t.
O f t h e b o n d s , 5 4 3 ,9 1 1 ,0 0 0 h a v e b e e n I s s u e d , o f w h ic h $ 1 9 ,8 8 6 ,0 0 0 w e r e b e id
a li v e In s in k i n g f u n d o n D e c . 31 1 9 1 8 ; r e m a in d e r a r e t o b e u s e d t o r e t ir e u n ­
d e r ly in g b o n d s a n d fo r fu tu r e p u r p o s e s .
A n n u a l s in k in g fu n d 2 % o f a m o u n t
o f bon d s o u t.
V . 75. p . 1150; V . 7 6 . p . 107; 5 4 6 .
G u a ra n ty . V . 76. p . 709.
- ( V . 7 8 . p . 1 1 7 1 . 1 2 2 7 ; V . 8 3 . p . 9 1 2 ; V . 9 1 , p . 7 2 1 ; V . 9 2 . p . 1 2 4 7 .1
U N IO N S T O C K Y A R D S O F O M A H A .— O R G A N I Z A T I O N — I n c o r p o r ­
a t e d In N e b r a s k a I n D e o . 1 8 8 3
O w n s a b o u t 2 2 0 a c r e s o f la n d a t S o u th
O m a h a , c o v e r e d w it h p la n t , & o ., a n d o t h e r re a l e s t a t e
V . 92. n . 137® ,
D i v i d e n d s s i n c e 1 8 9 7 . 6 % y e a r l y , w i t h e x t r a s o f 2 % In D e c . 1 9 1 6 , N o v . 3 0
1917, D e c. 1918.
O f t h e 1 st 5 s o f 1 9 1 1 ($ 5 ,0 0 0 ,0 0 0 a u t h . is s u e ). $ 7 0 0 ,0 0 0
h a v e b e e n s o ld , r e m a in d e r r e s e r v e d fo r im p r o v e m e n t s a n d a d d it io n s . $ 1 ,­
2 0 0 .0 0 0 a t c o s t a n d $ 3 ,1 0 0 ,0 0 0 a t 7 5 % o f c o s t . V . 9 2 . p . 1 3 8 7 . 1 3 1 5 .
R e p o r t f o r y e a r e n d in g N o v . 3 0 1 9 1 8 , in V . 1 0 8 , p . 3 7 6 , s h o w e d :
G ross
N et
D ep reR eD iv id e n d s
B a l.,
N ov. 30
E a rn s.
E a rn s,
cia tio n .
serves.
P a id .
S u rp .
Y ear.
$ 7 9 8 ,8 3 5
(n o t sh ow n )
(8 )$ 5 9 9 ,7 0 4
$ 1 9 9 ,1 3 1
1 9 1 7 - 1 8 _____ $ 3 , 7 1 0 , 1 8 0
8 4 7 ,6 7 2
1 5 0 ,0 0 0
5 0 .0 0 0 (8 ) 5 9 9 ,7 0 4
4 7 .8 6 8
1 9 1 6 - 1 7 _____ 2 , 8 4 0 , 7 5 5
9 1 0 ,8 5 8
1 5 0 .0 0 0 1 5 0 ,0 0 0 (8 ) 5 9 9 .7 0 4
1 1 ,1 5 4
1 9 1 5 - 1 6 ______ 2 , 3 3 5 . 5 2 4
P r e s .. R . J . D u n h a m ; S e c .-T r e a s ., J . C . S h a r p .
O ffic e . S o u th O m a h a ,
N e b .— ( V . 1 0 5 , p . 2 1 9 0 , 2 5 4 9 ; V . 1 0 6 , p . 3 9 3 , 1 1 2 5 ; V . 1 0 8 , p . 3 7 6 .)

UNION SWITCH & SKJNAL CO.— See Westinghouse Air Brake Co.
UNION TANK CAR CO.— O R G A N I Z A T I O N , & c . — I n c o r p o r a t e d i n
N . J . in 1 8 9 1 a s U n io n T a n k L in e C o . , n a m e c h a n g e d t o p r e s e n t t it l e J u n e 4
1 9 1 9 (V . 1 0 8 , p . 2 1 3 1 , 2 3 3 6 ).
O w n s a b o u t 2 1 ,0 0 0 t a n k c a r s w h ic h it le a s e s
t o s h ip p e r s a t r e n t a l c h a r g e s a c c o r d i n g t o c a p a c i t y , a n d in a d d i t io n r e c e iv e s
a m ile a g e r a t e f r o m t h e r a ilr o a d s .
F o r m e r l y c o n t r o l l e d b y S t a n d a r d O il
C o . o f N . J . , b u t s e g r e g a t e d in 1 9 1 1 .
A u t h . s t o c k w a s in c r e a s e d in J u n e
1 9 1 9 f r o m $ 1 2 ,0 0 0 ,0 0 0 t o $ 2 5 ,0 0 0 ,0 0 0 . V . 1 0 8 , p . 2 3 3 6 .
D iv id e n d s , 1914
t o M a r c h 2 5 1 9 1 9 , 5 % y e a r ly ( 2 ' 4 % M . & S .j; J u n o t o D e c . 1 9 1 9 p a id
1 H % q u ar.
S u it, V . 1 0 7 , p . 1 0 0 9 .
In A u g . 1 9 1 7 s o ld t o th e E q u it a b le T r u s t C o . , N . Y . , $ 7 ,5 0 0 ,0 0 0 5 %
E q u ip m e n t T r u s t g o ld n o t e s , m a t u r in g $ 1 ,5 0 0 ,0 0 0 s e m i-a n n u a liy fr o m A u g .
1 9 1 8 t o A u g . 1 9 2 0 i n c l . . s e c u r e d b y t a n k c a r s c o n t r a c t e d f o r in 1 9 1 6 - 1 7 .
m a k i n g a n e q u i p 't o f a b o u t 2 1 ,0 0 0 a l l - s t e e l c a r s .
V . 105. p . 503. 613;
$ 4 ,5 0 9 ,0 0 0 w e r e p a id o f f in c a s h A u g . 1 5 1 9 1 8 t o A u g . 1 9 1 9 in c l . V . 1 0 9 ,p .6 8 6 .
R E P O R T f o r c a l . y e a r 1 9 1 8 in V . 1 0 8 , p . 1 5 1 6 , s h o w e d :
1918.
1917.
1916.
1915.
N e t e a r n in g s f o r y e a r
x $ l ,2 5 3 ,0 1 9
$ 3 ,7 0 9 ,5 1 6
* 2 ,0 8 1 ,7 6 6
* 1 ,0 6 7 ,9 5 8
D iv id e n d s p a id ( 5 % ) - - 6 0 0 ,0 0 0
6 0 0 ,0 0 0
6 0 0 .0 0 0
6 0 0 ,0 0 4
x N e t e a r n in g s f o r 1 9 1 8 a r e s h o w n a ft e r d e d u c t i n g $ 9 0 8 ,4 1 5 F e d e r a l
in c o m e a n d e x ce s s p r o fits ta x fo r 1 9 1 7 .
T o t a l s u r p lu s D e c . 31 1 9 1 8 , $ 6 ,1 1 6 ,7 9 7 , a g a in s t $ 5 ,4 6 3 ,7 7 8 In 1 9 1 7 .
C h a ir m a n . H e n r y E . F e lt o n ; P r e s ., W m . A . B a r s t o w ; V .-P r e s ., E . C .
S ic a r d l; S e c ., E . F . C o o k ; T r e a s ., E . L . G r id le y .
O ffic e , 21 E a s t 4 0 th S t .,
N . Y . — ( V . 1 0 7 , p . 1 0 0 9 ; V . 1 0 8 . p . 1 5 1 6 ,2 1 3 1 . 2 3 3 6 .)

UNITED ALLOY STEEL CORP.— O R G A N I Z A T I O N . — I n c o r p . In
N . Y . S ta te O ct. 25 1916.
O w n s in fe e p r o p e r t y o f f o r m e r U n it e d S te e l C o .
o f C a n t o n , O . (o r g a n iz e d in 1 9 0 3 ).
P r o d u c e s p ig ir o n fr o m n a t iv e o r e s a n d
c o k e , a n d c o n v e r t s s a m e i n t o s t e e l in it s o w n f u r n a c e s .
T w o p la n ts , to ta l
c o m b in e d c a p a c i t y 5 0 ,0 0 0 t o 6 0 .0 0 0 t o n s p e r m o n t h .
A ls o o w n s a h a lf
I n te r e s t in U n it e d F u r n a c e C o . , c a p a c i t y o f f r o m 1 4 ,0 0 0 t o 1 6 ,0 0 0 t o n s p e r
m on th . V . 103, p . 150, 1512; V . 105, p . 2 3 7 2 .
S T O C K .— A s y n d ic a t e h e a d e d
D o m in ic k a n d K is s e ll, K ln n ic u t t
s t o c k , w h ic h t h e y s o ld a t $ 4 7 p e r
o r o ld .
I n itia l d iv id e n d o f $1 p e r
t o O c t. 1 9 1 9 . $1 q u a r .
V . 103. p .

b y H o r n o lo w e r & W e e k s , D o m in ic k
A
& C o . p u r c h a s e d 2 0 0 .0 0 0 s h a r e s o f t h e
sh are V . 103, p . 1512. N o b on d s, n ew
s h a r e w a s p a id J a n . 10 1 9 1 7 . A p r il 191 7
2244; V . 105, p . 2190.

R E P O R T . — F o r c a l . y e a r 1 9 1 8 , in V . 1 0 8 , p . 1 5 1 6 . 1 8 2 1 ;
B a l a n c o s u r . o r d e f - - d e f . $ 2 . 1 8 0 ,5 7 3 S .$ 4 .3 4 4 ,4 1 8 S .$ 5 .1 7 9 ,0 3 2 S .$ 2 8 1 9 1 2 9
P r o f i t ' a n d lo s s s u r p l u s D e c . 3 1 1 9 1 8 . $ 4 , 3 2 6 , 7 1 6 ; s u r p l u s i n v e s t e d in
a d d i t io n s , $ 1 5 ,0 0 0 ,0 0 0 . S o e V . 1 0 9 , p . 1 8 9 9 .
D I R E C T O R S .— L y m a n
S tew a rt
(C h a ir m a n ), L o s
A n g e le s : W . L .
S te w a r t (P r e s id e n t ), E . W . C la r k ( V .- P . & G e n . M g r .) , W . R . K e n n e d y ,
It. D . M a tth o w s (C o m p .), W . W . O r c u tt W
R . S ta a ts, F . C . B o lt. Isa a c
M ilb a n k A . P . J o h n s o n , G u r n e y E . N e w lin
H e n r y M . R o b in s o n .
O th e r
o f f ic e r s - & e c ., J o h n M c P o n k ; T r e a s ., I t . J . K e o w n .
G e n e r a l o f f i c e . O le u m
(P . O
R o d e o ) . C o n t r a C a s ta C o u n t y , C a l.; b r a n c h o ffic e s , L o s A n g e le s
a n d S a n F r a n c i s c o . — ( V . 1 0 9 . P - 1 8 0 . 2 7 9 . 6 8 6 ; 7 8 2 , 1 4 6 8 . 1 & 9 9 .)

UNION OIL CO. (OF DELA).—

O R G A N I Z A T I O N . — I n c o r p . in D e la ­
w a r e A u g . 1 5 1 9 1 9 f o r t h e p u r p o s e o f a c q u ir i n g a la r g e in t e r e s t in t h e U n io n
Oil C o o f C a l i f . , t h o C o l u m b i a Oil P r o d u c i n g C o . ( o f C a l i f . ) a n d i n s i m i l a r




Y ear 1918.
Y ea r 1 9 1 7 . P erio d 1 9 1 6 .
............
S a l e s ........................................
$ 4 0 ,0 5 5 ,8 6 4 $ 3 4 ,2 2 8 ,8 8 0
M a n u f a c t u r i n g p r o f i t s ______________________ $ 4 , 5 1 1 , 4 2 8
$ 6 ,5 0 5 ,2 6 6
$ 7 2 9 ,4 3 8
O t h e r i n c o m e .............................................................
2 2 4 ,8 7 3
1 0 4 ,9 4 3
3 8 ,1 2 1
T o t a l .......................................................................... $ 4 , 7 3 6 , 3 0 1
$ 6 ,6 1 0 ,2 0 9
M i s c e l l a n e o u s d e d u c t i o n s _______________
$ 3 6 5 ,1 4 8
$ 2 1 5 ,4 2 2
D e p r e c i a t i o n - ....................................................
9 3 5 ,8 9 6
5 1 6 .2 9 6
R e s e r v e d f o r F e d e r a l t a x e s ( e s t . ) ______
8 0 0 ,0 0 6
1 ,5 0 0 .0 0 0
D i v i d e n d s ............................................................
2 ,1 0 0 ,0 0 0 (4 )2 ,0 0 0 .0 0 0
B a l a n c e , s u r p l u s ....................................... ..
* 5 3 5 .2 5 7
N o t e s p a y a b le , a s o f D e c . 3 1 1 9 1 8 , $ 1 ,1 5 0 ,5 0 0 .

$ 2 ,3 2 8 ,4 9 0

$ 7 6 7 ,5 5 9

$66,572
2 7 ,0 8 3
----------

( 1 )5 0 0 .0 0 0
$ 1 7 3 ,9 0 4

226

INDUSTRIAL STOCKS AND BONDS
M IS C E L L A N E O U S C O M P A N IE S

Date
B on d s

IF o r abbreviations, & c .. see notes on first page]

U n i t e d C i g a r S t o r e s C o o f A m e r — C o m $ 6 0 ,0 0 0 ,0 0 0 a u t h . .
P r e f e r r e d s t o c k ( a & d ) 7 % c u m $ 5 , 0 0 0 , 0 0 0 s e e t e x t _________
U n i t e d D r u g C o , I n c — A u t h c o m m o n $ 3 5 . 0 0 0 , 0 0 0 _____________
1 s t p r e f (a & d ) 7 % c u m $ 2 0 ,0 0 0 ,0 0 0 c a ll a n y t im e a t $ 6 0 2 d p r e f ( a & d ) 0 % n o n - c u m $ 1 0 , 0 0 0 , 0 0 0 c a l l a t 1 0 5 _______
P r e f s t o c k s o f s u b c o m p a n i e s (a s o f D e c 31 1 9 1 7 ) . .
_______
R e a l e s ta te & m t g e b o n d s a ll s u b c o s (O c t 1 1 9 1 9 )
U n it e d D r y G o o d s C o s — S ee A s so c ia te d D r y G o o d s C o r p
U n i t e d D y e w o o d C o r p — C o m m o n s t o c k $ 1 5 , 0 0 0 , 0 0 0 _______
P r e f 7 % c u m $ 5 , 0 0 0 , 0 0 0 ...................................... ...........................................
U n ite d E le c C o o f N J — S e e “ E le c t r i c R y " S e c t io n .
U n i t e d F r u i t — S t o c k 1 7 5 , 0 0 0 , 0 0 0 a u t h o r i z e d _____________ ______
D e b e n t u r e s g o l d s f J 4 2 5 .O 0 O d u e y e a r l y b e g i n ’ 1 4 . x c * & r *
do
g s f d r a w n 1 0 1 1 - 1 0 y ’ l y b e g J u l v '1 6 _ O B . x c * & r *
. . B o n d s a n d d e b e n t u r e s o f s u b c o s ( S e p t 3 0 1 9 1 8 ) __________ . .
United F u e l G a s — 1 s t M $ 1 5 , 0 0 0 , 0 0 0 c a l l 1 0 5 — K N c * & r *

Par

$ 1 0 0 $ 2 7 ,1 0 2 ,0 0 0
100
4.•‘1 2 7 .0 0 0
100
2 9 .0 0 0 .
50
1 5 .0 0 0 .
100
1 ,0 0 0 ,0 0 0
1 ,0 2 0 ,1 0 0
5 0 5 ,2 9 8

: : : :

C IG A R

500 & c

S T O C K .— D iv id e n d s o n p r e f. s t o c k a re c u m u la t iv e fr o m S e p t . 1 5 1 9 1 2 ,
H a s e q u a l v o t i n g p o w e r w it h c o m m o n .
A s p e c ia l s u rp lu s fu n d o u t o f n e t
p r o fit s m a y b e u s e d a ft e r J a n . 1 1 9 1 6 t o r e d e e m p r e f. s t o c k a t p r ic e s n o t
e x c e e d in g $ 1 4 0 p e r s h a r e .
T h e s t o c k h o ld e r s o n A u g . 14 1 9 1 4 v o t e d t o r e ­
d u c e t h e p a r v a l u e o f s h a r e s f r o m $ 1 0 0 t o $ 1 0 , b u t t h is c h a n g e h a v in g p r o v e d
u n s a t is fa c t o r y , t h e y
v o t e d M a r . 3 191 6 t o r e s to r e th e o ld p a r v a lu e .$ 1 0 0
a sh are.
V . 102, p . 615; V . 105, p . 1901.
B ills a n d a c c o u n t s p a y a b le ,
D e c . 31 1 9 1 8 , $ 7 ,5 1 9 ,9 4 7 .
T h e s t o c k h o ld e r s o n A p r il 11 1 9 1 9 v o t e d t o in c r e a s e t h e c o m m o n s h a r e
c a p it a li z a t i o n f r o m $ 3 0 ,0 0 0 ,0 0 0 t o 3 6 0 .0 0 0 .0 0 0 , t h e a d d i t io n a l s t o c k t o b e
u s e d in t h e e x t e n s i o n o f b u s in e s s a n d t h e a c q u i s i t i o n o f n e w l i n e s , a n d w ill
b e a v a ila b le f o r d is t r ib u t io n a s s t o c k d iv id e n d s .
C om p are V . 108, p . 1516,
1171, 886.
D I V I D E N D S (o ld c o . p r io r t o m e r g e r o f 1 9 1 7 ).— D l v . o n c o m m o n , I K %
*nd
e x tr a p a id F e b . 15 19 1 3 ; M a y 15 1913 to N o v . 15 1 9 1 3 . 1 H % ;
F e b . 15 1 914 t o M a y 15 1 1 9 5 , 6 % y e a rly : A u g . 1915 t o F e b . 15 1 9 1 7 . I K % :
M a y 1917, 2 % qu a r. to M a y 1918.
V . 104, p . 1392.
O n A u g . 15 1 9 1 8 in ­
cr e a s e d th e c o m m o n d iv id e n d t o 2 K % - N o v . 1 9 1 8 t o M a y 1 9 1 9 , 2 M %
q u a r .; t h e n f n o n e till J a n . 2 1 9 2 0 , 6 % . V . 1 0 7 , p . 4 1 0 .
fe. R E P O R T . — F o r c a l . y e a r 1 9 1 8 ( i n c l . s u b . c o s . ) , V . 1 0 8 , p . 5 7 4 , s h o w i n g :
xt
1918.
1917.
R e s e r v e f o r F e d e r a l t a x e s , e s t i m a t e d ) ...........................
1 ,0 0 0 ,0 0 0
5 5 0 ,0 0 0
P r e f e r r e d d i v i d e n d s ( 7 % ) ...........................................................
3 1 6 ,8 9 0
3 1 6 ,8 9 0
C o m m o n d i v i d e n d s ....................................................................( 8 ^ ) 2 , 3 0 8 , 7 7 0 ( 7 J 4 ) 2 1 0 5 0 5 5
s u r p l u s . .......................................................................... $ 1 , 3 8 4 , 5 4 5

I $ 4 5 1 ,5 5 6

S a le s , 1 9 1 4 -1 9 1 9 , w e r e .

.1 9 1 4 .
1915.
1916.
1917.
1918.
1 9 1 9 E s t.)
$ 2 9 ,9 0 2 ,7 1 4 $ 3 1 ,0 3 8 ,8 4 6 $ 3 5 ,6 2 2 ,9 8 6 $ 4 2 ,9 1 3 ,4 0 5 $ 5 2 ,0 3 7 ,7 4 9 $ 6 2 ,0 0 0 ,0 0 0
C h a ir m a n , C h a r le s A . W h e la n ; P r e s ., E d w a r d W is e ; V .- P r e s ., E ll io t t
A v e r e t t , W . T . P o s e y , J . R . T a y lo r ; S e c ., F . I . B e e t o n : T r e a s ., G e o .
W a t t i e y .— (V . 1 0 8 . p . 1 7 7 , 5 7 4 , 8 8 6 , 1 1 7 1 , 1 5 1 6 , 2 4 3 9 , 2 6 3 7 ; V .1 0 9 , p . 2 7 9 ,
3 7 9 , 4 8 4 , 8 9 4 , 1 7 0 7 . 1 8 0 0 .)
U N IT E D
D R U O
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 M a s s ,
in M a r c h 1 9 1 6 .
I n a d d i t io n t o it s m a n u fa c t u r in g p r o p e r t y a n d b u s in e s s ,
o w n s t h e e n tir e c a p it a l s t o c k o f t h e L o u is K . L ig g e t t C o . , t h e r e t a il c o m p a n y
w h ic h s u c c e e d e d t o R lk e r -H e g e m a n C o . , R I k e r -J a y n e s C o . a n d L o u is K .
L ig g e t t C o . b u s in e s s .
A ls o o w n s a ll t h e c o m m o n s t o c k o f C a n a d ia n a n d
B r it is h c o s
& c. Y . 108, p . 2637; V . 109, p . 894; V . 103, p . 417; V . 102,
p . 615, 1167, 1255.
I n J u n e 1 9 1 9 o p e r a t e d t h r o u g h its s u b s id ia r ie s 3 0 0
s t o r e s in t h e U . S . a n d C a n a d a . V . 1 0 7 , p . 2 3 8 3 .
In 1917 pu rch ased S eam ­
le s s R u b b e r C o . in N e w H a v e n , C o n n . , t h e le s s e e o f a n o w $ 1 ,8 0 0 ,0 0 0 p l a n t
o w n e d b y S e a m le s s R u b b e r a s s o c ia t e s o n a c c o u n t o f w h ic h t h o la t t e r s o ld
$ 1 ,2 0 0 ,0 0 0 6 % p r e f. s t o c k in N o v . 1 9 1 9 , h a v i n g d iv i d e n d s a n d s in k in g fu n d s
c o v e r e d b y re n ta l u n d e r g u a r a n ty b y U n ite d D r u g C o . V . 1 0 9 , p . 1 7 0 6 .
I n 1 9 1 9 S c h u h le s P u r e G r a p e J u ic e C o . , I n c . , o f N . Y . V . 1 0 4 , p . 1 4 9 5
2562.
U n ite d D r u g C o ., L t d ., C a n a d a , V . 106, p . 2 1 2 7 , 2 4 5 8 .
In A ug.
1 9 1 9 s o ld Y iv a u d o u C o . V . 10 9 , p . 8 9 4 .
.
fc g S T O C K .— S t o c k h o ld e r s o n J u n o 2 4 1 9 1 9 v o t e d t o in c re a s o T th o a u t h o r iz e d
1 st p r e f. s t o c k f r o m $ 7 ,5 0 0 ,0 0 0 t o $ 2 0 ,0 0 0 ,0 0 0 , $ 7 ,5 0 0 ,0 0 0 o f t h e n e w s t o c k
b e in g s o ld fo r t h w it h t o s h a r e h o ld e r s (a t p a r ) , m a k in g $ 1 5 ,0 0 0 ,0 0 0 p r e f.
o u ts ta n d in g .
T h e p r o c e o d s t o b e u s e d t o p a y $ 4 ,5 0 0 ,0 0 0 flo a t in g d o b t
o f c o n s o l, c o s ., r e t ir e o u t s t a n d i n g $ 9 0 0 ,0 0 0 p r e f. s t o c k o f s u b s id ia r ie s ,
t o in c r e a s e m a n u fa c t u r in g fa c ilit ie s a n d a s w o r k in g c a p it a l. V . 1 0 8 , p . 2 4 3 9 ,
2534, 2637; V . 109, p . 279.
T h e 2 d p r e f . s t o c k is n o w e x c h a n g e a b l e i n t o
c o m m o n s t o c k , s h a r e f o r s h a r e , a t a n y t im e a t o p t io n o f h o ld e r . V . 1 0 9 ,
P- § 9 4 .
B o t h p r e f . is s u e s a r e n o n - v o t i n g , u n le s s t h e d iv i d e n d s t h e r e o n a r e
m d e fa u lt , in w h ic h c a s e t h e p r e f. s t o c k a t le a s t w ill h a v e fu ll v o t i n g p o w e r
a s w e ll a s t h e c o m m o n .
I n A u g . 1 9 1 9 th o r e w a s $ 2 0 ,0 5 0 ,0 0 0 c o m m o n
s t o c k o u t s t a n d i n g a n d a f u r t h e r $ 1 0 ,0 0 0 ,0 0 0 w a s is s u a lb o in e x c h a n g e f o r
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s to c k w a s o u ts ta n d in g . V . 10 9 , p . 8 9 4 , 1 6 1 5 .
N o t e s p a y a b le D e c . 31 1 9 1 8 (fo c i. s u b . c o s .) , $ 3 ,1 9 0 ,5 2 9 .
F ir A
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I n c o r p o r a t e d in N . J . J u ly 2 4 1 9 1 2 .
O n J u n e 1 1917 fo r p u rp o se s o f e c o ­
n o m ic a l o p e r a t io n it t o o k o v e r a ll t h e p r o p e r t y a n d a s s e ts o f its s u b s id ia r ie s ,
t h e U n i t e d C i g a r S t o r e s C o . , I n c . , N . J . , U n i t e d C i g a r C o . o f 111. a n d U n i t e d
S to r e s R e a lt y C o r p . V . 1 0 5 , p . 1 7 1 8 ; V .9 4 , p . 1 4 5 1 ,1 3 8 6 ,1 1 2 2 ; V .9 3 , p . 1 1 0 8 .
1122S; V . 8 8 , p . 1 1 3 2 ) .
R e ta ils c ig a r s , c ig a r e t t e s , t o b a c c o , & c ., h a v ­
in g , in O c t . 1 9 1 5 , a b o u t 9 0 0 s t o r e s in v a r io u s p a r t s o f t h e c o u n t r y .
V.
93, p . 1122: V . 100, p . 314 V . 101, p . 1276, 1374.
U n it e d P r o fit-S h a r in g
C o r p ., see V . 9 8 , p . 1 4 6 5 ; V . 9 9 , p . 4 7 4 , 168 3 ; V . 1 0 0 . p . 5 9 , 3 1 4 .
T h e U n it e d R e ta il S to r e s C o r p . o ffe r e d t o a c q u ir e ^ b e tw e e n J u ly 7 a n d
A u g . 4 1 9 1 9 e n t ir e is s u e d c o m m o n s t o c k , g iv in g t w o R e t a il S to r e s sh a re s
C la s s A c o m m o n (n o p a r ) f o r e a c h s h a r e o f t h e U n it e d C ig a r S to r e s (p a r
3 1 0 0 ).
I n N o v . 1 9 1 9 a la r g e m a jo r it y o f th e s t o c k h a d b e e n s o a c q u ir e d .
V . 109. p . 80, 279, 585, 1994.

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C o u lb y , B a y a r d D o m in ic k a n d J a m e s A . F a v n e .
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D I R E C T O R S .— L o u is K . L ig g e t t ( P r e s .) , J a m e s C . M c C o r m ic k ( T r e a s .) »
C h a r le s E . M u r n a n , G e o r g e M . G a le s a n d J . N . S ta p le s J r . ( V .-P r e s id e n t s )
John B . C o b b , Jam es C . B rad y, F red . S. R ogers. E . D . C ah oon , W . O .
B o lt o n , T h o m a s P . T a y lo r , B y r o n M . H y d e , J o h n H . F la g le r , W . M .
F e d e r m a n , G e o r g e W . B e n c e , E . L . S c h o lt z , C . F . B u s h h o lt z , E d w in
T h o m p s o n , E d m u n d C a r p e n te r , T h o s . W m . R o b in s o n a n d S te p h e n H e x te r
— (V . 108. p . 3 8 7 . 8 8 6 , 967, 9 7 8 , 9 8 4 , 1065, 1171, 1941, 2 0 2 8 , 2 1 3 1 , 2 5 3 4 ,
2 6 3 7 ; V . 1 0 9 , p . 7 9 , 2 7 9 , 4 8 4 , 7 8 2 . 8 9 4 , 1 6 1 5 .)
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p a n ie s in F r a n c e . E n g l a n d a n d W e s t I n d i e s .
S e e fu ll d a t a , V . 1 0 4 , p . 2 5 5 9 .
S T O C K .— C a p it a l s t o c k (p a r $ 1 0 0 ) a u t h ., c o m m o n . $ 1 5 ,0 0 0 ,0 0 0 : o u t ­
s t a n d in g , $ 1 3 ,9 1 8 ,3 0 0 : p r o f. ( 7 % c u m .) a u t h ., $ 5 ,0 0 0 ,0 0 0 ; o u t s t a n d in g $ 4 ,5 0 0 ,0 0 0 .
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M s te d b y N . Y . S t o c k E x c h a n g e i n J u n e 1 9 1 7 .
S e e fu ll s t a t e m e n t t o t h e
E x c h a n g e in V . 1 0 4 , p . 2 o 5 9 .
T h e p r e f. s t o c k w a s o ffe r e d b y B la ir & C o
I n N o v . 1 916 (V . 1 0 3 ,p . 1 7 9 7 ).
C o m p a n y In S e p t . 1 9 1 7 h a d n o f u n d e d d e b t '
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OFFICERS.— Pres., Josoph C. Baldwin Jr- V -P Poreival Thnnms and
$ dda“ £ ; Fraser; T r e a s J b e W itt C,. Jones! s ic . i A s . tVI m T e L” t
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. 105, p. 395, 1125.)
UNITED EL. L. & POWER CO., N. Y.— S e e

C o n s o lid a te d G a s .

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M a r c h 3 0 1 8 9 9 t o c a r r y o n t r o p ic a l fr u it b u s in e s s .
P r o p e r tie s , se e V . 6 9 .
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R i c a , 3 4 7 m i l e s , s e e V . 7 1 . p . 1 0 6 7 ; V . 8 0 d 2 2 3 - V 81 n 6 1 8
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h h ’ s - a d a y - „ v - 1 0 8 , p . ■487; V . 1 0 3 , p . 1 9 7 9 ; V . 9 9 . p . 1 7 5 5 ; V . 9 8 , p . l 6 l 9 .
S t a t u s i n A u g . 1 9 1 7 , s e e V . 1 0 5 , p. 6 1 4 , 9 1 6 .
D e c . 3 1 1 9 1 7 t o o k o v e r th e p r o p e r t y o f th e (c o n t r o lle d ) C u b a n s u g a r
c o m p a n y , th e N lp e B a y C o . V . 1 0 5 . p .-2 0 0 6 , 2 2 6 9 .
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A H ie s .n e ^ s s it a U n ^ c u r t a i l m e n t ^ fr u it s h ip m e n t s .
V . 106, p . 1692, 2015;

S T O C K A N D N O T E S . —- T o p r o v i d e f o r f u t u r e f i n a n c i n g , t h e s h a r o ffnnd n 5 ^ v ?rte cJ n , n ‘
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P A 21 A ° : 2 0 7 8 : V . 1 0 2 . p . 1 4 4 2 .
O n D o c . 31 1 9 1 7 $ 1 , ­
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T h e A m e r i c a n I n t e r n a t i o n a l C o r p . h a s a l a r g o I n t e r e s t In t h e c o m p a n y .

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D I R E C T O R S . — A n d r e w W. P r e s t o n ( P r o s . ) , V . - P ’ s M i n o r O . K e i t h
V i c t o r M . C u t t e r , E u g e n e W. O n g , W i l l i a m N e w s o m e a n d C r a w f o r d I I .
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L a r e n a n d W. S . S p a u l d i n g . T r e a s . Is J o h n W. D a m o n .
G en era l o ffic e s .
131 S t a t e S t .. B o s t o n .— ( V . 1 0 6 , p . 1 6 9 2 . 2 0 1 5 : V . 1 0 7 , p . 1 1 0 5 , 1 9 2 5 , 2 0 1 5 .
2 1 9 5 , 2286, 2 2 9 6 , 2 3 8 3 , 2 4 8 2 ; V . 1 0 8 , p . 4 8 7 . 6 8 9 , 1385: V . 1 0 9 , p . 7 8 2 .
1 6 1 4 .)

UNITED FUEL GAS CO.— This company whose property In described
under caption of Columbia Gas S Electric Co., (owner of 51% or more
c
of the $10,000,000 capital stock) made a now $15,000,000 mortgage Jan. 1
1916 under which there have been sold $10,467,000 1st M. 6s. Tho un-

Nov., 1919.]

IN D U S T R IA L ST O C K S A N D

BONDS

227

1
■

D a te
B onds

M IS C E L L A N E O U S C O M P A N IE S
[F o r a b b rev ia tio n s, A c . , se e n o te s o n f i r s t p a g e]

U n ite d G a s I m p r o v e m e n t C o (T h e )— S t o c k $ 6 1 ,0 7 2 ,8 0 u — .
O n e -y e a r (u n s e c u re d ) g o ld n o te s (r e fu n d in g ) o n e -y e a r . _ c
U n ite d P a p e r B o a r d — C o m m o n s t o c k * 1 2 ,0 0 0 ,0 0 0 a u tn
_
P r e f s t o c k 6 % n o n -c u m * 2 ,5 0 0 ,0 0 0 r e d l l O ( V o l . 1 0 4 . p .7 6 9 )
U n ite d

R e t S t o r e s C o r p — ;C o m s t k 1 ,0 0 0 ,0 0 0 “ A ” s h s . n o p r

P r e f ( a & d ) s t o c k 8 % c u m u l c a l l 1 2 0 a u t h $ 1 0 , 0 0 0 , 0 0 0 --------U n i t e d S h o e M a c h i n e r y C o r p — C o m m o n s t o c k S d o .O O U .O O O -P r e f (a & d ) s t o c k 6 % c u m u la t iv e * 1 5 .0 0 0 .0 0 0 (s e e t e x t ) .
U S F o o d P r o d u c t s C o r p — S t o c k o n e c l a s s $ 3 0 , 9 6 5 , 9 0 0 ---------

1919

—

Par
V a lu e

A m ount
O u tsta n d in g

;;;;
1902
1895

1 ,0 0 0
1 ,0 0 0

Issu e d b o n d s a r e r e s e r v e d fo r n o w p r o p e r t ie s , e x te n s io n s a n d im p r o v e m e n t s ,
a n d c a n b e is s u e d o n ly t o th e e x t e n t o f 8 0 % o f c o s t .
T h e b o n d s a re se­
c u r e d b y a fir s t m o r t g a g e u p o n t h e e n tir e p r o p e r t y .
A n n u a l s in k in g fu n d ,
b e g i n n in g M a r c h 1 1 9 2 2 , is t o r e t ir e o u t s t a n d i n g b o n d s a t o r b e f o r e m a t u r it y .
V . 104, p . 1708.
S ee o ffic ia l s ta te m e n t to N . Y . S to c k E x c h a n g e (Y . 1 0 3 ,
p . 1 1 3 3 ); a ls o s e e V . 1 0 2 , p . 1 7 2 0 , 1 8 1 6 , 1 9 9 8 ; V . 1 03 , p . 2 1 6 1 , 2 2 4 5 ; V . 1 0 4 ,
p . 869.
See V . 106, p . 1140.
,
„
,
,
I n 1 9 1 7 p a id a s t o c k d iv i d e n d o f $ 1 ,0 0 0 ,0 0 0 a n d o n t h e s t o c k a s s o In ­
c r e a s e d t o 8 1 0 ,0 0 0 ,0 0 0 p a id c a s h d iv i d e n d s , a g g r e g a t in g 3 6 % ; 1 9 1 8 , 3 6 %
R E P O R T . — F o r c a l . y o a r 1 9 1 8 , in V . 1 0 9 . p . 2 7 9 .1
^
P r e s ., F . 4V . C r a w fo r d , C o lu m b u s , O .— (V . 1 0 6 , p . 2 7 5 2 ; V . 1 0 8 , p . 1 7 7 ;
V . 1 0 9 , p . 2 7 9 .)
O A S

&

ELEC.

C O R P .— S e e “ E le c .

B y.

