Full text of Commercial and Financial Chronicle : October 29, 1927 : Public Utility Compendium, Vol. 125, No. 3253

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THE PUBLIC UTILITY
COMPENDIUM
A

SECTION OF

F rial
iitan

iv
ontmerri^

PAGES

1

TO

304

IN C L U S IV E

DEPARTM
ENT INDEX
TELEPHONE AND TELEGRAPH COS. (U. S. AND FO REIG N )..

5

GAS AND WATER COMPANIES (LOCATED IN U. S.)................... 14
POWER, LIGHT AND RAILWAY COMPANIES—
NEW ENGLAND STATES........... .........................................................38
MIDDLE AND MIDDLE WESTERN STATES.................................. 59
SOUTHERN S T A T E S ...............................................
199
WESTERN AND PACIFIC STATES................................................. 229
TERRITORIES, ISLAND POSSESIONS AND FOREIGN......... 273

For Alphabetical Index to Companies See Pages 296 to 394

October 29, 1927

WILLIAM

B. D A N A

COMPANY,

PUBLISHERS

F ront, P in s & D epeyster S ts ., N e w Y ork .
Copyrighted la 1937, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congre-^ Washington, D. 0.




i

Specializing in

Public Utility Securities

R e p r e s e n t i n g public utility com­
panies serving the city o f Chicago
and more than 2900 other American
communities, we are at the service o f
investors everywhere who are inter­
ested in opportunities for safe in­
vestment in the public utility field.
Companies we represent include
Com m onw ealth Edison Company,
The Peoples Gas Light and Coke
Company, Chicago Rapid Transit
Company, Chicago N orth Shore
and Milwaukee Railroad C o m ­
pany, Public Service Company o f
Northern Illinois, M iddle W e st
Utilities Company and Midland
Utilities Company.
W e shall take pleasure in answering
your inquiries either by mail or in
person at our new offices on La Salle
Street or at any branch office.

[

A ll Chicago offices of this company are now conven-”!
iently located on the ground floor at 230 S. La Salle St.J

U tility Securities
Company
230 South La Salle Street, CHICAGO

St. l j y ila




M ilwaukee

M inneapolis

Indianapolis

Louisville

Utility Securities Corporation, 111 Broadway, N ew York

Public Utility Compendium
A SECTION OF THE

(^.OMMERCIAL~&i p INANCIAL ( ^HRONICLE
Copyrighted in 1927, according to Act of Congress, by WILLIAM B. D ANA COMPANY, in office of Librarian of Congress, Washington, D. 0.

V O L . 125.




NEW

Y O R K , O C T O B E R 29 1927.

This publication is issued to replace our former “ Electric
Railway” Section.
As the change in name implies, the new publication is much
more comprehensive than the old, both in character and scope.
The “ Public Utility Compendium” is indeed all-embracing. It
is now truly representative of the public utility field. It covers
public utilities of every kind and description. Light and power
companies are now represented, as well as the electric railways,
and in addition we include water and gas companies and tele­
graph, telephone, cable and radio corporations. Such of these
latter as formerly appeared in our “ Railway & Industrial Com­
pendium” now find a place in the new publication. Very many
others are given for the first time.
In one particular the change has been forced upon us.
The operation of the electric railways, urban and interurban,
is now quite generally combined with the light and power busi­
ness, and it is no longer possible to differentiate between the
two. The development has grown out of the wonderful exten­
sion in the use of electricity which is the distinctive feature of
recent times. Many small undertakings began by furnishing
electricity for the running of local trolley lines, and then, in
order to promote economy of operation and be able to furnish
electrical energy at reduced cost, entered the light and power
business. The latter grew so fast that the electric railway has
now become subordinate to the larger field of work. The next
step was to unite the local units so that they might serve larger
areas, and out of these undertakings have grown in turn the
big combinations which, by reason of their splendid achieve­
ments in electrical development and in serving the advanced
needs of man, are exciting the wonder and the admiration of
the world.
This is a progressive age and the application of electricity
to the varied service of an ever-expanding population constitutes
the foremost exponent of this progress. The field is an enormous
one, the capital already invested in it of huge proportions and
the capital still to be engaged for its growth and development
of even greater magnitude. We shall hope to keep pace with
the development and expansion, and make the “ Public Utility
Compendium” a serviceable medium for furnishing accurate and
up-to-date statements regarding the companies whose resources
and activities are being employed in the prosecution of the work
which is of such inestimable benefit to the country. In the
course of time also it ought to be possible to compile some general
statistics to show the changes from year to year in the ceaseless
flow in this great line of human endeavor.

N O . 3253.

Public U tilities
DETAILED COMPANY REPORTS

This is one of the various publications of the Commercial & Financial Chronicle.
bered that they are inter-dependent publications, complete only as a whole.

In using the series it is to be remem­

If utilized together, and with the fresh items

of news the “ Chronicle” contains from week to week, the reader will at all times be able to keep fully informed regarding
the operations, the finances and the income of the various companies included.
A full Index showing where each company will be found is given in the closing pages of the book.

P

u b l ic

U

t il it y

C

o m p e n d iu m

This Public Utility Compendium is one of the publications of the
Commercial & Financial Chronicle and is issued twice a year, towards
the close of April and October.
The Railway and Industrial Compendium, issued twice a year on the
last Saturday o f M ay and November, is also one o f the publications o f the
Chronicle.
The State and Municipal Compendium, issued semi-annually on the
last Saturday o f June and December, is likewise one o f the publications
of the Chronicle.
The Railway Earnings Section, issued monthly, containing the sworn
returns o f earnings and expenses of the steam railways of the United States
filed each month with the Inter-State Commerce Commission, is another
publication compiled by the Chronicle.
The Bank and Quotation Section, issued monthly, is also prepared
and published by the Chronicle.
Terms for the Chronicle are $10 per annum within Continental United
States except Alaska: $11.50 in Canada and $13.50 in other foreign countries:
U. S. Possessions and Territories.
File covers for the Chronicle are sold at $1.00 each (postage 15 cents
additional).
CHICAGO OFFICE.— 208 South La Salle Street.
LONDON OFFICE.— Edwards & Smith, 1 Drapers’ Gardens, E. C.

“ ($100, &c)” signifies that denominations are $100 and
larger. The letters “p. m.” mean per mile, thus $15,000 p. m.
means that the issue of bonds is restricted to $15,000 for
each mile of track. “ Guar.” means guaranteed, and “guar,
p. & i. (end.)” means guaranteed as to principal and interest,
the guaranty being endorsed on each bond. “ Red.” means
redeemable. “ Trus.” or “tr.” means trustee of the mortgage.

TAX EXEMPTION.— Where there is a provision in bond
or mortgage which would seem to make the interest free
from the Federal income tax, we indicate the fact in black faced letters— tf meaning tax-free. The Revenue Act of
1926, like the Revenue Acts of 1924, 1921 and 1918,
provides, however, that only 2% income tax shall be
deducted at the source and that all further Federal income
taxes shall be met by the recipient of the income. Where
there is no tax covenant we insert the letters n tf, meaning
not tax free, tff means free from normal Federal income
tax up to 4%, though, as already stated, the law allows a
WILLIAM B. DANA COMPANY, Publishers,
deduction of no more than 2%. Where we have no knowl­
Front, Pine and Depeyster Streets, New York.
edge other than that the company has assumed or is paying
EXPLANATIONS OF TERMS AND ABBREVIA­ the tax, we insert the letters cpt, which means that company
pays tax, at least for the present. Only very general differ­
TIONS USED.
entiations like this are possible. Tax exemption features of
The follow in g is an explanation of the term s and mortgages are so varied and diverse that more definite in­
abbreviations used on succeeding pages in the pre­ formation is out of the question.

sen tation o f the statem ents of the differen t com ­
panies :

“ STOCK AND BONDS.” — Under these words are shown:
“ Stock."— The amount of stock authorized immediately
follows the word “ stock,” and against this is the par value
of single shares. For example. “ Stock. $500,000 ($100),”
means stock, total issue authorized by charter or by Act of
Legislature, $500,000, divided into shares of $100 each:
“f. p.” following the amount given as outstanding means
“full paid.”
“ Pref.” means “ preferred stock.” “ Pref. 6% cum.” means
preferred stock entitled to dividends of 6% per i inum, such
dividends if not paid accumulating, all dividends due and
unpaid to be paid in full for each and every year before the
common stock receives anything. “ Pref. 6% non-com."
means simply that the stock is entitled to 6% per annum if
earned, but that if unearned in any year or not declared, no
claim on the earnings of subsequent years exists for such
year’s dividend. “ Div.” means dividend. The last dividend
paid is shown under the column headed “ Maturity."
“ Bonds."—“ Mort.” “ mtge.” or “ M.” means mortgage.
“ Consol.” or “ con. M” means consolidated mortgage.
“ Gen. M.” means general mortgage. “ Ref. M.” means re­
funding mortgage. “ Coll, tr.” means collateral trust. The
amount next following is the total authorized amount that
can be issued under the mortgage. The denominations in
which the bonds are issued usually follow in parenthesis.
The word “gold” is usually spelled out, but in some instances
is contracted to “g.,” while “cur.” means currency.
“ Conv.” means convertible into some other form of secu­
rity. “ S. f.” means sinking fund, “c.” means coupon; “ c*”
means coupon but may be registered as to principal; “ r”
means fully registered (no coupons) ; “ r*” means registered,
convertible into coupon bonds; “ c*&r*” means issuable in
either form and convertible from registered to coupon or the
reverse; and “c*&r” means that registered certificates with­
out coupons as well as coupon bonds are outstanding.




“ DATE.” —The date of issue on the face of the bonds is
indicated under the word “ Date."
“ INTEREST.” — Under this heading is given the rate per
cent yearly of the interest payable on the bonds or (if guar­
anteed) of the dividend payable on the stock; also the
months when the interest or dividend is payable; thus
“6 J-J” means 6% per annum payable January and July.
Correspondingly“ F-A” is used to mean February and August;
“ M-S” means March and September, and so on; while “ Q-J”
means quarterly beginning in January, and “ Q-F” quarterly
beginning in February. (The day when the interest pay­
ment is due can generally be determined by noticing when
the loans mature, the day o f the month there given being in
most cases the same as for one o f the interest dates.) “ S.-a.”
means semi-annual.
PROPERTY.— “Track” means in street railways par­
lance all tracks, whether main line, siding, switch or sec­
ond track. “ Rails are 80-lb. girder” means that each rail
weighs 80 pounds to the yard, “ k.w.” means kilowatts, and
“ h.p.” means horsepower, “k.v.a.” means kilo-volt-amperes.
“ P-A-Y-E cars” means pay-as-you-enter or prepayment cars.
“ Exts., add’ns and impts.” means extensions, additions and
improvements. “ Auth.” means authority or authorized.
“ Oth. inc.” means other income. “Cal. year” means calendar
year.
REFERENCES TO “ CHRONICLE.”—This Utility Com­
pendium is expressly intended for use in connection
with the investment news and official reports published
from week to week in the “ Chronicle.” Frequent reference
is therefore made to the volume and page of the “ Commer­
cial and Financial Chronicle” as (V. 119, p. 000), where
fuller information may be found. Following also each state­
ment is given a reference to the latest news item in the
“ Chronicle” respecting the company. As every such item con­
tains a reference to the last preceding item, the reader can
run back at pleasure. Annual reports are in black-faced
figures.

O ct., 1927.]

3

POW ER, L IG H T AND R A IL W A Y

Street Cars
cost less
than Streets
| 'H E future o f th e street car is
assured b y th e fact that street
cars cost less th a n streets.
large A m e r ic a n
ou tg row n

its

city

E very

today

streets,

has

m ost

of

w h ic h w ere b u ilt to m e et traffic
c o n d itio n s

of m any

years

ago.

N o w , w ith po p u la tio n s increas­
in g, w ith business co n cen trated
in a lim ite d “ d o w n -to w n ” area,
cities m u st eith er p ro vid e

new

streets o r increase th e transporta­
tio n

facilities

that

e n a b le

the

streets to carry th e p eo p le.
T h e m o st efficien t city trans­
portation agent is th e street car.
O c c u p y in g little m o r e th a n 2 %
o f th e

street

space,

street

cars

carry, in m a n y cities, 7 5 % o f the
street users.

B ecau se fr o m 6 0 to

1 0 0 p e o p le can rid e o n o n e street
car,

th e

square

street

feet

p er

car

uses

p erso n

few er
carried

th a n a n y o th er m e th o d o f trans­
portation .

U r b a n transportation

is

tran sportation — and

m ass

m ass t r a n s p o r t a t i o n

d em a n d s

m o v e m e n t in large u n its.
WESTINGHOUSE ELECTRIC «& MFG. CO.
.
Offices in All Principal Cities
Representatives Everywhere
Localized Service — Men — Parts — Shops

W @ stinghouse

(W )

E C O N O M I C




Doubtless cities will add new streets — but they will also add many new
street cars. A large percentage o f these rvill be driven by Westinghouse
motdrs. The first single-reduction railway motor — the progenitor o f all
present-day railway motors — reas developed by W estinghouse in 1890.

T R E N D S

IN

T H E

E L E C T R I C A L

I N D U S T R Y

4

[V ol. 125.

PUBLIC U TILITIE S

L il l e y . B u z z a r d O Co.
MEMBERS' PHILADELPHIA STOCK EXCHANGE

PHILADELPHIA

P A C K A R D BLDG
TeL

NEW Y O R K
Hanover 0600— W h iteh a ll 1994

( PHILADELPHIA
| Rittenhouse 2324— Race 3384




IV E R
l

2,000

unlisted Public

Utility and Industrial issues
are quoted in the current issue of,
our handy D ealers1 Q u o ta tio n
Pamphlet, published quarterly.
Moreover, dealers receiving this pamphlet are
kept posted throughout the year by a supple'
mentary W E E K L Y SE R V IC E consisting of
quotations covering approximately aoo o f the
most active issues

Current
Quotation
c
Book
on
quest
1- ------------ **>
-

Dealers keep telling us how well this Service
anticipates their requirements. Further, for our
mutual assistance w e command every facility
quickly to locate and quote markets.
Another Service o f more than ordinary
interest is the assistance a special
department is rendering bankers and
dealers in the marketing o f securities
not

enjoying

an

active

market.

W e invite you to enjoy the brokerage benefits
o f these Services — they are being steadily
broadened and bettered, and many dealers are
finding them o f almost daily helpfulness.

A NATION-W IDE SERVICE

to Dealers in

PUBLIC UTILliy

O ct., 1927.]

TELEPHONE AND TELE G R A PH

5

Telephone & Telegraph CO S .
UNITED STATES AND FOREIGN

AMERICAN TELEPHONE & TELEGRAPH CO.
O RGAN IZATION .— Owns a large Interest, generally a majority Interest.
In the capital stock o f the leading local cos. operating under the Bell patents
in the U. S. (Y. 107, p. 2100; V. 88, p. 1554); also owns the systemof long­
distance telephone lines by which they are united. Pupin patents, V. 72. p.
677; V. 76, p. 332. 596; V. 77. p. 39; V. 92, p. 796, 1312. The major op­
erating companies, greatly reduced in number of late years by consolidation,
have had their shares largely exchanged for stock of Am. T . & T . Co. V. 97,
p 446.
Security Holdings, &c., Dec. 31 1926.
Par Value % of Total
Stocks of Associated Companies (a)—
of Holdings. Outst'ding.
New England Telephone & Telegraph C o_____$68,589,300
61.99
Southern New England Telephone C o________ 9,336,100
33.34
New York Telephone Co____________
280.600,000
100.00
Bell Telephone Co. ofPennsylvania__________ 80,000,000
100.00
Chesapeake & Potomac Telephone Co________ 13,000,000
100.00
Chesapeake & Potomac Teleph. Co. o f Balt. City___ 26,824,300
100.00
Chesapeake & Potomac Teleph. Co. o f Virginia_ 13,200,000
100.00
Chesapeake & Potomac Teleph. Co. o f West Virginia 16,200,000
100.00
Southern Bell Telephone & Telegraph C o -b ___ 79,998,500
99.99
99.99
Ohio Bell Telephone Co_____________________ 49,998,800
Ohio Bell Telephone Co., preferred__________ 15,479,800
54.84
Cincinnati & Suburban Telephone C o________ 5,445,800
29.71
Michigan Bell Telephone C o_________________ 49,987,607
99.98
Indiana Bell Telephone Co__________________ 26,999,100
99.99
Wisconsin Telephone Co____________________ 21,750.000
100.00
Illinois Bell Telephone Co____________ ________ — 79,214,500
99.02
Northwestern Bell Telephone C o____________ 65,000,000
100.00
Southwestern Bell Telephone C o_____________lOO.OOO.OOO
1O0.O0
Mountain States Telephone & Telegraph C o_ 27,999,000
72.82
Pacific Telephone & Telegraph Co___________ 38,138,800
88.69
78.10
Pacific Telephone & Telegraph Co., preferred_ 64,042,700
Stocks of Other Companies (Affiliated)—
Bell Telephone Laboratories, Inc____________
50,000
c50.00
Bell Telephone Securities C o_________________ 1,000,000
100.00
31.84
Bell Telephone Co. o f Canada________________ 15,624,800
Central Union Telephone C o_________________ 2,999,800
99.99
Cuban American Telephone & Telegraph C o_
540,000
50.00
Cuban American Telephone & Telegraph C o., p re f.540,000
50.00
Western Electric Co., Inc. (no par value)_____
d737,521
98.34
l95 Broadway Corp_________________________ 2,100,000
70.00
205 Broadway Corp_________________________ 2,500,000
100-00
Bonds and Notes of and Net Advances to Associated Companies.
Face Value
of Holdings.
Bonds______________________________
$1,561,000
Demand notes and net advances____________________________ 216,123,078
Demand Notes of and Advances to Other Companies.
Bell Telephone Laboratories, Inc_____________________________ $1,300,000
Bell Telephone Securitias C o_________________________________ 3,200,000
Central Union Telephone C o________________________________
395.800
205 Broadway Corp_________________________________________
4,800,000
a Does not include five associated companies all o f whose voting stock
is owned by other associated companies as follows: All o f the stock o f the
Bell Telephone Co. o f Nevada, the Home Telephone & Telegraph Co. of
Spokane and the Southern California Co. is owned by the Pacific Telephone
& Telegraph Co.; all o f the stock o f the Delaware & Atlantic Telegraph &
Telephone Co. is owned by the New York Telephone Co. and all ot the voting
stock of the Diamond State Telephone Co. is owned by the Bell Telephone
Co. o f Pa. b On July 1 1926 the Cumberland Telephone & Telegraph
C o., an associated company, was merged with the Southern Bell Telephone
& Telegraph Co. c Remaining 50% owned by Western Electric C o., Inc.
d Number o f shares.
Also owns over 98% of the common stock of Western Electric C o., Inc.,
New York, manufacturer of electric and telephone supplies. This latter
company sold in 1925 all of its interests in foreign companies, except in
Canada, to International Telephone & Telegraph Co. See this latter
company. V. 109, p. 478. Automatic switchboards, extension of toll
cable system, and Key West-Havana telephone cables. See V. 110,
p. 979. In Mar. 1920 formed the 205 Broadway Corp. as a holding co.
to handle the real estate of the A. T . & T. Co.
In S e p t. 1921 o rg a n iz e d th e B ell T e le p h o n e Secu rities C o . V . 113 , p . 125 4.

As o f M ay 15 1926 co .’s radio broadcasting activities were incorporated
under the name o f “ Broadcasting Co. of America.” See V. 122, p. 2797.
However, N ov. 1 1926 co. sold its station W EAF for $1,000,000 to Radio
Corp. o f America and retired entirely from the broadcasting business.
In Sept. 1925 the largest telephone cable in the world, 861 miles, was put
into service between New York and Chicago. The construction work
required 7 years and the total cost amounted to about $25,000,000. For
further details, see V. 121, p. 975, 1787.
Transatlantic Radio Telephone service inaugurated on Jan. 7 1927 between
New York and London. V. 124, p. 232. To extend this radio telephone
service throughout the United States. V. 124, p. 370. New construction,
see V. 124. p. 503.
Complaint of Violation of Anti-Monopoly Laws filed by City of Boston
with I.-S. C. Commission in 1925. V. 123, p. 1381.
BELL SYSTEM.— On Dec. 31 1926 there were 17.574,252 telephones
connected with the Bell System, which owned 12,816,252 and was connected
with 4,758,000 owned by connecting companies and rural associations;
5,998 central offices; 385,882 miles of pole lines; total exchange wire, 44,564,234 miles, of which 31,845.228 miles in underground cable, 10,785,029
miles in aerial cable and 1,933,977 miles open wire. Total toll wire, 6.296,916 miles, o f which 2,323,368 miles in underground cable, 1,543,358 miles
In aerial cable, and 2,430,190 miles open wire. Grand total of all wires,
50,861,150 miles. Average daily telephone conversations during 1926,
52,354,834, o f which 2,374,979 were toll conversations. Number of em­
ployees, 300,628.
'
„
,
.
Service Charge Cut.— As of Jan. 1 1926 co. reduced the fee charged to its
associated concerns for the use and maintenance of instruments, from
4)4% to 4% o f gross income of associated companies. For effect on c o .’s
earnings, see V. 122, p. 2648.
Outstanding.
Maturity.
STOCK AN D BONDS—
Date.
Interest.
Stock $1,500,000,000 ($100)------------------- $1 ,099.483,100Mar'27 2H %
Cap stk installm ents------------ ------------------- . 33,751.131 .............. ..
78,000,000 July 1 1929
Collateral trust mtge ($1,000) ) 1899 4 g J-J
g o ld -...........................c* n tf (Old Colony Trust C o., Boston, trustee.
2,589,000 Mar 1 1936
Bonds (no longer convertible) 1 1906 4 g M -S
($1,000, &c.) g ___ tfc*&r* (Old Colony Trust C o., Boston, trustee.
1.899.400 Mar 1 1933
Bonds (no longer convertible) \ 1913
4 )4 M-S
& c.)__________________ n tf/O ld Colony Trust C o., Boston, trustee.




STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
Sinking fund collateral trust) 1916 5 g J-D
71,665.900 Dec 1 1946
bonds ($100 &c)______gold (Old Colony Trust C o.. Boston, trustee.
Sinking fund debenture bonds 1 1923 5 M s M -N 97,939,700 Nov 1 1943
($100 &c) gold______c*n tf (Bankers Trust C o.. New York, trustee.
Sinking fund debenture bonds( 1925 5 g J-J
122.786,400 Jan 11960
($100. &c, c*; $1,000, &c.r*iCentral Union Trust C o., N . Y ., trustee,
g old _____________________
West T & T Co coll tr bonds 1902 5 g J-J
9,969.000 Jan 1 1932
(assumed)$10,000,000($500-j Interest at Old Colony Trust C o., Boston,
&c) gold____________ c*n tf | trustee.
Stock.— The authorized capital stock was increased on April 1 1920
from $500,000,000 to $750,000,000. on March 28 1923 to $1,000,000,000.
and to $1,500,000,000 on April 1 1925. As to convertible bonds of 1906
and 1913, see below, and V. 101, p. 1630
V 92 p 47.166.231,798.1192.
In M ay 1924 offered to stockholders of record June 10 1924 additional stock
for subscription at par ($100) in the proportion of one share for each five
shares then held. Payments for the new stock were spread over a period of
eight months, from Aug. 1 1924 to Apr. 1 1925. Compare V. 118, p. 2575.
Stockholders of record June 8 1926 were given the right to subscribe
on or before Aug. 2 1926 for approx. $154,000,000 additional capital stock
at par ($100), on the basis of one new share for each six shares held. Pay­
ments were spread from Aug. 2 1926 to April 1 1927, or payable in full on
Aug. 2 1926 with adjustments of interest and dividends. For full par­
ticulars, see V. 122, p. 2946; V. 123, p. 980.
Collateral Trust Mortgage of 1899 is secured by collateral shown below
(compare V. 92, p. 397). On additional collateral further bonds may
be issued to an amount not exceeding 75% of the estimated value of collat­
eral; and the issue at any time outstanding must not exceed the amount of
the company’s capital stock then paid up. Int. payable In New York,
Boston, London and Amsterdam. V. 69. p. 1195, 1249; V. 70. p. 40;
V. 85. p. 1398; V. 80. p. 999. 1113: V. 92. p. 190, 397; V. 93. p. 347.
These bonds are a direct obligation of the company and secured by de­
posit with trustees of the following stocks and bonds of associated cos., par
$121,913,000 (est. value. $118,328,052; V. 105, p. 1710; V. 97, p. 446), viz.:
Shares— Collateral Aug. 31 1927 for Coll. Trust 4s of 1899.
Par Value.
310,130 Illinois Bell Telephone C o ___________________________ $31,013,000
258,006 Mountain States Telephone & Telegraph C o________ 25,800,000
250,000 Southern Bell Tel. & Tel. C o _______ _______________ 25,000,000
400,000 Michigan Bell Tel. C o______________________________ 40,000,000
--------- Home Long Distance Tel. Co. (San Francisco) 5%
bonds due 1932___________________________________
100,000
. The convertible 4s of 1906 ($150,000,000 original issue) are a direct obliga­
tion of the company but not secured by mortgage. They have been sub­
ject to call since March 1 1914 at 105 and were convertible into stock from
March 1 1909 to March 1 1918. See V. 82, p. 394, 571, 699; V. 83. p. 438;
V. 84, p. 105, 160, 273, 933. 1369, 1489; V. 86, p. 171, 1411; V. 87, p. 1013,
1481, 1535, 1606; V. 88. p. 453, 508, 566. 627; V. 93, p. 47. 231. Outstand­
ing issue was reduced from $150,000,000 to $2,589,000 by conversion into
stock. Int. payable in N. Y ., Boston and Amsterdam. V. 101, p. 1630.
The 20-year 4)4% bonds of 1913 were convertible (a) into stock at
120 M ar. 1 1915, to Mar. 1 1925, or (b) into an equal amount of stock upon
payment of $20 per share. They are redeemable at Sept. 1 1925 and there­
after at par. Amount outstanding was reduced by conversion from $67,000,000 to $1,899,400 Aug. 31 1927. Int. payable in N. Y ., Boston and
Amsterdam. V. 96. p. 204, 364, 792; V. 100, p 644, 1630; V. 120. p. 1087.
The (closed) $80,000,006 5% 30-year sinking fund collateral trust bonds of
1916 have a sinking fund of 1 % per annum and are redeemable at 105 ana
int. Int. payable in New York and Boston. See V. 103, p. 1982, 2081,
2157. 2344; V. 105, p. 1710.
Security for 5% Collateral Trust Bonds of 1916 as of Aug. 31 1927.
$13,620,000 stock of New England Tel. & Tel. C o. (V. 103, p. 498).
43.100.000 com. stock of N . Y. Tel Co. (V. 103, p. 1122: V. 102, p. 708).
15,020,600 stock of Southern Bell Tel. & Tel. Co. (V. 102, p. 1986).
18.220.000 stock of Northwestern Bell Tel. Co.
21,596.160 pref. stock of Pacific Tel. & Tel. Co. (V. 102, p. 1883).
lOO.OOO bonds Home Long Dist. Tel. Co. of San Fran. 5 % . due 1932.
The debenture bonds of 1923 are red. all or part at 110 and Int. on any
int. date prior to M ay 1 1941; thereafter at 100 and int. A sinking fund
ot $1,000,000 annually, to be set aside in semi-ann. installments, began
M ay 1 1924, such fund to be used in purchasing debentures of this issue if
obtainable at not exceeding 105% and int.; o th e r w is e to be used fo r capital
expenditures. Int. payable in N . Y . or Boston. For security, &e.,
compare V. 117, p. 2112.
The debentures of 1925 are red. all or in part at 110 & int. on any int.
date on or prior to July 1 1956; thereafter at 100% & int. A sinking fund
of $1,250,000 annually is to be set aside in equal semi-ann. installments,
beginning July 1 1925, such fund to be used in purchasing debentures of
this issue if obtainable at not exceeding 102)4 & int.; otherwise, to be used
for capital expenditures. Int. payable in N. Y . or Boston. In Jan. 1925
$125,000,000 5% debentures were sold by J. P. Morgan & C o., Kuhn,
Loeb & C o., Kidder, Peabody & Co., &c., &c., at 95 & int., to yield over
5.30% . 4. 120, p. 207. Listed on N . Y . and Boston Stock Exchanges
V. 120, p. 2547.
Western Telep. & Teleg. Co. coll. tr. bonds of 1902 were assumed in Sept.
1912 and will, on application to trustee, be endorsed with the agreement
to pay prin. and int. Their collateral consists of (stock) $3,9OO,O0O Cin. &
Sub. Bell Tel. C o., $1,700,006 Mountain States Tel. & Tel. C o., $8,076,600
(com.) Wisconsin Tel. C o.; (bonds) $200,000 Home Long Dist. Tel. Co.
of S. F. 5s, due 1932.
Dividends.— July 1900 to July 1906, incl.. 7)4% P- a.; Oct. 1906 to
April 1921, 8% p. a. (Q.-J.). Since July 1921 paid (or declared) 2)4%
quar., increasing the annual rate to 9 % . V. 112, p. 2196.
EARN ING S.— For calendar years.
1926.
1925.
1924.
1923.
Dividends received_____ $91,963,935 $75,395,527 $63,559,326 $54,078,663
Telep. oper. rev_________ 91,323.925 86,534,624 75,513,106 71,840,735
Int. & other rev. from
associated cos________ 14,623,106 18,528,762 15.010.404 13,371,563
T o ta l........................$197,910.966$180.458.913$154.082.836S139,290.961
Expenses-........................ 58,979,579 51.422.579 46.463,473 43,901,043
Net earnings_______ $138.931.387$129.036.334$107.619,363 $95,389,918
Interest_____ __________ 21,940,986
21.631.288 16.573.041 13,697,737
Dividends_____________ 86.496.346
81.044.426 70.918.227 63.274,388
Carried to reserves_____ 4,000.000
6,000.000
3,000,000 3,000,000
Carried to surplus----- $26,494,055 $20,360,620 $17,128,094 $15,417,793

6

[V ol. 125.

PUBLIC U TILITIE S

Latest Earnings.—For 9 months ended Sept. 30:
xl927.
1926.
1925.
1924.
Earnings—
$
$
$
$
Dividends___________ 74,063,710 68,980,019 55,336,631 45,091,017
Interest______________ 12,244,828
9,902,655 13,479,780 10,720.754
Teiep. oper. revenues. 72,956,702 67,528,346 63,079,938 55,370,205
463,987
298,457
374,882
323,384
Miscell. revenues___
Total________ 159,729,228
145,809,478 132,271,232 111,505,361
Expenses, incl. ta x e s ... 47,520,717 44,238,283 37,148,072 34,349,587
Deduct interest_ 16,216,353
_
16,345,278 16,080,467 12,444,093
63,668,814 60,318,861 51,962,374
Deduct dividends.. 72,568,232
B alan ce..___________ 23,423,926 21,557,103 18,723,832 12,749,307
x Subject to minor changes when final figures for Sept, are available.
OFFICERS.— Chairman, H. B. Thayer: Pres., Walter S. Gifford: V.-Ps.,
N. T . Guernsey, John J. Carty. E. K. Hall, Bancroft Gherardi, Charles P.
Cooper, E . S. Wilson, C. M . Bracelen, F. B. Jewett, A. W . Page, Robert
W . Devonshire and Thomas D. Bowen; Sec., A. A. Marsters; Treas.,
H. Blair-Smith; Compt., C. A . Heiss.
D IR E C TO RS.— Jas. S. Alexander, Arthur Lyman, H. B. Thayer, Edwin
F. Greene, George F. Baker, Henry S. Howe. Chas. B. Hubbard, John I.
Waterbury, Eugene V. R. Thayer, Charles P. Cooper, Charles F. Adams,
G. P. Gardner, Philip Stockton, W. Cameron Forbes, David F. Houston,
Walter S. Gifford, George F. Baker Jr., Daniel Willard, Chas. F. Choate,
Jr. Offices, 195 Broadway, N . Y ., and 125 Milk St., Boston.— V. 121,
p. 322, 456, 583 , 704, 837 . 975, 1226, 1787, 1900; V. 122, p. 478, 1301,
1453, 1470, 2037, 2188, 2648, 2797. 2946, 3602: V. 123. p 320, 708, 980.
1112,1381,1992,1995, 3035, 3179; V. 124, p. 232, 370, 503,1348, 1664, 2276
3769; V. 125, p. 379, 778, 1323, 2144, 2260.

ORGANIZATION.— Incorp. in Va. in 1905 as Southern Bell Telephone
and Telegraph Co. of Virginia. Name changed to the Chesapeake & Po­
tomac Telephone Co. ef Virginia in 1912.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates in State of Virginia. Stations Dec. 31 1926, 117,717 (not incl.
58,213 service, connecting, A c.).
Rates.— In July 1926 the Virginia State Corporation Commission denied
a new schedule of rates proposed by the company and estimated to Increase
the revenue by approximately $750,000. Company was granted increases
amounting to only $200,000 a year. Company intended to appeal the
case.— V. 123, p. 709.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $14,000,000 ($100)_____ ____
______ x$13,200,000
______
1st mtge $5,000,000 ($100 Ac) f 1913 5g M -N
4.486.300 M ay 1 1943
gold------------------------------ c*(Int. at State Planters Bk. A Tr. C o., Richl mond, Va., trustee.
* All owned by Amer. Tel. A Tel. Co.
Bonds.— Red’ble as a whole, on or after N ov. 1 1918 at 103. Sinking
fund, H of 1% semi-annually beginning M ay 1 1914. $513,700 retired
through sink fd. V. 98, p. 765. 915; V. 100, p. 558.
EARNINGS.— For calendar years
1926.
1925.
1924.
1923.
Telephone oper. rev____ $6,063,074 $5,537,752 $5,165,514 $4,962,931
Telephone oper. exp____ 4,139.530
4,083,352
3,587,328
3,397,101
Uncollectible oper. r e v ..
19,194
11,192
14.285
20.843
Taxes assign, to o p e r ...
573,636
476,931
476.455
435,160

BELL TELEPHONE CO. OF PENNSYLVANIA (THE).

Operating income____ $1,330,714
Net non-operating inc_
25,800

$966,277
30,032

$1,087,447
30,154

$1,109,827
18,500

Total gross income___ $1,356,514
Rent A miscell. deduct.
147,500
Interest_______________
457.403
Dividends_____________
540.000

$996,309
151.215
401,020
540.000

$1,117,601
129,003
319.824
675.000

$1,128,327
116,182
325,582
591,822

Controlled by American Telephone & Telegraph Co.
ORGA N IZA TIO N .— Organized in 1879 as the Bell Telephone Co. of
Philadelphia. Name changed to present title in 1907. Owns the entire
capital stock o f the Diamond State Telephone Co. and the Lehigh Tele­
phone Co. In 1923 acquired the properties o f the Pittsburgh A Alleg­
heny Tel. Co. and the Chartiers Telephone Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns and operates a system of exchange and toll lines located in Pennsyl­
vania, reaching every part o f the Slate and connecting directly or indirectly
for the interchange o f traffic with all the other companies of the Bell Sys­
tem throughout the U. S. and Canada. On June 30 1927 co. owned and
operated 1.025,338 telephone stations, of which 541,498 were in the metro­
politan centres o f Philadelphia and ol Pittsburgh.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
Common $90,000.000________ _____
________ x$80 000,000 June '27 2 %
Pref $20,000,000 6 ^ % cum ________
6H % $20,000,000 July ‘27 1 %
1st A ref mortgage series “ B ” \ 1923 5 g J-J
35.000,000 Jan 11948
($100, Ac) g ________ c*Ar*/Int-. at Bankets Trust C o.. N . Y ., Trustee
Ser C ($1.000. $500. $100 c*\ 1925
5 g A-O
50 000.000 Oct 11960
A $1,000, $5,000, $10,000 r jln t. at Bankers Trust C o., N. Y ., Trustee.
Cent Dist Tel 1st mtge (ass’d) \ 1913 5 g J-D
9.339,500 Dec 11943
$10,000,000 ($500, &c) g c*/Fidelity Title & Tr. C o., Pittsb., trustee.
Pitts A A Tel 1st mtge (guarf 1899 5 g J-D
1,400,000 Dec 1 1949
p & i), $1,500,000 ($1,00®)(Maryland Trust C o., Baltimore, trustee.
g o ld ___________________ c* 1
Co. guarantees-.
Lehigh Tel Co. 1st & ref. ser A 1924 5 g J-J
2,601,700 July 1 1949
x All owned by Amer. Tel. & Tel. Co.
Bonds.— The first A ref. mtge covers as a first lien the entire physical
property of the company in Pennsylvania, subject only to closed mortgages
on portions of such property securing $10,739,500 underlying bonds. Addi­
tional bonds may be issued for refunding purposes and for 75% of new
construction, &c., provided the total bonded debt then outstanding does
not exceed the then amount o f fully paid capital stock outstanding plus
the unappropriated surplus, and provided that (except for refunding) the
net earnings after taxes available for interest charges during 12 out of
14 months preceding have not been less than 1% total bond interest (incl.
on bonds to be issued) additional bonds may be issued in different series
and with such interest rates, maturity dates (between 1945 and 2020), as
directors may determine. Ser. B bondsare red.as awhole only on and after
Jan. 1 1944 at 100 and int. Free from Penna. State tax. V. 116, p. 180.
Series “ C ” bonds are red. whole, not part, on or after Oct. 1 1957 upon
60 days notice at 110 and int. Not red. before Oct. 1 1957. Listed on
the N . Y . and Phila. Stock Exchanges. V. 121, p. 1459. In Sept. 1925
J. P. Morgan A C o., Kuhn, Loeb A C o., &c., &c., sold $50,000,000 series C
at par and interest.— V. 122, p. 1167, 1307.
The Central District Tel. 1st s. f. 5s have a sinking fund o f 14 % per annum
of the amount « f bonds issued. Are red. at 105. Int. payable in Pitts­
burgh and New York. Closed mortgage.
Pittsburgh & Allegheny Tel. Co. 1st Mtge. 5s are red. at 105. Int. payable
in Pittsburgh and Baltimore. Closed mortgage.
Dividends.— On Com. from 1904 to 1920 at the rate o f 6% per annum.
Since 1921 paid 8% per annum.
EARN INGS— For calendar years:
1924.
Calendar Years—
*1927.
1926.
1925.
Telephone oper. rev____$29,901,583 $56,340,023 $50,630,200 $46,531,023
Oper. exp., maint.&depre 20,636,096 39,729,151 36,563,079 35,437,310
1,642,486
Taxes & uncollectibles.. 1,503.500
2,774.053
2,449,250
Operating income------ $7,761,987 $13,836,819 $11,617,871
747,507
1 941,324
1.987.505
Non-operating rev. (net)

$9,451,226
1,671,990

Gross income________ $8,509,494 $15,778,143 $13,605 376 $11,123 217
6 743 557 5 318,417
4,602,101
Interest charges A c------ 3,254,214
1 ,0 3 5 ,9 4 0
6 5 0 ,3 8 3
1 ,3 0 0 ,8 1 3
1 ,2 8 2 ,3 4 1
P reterred d iv id e n d s ------6,400.000
6,400,000
5 200.000
Dividends paid ($8)------ 3,200,000

(THE) CHES. & POTOMAC TELEPH. CO. OF VA.

Balance_____________ sur$211,611 def$95,926
def$6,225 sur$94.741
OFFICERS.-—Pres., Albert E. Berry; V .-P . Burdett Stryker, Vice-Pres.,
C . H. Weber; V.-P. A Gen. Aud., Philip O. Coffin; V .-P .. John C . Koons;
Gen. M gr., M . D . Sedan; Sec., D. S. Porter; Treas., Thos. B. Clarkson.
Office, 725 13th St., N . Y ., Washington, D. C .— V. 119, p. 1629; V
120, p. 1585; V. 122, p. 1916; V. 123, p. 709, 2119.

SOUTHERN BELL TELEPHONE & TELEGRAPH CO.
ORGANIZATION.— Incorp. in New York in Dec. 1879. As of June 30
1926 merged the Cumberland Telephone & Telegraph Co. (For history o f co.
see “ Public Utility Compendium" of Oct. 30 1926.) through exchange of its
own capital stock against Cumberland co. stock on a share for share basis
V. 122, p. 3342. For additional acquisitions in 1926 and 1927, see V. 123.
p. 2141; V. 124, p. 508, 1221, 1668; V. 125, p. 1839.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Controls Bell Telephone System in nine Southern States, including Alabama,
North Carolina, South Carolina, Florida, Georgia and through merger of
the Cumberland C o.. Kentucky, Louisiana, Mississippi and Tennessee.
Co. owns and operates 897 central offices and 874,781 telephones. Con­
necting telephones 378.740.
Stock Increase.— In June 1926 co. increased its authorized capital stock
from $50,000,000 to $100,000,000 ($100). V. 122, p. 3342.
Budget 1927.— Co. to spend in 1927 $29,789,000 for additions, Ac
V. 122. p. 95.
STOCK AND BONDS.— Date.
Interest.
Outstanding.
Maturity.
Stock $100,000,000 ($100)_________ _______ x$99,999,500 See text
First mortgage sinking fundi 1911 5 g J-J
15.571 500 Jan 1 1941
($500 Ac) gold----- c*A r*tf/In t. at Bankers Trust C o., N. Y ., trustee.
Cumb Tel A Tel 1st A gen M.)
1912
5J-J
$14,969,000 Jan 1 1937
($500, A c)------------ c*r*.tf/In t. at Irving Bank-Col. Tr. C o., N. Y ., trus.
Memphis Tel A Tel 1st M (en-\
1906
5J-J
351.900
1936
dorsed prin A int) ($100Ac) (Int. at Union A Plant. B. A Tr. Ce.,M emph.
Memphis L D Tel 1st M (en-1
1904
5J-J
21,000
1934
dorsed prin A int) ($100,Ac) /Int. at Union A Plant. B. A Tr. C o., Memph.
Louisville Home Tel collateral)
1910
5Q-J
414,330
1933
($100, A c )------------------------ /Int. at U. S. Trust C o., Louisville, Ky.
x99.99% owned by American Tel. A Teleg. Co.
Bonds.— Authorized Issue, $50,000 000; after $21,400,000 have been
Issued, the remainder ($28,600,000) can only be issued to an amount not ex­
ceeding the cash paid in on further issues of stock, provided that, during the
previous year, the company shall have earned net at least twice the interest
charge of all bonds outstanding during the previous year. A sinking fund
of 1 % of bonds issued will be used yearly to cancel bonds if purchasable at
or under par. Call, as a wnoie but not in part at 105 and int. To Jan. 1
1927 $2,428,500 of the $18,000,000 issued had been canceled. V. 91, p.
1714: V. 95, p. 684. 893. 1212: V. 107, p. 2295.
After cancellation of $12,000,000 of the $15,000,000 Cumberland Tel. A
Tel. 1st A gen. mtge. 5s of 1912, the remainder may be called as a whole
at 105 and int. on 8 weeks’ notice. The greater part of the issue was
acquired by Amer. Tel. A Tel. Co. and by it changed for Cumberland stock,
which has been canceled. V. 93, p. 1467; V. 94. p. 210, 354.
Dividends.— 6% yearly 1906 to 1922; in 1923, 7M % in 1924, 1925,
1926 and 1927 paid 8% .
EARNINGS-—For 12 months ended:
Aug. 31 ’27. Dec. 31 '26.
Operating revenues_____________________________ $50,536,286 $48,075,101
Operating expenses_____________________________ 34,387,704 33,299,575
N e t o p e r a tin g r e v e n u e s _______________________ $16,148,582 $14,775,527
Taxes, rents and uncollectible revenue__________
6,190,020
5,779,676

Balance, surplus_____$1,404,897 $1,333,773
$604,619
$285,167
* For 6 months ended June 30 1927.
OFFICERS.— Pres., L. H. Kinnard; V.-Ps., P. C. Staples and H. C.
Young- Sec., J. Heron Crosman Jr.; Treas., C. L. Ritchie, Office, 1835
Arch St., Philadelphia, Pa.— V. 121. p. 72. 704, 837, 1226. 1459, 1787,2270,
2873- V. 122, p. 212. 607, 1167, 1307. 1607, 1916, 2648; V. 123, p. 709,
1995! 2137, 2652, 3180; V. 124, p. 919, 1218, 1348, 2746, 3350; V. 125,
p. 245, 779, 1968.

Operating income_____________________________ $ 9,958,562 $8,995,851
Non-operating income___________________________
355,953
453,385

(THE) CHESAPEAKE & POTOMAC TELEPHONE CO.

$640,722
$698,039
Balance for corporate surplus_________________
The above table includes operations o f the Cumberland Telephone A
Telegraph Co., Inc., for the 6 months ended June 30 1926, after elimination
of inter-company items. The Cumberland company was merged with the
Southern Bell Telephone Co. effective June 30 1926. V. 124, p. 1221.
OFFICERS.— Pres., Ben. S. Read; V.-Ps., Hunt Chipley; Carroll O.
Bickelhaupt and Leland Hume; Sec. and Treas., George J. Yundt: Gen.
Aud., Charles J. Holditch. Office, Atlanta, Ga.— V. 121, p. 1103, 1790;
Y. 122, p. 95, 349, 1611. 2498, 3342: V. 123, p. 712, 1763, 2141, 3322;
p. 124, p. 508, 1221, 1362, 1668, 1822; V. 125, p. 1839.

ORGAN IZATION .— Incorp. In N. Y . July 2 1883, succeeding the
National Capital Telephone Co. o f Washington, D. C ., and the Telephone
Exchange Co. of Baltimore, M d
. „
Company Is one o f four companies constituting the so-called Chesapeake
and Potomac Group, the others being the Chesapeake and Potomac Tele­
phone Co of Baltimore City, the Chesapeake and Potomac Telephone Co.
o f Virginia and the Chesapeake and Potomac Telephone Co. of West
Virginia.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates in the district of Columbia. Stations Dec. 31 1926, 135,780 (not
including 1 547 service and private line stations). Rates and valuation,
V. 111.p. 899.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity
Stock $15 000 000 _______________
________ x$13,000,000 ....... ............
Consolidated mortgage $1,-1 1899
5 J-J
1,126,000 July 11929
500.000 ($1,000).......... - C * [Int. at Am. Sec. A Tr. C o., W ash.,D.C., tr.
x All owned by the American Tel. A Tel. Co.
Bonds — Red. at 103 and int on any int. date upon 3 weeks notice
Sinking fund 2% annually o f outstanding bonds. $374,000 retired by skg.fd]
EA R N IN G S.— For calendar years:
1924.
1923.
1925.
1926.
Gross revenues________ $7,096,163 $6,481,151 $6,018,309 $5,732,575
4,558,006
4,940,202
4,324,114
5,376,603
Oper. exp., taxes, A c—
N et earnings------------ $1,719,560 $1,540,949 $1,460,303 $1,408,461
132,978
122,143
96,343
128,195
Interest, rents, A c------1,040,000
1,040.000
1,040.000
Dividends (8 % )----------- 1,040,000
150.000
107.049
inn .000
Other appr. from income^
Balance from surplus.
$451,365
$254,606
$180,276
$246,318
OFFICERS.— Pres., A. E. Berry; V .-P ., Burdett Stryker; V .-P. A Gen.
Aud Philip O. Coffin; V .-P ., John C. Koons; Gen. M gr., M . D. Sedan;
Sec D . S. Porter; Treas., Thos. B. Clarkson. Office, 725 13th St., N . W .,
Washington, D . C .— V. 120, p. 85; V. 122, p. 1916; V. 124, p. 2746.




Total gross income____________________________ $10,314,515 $9,449,234
Fixed charges and other deductions______________ 2,723,808
2,556,874
Balance net income___________________________ $7,590,707 $6,892,360
Dividend appropriations of Inc___________________ 6,799,985 6,044,321
150,000
150,000
Other approp. o f inc____________________________

DAKOTA CENTRAL TELEPHONE CO.
ORGANIZATION.— A Bell sub-licensee organized in South Dakota In
1904.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Owns and operates a system of telephone toll lines and exchanges covering
South Dakota east of the Missouri River (except a small district around
Sioux Falls) and extending into adjacent sections in North Dakota. The
toll lines serve the entire territory without competition, and the cities,
towns and villages in the territory are served either by the company's own
exchanges or by locally-owned connecting exchanges from which the com
pany receives the toll business. Company owns as of July 1 1927, 35,773
stations, 9,072 miles of pole lint* and 50,498 miles o f wire.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $3,000,000 ($100)________
______ _ $1,867,191 July '27, 2%
Pf 6% cum $2,000,000 ($100)--------6 Q-J
357 650 July '27. 1H %
First mtge $2,500,000 ($500 A\ 1915
6 g J-D
1,448,500 June 1 1935
$1.000) gold___________ c*[In t. at Beston Safe Deposit A Trust Co.,trus.
Stock.— $38,700 pref. stock in addition to amount outstanding held in
treasury.
Bonds.— The first mtge. 6s are redeemable at 107H and int. on any int.
date. Sinking fund of 1% per annum of the outstanding bonds. In addi­
tion to outstanding bonds. $201.500 held in sinking fund and $1,000 held

O ct ., 1927.]

TELEPHONE AND TELEGRAPH

In treasury. In July 1915 SI,000,000 were offered, by Merrill, Oldham &
C o., Boston. V. 101, p. 290.
Dividends.— Quar. divs. at the rate o f 6% per annum paid regularly on
pref. since 1904. Quar. divs. paid on com. at the rate of 6% per annum
from 1904 to Oct. 1 1924, and at the rate of 8% per annum regularly since.
EARNINGS.— For calendar years:
Total Rev. Net A fter
Prer. &
(Incl.Other Devrec'n
Common Balance.
Income.
A Taxes. Interest.
Divs.
Surplus
1926..............................$1,333,931 $340,172 $84,016 $153,488 $102,668
1925....................
1,255,677
341.263
76,379
142.980
121,904
1924...........................- 1,147.237
299.328
72,987
142,980
83,361
269.912
72.448
142,980
54.484
1923________________ 1,169.363
273.809
69.644
142,532
61,633
1922_________________ 1,131,404
Latest Earnings.— For 5 months ended May 31:
1927.
1926.
,$559,634
Gross___________________________________________
$537,359
Net after expenses, taxes and depreciation_______
146,297
136,061
Interest charges________________________________
38,047
32,597
Balance______________________________________
$98,014
$113,790
OFFICERS.— Pres., W. G. Bickelhaupt; V .-P ., C. N. Herreid; Sec
B. C . Lamont; Treas., E. E. Ingham: Aud., G. A. Anderson; Gen. Mirr .
W. J. BrazeU.— V. 120, p. 1881; V. 121, p. 1788; V. 127
.1308; V. 124,
p. 1665.

ILLINOIS BELL TELEPHONE CL.
Control.— American Tel. A Tel. Co. owns 99.02% o f company’s stock.
ORGAN IZATION .— Incorp. in Illinois Jan. 14 1881 as the Chicago
Telephone Co. On Dec. 1 1920 the Chicago Telephone Co. purchased the
telephone plant and property o f the Central Union Telephone C o., within
the State o f Illinois, and in view o f its wider field o f operations the name
o f the Chicago Telephone Co. was changed on Dec 23 1920 to Illinois
Bell Telephone Co. V. I l l , p. 2232, 2427; V. 112, p. 378. City of Chicago
franchises granted 1907, expiring Jan. 8 1929, provides that 3% of gross
earnings are to be paid to city semi-ann. Tentative valuation, V. I l l , p.
1854. Existing telephone rates in and near Chicago upheld on Oct. 19
1925 by United States Supreme Court at Washington, D. C. The Federal
Court in Chicago will have to decide whether a reduction in charges ordered
by the Illinois Commerce Commission will be put into effect, either in whole
or in part. V. 120, p. 1326; V. 121, p. 2U38; V. 123, p. 2900. On April 29
1927 company was authorized by I.-S. C. Commission to purchase certain
properties o f the Winnebago County Telephone Co. V. 124, p. 2907.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company owns and operates telephone exchanges in Chicago, Alton,
Aurora, Champaign, Decatur, Elgin, Evanston, Joliet, Moline, Peoria,
Quincy, Rockford. Rock Island, Springfield, Waukegan and many other
places in Illinois and in Gary, Hammond and other places in Lake County,
Ind. Operates under license from the American Telep. & Teleg. Co. under
Bell and other patents, under which it uses telephones and apparatus.
Through the company's system connection may be had with the long dis­
tance lines o f the American Telep. & Teleg. Co. and other companies using
Bell telephones throughout the United States and Canada. Number of
central offices Dec. 31 1926, 267. Number o f company owned stations
Dec. 31 1926, 1,215,458. Number of connecting and miscellaneous sta­
tions, 390,541.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Q-M 31 $80 000.000 S ep t’27.2%
8tock $80,000,000 ($100)__________
1st & ref mtge Ser “ A “ ($100,) 1923
5 g J-D
48,976,200 June 1 1956
&c) gold___________ c*&r*/First Trust & Savings Bank, Chicago, trustee
Bonds.— The 1st & ref. mtge. Ser. A bonds are red. as a whole only upon
60 days’ notice on June 1 1929 or on any int. date thereafter at the following
prices with accrued int.; if on or prior to Dec. 1 1952 at 105, and if subse­
quent to Dec. 1 1952 at par. (For security, sinking fund provisions, &c.,
see V. 116, p. 2772.) Int. payable in New York and Chicago.
Dividends.— For many years 10% yearly; in Dec. 1908 2% quarterly
(stock div. Oct. 1908, 20% ); 1909 to Sept. 1927, 8% per annum (Q .-M .).
EARN INGS.— For calendar years:
1926.
1925.
1924.
1923.
Total revenues_________$67,560,467 $61,436,229 $56,523,242 $52,640,823
Total exp., incl. taxes-. 55.640.574 50,260.964 46,511,019 43,538.894
Interest_______________
3,049.211
2,938,839
2,774,529 2,789.403
5,600,000
5,401,752 4,803,408
Dividends (8 % )_______ 6,40;’ ,000
Miso. approp. o f income
600,000
900,000
1,788,585
460,297
Surplus______________$1,870,682
$1,736,426
Latest Earnings.— For 6 months ended June 30:

$47,357

$1,048,821

1927.
1926.
Total revenues__________________________________ $35,975,181 $33,061,348
Total expenses, including taxes__________________ 29,086,844 27,224,122
Interest_________________________________________ 1,905,860
1,438,508
Dividends______________________________________
3,200,000 ________
3,200,000
B a la n ce--..............
$1,782,477 $M 98,718
OFFICERS.— Chairman, B. E. Sunny; Pres., W. R . Abbott; V.-P. &
Gen. M gr., F. O. Hale; V .-P ., B. S. Garvey; Sec.. E. G. Drew; Treas.,
W. J. Bovd; Gen. Aud.. U. F. Cleveland. Office, Chicago, 111.— V. 121,
B. 585. 1101. 1569, 2038. 2750: V. 192. p. 1021. 1300. ifsng. 1761, 2650
3081. 3605: V. 123. p. 710, 1113, 1382. 163H. 2391, 2900; V. 124, p. 791,
920, 1979, 2748, 2907, 3495; V. 125, p. 647, 780.

KEYSTONE TELEPHONE CO. OF PHILADELPHIA

Control.— The Keystone Telephone Co. (of N . J.) owns the entire
common stock.
ORGAN IZATION .— Incorporated in 1902 in Pennsylvania.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS —
Company operates under perpetual franchises and supplies complete
automatic telephone service in Philadelphia and Camden. The company
and its subsidiary, the Eastern Telephone & Telegraph Co., have valuable
franchises and operate in other prosperous communities in Pennsylvania
and New Jersey. Company and its subsidiary operate 6 automatic
exchanges in Philadelphia and one in Camden. They also lease 18 modern
telephone exchange buildings in nearby cities and towns, including the
following: Ambler, Conshohocken, Darby, Doylestown, Hatboro, Jenkintown, M oore, Newtown, Chester, Cape M ay, Collingswood, Gloucester,
Haddonfield, Merchantville, Sea Isle City, Wildwood, Woodbine and
Woodbury. The conduits extend for 345 miles under the streets of Phila­
delphia and the other communities served and contain more than 13,000,000
duct feet. The system includes 3,630,000 feet o f cable, 295 miles of pole
lines and 5.800 miles of aerial wire. Company has profitable contracts
under which part o f this conduit system is leased on annual rentals by the
Philadelphia Electric Co. and by telegraph companies.— V . 121. p. 199.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,500,000 ($50)___ A-O
______ $2,500,000 ___________
$4 cum. preference 200,000
shs. (no par)______________ _____
$4 Q-M
40.000shs. M a r ’27, $1
1st mtge. 5% g. $10,000,0001 1905
5 g J-J
4,350.000 July 1 1935
$1,000c* and $10,000-5,000-jInt. at Irving Bank-Columbia Trust C o.,
1,000 r ;_______________ tf l N . Y . City, trustee.
1st lien & ref. mtee. goldfl925
5M s J -D 1,750.000
June 1 1955
series A $10,000,000 ($1.-1 Penn. Co. for Ins. on Lives and Granting
000, $500c* tf)
[ Ann., Philadelphia, trustee.
Series B 6% ($1,000 and! 1926 6 g A-O
3,200,000 Oct 11951
$500 c* )________________ tf lin t. payable in Phlla. or New York.
3-year 5% g notes ($1,000f 1927 5 A-O
1,500;000 Oct 1 1930
c * )____________________ tflPenn. Co. for Insur. on Lives & Granting
l Annuities, Philadelphia, trustee.
Bonds.— The 1st lien A ref. mtge. gold bonds are secured by a direct mtge.
on all the property (incl. after-acquired) of the company. They are further
secured by pledge of $5,000,000 1st mtge. 5% gold bonds due July 1 19*15,
o f which an additional $5,000,000 principal amount are outstanding
with the public. Series A is limited to $10,000, 00. In addition to
the $2,300,000 series A (sold in July 1925 at 91 and interest, to yield
about 6.51% , by Hemphill, Noyes & Company and Love, Macomber
& Company; V. 121, p. 199), bonds of series A or any other series to the
extent o f $1,375,000 principal amount may be certified against 75%
o f cost o f permanent Improvements and extensions already made prior to
Dec. 31 1924, provided net earnings for 12 out o f preceding 15 months
have been at least 1 *4 times annual interest requirements on all outstanding
funded debt in hands o f the public, including bonds to be certified. Under
the same earnings restrictions additional bonds may also be issued (1)
for refunding purposes; (2) for not more than 75% o f cost of permanent




7

improvements, additions or betterments made to present property subse­
quent to Jan. 1 1925; (3) for 75% of cost or value of new acquisitions. At
all times bonds may be issued against deposit with trustee of U . S. securities
or cash. A maintenance or renewal fund provides that 15% of gross earn­
ings shall be expended or set aside annually for maintenance, etc. In
addition company covenants to set aside annually as a renewal reserve $4
for each telephone in actual service. The 1st lien and ref. mtge. gold bonds,
series A, are red., whole or part, on 30 days’ notice, at 105 prior to June 1
1935, thereafter at successively 1 % less during each 5-year period to matur­
ity, in each case with interest. Free from Penn. 4 mill tax. Company
refunds Conn. 4 mills, Maryland
mills and Mass. 6% tax. V. 121,
p. 199. Listed on Boston Stock Exchange. V. 123, p. 2139.
Series “ B,” dated Oct. 1 1926, are red., whole or part, on 30 days’ notice
on any int. date at following prices & int.: through Oct. 1 1931, at 105:
threugb Oct. 1 1936 at 104: through Oct. 1 1941 at 103; through Oct. 1
1946 at 102; through April 1 1950 at 101; thereafter to maturity at 100.
Free of Penn. 4-mills tax; any State taxes, &c., up to 5-mills refundable.
Listed on Boston Stock Exchange. In Oct. 1926 A. C. Allyn & C o.. Inc.,
offered $2,000,000 6% Series " B ” at 98J3 and int., to yield ov a 1 6.10%.
V. 123. p. 2261.
The Is! mtge. 5% gold bonds due July 1 1935 are secured by a direct 1st
mtge. on all the property of the company (incl. after-acquired) and further
bv a deposit o f 10.000 shares (the entire capital stock) of Eastern Tel. &
Tel. Co. Call, as a whole only on any int. date at 108 and interest.
The 3-year 5% gold notes, dated Oct. 1 1927 are a direct obligation o f the
Co. Red. all or in part on any int. date on 30 days’ prior notice at par and
accrued int., plus a premium of H of 1% for each full six months of un­
expired life, except that the notes may be redeemed without any premium
on April 1 1930. Int. free from Penna. 4-mills tax. In Oct. 1927 A. O.
Allyn & Co. offered $1,500,000 3-year 5% gold bonds, at 98 and int., to
yield about 5.75% .— V. 125, p. 2145.
Dividends.— On the preferred stock $4 was paid in 1925. In March 1926
paid $1 and same div. quar. since.
EARNINGS.— For calendar years:
Net After
Gross.
faint. A Taxes. Interest.
x Balance.
1926 .................................$2 ,071 ,395
$1,004,894
$522,425
$482 469
1925 ............................... . 1,991.060
959,040
503,487
455,553
1924
1,905,675
890,791
513,670
377,121
x Available for reserve, Federal income tax, divs. and surplus.
Latest Earnings.— For period ended June 30:
1927— 6 Mos.— 1926.
1927— 12 Mos.— 1926.
Gross earnings__________ $1,034,550
$1,032,350 $2,073,596 $2,041,645
Oper. exp.,maint.& taxes
532,990
526,204 1,073,288 1,041,265
Interest on bonds______
269,755
249,736
525,347
497,486
Other interest charges,.
4,779________ 8,132
13,745
17,235
Bal. avail, for reserve,
Fed. t o , divs. &sur $227,026
$248,278
$461,216
$485,659
OFFICERS.— Pres., F. Clark Durant, Jr.; V .-P., Joseph F. Stockwell,
Sec. & Treas., Ira S. Weiss.— V 120. p 2147, 3187: V. 121, p. 199, 458,
978, 1227, 2038, 2156; V. 122, p 480: V. 123, p. 581, 1996, 2139, 2261,2391,
2519; V. 124, p. 2120, 2748, 780* 2145.

LINCOLN TELEPHONE & TELEGRAPH CO.

A sub-licensee of the Amer. Tel. & Tel. Co.
ORGANIZATION.— Incorp. in Nebraska Jan. 2 1909 as v consolidation
of the Lincoln Telephone Co. and its allied toll line, the Western Tele­
phone Co.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Operates a comprehensive physicallv connected exchange and telephone
system in 22 counties in southeastern Nebraska, located south of the
Platte River and lying east of the west line of Adams and Webster counties.
Serves the cities of Lincoln, Hastings, Beatrice, York, Nebraska City,
Fairbury and a large number of other small cities and towns. Number or
telephones Aug. 31 1927, 76,474.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
Common $10,090,000 ( $ 1 0 0 ) - - ...........................
$3,133,525 Oct. ’27 2%
Cl A cum pf $10,000,000 ($ 1 0 0 )___
6%
l,106,075Nov’27 1H %
Spec 5% cum pref $3,000,000
( $ 100 ) -------------------------------5%
1,590,425N«v'27 1}4%
1st mtge $10,000,000 ($500 & 1 1916 5 6 g J-J
.
______
__ 1 1946
. . . . ____
2 010.00(1 Jan _____
$1,000) void___________ c*(Harris Trust & Savs Bk, Chicago. Trustee
Stock.— The special 5% cum. pref. is non-voting. After this special
pref. stock has received 5% divs. and the common stock has received 7%
divs. for the current and all past dividend periods, any surplus available
for divs. may be divided between the common and special pref. stock­
holders without distinction as to which class of stock they own. Co.
pays State, county and municipal taxes in Nebraska and normal Federal
income tax. In Dec. 1925 co. offered $500,000 additional special pref.
5% participating stock. V. 121, p. 3131. The 6% cum. pref. is fully paid
and non-assessable. Callable at option of company, whole or In part, on
15 days’ notice at $105 per share and accrued dividends.
Bonds.— 1 st mtge. bonds are red. at 103 and int. Of the $2,000,000
outstanding $1,700,000 are 5s and $300,000. are 6s. Additional bonds
may be issued under certain restrictions and may bear interest at not ex­
ceeding 6% per annum. Int. payable in New York. In Jan. 1916 a block
of 1st mtge. 5s was offered by N . W . Harris & Co. and Merrill, Oldham St
C o., Boston, at 9 9 ^ and interest. V . 102, p.349. In Mar. 1925 $500,000
1st mtge. 5s were sold by Harris Trust & Savings Bank, Chicago, and
Merrill, Oldham & C o., Boston, at 94 and int. V. 120, p. 1458.
Dividends.— On special 5% pref. paid 5% 1912 to 1922 and 6% 1922 to
and incl. N ov. 1927 (payable Q .-F.). On 6% pref. quar. divs. of l f t %
paid regularly since issuance in Feb. 1927. On com. quar. divs. of 1 4 %
were paid regularly from organization to Oct. 1 1922; 2% paid regularly
anydiv. date on 15 quar. from Oct. 1 1922 to and Incl. Oct. 1927.
EARNINGS.— For calendar years:
1926.
1925.
1924.
1923.
Exchange revenue______ $1,888,923 $1,842,536 $1,793,011
$1,740,148
Toll revenue---------------819,313
755,075
702,753
730.780
Miscell. oper. revenues.
52,360
46,622
43,164
41.652
Total telephone rev__ $2,760,596 $2,644,233 $2,538,928 $2,512,580
Expenses—O peration_
_
$735,532
834.876
$708,282
$694,738
Current maintenance520,027
500,877
460.085
475.123
Depreciation_____
600,550
583,940
566.368
555,313
T axes_______________
192,000
190.500
181.000
175.500
Total telephone exps- $z,, 147,453 $2,010,849 $1,915,735 $1,900,674
Net telephone earnings.
613,143
633,384
623.193
611,906
Sundry net earnings____
44,616
43,343
62.581
43,841
Total net earnings____
$656,486
$678,000
$685,774
$655,747
Deduct interest________
153,336
142.665
116.648
113.850
Balance net profits_
_
$503,150
$535,335
$569,126
$541,897
Divs. (pref. & comm on).
429.327
415,868
469.391
471.990
_
Balance for surplus_
$87,282
$106,008
$97,136
$72,506
OFFICERS.— Pres., Frank H. Woods; V .-P ., 8. H. Burnham: V .-P .,
Thos. C. Woods; Sec. & Treas., C. P. Russell; Gen. M gr., J. H. Agee;
Aud.. W . L. Lemon.— V. 120, p. 1458; Y . 121, p. 1788, 3131; V . 122, p.
2191, V. 123, p. 1702, V. 124, p. 1066.

MICHIGAN BELL TELEPHONE CO.
Control.— American Telephone A Telegraph Co. owns 99.98% of the
capital stock.
O RGAN IZATION .— Incorp. in Mich. Jan. 30 1904 (V. 75, p. 33, 1034).
The stockholders in Sept. 1923 voted to change the name of the co., effective
Jan. 1 1924, to Michigan Bell Telephone Co. (formerly Mich. State Tele­
phone C o.). Contract with Amer. Tel. & Tel. upheld; rate cut declared
invalid. See V. 119, p. 2179, for details. Applied to the Michigan P. U.
Commission for an increase in rates. For details see V. 121. p. 979. On
M ay 5 1927 co. was authorized by I.-S. C. Commission to purchase proper­
ties of the Consolidated Telephone Co. V. 124, p. 3067. Co. owns as of
Dec. 31 1926 547,860 stations; connecting and mfecell. stations. 127,810;
total stations, 675,660. Miles of wire, 2,116,763. Central offices, 251.
Rates Increased effective Aug. 1 1926, see V. 123, p. 842.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $50,000,000 ( $ 1 0 0 ) - - ____
Q-M 31 $50,000,000
See text
Detroit River Tel Co 1st M tge) 1910
6 M -3
10.300 Sept 1 1930>
assum ed--------------------------lint, at Detroit Trust C o., Detroit, trustee.
Valley Home Tel Co 1st Mtge 1 1912
5 M -N
101.900 Nov 1 1932
assumed ($100, &c)_______ /Int. at Detroit Trust Co., Detroit, trustee.
Citizens Tel Co 1st Mortgage! 1916
5-7 J-D
1,411.700 Dec 11936
assumed ($100, & c )._ ._ _ (Int. at Michigan Tr. C o.. Gr. Rapids, trustee
_

8

PUBLIC U TILITIE S

On Dec. 31 1926 the co. owed the American Tel. & Tel. Co. $32,940,000
on demand notes
Bonds.— Citizens Tel Co. 1st Mtge. provides for sinking fund of 1% per
annum o f bonds outstanding. Of the amount outstanding $300,000 carry
2% extra lnt. Remainder are 5s. Call, on any int. date on 60 days
notice at 102 and interest.
Dividends.— A div. o f 1 V % on the common stock was paid Mar 30 1
i
this being the first payment since Sept. 1914. In 1923 paid 64£%; in 1924
8 % . In 1925 and 1926 8% was paid.
E A R N IN G S.— lo r calendar years:
1926.
1925
1924
1923.
Telephone oper. r e v s ...$30,060.438 $26,883,524 $24,444,567 $21,128,906
Telephone oper. exps.II 21420,469 18,896,203 17,042,566 14,890,797
Net telep. oper. r e v s.. $8,939,969 $7,987,321 $7,402,001 $6,238,109
Uncollectible oper. revs.
184,079
187,143
114,337
119,044
2,270,085
2,135.335
1,555,968
T axes_________________ 2,764,306
Operating income____$5,991 584 $5,530,093 $5,152,329 $4,563,097
Net non-oper. revenues.
168,520
234,036
126,478
107,207
Total gross in co m e ... $6,160,104 $5,764,129 $5,278,807 $4,670,304
Rent & misc. deductions
261,583
241,189
210,429
199,669
828,610
1,322,868
1,620,442
Interest deductions_____ 1,610,204
D ividen ds_____________ 4,000,000
4,000.000
2,625,000
1,322,000
Other appropriations_
_
100,000
400,000
______
1,337,220
Balance, surplus_____
$188,317
$294,330 $1,120,510
$190,973
OFFICERS.— Pres., Burch Foraker, V.-P., Dudley E. Waters, V.-P.&
Gen. M gr., George M . Welch, Sec. & Treas., W . I. Mizner; Gen. Aud.,
H. J. Booth. Office, 1365 Cass Ave., Detroit.— V. 119, p. 2179, 2411,
3010, V. 120, p. 211, 582, 703. 1203, V. 121, p. 979, 1569, 3004, V. 122,
p . 1456; V. 123, p. 710. 842, 1504. 3183; V. 124, p. 1666, 3067.

[Vol. 125.

OFFICERS.— Pres., M att B. Jones; V.-Ps., Edmund W . Longley,
William R. Driver, Charles S. Pierce and Geo. H. Dresser; Gen. M gr.,
Robert F. Estabrook: Gen. Counsel. Charles S. Pierce; Treas.. John Balch;
Sec., Carl F. A. Siedhof; Gen. Aud., F. E. Moore. Office 50 Oliver St.,
Boston.— V. 121, p. 76, 459, 707, 979, 1102, 1227, 1569, 1909, 2039,
2157, 2274. 2521, 3004; V. 122, p. 94, 742, 1026, 2652, 2800, 3083; V. 123.
p. 455, 843, 1382, 1634, 1877, 2139, 2261, 2519. 3183; V. 124, p. 236,
373, 785, 2589; V. 125, p. 518, 1580, 2264.

NEW YORK TELEPHONE CO,

ORGANIZATION.— A consolidation in September 1909 o f all the “ Ball'’
telephone companies operating in State of New York. See V. 91, p. 151.
157: V. 93, p. 1263. Owns all the stock of the Delaware & Atlantic Teleg.
& Teleph, Co. (V. 96, p. 556). Controls Empire City Subway C o. (V. 92, p.
1569; V. 93, p. 167, 474, 1263). Federal T . & T . system o f Buffalo was
taken over Mar. 1 1918, V. 107, p. 86; V. 106, p. 1039; V. 103, p. 1215, 1415.
Installation o f automatic telephone system in N . Y . City in progress; V. 110,
p. 1532; V. 115, p. 1845; V. 118, p. 3074. New headquarters building
V. 118, p. 3074. Rate increase upheld, V. 110, p. 587. Application for in­
crease in service rates in northern New Jersey denied, V. 120, p. 331. The
co. appealed and an order for a raview of the Commission’s action has been
obtained, V. 120, p. 704: but see also V. 120, p. 829. Acquired control of
the Erie-Wyoming Telep. Co. in Aug. 1925, V. 121. p. 1348. Rate Increase
for Trenton and South New Jersey upheld. See V. 120, p. 3065. In Nov.
1925 company increased its common stock by $125,000,000, o f which it
issued $75,908,000, all o f which stock was taken by the Amer. Tel. & Tel.
Co. for the purpose of refunding part o f the capital expenditures made by
the company in the State of New York since Jan. 1 1921. V . 121, p. 2403.
New Jersey Properties Sold.— On Aug. 8 1927 the New Jersey P. U. Com­
mission approved the sale by the New York Telephone Co. of all its property
in New Jersey to the Delaware & Atlantic Telegraph & Telephone C o.,
the merger to become effective as o f Jan. 1 1928. V. 124, p. 1820; V. 125,
NEW ENGLAND TELEPHONE & TELEGRAPH CO. p . 914.
Rates.— In Dec. 1925 company filed a motion in the Federal Court re­
Control.— The American Telephone & Telegraph Co. owns about 60% of
questing permission to add 35% instead of the present 10% to the bills of
the capital stock.
ORGAN IZATION .— Incorp. in N . Y . Oct. 19 1883. Effective July 1 subscribers in New York City, and to add 17% to bills outside New York
1921, the company acquired direct control and operation o f the Providence City in the State of New York. V. 122, p. 94. This appeal brought harsh
criticism and an investigation by the State or even by Congress was hinted
Telephone Co.
at. V. 122. p. 93. On March 10 1926 the Federal Statutory Commission
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.— denied c o .’s request. V. 122, p. 1456. The N. Y . P. S. Comm, on M ay 27
Does a telephone business in Maine, New Hampshire, Vermont, Rhode 1926 held that co. was entitled to $9,111,378 additional revenue to allow
Island and Massachusetts. Telephone stations owned June 30 1927, 1,160,- it a return of 7% in N. Y . City. Co. filed new rates as directed by the
843; connecting, 92,388; total, 1,253,231.
Commission, however under protest against the insufficient return allowed
Rates.— increase of rates, see V. 121, p. 76; V. 122, p. 742. Was granted thereunder. See for full details V. 122, p. 3083, 3341. For rates, de­
by the Massachusetts Dept, o f P. U. an increase of rates, averaging more cisions in favor of the co. in Illinois and New Jersey, see V. 122, p. 2652.
than 20% on various classes o f service, effective Aug. 1 1925, which was to In Aug. 1926 co. filed supplemental bill for further increase in rates. V. 123,
give the company an additional income o f about $8,460,000. Rate in­ p. 711, 843.
creases granted in Rhode Island will yield approximately $1,060,000.
Company reduced Inter-State long distance rates effective Oct. 1 1926.
See V. 121 i p. 707, 979. 1227. See V. 121, p. 707, 979, 1227. Schedule of See for details V. 123, p. 1251.
rates in effect since Oct. 1 1925 in Vermont sustained by P. S. Commission.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
See V. 124, p. 373.
Co serves directly about 2.875.000 telephones, including connecting co.
STOCK AN D BONDS.— Date.
Interest. Outstanding.
Maturity. stations of 277,565 (exact number of stations in service on Dec. 31 1926
Stock $150,000,000 ($100)-------------- 8 Q— M $110.646,700yJune'27,2% was 2,596,552 in New York State, Northern New Jersey and a small part
First mortgage Series “ A ” ) 1922 5 g J-D
35,000,000 June 1 1952 of Connecticut. Nearly 1,520,000 of these telephones are in New York
Series B ____________________ 1 1926 J K s M - N 40,000.000 M ay 1 1961
City and some 664,000 in New York State outside the City.
($100 &c) gold_____c*&r* First Nat. Bank, Boston, trustee.
New Construction.— In 1926 co. invested over $78,000,000 to enlarge its
4s debenture notes $1,000,0001 1900
4 J-J
1,000,000 Jan 1 1930
system in New York, Northern isew Jersey and a small portion o f Conn,
($1,000)_______________ntf/Am erican Trust C o., Boston, trustee.
5e debenture notes $10,000,-1 1912
5 g A-O
10,000,000 Oct 1 1932 for new or larger buildings, central office equipment, cable, poles and
000 ($1,000) gold______ n tf JInt. at Old Colony Trust Co., Boston, trustee added trunk lines. For details see V. 124, p. 112, 921, 1980.
_________
820,(X)0 __________
z Note______________________ _____
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity
_______ x$280,600.000
See text
y About temporary reductions of dividend rate from 8% to 4% per annum Common $375,000,000 ($100)______
In June 1925, see ^resident's letter, V. 120, p. 2684; V. 121, p. 979. Paid Pref. 6 H % cum. $75,000,000
($100)__________________
Q-J 15
25,000,000 J u ly ’27 1H
in June 1925, 1% ; Sept. 1925, 1% . In Dec. 1925, 2% . the rate then being
put again on an 8% annual basis. V. 121, p. 252. See also, V. 122, p. 1st & Gen Mtge $75,000,000) 1909 4 J £g M -N 61,814,950 N ov. 1 1939
($ & £) gold______c*&r*tf/Farmers’ Loan & Trust C o., N .Y ., trustee.
1026. z Secured by underlying real estate mtges.
6 g A-O
49,659,000 Oct 11941
Increase Capital Stock.— On N ov. 19 1926 stockholders increased the Ref mtge Ser “ A ” ($100, & c)l 1921
gold________________ c*&r*jBankers Trust C o., New York, trustee.
authorized capital stock from $100,000,000 to $150,000,000 (par $100)
21,386,700 Feb 1 194S
Stockholders of record o f N ov. 30 1925 were given the right to subscribe to Debentures sk. fd. $25,000.-) 1919 6 g F-A
000 ($100, &c) gold._c*&r*/Guaranty Trust C o., New York, trustee.
additional stock at par at the ratio o f 1-3 o f their holdings. Subscriptions
Underlying Bonds—
were payable in full or in two installments, the last (50% of par) being
General mortgage g o l d . . n t f ___
4 M -N
413,000 Nov 1 1929
payable on or before June 30 1926. V. 121, p. 2521. In Dec. 1925 New
x All owned by American Tel. & Tel. Co.
Hampshire P. S. Commission authorized co. to issue 15,531 common
shares. V. 122, p. 94.
Bonds.— The “ First & Gen. M tge." made in 1909 is limited to $75,Bonds.— The first mtge. covers as a first lien all the real estate and other 000,000 (all issued and $13,046,150 retired by sinking fund), having a first
property, other than securities, incl. after acquired property in the States lien on entire property (including real estate valued at approximately
of Maine, New Hampshire, Massachusetts and Rhode Island and also all $90,360,580) plant, lines, underground conduits, franchises, &c. This
shares (except directors' shares) of stocks of the New Engl. Tel. & Tel. Co. mortgage, however, is subject in part to the outstanding mortgage in­
of Massachusetts, Southern Massachusetts Telephone C o., Providence debtedness of bonds listed above, covering properties acquired from other
Telephone Co. o f Massachusetts, and the Massachusetts Tel. & Tel. Co., companies. Issue subject to call in whole, but not in part, at 110 and int.
subject only to a mtge. o f $820,000 on a specific parcel of real estate. The on any M . & N . Mtge. provides annual sinking fund of 1% . V. 89, p.
1st mtge. secures SI ,000,000 4% debenture bonds due 1930 and $10,000 000 849, 924, 1351; V. 90. p. 773; Y 91, p. 131: V. 94. p. 1510; V. 95, p. 548,
5% bonds due 1932 ratably with the 1st mtge. series A and series B bonds. 753; V. 102, p. 1815: V. 103. p. 1122. Int. payable in N . Y ., Boston.
Additional 1st mtge. bonds are limited so that the amount thereof at any London and Amsterdam.
time outstanding, when added to the then outstanding 4% debenture
The $50,000,000 refunding mtge. Series A bonds are redeemable as a
bonds of 1900 and 5% bonds o f 1912 and any underlying bonded debt, shall whole only on or after Oct. 1 1931 at 105 and int. Int. payable at office
not exceed twice the amount o f the then outstanding capital stock. Addi­ or agency of company in N. Y . City.
tional 1st mtge. bonds may be issued to refund the 4% debenture bonds
Mtge. covers all the real estate and telephone plant and appurtenances of
of 1900, the 5% bonds of 1912, any bonds issued under the 1st mtge, and the company in State o f New York now or hereafter owned; also securities of
any underlying debt. Subject to the above limitations, may also be issued a book value of $31,598,195, including controlling interest in stocks, as well
for new acquisitions and betterments. If, at any time, however, the as stocks, bonds and other securities of other corporations (except those
amount o f outstanding 1st mtge. bonds, added to the prior bonded debt of operating telephone properties in New Jersey and Connecticut) now or
the c o ., exceeds the amount of the then outstanding capital stock, additional hereafter owned, subject to indebtedness aggregating $63,196,5^0, of which
bonds may be issued only for not exceeding 75% of the expenditures of $62,566,915 constitute the company's 1st & gen. mtge. 4H s- due 1939.
such new acquisitions, &c. The issue of bonds in respect of stock and The mortgage is to secure ratably with the bonds issuable thereunder (incl.
other securities is limited so that not more than one-third of the security Series A bonds), the outstanding $21,884,100 30-year sinking fund 6%
of the mtge. shall consist of stock and unsecured obligations of other corpora­ debentures due 1949 (see V. 108, p. 176).
tions. So long as series A bonds are outstanding, no bonds may be issued,
Mortgage provides! or sinking fund payments to trustee at rate oi $250,000
except for refunding, unless net earnings before interest during 12 con­ quarterly, beginning Jan 1 1922, such payments to be used in purchasing
secutive out of preceding 15 months have not been less than 1>£ times Ser. A bonds if obtainable at not exceeding 102 and int. V. 113,p . 2191.
interest during such period on c o .’s outstanding bonded debt, plus 12
The $25,000,000 6% debentures sold in jan. 1919 are to be secured by
months interest on proposed issue. Additional 1st mtge. bonds may’ be any new mortgage ratably with any other indebtedness secured thereon.
issued in several series of such tenor as co. may from time to time determine. Since Oct. 1 1921 equally secured with ref. mtge. series A, noted above.
Series A gold bonds are redeemable as a whole only on and after June 1 The sinking fund to which $375,000 must be paid annually will, it is said,
1949 at par and int. Int. payable in New York and Boston. V. 114, with interest on the amounts retired, suffice to redeem the entire issue by
maturity. V. 108, p. 176, 274. Reacquired to Dec. 31 1926 and held
p. 2366.
Series B bonds dated M ay 1 1926 are non-callable for 32 years, but are alive in sinking fund, $3,078,000. Called but not delivered $37,800. Are
red. in whole but not in part, upon 60 days’ notice on M ay 1 1958, or on call, all or ir part on any int. date on 60 days’ notice at 110 and int. Int.
any interest date thereafter, at 100 and int. Legal investment for savings payable at office of Treasurer o f company in New York City.
banks in Massachusetts, Rhode Island, Maine, Vermont and Connecticut.
Dividends.— From 1910 to and incl. July 1926 paid 2% quar. on common
In M ay 1926 J. P. Morgan & C o., Kuhn, Loeb & C o., Kidder, Peabody stock.
& Co., &c., &c. offered $40,000,000 44£% series B at 94>£ and int. to
EARNING S.— For Calendar years:
yield over 4.80% . V. 122, p. 2800; V. 123, p. 1877.
Gross
Net after
Other
Interest
Balance,
Both series A amd B are listed on N . Y . Stock Exchange and Boston
Earnings. Taxes. &c. Income. Charges.
Dividends. Surplus.
Stock Exchange. V. 122, p. 3083.
$
$
$
$
Debentures.-—These are now equally secured with the c o .’s 1st 5s of 1952 1926.-183,855,467 31,738.018 3,646,040 8,682,356 24,073,699 x2,628,003
and 1st 44£s, due 1961. Have no sinking fund and are not subject to call.
1925.-162,882,667 26,335.789 3,816,859 11127,915 18.001,126 1,023,607
V. 95. p. 1043.
1924—141,338.231 17,691,917 6.913.217 9.674,422 17,968,881df3038,169
D IV S.— / ’98-’0 9 . ’ 1 0 .’ l l .
1912 to June 1920.
Sept. ’20 to Mar. ’25
1923.-124,858,684 16,744,119 9,637.234 8,390,850 17,573,941
416,562
P ercen t.) 6 yrly. 6 6 M 7% yrly. (1 % % Q.-M )
2% quar.
1922.-109,612,620 13,873.822 11.739,184 8,643,174 16,816,091
153,741
In June 1925, 1% ; Sept. 1925. 1% ; Dec. 1925, 2% ; Jan., March, June. 1921— 99,608,262 11,404.519 9.988,517 8.148.493 12,841,247 403,296
Sept, and Dec. 1926, 2% . In 1927: March, 2% ; June, 2% .
1920— 87,906,465 5,483,026 6,681,549 6,094,502 12,000,000df5929,927
EA R N IN G S.— For calendar yearsi:
x Before deducting $3,532,403 surcharge in N . Y . City and approp. to
*1927.
1926.
1924.
1925.
_ .$32,242,732 $63,321,078 $55,064,421 $48,418,279 employees reserve of $998,000.
Total revenues.
Expenses— Operation ___ 11,451,845 23,557.090 23,596,148 22,299,863
OFFICERS.— Pres., James S. McCulloh: V .-P s., Ford Huntington,
Current maintenance. 5,182,873 10,511,660
9,593,056
7,538,895 Tage P. Sylvan, Charles T . Russell and Jacob S. Wiley; Treas., Eugene A.
5,200,605
9,988,896
Depreciation
9,365,879
7,960,925 Gurnee; Sec., George S. Weedon. New York office, 140 West St.—-V. 120,
Total oper. exp____ ..$21,835,323 $44,057,646 $42,555,083 $37,799,683 p. 704, 829, 2012, 2543, 2684, 3065; V. 121, p. 76, 708. 1228, 1348, 1678.
251,406
U ncollectibles____ __
627,523
408,979
346,217 1789, 2274, 2403, 2752; V. 122, p. 93, 94, 1311, 1456, 1763, 2652, 3083.
2,920,334
4,732,675
2,569,982 3204, 3341; V. 123. p. 711, 843, 1251, 2392, 2900. 3320; Y. 124, p. 112,
Taxes
. --------- . . 2,676,559
285,913
552,602
Rents & miscell. e x p ..
502,817
461,721 921, 1220, 1361, 1503, 1667, 1820, 1980, 2428, 3353; V. 125, p. 95, 781,
Total expenses . . . ..$25,049,201 $49,970,446 $46,387,213 $41,177,603 914, 1119, 1325, 1580, 1971.
Net earnings______ . . $7,193,531 $13,350,632 $8,677,208 $7,240,676
._ 2,177,886
4,176,331
Interest. . .
4,755.988
3,508,373
ROCHESTER TELEPHONE CORP.
Balance net income. . . $5,015,645 $9,174,301 $3,921,220 $3,732,303
The New York Telephone Co.
Dividends_________ . . 4,425,866
8,838,903
4.981,524
6,311,048 the entire $4,814,000 outstanding owns $33,500 of the common stock and
2d pref. stock.
O RGAN IZATION .— Incorp. Feb. 17 1920 in New York for the purpose
Balance_____________
$589,779
$335.398df$1.060.304df$2.578,745
of consolidating into one owning and operating company the telephone
* For 6 months ended June 30 1927.




O ct., 1927.]

business formerly owned and conducted in Rochester, N. Y ., and its sur­
rounding territory by the Rochester Telephone Co. (independent) and the
New York Telephone Co. (Bell). Began operations Aug. 1 1921. V
122, p. 3084.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
In addition to 7 telephone exchanges in the City of Rochester, corporation
operates 35 exchanges in its territory outside the City of Rochester. Corp.
serves altogether a population of over 500,000 in the counties of Monroe,
Genesee. Livingston, Ontario, Wyoming and Steuben. Corp. furnishes
both local and long distance telephone service throughout its territory
without competition. Through its connection with the New York Tele­
phone Co. and the American Tel. & Tel'. Co., its subscribers are able to
reach every telephone connected with the entire Bell system. Over 88 000
telephones in operation. Y. 122, p. 3084.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
Common $100,000 ($100)_________
_______
$100,000 ------- -------1st cum pref ($100)________ _____
Q-J 2,010,000 ------------- —
2d cum pref_________________ _____
_______
4,814,000 _------- - - - Roch Teleph Co gen mtge 5s? 1903
5 A-O
803,200 Oct 1 1933
($1,000, $500, $100 c * )tf_ _ jln t. at Rochester Tr. & Safe Dep. Co.,
I Rochester, N. Y ., Trustee.
Roch Teleph Corp 1st & re f/ 1921
6 A-O
3,500,000 Apr 1 1946
mtge series A 6 % ________ lin t, at Union Tr. Co., Rochester, N. Y ., Tr.
Series B 5 % ......................... J 1921
5 A-O
794,300 April 1 1946
IInt. at Union Tr. C o., Rochester, N . Y ., Tr.
Real estate mortgages______ ^ ____
_______
110,000 ---------------Stock.— The 1st cum. 6 'A % pref. stock is preferred over all other stock
as to assets ($100) and cum. dividends. Red. whole or part on 60 days
notice at $110 and divs. In M ay 1926 Rochester Trust & Safe Dep. Co..
Sage. W olcott & Steele and Converse, Hough & C o., Inc., offered $2,000,000
6)£% 1st cum. stock at 101)4 and divs. V. 122. p. 3084.
Net After
Telephones
Gross.
Interest.
Installed.
1927 (7 mos. ended July 31)______ $2,587,989
$299,265
88,403
____________________ $4 236 218
$544 676
84.330
1926
1925
3,850,222
350,857
77,911
1924'........
3,454,196
286.963
71.623
1923
_________ ________ - 3,274,280
202,294
64.623
1922____________________________ 3,005,579
103.783
58,712
OFFICERS.—Chairman of Board, Fred C. Goodwin, Pres.; John P.
Boylan; V.-Ps., W . B. W oodbury and Frank J. Brookman; Sec., W . J.
O’Hea; Treas., Charles M . Beattie; Aud., S. G. Bowie.— V. 118, p. 1403;
Y. 122, p. 3084, 2908, 3210; V. 125, p. 916.

NORTHW ESTERN BELL TELEPHONE CO.
ORGAN IZATION .— The co. is successor of several important companies
of the Bell Telephone system operating a comprehensive net-work of lines,
in Iowa, Nebraska, Minnesota, South Dakota and North Dakota. Co.
owns and operates 488 central offices; 560,752 owned and 932,264 connecting
stations, included in which are 53,128 service station telephones. Total
miles o f wire operated, 1,761,404.
In March 1925 the stockholders increased the auth. capital stock from
$60,000,000 to $65,000,000 and $22,850,000 add’l com. stock was issued
at par. V. 120, p. 1460. In Jan. 1926 the auth. capital stock was in­
creased from $65,000,000 to $70,000,000 of which $65,000,000 is com.
and $5,000,000 is 6)4% cum. pref. stock.
8TOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
Stock, $65,000,000 ($100)___ _____
________ x$65,000.000
...............
Cum pref. $5,000,000________ _____
6)4
*$4,520,500
See text.
x All owned by American Tel. & Tel. Co.
* Including subscriptions.
Stock.— The 6)4% pref. stock is non-voting, callable at a premium of
5% on any interest date upon 60 days’ notice.
Dividends.— On 6)4% cum. pref. stock an initial dividend of 1 Y%% was
paid in July 1926. V. 122, p. 3454. In Oct. 1926 paid 1 % % . In 1927:
Jan., 1 % % .
EARN INGS.— For calendar years:
1926
1925.
1924
1923.
Gross......... ......................$27,388,247 $25,959,419 $24,111,726 $23,223,939
Operating income______
6,517,736
6,379,733
5,512,864 5,296,446
Other income___________
827,538
905,504
1,040,717
952,721
Total income_________ $7,345,274
Rent, &c....... ...........
423,532
Bond interest-.................
118,750
Other interest-:________
______

$7,285,237
349,552
159,730
488,780

Net incom e-.............. $6,802,991
Preferred dividends____
169,761
Common dividends_____ 5,200,000
Empl. benefit res’ve, &c.
306,000

$6,287,175 $4,036,798 $3,747,648
______
______
______
4,743,000 3,372,000
2,529,000
625,966
______
______

$6,553,584 $6,249,167
329,476
309,603
2,098,434 2,100,000
88,873
91,9l6

Balance, surplus_____ $1,133,230
$918,275
$664,798 $1,218,648
OFFICERS.— Pres., W . B. T. Belt; V.-P. & Gen. M gr., A. A. Lowman;
V.-P.. Guy H. Pratt; V.-P. & Gen. Counsel, F. E. Randall; Sec., C . E. Hall;
Treas., R. B. Johnson; Gen. Aud., R . P. Baird. Office, Des Moines,
Iowa.—V. 118. p. 2711; V. 119, p. 2530: V. 120, p. 583, 1460, 3188; V. 122,
p. 884, 2041, 3454; V. 124, p. 1821, 3209.

OHIO BELL TELEPHONE CO.
All the common stock except directors’ qualifying shares and over $16,000,000 of the pref. owned by American Telephone & Telegraph Co.
ORGANIZATION.— Incorp. in Ohio Sept. 20 1921 as a merger and con­
solidation of the Ohio Bell Telephone Co. (incorp. 1880) and the Ohio State
Telephone Co. (incorp. 1914 ) On Dec. 31 1921 purchased all the Ohio
properties of the Chesapeake & Potomac Telephone Co. of West Virginia
for a cash consideration o f $3,284,263.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Part o f the Bell system. C o.’s property embraces telephone exchanges in
all o f the State of Ohio except Cincinnati and the territory immediately
adjacent thereto, which is served by the Cincinnati & Suburban Tel. Co.
As of Dec. 31 1926 owned and operated 189 central offices and 565,891
telephones; also an extensive toll system connecting with 448 local compa­
nies, operating 786 central offices and 370,320 telephones, making a total
o f 936,211 telephones connected with the system in the State of Ohio.
17,647 miles o f pole lines: 3,631 miles o f underground duct and 2,136,982
miles o f wire. Was to buy all intra-State toll lines within Ohio from
American Tel. & Tel. Co. V. 123, p. 1763.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $50,000,000 ( $ 1 0 0 ) - .___
________ x$50,000,000 __________
P f 7% cum.50,000,000 ($ 1 0 0 )____
7% Q
28,219,700 Oct’26, 1H
Ohio State Telephone cons &1
ref mtge Series “ A ” --------- ) 1914
5 g J-J
687,000 July 1 1944
Series ” B ’ ’ ____________ _ | 1914 5 g J-J
4,774,000 July 1 1944
($100, &c) sk fd go1d-C*&r*J Bankers Trust C o.. New York, trustee.
Independent Tel Co 1st mtge_ 1966
5 g J-D
20,006 Dec. 1 1926
x All except directors’ shares owned by Amer. Tel. & Tel Co.
.
Stock.— Pref. is red., all or in part, on any div, date on 30 days’ notice
at 105 and accum. divs. Also in event o f voluntary dissolution, pref. is
entitled to 105 and accum. divs. ahead o f com. stockholders. Non-voting
except in default of four quar. divs., when pref. assumes full voting control.
No stock ranking ahead o f pref. may be issued, and principal amount of
secured debt may never exceed 50% o f value of property.
Bonds.— Ohio State Tel. cons. & ref. mtge. 6s, Ser. " A ” and Ser. “ B ,”
are call, on any int. date as a whole or in lots o f $500,000 at 105 and int.,
also red. at 102 and int. if moneys from sale of released property are applied,
and at 100 and int. for sinking fund purposes. Authorized, Series A, $15,000,000; Series B, $5,000,000. Penna. taxes refundable. Semi-ann.
sinking fund o f K o f 1 % o f aggregate amount o f bonds issued under this
mtge. provided for.
United States Tel. 1st Mtge. bonds were originally 5s and matured Jan i
1919, but have been extended to July 1 1941 at 7 % . Call, as a whole, but
but not in part, on and after July 1 1926 at 103)4 and int.
All of the outstanding Cuyahoga Tel. Co. 1st Mtge. 7% (formerly 5% ) gold
bonds, dated Jan. 2 1899. were called for payment July 1 1926 at 103)4
and int. V. 122, p. 3211.
All o f the outstanding U. S. Telephone Co. 1st Mtge. 7% (formerly 5% )
gold bonds, dated Jan. 2 1899, were called for payment July 1 1926 at 103)4
and int. V. 122, p. 3211.




9

TELEPHONE AND TELEGEAPH

Independent Tel. Co. 1st Mtge. 5s are call, on any int. date at 105 and int
Dividends.— On pref., 1 % % paid regularly (Q.-J.).
EARNING S.— For calendar years;
1926.
1925.
1924.
1923.
Telep.oper. revenues..-$32,927,525 $29,967,001 $26,773,788 $24,685,134
Telep. oper. expenses... 22,331,714 20.592,054 19,592,735 18,425.914
Net telep. oper. r e v ..$10,595,811
Uncollectible oper. r e v ._
163.410
Taxes assign, to opers.. 2,985,097

$9,374,947
88,155
2,590,970

$7,181,053
2,219,515

222,000

$6,259,220
201,561
2,177,886

Operating income____$7,447,304
_
497,859
Net non-oper. income_

$6,695,822
346,220

$4,739,538
286,893

$3,879,773
371,241

Total gross Income_ $7,945,164
_
Rent & miscellaneous_
_
660,518
Bond interest, &c______ 1,153,262
Miscell. appropriations.
500,000
Preferred dividends____ 1,975,790
Common dividends_____ 2,850,000

$7,042,043
632,765
1,484.075
500,000
1,975,772
1,980,000

$5,026,432
497,192
1,461,191

$4,251,014
428,684
1,296,498
22,705
1,975,772
285,000

1,975,786
855,000

Bal. for corp. surplus.
$805,594
$469,431
$237,263
$242,355
OFFICERS.— Pres., Edwin F. Carter; V.-P. & Gen. M gr., Randolph
Eide: V.-P. & Gen. Aud., John Uprichard; Sec. & Treas., C. S. M altby.
Office. 4300 Euclid Ave., Cleveland, Ohio.— V. 121, p. 1790, 2752; V. 122.
n. 1456. 1611.2192. 2497,3211; V. 123, p. 1114. 1763, 2901: V. 124, p. 1361;
V. 125, p. 96, 2265.

PACIFIC TELEPHONE & TELEGRAPH CO. (THE).
ORGANIZATION.— Incorp. in Calif. Dec. 31 1906. V. 84, p. 54, 163.
Stations Dec. 31 1923, 1,269,339. In March 1912 purchased the Bay Cities
Home Telep. Co. for $985,000 cash, $1,300,000 Pac. Tel. & Tel. stock and
$7,080,000 Home Long Distance Telep. Co. bonds guar, by the Pacific
Tel. & Tel. Co. V. 95, p. 180, 1406; V. 96. p. 207, 291. In 1917 was auth.
to purchase pref. stock v. t. c. of U. S. Long Distance T . & T. Co. V. 105,
p. 1314, 1807. In May 1918 purchase of San Diego Home Telep. Co. for
$650,000 was pending. V. 106, p. 2014. During 1920 acquired the proper­
ties of the Golconda Telephone & Power C o.. Utah Nevada & Idaho Telep.
Co. and the Nevada Cons. Tel. & Tel. Co. During 1922 purchased the
telephone property of the Mason Valley Tel. & Tel. Co
As to Southern
California Telep. C o., see V. 102, p. 1441. 1631: V. 103. n 1986; V. 106, p.
1692; V. 120, p. 212. As of Dec. 31 1926 there were 1,617,025 telephones
connected to the system, of which 1,294,290 were co. stations. About
plans to acquire the Mutual Telephone Co., Tillamook, Ore., see V. 120.
p. 3315.
STOCK AND BONDS—
Date. Interest.Outstanding. Maturity
Common $103,000,000 ( $ 1 0 0 ) .____
________ x$43.000.000
See text
P ref6% cum $82,000,000($100)___
6 Q-J 15 x82.000.000 O c t ’26, 13
4
1st mtge $35,000,000 ($1,000,1
1907 5 g J-J
32,140,000 Jan 2 1937
&c) gold__________ c*&r*tf/Mercantile Tr. C o., San Francisco,
[ Cal., trustee.
Ref mtge Series “ A ” ($100,\ 1922 5 g M -N
25,000,000 May 1 1952
&c) gold_________ c*&r*tf/Bank o f California, N. A ., San Francisco.
Home Long Distance Tel C of
1912 5 J-J
6,978,000 Jan 2 1932
1st mtge assumed ($1,000)(In t. at Nat. City Bank, N . Y ., and Anglogold ___________________ tf [ California Trust C o., San Francisco.
Home Tel& Tel Co, Spokane, ( 1906
5 g M-N15 3,000,000 M ay 15 ’30
1st mtge sk fd $200, &c){Title Ins. & Trust C o., Los Angeles, Calif.,
g o l d _________________c*tfl trustee.
Southern Calif Telep Co 1st
1917 5 g M -N
6,293.000 May 1 1947
ref $12,000,000 ($1,000)■!Pacific-Southwest Trust & Savings Bank,
g old _____________________ I Los Angeles, Calif., trustee.
Home Tel & Tel Co, Los Ang, [ 1902 5 g J-J
1,254,000 Jan 1 1933
1st mtge ($1,000) gold__ntf( Int. at Nat. City Bank, N. Y ., also payable
i in Los Angeles.
Home Tel & Tel, Los Angeles, l 1905
5 J-J
552,000 July 11945
1st & ref_________________ |
x American Tel. & Tel. Co. owns a majority.
Stocks.— Stockholders of record Mar. 7 1927 were given right to subscribe
on or before Mar. 31 to additional common stock at par ($100) on basis of
1 share for each 2)4 shares of pref. or com. stocks held. V. 124, p. 1361,
1511. Listed on N. Y . Stock Exchange. V. 124, p. 1821.
Bonds.— First & collateral trust 5s of 1907 have a sinking fund which
commenced in 1912 and will retire about 30% by maturity. Red. at 110.
Int. payable at U. S. Mtge. & Trust C o., N . Y ., and in San Francisco.
V. 88, p. 825: V. 90, p. 854; V. 91. p. 720; V. 92, p. 1569; V. 93. p. 349, 412;
V. 95. p. 180; V. 97, p. 954: V. 98, p. 309, 391.
The ref. mtge. 5% gold bonds Series A are red. as a whole only on -vj.ay 1
1932, or on any int. date thereafter, at the following prices with int., if on
or prior to May 1 1942, at 107)4: if subsequent to M ay 1 1942 and on or
prior to May 1 1949, at 105; and if subsequent to May 1 1949, at 100.
Mtge. provides for sinking fund payments to a trustee at the rate of $125,000
semi-annually beginning Nov. 1 1922, such payments to be used in purchas­
ing series A bonds, if obtainable at not exceeding 100 and int. Int. payable
in N. Y . and San Francisco. V. 114, p. 2022.
Home Long Distance Tel. 1st 5s are guar. prin. & int. by the Pacific
Tel. & Tel. Co. Are red. as a whole, but not in part, at 105 & int. Mtge.
provides for sinking fund.
Home Tel. & Tel. Co. of Spokane 1st Mtge. 5s are guar. prin. & Int. by
the Pacific Tel. & Tel. Co. Red. all or in part on any int. date on 60 days’
notice.
Southern California Telephone Co. 1st & ref. mtge. of 1917 guar. prin.
& int. by Pacific Tel. & Tel. Co. Call, at 105 & int. Mtge. provides for
sinking fund. See V. 108, p. 486: V. 112, p. 569.
Home Tel. & Tel., Los Angeles, 1st mtge. 5s are not subject to call.
Mtge. provides for sinking fund of 2% of bonds outstanding. V. 83, p.
216.
Home Tel. & Tel., Los Angeles, 1st & ref. 5s are call, at 105 & int. Sink­
ing fund 2 %.
Dividends.— On pref. paid regularly. On com. an initial quar. div. of
1)4% was paid on M ay 29 and June 30 1925. X%% was paid in each of
Sept, and Dec. 1925. Total for 1925 6% . In March, June, Sept., 1926
1 )4 % . No definite dividend rate has been fixed for the common stock.
V. 121,p. 1228.
EARNING S.— For calendar years (includes Southern California Tele­
phone Co., Home Telephone & Telegraph Co. of Spokane and Bell Tele­
phone Co. of Nevada):
1926.
1925.
1924.
1923.
Operating revenues____ $75,187,364 $67,681,759 $57,860,649 $51,755,565
Operating expenses____ 50,779,841 47,446.094 43,204,551 40,184,831
Net revenue_________ $24,407,523 $20,235,666 $14,656,098 $11,570,734
Deduct— Uncoil, op. rev615,200
466,500
451,000
209,000
Taxes assign, to oper. 6,621,159
5,266,246
4,144,190
3,573,367
Operating income___ $17,171,164 $14,502,919 $10,060,907
Non-operating incom e.,
760,176
955.654
940.120

$7,788,367
1,094,918

Gross income________ $17,931,340 $15,458,574 $11,001,027 $8,883,284
Less— Rent & misc. chgs.
674,646
653,348
606,900
549,217
Bond interest________ 3,531,741
3,576,406
2,267,846 3,672,501
2,426,469
3,625,414 1,121,991
Other interest_______ 3,433,836
Debt disc, and exp_
_
186,888
______
______
______
Pref. dividends ( 6 % ) - . . 4,920,000
4,920,000
4,357,500 3,420,000
Common divs. (6 % )____ 3,010,000
2,580,000
______
______
Other appropriations
500,000
500,000
______
______
Balance, surplus_____$1,674,230
$802,350
$143,367
$119,574
OFFICERS.— Chairman, H. T . Scott; Pres., H. D. Pillsbury; V .-P.,
A H. Griswold, James T . Shaw, D. P. Fullerton, J. C. Nowell, B. C.
..
Carroll and Geo. J. Petty; Sec., Theo. V. Halsey; Treas., Geo. J. Petty;
Gen. Aud., C. S. Casassa. Office, sar> Francisco, Calif.— V. 121, p. 331,
159. 1228, 2876: V. 122, p. 214. 482. 1027, 1311, 2192; V. 123, p. 711, 2140.
V. 124, p. 113, 507, 648, 1361, 1511, 1821,2121, 2429; V. 125, p. 386, 519.

(THE) SOUTHERN NEW ENGLAND TELEPHONE CO.
ORGANIZATION.— Incorp. in Conn, in 1882. American Tel. & Tel.
Co owns about 33 1-3% of the stock outstanding.
Connecticut rates increased; see V. 125, p. 1582.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINES8.—
Holds license from American Telephone & Telegraph Co. to operate as

10

PUBLIC U TILITIE S

part o f the Bell Telephone System in the entire State o f Connecticut, with
the exception o f the Town o f Greenwich and the Village of Pawcatuck.
STOCK AN D BONDS.—
Date.
Interest.
Outstanding. Maturity
Stock $40,000,000 ($100)------- -------- 8 Q— J
$28,000,000 O c t '27, 2%
First mortgage ($500 &c) \ 1898 5 J-D
1,000 000 Dec 1 1948
g o ld .................................. . . / T h e Union & New Haven Trust C o.. New
Haven, trustee.
Stock.— On June 25 1923 the authorized capital stock was increased from
$20,000,000 to $40,000,000. Stockholders were given the right to sub­
scribe up to July 1 1925 for 30,000 shares o f additional capital stock for cash
at par ($100) on the basis o f one for every seven shares then held. V. 120,
p. 2685. Stockholders o f record Aug. 10 1926 were given the right to sub­
scribe on or before Oct. 1 1926 for 40,000 additional shares of stock at $100
on the basis o f one new share for every six shares held. V. 123, p. 86.
Bonus.— Int. of 1st 5s is payable at Merchants Nat. Bank, New Haven
Conn.
Dividends.— Dividend rate has been as follows: From Jan. 1883 to
Oct. 1888 averaged 6% p. a.; July 15 1891 to Jan. 15 1912 at rate of 6%
p. a.; increased to 7% p. a. with div. o f April 15 1912, and to 8% p. a
Oct. 15 1920.
EARN IN G S.— For calendar years:
Total Rev.
Net Earns. Int., c%c. Dividends. Bal..Sur.
1926.................. $12,385,706 $2,651,109 $260,383 $2,000,000 $390,726
1925.............
11.155,145
2,467,386
257,773 1.800,000
409.613
1924__________ 10.040,350
2,141.488
161,171 1,678,000
302,317
1923---------------- 9,211.314
1,876.137
186,177 1.440,000
219.960
1922
8,383.985
1,619,448
189,796 1,316.704
112.948
7,780.747
1,474.968
184.341 1,196.794
93.833
1921...........
OFFICERS.— Pres., James T. Moran: V.-P. & Gen. M gr., Harry C
Knight; Sec. & Treas., Charles B. Doolittle. Office, 157 Church St.,
New Haven. Conn.— V. 119 n. 84: V 120. p. 706, 2685; V. 121, p. 1790:
V. 124, p. 237, 793, 923; V. 125, p. 1582.

SOUTHWESTERN BELL TELEPHONE CO.
O RGAN IZATION .— Incorp. in Missouri in 1882. The Missouri P. SCommission authorized in Sept. 1925 the Joplin Home Telephone Co. to
sell all its property to the Southwestern Bell Telep. Co. V. 121, p. 1349.
Transfer o f the franchise o f the Dallas Telephone Co. approved by the City
Commission o f Dallas, Tex., on Sept. 30 1925. V. 121, p. 1790. On
Oct. 19 1925 the I.-S. C. Commission approved the acquisition by the com­
pany o f the telephone properties o f the Sand Springs Telephone Co. at Sand
Springs and Vern, suburbs of Tulsa, Okla. V. 121, p. 2158. Acquisition
in 1927 o f Kansas City Telephone Co. V. 124, p. 507.
In July 1926 Missouri P. S. Commission authorized the co. to issue
$25,000,000 common stock for improvement o f properties, all of which was
Issued to the American Tel. & Tel. Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns and operates the properties of the Bell Telephone System throughout
the States o f Missouri, Kansas, Arkansas, Oklahoma, Texas and a small
portion o f Illinois. Total company stations as of June 30 1927, 1,177,371
service and private line stations, 78,300; connecting company stations,
777,618: central offices, 748.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Common $100,000,000 ($100)______
_______ x$100,000.000 __________
P f 7% cum $100,000,000($100)____
7 Q-J
21,785,000 July '27 1V.
*
First & ref mortgage Series A 1 1924
5 g F-A 49,238,600 Feb 1 1954
($100, &c) g o l d - -C * & r * n t f (Guaranty Trust C o., N . Y .. Trustee.
x All owned by American Tel. & Tel. Co.
Slock.— Preferred stock is redeemable, all or part, at 110 to and including
April 1 1930. and thereafter at 115.
Of the pref. stock, $45,000,000 has been authorized for issuance and
approved by the P. S. Commission. Of this amount, $5,795,000 was used
for the conversion o f a like amount o f the 5-year 7% conv. gold notes,
which were called for red. April 1 1923. Of the remainder, $11,772,700
have been sold and $4,217,300 issued for acquisition of telephone property
Bonds.— The amount o f bonds authorized to be issued under the 1st &
ref. m tge.is limited so that the amount thereof at anytime outstanding,
when added to the then outstanding prior bonded debt as defined in the
mtge., shall not exceed twice the amount of the then outstanding capital
stock. Bonds are issuable under the mtge. to refund the existing under­
lying obligations and any bonds or other obligations which may hereafter
become underlying debt through the purchase of property subject to debt.
Subject to the above limitation in amount, bonds are also issuable for
the acquisition of add’l property necessary or useful in connection with the
business o f the co. (incl. stocks, bonds and securities o f other corporations)
and for betterments; but if at any time the amount of outstanding bonds
secured by this mtge., when added to the prior bonded debt (if any) of the
co., shall exceed the amount of the then outstanding capital stock, add’l
bonds will be issuable for not exceeding 75% of the expenditures for such
add'l property and betterments. After $25,000,000 of bonds have been
issued on account of the acquisition o f stock or unsecured obligations of
other corporations, or in respect o f additions to their property where not
secured by first mortgage, bonds may not be issued for such purposes in
excess of one-third of the amount of bonds issued on account of additional
property and then outstanding.
The mtge. provides for sink, fund payments to a trustee at the rate of
$500,000 a year, payable semi-ann. beginning Aug. 1 1924, such payments
to be used in purchasing ser. A bonds, if obtainable at not exceeding par
and int., otherwise to be used for capital expenditures with respect to
property to be covered by the lien o f the mtge.
The ser. A bonds are red. as a whole only upon 60 days’ notice, on Feb. 1
1934, or on any int. date thereafter, at the following prices with accrued int
if on or prior to Aug. 1 1950 at 105, and if subsequent to Aug. 1 1950 at
par. Int. payable in New York and St. Louis. V. 118, p. 562.
Dividends.— Divs. at rate o f 7% per ann. paid regularly on pref.
EAR N IN G S.— Of the Southwestern Bell System properties for calendar
years:
Gross Rev.
xNet Earn.
Int. Chges.
Net Income
*1927............... $34,800,385
$8,603,724
$1,780,997
$6,822,727
1926
60,730,144
16,455,476
3,209,712
13,245,764
1925
52 042,259
14.005,492
2,987.364
11,018.128
1924
47,159,629
11,968,986
2,859,390
9,109.596
1923
43,887,812
11,221,789
1,922,111
9,299,678
1922
40,015.490
10,636.735
3,618,069
7,018,666
1921_________ 37,388,394
8,652,675
3,658,932
4,993,74;
x Net earnings after deducting operating expenses, incl. charges for
depreciation, taxes, rentals and miscellaneous income charges.
* For 6 months ended June 30 1927.
OFFICERS.— Pres., E. D. Nimes; First V. P ., A. B. Elias; V. P .,
T. D. Bowen; V. P., Jas. F. Noble; V. P ., J. K. Wass; Treas., R. A.
Nickerson; Sec., J. P. Crowley. Office, 1010 Pine Street, St. Louis, M o.
— V. 121, p. 1103, 1349, 1790, 2158, 2275; V. 122, p. 1171, 2653, 2950;
V. 123, p. 583, 845, 2262; V. 124, p. 507, 793, 2429, 2591, 2909; V. 125,
p. 386, 782.

THE BELL TELEPHONE CO. OF CANADA.
American Tel. & Tel. Co. owns 31.84% o f the capital stock.
ORGAN IZATION .— Incorp. in 1880 by Act o f the Parliament of the
Dominion o f Canada.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates (be principal telephone system in the Provinces of Quebec
and Omari*. covering a territory o f 831.837 square miles and serving
a population of approx. 5,800,000, including Montreal and Toronto, the
largest cities in Canada; and Ottawa and Quebec, the capitals of the Dom ­
inion and Province o f Quebec, respectively. Co. stations, Dec. 31 1926,
630,161; connecting and miscell. stations, 132,786; total stations, 762,947.
Rates.— In Jan. 1926 company fiied with the Board of Railway Commls
sioners for Canada new schedules o f rates. For particulars, see V. 122. p
746.
STOCK A N D BONDS—■ Date. Interest.
Outstanding. Maturity.
Cap stock, $75,000,000 ( $ 1 0 0 ) ,____
_________ $49,080,400 J u ly '27 $2
1st M bonds c* $500, $1,000/The Royal Trust Co., Montreal, trustee.
r* $1,000, $5,000, $10,000-1
Series A $30,000,000_______ 1925 5 g M S
$30,000,000 Mar 11955
Series B $30,000,000_______ 1927 5 g J D
10,000,000 June 1 1957
Stock.-—Stockholders o f record Sept. 2 1927 were entitled to subscribe
on or before Nov. 1 1927 to additional stock on basis of one new share for
each 5 shares held. V. 125, p. 1190. Listed on the Montreal and the
Toronto Stock Exchanges.




[V ol. 125.

Bonds.— The 1st mtge. bonds are secured by a first mortgage on all real
estate, buildings and telephone plant now or hereafter owned by the com­
pany. Further bonds may be Issued but only under the conservative re­
strictions o f the mortgage. The authorized issue is limited so that the
amount of the first mortgage bonds outstanding shall never exceed twice
the amount of paid up capital stock.
Ser. “ A ” 5s are not call, prior to 1940. Call, on any int. date on 60 days’
notice at the following prices, plus accrued int.: 105 during the years
1940 to 1951. incl., and at par during the years 1952 to 1954, Incl. Prln.
& int. payable in U. S. gold coin at the Agency of the Bank of Montreal,
In N. Y .. or. at the option of the holder, in O.-nadian gold coin at the
Bank of Montreal, Montreal or Toronto. In Jan. 1925 Lee, Higginson
& Co., Royal Securities Corp., Ltd., and Harris, Forbes & Co. offered $25,000.000 ($10,000,000 of which were placed in the Canadian market) at
98, yielding over 5.13% . V. 120, p. 581. $5,000,000 additional bonds
of this series were offered in Oct. 1925 by the same bankers at 99 and int.
to vield over 5.05% . V 121, p 1907.
Ser. “ B ” 5s are not callable prior to 1947. Bonds of this series may be
called in amounts of not less than $10,000,000 on any int. date on 60
days’ notice at 105 and int. on June 1 1947 and up to and incl. Dec. 1 1953,
and at par and int. thereafter. In M ay 1927, Lee, Higginson & Co.,
Bank of Montreal and Harris, Forbes & Co. sold $10,000,000 1st mtge
5s of ser. “ B ” at 102 and int., to yield about 4.85% . V. 124, p. 3205.
Dividends.— Divs. at the rate of 8% per annum paid continuously from
Jan. 1 1891
EA R N ING S.— For calendar years:
Total Rev.
Net after Rents. In(Incl. Non- Taxes and terest and
Balance,
Ovrr. Income>. Deprec’n. Miscell.
Dividends.
Surplus.
1926 ..-$29,094,801 $4,381,584 $1,915,707 (8%)$3,906,803def$l,440,927
1925 - - .
26,956.881 5,480,108 1,599,654 (8% ) 3.889,166
def.8.712
1924 . . . 24,927,893 5.115.139 1,348.043 (8%) 3.215,039 sur.552,057
1923 - - - 22,921,590 4,963,153 1,153,194 (8% ) 3,135,921 xsur.474.038
1922
20,454,295 4,054,582 1,120,914 (8% ) 2,457,740 sur.475,928
x Before deducting $200,000 appropriation for employees benefit funds.
OFFICERS.— Pres., C. F. Sise; V .-P ., J. E . Macpherson; V .-P ., K. J..
Dunstoa; Sec.-Treas., W . H. Black; Gen. M gr., P. A. McFarlane; Compt..
R Palm.— V. 119 p. 2067, 2758: V. 120. p. 327. 581. 954. 1088, 1201.
2144; V. 121, p. 1787. 1907; V. 122, p. 746, 1167; V. 124, p. 1356, 2905.
3205; V. 125, p. 1190, 2260.

GENERAL TELEPHONE CO.
ORGANIZATION.— Organized in Delaware.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates through subsidiary companies a general telephone busi­
ness in Michigan and Illinois. Owns all the common stock (except direc­
tors’ qualifying shares) of Michigan Home Telephone C o., successor to the
United Home Telephone C o., and the Grand Ledge Telephone Co. (see
V. 123, p. 2654), as well as of Commercial Telephone Co. of 111. These
companies through their subsidiaries own 21 modern telephone exchange
buildings and rent 5 additional buildings in which exchanges owned by
these companies are operated. These exchanges are located in the cities of
Muskegon, Ludington, Pentwater, Hart, Shelby, Whitehall, Montague,
Hasperia, Coopersville, Ravenna, Conklin, Grand Ledge and Wacousta,
Michigan, and in Albion, Bridgeport, Clay City, Fairfield, Flat Rock,
Flora, Lawrenceville, M t. Carmel, Olney, Robinson, St. Francisville,
Sumner and Wayne City, Illinois.
The companies own 555 miles of toll pole line and 4,711 miles ef toll line
wire, serving directly 22,510 stations without competition in over 80 cities
and towns in Michigan and Illinois, and through their own interconnecting
rural and toll lines a population estimated in excess of 300,000 people. In
addition, 33 independent farmer and mutual companies with 9,500 stations,
serving a population of 95,000 people, are connected with the companies’
lines for toll and long-distance service. Through agreements with the Bell
System, long distance service is available. V. 123, p. 2776.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ 20,000 shs __________
Capital stock (no par)________ _____
Michigan Home Tel Co 1st] 1926
6 M -N
$1,250,000 N ov 1 1946
mtge 6% gser “ A ” ($1,000,1111. Merch. Tr. C o., Chicago, trustee; F. E.
$500 c * )________________tfj Musgrove. eo-trustee.
Commercial Telep Co 1st m t g e ____
6%
550,000 ___________
Commercial Telep Co 7% p f d _ ____
7%
77,900 ___________
Gen Teleph Co 1-yr 5% coll tr| 1926
5 M -N
2,550,000 N ov 1 1927
notes ($1,750,000 ($1,000, lint, at Guaranty Trust Co. of N. Y ., trustee.
$500 c )_________________t fj
Bonds.— The Michigan Home Telephone Co. Is! Mtge. 6% gold bonds'
dated Nov. 1 1926, are secured by a direct 1st mtge. on all of the real and
physical property of Mich. Home Tel. C o., incl. after-acquired property.
(Michigan Home Telephone Co. owns and operates the telephone business
in Muskegon, Muskegon Heights, North Muskegon, Ludington, Pentwater, Shelby, Whitehall, Hart, Hesperia, Coopersville, Montague, Ra­
venna, Conklin, Epworth, Grand Ledge and Wacousta, M ich., and in addi­
tion furnishes telephone service to the adjacent areas. Total population
served estimated over 150,000; 14 central offices (of which 9 in their own
modern buildings); over 4$ miles of conduits and over 45 miles o f under­
ground cable; 218 miles of toll pole lines; 14,498 subscriber stations. V.
123, p. 2654.) Additional bonds may be issued in series for not in excess
of 80% of permanent improvements, &c., provided net earnings for 12
consecutive within preceding 15 calendar months have been at least two
times interest on all 1st mtge. bonds outstanding, incl. proposed issue.
To a sinking fund co. is to pay in each o f the years 1928 to 1937, both inclu­
sive, 1% , and in each of the years 1938 to 1945, both inclusive, 2% of the
aggregate principal amount of all outstanding 1st mtge. bonds, such sums
to be used in redemption and cancellation of 1st mtge. bonds. To a
depreciation fund in hands of trustee, co. is to pay for the year ending
Dec. 31 1927, and for each calendar year thereafter, not less than 15% o f
its gross earnings, which sum may be expended for improvements, &c.
Any balance of this fund remaining on deposit with trustee Dec. 3l subse­
quent to the payment to trustee shall be used by trustee in the purchase
and retirement of 1st mtge. bonds. Red., whole or part, on any int. date
on 30 days’ notice to and incl. Nov. 1 1930 at 105 and int.; to and incl.
Nov. 1 1934 at 103 and int.; to and incl. Nov. 1 1938 at 102 and int.; to
and incl. M ay 1 1946 at 101 and int. Exempt from local taxes to resident
holders in Michigan; 5-mills State taxes and Mass. 6% taxes refundable.
In Nov. 1926 P. W. Chapman & C o., Inc., sold $1,250,000 series “ A ” at
102 and int., to yield about 5.83% . V. 123, p. 2654, 2777.
Notes.— The General Telephone Co. 1-year 5% collat. trust gold notes dated
Nov. 1 1926 are secured by deposit o f all the common stock (except direc­
tors’ shares) of the subsidiary companies. Red., whole or part, on any
int. date on 30 days’ notice at 100 and int. Penn, and Conn. 4-mills,
Mich. 5 mills and Mass. 6% taxes refundable. In N ov. 1926. Putnam
& Storer, Inc., and True, Webber & C o., Chicago, offered $1,750,000 of
these notes at 99 and int., to yield over 6% . V. 123, p. 2776. In May
1927, Hale, Waters & Co. and True, Webber & Co. disposed o f $800,000
additional 5% coll. tr. gold notes at 99 and int., to yield 6% . V. 124,
p. 3207.
EARNINGS.— For cal. year 1926: Gross, $675,673; net after exp., maint.
and taxes, $348,064; int. charges, $200,953; balance, $147,111.
OFFICERS.— Pres., J. B. Lockwood; V.-Pres., Fred Mathews; Sec. &
Treas., Wallace O. Dodd. Office. 231 So. La Salle St., Chicago. 111.—
V. 123, p. 2776; V. 124, p. 1066, 2120, 3207, 3495.

MUTUAL TELEPHONE CO. (ERIE, PA.).
ORGANIZATION.— Incorporated in Pennsylvania In 1897.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Co. supplies without competition automatic telephone service to the city of
Erie, Pa. (127,000 population) and serves the towns of Girard, Union City,
Corry and Northeast, Pa., and intervening and adjoining territory. Oper­
ates 24,974 subscribers’ stations and 9 central stations, interconnected with
31,680 miles of aerial wire and 39,182 miles of underground wire. Franchise
in the City of Erie is without time limit.
Co. purchased as of April 1 1926 all the properties of the Beil Telephone
Co. of Pa. in Erie County, Pa., with the exception of one central station
with its equipment and connections, through which toll connections to and
from points outside of Erie County, Pa., are made by the Bell Telephone
Co. of Pa. under a contract with Mutual Telephone Co. After this acquisi­
tion, ce. does the entire telephone business in the territory in Erie Co,,
formerly served by both companies. Y. 121, p. 839.

Oct ., 1927.]

Date. Interest.
Outstanding. Maturity.
STOCK A N D BONDS—
...............$ 1 ,9 9 3 ,6 5 0
See text
Common $2,000,000 ($50)----- .......
1st M $10,000,000 ($1,000- Erie Trust C o., Erie, Pa., trustee.
$500 c*&r*)______ _____ tf
1925 5 g A-O
1,200,000 Oct 11945
Series A __________________
500.000 Oct 1 1945
Series B __________________ , 1926 5 g A-O
Bonds.— The first mortgage 5% gold bends are secured by a direct first
mortgage on all property of the company, including land, buildings, equip­
ment, conduits and franchises, and by a direct lien on after-acquired prop­
erty subject to existing liens. Additional bonds may be offered for not
more than 75% of new construction, &c., provided net earnings for 12 out
o f preceding 15 months are at least twice annual interest charges on all 1st
mtge. bonds, incl. new issue. Series A , dated Oct. 1 1926 and Series B,
dated Oct. 1 1926 are redeemable whole er part (by lot) on 30 days’ notice
on Oct. 1 1930, and to and incl. Oct. 1 1935, at 105 and interest; there­
after at a price successively decreasing M % each year until maturity, when
they are payable at par. Free from Penn. 4-mills tax. In Aug. 1925
R. F. De voe & C o., Inc., New York, sold $1,200,000 at 100 and int. V.
121, p. 839.
In Sept. 1926 the same bankers sold $500,000 series B dated Oct. 1 1926
at 100 and int. V. 123, p. 1504.
Dividends.— Cash dividends at the annua] rate o f 6% per annum have
been paid on the common stock since Jan. 1 1898. In addition, 7 stock
dividends o f 25% each were paid. V. 121, p. 839.
EARN IN G S.— For 12 mos. ended June 30:
Total Net after
Revenue. Taxes.
Interest. Deprec.
Divs.
Surplus.
1926- — .............$944,2S9 $401,412 $72,245 $189,492 $119,568 $20,107
1925__________ 605.693 271,413 25,040
115,329 105.451
25.593
OFFICERS.— Pres.. A. A. Culbertson; V .-P., J. C . Spencer; Sec. & Gen.
M gr., John Z. Miller; Treas., A. W. Hayes; Aud., O. F. Tess, Erie, Pa.—
V. 121, p. 839; V. 123, p. 1504: V. 124, p. 1667.

TRI-STATE TELEPHONE & TELEGRAPH CO.
ORGAN IZATION .— Incorp. in Maine in 1903.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns and operates without competition a telephone exchange and toll
system in 38 counties in southern Minnesota having a combined n o pula tioc
of about 1,000,000. Operates 34 exchanges and as o f Aug. 31, 104,535
owned stations, 5.159 operated by sub. cos. and 97.710 connecting stations
Total pole mileage, 5,829; miles o f exchange and toll aerial wire, 109,511;
underground wire mileage, 303,135. Principal cities served are St. Paul,
Winona, Faribault, Owatonna, Austin, Albert Lea, Rochester and Red
Wing. Through an agreement with the Northwestern Bell Telephone Co.,
the toll and long distance lines o f the Bell system are available for all sub­
scribers of company.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
Common $10,000,000 ($10)— ------ -------------- $5,000,090
See text
Pref 6% cum $10,000,000($10)___
6 Q-M
5 730 110 Aug’27.1 M%
1st & ref mtge Ser “ A ” ($100,1 1922 5K g M -N 5.000,000 May 1 1942
$500 & $1,000) gold_ c*tf (Harris Tr. & Sav. Bank, Chicago, trustee.
_
Twin City Tel stock assumed— ------------------134,390 __________
Stock.— Pref. is call, all or in part at 110 & int. on 60 days’ notice.
Bonds.— 1st & Ref. (.nowfirst) Mtge. Ser. “ A ” 5 Ms are red. on any int .date
from M ay 1 1932 to & incl. M ay 1 1933 at 105 & int., thereafter decreasing
l % each 12 months, int. payable at office of Harris Trust & Sav. Bank,
Chicago, and at Harris, Forbes & Co., N. Y . Penna. 4-mill tax refunded.
In M ay 1922 Harris, Forbes & Co. offered $4,500,000 1st & ref. mtge. Ser. A
5Ms at 1021-2 & int., to yield about 5.30% . V. 114. p. 2250. An addi­
tional $250,000 ser. A 5 Ms were sold in July 1924 at 102.05. In Aug. 1927
an additional $250,000 1st & ref. mtge. bonds were sold by Wells Dickey
Co. of Minneapolis and Merchants Trust Co., St. Paul. Y. 125, p. 1326.
Dividends—
’03-’ 08. ’09-’ 15. T6-'21. ’22-’24. '25 ’26.
Preferred--------------------------------- 6%
6%
6%
6%
6%
6%
Common______________________ None x6% None
8%
9%
9%
x In 1912, in addition to the regular dividend o f 6% on common a stock
div. of $400,000 (equal to 10% on the outstanding com.) was paid.
EARNINGS.— For calendar years:
1926.
1925.
1924.
1923.
Telep. oper. revenues— $5,354,152 $5,165,320 $4,874,051 $4,686,068
Tel. op. exp. (incl. depr.)
3,460,076
3,327,280
3,174,592 3,148,853
Net revenues________ $1,894,077 $1,838,040 $1,699,459 $1,537,215
Uncollectible oper. revs.
15.011
13,313
15,031
7,503
Taxes assign, to o p e r ...
393,000
371,327
356,793
274^238
Operating income____$1,486,065 $1,453,400 $1,327,636 $1,255,473
Non-operating incom e..
110,962
107,665
112,795
126,547
Gross income...$ 1 ,5 9 7 ,0 2 7
$1,561,065 $1,440,431 $1,382,021
Deduct— Rents, &c----$189,367
$180,558
$170,511
$193,821
Int. on funded d e b t..
273,675
287,100
284,946
285,000
Other interest_
11,531
11,942
12,024
12,157
Amortization, &c_ ______ 4,107_______ 4,456
_
o,713
6.198
Net income-----------------$1,118,347 $1,077,009
$967,237
$884,846
Pref. divs. (6 % )----------343,764
342,425
327,8i7
327,633
Common dividends------- (9%)450,000 (9)406,7t0 (8)36..,520 (8)361,520
______ ________ _ 100,000
_
____
____
Balance_____________
$224,583
$327,874
$277,900
$195,693
OFFICERS.— Pres. & Gen. M gr., G. W. Robinson; V.-P. & Gen.
Counsel, C. B. Randall; Operating V.-P.. Geo. K. Gann; Sec.-Treas.. A. C.
Cragg; Asst. Sec.-Treas., C. B. Hall; Gen. Comm’l M gr., R. F. Wilder.
—V. 118, p. 1678; V. 120, p. 1587; V. 122, p. 483, 1457, 1918; V. 123, p. 86;
V. 124, p. 1823; V. 125, p. 1326.

(THE) WESTERN UNION TELEGRAPH CO., INC.
ORGANIZATION.— Organized under the laws o f New York State on
April 1 1851 and present name adopted in 1856.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Since incorporation the company has acquired and controls by purchase,
lease or stock ownership, some 535 telegraph corporations and properties,
o f which about 57 corporations maintain their corporate identity and
organizations. V. 97, p. 1903; V. 98, p. 301, 392, 615, 1076, 1998
On Dec. 31 1926 the capital stock of subsidiary cos. not owned by the
Western Union Telegraph Co. aggregated at par value only $1,771,400, viz.:
Companies controlled by perpetual leases, $1,341,600; companies controlled
by stock ownership, $429,800. The bonds of subsidiary cos. assumed or
guaranteed Dec. 31 1926 (see table below) aggregated $6,500,000, of which
$3,143,000 were held in W . U. treasury; balance, $3,3W ,000.
The “ deferred non-int. bearing liabilities,” as shown in balance sheet of
Dec. 31 1926, “ in respect of proceeds o f sales of securities and other proper­
ties held under leases for terms expiring in 1981 and 2010 from cos. in
which the W . U. Co. has, for the most part, a controlling int., payable only
on the termination of the leases.” aggregated $13 135,332.
Judgment of $2,452,628 for Louisville & Nashville RR. for Rentals.—
See V. 121, p. 1464. Is still pending on appeal.
Wage Increase.— Co. distributed $3,000,000 in increased wages from
■fan. 1 1926 for land-line employees earning less than $3,000 a year. See
V. 121,p. 2401.
On April 19 1926 authorized capita] stock was increased from $100,000,000
to $105,000,000, par $100, the additional $5,000,000 to be sold to employees.
For particulars see V. 122, p. 2194.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Stock $105,000,000 ($100)-------------8 Q-J
$99,786,530
See text
Coll tr bonds ($1,000)_c*ntf\ 1888 5 J-J
8,745,000 Jan 11938
/Bankers Trust C o., N . Y ., Trustee.
Fund & real est M $20,000,-1 1900
4MgM-N 20,000,000 M ay 1 1950
000 ($1,000 &c) g .-cA rn tf/F arm ers’ Loan & Trust C o., N .Y ., Trustee.
15-year bonds $15,000,0001 1921
6M g F-A 15,000,000 Aug 11936
($500 &c) gold c * * r* n tf fChase National Bank. N Y ., Trustee.
25-yr 5% g $25,000,000 ($ l,-f 1926 5 g J-D
25,000,000 Dec 11951
000, $500 c*&r*)------- ntf\Chase National Bank, New York, trustee.
Real estate mtges___________ _____
________
549,020 - - ___
Mutual Un Tel Co 1st M (ext) 1 ___
5g M N
1,851,000 May 1 1941
guar p & i ($1,000)----- ntf/C entral Union Trust Co , N. Y ., Trustee.
Northwest Tel Co 1st M (ext) 1 ---4M J-J
1,500,000 Jan 11934
guar p & i ($500)------- ntf/Equitable Trust C o., N. Y ., Trustee.
Stock.— For stock sold to employees, see V. 123, p. 3186; V. 124, p. 1068.
Listed on N. Y . Stock Exchange




11

TELEPHONE AND TELEGRAPH

Bonds.— On Dec. 31 1914 the following stocks (par value) were pledged
for the collateral trust bonds: Gold & Stock Telegraph, $1,111,800; Inter­
national Ocean Tel., $1,961,500; N . Y . Mutual Tel.. $2,387,700; Maine
Telegraph C o., $111,000; Washington & New Orleans Teleg. C o., $30,000,
and bonds. Mutual Tel. 6s, $3,143,000. Int. at office of Treasurer, 195
Broadway, New York City.
Int. on the funding and real estate 4 Ms payable at the office o f Treasurer,
195 Broadway, N . Y . City. V. 70, p. 384, 1203; V. 71. p. 750; V . 74,
p. 785; V. 78, p. 1451; V . 80, p. 226; V. 97, p. 1827.
Int. on the 15-year 6M % bonds payable at office of Treasurer, 195
Broadway, New York City.
While any of the 25-yr. 5% g. bonds, dated Dec. 1 1926, are outstanding
co. may not create any new mortgage (other than purchase money mtge.)
or charge upon all or any part o f its real estate or telegraph plant, or upon
the securities of subsidiary cos. held by it, unless these bonds are expressly
and ratably secured by such mortgage or charge. Red. as a whole on any
60 da vs’ notice, on Dec. 1 1936, or on any subsequent int. date to and incl.
Dec. 1 1946 at 105 and int., and thereafter at 100 and int. plus a premium
equal to M % for each 6 months between redemption date and maturity
date. Prln. and int. payable without deduction for any tax or taxes
(other than Federal income taxes) which co., or trustee, may be required
to pay thereon or to retian therefrom under any present or future law o f
the U. S. of America or of any State, municipality or other taxing authority
therein. To be listed on N. Y . Stock Exchange. In Oct. 1926, Kuhn,
Loeb & Co. sold $25,000,000 o f these bonds at 100 and int. V. 123, p. 2263,
2393. Listed on N . Y . Stock Exchange. V. 124, p. 1068.
The Mutual Union Tel. Co. 1st 6s were originally 6s and matured M ay 1
1911, but have been extended for 30 years at 5 % . Guar. prin. & int. by
Western Union. Int. payable at office of Treasurer, 195 Bway., N . Y .
The Northwestern Tel. 1st 4Ms, originally matured in 1904 but have
been extended to 1934. Guar. prin. & int. by Western Union. Int. pay­
able at office of Treasurer, 195 Broadway, New York City.
Divs — 1908. 1909-13. 1914. 1915. 1916. 1917. 1918. 1919-25. 1926.
7 yearly
8
5M
Regular % 1 3 yearly 3M
4M
5
___
Extra _ .% 2 M s t._______ ___
1
M
In 1926, at rate of 8% per annum.
EARNINGS.— For calendar years:
1923.
1924.
1926.
1925.
$

$

Gross operating income.134,464,886 127,078.023 112,861.555 111,733.560
Net operating revenue.. 15,690.055 16.449,181 13,279,999 14,020,846
Inc. from loans & invest. 1,941,139 2,073,594
2,374,008 1,894,910
Net income................. 17,631,194
T'i'i <thiir?PTnpwt9— —

Bond interest__________
Appropriated for ocean
cable development_
_
Cash dividends ( 7 % ) ...
Adjustments (net)_____

2,426,145
______
7,980,700
788,418

18,522,775
2,336,516

15,654,007 15,915,756
2,317,325

2,306,850

5,200,000
1,000,000
2,000,000
7,232,457
6.982,929 6,982,797
279,911 D r.188,432 Cr.334,060

Balance, surplus_____ 6,435,931 x3,473,892
5,165,321
4,960,169
x Does not include $4,514,192 profit from sale of securities.
Miles of Miles of No. of
Receipts.
Profits.
Year—
Poles. Wire, &c. Offices. Messages.
$
$
183,832 7,072 18,729,567 10,034,984 3,399,510
1876_______ 73,532
1893________189,936
769,201 21,078 66,591,858 24,978,443 7,496,037
1916_______ 208,474 1,627.342 25,234 Not stated 63,621.601 14,893.679
1920________214,233 1,449.710 24,881 Not stated 121,473,686 14,634,972
1923
_214,318 1.557.399 24,678 Noo stated 113.628.470 15,915,756
1924
_214.431 1.593.963 24.478 Not stated 115.235.563 15.654,007
1925.7111111213,763 1.'635.'236 24.428 — ............. 129,151,617 18,522,776
Latest Earnings.— For 6 mos. ended June 30:
1927.
1926.
Gross revenue, incl. divs. and interest___________ $66,046,044 $66,502,908
Net after maint., depreciation and taxes_________ 9,116,495
8,342,809
Interest charges________________________________
1,794,162
1,168,883
Balance___________ __________________________ $7,322,333 $7,173,926
DIRECTO RS.— Newcomb Carlton (Pres.), Oliver Ames, Vincent As tor,
Henry A. Bishop, Ohauncey M . Depew, R. S. Lovetu, Donald G. Geddes,
Chauncey Keep, Paul M . Warburg, Henry Tatnall, Howard Elliott,
Geo. W. Davison, Charles B. Seger, Edwin G. Merrill, Henry W. deForest,
William Fahnestock, Percy A. Rockefeller, William K. Vanderbilt, Morti­
mer L. Schiff, William H. Truesdale and Albert H. Wiggin. Sec. Is
Andrew F. Burleigh; Treas., G. K. Huntington. Office, 195 Broadway,
New York.— V. 122, p. 349, 1458, 2030, 2075, 2194; V. 123, p. 326, 1384,
1998, 2263, 2393. 2780. 3186; V. 124, p. 375, 1068, 1363,1968,1982.2284.
2592; V. 125, p. 388, 2150.

AMERICAN

DISTRICT

TELEGRAPH

CO.

(N. J.).

Control.— Over 75% of the common stock is owned by The Western
Union Telegraph Co.
ORGANIZATION.— Incorporated in 1901.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Company supplies to banks, industrial and mercantile plants, &c., a
large part of the electric protective alarm systems in many of the principal
cities in the U. S. The service consists in the Installation and supervision
of electric fire, burglar, night watch and automatic sprinkler alarms.
Serves upward o f 22,000 subscribers in over 225 municipalities.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 200,000 shs (no p a r ) . ____
_________ 99,653 shs. Ju ly’27 75c.
7 % conv cum preferred ($10,-\
000,000 ($100)__________ ’. / • ____
7 Q-J
$9,965.350July’2 7 1 M %
Purch money obligations__________
_________
68,958 --------------Change of Capital Stock.— On July 15 1925 stockholders changed the au­
thorized capital from 100,000 shares' of common stock (par $100) to 100,000
shares of 7% pref. stock (par $100) and 200,000 shares of new no-par com­
mon stock. One new pref. and one new no-par common share was issued
in exchange for each old share o f stock outstanding. V. 120, p. 2939. 3184
Stock.— The 7% conv. cum. pref. stock is preferred as to cum. divs. and
assets ($100 and div. in case of involuntary, and $110 and div. in case of
voluntary liquidation). Red. after July 15 1928 as a whole or in part upon
60 days’ notice at $110 and divs. Is non-voting except in case of default
of 4 quar. divs. Holders have no right to subscribe to new shares of any class.
Consent of 2-3 of outstanding pref. stock is required (a) to increase the pref.
stock or create any stock having preference over it; (6) to transfer the prop­
erty and business of corp. as an entirety; (c) to make any distribution of
capital to common stock. An annual sinking fund of at least 2 M % of largest
amount o f pref. stock outstanding, for purchases of pref. stock, is provided.
Convertible into common stock at any time, share for share, up to 30 days
prior to date of redemption. 100,000 common shares (included in above
200,000 authorized) have been reserved for this purpose.
Dividends.— On the new no par common stock paid 75c. in Oct. 1925 and
also in Jan., April, July and Oct. 1926 and Jan. and April 1927 (previ­
ously paid on the $100 par common stock at the rate of 8% per annum).
On the pref., 1M % in Oct 1925 and in April 1926.
EARNING S.— For calendar years:
1926.
1925.
1924.
Gross operating revenue________________$7,233,302 $6,861,521 $6,538,055
Net after deprec., rents, taxes &c_______ 1,468,528
1,437,395 1,364,319
Dividends < interest receivable_______
v
114,111
112.894
97,707
Bond interest_________________________
712
3,020
11,287
Cr. 10,495 Dr.38,645 Cr.31,704
Adjustments (net)____________________
Dividends.________
977,988
884,526
722,419
Appropriation for redemp. of pref. stk.
249,133
114,186
------Balance, surplus____________________
$365,299 $509_,912 $760,024
OFFICERS.— Chairman of Board, Newcomb Carlton; Pres., Edward
Everett; V.-Ps., C. C. Johnson and Joseph Maxwell; Seo. & Aud., E. A.
Ward; Treas., G. K. Huntington.— V. 120, p. 326, 2144, 2939, 3184.

AMERICAN TELEGRAPH & CABLE CO.
ORGANIZATION.— Owns two cables between Nova Scotia and Ena
land. Leased until 1932 to Western Union, which pays rental of 5% oi
outstanding stock.
STOCK AND BONDS— Date.
Interest. Outstandina. Maturity
Stock $14,000,000 ($100)__________ 5 Q-M
$14,000,00(1 Sept 27 1 M

12

[V ol. 125.

PUBLIC U TILITIE S

OFFICERS.— Pres., Newcomb Carlton; V.-Ps.. G. W. E. Atkins and
J. C. Willever; Treas., G. K. Huntington; Sec., A. F. Burleigh. Office,
195 B'way, N. Y . City.— V. 117, p. 2656.

NEW YORK MUTUAL TELEGRAPH
ORGAN IZATION .— Successor to the Mutual Union Telegraph Co
The stock carries dividends o f 6% per annum under a lease for 99 years
from Feb. 10 1883 (with privilege o f renewal for 999 years from 1883) tc
Western Union Telegraph.
STOCK AN D BONDS—
Date.
Interest. Outstanaing. Maturity.
6%
$2,500,§00
See text
Stock $2,500,000__________________
Mutual Union Tel 1st 5s_____See descrip, under W . U. 9'. C o., In c .. abovf
OFFICERS.— Pres., Newcomb Carlton; V.-Ps., G. W . E . Atkins and
J. C. Willever; Treas., G. K . Huntington; Sec., A. F. Burleigh.— V. 93. p.
108.

NORTHWESTERN TELEGRAPH.

Owns 10,000 miles o f wire and is leased for 99 years from July 1 1881 tc
Western Union, which guarantees dividends at 6% on $2,500,000 stock
(par $50) and principal and interest on bonds.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity,
Stock $2,500,000 ($50)____________
6 J-J
$2,500,000 July’27$l .50
1st mtge guar prin & int (seel 1904
4M g J-J
1,500.000 Jan 1 1934
text) gold ($500)_________ (Equitable Trust C o.. N. Y ., trustee.
— V. 106, p. 710.

SOUTHERN & ATLANTIC TELEGRAPH CO.
ORGAN IZATION .— Leased to Western Union for 999 years from Oct. 1
1876 (which at last accounts owned $390,975 o f the $949,050 stock) and
stock guaranteed by rental 5% , payable A . & O.
FIELD OF OPERATIONS.— Company owns 3,778 miles of telegraph
wires running from Washington, D. C ., south and west through the States
o f Virginia, North Carolina, South Carolina, Georgia, Alabama and Florida,
and reaching such important cities as Richmond, Charleston, Charlotte,
Savannah, Atlanta, Augusta, Montgomery, Jacksonville, M obile, &c.—
V. 120. p. 332.
OFFICERS.— Pres., Newcomb Carlton; V.-Ps., G. W . E . Atkins and
J. C . Willever; Treas., G. K. Huntington- Sec., A. F. Burleigh.— V. 120, p.
332.

ALL AMERICA CABLES, INC.
Controlled through stock ownership by International Telephone & Tele­
graph Corp.
uivGAiN iZATlON .— lncorp. in N . Y . Feb. 1 1881 as Central and Soutl
American Telegraph Co. but name changed to All America Cables, Inc.
Mar. 10 1920. Owns the entire outstanding stock o f the Mexican Tele­
graph Co.
Bate reduction to South America, V. 125, p. 645.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— The
Co. owns, maintains and operates lines o f cable and connecting land lines
extending from the City o f New York to the Canal Zone, touching at
Santiago, Cuba, Santo Domingo and the Island o f Porto Rico, thence south­
ward through the South American republics on the west coast of South Amer­
ica to the Argentine Republic, thence through Uruguay, connecting with
Montevideo, to Santos and Rio de Janeiro in the Republic of Brazil, also
from the Argentine by direct cable to Rio de Janeiro, Brazil. The All
America Cable system comprises over 26,479 nautical miles of cables and
land lines, exclusive o f the Mexican Telegraph Co. V. 123, p. 3179;
V . 124, p. 789.
STOCK—Date. Interest.
Outstanding.
Last Div
Common $40,000,000 ($ 1 0 0 ) .-------------- ---------- $27,037,380 A p r ’27, 1J<
No funded debt
Stock.— Dividends payable from 89 Broad St., New York City.
D IV .
\ 1916. T7. T8. T9. ’20-’22. ’23. ’24. ’25. ’26.
1927.
C a s h ___ /6&3ex. 6
6 6 M 7 y r ly .
6
6
7
7 Jan.& A pr.,l% %
In stock: 1890, 20%: 1907. 25% : 1917, 46% ; 1922, 20%.
EARN INGS.— For calendar years:
Bal..Surv
Total Inc. Net Income Fed.Tax. Dividends.
$499,587 $1,831,342 $1,555,235
1926_________ ________ x$3,946,164
1,887,613
1,921,271
361.508
4,170,392
1925
1.909,435
465.598
1,679.603
4,054,636
1924.........- ---------- ---------1,340,335
1,611,697
391,116
3,343,148
1923_________ $7,330,951
1,451,206
1,929,141
440,576
3,820,923
1922_________ 7,929,867
1,548,999 *1,706,795
660,000
4,672,124
1921_________ 8,867,229
2.514,90f
1.545,790
950,000
___________
__ _____
. . .
1 )20 ________ _ 9.664,901 5.010.696
x After elimination o f Mexican Telegraph Co. income April 1-Dec. 31
1926. * After deducting $756,330 inventory adjustment.
OFFICERS.— Chairman, W . Emlen Roosevelt; Pres., John L. Merrill;
Treas., Frank K . Warren; Sec., Henry de la Montagne Jr.; Comp., G. Lin­
coln Jost. Office 89 Broad St.. New York.— V. 121. o. 1458, 2872, 3001,
V. 122, p. 93, 1606. 1760, 2037, 3402; V. 122. p. 1501, 3179; V. 124, p.
789, 1217, 1356, 1663, 1817, 2117, 2276; V. 125, p. 645.

COMMERCIAL UNION TELEGRAPH CO.
ORGAN IZATION .— Postal Telegraph Cable Co. guarantees 6% (J.& J.)
on stock.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($ 2 5 )______________
6 J-J
$500,000
------------

INTERNATIONAL TELEPHONE & TELEGRAPH
CORPORATION.
O R GAN IZATION .— Incorporated under laws of Maryland June 16 1920.
The corporation’s most important interests and investments are as follows:
Spain.— Compania Telefonica Nacional de Espana; Cuba—-Corp. owns 98%
o f the com. stock o f the Cuban Telephone Co. Porto Rico—-The corp.

owns 98% of the com. stock of the Porto Rico Telephone Co. Mexico—
The Mexican Telephone & Telegraph C o., 92% of the capital stock of which
is owned by the corp. Chile— The corp. has recently acquired control of
the Chile Telephone Co., Ltd. Uruguay— In March 1927 the corp.
acquired control of the Montevideo Telephone C o., Ltd. The corp. owns
50% of the stock of Cuban American Telephone & Telegraph Co. (the
other 50% being owned by American Tel. < Tel. C o.). The entire capital
&
stock of the International Standard Electric Corp. was purchased by the
corp. from Western Elec. C o., Inc. The corp. also owns the entire capital
stock of Cotnpagnie des Telephones Thomson-Houston. In July 1927 ac­
quired a majority of the interest in Companhia Telephonica Rio Grandeuse
and in July acquired majority of stock of Sociedad Cooperativa Telefonica
Nacional. Through exchange of stock, approximately 96% of the stock of
All American Cables, Inc., was acquired by corporation. V. 124, p. 3628.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
The business o f the corporation, in accordance with the terms o f its charter,
is to carry on a general telephone, telegraph, cable and wireless business,
including the construction and operation of such communications, and the
manufacture and distribution of electrical equipment and businesses
incidental thereto in the States, Territories or dependencies of the United
States, except the State o f Maryland, and specifically to transact such
business in Cuba, Porto Rico and other islands of the West Indies, Mexico,
Central America, South America and Europe, as well as in any other foreign
countries.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Stock $250.000.000’($100) . . .
6Q -J
$96,296,667 O c t .’27. I K
25-yr deben bonds c* $1,000 <& 1927 4 « g J-J 35,000.000 July 1 1952
/
r* $1,000-$5,000-$10,000-.(National City Bank, N . Y ., trustee.
Bonds of Subsidiary Companies—
Cuban Telphone Co 1st mtge\ 1911
5 J-J
3,485,604 Jan 1 1951
(£20, <&c.)_____________ c*/In t. at Equitable Trust C o., N. Y ., trustee
Cuban Telephone Co first lien\ 1921
7K M-S
4,311,600 Sept. 1 1941
andrefSer“ A ” ($100,&c.)c*/Int. at National City Bank. N. Y ., trustee
Porto Rico Telephone Co. 1st 1 1914
6 J-D
823,200 Dec. 1 1944
mtge ($100. & c.)_______ c*(Interest at Royal Bank of Canada.
Stock.— Stockholders of record Feb. 24 1925 were given the right to sub­
scribe on or before April 1 1925 to 89,975 additional shares of capital stock
(par $100) at $83 a share. V. 120, p. 829, 1586. Stockholders of record
Sept. 15 were given the right to subscribe, incl. Oct. 1 1925, to 99,953 shares
of capital stock at par ($100) in the proportion of 1 new for each 3 shares
held, payable in full or by installments. V. 121, p. 1227. Stockholders
of record July 27 1926 were given the right to subscribe on or before Sept. 1
1926 for additional capital stock at $100 on the basis of one new share for
each two held. Subscriptions payable in full 2 or 3 installments. V. 122.
p. 3339; V. 123, p. 206. Stockholders of record Sept. 6 1927 were given the
right to subscribe to additional shares of stock on basis of 1 new share for
each 8 shares held. V. 125, p. 648.
The authorized capital stock was increased from $50,000,000 to $100.000,000 in Sept. 1925. V. 121, p. 1227. On Mar. 22 1927 increased auth.
capital stock from $100,000,000 to $250,000,000, par value $100. V. 124,
p. 1819.
The capital stock is listed on the New York, London and Havana Stock
Exchanges.
Bonds.—The 25-year 414 % gold debenture bonds dated July 1 1927, are not
subject to redemption prior to July 1 1947, but on that or any subsequent
int. date are red. at option of corp., as an entirety at 100% and accrued int.
These bonds are issued under an indenture whereby corp. agrees that, except
in the case of liens for purchase money or for security for short term loans or
for indemnities, the corp. will not mortgage or otherwise subject to a lien
any of its property without thereby securing these bonds ratably with the
obligations secured by such mortgage or pledge or lien. In June 1927
J. P. Morgan < Co., the National City C o., First National Bank and Bank­
&
ers Trust Co. sold $35,000,000 25-yr
% gold debentures bonds at 92
and int., to yield over 5.05% . V. 124, p. 3628. Listed on New York
Stock Exchange. V. '<25, p. 1192.
The 20-yr. o\4% conv. gold deben. bonds dated Sept. 1 1925 were called
for payment Sept. 1 1927 at 105 and int. V. 124, p. 3772; V . 125, p. 385.
The Cuban Telephone Co. 1st mtge. 5s are redeemable at 105 on any in­
terest date. $4,696,430 pledged as security for first lien & ref. 7H s.
Sinking fund, 1% per annum. Interest payable in New York, London,
Paris and Havana.
The Cuban Telephone Co. first lien & ref. 7K s are secured by pledge
of $4,696,430 first mtge. 5% bonds. Mortgage provides for semi-annual
sinking fund of 1% . Redeemable, all or in part, on any interest date on
30 days’ notice at 10734 and interest, between Sept. 1 1931 and Sept. 1
1936, both inclusive, and at 105 and interest thereafter to maturity. For
earnings 1925 of Cuban Telephone C o., see V. 123, p. 82.
The Porto Rico Telephone Co. first mtge. 6s are redeemable as a whole
at 105 and int., or in part, through sinking fund at 105 and int. Mortgage
provides for sinking fund of 1 % from 1918 to 1920, 134 % . 1921 to 1925, and
2% thereafter. For 1926 cal. year earnings of Porto Rico Telephone C o.,
see V. 124, p. 2908.
Dividends.— Initial dividend of 134 % was paid in Oct. 1920; since to and
incl. Oct. 1927 paid 134% quar.
EARNINGS.— Consolidated income account for calendar years:
*1927.
1926.
1925.
1924.
Earnings_______________$17,130,463 $22,680,845 $17,036,999 $5,841,161
Expenses______________ 9,654,483
11,615,603
8,953,362 3,021,255
Net earnings_________ $7,475,980 $11,065,242 $8,083,637 $2,819,906
Charges of associated cos 1,057,135
2,585,036
1,975,094
889,843
Interest on debentures. _ 682,496
1,375,000
1,440,315
____
Divs. paid or accrued_
_
2,672,7791,727,232 1,303,373
Balance, surplus_____$5,736,350
$4,432,427 $2,940,996
$626,690
* For 6 months ended June 30 1927.
OFFICERS.— Pres., Sosthenes Behn; Exec. V .-P ., Hernand Behn; V.-Ps.,
P. K. Condict, J. L. Merrill, C. I. Parraga, F. W. Phelan, D. E. Pingree,
L. J. Procter and M . C. Rorty; V.-P. & Treas., H. B . Orde: V.-P. & Gen.
A tty., W . H. Pitkin: Vice-President & Chief Eng., J. L. McOuarrie;
Comptroller, E. F. Chinlund; Secretary, L. N . Rock; Gen. Counsel,
G. H. Gardiner; Asst, to the Pres., G. A . Ogilvie. Offices, 41 Broad St.,
New York, and Havana, Cuba.—V. 121, p. 977, 1227, 1788, 2038, 2750,
2637; V. 122, p. 348, 610, 883, 1455, 2650, 2799, 3339, 3468; V. 123, p. 206,
324, 1113, 1251, 1634, 1762, 3319; V. 124, p. 1219, 1359, 1510, 1665, 1819,
2120, 2279, 2907, 3066, 3345, 3495, 3628, 3772; V. 125, p. 385, 648, 1052,
1192, 1460, 1579.

(THE) MACKAY COMPANIES.

EDW ARD B. SM ITH & CO.
Members
New York, Philadelphia and Boston
Stock Exchanges
New Y o r k




P h ila d e lp h ia

B o sto n

ORGANIZATION.— A voluntary association formed under trust deed
of Dec. 19 1903 and managed by 9 trustees, elected annually. Present
trustees are: Clarence H. Mackay, F. L. Polk, M . W . Blackmar, Charles
H. Sabin, Lewis L. Clarke, William J. Deegan, John Goldhammer (New
York), Charles R . Hosmer (Montreal), F. G. Osier (Toronto). In Aug.
1927 purchased the Federal Telegraph C o.’s communication system. V.
125, p. 1193.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns entire $25,000,000 stock of Commercial Cable Co. and the entire
capital of the Postal Telegraph system; also capital stock in other cable,
telegraph and telephone companies in United States, Canada and Europe.
See V. 84. P. 44«: V 85, p. 407: V. 86. p. 476: V. 89. p . 848. Rights ol
stock, V. 84, p. 870. A new transatlantic cable of the heaviest type ever
laid was completed between New York and Havre, France, via Canso,
Nova Scotia, and the Azores Islands, during 1923.
in Aug. 1922 entered into a cable alliance with All America Cables, Inc
V . 115, p. 1106. In Sept. 1922 entered into an agreement with Radio Corp
o f America. V . 115. p. 1329.
Contract with Mexican Government to render a competitive telegraph
and cable service into and out of Mexico entered into in the early part of
1926. see V. 122, p. 1608 under “ Commercial Cable C o.”
STOCK—
Date. Dividends. Outstanding. Latest Die.
Common $50,000,000 ($100)_______
Q-J
$41,380,400 Oct ’27, 1H
Preferred 4% cum $50,000,000
\
($100)________ _____ ____________/ 4 Q-J
50,000,000 O c t ’ 27, 1%
Stock.— Preferred is redeemable at 106.
Dividends—
J ’07-T0. ’ 10-T6. T7. ’ 18-’22. ’23. ’24&’26
Op cnpimnn
___ _ .% i 4 v ’rly 5 y ’rly 5M 6 y ’rly 7&10ext. 7
EARNINGS.— For calendar years
1924.
1923.
1926.
1925.
Receipts________________ $4,922,811 $4,801,207 $4,787,286 $4,898,564
292,489
173,955
Oper. exp.. Fed. tax.,&c.
296.640
184,937
4,596,502
4,601.561
4,605.701
Dividends paid________ 4,611,111
Balance, surplus_____

$15,060

$10,569

$11,770

$9,573

Oct., 1927.]

The policy o f the Mackay Companies is to take only sufficient moneys
from the Commercial Cable-Postal Telegraph Cos., which, added to the
income and profits o f the Mackay Companies from its other investments,
will enable it to pay its dividends and expenses. Annual report of co. for
1926 states that current assets o f companies aggregate $24,000,000, while
the current liabilities aggregate $2,500,000.
OFFICERS.— Pres., Clarence H. Mackay; V .-P., George V. McLaugh­
lin; V.-P. & Sec., W m. J. Deegan; Treas., Milton W . Blackmar. Offices,
100 State St., Boston, and 253 Broadway, New York.— V. 119, p. i402;
V. 120, p. 957. 2545, V. 121, p. 458, 1101, 1569; V. i22, p. i026, 1917;
V. 124, p. 1066, 1360, 1979; V. 125, p. 1193, 1837, 1971.

ASSOCIATED TELEPHONE UTILITIES CO.
ORGANIZATION.— Incorporated in Delaware.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Co. controls through stock ownership a group of public utility properties
serving without competition a total population in excess of 230,000 in
California, Wisconsin and Illinois. The subsidiary cos. are engaged pri­
marily in the telephone business, operating a total of 40,961 stations having
toll connections with the Bell System. The California territory includes
the cities o f Long Beach (population about 125,000) and San Bernardino
(population about 37,000).
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
Common 100,000 shs.(no p a r ) . ____
_______
32,300 shs.
$7 cum prior pref 50,000 shs.
(no par)___________________ _____
$7 Q-M
16,253 shs. __________
15-yr conv debt ser A ($1,000-/ 1926
6 M-S
$1,387,500 Sept 1 1941
$500c*)________________ tf\Cont’l & Com’l Tr. & S. Bk., Chicago, Trus.
Commonwealth Tel Co 1st M _ ____
5A
318,500 April 2 1945
Associated Tel Co mtge & coll/ 1920
6 F-A
1,569,000 Aug 1 1950
tr ($l,000c*)___________ tf[T itle Ins. & Trust Co., Los Angeles, Trus.
Min stocks in hands o f p u b l i c .____
_______
179,975 .................
Huntington Beach Tel 1st mtge
12-year----------------------------- -----6%
42,500
On Sept. 24 1926 increased its authorized capital stock from 120,000 to
200,000 shares, no par value, to consist of 50,000 shares prior pref., 50,000
shares pref.. and 100,000 shares common stock.
Stock.— The $7 cum. prior pref. stock is preferred as to both assets ($115
in voluntary liquidation) and cum. divs. over common stock. Red. on 30
days’ notice at $115 & divs. In Sept. 1926 Paine, Webber & Co. offered
10.128 shares at 98 and divs., to yield 7.14%. V. 123. d . 1630, 1873.
Debentures.— The 15-year conv. gold debentures series A dated Sept. 1
1926, are convertible at any time prior to redemtpion or maturity into no
par value $7 cum. prior pref. stock upon basis of one share of stock for
each $100 of debentures. Red. at any time, all or part, on 30 days’ notice
at 105 to and incl. Sept. 1 1936 and thereafter at 1 % less each succeeding
year or portion thereof, plus int. in all cases. Int. payable in New York
and Chicago. Penn., Conn, and Calif. 4-mills and Mass. 6% taxes re­
fundable. In Sept. 1926 Paine, Webber & Co., New York, and Mitchum.
Tully & Co., San Francisco, sold $1,500,000 6% series A at 99 and int
V. 123, p. 1630, 1873.
EARN IN G S.— For calendar year 1926:
G ross______________________________________________________ $1,268,974
Net after expenses, maintenance and taxes____________________
651 534
Interest, amortization, &c___________________________________
269,501
Balance
$382,033
OFFICERS.— Pres., Marshall E. Sampsell; Vice-Pres., S. L. Odegard
and Morris F. La Croix; Sec. & Treas., Leroy J. Clark.— V. 123, p. 1630,
1760, 1873.

PENINSULAR TELEPHONE CO.
ORGANIZATION.— Incorp. in Florida April 49 1901. In Oct. 1923
acquired the property o f the West Coast Telephone Co. o f St. Petersburg,
Fla.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns and operates, without competition, the central station telephone
systems in Tampa, St. Petersburg, Port Tampa and 18 surrounding cities
and towns, all o f which are connected by toll lines to the company. The
toll linas extend to 11 other nearby cities and towns o f South Florida.
Connections are made with the long-distance lines o f the Southern Bell and
the American-Tel. & Tel. Co. under contract. Population served, includ­
ing St. Petersburg, over 450,000. On Dec. 31 1926 operated 50,403 tele­
phones.
STOCK AND BONDS—
Date.
Interest
Outstanding. Maturity
Common ($100)....................................................
$2 377,500 Oct '27,1%
Pref 7% cumul Ser A ( $ 1 0 0 ) ..____
7 Q-J
3,500.000 Aug ’27.1 %
Ftrst mtge g bonds $5,000,000 f 1926 5M g J-J
5,000,000 Jan 1 1951
Sl series ($1 ,OO0, $500 c*,{American Exchange Irving Trust Co. of
A
$1,000, $5,000, $10,000 r)tf l N . Y . City, trustee.
10-yr. conv. deb bds Ser A / 1924
6)4 g A-O
348,500 Apr 1 1934
($500 & $1,000) g o ld ._ c* tflin t, at Bankers Trust C o., N. Y . trustee
Total capita] stock authorized (pref. and common) is $10,000,000.
Stock.— Total authorized capital stock is $10,000,000. The preferred
stock is preferred as to assets and dividends red. all or in part on any div.
date on 60 days’ notice at 110 & divs. Has no right to vote except if prefer­
red dividends equal to 12 months accrued dividends are in arrear, in which
event it becomes entitled to the same rights as to vote or consent as the
common stock. In Nov. 1923, $300,000 7% cumul. pref. series A was
offered by Coggeshall & Hicks, N. Y ., at 100 & div., and $1,250,000 in
April 1925, also at 100 and div. V. 120, p. 2270; V. 117, p. 2002. In Nov.
1926 Coggeshall & Hicks, and Bodell & Co. offered $1,200,000 add'l 7%
cum. pref. series " A ” at 103 & divs. to yield 6.79% . V. 123, p. 2778.
Bonds.— The first mtge. gold bonds are secured by direct first mortgage
on all o f the fixed assets o f the compan y with the exception only of a few
minor parcels. The 5)4% series due 1951 is limited to $5,000,000. Add’l
bonds o f this or other series o f such tenor as directors from time to time
may determine, may be issued for (n) refunding purposes, (6) against
cash deposited with trustee, (c) for 80% of additions, new construction,
&c., and provided net earnings for twelve consecutive months have been
at least two times annual interest charges on all outstanding first
mortgage gold bonds, including new issue. A sinking fund of 1 % per
annum, payable semi-annually, commencing June 1 1927, is to be used
to purchase these bonds at or below 102 and interest for this 534% series,
due 1951, otherwise the moneys may be used to reimburse the company for
properties for which additional bonds might otherwise be issued. Callable,
whole or part, on or before Jan. 1 1949 at 105 and interest, thereafter at
100 and interest on 30 days’ notice. In Dec. 1925 Coggeshall & Hicks and
Bodell & C o., New York, offered $3,500,000 at 100 and int. V. 121, p. 3132.
In June 1926 the same bankers offered $1,000,000 additional 5)4% series at
101)4 and int., to yield over 5.40%. V. 122, p. 3607, and in Nov. 1926
offered an add’l $500,000 at 101 and int.
10-year conv. deb. 6)4% bonds. Series A, are convertible into common
stock at the option o f the bondholder before Apr. 1 1931 on the following basis:
The first $450,000 principal amount o f debenture bonds to be presented
for conversion will be converted on the basis o f ten shares of stock for
each $1,000 bond, the next $450,000 on the basis o f 9)4 shares for each
$1,000 bond, and the next $350,000 on the basis o f 9 shares for each $1,000
bond. Are redeemable all or part on any interest date on and after Oct. 1
1926 upon 30 days’ notice at 105 up to and including April 1 1929, and
thereafter at 100 plus 34 o f 1 % for each full year or fraction thereof prior to
maturity. $1,250,000 Series A 6)4% conv. debentures were sold in June
1924 by Coggeshall & Hicks and Bodell & C o.. N. Y ., at 98 and int.. to
yield over 6 % % . V. 118, p. 2835. $901,500 has been converted into
common stock.
Dividends—
(T5. ’ 16. '17. '18. ’ 19. ’20. ’21. ’22. ’23. ’24. ’25. ’26.
On common, cash .% ( 2 3 4 6
6 6 6 ) 4 7 7 7
7
On common stock. % j . . . . . . . .
..
..
10 . . 20 _.
EARN IN G S.— For calendar years'
Net after DepreInterest Preferred
Gross
Maintenance.ciation. Charges.
Divs.
Balance.
1926______$2,287,855 $954,485 $365,957 $248,709 $171,831 $167,988
"925........... 1,690,644
600,754
244,823
82,285
114,360
159,286
}924.......... 1,161,653
452,369
200,454
74,647
51,518
125,750
1923______
852.058
372.157
171.390
62,897
25.998
111.872




13

TELEPHONE AND T E LE G R A PH

OFFICERS.— Pres., W . G. Brorein; V .-P . & Gen. M gr., C. D. Broreinj
V .-P ., J. A. Griffin; V .-P ., Bigelow Watts; Sec., J. L. Snyder; Treas.,
C. E. Archer; Asst. Sec., C. E. Wilson; Asst. Sec., A. H. McLean; Asst.
Treas., J. H. Handley. Offices, Tampa, Fla.— V. 118, p. 2835; V. 120.
p. 2720. 3315; V. 121, p. 3005, 3132; V. 122, p. 95, 3455, 3607; V. 123, p.
2262, 2778, 2429, 2908.