S T O C K . — I n c r e a s e d In 1 9 0 6 f r o m * 3 6 . 7 2 5 , 0 0 0 t o $ 4 5 , 9 0 0 , 2 5 0 a n d i n 1 90V
l o * 5 0 . 4 7 3 . 3 5 0 ; in 1 9 1 0 t o * 5 5 . 5 2 0 . 7 0 0 .
V . 8 9 . p . 1 6 0 0 : V . 8 8 , p . 1201
S h a r e h o ld e r s o f r e c o r d M a y 12 1 9 1 7 w e r e a llo w e d t o s u b s c r ib e a t p a r t ill
J u n e 15 fo r $ 5 ,5 5 2 ,1 0 0 ( 1 0 % ) n e w s t o c k , m a k in g t o t a l s t o c k $ 6 1 ,0 2 9 ,8 0 0 .
V . 104, p . 1697.
D I V I D E N D S . — S i n c e 1 8 8 8 8 % per a n n u m , p a y a b l e Quarterly.
In J a n .
1 8 9 6 p a i d extra 1 5 % in c g u v e r t l b l e s c r i p ; a l s o 1 0 % e x t r a M c h . 1 1910 Id
s c r ip c o n v e r tib le in to s to c k to J u n o 3 0 1 9 1 0 .
A ls o o n A p r . 1 9 1 7 2 % e x tra
fr o m p r o f it o n s a le o f s e c u r it ie s .
V . 104, p . 1050.
D i v i d e n d o u t l o o k in
O ct. 1919.
V . 109, p . 1707.
N O T E S . — In F e b . 1 9 1 8 s o ld a n is s u e o f $ 7 ,5 0 0 ,0 0 0 6 %
1 -y c a r n o te s
d a t e d F e b . 1 1 9 1 8 . th e c o m p a n y h a v in g t h e o p t io n o f a 1 -y e a r e x te n s io n
o n a 7 % b a s is .
T h e n o te s a re n o t s e c u r e d .
V . 106, p . 613, 720, 827.
O n F e b . 1 1 9 1 9 r e p la c e d b y o t h e r n o t e s o f lik e a m o u n t a n d in t e r e s t , d a t e d
F o b . 1 1 9 1 9 , a n d t o m a tu r o F o b . 1 1 9 2 0 , t h e c o m p a n y p a y in g t o th e h o ld e r
o f e a c h n o t e s o r o f u n d e d t h e s u m o f $ 1 2 in c a s h a s c o n s i d e r a t i o n t h e r e f o r .
V . 108, p . 282, 177, 1719.
B ills p a y a b l e o u t s t a n d in g D e c . 31 1 9 1 8 , $ 6 5 0 ,­
000.

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

1915.
____
$ 7 ,8 4 1 ,3 8 9
1 ,2 3 0 ,0 0 0

$ 8 ,1 6 3 ,4 4 4

$ 9 ,4 4 0 ,5 5 8

$ 9 ,0 7 1 ,3 8 9

B a l a n c e , s u r p l u s ........................
$ 2 1 4 ,1 2 5 $ 1 ,3 3 2 ,7 5 0
T o t a l p . & 1. s u r p l u s D e c . 3 1 1 9 1 8 $ 3 5 , 8 5 2 , 0 6 1 .

$ 2 ,8 2 9 ,0 9 5

$ 2 ,7 5 9 ,1 8 5

T o t a l i n c o m e __________________ $ 7 , 8 6 7 , 0 3 7

E x p ., taxes, int. & sink, fund 2,770,527
D ividen d paid ( 8 % ) ................ 4,882,384

2,247,939
4,582,755

1916.

2.171,226
4,440,237

1,871,968
4,440,236

D I R E C T O R S .— E ffin g h a m B . M o r r is , S a m u e l T . B o d in e (e x -o ffic io )
E . T . S t o t e s b u r y , R a n d a l M o r g a n , f f m . W o o d , T h o m a s J . D o la n a n d
M o r r is L . C lo th ie r .
P r e s ., S a m u e l T . B o d in e ; 1 s t V .- P - & G e n . C o u n s e l
R a n d a l M o r g a n ; 2 d V . - P . , W a l t o n C la r k ; 3 d V .- P . & G e n . M g r ., L e w is
L illie ; 4 th V .- P ., W . F . D o u t h ir t ; 5 th V .- P ., P a u l T h o m p s o n ; T r e a s ., I . W .
M o r r is ; S e c ., G e o . W . C u r r a n , B r o a d & A r c h S t s .. P h ila .— ( V . 1 0 7 . p
3 9 9 , 2 1 9 5 , 2 4 8 2 ; V . 1 0 8 , p . 1 7 7 , 2 8 2 , 8 8 6 , 1 7 1 9 ; V . 1 0 9 , p . 2 7 9 . 3 7 9 , 1 7 0 7 .)
T H E U N IT E D M O T O R S C O R P O R A T I O N — S ec G en eral M o to rs C orp
U N IT E D P A P E R B O A R D C O .— (V .
p . 1 0 6 5 ; V . 1 0 9 , p . 8 8 6 , 1 9 9 4 .)

107. p.

612.

692.

2015; V .

108!

U N I T E D R E T A I L S T O R E S C O R P . — O R G A N I Z A T I O N . — I n c o r p . in
D e lo w a r o J u n o 9 1 9 1 9 , t o e s t a b lis h a s y s t e m o f m a n u fa c t u r in g b u s in e s s a n d
r e t a il c h a in s t o r e s t h r o u g h o u t t h e w o r ld f o r m e r c h a n d is in g o f a ll k i n d s .
V . 108, p . 2439, 2638.
O f f i c i a l s t a t e m e n t t o t h e N . Y . S t o c k E x c h a n g e in
V . 109, p . 585.
T h e c o r p o r a t io n h a s a c q u ir e d 6 5 ,3 7 1 s h a r e s o f U n i t e d C ig a r S t o r e s C o . ,
o f A m o r ic a C o m m o n s t o c k , in a c c o r d a n c e w it h it s o f f e r t o a c q u ir e t h e o u t ­
s t a n d in g C o m m o n s t o c k b y is s u in g th e r e fo r t w o s h a r e s o f U n it e d R e t a il
S t o r e s C o r p . C o m m o n C la s s A s t o c k (w it h o u t n o m in a l o r p a r v a lu e ) fo r
e a c h s h a re o f C o m m o n s t o c k o f t h e U n ite d C ig a r S to re s C o . o f A m e r ic a .
V I n ° A u g . *1919 t h o C o m m o n s h a r e h o ld e r s w e r o p e r m it t e d t o s u b s c r ib e a t
$ 1 0 p e r sh a r e fo r a n e q u a l a m o u n t o f C la s s A C o m m o n s t o c k o f U . R . S .
C a n d y S to r e s C o ., I n c . (w h ic h s e e b e lo w ) , t h e U n ite d c o m p a n y it s e lf s u b ­
s c r i b i n g f o r a ll t h o 4 0 0 ,0 0 0 F o u n d e r s s h a r e s a t $ 1 p e r s h a r e .
V . 109. p . 686.
I n O c to b e r 1919 a n e x c h a n g e o f a m a jo r it y o f th o C o m m o n s to c k o f th o
A m e r ic a n T o b a c c o f o r t h o s t o c k o f t h e A . - T . S e c u r itie s C o m p a n y , $ 1 0 0 p a r
v a lu e o f th o fo r m e r fo r fo u r sh a re s (n o p a r v a lu e ) o f th e la t t e r w a s a r r a n g e d
b y t h o W h e l a n -D u k e in t e r e s t s , w h ic h a ls o a c q u ir e d c o n t r o l o f M o n t g o m e r y ,
W a r d & C o . a n d r e c a p it a liz e d w it h s a m e n a m e a s a n I llin o is c o r p o r a t io n .
— V
109, p . 1373, 1528, 1707, 1900, 1994.
S T O C K .— I n J u ly 1 9 1 9 10 sh a re s o f t h o P r e f. s t o c k w a s p a id b u t n o n e
is s u e d - 1 6 0 0 0 0 s h a r e s o f t h e F o u n d e r s s t o c k w a s a ls o p a id fo r b u t n o n e
is s u e d ! a n d ’ 5 0 ,0 0 0 C o m m o n s h a r e s w e r o p a id fo r a t r a t e o f S 7 0 p e r s h a r e ;
t h o 5 9 3 2 4 0 s h a r e s o u t s t a n d in g in c lu d e t h o s e r e s e r v e d fo r e x c h a n g e o f
U n it e d C ig a r S to r e s C o . o f A m e r ic a s t o c k .
A ll s t o c k s h a v e e q u a l v o t in g
p ow er.
I n c a s e o f l i q u id a t io n t h o P r e f . s t o c k is e n t it l e d t o (u ) 1 2 0 a n d d l v .
i f t h o l i q u i d a t i o n b o v o l u n t a r y a n d (6 ) p a r a n d d i v . i f u n v o l u n t a r y .
V . 109,
p.

585.
O F F I C E R S — P r e s id e n t , G e o r g e J . W h e la n ; V ic e -P r e s id e n t , W in . R P e r k in s ; V ic o -P r e s id e n t , S id n e y S . W h e la n ; V ic o -P r e s ld e n t , S a m u e l B
W o o d s J r .; S e c r e t a r y & T r e a s u r e r , A le x . I I . S a n d s J r .; A s s is ta n t S e c r e ta r y
R . A . N o r r iss ; A s s is ta n t S e c r e ta r y , S . W . M y a t t .— (V . 1 0 8 , p . 2 4 3 9 . 2 6 3 8
V . 1 0 9 . p . 7 9 , 2 7 9 , 3 7 9 , 4 8 4 , 5 8 5 , 1 0 8 6 , 1 2 8 0 , 1 3 7 3 , 1 7 0 7 . 1 8 0 0 . 1 9 9 4 .)




2%

P la c e s W h e r e I n te r e s t a n d
D iv id e n d s a r e P a y a b le

P h ila d e lp h ia O ffic e
P h ila d e lp h ia

1%
1H

/C h e c k s f r o m
\
T ru st C o,
B y ch eck

A m e r ic a n
B oston

B an k ers
do

C o, N
do

T ru st

I

U N IT E D
SH 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 ­
T I O N . — I n c o r p . in N . J . V . 8 0 , p . 1 8 6 2 .
P r o p e r tie s , V . 6 8 . p . 3 3 3 , 4 3 0 ;
V . 74. p . 430: V . 75. p . 851: V . 80. p . 1486: V . 91. p. 878; V . §2 . p . 1699;
V . 9 7 , p . 1359; V . 99. p . 2 75.
T h e m e rg e r o f th e U n ite d S h o e M a c h in e r y
C o ., th e o p e r a t in g c o m p a n y , w ith th e U n it e d S h o e M a c h in e r y C o r p o r a tio n ,
t h e h o ld in g c o m p a n y (w h ic h o w n e d , M a r c h 1 1 9 1 9 , a ll e x c e p t $ 8 3 ,5 7 3 o f
th e C o m m o n s to c k ) w a s fin a lly c o n s u m m a te d N o v . 3 0 1 9 1 7 .
V . 105,
P T h e U S . S u p r e m e C o u r t o n M a y 2 0 1 9 1 8 r e fu s e d t o o r d e r t h e d is s o lu t io n
o f th e c o m p a n y f o r a lle g e d v i o la t io n o f t h e S h e r m a n A n t i- T r u s t L a w .
As
t o t h is a n d t h e C la y t o n A c t s u it , s e e V . 1 0 6 , p . 2 2 3 8 , 2 2 2 4 .
O n O c t . 21
1 9 1 8 t h e G o v e r n m e n t w a s r e fu s e d a r e h e a r in g o f t h e d is s o lu t io n s u it s .
U

6, 2

W

f i : ? : S

.

2224: V . 108. p. 2237.

s e c t io n ."

( T H E ) U N I T E D G A S I M P R O V E M E N T C O . — O r g a n i z e d 1 8 8 2 In P e n n
s y lv a n la :
r e o r g a n iz e d in 1 8 8 5 .
C h a r t e r Is p e r p e t u a l a n d b u s i n e s s is t h e
b u i l d i n g , l e a s i n g a n d o p e r a t i n g o f g a s w o r k s , & c . ( s e e l i s t in 1 9 0 0 . V . 7 0 . p
1 0 0 0 , 9 4 4 ).
S e e d a t a a s t o t h e v a r i o u s p r o p e r t ie s in V . 1 0 9 , p . 8 9 4 : V . 1 0 7 .
p . 3 9 9 , 400; V . 79 , p . 4 9 8 , 2090; V . 8 0 , p . 2342; V . 81. P- 977, 1727; V . 82, p .
1160, 1444; V . 83, p . 42, 499, 1360, 1541; V . 8 4 . p . 107, 3 9 5 . 9 3 6 , 1112.
1301, 1373; V . 85. p . 44; V . 89, p . 1000; V . 90, p . 1682; V . 91, p . 219.
V . 9 2 , p . 1699; V . 95 , p . 116, 819; V . 100, p . 404, 647; V . 103, p . 1597.
1597.
I n 1 9 1 5 I n v e s t e d $ 5 , 4 0 0 , 0 0 0 In b o n d s o f N o r t h e r n I n d i a n a G a s A
E le c tr ic C o .
V . 102, p . 1350, 1537; V . 106, p . 1792.
V . 109, p . 279.
O m aha G as C o. bon d s.
V . 105, p . 614.
C o n n e c tiv u t L t . & P o w e r C o .,
V . 105, p . 719: V . 106, p . 1792.
I n 1 9 1 8 o r g a n iz e d th e U . G . I . C o n t r a c t in g
C o . o f w h ic h it o w n s t h e e n t ir e c a p it a l s t o c k .
T h e n e w c o m p a n y w ill t a k e
o v e r a ll t h e c o n s t r u c t i o n b u s in e s s & c . o f U . G . I m p r o v e m e n t C o .
V . 108,
p . 1719.

R E P O R T f o r 1 9 1 8 in V . 1 0 8 , p . 1 7 1 9 s h o w s ;
1918.
1917.
R e g u la r in c o m e f r o m le a s e d
____
w o r k s a n d in v e s t m e n t s — $ 5 ,7 7 7 ,5 3 7 $ 7 ,6 5 4 ,8 0 6
P r o f it s o n s a lo o f s e c u r i t i e s ,- 2 ,0 8 9 ,5 0 0
5 0 8 ,6 3 8

O ct 15 T 9 .
F eb 1 1920
D e c 1 6 '1 8
Jan 151920

T ext
te x t
S ee te x t
Q— j
3 4 .6 6 7 ,8 3 9 S e e
O ct 1 1919. 1H
Q — J
9 .8 9 0 ,4 2 5 6 in 1 9 1 9
18 T 9 2 %
Q — J15 O c t
3 0 .7 7 4 ,2 0 0 6 } * 1 9 1 9
4 8 4 .2 3 7
A
&
O O c t 1 1927
5 g
5 .7 5 7 ,8 5 4
M
&
S S ept 1 1920
6 g
8 9 1 .0 0 0

V « - b
U N IT E D

L a s t D iv id e n d
a n d M a tu rity

W h en
P a y a b le

8
Q— J
15
$ 5 0 $ 6 1 ,0 2 9 ,8 0 0
6 g
7 ,5 0 0 ,0 0 0
9 ,1 8 6 ,4 0 0
100
1 ,5 7 9 ,1 0 0 6 in 1 9 1 9
Q— J
100
1 9 9 ,0 0 0
N one
5 9 3 ,2 4 0 sh rs
100
25
25
100

D is tille r s S e c u r C o r p c o ll t r u s t M g c a ll 1 0 5 ( t e x t ) - . B a . x x c *
A m e r i c a n S p i r i t s M I g 1 s t M g g u « f r e d 1 0 1 ___________ B a . z o *

R a te
%

T 8.
T9
1917.
). ' 0 7 . ’ 0 8 . ’ 0 9 . T O . T 1 - T 4 . T 5 . T 0 .
D I V I S .—
8
T ex
8
8 y r ly
8
8
1 “
8
8
8
O n c o m m o n ____ % | 8
4
. .
______
10
6
2
4
E x t r a c a s h ____________
T ext
_____
10
-10
..1 2 5
. .
10
E x tra s t o c k ..
O n J u ly 5 1 9 1 7 a n e x t r a d iv i d e n d o f 1 0 % in s t o c k a n d 4 % in L i b e r t y
L o a n b o n d s , in a d d i t io n t o t h e r e g u la r q u a r t e r ly 2 % . V . 1 0 4 . p . 2 4 5 7 .
In
J u ly 1 1 9 1 8 ,2 % a n d 4 % e x t r a in c a s h . I n 1 9 1 9 J a n . 2 % ; A p r il 2 % , J u l y 6 % ,
O ct. 4 % .
V . 108, p . 2439, 2534.
„
,
O n J u ly 5 1 9 1 6 6 % e x t r a in c a s h ; a ls o o n J u ly 1 5 1 9 1 6 1 5 -1 0 0 0 o f a s h a r e
o f T h o m a s G . P la n t C o . P r e fe r r e d s t o c k (o u t s t a n d i n g $ 2 ,5 0 0 ,0 0 0 e a c h o f
C o m m o n s t o c k a n d $ 2 ,5 0 0 ,0 0 0 7 % c u m . p r e f . s t o c k (p a r $ 1 0 0 ), ( V . 1 0 2 ,
p . 2 2 5 9 ) a s t o e a c h $ 2 5 s h a r e h e ld o n J u n e 1 9 , s e e V . 1 0 2 , p . 2 2 6 0 , 2 3 4 < .
R E P O R T .— F o r y e a r e n d in g F e b . 2 8 1 9 1 9 in V . 1 0 8 , p . 2 2 3 7 , s h o w e d :
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
C o m b i n e d n e t e a r n i n g s ____________________ $ 7 , 4 9 5 , 1 2 1
$ 6 ,1 3 7 ,3 2 3 $ 8 ,1 7 4 ,4 5 3
W a r r e s e r v e __________________________________
____________
7 5 0 ,0 0 0
------------------E x c e s s p r o f i t s t a x e s _________________________
1 ,0 0 0 ,0 0 0
- - - - - - - . . . . . . . .
C a s h d iv s . p a id (c o m m o n a n d p r e f . ) . .
4 ,7 5 0 ,3 3 8
3 ,2 3 3 ,2 8 5
4 ,9 9 6 ,3 6 0
R a t e p a i d o n c o m m o n s t o c k ------------------(1 3 M % )
(8 % )
(1 4 % )
B a l a n c e , s u r p l u s f o r y e a r _____________ $ 1 , 7 4 4 , 7 8 3
T h e to ta l s u r p lu s M a r c h

$ 2 ,1 5 4 ,0 3 8

$ 3 ,1 7 8 ,0 9 3

1 1 9 1 8 w a s $ 2 6 ,5 9 8 ,9 8 6 .

D I R E C T O R S .— E d w in P . B r o w n
(P r e s .), G e o . W . B r o w n
(V .-P .).
M o s e s B . K a v e n ( V .- P .) , W m . W a r r e n B a r b o u r , L o u is A . C o o lid g e (T r e a s ) ,
E d m u n d L e B . G a r d n e r , J . H . H a n a n , E . P . H u r d (V .-P r e s . a n d A s s t.
T r e a s .), G . E . K e it h . D a n ie l G . W in g , W . F . R o b in s o n (V .- P r e s .) , C h a s .
G . R ic e . A . R . T u r n e r , S a m u e l W e il. J . I I . C o n n o r ( V .- P .) , I le n r y B . E n d ic o t t , S id n e y W . W in s lo w J r . ( V . - P . ) , W illia m W o o d w a r d , R o b e r t F .
H e r r ic k . H . G . D o n h a m , o f B o s t o n , S e c . & V .- P ., A lb a n y B ld g .. B o s t o n ;
M a s s .— ( V . 1 0 8 , p . 2 2 3 7 . 2 4 3 9 , 2 5 3 4 .)
U . R . S . C A N D Y S T O R E C O . I N C .— O R G A N I Z A T I O N .— I n c o r p . in
D e l. o n o r a b o u t J u ly 2 5 1 9 1 9 .
U n it e d R e t a il S t o r e s C o r p o r a t io n (s e e
a b o v e ) o w n s a la r g e in te r e s t.
H a s p o w e r t o m a n u fa c tu r e c a n d y a n d
k i n d r e d p r o d u c t s a n d s e ll t h e s e p r o d u c t s t h r o u g h a c h a in o f r e t a il s t o r e s in
th e U n ite d S ta te s a n d th r o u g h o u t th e w o r ld .
A u t h o r iz e d c a p it a l o f 1 ,2 5 0 ,­
0 0 0 s h a r e s — a ll C o m m o n s t o c k — h a v i n g n o n o m i n a l o r p a r v a l u e a n d h a v i n g
e q u a l r ig h t s a n d p r iv i le g e s , v i z . : (a ) 4 0 0 ,0 0 0 F o u n d e r s ’ s h a r e s , (6 ) 8 5 0 ,0 0 0
c la s s “ A ” s h a r e s.
I n S e p t . 1 9 1 9 a c q u ir e d t h e b u s in e s s o f F u e r s t & K r a e m e r
C a n d y m a k e r s . N e w O r le a n s , d o in g a n n u a l b u s in e s s o f fr o m $ 1 ,2 5 0 ,0 0 0 t o
$ 2 ,0 0 0 ,0 0 0 .
P la n s a re u n d e r w a y fo r t h e a c q u is it io n o f o t h e r c o m p a n ie s .
H a s p u r c h a s e d a f a c t o r y in N . Y . C i t y .
P r e s ., E d w a r d W is e .— ( V . 1 0 9 ,
p . 6 8 6 , 4 8 4 , 1 2 S 0 .)
U . S . F O O 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 .—
I n c o r p o r a t e d in N e w J e r s e y o n S e p t . 1 8 1 9 0 2 a s D is t ille r s S e c u r it ie s C o r ­
p o r a t io n , p e r p la n V . 7 4 , p . 1 3 1 0 , 1 3 5 8 . O n A p r il 5 1 9 1 9 p r e s e n t n a m e w a s
a d o p t e d a n d th e c o r p o r a t e p o w e r s w e r e e n la r g e d t o in c lu d e t h e r ig h t “ t o
m a n u fa c t u r e fo o d a n d fe e d p r o d u c t s o f a ll k in d s a n d p r o d u c t s a n d b y ­
p r o d u c t s o f a ll k in d s , o f g r a in , b e e t s , m o la s s e s , a n d o t h e r m a te r ia ls o f a ll
k in d s ; a n d t o o w n , le a s e a n d o p e r a t e c e n t r a l d e n a t u r in g p la n t s a n d w a r e ­
h o u s e s fo r d e n a t u r in g a lc o h o l a n d s p ir it s .”
T h e c h a n g e o f n a m e in n o
w a y a ffe c t s th e c o r p o r a t e id e n t it y o f t h e c o m p a n y o r it s p r o p e r t y .
C om ­
p a re V . 108, p . 1516, 1168, 1063; V . 109, p . 80.
O w n s f iv e la r g e d is tille r ie s lo c a t e d a t o r n e a r L o u is v ille , o n e o f t h e s e p r o ­
d u c in g c o m m e r c ia l a lc o h o l.
V . 107, p . 1290.
I t a ls o h a s f i v e o t h e r a lc o h o l
d is tille r ie s lo c a t e d in I llin o is a n d I n d ia n a .
In F e b . 1919 w as u n d erstood
t o b e p l a n n i n g t o c o n v e r t t h r e e d i s t i l l e r i e s i n P e o r i a , 111., a n d o n e a t P e k i n ,
111., i n t o p l a n t s f o r t h e m a n u f a c t u r e o f s u g a r f r o m c o r n b y a n e w p r o c e s s .
T h e s ix a lc o h o l p la n t s a r e r e p o r t e d t o h a v e a c a p a c i t y o f 2 5 0 ,0 0 0 g a l . a
day.
V . 107, p . 1290, 1388.
I n A u g . 9 1 9 1 9 h a d p u r c h a s e d f o r c a s h (a ) la r g e m o la s s e s a lc o h o l p la n t
a t N e w O r le a n s ; ( b ) t h e e n t ir e c a p it a l s t o c k o f f i v e le a d in g c o m p a n ie s in t h e
m o la s s e s h a n d lin g a n d d is t r ib u t in g b u s in e s s , w it h 2 5 v e s s e ls o f v a r i o u s s iz e s
a n d ta n k a n d s t a t io n fa c ilitie s a t v a r io u s p o in t s in t h e W e s t I n d ie s , U n it e d
S ta te s , C a n a d a a n d G r e a t B r it a in , t h u s c o m p le t in g t h e fa c ilit ie s fo r o b t a in ­
in g a t fir s t h a n d t h e r a w m a t e r ia l n e e d e d in t h e m a n u fa c tu r e s o f a lc o h o l
a n d v a r io u s k in d s o f a n im a l fe e d .
V . 109, p . 585.
O n D e c . 31 1 9 1 8 th e p r o p e r t y a c c o u n t h a d b e e n w r itte n d o w n fr o m
$ 4 0 ,5 0 1 ,0 7 2 t o $ 3 2 ,4 3 9 ,4 3 2 , a n d t h e c o m p a n y h e ld : L ib e r t y b o n d s , $ 8 ,­
3 8 6 ,0 0 0 ; c a s h , $ 5 ,0 5 2 ,0 6 7 (a g a in s t $ 1 ,4 7 7 ,4 7 7 in 1 9 1 7 ), a n d m e r c h a n d is e
a n d s u p p lie s c a r r ie d a t c o s t , $ 3 ,6 3 0 ,8 1 1 ( b u t w o r t h m u c h m o r e ) .
The
t o t a l b o n d e d d e b t a ls o h a d b e e n r e d u c e d fr o m $ 8 ,9 6 9 ,3 8 4 o n D e c . 3 1 1 9 1 7
t o $ 6 ,6 4 8 ,8 5 5 .
V . 108. p . 780; V . 106, p . 1347.
T w e n t y -t h r e e d is tille r y p r o p e r tie s c o n t r o lle d b y t h e c o m p a n y w e r e s o ld
in N o v . 1 9 1 8 ( a s a r e s u lt o f t h e p r o h i b i t i o n m o v e m e n t ) f o r $ 2 4 1 ,1 0 0 . V .1 0 7 ,
p . 2011, 1290. 1388.
A s t o o ld D is t illin g C o . o f A m e r ic a , c o m p a r e V . 1 0 6 , p . 6 1 0 ; V . 6 8 , p .1 2 2 4 .
T h e T r a n s - O c e a n ic C o m m e r c ia l C o r p . w a s in c o r p o r a t e d in N . Y . S t a t e in
J a n . 1 9 1 9 w it h c a p it a l s t o c k o f $ 1 ,0 0 0 ,0 0 0 , a n d o ffic e s a t 2 7 W illia m S t .,
N . Y . , t o t a k e c h a r g e o f t h e e x p o r t o f t h e c o r p o r a t i o n 's w h i s k e y s , s p i r i t s ,
a lc o h o l a n d o t h e r p r o d u c t s a n d b y -p r o d u c t s .
P r e s ., N o r m a l R . S te r n e .
D ir e c t o r s : M r . S te r n e . H e n r y H . W h e r h a n e , T h e o d o r e F . R e y n o ld s , A lv in
W . K r e c h a n d J u liu s K e s s le r , fo u r o f w h o m a r e d ir e c to r s o f t h e U . S . F o o d
P rod u cts C o rp .
S T O C K .— A u t h o r iz e d c a p it a l s t o c k w a s f o r m e r ly $ 3 2 ,5 0 0 ,0 0 0 . b u t b y
v o t e o f t h e s t o c k h o ld e r s o n M a r c h 19 1 9 1 9 , c e r t ific a t e s fo r $ 1 ,5 3 4 ,1 0 0
w e r e c a n c e le d , le a v in g t h e p r e s e n t a u t h . c a p it a l s t o c k $ 3 0 ,9 6 5 ,9 0 0 , o f w h ic h
$ 1 9 3 ,3 0 0 h a s y e t t o b e li s t e d .
B O N D S — T h o $ 1 ,2 0 0 ,0 0 0 A m e r . S p ir it s M f g . C o . 1 s t 6 s , d u e S e p t . 1
1 9 1 5 , w e r e e x t e n d e d f o r 5 y e a r s a t 6 % , p r in . a n d in t . b e in g g u a r a n t e e d b y
D is t il lin g C o . o f A m e r ic a ; s in k in g f u n d , $ 1 0 1 ,0 0 0 y e a r l y , f o r p u r c h a s e o f
b o n d s o r c a ll b y lo t fo r r e d e m p t io n a t 101 a n d in t .
V . 101, p . 133.
O u t­
s t a n d in g D e c . 3 1 1 9 1 8 , $ 8 9 1 ,0 0 0 .

228

[Vol. 109,

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 notes on first page]

Date
Bonds

Par
Value

Am ount
Outstanding

U n ited S ta tes Q y p su m C o— C om m on stock $4,000,000____
$100
P ref stock 7 % cumul $6,000,000 auth_____________________
100
Debenture notes $1,000,000 redeem 101____________ C C 1916 1,000 &c
100
U S In d u s tria l A lc o h o l— C om m on stock ($ 2 4 ,0 0 0 ,0 0 0 )___
P ref stock 7 % cum guar red text___________________________
100
Securities o f Subsidiaries Held by Public—
C uba Distilling C o pref stock (V 103, p 2158)___________
100
P urity Distilling C o bonds_________________________________ 1911
1,000
R ep ublic Distilling C o 1st M ext In 1915 s f call par____ Eq 1905
1 ,0 0 0
U S L ig h t & H eat C orp — 1st M s f $1,000,000 gold call 105 1915
1.000
LU
O
U S Cast Iron Pipe S Fdy Co— Com stock 515,000,000 auth.
c
100
Preferred stock 7% non-cum ulative $15,000,000 auth____
American Pipe & Foundry first m tge 51,500.000 sk fd . . z 1898
1,000
United States Envelope— Comm on stock 51,000,000. _____
100
Preferred stock (a & d) 7% cum ulative $4.000,000______
100
1st M g part yrly red 104 aft D ec 1919____________ OBzc* 1908
1 000
U n ited S ta te s L e a th e r C o— See Central Leather C o.
100
U S Realty & Im provem ent— Stock 530.000,000 auth------ I
N
Debentures $13,506,000 g con v to July 1 1908 red 105-N .c* i§0 4
1.000

Rale
%

When
Payable

T ext
$3,904,900
Q— M
6 ,000,000
7
M & S
1 ,000,000
5
See text 14 in V19 Q— M 15
y — J 15
6 .000,000
7
1,836.600

100,000

700.000
1 .000.000
1 2 , 000,000
12 . 000.000
X767.000
759.000
4.000,000
1,550,000

7
5
7 g
6g
See text
5 in 1919

Last Dividend
and M aturity

Places Where Interest and
Dividends are Payable

D ec 31 ’ 19 1 %
D ec. 31 T 9 1 %
Sept 1 1921
A G Becker & C o Chicago
D ec 15 T 9 2% Checks mailed
Oct 15 T 9 , I X Checks mailed

Q— F 15 Aug 15 19191

J
M
J

& D June 1 1936
& S Mar 1 1920
& D June 1 1935
Q—M Dec 1 1907
Q— M 15 Dec 15 T 9
J
&
J July 1 1 929
9 H % ’ 19 M & 8 Sept 1 T 9 3 X %
7 In 1919 \I & S Sept 1 T 9 3 X %
J
& D Deo 1 1919-34

18

do
Amer Trust C o , Bos ton
Equitable Trust C o. N Y
G uaranty T rust C o
Office, B urlington. N 3
do
do
Chattanooga. Tennessee
Old Colony Trust C o . B os
do
do
do
do

Q— F Feb 1 1915 1% Checks mailed
16,162 800 See text
J & J July 1 1924
11.930,000
5 g
Office 111 B roadw ay,N Y

x A fter deducting $733,000 in treasury and sinking fu n d.

O f the $16,000,000 Distillers 5s, $9,322,000 had been purchased, acquired
b y corporation and canceled; $920,145 issued but not used for conversion
leaving $5,757,855 outstanding as o f D ec. 31 1918.
D I V .—
\ ’06. ’ 07. 1908.12. T 3 -T 5 . '16 to Jan. T 8 A p r .T 8 to A p r.T 9
P e r c e n t ------/ d X 5 X 2 % y rly . N one.
3 % y r ly .
8 % y rly . (2 % q u .)
From April 1918 to O ct. 1919, inclusive, paid each quarter X o f 1% and
I X % extra.
R E P O R T .— F or year ending D ec. 31 1918, V . 108, p . 780:
— Year ended Dec. 31--------- Year ended June 30—
1915
„
1918.
1917.
1916.
Gross profits (all sources) _________ N o t stated. $4,806,755 $3,143,843
$2,223,794
N et incom e_____ ______x$10,514,810 x$5,497,377 $4,119,204
$792,922
Interest on b on d s______
$458,222
$706,944
$792,110
W ritten o f f prop . acct__ 7,928,503
2,641,149
-------------Reserve no longer needed Cr. 141,530
_________
_________
___
D iv id e n d s __________ ( 8 % ) 2,462,787
(2 )61 6 ,1 1 7 (1 ^ )4 8 4 ,5 4 8
23,131
B alance_____ ________ def.$193,172Sr$l,533,166Sr$2,842,546Sr$l,407,741
x A fter providing for incom e and war excess profits taxes.
D IR E C T O R S .— A lvin W . Krech (C hairm an), Julius Kessler (P res.).
Charles P . A yer, James E . Brodhead, and T h eo. P . R eynolds, H enry H .
W ehrhane (V .-P .), Theodore B . W agner (V .-P .), Oscar L . Gubelm an, E . Y .
R . Thayer and T h os. A . C lark. Other officers: M . A . Holzinger, Sec.;
T hos. A . C lark, Treas. Office, 15 Exchange Place, Jersey C ity; 40 Exchange
P lace, N . Y .— (V . 108, p . 272, 483, 780 786, 1963, 1168, 1516, 2534,
2638; V . 109, p . 80, 585, 1186.)
U. S. IN D U S T R IA L A L C O H O L C O .— O R G A N IZ A T IO N .— Incorp .
In W est Virginia O ct. 17 1906 and manufactures denatured and industrial
alcohol, &c. T he distilleries o f the subsidiary com panies were taken over
Jan. 1 1918. A lso controls U . S. Industrial Chem ical C o. V. 105, p
2100. V . 84, p . 343; V . 101, p . 777. The Distilling C o. o f America (con
'-•oiled b y the Distillers’ Securities C orporation) in June 1915 sold the
$6,350,000 o f the $12,000,000 com . stock owned by It. Its guaranty o f
the pref. divs. o f Industrial C o. extending for term o f charter to O ct. 17
1956. V . 100, p . 2015: V . 101, p. 218. A pplication to list, V . 92. p . 1106.
V .109, p .1994. I n 1918 purchased an additional distillery at Peoria. 111., for
the purpose o f m anufacturing alcohol to m eet the growing demands for the
use o f that com m od ity in m aking powder for the G ov t. V . 106, p. 1143.
and June 14 1918, 4 % . V . l0 6 , p . 507; V . 105, p . 507, 2549. T he C olum ­
bia D istillery in B rooklyn was destroyed b y fire in Sept. 1919.
In N o v . 1919 was expending $12,000,000 derived from sale o f new capital
stock in construction and developm ent work on account o f new products,
n otably alcogas, the com p a n y’s substitute for gasoline, and the establish­
m ent m ore or less extensively o f service stations for purpose o f introducing
sam e. See below , V . 109, p . 166, 782.
S T O C K .— Pref. stock m ay be redeemed on any dividend date at 125 and
accrued dividend. N o m ortgage w ithout consent o f 2-3 p f prof, stock.
In Jan. 1918 an im portant holding In the stock had been acquired by
American International C orporation. V . 106. p. 93.
N otes payable as o f June 30 1919, $5,439,000.
T he shareholders voted O ct. 7 to increase the com . stock from $12,000,000
to $24,000,000 co m ., shareholders o f record on O ct. 2t were given the right
to subscribe at $70 a share on or before N o v . 18 for the entire new issue,
share for share. Subscriptions are payable on or before N o v . 18. T ho
proceeds will be used in developing and introducing new products, notably
alcogas, the new hydro-carbon m otor fuel, which w ill probably be ready
for quantity production early in 1920. V . 109, p . 782, 894, 1086, 1468.
D I V I D E N D S .— On pref. stock since organization to O ct. 15 1919. 1 X %
Q .-J. On A ug. 2 1917 a cash d iv . (N o . 1) 16% was declared on com m on stock
ou t o f surplus accum ulated prior to D ec. 31 1916. for the year 1916, to be
paid on O ct. 1 1917 to holders o f record on A ug. 20. and a d iv . o f 16% for
the year 1917. to be paid on D ec. 1 to holders o f record on O ct. 20. M a r.
1918 to Sept. 1919 paid 4 % quar. (16% p . a .); D ec. 1919, 2 % , after Increase
o f stock and pending the construction and developm ent involved In estab­
lishing new lines, notably alcogas. V . 109, p . 782, 1994; V . 106, p. 507!
V . 105. p . 507. 2549.
E A R N IN G S .— H alf year to June 30 1919 (in V . 109, p . 1899): Balance
D ec. 31 1918, $15,808,350: earnings—6 m os. o f 1919, $940,450; divs. from
subsidiaries, $500,500; total, $17,249,300; dividend to parent c o ., $500,­
500; dividend to public, $1,234,281; balance, Juno 30 1919, $15,514,519.
R E P O R T .— R ep ort for cal. year 1918, In V . 108, p . 1389.
1915.
1918.
1917.
1916.
N e t, after d ep rec., & c . . $14,073,102 $12,510, 77 $5,044,344 $2,259,785
87,771
In te re s t.............. ...............
315,048
162,434
159,758
R es. for Federal t a x e s .. 6,998,182
5,239,861
420,000
420,000
U . 8 . In d .fP r e f. ( 7 % ) . .
420,000
420,000
A le. C o. \Com ------(1 6 % ) 1,920,000(32)3840,000
---------------------C uba D is t. C o. p f (7 % )
128,562
128,562
128.562
Special am ortization. IL 1,887,207
Balance, surplus..........$2,394,102 $2,720,420 $4,336,024 $1,752,014
Surplus (sub. cos.) a cq 'd
______
______
______
2,235,560
O F F IC E R S .— Pres., F. M . Harrison; S ec., Joseph M alone: T reas.,
A . G . R obinson.— (V . 106. p . 1035. 1125, 1143; V . 108, p . 1389; V . 109,
p . 80. 782, 1468, 1994.)
U. S. L IG H T & H E A T C O R P O R A T IO N — O R G A N IZ A T IO N .— In ­
corporated in N . Y ., June 28 1915, per plan in V . 100, p. 1924, is successor
o f U. S. Light Sc Heating C o. o f M aine, foreclosed. A dditions 1919, V .
108, p . 2121. Stock authorized, in $10 shares; 7 % non-cum . pref., $3,­
000,000: co m ., $4,000,000. outstanding D ec. 31 1918; co m ., $3,778,250;
pref. $2,995,150: notes p ayable, $681,145. Bonds auth., $1,000,000.
Circulars to shareholders in 1918,. V . 107, p . 702, 808. In A ug. 1919
John N . W illys and associates, it is understood, purchased con trol. M r.
W illys becom ing Chairman.
R E P O R T .— For I X years end. D ec. 31 1918 was In V . 108, p . 2121,
showing:
18 M os. to ------ June 30 Years------Dec. 31 T 8 .
1916-17.
1915-16.
N et shipments b illed ___________________$7,030,039 $3,017,874 $1,751,365
T otal net incom e_____________________
$497,092
$91,131 loss$211,397
Deduct— N et interest and discount—
116,114
60,260
24,100
Reserve for b ad accts. charged to oper
30,480
18,017
12,909
Balance, surplus______________ . . .




$350,498

$12,854 loss$248,406

O F F IC E R S .— Chairman, John N . W illys; Vice-Chairm an, E . II. G old;
Pres., J. Allan Smith; V .-P . & Sec., C . L . Lane; Treas., B . J. O ’ R eilly.
Directors, V . 107, p. 808. Office, Niagara Falls, N . Y .— (V . 107, p . 298.
702, 808; V . 108, p. 2121; V . 109, p . 686.)
„ U N IT E D S T A T E S C A S T IR O N P IPE & F O U N D R Y C O .— O R G A N I­
Z A T IO N .— Incorp. In N . J. M arch 13 1899. V. 81. p . 233: V . 69, p. 757;
V. 71. p. 1124. Properties, rights o f stocks. & c., V . 85. p. 157, 1522:
V . 103. p . 1709; V . 109, p . 1086.
DIV S. ’0 5 . ’0 6 . ’07. ’0 8 . ’09. T 0 .T I . T 2.T 3. T 4 . ’ 15. T6- T7. T8. T 9
SO
Pref
8
7
7 3 X o X & 2H 2 4
2 0
4
5
5
5
Com
1 4
4 ---------------None---------------T he com pany In Feb. 1919 declared a dividend o f 5 % on the prof, stock,
payable In quarterly Installments o f I X % beginning M arch 15 1919.
R E P O R T .— F or year ending D ec. 31 1918, In V . 108, p 1160, showed:
Years end. Dec. 31
7 M os. end.
1918.
1917.
1916.
Dec. 31 T 5 .
T otal incom e________ x $ l .600.585 x $ l ,863.095
$1,569,896
$417,562
Interest o n b o n d s , & C - .
$ 8 5 ,6 4 1
1 1 7 .3 1 4
$117,255
$55,774
D epreciation, & c______
405,907
403.641
144.000
65.000
P rof. divs. (see t e x t ) . . (5% )60 0 ,0 0 0 (5)600,000
(5)600,000 (4)480.000
Balance, sur. or d e f sur.$509,037 sur.$742.140sur.$708,611 def.$174.212
x After m aking provision for taxes.
O F F T O E P - S .— p r p q ., L R . L e m o l n e - V . - P . , O e o . .T L o n g : Sec * T r e a s
B . F . H aughton, Chas. R . R auth, A sst. Sec. & Asst. T reas., B urlington,

D IR E C T O R S .— G eo. B . Hayes, C olgate H o y t, C olgate H o y t J r., A . O .
O verholt. E. O . Fuller. George J. Long, P . J. G oodh art, W . T . O . C arpen­
ter, B . F. H aughton, N . F . Brady. J. C . B radv and L . R . L em olne.— (V
107, p . 612; V . 108, p. 387. 1160; V . 109, p. 1086.)
U N IT E D S T A T E S D IS T R IB U T IN G C O R P .— V . 109. p . 1531.
U N IT E D S T A T E S E N V E L O P E .— Incorp . In 1898 In M aine. V . 66 , p .
1003. C ap a city 1908, 20,000,000 envelopes d aily. V . 87. p. 1360; V . 102
p . 1442.
L A T E D IV S .
’06. ’07-’03. '09. TO. ’ 11-T 2. T 3 . T 4 f o ’ 16. T 7 . T 8 . T 9 .
Preferred ( % ) . . . 5 X 6 y ly . 2 X
8 9 M y ’ly llJ 4 7 % y 'ly . 7 7
7
.....................2 X 7 % y ’ly 7
7
7
C om m on ( % ) .....................- - - - - d o extra on com m on stock in M arch_____________________ 2 X 2 X 2 X ~
B O N D S .— The first mortgage 5 % serial gold bonds of 1908 ($2,500,000
authorized Issue) mature Deo. 1 yearly from 1910 to 1937. In Nov. 1908
$2,000,000 were sold (falling due $50,000 yearly from 1910 to 1924. $100,000
from 1925 to 1929 and $150,000 1930 to 1934 . V . 87. p. 1380. 1163.
R E P O R T .— Year ending D ec. 31 1918, V . 108, p. 781:
Calendar
Net
Bond
Deprec.
P f. Divs. Com .Dies. Balance,
Year—
Profits.
Interest. Plant.Ac.
(7 % ). ( 9 H & 7 % ). Surplus.
1918............ $1,713,619 $79,792 $996,727 $280,000 $71,250 $285,850
1917............ 1,042,518
82.292
170.779
280.000
71,250
438,197
1916............ 1,861,329
84,791
705,842
280.000 52.500
738,195
1915 ................. 679.441
-------87.291
34.700
J..... I .......... .......................
280.000 52.500
224.949
“ Depreciation. & c., includes for taxes. $150,000 in 1917, $800,000 In T 8 .
O F F IC E R S .— Preft;, O . H . H utchins, Shrewsbury. T rea s., W in. O .
D a y ; S ec.. W . M . W harfield, Springfield. M ass.— (V . 108. p . 781.)
U N IT E D S T A T E S G Y P SU M C O .— O R G A N I Z A T I O N — Incorp . In
N ew Jersey D ec. 27 1901 as a consolidation (V . 74, 0. 1138). M anufactures
all classes o f gypsum hard-wall plasters and other gypsum products, includ­
ing cem ent, w ood fibre, concrete, finishing, m oulding and pottery plasters,
stucco, Keene s cem ent and hydrated lime; firep roof partition tile, beam
and colum n protection, floor tile and ro o f tile, plaster boards, & c. This
com p any with a supply o f oyer 135,000,000 tons o f gypsum is tho dom inant
factor In the industry in tho United States. Has beon for a number o f years,
the w orld s largest producer o f gypsum (plaster o f paris), doing about 40%
or the business in the U nited States, its principal properties, consisting
?t
quarries, warehouses are located in different parts o f tho
U nited States.
*
S T O C K .— See P ref. stock offering in V . 108, p . 2638; V . 109, p . 80.
i u m » - r ° i o . ^ re£ vStOCk: 190G' 3 * % : 1907, 7 X % \ 1908. 5 % :
1909, 6 % : 1910 to 1912. 5 % per annum; 1913, 5 X % : 1914, 6 % : 1915,
^1 on ® Laccum ulations; In C om m on.stock (V . 101, p. 136,
;‘
619, 1633) 1916 to date 7 % per annum. A special dividend o f (Initial) 1 %
has beon declared payable D ec. 31 1919 to stock o f record D oc. 15 (V . 109,
p . 1899).
E A R N IN G S .— Calendar year 1918 in V . 109, p . 68 shows:
Net
Repairs
Bond
Pref.
Balance,
Profits. Depre. A c . In t., A c.D iv. (7 % ) Surplus.
Surnlus.
1918......................................$1,418,563 x$6SS,794 $70,447 $373,026 $286,296
1917..........
1,288,673 x 485,006
70,431 372,844 360,392
1916...................................... 1,092,178
347,332
94,411 343,966 306,469
x Includes res. for Federal taxes, 1918, $98,012; 1917, $78,726.
Pres., S. L. A very: V .-P . & T reas., S. Q. F utlon; S ec., S. T . M osorvoy.
O ffice, 205 W est M on roe S t., C hicago.— (V . 108, p . 487. 2028, 2638;
V . 103, p . 68 , 80. 1899).
UNITED STATES REA LTY & IM PROVEM ENT CO.— O R G A N IZ A ­
T IO N .— Incorporated In N . J. on May 26 1904 and in May 1900 had acquired
Der plan In V . 78. p. 2019. $32,750,200 of the $33,198,000 com m on stock and
$26,596,200 of the $27,011,100 pref. stock of the U. S. Realty & Construc­
tion Co. See list of assets, fto.. In V . 80. p. 2340: also statem ent to N . Y .
Stock E xch .. V . 75. p. 1200. See V . 77. p. 297, 953. 2103. 2390: V . 78.
o. 51; V . 82. p. 1274: report. V . 86, p. 1465: V . 92. p. 1433: V . 85. p. 1344.
1406: V . 90. p. 307. 633. Owns $403,300 of $2 ,000,000 Alliance R ealty
io .s to o k . V . 81. p. 1798; V . 82. p. 1209: V. 83. p. 822; V . 90, p. 1422.
Statistics o f the George A . Fuller Co. for Years Ending ^April 30.^ ^
Unfinished business at beginning o f year__________ $38,621,370 $24,385,277
New business during year--------------------------------------- 37,398,197 48,601,964
W ork executed during year_______________________ 51,047,048 2 ^ 335,87(>
Unfinished business at end o f year_______________ $24,972,519 38,621,370
T he contracts o f tho Carolina Shipbuilding C orp .ta re included in th e
foregoing. V. 106, p. 2646, 2350; V . 109. p . 266.

Not., 1919.]

INDUSTRIAL STOCKS AND BONDS

M ISCELL A N EOU S CO M P A HIES
[For abbreviations, A c ., see notes on first page]

United States Rubber— Common ($200,000,000 authorized).
First Pref (a & d) $100,000,000 8 % non-cum (see t e x t '___
First A R ef M tge (see text) call 105 after 1919_____ yc*A r*
Five-year collat gold notes $6,000,000 call (te x t)-.x x x c *
Underlying Bonds—
Canadian Consol Rubber C o Col T r call 110___________ c*
d o d o First and R efunding M ortgage (see t e x t ) _____
U S Smelting. Refining & Mining— Com stock $ 3 7 ,50 0 ,0 0 0..
Preferred (a A d) stock 7 % cum ulative $37,500.000______
C onvertible gold notes callable at 110 & Int___________ c*i
Bonds o f sub cos not owned Jan 1 1919________________

Date
Bonds

Par
Value

Amount
Outstanding

S1C0

See text

Rate
%

See

When
Payable

text

100 $63,022,100 8 in 1919

1917
1918

100 A c

1,000

59,207.000
6 .000,000

5 g
7 g

J
J

1906
1917

100 A c

2,600,000
As collat

6
5

A
J

1916

229
Last Dividend
and Maturity

Q— J O ct
Q— J O ct
A
J Jan
A D D ec
A
A

Places Where Interest and
Dividends are Payable

31 '19 2 % Office 1790 B 'w a y , N Y
do
do
30 ’ 19 2 %
N ew York
1 1947
New Y o rk
1 1923

O Oct 1 1946
J Jan 1 1947

50 17,555,750 l l ' i % ’ 19 Q— J O ct 1 5 ’ 19 3 %
50 24,317.500 7 in 1919 Q— J O ct 15 ’ 19
F A A Feb 1 1926
500 A c 1 2 .000,000
6 g
514,500

Bank o f T o ro n to , M o n t'l
Checks walled
do
Boston and N ew Y ork

\

S E C U R IT IE S .— Of the stock $13,506 000 Is reserved Tor conversion of
the bonds. No general mortgage can be made without first securing the
debentures oy m tge.
T o April 1911 the com pany purchased $1,354,000
o f rhe debentures, reducing the amount to x i 1.930.000. V. 90, o 211. 378.
Bills payable as o f April 30 1919, $1,800,000 (partly secured b y collateral);
loans on mortgage outstanding, $14,162,000 (in 1917 $14,443,000), as
against real estate and bldgs, owned valued In balance sheet at $35,814,864.
Guarantees prin. A int. $7,000,000 T rinity B ldg. C orp. (N . Y .) 1st M
5 K loan. V . 108, p . 2248.
D IV ID E N D S — 11907 1908 1909 1910-13
1914 1915 1916-18
4>$
4>£
5 yrly.
3>£
1
0
Per cen t___________ \ 4 H
R E P O R T .— For year ending April 30 1919 in V . 109, p . 266:
H
1918-19.
1917-18.
1916-17.
1915-16.
T o ta l earnings.................. $3,083,964 $2,417,173 $2,432,243 $2,600,838
N et earnings.....................$2,076,596 $1,371,921 $1,089,892 $1,197,349
Interest on deb. b o n d s ..
596,500
596.500
596,500
596,500
$775,421
x$493,392
$600,849
Surplus........................... $1,480,095
Subway contracts, practically com pleted in early 1918, see V . 106,p.2647
Profit and loss, d eficit, April 30 1919. $6,957,754
D IR E C T O R S .— Paul Starrett (President), O . E . M itch ell. Harry
Bronner, Harry S. Black, Frank A . Vanderllp, John F . Harris, Charles E.
Herrmann, A . L . Humes, H . O . W insor (V .-P .), R . G . B abbage is V .-P . A
S e c., and A . E . U adlock, Treas.; Harry Bam bach, A ud. O ffice. I l l B ’way.
N . Y — ( V. 108, p . 886, 2131, 2248, 2439; V . 109, p . 266.)
UNITED STATES RUBBER.— O R G A N IZ A T IO N A N D P R O P E R T Y .
— Organized In New Jersey In April 1892. V. 55. p. 1039: V. 56, p. 539
V . 71, p. 545. D irectly or through Its subsidiaries is engaged In producing
rubber footwear, rubber-soled shoes, waterproof clothing, druggists’ ruboer
good s, hard rubber products. Insulated wire, tires, belting, packing, hose
and other mechanical rubber goods, there being over 40 mills In operation
■ltuatod in C onnecticut, Illinois, M assachusetts, M ichigan, New Jersey.
Indiana. R hode Island, Pennsylvania. Ohio and Canada. Through Gen­
eral Rubber C o. the com pany owns In Sumatra one o f the largest rubber
plantations in the w orld, the production from which is being rapidly devel­
op ed , with over 5.000,000 rubber trees, o f which a large proportion are
being tapped. V . 103, p. 1700. See list o f jplants In June 1917. V . 105,
p. 713. U. S. Rubber Plantations C o ., see V. 106, p. 1033. W ar restric­
tions. A c .. V . 106. p. 2015. 2073. 2458: V . 107, p. 2482. Status in Jan.
1919. V. 108, p. 177. United States Rubber Plantations, In c., was or­
ganized in 1917 and owns all the Sumatra rubber plantations o f the U. S.
R ubber C o. All the outstanding pref. and com m on stock o f which practi­
ca lly owned b y U. S. R ubber C o. V . 108. p . 2131.
T he plants o f the old Rubber Goods M fg . C o ., M organ A W right, A c.
(but not General Rubber C o .), are now owned in fee by U. S . R ubber C o .
though their corporate existence is continued, and they retain their cur­
rent assets. V . 105. p. 713.
In M arch 1918 purchased autom obile
plant o f American L ocom otive C o . at Providence, R . I. V . 106. p. 1236.
In June 1919 owned all except $284,000 o f the capital stock o f Canadian
C onsol. R ubber C o. V . 104, p. 364; V . 90, p. 1293; reports for 1916,
V . 104, p . 2638; V . 105, p . 712; V . 104, p . 2554.
S T O C K .— On Sept. 9 1919, stockholders voted (V . 109, p . 585, 686,
895,1468) (1) to increase the authorized First Preferred and Com m on stocks
to $100,000,000 and $200,000,000. respectively; (2) to retire the $403,600
2d Pref., which was accordingly retired in O ct. 1919; (3) to offer $36,000,000
now C om m on stock (underwritten) at par to the C om m on stockholders o f
record Sept. 13 making $72,000,000 C om m on outstanding. Subscriptions
wore made payable in full either O ct. 1 or 2 5% eacn O ct. 1, N o v . 10, D ec.
22 1919 and Jan. 31 1920.
L
T he $36,000,000 so obtained were to be used (1) to pay current debt;
(2) for new construction planned and in process designed principally to
increase the output o f autom obile and truck tires; (3) for extension o f rubber
plantations in the East, to facilitate the carrying o f stock under profit
sharing for benefit o f our em ployees.
Chairman C olt recommended in July 1919 that dividends at the rate o f
8 % per annum be paid upon the C om m on stock o f the com pany beginning
in Octobor 1919 (subsequently declared) and further that an extra distri­
bution. either in stock or cash, such as m ay be warranted under all condi­
tions, be made early in 1920 to C om m on stockholders. V. 109, p. 585,
1373.
In Jan. 1918 American International C orp . had acaulred an im portant
interest. V . 106, p . 93.
D lV .(sin ce'0 4 .1 9 0 4. 1905. 1906-'10. ’ l l . 1912. ’ 13. ’ 14. 15. ’ ifl-’ 18 ’ 19.
C om m on. % f ------------ None------------- 1 4A20stk 514 6
3 n ilO ct3 1 2 %
First prer. % {8 yearly (2 % Q .-J. 31) to and Including Oct 31 1919
2d pref_____ % 16 yearly (114% Q .-J. 31) to and including O ct. 31 1919
B O N D 8 .— In Jan. 1917 the com pany sold $60,000,000 First A R ef. M .
5 % bonds, covering property owned directly or through subsidiaries, to
provide for all maturing obligations up to Dec. 1 1918, for the funding
o f current Indebtedness (about $25,000,000). and additional working ca p i­
tal. See offering, A c .. V . 104. p. 254, 262, 1806; V . 105. p . 395.
First A Ref. M tge. (V . 104, D. 254. 262; V. 105. p. 712) 6 now limited to
$97 252,900 (the amount o f full-paid pref. stocks and com . stock outstand­
ing bn Jan. 15 1917). except to the extent o f any Increase In the authorized
am ount o f said bonds which from tim e to tim e thereafter may be consented
to by the holders o f the pref. and com m on stocks; and for the future it is
limited to said amount plus tho par am ount o f any additional stock Issued
at not less than par for cash actually paid in. Bonds, however, additional
to the initial $60,000,000. can be Issued only with the consent o f Kuhn,
L oeb A C o. aud (except for refunding) only when the total unencumbered
quick assets exceed the aggregate debt o f the companies and their total
annual net incom e for three fiscal years Just preceding Is twice the
total annual Interest, including the bonds then to be Issued. O f the addi­
tional bonds, $2,600,000 are reserved to retire the $2,600,000 Canadian
Consol Rubbor C o. bonds, due O ct. 1 1946, and $9,000,000 have been
issued and pledged as collateral for the $6,000,000 5-year 7% Collateral
n o t ^ o f 1918 below described. Com pare V . 105. p . 1528. 826. 1809; V.
^ sin k in g -fu n d for First A R ef. M tge. bonds from Jan. 1 1919, 1% annu­
ally upon all the bonds outstanding or retired to repurchase bonds at or
below 105 and Int.. otherwise as part o f sink, fund o f following years.
C O L L A T E R A L N O T E S .— It was announced in O ct. 1918 that the com ­
pany had sold to Kuhn. Loeb A C o. $6,000,000 o f its own 5-year 7 % col­
lateral notes the proceeds to retire on D ec. 1 an issue or $9,000,000 5%
debenture bonds or tho General Rubbor C o. The remainder of tho funds
needed being supplied by tho U. S. R ubber C o. V. 107, p. 1671L 1843, 2104
T ho now no Los aro sociirod bv deposit with tho Industrial Trust C o. of
Providence, as trustee, o f $9,000,000 First A Refunding 5 % bonds o f the




U. 8 . R ubber C o . T hey are redeem able a t option o f the com p any as a
whole, but not In part, on any interest dates on and after D ec. 1 1920, at a
remium o f 1 % for each six m onths between the redem ption date and the
ate o f m aturity.
E A R N IN G S .— For six m onths ended June 30 (V . 109, p . 1615):
Six Months to June 30—
1919.
1918.*
T otal s a l e s ____ ______
$99,489,372 $108,515,725
General expenses and ordinary taxes_____________ 77,144,870
82,439,561
Interest charges, A c ______________________________ 4,852,606
11,991,289
6,676,146
3,801,850
Federal and Canadian taxes_____________________
First Preferred divid en d s_________________________ 2,508,484
2,468,888
Second Preferred d iv id e n d s_______________________
12,108
12,108
Subsidiary com panies d iv id e n d s__________________
9,308
9,320

S

Balance, s u r p lu s ________________________________ $8,285,850
$7,792,709
P rofit and loss s u rp lu s ____________________________$50,133,901 x$39,643,256
R E P O R T .— F or year ending D ec. 31 1918. In V . 108. P 1384:
1918.
1917.
1916.
1915.
T otal s a l e s ................ .x$215,398,425$176,159,694$126.759,129 $92,861,016
N et inc. avail, for d iv s ..x l6 ,0 7 2 ,0 4 2 15.340,577 10,398,195
8.357.581
D ivs. U . 8. R ubber C o .
I First pref. ( 8 % ) _____
4.937,776
4,937,154
4,810,284
4,764,632
Second pref. ( 6 % ) ___
24,216
24,216
25.560
30,906
C o m m o n ____________
............ (1 ^ )5 4 0 ,0 0 0
D ivs. to m inority stock­
19,510
20,693
holders (sub. c o ’s )___
119,238
139,995
Balance, surplus..........$11,090,540 $10,358,514 $5,443,113 $2,882,048
N et Income is here shown after deducting interest charges (n et), $4,119,­
055 in 1918, against $3,117,847 in 1917, and other incom e charges (net),
including inventory adjustm ents and U. S .. British and Canadian taxes.
$19,289,535, against $7,760,148 in 1917. T otal p . A 1. surplus June 30
1919, $50,133,902.
D IR E C T O R S .— Frank A . Vanderlip, Chairman Amer. International
C orp .; O . B . Seger; J. S. Alexander, Pres. N a t. Bank o f C om m erce, N ew
Samuel P . C olt, H . E . C onverse, James B . F ord, James Deshler. H enry
L. H otchkiss, Lester Leland, Nicholas F . B rady, James C . B rady, W alter
S. Ballou, M iddleton S. Burrill, Francis L . Hine, Samuel M . N icholson,
W m. H . Truesdale, R aym ond B . Price, H om er E. Sawyer, T h eo. N . Vail
Elisha S. W illiam s, N athaniel M yers, Ernest H opkinson and J. N ew ton
Gunn.
O F F IC E R S .— Chairman, Samuel P . C o lt Vice-Chairm an, Lester Leland;
Pres., Charles B . Seger: V ice-Pres'ts, James B. Ford, Hom er E . Sawyer
and Elisha S. W illiam s; V .-P . A C o m p ., W . G . Parsons; Sec., Samuel
Norris; T reas., AV. H . B lackw ell: A sst. Treas. A A sst. S ec., John D . C arberry. N . Y . o ffice, 1790 B ’w a y, co r. 58th St.— (V . 109, p . 80, 585, 677.
6S6, 895, 1086, 1468, 1615.)

UNITED STATES SMELTING, REFINING & MININO CO.— O R ­

G A N IZ A T IO N .— Incorporated Jan. 9 1906 In M aine and has acquired
control o f extensive properties (com pare V 82 p 105), including (a) mining
properties located at Bingham , Utah and Eureka, N e v ., Chloride and
Goldroad, Ariz., Kennett, C alif., Kansas, Okla, M exico, A c., producing
copper, lead, zinc, silver and gold , (b) U . S. M etals Refining C o ., which
has at C hrom e, N . J ., an electrolytic copper refinery with a capacity for
refining 240,000,000 lbs. o f copper annually and a copper smelter, annual
smelting charge 200,000 tons, also at East Chicago a plant with an annual
capacity for refining 72.000,000 lbs. o f lead, (c) T hrough U . S. Smelting
C o ., lead smelter at M idvale, Utah, smelting charge 481,000 tons yearly
and zinc smelters at A ltoona, Kansas, and C hecotah, Oklahom a, com bined
capacity, 90,000 tons o f ore a year, (d) Copper smelter at Kennett, C alif.
yearly capacity 450,000 tons. (e) Through Utah com pany and subsidiaries'
_■
_ ___| _______
'
. _.
coal mines that produced in 1918 abou t 1,272,081 ton s’ o f coal. (f) T he
46 H -m ile standard gauge Utah R j\ (w holly owned— see V . 108, p . 1510).
connecting the coal mines with the Denver A R io Grande R R . Purchase in
‘
'
‘
‘
1919.— (V . 109, p i 1615.)
Leading
Slock
Public
Property— Annual Capacit
Subsidiaries— Issued.
Holds.
M in es. Smellers. A c . (1918)
U. S. Sm elting.
(7)
N one Bingham , shipped, 169,221 ton
■,
>
U.S.Metalsl
$
See R eport below .
R ef. C o ., } pref. 1,550,000 $506,700 N one
(Plants at C hrom e,
com . 1.550.000
470.000 None
N .J ., e t c .)
Cent -E u r e k a .. 2.500 000
$500 Eureka (m ined 29,558 toas 1*18)
M a m m o t h ____ 1,500.000
N one Kennett (mined 77,695 tons 1018)
Gold R o a d ____ 1.574.555
N one G old Road
Needles M . A S . 3.374.435
N one Arizona
M on te y Pa-\
/(C ia de Real del M o n te y
chuca _ _ ._ _ p f./2 .5 5 4 sh. 20 shares M exico \ P achu ca.V . 108, p . 1510.)
____
____________
R lchm .- Eureka 3.093.975 1,271.845 Eureka (not In operation in I9 l8 i
Niagara-----------650 005
38,498 Bingham, Utah (being devotoDed)
U . S. F u e l)p re f.2,355,690 $996,071 C oal output in 1918 1,272,081 tons.
_ C o .......... (co m .7,000.000
N one
Utah R y. C o . , 3,065,200
N one
T he United States Fuel C o ., form ed in 1915, under laws o f N evada (V . 100,
p . 1173), has outstanding $3,636,300 First and refunding 6 % bonds (or
which $3,424,800 were owned in 1919 b y the U. S. Smelting, Refining A
M ining C o .), and has also assumed the $303,000 outstanding join t 1st
m tge. bonds o f the Consolidated Fuel C o . and Southern Utah R R . T he
coa l properties at merger em braced 8,016 acres o f coal. T he coal mines
produced in 1918 1,272,081 tons, an increase o f 363,443 tons over 1917, and
are opened and partly equipped to produce 3,000,000 tons a year when the
market required it. Stocks o f subsidiary com panies not owned D ec. 31
1918, $2,887,368; bonds, $514,500.
L A T E D IV S .—
1’08 to ' l l . ’ 12. ’ 13. '14. '15. ' 16 . ’ 17. ’ 18. 1919.
On C om . stock ..........% f 4 yearly
5
6
3
1M 8>J 10 10 10H
On O ct. 15 1919 a div. o f 3 % was paid on the C om . stock. Previous
divs. were 2 H % quarterly. V . 109, p . 1280.
N O T E S .— The com pany sold In 1916 (V. 102, p. 615, 1714) $12,000,000
lO-year 6 % C onvertible G old N otes, dated Feb 1 1916 and due Feb. 1 1920,
convertible at any tim e, at the option o f the holder. Into com m on stock
on the basis o f $75 in notes for each share (par $50) and callable as a whole
at 110 and Int. on any int. date upon 60 days' notice, but if so called m ay
be converted at any time prior to date o f paym ent. N o mortgage may be
made b y any subsidiary com panies except on the coal properties controlled
and on the Utah R y .(V . 104. p 1386.) Other notes Jan. 1 1919. $1.470.000.
E A R N IN G S .— For six m onths ended June 30 1919, circular in A 109,
T.
p . 80. showed: N et earnings approxim ately $3,083,701; deduct $1,043,223
for depreciation, depletion. Federal taxes on last year’s incom e and the
marking ow n o f m etals, which occurred in the first quarter, leaves esti-

7%

Par
Value

Date
Bonds

M ISC E L LAN E O U S C O M PA N IE S
[For abbreviations, & c., see notes on first page]

United States Steel Corporation— Com stock $55R000,00O-Preferred (a A d) stock
cumulative $400,000,000-----Coll trust mtge/redeemable at 115 s f (see text)..U s.x c* Ar
$304,000.0001 not redeemable s t (see text).............xc*&r
“ Sink fund” coll tr 2d M $250,000,000 ft red (text) Us.xo* Ar
Illinois Steel deb$30.000,000 s gu red lOo begApr’lSNxo* Ar*
Bonds of Cos. Controlled— (Additional to those In text.)
Union Steel Co— See third page preceding
The Nat Tube 1st M $15,000,000 g gu red 105 beg’ 16N.xo* Ar*
Ind St 1st M $40,000,000 g gu red 105 beg Nov ’ 16 ..xc*& r*
St Clair Furnace first mtge g gu $100,000 y r ly ------PPi.xc
St Clair Steel first M g guar $100,000 due yearly._UPi.xc*
*
St Clair Terminal R R first mortgage— .................- - - Elgin Joliet A Eastern first mtge ($10,000,000) gold.Ce.xo*
Chicago Lane Shore A Eastern 1st M guar red 110 1919--X
Pulutb A Iron Range first mortgage----------------- Mp.zcAr
. . ------ . . . . - . - x
Union RR first mortgage------- _
Duquesne equipment trust due $115,000 yearly(M ar.).x
Mifflin Equip Trust, due $120,000 yrly Aug beg 1921.x
Munhall Equip Trust due $75,000 yrly June beg 1923.x
Rankin Equip Trust $45,000 yrly May beg 1919---------------Monongahela Southern first mortgage guaranteed-----------x
Connellsvllle A Monongahela RR 1st M------------ - - - - — 2
E
x Includes $1,918,000 called for payment M ay 1 1919. V
z See “ x” on following page.

1912
1912
1901
1901

U N IT E D S T A T E S S TE E L C O R P O R A T I O N — O R G A N .— In co r o . In
On June 3 1915 the U . S. D istrict C ourt decided favorably to the corpora­
tion the G o v t, suit to dissolve the corporation for alleged violation or Anti­
T rust law. V . 100. p . 1873. 1860; V . 93. p . 1203. 1263. Appeal taken
V . 101, p. 1482; V . 103. p . 1597; V . 104, p. 769, 2123: V . 106, p . 93. V .107
p . 1673. W age Increase 1915 to 1918, abou t 1 00 % . V . 106, P -1 47 7 , 1583,
V . 107, p. 516. Federal Shipbuilding C or., V . 105. p. 392. Prices, & c..
fixed b y U . S. G o v t, in 1917-18. V . 105, p . 1319. 1626 . 2190. 2372. 2549:
V . 106, p . 404, 1905; V . 107, p . 1389. Eight-hour granted, V . 107, P- 1292.
Steel pnces, & c., V . 107, p. 1252, 1153; V . 108, p . 1473. Status, outlook,
Sec., in 1918-19. V . 107,, p. 2240: V . 108, p . 1733. W ages and prices in
M arch 1919, see V . 108, p . 1122, 1225. 1351, 1941.
In A p r 1 1919 purchased Em pire Building, N . Y . C ity , for about So,000,000. V . 108, p . 1733.
P R O P E R T IE S O W N E D .— The properties owned D e c . 31 1918 were
124 blast furnaces, 334 open-hearth furnaces and 38 Bessemer steel con­
verters, 11 steel rail, 63 bar, billet, & c., mills; 14 structural shape mills;
24 plate mills; 85 m erchant mills, producing bar iron, steel, & c.; 217 hot
mills, producing tin plate. & c.; 24 rod mills; 51 welded and seam asstube mills; 18 bridge and structural plants; 15 skelp mills, 20 com plete
foundries; 155 sheet, job b in g and plate mills; 16 piercing and red ing
mills: 71 wire mills; 51 galvanizing and tinning mills; 14 splice, bar, spike,
b o lt. A c .. mills; 5 cem ent plants; 66 warehouses; 45 miscellaneous armor
axle. & c., works, incl. 2 plants com prising 76 puddling furnaces; 12 sul­
phate o f iron plants; 21 Iron, steel or brass foundries; exten siv e iiro n o re
mines in the Lake Superior region; owns or leases 219,205 acres o f coking
coal and 80,059 acres o f surface and 21,796 beehive coke ovens, & c., in
Pennsylvania and W est Virginia; 2,558 b y-p rod u ct coke ovens; 31 coal
plants not connected with coke plants: 115,362 acres o f steam and gas
coal lands, & c., railroads, lake vessels, ore d ocks, natural gas lands. & c.,
also Southern coal and coke property owned b y Tennessee C oal, Iron &
R R ., consisting o f mineral and surface interests ow ned, 115,362 acres,
mineral interests only ow ned, 139,329 acres; surface om y ow ned, 1,4,823
acres; 2,974 coke ovens, & c.; 1 by-p rod u ct coke plant o f 280 ovens at Fair­
field . A la.
Leading Subsidiaries and Their Share Capital, Practically All Owned.

Total.
Tntnl

Am. Sheet A T.PL,7 % pf $24,500,000
Illinois Steel C o------(V. 94, P. 986)
Indiana Steel C o_________ 5O.0OO.OOO
Universal Port. Cement- 3,500,000
H. O. Frick Coke C o .(V . 93. p.1107)
L. Superior Con. I. Mlnes$29,887.400
Shelby Steel Tube, com .
25,000
Tenn. Coal, Iron A R R — See that co.
Union Steel Co-------------do
Clalrton Steel Co______
3.500,000
IQn Dec! 3 1 19 i 8 par value o f capital stock o f sub. cos. not owned.S434.642

Federal Steel, com m on . .$46,484,300
do
6 % p r e f .. 53,260,900
National Tube, com m on . 45,000,000
do
7 % p r e f .. 40.000.000
Am er Bridge C o________ 10,000,000
A m er. S t. A W ire, c o m . . 50.000.000
do
7 % p r e f .. 40,000.000
Carnegie Steel C o________ 65.250,000
Am er. Tin Plate_________
25.000
Am er. Sheet 4 T . P .c o m . 24 .500.000

Co.. $45,000,000 of new 5% bonds being guaranteed, principal and Interest.
S that company on a preceding page. V. 7o# P. 1359, V. 7b. p.
ee
o4o.
V 78. p. 1174. In 1904 acquired Clalrton Steel Co. guaranteeing *10,230.
.
000 bonds. In 1908 purchased Schoen Steel Wheel Co. V. 87. p. 101. 229_
Output of Company in 1918, Cross Tons (see V, 108, p, 1397).
- - 1*|71.508
Iron o r e .._________ -....2 8 ,3 3 2 ,9 3 9 Steel rails----------503,380
Pig Iron, splegel, A c_____15,940,954 Finished structural work.
Bessemer steel__________ 5,630,246 Plates and sh eets... . . — 3.527,481
Wire and wire prod ucts.. 1.445.567
Open-hearth steel_______ 13,953,247
Coke, manufactured_____17,757,636 Blooms, slabs, billets, Ac. 1.489,737
Coal (not used for c o k e ).. 6,334,980 A11 other finished products 5,411,830
The price o rails advanced from $28 a ton in 1916 to $55 a ton in 1918.
In April 1906 the Indiana Steel Co began to build a new plant at Gary, In
Lake C o., Ind., to cost about $115,000,000. See BONDS below. V. 82. p.

5 e

8*

cost estimated at about $20,000,000. V 96, p. 207 , 873, 1845. The now
.
Duluth (Minn.) plant was compieted In Dec. 1915; see description of same,
V 102. P. 72; V 98. p. 924: V. 100. p. 991. Other construction work V
.
.
,
102, p .981 . V. 101. p. 1719. Wage Increase in Jan. 1916, V 102, p. 257.
.