RADIO CORPORATION OF AMERICA.
ORGANIZATION.— Incorp. In Oct. 1919. Has contracted to use and
sell the patented radio, &c., devices of the General Electric Co. and Westinghouse Electric & M fg. C o.: also acquired all the property of the Marconi
Wireless Telegraph Co. of America (except its manufacturing plant, which
was sold to the General Electric Co.) its claims against the United States
Government and claims against individuals on infringement account. V.
109, p. 1704. The plan was ratified by the stockholders of the Marconi
Wireless Telegraph Co. of America on N ov. 20 1919 and the latter company
was dissolved.
Suit against E. B. Latham & Co. to recover damages and profits because
of sales of Atwater-Kent receivers settled. V. 125, p. 781, 915.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates international radio communication circuits with (1) Great
Britain, (2) Norway, (3) Germany, (4) France, (5) Italy, (6) Poland,
(7) Japan, (8) Hawaii, (9) Hawaii-Japan, (10) Argentina, (11) Sweden,
(12) Dutch East Indies, (13) Brazil, (14) Holland, (15) French Indo-China.
In Nov. 1924 the Philippine Legislature granted to corporation a concession
for the erection o f a trans-oceanic station at Manila. V. 120, p. 2679.
Sells patented radio devices in U. S. and various other countries.
Operates broadcasting stations in New York City, Washington, D. C.,
and Bound Brook, N. J. Compare V. 123, p. 844. Corp. purchased
broadcasting station W EAF in New York City, from American Tel & Tel.
Co. It incorporated National Broadcasting Co., Inc., which operates
station W EAF (Pres., M . H. Aylesworth). V. 123, p. 1505. The new
trans-oceanic communication station of the company at Rocky Point,
L. I., said to be the most powerful in the world, was opened for public
use on Nov. 5 1921. V. 113, p. 2087, 2625. Other trans-oceanic com­
munication stations are located at Riverhead, L. I.; Chatham and Marion,
Mass.; Belfast, M e.; New Brunswick and Tuckerton, N . J.; Bolinas and
Marshall, Calif., and Kahuku and Koko Head, Hawaii. The co. owns and
operates a number o f marine coastal radio stations for communication with
ships at sea, the marine station at Chatham, Mass., being the most powerful
marine station on the Atlantic Coast.
In Sept. 1922 entered into an agreement with the Postal Telegraph Cable
Co. for use of the latter’s land line system all over the United States for the
collection and delivery of trans-Atlantic radio messages. V. 115. p- 1331.
Announced in Aug. 1921 that the co. had acquired control o f all the coastal
stations of the International Radio Telegraph Co. V. 113, p. 1061, 1162.
STOCK AND BONDS—
Date.
Interest Outstanding. Maturity.
Common 1,500,000 shs (n o p a r )____
_________ l,155,400shs. __________
Pref stock 7% cum Ser f‘A ”
$25,000,000 ($50) _________ ___
7 Q-J
$19,779,870 O c t ’27. 1*4
Stock.— The stockholders on M ay 6 1924 amended the charter o f the cor­
poration so as to reduce the number of shares of auth. pref. stock from 5.000,000 (par $5) to 500,000 (par $50) and the auth. no par value common stock
from 7,500,000 to 1,500,000 shares. The 7% cum. ser. A pref, stock, for
which the old pref. was exchanged at the ratio o f 10 shares for one share
of the new stock. The old common stock was exchanged at the ratio of
5 shares for one share of the new or “ A ” common stock. The “ A " common
stock and the “ A ” preferred are listed on the New York Stock Exchange.
Dividends.— Preferred dividends are being paid regularly. N o common
dividends have been paid.
EARN ING S.— For calendar years:
1926
1925
1924
1923
Gross sales.......................$56,009,608 $46,251,786 $50,747,202 $22,465,091
From trans-oceanic com­
3,358.584
3.191,559
munication__________ 3,599,686 3,418,179
From marine service____
828,168
735,179
742,345
738,140
Total gross in com e...$60,437,462 $50,405,144 $54,848,131 $26,394,790
Deduct— Gen. oper. and
admin, exp., depr. &
cost o f sales............. .. 53,568,666 45,431,937 45,838,398 21,833,040
Balance_____________ $6,868,796 $4,973,207 $9,009,733 $4,561,750
Other income__________
498,304
763,999
493,709
176,024
Net income___________ $7,367,100 $5,737,206 $9,503,442 $4,737,774
pplied o.s follows__
Res.for amort, o f patents
$944,590
$960,145
$989,907
$931,460
Reserve for Federal tax.
940,500
700,000
1,100,000
500,000
Proportion o f organlz’n
expenses written o f f . .
______
______
275,000
277.805
Amount written o ff for
losses, &c___________
______
______ xl ,356,357
______
Res. agst. foreign invest.
100,000
524,068
414,236
-----General reserve________
750,000
______
______
______
Amount written o ff con­
tracts, goodwill, &c__
______
700,000
626,699
______
Transferred to surplus..
3,263,745 2,852,993
4,741,242 3,028,609
x Including (1) $768,513 written off on account of a •• ained losses sus­
tained on investments in associated and subsidiary o panics taken over
from the Marconi Wireless Telegraph Co. of America) and (2) $587,844 set
aside for reserve against account due by Marconi Wireless Telegraph Oo.
of America.
Latest earnings for 6 mos. ended .Tune 30 1927: gross, incl. other inc.,
$16,755,540; net after expenses, deprec., amort, of patent, est. Fed. taxes,
& c., $552,366.
OFFICERS.— Chairman, Owen D. Young; Pres., James G. Harbord:
V.-P. & Gen. M gr., David Sarnoff; V.-P. & Gen. Attorney, Wm. BrownSec., Lewis MacConnach; Treas., Geo. S. De Sousa; Comp., Charles J.
Ross.— V. 121, p. 460, 1103. 1790. 2158. 2522: V. 122, p. 749, 2497, 2652:
V. 123, p. 583, 844, 1505, 2262, 1512, 1822, 2122; V. 124, p. 2591, 2750,
3773; V. 125, p. 96, 650, 781, 915, 1972.

W e Specialize in

Peninsular Tele]}hone
Company
(Florida)
A L L ISSU ES

C o g g esh a ll & H

ic k s

Members New York Stock Exchange
111 BROADW AY

NEW YORK

14

PUBLIC U TILITIE S

[V ol. 125.

Gas and Water Companies
LOCATED IN

U N ITED

CONSOLIDATED GAS CO. OF NEW YORK.
ORGAN IZATION .— Organized N ov. 11 1884 as a consolidation, and
in 1899-1900 secured control o f all the other gas cos. and of all the electric­
lighting properties in Manhattan, N . Y . City. V. 78, p. 105, 1964; V. 79,
p. 105. 629; V. 83, p. 1414; V. 84. p. 219; V. 86, p. 282; V. 92, p. 257; V. 97,
p . 240, 301; V . 112, p. 165. Franchise taxation, Y. 102, p. 253. The
N . Y . P. S. Comm, in Aug. 1922 granted the New York Mutual Gas Light
Co. permission to transfer its plant and system to the Consolidated Gas Co.
for $9,012,275. V. 114, p. 2725; V. 115, p. 190, 995, 1216. C o.’s controlled
companies are the following
Cons. Teleg. & Elec. Subway Co.
Astoria Light, Heat & Power Co.
United Elec. Light & Power Co.
New Amsterdam Gas Co.
Brush Elec. Illuminating Co. of N .Y .
East River Gas Co. o f L. I. City
N . Y . & Queens El. Lt. & Pr. Co.
Central Union Gas Co.
Bronx Gas & Electric Co.
Northern Union Gas Co.
Stand.Gas Lt.Co. of the City of N.Y . Westchester Lighting Co.
N. Y . & Queens Gas Co.
Northern Westchester Lighting Co.
New York Edison Co.
Peekskill Lighting & R R .
Yonkers Electric Light & Power Co. National Coke & Coal Co.
Edison Light & Power Installation
Municipal Lighting Co.
Co.
Tarrytown Terminal Corp.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.— The
co. directly and through its subsidiaries does the entire gas and electric light
and power business in the boroughs o f Manhattan, Bronx and in West­
chester County, and a large part in thr borough o f Queens.
For opening in Dec. 1926 of 20.000,000 cu. ft. gas plant at Hunts Point.
Bronx, see V. 123, p. 3181.
Gas Rates.— On Nov. 29 1926 the U. S. Supreme Court declared the N. Y.
State law o f June 2 1923. fixing a rate of $1 per 1,000 cu. ft. on gas furnished
in N. Y . City, confiscatory. The rate o f $1.15 per 1,000 cu. ft., which was
made effective Oct. 1 1922. was upheld as a consequence o f the Supreme
Court’s decision. It was stated that the litigation had cost the company
approx. $2,000,000 and that a total o f $15,500,000 which had been held
in suspense became available to the company as a result o f the decision.
V. 123. p. 2896. For history o f this rate litigation see “ Public Utility
Compendium” o f Oct. 30 1926. Compare also V. 118, p. 440; V. 120, p.
2145; V. 122, p. 1161; V. 124, p. 1211. Proposed new gas rates for heating
iled with P. S. Commission o f New York. V. 125, p. 779.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
4,320,000shs. June’27S1.25
8tock. 4,320.000shs (no par)______ Q-M 15
$5 pref 3,000.000 shs (no par)______
$5
1,200,000 shs A u g’27 $1.25
20-yr debentures ($500 &[ 1925
5H g F-A 50,000.000 Feb 1 1945
$1,000 c* & $1,000, $5,000-) Int. at National City Bank, New York,
& $10,000 r) gold--------------l trustee.
Bonds of Companies Controlled—
N Y E d -N Y G & E L H & P l
1898 5 g J-D
15.000.000 Dec 11948
1st Mtge $15,000,000 (11,-1
000) g _______________c*& rtlnt at Guaranty Trust Co, N Y , trustee
N Y Ed 1st lien & ref ser “ A '_ f
1921 6/4 A-O
30.000,000 Oct 11941
Series “ B " _______________/
1924 5 g A-O
30,000,000 Oct 11944
($500, & c)__________ c*&r*\lnt. at National City Bank, N. Y ., trustee
Purch money mtge $21,000,-1 1899 4 g F-A
20,888,600 Feb 1 1949
0<K ($1,000) gold_______ c* /In t at Central Union Trust Co, N Y , trus.
)
Edison Elec 1 1 N Y 1st cons) 1898
1
5 g J-J
2,188,000 July 1 1995
M $15,000,000($l,000)g_c*/Int at Guaranty Trust Co, N Y , trustee
United Elec Lt & Pow C o / 1921
614 A-O
30,000,000 Oct 1 1996
1st mtge_________________ (Int. at National City Bank. N. Y ., trustee
New Amster’m 1st cons $20,-1 1898 5 g J-J
10,633.950 Jan 1 1948
000.000 ($1,000 &c) g_c*&r/Central Union Trust Co., N . Y ., trustee
Bonds Assumed by New Amst G. Co.—
Equit G Lt cons (now l s t ) \ ____
5 g M-S
3,500,000 Mar 1 1932
M ($1,000) gold________ /In t. at Central Union Trust C o., N. Y ., tr.
N Y & E River Gas 1st M\ 1894 5 g J-J
3,500.000 Jan 1 1944
($1,000) gold________ c*/In t. at Guaranty Trust C o., N. Y ., trustee
1st cons M $5,000,000) 1895 5 g J-J
1,500,000 Jan 1 1945
($1,000) gold______c*/Irving Bank-Columbia Tr. C o., trustee
Standard Gas Lt 1st M $1,-1 1890
5 g M -N
1,195,000 M ay 1 1930
500,000 ($1,000) gold___ c/In t. at Bankers Trust Co., N . Y ., trustee
Westch Ltg 1st M assumed! 1900 5 g J-D
8,543,000 Dec 1 1950
$10,000,000 ($1,000) g —C*(Int. at Equitable Trust C o., N. Y ., trustee
N Y & W L gen M $10,000,-1 1904
4 g J-J
10,000,000 July 1 2004
000 guar p & i ($1,000) g_c* flnt. at Central Union Trust C o., N . Y ., tr.
Debentures$2.500.000guar| 1904 5 g J-J
2,500,000 July 1 1954
orin & int ($1,000) gold_ (Int. at Central Union Trust C o., N. Y .. trus
_
Nor Westchester Ltg Co 1st! 1905 5 g J-D
618,000 June 1 1955
cons $1,000,000($l,000)gc* flnt. at Equitable Trust Co., N . Y ., Trustee
Peekskill Ltg & R R .— See further below—
N Y & Queens El Lt & P lstl 1900 5 g F-A
2,350,000 Aug 1 1930
M $2,500,000($1,000)g-C*/Int. at Central Union Tr. C o., N. Y ., Trus.
N Y & Queens El Lt & Power/ 1927
5%
10,000,000 Mar 1 1937
10-year debentures________ /Int. at National City Bank.
N Y & Q Gas Co 1st & gen M\ 1904
5 g F-A
816.000 Aug 11934
$1,000,000 gold________ c* (Int. at Mech. & Metals Nat. Bk.. N. Y ., Tr.
Stock, A c .— All of the outstanding $15,000,000 6% particip. pref. stock
(par $50) was redeemed May 1 1927 at $56.25. V. 124, p. 643, 1978.
On Feb. 21 1927 stockholders increased the common stock from 3,600,000
to 4,320,000 shares and created an authorized issue of 3,000,000 shares of
$5 Pref. stock o f no par value. Common stockholders of record Feb. 25
1927 were given the right to subscribe on or before Mar. 1/ 1927 to the
additional 720,000 common and 1,200,000 new pref. shares as follows:
to the new common at $75 a share at the rate o f one new share for every
5 held, and to the nest pref. s^ock at .j>91 per share at ohe rate of one pref.
for every 3 common shares held; all subscriptions were payable in full at
time o f subscription. However, subscribers to new common stock had
the option to pay in 2 installments of 50% each. V. 124, p. 643, 1065,
1508. Listed on New York Stock Exchange. V . 124, p. 1818.
Debentures.— The 20-year 5 /4 % debentures are red. all or in part at any
time upon 30 days' notice at 106 to & incl. Feb. 1 1930; at 105 thereafter
to & incl. Feb. 1 1935: at 103/4 thereafter to & incl. Feb. 1 1940, and there
after to maturity at 101/4 plus int. to date of redemption. In Feb. 1925
$50,000,000 were sold by the National City C o., N. Y ., at par & int. V
120, p. 701. Listed on New York Stock Exchange in July 1925. V. 121.
p. 197.
Bonds.— For additional details o f various bond issues see under separate
companies listed below.
DIVIDFNDS—
f ’06. ’07-'09. ’ 10. T 1-T4. T5. T 6-’21. ’22. '23
On co m m o n .-........ ........%| 5 4 yearly 4/4 6 y ’rly 6 3 7 y ’rly 7/4 $5
4
On new stock o f no par value Mar. 15 1923 paid $1 25 and same amount
regularly quar. since to and incl. June 1927.
Initial div. on nref. stfvli
o f l% % paid M ay 1 1923; same amount paid to and Incl. M ay 1927,
when stock was redeemed. On new $5 cum. pref. paid an initial div. of
61o. in M ay 1927. In Aug., $1.25. V. 124, p. 1818.




STATES

EARNINGS.— For calendar years!
Combined Earnings Statement (Incl. Subs. A. Affil. Cos.) Calendar Years1926.
1925.
1924.
1923.
Gas sales (1,000 cu. ft .). 44,987.936 41,772,241 41,612,084 41,448,992
Electricity sold (k .w .h .).2064288993 1828792601 1661106123 1543732692
Gross earns., incl. misc.
oper. & non-op. rev..$153,799,528$139.737,632$126,459,961$123,741,998
Oper. & non-oper. exp.,
incl. retir. exp. & ta x .105,938,645 97,984,009 90,983,272 _87,933,228
Net earnings-------------$47,860,883 $41,754,623 $35,496,689 $35,808,770
Int. on fd. & unfd. debt. 12,193,990 10,855,717
7,521,772
7,555,521
Surplus earnings.........$35,666,893 $30,898,908 $27,974,917 $28,253,250
Divs. Consol. Gas Co.'s
common stock----------- 18,000.000 18,000.000 17,933.442 14,883,785
Preferred stock--------- 1,050,241
1,050,267
1,001,970
508,153
Divs. on affil. co.’s stock
44,315
40,653
50,681
47,813
Bal. car’d to sur. acc't$16,572,337 $11,797,986
$12,813,499
Note.— The Dollar Gas Law having been decided by the U. S. Supreme
Court on Nov. 23 1926 to be confiscatory in the cases of the Consolidated
Gas Co. of N. Y . and including by stipulation its affiliated gas companies
in the Boroughs of Manhattan and the Bronx and in Long Island City, the
figures shown above for the year 1925 have been amended from those pre­
viously reported for that year, to include the net revenue from sales of gas
by those companies during the year 1925 at rates in excess of $1 per 1,000
cu. ft., which was temporarily carried in “ suspense account.” amounting
to $4,702,773.
OFFICERS.— Pres., George B. Cortelyou: V.-Pres.'s. Walter R . Addick
H. M . Brundage, O. H. Fogg, B. Whiteley and W . C. Morris; Sec., H .C .
Davidson; Treas., Benjamin Whiteiey; Asst. Sec., F. H. Nickerson, F. R.
Barnitz and C. M . Carbonell; Asst. Treas., J. R. Fenniman, M . M . Graham
and SV. C. Phelps. Trustees; Percy A. Rockefeller, Geo. F. Baker. ; ewis
B. Gawtry, Samuel Sloan, Moses Taylor. W. R. Addicks, Donald G.
Geddes. N. F. Brady. Geo. B. Oortelvou. .1. A. Garver, .Tas. N. Jarvie.
and Louis M . Geer. Office, 130 East 15th St., N . Y .— V. 121, p. 197, 329,
1460; V. 122, p. 1161, 1761, 3452; Y. 123, p. 2896, 3181; V. 124. p. 505, 643,
1065. 1211, 1219, 1508, 1665, 1818, 1978, 2905; V. 125, p. 779.
CONTROLLED COM PANIES.
(1) NEW AMSTERDAM GAS CO.
Incorporated Nov. 1 1897 and consolidated N . Y . & East River and
Eq. Gas Light, per plan V. 66, p. 133.
SECURITIES.— The stock authorized Is $13,000,000 o f com. stock.
$10,000,000 of 5% pref., cumulative. Par, $100. The Consolidated Gas
Co. owns $12,161,800 com. and $8,997,500 pref. stock. Int. on New
Amst. Gas 1st cons. mtge. 5s of iS98 is payable at National City Bank.
N. Y . V. 70. p. 897 . 948. 1052. 1197. 1252; V. 80, p. 1855, 2224
EARNINGS.— For calendar years
Gross.
Net.
Other Inc.
Int., Ac.
Bal.sur.or def
1926 ______ $6,872,950 $1,844,056
$83,410 $1,801,583 sur$125,883
1925 ______ 5.918.830
1,088.839
46,077
1.811.745 def 676,829
1924 ______ 5,870,783
1,248,713
25.127
1,741,685
def467.845
1923 ______ 6.148.112
1.564,893
30,464
1.760.757
defl65,400
1922 ______ 6,292,193
1,881.254
31.104
1,763.159
surl49.199
1921 ........... 5.866.186
777,689
103,871
1.753.118
def871.558
1920 ______ 4.735.932
233.024
94.250
1,631.365 defl.304.091
(2) NEW Y O R K EDISON CO.
Organized May 1 1901 as a consolidation of the N. Y . Gas & Elec. Light
Heat & Power Co. and the Edison Elec. Ilium. Co. of N. Y . Owns large
power plant located on 1st Ave.. between 38th and 40th streets. V. 69.
p. 704; V. 68. p. 1025; V. 70, p. 283, 482; V. 80. p. 1915; V. 84. p. 219
Capital stock outstanding Dec. 31 1926, 2,500.000snares common, no par.
owned by Consolidated Gas Co. of New York. V. 90, p. 562, 773; V. 91,
p. 1516; V. 92, p. 191; V. 97, p. 301, 448, 1464.— V. 114. p. 529.
Rate Litiaation.— See V. 122. p 1161, under heading “ Consolidated
Gas Co. of N. Y .” V. 124, p. 1211.
New Generating Station.— The new East River electric generating station,
now under construction, will cost approx. $50,000,000. will have a capacity
of 1,000,000 k.w. and be the largest of its kind in the world. On N ov. 23
1926 the first 100,000 h.p. turbine generator was put into operation. V.
123, p. 2900. See also V. 120, p. 3065; V. 122, p. 1161; V. 124, p. 1211.
Bonds.— The first 5s of 1898 ($15,000,000) are secured by a first lien
on the company's power plant and other property owned and pledge of
various securities; list, see V. 68. p. 773. 824. 1025; V. 76. p. 268. The 4a
of 1899 are secured by a purchase-money lien on the former Edison Electric
Ilium, property, subject to bonds of 1890 and 1895 and by a second mortgage
lien on the remaining property. V. 72, p. 939, 1038; V. 81, p. 35. Real
estate mortgages, $1,308,712.
The first lien A ref. mtge. Ser. A 6 /4 % bonds due 1941 are red. on and
after Oct. i 1936 at 105. Secured by deposit of a new issue of $30,000,000
1st mtge. 6/4 % bonds due in 1996 of United Electric Light & Power Co.
and common and preferred stocks of that company (aggregating $5,295,900). Also secured by direct mortgage, subject to prior liens, on entire
property now or hereafter owned. Auth. issue unlimited. Series with same
or different interest rates, dates. &c.. may be issued
V. 113. p. 2410.
ls( lien A ref. mtge. Ser. B 5s due 1944 are red. on 60 days' notice on any
int. date at 105 to & incl. Oct. 1 1943; at 104 thereafter to & incl. Oct 1
1936; at 103 thereafter to & incl. Oct. 1 1939; at 102 thereafter to & incl.
Oct. 1 1941, and thereafter prior to maturity at 101. In Feb. 1925 the
National City Co. sold $30,000,000 at par & int. V. 120, p. 703, 829.
EARNINGS.— For calendar years:
Operating Net, after
Other
Int., Re- Dividends Balance,
Revenues. Taxes, Ac. Income, serves, Ac
Paid.
Surplus.

$

$

$

$

$

$

$

1926_ 64,390,861 17,737,401 4,664,244 6,390,516 12,500.000 3,511,129
_
1925__ 57,857,195 13,380.532 4,690,697 5,140,430 12,500,000
430,799
1924__ 53,494,241 13,786,591 3,797,243 4,766.468 10,074,130 2,743,235
1923— 50,496.493 14,047,208 4,640.068 4,125,675 10,074.130 4,487,471
1922—-44.842.306 9,975,826 4,022,723 4,269,992 8,520,423 1,208,130
1921 — -42,736.349 11,261,748 2,138,832 3,070,827 5,163,856 5,165,896
1920— -33,806,849 6,521,550 1,935,961 2,223,212 4,677,428 1,556,871
—V 119. p. 81. 2648- V. 120. p. 703. 829, 3065; V . 121, p. 840, 979; V. 122,
p. 2192; V. 123, p. 2900; V. 124, p. 1511.
(3) STANDARD GAS LIGHT CO.
Organized in 1886. Owns 200 miles of gas pipes north of 13th St., New
York. The Consolidated Gas Co. owns $4,799,800 of the $4,955,700 com­
mon and $4,102,100 of the $4,293,600 preferred.
Dividends— f'02-’05. '06. ’07-’09. TO. ’l l . '12-T6. '17. '18-’22 '23. '24'
Common ( % ) J 6 yrly. 1/4
0
2
4 3 yrly. H None
.
3
Preferred ( % ) [ 6 yrly. 6
6
6
6 6 yrly. 3 None
5 4%
In 1917, June. H % on com. and 3% on pref.; none thereafter to Jan. 2
1923, when 3% was paid on pref. and 3% on com. In 1924, 1925 and 1926
each 4% was paid on preferred. On June 30 1927 2% was paid on common
and a semi-annual div. of 3% on preferred.

Oct., 1927.]

GAS AND

EARN IN G S.— For calendar years:
Interest. Dividends.
Balance.
Gross.
Net.
$73,636 $171,744 sur.$474,661
1926 __________ $3,099,231 $720,041
75,309
171,744 sur. 62.473
1925
3,006.309
309.526
68.519
171,744 def. 24.036
1924
........ 3,102.778
216 227
71,391
363,351 sur. 48.176
1923
3,347.511
482.918
104.432 ________ sur. 558.337
1922
3 440,252
662.769
Office, 130 East 15th St., New York. — V. 94, p. 1630; V. 100,, p. 1253;
V. 106, p. 93; Y. 124, p. 3070.
(4) UNITED ELECTRIC LIGHT & POWER CO.
P ra e tic a lly all o f th e o u ts ta n d in g s to c k is ow ned b y N e w Y o r k E d is o n

Oo.— V. 116, p. 526: V. 120. p. 584: V. 121. p. 841; V. 124, p. 650. 1513.
1QOA
iq o c
1094
EARN ING S.— For calendar years:
Gross earnings, all sources__________ $16,211,164 $14,500,982 $13,418,379
8,194,274
i ,950,000
Exp., operating & non-operating____ 9,220.884
1,950,000
1,950,000
Interest on funded debt_____________ 1,950,000
Int.on floating debt & miscell. charges
143.016
225,123
798,826
Dividends paid_____________________ 2,104,530
2,104,530
844.428
Adj. o f accts. o f previous yrs. (n e t).0 4 ,0 0 8
deb47,477
05 7,38 8
Balance_____ ____________________ $2,796,742
$1,979,578
Credit balance, Dec. 31 1924_______________________________
Credit balance, Dec. 31 1925_______________________________
Credit balance, Dec. 31 1926_______________________________
(5) CENTRAL UNION GAS CO.
See V. 100, p. 1253; V. 107, p. 600; V. 124, p. 3769.

$2,054,386
$8,152,738
10,132,317
12,929.059

(6) NORTHERN UNION GAS CO.
See V. 100, p. 1253; V. 107. p. 600.
(7) WESTCHESTER LIGHTING CO. (N. Y. & Westchester Light Co.)
Supplies gas and electricity in Westchester County north of New York
City
See V. 71, p. 1023, 1175. The Consolidated Gas Co. owns the
$25,470,000 (application to increase filed— V. 120, p. 1461) capital stock
See V. 79, p. 160, 217, 594, 1706. In 1909 permission was obtained to
purchase the $804,000 Northern Westchester Lighting Co. stock, all the
$500,000 Peekskill Light & R R . com. stock and $75,000 of the pref. stock.
V. 87. p. 617; V. 89. p. 108, 1486; V. 96, p. 731.
Electricity Rate Reduced beginning March 1 1926 lc . per k. w. h. in West­
chester County. V. 121, p . 3132.
Bonds.— New York & Westchester Lighting $10,000,000 gen. mtge. bonds,
subject to call at par and int. (V. 79, p. 1706, 1957), are guaranteed, prin.
and int., by the Consolidated Gas C o., as are also the $2,500,000 of 5%
debentures. V. 88, p. 1623; V. 92, p. 123, 265; V. 98, p. 389. The 5%
debentures are red. at 110. The underlying bonds not shown in the table
above (Westchester 5s being reserved to retire N . Y . & Suburban 5s) ire:
Bonds (V. 81, p. 1609)—
Interest.
Outstanding.Maturity.
New York & Suburban Gas 1st Mtge) 5 g M-S
a$212.000 Mar 1 1949
gold guar p & i by Am Gas C o_ JSubj. to call at l05&int .since Mar. 1'09
_
Hudson River Gas & Elec 1st M .n t f 5 M & N
b250.000 M ay 11929
Whit° Plains Lighting 1st M _____n tf 5 J & D
335.000 June 1 1938
a V. 68, p. 474: V. 70. p. 844. b V. 68. p. 824; V. 70, p. 844
EARNINGS.— For calendar years:
Gross.
Net.
Oth. Inc.
Interest.
Balance.
$236,405 $1,253,867 $2,017,119
1926____ —$11,716,429 $3,034,581
2,226,165
3,241,834
165,878
1,181,547
1925____ — 10,341,192
1,676 857
1,570,545
3,112,792
134,610
J924____ — 9,262,340
1,545.897
1,351,680
1923____ — 8,620,411
2.754.214
138.363
(8a) NORTHERN WESTCHESTER (N. Y.) LIGHTING CO.
ORGANIZATION.— Incorp. in New York May 1905 as a consolidation
of companies operating in Ossining, Croton, Briarcliff Manor, &c., in West
Chester County, N . Y . (V. 81, p. 268). The entire capital stock, $804,000.
la owiii d by the Westcnester Lighting Co.
Bonds.— Authorized first consols, $1.000,000; balance unissued is reserved
for additions, &c. Are callable at 105. Y. 89. p. 1486.
EARNINGS.— For cal. year 1926.' Gross. $279,352; net, $52,233;
Interest, $44,379; bal., sur., $7,854.

15

W A TE R

Stock.— The 7% cum. pref. stock is preferred as to 7% cumul. dividends
and as to assets to the extent of $110 and divs. Entitled to the same
voting rights per share as the common stock. Callable, whole or part, on
any dividend date on 30 days’ notice at $110 & divs. In Sept. 1926 White,
Weld & Co. and Blyth, Witter & Co. offered $2,100,000 7% cum. pref.
stock at 100 and divs. Each pref. share carried as a bonus one share of
common stock. V. 123, p. 1383.
Bonds.— Tn Feb. 1927 White, Weld & Co. and Blyth, Witter & Co. sold
a block of $3,795,000 lsl mtge. 6 % g. bonds, series A , due July 1 1946, at
100 and int. This offering did riot represent any new financing by the
corporation. V. 124, p. 792.
The 1st mtge. bonds are secured by a 1st mtge. on entire fixed properties
of corn. Additional bonds of any series may be issued for 60% of permanent
additions. &c., also for cash for full amount, provided in each case net
earnings for 12 out of preceding 15 months have been twice annual interest
on all bonds outstanding, incl. proposed issue, may also be issued for
refunding purposes.
Series A have an interest and sinking fund of $750,000. payable on July 1
927, and thereafter aggregate payments of at least $1,200,000 annually,
lhis fund Is to retire over 75% of issue by maturity
Funds to be used
for payment of interest and for sinking fund to purchase (at or below
redemption price) or redeem and cancel bonds. Red. whole or part at
any time on 60 days’ notice at 105 and int. on or before July 1 1931 with
successive reductions of K % during each year thereafter until maturity.
Calif., Penn. & Mass, and certain other State taxes refundable.
Debentures.— The 6M % conv. s. f. gold debentures have a sinking fund
designed to retire the entire issue of $6,000,000 by maturity. All deben­
tures purchased at or below redemption price, otherwise called by lot for
the sinking fund, are to be canceled. Red. as a whole or part at any time
on 30 days’ notice at 100 and int. plus a premium of 5% if redeemed on or
before Sept. 1 1931, with successive reductions of J4% during each year
thereafter until maturity. Certain State (incl. Calif., Penn, and Mass.)
taxes refundable. Convertible into common stock on the basis of 40 shares
for each $1,000 principal amount of debentures at any time prior to ma­
turity, or, if called for redemption, up to and incl. the 5th day preceding
redemption date. In Sept. 1926 White, Weld & Co. and Blyth, Witter &
Co. offered $6,000,000 of these debentures at 99 & int., to yield over 6.60% .
V. 12 3,p. 1383.
Note.— Distribution of cash, bonds and dividends to stockholders of
record Sept. 21 1926 of Oklahoma Natural Gas Co., in accord with the sale
agreement, see V. 123, p. 1635, 1997, 2140; V. 124, p. 236.
EARNING S.— For calendar year 1926;
xGross earnings_______________________________________________ $7,227,438
Expenses and ordinary taxes____ ______ ______________________ 4.261,333
Interest_____________________________________________________
670,304
Net profit
Dividends.

$2,295,802
870,140

y Surplus.

$1,425,662

x Includes other income, y Before depletion, depreciation and Federal
taxes.
OFFICERS.— Pres., R. C. Sharp; V.-Pres. & Treas., Leonard O. Ritts;
V.-Pres., Gaston L. Ghegan; Sec. & Asst. Treas., C. A. O'Donavan; Asst.
Sec..ThomasZabriskie. Office,Tulsa.Oklahoma.— V. 123 p.1383,1635,2140;
V. 124, p. 792, 3209; V. 125, p. 125, p. 96. 519, 1462, 2265.

SOUTHERN GAS CO.

ORGANIZATION.— C o. (formerly Southern Natural Gas C o.) was
Incorp. in Oct. 1921 in Delaware. Under the Texas statutes, co. is a
gas utility and as such operates by authority and under protection o f the
R R . Commission of Texas.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Under a continuing contract, running 12 years from M ay 3 1922.and there­
(9) NEW YORK & QUEENS ELECTRIC LIGHT & POWER CO.
after until canceled, co. furnishes natural gas to the San Antonio (Texas)
Supplits Borough o f Queens outside of Rockaway. See V. 72, p. 1039.
Capitalization.— The authorized and outstanding capital stock comprises: Public Serv. C o., a subsidiary of American Light & Traction Co. The gas
300,000 shares common (no par) and 12,500 shares pref. stock (par $100) of furnished is used for all domestic and industrial purposes for San Antonio
which the Consol. Gas Co. holds, 293,937 shares o f common and 9,460 and adjacent territory as well as for fuel under the boilers in the electee
power plant of San Antonio Public Serv. Co. Under a contract with the
•hares o f pref.
S. Govt. co. also supplies all gas used by
N
N o. 2,
Dividend on pref., 2 H % , Paid D ec.l 1904; 1907 to 1911.5% ; 1911, 4J* %: U. the Air Intermediate Depot and by Cairra Kelly Fieldsall o. 1 and about
by
Normoyle,
located
1912 to 1920, 4% ; 1921-1926, 5 % .— V. 92, p. 1439; Y. 100, p. 1253.
2 miles from San Antonio. Gas sales in 1926: 5,305,165,000 cu. ft.
EARN ING S.— For calendar years:
Interest. Dividends.
Balance.
Gross.
Net.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
1926______ $12,170,574 $4,078,540 $262,301 $1,112,500 sur.$2,703,739 Common 70,000 shs (no p a r ) _ . ____
______
55,165 shs __________
1925
10 ,10 0 ,5 7 3 '1 3 6 1 ,6 0 7
159,683 1,111,439
sur.2,090.485 7% cum pref $2,000,000---............. 7
$750,000 A p r ’27 1 ^
382,268
647.000
sur. 1.927.33*
1924........... 8,498.465
2.956,603
2.777,500 N ov 1 1935
1923........... 6.971,390
2,334,838
647.000
sur. 1.415.693 1st (closed) M 6H % s f g $3.-/1925 6H g M -N
272,145
000,000 ($1,000, $500)c*.tf (Int. at First Nat. Bk., Kan. City. M o., Trus.
1922
5.536,855
1,571,453
230,500
sur.841,420
499,533
— V. 117, p. 2441.
10-yr 6H % sinking fund gold f 1926 6)4 A-O
1.200,000 Oct 11936
debentures series A ($l,000.(T ne First National Bank of Kansas City
OFFICERS,.— Chairman o f Board. Frank W . Smith: P re s ,____________
$500, $100 c* )_________ t f[ (M o.). Trustee.
Vice-Pros., l l . l,. Snyder ana L . A. Coleman; Sec., J. R. Malone: Treas.,
Frank C . Gordon.— V. 92. p. 1439: Y. 100. p. 1253; V. 117, p. 2441; V.
Bonds.-—The lsf (closed) M . 6)4 % sink, fund g. bonds, dated Nov. 1 1925
121, p. 459; V. 122, p. 2652; V. 124, p. 1511.
are secured by a 1st mortgage or first lien upon the property find, afteracquired of the co., incl. various contract rights and sales contracts above(10) NEW YORK & QUEENS GAS CO.
mentioned. A sinking fund provides for payments o f 25% from N ov. 1 1925
Supplies Flushing, College Point, Whitestone, Bayside, Douglaston to Nov. 1 1926 of net earnings and from N ov. 1 1926 until all bonds have
and Little Neck, N. Y . Stock, $600,000. The Consolidated Gas Co. owns been retired $225,000 per annum, payable semi-annually, plus a sum equal
all the outstanding stock, which it acquired under order of P. S. Comm, to 20% of net earnings. The money to be used for purchasing and can­
dated May 1913. V. 96, p. 1493. The first and general mortgage 5s are celing bonds at or below redemption price or for calling semi-annually by
red. at 110. Earnings for calendar year 1925, gross, $1,054,769; net, $274,- lot at redemption price. Red. at 105 and int. to N ov. 1 1930. thereafter
310; interest, $220,368; surplus, $53,942. For calendar year 1924, gross, at 102)4 and int. Retired by sinking fund, $222,500. Penn, and Conn.
$688,160 (exclusive of $238,868 charged for sales of gas in excess of $1 rate); 4 mills and Mass. 6% tax refundable. In N ov. 1925 G. E. Barrett S Co.,
c
aetoper. deficit, $30,496: deductions, $149,913; bal., def., $180,409. Pres., Inc., R. E. Wilsey & C o., Inc.. &c., &c., offered $3,000,000 at 98)4 and
M. Taylor; V.-P. & M gr., M . H. Spear; Sec., H. S. Romaine; Treas., H. C. int., to yield 6.70%. Each bond carried detachable warrants to purchase
Davidson. Office, Gas & Electric Bldg., Flushing, N . Y .— V. 118, p. 3087.
H share common stock for each $100 par value of the bonds, at $25 per
V. 124, p, 1511.
share from Nov. 1 1925 to Oct. 31 1926: at $30 to Nov. 1 1927; at $35 to
EARN IN G S.— For cal. year 1926: Gross, $1,252,718; net, $351,562; N ov .l 1928: at $40 to Nov. 1 1929: at $45 to N ov .1 1930. V.121,p.2404 27S3.
Additional series of debentures may be issued only under conservative
Interest, $217,358; bal., sur., $134,204.
restrictions for refunding 1st mtge. bonds. Sec.., par for par, or for 75% of
additions, &c., and then only when net earnings available for interest after
deducting (a) annual interest on then outstanding 1st mtge. 6)4% bonds;
(ft) annual fixed sinking fund of $225,000 to retire 1st mtge. 6)4% bonds,
OKLAHOMA NATURAL GAS CORP.
have been at least 3 times annual interest requirements on debenture bonds
Control.— In Oct. 1927 control o f the company was acquired by American outstanding, incl. proposed issue. To a sinking fund beginning Jan. 20
Natural Gas Corp. (see elsewhere) from the Phillipps Petroleum Co. 1927 $10,000 has to be paid the 20th day of each month, to be used for
V. 125, p. 2265.
purchasing and canceling series A debentures at or below redemption price,
ORGAN IZATION .— Incorp. July 12 1926 in Maryland to acquire sub­ or for calling semi-annually by lot on any interest date on 60 days’ notice
stantially alJ the assets o f Oklahoma Natural Gas C o., Kingwood Pipeline at redemption price. Red. on any Int. date at 105 and Int. to Oct. 1 1931;
C o.. Southern Gas Co. and substantially all the stock o f Okmulgee Gas Co. thereafter at 102)4 and int. Int. payable In Kansas City, M o., New York
and Chicago. Penn, and Conn. 4 mills and Mass. 6% taxes refundable.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— Tn Oct. 1926 G. E. Barrett & Co., Inc. R. E. Wilsey & Oo., Inc., and
The properties constitute one o f the largest natural gas systems in the U. S. Frederick Peirce & Co. offered $1,200,000 series A at 97)4 and int., to
serving approximately 86,330 customers in 44 communities. Territory- yield about 6.85%. V. 123, p. 2141,
served has a population o f 400,000 and includes the cities of Tulsa, Sapuipa
EARNINGS.— For calendar years:
and Okmulgee, served atretail, and Oklahoma City, Muskogee and Guthrie,
1926.
1925.
at wholesale. Properties include leaseholds on more than 126,200 acres,
$701,131
o f which over 100,000 acres are proven natural gas reserves: gas purchase Gas sales________________________________________ $1,052,380
262,014
207,472
contracts covering about 101,935 acres o f additional proven reserves: over Cost of gas purchased___________________________
129,698
97,616
1.800 miles of transmission and distribution lines and 9 modern compressor Operating expenses and taxes____________________
stations. These properties contain over 430 producing wells with an openOperating profit______________________________
$660,669
$396,042
flow capacity o f over 2 billion cu. ft.
Other income___________________________________
7,640
137
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 500.000 shs (no p a r ) . ____
_________ x260,000 shs___________
Gross income________________________________
$668,309
$396,179
7% cum pref $10,000,000($100)____
7 Q-J
$2,100,000 ......... ..........
Interest________________________________________
218,079
164,522
1st mtge 6% g Series “ A ” ,l 1926 6 J-J
14.700.000 -Tulv 1 1946
2,166
____
’46($1.000,$500,$100,c*)tf (Seaboard Nat. Bk. of the City of N. Y ., trus. Miscellaneous deductions________________________
6 K % c o n v s f g d e b ($1,000./ 1926
6 K g M-S x6,000,000 Sept 1 1941
Net inc. before amort., depr., depl. & divs____
$448,064
$231,657
$500 c * I ________________ tf |Bankers Trust Co.. New York, trustee.
x In Oct. 1927 255,717 shares were owned by the American Natural Gas
OFFICERS.— Chairman, A. R . Jones, Kansas City; Pres. & Treas.,
Corp. In addition 190,000 shares are reserved for the conversion of the L. J. Snyder, Kansas City; Exec. V.-Pres., H. Hunter Smith, San Antonio:
above debentures. The debentures have been called for payment Nov. 18 V .-P ., H. D. Hull, San Antonio; Sec., H. A. Pagenkoff, San Antonio;
next at 105 and int. at Bankers Trust Co., New York. They are con­ Gen. Supt.. C. K . Sweetman, San Antonio.— V. 121, p. 2404, 2753: V. 122,
vertible into stock at any time up to close of business N ov. 14.
p. 215, 2498; V. 123, p. 1384, 2141; V. 124, p. 1512; V. 125, p. 1195, 1711.




16

[V ol. 125.

PUBLIC U TILITIE S

THE BIRMINGHAM WATER WORKS CO.
Entire common stock owned by American Water Works & Electric C o.,
Inc.
O RGAN IZATION .— Inoorp. in Alabama in 1885.
FIELD OP OPERATIONS AND CH ARACTER OF BUSINESS.—
Supplies the city of Birmingham. Ala . and suburbs with water for domestic
and public use without competition to a population of over 260,000. In
1926 sold 6,705,861 gallons of water. As of July 31 1927 served 47,637
consumers; 1,473 hydrants and a distribution system o f 647 miles of mains.
Purchase by the City.— Under the contract now in effect between the city
and the company, the city has an option to purchase the properties of the
company at any time upon six months’ notice at a “ basis price” as of
Jan. 1 1921. plus the cost o f additions and extensions made subsequent
thereto, which on Dec. 31 1926 was $11,005,281.
STOCK AND BONDS—
Date.
Interest. Outstanding. MaturityCommon $1,829,700 ($100)________
x$l ,829,700
7% cum 1st pref) $ 6 ,2 0 0 ,0 0 0 -/____
7 Q-M
500,000Sept’271H %
8% cum 1st pref/
1 ____
8 Q-M
1,200,000 Sept ’27 2%
First mtge Series “ A” ($100, J 1924
5>4 g A-O 5,500.000 Oct 1 1954
$500 & $1,000) g gu__c*.tfl United States Mtge. & Trust C o., N.Y.,trus.
Ser B ($1,000,$500,$100)c*tf 1924 5 g J-D
460,000 Dec 11954
Ser O ($1,000, $500)---C *tf 1924 5 g F-A
800,000 Feb 1 1957
x 411 owned by American Water Works & Electric Co.
Bonds.— Additional 1st mtge. bonds may be issued under certain restric­
tions. Ser. “ A ” & “ B " are guar., prin. & int., by Amer. Water Works &
Elec. Co., Inc. Ser.” A ” are redeemable, all or part, upon four weeks’ notice
to and including Oct. 1 1929, at 105 and int.; thereafter to and including
Oct. 1 1934 at 103 and int.; thereafter to and including Oct. 1 1939 at 102
and int.; thereafter to and including Oct. 1 1949 at 101 and interest; and
thereafter at 100 and interest. Series B red. all or part upon 4 weeks’
notice to and incl. Dec. 1 1929 at 105 and int., thereafter to and incl.
Dec. 1 1934 at 102 and int.; thereafter to and incl. Dec. 1 1949 at 101 and
int., and thereafter to maturity at 100 and int. In the event the city pur­
chases the co .’s property and pays the full purchase price thereof in cash,
the bonds will be declared due and payable at 100 and int. Reimbursement
o f the Penna. and Conn. 4 mills tax, Maryland 414 miles tax and Mass, in­
come tax not in excess of 6M % to holders upon proper and timely applica­
tion. Int. payable in New York City or Chicago. $5,500,000 Series A
544s were sold in Oct. 1924 by P. W. Chapman & C o., Inc., Halsey, Stuart
& C o.. Inc., and H. M . Pavson & C o., at 99% and interest, to yield over
544%. V . 119, p. 2067. In March 1926 W. C. Langley & C o., Halsey,
Stuart & C o., Inc., and P. W . Chapman & Co., Inc., offered $460,000
Series “ B ” o f 1924, due Dec. 1 1954. at 96 and int. to yield 5% % . V. 122,
p. 1606, 3603.
Series "C ” 5% gold due 1957 are red. upon 4 weeks notice to and incl.
Feb. 1 1947 at 105 and int., thereafter to and incl. Feb. 1 1952 at 103 and
int. and thereafter to maturity at 100 and int. In March 1927 W. C.
Langley & Co. offered $800,000 1st mtge. 5% bonds ser. “ C ” at 99 and int.
V. 124, p. 1356.
EARN ING S.— For calendar years:
1924.
*1927.
1926.
1925.
Gross earnings__________ $1,490,557 $1,420,119 $1,316,666 $1,164,040
Net after maint. & taxes
880,678
843,36®
770,912
710,920
Interest funded debt___
341,278
320,069
302.469
258,855
Int.on float.debt S amort
c
64,919
60,667
37,918
17,035
Renewals & replacem’ts84,296
78,744
70,165
62,798
Net income_________
$390,185
$383,886
$369,360
$372,232
* For 12 months ended July 31 1927.
OFFICERS.— Pres., D. M . W att: V.-P. & Asst. Treas., W . D. Freer:
V.-P. A Treas.. H. H. Horner; Sec., T . B. Davis: Asst. Sec.. G. B. Pultz.
— V. 119, p. 2067; V. 120, p. 328, 1456; V. 122, p. 1606, 3603; V. 124,
p. 1356.

Stock.— All of the outstanding 6 44 % pref. stock was called for redemption
April 1 1927 at $53.75 per share.— V. 124, p. 1664.
Bonds.— In addition to first mtge. 5s reported as outstanding $213,000
are held in treasury.
The gen. & ref. mtge. 6s series A are to be redeemed from proceeds of
sale of gen. & ref. mtge. 5s due 1967.
Gen. & ref. mtge. series A 5% due Feb. 1 1967 are direct obligation of co.
subject only to $287,000 principal amt. of closed 1st mtge. 5% bonds, due
1938. Mtge. provides against creation of any mtge. lien ranking prior to
or on a parity with the lien of the indenture securing these gen. & ref.
mtge. bonds. Additional bonds may be issued, (1) for refunding; (2) for
75% of additions and extensions, made subsequently to April 1 1923
provided net earnings of co. for certain period are 2 times annual int.
requirements on all outstanding gen. & ref. mtge. bonds incl. proposed
issue, and on all 1st mtge. 5% bonds and all ref. divisional lien bonds not
deposited wich trustee or 12% of aggregate amt. of all such bonds as
foresaid. Red. all or in part at 106 and int. up to and incl. Feb. 1 1937;
at 104 and int. thereafter up to and incl. Feb. 1 1947; at 102 and int. there­
after up to incl, Feb. 1 1965 and at 100 and int. thereafter prior to maturity.
Penn, and Conn, up to 4 mills refundable. In March 1927 Otis & Co. sold
$2,700,000 gen. & ref. mtge. 5% bonds, new series A, due Feb. 1 1967, at
10044 and int., to yield about 4.97% . V. 124, p. 1357.
Dividends.— On cum. pref. declared an initial quarterly dividend of 75cand in addition an extra dividen of 64£c. payable July 1927. In Oct. paid
75c. quarterly plus 6Mc. extra. On common in 1913, 3% ; 1914 to 1916,
incl., 6% ; 1921, 6% ; 1922, 7 % % . Quar. divs. of 50c. have been paid from
1923 to Jan. 1927. In April 1927 paid quar. div. of $1.50.
EARNINGS.— For calendar years.—
1926.
1925.
1924.
1923.
Amt. of gas sold (1,000
1;341,185
1,173,588 1,080,363
cu. ft .)______________ 1,582.876
Total receipts from sale
of gas_________________$2,048,397 $1,735,782 $1,513,119 $1,389,914
Operating expenses_____ 1,332,876
1,150,160
971,415
934,032
Net earns, from opers.
Other income__________
Deducting fixed charges,
viz., int. on bonded
debt, taxes, retirem’t
expense_____________
Income tax (estimated).

$715,521
30,205

$585,622
41,771

$541,704
44,182

$455,883
46,417

$745,726

$627,393

$585,886

$502,300

275,936

250,152

215,836

228,036

$469,790
63,534

$377,241
47,283

$370,029
47,443

$274,264
34,076

Surplus for t ie year at
$1.30 rate___________
$406,256
$329,958
$322,583
$240,188
Rate reserve___________
$471,770
$399,270
$348,701
$191,964
OFFICERS.— Pres., Mary E. Dillon; V.-Ps., Richard Schaddelee and
William Chamberlain; Treas. & Asst. Sec., Helen Steers; Sec. & Asst.
Treas., M ary E. Armstrong; Asst. Sec., & Asst. Treas., F. F. Kelley.
Offices: Mermaid Ave., & West 17th St., Coney Island, N . Y . C .— Y. 120,
p. 1585, 1745. 2010: V. 121. p. 196. 837. 1226: V. 122, p. 1760; V. 123.
p. 1381, 3317; V. 124, p. 1357, 1664, 1818; Y. 125, p. 93, 383, 1835.

BROOKLYN UNION GAS CO. SYSTEM (THE).

ORGANIZATION.— Incorp. in N. Y. Sept. 7 1895, per plan V. 61
p. 831, and V. 62, p. 1141; V. 64, p. 887; V. 80, p. 1854. Brooklyn Union
Gas Co. owns all the stocks and bonds of its subsidiaries, viz., the Newtown
Gas Co., operating in the Second Ward of the Borough of Queens; the
Jamaica Gas Light Co.; the Woodhaven Gas Light Co., and the Richmond
BRIDGEPORT HYDRAULIC CO.
Hill & Queens County Gas Light C o., operating in the 4th Ward of the
ORGANIZATION.— Incorporated in Connecticut in 1857.
Borough of Queens, the Flatbush Gas Co. operating in the 29th Ward of
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.Borough of Brooklyn, and also Equity Gas Co. V. 122, p. 1305: see also
Supplies water to Bridgeport, Stratford, Fairfield, Southport and parts of V. 109, p. 2359. Sold Flatbush Gas Co. electric properties to Brooklyn
Shelton and Trumbull in Connecticut, under a franchise which is both per­ Edison Co., Inc., see V. 119, p. 2284; V. 121, p. 2270; V. 122. p. 1305.
petual and exclusive, existing by special Acts of the Legislature of Conn. On Nov. 29 1926 the U. S. Supreme Court declared the N. Y . State gas
Co. serves a population of about 175,000. Owns the Shelton Water Co. laws of June 2 1923, fixing a rate of $1 per 1,000 cu. ft. on gas furnished
and the Westport Water Co. Property includes 17 reservoirs with a stor­ in N. Y . City, confiscatory. An amount of about $8,000,000 held in
age capacity of 14 billion gallons, 2 pumping stations, 12,643 acres of suspense as charged in excess of $1 under the $1.15 rate, became available
land and 325 miles of mains, serving about 23.000 customers.
to the company upon the court’s decision. See V. 123. p. 2895; also
V. 120. p. 85, 1585, 3311; V. 121, p. 704; Y. 124, p. 1352. Total gas mains.
STOCK AN D BONDS—
Date.
Interest. Outstanding
Maturity.
2,000.75 miles; the system had 672,365 meters In use on Dec. 31 1926.
Stock $10,000,090 ($100)__________
_______
$6,000,000
See text
1st M Ser A ($500 & 51,000c*) 1924
5 g J-D
5.000.000 June 1 1944 Gas sales 1926, 23,487,114 cu. ft.
S $1,000 & mult r*)g__tf/Bridgeport Trust Co.. trustee
c
Merger of Subsidiaries and Extension of operations Proposed.— The stock­
Series “ B ” ($1,000 c* and/ 1925
444 g J-D
800,000 Dec 1 1945 holders will vote Nov. 10 1927 on extending the powers of the corporation
$1,000 or multiples
r*tf\Bridgeport Trust Co., trustee.
so as to include the following, to wit: For manufacturing and supplying
Bonds.— In addition to the $5,000,000 1st mtge.Series'‘ A ” 5s outstanding
for lighting
and public
buildings
$1,000,000 o f bonds o f other series can be issued against property owned on gasQueens, New the streetson approvingand private of several in the county
of
York
the merger
wholly owned
April 1 1924 and additional bonds can be issued only for not exceeding subsidiaries with theand
parent company. The cub-cos. included in the
66 2 3% o f the cost or fair value (whichever is less) o f add’l property or proposed merger are: The Newton Gas Co., the Jamaica Gas Light C o.,
hnpts., on which this mortgage Is a first mortgage. Total issue of bonds is the Woodhaven Gas Light Co., Richmond Hill-Queens County Gas Light
further restricted by the co .’s charter, which requires that bonds shall not be
C o., the Flatbush Gas C
Equity Gas Co.
issued to an aggregate amount exceeding one-half the fair value of the c o .’s company), subject to the o., and the the New York P. (a non-operating
approval of
property and rights as they exist at the time action is taken by the co to These subsidiary companies were acquired by the BrooklynS. Commission.
Union
create such issue and as evidenced by a certificate endorsed on each bond by in 1896, their entire capital stocks being owned by the company. Gas Co.
These
the commissioners o f the co. appointed by the General Assembly in the companies are being operated as one system and the proposed merger will
State of Connecticut. Series “ A 5s are call, as a whole at any time or in not occasion any change in the company’s policies. V. 125, p. 2260.
part on any int. date on 30 days’ notice, at 105 and int. up to and Incl. June 1
1934; thereafter decreasing M % annually to 101 after June 1 1941. Int.
New Plant.— Company is erecting a new gas plant in Brooklyn of an
payable in New York and Bridgeport. Exempt from Conn. State tax. In initial daily mfg. capacity of 20,000,000 cu. ft., and ultimate capacity of
M ay 1924 $5,000,000 1st mtge. Ser. “ A ” 5s were offered by Lee. Higginson 100,000,060 cu. ft. V. 121, p. 3129.
. . .
_
Sc C o.; Estabrook & Co.; Hincks Bros. & C o., &c., &c., at 100 and int.
For increase in authorized capitalization o f various subsidiaries, see V.
V. 118, p. 2184.
121, p. 2873: V. 122. p. 1305. In N ov. 1925 authorized capital stock was
The ls( mtge. gold bonds. Series “ B,” due Dec. 1 1945, are callable, whole increased from 600.000 to 1,000.000 shares, no par.
or part, on 30 days’ notice at 105 and int. to and incl. Dec. 1 1935, ther after
decreasing M % annually to 101 after Dec. 1 1942. In addition
the
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity'
improvement fund for Series “ A ” bonds, an amount of at least 1 % o
ries
Stock, 1,000.000 shrs (no par) ------ ----------- 510 076 shs
See text
“ B ” bonds certified is to be expended annually for improvements, &c., or 1st cons Mtge $15,000,000/ 1895 5g M-N $14,736,000 M ay 1 1945
to retire Series “ B ” bonds. In Dec 1 1925 Lee, Higginson & C o., Sc-.,
($1,000) gold______ c*n tf (Guaranty Trust C o., N. Y ., trustee
6,000,006 M ay 1 1947
See., sold $800,000 Series “ B” at 10044 and int., to yield over 4.45% . V. 1st lien & ref mtge Ser " A ” t 1922 6g M -N
($500, &c) gold_.c*& r*ntf/Int at N at’l City Bank, N. Y.
121, p. 2749.
10-vear convert debentures f 1922 7 M-N
62.000 M ay 1 1932
Dividends.— Divs. of 8% p«r annum have been paid sin e July 1903.
($100 & c)________________-lint, at N at’l City Bank, N. Y.
EARN ING S.—-For calendar years:
10-yr conv debs ($100 &c) — j 1919 7 M -N
13,200 Nov 1 1929
Balance
Int. Chges.
Net Inc.
Gross Inc.
(Int. at Chase Nat’l Bank, N. Y.
$554,730
$851,552
$296,827
1926____________ _______$1,410,615
544 g J-J 11,800.000 Jan 1 1936
263,669
398.656 10-year 544% conv deben gold ( 1926
662,325
1925 ___________ ______ 1,138,903
bonds
___
446,286
235,876
682,162
1924 ___________ ______ 1,120,675
, 1890 5 F-A
264,000 Feb 1 1940
228.182
445.666 Citizens Gas Lt cons M tge)/Int. at Peoples Trust C o., Bklyn, N. Y .
673,848
1923 ___________ ______ 1,069.449
( $ 1 ,000)
219,792
291.506
846,722
511.298
1922 ............... .. ______
Bonds.— Consol. (now 1st) mtge 5% gold bonds are secured by a (closed)
245,960
208,464
789,839
454.424
1921___________ ______
mtge. on entire property subject only to $264,000 Citizens Gas Lt. Co.
OFFICERS.— Chairman o f Board, De Ver H. Warner: Pres., Samuel P
Senior; V.-P. & Treas.. Albert E. Lavery; Sec., F. C. Brotherton.— V 118, consol 5s, Underlie the 1st lien & ref. 6s. of 1947 which provide for retire­
ment. Int. payable at Chase National Bank of New York.
p. 2184; V. 121, p. 72, 2749.
1st lien and ref. mtge. 6% gold bonds, due May 1 1947 are secured by a
direct mtge. on entire property of co. now owned or hereafter acquired,
subject to the folio wing closed mtges., retirement of which is hereunder
BROOKLYN BOROUGH GAS CO.
ORGAN IZATION .— Incorp. in New York in 1898. Has franchises in provided for; Citizens Gas Lt. Co. consol. (1st) 5s, due 1940 and co’s. consol.
terms exclusive and o f unlimited duration. Over 98% o f the stock is held (1st) 5s, due 1945. Further secured by pledge with trustee of all stocks
by Richard Schaddelee, President of the United Light & Power Co. V. 121, and 1st mtges. of cos. subs, (additional stocks or 1st mtges. of subs, to be
acquired by co. and pledged under this mtge.). Additional bonds may be
p. 196, 837, 1226.
underlying bonds; and
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.— issued for the acquisition or retirement of consol, ne. earnings for also_ for
a fixed
Serves gas to the 31st Ward of the Borough of Brooklyn, which includes 75% of extensions and additions, provided
Coney Island, Sheepshead Bay, Manhattan Beach and Brighton Beach. period shall have been at least twice annual int. requirements on all bonds
Population served estimated at 250,000. Owns a modern water gas outstanding, including proposed issue.
plant. Daily capacity 10,600,000 cu. ft. Company has holder capacity
Citizens Gas Light Co. consol, (now 1st) mtge. 5% gold bonds are secured
o f 2,750,000 cu. ft. and about 219.62 miles o f mains. 57,366 meters.
by a 1st (closed) mtge. on property formerly of the Citizens Gas Lt. Co.
$1 Gas Law Declared Confiscatory by a statutory Court Dec. 16 1926. Underlie $14,736,000 consol. 5s of 1945 and $6,000,000 1st lien & ref. 6a
V. 123, p. 1381, 3317.
of Brooklyn Union Gas Co., which latter issue provides for retirement.
The debenture bonds of 1922 are convertible into capita) stock since N ov. 1
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
1924 on the basis of two shares of stock of no par value for each $100 deben­
Com stock 50,000 shs (no p a r ) ____
Q-J 10 40,000 shs. See text
tures. V. 114, p. 2017, 2245, 2363, 2473; V. 117, p. 2437. As of Dec. 31
6% cum pref $1,500,000 ($ 5 0 )------------------- 1.000,000 ---------------First mtge $500,000 (closed) f 1908
5 g M-S
287,000 Mar 1 1938 1926, $5,517,000 had been converted.
The 10-year debentures of 1919 are convertible into stock, at holders;
($1,000) gold_______ c.n tfU n t- at Title Gu. & Tr. C o., N. Y ., trustee.
Gen S ref mtge 5% ser “ A ” ( 1927
c
5 g F-A
2,700,000 Feb 1 1967 option, since November 1 1924 on the basis of two shares of stock of no par
4,000,000 (c* $1,000 & r*{Prin. & Int. at Title Guaranty S Trust C o., value for each $100 o f debentures. V. 109. p. 1528. 1082; V. 108. p. 1391:
c
V. 117, p. 2437. As of Dec. 31 19 6, $1,986,800 had been converted.
1,000 and m ulti.)------ t fl N. Y., trustee.

r




Oct., 1927.]

GAS AND

The 10-year 5 A % conv. debenture gold bonds, dated Jan. 1 1926. are con­
vert. at the option o f holder on and after Jan. 1 1929 on the basis of 2 no-par
common shares for each $100 of debentures. In Dec. 1925 stockholders
were given the right to subscribe to these deben. gold bonds at par for $22
of convert, deb. bonds 1926 for each share of non-par stock held by them
Subscriptions were payable in cash or 3 installments. V. 121. p. 2270
2401. 2749. Listed on N . Y . Stock Exchange. V. 122. p. 346, 3336.
DIVS.—
1909-11. 1912 10 1917. 1918. 1919. 1920-21. 1922. 1923
Per cent_____ 6 yrly. 6 & 2 ext. yrly. 6
6
None
4
8
In addition to the 6% paid in 1910 an extra 1 A % was paid; in addition
to the 6% paid in 1911 an extra 1% . Paid in 1924; Jan. 2, 2% ; Apr. 1,
$1 per share on new stock of no par vai. July 1, $1 per share; Oct. 1, $1
per share. In 1925 paid at the rate o f $4 per annum. In 1926 paid 4
regular quar. dividends o f $1 each, and in addition in Jan. 1926, $7 per
share was paid as a special dividend, which distribution was equal to a rate
o f 8% per annum on the par value stock, as constituted during the period
Jan. 1 1920 to July 1 1922, when dividends were suspended owing to the
inadequacy of the rate, allowed under the 80-cent gas law, which on Mar
b3 1922 was held by the IT. S. Supreme Court to be unconstitutional and con
nscatory as against the company. Y. 121, p. 2270. In July 1927 div
was increased to $1.25.
EARN ING S.— For calendar years:
Total
Net arter Taxes,
Fixed
Balance.
Rei'enue. Retirem't A c.
Charges. Dividends.
Sinnlvs
1 9 2 6 .. . $27,641,173 $5,923,827
$1,927,816 $2,037,180 $1,958,831
1 9 2 5 --- a20,968.500
1,640,128
1,387.589 d5.542,573 b5.290,034
1 9 2 4 .. . a22,297,360
2,335,144
1,768.438
1.513.763
c947,057
a Based on rate of $1 per 1.000 cu. ft. gas. b Deficit. Does not include
$2,952,746 charged in excess o f statutory rate of $1. c Deficit. Does not
include $2,875,945 charged in excess o f statutory rate of $1. d Includes
special payment of $7 per share paid Jan. 11 1926 and is equal to dividends
omitted Jan. 1 1920 to July 1 1922 on account o f 80-cent gas law. See un­
der “ Dividends.”
OFFICERS.— Pres., James H. Jourdan: V.-Pres., A. F. Staniford
V.-Pres., C. E. Paige; Sec., Henry E. McGowan; Treas.. E. R. Chapman
Office. 176 Remsen St.. Brooklyn, N . Y .— V. 119. p. 2284, 2876; V. 120
0 .8 5 . 701 1585. 1875. 3311:V . 121. p . 704.2270 2401.2636 2749 2873
3129; V. 122, p. 346, 478. 746, 1305, 3336; V. 123, p. 2895; V. 124, p.
1352, 2144, 2260, 2426, 3205.

W A TE R

17

OFFICERS.— Pres., John R . Welch: V.-P. and Gen. M gr., C. L. Kirk;
Sec. F. G. Rastenburg; Treas., G. A. Efroymson.— V. 119, p. 328; V. 120,
p. 209: V. 120, p. 2814; V. 121. p. 197. 329; V. 122, p. 479, 881, 2189,
V. 123, p. 453; V. 124, p. 505; V. 125, p. 513.
(a) INDIANAPOLIS GAS CO.
ORGANIZATION.— Incorp. in Indiana in 1890. Was leased bo the
Citizens Gas Co. of Indianapolis in Oct. 1913 for 99 years. Under terms
of the lease that company guarantees int. on the Indianapolis Gas Co. 1st
Mtge 5s , their refunding at maturity and 6% divs. on the company’s
$2 ,000,006 capital stock.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
6 J-J
$2,000,000
See text
Stock $2,000,000 ($50)____________
1st mtge $7,500,000 ($1,000)/ 1902 5 g A-O
6,234.000 Oct 1 1952
g o ld ___________________ c *lln t. at Equitable Trust C o., N Y ., trustee.
Stock.— Divs. are guar, by Citizens Gas Co. of Indianapolis under terms
of lease (see text above).
Bonds.— Interest and refunding of 1st mtge 5s at maturity guaranteed by
Citizens Gas Co. of Indianapolis. In April 1915 Blodget & C o.. Boston
A N Y ., offered a block of 1st mtge. 5s at 96 & int. V. 100. p. 1514. In
July 1916 the same bankers offered a block at 97 A & Int., yielding about
5.15%. V. 103. p. 148.
Dividends.— Paid regularly semi-ann. (J. & J.) under twins o f ease.
OFFICERS.— Pres., Win. G. Irwin; V.-P., Wm. T . Cannon; Sec., Wm.
J. Yule; Treas., Arthur V. Brown.— V. 119, p. 332.

CONSOLIDATED WATER CO. OF UTICA, N. Y.

ORGANIZATION.— Incoip. In N. Y . in Nov. 1899 as a consolidation'
Franchise perpetual.
FIELD OF OPERATIONS AND CHARACTER OF BU8INES8.—
Controls practically all the available sources of water supply for the eity
of Utica and adjacent towns. 258 miles of mains and 20.117 meters.
STOCK AND BONDS—
Date.
Interest.
Outstanding Maturity.
Com. cl. A 140,000 shs. (no p a r )____
See text. 120.000 shs..
Com. cl. B 35.000 shs. (no p a r ) ____
See text.
36.006 shs____________
7% Cum. 1st pref. $2,500,000
($100)....... ......................................
7 Q.-F
$600,000 ____
First mortgage bonds_______ _____ _
5g
1.062.000 Jan 1 1930
Second mortgage debentures
____
5
506.000 Jan 1 1930
1st ref 5 Hs Ser A ___________ ( 1925 5 A J-J
2.387.000 July 1 1965
Series B ___________ ______ ] 1925
5)4 A-O
490,000 Apr 1 1960
($! .000 & $500 c* )______ [Citizens’ Trust C o., Utica. N. Y .. trustee.
NEW YORK & RICHMOND GAS CO.
Capital Sti>ck Changed.— Gn Dec. 3i 1925 stockholders changed the author­
Operated under supervision of Dawes Bros., Inc
ized capital stock from $2,500,000 common stock. $2,500,000 7% 1st pref.
ORGANIZATION.— Incorp. in 1901 in New York as a consolidation of stock and $1,000,000 noa-cum. 5% pref. stock, all par $100, to 140.000
shares of class “ A " and 35,000 shares of class ” B '' stock, no par value,
Richmond County Gas Light Co. and Consumers' Gas Light Co.
and $2,500,000 1st pref. stock, par $106. Stockholders received 4 shares
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
class “ A " and one share class “ B” stock for each share of 5% pref. and
Co. supplies gas in four wards of the Borough of Richmond, Staten Island. common stock held by them. V. 122. p. 212.
New York. Water gas plant of 3,500.000 cu. ft. at Clifton, S. I., gas
Stock.— Class " A ” stock Is entitled to a cum. pref. div. of $1 50 and Is
holders of a total capacity o f 2,480,000 cu. ft.
also entitled to share, as a class, equally with the class “ B " stock In any
dividends declared after class “ B ” has received $2 per annum. V. 122,
STOCK AND BONDS.—
Date.
Interest, (hitstanding. Maturity.
p. 212.
Common ($100)___________________
_______
$1,500,000 __________
7% cum prer $1,500.000...................
7 Q-J
965 800 ...................
Bonds.— The 1st ref. mtge. 5 A gold bonds. Series B, are red. at 103 and
Cap stk subscriptions ( p r e f . ) . . ____
_______
71 400 __________
Int.. all or part upon 60 days' notice. Interest payable at Citizens' Trust
1st ref 6s ser “ A " ($1,000-500-? 1921
6 g M -N
2.125.000 May 1 1951 Co., Utica. N. Y .. and the agency of the co. lu New York. A sinking fund
100 c*. $1,000 & mult r ) .t f lint, at Central Union Tr. Co. of N. Y ., trust. of 1% per annum for Series A and B Is provided. Mohawk Valley Invest­
Bonds.— The 1st ref. 6% ser. “ A ” bonds due May 1 1951 are listed on ment Co. sold In July 1925 $500,000 at prices to yield about 5.45% . V.
N. Y. Stock Exchange. They are secured by a direct 1st mtge. on all the 121. p. 74.
property (incl. after-acquired) of the co. Additional bonds may be issued
DI VIDENDS.10. ’l l . ’ 12. 13. ’ 14. '15. '16. '17.’ 18. '19-’25.
in series of such tenor as Directors may from time to time determine.
Flrst preferred_
_
.....................
7 7
7 7% yly
$42,200 additional may be issued without restrictions and $259,000 more Preferred _______
"5 *5
5 5
5 5
5
5 5% yly
for 80% of additions, Ac. provided net earnings for 12 consecutive months Common________
1 —
2 3
4
5 6% yly
within preceding 14 calendar months have been at least 1 A times annual
In 1926 paid 7% on 1st pref. and on class A stock paid $1.50 per share.
Interest on all 1st ref. bonds outstanding incl. proposed issue. Additional
On Dec. 31 1925 the new capitalization, see above, was authorized by
bonds exceeding these $301,200 may be issued for 75% of additions. &c.
stockholders.
under the same earnings restrictions as above mentioned.
6% ser. "A " are call, whole or part on any Interest date after M ay 1 1936
EARNINGS.— For calendar years:
to and incl., N ov. 1 1950 on 60 days' notice at 105 & int. Penn. & Conn.
*1927.
1926.
1925.
19244-mills and Mass. 6% taxes refundable.
$384,810
$763,950
$756,647
$735,695
Operating revenue..........
Operating expenses------113.154
208,088
204.611
182,293
EARNINGS.— For calendar years:
1926.
1925.
. $1,215,832 $1,071,093
Operating revenue__________________
Net operating revenue
$271,656
$555,862
$552,036
$553,402
838.525
745.324
Operating expenses_________________
Taxes..........................
62.020
104,400
109.065
95,417
$325,769
Operating income_________________
.
$377,307
Operating income____
$209,636
$451,462
$442,971
$457,985
1,549
Non-operating income_______ _______
Miscellaneous income_
_
9,259
27,320
16,129
7,640
Gross income____________________
.
$377,307
$327,318
Gross corp. income—
$218,895
$478,782
$459,100
$465,626
Income deductions__________________
152.352
149.066
Deductions from income
118,313
237,589
231,040
200,000
$178,252
Net income______________________
.
$224,955
Net corporate income$100,582
$241,193
$228,060
$265,626
Adjustments________________________
$2,345
* For 6 months ended June 30 1927.
42.353
Preferred dividends_________________
OFFICERS.— Pres., F. C Hopkins; V.-P., R. W. Bacot; V.-P. O. R .
120.000
Common dividends_________________
Dewey; Sec., P. A. Sittlg; Treas., H. B. Miles.— V. 118, d . 1917; V. 121.
Surplus for year.
$13,554 p. 74, 1788; V. 122, p. 212, 2189
OFFICERS.— Pres.. W. J. Welsh; V.-Pres., Joseph TT. Malov: Sec. and
Treas., John Kohout.— V. 121, p. 200, 2752; V. 122, p. 3341; V. 125, p. 649.

COUNTY GAS CO. (OF DALLAS, TEXAS).

CITIZENS GAS CO. OF INDIANAPOLIS.
ORGANIZATION.— Incorp. in Indiana in May 1908. Leases the
property of the Indianapolis Gas Co. (see separate statement below) for
§9 years.
Rate Reduction.— See V. 122, p. 881.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS —
Controls without competition the entire gas business of Indianapolis.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock v t c $2,000,000 ($25)_ _____
_
_________ $2,000,000
See text
Pref 7% cum $1,000,000 ($ 1 0 0 )____
_________
1.000.000 Sept 27 1 H
1st & ref mtge $10,000,0001 1912
5 g J-J
3,238,000 July 1 1942
($500 & $1,000) gold____c * jln t. at Bankers Trust C o.. N . Y ., and Union
1 Trust Co.. Indianapolis. Trustees
Stock.— Both classes of stock are listed on the Indianapolis Stock Ex­
change. V. 116. p. 2012.
Boards.— 1st A Ref. Mtge. 5s are call, at 108 & int. on any int. date on 30
days’ notice. Mtge. provides for sinking fund of J4 of 1% per annum in
1915 and 1916 and A of 1% per annum thereafter. $607,500 not incl.
In amount reported outstanding held in sinking fund. $1,438,000 are in
treasury
Dividends.— Two divs. o f 1 A % each were paid on com. Jan. 1 1911.
In Mar. 191i, 3% ; Sept. 1911. 3 % . In 1912, Mar., 3 A % : Sept., 3 A % In 1913, Mar., 3J*% ; Sept., 3 A % . In 1914, Mar., 3 A % ; Sept., 3 A % .
In 1915, M ar., 3 A %: Sept., 3 A % . In Mar. 1916, 5% was paid and divs.
at same rate were paid regularly semi-annually to and inci. Mar. 1921.
None to Mar. 1924, when 3% was paid. In Aug. and Dec. 1924 divs. of
3% were paid. In 1925 M ar., June and Sept., 3 % . In Dec., 1 % . making
the total for 1925 10%. the limit which the common stock is permitted to
earn. In addition in Dec. 1925 paid $3.25 per share, being one-half of the
common dividends accrued in the years 1921, 1922 and 1923. V. 122, p.
881. In 1926, Feb., April, June, Aug., Oct., 4% each; and on Dec. 31
1926. 3 % , of which 13% was paid account o f accrued divs. for years 1921,
1922 and 1923.
Common stockholders in July 1925 were advised that the Milburn ByProducts Coal C o., controlled by this company, would be prepared to pay,
on or after July 10 1925, the face value of the “ accrued dividend certiiicates" issued by the Citizens Gas Co. of Ind., on proper endorsement to
the Millburn By-Products Coal Co. The total amount of this scrip out­
standing was $125,250, or $2.62 A per share on the 50,000 shares of common
stock issued prior to July 1 1915. to which the above “ accrued dividend
certificates ' apply. See V. 121. p. 197.
EARN ING S.— For calendar years:
1926.
1925.
1924.
1923.
Total earnings.................. $6,870,035 $6,669,479 $5,798,436 $6,651,765
N et................................... 2.434.069
2,428.413
1,985 299 2.011.218
Deduct- T a x e s ________
480 094
495.809
366.687
280,735
Depreciation...............
436.317
440 096
440.055
237.50)
Fixed charges.............
805.458
666.106
719.584
742.788
Balance, surplus.............
712,202
826,402
458.973
750,195




Control.— A subsidiary of Dallas Gas Corp.
Supervised by H. D. Walbrldge Co Inc. New York.
Organization.— Incorporated In Texas Dec 3 1912. The County Gas
Co. together with the Dallas Gas Co. (both subsidiaries of Dallas Gas Corp.)
(V. 123. p. 3318) do, without competition, the entire gas business in the city
of Dallas, Tex., and environs, serving an estimated population of 265,000.
The Dallas G as Co. confines its operations to the old city limits as they
existed Mar. 30 1912. The County G as Co. supplies gas to t.he newer portion
of the city, as well as the surrounding territory, serving an estimated
population of 120.000, of which appr. A is within the present city limits of
Dallas. The suburban territory includes the residential Highiand Park
and Trinity Heights. Co’s supply of gas is obtained from natural gas
production and transportation companies operating in the Oklahoma and
Texas gas fields. Co. owns regulator stations and 290 miles of high and low
pressure distributing mains. Output year 1925 over 2,640.000.000 cu. ft.;
20,666 consumers.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common------------------------------------ .................
$472 900 A p r.’25 5%
1st mtge. 5s gold due 19461 1926
5 g A-O
1,600,000 April 1 1940
($1,000-$500c*)________ tf/American Trust Co., New York, trustee.
Bonds.— The 1st mtge. 6% gold bonds, due 1946 are secured by a direct
1st and only mtge. on all property (except securities), rights and franchise*
of the company. No bonds, in addition to the $1,600,000 originally
offered, may be issued unless net earnings for 12 within preceding 15
mouths have been at least twice annua) interest on all 1st mtge. bonds
outstanding, incl. new issue. With the exception of not over $559,000
bonds which may be Issued against the present (March 1926) property,
additional bonds of any series, may be issued from time to time for refunding
bonds of series previously issued under the mtge., or for 80% of acquisition,
&c., made after Dec. 31 1925. Additional bonds may be issued m series,
varying with respect to rates of interest, dates, maturities, redemption
privileges. Ac. 1 1 ere is 0 maintenance and ininrovement fund of 1 A % ann.
of book value of the physical property subject to due credits for excess
expenditures made in prior years. Callable whole or part on 30 days'
notice at 105 through April 11941; at 104through April 1 1942; at 103
through April 1 1943. at 102 through April 1 1944; at 101 through April 1
1945; thereafter at 100: in each case with interest. Penn. 4-mills and
Mass. 6% taxes refundable. In March 1926, Arthur Perry & Co. and
Paine, Webber & C o., Boston, Mass., offered $1,600,000 1st mtge. 5%
old bonds, due 1946 at 93)4 and int., to yield over 5 A %• V. 122, p. 1454.
Jsted on Boston Stock Exchange. V. 122, p. 1761.
EARNINGS.— For calendar years:
1925.
1924.
Gross earnings..............
$1,157,325
$825.28*
Net arter mainteance and taxes________
205.029
664.363
Dividends.— Paid in 1923 20%; 1924. 9.5% ; 1925 14-5%.
OFFICERS.— Pres.. H. D. Walbridge, New York; V.-P.. H .C . Morris.
Dallas. Texas; V .-P ., F. T . Hepburn; V .-P., F. E. Haag, New York; Sec.,
R. G. Soper; Treas., C. O. Kizer, Dallas, Texas.— V. 120, p. 1326; V.
122, p. 1454, 1761, 2039; V. 124, p. 2586.

f

[V ol. 125.

PU BLIC U T ILIT IE S

18
MIDWEST GAS CO.

ORGAN IZATION .— Incorp. In Oct. 1926 in Delaware to acquire the
business and properties o f Oklahoma Service C o., Williams Gas Co.,
Industrial Fuel Corp. and several other companies, supplying natural gas
in southwestern Oklahoma and southeastern Kansas.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Company’s present operations are principally the transportation and
wholesaling o f gas to industrial companies and to distributing companies
owning the franchises in the towns supplied. Company has total contracts
for a daily delivery in excess o f 17,500,000 cu. ft. and estimated sales of
20,000,000 cu. ft. per day. The majority o f these contracts are of 10
years’ duration with the privilege o f renewal. The territory to be served
embraces some 23 towns and communities, incl. Lawton and Altus, Okla.,
and Neodesha, Kan., totaling approx. 100,000 in pop’n. Co. owns and con­
trols approx. 292 m. o f main pipe line system, o f which about 50 m. is 8-in.
and 10-in. line. And controls gas rights on more than 20,000 acres of
proven leases, containing approx. 410 producing wells. The supply o f gas
in Oklahoma is taken from the Chickasha and Sayre gas fields which have
an aggregate estimated open flow in excess o f 210,000,000 cu. ft. per day.
In the Kansas territory 375 shale gas wells supply in excess o f 7,500,000 cu.
ft. o f gas per day. V. 123, p. 2654.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Com 300,000 shs (no par)------- ------------------- 200.000 shs ----------------1st M 7% g ser A ($1,000,/ 1926
7 M -N
$2,500,000 N ov 1 19.?
$500 c* )_______________ tf (Guaranty Trust Co. of N. Y .. Trustee.
Bonds.— The ls( mtge. 7% gold bonds are secured by a direct 1st mtgeon all the physical property of co. Additionally secured by deposit of
important contracts, leases and agreements. S5O0.OOO series A have been
reserved for acquisition o f additional properties and other corporate pur­
poses Further additional bonds may be issued in different series and at
different interest rates for 2-3 o f cost of additions provided net earnings
for 12 months within preceding 15 months have been at least two times
annual interest and fixed sink, fund requirements on outstanding bonds,
incl. proposed issue. There is a sinking fund to which payments are to
be made monthly, first payment to be made M ay 25 1928. for the previous
month and in amount equivalent to a rate o f $150,000 per annum and
increasing each year thereafter at a rate equivalent to $50,000 per annum
to $350,000 per annum beginning M ay 25 1932, and thereafter until May 25
1936, and thereafter at $400,000 per annum until maturity or redemption
of all the bonds. In addition to this fixed sinking fund a percentage of
the net earnings after interest and fixed sinking fund is to be set aside for
redemption of additional bonds. Such percentage payments are to be
made monthly (first payment to be made for the month o f April 1927)
at 25% o f net earnings and thereafter at this rate until April 1930. and
thereafter at 15% until maturity or redemption o f the bonds. Moneys
to be used for redemption and cancellation by purchase or call of 1st mtge.
bonds. It was calculated that total sinking fund payments will have
retired entire issue prior to maturity.
Series A is red., whole or part, on any int. date on 30 days’ notice at
105 & int. on or before N ov. 1 1931 and at 102K & int. thereafter until
maturity. Calif., Penn., Mass., Conn, and Maryland taxes refundable.
In N ov. 1926 G. E. Barrett & C o., Inc., and Frederick Peirce & Co. offered
$2,500,000 7% series A at 100 and int. The holder o f each $1,000 bond
(and $500 bonds in proportion) were entitled to purchase up to and incl.
N ov. 1 1936, regardless of prior call or redemption, 10 no par common
shares to and incl. Dec. 31 1929 at $15 per share and thereafter at a price
increasing $2 50 per share per calendar year. Application for listing of
these bonds on Boston Stock Exchange was to be made. Y. 123, p. 2654,
2777.
OFFICERS.- Pres., S. M . Williams, Jr., Tulsa; V.-Pres., W . J. Schoonmaker and George Ackerman, both o f N . Y .; Sec., Wilbur J. Holleman,
Tulsa; Treas., C. H. Walker, N . Y .; Asst. Sec., C . H. Bradbury, N. Y .;
Asst. Sec., J. J. Johnson, Tulsa; Asst. Treas., J. W . Shenefield, Tulsa.—
V. 123, p. 2654, 2777, 3183, 2279.

DES MOINES GAS CO.
Controlled by the United Gas Improvement Co.
ORGA N IZA TIO N .— Incorp. in Iowa Feb. 28 1906.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. supplies artificial gas without competition in Des Moines and Valley
Junction, Iowa, serving a population of approximately 149,300. Co
owns and operates a modern gas plant of a daily capacity of 5,500.000 cu
ft. Holder capacity 3,900.000 cu. ft. 30,772 customers; 312.39 miles of
gas mains. V. 122, p 1025
Franchises.— C o.’s principal franchise is perpetual and free from burden­
some restrictions.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common ($50)____________________
_________ $2,250,000 J u ly ’27 1 H
8% cum pref ($50)_________________
8%
500,000 July ’27 2 °7
,
7% cu m p ref ($50)_________________
7%
250,000 July 27 13
4
1st M gold 5% series due 1956 / 1926
5 g M-S
2,190,000 Mar 1 1956
($1,000, $500)________ c*tf\Bk. of N o. Amer. ft Tr. Co., Phila., trustee
Bonds.— The 1st Mtge. gold bonds, 5% series, due Mar 1 1956. are secured
by 1st mtge. on the entire (incl. after-acquired) property, except securities
owned, unless specifically pledged. Additional bonds in one or more series
of such tenor as directors may from time to time determine, may be issued
(а) for 75% o f cost or fair value o f new acquisitions, add ns, &c., provided
net earns, for 12 out o f preceding 15 months have been 1 % times annual
int. on all underlying and 1st mtge. bonds outstanding, incl. new issue;
(б) for refunding purposes; (c) to provide money to be deposited with trustee
for any o f the foregoing purposes. Co. is to pay semi-ann. on June 1 and
Dec. 1 in each year, commencing Dec. 1 1926, to a sinking fund
% of total
amount of these bonds outstanding for the purchase or redemption of bonds,
thereafter to be canceled. Callable, whole or part, on 30 days’ notice at a
premium of 5 % on or before M ar. 1 1946, said prem. to be reduced
% com­
mencing Sept. 1 1946, with a like add’l reduction commencing Sept. 1 of
each year thereafter, on Sept. 1 1955 at par; in each case with interest
Penn. 4 mills tax refundable. In Feb. 1926 Drexel & Co.. Philadelphia
Pa., offered $2,200,000 5% Series due 1956 at 98K and int., to yield aboui
5.10%. V. 122. p. 1025.
EARN ING S.— For calendar years:
1926.
1925.
1924.
1923.
G ross...............................$1,170,339 $1,197,445 $1,215,430 $1,129,285
Oper. exp., maint. & tax.
892,563
911,588
920,544
854,200
Net before depr. & tax.
Depreciation__________
Interest charges_______

$277,776
33,035
111,733

$285,857
34,058
88,319

$294,886
25,632
83,118

$275,085
37,566
77,742

Balance before divs.
$133,008
$163,480
$186,136
$159,777
OFFICERS.— Pres., H. R. Sterrett; Vice-Pres., P. H. Gadsden, F. J.
Rutledge and Wm. H. Taylor; Sec., G. W . Curran; Treas., I. E. M oven.—
V. 117, p. 1668; V . 122, p. 1025.

DETROIT CITY GAS CO.
OR G A N IZA TIO N .— Organized in Jan. 1898 under the laws of the State
o f Michigan. On Aug. 1 1913 acquired the physical property of Detroit
& Suburban Gas C o., subject to $930,000 20-year 5s due Dec. 1 1928.
V. 97, p. 731; V. 122, p. 212. The American Light & Traction Co. is affil­
iated with this company.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns all the gas properties in Detroit, M ich., and in some adjacent terri­
tory, serving without competition a population estimated to be in excess of
1,500,000; 4 plants wi h aggregate daily capacity of 60,000,000 cu. ft.;
9 holders o f 35,000,000 aggregate capacity, relief holders, 2,000,000 cu. ft.;
2 additional holders o f 10,000,000 cu. ft. each are under construction and
are to be completed in the summer of 1927; 1,909 miles o f mains and 340,066
meters. V. 123, p. 3181; V. 124, p. 505.
Rates, V. 117, p. 2217. 2438; V. 113, p. 1916, 2185; V. 119, p. 202, 584.
Rates upheld. V. 120.p. 3313.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $15,000,000 ($100)...................................... $12,477,600 __________
Pref 8% cum $5,000,000__________
_______
______
__________
First mtge Series “ A ” ($100,1 1922
6 g J-J
13,500,000 July 1 1947
&c) gold-------------- c*& r*.tf/in t. at office o f Amer. Lt. & Tr. C o.. N. Y.
Series “ B ” _________________ 1925
5 A-O
17,500,000 Oct 1 1950
Detroit ft Suburban Gas C o.l 1908
5 g J-D
930,000 Dec. 1 1928
first mtge ($1,000) gold. _c*/Int. at Citizens’ Sav. ft Trust C o., Cieve..O.




Bonds.— Additional 1st mtge. bonds may be issued in series of such tenor
as directors may, from time to time, determine for refunding purposes.
M ay also be issued for 75% of additions, improvements, &c., provided
net earnings for 12 consecutive within preceding 14 months have been at
least 1 % times annual interest on all 1st mtge. and underlying bonds out­
standing with the public, incl. proposed issue. The mortgage contains
provisions for the modification thereof (except as to interest rate, maturity
date, & c.), with the assent o f holders o f 75% in aggregate principal amount
o f outstanding bonds. Series A 6% bonds are redeemable, all or part, at
107 K to and including July 1 1932; at 105 thereafter to and incl. July 1 1942;
at 101 thereafter to and incl. July 1 1946, and after July 1 1946 and prior to
July 1 1947 at par and int. V . 115, p. 187. Pennsylvania 4 mills tax
refunded. Series B 5% bonds, dated Oct. 1 1925, are red., whole or part,
at any time on 60 days’ notice to and incl. July 1 1932 at 107H and int.;
to and incl. July 1 1942 at 105 and int.; to and incl. July 1 1946 at 101 and
int., and at 100 and int. thereafter. Penna. 4 mills and Mass. 6% taxes
refundable. Tax-exempt in Michigan to residents. In Dec. 1926 Otis ft
C o., Halsey, Stuart ft C o., Inc., Marshall Field, Glore, Ward & C o.,
Lehman Brothers and Redmond & Co. sold $10,000,000 series B at 100
and int. V. 123, p. 3181. Additional $7,500,000 series B were sold in
July 1927 by a syndicate headed by Otis & C o., Halsey, Stuart & C o., Inc.,
and Marshall Field, Glore, Ward & Co. at 100 and int. V. 125, p. 53,3.
Detroit & Suburban Gas Co. 1st mtge. 5s are redeemable at 103 and int.
EARNINGS.— For Calendar years:
Gross, Incl.
Net After
Adjustments,
Other Inc.
Oper. Inc. Deductions.
& .
Balance.
Cr. $58,884 $1,995,001
1926____ $16,103,041 $3,511,856 $1,575,739
1925........ 14,895,424
4,060,591
1,690,189
Cr.208.965 2,579,367
O F F IC E R S — Pres., R . B. Brown: V.-P. ft Gen. M gr., Chas. W.
Bennett; V .-P ., James Lawrence; Sec. & Treas., Cnas. S. Ritter; Asst.
Treas., J. M . Wright; Asst. Sec. & Asst. Aud., T . M . Leahy; Asst. Gen.
M gr., J. W . Batten: Com pt., Adam Kurtz; Aud., P. F. Osmer. Office,
Detroit, M ich.— V. 119, p. 202, 584; V. 120, p. 3313; V. 122, p. 212, 1454:
V. 123, p. 3181; V. 124, p. 505, 513.

EAST BAY WATER CO.

ORGANIZATION.— Formed Nov. 13 1916 in California.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Engaged in the production, distribution and sale of water for domestic and
industrial purposes. The territory served includes the cities of Oakland,
Berkeley, Alameda, Piedmont, Emeryville, Albany and San Leandro,
In Alameda County, and Richmond and El Cerrito in Contra Costa County.
Oalif. Combined population estimated at 531,000. Franchises run without
time limit and are stated to be free from burdensome restrictions.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $500,000 ($100)_
_
_____
_____________
$ 100,000
_______________
Class " A " pref 6% cu m u lativ e!____
Q-J 15 10.000.008 Oct ’ 27 V 4
$ 10 , 000,000 ( $ 100) ________ /

Class “ B ” pref 6% n on -cu m u ?____
Q-J 15
2,987.200 Oct’ 2 7 .1 ^ %
$5,000,000 ($100)-........ . . I
1st mtge .
$15,000,000 ($1,000)/ 1916
.
5Mi g J-J 8,993,200 Jan 1 1946
g o ld ___________________ c*-jlnt. at Wells Fargo Bank and Union Trust
C o., trustee.
Unifying ft refunding mtge—
Ser “ B” ($500 ft $1,000).
1922
6 g M-S
2,881,500 Mar 1 1942
Ser “ C” ($500 & $1,000)
1924
6 g M-S
1,986,000 Mar 1 1944
Ser “ D ” ($500 ft $1,000).. 1925
6 g M-S
2,917,000 Mar 1 1955
Ser “ E ” ($1,000 ft $500 c*) 1926
5 g M-S
4,265,000 Mar 1 1956
$50,000,000 gold____ c*tf Int. at Mercnatile Tr. Co., San Fr., trustee.
Stock.— In July 1926 Peirce, Fair & Co., Blyth, Witter & C o., and Wm
Cavalier & Co. offered $2,431,200 class A 6% cum. pref. ( a. & d.) at 96.
to yield 6.25%. V. 123, p. 454. Is non-callable.
Bonds.— 1st Mtge. 5H* are call, at 105 ft int. Mtge. provides for Sinking
fund of 1% of outstandiig bonds each Jan. 1 1922 to 1925, incl.; since
lJ i% annually. $4,932,100 in addition to amount reported outstanding
are deposited under the unifying & ref. mtge.
Unifying ft ref. mtge. bonds are secured by deposit of $4,932,100 1st
mtge. 5Hs.
Series A 7 f$s were called and retired Sept. 1 1926 at 105.
Series B 6s are red. all or in part on any int. date on 60 days’ notice at
110. In May 1922 $3,000,000 were offered by Blyth, Witter & Co. and
Cyrus Peirce & Co. at 102 & int. V. 114, p. 2246.
Ser. “ C” 6s are callable all or in part on any int. date on 60 days’ notice
at 105. $2,000,000 were offered in March 1924 by Blyth, Witter ft Co
at 99H ft int., yielding over 6% . V. 118, p. 1141.
Ser. “ D " 6s are red. all or part on any int. date on 60 days’ notice at 105
and int., provided, however, that in case of the sale to or other acquisition
of the co. s properties by any public corporation, the co. may at its option
and upon like notice redeem these bonds as a whole at 103 ft int. In Feb.
1925, $3,000,000 were offered by Blyth, Witter ft Co., Peirce, Fair ft C o.,
Mercantile Securities Co. of Calif, and American Securities Co. at 101H ft
int. V. 120, p. 955.
Series E 5s, dated March 1 1926 are red. all or part on 60 days’ notice at
105 ft int., provided, however, that in case of the sale to or other acquisition
if c o .’s properties by any public corporation, co. may at its option redeem
ihese bonds as a whole at 100 & int. Exempt from Calif, personal property
ax. In July 1926 Peirce, Fair & Co., Blyth, Witter ft Co., and Mercantile
Securities Co. of Calif, offered $4,265,000 Series E at 97K & int., to yield
over 5.15% . V. 123, p. 323.
EARNING S.— For calendar years:
1926.
1925.
1924.
1923.
_
Gross oper. revenues_ $4,194,246 $3,694,376 $3,478,811 $3,202,441
Oper. exp., taxes, depr. 2,120,937
1,843,975
1,812,161 1,597,059
Net oper. revenue____$2,073,309 $1,850,400 $1,666,650 $1,605,382
Non-oper. rev. (net)----48,687 _____ 70,382
19,622 ______ 9,776
Net revenue---------------- $2,121,996 $1,920,783 $1,686,272 $1,615,158
Interest.................
1,203,488
1,116,820
961.648
919,354
Class A pref. divs______
519,835
454,128
444,208
404,516
Class B pref. divs--------149,360
149,360
149,360
149,360
Federal income tax_____
52,800
53,568
60,349
52,184
Net to surplus----------$196,513
$146,907
$70,707
$89,743
Latest Earnings.— For 6 mos. ended June 30:
1927.
1926.
Gross revenue--------------------------------------------------------$2,011,700 $1,977,061
Net operating revenue____________________________ 1,341,844 1,316,517
Taxes and depreciation___________________________
397.608
341,800
Fixed charges and deductions_____________________
606,181
556,940
Preferred A and B dividends______________________
389,616
301,744
Balance, surplus-----------------------------def.$51,560
$116,032
OFFICERS.— Pres., Edwin O. Edgerton; V.-P. & Gen. M gr., G. H.
Wilhelm; 1st V .-P ., J. Y . Eccleston; Sec. & Treas., S. M . Marks.— V. 120.
p. 828, 955, 1746, 2146; V. 122, p. 3452; V. 123, p. 323, 454; V. 124, p. 1665.
33627; V. 125, p. 514, 1051.

EMPIRE GAS & FUEL CO. (DELAWARE).
Control.— All of the common stock (except directors shares) is owned by
Cities Service Co.
ORGANIZATION.— Incorporated in Delaware in June 1919. Company
owns all common stocks (except directors shares) o f Empire Oil and Refin­
ing C o., Cities Service Gas Co. and 68% of Indian Territory Illuminating
Oil Co. (see separate statements), which constitute most o f the oil and
natural gas pipe line interests of the Cities Service Co. in the Mid-Continent
territory. During 1927 the company’s interests were separated into the
above companies in order to simplify the financial structure and operating
organization
FIELD OF OPERATION AND CH ARACTER OF BU SIN ESS— The
operating units of the company, which with its subsidiaries, including
one 68% owned, comprise production, transportat.on, refining and market­
ing of crude oil and its products, as well as in the transportation o f natural
gas. Subsidiaries own over 850 miles of oil pipeline, and 3,500 oil wells
the gross production of which, during the second quarter of 1927, averaged
73,000 barrels of crude oil daily. Four refineries and 15 absorption and
compression gasoline plants are owned and operated. Over 500 tank and
gasoline service stations, located in 12 States, are owned and distribute
petroleum products. The gas subsidiaries handle an average o f more than
100,000,000 cubic feet of gas daily, and through 2,200 miles of pipelines,
supply gas at wholesale to local companies serving over 135 cities and
communities in Kansas, Oklahoma and Missouri, the territory served
having a population of approximately 1.300,000.

O ct., 1927.]

GAS AND W A TE R

STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common 750,000 shs. (no p a r ) ____
_________ 750,000 shs
Cumulative preferred 7 % _________
7
$4,166,500
Cumulative preferred 8 % ___ _____
8
35,260,187
5% serial notes (c* $1,000,/ 1927
5 g J-D
18,000,000 . 1928-30
500)____________________tf[In t. at Halsey, Stuart & C o., Inc., Chicago
[and at office o f company in N. Y .
Notes.— The 5% serial gold notes, dated June 1 1927 are a direct obligation
of the company and will mature $6,000,000 each June 1 1928 to 1930,
inclusive. Indenture provides that while any o f these notes are outstanding
the company will not pledge any o f the common stock o f the subsidiarias
without equally and ratably seeming these notes but these subsidiaries
may mtge. their own properties. Red. all or part on 60 days notice at a
premium o f % o f 1 % for each year o f unexpired life or part thereof, plus
int. in each case; the series shall be redeemed in the inverse order of their
respective maturities. Company will refund Penna., Conn, and Calif,
personal property taxes, not exceeding 4 mills per annum on the taxable
value, and for the Mass, income tax on the interest, not exceeding 6%
thereof per annum. In M ay 1927, a syndicate headed by Halsey, Stuart
& Co., Inc., and Hallgarten & C o., sold $18,000,000 5% serial gold notes
at the following prices and yields; 1928 maturity 1003^ and int., yielding
about 4 % % ; 1929 maturity 99% and int., yielding about 5 % % ; 1930
maturity 99% and i,g.— V. 124, p. 3206.
Bonds Retired.— AH o f the outstanding 1st & ref. conv. 15-yr. 7% %
gold bonds, series “ A ” & “ C ” due M ay 1 1937 were called for payment on
Sept. 19 1927 at 110 and int. and all o f the 1st & ref. gold bonds 614%
series called on Sept. 19 at 105% and int. V. 125, p. 515.
EARNINGS.— Consolidated earnings o f the company, as now con­
stituted were as follows:
— Years Ended Nov. 30—- Year Ended,
1925.
1926.
May 31 ’27.
Gross earnings, incl. other income— $48,640,174 $52,934,615 $57,242,306
Operating expenses, maintenance, all
taxes, minority stockholders' int.
in subs., int. o f $3,025,000 on pres­
ently outstanding bonds of sub. cos.
and other prior deductions________ 35,012,014 36,297,402 38,390,881

19

STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ( $ 1 0 0 ) . . ____
_______
$7,525,000
Pref 7% cum $6,300,000($100)____7 Q-J
3,300,000
Stock.— Pref. is callable, all or part, at any time at 110 and divs.
Bonds.— All of the outstanding lsl lien collateral 7s were called for redemp­
tion on M ay 1 1926 at 107% and accrued interest.
E A R N IN G S.— For calendar years:
1925
1924
1923
Gross earnin gs........................ ............$4,629,817 $4,237,312 $3,299,028
Oper. exp., maint., taxes and prior
fixed charges..................... ................ 3,986,521
3,663,948
2,840,353
Net earnings____ _________ ______
$643,296
$573,364
$458,675
_
$205,765
210.000
______ Annual interest on first Hen bonds_
OFFICERS.— Pres., L. J. Muir; V.-Ps., J. J. Ginder, AV. H. Schwerk’
hardt, H. C. Morris, and E. W. Hill; Sec., E. P. Summerson; Treas.
A . C. R ay.— V. 118,p. 1399, 1916; V. 122, p. 2493, 3209; V. 123, p. 2899

GREENWICH WATER AND GAS CO.

ORGANIZATION.— Incorp. In Delaware, Dec. 1925. Co. control3
through 100% stock ownership the Greenwich Water C o., Greenwich Gas
Co., the Port Chester Water Works, the St. Johnsbury Gas C o., and over
98% of the common stock of the Vermont Lighting Corp.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Through Its subsidiaries co. supplies water and gas to Greenwich, Conn,
incl. Sound Beach, Cos Cob, Riverside, Borough of Greenwich, GlenviUe
and East Port Chester, and water to Port Chester and Rye, N. Y . Total
population served with water estimated over 60.000. Approx. 10,000 water
and 6,500 gas consumers, 91.5 miles of gas mains and 158 miles of water
pipe lines. Co. is increasing its gas distribution by extensive additions.
V. 122, p. 480. It also has managerial contracts with companies furnishing
gas to North Attleboro, Plainfield and Ware, Mass.
STOCK AND BONDS—
Date.
Interest.
Outstanding.Maturity.
_________ 100.000 shs......................
Bal. before deducting depr. & depl.$13,628,160 $16,637,213 $18,851,425 Common 100,000 shs. (no par) ____
1,935,000
________
Annual interest requirements on these notes-------------------------900,000 6% pref stk $2,300,000 ($100). ____ 6 O-J
7 Q-F
$1,250,000
..............
7% cum pref $1,250,000 ($100) ____
The amounts set aside in the above periods by the company for depre­ Coll trust 5s ser A ($1,000,/ 1927 5 A-O
3,551,000 Apr.1 1952
ciation and depletion were $4,860,545 in 1925 and $4,967,243 in 1926.
500 c * )..............................t fi The Atlantic National Bk. Boston, trustee.
OFFICERS.— Pres., Henry L. Doherty, New York.— V. 119, p. 1287,
Slock.— ' he 6% pref. stock is preferred as to assets and cum. divs
T
1740, 2877; V. 120, p. 1326, 1585, 3186; V. 121, p. 1460, 1788,300.3;V. 122 Shares are fully paid non-assessable. In event of voluntary dissolution or
p. 1608, 1770, 3081; V. 123, p. 1633, 2653, 3182; V. 124, p. 2278, 2905, liquidation, entitled to receive $107 per share and divs., and in event of
3206; Y. 125, p. 515, 647.
involuntary dissolution or liquidation, entitled to $100 per share and divs.
Callable, whole or in part, at $107 on any div. date on 30 days’ notice
EMPIRE OIL AND REFINING CO.
plus all cumulative divs. In June 1927 Putnam & Stover, Inc., sold
$1,935,000 6% pref. stock (par $100) at 99% and divs. V. 125, p. 94.
Control.— All o f the common stock (except directors’ shares) is owned by The 7 %
Empire Gas & Fuel Co. (Del.). ' For full details see November 1927 issue 6% stock.cum. pref. stock was redeemed through issuance of the above
o f “ Railway and Industrial” Compendium.
Bonds.—The coll, trust 5% gold bonds, Ser. A , due April 1 1952, are a direct
obligation of the co. and further secured by deposit with trustee o f 100% o f
CITIES SERVICE GAS CO.
the outstanding capital stock o f Greenwich Water Co., which in turn owns
Control.— All o f the common stock (except directors’ shares) is owned by 100% of the capital stock o f the Port Chester Water Works, 100% o f the
capital stock of the Greenwich Gas Co., 100% of the capital stock o f the
Empire Gas & Fuel Co. (Dei.).
O RGAN IZATION .— Incorp. under the laws o f the State of Delaware St. Johnsbury Gas Co., over 85% of the common stock o f the Vermont
in April 26 1927. Organized to acquire, directly or through subsidiaries, Lighting Corp. and the entire outstanding $1,100,000 1st mtge. bonds of
the entire gas pipe line system and substantially all the other natural gas the Port Chester Water Works and $700,000 1st mtge. bonds o f the Green­
properties formerly owned by Empire Gas & Fuel Co. (Del.), and subsidi­ wich Gas Co. Additional coll, trust bonds for purpose of acquiring securi­
aries, except Indian Territory Illuminating Oil Co. In addition, company ties to be pledged under the indenture may be issued only (a) par for par for
sub. cos.’ 1st mtge. bonds, (b) not exceeding 80% of the cost or fair value
acquired the properties o f Kansas-Oklahoma Gas Co.
of other securities of any one or more of such subs., provided that in the
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.— latter case the coll, trust bonds so issued, plus all o f the securities o f the
The system consists of over 2,200 miles of pipe lines and 13 compressor said subs, that are not pledged and which are prior or equal to the securities
stations. Gas is sold to local companies serving over 135 cities and com­ so pledged do not exceed 75% of the fair value of sub. cos.’ properties,
munities, including Kansas City and Joplin, M o.; BartlesviUe, Okla., and and provided that net earnings for a fixed period (as defined in the inden­
Kansas City, Leavenworth, Atchison, Hutchinson, Ottawa, Topeka and ture) have been at least twice the interest charge on all bonds outstanding,
Wichita, Kan. Gas so handled averages more than 100,000,000 cu. ft. including proposed issue. Sinking fund payable Dec. 1 each year, begin­
daily. The territory supplied at wholesale by the system has a population ning 1929, equal to 10% o f the consol, net earnings of co. and subs, (but not
of approximately 1,300,000 and the local distributing companies serve over exceeding $50,000 in each of the 1st 5 years and $100,000 thereafter), such
200,000 customers. Gas is purchased under favorable contracts from other payments to be used for the retirement of bonds o f this issue. Vermont,
producers. The wells to which the system is connected have an aggregate Conn., Penna. and Calif. 4-mills tax, the N. H. income tax not exceeding
daily open flow capacity of approximately 1,250,000,000 cu. ft.
4 mills, and the Mass, tax not exceeding 6% refundable. Red. all or In
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
part on 30 days’ notice at 103 and int. up to and incl. Apr. 1 1947 and there­
_______ 250,000 shs __________
Common 250,000 shs (no p a r ) . ____
after at 100 and int. In March 1927 $3,450,000 coll, trust 5s, series A ,
1st M pipe line bdsser of 1927? 1927
5% g M-N$25,000,000 M ay 1 1942 were sold by E. H. Rollins & Sons, Stone & Webster and Blodget, Inc.,
(c* $1,000, $500, $100, and]Int. at Halsey, Stuart & C o., Chicago, and Brown Bros. & Co. and Putnam & Stone, Inc., at 95 and int., to yield over
r* $1,000 and m ultiples).tf[ and at office o f company in New York.
5.35%. V. 124, p. 1978, and $101,000 have been issued in exchange for
Bonds.— The first mortgage pipe line 5% % gold bonds, series of 1927, sub. co. bonds.
dated M ay 1 1927, are secured by a direct first mortgage lien on the pipe
EARN ING S.— Consolidated earnings of co. and operating companies:
lines and compressor stations of the company, owned and hereafter acquired
For 12 Months Ended—
Dec. 31 ’25. Dec. 31 ’26. May 31 ’27.
(subject only to purchase money and existing liens, if any, on acquired Gross earnings________________ _____
$536,435
$709,090
$977,037
property). Additional bonds may be issued under restrictive conditions a
Oper. expenses, incl. local taxes _____
223,653
263,609
396,133
set forth under the indenture. A sinking fund sufficient to retire annually.s
$625,000 o f bonds will be provided, operating quarterly through Halsey,
Netearnings____________ ________
$312,782
$445,481
$589,904
Stuart & Co., Inc., beginning N ov. 1 1927, which it is calculated will retire Annual underlying bond interest and preferred dividends_____
240,454
over 36% of the bonds o f the series o f 1927 before maturity. Company Annual interest on coll, trust 5% gold bonds (this issue)_____
________
will have the right to anticipate its sinking fund obligation or to surrender
bonds in satisfaction thereof.
Balance available for reserves, deprec.. Fed. tax and divs____
$340,450
Property Replacement Fund.— Company will covenant that whQe any bonds
OFFICERS.— Pres., Eben F. Putnam; V .-P., John W . Harding and
of the series o f 1927 are outstanding, it will provide a fund of not less than
F. L. Putnam; Sec. & Treas., G. B. Willard. Office, Greenwich, Conn.,
$375,000 per annum (in addition to the annual sinking funds), which shall
be applied to:: (1) the redemption of bonds, to be o f this series if such and Wilmington, Del.— V. 122, p. 480, 3338; V. 123, p. 709, 1251; V. 124,
amount of this series is then outstanding, through purchase in the open p. 1978; V. 12 5,p. 94.
market or redemption at the sinking fund call prices then in effect; or (2) the
making of capital expenditures of the kind for which bonds may be issued,
but which expenditures shall not thereafter constitute the basis for further
HACKENSACK WATER CO.
issuance of bonds; or (3) temporary investment in assets to be pledged with
the trustee until applied as provided in (1) or (2). These requirements
ORGANIZATION — Incorporated under laws of New Jersey in 1869,
may be anticipated to accumulate a credit which may be drawn upon by the
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
company at any future period. I f this fund should become in arrears, no
cash dividends may be paid by the company on its common stock until the Supplies water to 51 cities and towns in Hudson and Bergen counties. New
Jersey. Miles of mains, 690.
deficiency Is made up. Redeemable, all or part (except for sinking fund
Maturity.
STOCKS AND BONDS— Date.
Interest. Outstanding.
and property replacement fund) at any time on 60 days’ notice at following
J-D
$5,125,000 June’27 3%
prices: prior to M ay 1 1932, at 103; thereafter and prior to M ay 1 1937 at Common $6,000,000 ($25)_________
7 J-D
2.373,125 June’27 3%
102; thereafter and prior to M ay 1 1941 at 101, and at principal amount Pref 7% cum $4,000,000 ($25)______
during the last year, plus interest in each case. Redeemable through sinking 7% cum pf Cl A $6,000,000
(par $25)__________________ _____
7 Q-M
1,494,225 Sept’27 1%
fund and property replacement fund only, at any time, on 30 days’ notice, at
1,875 __________
101 prior to M ay 1 1937, and thereafter at the principal amount, plus inter­ 6% cum pref $500,000 ($25)_______
4 g" X-J ”
4,750,000 July 1 11 Vi
est in each case. Company agrees to refund Penn., Conn, and Calif, per­ 1st mtge $6,000,000 ($1,000)1 1902
gold_____________________ /Hudson Trust C o., Hoboken. N. J., trustee
sonal property taxes not exceedng 4 mills per annum on the taxable value,
5 g J-J
4,000,000 June 15 ’77
and for the Mass, income tax on the interest not exceeding 6% thereof per General & ref mtge series A / 1927
($1,000)__________ c*&r*tf [Hudson Trust Co. .Hoboken, N . J. trustee
annum.
Stock — 7 % preferred stock Is cumulative and participating
Redeemable
E A R N IN G S.—Consolidated earnings o f the properties and subsidiaries to
at 110 after tnree years from date of issue. On June 3 1925 stockholders
be presently owned:
increased the authorized capital stock to $6,000,000 ($25) common, $500,009
Year Ended—
Nov. 30 ’25. Nov. 30 ’26. Mar. 31 '27.
Gross earnings, incl. other income— $9,694,007 $10,260,479 $10,279,614 ($25) preferred, $4,000,000 ($25) 7% pref. and $6,000,000 7% cum. pref.
class A stock. Of this latter stock $1,500,000 was sold to customers and
Operating expenses, maintenance,
taxes and other prior deductions.. 5,164,385
5,370,353
5,311,907 employees at $25 and to stockholders. V. 121, p. 2038. The 7% pref.
class A stock is entitled to 7% cum. div. per annum, and to assets (par and
divs.) before the common stock. Redeemable at 104 after three years from
Net before deducting in t., Fed. tax.
& reserves for deprec.& deplet’n . $4,529,622 $4,890,126 $4,967,707 date of issue. V. 120, p. 2941; V. 121, p. 1460.
Bonds.— The gen. < ref. mtge. 5% gold bonds, series A , dated June 15 1927
&
$1,375,000
Annual interest requirements on bonds_____________________
OFFICERS.— Pres., Henry L. Doherty; V .- P ., _____________________ _ are a direct lien on all fixed assets of the co., ind. all capital stocks and
bonds of co.’s wholly owned subs., subject to the prior line of $4,750,000
— V. 124, p. 3065.
1st (closed) mtge. 4% 50-yr. gold bonds, due in 1952. Mortgage provides
that, so long as any gen. & ref. mtge. bonds are outstanding, no funded
debt or additional stock of any whoUy owned sub. co. shall be issued unless
GAS & BY-PRODUCTS CO.
pledged under the mortgage. Asdaitional bond of this or any other series
Controlled by Electric Power & Light Corp., under supervision of Electric may be issued, with certain restrictions as provided under the indenture
Red. as a whole on any int. date after 60 days' notice at 102 on or prior to
Bond & Share Co. V. 123, p. 2899.
prior to
O RGAN IZATION .— Incorp. in Delaware. Controls and operates the June 15 1937; at 101% thereafter and on or at 100% June 15 1947; at 101
thereafter
following companies: Natural Gas Producing Co. o f Louisiana, Excelsior thereafter and on or prior to June 15 1957: to maturity, in each and on or
prior to June 15 1957, and at 100 thereafter
case with
Pipeline Co., Morehouse Natural Gas Co., Inc., Bastrop, La., Panola Gas accrued int. In June 1927 White, Weld & Co. and Kean, Taylor & Co ,.
& Oil C o., Panola County, Texas, and the U. S. Carbon C o., Bastrop, La.
New York, sold at 96% and int., to yield 5.20% , $4,00;.,600 gen. & ref.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— mtge. 5% bonds, series A . V. 124, p. 3771.
The company’s subsidiaries lease and operate extensive natural gas producing
Dividends.— On pref., 3% % s.-a. to June 1926. On the 7% cum. pre®.
properties (including a substantial acreage in proven territory) located in class A stock 1 % % quarterly to Sept. 1927. V. 121, p. 2873. Oa
the Monroe gas field, which is situated in northern Louisiana and also common. 3 % % s.-a. from Dec. 1917 to Dec. 1920; June 1921 dividend
properties located in the Bethany gas field in Panola County, Texas, passed; Dec. 1921 paid 3% ; Dec. 1922, 4 % ; June 1923, 3% and 3% semi­
and owns pipe lines and properties producing by-produers of natural gas.
annually thereafter to date.




20

PUBLIC U TILITIE S

EARNINGS.— For calendar years:
1926.
1925.
1924.
Gross earnings.._________
$2,494,818 $2,398,621 $2,285,897
Oper. exp., taxes & depreciation_____ 1.651,007
1,553,481
1,549,175
Net earnings_____________________
$843,811
$845,140
$736,722
Other Income__________
8.480
20.509
15,708
Total income------------------------------$852,291
$865,649
$752,430
Bond interest---------------------------------330.000
330,000
330.000
Other Interest, amortization, &c_____
35.824
62,362
40,052
$365 324
$392,362
$370,052
Balance available for dividends____
$486,467
$473,287
$382,378
OFFICERS.— Chairman o f Board, Robert W. de Forest: Pres., Nicholas
S. Hill Jr.; V.-Ps., Hamilton F. Kean and Henry L. de Forest: Sec. & Treas.
Earle Talbot; Compt.. C. J. Alfke. Offices, 624 Park Ave. Weehawken,
N. J — V. 120. p. 2146. 2268. 2815. 2941.3314: V. 121. p. 585. 1460. 2038,
2403, 2873, 3003; V. 122, p. 1609, 2190, 3453; V. 124, p. 3628, 3771.

M ICHIGAN FUEL & LIG H T CO.
Management.— In hands o f Interstate Fuel & Light Co.
ORGAN IZATION . &c.— Incorp. In Michigan in 1925. Supplies arti­
ficial gas without competition to Benton Harbor, St. Joseph, South Haven
Sturgis, Allegan. Otsego and Plainwell, Mich.: Manitowoc, Wis., and
Auburn. Kendall ville, Garrett and Avilla, Ind. Population served of over
95,000. The properties comprise 6 manufacturing plants having a com­
bined capacity of 4,050.000 cu. ft. and 260 miles of gas mains; 18,180 meters.
Gas sales in 1926. 434,469.000 cu. ft.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 25,000 shs (no par)______
_ ______ 3,800 shs. __________
_
Cum 7% pref $2,500,000...............- .........................
$650,000 ..................
1st mtge 6% gold Series A f 1925
6 g J-D
1,752,500 June 1 1950
($1.000. $500)________c* tf IChatham Phenix N . B. & Tr. Co.,N .Y.,trus.
Bonds.— The 1st mtge. 6% gold bonds, Series A , dated June 1 1925, art
red., all or part, on 30 days' notice at the following prices and Interest
Up to June 1 1930 at 105; June 1 1935 at 104; June 1 1940 at 103; June 1 194C
at 102; June 1 1949 at 101; thereafter at par. Prin. and int. payable ir
New York and Chicago. Penn, and Conn. 4 mills, Maryland 4 A mill*
and Mass. 6% taxes refundable. Tax exempt in State o f Michigan. Addi­
tional 1st mtge. bonds may be issued for 80% of permanent extensions
improvements, &c,, provided that net earnings for 12 consecutive within
preceding 15 months have been \% times annual interest on all bond*
outstanding incl. new issue. M ay also be issued for refunding purposes
Series A has a maintenance and improvement fund equal to 8% of annual
gross gas sales, to be used at the option of the company for maintenance
for permanent additions and improvements which could otherwise be made
the basis for issuance of additional bonds under this mortgage, or for the
retirement of 1st mtge. bonds. In June 1925 Taylor, Ewart & Co. offered
$1,100,000 series A at 99 ft and int., to yield over 6 % . V. 120, p. 3187
*1927
1926
1925
Gross_______
$1,030,399
$589,568
$565,622
Net after oper., maint. & taxes____
322,660
198,529
172,619
Interest charges, &c________________
203,660
109,559
97,585
Available for deprec. & dividends. _ $119,000
$88,970
$75,034
* For 12 months ended July 31 1927.
_ _
O F F IC E R S.—Pres., O. A . Runyan; V.-Ps., R. O. Douglas and C.™W.
McGuire; Sec. & Treas., H. G. Beebe.— V. 120, p. 3187: V. 121, p. 1227;
V. 123, p. 1876.

ATLANTIC CITY GAS COMPANY.

Control.— The operation o f the company is under the supervision o f the
C. H. Geist Co.
ORGAN IZATION .— Incorp. in 1910 in New Jersey as a consolidation.
In June 1927 acquired the Enterprise Gas Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Co. owns and operates the gas producing and distributing system which
supplies gas. without competition, to Atlantic City, Chelsea, Ventnor,
Margate City, Longport, Pleasantville, Absecon, Northfield, Somers
Point and Egg Harbor. Permanent population over 72,000. Summer
population over 300,000. Gas plant o f about 7,000,000 cu. ft. daily
capacity, gas holders o f 5,200,000 cu. ft. aggregate storage capacity. 220
miles of mains: over 29,017 customers; sales 12 mos. Mid. Dec. 31 1926,
1,143.630,000 cu. ft. V. 123, p. 80.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (no par)_________________
_________ 50,000 shs __________
7% cum pref ($ 1 0 0 )-........................
7%
$882,000 __________
1st mtge 5% s f g $6,000,000/ 1910 5 g J-J
4.287.000 Jan 1 1960
($1,000 c * )__________
tf'G irard Trust C o., Philadelphia, trustee.
1st lien & ref mtge (c* $1,000-/ 1927 5 g J-J
800,000 July 11957
$ 5 0 0 )__________________tf IPa. Co. of Ins. on Lives, &c., Phila., trustee.
BON DS.— The 1st mtge. bonds are secured by a direct 1st mtge. on the
franchisee, real estate and all other property o f the co., incl. after-acquired
property. Additional 1st mtge. bonds may be issued for 85% of additions,
improvements, &c., provided net earnings for 12 months have equalled
1 H times annua] interest on all bonds then outstanding, incl. proposed issue.
There is a sinking fund of $26.000 annually for the purchase or call by lot
and cancellation of 1st mtge. bonds at not more than 106 and int. $240,000
have been canceled by sinking fund up to the present. Red., whole or part,
for sinking fund on any Interest date on 2 weeks’ notice at 105 and Int.
Penn, taxes (other than succession or inheritance taxes) refundable. In
July 1926 Drexel & Co. and Edward B. Smith & Co. offered $500,000
additional bonds at 98 and int. V. 123, p. 322The 1st & ref. mtge. gold bonds 5% series due 1957 are secured by a direct
mtge. subject to 1st mtge. bonds. Additional bonds may be issued under
certain restrictions. Red. on any int. date at 105 on or before July 1 1937;
thereafter at 102 A on or before July 1 1947; thereafter at 101 until maturity,
lus accrued int. in each case. Penn, tax not exceeding 4 mills refundable.
n July 1927 Drexel & Co. of Phila. offered $800,000. 1st lien & ref.mtge.
gold bonds. 5% series due 1957, at 98 and int., to y eld over 5.13% . V.
125, p. 646.
EARN ING S.— For 12 mos. ended;
Aug. 31 '27. Dec. 31’26
Gross earnings___________________________________ $1,762,242 $1,708,279
Net after operating expenses____________________
631,042
643,268
Interest, amortization, charges, &c_____________
247,119
225,112
Balance_________________________________________
383,923
418,156
OFFICERS.— President, O. H. G jist; V.-Pres., H. S. Schutt; Sec., O. H.
Weak; Treas., H. A. Lang. Offices: 1622 Packard Bldg.. Phila., Pa.—
V . 123, p. 80, 322; V. 124, p. 233, 3627; V. 125, p. 646, 779.

?

MONMOUTH CONSOLIDATED W ATER CO. (N. J.)
Control.— Controlled through stock ownership by American Water Works
& Electric Co., Inc.
ORGAN IZATION .— Formed In 1926 In New Jersey by merger and
consolidation of Tintern Manor Water C o., Monmouth County Water C o.,
and Rumson Improvement Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. supplies water for domestic, municipal and commercial purposes in Mon­
mouth County, N . J. Among the principal communities served are the
City of Long Branch, the Boroughs of West Long Branch, Monmouth
Beach, Fairhaven, Oceanport, Deal, Rumson, Seabright, Little Silver,
Bradlev Beach, Neptune City and Interlaken, the western part of the
City of Asbury Park, and the Townships of Eatontown, Middleton, Ocean,
Shrewbury and Neptune. The territory served, which is in effect a con­
tinuous residental community with a permanent population of about
135,000, is within commuting distance of the City of New York.
Co. owas and operates water works serving more than 14.639 consumers.
The equipment includes pumping stations with a nominal daily capacity of
approximately 38.000.000 gallons, and filtration plants with a nominal
daily capacity of over 15,000 00 d gallons. The distribution system in­
cludes approx. 202 miles of main. More than 800 hydrants are connected
to company's mains. V. 123, p. 1216.
STOCK AND BONDS—
Date.
Interest Ooutstanding. Maturity.
Common (no par)___________ _____
_______
10,000 shs. ---------------7% cum pref (SI 00)__________ _____
7
$185,700 ---------------1st mtge 5% gold series “ A " f 1926
5 g J-D
2,500,000 June 1 1956
($1,008, $500 & $100 c * )tf (Bankers Trust C o., N . Y . C., trustee.




[V ol. 125.

Bonds.— The lsi Mtge. bonds are secured by a 1st mtge. on the property
owned by co. and will be secured by a direct mortgage on after-acquired
property. In event that any municipal corporation or other governmental
subdivision or that any governmental body of the State of New Jersey shall
acquire all or the major portion in value of the water works properties of
co. and shall assume payment of principal and interest of all bonds issued
under the indenture as a valid and binding general obligation, all liability
and obligation of co. upon the bonds and the coupons shall forthwith cease
and determine. In event that any such municipal corporation or any govern­
mental subdivision or governmental body shall acquire all or any part of the
water works properties of the company, and shall not assume the payment
of principal and interest of all bonds issued under the indenture, then Bonds
In principal amount not exceeding the price paid for the property so acquired,
may. at the option of the Company be declared due and payable at 100
and int.
5% series “ A ” are red., all or part, on 30 days' notice at 105 to & incl.
June 1 1931, at 102 to and Incl. June 1 1936. at 101 to and incl. June 1
1951, and at par thereafter; plus int. in each case. Penn. & Conn.
4-mills, Maryland 4 K-milIs and Mass. 6% taxes refundable. Free of
personal property taxes in New Jersey. In July, 1926, W. C. Langley &
Co., and Halsey. Stuart & Co. offered $2,500,000 5% , series " A " at 95 &
int. to yield over 5.30% . V. 123, p. 1216.
EARNINGS.-— For year ended:
July 31 '27. Dec. 31 '26.
G ross________________________________
$520,879
$499,118
Oper. expenses, maintenance and taxes.
250,484
237,466
N et--------------------Interest charges------------------------------------------------Reserved for renewals and replacements__________

$270,395
16C.271
36,821

$261,662
163,613
32,744

Net income-------------------------------------------- -------$73,303
$65,305
OFFICERS.— Pres.. E . A. Geehan; V.-Pres., D . M . Watt: Sec., A . A .
Adams; Treas. & Asst. Sec., T . B. Davis— V. 123, p. 1216; V. 124, p.1360.
V. 125, p. 246.

COMMUNITY w a t e r s e r v i c e CO.
ORGAN IZATION .— Incorp. in 1926 in Delaware. Co. owns all of the
common stock except directors' qualifying shares of the Peoria Water
Works C o., the New Jersey Water Co., the New Rochelle Water C o., the
Citizens Water Co. of Washington, Pa., Pennsylvania State Water Corp.
and Cairo Water Co. Company also owns substantial interests in the St.
Louis County Water Co. V. 122, p. 3604. In July 1927 acquired the
Williamsport, Water Co. (Pa.), the Pocantico Water Co (N . Y .) and LexingtonW'ater Co.
n
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Through its subsidiary companies, co. supplies water to a population
estimated at more than 680.000 The territory served includes important
cities in New York, New Jersey, Pennsylvania, Kentucky and Illinois.
V. 122, p. 3604.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common class A 100.000 s h s . . ___ .'
_____1 ...1 0 0 000 shs.
Common class B 250.000 s h s . . ____
_________ 250,000 shs.
$7 cum pf 100.000 shs(no p a r ) ___
$7 Q-M
19 500 shs. ___________
6% g deben ser A (c* $1,000)1 1926 6 g J-D
$3,800,000 Dec I 194*
-------------------------------------tfiFarmers Loan & Trust C o., N. Y ., trustee.
Stock.— The $7 cum. 1st pref. stock has preference over class A and B
common stock as to assets and divs. Red. whole or part on any div.date
on 30 days’ notice, at $107 & divs. Mass. 6% and Penn. & Conn. 4-mills
taxes refundable. N o voting power except when 8 successive quarterly
dividends are in default in which case voting power reverts to the $7 cum.
1st pref. stock until all accumulated & accrued dividends have been paid.
Additional shares of this stock may be issued only when (11 net consolidated
Income as defined in the charter, for 12 conseeuthe within preceding 16
months has been not less than 2 A times annual div. requirements on $7
cum. 1st pref. stock outstanding incl. proposeo issue; (2) when for each share
$7 cum. 1st pref. outstanding incl. proposed issue, there are net assets as
defined in the charter of not less than $200 for each such share. N o prior
or equally ranking stock may be issued if 25''/ of outstanding $7 cum. 1st
pref. stock objects. The same provision applies to the issuance of bonds,
notes, debentures, &c., with certain specified exceptions. Tn Dec. 1926
Hale. W
7aters & Co.. New York, offered 11.500 shares at $99 A divs.. to
yield 7.07% . V. 124, p. 110, 505. In Aug. 1927 Hale, Waters & Co.
(N. Y .) offered 8.000 shares additional $7 cum. 1st pref. at $100 per share.
V 125, p. 1191.
Stock Changed.— In Dec. 1926 co. changed to 50.000 shares of authorized
7% cum. pref. stock, par $100 (of which none was outstanding) into 100,000
shares of no par $7 cum. 1st pref. stock. V. 124. p. 505.
Debentures.—The 6% gold debs., series A. dated Dec. 1 1926. are a direct
obligation of the co. No add’l debs, may be issued unless net consolidated
assets are at least 3 times the aggregate principal amt. of deben then out­
standing and to be Issued and unless net consolidated earnings for a certain
fixed period have been at least 3 times annual interest charges on all out­
standing deben incl. proposed issue. Red. whole or pan at 105 on or
before Dec. 1 1929 thereafter to and incl. Dec. 1 1936 at 103, thereafter
to and incl. Dec. 1 1941 at 102 and thereafter to and incl. June 1 1946 at
101 pins accrued int. in each case. Certain Calif , Conn . Dist,. of Colum­
bia, Iowa, Kan . Kentucky, M d., Mass , M ich., Minn, and Penna. taxes
refundable. In 1927, P. W. Chapman A Co. offered $1,150,000 6% gold
debs., ser. A, at 99 and int., to yield over 6% . V. 124, p. 1358. Addi­
tional $1 000 000 6% gold debs, of “ A ” series were offered by P. W. Chap­
man & Co., Inc., at 100 & int. in April 1927 (V. 124, p. 2586), and an
additional $1,650,000 in Sept. 1927 at 100 and int. V. 125, p. 1835.
E A R N IN G S.—Consol, statement, Incl. earnings of Peoria Water Works
C o., New Jersey Water Co., the Citizens Water Co. of Washington, Pa.,
the_ New Rochelle Water C o., the Pennsylvania State Water Corp., the
Cairo Water C o., the Williamsport Water Co. and the Lexington Water Co.:
G ross in c o m e _________________________________________________________ $ 3 ,4 9 5 ,8 4 7

688,999
Net after exp., maint., prior charges of sub. cos. and taxes___
Annual interest charges on 6% gold debentures_______________
228,000
OFFICERS.— V .-P .. George B. Blanchard: V .-P ., R . J. Newsom.— V.
122, p. 3604; V. 123, p. 323, 2259, 3037; V. 124, p. 11 5 5, 1358, 2426,
2586; V. 125, p. 93, 647, 1051, 1191, 1835.

Underwriters and Distributors
of

W ATER COMPANY
SECURITIES

A

RW. CHAPMAN 6 CQ.INC
42 Cedar St.
NEW YORK

170 W. Monroe St.
CHICAGO

Oct« 1927.]
,

GAS AND

CITIZEN S W VTER CO. OF W ASH INGTON , P * .
Control.— All o f co .’s common stock Is owned by Community Water
Service Co.
O R G A N IZA T IO N — Incorp. N ov. 7 1886.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Co. supplies the City of Washington. Pa., and adjacent territory with water
for domestic and industrial purposes. Population served estimated at
46.000. More than 7,300 consumers: 96 miles of mains: storage reservoirs
over 890,000,000 gallons: filter capacity, 4,000,000 galls, and pumping
capacity,5,660,000 gallons daily. Normal daily consumption, about
2,600,000 gallons. Water supply is stated to be amploy protected by large
drainage areas owned by co. Franchises without time limit. V. 123, p.
3036.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 10,000 shs_________ _____
_______ 1O.0OO shs. _________
7% cum pref $750.000_______ _____
7
$550,000 _________
1,350.000 July 1 1951
1st mtge g series A ($1,000.1 1926
514 J-J
$500, $100c*)__________ tf/In t. at the Farmers Loan & Tr Co., N. Y ., tr.
Series B (c* $1,000. $500.1 1926
5 g J-J
410.000 July 1 1951
$ 1 00)__________________ tf/In t. at Farmers’ Loan & Tr. C o., N. Y ., trus.
Bonds.— The ls( mtge. 5.50% (j. bonds are secured by a 1st mtge. on the
entire property of co., inch after-acquired property. Additional bonds may
be issued for 80% o f additions, provided net earnings for 12 consecutive
within preceding 15 calendar months have been at least \% times annual
interest on all 1st mtge. bonds outstanding, incl. proposed issue. There is
a maintenance and improvement fund of 9% of annual gross earnings
derived from the mortgaged property. Series A are red. at any time, whole
or part, on 30 days’ notice through July 1 1930 at 105, through July 1 1935
at 103, through July 1 1943 at 102, through Jan. 1 1950 at 101; thereafter
at par; in each case with interest. Penn., Conn. Kan. & Calif. 4-mills,
M d. 4)4-mills, Mich., K y., and Iowa 5-mills, Va. 5)4-milis, D. of C. 5-mills
and Mass. 6% taxes refundable. In Dec. 1926 P. W. Chapman & C o.,
Inc., sold $1,350,000 series A at 99)4 and int., to yield over 5 )4 % . V.
123. p. 3036. In March 1927 P. W. Chapman & Co. offered $410,000 1st
mtge. 5% bonds of series B at 95 and int., with an approx, yield o f 5.35%.
EARN ING S.— For calendar years:
1926.
1925.
Operating revenue________________________________ $225,772
$214,100
7,422
6,946
Non-operating revenue____________________________
Gross earnings____________________________________ $233,194
$221,046
Operating expenses and taxes_______________________
78.654
68.099,
Available for fixed charges, &c__________________ $154,540
$152,947
OFFICERS.— Pres.. R. J. Newsom.— V. 123, p. 3036; V. 124, p. 1508.
NEW JERSEY W ATER CO.
Control.— Community Water Service Co. owns the entire common stock,
except directors' qualifying shares.
O R G A N IZA TIO N .—Co. was organized as a consolidation of New Jer­
sey Water Service Co. and Stockton Water Co. Purchased in 1926 the
Egbert Water Co. o f Camden County, N . J. V. 122, p. 2949. Supplies a
portion of the City of Camden, N . J.. and adjacent territory on the opposite
bank o f the Delware River from Philadelphia, with water for domestic and
Industrial purposes. This territory includes the 11th and 12th Wards of
Camden, N. J.. the boroughs o f Haddon Heights, Audubon, Oaklyn,
Barrington, and a portion of the borough o f Haddonfield. and portions of
Delaware. Haddon and Center townships. Population served over 51,000.
V. 121. p. 840. Water pumping capacity, 7,000,000 gallons daily. 120
miles o f mains; more than 11,000 consumers.
f ranchise.'
Are without time limit.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $1 .000,000_________ _____
_________
$241,500 __________
7% cum pref $1,000,000 1stf ____
7%
273,750 ..................
1st mtge 5s gold Series A( 1925
5 g F-A
1,200,000 Aug 1 1950
($1,000, $500. $100). _c*tf (The New York Trust Co.. N. Y . C., trustee
Bonds.— The lsi Mtge. 5% gold bonds. Series A due Aug 1 1950. are se­
cured by a first mortgage on the entire property of the co. Additional
bonds may be issued for 80% o f new construction, &c.. provided net earn
togs for 12 out of preceding 15 months have been at least 1% times interest
charges on all bonds outstanding, incl. new issue. There is a maintenance
and improvement fund equal to 9% o f annual gross earnings. Red. whole
or part on 60 days’ notice to and incl. Aug. 1 1928 at 105: to and inc. Aug. 1
1938 at 102; to and inc. Feb. 1 1950 at 101; thereafter at 100; in each case
with interest. Interest payable at P. W. Chapman & C o., Inc., in N. Y.
City and Chicago. Penn.. Conn., Kansas and Calif. 4 mills, Maryland
414 mills, Michigan and Kentucky 5 mills Virginia 5)4 mills and Mass. 6%
taxes refundable. In Aug. 1925 P. W. Chapman & C o., Inc., sold $1,000,000 8eries A at 91 H and int. to yield about5 65%. V. 121, p. 840. In
March 1926 the same bankers sold $200,000 additional Series A bonds at
9314 and int to yield about 5 50%. V. 122, p. 1762
EA R N IN G S.— For calendar years:
1926.
1925.
Operating revenue_________________________ $239,739
$215,002
Non-operating revenue______ - ____________________ _____ 1.481 ______ 317
Grose earnings__________________________ $241,220
$215,319
Operating expenses and taxes_____________________
131,006
111 ,483
Available for fixed charges, &c___________ $110,214
$103,836
OFFIC E R 8.— Pres.. Geo. B.Blanchard:
V .-P ., Arthur D. Nelmes
Sec., Glen R. Snider; Treas., George B. Blanchard: Aud.. C. W. Simpkins
Gem. M gr., E. H. Smith. General office, 521 Federal St., Camden, N . J.
— V. 121, p. 840, 1228. 2039; V. 122, p. 1762. 2949. 3606.
NEW ROCHELLE W ATER CO.
Control.— All o f company’s common stock is owned by Community Water
Service Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company supplies water for domestic, municipal and industrial purposes to
New Rochelle. N. Y ., and adjacent territory, including Bronxville, Tuckahoe, North Pelham, Pelham Manor. Fort Slocum, Eastchester, and a
portion o f Pelham, all of which are located in Westchester County. This
territory is mainly residential, and a large percentage of the inhabitants
commute daily to New York City. Population served estimated at over
71,630. Under the laws o f the State o f New York, water from the Oatskill
Aqueduct (which carries the pr.ncipa) water supply of New York City, and
has a capacity o f 600 000.000 gals, per day) is available for distribution to
the communities served by company, in an amount equal to the per capita
consumption o f New York City. On this basis company’s territory has the
right to use about 9,250.000 gais. daily, whereas the consumption is stated
to be aoout 5.000.000 gals, daily. Company also has under lease further
water rights capable of supplying about 3,500 000 gals daily. V. 123, p.
2391. Water system includes 203 miles o f mains, connected to 1,372 fire
hydrants, and serves 12.983 customers.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common 45 000 shs (no p a r ) . . ____
_______ 45 000 shs. __________
7% cum pref $2,000.000 ($ 1 0 0 )____7 Q-M
$1,300 000 ____________
First mtge 5 V % gold series A \ 1926
>
5)4 M-N
3,225.000 Nov 1 1951
($1,000 $5001.
c* .tf (The Farmers Loan & Trust On. N Y .. trus.
Series B 6% (c* $1,000./ 1927
5 g M -N
1,100,000 N ov 11951
$500)------------------------- tf\
Stock.-—The. 7% cum. pref. stock is pref. as to assets and cum. divs.;
callable, whole or part, on any dlv. date on 30 days’ notice, at 105 and divs.
Has no voting power except when eight successive quarterly dividends are
in arrears, in which case voting power shall be vested in the 7% cum. pref.
stock on an equal basis, share for share, with the common stock until all
arrears have been paid. Holders also are entitled to vote in a proceeding
for the sale of the franchises ana property of company, for increase or reduc­
tion of the authorized amount o f the 7% cum. pref. stock, or for establish­
ing priorities or creating preferences among the classes of stock of company
for consolidation, voluntary dissolution, or mortgaging the property and
franchises of company. Additional 7 % cum. pref. shares may be issued and
sold only when net earnings, available for dividends for 12 consecutive with­
in preceding 15 calendar months have been at least 1 % times required divi­
dends on all 7 % cum. pref. stock outstanding, including proposed issue. In
N ov. 1926 Thomson. Penn & Go.. Hartford. Conn, offered $850 000 of
this stock at $100 and divs. V. 123, p. 2777. Additional $450,000 7%
cum. pref. stock was offered by Thomson, Fenn & Co., Putnam & C o., and
Chas. W . Scranton & Co. (Hartford, Conn.) at 103 and div. to yield 6.80%.
V. 125, p. 1580.
Bonds.— The first mtge. 5.50% gold bonds, series A , dated Nov. 1 1926,
are secured by a first mtge. on company’s entire (including after-acquired)
property. Additional bonds may be issued for 80% of permanent improve­
ments, &e., provided net earnings for 12 consecutive within preceding 15
calendar months have been at least \M times interest on all first mtge.
bonds outstanding, including proposed issue. In the calculation of net
earnings at least 5% o f gross earnings must be charged for maintenance.




31

W A TE R

There is a maintenance and depreciation fund of not less than 9% of annual
gross earnings derived from the mortgaged property. Series A are redeem­
able, whole or part, on any interest date on 30 days’ notice, through N ov. 1
1930. at 105: through N ov. 1 1935 at 103: through N ov. 1 1943 at 102;
through May 1 1951 at 101: in each case with interest. In the event the
community served acquires all or the major portion in value of company’s
property ana do not assume payment of principal and interest of the bonds,
the bonds may, at option of company, be declared due and payable at 100
and int. Calif., Conn., Dist. of C ol., Iowa, Kansas, Kentucky, Maryland,
Mass., Mich, and Penn, taxes refundable. In Nov. 1926 P. W . Chapman
& C o.. Inc., sold $3,225,000 series A at $100 and int. V. 123. p. 2391.
The 1st mtge. 6% gold bonds, series B, dated May 1 1927. are red. all or
part on any int. date to and incl. N ov. 1 1930 at 103; thereafter to and
incl. N ov. 1 1943 at 102; thereafter to and incl. M ay 1 1951 at 101 plus
accrued Int. in each case. Co. agrees to refund certain Calif.. Conn.,
Dist. of Col., Iowa., Kan., K y., M d., N. II., Mass., M ich., M inn., Va.
and Penna. taxes upon proper application. In Aug. 1927 P. W. Chapman
& C o., Inc., offered $1,100,000 1st mtge. 5s, series B, at 96)4 and Int., to
yield over 5M % . V. 125, p. 1052.
EARNING S.— For calendar years:
1926.
1925.
Operating revenue________________________________ $683,260
$595,989
Non-operating revenue____________________________
5.340
7.757
Gross earnings__________________________________
Operating expenses and taxes_____________________

$688,600
336,632

$603,746
311,202

Available for fixed charges, &c__________________ $351,968 $292,544
OFFICERS.— Pres., R . J. Newsom.— V. 123, p. 2391; V. 125. p. 1052.
1580.
PEORIA (ILL.) W ATER W ORKS CO.
Control.— Community Water Service Co. owns the entire common stock
except directors’ qualifying shares.
ORGANIZATION.— Incorp. in New Jersey in 1898.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Oo. serves without competition the city of Peoria, 111., and vicinity with
wat ei for domestic and industrial purposes. The territory served includes
the city of Peoria, Averyville, Peoria Heights and Bartonville, and the
townships of Peoria Richwoods and Limestone. Population over 106,000.
164 miles of water mains. V. 121, p. 2039.
STOCK AND BONDS—
Date. Interest.Outstanding.Maturity.
Common 15,000 shs (no p a r ) . . ____
_________ 5.000 shs. __________
7% cum pref $1,000,000--.................
7
$250,000 ---------------Prior lien 5% g (closed) ($1,-1
1898 5 g M -N
800,000 May 1 1948
0 0 0 )_____________ ___ c*tf/Guaranty Trust Co., N. Y. City. Trustee.
1st cons M g (closed)," ($1,-1
1898 4-5 g M -N
1,380.000 May 1 1948
0 0 0 )_________________c*tf |lnt. at Metropolitan Tr. Co.. N. Y . C ., Trus.
lst& re fM 5 sg o ld ,s e r A ($1,-1
1925 5 g F-A
1,200,000 Aug 11950
000, $500)___________ c*tf (The N. Y. Trust Co., N. Y . City Trustee.
Bonds.— Of the $1,380,000 Is! c<ms. mtge. g. bonds due May 1 1948. $1,185,000 are 4% and $195,000 5% . In addition to these amounts. $605,000 5%
and $215,000 4% are pledged under the 1st & ref. mtge. 5% gold bonds.
The ls( A ref. mtge. bonds are secured by a first mortgage on the larger
part of the company’s property which lies outside of the city limits of the
city of Peoria as existing in 1898. which includes the distributing systems
In suburban communities. Since 1898 the city limits have changed and a
portion of this property above described now lies in the city of Peoria.
Are further secured by pledge of $820,000 consol, mtge. bonds. The consol,
mtge. is subject only to a closed issue of $800,000 prior lien bonds and is a
direct mortgage on all the property of the company which was inside the
city limits of Peoria as existing in 1898. and on such of the property of the
company as lies outside the said city limits which is not covered directly
by the 1st & ref. mtge. Additional 1st & ref. mtge. bonds may be issued
for refunding purposes or for 80% of new construction, &c.. provided net
earnings for 12 out of preceding 15 months have been at least l % times
annual interest on all funded debt incl. new issue. There is a maintenance
and improvement fund of 9% of annual gross earnings derived from the
mortgaged property. Red. all or part on 60 days’ notice to and incl.
Aug. 1 1930 at 103; Aug. 1 1940 at 102; Aug. 1 1949 at 101; thereafter at
100; in each case with interest. In the event the city purchases company’*
property and does not assume the bonds, the bonds will become forthwith
payable at 100 and int. Int. payable at offices of P. W Chapman & Co.
Inc., New York and Chicago. Penn., Conn., Kansas and Calif. 4 mills,
Maryland 4)4 mills, Mich, and Kentucky 5 mills, Virginia 5)4 mills and
Mass. 6% taxes refundable. In Oct. 1925 P. W. Chapman & Co., Inc.,
offered $1.200.000 at 90 and int.. to yield 5.77%. V. 121 p. 2039
EARNINGS.— For calendar years:
1926.
1925.
Operating revenue________________________________ $567,532 $533,414
Non-operating revenue____________________________
1,310
2,460
Gross earnings____________
Operating expenses and taxes.

$568,842
296.199

$535,874
287,359

$248,515
Available for fixed charges, &c__________________ $272,643
OFFICERS.— Pres., George B. Blanchard; V .-P., Arthur D. Nelmes;
Sec., A. L. Vaughan; Treas., M . D. Redmond; Asst. Sec., Glen R. Snider.
— V. 120, p. 2684; V. 121, p. 2039; V. 122, p. 3607.

ST. LOUIS COUNTY WATER CO.
Community Water Service Co. owns 26% of the common stock.
O R GAN IZATION .— Organized in 1925 as a consolidation of the West
St. Louis Water & Light Co. and the West St. Louis Pipe Line Co. For
particulars see V. 122, p. 749.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINE98.—
Oo. furnishes water to the suburban, residential districts of the City of
St. Louis. M o., together with 23 municipalities located throughout the
County of St. Louis. Population served estimated over 120 000 423
miles of water mains. Water is taken from the Missouri River
Pumping
capacity 19.000.000 gallons per day in the high service and 17 000.000
gallons per day in the low service. Capacity of storage reservoir, 50.000,000 gallons.
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity'
Common 25.000 shs (no p a r ).. ____
_______
14.000 shs __________
Cum pref 25,000 shs (no par) _. ____
$6 Q-F
14 .000 shs ___________
1st M g Series A ($1,000./ 1925
5)4 g J-D $2,800,000 Dec 1 1945
$500 c * ).............................tfl Missississippi Val. Tr. Co., St. Louis. Trus.
Stock.— Co. issued warrants to holders of stock of the West St. Louis
Water Co., share for share, entitling such holders on or before Jan 23 1926
to purchase in the aggregate 14,000 shares common stock St. Louis County
Water Co. at $20 per share. See V. 122, p. 749. Pref. stock is red on 30
days’ notice at $106 per share. Liquidation value $100. Exempt from all
Missouri taxation. In March 1926 Francis, Bro. & C o., St. Louis, offered
3,600 shares at 90 & divs. V. 122, p. 2043.
Bonds.— The 1st M . g. bonds. Series A. due Dec. 1 1945, are secured by
a first mortgage on the entire property (incl. after-acquired) of the co.
Additional bonds of this or other series of such tenor as may be determined,
may be issued for refunding purposes and for 80% of new construction,
&c., provided net earnings for 12 out of preceding 15 mouths have been at
least 1 % times interest charges on all bonds outstanding, incl. new issue.
A maintenance fund of not less than 9% of annual gross earnings is provided
for. Red. whole or part on 30 days notice at 105 and int. on or before
Dec. 1 1935, thereafter at )4 % less for each subsequent year. Interest
payable at trustee’s office, or at New York Trust Co. in New York City.
Penn., California, Conn, and Kansas 4 mills, Maryland 4)4 mills. Dist. of
Col. and Kentucky 5 mills, Michigan 5 mills, Virginia 5)4 mills and Mass.
6% tax refundable. In Dec. 1925 P. W. Chapman & Co., Inc., and
Francis Bro. & Co. offered $2,800,000 at 98.50 and Int., to yield over
5.62%. V. 121, p. 2877.
EARNING S.— Of consolidated properties for calendar years:
1925.
1924.
G ross............................................................................
$751,136
$608,927
Deprec., all taxes, oper. exp., maint. & amort____
345.247
308,265
Fixed charges___________________________________
154.000
______
Balance.....................................................................
$251,889
$308,265
OFFICERS.— Pres., W . H . Henby.— V. 121, p. 2877; V. 122, p. 749,2043

22

[V ol. 125.

PUBLIC U T ILIT IE S
THE HARTFORD GAS COMPANY.

In 1926 Koppers Co. o f Pittsburgh, Pa., acquired for cash 14,000 shs. of
Hartford City Gas Lt. Co. which shares were to be exchanged for securities
o f Connecticut Gas & Coke Securities Co., see this latterco. under “ New
Light Co., name was changed to present title in July 1927. V. 125, p. 385.
ORGAN IZATION .— Incorp. in Conn, in May 1848 as Hartford City Gas
Co., name was changed to present title in July 1927. V. 125, p. 385.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Does the entire gas business in Hartford, West Hartford, East Hartford
Fire District, Wethersfield and Manchester, Conn. Also sells gas to the
company which supplies Windsor Locks. Thompsonville and Enfield. Has
271 miles o f main; 52,345 meters. Co. has right to supply gas in the towns
o f Bloomfield and Glastonbury, Conn., and the right to purchase pas for
distribution and sale within its territory. Franchises are stated to be unImited as to time.
.STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_______
$2,250,000 Sept '27. 50c
Common stock ($25)________ _____
Preferred 8% ($25)________________
8%
750,000 Sept'27, 50c
1st mtge $1,000,000 ($1,000)1 1905
4 g J-J
750,000 July 1 1935
g o ld ___________________ c* /In t. at Hartford-Connecticut Trust Co.,
I Hartford, trustee.
Stock.—The stockholders of record Sept. 1 1927 were given the right to
subscribe on or before Oct. 5 1927 for 20,000 shares of the authorized
unissued common stock at par (.$25) on basis of 1 new share for each 6
shares held.
EA R N IN G S.— For calendar years:
1926
1925
1924
1923
Gas made (1,000 cu. ft.)
1.869,652
1,637'.778
1,503,654 l,461.’l59
Gas sold & used(M.cu.ft) 1,740,300
1,541,438
1,414,717 1.349,647
Gross income____________$2,032,403 $1,834,645 $1,689,654 $1,617,095
1,325,959
1,245,975 1,302,412
Total expenditures_____ 1,470,234
Earnings--------- --------------------562,179
508,686
443,679
314,683
Dividends p a id _______
285,000
262,500
220.000
200,000
Appliances sold________
3,365
3,821
3,539
2,909
Unaccounted for gas-----6.92%
5.83%
5.91%
7.64%
OFFICERS.-—Pres. & Gen. M gr., E. E. Eysenbach; V .-P., F. R. Cooley;
Sec. & Treas., John A. M cArthur.—V. 120, p. 453; V. 122,p. 2190; V.
123, p. 1502; V. 124, p. 506, 644; V. 125, p. 385, 780, 1579, 1708.

INDIANAPOLIS WATER WORKS SECURITIES CO.
ORGANIZATION.— Incorporated in Delaware Dec. 30 1912. Owns
practically the entire $5,000,000 com. stock of the Indianapolis Water Co.
(see statement below).
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Common $2,000,000 ($100)_ _____
_
_______
$2,000,000 __________
Pf 7% cum $2,500,000 ($100)______
7 A-O
1,500,000 Oct ’ 27 34$
Coll trust $2,500,000 ($1,000)1 1913 6 g A-O
2,500,000 Jan 1 1948
gold___________________ c*/In t. at Pa. Co. for Ins. on L., &c.,Phila., trus
Stock.— Pref. is redeemable at 105 and divs. on any div. date on 30 days,
notice.
Bonds.— The coll, trust 6s are secured by deposit o f practically entire
$5,000,000 com. stock o f Indianapolis Water Co. Sinking fund is provided
for. Callable, all or in part, for sinking fund at 102 4$ & int. on any int.
date.
OFFICERS.— Pres., C. H. Geist; V.-P., H. S. Schutt; Treas., H. A.
Lang; Sec., O. H. Weak.— V. 96, p. 139, 422.
(1) INDIANAPOLIS WATER CO.
Practically entire com. stock is owned by the Indianapolis Water Works
Securities Co. (see above).
ORGAN IZATION .— Incorporated in Indiana in 1881.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Supplies water to Indianapolis, Ind. (Population estimated at 362,000).
Company obtains its supply o f water from the White River, supplemented
by Fall Creek and approximately 64 driven wells. Daily available supply
112,000,000 gallons. Maximum 24 hour use 44,000,000 gallons; peak load
at the rate of 87,000,000 per day. Co. operates 4 pumping stations besides
2 booster stations to maintain pressure in the eastern elavated portions of
the city, and a very modern slow land Alteration system, also owns 9 miles
o f canal for the transport of water. The pumping plants have a daily
capacity o f 121,000,000 gallons; the distribution system, 569 miles long.
Serves over 67,000 customers. V. 121. p. 2750
Rates.— On Nov. 22 1926 the U. S. Supreme Court affirmed tne decision
o f the Indiana District Court holding confiscatory the P. S. Commission
rate order o f Nov. 1923. The majority o f the Court held a return of less
than 7 % upon “ present value” of company's property confiscatory. V. 123.
p. 2776; V. 120, p. 330.
In Oct. 1925 the Indiana P. S. Comm, authorized the co. to change its
$5,000,000 com. stock, par $50, into 500,000 shares o f com. stock of no
par value. V. 120, p. 828; V. 121, p. 2038.
STOCK AN D BONDS.— Date.
Interest. Outstanding. Maturity.
________ x500,000shs.___________
Com 500,000 shs (no par)_________
6% cum pref $10,000,000___ _____
6 Q-J
$580,600 ___________
ls t& r e f (Nov 1st) mtge $10,-7 1910 4 4 $ g J -J
3,731,000 July 1 1940
000,000 ($1,000) gold_ c*\Int. at Bankers Trust C o., N. Y ., trustee,
_
1st lien & ref m g series 1923- 1923 54$ g
$4,500,000 Mar 1 1953
Series 1924_________ ______ 1924 5H g
786,000 - ................. .
Series 1925 $10,000,000
J 1925
5 g
1,535,000 Dec 1 1960
($1,000, $500)----------------tf (Fidelity Trust Co., Phila., trustee.
x Practically all owned by Indianapolis Water Works Securities Co.
Stock.— The 6% cum. pref. stock is preferred as to assets and cum. divs.
Dividends cumulative from April 1 1926. Call, at 103 and divs. In May
1926 Fletcher-Amerlcan Co. offered $404,300 at 100 & divs. V. 122, p .3081.
Bonds.— First, & ref. mtge. 414s are callable at 104 and int. on any int
date. $6,089,000 are pledged as security for the first lien & ref. mtge
54$s. Albert Baker, Indianapolis, co-trustee.
First lien & ref. mtge. 514s are secured by deposit of 6.089,000 first *
ref. mtge. 4K s. Series 1923 Is red. all or part, on any int. date on four
weeks' notice, at 105 & int. to and including March 1 1933; thereafter at
1024$ & int. to and including March 1 1943; thereafter at 101 & int. prior to
maturity. Company agrees to reimburse holders resident in Penna. for the
4 mills tax. In March 1923 Drexel & Co., Phila., and Brown Bros. & Co.,
N . Y . offered $4,500,000 Series 1923 at 96 & int., to yield about 5.80%.
V. 116, p. 1185, 1282. Series 1925 are red. all or part on 30 days' notice,
at 105 on or before Dec. 1 1940; on or before Dec. 1 1950 at 102.1$; there­
after at 101: in each case with int. Penn. 4 mills tax refundable. In Dec.
1925, Drexel & Co. and Brown Brothers C o., Phila. offered $830,000 Series
1925. 5% bonds, at 964$ and int., to yield 5.20% .— V. 121. p. 2750.
EA R N IN G S.— For calendar vears:
*1927.
1926.
1925.
1924.
Operating revenues_____$2,496,165 $2,455,089
$2,348,988. $2,141,953
Operating expenses
611,446
Taxes assigned to oper. . 1 1,198,430
1,176,725
1,182,746
421,722
Depreciation___________J
138,749
Net operating income_
_
1,297,735
1,278,364 1,166,242
970,036
Non-operating incom e..
64,009
43,479
24,413
27,728
1,321,843 1,190,655
Net earnings......... .......... 1,361,745
997,764
Interest-----------------------526,673
503,392
463,642
432,801
Penn. State tax refund..
______
2,420
2,356
2,898
A m ort. o f bond discount
23,347
22,536
21,238
20,372
Miscall, deductions.........
1,290
Crl,550
CY9,293
0539
Net corporate income.
$810,435
$795,045
$712,712
$542,232
♦For 12 months ended Aug. 31 1927.
O F F IC E R S — Pres., C . H. Geist; V .-P ., H. S. Schutt; Treas., H. A.
Lang; Sec., F. C. Jordan; Gen. M gr., H. I. Morse.— V. 119, p 1741:
V. 120, p. 86, 330, 828, 2400; V. 121, p. 2038, 2750; V. 122, p. 3081; V.
123, p. 2776.

MILWAUKEE GAS LIGHT CO., MILWAUKEE, WIS.
Affiliated with American Light & Traction Co.
ORGAN IZATION .— Incorp. in Wisconsin in 1852. Co. furnishes gas
under a perpetual franchise in the city o f Milwaukee, Wis.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
C o .’s property incl. 2 plants with an aggregate daily mfg. capacity of 23,000,000 cu. ft. o f gas ana 5 holders with an aggregate capacity of 16,400,000
cu. ft. The distribution system incl. 723 miles of mains and 133,412
meters, in addition to which co. supplies gas for distribution through 117
miles of mains and 10.939 meters to 10,782 customers o f other gas companies
owned by the American Lt. & Trac. Co.




STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ($50)._______
________ $7,499,700 __________
Pref $5,000,000 ($100)___________ ________ ____
2,000,000 __________
1st m bcls44$ %ser due 1967 f 1927 41$ g M-S 11,500.000 Mar 1 1967
($25,000,000) (c*$l,000&r*( Union Trust C o. of Pittsburgh, trustee.
$1,000,$5,000 & m u lt .)..t f 1
Bonds.— 1st mtge. gold bonds 41$% ser. due 1967 are secured by a 1st
mtge. on ail physical properties, rights and francnises of co. now owned or
hereafter acquired, except co.’s. general plant in Milwaukee and the tar
plant in North Milwaukee. Certain modifications of the mtge. provisions
may be made with assent of 75% of bondholders. Additional bonds may
be issued in series with such rates of int., dates, maturities, &c., as directors
may from time to time determine. R ed. whole or in part by lot on 60 day’s
notice up to and incl. March 1 1937, at 1071$ and int.; thereafter up to and
incl. March 1 1947, at 105 and int., thereafter up to and inci. March 1
1966, at 1021$ and int.; and at 100 and int. thereafter prior to maturity.
Penn. 4 mids tax and Mass. inc. tax not to exceed 6% per annum refundable.
In Feb. 1927 Otis & Co., Marshall Field, Glore, ward & C o., Lehman
Bros, and Redmond & Co. sold $11,501,000 1st mtge. gold bonds 41$%
series, due 1967 at 93M and int., to yield about, 4.85% .— V. 124, p. 1220.
EARNINGS.— For calendar years:
Oper. Rev. Net, aft. Retire., Fizeu
(incl.oth. Inc.) Taxes, &c. Charges.
Balance.
1926------------------------------ $5,545,323
$2,067,171
$388,324 $1,678,847
1925.....................
5,084,905
1,836,797
388,228
1,448,569
1924___________________ 4.911,07*
1.645.881
386,713
1,259,168
OFFICERS.— Pres. & Gen. M gr., K. B. Brown; vAce-Pres., S. J. Glass;
V.-P., Secy., Treas. & Asst. Gen. M gr., Ewald Haase; V.-Ps. & Asst.
Sec., James Lawrence; Aud., Edward Dickow.— V. 124, p. 1220.

KANSAS CITY GAS CO.
Controlled by Cities Service Power & Light Co.
ORGANIZATION.— Incorp. in Missouri in 1906. In 1920 purchased
the Droperty of the Kansas City, M o., Gas Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The company supplies natural gas in Kansas City, M o., where it operates
without competition, serving an estimated population of over 350,000 per­
sons. Property includes gas holders with an aggregate capacity of 7,000,000
cu. ft., regulator stations, pumping apparatus and a distributing system
with 561 miles of high and low pressure mains.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common stock ($100)________ _____
_______
$812,500
1st pref 6% cum ($100)........... ..........
Q-J
4,217,000 __________
2d pref non-cum ($100)______ _____
_______
1,600,000 __________
1st mtge Ser “ A ” ($500 &f 1922 6 g F-A
2,415.000 Feb 1 1942
$1,000 c* and $1,000, $5,-1 Int. at National City Bank, N . Y ., and
000 & $10,000 r*) g _____tf I Commerce Tr. C o., Kansas City, Mo.,trus
5% ser due 1946 ($1,000,/ 1926
5 g F-A
1,416,000' Feb. 11946
$590c*)________________ tf \Interest as above.
Stock.— Common stock entitled to dividends prior to 2d pref. stock.
Bonds.— The first mtge. 6s, Series “ A ," are uon-redeemable prior to ma­
turity. Penna. 4-mi!l tax refunded. In Feb. 1922 National City Co.
offered $2,500,000 at 97 4$ & int., yielding over 6.20% . V. 114. p. 634.
5% Series due 1946 are red. all or part on 60 days’ notice at 103 to and
incl. Feb. 1 1931, at 1021$ incl. Feb. 1 1936; at 102 incl. Feb. 1 1941; at
101 incl. Feb. 1 1945; thereafter at 100: in each case with interest. Penn,
and Calif. 4 mills and Mass. 6% taxes refundable. In April 1926 A. B.
Leach & Co. and Halsey, Stuart & Co. offered $1,416,000 5% Series due
1946 at 95 and int., to yield over 5.40%. V. 122, p. 2191; V. 123, p. 581
EARNINGS.— For calendar years:
1925.
1924.
1923.
1922.
Operating revenue.........$3,952,559 $4,001,084 $4,039,232
$3,663,464
Oper. exp., incl. taxes.. 3,667,475
3,288,753
3,266,836
2,905,538
Non-operating revenue.

$285,084
455,285

$712,330
156,633

$772,395
159,366

$757,925
139,738

Gross income________
$740,369
$868,963
$931,762
$897,664
_
217,250
210,800
206,700
206,700
Replac. & renew, res_
Bondinterest__________
145,598
146,985
148,419
188,146
Net income.....................
377,521
511,178
576,643
502,817
Dividends paid________
310,515
414,020
318.020
318,020
67,006
97,158
258,623
184,797
Surplus________________
OFFICERS.— Pres., Geo. E. Nicholson; V .-P . & Gen. M gr., C. W,
Green; Treas.. Harry Warner; Sec., M . J. Barry.— V . 119, p. 586; V . 122,
p. 2191; V. 123, p. 581.

LACLEDE GAS LIGHT CO.
Controlled by Utilities Power & Light Corp.
ORGANIZATION.— Incorp. in 1857 and in 1889 secured control of all
the other gas companies in St. Louis. Operates under perpetual franchises,
in June 1909 the $7,400,000 common stock held by the North American
Co. was sold to a syndicate. V. 88, p. 1563; V. 76, p. 545, 922; V. 78, p.
1273; V. 80. p. 1.000. V. 123, p. 3038.
Laclede Power & Light Co.— As of Jan. 1 1927 the electric properties and the
right to operate them were transferred to a new company, Laclede Power &
Light Co., whose authorized stock consists of 13,205 shares of common,
10 shares of prior pref. and 10 shares of preferred, ail without par value.
Of the common stock 5 shares were issued to qualify directors. See V. 124,
p. I l l , also for rights given to Laclede Gas Light Co. stockholders to
subscribe to Laclede Pow. & Lt. Co. common stock
Gas Rates and Valuation.— See V. 124, p. 111.
Franchise.— Attorney-General of Missouri upholds validity o f company’*
franchise. V. 125, p. 246.
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity.
Common $37,500,000 ($100)
____
Q— M
$10,700,000
See text
Pref 5% cum $2,500,000 ($ 1 0 0 )____
5 J-D
2.500,000 June'27, 24$
Ref & ext mtge $20,000,0001 1904
5 g A-O
10,000,000 April 1 1934
($1,000) gold-------------- c*tf/Bankers Trust C o., N . Y ., and Miss. Valley
Trust C o., St. Louis, trustees.
1st mtge coll & ref Series “ 0 ” \ 1923
51$ g F-A 17.500,000 Feb 1 1953
($100, &c) gold____c*& r*tf/Int. payable in New York and St. Louis.
/Int. payable in New York & St. Louis.
51$% inotes ($1.000).........tf( 1925
51$ F-A
$3,000,000 Aug 11935
/Guar. Trust Co. o f N. Y ., trustee.
Stock.— Stockholders of record Jan. 6 1927 were given the right to
subscribe on or before Feb. 5 1927 for 13,200 voting trust certificates for
common shares (par $10) of Laclede Power & Light Co. on basis of 1 share
of Power Co. stock for each 10 shares of Gas Light Co. stock owned.
V. 124, p. 111. See also above under "Organization.”
Bonds.— Ref. & exten. 5s of 1904 ($20,000,000 auth. issue). In addi­
tion to $10,000,000 reported outstanding, $10,000,000 are pledged to secure
the 1st mtge. coll. & ref. bonds. Listed on the New York and St. Louis
stock exchanges. See V. 78, p. 1273, 1395; V. 79, p. 1644; V. 80. p. 470;
V. 83. p. 1169; V .91 , p. 1331; V. 92, p. 666; V .9 3 , p. 1195.
The first mtge. collateral & refunding bonds of 1919 (V. 108, p. 273)
must at no time exceed the auth. issue of capital stock as from time to timfe
fixed; they are issuable in series with such maturities, interest rates and re­
demption and conversion rights as may be determined for each series.
The Series C bonds are red., all or part, as follows: Prior to Feb. 1 1933,
at 105; on and from Feb. 1 1933 to Feb. 1 1943, at 103; on Feb. 1 1943 and
thereafter, at 102, except during last 6 months, when bonds will be red. at
100. Free from Penna. State tax. V. 116, p. 184.
Additional amounts of the bonds may be issued as follows: (1) To refund
a like amount of refunding & extension mtge. bonds due April 1 1934,
$10,000,000; (2) for general corporate purposes, $3,000,000; (3) for perma­
nent impts., &c., or new property for not exceeding 80% of cash cost, pro­
vided net earnings are not less than 1 % times the annual interest charge on
all bonds, including those applied for; or (4) instead the company may, at
its option, issue bonds at 75% of cost when net earnings are not less than
1 4$ times interest charges.
The 10-yr. 54$% g. notes, 1925, are redeemable at the option of the
company in whole or in part, on any interest date after 30 days’ notice, at
101% and int., incl. Aug. 1 1930, thereafter at par & int. Interest payable
In New York and St. Louis. Penn. 4-mill tax refundable. Guaranty Co. of
N. Y ., Union Trust Co. of Pittsburgh, W . A. Harriman & C o., Inc. and
Halsey, Stuart & C o., Inc., sold in Aug. 1925, $3,000,000 at 984$ and Int.,
to yield about 5.70% .— V. 121, p. 839.
Company applied to Missouri P. S. Commission for authority to issue
$3,000,000 20-yr. 6% g. notes (callable at not more than 104) to be sold
at not less than 944$, to finance improvements and extensions. This

O ct ., 1927.]

GAS AND

supersedes tbe petition o f Oct. 1924 to sell $3,000,000 Common stock.—
V. 121, p. 75.
D IV ID E N D S .! T 1-T6. T7. T 8. T9. '20-’21. '22.
1923.
1924.
Common_______ l 7 y'rly. 17
7 1% None 5 4 7&7extra 7 ti& l extr.
Also paid 10% extra in stock In 1911. On the common stock 2% quar
(8% per annum) is being paid regularly. Extra dividends on common
In Dec. 1924, 1% ; Dec. 1925, 2% ; Dec. 1926, 2% . In 1927, March, 3% .
June, 3% ; Sept., 3% .
EARNINGS.—-For calendar years:
Gross.
Net.
Fixed Chgs. Pref .Div. Com. Div. Bal.,Sur.
1926___ $8,679,604 $3,515,759 $1,736,206 $125,000 $1,070,000 $584,552
1925___ 8,314,148 3,395,220 1,625,035 125,000 1,070,000 575,185
882,760 759,186
----------------- ------------1924____ 8,146,866 3,340,019 1,573.083 125.000
1923____ 7,984,350 3,345,556 1.584,643 125.000 1,498,000 137,912
561,750 402,896
1922____ 7,869,188 2,796,907 1,707,262 125.000
*328,945
1921___ 7,137,481 1,536,196 1,740,141 125.000
* Deficit.
OFFICERS.— Chairman of Board, Chas. A. Munroe; Pres. Geo. B
Evans; V.-P. & See., W . H. Whitton; Treas., W. S. Dodd. Office,Eleventh
& Olive Sts., St. Louis, M o.— V. 119, p. 1963, 2287, 2411, 2647; V. 120,
p. 331,829, 957; V. 121, p. 75, 329, 839, 1678, 2402; V. 122. p. 1170; V. 123,
p. 2654, 3038, 3183; V. 124, p. 111. 1066, 2279, 3772; V. 125, p. 246.

PHILADELPHIA SUBURBAN W ATER CO.

ORGANIZATION.— Formerly Springfield Consolidated Water Co.
Company owns and operates the water system supplying without competi­
tion substantially the entire suburban district of Philadelphia; area 260
square miles, largely residential in character; population estimated over
250,000. Company obtains its water from 3 streams; 3 pumping stations;
832 miles o f mains. V. 120, p. 2551.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (no par)___________ _____
_________ 200,000shs ---------------6% cum. pref_______________________
6 Q-M
$2,000,000 Sept
1st M 5% ser due 1955______I 1925
5 g M -N
9,944,000 M ay 1 1955
4 4 % series due 1967_____{ 1927
4 4 g M -N 2,500,000 N ov 1 1967
(c* $1,000, $500)_______ tf (Pa.Co.for Ins.on Lives & Gr.Ann.,Phila.,trus.
Wayne Water Wks. Co. ist\ 1903 4 4 g M -N 149,000
Jan. 1 1933
mtge. gold ($1,000)_____tf/In t. at Columbia Ave. Trust C o., Phila., tr.
Conshohocken Gas & Water) 1899 4 J-J
100,000
July 1 1929
1st mtge. ($1,000)______ t f/E . T . Stotesbury, Phila., trustee.
Stock.— The 6% cum. pref. stock is preferred as to assets and cum. divs
over the common stock. Red., all or part, on 30 days’ notice at 110 and
divs. In M ay 1925 Graham, Parsons & Co., &c., offered $2,000,000 at 95
and div. to yield about 6.32% . V. 120, p. 2684.
Bonds.— The ls£ mtge. 5% gold bonds, dated May 1 1925, are secured b.\
direct first mtge. on the entire property (incl. after-acquired), except two
small divisions subject to $249,000 (closed) underlying bonds. Red. all
or part and for the sinking fund, on 30 days’ notice at 105 on or before May
1 1935; at 1024 on or before M ay 1 1945; at 101 on or before M ay 1 1954
thereafter at par to maturity; in each case with interest. Penn. 4 mills
and Mass. 6% tax refundable. In May 1925 Drexel & C o., Philadelphia
sold $10,009,000 5% series at 9 7 4 and int.. to yield over 5.15%
The 4 4 % series due 1967 are red. all or in part and for sinking fund
at 104 on or before N ov. 1 1937; thereafter at 103 on or before N ov. 1 1947;
thereafter at 102 on or before N ov. 1 1957; thereafter at 101 on or before
Nov. 1965; thereafter at par to maturity plus int. in each case. In Oct.
1927 $2,500,000 1st mtge. 4.Hs series, due 1967, were offered by Drexel
& Co., Phila., at 97 and int., to yield over 4.66%. V . 125, p. 2147.
EARN INGS.— For 12 months ended:
Aug. 31 ’27. Dec. 31 ’26.
Opeiating revenue________________________________ $1,957,265 $1,932,169
Net, after operating expenses_____________________ 1,097,927 1,099,214
Non-operating revenues_________________________
23,521
37,704
544,402
515,361
Interest charges_________________________________
State tax refunds_______________________________
______
179
26,394
26,331
Amortization of debt discount & expenses_________
Miscellaneous___________________________________
Cr.34,597 Cr.28,976
Net corporate income_________________________
$585,250
$624,023
OFFICERS.— Pres., C. H . Geist; Vice Pres., H. S. Schutt: Sec. & Treas ,
H. A. Lang.— V 120. p. 2551, 2684, 3188; V. 121, p. 200, 979, 1679;
V. 122, p. 2497; V. 120, p.2147.

JAMAICA W ATER SUPPLY CO.