Cash Dividends Paid on Common Stock Since 1906.
’07. '08. ’09. TO. T - 13. T 4. T 5. ’ 16. ’ 17. T8. 19.
R egu lar................... 2
2
2J4 5H 5 yrly. 4H 0
5
5
5
5
_— __

__

______ _ _

— “
—

A1 /4 A
X

—
—

Red ciross'donation”in 1918. V. 106. p. 2234. In Dec. 1918 extra quar­
terly dividend reduced from 3% to 2% ; March 1919 paid an extra of 1 /
0.
V 107, p. 1751; V 108, p 487. Foreign stockholdings, V 07, p. 364.
BONDS.— The couateral trust b% bonds of 1901 were secured by all the
securities owned: $154,000,000 only (series A. C and E) are su b)** to cal
In whole or In part at 115% since April 1 1911: a sinking fund of $3,040 O O
O
yearly, beginning June 1 1902, can purchase bonds. If obtainable at not




Places Where Intercst'and
Dividends are Payable

Last Dividend
and Maturity

30 ’ 19 1 M Office Empire Bldg, N 7
do
do
29 '19 1>
A
J P Morgan A Co, N V
1 1951
do
do
1 1951
do
do
1 1963
Office EmpireBldg N 7
1 1940

N May 1 1952
N May 1 1952
A Aug 1920-39
J To Jan 1 1925
A Feb 1 1932
N May 1 1941
D June 1 1969
O Oct 1 1937
S Sept 1 1946
s To Mch 1 1923
A Aug 1 1921-32
D June 1 ’23-’34
N M ay 1 1920-’35
O Oct 1 I960
s Sept 1 1930

Office Empire Bldg. N 7
do
do
Colonial Tr, Pitts A N 7
Union Trust Co. Plttsb
Pittsburgh Trust Co.Pitts
Office. Empire Bldg. N Y
do
do
do
do
Fidelity Title ATrCo, Pitts
Home Tr Co. New Jersej
do
do
do
do
Office, Empire Bldg; N V
Office, Carnegie Bid,Pitts

•xceedlng 115 and Interest, and since April 1 1911 may be applied to the re­
dem ption of series A , C and E bonds to be drawn by lot. In D ec. 1917,
$61,802,000. not Included In amount ou t. were alive In sinking fund. In
Feb. 1916 some $22,800,000 o f English holdings had been repurchased, It
was said, for use from tim e to time for sinking fund purposes. V . 102 , p .717.
The coll, trust sinking fund 2d mtge. 5s of 1903 (V . 74, p 584, 733,
892; V. 76, p. 545) are next In rank and similar In form to the 5s of 1901.
They are subject to call after ten years from date at 110 and Int. In whole
or part (If the latter to be designated b y lot and cou pon 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 Int., or Invested In securities; since Apr. 1
1913 bonds may be drawn by lot, coupon 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 of prln. or Int.) con tin­
uing for leas than tw o years. In D ec. 1917 abou t $19,899,000 not Included
in table above were held alive in sinking fund.
In 1903 $150,000,000 pref. stock was exchanged, $ for $, for second mtge.
bonds, $20 ,000,000 of tne bonds being also sold at par to provide for Im­
provements and $30,000,000 exchanged In N ov. 1907 for Tenn. Coal, Iron A
R R . com . stock. Final $50,000,000 (of the authorized Issue of $250,000,000
2d 5s of 1903) is applicable for exchange for preferred stock, bee 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. p. 1212. 1282; V , 86 . p . 730.
In June 1911 It was arranged to purchase through the H . G. rrick Coke
Oo. 15,943 acres of coking lands and 1,408 acres of surface land, A c., from
the Pittsburgh Coal and Monongahela Consol. Coal A Coke companies, pay­
ment being made In $17,084,000 of an auth. issue of $18,000,000 serial 5 %
bonds, secured on the property and guaranteed, orln. and Int., by the Steel
C orporation. V . 92. p. 1570: V . 93. p. 474, 875, 1108: V . 94, p. 846.
Of the Illinois Steel debenture 4 Hs of 1940 ($30,000,000 auth. Issue),
guar. p. A 1. by U. S . Steel Corp., $6,900,000 were reserved to retire the de­
bentures due April 1913, $5,928,000 for notes due 1912-1919 held b y U . 8 .
Steel Corp. and $1,558,000 for 75% of the cost of additions and betterments
$18,500,000 were outstanding Dec. 1917. A ny m tge. must equally se­
cure them . S e e V . 9 3 . p . 289: V .94. p .9 8 6 . 1191: V . 98, p .1 6 9 9 .
O f the Indiana Steel Co. 1st 5s, guar. p. A 1. ($40,000,000 auth. Issue),
covering the Gary (Ind.) plant, $18,035,000 have been sold, the remaining
$21,965,000 being Issuable on new construction from Jan. 1912 at 75% of
cost. Sinking fund annually, beginning M a y 1916. 1 % o f bonds Issued to
M a y 1 1922 and thereafter 1 W % plus int. on bonds retired. A t D e c. 31
1917 $369,000 had been retired through the sinking fund, leaving $17,666,­
000 outstanding. V . 98. p. 1699; V. 100, p. 2171; V . (01* P- ®P*
Of The National Tube Co. 1st guar. 5s (not the old co ., but the later one,
organized to build the Lorain, Ohio, plant), the unissued $5,000,000 are
reserved for 75% o f the cost of new construction. Ann. sink. Id., begin­
ning M ay 1916, 1% o f bonds issued, plus Int. on bonds retired. A t D ec.
31 1917 $203,000 had been retired through theslnklng fund, leaving $9*797.000 outstanding.— V . 94. p. 986, 1769. T ho $600,000 Rlsdon Iron W orks
1st M tg e . bonds were paid o ff at m aturity July 2 1917.
Additional Bonds o f Controlled Cos.— Interest, Outstanding. M aturity,
H ost. Conn. Coke (V . 85. p. 1 4 6 6 ).,z 5 F. A A . $272,000 F eb. 119 4 2
Oont. Coke m tge.. due $37,000 y e a r ly ..*4 M April 27 37.000 A pr. 1919
l
D M0030 0^ year^y°beg?n hlngt1915.d .x } 5 M. A N . 1.500.000
, M. f t S.
J & D

nahjihji P oa l M in . C o. 1st

8haron C oke
“ i::::" ® J A
D
3 t. Clair T erm . R R . 1st M tg e ................ 5 F . & A .

May

20-30

564.000 M o b ., ,026
892,000 D ec. 1 1922
T ffll f e
532.000 Feb

2 193?
1 1932

Tonnage o f Unfilled Orders (00,000 omitted)— (V . 108, p . 1516.)
___________ — On December 31---------------------- 1916. 1917. 1918. 1919. 1919.
1909 1910 1911. 1912. 1913. 1914. 1915. Dcc30 Dcc31 Dcc31Jun30Scp(30
5 09 2,6 5,0
7,9
4,2
3.8
7,8
11.5 9,4
7,4
4,9
6,3
' R E P O R T — F o r c a l . y e a r 1918 in f u l l in V . 108, p . 1383, 1395, a n d f o r
9 m o n t h s e n d i n g S e p t . 30 1919 in V . 109, p . 1698:
Income for N ine Months to September 30.
1919.
1918.
1917.
1916.
Ne9 A
t earningf ! - - ’-3 — --108,021,917 162,480.404 271,944,000 227,6'56,739
Deduct—
F°ciat?on & reserve fimds
TnSSSS
--I’ rlm nn hds' redeem ed.
P ?cSrred divs ( 5 M % ) C o m m o n dlvidendsT_ . - c e n
t . ..........

32,711,953
15.419.222
678,572
18,914,757
19,061,343
354%

29,561,712
15,703,954
684,000
18.914,757
59,725.543
1154%

38,943,382 29,855,550
15,976,166 16,233,882
673,837
747,000
18,914,757 18,914,757
64,808,508 29,227,393
1254%
554%

Tntnl dividends
- - - 37,976,100 78,640,300 83,723,325 48,142,150
Und"v sur earns .'9 m os 21,236,070 37,890.438 132,627,290 132.078,157
N o te __From foregoing surplus o f Sept. 30 1917 there was deducted: (1)
Fxtra common dividend (R ed Cross), 1 % , paid July 28, $5,083,025: addi­
tional allowances for war taxes, $46,581,724; balance, surplus, $80,962,547.
1918
1917.
1916.
1915.
Cn im tlar Years—
S
$

t* * ™ *

I n L m is u b . co b o n d s ..

HxtPft

A
A
A
A
A
A
A
A
A
A
A
&
&
A
A

5 g

5g
1,000 10 ,000,000
1891
000 H
1,000 9.000.
4
1909
5
1887 1.000 Ac 8 151,000
5
000
1,000 2 .000.
1896
5
460.000
1,000
5
1,200 900
1910
5
900.000
1912
5
855.000
5
1,000 z 200 000
1909
4
597.00U
1909
1.000
108, p. 978.

N . J. on Feb. 25 1901 - V . 72. p. 4 4 1 .6 7 9 ; V .7 3 . p . 349: V • 8 5 . P . 1 4 6 7 .

Stock of—

When
Payable

5 g

1.000 Ac 9.685.000
1.000 Ac 17,452,000
1.000 1.980.000
600.OU0
1.000
532.000

Balance, surplus-------- $1,317,290
$47,515
$4,704,000 -.*3.737,863
x Federal taxes not shown in 1918 will be charged to profit and loss
when paid.
O F F IC E R S .— Chairman o f B oard & Pres., ---------T reas., F. W inthrop Batchelder. O ffice, 55 Congress S t., B oston.— (V.
108, p . 85, 1420, 1510: V . 109. p . 80, 180, 1280, 1615 )

Total.

Rate
%

Am ount
Outstanding

100 508302500 5% 1919 3— M 30 Dec
100 360.281.100 7 in 1919 Q— F 27 Nov
Parlous Apr
/
5g
1901 l.OOOAel
Apr
do
1901 1.000 Ac] 236.575.000 > 5 g
500 Ac 178.353.000 x 5 g M A N Apr
1903
4M v 4 A O Apr
1910 1.000 Ac zl8.500.000

m ated net profit o f $2,040,481, being at the rate o f 7 % p . a. on the P re­
ferred stock plus $3 39 per share for the six m onths on the Com m on stock
or at the rate o f $6 78 per share p . a. (1 3.5 6% ) on the C om m on stock.
R E P O R T .— For year 1918. V . 108, p . 1420, 1510:
(In cl. Custom Ores)—
1918.
1917.
ioi^nno
C opper, lbs....................... 20,359,378 29,043,242 28,888,093
Lead, lbs........................... 96,567,485 107.519.570 103.855.4ol
" aA7 onlt
Silver, o z ........................... 15,337.465 ---------G ols, o z ________________
137,315
Zinc, l b s . . . .......................
18,771,684
N et earns., after repairs $7,249,533
D eprec'n & reserve funds 2,474,443
Federal taxes & deposits
x

Stock o
f—

[Vol. 109.

INDUSTRIAL STOCKS AND BONDS

230

8^

r ^

V

e

« f :

Prom o n b o n d sV e d e e m .
A d /a S S S ..:;:::
P ^ ?frdivsW?7Xa)Ci‘ ltleS* '

8,930,424

8.869,291

9,422,914

9.854.055

40.718 823

50.553.272

39.547.612

32| | | 49

837.816

863.848

c r ^ w r a c M
25 219 677

7U«
E xtra co m . d iv . (R ed
C ross), 1 % pd.July 28

................

S S

25‘ .219'677

S -4iiV4?
0
5,083,025

1.016,951
e r m m

971,310
o fs a a n

25'.219'677 2ff.219~,67?

"1
.................

°W 4 ?
.................

B alance, sur. or def__ 8 .28 ,935 ,350 3 .52 , 505 .4383201 ,835,585 844,260,374
N o te __T he net earnings are In all cases reported b y the com pany after
deducting ‘ ‘all expenses Incident to operations, com prising those for ordlnary repairs and maintenance o f plants.

Nov., 1919. J

231

INDUSTRIAL STOCKS AND BONDS

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

Dote
Bonds

Par
Value

Amount
Outstanding

United States Steel C orporation (Concluded)—
$1,000
Amur SS 1st M g gu p & t call 105 s t(V 74. p 1146)_IC.zc&r 1900
H 0 Frick Co Pltts-Mon pur money M gu due $600,000
1.000
y e a r ly ----------------- ----------------------------------------- UPLxo* 1911
Pittsburgh Hess A Lake Erie RR. Bess & L E and Duluth Mlssab e So Nort
10
Utah Copper Co—Stock authorized $25,009.000____________
and “
Utah Power St L ig h t Co— See Utah Securities Corporation below
Ten-yr gold notes red 101 see text....... ................................G
Securities of controlled operating cos— See text.
Utica Gas & Electric Co—Common stock--------------------------Equitable Gas & Electrlo Co of Utica first mortgage-Ce.xc*
Utica Electric Light So Power 1st M s f 1% yearly..Eq.xc*
Herkimer Light & Power first mortgage gold red 110-N.xc*
U G So El Ref & Ext M $5,000,000 g o ld ................................. _x
Vacuum Oil Co— Stock, $15,000,000. . . ________________
Vlrginia-Carolina Chemical— Stk com $38,000,000 a u th ..C o l
Preferred (a So d) 8% cum $30,000,000 auth_________ Col
1st M ( So coll tr) $15,000,000 auth sub to call text.Ce.xxc&r*
Sink fd debentures $10,000,000 g conv red text.Eq.yc*&r*
Consumers Chem Corp pf stk (p&d) 7 % cum gu a f red 110
Virgin-s Iron, Coal & Coke— Stock$10,000,000authorized..
Mortgage gold $10,000,000 . ____________________ Ba.xc*
Carter Coal Se Iron 1st M s f call 105________ ______ N.yy
Virginian Power Co— Common stock $5,000,000 auth_____

1912
1902
1900
1900
1907
1008
1914
1899
1898

First Se Coll Tr M call 105 & Int. $15.000,000..-N.xc*&r* 1912
Convertible 6% gold notes $750,000 auth call 102 A in t.N c* 1917
a Of this amount $122,000 deposited In escrow.

$862,000

Rate
%
a

5

5g
a l4 717,000
hern itv— S ee those
16.244.900 See text,.
1
Electric Ra 1 way Sec
30.775.100
500 See 8.272.000
6 g

100
1,000
1,000
1,000
1,000
100
100
100
1.000
1.000 See
ion

2.000.000
1.000.000
803.000
390.000
4.610.000
15,000,000
27.9<u >9
20 828,618
12 090.000
3,586,440
425 000
9,073,600
100
3.687.000
1 .0 0 0
291.000
1 .0 0 0
5,000,000
100
100
1.200.000
4.437.000
1 .0 0 0
300.000
500

When
Payable
M A N

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable
Nov 11920

M & S15

Sept 15 1922 Guaranty Trust C o, N Y

10IM919 Quar Oct 1919 2)4 %
A & O Apr 11942
5
J & J Jan 1 1950
5
J & J July 1 1930
5g
5 g J & .1 July 1 1957
8% 1919 M & N 31 N ov 29 T9 3%
6% 1919 S e e t e x t
See text
8 In 1919 Quar Oct 15,1919 2%
I S D Dec 1 1923
t
5g
A & O 15 May 15 1924
7 g . A & O Apr 1 1933
See text Various July 1919, 3%
M A S Men 1 1949
•5 *
A & O Oct 1 1938
5g
5g
6g

Illinois Tr So Sav Bk, Chic

J & J July 1920-1944 Union Trust Co, Plttsb
com pan! es under RRs— For other bonds see text
Q— M Sept 30 T9 15% Checks mailed
tion”

J
J

D Dec 1 1942
& D June 1 1919

Se

Co's office. TTtica. N
Cent Union Tr Co, N
Cent Union Tr Co, N
New York Trust Co
Cent Union Tr Co, N
Checks mailed
Checks mailed

Y
7
i
Y

Cent Union Tr Co, N Y
New York
do
do
Checks mailed
Bk of Manaaitan f o NY
N Y Trust Co. N Y
New York and London
N Y , A B Leach Se Co

EARN ING S.— Balance sheet of Dec. 31 1918 was in V . 109, p. 128
The report for 1917 was in V. 106, p. 2121.
Year—
Earnings. %
Divid’ds. %
Surplus. % Tot. Surplus.
1912............ $3,594,163 24 $900,000 6 $2,694,163 18 $14,675,276
1915
. 6,861,913 46 1,200.000 8 5,661,913 38
23.988,607 1
1916
. 9,221,936 61 1,200,000 8 8,021.936 53
32,010,543 2
1917
_*9,324,396 62 1,200,000 8 8,124.396 54
40,134.940 2
1918 _____ 10,976,189 72 ---------------.4,911,851 32
43,546,791 2
•After deducting 2,617,927 war taxes.
OFFICERS.— Pres., Edward Prizer; V.-Ps., G. P. Whaley, O. E . Bea
ford; Sec., W . M . Smith; Asst. Sec’s, O. E. Arnott, H. Baker; Treas., Her­
bert Baker. Main office and transfer office, 61 Broadway. N. Y. City.
— (V. 107, p. 1389; V. 108, p. 1615: V. 109, p. 586, 1280, 1373, 1615.)
VALVOLINE OIL CO.— See pref. stock offering.— V. 108, p. 1516,1615
VANADIUM CORP. OF AMERICA.— V. 109, p . 1280.
VAN RAALTE CO., INC.— V. 109, p. 1994.
VIRGINIA-CAROLINA CHEMICAL CO. —ORGANIZATION.— Incor­
porated on Sept. 12 1895 and acquired many successful manufactories of
acids, chemicals and commercial fertilizers from Baltimore to Atlanta and
Savannah, several in Alabama and one each in Louisiana and Tennessee.
V. 68. p. 431; V. 69. p. 232, 964; adv. In “ Chronicle” Mar. 4 1899; V. 72.
p. 444. 1186, 1191. 1285: V. 73, p. 137, 240: V. 74. p. 942. 1095: V. 75. p
81, 140, 496; V. 87. p. 283; V. 97, p. 663. Govt, license. V. 106. p. 880.
Owns entire common stock of Consumers Chemical Corporation, which
has erected a modern fertilizing plant at Carteret. N. J., on Staten Island
Sound and guarantees by endorsement the 7% dividends on the pref. stock
DIVIDEN DS.—
f 1909. 1910-1914. 1915. ’ 16. '17.3 *18.
1919.
($425,000 M ay 31 1919) and the cancellation o f $12,500 thereof annually
Reg. since 1908-------%\ 20 30 yearly. 42)4
70 140 100 15,15115 (callable at 110 and div.) and the remainder on April 1 1933 or the entire
Extra - .......................................
.........................
50 x l5 ...................... amount at 110 on dissolution. V. 96. p. 1428; V. 97, p. 663.
STOCK.— See V. 93, p. 233, 294; V. 77, p. 355.405; V. 78. p. 1503, 1970.
x Includes 5% paid In July 1917 for Red Cross distribution.
The stockholders on M ay 12 1914 authorized an increase in the stock to
P R O D U C T IO N —
1918-CaI. Year-1917.
$30,000,000. to provide for conversion of debentures. V. 98. p. 1248.
1919-9 Mos.-1918.
Pounds (V. 109. p. 1707)197,978,557 206.174.442 81,269,450 145,864,897
DIVS.— ( '04-'08. '09. ’ 10. ’ l l . '12. T 3.T 4. '15. '16 T7
'18. '19.
Com _ .(% )] None
3 2)4 4 3 1 4 0
0 0
3 — See text—
REPO RT.— Year 1918. V. 108. p. 1818; 9 mos. 1919, V. 109, p. 1994.
Pref __(% ) (Fullto July 14,incl. (Q.-J.): N oV .'1 4 .2 % . 4&4 sc. 8
2 2­
Calendar
Net
Other
D eprec n
D ividen d s
Balance,
In Feb. and again M ay 1 1918 paid % of 1% on common stock; Aug 1.
Y ea r —
P rofits.
In c o m e .
Reserve.
P a id .
S ur. or D e f.
1918 paid 1% and in Oct. an extra o f 2% in 4
U. S. Liberty Loan
Nov. 1
1919. z - - 2.793.509 2,759,432
........... (45) 7,310,205 def. 1,757,265 bonds;in cash. 1918 to Nov. 1 1919, incl., paid 1% quarterly and in Oct. 2%
extra
V. 108, p. 2638.
........... *(100)16,244,900 sur. 2,700,881
1918____13,807,303 5,138,478
BONDS.— The 1st M . 5s were limited to $15,000,000, of which $3 1917 . 23.910.777 6.074.348 1.289,630 (145)23.555,105 sur. 5,140.391
* Includos 22)4% ($3,6 j 5,102) capital distribution, against 1714% 000,000 have been paid and canceled. They are subject to call as whole
($2,842 1917. Profit and loss, surplus, Dec. 31 1917, $48,293,528. :it 105 and $300,000 yearly for the sinking fund at 102 )4. They are secured
,857) in
____
by (1) a first lien on all real estate and plants owned In fee and (2) a pledge
z 9 months only.
Pres.. O. M . MacNelll, N. Y .; Sec., K. R. Babbitt: Treas., J. M . Hayes. of all the shares of the Southern Cotton Oil Co. ($10,000.000), all the shares
o
Salt Lake City. N. Y . office 25 Broad St.— (V. 108. p. 85, 177. 587, 789. of the Charleston (S. C.) Mining S Mfg. Co. ($2,219,200), a controlling in­
terest In the Elnlgkelt (potash) Co. and the Chemical Works Schonebeok
8 8 6 , 985,1065,1818 1827,2028,2440; V. 109, p. 484, 586, 1186,1707,1994)
Ltd. (costing more than $3,000,000), and all other stocks owned at time o f
UTAH POWER & LIGH T CO.— See “ Electric Ry. Supplement" and making mtge. V. 87, p. 1361. 1092: V. 94. p. 771, 922.
Of the $10,000,000 10-year 6% debentures authorized M ay 12 1914
Utah Securities Corp. below.— (V. 107, p. 612, 1751, 2189; V. 109, p. 6 8 8 .)
$5,000,000 were underwritten and offered to stockholders at par. The re^
UTAH SECURITIES CORPORATION .— ORG A N IZA TIO N .— Incor­ tnalning $5.000.000 are not to be issued for 2 years at least. Tne $5,000 00(1
porated In Va. In 1912. Charter perpetual. Strictly an investment co., doing were Issued callable at 102 on Oct. 15 1916 or thereafter up to Oct’. 15
no operating, but controlling the Utah Power & Light Co. (see V. 105, p. 1922 and thereafter at par for the sinking fund, and convertible to Oct 15
608: also “ Elec. R y ." Sec.), owning all its outstanding 2d pref. and com
1922 into pref. stock at the rate of $110 debs, for $100 stock. The remain­
stock, except directors' shares. A full statement was in V. 100. P. 1929-32
ing debentures may be made convertible at the same or a higher rate- 2 u
and condensed data, V. 100, p. 1828-29; V, 107, p. 1 4 7 9
'
will be retired annually. V. 98. p. 1172, 1321. 1541: V. 99. p 54 ?04Voting Trust for Stock of Utah Securities Corporation.— Stock auth.. $35.­ V- J 2 i ,p 368' Bllls
~
000,000; outstanding, $30,775,100. all held in a voting trust terminating $5,785,150. against PayabIe May 31 1919, $17,317,500, and acc’ts payable
Dills and acc'ts receivable $31 961.182 inventories
Oct. 1 1922: voting trustees, R. E. Breed, Charles Hayden. S. Z. Mitchell $1^594 077; cash, $7,202,091; misc. invest.. $192,949; Liberty bS n S l
(President o f Electric Bond & Share C o., N . Y .) and J. R. Nutt: Guaranty
Trust C o., o f N. Y .. depositary. Bankers Trust C o., registrar.
REPO RT for year ending M ay 31 1919 in V . 109, p. 474.
Note Issue, &c.— The 10-year 6 % gold notes o f 1912 due Sept. 15 1922
1918-19.
1917-18.
1916-17.
1915-16.
(but red. on any Int. day at 101 and int.) are secured 'by pledge o f all 2 d
pref. and com. stock, except directors' shares and most of the short time Total net p r o fits ...........$16,213,592 $16,832,942 $8,502,416 $7,732,798
$5,427,467
debt or Utah Power & Light Co. Authorized notes, $30 000 000. Total to Net profits.......................$8,933,335 $10,193,268 $5,905,250
Other income__________
________
____
subscribers and in part payment for San Juan Water
Power Co. ($290.­
240,380
000), $27,790,000, less retired, $19,518,000: balance outstanding Sept. 1
Gross incom e................ $8,933,335 $10,193,268 $5,905,250 $5,667,847
1919, $8,272,000. V. 101, p. 1556, 1812; V. 102 p 1 5 9
Interest on bonds, & c ... $2,268,079 $1,808,599 $1,248,863 $1,160,298
EARNINGS.— From operation, intercompany charges eliminated, of all Pref. stock div. ( 8 % ) - . . 1,604,165
1,600,976
1,600,944
1.600,472
properties now controlled:
Common d ivid en d s..(6% )1,679,064 (3)839,532(1)4)419,766
Calendar Years (.All Properties)—
1918.
1917
1916.
Gross earnings...................................... $6,993,227 $6,586,592
Balance, surplus.........$3,382,027 $5,944,161 $2,635,677 $2,907,067
$5,583,396
Net earnings........................ - - - - - - - - - - 3,750,185
3,498,366
3,095,022
D IR E C TO RS.— S. T . Morgan (Pres.), E. B. Addison (1st V.-Pres )
REPORT.— For year ending Dec. 31 1917 shows’
S. D . Crenshaw (V.-Pres. & Sec ), O. G. Wilson (V.-Pres.), of Richmond
Gross earns, o f the corp., incl. surp. of
Y ? ': t ,?• Meldrum, Henry Walters, Harry Bronnor, Bertram Cutler.
sub. cos. accruing to it------------------- $906,080
$912,726 $1,031,476 Alex. J. Hemphill, Alvin W. Krech, C. I. Stralem, N. Y ; Geo. W. Watts.
Net earns, (adding in 1916 profit on
Durham. N O.; 8. H. Miller. N. Y . S. W . Travers Is Treas.. Richmond
redemp. of Corp.notes, $111,746) — $751,012
$997,193
$754,176
Interest charges on 1 0 -year 6 % n otes..
496,320
543,070 Va 'Io£ p !'« 4 ? 'l0 8 6 .) 714’ 1229: V ’ 107’ P ' 498* 10° 9: V ' 108, P - 2 6 3 8 1
471,666
DIRECTO RS.— The directors are as follows:
To April 1920.
To April 1921.
To April 1922.
Samuel Mather,
Robert WInsor,
J. p . Morgan,
Daniel G. Reid,
James H. Reed,
James A. Farrell,
Thomas Morrison.
Henry O. Frick,
Elbert H. Gary (Ch'm’n),
John S. Phipps,
Percival Roberts Jr. George F. Baker,
Robert Bacon.
Thomas Murray.
George W . Perkins,
OFFICERS.— Chairman. Elbert H. Gary; Pres., James A. Farrell,
V.-Prests., D. G. Kerr and John Reis: Sec. and Treas.. Richard Trimble,
Compt., W . J. Filbert. Office, 71 Bway., N. Y .— (V. 108, p. 85. 177, 282,
473 487, 8 8 6 , 978, 1065, 1171, 1383 1516, 1733, 1817, 1941, 2028, 2440;
V. 109, p. 180, 473, 6 8 6 . 1086, 1373, 1698, 1707.)
. UNITED STATES W ORSTED CO.— (V. 107. p . 702, 1009; V. 108,
p. 978, 1058.)
UTAH COPPER CO.— ORGANIZATION.— Inoorp. In N.J. Apr. 30 1904.
Owns about 740 acres on both sides of Bingham Canyon, Utah, a mill-site
of about 1,189 acres at Copperton. Bingham Canyon, a mill-site near Garfield
of about 7.288 acres; 685 aores in Utah County, milts, power plants, &o.
also $5,002,500 of the 39.997.285 stock (par $5) o f the Nevada Consol.,
and all of the $7,500,000 Bingham & Garfield Ry. stock.
STOCK.— Stock auth *25.000.000; out Feb 1918, $16,244,900 (par.
$10), of which about $6,165,040 was owned by Kennecott Copper Corp.
in M ay 1918. V. 106, p. 1904. Tax I tigation. V 108, p. 85. Outlook,
V • 108, p.* 8 8 6

,

Balance, surplus--------------------------- $254,692
$272,510
$454,123
OFFICERS.— Pres., 8 . Z. Mitchell; Treas., A. E. Smith; Sec.. K. P
Summerson. N . Y . office. 71 Broadway.— (V. 107. p. 1479, 2104. 2195.)
UTICA GAS & ELECTRIC C O .— (Bonds offered.)— (V. 107, p. 2195.)
VACUUM OIL CO.— Incorporated in 1866 under laws o f N . Y . State
charter extended till 1964. Formerly a subsidiary of the Standard Oil Co.
of N. J., but was segregated with others in 1911.
PROPERTIES.— Operates refineries at Olean, N . Y ., and Pauisboro,
N. J., and plants at Bayonne, N. J., and Rochester, N . Y ., for the manu­
facture of nigh-grade lubricating oils and related products from crude
petroleum. At Pauisboro owns a tract of 675 acres fronting on the Dela­
ware River, with dockage for ocean-going vessels. Does a large export
business, operating tank and cargo steamships and marketing Its products
In foreign countries through its own branches or locally incorporated com­
panies. Many of these latter also operate refineries or plants for the manu­
facture of lubricating products.
CAPITAL STOCK is $15,000,000, in 150,000 shares o f $100 each.
Formerly $25,000: Increased in 1903 to $2,500,000. 1912 to $15,000,000.
D IV ID E N D S.—
[1912. T3.
14. T5. '16.
17. 1918. 1919
6
6
6
6
6
6
6
Since 1911.................... [ 6
E x tr a .........................__ l . .
..
..
2
2
2
4
2
In 1919 dividends were made payable on tho last business days o f May
and N ov., instead o f M ay 15 and Oct. 31. Paid in M ay 1919, 3% and 2
extra; N ov., 3 % , no extra. V. 109, p. 1373.




VIRGINIA IRON, COAL & COKE CO.— ORGANIZATION — Owns fur^ OavOk0\ ^ ul‘>sHl' Radford, Graham. Max Meadows and
3 8 ™ v 2? l : T 2 r a 'V " 79° H ™ ? : r M
f i , v - 68- »• « 75! v - «»• P ­
, 1 ^ ^ k authorized .$ 10.000,000 .a ll common; outstanding, $9,073,600: par
$100. On Oct. 1 1907 paid a 5% stock div. An initial cash dividend of
6% was paid Dec. 6 1918; July 1919 paid 3 % . V. 108, p. 2248.
aaReadjusted per P*an V. 75 p. 348. 398, 736. Of tne 1st os. $6,015,000
£ «V!L b£<n .
*2£ 2 000 unissued are held to retire prior lien
bonds, viz.. $291,000 Carter Coal S Iron s. f. gold 5s (U.8. and Va. tax-free)
e
due Oct. 1 1938. subject to call at 105 (N . Y . Trust C o., trustee).
REPORT.— For 12 mos. ending Dec. 31 1918 and year ending June 3 0:
F ™
AS J _
Net
Bond Federal
Balance.

Interest.

Taxes.

Dividends.

Surplus.

918,$13,083,072 $1,835,593 $207,802 $607,600 (6%)$544.416 $ 475.775
..................................... 1.024.364
18-17 7,675,856 1,276,779 252.415
Pres., John B. Newton; V.-Pres., D. D. Hull Jr.; Sec. & Treas.. J. W
Cure. ? o o o e b £ o aN0ke' V a ~ ( V . 106, p. 1236; V. 107, p. 80, 1751; V.
n
1 U , p» ijy y , J24o>)
0

VIRGINIAN POWER CO .—(See Map d . 199.)— OR G A N .—OrganOrganized Sept. 25 1912 in Massachusetts and has constructed a modern
steam-power station at Cabin Creek Junction, W. Va., and a comprehensive
distributing system on steel towers and poles supplying electric power in the
Kanawha-New River Coal Districts of that State. The distributing system

232




INDUSTRIAL STOCKS AND BONDS

]V ol . 109

Nov., 1919.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
lFor abbreviations, <&c., see notes on first page]
(V) Vivaudou— Stock 300,000 shares_____________________
V ulcan D etinnin g Co— Common stock__________________
Preferred stock (a & d) 7 % cumulative__________________
Waltham Watch— Common stock $7,000,000 authorized___
Preferred (a & d) 6% cumulative $5,000.000____________
Five-year gold notes call 102_____________________ xxx.c*
W ashington Oil C o— Stock______________________________
Wells. Fargo & Co— S to ck .. . . ___________ __ ______ _
West Penn Power C o.— See “ Electric Railway Section"
Welsbach Co—Collateral trust mtge gold $7,000,000 s t .PIP
W estern Elec Co Inc (Mfg)— Com stk 150.000 shs no p a r ..
Pref 6% cum non-voting call at 120 $30,000.000__________
First mtge $15,000 000 g call beg 1912 at 105___MC.xo*
W estern Power Corp, N V— 146,700 shrs common stock_
_
Pref stock $7,080,000 6% cum aft Jan 1 1915______ ________
Bonds— See Great Western Power Co statement.
Western States Qas & El (of Dela)— Comstock $5,000,000
Pref stock $10,000,000 7% cum red 115 & dlvs__________
First & Ref M (of Cal) $10,000,000 gold call 105 sk fd.xxc*
American River Electric 1st M (closed) callable__________
Five year collat notes $1,500,000 call (text)___ xxxUSc*
Unsecured 6% notes $5,000,000 g call see text.Qxxc*&«

Date
Bonds

1919
1900

1559

1911
1903
1918
1917

Par
Value

None 300.00 sh.
100 2,000,000
100 1.500.000
100 7.000.
100 5 .0 0 0 .
1,000 3.000.
10
100.000
100 23,967,400

Rate
%

100 3.503.000
100 x2.186.500
500 &c 4.444.500
1,000
296.000
1.000
690.000
100 &c
1.564.000

When
Payable

Text
See text
000
See text
000
See text
000 g
6
See text

100 &c
2.255.500
5g
None 150.000 shrs
100 30.000.
000 6
1.000 15.000. 000
5g
None 146,615shrs
100 7.079.882

at the end o f 1918 consisted o f 246 miles o f 44,000 volt double and single
circuit and 189 miles o f 2,300 volt circuit with 73 substations having
50,050 k.v.a. transformer capacity. Electric power is important in coa
mining for cutting, hoisting, hauling, pumping and ventilating purposes.
The steam power station at Cabin Creek is a brick and steel structure
located on the Ches. & Ohio R R ., 15 miles from Charleston. Equipment
Includes turbo-generators, &c., with present capacity o f 47,500 k.v.a. and
boilers o f 14,616 h. p. capacity. Rate increase in 1919, V. 109, p. 1280.
Water-Power Sites.— Owns or controls three large power sites on New
River, located at Bluestone, Richmond Falls and Hawks Nest, W . Va., and
several other smaller water power sites also along the New River. Estimated
drainage area ranges from 4,400 sq. miles at Bluestone to 6,250 sq. miles
at Hawk’s Nest. Available power at Bluestone, 125,000 k.w.; Richmond
Falls. 15,000 k.w.: Hawk’s Nest, 30,000 k.w.
Operations.— Began in 1914 with contracts to supply power to the largest
mines in the Kanawha-New River District, among them the New River
C o ., Raleigh Coal & Coke Co. and New River & Pocohontas Consol. Coal
C o. Statistics covering period from 1915 to 1918 show increases in annual
output from 21,717,550 k.w.h. to 64,133,100 k.w.h.
The company also supplies power for the operation o f the street railways
in Charleston, W. Va.
Capital Stock.— Auth., $10,000,000 (in $100 shares), one-half pref.
outstanding $1,200,000 pref. and $5,000,000 common.
Bonds.— Total authorized issue o f First Mortgage bonds— $15,000,000:
outstanding as o f Feb. 28 1919, $4,437,000: in treasury, $169,000: in sink­
ing fund, $68,000; reserved for extensions, betterments, acquisitions, &c..
under restrictions, $10,326,000NOTES.— As o f Mar. 1 1919 an Issue o f $1,500,000 o f 7% 5-year gold
notes, due Mar. 1 1924. was authorized, o f which $1,300,000 have been
issued. This issue o f notes is to take care o f the outstanding 2-year 6%
gold notes in the amount o f $750,000, due June 1 1919, to retire current
floating indebtedness, and to provide additional working capital.
Both principal and interest on above issue o f notes are payable at the
office of A. B. Leach & C o., Inc., without deduction for any normal Federal
income tax up to, but not exceeding, 2% o f said interest; interest payable
Mar. 1 and Sept. 1.
*
R E PO RT.— For year 1918, in V. 108, p. 1717.
Cal. Year— Gross.
Net.
Oth. Inc.
Interest.
Balance.
1918.............8804.716
$313,601
--------$262,340
sur.S51.262
211,111
37,716
230,938
def.16,111
1 9 1 /--......... 577,761
Notes payable as o f Dec. 31 1918, $329,897.
D IR E C TO RS.— R. G. Gossler, H. G. Scott, F. B. Lasher, John L.
Dickinson, William O. Abney, M . J. Murphy and W. E. Fulcher, P. G.
Gossler, Pres.; H. G. Scott and M . J. Murphy. V.-Ps.; F. B. Lasher. Sec.
& Treas. N. Y . office. 62 Cedar St.— (V. 108, p.1615, 1717. 128.)
(V.) VIVAUDOU, Inc.— ORGAN IZATION .— Incorp. in Deleware
about Sept. 1 1919 and acquired the assets, trade-marks, &c., o f V. Vivadou o f N. Y . and Parts. Manufacturers and distributes perfumes, talcum
powder, tooth pasto and other toilet articles. Operates four plants in
Now York City and one in Montreal.
,
DIV ID E N D S.— An initial quarterly dividend has been declared payable
Jan. 2 1920 to stockholders o f record Dec. 15. I‘resident, V. Vivaudou.
— (V. 109, p. 895, 1086. 1186, 1280, 1800).
VULCAN DETINNING C O . — ORGANIZATION.— Incorporated In New
Jersey on April 25 1902 as a consolidation; V 74. p. 942. Has plant at
Streator, III., and Sewaren, N. J.; manufactures “ merchantable pig tin"
tetrachloride of tin and steel scrap (used by steel mills) from tin plate waste.
V. 83. p. 42. 1234. On Oct. 22 1913 the American Can Co. paid $617,000
In settlement o f suit. V. 95. p. 1487; V. 96. p. 1302; V. 97. p. 181.1120.
DIVS.— 1*02. ’ 03. ’04. ’05. ’06. ’07. '08. ’09. ’ 10. ’ l l . ’ 12.
1913.
Pref------%\3M 6>* 0
5 7 K 5 1 K 5 6 X 5 K 7
Below
Com------% J2
3
0 0 0
0 0
0 0
0
- ...................
In 1913. Jan. and A p ril,1 X % ; July and Oct., none. Accumulated pref.
dlvs. Oct. 1913. 2444%. on account of which 21% was paid N ov. 20 1913
from proceeds of suit against American Can C o. V. 95, o. 1478: V. 96. p.
1302; V. 97, p. 181, 1220. None since to Jan. 1919. In April, July and
Oct. 1919 paid
and 1% on accumulations. V. 108, p. 886.
EARNINGS.— Report for 1918 and half year 1919 (V. 109, p. 895):
12 mos. end.
Total
Other
InvenCosts and
Balance,
Dec. 31—
Sales.
Income.
tories.
Gen. Ezp.
Surplus.
1918
....................$1,591,760 $17,305
— $14,977 *$1,450,804
1917 ------ 1,333,122
8,590
— 23.4*2
*1.132.434
185,786
1919 (6mo.)
984,310
13,925
— 90,444
850,165
57,626
* In.eludes in 1918, $112,733 reserved for taxes and other contingent
liabilities. Includes in 1917 $11,859 reserve for income tax (est.)
OFFICERS.— Pres., W. J. Buttfield; V .-P ., Geo. F. Eldridge; Sec., O. E.
Outram; Treas., Gilbert N. Knight. Office, Sewaren, N . J.— (V. 108, p.
886,2131,2638; V. 109. p .8 9 5 .
1
1
*
WALTHAM WATCH CO.— ORGANIZATION.— Incorporated In Massa­
chusetts In May 1906 as successor, per plan of re-capltallzatlon in V. 82 p.
1042. of American Waltham Watch Co. Manufactures “ Waltham”
watches at Waltham, Mass.; also clocks, speedometers and chronometers.
V. 76, p. 161; V. 82, p. 1042; V. 84, p. 630; V. 98, p. 1619. Statement to
the Boston Stock Exchange in V. 108, p. 2526.
STOCK.— Pref. stock cannot be Increased or mtge. authorized wlcnout
oonsent of H of each olass. V. 84. p. 698: V. 90, p. 241.
DIV ID E N D S.—
’07. ’08. ’09. ’ 1 0 .’ 11-12’ 13-14 ’ 15. *16. ’ 17. ’ 18.
1
0
0 0
0
C om m on_______________ 3 214 3 144 None
f
1906 to 1914.
1915. 1916. 1917.
1918.
Preferred...............(Full 6% p. a. (3% s-a.)
5
5
6
6
On accum______\______________________
_
1
1
NOTES.— The $2,000,000 444% serial notes sold in Feb 1916 were all
paid o ff Aug. 1 1919.
In Aug. 1919 sold $3,000,000 5-year 6% notes. While these notes are
outstanding the company cannot mortgage Its property. V. 109. p. 586.
R E PO RT.— Statement for fiscal yoar ended March 31 1919 in V. 108,
p. 2526, V. 109, p. 586, shows: Earnings available for int. and taxes were
over $1,250,000, while profit and loss surplus increased by $510,785 (to
$1,673,976). On March 31 1919, notes payable (other than $255,000
socurod by Liberty bonds), $3,495,000, contrasting with $2,895,500 March
31 1918, including the coupon note issue.
Pres., Ezra O. Fitch; Treas., Harry L. Brown, Waltham, Mass.— (V.
108, p. 2526, 2534; V. 109, p. 379, 586.)
W A S H I N G T O N O I L C O . — ORGANIZATION. &o.— Incorp. In 1887 In
Penna. Produoes crude oil. Owns 140 of 200 shares of Taylorstown Na
tural Gas Co. Formerly controlled by Standard Oil Co. of N. J., but segre­
gated In 1911. See Standard Oil Co. of N. J., V. 85, p. 216; V. 93, p. 1390
Stock. $100,000: par, $10.
Dividends In 1906. about 35%: 1911, 29%
1913. Fob. and Doc., 40%; 1914, Dec.. 30% ; 1915. nil; 1918. Oct., 40%
1917 and 1918, Dec. 40% each. Year 1918, profits. $44,728; dividends
(40% ), $40,000; sur., $4,728.
Total surplus Dec. 31 1918, $62,978. Of­
fice, 323 Fourth Ave., Pittsburgh, Pa.— (V. 100, p. 817; V. 102. p. 891:
V 103. p 1046; V. 104, p. 1505; V. 106, p. 606, 1143.)




Amount
Outstanding

Text
7
5g
5
644
6 g

Q—J

233

Last Dividend Places Where Interes and
and Maturity
Dividends are Payable
Jan 2 '20 50c

O-I
See text
.1 & J Jan l 14 1%
J & D June 2 1919 3%
F & A Aug 1 1924
See text Dec 31 18 40%
Q -J
July 1 ’ 18 114%

Checks mailed
do
do
N Y,N atC B k;B os,lstN at
Plttsourgh, Pa
Office 51 Broadway, N Y

& D June 1 1 9 3 0
Phlla P r o v L & Trust Oo
Sept 30 19 $2.50 New York
Q— M Sept 30 T9. 144
do
J & J D ec 31 1922
Chicago and New York
J

Q-J 15 Oct 15T9.1 44%
Q—J15
J & D
J & J
F & A
F & A

Aug 15’ 19. 44% Checks mailed
O ctl5 1919, 1 'A
do
June 1 1941
Philadelphia
July 1 1933
San Francisco
Aug 1 1923
Union Tr Co, San Fran
Feb 1927
Guaranty Trust Co. N

W ASHINGTON WATER POWER CO.. SPOKANE.— See "Electric
Railway Section” and V. 104. p. 663, 1900. 2120, 2236; V. 105, p . 910;
V. 108, p. 1388, 2242; V. 109, p. 1274.)
W AYLAND OIL & QAS CO.— V. 109, p. 1994.
WELLS FARQO & CO. (E X PR E SS).— Incorp. in Colorado Feb.
1866. OnJune30l917operatedou84.751 miles of railroad in the U. S. and
Mexico, 33,466 miles o f stage, inland and ocean steamer routes- total
118.218 miles. Also, jointly with Nat. Rys. of Mexico, controls Wells
Fargo & Co. S. A. (Sociedad Mexicana). V. 91, p. 1451. Official cir­
culars. V. 83. p. 90. 163. 268. 434
The loss of their contracts with the railroads because of Government
control and operation, and inability to effect an arrangement with the Rail­
road Administration for continuing their individual operations culminated
in an enforced retirement from domestic express operations and the transfer
of the property of this company and the other leading express companies
used in the express business to the American Railway Express Co. on June
30 1918 at least for the duration of the war. In consideration for the prop­
erties the several companies received stock in the Am. Ry. Exp. Co. (the
Wells Fargo, $10,500,000 thereof) but no guaranty of net return. For the
eight months to Feb. 28 1919 the merger company showed a deficit of $14,­
540,000. V. 108, p. 2020, 2124.
See American Railways Express C o.
above.
DIVS. f’95-’01. ’02. ’03-’05. ’06. ’07 to Jan.’ 14. July 1914 to July 1918
Cash %\6 y ’rly. 9 8 y’rly
9 10(5J.&J.)
6%
( 1 X % Q—J 21.)
Dividends were suspended in 1918 following the July distribution. V. 107
p. 1292; V. 108, p. 85, 2020.
In Jan. 1917 an extra 33 1-3% was paid out of surplus. V. 104, p. 78.
On Feb. 10 1910 an extra dividend of 300% was paid from accumulated
surplus, shareholders being allowed to use two-thirds of this in paying for
$16,000,000 new stock, increasing issue to $24,000,000. V. 89. p.135 5,1674,
R E PO RT.— For year ending Dec. 31 1918 In V. 108. p. 2020,
Dec. 31—
Gross
Net Earns.
Other
Dividends.
Balance;
Year
Earnings.
Express.
Income.
Paid
Surplus.
1918.......... $34,115,902x$3,246,822 $1,070,739 (3%)$719,022x$2.895,105
1917...........$59,795,849
$758,001
$866,851(6%)*$1.438,044 $186.*08
1916........... 50,387,016 3.122.967 1.166,772 (6%)1.438.044 2.851,695
* In 1917 also paid a special dividend of 33 1-3%; see above, x Deficit.
— (V. 107, p. 298, 1188, 1292; V. 108, p. 85, 1171, 2020.)
WELLMAN-SEAVER-MORQAN CO. CLEVE.— (V. 109, p. 379.)
WELSBACH CO.— (V. 107. p.410; V. 103, p. 85, 2534)
WESTERN ELECTRIC CO .. INC., N. Y. AND CH IC A G O .— Incorp.
in N. Y. Nov. 17 1915 as successor of an 111. corp. (org. in 1881). Am Tel
& Tel. Co. on Sept. 30 1919 owned 146,756 shares of common stock and
$29,264,700 of the pref. V. 104, p. 78, 1053. International West. Elec
C o., Inc. V. 107,
609.; Western Elec, C o., Ltd., Canada, V. 107 p 1292
“ The largest manufacturer of telephonic apparatus in the world and the
largest distributor of electrical supplies in the United States.” On Aue
31 1919 had 25,106 employees.
Dividend No. 1 on new common was $4 per share, paid Dec 31 1 Q1 KMar.
to Dec.
$2 quar.; Mar.
to Sept.
paid $2 50 quar
Authorized bond issue. $15,000,000. V. 90, p. 307; V. 9 1 , p. 1 5 7 &, 1636!
REPO RT for year ending Dec. 31 1918. showed:
1918.
1917.
1916.
iq i k
Gross sales.................. $145,226,000 $150,340,359 $106,986,677
$63:852469
Net earnings------------ $6,150,849
$6,661,560
$4,678,576 $4 266 777
Interest paid.
$1,540,528
$1,309,844
$880,094
$789664
Res., conting., & c_.
1,100.000
2,500.000
1.473 866
650 0 0 0
Pref. dividends— (6% ) 1.800.000 (6)1.350.000
(6)900.000 *1 009 500
Com. d ivid end s...( $ 10) 1,500,000 ($8)1,200,000 ($8)1,200,000 ($4)600!000

5

p.

1916

1917.

1918

i919

Balance, surplus..

$210,321
$301,716
$224,616 $1,217,613
* Includes 3 quar. dlvs. of 2% each on the $15,000,000 old capital stock
(all of one class) a div. of 0.73% on the new $15,000,000 6% cum nref
stock covering a period from Nov. 17 1915 to Dec. 31 1 9 1 5 / um’ pref’
See V. 90, p. 307. Chairman of Board, H. B. Thayer- Pres Charles n
Du Bois; Treas., J. W . Johnston; Sec., G. C. Pratt. N Y ’ office^lQ^
Bway.— (V. 107, p. 612; V. 109. p. 180.)
’ 0Ulce’ 195
$143,284PENN POWER CO.— See “ EL R y. Section” and V 1 0 7 n
WEST
2296, 2482; V. 108. p. 1171, 1827. 2029, 2248; V. 109! p 1899
107’ P’
WESTERN POWER CORP. OF N. Y .-O R G A N I Z A T I O N .-I n c o r p .
*
June 5 1915 as succ«?sor to a New Jersey company o f similar name
A holding company controlling the following: Great Western 1 ow erC o
P
(which see above); Great Western Power Co. of Cal., California Generating
Oo.. City Elec. C o.. Consolidated Elec. Co. and Western Power C o o f N j !
STOCK.— As shown In table (on Dec. 31 1917). No bonds
D IV ID E N D S.— Paid on pref. shares 1% quar. A dHI 1 5 i qi a tn
July 15 1919, inclusive; Oct. 15 1919, 144%. V . 1 0 9 , p 1280
6
COM BINED EARNINGS.— For cal. years (V. 107, p. 1286 1388 )•
Cal.
Gross
Net, afterOther .Interest. A W cstP 4 %
Balance
Year— Earnings. Taxes.
Income
Guar Dies Pref nir*
1918..
.$4,644,407 $2,700,901 def$4 1,719 $1 806 428 S2 ? 7 naS'
19 17..
. 4.008.553
2.475.279def 113 2861 707 790276 840
19 16..
. 3,743,346
2,380,67280
8271 625 9612S2Q?n
Unappropriated surplus (Inc . sub. cos.) D ec . 31 1 9 1 7 $ 2 °5 7 a
5 b 18
6
OFFICERS.—Pres., F. Lpthrop Ames. Boston; V .-P n ». A S e c . H P
Frank1 M .' Tompkins! VN. Y.8 offlceinl b ^ r o ^ S t 1 S eT G r.f
’
Power Co. a b o v e .-(V . 106, p. 602, 6l'4; V 1 07 p 1673®V 108, ^ 9 4 1 °
lniM^Humbol(?t^S-"n^^>^^? & ELECTRIC CO.— A consolidation operatfn?ni»
Joa9uiu. Contra Costa and adjacent counties in Callrornia. installed capacity, 18,800 h. d .« incl hvdro-pliv'trip 1 1 onn h n
E l b u ^ r a * e^ ' 1’ 1' 5’G0^ “ -P. "a Iso*manufactures nod d &
tributes gas in Stockton and Eureka. V. 105. p.723. Ratos V. 107, p.13891
by Standard Gas & Electric C o., through owunf
the R
tock or Western States Gas A Electric C o.
n / urn' ° Y ns $2,125,000 o f the preferred and all except
§ t-f'nI q
? f the common stock of the California Go.
RvOeslTv j t r A f ! ^ r c C o’ ir’ in turn, controlled and operated by H. M .
n / c T ? C o . o f Chicago. V. 100. p. 817. In Feb. 1918 Western States
of Cal. was auth. to issue $178,000 additional pref. stock. V. 106, p. 720.
7 % per annum since Incorporation. On
common (No. 1). Aug. 15 1915 to Feb. 15 1919 2% p. a. (44% Q .-F .).
p C ^ C S j— Firs/ & Refunding M . 5% Bonds.— Authorized. $10,000 000
r0j gh/ inking fund operations, $665,500. Except for refunding’
divisional bonds (only $296,000 outstanding) no additional boDds may be
Issued except when the annual net earnings are twice the interest on all
bonds outstanding and contemplated, and then only for 75% of the cost o f

III

2*4

INDUSTRIAL STOCKS AND BONDS

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

Date
Bonds

Western Telep & Teles:— See Amer Tel & Tel Oo.
Western Transit Co— Bonds guar b f N Y C ext In 1903_____
Western Union t elegraph— Stock $100,000,000 authorized..
Collateral trust bonds____________
Ba zc*
Funding and real estate mtge $20,000,000 gold .F .z’c&r
Mutual Union Telegraph Co 1st M ext gu p & 1 ext 1911-z
Northwestern Teleoranb Co 1st mtge gu n ft I ext 1904
Stock o f subsidiaries not owned Dec. 31 1918 (see text)
W est India Sugar Finance— Com 82,000,000__________
Pref (a & d) Stock 8 % cum s f call 115 $5,000,000________
Secured 7% Bds $10,000,000 auth________ Gxxxxc*&r*
Westmgfiou.se Air Brahe— .Sloes, $30,U(JU,UUO. .

..

.

1884
1888
1900

1919

___

Westing EI&Mfg— Com. stk $71,000,000 authtV 71.p 1274)
Pref stock $4,000,000 (a & d) 7% cum and participating_
_
One year notes dated Feb 3 1919____________________ yc
Westinghouse Machine Co— 1st & Ref M tge gold_______ x
Westlnghouse Foundry 1st M guar due Sou.OOO yearly_ x
_
Weyman-Bruton Co— Common stock $9,000.000___________
Pret stock (a & d) 7% non-oum $9,000.000_______________
W hite Motor Co— Auth capital stock, see text___________
x Includes outstanding pref. stock of Western States Gas &
x Also authorized to list additional $186,050 on the N. Y.

1919
1910
1902
Elec.
Stock

Par
Value

Rate
%

When
Payable

$ l .000 $1 500,000
3H F & A
100 99 ,786.. "27 7 In 1919 Q —J
1,000 8 .637.000
5
1 .0 0 0 &c 20 000.000
414 g
1,000
1.857,000
5 g
1 500 OO0
500
414
1.782.375
100 2 ,000,000 Text
Q— M
100 3 ,500,000
8
Q— M
500 &c 5 ,000,000
7g J & D
5 0 29 ,165,800 Ser text *Q —J31
50 z70 813,950 7)4 1919 Q —J
50 3 998,700 7)4 1919 Q—J
1,000 15 .0 0 0 ,0 0 0 ]
F & A
6 g
1.000 6 . 1 1 1 ,0 0 0
—F
6 g
1,00i i
vr & v
190.000!
5
100 6 ,623,800 See text See text
Q—J
100 4 ,688.800]
7
50
See t e x t ________ Q — J
Co. of C al.
Exchang e

extensions, and improvements. Semi-annual sinking fund till June 1919,
1% of bonds issued, thereafter 1 H % . V. 102, p . 1544: V. 109, p. 1168.
The $1,564,000 10-year 6 % notes of 1917 are part o f an auth. $5,000,000
Issue, call..all or part, prior to Feb. 1 1921 at 102; at 101 till Feb. 1 1925;
thereafter at 100 and interest. No new mortgage may be created upou
the present property without equally securing these notes. The remain
Ing notes may be issued only when net earnings, after interest on all prior
liens, are throe times the annual interest charges on (a) all notes, Including
those applied for; (6 ) on floating debt; interest on obligations to be paid by
proceeds not to be considered. V. 104, p. 263, 1270, 1505, 1597.
The $690,000 5-year 6)4% Coll. Trust notes, dated Aug. 1 1918 (of a
total of $1,500,000) are secured by pledge o f $959,000 o f First & Refunding
5% gold bonds due 1941. The notes are due Aug. 1 1923, but callable
upon any interest date prior to Feb. 1 1921 at 102, thereafter and prior to
Feb. 1 1923 at 101. on Feb. 1 1923 at 100)4. V. 107, p. 1009.
Dec.
Gross
Net After
Interest
Balance
Year.
Earns.
Taxes.
Charges.
Divs.
Surplus.
$643,594
$356,774
$188,810
$98,010
1918______$1,628,996
1917______ 1,402,870
625,235
325,012
218,846
8,137,476
OFFICERS.— Pres., H. M . Byllesby; Vice-Pres’s., J. J. O’ Brien, F. C.
Gordon, and Otto E. Osthoff; Sec. & Treas., R. J. Graf.— (V. 107, p. 187,
612, 1009, 1389, 1751; V. 108, p. 387, 880, 2440; V. 109, p. 1468.)
WESTERN UNION TE LEGRAPH .— Organized under the laws of New
York State on April 2 1851 and present name adopted in 1856. From in
corporation to Oct. 1917 the company has acquired and controls by pur­
chase, lease or stock ownership, some 555 telegraph corporations and prop
erties, o f which about 57 corporations maintain their corporate identity
and organizations. V. 97, p. 1903; V. 98, p. 301. 392, 615, 1076, 1998,
Excess war tax and telegram tax, V. 105, p. 1904. Ticker decision
V. 106, p. 2238, 2385. Special wage payment in Juno 1918. V. 106,
p. 2458. Wages in 1918-19. V. 106. p. 2619; V. 107. p. 702; V. 108.
p. 85. Rate increase effective April 1 1919. V. 108, p. 1392: V. 109, p. 6 8 8 .
On July 31 1918 the U. S. Govt., as a war emergency, assumed the opera­
tion o f the land lines of this company and the Mackay Cos., and also the
Bell Te/ephone lines. The marine cables were similarly taken over but were
returned to the companies on May 3 1919. The telephone and telegraph
lines were returned on Aug. 1 1919. V. 107, p. 231, 350, 468, 504; V. 108,
p. 1775, 1887, 1972, 1974, 2534; V. 109, p. 234, 438.
Dividend Record 1908 to Apr. 15 1918. (V. 106, p. 304.)
1908. 1909-13. 1914. 1915. 1916. 1917. 1918. 1919.
Regular .%
3)4
3 yearly 3%
4X
5
6X
6H
7
1
1
—. —
Extra
2)4% stk.................................. )4
BONDS.— On Dec. 31 1914 the following stocks (par value) were pledged
for the collateral trust bonds: Gold & Stock Telegraph, $1,111,800: Inter
national Ocean Tel., $1,961,500; N. Y Mutual Tel., $2,387,700: Main
Telegraph Co.. $111,000: Washington & New Orleans Teleg. Co., $30,000
ami hori'is. Mutual Tel 6 s S3.143.000
The Funding and Real Estate 4)4s, V. 70. p. 384, 1203; V. 71, p. 750;
V. 74, p. 785: V. 78. p. 1451: V. 80, p. 226: V. 97, p. 1827.
Notes payable Dec. 31 1918 $2,552,800; secured notes payable to be
assumed by U. S. Govt, and collateral returned, $7,947,200. V. 108,
p. 1293.
Capitalization o f Leading Leased Properties on Feb. 15 1917.
Capitalization of Leading Lease
lnt.ordtv. Bonds
expires.
Amount.
% Period.
mature.
L eased P rovert tes —
1932 $14,000,000 5 Q— M
No bond
Am. Tel. & Cable stock___
2010 £3.240,540 6
Anglo-Amer Tel. pref. stock
do ordinary stock_____
£518.920 3 H ____
2010
do deferred stock______
2010 £3.240.540 1)4 ____
No bond
43,000 3
M&S
Chic. & St. Paul Tel. stock.
2004
Direct U. S. Cable Co_____
2010 £1,214,200 See text
711,700 6
Q— J
No bord*
Dominion Tel. Co. stk. (S50)
1978
300.000 4 Q— M
No bond'
Empire & Bay State s to ck ..
1989
366.100 2)4 M&N
No bond;
Franklin Tel. stock________
____
___
1975
Q— J
Go'd & Stock Tel. stock____Jan. 1981
2.444,400 6
1981
No bond
Internet. Ocean Tel. stock.Jan. 1981
987,300 6
Q—J
N. Y . Mutual Tel. stk. ($25)Feb. 1982
ell2,300 6
M u.U .Tel.lstM .ext.gu.p.& l.______ g l .857,000 5g. M&N
May 194
J&J
Northw. Tel. stk ($ 50)..M ay 7 1980
2,500,000 6
Jan. 1934
IstM ..p .& l.g u a r .(V .9 1 ,p .10 22)..
1,500.000 4)4 J&J
J&J
No bond
Pac. & Atl. stock ($25)____99 years
528,325 4
A&O
No bond
Sou. & Atl. stock ($25)____ 999 years
558,575 5
On D ec. 31 1915 the company owned (not Included in above amounts
Ohio. & St. Paul Tel.. $ 5 7 , 0 0 0 ; Dominion Tel., $ 2 8 8 ,3 0 0 - Franklin Tel.
*630,000; Gold & Stoak Tel., $2,555,600; Int. Ocean Tel., *2.012.700
Pacific & Atl. Tel., $ 1 , 4 7 1 , 6 7 5 ; 9o. & Atl., 8390.975. „
„„„
Also owns t h r o u g h c o lla t e r a l t r u s t , v i z . : e S 2 . 3 8 7 . 7 0 0 ; g $ 3 , 1 4 3 , 0 0 0 .
On Dec. 31 1918 the capital stock of subsidiary cos. not owned by the
Western Union Telegraph Oo. aggregated at par value only $1,782,875, viz. ■
Companies controlled by peroetual leases. $1,350,325: companies con­
trolled by stock ownership, $431,550. The bonds o f subsidiary companies
assumed or guaranteed Dec. 31 1918 (see table at head o f page) aggregated
$6,500,000, o f which $3,143,000 were held in W . U. treasury: balance,
$3,357,000.
,
, . .
. .
The ‘ ‘deferred non-interest bearing liabilities,’ as shown in balance sheet
of Dec. 31 1918, “ In respect o f proceeds o f sales o f securities and other
properties held under leases for terms expiring in 1981 and 2010 from
companies in which the Western Union Co. has, for the most part, a
controlling interest, payable only on the termination o f the leases,” ag­
gregated $12,948,357.
In Dec. 1917 the Great Northern Ry. resumed operations of the Ine a ong
Its right of way between St. Paul and Seattle. V. 105, p. 2183.
Leases the Anglo-American Telegraph Company and Direct Unlteu
States Cable for 99 years from Apr. 1 1911, dividends on the £7.000,000
Anglo-Amer. Telegraph Co. stock being guaranteed, viz.: 6% on the £ 3 .­
240.540 pref.. 1 X % on the £3.240,540 deferred and 3 H% on the £518.920
ordinary stock, the rental to the Direct United States Cable Co. to br
£58,568 yearly, the dividends on its £1,214,200 stock not to exceed 5% with
out permission of Western Union Co V. 91. d . 1715: V. 92, p. 958: V. 93
p. 734 876, 1047; V. 98. p. 1301.
E A R N IN G S .— 8 m os.,11918, gross, $48,824,798;
net. $10,856,139
Jan. 1 to Aug. 31.
J1917, gross, $42,157,081;
net, $12,759,187
RE PO RT.— Year ends Dec. 31. For 1918, V. 108, p. 1267, 1292.
1918.
1917.
1916.
1915.
Gross earnings for year____________$76,995,511 $61,919,140 $51,171,795
do land lines, 7 mos.;
_ .
cables, &c., 12 mos.a$54,283,411
------------------------Oper.exp.,rents,tax.,&c. 46,601,926 62,783,006 48,727.921 40.972.541
Rem ainder................ $7,678,485 $14,212,505 $13,191,219 $10,199,254
Govt. 5 mos. comp’tkm-b$3,327,113
------------------------Income from invest., &c. 1,391,129 $1,484,712 $1,702,460 $1,303,926
Net profits................ $12,396,726 $15,697,216 *14,893,679 $11,503,180




Amount
Outstanding

[V ol . 109
Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

Feb 1 1923
Grand OentTermlnal.NY
Oct 15 T 9, 1»A Office, 195 B ’way, N Y
Jan 1 1938
do
do
May 1 1950
do
do
May 1 1941
do
do
Jan 1934
do
do
Sept 30 T9 5% 129 Front St N Y
Dec 1 1919, 2
do
do
June 15 T929
do
do
Oct 31 19. 3 > Pittsburgh, Pa
4
Oct 31 ' 19 2% Checks mailed fromPlttsb
Oct 15 ’ 9 2%
do
do
Feb 1 1920
Nov 1 1940
Coionial Trust Oo, Pitt
To May 1 1926 Colonial Trust Co, Plttsb
Oct 1 1919, 2)4 Checks mailed
Oct 1 19, 1%
do
Dec 31 T9, 2% Checks mailed

Interest on bon ds.......... C$776,913 $1,331,850 $1,331,850 $1,335,588
______
______
1,166,424
Special to employees___
Accrued depreciation_
_
1,000.000
1,900,000
______
Z
Deprec’n of securities..
152,816
750,000
______
Dividends------- -------- (7 %)6,982,381 (7)6,982.298 (6)5,984.567 (5)4,988Z364
Balance, surplus.........$3,270,583
$4,733,069 $6,410,838 $5,181,227
Tot. sur. Dec. 31 was. ..$32,518,994 $29,248,410 $24,568,068 $18,882,969
a Earnings o f Land Line System for seven months ended July 31 1918 and
from the Cable System and Maritime Provinces for the calendar year. See
“ b .” b This is the compensation duo the company from the U. S. Govern­
ment Tor the use o f the Land Lines from Aug. 1 1918 to Dec. 31 1918.
c Seven months to Aug. 1 1918.
Allies of Miles of No. of
Year—
Poles, &c.
Wire. Offices. Messages. Receipts.
Profits.
1876................ 73,532
183,832 7.072 18.729.567$10,034.984 $3,399,510
1893.................189,936
769.201 21.078 66.591.858 24.978.443 7,496,037
1 9 1 6 ....____237,664 1,627.342 25.234 Not stated 63.621 6 0 1 14 893.679
1917................228,766 1,626,963 25,466 Not stated 78,480,223 15,697,216
DIRECTO RS.— Newcomb Carlton (Pres.). Oliver Ames William Vin­
cent Astor, Henry A. Bishop, Chauncey M . Depew, R. S. Lovett, Donald
G. Geddes, Chauncoy Keep, Jacob H. Schiff, T. De W itt Ctiyler, Howard
Elliott, Julius Kruttschnitt, Charles B. Seger, Edwin G. Merrill, Henry
W. deForest, William Fahnestock, Percy A. Rockefeller, William IC. Van­
derbilt Jr., Mortimer L. Schiff, William II. Truesdale and Albert H.
Wiggin (Cfiairman). Office. 195 B’wav, N. Y .— (V. 107. p. 1486, 1583
2015; V. 108, p. 689, 1516, 1947, 2131, 2336, 2440, 2534; V. 109, p. 379, 484
6 8 8 .)
WEST INDIA SUGAR FINANCE CORP.— ORGANIZATION.—
Incorp. Aug. 1 1913 in Conn. Business consists in financing sugar com­
panies in the West Indies by advances secured by mortgages, liens on grow­
ing crops of sugar cane and selling the sugar produced. Has also financed
and developed sugar companies in Cuba, Porto Rico, and Santo Domingo.
Although the corporation does not control these companies by stock
ownership, it is protected in its rulations with the underlying Cuban com­
panies by contracts which insur* proper management of the companies and
provide that capital expenditures and dividend payments shall rest with the
discretion of the corporation. V. 108, p. 2440.
For statement of property, capitalization, &c., of the companies having
bonds pledged to secure the 7s of 1829. See V. 109, p. 2440.
STOCK.— Annual sinking fund beginning Oct. 1920 provides for 3% o f
the issued Pref. stock (V. 109, p. 895) which will retire tne stock at 115 and
dividends.
BONDS.— The bonds are callable at 105 and int. for the sinking fund,
which will retire about $500,000 annually. Additional bonds may bo Issued
from time to time against the deposit of additional First Mtge. bonds of
the underlying or other companies, issued at not exceeding 50% of the cost
of newly acquired property, betterments, &c., to properties upon which
they are a lien. These bonds are secured by pledge of bonds of the follow­
ing companies:
Palma iftiriano Sugar Co. 1st M . 7s____________________________ $2,600,000
Cupey Sugar Co. 1st M . 7s---------------------------------------------------- 1,300,000
Central Alto Cedro 1st M . 7s________________________________ 2,500,000
Carmen Centrale 1st M . 6 s___ ;______________________________
600,000
The company reserves the privilege o f temporarily hypothecating in
lace of a portion of the above collateral an equal amount of U. S. Liberty
onds not exceeding $300,000. V. 108, p. 2440.
D IVIDEN DS.— A div. of 5% was paid on the Common stock Sept. 30,
making a total of 8 % for the year ended Sept. 30 1919, 3% having been
paid M ay or June 1919. The directors have decided to place theCommon
stock on a 7% p. a. basis, payable quarterly, March, &c. From date of
incorporation to date company has paid 6 % p. a. An initial div. of 2%
was paid on the pref. stock Dec. 1 1919. V. 109, p. 1186.
EARNINGS.— Earnings available for Pref. stock divs. for fiscal year
Sept. 30 1918 amounted to $719,642; for year ended Sept. 30 1919 (est.)
$816,506.
.
OFFICERS.— Thomas A. Howell, Pres.; Henry W . Wilmot, Vice-Pres.;
Lorenzo D. Armstrong, Sec.;.James Bliss Coombs, Treas.— (V. 108, p. 2440;
V. 109, p. 895, 1186).
WESTINGHOUSE AIR B R A K E — ORGANIZATION, &o.— A Penn­
sylvania corporation. V. 67, p. 843. 1065; V. 77. p 1307; V. 94. p. 141.
In 1912 granted the New York Air Brake Co. a general lloense under its
U. S. patents. V. 95. p. 748: V. 105. p. 1517.
The sh ireholders voted Mar. 15 1917 to Increase the authorized
capital stock rrom $20,000,000 ($19,730,967 outstanding Dec. 8 1916) to
$30,000,000 In order (l) to acquire the stock of the Union Switcfi & Signal
Co. (95.9% owned July 31 1917); (2) to pay on the stock as so Increased a
dividend or 20% ($10 p. s.) in Westlnghouse Air Brake stock. This inereased the outstanding stock to $29,165,800. See V. 103, p. 2245, 2349:
V 104, p. 263, 1065. Switch plant dost royed by fire Feb. 10 1917. has been
replaced by a now $5,000,000 plant. V. 104, p. 669, 1065. Wages 1918,
V. 106, p. 1583. Unfilled orders on Dec. 31 1918, after allowing for antici­
pated cancellations, totaled approximately $19,400,000.
LATE DIVS. ( ’05.’’06. ’07. ’08. 09. ’ 10. ’ l l . ’ 12. 13. ‘ 14-15. ’ 16. '17 .18
Per cent------{ 20 22)4 20 12 X 11)4 21 20 19 16
16 28
18 14
I n s t o c k ___ 1(1898. 100%) 25
................. 33 1-3 5
20 . .
From Jan. 1918 to Oct. 1919 paid 3 X % quar. (14% p. a.). Divs. are
.
. the . . . .day of the month. y 107, p g 7 .
. - last
- •
now payablo on or about
REPORT. _____
17 months ending Dec. 31 1918, V. 108, p. 1299, 1387
___
” Mos. to
a.
Years end. July &1------------17 ”
Dec. 31 ’ 18
1916-17.
1915-16.
1914-15.
Net earnings, all sources.$9,711,900 $6,388,463 $9,396,103 $1,882,137
5,565,413 3,140,972
3,140,660
Cash dividends paid— . . 5,076,978
Federal taxes (estimated) 2.250.000
Balance, sur. or def.sr.$2,38 i,922 sur.$823,050sr.$6.255,131 d f$ l,258,523
Total surplus Dec. 31 1918, $12,930,314.
.
„ .. . . .
Chairman, Henry H. Westingfiouse; Vice-Chairman, John F. Miller;
Pres.. A. L. Humphrey; Treas. S Act. V.-Pres., S. C. McConahoy; Sec.,
c
Hubert C. Tener. N. Y. office, 165 B’way.— (V. 108, p. 1387 14-0.)
WESTINGHOUSE ELECTRIC & MANUFACTURING CO.— OR­
G A N IZA TIO N .— A Pennsylvania corporation manufacturing appliances
used for electric-lighting and power purposes. V . 54, p. 763: V. 85, p. 150,
1458. Owns exclusive rights to Tesla patents on alternating currents.
V. 61. d . 25. 153. The Kssington works on Delaware River near I hiladelphla was completed in 1918 and began working on contracts from U. S.
Govt, to occupy capacity Tor about two years., supplying equipment Tor
cargo ships. V. 107. p. 516, 2482; V. 106, p. 2204. In 1917-18 also a plant
was built at Trenton, N. J., to manufacture incandescent lamps, V. 105,
p 2006; V. 106. p. 1809. 2223. In Juno 1918 purchased the Krantz Mfg.
Co 7. Inc. .B rooklyn, N. Y . V. 106. p. 2764. During 1918-10 acquired the
Franklin Electric M fg. Co., manufacturer of incandescent lamps at Hartford
& Middletown. Conn. V 108, p. 2236. In ApHl 1919 the company had
arranged to seli its British interests. V. 108, p. 1524, 1064, 2336.
New England Westinghouse Co. ($1,000,000 outstanding stock). Tho
plant at East Springfield is now in operation, devoted exclusively to manu-

g

N ov., 1919.]