ORGAN IZATION .— Incorp. in New York in 1887.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.
C o. serves without competition a population o f approx. 260,000 in one of
the rapidly growing sections of the New York Metropolitan District. Co.
supplies a portion o f the 4th Ward o f the Borough o f Queens (L. I.) of the
Greater City e f New York, part of the municipalities o f Hempstead and
North Hempstead, and Floral Park, Nassau County, N . Y ., adjoining the
territory served in the Borough o f Queens. C o.’s properties include If
electric pumping stations, 3 steam pumping plants, 4 stand pipes. 330 miles
of distribution mains and an office building. The source of water suppl>
is driven well*.
Franchises are perpetual and free from burdensoms restrictions.
STOCK A in D BONDS—
Date. Interest. Outstanding. Maturity
Common (no par)___________ _____
_________ 30,000 shs. -------------7 4 % cum. pref. (par $50)_________
7 14 M -N $1 ,OOO.OOOMay’263 % %
1st M 30-yr 5 4 % g Series A t 1925 5 4 g J-J
3,970,000 Jan 1 1955
($1,000, $500, $100)--c*tf\Farmers’ Loan & Tr. C o., N. Y . C .. truster
Stock.— The 7 4 % cum. pref. stock is preferred as to assets and divs
Red. whole or part at $52 50 and divs. In April 1925 company offered its
7 14% cum. pref. stock for subscription at $52 50 per share. See. V. 122.
p. 2040. In June 1926 Janney & Co., Philadelphia, offered 4,300 7 14%
cum. pref. shares at 5 2 4 and divs., to yield over 7.14%. V. 122, p. 3339.
Bonds.— The lsi mtge. 30-yr. 5)4% gold bonds. Series A , dated Jan. 1 1925
are secured by 1st mtge. on the entire physical properties of the co. (incl
after-acquired property). Additional bonds may be issued only for 80%
o f new extensions, etc., provided net earnings for 12 consecutive out of pru
ceding 15 months have been not less than 1M times interest on all bonds
outstanding, incl. those to be issued. Such additional bonds may be
issued in series of such tenor as may from time to time be determined.
There is a sinking fund commencing Jan. 1 1926 equal to 1% per annum of
bonds previously certified. Bonds to be purchased at or below redemption
price, otherwise drawn by lot. Bonds so acquired are to be canceled.
$30,000 have been retired by sinking fund. Red. on 30 days’ notice at 105
on or before Jan. 1 1951: at 104 to and incl. Jan. 1 1952; at 103 to and incl.
Jan. 1 1953; at 102 to and incl. Jan. 1 1954; thereafter at 101; in each case
with interest. Penn., Conn., Maryland and D ist. of C ol. personal property
taxes and Mass. 6% tax refundable. In Jan. 1925 Janney & C o., New York
and Philadelphia, offered $3,000,000 of these bonds at 99)4 and int., to
ield over 5 )4 % . V. 120, p. 330. In Jan. 1926 the same bankers offered
1,000,000 additional bonds at the same rate. V. 122, p. 610.
See also V. 122, p. 2040, 3339.

f

LONG ISLAND W ATER CORPO RATION .

Controlled by Associated Electric Co.
ORGAN IZATION .— In 1925, incorporated in New York as a successor
to the Queens County Water Co., which was incorporated in 1884. Com
pany serves a rapidly growing section o f the City o f New York, and a large
territory adjacent to the city, including, among others, Lynbrook, Valley
Stream, and the closely connected towns o f Lawrence, Cedarhurst, Wood
mere and Hewlett. Company’s pumping and distributing system, con­
sisting o f a large number o f wells, 2 pumping stations and approximately
•397 miles o f mains, supplies over two billion gallons annually to this
rapidly growing territory. In Aug. 1925 merged the Roosevelt (N. Y .)
Water Power < Light Co. V. 121, p. 1101. As of Dec. 31 1925 purchased
fc
the Baldwin Water Co.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common (no par)___________ _____
_______
20,000 shs. __________
Preferred (pref value)------------ ----------------$1,414,600 ----------First mtge gold ($1,000).*c.tfI 1925 5 'AgM -N
2,602,000 May 1 1955
{Int. at Guaranty Trust Co., N. Y ., trustee.
Roosevelt Wat, Pr 5 Lt Co 1st
6
mtge due serially__________ _____
6
48,000
1929-1942
Bonds.— The first mtge. gold bonds, due M ay 1 1955, are secured by «
direct first mortgage on the entire physical properties o f the company.
Additional bonds (other than for refunding purposes, par for par) may be
Issued only to the extent o f 80% o f the net expenditures for permanent
extensions, enlargement and additions after M ay 1 1925, o f and to the
properties, provided net earnings for twelve consecutive calendar months




W ATER

33

of the fifteen months immediately preceding shall have been ecjual to at least
1H times annual interest charges on all first mortgage bonds outstanding,
and for the issuance o f which application is then made. Redeemable, all
or part, on the first day of any month upon 60 days' notice at 105 on or
before M ay 1 1950, and thereafter at a premium decreasing 1 % every twelve
months until maturity, plus interest in each case. Penn, and Conn. 4 mills
taxes and the Mass, income tax of 6% refunded. In M ay 1925 Marshal]
Field and Glore, Ward S C o., sold $3,000,000 at 98)4 and int., to yield
c
5.60%. V. 120, p. 2401.
EARNINGS.— For calendar years (incl. Baldwin Water C o.):
*1927.
1926.
1925.
1924.
Gross revenues_________
$762,473
$749,690
$756,370
$618,564
Oper.exp. ,maint. &taxes
(except Fed. tax)____
409,014
419,106
315,899
247,071
N et_________________
$353,459
$330,584
$440,471
$371,493
Annual interest________
145,935
157,265
169,980 Not avail.
Balance for deprec.,
Fed. taxes, S e c .)...
$207,524
$173,319
$270,491
* For 12 months ended July 31 1927.
OFFICERS.— Pres., J. H. Pardee: Vice.-Pres. & Treas., H. C. Hopson;
\ .-Ps., J. I. Mange, S. J. Magee, G T Smith and R. N. Thompson;
Sec., C. A. Dougherty.— V. 120, p. 2401; V. 121, p. 706, 1101, 2273;
V. 123, p. 1113; V. 124, p. 1220; V. 125, p. 1837.
M A S S A C H U S E T T S GAS COMPANIES.
ORGANIZATION.— A voluntary association formed in Massachusetts
under an Agreement, dated Sept. 25 1902, per plan in V. 74. p. 1311.
The Massachusetts Gas Cos. own (except directors shares) the entire stock
of Boston Consol Gas Co.; also the $41. 55,000 capital stock of the New
England Fuel & Transportation Co. (see V. 109, p. 1705), the entire
$1,568,000 stock of Citizens Gas Light Co. of Quincy, Mass. V. 100.
0. 27 1 4 1690; V. 108, p. 274; V. 123, p. 3181.
1575,
Effective June 30 1917 the New England Fuel S Transportation Co. (of
c
Mass.), whose capita) stock is all owned by the Massachusetts Gas Oos.,
took over all the property of the New England Gas & Coke C o., Boston
Tow Boat Co. and Federal Coal S Coke Co.; and the capita! stock and all
c
the property of New England Coal & Coke Co. (except business of purchas­
ing and selling coal). Early in 1924 acquired the entire capital stock of the
Mystic Steamship Co. V. 105, p. 2189, 2003, 613; V. 104, p. 2122: V. 99,
p. 1455; V. 93, p 232. On Jan. 1 1926 the same subsidiary (N. E. Fuel &
Transportation Co.) purchased for approx. $11,500,000 the entire capital
stock of Castner, Curran S Bullitt, Inc.; E. E. White Coal Co., East Gulf
c
Coal Co., Prince-Wick Coal Co., Pemberton Fuel Co., Long Branch Coal
Co. and the Glencoe Coal Co. The first named co. is a distributing organ­
ization and the six others are mining companies producing high grade smoke­
less coal in the New River field in West Virginia. V. 121, p. 2755.
The New England M fg. C o., the munition co. (in process of liquidation)
retired during 1920 2,225 shares at $100 per share, leaving outstanding
275 shares of which 1304 shares are held by Massachusetts Gas Cos.
The Mystic Iron Works, Everett, Mass., producing pig iron, started its
first furnace Sept. 27 1926. Its $5,000,000 capital stock Is all owned by
N. E. Fuel & Transportation Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS —
Boston Consol. Gas Co. operates gas generating plants at Everett, Com­
mercial Point. Calf Pasture. Allston, &c. Gas is sold and distributed
for consumption in Boston and suburbs. Population served approx.
1,000,000. The Citizens Gas Light Co. of Quincy supplies all of the gas
used in the City of Quincy. Popylation served approx. 60,000. Company
controls through direct ownership on long term leases, an estimated aggre­
gate of approx. 110,000,000 tons of recoverable bituminous coal In the
New River field in West Virginia.
STOCK AND BONDS.—
Date. Interest. Outstanding.
Maturity.
Common $25,000,000 ($100)_
Q-F
$25,000,000
A ug’271j*
Pref. 4% cum. $25,000,000
($100)__________________________
4 J-D
25.000,000 June’ 27 2%
Sinking fund bonds ($1,000)1
1909 4 4 g J-J
2,985,000 Jan 1 1929
gold______________c*&rntf (Int. at Old Colony Trust Co., Boston, trustee
Debentures gold ($1,000) red]
1911 4)4 g J-D 4,000,000 Dec 1 1931
at 105_______________ n tfj Int. at Old Colony Trust C o., Boston, trustee
Mystic Steamship Co. 6)4%
bonds___________________________
_________
1.273,000 __________
Mass. Gas Cos. 20-yr. s .f .g .l
1926 5)4 g J-J 17,743.000 Jan 1 1946
($1,000, $500 c* and $1,000{Old Colony Trust C o., trustee.
$5,000, $10,000 c)________ j
Bonds.— The $6,000,000 4 4 s of 1909 have a sinking fund of $120,000 per
annum for first 5 years and $180,000 thereafter. No mortgage or pledge of
assets can be made without equally securing the bonds. Are red. at 105.
V. 88, p. 104, 161. Debentures, see V. 93, p. 1671; V. 94, p. 283.
The 20-yr. s. f. 543% g. bonds, due Jan. 1 1946, are red. whole or part
on60 days’ notice at 105 and int. a sinking fund of \)4% or $270,000
annually in equal semi-annual installments is to purchase bonds of this
issue at not exceeding 105 and Int. otherwise by redemption by lot. Com­
pany covenants that it shall not mortgage nor pledge any of Its assets
without equally securing these bonds. In Dec. 1925, Kidder, Peabody
& Co., Harris, Forbes & Co. and Stone < Webster, Inc., offered $18,000,000
&
at 9 8 4 to yield about 5 4 % . V. 121, p. 2875.
Divs.— J’07-’ 10. '11-’ 12. '13. ’ 14-’ 16. ’ 17. ’ 18-’20. '21. ’22. ’23. '24. ’25.’ M .
On com. %13 yrly 4 yrly. 4 4
5
64
7 64 5
5
5 5 5
EARNINGS.— For calendar years
Total
Int., &c.. Preferred
Common
Balance,
Income.
Charges.
Dividends. Dividends. Sur. or Def.
1 9 26-...........$4,253,554 $1,646,133 $1,000,000 $1,250,000 sur.$357,421
1925_________ 3,352,781
866,620 1,000,000
1,250,000
sur236,161
1924________ 3,143,097
767,780
1,000,000
1,250.000
surl25,317
1923-.............. 3,438,782
618,465 1,000,000
1.250.000
sur570,317
1922_________ 2,947,983
641,655 1,000,000
1,250 000
sur56,328
1921________ 2,970,267
691.775 1,000.000
1.541 666
def263.175
1920________ 3,474,946
620.466
1,000.000
1.750.000
sur 104 480
OFFICERS— Pres. James L. Richards; Sec., A . S. Bull; Treas., E. N .
Wrightington. Office, Minot Bldg., Boston.
TRUSTEES.— Robt. Winsor, Chairman; Charles F. Adams, Leverett
Saltonstall, Joseph B. Russell, Frederic E. Snow, Edwin S. Webster,
James L. Richards, H. Wendell Endicott, E. M . Richards, Robert Winsor.
— V. 120, p. 454, 2267: V. 121, p. 458. 979, 2038. 2751. 2875, 3004; V. 122
p. 1609. 2191, 2496: V. 123, p. 710. 2279, 2748; V. 125, p. 1837.

BOSTON CONSOLIDATED GAS CO.

Control.— Massachusetts Gas Companies entire common stock own the
except directors’ qualifying shares.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS —
Co. supplies all the gas used in Boston (except Charlestown and Hyde Park
districts), Chelsea, Newton, Waltham, Watertown, Wellesley, Weston,
Brookline and Milton, and through sales to the local gas companies, Ded­
ham. Hyde Park and Quincy. Population served appr. 1.010.000. Gas
output year 1926, 9,467,064,000 cu. ft.; year 1925, 8.872,070,000 cu. ft.;
in 1924, 8,965,846,000 cu. ft. 1,458 miles o f mains; 257,116 meters. Co.
manufactures gas and also obtains gas under contract from New England
Fuel & Transportation Co. V. 124, p. 504. V. 122, p. 212.
STOCK.—
Date. Div. Rate. Outstanding. Last Div.
Common $16,259,600 ($100)_______
_______ $16,259,600
See text
20-yr 5% g bonds (debens)f 1927
5 g F-A
10,500,000 Feb 1 194
$1,000, $500 c* & $1,000,{State Street Trust C o., Boston, trustee.
$5,000, $10,000 r )......... . . . I
Slock.— The 5 4 % and 6 4 % cum. pref. stocks were called Feb. 1 1927
at 105. V. 124, p. 109, 233.
On Dec. 16 1926 stockholders authorized an Issue of $10,500,000 20-yr.
5% debenture bonds, and reduced the authorized capital stock by retiring
60,000 shares 6 4 % pref. and 40,000 shares 5 4 % pref. stock. V. 123,
p. 3317; V. 124, p. 233.
In Sept. 1927 stockholders applied to Mass. Dept, of Public Utilities for
authority to issue 65,000 additional common shares, par $100, Increasing
capital stock from $16,259,600 to $22,759,600.— V. 125, p. 1968.
Bonds.— The 20-yr. 5% g bonds (debentures), dated Feb. 1 1927 are a direct
obligation of Boston Consol. Gas Co. In case co. mortgages or pledges
any o f its properties or.ssets, all o f these bonds outstanding will be equally2
and ratably secured therewith, except in case of purchase money mortgages
or liens on after .acquired property or refunding or extension o f same.
Red., whole or part on aDy int. date on 30 days' notice at 105 and int.
In Jan. 1927 Bankers Trust Co. and Dillon, Read & Co. sold $10,500,000
at 103 and int., to yield over 4.76%. V. 124, p. 504. To be listed on
Boston Stock Exchange.

24

[V ol. 125.

PUBLIC U T ILIT IE S

Dividends.— From Sept. 30 1922 to March 31 1925, incl., co. paid quar.
diva, o f 2% on the common stock. In June 1925 a quar. div. of 3% was
paid (V. 120, p. 3311); in Sept. 1925, 2% (V. 121, p. 1567); Dec. 1925. 2% ;
March 1926, 2% .
EARN INGS.— For calendar years:
Expenses &
Gross.
Reserves.
Interest.
Dividends.
Surplus.
1926.........$10,753,663
$8,896,371
$23,882
$1,830,768
$2,642
1925......... 10,383.605
8.518,388
99,373
1.754.658
11,186
1924_____ 10,485,196
8,74 ,853
93,532
1,690,768
def39.957
1923_____ 11,269,844
9,417,363
40.874
1,690,768
120.839
OFFICERS.— Pres., Dana D. Barnum; V.-Ps., Herbert N . Cheney,
Nathaniel W . Gifford, Fred M . Goodwin, Fred G. Howe Jr., John F.
Wing and William B. Nichols; Sec.. Henry S. Lyons; Treas., George N
Cox; Aud., William A. Doering; Clerk, Arthur S. Bull.— V. 1 0, p. 208,
2145, 3184, 3311: V. 121, p. 72, 837, 1226, 1567: V. 122, p. 212: V. 123,
p. 1254, 3036, 3317; V. 124, p. 109, 233, 370, 504, 2276, 2425; V. 125,
p. 1968.

METROPOLITAN GAS & ELECTRIC CO.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A holding company. Controls, among other companies, the Central
Indiana Gas Co. and Mobile G as,C o. (see separate statements below).
In Feb. 1926 company sold its interests In Mt. Clemens (Mich.) Gas Light
Co. to Federated Utilities, Inc. See V. 122, p. 1309, under this latter
company.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $6,000,000 ($10)_________
_______
$3,999,580
See text
Pref 6% non-partic. $6,000,000
($ 1 0 0 )..................................................................
2,
300
Seete
No funded debt.
Dividends.— On preferred regular dividends at rate of 6% per annum
aid. On com. (dividends prior to 1917 not available) paid 3% In 1917:
l 1918. 1%: none to 1924, when 4 % was paid: 1925. 4% . In 1926. 4% .
OFFICERS.— Pres., Rufus C. Dawes: V.-P. and Treas., A. T. Leonard:
Sec. H. B. Hurd; Asst. Sec. and Asst. Treas., H. M . Soper.— V. 102,
p. 2258, 2345.
(1) CENTRAL INDIANA GAS CO.
Controlled by Metropolitan Gas & Electric Co.
O RGAN IZATION .—Incorporated Feb. 7 1888 in Indiana.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Supplies manufactured and natural gas In the east-central part of Indiana
and operates in Grant. Blackford. Madison and Delaware counties. Ind.
The company distributes natural gas from West Virginia fields through its
artificial gas distributing system.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $5,000,000 ($100)_ _____
_
_______
$5.0f>0 000
See text
Pref 7% cum $1.900.000_ _____
_
7%
446.500
See text
Pref 8% cum $1,412,900 ($ 2 5 ) ____
_______
100 000 __________
First mtge $5,009,000 ($1.-/ 1911
5 g M-S
2,246.000 Sept 1 1931
000) gold sink fund. _c*.tf(In t. at Cont. & Comm. Tr.& S.B.. Chic.trus
Bonds.— The first mtge. 5s are redeemable at 102 and int. on any int.
date. Mortgage provides for annual sinking fund to retire bonds beginning
Jan. 15 1917 of a sum in cash equal to 2% o f all bonds certified. Frank H.
Jones, co-trustee. Penna. 4-mill personal property tax refunded. In June
1916 $2,100,000 first mtge. 5s were offered by E. H. Rollins & Sons and
A. B. Leach & C o.. New York and Chicago, at 94*4 & int. V. 102. p. 2256
Dividends.— Arrears on 7% pref. paid up in 1917. Regular divs. on 8%
and 7% pref. paid since. On com. 1% was paid In 1917. In 1920, 2% :
In 1921, 1 H % : In 1922, 2% ; in 1923, 2% ; in 1924, 2% ; In 1925. 2 % . In
1926, 2% .
EARN ING S.— For calendar years:
1926.
1925.
1924.
1923.
G ross................................. $1,630,381 $1,355,658 $1,395,560 $1,464,794
Net. after taxes...............
373 163
337.913
367,615
355,697
Bond interest..................
113.183
139.679
147,314
149,827
Balance, surplus.............
259.980
198,234
220,301
205,870
OFFICERS.— Pres., J. H. Maxon; V.-Ps., Frederick B. Tracy, R. C.
Dawes and Harry R. Maxon; Treas., F. B. Tracey: Sec., Geo. W. Cromer.
— V. 116. p. 2641: V. 121, p. 2271; V. 122, p. 2189.
(2) MOBILE GAS CO.
Controlled by Metropolitan Gas & Electric Co.
ORGA N IZA TIO N .— Was established in 1834. In Oct. 1925 Alabama
P. S. Comm, granted issuance o f $185,000 additional series A bonds.
V. 121. p. 2038.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Company does, without competition, the entire gas business in the city of
Mobile and suburbs.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Common 6.000 shares (no p a r ) ____
_______
$386,067 _ ______
_
Pref 8% cum $1,000,000__________
_______
$500,000
See text
1st mtge Ser " A ” $5,000.0001 1921 7 g J-D
1,697,500 Dec 1 1951
($500 & $1.000) gold. _c*.tf/Central Trust Co. o f Illinois. Chicago, trust
1st mtge series B (c* $ l,000,1 1926 6 g A-O
235,500 Oct 1 1956
$500, $100)_______________lint, at First National Bank o f N . Y .
Bonds.— The first mtge. 8eries " A " 7s are redeemable on any int. date
at 110 and int. up to and including Dec. 1 1926, and thereafter up to ma­
turity at 105 and int. Interest payable at First National Bank, N. Y .,o r a t
office of trustee, Chicago. In Nov. 1923 H. T . Holtz & C o., Chicago, offered
$725,000 series A 7s at 100 and int. V. 117, p. 2331. 1st mtge. ser. B
issued under same mtge. as ser. A, neither series having preference over
the other.
Dividends.— Regular dividends are being paid on pref. stock. N o divi­
dends have been paid on present common.
EARN ING S.— For calendar years:

S

iOOA

iq o k

1Q94

iq o q

Gross................................
$519,956
$464,073
$481,221
$468,480
Net. after taxes...............
194.029
160.679
168.186
167.108
Bond interest .................
112,685
101,695
10u,730
104.496
Balance, surplus_______
81,344
58,984
67,456
62,612
OFFICERS.— Pres., R . C. Dawes; V .-P . & Treas., R . Warner; Sec.
H. B. Hurd.— V. 118, p. 1529. 2313; V. 121, p. 2038.

MINNEAPOLIS GAS LIGHT CO.
United Gas Improvement Co. owns one-half o f the common stock.
Receivers Discharged.— On Oct. 9 1924 C. T . Jaffray and A. T . Rand
were discharged as receivers for the company by order o f the U. S. District
Court. V. 119, p. 2072.
O R G A N IZA TIO N .— Incorporated in 1870 in Minnesota.
FTET.D OF nr>FT?AT10NIS AND CHARACTER OF RUSTNESS —
Furnishes gas without competition to the cities o f Minneapolis and Colum­
bia Heights, Minn., and the villages o f Edina, Morningside, St. Louis Park
and Brooklyn Center and a part of „he Township of Fridley, Minn. Prop­
erty includes a water gas manufacturing plant with a daily capacity of
22,000,000 cu. ft., four holders with a capacity of over 8,700,000 cu. ft., and
779 miles o f mains; 116,792 meters in use.
Gas Rate cui 2c. co 93c. poi l .D O cu ft. V. 121, p. 1569
D
Raised 1c to
94c. for the first four months o f 1926. V. 121, p. 2875. M ay. June
July and Aug., 97c.; Sept., Oct., Nov. and Dec. 1926, 95c. In 1927:
Jan. to April, 93c.; May to Aug., 96c.; Sept, to Dec., 94c.
STOCK A N D BONUS —
Date.
Interest.
Outstanding Maturity.
Common S2.500.000 ($50)_________
_______
$2,200,000 Aug. 262%
Preferred 7 % _____ $1,150,000
7 Q-M
1,098.800 __________
First gen mtge
$10,000,00011903 5 g M-S
5,058.000 Feb 1 1930
($1,000) gold________ c * .tf/In t. at Equitable Trust C o., N. Y ., trustee
Secured notes ($500 & $1,000) | 1924 6 g F-A
2,000,000 Feb 1 1930
gold .
c* .tf (Minnesota Loan & Tr. Co., Minneap . trus
Stock.— Auth. amount of pref. is $2,500,000. May be issued In series
and the different series may Dear different div. rates. Has no voting power
except whenever four full quar. divs. are in arrears and until all defaulted
divs. have been paid in full. The 7% pref. stock is red. all or in part od
any div. date at 110 and divs. V. 120. p. 2012.
Bonds.— The first gen. mtge. 5s are callable on any interest date at 105 and
Interest. A supplemental mortgage provides for the annual payment of
$147,000 to the trustee to redeem these bonds at 102hi and int. $2,200,000




are deposited as security for the $2,000,000 6% secured notes. $2,312,000
have been retired by sinking fund; $430,000 are held In treasury. In
March 1910 E. H. Rollins & Sons. Chicago, offered $3,000,000 first gen.
mtge. 5s at a price to net 5% income. V. 90, p. 631. In Nov. 192$
Minnesota Loan & Trust Co. offered $500,000 at 9 9 and int. V. 121, p.
2273.
Notes.— Are secured by deposit of $2,200,000 first gen. mtge. 5s. Addi­
tional notes may be issued for 100-110-ths of first gen. mtge. bonds so
deposited. Redeemable, all or part, on any int. date on 30 days’ notice at
102 H and int. up to Feb.-l 1925, with successive reductions of >£ of 1%
i
of the principal on each Aug. 1 to Aug. 1 1929, on which latter date the
notes are redeemable at 100 and int. Penna. 4 mills tax. Conn. 4 mills tax.
District of Columbia and Maryland 4 14 mills tax and Mass. 6% income
tax refunded. In Sept. 1924 E. H. Rollins & Sons, N . Y .: Minnesota Loan
& Trust Co. and Minneapolis Trust Co. offered $2,000,000 secured 6% notes
at 100 and Int. V 119. p. 1403.
EARNINGS.— For calendar years:
*1927
1926
1925
1924
Gross income__________ $2,647',079
3,895,469 $3,582,650 $3,667,840
Expenses & taxes______ 2,001,739
2,918.686
2.705,962
2,702,179
Depreciation__________
100,000
150,000
184,828
180,840
Interest charges, &c____
263,475
409,491
427,400
374,422
Net incom e................
$281,865
$417,892
$264,460
$410,399
* For 8 months ended Aug. 31 1927.
OFFICERS.— Pres. & Gen. M gr., A. H. Rand; V .-P ., R . R . R&nd Jr.;
Sec. & Treas., E. W Brace.— V. 121, p. 1569, 1789, 2273, 2751, 2875;
V 122, p. 348, 1026: V. 124, p. 921.

MUNICIPAL GAS CO. (OF TEXAS).
ORGAN IZATION .— Incorp. In Texas in 1925 as successor to co. o f same
name incorp. in 1910.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Supplies gas in 20 cities and towns in the ‘ ‘ Black Waxy Belt,” the richest
agricultural section of Texas, serving an estimated population of 195,000.
Through 592 miles of mains, co. serves Wichita Falls, Dennison, Sherman.
Cleburne and other cities. Co. does not own any producing properties or
transportation pipe lines, but obtains its gas from one of the large natural
gas production and transportation companies operating In Oklahoma and
Texas.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
______ 20,000 shs. . . _______
Common (no par value)______ _____
Cum pref $7 div (no par)__________
$7 Q-J
4.000 shs. Oct'27, $1.75
Debentures___________ ________ ______________
$420,000
1927-1938
1st m 6% g Ser A ($500 & / 1925
6 M -N
1.850.000 May 1 1935
$1,000) .........................c*tf (First Nat. Bank, Boston, Trustee.
StocKs.— The $7 cumul. pref. has no voting power unless divs. aggregating
$7 per share remain unpaid for 12 mos. after same have accrued. Callable
on 30 days notice at 115 and accrued divs.
Bonds.— The 1st mtge. 6% g. bonds (Series A) are red all or part upon 39
days’ notice at 106% and int., incl. Nov. 1 1928, and 1% less each year
thereafter, and on or after May 1 1934 at 100. Secured by a direct first
and only mortgage upon all the property, rights and franchises. Interest
payable in Boston. New York or Chicago. Mass. Income tax up to 6 % ,
Penn & Conn. 4-mill tax and Maryland 4 14-mill tax refunded. In June
1925 Arthur Perry & Go. and Paine, Webber & Co. sold at 100 and Int.
*1,850,000
V 120. p. 2684.
Dividends.— Regular quarterly dividends have been paid on the preferred
stock since date of issue (June 1 1925).
EARNING S.— For calendar years:
Net after
Available for
Maintenance
Fixed
Deprec'n,
Gross.
Taxes.
Charges.
Divs., die.
$605,266
$153,556
$451,719
1926 ................................ $2,516,353
1925................................... 2.298,708
540.017
111.462
428.555
1924................................... 2 105.201
461.279
43.618
417.661
1,870.270
359.342
50.073
309.269
1923..........
OFFICERS.— P r e s .,______________ ; Sec.-Treas., V.-P. & Gen. M gr.,
J. B. McCabe: Asst. Sec. & Asst. Treas., L. W. Cole. Office, 1915 Wood
St., Dallas, Tex.— V. 119, p. 1964; V. 120, p. 2684; V. 121, p. 1462; V. 122,
p. 2496.

LONE STAR STATE POWER COMPANY.
ORGANIZATION.— Incorp. in Texas M ay 1 1926. Purchased all the
property and franchises of a corp. of the same name organized in 1925.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Co. supplifs electricity for light and p^wer in Fleresville. R<^und Rock,
Hutto, Burnet, Bertram, Stockdale, Poth, Kyle. Buda, Pflugervllle and
Fall City. Tex. Also manufactures and supplies ice in Floresville. Gen­
erating plants at Floresville. Round Rock Hutto, Burnett, Bertram. Kyle
and Buda equipped wita oil burning engines with aggregate capacity of
about 1.500 h.p. Plan for centralizing and increasing power generation
were stated to be under way. Operates 53 miles of transmission lines.
Population served about 10,000.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
Common (no par)___________ _____
_______
5.000 shs. __________
Lone Star State Power Co (old f
co) 1st mtge 3-year goldj 1925
6 M-S
$150,000 Sept 1 1928
$250,000 (SI ,000-500 c ) - t f |Amer. Trust Co., Davenport, Iowa, Trustee
Bonds.— The Lone Star State Power Co. (old co.) 1st mtge. 3-year gold bonds,
dated Sept. 1 1925, are secured by a first mortgage on entire (incl. afteracquired) property of co. No sinking fund provision. Additional bonds
(up to $100,000) may be Issued for 75 % of cost of extensions and additions,
provided net earnings equal to 214 times annual interest requirements on
all bonds outstanding and to be issued. The new company, incorporated
May 1 102R assumed all obligations under the mortgage.
EARNINGS.— For 8 mos. ended Dec. 31 1926: Gross, $52,457: net after
expenses, maintenance and taxes, $16,789: Interest charges, $6,949; balance,
$9,840.
OFFICERS.— Pres., W . B. Tuttle, Dallas, Texas.

BRAZOS RIVER GAS CO.
ORGANIZATION.— Incorporated in Texas in 1926.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Company Is engaged in the production, transportation and marketing of
natural gas for domestic, commercial and industrial purposes in Mineral
Wells, Weatherford and adjacent territory in Parker. Palo Pinto and
Young counties. Texas. Company controls about 5,167 acres of gas and oQ
lands, of which about 3.938 acres in Palo Pinto County and the remaining
acreage in Parker and Young counties. Company has a valuable contract
with the Phillips Petroleum Co. for the purchase of gas from that company
on advantageous terms and for a substantial period. Company’s oil wells
are located mostly In the Dalton and Mineral Wells fieids. Gas reserves
are estimated to exceed 9,700,000,000 cu. ft. V. 123, p. 2517.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
_______ x43,750 shs See text
Common 55,000 shs (no p a r ) . . ____
7% cum pref $250,000 ($100)______
7
$250,000 __________
lst'closed)M 5 - y r s f $750.0001 1926
7 g A-O
750.000 Oct 1 1931
($1,000, $500)_______ c*.tf (Guardian Tr. Co. of N. J., Newark, N . J.,
J and Ralph S. McDonald, trustees.
x Remaining 11,250 shares are reserved for issuance against exercise of
stock option warrants.
Bonds— The first mtge. 7% 5-year sinking fund gold bonds, dated Oct. 1
1926, ar.e secured by a closed first mortgage on ail company’s fixed proper­
ties, including after-acquired properties
There is a monthly sinking fund
beginning Dec. 1 1926, of $16,000, and $8,000 monthly thereafter to and
including Oct. 1 1927; $10,000 monthly during the next 12 months: $11,000
monthly during the next 12 months; $12,000 monthly during the next 12
months: and thereafter, $15,000 monthly during the next 11 months, the
last payment Sept. 1 1931. Payments to be used for purchase of bonds at
or below redemption price; any' balance unexpended in such purchase to be
applied to redemption of bonds by lot on next interest date. Sinking fund
may be credited with cost (up to prevailing redemption price) of bonds'sur­
rendered to it. All but $93,000 will be retired by maturity through opera­
tion of this sinking fund. Are redeemable, whole or in part, by lot on any
Interest date on 30 days’ notice, at 105 and interest on or before Oct. 1 1927,
with successive reductions o f 1 % during each year thereafter up to maturity.

Oct., 1927.]

All personal property taxes o f any State or District of Columbia not exceed­
ing 5 mills, and. all income taxes of ary State or such District, not exceeding
6% per annum, refundable. In N ov. 1926 A. M . Lamport & Co., Inc.,
F. J. Lisman & C o., and Guardian Securities C o., offered $750,000 at 99H
and interest, to yield about 7.05% . Each $1,000 bond was accompanied
by a detachable stock option warrant to purchase a unit of 15 (each $500
bond to purchase 7 l ) shares o f common stock at $20 on or before Oct. 1
A
1927; at $22 50 on or before Oct. 1 1928: at $25 on or before Oct. 1 1929; at
$30 on or before Oct. 1 1931. V. 123. p. 2517, 2652.
EARN INGS.— Net earnings o f company’s properties for six months ended
June 30 1926 were stated to have been at the annual rate of $301,852. For
quar. ended Jan. 31 1927. gross sales amounted to $106,782; operating
expenses, $27,562.
Dividends.—-An initial quarterly dividend o f 25c. was paid on the com­
mon stock Jan. 3 1927.
OFFICERS.— Pres., David A. Upham; Vice-Pres., C, R . Upham;
Sec. & Treas., D. L. Hill. Office, Mineral Wells, Texas.— V. 123, p. 2517,
2652; V. 124, p. 1357.

NATIONAL FUEL GAS CO.
ORGAN IZATION .— Incorp. Dec. 8 1902 in N . J., succeeding Natural
Gas Trust
Owns all or a majority interest in the capital stocks of
the following subsidiaries:
Owned by
Nat. F. O. Co.
United Natural Gas C o................................................ $15,125,000 100%
Iroquois Gas C o r p _______________________________ 22,500.000 100%
The Mars C o................................................................. 1,000.000
100%
Iroquois Building C o r p __________________________
255.500 100%
Snyder Gas C o .........................................
164,200
100%
The Provincial Nat. Gas & Fuel Co. o f Ont., L td _
600.000
70%
Pennsylvania Gas C o____________________________ 7,200.000
50.85%
Pennsylvania Oil C o_____________________________
576,000
50.85%
The subsidiary companies Turnlsh gas to cities and towns In western
New York, western Pennsylvania, eastern Ohio and In Ontario. Canada.
STOCK AND RONDS.— Date.
Interest.
Outstanding
Last DivCap stock 3,700,000 (no p a r ) . . ____
_________ 3,700,000shs__________
No fun-1*-,i dni.t
Stock.— On April 28 1927, stockholders voted to change the authorized
capital 6tock 370,000 shares of $100 par value (all outstanding) to 3,700,000
■hares o f no par value, 10 new shares issued in exchange for each old share.
Dividends. —At rale of tOy0 per annum u, Jan. lb IMZ'i. Uu Dec. 3U 1921
paid an extra dividend of $4 a share in Liberty bonds. On Dec. 30 1922
paid 100% in stock. On Apr. 16 1923 paid 1 H % on increased capitaliza
tion; July 16 1923 paid 1 H%\ Oct. 15 1923 paid 1
Jan 15 1924 paid
1 H % quar. and 1% extra; April 15 to Oct. 1924 paid \H% auar. In
1925, 1H % quar. and 2% extra. Y. 121, p. 3004. In 1926, 1% % quar­
terly ana an extra dlv. o f 2% in Jan. 1926. In 1927, Jan. 2 % % plus
2% extra. On July 15 paid initial quar. 25c. div. on new no-par stock.
EARN ING S.— Income account calendar years:
Net
Total
Exp., Taxes and
xDepreciaEaminas.
Gas Purchased.
tion, < -c.
A
Earninos.
1926 ________ $19,480,690
$11,943,014
$1,462,718
$6,012,958
1925 ________ 1/,230,944
5,343,213
10,65/,377
1,280,353
1924 _________ 15,725.493
5,108,502
9,574,973
1,042,017
1923 _________ 15,110,752
5,174,984
8,867,405
1,068.363
3,289,834
8,078,645
1922 _________ 12,767.045
1,398.566
1921________ 10.781,845
2,361,092
7,151.493
1,269,260
x Includes depletion, amortization and profit and loss adjustment.
Note.— The above includes only the proportion o f the business of under­
lying companies owned by National Fuel Gas Co.
Pres.. W J Judge; V.-P., Glenn Ford McKinney: Sec. & Treas.. H. P
Smith; Asst. Sec. 8c Treas., W . J. Beattie. New York office, 26 Broadway.
— V. 118.P. 2188; V. 120, p. 3188; V. 121, p. 3004; V. 122, p. 3083; V. 123,
9. 3183; ▼. 124, p. 1667, 2602, 2908, 3030.

NEW HAVEN GAS LIGHT CO.
Offer.— In Sept. 1926 The Koppers C o., Pittsburgh, Pa., offered for each
■hare o f capital stock o f New Haven Gas Lt. Co. one share of 12% pref.
stock (par $25' and % common share o f Connecticut Gas A Coke Securities
Co., which holding co. was incorp. In Conn. Oct. 11 1926 to acquire New
Haven Gas Light Co. and an interes, in Hartford City Gas Light Co. This
offer was extended from Oct. 31 to N ov. 15 1926. V. 123, p. 2391. The
offer was conditioned upon deposit o f 100,000 shs. N. H. Gas Ll. stock on
•r before Sept. 30 1926 (extended to Oct. 31 1926). The above-mentioned
holding co. was to issue 200,000 $3 div. (Q.-J.) no par cum. pref. shares
(call, at $65 & divs., and entitled to $60 and div. assets before common
stock) and 300.000 no par common shares. 200,000 o f these common
shares were to be Issued to Koppers Co. in exchange for 20,000 shs. o f stock
o f New Haven Gas Light Co. and 14,000 shs. o f Hartford City Gas Light
Oo., for which the Koppers Go. had paid cash. Koppers Co. was to
guarantee the S3 dividend on the pref. stock o f Conn. Gas & Coke Secur.
Oo. for 25 years with the provision that it may substitute the guaranty
o f the coke company when that co. is ready to supply gas to the New
Haven Gas Light Co. During 90 days from and after the time when this
supply begins, Koppers Co. agrees to purchase such common stock In the
holding co. as may be offered at $25 per share. Further particulars in
V. 123, p. 1505 1763,2139.
O R G A N IZA T IO N — Incorporated in Connecticut in 1847.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Supplies New Haven. East Haven, North Haven. West Haven, Woodmont,
Woodbrldge, Hamden, Milford and Branford, Conn. 423.41 miles o f gas
mains; 63,371 meters In use.
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
See text
Stock $10,600,000 ($25)..................... 10 Q-M 31 $5,500,000
No funded debt.
Dividends.— Quar. divs. o f 2% (payable Q-M 81) paid regularly since
1903. In Dec 1924 an extra o f 1% was paid. In 1925. 8% plus 1% extra
fn Dec. In 1926, 10%.
EARN INGS.— For calendar years:
1926.
1925.
Gross revenue___________________________________ $3,221,608 $3.C63,840
Net operating Income___________________________
657,527
577,574
Other income__________________________________
52,534
33,814
Available for adjustments and dividends_______
$710,061
$611.388
Profit and loss adjustment______________________
Cr.74.943
Cr. 10,931
Dividends___________
550.000
495.000
Balance, surplus______________________________
$235 004
$127,319
OFFICERS.— Pres., Clarence Blakeslee; V .-P., G. D. Watrous; V.-P. &
Gen. M gr., J. Arnold Norcross; Sec.-Treas., Theodore R. Sucher; Asst.
Sec., O. G. Wueetefeld.— V. 119, p. 2287; V. 120, p. 212; V. 121, p. 2157;
V. 122, p. 2192; V. 123, p. 1114, 1251, 1505. 1763. 2139, 2391.

NEW HAVEN WATER CO.
ORGAN IZATION .— Incorporated In Connecticut In 1849. Controls
Milford Water Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS —
Supplies water to New Haven, West Haven, Cheshire, East Haven, Bran­
ford. North Haven, Hamden Orange WnodbHdee and Stonv Creek Conn.
Population served, estimated at 250,000. Water is distributed through
425 miles of mains to over 37,000 Individual customers.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
Stock $5,000,000 ($50)____________
_______
$3,999,500 July 26,4%
Oonv debentures ($100, $500\
1912 4% J-J
1,400 July 11962
and $1 onO) ___________ c*/In t. at New Haven Bank V" Haven f'nnn
Mortgage note____________________
_________
110,000 Apr 30 1930
First mortgage $1,750,000\
1915 4 4 J-J
1,74'.000 July 1 1945
($ 1 ,0 0 0 )

_________________ c * /I n t ..a t U n ion & N e w H aven T r C o . .N e w H a1

T t-p n ,

O ^ T in

f riv s te p

1st & ref M ser A $7,500,000/
1927 4M g J-D
1,000,000 June 11957
C$1,000)______________c*tf \Un. & New Hav. Tr. C o., New Haven, trus.
Deb bonds ser B _____________ _____
4%
5,200
1962
Uuai uiurru Bonds —
Branford Water Co first mtge f
1913 4% A-O
200,000 Apr 1 1943
$200,000 ($1.000)______ c * jln t. at Union & New Haven Trust C o..
( New Haven, Conn., trustee.
Bonds.— The conv. debentures of 1912 are conv, into stock, at the option
o f the directors, before July 1 1925, but not afterward, at the rate ofg$150
o f debentures for $100 of stock. V. 92, p. 1114.




25

G A S AND W A TE E

in Sept. 1925 Chas. W. Scranton & Co sold $200,000 additional 1st Mtge.
4% % gold bonds dated July 1 1915, due 1945 at 102% and lnt. to yield
4.30%
V 121. p. 1227.
The 1st A ref. mtge. 4 % % gold bonds, series A , doled June 1 1927
are secured by a 1st. mtge. on the North Branford development and on
certain other properties. Secured by a 1st mtge. on all future additions
to company’s properties. In addition bonds are secured by a direct mtge.,
subject to underlying closed liens on all other properties of he eo. Red.
all or part at 105 on June 1 1937 or any int. date thereafter on 2 months’
notice. In July 1927 $1,000,000 1st & ref. mtge. 4 % % gold bonds, series
A were brought out by Chas. W . Scranton & Co. at 100 and int.— Y. 125,
p. 518.
The Branford Water Co. first mtge. 4% s are guar. prin. & int. by the
New Haven Water Co. Are callable at any time at 102 and interest.
Dividends.— Divs. at the rate of 8% per annum paid without Interruption
fir over 40 years (now payable seml-ann J.-J.).
EARNING S.— For calendar years:
1926.
1925.
1924.
1923.
Income all sources_____$1,114,049
$1,066,154 $1,040,969 $1,053,851
Net after maint. & ta x -.
610,336
527.804
503,437
544,687
Interest_______________
68,719
65.822
70,421
64,325
120,937
117,024
- _____
______
Depreciation__________
Miscellaneous charges..
1,465
1,529
______
______
D ividends____________
319,700
299,444
- .........
...........
Balance, surplus_______
99,515
43,985
______
______
OFFICERS.— Pres., G. Y . Gaillard; V .-P ., Jas. English; Sec.. F. A.
1114; V. 94, p. 1769; V. 121, p. 1227; V. 122, p. 2192; V. 124, p. 3067;
V. 125, p .518.
i

PEOPLES GAS CO. (N. J.)
ORGANIZATION.— Incorporated In New Jersey in 1922. In June
1927 acquired and merged properties of Hammonton Amatol Gas Co.
V. 124, p. 3631.
F I E L D O F OPERATIONS AND CHARACTER OF BUSINESS.—
Supplies gas to 50 communities in the counties of Camden, Gloucester,
3alem and Cumberland, N. J. Main plant at Glassboro, N . J.. and gas
‘wilding stations located at Vineland. Swedesboro and Penns Grove. N. J.
The territory served has a population of approximately 100,000. Has 383
miles of mains and 14,542 meters. Gas sales for year ended Aug. 31 1927,
308,010,000 cu. ft.
Bonds & Stocks Authorized.— In Dec. 1926 the New Jersey P. U. Com­
mission authorized co. to Issue $189,000 1st mtge. bonds ana 634 shares of
pref. stock at par ($100). V. 124, p. 236.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (no par)___________ _____
_______
25,000 sks __________
Pf 7 % cum $1,500,000 ($100)______
7%
$480,700 .....................
First mtge 6% series due 19541 1924 6 g J-D
1,300,000 Dec 1 1964
($500 and $1,000) gold.c*tf/P rin. & int. payable in N Y. and Phila.
1st mtge 5% % series due 1 9 6 0 /____
5% g J-D
349,000 Dec 1 1960
'*500, $1,000) g old.-.c*tf\ P rin . & lnt. pay. in N . Y. & Philadelphia.
Bonds.— First mtge., 6% series, due 1954, have annual sinking fund.
beginning with the 12 months period ending Dec. 1 1935. at the rate of %
of 1 % per annum of the aggregate amount of first mtge. bonds issued and
outstanding, to be used for permanent additions and Improvements, which
could otherwise be made the basis for the issuance of additional bonds under
this mortgage, or for the retirement of bonds. Are redeemable, all or In
part, on any interest date after 30 days’ Dotiee until Dec. 1 1944, at 105 and
interest, and thereafter at 105 and Interest less % of 1% for each year or
part thereof, that the bonds shall be outstanding after Dec. 1 1944. Penna.
4 mills tax refundable. In Dec. 1924 $1,300,000 were offered by Taylor,
Ewart & Co., Inc., and Halsey, Stuart 8c C o., Inc., at 100 and Interest.
V. 119, p. 2879. First mtge. 5 % % series callable as a whole or In part
en 30 days notice Dec. 1 1935 until Dec. 1 1950 at 105 and accrued lnt.;
thereafter at 105 and int. less % o f 1% for each year or part thereof, that the
bonds are outstanding after Dec. 1 1950.
EARNINGS.— For 12 months ended:
/iwg. o i
. utHs. ox.
Gross earnings__________________________________
$607,409
$567,632
190,632
190,176
Net after operating expenses___________________
Interest charges, amortization, &c_______________
99,499
91,035
Balance________________________________________
98,133
99,141
OFFICERS.— Pres.. O. H. Gelst: V .-P ., H. » Schutt; Sec.. O. H w^ak:
Treas., H. A. L ang— V. 119, 2879; V. 120, p. 583, 70$; V. 124, p. 236, 3031:
V. 125, p. 781.

PROVIDENCE GAS CO.
O RGAN IZATION .— Organized In Rhode Island In 1847.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINE88.—
Supplies gas without competition in Providence, R. I., and vicinity. The
gas plant has generating capacity of 7,500,000 cu. ft. of coal gas and
10.560,000 cu ft of water gas per 24 hours. Holder capacity. 13.6DO.OOO
cu . ft. Company has 534 miles of aas mains. Meters In use Dec 31 1926,
76.361. Total gas salesi n 1926. 2.814.436.000: la 1925. 2.648.808,400
cu. ft.; in 1924. 2.631.254.700 cu. ft.
In Jan. 1925 the company applied for authority to increase Its capital
stock from $10,000,000 to $15,000,000. V. 120. p. 583.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $10,000,000 ($50)........................................... $9,205,950
See text
1st M 20-yr bds Ser A $3,500,-/ 1922
5% g J-J
2,800,000 Jan 11942
000 ($500 & $1.000c* &( Rhode Island Hospital Trust C o., Provi$l,000r*) g ____________ t f( dence, R. I., trustee
Bonds.— 1st Mtge. 5% s are red. all or In part on any Int. date on 30
days’ notice on and after Jan. 1 1932 at 105%, less % of 1% for each full
year of expired life after Jan. 1 1932. In Jan. 1922 Bodell & Co.; Brown,
Lisle & Marshall; Davis S Davis., & c.,& c.. Providence, offered $2,172,000
c
1st mtge. 5% s, series A, at par and int. V. 114. p. 86. In Get. 1925
$628,000 additional bonds were sold at 105.261 to Brown, Lisle & Marshall,
Providence. R. I.
Dividends.— 1881 to 1917, Inclusive. 8% per annum; 1918 to 1919, 4%
per annum: 1920 6% : 1921 to 1924 inclusive 8% . Tn 1925 8% . In
1926 8% - In 1927: Jan. 2% quar., plus $1 extra. V. 123, p. 3184.
E A R N I N G S . — F o r c alen d ar ye ars;

1926
Gross.x_______
$3,169,496
Operating expense_____
1,714,797
In te re st..........................
156,575
D epreciation................
300.000
Dividends (8 % ).............
920,595

1925
$3,085,083
1,747.075
128,741
300.000
736,476

1924
1922
$3,192,159 $3,160,676
1,881.367 1,842,269
122.001
75,232
300,000
300,000
736,476
736,476

Balance, surplus_____
$77,529
$172,791
$152,315
$206,698
x Gross ear ings include “ other” income o f $46,633 In 1926; $36,482 in
1925 and $55,882 in 1924.
OFFICERS.— Pres., Chas. H. Manchester; V .-P ., H. D. Sharpe,
V .-P ., Frederick C. Freeman; Sec. & Treas., Arthur F. Short: Asst. Treas.,
A. W. Bourne.— V. 120, p. 331, 583. 1205. 2039; V. 122, p. 1457; V. 123.
p. 3184; V. 124, p. 1821, 2281; V. 125, p. 649.

ROANOKE GAS LIGHT CO.

ORGANIZATION.— Incorp. in Virginia March 1912.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. supplies without competition artificial gas for lighting and heating pur­
poses in the City of Roanoke. V a .t and immediate vicinity, serving a popu­
lation of approx. 65.000. Co. owns a gas plant, with distribution system.
V. 122, p. 612. As of Aug. 31 1927: Over 103 mHos >f gas mains; 8,321
meters in use; sales 12 mos. end Dec. 31 1927: 282,887,500 cu. ft.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 10,000 shs (no p a r ).______
_________ 10.000 shs . . _______
7% cum pref $3,000.000___________
7%
$500,000 July’27 3%
1st mtge 5% s gold ($1,000)/ 1926
5% g F-A 1,300.000 Feb 1 1951
c*tf 1Philadelphia Trust Co., trustee.
Bonds.— The 1st mtge. 5 H % gold bonds, due Feb. 1 1951, are secured by a
1st mtge. on all the property (incl. after-acquired) of the co. Additional
bonds may be issued for 80% of new additions, improvements, &c.. provided
net earnings for 12 consecutive out of preceding 15 months have equaled
\% times annual interest on 1st mtge. bonds, outstanding. Incl. new issue.
Red., whole or part, on 60 days’ notice at 105 and int. Penn. 4 mills and
Mass. 6% taxes refundable. In Jan. 1926 Baker, Young & C o.. Philadel­
phia. and Cassatt & Co.. Baltimore, offered at 97 H and int.. to yield about
5.70%, $1,300,000 of these bonds. V. 122, p. 612.

26

PUBLIC U TILITIE S

EARN IN G S.— For calendar years:
-j

.

-i» z o .

±»zo.

$435,310
$431,984
$396,806
$401,606
Gross earnings_________
Net earnings__________
168,304
167,645
144,722
117,567
Interest, &c___________
77,359
74,110
54,565
43,591
B alan ce_______________
90,945
93,535
90,157
73,976
* For 12 months ended Aug. 31 1927:
OFFICERS.—Pres., C. H. Geist, V.-P., H. S. Schutt; Sec., C. H. Weak;
Treas., H. A . Lang.— V. 122, p. 612, 2498.

ROANOKE W ATER W ORKS CO.
Suit Dismissed.— A suit brought by minority stockholders to appoint a
receiver, &c. was dismissed in N ov. 1926.— V. 122, p. 3084; V. 123, p. 2656.
ORGAN IZATION .— Incorp. in Virginia in Dec. 1915.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Supplies water without competition for domestic, industrial and public
purposes to the city of Roanoke, Virginia, and contiguous territory, and
•supplies Vinton. Virginia, on
a wholesale basis. Population served
78,000. An important part o f the company’s water supply comes from
springs, which alone have a constant flow o f approx. 6,500,000 gallons of
water a day, and the balance is taken from the company’s mountain stor­
age reservoirs, located in the vicinity. 180 miles o f mains; 13,000 cus­
tomers; 4 pumping stations. Company owns its office and storehouse
buildings.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
_________ $ 1 ,000,000 __________
Common $1,500,000 ($100)-- ____
ls tp r e f 6% cum $5,000,000_______
6
34,506 ____________
2d pref $550,000___________
____
6
550.000 __________
1st mtge g series A ($1,000.1 1925
5 g J-J
2,820 500 July 1 1950
$500 c * )____________ ____ (Chatham Phenix Nat. Bk & Tr. C o., Trus
5-yr 6% g notes ($1,000 c * ) - - j 1927
6 F-A
500.000 Feb 11932
(Seaboard Nat. Bk. o f the City o f N .Y ., trus.
Bonds.— The 1st M . 5% 0■ bonds, series A , 1925, are secured by a 1st
mtge. on all o f the properties, rights and franchises of the company. Addi­
tional bonds may not be issued in excess of 80% o f new construction, and
only provided net earnings for 12 consecutive months in the preceding 15
months have been at least 1 % times interest charges for a like period on
all bonds, including those to be issued. $400,000, however, may be issued
without the requirement o f additional properties, provided earnings have
been at least 1% times interest charges on all bonds, incl. those to be
issued. Red. whole or part on 30 days' notice at 105 and int. up to and
incl. July 1 1926, thereafter at 105 and int. less 1-5% for each year the bonds
shall have been outstanding. Int. payable in New York City, Penn, and
Conn. 4 mill tax, Maryland 43^ mill tax and Mass. 6% tax refundable
A sinking and improvement fund commencing July 1 1931 will pay to trustee
each July 1st, Incl. 1949, a sum in cash of not less than 1 A % o f the largest
principal amount of series A bonds at any time outstanding prior to such
date. Co. has the right to deliver series A bonds instead of cash. Fund
moneys to be used for retirement of bonds or for improvements, which
may not be used as a basis for issuance o f additional bends. In July 1925
Taylor, Ewart & Co., Inc., and P. W. Chapman & Co., Inc., offered
$2,600,000 series A at 93 and int., to yield over 5 A % . Listed on Chicago
Stock Exchange. V. 121, p. 331, 460.
Notes.— The 5~yr. 6% gold notes, dated Feb. 1 1927 are secured by deposit
with trustee o f 1st mtge. 5% gold bonds up co 110% o f principal amount of
notes outstanding. No new mortgage on co .’s property (other than the
existing 1st mtge. or funding money mortgages or other liens on afteracquired property) may be credited, without equally securing these notes.
Are red., whole or part, on 30days’ notice at 102 A and int., less A %
for each year thereafter, i'enn. and Conn. 4 mills, Maryland 4H mills,
Mass, and Dist. o f Col. 6% taxes refundable. In Dec. 1926, Taylor,
Ewart & C o., Inc., and P. W . Chapman & C o., Inc. offered $500,000 of these
notes at 100 and int. V. 123, p. 3185.
EARN ING S.— For 12 mos. ended Dec. 31 1926: Gross, $380,387; net
after expenses, maintenance and taxes, $242,383. For calendar year
1925: Gross, $382,759; net after maintenance and taxes, $247,935.
OFFICERS.— Pres., C. A. Collins, V.-P. and Treas., E. W . Collins
V .-P . & Asst. Sec., F. C. Hinkel, Jr.; Sec. & Asst. Treas.. L. A. Schaeffler
— V. 121, p. 331, 460, 587, 979; V. 122, p. 3084; V. 123, p. 2656, 3185, 3322.

[V ol. 125,

Guaranteed Bonds.— The Association also guarantees as to principal and
Interest $665,000 6% bonds of the Roosevelt Agricultural Impt. Dist. No. 1
(due $35,000 yearly on Aug. 1 from 1936 to 1954 incl.) and $1,578,000 6%
bonds of Agricultural Impt. Dist. N o. 2 (due serially 1939 to 1954), for
details of which see V. 119, p. 1659, and our “ State and Municipal" Com­
pendium, Part II., of Dec. 27 1924 (p. 101). Both of the above mentioned
districts are located entirely within the lands of the association and are
a part of it.
Stock.— One share of stock is allotted to each acre of land and cannot be
separated from it.
Bonds.—-The serial bond issues of 1923, 1924 and 1927 listed above are
direct and general obligations of the association, additionally secured by an
assessment already levied and recorded against all of the lands of the stock­
holders of the association, appraised by Calif. State Supt. of Banks In
1924 at $42,000,000. These assessments are a lien against the land,
ranking equally with the assessments securing the two issues of Impt. Dist.
bonds guaranteed by the association and those levied to repay the U. S.
Govt, construction charges and prior to all mortgages including those which
secure Federal Land Bank and Joint Stock Land Bank bonds. The serial
Issue of 1924 and the two guaranteed issues, known as the “ Horse Mesa
Dam” bonds, are further secured by a first lien against the hydro-electric
revenue developed by these issues and by pledge with the trustee of the
Inspiration Copper C o . contract. Hydro-electric revenue of the association
was reported as $650,000 in 1924 and is estimated at $2,300,000 annually
on completion of present additions in 1927. All issues are non-callable.
The bonds of 1923 mature $180,000 annually Feb. 1 1928 to 1947.
$1,800,000 were offered by Banks, Huntley & C o., M . H. Lewis & Co.,
Carstens & Earles, Inc., &c., in May 1923, at 99 and interest, to yield
about 6.10%. V. 116, p. 2018.
The bonds of 1924 mature serially Aug. 1 1938 to 1943. Interest at
Farmers’ Loan & Trust Co., New York City, and Anglo-California Trust
C o., San Francisco. $2,500,000 were offered in Oct. 1924 by Rutter &
C o., New York, Anglo London Paris C o., San Francisco, &c., &c., at
100 and interest.
The bonds o f 1927 mature serially July 1, 1929 to 1931. Interest payable
at Bankers Trust C o., New York City or the Pacific-Southwest Trust &
Savings Bank, trustee. $1,000,000 were offered March 1927 by Rutter
& C o., N. Y ., First Securities C o., Los Angeles, Harris Trust & Savings
Bank and Anglo London Paris C o., San Francisco, at prices to yield 5.50% .
EARNINGS.— For fiscal years ended Sept. 30:
1926.
1925.
G ross._______ ______ _______________ _______ _____ $1,147,363 $1,039,704
Net operating expenses and maintenance__________
673,803
444,483
180,639
115,308
Interest charges__________________________________
Balance, available for depreciation______________
$493,164
$329,175
Gross earnings for year ended Sept. 30 1927 estimated at $1,600,000.
OFFICERS.— Pres., F. A . Reid; Sec., F. C: Henshaw; V .-P ., C. 8.
Steward; Treas., C. G. Sullivan.— V. 116, p. 2018; V. 119, p. 950, 1635.

PEOPLES GAS LIG H T & COKE CO. (TH E).

ORGANIZATION.— A consolidation on Aug. 2 1897 of the companies
forming the old Chicago Gas Trust. V. 64, p. 1088; V. 65, p. 2358. In
Feb. 1907 the Ogden Gas Co. and the Universal Gas Co. were leased for
about 38 years, the Ogden C o.’s $6,000,000 bonds being guaranteed. V. 84,
p. 394; V. 78, p. 1785; V. 72, p. 244, 91; V. 97, p. 1508; V. 108, p. 680;
V. 104, p. 658, 2348. In 1924 acquired one-third interest in the Chicago
& Illinois Western R R . V 120, p. 824.
Rates. V. 114. p. 313, 745; V. 117, p. 448.
Valuation of property, V. 107, p. 297; V. 110, p. 654; V. I l l , p. 596.
2145; V. 114, p. 1295; V. 116, p. 84; V. 120, p. 3315. Tax-ruling, V. 107,
p. 2482. Refund suit, V. 110, p. 654. To take entire output of Chicago
By-Product Coke Co. V. 113, p. 1162. Acquisition of Chicago ByProduct Coke Co. proposed. V. 120, p. 829.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company supplies gas in the city of Chicago. Gas plants of a daily capacity
of 160,000,000 cu. ft. Holder capacity, 88,000,000 cu. ft. Meters in
service on Dec. 31 1926, 858,405. Additions on new construction, see
V. 124, p. 1213.
STOCK AND
Interest. Outstanding. Maturity.
SALT RIVER VALLEY WATER USERS’ ASSOCIATION Stock $60,000,000BONDS— Date.
Q-J x$46 585.000 O c t.’27,2%
($100)...................
ORGAN IZATION .— A corporation organized in 1903 under the statutes First cons mtge $10,000,0001 1893
6 g A-O
4,900,000 Apr. 1 1943
of the State of Arizona.
($1,000) gold__________ c * /ln t. at Central Union Trust C o., N. Y ., trus.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— Refunding mtge $40,000,0001 1897
5 g M-S
20.554,000 Sept. 1 1947
Operates the Salt River Project, a Federal Reclamation project comprising
($1,000) gold________ c*&r/Farmers Loan & Trust C o., N. Y ., trustee.
240,000 acres, in the Salt River Valley of Arizona. The Salt River project, Gen & ref mortgage ($1,000)1 1913
5 J-D
a l ,712,000 Dec. 1 1963
comprising the Roosevelt Dam and water distribution system, was con­
gold_____________________ (Illinois Merchants Trust C o., Chicago, trus.
structed by the United States and completed in 1911 at a cost o f $11,285,935. Chicago Gas Light & Coke 1st! 1887 5 g J-J
9,929,000 July 1 1937
In 1917 the Association took over the maintenance and operation of the
mtge ($1,000) gold--------- c/Fidelity Trust C o., Philadelphia, trustee.
dam under the advisory supervision o f the U. S. Reclamation Service. Consumers’ Gas first mtgel 1886 5 g J-D
4,196,000 Dec. 1 1936
The installed capacity o f the hydro-electric system o f the association has
($1,000) gold___________ c/Central Union Trust C o., N. Y ., trustee.
been recently increased to 84,500 h. p. rated capacity, through the con­ Mutual Fuel Gas first mtgei 1897
5 g M -N
4,886,000 Nov. 1 1947
struction o f two additional plants and two additional dams below Roosevelt
(assumed) gold----------------- /Central Union Trust C o., N . Y ., trustee.
Dam. The new plants utilize the storage capacity of Roosevelt Lake,
Bonds Guaranteed—
using the same water that passes through Roosevelt Dam power house before Ind Nat Gas & Oil ref mtgel 1906
5 g M -N
6,000,000 M ay 1 1936
being finally used for irrigating the 240,000 acres o f productive farm lands
(closed) gu p&i ($1,000) g -./I n t . at Central Union Trust Co. N . Y ., trus.
of the Association, the stockholders o f which are all land owners in Salt
Ogden Gas 1st m $6,000,0001 1900
5 g M -N
6,000,000 M ay 1 1945
River Valley. The entire 40,000 h.p. output from one o f the new plants
guar p &i ($1,000) gold_ /Int. at Farmers’ Loan & Tr. C o., N . Y ., trus.
_
has been sold under a 25-year contract to Inspiration Consolidated Copper Chic & Illinois West R R __________
6%
196,333 July 1 1947
Co., the largest consumer of electric power in Arizona, which provides for Chicago By-Product Coke Co \ 1926 5 g J-J
13,000,000 Jan 1 1976
minimum payments of $565,000 annually, and the output from the other
1st & ref mtge gold Ser “ A ” (Illinois Merchants Trust C o., Chic., trustee.
new plant has been sold to Central Arizona Lt. & Pow. Co., which supplies
($1,000c*&$l .OOO&mulr* tf I
the City of Phoenix.
x Including subscriptions of $202,000. a Called for payment Dec. 1
1927 at 105 and int. V. 125, p. 1971.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock.— Listed on N. Y . and Chicago Stock Exchanges. V. 120, p. 2270,
Stock— See text. Stockholders are all land owners in Salt River Vail.)
2944, 3066; V. 125, p. 1194.
Serial b o n d s ($1,000) g o ld -C * ( 1923 6 g F-A
$1,800,000 See text
lin t, at Citizens Tr. & S. B.. Los Ang., trust
Capital Stock Increased.— On Feb. 23 1926 stockholders increased the
Serial bonds ($1,000) g old .c*/ 1924
6 g F-A
2,500,000 See text
authorized capital siock from $50,000,000 to $60,000 ,000 in connection with
IAnglo-California Trust Co.. San Fran., trust. plans to acquire Chicago By-Product Coke Co. V. 122, d . 1170.
Serial bonds ($1,000) gold-C*j 1927
6 g J-J
$1,000,000
See text
Stockholders o f record Oct. 15 1926 were given the right to subscribe on
iPac.-Southwest Tr. & Sav. Bk., Los Angeles, or before N ov. 15 1926 at par ($100) to the extent of 10% of their holdings,
( trust.
payable in full or in 4 or 10 installments. V. 123, p. 1115. To sell 10,000
shares to employees in 1927 at not less than $100 a share. See V. 124,
p. 648, 1220. Stockholders of record Oct. 3 1927 were given right to sub­
scribe prior to Nov. 3 for additional stock to the extent of 10% of their
present holdings. V. 124, p. 3631; V. 125, p. 1194.
Bonds, &c.— The following bonds are listed on New York and Chicago
E have been prominently identified with
Stock Exchanges. First cons. 6s of 1893. ref. 5s of 1897. Chicago Gas Light
& Coke 1st 5s of 1887, Consumers’ Gas 1st 5s o f 1886, and Ind. Nat. Gas S
c
the syndicating and distribution of the
Oil ref. 5s (guaranteed) of 1906.
Mutual Fuel Gas 1st 5s of 1897 are listed on New York Stock Exchange
bonds of both the Salt River Valley Water
and unlisted in Chicago.
Ogden Gas 1st 5s of 1900 (guaranteed) are listed in Chicago.
Users Association, controlling Roosevelt
Of the $40,000,000 issue of 1897, the $19,446,000 unissued are reserved te
retire prior bonds. Interest payable at Central Union Trust C o., New
Dam and Salt River Power Development,
York. V. 65, p. 572; V. 79, p. 155; V. 84, p. 1555; V. 91, p. 792, 876;
V. 94, p. 702; V. 97, p. 954; V. 98, p. 842.
and the Melones Dam Hydro-Electric
The stockholders on N ov. 14 1913 authorized a new gen. & ref. mtge.
Development.
Investors in high-grade
(unlimited in amount) to secure 50-year 5% bonds to provide for new con­
struction at not over 75% of cost, and to refund all old bonds. See. Are
bonds of this type should find our booklet
callable a„ 105 and int. V. 97, p. 954, 1119, 1508, 1738; V. 98, p. 76.
This issue has been called for redemption Dec. 1 1927.
entitled “ White Gold” of special interest.
Chicago Gas Light & Coke 1st 5s assumed by Peoples Gas Light & Coke
Co. Int. payable at Central Union Trust C o., New York.
Int. on Consumers Gas 1st 5s payable at Central Union Trust C o., New
York.
Booklet furnished on request.
Mutual Fuel Gas 1st 5s assumed by Peoples Gas Light& Coke Co. Int.
payable at office of trustee in New York.
Guarantees, prin. and int., Indiana Natural Gas S Oil ref. 5s. V . 84, p.
c
388. 1430; V. 88, p. 1317. 1433: V. 104. p. 168; form, V . 87, p. 1302.
The company purchased one-third interest in the Chicago & Illinois
Western R R . and has assumed a guarantee of the principal and interest on
$196,333 of that company’s bonds.
Company guarantees principal and interest of Chicago By-Product Coke
Co. first & ref. mtge. 5% gold, Series “ A ,” bonds. See V. 122, p. 214.
14 Wall St., New York
Divs 1 08. ’09. ’ 10-T2. ’13. p
14-’ 15. ’ 16. '17. ’ 18-’21. ’22. ’23. ’24. ’25- ’26.
P .c t! 6
6% 7 yrly. 7H 8 yrly. 6 A 3 A None 5
6
7
8 8
Boston
Hartford
In M ay 1916 the dividend was reduced from 2% quar. to 1 M% quar.; in
May and Aug. 1917 to 1% ; then none until Jan. 17 1922, when 1)4% was
paid; same amount paid quar. to Oct. 17 1922; Jan. 17 1923 to Oct. 17 1923
paid 1 l % quar.; Jan. 17 1924 to Oct 17 1924 paid 1% % quar. In Jan.
A
1925 2% and regularly quar. since incl. Jan. 1927.

W

R utter & Co.




Oct., 1927.]

21

GAS AND W A TE R

Gas Sales Increase
P ER C EN TA G E

IN C R E A S E
COM PARED

P ER C EN TAG E

ISM

ISIS

ISIS

1917

IN

GAS

SALES

WITH

IN C R E A S E

IN

ISIS

P O P U L A T IO N

1921

1925

1925

The accompanying graph shows the upward curve, during recent years, in
Chicago’s consumption of gas.
than

double

The rate of increase in gas sales has been more

the rate of Chicago’s population increase.

The growing use of gas for industrial, commercial and house heating purposes
has been the prime factor in this marked increase in sales.

G

AS Sales by this company in Chicago
in

1926j^were

35,687,864,000 cubic

quantities, as compared to a little more than
17 per cent in 1921.

It is due to increasing

feet, an increase of 9 .8 1 % over 1925;

recognition among manufacturers of the ad­

meters in service on December 31, 1926, num­

vantage of gas, as a clean, convenient, depend­

bered 858,405, an increase of 34,008 meters

able and controllable fuel for practically every

over the previous year. About 25 per cent of

shop and factory purpose. Househeating sales

the company’s output is now sold in wholesale

in 1926 increased 70 per cent over 1925.

The




Peoples Gas Light
Coke Company
CHICAGO

and

28

PUBLIC U TILITIE S

EARN INGS.— For calendar years:
1926
1925
1924
1923
Gross earnings.................$33,920,196 $31,854,552 $31,329,895 $30,615,‘l88
Operating expenses_____ 20,750,938 19,640,452 20,091,261 19,521,334
Depreciation__________
1,427,079
1,321,033
1,297,679
1,232,020
Uncollectible oper. r e v ..
163,160
153,929
152,062
223,926
Taxes assign, to op e r'n .. 2,778,553
2,400,000
2,259,324
2,289,238

[V ol. 125.

STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 160,000 shs (no par) _ ____
_______ 100,450 shs. __________
7% cum pref $3,500,000 ($ 1 0 0 )___
7 Q-J
$2,467,300 Jan’27$1.75
1st mtge s f gold $6,000,000/ 1926 6 A A-O
3,650,000 April 1 1936
($1,000 & $500 c*)_____ tf (Cont. & Com Tr. & Sav. Bk., Chicago, trust.
5-yr s f notes $500,000 (c* $1,-1 1927 6 g J-J
500,000 July 1 1932
000-$500)_______________tf/C on t. & Com. Tr. & Sav. Bk., Chicago, trus.
Bonds.— The 1st mtge. s. f. 6 A % gold bonds, dated April 1 1926 are red.,
Net oper. income____$8,800,466
$8,339,138 $7,529,569 $7,348,670 all or part on 30 days’ notice on any int. date at 105 & int. on or before
Other income__________
932,897
1,114,631
1,163,128
895,181 April 1 1931, the premium decreasing 1% each year thereafter. There is a
D eductions..................... 1,921,267
1,898,396
1,773,915 1,687,487 minimum annual sinking fund of $300,000 payable in equal semi-annual
Interest_______________ 2,702,850
2,702,850
2,643,433 2,357,850 installments, in cash or bonds at par. Corp. may anticipate this provision
Dividends declared_____ 3,458,500
3,218,672
2,791,250 2,983,750 and be credited with any bonds it may have on hand. In addition, at yearly
intervals, an amount based on corp.’s net earnings, after certain reserves
Balance, surplus_____$1,650,746
$1,633,851 $1,484,098 $1,214,764 and deductions, is to be added to the sinking fund. Interest payable in
Latest consolidated income account for 6 mos. ended June 30 1927: New York or Chicago. Co. refunds all state personal property and income
Operating rev., $20,172,981; net after exp., taxes and retirement reserve, taxes and Dist. of Col. personal property tax not exceeding 5 mills per
$3,823 667; other income, $690,567; fixed charges, amort., &c., $1,606,106; annum. In April 1926 Taylor, Ewart & Co., and P. W. Chapman & Co.,
divs. paid, $1,854,002; balance, sur., $1,054,126.
Ince. offered $4,000,000 of their bonds at 99 & int., to yield 6.65% . Each
$1,000 bond carried a warrant to purchase prior to April 1 1936 or
Balance Sheet as of June 30 1927, see V. 125, p. 1324.
unit of 10
of common stock at $12.50
D IR E C TO RS.— Samuel Insull, Stanley Field, James A. Patten, Martin until release of the mtge., a 1 1927, the sharesincreasing $2.50 per share in
per share on or before April
price
J. Insull. John J. Mitchell.
each year thereafter. $500 bonds carried warrants to purchase a unit of
OFFICERS.— Chairman o f Board and Pres., Samuel Insull; V.-Ps.,
122,
George F. Mitchell, Bernard J. Mullaney, Theodore V. Purcell, William 5 shares.— V. 6% p. 2498.
The 5-year
gold notes,
A. Sauer and William G. Rudd; Sec., Albert L. Tossell; Tieas., W m. R. obligation of corp. sinking fund provides for dated July 1 1927 are a direct
to
Weldon; Compt., Walter I. Coble: Aud., W m. O. Langston; Asst. Sec., of $100,000 annually.Indenture or in part, a fixed payment at sinking fund
R
for sinking fund
101 and int.
Robt. Blair. Office, 122 So. Michigan Ave., Chicago, 111.— V. 119, p. Corp. agrees to refund alled., all
state personal property and income taxes and the
463. 2411; V. 120, p. 705, 824, 829, 2270, 2944, 3066, 3315: V. 121, p. 2274; Dist. of Col. personal property tax not exceeding 5 mills per annum
In
V. 122, p. 214, 482, 877, 1170; V. 123, p. 1115. 2140. 2262: V. 124, p. 508, July 1927 $500,000 5-yr. 6% s. f. gold notes were sold by Taylor, Ewart
648, m 3 . 2429, 3631; V. 125, p. 519, 1104, 1326, 1838. 1971. 2265.
6 C o., Inc., New York, at 98 and int. to yield 6.47%
V. 125, p. 387.
Dividends.— On the 7% pref. an Initial quart, dividend of $1.75 was paid
July 1 1926 and same div. quarterly since.
ROCHESTER (N. Y .) & LAKE ONTARIO W ATER CO.
EARN ING S.— Combined earnings of system for calendar years:
1926.
1925.
Control.— In N ov. 1926 a majority interest in this co. was acquired by
Gas sales (1,000 cu. ft .)____________________ _____ 15.783,731 16,145,'647
J. G. White & Co. o f New York. V. 123, p. 2902.
Gross revenues__________________________________$3,505,600 $3,247,191
ORGAN IZATION .— Incorporated In New York Dec. 30 1902.
2,203,818
Operating expenses_____________________________ 2,304,174
FIELD OF OPE RATIONS AND CH ARACTER OF BUSINESS.—
Co. supplies water to a large part of the suburban districts of Rochester,
Balance______________________________________ $1,201,427 $1,043,373
as well as to the newer parts of the city itself which were originally a part Maximum ann. int. on 1st mtge. 6 K % gold bds-_
245.000
260,000
o f co.'s suburban territory. Also supplies water at wholesale to the village
o f Charlotte (now part of the 23d Ward o f Rochester) and to the villages of
Balance______ ______ __________________ _____ .
$956,427
$783,373
Pittsford, East Rochester and Penfiekl. Also serves at wholesale 16
OFFICERS.—Pres., M . L. Truby; V .-Ps., Paul R . Johnson; Sec.,
separate water districts. C o.’s franchises are stated to be unlimited and
Donald W. Stewart; Treas., H. F. Mitchell, Independence, Kan.— V. 122,
perpetual. The water supply is taken from Lake Ontario. V. 122. p. 884
p. 2498, 2950, 3456; V. 123, p. 1763. 2283; V. 125, p. 387.
STOCK AND BONDS.—
Date.
Interest.
Outstanding. Maturity
_______
25.000 shs _________ _
Common (no par)___________ _____
1st mtge gold $2,500,0001 1903
5 g M-S
$1,961,000 Mar 1 1933
(Sl.OW) c * )____________ t fjln t. at West End Tr. C o., Phila., trustee
GAS UTILITIES, INC.
Bonds.— In addition to the $1,961,000 1st mtge. 5% gold bonds, due Mar.
Control.— As of Jan. 3 1927 Associated Gas & Electric Co. acquired prac­
1933, $531,000 are held in treasury. V. 122, p. 884.
tically the entire common stock of Gas Utilities, Inc.— V. 123, p. 3038, 3318.
Dwuim > None ever paid.
■
A public utility holding co., specializing in the development of gas prop­
EARN INGS.— For calendar years:
erties. Controls properties supplying gas to approx. 60,000 customers
1926
1925
In 17 communities in Pennsylvania, Ohio, Indiana, Illinois and South
G ross_________
$392,036
$354,289 Dakota, with an aggregate population estimated to exceed 300,000. V.
Net after oper. expenses and taxes_______________
158,837
147,956 123, p. 324. Among the companies controlled by Gas Utilities Inc. are:
Other Income___________________________________
37,379
27,276 Indiana Gas Utilities C o.; Union Gas & Elec. C o., serving Bloomington,
Fixed charges and depreciation__________________
138,140
122,017 111.; the Sioux Falls (S. D .) Gas Co.; the Portsmouth (O.) Gas C o., the
Balance, surplus________________________________
58,076
53,215 Northeastern Oil & Gas C o., the Lockhaven (Pa.) Gas & Coal Co. and the
OFFICERS.— Pres., George W . Todd; Vice-Pres., Chas. J. Brown; Lake Shore Gas Co.
V.-P. & Gen. M gr., F. E. Beck; Sec. & Treas., Alexander Russell; Asst.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Sec. & Asst. Treas . Ida M . Grant; Asst. Treas., Hugh S. Dewey. Gffice, Common 75,000 shs (no p a r ) _ . ____
_______
75,000 shs
440-444 Pomers Bldg., Rochester, N . Y .— V. 122, p. 884; V. 123, p. 2902; 7% cum pref 25,000 shs______ _____
7
$320,200
V. 124, p. 3210, V. 125, p. 782.
Subsidiary stocks____________ _____
_______
1,009,800
Subsidiary bonds____________ _____
_______
4,612,500
OFFICERS.— Pres., Ralph H. Beaton; V.-Ps., F. S. Burroughs; Treas.•
ST. LOUIS COUNTY GAS CO. (THE)
Edward G. Reyer; Sec., Hazard O’ Key; Asst. Sec. & Asst. Treas., H. E.
Bergin; Asst. Sec., O. A. Dougherty.
Controlled by The North American Co.
INDIANA GAS UTILITIES CO.
ORGAN IZATION .— Incorp. Mar. 28 1912 in Missouri.
Control.— C o.’s entire common stock is owned by Gas Utilities, Inc.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Does entire gas business In St. Louis County, serving the following citlea
ORGANIZATION.— Incorp. June 1926. Acquired a group of proper­
and towns; Kirkwood, Maplewood, Webster Groves, Ferguson, Glendale
ties, formerly owned by affiliated companies, which supply gas without
Clayton, University City, Shrewsbury, Richmond Heights, Uniondale and competition in Terre Haute. Richmond. Brazil and West Terre Haute.
other municipalities. Franchises permit extensions in the entire county of Ind.. serving a population estimated to exceed 115,000. Extension of co.’s
St. Louis. P r in cip a l franchise for St. Louis County extends to Feb. 3 1954
to
Ind., is
of July 31
C o.’s w a ter eas plant, heated a t S h re w sb u ry M o ., had a daily outpn* o f service hadClinton,customersunder consideration. As 840,336,000 1927 the
system
22,309
and gas sales aggregated
cu. ft.
3.243,300 eu ft , and storage holders o f 4,500,000 cu. ft. capacity, as of
The properties include gas manufacturing plants in Richmond, Terre
Dec. 3 l 1926. Owns and operates high and low pressure distribution sys­ Haute and Brazil, having an aggregate daily capacity of more than >,500,000
tems comprising approx. 419 miles o f mains and serving 28,501 consumers. cubic feet, together with comprehensive distribution system in Richmond,
Rates reduced, effective Sept. 1 1925. V. 121. p. 1228.
Terre Haute, West Terre Haute and Brazil, including approximately 223
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
miles of mains. Co. purchases all of the gas now distributed in Terre
Haute and West Terre Haute from a local by-product coke plant under a
_______ x$1.500.000 __________
Capital stk $1,400,000 ($100)______
1st M $30,000,000 ($100. $500/ 1912
5 g A-O
1,500,000 Apr. 1 1951 long-term contract and its own manufacturing facilities in that city are
theref re reserved for standby service.
& $1,000) gold______ c*tf (Harris Tr.& 8. Bk., Chic., and F. J. Wade.tr
x All except directors’ shares owned by The North American Co.
A high-pressure gas line from Terre Haute to Brazil was completed
Bonds.— Remaining bonds may be issued for 85% of the cost of impts., in 1926. and co. is planning the construction at an early date of another
exts. or addns. under certain restrictions. Are call, at 105 and Int. on 4 from Terre Haute north to Clinton. These new mains will tie the western
weeks' notice. Int,. payable at 60 Broadway, N. Y . City.
group of-cities served into a single interconnected system to be supplied with
h a r n i n g s .-—For calendar years:
Available for gas directly from Terre Haute and will enable co. to reach a substantial
population not heretofore receiving gas service from any source.
Gross
Net after
Depr., Divs
Franchises.— The properties other than in Brazil are operated under
(All Sources).
Taxes.
Interest.
Svrnlns
1927 *................ .-$1,127,788
$402,353
$75,726
$326,627 indeterminate permits granted under the Indiana P. S. Commission law.
1926 .................. .. 1,061,319
408,985
73,753
335.232 The Brazil franchise expires in 1951. V. 123, p. 324.
1925 __________ ..
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
946,438
378.663
79.583
299.080
_________ 40 000 shs __________
1924 _______ ...
857.150
345.857
52.440
293.417 Common 40.000 shs (no p a r ) _ - ____
1923 __________ . .
768.564
285.876
52,823
233.053 7% cum pref $800,000 ($100)_______
7 Q-J
$500,000 __________
1922 ................... .
676,685
248.020
56.344
5 g J-J
2,250.000 July 1 1946
191 .676 1st mtge 5% series due 1946/ 1926
($1,000 c* )____________ tf(N at. Bk. of Comm, in N. Y ., trustee.
1921................. ..
662.217
261.159
56,357
204.802
603.886
Stock.— 7% cum. pref. stock is preferred as to assets and cum. dividends.
1920
157.565
52.250
105,315
Callable all or part after Jan. 1 1927 on any div. date on 30 days’ notice,
* For 12 months ended June 30 1927.
OFFICERS.— Pres. Louis H. Egan; V .-P ., F. J. Boehm; V .-P ., Edwin at 105 and divs. In July 1926 Bond & Goodwin, Inc., and Eastman, Dil­
Gruh! Gen. M gr., E. H. Lewis; Sec.. H. Spoehrer Treas. Dudley Sanford. lon & Co., offered $500,000 at 99 and div., to yield 7.07%. V. 123, p. 324.
Bonds.— The 1st mtge. bonds are secured by a direct first mtge. on the
V. 119. p. 2074; V. 121, p. 1228; V. 122, p. 95, 2193; V. 124, p. 3210, 3774.
entire fixed property of the co. There is a sinking and improvement fund
sufficient to retire each year from 1929 to 1933, incl.. 1% , and each year
thereafter 1A % , of all 5 % series, due 1946, bonds issued. Callable on any
UNION GAS CORP. (INDEPENDENCE, KAN.)
int. date on 60 days’ notice at 105 and int. to and incl. Jan. 1 1937; there­
ORGAN IZATION .— Incorp. in 1926 in Delaware to acquire and operate after at a premium of A % for each year or fraction thereof between redemp­
the properties formerly owned by Southwestern Gas Co., Owen-Osage Oil tion and maturity dates. Interest payable at Harris. Forbes & Co., N. Y.
& Gas Co., Union Gas & Fuel Corp., Kasigan Gas Co., Coffeyville Gas & City, or Harris Trust & Savings Bank, Chicago, or Harris, Forbes & Co.,
Fuel Co., Fredonia Gas Co., and Olathe Gas Distributing Co., together Inc., Boston. Penn. & Conn. 4-mills and Mass. 6% taxes refundable.
In July 1926 Harris, Forbes & Co. and Bond & Goodwin, Inc., offered
with their subsidiary and associated companies. V. 122, p. 2498. In May,
1926 acquired from International Utilities Corp. its holdings in Southwestern $2,250,000 5% series due 1946 at 95 and int., to yield over 5.40% . V. 123,
Utilities Corp. and Southwestern Public Service, Inc., which operate in Kan­ p. 324, 2519.
sas. V. 122, p. 2948.
EARNING S.— For 12 months ended Dec. 30:
*1927. Dec. 30 ’26. Dec. 30 ’25.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
$954,264
$930,706
$923,617
Is engaged in the production, transportation, and wholesale and retail Gross earnings_____________________
653,246
632,820
674,448
distribution of natural gas for public utility and industrial purposes. Corp. Oper. exp., maint. & taxes_________
owns and operates the gas distributing plants in the cities o f Independence,
Net earnings_____________________
$301,018
$297,886
$249,169
Coffeyville, Fredonia, Caney and 13 other cities and towns in southeastern
112,500
112,500
112,500
Kansas, and in addition furnishes natural gas at the city borders to Chanute, Annual Int. on 1st mtge. bonds______
Kan., and 11 other cities. Total population served estimated in excess of
Balance__________________________
$188,518
$185,386
$136,669
100 TOO.
The system embraces the gas rights on approximately 180.000 acres, gas
OFFICERS.— Pres., John T . Beasley; V.-Ps., Ralph H. Beaton, C. D .
purchase contracts on 46.891 acres, and oil rights on 42,259 acres. Included Shaul, Roy S. Brunner; Sec., Hazard Okey; Treas., Edward G. Reyer; Asst.
in the acreage carrying gas rights is the lease granted by the Osage Indian Sec. & Asst. Treas., K. C. Bergin. Principal office, Terre Haute, Ind.;
Tribe, covering 165.000 acres, with the exclusive privilege of prospecting executive office, 44 E. Broad St-., Columbus, Ohio.— V. 123, p. 324, 581,
for and producing natural gas for a period ending in 1946.
2519; V. 124, p. 235.
Corp. or its subsidiaries own extensive pipe lines and distributing systems
aggregating in length approximately 900 miles, together with 12 com­
pressor stations and all necessary accessories and equipment. There are
PORTLAND GAS & COKE CO.
connected with these lines 827 gas wells with an aggregate open flow
ORGAN IZATION .— Incorp. in Oregon in 1910 to succeed Portland Gas
capacity of approximately 260,000,000 cubic feet per day. Of these wells
312 are on leases owned by corp. or its subsidiaries and in the case of the Co. and East Portland Gas Light Co. Controls Northwest Gas & Electric
remainder the output is purchased under contracts which in the greater Equipment Co.
majority of cases are made to cover the entire future output of such
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
properties.
Co. furnishes gas in Portland, Ore., and in Vancouver, Washington, and
Located on the properties o f corp. are 2 absorption gasoline recovery the following communities in Oregon in the vicinity of Portland: Beaver­
plants from which are being sold approximately 2,500 gallons of gasoline ton, Clackamas, Cornelius, Fairview, Forest Grove, Garden Home, Glad­
per day, and corp. is also marketing from its leasehold properties 500 stone, Gresham, Hillsboro, Milwaukee, Multnomah, Oak Grove, Oregon
Darrels o f oil per day. V. 122, p. 2498.
City, Orenco, Oswego, Parkplace, Parkrose, Reedville and Troutdale; total




GAS AND

O ct., 1927.]

population served estimated at 373,000; gas consumers as of Aug. 31 1927,
91,778. Gas plants of 24,000,000 cu. ft. daily capacity; gas holders,
11.339,000 cu. ft., capacity; 1,645 miles o f gas mains; gas sendout, 12
months ended Aug. 31 1927, 4,339,556,000 cu. ft.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Interest.
Date.
Common $6,000,000 ($100)--..............................
$3,000,000 ------- - - - - 7% cum pref $6,000,000 ($ 1 0 0 )____
7 Q-F
5,447,900 A u g ’ 27 194
. . . & ref mtge $15,000,000] ------------------------- 1910
T
8,724,000 Jan 1 1940
5 g J-J
1st
($1,000c*)______________tf Int. at U. S. Mtge,
1,050,000 Jan 1 1940
7 g J-J
1st lien & gen M series o f 7s 1921
due 1940 ($1,000c*)_____tf (Bankers Trust Co., N. Y . City, trustee.
Portland Gas Co 1st mtgef 1901
5 g F-A
371,000 Aug 1 1951
$750,000_______________ tf (Assumed by Portland Gas & Coke Co.
Bonds.— Additional 1st
ref. mtge. 5s gold bonds, dated Jan. 1 1910
may be issued to refund the Portland Gas Co. 1st mtge. 5% bonds; also
for 75% of additions. &c., provided net earnings for 12 consecutive within
preceding 13 months have been at least 194 times int. on all bonds out­
standing incl. proposed issue. Call., whole or part for the impt. fund at
110 & int. on 4 weeks’ notice. There is an impt. fund to which co. has to
pay on each Jan. 1 to 1939 incl. 3% o f total amount o f bonds of the co.,
then outstanding. If net earnings for 12 mos. end. N ov.30 of any of these
years equal or exceed 3 times int. charges on all the 1st & ref. mtge bonds
and Portland Gas Co. bonds outstanding, then only 2% instead of 3%
need be paid. This fund may be used either as a sinking fund for purchase
of 1st & ref. mtge. 5s at or below 110 & int. or to pay for permanent exten­
sions and improvements against which no bonds can be issued.
Additional lsl lien Je gen. mtge. 7% g. bonds, due Jan. 1 1940 may be
issued upon pledge of an equal amount of 1st & ref. 5% bonds or cash,
provided net earnings for preceding 12 months have been at least 194
times annual int. on all 1st & ref. and underlying bonds in hands of public
and all 1st lien & gen. mtge. bonds outstanding, incl. proposed issue.
Additional bonds may be issued in different series, however, not maturing
earlier than any then existing series, if the aggregate principal amount
of earlier maturing series would then exceed 25% of all 1st lien & gen.
mtge. bonds then to be outstanding. Series of 7s due 1940 are secured by
pledge of an equal amount o f 1st & ref. mtge. 5s due 1940 and (or) cash,
and are additionally secured by a general mortgage on co .’s entire property.
Callable on 4 weeks' notice in blocks o f at least $250,000 at 105 & int. to
and incl. Jan. 1 1931, at a premium o f y%% less each year thereafter
until maturity.
.lendar years:
EARN INGS.— E
1924.
1925.
1926.
*1927.
$4,465,163 $4,191,149 $4,037,896 $3,748,510
2,423,898
2,660,737
, 2,907,121
2,744,017
Other income-

$1,558,042
35,415

$1,447,132
30,100

$1,377,159
45,283

$1,324,612
42,413

Interest on bonds_____
Other interest, &c_____
Divs. on pref. stock___
Benewal & replac. res..

$1,593,457
425.750
248,806
380,604
300,000

$1,477,232
425,750
219,544
379,012
300,000

$1,422,442
425,750
128,179
375,376
250,000

$1,367,025
425,748
41,340
356,868
350,000

Balance, surplus_____
$238,297
$152,926
$243,137
$193,069
* For 12 months ended Aug. 3l 1927.
OFFICERS.— Chairman of Board, C. F. Adams; Pres., Guy W . Talbot;
V.-P. & Gen. M gr., riilmar M . Papst; V.-Ps., A. S. Grenier, John A
Laing and Frank Silliman Jr.; Sec. & Treas., C. W . Platt.— V. 121, p
1463;V. 122, p. 3455.

SEATTLE LIGHTING CO.

ORGANIZATION.'— Incorporated in Washington in 1904 as a consolida
tion.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company is the exclusive manufacturer and distributor of artificial gas in
the greater Seattle district. Company owns and operates 2 modern gas
producing plants of a combined capacity of 9,100.000 cu. ft. per day;
total holder capacity 5,700,000 cu. ft.; 800 miles o f mains; 61,297 meters
In service. Company has favorable contracts for both coal and ml supply.
Population o f Seattle appr. 400.000.
Franchises.— In the City of Seattle a perpetual franchise; In the suburb
o f Ballard expires 1951; in other suburban districts favorable long term
franchises.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Common $3,000,000 ($100)________
_________ $3,000,000 -----------------7% cum pref $7,500,000 ($100)--------7 Q-J
2,000,000 ---------------1st mtge. gold (closed) ($ l-.l 1904
5 g M-S
358,000 Mar. 1 1944
000c*>_________________tf/Bankers Trust Co., N. V. City, trustee.
Ref. gold 5s $10,000,0001 1909 5 g A-O
8,080,000 Oct 1 1949
($1.000-500c*)__________tf/Harris Trust & Savings Bank, Chicago, trus.
6% sink, fund gold debeut.l 1926
6 g F-A
1,471,000 Feb. 1 1936
bonds $1,500,000 ($1,000HCentral Trust Co. o f Illinois, trustee.
500c*).................... ........... tf I
Stuck.— The 7% cum. pref. stock is preferred as to assets and divs. over
the common stock. Red.' all or part at 105 and divs. on 30 days' notice
In March 1926 A. B. Leach & Co., Inc., offered $2,000,000 7% cum. pref
stock at 98 and divs., to yield about 7.14%. V. 122, p. 1312.
Bonds.— In addition to the $358,000 1st mtge. gold bonds, due March 1
1924, outstanding in hands o f the public, $1,908,000 are pledged as addi­
tional security to the refunding 5s gold bonds.
$622,000 refunding gold bonds, due Oct 1 1949, included in the amount
shown above as outstanding, carry additional 3% interest coupons no»
secured by mortgage. Callable at 102)4 and interest.
The 6% sinking fund gold debenture bonds, due Feb. 1 1936 are protected
by a provision that no additional mortgage, other than purchase money
mortgages and mortgages on after-acquired property existing at the time
o f such acquisition, shall be placed upon property of the company without
securing these debent, bonds equally and ratably with all other bonds at any
time Issued thereunder. There is an annual sinking fund effective Feb. 1
1927 o f 2% of face value outstanding, to be used for retirement of these
debent, bonds. Call., whole or part, on 30 days’ notice, at 102)4 plus int.
Penn., Conn, and Calif. 4 mills, Kentucky 5 mills, Kansas 2)4 mills and
Mass. 6% taxes refundable. In Feb. 1926 A. B. Leach & C o., Inc., Chicago
offered $1,500.000 at 98 and int. to yield about 6)4 %•
EARNINGS.— For calendar years: j
1926
1925
1924
1923
G r o ss--______ __________$2,402,978 $2,365,627 $2,285,491 $2,196,493
Net after taxes________
959,530
941,537
923,873
849,260
Bond interest__________
553,845

29

W A TE R

Merger Application.— The company early in Oct. 1927 filed a supple­
mental plan with the California R R . Commission for authority to merge
with it the properties of the Midway Gas Co. The company also requests
authority to issue 200,000 shares of $25 par common stock at not less than
$50 and to issue $8,646,000 1st & ref. 5s due 1957. The company, it is
stated, is paying $12,795,000 for the Midway properties. The company
originally proposed to issue $35,000,000 5% bonds but later revised its
figures to $28,500,000 of 5)4s. For original plan see V. 125, p. 96, 782,
2149, 2266.
STOCK AND BONDS— Date.
Interest. Outstanding.
futurity.
Common $6,000,000 ($25' - ..................................... $8,000,000 See text
Pref 6% cum$4.000.000 ($25)______
6 Q-J 15
4 139 325 See text
1st mtge $10,000,000 ($1,0001 1910
6 g M -N
4,295,000 Nov 11950
&mult) g o ld ______c*&r*tf (Int. at Equitable Trust Co., N. Y ., trustee.
1st & ref mtge—
1922
5)4 g M -S 6,200,000 Sept 1 1952
Series “ B ”
1923
6 g J-D
4,000,000 June 1 1958
01500 & $1.0bb5"gold'-".V-tf Union Bk. & Tr. Co. of Los Ang., trustee.
1st Mtge & ref 5s ser due 1957
5 g M -S
8,646,000 Sept 1 1957
(c* $1,000, $500 & r* $1,000, 1927
$5,000, $10,000, $25,000 & The OhaseNational Bank of N. Y . and Union
Bk & Trust Co. of Los Angeles, trustee.
m u lt)__________________ tf
Stock.— Pref. is listed on San Francisco Stock & Bond Exchange. In
Feb. 1927 co. was authorized to exchange its outstanding common and pref.
stock o f a par value of $100 per share for new stock o f par value $25 per
share in the ratio of 4 shares of $25 stock for each share o f $100 stock out­
standing.— V. 124, p. 1221.
Bonds.— 1st ultge. 6s are call, as a whole or in part for sinking fund at
105 & int. on any int. date upon 60 days’ notice. Mtge. provides for annual
sinking fund commencing Nov. 1 1921 as follows: 1921 to 1925. $60,000;
1926 to 1930, $75,000; 1931 to 1935, $90,000; 1936 to 1940. $110,000;
1941 to 1945, $125,000; 1946 to 1950, $140,000. Mtge. provides that onehalf of sinking fund is to be used to retire bonds and balance for new con­
struction, &c., under certain restrictions. In addition to the $4,295,000
(of which $59,000 are held in treasury) outstanding bonds, $5,411,000
bonds are pledged under 1st & ref. mtge., $212,000 are in sinking fund:
$23,000 held by trustee against contracts.
1st c% re'\ mtge. is secured by a general mtge. on all property of co., incl.
after acquired property, and by pledge of $5,411,000 1st mtge. 6s bonds
due 1950. The mortgage provides for an annual sinking rvnd commencing
Mar. 1 1927, amounting to 2% of par value of the largest amount of bonds
at any time outstanding, incl. 1st mtge. bonds, to be used for the retire­
ment of bonds or acquisition or construction of additional property. Int.
on all series payable in Los Angeles. San Francisco and New York. Ex­
empt from personal property tax m California. Additional 1st & ref.
mtge. bonds may be issued for 75% of new additions. &c., provided when
gas earnings for 12 out of preceding 15 months have been 1 % times annual
interest on all bonds outstanding, incl. new issue.
Series “ A ” 7s of 1951 were called for payment Sept. 1 1927 at 107)4
and int. V. 125, p. 782.
Series “ B” 5 14s of 1952 are red. at 105 & int. for the first 10 years and at
10214 & int. thereafter. In Oct. 1922 $2,000,000 were offered by Cyrus
Peirce & Co., Blyth, Witter & Co. and Banks, Huntley & Co. at 98)4 &
int., to yield about 5.60% . V. 115, p. 1841. In Feb. 1926 the same bank­
ers and E. H. Rollins & Sons offered $2,000,000additional 5)4 % Series “ B”
of 1952 at 100 and int.
Series “ C” 6s of 1958 are red. at 105 & Int. $2,500,000 were sold In June
1923 by Cyrus Peirce & C o., Blyth, Witter & Co., N. Y ., and Banks,
Huntley & Co., Los Angeles, at 99 & int., to yield about 6.10%. V. 116,
p. 3007. In Jan. 1924 the same bankers sold an additional $1,500,000 at
98 A int. V. 118, p. 320.
The 1st mtge. & ref. gold bonds, 5% series, due 1957, will be secured
(upon completion of this financing) by a direct first mortgage lien on the
properties being acquired from Midway Gas Co., Central Counties Gas Co.,
River Bend Gas & Water Co., and Hanford Gas & Power Co., and by a
direct mortgage on the remainder of the fixed properties of Southern
California Gas Co. subject only to the liens of the mortgage indentures
securing the underlying ponds above mentioned. An additional $6,747,000
principal amount of underlying bonds are being issued and will be pledged
as further security under the mortgage indenture securing the present
issue. Refunding of underlying bonds is provided for by the mortgage
indenture securing the present issue. The mortgage indenture will permit
the issuance of additional bonds in series on the basis of 75% of the net
amount of additional property and for refunding purposes. The 5% series
due 1957 are red. prior to maturity as a whole at any time, or in part on
any interest date on 30 days’ notice at par and interest plus a premium
commencing with 5% and decreasing 1 % of principal amount on Sept. 1 1933
and each sixth anniversary thereof, except that during last year premium
shall be M % . Exempt from personal property taxes in Calif., Penn, and
Conn. 4 mills and Maryland 4)4 mills taxes, and Mass. 6% income tax on
interest, refundable. In Oct. 1927 the Chase Securities Corp., Stone &
Webster and Blodget, Inc., Pynchon & C o., Hunter, Dulin & Co., Peirce,
Fair & Co. and Blyth, Witter & Co. sold at 99 and int., $8,646,000 1st
mtge. & ref. gold bonds, 5% series, due 1957. V. 125, p. 2266.
Dividends.— On the pref. stock regular quar. divs. are being paid. On
old $100 par value common an initial div. of $1 in Feb. 1922. Present
quar. div. of $2.50 per share first paid in Feb. 1924. On new $25 par value
common quar. div. of 62)4c. was paid in M ay 1927. In Aug. paid 75c.
EARNING S.— For calendar years:
1924.
1926.
1925.
1923.
$9,693,31o $9,820,973 $9,725,887 $7,349,607
6,999,786
Oper. exp. and taxes___
6,966,130
6,994.048
5.285.645
Net oper. income____ $2,693,533
Non-operating incom e.113,260

$2,854,843
69,005

$2,731,839
42,312

$2,063,962
54,393

$2,806,793
1,047,767
640,998

$2,923,848
1,001,714
779,720

$2,774,151
913.416
624.413

$2,118,355
687,155
380,704

Depreciation______

Balance, surplus_____$1,118,028 $1,142,414 $1,236,322 $1,050,496
OFFICERS.— Pres., W . G. Iierckhoff; V .-P., A. C. Balch; Exec. V.-P.,
A. B. Macbeth; V.-P., W . B. Holmes; Sec., C. L Whitehil); Treas. &
Compt., A. E. Peat; Gen. M gr., F. J. Schafer; Aud., W. E Robbins. Gen.
offices, 960 South Broadway, Los Angeles, Calif.— V. 118. p. 320, 1677;
V. 121, p. 2274: V. 122,p. 1028. 2498: V. 123, p. 157, 2392; V. 124, p. 1221;
V. 125, p. 96, 248, 650, 782, 1053, 2266.

MIDWAY GAS CO.

Control.— Controlled by the same Interests as Southern California Gas Oo.
Merger .— See Southern California Gas Co. above.
ORGA N IZA TIO N .— Incorp. in California i» N ov. 1911. Prior to June
$405,685
Balance, surplus_____
30 1915 co. owned only its pipe lines, which were operated under lease.
OFFICERS.— Pres., J. D . Farrell; V .-Ps., O. K . Poe; V.-P. & Sec., On that date, under authority from the Railroad Commission of the State
S. R . Hutchinson; V.-Ps., R. C. Dawes, A. T . Leonard: Treas. & Gen. of California (incident to reorganization plans), co. acquired by purchase
natural gas wells and compressor stations, together with valuable rights
M gr., F. K . Lane.— V. 119, p. 1745; V. 122, p. 1171, 1312.
and contracts for purchase of natural gas in Kern County, Calif. At same
time contracts were obtained for sale o f natural gas to distributing compan­
SOUTHERN CALIFORNIA GAS CO.
ies in and near Los Angeles, Calif.
In Aug. 1919 co. leased and operated the property
ORGAN IZATION .— Incorp. in Calif. Oct. 5 1910 as successor to Domes­ Oas Co., with option to purchase the entire capital of the Valley Natural
tic Gas Co. of Los Angeles. Acquired several properties in the following was exercised and final payment made in Jan. 1921. stock. The option
Midway Gas Co.
years.
now owns the entire $400,000 outstanding ($3,000,000 authorized, par $100)
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— capital stock of Valley Natural Gas C o., which latter co. wasincorp. N ov.
Will acquire in connection with the present financing the properties of 26 1916 in California as successor to California Natural Gas C o ., ana is now*
Midway Gas Co. (including Valley Natural Gas C o.), Central Counties engaged in transmitting and distributing natural gas in Kern County. Calif.,.
Gas C o., River Bend Gas & Water Co. and Hanford Gas & Power Co. for industrial use, and also wholesales to Bakersfield, T aft, Maricopa,
The combining companies supply manufactured and natural gas direct to Fellows and surrounding territory.
domestic consumers, industrial organizations and public utility companies,
FIE LD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
and serve directly more than 90 cities, towns and communities, including Co. owns and operates the following properties: Gas wells in the Buena.
the cities of Los Angeles (in part), Burbank, Beverly Hills, Compton, Vista Hills, near Taft, Calif.; 12 field compressor stations, which pump gas
San Bernardino, Redlands, Riverside and Glendale. The combining com­ from Brea, Buena Vista Hills, Dominguez, Elk Hills. Tnglewood, 8anta Fe
panies serve all o f their territory without competition, except a portion of Springs. Signal Hill and Torrance oil fields and 636 miles of gathering
the city of Los Angeles. The estimated total population o f all the cities, and transmission mains, ranging from 2 to 16 inches in size. Co. has a
towns and communities in which the combining companies operate is about total pipe line capacity of 225 million cu. ft. per day.
2,250,000. There are more than 199,000 consumer meters installed.
STOCK AND BONDS— Date,
Interest. Outstanding. Maturity.
Properties.— The system consists o f five oil gas manufacturing plants Common $2,326,400 ($100)....................................... $2,326,400
see text
having a combined capacity o f 34,360,000 cu. ft. daily. It has 11 gas 7% cum pref $1,173,000.....................
7
None
see text
holder stations with a combined storage capacity of 27,930,000 cu. ft., and
Stock.— All outstanding 7% cum. pref. stock was retired on Oct. 1 1923.
3,333 miles of transmission and distribution mains.
The common stock is quoted in the Unlisted Dept, of San Francisco Stock
Natural gas distributed by the combining companies is obtained from Exchange.
. •r
independent producers operating in 14 fields in three widely separated
On the common, an initial div. o f 1 )4 % was paid Oct. 151917. Regular
sections in southern California, for which purpose the combining companies quar. divs. of 5% paid from Dec. 16 1923.
4
* «4
own and operate an additional 453 miles o f transmission mains, 95 miles
Bonds.— All of the outstandinglst & ref. mtge. 6s due Dec. 1 1929 were*
of field collecting lines, 12 compressor stations and other properties. _ ms called for redemption Sept. 1 1927 at par and int.




PUBLIC U TILITIE S

30

EARN IN G S.— For calendar years:
Total
Net after Taxes,
Ini. &
Revenue.
Depr. < Maint. Amort.
%
Balance.
1926............................. 14.544,549
$836,266
$95,469
$740,797
1925............................ 5,029,947
684,131
95,020
589,111
1924........
5,373,115
1,127,178
97,861
1,029,317
1923........................
4,175.462
1,175,083
108,846
1,066,237
1 9 2 2 ......................... 2,663,918
601,007
126,502
474.505
O F F IC E R S— Pres., A . O. Balch; Exec. V.-P., A. B. Macbeth; V.-P..
W. B. Holmes and Ben R. Meyer; Compt., A. E. Peat; Sec., C. L.
Whitehill; Gen. M gr., W m. Moeller Jr.; Aud., W. E. Robbins. General
office, 950 South Broadway, Los Angeles. Cali.— V. 119. p. 1743: V.
121, p. 1908; V. 122, p. 2041; V. 125, p. 95, 246, 649, 781, 1052, 2146, 2243.

SHENANGO VALLEY WATER CO.

ORGA N IZA TIO N , &c.— Organized in 1926 to acquire and operate
water works properties theretofore owned by Sharon Water Works Co.
and South Sharon Water Co. Supplies water for domestic, municipal
and commercial purposes in Sharon, Farrell and Wheatland, Pa. Popula­
tion, 43,000; 9,290 consumers, 431 city fire hydrants are connected with
the mains which total 48 miles. Pumping capacity 15,000,000 gallons
per day. Source: Shenango River. V. 123, p. 2141.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
_________ 10,000 s h s .__________
Common (no par)-------------------------7% cum. pref. ($100)------------ -------7
$350,000 __________
________
______ _______
5 g A-O
1,000,000 Oct 11956
1st mtge 5% g, ser A ($1,000,1 1926
$500 c * )_______________tf/U nion Safe Dep. & Tr. Co., Portl’d, M e., Tr.
Bonds.— The 1st mtge. bonds are secured by a first mortgage on all owned
property and by a direct mtge. on after-acquired property. Additional
bonds may be issued in series for a specified number o f purposes incl. for
75% o f improvements, acquisitions, &c. For this latter purpose, however,
only provided net earnings for 12 consecutive within preceding 15 calendar
months have been 1 % times annual interest on all prior lien and 1st mtge.
bonds outstanding, incl. proposed issue. There is an improvement, mainten­
ance and depreciation fund o f not less than 9% of annual gross operating
earnings. Series A are red., whole or part, on 30 days’ notice at 105
through Oct. 1 1936, at 1 0 2 through Oct. 1 1946 and at par thereafter;
plus interest in each case. Interest payable in New York or Boston,
Conn., Calif. 4 mills, Maryland 4 ft mills and Mass. 6% taxes refundable.
Free o f Penn. 4 mills tax. In Oct. 1926 W. C. Langley & Co. and H. M .
Payson & Co. offered $1,000,000 series A at 93 and int., to yield over
5.45% . V. 123, p. 2141.
EARN ING S.— Of company and predecessor cos. for calendar year 1926
Gross income_______ - _______________________________________
$242,000
Operating expenses, maintenance and taxes__________________
96,282
Net before interest and Federal taxes______________________
Annual interest $1,000,0001st mtge. bonds___________________

$145,717
50,000

Balance___________________________________________________
$95,717
OFFICERS.— Pres., Vernon F. West- V .-P., H. B. McDowell; Sec. &
Treas., A . R . Girkwood. Office, Sharon. Pa.— V. 123, p. 2141.

FEDERAL WATER SERVICE CORP.

(See map on page 291
ORGAN IZATION .— Incorporated in June 1926. Owns and controls
water companies located in 15 States. Owns and operates New York
Water Service Corp., California Water Service Corp., Illinois Water Service
C o., Union Water Service C o., West Virginia Water Service C o.. Alabama
Water Service C o., Indiana Water Service Co., Oregon-Washington Water
Service and Pennsylvania Water Service Co. In addition corporation also
operates the Neptunus Water Co. of Cape M ay Court House, N. J. See
below separate statements of various operating cos. For numerous ac­
quisitions see V. 123, p. 1382,, 1502, 2138, 2654, 2776, 3038, V. 124,
p. 109, 1358, 1509, 1819, 2278. Acquired Spring Brook Water Supply
Co. in M ay 1927. (V. 124, p. 2748), and in Aug. 1927 the Marysville
Water Co. (Ohio).
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
The constituent companies owned and presently to be acquired supply water
for domestic and industrial purposes to various communities in New York,
New Jersey, Pennsylvania, West Virginia, Illinois, Alabama, Georgia,
Ohio, Michigan. Indiana and California. Total population served esti­
mated in excess o f 1,925,000. Distribution mains total 4,250 miles, serv­
ing 372,347 consumers, and 17,329 hydrant connections.
The system has 2,680 miles o f distribution mains, serving a total of 253,977
consumers; 12.247 hydrants are connected.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
195.373 shs. Dec 26, 50c.
Ol A com 600.000 shs (no par).........................- 65.000 shs. __________
Cl B com 100,000 shs (no p a r ) . .................... - - 23,330 shs. ...................
$7 cum pref (no par)-------------- -------$7 Q-J
$6.50 cum pref (no par)------------------$6.50 Q-J 37,670 sh
5 )4 % convertible debentures/ 1927
5)4 g J-J 11,000,000 July 1 1957
(c x $1,000, $500)_______ t f (Central Union Trust C o., N. Y ., trustee.
Stock.— After divs. on the pref. stock, class A stock is entitled to non-cam.
divs. at the rate o f $2 per share per annum before any divs. may be paid on
class B stock, and in addition to either )4 o f aggregate amount of any
further divs. declared in such year on class A stock and class B stock, or to
the same div. per share as is declared on the class B stk, whichever
method will result In a greater amount per share for class A stock in such
year. In case o f dissolution or liquidation, after preferred stock has
received the payments to which it is entitled, class A stock receives not
In excess o f $50 per share, after which any remaining assets will be dis­
tributable H among holders o f class A stock and )4 among holders of class B
stock. Class A is callable at $110. Each class A share will have equal
voting rights with class B stock if for any calendar year less than $2 divi­
dends are paid, such rights to continue until the $2 dividend has been paid
for a full calendar year. Total class B shares issued may not exceed total
Class A shares issued. In Oct. 1926 Hale, Waters & Co. offered 60.000
additional class A shares at $26. to yield about 7.70%. Class A is listed on
Boston Stock Exchange, and N . Y . Curb Market. V. 123, p. 2260, 2390;
V. 124, p. 3770.
Preferred Stock Provisions— All pref. stock o f corp. outstanding or pres­
ently to be outstanding, whether or not entitled to different div. rates,
shall constitute one class o f stock and shall be o f equal rank, preference and
priority. All pref. stock is pref. as to assets and cumulative divs. from date
o f issuance over Class A and “ B ” stock, and is entitled in liquidation to
$100 per share and accrued divs., plus a premium o f $10 per share, if such
fiqi idation be voluntary. Additional pref. cannot be issued unless consol,
net earnings for 12 consecutive calendar months within the preceding 15
cal months are at least 2)4 times the annual div. requirements on all pref.
stock outstanding, incl. any additional shares to be issued. Red., whole or
in part on any div. date on 30 days’ notice at $110 and accrued divs.
Penna 'and Conn. 4 mills and Mass. 6% taxes refundable.
$7 Cum. Pref. Stock.— In Dec. 1926 Hale, Waters ?& Co. offered 17,000
additional shares at 100 and divs. V. 123, m 3182.
$6 50 Cum. Pref. Stock — In March 1927 G. L. Ohrstrom & C o., Inc.,
offered 20,000 shares at $94.50 and accrued divs.. with approx, yield of
6)88%
V. 124, p. 1978. A dd’l 15,000 shares $6.50 cumul. pref. were
offered in Sept.f1927, at $94.50 per share and div., to yield 6.88% . Y.
l2b cfC u res'.— T h e5 )4% conv. gold deben. dated July 1 1927 are a direct
obligation o f co. and only fundod debt. Additional deben. .may be issued
only for refunding purposes unless net earnings for a certain fixed period
have been at least 2)4 times annual int. charges on all funded debu of corp.
Ind. proposed issue.

Various Underlying Bonds to Be Called or Accepted as Payment.— See
V. 124, p. 235, for various Issues of the following companies to be called
or accepted as payment for other securities: Ocean City Water C o., Punxsutawney Water C o., Little Falls Water C o., Princeton Water C o., Butler
(N. J.) Water Co.. Flatbush Water Works C o., Norwich Water Works,
Syracuse Suburban Water C o., Haverstraw Water Supply Co. Holders of
bonds of Flatbush Water Works C o., gen. mtge. 6s, due 1931 were offered
at 108 and int. to date of surrender by Federal Water Service Corp. V.
125, p. 1580.
Dividends.— Divs. on 50c. per share on the class A stock were declared
and paid in Sept, and Dec. 1926. In 1927: March, 50c.; June, 50c.; Sept.,
50c. or l-50th share of class A stock. In Jan., April and July 1927, $1.75
was declared and paid on the $7 cumul. pref. stock, which is now no par
value. In July 1927, paid $1.62)4 on $6.50 pref.
EA R N ING S.— Consolidated earnings for 12 months ended:
June 30 ’27. Jan. 31 '27.
Gross revenues__________________________________$10,166,118 $6,947,608
Oper. exp., maint. & deprec. as provided in sub.
co. mtges., and taxes other than income taxes._ 4,946,888
3,790,434
Net operating income_________________________$5,219,230 $3,157,174
Int. & divs. on sub. co. securities and pref. stocks
held by public_________________________________ 3,574,478
1,988,170
Balance_______________________________________$1,644,752 $1,169,004
Int. requirements on entire funded debt_________
605,000
383,372
Balance_______________________ .•
______________ $1,039,752
785,632
OFFICERS..—Pres., C. T. Chenery; V .’Pres., A. W . Cuddeback and
L. A. Phillips; Sec. & Treas., Walter A. Cullin. Office: 27 William St.,
New York, N. Y .— V. 122, p. 3338, 3605; V. 123, p. 82, 1250, 1382, 1502,
1633, 1875, 2138, 2260, 2390, 2654, 2776, 2898. 3038, 3182; V. 124, p.
235, 1358, 1509, 1819, 1978, 2120, 2278, 2427, 2748, 3351, 3495, 3770;
V. 125, p. 94, 780, 1192, 1579, 1707, 1837.
NEW Y O R K W ATER SERVICE CORP.
Control.— Federal Water Service Corp. owns all of the common stock.
ORGA N IZA TIO N .— Incorporated Feb. 28 1888 under the laws of New
York, with perpetual charter, as the Woodhaven Water Supply Co. Name
changed to present title in Dec. 1926 and in same month the corporation
absorbed the Flatbush Water Works Co. and acquired the entire capital
stock of the Norwich, Onondaga, Seneca and Hudson Water Service
Corporations. V. 123, p. 3320.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
The Corporation operates in the Flatbush and Woodhaven sections of
N . Y . City and through the subsidiaries, in the suburban communities of
White Plains, Haverstraw, and Stony Point; also in Seneca Falls, Waterloo,
Norwich and numerous communities suburban to Syracuse. Population
served in excess of 485,000. The Flatbush, Woodhaven and White Plains
water supplies are derived from system of driven wells. Corp. owns over
94 acres of land in N . Y . City for the protection of its present and future
water supplies. Havestraw, Stony Point and Grassy Point obtain water
from mountain streams. The water supply for Seneca Falls is taken from
Cayuga Lake, having a drainage basin of over 800 square miles. The
districts of Norwich and Syracuse are served by gravity systems. The
distribution and transmission systems total over 446 miles of mains and
afford fire protection with 4,264 hydrants and serve a total o f 85,416
consumers. V. 123, p. 3183.
STOCK AND BONDS.
Date.
Interest. Outstanding. Maturity.
________ $1,500,000 ____________
Common $1,500,000 ($100)_______
6% cum pf $6,000,000 ($100)______
6 Q -M
2,800,000 Mar '27 1)4
1st M 5% g series A ($1,000,/ 1926
5 M -N
8.500,000 N ov 1 1951
$500 c * )________________tf (The New York Trust Co., trustee.
Stock.— In Dec. 1926 co. increased its authorized capital stock from
$400,000 to $7,500,000, viz., $6,000,000 6% cum. pref. and $1,500,000
common stock, par $100.
The 6% Cum. Pref. Stock is preferred as to assets and dividends over the
common stock. Red. all or part at 105 and divs. on 30 days’ notice.
Penn. 4 mills, Maryland 4)4 mills and Mass. 6% taxes refundable. In
Jan. 1927 Janney & C o., Philadelphia, offered $2,000,000 at 95 & divs.
to yield over 6.30% . V. 124, p. 236. Additional 6% cum. pref. was
offered by G. L. Ohrstrom & C o., and Janney & Co., at 95 and div., to
yield over 6.32% . V. 124, p. 3630.
The issuance of additional preferred stock is restricted as follows: (a) The
aggregate par value of preferred stock outstanding may at no time exceed
50% of the amount by which $13,500,000 plus cost or fair value of any
new acquisitions, additions, &c., subsequent to Dec. 31 1926, exceeds total
outstanding funded debt of corp. and subsidiaries; (5) net consolidated
earnings of corp. and its subsidiaries for 12 consecutive calendar within
preceding 15 consecutive calendar months after all interest shall have
been at least twice annual dividends on pref. stock outstanding, incl.
proposed issue. Without consent of two-thirds of pref. stock, corp. may
not (a) authorize or issue any prior pref. stock; (b) amend pref. stock pro­
visions so as to effect adversely any of the preferences or rights given to
pref. stockholders; (c) increase the number of pref. shares to be issued.
In case 4 quarterly pref. divs. (whether consecutive or not) are in arrears,
pref. stockholders shall have equal voting power with common stock during
such default.
Bonds.— The lsl mtge. 5% gold bonds are secured by a direct 1st mtge.
on all physical properties of the system. Additional bonds may be issued
for 80% of permanent improvements, additions, &c., provided net earnings
of the system, for 12 consecutive within preceding 15 calendar months,
have been at least 1 % times interest on all 1st mtge. bonds outstanding,
incl. proposed issue. Net earnings to be computed after charging at least
5% of gross earnings to maintenance. There is a maintenance and im­
provement fund of 9 % of annual gross earnings of the system derived from
the mortgaged properties. Series A are red. on any int. date upon 60
days’ notice, to and incl. Nov. 1 1929, at 105 and int.; thereafter, to and
incl. Nov. 1 1934, at 103 and int.; thereafter to and incl. Nov. 1 1942, at
102 and int.; thereafter, to and inci. Nov. 1 1950, at 101 and int.; there­
after, at 100 and int. Minn., Penn., Conn., Kansas and Calif. 4 mids,
Maryland 4 '4 mills, Kentucky, West Va. and Dist. of Col. 5 mills, Michigan
5 mills, Virginia 5)4 mills and Mass. 6% taxes refundable.
In event that any municipal corporation or other governmental sub­
divisions or that any governmental body of the State of New York shall
acquire all or the major portion in value of the properties comprising the
waterworks system of the corporation and shall assume payment of principal
and interest of all bonds issued under the indenture as a valid and binding
general obligation, all liability and obligation of the system upon the bonds
and the coupons shall forthwith cease and determine. In event that any
such municipal corporation or any governmental subdivision or govern­
mental body shall acquire all or any part of the properties comprising the
water works system of the corporation and shall not assume payment of
principal and interest of all bonds issued under the indenture, then bonds
in principal amount not exceeding the price paid for the property so ac­
quired, may, at the option of the corp., be declared due and payable at
100 and int. In Dec. 1926 G. L. Ohrstrom & C o., Inc., sold $7,000,000
series A, at 94)4 and int. V. 123, p. 3183. Flatbush Water Works Co.
1st and gen. mtge. 6% goldbonds, due M ay 1 1931, were accepted in payment
on a 5% discount basis. Additional $1,500,000 1st mtge. 5% gold bonds,
series A, dated N ov. 1 1926 were sold in July 1927 by G. L. Ohrstrom &
C o., Inc., of 96 and int., to yield about 5.30% .— V. 125, p. 385.
New York Water Service Corp. has offered to purchase at 105 and int.
on or before M ay 1 1927 all of the outstanding 1stand gen. mtge. 6% bonds of
Flatbush Water Works Co. due May 1 1931. V. 124, p. 791.
Dividends.— In 1927: March, paid quar. div. of 1)4% .
EARNING S.— For year ended July 31 1927:
Gross revenue_______________________________________
$1,643,267
Net after operating expens, maintenance and taxes, other than
Federal Income tax_________________________________________
807,552
Interest charges----------------------------------------------------------------------425,000

1931; at $47 per share thereafter ; ---------------------- -- • , share thereafter and to and incl. Jan. 1 1935; at $60 per share thereafter
and to and incl. Jan. 1 1937; adjustment in cash to be made o f accrued
interest, dividends and fractional part o f a share. R e d . o n any mt. dat
upon 40 days’ notice to and incl. July 1 1937 at 105 and int., thereafter t
and incl. July 1 1956 at 103 and int.; thereafter at par and int. Refun,
o f certain Penna., Conn., Kan., Calif-, and Minn, taxes not to exceed
mills; M d. tax not to exceed 4 K mills; K y ., W. Va., and Dist. of Col*
taxes not to exceed 5 mills; M ich, exemption tax not to exceed 5 mills•
Va. tax not to exceed 5 34 mills, and Mass, income tax not to exceed 6 % ,;
In June 1927, G. L. Ohrstrom & Co,., Inc-, sold $10,000,000 conv. 5)4%
deben. at 96H and int., to yield 5 % % . V. 124, p. 3770.In Sept. 1927,
$1 000 000 5)4 % conv. gold debentures, due July 1 1957 were privately
placed by G .L . Ohrstrom & C o.. Inc., at 96H and int V. 125. p. 1579.
The 6% conv. gold deben., series A, dated Sept. 1 1926 were called for
1
redemption Sept. 1 1927 at 110.and, int. V . 125, p . 94’




[V ol. 125.

Balance for preferred dividends and Federal taxes___________ $382,552
OFFICERS.— Pres., C. J. Chenery; V.-Ps., A. W . Cuddeback and Wm.
R. Edwards; Sec. & Treas., Walter A. Culin. Office, 27 William St.. New
York, N. Y .— V. 123, p. 3183, 3320; V. 124, p. 112, 230, 791, 1361, 2908.
3630; V. 125, p. 95, 385, 1580, 1709.
UNION WATER SERVICE CO.
Control.— All of the common stock is owned by Federal Water Service
Corp.
ORGANIZATION.— Incorp. in 1926 in Delaware. Co. owns all of the
capital stock and all of the mortgage indebtedness of New Jersey Water
Service Co., Ocean City Sewer Service Co. and Massillon Water Service C o.

GAS AND

O ct ., 1927.]

FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Through its constituent properties supplies without competition water for
domestic and industrial purposes to 13 communities located in New Jersey,
Pennsylvania and Ohio. Water at retail is furnished in Ocean City, West
Paterson, Butler, Little Falls, Bloomingdale, Smith-Mills, N. J.; Massillon,
Ohio, Big Run, Pa.; Pompton Lakes, N. J., is served at wholesale, and
in turn serves at wholesale Haskell, Riverdale and Wanague, N. J.; and
sewer service is rendered in Ocean City, N. J. Excluding the large summer
population o f Ocean City, the total poulation served is approx. 75,000.
The water supply of the properties of the constituent companies is divided
between 19,000,000 gallons per day o f well capacity and 10,250,000 gallons
effective yield of the gravity systems; total 29,250.000 gallons effective
daily supply. Daily pumping capacity (steam and electric) over 20,900,000
gallons, with the capacity o f the gravity systems this makes a total effective
daily capacity of over 31,150.000 gallons compared with a total daily
consumption o f 4,300.000 gallons. Total storage capacity both for reserve
purposes and impounding reservoirs is over 304,000,000 gallons. Over
207 miles o f distribution mains; 17.436 customers. V. 122, p. 3456Westchester Water Service Corp., a former subsidiary, has been sold and the
entire proceeds o f sale placed with trustee.
STOCK AN D BONDS—
Dale.
Interest. Outstanding. Maturity.
Common 10,000 shs (no p a r ) _ ---------------10,000 shs. -------------1st lien 5H % gold series r‘A ” l 1926
5J4 M -N $2,837,000 M ay 1 1951
(1,000 and $500 c* )_______ IThe New York Trust Co . trustee.
Bonds.— The 1st lien 514% gold bonds are a direct obligation of the co.
and are secured by a first lien on all outstanding bonds and capital stock,
except directors’ qualifying shares, of the constituent companies; any
additional bonds or stocks which may be issued by these companies are to
be pledged as additional security. The issuance of the Massillon Water
Service Co. 1st mtge. bonds has been approved by the Ohio P. U. Com­
mission, the issuance of the Ocean City Water Service C o., the Ocean
City Sewer Service Co. and the Mountain Water Service Co. 1st m. bonds
has been approved by the Board of P. U. Commissioners of New Jersey
Additional 1st lien bonds may be issued for certain refunding purposes
M ay also be issued for 80% o f new additions, acquisitions, &c., provided
an equal amount o f additional bonds of constituent companies is pledged
as additional security under the indenture, and provided net earnings for
12 consecutive within preceding 15 calendar months have been at least
1M times annual interest charges on all 1st lien bonds incl., proposed issue
and on all mortgage bonds o f constituent companies outstanding in hands
o f the public. T o arrive at net earnings at least 5% o f gross earnings must
be charged to maintenance. There is a maintenance and improvement fund of
'9% o f annual gross earns, derived from the constituent cos. Red. on 30 days’
notice at following-prices and interest: to and incl., through May 1 1929 at
105; through M ay 1 1934 at 103; through M ay 1 1942 at 102: through M ay 1
1950 at 101; thereafter at par; also in the event that any municipal corpora­
tion or any government subdivision acquires all or any part of the property
o f any constituent co., all or any part of the bonds, in principal amount not
exceeding the price so paid for such property may, at the election of the co.
be declared due & payable at par & int. Int. payable without deduction
o f any Federal income tax not in excess o f 2 % . Penn., Conn., Kansas
and California 4-mills, Maryland 4 M-mills, Kentucky, Michigan and Dist
o f Col. 5-mills, Virginia 5 34-mills and Mass. 6% taxes refundable. Interest
payable in New York City. In June 1926 G. L. Ohrstrom & C o., Inc
sold $2,500,000 5V4s., series “ A ” at 97 34 & int., to yield about 5.70U
V. 122, p. 3456, 3608- In Sept. 1926 the same bankers offered $710,000
add’l series A at 9734 & int., to yield about 5.71% . V. 123, p. 1508.
EARNINGS.— Consolidated earnings o f constitutent companies for
12 months ended:
July 1927. Dec. 31 ’ 26. July 31 ’ 26.
$536,440
$570,635
$516,107
Gross revenues_____________________
Oper. exp., maint. & taxes other than
Federal taxes____________________
311,996
328,019
294,217
Annual int. on funded debt_________
171,904
176,550
167,805
$140,092
$151,460
$126,412
Balance__________________________
OFFICERS.— Pres., C. T. Chenery; V .-P ., A. W . Cuddebaclt; Sec. &
Treas., Walter A. Culin.— Office, 27 William St., New York, N. Y .—
V. 122, p. 3456, 3608; V. 123, p. 1508; V. 124, p. 237, 2122, 3211; V. 125,
p. 96.
ILLIN OIS W ATER SERVICE CO.
Controlled by Federal Water Service Corp.
ORGANIZATION.— Incorp. Nov. 26 1926 in Illinois, with perpetual
charter and took over properties formerly owned and operated by the
Champaign & Urbana Water C o ., Sterling Water Co. and Streator Aqueduct
C o. Merged the Freeport (111.) Water Co. V. 125, p. 1708.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Company supplies various cities, including Champaign, Urbana, Streator,
Sterling and Rock Falls, in the central and northern part of Illinois, with
water for domestic and industrial purposes. Population estimated to be
in excess o f 90,000. The pumping equipment aggregates over 36,200,000
gals, per day capacity and is divided almost equally between steam and
electric units. Average daily requirements, 7,750,000 gals.; 283 miles of
mains; 22,171 service connections. Reserve storage capacity, over 205,000,000 gals.; 1,546 hydrants for fire protection, &c. V. 124, p. 644.
STOCK AN D BONDS—• Date. Interest. Outstanding. Mautrity.
Common no par_____________ _____
_________ 50,000 shs ---------------6% cum p f $2,000,000 ( $ 1 0 0 ) .____
_________
$750,000 __________
First mtge 5% gold series A l 1927 5 g J-J
2,260,000 Jan 1 1952
($1,000, $500)_______ c*.tf /The New York Trust Co., trustee.
Stock.— The 6% cum. pref. is preferred as to assets and cum. divs. over
com. stock and is entitled upon voluntary dissolution or liquidation to
$ 105 per share and accrued divs. and upon involuntary dissolution or
liquidation to $100 per share and accrued divs. Additional stock may be
issued under certain restrictions. Normal Federal income tax free and
personal property tax in Illinois. Corp. has agreed to refund Penna. 4
mills tax and Mass, income tax not exceeding 6% per annum. In Sept.
1927 G. L. Ohrstrom & Co., Inc., offered $750,000 6% cum. pref. at 94
and div. to yield 6.38%. V. 125, p. 1579.
Bonds.— The first mortgage bonds are secured by a direct first mortgage
on all the physical properties of the company. Additional bonds may be
issued for 80% of permanent improvements, extensions, acquisitions
(underlying bonds on acquired property shall not exceed 25% of total
funded debt of the co, incl. add'l funded debt which may be taken down
against the properties proposed to be placed under the mortgage), &c.,
provided net earnings for 12 consecutive within preceding 15 calendar
months have been at least 1 M times interest on all 1st mtge. bonds outstand­
ing, including proposed issue. (Net earnings to be computed after charging
at least 5% o f gross to maintenance and non-oper. income shall not exceed
15% o f total het revenue). $200,000 additional may be issued against
the existing properties as o f June 30 1926. There is a maintenance and
Improvement fund o f 9% of annual gross earnings.
Series A are redeemable on four weeks' notice at following prices and in­
terest: through Jan. 1 1930 at 105; through Jan. 1 1935 at 103; through
Jan. 1 1941 at 102; through Jan. 1 1951 at 101; thereafter at 100. Minne­
sota 4-mills, Mich. 5-mills tax, Mass, income tax not exceeding 6% and
Pennsylvania 4-mills taxes refundable. In event that any municipal
corporation or other governmental subdivision shall acquire all or the
major portion in value o f any separate system o f water-works proper­
ties o f company, and shall assume payment of principal and interest of all
bonds issued under the indenture against or in respect of such separate
system, all liability and obligations o f company upon such bonds and their
coupons shall forthwith cease and determine, and in event that payment of
principal and interest of such bonds shall not be so assumed, then bondsin
principal amount not exceeding the price paid for the property so acquired,
may be declared due and payable at 100 and interest, or the funds payable
upon such acquisition may be used for the purchase of additional properties
as provided in the indenture. In Jan. 1927 G. L. Ohrstrom & C o., Inc.,
offered $1,700,000 series A at 95 and int., to yield 5.37%. V. 124, p. 644.
Additional $560,000 1st mtge. 5s, series A were sold by the same bankers
at 95 and int., in Sept. 1927. V. 125, p. 1460
EARN IN G S.— For 12 months ended:
June 3 0 ’27. Dec. 31 ’ 26. Sept. 3 0 ’ 26. Dec. 31 ’25.
$544,968
$414,103
$393,688
$381,556
Gross revenues................
Oper. exp., maint. and
taxes, other than F ed.
318,439
229,729
223,101
207,209
B a la n ce ......................
Ann. int. on funded debt

$226,529
113,000

$184,374
95,000

$170,587
85,000

Balance.........................

$113,529

$89,374

$85,587




$174,347
______
______

31

W ATEK

OFFICERS.— Pres., C. T. Chenery; V.-Ps., A. W . Cuddeback and E. C .
Elliott; Sec. & Treas., Walter A. Culin. Office: 27 William St., New
York, N. Y .— Y. 124, p. 644, 1979, 2907, 3628; V. 125, p. 1460, 1579, 1708.
CALIFORNIA W ATER SERVICE CORP.
Control.—All the common stock is owned by Federal Water Service Corp.
O R G A N IZA TIO N .—Incorp. April 5 1927 under laws of California with
50-year charter and acquired all the capital stock of the California Water
Service Co. and the Belvedere Water Corp.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.'—
The corp. through its subsidiaries furnishes water to the cities of Fresno,
Stockton, Bakersfield, Port Costa, Visalia, Chico, Redding, Oroville,
Hermosa Beach and Redondo Beach, communities suburban to Los An­
geles and a number of other communities throughout the State. Popula­
tion served is estimated to be in excess of 303,000. The total daily pumping
capacity is in excess o f 129,403,881 gallones. The distribution systems
comprise over 951 miles o f mains, serve a total o f 64,544 customers and
furnish water to approximately 3,230 hydrants for fire protection and
other purposes.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ($100)_______
_________ $1,750,000 ____________
Cum p f 6% $10,000,000($100)____
6%
2,500,000 ....................
1-yr 5% sec notes ($1,000,1 1927
5 g A-O
7,500,000 April 1 1928
$500)__________________ tf IPrin. & int. pay. in S. F ., Los Ang. and N . Y .
Stock.— The 6% cum. pref. stock is red. all or in part on any div. date
on 30 days notice by conversion into 6% cumul. pref. stock o f Calif. Water
Service Company or by payment in cash at $100 and divs., if red. on or
prior to Nov. 15 1929, and thereafter by payment in cash at $105 and divs.,
or in part by such payment in cash and in part by such conversion. In
case o f voluntary liquidation entitled to $105 and divs. and be it involuntary,
pref. is entitled to $100 and divs. before common. Pref. has equal voting
powers with common. In April 1927 G. L. Ohrstrom & Co., Inc., Dean
Witter & Co., Hunter, Dulin & Co. and Banks, Huntley & Co. sold $2,500,000 6% cumul. pref. stock at 95 and divs., with approx, yield o f 6.32%.
Y . 124, p. 2277.
Notes.— The 1-year 5% secured gold notes dated April 1 1972 are a direct
obligation o f the corp. and are secured by deposit o f all securities o f sub.
cos. (except directors’ qualifying shares). All additional issues o f securities
o f sub. cos. must upon issuance be deposited under the indenture securing
these notes.
Additional notes or bonds may be issued for not in excess o f 75% of the
cash cost to the corp., or o f the fair value, whichever is lower, o f additional
stock or evidences or indebtedness o f or interest in the aforesaid sub.
and (or) such other corporations as may be engaged in, or may be about to
engage in, public utility business in California (except street railways),
or o f owning securities o f any co. which may be engaged in, or be about to
engage in, such business, provided that the corp. shall then own, and there
shall have been deposited under the indenture, at least two-thirds o f the
issued and outstanding capital stock, or (if the outstanding preferred stock
of any subsidiary be redeemable) at least two-thirds o f the outstanding
common capital stock of any such clorporation. No further notes or bonds
may be issued unless the net earnings o f the corp. for 12 consecutive cal.
months, within the 14 cal. months immediately prior to the issuance of
such additional notes or bonds, are at least twice the annual interest charges
on all notes and bonds, incl. proposed issue. Red., all or in part, at a
premium o f l-16th o f 1% for each unexpired month or fraction thereof.
Corp. will refund certain Calif., Conn., Minn, and Penna. taxes not to
exceed 4 mills, M d. taxes not to exceed 434 mills, Mich, exempt tax not
to exceed 5 mills and Mass, income tax not to exceed 6% . In April 1927
G. L. Ohrstrom & Co., Inc., sold at 100 and int. $7,500,000 1-year 5%
secured gold notes. V. 124, p. 2118.
E A R N IN G S.—Consolidated earnings for calendar years:
*1927.
1926.
1925.
Gross__________________________________$1,799,722 $1,734,627 $1,604,925
Op. exp., maint. & tax. (other than Fed.)
972,333
944,446
890,142
N et-------------------------------------------------Interest charges_______________________

$827,389
375,000

$790,181
375,000

$714,783
______

Balance_____________________ ______ _ $452,289
$415,181
______
*For year ended Aug. 31 1927.
OFFICERS.—Pres., C. T. Chenery; V-.Pres., C. B. Jackson and A. W
Cuddeback; Sec. & Treas., E. B. Walthall; Chief Engineer, E. K. Barnum..
Office, Fresno, Calif.— V. 123, p. 3036; V. 124, p. 109, 2118, 2277, 3065.
WEST V IR G IN IA W ATER SERVICE CO.
Control.— Federal Water Service Corp. owns all the common stock.
O R G A N IZA TIO N .—Incorp. Oct. 4 1926 under the laws of West Vir­
ginia with 50-year charter.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Supplies water for domestic and industrial purposes to Charleston, Welch,
Bluefield, Montgomery, Hinton, Avis and Princeton, W . Va. Aggre­
gate population estimated to be in excess of 105,000. Pumping equip­
ment of 37,000,000 gallons daily capacity; average daily consumption
approx. 10,200,000 gallons. Water for the system serving Charleston is
obtained from the Elk River, a practically limitless source. The supply
for Welch and Princeton is derived from driven wells. Over 259 miles of
distributing mains. Fire protection is rendered by 810 hydrants, 21,127
actual services.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
12,000 shs. __________
Common 12,000 shs. (no par) ____
$6 cum pref30,000sns. (no par) ____
6 Q-J
10,500 s s. __________
1st mtge 5% g ser A ($1,000/ 1926
5 g F-A
2,975,000 Aug 1 1951
and $500 c * )___________ tf 1 The Equit. Trust Co. of N. Y ., trustee.
Stock.— In Nov. 1926 Kanawha Banking & Trust Co. of Charleston,
W. Va., offered $650,000 6% cum. pref. stock at 95 and divs., to yield
over 6.30% . V. 123, p. 2780.
The $6 cum. pref. stock is preferred as to cumul. dividends; in case of
involuntary liquidation $105 and divs.; in case of voluntary liquidation,
$105 and divs. before the common stock. Votes share and share alike with
common stock during default of 8 quarterly dividends. Red. whole or part
on any div. date on 30 days’ notice at 105 and divs. Without consent of at
least 2-3 of outstanding pref. stock co. may not (a) authorize or issue any
prior stock; (6) adversely affect any preferences, &c., of the pref. stock by
amending its provisions; (c) increase the number of pref. shares authorized
to be issued. V. 123, p. 2780. Hale, Waters & Co. offered at 91 and divs.,
to yield 6.60%, 9,800 shares (no pan $6 cumul. pref. stock.— V. 124. p. 1668.
Bonds.— The 1st mtge. 5% g. bonds are secured by & direct first mortgage
on all of the physical properties of co. Additional bonds may be issued for
80% of permanent improvements, &c., provided net earnings for 12 con­
secutive within preceding 15 calendar months have been at least
times interest on all 1st mtge. bonds outstanding, incl. proposed issue,
and all prior bonds, if any. Net earnings to be computed after charging 5%
of gross earnings to maintenance. There is a maintenance and improvement
fund commencing in 1927, equal to 9% of annual gross earnings of co.
derived from the mortgaged properties, which fund may be expended for
improvements, maint., &c., against which no bonds may be issued. 5%
series A dated Aug. 1 1926 is red. at any time on 60 days notice to & incl.
Aug. 1 1929 at 105 & int., to & incl. Aug. 1 1934 at 103 & int.; to & incl.
Aug. 1 1940 at 102 & int.; to and including Aug. 1 1950 at 101 and int.;
thereafter at par and int. Penn., Conn., Minn., Kansas and Calif. 4-mills,
Marylano 4 'A mills, Kentucky, W . Va. & Dist. of Col. 5 mills, Michigan
5 mills, Virginia 514 mills and Mass. 6% taxes, refundable. Principal &
int. payable in New York. In Oct. 1926 G. L. Ohrstrom & C o., Inc
offered $2,250,000 series A at 92 & int., to yield over 5.60% . V. 123.
additional 1st mtge. 5% bonds, series A. V. 124, p. 1668. In Sept. 1927
G. L. Ohrstrom & Co. sold $225,000 additional 1st mtge. 5s, series A,
due Aug. 1 1951, at 95 and int. V. 125, p. 1583.
E A R N IN G S.—For 12 months ended:
July 31 1927. Jan. 31 1927.
Gross revenues__________________________________ $735,009 .
$698,720
Oper. exp., maint. & taxes (other than Fed. inc.tax.) 448,841
395,699
Balance______________________________________ $286,167
Annual interest funded debt_____________________ 132,892

$303,021
145,320

Balance...................................................................... $153,275
$157,701
OFFICERS.—Pres., A. W . Cuddeback; V.-Pres., E. C. Elliott; Sec. &
Treas., Walter A. Culin. Office, 27 William St., New York, N . Y .—
. 123, p. 1879, 2780; V. 124, p. 1668, 1982; V. 125,p .2 4 8 ,1583,1712,2667.

32

PUBLIC U TILITIE S

ALABAMA WATER SERVICE CO.
Control.— All of the common stock is owned by Federal Water Service
Corporation.
ORGAN IZATION .— Incorp. March 4 1927 under the laws of Alabama
with perpetual charter and took over the properties formerly owned and
operated by the Alabama W ater Co., and the Fort Payne Utilities Co.
T
FIELD OPERATIONS AN D C H ARACTER ©F BUSINESS.— The
territory served by the company has a population o f approx. 150,000 and
includes Bessemer, Anniston, Gerard, Albany, Decatur, Attalla, Jasper,
Fort Payne and numerous other communities in Alabama as well as Dallas,
Menlo and other communities in Georgia. Consumers, 22,252; miles of
mains, 321 and connections to 941 hydrants.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common 1,000 shs (no par)_ _____
_
________
1,000 shs. __________
6 cum pref 20,000 shs (no p a r ) ____ $6 Q-M
5,000 shs. __________
1st mtge bonds, ser “ A ” (c*J 1927
5 g J-J
$3,500,000 Jan 1 1957
$1,000 & $500)________ tf(Central Union Trust Co. of N. Y ., trustee.
Stock.— The $6 cum. pref. stock (no par) is preferred both as to assets
and divs. over common. Entitled to cumulative divs. at rate of $6 per
ann. Red. whole or in part at $105 and accrued divs. Upon any dissolution
or liquidation of the company entitled to $100 per share and accrued divs..
lus a premium of $5 per share if such dissolution or liquidation be voluntary,
tef. shall have equal voting power with common if at any time divs. shall
be in arrears and unpaid on pref. stock for 4 quarterly periods, so long as
such non-payment shall continue. No additional pref. shares may be issued
unless consolidated net earnings for a fixed period shall have been at least
2 times div. requirements on all pref. incl. proposed issue. In June 1927
G. L. Ohrstrom & Co., Inc., sold 5,000 shares $6 cum. pref. stock at $94
per share and divs., to yield over 6.38% . V. 124, p. 3769.
Bonds.— The ls( mtge. 5% gold bonds, series “ A ” dated Jan. 1 1927 are
secured by a direct 1st mtge. on all physical properties of company now
owned or hereafter acquired. Additional bonds may be issued for not in
excess of 80% of the cost or fair value, whichever is lower, o f permanent
improvements, extensions or additions provided net earnings for 12 consecu­
tive months within the 15 calendar months immediately prior to the issuance
of such bonds, have been at least 1M times the int. charges on all out­
standing bonds incl. proposed issue. Company convenants to establish a
maintenance and improvement fund equal to 9% of annual gross earnings
of the mortgaged water properties and 12 K % o f the annual gross earnings
of all other mortgaged properties. Callable at any time upon 4 weeks
notice to and incl. Jan. 1 1930 at 105 and int.; thereafter to and incl. Jan. 1
1935 at 103 and int.; thereafter to and incl. Jan. 1 1945 at 102 and int.:
thereafter to and incl. Jan. 1 1956 at 101 and int.; thereafter at par and int.
Company wall refund Penna., Conn., Kansas, Calif., and Minnesota taxes
not to exceed 4 mills; M d. tax not to exceed d.A mills: K y., W . Va., M ich.,
and Dist. o f Col. taxes not to exceed 5 mills; Va. tax not to exceed 5 'A mills
and Mass, income tax not to exceed 6 % . In May 1927 G. L. Ohrstrom &
Co. offered $3,500,000 1st mtge. 5s, series “ A ” dated Jan. 1 1927 at 96 and
int., to yield about 5.27% . V. 124, p. 2904.
EARN ING S.— Consolidated earnings for 12 months ended:
June 30 ’27. Alar. 31 '27. Dec. 31 ’26.
Gross revenues_____________________
$755,921
$743,413
$708,477
Oper. exp., maint. & taxes, other than
Federal Income tax_______________
377,119
382,287
364,763

§

Balance_________________ _____ _
$378,802
$361,126
$343,714
Annual interest requirements_______
175,000
175,000
OFFICERS.— Pres., Eugene Fies; V.-Pres., A. W . Cuddeback, C. T.
Chenery and C. van den Berg; V.-P. & Treas., W . F. Barnes; Sec., James
Jackson. Office, Birmingham, Ala.-—V. 124, p. 2904, 3769; V. 125, p.
512, 2144.
OREGON -W ASH IN GTON W ATER SERVICE CO.
Control.— All of the com. stk. is owned by Federal Water Service Corp.
ORGAN IZATION .— Incorp. June 6 1927 under the laws o f Delaware
with perpetual charter and furnishes water to communities located in
northwest section of Oregon and in the southwest and western sections of
Washington.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
The territory served by the company has a population of approximately
72,000 and includes communities of Salem and Hillsboro, Ore.; Vancouver,
Hoquiam, Burlington, Sedro Woolley and M t. Vernon, Wash. Consumers,
16,327; miles of mains, 336, and connections to 706 hydrants.
STOCKS A N D BONDS—- Date.
Interest. Outstanding. Maturity.
_________ 10,000 shs __________
Common 10,000 shs (no par)._ ____
7,000 shs __________
6 % cum pref 25,000 shs (no par)) ____ 6 Q-J
1st mtge bonds, series “ A ” I 1927
5 g J-D
$2,300,000 June 1 1957
(c $1,000 and $500)_____t fj The Equitable Trust Co. o f New York and
Samuel Armstrong, trustees.
Stock.— The $6 cum. pref. stock (no par) is preferred both as to assets
and divs. over common. Entitled to cumulative divs. at rate of $8 per
annum. Redeemable in whole or in part at $105 and accrued divs. Upon
any dissolution ®r liquidation o f the company, entitled to $100 per share
and accrued divs., plus a premium of $5 per share if such dissolution or
liquidation be voluntary. Preferred shall have equal voting power with
common if at any time divs. shall be in arrears and unpaid on pref. stock
for 4 quarterly periods so long as such non-payment shall continue. No
additional pref. shares may be issued unless consolidated net earnings for a
fixed period shall have been at least 2 times div. requirements on all pref.,
incl. proposed issue. In July 1927 G. L. Ohrstrom & Co., Inc., sold 7,000
shares $6 cum. pref. stock at $92 per share and divs., to yield over $6.52%.
Bonds.— The 1st mtge. 5% gold bonds, series “ A ,” dated June 1 1927,
are secured by a direct 1st mtge. on all physical properties o f the company
now or hereafter acquired. Additional bonds may be issued for not in
excess o f 80% o f the cost or fair value, whichever is lower, of permanent
improvements, extensions or additions provided net earnings for 12 con­
secutive months within the 15 calendar months immediately prior to the
issuance o f such bonds have been at least 1M times the interest charges
on all outstanding bonds, incl. proposed issue. Company covenants to
establish a maintenance and improvement fund equal to 9% of annual gross
earnings o f the mortgaged water properties and \2A % of the annual gross
earnings o f all other mortgaged properties. Callable at any time upon
4 weeks’ notice to and incl. June 1 1930 at 105 and int.; thereafter to and
incl. June 1 1935 at 103 and int.; thereafter to and incl. June 1 1945 at 102
and int.; thereafter to and incl. June 1 1956 at 101 and int.; thereafter at
par and int. Company will refund Pa., Conn., Kan., Calif, and Minn,
taxes not to exceed 4 mills; Maryland tax not to exceed 4 A mills;Kentucky,
W . Va. and Dist. of Col. taxes not to exceed 5 mills: Mich, exemption tax
not to exceed 5 mills: Virginia tax not to exceed 5 A mills, and Mass, in­
come tax not to exceed 6% . In July 1927 G. L. Ohrstrom & C o., Inc.,
offered $2,300,000 1st mtge. 5s, series “ A ,” dated June 1 1927, at 94A
and int., to yield about 5.37%.
EARN IN G S.— Consolidated earnings for 12 months ended:
July 31 1927. Dec. 31 1925.
$429,928
Gross r e v e n u e s ...______________________________ $455,692
Oper. exp., maint. & taxes, other than Fed.inc.tax. 218,246
218.849
N et_______________ _______ ______ ______ ______ $237,446
Annual interest on the co .’s funded debt_________ 115,000

$211,079

Balance. . . . . _________________________________ $122,446
OFFICERS.— Pres., C. T . Chenery; V.-Pres., A. W. Cuddeback and
Robert H. Evans; Sec. & Treas., Walter A. Culin. Office, 19-21 Dover
Green. Dover, Dela.— V. 124, p. 2281, 3496, 3631.
- PENNSYLVANIA W ATER SERVICE CO.
Control.— All the common stock is owned by Federal Water Service CorpO RGAN IZATION .— Incorp. Sept. 7 1927 under the laws of Pa. with per­
petual charter. The company supplies water to various communities in Pa.
Owns all o f the properties o f the Clear Springs Water Co., Citizens Water
C o. (Philipsburg, Pa.), the Jersey Shore W ater C o., Clymer Water C o.,
the Washington Water, Light & Power C o., Spring Brook Water Supply
Co. (Wilkes-Barre, P a.), and Punxsutawney Water Service Co.




[V ol. 125.

Public Service Commission's Ruling Does Not Affect Financing.•
—Pres.
C. T . Chenery of Federal Water Service Coin, states that the order of the
P. S. Commission of Pennsylvania of Sept. 13 1927, dismissing the applica­
tions of the Pennsylvania Water Service Co. and four of its small sub­
sidiaries, to wit; Citizens Water C o., Clymer Water Co. of Indiana, the
Jersey Shore Water Co., and the Clear Spring Water Co., to merge their
respective properties into the Pennsylvania Water Service Co., has no effect
whatever upon the present financing now being undertaken by the Pennsyl­
vania Water Service Co. The Spring Brook Water Supply C o., the New
Chester Water C o., Ohio Valley Water Co. and Punxsutawney Water Service
Co. were not parties to any of the applications, now is any of them con­
cerned by the order. The Pennsylvania Water Service C o., believing it to
be in the public’s interest as well as in its own to merge these properties,
submitted what was in effect a test case to the Commission to determine the
Commission’s views. As the time approached when the company’s financ­
ing had to be definitely arranged, it became increasingly apparent that the
Commission’s action on the applications filed with it would be received too
late and the company, therefore, proceeded on a basis of financing which
does not contemplate the merger of its several properties or require action
by the Commission. V. 125, p. 2146.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The territory served by the company has a population of approximately
630,000 and Includes the cities of Chester, Wlkes-Barre, Pittston, Punxsu­
tawney, Indiana, Jersey Shore, Philipsburg, Northampton and a number
of communities in Allegheny County, consumers, 118,000; miles of mains,
1,150, and connections to 3,435 hydrants.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 200,000 shs (no p a r ) - ____
_________ 100,000 shs ___________
$6 cum pf 250,000 shs (no p a r ) - ___
$6 Q-A
60,000 shs ___________
1st mtge & ref bonds ser “ A / 1927 5 g F-A
$9,200,000 Aug. 1 1967
(c $1,000 and $500)_____tf/N ew York Trust Co., trustee.
Spring Brook Water Supply! 1925
6 g A-O
$7,800,009 Apr. 1 1965
Co 1st ref M bds (c $1,000) ( First National Bank of the City of New
Non-callable until 1935
I York, trustee.
Ohio Valley Water Co 1st M
1904 5 g J-J
1,000,000 July 1 1954
bds (c $1,000) non-call-_tf ] Colonial Trust Co., Pittsburgh, Pa., trustee.
Citizens Water Co of Philips-[ 1901 5 g A-O
250,000 Apr. 1 1931
burg 1st M bds (c $1,000,/Girard Trust Co., Philadelphia, trustee.
$500, $200) non-callable.tfj
Stock.— The $6 cumulative pref. stock (no par) is preferred both a8
to assets and divs. over common. Entitled to cumulative divs. at rate
of $6 per annum. Red. in whole or in part at $105 and accrued divs.
Upon dissolution or liquidation of the company entitled to $100 per share
and accrued divs., plus a premium of $5 per share if such dissolution or
liquidation be voluntary. Preferred shall have equal voting power with
common if at any time divs. shall be in arrears and unpaid on the pref.
stock for 4 quarterly periods, so long as such non-payment shall continue;
no additional pref. shares may be issued unless net earnings for a fixed
period shall have been at least 2 times div. requirements on all preferred,
incl. proposed issue. In Sept. 1927 G. L. Ohrstrom & C o., Inc., sold 60,000
shares $6 cum. pref. stock at $99 per share and divs. to yield over 6.06%.
Transfer agents, Central Union Trust Ce. of New York and FidelityPbiladelphia Trust C o., Philadelphia.
Bonds.— The 1st mtge. & ref. 5% gold bonds, series “ A ,” dated Aug. 1
1927, are secured by a 1st & ref. mtge. on all properties of company now
owned or hereafter acquired. Additional bonds may be issued for not in
excess of 80% of the cost or fair value, whichever is lower, of permanent
improvements, extensions or additions, provided net earnings for 12 con­
secutive months within 15 calendar months immediately prior to the issu­
ance of such bonds have been at least 1 % times the interest charges on all
outstanding bonds, incl. the proposed issue. Company covenants to estab­
lish a maintenance and improvement fund equal to 9% of annual gross
earnings of the mortgaged water properties. Subject to redemption on
any interest payment date upon 60 days’ published notice to and incl.
Aug. 1 1930 at 105 and int.; thereafter to and incl. Aug. 1 1935 at 104 and
int.; thereafter to and incl. Aug. 1 1945 at 103 and int.; thereafter to and
incl. Aug. 1 1966 at 101 and int.; thereafter at par and int. Company will
refund Pa., Minn., Conn., Kan. and Calif, taxes not to exceed 4 mills;
Maryland taxes not to exceed 4 A mills; K y., W. Va., Dist. of Col. and
Mich, taxes not to exceed 5 mills; Virginia taxes not to exceed 5 A mills,
and Mass, income tax not to exceed 6% . In Sept. 1927 G. L. Ohrstrom
& Co., Inc., offered $9,200,000 1st mtge. & ref. 5s, series “ A ,” dated
Aug. 1 1927, at 98'M and int., to yield about 5.08%.
EARNINGS.— The consolidated earnings of the properties are re”
ported as follows:
Year Ended—
June SO ’27. Dec. 31 ’26. Dec. 31 ’25.
Gross revenues--------- ----------------------- $2,781,111 $2,726,082 $2,506,312
Operating expenses, maint. & taxes,
other than Federal income tax___
808,234
890,907
861,220
Balance--------------------------------------- $1,900,877 $1,835,175 $1,645,092
Annual int. requirements on entire
fund. dt. outstand. in hands of the
public, including this issue________
$950,205
OFFICERS.— Pres., C. T . Chenery; V.-Pres., A. W . Cuddeback and
Isaac Walker; Sec. & Treas., Walter A . Culin. Office, Harrisburg, P a.
— V. 125, p. 1053, 1462, 1580, 1710, 1838, 2146.

AMERICAN NATURAL GAS CORPORATION.
ORGANIZATION.— Incorp. Oct. 18 1927 in Delaware. Corp. was
formerly known as the Natural Gas Service Corporation.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
The corp. and its subsidiaries, incl. those under contract of purchase, fur­
nish gas service to a population of approx. 600,000 in some 50 communi­
ties. The population of the counties in which the pipe lines are located is
over 1,400,000. In Oklahoma, the cities of Tulsa, Sapulpa and Okmulgee,
among others, are served at retail, and Oklahoma City, Muskogee, Shawnee,
Norman, Guthrie and many other communities at wholesale. Among the
companies served are Oklahoma Power Co., The Texas Corp., Oklahoma
Gas & Electric C o., Mid-Continent Petroleum Corp. and the Producers
& Refiners Corp. The Kansas properties serve a number o f industrial
plants. Among the companies served are the Edgar Zinc C o., Peerless Oil
& Refining C o ., Ash Grove Lime & Portland Cement Co. and the Iola plant
of the Lehigh Portland Cement Co. These plants normally operate 24
hours daily, resulting in a constant and stable gas demand. The Kansas
properties also serve gas at wholesale to the cities of Iola and Chanute,
and at retail to the city of Erie. San Angelo, Texas, a city of approx.
23,000 population, and several nearby towns will be served at retail. Gas
will also be served for industrial purposes, the most important market of
this character being a subsidiary of West Texas Utilities Co., which under
a contract now in force is expected to take a minimum of 72,000,000 cu. ft.
per month. The gas sales of the subsidiaries of the corporation, including
those under contract of purchase, amounted in 1926 to over 34,000,000,000
cu. ft.
The properties include gas leaseholds on more than 215,000 acres and gas
purchase contracts covering more than 125,000 acres of additional reserves,
and procure their gas from more than 950 producing gas wells. There are
over 2,275 miles of transmission and distribution lines and 15 modern com­
pressor stations. The properties have a call on gas reserves comprising
approx. 100,000 acres owned by the Phillips Petroleum Co. in the Amarillo
field in Texas.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 2,000,000 shs (no p a r ) ___
-------------- *651,200 s h s ___________
$7 series cum pref 250,000 shs
(no par)___________________ _____
50,000 s h s _________
6 A % sk fd deben ser due 1942/ 1927
6Jf g A-O $10,000,000 Oct 1 1942
(c* $l,000-$500)_______ tf\Central Union Trust Co. of N . Y ., trustee.
x $7 series pref. convertible into common stock.
Debentures.— The 0 A % sinking fund gold debentures, series due Oct. 1 1942.
are a direct obligation of the corp. The indenture under which they are
issued provides that no additional debentures may be issued except for
refunding purposes, unless the net income of the corp., as defined in the
indenture, for 12 consecutive cal. months within the preceding 15 cal.
months shall have been at least 3 times the annual interest charges upon all
outstanding funded indebtedness of the corp., incl. the debentures then
proposed to be issued. No secured funded debt to be created by the corp.
unless these debentures are ratably secured. Sinking fund provided for
under the indenture. Red. at option of corp., all or in part, on any int.
I date on 60 days’ notice at 105 and accrued int. to and incl. Oct. 1 1941;

GAS AND

@ ot ., 1927.]

thereafter at par and accrued int. Corp. agrees to refund taxes on per­
sonal property and securities of any State of the U. S. or of the District of
Columbia for not to exceed 3^ of 1 % o f the principal and amount; Mass, tax
on income not to exceed 6% . In Oct. 1927 $10,000,000 6% % sinking
fund gold debens., series due Oct. 1 1942 (with stock purchase warrants),
were offered at 99H and accrued int., to yield over 6.55%. (V. 125, p.2259.)
Stock Purchase Privileges.— ' he holder of each $1,000 debenture will be
T
entitled, subject to previous redemption of the debenture, to purchase 10
shares of the common stock of the corporation at the following prices:
To and incl. Feb. 1 1930, $20 per share; thereafter to and incl. Feb. 1 1931,
$25 per share; thereafter to and incl. Feb. 1 1933, $35 per share; and there­
after to and incl. Feb. 1 1937, $50 per share. The holder of each $500 de­
benture will have a proportionate purchase privilege at the same prices.
Holders of debentures called for redemption may exercise their stock pur­
chase privilege until the date fixed for redemption.
EARN INGS.— Consolidated earnings of corporation’s sub. cos., incl.
those under contract of purchase, for 12 months ended:
Aug. 31 '27. aMar. 31’27. Dec. 31 ’26.
Gross revenue______________________ $11,090,572 $9,675,457 $8,771,346
Net after exp., maint. & taxes, other
than Federal______________________ 4,556,391
4,342,438 3,808,817
Int., sinking fund and pref. div. chgs.
on sub. cos.’ securities___________
1,680,793
IN D E X .— V. 125, p. 2259.

33

W A TE R

EARN ING S.— For calendar years:
1926.
1925.
1924.
1923.
Gross earns., sub. c o s ...$13,271,511 $11,802,052 $10,573,097 $10,230,821
Oper. expenses sub. cos. x8,117,252
7,109,254
6,764.969
6,899,953
Net operating incoir
Miscellaneous income.

$5,154,258
260,090

$4,692,798
160,336

$3,808,137
123,179

$3,330,868
106,330

.
Miscell. deductions____

$5,414,348
2,400,977
137,326
1,135,296

$4,853,134
2,040.639
220,185
847,868

$3,931,316
1,683.528
143,499
517,033

$3,437,198
1,485,022

Tot. rev. Am. Gas C o.. $1,740,749
829,575
Other income__________

$1,744,443
1,210,673

$1,587,255
729,538

$1,697,628
369,691

. $2,570,324
373,871
Gen. expense (A.G .Co.)1
275,708
Int. on A. G. Co. bonds.
5,241
Interest on loans_______
Contingent reserve_____
518,715
Sur. reserved by subs_
_
c 1,119,284

$2,955,016
541,997
401.101
3,154

$2,316,793
462,052
544,344
46,465

200,000
820,600

237,577
487.740

$2,067,320
398,834
401,368
111,292
63,000

254,546

468,246

WATER CO.f SAN FRANCISCO.

Surplus for year_____
$277,506
$988,264
$538,613
$622,581
x Included in operating expenses are maintenance, $927,409; renewals
and replacements, $669,930.
OFFICERS.-—-Pres., Morris W . Stroud; V .-P ., W. W. Bodine; Sec.,
John Hopkins; Treas., Jos. B .Townsend 3d.— V. 121, p. 456, 1226, 1458;
Y. 122, p. 1804, 2496, 3209; V. 125, p. 92.

ORGAN IZATION .— Successor April 24 1903, per plan, V. 76, p. 2 6.
977, to Spring Valley Water Works. V. 78, p. 827.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Company, or its predecessor in interest, has supplied the City of San Fran­
cisco with water for municipal and domestic purposes since 1858. Operative
properties consist o f 62,494 acres of land owned in fee and riparian rights
to 33,334 acres, together with water sources, lakes, reservoirs, pipe lines
and distribution mains, forming a complete water system which supplies
the entire city and county o f San Francisco. Population, about 700.000.
Valuation.— The operative properties o f the company were appraised ok
March 1 1920 by the California RR. Comm, at $37,000,000, to which have
been added approximately $3,000,000 in improvements, extensions and
additions since that date.
Proposed Sale to San Francisco rejected by voters at special election held
in June 1927. V. 124, p. 3632.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $28,000,000 ($100)__________
Q-M 31 $28,000,000 Sept. ’27,1
First mtge $22,000,000 ($l,-\ 1923
5 g M -N 22,000,000 M ay 1 1943
000) gold___________ c*.tf/W ells Fargo Bank & Union Trust Co.
Bonds.— The first mtge. 5% gold bonds due 1943 are callable, all or part,
at 102 H during first 10 years, and therafter at M% less each year, but at
not less than par. In the event of the purchase of the company’s operative
properties by the City o f San Francisco, the bonds may be called at par,
rovided the municipality does not desire to assume as a municipal obligaon the then outstanding bonds. Interest payable at Union Trust C o.,
8an Francisco, and The Equitable Trust C o., New York. V. 116, p. 85.
Listed on New York Stock Exchange.
Dividendh— 1914. 1915. 1916. 1917. 1918. 1919-1922. 1923. 1924.
$2 50
S3
$3 50 $ 3 ^
4
5 yearly. 5
6
Paid in 1925 , 6% ; in 1926, 6% .
EARN IN G S.— For calendar years:
1926.
1925.
’ 924.
1923.
Revenue.....................
$6,458,573
$6,170,237 $5,903,955 $5,738,638
Operating expenses_____ 1,556,176
1,434,620
1,443,689 1,178,379
Hetch Hetchy acqueduct
rentals______________
179,555
24,600
----------------Taxes_________________
993,761
930,063
855,118
903.323
Interest on bonds______ 1,100,000
1,100,000
1,100,000 1,050.491
Interest on 6% notes_
_
______
______
___ 14,381
Interest on loans_______
81,188
215,831
161,114
134.312
Int. charged to construe.
Cr.2,974 Cr.73,385
0.4 0 .5 4 8 0.24.210
Deprec. & obsolescence.
300.000
300,000
300.000
300.000
188,376
188.376
162,276
162.276
Amortization__________
Uncoil, bills & accts. rec.
9.896
9,328
5,762
5,060
Miscellaneous__________
9,667
9,174
9,347
7,195
Dividends_____________
1,680,000
1,680,000
1,680,000 1,470,000

ORGANIZATION.— Incorp. in Ohio, March 1923 for the purpose of
roducing transporting and marketing natural gas for industrial and
commercial purposes. In March 1926 acquired the physical properties
of The Upham Co. (incorp. in 1905 in West Virginia), which latter company
up till then had sold the gas it produced from its properties in Ohio to the
Upham Gas Co. for distribution among consumers.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company sells gas mostly to industrial consumers in and about Mount
Vernon, Ohio. Surplus gas is sold to East Ohio Gas Co. and Ohio Fuel
Gas Co. 85% is sold to industrial or manufacturing plants, more than 12%
to other gas companies and less than 3% to domestic consumers. The gas
is produced from 73 producing wells, tne total open flow of which is esti­
mated at 10,000.000 cu. ft. 19,700 acres of leasehold are available to the
company as reserves or undeveloped property. Company also acquired
from The Upham Co. about 76 miles of pipe line, 3 80-H.P. compressor
units, real estate, franchises, etc., etc.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
________ xl0.450shs ___________
Common— 15,000 shs.(no p a r ) ____
6% cum pref $250,000 ($100)______
6
$250,000 __________
FirstCmtge /AM A5 Ayr CAA) gold} 1926 /1 7 J-J
7% f\ © s f
650,000 Janrr1\11931
dt d
flf)A
■Drtl»» nn
\Tn
4
1
f~ r\ n 4
$650,000 ($1,000, $500)c*tf/Prin. and int. at Nat. Fl- 54-ir Bk, of Cleveland,
City Dir
Ohio, trustee.
x 4.550 shs. are reserved for issuance against exercise of stock option
warrants.
Bonds.— The 1st mtge. 7% 5-year s. f. gold bonds, dated Jan. 1 1926 are
secured by a closed 1st mtge. on the entire physical properties, incl. those
acquired from The Upham Co. and all after-acquired properties. There is
a sinking fund beginning M ay 1 1926, payable $7,875 monthly prior to
Jan. 1 1927; thereafter, $8,000 monthly prior to Jan. 1 1928; $9,000 monthly
prior to Jan. 1 1929; $10,000, monthly prior to Jan. 1 1930: $10,500, monthly
prior to Jan. 1 1931. Moneys to be used solely to purchase bonds at or
below redemption price, otherwise for retirement by lot at such price.
By maturity a minimum of $505,000 will have been retired. Red. as a
whole or in part, by lot, on 30 days’ notice at 10234 on or before Jan. 1 1927;
at 102 on or before Jan. 1 1928; at 101 !4 on or before Jan. 1 1929: at 101
prior to Jan. 1 1931. All personal property and income taxes of any State
or the District of Columbia not exceeding 5 mills refundable. In Mar.
1926, A . M . Lamport & C o., Inc., New York, N . Y . and Geo. W . York
Co., Cleveland, offered $650,000 at 100 and int. Each $1,000 bond was
accompanied by a detachable Stock Option Warrant entitling the holder
thereof to purchase 7 shares of common stock prior to Jan. 1 1927 at $27 50
per share; prior to Jan. 1 1928 at $35 per share and prior to Jan. 1 1930 at
150 per share. Each $500 bond entitled to a proportionate privilege.
V. 122, p. 1457.
Officers.— Pres., James A . Upham.— V. 122, p. 1457.

SPRING VALLEY

S

Balance, surplus_____
$362,927
$351,630
Latest Earnings.—For 6 mos. ended June 30:

$227,197

$537,432

1927.
Gross income____________________________________ $3,218,818
Operating expenses_____________________________
741,567
FIetch Hetchy rental____________________________
125,000
Taxes___________________
505,073
Interest, funded charges, &c_____________________
850,403

1926.
$3,069,976
709,728
54.555
510.185
841,629

THE UPHAM GAS CO. (MT. VERNON, OHIO).

Net profit____________________________________
Additional contribution to amortization fund____

$996,775
07

$953,879
91,947

Net income_______________________ ______
$894,448
$861,932
x Includes amount for contribution to amortization fund.
OFFICERS.— Chairman, W . B. Bourn; Pres., S. P. Eastman; V.-Pres.
A. H. Payson, E. J. McCutchen and G. A . Elliott: Sec., John J. Sharon
Treas., Benjamin Bangs. Office, 425 Mason St., San Francisco.—V. 118,
p. 2316; V. 119, p. 2764; V. 120, p. 2150; V. 121, p. 1570; V. 122, p. 2193:
V. 123, p. 1763; V. 124, p. 2430, 2909, 3498, 3632; V. 125, p. 1463.

THE AMERICAN GAS COMPANY.
Controlled by The United Gas Improvement Co.
ORGAN IZATION .— Incorp. in New Jersey in 1892. In June 1925 the
United Gas Improvement Co. acquired through exchange of stocks (see
under United Gas Improvement C o.), through the American Gas Co. (Pa.)
the American Gas C o., N . J. See for full particulars V. 120, p. 2266,
2544, 2682, 2813, 2547, 2939, 3184; V. 121, p. 456, 1099, 1226, 1458.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Through ownership o f tne common stock of its subsidiaries, operates elec­
tric light and power and gas properties serving communities in the East
and Middle West, representing a population o f approximately 1,300,060,
engaged in widely diversified activities. Among the principal subsidiaries
are the following: (a) Luzerne County Gas & Electric Corp., supplying
electric power and light and gas in the rich anthracite coal district of Penn­
sylvania; (6) RoGkford Gas Light & Coke C o., supplying gas in the City of
Rockford, HI.; (c) Burlington Light & Power Co., furnishing electricity and
gas to the City o f Burlington, V t., and electricity to the municipalities of
Essex Junction, Richmond and Winooski.
Also owns minority interest in (a) Iowa Public Service Co., furnishing
electric light, power and gas in western and north central Iowa. The com­
pany also carries on a small water and steam heat business; (6) Philadel­
phia Subarban-Counties Gas & Electric C o., furnishing electricity and gas
to the greater part of the suburban territory immediately adjacent to the
City o f Philadelphia.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $15,000,000 ($100)_______
_________ $14,016,607
See text
100-year 6% bonds Series “ A ” / 1916 6 g J-J
3,000,000 Jan. 1201
($500 and $1,000) g _____c*\Int. at Girard Trust C o., Phila., trustee
Stock.— Common Is listed on Phila. Stock Exchange. V. 119, p. 944.
Bonds.— 100-Year 6s, Ser. " A ," are call, as a whole on any int. date at
110 and int.
Dividends.— Quar. divs. o f 1H % were paid on common incl. July 1925
In Oct. 1925 the rate was increased to 8% per annum, and a quar. div. of
$2 was paid and regularly quarterly since. On the American Gas Co. (Pa.)
stock, which is $50 par value, 75c. quar. was paid incl. July 1925. A stock
dividend o f 22H % was paid in April 1925. V. 120, p. 1455.