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviation*, A c., see notes on first page]

Date
Bunds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

New
None
$4,450,000
Willys C orporation— Common 5,000,000 shares__________
Q— M
8
100 15,000,000
First pref (a & d) 8% cum conv stock call at 110 $15,000,000
100 10,000,000
7
Second pref (a & d) stock 7% cum conv (call 100;________
25 y39,428,087 4% in’ 19 Q— K
Willys-Overland Co— Common stock $50,000.000-----------100 14,532,500
7
« —J
Preferred (a & d) 7% cum convert, red at 110__________
100 9,178,600
Q— F
7
Pref stock 7% cum non-convert $10,000,000
Sen te x t..
2 0 0 .0 0 1 tehrs
Wilson & Co Inc— Common stock authorized 500.000 shrs
Q— J
$100 $10,389,900
7
Pref stk (a & d) 7% cum, red all or part at 125, also sk fd_.
A & O
1.000 &e 20 070.000
6g
1st M s fd $25 000 000 gold call 107 A ................... Qc*&r*
1.000 20,000.000
6g J & D
Convertible bonds $20,000,000 call s f d ____________ Q.c* 1918
r by emp loyee.i but was unp aid.
y An additional $2,192,79^ bad on Dec 31 1918 been subscr
facture o f industrial motors and automobile starting and lighting apparatus.
V. 108, p. 2236; V. 106, p. 93, 2661; V. 105. p. 2549, 1426. V. 100, p. 1924,
1679; V. 101. p. 619; V. 103, p. 2245.
In 1908 finances were readjusted (V .8 6 ,p . 922; V.87. p.101. 875, 1531.
In June 1917 merger o f the Westlnghouse Machine Co. was effected,
over 98% of the stock having boon acquired. V. 101. p. 1169. 2016. 2250.
Unfilled Orders.— Alter the elimination o f contracts and orders canceled
as a result of the signing of the armistice, the value o f unfilled orders on
April 1 1919 was $76,248,000 [against $147,857,580 on April 1 1918 of
which $110,185,007 was for the regular products of the company.]
NEW STOCK.— An increase of the common stock rrom $56,000,000 to
$71,000,000 having bean voted Feb. 15 1917, holders of the outstanding
common stock were allowed to subscribe and pay for in full at par on Feb. 21
1917 for about $14,957,125 new common stock. The proceeds were used
to finance the expanding business and to build a new factory o a the Dela­
ware River. V. 103, p. 2245; V. 104, p. 670, 770, 869, 1296, 2652; V. 107,
p. 2482.

DIVS.— ’09. TO. ' l l . T2. 1913-14. T5. T6. 1917-18.
1919.
Pref., % ___5Y 10M 12X 7 7 yearly 7
x
7 7 yearly. 1M, 13 , 2, 2
4
Com., % - .- 0
0
0
2 4 yearly 5 4 A 7 yearly l jJ , 1% , 2. 2
Also on common and pref. July 31 1917 a special 'A of 11, >o aid Red
7
Cross contributions. In July and Oct. 1919 paid a quarterly div. 2% on
both common and pref. stocks. V. 104, p. 2562; V. 108, p. 2029; V. 109,
1280.
NOTES.— The $15,000,000 one-year notes o f 1919 were issued to refund
maturing notes that had been put out because of the heavy inventories made
necessary by war conditions. V. 108, p. 387; V. 106, p. 304.
There are also $10,000 5% collateral notes due Jan. 1 1924; real estate
purchase money mt.ges.. $120,000.
Bank loans Mar. 31 1919. $5,280,000; 1918, S12,700,000.
ANNUAL REPORT.— Fiscal year ends Mar. 31. Report for year ending
Mar. 31 1919 in V. 108, p. 2236. The gross earnings (sales billed) for 1918­
19 include shipments by New England Westinghouse Co. and J. Stevens
Arms Co. from Jan. 1 1918.
1917-18.
1916-17.
1915-16.
Sales billed.................. $160,379,942 S95.735.407$89,539,542 $50,269,240
Total not Income....... $17,335,802 *$16,834.733518,848.237 $10,536,626
Int. on bonds and debs.
378,804
303,917
89,333
718,477
Int. on collateral notes.
L ...................................
136,000
135,999
Int. on notes payable.. 1,891,478
1,108,046
529,115
________
Miscellaneous-------------25,698
17,089
13,900
15,361
Common dividend rate
(7% )
(73$%)
(63$%)
(535%)
D lv. on pref. stock (7% )
279,909
X299.903
279,909
279,909
D iv. on com. s t o c k ------ 4,956,876
x5,310,946 3.750.000 2,526,951
Balance over surplus $9,803,037 $9.794.831$14.049,980 $6,859,929
Total surplus Mar. 31 ..$36,207,732 $20.404.695518.105.299 $9,246,707
* After deducting all taxes, x Includes Red Cross dividends of 35 of 1 %
each on pref. and com ., calling for $19,994 and $354,070, respectively.
DIRECTO RS.— Class expiring In June 1921— James D. Gallery. Paul D
Oravath. James N. Wallace and Harrison Nesbit. Class expiring June 1922
— A. G. Becker, George M Verity. William McOonway, J. J. Hauauer,
Class expiring June 1923 —Samuel M . Vauclaln, John R. McOuno. Edwin F
Atkins and E. M . Herr. Class expiring June 1920— Joseph W. Marsh.
Guy E. Tripp, H. H. Westinghouse and Albert H. Wlggln.
OFFICERS.— Chairman of Board. Guy E. Tripp; Pres.. E. M . Herr
V.-Ps., 11. P. Davis. L. A. Osborno, Charles A. Terry. II. D. Sbuto. H. T
Herr and Walter Cary; Treas., II. H Baetz: Comp, fc Sec.. J. C. Bennett
Offices, 165 Bway., N. Y ., and East Pittsburgh, Pa.— (V. 108, p. 387,
1065, 1524, 2029, 2236 2440; V. 109. p. 1280.)
WEST IISG HOUSE MACHINE CO.— See Westinghouse El. & M fg. Co.
WEYMAN-BRUTON CO.— ORGANIZATION.— Incorporated In N. J.
Deo. 2 1911 and took over the snuff factory at Chicago, 111., formerly
owned by American Snuff Co., two at Nashville. Tenn.. entire stock
of De Voe Snuff Co with faotorv In Snotswood. N. J.. and 50% of stock nt
Na tlonal Tobacco Co., Ltd., of Canada, with factory in Montreal. P. B.
Gravely Tobacco C o., Danville. Va.. V. 93. p. 1609: V. 94, p. 285.
STOCK.— No Hen prior to tho prof, stock without the consent of two
thirds of each class of stock. Pref. stockholders in 1918 were offered the
right to subscribe at par for 20% ($920,000) new pref. stock, increasing the
prof, to $5,520,000. V. 107. p. 1105.
Tho shareholders voted Dec. 4 1918 to increase the authorized capital
stock by 30,000 shares each, o f com. and pref. stock (par $100), making
the total authorized capital stock $18,000,000, o f which $9,000,000 is pref.
and a like amount common. Tho new pref. stock will from time to time
be offered to the pref. shareholders at par, and the common stock to the
common shareholders at par, in order to provide additional working
capital when and as noodod. Common shareholders of record Jan. 4 1919
wero permitted to purchase 20% ($1,104,000) new common at par. V.
107, p. 1.843, 2015, 2195. 2297, 2482; V. 108, p. 177, 387.
DIVIDEN DS. — [1912. 1913.
1914.
1915.
1916. 1917. 1918
On common_____% { 5
10
12
12
12
12
Text
e x tr a ________ %1 —
-—
—
14
10
—
scrip or stock. % UxPald o ff 1915) x20
*10
—
—
20
Prof dividends 7% per annum (135% Q.-J.) since April 1 1912
In March 1918 a stock dividend or 20% was declared on the $4,600,000
common stock, payable Oct. 1 to holders of record Sept. 16. to take the
place o f the quarterly distribution on the common stock usually paid
April 1. July 1 and Oct. 1. V. 106, p. 1040. On Jan. 2 1918 tho common
received 3% and 2% extra ($230,000). In Jan., April, July and Oct. 1919
paid 235% with no extra.
RE PO RT.— Year 1918, in V. 108, p. 781:
Calendar Years—
1918.
1917.
1916.
1915.
Net earnings...................x $l,487,984 x $l,471,528 $1,448,711 $1,271,372
Preferred divs. (7 % )-----323,554
322.000
322,000
280,000
Common dividends.. (2 A % ) 138,000 (20)920,000 (20)920,000 (22)880,000
----------------- --------- --------do
s t o c k .... — (20%1920.000
Balance, surplus......... $106,430
$229,528
$206,711
$111,372
x After providing for Federal taxes.
OFFICERS.— Pres., J. Peterson: Sec. & Treas., I. L. Elliott. Office,
1107 B'way, N. Y .— (V. 108, p. 177, 375 387, 781.)
WHEELING MOLD & FOUNDRY.— (V. 109, p. 1373, 1468.)
WHEELING STEEL & IRON CO.— (V. 109. p. 1364.)
W HITE EAGLE OIL & REFINING CO.— (V. 109, p. 1374.)
W HITE OIL CORP.— (V. 109, p. 1531, 1615, 1707, 1899, 1994.)
W HITE MOTOR CQ .— O R GAN IZATION .— Incorporated In Ohio and
took over all the capital stock, excepting qualifying shares of the White Co.
o f Cleveland, makors White motor trucks. (V. 103, p. 1979.) The manu­
facture of passenger automobiles was discontinued in 1919. In Juno 1919
output for 1919 was estimated at 12,000 commercial motors, valued at
$34,000,000 plus sales of parts, &c., $9,000,000. Purchase in 1918-19 of
entire block at Lond Island City, N. Y ., and two blocks in Chicago, see V.
107. p. 2482; V. 108, P. 1524.
J
STOCK — Tho stockholders on June 10 1919 authorized an increase in
capital from $16,000,000 to $20,000,000 and holders of June 14 were allowed
to subscribe for the $ 1,090,000 now stock at par. The stockholders will vote
Doc. 12 1919 on increasing tho capital stock from $20,000,000 to $25,000,­
000: the now stock will bo offered to present holders at $50 a share on tho
basis of one now share for each four shares hold at the close o f business
Dec. 15.* V. 108, p. 2029, 2440, 2534. V. 109, p. 1899.




235
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable
Dec 1 ’ 19 $1.23
New
Nov 1 1919 1%
Oct 1 1919 \H
Feb 1 1918 1 M
N ov 1 1919 1M
Oct 1 1919
Apr 1 1941
Dec 1 1928

Bankers Trust Co, N
do
do
Company. Toledo, O
New York
Checks mailed
New York & Chicago
New York City

D IV ID E N D S.— No. 1 A p rils 1916. 135 % : N o. 2 July 15, 135%: Sept.
135%: Dec. 31 1916 to Sept 30 1919. 2% quar.
REPO RT.— For year 1918 in full, V. 108, p. 1507, 1522; V. 109, p. 68.
Calendar
Total
Total
Federal
Dividends
Balance,
Years—
Sales.
Income.
Taxes.
Paid.
Surplus.
1918 _____$39,559,794 $6,380,585 $3,700,000 (8%)$1,280,000 $1,400,585
1917_____ 25,749,446 4.830.309 1.030,000 (8%) 1,280,000 2,520,309
Profit and loss surplus Dec. 31 1918 $6,621,476; notes payable, $1,000,000
DIRECTORS.— M . B. Johnson (Chairman of Board;. W. T . White
(Pres.). W. O. White (1st V .-P .). E. W. Hulet (2d V .-P .). Otto Miller
(Treas.), A. R. Warner (Sec.), J. R. Nutt, all of Cleveland. Ohio; J. Hor­
ace Harding, Michael Gavin. E. R. Tinker, New York, Warren 8. Hayden,
Cleveland. Office. 842 E. 79th St., Cleveland, O.— (V. 109, p. 68 484,
586. 1899.)
W ILLYS CORPORATION.— ORGANIZATION.— Incorp. July 24
1917 in Deleware as Elec. Auto-Lite Co. In Sept. 1919 adopted present
name and acquired the New Process Gear Corp. of Syracuse, N. Y ., and
the Duesenburg Motors Corp. of Elizabeth, N. J., and Poughkeepsie, N. Y .
Is to manufacture on a large scale a new light weight six cylinder automo­
bile, developed by and to be sold through the Willys-Overland Co. (V. 109,
p. 1186), also manufacturers on a large scale, lighting sets for homes, farms
&c.: gears and starting, lighting and ignition systems for automobiles.
SECURITY HOLDINGS.— The security holdings on June 30 1919 had
a book value exclusive of intangible assets of $21,369,720 and compromise
among others, 500 shares (over 27%) par value $25 of the Common stock
of The Willvs-Overland Co.; $1,000,000 par value of the 7% Convertible
Second Preferred stock of tho Fisk Rubber Co., and $1,000 of the 7% Con­
vertible Second Preferred stock of the Federal Rubber Co. Additional
holdings were in 11 companies, all of which are directly or indirectly con­
nected with the supplying of parts or machinery to the automobile industry.
STOCK.— The First Pref. stock is redeemable in whole or in part or for
sinking fund at 110, Convertible upon 15 days notice into two shares of the
Common stock. Annual sinking fund for 1st Pref. stock begins in 1921 and
for 2nd Pref. in 1922. 2nd Pref. is callable at 110 after redemption of 1st
Pref. No mortgage without 75% of the 1st Pref. stock.
Of the Common stock 300,000 shares are reserved for the conversion of
the 1st Pref. stock, at the rate o f two shares of Common for each share of
1st Pref.; 250,000 shares are reserved for the conversion of the 2nd Pref.
at the rate of 2 l shares of Common for each share of 2nd Pref. Deposit
A
of cash has been made to retire the existing Prof, stock of the Electric Auto,
Lite Corp. on or before Jan. 2 1920. All funded debt has been paid off.
An initial div. of $1 23 (for period Oct. 6 1919 to Dec. 1) was paid Dec. 1
1919 on the First Pref, stock. V. 109, p. 1994.
D IRECTO RS.— John N. Willys, Pres.; Edward F. Swift, F. S. Wheeler*
E. R. Harbeck, Vice-Pres.; Chas. Sollberg and J. V. Hail.— (V. 109, p. 987,
1186, 1280, 1707, 1991.)
W ILLYS-OVERLAND C O .— O R G A N IZA TIO N .— Incorp. in Ohio
Nov. 1912 and acquired tho properties and business of the Willys-Overland
Co. of Toledo. O. One of the largest manufacturers of automobiles In
the U. S. Excepting tires and a few patented appliances, it makes prac­
tically all parts from raw materials. Status in Aug. 1919, V. 109, p. 788.
The sales have been as follows:
1912. 1913. 1914. 1915. 1916.
1917.
1918.
88.733
No. cars sold_____21.000 37.000 48.000 95.000 142,441 140.002
ALLIED ACQUISITIONS.— The shareholders voted Aug. 14 1919 to
ratify a contract for the manufacture by the Willys Corporation, for sale
by the Willys-Overland C o., of a new six-cylinder automobile recently
developed by said company. See that company above and in V . 109, p.
586, 788, 987, 1186.
In 1917 purchased control of Curtiss Aero. & M otor Corp. (which see
above), receiving the following securities, viz.: (a) 24,000 shares of Curtiss
7% pref. at $75 per share; (6) 60,000 shares of common at $25 a share: and
(c; $1,600,000 Curtiss 10-year 6% notes (redeemed in March 1918 at 10245)V. 105, p. 821. V. 105. p. 826.
In Sept. 1918 purchased control of the Moline Plow C o., in order to
manufacture motor-drawn farming implements in anticipation of large
demand following end of the war. See that company above and V. 107,
p. 1292, 1389. 1925.
In Aug. 1919 John N. Willys and associates acquired control of the U. S.
Light & Heat Corp., Mr. Willys becoming Chairman.
In Nov. 1919 John N. Willys, F. W . Ruggles (Pres, of Republic M otor
Truck Co.) and W. J. Baxter, a director, purchased a controlling interest
in the Republic M otor Truck Co. It is asserted that there will be no direct
connection between Willys-Overland and Republic, though the former will
probably be a big purchaser of Republic products. The Torbenson Axle
Co. is a subsidiary of the Republic M otor Truck Co. See V. 109, p. 1994,
1799. 1706, 1372.
STOCK.— In 1916 offered to shareholders of record Sept. 5 the privilege
of subscribing at $44 per share for their respective proportions of $15,000,000
of the common stock. V. 104, p. 1296; V. 103, p. 66, 762, 853, 1039. 1046,
1216, 1432. On May 25 1916 each share of common, par $100, was divided
Into four shares, par $25. See also V. 105, p. 614.
Under plan of Nov. 1915 the company paid off at 110 on Jan. 13 1916
tho original $4,483,700 preferred stock and sold at 10245 $15,000,000 (of
a new $25,000,000 preferred Issue) of 7% cum. pref. stock (preferred prin.
& divs.), red. at 110 and div. after one year and convertible from Jan. 1
1917 to Jan. 1 1922, both incl., into common stock The conversion price,
originally $300 per share, has been reduced, owing to the increase in amount
of outstanding stock and the change in par value of single shares (from
$100 to $25). and in Oct. 1917 was $56 32 per share; 1. e., $56 32 o f pref.
stock for each $25 share of common stock. V. 102, p. 1168. V. 101. p.
1633: V. 102. p. 257. 350. 443. 528.
In Aug. 1917, far purchase of control of Curtiss Aeroplane & M otor Corp.,
sold to private interests $3,475,000 7% non-convertible pref. stock, the
purchaser agreeing not to offer the stock for sale inside one year from Aug. 1
1917; also to Curtiss interests $1,600,000 6% notes maturing on or before
Aug. 1 1918, with agreement that such notes are not to be sold. V 105.p.826.
The company will set aside annually on or before July 1 1917 aDd yearly
thereafter for the purchase or redemption of the pref. stock a fund
equal to 3% o f the aggregate amount or same Issued, whether or not then
outstanding. Without the consent of 75% of the pref. outstanding: No
mortgage shall be placed upon the assets; said pref. stock shall not be In­
creased above said $25,000,000. nor shall any priority pref. stock be Issued,
nor any evidences of debt running more than one year. No voting power
unless four quarterly dividends are In default. V. 102, p. 159.
Bank loans Dec. 31 1918 were $1,4016,392; M ay 1918, $12,400,000.
V . 106. p. 2127.
D IV ID ’S.—
1913. 1914.
1915.
1916.
1917. 1918.
1919.
Common stock_
_ 6
6
6
9
12
4
4
do
extra____ 5
-5 stock 5 stock 5 s t o c k ______ ______
Explaining the payment of only 1% quar. dividend Feb. 1 1918, Pres.
Willys In Jan. 1918 said in substance: During the last quarter we wore pass­
ing from a peace to a war basis In order to manufacture on a large scale mo­
tors and parts for the Curtiss Aeroplane Corp., as well as to fill heavy orders
for the U. S. Govt. This has called for large expenditures from earnings
for plant additions, new tools, dies and other equipment. It has also ne­
cessitated the accumulation of large supplies o f raw and semi-finished
materials. The inventory, receivables, &c., amounted to $38,687,463 and
cash to $16,154,156. while the current liabilities aggregated $27,765,267.
V. 107. p. 1486; V. 106, p. 304. Profit sharing in 1919, Y. 108, p. 487.
R E PO R T .— For year ending Dec. 31 1918, in V. 108, p. 1386.
Calendar Years—
1918.
1917.
1916.
Net earnings and income (see below ).x$6,735,003 x$7,272,752 $10,016,424
Deduct— Int. on floating debt, &c_$1,198,748
$1,151,208
$450,702
Pref. (cum. convert.) divs. (7 % )_ 1,017,275
1,017,275
994,705
Preferred d iv id en d s_________
298,379
121,065
-----Common dividends (cash)_______( 4 %) 1 ,6 2 6 ,891 (12)4.885.237 (9)2.5031250
Balance, surplus......................$2,593,710
$97,967 *$6,067,764

236

INDUSTRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
lFor abbreviations, &c., see notes on first page]

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

W in chester Co— Common stock $10,000,000___________ ___
$100 $1,000,000
First preferred 7% (a & d) cumulative $10,000,000______
100 9,754,700
Second preferred 6% non-cumulative $10,000,000_____
100 2,000,000
(F W) Wool worth Co— Common stock 550,000,000_____
100 50.000,000 8 in 1919
Pref stock (a & d) 7% cum $15,000,000 red 125______
100 bl 1.761 000
7
Worthington P u m p & Mach. C o r p . —Com stk $15,000,000
100 xl2212 149
Pref A stk 7% cum $10,000,000 call 115 & div text________
100 5.592 ;833 7 in 1919
Pref B stk 6% (cum 1919) $11,000,000 call 105 & divs____
100 10.321 671 , See text
Holly Mfg Co 1st M (new) guar p & 1, call p a r ____________ 1916 100 See.
306,200
5
Jeanesville Iron Works Co 1st M ________________________
200.000
5
x Excludes $780 000 held by trustees Aug 31 ’ 19. Issu able to enlist aid of new lnte rests, &c
b Excludes $736,000 in treasury Dec. 31 1918 awaiting retire ment

When
Payable

[V o l . 109
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

A & O 15 Oct 15 1919 3)4
Q -M
Q— J

Dec 1 1919 2% Farmers' L St Tr Co. N 1
1
Jan 2 1920 1J4
do
do

Oct 1 1919 1*4 New York
do
8 =J
Oct 1 1919 I X
J & J July 1 1922
115 Broadway. N Y
M & N 1922
Olrard Trust C o, Phil*
. V. 106. p. 1224.

1917.
1916
1918.
Second Preferred Stock.— 6% non-cumulative. Original issu e.. $2,000,000
Provision for redemption o f bonds_
_
______
$450,000
Common Stock.— Alone to have voting powers, except that if the full cumu­
do
do
pref. stock_______
$554,208
lative dividends on the 1st pref. stock be unpaid and shall have at any
Common dividends in stock________
______ (5)1,965,991 (5)1,155,690
time accumulated in excess of 7% , the 1st pref. stock shall have full
voting powers except as to the redemption of the said first preferred stock.
x After providing for Federal taxes.
Original issue_____________________________________________ $1,000,000
DIR E C TO RS.— John N. Willys (Pres.), O. A. Earl (1st V .-P .), Jas. E
Under the plan $7,500,000 par value o f the first pref. stock of the new co.
Kepperley (V .-P.), Edwin B. Jackson (V .-P), O. O. Miniger (V.-P )
Royal R. Scott (Sec.). F. K. Dolbeer (Treas.), Edward F. Swift and will be delivered to the stockholders of the old company in exchange for
their stock in the latter. That is, each stockholder of the old co. will be
Rathburn Fuller.— (V. 109, p. 484, 586, 788, 987, 1187. 1780.)
entitled to receive for each share of stock now held by him 7 44 shares o f the
W I L S O N & C O ., I N C. — Incorp. April 7 1910 In N . Y . Capitalization new first pref. stock of $100 each.
readjusted in Aug. 1918 without reincorporation. Established in 1853
The balance of the original issue of stock of the now co., namely $2,500,­
Name was changed from Sulzberger St Sons Co. to Wilson & C o., Inc., In 000 of 1st pref. stock, $2,000,000 of non-cum. 6% 2d pref. stock and $1,000,­
1916. V. 102, p. 1255; V. 103, p. 417; V. 108, p. 1299.
000 of common stock, will be delivered to Kidder, Peabody & Co. and their
Has large and modern plants in New York, Chicago and Kansas City
associates- upon completion of the arrangements for the contribution o f
and, through, subsidiary cos., owns and operates plants at Oklahoma City
$3,500,000 of new capital in cash as above stated. Stockholders wore per­
Sioux Falls. S. D .. Los Angeles, Cal., Albert Lea, Minn., and Natchez, mitted to participate in this financing under certain terms. V. 107, p. 2195.
Miss. Combined capacity of present plants about 187,000 cattle, sheep and
The committee appointed by the directors has been informed by Kidder,
hogs per week. Company has, either directly or through sub. cos., all of Peabody & C o., that it is expected that the annual 7% dividend on the
whose stock it holds. 120 distributing branches by means of which and of Its first preferred stock will be paid regularly.
refrigerator car service It distributes Its products to practically every city
ANNUAL REPO
of
and new
as o f
and town of importance in the United States. Also does a large export Jan. 1 1919, V. 108, RT.— Balance sheet W. old A. Co. for companies 1918,
p.
R.
fiscal year
trade. Indirectly owns 2,131 railroad cars, o f which 1 710 are refrigerator V. 108, p. 1733, 1818. 2029. Report of
oars. V. 91. p. 981. 1714; V. 90. p. 1048; V. 94. p. 491: V. 105, p. 723. In
OFFICERS.— T. G. Bennett, Pres.; J. E. Otterson, V.-Pres.; D. W .
1918 purchased additional Chicago property for $200,000, subject to a
purchase money mortgage for $100,000. V. 106, p. 1809. Federal Trade Weeks, V.-Pres.; R. E. Anderson, Sec. & Treas. R. R. Williams, Asst.
Treas. Main office, New Haven, Conn.— (V. 107, p. 1751, 2195; V. 108.
Commission, &c.. V. 107, p. 187, 612, 1583.
In Dec. 1917 a new subsidiary, the Wilson Fisheries C o., was organized p. 886, 1615, 1733 1818, 2029.)
and purchased several concerns. V. 106. D. 404.
(F. W.) WOOLWORTH CO.— ORGANIZATION .— Incorporated in
In Aug. 1919 sold its grocery, packing, vegetable and fishing business to New York Deo 15 1911. Acquired the business of F. W. Woolworth & Co.,
the new Austin, Nichols & C o., Inc. (V. 109, p. 379, 586, 895), each share­ S H Knox & Co.. F. M. Kirby & Co. E. P. Charlton & Co., the 5 and 10
holder of 5 shares of Wilson common being permitted to subscribe at $25 oent store business of C. S. Woolworth, W. II Moore and W. H. Moore &
a share for 2 shares o f new Austin, &c., stock. V. 109, p. 379, 586, 895
Son and the controlling Interest In F. W. Woolworth & Co.. Ltd., of Great
STOCK.— In Aug. 1918 the company was recapitalized. In place of Britain. In Sept. 1919 was operating 1,072 5 and 10-cont stores in the
$20,000,000 authorized common stock in $100 shares, all outstanding, there U. S. and Canada, and was proposing to open a further 16 before Dec. 31.
was created 500.000 shares of no par value, o f which 200.000 shares were V. 108, p. 2534. The F. W. Woolworth & Co. (controlled) operates stores
Issued forth with, in exchange share for share for the old common. In in England. See V. 94, p. 567; V. 97, p. 449; V. 107, p. 2482. Mortgage
place of the $12,000,000 old 7% cum. pref. stock, of which $723,600 had payable (1919), $910,000. Fortieth anniversary, V. 108, p. 1299.
STOCK.— No mortgage or encumbrance sbad be created without the
Been retired through sinking funds, and $800,000 was still unissued, $12,­
000.000 new 7% cum. pref. stock was created with similar rights. V. 107, consent of at least three-quarters of each class of stock, nor the pref. stock
Increased without the consent of two-thirds of each class
The whole or
p. 187, 612, 702; V. 108, p. 85.
Preferred has no vote except In case o f default in payment of divi­ any part of the pref. stock is redeemable on 3 months' notice and will be
entitled to 125 and accrued dividend In case of liquidation or dissolution.
dends for one year. V. 97. p. 527: V. 91. p. 1714. In July 1915 the com
The pref stock has no voting power exceot in case of default In payment of
stock was placed In a 5-year voting trust, A. Barton Hepburn, Charles H.
Sabin, Henry H. Wehrhane, Elisha Walker and Pres. Thomas E. Wilson. V. ! ^ e£,S.u2J£erly dividends. V. 94. p. 567. Pref. stock auth. and issued,
101. p 292. In March 1916 control was acquired by purchase of a ma­ $15,000,000: retired and canceled, $2,500,000 (last $500,000 in 1917); In
treasury Dec. 31 1918 fpr retirement. $736,000; outstanding. $11.764,000.
jority o f the common stock by a group o f bankers.
DIVIDENDS. 1912. 1913. 1914. 1915. 1916.
1917 to Dec. 1919.
D IV ID E N D S .— Divs. on pref., 1 $4 % quar., paid to Oct. 1 1919, incl.
Initial div. of $1 25 paid on common stock M ay 1 1919; Oct. 1 and Nov.
s S ? " ? r ° i m r P: 1 9 0 0 ). ™
6
*«
7*
»*«■ *• a * « - m o
paid $1 25. V. 108, p. 1615.
A sinking fund to retire each year at not over 125 and divs., 2% of the
$10?742,643O6$9.333!666 $ 1^408^9771 $ 8 9 ? 1 2 2 ! 2 7 3 37^403^.875
pref. stock outstanding on preceding Dec. 31 1917.
REPORT.— For calendar year 1918 In V. |i>8, p 781.
BON DS.— In 1916 an Issue o f $25,000,000 1st M . 6% bonds was author
Cal.
J^.et
*Net
Pref.Divs.
Common
Prem.on Balance,
ized; $15,000,000 were sold in that year and $5,000,000 in 1918. The re^
. I ’XSPZ'.* w%) . D
ividends. Pf.Slk..Ac
Surplus.
mainder is reserved to provide for 75% of the cost of future betterments 1918 $107175,749 $7,088,716 $875,000(8%)$4,000.000
$2213,716
and extensions and to pay prior liens on properties at the time subject to 1917. 98.102,858 z9,252,349 892,500 (8%)4,000,000 120,016 4,239,832
the mortgage or owned by companies a majority o f whose stock is pledged 1916. 87,089,271 8.713,445 927.500 (741)3,875.000 118,626 3,792.319
thereunder. Annual sinking fund beginning 1917. 1 % o f bonds outstand­ 1915. 75.995.774 7,548.210 953.750 (644)3.375.000
10.510 3.208.950
ing, to retire bonds which are to be kept alive in sinking fund. Prior to
x Net income and p. & 1. surplus Dec. 31 1918 ($20,589,999) are subject
October 1 1919 $342,000 o f the issue had thus been retired, leaving $20,
to charge for Federal taxes; 1917 Federal taxes, $1,232,209, were charged
070,000 outstanding. V. 108, p. 1299, 180; V. 107, p. 910.
against surplus In 1918.
The $20,000,000 6% convertible bonds o f 1918 (V. 107, p. 2195) are sub­
Pres., H. T . Parsons; Sec.-Treas., C. F. Valentine.— (V. 108, p. 1299.
ject to call June 1 1919 at 105% and int., thereafter at 105% and int. less 1516, 1733, 1947, 2131, 2534; V. 109. p. 287. 1468. 1707. 1900.)
4$ of 1 % for each year, or part thereof, elapsed after June 1 1919. Sinking
W O R L D FILM C O R P .
Financial plan of 1919, V. 108, p. 1065, 1420.
fund, $1,500,000 annually on each March 1, 1921 to 1925, both incl., and
W ORTHINGTON PUMP & MACHI NERY CORPORA I ION.—
$2,000,000 annually 1926 to 192.8, both incl. (less credits for bonds con­
verted), to be applied to the retirement and cancellation of bonds. These ORGANIZATION.— Incorporated in Virginia on April 21 1916 as a re­
bonds will be exchangeable from and after Dec. 1 1920 at option of holder organization of the International Steam Pump C o., foreclosed per plan In
at any time prior to maturity (or up to 30 days o f redemption date) into V. 101, p. 531, 620, 926; V. 102. p. 1890; V. 104. p. 1384. Properties April
common stock at rate o f 10 shares for each $1,000 bonds, with cash ad­ 1916. V. 103, p. 139. War orders 1917, V. 105, p. 2100: V. 106, p. 1224.
justment of interest and dividends. The basis o f exchange will be adjusted In 1918 to Nov. 1 had turned out 100 marine engines of 1,400 h. p. for
in certain cases if additional common stock Is issued (other than in exchange Emergency Fleet Corp. and was continuing to produce three per week.
for these bonds); but in no event will the exchange be made on a basis of V. 107, p. 2297. In Sept. 1918 purchased the plant, patterns, &c., of
less than ten shares for each $1,000 bond. While any o f these bonds are the Epping-Carpenter Pump Co., Pittsburgh. The plant will be operated
outstanding no new blanket mortgage can be made, the quick assets must as the Epping-Carpenter Works. V. 109. p. 1280.
STOCK— V'OTING TRUST.— Lewis L. Clarke, Elisha Walker, Percy
not fall below 1 % times the current liabilities or the amount o f these bonds
Jackson, R. Walter Leigh and Charles II. Sabin are voting trustees for all
outstanding. V. 108, p. 2248.
stock for a period of five years from April 1 1916
R E PO R T .— For cal. year 1918, V. 108, p. 1055.
Class A pref. stock is entitled to cumulative annual dividends at 7% and
Year end.
Year end.
Year end. 15Mos.end.
to a preference in assets and dividends over Class B pref. stock and com ­
Period Ending—
Dec. 31 '18. Dec. 31 '17. Dec. 30 '16. Dec. 25 T5.
mon stock, but such preference over Class B pref. stock Is to continue only
S
S
$
S
prof, stock
Sales................................. 400,000,000 225,000.000 159.000.000 122.000.000 until both classes of redeemableshall have received full dividends for 3 con­
is
at
115 and
Net profits (after in t .)..*$7,631.535 *$6,504,422 $4,913,873 $2,463,732 secutive years; It Class B pref. stock option of company atdividends accrued
dividends. The
at 6 % ,
Preferred dividend (7% )
733,348
713.188
700,714
683,849 cumulative after April 1919, and toIsaentltlmi to annual
preference In assets and divs. ovo
Balance, surplus............... $6,898,187 $5,791,234 $4,213,159 $1,779,883 the common stock, and Is callable at 105 and divs.
* After deducting provision for excess profits taxes.
On
31 1918 $4,407,167 Class A
reserved
Total p. & 1. surp. Dec. 31 1918, $19,789,233; Dec. 31 1917, $15,051,045. capitalDec.he Issued only for cash at not stock was par; aLso. for additional
to
less than
for additional
OFFICERS.— Pres., Thomas E. Wilson: Vice Pres'ts, George H. Cowan.
capital. $678,329 Class B and $2,007,851 common stock; wnlle $1,020,000
A . E. Petersen, J. M oog, A. Lowenstein and V. D. Skipworth; Sec., George common stock (balance of $1 .5 0 0 000> was reserved under reorg plan to
D . Hopkins; Treas., W. C. Buethe. Office, 816 First Ave., N. Y .— (V. enlist aid of new interests, $380,000 having been so issued in 1917-18 and
108, p. 180, 1055 1299. 1615, 2248, 2638; V. 109, p. 586;)
$240,000 in 1919. V. 106, p. 1224; V. 103, p. 66.
D IVIDEN DS.— On Class A, July 1 1916 to Oct. 1 1919. Incl., 1J4%
(C. R.) W I L S O N B O D Y C O . — ORGAN IZATION .— Incorp. in Deleware July 15 1919 as successor to C. R. Wilson Body Co. of Detroit. Man­ quar. (7% p. a.). On Class B. July 1 1917 to Oct. 1 T9, incl.. 1 & %
ufactures automobile bodies for touring and closed cars. Plant at Detroit quar. See V. 104, p. 2562.
BONDS.— No mortgage except on vote of two-thirds of each class of stk.
has about 400,000 sq. ft. o f floor space; wood working plant at Bay City,
Guarantees principal and interest of new Hollv Mfg. Co. 1st 5s.
Mich, has 150,000 sq. ft. o f floor space. See V. 109, p. 1187.
R E P O R T .— For cal. year 1918 In V . 108, p . 1160. Results for cal. years
C A PITALIZATION — Authorized, $5,000,000 7% Cumul. Pref. (a. &
d .) stock and $2,000,000 Common. Outstanding $1,500,000 Pref. and 1917, 1918, and 9 months to Dec. 31 1916:
1918.
1917.
9 Mos. 1916.
$567,150 Common. Pref. Is callable at 110. Sinking fund begins in April Billings to customers............... $43,443,486
$28,407,699 $10,655,570
1921 20% o f net profits after Pref. divs. No mortgage without consent of Gross income...............................$7,630,686
$6,254,571 $1,609,617
75% o f the outstanding Pref. stock. See offering in V. 109, p. 1187.
Int., adjust, of foreign invest., & c._
492.912
317.349
27.124
General Manager, C. Haines Wilson, Detroit, Mich.— (V. 109, p. 1187). Federal taxes...................
4,000.000
1,504,857
-----Divs. on class “ A ” pref. stock........ (7 % J391.498 (7)391.498(5)4)293.624
W I N C H E S T E R R E P E A T I N G A R M S C O . — See Winchester Co. below.
Divs. on class “ B” prof, stock...........
619.300(4^)464,475
W I N C H E S T E R C O M P A N Y . — O R G A N IZA TIO N .— Incorp. in Conn.
1,500,000
« l ° - 400
April 17 1919 to take over In the first instauce the stock o f the Winchester Transferred to reserve.............. 1,267,364
B alan ce..................................
$859,611
$2,078,392
Repeating Arms Co. (see supplement o f Nov. 2 19191 deposited under the
Total profit and loss surp. Dec. 31. $3,606,472 $2,746,861
$670,469
plan o f reorganization as outlined in V. 107, p. 1751, 2195, and eventually
Unfilled orders on hand Dec. 31 1918, $26,161,859. against $41,834,777
the property itself with a view to diversifying the business so as to make use
o f the large war investment, important financial interests also becoming on Dec. 31 1917.
identified with the management. In April 1919 owned about 97% of total
DIRECTORS.— O. P. Coleman (Pres.), Charles FI. Sabin. A. W. Burstock owned of the old company. V. 108, p. 1733, 2029.
chard, Elisha Walker. Edward H. Wells, Lewis L. Clarke. T. Frank Manville, Vt. Walter Leigh Harrison Williams. J E. Sague (V. IV), L F. Roth­
Capitalization Winchester Co. (.Par $100 per Share).
1st pref. stock. Total original issue (see offer, V. 108,p .2029).$10,000,000 schild. Percy Jackson, il Esk Mollcr. The Secretary Is C . N . Barney;
The original issue o f capital stock o f the new company to be $10,000,000 Treas., W. H. Baumes. N. Y. office, 115 B ’way.— (V. 108, p. 886, 1160;
o f 7% cum. first pref. stock, $2,000,000 of 6% non-cum. 2d pref. stock, and V. 109, p. 1086. 1280.)
$1,000,000 o f common stock; all o f this stock to be issued as fully paid for
WRIGHT-MART1N AIRCRAFT CORP.— (V. 108. p. 282, 2249; V. 109.
the assets (or until such transfer the $1,000,000 stock) o f the old company, p. 287, 788, 1187, 1374, 1615, 1707.)
subject to its liabilities, and the sum o f $3,500,000 in cash, which is to be
WM W RIO LE Y , JR .. CO.— V. 109, p. 987.
contributed as new capital (see below).
YALE & TOWNE CO.. STAMFORD. CONN.— (Office. N . Y . C ity.)
First Preferred 7% Cumulative Stock, preferred both as to assets and cumula­
tive semi-annual dividends, and redeemable in whole or in part at $115 Report for 1918 in V. 108, p. 1078; V. 109, p. 688, 1707.)
per share. The company will agree that no mortgage or other indebted­
YOUNOSTOWN SHEET & TUBE CO.— V. 107. p . 87. 1105, 2384,
ness maturing later than one year after being incurred shall be created 2482: V. 108, p. 689. 1299: V. 109, p. 1280.)
by it without consent o f two-thirds in amount o f outstanding 1st pref.
YUKON G O L D CO.. NEW Y O R K .— (V. 107. p 79.1009; V. 108.p.487)
stock. Total original issue (see offering, V. 108, p. 2029)-.$10,000,000




N o v ., 1919]

Companies.

BAN KS— TR U ST

NEW Y O R K AND BROOKLYN BANKS.
Capital
fc
Dividends.

C O S — IN S U R A N C E

COS.

237

new capital. (5) Includes extra dividends o f 8% (2% each quarter).
(6) Paid in M ay 1918 a special dividend o f $8 33 in connection with the
organization of the Liberty Securities Corporation. (7) Stockholders voted
Jan. 15 to increase stock from $300,000 to $1,000,000, to become effective
March 1 1918. A special div. of 100% from surplus accumulated prior to
Mar. 1 1913 was paid in Mar. 1918. V. 106, p. 994, 269, 47. (8) Business o f
Sherman Nat. Bank taken over by Irving Trust Co. M ay 24 1919. V. 109
P- 344; V. 108, p. 2211. (9) Nat. City Bank of Bklyn, acquired by Irving
Trust Co. in Oct. 1919. V. 109, p. 1336. (10) Capital of Coney Island Bank
to be increased from $100,000 to $200,000. V. 109, p. 1586.1434. (11) Bank
of Flatbush merged into People’s Trust Co. as of July 29 1918. V. 106, p.
2622. (12) Includes extra div. of A % - (13) Increase in capital from $300,­
000 to $500,000 authorized by stockholders Jan. 14 1919 became effective
Jan. 29 1919. V. 108, p. 943, 654, 240. (14) Includes extra div. of 3 % .




?

0
1

00

toO

Par Amount.
profits. b Period 1918 1917
Latest.
New York. S
%
America a ---- 100 1.500.000
0J & J
28
28 July T9. 15
Am. Exch_ 100 5.000.
_
000
) M & N 131i pl2 N ov.T9.
7
Atlantic.
100 1.000.
000
J Q— J
6 Oct. T9. 2 A
5A
Battery Park 100 1.500.000
) J & J rl2v nlC July’ 19.6(15)
Bowery .a _ 100
_
250.000
24 122 N ov’ 19.6(15)
J Q— F
Bway Cent.a 100
100.000
") Beg.bus M ay 1914. V.98,p.1580.
Bronx B or.a. 100
150.000
> j & j None None July T5.
5
Bronx______ 100
200.000
j
& j
6
6 July T 9.
4
Bryant Park a 100
200.000
j & j
6
*7 July T9.
3
Butch & Drov 25
300.000
j
& j None None Jurie30’ 19. 3
Cent M erc.a 100
100.000
j & j
4
July T9.
4
Chase______ 100 10.000,000
) Q— J
16
16 Oct. T9.
4
Chat & Phe’x 100 ff7.000.000
i Q—J
12 013 Oct. T9.
4
Chelsea E x.a 100 4400.000
A— O None
3 Apr. T7.
3 ______ NEW Y O R K AND BROOKLYN TR U ST COMPANIES,
Chemical____ 100 3.000. 000
1 Bl-mo.
15
15 N ov.T9. 3 A
Citizens ’ ____ 100 t2.550,000
i Q—J
13/»
9 Oct. T9.
1
SUrplus <
fc
C ity .............. 100 25.000.
000
iM & N
10 N ov. T9. 5
1
(1
Capital.
undivided Dividends paid in 1917 and 1918
City Co. Nat. 100 10.000.
000
J & J
6
6 July T9.
Companies
3
profits on
and also last dividend.
Coal& Iron_ 100 1.500.000
i Q— J
10/
*9 Oct. T9.
2
market val
Colonial, a__ 100 +600,000
i Q— J
15ft ftl5 Oct. T9.
3
Pai Amount. Sept. 10’ 18. Period 1918. 1917. Last paid. %
Columbia o . . 100 (7)1000000
i J&D 31
16 June30’ 19. 4
Commerce__ 100 25.000.
000
Q— J
nl2 Oct. T9. 2 A
New York.
$
$
$
Com’lE x .fl.. 100
%
200.000
J & J
20
20 July T9. 10 A m erican_ 100 1,003,000
_
213,300 Beg .bus Jan. 27’ 19
Comm’w 'h .s 100 2400,000
M & N
10 zl5 N ov.T9.
5 Bankers_____ 100 (15000.000 18,786,500 O—J
20 d45 Oct. T9.
5
Continental a 100 1.000. 000
F & A *7 A
*7 Aug. T9. 3 A
Cent U nion.. 100 12,500,000 18.535,100 Q— J
11
Oct. T9. 5
C ornE xch .o. 100 4.200.000
Q—F
n20 *17 N ov.T9.
5 Columbia . . 100 5,000,000 7.262,000 Q— M3< b\6A 17A Sept.30’ 19 A
4
Cosmopol’n a 100
100,000
............
Commercial 100
500.000
214,100 Beg.bus Nov. 1906.
Cuba(inNY)a 100
100,000
J & J
11
10 July T9.
6 Corporation 100
500.000
155,200 J— D
l ’ne30’19 10m
East R iver. _ 100 1.000.000
J & J None None July T9.
4 E m pire___ 100 1/2,000,000 2,171,400 Q— M30 ffl6
16 Sept.30’ 19 3
Europe a___ 100
150.000
5 Jan. T 9. 2 A
______
5
Equitable_ 100 6,000,000 14,394,800 Q— M30
_
20
(*) Sept.30T9 5
Fifth
100 §250.000
Q—J
12
3 Farm L & Tr 100 5,000,000 11,982,300 Q— F
12 Oct. T9.
18
(t)
Fifth A v e .a . 100 W500.000
Q—J
(to) e210 Oct. T9.
6 Fidelity_____ 100 1,000,000 1,348,400 Q— J
610 610 Sep30’ 19 2 A
First._______ 100 10.000.
000
Q—J (2)30 x42 Oct.. T9.
5 Fulton______ 100
500.000
627.900 J & J ffl4 612 July T9.
5
First Security 100 10,000,000
Q—J
20 1/18 Oct. T9.
5 Guaranty___ 100 25,000,000 29,637,000 Q—M31
20 121 Sept.30’ 19 5
Garfield
100 1,000,000
Q— M
12
12 Sept.30’ 19 3 Hudson_____ 100
500,000
622,80b Q— J
8
c9 Sept.30’ 19 2
Gotham_____ 100
500.000
Q— J
09 Oct. T9.
2
8
Irving_____ 100 3,000,000 1.571,200 Q - J
7 1-3 z ll Oct. T9.
2
Grace (W .R .)
tal Disc & Tr 100
500,000
362,300 Beg.bus N ov. 11T8 V. 109, p . 141
_
& C o .a _ 100
500.000
J & J
July20’ 19. 4 LawTitle&Tr 100 4,000,000 5,529,800 Q— J
5
5 Oct. T9. I X
Greenwich.a. 100
500.000
Q— J
16 o20 Oct. T9.
4 L incoln_____ 100 1,000,000
783,300 Q— F
4
2 N ov .’ 19.
j
Hanover____ 100 3.000.
000
Q— J (5)32 ti28 Oct. T9.
8 ^Mercantile . 100 1,000,000
870,000 Beg. bu s.M a v 1 T 7; see note (e)
Harriman___ 100 1.000. 000
J & J
10 105 July T9.
5 Metropolitan 100 2,000,000 4,460,000 Q— M31
24 125 Sept.30’ 19 6
Imp. & Trad. 100 1.500.000
J A J
24
24 July T9. 12 N Y L ifel& T r 100 1,000,000 4,422,600 J & D
45
45 June T9. 20
Internat.a__ 100
500.000
J&D 31
6
6 July T9.
3 New York_ 100 3,000,000 11,129,000 Q— M31
_
32 133 Sept.30’ 19 8
Irvin g _____ 100 6.000.000
Q—J
12 o il Oct. T9.
3 uScandinav’ n 100 1,000,000
(u)
10
Sep30’ 19 2A
Liberty____ 100 1T
3.000.000
Q— J (6)18 s39 Oct. T 9. 4 A
Title Gu & Tr 100 5,000,000 12.825,300 Q— M31
20
20 Sept.30’ 19 5
Lincoln____ 100 1,000.000
Q— F
10
10 N ov.T9. 2 A
U S M &Tr’st 100 2,000,000 4,808,100 Q— M3J
24
24 Oct. T9.
6
Manhattan.a 50 3.500.000
Q— J
(4)
16 Oct. T9.
5 United States 100 2,000,000 14,672,000 J & J
50
50 July T 9. 25
Mech & M ot- 100 2.000,000
Q— J
16 017 O ct.15’ 19. 5
Brooklyn.
Merchants’ . . 100 6,000,000
J & J
8 July T9.
8
4 Brooklyn____ 100 1,500,000 2,634,500 Q— J
f25
135 Oct. T9.
5
Metropol’n .a 100 2.000.
000
Q—J
8 Oct. T9. 2 A
8
Franklin____ 100 1,000,000 1,350,400 Q -M 31
12
12 Sept.30’ 19 3
M utual.a___ 100
200.000
Q— J
22 r20 Oct. T 9.
5 H am ilton_ 100
_
500,000 1,089,000 Q— F
12
12 N ov.T 9. 56
New N eth.a. 100
300.000
A & o
8
4 Kings County 100
8 Oct. T9.
500,000 2,688,300 Q— F
24
24 N ov.T9.
7
New York_ 100 2.000.
_
000
Q— J
/20 /IS Oct. T9.
5 Manufac’ rs . 100 1,000,000
901,300 Q— J
7
3
6 Jan. ’20.
N Y County. 100 1,000,000
j
& j None
10 Jan. T 7. 10 Peoples_____ 100 1,200,000 1,268,600 Q-M 31
ol6l
14 Sept.30’ 19K4
P acific.a____ 50
500.000
Q— F
no
8 N ov.T9. 4 /
Park_______ 100 5.000.
000
Q—J
130
20 Oct. T9.
6
a Decrease due to change in div. period, b Includes extra divs. of 2 % .
Prod E xch.a. 100 1.000.
000
Q— J
13
11 O ct.15’ 19. 5 c Increase due to change in div. period, d Includes 20% regular dividends
Progress____ 100
200.000
Bog. b us. S ept.8 1919
2% Red Cross dividend and special divs. of 23% in connection with con­
Public........... 100 1.500.000
Q -M 31
10 Sept.30’19 3 solidation with Astor Trust Co. e See V. 104. p. 1770, 1234. /Includes
11
Seaboard____ 100 1,000,000
Q—J
12 i23o Oct. T9.
3
div. of
Second
100 1.000,000
12
3 extra div. of 5% . ff Includes extra div. of 4 % . h Includes extra1919 on
12 Oct. T 9.
y —j.
10%. i Stockholders of Bankers Trust Co. will vote Dec. 15
(8) Sherman.. 100
500.000
(8)
Q— J
6
6 Apr. T9. 1 A proposition to increase capital from $15,000,000 to $20,000,000. V 109
Standard___ 100
100.000
B eg. bu s. Au g. 18 T9V.109p.43
/Includes extra dividend of 15%. m First dividend, 6 % , paid
State, a _____ 100 2,000.000
J & J
6
5 p. 1958. 1918.
6 July T9.
Dec. 31
dividend of 10%. o Includes extra
23d W ard.a. 100
200,000
F & A
6
6 Aug. T9.
3 dividend of 1 % . npIncludes special Nov. 30 1917 from Broadway Trust to
Name changed
Union Exch. 100 1,000.000
J & D 31
8
8 June 30 T9 5 Irving Trust C o., the Broadway Trust and the Irving Nat. Bank having
Uni’d States a 100 1,000.000
426.300 J & J
20
20 July T 8. 10 been united under joint ownership. V. 104, p. 2422: V. 105 n 1281 2 3 3 6 Wash H ts.a. 100
100,000
457,700
8 Oct. T9.
3
12
p.
Mar. 1918
consolL
Westch A v.a 100
100.000
05,600 Q— F
2 J - lOO.jy*1 469. Also in Co.; and on Market & Fulton Nat.’ Bank business
8 (12)7 N ov.T9.
IrvmB Trust
M ay
the
Y orkville.a.. 100
200000
728.100 Q -M 31
22
24 Sept.30’ 19 5 ° » tho 'Sherman Nat. Bank (V. 109, p. 344; 24 1919 took over also acquired
f
V. 108, p. 2211);
Brooklyn.
in Oct. 1919 Nat. City Bank of Brooklyn (V. 109. p. 1336). ff Paid 3%
(9) C ity.........
300.000
(9)
Q— J
15 d\7A July T9. 3 A regular and 1 % exTra in June 1919. r In Sept. 1919 acquired control of the
(1OH00000
Oonoy Isl’d.a
73,500 Jan.
4 Ian. T9. 7* Queens County Trust Co. See V. 109, p. 1335, 1508, 1051; V. 108, p. 450.
/6
First
(14)500000
736.100 Q—J
Oct. T9. 2 A s Name changed, effective May 19 1919, from Mercantile Trust & Deposit
100.000
(ll)F la tb ’sha
(11)
Q -J
( /l 1 /1 2 1 Oct. T7. 1A
)2
Co. to Mercantile Trust Co. V. 108, p. 1996. u Scandinavian Trust Co.
200.000
Greenpoint..
251,900 J & J
6 Tuly T9. 5 / consolidated with Liberty Nat. Bank in Oct. 1919. V. 109, p. 1507, 1051
/8
200,000
Homestead, a
96,200 J & J None
2
2 Jan. T 7.
1918
increase
from $1,500,000
1,600.000 1.138.800 Q— J
M echanics.a.
2 847. ff Stockholders voted Nov. 72160. to 3 A % of stock is a special div.
8 din Oct. T 9.
,*2.000,000. V. 107, p. 1808,
z
this
100.000
M on tou k .a ..
53,900 J & J None None July T 4.
2
Municipal ._
102,400 Reg. bu s.Sep . 2T9 V. 109, p.952 * Paid in 1917 4% on old capital of $3,000,000 and 17 2-3% on new canital
200,000
of $6,000,000, the latter including a Red Cross div. of 1% . t Paid to 1917
N assau_____
1,000,000 1,258,200 Q— J
Oct. T9. 2 A
/12
200,000
North Side.a
244.300 J & J
July T9. 5 / 12H % on old capital of $1,000,000 and 13A % on new capital of $5,000,000.
*7
1 Includes Red Cross div. of 1%.
People’s_____
211.100 J & J
200.000
4
6 ruly T9.
6
Ridgewood . .
100.000
170,800 J & n si
2
4 July T9.
4
NEW Y O R K AND BROOKLYN FIRE INSURANCE COMPANIES.
a State banks, 6 Sept. 12 1919 for national banks and Sept. 12 1919 for
State banks, c Decrease due to change in dividend period, d Increase
Capital.
Net Surp.
Dividends.
due to chango in dividend period, e Special dividends paid as follows:
Companies.
Dec. 31
Par Amount.
1918.
55% July 1918, 110% July 1917. /Inclu des extra div. o f 2% . ff Capitol
1918. 1917. 1916. Last paid . %
o f Chatham & Phenix Nat. Bank increased from $3,500,000 to $7,000,000,
$
$
effective July 15 1919. V. 108, p. 2402, 2095. h Includes extra div. of Amer. Alliance. 100 1,000,000 II,
390 059
(o)
15 Oct. ’ 19. 4«
7% . i Includes extra div. o f 10%. j Increase in capital o f Chelsea Ex­ City of N Y ____ 100
600,000
421 231 131 None None June 30 ’ 19.3
500.000 (1,190 ,160
10 *45
change Bank from $100,000 to $1,000,000 ratified by stockholders June 19 Commonwealth 100
10;Jan. T8. 10
Continental____ 25
14
12 (6) July T 9. 10
1919. V. 108, p. 2500, 2299. * Includes extra div. o f 1 % . /O ne per cent Fidelity-Phenix 100 10,000,000 10,215 ,132
2.500.000 6.076 ,071
22
20
20 July T9. 15
o f this is extra and is payable in Liberty Loan bonds, m includes extra div. Globe & Rutgers 100 t700,000 8,824 .000 446 p.36
(f) Oct. T9. 15u
o f 5% . n Includes extra divs. o f 4% . o One per cent o f this is a Red Cross Great American 100 d5.000,000 110619 ,509
30 n31
30'Oct. T9. 6
200.000
411 ,224
10
8
div. p Includes 2% extra, 1% Red Cross div. and 1% payable in Liberty Hamilton F ire.. 15
8 N ov. T9. 3
H a n over______ 50 1,000,000
640
10
10
10 Oct. T9. 2)4
Loan bonds, q Includes Red Cross div. o f 1 A % . r Stockholders o f Bat­ Home_________ 100 6,000.000 15.256 ,191
,704
25 n26
22 July ’ 19.12K
tery Park National Bank voted July 22 1918 to increase capital from $400,­ Mercantile_____ 100 1.000,000 III.
,781 00010
10
10 Jan. T8. 10
_ 50 1.000,000 2,790 ,439
000 to $1,500,000 and surplus from $400,000 to $1.400,000 at the same time Nat. Liberty_
20 s22A 22 A July T9. 10
Niagara Fire_
_ 50
25 July T9. 10
declaring a stock div. o f 25% , paid Sept. 16 1918. See V. 107, p. 371. Northern______ 100 1.000,000 3,117 ,106 25u
500.000
293
7
7
6 July ’ 19.3M
s Includos extra div. o f 10% and a Red Cross div. o f 2 % . t First dividend North River___ 25 ff1,000,000 1,407 360
482
10
10
10 Sept.30T9.5s
at quarterly rate. Dividend period changed from J . & J. to Q.-J. Paid Pacific Fire____ 25
~
400.000
477 767
10
10
lO.Oct. T9. 2Hff
in Jan. 1919 a semi-annual dividend o f 8% and 2% extra, u Paid regular Queen of Amer. 100 2,000.000 4,660, 450
25
40 July T9 '
'
/ Stuyvesant_
_
/700.000
116, 647 None 421 4 H /J a n . T7 n
2 A % and 1% extra in Jan. 1919. v Six per cent o f this is extra, tr Capi­ United S tates.. 100 1.400.000
20
2,026, 124
10
10
7 Aug. T 9.
5
tal increased in May 1918 from $100,000 to $200,000 (V. 106, p. 2092), and W estchester_
_ 10 h i,000,000 1,339, 506 u25
40
40 N ov. T9. 6r
again in May 1919 to $500,000 (V. 108, p. 1997). Paid dividend in 1918
o f 50% on old capital and 25% reg. and 55% special on new capital. nnn nnr»d \iS,
t/ ! 16.
1
^
dividend of 25% on old capital of $2.x Twenty per cent o f this is extra and tho July quar. div. was paid in Liberty i w ’nm nnm . 1, ^ 1
10 1916 paid.fr? m surplus a stock dividend of 350%
* 9 .0 0 0 .0 0 0 and in addition issued
Loan bonds, ff July quarterly dividend o f 5% was paid in Liberty Loan 8'1'nnn0n n n ° n ^
$1 ,0 0 0 ,0 0 0 new capital, making total capital as o f Jan. 11 1916 S10 0 00 0 0 0 .
bonds, z Stockholders voted April 16 1917 to increase capital from $200,000 Inlv^ ow f
®eo y a 102, p. 70. 5% paid on new capital
to $400,000, a stock dividend o f 100% having been declared, payable M ay 1 'nnrwinn
nnnCnni? ? C voted Oct. 24 1918 to increase capital from S2,ffS
(cffective Dec. 15 1918). V. 107, p. 1484. e Divi1917. V. 108, p. 1242; V. 101, p. 1872. * Includes extra dividend o f 1A % .
Htoinllfri ° diSCilan5edffr91r3 sem*'ann- (J. & J.) to quarterly (Q.-J.) and three
t Stockholders o f Citizens’ Nat. Bank on Oct. 22 1919 ratified proposition dividends declared o f 4% each, payable in April, July and Oct. 1919.
to increase capital from $2,550,000 to $3,000,000. V. 109, p. 1585, 1151. AiTof?! «fn?o++«-^insurancS rnelS £? Oito the Stuyvesant Insurance Co. and
1 Proposition to increase capital of Colonial Bank from $500,000 to $600,000
ratified by stockholders Aug. 20 1919. V. 109, p. 748. § Capitol o f Fifth
---- *
74 70 •
OlOCKflOIUerS VOW V L
U JC .
O" 1017
X * ’ "'Off
Nat. Bank to bo increased from $250,000 to $1,000,000. Proposition rati­
J®Jncre* f9 capital from $500,000 to $1,000,000. First divified by stockholders Sept. 18 1919. V. 109, p. 1151. ^Business o f tho
caPha' Pa*d Feb- 1 1918, 6 A % - i Capital increased in
Scandinavian Trust Co. acquired by tho Liberty National Bank in Oct. 1919 April 1916 from $400,000 to $700,000 and first dividend of 7% paid on
"ew capital stock July 31; 7% paid Oct. 31 1916. On old capital of $400,000
and capital o f latter to bo increased from $3,000,000 to S5.000.000. V.
laid dividends of 10% each in Jan. and April 1916. j 8% of this is extra.
109, p. 1507, 1051, 847. (1) Public Nat. Bank increased capital in Juno
Vm udes special dividend of 35% . 1 Based on actual value of securities.
a Red Cross dividend, o Paid in 1917 7 A % on capital
1919 from $1,250,000 to $1,500,000 and stockholders on Oct. 20 1919 rati­ V % of this
° ‘ t? ^ & 000:J } ^ .on capital as increased of $1,000,000. p 2% of this was
fied a further increase to $2,000,000. V. 109, p. 1671, 1151; V. 108, p. 2500. a Red Cross dividend, o Paid in Jan. 1919 6% and 1 % extra and dividend
(2) Ton per cent o f this is extra and was paid in 3% Liberty Loan bonds. penods changed to quarterly, r 1% of this is extra, s 2 'A % of this is
» I?; , As of JuW 1.1919 and based on market value of securities, u 5%
(3) Capital o f Irving Nat. Bank increased from $4,500,000 to $6,000,000 in
Aug. 1919. V. 109, p. 448: V. 108, p. 2602, 2095. (4) Paid in 1918 on ot thls is extra, v Capital increased in Sept. 1919 from $600,000 to $1.­
000.000 ?nd first dividend, 5% , paid on new capital Sept. 30 1919; April
Bank o f Manhattan Co. stock 8% on old capital and 12% and 3% extra on 1919 dividend of 5% on old capital of $600,000.

[V o l . 109

INDEX

238

IN D E X T O C O M P A N IE S — C O N S O L ID A T E D , & c .
C o m p a n ie s n o t g iv e n in th e ta b le s in t h e ir a lp h a b e t ic a l order m a y be found b y reference to the index below .
N am e

W il l b e F o u n d u n d er —

berdeen ft A sheboro_____________ Norfolk
A dirondack.............................. ..........DelawareSouthern.
ft Hudson.

Southern
Railway Co.
Alabama C en tral___ __________
Alabama Midland........................
Atlantic
Coast Line R R .
Alabama Steel & Shipbuilding C o------Tennessee Coal. Iron & R R . Co.
Albany & Northern___________ _____ Georgia Southwestern & Guir.
Alberta Ry. & Irrigation C o ............Canadian Pacific Ry.
Algoma Central Terminals_________ Algoma Central & Hudson Bay Ry.
Algoma Steel Corporation__________ Lake Superior Corporation.
Allegheny Valley.................................. Pennsylvania RR.
Almagordo & Sacramento M tn. Iiy—El P a so* Northeastern RR.
American Coal Products C o________ Barrett Company.
American Dock & Improvement___ Central of New Jersey.
American Graphophone C o_________ Columbia Graphophone Co.
American Oilfields C o.......................California Petroleum Co.
American Pipe & Foundry C o ............U. S. Cast Iron Pipe & Foundry Co.
American Petroleum C o------------------ California Petroleum Co.
American Spirits Manufacturing------U. S. Food Product Co.
American Steamship C o_ _______ .United States Steel Corporation.
_
Arkansas Oklahoma ft Western_____Kansas City & Memphis^
Aroostook Northern R R ____ ______ Bangor & Aroostook R R .
Aroostook Valley (Electric) R R ------- Canadian Pacific.
Associated Merchants Co___________ Associated Dry Goods Corporation.
Atlanta Knoxville ft Northern--------- Louisville & Nashville.
Atlanta * Northern R R . . ................ Atlanta Tennessee & Northern Ry.
Atlantic & Birmingham____________ Atlanta Birmingham & Atlantlo.
Atlantic & Northwest_______________Canadian Paciflo.
Atlantic & Vadkin R R ........................ Southern Ry.
Augusta Terminal R y______________Charleston & Western Carolina Ry.
Austin & Northwestern____________ Houston & Texas Central.
Ayer Mills__________________________American Woolen
Maryland
Baltimore & Cumberland Valley R R . WesternGas El. L t .RR.P.
&
aitlmore Electric..............................Consol.

of Balt.
Baltimore & Harrisburg R R ------------ Western Maryland RR.
Bangor < P o r tla n d -_______ - ______ Delaware Lackawanna & Western.
&
Bay City & Battle C r e e k ..................Michigan Central
Bay Counties Power C o____________ Pacific Gas & Electric Co.
Bedford Belt
_____Chicago Terre Haute <c Southeastern.
5
Bellingham & 'Northern" Ity^ C o ------Chicago Milwaukee & St.^ Paul.
Bellows Falls Power C o______ ______ New England Company (Industrials),
Bennington & Rutland.........................3 u.tlar 'i
?
Bergen County R R -------------------------Krle HR.
_ .
Bessemer Coal & Coke C o------------- Republic Iron & Steel Co.
Big Sandy ........................ - ............... Chesapeake & Ohm.
Billings & East.Montana Power C o..M ontan a Power Co.
Binghamton Gas Works...................... American Light & Traction.
Birmingham Belt----------------------------St. Louis & San Francisco.
Bluff Point Land Impt. C o ................Delaware & Hudson Co.
Boonvllle Bridge___________________Missouri Kansas & Texas _
Boston ft New York Air Line---------- New York New Haven ft Hartford.
Boyer V a lle y .......................................Chicago ft North Western.
Brinson Railway.................- ..............Savannah & Atlanta Ry.
Brooklyn & M o n ta u k ....................... Long Island
Brunswick ft Western........................ Atlantic Coast Line RR.
Buffalo & Susquehanna Iron C o.........Rogers-Brown Iron Co.
Buffalo & Southwestern...................... Brie RR.
Bullfrog-Goldfield______ ______ ____ Las Vegas & Tonopah
Bullock Electric Manufacturing.......Allis-Chalmers Manufacturing Co.
Bullock Manufacturing C o________ Allis-Chalmers Manufacturing Co.
Burlington Cedar Rapids ft Northern.Chlcago Rock Island & Pacific.
Burlington ft Missouri R iv er..............Chicago Burlington & Quincy.
Butte Electric & Power C o................. Montana Power Co.
airo Bridge C o__________________ Illinois
Caid well & Northern______________ CarolinaCentral RR.
& Northwestern.

Canadian Pacific Ry.
Calgary & Edmonton R y.........
California Central Gas & Electric Co.Pacific Gas & Electric Co.
California Electric Generating Co------great Western Power Co
California Gas & Electric Corp--------- Pacific Gas & Electric Co.
California Northwestern...................... Northwestern Paciflo.
C am bria* Clearfield.......................... Pennsylvania RR.
Canada Atlantic---------------------------- Grand Trunk Ry.
Canadian National R y ....................... Canadian Northern Ry.
Canadian Northern Alberta R y ------ Canadian Northern Ry.
Canadian Nor. Coal & Ore Dock------.Canadian Northern Ry.
Canadian Northern Western R y — - —Canadian Northern Ry.
r S f r n
.........United States Steel Corporation
Carolina C e n tr a l"I"I"* ---..............S eaboard Air Line.
dr'
Carthage & Adirondack---------------r --? J ew Xor£
Carthage Watertown & Sack. Harb—New York Central RR.
Cataract Power & Conduit C o--------- Buffalo General Electric Co
Cedar Rapids Iowa Falls & Northwes.Chicago Rock Island & Pacific.
Cnriars Uanlds Mfir. & Power C o___ Montreal Light, Heat & rower.
CeSar Raplds ft Missouri River______ Chicago & North Western.
Central Arkansas & Eastern----------- St. Louts Southwestern
Central Branch R y ------------------------ Missouri Pacific.
Central Branch Union Paciflo---------- Missouri Pacific.
Central California Electric C o--------- Pacific Gas & Electric Co. .
Central District Tel. * o . o f Pitts------Bell Tel. &o. o f Pennsylvania.
Central Ga. R R . & Banking________ Central oi Georgia Ry.
Central Iron ft Coal__________ _____ Central l oundry.
Central N Y . & Western__________ Pittsburgh Shawmut & Northern RR
Central Ohio
___________ Baltimore & Ohio.
Central Ontario R y .............................Canadian Northern Ry.
Central Union Gas............................. ..Consolidated Gas o f N. Y.
Central Vermont Transportation----- Central Vermont.
Charleston Northern________ T-------- Seaboard Air Line.
Charleston & Savannah __________ Atlantlo Coast Line PR .
Ch ar tiers— — - - - - - - - - - - - - - - .............Pittsburgh Cln. Chicago ft St. Louis.
Chateaugay Ore & iron C o-------------- Delaware & Hudson Co.
Chatham <c Lebanon Valley------------Rutland RR.
5
Chattanooga Rome & Southern.........Central of G eorg ia ___ i
Chevrolet M otor C o.............- ..............General Motors Corporation.
Chicago & Atlantic Terminal C o------Erie RR.
Chicago Dock...................... ........... ...C h ica go Utilities
Chicago Edison C o_________________ Commonwealth Edison Co.
Chicago Gas Light ft Coke.................P e o p le ’s Gas L. & C.
Chicago & Grand Trunk R y . . . ........Grand Trunk Western Ry.
Chicago & Great Western__________Balt. & Ohio Chicago Terminal R R .
Chicago Hammond ft Western_____ Indiana Harbor Belt.
Chicago & Indiana Coal......................Chicago & Eastern Illinois.
Chicago Indiana & Southern________ New York Central R R .
_
Chicago Ind. & St. Louis Short Line.Cleveland Cln. Chlo. & St. Louis.
Chicago Kalamazoo & Saginaw------- .Michigan Central.
Chicago M ilwaukee* Puget Sound..Chicago Milwaukee & St. Paul.
Chicago St. Louis & New Orleans------Illinois Central.
,,
. „ _
Chicago St. Louis ft Pittsburgh------- Pittsburgh Cincinnati Chlo. ft St. L.
Chicago St. Paul & Minneapolis.........Chicago St. Paul Minn. & Omaha.
Chicago Subway___________________Chicago Utilities.
Chicago Wisconsin & Minnesota........Wisconsin Central.
Choctaw & Memphis........ ....................Chicago Rook Island & Pacflo.
Choctaw Oklahoma ft G u lf.................Chicago n ° ? k ^ “ d & Pacm°rllI .
Cicero Gas Co ..................... ..............Public Service Corp. of Nor. Illinois.
Cincinnati Gas Transportation C o...C olum bia Gas * Electric Co.
Cincinnati Hamilton & D a y t o n ------.Baltimore & Ohio RR.
Cincinnati Ind. St. Louis & Chicago.Cleveland Cin. Chicago & St. Louis.
Cincinnati ft Muskingum Valley . ..Cleveland Akron & Cincinnati.
Cincinnati Sandusky & Cleveland...Cleveland Cin. Chicago & St. Louis.
Cincinnati Southern----------------- ...Cincinnati New Orleans & Texas Pao.
Cincinnati Wabash & Michigan Ry..Cleveland Cine. Chic. & St. L. Ry.
City Electrlo Co. of San Francisco...Great Western Power Co.
Civic Investm ent* Industrial Corp.Montreal Lt.. Ht. & Power Consol.
(H. B.) Claflln C o - - .........................^ .erc? nt,JeAttore8;t. ^rpo,rat,0*?,n „
C
Cleveland Akron & Columbus______ Cleveland Akron & Cincinnati Ry.
Clearfield * Jefferson...........................Pennsylvania R R .




Nam
e.