SOUTH BAY CONSOLIDATED WATER CO., INC.
ORGANIZATION.— Incorporated in 1925: formerly Quantuck Water
Works C o., incorporated in New York in 1902. Company acquired and
operates the properties of the Great South Bay Water Co. (V. 115, p. 2911)
and the Southampton Water Works Co. In Sept. 1925 acquired the
Amityville (L. I.) Water Works Co. V. 121, p. 1570.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company supplies water for domestic and public purposes to 17 commun­
ities located on the South Shore of Long Island, serving a population of over
54,000. Included in this territory are the towns of Merrick, Bellmore.
Amityville, Brightwaters, Bay Shore, Islip, East Islip, Great River, Oak­
dale, Sayville, Bayport, Blue Point, Patchogue, Westhampton, Quogue.
East Quogue, Southampton, and Port Jefferson on the North Shore.
The wells of the company, 68 in number, are located in 5 widely separated
parts of the territory. Each group of wells has its own pumping station.
Total daily pumping capacity 24,882,000 gallons. 178 miles of cast iron
distribution mains; 9,028 customers. V. 120, p. 2684.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common, $1.000,000 ________ _____
_________ $750,000
6% cum. pref. $2,000,000_________
6
800,300
1st ref. mtge. 5% gold, series} 1925 5 g M-N 1,726.500
M ay I 1950
A ($1,000, $500c*)_______ (Seaboard Nat’l Bank, N. V. City, trustee.
Gt. So. Bay Wat. Co. 1st ref.\ 1908 5 g M -N x305,500 N ov. 1 1938
5s ($1,000, $500)c*_____tf/In t. at People's Trust C o., Bl’yn, N . Y., tr.
x A like principal amount of 1st ref. mtge. bonds are reserved for the
refunding of these bonds.
Bonds.— The lsl & ref. mtge. 5% gold bonds, series A , dated May 1 1925,
are red. all or part after 30 days’ notice at 105 and int. to and Incl. M ay 1
1926 and thereafter at 105 and int., less 1-5% for each year the bonds
have been outstanding. A sinking and improvement fund will, for the five
years ending M ay 1 1930, aggregate at least 10% o f the 1st ref. mtge.
series A bonds issued and will amount to at least 3% annually thereafter
until maturity; moneys to be used for the purchase and retirement of bonds
or for betterment, &c. Penn, and Conn. 4 mills, Maryland 4 ft mills and
Mass. 6% taxes refundable. Exempt from personal property tax in New
York. In M ay 1925 Taylor, Ewart & C o., Inc., offered $1,000,000 series
A at 89 and int., to yield over 5.80% . V. 120, p. 2684EARNING S.— For calendar years:
1927.
1926.
Gross___________________________________________
$302,208
$286,484
Net after oper. expenses, maint. and taxes______
181,474
168,338
OFFICERS.—-Pres., Francis W. Collins; V .-P., F. c . Hinkel. Jr., and
W. D. Van Brunt: Sec. & Treas., L. A. Schaeffler
V. 120, p. 2684;
V. 121, p. 1570, 2040, 2158; V. 123, p. 712; V. 125, p. 248.

WASHINGTON GAS LIGHT CO.
ORGANIZATION.— Incorp. by Act of Congress in 1848.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Does entire gas business in Dist. of Columbia except to the extent that its
subsidiary, the Georgetown Gas Light C o., similarly serves that portion of
the District known as Georgetown. Co. directly or indirectly controls
certain small companies which supply gas to several adjacent communities
in the States of Maryland and Virginia. Owns 2 gas manufacturing plants
having a combined daily capacity of about 35,000,000 cu. ft., from which gas
Is distributed through 650 miles of gas mains, serving 98,544 meters; and
through 191 miles of sub. cos.’ mains serving 16,909 meters.
For consolidation of co. and its subsidiary, the Georgetown Gas Light
C o., see V. 122, p. 215.

34

PUBLIC U TILITIE S

STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $2,600,000 ($20)____________
_______
*2.600.000 Aug 27 90c
Gen. (now 1st) mtge ($500) \ 1910
5 g M -N
5.199.612 Nov 1 1960
gold------------------------------c*/In t. at Amer. Sec. & Tr. C o., Wash., trustee.
10-year mtge bonds Series A f 1923
6 g A-O
4,000,000 April 1 1933
*15,000.000 (*100, *500 & /Riggs National Bank, Washington, D. C.,
*1.000) g___________ c*tf ( trustee.
Ser B (*1,000, *500, * 1 0 0 ).. 1926
6 A-O
1,317,800 Oct. 1 1936
Bonds.— The 10-yr. 6% Mtge. bonds Series ” A ” are non-callable. Int,
payable in New York and Washington, D. O. In M ay 1923 Harris. Forbes
& Co. and National City Co. offered a portion of this issue at par and int.
V. 116, p. 2156. *1,500,000 series B were sold in N ov. 8 1926 to customers
at 101 and int. V. 123, p. 2905.
E A R N IN G S.— For calendar years:
Total
Net after
Fixed
Balance,
Revenue. Taxes, &c. Charges. Dividends. Surplus.
1926........
-*5,337,543 *1,315,304 *589,261
*468,000 $258,043
1925------------------- 4,973.686 1,101,952
543,679
468,000
x90.273
1924-..
..
4,992.534
1,291,605
524,708
468,000
298,897
1923____________ 4,976,329 1.112,147
555,776
468,000
88,372
x After setting up *70,000 to apply on Income tax 1925.
OFFICERS.— Pres., Ord Preston; V .-P ., Robt. D . Weaver: Sec., Geo.
M . Whitwell, Asst. Sec., Edw. T . Stafford and T . B. Gardner; Compt.,
R . A. Ennis; Asst. Compt., C. Clay Bayly and John L. Schick; Treas.,
Lawrence Townsend; Asst. Treas., R . Hume and A . Gray Dawson.— V .118,
p. 807, 2962; V. 120, p. 707; V. 122, p. 215, 752; V. 123, p. 2905; V. 124,
p . 1068.

(THE) UNITED GAS IMPROVEMENT CO.
ORGANIZATION.-—On June 1 1882 “ United Gas Improvement C o.”
was incorporated under the General Corporation Act o f Pennsylvania. On
M ay 2 1885 the purchasers of the franchises and rights of “ Union Contract
C o .” , a Pennsylvania company organized under a special Act approved
Dec. 31 1870, organized a Pennsylvania corporation named “ Union C o.”
On April 16 1888 the name o f the “ Union C o .” was changed to “ The United
Gas Improvement C o.” , and on March 31 1889 the business and property of
“ United Gas Improvement C o .” was sold and transferred to “ The United
Gas Improvement C o.” On Aug. 21 1925 “ The American Gas C o.” , a
Pennsylvania corporation owning more than a majority of the shares of
stock of “ The American Gas C o .,” a New Jersey corporation, was merged
into “ The United Gas Improvement C o.” The nature and character of
the business transacted by the company may be generally described as
follows: Investment in securities of gas, electric, street railway and other
companies, the management and operation of gas and electric properties;
and general engineering and construction work of various kinds. Charter is
perpetual. The following list states the companies in which the United
Gas Improvement Co. is interested:
Allentown-Bethlehem (Pa.) Gas Co.
American Gas C o., Philadelphia, Pa.
American Public Utilities C o., Chicago, 111.
American Superpower Corp., New York City, N. Y .
Concord (N. H.) Gas Co.
Connecticut Electric Service Co. (The), Hartford, Conn.
Connecticut Gas & Coke Securities C o., New Haven, Conn.
Consumers Gas C o., Reading, Pa.
Des Moines (Iowa) Gas Co.
East Penn Gas Light C o., Emaus, Pa.
Equitable Illuminating Gas Light C o., Philadelphia, Pa.
Harrisburg (Pa.) Gas Co. (The).
Hartford City (Conn.) Gas Light Co.
Iowa Public Service Co.
Kansas C ity (M o.) Gas Co.
Lebanon Valley (Pa.) Gas Co.
Manchester (N. H.) Gas Co.
Midland Utilities C o., Chicago, 111.
Minneapolis (Minn.) Gas Light Co.
Mohawk Hudson Power Corp., Albany, N . Y.
Nashville (Tenn.) Gas & Heating Co.
National Public Service Corp., New York City, N. Y .
Northeastern Power Corp., New York City, N . Y .
Pensacola (Fla.) Gas Co.
Philadelphia (Pa.) Suburban-Counties Gas & Electric Co.
Public Service Corp. o f New Jersey.
St. Augustine (Fla.) Gas & Electric Light Co.
Savannah (Ga.) Gas Co.
Sioux City (Iowa) Gas & Electric Co.
Sloan (Iowa) Service Co.
South Dakota Public Service Co.
Southeastern Power & Light C o., Birmingham, Ala.
W yandotte County (Kan.) Gas Co. (The).
In addition to its interests in the above companies.the company operates
under agreement the Philadelphia Gas Works (owned by the C ity of
Philadelphia) and Northern Liberties Gas C o., Philadelphia, Pa., and also
owns a majority o f the common stock of the following companies: Welsbach C o., Gloucester, N. J.; The U. G. I. Contracting Co.; Day & Zimmermann, Inc., Philadelphia, Pa.; General Public Utilities C o., Miami, Fla.;
Southern Ohio Public Service Co., Zanesville, Ohio, and National Public
Service Corp., New York City, N. Y .
Acquisition of Philadelphia Electric Co. Proposed.— The United Gas
Im provement C o .’s directors on Sept. 28 1927 approved the plan recom­
mended by the special committee for the acquisition o f the Philadelphia
Electric Co. on basis o f exchange o f one share (*50 par) o f U. G. I. for
two shares (*25 par) o f Philadelphia Electric Co. stock. The U. G. I.
C o . will not be obligated to make such an exchange unless the holders of
at least two-thirds o f the stock o f the Philadelphia Electric Co.approves
thereto. This proposed consolidation, if consummated, will not affect
corporate identity o f the Philadelphia Electric C o., which will remain a
separate organization, but will make closer the business relationship of the
two companies. A special meeting o f stockholders will be held Dec. 7
to act on proposed increase o f capital stock](par *50) from2,130,088 shares
to 6,000,000 shares. In the event o f such an increase action will be taken
to authorize directors to issue 1,859,061 shares o f the stock or any part
thereof in exchange and payment (on basis stated above) for shares of
capital stock o f the Philadelphia Electric Co. V. 125, p. 1840, 1972.
At stockholder’s meeting held Sept. 15 1927, approval was given author­
izing the board of directors to increase the outstanding capital stock from
2,036,528 shares, par *50, to 2,130,088 shares of like par, same to be given
in exchange for securities of other companies as follows:
53,082 shares for 48,980 shares common no par. Day & Zimmermann, Inc.
2,017 shares for 2,017 shares preferred no par, day & Zimmermann, Inc.
38,461 shares for 3,656 shares common, Hartford City Gas Light Co.;
204,481 shares common, no par and 8,361 shares preferred, no par, of
Connecticut Gas & Coke Securities Co.
STOCK—
Date.
Interest. Outstanding. Latest Div.
Common, *106,504,400 (*50)--------Q-J
$101,826,375 Oct.’27 2%
A special meeting o f the stockholders will be held on Dec. 7 next to act
on the proposition to increase the authorized capital stock (par *50) from
2,130,088 shares to 6,000,000 shares. Action will also be taken, in the
event o f such increase, to authorize the directors to issued ,859,061shares
o f the stock or any part thereof in exchange and payment for shares o f the
capital stock o f the Philadelphia Electric Co. upon the basis o f oneshare
(par *50) o f United Gas Improvement stock for two shares (par *25) of
Philadelphia Electric stock. Transfer books close N ov. 25, open Dec. 8
(compare V . 125, p. 1582, 1840, 1972.)
Stock.— The company reaeemeu on June 15 1925 all outstanding shares of
preferred stock by payment in cash o f *55.1458 1-3 for each share, incl.
accrued dividend from June 1-15 1925. V. 120, p. 2552.
On June 5 1925, the authorized Capital stock was increased from 1,521,456
to 1,654,862 shares. Stockholders (Common & Pref.) were given the
right to subscribe, incl. July 28 at par (*50) plus accrued dividend at rate
o f 8% per annum, to the extent of 10% of their holdings. V. 120. p. 2945.
On Sept. 23 1926 stockholders increased the capital stock from 1,639,941
to 2,036,528 shares (par $50) ana on authorizing directors to declare a
25% stock dividend, payable N ov. 15 1926 to holders o f record O ct.15
1926 — V. 123, p. 583, 1635.
Dividends.— From 1888 to 1920 8% per ann., payable quar. Jan. 15
1921 to Oct. 14 1922 paid 1% quar.: Jan. 15 1923 to Oct. 15 1923 paid 1 4* %
quar.; Jan. 15 1924 to Oct. 1924 paid I H % quar. Jan. 15 1925 to October
1927, 2% quar. In Jan. 1896 paid extra 15% in convertible scrip; also 10%
extra Mar. 1 1910 In scrip convertible into stock to June 30 1910. Also in
April 1917 2% extra from profit on sale o f securities. V. 104,p. 1050. On
July 15 1925 paid extra dividend o f 3 % . V. 120, p. 3067. Declared pay­
able Nov 15 1926 to holders o f record Oct. 15 1926 a stock dividend of 25% .




[V ol. 125,

V 123.P.1635,1879. On pf. paid 1 % quar. Sept. 15 1920 to June 15 1925
when stock was redeemed.
EARNINGS.-—For calendar years:
1926.
1925.
1924.
1923.
Regular inc. from leased
works and investments*10,320,588 *9,955,285 *9,326,510 *8,483,135
Profits on sale of securs.
742,233
37,467
235,933
18,287
Total income------------- *11,062,811 *9.992,751
Expenses, taxes, int.,&c.
1,964,803 1,476,620
Loss on oper. Fhila.G.A.
x244,607
414,455
Dividends paid------------- 6,516,888
5,482,082

*9.562,443 *8,501,422
1,310,707 1,247,346
154,480
820,121
4,699,440 4,089,024

Balance, surplus------- *2,825.726 *2,619,594 *3,397,816 *2,344,931
x Profit.
For Gas Sales Equitable Illuminating Gas Light C o., see V. 121, p. 588,
2158. For sales cal. year 1926. see V. 124. p. 794.
OFFICERS.— Chairman of the Board, Samuel T. Bodine; Pres., A. W.
Thompson; V.-Ps., Wm. W. Bodine, G. W . Curran, P. H. Gadsden, J. T.
Hutchings, J. B. Klumpp, J. A. Pearson, F. J. Rutledge, W. H. Taylor
and Paul Thompson; Asst. V .-P ., E. E. Hamilton; Sec., G. W . Curran;
Treas., I. W. Morris; Gen. Counsel, Garfield Scott; Gen. Aud., Edward
Porter. Offices, Broad and Arch Sts., Philadelphia, Pa.— V. 121, p. 588,
841, 1103, 1463; V. 122, p. 1028, 1765, 2193, 3343; V. 123, p. 208, 583, 1635.
1879, 2780, 2903; V. 124, p. 237, 794, 934, 1823, 2430, 2591, 2750, 3211,
3632, 3774; V. 125, p. 387, 1327, 1582, 1840, 1972.

WEST OHIO GAS CO.

Control.— Midland Utilities Co. owns or controls the entire outstanding
common stock (except directors’ shares).
ORGANIZATION.— Incorp. in Ohio N ov. 1924. Is a consolidation
(V. 120, p. 455) of the properties of the companies heretofore engaged in
supplying natural and artificial gas to Lima, O., and natural gas to the
neighboring towns of Cridersville, Wapakoneta, St. Marys and Celina.
Purchased in 1925 the gas property at Kenton, Ohio. Population served,
78.300. Company owns a carburetted water gas manufacturing plant,
with a daily generating capacity of 4,000,000 cu. ft.; 208.75 miles of gas
mains; 17,813 customers. V. 120, p. 2402.
Rates.— See V. 123. p. 1384.
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
Com 75,000 shs (no par)______ _____
_________ 75,000 shs __________
Class A 7% cum pref ($100)_______
7
*300.000 Sept‘27 1%
Class B 7% cum pref ($ 1 0 0 ) - - ____
7
450,000 Dec. 26 15?
lstref M 6% g Ser A ($1,000,/ 1924 6 g J-D
1,000,000 Dec 1 1954
*500, *100 c * )_________ tf (Int. at Halsey. Stuart & Co., Inc., Chi. & N .Y .
Bonds.— The ls< ref. mtge. bonds are secured by a 1st mtge. on all fixed
property (incl. after-acquired), subject to the outstanding divisional bonds
on after-adtgiired properties. Additional bonds of any series and any
tenor may be issued, against cash or for refunding purposes or for 75% of
new construction. If issued to refund bonds of other series of this mtge.,
bearing a lower rate of interest, or to refund the indebtedness of a sub­
sidiary, or for new construction, &c., earnings during 12 out of preceding 14
months shall have been at least 1 % times interest charges on all bonds
outstanding, incl. new issue. Red., whole or part, on 30 days notice to
Dec. 1 1953 at 107 and int., less M for each full year elapsed after N ov. 30
1924, and subsequent to Nov. 30 1953, at 100 and int. Penna. and Conn.
4 mills, Maryland 4 K mills, Dist. of Col. 5 mills and Mass. 6% taxes
refundable. In May 1925, Halsey, Stuart & Co., Inc., offered $1,000,000
6% Series A bonds at 100 and int. V. 120, p. 2402. 2685.
EARN ING S.— For calendar years:
1926.
1925.
*708,180
*672,165
Operating revenue-------------------------------------x Operating expenses andtaxes___________________
562,429
525,138
85.487
83.376
Interest on funded debt andother deductions_____
Preferred dividends_____________________________
52,050
52,500
Balance--------------------- ------------ ---------------------$8,214
*11,151
x Includes charge for retirement in 1926 of *65,347 and in 1925 of *34,846.
OFFICERS. — Chairman. Sam uel Insult, t-'rns . B. R C u rtin ; Asst to
Pres., E. R. Curtin Jr.; V .-P., Samuel Insull Jr.; Sec. and Asst. Treas., B. P
Shearon; Treas., George F. Mitchell; Compt., W . A. Sauer. Office,
112 West Market St., Lima, Ohio.— V. 120, p. 455, 2402, 2685; V. 122,
p. 1172; V. 123, p. 1384; V. 124, p. 1824.

WESTERN NEW Y O R K W ATER CO.

ORGANIZATION.— Incorp. under the Transportation Act of the State
of New York Feb. 14 1902.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Supplies water without competition for domestic, industrial and public pur­
poses to cities, towns and villages in the suburban territory immediately
adjacent to the City of Buffalo, incl. the City of Lackawanna, the towns of
West Seneca, Tonawanda, Amherst and Cheektowaga, portions of the towns
of Hamburg, East Hamburg, Lancaster and Alden, and the villages of
Blasdell, Sloan, Depew, Lancaster, Williamsville and Kenmore. The
population served has grown from 72.000 in 1920 to 115,000 in 1§27. C o.’s
plant is of modern design; the distribution system comprises approx. 240
miles of pipe, varying in size from 4 to 24 inch; 850 fire hydrants, exclusive
of those used where water is furnished wholesale, furnish fire protection.
The water supply is taken from Lake Erie at Woodlawn. about 2V£ miles
south of Buffalo. There are no limitations as to the amount of water which
the co. may take from this inexhaustible source. Approx. 13.000,000 gals,
a day are pumped, while an additional mimp which is being installed will
be capable of increasing this amount to 20.000.000 gallons per day. All the
co.’s franchises are unlimited as to time and without burdensome restric­
tions. Co. also furnishes the only potable water for a number of large
Industrial and railroad units. V. 121. p. 2040.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Common 50,000 shs (no p a r ) - . ____
_________ 50.000 shs __________
Pref 50,000 shs (no p a r )___________
See text 10 000 shs ______
1st M 5H % sold Series Af 1925
5V* g M-N *2,188 000 Nov 11950
($1,000, *500. *100)_ -C * t f (Fidelity Tr. Co., Buffalo N. Y., trustee.
Series B (*1,000)_________
1925 5 g J-J
600,000 N ov 11950
(Fidelity Trust C o., Buffalo, N. Y ., trustee.
10-yr 6% conv deb g bonds/ 1925
6 g M -N
1,000,000 Nov 1 1935
($1,000, $500, *100)-_c*tf (Fidelity Trust Co., Buffalo, N. Y ., trustee.
Depew & Lake Erie Water Col 1900
5 g J-D
584.000 June 1 1930
1st (closed) M 5% bonds/Int. at Girard Trust Co., Phila., trustee.
(*1,000c) (assumed)____t f I
Stock.—Preferred stock has preference over common stock as to assets
r*100 per share) and non-cumulative dividends of *5 per annum, and also
participates equally per share with common stock in all dividends paid on
the latter until $8 per share per annum has been paid on pref. stock. Is
red. at *105 per share and has full and equal voting rights with common
stock. Of the unissued 40,000 shares pref. stock, 13,334 shares are re­
served for the conversion of the *1.000.000 10-yr. 6% conv. deb. gold bonds,
and no additional shares may be issued without the consent of at least 2-3
of the amount of preferred stock outstanding.
Bonds.— The ls( M . gold bonds are secured by a direct 1st mtge. upon all
the present and after-acquired property and assets of the co., subject only
to *599.000 (due June 1 1930) assumed bonds on that small part o f the
property formerly owned by Depew & Lake Erie Water Co. For the
retirement of these underlying bonds at maturity, first mortgage bonds
of Western New York Water Co. are reserved. Additional bonds may
be issued in series bearing such interest rates, maturity dates, &c., as
directors shall determine, but only (a) for refunding purposes; (6) for
80% of new construction, &c., and provided net earnings for twelve out
of preceding 15 months have been at least 1-'4, times annual interest charges
on all mtge. bonds, incl. those to be issued. Red. whole or part on 60
days’ notice at 105 and int. Interest payable at trustee’s office or at
Guaranty Trust Co. of N . Y . Penn. 4 mills tax and Mass. 6% tax refunda­
ble. In Oct. 1925 Spencer Trask & Co.. &c., sold *2.000.000 Series A at
96 V and int., to yield over 5.75% . V. 121. p. 2040; V. 122, p. 1612.
S
The 10-year 6% conv. deben. gold bonds dated Nor. I 1925 are convertible
at the option of holders into preferred stock at *75 per share— one share
for each *75 par value of bonds. For this purpose 13.334 out of the 40,000
unissued preferred shares were reserved. Are red. whole or part on 60
days notice at 105 and int. When called for redemption they may at option
of holders be converted into class A pref. stock. Interest payable at
trustee's office or at Guaranty Tr. Co. o f N. Y . Penn. 4 mills tax and Mass.
6% tax refundable. These bonds are accompanied by option warrants
(lOwarrants for each *1,000 bonds) to purchase from the Fidelity Trust

Oct., 1927.]




GAS AN D ELECTRIC

Forty-Five Years
of

Public
Service
w ith a n

Unbroken
Dividend
Record

Gas and Electric Properties

The United Gas Improvement Company
P h ila d e lp h ia

MANAGEMENT — ENGINEERING — CONSULTING

35

36

Co. o f Buffalo one share preferred stock at $30 per share during the first
3 years from date of issue of the bonds, at $40 during the fourth, and at
$50 during the fifth year, after which the warrants empire
In Oct. 1925 Spencer Trask & C o., &c., offered $1,000,000 10 yr. 6%
cony. deb. gold bonds at 98 M and int . to yield about 6.20% . V. 121, p .2040
E A R N IN G S.— For calendar year 1926:
Operating revenues__________________________________________
$599,068
Net Income_________________________________________________
308,745
Non-operating revenue______________________________________
12,428
Fixed charges_______________________________________________
210,837
Depreciation________________________________________________
34,044
Balance, surplus__________________________________________
$76,292
OFFICERS.— Pres., F. S. McGraw; Treas., D. J. Hibbard. Office704 Electric Bldg., Buffalo, N . Y .— V. 103. p. 1894: V. 121. p. 2040. 2878
V. 122, p. 752, 1612.

WILMINGTON GAS CO.
ORGAN IZATION .— Incorp. In Del. In Aug. 1909 as a consolidation of
Wilmington Gas & Fuel Co. and Wilmington Gas & Electric Co
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Supplies gas in Wilmington, New Castle, Elsmere, Oak Grove, Richardson
Park, Ashley, Glynrich, Brock Ex, Roselle, Claymont and Forest Park.
Del. Daily capacity, 4,250X00 cu. ft. 222 miles of mains; meters in use,
26,741; sales 12 mos. ended Aug. 31 1927, 946,103,400.
STOCK AND BONDS—
Date. Interest.
Outstanding.
Maturity.
30.000 shs. __________
Common 30,000 shares (no p a r ) ____ _______
Pref 6% cum $1,500,000 ($100) ___ 6 M-S
1,240.800 S ep t’27 3%
1st & ref mtge $5,000,0001 1909 5-6-7 g M-S 3x90.000 Sept 1 1949
($1,000) gold________ e*tffln t. at Girard Trust Co.. Phila.. Trustee
1st lien & ref mtge ( c * $ l ,000- f 1927
5 g J-J
400,000 July 11957
$5 00)__________________ tf (P a .C o .fo r Insur. on Lives, &c., Phil., trustee
Stock.— Pref i s call, on any div. date on 30 days notice at 105 and divs
Bonds. —Of the 1st & ref. mtge. (now first) bonds $300,000 have additional
coupons attached bearing 1% int., making the rate 6% ; $349 000 have add’l
coupons attached bearing 2% int.. making the rate 7% , and remainder are
5s. Callable at 105 and int. on any int date as a whole and since Sept 1
1924 for sink, fund
Sink fund of $25,000 per annum began June 1 1924.
Penna. 4-mill tax refunded. In Jan. 1922 $50,000 1st & ref. mtge. 5s were
offered by Davtdge, Heald & C o.. N. Y .. at prices to yield 6.50%.
The 1st Hen & ref. mtge. gold bonds, 5% series, are secured by a direct
mtge. on entire property o f co. now owned or hereafter acquired, subject
to the 1st & ref. mtge. (now 1st) bonds outstanding. First lien & ref. mtge.
bonds may be issued in an unlimited amount, in one or more series, in such
amounts and having such rates o f in t., maturity date, &c., as directors
may from time to time determine. Additional bonds may be issued (a) for
refunding; (b) upon pledge o f an equal principal amount o f additional 1st
& ref. mtge. bonds issued; and after exhaustion of the 1st & ref. mtge. bonds
in principal amounts not exceeding 80% o f cost or fair value of plants or
property acquired by company now owned or hereafter acquired, provided
net earnings for a certain fixed period as defined in the mortgage shall have
been at least 1% times annual int. charges on all bonds outstanding, incl.
proposed issue; (c) to provide money to be deposited with the trustee and
to be thereafter withdrawn for any o f the foregoing purposes. Red. on
any int. date at 105 on or before July 1 1937; thereafter at 102 H on or be­
fore July 1 1947; thereafter at 101 until maturity, plus accrued int. in each
case. Penna. tax not exceeding 4 mills refundable. In July 1927 Drexel
& Co. o f Phila. brought out at 98 and int., to yield over 5.13% , $400,000
1st lien & ref. mtge. gold bonds, 5% series due 1957. V. 125, p. 650.
Dividends.— On pref. semi-ann. divs. o f 3*% (M.-S.) are being paid.
EARN IN G S.— For calendar years:
*1927.
1926.
1925.
1924.
Gross___________________ $1,245,722 $1,218,070 $1,142,787 $1,180,631
N e t___________________
446X33
453,115
408,568
388.850
Int. & other deductions.
192,721
191,654
189,116
180.896
Balance,surplus________
253,812
261,461
219,452
207,954
* For 12 mos. ended Aug. 31 1927.
OFFICERS.— Pres., C. H. Geist; V .-P., Edmund Mitchell; Treas.,
H. A. Lang; Sec.. C H. Weak; Gen. M gr., H. S. Schutt.— V. 114, p. 88;
V. 122, p. 2500; V. 125, p. 650.

CENTRAL STATES UTILITIES CO.
O R G A N IZA TIO N .— Incorp. Dec. 4 1924 in Michigan.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
C o. manufactures and sells artificial gas for domestic and industrial pur
poses in Monroe. Cold water. Hillsdale. Grand Haven and Hiehland Park
and Spring Lake in Michigan. Daily capacity o f co’s gas plants, 800,000
cu. ft.; holder capacity, 686,000 cu. ft.: 118.24 miles of distribution mains;
7,743 meters. Population served, 31,677.
STOCK AN D BO N DS—
Date.
Interest. Outstanding. Maturity.
Common 75,000 shs < par)----------no
----------- - 53,000 shs ---------------$161,500
see text
7% cum pref $250,000 ($10)----------7 quar
650.000
Dec 1
6% 1st mtge gold $ 6 5 0 ,0 0 0 /-----6J D
($1,000. $500. $100)____c*'U nion Trust Co. Detroit, trustee.
BONDS.— The 1st mtge. 6% bonds due Dec. 1 1949 are call, on or before
Dec. 1 1929 at 105; on or before Dec. 1 1939 at 104, and thereafter at 10214
Interest payable at trustees' office in Detroit or Guaranty Trust Co. of
N . Y . There is a sinking and improvement fund o f 1 H % o f the bonds out­
standing, payable Dec. 1 in each o f the years 1925 to 1948, both inclusive,
moneys to be used for property additions under certain restrictions and (or)
for ratirement of bonds under this mtge. by purchase or call.
Dividends.— On pref. are being paid regularly.
E A R N I N G S .— F o r ca le n d a r y e a rs:

Depre­

G ro s s ( a ll
Sourr e s t .

1926_____

[Voiu 125.

PUBLIC U TILITIE S

N e t a ft e r
T a xes

F ix e d
C h orees.

c ia ti o n .

$356,529

$123,014 $42,844

$17,057

1 9 2 5 _____________ 3 31 .257

105 ,315

4 3 .0 4 8

18.027

Preferred
Divs. Balance
$11,305 $51,808
1 1 .3 0 5

3 2 ,035

...........
51.939
1924___________ 320.451
x81.148
29,209
x After depreciation.
OFFICERS.— Pres., W. E. Moss, Detroit; V.-Ps., W . S. Thompson
and Hal. H. Smith: Treas., Sec. & Gen. M gr., H. M . Eaton, Detroit.—
Y. 122, p. 2327, 2119.

ARKANSAW WATER CO.
Controlled by American Water Works < Electric Co., Inc., through own­
&
ership « f all outstanding capital stock.
ORGAN IZATION .— Incorp. Dec. 1 1880 in Arkansas.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Co. supplies water for domestic, municipal and commercial purposes in
Little Rock and North Little Rock, Ark., which have a combined population
estimated at 117,000. Co. operates water works serving 18.798 consumers,
and 1,080 city fire hydrants are connected to its mains. Pumping stations
of approx. 22,500.000 gallons and filtration plants of approx. 13.400,000
daily capacity. The source of water supply is the Arkansas River, and an
auxiliary supply from wells; 242 miles o f distribution mains.
Franchise.— Co. operates under an indeterminate permit granted by the
State o f Arkansas.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common ($100)_____________ _____
_________ $1,549,400 -----------------7% cum pref ($100)__________ _____
7
56,000 ---------------1st M 5% g series A ($1.000,/ 1926
5 g A-O
2,750,000 Oct 1 1956
$500 c * )________________ tf (Guaranty Trust Co. o f N. Y ., Trustee.
Bonds.— Additional 1st mtge. bonds may be issued in series of such tenor
as directors may from time to time determine, for (a) 80% of permanent
improvements, &c.; (b) cash deposited with trustee: (c) paying, redeeming
or refunding o f Indebtedness secured by prior liens on property acquired
subsequent to June 30 1926, and (d) the paying, redeeming or refunding of
bonds o f another series. No additional bonds may, however, be issued
except for (c) and (d), unless net earnings for 12 consecutive within 15
preceding calendar months have been at least 1 % times annual interest upon
all 1st mtge. bonds outstanding, those to be issued, and all indebtedness
secured by prior liens, if any, on property acquired subsequent to June 30
1926, except such part thereof as will be paid or retired from the proceeds
or through the issue o f the additional bonds applied for. Net earnings to




be arrived at after charging at least 5% of gross revenues to operating
expenses for repairs and current maintenance.
In event that any municipal corporation or other governmental subdivision
within the territorial limits of which co. shall then be operating, shall
acquire all of the major portion in value of the water works properties of
co. and shall assume payment o f principal and int. of all bonds issued unuer
the mtge. as a valid and binding general obligation, all liability and obliga­
tion of co. upon the bonds and the coupons shall forthwith cease. In
event that any such municipal corporation or other governmental sub­
division shall acquire all or any part of the water works properties oi co.,
ana shall not assume the payment of principal and interest of ail bonds
issued under the mtge. then bonds in principal amount not exceeding the
price paid for the property so acquired, may, at the option of the co. be
declared due and payable at 100 and int.
Series A dated Oct. 1 1926 are red. whole or part on 30 days’ notice at 105
to and incl. Oct. 1 1936, and at 1 % less during each 5-year period there­
after to and incl. Oct. 1 1951, and at par thereafter; plus int. m each case.
Penn. & Conn. 4 mills, Maryland 4)4 mills and Mass. 6% taxes refundable.
In Sept. 1926 W. C . Langley & Co. and Halsey, Stuart & C o., Inc., offered
$2,750,000 series A at 95)4 and int., to yield 5.30% . V. 123, p. 1760.
All of the outstanding $1,789,000 lsl mtge. 6s, series A , due Nov. 1 1930,
were called N ov. 1 1926 at 102 and int. V. 123, p. 1873.
E A R N IN G S.—For calendar years:
*1927.
1926.
1925.
1924.
Gross earnings_________
$625,805
$624,105
$605,834
$553,459
Net after maint. & taxes
320,232
331,136
309,268
270,306
Bond interest__________
131,636
114,042
107,340
107,340
Other interest & amorb_.
21,320
36,530
33,186
26,735
Renewal & replac. res_
_
31,178
30,057
28,712
27,105
Net income__________
$136,098
$150,507
$140,030
$109,126
* For 12 months ended July 31 1927.
OFFICERS.— Pres., E. VV. Clark; V.-Ps., D. M . Watt and W. D.Freer;
Sec., E. A. Geehan; Treas., S. R. Brough, Asst. Sec. & Asst. Treas., T . B.
Davis.— V. 123, p. 1630, 1760, 1873; V. 124, p. 1064.

C IT H E R N

ICE AND UTILITIES CO.

ORGANIZATION.— Incorporated in Texas in 1916.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company owns and operates 39 artificial ice plants, 12 ice cream plants
12 railroad car icing docks and 2 creameries, located in important cities
and towns in Texas, Oklahoma, Arkansas and Louisiana. Including whole­
sale as well as retail distribution over 300 communities are served with ice;
population, 960,000. The ice plants have an aggregate daily capacity ©f
2,662 tons and an ice storage capacity of 75,000 tons. Company ices or
re-ices cars of several railroads and also does a commercial cold storage
business, having 1,610,000 cu. ft. o f refrigerated warehouse space for the
storage of perishables. Ice cream plants have a total daily capacity of
9,500 gallons; company’s creamery plants can produce 9,500 pounds o f
butter daily. Among the more important cities served are Dallas, Fort
Worth, Paris, Texarkana, Denison, Sherman and Corsicana in Texas,
Muskogee, McAlester and Sapulpa in Oklahoma and Little Rock and
Pine Bluff in Arkansas.
Recapitalization, see V. 121. p. 461.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common, class A non-voting
160.000 shs (no par)_______ _____
_________ 30,000 shs. _________
Common class B (voting)
150.000 shs (no par)_______ _____
.140,000 shs ...................
$7 div series pref (no par)_________
$7 Q-M
30,000 shs. Mar’27,$1.75
See text
Particip $7 ser pref /no p a r ) _ . ____
6 g F-A
1st M g bonds $30,000.0001 1926
$3 ,920,000 Feb " j ” 1946
con 6%ser($l ,000,$500c*t'f)/The Equitable Trust Co. of N . Y .. Trustee.
Stock.— The participating $7 series preferred stock ranks junior to the
pref. $7 dividend series and is entitled to receive cumulative dividends o f
$7 per annum and an additional $1 before the common stock receives more
than $4 per share in any year. The total authorized number of preferred
shares of both series combined is ]00.000.
Of the authorized class A common stock a sufficient number is reserved
for the bond conversion privilege. See under “ Bonds" below. Class A
and class B stocks are identical except as to voting power.
Bonds.— The is( mtge. gold bonds, convertible 6% series, due Feo. 1 1946,
are secured by a direct first mortgage on all of the fixed assets, incl. after
acquired of the co. Additional bonds o f any series of such tenor as directors
may from time to time determine, may be issued from time to time In
series for 70% of new additions, &c., owned in fee and subject to the lien
of the mtge. as a first lien thereon and against which no bonds have previous­
ly been issued provided net earnings for 12 consecutive out o f preceding
14 months have been at least 2 )4 times annual interest requirements on all
1st mtge. gold bonds outstanding, incl. those to be issued.
Each $1,000 convertible 6% series bond is, at holders option, convertible
into class A common stock at any time with cash adjustment of interest on
the following basis;
28 shares for the first $500,000 bonds presented for conversion.
24 shares for the next $600,000 bonds presented for conversion.
22
1949 shares for the next $600,000 bonds presented for conversion.
20 shares for the next $600,000 bonds presented for conversion.
18 shares for the next $600,000 bonds presented for conversion.
16 shares for the next $600,000 bonds presented for conversion.
14 shares for the next $500,000 bonds presented for conversion.
There is a sinking fund commencing Feb. 1 1927 and semi-annually
thereafter of 1% of the largest principal amount of this series theretofore
issued, to purchase or redeem and thereafter cancel bonds of this series.
This sinking fund is to retire approx. 40% of the bonds of 6% series of 1926
by maturity. Red., whole or part, on between 30 and 60 days’ notice, at
105 and int. to and incl. Feb. 1 1928, thereafter at l less during the ensuing
A
2-year period, and decreasing )4 % every 2-year period thereafter. Penn.,
Conn, and Calif. 4 mills, Maryland 4)4 mills, Kentucky 5 mills and Mass.
6% taxes refundable. In Jan. 1926 John Nickerson & Co. offered $3,500,000 1st mtge. gold bonds, convert. 6% series, dated Feb. 1 1926 at 97 and
int., to yield 6.25% . V. 122, p. 750. $500,000 additional bonds o f the
same series were offered in March 1926 at 97 and int.
Dividends.— On the $7 pref. an initial div. o f $1 75 was paid in Sept. 1925,
and regularly since. On the partic. $7 ser. dividends are being paid regu­
larly.
EARNINGS.— Consolidated earnings 12 months ended Oct. 31:
1926.
1925.
1924.
Gross earnings ____________ ________ $3,643,982 $2,750,112 $4,247,580
Operating expenses________ - ............
2,715.496 1,869,954 1,636,591
Net re v e n u e --------------- ..............
Other income________ ______________

$928,486
36,326

$880,158
74,327

$610,989
15,024

Total income______________ ................
Fixed charges________________________
Depreciation________________ .................
Federal taxes_______ ________ _________

$964,812
270.338
322,834
50,000

$954,486
170,045
307.440
46.609

$626,013
159.533
280,369
29,472

B alance.. ____________ -. _________
Preferred dividends_________ .................
Common dividends__________

$321,640
214,200

$430,331
70,193
46,000

$156,639
10,472
42,000

$107,440 $314,138
$104,167
Balance carried to surplus__________
Latest Earnings.— For year ended July 31 1927: Sales, $3,870,656; net
available for interest, depreciation and Federal taxes, $974,707.
OFFICERS.— Pres. & Gen. M gr., C. W . Dawley; V .-P ., C . S. Dawley;
V .-P ., W . L. Martin; Sec. and Treas., C. A . Fullinwider.— V . 120, p. 1882;
V. 121, p. 461; V. 122, p. 493, 750, 1312, 1457, 1764; V. 124, p. 1068, 3069.
3497, 3632; V. 125, p. 1326.

LOUISIANA ICE & UTILITIES, INC.
Control.— Commonwealth Utilities Corp. owns all the common stock
and 7% cum. pref. stock except directors’ qualifying shares.
ORGANIZATION.— Incorp. in Louisiana in Feb. 1926 to acquire and
consolidate under one management ice and utilities properties located in
La., Miss, and Texas. Co. is pnmardy engaged in the manufacture and
sale of artificial ice. M ost of the products are distributed through its own
delivery system, which serves 29 communities, having an urban population

O ct., 1927.]

in excess o f 200,000, with ice at retail. It also does considerable icing or
re-icing o f cars for the following railroads: Missouri x acific, Texas &
x acific, Gulf Coast Lines, and the American Refrigerator Transit Co. It
operates electric light and power plants at Bunkie, Colfax and Lutcber,
La., and transmission lines which serves 10 Louisiana towns with
electric light and power. Further plans for a considerable extension of the
electric light and power business are under consideration. Co. ice plants
are stated to be modern, and have a daily capacity of approximately
1,200 tons with ice storage capacity o f 18,000 tons and refrigerated ware­
house capacity o f 700,000 cubic feet. Ice sales, 1926, over 200,000 tons.
The ice plants are located at Baton Rouge, Lutcher, Alexandria and
Bunkie, La.; Gulfport, Biloxi and xascagoula, Miss.; Wichita Falls, Com­
merce, and Denton, Tex. Ice cream is manufactured at Baton Rouge and
Bunkie, La., and Commerce, Texas. Over 80,000 gal. ice cream sold in
1926. V. 122, p. 3082.
STOCK AND BONDS—
Date.
Interest. OutstandinO.Maturity.
Common 16,000 shs (no p a r ) . . ____
_______
15,000 shs __________
8% cum pref $1,000,000 ($ 1 0 0 )____
8
$841,700
............
7
150,000
7% cum pref $150 000_______ _____
________
Trust mtge gold ($15,000,000)/Libert Central Tr. C o., St. Louis, trustee.
Ser A conv 6% $2,500,0001
($1,000. $500c*)______tf \ 1926
6 g A-O
2,500,000 April 1 1946
Serial 0% notes, 1929-30-31 _______
6
300,000
-----------Bonds.— Additional 1st mtge. bonds may be issued from time to time in
series o f 70% o f additions, betterments, and impts. M ay also be issued
against acquisitions or construction o f additional property, although subject
to prior or equal liens, provided trustee reserves 1st mtge. bonds equal at
least to principal amount o f such prior liens for retirement of said prior
liens on or before maturity, and also that such underlying bonds shall never
exceed in par amount outstanding 25 % o f these 1st mtge. bonds outstanding.
No additional bonds may be issued unless net earnings of co. before bond
int. and deprec. for any 12 consecutive out of preceding 14 calendar months
have been at least 3 times annual interest requirements on any prior liens
and all 1st mtge. bonds outstanding, incl. proposed issue.
These bonds are secured by a direct first mortgage on all the fixed assets
o f the company.
SinkinO Fund.— Beginning April 1 1929 and annually thereafter, co. will
deposit with trustee for purchase or redemption o f the outstanding bonds
o f this issue, an amount equivalent to 3% of the principal amount of such
bonds outstanding on the first day of April preceding such deposit. The
sinking fund will retire approximately 40% of this issue before maturity.
Bonds retired through the sinking fund will be canceled.
Conversion ProvileOe.— Bonds of the conv. 6% series A are convertible
at holder’s option into class A common stock o f the Commonwealth Utilities
Corn, on the following basis: Dp to Dec. 31 1927, 20 shares o f stock for each
$1,000 of bonds, and up to Dec. 31 1936, 16 shares o f stock for each $1,000
o f bonds.
Conv. 6% series A are red., all or part, on any int. date at 105 and int.
up to and incl. April 1 1931, up to and incl. April 1 1936 at 104 and int..
thereafter at 103 and int. Pa., Conn, ana Calif. 4-mills, M v. 4 H-mills.
K y. 5-mills, and Mass. 6% taxes refundable. Int. payable at Chicago.
St. Louis, or New York. In M ay 1926 Liberty Central Trust Co, St..
Louis; Chicago Trust C o., Chicago, and John Nickerson & C o., N. Y . City,
offered $2,000,000 1st mtge. g. bonds, conv. 6% series A, at 9714 and
int. to yield about 6 H % - In Jan. 1927 Central Trust Co. of St. Louis,
Chicago Trust Co. and John Nickerson & Co. offered $500,000 additional
1st mtge. gold bonds conv. 6% series A at 98 and int., yielding about 6.20%.
Listed on Chicago Stock Exchange. V. 122, p. 3082; V. 124, p. 372.
EARNINGS.— Earnings o f company’s properties for 12 mos. end Sept. 31
1926.
1925.
Net sales________________________________________$1,951,410 $1,904,093
556,344
528,827
Net earnings before depreciation and interest_____
Latest Homings for 12 mos. ended M ay 31 1927: Gross, $2,271,561:
operating expenses, maintenance, costs and general taxes, $1,668,465;
balance, $603,096.
OFFICERS.— Pres., WHey F. Corl; V.Ps., Geo. E. Wells, Edwin Hard­
ing and James R . Egan; 8ec., O. J. Pope; Treas., Paul D. Taylor.— Y . 122,
p. 3082; Y. 123, p. 1251; V. 124, p. 371, 372, 646; V. 125, p. 518.

(THE) SOUTHWEST UTILITY ICE CO.
ORGAN IZATION .— Incorp. in Maryland in 1926. Owns all of th
capital stock of El Reno Utility Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Co. and its subsidiary. El Reno Utility C o., own and operate 16 modern
artificial ice plants, 30 ice storage plants, 6 ice cream plants and creameries.
Ice is distributed wholesale and retail in over 91 communities, including
Enid, El Reno, Altus, Hobart, Ponca City and Blackwell, having an aggre­
gate total population of approx. 206,000. With the exception or one smal
plant and 2 ice storage plants, all of the above properties are in Oklahoma.
V. 122. p. 2949.
Note.— Under the laws o f the State of Oklahoma, the ice industry is a
public utility, operating under the jurisdiction o f the Corporation Commis­
sion o f the State.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Common 50,000 shs (no p a r ) . . ____
_________ 50.000 s h s __________
Cum pref $1,500,000 ($100).......................................
$495,000 __________
1st mtge 6 % sinking fund gold
($10,000,000)-.....................• 1926
6 M -N
1,600,000 M ay 1 1941
Series “ A ” ($1,000, $500, Equitable Trust Co., New York, trustee.
$100. c * ) - _ ......................
Serial gold notes $100,000_________
_________
100.000 __________
Bonds.— The 1st mtge. 6% s. f.gold bonds. Series " A ." dated May 1 1926.
are listed on the Chicago Stock Exchange. They are secured by a direct
first mtge. on all of the fixed assets of c o ., incl. after-acquired property. In
addition, all the capital stock of El Reno Utility Co. is pledged under
the mtge. To a sinking fund commencing May 1 1927, co. is to pay for the
retirement of Series A bonds through purchase or redemption an amount
in cash or in Series A bonds equivalent annually to 2% (payable semi­
annually) of the greatest amount of Series A bonds theretofore Issued;
moneys may be used to purchase Series A bonds at not exceeding redemption
price. Red., all or part, on 30 days’ notice on any int. date at 105 & int.,
on or before May 1 1931, with successive reductions o f ]A % during each year
thereafter. Penn., Conn., Calif, and Mich. 4-mills. Maryland 4j-4-milLs,
Iowa and Dist. o f Col. 5-unllls and Mass. 6% taxes refundable. In May
1926 Hoagland, Allum & Co., Inc., offered $1,600,000 Series A at 97 H and
int., to yield over 614%. V. 122. p. 2949.
EARNINGS.— Consolidated earnings for calendar years:
1925.
1924.
Gross income______________
$1,284,434 $1,045,241
Oper. exp. (incl. $15,050int. on subsid.obliga’ns).
929,037
833.407
Avail, for int., deprec. &Federaltaxes_________
Annual int. on 1st mtge. 6% Ser. A bonds________

$355,397
96,000

Balance______________________________________
IN D E X .— V. 122, p. 2949; V. 123, p. 2392.

$259,397

$211,833

ATLANTIC CITY (N. J.) SEWERAGE CO.
ORGAN IZATION , &c.— Incorp. in 1888 in New Jersey for the purpose
o f installing and operating a system of sewage collection and disposal in
the city o f Atlantic City, N . J. Furnishes sewerage service to practically
the entire city and has over 112 miles of trunk sewers, constructed under
modern enginewing methods. Furnishes service to over 13,500 hotels,
apartment houses, dwellings and business houses. Its disposal plants (4 in
number) are constructed and operated under the supervision of the State
and local boards of health and dispose o f sewage and house wastes amounting
to approx. 10,000.000 gallons daily. The residential population o f Atlantic
City is about 60.000 and the transient population ranges as high as 500.000
during certain seasons of the year. Co. is under the jurisdiction of the
New Jersey P. U. Commission and the State and local boards of health.
Under the rulings o f the Commissioners Co. is allowed a net return of 7 %
on its total capitalization of properties, used and useful. V. 123. p. 2894.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Cap stk 75,000 shs (no par)_ _____
_
_________ 75,000 s h s __________
1st mtge sink fund g series A / 1926
6 g J-D
$1,500,000 Dec 11956
($1,000 c * )____________ t f'I n t . at Garfield Nat. Bank, N . Y ., trustee.
Bonds.— The 1st mtge. s. f. gold bonds are red. all or part on 30 days’
tice through Dec. 1 1936 at 105; through Dec. 1 1940 at 104; through




37

GAS AND W A TE R

Dec. 1 1944 at 103; through Dec. 1 1948 at 102; through Dec. 1 1952 at
101, and after Dec. 1 1952 at 100; in each case with interest. Additional
bonds may be issued for 70% of improvements subject to approval and
authorization of the P. U. Commission and subject to other restrictions of
the mtge. There is a sinking fund o f not less than M % on ail outstanding
bonds to be paid to trustee annually after 1926 for purchase at or below
redemption price: otherwise for call of bonds at such price. Not less than
9% o f gross earnings is to be expended for improvement, maintenance,
depreciation, &c. In Dec. 1926 Charles A . Frank & Co., New York, sold
$1,500,000 6% series A at 100 and int. V . 123, p. 2894.
EARNING S.— For calendar years:
1926.
1925.
yl24.
1923.
Operating income______
$432,578
$417,453
$347,635
$278,377
Oper. expenses & tax es..
202,070
203,131
196,168
155,306
Net operating income.
Other income__________
Interest requj’ements 1st
mtge. bonds_________

$230,508
2,826

$214,322
1,980

$151,467
2,359

$123,071
746

$233,334

$216,302

$153,856

$123,817

62,820

Balance_____________
$170,514
y 1924 operating income at new rates, effective'as of June 1 1924.
OFFICERS.'—Prest. Frank C . .toucher; V ice-tres., E. E. Watts; Sec.
W. S. Faddis; Treas., Joseph F. Calvert.-—Office, Guarantee Trust Bldg..
Atlantic City, N. J.

FLORIDA WEST COAST ICE CO.
Control.-—-All of the common stock is owned by the National Public Ser­
vice Corp.
ORGANIZATION.— Incorp. under the laws of Florida in 1926. Co. has
acquired the ice and cold storage business of the Pinellas Ice & Cold Stor­
age Co. and the Citizens’ Ice & Cold Storage Co. The predecessors of
these companies started business in 1912.
FIELD OF OPERATIONS AND CHARACTER OF BU8INE8S.—
Company now serves a permanent population o f 100,000, which increases
during the winter months, to about 250,000. The territory Includes the
cities of St. Petersburg, Tarpon Springs, Clearwater and various other
municipalities on the Pinellas Peninsula. It also furnishes in St. Petersburg
a small amount o f cold storage for the convenience of its patrons. Over
80% of the company’s product is sold at wholesale. For its retail business
it maintains in the larger municipalities a fleet of auto delivery trucks and
also supplies local dealers from its own platforms.
Company owns 8 new ice manufacturing plants with the necessary ice
storage, having a daily capacity of 515 tons. Over 50% of the company’s
daily capacity was not in operation prior to Jan. 1 1926. During the year
ended July 31 1926 90,000 tons of ice were sold.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
Common 50,000 shs_________ _____
_________
50,008 __________
Pref $7 series 50,000 shs______ _____
$7
None ---------------1st mtge s f 20-yr ser A $10,-/ 1926
6 g D-J
$1,900,000 Dec 1 1946
000,000 (c* $1,000, $500) tf [For trustees, see below.
Bonds.— The 1st mtge. sinking fund 20-year 6% gold bonds, series A , dated
Dec. 1 1926, are secured by a direct 1st mtge. on plants and properties
owned by the company. Additional Bonds.— There are available for the
general corporate purposes of the company $100,000 additional bonds.
Additional bonds (in excess of $2,000,000) may be issued under the restric­
tions provided in the trust indenture to reimburse the company for perma­
nent improvements, extensions, additions, plants or property acquired or
constructed by the company in the State of Florida subsequent to Dec. 20
1926 to a principal amount not exceeding 66 2-3% of the cost or fair value
thereof (whichever Is less), if the trust Indenture shall constitute a 1st mtge.
thereon, and to a principal amount not exceeding 40% of the cost or ftiir
value thereof (whichever is less) if the same are fixtures to real property
leased to the company. For the issuance of such additional bonds the
trust indenture requires that the net earnings of the company available for
bond interest, as defined in the trust indenture, for 12 consecutive calendar
months within the 15 months next preceding, shall have been at least equal
to 2 % times the annual interest requirements on all bonds then outstand­
ing under the trust indenture and those to be Issued. Such additional bonds
may bear such rate of interest, date of maturity, &c., as directors may from
time to time determine. The trust indenture provides for semi-annual
payments to sinking fund. Special Fund.— Company covenants that In
each year beginning with 1927 It will expend not less than 14% (except as
such percentage may hereafter be revised) of its gross operating revenue for
one or more of the following purposes: (a) Maintenance, renewals and re­
placements; (5) retirement (by sinking fund or otherwise) of 1st mtge.
bonds, and (c) additions to property in respect of which no 1st mtge. bonds
can be authenticated or cash withdrawn under the trust indenture.
The series A 1st mtge. bonds are red. at any time, all or In part, on 30
days’ notice at 103 and int., reducing M of 1% on Dec. 1 1935 and o f each
Dec. thereafter up to maturity. Trustees.— Guaranty Trust Co. o f N . Y .
and Central National Bank & Trust Co. of St. Petersburg, Fla. Company
agrees to reimburse bondholders in Penn., Conn., Calif., Maryland, Mass,
or the Dist. of Columbia for taxes levied by such States or District on bonds
or income therefrom, properly paid by such holders, not exceeding the
personal property or income taxes in such effect therein on Dec. 1 1926.
In Jan. 1927 E. H. Rollins & Sons, Howe Snow & Bertles, Inc., and 8troud
& C o., Inc., brought out $1,900,000 1st mtge. sinking fund 20-year 0%
gold bonds, series A, at 97 and int., to yield 6 )4 % . V ■ 124, p. 241.
EARNINGS.— For 12 months ended Oct. 31 1926:
$633,432
Gross earnings_______________________________________
313,728
Net after operating expenses_________________________
114,000
Interest charges_____________________________________
Balance for depreciation. Federal taxes and dividends______

$199,728

OFFICERS.— President, H. D . Polhemus.— Y . 124, p. 241.

Florida West Coast Ice
Company
Operates 10 ice plants located in
important communities in Florida
Subsidiary of National Public Service Corporation

Outstanding securities of this Company
bought, sold and quoted
Write for Circular 215

Howe Snow & Co.
Incorporated

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
Minneapolis
Philadelphia

38

PUBLIC U TILITIE S

[V ol. 125.

New England States
POWER, LIGHT AND RAILWAY

MAINE
NATIONAL ELECTRIC POWER CO.
Management.— Properties operated under the general supervision and
management o f Electric Management & Engineering Corp. of New York.
ORGAN IZATION .— Incorp. In Maine March 3 1925. as a holding com­
pany, and acquired over 99% o f the com. stock o f the Cumberland County
Power & Light Co. of Portland, M e. (see statement below), and all of the
com. stock o f the Northwestern Public Service Co. (V. 119, p. 1744).
Later acquired all the common stock except directors qualifying shares of
the following operating companies: Penn Central Lt. & Pow Co., Kansas
Elec. Pow. Co. (which controls Ohio Electric Power Co. and has acquired
property of Eastern Kansas Power C o.), Southwest Power C o., Michigan
Elec. Pow. C o., Ohio Elec. Pow. C o., which controls Union City (M d.)
Elec. Co. and has acquired property of Miami Valley Elec. Co. and Union
City (Ohio) Elec. Co. Also owns all of the capital stock of Electric Manage­
ment & Engineering Corp. V. 121. p. 1462, 330.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Through its subsidiary operating companies serves a population estimated
at over 1,125,000, embracing over 450 communities in Maine, Penn., Ohio,
Indiana, Michigan, Kansas, Oklahoma, Arkansas, South Dakota and
Nebraska, with light and power. Gas is manufactured and distributed
in nine communities, and a street railway system is operated in and about
Portland, M e., under a lease expiring in the year 2011. Small street rail­
ways are also operated at McAIester, Okla., Lawrence, Kan., Lewiston,
Pa., and a bus line at Emporia, Kan.
The operating subsidiaries have a normal installed generating capacity of
173,655 k.v.a., of which 29,562 k.v.a. is hydro-electric. The combined
length o f the high-tension transmission lines is in excess o f 2,750 miles.
Combined output for year ended Dec. 31 1927, incl. purchased power, was
486,287,011 k.w .h. Total number o f gas and electric consumers is in excess
o f 181,000, o f which 163,625 are electric light and power consumers.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com cl “ A ” 500,000 shs(no p a r )____
.
244.002 F e b ’26,45c.
- 460,000 shs __________
Cornel " B ” 1,000,000shs(nopar)_
_
Pf 7% cum $12,000,000 ($ 1 0 0 )____
Q-J
$5,050,000Oct'26,lM %
20-yr sec bds ser of 1925($100,1 1925
6 g M-S
8,750,000 Mar 1 1945
$500 & $1,000) gold- _c*.tf IEquitable Trust C o., New York, trustee.
Stuck.— Pref. 7% cum. stock has preference over the com. stock both as
to assets and cum. divs. Callable at 110 and divs. on 30 days’ notice.
Full voting power is vested in the com. class “ B " stock unless four quarterly
dividends are in arrears, in which case the cumul. pref. has voting power.
$1,500,000 was offered in Mar. 1925 by A. C. Allyn & Co., Inc., and Howe,
8now & Bertles, Inc., at 95 and div. V. 120, p.1586, 2550. $2,000,000
was offered by them at the same price in Aug. 1925. V. 121, p. 707. In
Oct. 1925 the same bankers sold $1,000,000 additional 7% cum. pref. stock
at 95 and div., to yield 7.36% . V . 121, p. 2038. Listed on Chicago
Stock Exchange.
Common Class " A ” stock has preference over Class “ B” com. stock as to
assets to an amount o f $33 per sh.; as to n-c. divs. o f $1 80 per sh. per ann.
After both classes have received $1 80 per ann., class “ A ” and class “ B ”
stock will receive each ft o f the total amount o f any additional divs. to
be paid. Class “ A ” stock is non-voting, except in case the company shall
have failed to declare during 2 years divs. aggregating $3 60 per share
class “ A ” stock. V. 121, p. 330. In Oct. 1925, Howe, Snow & Bertles,
Inc., and A. O. Allyn & C o., Inc., sold at $26 50 per share 65,000 additional
shares o f class “ A ” participating stock. V . 121, p. 1909. Listed on Chi­
cago Stock Exchange.
Common Class “ B" stock has full voting power.
Bonds.— 20-year bonds are secured by pledge o f approx. 99 4$% o f the
Outstanding com. stock o f Cumberland County Power & Light C o., the
entire com. stock except directors’ shares o f Northwestern Public Service
Co., Kansas Electric Power Co. and Southwest Power Co. Additional
bonds may be issued in principal amount, not to exceed 75% o f the cost of
additional securities acquired, under certain restrictions. Sinking fund, 1 %
annually o f greatest amount outstanding during preceding year for five
years beginning Mar. 1 1927, 14$% annually for five years beginning
Mar. 1 1932, 2% annually for five years beginning Mar. 1 1937. and 24$ %
annually beginning Mar. 1 1942 to maturity. Callable, all or In part, on

National Electric Power Company
Subsidiaries serve combined population of
about 1,125,000 in Maine, Pennsylvania,
West Virginia, Ohio, Kentucky, Indiana,
Michigan, South Dakota, Nebraska, Kansas,
Oklahoma and Arkansas.
Outstanding securities of this Company
bought, sold and quoted
For detailed information write for
Circular 211

Howe Snow & Co.
Incorporated

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco Minneapolis
Philadelphia




30 days’ notice at 105 and int. to Mar. 1 1926, less K o f 1 % each year there
after to Mar. 1 1944. Penna. and Conn. 4 mills tax, Maryland 44$ mills
tax, Mass. 6% income tax and California personal property tax not exceed­
ing 4 mills per annum refundable. $3,750,000 were sold In Mar. 1925 by
A. C. Allyn & Co., Inc., Howe, Snow & Bertles, Inc., and R. E. Wilsey &
C o., Inc., at 97 and int., to yield over 64$%. V. 120, p. 1459. $3,000,000
were sold In July 1925 at the same price and yield by A. C. Allyn & Co. and
Howe, Snow & Bertles, Inc. V. 121, p. 459. In Oct. 1925 the same
bankers offered $2,000,000 additional bonds at 97 and int., to yield over
644%. V. 121, p. 1909.
Dividends.— On class “ A ” com. an initial quar. div. of 45c. was paid
Nov. 2 1925. Holders had the option of receiving l-50th of a share instead
of cash. V. 121, p. 1789, where full details are given. Similar dividends
with option were paid in cash Feb., M ay and Aug. 1926. Declared div. of
45c. payable Feb. 1927, but without option o f receiving l-50th o f a share
in place o f cash.
Consolidated Income Account for Calendar Years (Co., Subs. & Leased Prop.).
1926.
1925.
Gross earnings__________________________ $17,251,682
$15,641,365
Expenses, taxes (incl. Federal), depreciation, &c__ 10,735,290 9,715,832
3,741,207
x Fixed charges, &c_____________________ 3,989,953
Annual int. chargesN. E . P. Co. 20-yr. 6% bonds.
525,000
525,000
Annual dividend on preferred stock_______
348,320
315,000
Surplus avail, for class A & class B com. stocks._ $1,653,119 $1,344 326
x Includes interest charges and amortization on funded debt and divdends paid or accrued during the year on pref. stocks of subsidiary cos.
OFFICERS.— Chairman o f the company, Samuel Insull; Vice-Chairman
Martin J. Insull; Pres., Harry Reid; V.-Ps., Alan E. Burns, Phillips B.
Shaw and Leo Loeb; V .-P . & Treas., C . B. Zeigler; Special Vice-Pres.,
W . R. Porter; Sec. & Asst. Treas., W . W . Bell; Asst. Sec., John S. Sheddon.
Office, 57 William St., N. Y . City.— V. 120, p. 1459, 1586, 2550; V. 121,
p. 330, 459, 707, 1462, 1789, 1909, 2038, 2274, 3004; V. 122, p. 213, 480.
1918, 3083; V. 123, p. 207, 581; V. 124, p. 373, 1667, 3496, 3630.

CUMBERLAND COUNTY POWER & LIGHT CO.
CON TROL.— Controlled by National Electric Power C o., which owns
over 99% of the capital stock, V. 121, p. 329 (see above). Compare Y.
120, p. 955. Under supervision of Elec. Mgt. & Eng. Corp. of N . Y.
ORGANIZATION.— Incorp. in Maine March 14 1907. On Feb. 1 1912
leased for 99 years the Portland R R . Co. V. 94, p. 826. In July 1912
acquired all the properties, rights and franchises of Consolidated El. Lt. Co.
of Maine, Portland Lighting & Power Co. and Portland Electric C o., which
cos. were previously controlled through stock ownership. On Dec. 18 1912
purchased capital stock of the Osslpee Valley Power Co and the York Lt.
& Heat Co. and in April 1913 these properties were succeeded by the York
County Pow. Co., which co., together with the Westbrook Elec. C o., was
merged in June 1923, the Cumberland co. assuming all obligations, &c.
V. 97, p. 368. Owns approximately one-third of the capital stock o f the
Androscoggin & Kennebec R y. Co. (See on another page). V . 117, p. 552.
Compare V. 116, p. 75, 1761, 1759.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Does entire electric light and power business of Portland, M e., and vicinity,
Through subsidiary companies operates street railway systems of Portland
and South Portland, with lines to Yarmouth, Cape Elizabeth, Saco, Old
Orchard, Westbrook, Gorham and South Windham. The electric light
and power business in Biddeford, Saco. Old Orchard. Kennebunkport,
York Harbor. Alfred. Sanford, Springvale; also gas in Biddeford and Saco.
Co. owns or controls 5 hydro-electric power plants with a total normal
capacity of 28,125 k.v.a. Total hydro and steam, 54,625 k.v.a. Oper­
ates 219 miles of transmission lines. Substation capacity, 75,710 k.v.a.
Serves 55 communities. Under its lease from the Portland R R . C o., it
operates 124 cars. Miles of track, single track basis, 101.2. Total popu­
lation served estimated at 150,000.
Franchises.— The franchises under which the companies operate are
stated to be exceedingly liberal and to have no burdensome restrictions:
m a n y are u n lim ite d as t o t im e .

STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 40'000 shs (no par) ______
39,988 shs.
See text
Q-M
Q-F
Pref ($100) 6% cum red a t ) ____
$4,024,000 Aug’26, 14$
120 & accr div___________ /
1st mortgage 44$% series/ 1926
44$ g J-D 9,000,000 June 1 1956
$1,000 c * )______________ tf/O ld Colony Trust C o., Boston, trustee.
Stock.— Both classes or stock are listed on the Boston Stock ExchangeY. 95, p. 1206. Pref. is tax free to holders in Maine. In Aug. 1924
Beyer & Small and other Portland, M e., bankers offered $1,000,000 6%
pref. at 86 and div., to yield about 7% . V . 119, p. 810.
Bonds.— All of the outstanding 1st and ref. rntge. 5% g. bonds due Sept.
1 1942 were called for payment Sept. 1 1926 at 105 and int. Y. 123. p. 82 .
The 1st mtge. bonds are secured by a direct first mortgage on all of the
fixed property of the co. Additional 1st mtge. bonds may be Issued in such
series as directors from time to time determine for 75% of permanent
additions less principal amount of prior liens outstanding thereon, if any,
or against cash, provided earnings applicable to bond int. for 12 consecutive
within preceding 15 calendar months nave been not less than twice annual
interest charges on all 1st mtge. bonds outstanding inch proposed issue, and
all “ outstanding prior lien bonds.” M ay also be issued for refunding pur­
poses. The mtge. contains no provision for the issuance of 1st mtge. gold
bonds against railway property. Additional bonds may be issued In series
of such tenor as directors may from time to time determine, except that they
shall not mature longer than 30 years from date of Issue, but, except as to
sinking funds which may be established for the exclusive benefit of a
particular series, all bonds of all series shall be equally and ratably secured
by the mortgage. There is an annual sinking fund for 44$% series, due
June 1 1956 of 1 % of the principal amount of this series outstanding to be
paid to trustee on June 1 1928 and on each June 1 thereafter to and Incl.
June 1 1955, moneys to be applied to the purchase or redemption and
cancelation of bonds of this series at not exceeding their redemption price
plus interest. Oo. may tender bonds of this series instead of paying cash
to trustee. Red. all or part on 60 days’ notice at 105 and Int. to and incl.
June 1 1936 less 4$ % each June 2 thereafter, the bonds being red. on Dec. 1
1955 at 100 & Int. Int. payable in New York, Chicago, and Boston.
Penna. 4-mills tax refundable. In June 1926 Harris, Forbes & Co. and
A. C. Allyn & C o., Inc., offered $9,000,000 44$% series, due June 1 1956,
at 944$ and int. to yield 4-85%. V. 122. p. 3604.
All of the outstanding Portland Lighting & Power Co. 1st mtge. bonds
due April 1 1931 were called for payment Oct. 1 1926 at 103 & Int. V.
123. p. 709
The $81,500 5% bonds o f the York Light & Heat Co. due April 1 1927
were paid off at maturity. Y. 124, p. 1978.
Dividends.— 6% p. a. was paid on the pref. stock from Feb. 1 1912 to
May 1 1918, both incl.; none thereafter until Feb. 15 1921 when 6% was

O ct ., 1927.]

POW ER, L IG H T AND R A IL W A Y

paid on account o f accumulations; since then regular dividends; Jan. 15
1922 paid stock div. of 10% on account of accumulations; May 1 1918 paid
div. In scrip. On com., in 1916, $1; 1917, 83; none to Dec. 31 1922; In
1923, 84; 1924, 85; 1925, $8; 1926, 88.
EARN IN G S.— Of combined properties for calendar years:
Net (after De­
Dec. 31
Gross
Interest,
Preferred &
Balance
Y earEarnings. cree. & Taxes).
&c.
Com. Divs.
Surplus.
1926.......... $4,026,673' $1,515,888
$223,942
$730,530
$561,416
1925.............. 3.892.442 1.520.209
758.056
263,237
498.916
1924............ 3.857.706 1.418,921
746.589
339,163
333,169
1923_______
3,771.968 1.298.242
747,341
267,421
283,480
1922_______
3,467,564 1,231,999
719,472
*159,646
352,881
x Preferred dividends only.
OFFICERS.— Pres., Harry M . Verrill; V.-Pres., Frank D. True, and
Harry Reid; Gen. M gr., Fred. D. Gordon; Treas. & Clerk, C. F. Berry;
Sec., W . W . Bell. Offices, 443 Congress St., Portland, M e.— V. 121, p.
329; V. 122, p. 1025, 3209, 3452, 3604; V. 123, p. 82, 709; V. 124, p. 1065,
1978.
(1) PORTLAND (MAINE) R A ILROAD.
Lease.— Leased for 99 years from Feb. 1 1912 to the Cumberland County
Pow. & Lt. Co., lease providing for all interest and other current charges
and 5% divs. on capital stock.
ORGAN IZATION .— Incorp. as Portland & Forest Ave. R R . Co.
March 1860 under laws of Maine. During years o f 1899 to 1901 acquired the
entire capital stocks of the Portland & Cape Elizabeth R y., the Westbrook,
Windham & Naples Ry. and the Cape Elizabeth St. R y., also entire capital
stock and bonds o f the Portland & Yarmouth Elec. Railway. In 1912
acquired the stock of the Cape Shore R y. These controlled companies,
formerly operated under lease, were merged in 1915 in the Portland Rail­
road Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— A
trolley road.— Operates 104.52 miles o f track, comprising the entire street
railway systems of Portland and South Portland, with suburban lines to
South Windham, Saco, Westbrook, Cape Elizabeth, Gorham, Old Orchard
® Yarmouth, where connection is made with the Androscoggin & Kenne­
nd
bec R y. 101.2 miles of track; 124 passenger, 3 express and 40 others.
One steam power plant with 1,600 k.w. capacity. Seven sub-stations.
Population served 113,000.
BONDS—- Date.
Interest. Outstanding. Maturity.
Stock $2,000,000 5% gu ($ 1 0 0 )-----5 F-A
$1,999,000
See text
lBt/fi0 nokn2.w o $3.000,000( 1901
»io
3 H g J -J
1,600,000 July 11951
(81,000 & $500) gold c*tf \Int. at Portland Tr. C o., Portland, Trustee
Ftrst hen & cons $7 500,000/ 1915
5 g M -N
2,045,000 Nov 1 1945
gold ($1,000 & $500)-_c*tf lin t, at New York Trust Co.. Trustee.
Bonds.— Remaining $1,400,000 first cons, (now 1st) M . bonds are pledged
as security for the first lien & cons. M . 5s. Are callable at par and int.
on any int. date after July 1 1931. V . 73, p. 139; V. 91, p. 871.
Of the remaining first lien & cons. M . 5% bonds, $1,600,000 are reserved
ror retirement of prior lien bonds and remainder for extensions, impts., &c.
Outstanding bonds are secured by deposit o f $1,400,000 1st cons, (now 1st)
mtg0. 3Ms; are callable as a whole or in part at 105 on any int. date.
Dividends. The following divs. are on old stock prior to lease.
Year—
’95-'99. ’00. ’01. ’02. ’03. ’04. '05. ’06. ’07-T1.
Since.
Percent................. 6% 5
6
3
~
~
‘ ‘
3 i 3 3/^ 4 y ’ly. 5 yearly
EARNINGS.— For calendar years;
Net After
Fixed
Gross.
Taxes.
Charges.
Dividends.
Deficit.
1926---------- $1,402,767
$219,736
$247,598
$99,950
$127,812
1925---------- 1,451.902
273.328
247.598
99.950
74,220
1924---------- 1,582.264
287.483
247.598
99.950
60,065
1923---------- 1,703.459
306,651
247.598
99.950
40,897
1922---------- 1,668,239
342,635
247.598
99.950
4,913
OFFICERS.— Pres., Fred. N. Dow; Clerk & Treas., C. F. Berry.
Address: Portland, Me.




ANDROSCOGGIN ELECTRIC CO.
Controlled by Central Maine Power Co., which is owned by New England
Public Service Co.
ORGANIZATION.— Incorp. in Maine Oct. 26 1914 and purchased the
properties of the Lewiston & Auburn Elec. Lt. Co. and the Portland Lewis­
ton Interurban R R .
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns and operates three hydro-electric plants and one steam reserve sta­
tion, with a combined rated capacity of 18.987 h. p. Supplies electric
energy to the following cities and towns; Auburn, Greene. Leeds, Lewiston,
New Gloucester, Wales and Webster. Owns 31 miles o f transmission lines.
Population served 53,124. Also owns and operates 30.76 miles of high­
speed interurban road connecting Lewiston, Auburn and Portland. Enters
these cities over tracks o f the local street railway companies under operating
agreements. 9 passenger cars, 13 other cars and 1 electric locomotive.
The interurban road is on private right-of-way for 28 miles and on the high­
way for 2 miles. Charters and franchises liberal. Has contract with City
of Auburn for lighting streets and ways and pumping water supply.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ $1,500,000 -----------------Common stock $1,500,000_________
Preferred stock $500.000-.................
6 Q-F
500,000 ---------------1st & refund mtge $5,000.000f 1914 5 A-O
2.946.500 Oct 11934
($1,000 & $500) gold___ tf(In t. at Union Safe Dep. & Trust C o., Portl land, trustee.
Lewiston & Auburn El Lt m t g e ____
5% J D 1,200,000 June 1 1939
5-yr g coup notes ($ l,000 )-n tf 1925 6% M -N
500.000 May 1 1930
Bonds.— $1,200,000 1st & ref. M . 5% bonds are reserved to retire the
Lewiston & Auburn bonds; remainder may be issued for 80% of cost of new
work under conservative restrictions. Not subject to call. V. 102, p.
607.
$250,000 were offered in March 1925 by E. H. Rollins & 8ons at
94)4 & int., to yield about
% . V. 120, p. 1200.
Lewiston & Auburn El. Lt. 1st 5s are call, as a whole on any Int. date at
105 & int. No sinking fund.
The 5-year 6% gold coupon notes are redeemable as a whole only on 30
days’ notice at 102 and int. during 1926; thereafter at )4 % less each year.
Interest payable in Boston. Coffin & Burr, Inc., offered in M ay 1925
$500,000 at 100 and interest. V. 120, p. 2399.
EARNINGS.— For calendar years:
Gross Inc.
Net.
Interest.
Pref. Divs. Bal.,Surp
$447,141
$255,080
$30,000
$162,061
*1927_______$1,039,107
1926......... .. 1,067,293
452,434
255,753
30,000
166,681
1925________ 1,054,243
439,401
250,888
30,000
158,513
1924________
958.884
390,780
235,258
30,000
125,522
1923________
982,943
387,115
203,756
30.000
153,359
1922________
919,958
370,151
198,412
30,000
141,739
* For 12 months ended Aug. 31 1927.
OFFICERS.— Pres., W . S. Wyman; Vice-Pres., W . B. Skelton; Gen.
M gr., G. S. Williams; Treas., H. D. Jennings; Clerk, E . H. M axcy.—
V. 120, p. 1200, 2399.

BANGOR HYDRO-ELECTRIC CO.
ORGANIZATION.— Incorp. in Maine Aug. 1 1924. Has acquired all o f
the properties formerly owned by the Bangor R y. & Electric C o., Bangor
Power C o., Bar Harbor & Union River Power Co. and other smaller proper­
ties formerly part of the Bangor Railway & Electric System. In 1925 an
offer was made to the common and preferred shareholders of these three
subsidiaries to exchange their holdings, share for share, for stock of the
Bangor Hydro-Electric Co. of the same class. In Aug. 1926 purchased
from Tntern’l Paper Co. the water power rights, dam and other property
pertaining to the hydro-electric development at West Enfield on the Penob­
scot River, 75 miles above Bangor. V . 123, p. 980. As o f Jan. 1 1927
co. purchased the properties of the Millinocket and East Millinocket Light
Co., Pennamaquan Pow. Co. and Cherryfield Elec. L t. Co. Also controls
through stock ownership the Shore Line Elec. Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Co. serves with electric light and power the principal cities and towns in
Penobscot and Hancock Counties. M e., including Bangor, Brewer, Orono,
Old Town, Lincoln, Ellsworth, Bar Harbor and other towns with about
21,505 customers and a population served of about 103,000. Also furnishes

N a t io n a l E l e c t r ic P o w e r C o m p a n y
In each of the six years, 1921-1926, inclusive, this company’s
average sales of current per customer have increased, being
3 8 % greater in 1926 than in 1921. During the same period
the total number of electric consumers increased 56V 2% Increase in number of customers is a sign of wholesome expansion
— of extensive growth. But increase in average consumption per
customer reflects the expanding economic power and prosperity
of the communities served— an indication of in ten sive growth.
B y both tests, this company is making gratifying progress.

57 William Street
l\etv York

Number Six

39

railway service In Bangor and vicinity; track mileage, 67.07 miles; 33
passenger cars, 31 freight and miscellaneous cars.
The principal power plants, all hydro-electric, are located at Milford
and Veazie on the Penobscot River, and at Ellsworth on the Union River,
and at Machia, with an aggregate generating capacity of 17,090 k.w.
Additional power can be developed at existing plants and at owned un­
developed water power sites. V. 124, p. 919.
Franchises.— Unlimited as to time except 8 miles street railway in Bangor
and 2 miles in Brewer, expiring In 1937 and 1940. respectively.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $5,000,000 ($100)_ _____
_
_______
$2,946,700
See text
Pref 7% $5,000,000 ($100)..................................
2,463.700
See text
6% cum pref $2,000,000 ($ 1 0 0 )____
6
746,200 ...................
1st lien & ref M conv bds, ser j
_____
. ..
3,250.000 Sept 1 1949
of 1949 ($500 & $1,000c* , 1924
5/4 M-S
$1,000 & m ultr*)_______ tfjN ational City Bank, New York, Trustee.
Series o f 1955
..................
"
308.000
1955
Bangor Ry & El 1st cons M g\ 1905
5 g J-J
xl ,300.000 July 1 1935
$2,000,000($500,$l,000)c*tf .
(Guaranty Trust C o.,. New York, trustee.
. . . . . . . . . ____ _______ „ .
__
B Ry & El conv notes $300,-) 1920
8 g M -Sl
70.000 Sept 1 1930
000($500 and $1,000) goldcj First National Bank, Bangor, trustee.
Pub Wks Co 1st gold $600,000) 1899 5 g A-O
599.000 April 1 1929
($500 SI,000)______ c * n tf (Int. at Old Colony Trust C o., Boston,trustee
Bar Har & Un R Pr Co 1st & l 1907
5 M-S
xl 85,000 Sept 1 1935
ref $2,000,000 ($l,000).c*tf/B ank of North Amer. & Trust Co., Phila.,tr.
Bangor Power Co 1st mtgel 1911 See text
x337,000 Sept 1 1931
$2,500,000 ($1.000)__ c* tf (Central Union Trust C o.. N . Y ., trustee.
Pennamaq Power 1st mtgel 1909 6 g J-D
25,000 June 1 1929
($100-500 c ) ____________tf/I n t. at R. I. Hospital Tr. C o., trustee.
x Holders o f these issues were offered in exchange for their bonds Bangor.
Hydro-Electric Co. first lien & ref. mtge. conv. 5 M upon varying terms
js
For details o f exchange offer see V. 120, p. 1455.
Stock.— In Jan. 1927 directors voted to increase the common stock by
50,000 shares and to offer additional stock to shareholders o f record Jan. 17
1927 at par on basis o f one new for each 4 shares held. V. 124, p. 642, 919.
The 6% cumulative pref. stock is equal in security to the 7% preferred
stock and has the same full voting power, i. e., equal voting rights with
the common stock; is call, at $110; legal investment for savings banks in
Maine. Free from municipal taxes to holders in Maine. In Aug. 1926
Beyer & Small, Portland. M e., offered this stock at 96 and div. V.
123, p. 980.
Co. proposed in July 1926 to increase its authorized preferred stock from
$5,000,000 to $7,000,000
V. 123. p. 205.
Bonds.— Bangor Hydro-Electric Co. first lien & ret. mtge. conv. 5 /$s, see
V. 120, p. 1455. Are convertible on or before March 1 1935 into com. stock
at $110 pot share. Are non-callable to March 1 1935. Callable thereafter
in whole or In part at 105 to Sept. 1 1943, and thereafter at 102/4 to matur­
ity. Int. at office o f company in Bangor. M e., or at National City Bank,
N. Y . V. 120, p. 1455. Additional bonds may be issued for refunding
purposes and also for 75% (80% when this mortgage becomes first lien) of
new additions, &c. Both series secured by $3,430,000 Bangor Ry. & Elec,
first consol 5s of 1935. Bar Harbor & Union River Power Co. 1st 5s of
1931, along with certain additional property.
Bangor By. & Electric first consol, bonds are secured by a first lien on tha
property and franchises of the Bangor Hampden & Winterport R y., Bangor
Orono & Old Town Ry., Bangor & Northern RR. Co., and Old Town Elec,
trie Oo. Also by a mortgage on all the other lines of electric railway and
lighting system m Bangor, subject to $599,000 Public Works Co. bonds.
Further by deposit of aH the stocks of the Bar Harbor & Union River Power
Co. They are subject to call on 60 days' notice at 107 /4 and int. on any
tat. date. Int. at office of trustee. New York, or Eastern Trust & Banking
C o., Bangor. See particulars, bonds, property, &c., V. 87, p. 1009.
$700,000 additional bonds are pledged under Bangor Hydro-Electric first
lien & ref. mtge.
The Public Works Co. bonds are not subject to call; V. 80. p. 2546. $1,000
retired.
Of the Bar Harbor & Union River Power Co. bonds $1,817,000 are pledged
to secure the 8% conv. notes of the Bangor Ry. & Elec. Co and Bangor
Hydro-Electric Co. first lien and ref. mtge. assumed by Bangor HydroElectric Co. Remainder are for extensions, &c., at 85% of cost of same.
Are subject to call at 107/4 and int. on any tat. date on 60 days’ notice.
Int. at trustee or Merrill Trust Co., Bangor- also at J. & W. Seligman 4
A C o., New York.
Of Bangor Power Oo. 1st mtge. bonds, $750,000 Series A (all out) bore
tat. at 4% to Sept. 1 1916; 4 /4 % to Sept. 1 1921 and 5% since. Series B,
$1,750,000 auth. (interest 5% ), $337,000 outstanding, and $1,108,000
reserved for extens., betterments, &c.. at 85% of cost of same. int.
payable at office of trustee and at office in Bangor. Subject to call at 105
and int. on any int. date on 60 days’ notice. No sinking fund. Both
series assumed by Bangor Ry. & Electric Co.
Notes.— Bangor Ry. & Elec. 8% conv. notes are secured by $142,000
BarjHar & Un. Riv. Power Co. 1st & ref. 5s. Red. at 101 and int. on any
int. date on four weeks’ notice. Convertible incl. Sept. 1 1928 into Bar
Harbor & Union River 1st & ref. 5s of 1935 at a price to yield 7 % , with
adjustment in eash equal to difference between price and par.
Dividends.— Dividends at the rate of 5% per annum were paid on $1,500,000 capital stock from Oct. 1 1905 ot Oct. 1 1909, 6% from that date to
Jan. 1 1911; 7% thereafter to Oct. 1 1911, at which time $1,500,000 stock
was retired, and pref. and com. stock issued in connection with the acquisi­
tion of the stock o f the Bangor Power Co. Since then 7% has been paid to
Oct. 1926 quar. Qu&r. dlvs. at the rate of 2% per annum were paid on
the oommon stock from M ay 1 1914 to Aug. 1 1918, when they were dis­
continued until May 1 1922. when they were resumed at the rate of 3%
per annum; 4% from Feb 1 1923 to Feb. 1 1925: increased to 5% from
M ay 1 1925 to N ov. 1 1925. Since Feb. 1 1926 divs. declared have been
at rate o f 6% per annum.
EARN INGS.— For calendar years:
Pref. A Com.
Cross
Net aft.Tax.
Revenue.
& Depr’n. Interest
Balance.
Divs.
1926_......................... $1,732,114
814.636 $340,665 $312,283 $161,688
704.650 $316,659 $274,402 $113,589
1925........................... $1,589,500
687.227
1924.......
1,542.293
306.651
253.575
127.001
1923........................... 1,535.212
662.329
285.727
245.357
131.245
610.652
1922........................... 1.488.936
284.733
185.700
140,219
OFFICERS.— Pres. & Gen. M gr., E. M . Graham; V .-P., H. L. Clark and
Frank Silliman 3d; Clerk & Treas., Eugene M . Dole; Aud., C. A. Pearson Jr.
Under management o f E. W. Clark & C o.— V. 120. p 1455, 2010; V. 122,
p. 1910; V. 123, p. 205, 980; V. 124, p. 642, 919, 1976.

f

THE ANDROSCOGGIN AND KENNEBEC RY.
The Cumberland County Power & Light Oo. owns approximately one
fifth of the company’s capital stock.
ORGAN IZATION .— Incorp. in Me. on 8ept. 30 1919 as successor to tin
Lewiston Augusta & Watervllie St. Ry. as per reorganization plao outlined
3n V. 110 p. 1089. The co. Is now the owner of the properties formerly Incl
under the Lewiston Augusta & Watervllie St Ry. 1st & ref. mtge. (ex­
cepting the franchise o f the Turner line, which line we understand hat
been taken over by the town of Turner. V. 110, p. 1188.) subject to the
underlying liens found in the table below. Holders o f each $1,000 Lewis­
ton Augusta & Watervllie St. Ry. 1st & ref. bonds received in exchange
therefor $500 1st pref. and $581 2d pref stock of the present co. For
statement o f predecessor co. see “ Electric Railway” supplement o f Nov
15 1919
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates a system in and between Waterville, Augusta Winthrop, Togus,
Gardiner. Sabattus. Lewiston, Auburn. Mechanic Falls. Brunswick. Free­
port, Yarmouth and Bath. 157.083 miles of single track; 72 passenger.
54 freight and express cars, 13 snow plows and 14 miscellaneous cars; total.
153 cars. Population served, 150,000. Has one steam plant with an in­
stalled capacity of 500 k. w.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
Common. $1,354,500 ($ 1 0 0 )________________
_____
None
1st pref. (see text)$l ,468,500 ($100)
6%
$1,468,500
See text
Sd pref. non-cum,$1,708,200 ($100)
5%
1,708.200
See text
1st mortgage bonds-------------- ] 920
6%
783,500 Mar 1 1940
Securities of the Aug. Win. < t Oar. Ry.—
J
Aug. H . A G gen. mtge. co n -( 1901
4 g J-J
55.000 July 1 1951
▼ertlble ($500$1,006) c n tf) Int. at Augusta Tr. C o., Augusta, Trustee
Aug. H. A G. pref. stock_____ ____ 4%
195.000 July 1 1951




[V ol. 125.

PUBLIC U TILITIE S

40

STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
iugW ln & Gard 1st M $150,-/ 1902 4 g J-J
53.000
July 1 1952
000conv($l,000&$500)gcntf lin t, at Augusta Tr. C o., Augusta, M e..Trus.
4ug Win & Gard pref s t o c k ____
4%
97,000
July 1 1952
4ug Win & Gard gen M $125,-/ 1905 5 g J-J
100,000 Jan. 11935
900 ($500. $1,000) gold c n tf fln t. at Augusta Trust Oo.. Trustee.
Stock.— The co. expected during three to five years from the date of organ­
ization to expend about $900,000 upon its system for equip., impts., and
rehabilitation. Pending the completion of this program the $1,468,500 1st
pref. and the $1,708,200 2d pref. stock is held by the Lewiston Augusta
& Waterville St. Ry. 1st & Ref. M . bondholders’ committee In a voting
trust. When the rehabilitation program has been completed (or sooner with
the committee’s consent) the stock will be released from the voting trust and
listrlbuted as per the reorganization plan. See above and also V , 110,
p 1089. The 1st pref. stock is cumulative
Bonds.— The c o .’s 1st M . bonds due 1940 were issued in exchange for a
Uke amt. of Lew. Bruns. & Bath St. Ry. 1st M . 5s, due Mar. 1 1920.
All the underlying mortgages are closed mortgages. The Augusta
tYlnthrop & Gard. R y. gen. mtge. 5% bonds of 1905 are subject to call at
par on any int. day on 60 days' notice. The Aug. Winth. & Gard. R y.
1st M . 4% bonds are exchangeable for 4% pref. stock of the same co..
which stock has the same security as the bonds and matures at the same
sime. $97,000 have been exchanged. Subj. to call at 104 and int. on any
Int. The Aug. H. & Gar. gen. M . 4% bonds are exchangeable for 4%
pref. slock of the same co., having the same security as the bonds and ma­
turing at the same time. $195,000 have been exchanged. Callable at
104 and int. on any int. date.
Dividends.— On 1st pref., 3% paid June 1 1921 and same rate paid
regularly semi-ann. since. On 2d pref., 2/4 % was paid in Oct. 1922. In
1923, 5 % . In 1924, 5% . None since then except 1% , paid Dec. 1926.
V. 123, p. 1501, 1630.
EARNINGS.— For calendar years:
iv eiu fi.iu i,
r ie j.
Duwnce,
Gross.
& Devr.
Interest.
Divs.
Sur. or Def.
*1927___________ $954,980 $156,167
$68,840 $105,192 def.$17,864
1926...............
1,004,546
189,546
69,911
105,192 sur.14,443
1925......................
998.152
180.358
72.295
88.110 sur.19,953
1924...................... 1,055,633
180.239
72.236
173.520 def.65,517
1923...................... 1.165,131
196,124
72,259
173.520 def.49,655
1922...................... 1,236,027
269,658
86,554
130.815 sur.52,289
1921.........................1.284,674
262,283
82,712
88,110 sur.91.461
* 12 months to Sept. 1 1927.
Revenue passengers carried (exclusive of transfer passengers): 1026,
8,626,132; 1925, 8,637,821; 1924, 9,729,711: 1923, 11,714.641; 1922,
12,372,754.
OFFICERS.— Pres., Wm. B. Skelton; V .-P ., Wm. H. Newell; Treas.,
Miss G. E. Fitz; Gen. Mgr. & Clerk, Alfred Sweeney, all of Lewiston, Me.
- V . 116, p. 1273: V. H 8, p. 1134, 2302; V. 122. p. 1916; V. 123, p. 1501
1630; V. 124, p. 1217.

BIDDEFORD & SACO RR.
ORGANIZATION.— Incorporated Feb. 19 1887.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
A trolley road. Operates 8 miles of track between Saco, Biddeford and Old
Orchard Beach.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($50) $100,000___________ _
A-O
$100,000 J u ly ’27.3%
1st mtge $300,000 ($1,000)/ 1900
4 g J-D
100.000 June 1 1940
gold c*. No s f but can be/Interest at Fidelity Trust Oo.. Portland.
called In 1920__________ t f[ M e., trustee
Dividends.— During years end. June 30: 1906, 4% ; 1907-09 , 5% : 1910,
7/4% (changed to s.-a.); 1911 and 1912, 5% ; 1913 and 1914, 6 % ; 1915, 8% ;
1916. 10% and special div. of 20% on Aug. 1 1916. In 1917, 10%: in 1918,
10%: in 1919. 10%: in 1920. 10%: in 1921. 10%; in 1922. 9% ; in 1923. 8% ;
in 1923, 8% ; in 1924, 8% ; in 1925. April, 3 % , and Oct., »% .. In 1926,
April, 3% ; Oct., 3 % . In 1927; July, 3% .
EARNINGS. — For calendar years:
Year.
Cross.
Net.
Balance.
Int., Ac. Dividends.
def.$5,562
1926................. $93,611
$5,438
$5,000
$6,000
12.469
6.000
sur, 1,049
1 9 2 5 .-............ 100.402
5,420
1924................. 105,017
5.720
8.000
def. 1.773
11.947
22,121
8.000
sur. 8,121
6.000
1923................. 117,506
1,442
1922_________ 119,171
_________
io ,‘*'*<
16.443
s
o.uuu
S.UUB
9.000
sur. i
6.000
OFFICERS.— Pres., H. P. Garland: V .-P ., C. F. Berry; Sec., Treas. A
Gen, M gr., J. Burton Stride.— V. 70. p. 1048; V. 73. p. 404.

CALAIS STREET RY.
ORGAN IZATION .— Incorporated in Maine in 189$.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A trolley road. Calais Street R y., lower wharf to upper bridge. Calais,
4 miles: St. Stephen Electric R y., Milltown, N. B ., to St. Stephen, N . B .t
3 miles; total, 7 miles. The St. Stephen Electric Street Ry. Ts a separate
corporation, but is owned entirely by the Calais company. Nine cars.
CA PITA LIZA TIO N .— Stock, $50,000 com. and $50,000 pref.; first
mortgage. 1910 (n tf). 5s. J-J. $100,000. due July 1 1930.
EARN ING S.— For calendar year 1924: Gross, $56,362; net, after
taxes, def., $7,000. In 1923, gross, $56,528; net, after taxes, $1,679. In
1922, gross, $45,455.
In 1921, gross, $57,968. In 1920, gross, $55,697.
In 1919. $50,882.
OFFICERS.— Pres., George A. Curran; Sec., Treas. & Gen, M gr.,
Benjamin Y . Curran: Supt., O. F. Pray, all of Calais, M e.

YORK UTILITIES CO.
OR G A N IZA TIO N .— Organized early in 1923 in Maine, and on Feb. 1
1923 took over the property of the Atlantic Shore Ry. (for history see
‘Electric Railway" Supplement of Oct. 28 1922) as per plan outlined in
V 116, p. 615. No provision was made for the stock or non-assenting
bondholders of the predecessor company.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
On Sept. 15 1927 company ceased operation on ail tracks except between
Sanford & Springvale, a distance of about 5 miles. At present co.’s bus line
connects Kennebunkport, Kennebunk, Biddeford, Alfred and Sanford,
and small towns along state road between points mentioned. See V. 81,
p. 1549. Built 2.1 miles of track in Sanford in 1923. Also operates buses.
V. 119, p. 581.
Owns 2 water power plants, 16 closed passenger cars, 3
express cars and 3 electric locomotives, 8 miscellaneous ears, 6 busses.
60 and 70-lb. rail.
Fares.— Increased in Jan. 1927. V. 124, p. 650.
STOCK AND BONDS—
Date.
Interest. Outstanding.
latuxity.
Com m on____________________ _____
_______
$481,775 __________
Preferred 5% cumulative__________
179.100 J*ne’23.1 2-3
5% cum
469.200 April 1 1943
First mtge Ser “ A ” $1,000,000 1923
5%
Second mortgage____________ 1923
344.900 Feb, 1 1943
5%
EARNINGS.— For calendar years:
Gross
Operating
Net
All
Interest on Balance
E rrvinas Ernens»s Farninos Tares Ronds Ac. Deficit.
1926.................. $202,323 $211,352 df$9,029
$4,585 x$40.818 $54,432
19 2 6 ___________ 182.278 176,186
6.092
7.285
40.503 x41,696
1924.................... 180.856 170.314
10,541
7,989 X40.930
38.143
1923......... .......... 227,808 214.405
13.403
8,309 x41 605
36,511
1922................... 236,837 180,806
56.031
7,662
81.795
33,427
1921----------------- 224.651 203.247
21.404
6,967
80,895
66,458
5.867
80 son
61.901
1920___________ 223.383 198 522
24.861
x Including $176 in 1928, $43 in 1925, $225 in 1924 and $900 In 1923
for “ other deductions.”
Latest Earnings.— For 12 months ended June 30;
1927.
1926.
Operating revenues__
$104,104
$108,786
Net__________________
def 3.167 prof .3,333
Non-operating income
38
44
Interest______________
20,353
20,353
Taxes________________
3,093
2,534
Other deductions____
---86
Balance, deficit

$26,575

$19,597

Oot.j 1927.]

41

POW EE, L IG H T AND K A IL W A Y

Stock and Bonds.— The following securities are held in treasury to redeem
outstanding securities o f predecessor company: $46,925 common stock.
$1,800 pref. stock, $8,400 1st mtge. 5% bonds, and $6,200 2nd mtge. 5%
bonds.
O F F I C E R S . — Pres., F. O. Conant; V .-P .. Constant Southwortlr Treas
Geo. S. Hobbs; Gen. M gr., W. M . B. Lord. General office: Sanford,
M aine— V. 118, p. 1667; V. 119, p. 581; V. 124, p. 650,1222; V. 125, p. 783.

W ATERVILLE FAIRFIELD & OAKLAND R Y.
Controlled by Central Maine Power Co.
ORGAN IZATION .— Incorp. in Maine in 1903 as the Waterville S Oak­
z
land St. Ry. but in 1911 Increased its stock from $100,000 to $500,000
($100) and changed name to present title. V. 93, p. 1602. The $400,000
additional stock was turned over to the Central Maine Power Co. to pay that
oompany for having retired outstanding bonds of the Waterville & Oakland
St. R y. and for procuring the conveyance of the street railway property
formerly belonging to the Waterville & Fairfield R y. & L. Co. The Cen­
tral Maine Power Co. assumes and agrees to pay all liens, claims and in­
cumbrances of every kind attaching to the property formerly owned by the
Waterville & Fairfield Ry. & Light C o., so that the Waterville Fairfield &
Oakland Ry. now owns both railroads, which connect at Waterville
V. 93, p. 1790. Waterville Fairfield & Oakland Ry. has no bonds.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Extends from Fairfield through Waterville to Oakland. 10.25 miles. Stand­
ard gauge. 52 to 108-lb. T and girder rail. 10 pass, cars and 2 snow plows.
Fares — See V. 118, p. 2306.
EARN INGS.— For calendar years:
*1927.
1926.
1925.
1924.
$114,371
$120,402
$119,215
$126,702
G ro ss_________________
Oper. exp. and taxes___
105,651
115,058
115,610
125,432
$8,820
$5,344
$3,605
$1,270
N et......... ....................
* For 12 mos. ended Aug. 31 1927.
OFFICERS.— Pres., W. S. Wyman; Treas., H. D. Jennings; Clerk,
E. H. M axcy.— V. 93, p. 1602, 1790; V. 118, p. 2306.

NEW HAMPSHIRE
PUBLIC SERVICE CO. OF NEW HAM PSHIRE.
Control.— New England Public Service Co. owns the entire 100,000 no par
common shares.
ORGANIZATION.— Incorp. in New Hampshire Aug. 161926 by merger
and consolidation o f Manchester Traction, Light & Power Co. (for history
see “ Puolic Utility Compendium” o f M ay 1 1926), Keene Gas &Electric
Co., Ashuelot Gas & Electric Co., Laconia Gas & Electric Co. and Souhegan
Valley Electric Co. V. 123, p. 2262.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Co. serves the manufacturing district along the Merrimack River in New
Hampshire, comprising the cities o f Manchester and Nashua, together with
Keene, Laconia and many surrounding towns. All of c o .’s territory Is
served with electricity for power and light. Gas is also furnished in the
cities o f Nashua, Keene and Laconia. Through wholly owned subsidiaries,
oo. operates the street railway system In Manchester and lnterurban lines
to Nashua and Goffstown. Population furnished with one or more classes
o f service is estimated to exceed 170,000. Owns and operates hydro­
electric stations of a total capacity o f 19.420 k.w. and 3 steam stations of
26,250 k.w. capacity. An additional development on the North Branch
o f the Contoocook River, o f 3,200 k.w., was completed in 1926. Co. also
owns valuable rights for future development on the Merrimack and Contoooook River. The principal plants are or are inter-connected.
STOCK AND BONDS— Date. Interest. Outstanding. Maturity.
Common (no par)_________________
_________ 100.000 shs ___________
$6 cum pref (no par)______________
$6 Q-M 43.730 shs See text.
1st & ref mtge 5% g Ser “ A ” f 1926
5 M -N
$3,150,000 N ov 1 1956
(c* $1,000-500-100 and tint, at Old Colony Trust Co., Boston,
r $1,000 & multiples)___ tf I trustee.
Manch Tr Lt & Ik Co l s t i e 'f 1917
See text
5,228.500 Aug l 1952
M s f g (closed) ($500 & tlnt. at American Tr. Co., Boston, trustee.
*1.000 c*: $5,000 r)------- tf i
Stock.— $6 div. series pref. is call, on 30 days’ notice at $107 50. Is
entitled in involuntary liquidation to $100 and divs., in voluntary liquida­
tion to $107 50 and divs. In Oct. 1926 Tucker, Anthony & Co. and Old
Colony Corp. offered 34,100 $6 div. series pref. shares at 95 and divs., to
yield 6.32%. V. 123. p. 2140.
Bonds.— The Pub. Serv. Co. o f N. H. 1st & ref. mtge. g. bonds are se­
cured by a direct 1st mtge. on all co .’s physical property in Laconia, Milford,
Keene and several surrounding towns and upon the new hydro-electric
development on the Contoocook River. Further secured by a direct mtge.
lien on all co .’s physical property subject to $5,228,500 underlying bonds.
Additional bonds of series “ A ” or other series may be issued to refund under­
lying bonds or for 75% c f additions, &c., provided earnings for 12 consecu­
tive months ending within preceding 90 days have been at least 1 H times
interest on all bonds issued or to be issued and on any underlying securities.
To a maintenance and renewal fund 12K % annually o f gross earnings from
the mortgaged properties o f co. and o f gross earnings o f all subsidiaries is
to be paid for maintenance, extensions or additions and (or) purchase and
cancellation o f 1st & ref. mtge. or underlying bonds.
Series “ A ” are call., whole or part, at any time on 30 days’ notice at fol­
lowing prices and interest: Through Oct. 31 1936 at 105; through Oct. 31
1946 at 102M: through Oct. 31 1952 at 102; through Oct. 31 1953 at 101 H;
through Oct. 31 1954 at 101; through Oct. 31 1955 at 100H: through Oct. 31
1956 at 100. Penn, and Conn. 4-mills, Maryland 4H mills and Mass. 6%
taxes refundable. Legal investment for savings banks in Massachusetts,
New Hampshire and Maine. In N ov. 1926 Tucker, Anthony & C o.. Old
Oolony Corp. and Hill, Joiner & C o., Inc., Boston, sold $3,150,000 ser. “ A ”
at 99 and int., to yield over 5.06%. V. 123, p. 2656.
The Manchester Traction, Light & Power Co. 1st ref. bonds are (since Apr. 1
1921) a 1st mtge. on all property owned. Of the amount reported as out­
standing, $4,314,600 are 5s and $914,000 are 7s (closed). Sinking fund o f 1%
o f bonds outstanding on each Aug. 1 began 1919 and is applied to purchase
o f bonds at not to exceed 105 and int. $386,500 5s. in addition to amounts
shown as outstanding, are held in sinking fund. Bonds purchased are to
be held alive. Callable at 105 and int. Y. 105. p. 909; V. 112. p. 562. In
Dec. 1924 Dillon, Read & Co. and Tucker, Anthony & Co. offered $1.000.000
1st & ref. mtge. 5s at 95 and int.. to yield about 5.35%
V . 119. p. 2647
Dividends.—-On $6 div. series pref. an initial div. o f 75c. to cover period
Nov. 1 to Dec. 15 1926 was paid in Dec. 1926. V. 123. p. 2778.
EARN INGS.— Of properties for calendar years:
1926.
1925.
1924.
1923.
Gross__________________$3,592,780 $3,334,739 $3,183,897 $3,128,909
Net, after maint. & taxes 1,662.030
1,483,789
1,298,733
1,254,884
Bond int. & amortization
424,913
Depreciation___________
234,548
Not available

& Rochester Coach Co. and Massachusetts Northeastern St. R y, Co.)
Southern New York Rys., Inc., Richmond Railways, Inc., and M asson
Transportation Co.
Capitalization.— Common stock (no par) 1,000 shares and preferred stock
(Dover Somersworth & Rochester Coach Co.) 704 shares.
EARNING S.— For 12 months ended July 31:
1927
1926
G ross------------------- ------------- ---------------- -------- ------ $1,8251678
$l,83l!866
143,184
166,366
Net after maintenance and taxes_________________
Income deductions______________________________
96.170
118.415
Renewals and replacements_____________________
39,906
16,960
B alance______________________________________

$7,108

$30,991

NEW HAMPSHIRE ELECTRIC R A ILW A YS.
Control.— Early in 1925 the Associated Gas & Electric Co. acquired control
of the company. V. 120. p. 331. Compare V. 119, p. 2762. 2878.
O R G A N IZA TIO N .— A voluntary association organized as successor to
New Hampshire Trac. Co. on Aug. 24 1905. Co. owns $143,000 bonds and
all of the com capital stock of the following companies: M ass.N F St. R y.,
Dover Somersworth & Rochester 8t. R y. and Granite State Land Co.
STOCK—
Date.
Interest. Outstanding. Last Dlt.
Common $4,000,000 ($100).............
....... ..........$3,900,200 _____ ____
P ref4% n -c $4,000,000 ($100)______
J-J
3,399.500
1917
Dividends.— Company paid 1% each 6 mos. on pref. from July 1908 to
and incl. Jan. 1910: July 1910 to Jan. 1912, 1H % s.-a.; July 1912 to July
1915. 2% s.-a. In July 1916. 2% . In 1917. 3% . None since.
OFFICERS.— Pres., J. I. Mange; V .-P ., John M . Daly, New Y or£
Treas., H. C. Hopson, New York — V. 118. p. 1392.
(1) MASSACHUSETTS NORTHEASTERN STREET R Y .
All the stock of this company is owned by the New Hampshire Elec. Rys.
ORGA N IZA TIO N .— A Massachusetts corporation
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates a local and interurban railway in northeastern Mass,
and southeastern New Hamp. Maintains a through service between Haver­
hill, Lawrence, Amesbury and Newburyport. Power Is purchased from
the Portsmouth Power Co. under a contract extending beyond July 1 1934.
Owns and operates about 88 miles of single track (65 miles in Mass, and 23
in New Hamp.), extending east and west from Haverhill. Mass entering
on the east Newburyport, Merrimac, Salisbury and Amesbury, Mass., and
Plaistow and Newton, N. H.. and on the west Lawrence and Methuen,
Mass and ‘Diem N H Owns and operates local lines in Newhurvport
and Amesbury. Connects with the East Mass. St. Ry. Also owns a
large amusement park on Canobie Lake in Salem, N. H. 61 open and
58 closed cars, 6 Birney (one-man), 5 v ason one-man. two-men and 31
\
work cars and snow plows.
In 1925 discontinued trolley service on 4 miles of track between Market
Square, in Newburyport, Mass., and Parker River in Newbury.
'■!
%
STOCK AND lioN D S —
Date.
Interest. Outstanding.Maturity
_________ $1,500 000 ____________
Common stock ($100)________ _____
Pref 6% cum ($100)_______________
6%
000
_____
First and ref mtge $2,000,0001 1914
5 g J-J
802 000 July 11934
($1,000) gold----------------c * /In t. at American Trust (.'o., Boston, trustee.
Citizens Elec St Ry 1st mtgel 1900 6 g J-D
213,000 July 1 1934
$230,000 gold_____________(Beacon Trust C o., Boston trustee.
Car trust notes---------------------- 1924 6%
15.000 Ser to 1928
Bonds.— The 1st & ref. 5s o f 1914 are red at 110 and Int. on any int. date
on 43 days’ notice. Of the remainder o f these bonds auth., $230,000 are
reserved for prior liens and $851,000 reserved for cost of additions and
impts. under certain restrictions (V. 100, p. 55). The $230,000 Citizens’
Elec St Rv let mtge bonds were nrieinallv 5s and matured bVc i 1Q20.
but were extended to June 1 1922 at 8%
V. 112, p. 2414. Were further
extended to June 1 1924 at 7 % . and again to July 1 1934 at 6 % . V.
119. p. 2287
____
EARNINGS.— For year ended Aug. 31 1927: Gross, $489,055; net after
taxes. .$49,400. For cal. year 1926, gross, $554,916; net after taxes,
$70,946. For cal. year 1925. gross, $597.3,35; net after taxes. $56,009.
For 1924. gross, $679,288: net, after taxes. $69,068. In 1923, gross, $904,755; net. after taxes. $58,816.
OFFICERS.— Pres., J. I. Mange; V.-Ps., J. M . Daly and L. H. McCray;
Treas., Wm. A. Kienzle; M gr., C. L . Bartlett.— V. 119, p. 2287 . 2762,
2878; V. 120, p. 331.
(2) DOVER SOMERSVvuKTH & ROCHESTER STREET R A ILW A Y .
All the stock and $143,000 bonds owned by New Hampshire Elec. Rys.
ORGA N IZA TIO N .— Chartered under the laws of New Hampshire. Is
a consolidation of the Union Elec. R y. and the Rochester Street R y.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. owned and operated about 20 miles of trolley road. However on
Sopt. 15 1
discontinued operation of cars and Inaugurated operation
of six leased 29-passenger White buses.
Status.— kor statement tearing on condition of co. in March 1924 see
V. 118, p. 1392, under caption "N ew Hampshire Electric Railways.”
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $300,000 ($100)...................- ________ ______
$300,000 ...................
1st mtge bonds. Series “ A ” ____ 1921
6%
128,000 July 11931
1st mtge inc bonds, Ser “ B ” ... 1921
6%
79,000 July 11931
Bonds.— Series " A ." call, at par and int. on any int date on 60 days’
notice since July 1 1922. Series " B ” call, on 60 days’ notice any Jan. 1
or July 1 since July 1 1922 at par plus any declared and unpaid int. to the
Tune 30 of the calendar year next preceding the date of redemption, plus
’ ut at the rate of 6% per annum after such .Tune 30 to date o f redemption.
EARNINGS.— For year ended Aug. 31 1927: Gross, $67,878: deficit after
taxes, $12,242. For calendar year 1926, gross, $78,047; deficit after taxes,
$1,444. For cal. year 1925. gross, $82,255: deficit after taxes, $827. For
1924. gross. $90,209: deficit after taxes, $1,099. In 1923, gross. $100,308;
deficit after taxes, $310.
OFFICERS.— Same as for Massachusetts Northeastern Street R y.
except Mgr.-Supt., L. E. Lynde.

(THE) LACONIA TRANSIT CO.
O RGAN IZATION .— Formed in 1926 to acquire the properties of Laconia
(TV. H.) Street Ry., sold at foreclosure sale in 1926 to Guy M . Tetley and
Howard W. Byse.
In Sept. 1926 N. H. Pub. Serv. Commission approved the issuance of
$25,000 capital stock, no further particulars. V. 123, p. 1876. For Laconia
(N. H.) Street R y., see “ P. U. Compendium” of May 1 1926.
Co. was to operate busses between Laconia and We.irs, N. H.
OFFICERS.— Pres., Guy M . Tetiey; V .-P .. Howard W . Byse, Laconia,
N. H.; Sec., Thomas F. Cheney.— V. 123, p. 1876.

NASHUA STREET R Y .

^ORGANIZATION.— Incorporated Aug. 14 1885.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Trolley road. Owns and operates 16.14 miles of main track.
Temporary Lease.— In March 1924 the company was auth. by the N. H.
Balance_____________ $1,002,569
P S. Comm, to operate under a temporary lease the lines of the Mass.
Operating statistics as o f Dec. 31:
Northeastern St. R y , between Hudson Bridge and Hudson Centre, con­
1925.
1924.
1923.
Gas and electric customers___________
44,841
41.441
37,112 necting with the c o .’s lines. The co. was also auth. to purchase the prop­
V. 118 p. 1392.
K.w.b. output (incl. purchased)_____ 69,447.391 60,942.802 59,301,920 erty of the Northeastern co. later if thought desirable
STOCK AND BONDS—
Date.
Interest. Outstanding. Div. & Mat.
Gas output (cu ft .)____________
267,294.900 257,062.691 251.041.400
_______
$325,000
See text
Stock $325,000 (par $100)_________
OFFICERS.— Chairman. Martin J. Insull; Pres. Walter S Wyman;
4 g A-O
150.000 Oct 11931
T.-P. & Gen. M gr., J. Brodie Smith; V.-P. in charge of operations, Avery 1st omtge $150,000 ($l,000)f 1901 Old Colony Tr. Co.. Boston, trustee.
g ld _________________c*tf lint., at
R , Scheller; Vice-Pres., George Otis Spencer; Sec., A. M . Wilson; Treas.,
Bonds.— Entire issue may be called at 105 and accrued interest.
T . L. Skinner. Office, Manchester, N. H.— V. 123, p. 2140, 2262, 2656,
Dividends.— Under the lease to the Bay State St. Ry. dividends of 6%
2T78; V. 124, p. 237, 2429, 3354, 3497.
p. a. were being paid, but payment due Jan. 1 1918 was defaulted— see

R A ILW AY AND BUS ASSOCIATES.
ORGAN IZATION .— Organized in April 1926 under a Massachusetts
declaration of trust. Controls New Hampshire Electric Rys. (which in
turn controls Dover Somersworth & Rochester St. R y., Dover Somersworth




EARNING S.— For calendar year 1924, gross, $143,788; net, after taxes,
$16,995.
In 1923, gross, $146,013: net, after taxes. $19,914.
In 1919,
gross. $131,691. For last 11 months of 1918. gross, $110,240.
^O FFIC E R S.— Pres., George A. Fernald, Boston; Treas., J E . Tobias',
Nashua. N . H .— V. 106, p. 86. 607.1036; V. 110, p. 1973; V . 118, p. 1392.

42

[Vol . 125.

PUBLIC U TILITIE S

SPRINGFIELD TERMINAL RAILWAY CO.

PUBLIC ELECTRIC LIGHT CO., ST. ALBANS, VT.
ORGANIZATION.-—Incorporated in Massachusetts.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. serves with electric light and power a territory in northern Vermont with
a population o f about 20,000, incl. St. Albans, St. Albans Bay, Milton,
Fairfax, Fairfax Falls, Cambridge, Cambridge Junction, Westford, Col­
chester, Mallet’s Bay, Jeffersonville, Fairfield, Fletcher, Bakersfield, Un­
derhill and Jericho. Co. also sells electric current at wholesale under a
long-term contract to the municipal electric light plant of the City of
Burlington. Co. owns a modern hydro-electric generating plant on the
Lamoille River at Fairfax Falls, Vermont, o f 4,500 h.p.; 69 miles of trans­
mission lines, built largely on private right-of-way; also sub-stations and
distributing systems. Co. also purchased a water power plant at Milton.
V t., which is to be equipped to provide a capacity o f 4,000 h.p. V. 123,
p . 3184.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
futurity.
_________
$800,000 __________
Common____________________ _____
6 % cum preferred___________ _____
6%
900,000 __________
1st mtge & ref 5 A % 30-year\ 1926
5 l A -0
A
1,000,000 Oct 1 1956
gold ser “ A ” ($1,000 c )..t fJ American Trust C o., Boston, trustee.
Underlying issue_____________ _____
_________
250,000 __________
Bonds.—The 1st mtge. & ref. 53^% 30-yr. gold bonds will be secured by
a direct first mtge. on all the electric power and light properties owned at
time of issuance or after-acquired, upon discharge of $250,000 underlying
bonds which were to be retired shortly out of the proceeds of sale of 1st
mtge. & ref. bonds. Additional bonds may be issued in series of such tenor
a s co. may determine, against cash, or for 75% of additions, improvements,
&c. (bonds issued for property subject to divisional liens may not exceed
8% o f total outstanding bonds), and provided net earnings for 12 consecu­
tive out of preceding 15 months have been not less than 2 times annual
interest on all bonds outstanding, and to be issued, and on divisional liens.
M ay also be issued for refunding purposes. There is a maintenance and
renewal fund of 12>£ % o f gross revenues of the preceding fiscal year. Series
“ A ” dated Oct. 1 1926 are red. all or part on 30 days’ notice on any interest
date at 107 K and int. for the first 2years and reducing l % for each 2 years
A
thereafter. Conn. 4 mills. Mass., Vermont or Maryland 6% , and New
Hampshire 5 mills taxes refundable. In Dec. 1926 E . H. Rollins & Sons
offered at 100 and int. $1,000,000 series “ A ” (V. 123, p. 3184).
EARN ING S.— For calendar years:
1926.
1925.
-Gross___________________________________
$233,231
$224,693
Operating expenses_____________________
73,744
63,076
N et______________________
Taxes, insurance and interest.
Bond interest_______________
Dividends__________________

$159,488
27,233
13,930
101,957

$161,617
23,741
12,500
---------

Balance______________________________________
$16,368
x$125,376
x Before deduction for dividends.
OFFICERS.— Pres., David V. Carruth; Treas., Clinton W . Tylee; Sec.,
Arthur G. Auger.— V. 123, p. 3184.

RUTLAND RAILWAY, LIGHT AND POWER CO.
Control.— Through stock ownership controlled by National Light, Heat
& Power Co., a substantial majority of whose common stock is owned by
New England Public Service C o., a subsidiary of Middle West Utilities Co.
V. 120, p. 1461.
ORGAN IZATION .— Is a consolidation in Feb. 1906 of the Rutland
Street R y., the People’s Gas Light C o., the Vermont Internal Improvement
Co. and the Chittenden Power Co. In Sept. 1906 acquired the entire
$180,000 stock and $120,000 bonds o f the Rutland City Electric Co. V. 83.
p. 626. In March 1908 consolidated with the latter company, thus com­
pleting consolidation o f all the Rutland public utilities. V. 86, p. 1044
For scrapping o f road, abandoned in Dec. 1924, see V. 121, p. 1228.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS —
G o. supplies electric light and power in Rutland. West Rutland. Wallingford
Pittsford, Castleton, and North Clarendon, Vt. Also furnishes gas in the
City o f Rutland.
Franchises have been granted by special Acts of Vermont Legislature and
are perpetual.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$1,700,500
See text
Com stock $2,000,000 ($100)_______
Preferred stock___________________
7%
111,200 Ja n ’27, 1%
First mortgage $2,000,000f 1906
5 g M-S
1,832.000 Mar 1 1946
gold ($1,000)__________ c*\Int. at Chase Nat’l Bank, N . Y ., trustee.
Bonds.— Bonds are redeemable at 110 and interest, as a whole or in
amounts of not less than $50,000, on any interest day. Sinking fund began
March 1 1916, providing for annual payments increasing from 14% to 2%
o f bonds out.
Dividends.— On pref. divs. of
% quar. are being paid regularly. On
common, 1913, 4% ; 1914, 3.35%; 1915, none; 1916, 2>4%; none until
1926, 4% .
EARN ING S.— For 12 months ended Aug. 31:
1926.
1925.
1924.
1927.
Operating revenue
$544,573
$529,328
$500,115
$538,203
155,563
140,375
Net after taxes & rentals
161.548
227,031
24,637
26,103
Other income__________
31,021
37,309
93,456
94,656
Int. and other deduct - .
96,020
92,163
Retirement expense___
33,999
63,073
2,037
Pref. div. requirements.
7,784
7,784
7.777
7,780
$76,923
$64,038
Balance, surplus_ _
_
$95,036
$138,426
OFFICERS.— Pres., W . A. Buttrick; V.-Pres., J. A. Ryan; Gen. M gr.,
W . H. Lawson; Sec. C. A. Forrest; Treas., R . Howarth; Asst. Sec., J. F.
Reilly; Clerk, W . H. Lawson.— V. 120, 332 , 583, 1461; V. 121, p. 1228;
V. 124, p. 3210.
________ __

VERMONT COMPANY.
On Dec. 31 1926 the N . Y . N . H. & H. owned 6,500 shares of stock and
$846,000 1st mtge. bonds (tf).
ORGAN IZATION .— Was leased to the Berkshire St. R y. for 99 years
from Feb. 1 1911, but lease was canceled on Dec. 31 1922. Owns all the
stock of the Hoosick Falls R R . On N ov. 21 1925 Federal Judge Francis A
Winslow granted the application o f the N . Y . N . H. & Hartford RR. to
resume control of the Vermont co .’s trolley lines, which were separated
from the New Haven system by the Sherman law of 1914. For full par­
ticulars, see V. 121, p. 2639.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS —
Operates 17.79 miles o f line (serving Bennington and Pownal in Vermont,
being that part o f the former Bennington & North Adams St. R y. lying
within the State o f Vermont.
EA R N IN G S.— For calendar years;
Deduct.
Bal., Def.
Gross.
Net, aft. Taxes. Oth.Inc.
$30,580
$33,440
*1927..............
$45,429
def.$2,938 $79
58.578
45,870
116
1926..........
78,875 def 12.823
189
45.870
60,694
1925............
76,783 def. 15,013
45.870
59,45b
219
1924______
83,793 def. 13,805
* For 8 months ended Aug. 31 1927.
•P., L. 8. Storrs; V,,-P., C. Q.
OFFICERS.— Pres., E . G. Bucklanc
Richmond: Clerk & Treas., R . E. Healy; Aud., I. A. M ay.
(1) HOOSICK FALLS R R .
Incorp. in 1910 and leased to Vermont co. for 99 years. Lease cancelled
and operations ceased M ay 31 1927.




ORGANIZATION.— As of Jan. 1 1923 acquired the entire property of
the Springfield Electric R y. Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates 9 miles of track between Springfield, Vt., and Charlestown, N . H .,
In freight and passenger service. It is essentially a switching carrier for
Springfield, Vt., with a connection with the Boston & Maine R R . at
Charlestown, N . H ., where freight and passengers are interchanged.
C A PITALIZATION .— Capital stock, common. $100,000; pref. $82,500,
1st mtg8. 7% bonds, $164,000.
EARNING S.— For calendar years
1926.
1925.
1924.
1923.
Railway operating rev. $89,993
$96,534
$96,823
$99,426
Net railway oper. rev___
16,275
23,280
14,057
26,370
Net auxiliary oper. r e v ..
16,019
12,866
14,115
12,634
Net operating revenue..
32,294
36,146
28,172
39,004
Taxes_________________
4,370
3,766
2,575
2,486
Non-operating income. _
651
1,017
2,109
905
28,575
33,397
27,616
37,423
Gross income__________
O F F IC E R S — Pres., E. S. French; V .-P ., E. A. Davis; Treas., C. G.
Staples; Auditor. L. A. Putnam.— V. 61, p. 1043; V. 70, p. 93: V. 106.
p. 2124; V. I l l , p. 2230; V. 122, p. 2043.

EDISON

ELEC.

ILLUM.

CO.

OF

BOSTON

(T H E ).

OR G A N IZA TIO N .— Incorp. in 1886. V. 81. p. 157: V. 88, p. 454
1132; V. 94, p. 1190; V. 95, p. 422. Massachusetts Utilities Investment
Trust acquired interest in company.
Participation in consolidation plan with New England Power C o., Inter­
national Paper Co. and Power Corp. of N . Y ., see V. 121, p. 1908.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Renders lighting and power service to individual customers in Boston
and 37 surrounding cities and towns, and sells energy in bulk to 10 other
companies and municipalities. Capacity of generating stations, 271,150 kw.;
company and customer sub-stations 100; high tension transmission circuits,
740 miles; overhead distribution system, 1,825 miles and 465 miles of under­
ground lines. As of Dec. 31 1926, 312,966 meters installed.
Rates.— In 1925 the Dept, of P. U. ordered a reduction in retail price of
electricity from 9H to 8K c. per kw h., amounting to about $1,200,000
per year ($450,000 from Sept.-Dee. 1925). Light rate ordered reduced
1 cent per k.w.h., effective Sept. 1 1925. See V. 121, p. 74.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock ($100)_________ _____
_________ $53,387,500 Aug ’27, 3%
1-year coupon notes________ I 1927
4 g M -N
10,000,000 N ov 2 1928
(Old Colony Trust Co., Boston, trustee.
3-year coupon notes________ ) 1927
44£ g M -N 30,000,000 N ov 1 1930
(Old Colony Trust C o., Boston, trustee.
The stockholders of record Nov. 5 1923 were given the right to subscribe
on or before Dec. 5 1923 to the new 64,881 shares of capital stock at $140
per share, in the proportion of one new share for every five old shares now
held. V. 117, p. 2115. Holders of record Nov. 5 1924 were given the
right to subscribe to 77,857 additional shares of stock at $155 per share in
the proportion of one new share for every five old shares held. V. 119. p.
2179*. Stockholders of record M ay 23 1927 have been given right to sub­
scribe on or before June 23 to 66,734 additional shares of capital stock
(par $100) at $215 per share on ratio of 1 new share for every 7 shares held.
V. 124, p. 3351.
Stock.— Stock is listed on the Boston Stock Exchange.
Notes.— No mtge. will be put upon the company’s existing property unless
these notes are equally secured or retirement thereof is provided for in such
mtge. In Oct. 1927 Lee, Higginson & C o., Old Colony Corp., F. S. Mose­
ley & Co., Kidder, Peabody & Co., Parkinson & Burr, Harris, Forbes &
Co., the First National Corp. of Boston, Blake Brothers & C o., Bankers
Trust C o., New York, and the National City Co., sold $30,000,000 3-year
4 >2 % notes dated Nov. 1 1927 at 100 and int. and $10,000,000 1-year 4%
■
notes dated Nov. 2 1927 at 99% and int., to yield 4i£ %• V. 125, p. 2262.
Dividends—
11903-06.
1907 to 1909.
1910. 1911 to Aug 19279 nee 1901_____% \10yrly.
10 yrly. & 1 ext. 11 ^ 12 p. a. (3% Q-F)
EARNINGS.— For calendar years
1926
1925
1924
1923.
Operating revenues_____$23,204 901 $21,315,240 $19,494,784 $17,877,963
Operating expenses_____ 9,791,488
9,840,878
9,333,352 9,106,172
Uncollectible oper. r e v ..
69,975
61,096
30.000
36,o0O
Taxes________________ 3,700,000
3,220,000
2,470.000 2,225.000
Net operating income- $9,643,439
Non-operating incom e..
Dr.4,701

$8,193,266
110,604

$7,661,432
74,711

$6,510,791
10,117

Gross income____
Interest, &c________
Dividends paid_____

$8,303,870
1,599,434
5,605,692

$7,736,143
1,173,288
4,667,964

$6,520,908
1,305,224
3,890,610

$9,638,738
1,866,486
5,605,692

Avail, for depr. & surp $2,166,561 $1,098,744 $1,894,891 $1,325,074
OFFICERS.— Pres., Charles L. Edgar; V .-P ., Walter C. Baylies; V.-Ps.,
Wm. H. Atkins, Leavitt L. Edgar and Sidney Hosmer; V .-P ., Treas. &
Asst. Clerk, T . K . Cummins; Clerk & Asst. Treas., Fred. G. Havlin.
Office, 70 State St., Boston, Mass.— V. 120, p. 210, 329, 701, 1088, 1585;
V. 121, p. 74, 1908; V. 122, p. 2039; V. 123, p. 1250. 2138, 2390, 2653.
2775, 3037, 3318; V. 124, p. 110, 371, 643, 1819, 3206, 3351; V. 125, p.
2144, 2262.

EDISON

ELECTRIC ILLUMINATING
BROCKTON.

CO.

OF

Under the executive management of Stone & Webster, Inc.
ORGANIZATION.— Incorp. in Massachusetts in 1884.
Voting trust agreement. See V. 125, p. 1970.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Does the entire electric lighting and power business in Brockton and in the
adjacent towns of Whitman, Avon, Hanson, Bridgewater, East and West
Bridgewater, Stoughton and Easton, and furnishes power to The Electric
Lt. & Pow. Co. of Abington and Rockland and Plymouth Elec. Lt. Co.
Estimated population served with light and power 108,100.
Company also purchases power. Franchises without time limit.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. $4.035,000-.....................................................$4,035,000
See text
1st mtge $200,000 (closed) f 1900
5 g J-D
200,000 Dec 1 1930
gold ($1,000)__________ c*)In t. at Bos. S. D . & Tr Co . Boston, trustee
Stock.— Non-taxable in Massachusetts. 5.000 shares were offered In
Nov. 1924 by Blodget & Co. and 8tone & Webster, Inc., at $53 per share.
V. 119, p. 2528.
In June 1925 co. increased authorized capital stock by 32,280 shares (par
$25), by offering them to stockholders at $40 per share. The proceeds were
to meet expenditures on account of investments in Montaup Electric Co.
and retirement of floating Indebtedness. V. 120, p. 3064; V. 121, p. 74,
1568.
Bonds.— 1st mtge. 5s are call, allor in part at 110 & int. on any int. date.
Year— 1910.1911-1919. 1920. 1921. 1922. 1923. 1924. 1925. 1926.
Reg. divs.
paid____74$%
8% p. a.8% 10% 10% 10% 10% 10% 10%
Extras. ...............................
5 % ____
3%
4%
2%
4%
1%
In 1926: Feb.. 62K c.: M av and N ov., 624$c.

43

POW ER, L IG H T AND R A IL W A Y

Oct ., 1927.1

EARN IN G S.— For Calendar years:
Net After
Interest Less Bat. Avail, for
Other Income. Res. Ret.&Divs
Gross.
Taxes.
$568,117
1926__________ $1,756,686
$577,869
Cr.$9,751
606.597
599,484
7,113
1925__________
1,677,015
2,274
556,644
1924..................
1,572,415
558,918
564.731
1923__________
1,583,804
576,729
11,998
1922__________
1,382.038
498.254
10,373
487,881
1921__________
1,256,549
372,873
26,262
346,611
399,431
360.955
1920................
1,302,700
38,476
1919__________
1,096,981
376,968
79.098
297,870
1918__________
254,423
74,132
180.291
831,538
1917...................
729,448
270,629
37,184
239,445
635,597
223,027
1916...................
235,126
12.099
Latest Earnings.— For 12 months ended June 30:
1925..
1927.
1926.
Gross earnings..
_____$1,862,256
$1,706,491 $1,631,003
Operating expanses and taxes.. _____ 1,213,969
1,148,134
1,018,731

The 10-year 7% gold debenture bonds dated Oct. 1 1920 were called for
payment Oct. 1 1927 at 103 and int. V. 125, p. 385.
Dividends.—-On 6% pref. paid $1.50 in April 1927. On 8% pref. paid
$2 in April 1927. On com. paid 75c. in March, June and Sept. 1927.
EARNINGS.— Income statement of Trustees of holding company:
Calendar Years—
1926.
1925.
1924.
1923.
Total income__________
$742,046
$728,395
$683,175
$615,030
Expenses, taxes, int., &c
140.049
140,070
159,701
146.047

Net earnings..
Income from other sources_x
Balance______
Interest charges.

____
. _____

$648,287
1,480

$558,357
17,181

$612,272
31,533

Total income________
Interest charges_______
Dividends--------------------

$943,139
149,100
628,662

$899,857
164,128
605,615

$884,231
209,050
521,091

$778,645
223,942
464,979

____
-------

$649,766
13,399

$575,537
18,711

$643,805
25,33 9

Balance, surplus_____
Trustees'balance______
Total surplus________
Mass. Light., pref. divs.
Mass. Light, com. divs.

$165,377
601,996
$767,373
449,624
145,834

$130,114
588,325
$718,439
445,877
138,507

$153,689
523,474
$677,164
425,165
92,338

$89,724
468,983
$558,707
399,378
64,636

Balance__________________________
$636,368
$556,827
$618,466
x Interest on funds advanced to Montaup Electric Co.
OFFICERS.— Pres., Fred’k B. Howard; V.-Ps., A. Stuart Pratt and
M . L. Sperry; Clerk, Victor D. Vickery; Treas., Henry B. Sawyer. Under
management of Stone & Webster, Inc. Manager, Albert F. Nelson.—
V. 119, p. 3009; V. 120, p. 3064: V. 121, p. 74, 1568. 3003; V. 122, p. 1309;
V. 123, p. 1250, 1502. 2898, 3318; V. 125, p. 1459, 1970.

FALL RIVER ELECTRIC LIG H T CO.
ORGANIZATION.— Incorp. in Mass, in March 1883. Owns 35,705
shares com. and 5,000 shares pref. stock of the Montaup Electric Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Does entire commercial electfic light andpower business in the city of
Fall River and vicinity. Also serves the towns o f Somerset, Swansea,
Dighton and Westport. Has 15,000 k. w. steam power plant.
STOCK AND BONDS— Date.
Interest. Outstanding.
Last Div
Common $5,250,000 ($25)____ _____
_________ $5,250,000
See text
Employees stock $50,000 ($ 1 0 )____
_______
50,000 __________
First mortgage gold bonds/ 1925
5 J-J
$2,000,000 July 1 1945
Series A ($1,000)_______ c*|B. M . O. Durfee Trust C o.. Fall River, trus.
Stocks.— In Feb. 1927 directors approved a trust agreement under which
stockholders may deposit their stock. The agreement is to run until Dec.
31 1931, subject to extension to Dec. 31 1936. Trustees are authorized
either to sell all, but not less than all, the deposited common stock at not
less than $60 a share, or sell all deposited at such price as may be approved
by three-fourths of the deposited stockholders. V. 124, p. 1219.
Bonds.— The 1st mtge. 5% g. bonds 1925 are callable all or part, on 30
days notice, incl. July 2 1930, at 110 & int.; thereafter until July 2 1940
at fi % less on each interest date: from July 2 1940 till maturity at H %
less each int. date. Int. payable at the B. M . C. Durfee Trust Co., Fall
River, and the First National Bank, Boston. In July 1925 Curtis & Sanger
and Blodget & C o., Boston, sold $2,000,000 at 107.92 and int., yielding
4.40%. See V. 120, p. 3186. 3314: V. 121, p. 74.
Dividends.— Divs. at the rate of 8% per annum paid quarterly since 1905.
In addition, an extra dividend of 25c. was paid in Jan. 1927.
EARN INGS.— For calendar years:
1926.
1924.
1923.
1925.
Sales from lig h tin g ___ $1,021,817
$849,562
$970,927
$773,218
Sales from power_______ 1.286,668
990,349
1,175,169
1,212,010
Miscellaneous oper. rev.
1,329
4,655
13,504
4,765
Total oper. revenue.. $2,313,240
_
Expenses— Operating_
1,262,623
T axes_______________
251,010

$2,196,441
1,184,486
256,438

$1,844,677
1,094,440
198,030

$1,949,717
1,111,267
212,685

Total expenses_______ $1,513,633
Net operating income_
_
799,507
Non-oper. Income. . .
18.991
Other credits__________
1

$1,440,925
755,516
161,036
255

$1,292,471
552.206
74,625
60

$1,323,953
625,764
14,087
1,620

Total I n c o m e .______
Deductions— Interest_
_
Miscellaneous_______

$818,499
107,441
27,293

$916,807
84,301
97,361

$626,892
22,676
40,108

$641,471
22,878
8,100

Net income ________
Dividend, 8 % _
_
Res. for renew. & replace

$683,765
475,126
187,223

$735,145
422,334
183,073

$564,107
380,114
174,839

$610,492
283,951
163,393

_
Surplus for 12 mos_
Surplus fo r w a r d .___

$21,417
627,571

$129,738
497,833

$9,153
488,678

$163,147
325,531

Total surplus________
$497,832
$488,678
$627,571
$648,988
Latest Earnings.— For 6 mos. ended June 30 1927: Net income, $473,274;
divs., $211,167; balance, sur., $262,107.
OFFICERS.— Pres. & Gen. M gr., Roy F. Whitney: V .-P., James E.
Osborn; Clerk & Treas., Andrew P. Nichols.— V. 121, p. 74: V. 122. p. 2190:
V. 123, p. 1502, 1762, 2653; V. 124, p. 1219, 1819; V. 125, p. 1051.

MASSACHUSETTS L IG H TIN G COMPANIES.
ORGANIZATION.— A voluntary
Owns the capital stock of:
Adams Gas Light Co.
Arlington Gas Light Co.
Ayer Electric Light Co.
Clinton Gas Light Co.
Gas & Electric Impt. Co.
Gloucester Gas Light Co.
Harvard Electric Co.
Leominster Electric Lt. & Pow. Co.
Leominster Gas Light Co.
Lexington Gas Co.

association organized Oct. 1 1903.
Milford Electric Lt. & Power Co.
Milford Gas Light Co.
Mill River Electric Light Co.
North Adams Gas Light Co.
Northampton Electric Ltg. Co.
N o r t h a m p to n G a s L ig h t C o .

Palmer Gas Co.
Spencer Gas Co.
The Light,’ Heat & Power Corp.
Wiiliamstown Gas Co.
AVoburn Gas Lt. Co. (V. 124, p. 507).
Stock Exchange Orfer.— In June 1927 stockholders were made the follow­
ing offer: The holders o f each share o f common stock to receive 1.2 shares
o f Mass. Utilities Investment Trust preferred and 10 shares of voting trust
common; the holder o f each share of 6% preferred to receive 2.4 shares of
Investment Trust preferred and 34 share o f voting trust common, and the
holder of each share o f 8% preferred to receive 3.2 shares of Investment
Trust pref. V. 124, p. 3208; V. 125, p. 1193.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Co. furnishes electric and (or) gas service In Adams, Arlington, Ayer, Bel­
mont, Brookfield, Cheshire, Clarksburg, Clinton, East Brookfield, Glouces­
ter, Goshen, Harvard, Hopedale, Lancaster, Leicester, Leominster, Lexing­
ton, Lunenburg, Milford, Monson, North Adams, Northampton, North
Brookfield, Palmer, Spencer, Warren, West Brookfield, Williamsburg,
Wiiliamstown, Winchester and Woburn (all in State of Massachusetts).
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common 80,000 shs (no p a r ).______
_________ 57,254 s h s __________
6% cum pfd 80,000 shs (no p a r ) ____
6 Q-J
44,524 s h s ___________
8% cum pfd 80,000 shs (no p a r ) ____
8 Q-J
30.S41 s h s ___________
7% serial g deben ($1,000./ 1918
7 J-D
$116,000
Serially
$500, $100 c * )__________ tf \lnt. at Old Colony Tr. C o., Boston, trustee.
Stock.-—Both 6% cum. pref. and 8% cum. pref. stocks are entitled to
cum. pref. dividends and $125 and divs per share before common.
Rights.— Shareholders of record Sept. 15 1926 were offered the right to
subscribe on or before Oct. 20 1926 to additional com. shares in the propor­
tion of one new com. for each lO shares of com. or pref. held, at $57 50 per
share, payable in full, 2 or 3 installments. V. 123, p. 1382, 1504.
Debentures.— The 7% serial gold debentures, dated June 1 1918 are call.,
whole or part, on 3 months’ notice at any interest date at 103. Listed on
Boston Stock Exchange. They mature $116,000 annually on June 1 to
1928.




B a la n c e ......................
$601,997
$588,325
$523 474
$468,983
Consolidated Operating Accounts of Companies Whose Shares Are Owned by
Massachusetts Lighting Cos.
Calendar Years—
1926.
1925.
1924.
1923.
Gross income__________ $3,977,474 $3,690,494 $3,454,679 $3,351,496
Net income after exp.,
deprec.& taxes, &c___
792,100
749,815
741,054
665,732
Other in c o m e ...............
151,039
150,042
143,177
112,912

Surplus---------------------

$171,915
$134,055
$159,660
$94,692
Operating Statistics.
Calendar Years—
1926.
1925.
1925.
1923.
xElectric sales (k.w .h .). 36,434,252 33,816,678 30,778,967 31,924,247
Elec, wires in use (miles)
3,133
3,017
2,816
2,623
32,198
30.784
29,012
26,158
Eiectric customers_____
xGas sales (1,000 cu.ft.) 1,190,600
1,095,451
1,005,174
985,520
Gas mains (miles)______
502
488
473
448
Gas customers_________
43,653
41,867
39,825
37,439
x Excluding inter-company sales.
Lates„ Earnings.— For 8 mos. ended Aug. 31 1927: Gross, $2,636,28?;
net earnings after taxes and deprec., $555,921; net income, $469,844.
OFFICERS.— Trustees: Arthur E. Childs, Philip M . Childs, Guy W.
Cox, George F. Howland, Chauncey D. Parker, Henry A. Wyman. Bowen
Tufts. Pres., Arthur E Childs; Sec. & Treas., George F. Howland; Asst.
Sec. & Aud., R. D. Washburn. Offices, 77 Franklin St., Boston.— V. 122,
p. 1762; V. 123, p. 1382, 1504, 2391; V. 124, p. 507, 2280, 2428, 3208, 3496,
V. 125, p. 246, 385, 1193, 1709.

LAWRENCE GAS & ELECTRIC CO.
At the end of 1926 New England Poicer Association had acquired a very
large majority of company’s capital stock through exchange against New
England * ower Association securities. For details, see V. 123, p. 2900,
3320.
ORGANIZATION.— Incorporated in Massachusetts in 1849. Knows
as Lawrence Gas Co. up to Mar. 26 1925, when name was changed to
present title.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Does the entire commercial electric light and power and gas business in
Lawrence and vicinity. Population served. 135,000.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ $4,000,000
See text
Capita] stock $4,000,000 ( $ 2 5 ) ___
1st mtge Ser B g ($1,500,000)/ 1920
4H F-A
$1 500,000 Aug 11940
(SI 000)_________ c, c* or rlBoston S. D . & Tr. C o., Boston, trustee.
Stock.-—Capital stock increased to $4,000,000, see V. 120, p. 2550, 2683.
Stockholders were given the right to subscrioe to the additional 32,000
shares on the basis of one new share for each 4 held.
Bands.— Callable as a whole only on 60 days’ notice, incl. Aug. 1 1930 at
105 and int.; incl. Aug. 1 1935. at 103)4. and int.; incl. Aug. 1 1938, at 102
& int.; thereafter at 101 & int. Proceeds used to retire 7% bonds. Series A
called for payment Aug. 1 1925 at 109 & int. V. 120, p. 2943.
In Aug. 1925 Curtis & Sanger offered $1,500,000 at 101.64 and int., to
yield 4.35% . V. 121, p. 75.
Dividends.— Have been paid without interruption since 1858 at the
rate of 6% or over and during this period numerous extra divs. have been
paid. Divs. at the rate of 8% per annum were paid up to and incl. N ov.,
1925. In 1926: Feb., M ay, Aug. and N ov., 2 )4 % . V. 122, p. 611.
EARNINGS.— For calendar years:
1925
1924
1923.
1922.
Operating revenues_____$2,259,267 $2,176,090 $2.185,'l74 $1,952,522
Operating expenses_____ 1,630,418
1,643,202 1,423,306
1,358,523
Net operating incomeNon-operating incom e..

$628,849
30,378

$532,888
17,453

$761,868
16,323

$593,999
15,854

Gross income________
Deductions— Interest— .

$659,227
131,995

$550,341
137,063

$778,191
123,312

$609,853
157.675

Income balance..........
$527,232
$413,278
$654,879
$452,178
OFFICERS.-—Chairman, Irvin M cD . Garfield: xres., Fred H. Sargent:
Treas., R. W. Emmons 2d; Clerk, H. R. j. everly.— V. 118, p. 2710; V. 120,
p. 957, 1203, 1459, 1747, 1881, 2550, 2683, 2943; V. 121, p. 75; V. 122,
p. 611, 2495; V. 123, p. 2900, 3320; V. 124, p. 1220.

NEW BEDFORD GAS & EDISON L IG H T CO.
ORGANIZATION.— Incorporated in Massachusetts in 1850.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Does the entire electric and gas lighting and heating and industrial power
business in the city of New Bedford and several neighboring towns, serving
New Bedford, Acushnet, Fairhaven, Dartmouth and Mattapoisett with
gas and electricity, and Freetown, Lakeville and Westport with electricity
only. Owns and op e ra te s a 9 2 ,0 0 0 k.w. s te a m p o w e r s ta tio n located In the
city of New Bedford at tidewater. Current is distributed in the city by
means of an extensive underground system, in the outlying districts by over­
head lines, and is delivered to the neighboring towns by means of high-ten­
sion transmission lines. Company’s combined oil and water gas plant has
an installed generating capacity of 10,500,000 cu. ft. As of Aug. 31 1927
had 34,391 gas meters, 249 miles of gas mains, 40,098 electric meters,
2,326 miles of electric overhead lines and 323 of underground cables.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
See text
Stock $5,342,400 ($25)______
$5,342,400
1st mtge Ser " A ” ($500 &
885,000 Jan 1 1928
6 g J-J
$1,000) g o ld ..............c*.tf 1918
477.000 Jan 1 1928
Series “ BT gold ($1,000).. 1918
7 g J-J
1,500,000 Jan 1 1938
Series “ D ” ($1.000) g .c*.tf 1918
5 g J-J
Series “ E ” ($1.000) g . c ’ .tf 1918
1,145,000 Jan 1 1938
5 g J-J
572,000 Jan 1 1938
5 g J-J
Series F ($1,000 g c * )_ tf 1918
_
New Bedford (Mass.) Safe Deposit Nat'l
Bank, trustee.
Stock.— Stockholders of record M ay 3 1926 were given the right to sub­
scribe on or before June 5 1926 for one new share for each 6 held at $55 per
share, payable in full or in installments. For details see V. 122, p. 2800,
2652.
Bonds.— Int. on all series of first mtge. bonds is payable at office of trustee
or at the First National Bank of Boston. First mtge. Series “ A ” 6s are
red., all or In part, by lot on any int. date on 40 days’ notice at 105 and int.
$408,000 Series “ A” 6s were offered In Feb. 1918 by Coffin & Burr and
Harris. Forbes & Co. at 100 and int. V. 106, p. 505. 611.
All of the outstanding series C 6)4s due Jan. 1 1938 were called July 1
1926 at 105 and int. V. 122, p. 3083. In June 1926 co. invited sealed
proposals before June 18 1926 for the purchase of $572,000 1st mtge. 5%
bonds due Jan. 1 1938, to be secured equally with the other outstanding
1st mtge. bonds. V. 122, p. 3083.
First mtge. Series ‘‘ B " 7s are call, at 105 and Int. In Sept. 1920 E. H.
Rollins & Sons offered this series at 100 and int.
First mtge. Series “ D ” 5s are red. on 30 days’ notice on any int. date
prior to maturity at 105 and int. Guaranty Co. of New York in M ay 1922

44

PU BLIC U TILITIE S

offered $1,500,000 Series " D ” 5s at 103.29 and Interest, to yield 4.70%.
V. 114, p. 2022.
First mtge. Series " E ” 6s are callable, all or In part, on 30 days’ notice, at
105 and Interest prior to maturity. In June 1923 Harris, Forbes & Co.
offered $1,146,000 Series " E " 5s at 100 and Interest. V. 11R. p. 3004.
Series F are call, at 105 and int. on 30 days notice. In June 1926 E. H.
Rollins & Sons offered $572,000 5% series F at 104.45 and int., to yield
4 H % . V. 123, p. 83.
The 1st mtge. bonds are secured by a 1st mtge. on practically all the
property o f the co.
Dividends.— bate dividends have been paid as follows: 1899, 8 H % ,
1900, 7% ; 1901.7H % ; 1902, 6% : 1903. 10)4% ; 1904, 8% : 1905, 9% : ’ 906:
’ 0% ; 1907, i i % : 1908. H K % ; 1909, 31%; 1910. 11%; 1911, 13H % ; 1912.
12%; 1913. 14%: 1914, 13H % : 1915, 13%: 1916. 15%. Since 1917, at
the rate of 12% per annum. In 1925 in addition to the 12% annual rate
paid an extra o f 2 % . In 1926 paid 16%. V. 122, p. 1918: V. 123. p. 83.
In 1927: Jan., $1: April, $1; July, $1; Oct., $1.
EARNINGS.'—For calendar years:
Gross • Over.
Ini.
Depre- Divi- Balance
Revenue. Expense. Ac.
Taxes, cialion. dends. Surplus
%
$
$
S
$
$
f
*1927........ 4.318,400 2.076,377 274.588 540,461 372.092 824,256 230,626
1926______4.171,718 2.072.815 330,433 490.333 322,138 808,992 147.0U7
1925______3.986.792 2,035.019 326,974 428.078 282,300 641.087 273,333
1924______3.544.485 1.861.699 311.930 399.756 295.873 549.504 125.723
1923-.........3.658.153 2.026.459 283.627 368,339 288.593 549.504 141,631
1922_____ 3.357.232 1.847 477 312 630 335,266 268.410 412,128 181,321
* For 12 months ended Aug. 31 1927.
The surp'us account as of Aug. 31 1927 was $1,551,064.
OFFICERS.— Pres.. Oliver Prescott: V.-P.. F. B. Gifford: Treas, &
Clerk C. R. Price: Gen. Mgr., W. H. Snow.— V 118, p 440. 1R73: V 120.
p. 2401 V. 121. p. 75. 707; V. 122, p. 481 1762. 1918. 2496. 2652. 2800
3083. 8210; V. 123, p. 83: V. 124, p. 1511, 1980. 3209; V. 125, p. 1461, 1971.

EASTERN STATES POWER CORPORATION .
ORGANIZATION AN D C H A R ACTER OF BUSINESS.— Organized
in Maryland Oct. 23 1925 principally for the purpose of acquiring and
holding securities of public utility companies. Corporation is also empow­
ered to underwrite Issues o f securities, to act as fiscal agent, and to deal
generally in securities, incl. those of companies interested in the develop­
ment of the electric light and power industry. The earnings are derived
from the income received from its Investments, underwriting fees and
profits realized from the sale o f securities.
In Nov. 1925 it was announced that the corporation was expected to
acquire directly and indirectly a large interest in the common stock of a
company.which is to control the New England Power System. Substantia!
amounts o f such common stock were also to be acquired by, or on behalf of.
The Power Corp. of N. Y ., Stone & Webster and associates, International
Paper Co. and interests previously identified with the New England Power
System. V. 121, p. 2156, 2271.
STOCK— ’
Date.
Interest. Outstanding. Maturity.
Common class A 500.000 shs
(no par)________________________
_________ None
__________
Common, class B, 750,000 shs
(no par)___________________ _____
_________ 539,234shs __________
Pref. series A cum. 100,000
shs. (no par)______________ _____
$7 Q-P
40,000shs N ov. 26 $1.75
Stoik.— Pref. stock is preferred as to dividends ($7 cum. per annum) and
assets ($100 and divs.) over any other stock. Has no voting powc- except
in case o f default o f 4 quar. divs. Rea., whole or part, on 30 d; ys’ notice
at $110 per share and divs. In N ov. 1925 F. L. Carlisle & C o., Inc. New
York, and Schoellkopf, Hutton & Pomeroy. Inc., Buffalo, offertu 40.000
pref. series A shares at $97 50. and div., to yield over 7.15%. Each share
carried subscription warrants to buy 2 shares o f class B common stock at
$15 per share to and lncl. April 30 1926, at $20 to and incl. June 30 1926
ano at $25 to and Incl. Oct. 31 1926. V. 121, p. 2271 .— The common stock
is listed on the New York Curb Market. V 121. p. 2873.
Dividends.— An initial quar div. of $1 75 was paid on series A pref stock
in Feb. 1926. ▼. 122, p. 347. In M ay and N ov. 1926 and Feb. and Nov.
1927, $1.75.
EARN ING S.— For calendar year 1926: Gross (all sources), $1,146,800:
net after expenses, taxes, interest, &c., $1,061,935; Federal taxes. $138,000.
pref. divs., $273,000: balance, $650,934.
OFFICERS.— Chairman of the Board, F. L. Carlisle: Pres., H. E.
Machold; 1st V .-P., J. F. Schoellkopf. Jr.: 2nd V .-P., Chas. E. Norris;
Sec. & Treas., R. K. Ferguson: Asst. Sec. & Asst Treas.. F. A. Rogers.—
V. 121, p. 2156. 2271, 2873: V. 122, p. 347; V. 124, p. 3628.

NEW ENGLAND GAS AND ELECTRIC ASSOCIATION.

[V ol. 12&.

STOCKS AND BONDS—
Date.
Interest. Outstanding. M aturity.
_________ 100,000 shs __________
Common 250,000 shs (no p a r ) . ____
Cum pref 250,000 shs (no p a r ) _ ____ $5.50 div. *82,000shs __________
5% conv deb bds ($1,000) _c*7 1927
5 g M-S $17,000,000 Sept. 1 1947
(First National Bank, Boston, trustee.
Minority common (at par)_________
_________
81,225 ______ ____
* Excludes 85,000 shares reserves for conversion o f bonds.
Stocks.— The preferred shares may be issued as $5.50 div. series shares’
and (or) $6 div. series and are preferred over the common as to divs. and
assets and will be fully paid and non-assessable. The preferred shares are
entitled to cum. divs. at the rate of $5.50 and $6 per share per annum,
payable quarterly Jan. 1, before any divs. are paid upon or set apart
for common stock. Except as to div. rate, shares o f both series preferred
are in all respects alike. Assn, will refund Mass, tax on income not exceed­
ing 6% . Tn event of any termination, liquidation or winding up o f the
Assn., holders of preferred shares ($5.50 div. series and $6 div. series)
are entitled to $100 per share and accrued divs., except that if all assets
are transferred to a new co. or assn., holders o f preferred may be given In
lieu o f cash, a like number o f preferred shares of such new co. or assn,
having similar preferential rights. The preferred shares $5.50 div. series
and(or) $6 div. series are red. all or in part on the 1st day of any month,
upon 30 days’ notice at $105 and accrued divs. Preferred shares have no
voting rights except as to question of issuance o f stock superior to present
classes of preferred shares.
Bonds.-—The 5% conv. gold debenture bonds, dated Sept. 1 1927 are con­
vertible in an aggregate o f $8,500,000 bonds in the order of surrender for
conversion and upon 10 days’ prior written notice on the 1st day o f any
month up to and incl. Sept. 1 1931 (or on or before the red. date. If pre­
viously called for red.) into $5.50 div. series pref. shares of the assn, at rate
o f 10 shares for each $1,000 bond. Adjustment to be made in respect to
any accrued divs. or int. The assn, will not pledge any of its assets without
ratably securing these bonds, except in case of purchase money mtges. and
liens and except in case of pledges in the usual course of business as security
for temporary loans or for indemnity for terms not exceeding one year.
Additional bonds may be issued provided consolidated net earnings (as
defined in the indenture), before depreciation for a certain fixed period
shall have been at least twice the aggregate of the annual int. charges on the
association's entire outstanding funded debt., tad . proposed issue and the
annual int. and (or) div. charges on any bonds or preferred stocks o f the
operating companies held by the public. Red. all or part on first o f any
month prior to maturity on 60 days’ notice at 103 and int., to and incl.
Sept. 1 1932: thereafter at a premium decreasing 1% for each 5-year period
to and incl. Sept. 1 1942, thereafter at 100)4 and tat. to and Incl. Sept.
1 1946; and thereafter at 100 and int. In Aug. 1927 a syndicate headed
by Harris, Forbes & Co. brought out $17,000,000 5% conv. gold deb.
bonds at 99 and int., to yield 5.08% . V. 125, p. 1193.
EA R N ING S.— Consolidated earnings for 12 mouths eaded June 30 1927:
Gross earnings and other income_____________________________ $6,955,047
Net after maintenance and taxes (except Federal) and amounts
applicable to minority common stocks_____________________
2,591,726
Annual interest charges on 5% conv. deb. bonds______________
850,000
O F F IC E R S.— Pres., Daniel Starck; V .-P s., H. O. Hopson and W arre*
Patrick; Treas., A. E. Koch; Sec., F. H. Theney. O ffice, 70 State St.
Boston, M ass.— V. 124, p. 2428, 3353; V. 125, p. 246. 1193.

THE LOWELL ELECTRIC L IG H T CORP.
Under executive management of Stone & Webster, Inc.
ORGANIZATION.— Incorporated In Massachusetts In 1881.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Does the entire electric lighting and power business in Lowell and in the
adjoining towns of Billerica, Chelmsford, Dracut, Tewksbury and Westford.
Also supplies a portion of the town of Tyngsboro and sells power to the
town o f Littleton. Power house capacity. 35.900 k. w. Estimated popu­
lation served. 137.400. Franchises not limited in time.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Q-F
$4,186,400 N o v ’26,
Stock $4 186 400 ($25).......................
No funded debt.
Stock.— Stock is non-taxable in Massachusetts. On Sept. 22 1925 the
Mass. Dept, of P. U. authorized the issue of 30.915 additional shares of
capital stock (par $25). to be issued to stockholders of record Sept. 28 at
$47 50 per share on the basis of one share for every four held. V. 120,
p. 3187: V. 121, p. 200, 1678. Stockholders on April 27 1923 approved
issuance of 17,175 additional shares to be offered stockholders at $47 5©
on basis of 1 new for each 9 existing shares. V. 122, p. 2191. 2496.
Additional Stock.— Co. was authorized in Sept. 1926 by Mass. Dept. of
P. U. to issue 12,881 additional shares of capital stock at $47 50. V.
123, p. 1876.
Dividends.— An extra dividend of 75c. was paid in Dec. 1924 and also in
Dec. 1925. V. 121. p. 3004. In Dec. 1926, 25c. extra.
EARNING S.— For calendar years:
Avail, for
Res.. Retir.
Gross
Net after
Taxes.
Interest.
A Divs.
Earnings.
$592,133
1926......... .............. ______$1,728,755
$607 100
$14,967
565.764
3.289
662.475
1925.......................... ........... 1,620.530
632.621
19.113
513.50S
1924........................ ........... 1.541.363
9.274
1923.......................... ______ 1.617.113
559.688
550.414
9.801
467.007
457.200
1922........................ ........... 1,363.077
369.341
16.542
352.799
1921..........................______ 1,180.510
31,359
259.305
290.664
1920-------- ------------- ______ 1,235.878
24.365
263.243
995.953
287.608
1919.......................... ...........
16.795
197.894
214.689
892.847
1918..........................______
10.726
273.798
723.632
284.522
1917.......................... ...........
254.524
4,947
259,471
1916.......................... ______
644,640
-For 12 months ended June 30:
Latest Earnings.—
1925.
1927.
1926.
Gross earnings___
$1,760,702 $1,682,138 $1,574,101
1.023.253
1,096.887
Operating expenses and taxes_______ 1,131,129
8.652
4.936
Interest charges. _
8,783

OR G A N IZA TIO N .— A Massachusetts voluntary association formed
under a declaration o f trust dated Dec. 31 1926. One o f the principal
units o f the Associated Gas & Electric System. Owns over 97% of the
stock o f Cambridge Electric Light C o ., over 97 % o f the stock of Cambridge
Gas Light C o., over 99% o f the stock o f Worcester Gas Light C o., and all
the voting stock o f Cape & Vineyard Electric Co., and is acquiring all the
stocks o f Portsmouth Power Co. and Middlesex County Electric Co.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS —
The Association through its subsidiaries operates gas and electric utility
properties serving a residential and broadly diversified industrial population
estimated to be in excess o f 500,000, in 90 communities, of which the most
important are Cambridge and Worcester, Mass., and Portsmouth, New
Hampshire. A total o f 48.550 electric and 88,773 gas customers are
supplied. Following are the operating subsidiaries comprised in the Assn.:
The Cambridge E l e c tr i c L ig h t Co., tncorp. in 1886, serves 2 6 ,7 7 4 meter
customers in Cambridge, and wholesale power to the Town of Belmont.
It owns a modem steam electric generating station with a present installed
capacity o f 19,250 k.w. The company’s transmission and distribution
lines total 128 mile* o f which approximately one-third are underground.
The company is connected with the Edison Electric Illuminating Co. of
Balance....................... ........................
$620,789
$576,598
$545,911
Boston for the interchange o f power.
OFFICERS.— Pres., Harry Dunlap; V .-ls ., A. Stuart t ratt and M . L.
The Cambridge Gas Light Co., incorp. in 1852, serves 48,643 customers—
30,016 In Cambridge and 18,627 in Somerville. It owns a coal and water Sperry: Clerk, Victor D. Vickery; Treas., Henry B. Sawyer. Under man­
gas plant with a daily manufacturing capacity of 11.000,000 cu. ft., which agement of Stone & Webster. Inc.-—V. 119, p. 204, 1070, 3009: V. 120, p.
is being increased to 11,800,000 cu. ft.: 4 holders with a capacity of 10,230,- 1203, 3187: V. 121. p. 200, 1678, 3004: V. 122. p. 1310. 2191, 2496: V. 123,
000 cu. ft. and 192 miles of mains. The company has under construction p. 1251, 1876, 2900, 3320; V. 124, p. 1820, 2279, 3067; V. 125, p. 1460.
at the present time a transmission main which will be over 19,600 feet when
completed.
The Worcester Gas Light Co. owns a water gas plant with a daily manu­
R AILW AY & LIGH T SECURITIES CO.
facturing capacity o f 7,700,000 cu . f t .; 4 holders with a capacity of 7.000.000
Under management of Stone A Webster, Inc.
cu. ft. and 270 miles o f mains. The company furnishes gas to 40,130
On April 22 1926 shareholders authorized 80,000 shares of common stock
consumers in Worcester and Auburn, serving a total population of 200,000.
The Portsmouth Power Co. and its subsidiary, Kittery Electric Light C o., of no par value, 50.00( of which were to be exchanged for 10.000 shares of
serve over 8,600 customers in 15 communities devoted largely to manu­ $100 par, ana all or part of the remaining 30.000 new shares to be sold by
facturing in New Hampshire and Maine, including Portsmouth, New the board. V. 122, p. 2193.
ORGANIZATION AND CHARACTER OF BUSINESS.— A Maine
Market, Hollis, Rye and Epping in New Hampshire and Kittery and Eliot
in Maine. Wholesale power is also sold to adjacent distributing companies. corporation organized in Dec. 1904 for the purpose of holding for Income
The properties include a 15,500 k.w. steam station located at tidewater and (or) for sale the securities of power, illuminating, transportation and
and 96 miles o f high-tension transmission lines. The total population other public service enterprises. C o.’s holdings include stocks of 20 and
bonds of 34 public utility and railroad companies. V. 122, p. 1028.
served is approximately 40,000.
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity.
The Cape A Vineyard Electric Co. supplies without competition electric
$2 p a 75.000 shs
see text
light and power to 70 communities on Cape Cod and Martha’s Vineyard. Common 80 000 shs mo p a r ) - - ____
6 F-A
$1,500,000 Aug ’26 3%
The territory served extends from the Cape Cod Canal to Chatham and 6% cum pref $2,000,000 ($ 1 0 0 )____
comprises the most populous section o f the Cape, including Hyannis, Coll tr sink fd 5% bonds / See text 5 g M-N 2.816 000 See text
$4,500,000 _______________IWiimington Trust C o., Wilmington, Dei.
Falmouth, Chatham, Barnstable, Yarmouth, Ac. The population served
is about 30,000 during the winter months and is estimated at as high as
Bonds.— The collateral trust sinking fund 5% gold bonds are issued in
100,000 during the summer months. The number of customers served numbered series (1st, 2d, &c.) in May 1905, May 1909. Nov. 1909, May
by the company has grown from 5,189 in 1922 to 11,842. Power for the 1912, May 1914, N ov. 1 1916, Nov. 1 1925 and N ov. 1 1926. All series run
Cape Cod territory is generated in the plants o f the New Bedford Gas & 30 years except 7th series of Nov. 1925, which is due Nov. 1 1945. The 1st
Edison Light Co. and is purchased under a favorable contract. Electricity to 6th series, incl., are callable on 30 days’ notice at 103 and int. The 7th
for the Martha’s Vineyard territory is generated by the company at its own series of Nov. 1925, due Nov. 1 1945, is call, on 30 days notice at 103 up
plant. The property consists o f 72 miles o f transmission lines, 301 miles to and incl. May 1 1940, and thereafter at 103 less M % for each 12 month*
o f distributing lines, 13 substations and a generating plant of 1,150 k.w. or fraction thereof to and incl. May 1 1945; in each case with Interest
capacity located at Vineyard Haven.
The 7th series consisted of $500,000 5% bonds, dated Nov. 2 1925, due
The Middlesex County Electric Co. serves 1,268 consumers in the towns of Nov. ] 1945, $1,000 and $500 c*. offered in Feb. 1926 by Estabrook 9c
Shirley, Pepperell, East Pepperell, Dunstable and Tyngsboro. Population Co., Stone, Webster & Co., Inc., and Parkinson & Burr at 9 5 and Int.,
o f the territory served aggregates 7,000. It purchases all o f its electrical yielding S % % . This series Is secured by pledge of $675,000 bonds. The
face value of collateral shall be at all times at least 125 % o f face value of
energy from the New England Power Co.




Oc'E., 1927.]

POW ER, L IG H T AND R A IL W A Y

7th series bonds outstanding. Furthermore, co. covenants to malntalo
a market value of collateral which may Include stocks of at least 120 %
o f face value of 7th series bonds outstanding. There is a sinking fund.
beginning In 1930, to retire atmuallv *20.000 at or below call price and Int
Y. 122, p. 1028. *1,000,000 (*1,000-500 c* tf) 8th series were offered in
Nov. 1926 at 96 H and int., ta yield over 5 H % . by Estabrook & C o., Stone
& Webster, Inc., and Parkinson & Burr. This 8th series, dated Nov. I
1626 and due Nov. 1 1951, is red., all or part, on any int. date on 30 days'
notice at 103 through May 1 1946 and thereafter at 103 less l % for each
A
12 months or fraction thereafter to and incl. May 1 1951: in each case with
interest. The market value of the pledged collateral for this series shall
be equal at all times to not less than 120% of principal amount of 8th series
bonds outstanding. A sinking fund beginning In 1931 is to retire annually
*20,000 8th series bonds. V. 123, p. 2779.
Co. called for redemption at 103 and int. on Nov. 1 1926 105 coll, trust
s. f. 5% bonds 2d series, due May 1 1939 and 24 bonds 3d series due N ov. 1
1939. V. 123. p. 1506.
Latest l Aridends.— On 6% pref.. 3% in Feb. and Aug. 1926. On com.,
in Feb. 1926 a regular semi-ann. div. of 3% plus 6% extra. On the new
no par com. a semi-ann. dir. o f *1 was paid in Aug. 1926. In Feb. 1927
$1 plus an extra div. o f $2. V. 122, p. 3455; V . 124. p. 508.
EARNINGS.— For calendar year 1926:
Gross Income___________________________________________________ ,21 eSn
Expenses and taxes-------------------------------------------------------------------- 106,530
Interest and amortization charges--------------------------------------------- 101.104
Dividends on preferred_________________________________________
90.000
Balance______________________________________________________ *409,495
See V. 122, p. 1028, 2193, 2497, 3455: V. 123. p. 1506. 2778; V. 124, p. 508
3497.

NORTH BOSTON LIGHTING PROPERTIES.
O RGAN IZATION .— A voluntary association formed In Massachusetts,
created by a trust agreement dated Feb. 1 1911
Controls through stock
ownership 7 operating companies supplying gas and (or) electricity for light,
heat and power purposes in Malden. Melrose, Medford, Everett, Stoneham
Revere, Winthrop, Reading. Peabody, Wenham, Topsfield, Danvers,
Beverly, Hamilton, Manchester and Salem, Mass. Population served
estimated at 300,000. The 7 operating cos. are the following:
Stock Owned. % Owned.
Malden Electric C o ______________________________ 95.034 shs.
89%
Malden & Melrose Gas Light C o_________________ 162."79 shs.
95%
99%
Salem Electric Lighting C o ________________________ 51.271 shs.
Suburban Gas & Electric C o _____________________ 59.720 shs.
95%
Eastern Massachusetts Electric C o_______________ 18.050 shs.
100%
Beverly Gas & Electric C o _______________________ 27.893 shs.
63%
Salem Gas Light C o______ _____________. ________ 40.043 shs.
88%
STOCK AND BONDS— Date.
Interest. Outstanding
Maturity
Common (no par)___________ _____ _________ 186.595 shs July '27*1.12
6 Q-J *11.404,000 July '27 I X
6% preferred ($100).........................
Stock Increase.— Pref. and common stockholders of record Feb 9 1 26 were
given the right to subscribe to 48,104 additional common shares at *80
on the basis of one new for each four shares held. Rights expired March 15
1926. V. 122. p. 481. 749 , 883. 1170.
On Jan. 25 1927 stockholders voted to issue 60.130 additional common
shares to be offered common and pref. stockholders at not less than *90
in ratio o f one new share for each 4 shares of either or both classes of stock
held. Rights expired Feb. 19 1927. It was also announced that co.
planned to reduce the par value o f the pref. stock from *100 to *50 and to
issue 2 new shares for each share held, the common stock to be split up on
a similar basis. V. 124, p. 648; V. 125, p. 2264.
Notes.— All of the outstanding 4 % gold notes due Feb. 1 1929 were called
for redemption Aug. 1 1927. V. 124, p. 648, 1§80; V 125. p. 1838.
Dividends.— In Oct. 1925 increased the com. div. from $4 to $4.50 per
ann. and paid divs. quar. at that rate since. In July 1927 paid 50c. extra
in addition to usual quar. div. of $1.12.
E A R N IN G S.— For calendar years:
1926.
1925.
1924.
1923.
Gross revenues_________ *1.270.776
$1,050,704
*888.700
$761,406
Gen’l A mi3c. expenses..
19.541
14.583
13.653
13.070
Taxes_________________
4.971
9.148
7.375
6,098
Interest, A c___________
94.902
57.273
63.889
98.193
Preferred dividends____
684.234
683.352
661.980
567.525
439.370
279,655
106,319
60,754
Common dividends_____
Balance surplus______
$27,750
*6.694
*35.484
*15.767
O F F IC E R S.— Pres., Charles H. Tenney; 1st V .-P ., Albert B. Tenney;
2d V .-P ., D . Edgar Manson: Treas., Elihu A. Bradley; Sec.. Hazel D.
Hagar; Asst. Treas., Rockwell C. Tenney; Asst. Sec., Albert B. Tenney
C om p., Isaac S. Hall. Trustees. — Edward M . Bradley, Bernon E.
Helme, Allen Hollis, Charles H. Tenney, D. W. Learitt, Samuel A.
Y ork, Charles B. Price, I. P. Hazard, Ed. A. M cClintock. General
offices, 200 Devonshire St., Boston, Mass.
Management.— Charles H. Tennev A C o.— V. 122. p. 481.749, 883,1170
1918; V. 124, p.373, 648, 1980, 2281, 2590; V. 125, p. 95, 1194, 1838,2264.

WESTERN MASSACHUSETTS COMPANIES.
A voluntary association organized under a declaration of trust dated
Jan. 15 1927 to acquire the outstanding common stock of Turners Falls
Power A Elec. C o., and also to acquire control o f the affiliated local dis­
tributing cos. The object o f the plan is to make more permanent the rela
tions between the Turners Falls Power & Elec, and its affiliated cos. The
cos. involved in the consolidation, in addition to the Turners Falls C o., are
the Greenfield Elec. Lt. A Pow. C o.. Pittsfield Electric C o., Amherst Gas
C o., the Easthampton Gas C o., the Agawam Electric C o., Ludlow Elec.
Light C o., see Electric Co. and United Electric Light Co. Over 98% of
the stock o f the Turners Falls Co. has been acquired, through exchange of
4 shares o f bo par value stock o f Western Massachusetts Cos. for 1 share of
the former co .’s stock. Acquired control o f Pittsfield (Mass.) Elec. Co.
Western Mass. Cos. offered 7 shares o f its own stock for each share of
Pittsfield Elec. Co. stock; five shares o f new co. for each share of Green­
field Electric Light A Power Co. and 5 shares for each share fo Easthampton
Gas Co. 8tock exchange offer made to stockholders of United Electric
Light Co. on basis of 2 H shares o f Western Mass. C o.'s stock for each
share o f United Electric Light Co. V . 124, p. 924, 1222, 1362, 1513,
3632; V. 125, p. 1327, 1712, 1841.
Dividend.— An Initial quar. div. o f 50c. was paid in June and Sept. 1927.
TURNERS FALLS POWER & ELECTRIC CO.
ORGAN IZATION .— Organized in Massachusetts.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Distributes electric power in the Connecticut River Valley from Turners
Falls to Springfield, Mass. (excl. only the City of Holyoke). Principal
hydro-electric power plant is located at Turners Falls on the Connecticut
River, present installed generating capacity about 50.000 k. w. Auxiliary
steam plant has 30,000 k. w
6 substations. Principal transmission line*
include two 66,000-volt steel-tower lines extending between Turners Falls
and Springfield, Mass. Also steel-tower line to Pittsfield and inter­
connections with Hartford (Conn.) Elec. Lt. Co and New England Pow. Co
Sales of electric power: 1926, 271,219,239 k.w.h.; 1925, 264,044,916 k.w.h.;
1924, 188.500,678 k.w.h.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock____________________
_______ $10,000,000
See text
Employees stock____________ _____
_________
99 300
See text
1st mtge ser A ($1,000c* A ) 1922
5 g J-D
3,000.000 June 1 1952
$1,000, *5,000 A $10,000r*)(Int. at Merch. Nat. Bk. of Boston, trustee
gold---------------------------------1
Bonds.— 1st mtge. 5s, series A, are call, on any int. date at 110 and int.
on or before June 1 1932, the premium thereafter decreasing * . of 1% s.-a.
4
In June 1922 Lee, Higginson A Co. and Coffin A Burr, Inc., offered at 103
and int.* to yield ever 4.S0%, *3.000,000 1st mtge ser. A 5s. V. 114, p.
2479.
Dividends.— 6% paid from organization to and incl. 1917; 8% paid in
1918 and 1919; 6% in 1920 and at same rate regularly, incl. Dec. 1924; in
March, June, Sept, and Dec. 1925 1M % . the dividend rate beinv increased
to 7% per annum. In 1926 paid 2% quar. on com. On employees’ stock
16e, was paid quar. in 1925 and 20c. in 1926.




45

EARNING S.— For calendar years:
Total Rev.
Net
Balance
(Incl. Nonafter
Interest. Dividends.
Surplus.
over Income.)
Taxes.
*807.411
*485,705
*1.453,420 *160.304
1926.................*2.867.152
537.248
191.453
704.134
1925_________ 2.762.057
1,432.830
379.784
203.790
580.643
1924................ 2.238.051
1.164.217
270,515
158.502
579.695
1923_________ 2.245,479
1,008,712
OFFICERS.— Pres., Geo. W. Lawrence; V.-P., Alvah Crocker; V.-P,,
W. Rodman Peabody; Clerk A Treas.. Fred. C. Abercrombie
Offices,
70 State St.. Boston, Mass.— V. 121, p. 1908; V. 122, p. 1171, 131*i V. 124.
p. 650, 923, 1221, 1362. 1513.

UNITED ELECTRIC LIGHT CO.
O RGAN IZATION .— Incorp in Mass In 1887
Owns all of the common
stock of Indian Orchard C o., see paragraph below under stock div.
Stock Exchange Offer.— Stockholders of company were offered Western
Massachusetts C o.'s stock in exchange on basis of 2y$ shares of the latter
company's stock for each share of United Electric Co. stock. V. 125, P1327. 1840.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Does entire electric lighting and industrialpower business in Springfield
and Longmeadow, and practically all in West Springfield, Mass. Oo.*f
equipment includes 56.200 installed h. p . about 25" miles.of duct conduits
and about 208 miles o f overhead lines. Co. has 3 generating stations and
3 sub-stations; supplies 2,514 street arc lights, 1,657 incandescent street
lights and has 45,891 meters in service.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capitl stock (160.000 shs)...............
Q-M 31
160,000 shs
See text
No funded debt
On Feb. 3 1927 changed capital stock from 40,000 shares, par $100,
to 160,000 shares, of no par value, four new shares Issued for each share
held. V. 124. p. 1068.
Dividends.— Paid 6% to June 1900: 8% to June 1909: 10% to June 1917:
12% Sept. 1917 since to and incl. Dec. 1926 (payable Q.-M . 31). In Dec.
1924 an extra of 2% was paid. In 1925 3% extra in Dec. In Dec. 1926
3% extra. On new capital stock paid 75c. in March 1927. In June paid $1;
Sept., $1.
Slock Dividend.— Company, which owns all the common stock of the
Indian Orchard Co. (a cotton mill) distributed this stock to its shareholders
of record Aug. 12 1927, on basis of one share of Indian Orchard common
for every 10 shares of United Electric stock held. V. 125, p. 1054.
EARNINGS.— For calendar years:
Total Rev.
Net after
(Incl. Other Depreciation Interest, Dividends.
Balance,
Tnmme.)
and Taxes.
Ac.
Surplus.
1926.................$3,258,223
$1,028,334
$4,338
$600 000 $423,996
19Z5_________ 3,181.374
1,035.835
2.634
600.000
433,201
974.380
71.293
534,215
368,872
1924_________ 3.032,102
1923_________ 3,152.152
1,230.287
95.201
384,000
751,086
19 32.-2,536.561
829.528
112.911
384.000
332.617
OFFICERS.— Pres., Walter L. Mulligan: Vice-Pres., Alfred Leeds;
Treas., Joseph F. Lyons: Gen. M gr., L. J. Scott.— V. 118. p. 678: V. 120.
p. 333: V 121. p. 1910- V. 122, p. 2194; V 123, p. 2780. 3322; V. 124,
p. 924. 1068. 1513. 1981. 3632; V. 125. p. 1054. 1327.

BOSTON ELEVATED RAILWAY.
ORGAN IZATION .—Charter granted in 1897; provides for an extensive
system of free transfers. Leases for 99 years from 1903 23.753 miles
Old Colony Street Ry track. The latter company has since been merged
into the Eastern Massachuetts Street Ry. (formerly the Bay State Street
Ry ). On June 10 1922 the Boston Elevated and the WjMt End Street
Ry. were consolidated under terms of an Act passed by tn#“ Mass. Legis­
lature in July 1911. Prior to the consolidation the West End St. Ry. had
leased by the El. Co. Under terms of the consolidation Act holders
of West End pref. stock ($50 par) received In exchange for each 2 shares
thereof one share of Boston El. 1st pref. 8% stock ($100 par), and holders
of West End common received for each 2 shares ($50 par) one share Boston
El. 2d pref. 7% stock ($100 par). For full particulars of the consolidation
Act and history of West End St. Ry see “ Electric Railway" Supplement
of April 29 1922.
Kffecth e July 1 1918 under the terms of the “ Public Control A ct,"
the co was placed under the management of five trustees appointed by the
Governor The Act provides for public operation for a period of 10 years
or longer, trustees have power to regulate fares and service, fares must be
sufficient to meet cost of service, pref. divs. at 7% and com. divs. at rate
of *5 a share for first 2 years, $5 50 for next 2 years and $6 during balance
of period of public operation, State has option of taking over road by assum­
ing liabilities and paying in cash an amount equal to that paid in by stock­
holders. For full details see “ Electric Railway” Supplement of April
26 1924.
On May 1 1920 the State gave to the co. $7,868,000 in payment for the
Cambridge subway. The subway is rented to the co. at a rate equivalent
to 14 of 1 % more than the int. on the bonds issued by the State on account
of the purchase of the property. See also V. 110, p. 1414. The extra
4 % to be used to retire the bonds serially; the co. is to pay rental at rate
of 4 V£% annually on the amount retired.
For change in trustees of the ,oad see V. 121, p. 72, 1099.
Wage.— Effective July 1 1927: 6 day week 75c. per hour basic wage of
carmen, 85c. per hour one-man operators.
Report by Joint Special Committee.— On March 18 1927 the joint specia*
committee appointed under authority from the Mass. Legislature of 1926,
filed its report for the present Legislature recommending a 25-year public
control, reduction in com. div. to 5 '/ % , redemption of 3 classes of pref.
i
stocks by 414% deben. 40-yr. bonds. Pref. stock to be redeemed atl05,
1st pref. at 130 and 2nd pref. at 115. Interest on bonds and stock guaranteed
b.v Commonwealth of Mass.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS —
Owns and operates a system o f rapid transit and surface lines serving a
territory which includes the cities of Boston, Cambridge, Somerville,
Malden. E■er-’tt and Medford, and the to w n s of Brookline Arlington, Wat­
ertown and Belmont and portions of the cities of Chelsea and Newton,
having a total combined estimated population of over 1,300.000. Co.
operates under lease the Cambridge subway, owned by the Commonwealth
of Massachusetts, various subways and tunnels owned by the City of Boston,
and some other lines. Total length of surface lines track owned. Dec. 31
1926: 413.656 miles; operated under trackage privileges, 3.688 miles; leased
from other companies and City of Boston, 30.437 miles; total track surface
cars, 447.781 miles. Total track for rapid transit cars, 48.305 miles. Cars
owned: surface cars, 1,627: rapid transit cars, 468 (of which 370 all steel);
busses 150 (in addition 80 leased busses).
Operates buses in Arlington, Belmont, Brookline. Somerville, Medford,
Watertown, Boston, Malden and Cambridge; total number of buses, 230.
V. 121. p. 1787.
Power house capacity as of Dec. 31 1926: A. C. 283,041,600 k.w.; D . C .,
7,502,415 k.w.; 145 miles of transmission lines.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity,
Quar.
---------Common, $23,950,000 ($ 1 0 0 ) -____
$23,879,400 Oct — 1 U
'27,
1st pref 8% cum ($100)______ _____
8 J-J
6,400.000 Ju ly '27. 4%
2d pref 7% cum ($100)_______ _____
7 M-S
13, 49.450 Oct '27, 3H
Pref stock 7% cum ($100)_________
7 J-J
3.000,000 July '27, 3 W
Debentures, gold____ c& r.n tf (1905
4 g M -N 8.500,000 May 1 1931
.................................‘ 35
(Old Colony Trust Co., Boston, Registrar
1907 4H A-O
Debentures, gbld_____c& r.n tf
4.800.000 Oct 1 1937
Debentures, gold_ c*& r*.n tf
_
1911 4H M-N
5.000.
000 Nov 1 1941
Debentures, gold_ c*&r*_ntf 1912
_
5 J-D
8.286.000 Dec 1 1942
10 yr bonds gold ($1,000) c*&r
1923 6 g J-D
3.000.
000 June 1 1933
10 yr bonds gold ($1,000) c&r* 1924 6 g M-S
2.098.000 Mar 1 1934
10-yr bonds void ($1,000)c*&r * 1"24
5^
F A I 5 « ' eon * >ig 1 ] Q*4
10-yr g bonds---------------------- f 1927
5 g F-A
________ Feb
6.511.000____ 1 1937
lint, at American Trust Co., Boston.
Securities of West End St. Ry.
5% bonds o f 1914-. _______ 1914
5 M-S
2.600.000 Mar 1 1944
Bonds ($1,000)________ c * -n t f 1902
4 F-A
5.709.000 Aug 1 1932
Bonds ($1,000)........ —c& r.n tf 1910
4H J-J
1.604.000 July 1 1930
B onds____________ ...........ntf 1912
5 M-N
600.000 Nov 1 1932
B onds____________ .................1916
5 M-N
815.000 M ay 1 1936
B onds____________ .................1917
7 M-S
570.000 Sept 1 1947

46

PU BLIC U T ILIT IE S

Stock.— The pref. stock Is subject to the 1st and 2d pref. stock, and 1
b
callable at 105 and dlvs. and in liquidation receives 105 and divs. V. 106,
p. 2344 Listed on Boston Stock Exchange. V. 107, p. 400.
Bonds.— The Boston Elevated debentures are coupon bonds, are in denom
o f $1,000 and registered bonds o f all issues are in denominations o f $1,000,
$5,000, $10,000 and $50,000. The $1,581,000 10-yr. §>$% bonds due
Aug. 1 1934 were offered in July 1924 by Paine, Webber & C o., Biodget &
C o.. &c., at 101J4 and int., yielding about 5.35%. V. 119, p. 323.
The 5% 10-yr. g. bonds, dated Feb. 1 1927 are red. at 101 & int. on any int.
date on or after Feb. 1 1929. Legal investment for savings banks in Mass­
achusetts. Rank equally with c o .’s other outstanding bonds. Co. may not
mortgage its property without equally securing this issue. In Jan. 1927
Brown Brothers & Co., Tucker, Anthony & Co., F. S. Moseley & Co.,
Edward B. Smith & C o., and the Atlantic Corp. of Boston, offered $4,626,000 o f these bonds at 100 and int. V. 124, p. 504, 2276. Additional
$1,885,000 10-yr. 5% gold bonds were sold by Paine, Webber & C o.,
White, Weld & C o., and Stone & Webster and Biodget & C o., at 100%
and int. V. 124, p. 2^76.
Interest on all West End St. R y. issues is payable at American Trust
C o., Boston, except on the 6-year bonds o f 1918, which is payable at Old
Colony Trust C o.. Boston.
Dividends.— First div., 2 H % , was paid Aug. 15 1898. In 1899, 5%%',
in 1900, 434%: in 1901, 5 )4 % ; in 1902 to 1913, incl., 6% yearly; in 1914 rate
was reduced and in Feb. 2% was paid. In July 1914 it was decided to pay
dividends quarterly (V. 99, p. 341), and in Aug. 1)4% was paid; Nov.,
1)4% . In 1915, 5 )4 % . In 1916, 5% . In 1917, Feb., 1)4% ; May. )4% ;
Aug., 1)4% : Nov. div. passed (V. 105, p. 1897). Under public control an
initial div. o f $2 04 1-16 on pref. was paid In Jan. 1919. In July 1919 $3 50
was paid and same amount paid semi-annually since. In July 1922 a semi­
annual div. o f 4% was paid on the 1st pref. stock issued in exchange for the
old West End St. R y. Co. pref. stock. In 1923, 8% . In 1924, 8% .
In 1925, Jan., 8 % . In Oct. 1922 3)4% was paid on the 2d pref. stock,
Issued in exchange for West End St. R y. Co. com. stock. In 1923, 7% .
In 1924, 7 % .
In 1925, 7 % .
On com. an initial div. of $2 50
was paid in Jan. 1919. In April $1 25 was paid and same amount paid
regularly to and incl. July 1920. On Oct. 1 1920 $1 37)4 was paid. Same
amount paid reg. quar. to and incl. April 1922. In Oct. 1922 $1 50 wap
paid. In 1923, $6. In 1924. $6. In 1925, $6. In 1926. $6.
EA R N IN G S.— Trustee’s report for calendar years:
*1927.
1926.
1925.
1924.
Revenue pass, carried_
______ 371,218,401 365,036,286 382,888,848
Total receipts__________ $35,618,066 $35,481,313 $34,547,380 $34,175,320
Wages_________________ 17,108.189 17,697,378 16.931,550 17,358,670
Other oper. expen ses... 8,726,740
8,378,891
7,474,186 7,863,454
Taxes__________________ 1,902,525
1,910,765
1,652,518 1,623,996
Interest________________ 2,515,714
2,535,505
2,540,909 2,602,891
Dividends and rentals.. 5,373,248 5,379,455 5,386,919
5,301,161
68,250
62,070
59,104
61,835
Miscellaneous items____
Total cost o f serv ice..$35,694,666 $35,964,064 $34,045,186,$34,812,016
Gain for year__________ loss$76,599 loss$482,749
$502,194 loss$636,696
* For 12 months ended June 30 1927.
OFFICERS.— Gen. M gr., E dw. Dana; Treas., Henry L. Wilson: Gen.
Aud., .1. H. Moran.— V. 120. p. 451, 700, 1201, 1449, 2682; V . 121, p. 72.
456. 8T , 1099, 1787, 2154. 2270. 3001: V. 122. p. 476. 1910 2648 3451:
V. 123, p. 840, 2390. 3180; V. 124, p. 370, 504, 789, 1974, 2118, 2276, 2905;
V. 125, p. 93, 779, 1706.

EASTERN MASSACHUSETTS STREET RAILW AY CO.
ORGAN IZATION , &c.— Incorp. early in 1919 in Massachusetts pur­
suant to terms o f the “ Special A ct” respecting the Bay State Street R y. [as
described in “ Electric Railway” Supplement o f April 26 1924] and has
acquired substantially all the assets o f that company, including the leases
of the Boston & Chelsea R R . C o., the Boston & Revere Electric St. R y. Co.,
the East Middlesex St. R y. Co., the Winnisimmet R R . C o., which see
under separate headings below. The stocks and bonds o f these companies
remained undisturbed. Various underlying liens were extended at higher
lnt-“ ”est rates and these appear below.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates 657 miles of line; also operates 73 buses. V. 121, p. 197. Wages
and fares increased, see V. 121, p. 457, 1676. Wages again increased by
Arbitration Board, effective M ay 2 1926— lH c . per hour to all regular
employees. Increased M ay 2 1927 l)£ c. per hour with time and one half
over 8 hrs. Fares increased effective Oct. 1 1926. Power capacity, 19
engines, 22,425 h.p., and 19 generators, 15,050 k.w.; 6 turbines, 33,750
h.p., and 22,500 k.w.
The Lowell-Boston M otor Coach Line, operated by the Eastern Massa­
chusetts Street Ry. Co. since Oct. 1 1924, ceased operations on M ay 5
1925. For further particulars, see V. 120, p. 2400.
Payment of Divs. on Com. and Arrears on Adj. Stock Sought.— On Aug 1
1923 a bill in equity and a petition for a writ o f mandamus were filed in the
Mass. Supreme Court at Boston by L. Sherman Adams, against the co.
and its trustees, seeking to compel them to pay certain divs. accrued on
the com. and adjustment stocks to Feb. 1 1923, and in July 1924 sought also
to compel payment o f common divs. accrued to Feb. 1 1924. V. 117,
p. 522. Answer was filed by the co. and its trustees in Oct. 1923. For
details see V. 117, p. 1662. In Nov. 1925 it was reported that Judge
Frederic Chase, master in the hearings, in his draft report finds that the co.
had approx. $5,314,000 available for back dividends, which to Feb. 1926
amounted to $2,400,000. V. 121, p. 2401, In Jan. 1926 Judge Crosby
of the Supreme Court referred the case for determination to the full Court.
The case was on the list o f the full Court for argument on Mar. 18 1926.
On Oct. 2 1926 the Mass. Supreme Court handed down a decision dismissing
the bill with costs. Full details in V. 123. p. 1874.
Hayden, Stone & Co. acquire a large financial interest in C o. in 1926
See V. 123, p. 2897.
STOCK AND BONDS—
Date.
Interest Outstanding. Maturity.
Common (see text) par $ 1 0 0 -_ ____
_______
$8,474,121 __________
First pref cum ($100)________ _____
F-A 15
4,132,800 A u g '27, 3%
8kfdstk $3,239,000 cu m ($1 00)____
6 F-A 15
21,000 A u g ’ 27, 3%
Pref B stock cum ($100)....................
F-A 1
2,997.800 Aug ’27. 3%
Adjustment stock cum ( $ 1 0 0 ) .____
5 A-O
8,711,200Oct 2 7 . 2 %
6% serial ref mtge bonds $5,-1 1919 6%
441,000 See text
000,000($l,000)Ser“ SA” .c*/01d Colony Trust C o.. Boston, trustee.
Series “ S C ” _________________ _____
6%
158,300 Sea text
4)4% ref mtge bonds_________ 1919 4)4 J-J 1
14,303,000 Jan 1 1948
5% ref mtge bonds____________1919 5 J-J 1
2,814.297 Jan 1 1948
6 % ref mrge bonds series C - 1918
6 M-S
858,900 Jan 1 1948
6% ref mtge bonds Series” D ” _ 1919 6 A-O
710,650 Jan 1 1948
6% ref mtge bonds Series " E " 1919 6 M -N
500,000 Jan 1 1948
Lynn & Boston 1st mtge gold!
1894 6 g J-D
2,457,000 yDec 1 1929
$5,379,000 ($1,000) _c*.ntf (Int. at Old Colony Tr. Co., Boston, trustee
35,000xSept 1 1928
H G & D first mtge______n tf 1899 6%
Mystic Valley Street Ry g o l d . . -----6%
55,500xJan 11928
People’s St R y, West New-1 1898 5 J-J
28,000 Jan 1 1928
bury 1st M assumed_ n tf [Interest at State Street Trust Co., Boston.
_
Boston Milton & Brockton! 1899 6 J-J
46,000xJan 1 1929
first mtge $100,000____n tf/In t. at First Nat. Bank, Boston, trustee.
N Bed M'dleboro & Brock 1st! 1900 5 g J-J
x225,000 Jan 1 1929
M $325,000 ($1,000) g -n tf/In t. at American Trust Co., Boston, trustee.
Prov & Taunton St Ry 1st g\ 1898
6 g M-S
89,000xSept 1 1928
($1,000) auth $200,000.ntf/American Trust C o., Boston, trustee.
8o Shore & Bos St Ry 1st M l 1899
6 F-A
294,000xFeb 1 1929
($1,000) g $ l,0 00,0 00-.n tf [Int. at American Trust Co.. Boston, trustee.
x These issues have been extended to the dates here given In accordance
with plan. The extended issues, which in all cases formerly bore 5% int.,
now bear 6% with the exception o f the New Bedford Middleboro & Brock­
ton St. R y. 1st 5s which continued at the old interest rate. These issues,
with the exception o f the last mentioned, are callable at 103, and during the
five years preceding maturity at 101 and int. The New Bedford Middle­
boro & Brockton 1st 5s are callable at par.
y Originally matured Dec. 1 1924 but company exercised option provided
in reorganization plan, and extended $3,352,000 o f this issue for five years
to Dec. 1 1929, the balance being paid off. The extended bonds are red.
on any int. date at 103 and int. up to and incl. date two years prior to
maturity, and thereafter at 101 and int. V. 117, p. 2542.
Stock.— All classes o f stock have full voting rights, except that the com.
stock had no voting rights until Jan. 1 1921, nor has it thereafter at any time
when $5 o f divs. upon the adjustment stock are in default. Common stock
is issuable under the plan to the amount permitted by the special act as




[V ol. 125.

determined by reorganization manager and for any further amounts found
necessary by the reorganization managers for other purposes. The 1st pref.
stock and the sinking fund stock are cum., ranking equally and pro rata for
dividends and in liquidation, and preferred as to dividends, and also as to
par and accrued dividends in liquidation, over the pref. B stock, the adjust­
ment stock and the com. stock. Issue o f 1st pref. stock is not limited and
may be called all or in part (when drawn by lot), on any dividend date at
120 and divs. Any subsequent issue o f this stock shall be entitled to such
divs. as shall be fixed at time of issue thereof. Stock o f this issue in additionto the amount shown as outstanding may be issued (a) in exchange, $ for $,
for Bay State R y. bank loans and coupon notes whose holders amy choose
1st pref. in preference to sinking fund stock; (b) $ for $ for Bay State claimsnot otherwise provided for; (c) compensation o f committees, &c. The
sinking fund 6% stock is callable, all or in part, on dividend day at par and
int. in order of series, numbers 1 to 21, inclusive, by a sinking fund to which
the company is to pay each year an amount equal to the series due Feb. 15
of such year, before declaring any dividends on or making any purchase o f
any preferred B stock, adjustment stock or common stock . The shares to
be redeemed shall be determined by lot in case funds are not available for
the payment o f any series in its entirety. Of the sinking fund stock $1,425,000, including all o f the first six series and part each of series 7 to 15,
were allocated to bank loans and divided among the bank creditors in pro­
portion to their claims. Series 1 to 14 are for $150,000 each. The remain>ng $1,814,000 of this stock being the remainder o f Series 7 to 15, and all
of Series 16 to 21, were allocated to the coupon notes in the order o f the
maturity of the notes, beginning with $57,000 of the 7th series for the 1918
maturity, and increasing gradually to $202,000, being the whole of the
21st series, for the 1932 maturity. Under the terms of a readjustment plan
all sinking fund slock with the exception of $21,000 par has been converted
into 1st pref. and the sinking fund features eliminated. Pref. B stock ranksahead or the adjust, stock and the com. stock. Dividends on this Pref. B
are payable in cash or in com. stock. Call, all or in part (when drawn by
lot) on any div. day at 110 and int. The rate of the dividends on this stock
which in any year are paid in com. stock (1) shall not exceed the rate o f
the divs. on the adjust, stock which in such year are paid in com . stock;
unless all the divs. on the adjust, stock in such year if any, are paid in
com. stock, and (2) shall be less by at least 2% than the rate of the divs.
on the com. stock which in such year are paid in com. stock, unless all the
divs. on the com. stock in such year, if any, are paid in com. stock. The
5% adjust, stock is preferred over the com. stock. Call, all or in part at
par and int. on any div. date. The rate of the divs. which in any year are
paid in com. stock shall be less by at least 2% than the rate of the divs.
on the com. stock which in such year are paid in com. stock, unless all
divs. on the com. stock in such year, if any, are paid in com. stock. Stock
of this issue, in addition to the amount shown above as outstanding, could
be issued in exchange, par for par, for claims against Massachusetts Electric
Companies participating in the plan other than claims in respect of securi­
ties expressly provided for.
Bonds.— The serial ref. mtge. 6s, ser. “ S A ," mature $50,000 each Jan. I
1920 and 1921 and $300,000 1922-1929, inclusive, $1,900,000 have been re­
tired. Ser. "S C ” mature Feb. 1 of each year 1925 to 1928 incl. and Jan. 1
1929. These bonds are issued under c o .’s ref. mtge., which will cover sub­
stantially all of the properties subject to less than $10,000,000 underlying
bonds and undisturbed securities. The interest on the serial 6s is a charge
ahead of the interest on approximately $18,900,000 ref. mtge. bonds issued
under the same mtge. Call, at 105 on any interest date on 60 days’ notice.
The 4)4 % ref. mtge. bonds are red. at 105 and int. on any int. day up to
and incl. July 1 1943, at 104 and int. in 1944, at 103 and int. in 1945, at
102 in 1946, at 101 in 1947. The 5% ref. mtge. bonds are red. at 110 and
Int. on any int. day up to and incl. July 1 1938, at 109 and Int. in 1939, at
108 in 1940, 107 in 1941. 106 in 1942, 105 in 1943. 104 in 1944, 103 in 1945102 in 1946, 101 in 1947. The 6% ref. mtge. bonds are red. at 103 and Int.
on any int. date up to and incl. Sept. 15 1926 and at 100 and int. on March
15 1927.
Additional ref. mtge. bonds other than the ref. mtge. serial bonds, and
the other bonds issuable under the plan, may be issued to an amount not
exceeding at par value 60% of the cost of future add’ns and impts., but
only when the annual net earnings available for the payment of interest
on the ref. mtge. bonds are at least 1 % times the interest charges on all
ref. mtge. bonds outstanding and applied for and on all prior lien issues.
This net earnings provision may, by the firm of Lee, Higginson & Co.
as now or hereafter constituted, Harris, Forbes & C o., Inc., or its suc­
cessor, and tbe firm of William A. Read & C o., as now or hereafter con­
stituted, be waived in respect of any issue made before Jan. 1 1929. In
the discretion o f the reorg. mgrs. the ref. mtge. may provide that it shall
not be foreclosed for a period of 10 years, and in such event a gen. mtge.
shall be created subject to the ref. mtge. and covering the same properties
and securing prin. and int. of all ref. mtge. bonds other than ref. mtge.
serial bonds, and In the discretion of the reorg. mgrs. the int. or prin. or
both of the ref. mtge. serial bonds. Int. on the ref. mtge. serial bonds so
far as secured by this gen. mtge. may be accorded priority thereunder over
any other obligation secured thereby, but subject to this exception all
obligations secured by said gen. mtge. shall be equally secured thereby.
The said gen. mtge. shall be subject to foreclosure at any time in case of
default.
EARNINGS.— Condensed Income statement for cal. years;
Total Rev.
Net after Taxes. Int. & Rentals.
Bal., Surp.
1926 ________ $9,788,036
$1,980,703
$1,245,865
$734,838
1925 ________ 9,638,180
738,322
2,030.143
1,291,820
1924 ...........
9,745,501
801,399
2,164,057
1,362,658
1923 ________ 10.712,706
878,534
2,276.686
1,398,152
1922 ________ 10,712,663
1,059.792
2,557.749
1,497.955
In 1926, $868,694 divs. were paid leaving a deficit of $133,856 for theyear. In 1925, $868,309 dividends were paid (in 1924, $723,602), leaving a
deficit of $129,986 for the year (in 1924 a surplus of $77,797). V. 122.
p. 882.
L a te s t E a r n i n g s . — F o r 6 m o n th s e n d e d Ju n e 30:

1927.
1926.
Railway operating revenue______________________ $4,843,414 $4,843,390
Railway operating expenses_______________ . . .
2,945,856
2,926,135
Taxes---------------------------------------------------------------182,804
192,099
Net earnings--------------------------------------------------- $1,714,754
Other income----------------------------------------------------127,843

$1,725,156
122,027

Gross corporate income________________________$1,842,597
Interest on funded debt, rents, &c_______________
613,958
Depreciation, equalization, and retirements______
763,430

$1,846,182
623,187
770,957

Net corporate income carried to profit and lo ss..
$465,209
$453,038
OFFICERS.— V .-P ., Treas. & Gen. M gr., R. B. Stearns; V.-P., Fred A .
Cummings; Sec., Wm. A . Howard; Gen. Aud., W. F. Crawshaw; Gen.
Counsel, Philip G. Carleton.
PUBLIC TRUSTEES.— The co. is operated by a board of five public
trustees appointed by the Governor of Massachusetts; Chairman, George
P. Bullard, Fred J. Crowley, Earle P. Charlton, George M . Bryne and
Arthur G. Wadleigh.— V. 121, p. 197, 457, 838, 977, 1227, 1676, 2037.
2401, 2637, 2749; V. 122, p. 882, 1761, 2798, 2948; V. 123, p. 841, 1874.
2390, 2897; V. 124, p. 790, 1358, 1509, 2747; V. 125, p. 779.
(a)

BOSTON & CHELSEA R R .

Owns 4.37 miles of main track. Leased to Lynn & Boston Railroad Co-,
(subsequently the Bay State St. Ry. and now the Eastern Mass. St. R y.)
at $7,260 per annum, equal to 6% on $121,000 stock, parable A. & O.
at $7,260 per annum, equal to 6% on $121,000 stock outstanding, payable
A. & O. (authorized $300,000).
(6) BOSTON & REVERE ELECTRIC STREET R Y .
ORGANIZATION.— Incorp. June 24 1889. Owns 3.78 miles of main
track. Leased from July 1 1895 for 99 years to Lynn & Boston (subse­
quently the Bay State Street Ry. and now the Eastern Mass. St. R y.),
which guarantees interest on the $50,000 mtge. of 1908 and dividends on
$50,000 stock from July I 1898 at 5% per annum.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock (par $100)................................
5 J-J
$50,000
See text
Boston & Revere Elec St R y] 1908
5 g M-S
50,000 Sept 1 1928
$50,000 gold ($1,000)_ c*/In t. at American Trust C o., Boston, Trustee.
_
Bonds.— No sinking fund, but bonds may be called on any interest date;
on six weeks’ notice.

Oct., 1927.]

47

POW ER, L IG H T AND R A IL W A Y

Notes.— N . Y . N . H. & H. guar., p. & i., $5,000,000 of the notes. Int.
on notes for first 5 years, 3% ; for the next 5 years 4% and for the last 5
years 5% , but, by agreement with holders of the notes, they have received
in payment of coupons due to April 1 1917, incl., cash at rate of 3% and for
Oct. 1 1917 coupon at 2 % , taking an obligation of the N. E. Invest. & See.
Co. for the difference. Coupons due April 1 and Oct. 1 1918 and April 1
1919 were settled in obligations of the Investment Co. A cash payment of
$34,000 was made on coupon due Oct. 1 1919 and the balance of that
coupon and the coupons due on and after April 1 1920 to Oct. 1 1923 were
also settled in obligations. Original issue, $16,250,000, of which $3,135,000
redeemed and canceled.
EARNING S.— For calendar years:
Divs.A
DeducNet
Int. on
Pref.
Balance, '
Int.Rec’d.
tions.
Income.
Notes.
Divs.
Sur.orD ef.
1926 ............... $66,194 $19,976 $46,218 $537,715 $4,460 def.$495,957
18,654
65,971 537.715
1925 ________ 84.625
4.460 def-476,204
1924 ............
83,553
19,169
64.384 567,224
4.460 def. 507,300
1923 ________ 95,905
15,838
80,067
None
4,480 sur. 75.587
1922 ............... 92,305
18,326
73,979
None
4.484 sur. 69,495
BERKSHIRE STREET RAILW AY.
51,465
1921 ...........
16.575
34.890
None
4.484 sur. 30,406
On Dec. 31 1920 N . Y . N . H. & H. owned all the stock, the entire
OFFICERS.— Chairman o f the board, Francis H. Dewey: Pres., Edward
($200,000) issue of debentures and $3,355,500 notes.
J. Pearson; V.-Pres., Chas. E. Ware; Sec., Wm. F. Crowe; Treas., Leverett
On N ov. 20 1925 Judge F. A. Winslow of the U. S. Court for the Southern
District of New York entered an order modifying a decree of N ov. 17 1914 Candee; Gen. Counsel, Bentley W . Warren; Aud., Chas. T . Converse.
(whereby N Y . N . H. & H . R R . Co. was ordered to sell its holdings of — V. 110, p. 970; V. 113, p. 960; V. 114, p. 1063.
the Berkshire Street Ry. stock) and relieved the N. Y. N. H. & H. R R . Co.
(1)
WORCESTER CONSOLIDATED STREET R Y .
of the obligation to sell any of the securities of the New York or Massa­
ORGANIZATION.— Incorporated in 1886 as the Citizens' Street R y .
chusetts trolleys.
Co. and has absorbed the following companies:
ORGAN IZATION .— Incorp. in Mass, on June 11 1901. Franchise per­ Clinton & Hudson Street Ry.
Worcester & Holden Street Ry.
petual. In 1906 absorbed the Hoosac Valley St. Ry. through exchange of Fitchburg & Suburban Street R y.
Worcester & Marlboro Street Ry.
stock. In May 1910 took over the Pittsfield Elec. St. R y ., issuing $300,000 Leominster k Clinton Street Ry.
Worcester & Southbridge Street Ry.
stock in exchange for stock of that company. V. 90, p. 1295.
Marlboro & Westboro Street Ry.
Worcester & Suburban Street Ry.
In March 1912 Mass. R R . Commission approved the 99-year lease of the Wore. & Blackstone Val. St. Ry.
Vermont Co. to the Berkshire Street R y., but this lease was canceled on Worcester <c Clinton Street R y.
S
Dec .3 1 1922.
New
leased for England Bus Lines, Inc. (ac­
North End 8t. Ry.
On Nov. 21 1925 Federal Judge Francis A . Winslow granted the applica­ of Franchises perpetual. In 1895 of $8,000. 99 years the'25, V. has $110,000
quired M ay 12
120,p.2553).
5.14 miles, at a yearly rental
The North
tion of the N. Y . N . H. & Hartford R R . to resume control of the c o .’s ($100) capital stock and $75,000 5% 1st mtge. bonds dueEnd 1 1915; int.
trolley lines, which were separated from the New Haven system by the F. & A. Also leases for 99 years from July 1 1896 bothFeb. Worcester &
the
Sherman law o f 1914. For particulars, see V. 121, p. 2636.
Shrewsbury St. Ry. and the Worcester & Shrewsbury RR.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
3,919 shares 1st pref. and 33,260 shares common stock are owned by the
Owns and operates 88.49 miles of road, serving the cities of Pittsfield and N . E. Inv. & Sec. Co.
North Adams and the towns o f Williamstown, Clarksburg, Adams, Cheshire,
Wage Scale. See V. 125, .p 1195.
Lanesboro, Dalton, Lenox, Lee, Stock bridge. Great Barrington, Mass.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
I l l passenger and 27 other cars.
The $200,000 Berkshire St. R y. debenture 5s. which matured Mar. 1 Trolley. Operates 232.72 miles o f track, comprising the entire street
1925, were extended at the same rate o f interest (5% ) to Mar. 1 1930. railway mileage of Worcester, together with lines radiating from Worces­
ter to Leominster, Fitchburg, Milloury, Northbridge, Uxbridge, Mill­
V. 121, p. 196.
Dudley and Southoridge.
authorized to oper­
In Sept. 1925 the Mass. Dept, o f P. U. granted the co. permission to oper­ ville, Webster, 120, p. 2150, 2553. In Sept. Also abandoned operations
ate buses. V.
1925
ate buses between certain communities. V. 121, p. 1567.
between Worcester and Auburn on account of competition by bus lines.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
V. 121, p. 349. On Sept. 8 1925 reduced fares between Leominster and
Stock $5,398,100 ($100).............................................$5,398,100 ____________ Fitchburg, Mass. V. 121, p. 980. From Oct. 5 1925 replaced trolley
First mortgage ($800,000 gold 1 1902 7 g J-D
777,000
See text service between Worcester and Mariboro with motor buses; and discon­
($1,000)__________ c*.ntfJGirardjfcTrust C o., Philadelphia, trustee.
tinued service on 12 miles o f line from Leominster to Boylston Centre,
Berkshire Street Ry deb_ tf_ 1905
_
5 g M-S
200,000 Mar 1 1930 Mass., and substituted bus service. V. 121, p. 1791. In Oct. 1925 again
Hoosac Valley ref mtge $400 ,-\ 1904
7 g M-S
300,000 Sept 1 1929 discontinued service between Spencer and Worcester. Mass. V. 121, p.
000 gold ($1,000)_____n tf/In t at Berkshire L. & Tr. Co., Pittsf., trus. 2041. Negotiations completed for purchase of Carter Bus Lines.— V. 124.
Pittsfield Elec St Ry 1st mtgel 1903
7 g J-J
242,000 July 1 1928 p. 924.
g $300,000 ($ l,0 0 0 ).c * .n tf (Int. at Berkshire L. & Tr. C o., Pittsf., Mass.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Due N Y N H & H RR Dec 31 1925______________ 3,355,500 ........... .......
_
Common $3,326,000 ($100)_ _____
................... $3,326,000 Dec’ 17, 3%
Bonds.— The $800,000 1st Mtge. bonds originally bore int. at 5% and ma­ Pref (see text) $3,600,000 ( $ 8 0 )____
-------------- 3,600,000
See text
tured June 1 1922, but were extended for 5 years to June 1 1927 at 7% .
Wore Consol St 1st & ref mtge). 1910
_
-4J4 g F-A x l,454,000 Aug 1 1930
V. 114, p. 2358. 2467, 2716. Are not subj. to call. Int. payable and bonds
With 2% add’l coup.........-\ 1910
g F-A x2,116,000 Aug 1 1930
may be registered at office of N. W. Harris & Co., Boston. These bonds
$5,000,000 g ($1,000).c*tf j Old Colony Trust Co., Boston, trustee.
($777,000 outstanding) were again extended to June 1 1937 at 6 % . V. Worcester Consolidated deb? 1907
5 M -N
x l ,200,000 Nov 1 1927
124, p. 3350.
$ 1,364,000 ($1.000)
n tf i Old Colony Trust C o., Boston, trustee
The Berkshire St. Ry. debs, are owned by the N . Y . N. H. & H. R R . Co.
Uxbridge & Blackst debenf 1907 5 A-O
40,000 Oct 1 1927
See also text above.
($1,000) ____________ tf (Interest at office of company.
7 g M-S
500,000 Sept 1 1927
The Pittsfield Elec. St. Ry. 1st Mtge. bonds were originally 4s and matured Wore & South 1st mtge (see/ 1902
text) gold ($1,000)— c*n tf lin t, at First Nat’l Bank, Boston, trustee.
July 1 1923. but have been extended for 5 years to July 1 1928 at 7%
The Hoosac Valley ref. mtge. bonds were originally 4s and matured Sept. 1
Leased to Worcester Consolidated—
1924, but have been extended to Sept. 1 1929 at 7% . The extended bonds Webster & D u dley/S tock_________
50,000 _______ __
are call, on and after Sept. 1 1925 at 104 and int., reducing 1% annually
(Mortgage. (1919
5 M -N
30,000 Nov 1 193§
until maturity. V. 119, p. 1171.
\Int. at Old Colony Trust C o., Boston.
EARN INGS.—-For calendar years:
Leased to Webster A Dudley, oper. by Wore. Consol.—
Other
Interest,
Balance. Wore (S tock---------------------------Operating
Net (.after
150,000 __________
Taxes).
Deficit
Revenue.
Income. Rentals, Ac.
& jls tM $150,000($1,000)7 1919 5 g J-D
92,000 Dec 11939
$1,559
$113,641 Web l g o l d --------------c*n tf(In t. at State Street Trust Co., Boston.
$90,271
$205,471
*1927________ $555,267
235,872 Current liabilities Dec. 31 1925 (incl. allsub. c o s .)..
1,654
302,581
850,660
65,055
1926-------------415,244 __________
6,162
207,465
858.87a
89,084
302,711
x Equally secured.
1925_________
928,578
115.370
1,778
294.983
177,835
1924 x . ...........
Preferred Stock.— The pref. stock Is entitled to cum. divs. of $5 per share
59,522
3,535
340,973
277.916
1923-y_______ 1,084,257
182,354
1,849
332,791
148,587 p. a. (J. 30 & D. 31) and $105 per share in case of liquidation. While any
1922................ 1.046.774
2,206
129.989 matured div. on 1st pref. stock is unpaid or while the unfunded and current
1921................. 1,098,355
187,781
319,975
debt of the co. shall exceed 25% of the entire capital stock. 1st pref. share­
holders may elect a majority of the directors. The 1st pref. stock may not
* For 8 months ended Aug. 31 1927.
x Not incl. operations o f Vermont Co. y Operations of Vermont Co. be increased without consent of 2-3 of its holders except that in case or con­
Included for comparative purposes, although operated independently from solidation with Springfield St. R y. $2,750,000 may be issued without such
consent. V. 104, p. 2344.
Jan. 1 1923.
OFFICERS.— Pres., E. G. Buckland; V .-P ., L. S. Storrs; V .-P ., Clerk <
s
Bonds.— Wore. Consol. R y. 1st & Ref. 4H % bonds are sub. to call on any
M gr., C. Q. Richmond; Treas., A. S. May: Compt., H. S. Palmer; Aud., Int. day at 110 & int. Int. is payable at co.’s office or at its agency in
I. A . M ay.— V. 120, p. 1880; V. 121, p. 197, 1567. 2636; V. 122, p. 2188; Boston.
V. 124, p. 1976, 3205, 3350.
$2,116,000 Wore. Consol. R y. 1st & ref. mtge. 4 H % bonds with add’l
coupons at the rate of 2% per annum attached were offered in Feb. 1925 by
Harris, Forbes & C o., Inc., Blodget & C o., Paine, Webber & Co. and Old
NEW ENGLAND INVESTMENT & SECURITY CO.
Colony Trust C o., Boston, at 9754 & Int., yielding 7% . V. 120, p. 830,
CONTROL.— The $100,000 common stock of this company formerly The extra coupons are secured by a gen. mtge. on entire property.
held by Sanderson & Porter was acquired by a preferred stockholders’
The two issues of bonds of the Worcester < Southbridge Street R y.
&
committee (V. 99, p. 1215) in Oct. 1914. Holders of about 34,000 shares are secured by the same mtge., the mtge. providing that bonds can be issued
of pref. stock subscribed $10 for every share o f pref. owned in order to effect up to $1,000,000, and are to bear date of issue and be payable 20 years after
the purchase. V. 99, p. 609, 675, 1215. It is stated that about $1 75 dzte. The $500,000 1st mtge. bonds originally fell due Sept. 1 1922 and
per share was returned to subscribers.
bore 4>4% int.. but have been extended to Sept. 1 1927 at 7% . V. 114,
The N. Y . N. H. & Hartford R R . Co. owns the $13,115,000 funding gold p. 1892. Company has apoiled to Mass. Dept, of Utilities for permission
notes, and in pursuance of the order o f the U. 8. Department of Justice the to extend until Aug. 1 1930 the Worcester & Southbridge Street R y. bonds
notes were to have been sold by July 1 1919, but in March 1919 Judge due Sept. 1 1927.
M a y e r g ra n ted an exten sion o f tim e t o J u ly 1 1921. A fu rth e r extension to
Dividends.— The June 1918 dividend on the preferred stock was post­
April 1 1923 was granted. Favorable action by the Federal courts in 1925 poned. Y. 107, p. 403. None paid to April 1922, when $2 50 was paid.
and by the Mass. Legislature in 1926 released the New Haven from obliga­ V. 114, p. 1181. In June 1922, $2 50; in Oct., $2 50; Dec., $2 50. In
tion to dispose o f the notes and permitted the New Haven to assume control 1923, April, $2 50; June, $2 50; Oct., $2 50; Dec.. $2 50. In 1924, April.
o f the New England Investment & Security Co.
$2 50; June, $2 50; Dec,, $2 75. In June 1925, $2 50. In Dec. 1925 a
In Aug. 1921 the co. acquired from the N. Y . N. H. & H. R R . $594,000 semi-annual regular dividend of $2 50 plus $2 75 on account of accumula­
par value o f above notes formerly held by the New Eng. Nav. Co. V. 113. tions. V. 121, p. 3006. None in 1926.
p. 960.
EARNINGS.—-For calendar years:
EXCH AN G E OF PR EFE R R E D 8TOCK.— By vote o f the trustees on
Gross.
Net.
Charges. Dividends. Surplus.
Sept. 20 1917 the plan to exchange the $4,000,000 4% pref. stock (par $100) 1926.. ________. . . $3,362,211 $369,197 $363,926
None
$5,271
for an equal number o f shares of 1st pref. stock o f the Worcester Consol.
1925 ______ _____. . 3,608,347
720,920
370.557 $348,750
1,613
St. R y. became operative. The latter has a par value o f $80 per share and 1924____________ ___ 3,990,854
675.408
312,904
348.750
13,754
is entitled to $105 per share in the event o f liquidation and to cumulative 1923......................___ 4,565,920
811,284
320,749
450.000
40,535
divs. of $5 per share. Exchange o f the former stock relieves the N. Y . N.
1922......................----- 4.421,076
974,980
482,682
450.000
42,298
H. & H. R R . o f its guaranty of dividends thereon. V. 104, p. 2559; Y. 105, 1921...............— .___ 4,406.451
828,200
452,372
None 375,828
p. 1618. As o f Apr. 1 1926, 38.885 shares had been exchanged.
OFFICERS.— Chairman o f Board, Francis H. Dewey; Pres., Clark V
ORGANIZATION.— Is a voluntary association and was organized on Wood; V.-Ps., Arthur P. Russell and H. R. Whitney; Treas., Leverett
June 25 1906 to take over the street railway properties in Massachusetts Candee; Clerk, W m. F. Crowe; Com pt.,& Aud., Charles T. Converse.
formerly controlled by the Consolidated Railway Co. V. 83, p. 492.
General office, 145 State Street, Springfield, Mass.— V. 120, p. 830.
SECURITIES OW N ED.— The following is a list o f stocks held by the 1588, 2150, 2553: V. 121, p. 349. 980. 1791. 2041, 3006; V. 122. p. 2045;
New England Investment & Security Co. (see V. 83, p. 1100):
V. 123, p. 1253, 2522; V. 124, p. 924, 1363; V. 125, p. 97, 650, 1195.
Milford Attleboro & Woonsocket St. R y.— $315,000 capital stock.
(2) MILFORD ATTLEBORO & W OONSOCKET STREET R Y.
Worcester Consolidated St. R y.— 3,919 shares (out of 45,000) 1st pref.
stock (par $80) and all the common stock.
Receivership.— On July 2 1924 Clark V. Wood of Springfield was appointed
Worcester & Shrewsbury St. Ry. Co.— $20,000 capital stock.
receiver for the company by Judge Wait in the Mass. Supreme Court.
Worcester & Shrewsbury R R . Co.— $36,700 capital stock.
See V. 119, p. 75. The receiver was auth. to discontinue operations.
Various street railway company bonds, $430,800, and notes, $475,000.
V. 119, p. 1733. Ceased operations Oct. 3 1924. Is in process o f liquida­
tion.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
To be scrapped. See V. 120, p. 703. For history, see “ Public Utility
_________
$100,000 Ju ly'14 5%
Common____________________ _____
Pref 4% ($100)...................................
4 J-J
111,500 Jan ‘27 $2 Compendium” of Oct. 30 1926.
Funding gold notes_______ tf_ 1909
See text
13,115,000 Apr 1 1924
Stock.— Dividends o f 4% per annum on the pref. stock are cumulative
and are guaranteed by the New York New Haven & Hartford R R ., and G IN E R A L PUBLIC SERVICE CORPO RATION (DEL.).
also $105 per share in case of liquidation. V . 83, p . 492. See form of guar­ I O RGAN IZATION .— Organized in Delaware Dec. 17 1925 for the pur­
anty in V. 83, p. 1102. This stock may be called as an entirety at any time pose, among others of holding and dealing in the securities of other com­
at 106 and accumulated dividends. Supreme Court o f Errors in Connecticut panies, principally public utility companies. Through exchange o f securi­
sustained validity o f guaranty. V. 88, p. 1002.
ties, acquired a large majority of the stock of Public Service Investment

(c) EAST MIDDLESEX STREET R Y .
ORGANIZATION.— Owns 19.35 miles o f main track. Leased M ay 1
1893 to Lynn & Boston (subsequently the Bay State St. R y. and now the
Eastern Mass. St. R y.) for 99 years at a rental till M ay 1 1896 of $18,000
yearly in addition to fixed charges; then till May 1 1901 $24,000 yearly
and for remainder of lease $30,000 yearly. Eight per cent divs. had been
paid, but on M ay 1 1901 were increased to 10%, but were again reduced to
8% in 1923. The $100,000 4s due Jan. 1 1922 were retired at maturity.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock ($100), $300,000____________
8%
$297,700 See text
(d) WINNISIMMET (STREET) R R .
ORGAN IZATION .— Owns 2.08 miles o f main track. Leased to “ the
Lynn & Boston (subsequently the Bay State St. Ry., now the Eastern Mass.
St. R y.) for 999 years from 1880 at $3,000 per annum. Capital stock
authorized, $75,000; outstanding $50,000; par $50.




I

48

PUBLIC U TILITIE S

O o., which co. owned securities, mainly common stocks, o f public utility
companies, and subsequently, in connection with the liquidation of Public
Service Investment Oo., acauired all its assets.
STOCK—
Date. Dividends. Outstanding. Last. Div.
Common 1,000,000 shs (n o p a r )____
_________ .> 9.574 s h s ____________
'.
Pref |6 div series 75,000 shares
(no par)___________________ _____
$6 Q-F
24,574 shs A ug'27 $1.50
$7 cum conv pref 35,000 shs 1
(nopar)__________________ / ____
$7 Q-F
31,250 shs A u g'27 $1.75
Company has no funded debt.
Stocks.— Each share o f common is entitled to one vote. Listed on Boston
Stock Exchange. V. 122, p. 882. In addition to the number of shares
shown in the above table as outstanding, 76 common and 76 $6 preferre I
shares were reserved as of Aug. 31 1927 in connection with liquidation of
Public Service Investment Co.
The preferred stock is issuable in series. Entitled in liquidation to $100
and divs., plus $10 of liquidation is voluntary. Is non-voting except on
certain dividend defaults and in respect o f certain protective features. The
outstanding $6 div. series is red. at $110 and divs. Divs are cumulative
from Feb. 1 1926.
The $7 div. convert, pref. stock Is junior to pref. stock but preferred over
common stock and entitled in liquidation, after provision for pref. stock,
to $100 and divs. plus a premium of $10 if liquidation Is voluntary. Red.
as a whole only on 60 days' notice at $110 and div
Dividends cumulative
from Feb. 1 1926
Eash share is entitled to 5 votes. Is convert, at any
time up to within 10 days o f any specified date of redemption of the convert,
pref. stock at the rate o f 5 shares common for each share conv. pref. stock.
In Jan. 1926 Stone & Webster Tnc., Estabrook & Co.. Blodget & Co.,
and Tucker, Anthony & Co. offered 26.722 conv. pref. shares at 100 per
share.
Dividends.— Initial quarterly dividends were paid on May 1 1926 of $1 50
on $6 div. pref. and of $1 75 on $7 div. conv pref. stock.— V. 122, p. 16G8.
Similar divs. were paid quarterly to and incl. Aug. 1927.
EIBARN IN GS.—For 12 months ended Sept. 30 1927:
Income from stocks__________________________________________
$346,058
Income from bonds, notes and cash___________________________
173,718
Profit on sale of securities___________________________________
851,C0C

[V ol. 125.

For injunction against competing bus ne. see V. 121, p. 704.
Nerr Reorganization Plan.— A new reorganization plan dated July 15 1926
superseding the plan dated July 16 1924 has been formulated. Briefly the
plan provides that a new company shall be organized into the following
capitalization:
First mortgage 20-year 7% bonds____________________________
$252,000
Reorganization bonds (to be secured by second mortgage)_____
756,000
6% preferred stock__________________________________________
756,000
Common stock (an estimate merely, the total depending upon the
total capitalization approved by the department)__________
1,388,000
A small amount— not exceeding $10,000 of 7% prior preference stock
may be issued. This if done will be for the purpose o f providing the directors
of the new company with an additional possible medium for raising new
money.
All the 252.000 o f first mortgage bond and part o f the common stock
are reserved for suoscription, for the purpose o f raising new money for
expenses in connection with the receivership and reorganization, for working
capital or for other purposes approved by the Utilities Commission.
Right of Subscription.— For the purpose o f giving depositors the oppor­
tunity to benefit by whatever success may come to the new company the
Committee offers to depositors the prior right to subscribe to the securities
to be sold to raise necessary cash.
One-half of the first mortgage bonds, viz., $126,000, are therefore
offered for subscription to depositors at par, together with a bonus of
common stock and warrants representing future rights o f subscription and
of distribution referred to later.
Since the working capital resulting from the sale o f the' irst half o f these
bonds may not be sufficient, the Committee feels that reasonable safety
requires provision o f means by which further money can be raised in the
future if needed. For this purpose the remaining $126,000 of first mortgage
bonds and the remainder of the common stock are reserved for sale by the
new board of directors, if the board determines that the proceeds thereof
are necessary for the purposes o f the new company. If sold before Feb. 1
1929, these reserved bonds 'each with a proportionate amount o f the com­
mon stock reserved) are first to be offered to holders of the warrants.
Bonds so reserved which are not sold before that, date will remain available
for issue by the new company but the common stock reserved and aot
utilized before said date will be distributed to holders o f the warrants
V. T o ta l___________________ __________________________________ x$ 1,370,776 porportionateiy.
Expenses____________________________________________________
68,741
Distribution of Securities.— Each depositor, whether a subscrioer for first
•Taxes duel, provision for Fed. taxes on profits shown above)_
_
124,697 mortgage oonds or not. will receive for each $1,000 bond plus any accrued
interest•
• Balance____________________________________________________ $1,177,339
(a)
$300 face amount o f reorganization bonds: (b) $300 par value of
Preferred dividends__________________________________________
147,444 preferred stock and (c) $400 par value of common stock.
Convertible preferred dividends______________________________
218,750
Each subscriber will in addition receive for each $50 paid:
. \
--■-■
----(d) $50 first mortgage bonds; (e) A pro rata share (1-2520) o f one-half
p Balance___________________________________________________
$811,144
R * There were received during tne period stock dividends of wbicn only of the balance of the common stock of the new company: (f) A warrant
profits on the amounts sold are included in income. The market value of entitling the holder thereof to—
(1)
An option (not a.i obligation) to purchase for $50 and int. $50 of
the unsold balance as of June 30 1927 was $70,231.
bonds
a pro rata
the common stock
OFFICERS.— Pres., C. W. Kellogg: V .-P., S. B. TuelkTreas., Howard first mortgage 1 1929 and directors o f share o f company determinereserved
if before Feb.
the new
to offer
F . Neill: Sec., F. T . Pratt. Office, 7 West 10th St., Wilmington. Del.— the second lot o f tirst the
mortgage bonds and stock for
and
V . 122. p. 479, 882. 1025. 1608, 3338; V. 123, p. 1875: V. 124, p. 783, 2427; w thout aking any payment, to receive a pro ratasale: re o f (2) The right
sh
the common
V. 125, p. 913, 2145. 2262.
stock reserved if the second lot o f first mortgage bonds is not offered for
sale before Feb l 1929: and if the bonds are offered, to receive without
payment a pro rata share o f the common stock, if any, not sold in conjunc­
INTERSTATE STREET R AILW AY CO.
tion with first mortgage i onds prior to Feb. 1 1929.
^ O R G A N IZ A T IO N .— Successor to Inter-State Consolidated Street Ry.
Assuming that all bondholders deposit their bonds and that the whole of
Co. sold at receiver's sale on Jan. 1925 to Hemphill & Wells, New York the first half of first mortgage bonds is subscribed for. the distribution of
City, who on M ay 29 1925 began operations. From Jan. to May 1925 the securities (on the Dasis of a capitalization o f $2,900,000 plus the first
road was operated by receiver o f Inter-State Consolidated Railway Oo.
mortgage bonds) will be as fol ows:
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS — 1st mtge. 20-year 7% bonds sold $126,000; available for future
Owns 3111 miles o f track from Rhode Island State line to North Attle­
$252,000
sale $126,000: total________________________________________
borough, Attleborough and Plainville, Mass. Also operates buses between Reorganization bonds (to depositors on basis o f $300 of re­
Attleboro, Mass., and Providence, R. I., and between Plainville, North
organization bonds for each $1,000 of old bonds)___________
756,000
Attleboro, Mass., and Providence, R. I., passing through Pawtucket, R. I.
6% preferred stock (to depositors on basis o f $300 preferred
STOCK—
Interest. Outstanding. Last Div.
stock for each $1.000 o f old bonds)_________________________
756,006
Stock $300,000 (par $25)___________
_______
$300 000
See text Common stock: To deposits on basis o f $400 common stock
Current liabilities Dec. 31 1926_____ _______
21 237 ________
for each $1,000 of old bonds_______________________________
1,008,000
Bonus with first half o f first mortgage bonds (estimate)_____
*190,000
Dividends.— First div., 11%, for 2 years, paid April l 1904: in 1905
Reserved as bonus for second half of first mortgage bonds
7% : in 1906, 7% ; in 1909, 5% : in 1910 to 1912, Incl., 4% : In 1913. 5% In
1914, June, 6% : Dec., 2% . None since to Mar 1923. when 4% was paid
if sold before Feb. 1 1929, otherwise to be distributed to
holders of warrants (est.)_______________________________
*190,000
Bond Issue.— In Sept. 1926 Mass. P. U. Dept, approved issue by co. of
A small amount of Prior preferrence stock, perhaps to be issued as before
$150,000 1st mtge. 6% s. f. gold bonds, due April 1 1951. V. 123. p. 1762.
stated.
E A R N IN G S.— For calendar years:
* The amount of common stock available for bonus depends on the
Gross.
Net.
Charges.
Divs.
Balance.
1926......... ____$167,718
$28,769
sur$12,826 decision of the Department o f Public Utilities as to capitalization It may
$15,943
...........
1925*------ _____ 84,153
sur 14,576 conceivaoly be less, though the Committep think it should be greater, and
17.314
2.737
______
1924_____ _____177.821
def20.242
4.483
______
def 24,725 will endeavor to obtain permission for larger capitalization.— V 124, p.
1923_____ _____225,256
18.529
def
34 1065
7.563
$11,000
1922......... _____224,889
sur 39.153
58.356
19.203
.........Foreclosure Proceedings.— See V. 120, p. 581.
1921_____ _____238.330
46,759
15.811
______
sur 30,948
Suspension of Service Under Consideration.— See V. 123, p. 2894.
1920_____ .........248.236
21.674
sur 8,620
13,049
______
•Only seven months ended Dec. 31 1925.
STOCK AND BONDS— Dale.
Interest. Outstanding
Maturity.
______ ___ $2,025,000 D e c '17, 1)4
OFFICERS.— Pres., Gardner F. Wells; V.-P. & Gen. M gr., Geo. W. Stock common ($100) _______ _____
Pref $457,200 ($100) 6% cum...........
M-S
457 200 S<pt'18,3%
Wells: Treas., Albert W. Hemphill; Clerk & Asst. Treas., W. Winslow
Counsel, John Hoar, Boston.— V. 113. p. 1311; V. 119. p. 693, 1172, 1395. Boston & Wor 1st mtge $2,-1 1903 4H g K-A 2.460 000 Aug 1 1923
500.000 gold ($1,000) c*tf/In t. at American Trust Co Boston, trustee.
1510. 1624. 3009; V. 120, p. 1202. 2815: V. 123, p. 1762.
Framingham Southborough & 1 ___
7%
60.000 Aug 1 1923
Marlborough 1st mtge__ tf/In t. at American Trust C o .. Boston, trustee.
_________
*362.000 __________
BOSTON & W ORCESTER ELECTRIC COMPANIES. Notes payable Jan. 1 1924___ _____
O RGAN IZATION .— This is a voluntary association organized under a
♦Of which $247,000 is held by B. & W. Electric Companies.
trust agreement dated Dec. 29 1902. Its property consists of the entire
Bonds.— The Fram. Soutbb & Marlb. 1st mtge. 7s were originally 5s
common stock, $60,000 pref. stock, $181,200 1st mtge bonds and $247,000
and matured on Jan 1 1919. but were extended for 3 years at 7 % , and
“ notes payable” of Boston & Worcester St. Ry. It. has Issued 33.936 4%
cum. pref shares and 34,614 common shares, no par value. In case of liqui­ again to Aug. 1 1923 at the same rate of Interest. V. 113. p 2817.
dation pref. shares receive $100 pacb before the participation of common
Dividends.— On pref. 3% semi-ann. from date of issue to and incl. Sept.
Stock was increased to present amount by the issue in July 1906 of 6.000 1918: none since. On com. paid 3% July 1904. also 3% semi-ann. until
shares common and 6,000 pref., which was offered to shareholders at $105 Dec 1908. when 1M % was paid: in 1909. June. lH % ;in l9 1 0 . Jan., 1)4% ;
for a block of one pref. plus one common share.
In 1911, Dec., 1%: in 1912. June, 1)4% ; Dec., IM%\ in 1913, 2 )4 % : in
Beorganization.— See Boston & Worcester Street R y. below.
1914. 3% ; In 1915. 2 )4 % ; in 1916. 3% % ;in 1917, June. 1)4% ; Dee., 1)4% :
none since.
EA R N IN G S.— For calendar years:
Divs. on
Other
Total
Pref. Expenses Balance.
EARNING S.— For calendar years:
B. & W. Stk. Income. Income. Divs. <- Taxes. Surplus.
X
Total
Net
Int. and Pref. Divs. Common Balance.
1923-.................
None
$25,365 $25,365 None $12,394 $12,971
Revenue.
Revenue.
Taxes.
(6 % ). Dividends. Surplus.
1922__________
None
25,206 25.206 None
11,218 13.988
1923............
$177,150
None
None $18,497
Dividends.— First div. on pref. stock, $2. paid July 1 1904; 1905 to 1908 1922______ $1,164,556 $195,647 181,250
1.105,497
245.557
None
None 64,307
incl., $4; in 1909. $2; in 1910. Jan., $1: 1911. none; 1912 to 1915 incl., $2;
Latest Earnings.—Receiver’s report for quarter ended June 30:
In 1916, $2 50: in 1917, $2: in 1918. Jan., $1; none since.
1927
1926
1925
1924.
OFFICERS.— Pres., William M . Butler; V.-P., A. E. Childs; Sec., J. F. Total income__________
$234,855
$225,044
$213,775
$254",306
Bacon; Treas., Arthur W. Clapp.— V. 121, p. 1459; V. 122, p. 607.
Operating expenses_____
225.094
222,732
223,798
240,004
Interest_______________
35.466
34.587
33,224
35,65$
BOSTON & W ORCESTER STREET RY.
Taxes................................
6.000
6,000
9,000
9,00$
Receivership.— In Feb. 1925 Franklin P. Miller, Pres., was appointed
receiver for the co. by Judge Sanderson of the Mass. Supreme bidiolsl
Net loss_____________
$31,705
$38,275
$52,247
$30,351
Court. V. 120, p. 828. Receivers request for right to issue $100,000
receiver's certificates to finance continued operation, denied.— V. 124, — V. 120, p. 581, 828. 2814: V. 121, p. 704. 1459: V. 122, p. 2648, 3209,
3336; V. 123, p. 1112, 2390, 2894; V. 124, p. 504, 1065, 1976, 3627; V. 126,
p. 1065.
Sale of Property.— The property was sold at puoiic auction on Oct. 11 p. 1323, 1578, 1968, 2)44, 2260.
1927 to Henry B. Rising, representing the bondholders' protective com­
mittee. The road, it is said, will continue to be operated as at present. —
SUBURBAN ELECTRIC SECURITIES CO.
V. 125, p. 1968, 2144.
Rate Increase Sought.—V. 124, p. 504, 3627.
ORGANIZATION.— This company is a voluntary association formed In
O R G A N IZA TIO N .— Incorp. in Mass, on Nov, 15 1901. Franchises Jan. 1921 as a reorganization to succeed the Boston Suburban Electric
perpetual. Acquired the Framingham Union St. Ry., Framingham Soutb- Companies: also a voluntary association (for history see "Electric Railway
Supplement" of Oct. 30 1920) as per plan outlined in V. 112, p. 164. Con­
Dorough & Marlborough St. R y., and the Marlborough & Framingham St
Ry.
trols through stock ownership the Middlesex & Boston Street R y. (into
which the Natick & Cochituate St. Ry., the Westboro & Hopkin St. R y.,
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns and operates 83.619 miles of track. Rails. 75-lb. Has 91 cars. the Newton & Boston St. Ry., the Newton St. Ry and the Lex. & Boston
Also operates buses.
St. Ry. have been merged). Owns all cap. stk. of Norumbega Park Co.
In Marcn 1907 Mass. RH. Commission granted right to do an express
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
and freight, business ov jr entire line. In Nov. 1912 made a contract with
the Boston Elevated Ry. for the operation of express cars over that com­ Companies owned and controlled operate in the aggregate about 83 $
miles of track from Needham on the south to Lowell on the north, and
pany’s tracks to the freight express terminal on Harrison Ave.
In M ay 1925, Judge Wait, in the Mass. Supreme Court at Boston, au­ connecting at five points with the tracks of the Boston Elevated Ry.
thorized Franklin T . Miller, receiver of the company, to operate buses
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
through 19 towns, including Boston, Newton, Waltham, Marlboro. &c.. Common stock____________________
_______
50.296 sh. __________
all in Mass. For details about unsuccessful endeavors to enjoin co .from 1st pref 6% cum____________ _____
6 Q-F
2,076 sh.
See text
operating buses, see V. 122, p. 3209. In June 1926 co. was expected to 2d pref stock $4 per share___ _____
_______
31,203 sh.
See text
soon Inaugurate a bus service between Boston and Worcester. V. 122, 10-yr coll tr bonds call at 105\ 1921
8%
$644,300
193
p . 3309.
and interest______________/Boston Safe Deposit < Trust C e „ trustee.
fc




POW ER, L IG H T AN D R A IL W A Y

Oct., 1927.]

Stock.— Shares have no par value, but in case of liquidation the 1st pref
shareholders will be entitled to $100 per share, with accrued divs., prior
to all other shares, the 2d pref has a like priority over the common shares
Bonds.— Are secured by $870,000 notes and $150,000 of the mtge.
bonds o f the Middlesex & Boston St. Ry., with provision for the substitu­
tion o f other collateral and for a release of a proportionate part as bonds are
retired
Annual s in k fu n d 5 '7, of amount of issue to gradually retire same
Dividends.— On pref. divs. are being paid regularly (Q .-F .).
EARN INGS.— Of Electric company for calendar years:
Inc. from See. Exp. A Int.
Dividends.
Surplvs
$13,045
$68,316
$12,456
1926______ _____
$93,817
14.759
72.000
12.456
1925--------- . - . . 99.215
12 594
12 456
1924 ___ _______ - 103 3.0
78 250
109,019
86,624
12.456
9,939
1923______ _____ 92,196
64,991
1922______ ___________ 169,571
12,456
OFFICERS. — Pres., Adams D. Claflin; Treas., Chas. W. Smith; Sec.
John C. Carr; Asst. Treas., Frank E. Frykstrand. V. 120, p. 333, 2149
V. 122. p. 884. 2044.
(1) MIDDLESEX & BOSTON STREET R Y .— Trolley.
ORGANIZATION .— Organized in 1907 and took over the South Middle
sex Street Ry., sold at receiver's sale July 1 1907, and has since acquired
and merged the Westborough & Hopkinton St. Ry., the Natick & Cochit
Uate St. Ry. (V 87, p. 1420), the Newton St. Ry. (into which Waltham St
R y. had been merged, and which had acquired Commonwealth Ave. St. Ry
and Wellesley & Boston St. R y.), V. 89, p. 778, and the Newton & Boston
St. Ry. (V. 89, p. 993). On May 9 1912 Mass. RR. Commission granted
permission to absorb by consolidation the Lexington & Boston St. Ry. and
issue $525,000 stock in exchange, $ for $, for stock of absorbed company
V. 94, p. 1317. In June 1924 took over for operation from the Boston
Elevated Ry. that co.'s tracks in Trepelo Road in Balmont, Mass. V
118. p. 3078.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns 92.704 miles of track in Newton, Waltham. Watertown, Natick
Wellesley. Framingham, Hopkinton, Needham, Sherburn, Wayland, Bel
mont. and Ashland, connecting with the Boston Elevated Ry. (at 4 points)
&c. Also owns 27.776 miles of track, leases 0.745 mile; total, 28.511 miles
extending from Arlington Heights (terminus of Boston Elevated system;
through Lexington and Bedford to Billerica, where cars connect with
Eastern Mass. St. Ry lines for Lowell and also at Arlington Heights, where
cars connect with Boston Elevated Ry. for Cambridge subway to Boston
with branches to Waltham and to Concord
Total tract owned. 120 470
but operating at present only 61.2 miles, bus service bein substituted;
167 passenger cars and 17 work cars; 21 snow plows. Has 52 passenger
motor buses. 60 to 75-lb. T and 95-lb. girder rails.
In Dec. 1923 the Co. was auth. by the Mass. Dept, of P U. to operate
buses over certain routes. V. 117. p. 2653
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity
_______
$1,987,000 --------------Stock, $1,987,(100___________ _____
First and ref M $5,000,0001 1912 4)4 B J-J
1.983,000 Jan 1 1932
gold ($1,000)___________ c /In t. at Boston Safe Dep. & T r. C o., trustee
Bonds — Remaining first and refunding bonds are reserved for additions
extensions and improvements. Callable on any interest date on 30 days,
notice as follows Jan. 1 1917 to July 1 1921 inclusive, at 107)4 and int.
Jan. 1 1922 to July 1 1926 inclusive, at 105 and int.; Jan. 1 1927 to July 1
1931 inclusive, at 10214 and int. V. 94, p. 351.
EARN INGS.— For calendar years;
Gross
Net. after Taxes.
Ini . Ac.
Balance
1926___________ $1,173,575
x$171,165
$171,578
def. $413
1925__________ 1.163.630
169,747
169.548
sur.
198
1924___________ 1.185,431
xl36,862
169,155
def 32,273
1923___________ 1.265.978
X103.902
172.277
def 68,376
1922 _________ 1.304,955
239,872
174.503
sur 65.368
x After depreciation.
Latest Earnings.—Period ended June 30;
1927—3 M os.— 192j .
1927—6 M os.—1926.
Total oper. revenue____
$290,514
$289,455
$304,725
$598,432
Total oper. expenses____
232,883
244,216
477.843
491.681
Taxes and interest_____
44,727
43,177
90,502
89,440
Net income_________
$12,924
$2,062
$36,380
$17,311
— V. 120, p. 582, 703; V. 121. p. 2402; V. 122, p. 2799; V. 123, p. 2391;
V . 124, p. 1360, 2907; V. 125, p. 1052.

FITCH B U R G & LEOMINSTER STREET RY.
Receivership Sought.—Judge Morton of the Massachusetts Superior Court
refused in Oct. 6927 to act on the petition o f Charles S. Cummings of
Boston for injunction to prevent payment of interest on unsecureu notes
of the company until certain allegen overdue bonds, of which he is a holder,
are paid. ivlr. Cummings suggested the appoint lent of a receiver or, as
an alternative, that the Boston Safe Deposit & Trust Co. take charge and
operate the road for the bondholders. V. 125, p. 1707, 1970.
ORGAN lZATlDN . in A p ril 1905 absorbed the i.eoinmster Shirley &
Ayer Street Ry. through exchange o f stock, share for share. V. 80. p 1478
F IE L D

O F OPt R A T IO N S

AND

C H A K A C T F .H

OF

R P S IN R S S

Owns 36.40 miles of track. Road extends to Leominster, Shirley and Ayer.
In Dec. 1924 co. abandoned operations on tue line between Fitchburg and
Lunenberg, Mass. V . 120. p. 86- 30 closed passenger cars, 6 open passen
ger cars and 2 snow plows; also operates 4 buses.
S T O C K , B O N D S , 3t c .—

U a te .

In terest.

O u ts ta n d in g .

M a t u r it y

8tock $700,000 t$100)________
$450,000
See text
Fitch & Leo con mtge $350,-\ 1901 7 F-A
300,000
See text
000 ($1,000)_____________ /In t. at Boston Safe Dep. & Tr. C o., trustee.
L S & A 1st mtge $100,0001 1905 7 g F-A
100,000
See text
gold ($1,000)__________ c*(In t. at Boston Safe Dep. & Tr. C o., trustee.
IGuar. p. & i. bv Fitch < Lenm. Street Ry
s
Stock.— In May 1920 was auth. to issue $225,000 of new 7% cum. pref.
stock (par $100). proceeds to be applied to the payment and cancellation of a
like amount of outstanding notes (V. 110. p. 1748. 2387). but in Aug. 1923
this order was modified so that the div. rate authorized may not exceed
8% , the co. having been unable to market the stock bearing the 7% div.
rate. V. 117. p. 893.
B o n d s . — The above Fitchburg & Leominster and Leominster Shirley &
Ayer Street Ry. bonds were due Feb. 1 1926 but were extended co Peb. 1
’
1931 at 5% and 4% , respectively.
D iv i d e n d s . — For many years up to and incl. 1900-01, 8% ; since, 6% p. a.
EARN IN G S.— For calendar year 1926:
Operating revenue______________________________ i ---------------$366,044
Operating expenses__________________________________________
336,995
Net revenue_______________________________________________
T a x es______________________________________________________
Interest.____________________________________________________

$29,049
’ 0.529
28.234

Net income_______________________________________________
def$9,714
For calendar year 1925, gross, $368,585: neta fter taxes, $82,676. For
ear 1924, gross, $432,199; net after taxes, $87,461. In 1923, gross,
496.542; net after taxes, $96,067.
OFFICERS.— Pres., Emerson W. Baker; Treas., Byron N. Hodges;
M gr., Louis H. Cushing.—V. 120, p. 86; V. 121, p. 457; V. 125, p. 1707,1970

f

LOWELL & FITCHBURG STRFET RY.
In 1913 W. W. Sargent, President o f the Fitchburg & Leominster Street
R y., and associates acquired control.
ORGAN IZATION .— Incorporated in Massachusetts in 1903.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
A trolley road. Operates 14 miles between North Chelmsford, a suburb
o f Lowell, and the village of Ayer, with a spur running from North Cheims
ford to Brookside; connects at North Chelmsford with Bay State St. Ry.
and at Ayer with Fitchburg & Leominster St. R y. Has 11 passenger
cars, 1 snow plow and 2 other cars.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $275,000 ($100)____________
_______
$275,000 In 1920,4%
First mtge (see text) gold) 1906
3 g J-J
275,000
See text
($1,000) no sinking fu nd .-/S u bject to call at 105 and interest




49

Bonds.— First mtge. was originally for $1,000,000. but has been closed
at $275,000. The bonds were 5% and due Jan. 1 1926, but were extended
to Jan. 1 1931 at 3% .
Dividends.— In 1916, 2% ; in 1917,6% ; 1918,6% ; 1919,3% ; 1920,4% .
EARNINGS.— For calendar year 1925, gross, $46,719; net after taxes,
$7,679. In 1924, gross, $58,896; net after taxes, $12,207. I a 1923, gross,
$78,921; net after taxes, $22,077. In 1921, gross, S7SJ2Q8, n ;t after taxes,
$2,510; in 1920, gross, $91,977; net after taxes, $9,97u.
OFFICERS.— Pres., W. W. Sargent; V .-P ., C. F. Baker; Sec. & Treas.
B. N . Hodges, all of Fitchburg, Mass

HOLYOKE STREET R A ILW AY ,
ORGANIZATION.— Incorp. in Mass. June ’ 1 1884. Leases the M t.
Tom (Incline) RR until June 1 1937 at 6% per annum on the $100,000
stock. In 1907 purchased the Hampshire Street Ry. (previously leased).
V. 85, p. 40. In Aug. 1907 purchased the Amherst & Sunderland Street
Ry (V 85, p. 294), giving a through connection from Holyoke to Amherst
and Sunderland.
May Sell Certain Properties.— In the early part of 1926 directors were
authorized to sell the Mount Tom property of the Mount Tom R R ., and
the Mountain Park property of Holyoke St. R y., but no actual deal has
been consummated.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Trolley road. Has 72.9 miles of track, including M t. Tom (incline) R R .
4,900 feet long, and connecting with the Springfield Street R y. to Westfield,
Mass.; with Springfield St. R y. to Springfield, Mass., and with Northamp­
ton St. Ry. to Northampton, Mass., and direct to Chicopee, Chicopee Falls,
South Hadley, Amherst and Sunderland. Passenger cars, 148; other ser­
vice cars,15; snow plows, 12; other vehicles, 7; electric motors, 456. Also
operates buses
STOCK AND BONDS— Date. Interest.
Outstanding. Maturity.
Stock ($100)---------------------------------J-J
$1,342,000 Jan '27,3%
First mortgage$2,500,0001 1915
5 A-O
850,000 April 1 1935
gold ($1,000)----------------c*/In t. at Springf. Safe Dep. & Tr. C o., trustee.
Series “ B ” ------------------------ 1920 6%
85,000 April 1 1935
Series “ C ” --------------------------------6%
465,000 April 1 1935
Leased line rental M t Tom RR
______
stock 6 % ________________________
6
100.000
Bonds.— Remaining 1st M . bonds issuable for additions and improvements
under certain restrictions. Redeemable at 107 and int. V. 100, p. 982.
Dividends.— From 1892 to 1915 incl., 8% yearly; In 1916, 6 % . In
Jan. 1917, 3% ; July, lf $ % . In 1918, Jan. 1)4% : July div. omitted
(V. 107, p. 291). None to Jan. 1920, when 3% was paid. July 1920, 3 % .
In 1921, Jan., 3% : July, 3 % . In 1922, Jan., 3% ; July, 3 % . In 1923,
Jan., 3% ; July. 3% . In 1924, Jan., 3% ; July. 3% . In 1925.. Jan 3% ,
July, 3% . In 1926, Jan., 3% ; July, 3 % . In 1927, Jan., 3 % . None since.
EARNINGS.— For calendar years:
Gross.
Net. Int.,Tax.,&c. Divs.
Bat., Sur.
1926---------------------- $887,038 $184,838 $117,311
$80,520 df$12,993
1925---------------------929.005
207.464
125.209
80.520
1.735
1924---------------------955.442
208.024
123.438
80.520
4.066
1923_______________ 1,121.749
208,764
121.590
80,520
6.654
1922---------------------- 1,122.317
197,152
111,614
80,520
5.018
OFFICERS.— Pres. & Gen. M gr., Louis D. Pellisier; Sec. & Treas.,
s D Neviu: Asst. Gen. M vr., Geo. E. Pellisier- And O. F Dinnepn,
all of Holyoke.— V. 118, p. 1772; V. 119, p. 1624, 1732, 2287, 2529; V. 125,
p. 1192.

MILFORD & U X B RID G E STREET RY. CO.
Receiver.— In July 1926, Judge Braley in the Mass. Supreme Court
appointed Walter L. Adams of Milford as receiver.— V. 123, p. 710.
Protective Committee.— Interest having been defaulted on July 1 1925 on
the undermentioned two issues, the following protective committee was
formed, under agreement dated Sept. 30 1925:
Milford & Uxbridge Street Ry. 7 %0 Bonds, Due Jan. 1 1928, and Milford
Holliston & Framingham Street Ry. First Mtge. 7% Bonds, Due Jan. 1 1928.—
Fred W. Young, Arthur S. Dewing, Kenneth T. Young, with Holmes &
Worthen, 414 Shawmut Bank Bldg., Boston, Mass.; counsel, Allen W. Bagaell, 70 State St., Boston, Mass. Depositary, Atlantic Nat. Bank, Boston.
Dissenting from the plans of the above committee, a group of holders of
Vlilford Holliston & Framingham bonds formed a separate committee in
Oct. 1925 and requested bondholders to deposit their bonds with the Mer­
chants National Bank, Boston, depositary. This committee is composed
as follows:
Separate Committee Milford Holliston & Framingham Street Ry. First Mtge.
Bonds, Due Jan. 1 1928.— Walter G. Davis, Cambridge, Mass.; Louis 8.
Ayen, Holyoke, Mass.: John T . Manson. New Haven, Conn., with 8. R.
Wrightington, 10 State St., Boston, counsel. V. 121, p. 1908. For law­
suit by a bondholder, see V. 122 p. 2040
ORGANIZATION.— Incorporated In Massachusetts in 1901. On July
10 1902 consolidated by purchase of entire capital stock with the Milford
Holliston & Framingham St. Ry.
F I E L D OF O P E R A T I O N S AND CHARACTER O F BUSINESS.—
Trolley road. Operates 30 milei of track from South Framingham to Ux­
bridge and from Milford to Medway. Also operates the Grafton & Upton
R R . from Hopedale to North Grafton, 13.427 miles. 42 passenger
cars. 8 snow plows and 4 miscellaneous; 180 electric motors. Electric rail­
way service between Milford and Hopkinton, Mass., discontinued in Feb.
1927 and replaced by buses operated by Johnson Bus Lines, Inc. V. 121,
p. 2273; V. 124. p. 921.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock com $440,000 ($100)_ _____
_
A-O
$440,000 See text
Preferred $100,000 ($100)___ _____
J-J
100.000
See text
Mil Holl & Fram 1st mtge) 1898
7 g J-J
165.000 Jan 1 1928
$165,000 ($1,000) g _ .c * n tf/In t. at Amer. Trust C o., Boston, trustee.
Milford & Uxb gold bonds) 1902
7 g J-J
335,000 Jan 1 1928
($1.000) gold_______ c* n tf/In t. at Amer. Trust C o., Boston, trustee.
The above bonds were originally 5s and fell due Jan. 1 1918, but were
extended to Jan. 1 1923 at 7% , and again to Jan. 1 1928 at the same rate
of interest. V. 115. p. 2267.
Dividends.— On pref., In 1910, )£ % ; In 1911, 5% ; in 1912 and to and incl.
1918, 6% per ann. None since. On com. in 1901 to 1903, 6% ; 1904,
1)4% ; 1907. 3% ; 1908, 1% ; 1909, 3% ; 1910 and 1911, 4% ; 1912, 5 )4 % ;
thereafter to Oct. 1916, 5% per annum. None since.
EARN ING S.— For calendar years:
Gross
Net (.after DeducPf.Div. Com.Div. Balance,
Earnings. Taxes).
(5% ) Surplus'.
tions.
(6 % ).
*1927____ ____ $116,659 $10,331 $24,036
______
...........def$13,705
1020._
. - 201.777
25.048
36,541
del'll ,493
1925_____ ____ 233.709
37,279
36 644
. . .
635
a «ns
1924. ___
275.018
41,256
37.651
19 23-.. .- - - . 323.678
____9,556
45,457
35,901
1922_____
341,554
52,775
43,381
...........
-- --9,394
1921_____
47.327
45.869
______
______
1,458
* For 8 months ended Aug. 31 1927.
OFFICERS.— Pres., D. E. Manson, Boston. Mass.: V .-P. & Sec.,
Wendell Williams, Milford, Mass.; Receiver, W. L. Adams, Milford, Mass.
— V. 120, p. 86; V. 121, p. 1789, 1908, 2273; V. 122, p. 2041; V. 123, p. 710.

NEW BEDFORD & ONSET STREET R Y.
Sale.— Announcement was made Aug. 24 1927 of sale of road to a New
York group who plan to continue operations.
O R G A N IZA TIO N .— Incorporated In Massachusetts in 1901. This com­
pany is owned in the same interest as the Uuion St. Ry. Co. In June 1906
issued $50,000 new stock in exchange for the $150,000 stock of the Taunton
& Buzzard's Bay St. R y., which was a reorganization of the Middleboro
Wareham & Buzzard’s Bay St. Ry. V. 82, p. 1438.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— A
trolley road. Owns 33 88 miles of track between Fairhaven and Onset and
In Middleboro and to Buzzard’s Bay. Also operates motor buses. 27 passener cars, 4 snow plows, 5 miscellaneous, 81 electric motors and 5 motor
uses.

50

[V ol. 125.

PU BLIC U TILITIE S

STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, *550,000 (*100)____________
_________
*550,000 Feb ’23. 291
First mortgage,
$500,000 f 1902
6 g J-J
280,000 Jan 11927
gold ($1,000)_______ c*n tf { Int. at International Tr. C o., Boston, Trns.
1 No sinking fund and not subject to call.
Bonds.— Holders of c o .’s 1st mtge. bonds, due Jan. 1 1927, were informed
that co. was not in a position to pay same ana was unabie to offer a practi­
cable refunaing plan. V. 123, p. 1505. See also opening paragraph of
this statement.
The Middleboro Wareham & Buzzard's Bay 6% bonds due Oct. 1 1926
were retirea but are hela by New Bedford and Onset Street R y .C o . as an
investment.
Dividends.— 2% paid in Feb. 1922. In 1923 Feb., 2 % ; none since.
E A R N IN G S.— For calendar years:
Gross.
Net.
Int. A Taxes-. Bal., Surp.
def.$204
$18,909
$19,113
1926_____________ $103,812
1925______________ 112,687
10,307
19,679
def.9,372
1924............... .......... 246,396
19.378
20,908
def 1,530
1923........
304,409
29,979
23,478
6,500
1922______________ 277,358
40,899
24,094
16.805
OFFICERS.— Pres., E. S. Wilde; Sec. & Treas., E. F. Nicholson: Supt..
Geo. P. Dole.— Y. 118, p. 2704; V. 122, p. 1610; V. 124, p. 373, 3353; V125, p. 1324.

UNION STREET R Y.
ORGAN IZATION .— Incorporated in Massachusetts on Mar. 18 1887
as a consolidation o f Acushnet St. Ry. and New Bedford & Fairhaven St.
R y. On N ov. 1 1910 consolidated with Dartmouth & Westport St. Ry.
V. 91, p. 465, 519, 718, 1096. In 1921 the company purchased from the
Eastern Mass. St. R y. its controlled line in New Bedford running from
Lunds Corner to the city line. In Sept. 1925 acquired the Interstate Bus
Line and Providence Touring C o., which have been operating buses connect­
ing New Bedford, Fall River and Providence, R . I. Y . 121, p . 1228.
Applied for permission to operate buses on these routes formerly in operation
by the railway. V . 121, p. 1680.
Fare Increase.— See V . 124, p. 3070.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
A trolley road. Owns and operates 60.57 miles in New Bedford and adja­
cent towns, and connects New Bedford and Fall River. 191 passenger
cars, 10 miscellaneous cars, 17 snow plows and 13 motor buses.
STOCK A N D BONDS— Date.
Interest. Outstanding. Last div.,&c.
Stock $2,437,500 (par $ 100)________
Q-F
$2,437,500
See tex t
First M $2,000,000 ($1,000)/ 1914
4 A g J-J
250,000 Jan 1 1934
gold no sinking fund_ n tf (Int. at Old Colony Trust C o., Boston, trustee
_
Bonds.— Redeemable since Jan. 1 1919 at 110. Issued to retire consol,
mtge. o f 1894, due Jan. 1 1914. V. 97, p. 1584, 1664.
Dividends.— In 1896-97, 10%; in 1897-98, 6% : in 1899. 8% and same rate
to and including M ay 1926. In Aug 1926 and Nov. 1 % . V. 123, p. 583.
In 1927: Feb., 1 A % : M ay, 1 A % : Aug., 1 ^ % .
EARNINGS.'— For calendar years:
Net.
Int. & Taxes. Dividends.
Surplus,
Gross.
$243,456
$98,953
$146,250
def$l,747
1926______ $1,480,670
1925______ 1,488,927
298,928
99.900
195.000
4.028
1924........... 1,456,767
257,723
113,538
195,000 def.50.815
1923______ 1,629,020
405,213
133,313
195,000
76,901
438,786
149,659
195,000
94,126
1922_______ 1,611,924
OFFICERS.— Pres., E. S. Wilde; Sec. & Treas., E. F. Nicholson; Supt..
E. S. Wilde, all o f New Bedford.— V. 120. p. 1587; V. 121, p. 1228. 1680:
V. 122, p. 1612, 1919; V. 123, p. 583, 2521; V. 124, p. 508, 2283, 3070.

NORTHAMPTON STREET R Y.
OR GA N IZA TION .— Chartered Feb. 26 1873. In M ay 1924 it was
reported that the co. would shortly acquire and operate the discontinued
line of the Connecticut Valley system between Northampton and Hat­
field, Mass. V . 118, p.2573. The company discontinued service between
Ferry St., Hatfield and Bradstreet, Hatfield, on Sept. 12 1925. See
V. 121, p. 1348, 1462.
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
A trolley road. Owns 43 42 miles of track, including connections to Holyoke
and extension from M t. Tom Junction in Easthampton; Northampton to
Amherst and Northampton to Hatfield; Northampton to Williamsburg
Operates 47 passenger cars, 4 snow plows and 159 electric motors.
STOCK, &c.—
Interest. Outstanding. Dies., <&
c
Stock $850,000 Cpar $100)__________
_______
$850,000
See text
Notes payable D ec 31 1925________ _______
160.000 __________
Dividends.— 1901, 8% ; in 1902, 8% ; in 1903, 8% ; in 1904. 6% ; in 1905
6% ; on Dec. 27 1905, 3 A % : in 1906, 3 A % : in 1907, 7% ; in 1908. 6% ; in
1909, Jan., 2 A % : in 1910. Oct., 2% ; in 1011 and 1912, 5 % . In 1913,
5 A % - In 1914 to and incl. Oct. 1917 at the rate of 5% per annum. None
to 1920, when 3% was paid. In 1921, Julv, 3% ; Dec., 3 % . In 1922.
July, 3% ; Dec., 3 % . In 1923. July, 3 % . In 1924, Jan., 3% ; July, 3% .
In 1925, Jan., 3% ; July, 3% . None since.
EA R N IN G S.— For calendar years:
Balance
Gross.
Net.
Int., Taxes. Ac.
$13,988
$14,458
def $470
1926 ---------- _______ $287,035
1925 ______ _______ 308,040
53,215
26,977
26.238
1924 ----------_______ 306,208
77,018
24,303
sur 52.715
1923 --------- _____
333,948
74,810
22,124
sur 52,686
1922 ______ _______ 336,532
75,979
sur 55,814
20,165
OFFICERS.— Pres., H. M . Tyler; Treas. & Gen. M gr., L. D . Pellissier
Asst. Treas., G. E. Pellissier; Aud., G. F. Dinneen; Supt., J. F. Wade.
Office, Northampton, Mass.— V. 121, p. 1348, 1462.

PLYMOUTH & BRO CK TO N STREET R Y.
ORGAN IZATION .— Organized in Mass, in 1922 and acquired the prop­
erty of the Brockton & Plymouth St. R y. (for history see “ Electric Railway
Supplement” o f April 29 1922) which was sold at foreclosure in July 1922
V. 115, p . 435. Holders o f each $1,000 o f the old co.'s 1st mtge. 4 A %
bonds received in exchange $500 in 1st mtge. 6% bonds, $500 in 6% income
bonds, and $500 in com. stock o f the new co. as per plan of reorganization
outlined in V. 115. p. 644.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Does electric railway business from Plymouth to Kingston. Franchise
perpetual. Road extends from Plymouth to Kingston, 9.3 miles of track.
Passenger cars, 13, and 5 other cars.
STOCK AN D BONDS— Date.
Interest Outstanding.
Maturity.
Common____________________ _____
_______
*280,000 __________
1st mtge. *170,000__________c 1922
6 J-J
130,000 July 1 1932
Income mtge. *130,000_____ c 1922 See text.
130,000 July 11932
Stock.— $40,000 of the com. stock is held in voting trust. V. 115, p. 644.
Bonds.— Remaining $40,000 1st mtge. bonds may be issued for additions,
exts., and impts. under certain restrictions. Int. on coupon bonds is
payable annually on July 1 when earnings are sufficient. Sink, fund of
*5,000 per annum to retire income bonds is provided for. Int. on the
income bonds when earned and the annual sink, fund payment when
earned can only be postponed by the vote of 75% of the entire board of
directors.
The interest on the income bonds, whether or not earned, and the an­
nual payment o f $5,000 for the sinking fund, whether or not earned, shall
be cumulative, so that no divs. can be paid until all of such unpaid accumu­
lated int. and unpaid accumulated sink, fund installments have been fully
paid. Income bonds acquired with sink, fund money will remain alive and
draw Int. for the benefit o f the fund. V. 115, p. 644.
EARN IN G S.— For calendar years:
IQ O fi

I Q P 't

1Q O A

*68,914
$38,977
$108,078
Gross______________________________
N e t _______
6,367
7,747
7,945
Taxes
______
1,960
1,632
1,558
Interest and rentals_________________
15,651
15,650
15,652
def9,284
def9,535
def9,265
Balance____________________________
OFFICERS.— Pres., Hollis I. Gleason; Vice-Pres., George B. Howland;
Treas. & Clerk, Harold F. Golden;jMgr., H. F. Golden.— V. 118, p. 3078,




COLONIAL GAS & ELECTRIC CO. (DEL.)
Control.— Utilities Power & Light Corp. owns the entire common stock.
ORGANIZATION.— Incorp. in Delaware M ay 15 1924. Owns over
100% of the outstanding common stock of Derby Gas & Electric Corp
(see separate statement on another page), and 100% of the outstanding
capital stock of Colonial Coach Co. These subsidiaries and companies
controlled by them serve a population of approx. 100,000 with electric
light and power, gas, electric railway and motor coach transportation ser­
vice.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
100,000 shs. ________
Common 100,000 shs. (no p a r ) ____
7% pref $5,000,000____($ 1 0 0 )____
7
$509,500 _________
3-yr 5 A % sec g notes $2,000,- f 1926
2,000,000 Aug 1 1929
5 A F-A
000 ($1,000, $500 & $100 c*{T he Chase "National Bank of the"City of
& $1,000 c * )___________ tf { New York, trustee.
Securities of subsid. cos. in hands of public:
$5,798,600
Funded debt_________________ _____
___
Pref stock (at par or invol
liquid value_______________ _____
_
_
2,473,000
Common____________________ _____
___
346 shs.
Stock.— Pref. has preference as to assets and divs. Callable at 110.
Notes.— The 3-yr. 5 A % sec. g. notes are secured by a first lien by pledge
upon all the common stock of Derby Gas & El. C orp., over 95 % of common
stock of Newport El. Corp. and all of the capital stock of Colonial Coach
Co. Red. whole or part on 60 days’ notice at 101 & int. Penn. & Conn.
4-mills, Maryland 4 K-mills, Calif. 5-mills, Mass. 6% , New Hampshire 3%
and Maine 5-mills or 6% taxes refundable, in Oct. 1926 West & C o.,
Pynchon & Co., W . S. Hammons & Co., John Nickerson & Co. and Reilly,
Brock & C o., offered $2,000,000 of these notes at 98A & int., to yield
about 6.05%. V. 123. p. 2137.
EARNING S.— For calendar years:
1926.
1925.
1924.
$807,637
$631,766
Gross________________________________$2,155,619
Net after oper. exp., maint. & taxes_
785,574
280,617
192,482
64,449
50,971
Interest, amortization, &c_________
222,317
Balance__________________________
$563,257
$196,168
$141,511
OFFICERS.— Pres., H. L. Clarke; Vice-Pres., J. N. Caravan; V.-P. &
Treas., F. W. Drury; V .-P ., H. T . Pritchard; V.-P. & Sec., W . D. Sheffield
Jr. OfficeK
Newport, R. I.; Chicago office, 527 So. LaSalle St., New York.
Office. 100 Broadway. V. 123, p. 2137; V. 124, p. 3494.
(1) NEWPORT ELECTRIC CORPORATION.
Control.— Controlled by Colonial Gas & Electric Co. (see above).
ORGANIZATION.— lrcorp . in Rhode Island on Feb. 23 1898 as the
Newport & Fall River Street R y. Co. In 1920 name was changed to present
title. Was leased to the old Colony Street R y. Co. (now Eastern Mass.
Street R y ), but lease was canceled Oct. 1 1921 and property turned back
to stockholders. V. I l l , p. 1661. All street railway operations were
discontinued on Sept. 7 1925. V. 121, p. 2039.
Kales on electricity reduced voluntarily
V 125, p 2146
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Does all the electric light and power business in Newport, Jamestown,
Middletown and Portsmouth and surrounding territory, and operates buses
in Newport and between Newport, Fall River and Providence. Population
served estimated at 45,000. Properties include a central steam electrical
generating plant with an installed capacity of 2,500 k.w. Company has
7,730 customers.
STOCK, BONDS, E T C .— Date.
Interest. Outstanding. Maturity.
Com stock $2,000,000 par $ 1 0 0 ____
_______
$1,191,000
See text
Preferred 7% cumulative__________
7%
473,000 Sept’2 7 ,1%
Consol mortgage *1,000,0001 1904 4 A J-J
696,000 July 1 1954
gold ($1,000)_____c*&r.tf Jlnt. at American Trust C o., Boston, trustee.
Newp Elec Corp deb n o t e s !____
8%
102,600 Oct 1 1927
callable at 120___________ /Newport Trust C o., trustee.
Stock.— The total authorized Capital stock is $3,000,000, which may be
Issued as either preferred or common as stockholders direct. In M ay 1926
co. filed with the R . I. P. U. Comrir'ssion a petition for permission to issue
$600,000 pref. stock. V . 122, p. 3210.
Bonds.— Remaining consol, mtge. bonds are reserved to retire prior liens.
Not redeemable. The 8% notes are callable at 120.
Dividends.— On pref., 1H % quar. from Sept. 1 1922 to date. On com .,
2% paid in 1922 to 1926 incl.
EARNING S.— For calendar years
Net After
Interest,
Avail, for
Gross.
Taxes.
<%
c.
Deprec’n.
for Divs.
1926________ $776,417
$228,237
$52,843
$50,193
$125,201
78.577
1925..........— 784,020
204,883
54,769
71,537
88,407
191,039
50,971
51.661
1924............... 626,083
39,564
1923............... 620,344
156,843
52,279
65,000
55,583
1922..........
613,474
169,735
53,980
60,172
OFFICERS.— Pres, o f Board, H. E. Clarke; Pres., W m. P. Sheffield Jr.;
V .-P ., J. T. O’Connell; V .-P ., H. T . Pritchard; Treas., F. W . Drury;
V.-P. & Gen. M gr., E. P. Gosling; Sec., B. R. Tuttle; Asst. Sec. & Asst.
Treas., Donald McQueeney.— V. 120, p. 2012; V. 121, p. 2039; V. 122, p.
3210; V. 123, p. 1763, 2146.

R H O D E IS L A N D
BLACKSTONE VALLEY GAS & ELECTRIC CO.

Under the executive management of Stone & Webster, Inc.
Voting Trust Agreement.— See V. 125, p. 1968.
ORGANIZATION.— Incorp. in Rhode Island in April 1912.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Directly or through its subsidiary, the Pawtucket Gas Co., does the entire
gas, electric lighting and power business in the Blackstone Valley of Rhode
Island, including the cities of Pawtucket, Woonsocket and Central Falls,
the towns of Cumberland, Lincoln and those adjacent. The generating
plants of the co. are located in Woonsocket and Pawtueket, R. I., and have
a combined capacity of 51,500 h p „ of which 2,400 h.p is hydro-electric
Co. has, witn the Edison Electric Illuminating Co. of Brockton and the
Fall River Electric Light Co. an interest in and substantially an equal voice,
in the management of Montaup Electric Co., which latter co. opened in
Nov. 1925 a new 40,000 h.p. steam station located on tidewater, and
connected with the three systems. See also V. 123, p. 1504, under heading
“ Montaup Electric Co." The gas plants have a combined daily capacity of
7,250,000 cu. ft. A 14-mile hign-pressure line connects the Woonsocket
and Pawtucket plants, the gas plant in Woonsocket being held as reserve
capacity. Miles of mains, 231.87 and gas meters 38,756. Gas output in
1926, 1,251,377,100 cu. ft. Co, supplies power to Union Lt. & Pr. Co.
and gas to Blackstone Electric Light Co. Estimated population served:
Electric light and power, 175,600; gas, 170,800. For new construction
plans, see V. 124, p. 370.
Franchises not limited in time.
On Jan. 30 1925 the Senate of the State of Rhode Island passed a bill
auth. the co. to increase its auth. capital from $16,000,000 to $32,000,000.
V. 120, p. 700. Bill passed by R . I. House of Representatives in March
1925. V. 120, p. 1324.
On April 21 1926 stockholders authorized a general and refunding mort­
gage and an initial issue of $4,000,000 in 5% bonds. Series A; also increasing
common stock by 25,987 shares, which will enable co. later on to offer
to common stockholders at par ($50) 1 new share for each 5 shares held.
See further V. 122, p. 1760, 2326.
Co. subscribed for $500,000 par value of New England Power Association
common stock. V . 121, p. 1907.
Date.
Interest. Outstanding. .Maturity.
STOCK AND BONDS—
__________$7,796,200 Sept'26, 2 A
Common $6,496,850 ($50)____ ____
6 J-D
1,294,200 June’2 5 ,3%
6% cum pref $1,350,000 ($100) ____
4,533,000 Jan 1 1939
1st & gen mtge *5,000,000/ 1912 5 g J-J
($1,000) g old ................. c*\ Int. at Industrial Trust Co., Slater Branch,
Pawtucket, R . I., trustee.
5 g A-O
4.000,000 Apr 1 1951
Mtge & collateral trust ser A J 1926
($1,000, $500 c* )______ tfl Int. at State Street Trust Co., Boston, trus.
176,000 Jan 1 1938
Pawtucket EKc consol mtge/ 1908 5 g J-J
*2,000.000 (*1,000) gold c*\ Int. at Old Colony Tr. C o., Bost., trustee.

Oct., 1927.]

POW ER, LIG H T AND R A IL W A Y

Pawtucket Gas Co (N J) ls tf 1902 4 g M -N
1,400,000 M ay 1 1932
Mtge $2,000,000 gold ($500-1 Int. at Industrial Trust C o., Slater Branch,
& $1,000)______________c*
Pawtucket, R. I., trustee.
Woonsocket El Mach & P ow f 1901
44i J-J
90,000 Jan 1 1931
1stM $200,000gold (closed) lin t, at First Nat. Bank of Boston, trustee.
Woonsocket El Mach & Powf 1903 4H g A-O
165.000 April 1 1943
Consol Mtge gold________ \lnt. at First Nat. Bank of Boston, trustee.
Pawt G Co 5% pf i h of p u b l_ ___
5
990,000 ___________
Stock.— Non-taxable in Rhode Island. Pref. is red. at 115.
Stockholders o f record Feb. 1 1927 were given the right to subscribe on
or before March 2 1927 for 25,987 additional shares o f capital stock at par
($50) on basis of one new share for each 5 held. V. 124, p. 233.
Bonds.— lsi & Gen. Mtge. 5s have sink, fund o f 1% per annum of bonds
outstandiag, payable Jan. 1. $422,000 not incl. in amount reported out­
standing have been cancelled by sinking fund.
The mortgage and collateral trust gold bonds are a direct obligation of the
co., and, subject to $1,970,000 of prior liens, are secured by a mortgage on
all the operating properties owned directly by the co. and by collateral
valued at over $5,300,000. Additional bonds may be issued in series of such
tenor as directors may from time to time determine. They may be issued
(a) against 75% of new acquisitions by the co. or when acquired by the
Pawtucket Gas Co. (R. I.) or a new subsidiary when notes of the Pawtucket
Gas Co. and secured debt of a new subsidiary, par for par, are acquired and
subjected to the lien of this mortgage; (b) par for par against the Pawtucket
Gas Co. of N. J. preferred stock and bonds now outstanding when acquired
and subjected to the lien of this mortgage; (c) against 100% of mortgage
bonds or other secured debt and 50 % of unsecured debt and stock of a new
subsidiary outstanding at the date it becomes a subsidiary acquired by the
co. and subjected to the lien of this mtge., provided the principal amount
o f bonds issued under this provision plus the secured debt of such subsidiary
outstanding and not owned by the co., shall not exceed 75% of the public
utility property owned by the sub. co.; (d) against 100% of the cost of
secured debt and 50% o f the cost of unsecured debt and stock of Montaup
Electric Co.; (e) to refund bonds of any series of this mtge. and underlying
bonds; (f) against cash deposited with trustee.
In cases (a), (c ), (d) and (f) additional bonds may be issued only when
combined net earnings o f co. and its subsidiaries for 12 consecutive weeks
within preceding 15 calendar months have been 1% times int. charges on
bonds to be issued and all obligations prior to and on a parity with them.
There is an annual sinking fund, beginning July 1 1927, for series A of 1%
o f series A bonds certified payable in cash to trustee, and to be used for the
purchase o f bonds at a maximum price to be fixed each year by directors,
however, not exceeding 100. If bonds are not obtainable at such price,
any balance may be paid to the co. against additional property not previous­
ly used for bond issue or release purposes under its mortgages.
Series A is callable in whole at any time or in part on any int. date on 30
days’ notice at 105 to and incl. Oct. 1 1931; at 104 to and incl. Oct. 1 1935;
at 103 to and incl. Oct. 1 1939; at 102 to and incl. Oct. 1 1943; at 101 to and
incl. Oct. 1 1947, and at 101 less M % for each year or part thereafter to
maturity; in each case with int. Int. payable in Boston, New York and
Chicago. In M ay 1926 Estabrook & Co. and Stone & Webster, Inc.,
offered $4,000,000 series A 5% at 100 and int. V. 122, p. 2797.
Pawtucket Electric Co. 5s are call, all or in part at 105 & int. on any Int.
date. $574,000 cancelled.
Pawtucket Gas Co. o f N . J. 1st M . 4s are call, as a whole at 110 & int. on
any int. date
Woonsocket Elec. Machine & Power 1st M . 4 Hs have sink, fund of $4,000
per annum, payable Jan. 1. $110,000 in sinking fund not cancelled
Woonsocket Elec. Machine & Power Consol. Mtge. 4 Ms are call, on April 1
1933 or on any int. date thereafter at 100 & int. Mtge. provides for sink,
fund o f $3,177.42 per annum, payable Apr. 1. $85,000 not incl. in amt.
outstanding held in sinking fund not cancelled. $50,000 held by Blackstone
Valley Gas & Electric Co. and $90,000 reserved to retire underlying bonds.
EARNINGS.— For calendar years:
.
xFixed Chgs., Bal. Available
Net After
Less
for Reserve, ReOther Inc. tirem't & Dies.
Taxes.
Gross.
$1,414,012
$1,982,048
1926................$5,528,770
$568,036
1925............... 5,067,741
1,939,619
416,122
1,523,497
1924________ 4,627,312
1,545,807
437,777
1,108,030
1,622,969
1923________ 4,525,997
1,283,239
339,730
1922________ 4,003,445
333,190
1,131,170
1,464,360
337,071
882.677
1921________ 3,647,791
1,219.748
599,829
1920________ 3,266,907
907,156
307,327
721,234
296,939
1919________ 2,647,059
424,295
406.677
1918________ 2,444,733
690,470
283,793
x Includes charges on bonds and dividends on outstanding 5% pref.
stock of the Pawtucket Gas Co. o f New Jersey.
Latest Earnings.— For 12 mos. ended June 30:
1925.
1926.
1927.
Gross earnings_____________________ $5,748,455
$5,317,640 $4,812,139
3,382,621
Operating expenses and taxes________ 3,717,499
3,024,490

51

Bodell & Co.: F. L. Carlisle & Co., Inc.: Stone & Webster and Blodget,
Inc., and Baker, Young & Co. offered 500,000 pref. shares at $30 and
divs. V. 124, p. 792.
Class A common receives cum. divs. to the extent o f $4 per year before
class B stock, and after class B has received 75c. a share in any year, class A
is entitled to add’l non.cum. divs. to extent o f $2 before any further divs.
are paid on class B in that year.
The authorized amount o f class A stock or o f class B stock may be in­
creased only by vote o f a majority o f outstanding class A and o f a majority
o f outstanding class B shares. V . 123, p. 712.
EARNING S.— Consolidated earnings for 12 mo?, ending June 30 1927
(anticipating acquisition of the entire or substantially all o f the minority
interests):
Gross, including other income (51 5% power and light)________ $17,361,385
Operating expenses, maintenance and all taxes_______________xl2,076,139
Net earnings (6.44% power and light)_____________________ $5,285,246
Annual interest funded debt_________________________________
2,044,051
B alan ce___________________________
$3,241,195
Preferred dividend requirements_____________________________
1,000,000
Available for depreciation, dividends, &c___________________ $2,241,195
x Maintenance equals 15% of gross earnings shown above.
Latest Earnings.— For 12 months ended M ay 31 1927: Gross, incl. other
income, $17,271,918; net after taxes (incl. Federal taxes), $5,190,204;
annual int. charges, $2,044,201; balance, $3,146,003.
Operating Statistics.
----------------Operating Revenue---------------No. of Customers
Cal. Y r.—
Electric.
Gas.
Railway.
Electric.
Gas.
*1927----------- $8,707,041
$233,961
$8,115,841
114,292
6,310
1926------------- 8,184,890
233,961
8,193,659
DO,445
6,156
1925 ---------- 7,063,600
225,472
8,159,446
99,498
5,775
1924------------- 6,860,729
207,412
8,179,822
89,628
5,478
1923------------- 6,738,252
208,081
8,006,202
77,590
5,338
1922------------- 5,672,299
193,549
8,240,312
65,250
4,977
1921................ 5,152,384
189,206
7,673,529
54,345
4,682
1 9 2 0 -.-......... 4.878,504
162,034
8,243,232
46,475
4,614
x Subject to slight adjustment.
OFFICERS ■ Pres., Luke C Bradley; Fice-Pres., L. C . Gerry; Treas.,
—
C . S. Herrmann; Sec. & Asst. Treas., F. P. Jackson Jr.; Asst. Sec., J. W.
Gale. Office, Turks Head Bldg., Providence, R . I. — 123, p. 712, 1507,
V.
1878, 1998; V. 124, p. 374, 649, 792, 2282; V. 125, p. 520.

THE N ARRAGAN SETT CO.

Control.— The entire capital stock of the Narragansett Co. is owned by
the Rhode Island Public Service C o., which is in turn controlled by New
England Power Association.
O RGAN IZATION .—Incorp. in Jan. 1927 in Rhode Island. Owns over
99 7 of the outstanding capital stock of Narragansett Electric Lighting Co.
0
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— See
below under Narragansett Electric Lighting Co.
STOCK AND BO inDS—
Date. Interest.
Outstanding. Maturity.
Common (no par)----------------- ------------------ 100,000 shs. __________
Codat tr g bonds ser A 5 % f U27 5 g J-J
27,500,000 Jan 1 1957
($1,000, $500 c* and $1,000( Rhode Island Hospital Trust C o., Provimultiples r i ____________ tf [ dence, R. I., Trustee.
Bonds.-—The collat. tr. series A 5% g. honds are secured by deposit of
99% of outstanding capital stock of the Narrag. El. Ltg. Co. In
addition are guaranteed (prin. & int.) by indorsement by New England
Power Association (see separate staiement).
N o bonds or pref. stocks may be issued and no mortgages placed on the
property of Narrag. El. Ltg. Co. and its subsidiaries as long as these bonds
are outstanding, unless deposited with trustee.
Series A was closed with the issue of $27,500,000 5% bonds. Additional
bonds may be issued in series of such tenor as directors may, from time to
time, determine, (a) for refunding purposes; (b) for 75% of additions a c ­
quired after Aug. 1 1926, when consolidated net earnings of co. and its
subsidiaries for i2 consecutive months within preceding 15 months have
been at least twice annual interest on all collat. tr. bonds outstanding,
incl. proposed issue.
The mortgage contains provisions for substitution of collateral in case of
Narragansett Electric Lighting Co. being succeeded by another company.
For details see V. 124, p. 646. Also contains provisions for exchange of
the series A bonds against deposit o f certain 1st mtge. bonds, when and if
issued, or such 1st mtge. bonds and cash, such 1st mtge. bonds to be secured
by a first lien on the franchises and physical properties owned on Aug 1
1926 by Narragansett Lighting Co. Tbe mortgage, under w'hich such 1st
mtge. bonds are to be issued, will in general be of the same tenor as the
collat. trust series A bonds, incl. maturity, interest rate, coll, tax, sinking
fund provisions, &c. The above provisions were made in view of the
Net earnings.......................................$2,030,956
$1,935,019 $1,787,649 contemplated transfer of the property and business of the Narragansett
x Income from other sources________
5,466
57,278
105,543 EJ. Ltg. Co. to United Electric Power Co. and the issuance of 1st mtge.
bonds to be used to reduce or retire these Narragansett Co. coll, trust
Balance___________________________ $2,036,422 $1,992,297 $1,893,193 bonds, or to be used as collateral security for them. For details see \ 124,
y Deductions______________________
105,500
105,500
105,500 p. 649, under heading “ Rhode Island Public Service C o.”
hirst mortgage bonds in excess of $27,500,000 may be issued for 75% of
Interest and amortization charges____
501,492
446,160
435,722
additional properties acquired by Narrag. El. Ltg. C o., or a successor
thereto, and (or) its subsidiary corporations after Aug. 1 1926, and only
Balance--------------------------------------- $1,429,430 $1,440,636 $1,351,970
x Interest on funds advanced to Montaup Electric Co. y Interest when consolidated net earnings of Narrag. El. Ltg. Co. or its successor,
charges on bonds and dividends on outstanding pref. stock o f the Paw tucket and its subsidiaries, for 12 consecutive months within preceding 15 months
have been at least twice annual interest on all the bonds outstanding under
Gas Co. of New Jersey.
issue.
OFFICERS.— Pres., David Daly; V .-P ., Wm. McGregor; V .-P ., Harry the mortgage, incl. proposedindenture provides that while
Conversion of Bonds.— The
J. Edgar; Sec., Wm. T . Crawford; Treas., H. B. Sawyer.— V. 120, p. 700, outstanding no obligations can be secured by mortgage on these bonds are
the property of
1324; V. 121, p. 1099, 1970; V. 122, p. 93. 1307. 1760, 2326, 2797; V. 123, Narrag. El. Ltg. Co. or a successor thereto except 1st mtge. bonds of the
p. 1249, 2895; V. 124, p. 109, 233, 370, 1976, 2905; V. 125, p. 1458, 1968.
character above described, and that if such 1st mtge. bonds are issued
they must be deposited with trustee for exchange for series A bonds. a .1
1
the series A bonds must thereupon be called for exchange for 1st mtge.
THE RHODE ISLAND PUBLIC SERVICE CO.
Control —The New England Power Assn, owns 5,086 shs. of pref. stock, bonds to the extent permitted by the aggregate amount of 1st mtge. bonds
so deposited and as to the balance, if any.
63,092 shs class A stock and the entire 1,000,000 of class B stock
There is an annual sinking fund commencing July 1 1929, equal to
%
ORGA N IZA TIO N .— A holding co. incorp. in 1926 to acquire and merge o f th e la rge st a m o u n t o f series A b o n d s a t a n y tim e o u ts ta n d in g .
fthrough the medium of the United Electric Power Co.) the United Electric
Series A 5% are red., whole or part, on any int. date, on 30 days notice
Railways and the Narragansett Electric Lighting Co. under a plan dated at 102M through Jan. 1 1932; at 102 through Jan. 1 1937; at 10114 through
July 28 1926. This plan was opposed by a committee of stockholders of Jan. 1 1942; at 101 through Jan. 1 1947; at 100% through Jan. 1 1952;
Narragansett El. Ltg. Co. As a result o f this opposition the $86 per share thereafter at 100; in all cases with interest. Principal and interest payable
which were offered the Narrag. El. Ltg. Co. stockholders were increased at trustee’s office in Providence, R . I ., or at the fiscal agency of the company
by $1, payable under certain conditions, to $87. Through this offer more in Boston, New York, or Chicago. In Jan. 1927 Harris, Forbes & C o.,
than 99% of the capital stock of Narrag. El. Ltg. Co. has been acquired. Bodell & C o., F. L. Carlisle & C o., Inc., Stone & Webster and Blodget.
For details see “ Public Utility Compendium” of Oct 30 1926 Compare Inc., Baker, Young & Co., the First National Corp. (of Boston), and Bond
also V. 123, p. 712, 1507, 1998; V. 124, p. 374, 649. Co. also owns over & Goodwin sold $27,500,000 series A 5% at 99 and int., to yield over 5.06%.
96% o f the outstanding capital stock o f United Electric Railways Co. V. 124, p. 646.
(see below).
EARNINGS.— See Narragansett Electric Lighting Co. below.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
OFFICERS —Pres., Luke C. Bradley; Vice-Pres., L. C. Gerry; Treas.,
See co .’s controlled companies below.
C. S. Herrmann; Sec. & Asst. Treas., F. P. Jackson Jr., Asst. Sec., J. W.
Gale. Office, Turks Head Bldg., Providence, R. I . —V. 124 , p. 646.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Class B stock 1,000,000 shs.
a NARRAGANSETT ELECTRIC LIGHTING CO.
(no par)----------------------------- ------------------ 1,000,000 sh. __________
Control.— Over 99% of c o .’s outstanding capital stock is owned by Nar­
Class A stock 132,007 shares x
ragansett Co. (see below). This latter co. acquired these holdings from
(no par)___________________ _____
_______ a82,507 shs. Aug '27, $1 Rhode Island Public Service Co., which latter co. had previously acquired
$2 Q-F
500,000 shs A u g '27 50c through an offer of $87 for each share of Narrag. Ei. Ltg. Co. For a
Cum p f 1,000,000 shs (no p a r ) ____
x Maximum no. o f shares to provide for exchange privileges given to previous offer of $86 per share which was opposed by Narrag. El. Ltg. Co.
United El. Rys. Co. gen. & ref. mtge. bondholders, together with shares stockholders and for further details about the acquisition of control, see
provided for exchange o f United El. Rys. Co. stock.
“ Public Utility Compendium” of Oct. 30 1926, compare also statement of
a Assuming all United El. Rys. Co. stock is exchanged. This may be Rhode Island Public Service Co. above; also V. 123, p. 1113, 1382, 1877,
increased by exchange o f gen. & ref. mtge. bonds o f the Railways co.
1997, 2139, 3183; V. 124, p. 647.
Stock.— Pref. stock is entitled to cum. divs. at rate o f $2 p. a. before any
ORGANIZATION.— Incorporated in Rhode Island in M ay 1884.
other class o f stock. Preferred as to assets over all junior stocks to the
Co. owns ail of outstanding capital stock of Bristol County Gas & El. C o.,
extent o f its redemption price and divs. Call., whole or part, on any div.
date upon 40 days’ notice at $33 and divs. Non-voting except if $4 divs. SeekonK Elec. Co. and South County Public Service Co. (V. 118, p. 102D
are in arrears or if co. is not for at least 3 months in a position to pay pref. V. 121, p. 330), which latter co. owns all of the outstanding capital stock
divs., in which cases the pref. stock as a class elects a majority o f the entire of the Mystic Power Co. On M ay 1 1925 the Westerly Light & Power Co.,
board o f directors. The authorized amount o f pref. stock may be increased the Narragansett Pier Electric Lignt & Power Co. and the Wickford Light
with the consent o f a majority o f the outstanding pref. stock and a majority & Water Co. were merged into the South County Public Service Co.
o f the outstanding class A shares and a majority o f the outstanding class B V. 121, p. 330, 1789.
shares. The rights and preferences o f the pref. stock may be changed and
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
any class o f stock on a parity with or priority over the pref. stock may Furnishes electric light and power, without competition, in Providence,
be authorized with the consent o f at least 2-3 o f the pref. stock outstanding, Cranston, East Providence, North Providence, Barrington, Warren,
provided that no holder o f pref. stock be deprived o f his right to priority Bristol, Smithfield, Johnston, Warwick, West Warwick, East Greenwich,
as to divs. and in dissolution or liquidation over the junior stock, nor may Gloucester, Coventry and Hope, R. I., and through its subsidiaries in 10
the preferential div. rate be reduced without his consent. Has no sub­ other communities in Rhode Island and Connecticut. Through subsi­
scription rights to any other securities to be issued by co. In Jan. 1927 diaries also does a small gas business in 4 communities. Population served




52

PUBLIC U T ILIT IE S

[V ol. 125.

PU A &C .
TN M O
Members New York and Hartford Stock Exchanges
6 CENTRAL R O W , H ARTFO RD, CONN.
T el. 2-1141

N ew B r ita in O ffic e

31 W e s t M a in S tre e t

Specialists in Public Utility Securities

Bridgeport Hydraulic Co.
Connecticut Co.
Connecticut Electric Service Co.
Connecticut Light & Power Co.
Connecticut Railway & Lighting Co.
Eastern Connecticut Power Co.
Hartford Electric Light Co.
Manchester W ater Co.
New Britain Gas Light Co.
New Haven W ater Co.
Southern New England Telephone Co.

We have been identified with the underwriting and have participated in the
distribution of the securities of the above companies.

Having specialized for many years in placing with investors the best type of
public utility securities, we offer our services to underwriters desiring distribu­
tion in Connecticut.

Quotations on all Connecticut utility issues will be cheerfully furnished to banks,
dealers or individuals.




Oct., 1927.]

53

POW ER, L IG H T AND R A IL W A Y

estimated at 470.000, territory approx. 775 square miles; 114.292 electric
and 6.310 gas consumers. Owns and operates a modern steam generating
station in Providence of 205 000 h.p., 67 miles of high-tension transmission
lines and a comprehensive distribution system served through an under­
ground system; 31 sub-stations and about 100 small industrial sub-stations.
SPOOK AMD BONDS—
Date.
Interest. Outstanding. Maturity.
Stock *30.000.000 ($50).............. ..
Q-J
*23.500 800 Oct’27
Westerly Lt & Pow Co 1st mtge 1907
5 g J-D
325.000 June 1 1937
Narragansett Pier El Lt &
Pow Co 1st mtge__________ 1888
5 g A-O
19.000 April l 1939
Slock.— On Oct. 16 1925 directors voted to issue $3,916 800 additiona'
stock to holders of record Oc... 31 at $50 at the ratio of 1 new for each
5 shares ield. Rights expired Nov. 21. See also for increase of stock to
$30,000,000 on April 27 1925 V. 121. p. 2038. In Jan. 1926 a limited number
o f shares was offered at $78 per share. See V. 122. p. 612.
Bonds.— In addition to amounts shown above as outstanding, $121,000
Westerly Lt. & Pow. Co. 1st mtge. 5% bonds are held alive in sinking fund
and $3,000 Narragonsett Pier Electric Lt & Pow. Co. 5% bonds are held
in treasury o f Narrag. El. Ltg. Co. Both issues have been assumed by
South County Public Service Co.
Dividends.— Dividends of 8% per annum have been paid since 1886.
EARN IN G S.— Consolidated statement for 12 months ended:
June 3 0 ’27 Dec 31 ’26
Total income____________________________________$9,180,930 $8,722,369
ISfet after exp., maint., taxes & depreciation______ 3,295,119
2,932,929
Interest charges.________ _______ _______________
131,329
115,749
Balance______________________________________ $3,163,790 $2,817,180
OFFICERS.—Pres. Luke C. Bradley.— V. 120, p. 454, 1089; V. 121,
p. 330, 1789, 2038; V. 122, p. 612, 1176; V. 123, p. 711, 1113, 1382, 1504,
1877, 1997, 2139, 3183; V. 124, p. 647, 2428, 3353, 3630.
UNITED ELECTRIC RAILWAYS CO.
Control.'—More than 96% of company’s capital stock has been acquired
by Rhode Island Public Service Co. through exchange against its own
securities
For details, also about modification of the original offer
made to stockholders, see V. 123, p. 712, 1252. 1508, 1879, 1998. 2521,
2657. For modification of the plan of merger with the properties of Narra­
gansett El. Leg. Co. See V. 124. p. 650.
ORGA N IZA TIO N .— Chartered in Rhode Island in April 1919. In
June 1921 acquired the property of the Union Railroad C o., Providence
Cable Tramway C o ., Rhode Island Suburban Ry. and Pawtucket Street R y.,
formerly controlled through stock ownership by United Traction & Elec. Co
and in Aug. 1921 purchased the Woonsocket lines o f the Rhode Island Co.,
as per plan outlined in V 112, p. 564. See also V 113, p. 961. In Oct.
1921 a cqu ired the o r o p e r t v o f th e P r o v id e n c e Sr D a n ielson Ry. C o . C o m
pare V. 113, p. 1773. Wage rate fixed, see V. 121. p 201. Acquired in
Dec. 1925 8 bus lines operating between Providence and Pawtuxet Valley,
R. I., but discontinued its bus service between Centreville and Oaklawn.
V. 121, p. 2878.
FIELD OF OPERATIONS AND C'TAR ACTE R OF RTTSINESS.—
Co. owns and operates in excess o f 287 miles o f street railway liens, and
also operates, independly or jointly witn other transportation agencies, more
than 189 miles of bus routes. 715 passenger cars, 35 express and freight
cars, 137 misc. cars, 3 electric locomotives and 58 motor buses; 9 sub­
stations and a central electric power plant of 67.694 h.p. Co. lines over
most of the principal cities and towns in Rhode Island, incl. Providence,
East Providence, North Providence, Pawtucket, Central Falls, Cranston
and Woonsocket.
STOCKS AND BONDS— Date
Outstanding
Maturity.
Interest.
Capital stock________________ _____
- $8,250,700 See text
Prior lien mtg $5.0 , 00 Ser A 1921
1,000.000 Jan 1 1946
Ser B ($00. $200. $500 and
$1.000)..............
1921
4%
1,956,300 Jan 1 1946
Series " C ” __________________ 1921
*450,000 Jan 1 1946
6%
Gen & ref mtge $11,099,000—•
Ser A $100, $200, $500 and
$1,000)___________________ 1921
8.065,200 Jan 1 1951
5%
Ser B $100, $200, $500 and
$1.000)___________________1921
4%
2,421.600 Jan 1 1951
♦Nominally Issued and held in treasury.
Dividends.— In July 1923 the regular quar. div. was reduced from 1)4%
to 1% . In Oct. 1923 div. was omitted. None since.
Btmds.— In Aug. 1926 holders of gen. & ref. mtge. bonds were given the
right to exchange their bonds m and incl. Jan. 10 1929 for Class A stock of
Rhode Island Public Service Co. on the basis of 9 shares for each $1,000
5% bond and 7 shares for each 4% bond, until Rhode Isl. Pub. Serv. Co.
has acquired by exchange or purchase $5,500,000 prior lien and (or) gen. &
ref. mtge. bonds and subordinated all such bonds so acquired to the remain­
ing outstanding bonds of Un. El. Rys. Co. V. 123, p. 713. The $1,550.800 remaining prior lien bonds bearing not over 7% interest may be issued
from time to time for 70% of cost of extensions, additions, improvements,
&c., under certain restrictions.
EAR N IN G S.— For calendar years;
Total
Net (after
Balance,
Revenue.
Taxes&D^p.) Interest. Ac. Surp. or Def.
1927 a ______________ $8,183,973 $1,046,753
$651,810
sur $394,943
1926_______________ 8,244.684
1,037.372
662.661
*sur. 388,612
1925_______________ 8,196,433
939,300
677,419
xsur. 143.717
1924_______________ 8,196,695
338,188
696,909
def. 358,721
1923_______________ 8.104.043
526.800
677.342
def. 150,532
♦After addition o f $13,901 miscellaneous adjustments,
x After deduction of $118,164 miscellaneous adjustments,
a For 12 months ended June 30 1927
OFFICERS.— Pres., Albert E. Potter; V.-P., Clifford Whipple; V .-P.,
E. .1. Dickson: V.-P. & Asst. Sec., H. B. Shaftoe: V.-P.. W. C. Slade;
Treas , Geo H Newhall: Sec , Harvey A Baker; Compt , Thomas Tefft
— V. 122. p 1312. 2045, 2499; V. 123. p. 712, 1252, 1508, 1879, 1998, 2521;
2657; V. 124, p. 650; V. 125, p. 1582.

OFFICERS.— Pres., J. Henry Roraback; Vice-Pres., Irvin W. Day!
and R. H. Knowlton; Treas., C. L. Campbell. Address, 36 Pearl St.,
Hartford, Conn.— V. 121, p. 3130; V. 124, p. 1065, 2905.
THE CONNECTICUT LIGHT & POWER CO.
Control.— The Connecticut Electric Service Co. owns the entire common
stock (except directors’ shares) of The Conn. Lt. & Pow. Co.
ORGANIZATION.— Chartered in Connecticut in 1905. On March
10 1926 merged The Meriden Gas Light Co., The Meriden Electric Light
Co., TheNew Milford Electric Light Co., The Woodbury Electric Light Co
and The Westport Electric Co. V. 122, p. 2492.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Co. supplies electric light and power directly to 30 cities and towns, with an
estimated population of over 320,000, in an important industrial section
of Connecticut, incl. the Naugatuck Valley District and the cities of Water­
bury, New Britain, Meriden and Norwalk. C o.’s output is largely sold to
manufacturers. j.n addition supplies gas to a population of about 75,000
in Meriden, Norwalk, Southington and Cheshire. Co. also sells electric
current to other public service companies doing business in 16 cities and
towns with an estimated population of 90,000. Co. operates generating
plants having an installed capacity of 165,670 h.p. of which 34,600 h.p.
is hydro-electric. These plants are interconnected with each other, with
power plants and distributing systems of other companies, and with dis­
tributing systems owned or leased by the co. in 30 cities and towns by
224 miles of high-tension transmission lines. The Devon plant has an
installed capacity of 100,000 h.p. and an ultimate one o f 200,000 h.p.
Co. also owns undeveloped hydro electric sites on the Housatonic River,
having a potential capacity, of over 45,000 h.p. The leased properties
include a steam electric plant in Waterbury, used as a reserve, and dis­
tributing systems in Waterbury, New Britain and 12 other cities and towns.
The lease is for 999 years from 1906. Co. started in 1926 construction at
New Milford, Conn, of 32,000 h.p. hydro-electric station, to be com­
pleted in the summer of 1928.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common ($100)___________
$18,000,000 — .........—
Pref. stock $15,000,000 ($100)—
6.500.000 .....................
634 cum__________________ __
6 34 Q-M
7Q-M
7% cum_____________________
4.500.000 ...................
8% cum............................................
8 Q-M
4.000.
000 _____
1st & ref Mtge— Ser “ A ” _____ 7 1921 7 g M -N
6.120.000 M ay 1 1951
( 1924 5)4 g F-A 5.765.000 Feb 1 1954
Series “ B ” „ .............
Series “ C ” _______________t f) 1926 4)4 g J-J
8.000. 000 July 1 1956
($500 & $1,000 c* and$1,-1 Bankers Trust Co. New York, trustee.
000 & mult r*) g _______ tf
New Milford Power 1st M tgej 1902
5 g F-A
________ Aug ______
„ 1 1932
1,000,000
($1,000) gold__________ c*\lnt. at Central Union Trust C o., N . Y ., trus.
_________
81,000 __________
Other underlying bonds______ __
Stock.— 7% and 8% pref. stocks are call., all or in part, on any dividend
date at $120 and divs.; the 6)4 % pref. stock at $115 and divs. The 6)4 %
pref. stock is pref. as to assets and cum. pref. divs. over any other class of
stock of the co. Special provisions restrict the issuance of bonded indebted­
ness, &c., and prohibit the creation of other classes of stock, having priority
over the pref. stock. In March 1926 Estabrook & C o., Boston, Putnam
& C o., &c., &c., offered $5,500,000 6)4% cum. pref. stock at 102 and
divs., to yield about 6.37%. V. 122, p. 1454. In July 1926 an additional
$1,000,000 was offered at 6)4% at 102 and divs. to yield 6.37%.
Bonds.— 1st & ref. mtge. are secured by a 1st mtge. on the new hydro­
electric development under construction on the Rocky River, on the
existing hydro-electric plant at Stevenson on the Housatonic River, and,
the large steam-electric plant at Devon, on tidewater, which together are
to have an installed generating capacity of 157,000 h.p.; 148 miles o f im­
portant transmission lines, and valuable undeveloped water powers: and
by a 2d mtge., subject to $1,000,000 divisional bonds on c o .’s 3d hydro­
electric plant (9,600 h.p.) and 25 miles of transmission lines. Are also a
1st lien on a 999-year lease of the electric distributing systems in Waterbury,
New Britain and a number o f other towns. The mtge. provides for annual
sinking fund of 1% of all bonds outstanding, bonds acquired by sinking
fund to be kept alive. Mass, income tax not in excess of 6% and Penna.
4-mill tax refunded. Exempt from Conn. State tax. Int. payable in
New York, Boston and Chicago.
Additional bonds may be issued in series of such tenor as directors may,
from time to time, determine, to refund underlying bonds or any 1st & ref.
mtge. bonds other than bonds held in the sinking funds for series A , B and C.
Also for 75% of new additions (in Connecticut) or improvements, provided
net earnings, applicable to int. and rentals for 12 within preceding 15
months, have been at least 134 the sum of (a) total annual int. on all 1st
& ref. mtge. bonds and underlying bonds outstanding, incl. proposed issue,
but not incl. bonds in sinking fund, and (b) rentals payable under the 999year least above mentioned.
Series " A " 7s are call, for sinking fund (only)on any int. date to and incl.
Nov. 1 1931 at 110, thereafter decreasing )4 % annually to 100)4 on
Nov. 1 1950. $6,500,000 were offered in M ay 1921 by Lee, Higginson &
C o., Estabrook & C o., &c., &c., at 95 and int., yielding about 7.40% .
V. 112, p. 1981.
Series “ B" 5)4* are call, as a whole at any time on or after Feb. 1 1934
er in part for sinking fund only on any int. date since Feb. 1 1925; prior to
and incl. Aug. 1 1939 at 10734: thereafter decreasing 34% annually to
10034 on Aug. 1 1953. $5,874,000 were offered in Feb. 1924 by Lee,
Higginson & Co., Estabrook & Co., Putnam & C o., &c., &c., at 96)4 and
Interest, yielding about 534 % . V. 118, p. 669.
Series C— There is an annual sinking fund 1st payment N ov. 1 1927,
sufficient to retire, prior to maturity, about $2,250,000 of series C bonds.
In addition, substantial annual sinking funds are operative for purchase or
call of series A and series B bonds. Series C are call, as a whole at any time
on or after July 1 1936 or in part for sinking fund only on any int. date
after July 1 1927; through July 1 1936 at 105, thereafter decreasing 34%
annually to 10034 on July 1 1955. Not call, prior to July 1 1936, except
for sink. fd. Mass. 6% and Penn. 4 mills taxes refundable. Exempt from
Conn. State tax. Legal investment for savings banks in Conn., Maine and
Mass. In July 1926 Lee, Higginson & Co., Estabrook & Co., Putnam &
Co., Hincks Bro. & Co. and Chas. W. Scranton & Co. offered $8,000,000
434% s. f. gold bonds, ser. C, at 9534 & int.. yielding 4.80% . V.123.P.579,
Dividends.—On 8% pref. paid 8 1-3% in 192). In 1922 paid 8% : 1923,
8% ; 1924, 1925 and 1926. 8% . On 7% pref., 7% paid in 1923, 1924, 1925
and 1926. On common, 1922, 734%; in 1923, 6% ; in 1924, 5% , 1925, 6% ;
1926. 634%.

CONNECTICUT
W e D ea l A ctively

(THE') CONNECTICUT ELECTRIC SERVICE CO.

ORGAN IZATION .—A holding co., incorp. in 1925. Co. controls
through stock ownership The Connecticut Light & Power Co. (see below).
The Bristol & Plainville Electric Co. and The Eastern Connecticut Power Co.
(which latter co. merged on July 26 1927 The Danielson & Plainfield Gas &
Elec. Co., the Putnam Light & Power Co. and the Lyme Electric Power
Co. In March 1927 acquired the Ousatonic Water Power Co. V. 124,
p. 2905. Earlier in the year, on Feb. 9 1927, acquired the Middletown
Gas Light Co. through purchase of its capital stock.
FIELD OF OPERATIONS AN D CHARACTER OF B U SIN ESS.The operating cos. serve directly or indirectly 77 cities and towns in im
portant industrial sections o f Connecticut with an estimated population
of 588.000, including the cities of Waterbury, New Britain, Meriden,
Norwalk, Putnam and Bristol, and at wholesale the eastern section of the
State, including the cities of New London and Norwich. Nine plants of the
operating companies have a generating capacity of over 216,000 h. p (18%
hydro-electric), 210 miles of transmission, extensive distribution lines; 222.49
miles gas mains, 4 gas plants of total capacity of 9,400,000 cu. ft. per day,
and 13 miles of transportation lines.
STOCK AMD BONDS—
Date.
Rate. Outstanding. Latest Div.
Common (no par)___________ _____
_______ 625,000 shs. Sept.’27 60s
Cum convert pref (no par)________
$4 Q-J
90.000 shs. Oct. ’27, $1
Stock.— The $4 div. cum. convert, pref. slock is preferred as to cum. divs.,
and in liquidation to $68 per share and dividends if voluntary, and $62 50
and dividends if involuntary. Redeemable at $68 and dividends per
share. Convertible, share for share, into common stock voting trust
certificates. Exempt from present normal Federal income and Con­
necticut State taxes. In Dec. 1925 Estabrook & C o.. Putnam & Co..
&c., &c., offered 90,000 o f these shares at $62 50 flat, to yield 6.40%
V. 121, p. 3130.




IN ALL

Connecticut Public
Utilities Issues
the

R F. GRIGGS

CO.

W ATERBURY, CONN.
Telephones
Waterbury 16

Hartford 3-9465

PUBLIC U TILITIE S

54

EARN IN G S.— For calendar years:
Net
Interest &
Total
Oper. Exp.
Miscell.
Income.
Revenue.
& Taxes.
Rents.
Deductions.
$2,081,092
1926--------- -$7,690,671 $4,289,017 x$1.320.562
$43,094 $1,431,946
1925______ - 6,529,436
3,712,701 $1,341,695
1,219,804
1924______ . 5,768,240
3,427.794
32,879
1,087,763
1,277,083
1923______ . 5,593,357
3,375.457
915,236
25,581
1922______ _ 4,587,398
893,356
2,779,731
914,311
x Includes miscellaneous deductions.
OFFICERS.— Pres., .T. Henry Roraback; V.-P's., Irvin W . Day, James
T. Hutchings and R. H. Knowlton; Sec. & Treas., Chas. L. Campbell;
Asst. Sec., C. J. Allen; Asst. Treas., T. H. Blaikie. General office, Waterbury, Conn; financial office, Hartford, Conn.—V. 120, p. 210; V. 121,
p. 457, 2271, 2636, 3130; V. 122, p. 1454, 2492, 3337; V. 123, p. 454, 579,
1873; Y. 124, p. 790, 1065, 1819; V. 125, p. 246, 2144, 2262.
THE BRISTOL & PLAINVILLE ELECTRIC CO.
ORGAN IZATION .— Incorp. Sept. 21 1893 In Conn, as the Bristol &
Plainville Tramway C o., name changed to present title M ay 16 1921.
Franchises perpetual. Road first opened Aug. 12 1895; merged with Bristol
Elec. Lt. Co. Mar. 31 1897; steam heating plant Installed in 1902; Terryville
branch opened in 1903. Woodland St. branch opened in 1906; gas plant
Installed in 1906; underground system installed in 1916.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
In addition to railway service, furnishes electric light and power in Bristol,
Foreetville and Terryville; gas in Bristol, Forestville and Plainville, and
steam heat in Bristol. Operates 13.74 miles of track laid with 56, 60 and
72-lb. T-rail connecting Bristol with Forestville, Plainville, Lake Compounce
and Terryville. Standard gauge; 37 cars, 3 snowplows and 1 work car.
41 miles o f gas mains; holder capacity 1,350,000 cu. ft. Electric plant
1,500 k.w.; 14,000 h.p. sub-station connects with Connecticut Power Co.
Annual output 40,076,920 k.w.h. Estimated population served: electric
railway, 25,000; gas, 22,000; electric power and light, 26,500.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Q-F
$1,386,000
See text
Stock *5,000,000 ($100)___________
1st mortgage $600,000 gold f 1905
4 H KM -N
540,000 Nov 1 1945
($500 & $1,000)_______ n tf j Interest at Bristol National Bank, Bristol.
^ S u bject to call at par. ____[Treasurer of State ofC ojm ectRut.H ustee.^
Dividends.— In 1899 to 1909 Incl., 6% per annum; 1910, 7% ; 1911 to
1919, 8% per annum. In 1920, 1921 and 1922, 10% . In 1923, 11%.
In 1924, 10% . In 1925, 10%. In July 1908 a stock dividend o f 50%
was paid. In June 1926 a stock div. o f 40% was paid.
EARN ING S.— For calendar years:
Operating
Net After
Net
Revenue.
Expenses.
Deductions.
Income.
1926 — .................$1,411,047
$260,424
$26,389
$234,035
1925______________1,382,320
201,794
31,736
170,058
194,585
31,927
162,658
1924 ___________ 1,232,565
1923 ........
1,226.140
174,525
28,810
145,715
1922____________ 1,012,371
135,584
28,693
106,891
1921____________
831,011
89,723
28,300
61,423
OFFICERS.— Pres., W iliam H. Putnam; V .-P., Irvin W . Day; Sec.Treas., Charles L. Campbell; Asst. Sec., C. J. Allen; Asst. Treas., T . H.
Blaikie; Gen. M gr., G. E . Cockings.— V. 121, p. 2270, 2636, 2749, 3129;
V. 122, p. 2648.

H A RTFO R D ELECTRIC LIG H T CO.
ORGAN IZATION .— Incorp. in Conn, in 1881. Owns a large minority
o f the com. stock o f the Connecticut Power Co. (see below). In the early
part co. subscribed to $1,000,000 com. stock (a 4% interest) of New Eng­
land Power Ass’n. See V. 122, p. 882, also V. 121, p. 1908.
Rights.— For rights to subscribe to Connecticut Power Co. com. stock
see this latter co. hereunder. See also V. 122, p. 1309.
FIELD OF OPERATIONS & CHARACTER OF BU SIN ESS— Supplies
electric light and power in Hartford and a large section of central and
northwestern Connecticut, incl., West Hartford, East Hartford, Windsor,
Wethersfield, Bloomfield, Granby, East Granby, Rocky Hill and Tariffvill e-Simsbury.
In Oct. 1926 co. was to allow its customers a “ customer dividend” of
60% (previous year 50%) to be deducted from their October bills. V. 123,
_
|[M[tfe —1 - _____ ^
M
g
______
^
P^ 1113. _
STOCKS^AND"BONDS— " Date7 Interest.™*^Outstanding. Maturity °
Common $30,000,000 ($100)_______
— ......... $14,000,000 __________
3-year conv 7% notes ($100,\ 1925
7%
4,000,000 Feb 1 1928
$500, $1,000, $10.000)___ 1
Stock.— All o f the outstanding 5% cum. conv. pref. stock has been con­
verted into common stock.
Notes.— ' he 3-year notes, due Feb. 1 1928, are convertible at maturity
T
into common stock, par for par.
Stock.— Pref. and com. stockholders o f record Jan. 6 1925 were given the
right to subscribe to $4,000,000 3-year 7% convertible notes in the ratio
o f one $100 note to each three shares o f stock held.
Stockholders o f record April 12 will be entitled to subscribe on or before
June 15 for additinal stock on basis of 1 share of new stock for each 6 shares
held. V. 124, p. 2427,
In Aug. 1926 directors voted to return to stockholders the premium paid
in by them on an issue of stock put out in 1920 a; $200 per share, the amount
to be so returned being $6-25 per share. V. 123, p. 1113.
Customers’ Div.— Co. grants 40% reduction in October 1927 bills.
V. 125, p. 1460.
Dividends.— Dividend record since 1900 is as follows:
Cap’l Stock
Cap'l Stock
Div. Outstanding
Div. Outstanding
Year—
Dec. 31.
Rate.
Dec. 31. Year—
Rate.
1900__________
$3,600,000
GX % $1,050,000 1914--------- -------10%
1901______ - - 7%
3,600,000
1,400,000 1915--------- ____ 10%
1902---------------- 7%
1,400,000 1916______ -------10%
4,500.000
1903.................... 9 X %
1,400,000 1917........... -------10%
6,000.000
1904__________
6,000.000
1,600,000 1918--------- ........ 8%
8%
7.500.000
8%
1,800.000 1919______ -------9 A %
1905.................
1906__________
8,250.000
8%
1,800,000 1920--------- -------10%
1907___________ 8%
10,000.000
2,100,000 1921______ -------10%
10.000.000
1908__________
8%
2.400.000 1922........... -------10%
10,000.000
1909__________
2.400.000 1923______ ____ 10%
9%
1910___________ 10%
3,000.000 1924 _____ -------10%
10,000,000
1911___________ 10%
3,000,000 Preferred2,000.000
1912___________ 10%
3.000.000 1923______ ____ $3.55
2,000,000
1913___________ 10%
3.600,000 1924........... ------- 5%
E A R N IN G S.-—
For calendar years:
1924.
1926.
1925.
Total sales electric current__________ x$5,057,400 x84.676.700 $4,724,400
Expenses_______
2,267,700
2.468.800
2,277.900
T a x e s _________
420,000
370,000
385.000
Appropriated retirement reserve_____
467.600
472,500
505,700
B a la n ce _____
Other income_
_

$1,662,900
179,500

$1,561,200
144,300

$1,599,200
128,500

Total income.
Interest and dividends_ —

$1,842,400
1,458,300

$1,705,500
1,381,900

$1,727,700
1,350,100

Balance to surplus________________ x$384,100 x$323.600
$377,600
x After returning to customers $284,000 in the form o f a 60% reduction
on the Oct. bills in 1926 and $225,000 or a 50% reduction in 1925.
OFFICERS.— Chairman of Board, Samuel G. Dunham; Pres., Samuel
Ferguson; V .-P ., T. H. Soren; V .-P ., D. N. Barney; Sec. & Treas., J E
Lynch; Gen. M gr., A. D. Clovin.— V. 120. p. 453. 956 V. 121 n. IbOR
V. 122, p. 748, 882, 1309; V. 123, p. 1113; V. 124, p. 791, 1066, 2427;
V. 125, p. 647, 1460, 1579.

CONNECTICUT POWER CO.
A large minority o f the common stock Is owned by Hartford Eleetrle
lig h t Co.
ORGAN IZATION .— Incorp. in Conn, in May 1899. Was known at
the Marine Power Co. up to June 9 1905 when name was changed to present
title.
FIELD OF OPERATIONS & C H ARACTER OF BUSINESS.— Doe*
the entire electric light, power and gas business In New London, the entire
electric light and power business in Middletown, Thomaston, Canaan,
Norfolk, Shr.ron nd Lake dlle, Conn., and furnishes wholesale power to




[V ol. 125.

manufacturing and public utility companies in various other Connecticut
towns. Power house capacity (hydro), 9,600 k.v.a.; transmission lines,
100 miles; distribution lines, 443 miles, and also has 55.26 miles of gas mains.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $60,050,000 ( $ 1 0 0 ) - - ____
_______ $4,500,000
See text
Preferred 6% cum ($100)__________
Q-M
xl ,500.000 Sept ’27 1X
1st & con M ($500 & $1,0 0 0c*/ 1913
5 g A-O
1,764,000 Apr 1 1963
& $5,000 mult. r * ) t f ___ g .lln t. at Old Colony Trust Co., Boston, Tr.
Conn. Pow Co 1st M (assum-j 1906 5 g J-J
490.000July 1 1956
ed ($1,000) gold________ c*\Int. at Equitable Trust C o.. New York, Tr.
New London Gas & Elec 2d M / 1899 5 g A-O
76,OOOApr
1 192S
closed ($1,000) gold--------- c lln t . at New York Trust C o., N. Y . Trustee,
New London Gas & Elec, ls t f 1903
6 g J-J
373,500 July 1 1933
cons & ref ($500 & $1,000) jln t. at Equitable Trust C o., N. Y ., Trustee
gold____________________ c I
Berkshire Pow C o ls tM $100,-/ 1904
5 g J-D
65,000 Dec. 1 1934
000 ($1,000) gold_____c*tf\Int. at United States Security Trust Co
Hartford. Conn. Trustee.
Stock.— On Feb. 15 1926 stockholders increased the authorized common
stock from $3,250,000 to $4,750,000 (par $100). Common stockholders
were given the right to and incl. M ay 15 1926 to subscribe for the additional
stock at par on the basis of one new share for each two shares held. The
Hartford Electric Light Co. (see above) stockholders (common and convert
preferred) were to be given the right to subscribe in proportion o f,one share
Conn. Power Co. for every 24 shares Hartf. Elec. Lt. Co. held. V. 122,
p. 1025. 1308. Preferred stock is red. at 115 & divs.
Stockholders on Oct. 4 1927 increased authorized common from $4,750,000 to $60,050,000 (par $100); 5,000 shares to be issued for cash at par to
stockholders o f record Oct. 4 1927 in the ratio of 1 new share for each
9 shares held. Subscription books to close N ov. 15 1927. V. 125, p. 1707,
1835, 2144.
Bonds.— 1st & cons. Mtge. 5s have sink. fd. of 1 % of bonds outstanding.
$227,000 canceled by sink. fd. Call, all or in part for sink, fund at 107 X
& lnt. on any int. date.
The Conn. Pow. Co. 1st M . 5s have been assumed by the consolidated co.
$27,000 held by Conn. Power Co. in addition to amount shown in above
table as outstanding.
New London Gas & Elec. 1st consol. & ref. 5s due April 1 1927 were paid
off at maturity.
Berkshire Power Co. 1st M . 5s have sink. fd. o f 2% annually. $35,000
canceled by sink. fd. Assumed by Conn. Pow. Co.
Dividends .— On the common the rate of 8% per annum was increased on
Dec. 1 1925 to 10% per annum when a $2 50 quarterly dividend was paid.
EA R N ING S.— Consolidated earnings for calendar years:
1926
1925
1924
1923
Gross earnings................... $2,568,375
$2,269,840 $2.031,688 $1,994,932
Oper. exp., maint. & tax 1,522,232
1,342,249
1,299,260 1.366,339
Int., amortization chgs.
and rentals__________
215.111
215,821
212,937
210,779
Preferred dividends____
89,792
88,299
76,942
75.000
Common dividends_____
340,550
255,000
203,458
143,222
Balance, surplus_______
x400,690
x368,471
x239,091
199,592
x Before deduction o f retirement reserve o f $259,297 in 1926; $246,666
in 1925 and $224,696 in 1924. Does not include $62,556 net direct charges
to profit and loss in 1926, $11,337 net direct credits to profit and loss in
1925 and $11,136 in 1924.
OFFICERS.— Pres., Samuel Ferguson; V .-P. & Gen. M gr., Viggo E .
Bird; V .-P .. Townsend H. Soren; Sec. & Treas., John E. Lynch
V. 119,
p. 460: V. 120. P. 2400; V. 122, p. 747. 1025, 1308; V. 123, p. 1874. 2896.
1977; V. 125, p. 1707, 1835, 2144.

NEW Y O R K NEW HAVEN & H A RTFO R D R AILROAD
(T rolley Lines).

The New York New Haven & Hartford’s interests in trolley lines have
been very extensive, and under an agreement reached with the U. 8. Govern­
ment in 1914 the company pledged itself to dispose of the game.
♦The Investments in the trolley companies held by the N . Y . N . H . & H . .
which were to be disposed of under the decree of the Federal Court (date by
which New Haven is to dispose of these holdings was extended from year
to year, latest extension being to April 1 1926), were as follows:
Berkshire Street R y.
The Vermont Co.
Connecticut Co.
Shore Line Electric R R . o f N . Y .
New York & Stamford R y.
* The Rhode Island Co. was originally Included In this list, but the stock
of that company was sold on Sept 3 1920 at public auction— see that com­
pany on subsequent page.
However, on N ov. 20 1925 Federal Judge Francis A. Winslow o f the
U. S. Court for the Southern District of New York entered an order modi­
fying the decree of Oct. 17 1914 in the following respects: The New York
New Haven & Hartford R R . is relieved o f the obligation to sell any of the
securities of the New York or Massachusetts trolleys. The trustees, to
whom was transferred the capital stock of the Connecticut C o., were
directed to retransfer the stock to the Railroad company. V. 121, p. 2635.
The N . Y . N . H . & H . also owns $4,984,938 of the $5,005,250 stock of the
N Y . Westchester & Boston R y., an electric road, which it was under no obli­
gation to dispose of and which was to be developed as part of the New Haven
system.— V. 99, p. 270, 604, 1125, 1210; V. 100. p. 642; V. 104. p. 2010:
V. 121. D. 2270. 2518. 2R3K.
The Westchester Street R R . Co. was sold at referee’s sale on July 19 1926.
On Dec. 6 1926 the City Council of Springfield, Mass., approved the
agreement between the city and the N . Y . N. H. & Hartford R R . by which
the latter acquired the lines o f the Springfield (Mass.) Street R y. See
under heading o f this latter co. V. 123, p. 3186.
OFFICERS.— Pres., Edward J. Pearson; V .-Ps., Edward G. Buckland,
Benjamin Campbell, Arthur P. Russell and Nathaniel M . Rice; Gen. M gr.,
John A. Droege; Gen. Counsel, Benjamin I. Spock; Sec., Arthur E.
Clark; Treas., Augustus S. M ay: Com pt., Howard S. Palmer.
(1) SPRINGFIELD RA ILW A Y COMPANIES— 1926.
A holding company.
ORGANIZATION.— Formed in March 1905 to hold a majority of the
stock of the Springfield Street R y. Is managed by a board of trustees
consisting o f seven members. V. 80, p. 1363. Formerly known as the
Springfield Railway Companies. On Feb. 1 1926 name changed to present
title.
STOCK—
Interest. Outstanding.
Last Div.
Common $2,000,000 ($100)______ - ____
$2.000,000
See text
Pref 4% cum guar ($1001___________
4 J-J
3,026,100 J u ly ’27 2%
Stock.— Per vote of trustees Feb. 2 1926 the common stock was reduced
from 68,000 to 20,000 shares. The pref. stock is red. at 105 and acer. divs.
These divs. are guar, by the N .Y .N .H .& H . R R . C o., successor to Consol.
Ry., as well as their payment at 105 in case of liquidation or call. See
V. 80. p. 1363. 1914; V. 105, p. 2095.
Latest Dividends.— On the common in July 1926, $1.60; in Jan. 1927,
$1.15; July $1.15. V. 123, p. 3322.
(a) SPRINGFIELD STREET RY.
Control.— Under Chapter 371, Acts and Resolves of Massachusetts, 1926
(accepted by C ity Council of Springfield, Mass., Dec. 6 1926) The N . Y .
N. H. & H. RR. Co. was authorized to acquire and hold the stock and
evidences of indebtedness of certain companies, incl. the Springfield R y.
Co. and the Springfield Street R y. Co.
ORGANIZATION.— Incorp. March 16 1868. In 1909 acquired the
Western Massachusetts Street R y. (V. 89, p. 1484), and in 1910 purchased
the Springfield & Eastern St. R y. (V. 91, p. 277, 1513.) In M ay 1917
made a contract with the Turners Falls Pow. & Elec. Co. for the purchase
of its entire power requirements. V. 104, p. 2119. Authorized to operate
buses in the towns of Huntington and Russel and in the cities o f Westfield
and Springfield. V. 121, p. 2275.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns 188.20 miles (incl. 40.58 miles of 2d track) of main track and 14.05
miles of sidings. Total, 202.25 miles, and 0.56 miles trackage rights.
Owns but does not operate 17.42 miles o f track. Has 427 cars (including
148 one-man cars). Also owns and operates 36 buses.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $4,654,700 ($100)__
Text
$4,654,700See text
Ref & gen mtge $5,000,0001 1920 7%
226,300 Sept 1 1940
($100, $500 & $1,000)-g n tf( 1920 6%
2,464,000 Sept 1 1940
1920 6 A
200,000 Sept 1 1940
(in t. at Old Colony Trust Co., Boston, Trust.
Bonds.— The refunding and general mortgage 6s, ft A s and 7s are callable
at 105 and interest on 30-45 days’ notice. $330,000 ref. & gen. mtge. 6s
dated Sept. 1 1920 were issued March 24 1927 to retire a like amount of

Oct., 1927.]

POW ER, LIG H T AND R A IL W A Y

Springfield & Eastern St. R y. Co. 1st mtge. 5s, due Jan. 1 1922, extended
to Jan. 1 1927 ae 7% .
Dividends.— In years 1893 to June 30 1910 incl., 8% per ann. In 1910-11
to 1913-14 incl., 7% ; 1914-15, 6h i% : in 1915-16, 614%: in Dec. 1916.
1 H % - In 1921, Jan., 2% : July, 1% . In 1922, Jan., 2% ; July, 2% .
In 1923. Jan., 3% ; July, 3 % . In 1924, Jan.. 2% : July. 2% . In 1925,
July, 2% . In 1926, Jan., 3% ; July, 2 % . In 1927, Jan., 3% ; July, 2% .
EARN IN G S.— For calendar years:
Total
Net
Interest, Dividends Surplus or
Gross
Deficit.Surplus.
Paid.
Earninas. Tax.,&.c.
Earnings.
sur.$3,184 $489,347
1926--$3,148,364 $529,097 $293,178 $232,735
545,489
531,383
292,247
232.735 sur. 6,401
1925-- 3,228,746
613,358
sur .40,752
93,094
413,051
279,205
1 9 24-. 3,173,616
677.637
232.735 sur .$56,339
618,951
329,877
1923-. 2,433,786
648.941
232.735 sur .219,019
1922-- 3,420,854
735,268
283,514
488,591
139,641 sur.125,125
480,913
216,147
1921-. 3.438,317
OFFICERS.— Chairman, Ed. J. Pearson; Vice-Chairman, Ed. G.
Buckland; Pres., Clark V. Wood; V.-Ps., Geo. G. Bulkley and H. R .
Whitney; Clerk, Wm. F. Crowe; Treas., Leverett Candee; Compt. & Aud.,
C . T . Converse. Gen. office, 145 State St., Springfield, Mass.—V. 121,
p. 2275; V. 122, p. 751, 2043; V. 123, p. 2392, 3186; V. 124, p. 237, 1362;
3211; V. 125, p. 96, 650.

55

Hartford Street R y, now / 1900
4 g M-S
2,494.000 Sept 1 1930
1st mortgage $2,500,000{State Treasury of Connecticut, trustee.
($1,000) g__________ c*n tfl Interest at Hartford.
Hartford St Ry deb “ M ” -_ n tf 1900
4 J-J 15
165,000 Jan 1 1930
Mer South & Comp 1st M g) 1898
5 g J-J
175,000 July 1 1928
$200,000 ($1,000)_ c*n tf \
_
Optional at 110 and interest.
callable at 110 since 1903--Jlnt. at Equitable Trust C o., New York.
Greenwich Tramway first/ 1901
5 g J-J
319,000 July 1 1931
mtge $400,000 ($1,000) {Interest at New York Trust C o., New York.
gold------------------------ c*n tfl State Treasury of Connectitut, trustee.
Staffer dSpgs St R y 1st M g . t f ____
5 J-J
400,000 July 1 1956
Obligations of N . Y. N . II. & H. Co. Not Secured by Itge. on St. Ry. Prop’s:
H rtf St R y deb Series “ M ” _- 1900
4 M-S
165,000 Jan. 1 1930
Bonds.— The Consolidated Ry. debentures are not subject to call. All
the debentures have printed on their face the statement that if a mortgage
is made on any or all of the company’s property which was owned on Jan. 1
1905, except to renew existing mortgages, the debentures shall participate
in the security of such mortgage. The debentures are at present secured
under the terms and lien of the 1st & ref. mtge. of the N. Y . N. H. & H.
R R . C o., dated Dec. 9 1920, but they are entitled to such security only
while and so long as they are not secured by a mortgage as recited on the
face of each debenture. The debentures due in 1930 bore 3% interest
(21 C O N N E C T I C U T C O M P A N Y .
Feb. 1 1905 for the first
334% for
On Oct. 27 1914 the $40,000,000 capital stock o f this company held from 1 1915 to maturity bear 45 years andwere issued next 5 years. From
% . They
to pay for acquiring
by New England Navigation Co. was transferred to five trustees, pursuant Feb.
the Berkshire St. R y.
acquired
to the requirements o f the United States Department c f Justice. V. 99, by the New Engl. Inv. (V. 80, p. 471), which co. was subsequentlythe N . Y .
& Security C o., then in turn
1919, but m March 1919 Judge Julius M Mayer granted an extension N. H. & H. The $3,500,000 debentures due April re-acquired by
1 1955 were issued to ac­
of time until July 1 1921. V. 108. p. 1275 In April 1921 the time was
again extended by order ot the Federal Court, to July 1 1922. V. 112, quire the Hartford Street R y. The $10,000,000 debentures of Jan. 1906
p. 1616. In March 1922 the court further extended the time to April 1 were issued to the N . Y . N . H . & Hartford for advances.
Of the Worcester & Connecticut Eastern bonds, no more will be Issued.
1923. Sine {extended to April 1 1924, then to April 1 1925 and again to
April 1 1926. The trustees were: Judge Walter C. Noyes of Old Lyme, A sinking fund on these bonds commenced in 1908 of not to exceed 1% of
bonds outstanding. Bonds cannot be called, but may be bought on a 3%
Leonard M . Daggett o f New Haven, Charles Cheney of South Manchester.
Morgan B. Brainard of Hartford and Chas. G. Sanford o f Bridgeport. See basis or better, and kept alive for sinking fund. See V. 75, p. 1204;
$525,000 in
including amount reported outstanding.
remarks under N. Y . N . H. & H. R B . Co. above and V. 98, p. 1000. 1245. $998,000 heldsinking fund notYork New Haven & Hartford R R .
in treasury New
See also below “ Return of Line.”
series E, are due
$9,000
This Is the company which operates the trolley lines in Connecticut A; il dpment notes, 1 respectively toserially 1 1932. and $8,000 semi-annually
1 and Oct.
April
controlled by the N Y . N. H. & H., and which formerly were comprised in
v,quip. notes Series “ F ” are due $50,000 semi-ann. Jan. 1 1924 to Jan. 1
the Consolidated Railway Co
1928, and $37,500 July 1 1928. V. 116, p. 2992.
Return of Line to N . Y . N . H.. & I I . RB.— See V . 112, p. 1977; compare
Equip, notes Series “ G ” are due serially $45,000 semi-annually June 15
V. 116, p. 720. On N ov. 21 1925 lines were returned to N . Y . N. H. & and Dec. 16. Are exempt from State of Connecticut 4-mill tax. In June
Hartf. R R . See, for particulars, V. 121. p.2636. The $40,000,000 capital 1924 $450,000 6% equip, trust notes, Series “ G ,” were sold at 100 and int.
stock o f the co. has been turned over to N. Y . N . H. & H. R R . See V. 121, by Putnam & C o., Hartford. Conn. V. 119, p. 196.
p. 3003.
EARNINGS.— Of Connecticut Co. for calendar years
Operation of Buses.— See V. 121. p. 1568.
Operating
Net (after
Other
Interest,
Balance,
ORGANIZATION.— Incorp. in Connecticut. Entire $40,000,000 stock
Revenue
Tares) .
Income. Rentals. A c
Surplus.
and $1,000,000 debentures owned by New Haven Co. June 1 1907 began
$43,601
$970,730
$301,718
operating the lines comprising the Consolidated Railway (merged in 1907 1927*_______ $8,807,953 $1,228,848
1,941,332
71,654
1,477,521
535.465
In the New York New Haven & Hartford); Feb. 28 1910 purchased sub­ 1926............... 14,649,682
. 14,522,177
2,306,662
50,758
1,491,946
865,474
stantially all the various street railway properties of the N . Y . N . H. & 1925 ___
1924________ 14,347,839
2,195,646
50,434
1,543,611
702,469
Hartford in Connecticut.
2,467,107
62.618
1,504,478
1,025,247
The following companies have been absorbed or are leased or controlled: 1923________ 14,717,233
2,741,210
44.831
1,475,625
1,310,415
Branford Lighting & Water Co. V. Middletown Street Ry. V. 79, p. 268. 1922-............. 14,477,611
♦Montville Street Ry. V. 79, p. 268.
* For 8 months ended Aug. 31 1927.
8 l, p. 155, 210.
Danielson & Norwich Street R y. New Haven St. R y. V. 79, p. 989.
OFFICERS.— Chairman of the Board; E . J. Pearson; Pres., J . K .
New Haven & Centreville Street Ry
V. 79, p. 268.
Punderford; V .-P ., Walter J. Flickinger; Sec. & Treas., E . T . Chapman;
V. 78, p. 989.
Conn. R y. & Lighting Co.
Compt., I. A. May: all of New Haven.— V. 120, p. 1325, 1881; V. 121.
E . Hartford & Glastonbury St. Ry. New Hav. & W. Haven Horse R R .
p. 705, 1568, 2636, 3003; V. 122, p. 2189; V. 124, p. 1978.
Fair Hav. & Westv. R R . V.78,p.989. *New London St. R y. V. 79, p. 268.
Farmington Street R y. V. 69, p. ♦Norwich Street Ry. V. 79, p. 268.
(a ) C O N N E C T I C U T R A I L W A Y & L I G H T I N G C O .
♦Putnam & Thompson Street Ry.
283; V. 89, p. 593, 1542.
ORGANIZATION.— Incorporated under Connecticut laws July 2 1895
Greenwich Tram. Co. V. 80, p. 118. Stafford Springs Street R y.
as the Gas Supply Co. Name changed to Connecticut Lighting & Power
Hart.M an.&Rockv.T.Co. V.82,p.280 Stamford Street Ry.
Torring. & Win. St. R y. V.85,p.l463. Co. March 2 1899 and to presenttitle on Jan. 10 1901. Leased for 999 years
Hartford & Middletown Street R y.
from 1906 to Consolidated Railway C o., now the N. Y . N. H. & Hartford
Wallingford Tramway Co.
Hartford Street Ry.
Meriden Electric R y. V. 79, p. 268. Waterbury & Pomperaug Val. St.Ry. R R . The street railway properties have been sub-let to the Connecticut
Meriden Horse R R . V. 79, p. 268. West Shore R y. Co. V. 78, p. 989. C o., the electric light and power, with the gas properties, have been sub-let
Meriden Southington & Compounce ♦Willimantic Trac. Co. V .81,p .1176. to the Connecticut Light & Power Co. Total rental is on a graduated scale,
Winchester Ave. R R . V. 78, p. 989. increasing from $975,000 in 1907 to $1,400,000 in 1915 and thereafter.
Tramway Co. V. 83, p. 1524.
Out of this rental and other income the company pays its interest and other
* These roads were leased in 1912 to Shore Line Electric R y., which see. charges and 4 }4% dividends on its common and preferred stock.
This lease was annulled by order o f the Court in Jan. 1920 and properties
STOCK AND BONDS— Date.
In terest.
O u ts ta n d in g .
Maturity.
were taken over for operation by the Connecticut Co. in April 1920.
Q-F 15
$8,977,200
See text
FIELD O F OPERATIONS AND CHARACTER OF BUSINESS — Common stock ($100)_______ _____
Jan 1
Operates 772.249 miles of line (of which 482.625 miles are owned, 276.119 Pref 5% cum after to 4% 1904
($100) (reduced
un­
8,142,900
See text
Q-F 15
miles leased and 4.564 miles operated under trackage rights and 8.941 oper­
der lease to New Haven Co
ated under agreement), serving the following cities and towns: Cities
but
of New Haven, Hartford, Bridgeport, Waterbury, New Britain, 1st & inc. to 4H % in 1917) - 1901
____
ref $15,000,000 gold)
4 M g J -J 10,432,000 Jan _____
11951
Meriden, Middletown, Stamford, Norwalk. Rockville. Derby, Shel­
($1,000)
fu n d
t
Y .,
ton, Ansonia, New London, Norwich, Willimantic, Putnam, and Connecticutsinking Pow -C *n f fln t. at Equitable Trust Co., N .Jan trustee,
Ltg &
tf 1899
5 J-J
209.000
1 1939
the towns of East Haven, Brantford, North Haven, Wallingford,
Bonds.— Of
bonds,
to retire the
Hamden, Orange, Southington, Plainville, Farmington, Portland, prior bonds. the 1st & ref. mtge.reserved $209,000 reserved betterments,
The remainder was
for
or
Middlefield, Cromwell, Rocky Hill, Wethersfield, West Hartford, Bloom­ but under lease to the New Haven road cannotextensions for any purpose
be issued
field, Windsor, Stafford, East Hartford, East Windsor, South Windsor. without consent of lessee. V. 84, p. 507. Statement to New York Stock
Manchester, Vernon, Glastonbury, Greenwich, Stratford, Milford, Hunt­
in V. 73, p. 852;
V. 85, p. 921.
ington, Fairfield, Westport, Norwalk, Darien, Naugatuck, Watertown, Exchangewere formerly notalso V. 79, p. 2745: also June 23 1904 a supple­
Bonds
subject to call, but on
Middlebury, Thomaston, Torrington, Winchester, Beacon Falls, Seymour, mental
on
Cheshire, Newington, Waterford, Montville, Unicasville, Tbamosville. date at mortgage was made giving the right to call bondsM o fany interest
interest and establishing a sinking fund of
1
Jewett City, Wauregan, Danielson, Dayville, Elliott, South Coventry, num on 105 andoutstanding; bonds acquired by the sinking fund % per an­
bonds
are to
South Windham, Greenville, Baltic, Central Village and Bcr'in, Conn. kept alive and bear interest. In addition to $10,432,000 outstanding be
in
Standard gauge. Cars operated Dec. 31 1926. 1,362 passenger and 302 hands of public, $2,825,000 bonds in sinking fund. Bondholders assenting
freight, &c., cars; total, 1,664 and 114 buses. Right to use one-man cars to the supplemental mortgage had their interest guaranteed by the United
in city of New Haven upheld. V. 121, p. 705. Under a decree Oct. 31 1925 Gas Improvement Co. by endorsement. See V. 79, p. 626, for form of
by Connecticut P. U. Commission, co. was to abandon 38 H miles of street guaranty. Offer expired Oct. 1 1904 and was accepted by $11,448,000 of
railway lines in Windham and New London counties and substitute buses, outstanding bonds. See V. 83, p. 969.
which were to serve the towns of Tafts, Grocendale, Norwich, Thompson,
1925, on the common,
same
Putnam, Killingly, Plainfield, Griswold and Preston. See “ Electric Railway In Dividends.— In Aug. preferred. 114% quar.;1 y%% quar.; since. rate since.
Aug. 1925. on the
same rate
Journal” of Nov. 7 1925; see also this latter “ Journal” o f N ov. 21 1925
EARNINGS.— For calendar years:
about other bus lines.
In t. on
G en era l
S in k in g
R en ta ls
D iv iB a la n c e ,
Fares.— See “ Electric Railway” Supplement o f April 26 1924.
I n t .R e c 'd .
B on d s.
E x p e n s e s .. F u n d s.
d en d s.
S u r .o r D e f.
Supreme Court Decision.— Decision o f State Supreme Court holding that 1926-$1,460,123 $607,015
$8,655 $66,285 $770,404 sur.$7,764
the co. must protect holders of the Consolidated Ry. C o.’s debentures 1925-- - - . 1,459,851
607,015
66,285
770.404 sur. 7,594
8,553
will be found in V. 109, p. 581. See also V. 109, p. 1527, and V. I l l , p. 1924 .
9,630
62,755
1,456,287
610,545
770.404
sur.2,953
9 9 0 , u n d er c a p tio n “ N . Y . N . H . & H . R R . ”
1923 _
1 ,456,125
610 ,5 4 5
62,755
7 7 0 .4 0 4
s u r .2,8 0 4
9,617
The N . Y . N . H .& H .R R . offered to exchange $100 o f its stock for $200 1922 .
8,174
770.404
sur.3,759
1,455,637
610,545
62,755
of certain issues o f the Consol. R y. C o.’s debentures. See V. 82, p. 803, 1921-.
10,748
770.404
sur.1,415
1,455,867
610,545
62,755
and V .83, p. 1037. $17,347,000 o f debentures have been so exchanged for 1920-_ - 1,448,332
6,133
770.404
def. 1,505
610,545
62,755
$8,673,500 N . Y . N . H. & H. R R . stock
The following shows the details
OFFICERS.—Pres., R. A. C. Smith; V.-Ps., Walton Clark, Paul
for each issue o f debentures:
Thompson and Garfield Scott; Treas., I. W . Morris; Sec., G. W. Curran
Debentures of The Consolidated Railway Company— A11 T a x F r e e .
Aud., Edward Porter. Office, New Haven, Conn.— V. 84, p. 1366; V. 85,
Ex. for Stk. or
p. 921; V. 86, p. 228; V. 106, p. 601; V. 107, p. 401.
Issue
—
Authorized.
Issued. Pur. < Cancel. Still Out.
ft
$745,000 a$4,255.000
July 1’04, 50-yr.,4g J-J $5,000,000 $5,000,000
(b ) W E S T S H O R E R A I L W A Y ,
1.691.000 a2,309,000
Jan. 2’05, 50-yr.,4g J-J 4,000,000
4,000,000
ORGANIZATION.— Organized Dec. 15 1893. Leased on Dec. 14 1895
Apr. 1’05, 50-yr.,4g A-O 3,500,000 *3,500,000
2.160.000 al ,340,000
to Winchester Ave. R R . for 99 years for int. on bonds and 5% div. on stock.
7.989.000 02,011,000
Jan. 1’06, 50-yr.,4g J-J 10,000,000 *10,000,000
Lease assumed Feb. 28 1910 by the Connecticut C o., which operates the
5,000,000
______
Mar. 1’07, 10-yr.,5%con. 15,000,000
5,000,000
property.
Total exchangeable_ $37,500,000 $27,500,000 $17,585,000 $9,915,000
_
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
6Feb. 1 1905, 25-year,
_______
$80,000
________
Stock, $200,000 ($25)______________
now 4 g F-A see text). 1,000,000
1,000,000
28,000
(972,000
R OAD.— Owns 7.42 miles of track. Standard gauge.— V . 107, p. 503.
OFFICERS.— Pres., J. K. Punderford; Sec. & Treas., E. T . Chapman.
Total o f all__________ $38,500,000 $28,500,000 $17,613,000 $10,887,000
* Guaranteed, prin. & int., by N. Y . N. H. & H. R R ., but all of the
above debentures are a liability of the N . Y . N. H. & H. R R . Co. under
NEW Y O R K & STAMFORD RAILW AY CO.
merger of May 31 1907. a These amounts cannot be increased, as remain­
der of issues has been cancelled. 6 Not exchangeable for stock, c Includes
On Dec. 31 1925 N. Y . N. H. & H. owned entire capital stock and the
$191,350 held in treasury.
$218,432 notes and $678,000 bonds.
The debentures are in coupon form o f $1,000 each and fully registered
The New Haven Co. was to sell on or before July 1 1919, pursuant to the
debentures o f $10,000 each, which are non-interchangeable.
decree of the U. S. Govt., 5,000 shares o f the stock and $678,000 bonds, but
in March 1919 Judge Julius M . Mayer granted an extension of time until
BONDS—
Date. Interest. Outstanding.Maturity.
Equipment notes Series “ E ” _ 1922 5 A-O
$86,000
April 1932 July 1 1921. A further extension to April 1 1923 was granted. Since fur­
Equipment notes Series “ F” _ 1923 6 J-J
87,500 July 11928 ther extended to April 1 1924, then to April 1 1925 and again to Apr. 1 1926.
However, on N ov. 21 1925 the trolley lines of the Co. were ordered to
(U. S. Security Tr. C o.. Hartford, Conn. tr.
Equipment notes Series “ G ” _/ 1924 6 g J-D
180,000 June 15 1929 be returned to N. Y . N . H. & Hartford R R . by Federal Judge A. Winslow.
See V. 121, p. 2638.
(81 O00) not call_______ c*(U . S. Security Tr. C o., Hartford, Conn, tr.
Lease.— In Jan. 1924 leased from the Connecticut Co. for 5 years, at
Gold debentures_____________ 1916
1,000,000
1919-22
$10,000 a year, trackage in Stamford, Conn., extending from Stamford to
Obligations of The N . Y. N . H. & H. RR. Co. Secured by Itge. of St. Ry. Prop.: Mianus River; trackage between Mianus River and New York State line is
Wore & Conn East 1st M s f g / 1902
4M g J-J
$469,000 Jan. 11943 leased from the N. Y . N. H. & H. R R . V. 118, p. 311.
$3,100,000 ($1,000 c * )_ tf (Interest at N. Y . Trust C o., trustee.
_
ORGANIZATION.— Chartered in New York on Aug. 3 1901 as a con­
H & Centerville 1st mtge_ 1893
_
5 g M-S
277,000 Sept. 1 1933 solidation of Port Chester Street R y. and Larchmont Horse Ry.