Will Be Found Under-

Cleveland Columbus Cln. & Ind_____Cleveland Cln. Chicago &St. Louis.
Cleveland Lorain ft Wheeling.............Baltimore & Ohio.
Cleveland & Marietta.................... ......Toledo Columbus & Ohio River.
Cleveland Short Line_______________New York Central RR.
Cleveland Terminal & Valley.............Baltimore ft Ohio
_
Clyde Line
____________________ Atlantlo Gulf A W«t*t Indies SS. Oo.
Coal & Coke R y ____________ ______ Baltimore & Ohio R R .
Coal & Iron Rv ___________________ Western Maryland
Coal River & Western_______ ______ Chesapeake ft Ohio.
Colorado B ridge___________________ International ft Great Northern.
Colorado Industrial Co........................ Colorado Fuel ft Iron.
Colorado-Utah Construction Co.........Denver Northwestern & Paciflo Ry
Columbia & St. Louis---------------------- Wabash.
_
Columbus Connecting ft Terminal_ Norfolk & Western.
Columbus (O.) Gas C o------------------- Ohio Cities Gas Co.
Columbus Gas & Fuel C o__________ Ohio Cities Gas Oo.
Columbus & Hooking Valley--------------Hocking Valley.
Columbus ft Toledo________________ Hocking Valley.
Commercial Cable C o ---------------------- Mackay Cos.
Commercial Nat. Safe Deposit Co____Commonwealth-Edlson Co
Connecticut River Power C o________ New England Company.
Connellsvllle & Monongahela R R ...U n ited States Steel Corporation.
Consolidated Electric C o.................... Great Western Power Co.
Consolidated Gas Co. of Baltimore..Consol. Gas, Electric Light ft Power
Consolidated Power C o____________ Consol. Gas, El. Lt. & P. Co. of Balt.
_
Consumers’ Chemical Corporation_ Virginia-Carolina Chemical Co.
Consumers' Gas___________________ People’s Gas Lt. & Coke.
Continental Coal________
..H ockin g Valley.
Cornwall & Lebanon R R .................. Pennsylvania RR.
Crucible Fuel C o ................................ Crucible Steel Co.
Cuba Eastern_____________________ Guantanamo & Western RR.
Cumberland Valley R y------------------ Pennsylvania RR.
Current River_____________________ Kansas City Fort Scott & Memphis.
allas ft W aco.....................................Missouri Kansas ft Texas.
anbury & Norwalk.......................N e w York New Haven & Hartford.
Danville & Grape Creek......................Chicago & Eastern Illinois.
Dawson Ry. & Coal C o------------------ El Paso & Northeastern Co.
Delano Land______________________ Lehigh Valley.
Des Moines & Fort Dodge— .......... Minneapolis & St. Louis.
Des Plaines Valley_________________ Chicago & North Western.
Detroit Grand Rapids & Western___ Pere Marquette.
Detroit Rock Salt.............................. International Salt Co.
Dexter & Newport U R ---------------------Maine Central RR.
Dexter & Piscataquis R R ----------------Maine Central RR.
„
,
„
Dlmtnlck Pipe C o--------------------------- U. S. Cast Iron Pipe & Foundry Co.
Distillers Securities Corporation_____U. S. Food Products Co.
Dominion Line------------------------------ International Mercantile Marine Oo
Duluth Rainy L ak e* Winnipeg R y..D u lu th Winnipeg * Pacific lty.
Durham ft Northern----------------------- Seaboard Air Line.
Dutchess County R R ---------------------- Central New England Ry.
ast Maine R R ----------------------------Maine Central RR.
ast River Gas____________________ Consolidated Gas of N . Y .
East Tennessee Virginia & Georgia..Southern Railway
Eastern Michigan Edison.....................Detroit Edison.
Eastern of Minnesota---------------------- Great Northern
Eastern Tel. & Tel. C o........................Keystone Telephone Co.
Easton & Amboy— East. & Northern.Lehigh Valley.
Economy Light & P ow er......... ..........Public Service Corp. of Nor. Illinois.
Edison Elec. 111. of Brooklyn_______Brooklyn Edison Co.
Edison Elec. III. of New York______Consolidated Gas Co. of New York.
Edison Light & Power C o...................Pacific Gas & Electric Co.
Elizabeth River.................................... Norfolk & Portsmouth Belt Line.
Elk Horn Fuel C o................................ Elk Horn Coal Corporation
Ellwood Short L ine.—_____________ Baltimore & Ohio.
El P aso* Rock island R y --------------- El Paso & Northeastern Co.
Equitable Gas Light Co. (New York).Consolidated Gas of N. Y .
Erie ft Jersev----------------------------------Erie RR.
Essex Terminal R y . . .......................... Erie RU.
Euclid Equipment Trust.................... Bessemer & Lake Erie.
European & North American...........Maine Central RR.
,
Evansville Belt Ry — .......... ..............Chicago & Eastern Illinois KB.
Evansville Henderson & Nashville..Louisville & Nashville.
Evansville M t. Carmel & Nor. R y_ Cleve. Cine. Chicago & St. I.ouls.
_
Evansville & Terre Haute__________ Chicago & Eastern Illinois
airmont Coal........................ .......... Consolidation Coal Co.
argo & Southern.................. ........... Chicago Milwaukee & St. Paul.
Flint & Pere Marquette...................... p ere Marquette.
Florida Central & Peninsular_______Seaboard Air Line Ry.
Florida Southern.................................. Atlantlo Coast Line RR.
Florida West Shore------------------------- Seaboard Air Line.
Fort Worth & New Orleans................ Houston & Texas Central.
Fort Worth & Rio Grande................ st. Louis— San Francisco
Fremont Elkhorn & Missouri Valley.Chtoago & North Western
Frick H. C. C o.....................................United States Steel Corporation.
eneral Rubber— ----------------------- United States Rubber.
enesee River R R ------------------------ Erie R R .
Georgia ft Alabama------------------------Seaboard Air Line Ry.
Georgia & Alabama Terminal R y___ Seaboard Air Lino Ry.
Georgia Carolina & Northern_______ Seaboard Air Line Ry.
Georgia Paciflo------------------------------- Southern Railway.
Gila Valley Globe & Northern.............Arizona Eastern.
Girard Point Storage.......................... Pennsylvania R R .
Gold & Stock Telegraph Co................ Western Union Telegraph Co
,
Goshen & Deckertown R R _________ Erie UK.
Gouverneur & Oswegatchie_________ New York Central lilt.
Granby Mining & Smelting_
_
American Zinc, Lead & Smelting.
Grand Rapids Gas Light.................... American Light & Traction
Grand River Valley............................Michigan Central.
Grav’s Point Terminal.................. ... S t . Louis Southwestern.
Great Falls Power C o ......................... Montana Power Co.
Great Northern Ry. of Canada______Canadian Northern Quebeo.
Great Western Ry. of Oauada______ Grand Trunk Ry.
Greeley-Hudson Securities Corp___ Hudson Companies (Rjls.J.
Greeley Square Realty C o_______ Hudson Companies (B its.).
Greenbrier R y .......................... ...........Chesapeake & Onlo.
Guatemala Central —................ ......... International Uys. of Cent. Aratrlo*
alcomb Steel C o--------------------------- Crucible Steel Co.
allfax * Southwestern R y_______ Canadian Northern n y .
Hancock & Calumet............................ Mineral Range
_ .
,,
Hannibal & St. Joseph R y...................Chicago Burlington & Quincy RR.
Harlem River ft Portchester.............. New York New Haven ft Hertford
Harrisburg Ports. M t. J. & Lancaster.Pennsylvania ItR.
Hocker-Jones-Jowell C o------------------ Standard Milling Co.
Henderson Bridge................................ Louisville ft Nashville.
Hereford................................................ Maine Central.

D

E

F

G

H

g r . '. i 5 ° c

D“ “ “

n”. C. ° ; ; K v o r t ®

i

H S tfo V ”

Huntington** BTg'SaidyV.'I I V - I V - BaR7mo^&HOhlm ^
Hutchinson ft Southern...................... Atchison Toneua A Santa Fe
nydraullc Power C o.............................Niagara Falls I ower Co.
Illinois Steel C o...................................-United S w t « Steel Corporation.
Illinois Tunnel.................................... Chicago Utilities.
Imperial Rolling Stock
.................Canadian Northern.
Indiana Bloomington ft Western----- Peoria & Eastern

Not ., 1919.]

IN D E X .

Name.

N a m e.
Will B e Found Under—
Newnnrt Z &
* ' J 3rldge............ Louisville A Nashville.
Icbford R y----------------- Connecticut A Passumpslc R y.
N
re,v
Lftenslon.............— Long Island.
S . vCe? t£a’i .A IV?son RIrer R R --N ew York Central R R .
:J
New York ^ liv a fed 141 8S' ° ° ...........£ tla° tIc « n lf A West Indies SS. Co.
New York A E r i e I ” I I ” ” " IlErie^RRSn Elevated'
N °Y YCas
......... Consolidated Gas Co. of New York.
SiJr v a?* S!*
H t* & Power----- Consolidated Gas of New York
New York Glucose
.......................corn Products.
v ° r, ?
k
R.R™ ...............—Hudson A Manhattan RR.
New York Lake Erie A Western_____Erie RR.
...................Consolidated Gas of New York
v«F
i
k
N«w v n rt Z vre^ s ' De‘ Rost> Term ..N ew York New Haven A Hartford

International Nav lgatlon----------------- International M erca n tile Marine
Intprm?fi°Ugtj-Metwpolltan Co----- — Interborough Consolidated Corp.
Iowa rVnti-ai Ht,y*rn Pump Co--------- Worthington Pump A Machinery Co.
Tnm. uS?.
UC........... ......... Minneapolis A St. Louis
lowa Mlnneaota A Northwestern — .Chicago A North Western
•
Ky - - f ’«nadUn Northern Rr
Iroquois Iron Co----------------------------- Steel & Tube Co. of America.
J ackson Lansing & Saginaw.............Mlchltran Central
amestown Franklin & C learfield...N ^ Ymk CentVal.
j X t S°* chTe * ° 0ke Co.....................Baltimore & Ohio.
.
Timet),* Chlcaf?0................................... Chicago & Alton.
junction ............................................... Pennsylvania.
New Vnrir Central r r
K alamazoo* White Pigeon__ . . . . . Ilinnols CentrM
ankakee & Southwestern .
RR>
Kansas City Excelsior Spgs. & Nor..Wabash RR
Kansas C l t J ,^vr?mlu>S< *R ^ Ry ~ Ransas City Ft. Scott & MemphlsRy.
|> v
Kansas C i$ & P a X ! ! X - ^ - i f c u r f ' l ^ n ^ A T e x £ MemPm’
Kansas City Pitts. & G ilf...........
Kansas Clt^A Southern
Kansas City Northwestern Ry. .H M l^ u r l Padflc Rv
Kansas City St. Louis & Chicago 11. 1Ch f f 0 & Alton
Kansas A Colorado Pacific............. Missouri Pacific
...............................Standard*
01100 . of Indiana.
Kfmr^Cminc? it? r V Y d ------' A ------ Louisville A Nashville.
Tpnrfr ^
L t' & Power Co...Brooklyn Edison Co.
KnnfvffieL!t cMn...............................Maine Central.
° h ° --------------------------Southern Ry.
Kolb Bakery----------------------------------General Baking Co.
ackawanna Iron & Steel C o ......... Bethlehem Steel
L ake Erie & Detroit River................Pere MamuettlT °Co
Lake Erie & Pittsburgh Ry_________ NewYork Central RR
I^ e
sorcre
ontolM^ r e S§ e ^ .ern
ce.
L e a S t o n 1 St’^ a f r
*
rrirircM SSSfaw tS^^1 &
*
Lehigh & Lake Erie Ry.......................Lehfgh Vahev RR
L e S S A ^ e ^ Yo^k^'.6! — —?.°.V .V ” Lehl^1Vahey* NaV,gat,0n C° ­
::::::::
Nayigat“ I’erin^tnn % CrfnkPn^7 ................... Louisville & Nashville RR.
Levland Tl?e tranktort.......................Louisville A Nashv. (L. C. A Lex.)
Lfck^Creek^'Lake'ErlV-V-V.V.V-V-'/caroHna^CHn^tfe^ A O^U)^nC
*C
Linde'Air*Prndiietsar* ;te.................. BuffaloRochester A Pittsburgh.
0*
LltUe F,llls A 1 lolgei-flfe Ry I !I II111.New York" Cent^alSt U ° Q ° ° rP’

ggs P I
w
e
i t
s
Little Rock Jet.— Lit. Rk. A Ft. Sm.Missouri Pacific

i

& Paclflc C ­
‘
o

5SS“ i i S
*
#
.
?
».
Long Island & Flushing.......................Long Island
Louisiana A Missouri River...............Chicago
liter.
Lou^ilieA'Fnmlffort4 Lexlngton---Louisville A Nashvllle.
Loulsvllte It ffashvUle TermlnallTll* LoulsVllie A
°’ * L
Madison Gas a’ "Electric11Z '111111 -I A m^ican 8
Lm1itaA°Tr^et mn8terD RR
K n 8 ° n JV„T ^
rv
° ° .................... f & S S S P ^ r
Manltola A %ou t h e a s t e r n Can^iVan^Northern081 Iudlea SS' Co
Manitoba Southwest’n Colonization ..Canadian Padfflo
Manltoulin A North Shore Ry______Algoma
Mankft°to°A New n Z * N° r‘ West'n-^|cago A ^ orth Western.
Mark Manufarturln c 6 '. 111'. 1111.' I S ^ef &
™
,
Marlin Arms Corporation________ Marlin
Ca*
Marquette Houghton & Ontonagon ..Duluth Sonth^hnr?TP
A
Marshfield A Southeastern R R .. . . . w iconshTcentr^ £ „A Uantlo
Maryland Steel Co...........................II b S
n Steel Co
McKeesDort A Belie Vernon...............* Pasfumpslc.
M ;S S ° a |
Metropolitan Gas Corporation — — — Pacific1Gas*A *Electrief C o ™ ' R R
::::: ::: : : ::::
Mldia
and°RReW Jersey.........................£ e v YSrk s/squehanna A Western
w
Midland T erm T n a i:::^
We«tern RR
Mifflin Equipment________________ United States^‘fme^rr.rr.nrtir.r,
Mlllen A Southwestern.........................Georgia A Florida Corportlon'
Milwaukee Lake Shore A Western. ..Chicago A North Western
M waukec A Northern................ ........Chicago Milwaukee A St^Paul
Milwaukee Sparta A North Western..Chicago A North Western
'

| a « ! : : : : : : : : : : : : S X 4S
S
ste Man
MjnneapolfifTermfnal^8^
!.0.— —! ! IIII^lcasff>PGreat*Western''St6' Mar‘ *
MJwkturj''Kans a s A E
*

& T n V .:

IIII n S f e S

Mob le Terminal0 1Hv
*
‘ ..........^ » '^ l ll e & Nashville RR.
Mohawk A Mahinn R ° ° .................Tennessee A Northern Ry.
Mono^T Coal
............................... £taw YoJk Central RR
Monongahela Rl'veVoons". Goaf A O.'Plt^^rgh'coaJ'co* * Loulsv1" 8'
Montana Central RR.................. . . I G w t Non I a Rt Louisville.
P 4
Montana Power Transmission Go...Montana Power f^o'
Montauk Extension R R .................. Long Island
°
Montreal A Province Line Ry.......... Centrai Vermont Rv
Montreal Warehousing........................ Grand Tnink
Ky*
Morris Canal Co...................................Lehigh Valiev ttt?
M "Uti .w ern0n BranCh........................ Sl,lca.e? * i’-Mton'Illinois.
n
MuskogonGrancf jVa'plds"AIndia'n'aVonuuSSRapids'^AUIndIana°Ut'leaStern
t
Mutual Electric Light Co...................Pacific G?s & Electric Co.
Mutual ^uel G a s . . . . . . — -------------- People’s Gas Licrht v poke
Mutual Union Telegraph Co...............Western Union TOe*raph Co
ashville Florence A Sheffield........ Louisville A Nashville
N atlonal Railroad of Mexico.............National RallwaVs of Mexico
National Leather Co.......................... Swift A Ao
y
Mexico
National Starch------------------------------ Corn Products Reflninv rn
Naiivar1 ,Tu|i°nCo.................................i7nll etl States Steel Corporation.
'
Nehrga U
n,l »
ck - . . . . . . . . . . . . . . . . . . . .Chicago Rurllnsrton A Oulncv
•& Hartford RR.
Ncoraska .. B-B .............‘.......................N
Nevada A California RR..................... Central Pacific Ry.
y
y'
New Amsterdam Gas-------------------.-Consolidated Gas of New York
New Brunswick----------------- -------- — Canadian Paclflo
New Brunswick Southern...................Canadian Paclflo’
Newcastle A Shenango Valley______ Sharon Ry
'
Now Cornelia Copper Co..................Calumet A Arizona Copper Co.
ir1
*
d — I.'— d ------------- ?(ew Y9Ik ^ ew Haven & Hartford.
m
"
New England Elevating Ry...............Grand Tnink Ry
New England Navigation Co............ N. Y. N. H. a Hartford RR.
New England Power Co------------------ New England Company
Newburg A New Y o r k ...__________ Erie RR.
New Haven A Derby..........................New York New naven A Hartford
New Haven A Northampton RR------N. Y. N. H. A Hartford RR
New Mexico Ry. A Coal.......................El Paso A^NortheasternCo
New Orleans Mobilo A Chicago.......... Gulf Mobile A Northern.
New Orleans Mobile A Texas........ — Louis. A Nash. (N. O. A Mobile DIv.)




239

Ks; p

i

i

New York A P ^ to a m .*
.'U lN ew Y o r k 'c S iS a r R R ; Hartf° r< ’
1
New ^.ork A Queens El. Lt. A Pow „C onsolidated Gas Co of New York

| e: ?o°S i f c f y °.°
e
“
G“ 8S: s!
New Vnrt A m m tcfa^ ter Mghtlng.-Consolidated Gas Co. of New York
K ara & E r S S
C° a' .........Nf w York Susquehanna A Western.
Niagara FalN^Hv H°S1 C Y f,V r .A --S Iaf ara,.LoSkport * Ontario Pow.Co
o*
I

l i S

S

' -

-

-

■

; : » S £ r P o ? d 8 o Nte‘ " * p *lu -

Nonhea^erm'l^Rn* f ^ a^ ^ ° r t*°^::E ^ ^ ap®
Xa"
ak8a*t 0 ^ o -R R '
L
A
R5 ’ Nor im noi.
fM C T ^ ia -P o w e r c a ::::::^ ^
K jlr S
Northern
Northern
N o rth ^

M a l n e ' s ^ p o r t : : : I I I I I I '
M |ssisslppl Rlver Pow. Co.Northern States Power Co
Ry. (Canada)------------------- Grand Trunk Ry
£ yi of California-------------- Southern Pacific RR.
‘
Oas C o ------------------- Consolidated Gas of New York
NeMh western Cas Light A Coke C o..P u b lic Service Corp. of North 1 1
1
Telegraph C o...............Western Union Telegraph Co
I” '
Vnrw!iiif8Qfr^iUnion............................. Chicago A North Western.
N o r w a lk S t e e l C o ------------------------------------C r u c i b l e S t e e l C o . o f America
Norwood A Montreal R R ................... New York Central R R .
Q cea n lc Steam Navigation C o------- International Mercantile Marine Co
cean Steamship--------------------------Central of Georgia Ry.
Ogden Gas------- -------- -; -------------------People's Gas Light A Coke
Ogdensburg A Lake Champlain____Rutland RR.
Ogdensburg Terminal R y ..................Rutland RR.
Ohio Indiana A W estern....................Peoria A Eastern.
Co 0 A Little Kanawha.......................Baltimore A Ohio.
n £ i ° ™ V ;r - W - - 7 ,
<
...............Baltimore A Ohio.
r . H lB? ? , 'F ve Broadway...............American Telephone A Teleg. Co
Ontario A Quebec.................................Canadian Paclflc.
Oregon Eastern R y ...............................Central Pacific Ry.
Oregon RR. A Navigation C o .......... Oregon-Wash. RR. A Nav Co
Ozark A Cnerokee Central------- --------St. Louis San Francisco
p a c ific Gas Improvement C o...........Pacific Gas A Electric Co
parifmC 1tJghtf A I ower Corp.............Southern California
R
I acific RH. of Missouri------------------- Missouri Pacific Rv. Edison C o.
Paducah A Memphis R y.....................Louisville A Nashville RR.
I an-Amerlcan R R -------------------------- National Railway of Mexico
gpiitheastern
.................St. Louis Southwestern
Po^nl£i?ia3e'y>,York R R ----------------- Y> Susquehanna A
Pembroke Southern--------------------------Grand Trunk Ry. Western RR
Penn-Alary Coal __________ ______ Pennsylvania Steel

"

Pennsylvania *°N.
^
C° rP’
Pennsylvania A Northwestern_____ Pennsylvania RR
Pennsylvania Steel O o H e t h l e h e m Sfppl
Pennsylvania Utilities C o...............I'General Gas A Electric Co
Penobscot Shore Line................." " .M a S T c e n h a k
‘ 'C° ° ’
pf^ tacoi a M ^ lant] ° ------- -------------- Louisville A Nashville.
PetershuryNOrthWeStern...................... Chicago A North Western.
D r fi.Y ." 'n .........................Atlantic Coast Line R R .
^ ,Refining C o------------------- Galena Signal Oil.
Philadelphia A Erie----------------------- Pennsylvania
Philadelphia A Reading____________ Reading Comnanv
}^ iia ' w ll™,nSton * Baltimore_____Phila. Baltimore A Washington RR
P ^ S l ^ Umfber,and R R ............. Western M a ^ d RR lnKt° n R R *
pine
PlUsbui-gn Cleveland A T oledo.........'.Baltimore A Ohio. R R ’
Pittsburgh Coal, Dock A Wharf____Pittsburgh Coal Co
i>lt«St,Urgll ? ruc*^*e Steel C o------------ Crucible Steel Co. or*Amerlca
P ttsburgh Junction
.......................Baltimore A Ohio
A m cnca'
Pittsburgh Lisbon A Western-----------Wheeling A Lake Erie RR
P ttsburgh Newcastle A Lake Erie..Baltimore A Ohlo.^
RR‘
Pittsburgh Palnesvllle A Falrport---- Baltimore A Ohio RR
Pittsburgh Shenango A Lake Erie. ..Pittsburg Bessemer a t
p .i.
Pittsburgh Virginia A Charleston. ..Pennsylvania
’
Erle‘
Pleasant Valley Coal...........................Denver A Rio Grange
TeJm,nal CorP.........Savannah A Atlanta R y.
Portland A Ogdensburg.....................Maine Central
y
Portland A Rochester R R __________ Maine Centrai RR
Portland (M e.) Union Station C o...P ortla n d Terminal’ Co
Portsmouth Great Falls A Conway ..B oston A Maine
Potomaee M W h Cab' C..................... Mackay Companies.
V
Pntr™ nre
y ....................................Western Maryland.
P?att * w 'h i.'n ^ ................................Republic Iron A Steel.
Prescott ^ E a stern ............................. NUes-Bement-Pond Co.
Prlst-O-LRe C o ! - ” : .........................Union0? J h C fa x *cSalita F
r5‘
Prlncton A Northwestern
'C h l c a g o ^ N o r t l f w e s ^ Corp‘
Prospect Park A Coney Island R R
Long Island RR Western­
.........- . " N e w ' v ' S a f w V a n a, H m ro.a .

S r t l T c 'n S i
::::
S J c
or”
Quebec A Lake St. John R y ------------ Canadian Northern Ry.
RalolFn a ^ u?us*a"R®1' & Gaston..Seaboard Air Line.
*Valelgh A Cape Fear__________
Norfolk Sniifhom
Raleigh A Southport...........................Norio k W h a r n '
Raleigh A Southwestern......... ... . '. '. 'Chesaneake A Ohin
S
M
IietsofS in L S n nCCr & Glenvllle---- Baltimore A Ohhl n A
Mining n
—
_
IntPrnRffnna? Qoif
m'nhmnnH <cA‘legh8°Y Valley. .R.y _ Southern
— Chesapeake A Ohio R y.
Richmond 5 Dflnvlllc_____. .
R cSmnnl * Mecklenburg R R ------- Isoulhern Ry.
R o ^ a n d e Western Urg.....................Atlantic Coast Line RR.
K
S
2*SS S 5:
Rock Island A P ^ria Rv h<,ulpm t-C h ica g o Rock Island A Pacific.
K / M ^ A H o n ^ : : : : .........C & ° o R ° Ce a ' roV c o " 01' 10 R y ’
Fu k
Roland Park Electric A Water Co— Consol GasEl L ' a Pmver Oo
Rutland Toledo A Northern R y ------- Chicago A Alton RR.
Electric Gas A R y.........Pacific Gas A Electric Co.
ft .
o ]'
15o f'
St'
St.

Ch” l es^ri dgey- . ' - ' - - W ^ h 1 CaMf0rn,a Power C o­
1
^ adiloa
St- Louis Belt..Missouri A Illinois Bridge A Belt
c u ir s^eeT
° ° .................
United
StatesSteelCorporation.
p ? !. T«S2iinVr»T>......................... United States Steel Corporation.
JoseDh
R R ..........................United States Steel Corporation
Joseph G as........................
..Am erican
Light A Traction

[V o l . 109.

INDEX.

240
W ill B e F o u n d Under —

N am e.

S t . L a w r e n c e & O t t a w a ----------- -----------------C a n a d i a n P a c i f i c .
S t . L o u i s B r i d g e _______ ____________________ T e r m i n a l A s s o c i a t i o n o f S t . L o u i s
S t . L o u i s & C a i r o R y _____________________ M o b i l e & O h i o R R .
S t . L o u i s I r o n M o u n t ’ n St S o u t h e r n . M i s s o u r i P a c i f i c S y s t e m .
S t . L o u i s P e o r i a St N . W . R y __________ C h i c a g o S t N o r t h W e s t e r n R y
S t . L o u i s W i c h i t a St W e s t e r n ...................S t . L o u i s & S a n F r a n c i s c o .
S t . M a u r i c e P a p e r C o .................................... U n i o n B a g St P a p e r C o .
" S t . P a u l”
__________ ________________________C h i c a g o M i l w a u k e e St S t . P a u l
S t . P a u l St D u l u t h .................................... ........ N o r t h e r n P a c i f i c .
S t . P a u l E a s t e r n G r a n d T r u n k ............. C h i c a g o & N o r t h W e s t e r n .
S t . P a u l Sc K a n s a s C i t y S h o r t L i n e . - C h i c a g o R o c k I s l a n d & P a c l f i o .
S t . P a u l G a s l i g h t ................................................A m e r i c a n L i g h t St T r a c t i o n .
S t . P a u l M i n n e a p o l i s Sc M a n i t o b a — G r e a t N o r t h e r n .
S t . P a u l S t N o r t h e r n P a c t f l c ......................N o r t h e r n P a c i f i c R y .
S a l m o n R i v e r P o w e r C o ________________ N i a g a r a L o c k p o r t & O n t a r i o P o w . C o .
S a n f o r d St S t . P e t e r s b u r g R R . . ...........A t l a n t i c C o a s t L i n e R R _
S a n F r a n c i s c o G a s St E l e c t r i c C o _____ P a c i f i c G a s & E l e c t r i c C o .
S a n F r a n c i s c o Sc S a n J o a q u i n V a l . . . A t c h i s o n T o p e k a St S a n t a h e .
S a n P e d r o L o s A n g e l e s St S a l t L a k e . . L o s A n g e l e s & S a l t L a k e R R .
S a n t a F e P r e s c o t t St P h o e n i x ............... A t c h i s o n T o p e k a & S a n t a F e .
S a r a n a c Sc L a k e P l a c i d .................................C h a t e a u g a y & L a k e P l a c i d .
S a u l t S t e . M a r i e & S o u t h w e s t e r n . . . C h i c . S t . P a u l M i n n e a p . Sc O m a h a
S a v a n n a h F l o r i d a St W e s t e r n __________ A t l a n t i c C o a s t L i n e R R .
S c h e n e c t a d y & D u a n e s b u r g ..................... D e l a w a r e & H u d s o n .
S c h o e n S t e e l W h e e l .......................................... U n i t e d S t a t e s S t e e l C o r p o r a t i o n
S c h u y l k i l l R i v e r E a s t S i d e _____________ B a l t i m o r e & O h i o .
S c h w a r z s c h i l d St S u l z b e r g e r ____________ W i l s o n St, C o .
S c i o t o V a l l e y & N e w E n g l a n d ...............N o r f o l k & W e s t e r n .
S e a b o a r d St R o a n o k e _____________________ S e a b o a r d A i r L i n e .
S e a C o a s t . ...................................................................A t l a n t i c C i t y .
S e n S e n C h i c l e t C o .......................................... A m e r i c a n C h i c l e C o .
S h a d e G a p ____________________________________ E a s t B r o a d T o p R R . S t C o a l C o .
S h a r o n C o k e C o ____________________________ U n i o n S t e e l C o .
S h e r m a n S h r e v e p o r t & S o u t h e r n _____ M i s s o u r i K a n s a s & T e x a s
S h r e v e p o r t B r i d g e & T e r m i n a l ............... S t . L o u i s S o u t h w e s t e r n .
S i l v e r S p r i n g s O c a l a & G u l f ___________ A t l a n t i c C o a s t L i n e R R .
S i o u x C i t y & P a c i f i c .......................................C h i c a g o & N o r t h W e s t e r n .
S l o e s I r o n & S t e e l C o ....................................... S l o s s S h e f f i e l d I r o n & S t e e l C o .
S o d u s B a y & S o u t h e r n __________________ E l m i r a & L a k e O n t a r i o
S o m e r s e t R y _________________________________ M a i n e C e n t r a l .
S o u t h C a r o l i n a & G e o r g i a ...........................S o u t h e r n R y - - C a r o l i n a D i v i s i o n .
S o u t h St N o r t h A l a b a m a ........................... - L o u l s v i H e & N a s h v i l l e .
S o u t h Y u b a W a t e r C o .................................... P a c i f i c G a s St E l e c t r i c C o .
S o u t h e a s t e r n & S t . L o u i s . . .................. . L o u l s v l B e & N a s h y l U e .
S o u t h e r n C a l i f o r n i a T e l e p h o n e ----------- P a c i f i c T e l e p h o n e i &; T e l e g r a p h C o .
J
S o u t h e r n I n d i a n a ............. ...................................C h i c a g o T e r r e H a u t e < o a o u t n e a i t n
S o u t h e r n P a c i f i c B r a n c h ...............................S o u t h e r n P a c i f i c R R S o u t h e r n 8 i e r r a s P o w e r C o ........................ N e v a d a C a l i f o r n i a E l e c t r i c C o r p .
S o u t h w e s t P e n n s y l v a n i a .............................. P e n n s y l v a n i a .
R
S o u t h w e s t e r n C o a l St I m p t . C o --------------M i s s o u r i K a n s a s & T e x a s R y .
n
S p a n ls h -A m e r lc a n I r o n
C o . - . . . .......... B e t h l e h e r n s t e ®*
S p a r t a n b u r g U n i o n & C o l u m b i a -------- S o u t h e r n R y . , C a r o l i n a D i v i s i o n
S p o k a n e F a l l s & N o r t h e r n . .....................G r e a t N o r t h e r n .
S p u y t e n D u y v l l & P o r t M o r r i s ------------- N e w Y o r k C e n t r a l R R .
S t a n d a r d E l e c t r i c C o ........................ .............. P a c i H c G a s & „E lu c ^ i c C o .
S t a n d a r d G a s _________________________________ C o n s o l i d a t e d G a s o f N e w Y o r k .
S t a n d a r d S t e e l W o r k s ....................................B a l d w i n l o c o m o t i v e :W o r k s .
S t a t e n I s l a n d R y ___________________________ B a l t i m o r e & O h i o R R .
S te p h e n v llle N o r t h & S o u th T e x a s ..S t . L o u is S o u th w e s te r n R y .
8 t u r g i s G o s h e n & S t . L o u i s --------------------- N e w Y o r k C e n t r a l R R S u b u r b a n L i g h t & P o w e r C o ___________ P a c i f i c G a s & E l e c t r i c C o .
S u f f o l k Sc C a r o l i n a ............................................N o r f o l k S o u t h e r n .
S u l l i v a n C o . C o a l B r a n c h .......................... C h i c a g o & E a s t e r n I l l i n o i s .
S u l z b e r g e r S o n s S t C o ------------------------------- W i l s o n & C o .
.
S u m t e r Sc W a t e r e e ............................................ S o u t h e r n R y . . C a r o l i n a D i v i s i o n .
S u n b u r y H a z le to n & W ilk e s -B a r r e ..P e n n s y lv a n ia .
S u n b u r y & L e w i s t o n ....................................... P e n n s y l v a n i a .
,
S u p e r i o r S h o r t L i n e R y __________________ C h i c a g o S t . P a u l M i n n . S t O m . R y .
S u s q u e h a n n a B l o o m s b ’g & B e r w i c k . P e n n s y l v a n i a R R .

T

e r r e H a u t e & I n d i a n a p o l i s ----------------P i t t s . C l n . C h i c a g o & S t . L o u i s
e x a s St O k l a h o m a ....................................... . M i s s o u r i K a n s a s Sc T e x a s
T e x a s & P a c i f i c C o a l C o _______ ________T e x a s P a c i f i c C o a l & O H C o .

H .




M

.

R y.

Name.
Will be Found Under—
Toledo Canada Southern St Detroit..Michigan Central.
Toledo St Cincinnati R R ___________ Baltimore St Ohio.
Toledo Walhondlng Valley S Ohio..Toledo Columbus S Ohio River.
c
c
Tombigbee Valley__________________ Alabama Tennessee St Northern.
Toronto Grey S Bruce________ .....C a n a d ia n Pacific.
t
Traverse City R R _________________Grand Rapids St Indiana.
Troy St Boston....................................Fitchburg.
Tunnel Railroad of St. Louis________ Terminal Ass’n of St. Louis.
Turner (J. Spencer)_________ ______ International Cotton Mills Corp.
nion Switch St Signal C o ________ Westinghouse Air Brake Co.
nion Transportation C o__________ Union Oil Co. Inc of California.
United Cigar Manufacturers-----------General Cigar C o.. Inc.
United Dry Goods Companies_____Associated Dry Goods Corporation.
United Elec. Light & Power, Balt_ Consol. Gas Elec. Lt S Power.
_
c
United Elec. Light & Power of N . Y._Consolidated Gas of New York
Union RR ________________________United Stateu Steel Corporation.
Union Stock Yard & Transit Co----- Ch. J. Rys. & U Stk Y
United Gas & Electric C o__________ Pacific Gas & Electric Co.
United Motors Corporation________General Motors Corporation.
United States Leather........................ Central Leather
United States Sugar Refinery_______ Corn Products Refining Co.
Upper Coos_______________________ Maine Central.
Utah Central______________________ Denver St Rio Grande.
c
Utah Company____________________ U. S. Smelting, Refining S Min Ca
Utah F u el............................................. Denver & Rio Grande.
Utah S Northern__________________Oregon Short Line.
c
Utica St Black River...........................New York Central R R .
Utica Clinton St Binghamton R R ____Delaware St Hudson R R .
\ /a lley Counties Power C o_________ Pacific Gas & Electric Co.
V an Buren Bridge________________ Bangor St Aroostook RR
Verz Cruz & Pacific R R ....................... National Railways of Mexico.
Vera Cruz to isthmus_____________ National Railways or Mexico.
Verdigris Val. Independ’ ce St West..Missouri Pacific.
Vicksburg & Meridian .......................Alabama S Vicksburg.
c
Victoria Rolling Stock..........................Canadian Pacific.
Virginia Air Line................................ Chesapeake & Ohio.
Virginia Midland___________________ Southern Railway.
•
abash-PIttsburgh Terminal...........Pittsburgh * Wost Virginia.
aco St Northwestern____________ Houtston St Texas Central Railway..
Walker Co .......................... ............... West'ghouse El. & Man.
Washington County.........- - ..........—
Cen^ra\«
Washington S Columbia River------- Northern Paclfio.
c
Washington Ohio St Western............. Southern Ry.
Waters-Pierce Oil C o .......................... Pierce Oil Corp.
Webster Coal & Coke...........................Clearfield Bituminous Coal Corn.
Westchester Lighting C o ......... - ......... Consolidated Gas of New York.
West Chester R R . . . .......................... Pennsy vanla RR.
West Pennsylvania R R .........- ............Pennsylvania RR.
West River
_______________New London Northern.
West Side B e i t ' " - - ............................ Pittsburgh & West Virginia R y.
West Virginia & Pittsburgh...............Baltimore S Ohio.
c
Western Pennsylvania--------- -----------Pennsylvania.
Western Pocahontas Corporation------Chesapeake & Ohio.
Western Steel Car St Foundry Co------Pressed Steel Car Co.
Western Telephone < Telegraph Co.-Am erican Telephone & Telegraph Oo.
fc
Westinghouse Machine Co . . ............. Westinghouse Elec. & M fg. Co.
Wnlpple Oar C o...................................«fa n d 7 T nm R y*
u
Wichita & Midland Valley..................Midland Valley.
Wilkes-Barre S Eastern.....................N. Y. Susquehanna & Western.
c
Wlllmar & Sioux F a lls ..- -................ Great Northern
Wilmington Columbia St A ugusta...A tlantic Coast Line RR.
Wllm. S Weldon— Wllm. S Newbern Atlantic Coast Line RR.
c
t
Winnipeg Terminal..............................Canadian Northern
Winona S St. Peter............................. Chicago & North Western.
c
Worcester Nashua & Rochester___ Boston St Maine.
Y o r k St Peach B ottom ____________ Maryland St Pennsylvania.

U

W

Janesville & Western_____________ Toledo St Ohio Central.

B Y L L E S B Y

&

C

O

M

P

A

IN C O R P O R A T E D

111

B roa d w a y ,

N E W

Y O R K

208 S o .

La S alle

S t.,

C H I C A G O

30 S ta te S tre e t

10 W e y b o s s e t S t.

B O S T O N

P R O V I D E N C E

I n v e s t m e n t

S e c u r i t i e s

N

Y