56

PUBLIC U TILITIE S

FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates 24.864 miles o f line (of which 14.333 miles are owned, 8.591
leased and 1.940 operated under trackage rights), serving cities of Stam­
ford, Conn., and New Rochelle, N. Y ., and towns o f Greenwich, Conn.,
and Rye, Port Chester, Harrison and Mamaroneck N Y
35 passenger
and 3 other cars and 3 snow plows. On Aug. 18 1927 all trolley cars that
passed over Boston Post Road between New Rochelle, N. Y ., and Stamford,
Conn., were taken out of service. There were 25 double truck interurban
type trolley cars which were replaced by 50 motor coaches. V. 125, p. 1194.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000____________________
_______
$500,000 In 1912, \M%
First mtge $450,000 ($1,000)1 1901
5 g A-O
426,000 Oct 1 1931
g o ld ________________ c*n tf jln t. at New York Trust C o., N. Y ., trustee.
First & ref mtge $2,000,0001 1908 4%
925,000 Nov 1958
g o ld ___________________ tf /Guar., p. & i., by N . Y . N. H. & Hartford.
N Y & Stamford Ry notes____1921
_______
218,432 __________
Town o f Greenwich, Conn, n o t e s ____
_______
1,880/ Serially to
1 Nov 1930
EARN IN G S.— For calendar years:
Other
Bal..Surp.
Operating
Net (after
x Interest,
Revenue.
Taxes).
or Def.
Income. Rentals, &c.
1926 ___ ____ $427,107 def$62,538
$165,252
$2,279
$114,994
1925____ ____517,950
def 3,368
109,345
856
113,568
1924------ ____513,807
def 13,299
94,959
3,806
112,055
1923____ ____ 525,613
def.23,152
532
100,278
76,594
1922____ ____ 541,999
def. 18.979
101,522
1,395
81,147
x Deductions from gross income include $40,763 in 1926, $40,226 in 1925,
$40,226 in 1924, and $40,226 in 1923, interest accruing to the N. Y . N. H.
& H. R R ., but not incl. in the income account of that company.
OFFICERS.— Pres., L. S. M iller; V.-F., R. Sutro; Treas., A. S. May;
Sec., A. E. Clark; Aud., C. L. Nagle.— V. 120, p. 1204. 1881, 2817; V. 121,
p. 2638; V . 122, p. 2192; V. 124, p. 1980; V. 125, p. 246, 1194.

THE NORTHERN CONNECTICUT POW ER CO.

[V ol. 125.

STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $5,005,250 ____________
Stock $6,000,00.) ($100)______ _____
First mtge $60,000,000 gold) 1911
4 A J-J
22,190.000 July 1 1946
Scrips 1 (see text;
tf fTnt on $ bds. in N. Y.: on £ hds. in London.
Due N Y N H & II RR Aug 31 1927 _______
31,276,789 __________Bonds.— Remaining bonds are reserved for construction. Par, c* $1,000,
or £200 and £100; r* $1,000 and multiples. Bonds of £200 or multiples
convertible into $ coupon bonds at $4 85 per £, w.th adjustment of interest
at current exchange rates. Any series or not less than $5,000 000 of one
or more series redeemable on any int. date at 110. Guaranty Trust Co.,
N. Y .. trustee. Bonds are unconditionally guar., p. & i., by endorsement
by N. Y . N. H & Hartford RR. See V. 93, p. 346. Bonds are listed
on N. Y. Stock Exchange. V. 94, p. 768.
EARNINGS.— For calendar years:
Other
x Interest,
Operate ng Net (.after
Balance,
Revenue
Tares'' .
Income
Rents . V r.
Deficit
1927*-............ --$1,392,515 $274,973
$6,242 $1,524,600
$1,243,385
1926...........
1,911,705
426,964
1,758,247
9,478
2,194,690
1925----------------- 1,648,901
372,175
6,972
2,u51.y47
1,672,801
1924----------------- 1.521,446
318,233
1,634,929
10,628
1,963,790
1923----------------- 1,452.943
282,830
5,931
1,905,475
1.616,715
1922___________ 1.354.009
94.134
1,746.992
6.299
1.847.425
* For 8 months ended Aug. 31 1927.
x Deductions from gross income include $1,157,841 In 1926, $1,100,008
in 1925, $1,042,335 in 1924 and $984,582 in 1923, interest accruing to the
N. Y . N. H. & TI. RR ., but not included in the income account of that
company. V. 123, p. 982.
OFFICERS — Pres., Leverett S. Miller, N . Y .; V .-P ., E. J. Pearson
Treas.. A. S. May; Sec.. A. E . Clark; Aud., C. L. Nagle.— V. 121, p. 1348,
2752, 3004; V. 122, p. 1311,1918, 2192, 2800: V. 123, p. 982; V. 124, p. 1980.

DANBURY (CONN.) POWER & TRA N SPORTATION
COMPANY.

ORGAN IZATION .— Incorp. in Connecticut in 1926 by merger and
consolidation of the Northern Connecticut Light and Power C o., The Con­
necticut River C o., The Thompsonville Water Co. and the Stafford Springs
Aqueduct C o., V. 122, p. 1610.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company owns and operates public utilities, serving electric light and power
in the Towns of South Windsor, East Windsor, Enfield, Somers, Suffield and
Windsor Locks and gas to Windsor and all of the above towns except Somers.
Water is supplied in Thompsonville, Stafford Springs, Enfield, Suffield
and Warehouse Point. Earnings are approximately divided as follows:
electric light and power, 68%; water, 18%; gas, 14%. Population served
about 40,000. Franchises are without time limit.
STOCK AND BONDS.
Date.
Interest. Outstanding. Maturity.
Common 25,000 shs. (no p a r ) . ____
________ 25,000shs.
__________
$6.50 cum. pref. 10,000 shs.
(no p a r)__________________ _____
$6.50 Q-J 10,000shs __________
Underlying bonds (closed)_________
______
$241,000 __________
1st mtge. & ref. gold bonds! 1926 SA g M-S
2,100,000 Mar. 1 1946
($l,000-$500c*)_________ tfPr. & int. at Equit. Tr. Co. of N. Y ., trustee.
Stock.— The $6 50 cum. pref. is red. whole or part on 30 days’ notice
at $105 per share and divs. Preferred as to assets to extent of $100,
Exempt from Conn, property tax. In June 1926, J. G. White & C o., Inc.,
sold 10,000 shares at 98A and int., to yield about 6.60%. Y. 122, p. 3454.
Bonds.— The 1st mtge. & refunding gold bonds, dated March 1 1926, are
seemed by a direct 1st mtge. on all of the fixed properties owned by the
company, subject only, as to the properties acquired from The Northern
Connect. Lt. & Power Co., to $241,000 (closed) division of bonds outstand­
ing. Additional o f this or other series may be issued against cash, or for
75% o f additions, &c., provided net earnings for 12 out of preceding
15 months have been not less than 1 % times annual interest on all
funded debt outstanding, including new issue. May also be issued for
refunding purposes, par for par. Authorized amount unlimited. There
is a maintenance and renewal fund of 1246% of gross operating revenues.
Red. whole or part at 105 and int. to and incl. March 1 1936, the premium
thereafter decreasing A % for each year or portion thereof. Penn, and
Conn. 4 mills, Maryland 4 A mills, Dist. of Col. 5 mills or Mass. 6% taxes
refundable. In March 1925 J. G. White & Co., Inc., and E. H. Rollins &
Sons offered $2,100,000 o'A % bonds, due March 1 1946 at 97A and int.,
to yield 5.71% .
Underlying Bonds.— In addition to the $241,000 bonds there are $71,000
bonds in sinking fund and $13,000 held by trustee for 1st mtge. & ref. bonds.
EARNINGS..—For calendar year 1926 (tentative):
Gross revenue, including other income_____________
603,936
Net after maintenance and taxes (except Federal)___
309,747
xlnterest on bonds________________________________
127,850
Other deductions and Federal taxes_________________
26,243
xPreferred dividends_______________________________
65,000
Depreciation_______________________________________
50,038

ORGANIZATION.— Organized in 1926 to succeed the Danbury & Bethel
Street Ry., which had been in the hands of a receiver since Oct. 30 1917 and
was sold at foreclosure Jan. 16 1925. For history of predecessor co. see
“ Public Utility Compendium” of Oct. 30 1926.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Co. owns and operates the street car lines in the City of Danbury, Conn.,
and the town of Bethel. Lines also extend to the Danbury Fair Grounds
and the pleasure resort of Lake Kenosia. 13 miles of single track. Also
buses. Application filed With P. U. Commission for authority to sell its
franchise rights and power plant to Danbury & Bethel Gas & Electric Co.
C APITALIZATION .— In Sept. 1926 Conn. P. U. Commission auth.
co. to issue $500,000 of 6% bonds and 5,000 no par common shares. Co.
was to deliver in payment of the rights and properties of the old co. $400,000
1st mtge. bonds and virtually the whole of the 5,000 common shares. No
further particulars.— V. 123, p. 1874; V. 125, p. 1459.

Balance, surplus_____________________________________________ $40,616
x For a full year interest and dividends actually paid were less than the
amounts shown.
OFFICERS.— Pres., Walter P. Schwabe, Thompsonville, Conn.; V.-Ps..
J. D . White and L. N. Farnum; Treas. & Asst. Sec., J. A. Turnhill; Sec. &
Asst. Treas., J. W. M offat: Gen. Aud.. J. G. White M gt. Co. Office,
Thompsonville, Conn.; N . Y . office, 37 Wall S t — V. 122, p. 1610, 3454;
V. 125, p. 1194.

Balance, deficit_______________________________
$2,062
$1,965
OFFICERS.— Pres., R. W . Perkins; Sec., C. B. Whittlesey: Treas.,
P. L e'oy Harwood; Asst. Treas., E. A. Harris.— V. 118, p. 311; V. 123,
p. 2391, 2776.

SHORE LINE ELECTRIC RR.
To be Dissolved.— We have been officially iuformed that “ company is
dormant pending dissolution.”
Merger, &c.— For reference to merger with Westchester Street R R . and
N. Y . & Stamford R y. and disposition of securities, see latter co. above.
In Aug. 1920 the co. was ordered to show cause before Supreme Court
Justice Morschauser why it should not be dissolved. V. I l l , p. 589
We were informed that dissolution was still pending Court order.
ORGAN IZATION .— Incorp. in New York on Dec. 18 1909 to take over
the section of the Tarrytown White Plains & Mamaroneck Ry. (sold at
foreclosure) between Mamaroneck and Larchmont, a distance of 1.46 miles.
Leased to Westcnester Street RR. from July 1 1913 Stock au to., $300,000
In Aug. 1913 the New York P. SI. Comm, authorized the N. Y. N. H. & H
R R . to acquire all the capital stock of the company to be authorized by
the Commission.— V. 97, p 597 V 107. p. 803: V 111 p.589
OFFICERS.— Pres., L. S. Miller; V .-P ., T. M . Prentice; Sec. & Treas ,
A. E. Clark; Aud., C. L. Nagle. Address o f co., 481 Morris Park Ave.,
N . Y . City.

NEW Y O R K W ESTCHESTER & BOSTON RY.
On Dec. 31 1925 the N . Y. N . H. & H. owned $4,984,938 stock.
ORGANIZATION.— Incorp. June 8 1915 as a consolidation of the West
Chester Northern RR. and the old N. Y W. & B Ry. (See “ Electric Rail­
way” Section for Sept. 1915). The franchise to operate in N. Y . City was
signed by Mayor McClellan on Aug 2 1904. V. 79. p. 628. Lines from
180th St., New York, to New Rochelle and from Mount Vernon to White
Plains put in operation on May 29 and July 1 1912, respectively, and from
Harlem River to 180th St., New York, on Aug. 3 1912. V. 94, p. 1508,
1627: V. 95. p. 48. 298.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
An electric road. Total miles o f road operated, 26.62 miles. Line com­
mences at Harlem River Station of the N. Y. N H. & H . in New York, ex­
tending to 174th St. Junction, where the N. Y . W. & B. Ry. diverges from
the New Haven and on its own four tracks extending northerly to line of
N. Y. City, then through Mount Vernon co Columbus Ave. June., at which
point the line diverges into two double-track lines, one extending through
Mount Vernon, Pelham and New Rochelle to Larchmont and Mamaroneck,
and Harrison, the other line extends from Columbus Avenue Junction to
White Plains, passing through Mount Vernon, Eastchester, New Rochelle,
Scarsdale and White Plains. See also V. 93, p. 346; V. 79, p. 501; V. 97,
p. 1824; V. 106, p. 1689. On Sept. 8 1925 it was announced that the new
County Transportation Co., Inc., would inaugurate 8 bus lines, which are
planned as a nucleus of a system to serve all Westchester County, N. Y .,
and will serve as feeders for the New York Westchester & Boston Ry.
V. 121, p. 1348.




GROTON & STONINGTON T RA CTIO N CO.
ORGANIZATION.—-Organized in 1923 and took over from the receive?
of the Shore Line Electric Ry. Co., through purchase of the equity in wha“
was known as the Groton and Stonington Division, extending from the
Rhode Island State line to the ferry on Thames St., in Groton. It already
owned the trackage from the ferry to a connection with the Connecticut
Co. lines in Main St., New London, Conn. V. 116, p. 616.
Foreclosure.— In November 1926 the bondholders’ committee secured title
by foreclosure of the first mortgage on the main line, and the traction com­
pany purchased this property from the bondholders’ committee, issuing in
payment therefor certain shares of stock, and, after retiring the $40,000
mortgage on the section from the ferry in Groton to New London, executed
(as of Jan. 1 1927) a new mortgage for $250,000 on the entire main line,
and as a result of this change the present security issues are as follows’;
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock________________ _____
_______
$500,000 __________
20-yr income bonds 2 5 0 ,0 0 0 --(---.
6%
236 500
1946
[Winthrop Trust C o., Conn., trustee.
Bonds.— The 20-yr. income bonds carry a maximum rate of 6% , payable
out of earnings at the discretion of the board-— noa-cum.— and should co.
fail to pay an average of 4% in any five-year period, the bonds will be
deemed to be in default. 3% interest was paid on July 1 1927. Bonds are
a first mortgage on the entire main line from Main St., New London, Conn.,
to the Rhode Island line.
EARNINGS.— For calendar years:
1926.
1925.
Operating revenues_____________________________
$157,774
$151,744
Net after taxes, but including other income_____
23.688
23,785
Bond interest___________________________________
25,750
25,750

NEW HAVEN SHORE LINE R Y .
ORGANIZATION.— Incorp. in Conn, in 1923 and acquired that part
of the Shore Line Electric Ry. Co. (see above) from Saybrook. Cor ., to
New Haven. Conn.. and rehabilitated and commenced operation (July 17
1923) on that part of the line between New Haven and Uuilford
Com­
m enced or> '*"i * I vt to 4 -iv b ro o k Sent- 1923.
On Oct, oej i 9 3 5 o 1 -chased th e
Saybrook Valley bus line. For details see V. 121, p. 2157. Also purchased
bus line to New London from Saybrook and from New Haven to Saybrook,
eliminating competition.
STOCK AN I> BONOS— Date.
Interest. Outstanding
Maturity.
Capital stock $500,000 ($10)_______
_______
$500,000 ______ - .
First, mtge bonds $500 0001 1923
6 ,T-J
501.000 July 11948
($100. $500 & $1.000)____ jln t. at Union New Haven Tr. C o., New
! Haven trustee.
Debentures__________ ______ - 1926
7 M -N
150,000
1936
Bmils -CallaOle since Jan. 1 1924 on any int. date n 105 and Int.
OFFICERS.— Pres., W. S. Eames; V.-Pres., C. M . Walker; Sec., L. O.
Ritter; Treas., F. E. Kingston; Aud., W. Dillon. Office, Guilford, Conn.
— V. 117, p. 1664, 1884, 2157.

H ARTFORD & SPRIN GFIELD COACH CO.
ORGANIZATION.-—Info"p. on Aug. 10 1926 to take over the properties
rights. &c.. of Hartford & Snringfield Street Rv. sold at foreclosure on Aug.
10 1926. For history of old c o ., see “ Public Utility Compendium” of M ay 1
1926, and also V. 122, p. 882, 2494, and V. 123, p. 981, under heading
“ Hartford & Sp-ingfield Street R y .” All of the railway property was dis­
mantled and scrapped and cars disposed of, the Coach Co. retaining the
coaches, franchises, buildings and real estate. The franchises are prepetual.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company operates buses on both sides of the Connecticut River, between
Hartford, Conn., and Springfield, Mass., incl. the intervening towns.
The Hartford Terminal Assn., Inc., at Hartford, Conn., and the Springfield Bus Co., Springfield, Mass., are owned by the same interests which
control this company.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Common (no par)___________ _____
_________ 8.000 shs. __________
7% preferred $250.000____________
7
$250,000 __________
20-year 6s, ser A, $1,000,000/ 1926
6
250.000
1946
(City Bank & Trust C o., Hartford, Conn., tr.
E A R N IN G S.—For calendar years:
Hartford & Springfield Hartford & Springfield
Coach Co.
Street Ry. Co.
1926.
1925.
Operating revenues________
$308,116
$358,088
Operating expenses________
290,420
374,430
OFFIC E R S.—Pres., A. L. Linn Jr.; V.-Pres., A. O. Marshall; Treas.,
A. Loren Linn; Sec., Chas. G. Himer; Asst. Sec. & Asst. Treas., John Halpin and A. W. Luce; Asst. Gen. M gr., Stanley Linn.-—V. 123, p. 981.

Oct., 1927.]

57

POW ER, L IG H T AND R A IL W A Y

Including
N ew E n g la n d P ow er C o m p a n y
T h e C o n n e c t ic u t R iver P ow er C o .
R hode

Isla n d

P ow er

T ra n s m is ­

sio n C o m p a n y
L a w re n ce G a s & E lectric C o .
T h e W e b s te r & S o u th b r id g e G a s
& E lectric C o m p a n y
N a r r a g a n s e tt E le ctric L ig h t in g
Com pany
U n ite d E le ctric R a ilw a y s C o .
B ello w s F a lls P ow er C o m p a n y
G r a ft o n C o u n t y E lectric L ig h t &
P ow er C o m p a n y

Total Generating Capacity
552,000 HORSEPOWER
Total Production 1926
One Billion Kilowatt Hours
S erv in g a p o p u la tio n o f 2 ,5 0 0 ,0 0 0 in 250 c o m m u n itie s in
6

s t a te s ,

w ith

lo w -p r ic e d ,

re lia b le p o w er a n d

lig h t .

G E N E R A L OFFICES

35 Harvard Street




Worcester, Mass.

58

PU BLIC U TILITIE S
ANDROSCOGGIN W ATER POWER CO.

ORGAN IZATION .— Organized in 1925 in Maine to acquire all of the
water properties o f the Pejepscot Paper Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company’s properties consist o f real estate, water power rights, dams,
rivers, improvements and water power plants. There are three independent
developments, located at Lisbon Falls, Pejepscot Mills and Topsham, M e.,
which extend about 10 miles along the Androscoggin River and are estimated
to provide a maximum o f 15,000 h.p. The water power properties will be
leased to the Pejepscot Paper Co. for a term extending beyond 1945. The
rentals to be paid by Pejepscot Paper Co. are stated to be sufficient to pay
the interest and sinking fund charges on the $1,359,500 1st mtge. bonds
due Aug. 1 1945 (see hereunder) as well as all other charges and liabilities
of Androscoggin Water Power C o. V . 121, p. 456.
BONDS—Date.
Interest. Outstanding. Maturity.
lstM 2 0 -y r 6% g (closed) $1.-1 1925
6 g F-A
$1,359,500 Aug 11945
500,000 ($1,000. $500c*) tfs/In t. at the First Nat. Bank of Boston, trust.
Bonds.— The 1st mtge. 6% gold bonds, due Aug. 1 1945, are secured by
the riparian rights and other real properties, &c., of the co., and through
guarantee of payment o f p. i. and sink. fd. by the Pejepscot Paper Co.,
which co. covenants that no mortgage will be placed on its real property
during the life of these bonds. A sinking fund, commencing Aug. 1 1925,
is provided sufficient to retire $75,000 each year, payments to be deposited
monthly, in advance, with trustee. Bonds may be purchased or called
for the sinking fund as a whole or part, on 30 days' notice at 105 and int.,
to and incl. Aug. 1 1935; thereafter to maturity at 100, plus 14 % for each
year or part of the unexpired term. Are callable whole or part as indicated
above for sinking fund purposes. Mass. 6% income tax and any similar
taxes that may be imposed in Rhode Island. Vermont or New Hampshire
not in excess o f 4-10 o f 1 % o f the principal, are refundable. In July 1925
Bond & Goodwin, Inc., &c., offered $1,500,000 at 99Yi and int., to yield
over 6 % . V . 121, p. 456.
EARN ING S.— Of Pejepscot Paper Co. and Androscoggin Water Power
Co. for calendar year 1926:
Net sales____________________________________________________ $3,212,775
Cost of sales_________________________________________________ 2,983,162
Gross operating profit______________________________________
General administrative and selling expenses__________________
Other income (net)___________________________________________

$229,613
127,459
57,198

Net applicable to interest and sinking fund charges on bonds of
Androscoggin Water Power Co. (after depreciation)______ $159,351
Earnings for Calendar Year *1925 o f Pejepscot Paper Co. and Andro­
scoggin Water Power Co.: Net sales, $3,200,349; gross operating profit,
$426,368; net after gen., admin. & selling exp., $315,532; other income, $46,726; other charges, $15,889; net before int. & skg. fd. charges, $346,369.
♦Androscoggin Water Power Co. figures from Aug. 1 to Dec. 31 1925 only.
OFFICERS.— Pres., Edgar Rickard; V .-P ., Edward M . Flesh; Sec.,
Howard M . Smith; Treas., H. Hyslop.

NEW ENGLAND POWER ASSOCIATION.

[V ol. 125.

STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Grafton Co Elec & Pr 1st M .f 1917
5 F-A
345,000 Aug 11942
(Old Colony Trust C o., Boston, trustee.
Hartford Water Co 1st m tge. | 1893
5 A-O
44,000 Aug 1 1933
(The First National Bank of Boston, trustee.
Lawrence Gas & El Co 1st M . f 1920
4
F-A
1,500,000 Aug 1 1940
(Boston Safe Deposit & Trust Co., trustee.
The Web & Southbgre G & El f 1899 5 A-O
25,000 Apr 11929
Co 1st mtge______________(The First National Bank of Boston, trustee.
Coupon notes______________ 1925 4J^ M-S
400,000 Sept 1 1928
The Narragansett Co coll tr_ j 1927 5 J-J
27,500,000 Jan 1 1957
(R . I. Hospital Tr. C o., Providence, trustee.
United Electric Ry Co—Prior lien mtge ser A _______ f 1921 6 A-O
1,000,000 Jan 11946
Prior lien mtge ser B _______ j 1921 4 J-J
1,956,300 Jan 11946
Industrial Trust C o., Prov., R. I., trustee.
Gen & ref mtge ser A ______ f 1921
5 J-J
8,065,200 Jan 11951
Gen & ref mtge ser B _______ ( 1921 4 J-J
2,421,600 Jan 1 1951
(R. I. Hospital Tr. C o., Providence, trustee.
Southern County Pub Serv Co assumed—
N a r r a g P E L t& P r is t M .f 1888
5 A-O
19,000 Apr 11939
(The First Nat. Bank of Boston, trustee.
Westerly Lt & Pr 1st M . . j 1907
5 J-D
325,000 June 1 1937
(Union Trust Co., Providence, R. I., trustee.
Conn Val Lumber Co 1st M . J 1919
6 J-D
1,122,500 .June l ’22-33
(The First Nat. Bank of Boston, trustee.
Assumed by N E Pr Assn—
New Engl Co coll tr________ I 1922
6 M -N
2,278,000 M ay 1 1952
(Old Colony Tr C o., Boston, trustee.
1st & ref mtge_____________I 1914
5 M -N
18,200 M ay 1 1954
(Old Colony Trust Co., Boston, trustee.
The Massachusetts Co coll tr j 1909 5 J-D
36,000 June 1 1937
(Old Colony Trust Co., Boston, trustee.
Pref stocks of subsidiaries__________
_________ 26,369,195 __________
Com stocks of subsidiaries_________
_________ 26,618 shs. ___________
Stock.— On Dec. 3 1926 the authorized capital stock was increased by
500,000 additional no par common shares and 200.000 additional pref.
shares. V. 123, p. 2900, 2777.
Bonds.— The New Engl. Power Co. 1st mtge. due July 1 1951 have a sinking
fund to which 1 M % of all outstanding bonds is paid annually on July 1.
Call, whole or part for sinking fund at 105 and int. In Sept. 1923 Baker.
Young & Co., Blodget & Co. and Arthur Perry & Co. offered $2,800,000 at
96i£ and int., to yield over 5 M % . V. 117, p. 1470.
Dividends.— On common an initial div. of 37H c. was paid in Oct. 1926.
(V. 123, p. 1505) and same rate guar, since to and incl. July 1927. In
Oct. paid quar. div. of 50c.
EA R N ING S.— Consol, statement (incl. The Webster & Southbridge Gas
& Electric Co.) for 12 months ended:
J'ne 30 ’27. Dec. 31 ’26.
Gross earnings_________________________________ $27,475,387 $26,662,731
Net after oper. exp., maint., deprec. & taxes______ 9,618,695
8,907,418
Int. paid & amort, of discount___________________ 2,208,541
2,195,585
Minority interest in earnings o f subsidiaries______
152,110
221,769
Preferred dividends of subsidiaries_______________
507,680
507,680
Bond interest & discount amortized—
The Narragansett C o__________________________ 1,430,000
1,386,285
The Rhode Island Public Service Co—Preferred dividends at $2 per share____________
891,304
706,168
Class A dividends at $4 per share_______________
73,696
67,596
Divs. accruing to stockholders of N. E. Pr. Assn__
44,921

ORGANIZATION.— Organized in Massachusetts Jan. 2 1926 as a
voluntary- association. A holding co. of the units in the New England
Power System since Jan. 18 1926, when it succeeded the New England Co.
The principal controlled properties are the following:
Total deductions_____________________________ $5,257,231 $5,136,106
Net consolidated earnings_____________________ $4,361,464 $3,771,311
New England Power C o., V. 123, p. 2777.
1,791,515
Pref. divs. of N . E. Power Assn_________________ 1,887,006
The Connecticut River Power Co. of New Hampshire.
The Rhode Island Public Service Co. and subs, (see separate state­
Balance______________________________________ $2,474,458 $1,979,797
ment), V. 124, p. 647.
Bellows Falls Power Co.
EXE C U TIV E C O M M IT T E E .— Floyd L. Carlisle, George O. Muhlfeld,
Bellows Falls Canal Co.
Philip Young, John R . Macomber and Archibald R. Graustein.
Grafton County Electric Light & Power Co.
OFFICERS.—Pres., Henry I. Harriman; V.-Ps., Archibald R . Grau­
Connecticut Valley Lumber Co.
Lawrence Gas & El. Co. (see separate statement, also V. 12?, p.2900, 3320 stein and Frederick S. Pratt; Treas., Carl S. Herrmann; Sec., Frederick J.
Dunn; Gen. M gr., Samuel C. Moore; Asst. Treas., Arthur E. Pope; Asst.
Hartford (Vt.) Water Co.
Sec., Richard S. Pattee. Corporate office, 50 Congress St., Boston,.
Narragansett Electric Lighting Co. (see separate statement).
Mass.; management office, 35 Harvard St., Worcester, M ass.—V. 122,
United Electric Railways Co. (see separate statement).
p. 481, 3606; V. 123, p. 1505, 1997, 2777, 2900, 3320; V. 124, p. 373, 647,
South County Public Service Co.
2428, 2897, 3057, 3496; V. 125, p. 1580, 1709.
The Webster & Southbridge Gas & Electric Co.
On possible participation in 2,400,000 h.p. development on the St. Law­
rence River, see statement re “ Frontier Corp.” elsewhere in this publication.
In Oct. 1926 stockholders ratified an agreement to purchase the prop­
erties o f Connecticut Valley Lumber Co. to resell the latter co.’s timber
lands to a new corporation, and to retain the water rights permitting the
development o f approx. 160,000 k.w. on the upper Connecticut River.
B y this deal the association also acquired the lakes at the headwaters of
Connecticut River, which will provide storage reservoirs o f 4 billion cu. ft.
to be used for increasing the development o f power at Bellows Palls and at
Vernon. Association was to pay $1,000,000 cash and approx. 96,200 com.
shares N . E. Power Association, the stock to be deliverable in 5 annual
installments, 1927-31, incl., or earlier in case o f development o f FifteenMile Falls before 1931. V. 123, p. 1997.
and
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Association and its subsidiary companies produce, transmit and distribute
electric light and power in or to each o f the New England States, except
Maine, covering a territory o f about 9,000 sq. miles. This group also fur­
nishes gas in the city o f Lawrence, Mass., and nearby towns, and gas in
Bristol, Warren, Westerly, R. I., and Pawcatuck, Conn.
The system serves 250 communities (population about 2,500,000) through
direct sales and other distributing companies. Total electrical output in
1926 over 1,015,000,000 k.w. hours; total gas output over 965,000,000
BO U G H T — S O L D — Q V O T E D
cu. ft. Combined electric generating capacity (incl. Bellows Falls develop­
ment under construction) is 548,300 h.p., of which 223,700 h.p. is hydro­
electric. In addition, the system controls water rights capable of producing
an additional approx. 270,000 h.p. The system’s transmission lines are
connected with those o f other cos. The system owns and operates more than
1,250 miles o f high’tension transmission lines largely steel tower construction
operating at 66,000 and 110,000 volts. Distribution system over 1,090 m.
STOCK A N D BONDS—- Date.
Interest. Outstanding. Maturity.
Com 1,200,000 shs (no par)_ _____
_
_________ 822,705 shs ----------------50 Congress St.
Land Title Bldg.
6% pref $50,000,000 ($100)________
6 Q-J
$31,950,400 Oct’27,1 M %
New Engl Co 1st mtge_______ j 1911
5 J-J
12,234,000 July 11951
B O ST O N
P H IL A .
(New England Trust Co.. Boston, trustee.
Conn River Pr of N H 1st M . f 1907
5 J-D
1,480,000 June 1 1937
(Old Colony Trust Co., Boston, trustee.
Bellows Falls Pr coll trust_____J1922
5 J-J
559,000 July 11942
(Old Colony Trust Co., Boston, trustee.




New England Power
Association
Subsidiary Companies’
Securities

Baker, Young & Company

59

POW ER, LIGH T AND R A IL W A Y

Oct., 1927.]

Middle and Middle Western
PO W ER , LIGH T A N D R A IL W A Y

EARNINGS.— For calendar years:
1926.
Earns, on stocks of sub.
companies owned___ $5,393,213
Miscellaneous earnings. 2,446,772

NEW YORK
AMERICAN L IG H T & TRACTIO N CO.
ORGAN IZATION .— Incorp. in N . .T May 13 1901. V. 72. p. 724. 871.
.
987; V. 73, p. 235, and V. 75, p. 343. Among the companies affiliated
with Am. Lt. & Tr. Co. are:
Milwaukee Gas Light Co., Grand Rapids (Mich.) Gas Light Co., Kent
County Gas Co., Madison (Wis.) Gas & Elec. Co., St Joseph (M o.) Gas Co.
Binghamton (N. Y .) Gas Works, Detroit City Gas Co.; San Antonio P. S.
Co. (V. 105, p. 390); Muskegon (Mich.) Traction & Lighting Co., and
River Rouge Co. of Detroit, M ich.; South Texas Public Service Co. (San
Antonio); Gas Office Co., Detroit; Muskegon Heights (Mich.) Gas Co.;
Lakeshore Gas Co. (Milwaukee); West Allis Gas Co. (Wis.); Wauwatosa
Gas Co. (Wis.); Wisconsin Eastern Gas Co., (Milwaukee). The Comal
Power Co.— V. 121, p. 196; V. 121, p. 583— has recently sold its interests
in St. Paul Gas Light Co., South St. Paul Gas & Electric Co. and St.
Croix Power Co. to H. M . Byllesby & Co. V. 122, p. 740. In Aug. 1927
announced acquisition of controlling interest in the Washetnaw Gas Co.
(Ann Arbor, M ich.). V. 125, p. 1050.
New Directors Elected.— See V. 122, p. 1606.
STOCK AND BONDS.—
Date. Interest. Outstanding. Div. Payable
See text
Common $101,000,000 ($100)______ ______ $52,163,700
P f6% cum $25,000,000 ($ 1 0 0 ).____ 6 Q-F
14,236,200 F e b ’2 7 ,1 ^ %
Stock.— In June 1927 authorized common stock was increased from
$40,000,000 to $100,000,000, par $100. V. 124, p. 3349.
DIVS. (% ) f ’05. ’06. '07. ’08. ’09. ,10.,11-’ 19. ’20. 1921 to *F eb’25.
•Com.(cash)] 3 X
4}4 5H 614
9
9M 10 yly. 7H 4 yly. (Q-F)
•do (stock) l - -- . .
12}4 10 10 yly. 8 14 4 yly. (Q-F)
• In May, Aug. and Nov. 1925 and Feb. ‘26 a quarterly cash dividend of
1 % % was paid on common. Previously quarterly dividends of 1% in
cash and 1% in stock were paid. V. 120, p. 1879. In May, Aug. and Nov.
1926 2% quar. and in addition in M ay 1926 an extra div. o f 2% . V. 122,
p. 2037; V. 123, p. 1872. In 1927, Feb., 2% ; in June paid 50% in common
stock; July, 2% in cash.
Pref. divs. have been paid regularly since organization.

1925.

1924.

1923.

$6,284,001
1,480,232

$4,944,205
1,148,913

$3,624,924
885,746

Gross earnings_______ $7,839,985 $7,764,233 $6,093,118 $4,510,670
Expenses and taxes____
565,743
400,299
418,558
301,016
Int. & disct. on 6% notes
______
40,204
180,611
300,611
Balance, surplus____ $7,274,242 $7,323,730 $5,493,949 $3,909,043
Previous surplus---------- xl7,157,473 13,103,143 10,977,786 10,338,927
Total surplus________ $24,431,715 $20,426,874 $16,471,735 $14,247,970
Preferred dividends____
854,172
854,172
854,172
854,172
Common cash dividends 3,481,045
2,390,642
1,257,210
1,208,006
Stk. divs. on com. s t k ..
______
146
1,257,210
1,208,006
Surplus and reserve..$20,096,498 $17,181,913 $13,103,143 $10,977,786
x After deducting $24,441 adjustment in reserve account.
Latest Earnings.— For period ended June 30:
1927— 6 Mos.— 1926.
1927— 12 M os.— 1926.
Gross earnings__________ $2,073,102 $1,855,112 $7,735,676 $8,132,064
Taxes-------------------------60,000
60,000
240,000
183,000
117,622
63,581
397,937
267,015
Expense_____ _____
Balance for period ending J une 30________ $1,895,480 $1,731,532 $7,097,738 $7,682,050
Surplus and reserve at
beginning of period .. . 20,031,314 17,457,739 xl8,255,049 14,757,986
Total surplus & r e s ...$21,926,794 $19,189,271 $25,352,787 $22,440,036
Amt. tr. to sur. & res..01 0,00 0,00 0
______ 010,000,000
______
Cash div. on pref. stock.
313,543
213,543
854,172
854,172
Cash div. on com. stock. 1,043,306
696,238
3,828,670
3,306,374
Stock div. on com. stock 17,409,800
______ 17,409,800
______
Sur. & res. June 3 0 ...$ 1 3 ,260,145 $18,279,490 $13,260,145 $18,279,490
x After deducting $24,441 charged to reserve in December 1926.

American Light & Traction Company
(Organized in 1901)

Controlling, through its ownership o f stock,

Public Utility Properties
Serves a population of
2 ,8 5 0 ,0 0 0 w ith G a s
310,000 w ith E le c tric ity
29 5,000 w ith S tre e t R a ilw a y Service

In 1926
Gas Sales increased 12.6%
Electric Sales increased 21.6%
Passengers carried by Street Railways increased 5.6%

American Light & Traction Company
120 B ro a d w a y




N ew Y o r k C ity

60

PU BLIC U T ILIT IE S

Earnings of subsidiaries for calendar years:
1926.
1925.
1924.
1923.
Total revenue_________ $35,133,266 $36,081,289 $32,970,548 $31,054,578
Net aft. taxes & retire'ts $9,182,970 $10,127,946 $8,272,590 $6,792,882
Int. & amort, o f bd. disc. 3.398,240
3,473.935
3.143.280
2,947.453
Miscell. deductions_____
53.208
19.012
20.972
22.382
Surplus & reserve adjust. Crl52,559
Cr180,424 Cr200 962
Cr70.448
Amt. appl. to min. in t-.
41.141
38.441
32.975
38.480
Preferred dividends____
449,727
492.980
332,120
230.091
Applic. to Amer. Lt.
& T rac. C o................ .$5,393,213 $6,284,002 $4,944,205 $3,624,924
OFFICERS.— Chairman o f Board, Alanson P. Lathrop; Pres., R. BBrown: V.-P., W. F. Douthl-t: V.-P., Treas. & Sec., James Lawrence'
Asst. Sec.-Treas. & Aud.. T. M . Leahy; Asst. Sec.-Treas., F. M. Dennis;
Asst. Sec.-Treas., R. B. Martin; Asst. Aud., B. T. Franck. New York
office, 120 Broadway— V 120, p 207, 697, 1088, 1455. 1879: V 121. p
196, 583, 704, 2035, 2270, 3129; V 122, p 740, 1606, 2037, 2797: V 123,
P 708, 1872, 2258. 2389, 3035; V 124, p 503, 642, 785, 2117, 2425, 2745,
3349, 3494; V 125, p 244, 778, 1050

AMERICAN SUPERPOWER CORP.
ORGANIZATION A N D CHARACTER OF BUSINESS.— Organized
In Delaware Oct. 26 1923 with broad powers to acquire and hold securities
o f electric power and light and other companies, to construct, operate or
lease power stations and transmission lines and to act as fiscal agent for
electric power and light properties.
Corporation has acquired as diversified permanent investments common
stocks of a number of successful and progressive companies in the electric
light and power business. The primary source of its earnings is the divi­
dends on these stocks. In addition, it has received fees in connection with
the underwriting o f offerings of additional stocks of certain of the companies
in which it Is interested, and has sold at substantial profits certain of its
holdings. Corporation is primarily Interested in the development of the
electric power and light industry although corporation is not limited by
its charter as to character o f investments it may make.
The Corpora Hon owns substantial interests in the following companies:
Public Service Corp. of N. J.
|
Consolidated Gas, Elec. Light &
Commonwealth Power Corporation.
Power Co. of Baltimore
Penn-Ohio Securities Corp.
Middle West Utilities Co.
United Gas Improvement Co.
American Power & Light Co.
Southeastern Power & Light Co.
Columbia Gas & Electric Corp.
Electric Power & Light Corp.
Utility Shares Corporation.
United Illuminating Co.
Brooklyn Edison C o., Inc.
The United Light & Power Co.
The Detroit Edison Co.
American Gas & Electric Co.
Elec. Bond & Share Secur. Corp.
Penn-Ohio Edison Co.
____________ Foreign Power C o., Inc.
American &
It also has holdings in several other companies
STOCK AN D BONDS—
Date.
Interest
Outstanding. Maturity.
Com Cl A 600.000 shs (no p a r ) . ____ _______
233 695 shs. See text
Com Cl B 1.500,000 shs (no p a r ) ____ _______
750 000 shs. See text
1st pref 200.000 shs (no p a r ) . . ____ $6 Q— J
160.000 shs. Apr’27 $1 50
Part pref cum $7,500,000 ( $ 2 5 ) ____ See text
$6,847,950
See text
Stocks.— The 1st pref. stock Is red., all or part, upon 60 days notice at
$110 and div. In case o f dissolution or liquidation, whether voluntary
o f involuntary, receives $100 and divs. before any payments are made to
any other stock
No voting power except upon failure to pay 4 successive
quar. divs. In Sept. 1927 add’ l 25,000 shs. of 1st pref. (no par) were offered
at $98.50 per share and accrued div., to yield about 6.10%. V. 125, p. 1705.
The partic. pref stock bears cumulative dividends at the rate of 7%
per annum, payable Q.-F. In any year In which more than $1 per share is
paid on the common stock, the partic. pref. stock is entitled to receive 1%
additional (making a total o f 8% for such year). Is preferred as to assets
($25 and divs.) and divs. over common stock. Red., whole or part on 60
days’ notice at $30 and accum. divs. Is non-voting. Class A and class B
common stocks are alike in all respects except that the class B stock has the
sole voting power. The option warrants entitled holders thereof to. sub­
scribe for a like number o f class B common shares at $10 per share.
Stock Increase.— In M ay 1927 authorized 1st pref. (no par) was increased
from 100,000 shs. to 200,000 shs. and class B com. stock (no par) from
750,000 shs. to 1,500,000 shs. V. 124, p. 3065.

[V ol. 125.

Dividends.— On the 1st pref. stock, July and Oct. 1925, paid $1.50,
In 1926. $1.50 quar. and same div. quar. since. On the partic. pref. stock,
quar. in Nov. 1925; in Feb., May and Aug. 1926 paid 50c. An
extra div. of 1% in Nov. 1925. In 1926. Feb. 2% May. 2% : Aug., 2% ;
N ov., 2% . V. 122, p. 346. On class A and class B common in N ov.
1925 an annual div. of $1.50 was paid, payable in partic. preferred stock
to holders of record Oct. 15 1925. In April 1926 an initial cash div. of
30c. was paid on class A and class B stocks and regularly quarterly since.
V. 122, p. 881. In addition paid an extra div. of 50c. in Dec. 1926, payable
in participating pref. stock.
EARNINGS.— For 12 months ended June 30:
m ,.
1927.
1926.
Total income---------------------------$3,049,062 $3,704,309
Taxes (including Federal taxes)__________________
110.263
299,199
Expenses-----------------------------------------------------------24.019
30,636
Net income___________________
First preferred dividend_________
Participating preferred dividends.
Common dividends______________

$2,914,780
589.300
487.993
1,645.368

$3,374,474
441.083
369.534
1.913.685

$192,119
$650,172
Surplus-------------------- ------------- -------------------D IR E C TO RS.— William W. Bodine, B. C. Cobb, George E. Hardy,
Alfred L. Loomis, Thomas N. McCarter, Sidney Z. Mitchell, T. B.
Macauley, William Spencer Murray, George Roberts, Horace S. Scarritt,
Richard Schaddelee, Ray P. Stevens. Henry L. Stimson, Landon K'
Thorne. Percy S. Young — V 120. p. 1324, 2398, 3063, 3184; V. 121 p.
1346, 1458; V. 122, p. 346. 881. 2797. 3336; V. 123, p. 2136; V. 124. p. 641,
2745, 3065; V. 125, p. 244. 1578, 1705.

CITIES SERVICE CO.
Management.— The management of the subsidiaries of Cities Service Co.
is supervised (under the direction and control o f the boards o f directors of
the local companies) by Henry L. Doherty & Co.
ORGAN IZATION .— Incorp. In Delaware Sept. 2 1910 as a holding
company for stocks and bonds of electric light and power, natural and arti­
ficial gas, steam heating, water, electric railway and kindred properties.
In Nov. 1924 Cities Service Power & Light Co. acquired from Cities Service
Co. its entire holdings of common stocks of electric power and light com­
panies and substantially all its holdings of common stocks of gas distrib­
uting and street railway companies. Cities Service Co. owns over 90%
of the common stock of Cities Service Bower & Light Co. V 119 n 2178.
In July 1927 announced acquisition of C. H. Lockwood Oil Co. of Kenosha,
Wis. V. 125, p. 647.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Cities Service Co. has more than 100 subsidiaries which stretch across the
continent from Atlantic to the Pacific coast and from lower Canada Into
Mexico. More than 60 of these companies are public utilities serving gas,
electric light, power and railway service, heat, ice and water to a population
of more than 3.000,000 in over 600 communities, divided over 17 States and
the Dominion o f Canada. Total installed capacity of electric plants over
725 000 h p. Over 30 companies own natural gas and oil producing, trans­
porting, storage, refining, and marketing properties. The o r in c i r e 1 oil
properties produced daily in 1926 about 33,000 barrels of crude oil 65,000
barrels daily during the first half of 1927 and operate more than 1,000 miles
of pipe lines and 7 refineries. Among the more important public utility
companies owned, directly or through subsidiaries, are: Ohio Public Service
C o., Toledo Edison C o., Public Service Co. of Colorado, Kansas City Gas
C o., Empire District Electric Co. and St. Joseph R y .t L t., Ht. & Pr. C «
For additional acquisitions, see V. 124, p. 233.
Company also owns important buildings in the business district of New
York City, viz.: Nos. 60 and 62 Wall Street, the Chesebrough Building,
Maritime Building and Annex, and the Battery Park Building.
Henry L. Doherty & Co closed in June 1926 a contract for exclusive oil
exploration covering 5,000,000 acres, or practically all of the area having
oil possibilities in the Province of Nova Scotia, Canada. Previously (in
1925) co. had secured by contract the rights to the entire Province of Prince
Edward Island. In 1926 also contracted for the exploration, rights covering
the Island of Pictou. off the Nova Scotia coast. V. 123. p. 81.

Your Money is Invested in an Organization
Serving 3 0 0 0 Communities
Through its more than 100 subsidiaries the
Cities Service organization supplies 3,000 cities
and communities with every day necessities of
modern life. Millions of people, thousands of
industries and an army of motorists in 32
states depend on Cities Service for essential
services and products in three great industries
—electric light and power, manufactured and
natural gas and petroleum.

Turbine room of the Acme Power plant of the
Toledo Edison Company, a public utility sub­
sidiary of the Cities Service organization.

You participate in the success of this wellmanaged $650,000,000 organization when you
own Cities Service Common stock; and, at its
present price, an investment in it yields you
over 834% in cash and stock dividends.

6 0 WALL ST.
B R A N C H E S IN

H EN RY L. D O H E RTY
& COM PANY
60 W all S t., New York
Please send me full information
about Cities Service Common
stock and the $650,000,000 or­
ganization behind it.




NEW YORK
P R IN C IP A L CITIES

As o f Dec. 31 1926 Cities Service Co. subsidiaries owned 330 miles of track,
661 cars. 1,876 miles o f artificial gas mains (on 3-inch basis), 7,727 miles
of natural gas mains, 1,766 gas wells and 4,456 oil wells. During 1926
carried 74.104,439 passengers, sold 8,392,616.000 cu. ft. o f artificial gas,
64,902,813,000 cu. ft. o f natural gas and 1,307,477,634 k.w.h. o f electricity
and produced 12,065,749 barrels o f oil.
Sale of Brush Electric Co. in March 1926 to Galveston-Houston Electric
Co. See this latter co. V. 122. p. 1309.
Acquires Lake Shore Power Co.— In Sept. 1926 acquisition of Lake Shore
Power Co and its subsidiary Toledo & Indiana Internrban was reported
For other acquisitions and new construction, see V. 123, p. 1873; V. 124,
p. 233, 505.
CAPITALIZATION OF SUBSIDIARY COM PANIES.— The following
table shows the securities o f the subsidiary companies owned or controlled
by the Cities Service Co. as o f Dec. 31 1926:
-Bonded Debt----------------------- StockCities
Amount
Bonds
Outstanding. Service Co. Outstanding.
$

Atlantic Realty Corp--------------------Buchanan County IT Trans -----------Carson Petroleum C o _____
________
Carson Petrol Co (T ex)._ ________
Petrol Import & Expt Co
-----------♦Central Ohio Gas & El C o.
-----------•Chesebrough Building C o . 3,595,500
Cities Fuel & Power Co------ -----------Empire Pipe l ine Co------ -----------Franklin Co Pipeline C o . ________
Gulf Coast Corp________
________
Holden Evans SS C o------ -----------Lagunita Oil C o________
________
Preferred stock_______
________
Tampa Oil Co________
________
National Petrol Corp____ ________
N Y & North Gas C o....... ...............
Mfrs Natural Co, L td. ________
Northwest N Y Gas Co ________
Republic!.. H & P C o
250,000
South Fuel & Ref C o____ ________
Cities Service Export Oil Co ________
Cities Serv Oil Storage Co ________
Cities Service Oil Co (Ohio)
405,000
Cities Service Pow & Lt Co 29,312,500
ITeferred stock--------------------Adrian Street Ry C o____ ________
Arkansas Valley Gas C o. -----------Atlas Chemical Co______
________
Bartlesville Gas & El C o .
687,000
Bristol Gas & Electric Co
481.000
Capital Gas & Elec C o . . . 1,100,000
1 referred stock---------------------Citizens Gas Fuel C o____
386,000
City I ight & Trac C o . . . 2,095,000
Cumberland & W esternport Transit C o-------------------Preferred stock_________
________
Danbury & Bethel Gas &
Electric Light C o_____
756,000
Preferred stock----------- -----------Durham Pub Service C o . 1,900,000
-----------Preferred stock---------Electric Bond Deposit Co ________
1 referred stock--------------------Ozark Pow & Wat C o . 2,000,000
Preferred stock-----------------Empire District Elec C o . 3,928,000
1Tel erred stock--------------------Carthage Gas C o _____
75,000
Preferred stock-----------------W ebb ( ity & Carterville Gas C o________
145,000
Fremont Gas Co________
41,000
Kansas < ity Gas Co____ 3,869,506
Preferred stock---------------------Knoxville Gas C o_______
410.000
Preferred stock--------------------Ohio Public Service G o .. 27,914,6.34
ITeferred stock--------------------Public Service Go o f Colo 40,970,400
Preferred stock--------------------Cheyenne ligh t, Fuel
& Power C o________
________
Eastern Colo Power
& Irrigation C o-----------------Preferred stock------------------United Hydro-Elec Co -----------Preferret! stock____
________
GreenACTearl.akesCo ________
Pueblt Gas & Fuel C o_
_
637,600
St Joseph6! y ! lCkH'&'FCo
Preferred stock---------Spokane Gas & Fuel C o ..
1 referred stock_______
Summit ( ounty Pow C o.
Toledo Beach C o_______
Toledo Casino C o_______
Toledo Ottawa Beach &
Northern Ry C o______
Toledo Trac, I t & IT Co
1 referred stock---------.Anchor Realty C o-----Toledo Edison C o------Preferred s t o c k ____
Toledo Suburb El C o ..
( itizens Lt & IT C o .
Preferred stock_____
Watauga Power C o_____
W estern Distributing Co
Wyandotte Co Gas C o ..
Preferred stock_______
Cities Service Refining C o .
Preferred stock_________
Cities Service Ref Tr Co
Puritan Petrol C o______
Cities Service Tank Line—
Cities Service Transp C o ..
Cia de ((as y Combustible
"Im perio." S A _________
Cia En n ex de Petrol y Gas
Cia Term3 “ Imperio." S A
Cia de Terrenes l ’etroliferos
“ Imperio." S A ________
Cok rado-V yoming Gas Co
Consol Cities I t, lT&Tr Co
Crew-I evick Co__________
I referred stock_________
Doherty Club, Inc________
•Dominion Gas C o________
Brantford Gas C o_______
Di n inion Nat GasCo.Ltd
t'nited Gas Go, Ltd------Electric Utilities C o---------Empire C as & Fuel Co (Del)
1 referred stock---------American Eagle Oil C o ..
American Pipeline C o —
Cities Serv Oil Co (D e l)..
Cities Serv Oil Co (III)_
_
Cities Serv Oil Co. L t d ..
Cities Serv Oil Co (W Va)
Consumers Gas C o______
Empire Gas & F Co(Colo)
Empire Gas & F Co (Ky)




61

POW ER, LIGH T AN D R A IL W A Y

Oct., 1927.]

5.695",666
-----------1,643,000
________
333,000
________
145,000
450.000
8,533,060
----------------------19,565,400
________
________
________
________
300.000
________
1,548,000
________
6.000
________
135,405
________
548.000
2,560,600
________
________
________
________
______ _
10.000,000
4,384,300
________
150,c60
5,006,000
85,000
---------------------------------58,694,400
-----------________
-----------________
________
________
300,000
________
________
________

$

a 10.000
<732,800
cl .942,950
c5,000
cl .700.000
a2.500,000
ol .200,000
alO.OOO.OOO
525.000
/100.000
5850.000
al ,000,000
a600,000
alOO 000
020.000
1595.000
alO.OOO.OOO
a200,0C0
a99,600
17,000 a3,374,600
1695.000
al ,074,100
<7125,000
332.351
a837,200
5,500,000 a65,000,000
________ alO.OOO.OOO
a30,000
a 150,000
a2,000,000
C443.550
a300,000
gl .063.086
500.000
0243,192

xlOO
xlOO
99.916
99.942
100
xlOO
x99 995
x96.15
x99.95
x82.25
xlOO
xlOO
X94.932
xlOO
x99.65
xlOO
xlOO
X94.223
99.916
xlOO
99 892

a 1,00 0 .0 0 0

92.497
100.44
X98.333
X99.533
x99 975
x99 938
X99.833
x99.91

xlOO
x99.976
x99.93

(7956,500 x71.908
x510
(7364,500

22,000

______
______
x3.000

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

C600.000 X99.954
C400.000
a300,000 x99.7
a3C0,000
a l,500,000 x99.82
1,500,000 x90.99
a 1,500,000 x83.95
500.000 xlOO
a.3,000.000 x99.95
a3,752.900
_____
a 100,000 xlOO
100.000 xlOO
a300,000 xlOO
a 137.300 x70.867
n812.500 x92.628
5,817.000 x l3 29
a300,000 x86.166
100,000

............ 07.689.000
______
12.697,100
______ a20.800.000
---------9,586,677

xl7 .3
x99.978

x99.989
xl5.64

a l,500.000 xlOO
a 10.000
10.000
a200,000
200.000
a25,000
C300.000
402,300
a3,500.000
1.560,000
a2.000,000
300.000
a500,000
C5.000
a4,000

xlOO
xlCO
xlOO
xlOO
xlOO
x99.833

a 1.500.000
a7,849.093
6.723.025
a 10.000
a 13.875.000
10,956.300

x99.967
x98 364
x96.85
x95
x97.902

:100

x95117
xl .92
x99.91
z90.56
x76.1
x98.5
x87.5

(7500,000

x 99.90

MOO.000
/?50.000
1)50,000

100

a75.000 x99.07
25.000 100
a300,000 x99 833
a 175,000 x99.6
a 187.500 x92.746
700.000 x26 47
57 805
(71.797.975
2.385.000
13.27
elO.OOO xlOO
(7100 xlOO
a 1,000.000 100
99.93
a 1,000,000

________
650,000
________
al.000
20,000
a251.100
________ a3.001.500
...............
3,500,000
..............
a 100.000
________ a3,000.000
3.000
<7121.820
............... a l.376,120
________
a.300,000
________
<7100,000
6.000 a75.000,000
.............
34.165,722
c32.000
________
O50.000
-----------a800.000
________
a 1.000
...............
a350,000
...............
a 100.000
________
C60.000
________
al ,700
...............
alOO.OOO

99.7
99 97

100
99 8
99.562
99.963
100
100
99.983
x86.620
x99.962
x96
100
99.994
58.8
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO

-Stock-Bonded Debt-----Amount
Cities
Bonds
Cities
Outstanding. Service Co. Outstanding. Serv.Co.
$
%
............... a l .000.000 xlOO
Empire Gas & F Co (Me)
________
alOO.OOO xlOO
Planet Petroleum C o ..
Empire Gas & Pipeline Co
________
a5,060 xlOO
________ a2,000.000 xlOO
Empire Gasoline C o_____
_________ al0,574,000 xlOO
Empire Natural Gas C o.
Winfield Nat Gas C o ..
________
alOO.OOO xlOO
Empire Petroleum C o_
_
________ a2,000,000 xlOO
Empire Refining Co (Del)
_________ alO.OOO.OOO xlOO
Empire Pipeline C o _
_
________
________
a500,000 xlCO
New Oil Processing C o .. ________
________ al .400.700 xlOO
Star Oil Processing C o_
_
________
________
...............
a300,700 xlOO
Fifty-Nine Osage Oil C o. ________
________
/25.000 xlOO
Indian Territory Illumi­
nating Oil Co________
________
________ / 7 . 101,179 x68.108
Delmar Oil C o_______
________
________
/10.000 xlOO
Osage Distributing C o . ________
________
a77,000 xlOO
Osage-ProducersGasCo ________
________
/50.000 xlOO
Pawhuska Oil & Gas Co ________
________
/250.000 xlOO
W esterly Oil C o______
’
________
________
/1 0,000 x87.5
Kansas Natural Gas C o .. ________
________ 66.000,000 x99.833
Midland Oil C o_________
________
________
a500,000 xlOO
Steyner Oil C o_________
________
________
al78,000 xlOO
EmpireGas&FuelCo(Ohio)
________
________ a2.000,000 99.975
Empire Leasing & Drill Co ________
________ a l.000,000 100
Empire Oil & Gas Co, Inc. ________
________ a3,000,000 100
Empire Refining Co (III)_
_
________
________
a500,000
99.86
Empire Refining Co (M e). .
________
________
a.500,000 100
a 145.150 x51.74
Northern Oil & Fuel Corp ________
________
Westo-Eastern Oil C orp. ________
________
(7163,650 x51.864
a50,000 100
Gas Service Co___________
________
________
a550.000 xlOO
Hutchison Gas Co______
543.000
________
Newton Gas Co__
_
247.060
________
a250.000 xlOO
Pittsburg Gas C o_______
465.006
________
a.500,000 xlOO
Wichita Gas Co________ 2,466,600
________ a2.500,000 xlOO
Grand River Valley RR Co ________
________
(7563.385
99.99
H L D Realty Corp______
500.060
________ al .000,000 100
Interstate Oil C o_________
________
________
C442.775 100
Joplin Gas C o____________
300.600
________
a300.000 100
Kan-Okla Gas C o_________ 1.875,000
a501,000
99.9
Lake Shore Pow-er C o_____ 1,278,666
________
(710.000 100
Preferred stock_________
________
________
483.400
49.62
Toledo & Indiana RR Co
45.384
________
(7697,061 xlOO
Toledo & Indiana Bldg Co
40,660
________
a9,000 xlOO
Lakeside Construction C o .. ________
________
(710,000
100
LawTence Co Wat L & Cold
Storage C o_____________
225.000
________
a250,000 100
Preferred stock_________
________
________
100.000
______
Natural Gas & Fuel C o r p .. 2,000,006
2,066,600
(7958.504
66.663
Oil Warehouse Co, Inc____ ________
________
______
a2,500 100
Republic Construction C o. ________
________
______
a 1,300 100
Rushville Elec Lt & Pr Co
______
alO.OOO 93
Sixty Wall Street_________ 3,737,500
______
al .000,000 100
•Southern Ont. Gas C o, Ltd 4,006.000
84,000 a4.987.800
80.196
Taney Light & Water C o ..
________
_______
O25.000 96 4
Union Public Service C o_
_
884.000
.............
a200.000 98.75
Preferred stock_________
________
---------135,000 30
Securities of sub co’s____
212,461
............
839.000
...........
Preferred stock_______
________
_______
75 000 x98
Western Okla Gas & Fuel Co ________
............
alOO.OOO 99.5
Total..................................259.491,384

7,984,351 439,217,914

Symbols.— Par value of stocks: a $100; 6 $50; c $25; d $20; e $5.25 / $1:
5 no par value: h $5; i $10.
* Securities subject to mtge. of Consolidated Cities Lt., Pr. & Trac. Co.
x Owned by Cities Service sub-holding companies,
z Owned by New York & Northern Gas Co.
i I
Summary of Capital Stock and Funded Debt of Sub. Cos. as of D ecT S fl 926?
Common
Preferred
Bonds and
Stock.
Stork
Funded Votes.
Owned directly by Cities Serv. C o .$178.549.165 $24,243,952
$7,984,351
Securities owmed by sub-hold’g cos. 148.071,961 12,746.871
7.572.451
Bonds and funds in sinking fund_
_
________
________
5.983.422
Outstanding in hands of public____
5,157,925 70,454.102 237.951.160
Total-------------------------------------- $331,778,991S107,438,925 $259.491.384
Natural Gas & Fuel Corp. and H. L. Doherty & Co. sued in connection
with oil properties purchased in 1924. See V. 122, p. 3454, under heading
“ Natural Gas & Fuel Corp.”
STOCK AND BONDS—
Date.
Interest.Outstanding. Divs. &
lat.
Com stock ($20) $400,000,000 ____
Monthly $80,467,695
See text
Prof stock $8 cum ($l60)
$150,000,000 ____________ ______
Monthly 1,030.647 shs.
See text
Pf BB stk $6 cum $6 0,00 0,00 0.____
Monthly 57.754 shs. ___________
Pf B stk 60c cum $46,000,000 ____
Monthly
413 776 shs.
See text
Ref. 6% gold deb. bonds) 1925
6% M-N 18.902 248 Jan. 1 1966
($1,000-$500-*100c*)
tffC bnt Pheuix Nat. Bk
< e Trustee.
“
Ref 5% gold deb bonds ($1,-) 1927
5% M-S
15,000,000 Jan. 1 1966
000, $560 & $106 c * )___ tf/Prin. & int. payable at N. Y ., Chic. & S. Fr.
Bankers' shares (par $10)___ r ____
See text
x
See text
Dividend scrip____________________
See text below
x Included in common stock outstanding.
Slock.— On Nov. 17 1919 an amendment was made to the charter which
provides that the company shall have the right to redeem its first pref.
stock, all or in part, at 112. Preference B and Preference BB stocks are
redeemable, all or in part, at 106. V. 109, p. 1990. All classes of stock are
listed on the Boston Stock Exchange. V 126. p 85. On April 28 1925
stockholders voted to change the par value of the common stock from
$100 to $20 per share, each old share being exchangeable for 5 new shares.
Cities Service bankers' shares of $10 par value exchangeable two for one
share of the new $20 par value common stock. V. 120. p 2267.
Tn Mar. 1925 all of the common cash and common stock scrip dividends
which had theretoforp been issued in lieu of cash and scrip were redeemed,
thereby increasing the amount of common stock outstanding to approxi­
mately $71 000.000. V. 120. p 2267.
In March 1926 Pearsons, Taft C o., Henry L. Doherty & C o., &c., &c.,
offered 250.006 common shares (par $20). each share having 1-5 of a vote, at
$42 in connection "Mth <<nversion of convertible debentures
•
V. 192,
p. 1607. In Jan. 1927 Pearsons-Taft Co., Henry L. Doherty & Co.. Defremerv & Co and Russell-Colvin Co. sold 250,000 common shares (repre­
sented by conversions of convertible debentures) at market to yield in cash
and stock dividend over 8% . V. 124, p. 642. In Sept. 1926 Pearsons,
Taft Co.. H. L. Doherty Co., &c.. sold 50.000 shs. 6% cum. pref. stock
at market.
Dividends.— Divs. on the pref. stock commenced with the date of or­
ganization Sept. 2 1910 and were paid monthly at the rate of 6N per annum
through Aug. 1 1914. Divs. at the same rate were resumed on Feb. 1 1916
and the accrued accumulated divs. were paid in convertible debentures,
practically all of which have since been converted. Cash divs. paid regu­
larly to and incl. June 1 1921. Divs. were then paid in non-interest bearing
scrip up to Sept. 1 1922, when cash divs were resumed. The scrip was
redeemed either through payment in cash or conversion Into 8% conv.
debentures “ E .”
V. 115, p. 649
Subsequent divs. of 50c monthly
have been paid regularly in cash. An initial div. of
of i -/„ was paid
Jan. 1 1920 on the 6% Preference B stock. Same rate paid regularly to
tnd incl. June 1921. Divs. were then paid in non-in terast-bearing scrip
up to Oct 1 1922, when cash divs. were rasumed. The scrip was redeemed
dither through payment in cash or conversion into 8% conv. debentures
” F, " V 114 p 649 873
Subsequent Hv idends of .05 monthlv have
been paid regularly in cash. On pref. BB stock an initial div. was paid
Nov. 1 1922 of 50c cash and paid regularly since. Cash divs. on com.
stock b9gan with the date of organization. Sept. 2 1910. and were paid
monthly up to Aug. 1 1914 at the following rates per annum: 3% . 1910;
3% . 1911: 4% , 1912; 5% , 1913; 6% . 1914, and were then suspended until
Jan. 1 1916. at which time a distribution of 9% of convertible debentures
was made, and on July 1 1916 a further distribution of 3% of conv debs.
From that time to and incl. June 1 1921, cash divs. were paid on the c.<m.
stock at the rate of 6% p. a. Divs. were than paid in non-interest- earing
scrip to March 1 1925, when monthly cash divs. were resumed at the
rate of H of 1% monthly, and common cash scrip was redeemed in cash.
Regular cash divs. paid monthly thereafter to date. V. 120, p. 451. On

63

PU BLIC U TILITIE S

Sept. 1 1916 a div. of 2% in com. stock was paid and on Dec. 1 a div. of
4% in com. stock was paid. During 1917 co. declared a dividend of 6%
payable in com. stock in 1918, 9% in com. stock, and in 1919, 12% in com.
stock. The co. paid a div. o f 1 % % in com. stock on Feb. 1 1920, placing
the div. at an annual rate of 15%. Stock divs. at this rate were paid
regularly to and incl. June 1 1921.
Divs. were then paid in non-interest
bearing scrip at the rate o f 15% per annum, to Feb. 1 1925, when all com.
stock scrip was converted into com. stock. V. 120, p. 451. On March 1
1925 a regular monthly div. o f A % in cash and V % in comm, stock was
>
paid. V. 121, p. 2037, 2519. Similar monthly divs. (of X % cash and
A
% % in com. stock) ere paid in 1926 to and incl. N ov. 1927.
Divs. (cash) on “ Bankers’ Shares” : In 1919, $4.11; in 1920, Jan., 46.1c.;
Feb., 55.9c.; March, 54.7c.; April, 50.2c.; May, 53.8c.; June, 49c.; July,
46.2c.; Aug., 45.6c.; Sept., 42c.; Oct., 40.75c.; N ov., 41.5c.; D ec., 43.5c.;
In 1921, Jan., 39c.; Feb., 34c., March, 36% c.; April, 35c.; May, 35c.;
June, 35.5c.; from July 1 1921 to Feb. 1 1925 dividends on B. 8 were paid
in scrip at the rate of 12V^c. par value stock scrip and 5c. in cash scrip per
share. On Mar 1 1925 all scrip was redeemed and cash dividends were
resumed on bankers’ shares as follows: Mar. 1925, 15 1c.; April, 15.1c.;
M ay, 13 75c.; June, 14c.; July, 14.5c.; Aug., 14 6875c.; Sept., 14.84375c.;
Oct., 14.5725c., N ov. 1925, 14.40625c.; Dec., 14.71875c. In 1926: Jan.,
14.625c.; Feb., 1 4 ^ c .; March, 14.625c.; April, 15.125c.; May, 15.0625c.;
June, 15.28125c.; July, 15.125c.; Aug., 15.40625c.; Sept., 15.375c.; Oct.,
16.09375c. N ov., 16.21875c.; Dec., 17.00c. In 1927: Jan., 17.25c.: Feb.,
17.625c.; M ar., 18.75c.; Apr., 19.50c.; May, 17.90625c.; June, 16.625c.;
July, 16.5c.; Aug., 16.34375c.; Sept., 16.34375c.
"Bankers” Shares.” - There were deposited with the Bankers Trust Co.,
—
N. Y ., 30,00o shares (par $100) of com. stock of the co., against which were
issued 300,000 non-voting ctfs. known as “ Bankers’ Shares,” each share
representing l-10th of a share of said com. stock Holders of the Bankers'
shares had the right to surrender their holdings and receive therefor 1 share
of com. stock ($100) for each 10 shares of Bankers’ shares deposited prior to
July 1 1921. The stock divs. accruing to the com. stock deposited were sold
each month and the proceeds, together with the cash divs. on such stock,
paid the holders of these Bankers' shares each month. Beginning July 1 1921
all divs. were paid in scrip, which was redeemed in March 1925 and cash
divs. resumed. Additional shares may be issued at the option of the
company or IJ. L. Doherty & Co., its fiscal agents. V. 108, p. 881.
Refund. 6% Gold Deben. Bonds.— Call, all or part on 30 days' notice at
104 & int., incl. May 1 1962, thereafter at 1% less each year or part thereof.
Interest payable in New York and Chicago. Penn. & Conn 4-mill tax,
Mass income tax up to 6% , Maryland 4 Vi mill tax and California tax up to
4 mills refundable
Sinking fund, $250,000 per annum, $62,500 quarterly .
beginning May 1 1926. In Jan. 1926 co. provided for an additional sinking
fund of $250,000 per annum, operating quar. beginning M ay 1 1926;
in June 1926 provision was made for an additional $125,000 per annum,
operating quarterly $31,250 beginning Aug. 1 1926. Purpose of issue was
to retire during 1925 at least $10,006,000 conv. debens. of the co. and (or)
funded debt of sub. cos. In addition, $15,000,000 conv. debens. were to
be retired during 1926. A. B. Leach & C o., Inc., Federal Securities Corp.,
H. M . Byllesby & Co. and Pearsons, Taft C o., sold in May 1925 $10,000,000 at 9i and int., to yield about 6.65%. V. 120, p. 2399. In Jan. 1926
the same bankers offered $10,000,000 additional ref. 6% gold debenture
bonds, dated M ay 1 1925, at 93M and int., to yield over 6.45%. V. 122.
p. 608. In June 1926 the same bankers sold $5,000,000 additional bonds at
93M & int.. to yield over 6.45%. V. 122, p. 3307. No additional ref. 6%
g. deben. bonds or other bonds, notes, &c., maturing more than 1 year
from the date o f issue thereof, may be issued so long as any ref. 6% g.
deben. bonds are outstanding unless net earnings for 12 out of preceding 15
months have been at least twice annual interest on entire funded debt
outstanding, including new issue.
Refunding 5% Gold Debenture Bonds.— Are direct obligation of co. and
Issued under agreement o f M ay 1 1925. Among other things co. agrees
that as long as any o f these bonds are outstanding no additional bonds,
notes, debentures or other indebtedness o f co. maturing more than 1 year
from date o f issuance may be issued, unless net earnings for certain period
are at least twice the annual int. requirements on entire funded debt, incl.
issue proposed. Sinking fund provided for equivalent to $375,000 per an­
num. Purpose o f issue is to retire at least $15,000,000 total principal amt.
o f conv. deben. and (or) deben. bonds outstanding (in hands of public as
o f Jan. 31 1927) during 1927. Callable all or in part on any int. date on
30 days’ notice at 103 on or before Mar 1 1962 and thereafter at 1% less
each year, or part thereof, to and incl. Mar. 1 1965. and thereafter at 100
plus accrued int. in each case. Penn, and Conn. 4 mills tax. Mass. inc. tax
up to 6% , Md.
mills tax and Calif. 4 mills tax refundable. A. B. Leach
& Co., Fed. Securities Corp , Pearsons-Taft Co. and H. L Doherty & Co.
sold on March 1 1927. $15,000,000 ref. 5% gold deben. bonds at 91 % and
int. V. 124, p. 1218.
Bonds of Consolidated Cities Light. Power < Traction Co.— These bonds
ft
remain out as a lien on the securities pledged therefor (see * in the foregoing
table). The bonds are subject to call at 105 on any interest day and are
guar., prin. & int., by the Cities Service Co. On or before Jan. 1 the
company will in each year either (1) pay to sink.ng fund 1% of bonds out,
or (2) deliver to trustees bonds o f the present series equivalent at 105 and
int. to the above payment. All cash in sinking fund will be applied either (1)
for purchase of these bonds at or under 105, or call at that figure; or (2) In
purchasing bonds of companies whose stocks form part of security for present
series. All bonds so purchased will be kept alive for sinking fund. $988,500
bonds in sinking fund. Maryland and Pennsylvania State tax refunded
See also V 95, p. 679, 110; V. 103, p. 1983.
EARNINGS OF CITIES SERVICE CO.— Earnings calendar years;
Preferred Net for Com.
Int. & Bond
ExDividends. Stk eft Res've.
Gross
Discount.
penses.
*1927___ .--$30,875,519 $1,096.212 $2,571,427 $6,721,231 $20,486,650
1926____ --$25,438,363 $975,701 $2,658,390 $6,192,806 $15,611,466
1 1 ,496.900
2,252,122
5,240,029
775,729
1925 -----__ 19,7o4,.,/6
9,736.077
1,927.971
5,109,697
689,473
1924____ - . - 17.463,218
8 ,4 8 0 .7 8 3
4 ,9 8 7 ,9 7 7
2,624,856
- - - 16.602.562
508,945
19236,929,602
453.296
- 14.658.971
4,917,517
2.358,555
1922 * For 12 months ended Aug. 31 1927.
Combined Income Account of Subsidiary Companies.
Interest
Preferred Avail, for Com
Net (after
Calendar
Gross
Charges Dividends. Stk. < Res.
ft
Taxes. eftc.)
Year— Earnings.
1926_ $140,309,835 $46,306,908 $18,966,539 $10,304,362 $17,636,007
_
18.557 850
8 070 202
13.620.563
40 248 615
1925
127.107864
17,214.829
7.281.699 10.258,526
34,755,054
1 9 2 4 .-- 117,207,692
15.629.215
6.162.210 8.821.801
1 9 2 3 -.. 109,982.157
30,613.226
14,490.575
5.796.492 7,302.414
27.589.481
1 9 2 2 --. 99,194.394
11,906,508
5.491.724 6,306.311
23,704.543
1 9 2 1 --- 85,128.432
OFFICERS.— Pres., H. L. Doherty; V.-Ps., Thomas l. Carter and E. R.
Johnston; Sec., Paul R Jones; Treas.. Louis F. Musil. New York office
60 Wall St.— V. 121, p. 197, 329, 456. 584, 705, 838, 1099, 1227, 1460.
1788, 2037, 2271, 2636, 2873, 3003; V. 122, p. 93, 346. 479. 608, 747. 881.
1025, 1168. 1607, 17 I. 2189, 2372, 2322 2432 3080. 3337 3452 V 123.
p. 81, 323. 453. 709, 1112, 1502, 1632. 1873. 2137, 2259, 2652, 3181: V. 124.
p. 233, 371, 505, 642, 1065, 1218. 1357. 1664, 1818, 2277. 2426, 2586,
2747, 2905, 3065, 3627; V 125, p 93, 513, 647, 1050, 1706, 2262

CITIES SERVICE POWER & LIG H T CO.
Control.— Cities Service Co. owns over 90% of the common stock.
O R GAN IZATION .— Incorp. in Delaware Nov. 3 1924. Has acquire*?
from Cities Service Co. (see above) its entire holdings of com. stocks of
electric power and light cos. and substantially all its holdings of com. stocks
o f gas distributing and street railway companies. Brush Electric Co. was
sold in March 1926 to Galveston-Houston Electric Co. Athens Gas &
Light & Fuel Co. and Athens Ry. & Elec. Co. were sold in June 1926 to
Southeastern Power & Light Co. V. 121, p. 2873. 2277, 2419, 2426.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.
The controlled cos. comprise a diversified group of public utility operation*
in 14 States, serving a population of more than 2 800,000 in over 500 com
munities. Among the larger cities served are Toledo, Sandusky, Warren
Massillon, Elyria, Lorain, Alliance and Mansfield, O.; Denver, Boulder
Pueblo and Ft. Collins, Colo.; Kansas City, Joplin, Sedalia and St. Joseph
M o., and Kansas City and Topeka, Kan. The following comprise the co.'s
6 major operating groups:
The Ohio Public Service Co.
Toledo Trac.. Lt. & Pr. Co. (Tol. Edison Co., sub.).
Public Service Co. of Colorado.
Kansas City (M o.) Gas Co.and Wyandotte County Gas Co.
Empire District Electric Co. (Southwestern Missouri).
St. Joseph (M o.) R y., Lt., Ht. & Power Co.




[V ol. 125.

For descriptions of a number of these controlled properties see separate
statements below. A complete list of subsidiary companies is given under
“ Cities Service C o.”
Total installed electric generating capacity 527,650 kw.; total gas generat­
ing capacity (24 hrs.) 32,040,000 cu. ft.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
______
$65,000,000 __________
Common $65.000,000($100)_______
7 % cum pref (no par)______ _____
7 monthly 95,000 shs __________
$6 div cum pref___________________ $6
75,000 shs __________
20-.vr sec bonds series A ($100,1 1924
6 g M -N x23,812,500 Nov 11944
$500 & $1,000) gold. .c*tflCentral Union Trust C o., N. Y.. trustee.
x All of the outstanding 20-yr. secured bonds, series A were called for
payment Nov. 1 1927 at 105.
Stock.— Over 90% of the common stock outstanding is owned by Cities
Service Co. On Sept. 7 1927 the stockholders approved proposal to change
authorized preferred stock from $100 par to no par value shares.
The total authorized pref. stock is 500,000 shs., issuable in one or more
series. Additional pref. stock of any series may not be issued, while any
of the 7% cum. series is outstanding, unless (a) for 12 out of 15 preceding
months net earnings of co. and its subsidiaries, after depreciation and all
other charges prior to pref. divs., have been at least 3 times annual dividend
requirements on all the pref. stock outstanding, incl. the proposed issue,
and (b) for the same period as in (a), the annual rate of income paid in cash
of the c o . aftei all charges prior to pref. divs. (but not including undistributed
earnings of subsidiaries), have been at least twice annual dividend require­
ments on all the pref. stock of all series incl. the new issue. In addition,
the prior consent of holders of at least 66 2-3% of the pref. stock then out­
standing has to be obtained, as is also required in case of a proposed issuance
of pref. stock ranking prior to the 7% cum. pref. stock. Pref. stock has
voting power only in case of default in dividends in an amount equal to one
year’s full dividends.
The 7% cum. pref. stock is pref. over the common stock as to cum. divs.,
and as to $100 assets and divs. in case of involuntary, and $110 and divs.
in case of voluntary liquidation. Red., whole or part, on 30 days' notice
at $110 per share and divs. Listed on Boston Stock Exchange. V. 121,
p. 3003. In Nov. 1925 $10,000,000 7% cum. pref. were offered at 98Ji
flat, to yield over 7% , by A. B. Leach & C o.. &c V. 121, p. 2749.
The $6 div. cumul. pref. stock is pref. (together with all other pref.)
as to assets and divs. over com., red. all or in part at any time on 30 days’
notice at $105 per share and divs. In June 1927, 75,000 shares were
offered by A. B. Leach & Co., Inc., Federal Securities Corp., H. M . Bylles­
by & Co., Pearsons. Taft & C o., and Henry L. Doherty & Co. at $92.75
per share to yield about 6.47%. V. 124, p. 3494.
$6 div. pref. listed on
Boston Stock Exchange. V. 125, p. 245, 1835.
Bonds.— The 20-year secured bonds, series A , dated N ov. 1 1924 were
Ialled for payment N ov. 1 1927 at 105 and int. V. 125, p. 1968
E ARNINGS —Consolidated earnings o f the company and its subsidiaries
for the 12 months ended June 30 after giving effect to this financing,
are as follows:
June 30’26 June 30’27
Gross earnings__________________________________ $49,779,308 $51,482,056
Operating expenses, maintenance and all taxes____ 31,309,831 32,949,323
Operating profits (before res for replacements)_$18,469,477 $18,532,733
Other income (net)_____________________________
936,913
1,079,685
Total income__________________________________ $19,406,390 $19,612,418
Amortization of discount________________________
355,672
394,471
Minority interests_______________________________
146,384
110,691
Net earnings, before interest charges, dividends
on pref stocks and reserves for replacements-$18,904,334 $19,107,256
Subsidiaries’ interest charges and dividends on their
preferred stocks_______________________________ 9,776,752
9,983,025
Balance__________________ ______ _____________ $9,127,582
$9,124,231
OFFICERS.— Pres., Henry L. Doherty; V.-Ps., L. F. Musil, W. A.
Jones, J. M . M cM illin, F. R. Coates, T. I. Carter; Sec., P. R . Jones;
Treas., E. H. Johnston; Gen. M gr., R. E. Burger.— V. 119, p. 2178V. 120. p. 2010- V. 121, p. 2749. 2873. 3003: V. 122, p. 2492 3 08 0 V. 123,
p. 1249. 3181, 3318; V. 124, p. 3206, 3494; V. 125, p. 245, 779, 1578. 1835,
1969, 2262
COMPANIES CONTROLLED BY CITIES SERVICE POW ER &
LIGHT CO.
(1) WYANDOTTE COUNTY GAS CO.
Incorp. in Kansas, Nov. 1908. Distributes natural gas to Kansas City
and Rosedale, Kans., serving a population of about 118,000. Co. serves
23,201 customers; gas sales, 12 mos. ended Dec. 31 1926; 970,355,000 cu. ft.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $187,500 ($100)_________
_________
$187,500 __________
1st cum pref $112,500 ($100)_______
6
300,000 __________
2nd cum pref $400,000 ($100)______
6
400,000 __________
1st mtge 6s, $2,500.000______ 1908
6g
1,548,000 N ov. 1 1930
Bonds.— The 1st mtge. 6s are red. at 105. There is no sinking fund
provision.
EARNINGS.— For 12 months ended June 30 1925;
Total revenue (including other incom e)______________
$887,424
169,457
Net after maintenance and all taxes_________________
96,333
Interest____________________________________________
Sundry adjustments________________________________
24,918
Appropriation for replacement______________________
54,612
Dividends__________________________________________
45,000
$51,406
Balance, deficit___________________________________________
(2) BARTLESVILLE GAS & ELECTRIC CO.
ORGANIZATION.— Entire stock (except directors’ shares) owned by
Cities Service Power & Light Co. This company was formerly known as
the Bartlesville Interurban Ry. Co. Name was changed to present title
on Oct. 1 1919 and property of Bartlesville Gas & Oil Co. was acquired.
As of same date, company transferred its railway property to the Bartles­
ville Interurban Co. (Railway service discontinued July 15 1920. See
7. 110, p. 1860 ) Co. supplies the entire electric light and power and
natural gas requirements of Rartlesville, Okla., and vicinity, serving a
population of about 2 0 .0 0 0 ; 4,358 customers; 3,425 k.w. generating capacity.
t?\prtric sales 12 mos. ended Dec. 31 1926; 4,426,591 k.w.h.; gas sales,
526,592,000 cu. ft.
S T O C K AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $443,550 ($25)------- --------------------$443,550 --------------1st mtge s f $1.500,000---------- 1920
6g
687,000 Jan. 1 1947
Bonds.— 'The 1st mtge. s. f. are red. at 102. There is a sinking fund of
i % annually of hoods outstanding Dec. 1 1920 to 1936, 2% thereafter.
In Addition to the amount shown above as outstanding, $156,500 are held
alive in sinking fund.
(3) CITY LIGHT & TRACTION CO.
ORGANIZATION.— Incorp. in July 1912 in Missouri as successor to the
Sedalia Lt & Trac. C o ., sold at foreclosure. V 95. p 419. See plan under
Sedalia Lt. & Trac. in V. 94. p 1058. Purchased Sedalia ice, Lt. & Fuel Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Does, without competition, entire artificial gas, electric light and power,
and electric railway business in the city of Sedalia, M o.; also supplies at
wholesale electricity to a public utility company serving 14 communities east
if Sedalia, and also manufactures and sells ice. Population served over
33,500. Owns and operates 8.26 miles of track. 21 motor pass, cars and
6 trailers; 2 other cars. Standard gauge, 50 and 70-lb. rails. Has steam
power u'ant with 4,000 k.w. capacity.
59.24 miles distribution lines.
Has 40.86 miles of gas mains.
Franchises.— Gas expires in 1946 (new franchise was granted Jun ,24
1926): electric in 1940. and railway in 1940.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
$ 1 , 000,000 ____________
Common $1.000.000 ($100)---- -----------------First mortgage $2,500,000/ 1912
5 J-D
1,395.000 June 1 1952
gold sink fd ($100, $250,{Int. at office of co. or H . L. Doherty & C o.,
$500. $1.000)_______ c*cpt
N. Y .; New York Trust Co., N. Y .. and
l Sedalia Trust C o.. Sedalia. M o., trustees.
1-Year gold notes ($1,000.) 1927
5 M -D
700,000 May 31 '28
$500 c )_________________ tflF idelity Trust Co. o f N. Y .. trustee.

Bonds.— Sinking fund of 1% o f bonds out began June 1 1922; red. at 105
and int. on 4 weeks' notice. Additional bonds may be issued for 85%
of improvements.
The one-year 5% gold notes, dated June 1 1927 are red., whole or part at
any time on 30 days’ notice at 100M until Dec. 1 1927 and thereafter until
maturity at 100 plus int. in each case. In M ay 1927 Henry L. Doherty
& Co. offered 1,000,000 of these notes at 100 and int.
EARN IN G S.— For 12 months ended Mar. 31 1927:
Gross earnings_______________________________________________
$550,763
Net after expenses, maintenance, taxes. &c----------------------------183,686
Annual interest charges--------------------------------------------------------119,750
B alan ce__________________________________________________
$639,936
OFFICERS.— Pres.. H. L. Doherty; V.-P., T. I. Carter; V .-P., Gen.
M gr. & Treas., IT. C. Feuers; Sec.. Allen O’Bannon.— Y. 121, p. 197;
V. 122, p. 2649, 2948; V. 124, p. 2586.
(4) CUMBERLAND & W ESTERNPORT TRAN SIT CO.
ORGAN IZATION .— Incorp. Aug. 27 1926 in Maryland as successor to
Cumberland & Westernport Electric By., sold at trustee’s sale July 27 1926.
See V. 123, p. 1112; also “ Public Utility Compendium” o f M ay 1 1926.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. acquired the business and property of the Cumberland & Westernport
Electric Ry. Co., operating electric railway and bus lines connecting the
following towns in Maryland: Cumberland, Frostberg, Grahamtown, Bor­
den Shaft, National, Ocean, Midland, Gilmore, Lonaconing, Pekin, Barton,
Reynolds, Franklin, Westernport, Eckhart, Clarysville, La Vale. Narrows
Park, Carlos Junction and Moscan, serving a population of about 54,300
and operating about 27 miles o f electric railway and bus lines. The electric
line between Frostburg and Westernport and between Frostburg and Cum­
berland, M d., was purchased by S. Snyder Corp. o f Rochester, N . Y ., and
is to be dismantled.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 9,755 shs (no par)_ _____
_
_________ x9,565 shs ---------------1st pref 3,930 shs (no par)_________
5 see text
3,645 shs ---------------x A majority o f the common stock is owned by Cities Serv. P. & L. Co.
Stock.— 1st pref. stock is cumulative as to 5% dividends per annum after
Oct. 1 1929. Callable on any dividend date at 105.
All stocks have one vote per share.
OFFICERS.— Pres., W . C. Capper; V.-P. & Gen. M gr., D . D. Price;
Sec., J. T. Chambers. V. 123, p. 1112; V. 125, p. 1323.
(5)

DURHAM

P U B L IC

S E R V IC E

CO.

ORGAN IZATION .— Incorp. in N . C. Jan. 29 1901 as Durham Traction
Co. (name changed to present title on May 23 1921). Cities Service Power
& Light Co. owns over 99% o f the common stock.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company owns and operates all the street railway lines and does an
electric light, power and artificial ice business in the City of Durham.
N . C., and vicinity. Also operates bus lines. Population served, 35,000.
Customers total over 7,800. In 1926 sold 11,229.454 k.w.h.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,000,000 ($100)________
_______
$300,000 ---------------Pref cum $2,000,000 ($100)________
6-J
300.000 ---------------Ref. mtge ser. “ A ” ($500 &1 1924
7 g A-O
1,500.000 Apr 1 1949
$1,000 & mult) g _____c*tf/N ew York Trust Co., New York, trustee.
Durham Trac Co 1st Ml 1901
5 g M -A 1
400,000 Mar 11941
$400,000 cumul (closed)/Maryland Trust C o., Baltimore, trustee.
($ 1 ,000'' not call______c*tfj
Bonds.— The ref. mtge. 7% bonds have an annual sinking fund beginning
Apr. 1 1925 of a sum equal to 1 % of the largest amount of these bonds and
any underlying bonds outstanding to be used for retirement of ref. mtge.
bonds or underlying bonds by purchase in the market or by call by lot.
Co. may expend in any one year an amount equal to 2% of the aggregate
principal amount of such bonds for permanent improvements, additions or
betterments against which no bonds may be issued. Series “ A ” are
redeemable all or in part on any interest date on 60 days’ notice to and
Incl. Apr. 1 1929 at 107)4. thereafter to and incl. Apr. 1 1934 at 105,
thereafter to an incl. Apr. 1 1939 at 102 ) 4 , and thereafter at 102J4 less
U o f 1 % for each year or part thereof expired, plus int. in each case.
Penna. 4 mills tax, Maryland 4 !4 mills tax and Mass. 6% tax refundable.
Int. at office or agency of co. in N. Y . Listed on Boston Stock Exchange
V. 119, p. 197. In May 1924 A. B. Leach & C o., Inc., and P. W. Chapmand & Co., Inc., offered $1,500,000 Ser. “ A ” 7% bonds at 99K and int.,
to yield over 7 % . V . 118. p 2185.
E A R N IN G S — For calendar year 1926: Gross, $896,656: net, $315,323;
bond int., $125,000; balance, sur., $190,323. For calendar year 1925:
Gross, $828,955; net, $272,627; bond int., $122,020; bal., sur., $150,607.
OFFICERS.— Pres., H. L. Doherty; V.-P. & Gen. M gr., R. L. Lindsey:
V .-P., T . I. Carter; ,ec. & Treas., A . W. Grady. Office, Durham, N. C.
V. 12 2.p. 94.
(6)

ST

JO SEPH

R A IL W A Y ,

L IG H T ,

HEAT

&

POW ER

CO.

Cities Service Power & Light Co. owns over 95% of the common stock
and Cities Service Co. guarantees the 5% div. on the outstanding pref. stock.
ORGAN IZATION .— Incorp. in Missouri on Nov. 17 1895 as a consolida­
tion of the St. Joseph Traction & Lighting C o., People's R y.. Light &
Power C o., Citizens’ Ry Co , Union Ry. C o., St. Joseph & Lake Ry Co
and Wyatt Park Ry. Co. In 1923 purchased all the property of the
Savannah (M o.) Electric Light & Power Co. V. 116, p. 78.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Controls the entire electric light and power and central heating business
and owns and operates the street railway system in St. Joseph, M o. It
also operates an interurban line between St. Joseph and Savannah, M o.,
and furnishes electric light and power service in Savannah. Sells energy
at wholesale for distribution in following communities: Agency, Easton,
De Kalb, Watheua (Kan.). Amazonia, Curzon, Forest City, Bigelow and
Oregon. Operates 97 passenger cars over 60 miles of track. Generating
plant capacity, 22,600 k.w.; 23.28 miles of primary and 235 miles
distributing lines. Population served about 90,000
Principal railway
franchises are perpetual; others expire from 1935 to 1958. Franchise for
electric service unlimited in point o f time. Franchise for heating service
expires in 1944.
During 1912 a contract was made with the Kansas City Clay County &
St. Joseph Ry. (see under “ Kansas City” ), under which that company’s
cars from Kansas Oity are operated over the tracks o f this company.
Valuation.— V. 110, p. 872.
STOCK AN D BO N DS—
Date.
Interest. Outstanding. Maturity.
Com stock $3,500,000 ( $ 1 0 0 ) .____
__________ $3,500,000
See text
Pref stock 5% cumulative/ ____
5 Q-J
1,560,000 Oct see text
$2,500,000 ($100)_______ \
First mtge $5,000,000 gold! 1902
5 g M -N
5,000,000 Nov 11931
($ 1 ,0 0 0 )___________ c*cpt/Interest payable in New York.
1st & ref mtge ($15,000,000) 1916
5gJJ
695,000 July 1 194t
gold ($100. $500, & $ 1 .000) / Interest payable in New York.
c*tf I
Bonds.— The first & ref. mtge. bonds are a first coll, lien on the interurban
line between Si Joseph and Savannah, M o., and a general lien on remaining
property, subject to $5,000,000 1st M . 5s, for retirement of which an equaj
amount of 1st & ref. 5s is reserved. Additional bonds may be issued cnlj
for 85% of cost of add’ns, exts., &c., under conservative restrictions, or for
85% of 1 st M . bonds retired through the supplemental sinking fund
Sinking fund, 1% of bonds out, for purchase or red. o f bonds of this issue
at 102)4 , or of 1st M bonds at 105; or, at option of co., 2% for construc­
tion, acquisitions, add'ns or impts. While any 1st M . bonds are out
standing, the co. must pay, as a supplemental sinking fund, an-additionai
1 % of the amount of bonds of that issue outstanding, to be applied as above
set forth, or may expend in construction 1 % of the amount of the bond*
outstanding. 1 st & ref M . bonds canceled in sink, fund but 1 st M . kepi
alive until all bonds have been deposited with the trustee. First & ref
bonds are red. on any int. date at 102)4 and int. Trustees are Bankers
Trust C o., N. Y ., and Mississippi Valley Trust C o., St. Louis. Lega)
nvestment for Maine savings banks. V. 103, p. 1302.
Trustees for the 1st M. bonds are Equitable Trust C o., N. Y ., and
Missouri Valley Trust Co., St Joseph. Bonds cannot be called. V. 75
I032. The 1st M. bonds are listed on the New York, Philadelphia and
uisville stock exchanges.
Dividends.— 5% per ann. has been regularly paid on pref. stock since
Oct. 1902.

L




63

POW ER, LIGH T AND R A IL W A Y

Oct., 1927.]

EARNINGS.— For calendar years
1926.
1925.
1924.
1923.
Gross earnings_________ $2,633,096 $2,599,936 $2,485,423 $2,521,868
Operating expenses_____ 1,833,746
1,837,164
1,858,846
1,922,735
Net earnings________
Bond interest__________
Other interest_________

$799,350
284,750
146,679

Net to stock and res_.
Preferred dividends___

$368,021
78,000

$762,772
284,750
178,714
$299,307
78,000

$626,577
284,750
179,099

$599,133
284,779
162,056

$162,727
78,000

$152,298
______

Net to com. & reserve.
$290,021
$221,307
$84,727
OFFICERS.— President, H. L. Doherty; V.-Pres. & Gen. M gr., S. B.
Irelan; Vice-Pres., T. I. Carter; Sec. & Treas., F. R . Harrington, St. Joseph.
— V. 116, p. 78, 516, 2885.
(7) TOLEDO, OTTAW A BEACH & NORTHERN R Y . CO.
ORGANIZATION.— Incorp. in Ohio on Oct. 27 1906 as a consolidation
of the Toledo & Point Place Ry. Co. and Ottawa Beach & Southern R y.
Co. Franchise expires in 1929. Cities Service Power & Light Co. owns
over 99% of the company’s $1 ,500,000 (auth. and outstanding) capital stock
and all of the outstanding $450,000 1st M . 5% bonds ($1,500,000 auth.).
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates an electric Ry. between Toledo, Ohio, and Toledo Beach, Mich.;
also operates a branch line connecting Toledo with Point Place, O. Sup­
plies energy for light and power service along right of way. 14.96 miles
of track: standard gauge 60 and 70-lb. T rail; cars leased from Community
Traction Co.
OFFICERS.— Pres., Frank R. Coates; V.-P. & Gen. M gr., O. L. ProctorSec.. H. T. Ledbetter: Treas., A. O. Van Driesen.— V. 114, p. 1653.
(8) TOLEDO TR AC TIO N , L IG H T & POWER CO.
Cities Service Power & Light Co. owns over 98% of the outstanding
common and over 96% of the preferred stock. V. 103, p. 1119.
ORGANIZATION.—A holding co. Incorp. in Maine on Jan. 30 1913
to acquire the stock and bonds of the Toledo Rys. & Lt. Co. (now Toledo
Edison Co.) in connection with the re-organization of that company as
per plan in V. 95 p. 1040: V. 96. n. 361.
The Toledo Traction, Light & Power Co. owns (a) $13,584,000 (over
97% ) Toledo Edison Co. com. stock; (6) $6,668,000 Community Traction
Co. first mtge. 6 % bonds; (c) over 90% of Community Traction Go. 8 %
cum. pref. stock; (if) 4,995 shares com stock (no par) of the Toledo Suburban
Electric Co.; (e) $9,500 (95%) common stock of the Anchor Realty Co.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
Common $9,200,000 ($100)— ------------------- $7,849,093 ____________
Pref $8,000,000 ($100) 6% c u m ___
See text
6 723 025
5-yr sec g notes ($12,000,0001 1925
5 'A J-J
$8,203,300 July 15 1930
($1,000 and $500)------c*.tf/H arris Trust & Savings Bank. Chicago, trus.
Notes.— The 5-year 5)4% secured gold notes are callable in whole or part
on 30 days’ notice at 103 and int. incl. July 15 1926, and )4 % less each year
thereafter. After July 15 1929 at 101 and int. Interest payable in New
York or Chicago. Penn. 4 mill tax. Maryland securities tax up to 4)4
mills. Conn. 4 mills and Mass, income tax up to 6 % are refundable. Sink­
ing fund not less than $200,000 per annum, semi-annually, beginning Feb. 1
19.6, secured by $13,500,000 par value common stock of the Toledo Edison
Co., &c. In July 1925, $8,500,000 was sold at 99 and int., yielding 5.73%.
Listed on New York Stock Exchange. V. 121. p. 201.
EARNINGS.— For calendar years (including subsidiary companies);
Income (all sources)--------------------------------------------------------------$11,015,396
Expenses and taxes_________________________________________
6,092,571
Gross income____________
Interest funded debt_______
Interest other debt________
Amortization debt discount.

$4,922,825
1,720,525
104,810
128,379

Total fixed charges------------------------------------------------------------ $1,953,714
Net income applicable to dividends and reserves______________$2,969,111
OFFICERS.— Pres., H. L. Doherty; V.-Ps.. Frank R . Coates and Dale
B. Carson; Sec., E. E. McWhiney; Treas., Louis F. Musil.— V. 120, p. 455:
V. 121, p. 201, 332; V. 122, p. 2498; V. 125, p. 521.
(A ) T O L E D O

E D IS O N

CO.

ORGANIZATION.— Controlled by Toledo Trac., Lt. & Power Co.
Incorp. July 1 1 9 0 1 . Name changed from Toledo Rys. & Light Co. to
presenttitle in Oct. 1 9 2 1 . at which time th e new generating station and other
property of the Acme Power Co. was acquired. In 1 9 2 4 acquired the
Defiance Gas & Electric C o., the Swanton Light & Power Co. and the Holgate Light & Power Co. In 1927 acquired the properties of the Northwest­
ern Lt. & Pr. Co., the Dixie Light & Pr. Co. and the distribution system in
Oklahoma and Jewell, Ohio. V . 118, p. 2837; V . 119, p. 335.
In Oct. 1925 company applied to Ohio P. U Commission for authority
to issue $1,290,000 5% bonds and $785,000 6 % pref. stock, and to purchase
the properties of the Toledo Suburban Elec. Co. for $55,510. V. 121, p.
1910.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The co. supplies without competition electric light and power in Toledo and
suburbs, operates a central station heating plant and distributes by-product
gas. With the acquisition of the properties of the Defiance Gas & Electric
Co., the Swanton Light & Power Co. and the Holgate Light & Power Co.,
Toledo Edison Service is now extended to the communities of Maumee,
Perrysburg, Defiance, Swanton, Grand Rapids, McClure, Holgate and
other communities extending practically 60 miles to the southwest of Toledo.
Population served, approximately 400,000. Total installed generating
capacity of 132,liO k. w. The Acme power plant, with a present installed
capacity of 7u,000 k. w.. is designed for an ultimate generating capacity
of from 200.000 k .w . to 300.000 k .w ., and is planned to be eventually the
main source of supply of electric power for Toledo and vicinity. Company
now serves over 84,000 electric customers, having a total connected load of
over 213,000 k. w. Gas is distributed to 12,500 customers and the heating
plants supply over 700 customers. Franchises are all unlimited as to time
and contain no burdensome restrictions. On Feb. 1 1921 the company’s
street car lines in Toledo were taken over for operation by the Community
Traction Co. under the terms of a 25-year service-at-cost franchise. Toledo
Edison Co. is supplying at wholesale un 'er a long-term contract all power
required by Community Traction Co. See .— V. llw belo7, p. 1774.
STOCK AND BONDS—
Date. Interest. Outstanding.daiurity.
Common $15,000,000---------------------------------- $13,875,000
Monthly
Ih-eference 6 % c u m -------------- -------6
2,034,800 _________
Preference $25,000,000 7% cum
($100) series A __________________
7%
5,996,700
Monthly
Prior pref $3,000,000 6)4%
cum Series B ($100)________ _____
6)4%
None ___________
1st M (see text) gold $500 and [ 1921 7 g M-S 1 13,500,000 Sept 11941
1st mtge “ series due 1947"_ 1 1921 5 g M-S
_
2,690,000 Mar 1 1947
$1,000 c* & $1,000 r * __ tf (Bankers Trust C o., N. Y ., trustee.
Toledo Gas Elec & Heat Co
1905 5 A-O
1,875,400 Oct 1 1935
mtge $2,500,000 ($1,000,(Interest at Ohio Savings Bank & Trust Co.,
$500 and $100) not redeem. ( Toledo, trus., or Nat. Bk. of Comm., N .Y .
Defiance Gas & El 1st M __________
5%
906,600 Sept 1 1942
Defiance Gas & El 1st 1 & ref__ _ .
7%
593.400 Sept 1 1942
Stock.— All of the outstanding 8 % prior pref. stock series A was called for
payment Oct. 1 1927. The 7% preference stock, Series A, is red., all or
part, on any div. date on 30 days’ notice at 110 & divs. V. 116, p. 1907.
$1,500,000 7% pref. stock Series A was offered in Aug. 1924 by Henry L.
Doherty & Co. at 98 and div., to yield about 7.14%. $13,584,000 common
stock is owned by Toledo Traction, Light & Power Co.
For tenders on 8 % cum. prior pref. stock, see V. 123, p. 2902.
On Sept. 18 1925 stockholders increased the authorized preference stock
from 100,000 to 250,000 shares (par $100), to carry either a 7% or 6)4%
dividend. V. 121. p. 1349. 1680.
Bonds.— 1st mtge. bonds may be issued in different series, having such In­
terest rates, 4 c .. as directors shall determine. Add'l bonds may be issued
for 75% of cost of permanent additions &c., under certain restrictions.
Bonds may also be issued to refund an equal amount of any other series s a
whole or to refund divisional bonds. A sinking fund of 1% p. a. of the
outstanding 1st mtge. bonds, payable s.-a., began Sept. 1 1922, to be
used to retire 1st mtge. bonds if purchasable at or below 103 and int. If

64

PUBLIC U TILITIE S

not so purchasable, such funds must be used to acquire property which
might otherwise be made the basis for the issuance of bonds. The inden­
ture further provides that, initially, amounts totaling 12 % of the gross oper.
revenue from the electric dept., 10% of that from the gas dept., and 25%
of that from the heating dept, shall be either expended or appropriated from
each year's earnings for maintenance and replacements
The 7 % bonds due
1941 are callable at 110 and int. on any int. date on 4 weeks' notice, to and
lncl. Sept. 1 1926; thereafter at 107 H and int. to and incl. Sept. 1 1931;
thereafter at 105 and int. to and incl. Sept. 1 1937; and thereafter at i
premium of 1 % for each year, or fraction thereof, of unexpired life. The
5% bonds “ series due 1947” are call, since Sept. 1 1922 on any int. date on
4 weeks’ notice at prices which, except for redemption, would equal a 4 H %
yield basis if bonds were held to maturity, plus int. Pennsylvania 4-mills
tax refunded. Listed on N. Y . Stock Exchange. V. 113, p. 1368: Y.
114, p. 2833.
The Toledo Gas, Electric & Heating Co. bonds are guaranteed by endorse­
ment by the Toledo Edison Co. $624,600 retired or canceled. They are
not subject to call
$593,400 additional 5% series Defiance Gas & Electric Co. 1st mtge. bonds,
due Sept. 1 1942, are deposited as collateral to secure an equal amount of
7% series.
EARN IN G S.— For calendar years (report):
Net after Int. &Repl.
Balance
Total Rev.
Taxes.
Res
Dividends. Surplus.
1926____________ $9,764,637 $3,993,121 $2,413,865 $1,509,741
$69,515
1925____________ 9,404,668 4,024,034 2.336.978 1.441.583
245,473
1924...................
8,126,278 3,284,282 2,193.4661,657,115 def566.330
1923____________ 7,555,108 3,083.442 1,950.468
584.771
548,203
1922____________ 6.667.158 2,669,686 1.824.368
371.875
473,443
Sales in 1926: Electric k.w.h., 293,410,630 (293,449,070 in 1925): gas
cubic feet. 2,335,387,000 (2,231.140,000 in 1925).
OFFICERS.—Pres., F. R. Coates; V.-Ps. Oale B. Carson and Rathbun
Fuller: V.-P. & Gen. M gr., C. L. Proctor: Sec. H. T . Ledbetter: Treas.,
A. C. Van Driesen.— V. 121. p. 461. 1103. 1349. 1910: V. 122 p. 1171, 2045;
V. 123. p. 1252. 1507. 2902; Y. 124, p. 508. 923, 3498; V. 125, p. 1839.
(a )

L A K E S H O R E P O W E R C O ., T O L E D O , O .

Control.— In Sept. 1926 the acquisition of co. by Cities Service Co. was
announced.
ORGAN IZATION .— Organized in 1925 in Ohio. Acquired and consoli­
dated a number o f electric light and power properties in Ohio located in the
district extending westerly from the suburban district of Toledo for a dis­
tance of 63 miles along the main line o f the N. Y. Central R R . Co. owns
all the common stock of Toledo & Indiana Interurban Ry., the Toledo &
Indiana Transportation Co. and the Toledo & Indiana Building Co.,
which owns the new freight station of the T. & I. in Toledo, and other
company properties. The authorized stock o f Toledo & Indiana Inter­
urban consists of 500,000 no par common shares. In July 1925 the Ohio
P. TJ. Commission authorized the co. to purchase the properties of the
Edan Power & Light Co., the Pittsville Light & Power Co. and Ohio Gas
Light & Coke Co. of Delta.
FIELD OF OPERATIONS AND CH ARACTER OF BU SINESS— Co
furnishes without competition electric light and power service at. retail
or wholesale in 31 communities, gas service in 1 community in Ohio, and
to the electric railroad extending from Toledo to Bryan. Ohio. Population
served. 30,000, with 4,700 meters in service. Co. owns a steam power
plant at Stryker, Ohio, o f 7,200 k.w. capacity; 143 miles o f high-tension
transmission lines, and 315 miles o f distribution lines. Co. also owns the
entire capital stock o f the electric railway serving the territory.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ 10.000 shs __________
Common 10,000 shs (no par)______
7% cum pref $500,000.....................7%
$483,400 ___________
1st & ref mtge 6 % gold ser A / 1925 6 g J-J
1.005.000 July 1 1950
($1000, $500. $100 c * )_ _tf (Home Bank & Trust Co., Toledo, O., trustee
Underlying issue 5s (closed)_
_
__
5%
273.000
1931
Bonds.—The 1st and ref. mtge. 6 % gold bonds. Series A. due July 1 1950,
are secured by a mortgage lien upon the electric light, power and gas prop­
erties of the co., subject to only $273,000 underlying bonds (closed). Red.,
all or part, on 45 days' notice at par and int. plus a premium of 6 % to July 1
1930, 5% to July 1 1935. 4% to July 1 1940. 3% to July 1 1945, and 2%
thereafter. Penn. & Conn. 4 mills and Maryland 4 % mills taxes refundable.
In July 1925 Chicago Trust Co. and Central Trust Co. of Illinois, Chicago,
offered $845,000 series A at 99 and int. V. 121, p. 199.
E A R N IN G 9.— For calendar year 1925: Gross earnings, $274,439
expenses, $129,672; net, $144,767; taxes, $9,334; interest, $59,047; bond
discount, $1,330; adjustments, $7,719; 7% pref. divs.. $21,025; available
for depreciation and surplus, $46,312.
OFFICERS.— Pres., H. L. Doherty; Vice-Pres., T. J. Carter: Vice-Pres.
& Gen. M gr., C. L. Proctor; Vice-Pres., J. F. O'Connor; Sec., H. T.
Ledbetter; Treas., A. C. Van Driesen.— V. 121, p. 199; V. 123, p. 1503.
TOLEDO & INDIANA R R . CO. (SUBSIDIARY OF LAKE SHORE
POWER CO.).
ORGA N IZA TIO N .— Incorp. in Ohio in 1924 as successor to corporation
of same name incorporated in Ohio in 1911
For earlier history see “ Public
Utility Compendium” of May 1 1926. V. 90, p 237, 448. Most of road
Is on private right o f way. Franchises are perpetual except one for road
crossings in Fulton County, expiring in 1935
FIELD OF OPERATIONS AND CHARACTER OF BUS1NES8.A trolley road. Operates 55.77 miles of track from Toledo westerly tt
Bryan. Enters Toledo over tracks of Community Traction Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock 5.000 shares----------------- -------Q-J
5.000 shs
See text
Dividends.— Dividends at the rate of 4% per annum were paid to ano
Including Dec. 1916. None since.
EAR N IN G S.— For calendar years:
Gross Net aft.Taxes. Oth.Inc. Fixed Chgs.
Balanct
1925......................$243,765
$23,276
x
$18,852
$4.42-)
1924...................... 291,244 def.24,092
x
x
x
1923 -------------- 386,933
11.165
160
21.251
def.9,93t
1922------------------- 372,429 def.36,784
____
22,087
def.58,871
x Not available.
OFFICERS.— Pres., H. L. Doherty; V .-Ps., C. L. Proctor and T . I.
Carter; Sec.. H. T. Ledbetter: Treas., A. C. Van Driesen; Gen. Mgr ,
C. L. Proctor.— V. 108, p. 1166; V. I l l , p. 390; V. 118. p. 2306. 2951;
V. 123. p. 1507.
(9) OHIO PUBLIC SERVICE CO.
All the common stock except directors’ shares owned by Cities Servic*
Power & Light Co.
ORGAN IZATION .— Incorp. in Ohio Oct. 11 1921 and acquired the
property of a number of public utility cos. operating in that State. I d
1924 acquired the properties of the Sandusky Gas & Electric C o., the Port
Clinton Electric Light, & Power Co., Northwestern Ohio Ry. & Power Co
and the Central Ohio Gas Co. Tn June 1926 acquired the oropertv of fhe
Marblehead Power Co. In 1926 acquired The Bayard Elec. Light C o.,
The New Franklin Elec. Ltg. Co., The Stark Elec. Service C o., The North
Brewster Lt. Co. and the property of Lake Erie Power & Lt. Co. V. 121,
p. 200.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. does substantially the entire electric light and power business without
competition in Warren. Mansfield Lorain Elyria Ashland. Massillon
Sandusky, Port Clinton. Alliance and other communities in Ohio. Tn
addition the company furnishes electric power at wholesale to cos., dis­
tributing it to outlying communities. Does the gas business at Alliance,
Sandusky, Medina, Berea and Mansfield and other communities and
owns and operates a small street railway in Mansfield and interurban line
connecting Mansfield and Shelby and Toledo and Bay Point (opposite
Sandusky), and connecting by ferry with Sandusky and Cedar Point.
Population served over 440.000, divided over 190 communities in northern
and central Ohio. 71.500 electric customers and 15.841 gas customers.
The generating stations now owned have a conibiueu installed capacity
of 160.950 k.v.a. The physical property also includes '8 sub-stations and
2.695 miles of circuits for transmission and distribution. Company owns
and operates 72.46 miles of track.
The gas property includes a large and valuable natural gas acreage,
adequate and modern compressor stations and over 981 miles of pipe line.




[V ol. 125.

STOCK AND BONDS—- Date.
Interest. Outstnndinu. Maturity.
Common $15,000,000 ( $ 1 0 0 ) ..____
_________ $7 689 000 ___________
1st pref Ser A 7 % _________________
7
8 222 400 __________
6% series______________________
6
4 600 800 ___________
1st mtge & ref— Series “ A ” . , f 1921 7M g A-O
4 682 60 •
Oct 1 1946
Series " B ” _______________ 1922 7 g F-A
3 714 100 Feb 11947
Series “ C ” _______________] 1923
6 g M-S
4 637.600 Mar 11953
Series " D "_______ ______| ly24
5 g M-S
10 490 700 Sept 1 1954
($100, $500 & $1,000 c*|Int. at Halsey, Stuart & C o ., Inc., Chicago,
S $1.000 r*> gold__ tf | or company’s office. New York
~
Divisional Bonds—
Ashland Gas & Elec Co 1 st M I 1909
5 g J-J
87.400 July 1 1929
($100. $500 & $1,000) g_-C*\Int. at Union Trust C o., Cleve.. Ohio, trust.
Massillon Elec & Gas Co 1st] 1916
5 g J-J
559 000 July 1 1956
mtge ($100. &c) gold___ c*!N ew York Trust C o., N. Y. trustee.
Richland Public
Service Col 1917 5 g A-O
731.500 Oct 11937
1st & ref mtge ($100, $500; Union Trust C o., Cleveland trustee.
& $ 1 .000) gold_________ c*l
Trumbull Pub Serv Co 1st M ] 1911 6 g J-D
1.084.800 June 1 1929
($1,000, $500, $100c*)____(Union Trust C o., Cleveland, trustee.
Alliance Gas & Pr 1st & ref M . 1907
5 g J-D
33- .000 June 1 1932
5%
37.000
1929
Sandusky Gas & Elec 1 st M _ _ ___
Sandusky G & El ref & impt M ___
5%
1,293.000
1945
Stock.— 1st pref is red all or in part on the 1st dav of any month on 30
days' notice at 115 and divs. In Jan. 1925 $3,000,000 1st pref 7% Ser.
“ A " was sold by Dillon, Read & Co., A. B. Leach & Co. and Federal Se­
curities Corp. at $100 & div. V. 120, p. 454. Of amounts shown above
as outstanding $48,100 7% pref. and $389,100 6 % pref. stock are held In
treasury.
Permission was granted in 1925 by the P. U. Commission of Ohio te
exchange Series A 1st pref. for a 6 % series, which is redeemable at 110.
Bimds.— 1 st mtge. & ref. indenture provides for a maintenance and de­
preciation fund and also for a special fund of 1 % of gross earnings per annum
to be used for permanent add'ns, impts., &c., or for the purchase and re­
tirement of outstanding 1st & ref. mtge. bonds. The amount shown In the
above table as outstanding, does not include $350,000 series B, pledged aa
collateral for U. S. Govt loan.
Ser. “ A " red. all or in part on 30 days’ notice at 110 aud int. on or after
Oct. 1 1931, and to and incl Oct. 1 1936: decreasing thereafter 1 % each year
to maturity. Penn. 4-mill tax refunded. Listed on N. Y. Stock Exch.
Ser. ” B' call all or in part on 30 days’ notice at 120 to and incl. Feb. 1
1932. at 110 to and incl Feb 1 1937. and thereafter decreasing 1% each
year to maturity. Penn. 4-mill tax refundable. Listed on N . Y . Stock
Exchange.
8er “ C” red all or in part on 30 days’ notice at 110 and int. to and incl.
Mar. 1 1933: thereafter decreasing
each year to and incl. Mar. 1 1952;
thereafter at 100 and int. to maturity. Penn. 4 mill tax refundable.
Ser. " D ” red all or part on 30 days’ notice at 105 and int to and incl.
Mar. 1 1932; thereafter at 104 and int., less 1% of the principal amount for
each expired 5-year period to Mar. 1 1952; and thereafter at par and int.
to maturity. Reimbursement of the Penna. 4 mills tax, the Gonn. personal
property tax not exceeding 4 mills per dollar per annum, and the Mass,
income tax on int. not exceeding 6 % to resident holders. In Oct. 1924
Halsey, Stuart & C o., Inc., offered $9,000,000 Ser. “ D ” 5s at 89 and int.,
to yield over 5 a % - V . 119, p. 1744. In Jan. 1926 they offered $1,300,000
4
series D at 94 and int. to yield over 5.40%. V. 122, p. 482.
Divisional Bonds.—Ashland Gas & Elec. 1st 5s are call, on 4 weeks' notice
at 105 & int. Mtge. provides for sinking fund of 1% of outstanding bonds
yearly.
Richland Public Service 1st < Ref. 5s are call, all or in part at 102 and int.
%
Mortgage provides for sinking fund.
Trumbull Public Service Co 1st 6s callable all or in part by lot at 105 and
int., also in part at 102 and int. for sinking fund. Sinking fund of 2% of
bonds issued provided for
EARNINGS.— For calendar years.
1926.
1925.
1924.
Gross operating revenue____________ $11,503,273 $11,315,432 $10,525,813
Operating expenses, maint. & taxes.. 7.118,335
6,928,395
6.6667.47
Net operating revenue___________ $4,384,938
Non-operating revenue_____________
14,459

$4,387,037
29.262

$3,858,466
55.139

Gross income____________________ $4,399,397
Fixed charges______________________
1.731,444

$4,416,299
1.846,866

$3,913,605
1.624.150

Balance for dividends and reserves. $2,667,953

$2,569,433

$2,289,456

Note.— Incl. full 12 months earns, of properties acquired during year.
OFFICERS. — Pres. H .L . Doherty; V.-P. & Gen Mgr r O. K ■nnedy;
Sec., R. E. Cuthbertson; Treas., H. A. Fountain.— V. 120. p. 88, 454,
1089. 3188; V. 121. p. 200; V. 122, p. 482. 2041. 2949, 3454. 2281.
(10) PUBLIC SERVICE CO. OF COLORADO.
All common stock except directors’ shares owned by Cities Service Power
& Light Co.
ORGAN IZATION .— Incorp. in Colo. Sept. 3 1924. Success > by merger
r
to the properties of the Denver Gas & Elec. Co. and the Western Light &
Power Co., which c< nipany owned and controlled Cheyenne Light, Fuel
& Power Co. Chevpnrie. Wyo. Tn Sept. 1924 acquired the Colorado
Power Co. and its subsidiary, the United Hydro-Electric Co. In M ay 1926
was reported to be acquiring the municipal lighting plant at Brush. Colo.
In 1926 also acquired the Rifle (Colo.) Light & Pow. Co
V 122, p. 3455.
Franchise.—A 20-year franchise for gas, elec, and steam heat in Denver
has been awarded by taxpayers’ vote, to extend to 1947. V. 124. p. 922.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Is the largest gas and electric company in Colorado. Supplies without
competition electricity for light, heat and power to Denver and to a number
of substantial communities, including Boulder, Sterling, Leadville, Salida
and Fort Collins, Colo., and also supplies electric, gas and steam heating
service through a subsidiary to Cheyenne, Wyo. Also supplies electricity
at wholesale at Greeley. Longmont, Englewood and other communities in
Colorado
Gas and steam heating service is supplied to Denver and the
street railway system is operated in Boulder, Colo. Population served
estimated at 400.000
Co. has generating stations of a total capacity of
120,270 k.w. A second unit of 25,000 k.w. was installed in the Valmont
station during 1926, making the capacity 45,000 k.w. Co.'s principal steam
stations are connected by 1,215 miles of high-tension transmission lines to
hydro-electric generating stations of the co. having 32.720 k.w. capacity.
Interest. Outstanding. Maturity.
STOCK AND BONDS
Date.
$20 8 0 00 1
Common $25,000,000 ( $ 1 0 0 ) - - ____
1st pref cu n $25,000 00 0($1 00)____
7.0)7.028
7%
1 st pref cum 6 % series_______
2.400.000
6%
First mtge & ref Series “ A” - , f 1923
6 g M-S
3.54 1 .900 Sept 1 1953
Series "B” .
5 « g M-S 11 833.100 Sept 1 1954
1924
($100, $500 & $1,000 c* and |
Int. at Hals'ey, Stuart & Co Inc., Chicago.
$1.000, &c. r*) gold
tf i and office of company New York.
20-yr 6 % g deb $6,000,000] 1926
6 g M-N
6,000.000 May 1 1946
($1,000, $500. $100c*) tfl Guaranty Trust Co. of N Y Trustee.
Denver Gas A Elec gen mtge( 1903
.
5 g M -N
5,983,300 M ay I 1949
($1,000. $500. $250, $100)1 Equitable Trust Co., New V .rk, trustee.
____ .
___ c* I
Denv G & E L Co 1st & ref M / 1911
5 g M-N x9 324 000 May 1 1951
($100, $500 & $1.000) g .c*\Bankers Trust C o.. New York trustee.
Colo Pow Co 1st M ($100. &c,J 1913
5 g M -N
4,061.100 May 1 1953
c* and $ 1 , 0 0 0 Ac r*i gold 1Int at Irving Bank-Col. Tr. C o., N. Y ., trus.
x Includes $1,147,100 held alive in sinking fund.
Stock.— First pref callable, all or in part, at 110 and divs. In May 1926
co. was reported to have under preparation an issue of 50.000 shares 6 %
cum pref. stock. V 122. p 3084
Bonds.—First mortgage and refunding bonds secured by a first mortgage
lien on certain property and are further secured by pledge of $3,589,000 of
divisional bonds. Mortgage provides for improvement fund of 2% of first
and refunding mortgage bonds outstanding. Mortgage provides for reim­
bursement of the Penn. 1 mills tax and the Conn personal property tax not
exceeding 4 mills per dollar per annum, and the Mass income tax on int.
not exceeding 6 % per annum to resident holders, if requested within 60
days after payment upon proper application.
Series " A " are redeemable, all or part, on 30 days' notice at 105 and int.
co and including Sept. 1 1933: thereafter decreasing (4 % each year to
Sept 1 1952, and thereafter at par and interest to maturity. $5,000,000
Series ” A " 6s were </)«'
by Halsey, Stuart & C o., Inc., and A. B Leach
& Co , Inc., at 93 and interest, to yield about 6.55%,
Series B" are redeemable, all or part, on 30 days' notice at 105 and int.
to and including Sept. 1 d932; thereafter decreasing 1% each expired 5-year

Oct., 1927.]

65

POW ER, L IG H T AND R A IL W A Y

period or fraction thereof to Sept. 1 1952, and thereafter at the principal
amount and interest to maturity. In Oct. 1924, $10,000,000 Series ”B ”
6 Ms were offered by Halsey, Stuart & C o., Inc., and A. B Leach & Co
Inc . at 93 and int., yielding over 6 %. V. 119. P 1291. Tn Jan. 1926 Hal­
sey, Stuart & Co., Inc., offered $1,500 000 additional series “ B" bonds at
96M and int., to yield over 5 3 % - V. 122, p. 348.
4
All of the outstanding 10-yr. 7% s. f. convert, g. debentures, dated Oct. 1
1923 were called for payment Oct. 2 1926 at 105 & int. V. 123, p. 1252.
The 20-yr. 6 % g. debentures, dated May 1 1926 have a sinking fund ot
$300,000 per annum, operating $75,000 quar. for retirement by purchase
at or below par & int. and cancellation of these debentures. So long as
any o f tnese debentures are outstanding co. may not authorize any addi­
tional mortgage on its properties other than 1 st mtge. & ref. g. bonds,
unless these debentures are ratably secured by the lien tnereof, and may not
Issue any additional debentures or other evidences of indebtedness (except
1 st mtge. & ref. g. bonds) extending more than 1 year from date of issue,
unless net earnings for 12 consecutive within preceding 15 calendar months
are at least 1 % times annual interest on co.'s total outstanding funded
debt, incl. proposed issue.
Are red. all or part on 30 days’ notice at following prices & interest: at
103 through May 1 1931: at 102 through M ay 1 1936: at 101 through M ay 1
1941: at 100M through May 1 1945 and at par to maturity. Conn., Penn.
& Calif. 4-mills & Mass. 6% taxes, refundable. In June 1926 A. B. Leach
& Co., Inc., Halsey, Stuart & C o., Inc., Federal Securities Corp. and
Henry L. Doherty & Co. sold $6,000,000 at 99 & int. to yield over 6% .
V. 123, p. 84. i99 .
Denver Gas A Electric general mortgage (now first) 5s assumed by Public
Service Co. of Colorado. Have annual sinking fund of 1 % of outstanding
bonds. $1,024 200 retired by sinking fund. Are callable, all or in part, at
105 and interest. Interest payable at office of H. L. Doherty & C o.. N. Y .
Denver Gas A Electric Light first and refunding 5s are callable at 105 and
Interest. Sinking fund o f 1% of outstanding bonds annually. $1 030.100
held in sinking fund. Interest at office o f H. L. Doherty & C o., N. Y .
Listed on N. Y . Stock Exchange.
Colorado Power Co. first os are callable either as a whole or for sinking
fund at 105 and interest. Sinking fund of M of 1 % yearly of bonds out­
standing for eight years commencing 1918. and 1 % from 1926 to 1952, incl.
EARN ING S.— Consolidated earnings for year ended:
June 30 '27. Dec. 31 ’ 27.
Gross earnings________________________________ $11,370,015 $10,994,701
Net earnings__________________________________
4,834,283
4,857,518
Interest and other charges_____________________ 2,242.331
2,320,837
Annual preferred dividend requirements________
638,692
I 645.856

1 ref. ano com. stock have right to one vote for each share at all stock­
holders’ meetings. In Jan. 1927 Bonbright & C o., Inc., offered $15,000,000
6 % cum. pref. stock at $107.50 ana aivs., to yield 5.58% . V . 124, p. 234.
E A R N IN G S.— For calendar years:
Gross
Net
Preferred
Common Accumul'ed
Income. Income. Dividends. Dividends. Income.
^
$
S
1927a___________ 16.704.297 10,966.372 l,796,167bl7.300,000 21,757.480
1926____________ 20.056.695 14,069,234 1.500.000 2,000,000 33,940,648
1925____________ 17.620.498 12,302,366 1.500.000 x2.412,819 23,371.414
1924____________ 12,552,881 8.455,791 1,353,400 1,856.577 14.981,868
1923____________ 11.410.693 7.469,358 1,123,197 1,399,609 9,736.053
1922------------------ 6,141.511 3,741,469
676.667 *3,904,358 4.789,496
1921____________ 3.968.973 2,377,514
606.667 *1,000,000 5,629,051
1920____________ 3,564.734 2,127,600
588,580
800.000 4,858.204
1919 ______ 2 . 3.114.872 1.697.472
______
„
_ ___
563.525
778.730 4.119.184
a 12 mos. ended M ay 31. b Incl. special divs. on common, $200,000 in
1921, $3,000,000 in 1922 and $15,000,000 in 1927, all in addition to the
regular divs. at rate of 8 % per annum on common stock.
x Includes $412,819 dividend period adjustment paid Jan. 15 1925.
* Includes special dividends on common stock, $200,000, paid in 1921, and
$3,000,000 in 1922; all in addition to the regular dividends at the rate of 8 %
per annum on the common stock.
Stock.— Pref. is call, as a w hole on any div. date on 90 days’ notice at 110 &
divs. Pref. and common stock have equal voting power. In Dec. 1924
Bonbright & C o.. Inc., offered $2,600,000 6 % pref. at 102 & divs., to yield
5.88%
V. 119. p 2760'.
Dividends.— Divs at the rate of 5% per annum were paid regularly on
the pref. stock from organization up to Oct. 31 1911, at which time the regu­
lar rate was increased from 5% to 6 % per annum, and have been paid
regularly at this rate since then. Common stock has regularly paid divs.
of not less than 8% per annum since July 15 1909.
OFFICERS.— Chairman of board and Pres., S. Z. Mitchell; Exec.
V.-Pres., C. E. Groesbeck; V.-Ps., Fred. A. Farrar, F. B. Odium, S. R.
Inch, H. C. Abell, Frank Silliman Jr., A. S. Grenier, P. B. Sawyer, R. B.
Feagin, L. P. Hammond, H. T. Sands, E. W. Hill, C. E. Calder and
L. H. Parkhurst; Compt., & Asst. Sec., R. E. Smith; Sec., E. P. Summerson; Treas., A. C. Ray; Asst. Com pt., W. C. Lang; Asst. Treas., G. J.
Hickman; Asst. Sec., H. L. Martin; Asst. Treas., Alexander Simpson.
— V. 120, p. 86, 329, 956, 2186; V. 122, p. 1917, 2039; V. 123. p. 82, 980,
2390, 3182, V. 124, p. 234, 505, 1066, 1665; V. 125, p. 384, 508, 1707, 1836.

Balance available for depreciation, &c________ $1,874,754
$1,969,331
OFFICERS.— Pres., H. L. Doherty; V.-P. & Gen. M gr., Clare N.
Stannard; Sec., J. E. Loiseau; Treas., H. T. Hughes.— V. 120. p, 1 90.
2270: V. 122. p. 348. 2801, 3084, 3455: V. 123, p. 84. 1252, 1997: V. 124,
p. 922: V. 125, p. 1972.
(11) (THE) EMPIRE DISTRICT ELECTRIC CO.
All common stock except directors’ shares owned by Cities Service Power
& Light Co.
This co. supplies practically all the electric power used in the zinc and lead
mines situated south of Joplin, M o. Also supplies electricity to Joplin
and surrounding agricultural towns, and sells current to other companies
serving the cities o f Springfield. M o., and Pittsburgh, Kan., and adjacent
territories.
Total population served estimated at 190,000; 19 858 customers; generat­
ing capacity 82 250 k. w.; 446 miles of transmission lines and 400 miles of
distribution lines. Co. also owns the entire capital stocks (except directors’
shares) o f Carthage Gas Co. and Webb City and Carterville Gas Co. which
c o .’s distribute nacural gas in Carthage and Webb City and Carterville, M o
V 123. p. 841.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $7,000,000 ($100)_ _____
_
_______ . $3,000,000 ...................
7,203.300 ...................
P f 6 % cum $20,000,000 ($100) ____
6%
5 g M-S
9.400,000 Mar 1 1952
1st mtge & ref 5% ser ($1,000,/ 1927
$500, $100c*)__________ tf (Central Union Trust Co., N. Y ., trustee.
Ozark I’ow & Water 1st M 5 s _ ____
5
1 442.600
1952
Stock.— The 6 % cum. pref. is red., all or in part, at any time at $120 a
share and divs. $3,500,000 6 % cum. pref. was offered at 95 per share,
yielding 6.32%, by Dillon, Read & C o., Federal Securities Corp., A. B.
Leach & Co. and Henry L. Doherty & Co. V. 124, p. 2906.
Bonds.— The ls( mtge. A ref. gold bonds, 5% series, dated Mar. 1 1927, are
secured by a direct first mortgage on all fixed property owned or hereafter
acquired, subject to prior liens, if any, on acquired properties. Additional
bonds may be issued to the extent of 75% of additions and extensions and
of the cost or fair value (whichever is less) of purchased property. No bonds
are to be issued except for refunding purposes unless the net earni gs of the
co. and subs, for a certain fixed period shall have been at least 1
times
the annual interest charges on all divisional and subsidiary bonds out- }
standing and on all 1 st mtge. & ref. bonds outstanding, incl. bonds proposed
to be issued. An improvement fund begins March 1 1928 of 1% of out­
standing 1st mtge. & ref. bonds. Red., whole or in part, at 105 less
M of 1 % for each expired 12 mos. period from Mar. 1 1932 and at the
principal amount during the last year, plus accrued int. in each case.
Tenna., Calif and Conn, taxes not exceeding 4 miles and Mass, income tax
not exceeding 6 % refundable.—V. 124, p 2426.
EARNINGS.— Consolidated earnings for calendar years:
1926.
1925.
Gross earnings__________ __ _____________________$4,091,739
$3,398,370
Operating expenses______________________________
1,862,032 1,816.512
Net earnings------------------------------------------------------ $2,229,707 $1,581,858
nterest charges. &c_______________________________
542.130
437,459
Available for dividends andreserves____________ $1,687,577 $1 144 399
Compare V. 122, p. 1608; V. 123,p. 184; Y. 124, p. 1978. 2426, 2906;
V.fcl25, p. 1051.

Control.— All of the common stock is owned by General Electric Co.
ORGANIZATION.— Incorporated in 1904 in New York for the purpose
of acquiring securities of various public utility companies, which securities
companv pledges to secure its successive series of collateral trust bonds
STOCK VND BONDS—
Dale.
Interest. Outstanding. Maturity.
Common 200,000 shs (no p a r ) . ____
_________ 100,000 shs ___________
$5 cum pref 26,000 shs(no p a r ) ___
5 Q-F
12,000 shs __________
Coll trust sink, fund bonds(see text
5
$267,000
see text

ELECTRIC BOND AND SHARE CO.
Control.— C o .’s entire common stock is owned by Electric Bond & Share
Securities Corp., which latter corp. was formed in Jan. 1925, to take over
all the com. stock of the Electric Bond & Phare Co. held by the General
Electric Co. Holders o f General Electric Co. com. were allotteo stock in
the new co. share for share. V. 120. p. 86. 329
ORGANIZATION.— Incorp. Feb. 28 1905 in New York. C o.'s principal
associated companies are American Power & Light Co., American Gas &
Electric Co., American & Foreign Power Co., Inc., Electric Power & Light
Corp.. Lehi’.h Power Securities Corp., Na io al tower A Li«-ht Co and
Electric Investors Inc., all holding companies, except the Electric Investors
Inc., which is an investment company. The holding comp inies control a
large number of oper. co.'s. On June 30 1926 co. purchased at $33 per share
the co a non stock of Havana Electric A Utilities Co. fro t the latter c o .’s
voting trustees. In Not . 1926 sold to American & Foreign t ower Co.
Inc . all of its holdings ,n Havana Electric & Ut.ht.es Co. t .123 p 2390
Securities of Associated Companies Owned by Electric Bond A Share Co.
as of May 1 1927.— Appreciation in holdings, see V. 125, p. 508, 1707, 1836.
CH A R A C TE R OF BUSINESS.— Co. is not a holding co., but owns
various amounts of stock o f its associated cos. Omy co. controlled by it
is American & Foreign t ower Co. Inc.
Co. supervises the operations o f a large number of electric power and light
and other public utility cos. This supervision extends to all activities of the
respective cos. and their properties, incl. financing, opera.in0 , engineering,
accounting, auditing, legal, rate, statistical and commer.iial. In addition
co. designs and builds properties for the supervised cos
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $50,000,000 ($ 100) - . ____
_______ $40,000,000 Sept 27, 29,
Pref 6% cum $50.000,000($100)____
6 Q-F
40.000.000 Nov 27, 1 h
Stock.— On Jan. 21 1927 co. increased the autb. capital stock fro
$50,000,000 to $100,000,000 by the authorization of an additional 250.000
pref. and 250.000 com. shares, par $100. A stock div. of 150.000 shares o
the increased com. stock at par was declared on <ne common stock and
paid to Electric Bond & Share Corp., the owner of all co.'s com. stock
V. 124. p 505.
The 6 % cum. pref. may at no time be increasea to such an amount as t<
exceed the amount o f the then outstanding com. stock. Pref. as to 6 9
cum. divs. ana assets (100 and divs., but exclusive of profits). No aiis
may be paid on com. stock unless, after such payment, there remains ;
surplus equal to at least 18% (3 years’ pref. uiv. requirements) of the par
value of the then outstanding pref. stock. Call, as a whole on 90 days
nonce, on any uiv date at 110 ana divs




ELECTRICAL SECURITIES CORPORATION.

^ 1 .000) -----------------------■U

------

t l ! (u (It ' Mu ai auu.v i r
vif ] (Tnfi.• a,t. Criiaranfiv T i vfin ,
o.

T I V t <iiy , Or US .
sT . nit/v

Stocks.— On July 19 1927 stockholders voted approval of plan to reclasify stock. Authorized capital stock was increased from 35,000 shares,
par $100, to 250,000 shares without par, which were divided into 50,000
shares of pref. and 200.000 shares of common stocks. 1 1 5 shares of no
par pref were given in exchange for each share of old, $100 par value,
pref. and com. stock was exchanged on basis of 4 shares of new no par
com. for each share of $100 par value com. stock. V. 125, p. 384, 515.
bonds.— From time to time corporation has issued series ol collateral
’■rust sinking fund bonds, collaterally secured by pledge of public utility
securities. Including the 19th series ($1,000,000 offered at 9654 and int.,
to yield about 5 M % . by Bankers Trust C o., Jackson & Curtis, and Parkin­
son & Burr, In Jan. 1926: V. 122, p. 609), the 20th series ($1,000,000
5% gold, dated Jan. 2 1926. due Jan. 1 1956, offered at §614 and int., to
vield about 5 . 2 3 by the same bankers as l9th series in Feb. 1926. V.
122, p. 882): the 21st series ($1,000,000) dated June 1 1926 and due June 1
1956, sold in June 1926 at 98J4 and int. to yield about 5 1 0 % , by Bankers
Trust C o., Jackson & Curtis and Parkinson & Burr: V. 122, p 3338). and the
22d series ($1,000,000 sold in Nov. 1926 by Bankers Trust C o., Jackson &
Curtis and Parkinson & Burr at 9814 and int., to yield about 5.10% ), 22
series have been Issued with an aggregate principal amount of $17,500,000.
Four series, aggregating $4,000,000. have been retired by operation o f sink­
ing funds and by funds received from the sale of underlying collateral, and
the remaining 18 series, issued to an amount of $13,500,000, have been re­
duced in like manner to an amount of $8,794,000 (as of Feb. 28 1927).
Corporation covenants to maintain with the trustee pledged collateral of a
market value at least 25% in excess of the principal amount of coll, trust
bonds outstanding. A sinking fund is to retire about 36% of the 19th, 20th.
21 st and 22d series prior to maturity by purchase or by redemption by lot
at 103 and int. All coll, trust bonds are red. on 21 days’ notice at 103 and
int.
The 19th series above referred to Is dated Jan. 2 1926 and due Jan. 2
1956. The 22d series is dated Nov. 1 1926 and due Nov. 1 1956 ($1,000 c*;
int. 5 g. M .-N .) $1,000,000 offered in Oct. 1926 at 9834 & int.. to yield
about 5.10%. by Bankers Trust Co., Jackson & Curtis and Parkinson &
Burr: Y. 123, p 2260- Fifth series, due Dec. 1 1937, was called for re­
demption Dec. 1 1926 at 103 and int.; V. 123, p. 2390.
EARNINGS.— For calendar years:
1926.
1925.
1924.
1923.
1922.
Gross income------------------- $977,635 $906,659 $834,702 $784,972 $702,814
Net after int,., taxes & exp_$476.860 $473,110 $398,280 $325,530 $365,730
Profit on sale & appraisal
of securities----------------- 368.524 270,935 513.556 123,416 279.807
Total-----------------$845,384 $744,045 $911,836 $448,946 $645,537
Disc.&prem.on coll.tr.bds. 243,695
79,230
1.269 168.071 66.144
.$601,689 $664,815 $910,567 $280,875 $579,393
N e t .................
Less dividends------------------ 250,000 250,000 250.000 258.333 250.000
Surplus..................
$351,689 $414,815 $660,567 $ 22.542 $329,393
OFFICERS.— Pres., C. N. Mason; V .-Ps.,C. P. Hamilton, and W. O.
Hay Jr.: Sec. & Treas., L. W Osborne. Office, 31 Nassau St., N. Y. City.
— V. 122, p. 3338: V. 123. p. 580, 1632. 2138. 2260. 2390; V. 124. p. 1066,
3206. 3628: V. 125. p. 384. 515, 780. 1460.

Bonbright & Company
Incorporated

Public Utility Investments

New York

Boston

Philadelphia

Detroit
Albany
Baltimore
Bangor
Birmingham
Davenport

Elmira
Grand Rapids
Milwaukee
New Haven
Pittsburgh

Chicago

St. Louis
Portland
Providence
Rochester
San Francisco
Schenectady

Scranton
Seattle

Washington
Worcester

66

PUBLIC U TILITIE S

GENERAL GAS & ELECTRIC CORP (Del.).
Management.— C o.’s public service properties are under management
o f W. S. Barstow Mgt. Assn., Inc.
ORGANIZATION.— A holding co., incorp. in Delaware July 21 1925
(V. 121, p. 457), for the purpose of carrying out a plan and agreement dated
July 1 1925 to retire the bonded indebtedness and improve the capital struc­
ture of General Gas & Electric Corp. (of \daine). This latter co. was incorp.
in Maine Aug. 2 1922. (V. 95, p. 110). Stockholders of the old (Maine)
corp. exchanged their holdings o f class A & B pref. for the equivalent in
shares of the new (Del.) corp. bearing exactly the same dividends and all
conditions of the stock except that the stocks of the new (Del.) co. are not
participating. For furtner particulars about the exchange of stocks, &c.,
see detailed reports in V. 120, p. 3314; V. 121, p. 198, 585, 1461, 2520.
One of the purposes of the new incorporation was also to have the advantage
of broader powers for mergers and consolidations.
In Jan. 1926 acqu’red Ortaana El. Lt. & Power Co. V. 122, p. 610. In
March 1926 acquired the Boyertown Elec. Co. and the Annville & Palmyra
Elec. Light Co. V. 122, p. 1761. In June 1926 acquired the French
Creek Electric Co. In July 1926 acquired the Bernville Electric Co. and
also the Berks-Lehigh Electric Co. In Dec. 1926 acquired the Penn
Argyl Gas Co. and Nicholson Lt., Ht. & Pr. Co. During the latter part
o f 1926 the Newton Gas Co. and Washington Gas Co. were merged with
the New Jersey Pr. & Lt. Co. In the same year York Haven Water &
Pr. C o., Hanover Pr. Co., Gettysburg Elec. Co. and Cumberland Valley
Lt. & Pr. Co. were merged with Metropolitan Edison Co., and in Feb. 1927
Metropolitan Pr. Co. was merged with the same co. Organization of
r
Northern Pennsylvania Pr. Co. to merge a number o f subsidiary cos. into
one unified system, see V. 122, p. 1763, and the latter c o .’s separate state­
ment elsewhere in this publication.
Corporation owns or controls the following companies:
Metropolitan Edison Co.:
Pennsylvania Edison Co.
Easton Gas Works.
Penn Argyl Gas Co.
Interurban Gas Co.
Saylorsburg Light & Power Co.
Hanover & McSherrystown Street R y. Co.
Maryland Public Service Co.
New Jersey Power & Light Co.
Reading Transit Co.
Oley Valley Ry. Co.
Reading Transit Bus Co.
Broad River Power Co.
Columbia R y., Gas & Electric Co.
Binghamton Light, Heat & Power Co.
Florida Public Service Co.
The General Finance Corp. (holding company).
Hamburg Gas & Electric Co.
Ortanna Electric Light & Power Co.
Boyertown Electric Co.
Annville & Palmyra Electric Light Co.
French Creek Electric Co.
Bernville Light, Heat & Power Co.
Nicholson Light, Heat & Power Co.
Blue Mountain Electric Co.
Berks-Lehigh Electric Co.
Topton Electric Light & Power Co.
Weisenberg Township Electric Light & Power Co.
Birdsboro Electric Co.
Northern Pennsylvania Power Co.
The Waverly Electric Light & Power Co.
Corporation also controls the Jersey Corporation a real estate company
System’s Structure to Be Simplified.— By April 1 1927 the number o f cor­
porations in the system was to be reduced from 44 to 25. V. 123, p. 3038.
F ELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The above-listed subsidiary companies serve important communities in the
Eastern and Southeastern sections of the United States with electric light
and power, gas and interurban and street electric railway service. Proper­
ties controlled direct or through subsidiaries are mainly electric light and
power, and are located in Pennsylvania, New Jersey, New York, Maryland,
South Carolina and Florida.
Saluda Development.— For details see V. 124, p. 1359.
The combined physical properties include electric generating plants with
an installed capacity of 330,415 k.w., 2,401 miles of high tension trans­
mission lines, 5,043 miles of distribution lines, gas properties with 606 miles
o f mains and electric railway properties with 285 miles of track. Population
served is in excess o f 2,270,000. In June 1926 co. had extended its 110,000volt transmission line from Dover, N. J., to the New York State line, thereby
completing the final link in the Boston-Washington super-power svstem
For details, see V. 122, p. 3338; V. 124, p. 372. For review o f 1926 as to
expansion and earnings, see V. 124, p. 643.
The franchises are perpetual with only a few exceptions
Interest Outstanding. Maturity.
STOCK AND BONDS—
Dot .
$1.50 Q-J 334,362 shs Ju ly’27 37 H
Cl A com 800,000 shs no p a r ) . -----204,0')6shs
----Cl B com 400,000 shs no p a r ) . -----see text
40. OOOshs July'27 $1.75
$7 cum pref Class A (no par)---------$7 Q-J
62.601shs July'27 $2.00
$8 cum pref Class A (no p a r ) . . -----$8 Q-J
$7 cum pref Cl B 100,000 shs
43.399shs July’27 $1.75
(no par)________________________
$7 Q-J
380.3.0
Dividend participa’ns 3 8 0 ,6 0 0 .------ ----------Stock.— Common stock class B exclusively possesses all voting power
except that cum. pref. class A and cum. pref. class B stocks shall be entitled
to vote in the event that 4 quar. dividends are in default. The authorized
number of cum. pref. class A shares is 400,000 which may be issued ai
different dividend rates, not exceeding 8% . The above-listed $7 cum. pref
class A and $8 cum. pref. class A shares are part of the total numbei
authorized. The pref. class A shares are pref., with class B pref. stock
over all junior stocks, in liquidation or dissolution, to the amount of $100
per share. Class A common stock has preference as to assets over class B
common to an amount of $25 per share. After class B common has received
$25. both classes of common stock share equally in the remaining assets
All stocks listed on New York Stock Exchange.

Specializing in Securities

General Gas & Electric System
Broad River Power Co.
Bing’m’n L., H. & P. Co.
Florida Public Serv. Co.

Metropolitan Edison Co.
New Jersey Pow. & Lt.Co.
Northern Penn. Pow. Co.

P

Y
111 Broadway, New York

CHICAGO




M ILW A U K E E

LONDON

The dividend participations were issued to the holders of the cum. pref.
Class A and B stock of the old (Maine) corporation as a compensation for
the omission of the participating privileges in the new preferred stock.
Cum. pref. class A and cum. pref. class B stocks are equally (except as to
rate of dividends) preferred as to cum. dividends over all other stocks. Cum.
pref. class B is callable at option of corp., on 30 days’ notice, as a whole,
only against exchange by the corp., share for share, of cum. pref. A $7 div.
stock. After cum. pref class A and pref. class B stocks received their cum,
dividends for all preceding quarters, common class A stock receives a noncum. div. of $1.50 per annum., and after that common class B stock is entitled
to a dividend at the rate o f $1.50 per annum. Any additional dividends
to be divided equally share for share among common class A, common class
B stock and the dividend participations.
For details, see V. 122, p. 3338.
In Aug. 1925 Pynchon & C o., West & Co. and Jackson & Curtis sold
40,000 shares $7 cum. pref. stock. Class A, for $97 50 per share and div.,
to yield 7.18% . These shares are non-callable. V. 121, p. 198, 585.
The class A and class B common, the $8 cum. pref. class A, $7 cum.
pref. class A and the cum. pref. class B stocks are listed on the N . Y . Stock
Exchange. V. 121, p. 3130.
Bonds.— Corporation has no funded debt of its own at present. All of
the outstanding bonds, to a total amount of $5,457,750.were called for pay­
ment on Sept. 1 1925. V. 121, p. 585.
Dividends.— On Class “ A ” common shares a regular quarterly dividend
of 37 J^c. was paid on Oct. 1 1925 to holders of record Sept. 15, who were
given the option of accepting an equivalent amount of common stock. Class
“ A .” at $25 per share. V. 121 p 1227
Similar dividends with option
were paid on class A common stock quar. incl. Oct. 1927. On com. class B
declared an initial quar. div. of $1.50 for full year 1927, with option to
accept stock instead of cash. V. 125, p. 1836. Regular quar. divs. of $2
on the $8 cum. pref. class A $1.75 on $7 cum. pref. class A , and $1.75 on
the $7 cum. pref. class B stocks were paid incl. Oct. 1927.
Lawsuits brought against directors of co by Bodell & Co. o f N. Y ., ques­
tioning their (directors’) right to allow holders o f class “ A ” common to re­
ceive additional shares o f class “ A ” common at rate of $25 a share to extent
o f their divs. Court decisions upheld directors’ action. See also V. 122,
p. 213, 1169, 1309; V. 124, p. 1219.
EARNING S.— Consolidated income account for 12 mos end. June 30:
1927.
1926
1925.
Operating revenue___________________$25,511,446 $22,411 282 $19,927,312
Operating expenses and taxes_______ 11,982,314 10,957 215
9,661,478
Maintenance_______________________ 2,434,970
2,348,236
2,435,680
Depreciation_______________________
1,416,376
1,090,232
1,101,164
Rentals___________________________ ____ 384,655
398,626
406,047
Operating income_________
- $9,293,132 $7,606,041 $6,333,876
Other income________________
662,741
576,073
472,940
Total Income______________
- $9,955,873 $8,182,114 $6,806,816
Interest on funded debt______
- 4,266,368
3,494,751
3,460,643
Other deductions from income.
445,352
5S5.977
429,183
- 1,900,934
1,571,525
1,140,248
Minority interests___________
231,619
196,425
121,621
Balance__________________________$2,970,976
$2,474,062 $1,655,120
Divs. Paid or Acer, by Gen. Gas &
Electric Corp.—
$8 cumulative preferred stock, class A $500,799
$500,864
$481,622
$7 cumulative preferred stock, class B
280,000
259,000
Cumulative preferred stock, class B__
303,778
246,453
562,576
484,280
Common stock, class A ____________
406,161
_
Total dividends paid or accrued_ $1,568,856
$1,412,478 $1,044,198
Balance____________________________ $1,402,120 $1,061,584
$610,922
OFFICERS.— Pres., William S. Barstow; V.-P., Lucien H. Tyng and
William Buchsbaum; Sec., O. Clement Swenson; Treas., John P. Campbell;
Asst. Sec. & Treas.. Arthur A. Cano. Office, 50 Pine St.. New York
— V. 121, p. 198. 457, 585, 1100, 1227, 1348, 1461, 2271, 2520, 2750. 2873,
3130; V. 122, p. 94, 213, 610. 882, 1169, 1309, 1761,2073, 2030, 2040. 2328.
2493, 3081, 3338, 3605; V. 123. p. 82. 580. 842, 1113, 1250. 1996, 2390,
2518, 2776. 2899, 3038. 3318: V. 124. p. 111. 235, 372, 643, 1219. 1359,
1819, 1978,2278, 2420, 2586, 3206, 3771; V. 125, p.385, 647, 780, 1836,1970
M ETROPOLITAN EDISON CO.
Controlled by General Gas & Electric Corp.
Management.— W . S. Barstow Management Association, Inc.
O RGAN IZATION .— Formed in Pennsylvania July 24 1922, succeeding
company of the same name formed in 1917 through consolidation of the
Metropolitan Electric Co. (which had been operating in Reading and vicin­
ity since 1894), the Edison Electric Illuminating Co. at Lebanon, Pa., and
the Lebanon Valley Electric Light Co. In addition to its property owned
direct company owns the entire outstanding Common stocks of (a) Penn­
sylvania Edison Co., Easton. Pa. (which controls Easton Gas Works,
Interurban Gas C o., Nazareth. Pa.; Penn Argyl Gas Co. and Saylorsburg
Light & Power Co.; (b) Hanover & McSherrytowns Street R y C o.; (c)
Maryland Public Service C o., Frederick, M d. V. 123, p. 2514.
l.i 1926 the ire.uisytvania . . S. Co u .issiou authorized the consolidation
with the co. of the York Haven Water & Power C o., Hanover Power C o.,
the Gettysburg Electric Co. and the Cumberland Valley Lt. & Pow. C o.
In Feb. 1927 the Metropolitan Pow. Co. was also merged with the company.
The mergers did not effect any change in existing operatii g plans. \ .22,
p. 1762. In 1926 merged the Yoru Haven (Pa.) Water & Power Co.
V. 12 3,p. 2777.
Co. also owns $750,000 Reading Transit Co. class B pref. stock, which is
paying dividends at the annual rate of 7 %.
FIELD OF OPERATION AND C H A R ACTER OF BUSINESS.—
Company supplies electric light and power in an extensive territory in
the eastern part of Pennsylvania serving the cities of Reading and Lebanon,
Pa., and surrounding districts, that part directly served including 174
communities, in addition to which power is wholesaled to local companies
in 90 large boroughs and towns. It supplies also practically all power
used by the Reading Transit Co. Through a system of high-power trans­
mission lines the company controls an inter-connected power system ex­
tending from Easton, Pa. on the Delaware River, southwesterly across
Pennsylvania to Gettysburg and Hanover, and south to Silver Run and
Union Mills Md. As of July 31 1927 the companies had 91,133 customers,
against 87,183 on Dec. 31 1926. Total population served, 800.< 00.
Company’s franchises and rights, with one unimportant exception/ are
unlimited as to time and without burdensome restrictions. There is no
competition of similar class of service.
The properties of company include 503 miles of transmission lines and
676 miles of distribution lines. The principal power plant, located on the
Schuylkill River at West Reading, has an installed generating capacity of
69,000 k.w.
The property of the Pennsylvania Edison Co., which operates in and
ibout Easton, Pa., includes its main steam station with a generating
capacity of 33,500 k. w., three small hydro-electric plants, together with
141 miles of transmission lines and 383 miles of distribution lines.
Super-Power System.— The Metropolitan Edison properties form a con­
siderable portion of the Pennsylvania-New Jersey power system of the
General Gas & Electric Corp. Being interconnected by high-tension trans­
mission lines, they are operated as a super-power system and are included
in the Boston-Washington zone of the Super-Power Survey made for the
Department of the Interior of the U. S. Government. To add to the power
supply of this system. Metropolitan Power C o., a subsidiary (now merged)
of Metropolitan Edison C o., completed and placed in service in Aug 1926
the secoiid 35,000 k.w unit of a 200,000 k.w. steam power station on the
Susquehanna River near Harrisburg, Pa.; total installed generating capacity
65,000 k.w. service during 1926
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 500,000 shs (no par)_ ____
______
129 842 shs.
Cum $7 pref. 150,000 s h s _ \ -----_
$7 Q-J
10.816 shs July ’ 27 $1.75
(no par)___ _____________ /
$6 cum pf 250,000 shs (no par) _ ____
$6 Q-J 184,603 shs July’27 $1.50
1st & ref M g Ser “ B” --------- f 1922
6 g F-A
6.080,000 Feb. 1 1952
Series “ C ” _______________ ( 1923
5 g J-J
7,650,000 Jan 1 1953
($ 100, &c)______ c*&r*tf IGuaranty Trust C o., N. Y ., trustee.
5 g
A-O2,348.000
Met El Co 1st s f ($1,000, J 1909
$500,)_________________c*tf (Girard Trust Co., Philadelphia, trustee.
Penn Edison Co 1st M 30-yrf Bank of North Amer. & Trust C o., Phila­
s f g $50,000,000 ($100,\ delphia, Pa., trustee.
& c)________________c*&r*tf (
Series A 5 % ____________ 1916
6,713,500 April 1 1946
5 g A-O
Series B 6 % _____________ 1916
6 A-O
699,000 Apr 1 1946

N

Members New York Stock Exchange

LIVERPOOL

[V ol. 125.

C

Apr

11939

Oct., 1927.]

STOCK AND BONDS—- Date. Interest. Outstanding. Maturity.
Easton Gas Wks 1st cons M f 1910 5 g F-A
298,000 July 1 1950
40-year gold $1,000,000]Int. at Girard Trust C o., Phila., trustee.
(SI ,000)________________tf
475,000 July 1 1950
Easton Gas Wks 2d M gold 1924
5 g J-J
Series A $2,000,000 ($1,000] Int. at Bank of North Amer. & Trust Co.
Philadelphia, trustee.
$500, $100)
Peoples Lt, Ht & Pr Co 5s 1900
5 g J-J
74,000 Jan 1 1930
30-yr gold $100,000 ($500)]lnt. at Wyoming Valley Trust C o., Wilkes(closed)__________________ { Barre, Pa., trustee.
Del Gas Lt Co 1st M 5s 40-yr/ 1899
5 g J-J
305,000 July 11939
g $400,000 ($1,000)____ tf lin t. at Easton Tr. Co., Easton, Pa., trustee.
York Haven Wat & Pr Co 50- 1901
5 g J-D
1,500,000 June 1 1951
yr 5s g $1,500,000 ($ l,000,]lnt. at Land Title & Tr. C o., Phila., trustee.
$ 5 0 0 )__________________ tf
York Haven Wat & Pr Co 5s/ 1907
5 g M -N
1,345,000 M ay 1 1957
50-yr g$4,000,000($l ,000)tf lin t, at Land Title & Tr. C o., Phila., trustee.
Hanover Pow Co 1st M s f g / Interest at York Trust C o., York, Pa.,
($1,000, $500, $100)___ tf\ trustee.
262,000 June 1 1928
6 g J-D
Series A $299,000_________ 1921
89,000 June 1 1941
6 g J-D
Series B $101,000_________ 1921
469,400 June 1 1941
.
6 g J-D
Series C $3,100,000_______ 1921
3,250,000 June 1 1953
Metrop Pow C o l s t M g S e r A / 1923
6 g J-D
($1,000, $500, $100)_____ , IBk. of Nor. Am.
Cumberland Val Lt & Pr C o f 1921
6 g J-J
30,400 Jan 1 1951
1st M g $250,000 ($ 1 ,000,] Union Trust Co. o f Pa., Harrisburg, Pa.,
$500, $100)____________ t f[ trustee.
Dillsburg Lt, Ht & Pr Co 1st/ 1910
5 g J-J
10,500 Dec 31 1930
M g(closed)($500, $250)-tf/Security Title & Tr. C o., York, Pa., trustee.
Stock.— The $7 and $6 pref. stocks are preferred as to cum. divs. ($7
and $6, respectively) and assets ($100 and div. in liquidation or dissolution)
over the common stock. Are red., whole or part, on 30 days’ notice at
$110 per share and div. In Feb. 1926, by action of stockholders, series B
pref. stock was changed co $7 pref. stock and the series C pref. stock was
"changed to $6 pref. stock, and the authorized amount of the $6 pref. was in­
creased to 250,000 sbs. In Dec. 1926 Pynchon & Co. sold 25,000 additional
shares of $6 cum. pref. shares at $96. V. 123, p. 3038.
All of the outstanding Series “ A ” $7 cum. participating stock was called
for redemption on Oct. 1 1925 at $115. At the same time all of the pref. $8
div. stock of Pennsylvania Edison C o. (a subsidiary) was redeemed. V. 121
p. 331. 587.
Capitalization.— On M ay 5 1925 stockholders increased the authorized
Indebtedness of the co. from $20,600,000 to $50,000,000, and the authorized
amount of preferred stock from 75,000 to 375,000 shares (75,000 series A
pref., 150,000 shs. series B pref. and 150,000 shs. series C pref.) and the
common stock from 300,000 to 500,000 shs.
On Feb. 24 1926 stockholders reduced the authorized amount of pref.
stock from 375,000 shares by the elimination of 75,000 shs. of series A pref.
to 300,000 shs., which were thereupon increased to 400,000 shs., divided
as follows: 150.600 shs. $7 cum. pref. and 250,000 shs. $6 cum. pref. stock.
Bonds.— The first & ref. mtge. gold bonds, series B, 6 % bonds 1952, and
series C 5s 1953, are listed on the N. Y . Stock Exchange. Series B are call ,
all or part, on 30 days’ notice on or before Aug. 1 1931 at 110; on or before
Aug. 1 1947 at 107; on and incl. Aug. 1 1951 at 105 with int. Int. payable at
Guaranty Trust Co. of New York or at Continental & Commercial Trusl
& Savings Bank, Chicago, 111. There is a sinking fund June 1 1923 to
June 1 1932 of 1 % o f series B bonds outstanding; June 1 1933 to June 1
1942, 1 K % ; June 1 1943 to June 1 1951, 2% .
The lsl & ref. mtge. gold bonds are secured by a 1st mtge. on part of the
property and by a direct mtge. lien on all physical oronertv owned incl
after-acquired) subject to $2,348,o6o Metropolitan Electric Co. first sinking
fund bonds and bonds of York Haven Water & Power C o., Hanover Power
C o., and Cumberland Valley Light & Power Co. Further secured by
pledge of 118,249 9-14 shares o f common stock o f Pennsylvania Edison
Co. (more than 99% o f outstanding capital stock) and 15,000 shares
Class " B ’ 7% pref. stock o f Heading Transit Co. The ootids of series V
5% , due Jan. 1 1953, are callable, all or part, on 30 days’ notice on or
before July 1 1952 at 105; thereafter at 100 and int. There is a sinking
fund Jan. 1 1924 to Jan. 1 1933, 1% o f series C bonds outstanding Jan. ]
1934 to Jan. 1 1943, 11^%; Jan. 1 1944 to Jan. 1 1952, 2 % . Listed on
New York Stock Exchange. In March 1926 Halsey, Stuart & Co., Inc.
sold $3,500,000 additional Series “ C ” bonds at 99 l and int. V. 122, p. 1455
A
In June 1926 the same bankers offered $1,000,000 additional series C 5%
bonds at 100M and int. V. 122, p. 3083.
Both series B and series C 1st & ref. mtge. gold bonds are exempt from
Penn. 4 mills tax. Co. refunds Conn. 4 mills and Mass. 6 % taxes.
Under the provisions of the 1st & ref. mtge. additional bonds may be
issued in series of such tenor as directors from time to time may determine,
for refunding prior lien bonds, par for par, and for 70%, 75% or 80% of
new acquisitions, &c., provided gross income has been at least 1 'A, 1 % or
2 times annual interest on all 1 st & ref. mtge. bonds issued, incl. new issue,
and prior lien bonds in hands of the public.
A maintenance and depreciation fund provides for payments to trustee
annually on July 1, during tne life of any 1st & ref. bonds, of 12 % of
the operating revenue during 12 calendar months ending April 30 of the
same year, less actual expenditures for maintenance, &c., and on account
o f improvement, & c., against which no bonds have been issued
Moneys
may be drawn down from time to time for maintenance, &c., or improve­
ments, &c., or for retirement of 1 st & ref. mtge. bonds, or for purchase of
certain specified underlying bonds o f the co. or U. S. Govt, securities
forpledge with trustee
The Melroiwlitnn Electric Co. 1st mtge. 5% 30-yr. s f. gold bonds, due
April 1 1939, are call., all or part, at 110 and int. on April 1 1914, or anj
interest date thereafter on 4 weeks’ notice. There is a sinking fund of 1%
o f all outstanding bonds each April I from April 1 1914 to April 1 1918,
April 1 1919-1927, 1 4 % , and April 1 1928-1938. 2% . Interest payable
at the company's office or its agent, in Reading, Pa. (Colonial Trust Co.)
Exempt from Penn. 4 mills tax.
The Pern. Edison Co. 1st mtge. 30-yr. s. f. gold bonds, due April 1 1946
are callable, all or any part, o f Series A and B at 105 and int. on 30 days
notice. Bonds of subsequent series in same manner and at a price not
less than 105 and int. if issued prior to April 1 1936 and not less than 102)4
if issued subsequent to April 1 1936. There is a sinking fund of 1 % June 1
1917 and annually thereafter on all bonds outstanding and reserved for re
funding purposes. Int. payable in Philadelphia or New York. Exempi
from Pennsylvania 4 mills tax.
The Easton Gas Works 1st consol, mtge. 5% 40-yr. gold bonds, due July 1
1950, are call, at 105 and int. on 30 days’ notice. $243,000 are owned by
Penn-Edisor Co. In addition to the $541,000 outstanding, $80,000 have
been cancelled, and $379,000 are reserved for underlying bonds. There is
a sinking fund of 4 % annually April 1 1915 to 1920, 1 % annually April 1
1921 to 1926 o f bonds certified or reserved; April 1 1927 to maturity a
graduated annual proportion of 30% of all bonds certified less retired and
cancelled. Exempt from Penn. 4 mills tax.
The Easton Gas Woiks 2d mtge. gold bonds, series A, due July 1 1950. arr
call, all or part on 30 days’ notice at par and int. Exempt from Penn
4 mills tax. All are owned by Penn. Edison Co. and deposited as collateral
under its 1 st mtge.
Peorle's Light, Heat St Power Co. 1st mtge. 5% 30-vear gold bonds, dut
Jan. 1 1930, are call., all or part, in order of their numbers at 105 and
int. on 3 weeks’ notice. $20,000 have been retired and cancelled. $6,000
are deposited as collateral under Easton Gas Works 1st cons. mtge. Ex
empt from Penn. 4 mills tax.
Delaware Gas Light Co. 1st mtge. 40-yr. gold bonds, due July 1 1939, are
exempt from Penn. 4 mills tax. There is no sinking fund. $95,000 have
been retired and cancelled.
The York Haven Water & Power Co. 50-yr. 5s gold bonds, due June 1 1951.
are non-callable. Exempt from Penn. 4 mills tax
The York Haven Water St Power Co. 5s gold bonds, due May 1 1957, are
call all or part at any time after Mav 1 1927 at 105 and int. In addition
to the $1,345,000 outstanding, $1,045,000 pledged under first & ref mtge. of
Metropolitan Edison Co. There is a sinking fund May 1 1927 and annually
thereafter of 10 % of gross earnings less all expenses, fixed charges and
amounts expended for improvements and betterments. Exempt from
Penn. 4 mills tax.
The Hanover Power Co. first mortgage sinking fund gold bonds are callable
on 60 days’ notice at par and interest and a premium of such amount as
may be required to make the redemption price equal to the value thereof
on a 5 z i% basis. Bonds may be called for sinking fund on 15 days' notice
/
at redemption rate and interest. A sinking fund covering all series calls
for payment on June 1 of the following percentages of total bonds out­
standing and o f all bonds paid or redeemed through sinking fund— 1922 to
1924, incl., 1% ; 1925 to 1927, incl., 1 4 % ; 1928 and each year thereafter,
2 % . Exempt from Penn. 4 mills tax.




67

POW ER, LIGH T AND R A IL W A Y

The Hanover & McSherrystown Street Ry. Co. 1st mtge. demand gold bonds
are all owned by Metropolitan Edison Co. and exempt from Penn. 4 mills
tax. Are non-callable
The Meltopolitan Power Co. 1st mtge. gold bonds, series A 6s, due June 1
1953, are listed on the N. Y . Stock Exchange. Call, all or part on 30
days’ notice, to and incl. June 1 1938, at 1074 and on any interest date in
each succeeding 12 months' period at percentages decreasing 4 % in each
succeeding 12 months period, with interest. There is a sinking fund
June 1 1926 to June 1 1934, 1 % of all outstanding series A bonds; June 1
1935 to June 1 1943, 1 4 % ; June 1 1944 to June 1 1952, 2 % . Interest pay­
able in Philadelphia and New York. Exempt from Penn. 4 mills tax. Co.
refunds Conn. 4 mills and Mass. 6% taxes.
The Cumberland Valley Light St Power Cu. 1st mtge. gold bonds, 6s, due
Jan. 1 1951, are call, all or part on Jan. 1 1926 or any iut. date thereafter
on six weeks’ notice at 103 and int. $59,600 are held in treasury. There is
a sinking fund. D ec.31 1925 and annually thereafter, of 2% of outstanding
amount.
The Dillsburg Light, Heat & Power Co. ls< mtge. 5% gold bonds, due Dec. 31
1930, are call, all or part at 100 and int. on 2 weeks’ notice.
EARNINGS.— For calendar years:
1926.
1925.
1924.
Operating revenue__________________ --$9,587,182 $8,675,748 $7,947,276
Operating expenses and taxes________ - - 4,044,857 3,588,451 3,471.642
Maintenance and depreciation_______
1,533,128 1,404,168 1,525,219
Rentals_________
66,198
66,198
66,198
Operating income.
Other incom e-.

$3,942,998 $3,616,930 $2,884,217
272,650
207,711
384,503

Total income_____________________
$4,215,648 $3,824,641 $3,268,720
Interest on funded debt________________ $1,644,269 $1,579,043 $1,379,424
Other deductions______________________
165,798
176,213
177,549
Preferred dividend requirements________
952,769
850,617
647,562
Balance o f net income.
$1,452,811 $1,218,768 $1,064,185
Latest Earnings.— For 12 months ended June 30:
_

.

.

J.

•

Operating revenue and other income____________ $10,314,513 $9,434,344
Total income after deducting operating expenses,
taxes, maintenance, depreciation, &c__________
4,387,491
4,065,987
Surplus after charges, incl. int. on funded debt___
2,567,210 2,306,951
OFFICERS.— Pres., E. L. West; V.-P., L. H Tvng, E. M . Gilbert,
Thomas Cheyne and W . Buchsbaum: Treas., J. P. Campbell: Sec., O. N .
Wilson.— V. 121, p. 330 458. 586 706, 839. 1569, 2875: V. 122. p. 1310,
1455, 1762, 2496, 2949, 3038; V. 123, p. 710, 1634, 2519, 2777, 3038; V. 124,
p. 2907; V. 125, p. 1052.

BINGHAMTON LIGH T, HEAT & POWER CO.

Controlled by General Gas St Electric Corp.
Management.— The W . S. Barstow Management Assn., Inc., N . Y . City,
ORGANIZATION.— Incorp. in New York State in Jan. 1902 as successor
to the Binghamton General Electric Co. The Owego Light & Power Co.
and the Afton-Windsor Light, Ht. & Pow. Co., inc., were merged with
the Binghamton Lt., Ht. & Pow. Co. in 1925.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Co. supplies electric service throughout an extensive industrial aud agri­
cultural district in the southern central part of N. Y . State with the city of
Binghamton as centre. Other communities include Endicott, Johnson
City, Dickinson, Nichols, Apalachin, Port Dickinson, Conklin, Kirkwood,
Chenango, Fenton, Maine, Vestal, Union, Owego, Whitney Point, Mara­
thon, Lisle, Newark Valley, Berkshire, Willet, Cincinnatus, Taylor, Glen
Aubrey, Glen Castle, Tioga, Port Crane, Harpursville, Ninevah, Kattelville, Center Village, Chenango Bridge, Smithfield Flats, Sanitaria Springs,
Messengersville, Afton, Windsor, Richford, Brisben, Catatonk, Center
Lisle, Corbettsville, Hartford, Hartford Mills, Pitcher, North Pitcher, Riv­
erside and South Otselic. Company owns a large steam generating station
on the Susquehanna River near Binghamton, and several small hydro­
electric stations. Total capacity, 24,420 k.w.; 200 miles of high-tension
transmission lines and 406 miles of distribution lines. Population served,
161,000. Interconnection arranged in the early part of 1927 between Elmira
Water Light & RR. Co. and Binghamton Lt., Ht. & Power Co. for inter­
change of electrical energy at 110,000 volts. V. 124, p. 372.
S' OCK AND BONDS—
Date. Interest. Outstanding
Maturity.
Common 50,000 shs (no p a r ) . . ____
_______ x37,500shs. June ’27, $2
Cui pref $6 div 75,000 shs
$6
21,347 shs July’27$l.50
(no par)------------------------------------Cum pref 50,000 shs (no p a r ) _ - ____
$7
None
1st ref mtge 5s 30-year gold/ 1916 5 g A & O $6,194,000 Feb 1 1946
($ 1,000 c* & $1,000 m ult)tf lint, at Guaranty Tr. Co. of N. Y ., trustee.
Owego Lt & Pow Co gen M
40-year 6s gold ($500)_____Int. at First Nat. Bk. of Owego , N . V., trus.
Series A _________________ 1923 6 g M -N
159,000 M ay 1 1963
41,000 M ay 1 1963
Series B _________________ 1923 6 g M-N
x All owned by General Gas & Electric Corp.
Bonds.— 1st ref. mtge. 5% 30-yr. gold bonds, due Feb. 1 1946, are secured
by a 1 st mtge. on all o f c o .’s property subject only to $200,000 divisional
underlying liens. Additional bonds may be issued for 80% of additions,
betterments, &c., provided net earnings for 12 consecutive within preceding
14 months have been not less than twice annual interest on all 1st ref. bonds,
incl. bonds certified but undelivered and bonds applied for. There is a
sinking and improvement fund of 1 % outstanding bonds annually, pay­
able Feb. 1, which may be used for purchase of bonds (at a price not exceed­
ing 105 and int ) or for improvements, &c. Maintenance and depreciation
fund of 10% of annual gross earnings. The bonds are callable, all or part,
on 40 days’ notice, at 105 and int. Penna. 4 mills tax refundable. In Dec.
1926 Halsey, Stuart & Co., Inc., offered $1,450,000 additional bonds at 100
and int. V. 123, p. 2894. Legal investment for savings banks in Maine,
New Hampshire and Vermont.
The A fton- Windsor Lt., Ht. St Power Co. 1st mtge. 6s, gold bonds, due Feb. 1
1944. are call., all or part, at 105 and int. on 2 weeks notice. No sinking
fund provisions.
Latest Earnings.— For 12 months ended June 30:
1927.
1926.
1925.
1924.
Operating revenue_____$2,043,125
$1,819,877 $1,528,486 $1,303,589
Oper. exps. & taxes_____ 1,O il,317
832,795
687,408
620,892
Maintenance and deprec.
337,665
373,602
334,216
291,002
Operating income____
Other income__

$694,143
66,951

$613,480
23,630

$506,863
53,106

$391,693
58,421

Total income.
Int. on funded debt____
Other deduc. from inc__
Prov.for div.on pref. stk.

$761,094
294,276
67,973
114,364

$637,110
251,974
65,616
124,798

$659,968
220,559
tjz,862
108,248

$456,114
143,347
33,508
76,741

Bal. of net income____
$284,480
$194,723
$168,299
$196,518
OFFICERS.—Pres., W. S. Barstow: V.-P. & Gen. M gr., W . B. Gaudey;
V.-Ps., L. H. Tyng and W. Bauchsbaum: Treas.. J. P. Campbell: Sec.,
C. N. Wilson.— V. 122, p. 2648, 2947, 3451; V. 123, p. 709, 2894; V. 124,
p. 370; V. 125, p. 93, 910.

EMPIRE POWER CORPORATION

(See Map on page 68.)
ORGANIZATION.— Incorp. in New York Nov. 1 1924. Controls com­
panies furnishing directly or indirectly electric power and light service in
70 communities and gas service in 1,j communities in the centra) part of the
State of New York, and gas service in Houston, Texas and vicinity. Among
the principal communities supplied with electric power and light and gas
service in central New York are Lockport, Auburn, Geneva, Elmira, New­
ark, Seneca Falls, Dansville and Lyons, and with electric power and light
service Corning, Hornell, Perry and Warsaw. Electric railway service is
also furnished in Elmira and vicinity, and steam heat in Lockport and
Hornell. Total population served estimated to exceed 490,000. Principal
cos. controlled, either directly or indirectly through stock ownership, are:
(a) New York Central Electric Corp. (all of the common stock owned by
Empire Power Corp.);
(b) Empire Gas & Electric Co. (New York Central Electric Corp. owns
all of the common stock):
(c) United Gas & Electric Corp. and controlled companies (Empire Power
Corp. owns over 97% of the common stock of The United Gas & Electric
Corp.) V. 122, p. 610, 1168.

P U B L IC
U T IL IT IE S
[ V o l .

125
.




Ct
Q
fO

POW ER, LIG H T AN D R A IL W A Y

Oct., 1927.]

STOCK AND BONDS—
Div.Rate. Outstanding. Latest Div
Common 600.000 shs (no p a r ) . ____
_________ 400.000 shs ------------$6 cum pf 100.000 shs (no p a r ) . ____
$6 Q-J
74.000 shs Apr '27 $1.50
Partic stk 600.000 shs (no p a r ) ____
_________ 400.000 shs
See text
Stock.—The $6 cum pref stock Is preferred as to assets and divs. Red.,
all or part, after Jan. 1 1929. at 110 per share and dividends. Penna. 4
mills. Maryland 4)3 mills, and Mass. 6% taxes refundable. In Feb. 1926
W. C. Langley ft Co. and Bonbright & Co., Inc., offered 74.000 $6 cum.
pref. shares at 93 )3 and divs., to yield over 6.40%. V. 122. p. 1168.
Dividends— An initial quar. div. of $1 50 was paid on the $6 cum. pref.
stock in April 1926. V. 122, p. 1608. A similar dividend was paid quar.
up to and incl. April 1927. On the no par participating stock 40c. was paid
in July 1926. V. 122, p. 3605. In Oct. 1926 paid 50c. and same div.
quar. since to and incl. April 1927.
EARN INGS.— Consolidated earnings 12 months ended June 30 1926
Gross earnings of operating subsidiaries____________________ $8,898 518
Net after operating expenses, maintenance and taxes________
3.129.534
Net after retirement reserve but before preferred dividends..
1,034,322
OFFICERS.— Pres., E. L. Phillips; V .-P., G. W. Olmsted; Treas., R. F.
Van Doom; Sec., H. R. F rost— V . 122, p. 610, 1168, 1608, 3453, 3605;
V. 123. p. 1502.

69

Central N. Y. Oas & El. Co. 1st Gold 5% due July 1 1941, are red. at
105 on any interest date. Annual sinking fund of 1% of outstanding
amount since 1916.
EARNINGS.— For calendar years
Surplus
Gross
Net
DepreDivifor Year.
Earnings. Earnings. Interest, elation. dends.
1926—.........$2,652,492 $1,050,664 $321,196 $265,795 $420,294
$43,379
1925.............. 2.436.150 1,002.607 342,095 246.378 261.020 153.109
12.331
1924.............. 2.286.038
904,351 327,499 261.592 302.929
1923............. 2.108.604
916.763
316.515 243,130 228.490 128.628
1922.............. 1.866.264
808.488
305.713 190.196 139.352 173.227
26.048
1 9 2 1 ............ 1.678.160
517,901
288,890 117.908 85.055
21.135
1920________ 1,604.735
419.582
232,890 131,117 34.440
OFFICERS — Pres., E. L. Phillips: V.-P . H. O. Palmer and G. W.
Olmsted; Treas., R. F. Van Doorn;~Sec., H. R . Frost.— V. 121, p. 2156;
V. 123, p. 1502; V. 125. 1323.

(THE) UNITED GAS AND ELECTRIC CORPORATION.

Control.— Empire Power Corp. of New York obtained control in Jan. 1926
through acquisition of more than 95% of the common stock of United Gas
& Electric Corp. See “ Empire Power Corp.,” V. 122, p. 6io . See also
V. 123, p. 1502; V. 125, p. 1327.
ORGANIZATION.— lncorp. in Conn, on July 20 1923 as a consolida­
NEW Y O R K CENTRAL ELECTRIC CORPORATION.
tion of The Berkshire Corp. and The United Gas & Elec. Coro, (as per plan
Control.— All of the common stock is owned by Empire Power Corp’
outlined in V. 116, p. 1761). Company controls Lockport Light. Heat ft
O R G A N IZA T IO N .—lncorp. in New York Dec. 2 1921, as Wyoming Power Co., Elmira Water. Light & R R .. and Houston Gas & Fuel Ce.
Electric Corp. Present name adopted Nov. 2 1922. In 1924 absorbed See for history of acouisitions. V. 94, p. 1388. 1696: V. 97. D. 726. Co. also
the Perry Electric Light Co., Warsaw Gas & Electric C o., Hornell Electric owns 27,000 shares of Long Island Lighting Co. common stock. Corp. has
C o., The Dansville Gas & Electric Co., Wayne Power Co., Yates Electric interest in Houston Gulf Gas Co. of approx. 25%. V. 124, p. 2283.
Light & Power Co.. Corning Light & Power Corp., The Canaseraga Electric
As o f Jan. 7 1926 sold its interests in Lancaster (Pa.) County R y. & Lt.
Co., Inc., Distributors Electric Co.. Inc., and Springwater Electric Light Co. and Harrisburg (Pa.) Light & Power Co. to Lehigh Power Securities
C o., Inc. On Jan. 27 1925 acquired all o f the outstanding com. stock of Corp. through “ United Securities C o.” For particulars see V. 122. p. 611.
the Empire Gas & Electric Co. In 1925 absorbed the Aulls Electric Co.. under “ Lehigh Power Securities Corp.” Corporation received in lieu of
Addison Electric Light. Power Co.. (V. 121 . p. 331) and the '’lectric system the above holdings appr. $11,000,000 in cash and 130,000 $6 cum. pref.
o f the village of Arkport. In 1926 absorbed the Hammondsport Electric shares of Lehigh Power Securities Corp. On March 2 1926 corp. disposed
Light Co., the Penn Yan Gas Light C o., A. Cornwell & Sons and the electric of al its stock interest in the Susquehanna Power Co. V. 122, p. 2499.
system of the village of Savona.
In 1926 co. purchased for investment 1,500 7% cum. pref. shares ($100)
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— of New York Central Electric Corp. and 27,000 common (no par) shares
of Long Island Lighting Co. V. 122, p. 2499.
Supplies territory located in the central part of New York State, furnishing
United Gas & Electric Engineering Corp.— This co. was organized in 1913
the entire electric light and power service in Corning, Hornell, Dansville,
Perry. Warsaw and many other communities: the principal electric light for the purpose of acting as consultmg, contracting and operating engineers
and power service in Penn Yan; entire gas service in Dansville and Penn and as purchasing agents for the U. G. & E. Corp.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Yan; also some gas service in Corning and a steam heating service in Hornell.
_________ 310,464 shs. S«e text
Common (no par)___________ _____
Operating Statistics—
1925
Preferred ($100)_____________ _____
Q-J
$6,499,400
See text
Electric output (generated & purch.) k.w.h. year end. Dec. 31. 22,226.648
Stock.— The pref. is to bear cum. divs. at the rate of 5% per annum to
Gas output (produced & purch.) cu. ft. year ended Dec. 31— 105,381,odd July 1 1925: 6 % thereafter to July 1 1927 and 7% thereafter.
4,732
Electric generating plant capacity k.w.h. Dec. 31____________
Dividends on Pref.— An Initial div. on pref. at rate of 5% per ann. (for
Gas producing plant capacity cu. ft. per 24 hours Dec. 31____
500,000 period July 20 1923 to Oct. 1 1923) was paid Oct. 1 1923. See also V. 118,
STOCK AND BONDS—
Date. Interest.Outstanding.
Maturity. p. 1137. Divs. at same rate paid regularly quar. since to and incl. June'25.
Div. on pref. at the rate o f 6 % was paid Sept. 30 1925 and since a quar. div.
Common $5,000,000 ($100)________
_______
$2 000 000 .................
of 114% to and incl. June 30 1927. On Oct. 1 1927 paid a quar. div. of
Pref 7% cum $5,000,000 ($ 1 0 0 )____
7 Q-J
4,144,500
See text
1st M 51^ % Ser of 1950 ($100,1 1924
5 )£ g M -S
3,284,500 Mar 1 1950 1 J4%. On the common an initial div. of $1 was paid in June, Sept, and
Dec. 1926. V. 122, p. 3456. In 1927, March, $1.
$500 & $1,000c* and $1,000,)New York Trust C o., N . Y ., trustee.
$5,000 & $10,000 r*) g ..t f j
EARNINGS.— For calendar years:
Hornell. Dansville 1st & ref— ____
5%
90.600
_____
1926 *
1925
1924
1923
Stock.— Pref. is non-voting. Red. all or in part on any div. date after xReceipts----------------------- $l,333i081 $1,488,384 $1,221,094 $1,161,393
Int. & amortization____ 1,371,539
584,889
592,981
649,819
3 years from issue at 110 and divs. $2,000,000 7% pref. was offered Id
43,475
lossl,414
Oct. 1924 by W. O. Langley ft Co. and Bonbright & Co. at 9714 and div.. Profit on securities, & c .. 11,675,641 loss662,218
Preferred dividends____
389,964
357,467
324,970
yl44,431
to yield 7.18%. V. 119. p. 1850.
Bonds.— 1st mtge. 5)4% bonds Ser. o f 1950 are red. all or part on any
Balance................. sur$ll,247,219 def$116.190
$346,61*
$365,729
int. date on 30 days notice at 106 on or prior to Mar. 1 1928. and at 1%
x Dividends of subsidiary companies actually declared during the year
less during each period of four consecutive years thereafter up to and incl
and miscellaneous direct earnings (net) after deducting expenses, y Covers
Mar. 1 1948 and at 100 thereafter, plus int. in each case Penna. and Conn
personal property taxes not exceeding 4 mills refunded. In Aug. 1926 period from July 20. date o f reorganization, to Dec. 31 1923.
$600,000 5)4% Ser. o f 1950 were offered by Manufacturers’ Trust Co
Subsidiary Com panies (now owned).
N . Y ., at 97 and int., to yield over 5.70% . V. 119, p. 820. In April 1926
Calendar Years—
1926.
1925.
1924.
Manuf. Trust Co. offered $500,000 additional 5)4 % Series of 1950 at 101 Gross earnings-----------------------------------$4,964,442 $4,823,017 $4,425,102
and int., to yield over 5.40%. V. 122, p. 2327.
Oper. expenses (incl. maintenance)_
2,565,374
_ 2,967,309
2,744,852
394,107
395,547
297.139
T a x e s -------------------------------------------Dividends— Divs. on pref. paid regularly since issuance In 1924.
Fixed charges______________________
567,278
513,482
555,093
EARN INGS.— For calendar years
421,102
307,110
Renewal and replacement reserve____
283,465
*1926.
1925.
1924.
x Gross earnings_____ ______________ $1,595,271 $1,369,182 $1,039,836
Bal. avail, for financing and d iv s ..
$614,646
$862,027
$724,032
Oper. exp., taxes and maintenance
903.214
777.302
731,632
OFFICERS.— Chairman of Bd.. Ellis L. Phillips; Pres., E. G. Connette’
Net earnings________________
$692,057
$591,880
$308,204 V.-Ps., R. F. Yan D oom and George W . Olmsted; Sec. ft Treas., J. A.
Interest charges____________________
237.057
228.215
128,295 McKenna; Asst. Sec. & Asst. Treas., H. — . Van Iderstine.— V. 120, p. 584,
Amortization, &c___________________
58.195
53,995
34,892 2150; V. 122, p. 613, 1172, 2499, 3456; V. 124, p. 1513, 2283; Y. 125, p. 1463.
UNITED GAS & ELECTRIC CO.
Surplus for year--------------------------$396,518
$309,670
$145,017
ORGAN IZATION .— lncorp. in Dec. 1901 in New Jersey. All the com­
x Including dividends from Empire Gas & Electric Co.
mon stock was acquired by the Susquehanna R y., Lt. ft Pow. C o., which
OFFICERS.— Pres., Geo. W . Olmsted: V.-P., Ellis L. Phillips: Treas.,
R . F. Van Doom ; Sec., Henry R . Frost; Asst. Treas., John W . Little.— on June 6 1912 was consolidated with United Gas & Elec. Corp. and which
on July 20 1923 was consolidated with the Berkshire Corp. Owns and
V. 120, p. 2944; V. 121, p. 331; V. 122, p. 2329, 2496.
controls the following properties
Empire Water & Power C o., Colorado Springs, Colo.
Lockport (N. Y .) Light, Heat ft Power C o., and through it the Inter­
national Power & Transmission C o., Lockport, N. Y .
EMPIRE GAS AND ELECTRIC CO.
On March 18 1926 co. disposed of its security holdings in the Richmond
The entire capital stock is owned by the New York Central Electric Corp.
Light, Heat & Power Co. of Richmond, Ind., Citizens Gas ft Fuel Co. of
ORGANIZATION.— lncorp. April 12 1911 in New York. Acquired Terre Haute, Ind., and Union Gas & Electric Co. of Bloomington. 111.,
Auburn Gas Co., Inter-Urban Gas Co., Seneca Falls & Waterloo Gas Light for $3.500.000.— V. 122. p. 1761.
Co., Auburn Light, Heat & Power Co., Auburn Subway & Electric Co., and
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Citizens Light & Power Co. of Auburn merged the Weedsport Electric Light Stock common 40,000 s h a r e s ..____
_________ 36.210 shs.
See text
Co. in 1925, and the Central New York Gas & Electric Co. in 1926. Applica­ Stock preferred $1,500.000___ _____
J-J
$1,195,800 D e c '26. 2)3
tion filed in Aug. 1927 with N. Y . Pub. Service Commission for approval
Securities of controlled gas and electric companies—
o f merger with Seneca Power Corp.
Lockp L H & P 1st M s e r “ A"\ 1924
513 g M -N 1,319,000 Nov 11954
($500 & $1,000) gold_ c tf (New York Trust C o., N . Y .. Trustee_
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Does the entire gas and electric business in Geneva, Waterloo, Seneca Falls
Bonds.— Lockport Light, Heat & Power 1st mtge. ser. “ A " 513 s are red. all
and 8 other cities and towns, and the entire electric business in Weedsport or in part by lot on any int. date on 4 weeks' notice at 105 and int. on or before
and Clyde. Population served, 130,000. Consumers electric, 20,063; gas. Nov. 1 1929, and thereafter at 1 % less for each 5-year period to and incl.
18,221.
Nov. 1 1949, and thereafter to and incl. N ov. 1 1951 at 10013 and int.,
Stock Increase.— In Sept. 1926 company increased its authorized capital and thereafter at 100 and int. Company agrees to refund Penna. 4-mill
tax. In Oct. 1924 Tucker, Anthony ft Co. and Spencer Trask ft Co.
stock from $5,000,000 to $10,000,000. V. 123, p. 1502.
offered $1,100,000 at 9914 (less an amount equal to Int. at rate of 513%
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
per annum from date of payment to Nov. 1 1924), to yield about 5-55%.
_
_______
Common $5,000,000 ($100)_ _____
$2,692,000
V. 119. p. 1632.
6 % cum pref series A ($100)_ _____
_
6-Q
315,000 _________
Dividends.— On pref. 5% has been regularly paid since incorp. On com ..
7 'A % cum pref ser B ($100)_ _____
_
7J3-Q
219,900 _________
In 1906 and 1907, 2% ; 1908, 4% ; 1909, 2% ; 1910, 4% ; 1911, 4% ; 1912,
7 % cum pref ser C ($100)__________
7-Q
1,381,600 _________
4% ; 1913, 413%; 1914. 4 13%; 1915, 4% : 1916, 714%: 1917, 4% ; 1918,
6 % cum pref ser D ($100):____ _____
6-Q
297,200 _________
214%; 1919, 113%; 1920, 1 13%- In 1921 none paid. In 1922 common
Jtlst & ref gold 5% $5,000,-1 1911
5 M-S
$2,669,000 Mar 1 1941 stock was changed from $100 par to shares of no par value. In 1922, 60c.
000 ($1.000)------------- c*tf\Int. at Pennsylvania Co. for Ins. on Lives ft
per share was paid on the new stock. In 1923, $2 50. In 1924. M ar., 50c.
Granting Annuities, Phila., trustee.
June 65c.; Sept., $1. In 1925 paid $4 70 in divs. In 1926. Mar . 75c.
1922
6 J-D
$1,860,000 June 1 1952 June, 65c.; Sept., $1. In 1925 paid $4.70 in divs. In 1926 paid $3.65.
EARNINGS.— For calendar years:
Int. at Amer. Exch. Irving Trust Co.
1926
1925
1924
1923
A u bG asC oC :on sg5% $600.-1 1905
5 J-D
259,000 June 1 1930
Gross (after expenses)..
$305,790
$420,876
$306,015
$301,484
000 ($1,000)---------- .c .t f l l n t . at New York Trust Go . trustee.
59,790
59,790
59,790
53.790
Centr N Y G & E Co 1st g 5% 1 1911
5 J-J
1.018,000 July 11941 Preferred dividend_____
246,000
361,086
246,225
247,694
$2,000,000 ($1,000, $500)(In t. at Philadelphia Trust C o., Phila., Trus. B alan ce---------------------See V. 122, p. 2499.
cpref. stock has preference as to assets and is guar­
tfl
Slock.— The series A 6%
anteed by endorsement by the Empire Coke Co., which has been merged
HOUSTON GAS & FUEL CO,
into the Empire Power Corp. The series B 7 J3 %. seri es C 7 % pref. and series
Entire common stock is owned by United Gas ft Electric Corp.
D 6 % pref. stock have same preference as the 6 % pref. stock but are not
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
guaranteed by the Empire Coke Co. Regardless of rate, pref. stock is non­ Does entire gas business of Houston and vicinity. Population served over
voting.
200,000). Has acquired Houston Gas Co. In co-operation with the City,
Bonds.—Empire Coke Co., Empire Gas A Electric Co., Joint 1st and Ref
co. has a favorable contract with Houston Gulf Gas C o., running to March
Gold Notes, Due 1941 are red. at 102 on any interest date. Annual better­ 1 1936, whereby it purchases natural gas for distribution. Co.'s own gas
ment fund o f 2% o f outstanding amount. In addition to the amount manufacturing plant, which has a daily capacity of about 10 ,0<0,000 cu. ft.,
>
outstanding. $1,860,000 are pledged as collateral under the gen. & ref. gold is maintained for standby service. Holder capacity. 6,000,000 cu. ft.; over
6 % Series “ A .”
425 miles of distribution pipe lines; over 35,005 custom>rs. Franchise
Empire Gas & El. Co. Gen & Ref. Gold 6 % , Series A are red. whole or part runs until July 1 1955. Rates, see V. 123, p. 2776. In July 1927 closed
on 30 days’ notice at 110 during the first 15 years, less 1 % for each year contracts for servicing 15 buildings in Houston with a minimum o f 160,during the following 10 years and at par thereafter. Secured by a general 000,000 cu. ft. annually.— V. 125, p. 515.
mortgage on the entire property of the company and by the deposit with
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
trustee of an equal principal amount o f Empire Gas & El. Co. and Empire Common $1,500.000________ All owned by United Gas ft Electric Corp.
Coke C o., Jt. 1st & ref. mtge. 5% gold bonds, or in lieu thereof, each or Preferred (7% cum) $1,050.000____
7 Q-J
$1,050,000 Dec '26.1 H
U. S. Government obligations. First publicly offered ($1,100,000) in Ref. ft impt. (now 1st) mtge.
Oct. 1922 at 96 & int., yielding 6.30% .
$6,000,000 ($1,000c*)____ tf
1912
5 M-S
4,587,000 Sept 1 1932




(

70

PU BLIC U TILITIE S

Stock.— Preferred stock Is callable at 110 and dividends.
Bonds.— Additional bonds can be issued only for 80% of cost o f extensions
and improvements when annual net earnings are double the interest on bonds
including those to be issued. Penn. 4-mills tax refundable. In Dec. 1925
Harris, Forbes & Co. offered $800,000 additional bonds at 98 14 and int., to
yield about 5.27%. In July 1926 they offered $300,000 additional bonds at
98M and int., to yield about 5 H %; in Dec. 1926 $617,000 additional at
97 and int. V. 123, p. 710; V. 121, p. 2003; V. 124, p. 111.
EARN ING S.— For calendar years:
1926.
1925.
1924.
Gross________________________________$1,508,693 $1,589,545 $1,502,922
N et________________________________
387,610
497,104
557,151
Charges____________________________
208,898
149,656
199,652
178,712
347,448
357,499
Balance____________________________
See V. 121. p. 3003; V. 122, p. 2494; V. 123, p. 710, 2776; V. 124, p. I l l ;
V. 125, p. 515.

[V ol. 125.

and 23 other communities with a total of over 666 miles of mains. There
is in addition a contract with the Hudson Valley Coke & Products Corp.
for the purchase of gas, which latter is supplied in Albany, Cohoes, T roy,
Schenectady and vicinity. As of Aug. 31 1927 meters in service, gas,
111,649, and electric, 168,611.
STOCK A N D BONDS—
Date.
Com 1,250,000 shs (no par)_ _____
_

Interest. Outstanding. Maturity.
_________ 1 ,000.000 shs ________
$6
20,554 shs ________
7%
144,639 shs _________
7% cum pf 150,000 shs ($ 1 0 0 ) .____
8%
25,547 shs ________
8 % cum pf 30,000 shs ( $ 1 0 0 ) - - ____
1st mtge ser due 1967 (,$500 & f 1927
4)4 g A-O $66,000,000 Oct 1 1967
$1,000 c* and $5,000 &{Central Union Trust Co. of N . Y ., trustee.
$ 1,000 r*)_____________ tf I
Cohoes Pr & Lt 1st M ser A I 1918
6 g J-J
4,000,000 Jan 1 1929
($100. $500 & $1,000 c* and {Central Union Trust C o., N . Y ., trustee.
$ 1,000 & $ 10,000 r*)___ tf
_________
187,500
1939
Troy Gas Co bonds (closed)_ _____
_
Adiron Pr & Lt 5 % deb (closed )____
_________
394,100
1930
Bonds.— The lsl mtge. gold bonds, 4)4% series due 1967, are secured by
ELMIRA WATER, LIGHT & RAIL ROAD CO.
a first mtge. on the entire fixed properties of the corp., subject as to por­
tions thereof to the lien of $4,900,000 divisional bonds, of which $4,000,000
Controlled by the United Gas & Electric Corp. See above.
mature Jan. 1 1929, for payment of which $4,000,000 additional bonds are
ORGAN IZATION .— Incorp. in New York May 23 1900 as a consolida­ reserved under this mtge. Additional bonds may be issued thereunder in
tion o f all the water, lighting, power and street railway properties in Elmira. series of such dates, interest rates and other provisions as directors may from
Owns entire capital stock of Rorick’s Glen Park Ass’n and majority of stock time to time determine, subject, however, to restrictive mtge. provisions.
of West Water St. R R . The latter co. operated under 999-year leases. Tn The mtge. also provides that additional bonds of the 4 34% series due 1967,
April 1913 it was stated that all franchises have at least 72 years to run, or other series, may be issued thereunder (a) for refunding an equal amount
while some o f them are perpetual. In Feb. 1910 was authorized to acquire of bonds of any series or underlying or prior lien bonds, both as defined in
all stock o f Montour Falls Electric Light Co. In Sept. 1914 absorbed the the mtge.; (bj for cash; (c) to not exceeding 75% of cost or fair value to the
corp. (whichever is less) of property additions, as defined in the mtge., to
West Side R R ., all o f whose stock was owned. V. 99, p. 815.
the properties o f the corp., made or acquired after Dec. 31 1927. Addi­
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— tional bonds may not be issued, except for refunding purposes, unless net
Comprises 31.5 miles o f single track in Elmira, Elmira Heights, towns of earnings, as defined in the mortgage, or 12 consecutive months within the
Elmira and Horseheads. Has 92passenger and 20 other cars. 35 to 122-lb. 15 cal. mos. immediately preceding the month in which the application for
T and girder rails. Owns Rorick’s Glen Park and Maple Avenue Driving issue is made shall have been at least equal to twice the annual int. require­
Park. Has 127 miles o f gas mains. One 6,000 k.w., two 5,250 k.w., one ments on (or 12 % o f the principal amount of) all bonds issued and outstand­
5,000 k.w., one 2,250 k.w. and one 2,000 k.w. turbines and seven 768 .p. ing under the mtge., incl. those proposed to be issued, and on all underlying
boilers. Serves Elmira, Elmira Heights, Horseheads, Millport, Montour and prior lien bonds, as defined in the mtge. Not more than 15% of such
Falls, Odessa, Chemung, Wellsburg, Burdett, Lodi, Veteran, Valois, net earnings shall consist in the aggregate of (a) net non-operating income;
Catherine, Pine Valley, Towns o f Elmira, Southport, Horseheads, Brees- and (ft) net income directly derived from the operation o f properties not
port, Erin and Big Flats. Sells power to the New York Central Power Corp. subject to the lien of the mtge.
and the Elmira Corning & Waverly R y. Co. Interconnection arranged in
Not more than 15% of the bonds issued under this mtge. may be issued
the early part o f 1927 between Binghamton L t., Ht. & Pow. Co. and Elmira
property additions
prior liens. No property additions
Water, Lt. & R R . for interchange o f electrical energy at 110,000 volts; against to prior liens may besubject to basis for the issue of bonds under this
subject
made the
V. 124, p. 372.
mtge. if the amount of such prior liens exceeds 50% o f the cost or fair value
to the corp., whichever is less, of such property additions. Not more than
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
20 % of the bonds issued under this mtge. shall be issued against “ specially
Common $2,000,000 ($100)________
_________ $1,000,000
See text
classified properties.” “ Specially classified properties” include, among
1st pref $3,000,000 (7% cum )______
7 Q-M
1,983,700 Dec ’2 7 ,1 H
2d p ref 5% cum $1,200,000________
5 Q-M
1 ,200,000 D e c ’27.11* other things, property used in the business of supplying steam or hot water
heat, water, or in the telephone business or in the street railway business,
1st con mortgage $5,000,0001 1906 5 g M-S
5,000,000 Sept 1 1956
and all properties on which the franchises do not comply with certain con­
($1,000)____________ gc*tf/Interest at New York Trust C o., trustee
servative restrictions.
St<p.k.— First preferred is red. at option o f co. at 115 and dividend.
The 43*5 % series due 1967 are red. as a whole or in part on 30 days’ notice
Dividends.—On 1st pref., \% % quarterly is being paid. On 2d pref., at the principal amount thereof and accrued int., to date of red., together
2 ) 4 % paid semi-ann. from Sept. 1907 to and incl. M ar. 1914. On July 1 with a premium of 5% of the principal amount thereof, less l-5th o f 1%
1914, 1 2-3% was paid, convering 4 months, and in Oct. 1914 div. of 1 )£% for each full year elapsed since Oct. 2 1937 up to and incl. Oct. 1 1962, and
was paid, the annual rate being 5% , payable quar. instead of semi-ann
with no premium if redeemed after Oct. 1 1962 and before maturity. Corp.
(V. 99, p. 608). Same rate quar. since to Dec. 1926- On com ., 1st div.— will refund Penn. 4 mills tax and Mass, income tax not in excess of 6 % p. a.
1% — paid Oct. 1910. In 1911, 1912 and 1913, 4% . In 1914, Oct., 2 % . In In Oct. 1927 a syndicate headed by Bonbright & C o., Inc., Harris, Forbes
1915, Jan., 2% ; April, 1 %; July, 1% . In June 1916 paid 2% for 6 mos. end. & Co. and Bankers Trust Co. offered $66,000,000 1st mtge. gold bonds,
Dec. 31 1915 (declared in Dec. 1915) and 2% for 6 mos. end. June 30 1916
4)4 % series due 1967, at 96 and accrued int., to yield about 4.72% . V. 125,
In Sept. 1916 paid 1% ; Dec. 1916, 2% ; Sept. 1917, 1% ; none to June 1923, p. 2263.
The Cohoes Poioer & Light Corp. 1st mtge. (closed;, series A, 6s, are callable
when 1 )$ % was paid; in Sept., 1)4% ; Dec., 1 % . In 1924, March, 1 )4 %;
all or in part at 105 and int. on any int. date on 30 days’ notice. In Jan.
June, 134%; Sept., 1)4% ; D ec., 134%. In 1925, 6 % . In 1926, 6%.
1919 the First National Bank and Hemphill, Noyes & C o., N. Y . City,
EARNINGS.'—For calendar years:
offered $2,500,000 at 10234 and int., yielding over 5.65%. V. 108, p. 272.
Gross
Net (after
Fixed
Surplus for
$725,000 additional were offered in Feb. 1921 by Potter Bros. & Co. and
Earnings.
faxes).
Charges.
Renew.. &t
Coffin & Burr, Inc., New York, at 91 and int. V. 112, p. 747. In April
$2,541,350
$946,715
$294,844
$651,871 1922 Paine, Webber & Co. and Halsey, Stuart & C o., Inc., New York,
1926--------1925....................... 2,399,279
943,104
298,730
644,374 offered $675,000 additional at 10134 and int., yielding about 5.75% . V. 114
1924_________
2,133,316
786,893
300,282
486,611 p. 1656. In July 1924 E. W . Clucas & Co. offered an additional $100,000.
1923 ___________ 2,211,604
789,797
300,850
488,947
The Adirondack Power A Light Corp. 5% debentures (closed) o f 1920 are
1922 ____________ 1.839,323
674,338
283,184
391,154
1921____________ 1,679,247
564,645
286,608
278,037 callable as a whole or in part on any int. date on 30 days’ notice at 101 and
interest.
OFFICERS.-—Chairman, E. L. Phillips; Pres., E. G. Connette; V .-P.,
EARNING S.— Of properties now owned by corp., for calendar years:
Geo. W. Olmsted; 2d V.-P. & Gen. M gr., F. H. Hill; Sec. & Treas., Harry
1925.
*1927.
1926.
B. Cleveland; Asst. Sec. & Asst. Treas., J. A. M cK enna.— V. 122, p. 2493.
Gross earnings________________ $18,633,322
$18,025,569 $16,395,964
V. 124, p. 372.
Operating expenses, incl. maintenance,
9,805,754
taxes and retirement reserves_ 11,387,666
10,969,376

MOHAWK HUDSON POWER CORP.
O RGAN IZATION .— Organized In New York on M ay 25 1925,
Controls the following public utilities, ail o f which operate in New York
State: New York Power & Light Corp., Syracuse Lighting Co. and Utica
Gas & Electric Co.
Also owns all of the capital stock o f Mohawk Valley Securities Corp. The
corp. has investments in bonds and pref. stocks of subsidiaries, and in com.
and pref. stocks o f cos. controlling adjacent properties.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com 2,500,000 shs (no par)________
_______ l,571,438sh s__________
Cum pref 400,000 shs (no p a r ) . ____
$7 Q-F 400,000shs. M ay’27$1.75
2 d pref cum 250,000 (no p a r ) . ____
$7
250,000 shs A p r’27$1.75
Dividends.— In N ov. 1926, $1.75 quar. div. was paid on the pref. stock
and regularly since. On 2d pref. $1 in Feb. 1926. $1.72 in May 1926;
in Aug. 1926, $1.75 on account o f accumulated divs. from Jan. 1 1926 to
April 1 1926. V. 123, p. 206. In N ov. 1926, $1.75. In 1927: Feb..
$1.75; April, $1.75; June, $1.75; Aug., $1.75; Oct., $1.75. No divs. have
been paid on common stock.
Stock.— Pref. & 2nd pref. stocks are pref. as to cum. div. and assets
($100). Pref. is call, at $107.50 after June 30 1927, 2nd pref. at any time
at $107.50 upon majority vote o f common.
OFFICERS.— Chairman, Charles S. Brewer; Pres., Charles S. Ruffner
V .-Ps., P. T . Hascomb and Fifield Workum; Sec., Darius E. Peck; Treas.,
Paul D . Weathers. Executive offices, 124-126 State St., Albany, N . Y .—
V. 120, p. 2943; V. 121, p. 75, 200, 330, 839, 979, 1102, 1909; V. 122, p.
2652; V. 123, p. 206, 455, 581, 1113, 1634, 2261, 2519; V. 124, p. 1360, 2428,
2907; V. 125, p. 1324, 2263.
NEW Y O R K POWER AND LIGHT CORPORATION.
Control.— The Mohawk-Hudson Power Corp. owns all o f the common
stock.
ORGAN IZATION .— Incorp. Oct. 13 1927 under the laws of New York
State as a consolidation of—
Municipal Gas Co. o f City of New
Adirondack Power & Light Corp.
Albany.
Troy Gas Co.
Fulton County Gas & El. Co.
Cohoes Power & Light Corp.
Adirondack Elec. Power Corp.
The corp. also owns electric and gas properties formerly owned by Eastern
New York Utilities Corp. V. 125, p. 1324, 2263..
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
The territory served is in the industrial region o f the Mohawk and upper
Hudson River valleys. Electric and gas service are supplied in Albany,
Troy, Schenectady, Watervliet, Oneida, Cohoes, Saratoga Springs, Glens
Falls, Gloversvdle and Hudson. In addition, electric service is supplied
in 158 other cities and towns and gas service in 19 cities and towns. Power
is also sold under long-term contracts to distributing companies and to
electric railways in the vicinity. Estimated total population in the region
served is in excess o f 750,000. Total instaded generating capacity o f the
properties owned is 230,840 k.w ., o f which 92,000 k.w. is steam capacity
and 138,840 k.w. hydro-electric capacity. Long-term contracts have been
made for the purchase o f power from nearby hydro-electric generating sta­
tions with a total capacity o f 45,200 k.w. Electricity is transmitted over
high-tension lines o f over 800 miles. Distribution is through 12,700 miles
of lines to 168 communities. In addition, gas systems are owned and oper­
ated in Albany, Troy, Schenectady, Saratoga Springs, Oneida, Glens Falls




$6 cum pf 320,000 shs (no par) ______

Net earnings________________ $7,245,656
$7,056,193
Annual interest requirements on—
$66,000,000 1st mtge. gold bon d s..
$2,970,000
Divisional bonds held by the public 3,255,030
285,030

$6,590,21

Bal. avail, for other chgs., divs., &c_- $3,990,626
* For 12 months ended Aug. 31 1927.
OFFICERS.— Pres., Charles S. Ruffner; Executive Vice-Pres., Otto
Snyder; V.-Ps., H. C. Shields, C. A . Davis, L. C. Smith and JohnL. Haley;
V.-P. & Compt., J. M . Seay; V .-P. & Commercial M gr., M . C. Skinner;
V .-P. & Purchasing Agent, L. A. Jones; Sec., James McKinney; Asst. Sec.,
H. I. Olwine, A . N. Woodhead and R. E. Herrick; Treas., Paul D . Weather;
Asst. Treas., J. M . Brucker, Thomas H. Powers, W . C. Coleman, W . N .
Bissell and James McGuire.— V. 125, p. 1053, 1324. 2146, 2263.
MUNICIPAL GAS CO. OF THE CITY OF ALBANY.
Consolidated with New York Power & Light Corp., see statement of that
company above, also V. 125, p. 1052, 1324.
ORGA N IZA TIO N .— Organized in New York in 1885. The Eastern New
York Utilities Corp. was authorized in Oct. 1927 by the New York P. S.
Commission to transfer its franchises, works and system in Rensselaer and
Columbia Counties to the Municipal Gas Co. of Albany. V. 125, p. 1709,
1971.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS —
Does entire commercial electric light and power and gas business in
Albany, N . Y ., and in adjacent communities.
STOCK AND BONDS— Date
Interest.
Outstanding
Maturity.
Capital stock— All owned by Mohawk Hudson Power Corp.
Bonds.— 1st mtge. series A, 534s, dated April 1 1922 were called for pay­
ment Oct. 1 1927 at 107)4 and int. V. 125, p. 1324.
EARNINGS.— For calendar years:
1925.
1926.
$4,328,572 $3,778,948
Gross revenue______________________
1,430,256
Net after taxes and reserves_________
1,493,905
122,481
115.203
Fixed charges, &c___________________
Balance...................................................................- $1,378,702 $1,307,775
V. 120, p. 1089, 1204, 2550, 2944; V. 121, p. 330, 2521; V. 125, p. 1052,
1324, 1709, 1971, 2263.
COHOES POWER & LIGHT CORP.
Consolidation.— Application for consolidation with New York Power
& Light Corp., see statement of that company above, also V. 125, p. 1050,
1323.
ORGANIZATION.— Incorp. in N . Y . in 1916 as successor to Cohoes
Co. and the Cohoes Gas Light Co. Franchises unlimited as to time.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company supplies electric energy for lighting and power uses, in Cohoes,
Waterford, Colonie and Half Moon, and by contract supplies the Municipal
Gas C o. of the city of Albany, N . Y ., with electric power. Plant has capacity
of over 54,000 h.p. Company has transmission line connecting the Cohoes
plant with Albany. Also owns a modem gas plant as well as distribution
system for gas in Cohoes and the village of Northside.

Oct., 1927.]

POW ER, LIGH T AND R A IL W A Y

EARNINGS.— For calendar years:
1926.
1925.
1924.
1923.
Gross earnings__________ $1,422,775 $1,179,512 $1,083,022 $1,119,356
Net affcer taxes & reserves
621,195
600,290
570,935
547,802
283,187
265,250
254,476
254,004
Fixed charges, &c______
Balance-______________
338,008
335,040
316,459
293.798
V. 120, p. 2940; V. 121, p. 329; V. 122, p. 2189; V. 125, p. 1050, 1323,2262.
UTICA (N. Y .) GAS & ELECTRIC CO.
Control.— Mohawk Hudson Power Corp. owns all of the common stock.
ORGAN IZATION .— Incorporated in New York in 1902.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company owns and operates without competition electric light and power
properties and gas properties serving Utica and Little Falls and numerous
other communities with a total population of over 200,000 in Oneida,
Herkimer and Fulton counties, New York. Company’s property consists of
4 water power generating plants with a capacity o f 32,2^0 k.w.: 2 steam
generating plants o f 50,000 k.w. capacity. Company owns 4 gas plants
with total daily capacity o f 13,160,000 cu. ft. Also owns 8 gasholders with
8,547,000 cu. ft. capacity and 310 miles of gas mains. To acquire certain
transmission lines, &c., from Adirondack Pr. & Lt. Corp. V. 123, p. 3179.
Franchises. with minor exceptions, are unlimited in time.
Outstanding. Maturity.
STOCK AN D BONDS—
Date.
Interest.
------------ . 400.000 s h s .________
Common 400,000 shs (no p a r ) - -----$6,000,000
see text
7% cum pref $6,000,000 ($ 1 0 0 )____
7 Q-F
20,448 shs.
see text
$6 cum pf 100,000 shs (no par) - ____
$6
620,000
Jan. 1 1950
Utica El Lt. & Pow. Co. 1st) 1900
5 J-J
mtge. ($1,000c*)_______ tf(Equitable Trust Co., N . Y . City, trustee.
1,000,000 April 1 1942
Equit. Gas & El. Co. of Utica f 1902
5 A-O
1st mtge. $1,000,000 ($1,1 Int. at Central Union Trust C o., of New
York, trustee.
000c * )_____ ____________ tf
July 1 1930
Herkimer Co. Lt. & Pow. Co . 1900 5 g J-J 390,000
1st mtge. gold ($1,000c*-tf/Int. at New York Trust C o., trustee.
Ref. & Ext. mtge. 50-year g.\ 1907 5 g J-J 4,610,000
July 1 1957
coupon ($l,000c*)______ tf/In t. at Central Union Tr. Co., N . Y . C ., tr.
Gen. mtge. gold series C _____ 1924 514 g J -D 3,300,000
June 15 1949
Ser D ($1,000 c* )________ t f / 1926
5 A-O
6,000,000
Apr 1 1956
(Central Union Tr. Co. of N. Y ., Trustee.
Real est. mtge___________________
_________
20,500
M ay 5 1929
Stock.-—The 7% cum. pref. stock is preferred as to cum. divs. and assets
over the common stock. Red. all or part on 1 month’s notice at $105 and
div. Non-voting except in case o f 12 months arrears. In July 1924 the
Guaranty Co. of New York offered $2,000,000 at 102 and div., to yield
6.85% . V. 119, p .336 .
The $6 cum. pref. is red. on 30 days notice at $105 and divs. Is pre­
ferred as to cum. divs. and assets over common stock. No voting power
except in certain contingencies.
Bonds.— The gen. mtge. bonds are secured by a mortgage upon the entire
fixed property o f the co ., subject only to $6,620,000 underlying and divi­
sional bonds in hands o f the public and a real estate mortgage of $20,500.
Ser. D, dated April 1 1926, are call, on 6 weeks’ notice at 105 through
April 1 1936; at 104 through April 1 1941; at 103 through April 1 1946;
at 102 through April 1 1951; thereafter, at 101; in each case with interest.
In M ay 1926 Harris, Forbes & Co. and Coffin & Burr, Inc., offered $6,000,000 series D at 100 and interest. V. 122. p. 2S54; V. 123, p. 1508.
Dividends.— On the pref. stock dividends are being paid regularly.
EARNINGS.— For calendar years:
Available
Oper. Exp.,
Gross,
for
Deprec'n,
Incl. Other
Dividends.
Taxes, &c. Interest.
Calendar Years—
Income.
$4,929,951 $2,954,611 $624,713 $1,350,627
19261,082,624
2,497,599
730,624
4,310,846
1925977,722
19244,291,988
2,637,245
677,020
808,137
4,068,862
2,660,367
600,359
1923OFFICERS.— Pres.. W. T. Baker; 1st V.-P. & Gen. M gr., Frank B.
Steele; V.-Ps., George H. Stack, E. P. Peck and William J. Reagan; Sec.,
William J. McSorley; Treas., J. F. Carney; Gen. Aud., L. A. McVeigh.
— V. 120. p. 1205, 2271, 2945; V. 121, p. 332. 1571. 1910: V. 122, p. 483.
2499, 2654, 2801, 3343; V. 123, p. 1508,3186,2431,2910.
ADIRONDACK POWER & L IG H T CORP.
Consolidated with New York Power & Light Corp., see under that company
above; also V. 125, p. 1050, 1323, 1458.
ORGAN IZATION .— Co. is the result o f a consolidation in 1920 of the
Adirondack Electric Power Corp. and the Mohawk Edison C o., Inc.
The latter co., prior to consolidation, was controlled by the General Electric
Co. .which now owns a substantial part o f the com . stock o f the present co.
The co. merged on Dec. 31 1925 the Kanes Fall Electric Co. and on Dec.
31 1926 the Adirondack & Southern, Inc. In May 1925 acquired the
Warrensburg Electric Light Works and the Bolton Light & Power Co.
The former holds franchises in the towns o f Warrensburg and Caldwell,
Warren County, the latter in the towns o f Bolton, Chester, Hague and
Horicon in the same county. The N . Y . P. S. Comm, approved the deal
and fixed the value of the Warrensburg plant at $60,296, and the Knoblanch
plant at $111,560. V. 120, p.2547. Acquired Riddell Electric Light Co.
and Hadley Light & Power Co. V. 121, p. 327, 1346. Acquired property
and assets of North Creek Electric Co. V. 121, p. 1346. In Feb. 1926
merged the Hadley Lt. & Pr. Co. and the Schroon Lake Ltg. Corp. V. 122,
p. 1453. In Sept. 1926 merged North Creek Electric Co. V. 123, p. 2136.
Other acquisitions, see V. 123, p. 2258. Intends to sell certain transmission
lines, located in the territory served by Utica Gas & Electric Co. to this
latter co. V. 123, p. 3179. Acquired and merged the properties of the
Consolidated Electric Co. o f New York. V. 124, p. 2585; V. 125, p. 512.
Outstanding. Maturity
STOCKS AN D BONDS— Date. Interest.
See text
Common $12,000,000 ($ 5 0 )--$9,328,500
1.540.700
Pref stock $6 cum___________
See text
Pf 7% cum $15,000,000 ($100)
7 Q-J
12,069,100
See text
2.554.700
P f 8 % cum $3,000,000 ($100).
8 Q-J
lst & ref M —
Ser of 514s due 1950_____f 1920
514 g M -N 4,500,000 Mar 1 1950
Series o f 5s, due 1956------- / 1926
5 g J-J
5,000,000 Jan. 1 1956
($500 & $1,000c $l,000c*& Guaranty Trust Co., N . Y ., Trustee.
r * )----------------------------- g.tf
Adirondack El Pow Corp 1st/ 1912
5 g J-J
a5,000,000 Jan 1 1962
M ($1,000 c* & r*) g o ld ---! Int. at New England Trust C o., Boston, Tr.
a All o f the outstanding 50-year 5% first mtge. gold bonds, dated Jan. 1
1912. o f Adirondack Electric Power Corp., were called for payment Jan. 1
1928 at 105 and int. V. 125, p. 1968.
Series of 6% due 1950, all of these bonds outstanding were called for re­
demption Sept. 1 1927 at 106>3 and int.
The 1st & ref. M tge. Ser of 534s due 1950 are call, all or in part on any
int. date to and incl. N ov. 1 1927 at 10514 & int., thereafter to and incl
N ov. 1 1932 at 10414 & int., and so on, reducing 1 % every 5 years to & incl
N ov. 1 1942; thereafter at 10114 & int. Int. payable at New York Trust
C o., N . Y . $2,500,000 Ser of 514s were offered in Dec. 1922 by Harris
Forbes & C o., Coffin & Burr & Co., Inc., arid E. H. Rollins & Sons at 9654
& int., to yield about 5 % % . V. 115, p. 2688. In Dec. 1924 the same
bankers offered $2,000,000 add’l of this issue at 100 & int. V. 119, p. 2644
Series of 5% due 1956 are call, whole or part to and incl. Jan. 1 1936.
at 105 & int.; including Jan. 1 1940 at 104 & int., and on, reducing 1 % every
4 years incl. Jan. 1 1952; thereafter at 100 & int. In Dec. 1925 Harris
Forbes & C o., Coffin & Burr., Inc., and E . H. Rollins & Sons offered
$5,000,000 series o f 5% , due 1956, at 961C and int., yielding about 5.25%.
V. 122, p. 93, 3602.
The above mortgages provide for a maintenance, repairs & renewal fund
o f 1214% of operating revenues.
Adirondack Elec. Pow Corp. 1st M tge. 5s are call, at 105 & int. on any
int. date
Debentures.— The 6% conv. debs, of 1924 were called for payment Oct. 1
1927 at 101 and int., holders having option to convert same into 7% cum.
stock at par for par. V. 125, p. 910.
Dividends.— Divs. paid regularly on 7% pref. since organization. Divs
on 8% pref. paid regularly since issuance in 1921. On common dividends
were declared payable on March 31 1926, 10c., and since 10c., per share
was paid regularly monthly, incl. Mar. 1927.
EARN ING S.— For 6 months ended July 31:—
1927.
1926.
Gross earnings__________________________________ $9,576,516 $8,877,906
♦Operating expenses and taxes__________________ 6,065,022
5,470,983
Interest charges and rentals_____________________
1,978,671
1,955,485
Net income__________________________________ $1,532,823 $1,451,438
* Incl. for credit to reserve for depreciation______
$647,341
$ 559,733




71

— V. 120, p. 84, 207, 327, 581, 700, 1200, 1745, 2547, 2939; V. 121, p.
327, 1346; V. 122, p. 93, 478, 746, 1453, 3602, 1760, 1872, 2136, 2258, 2389,
3179; V. 124, p. 503, 2585, 2904; V. 125, p. 244, 512, 645, 910, 1050, 1323,
1458, 2259.
EASTERN NEW Y O R K UTILITIES CORPORATION.
Transfer of Property.— In Oct. 1927 the New York P. S. Commission
approved the application of the company to transfer its franchises, works
and system in Rensselaer and Columbia counties to the Municipal Gas Co.
of Albany. V. 125, p. 1707, 1969.
ORGANIZATION.— Incorp. in New York Sept. 14 1909 as Albany
Southern R R . Co., name changed to present title in 1924. Co. is a reor­
ganization of the Albany & Hudson R R . Co. sold under foreclosure on
Sept. 8 1909 (per plan, V. 89, p. 223). On Sept. 18 1909 merged Albany
& Greenbush Bridge Co. V. 89, p. 720. In 1926 purchased entire capital
stock o f the Blue Hill Light & Power Corp., Livingston, Columbia County,
N . Y . V. 122, p. 3338. Franchises are perpetual.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Co. supplies gas and electricity in the cities of Hudson and Rensselaer,
and town of Greenport and electricity only to Kinderhook, Valatie, Nassau
and numerous other communities along the east side of the Hudson River
between Troy and Hudson Co. also supplies electricity to the Chatham
Elec. Lt., Ht. & Pow. Co. and to the Wynantskill Ilydro-Elec. Co. Elec­
tricity is obtained from cos. Stuyvesant Falls plant which has total capacity
of 5,850 k.w. of which 2,500 k.w. is in steam turbines and 3,350 k.w. in
water wheels. Co. also purchases gas and electricity from Municipal Gas
Co. of Albany and electricity from the United Hudson Elec. Corp. Co.
has water gas plant at Hudson, N. Y . of 570,000 cu. ft. daily capacity.
Also operates an interurban third rail electric line from Albany through
Rensselaer to Hudson, 38 miles, as well as subsidiary line co. in Hudson.
In addition to regular passenger traffic, co. interchanges freight and express
with the N. Y . Central at Rensselaer and Hudson and with the Boston &
Albany R R . at Riverville and Hudson. Electric customers, 8,097 and
gas, 3,983. In 1926 electric sales were 20,230,823 k.w.h. and sold 97,573,000 cu. ft. of gas.
Bate Reduction.— See V. 121, p. 2748.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_
_______
$1,375,000 __________
Common $1,375,000 ($100)_ _____
Prior preferred 25,000 shs_________
7 Q-F
$785,000
See text
Pref $2,100,000 5% n-c ( $ 1 0 0 ) .____
5 Q-J
2,029,000
See text
First mortgage $1,500,000/ 1909
5 g M-S
1,1: 8,000 Sept 1 1939
gold ($1,000)________ c*.tf (Bankers Trust C o., New York, trustee.
First ref mortgage $3,000,000/ 1918
6 g M-S
See text Mar 1 1948
gold ($1,000)_____________/Empire Trust C o.. New York, trustee.
Stocks.— All classes of stock have equal voting power. $7 cumul. prior
pref. is preferred as to assets and divs. and in liquidation is entitled to
$100 and divs. Callable on 60 days’ notice at $112.50 and divs. The
5% non-cum. pref. has second preference as to assets and divs. Participates
equally with common after the latter has received 5 % in any year
Bonds.— 'The 1st mtge. 5s due Sept. 1 1939 are secured by a first mtge
on the property of the co. Callable as whole only at 106 and int. on any
nt. date. Sinking fund of 2% annually of total auth. issue from March 1
1918 to Feb. 28 1929 and 5% from March 1 1929 to maturity for purchase
of bonds at not over 106 and int. If bonds are not so purchaseable, the
fund is to be inverted in legal investments for N . Y . State Savings banks
until such time as bonds may be purchased.
Dividends.— Initial semi-annuai dividend on pref.. 114%. paid Feb. 1
1911; Aug., 14%; none since until Oct. 1925, 114%, and quarterly since.
Divs. on prior pref. have been paid quar. at rate o f 7% per annum since
Feb. 1 1925.
None on common stock.
EARNING S.— For calendar years:
Cal.
Gross
Net (.aft. Tax,
Interest,
Bal. for
Year—
Earnings.
Deprec. & Bents).
&c.
Divs.
1926
$1,235,621
$230,072
$68,097
$161,975
1925
1,230,906
276,015
69,677
206,338
1924 _____________ 1,134,064
218,280
73,056
145,224
1923
1,100,485
172,522
72,965
99,557
1922 ______________
998,828
173,838
78,680
95,159
OFFICERS.— Pres., _______________; V .-P ., John L. Haley; Sec. &
Treas., James A. Connell; V .-P. & Gen. M gr., James E. Hewes.— V . 119,
p. 1952; V. 120, p. 702. 1325; V. 121, p. 2749; V. 122, p. 2649, 3338; V. 123.
p. 4 5 4 ;V. 125, p. 1969, 2262.

(THE) SYRACUSE LIG H TIN G CO., INC.
Control.— In July 1926 it was reported that Mohawk-Hudson Power Corp••
contemplated the formation of Syracuse Securities Corp. to take over the
Syracuse Lighting C o., Inc., by offering to exchange one share of pref.
stock, one share of 2 d pref. stock and 6 shares of no par common stock
MohawK-Hudson Power Corp. for one share of Syracuse Ltg. C o., Inc.,
stock. V. 123, p. 583.
ORGANIZATION.— Incorp. in New York Feb. 29 1924 as a consoldation of Syracuse Lighting Co. and Onondaga Utilities Corp. Syracuse
Lighting Co. was incorporated in 1901 as a consolidation of Electric Light
& Power Co. of Syracuse and Underground Electric Wire C o., and acquired
all of the property and franchises of Syracuse Gas Co. V . 118, p. 1281.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Company does the entire commercial electric light and power business and
the entire gas business in the city of Syracuse, N. Y ., and either the electric
or gas business, or both, in adjoining communities, serving a total popula­
tion of 225,000. Customers as of Dec. 31 1926: Electric, 59,329; gas,
53.497. Electricity sold in 1926, 180 341,986 k. w. h.; gas, 2,143,206,200
cu. ft.; 4 000 miles of electric transmission and distribution wires; 332 miles
of gas mains.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
Common $10,000,000 ($100)______
$4,834,600 __________
8% cum pref ($100) _________ _____
8
2 , 000,000 _____________
7% cum. pref. ($100)_____________
7
1 , 000,000 .............................
614% cum. pref. ($100) -------- -------2 , 000,000 ________________
614
6 % cum pref ($ 100) -------------- -------6
1,744,200 __________
C a p ita l s t o c k s u b s c r ip tio n s___ ______
250,900 __________
First & ref mtge 514 % ser due/ 1924
_. „ g
________
514 _ F-A 6,837,000 Feb 1 ____
1954
uit:
1954 ($1,000, $500 )..c * .t f/I n t . at Equitable Trust Co., N. Y., trustee.
Syracuse Gas Co first m tge/ 1896
5 g J-J
2,500,000 Jan 1 1946
$2,500,000 ($ l,000 c)____tf/In t. at Guaranty Trust C o., N . Y ., trustee.
Syracuse Lighting Co 1st mtg\ 1901
5 g J-D
2,500,000 June 1 1951
$2,500,000 ($1,000 c * )
tf/Equitable Trust C o., N . Y ., trustee.
Stock.—In Oct. 1926 co. increased authorized capital stock from 205,000
shs. to 1 , 100,000 shs. ( 100,000 shs. pref., par $ 100, and 1 ,000,000 no par
common shs.) No particulars were available to change the above figures
for the outstanding stocks. V. 123, p. 2142.
Bonds.— The first and ref. mtge. gold bonds are secured by first mortgage
on certain properties including the new coal-gas plant, and by direct lien,
subject to $5,000,000 underlying bonds, on the remaining property ana
after-acquired property of the company. Additional bonds of 5/4 %
series due 1954, or other series, may be issued (a) for refunding pur­
poses; (6) for 75% of new acquisitions, additions, &c., provided net
earnings for 12 consecutive out of preceding 15 calendar months have
been not less than 1 % times annual interest charges on all first and re­
funding mtge. bonds and underlying bonds outstanding, including proposed
issue. Modifications or alteration of the mortgage, however, not extending
maturity, reducing interest rate, modifying the term of payment without
holder’s consent or creating any prior or equal liens, are permitted with the
assent of company and of holders of not less than 85 % of aggregate principal
amount of outstanding bonds not including any bonds owned by company.
A sinking fund commenced N ov. 1 1924, to which is payable semi-annually
a sum equal to J4% of total amount of 514% series due 1954 outstanding,
to purchase, or call by lot, and cancel, bonds of this series at or below re­
demption price at next interest date. 5 K % series due 1954 are redeemable
as a whole or part and for sinking fund on any interest date at not less than
30 days’ notice at a premium of 6 % on or before Feb. 1 1934; thereafter at
a premium of 5% on or before Fev. 1 1944, with a like additional reduction
commencing on Aug. 1 of each year thereafter, the bonds being redeemable
at par on Aug. 1 1953; in each case with interest. Penn, and Conn. 4 mills,
Maryland 4 >4 mills and Mass. 6 % taxes refundable; however, not more than
one such tax on the same bond for the same year. In Feb. 1924 Drexel &
C o., Philadelphia, sold $7,000,000 514% series, due 1954, at 97 and int., to
yield about 5.70% , V. 118, p. 678.

73

[V ol. 125

PUBLIC U T ILIT IE S

The Syracuse Gas Co. first mtge. bonds are guaranteed (prin. & int.) by
Syracuse Lighting Co. (now the Syracuse Lighting C o., Inc.) and are a
first lien on the entire property o f the former Syracuse Gas Co.
The Syracuse Lighting Co. first mtge. bonds are listed on New York Stock
Exchange. Interest payable in New York or Philadelphia.
EARN ING S.— For calendar years:
1926.
1925.
1924.
Gross earnings_____________________ $6,675,317 $6,072,197 $5,474,996
Operating expenses_________________ x4,333,401
4,150,433
3,839,527
$2,341,916
Net earnings____ ______
Income deluctions_________________
703.395
Preferred dividends..................
425,995

$1,921,764 $1,635,469
601,781
630.249
264,261
146,333

Avail, for com. divs., amort, o f in­
tangible capital, & c______________ $1,212,526 $1,055,722
x Includes credit to reserve for depreciation.
Latest Earnings.— For 12 months ended July 31:
1927.
Gross earnings__________________________________ $6,864,096
x Operating expenses and taxes__________________ 4,419,560

$858,887
1926.
$6,574,374
4,426,484

Net earnings_________________________________ $2,444,535 $2,147,890
Interest and income deductions__________________
730,001
612,764
Net income___________________________________ $1,714,534 $1,535,126
x Including credit to reserve for depreciation o f $342,000 in 1927 and
$300,000 in 1926.
OFFICERS.-— Pres., Jas. C . De Long; Vice-Pres., G. I. Vincent: Sec.,
Ernest Jehnston; Treas., A. D. Dudley. Offices, 421 South Warren St.
Syracuse, N . Y .— V. 121, p. 2275; V. 122, p. 2653. 3342; V. 123, p. 583.
1635, 2142, 2392; V. 124, p. 1362, 2909; V. 125, p. 1326.

THE MOHAWK VALLEY CO.
Controlled by New York Central RR.
OR GA N IZA TION .— Incorporated in New York Feb. 6 1905.
CH ARACTER OF BUSINESS.— A holding company. Control through
stock ownership the Rochester Gas & Elec. Corp., the M t. Morri Water
Power C o.. M t. Morris Illuminating Co. Cooper El. Corn, and Hilton El.
Lt., Pr. & Ht. C o., Geneseo Gas Lt. Co. and Canadea P r.Corp. Capital
stock changed from 75,000 shs. ($100 par) to 750,000 no par shs. on July
2 1925. V. 120. p. 3188: V. 121, p. 75.
STOCK AN D BONDS—
Date.
Interest. Outstanding
Last Die.
Stock 750,000 shs (no par)_________
_________ 750,000 shs
See text
x 511,430 shares owned by New York Central RR.
Dividends.— 6 % in 1912 to 1917 inch: none in 1918, 1919 and 1920;
5% in 1921: 6 3 % in 1922; 8 % in 1923; 12% in 1924. In 1925. $1 40 per
4
share on the new common stock. In 1926 $2 per share. In 1927: April,
50c.; July, 50c.; Oct., 50c.
EARN INGS.— For calendar years (incl. Rochester Gas & Elec. Corp.)1926.
1925.
1924.
1923.
Earns, from operations-$ll, 658,748 $10,445,908 $9,590,190 $9,098,199
Expenses (incl. deprec.)- 6,367,737
5,943,345
5,523,376
5,354,180
Taxes & uncollect, bills. 1,329,677
1,129,256
967,853
990,715
Net income__________ $3,961,334
Non-operating revenue.
27,706

$3,098,959
108,067

$2,753,304
84,929

Gross income . .
$3,989,040 $3,430,342 $3,207,026
Deduct—
Interest, rentals, &c . .
1,422,729
1,248,153
1,413,074
Dividends on subsidiary
stocks not owned
956,810
518.320
410.760
x Dividends__________ ($2) 1,499,360(1.40)1049552 (12)899,616

$2,838,233

$3,373,307
57,035

1,162,773
360,472
(8)599,744

Balance, surplus_____
$284,716
$439,741
$483,576
$715,244
x Dividends per share in 1925 based on 750,000 no par shares; in previous
years on 75,000 shares (par $100).
OFFICERS.-—Pres., Walter N. Kernan; V.-P.. Robt. M . Searle: S«o
Treas., H. L. Reichart; Asst. Treas., H. G. Snelling; Gen. Aud., F. H.
Patterson.— V. 120, p. 957, 1327, 3188; V. 121, p. 75, 2157, 2877; V. 122,
p. 1456; V. 124, p. 1066, 2280.
(1) ROCHESTER GAS & ELECTRIC CORPORATION.
Mohawk Valley Co. owns entire outstanding common stock.
O R G A N IZA TIO N .— Incorporated in New York in 1904 as Rochester
R y. & Lt. C o.: name changed to present title in 1919. Purchased Adams
Basin Power Co. in Aug. 1926. V. 123, p. 1383. In Aug. 1927 acquired
the Northern Wayne Electric Light & Power Co.
FIELD OF OPE RATIONS AND CHARACTER OF BUSINESS.—
Is the only public utility corporation supplying gas and electricty in the
cities of Rochester and Canandaigua, in the villages of East Rochester and
Pittsford and towns o f Gates, Brighton, Irondequoit, Greece. Chili, Pittsford, Perinton and Webster, all in New York State. Gas only is furnished iD
the village of Fairpori, N . Y ., while electricity only is supplied in the villages
of Manchester, Shortsville, Victor, East Bloomfield, W olcott, Red Creek
and Holcomb, N. Y ., and towns o f Canandaigua. Manchester, Hopewell,
Farmington, Penfield, Parma, Ogden, Henrietta, Mendon, East Bloom­
field, Victor, Walworth, W olcott, Rose, Sodus Huron, South Bristol and
Macedon, N. Y ., or throughout a region of over 400 square miles. The co.
also supplies steam for heating and industrial purposes to many industries
adjacent to its steam power stations, and has one station specifically for that
purpose. The New York State Rys. is supplied with electric power for the
operation o f its entire system in Rochester and suburban territory, under a
long-term contract. The co. also supplies electric current to the Sodus Gas
& Electric Co., the Hilton Electric Light, Power & Heat Co., the Cooper
Electric Co., and M t. Morris Illuminating Co. for distribution in the follow­
ing territories: Webster, Ontario, Williamson, Sodus, Sodus Point,
Hilton, Parma, M t. Morris, Geneseo, Leicester, Nunda and Portage.

Rochester Gas and Electric
Corporation
Preferred Slocks
Information on request

Tu c k e r ,A

nthony

&

Co.

120 Broadway, New York
Boston

Rochester

Syracuse

New Bedford

Manchester, N . H.

Albany




The co. owns 96% of the water rights within the Rochester city limits
and has several hydro-electric stations on the Genesee River, with a total
generating capacity of 30.855 k. w., supplemented bv steam generating
capacity of 71,975 k. w. and transforming capacity of 207 090 k. w. Popu­
lation served about 431,300. Miles of overhead lines. 3.857 miles of under­
ground cable. 2,245. miles of electrical subway duct. 1.638: number of street
arc lamps. 1,135 number of street incandescent lamps 16.831; miles of gas
main. 663 number of consumers’ meters, gas 100,059; electric, 94,260. Gas
plants have a total daily capacity of 8,670,000 cu. ft. of coal gas and
12.710,000 cu. ft. of water gas.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 825,000 shs. (no p a r ) ____
_______ 724,820 shs. see text.
Pref cumul ($100)—
4,000.000 Sept ’27, 1%
Ser B 7% cum $4.000.000.............................
Ser C 6 % cum $3.000.000.................................
2.700.000 Sept ’27. 1 H
Ser D 6% cum $23,000.000______________
16,308,300 Sept 27,1 ^
Roch R y & Lt cons mtgef 1904
5gJ J
10,921,000 July 1 1954
$14,000,000 ($500 & $1,000{Security Trust C o., Rochester, trustee,
c* & $500. &c, r*) g ______l
Gen M “ B ” $7,000,000 ($500) 1921
7 g M-S
7,000.000 Mar 1 1946
&$1,000c*& $1,006,&c r*jg (Bankers Trust C o., New York, trustee.
Gen M ‘C* $4,000,000 ($500) 1923
g M-S 4,000,000 Sept 1 1948
& $1,000 c* & $1,000 r*)gtf/Bankers Trust C o., New York, trustee.
Munic Gas & Elec 1st M S3 ,-\ 1902
4H g A-O 1,400,000 Apr 1 1942
500,000 ($1,000) gold_c * /In l. at Central Union Trust C o., N . Y .. trus.
Stock.-—The 7% serues “ B ,” 6% ser. “ C ,” and 6 % ser. “ D ” (incl. old
5% pref. stock which was reclassified Sept. 1 1925-—V. 121, p. 201, 587)
cum. pref. stocks have equal preference as to both assets and dividends and
are all call, upon 60 days’ notice at 105 and div. Ser. “ B ” and “ C ” have
equal voting power; the common stoch having one vote for each ten shares.
Series “ D ” has no voting power and is non-participating, having no rights
of subscription •'o any class of stock now authorized or to be authorizeu in
the future.
On July 24 1925 the outstanding common stock was changed from par
$100 to no par.
In Jan. 1927 applied to N. Y . P. S. Commission for authority to issue
$4,000,000 addition preferred stock.
Bctfbds.— Cons. mtge. „s are callable on any interest date on 90 dais
■notnee-'at 110 and interest. $1,660,000 are pledged as security for the gen.
mtge. Series “ B” 7s.
Interest payable in Rochester and New York City.
Gen. mtge. Series “ B " 7s are callable on any interest date on and after
Sept. 1 1931 at 105 and interest. Are additionally secured by deposit of
$1,640.000 consol, mtge. 5s, due 1954. Are listed on N. Y . Stock Exchange.
In July 1921 J .P . Morgan & Co. offered $7,000,000 gen. mtge. series B 7*
at 96 interest, to yield about 7.35% . V. 113. p. 190.
Gen. mtge. Series C 5V£s are redeemable only as a whole on Sept. 1 1933
or on any int. date thereafter at 105 and int. Are listed on N. Y . Sti ck
Exchange. In Dec. 1923 J. P. Morgan & C o., First National Bank,
National City Co., &c., &c., sold $4,000,000 gen. mtge. Series C 5 ^ s at
95H and int., to yield about 5.85% . V . 117, p. 2661.
Municipal Gas & Electric first mtge. 414s are callable at 102 H and int.
on any interest date on three weeks’ notice.
Dividends.— Divs. on the 5% (now classified as 6 % ) pref. stock have
been regularly paid since the incorporation of the co. in 1904, and on the
7% and 6 % pref. stocks since issuance; payments Q.-M . On com., 5%
paid Jan. 15 1908:8^ Jan. 15 1909 7% each 1910 to 1918 incl : 8 % in 9)9
5% in 1920; 8 % , 1921 to 1923 incl.; 10%, 1924; $1.60 per share in 1925 on
new no par stock. In 1926, $2. Extra divs. were declared on the c o m m a
stock and applied in payment of asessments of like amount.on said stock, as
follows: 15% in 1911; 5% in 1912; 5% in 1913; 2 ^ % in 1915, and 2 ^ %
in 1916. The stock is now full paid.
EARNING S.— For calendar years:
Net A ft. Exp.
Total
Revenue. Taxes. Int., cfcc. Deprec.
Pref. Divs.
$941,855 $1,209,570
1927*___ .$12,441,753 $4,240,442
957,754
1926_____ . 11,676,360
3,599,012
912,801
603,547
910,826
1925_____ . 10,495,964
2,973,523
1924.. . . . 9,691,813
467,455
2,651,209
857,713
417,191
1923......... . 9,181,001
806,634
2,501,888
1922_____ . 8,212,727
331,085
1,993,453
736,778
270,580
1921_____ . 7,489,938
1,718,534
499,810
252,517
1920_____ . 7,175,458
1,318,629
488,773
1919_____ . 6,027,923
432,544
224,077
1,369,595
180,789
1,373,589
440,728
1918_____ . 5,983,903
1,267,696
149,890
1917_____ . 5.036,208
438,005
375,314
149,890
1916_____ . 4,349,572
1,316,483
294,509
149,890
1915_____ . 3,786,003
1,090,293
* For 12 months ended Aug. 31 1927.

Surplus.
$2,089,017
1,728,45$
1,459,159
1,326,041
1,278,063
925,599
948,144
577,339
712,974
752,072
679,801
791,268
645,894

OFFICERS.— Pres., R. M . Searle; V .-P ., W . N. Kernan; V .-P ., E. G.
Miner; V .-P ., Herman Russell; Gen. M gr., C. L. Cadle; Sec. & Treas.,
J. C. Collins; Asst. Sec., H. L. Reichert; Asst. Treas., C. A. Tucker; Gen.
Aud., E. C. Scobell; Aud., F. II. Patterson; Asst. Gen. M gr., J. P. Haftenkam p— V. 121, p. 201, 587, 2040; V. 122, p. 1918; V. 123, p. 844, 983,
1383, 1998; V. 124, p. 793, 1667, 2282; V. 125, p. 386.

BUFFALO NIAGARA

&

EASTERN POWER CORP.

ORGAN IZATION .— Incorp. in New York M ay 14 1925 for the purpose
among others, of acquiring through stock control the properties of Buffalo
General Electric Co., the Niagara Falls Power C o.. Niagara Lockport &
Ontario Power Co. and the Tonawanda Power Co. Corporation now
owns more than 99% of the total issued common stocks of the above 4
operating companies. Corporation obtained the consent of the New York
P S Commission to hold all or any part of the common stock of each of the
above companies. For terms of exchange, see V. 120, p. 2683. In March
1927 corp. was granted authority by N. Y . P. U. Commission to acquire
and hold all or more than 10% of outstanding com. stock of Western Nett
York Utilities, Inc. V. 123, p. 1381; V. 124, p. 1664.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
The subsidiary companies are engaged in the production, transmission
and distribution of electric energy, principally hydro-electric, in western
and central New York, and extending into northwestern Pennsylvania
They serve a highly developed industrial territory extending from Erie, Pa.,
to and beyond Syracuse, N. Y ., and from the Niagara frontier to Bradford,
Pa. This territory Includes l t counties in New York and 2 counties in
Pennsylvania, and its zone is roughly 300 miles from east to west, and 100
miles from north to south. Within this region over 2,000,000 people are
served with light and power and of this number over 400,000 are either
direct or indirect customers of the system.
Included in the territory directly served are the cities of Buffalo, Niagara
Falls, Lackawanna, Jamestown and Olean, N. Y ., and Bradford. Pa.,
while the cities of Rochester, Syracuse, Lockport, Batavia and Dunkirk,
N. Y ., and Erie, Pa., are supplied in whole or in part with electric energy
through the system’s transmission lines.
At the present time the system has a total operating capacity of about
970.000 h. p., of which over 730,000 h. p. is hydro-electric. The hydro­
electric power is supplied by the plants of the Niagara Falls Power Co.,
located at Niagara Falls, on the American and Canadian sides, Niagara,
Lockport & Ontario Power C o.’s plant on the Salmon River, and from
their leased plant at Minetto, N . Y ., on the Oswego River. Additional
hydro-electric power is purchased from the Hydro-Electric Power Commis­
sion of Ontario, most of which is received under long-term contracts.
The capacity of the steam plants amounts to over 250,000 h. p., including
the new unit in River Road Station put into service during the fall
of 1926. The system's largest steam plant is the River Road plant of the
Buffalo General Electric C o., with an installed capacity of 126,600 h. p.
Niagara Lockport & Ontario Power Co. has a steam plant at Lyons, N . Y .
with an installed capacity of 40,000 h. p., and 2 smaller plants: a modern
steam plant of 6.000 h. p. at Olean, N. Y ., and a gas plant of about 1,500
h. p. at Bradford, Pa.
In addition to these sources of power, interconnections have been mads
with the Power Corporation of New York system, which operates hydro­
electric and steam plants in northern and central New York and supplies
both hydro-electric and steam plants In central and eastern New York, and
supplies cities, villages and towns from central New York east to the eastern
boundary of the State (the Mohawk-Hudson Power system also is inter­
connected with the New England Power system); with the Penn Publie

Oct., 1927.]

POW ER, LIGH T AND R A IL W A Y

Service system, which owns and operates hydro-electric and steam plants
In the States o f Pennsylvania and Maryland, and with the system of the
Hydro-Electric Power Commission o f Ontario, at Niagara Falls, Ont.
As a result o f these inter-connections, a super-service system unites gen­
erating capacities aggregating considerably more than 2 ,000.000 h. p.
C o.’s system embraces 779 miles o f transmission lines on steel towers and
858 miles o f lines on wooden poles. As o f Dec. 31 1926, meters, 233,078.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com 2,100,000 shs (no par v a l ) ____
_______ 1,950 740 shs See text
Pref 2,180,000 shs ($25)____________ $1 60 Q-J 1,950,748 shs O ct’26, 40c.
5-year convertible debentures f 1925 5 g M-S
$2,000,000 Sept 1 1930
$1,000 c * l________________ lin t, at Buffalo (N. Y .) Trust Co.. Trustee.
Stock.— Pref. is cumulative, and call, at $26 25 per sh. & divs. Non-voting
The stockholders were to vote Oct. 21 1927 on increasing the authorized
pref. stock (par $25) to 2,500,000 shs. from 2,180,000 shs. and on approving
the creation o f an issue o f 525,000 shs o f class A stock (no par). The no
par shares o f common will remain unchanged. Y. 125, p. 2144.
Bonds.— The 5-year conv. deb., due Sept. 1 1930, are red., whole or part
(not less than $100,000 each time), on 30 days notice, incl. March 1 1926. at
102; each half year thereafter at
% less until Sept. 1 1929; thereafter
at par; in each case with interest. M ay be converted on or after Sept. 1
1927 on the 1st and 15th days o f the month until maturity, or if before
maturity, called for redemption, then at any time thereafter up to and
Including redemption date, into pref. shares at the rate o f $100 bonds for
4 pref. shares (par $25). Int. and divs. to be adjusted. The corp. may
waive the limitation and permit conversion prior to Sept. 1 1927. In Sept.
1925, Schoelkopf, Hutton & Pomeroy, Inc., and Frontier Finance Corp.
sold $2 000,000 at 100 and int.
Dividends.—-Since Oct. 1 1925 on the common 12Me. quarterly till
March 1926. In July and Oct. 1926 a quarterly div. o f 25c. V. 122,
p. 2947; in Oct. 1926, 25c.
EARN ING S.— For calendar years:
1926.
xl925.
- Operating revenues_____________________________ $28,554,318 $25,240,554
Operating expenses, retirement expenses & taxes._ 15,102,941 13,708,818
Operating income_____________________________$13,451,377 $11,531,736
Non-operating income (net)_____________________
259,770
268,923
Gross income_____________ 1__________________ $13,711,147 $11,800,659
Interest on funded debt__________________________ $4,021,961 $3,611,420
Miscellaneous deductions________________________
621.617
596,323
1,808.455
Dividends on pref. stocks o f subsidiaries_________ 1,895,306
Share o f earnings apportionable to fully paid unex­
12,368
52,233
changed shares of common stocks o f subsids__
Total deductions from gross income____________ $6,551,252
Net corporate income___________________________ 7,159,895
Preferred dividends_____________________________ 3,113,900
Common dividends_____________________________
1,703,828

$6,068,431
5,732,228
*1,267,544
*473,317

Balance___________________ __________________ $2,342,167 $3,991,367
x The figures appearing in this column represent the combined income of
the sub. cos. for the 7 months ended July 31 1925. plus the consolidated
income for the 5 months ended Dec. 31 1925. * Divs. on stock of Buffalo
Niagara & Eastern Power Corp. for 5 months.
Latest Earnings.— Results for 6 months ended June 30 1927:
Operating revenue, $15,325,687; oper. exp., retirement expenses
and taxes, $8,023,066; operating income____________________ $7,302,621
Non-operating income_______________________________________
104,517
Total income_______________________________________________ $7,407,138
Income deductions__________________________________________
3,514,842
Net income________________________________________________ $3,892,296
OFFICERS.— Chairman o f Board, Jacob E. Schoellkopf; Chairman
Executive Committee, Fred D. Corey; Pres., Paul A. Schoelkopf; 1st V .-P.,
William R. Huntley; V.-P. & Gen. M gr., Alfred H. Schoellkopf; V.-P.,
Morris Cohn Jr.; Sec., Walter P. Cooke; Treas., Horace L. Mann.— V. 120,
p. 2547, 2683; V. 121, p. 328, 584, 705, 1459, 2154; V. 122, p. 1912, 2947;
V. 123, p. 1381,2652, 2895; V. 124, p. 1218,1664, 1818, 3205; V. 125, p.1190
2144.
BUFFALO GENERAL ELECTRIC CO.
Controlled by Buffalo Niagara & Eastern Power Corp. through ownership
o f practically all of the stock.
ORGANIZATION.— Incorp. Aug. 1 1892 in N . Y . as a consolidation.
In 1915 acquired the properties of the Cataract Power & Conduit Co.
Owns entire capital stock o f Niagara Electric Service Corp. In 1925 the
Buffalo, Niagara & Eastern Power Corp. acquired control o f the co. by
exchange o f stocks on the basis o f 1 1-10 pref. and 1 1-10 com. shares for each
share of com. stock o f Buffalo General El. Co. V. 120, p. 2547: V. 121,
p .328,704.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— Sup­
plies all the public and commercial electric light and power in Buffalo, and
also furnishes electric service in serveral adjacent cities and towns. Total
population served about 600.000. Major portion of power is hydro-electric
obtained from companies at Niagara Falls. In addition, co. owns a modern
steam generating station o f 210,000 h.p. Sales in 1926 were over 816,168,802 k.w.h. Customers, 157,612. C o.’s power is in considerable part
hydro-electric obtained from the Niagara Falls Power Co.
STOCK AND BONDS—
Date. Interest. Outstanding■ Maturity.
Stock 1,250,000 shs (no par)______
_________ 733,790 shs.
____
1st mtge $2,400,000 (closed )..) 1899
5 F-A
$2,375,000 Feb 1 1939
($ 100 & $1,000)__________ c* JInt. at Fidelity T r . C o ., B uff., N . Y ., trust.
First refdg mtge $10,000,000) 1909
5 g J-J
7.029.000 April 1 1939
($1,000) gold (closed)
c * /ln t .a t Irving Bk.-Col. Tr. Co., N.Y.,trust.
Gen & ref M gold ser “ A ” / 1926
5 g F-A
10.000,000 Feb. 1 1956
($1,000 & $500 r & c* )____(Marine Trust Co. o f Buffalo, trustee.
Stock.'— On Feb. 2 1925 the stockholders changed the auth. capital stock
from 250,000 shares, all one class (par $100), to 1,250,000 shares of com. (do
par value) and 100,000 shares o f pref. ($100 par). No preferred issued to
date. Five new shares o f no par value com. was issued in exchange for
each share o f capital stock (par $100) held. V. 120, p. 701.
Bonds.— The gen. & ref. M . gold bonds are secured by mtge. on all fixed
property (incl. after-acquired), subject to $9,978,000 underlying bonds
(closed mtges.), for retirement of which gen. & ref. mtge. bonds may be is­
sued. Add’l bonds o f Series A or other series o f such tenor as directors
may from time to time determine are issuable (a) to refund underlying bonds
and bonds issued under this mortgage and (b) for 75% of new additions,
&c., provided net earnings for 12 out of preceding 16 months have been at
least W\ times interest on all funded debt, incl. new issue. Call, on 30
days’ notice as a whole at any time, or in part on any int. date, at 105 & int.
during the first 5 years: at 1% less premium each 5 years to Feb. 1 1946;
and thereafter at 101 and int. Prin. and int. payable at trustee’s office in
Buffalo or at Lee, Higginson & Co. in New York. In Jan. 1926 Lee, Higginson & Co., Blair & Co., Inc., and Schoellkppf, Hutton & Pomeroy, Inc.,
offered $10,000,000 Series “ A ” 5% due Feb. 1 1956, at 99 and int., to yield
over 5.05% . V. 122, p. 478: V. 123, p. 579.
Dividends.— Divs. at the rate of 4% per annum were paid Oct. 15 1895
to July 15 1899; 5% , Oct. 15 1899 to Apr. 15 1902; 4% , July 15 1902 to
Oct. 15 1903: 5% . Jan. 15 1904 to Apr. 15 1906: 4% , July 1 1906 to Jan. 1
1907; 5% , Apr. 1 1907: 6 % . June 30 1907 to Sept. 30 1913: 4% , Dec. 31
1913 to Apr. 30 1914; 6 % , June 30 1914 to Apr. 30 1917; 7% . June 30 1917
to Apr. 30 1918; 8 %, June 30 1918 to and incl. Mar. 1925. On the new
no par common stock 40c. per share was paid from and incl. June 30 1925
to Sept. 30 1926; paid 50c. Dec. 31 1926. As practically all stock is owned
by Buffalo Niagara & Eastern Power Corp., no later record of divs. is
made public.
EARN IN G S.— For calendar years:
1926
1925
1924
1923
Total revenues..--$11,616,269
$10,450,418 $9,610,657 $8,818,623
Net, after taxes_ 3,711,044
3,211,889 3,058,876
2,983,022
Other income___
224,018
131,279
126,383
151,598
Interest, discount, & c ..
987,191
733,436
716,883
770,458
Bamnce, surplus_____$2,947,871 $2,609,732 $2,468,376 $2,364,162
OFFICERS.— Pres., W. R . Huntley; Vice-Pres., George Urban Jr. and
Daniel J. Kenefick; V.-P. & Treas., Horace L. Mann and P. F. Sellers;
Sec., Walter P. Cooke.— V. 120, p. 209, 701, 954, 1585, 2547; V. 121, p.
328, 704; V. 122, p. 478, 2033; V. 123, p. 579, 1631; V. 124, p. 233, 1977.
V. 125, p. 2260.




73

(THE) NIAGARA FALLS POWER CO.
Controlled by Buffalo Niagara & Eastern Power Corp., which owns
99.90% of the common stock. V. 120, p. 2551, 2684: V. 121. p. 2157.
ORGANIZATION.— Under this title consolidated Oct. 31 1918 the old
Niagara Falls Power C o., the Hydraulic Power Co. and Cliff Electrical
Distributing C o., per plan in V. 107. p 1291
Compare Act of New York
State Legislature, &c., V. 106, p. 2455. 2564; V. 107, p. 1924, 2193, 2294.
The Federal Power Commission on March 2 1921 issued a 50-year license
to the company for the diversion of 19,500 cu. ft of water per second from
the Niagara River above the Falls for power development; later enlarged
by supplemental license to 19,725 cu. ft. V. 112, p. 1030.
Including the plant of its subsidiary, the Canadian Niagara Power C o.,
Ltd., the co as limited by treaty restrictions, has an average ojtp u t
of about 500,000 h. p., with 180.000 h. p. installed capacity in reserve,
making it the largest power installation in the United States. In Jan. 1925
acquired the entire capital stock and $948,000 1st mtge. bonds of the
The Niagara Gorge RR. Co. V. 120, p. 454.
In 1925 the Buffalo, Niagara & Eastern Power Corp. acquired control by
exchange of stocks on the basis of 1 pref. and 1 common share for each
common share The Niagara Falls Power Co. V. 120. p. 2551. 2684.
In July 1925 a number of shares of the common stock of the Niagara
Lockport & Ontario Power Co., which were owned by the Canadian Niagara
Power C o., Ltd., a subsidiary of The Niagara Falls Power C o., were segre­
gated for the benefit of the holders of common stock of Toe Niagara Falls
Power Co. after reimbursement to the Canadian company of the capital
cost ($1,764,875) to it of those shares. For particulars see V . 121, p. 459.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 800,000 shares with­
out par value_____________ _____
Q-M 31 723,829 shs Sept'27. 60c.
Pref 7% cum $20.000.000($25)____7 Q-J 15
$17,018.100 Oct ’27, 43 He
1st & cons M $75,000,"00— See text—
Series “ A A " $15,000,0001 1920
6 g M -N 10,000,000 Nov 11950
($500, &c) gold__ c*&rtf {Marine Trust C o., Buffalo, N. Y ., Trustee.
N •F. P. Co Niag Gorge coll tr
$1.000.000________________ 1924 5 J-D
936,000 June 1 1951
Bonds Issued & Issuable on Constituent Properties—
Niagara Falls Pr Co (old co.) 1 1891 5%
9,310,500 Jan 11932
1st M ($500, &c) gold__ tf (Central Union Trust Co. N. Y ., Trustee.
Ref & gen mtge $20,000,0001 1909 6 g A-O
7,188,000 Jan 11932
($1,000, &c) gold . c *&r *tf |
Int at BankersTrust Co. N. Y ., Trustee.
Hydraulic Power Co 1st & ref) 1910 5 g J-J
3,500.000 July 1 1950
M gold ($1,000)_____c*tf'M arine Trust Co., Buffalo. N. Y ., Trustee.
Reg & impt $10,000,0001 1916
5 g A-O
6,500.000 Oct 1 1951
($1,000) gold_______ rtf (Marine Trust C o., Buffalo N. Y .. Trustee
Real estate mtges___________ _____
_________
61.660 ___
_
_
Stock.—The capital stock o f the consolidated co. was limited upon the
consolidation under the State law to an amount not exceeding the aggregate
share capital, surpluses, undivided profits and unimpaired reserve funds of
the constituent cos. V. 106. p. 2455.
Bonds — The 1st & consol, mtge of 1919 (V. 108. p. 2532; V. 109. p. 583)
is limited to not exceeding $75,000,000 nor less than the total bonds of the
constituent companies issued or issuable, as shown in table above: these
old bonds outstanding Aug. 31 1927, aggregating $26,498,500. The
underlying bonds are to be exchangeable at option of holders for Series A
bonds of the new issue for like principal sums and bearing interest at 5 %
per ann. Series “ AA” bonds ($10,000,000), issued in Dec. 1920 and May
1921. Mortgage provides for sinking fund. Callable at 105. Interest
payable in N Y . and Buffalo. V. I l l , p. 2235: V. 112, p. 2089.
Int. on bonds of old The Niagara Fails tow er Co. is payable at office of
Winslow, Lanier & C o., N. Y. City. Int. on coupon bonds pay. J.-J.; on
registered bonds Q-J.
For details of ref. & gen. mtge. 6s, see V 88, p.
1441; V. 88, p. 1316; V. 90. p. 240, 632, 1209.
In addition to the N. F. P. Co. Niag. Gorge coll, tr 5% bonds 1924,
reported outstanding in the above table, $13,000 are h > in the treasury,
<
$51,000 are unissued.
Hydraulic Power Co. lsf & ref. 5s are call, at 110 and int. Int. at
Marine Trust Co., Buffalo, and Bankers Trust O , N . Y . V 103, p.
2341; V. 107. p. 295, 699; V. 92, p. 1639. Ref. .s. mpt. 5s are call, at 10ft.
Int. at Marine Trust C o., Buffalo, and Bankers rust Co., N. Y. V 107.
p 2193. 2381.
Dividends.— On old The Niagara Fails t owe' Co.: April 1910 to July 1918,
incl., 8 % per ann. In Oct. 1918 paio 2% and 3% extra. V. 107, p. 909.
On new The Niagara Falls t ower Co. pref. stock Jan. 1919 to Apr. 1926
paid 1H % quar. Initial div. on common of 1% paid March 15 1919: June,
Sept, and Dec. 1919, 1% each; Mar. 15 1920 to June 15 1923, 1M % quar.;
Sept. 15 1923 to Mar. 15 1924 paid 2% quar. From. June 16 1924 to Sept.
30 1926 paid 50c. per share on its com. shares without par value. On
Dec. 31 1926 to Sept. 1927 paid 60c. per share. Also paid 1% extra on
Dec. 15 1922 and 1923.
EARNINGS.— For calendar years:
*1927.
1926
1925
1924.
Total operating revenue- $5,981,687 $11,097,324 $9,561,592 $8,513,298
Net operating revenue..
2,890,226
5,883,699
5,402,721 5,010,591
Non-operating revenue.
50,065
104,124
220,217
317,045
Interest on funded debt1,024,530
2,062,750
2,088,729 1,950,929
Pref. dividends ( 7 % ) - .595,639
1,191,274
1,180,671 1,157,432
Common dividends_____
868,088
1,516,398
1,438,618 1,420,906
U. S. and Can. tax, &c_.
204,700
532,066
542,256
472,785
Balance, surplus_____
$247,334
$685,335
$372,664
$325,584
* For 6 months ended June 30 1927.
Note.— For year 1922: Total oper. rev., $6,903,077; non-oper. rev., $291,091; bal. after divs., $322,957. For year 1921: Total oper. rev., $6,272,802
non-oper. rev., $265,836; bal. after divs., $296,364.
OFFICERS.— Chairman, J. F. Schoellkopf; Vice-Chairman and V.-Pres.
C. P. Hugo Schoellkopf; Pres., Paul A. Schoellkopf; V .-P.'s, Morris Cohn
Jr., Ross R. Coddington, Alex D. Robb; V.-P. & Treas., W. Paxton Little;
Sec., Fred’k L. Lovelace; Aud., H. L. Murdock. Office, Niagara Falls,
N. Y .— V. 120, p. 454, 1460, 2149, 2551, 2684; V. 121, p. 331, 459. 708,
2039, 2157; V. 122, p. 50, 1912. 2192. 2949; V. 123, p. 455, 1997; V. 124,
p. 647, 1820, 2280: V. 125, p. 519, 2264.
(THE) NIAGARA GORGE RAILROAD CO.
All of the stock and $949,000 first mtge. bonds are owned by The Niagara
Falls Power Co.
ORGANIZATION.— Incorporated in New York June 3 1899 as successor
to the Niagara Falls & Lewiston, sold at receiver’s sale May 23 1899. Ex­
tends from Onondaga St., Lewiston, along the bank of the Niagara River
to the City of Niagara Falls. Was formally opened July 1 1899 Also
controls the franchises of the Buttery Whirlpool Rapids C o., the Niagara
Rapids View Co. and the Niagara Whirlpool Rapids Elevator Co. Leases
the Lewiston & Youngstown Frontier R R . and owns all of its stocks and
obligations.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Owns 14 84 miles of track from Niagara Falls to Lewiston, including sidings
and switches, ana leases Lewiston & Youngstown Frontier Ry., 8.9 miles;
total operated, 23.74 miles. Has operating agreement whereby its cars
are operated over the upper steel arch bridge and thence along International
Ry. lines in Canada to Table Rock, thence to Lewiston and over Suspension
Bridge of International Ry. Co. at Lewiston. 54 passenger and combina­
tion cars; 11 service cars.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock. $1,000,000 ($100).......................................
$1,000,000
First mortgage $1,000,000) 1907
5 g J-D
949.000
See text
($1,000) cold
c&r%nt at Marine Tr. Co. Buffalo tr
Bonds.— $51,000 bonds are in treasury. These bonds originally matured
June 1 1927, but were extended to June 1 1932.
EARNINGS.— For 8 mos ended Aug. 31 1927: Gross, $199,530; net
before taxes, $47,693. For cal year 1926, gross, $239,083; net before taxes,
$51,725. For 1925, gross, $233,080; net before taxes, $34,909. In 1924,
gross, $184,701: net before taxes, $30,284. In 1923, gross, $182,992; net
before taxes, $27,505. In 1922, gross, $141,559: net before taxes, $1,548.
OFFICERS.— Pres., A. H. Schoellkopf; V.-Ps., A. D. Robb, R. R. Cod­
dington and C. A. Tattersall; Sec., C. W. Pierce; Treas., W. Paxton Little;
Aud., H. L. Murdock. General offices, Niagara Falls, N. Y .— V .84,p.868.
LEWISTON & YOUNGSTOW N F R O N T ItR RY.
ORGANIZATION.— Chartered August 1895. Is leased by the Niagara
Gorge R R . C o., which also owns all of its stock obiigatins.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns from Lewiston to Youngstown and Fort Niagara, 8.9 miles, including
sidings and switches.
STOCK—
Date.
Interest. Outstanding. Maturity.
.............
$134,000 __________
Stock $150,000 ($ 1 0 0 )-..................

PUBLIC U TILITIE S

74

NIAGARA LOCKPORT & ONTARIO POWER CO.
Controlled by Buffalo Niagara & Eastern Power Corp. since 1925. See
for exchange o f securities. V. 120. p. 2401, 2551: V. 121. p. 331. 459. 708.
Merger Proposed.— This company and the Western New York Utilities,
Inc., have filed petitions with New York P. S. Commission asking permission
to consolidate into a single corporation under name of the Niagara Lockport
& Ontario Power Corp.—
ORGAN IZATION .— Incorp. in N. Y . July 19 1894. Co. acquired and
merged the Salmon River Power Co. in 1918: Niagara & Erie Power Co. in
1922; Western New York Electric Co., Olean Electric Light & Power Co.,
Livingston-Niagara Power Co., Bryant Power Co., Inc., Cambria Power
C o., Inc., Carroll Electric C o., Cuba Electric Co. and Seneca Transmission
Co. in 1925. Also owns the entire outstanding capital stocks of Bradford
Electric Co. and Warren & Jamestown Street Ry. For latter co. see “ P. U.
Compendium” o f Oct. 31 1925. Other acquisitions in 1926, see Y. 122,
p. 2949.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Co. and its subsidiaries produce, purchase and distribute electric power,
principally hydro-electric, throughout a highly developed industrial terri­
tory extending from the Niagara River to and beyond Syracuse, containing
a population o f more than 2 ,000,000, embracing 18 counties in western
and central New York, and including the cities o f Rochester, Syracuse,
Lockport, Batavia, Geneva, Auburn, Oswego, Lackawanna, Dunkirk,
Jamestown, Olean, N . Y ., and Bradford, Pa. Co. owns and operates a
hydro-electric plant on the Salmon River northeast o f Syracuse of 35,000 h.p.
capacity: a steam generating station at Lyons, N. Y ., o f 40,000 h.p.; a steam
generating plant o f 5,000 h.p. at Olean, N. Y .; leases a hydro plant on the
Oswego River at Minetto, N. Y ., o f 12,000 h. p., and purchases from
Niagara Falls Power Co. and Ontario Power Co. (Canada), under long­
term contracts, 130,000 hydro-electric h. p. Company’s distributing
system is inter-connected with the plants o f the Niagara Falls Power
Co. and Hydro-Electric Power Commission of Ontario at Niagara Falls;
also connected with Buffalo General Electric C o.’s system at Buf­
falo.
Also inter-connected for emergency service and surplus inter­
change with Northern New York Utilities, Inc., Adirondack Pow. & Light
Corp. and Penn Public Service System.
The territory served by the co. embraces 18 counties in N . Y . State and
1 in Pennsylvania with a population of over 2,000,000. Co. holds franchises
In more than 225 cities, villages and towns. 1,212 miles of 110,000 volt
transmission circuits, 200 miles 60,000-volt circuits and 761 miles 4,00060,000 volts circuits. Right of way owned in fee, 389 miles: permanent
easement for right-of-way 393 miles. Co. retails its electric power and light
In the Jamestown, Olean, Camden, Wilson and Avon districts and various
rural communities throughout western New York; also in the city o f Brad­
ford, Pa., and vicinity: 36,175 residential consumers and 947 industries.
Also sells power in bulk to 22 privately owned distributing utilities, 18
municipalities, 17 electric railways, and furnishes street lighting in 29 cities
and villages and in 62 lighting districts.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Matu~ity.
Common 300,000 shs (no p a r ) . ____
_________ 300.000 shs
See text
Pref 7% cum$10,000,000($100)___
7 Q-J
$9,980,400 Jan ’27, IH
1st M & ref ser A ($500c and/ 1925 5 g A-O
18,750,000 Apr. 1 1955
$ l, 000c*&r) gold_________ (Marine Trust Co., Buffalo, successor.
Salmon R ivPow C o ls tM $5,-/ 1912 5 g F-A
4,190,000 Aug 11952
000,000 gu p& i($,£,& c)g.tflAm er. Exch. Irving Tr. Co.. N . Y ., trustee.
Stock.— Pref. is red., all or in part by lot, at 115 and dividends.
Bonds.— The ls< mtge. & ref. bonds are a direct 1st mtge. on more than
75% o f c o .’s physical property and more than 90% o f co .’s municipal fran­
chises. Additional bonds may be issued in series o f such tenor as directors
may from time to time determine for refunding purposes; also for 75% of
improvements, acquisitions, &c., if net income for 12 out o f preceding 15
months (or the annual average during 36 out o f preceding 39 months) have
been
times annual int. on all 1st mtge. & ref. Salmon River Power Co.
1st mtge. bonds outstanding, incl. proposed issue. Series A 5s are re­
deemable, all or in part, on any interest date at 105 and interest until
April 1 1945, the premium reducing thereafter M o f 1% for each 6 months
elapsed.
Interest payable in New York and Buffalo.
Exempt
from personal taxation in New York State. Co. agrees to refund Penna.
and Conn, personal property taxes not exceeding 4 mills each and Mass,
income tax not exceeding 6 % per annum on the int. $15,000,000 were sold
in Mar. 1925 by Blair & C o., Inc., N . Y ., and Schoellkopf, Hutton &
Pomeroy. Inc.. Buffalo, N . Y .. at 98V£ and int., to yield about 5.10% .
V. 120, p. 1460. Listed on N. Y . Stock Exchange., V. 120, p. 3065.
V. 124, p. 1220. In Dec. 1926 Lee, Higginson & Co., Blair & Co., Inc.,
and Schoellkopf, Hutton & Pomeroy, Inc., sold $3,750,000 additional
series “ A ” at 100 and interest. V. 123, p. 3320.
Salmon River Power Co. lsl guar. 5s of 1912, $810,000 bonds are in the
Sink. fund. Call., all or in part, at 110 and int. V. 108, p. 84: V. 95, p. 1043:
V. 99, p. 53. 411: V. 103, p. 1036: V. 104, p. 769; V. 105. p. 2461Dividends.— Pref. div. o f \% % paid regularly. Paid 50c. per share
on common stock Jan. 2 1924 and regularly quarterly since to and incl.
Sept. 1926. In Jan. 1925 an extra o f 25c. per share was paid. Y. 119, p.
2648. In Dec. 1926 paid a regular div. o f 75c. V. 123, p. 2655.
EARN ING S.— For calendar years:
1926.
1925.
1924.
1923
K.w. hours energy sold-866,789,920 750.426,395 626,911,607 484,547,320
Sales o f electric energy.. $7,977,321 $6,949,537 $5,971,740 $5,550,258
Gp. exp., maint. & rep’rs 3,754.525
3,393,452
2,920,296
2,943,702
Net earnings________ $4,222,796 $3,556,085 $3,051,445 $2,606,556
Other income__________
144,755
129,769
81,009
46,871
Gross income_________ $4,367,552
Taxes, rentals, &c______
854,384
Int. on funded debt-----975.071
Approp. to reserves____
507,426
P re fe rre d d iv id e n d s _____

619 ,2 1 3

3 1 1 ,8 1 3

574,661

384,531

Surplus fr. op. for period
$660,898
$512,019
Latest Earnings.— For 6 months ended June 30:

$421,834

$413,549

Common dividends_____

6 9 4 ,7 7 4

$3,685,854 $3,132,454 $2 653,426
591,376
515,207
517,631
968,297
944,248
898,099
394,949
364,692
301,793

675,000

600,000

137 ,824

1927.
1926.
Net earnings____________________________________$2,274,788 $2,076,616
Other income___________________________________
126,875
57,813
Gross income__________________________________ $2,401,663
Taxes, rentals, &c______________________________
441,741
580,313
Interest on long-term debt______________________
Appropriated to reserves_________________________
299,105

$2,134,429
433,690
487,867
250,815

Surplus from operations______________________ $1,080,504
$962,057
OFFICERS.— Pres., Fred. D. Corey: V .-P., Langdon Albright; V .-P.,
Gen. M gr., Stefaan Piek; V .-P ., W . L. Collins; Treas., H. C. Mather;
Sec. & Asst. Treas., Wilhelmine K. Koester; Asst.Sec. & Asst.Treas.,N.W .
Chapman: Auditor, J. F. Kirk.
Executive offices, Lafayette Building,
Buffalo, N. Y .— V. 120, p. 829, 1089, 1328, 1460, 1587, 1882, 2401, 2551,
2684, 3065; V. 121, p. 331, 459, 708, 1569, 2157; V. 122, p. 50. 884, 1610,
1912, 2496, 2949; V. 123, p. 582, 2261, 2655, 3320; V. 124, p. 1220, 2280,
2749; V. 125, p. 781, 1971.

BROOKLYN EDISON CO., INC.
ORGAN IZATION .— Incorp. as the Kings County Electric Light &
Power Co. under N. Y . laws June 26 1890. Brooklyn Edison C o., Inc.,
is successor by change of name, effective Jan. 10 1919, to the Kings County
Electric Light & Power C o., and by merger effective Jan. 27 1919, to the
Edison Electric Illuminating Co. of Brooklyn. Acquisition of electric
properties o f Flatbush Gas Co. V. 119, p. 2284; V. 120, p. 825; V. 121, p.
1099, 2270.
For review o f growth and expansion see President M . S. Sloan's state­
ment, V. 121, p. 704.
Rumors Denied.—-In Sept 1926 Pres. Sloan denied various rumors about
mergers, split-up of stocks, &c. V. 123, p. 1501.
FTET/O OF OPERATIONS AND C H A R ACTER OF BUSTN ESS.—
Does all the electric light and power business in the Borough of Brooklyn,
C ity o f New York, serving a population o f over 2,250,000. Company owns
three steam generating stations o f a total rated capacity o f 420,000 k.w.,
one o f which, the Hudson Ave. Station, now of 230,000 k.w. capacity,
is to be increased to over 700,000 k.w. and 27 sub-stations. 208 miles of
27,600-volt feeders, 242 miles o f 6,600-volt feeders, all underground, and




[V ol. 125,

13,332 miles of distribution wires and cables, 6,136 of which is under­
ground , the overhead portion requiring 47,325 poles. There are 6,880
distribution transformers rated at 372,118 k.w. installed in the overhead
and underground distribution system. About 706,440 meters are in service.
Rate Reduction.— See V. 120, p. 85; V. 124, p. 109.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
Stock $100,000,000 ($100)_________
_______ $74,993,800 Sept.’27 2%
Gen M $100,000,000 Ser “ A ” )
($100, &c)__________ -c*&r ( 1919
5 g J-J
30,500,000 Jan 11949
Ser “ B ” ($500, & c)___c*&r) 1920 6 g J-J
3,000,000 Jan 11930
Gold___________________ t fjln t . at Central Union Trust C o ,N Y , Trus.
Underlying Bonds—
Edison Elec 111 cons M (nowl
1st) $10,000,000 ($1,000)/ 1898 4 g J-J
4,275,000 Jan 11939
c*JInt. at Guaranty Trust Co, N Y , Trustee
Kings Co Elec Lt & Pr 1st M l 1897 5 g A-O
2,500,000 Oct 1 1937
$2,500,000 ($1,000) g -c n t f/ln t. at Equitable Trust Co, N Y , Trustee
Kings Co El Lt & Pr Co Purch 1 1898 6 g A-O
5,176.000 Oct 11997
Money M tge ($1,000) g_c*(Int at Central Union Trust Co, N Y , Trustee
Stock.— In Oct. 1925 directors voted to issue $15,000,000 additional
capital stock, par $100. Stockholders of record N ov. 12 1925 were given
the right to and incl. Dec. 1 1925 to subscribe at par, to the extent o f 25%
of their holdings. Subscriptions were payable in full or in 3 installments.
V. 121, p. 2270, 1907, 2636.
On Feb. 28 1927 increased capital stock from $75,000,000 ($100) to
$ 100 , 000,000 ( $ 100 ) .

Stockholders of record M ay 11 1927 were given the right to subscribe
on or before June 1 at par ($100) for $15,000,000 additional capital stock on
basis of 1 new share for each 5 held. Subscriptions may be paid in three
installments as follows: On June 1, 40%; on Sept. 1, 30% , and on Dec. 1,
30% . V. 124, p. 2586, 2905.
Bonds.—-The Gen. Mtge. bonds are secured by a mortgage on all the co.s’
real and personal property (subject to prior lien of Kings Co. Elec. Light
& Power Co. 1st M . 5s and Purchase M oney 6s and Edison Elec. 111. Co.
of Brooklyn 4% bonds), including three steam generating plants with an
installed capacity of 420,500 k. w., and 13.332 miles of transmission and
distribution lines, of which 6,136 miles are underground. They also cover
all other property hereafter acquired.
Provisions of General Mortgage Applicable to Series “ A ” and “ B”
Bonds, and to Additional Bonds Issuable.
Aggregate face amount of bonds at any time outstanding shall never
exceed $100,000,000. Bonds may differ as to interest rate, maturity and
redemption rate and may have the privilege of conversion into capital stock
as shall be determined by the company. Bonds are the direct obligations
of the Brooklyn Edison C o., Inc., and are secured equally by a mortgage
on all its real and personal property now owned or hereafter in any way
acquired, subject only to the liens of the mortgages securing the above
enumerated outstanding $11.951,000 in mortgage bonds o f the Edison
Electric Ilium. Co. of Brooklyn and the Kings County Elec. Lt. & Power
Co., which underlying mortgages are closed by the gen. mtge. so that no
more underlying bonds may be issued. Bonds are issuable only upon
authorization by Public Service Commission o f the State of New York.
Are listed on N . Y . Stock Exchange. V. 119, p. 2527. Series “ A ” and
“ B ” are call, at 105 and int. $2,000,000 Ser. “ C ” 7s, due Jan. 1 1930,
were called for payment Jan. 1 1925 at 105 and int. V. 119, p. 2177.
$8,000,000 Ser. “ D " 7s, due Dec. 1 1940, were called for payment Dec. 1
1924 at 107H and int. V. 119, p. 2067.
The remaining bonds under the gen. mtge. may be issued for future—
(1) Refunding or acquisition of the above enumerated underlying bonds
or other obligations constituting a lien upon the mortgaged property at the
date of the mortgage or other obligations secured by a lien upon property
subsequently acquired by the company and become subject to the lien of
the mortgage.
(2) Construction, completion, extension, development or improvement
of or additions to plants and facilities
(3) Acquisition of the whole or any part o f the properties, rights, privi­
leges and franchises of any corporation supplying light, heat or power by
electricity or other means in the present territory of N . Y . City and Nassau
and Suffolk counties.
(4) Acquisition of securities of other corporations supplying light, heat
or power by electricity or other means in said territory, provided the com ­
pany be or thereby becomes the owner of at least two-thirds of the out­
standing capital stock of any such corporation.
(5) Reimbursement of the co. for expenditures made subsequent to the
date of the mortgage for any of the purposes for which bonds are issuable
under (2), (3) and (4) above or to meet indebtedness of the co. contracted
for any of such purposes.
Provided, however, that except for refunding or acquisition of underlying
bonds and obligations under ( 1 ) above, bonds shall not be issuable at
face amount in excess of 80% of the actual cost or reasonable value
(whichever may be less), of the property or securities acquired, or the
extensions, developments, improvements or additions made, nor issuable for
the acquisition of securities under (4) above if thereby more than 25% of
the actual cost or the reasonable value of the property subject to the Gen.
Mtge. (after deducting the face amount of all underlying liens) would consist
of stock, bonds or other obligations acquired by the use of bonds issued
under the gen. mtge., nor unless net earnings o f the co., as defined in the
gen. mtge., shall have been at least twice the annual interest charges upon
all outstanding underlying bonds, the outstanding bonds secured by the
gen. mtge. and those applied for.
In Oct. 1924 Guaranty Co. o f N . Y ., National City Co. and Dillon,
Read & Co. sold $25,000,000 Ser. “ A ” 5s at 100 and int. V. 119, p. 2067.
Dividends.— In 1900, 4 H % ; 1901, 6 %; 1902, 6 %; 1903, 7 H % : From
June 1 1903 to date at the rate of 8 % per annum, payable quarterly
March. &c.
E A R N I N G S .— F o r ca le n d a r y e a rs:

Gross
Total Corp.
Bond
Fixed
Divs.
Balance,
Earnings.
Income Discount. Chas. &c.
( 8 % ).
Surplus.
1926- $34,223,327$11,583,867 $121,669 $3,502,944 $5,967,076 $1,992,178
•192529.887,301 9,880,296 121,650 3,318.018 4,791,978 1,648,650
192426,030,840 9,192,049 154,796 2,769,993 4,084,307 2,182,952
192323,422,314 7,670,329 137,912 3,397,373 3,171.518
963,526
192219,326,489 6,229,163 137,804 3,313,182 1,805.812
972 364
192116,515,098 4,825,336 132.903 3,047,656 1,389,702
255,075
192013.308.868 3.082.949
92.068 1.450.163 1.387.366
153.353
OFFICERS.— Chairman. Nicholas F. Brady; Pres., M . S. Sloan: V .-P .,
J. C. Brady; V.-P. & Gen. M gr., W. F. Wells; V.-P. in charge of engineering,
John C. Parker: V.-P. in charge of purchas. & transport., Walter P. Hol­
combe; Sec., E. W. Kells; Treas., E. A..Baily; Aud., R. O. Launey. Office,
Pearl and Willoughby streets. Brooklyn, N. Y .— V. 121, p 704. 1907,
2270, 2636; V. 122, p. 876, 1167; V. 123, p. 1501; V. 124, p. 109, 789, 919,
1065, 1357, 1660, 2586, 2905.

CENTRAL HUDSON GAS & ELECTRIC CORP.
ORGANIZATION.— Incorp. Dec. 31 1926 in New York. A consolida­
tion o f a group of electric and gas companies, viz.: Central Hudson Gas &
Electric C o., United Hudson Electric Corp. and their subsidiaries. Prior
to the consolidation, the properties o f the companies were operated under
unified control as a single system, known as the Central Hudson System.
V. 123, p. 2390, 3318; V. 124, p. 504. For history o f Central Hudson Gas
& Electric Co. and United Hudson Electric Corp., see “ Public Utility
Compendium” of Oct. 30 1926.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
i Corporation serves the territory situated in the Hudson River Valley,
; between N . Y . City and Albany, which embraces substantially all of
• Dutchess, Ulster and Greene and parts of Columbia, Albany and Orange
counties. Supplies both gas and electricity, without competition, in and
around Poughkeepsie, Beacon, Kingston, Newburgh and Catskill. The
territory served with electricity includes, in addition to these cities, more
than 180 villages and smaller communities as well as a large suburban and
rural population. Population served over 250,000. Co. owns and operates
4 steam stations and 6 hydro-electric generating plants with an aggregate
installed capacity of 43,700 k.w., and high-tension electric transmission
lines over 324 miles in length. Five gas plants of a total daily capacity o f
over 4,500,000 cu. ft., about 169 miles o f mains. This transmission system
has been constructed with a view to its operation in connection with the
systems o f important companies supplying the New England and Middle
Atlantic States, in pursuance of the so-called superpower plan for the
region between Boston and Washington. The franchises are, with minor

Oct., 1927.]

POW ER, L IG H T AND R A IL W A Y

exceptions, perpetual. Electric sales in 1926, 109,120,408 k.w.h.; gas
sales, 745,336,900 cu. ft. Meters, electric, 42,654; gas, 26,917. V . 124,
p. 504.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
_________ 300,048 shs ___________
com m on (no par)_________________
$6 cum pref ($100)__________ _____
$6
86,030,000 ___________
Underlying div liens (closed)_______
_________ 2,060,000 __________
1st & ref M 5% ser due ’57 ( Amer. Exch. Irving Tr. Co., N . Y ., Trustee.
($1,000, $500 c* )_______ tf) 1927
5 g M-S
8,000,000 Jan 11957
Central Hudson Gas & El Co.—
10-yr non-conv deb $1,250,-1 1925
6 g J-J
1,250,000 July 1 1935
250,000(81,000 ,$500 ,$100)1
Bonds.-—' he 1st c% ref. mtge. bonds are secured by 1 st mtge. on abou*
T
40% o f corporation’s property, incl. all o f its hydro-electric development8
with one minor exception and more than half o f its main high-transmission
lines, and by direct mortgage on the balance o f the property, subject to
$2,060,000 underlying liens, and on all after-acquired property. The
authorized issue o f bonds under the 1 st & ref. mtge. is not limited in amount
and additional bonds may be issued in one or more series, in such amounts
and having such rates o f int., maturity dates, &c., as directors may from
time to time determine.
Additional bonds o f 5% series, due 1957, or o f other series, may be
issued: (a) for refunding purposes; (6) To a principal amount not exceeding
$2,000,000 for additions and improvements made prior to Jan. 1 1927,
and for 75% o f acquisitions, additions, &c., on or after Jan. 1 1927, provided
net earnings for 12 consecutive out o f 15 preceding months have been at
least 1 % times annual int. on all 1 st & ref. mtge. bonds and all underlying
bonds then outstanding, incl. proposed issue; (c) to provide money to be
deposited with the trustee for any o f the foregoing purposes.
5% series, due 1957, are red. on the 1st day o f any month on 30 days’
notice at a premium o f 5% before Jan. 1 1937; on and after that date at
successively reduced premiums. Penn., Maryland, Conn, and Mass,
taxes refundable as provided in the mtge. In Jan. 1927, Drexel & Co. and
Stroud & Co., Philadelphia, sold $8,000,000 5% series, due 1957, at 101A
and int., to yield over 4.90% . V. 124, p. 504.
The Central Hudson Gas & Electric Co. 10-year 6 % gold debenture
bonds, due July 1 1935, are non-convertible. Callable on July 1 1927 on
30 days’ notice at 104 or on succeeding int. dates at a reduction o f M %
each year to maturity. Listing on N . Y . Stock Exchange was to be applied
for.
EARN INGS.— After giving effect to the consolidation o f all properties
owned, irrespective o f dates o f acquisition, for calendar years:
xl926.
1925.
1924.
Gross (all sources)___________________ $4,997,369
$4,544,242 $4,255,563
Oper. exp., maint., deprec. & taxes
2,956,855 2,998,158
(except Federal income taxes)_____ 3,170,119
Net earnings_______________________$1,827,250
$1,587,387 $1,257,405
Annual interest on mortgage debts_
_
506,600
Not available.
Balance----------------------------------------- $1,320,650
OFFICERS.— Pres., T. R . Beal. Offices: 50 Market St., Poughkeepsie,
N . Y .— V. 123. p. 3318; V. 124, p. 504.

ELECTRIC INVESTORS INC.
Under management o f Electric Bond'& Share Co.
ORGANIZATION AN D C H A R ACTER OF BUSINESS.— Organized
In Maine In Sept. 1924 and on Dec. 1924 was consolidated with Electrical
Utilities Corp., which had been doing a similar business since 1909. Co.
was organized to acquire and hold securities of public utility companies
as diversified permanent investments. Also holds securities o f a number of
other corporations. Revenue principally derived from divs. and int.,
and in addition from underwritings and profits from sale of securities.
Company’s largest holdings include securities o f public utility companies,
a number of which are supervised by Electric Bond & Share Co.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common 1,000,000 shs (no p a r ) ____
a836,706shs
See text
$7 cum pref 50,000 shs (no p a r ) ____
$7 Q-F
29,645 shs Aug’27.$1.75
$6 cum p f 150,000 shs(no p a r ) . ____
$6 Q-F 81,000 shs Aug’27.$1.50
Com stock subscrip receipts_ _____
_
x58,447 receipts
a Including 589.36 shares o f scrip,
x On which at least 10% o f subscription has been paid.
There are also outstanding option warrants entitling the holders to sub­
scribe for 23.680 common shares at $20 per share at any time on or after
March I 1925.
Stock.— The $7 cum. pref. and $6 cum. pref. stock rank equally as to
assets ($100 and divs.) and preferred dividends over the common stock.
$7 cum. pref and $6 cum. pref. is redeemable, whole or part, upon 30 days'
notice at $110 and divs. Common stock hfBthe entire voting power. In
Aug. 1925 Bonbright & C o., Inc., offered tWo .000
cum. pref. shares
at $95 and divs., to yield over 6.30%. V. 121, p. 705. In Aug. 1927
Bonbright & Co., Inc., offered 15,000 shares $6 pref. cum. stock at $96.75
per share and div. to yield 6.20%. V. 125, p. 913.
Dividends.— On the common stock a dividend of 1-10 o f a common share
was paid on Jan. 2 1926 and a div. of 3-50th of a share on Jan. 15 1927.
V. 123, p. 3181. On the $7 pref. $1.75 was paid in Feb. and May 1925 and
at the rate o f $7 per annum regularly thereafter; on the $6 pref. regular
quar. divs. were paid in N ov. 1925 and at the rate of $6.00 per share per
annum regularly thereafter. V . 122, p. 347.
EA R N IN G S.— For calendar years:
3:
*1927.
1926.
1925.
Gross earnings_______________
. $3,472,681 $2,628,134 $2,964,745
General expenses_____________
36,389
44,157
36,624
Taxes________________________
149,526
188,463
115,275
Interest on notes & accounts payable.
20,905
20,058
50,683
Net earnings_______________
. $3,265,861 $2,375,457 $2,762,164
Preferred dividends ($7)_______
209,163
210,811
206,165
Preferred dividends ($6) _______
348,696
309,107
109,950
Available for com. stk. divs. & res____ 2,708,002
1,855,539
2,446,049
Surplus at beginning of period_
. 2,646,910
1,487,159
463,694
Total____________________________ $5,354,912 $3,342,698 $2,909,743
__________
D iv id e n d p a id in c o m m o n s t o c k _____. x x,098,231
l l ,098,231
1,098,231
1,422,584
Surplus at end of period__________ $4,256,681
$2,244,467 $1,487,159
* For 12 mos. ended M ay 31 1927. x Incl. div. on 15,000 shs. Elec. Util.
Corp. 5% partic. pref. stock for 11 mos. and divs. on 17,050 shs. Electric
Investors, Inc., $7 pref. stock for one month.
OFFICERS.— Pres., S. Z. Mitchell; V -Ps., L . H. Parkhurst, E. W . Hill
and C. E. Groesbeck; Sec., E. P. Summerson; Treas., A. C. Ray; Compt.
A. E. Smith.— V. 120. p. 72, 2011; V. 121, p. 705, 977, 1788, 1908. 2520:
V. 122, p. 347, 2039; V. 123, p. 82, 205, 2898, 3181; V. 125, p. 514, 913.

ASSOCIATED GAS & ELECTRIC SYSTEM.

(See Map on Page 76.)
ORGAN IZATION .— Established in 1852 with the formation of Ithaca
(N . Y .) Gas Light Co. Two principal units are Associated Gas & Electric
Co. (incorp. in 1906) and New England Gas & Electric Ass’n (organized
in 1926). Principal and accounting office, Ithaca, N. Y .; financial office,
61 Broadway, N. Y .; J. G. White Management Corp., 33 Liberty St.,
N . Y ., operating managers.
The system supplies electricity, gas and (or) water to over 580,000
consumers, serving a total population estimated at more than 2,700,000 in
more than 1,000 communities in New York, Massachusetts, Connecticut,
Vermont, New Hampshire, Maine, Ohio, Illinois, Kentucky, Tennessee,
Indiana, South Dakota, Pennsylvania, Maryland, the Maritime Provinces
o f Canada, and the city of Manila, P. I. In April 1925 acquired two-thirds
o f outstanding stock o f Manila Electric Corp. V. 120, p. 2399. In Aug.
1925 acquired the Pennsylvania Elec. Corp. for a cash consideration of
about $20,000,000. V. 121, p. 837. For offer to minority common stock­
holders of Pennsylvania Elec. Corp., renewed on Aug. 14 1926 for a limited
period, see V. 123, p. 840. Acquired control of Long Island Water Corp.
(see separate statement), V. 121, p. 704; of Litchfield Elec. Lt. & Pr. Co.,
V. 121, p. 975. In June 1926 acquired the White Oak Light, Heat & Power
C o. in West Pennsylvania and the plant serving Clinton, K y. V. 123,
p. 322. For various regroupings of subsidiary companies effected in
1926, see V. 123, p. 708. Additional acquisitions in 1926, see V. 123,p.2136.
1259, 2389.
As o f Jan. 3 1927 acquired through exchange against its own securities
practically the entire common stock o f Gas Utilities, Inc., which latter Co.




75

owns or controls gas cos. serving approxim. 60,000 customers in 17 com­
munities in Pennsylvania, Ohio, Indiana, Illinois and South Dakota, with
an aggregate population of 300,000. V. 123, p. 3036. 3317.
FIELD OP OPERATIONS AND CH ARACTER OF BUSINESS.—
The properties include electric generating stations with a present combined
installed capacity of 290,500 k.w., of which 46,128 k.w. is hydro-electric;
3,052 miles of high tension transmission lines, and 1,500 miles of gas mains.
The properties of the system fall into 11 groups as follows:
(1) Penn Public Service Group serves electricity and (or) gas to over
116.000 consumers in 350 communities in a territory extending southerly
from Lake Erie and the New York State boundary line across western
Pennsylvania into Maryland. The Pennsylvania area has a population of
more than 875,000. The properties are connected by 1,411 miles of high
tension transmission lines. The gen. stations have an aggregate installed
capacity of overl36,000 k.w., of which over 38,000 k.w. is hydro-eiectric.
The Penn Public Service Group also has four coal mines containing 20,000,000 tons oi unmined coal, situated close to power plants.
(2) Staten Island Edison Corporation supplies electricity without com­
petition to the entire Borough of Richmond. The present population is
140.000. The electric generating station, located at tidewater, with an
aggregate installed capacity of 50,500 k.w., serves over 35,000 consumers.
The corp. is already supplying large amounts of pow-er for the operation of
the B. & O. System’s electrified railway lines on the Island and has a
contract to furnish all power required for complete electrification which it
is estimated will amount to over 30,000,000 k.w.h. per annum.
(3) Central New York Group serves over 37,000 electric consumers and
10,643 gas consumers in a territory in N. Y. State extending from suburbs
of Utica south to Monticello and from Ithaca east to the Catskill Mts.
Serves a population of 150,000 in 210 communities. Properties incl. hydro­
electric and steam power stations, with a gen. capacity of 16,250 k.w
670 miles of high tension transmission lines, gas manufacturing plants,
excluding plants under construction, with an aggregate daily capacity of
2.900.000 cubic feet and over 106 miles of gas mains.
(4) Kentucky-Tennessee-Indiana Group: These properties do an electric,
gas and (or) water business in 60 communities with a combined estimated
population of more than 160,000 serving more than 36.300 consumers. The
properties include electric generating stations with a present capacity of
10,700 k.w., 381 miles of high tension transmission lines, gas plants with
daily manufacturing capacity of 605,000 cubic feet.
(5) Long Island Group supplies water and (or) distributes electrical energy
in 35 communities with a population of 170,000 located on Long Island,
N. Y ., in and adjacent to the City of New York. The electric properties
have a generating capacity o f 4,550 k.w., and serve 6,462 consumers.
The water properties serve 28,223 consumers.
(6) Western New York Group supplies electricity and (or) gas to 14,697
consumers in a territory in the extreme western part of New York State.
Current generated at Niagara Falls is purchased under a favorable long term
contract. This group serves 39 communities with a combined population
of approximately 60,000.
(7) Eastern New York Group supplies electricity to 23,000 consumers and
gas to approximately 3,800 consumers in a territory in the eastern part of
N . Y . State. The generating facilities are supplemented by interconnec­
tions with adjacent large power systems. The group serves a total of
242 communities with a present population estimated to be in excess of
92.000.
(8) Manila Electric Group properties have served the C ity o f Manila,
Philippine Islands, and its suburbs since 1905, and now distributes electricity
to more than 56.000 consumers. Population served is estimated to be in
excess of 400,000. Power is generated at a modern steam generating
station which has a present capacity of 29,500 k.w. Co. also owns and
operates the entire st. ry. system in Manila and carries over 36,500,000
passengers annually. The electric railway has been and is being profitably
operated.
(9) Gas Utilities Group serve approximately 60.000 customers in 17
communities in the States of Pa., Ohio, Ind., 111. and So. Dak. with an
aggregate population of 300,000. Among the more important communities
served are Terre Haute and Rich., Ind.; Sioux Falls, So. Dak.; Bloomington,
111..
and Portsmouth, Ashtabula and Conneaut, Ohio.
(10) Maritime Group.— The principal communities served are Fredericton
and St. Stephen in New Brunswick; Charlottetown in Prince Edward Island;
Bridgetown and Lawrencetown in Nova Scotia, and Calais in Maine. Elec­
tric meters in service, 8,072.
(11) New England Gas & Electric Association Group.— This group serves
over 48,000 electric and 89,000 gas consumers in 90 communities in Massa­
chusetts, New Hampshire and Maine, including Cambridge, Worcester
and Cape Cod in Massachusetts; Portsmouth, New Market, Rye and Epping
in New Hampshire, and Kittery and Eliot in Maine. Wholesale power is
also sold to adjacent distributing companies. The properties include
steam power stations with a generating capacity of 35,900 k.w., and 208
miles of high tension transmission lines; gas plants with a daily manufactur­
ing capacity of 18,700,000 cu. ft. and 462 miles of gas mains. The total
population served is approximately 500,000. The Massachusetts properties
are owned and controlled by affiliated interests and not by Associated Gas
& Electric Co. or its subsidiaries.
ASSOCIATED GAS & ELECTRIC CO.
ORGANIZATION.— Incorporated in 1906 in New York. This company
is one of the principal units of the Associated Gas & Electric System, see
above under latter.
STOCK AND BONDS—
.Date.
Interest. Outstanding. Maturity.
_______ 1,223 800 shs
See text
Common (no par)_______ ____ _____
Class “ A ” 800.000 shs (no p a r ) ____
Q-F
500,000 shs ___________
Class “ B ” 300,000 shs (no p a r ) ____
_______
300,000 shs
See text
Pref cum Orig Series 200,000
shs (no par)____________________ $3.50 Q
150,000 shs
See text
Pref cum $6 div Ser 125,000
shs (no par)____________________
$6 Q-M 116,029 shs
See text
Pref cum $6.50 div Ser______ _____ $6.50 Q
258 432 shs ___________
Pref cum $7 div Ser_________ _____
$7
102,038 shs Oct’ 27,$1.75
5 A % conv.d eo. $1,000c*) tf / 1927 5'A g F-A $40,000,000 Feb. 1 , 1977
| New York»Trust C o., N . Y., trustee.
6K % conv deb “ B ” ($1,000,/ 1925 O'A
1,829,000
See text
$500, $100___________ c&r (Same registrar as Series “ A .”
conv deb “ C” ($1,000./ 1925 6 A
1.052,000
See text
$500 c&r and $100 r )___ tf : Same registrar as Series A .”
6 % conv. deb “ A ” ($1,000,/ 1925 6%
2,104,400
See text
$500, $100 c&r)__________ (Registrar, Nat. Bk. of Commerce in N. Y .
6% conv. deb “ B ” (c*$l,000,/ 1927 6% J-J
4,995,000
See text
$500, & r$l,000, $100)____(Registrar, Nat. Bk. of Commerce in N. Y .
6% conv. deb “ C ” (c*$l,000,/ 1927 6 M-S
1,204,000
See text
& r$l,000, $100)_________ (Registrar, Nat. Bk. of Commerce in N. Y .
Other funded debt, unsecured.
— option warrants, &c__________
_________ 5,734,642 __________
Capital Stock and Funded Debt of Subsidiaries.— On July 31 1927 the
following securities of subsidiary companies were held by the public:
Common stock (par or stated value)_________________________ *$1,307,633
Preferred stock (par or stated value)_________________________
4,652.820
Funded debt (par or stated value)____________________________ 99,639,700
* Includes 13.018K shares Clarion River Power Co partic stock at par
Stock.— Th3 common stock represents the int. in A the co.’s earnings
after payment of preferential and partic. divs. on other stocks. Divs. may
be declared on the com. stock after payment of cum. divs. on the pref.
stocks, preference divs. at the rate of $2 per sh. per ann. on the class A stock
and limited divs. at not exceeding the rate of $2 per ann. on the class B stock,
provided that the aggregate divs. on the class B stock and com. stock shall
not exceed the aggregate amount paid to the holders of class A stock as
preference and additional divs. On dissolution or liquidation, the com.
stock is entitled to the assets remaining after preference distributions to the
pref., class A and class B stocks, to the participating rights of the class A
stock. The com. stock (of no par value) votes only with the consent of a
majority of the class B stock. The preferred stocks are fully paid and non­
assessable and have preference over class A , class B and com. stocks both
as to divs. and assets. There are four series, all of no par value, each
bearing a different div. rate but otherwise ranking equally except in liquida­
tion and redemption, the $3.50 div. series liquidation value of $50 and red.
value of $60, while the other series are of $100 in liquidation and $105 in
redemption. Have no voting rights unless default shall be made in the
payment of cumul. divs., on any class of pref. stock and two years’ cumul.
divs. on such class shall be in arrears; in which event during the continuance
of such default, the holders of pref. stock of all classes have voting rights on
an equality with the holders of class B stock. Class A stock is listed on
Boston Stock Exchange and New York Curb Market. All pref. stocks
are of equal rank and are preferred over class A, class B and common
stocks as to assets and divs. Original prjf. stock is non-voting and is
entitled to cum. divs. of $3 50 per share per annum and extra divs. of

P U B L IC
U T IL IT IE S
[V o l. 125.




a

Oct., 1927.]

50c. a share per annum have been provided for 1925 and 1926. V. 119
p 2409
Has liquidation value of $50 per share. Red. at $60 per share'
In Dec 1924 John Nickerson & Co. offered 20.000 shares original pref'
stock at $50 per share and div. V. 119. p. 2875. Pref. stock $6 div'
series is red., all or in part, on any div. date on 30 days' notice at 105 and
divs. Entitled in liquidation of dissolution to $100 per share and divs.
Pref. $6 50 div. series is red. at 105 and divs. Has a liquidation value of
$100. In March 1925 John Nickerson & Co. offered 30,000 shares pref.
$6 div. series at $84 per share and div., to yield about 7.14% . V. 120,
p 1585,1745. In Sept. 1927 John Nickerson & Co. offered at $95 and div.,
to yield 6.32%, 25,000 shares pref. stock, $6 div. series (no par). In
M ay 1926 Banks, Huntley & Co., Hunter, Dulin & Co., M . H. Lewis & Co.,
Bayly Bros, and Cass, Howard & Sanford offered 25,000 $6.40 div. series
cum. pref. shares at 93 and div., to yield 7% . V. 122, p. 2648. In Dec.
1926 Marshall Field, Glore, Ward & Co., Brown Bros. & Co. and Edward B.
Smith & Co. sold 100,000 additional shares of $6.50 div. series cum. pref.
stock at 95 M & divs. to yield more than 6.80 % . V. 123, p. 3036.
The class A stock is fully paid and non-assessable, and is entitled to noncumulative dividends at the rate o f $2 per share per annum, payable, when
and as declared, on the first days of Feb, May, Aug and Nov , in priority
to the class B stock and the common stock After the full quarterly priority
div on the class A stock has been declared and set apart for the current divi­
dend period, divs may be declared in the same period on the class B stock,
to the extent of $2 per share per annum and, at the option of the board of
directors, on the common stock, not exceeding in the aggregate (for both the
class B stock and the common) the total amount o f the quarterly priority
dividend on the class A stock
Participating divs may then be paid on the
class A stock, provided an equal aggregate amount remains available for
participating divs, then or thereafter on the common, which amount, until
paid to the common, may be treated as if reserved for the common, in de­
termining the surplus available thereafter for further participating divs on
the class A stock
Dividends are not subject to present normal Federal
income tax The class A stock is entitled upon dissolution or liquidation to
$35 per share in priority to the class B stock and common stock
After this
preferential payment to the class A stock has been provided for and an equal
agt regate amount has been set aside for distribution to the class B stock and
common stock, then, if the aggregate participating dividends previously
paid on the class A stock have exceeded the aggregate participating divi­
dends previously paid on the common stock, an amount equal to the excess
may be set aside for the common stock
Of the remaining assets, one-half is
to be distributed to the holders o f the class A stock and one-half to the
holders of the common stock The class A stock is without par value and
has limited conditional voting rights
In Jan 1925 John Nickerson & Co
offered 200,000 shares class A stock at $26 per share In Aug 1926 Banks,
Huntley & Co , Hunter, Dulin & Co , M H Lewis & Co and Geo. H Burr,
Conrad & Broom, Inc , offered 20,000 additional class A shares at a price
stated to be around $35
In Feb 1927 a syndicate headed by John Nicker­
son & Co offered 100,000 additional shares of class A stock at $40 50 per
share. V. 124, p. 1064; V. 123, p. 980; V. 120, p. 208. Class B stock was
ssued in exchange for old com. stock in Jan. 1925. V. 120, p. 208
643% Interest-Bearing Option Warrants.— In Aug. 1925 all stockholders
and security holders having the right to become stockholders were offered
rights to purchase 6 M % interest-bearing option warrants, viz., one option
warrant for each two shares of stock held of record Aug. 10, and for each
two shares of stock into which convertible bonds and debentures will be
exchangeable. The initial payment of $35; the balance of $60 may be called
for payment on 30 days’ notice at intervals of not less than 90 days, but no
payment may be called before Jan. 5 1926 or for more than $10 per call.
Each option warrant, when fully paid, will be exchangeable for either
$100 principal amount of 6% debenture bonds, or one share of $6 50 series
preferred stock, at the option o f the holder, and in addition, in either case,
M share of new common stock. The 6 % debenture bonds will be converti­
ble after July 1 1928 at the holder’s option into one share of $6 50 preferred
stock for each $100 o f debentures.
Each option warrant also carries a detachable stock purchase right
entitling the holder to purchase one share of the new common stock after
Mar. 1 1926 and incl. Sept. 1 1927 for $20; and incl. Sept. 1 1930 for $30.
Convertible 5 M % Gold Debentures.-—Are conv. on terms and conditio is set
forth in the indenture, on the first day o f any month after Feb. 1 1928 up to
and incl. Feb. 1 1933 at the option of the holder, on 10 days’ notice, into
units consisting of two shares of class A stock and one share of com. stock,
as sai . classes of stock are from time to time constituted, of co. on the
following basis:
For the first $10,000,000 debs, surrendered for conversion, at $110 per
unit; for the next $5,000,000, $115 per unit; for next $5,000,000, $120 per
unit; for next $5,000,000, $125 per unit; for next $5,000,000, $130 per unit;
for next $5,000,000, $135 per unit; for the last $5,000,000, $140 per unit.
In case the debs, are called for red. at any time during the period in which
they are convertible, the conversion privilege shall continue until the close,
o f business on the red. date. N o fractional shares will be issued, but appro­
priate provision will be made for fractional interests in case of conversion.
At the time o f conversion adjustments will be made so that int. on the debs
and divs. on the stock will not be paid for the same period.
Red. whole or in part on first day of any month on 60 days’ notice prior
to maturity at 105 and int. to and incl. Feb. 1 1932 at a prem. decreasing
M % each 5-yr period Incl Feb 1 1972; thereafter ncl Feb 1 1976 at 100 M
a.iu int., and thereafter at at 100 and int. In Feb. 1927 a syndicate
headed by Harris, Forbes & C o.; Lee, Higginson & C o.; Guaranty Co. of
N . Y . and others sold $48,000,000 conv. 5M % gold debs, at 95H and
int., yielding 5.75%
V. 124, p. 919.
Convertible Debenture Certificates, Series “ B ” — Interest payable in New
York on coupon debenture certificates Jan. and July 1; on registered
aebeu. ctfs. quarterly, Jan., Apr., July & Oct. V ithout fixed date of ma­
\
turity. they become due in case o f 90 days’ default in payment of interest
or certain other events. Red. at 105 and int. on 30 days' notice. Convert,
after Jan 1 1926 at the co .’s option, and after July 1 1930 at the holders'
option, into 10 shares of $7 div. series pref. stock for each $1,000 of Series
“ B' ctfs with a«lj of Int. and divs. V. 121, p. 328.
Convertible Debenture Certificates, Series “ C ” — Interest payable in New
York on coupon debenture certificates, Jan., July; on registered debenture
certificates, quarterly, Jan., &c. Without fixed date of maturity became
due in case of 90 days’ default in interest or certain other specified events.
Redeemable on 30 days’ notice at 105 and int. Conv. after Jan. 1 1928
ai upnuu of httlUer of co., into 10 shares $i div. feer. pref. stock for earl,
$1,000 face amount of Ser. “ C .” certificates, with adjustment for int
and divs., upon 30 days' notice. Penn, and Conn. 4 mills tax. Maryland
44s mills tat Kentucky 5 mills tax and Mass. 6^7 tax refnndahic
6% Convertible Debenture Bonds, Series “ A ” of 1925 ($1,000, $500, $100
c&r).— Interest payable in New York on coupon bonds in March and Sep­
tember; on registered bonds quarterly, March, &c. Are without fixed
date of maturity; become due in case o f 90 days’ default of interest or cer­
tain other events. Redeemable, whole or part, on 30 days’ notice, at
par and interest. Convertible at option of holder after July 1 1928 into
one snare 3 ou div. ser. pi el. stock lor each $ 1 U principal amount, with
>o
0
adjustment for int. and divs. In case of consolidation, merger, sale or
conveyance, they become due and payable unless successor co. assumes
them and makes them convertible, upon the same basis and terms, into
$6 50 cum pref. stock o f successor co. National Bank of Commerce in
New York, registrar.
6% Convertible Debenture Certificates, Series “ B,” dated Jan. 1 1927, are
without fixed maturity but become due in case of 90-day default in payment
of interest or in case of consolidatoin, merger, sale or conveyance, unless
the successor corporation assumes the obligation. Redeemable at any time
after 30 days’ notice to and including Jan. 1 1932 at 102%; threafter at
10 1 , decreasing M % semi-annually to 100M and at that amount thereafter.
Convertible at company’s option after Jan. 1 1928 upon 15 days notice, and
after Jan. 1 1932 at holder's option upon 30 days’ written notice on basis
o f 10 shares o f $6.50 div. series pref. stock as at che time constituted, for
each $1,000 face amount of conv. deben. certif., series B, with proper ad­
justment for accrued interest and dividends.
6% Clnrertible Debenture Certificates, Series “ C,” dated March 1 1927, are
without maturity, but principal becomes due in case of 120 days’ default in
interest payment or in case of consolidation, merger, sale or conveyance,
unless the successor corporation assumes the obligation. Redeemable at
101 % on 30 days’ notice. Convertible after Dec. 1 1927 at the option of the
company on 15 days’ notice, and after March 1 1930 at the option of the
holder, upon 30 days' written notice on the basis of 1 share of $6 div. series
pref. stock for each $100 face amount of conv. deben. certif., series C, with
proper adjustment for accrued divs. and int. tThe series “ C ” certifs. may
at the option o f the holder at any time before Jan. 1 1932, upon 60 days’
written notice, be converted into class A stock on the following basis: During
years 1927 and 1928 into 2M shares, and during years 1929, 1930 and 1931
into 2 shares of class A for each $100 principal amount o f series “ C ” certif.,
with adjustment for accrued dividends and interest.




77

POWEK, L IG H T AND K A IL W A Y

D IV ID E N D S.— On old pref. stock divs. o f 6 % per annum were paid
from April 15 1910 to July 15 1917.
Original Series Pref.— Initial div. of 87Mc. paid Jan. 1 1922, same rate
paid quar. since to and incl. Jan. 1925; April 87Mc., plus 12Me. extra;,
July, 87Me., plus 12Mc. extra, or 1-25 share in class A com.; October,
87Mc., plus 12Mc. extra, or 3 50-100ths shares class A. In 1926: Jan.,
87Mc., plus 12Mc. extra, or 3 75-100ths share class A; April, 87Me., plus
12Mc., 4-100ths share class A; July 87Mc., plus 12Me., or 4-100ths share
class A; Oct., 87Mc., plus 12Mc., or 3 15-100ths share class A. In 1927:
Jan., 87Mc., plus 12Mc. extra or 3 15-100ths share class A; April 87Me.,
plus 12Mc., or 2 7-100ths share class A; July, 87Mc. plus 12Mc. extra or
2 67-100ths share class A; Oct., 87M c., or 2 67-100ths share class A (usual
12 Mc. extra dividend omitted).
$6 Div. Series Pref. Stock.— An initial quar. div. of $1.50 was paid June 1
1925 with option to receive 3 50-100ths share class A com. stock instead
of cash; Sept., $1.50. or 4M-100ths shares class A; Dec., $1.50, or 5-100ths
share class A. In 1926: Mar., $1.50, or 5-lOOths share class A; June, $1.50,
or 5 75-100ths share class A; Sept., $1.50, or 5.1-100th share clas~ A;
Dec., $1.50, or 4.75-100ths share class A. In 1927: Mar., $1.50, or 4.6-100th
share class A; June, $1.50, or 4-100ths share class A; Sept., $1.50, or 4-100ths
share class A; Dec., $1.50 or 3 70-100ths share class A.
$6.50 Div. Series Pref. Stock.— Regular quar. div. of SI .62 M paid Mar. 1
1926 with option to receive 6-100tbs share class A com. stock instead of
cash; June, $1.62M, or 6.25-100ths share class A; Sept. $162 M. or 5 5-lOOths
share class A; Dec., $1.62M. or 5.15-100ths share class A. In 1927; Mar..
S1.62M, or 5-100ths share class A; June, $1.62M or 4.33-100ths share class
A; Sept., $1.62M or 4.33-100ths share class A; Dec., $1.62M or 4.01-100ths
$7 Div. Series Pref. Stock.— In Oct. 1925 paid quar. div. of $1.75 with
option to receive 5M*100ths share class A com. stock instead of cash.
In 1926: Jan., $1.75, or 6-100ths share class A; April. $1.75, or 6 75-100ths
share class A; July, $1.75, or 6.75-100ths share class A; Oct.. $1.75. or
5.5-100ths share class A. In 1927: Jan., $1.75, or 5-5-lOCths share class A;
April, $1.75, or 4.72-100ths share class A; July, $1.75, or 4.67-100ths share
class A; Oct., $1.75, or 4.67-100ths share class A.
Class A Common.— Initial quar. div. of 50c. paid in M ay 1925 with the
option to receive l-40tb share in class A stock instead of cash. Similar
divs. paid regularly quar. since to and incl. Nov. 1926. In 1927: Feb.,
paid l-40th share in class A stock; M ay, paid l-40th share in class A stock,
same div. in Aug. In N ov., 50c. or l-40th share class A.
Latest Earnings.-—For 12 mos. ended June 30:
EARNING S.— For calendar years:
>
T927.
xl926.
1925.
1924.
Gross Earnings—
Electric________________ $22,816,386 $21,504,149 $14,445,399 $4,496,650
Gas____________________ 3,685,268
2,188,593
1.210,510
668.858
Miscellaneous__________ 4,267,249
4,370,284
3,032,687
147,110
$30,768,903 $28,063,026 $18,688,596
. 17,259.067 15,508,087 11,078,920

$5,312,618
3,786,621

$13,509,836 $12,554,939
. 2,028,767
1 ,221,220

$7,609,676
741,104

$1,525,997
345.955

$15,538,603 $13,776,159
Fixed charges, &c., de­
ductions of sub. & affil.
.' 6,169,000
5,890,390

$8,350,780

$1,871,952

Net to for Assoc.Co. - - $9,369,603
Fixed charges, &c.. de­
ductions of Assoc. C o.. 2,525,236
Res. for renew.& replac’t; 1,697,576

3,404,248

866.195

$7,885,769 $4,946,532

$1,005,757

2,395,204
1,627,193

1,524,739
1,027,401

245.892
289,414

Inc. available for divs. $5,146,791 $3,863,372 $2,394,392
$470,451
1.651.778
829.272
Divs. on preferred stock. 2,834,894
284,372
x Tentative, subject to audit. * For 12 mos. ended July 31 1927.
OFFICERS.—Pres., J. I. Mange; V.-P. & Treas., H. C. Hopson; VicePresidents, S. J. Magee, J. M . Daly, H. D. Fitch; Sec., M . C. O’ Keefe:
Compt., D. E. Wasser. Properties are under the supervision of the J. G.
V hite Management Corp.-—V. 121, p. 328, 584, 704, 837, 975, 1226, 1346,
1567, 1675, 1787, 2036. 2154, 2267, 2270, 2401, 2519, 2749. 3001; V. 122, p.
93, 746, 1453, 1760, 1916, 2033, 2491, 2648. 2947. 3080. 3336: V. 123. p. 322,
453, 708, 840, 980, 1249. 1501, 1873, 2137, 2259, 2389, 2516, 2652, 2894,
3036, 3317; V. 124, p. 109. 233, 370, 504, 789. 919. 1064, 1217, 1356, 1508,
1664, 2118, 2425, 2585, 2745. 3065. 3205, 3350, 3994, 3627; V. 125, p. 245,
383, 646, 779, 910, 1050, 1190, 1458, 1578, 1968, 2144.
ASSOCIATED ELECTRIC CO.
f
Controlled by Associated Gas & Electric Co., which owns indirectly all o
the common stock.
ORGANIZATION, &c.— Incorp in March 1926 in Delaware. Controls
6 operating groups, viz: Penn. Public group. Long Island group. Eastern
New York group, Manila group, Kentucky-Tennessee group, and Western
New York group, which control an aggregate installed electric generating
capacity as of July 31 1927 of 185,900 k. w. and operate 2,100 miles of
transmission lines. Aggregate annual gas sales 12 mos. ended July 31 1927:
1,026,693,000 cu. ft.: passengers carried, 39,758,897: Electric sales, 12 mos.
ended July 31 1927: 468,251.663 k.w.h.; electric customers, 226,999. Total
population served, over 1,753,000. V. 122, p. 1916. 2037, 2034.
FIELD OF OPERATIONS AND CHARACTER OF BPSTNESS —
Company conducts an electric power and gas business. The more important
properties of the system are: The Penn Public Service System. Manila
Electric C o., Kentucky-Tennessee properties, Long Island Water Corp.,
The Depew and Lancaster group in western New York and the Eastern
New Yorkgroup. For detaile i statement of each of these groups, see under
Associated Gas & Electric Co.
STOCK AND BONDS— Date.
Interest. Outstanding Maturity.
Common (no par)___________ _____
_________ 400.000sbs ____
Convert, g. bonds, 5M% ser., f 1926
5M K A-O $64,404.000Apr. 1 i§46
due 1946 ($1,000-S500c*jNational Bank of Commerce in New York,
and $ 1,000 & multiples) r .t f L trustee.
xSubsidiaries' minority com­
mon stocks (book value incl.
surplus proportion)________ _____
_________ 1,306.419
_________
ySubsidiaries’ bonds and pre­
ferred sto c k s ___ _______________ _______

____________

2 8 .3 4 6 ,3 2 0

x Includes 13.108M shares of Clarion River Power Co. participating
stock at par.
y Preferred stock included at par, or at liquidation value If without par
value
Note.— For a list of divisional bonds and preferred stocks of subsidiaries,
•ee V 122. p 2034
Bonds.—The indenture of the convertible gold bonds provides that neither
the co. nor any subsidiary company shall create any indebtedness not therein
permitted and that the co. shall not mortgage or pledge any of its assets,
including stocks, bonds or other securities of subsidiary companies now or
hereafter owned. Additional bonds may be issued only (a) for refunding,
retiring or replacing an equal amount of bonds and preferred stocks of
subsidiary companies, and (or! of bonds of any series outstanding under the
indenture; (6) for not more than 75% of the cost or fair value, whichever
is less, of construction or acquisition of new properties and additions.
Including minority interests: or (c) to the extent of not exceeding $1,500.000
for the purpose of acquiring outstanding minority interests of certain sub­
sidiary companies.
Additional securities, including preferred stocks, of subsidiary companies
shall not be sold except to the co. or another subsidiary co., if the total
amount of such securities held by the public be thereby increased to an
amount exceeding 50% of the bonds then outstanding under the indebture,
Including as outstanding any bonds issued under the indenture and con­
verted into a security junior thereto. Subject to this restriction, bonds and
preferred stocks of subsidiary companies may be sold to refund, retire or
replace outstanding bonds and preferred stocks of subsidiary companies
and bonds issued under the indenture, but for no other purpose unless the
following earnings restrictions is also complied with
No additional bonds may be issued under the indenture, and no securities,
including preferred stocks, may be sold by subsidiaries, except for the
purpose of refunding, retiring or replacing outstanding securities, unless
consolidated net earnings before depreciation for 12 consecutive calendar
months within the 15 calendar months immediately preceding application
for issue have been at least equal to twice the annual interest and fixed divi­
dend charges on all bonds and preferred stocks of subsidiary companies
held by the public and all bonds outstanding under the indenture including
any bonds and preferred stocks of subsidiary companies or any bonds then
to be issued: provided that if such consolidated net earnings for any such

78

PUBLIC U TILITIE S

12 months period shall exceed $15,000,000 the ratio of such consolidated net
earnings to such annual charges need only be twice the first $7,500,000 of
such annual charges and 1 % times the amount by which such annual
charges exceed $7,500,000. Not more than 15% of such consolidated net
earnings shall consist of non-operating income.
Future issues o f bonds may be either of this series or of other series
having such rates of interest, maturity dates and other provisions as the
co. may determine.
The indenture contains certain provisions permitting the modification
or alteration thereof or of any supplemental indenture with the assent of the
co. and of the holders of not less than 85% in aggregate principal amount
o f the outstanding bonds, not including any bonds owned by the co.; pro­
vided that any such modification or alteration shall not permit (o) the
extension of the maturity of any bond, or the reduction in rate of interest
thereon, or any other modification in the terms of payment of such principal
or interest, without the consent of the holder thereof; or lb) the creation
by the company of any indebtedness not permitted by the indenture or
o f any mortgage or pledge of any of the assets of the company unless the
bonds issued or to be issued under the indenture are secured by such mort­
gage or pledge on an equality with any other indebtedness to be secured
thereby.
Conversion Privilege.— Under arrangements made with Associated Gas ft
Electric Co., the bonds of the 5
series, due 1946, will be convertible
at the option o f the holder into preferred stock of Associates Gas & Electric
C o., $6 dividend series, at the rate of 11 shares of stock for each $ 1,000 bond.
This conversion may be made on the first day of any month during the life
of the bonds to and including the maturity date or, in the case of bonds
called for redemption, the date fixed for redemption. Dividends on the
stock and interest on the bonds to be adjusted.
Indenture provides for maintenance and replacements through the ex­
penditure or reservation by the subsidiary companies from each year’s
earnings of an amount equal initially to 1214% of the consolidated gross
operating revenue from electric operations, 10 % of that from gas operations,
5% of that from water operations and 25% of that from traction operations.
These percentages are subject to arbitration and adjustment at five-year
Intervals.
534 % series due 1946 are call., whole or part, on 60 days' notice at 105 &
int. to and inch March 1 1931 and thereafter at a premium of 1J4 % for each
5-year period or fraction thereof to maturity. Interest payable at Harris,
Forbes & C o., N . Y . City, or Boston, or at Harris Trust & Savings Bank,
Chicago. Penn. & Conn. 4-mills and Mass. 6% taxes refundable. In April
1926, Harris, Forbes & Co. &c., &c., &c., offered $65,000,000 5 34% series,
due 1946 at 9534 and int., to yield over 5.90%. V. 122, p. 2037.
EARN ING S.— Consolidated statement for 12 months ended July 31 1927,
including properties only since they were taken into the system: Gross,
$21,919,506; net after oper. exp., maint. and all taxes, $11,220,554; fixed
charges, $5,083,956; renewals and replacements, $1,297,942; balance for
dividends, surplus, &c., $4,836,655.
OFFICERS.— Pres. J. I. Mange; Vice-Pres. & Treas., H. C. Hopson;
Vice-Pres., John M . Daly; Sec., M . C. O’Keeffe.— V. 122, p. 1916, 2034,
2037; Y. 123, p. 2136.

NEW Y O R K STATE GAS & ELECTRIC CORP.
A subsidiary of Associated Gas & Electric Co.
O RGAN IZATION .— Incorp. in New York in 1852 as Ithaca Gas Light
C o., and present name adopted in 1918. Has at various times acquired
the properties formerly owned by the following companies: Brookfield
Electric Light & Power C o., Berholme Power C o., Inc., Delaware County
Electric Light & Power C o., De Lancey Electric Co., Inc., Earlville Electric
Light C o., Fleischmanns Light, Heat & Power Co., Georgetown Electric
Light Co., Inc., Hamden Electric Light C o., Liberty Light & Power Co.,
Livingston Manor Electric C o., Murray Electric Light, Heat & Power
C o., Madison Power Co., Moravia Electric Light, Heat & Power Co.,
New Berlin Light & Power C o., Ovid Electric Co., Roxbury Light & Power
C o., Sullivan County Light & Power Co., Southern New York Power Co.,
Seely Electric C o., Smyrna Electric Light Co., Standard Light, Heat &
Power C o., Tusten Light & Power C o., Waterville Gas & Electric C o.,
West Branch Light & Power C o., and Windham Valley Electric Co.
In addition the Company has acquired the electric properties operating
in the towns o f Andes, Deansborough, Bloomville, Edmeston and Pine Hill.
The Company has also leased for a long term the physical property of the
Tri-County Light & Power Co. V. 121, p. 2875. For acquisition of a
number o f additional properties in 1926, see V. 122, p. 3211; V. 123, p.
582, 711, 3183. In Dec. 1926 merged the Moravia Electric Light, Heat
& Power Co. Y. 123, p. 3039. An announcement was made in March
1927 that company would acquire all of the capital stock of Staten Island
Edison Corp. V. 124, p. 1511. In Sept. 1927 acquired and merged the
Windham Valley Electric Co. V. 125, p. 1461.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
The properties consist of steam and hydro-electric power plants with a
combined capacity of 16.250 k. w., and gas plants with a combined daily
capacity of 2,900,000 cu. ft., together with 671 miles of high tension trans­
mission lines and 107 miles o f gas mains. Supplies without competition
over 48,000 consumers in 210 communities in central and southern New
York, having a population of approximately 150,000.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common 100,000 shs (no p a r ) ____
_______
46,484 shs __________
First mtge 534% series___ t ff 1922
534 A-O
$4,096,000
1962
6 % series______tfj 1922 6 J-J
429,000
1952
(Equitable Trust C o., New York, trustee.
Bonds.— Additional first mortgage bonds may be issued in series with
interest rates, maturity dates, redemption provisions, &c., to be deter­
mined from time to time as series are issued, for—(а) 80% of the net amount of additional property as defined in the inden­
ture.
(б) Retirement of prior liens on property subsequently acquired, under
certain restrictions. Penna. 4 mills tax refunded. Are redeemable as
follows: 6 % series, from Jan. 1 1932 to Jan. 1 1942, inclusive, at 110 and
interest and thereafter at a premium decreasing 34 % every six months.
534% series— To Oct. 31 1932 at 107 34, thereafter less 34% annually to
maturity.
$700,000 series 6s offered March 1922 by J. G. White & C o., N. Y ., and
Janney & Co., Phila., at 9434 and int.; $650,000 series 534s offered Nov,
1922 by Janney & C o., and Marshall Field, Glore, Ward & C o., N. Y ., at
9734 & int.; $2,350,000 series 534s offered Jan. 1924 by Marshall Field,
Glore Ward & Co. and Janney & Co. at 9234 & int.
EARNINGS.— Consolidated earnings for calendar years:
Gross.
Net for Int., &c. Bond Interest.
*1927................ ____
$3,114,583
$1,423,934
$261,500
1926_________ ____
2,806,684
1,163,237
317,665
1925_________
2,398,607
959,676
384,186
1924_________ ____
280,752
2,168,326
872,050
1923_________ ___
2.065.252
731,304
205,857
* For 12 months ended July 31 1927.
OFFICERS.— Pres., S. J. Magee; V .-P ., G. A . Strain; Sec., M C.
O’ Keeffe; Treas.. O. E. Wasser.— V. 120. p. 1089: V. 121, p. 2875; V. 122,
p. 2041, 3211; V. 123, p. 582, 711, 1251, 3039; V. 124, p. 1511; V . 125,
p. 1461, 1838.

STATEN ISLAND EDISON CORPORATION.
Controlled by New York State Gas & Elec. Corp., which owns over
9934 % o f the common stock; supervised by J. F . White Management Corp.
Y. 124, p. 1512.
OR GA N IZA TION .— Incorp. Feb. 14 1923 in N. Y . and as of Aug. 1 1923
acquired from the Richmond Light & R R . Co. (see below) the properties
which do the entire electric light and power business in the Borough of
Richmond (Staten Island), N . Y . The properties of the New Jersey &
Staten Island Ferry (formerly controlled by Staten Island Edison Corp.)
were sold in 1927 to the Railway & Bus Associates.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Furnishes without competition electric light and power service to the entire
Borough o f Richmond (Staten Island), N . Y . City, serving over 32,800
metered consumers. Also supplies power under a favorable contract to the
Staten Island Rapid Transit R y. (a subsidiary of the Baltimore & Ohio RR .)
for the operation o f its 44 miles o f track, the electrification of which was
completed in 1925. Population estimated at 140,000.
The properties consist o f an electric power station o f an ultimate capacity
o f 60,000 k.w. and having a present installed capacity of 50,500 k.w.. to­
gether with adequate transmission and distributing lines. V. 123, p. 1507.




[V ol. 125.

Contract for Interchange of Power.— See for details of contract for inter­
change of power with Public Service Electric & Gas Co. V. 121, p. 2629.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
_______ 182,725 shs.
See text
Com stock200,000shs. (no p a r ) ____
$6 div Series 1st cum pref.
35,000 shs (no p a r ) _____________
$6 Q-J
31,960 shs............. ..........
Underlying stocks___________ _____
_________
$475
_________
Underlying funded d e b t __________
_________ x l ,359,000
- _______
x Includes $1,359,000 Richmond Light & R R . collateral trust purchase
money mtge. 4% bonds, due 1952, in hands of the public, which are a lien
on the Staten Island Edison Corp., but for the payment of which the Rich­
mond Light & R R . is liable.
Increase Stock.— Co. in Dec. 1925 planned to increase its authorized stock
from 80,000 to 140,000 no par shares. V. 122, p. 95: Y. 123, p. 1252.
On Sept. 14 1926 co. increased its authorized common stock from 120,000 to
200,000 shares. V. 123, p. 1507. Common stockholders of record July 26
1926 were given the right to subscribe on or before Oct .1 1926 to add'I
common stock at $60 per share at the ratio of 53-118 share for each common
share held. V. 123, p. 983. In Sept. 1926 co. was authorized by P. S.
Commission to issue 20.400 add’I no par common shares at not less than
$60. V. 123, p. 1507.
Stock.— $6 div. series 1st pref.stock is preferred as to $100 assets and $6 cum.
divs. over the convert, pref. and common stock. Red., whole but not in
part, on 30 days’ notice at $103 and divs. Divs. exempt from present
normal Federal income tax. In Jan. 1926 Marshall Field, Glore, Ward &
C o., &c., &c., offered 35,000 shares $6 div. Series 1st pref. stock at $9434
& divs., to yield about 6.35% . V. 122, p. 215.
The entire outstanding $7 div. series conv. pref. and the $6 50 series
conv. pref. stocks were called for redemtpon Oct. 1 1926 at $105 and divs.
V. 123, p. 983, 1252.
Bonds.— All of the outstanding ref. & impt. mtge. bonds, series A , 6 34 % ►
due 1953, and series B 6 % due 1964, were called for redemption on Feb. I
1927 at 10734 and int. V. 124, p. 375.
Dividends.— On common 75c. quarterly was paid in 1925.
EARNINGS.— For calendar years
Calendar Years—
Gross.
*Net.
Interest, &c. Bal., Surp.
xl927________________ $3,792,057
$1,125,413
$306,845
$818,567
1926_________________ 3,678,865
1,101,673
340,644
761,029
1925_________________ 3,064,588
882,753
265,822
616,931
1924_______
2,768,661
756,367
352,568
403,799
225,806
1923
2,619,649
769,223
543,417
* After operating expenses, rentals, &c.
x For 12 months ended July 31 1927.
OFFICERS.— Pres., J. H. Pardee; Vice-Pres., H. C. Hopson, J. K.
Choate, J. L. Mange, J. M . Daly, S. J. Magee and C. S. Baughart; Treas.,
G. M . Michel; Sec., M . C. O’Keefe; Compt., H. C. Moore Jr.
Management.— Properties under the management of the J. G. White
Management Corp.— V . 118. p. 3089: V. 119 . p. 84, 2412: V. 120. p. 332;
V. 121, p. 2639; V. 122, p. 95. 215, 2498; V. 123, p. 983, 1252, 1507, 1878;
V. 124, p. 1512; V. 125, p. 1839.
RICHMOND LIGHT & R M LR O V D CO.
Formerly controlled by Staten Island Edison Corp. All of the physical
properties of the company were sold in 1927 to the Richmond Railways,
Inc. For history, &c., see “ Public Utility Compendium” o f April 30 1927.

NORTH AMERICAN CO. (THE)
ORGANIZATION.— Incorp. June 14 1890 in New Jersey: successor to
'he assets and properties of The Oregon & Transcontinental Co. The busi­
ness of the co. is the financing and control of electric, gas and street railway
and coal properties.
The North American Company owns or controls the following public
utility and coal companies. (All of the more important subsidiaries are
covered by separate statements in other parts of this publication. The
page numbers of these separate statements will be found by reference to our
alphabetical index at the end of the book):
(1) N orth American Edison C o., con trollin g:
The Cleveland Electric Illuminating Co. (Cleveland, O .), controlling:
The Power & Light Building Co. (Ohio.
Union Electric Light & Power Co. (St. Louis, M o .), controlling:
The Light & Development Co. of St. Louis.
Mississippi River Power Co. (Keokuk, la .), controlling:
Missouri Transmission Co. (Keokuk, la .).
Cupples Station Light, Heat & Power Co. (St. Louis, M o.).
St. Charles Electric Light & Power Co. (St. Charles, M o.).
Union Colliery Co. (Duquoin, 111.), controlling:
Dowell Electric Co. (Illinois).
Central Mississippi Valley Electric Properties, controlling:
Keokuk Electric Co. (Keokuk, la .).
Fort Madison Electric Co. (Ft. Madison, la .).
Dallas City Light Co. (Dallas City, 111.).
The Milwaukee Electric R y. & Light C o., controlling:
Milwaukee Northern Ry. Co. (Milwaukee, Sheboygan, W is.).
Badger Public Service Co. (Elkhart, W is.).
Wisconsin Gas & Electric Co. (Racine, Kenosha, Watertown, W is.).
Wisconsin Electric Power Co. (Milwaukee, W is.).
Wisconsin Michigan Power Co. (Appleton, W is.), controlling:
Inter City Bus Company (Wisconsin).
(2) U nion Electric L ight & Power C o. of Illin ois (East St. Louis, 111.).
(3) W estern Power C orporation , controlling:
Great Western Power Co. o f California (San Francisco, C alif.), controlling
California Electric Generating Co. (Oakland, Calif.).
W e ste rn C a n a l C o . (C a lifo r n ia ).

Napa Valley Electric Co. (Napa, Calif.).
San Joaquin Light & Power Corp. (Fresno, C alif.', controlling:
Bakersfield & Kern Electric Ry. Co. (Bakersfield, Kern, Calif.).
Valley Electrical Supply Co. (Calif.).
Midland Counties Public Service Corp. (San Luis Obispo, Calif.).
(4) The St. Louis C ou n ty Gas Co. (Webster Groves, M o.).
(5) The East St. Louis & S uburban C o. (East St. Louis, 111.), controlling:
East St. Louis Light & Power Co. (111.).
East St. Louis Railway Co. (111.).
East St. Louis & Suburban R y. Co. (111.), controlling:
Blue Goose Motor Coach Co. (HI.).
Red lin e Motor Co. 111.).
St. Louis & Belleville Electric R y. Co. '111.).
St. Louis & East St. Louis Electric R y. Co. (HI.).
(6) Alton Gas Company (111.).
(7) Alton Light & Power Co. (111.).
(.8) Alton Railway Co. (111.).
(9) St. Louis & Alton Railway Co. (HI.).
(10) West Kentucky Coal Company (Sturgis, K y .), controlling:
St. Bernard Coal Co. (Earlington, K y.).
West Kentucky Property Co. (K y.).
West Kentucky Coal Co. (Del.).
(11) Wired Radio, Inc. (Del.).
(12) Sixty Broadway Building Corp. (N . Y .).
(13) Edison Securities Corp. (N. Y .).
(14) North American Utility Securities Corp. (M d.).
The North American Co. also has substantial, but not controlling, interest
in the Detroit Edison Co. (Detroit. M ich.), Washington R y. & Electric
Co. (Washington, D . C .), and North American Light & Power Co
Expenditures for New Construction in 1927 over $60.000,000.— For par­
ticulars, see V. 122, p. 1311.
New Transmission Line.— On Aug. 14 1926 the system’s 220,000 vol.
double circuit transmission Brighton Merced tie line was put in operation,
resulting in a 450-mile superpower system in California and connecting
the Great Western Power C o.’s system with that of San Joaquin Light &
Power Corp. For details see V. 123, p. 982.
Operations during year 1926.— Electric output amounted to 4,753,617,875
k.w.h.; gas output, 4,106,838,900 cu. ft.; revenue passengers on railway and
bus systems aggregated 199,969,489. As of Dec. 31 1926 electric service
was being furnished to 938,680 customers; heating service to 2,346 customers
and gas to 90 555 customers.
Rumors of Change in Dividend Policy Denied.— V. 123, p . 2139.

Oct., 1927.]

POW ER, L IG H T AND R A IL W A Y

8TOCK AN D BONDS.— Date.
Interest. Outstanding
Maturity.
Com 10,000,000 shs (no par)_______
Q-J
$42,978,350
See text
P f 6 % cum $100,000,000 ( $ 5 0 )____
6 Q-J
30,333,600 Oct 27, 1M
Stock.— Pref. is redeemable at 110 and dividends. Com. and pref. stocks
listed on New York Stock Exchange. In Aug. 1926 co .’s common stock
was also listed on the Amsterdam, Holland, Stock Exchange, under spon­
sorship o f H. Ovens & Zonen, bankers. V. 123, p. 982. Common stock
listed on New York Stock Exchange. Y. 124, p. 3773.
Increase in Capitalization.— Stockholders voted April 25 1927 to change
authorized common scock from $60,000,000 (par $10 ) to 10 ,000,000 shares
o f no par value, and increasing the authorized 6 % cumulative preferred
from $60,000,000 (par $50) to $100,000,000 (par $50). V. 124, p. 1820.
D IV ID E N D S.—
(1904 to Sept. 1907. 1908. 1909. 1910 to July 1 '21.
Per cent______________l 5 (134 Q.-March)
0
3J4 5yrly. (134 Q--J-)
Paid on new stock Oct. 1 1921 1 * % ; Jan. 3 1922, 1H % ; Apr. 1 1922,
1)4% in cash and 1% payable in pref. stock; July 1 1922 to Jan. 2 1923
paid 2 H % quar. in cash; Apr. 2 1923 paid 2 34 % in common stock; July 2
1923 paid 2)4% in cash; Oct. 1 1923 to Oct 1927 paid 2)4% Quar. in
common stock (or in cash at the option o f the holder).
EAR N IN G S.— For calendar years (The North American Co. and Sub­
sidiary Companies):
1926.
1925.b
1924.
1923.a
Gross earnings________ $115,850,466 $93,028,967 $80,117,255 $75,465,267
Oper. expenses & taxes._ 64,382,878 54,987.125 50.161,763 48.289.198
Net income from oper_$51,467,589 $38,041,842 $29,955,492 $27,176,069
3,574,836
1,885,331_____ 730,988
Other net income______ 4,143,441
Total income________ $55,611,030 $41,616,678 $31,840,823 $27,907,057
Deductions—
Interest charges_______ 16,414,630 13.001,930
9,862,179
8,830,273
B alan ce_____________$39,196,400 $28,614,748 $21,978,644 $19,076,784
Depreciation__________ 11,908,094
9,427,912
7.795.811
6,867,996
B alance_____________$27,288,306 $19,186,836 $14,182,833 $12,208,788
Pref. divs. o f su b sid 's... 8,355,435
4,624,595
2,469,710
1,813,413
_ 1,369,363
1,266,130
1,130,357
1,009,917
Minority int. in subs_
Pref. divs. No. Am. C o . 1,820,108
1.763,620
1,344,942
1,143,022
Com. divs. N o. Am. C o. 3,932,525
3,223,819
2,815,727
3,038,652
Surplus______________$11,810,875 $8,308,672 $6,422,097 $5,203,784
a Includes Wisconsin Traction, Light, Heat & Power Co. and the Light &
Development Co. o f St. Louis from April 1 1923. b Includes Western
Power Corp. for four months and Mississippi River Power Co. and Central
Mississippi Valley Electric Properties for three months.
Note.-— he operations of the Detroit Edison Co., Washington Railway
'
T
& Electric Co. and North American Light & Pow. Co. are not included in
the above earnings.
Latest Earnings.— Consolidated statement for 12 months ended June 30:
1927.
1926.
1925.
1924.
Gross earnings________ $119,638,392$107,320,302 $82,941,903 $77,768,195
Net income from o p e r ..$53,351,959 $46,567,973 $31,799,454 $28,540,872
3,417,916
3,500,713
833,141
Other net income______ 3,395,420
$56,747,379 $49,985,889 $35,300,167 $29,374,013
9,928,965
. 16,977,616 15,452,740 10,720,439
2,956,779
2,059 689
Pref. divs. o f subsidiaries 8,616,405
7,189,681
3
1,013,612
1,229,242
Minority interest - .
. 1,282,861
1,304,551
7,538,203
8,069,227
Reserve for deprec
l 12,367,922
11,012,840
Net income______
.$17,502,576 $15,026,077 $12,324,479 $8,833,544
Divs. on North American
1,144,879
1,801,241
1,644,958
Preferred stock___ . 1,820,012
2,641,366
3,627,148
2,957,006
. 4,131,856

79

prices to an amount which would be less than 2 times the total debt then
outstanding. The substitution of collateral security and dilution of the
value of the stock purchase warrants is also restricted. In N ov. 1925
Dillon, Read & Co. offered at 9844 and int., to yield 6 H % $10,000,000
secured 6% s. f. g. debentures with non-detachable stock purchase warrants.
Each warrant entitles the holder to buy from Central States Electric Corp.
on or before Nov. 1 1930 or in case such debenture is called for redemption
on or before the redemption date, ten shares North American Co. common
stock at $85 for the holders of the 1st one-fifth exercised. $90 for the 2nd
one-fifth, $100 for the 3rd one-fifth, $110 for the 4th one-fifth, and $120 per
share for the last one-fifth exercised. Red. all or part by lot on 60 days’
notice to and incl. Nov. 1 1940 at 105 and int., thereafter at 102 and int.
A sinking fund is provided, payable semi-annually sufficient to retire by
purchase during each of the first 5 years $200,000 and during each year
thereafter to maturity $300,000, if obtainable at or below 100 and int.
V. 121, p. 2271.
$2,500,000 of the c o .’s outstanding 5-yr. 7% secured gold notes were
called for redemption by lot at 101 and int. on Oct. 1 1925. V. 121, p. 1226.
Dividends.— On the new no par common stock an initial cash div. of 25c
was paid in April 1926. In July 1926 25c.; Oct. 1926, 25c. On Feb. 8 1926
a 900% stock div. was paid on the common shares.— V. 122, p. 1308. In
1927, Jan., 25c.; April, 25c.; July, 25c.; Oct., 25c.
EA R N ING S.— For 12 months ended June 30 1927: Gross, $4,417,493;
expenses and taxes, $46,286; interest and discount, $629,375; balance,
$3,741,832. For calendar year 1926: Gross, $3,945,925; expenses and taxes,
$81,855; interest and discount, $644,000; balance, before dividends, $3,220,070. For calendar year 1925: Gross, $3,976,375; expenses and taxes,
$94,739; interest and discount, $517,299; pref. divs., $423,031; balance,
$2,941,300. V. 122, p. 1308.
O F F IC E R S — Pres. & Treas., L. E. Kilmarx; V .-P . & Sec., R . E.Glass;
V .-P., C. W . Schroeder; Asst. Treas. & Asst. Sec., W . C. Ross. Office in
New York City, 60 Broadway.— V. 121, p. 838, 976, 1099, 1226, 2155.
2271, 3003; V. 122, p. 212, 346, 1308, 2189, 3209.

THE CORTLAND COUNTY TRACTIO N CO.

O RGAN IZATION .— Is a reorganization on June 22 1901 of the Cortland
& Homer Traction, sold at foreclosure on Apr. 23 1901. In June 1905 ab­
sorbed the Cortland & Homer Electric C o., previously controlled.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Furnishes light to the cities of Homer and Cortland and to the public.
Carries coal and freight as well as passengers. Operates 16.18 miles of
track (not incl. sidings and turnouts) between Cortland. Homer, Little York
and Preble, and between Cortland and McGrawville. Has 33 cars.
The 1st mtge 4s. which matured Apr. 1 1921, were, we understand,
purchased by interests connected with the company and are being carried
along at 7% interest.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$320,000 __________
Stock com $320,000 ($100)________
[ 1901 4 g A-O
180,000 Apr 1 1922
First mtge $180,000 ($500) County Sav. Bk. & Tr. C o., Scranton, Pa.,
gold___________________ c* | trustee. Int. at c o .’s office. No sink. fd.
( Can be called on 6 months’ notice.
New mortgage $500,000 gold) 1905 5 g F-A
320,000 Aug 1 1935
($500 and $1,000)_______ c/Interest at Empire Tr. C o., N . Y ., trustee.
1st & ref mtge $2,000,000____/ 1907
5 J-D
105,000 June 1 1957
lin t, at Equitable Tr. C o., N. Y ., trustee.
Bonds.— Of the $500,000 issue of 1905, $180,000 are reserved to retire
prior liens. They are subject to call at 105.
Dividends.— In 1920, 1% ; 1921, 1% ; 1922, 3% ; 1923, 1% ; 1924, 2J4% :
1925, 3% ; 1926, 444%.
EARN ING S.— For calendar years:
Bal. to sur. & res’ves.$ll,550,707 $9,597,688 $7,722,515 $5,047,299
Oross.
Net. Fixed Chgs.&Tax Balance.
Total to deprec. res. and
$118,499
$57,599
sur.$60,900
to surp. after all divs_$23,913,629 $20,610,528 $15,691,743 $12,585,503 1926------------------------------ $417,146
1925..........................
399,573109,766
48,975
sur. 60,791
OFFICERS.— Frank L. Dame, Pres.; Edwin Gruhl, V.-P. & Gen. M gr.5 1924.......................
367,573147,747
83,088
sur. 64,660
F. W . Doolittle, V .-P .; James F. Fogarty, J. B. Black, H. C . Freeman and 1923.........................
370,497119,406
81,716
sur. 37,690
Robert Sealy, Treas.; F. H. Piske, Sec. & Asst. Treas. N. Y . office, 60
O F F IC E R S — Pres., Edwin Duffey; V .-P., A. W. Garrison; Treas. &
Broadway.— V. 122, p. 1026, 1170, 1311, 1474, 1445, 1610, 1763, 1918, Gen. M gr., G. H. Garrison.— V. 81. p. 507.
2192, 2496, 3084, 3341, 3454, 3606; V. 123, p. 455, 582, 711, 843, 982,
1114, 1382, 1634, 1877, 2139, 2261, 2777, 3321; V. 124, p. 1067, 1657,
1820, 1980, 2590, 3067, 3773; V. 125, p. 649, 1035, 1325, 1580, 1709, 1838,
1971.
PEEKSKILL L IG H TIN G & RAILROAD.
In 1909 Westchester Lighting C o., controlled by Consol. Gas Co. of N. Y.
NORTH AMERICAN UTILITY SECURITIES CORP.
of pref.
Control.— The North American Co. owns 400,000 common and 60,000 purchased the entire common stock and a block V. 89, p. of the Peekskil
Lighting & R R . See Westchester Lighting C o.,
108.
2d pref. shares, and also supervises the affairs of the corp.
ORGANIZATION.— Incorp. as the Peekskill
July 12
ORGAN IZATION .— Incorp. Dec. 4 1924 in Maryland. Co. partici­ 1900; subsequently purchased the Peekskill Gas Lighting Co. onPeekskill
Light Co. and
pates in the financing and development o f public utility and other enter­ Electric Light & Power Co. Name changed as above upon purchase of the
prises in America and abroad.
Peekskill Traction on Aug. 31 1900.
STOCK—
Authorized.
Outstanding. Div. Bate.
Latest Div.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Common (no par)_ 1,000,000 shs. 469,609 shs.
_
Comprises all the gas and electric light interests of Peekskill. Franchises
$6 cum 1st pf (no par) 200,000 shs.
69,609 shs. $6 Q-M Sept ’27 144 of electric-lighting plants are perpetual. Gas franchises liberal.
$7 cum 2d p f (no par) 120,000 shs.
60,000 shs. $7
See text
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock.— Both pref. stocks are non-voting. First pref. is preferred as to
_________
$500,000
1910,4%
assets ($100 & divs.) and cum. divs. of $6 per annum. Red. whole or Comm on$500,000 ($100)__________
Preferred $150,000 6 % c u m . . ____
6 J-D
86,400 D e c ’ 17, 3%
part on 30 days’ notice at $105 and divs. o f $6 per annum. No additional 1st mtge $750,000 ($1,000)1 1900
5 g A-O
646,000 Oct 11930
1 st pref. may be issued unless $100 per share has been paid to the corp.
gold sinking fund_______ c*/Interest at N. Y . Trust C o., N. Y ., Trustee.
and unless in addition an amount equal to $60 per share o f such additional
Stock.— $63,600 par value pref. stock has been reacquired by the co.
1 st pref. stock has been provided by the sale of 2d pref. or com. stock.
No additional 2d pref. may be issued unless $100 per share had been paid
Bonds.— Whole issue (but no fractional part) can be redeemed on an^
to the corp. 1st pref. is listed on Boston Stock Exchange. The allotment interest date at 110 and interest. Sinking fund is provided at the rate of
price is $100 for 1 share 1st pref., payable in installments. Divs. are $10.80 per bond outstanding, beginning Oct. 1903. The remaining bonds
paid in proportion to the paid installments. In Dec. 1924, Dillon, Can only be issued for extensions, &c.. at 75% of actual cost, and only when
Read & Co. offered 100,000 shs. 1st pref. at $100 with bonus of 1 share net earnings of the previous 12 months are equal to at least twice the interest
common stock.
on the outstanding bonds and the proposed issue. See V. 71, p. 913.
Dividends.— Initial div. paid on 1st pref. in March 1926 and quar. since. $14,000 are in treasury.
On 2d pref. paid in 1926 four quarterly dividends of $1.75 each, and at same
Dividends.— 6 % per annum paid on pref. stock up to Dec. 1917. None
rate to date.
since. On common, in 1906, 1% ; in 1907, 344%; in 1908, 4% ; in 1909.
4% ; in 1910, 4 % . None since.
EAR N IN G S.— For calendar years:
Exp., int.
EARN ING S.—-For calendar years:
Gross
& taxes. Net income. Divids. Bal., surp.
Oross.
Net aft. Tax. Other Inc. Fixed Chges.,&c. Balance.
*1927________________$1,132,097 $185,677 $946,420 $712,176 $234,244 1926 .
$494,804
$127,025
$93,833
$33,192
1926_________________ 1,370,245
369,770 1,000,475 643,020 357,4o5 1925 . . - - - 532,482
91,975
4,433
85,513
sur.10,896
1925_________________ 1,236,456
280.365
956,091 630,983 325,108 1924..
- 494,096
53,625
2,085
70,384
d ef.l 1.674
* For 12 months ended June 30 1927.
1923--. - - . 466.263
47,671
404
66,718
def.18,643
_
60,744
914
OFFICERS.— Pres., F. L. Dame; V .-P., Edwin Gruhl; V .-P ., J. F. 1922_ - . - 419,169
63.031
d e f.l.373
Fogarty; Sec., F. H. Piske; Treas., R . Sealy. Office, 60 Broadway,
OFFICERS.— Pres., E. H. Rosenquest, Yonkers, N. Y .; V .-P ., W. O.
N . Y . C it y — V. 125, p. 246, 2264.
Fisher, Yonkers, N. Y .; Sec., Dr. B. W. Stillwell; Treas., H. D. Swain
Asst. Treas., Q. G. Bennett
General office, Peekskill, N . Y .— V. 116
p. 1412.

CENTRAL STATES ELECTRIC CORP.
ORGAN IZATION .— Organized M ay 28 1912 in Virginia, to acquire and
own stocks and other securities of public utility companies. Its principal
investment is in common stock o f North American Co. in which it is the
largest stockholder, owning over 730,000 shares. V. 121, p. -76.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common 1,500,000 shs (no p a r ) ____
_______ 1,090,380 shs. Oct.’27, 25c.
7 % cum pf $30,000,000 ($ 1 0 0 )____
7 Q-J
$7,543,300 O ct'27,lM %
6% s f g debentures ($1,0001 1925 6 g M -N
9,589,000 Nov 1 1945
c *)____________________ tf (Central Union Trust Co. of N. Y ., trustee.
Stock.— The pref. stock is entitled to preference, at par and divs..incase
o f liquidation. Is non-callable and non-assessable. Has equal voting
power with common stock, share for share. Listed on Boston Stock
Exchange. In Aug. 1 1925 A. B. Leach & Co. offered the unsold portion of
$3,000,000 7% cum. pref. stock at 98, to yield 7.22%. The other portion
had been bought by stockholders (common and preferred) at $98 per share
flat at a ratio of 1 new share for each 5 shares (common or pref.) held.
V. 121, p. 976. On Feb. 8 1926 a 900% stock dividend was declared on the
stock, following an increase in the authorized common stock from 150,000
shares to 1,500,000 shares, no par value. V. 122, p. 346.
Bonds.— The 6 % s. f. g. debentures, dated Nov. 1 1925 are specifically
secured by pledge with the trustee o f 300,000 common shares North Am.
Co. Corp covenants that, during the life time of the debentures, no cash
dividends shall be paid on its stock (other than regular dividends on pref.
stock outstanding at time of issue) nor any other distribution of assets made
to stockholders which would decrease the net assets of the corp., as defined
in the indenture, including securities owned at their then prevailing market




FRONTIER CORP.
ORGANIZATION, &c.— Formed in New York Aug. 26 1921 by the
General Electric Co., Aluminum Co. of America, and the Du Pont interests,
for the purpose o f developing hydro-electric energy in the International
section o f the St. Lawrence River, between Lake Ontario on the west
and the point where the river crosses the International bondary on the
east. The potential power possibilities o f this section o f the river are about
2,400,000 h.p., which will be developed in either one or two stages, probably
the former. If one dam only is built, it will be located at the foot o f the
Long Sault Rapids with a fall o f 83 feet. Half of the power will belong to
the Province o f Ontario and the other half to the State o f New York.
Applications for licenses have been made by the St. Lawrence Valley
Power Corp. and Louisville Power Corp., subsidiaries o f the Frontier Corp.,
to the New York State Water Power Commission and Federal Power
Commission. After full governmental authority to proceed has been se­
cured, it will require about five years to complete dam and power houses
at an estimated cost of $238,000,000 00.
Trunk transmission lines o f high voltage will be constructed from the
St. Lawrence to connections with the lines o f the large distributing systems
in the State, all o f which are now inter-connected in such a way as to prac­
tically insure State-wide distribution o f St. Lawrence power.
A nucleus for corp.’s distribution systems is provided by the properties
controlled by the Northeastern Power Corp., which is linked With the Gen­
eral Electric interests. Northeastern Power Corp. also is linked by stock
ownership with the New England Power Association, and the two compan­
ies therefore control a system which stretches from northwestern New York
to Massachusetts. The Mohawk Hudson Power Corp. is part of the North-

80

PUBLIC U T ILIT IE S

[V ol. 125,

Ward (Rockaway district), N Y . City, and in the adjacent portion of the
Town of Hempstead. Nassau County, incl Lawrence. Cedarhurst, Lynbrook, Malverne, Inwood, Woodmere, Hewlett, Valley Stream, Oceanside,
East Rockaway, Lakeview and Woodsburgh. Co. owns and operates an
electric generating plant at Far Rockaway, on Jamaica Bay, o f 17,500 k.w.
and a gas plant at Rockaway Beach of 9,750,000 cu. ft. daily capacity,
p. 111.
over 31 miles electric transmission and over 810 distribution lines; over
OFFICERS.— Pres. & Treas., George T. Bishop; Sec., IT. B. Abels. 32 miles gas transmission and over 280 miles gas distribution lines. As of
Office: 1758 Union Trust Bldg., Cleveland, Ohio.— V. 123, p. 3209; V. 124, Aug. 31 1927, total customers, 61,563. Output for 12 mos. ended Dec. 31
p . 111.
1926: Electric current, incl. purchased power, 27,610,410 k.w. hrs.; gas,
1,231.758.500 cu. ft.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity..
Common (no par)___________ _____
________ . 200,000 shs.
See text
LONG ISLAND LIGH TING CO.
6% Cum pref ($100)_________ _____
Q-J
$4,450,000 __________
Ref mtge 6% Ser of 19531 1923
6 g M-S
(See Map on Page 81.)
2,000,000 Sept. I 1953
($100, $500 & $1,000 c*)Guaranty Trust C o., New York, trustee
ORGANIZATION.-—Incorp. in N. Y . Dec. 21 1910 as a consolidation
& $ 1,000 &cr*) g _______ tf)
o f a number of cos. which had been operating on Long Island over a long
5 g M-S
3 150.000 Sept 1 1955
eriod of vears. Has since absorbed various other Cos., including Nassau Ref mtge 5% Series o f 1955 f 1925
($1.000 c*r*, $500-$100 c * .> Guaranty Trust C o., New York, trustee.
t. & Pr.*Co.; has acquired all of the Common Stock o f Queens Borough
$5.000-$10.000. &c., r )_ .t fl
Gas & Elec. Co. and 96.675% of the Common Stock o f Kings County Ltg. General mortgage ($1,000) J 1902
5 g J-J
1,600,000 July 11952
C o.: also owns 100% o f the Common Stock of East Hampton Elec. Lt. Co.,
gold __________________c*\Guaranty Trust C o., New York, trustee.
Sag Harbor Elec. Lt. & Pr. C o., Long Island Gas Corp and ov< r 99% of
5 A g A-O 4,000,000 Apr 1 1952
Patchogue Gas Co. and Sea C liff & Glen Cove Gas Co. On April 7 1927 5 A % gold deben ser A conv) 1927
(c*$l,000-500 &
o f company
acquired 100% of the Common Stock of the Public Service Corp. of Long Queens Borough r*$l,000)tf/Int. at agency or office 250,000 Oct.in1N. Y.
Elec Lt &] 1898
5 g A-O
1928
Island.— V. 120, p. 2268; V. 124, p. 1511, 1666.
Pow 1st M gold_______ ntfiEquitable Trust C o., New York, trustee.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— Town of Hempstead Gas &)
Elec Lt Go 1st M g _______ j 1901
5 g F-A
150 000 Feb 11931
Supplies substantially the entire electric light, power and gas service in the
Stocks— The 6% cum. pref. stock (par $100) is pref . as to assets and divs.
County of Suffolk and the entire electric light and power service in the
central and northern parts of the County of Nassau. This territory repre­ over com. Red. whole or in part on any quarterly div. date on 30 days
sents an area of over 1 100 square miles, having a population of over 325.000 notice at 110 and accrued divs. In March 1927 W . C. Langley & Co.
normally and over 425.000 in summer. The service is furnished under offered $4,450,000 6 % cum. pref. stock at 100 and div. V. 124, p. 649,
favorable franchises, the majority of which extend beyond the maturity 923.1981.
of the bonds.
Bemds.— The ref. mtge. gold bonds are secured by a direct mtge. on the
The co. owns electric generating stations at Northport, Glenwood Land­ entire property (incl. after-acquired) of the co., except securities. No new
ing, Babylon, Riverhead. Southampton, Halesite, GardenCity and Glen mtge. prior to the lien of the indenture may be executed in renewal or ex­
Cove; also gas plants at Bay Shore and Huntington. Total electric generat­ tension of existing underlying mortgages. Additional bonds of 6% Series
ing capacity, 39,355 k. w.; gas producing capacity per 24 hours, 5,240,000 1953 or of 5% Series of 1955 or of other series of such tenor as directors
may determine may be issued (a) for 80% cost or fair value, whichever is
CU
Co. owns 375 miles of high-tension transmission lines with 85 miles under less, of new additions, &c.; (b) up to 80% of the cost of fair value, which­
construction. A line has been constructed to connect the Northport and ever is less, of hereafter acquired property, except securities, less total
Glenwood plants so that current can be furnished to the entire territory principal amounts of any liens outstanding thereon; (c) to the extent of
from either of these plants, both o f which are located on the waterfront. $1 .600,000 prin. amt. against properties as of Sept. 1 1923, provided in any
Length of distribution lines, 2.673 miles.
case that the net earnings are twice annual int. on all outstand’g underlying
Annual electric output (generated) in 1926 was approx. 80,179,316 k.w.h. and ref. mtge. bonds, incl. new issue. Subj. to the above earnings restric­
This is the net combined total o f A.C. and D.C. current. As o f Aug. 31 tions may also be issued for refunding other series or underlying bonds
1927, 74,395 electric meters in service.
against cash or U . S . Govt, obligations. There is an Improvement fund of 1 %
The co. lias 69 miles of high pressure gas mains, delivering gas to sur­ annually, beginning Jan. 15 1927, of aggregate par value o f all ref. mtge.
rounding territory from the main generating station at Bay Shore. Length bonds issued prior to the 3d calendar year next preceding the date of such
of distribution mains 2r 8 miles. Annual gas output (produced) in 1926 payment and then outstanding. Moneys may be used only for permanent
was about 478,962,000 cu. ft. As o f Aug. 31 1927, 12,865 gas meters in betterments, &c. 6% Series of 1953 are redeemable, all or part, on
service.
any interest date on at least 30 days' notice at 107 on or prior to Sept. 1
1927 and at 1 % less during each period of four consecutive years there­
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
after up to and incl. Sept. 1 1951, and at par thereafter to maturity, plus
Common 1 000.000 shs(no p a r ) -------------300,000shs
Seetext
int. in each case. Co. agrees to refund Penna. and Conn personal property
Pref 820,000,000 ($100)—
„ ^ ,
taxes, assessed not exceeding 4 mills per anh. in either State. In O ct.1924
7 Q-J
$7,372 400 ....... ...........
Series A 7% $7,500.000-------------$2,000,000 6 % Ser. of 1953 were offered by Bonbright & Co., Inc., and
Series B 6 % $2,500,000-----------------------3 447,200 --------------W C. Langley & Co. at 99 and int., to yield over 6 % . V. 117, p. 1564.
1st rntge $6,000,000 ($100.7 1911
5 g M-S
4,848,300 Mar. 1 193*
$500 and $1 000) g
c*|Int. at Bankers Trust Co.. New York, trust. 5% series of 1955 are red, whole or part, on 30 days' notice at 107 on or be­
1st ref M ser 4 ($1 000 $500). 1923 6 g J-J
3,000,000 Jan i x94S fore Sept. 1 1929 and at 1% less during each period of 4 consecutive years
thereafter up to and incl. Sept. 1 1953, and at par thereafter to maturity, in
1st ref M ser B ($1,000, $500,
each case with int. Penn. & Conn. 4 mills and Mass. 6 % taxes refundable.
4,500,000 Sept 1 1955
1925
5 M-S
$100c* and $1,000, $5,000
$10,000 & multiples r ) . . . t f (Amer. Exch. Irving Tr. C o., N. Y ., trustee. In Oct. 1925 W. C. Langley & Co. and Bonbright & C o., Inc., offered
6 % sec g bonds ($1,000. $500)) 1925 6% J-J
$3,867,000 July 1 1945 $450,000 5% series of 1955. V. 122, p. 1312. In Oct. 1926 the same
bankers offered $1,500,000 additional 5
series of 1955 at 90A and int.
_c* t f 1Central Union Trust On. New York, true
5 A % gdebser A conv ($1,-1 1927
5 K g A -0
1,500,000 Apr 1 1952 to yield 5.03% . V. 123, p. 2262 and in Sept. 1927 an additional $1,200,000
ref. mtge. 5s, series of 1955 at 103A and int., to yield 4.75% . V. 125,
000 S500 c* & $1,000 r*)tf /Int. at office o f company in New York.
158.
Stork.— In Dec. 1924 co. changed its authorized common stock from p. The 5 A % gold debentures, series A, dated April 1 1927, are convertible
100.000 shares ($100) to 1 ,000,000 no par shares. V. 120 , p. 86.
into 6 cum. pref. (par $100) on or after Oct. 1 1929, and to and incl.
In Jan. 1927 increased the auth. capitalization by $10,000,000 cum. pref. Oct. 1 1939
o f one share of pref. for
o f debentures. Federal
stock ($ 100) to be issued in one or more series, paying divs. not in excess of and certain at rate taxes refunded. Red. each $100part at 105 and int. A
State
all or
7% per annum. The existing $10,000,000 auth pref. stock was reclassified direct obligation of the company. Additional in
debentures may be issued
into $7,500,000 series A 7% cum. and $2,500,000 series B 6 % cum. pref., with certain restrictions as provided in the indenture. In April 1927 W. O.
par $100
V. 124,'p. 646. Pref. stocks are red. at 110 and divs. on any
& Co. offered $4,000,000 5 A
div. date after 3 years from date of issuance. W. C. Langley & Co., New Langley int. V. 124, p. 2281; V. 125, % gold debentures, series A, conv., at
p. 1326.
York sold in Aug. 1925 $656,200 additional 7% cum. pref. stock at 105 and 100 and
Dividends.— Paid regularly on pref. since issuance. Com., 4% in 1916
int. V. 121, p. 586. In March 1927 W . C. Langley & Co. brought out 1917, 1918; 6 % , 1919; 7% , 1920; 7% , 1921; 8 % , 1922, 1923, 1924, 192
$ 2 ,000,000 6 % cum. pref. stock at $100 and div. V. 124, p. 1511. Add’l and
In
$1,000,000 6 % cum. pref. stock was offered in Sept. 1927 by W . C. Langley July,1926. Oct-.,1927: Jan., 2% ; April, 2 % . On no par common in 127:5
25c.;
25c.
& Co. at par ($100) and int. V. 125, p. 1709.
EARN ING S.— For calendar years:
Bonds.— 1st mtge. 5s have sinking fund of 1% per annum.
*1927.
1926.
1925.
1924.
First refunding mortgage provides for an “ improvement fund" of 1 % Gross income__________ x$3,373,743 $3,101,823 $2,778,317 $2,470,099
annually commencing Jan. 15 1926 of bonds Issued under this Indenture. Oper. exp., maint. & tax. 2,500,620
2,047,454
1,779,796
1,577,765
Additional bonds o f series “ A " or series “ B" or other series of such tenor as
directors may from time co time determine, may be issued against casn
Net income_________
$873,123 $1,054,369
$998,521
$892,334
and for 80% of new additions, acquisitions, &c.. provided net earnings are
* For 12 mos. ended Aug. 31 1927. x Includes divs. from controlled cos.
at least twice annual Interest charges on all bonds outstanding, including
Gas at $1 per 1,000 cubic feet.
underlying bonds and proposed issue. May also be issued for refunding
OFFICERS.— Chairman o f board, E. L. Phillips; Pres. & Gen. M gr.,
purposes. Series “ A " 6s are redeemable, all or In part, on any Interest Carleton Macy; V .-P., H. Hobart Porter; V .-P ., G. W . Olmsted: V .-P .,
date, on 30 days’ notice at 110% during the first 15 years and at 1 % less L. A. Howland: Sec.. E. B. Sanford: Treas., J. W. Little.— V. 118. p. 917,
,
during each year of the following ten years plus accrued interest in each V. 120, p. 455, 2268; V. 121, p. 330, 586; V. 122, p. 482, 1312, 2497: V. 123,
case. Series “ B " 5s are redeemable, all or part, on 30 days’ notice, at 107 p. 2262; V. 124, p. 644, 649, 923, 1667, 1981, 2281; V. 125, p. 247, 1326,
during the first four vears and at 1 % less during each period of four consecu­ 1581.
tive years thereafter beginning Sept. 1 1929 to and including Sept. 1 1953,
(21 KINGS COUNTY LIGHTING COMPANY.
and at par thereafter to maturity plus interest in each case. Company
96.675% of the common stock is owned by Long Island Lighting Co.
agrees to refund the Penna. and Conn 4 mills and Mass. 6% taxes.
$3,000,000 series A were sold by W C Langley & Co. and Bonbrigbt &
O RGAN IZATION .— Incorp. in New York May 26 1904 and on July 1
C o., Inc., in Jan 1923 at 97 A and int. to yield about 6.20% . V. 116, p. 83 same year absorbed Kings County Gas & Illuminating Co.
$1 000.000 series B were sold bv W. C. Langley & Co. and Bonbright &
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Co Tnc. in Dec. 1925 at 98 and Int The same bankers sold in June 1926 Supplies gas in the 30th and 31st Wards of Brooklyn, serving a population
$1,500,000 additional series B bonds at 100 and int., V. 122, p. 3453; and of about 415,000. Plant Is located at 55th St. and First A re., Brooklyn,
In Nov. 1926 $2,000,000 additional series B at 99 A and int. V. 123. p.2519
N.
daily capacity over 17,000.000 cu.
6 % Secured Gold Bonds.— Interest payable at Central Union Trust Co o f ft .. 13. miles of vas transmission mains and ft., holder capacity 7,700,000 cu.
over 214 miles of eras distributing
New York. Red. all or part on 30 days' notice at 105 incl. July 1935: there­ lines. Co. serves over 87,333 gas customers. Gas produced In 1926,
after less X % for each 6 months incl. July 1 1944; thereafter at par. Se­ 2.567.710,000 cu. ft.
cured by common stock Kings County lighting Co. as follows: Against each
STOCK AND BONDS—
Date. Interest. Outstanding.Maturity.
10 shares $800 o f bonds. Penn. & Conn. 4 mills tax. Mas. income tax not
_________ 50,000 shs. _________
exceeding 6 % refundable. In July 1925 W. C. Langley & Co. sold $3,500,- Common (50,000 sh., no p a r ) . ____
7% cum pref ($100)_________ _____
7 Q-J
1.816,400
______
000 at 100 and int. V. 121, p. 330.
j
5 J-J
2,389,000 July 11954
The 5 A % gold debentures, series A . dated April 1 1927, are convertible 1st ref 5s ($1,000)............c t f f 1904
\lnt. at Central Union Tr. Co. of N. Y ., trus.
into company's 6% cum. pref. (par $100) on or after Oct. 1 1929, and to and
1904 6 H J-J
1.822,000 July 11954
incl Oct 1 1939 at rate of 1 share o f pref for each $100 debenture. Federal 1st refunding 6 A ($1,00 0).ctf /
(Int. at Central Union Tr. Co. of N . Y ., trus.
and certain State taxes refunded. Red. at 105 after Oct. 1 1927. In April
1890 5 A-O
750,000 Oct. 1 1940
1927 W . C. Langley & Co. offered $1.500,000 5 'A% gold debentures, series A, Kings Co Gas & Ilium Co 1st/
5s ($1.000)______________c)In t. at People's Trust C o., Bklyn., N .Y ., tr.
conv. at 100 and int. V. 124, p. 2121; V. 125, p. 1460, 1709.
Stock.— 8 % cum. pref. stock Series A was called July 1 1927 at 105 and
Dividends.— 6 and 7% per annum paid regularly (Q.-J.) on pref. since
%
issuance. On co m ., 5 6 % in 1912; none in 1913; 4% 1914, 5 A % 1915, 6 % divs. 7% cum. pref. is redeemable on any div. date at 115.
1916 to 1921 incl.; 8% 1922 to 1924 incl. On the no-par com ., $3 per share
Bonds.— First ref. gold bonds redeemable at 105 and int. on any interest
in 1925. In 1926, $2.50; in 1927, Jan., $1; Feb., 50c.; M ay, 75c.; Aug., date on and after Jan. 1 1940.
First ref. gold 6 A % bonds red. at 105 and int. on and after Jan. 1 1940.
75c.
EA R N IN G S.— For calendar years:
Dividends.— 7% per ann. paid regularly on 7% pref. stock since issuance,
1925.
1924.
1927.
1926.
ance. 7% per annum paid regularly on 7% pref. stock since issuance.
$5,497,071 $4,466,597 $3,761,584 On $100 par common, 4 A % . 1908; 6% . 1909 to 1912, inclusive; 5H % . 1913;
Gross income *________ $6,376,619
2,582,400
2,073,002 6 )4 % . 1914; 6 % . 1915; 1%. 1916: none. 1917 to 1921, inclusive; 6% , 1922;
Oper. exp., maint. & tax. 3,472,532
3,028,918
8% , 1923. Oil no par common stock $4 50 per share in 1924 and $5 in 1925.
N et income_________ $2,904,087 $2,468,153 $1,884,197 $1,688,582
and 1926. In 1927: $1.25 paid April, July and Oct.
* Including divs. from controlled companies.
EARN ING S.— For calendar years:
OFFICERS.— Pres., E. L. Phillips; V .-P.. G. W Olmsted; Treas., R . F
*1927.
1925.
1924.
1926.
Van Doom- Sir
H. R Frost: Asst. Treas.. A M Hallock
V 1°o
Total revenue (incl.other $3,124,711
p. 86. 703, '2268; V. 121. p. 330. 586, 2271, 2520: V. 122, p. 2496, 3453;
income)_____________
1,094,194 $3,163,867 $2,771,887 $2,577,471
V. 123, p. 2519, 3320; V. 124, p. 234, 646, 1511, 1666, 2121, 2279; V. 125, Net after oper.exp.retire­
ment & taxes (except
p. 1460.
Fed. income taxes)_
_
1,083.848
1,253,810
275,380
951,026
(1) OUEENS BOROUGH GAS & ELECTRIC CO.
Bond interest__________
275.380
275.380
107,932
275.380
All o f the common stock is owned by Long Island Lighting Co. (see above).; Federal income tax_____
98.746
78.375
51,092
127.189
During 1927 acnui ed 100% <f the common stock - f N issau & Suffolk Other deductions. _ __
47,188
42.162
48.796
55.250
Ltg. Co. and 100% o f the common stock o f Long Beach Gas C o., Inc. Contingency reserve____
42.255
39.051
17,722
47.787
Acquired control of Long Beach Power Co. in June 1927. V. 125, p. 247. Net adjustment of simp.
Deb 1.335
42,148
0260.686 Deft 14.089
O R G A N IZA TIO N .—Incorp. in N. Y . in 1902 as a consolidation of Queens Dividends_____________ •
415.366
295.093
417,148
Boro. Elec. Lt. & Pow Co. and Town of Hempstead Gas & Elec. Lt. Co.
Surplus for year_____
$52,732
$329,721
$200,242
$470,625
Total surplus...............$1,994,754 $1,819,062
$1,489,341 $1,018,716
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Furnishes without competition electric light and power and gas in the Fifth
* For 12 months ended Aug. 31 1927.
eastern system and controls important up-State utilities. See also article
under heading “ Mellon Interests In Utilities Spread ” on page 3037. of the
‘ Chronicle” o f M ay 29 1926
In Dec. 1926. however, corp. withdrew its
application to New York State Water Power Commission for the hydro­
electric development o f the St. Lawrence River. See for details V. 124,

E




O c t ., 1 9 2 7 ]

POWER,

L IG H T

AND

R A IL W A Y

Q
O




82

PUBLIC U TILITIE S

OFFICERS.— Pres., E. L. Phillips; V .-P ., George W . Olmsted; V .-P.,
A . J. Gonnoud; Treas., John W . Little; Sec., C. J. Ferdon; Asst. Treas.,
W . M . Leonard,— V 121, p. 330; V. 122, p. 2495, 2651; V. 123, p. 2900;
\
V. 124, p. 3208, 3352.

NORTHEASTERN POWER CORPORATION

(See map on page 83)
ORGAN IZATION .— Incorp. in Maryland, Jan. 18 1926, chiefly for the
D u r p o s e o f acquiring and holding the securities of public utility companies.
Co. acquired by exchange of stocks over 99% of the common stock of the
Power Corp. of N. Y . Co. offered in Jan. 1926 for each common share
of the Power Corp. o f N . Y . (a) 2 com. and 1-6 class A shares Northeastern
Power Corp., or (6) 2}$ com. shares Northeast Pow. Corp. Co. also
subscribed for 173,333 com. shares of the New Engl. Power Assn. Co.
now owns 273,518 shares of com. stock o f New England Power Assn.
V. 122, p. 2041. In 1926 obtained all of the capital stock of the Oswego
River Power Corp. through acquisition in exchange for stock of a substantial
interest in the Oswego Corp., formerly owned by Niagara Lockport &
Ontario Power Co. V. 122, p. 3084.
Among the principal subscribers for the common stock of the co. were
the following cos.: F. L. Carlisle & C o., Inc., Eastern States Power Corp.,
Electric Investors, Inc., Mohawk Hudson Power Corp., Niagara Share
Corp., Schoellkopf, Hutton & Pomeroy, Inc., Schoollkopf Securities Corp.
and United Gas Improvement Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The system owns developed and undeveloped powers on 8 rivers in northern
New York, rated at 510,000 h.p., of which 204,000 h.p. is developed. V
122, p. 3084.
The New England Power Assn, controls properties of 297,000 h. p., of
which 242,000 h. p. are developed. Output during 1925 over 681,696,000
k.w.b. The Power Corp. o f New York owns powers rated at 500 000 h. p.,
o f which 186,850 h. p. are developed. Output in 1925 over 275,000,000
k.w.h. The Power Corp. o f New York owns also a 15% interest in the
common stock o f Mohawk Hudson Power Corp., which controls system of
450.000 h. p., o f which over 390,000 h. p. are developed; output in 1925
689.250.000 k.w.h.
The properties controlled by the Power Corp. o f N. Y ., Mohawk Hudson
Power Corp.. Buffalo Niagara & Eastern Power Corp. and the New England
Power Assn. are inter-connected by high-tension transmission lines. thereby
creating a super-power transmission system extending from Buffalo to
Boston. For possible inclusion in 2,400,000 h.p. development in the St.
Lawrence River, see separate statement o f “ Frontier Corp."
STOCK AND BONDS— Date.
Interest.
Outstanding.
Maturity
Com 5,000,000 shs (no p a r ) . . ____
_____ 2,809,722 shs. --------------Pref 250,000 shs (no par)-------------------None
-------------Cl A $6 cum 250,000 sh (no p a r ) ____
$6
8,786 shs. July’27 $1.50
Stocks.— Pref. stock is preferred as to assets ($100 & div.) and cum. divs
not in excess o f $8 per share, over class A and common stocks. Red. at
not to exceed $120 and divs.
Votes in event of 4 quar. div. default.
Class A stock is preferred as to assets ($100 & divs.) and $6 cum. divs. over
common stock. Red. at $100 and divs. No voting power.
Common is entitled to one vote per share. In Jan. i926 F. L. Carlisle &
Co., Inc., sold 300.000 shs. at $35. Listed on N . Y . Curb Exch.
Dividends.— Initial quar. div. o f 15c. on com. stock was paid in July 1927.
Latest Earnings.— For 6 months ended June 30:
1927.
1926.
Gross income___________________________________ $3,826,830
$3,318,115
Oper. exps. (int., all taxes, maint. & deprec’n,
preferred stock dividends, & c.)------------------------ 2,765,173
2,778,349
Net income___________________________________$1,061,656
$539,766
Dividends on class A stock______________________
26,358 '
21,052
Balance______________________________________ $1,035,298
Int. on undistrib. earns, o f affiliated companies-.
479,801

$518,713
146,224

Balance______________________________________ $1,515,099
$664,938
OFFICERS.— Chairman of the Board, F. L. Carlisle; Pres., H. L
Machold; V.-Ps., H. T. Harriman, J. N Carlisle, C. E Norris: S»r
R . K. Ferguson; Treas., F. A. Rogers.— V. 122, p. 481, 612, 2041, 3084;
V. 124, p. 3068, 3353; V. 125, p. 914, 1325, 1580.

NEW Y O R K STEAM CORPORATION.
O RGAN IZATION .— Incorp. in N . Y . in July 1921. as successor to the
New York Steam Co. as per plan in V. 113, p. 967.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Supplies steam for power and heating purposes in New York’s downtown
financial district and in uptown commercial and residential sections, serving
many of the largest and most important buildings in N. Y . City. The
franchise under which the corporation operates is without limit as to time
and grants the right and privilege to lay mains and pipes in any of the
streets on the island of Manhattan and to supply steam for power, heating
and cooking. Also has contract with N . Y Edison Co. for purchase o 1steam
Co. owns and operates steam stations o f aggregate capacity of 85,000 h. p
inch the capacity purchasable from the N. Y. Edison C o., has constructed
a highly modern station at 35th St. and East River (“ K ip’s Bay Station” )
o f an ultimate capacity o f 110,000 h.p., and an initial installation o f 33,000
h.p. and 13,000 additional horsepower in process o f installation. 206,500
ft. o f mains and services.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (30,000 shs (no p a r ) . ____
_______
30.000 shs __________
41,930 shs. Oct’27 $1.75
Pref $7 cum ser A (no par)_ _____
_
$7 Q-J
$6 div cum pref (no par)__________
$6 Q-J
50.000 shs. Oct’ 27 $1.50
1st M ser A ($500 & * 1,000c *( 1922
6 g M-N $7,954,000 May 11947
.
and $1,000, $5,000 and-flnt. at Nat. City Bank, N . Y ., trustee.
$ 10 .000r*) g ___________ tf(
5% series due 1951_________ 1926
5 g M -N $7,954,000 M ay 1 1951
Stock.— Total authorized number o f preferred stock is 100,000 shares
(41,930 shares $7 series A cum. and 50,000 $6 dividend shares). Is preferred
over every other class o f stock as to divs. & assets. Additional pref.
stock may be issued only under conservative restrictions. Has the right
to vote in any proceeding for mortgaging the property and franchises
of corp., or for the sale thereof; but for any other purpose has no voting
rights unless two quarterly pref. divs. are in default, in which event pref.
stock has full voting rights at least equal to the stock of any other class
until all accumulated pref. divs. have been paid or provided for. In case
of four quar. divs. in default, pref. stock has exclusive right to elect directors
until paid or provided for. Pref. ser. “ A ” is red. all or in part on any div.
date on 30 days’ notice at 115 a share & divs. Listed on N . Y . Stock
Exchange. In Oct. 1924 5,000 shares were offered by the National City Co.
at 96 flat, to yield about 7.29% . In April 1925 10,000 shares add’l were
offered by the National City Co. and Cassatt & Co. at $99 per share, yielding
over 7.05% . V. 120, p. 1881. $6 cum. pref. is entitled to $105 & divs. in
case of voluntary, and to $100 & divs. in case of involunatry liquidation
Red. whole or part on 30 days’ notice at 105 & divs. Penn. 4-mills and
Mass. 6% taxes refundable. In Oct. 1926 the National City Co. and
Cassatt & Co. offered 25,000 $6 div. series pref. shares at $93 50 flat, to
yield about 6.45% . Listed on N . Y . Stock Exchange. Y . 123, p. 2139.
2262. Additional 25,000 shares (no par) $6 div. series pref. was offered
by National City Co. and Cassatt & Co. at $97.50, to yield 6.15%. V.
124, p. 2590.
Bonds.— The 1st mtge. ser. " A ” 6s (non-redeemable prior to 1932) are
red. on any int. date on 60 days' notice at 107}$ from May 1 1932 to Nov. 1
1936 incl.; at 105 from May 1 1937 to N ov. 1 1941 incl., and at 102}$
thereafter, but prior to maturity. Mortgage provides for sink, fund o f 2%
annually. $406,500 have been retired through sinking fund. Four mills
tax in Penna. refunded. Listed on New York Stock Exchange. $5,000,000
1st mtge. ser. A 6s were offered in June 1922 by the National City Co. at
94 and int.. to yield about 6}$ % . V. 114, p. 2831; V . 115, p. 81. An
additional $800,000 were offered by the National City Co. in Oct. 1924 at
98, to yield about 6.16% . V. 119, p. 1851.
5 % series due 1951 are red., whole or part, at option of co. or sinking fund,
on 30 days notice at 105 on or before M ay 1 1948, and at 100 thereafter.
Penn, and Conn. 4 mills taxes refundable. In April 1926 the National
City Co. offered $2,500,000 5% series due 1951 at 92 and int., to yield
over 5.60%. V. 122, p. 2330. The National City Co. in Feb., 1927 offered
$3,000,000 additional 1st mtge. gold bonds at 96 and int., to yield about
5.30% . Y. 124, p. 1067. In M ay 1927 National City Co. of New York




[V ol. 125.

offered $1,500,000 additional 1st mtge. gold bonds, 5% series, due 1951,.
at 98}$ and int., to yield 5.10% . V . 125, p. 95.
There is a sinking fund for 5% series due 1951 of semi-annually }$ % of
outstanding bonds, to be used for redemption and cancellation o f 5%
series bonds.
EARNINGS.— For years ended June 30;
Operating Revenues—
1927.
1926.
1925.
1924.
Downtown district_____$2,473,421 $2,601,207 $2,246,307 $2,389,353
Uptown district------------ 3,471,796
2,559,023
1,622,811
1,285,048
Total oper. revenue— $5,945,217
Non-oper. revenues____
32,210

$5,160,230
33,353

$3,869,118
24,540

$3,674,401
23,584

Total gross earnings.. $5,977,426
Operating expenses_____ 3,523,243
Maintenance expenses-.
420,940
General taxes---------------261,576
Federal taxes---------------87,500

$5,193,583
3,102,965
322,361
214,281
83,000

$3,893,658 $3,697,985
2,358,620 2,255,559
316,659
270,520
167,698
144,600
35,000
41,000

Net earnings-------------- $1,684,166
Bond interest---------------536,039
General interest_______ Cr250,816
Bond disc. & expense--.
50,644
Preferred dividends____
442,085

$1,470,976 $1,015,675
364,172
336,963
Crl3,206
Cr24,896
35,019
25,097
285,110
213,509

$986,307
309,384
7,312
23,330
86,981

Avail, for renewals &
repl. .pf.stk. ,res. ,&c.
$906,213
$799,881
$465,002
$559,299
OFFICERS.— Pres., James D. Hurd; V .-P ., Charles A. Gillham and
David C. Johnson; Treas., Geo. S. Beith; Sec., F. E. Pendleton; Asst. Sec.,
Wm. J. Baldwin Jr.: Asst. Treas., Chas. E. Kelly. Offices, 280 Madison
Ave., N. Y . City.— V. 120, p. 1586, 1881, 3188; V. 121, p. 1223, 2875;
V. 122, p. 2330, 3454; V. 123, p. 1378, 2139, 2262, 2900, 3183; V. 124, p.
1007, 2590, 2908; V. 125, p. 95, 1453, 1838.

THE POWER CORPORATION OF NEW Y O R K .
Control.— In Jan. 1926 Northeastern Power Corp. offered stockholders the
following option of exchange: for each common share The Power Corp. of
N . Y . either 1-6 of 1 share Class “ A” stock and 2 shares common stock
Northeastern Corp., of 2}$ shares common stock Northeastern Corp.
See V. 122, p. 612. 1170. Northeast. Pow. Corp. acquired ova; 99% o f
the Power Corp. stock.
O RGAN IZATION .— Incorp. in N . Y . in 1922 to own, develop and
operate water power plants in New York State. In 1924 acquired over
99% of com. stock of Northern New York Utilities, Inc. (see separate
statement below). Has acquired developed and undeveloped water power
in St. Lawrence. In June 1925 acquired control of the Malone Light &
Power C o., the Fort Covington Light, Heat & Power Co. and the Milling
& Lighting Co. of Brasher Falls by purchase of the entire com. stocks.
V. 121, p. 77. Co. also owns 100% of the com. stock o f Power
Electric
Securities Corp. (which owns practically the entire com. stock of aforemen­
tioned 4 operating cos. Co. also owns all of the stock of Raquette River
Power Co., and a 15% interest in the com. stock of the Mohawk & Hudson
Power Corp. See V . 120, p. 2270; V. 121, p. 200, 2039.
Participation in New England Power Co. Plan.— In Dec. 1925 it was
reported that the c o .’s interests were to subscribe for 173,333 new common
shares of the reorganized and enlarged New England C o. See also under
this latter company. V. 121, p. 2753.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Co. owns developed and undeveloped water powers in St. Lawrence, Lewis
and Jefferson counties in New York State. Owns over 99% o f the common
stock of the Northern N . Y . Utilities, Inc., Malone Lt. & Pr. C o., Fort
Covington Lt., Ht. & Pr. Co. and Milling & Ltg. Co., public utilities serving
a large section of northern and central New York. Combined properties
Include developed powers totaling 178,355 h.p. hydro-electric and 9,775
h.p. steam, and undeveloped hydro-electric properties of over 315,400 h.p.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common 750,000 shs (no p a r ) . ____
Q-J
677.911 shs
See text
1st mtge Series “ A ” .................( 1922
6 }$ g M -N 4,850,000 Nov 11942
Series “ B " ------- ---------------1 1923
6 g M-N
970,000 Nov 11942
($500 & $ 1 ,000) gold-_c*tf [Equitable Trust C o., N. Y ., trustee.
20-yr deb (c* $1,000 & $500)/ 1927
5}$ g M -N 5,000,000 M ay 1 1947
$5,000,000_____________ tf (Equitable Trust Co. o f N . Y ., trustee.
Stock.— The outstanding $3,000,000 pref. stock was retired on N ov. 1
1925 at 115 and divs. On this stock regular quar. divs.of $1 75 were paid,
incl. N ov. 1925. V. 121, p. 1228.
In July 1925 the authorized com. stock was increased from 600.000 to
750.000 no par shares. Com. stockholders of record July 20 1925 were
given the right to subscribe incl. Aug. 15 for additional com. stock at
$40 in the ratio of one new share for each 10 shares held. V. 121, p. 200.
Bonds.— 1st Mtge. bonds (both series) are call, as a whole on 60 days'
notice at 110 & int. less }$ % for each year of expired term, or in part for
sinking fund at 105 & int. Co. agrees to refund Penna., Maryland, Con­
necticut and Dist. of Col. 4-mills taxes. Int. payable in New York City,
or Watertown. N. Y .
Series " A " 6 }$s have sinking fund which retires by purchase or by call
by lot $50,000 Series “ A ” bonds annually from 1924 to 1928 incl., $75,000
annually from 1929 to 1933 incl., $100,000 annually from 1934 to 1938 incl.,
and $125,000 annually from 1939 to 1942 incl. $5,000,000 Ser. “ A ” 6 }$s
were sold in N ov. 1922 by E. H. Rollins & Sons and F. L. Carlisle & Co..
Inc., New York, at 100 & int. V. 115, p. 2055.
Series “ B" 6s have sinking fund which retires by purchase or by call by
lot $10,000 Ser. “ B ” bonds annually from 1924 to 1928 incl., $15,000 an­
nually 1929 to 1933 incl., $20,000 annually 1934 to 1938 incl., and $25,000
annually 1939 to 1942 incl. In May 1923 E . H. Rollins & Sons and F. L.
Carlisle & C o., Inc., offered $ 1 ,000,000 Ser. “ B ” 6s at 94}$ & int., to yield
about 6 }$ % . V. 116. p. 2397.
20-year 5}$% gold debentures, dated May 1 1927, are a direct obligation
of the corp. Red., all or in part, on 30 days’ notice to and incl. M ay 1 1932
at 104%; thereafter to and incl. M ay 1 1937 at 103%; thereafter to and incl.
M ay 1 1942 at 102%; thereafter at 101%, accrued int. to be added in each
case. Corp. will refund following taxes: Penn, and Conn. 4-mllls, Md.
4}$-mllls, Calif. 5-mills or Mass, income tax not exceeding 6 % . In May
1927 $5,000,000 20-year (closed) 5}$% gold debentures were offered by
F. L. Carlisle & C o., Inc.; E. H. Rollins & Sons; Homblower & Weeks;
Schoellkopf, Hutton & Pomeroy, Inc., and Halsey, Stuart & Co. at 100
and int. V. 124, p. 3069.
Dividends.— On com., quar. divs. of 25c. per share (Q.-J.) are being paid
V. 120, p. 1461. In addition, an extra div. of 25c. in Dec. 1926.
EARN ING S.— For calendar years:
1920.
1925.
Gross income all sources__________
$1,672,685 $1,727,475
1,531,659
1,600,318
Net after operating expenses and taxes__________
Federal income tax (estimated)_________________
856
69,709
Depreciation____________________________________
______
34,562
Interest and amortization_______________________
657,169
502,325
Balance_______________
Adjustment of 1924 taxes.
Preferred dividends_____
Common dividends______

$873,633

$993,722
07 ,6 4 4

210,000

606,930

Balance-----------------------------------------------------------------x$184,436
x Before deducting $455,417 premium on retired bonds and pref. stock.
Latest Earnings.— For year ended March 31 1927: Gross, $5,764,851;
net after taxes and maint., $3,642,981; int. on mtge. bonds, $1,298,778;
balance, $2,344,203; deprec., Federal taxes, sub. cos.’ pref. divs and
deduction for minority int., $952,823; balance, $1,391,380; int. charges
on 20-year debentures, $275,000.
OFFICERS.— Pres., John N. Carlisle; V .-P ., W . P. Creager; V .-P .,
D. M . Anderson; V .-P., H. G. Davis; V .-P ., H. Edmund Machold; V .-P.,
R. B. Maltby; Treas., F. A. Rogers: Sec.. R . K. Ferguson; Asst. Sec. &
Asst. Treas., C. B. Martin. Offices: Watertown, N . Y ., and 49 Wall
St., N Y. City.— V. 120. p. 455: 1205, 1461, 2270: 2944: V 121, p. 77,
200. 1463. 2039, 2753; V. 122, p. 612, 1170; V. 123, p. 1252, 3184; V. 124.
p. 648, 3069.

NORTHERN NEW YORK UTILITIES, INC.

Control.— Over 99% of co.'s common shares are owned by Power & Electric
Securities Corp., which in turn is controlled by Power Corp. of New York, a
subsidiary of Northeastern Power Corp.

R A IL W A Y
AND
P O W E R , L IG H T
O ct ., 1 9 2 7 . ]



84

[V ol. 125.

PUBLIC U TILITIE S

ORGAN IZATION .— Incorporated in New York in 1913.
In April 1925 co. filed a certificate with the Secretary o f State of Albany,
N. Y ., increasing its authorized capital stock from $14,000,000 to $20 000.000. V. 120, p. 2269.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
O vns and operates electric light, power and gas properties In northern and
central Ne
York servin ' a population of an m* 105,009. Company
dt 98 the entire electric light and power business in Rome. Watertown and
60 adjacent communities, the entire gas business in Rome and Watertown
ai 1 furnishes power on a wholesale basis to the Utica Gas & Electric Co
ui ler a long-term contract, calling for the delivery of up to 33.000 h p
Has a transmission line which connects the properties of the company
with those o f the Niagara Lockport & Ontario Power Co., providing
fer the interchange o f power under existing contracts. Company
hi .s a total generating capacity of 179 900 h.p. in hydro-electric pho ts and
9.775 h.p. in steam plants. Of the hydro-electric capacity. 109 900 h.p
is derived from plants owned by the co., the remaining from plains which
are leased or from which the co purchases the entire output. Co. owns
1.7r8 miles transmission and 1 769 distribution lines. On also owns thret
undeveloped water power sites having a potential generating capacity of over
16,000 h.p. The gas plants located in Rome and Watertown have a daily
capacity o f 5,770,000 cu. ft.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common 400,009 -1v 'no rtar>____
__ ____ 160,009 --'is
See t >xt
P f 7% cum $10,000,000 ($ 1 0 0 )____
7 Q-J
$6,000,000 Aug 27 1 \
1st mtge & ref (closed) ($500/ 1913 5 g J-J
2, 04 500 July 1 1963
and $1,000) gold_______ c*llrving Bank-Columbia Tr Co.. N Y ., trus.
First lien & ref Series “ A " _ | 1921 7 g M -N
_
1,200.000 May 1 1946
Series “ B ” _______________ 1922
6 g M -N
1.340,700 May 1 1947
Series “ O” .........................J 1923
6 g M -N
3.942 900 May 1 1943
Series “ D ” ______________I 1924
5H g J-D 1.742.000 ........... .......
Series “ E”
_
I 1925
5 >i
3 350 ’ On July 1 1955
($500&$l,000c*,$l,000r*)g t f (Equitable Trust Co., New York, trustee.
Divisional bonds____________ _____
5%
2,538,500 ---------------Change of Stock.—-In July 1926 co. changed its authorized common stock
from 400,000 shares, par $25. to 400,000 shares of no par value. V. 123,
P- 711.
Stock.— Pref. Is redeemable at any time at $110 and divs. In Dec. 1924
$750,000 7% cum. pref. was offered by E H. Rollins & Sons and F L.
Carlisle & Co.. Inc., at 102 & div.. to yield 6.85%. V 119, p. 2648.
Bonds.— First and ref. mtge. 5s are callable on any Interest date at 105 and
Interest. Mortgage provides for sinking fund of
% annually of the total
outstanding first & ref mtge. bonds from July 1 1916 to July I 1938 inclu­
sive. and 1 % annually thereafter to maturity, to be applied to the purchase
or redemption of bonds of this issue at not exceeding 105 and int. Interest
payable at First National Bank, New York, and the Northern New York
Trust C o.. Watertown. N. V. No further 1st .v ref. bonds may be issued
under this mortgage, except for deposit under the 1 st lien & ref. mortgage.
In addition to bonds held in escrow' to provide for retirement of underlying
divisional bonds and those canceled by sinking fund, $6,086,000 are pledged
under 1 st lien & ref. mortgage.
First lien and refunding mortgage Series " A " 7s cannot be called.
First lien and refunding mortgage Series “ B” 6s cannot be called.
First lien and refunding mortgage Series “ C" 6s are callable as a whole at
110 and Interest, less
of 1% , for each full year of expired term, or in part
at 105 and interest, up to and including May 1 1933. and thereafter at the
same rate as when redeemable as a whole. The redemption of part shall not
*ceed ^ o f 1 % annually of the entire outstanding amount < this ssue
»f
rom 1924 to 1932. inclusive, and thereafter shall not exceed 1 % annually
of such amount
_
First lien and refunding mortgage Series "D 5 Hs are callable as a whole
on 45 days- notice at any time during the years 1925 to 1929 inclusive, at
105' 1930 to 1934, inclusive, at 104 1935 to i 39. inclusive, at 103 1940 to
1944 Inclusive, at 102' thereafter to matur > at 101
Callable in part at
103 and Interest up to and including 1939. and thereafter at the same rate
as when redeemable as a whole. The redemption of part shall not exceed
44 of 1% annually of the entire outstanding amount of this issue from 1925
to 1933, aud thereafter shall not exceed annually 1% of such amount
In
Nov 1924 $1 .750.000 Series ”D ’’ 5)48 were offered by E H Rollins & Sous
and F. L. Carlisle & Co.. Inc., at 9744 and interest, to yield about 5.70%
V. 119. p. 2630.
„
,, , ,
, .
.
First lien A ref. mtge. Ser. E 5s are callable whole or part on 45 days
c
notice at 103 and int. The redemption of part, shall not exceed in any
calendar vear from 1926 to 1934. inch, K % of the principal amount of this
series outstanding on Jan. 1 of such year, and thereafter shall not exceed
in any calendar vear 1% o f such amount. In June 1925. E. H. Rollins
& Sons and F. L. Carlisle & Co.. Inc., sold $2,125,500 at 95>4 and int.
to yield 5.30% .
In Sept. 1926 the same bankers offered $1,235,000 add.
series E al 90 and int. 1o yield over 5% . V. 123. n. 1631.
Interest on all first Hen & ref mtge. bonds is payable at Equitable Trus'
Co.. New York, or Northern New York Trust Co.. Watertown, N. Y
Penna. State tax of 4 mills refunded.
D IV S.— 15. 16. 17. 18. 19. 20. 21. 22. 23. 24.
25.
*26.
Pref., % . 7
7
7
7
7 7 7 7 7 7
7
O o m .,% _ 8 10
714 1144 1244 644 15 18 12
12
13
$3.25
In addition to the regular quarterly dividend of 75c. a share an exiru
dividend of 25c. was paid on the com. stock on Sept. 30 1925 and March
1926. V. 121. p. 1348: V. 122. p. 1456.
'E A R N IN G S .— For calendar years:
1926.
1925.
1924.
1923.
Gross earnings...................$3,921,350 $3,78-1.436 $3,177,636 $1,979,175
Oper. exp.. tnalnl. & (ax 1.852,640
1.524.700
1.467.986
831,132
Int ..amort.. Fed. tax. &c
1.035.278
979.612
790.933
483.991

?

Bal avail, for divs. & riep $1,033,532

$1,280,124

$918,717

$664,052

OFFICERS.— Chairman of Board, F. L C arlisle: P res., J. N Carlisle
V .- P s .. R . 15. M a lt b v . H . S . L ew is. W . P. C reager and It G . D avis: See.
8 . F Smith-T re a s . F. A . Regers — V ] ?0 p ?V6f‘ V l?t n. 1348; V. 122
p. 1456. 2192; V. 123, p. 83. 711. 1634, 3184; V. 125, p. 519.

OSWEGO RIVER POWER CORP.
Control.— All of the stock is owned by Northeastern Power Corp.
ORGAN IZATION .— Incorp. in New York in Dec. 1925. An operating
and holding co. Owns 39.056 out of 39,132 outstanding common shares
and 4.500 $6 div. pref. shares (entire issue) of Peoples Gas & Electric Co. of
Oswego. N. Y.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— Co.
completed in 1926 a hvdro-electric power station of 15.000 h.p. (to be
Increased later to 18,000 h.p.) on the Varick and Oswego canals, in the City
Of Oswego, N. Y. Northern New York Utilities Inc. (which is controlled
through Power Corp. of N. Y. by Northeastern Power Corp.) leased and
operates this plant for a period of 10 years from Dec. 1 1926 at a net annual
rental o f $250,030. Otmnany now has under constructi >n a special hydro­
elec. power station of 7,500 h.p. People’s Gas & El. Co. of Oswe to, N. Y ., a
subsidiary o f Oswego River Pow. C orp.. furnishes gas and elect-ic service to
the City of Oswego and electric service only to certain adjacent com­
munities: owns a hvdro-electric station o f 1,300 h.p. and a steam-electric
Station of 1,200 h.p.; also transmission and distribution lines and gas
mains. V. 123. p. 2901.
Interest. Outstanding. Maturity.
STOCK AND BONDS— Date.
_________ 100.000 s h s __________
Common 100.000 shs (no p a r ) . -----$7 div cum pref 25.000 shs (no
24.000 shs __________
$7
53.500.000 Dec 1 1931
6 J-D
5-vr gold deb (closed) $3,500.-1 1926
000 ($1,000. $500 c») . tf (The Equitable Trust Co. of N . V .. tru s tint
Stock.— In Dec. 1926 increased its authorized capital stock from llO.OOO
shares to 125.000 shares (no par), to consist of 25.000 pref. and 100.000
Common shares. V. 123. p. 3039.
.
Debentures.— While any o f the 5-year gold dehet) lures. dated Dec. 1 192b.
are outstanding, corp. may not incur, any indebtedness maturing beyond
one year and mav not create any mortgage, pledge or lien upon its fixed
property (except, purch. money mtges. and liens existing upon properties
at the times of their acquisition by co.. or renewals thereof), and may not
dispose o f any of its holdings of the common stock of People's Gas & Elec,
t o. of Oswego. Are red., whole or part, on 30 days' notice at 102 1 and
4
lut. to and inch Dec. 1 1927; thereafter at 44% less each year. Penn, and
onn. 4 mills, Maryland 4 54 mills, Calif. 5 mills and Mass. 6 % taxes re­
fundable. in Dec. 1926 E. L. Carlisle & Co., Inc.. E. II. Rollins & Sons.
Siornblower & Weeks and Schoellkopf, Hutton & Pomeroy. Inc., offered
$3,600,000 of these debentures at par and int. V. 123, p. 2901.




OFFICERS.— Chairman of Board, F. L. Carlisle; Pres.. H. E. Machold;
V.-Ps.. C. E Norris and E. E. Whitney; V.-P. & Sec.. R. K. Ferguson;
Treas., F. A. Rogers.— V. 122, p. 2192, 3084; V. 123, p. 844. 2901, 3039.

(THE) OMNIBUS CORPORATION.
ORGANIZATION.— Incorp. in Delaware April 17 1923 as Chicago M otor
Ooach Corp. Name changed to present title Aug. 7 1924. Corporation is
it present a holding company only. In Aug. 1924. thr< ugh a plan for the
mification, recapitalization and reorganization of Fifth Avenue Bus
Securities Corp., New York Transpnrtatk n Co., and Chicago M otor
Coach Corp., dated June 25 1924, company effected a practical consolida­
tion of bus lines in New York City with those in Chicago. V. 119. p. 82
ind 205, where also details as to the exchange of securities are given.
Company owns all of the capital stock of the Chicago Motor Coach Co. and
•he Gray Line M otor Tours Co. of Chicago, and 549,535 shares o f Fifth
Yvenue Bus Securities Corp. which in turn owns 190,293 shares of New
York Transportation C o., which company owns all o f the capital stock o
the Fifth Avenue Coach Co., operating buses in New York City. Corpora­
tion owns also one-third of the class A stock and one-sixth of the class B
stock o f the St. Louis Motor Coach Corp., which company in turn owns all
> the stock o f Peoples Motorbus Co. of St. Louis, operating buses in the
f
d tv .
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Com. 1.500.000 shs. (no p a r ) . ------------------- 624,050shs __________
3% pref. cum. $25,000,000
($ 100) series A____________ _____
8 Q-J
$8,817,900 __________
Stock.— The 8 % pref. cum stock Is red at 115 and divs.; is entitled to
receive on liquidation, dissolution or winding up. in priority to the common
stock, an amount equal to the redemption price. Convertible into common
stock at the rale of 3 shares for each share of pref stocks. Both common
and pref stocks are listed on the N Y Stock Exchange
V 122. p 612.
Consolidated Income Account (Omnibus Corp.) Years Pnded Dec. 31.
1926.
1925.
1924.
Chicago M otor Coach Co.-—Net profit
for vear__________________________
$506,362
$518,"79
$400,764
351,843
Omnibus Corp.— Divs. on investm’ts.
351.618
172.172
11,209
Interest received___________________
13,746
4,295
$869,415
52,321

$ 88" .744
60,312

13,288
prof.2,098

16,608
defl 1,813

$805,904
654,109

$792,011
574,290

$554,138
107.741
417,599

Total surplus______________________$1,469,013
Sundry adjustments________________
30,671
Divs. on pref. stock paid & accrued..
707,725

$1,367 ."01
5,745
707,448

$1,079,478
?8,738
466,450

$654,109

$574,290

Total income____________________
Corporate expenses_________________
Interest paid______________________
Gray Line M otor Tours C o_________
C onsolidated net profit for year____
Previous surplus___________________
Surplus arising from apprec. of bldgs.

Surplus Dec. 31____________ _____
PASSENGERS C A R R IE D

$712,617

$577,232
5,608
17.486

B Y 8 U B S I D IA li 1E S . — In 10 2 6 F i f t h A v e .

' ’nach Do., 70.728.236 revenue passengers 'hi .514.840 in 1924' Peoples
Motor Bus C o., st. Louis, 23.814,797 (12 709.404 in 1924); Chicago Motor
Coacn C o.. 57 547.816 (49.318.448 in 1924). S eeV . 122. p 884
Dividends.— An initial quar. div. of 2% was paid on cum. (convertible)
pref. series -,A '- Oct. I 1924 .and regularly since. None on common.
OFFICERS.— Chairman of Board. John Hertz; Pres., John .A Ritchie;
V.-Ps.. Charles A. McCulloch, John C. Jay and Bernard Davidson: Treas.,
Leonard S. Florsheim; Sec. & Gen. Counsel. Edward N. D'Ancona. Offices,
4711 Ravensw-vorl \ *-e

—V

1 op p

noq

ic q o

orq

oner

V. 121, p. 331. 1348, 1909, 3005; V. 122, p. 612, 884, 1763, 2800, 3450;
V. 124, p. 2749.
CHICAGO MOTOR COACH CO.
An Illinois corporation. Has no funded debt
The entire capital stock
is owned by Omnibus Corp. (of Del.).
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company onerat.es motor roaches under farnrahle franchises jn the Dltv of
Chicago. Company’s equipment consists of 415 motor coaches. For plan
to operate 4.700 buses in Chicago after Fob. 1 1927. the date of expiration
of the franchises of the Chicago street car cos., see V. 123, p. 3036.
STOCK AND BONDS—
Date
Interest. Outstanding Maturity.
Capital stock ............. ..............All owned by Omnibus Corp.
Equip, tr gold ctfs., series! 1925
6g
$1,500,000 See text
A ($1,0 0 0 c * )________ tf (First Trust & Savings Bank. Chicago, trustee
Ronds.— Principal and dividends, due under the equipment trust gold certifi­
cates, series A . dated Nov 1 1925. are unconditionally guaranteed by the Chi­
cago Motor Coach Co Thev are payable in serial installments Nov. 1 1926,
$150 000: Nov. 1 1927. $250,000: Nov. 1 1928, $350,000; Nov. 1 1929,
$450,000; Nnv 1 1930. $550,000. They are secured by vesting the trustee
with title to 415 motor coaches (the entire bus equipment in use by the
company at time of Issuance). Red. on 30 days' notice at 101 and divs.
Prio. and int. pavable at trustee’s office in Chicago or at J & W Seligman
& C o., New York. In Oct. 1925 G. M .-P. Murphy. ,T. & W. Seligman &
Co. and Freeman & Co. sold $1,500,000 at prices to yield from 5.25% to
6% according to maturity V. 121 . p. 2036.
EARN ING S.— For calendar years:
1926.
1925.
1924.
$5 640.815 $5.85 ’ .268 $4,990,434
Total gross earnings
_ _____
4,874.0 7
4,175,659
Operating expenses . . . - 4,679,268
265,701
302,708
312,166
Taxes
__
.
- Net operating income____________
Non-operating income

$667.8"9
24,914

$667,065
23,883

$549,075
18,840

Gross income
I n t e r e s t - ._
_

$692,752
121,793
1.401
63,197

$690,948
114,353

$567,915
105,980

58.215

61,170

_

_

. ______
______

Federal income tax accrual__________

$506,361
$518,379
Net profit for year
____$400,764
OFFK’ KKs.— t hairman of B>ard, John Hertz; Pr s.. John A. Ritchie;
V -|»c. n T Qoullnv -imH R^nard
*
iHs.-m-'T - • T 0 FI rsh -:m- S°c ^
= ,
Oen. Counsel E. N. D'Ancona.— V. 121, p. 2036: V. 122. p. 1454; V. 123.
p. 3036; V. 124, p. 2746, 3065.
FiFTH AVENUE BUS SECURITIES CORPORATION
OR G A N IZA TIO N .— Incorp. in Delaware N ov. 14 1922 as Fifth Avenue
Bus Corp. Name changed to present title Dec. 13 1922. Company owns
190.293 shares of the stock of New York Transportation C o., which latter
company owns all of the capital stock of the Fifth Avenue Coach Co.
Cari'at S t o r k . — Anth . 729.000 shares (no par); issued, 590,129 shares.
EA R N ING S.— For calendar years:
1925.
1924.
1926.
Dividends— N. Y . Transportation Co.
$380,586
$380,586
$308,486
83
84
35
Interest _
_
_
_
- T otal____________________________

$380,671

$380,621
626

$308,568
6,067

Net income
Adjustment of reserve for expenses_
_
Previous surplus___________________

$380,671

$379,995

$302,501

" 4,129

810

4,435

Total surplus____________________
Dividend declared _ .

$384,799
377,677

$381.805
377,677

$306,936
306,126

Surplus-- _- _____
_ ____ __
_
$7,123
Latsst Earnings.— For 6 months ended June 30;
1927.
1926.
Total income__________
$190,346
$190,329
Expenses, taxes, &c____
x
x
Dividends
.
188,838
188,638

$4,129

$810

1925.
$190,208
1,067
188,8’8

1924.
$62,098
5.005
58,608

1.000

$1,791
$403
Balance, surplus_____
$1,508
def$l,515
x Expenses, taxes, &c.. assumed bv Omnibus Or»rp.
Compare V. 122, p. 3453; V. 123, p. 842; Y. 124. p. 2748; V. 125, p. 780

Oct., 1927.]

POWER, LIGHT AND R A IL W A Y

(1) NEW YORK TRANSPORTATION CO.
O R G A N IZA TIO N .— Incorp. In New Jersey Feb. 21 1899 as New York
Electric Vehicle Transportation Co. Changed name to present title in 1902
Company owns the entire authorized and outstanding capital stock of Fifth
Avenue Coach Co., an operating company. Company manufactures the
buses used by Fifth Avenue Coach C o., and in addition manufactures and
sells similar buses to transportation companies operating in other cities
Fifth Avenue Coach Co. operates motor coaches in boroughs of Manhattan
Bronx and Queens in New York City.
Capital stock, $2,350,000 ($10), o f which $1,902,930 is owned by Fifth
Avenue Bus Securities Corporation.
E A R N I N G S . — Consolidated earnings o f company and subsidiaries for
xl920.
1925.
1924.
Gross earnings__________ $7,293,138
$7,351,703 $6,346,788
Net after oper. expenses. $1,607,503 $1,903,149 $1,794,164
Other income__________
197,765
213,230
429,516

1923.
$5,854,718
$1,815,440
181,858

Total income_________ $1,804,268 $2,116,380 $2,223,680 $1,997,298
City, State & Fed. taxes.
647.720
733.303
674.161
636.171
Other deductions______
______
______
11,317
75.203
Dividends (20% )______
470.000
470,000
470,000
470,000
$686,547
$913,077 $1,068,201
$815,924
Balance, surplus........
x Includes earnings o f subsidiaries except New York By. Corp., all the
common stock ol which was acquired on Aug. 31 1926, and including the
operations o f G. L. M . T. Inc. from date o f acquisition only, June 15 1926.
C o m p a r e V . 1 2 2 . p . 1 7 6 3 . 34.>4.

(a) FIFTH AVENUE COACH CO.
The entire capital stock is owned by New York Transportation Co.
In June 1926 purchased the “ Gray Line," a coach company which oper
ates sight-seeing bus tours throughout New York City and up-State line t.c
Bear Mountain and lines to other points. V. 122, p. 3605. On Aug. 31
1926 acquired the entire common stock (90,200 no par shares) of New Yorl
Railways Corp. See separate statement.
For bid to run busses in Manhattan, see V. 123, p. 1506, under heading
“ Rapid Transit in New York C ity.”
On Aug. 25 1926 the Transit Commission approved the purchase of 90,20(
shares, the entire common stock of New York Rys. Corp. In May 1921
co. and N . Y . Rvs. Corp. had made a joint application for a bus franchise
through the Omnibus Corp. N. Y . Rys. Corp. proposed to eliminati
25 miles of its 75 miles of tracks, and 200 cars and replace them with busses
at a 5-cent fare crosstown and 10-cent fare north and south. The Board
o f Transportation was expected in Aug. 1926 to make a decision in the noa;
future. V. 122. p. 2798. 3081; V. 123, p. 1112.
OFFICERS.— Chairman of Board, John A. Ritchie; Pres., Frederick T
Wood; V.-Ps., Louis H. Palmer and W m. W. Harris; Sec., John E. Me
Carthy; Treas., Geo. L. Williams. Office, 605 W . 132d. St., N. Y . City.—
V. 122, p. 2798, 3081, 3605; V. 123. p. 1112.

INTERBOROUGH RAPID TRANSIT CO.
ORGAN IZATION .— Incorp. M ay 6 1902 in New York
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS
Operates municipal tunnel and elevated lines in New York City; also lease
Manhattan (Elevated) Ry . which see on a following page
Five TotSinLength
Tivo Three Four
Division—of Road. Track. Track. Track. Track. gle Trk.
Subway— Contracts 1, 2 and
__ 87.44
7.18
7.50
extension to 148th St. Y d . 25-72 10.41
Contract No. 3:
__ 0.27
0.11
Atlantic Avenue
6.87
2.02
0.31
Astoria Line
. . . 2.33
0.12 3.19 __ 21.99
Brooklyn L i n e _ __
_
2.37
5.68
__ __ 13.39
0.52
3.69
5.21
Corona Line
4.67
2.31
Clark St. Tunnel Line . . 2.31
0.25 23.14
0.20 5.59
Jerome Avenue Line
6.04
4.42
0.08
0.45 21.15
Lexington Avenue Line
5.00
__ __ 0.55
149th Street Loops
0.55
__ 5.55
2.70
Nostrand Ave. Branch
2.70
__ 21.60
0.34
6.81
Pelham Bay Park Line. _ 7.15
__ 0.24 ____ 7.89
3.26
Queensboro Subway_____ 3.50
15.73
0.83
3.28
Seventh Avenue Line
4.19
4.37
—
0.33 19.15
White Plains Road Line. _ 4.88
0.18
Total Subway Division _ _ 75.26
• Manhattan Division—
Manhattan Ry. Oo. Lines
37.18
8th Ave. ft 162d St. Connec’n. 0.62
Queensboro Bridge Line_____
1.35
Webster Avenue Line
. * . 1.74
West Farms Subway Connec’n 0.50

23.54

29.86

18.63

1.03 249.39

6.79
0.62
1.35
0.03
0.50

27.39

2.84

0.16 128.31
1.26
2.73
5.33

—

—

1.71
—

1.00

0.16 138.63
Total Manhattan Division. _ 41.39
9.29 29.10
2.84
1.19 388.02
Grand total .
_____
116.65 32.83 58.96 21.47
Owns stock o f N. Y . & Queens County R y., 73 miles. V. 80. p. 2621
V. 83, p. 818; V. 86, p. 1100. Announced in Jan. 1923 that trolley limuijQueens would be dropped. V. 116, p. 295.
“ Outside assets" in Oec. 1917. V 103. p 2365.
New Lines.— On Mar. 19 1913 an agreement was signed between the ' O
and this company (V, 94, p. 1507, 1565. V 96, p. 62, 359, 1701) and 'h
B .R .T . Co. (now B. M. T .), providing for the establishment of compre
bensive dual systems of rapid transit serving all boroughs.
Subway Leases. New and Old, to Run 49 Years— Re-Capture.
The lease by the city to the co. o f the new subways is for 49 years from
Jan. 1 1917, but if their completion should be delayed through no fault of the
co., the beginning o f the term will be correspondingly postponed (date now
set Jan. 1 1919); subject, however, to city's right o f recapture after 10 years
The leases o f the original subways as modified expire contemporaneously
with the lease o f the new subways, but are not subject to termination bj
notice except as portions thereof may be taken over in substitution for the
7th Ave. branch or the Lexington Ave. branch o f the new subways in order
to complete a direct longitudinal line, either upon the East Side or upon the
West Side of the city. As to the old contracts. Nos. 1 and 2, see “ Railway
ft Industrial" Supplement of Feb. 1913 and V. 96. p. 1701.
The authorizations and licenses for the elevated railway extensions and
additional tracks are for 85 years from the beginning o f operation, and are
respectively subject to the right of the city to purchase and take the prop
ertv at any time after 10 years upon payment therefor.
Under the pooling agreement with the city which became effective Jan. )
1919, all the receipts of the old and new lines of Interborough system . witl
the exception of the old elevated lines, will be placed in a common pool from
which will be deducted taxes, maintenance oper. expenses, depreciation
the c o .’s preferential and interest and sinking fund payments upon the city's
and the c o .’s investments in the new lines After these charges are paid
the amount o f revenue remaining will be divided equally between the city
and the company. V 107, p 501, 401.
Interest on the securities issued to construct and equip the newlines was
a charge to construction until, and to the extent of, the completion and com
mencement of operation of the new lines Under its contracts with the city
the co. was reported in Jan 1919 to be entitled to take, on basis of convert
ible note issue of 1918. out of the revenues of the I R .T system, an annual
sun which, with $500,000 other corporate income, will provide $17,620,072
as compared with $1.3,101.255 required for interest and sinking fund on
all bonds and notes outstanding in the hands of the public; but in Jan. 1919
not over $9,700,000 o f the sum last named was expected to be a charge
against the earnings o f the year 1919, owing to the delay in putting the new
Unes in operation. See below and V. 108, p. 171. 268: V. 107, p. 1100.
The amounts payable to the co. out of the revenues of its subways (com
pound int. being allowable on any deficiency in any fiscal year) are to be paid
before the city becomes entitled to the int. on its investment under its 1913
subway contract with the co. The amounts payable to the co. out of the
revenues of its elevated lines (compound int. being allowable on any de
ficiency in any fiscal year) are to be paid before the city shares any profit
from the operation o f the elevated lines
When the profits from the operation o f the subway system exceed the
amount o f the c o 's annual prior claim, and after all accumulated deductions
(with int. thereoni shall have been made up to the co., the profits then re­
maining are to go to the city until the percentage of the city’s return upon




85

,ts investment shall equal the percentage of the return received by the co.l
ind thereafter excess profits will be divided equally between the city and the
co. The profits from the elevated system and connections, after all the c o .’sAccumulations shall have been made up, are to be divided equally between
the city and the co.
Readjustment Plan, Dated fa y 1 1922.
The plan o f readjustment for the Manhattan Elevated and Interborougb
properties, outlined below was accepted by the security holders con­
cerned. (V. 115. p. 1730.) The main purpose of the plan was to provide for
the capita I requirements and arrears of the Interborough system, estimated
at about $30,000,000. and to readjust the Manhattan dividend rental.
Under the plan the Interborough Consolidated Corp.. which is the successor
x> the Interborough-Metropolitan Co. as the holding co controlling the
nterborough Rapid Transit C o., will disappear with its $45,740,500 of pref.
stock and its 932.626 no par shares of corn. stock and Its $63.808,000 of coll
trust 4 V % bonds In place of these securities thp $35,000,000 of Lnterboro.
S
Rapid Transit Co. stock will remain V 114. p. 2011; V. 115. p. 2159.
Summary of the Main Features of the Plan.
Manhattan Rental.—The Manhattan rental Is to be payable out of the
iarnings of the combined systems after the payment of interest charges
and is to be at the following rates:
For the fiscal year beginning July 1 1922. 3% .
For the fiscal year beginning July 1 1923. 4% .
For the fiscal year beginning July 1 1924, and subsequent years, 5% .
These preferential payments are to be cumulative and must be made to
& Manhattan stockholders if the earnings exist.
he
In case 4% divs should be paid in any year upon Interborough stock,
iny further distribution of divs. for that year is to be divided upon a pre­
scribed basis between the Tnterborough stock and the Manhattan stock until
tne total divs. upon the Manhattan stock for that year have reached 7% .
Interborough Dividends Limited to 7 % .— No divs. shall be paid upon thecapital stock of the Interborough Co. (a) before July 1 1926, nor (6) out of
Income accruing prior to that date, nor (c) unless and until the foregoing
Manhattan cumulative div. rental and all taxes upon the Manhattan prop­
erty and ail dlv rentals accruing to and incl. July 1 1922 shall have been
paid in full. The divs to be paid upon the stock of the Interborough Co.
In any year prior to July 1 1950 shall not exceed 7% .
After July 1 1950 no div shall be paid in excess of 7% per annum, and
ao other distribution of corporate assets shall he made If such payments
'educe the aggregate net value of the assets of the Interborough Co. below
>35.000.000 unless such div or distribution shall have received the con,ent of the Manhattan directors
Existing Current Obligations and Arrears to be Paid.— Provision is to be
made for the payment of all existing current obligations, including the
arrears of rentals at the present rate and taxes under the Manhattan
lease down to July 1 1922. the beginning of the next fiscal year.
Maintenance and Improvement of Manhattan Property.— Provision is tobe made to insure the application of a proper amount to the maintenance
and Improvement of the Manhattan property, including the installation
of turnstiles at stations and pneumatic control doors for cars.
Sinking Fund of Interborough Bonds Waived Five Years.— The interest
payments on the Interborough 5% first mtge bonds and on the seeu-ei
notes is to continue uninterrupted, but in order to increase the amounts
Available for the improvement of the Interborough properties and other
capital purposes, the sinking fund In respect of the Interborough 5%
mortgage bonds is to be waived for a five-year period.
Notes.— 90G of tile Tnterborough secured notes due Sept. 1 1922 wererenewed for 10 years, the remaining 10 % being paid in cash.
A new issue of $15 009,000 6% notes was aut.h., of which $10,500,000
were issued to provide for capital expenditures
To carrv out nrovlsinnc of the nlan a voting trust was established. Voting
trustees are: Frank Hedley and Frank L. Polk. The voting trust con­
tinued in force until Oct. 1 1927 and was then renewed for another 5 years,
until Oct . 1 1932.
For further details of plan, compare V. 114, p. 2011, 2240.
V A LU A T IO N — V 114. p. 1765.
Payment of All Accruals on Non-Assenting Manhattan Ry. Stock.— B e­
ginning Jan 2 1926 the company paid a regular guaranteed rental of $1 25
per share to holders of non-assenting stock of the Manhattan Rv. For
more particulars see V. 121, p. 1461. See also V. 121, p. 3003. Co. paid
this regular quarterly dividend o f $1.25 up to Oct. 1926 (to cover 3 mos.
ended June 30 1626). The installment due Jan. 1 1927 was deferred as
earnings for 3 mos. end Sept. 30 1926 were declared insufficient. V. 123,
p. 3038. V. 121, p. 2402. See also under “ Manhattan (Elevated) R y.”
Fare Increase.—On May 14 the company renewed Its agitation for a
/-cent fare, see V. 120, p. 2550, 2815. Advertising contract with Street
Rys Advertising Co. of New Jersey for 18 years. V . 121, p. 329. Wag©Agreement renewed for one year till July 1 1926. V. 121, p. 457.
Lawsuit Against Interboro-Metropolilan Co. to recover $8,000,000 paid in
dividends.— See V. 123, p. 3319, under this latter co.’s heading.
1925 Subway Awards.— See V. 122. p. 249, under “ Rapid Transit In
New York City.”
Oo April 10 1926 Court awarded co and Manhattan R R . $975,438 for
removal of 42d St spur
See for details V. 122, p. 2190.
Platforms Ordered Extended.—Co. intended to fight an order given by
the Transit Commission Id April 1926 to lengthen the local station platforms
to at least 480 ft to accommodate 10-car trains, one-half of the cost ($6,000.000' to b» borne by tht city and one half by the co V. 122. p. 2495.
Strike of motormen and switchmen, July 6 to 29 1926. See V. 123. p
S3. 455, 581
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
- ............... $35,000,000 Jan’ 19,2W%
8tock (v t c) $35.000,00 0($1 00)___
1st ft ref mtge $300,000.0001 1913 5 g J-J
162,700.000 Jan 1968
($1,000 &c) gold___ c*ftr* (Guaranty Trust C o.. N Y ., Trustee.
Secured conv notes ($100 &c) ( 1922
7 g M-S
33 815 .860 Sept 1 1932
g o l d _________________c*tf/Bankers Trust C o., N. Y .. Trustee.
10 yr gold notes $15,000.0001 1922
6 g A-O
10,500.000 Oct 1 1932
S’. 00. &c)________ c*&r*tf/Guaranty Trust C o.. N. Y ., Trustee.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Equipment trust certificates) 1923
6 g M-S
280 000 Mar 15 ’28
($1,000) ______________ c*/N ew York Trust Co . N Y Trustee.
Equipment trust certificates f 1924
6V4%
900 000 See text.
Series B ___________________ (New York Trust Co., New York, Trustee.
Equipment trust certificates/ 1924
6%
1,710 000
See text
Series C _________ 1_______ )New York Trust C o., N. Y ., Trustee.
Bonds.— The “ First and Refunding Mortgage” of 1913 is limited to
$300,000,000, of which $170,000,000 was underwritten early in 1913.
In April 1927 $162,700,000 was outstanding and a further $68,944 000
had been pledged to secure the secured convertible 7% notes due in 1932.
Listing, V. 108, p. 2626: V . 124. p.645.
The bonds became, Nov. 1 1913, a first lien on all leasehold and othe»
rights of the company in (a) the existing subways and elevated lines (in­
cluding power houses, sub-stations, equipment, real estate, &c., owned
directly by the Interborough Co. subject to the city’s rights under the lease)
and (6) in the new subway and elevated line extensions and in the author­
ized additional tracks on the present elevated lines. Cumulative sinking
fund of not less than 1% yearly of amount out began July 1918. and is to
retire entire issue. Sinking fund waived for 5 years (see readjustment
plan above).
In case the city shall exercise its right of re-capture of any of the new lines,,
after 10 years from commencement of operation, the moneys so payable
will retire all outstanding bonds issued for constructing and equipping same.
Int payable at Treasurer's office, 165 B ’way, N. Y. City.
Secured Convertible Notes.— ' 0% of the $38,144,000 Interborough secured
9
notes, maturing Sept. 1 1922, were extended as per plan for a period of
ten years, the remaining 10% being paid in cash. The ext. notes are
secured by deposit of $58,944,000 1st ft ref. mtge. bonds of 1966 and are
convertible into 1st & ref. 5s at 80 during the first 3 years, at 85 during the
second 3 years, and at 90 during the last 4 years. Red. in whole or in part
at par and int. and a premium of M of 1 % for each unexpired semi-annual
period of the ten-year term. Int. at office of J. P. Morgan & C o.. N. Y.
Ten-Year 6 % Notes.— Until the payment of these notes the co. maynot
sell or issue any 1 st & ref mtge. bonds, except upon the conversion of lta
secured conv. gold notes (or renewals or extensions thereof) or for the
purpose pf paying the principal of these 10-year 6% gold notes. Red. at
par and int plus a premium o f M of 1 % for each unexpired semi-annual
interest period of the ten-year term. Int. at Treasurer’s office, 165 B’way,
N. Y . City.
In addition to the notes shown in table above, there were outstanding on
June 30 1926 three-year secured convertible 7% gold notes, dated Sept. 1
1918. as follows: Extended at 8 % , $9,700; not extended, $6,000.

86

PUBLIC U TILITIE S

6 % Equipment Trust Certificates of 1923 are due $280,000 annually. Int.
payable at office o f J. P. Morgan & Co., N . Y .
6)4% Equipment Trust Certificates Series B are due $450,000 each Jan. 1
to and incl. Jan. 1 1929.
6 % Equipment Trust Certificates, Series “ C ." are due $570,000 each Nov. 1
to and including Nov. 1 1929.
DIVS.—
1907 <0 1910. 1911. 1912. 1913. 1914 to 1917. 1918. 1919
Since 19 0 5 ---% 9 yearly
10)4
15
12
20% yrly.
15
2)4
In July 1918 reduced div. to 2)4% quar. (10% p. a.) and in Oct. 1918
and Jan. 1919 paid at that rate. In Feb. 1919 failed to declare any divi­
dend for April 1. See V. 108. p. 878.
EAR N IN G S.—
Results by Divisions for Years Ended June 30.
----------------1927-------------- ---------------1926--------------Manh. Ry.
Subway
Manh. Ry.
Subway
Year Ended June 30— Division.
Division.
Division.
Division.
Passengers carried_____ 359,019,660 814,626,596 346,204,504 784,280,073
Daily avge. pass, carried
983,615
2,231,854
948,506
2,148,712
Rev. from transport’^ - $17,950,983 $40,731,330 $17,310,229 $39,214,004
Other street ty. op. rev. 1,568,695
3,065,080
1,754,937
3,429.645
Gross oper. revenue. $19,519,678 $43,796,410 $19,065,166 $42,643,649
Operating Expenses—
Maint. o f way & stru c.. $1,284,395 $2,903,702 $1,254,488 $2,827,274
Maint. of equ ipm ent...
1,448,360
4,541,688
1,414,635
4,422,146
Traffic________________
228
178
278
277
Transportation expenses 8,173,095 13,917,733
7,571,049 13,024,059
General expenses_______ 1,224,537
2,081.751
1,063,202
1,963,405
Total oper. expenses..$12,130,615 $23,445,051 $11,303,652 $22,237,161
Net operating revenue.. 7,389,063 20,351,359
7,761,514 20,406,488
2,429,222
1,077,601
2,435,505
915,278
Taxes_________________
Income from operation $4,959,842 $19,273,758
Non-operating incom e..
75,434
181,742

$5,326,009 $19,491,210
84,960
192,019

Gross income________ $5,035,276 $19,455,450
Int. & sk. fd. on city bds.
2,655,569
Int. on I. R. T. Co. 1st &
ref. mtge. 5 % bonds. . 1,457,159
6,640,807
Sk. fd. on l.R .T . Co. 1st
& ref. M . 5% bonds. _
611,810
1,764,186
Interest on 7% notes__
1,082,562
1,280,222
Int. on 10-yr. 6 % notes.
31,390
517,347
Int. on equip, trust ctfs.
215,825
Int. on Manh. Ry. cons.
mtge. 4% bonds____
1.627,320
Int. on Manh. Ry. 2d
mtge. 4% bonds____
180,920
Man. Ry. rental (organ.)
50,000
Div. rental on Manhat­
tan R y. Co. stock____ 3,086,756
Int. on inv. of depr. res.
48,800
Int. on unfunded debt-_
17,482
39,453
Other rent deductions. .
228.718
3,739

$5,410,969 $19,683,229
2,655,186

Total income deduc’ns $8,374,118 $13,165,948
Net corporate income defdf$3338,843 $6,289,551
Maint. expend, in excess
of contrac’l provisions. 1,570,287
Cr.90,466

$8,380,500 $13,288,658
$2,969,531 $6,394,571

1,445,244

6.628,823

631.949
1.088,456
21.900

1.821.804
1,290.617
504.999
291,322

1,627,320
180.920
50,000
3,066,486
27,772
240,453

1,156,347

48,800
41,539
5,567

Cr. 175,002

Balance__________ defdf$4909,130 $6,380,017 $4,125,878 $6,569,573
The annual report o f the company for the year ended .Tune 30 1925 shows
a deficit o f the Manhattan Ry. Division of $4,533,758 and a surplus of
$4,188,250 for the Subway Division. For year ended June 30 1924 shows
a deficit for the Manhattan Ry. Division of $3,718,286 and a surplus of
$3,359,260 for the Subway Division.
Statement o f Operations for Years Ended June 30.
1Q 97

iqofi

iq ?s

1Q94

Miles of road June 30— 116.65
115.67
114.79
114.79
Miles o f track June 30 -388.02
385.85
382.96
378.68
Passengers carried____1,173,646,256 1130484647 1089544.225 1074343,243
Gross oper. revenue___ S63.316.088 $61,708,814 $58,418,991 $57,773,775
Operating expenses_____a35,575,666 33,540.813 a33,088,385 33,841,415
T axes_________________ 3,506,823
3.350.783
3,299.590
2,763,530
Operating income____$24,233,600 $24,817,218 $22,031,016 $21,168,831
Other income_________
257,176
276,980
292.200
402,763
Gross income________ $24,490,775 $25,094,198 $22,323,216 $21,571,593
Int. & s. f. on city bonds 2,655,569
2.655.186
2.644.905
2,610,999
Int. on co. lst& ref. 5s._ 8,097,967
8,074,067
8,070,962
8,066,992
b S. F. on co. 1st & ref. 5s 2,375.996 2.453,753 2.217,080 2.170.556
Int. on Man. R y. cons. 4s 1,627,320
1.627.320
1,627,320
1.627.320
Div. rental M an.Ry.stk. 3,086,756 c3,066,486 c3,065.310
2.723,877
3,792,346
3.550.852
3.300.672
Other interest, &c______ 3,696,459
Total deductions..........$21,540,066 $21,669,158 $21,176,429 $20,500,416
Net incom e........................$2,950,709 $3,425,040 $1,146,787 $1,071,177
a A ccruals-...................... 1,479.821
981.345
1,492,296
1,430,203
B alance_____________$1,470,888 $2,443,695 def.$345.508 def.$359.026
a From the commencement of operations under Contract No. 3 and the
related certificates, respectively, it has been the practice to include in all
reports o f operating expenses 14% of the gross operating revenue upon the
Manhattan Division and 17% on the Subway Division to cover maintenance
and depreciation. These are the percentages fixed for the first year of oper­
ation in each cash. Negotiations have been pending between the company
and the.Commission ever since the end of the first year to determine what.
If any, changes in these percentages should be made for subsequent years.
Prior to July 1 1923 the amount expended in excess o f 14% upon the Man­
hattan Division was approximately offset by the amount under 17 % expen­
ded upon the Subway Division. But during the current year there have
been expenditures upon both divisions considerably in excess of the tentative
percentages provided for the first year. The net expenditures for mainten­
ance in excess of the amounts therefor included in “ operating expenses” are
shown hereinabove as “ maintenance expenditures in excess of contractual
provisions.”
b Under the plan o f readjustment, payment of the si, an (fund is deferred
until July 1 1926 on condition that, prior to that dateiok ^amount equal to
the deferred sinking fund be expended on additions or improvements to the
property.
c Reserve to cover amount o f additional rental which may become pay­
able to owners of Manhattan R y. C o .’s stock not assenting to the plan of
readjustment for the period from July 1 1924 to June 30 1925_
_
$65,310
Dividend rental on $60,000,000 Manhattan Ry. C o .’s stock
under the plan o f readjustment______________________________ 3,000,000
Total____ ________ ___________________ _____________________ $3,065,310
Latest Earnings.—For the month o f July 1927 see V. 125, p. 1192.
OFFICERS.— Pres. & Gen. M gr., Frank Hedley; V .-P ., Earl E. Starbard; Sec. & Treas., H. M . Fisher; Asst. Sec., A. C . VVigren. Office, 165
Broadway, N. Y.— V. 122, p. 91, 94, 480. 610, 1309, 1762, 2190, 2495,
3082, 3339, 3605: V. 123, p. 83, 455, 581, 710, 1251. 1502. 1634, 2133,
2260, 2387, 2777. 3038, 3319; V. 124, p. 506, 645, 1359, 1979, 2427, 3352;
V. 125, p. 94. 648, 780, 1192, 1708, 1832, 1837, 2140, 2263.

MANHATTAN R Y. (ELEVATED).
ORGAN IZATION .— Lease.— The Interborough Rapid Transit Co.
leases the road for 999 years from 1875. Divs. were originally guaranteed
at rate o f 7% per ann., but under terms o f readjustment plan rental was
reduced as follows: For fiscal year beginning July 1 1922, 3% ; for fiscal
year beginning July 1 1923, 4% ; for fiscal year beginning July 1 1924 and
subsequent years. 5 % . These preferential divs. are payable out of the earn-




[V ol. 125,

ings of the combined Interborough R. T . and Manhattan Ry. systems after
Che payment of interest charges, and are to be cumulative. In case 4%
divs. should be paid in any year upon I. R. T . stock, any further distribu­
tion for that year is to be divided upon a prescribed basis between the
Interborough stock and the Manhattan stock until the total divs. upon the
Manhattan stock for that year have reached 7 % . See Interborough Rapid
Transit Co. above.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns elevated railroads in the boroughs of Manhattan and the Bronx,
N. Y . City, main line and branches, 37.18 miles, with 91.13 miles of 2d,
3d, 4th and 5th track, sidings, &c.; total track, 128.31 miles; 3d rail electric.
The 2d, 3d and 9th Ave. lines, under agreement with the city made in March
1913. have been largely 3-tracked, the Interborough Rapid Transit Co.
supplying the funds.
Decision.— Supreme Court Justice Ford, in a decision handed down
Feb. 18 1924 in a Manhattan stockholder’s suit to recover from the Interborough company back dividends on the Manhattan guaranteed stock,
held that the Interborough company must pay the 7% dividend rental to
stockholders who declined to participate in the Interborough-Manhattan
readjustment plan. V. 118, p. 794. A similar decision was handed down
by Justice Mullan in May 1924. Y. 118, p. 2437. Affirmed by Appellate
Division of N. Y . Supreme Court April 3 1925. Affirmed by Court of
Appeals. It is estimated that only 5% of the stockholders of the Man­
hattan Co. are affected.
On April 10 1926 court awards company and the Interborough Rapid
Transit Co. $975,438 for removal of 42d Street spur. For details see
V. 122, p. 2191.
Payment of All Accruals on Non-Assenting Manhattan Ry. Stock Begins
Oct. 1 1925. See under ‘‘Interborough Rapid Transit C o.” on a previous
page (V. 121. p. 14611. V. 120. p. 1747; V. 121, p. 329 586. See also
under “ Dividends."
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $60,000,000 ($100)------- -------See text $60,000,000
See text
Manhattan Elev cons (now/ 1890
4 g A-O
40,683,000 Apr 1 1990
first) mtge ($1,000, &c)i Central Union Trust Co., New York, trustee.
g o ld ---------------------- c*&rtf I
2d mtge $5,409,000 gold! 1913
4 g J-D
4,523,000 June 1 2013
callable at 105____________ (Equitable Trust C o., N. Y ., trustee.
Bonds.— Consols beyond $40,000,000 may be issued for extensions at
$300,000 per mile of single and $600,000 per mile of double track. Of the
bonds, $12,712,000 are tax-exempt. Int. payable at 165 B’w ay, N. Y . City.
After all the $5,409,000 2d M . bonds have been issued, all further capital
expenditures must be financed by the Interborough R . T . Co. V. 103,
p. 1118; V. 51, p. 248; V. 87, p. 285.
In Feb. 1916 $4,523,000 4% 2d M . bonds were sold to reimburse the Inter­
borough R. T. Co. for improvements and additions furnished under lease,
&c. The 2d mtge. is made superior in lien to the lease to the Interborough.
Int. payable at 165 B’way, N. Y . City. V. 106, p. 822; V . 103, p. 1118;
V. 102, p. 609, 712, 800; V. 97, p. 1115. 1504.
Dividends.— On Jan. 1 1923 paid 1)4% : also paid 5)4% in scrip warrants
of l.R .T . Co. payable on Nov 1 1923, being arrears of divs. at 7% per ann.
up to and incl. div. due July 1 1922 (V. 115, p. 2580): Apr. 2 1923 paid *4 %
quar.; July 2 1923 paid 60c. ner share; Oct. 8 1923 paid 1 % quar.; Jan. 1924
dividend was omitted; April 1924 paid 1 %; July 1924 paid 1 % quar. and
15 cents balance due on account of July 1923 dividend: Oct. 1 1924, paid
1%, being payment deferred in Jan. 1924; Nov. 1 1924 paid 1)4% : Jan. 1
1925 div. deferred. On April 1 1925 paid 1)4% : on July 1, 1)4% plus
1)4%, being the payment deferred in Jan. 1925. V. 120, p. 2943. On
Oct. 1 1925 75c. quar. rental div. per share on stock of record Sept. 22
was paid to stockholders of the Manhattan R y., who subscribed to the
readjustment plan. See for explanation of this dividend amount V. 121,
p. 1462. On Jan. 1 1926 the Interborough Rapid Transit Co. paid 27c.
i share (representing the amount due under thp readjustment plan, based
on operating results for the quarter ended Sept. 30 1925) on account of the
quar. rental div. to stockholders of the Manh. Ry. Co. who subscribed
to the readjustment plan of 1922. Holders who did not assent to that
plan, were receiving their $28 a share in accumulated dividends which
were declared payable beginning Oct. 1 1925. It was said that the lnterb.
R. Tr. Co. did not intend to withhold payment until forced in each in­
dividual case by court action. V 121, p. 2874. Non-assenting 7% stock­
holders were paid a regular quarterly rental of $1 75 ner sharp in Jan. and
also in April 1926. In July 1926. $1.75: Oct. 1926. $1.75 and quar. since.
V. 121. p. 3003. In April 1926, $1.25 was paid as the regular quar. div.
rental to assenting stockholders. In July 1926 the regular quar. div. of
$1.25 was paid plus 50c. representing deferred rental on account of insuffi­
cient earnings on Oct. 1 1925 and 98c. covering similarly deferred rental on
Jan. 1 1926. V. 122, p. 3341. In Oct. 1926, $1.25. This latter payment
covered the 3 mos. end. June 30 1926. . As the earnings for the 3 mos. end.
Sept. 30 1926 were Insufficient the Interborough Rapid Transit Co. deferred
the installment due Jan. 1 1927. V. 123. p. 3038. In April 1927 paid
$1.25 on guar, stock, subject to plan of readjustment. V. 124, p. 1360.
On Sept. 1 1927 rental div. of $1.25 a share was paid on Manhattan Ry.
5% modified guar, stock on account of accumulations during year ended
June 30 1927. V. 125, p. 780.
EARNINGS.— See report of Interborough Rapid Transit Co. above.
OFFICERS.— Pres., William Roberts; V .-P ., James F. Hughes; Sec. &
Treas., P. V. Trainque.— V. 120, p. 1327; 1747. 2943; V. 121, p. 329. 586,
1461,1462,2874,3004: V. 122, p . 1310.2191. 3340; V. 123, p.1504,3038:
V. 124, p. 507, 1360, 3352; V. 125, p. 780, 1837.

B ROOKLYN CITY RR. CO.
ORGANIZATION.— Incorp. in New York in 1853. Was leased on
Feb. 14 1893 to the Brooklyn Heights R R . Co. for 999 years, the leasie
guaranteeing all fixed charges, organization expenses, taxes and 10 % div dend [Oct. 1919 and subsequent dividends not paid— see B. R. T . below} on
$12,000,000 of stock (par $10). The lease was nominally to the Brooklyn
Heights R R . C o., but the Brooklyn Rapid Transit Co. (now B .-M .-T .)
owned entire capital stock of the Brooklyn Heights Co. The Brooklyn
Heights R R . Co. was placed in the hands of a receiver July 14 1919, and in
accordance with the decree of U. S. District Court, dated Oct. 16 1919, dis­
affirmed the lease and returned the property to the Brooklyn City R R . Co.
Oct. 19 1919. In Oct. 1923 we were informed that the Brooklyn Heights
Co. was being liquidated. No further information. In 1926 co. offered
Jointly with B .-M . T . Corp. to supply supplemental bus service in the
Borough of Brooklyn
FIELD OF OPERATIONS.— Owns 209 miles of track and operates
approximately 219 miles. Has approximately 991 motor passenger cars
and 131 motor service cars. From 1923 to the fall of 1925 a total of 535
new modern type cars were placed in service. Power is purchased from
B .-M . T.
Guaranty Fund.— Under the terms of the lease it was provided that a fund
of $4,000,000 should be deposited with certain trustees by the Brooklyn
Heights R R . Co. as a guarantee of the performance of the terms o f the lease.
It was further provided that in the event of the termination of the lease by
reason of any breach, default or omission, the “ said guaranty fund of
$4,000,000 . . . shall at once become the sole and absolute property
of the lessor.” This guaranty fund consisted of the following: $2,000,000
Brooklyn Queens County & Suburban first mtge. 5% bonds: $1,627,000
Brooklyn City R R . first 5s; $125,000 Brooklyn City R R . refunding 4s;
$25,000 B. R. T . first 5s; $250,000 B. R. T. first refunding 4s.
By agreement dated N ov. 19 1923, the Guaranty Fund controversy was
adjusted as follows: $275,000 Brooklyn City R R . ref. 4s held by the B . M . T.
were substituted for the $250,000 B. R . T . ref. 4s and $25,000 B. R. T . 1st
5s. All the Brooklyn City R R . bonds, consisting of $1,627,000 5s and
$400,000 4s, were delivered free and clear to the Brooklyn City R R . Co.
$2,000,000 Brooklyn Queens County & Suburban 1st mtge. 5s were delivered
to the B. M . T . under a stipulation that the Brooklyn City R R . should
receive a $2 ,000,000 offset against any recovery on the so-called $ 10 ,000,000
construction suit. It was further provided that if there should be no re­
covery on the construction suit, then Brooklyn Queens County & Suburban
bonds should be returned to the Brooklyn City R R . Co. or the pro rata
amount of the recovery, should It be less than $2 ,000,000.
The company has no power houses of Its own but has a contract with the
B .-M . T . by which it is suppjec, with power.
The company has a claim against the B. R . T . for the demolition o f the
Brooklyn City power house.
Suit.— The receiver for the B. R . T . brought suit against the company k >
recover $10,000,000, alleged to have been expended by the Brooklyn

Oct., 1927.]

POW ER, L IG H T AND R A IL W A Y

Heights Co. under Its lease. The company in its answer denies any lia­
bility. V. 113, p. 2612.
Objections to Valuation of Transit Commission.— V . 114. p. 1285
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Oap’l stock 816,000.000 ( $ 1 0 ) . ____
_______ $16,000,000 See text.
Refunding mtge $6,925.0001 1906 4 g F-A
Z525.000 Aug 11956
($1,000)_______________n tf lint, at Brooklyn Trust C o.. Brooklyn, trust
First consolidated mortgage) 1891 5 J-J
1/6 .000.000 July 1 1941
$6.000,000____________ n tf (Int. at Kings County Trust C o.. Bklyn. trus
Equip trust certifs Series A\ 1925
5 g J-J
3.000.000
See text
($500 & $1,000) gold._c*tf /Brooklyn Trust Co., Brooklyn, N . Y ., Trus
x $400,000 owned by company and held alive (see “ Guaranty Fund’ ’
above). y $1,627,000 owned by the company and held alive (see " Guaranty
Fund" above) were sold in July 1925.
Bonds.— Mortgage of 1891 is for $6,000,000 and is a first lien on the old
Brooklyn City road and a consolidated lien on the lines acquired by consoli­
dation in 1890. The bonds are not subject to call. In July 1925 Haisey,
Stuart & Co., Inc.; White, Weld & Co. and W. C. Langley & Co. sold
$1,627,000 at 96 and int. to yield approximately 5 % % . V. 121, p. 72.
The refunding bonds are subject to call at 110 and interest. V. 82, p.1437
Equip, trust certifs. Series A are due $375,000 each Jan. 15 1926 to 1935
Principal and divs. payable in New York and at office of Halsey, Stuart &
C o., Inc., In Chicago. $3,750,000 were sold in Jan. 1925 by Halsey,
Stuart & C o., Inc., at prices ranging from 96.21 and divs. to 100.46 and div.,
to yield from 434% to 534%. according to maturity. V. 120, p. 328.
New Bond Issue.— On Dec. 7 1926 stockholders approved a plan to create
a new general and refunding mortgage o f unlimited amount and issuance of
$2,500,000 for the present. For particulars, see V. 123, p. 3036.
Dividends.— Following the termination of the lease (see above) in Oct.
1919, no dividends were paid until Dec. 15 1922, when a dividend of 20c. per
share was paid. V. 115, p. 2158. In 1923: March, 20c.; June, 20c.; Sept..
25c.; Dec., 25c. In 1924, Mar., 25c.: June, 25c.: Sept., 25c.; Dec., 20c.
and 5c. extra. In 1925, M ar.. 20c.; June. 20c.; Sept., 20c.: Dee., 20c.
In 1926, M ar., 20c.: June. 20c.; 8ept., 20c.: Dec.. 10c. In 1927. M ar.. 10c.
omitted dividend due in June. In Sept. 1924 a stock div. of 33 1-3% was
paid. V. 119, p. 323, 809.
EARNINGS.— For 12 mos. ended June 30:
Oper. Rev. Net after Tax Other Inc.
Deduc’ns. Bal..Surp
1927...............--$11,460,585 $1,428,623 $255,031 $563,066 $1,120,588
1926.............. 11,677,916
1,946,104
92.854
616,222 1,422.736
1925................. 11,663.679
1.810,617
101,941
500.982
1 411.576
*1924________ 12.063.099
2.356.296
163.160
517.736
2.001.720
xl923 ________ 11.986,253
2.625.612
210.942
581.338
2,255.215
x Including earnings of the Brooklyn City Development Corp., which
company was dissolved in Aug. 1924.
OFFICERS.—-Chairman o f Board, ______________; Pres., H Hobar*
Porter; Vice-Pres. & Gen. M gr., Clinton E. Morgan: V ’ee-Pres. & Treas,Geo. W . Jones: Sec., S. B. Olney; Aud., E. H. Reed.— V. 120. p. 208, 328,
581.701.2145: V. 121. p. 72, 456, 584, 1454, V. 122. p. 478. 2649 V. 123.
p. 579. 841, 1627, 2517. 2773. 3036. 3180: V. 124, p. 370, 642, 1065, 2426,
2586, 2746, 3769; V. 125, p. 779, 1832, 1965.

NEW Y O R K RAILW AYS CORP.
Control.— The entire common stock (90.200 shs.) was acquired by Fifth
Ave. Coach Co. on Aug. 31 1926. See also V. 122, p. 3083; V. 123, p. 1114.
ORGAN IZATION .— Incorp. in New York April 15 1925 to succeed the
New York Rys. Co., sold at foreclosure, as per reorganization plan of
July 18 1924. See “ Public Utility Compendium’ ' of May 2 1925, where
also is given a history of New York Rys. Co. and its subsidiaries. V. 120
p. 2270. 2269. On M ay 1 1925 the New York Rys. Corp. took over the
operation of the system from the receiver o f the New York Rys. Co.
As of June 30 1927 the number of shares of stock o f subsid. cos. acquired
or deposited under the above plan of reorganization and the number of
shares yet to be acquired were as follows:
Shares, par $100.
Acquired. Outstanding
Bleecker & Fulton Ferry R R . C o__________________
8.853
147
B’way & Seventh Ave. RR. Co___________________
17 604
3.396
Chistopher & Tenth St. R R . C o___________________
4 230
2,270
42nd St. & Grand St. Ferry R R . C o________________
7.154
326
Sixth Ave. RR. C o_______________________________ x l 8 487
xl,513
Twenty-third St. R y. C o_________________________
5.92’»
72
Thirty-fourth St. Crosst. R y. C o__________________
10,000
............
x Par value $85.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The corp. controls the entire trolley service in Manhattan except that
of the Second Ave. R y., the Third Ave. System, the Ninth Ave. and the
the Eighth Ave. lines, each o f which are under independent management
and the Fourth & Madison Ave. line, operated by the New York & Harlem
RR.
The corp. owns as of Dec. 31 1926 30.38 miles o f underground electric
track and 2.995 storage electric track. total 33.375 miles o f track. Operates
under agreements with controlled companies 39.573 miles o f track (37.012
underground electric and 2.561 storage electric): and has trackage rights
over 3.320 miles o f other lines. The total trackage operated is 70.268 miles
70.670 underground electric and 5.598 storage electric).
The system owns and controls the following cars as of June 30 1926:
Underground
Storage.
Total
Revenue cars________________________________ 738
10
7^8
Non-revenue cars___________________________ 95
*3
98
Total............................
833
13
846
* Horse non-revenue cars.
The system purchases a.-c. power from outside sources and distribute
same through 6 sub-stations.
The corp. controls through ownership of the majority o f the stock (and
proposes to acquire the entire balance o f the outstanding stocks) of the
following companies which are operated under operating agreement:
Bleecker St. & Fulton Ferry R R ., Broadway & Seventh Ave., Christopher
& Tenth Sts. R R ., 42d St. & Grand St. Ferry R R ., 23d St. R y., Sixth
Ave. R R ., 34th St. Crosstown R y.
Franchises.— M ost of the franchises are perpetual.
After exchange of the old for the new securities, as per the above-mentioned
reorganization plan, the capitalization o f New York Rys. Corp. was to be
approximately as follows:
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Com 90,200 shs (no par)__________
_______
90.200 shs. __________
Preferred (no par)___________ _____
$7
184,830 sh. __________
6th Ave pur mtge 40-yr 5% g f 1925 5 g J-J
$300,000 Jan 1 1965
$300,000 ($1,000, $500 and]Central Union Trust Co., N. Y . City, Trus.
$100 _________________ c*tf 1
Central Crosstown pur mtge
($1,000, $500 & $100)___ c 1925 6M -N
179.900 May 1 1940
Prior lien M g $50,000,000/ 1925 6g J-J
4.033,000 Jan 1 1965
Ser A ($1,000)_______ c*tf\Central Union Trust Co., N. Y ., trustee.
40-yr in cg bonds $21,000,000) 1925 6
20,686,000 Jan 11965
($1,000)______________c*tf] Guaranty Trust Co., N . Y . City, Trustee.
Stock.— The pref. stock is entitled to non-cumul. divs. at the rate of $7
per share per annum. Is red. at $100 per share, but has no preference as to
principal in case of-liquidation or dissolution. Listed on N. Y . Stock
Exchange. The com. stock has the entire voting power. For distribution
of $10 per share of common stock as the result o f sale to Fifth Ave. Coach
Co. see V. 123, p. 3039.
Bonds.— Sixth Ave. purchase bonds are secured by a first lien on certain
land formerly owned by and acquired from the Sixth Ave. Co. and on all
subsequent improvements and additions to land and buildings. Limited
to $300,000. Red. in whole on 60 days’ notice at par and interest.
The Central Crosslown purchase mortgage bonds were issued in exchange
for the $250,000 Central Crostown 1st mtge. bonds due N ov. 1 1922 as part
payment after consummation o f the reorganization plan by foreclosure
sale. Holders o f old bonds received for each $1,000 bond or certificate of
deposits (1) $800 N. Y. Rys. Corp. Central Crosstown purchase 6 % bonds
and (2) $404 50 in cash (being $200 principal and $204 50 on account of




87

interest. See V. 122, p. 881. The mtge. provides for a payment of
$ 10.000 at the end of each year to be applied to the purchase or redemption
of said bonds until th .principal amount has been reduced to $ 120 ,000.
V. 122, p. 1916. $20,100 have been acquired for sink. fund, and cancelled.
The total authorized amount of prior Hen mtge. gold bonds is $50,000,000.
Series A bonds are dated April 20 1925 and mature Jan. 1 1965. They bear
int. from Jan. 1 1925. Are red. whole or part by lot at 105 and int. The
bonds are secured by a general mtge. on c o .’s property and a first lien on
real estate of the co., also on 382 electric cars, 23.43 miles of underground
electric and appurtenances and on substantial percentages of the stock
of company's subsidiaries. V. 122, p. 1762. Listed on New York Stock
Exchange. V. 122, p. 2192.
The 40-yr. 6% income gold bonds, due Jan. 1 1965 are secured by lien
Junior to the prior lien mtge. on the property covered by that mortgage.
Are red. as a whole on 60 days’ notice at par and int. Int. is cumulative
from and after Jan. 1 1925, and shall be paid on April 1 1926. and on each
succeeding April 1 incl. April 1 1930 only if and to the extent that the
board of directors shall determine to make such payment; thereafter int.
not exceeding 6 % in any year shall be paid on April 1 1931 and each suc­
ceeding April 1 incl. April 1 1964, only if and to the extent that the available
net income of the co. for the calendar year ending the next preceding
Dec. 31 shall suffice for payment, and be declared by the board of directors
to be then payable; and thereafter all accumulated and unpaid int. shall
be paid at the maturity of the bonds. No divs. may be declared or paid
either on pref. or com. stocks or any other stock of the company until
all accumulated and unpaid int on the income bonds has been paid or
declared. Listed on N. Y . Stock Exchange in Oct. 1925. V."121, p. 2157.
EARNINGS.— For years ended June 30:
1927.
1926.
Operating revenues_____________________________ $7,081,125 $7,475,976
Operating expenses and taxes____________________
5,953,795
6,165,210
Operating income_____________________________ $1,127,329 $1,310,766
Non-operating income___________________________
94,272
86,739
Gross income_________________________________$1,221,601 $1,397,505
Deductions____________ ________________________
984,824
939,572
Net income fexcl. of int. on income basis)______
$236,777
$457,932
OFFICERS.— Pres., Hugh J. Sheeran; V .-P ., W. G. Strait; Gen. A tt’y,
H. J. Smith; Sec. & Treas., F. B. Gordon; Asst. Treas. & Asst Sec., T . G.
Walker: Aud.. G. V. Owen. General offices, 123 W. 146th St., N. Y. City.
V. 120. p. 2269. 2270. 2401, 2551, 2817; V. 121, p. 200. 2039, 2157, 2875;
V. 122. P 348: V. 122 tv 2192. 3983, Y. 123, p. 1114, 3039, 3320: V. 124,
p. 112, 2280, 2428, 2908, 3067, 3496.
CONTROLLED COM PANIES.— The New York Rys. Corp. owns a
majority of the capital stocks of all the under-mentioned sub. cos. The
corp. is endeavoring, under the reorganization agreement of New York
Rys. Co., to acquire through exchange of securities the entire outstanding
balance?;’ he cap'tal stocks of these subsidiaries
(1) BLEECKER ST. & FULTON FERRY RR.
Road was leased to 23d St. R y. on Jan. 10 1876 for 99 years at an annual
rental of 1 % % on capital stock of Bleecker St. Fulton Ferry & R R . (9.000
shares, par $100), and interest of first mtge. bonds of Bleecker St.& F. F .R R .
STOCK AND BONDS—
Par. Interest
Outstanding. Maturity.
Stock------------------------------------ $100
______
$900,000 See text
1st M gold were formerly 7sJ 1,000
4 g J-J
700,000 Jan 1 1950
extended in 1900 as 4 s .n tf (Guaranty Trust Co., New York, trustee.
(2) BROADWAY & SEVENTH AVENUE RY.
STOCK AND BONDS—
Par. Interest. Outstanding. Maturity.
Stock $2,100,000 ($100)_______ $100
______
$2,100,000 See text
Bway & 7th Ave cons mtge of f 1000
5 g J-D
*8.365.000 Dec 11943
1893 for $12,500,000_ ntf-jChatham-Phenix N at’l Bank & Trust C o.,
_
* In addition $2,635,000 of these bonds were purchased in Dec. 1925
and held by trustee, from proceeds of sale of property
Bonds.— The consol, mtge. bonds of 1893 are non-callable. Denom.
of $ l, 000c* and $ 1,000 and multiples of $ l, 000r.
In June 1925 $2,850,000 additional bonds were issued to be exchanged
under the reorganization plan of N . Y . Rys. Co. for $1.500.000 Broadway
surface bonds, $350,000 South Ferry bonds and $1,000,000 Broadway
1st mtge. bonds which were outstanding. The above capitalization table
assumes that this exchange of securities was completed. No exact figures
were available at the time of going to press.
Above trustee asked for tenders until noon Dec. 21 1925, having approx.
$2,000,000 available for the purchase of these bonds. V. 121, p. 2873;
V. 124, p. 2905; V. 125, p. 1459.
(3) CHRISTOPHER & TENTH STREETS RR.
STOCK AND BONDS—
Par.
Interest. Outstanding. Maturity.
Stock ($100)________ ________ $100
_____
$650,000
See text
Bonds.— $210,000 1st mtge. bonds extended in 1898 until Oct. 1 1923
are all owned by New York Rys. Corp.
(4) FORTY-SECOND ST. & GRAND ST. FERRY RR.
Capital stock $748,000 outstanding (par $100), the majority of which
Is owned by New York Rys. Corp.
(5) TWENTY-THIRD STREET RY.
Road was leased April 25 1893 to New York Rys. for unexpired term of
its charter, for annual rental of 18% on par value of capital stock (6,000
shares par $100), all taxes, charges, &c. Also leased Bleecker St. & Fulton
Ferry R R . lines. See this latter company above.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock ($100)______________________
_____
$600,000 __________
First mortgage $250,000_____ 1873 6 J-J
250.000 Jan 1 1965
Debentures ($1,000)_________ 1886 5 J-J
150.000 Jan 11965
Impt & ref mtge $1,500,000/1912
5 g J-J
1.500,000 Jan 1 1962
($1,000) gold guar______ c*\Bankers Trust C o., New York, trustee.
Bonds.— The impt. & ref. mtge. bonds are red. in whole or in part at the
option of the co. or for the sink, fund on any int. date at 107 and int. on
4 week’s notice. Sinking fund of $1,102 85, payable semi-annually with
accretions; when $400,000 gonds shall have been acquired they shall be
canceled. Tax exempt in N . Y .
The $250,000 1st mtge. bonds, due Jan. 1 1909 and the $150,000 deben­
tures, due Jan 1 1906 were extended under the reorganization plan of
N. Y. Rys. Co. to Jan. 1 1965. In 1926 N. Y . Rys. Corp. issued $312,500
of its prior lien mtge. bonds, series A, due Jan. 1 1965, to provide for the
exchange of $200,000 23d St. R y. 1st mtge. bonds for a like amount of
N . Y. Rys. Corp. prior lien bonds, and for exchange of $150,000 23d St.
R y. debentures for $112,500 N. Y . Rys. Corp. prior lien bonds. See V
123, p. 3320 under heading “ New York Railways C orp.”
(6) SIXTH AVENUE RR.
Capital stock $1,700,000 (par $85) outstanding, the majority of which
Is owned by N. Y. Rys. Corp. In Jqne 1925 the par value of the capital
stock was reduced from $100 to $85 per share.
(7) THIRTY-FOURTH STREET CROSSTOWN RY.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock ($100)___ ______ ____________
_______
$1,000,000 __________
1st mtge ($1,000)________ n tf/ 1896
5 A-O
1,000,000 April! 1996
/Central Trust C o., New York, trustee-

TH IR D AVENUE RY.
ORGANIZATION.— Incorp. in New York on April 20 1910 and on
Jan. 1 1912 (Court of Appeals having affirmed the decision of the Appellate
Division of Supreme Court, which reversed the order of the Public Service
Commission, refusing to approve reorganization plan; subsequently ap­
proved by the Commission on Jan. 17 1912. V. 94, p. 209; V. 93, p. 1464;
V. 92. p. 1637, 1567; V. 91, p. 338.) Took over the property of the old
Third Avenue R R ., sold at foreclosure on Mar. 1 1910. V. 93, p. 1535.
Owns all or practically all of the stock of the following: Union Railway.
Dry Dock East Broadway & Battery, 42d Street, Manhattanville & St.

PUBLIC U TILITIE S

88

Nicholas Ave., Yonkers R R ., Westchester Electric. Southern Boulevard,
Kingsbridge B y.. New York City Tnterborough, New York Westchester &
Connecticut Traction Co Mid-Crosstown R y . C o .. Inc. Belt Line Railway
Corporation, Pelham Park & City Island R y., Bronx Traction C o., Third
Avenue Bridge C o., Kingsbridge C o., North Street Transp. Corp., West­
chester Street Transp. Corp., Eastchester Transp. Corp. and Hastings Ry
C o.. Inc., also the $1.487,000 outstanding 20 mtge. income bonds of 42d
Street Manhattanville & St. Nicholas Ave. Ry., the $2,164,000 bonds of
42d Street Manhattanville & St. Nicholas Ave. Ry., the $2,164,000 bonds
of the New York City Interborougn Ry. ana the $1,750,000 5% bonds of
the Belt Line Railway Corp. With the New York Railways, the Coney
Island & Brooklyn R R . and the Brooklyn Rapid Transit C o., controls the
Brooklyn & North River R R ., operating over Manhattan Bridge. (This
company ceased operating on Oct. 4 1919. V. 109. p. 1461.) Purchase
in 1926 of Westchester Street RR. property, see below under “ Union Ry
C o ." V 123. p .583.
The Surface Transvortation Corp., a subsidiary has been granted a
certificate o f convenience and necessity by the Transit Commission,
authorizing it to operate 12 bus lines in the Bronx. V. 125, p. 1582.
C A R S .— Owns 1.133; controls 510; total. 1,643 cars.
Valuation.— For appraisal of system in 1918, see V. 106, p. 1462.
Objections to Valuation of Transit Commission.— Y . 114, p. 1288.
AfiUcs
R O A D — Operated—
Miles.
Third Ave. R y. C o_________ 36.534 N. Y . City Tnterboro. R y. Co 39.541
Kingsbridge R y. C o________ 7 341 Southern Boulevard R R ____10.20/
42d St. M . & St. N . Ave. R y . 20 112 Westchester Elec. R R ______ 36.219
Dry Dock E. B. & B. R R . . . 13 677 Yonkers R R ________________ 42.82i
Belt Line R y. Corp________ 3 s“ i N. Y. West. & Conn. T r a c .. 5.971
Union Rv. Co. of N. Y . C ity. 108 586 Hastings R y________________ 2.479
Bronx Traction C o_________ 24.042
STOCK AND BONDS—
Date.
Interest. Outstanding Maturity.
Stock $16,590,000 ($100)__________
_________ $16,590,000
See text
3d A v RR 1st M g ($ l,0 0 0 ).tf 1887
5 g J-J
5,000,000 July 1 1937
\Int. at Farmers’ Loan & Tr. C o., N . Y .
First refund M $40,000,000/ 1911 4 J-J
21.990,500 Jan 11961
gold (see text)___ c*&r*tf lin t, at Central Tr. Co.. New York, Trustee
Adjust me mtge $22,536,000/ 1911
5 A-O
22,536,000 Jan 11961
gold (see text)___ c*& r*tflln t. at U. S. Mtge. & Tr. C o., N. Y ., Trus
stock and bonds all listed on N . Y . Stock Exchange.
Bonds.— Coupon bonds o f both issues are in denom. $500 and $1,000
registered bonds are for $500 and $1,000 or multiples o f $1,000. Of thf
1st ref. bonds, $10,071,500 are reserved for underlying bonds and re­
mainder for future extensions and improvements, under proper restrictions
Of the bonds reported outstanding, $2,520,500 are in the depreciation anc
contingency fund at the disposal of the company. Redeemable on anj
int. date at 105 and int. on 3 m os.’ notice. See V. 94. p. 706. Int. or
income bonds is cum. after Dec. 31 1912. Inc. bonds are red. as a wholf
but not in part on 1st day o f any month on 3 mos.’ notice at par and int
$320,000 have been purchased by the company. V. 102, p. 887. Adjust
inc. mtge. holders to have full voting powers until full int., including
accum. shall have been paid for five successive years. See V. 94, p. 706
Also V 117. p 1778
Suit filed by Thomas B . Jenkins against company to pay the full amount
o f int. on its 5% adjust, mtge. bonds, together with 29% of the int. in
arrears. V. 125, p. 1463.
Dividends on Income Bonds.— An initial dividend o f 1 % % on the adjust
inc. bonds was paid April 1 1913 for the 6 mos. end. Dec. 3l 1912. V. 96
p. 136. Regular semi-annual divs. o f 2)4% each were paid to and inc!
Apr 1917. In Oct. 1917 paid 1M % - Apr. 1918 int. passed. Y . 106
p. 930 None to Apr. 1922. when 1 % was paid. V. 114, p. 948. Oct 1
1922. paid 3-K%. Tn 1923. April. 3 % -O ct. 3% . In 1924, April, 2 H %
Oct.. 2 ^ % . In 1925 April. 1 V % : Oct., in fe r. In 1926 , April, l\ i%
V. 122, p. 1171. In 1927, April, 1M; Oct., 1M % .
Dividends on Stock.— Initial quar. div of 1% was paid Jan. 1 1916, April
1% ; July, 1%; Oct., 1% . The Jan. 1917 div. was omitted on accoun*
o f the strike in 1916. V 103 p 2079 None since.
For Fiscal Years Ended June 30.
1 Q93
1924.
1926.
1925.
_
Total oper. revenues_ $14,666 998 $14,542,508 $14,649,265 $14,406,785
Operating Expenses—
Maint. of way & stru ct..
$2,256,727 $2,408,183 $1,829,554 $1,425,234
Maint. o f equipment_
_ 1,'99,863
1,770,359
1,523,328
1,334,189
Depreciation accruals_
_ CV399.754 0650.9.36
206,198
733,347
1,090.857
Power supply__________
917,504
981,156
1,223,969
4,959.351
Operation o f cars___ _
4,872.190
4.985,677
4,574,374
964.082
871,077
Injuries to person & prop
1,142,882 1,053,960
598,817
564.795
General & mise expense
613.108
617.953
$11,102,520 $11,166,851 $11,176,157 $10,726,984
$3,564,478 $3,375,657 $3,473,108 $3,679,800
987,702
1.044,378
968,044
1.036,624
$2,527,854
197.435

$2,331,280
252,533

$2,331,280
276,419

$2,711,756
287,349

$2,725,289
Deductions—
Int.: (1) First M . bonds.
$513,080
(2 ) 1 st ref. M . bonds. _
879,62C
(3) 2d adj. M . bonds5
(unpaid since Oct. 1
1,126.800
1917)_____________
18.942
Track & term’l privilegess
Misc. rent deductions_
_
8.500
22.452
Amort, debt disc. & exp.
Sinking fund accruals_
_
33,480
84,521
Miscellaneous____

$2,583,812

$2,583,812

$2,999,105

$541,608
879,620

$548,080
879,620

$548,080
879,620

1,126.800
18,419
8 294
22,452
33,480
55.279

1.126.800
14,232
8,248
21,871
33,480
56,747

1,126.800
14,524
7.783
21,315
33.480
66,226

Interest revenue .




_

$2,687,395 $2,685,951 $2,689,078 $2,697,829
$75,262
$301,276
Net income ,
$37,894 def$102,139
OFFICERS.— Pres., S. W . Huff; V .-Ps., Leslie Sutherland and W. E.
Thompson; Sec., Garrow T . Geer; Treas., A. D . Sage; Auditor. W.
Farrington.
D IR E C TO RS.— Adrian lselin, A. R. Horr, George W . Davison, H. Palagano. W . Emlen Roosevelt, John W. Flatten, S. W. Huff, Joseph H. Sea­
man, E. A. Manice, J. N. Jarvie, Lionel F. Straus, Wm .Carnegie Ewen and
Alexander S. W e b b — V. 120, p. 333. 584, 1091, 2150, 2685; V. 121, p. 709,
1103, 2275, 2515; V. 122. p. 1171.219.3: V 123, p. 583. 712. 845. 1115, 1252.
2263, 2387 V. 124, p. 650, 1362, 3070, 3210; V. 125, p. 782, 1326, 1463,
1582.
(1) DRY DOCK EAST BR OA DW A Y & BATTERY RR.
Protective Committee.— The interest due Jan. 1 1926 on the series C ref.
mtge. income gold bonds having been defaulted, the following committee
was formed: Nathan Hirsh, Chairman; Charles O. Cornell, S. Jay Jacobs,
with H. F. Linder, 50 Broad St., N .-Y . City, Sec. Depositary, Bankers
Trust C o., 14 Wall St., N . Y . City. V. 122, p. 2798.
O R G A N IZA TIO N .— Incorporated Dec. 8 1863. Third Ave. Ry. owns
$1,198,000 o f the stock. In Jan. 1906 began operating Grand St. line by
electricity. On Oct. 1 1911 changed from horse cars to storage-battery
cars on Avenue B and Canal St. lines. V. 93, p 1105. On Oct. 25 1912
received permission from P. S. Commission to electrify road on Canal St
Y. 95. p. 1206.
FTET.D n r OPERATIONS AND GTTAP4GTER OF BUSINESS.—
Operates 13.677 miles o f track. V. 124, p. 1819.
STOCK AND BONDS— Par.
Interest. Outstanding.
Maturity.
Stock $1,200,000_________$100
6 Q-F
$1,200,000See text
Genera] mtge gold 1 8 9 2 --n tff 1,000
5 g J-D
950.000 Dec 1 1932
\Farmers Loan & Trust C o., Trustee.
Gen refund mtge series B ________
J-J
528,000 Jan 1 1960
Gen refund mtge ser C c &r$100&c
Text
1.300.200 Jan 1 1960
Bonds.— Of the general ref. mtge. bonds, $1,500,000 are ser. A 5% bonds,
of which $950,000 are reserved to retire the general M . 5s, due 1932. and

[V ol. 125.

$550,000 may be issued to acquire additional property and for betterments,
but only upon the joint consent of the holders of at least 75% of the agreegate par value of series B and series C bonds then outstanding, or after
due notice and failure of holders of more than 25% of series B and C to
object thereto
Series A bonds are a prior lien and preferred as to prin. &
Int. Series B bonds are a prior lien over, and preferred both as to prin. &
Int. over, series C bonds. Series C bonds to bear int. to and inel. July 1
1925 at such non-cumulative rate not exceeding 6 % per ann. as earnings per­
mit. On and after Jan. 1 1926 are to bear int. at the fixed rate of 4%
with an additional 2% if earned. V. 105, p. 497; V. 106. p. 715. The
Interest due Jan. 1 1926 on Series “ C ” was not paid. See V. 122, p. 212.
EA R N ING S.— See Third Avenue Ry. above
See V. 122, p. 212, 2798; V. 124, p. 1819.
(2) FORTY-SECOND STREET MANHATTANVILLE & ST. NICHO­
LAS AVENUE RAILWAY.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
A horse road, but Nov. 11 1900 changed to electricity. Operates the
Third Avenue Bridge Co. 20.112 miles of track.
ORGANIZATION.— Chartered Aug 29 1878. In Nov. 1895 controwas purchased by the Third Avenue R R . See V. 61, p. 926.
In Dec. 1899 began to use undergruond electric system from Fort Lee
Ferry to Boulevard, then to Fifty-ninth Street
$2,471,300 stock and all the $1,487,000 outstanding 2d mtge. incomes
are owned by Third Avenue Ry.; the remaining $113,000 2d mtge. bonds
have been retired.
On June 21 1912 Public Service Commission granted authority to extend
for 30 years to Mar. 1 1940 at 5% the first mtge. 6s matured Mar. 1 1910.
Y. 94. p. 1695.
Nothing is being paid on 2d mtge. 6s— all of which are held by Third
Avenue Ry.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Stock authorized $2,500,000-- $100
_______
$2,500,000 __________
First mortgage gold 1880-- t f I - ,000 5 M-S
500,000 Mar 1 1940
Red at 110 any int date. /Int. at Central Trust Co., N. Y . City .trustee
Second mtge income 6s 1885) 1,000
6 % as earned See text Jan 1 1915
$1,600,000_____________ tf/Central Trust C o., New York, trustee.
EARNING ,— See Third Ave. R y. above.— V. 95, p. 679; V. 107, p.
1192; V. 118, p. 2703.
(3) UNION RAILWAY CO. OF NEW YORK CITY.— A trolley road.
ORGANIZATION.— Owns $58,100 (all the outstanding stock) o f the
Bronx Traction Co. On July 19 1926, purchased at foreclosure sale for
*70,000 the franchises, equipment and rolling stock of the Westchester
Street R R . Co. of White Plains, and intended to continue to operate the
trolley cars. In accordance with the local franchises a 5 cent fare was to
be maintained. The purchased lines consist of the Tarrytown line, the
Silver Lake line, the Mamaroneck line, the Scamdale P "", ca’w and nonioment, and car barn property in Harrison. V. 123, p. 583. See, however,
for agreement with city authorities of White Plains to run buses for 15
years on all routes previously covered by trolleys, V. 123, p. 2263: buses
were to run to Mamaroneck from White Plains on a 20c. fare, but trolleys
were to be retained to Tarrytown, N. Y ., on a 10c. fare.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates from l29th St. and Third Ave. through the Borough of the Bronx,
and with subsidiary lines continuing thence to and through M t. Vernon.
Operates 10S.586 miles of track
New Franchises.— On July 2 1914 the Board of Estimate and Apportion­
ment granted the company a franchise to cross the Willis Ave. bridge over
the Harlem River to 125th St., and along 125th St. to the Fort Lee Ferry.
The Public Service Commission in approving the franchise exempted the
ompany from exchanging transfers with the Third Ave. and 42d St. M . &
3t. N. Ave. companies at intersecting points in said franchise. V. 99, p. 50
S T O C K YNB BOND?-Par
Interest. Outstanding.LastDiv., &c
Stock ($100) all owned by 3d Ave.
$2,000,000 __________
First mortgage 1892 g old _-tf) 1,000
5 g F-A
2,000.000 Aug 1 1942
/Int. payable at Central Tr. C o., N. Y . City.
Guaranteed Loans—
Westchester 1st M gu p & i) $1,000 5 g J-J
500,000 July 1943
gold 1893_____________n tf/In t. at Bankers Trust C o., New York, trust.
Southern Boulevard RR 1 s t ) ____
5 g J-J
250,000 July 1 1945
gold 1895______________ tf/Central Trust C o., New York, trustee.
Yonkers RR first mortgage_ _____
_
_______
See below ______ ____
EARNINGS.—See Third Avenue R y. above.— V. 99, p. 50. 1971}
Y. 113, p. 1252.
(а) BRONX TR AC TIO N CO.— A trolley road.
ORGANIZATION.— Incorp. on M ay 12 1904, and is a consolidation of
several small companies. See V. 78, p. 2333. Entire stock owned by
Union Ry.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns 24.042 miles of track, operated by Union Ry., from Bronx River by
West Farms Road to Westchester Village; from Bronx River by Southern
Westchester Turnpike to Westchester Village; from Main St., Westchester
Village, to Eastern Boulevard, and from West Farms Road to Bleecker St.
Standard gauge; 109-ib. rails.
(fc) WESTCHESTER STREET TRANSPORTATION CORP.
ORGANIZATION.— Incorp. in 1926 as successor to Westchester Street
RR., sold at foreclosure July 10 1926. See for predecessor co., which had
been in hands of receiver since Feb. 29 1920 “ Public Utility Compendium’
of M ay 1 1926. Compare also V. 121, p. 209, 2654, 3213; V . 123, p. 584.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Co. operates approximately 16 miles of line, comprising the Tarrytown
lines, the Silver Lake line, the Mamaroneck line and the Scarsdale line.
In addition to cars and equipment, co owns a car barn in Harrison. V.
123, p. 583. See also above under “ Union Railway C o.”
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock $700.000_______ _____
_______
$700,000 __________
OFFICERS.—Pres.. ________________ V. 123. p. 584.
(4) YONKERS R A ILROAD.— A trolley road. In June 1925 was
granted an emergency permit by the City of Yonkers to operate buses to
replace service on five trolley lines. V . 120, p. 3189. In Sept. 1925
acquired the franchise and all the outstanding capital stock o f the North
Street Transportation C o., a large bus company. V. 121. p. 1571 •
Operating Agreement with Union Railway.— On M ay 25 1911 Pub. Serv.
Comm, approved the terms of an agreement whereby cars of the Yonkers
RR. would run over certain tracks of the Union Railway to the terminals of
the New York City subway and elevated lines. This reduced from 15 to 10
cents the fare from Yonkers to lower Manhattan, restoring the old rate as
before the breaking up of the Metropolitan Street Ry. system. V. 92, p.
1245. 1438.
ORGANIZATION.— The Union R y. guarantees the $1,000,000 bonds,
prin. & int. V. 67, p. 635. $992,500 stock owned by Third Ave. System.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns 42.826 miles of track.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($100)___________
_______
$1,000,000 - .................
First mtge gold $1,000,000) 1896
5 A-O
1,000,000 April 1 1946
guaranteed___________ ntf/Bankers Trust C o.. New York, trustee.
— V. 120, p. 3189; V. 121, p. 1571; V. 124, p. 2284.
(5) KINGSBRIDGE RAILW AY.
ORGANIZATION.— Incorp. Jan. 25 1898. The ranchise, the terms of
which are 4 % of gross receipts for the first five ears, 6% for the second, 8 %
for the third and 10% thereaf5er. is for 25 y ars, with privilege of renewal
under certain conditions for another 25 year
At the and of the term the
city acquires the property, paying for it in accordance with definitely
prescribed rules for fixing its value. V. 69, p. 1248. Work on this line was
begun in July 1901 and completed in 1902. Entire $8,600 stock owned by
the Third Avenue R y., which company also operates the property.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Runs from Amsterdam Ave. and 162d St. to Broadway and 225th St.,
making 7.15 miles additional.
( б) NEW Y O R K C IT Y INTERBOROUGH R Y .— A trolley road.
The Third Ave. Ry. owns $4,652,900 stock and $2,164,000 1st M . bonds.
ORGANIZATION.— Incorp. in New York on March 24 1902, in the in­
terest of the Interborough Rapid Transit C o., to build an extensive system

Oct., 1927.]

POW EK, LIGH T AND R A IL W A Y

of feeders for the subway and elevated lines in the Bronx, and to afford
street railway connections across the Harlem River bridges.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 (SI00)___________
_______
$5,000,000 __________
First mortgage $5,000,0001 1905
4 g M-N
2,164.000 M ay 1 1928
sinking fund gold_______ tf (U. S. Mortgage & Trust C o., N. Y ., trustee.
Bonds.— Of remaining first mortgage bonds, $87,000 are in sinking fund
and $836,000 are in treasury.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
39.541 miles of track.— V.^95, p. 544, 1274; V. 109, p. 1366.
(7) BELT LINE RA ILW A Y CORPORATION .— Storage battery and
electric.
Transfers.— N o longer required to issue transfers to the lines of the
New York Railways and Second Avenue R y. See decision M ay 25 1925
by the U. S. Supreme Court. V . 120, p. 2813.
ORGAN IZATION .— Incorp. at Albany on Dec. 24 1912 to take over
th (Central Park North & East River R R ., sold at foreclosure on Nov. 14
1912 to Edward Cornell (V. 95, p. 1331, 1402; V. 104, p. 1701). See also
V. 120, p. 1585. In March 1913 was taken over by Third Avenue Ry.
V. 96, p. 864, 948.
In March 1913 Public Service Comm, authorized the making of a mort­
gage for $4,000,000 first mtge. 5s and the issuance o f $1,750,000 bonds there­
under at not less than 95. Entire stock and bonds owned by Third Ave. Ry.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns road on 59th St., East and West. All electric on 59th St. Owns 26
cars.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_______
$734,000 __________
Stock $750.000____________________
1st mtge $4,000,000 gold red] 1913
5%
See text
Jan 1 1943
as a whole at 105_______ tf/Central Trust C o., New York, trustee.
Bonds.— Are guaranteed by Third Avenue R y.— Y . 107, P- 2474; V. 112,
p. 1028, 1398; V. 114, p. 2467; V. 120. p. 2813.
(8) MID=CROSSTOWN RAILWAY CO.— Storage-battery cars.
Acquired by the Third Avenue R y. late in 1913.
Discontinued.— On Aug. 8 1919 the company discontinued the running of
cars, due to its inability to “ borrow any more money.” V. 109, p. 578.
Judgments.— In Nov. 1919 judgments against the company, aggregating
$231,188, had been entered in the Supreme Court by the Third Avenue Ry.,
and certain of its subsidiaries. V. 109, p. 1793.
ORGAN IZATION .— Incorp. in New York on Feb. 14 1912, in the inter­
est of the reorganization committee, as successor to the 28th & 29th Streets
Crosstown R R ., sold at foreclosure on Jan. 4 1912 (V. 94, p. 69; V . 104, p.
1703 2119
See plan of reorganization in V , 93, p. 1790.
In Feb. 1914 the Public Service Comm authorized the Third Avenue Ry
to acquire and hold the $150,000 stock o f the Mid-Crosstown Ry. C o ., In c.,
and in April 1914, in payment therefor, the Third Avenue R y. Co. issued
$180,000 o f bonds, and gave its 4% promissory note for $250,000, payable
in three equal annual installments, and canceled claims amounting to
$34,442 against the Mid-Crosstown Co. V. 99, p. 1447.
Stock, authorized and outstanding, $150,000 ($100).
R O A D .— Track, 5.635 miles.— V. 109, p. 578, 677, 1793.
(9) PELHAM PARK & CITY ISLAND RAILWAY CO., INC.
Operation Suspended.— On Aug. 8 1919 the company suspended opera
tions. V. 109, p. 677.
ORGAN IZATION , &C.— Incorp. M ay 10 1913 in New York and od
July 9 1914 the Third Avenue Ry. acquired control. Authorized common
stock, $125,000; outstanding, $45,000. Length o f road, 3.283 miles, from
Belden Point, City Island, to Eastern Boulevard, or New Rochelle Road
Operation by storage battery was begun Aug. 18 1914.— V. 99, p. 610
V. 109, p. 677.

BROOKLYN-MANHATTAN TRANSIT CORP.
ORGAN IZATION .— Organized in New York in June 1923 as per plan
outlined In “ Electric Railway Supplement” of April 28 1923, to succeed
the Brooklyn Rapid Transit C o., sold at foreclosure. For history of
Brooklyn Rapid Transit Co. see “ Electric Railway Supplement” o f April
28 1923. Stockholders of the old B. R. T. were assessed $35 a share
under the plan and received upon payment of such assessment $21.875
new 6 % bonds, $13,125 new 6 % pref. stock and also 1 share of «w no
par value stock of the B .-M .-T . V 117, p. 2888; V. 1)8. p. 1011
The B.-M . T. Corp. owns the following stocks and bonds of its sub­
sidiary companies, which are held as free assets in the treasury of the
co., except the bonds and stocks of the N. Y . Rap. Transit Corp. and the
Williamsburgh Power Plant Corp., which are pledged as security for the
co.'s rapid transit security bonds (description further below):
S tocks,
Owned by
Auth. Issued. B.-M . T
Shares. Shares.
Shares.
N. Y . Rapid Transit Corp. com _____________ 282,760 282,670 281,898
Williamsburgh Power Plant Corp. com ______ 10,000 10,000 alO.OOO
Nassau Electric R R . Co. com _______________ 85,000 85,000 85,000
Preferred........... ......... ..................................... 65,000 65,000
63,947.75
Bklyn. Queens Co. & Sub. R R . Co. com ____ 150,000 20,000 20,000
Coney Island & Bklyn R R . Co. com _______ 30,000 29,839 628.622
South Brooklyn R y. Co. com ______________ 5,000
5,000
5,000
Coney Island & Gravesend R y. Co. com ___ 3,500
3,500
3,500
Cnnev Island & Bklyn Term. Co. com _____
150
25
25
Brooklyn Heights R R _______________________ 2,000
2,000 c2,000
Brooklyn Bus Corp--------------------------------------500
500
500
B onds.
Total
Owned by
Outstanding. B.-M . T.
N. Y . Rap. Tr. Corp. ref. M . 5% s. f. Series A - .$91,164,500 d$90,745.885
Wmsb. Pow. Plant Corp. gen. M . 5% s. f. Ser. A . 17,885,600 al7.825.600
Bklyn. Queens Co. & Sub. R R . 1st M . 5% bonds 3,086,000
1,656 000
Coney Isl. & Bklyn R R . cons. M . 4% 50-yr. bds. 2,125,000
625 000
Bklyn Hcivhts RR Co. 1st mtge. 5% bonds___
250.000
250.000
a Pledged as security for B .-M . T. rapid transit security bonds, b In­
cluding beneficially owned by B.-M . T. as pledgee, c Incl. directors’ shares.
d Whereof $90,701,000 pledged as security for B .-M . T . Rapid Transit
Security bonds.
The co. also owns $525,000 o f a total outstanding o f $925,000 Bklyn
City R R . ref. 4% bonds. Also has substantial real estate holdings Id
Brooklyn.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A holding company.
Miles of Track in B. M . T. System—
Miles of
Rapid Transit lines;
Track.
New York Rapid Transit Corporation— Owned_________________171.920
Leased (including trackage rights)____________________________124 817
296.737
Surface lines*— TheNassau Electric R R . C o______________________ 143.222
Brooklyn Queens County & Suburban R R . C o__________________ 67 048
The Coney Island & Brooklyn R R . C o__________________________ 52 032
South Brooklyn R y. C o_______________________________________ 24 298
Coney Island & Gravesend R y. C o_______ ______________________ 7.610
291 210
Total.................................................................................... ................590,947
♦Not including tracks owned by the Brooklyn Heights R R . Co. (in liqui­
dation ' or operated by its receiver over Brooklyn Bridge.
Equipment.— Cars owned by system- Surface passenger cars, 1,867
elevated passenger cars, 855, including 30 type “ C ” 3-car units, or 915 cars;
subway passenger cars, 900; service and miscellaneous cars, 318; total, 4,000.
In Dec 1926 co. asked bids, for 200 uew subway cars (67 duplex units;
for c o .’s rapid transit lines. See V. 121, p 3129.
New Subways and Extensions.— An agreement was reached In M ay 1912
as to how the routes of the new dual subway system in lower Manhattan
should be apportioned between the Interborough and Bklyn. Rapid Transit
and the Court o f Appeals at Albany having on June 30 1912 affirmed the
decision of Justice Blackmar (V. 94, p. 1057) holding to be constitutional
the terms o f the proposed contracts with the Interborough and B. R. T .,
formal contracts were drawn up by the P. S. Comm, and were signed on
Mar. 19 1913. V. 96, p. 862. See caption “ Rapid Transit in New York




89

C ity" in V. 94. p. 1384, 1449, 1566; V. 95, p. 48, 111, 237, 1040; V. 96,
p. 63, 136. 488, 716, 864. For description or new subway lines, built and
to be built Jointly by the Brooklyn Rapid Transit (now B.-M . T .) and the
city, see “ Electric Ry. Supplement” of Oct. 28 1922 under B. R. T . See
also V 120. p. 1088.
Whitrstone Branch of L. I. RR.— In Sept. 1926 co. declared Itself willing
to operate this branch of the L. I. R R . as an extension of its (B M . T .
Corp.) Corona line, if the City of New York acquires the Whitestone
branch. See details in V. 123, p. 1381.
1925 Subway Awards.— See Y . 122, p. 349 under “ Rapid Transit in New
York C ity.”
Bus Service.— See V. 119, p. 577. City bus franchise asked. V. 119,
p. 809. See for bid to run buses in Brooklyn, filed by co.’s bus subsidiary,
the Coney Island & Gravesend Bus Corp., V. 123, p. 1506, under heading
“ Rapid Transit in N. Y . C ity.”
Suit Against Bklyn. City RR.— T h e‘receiver for the old B. R. T. brought
suit against the Bklyn. City R R . to recover $10,000,000 advanced to that
company prior to the designation of the receivership. V. 113, p. 2612.
This case is still pending.
Suit Against City.— In Dec. 1918 the N. Y . Municipal R y. Corp. and the
N. Y . Consolidated Ry. Co. brought suit against the city of New York and
the P. S. Comm, to compel completion of the city transit system in accord­
ance with the contract of March 19 1913. The plaintiffs alleged that, not­
withstanding the elapse of 6 years since the execution of the dual contracts
there remained unfinished and still to be constructed or completed 47 miles
of track out of a total of 115, and 19 miles of road out of a total of 41 of the
lines which the city assumed to construct by Jan. 1 1917 and which the
company agreed to equip and operate. For further details see V. 107. p.
2288. In April 1922 the receiver for the N. Y. Municipal Ry. Corp. and
the N. Y Cons. Ry. Co. filed a bill of complaint in the U. S. Dist. Court
to compel the carrying out of these contracts and to recover alleged damages
ncurred as a result of the city’s alleged failure to perform its contract
obligation. V. 114. p. 1764- The city has filed an answer asking the dis­
missal of the suit. For details see V. 114, p. 2358. Motion to dismiss
suit was denied on Oct. 21 1924 by Federal Judge Knox. V. 119, p. 1951.
in July 1923 B .-M . T . took over handling of suit from counsel for re­
ceiver. See V. 117, p. 322. On Jan. 3 1924 Judge Mayer granted a
motion of the New York Rapid Transit Corp. to intervene in this suit.
V. 118, p. 85. The city and the Transit Commission appealed to the U. S.
Supreme Court from the order granted by Judge Mayer permitting the
Rapid Transit Corp. to intervene, but on June 2 1924 the appeal was dis­
missed by the U. S. Supreme Court, which ruled that it was without
lurisdiction. V. 118, p. 2823. Compare V 118. p. 1268. See also V. 119,
D. 2409, and V. 122, p. 2038; V. 123, p. 579. On Dec. 14 1926 the action
came to trial before Special Master Graham Summer.
*
Plan of Transit Commission for Merger of New York City Street Railways.—
The N. Y. Transit Commission on Sept. 29 1921 made public a plan for the
readjustment and merger of street railways and rapid transit lines of Greater
New York with eventual city ownership. For extended outline of plan
see V. 113, p. 1431. See also V. 117, p. 670 under caption “ Rapid Transit
n New York C ity.”
Advertising Contract.— On Feb. 28 1924 the Transit Commission approved
\ contract between the corporation and Barron G. Collier, Inc., for the
advertising and vending privileges of the subway and elevated lines of the
system, under terms of which the latter agrees to pay a minimum of $15,000.000 for 15 years as follows; $900,000 a year for the first 5 years, $1,0OO,000 a year for the second 5 years, and $1,100,000 a year for the third 5
years. V. 118, p. 1267
Valuation.— See V. 117. p. 2006, under caption “ B. R. T .”
Payment of Tort Claims.— See V. 117, p. 1346; V. 118, p. 2946.
Upon completion of reorganization the capitalization will be approxioately as follows:
Wage Agreement.— The existing wage agreement was extended for an­
other year in July 1926. V. 121, p. 584.
No Control of I. R. T. Sought.—-In Oct. 1926 Chairman Gerhard M .
Dahl denied rumors to the ~ -ret that co. was seeking control of the Inter­
borough Rapid Transit Co.— V. 123, p 1873.
Transit Commission's Report Fiscal Year Ended June 30 1926.— See under
interborough Rapid Transit Co. “ Rapid Transit Report” .
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
_______ 769.911 shs.
See text
Com. 850,000 shares (no p a r ) . ____
Pref., 350,000 shares—
Series " A ” $6 cum after
uly 1 1926, 250,000 s h s . ___
$6
249.468 shs.
See text
Rapid Transit Security 6 %
bonds g o l d __ Series A 1923
6%
$89,970 000 July 1 1968
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Brooklyn Queens Co. & Sub.f 1894 5 g J-J
1,497,000 July 1 1941
first M . $3,4!0.000 ntfiG uar. Trust C o., New York, trustee.
First consol M , guar p & if 189
5 g M -N
2,803,000 July 1 1941
(end), $4,5OO,OO0----n tf (Brooklyn Trust C o., New York, trustee.
Brooklyn Union Elev 1st M .f 1899
5 g F-A
15,956,000 Feb 1 1950
guar. $16,000.000_______ t f lin t, at Central Tr. C o., N. Y .. trustee.
Kings Co Elev first m tge.f 1899 4 g F.A
6,980,000 Aug 1 1949
$7.000.000($1.000).g(gu)ntf\Int. at Central Trust C o., N. Y ., trustee.
Nassau El RR Co cons M l 1898 4 g J-J
10,337,000 Jan 1 1951
bonds ($1,000). $15,-{Guaranty Trust C o ., N. Y ., trustee. Bonds
000.000__________ c*&rtf Iguar. by end. by Bklyn. Heights RR.
First mtge bonds (closed)tf j 1894 5 A-O
660,000 Apr 1 1944
(Chase N at’l Bank. N . Y ., trustee.
Atlantic Ave gen
mortgagel 1891 5 g A-O
2,241,000 Apr 1 1931
gold (closed)_______ n tf (Brooklyn Trust C o., trustee
Atlantic Ave improvement, I 1894 5 g J-J
215,000 Jan 11934
gold (closed)_________t f (Brooklyn Trust C o., New York, trustee.
B B & W E general gold,! 1893 5 g A-O
118,000 Oct 1 1933
$121,000 ____________ tflB ank of America, N. Y ., trustee.
Ooney Isl & Bklyn 1st consol) 1898 4 g J-J
1,927,000 July 1 1948
M $2,000,000 gold___ n tf (Bankers Trust C o., New York, trustee.
Consol mortgage $10,000,-) 1904 4 g J-J
1,500,000 Jan l 1955
000 gold ($1.000)
c*tf !Bankers Trust C o., New York, trustee.
Bklyn City &
Newtown j1889 5 J-J
1,988,000 July 1 1939
1st M $2,000,000_ ntflBankers Trust C o., New York, trustee.
_
Stock.— Pref. is Issuable In series, each series (subsequent to ser. “ A ")
Co carry divs. at such rate and cumul. from such date, and to be red. on
such terms, as directors may determine at the time of the creation thereof.
Pref. as to assets on distribution to the amount of $100 per share and divs.
Pref. stock shall have the same voting rights as holders of common stock
(one vote for each share held). Ser “ A ” entitled to divs. at the att of
$6 per share per ann., but no more, cumul. without Int. fron iicafter
July 1 1926 and red., all or part, at $100 and divs. Voting tr««t ertifs.
for both classes of stock are listed on N. Y . Stock Exchange.
For subscriptions by employees to preferred stock, see V. 121, p. 837. A
new offering was made to employees in July 1926, see V. 123, p. 453.
Voting Trust.— Has been formed to provide for representation ofp u b llc
authorities on board of directors. Voting trustees are Albert H. Wiggin,
G. M . Dahl and Frederick Strauss.
Bonds.— The Rapid Transit Security sinking fund 6% bonds are secured
by pledge of $90,701,000 face amount of N. Y . Rapid Transit Corp. ref.
mtge. 5% bonds (see that co. below); $17,825,600 face amount of Williams­
burgh Power Plant Corp. gen. mtge. 5% bonds ser. “ A ,” 281,898 shares
(no par) of the capital stock of N. Y. Rapid Transit Corp., and 10,000
shares (no par; of the capital stock of the Williamsburgh Power Plant Corp.
The Rapid Transit Security sinking fund 6 % bonds, series “ A ,” are re­
deemable at 105 and interest. A cumulative sinking fund of 2-3% per
annum on the maximum amount of bonds at any time outstanding, pay­
able semi-annually, first payment to be made Jan. 1 1927, to be applied to
the purchase or redemption (at above redemption price) of the bonds of this
series, the co. to have the right to tender bonds for purchase by the sik. fd.
at current market prices. If any div. be paid on the pref. or com. stock
of the co prior to Jan. 1 1927. then *he sink, fund payments shall commence
not later than the date of the payment of such dividend. In addition to
the amount outstanding, $1,967,000 is held in sinking fund and $1,008,000
held for sinking fund. In Jan. 192< a block of $18^198,200 6 % sk. fd. gold
bonds of series A held by War Finance Corp. was offered for sale: $7,937,200
were sold at 99H and int.; the remaining $10,262,000 were offered at 100
and int. V. 124, p. 370, 789.
Interest on Bonds, Where Payablt
n«erest on the Bklyn. Union Elev.
1st 5s and on the Kings Co. Elev. 1st 4s is payable at Central Union Trust
Co.; on Nassau Electric bonds, inc] Atla tic Ave. and West End issue, at
the Chase National Bank, New York, on tee Brooklyn Queens County A
Suburban mortgages and the Jamaica & ts ooidyn first mortgage at the

90

PUBLIC U TILITIE S

Chase Nat. Bank, N . Y . Int. on ah Coney Island & Brooklyn bonch
Is payable at Central Union Trust Oo , N Y.
The total authorized issue o f 1st consol, mtge. gold 5s of the Bklyn
Queens Co. & Suburban RR is $4,500,000, o f which $1,616,000 are reserved
for extensions, on which they will be a first lien. Both B. Q. O. & S
loans are subject to call from 1916.
The Nassau El. 1st consol. M . bonds, besides covering the mileagt
directly owned, are a lien by a supplemental agreement upon the stock of
the Coney Island & Gravesend Ry. and will become a direct lien on this
line should it become merged in the Nassau Electric. Of the total of
$15,000,000 bonds authorized, the unissued remainder ($3,242,000) is for
prior liens. See listing application in V. 72, p. 342.
Coney Island & Brooklyn Bonds.— Of the $10,000,000 bonds auth. bj
mtge., $4,000,000 are reserved for prior liens and $3,768 000 are reserved
for ext. and imps. No sinking fund, and bonds cannot be called.
Dividends.— A quarterly dividend of $1 50 per share was paid or declared
payable on the pref. stock April 1924 and reerularly since including Oct.,
1927. On the com. stock $2 was paid in Jan. 1926 for the same period from
co .’s organization (June 1923) and a quar. div. of $1 for the quar. period
Oct. 1 1925 to Dec. 31 1925. V. 121, p. 3129. $1 quarterly in April, July
and Oct. 1926. In 1927: Jan., $1; April, $1; July, $1.
EARN ING S.— Results for years ended June 30 (B .-M . T System anr)
affiliated companies):
Revenue from Transportation—
1925.
1924.
1926.
Passenger____________________
$42,803,048 $41,383,764 $38,376,581
Freight______________________
672,689
675,183
650,173
Chartered car revenue________
532
716
824
521
64 j
Miscellaneous transportation revenue)
566
Chartered bus revenue________
70,495
13,332
$43,547,285 $42,073,636 $39,028,144
Other Street Ry. Oper. Revenue—
A dvertising_______________________
Other car and station privileges
Rent o f buildings and property______
Rent o f equipment___________
Rent o f tracks and terminal____
Miscellaneous receipts________

$656,000
387.925
1,1.598
802
21,035
56.322

$656,000
381.941
150,900
240
21.635
28,065

$534,390
297,476
14, .573
170
22.284
42.290

Total........... ................— ..................... $1,293,682

$1,238,781

$1,044,182

Total revenues___________________ .$44,840,968 $43,312,417 $40,072,326
$44
Operating Expenses—
Maintenance of way and structures. .. $4,721,412 $4,474,266 $3,742,677
$4
6.087,560
5.671,802
Maintenance of equipment_________ . 6
6.071,133
3,240,270
Operation of power plant___________ . 3.263.338
3.428.726
6,872,091
Trainmen's wages__________________. 6
6.952.159
6,514.423
Other expenses_____________________ . 4
4,310.479
4,198,724
3.908.714
1,416,702
1,277,772
Damages_____________________
. 1,616.237
Legal exps. in connec. with damages.
198.979
218.626
174,478
General law expenses_________
1*5,334
106.048
134.986
Other general expenses______________. 1,492.075
1,309.152
1,156.119
Freight expenses______________
469,333
493,660
519.304
60
Amer. Ry. Traffic Co. expenses
Total operating expenses____
.$29,220,840 $28,426,391 $26,499,409
.$15,620,128 $14,886,027 $13,572,918
Net revenue from operation____
3,068,462
2.738.947
Taxes accrued on oper. property_____. 3.260.385
.$12,359,743 $11,817,565 $10,833,971
Non-Operating Revenue—
Rents accrued from lease o f road.
Miscellaneous rent revenues___
Interest revenues_______________
Dividend revenues____________
Profits from operation o f others. .
M iscellaneous_________________

$62,703
156.535
783,732

$60,571
287,276
544,337

179,841

192,558

Total________________________
. $1,182,811
Non-oper. rev. deduction— Rent exp.
2,318

$1,085,409
827

666

$61.467
297.376
428,865
62
12,318
151.367
$951,456

1.000

Net non-operating income________.$1,180,493
$1,180,493 $1,084,581
$950,455
.$13,540,236 $12,902,146 $11,784,426
Deductions—
Interest deductions________________ . $7,462,323 $7,475,760 $7,431,050
25.000
25.000
Rent for lease o f other road & equip. .
25,000
Other deductions_____________
290,554
313.461
306.310
. $7,777,877

$7,814,221

$7,762,360

. $5,762,359
Less accruing to minority interest__
14,171

$5,087,925
14,390

$4,022,065
36.006

Net income_____________________ . $5,748,188
Preferred dividends paid___________ . 1,496.808
Common dividends paid____________ . 3,079,644

$5,073,535
1,496,808

$3,986,059
748,404

Balance.____________
$1,171,736 $3,576,727 $3,237,655
Results of Operations under the Contract with the City for the Year Ended June 30
1926, and Also for the 13-Year Period from the Commencement of Opera­
tion Under the Contract, Namely Aug. 4 1913 to June 30 1926.
Year Ended
Aug. 4 1913
June 30 1926. to June 30 "26.
R evenu e_____________________________________ $32,418,174 $246,848,204
Oper. deduc'ns & co .’s first preferential_______ 26,146,489
223,974,523
Balance available for return on new money
invested under contract_________________
C o.’s second preferential, representing int. and
sinking fund on co.'s contribution to con­
struction and equipment under contract_____

$6,271,684

$22,873,681

5,501,356

40.114,550

Balance above co.'s second preferential_____
$770,328 x$17,240,869
x Deficit, representing amount by which revenue failed to equal interest
and sinking fund on company’s entribution to construction and equipment
under contract.
Passengers Carried—
1926.
1925.
1924.
1923.
Surface_________________ 269,233,866 271,800.914 266,421,409 262.992.795
Rapid transit___________ 623.099.695 593.368,990 539.069.076 482.584,090
T o ta l......................... .892.333.561 865.169.904 805.490,485 745.576.885
OFFICERS.—Chairman of Bd., G. M . Dahl; Chairman of Finance Com
mittee. A. H Wiggin: Pres.. W m. S. Menden: V.-P & Gen. Coun.. Geo. D
Yeomans: V.-P., Travis H. Whitney: Sec.-Treas., Fred. O. Marston;
Compt, James Addison.— V. 120, p. 451, 1088. 2682; V. 121, p. 456,
584 837, 2036. 9155 2515 3120 ; v . 122. p 478. 1607. 2038 23“ 3603
>7.
V. 123, p. 453, 579. 1381. 1873. 2137. 2G48. 2773: V 124. p. 109, 370, 504,
789, 2116, 2426, 2746, 3769: V. 125, p. 513, 1578, 2260.
COM PANIES CONTROLLED BY BROOKLYN -M ANHATTAN
TR AN SIT CORP.
(1) NEW YORK RAPID TRANSIT CORPORATION.
ORGAN IZATION .— Organized in New York on June 9 1923 as a con­
solidation o f the New York Consolidated R R . and the New York Municipal
Ry. Corp., succeeding those companies as per B. R. T. reorganization plan,
for details o f which see “ Electric Railway” Supplement o f April 28 1923
For history o f N. Y . Consol. R R . and the N. Y . Municipal Ry. Corp. up to
time o f reorganization also see “ Electric Railway” Supplement of April 28
1923. The co. as now constituted owns and operates the rapid transit
lines o f the B. R . T . system (now B .-M . T . Corp. For digest of readjust­
ment plan and particulars regarding exchange of securities under plan see
V 116, p.2130.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns 171,920 miles o f track; leased (incl. trackage rights), 124.817 miles:
total, 296 737 miles. Leases for 999 years from 1915 the Nassau Electric
RR 's term in a l at Coney Island. See “ E le c t r ic P ^ P w a v ” Siinnlem ent o f
April 28 1923 for terms o f lease. To order 150 additional steel cars to be
delivered and in operation by Dec. 31 1927. See V. 123, p. 3320.
Division of Earnings with City.— As the Corp. now holds all the rights
originally acquired by the New York Municipal R y. Corp. in the latter’s




[V ol. 125,

contracts with the city, all the earnings accrue to it. The division of
earnings is on the following basis:
1. To the company, $3,500,000, as representing the net earnings of the
previously existing railroads which went to form part of the new rapid
transit system. Out of this reservation the company pays interest charges
on capital investments prior to Mar. 19 1913 in the then existing railroads.
2. To the company, 6 % on its new investment in construction and equip­
ment prior to the beginning of permanent operation and thereafter interest
and 1 % sinking fund.
3. To the city, interest and 1 % sinking fund on its investment in cost of
construction.
4. Any surplus remaining, after making provision for a moderate contin­
gent reserve fund, is to be divided equally between the company and the
city. The company’s preferential payments are to be cumulative.
Increase Stock.— In Feb. 1926 corp. applied to Transit Commission to
Increase its capital stock from 189.000 to 284.000 no par shares and to
issue the increased number of shares in exchange for its outstanding ref.
mtge. 5% s. f. gold bonds at the rate of 4 shares of stock for each $100 of
bonds. For further particulars, see V. 122, p. 1026.
Suit Against City.— See under B.-M . T . above.
Upon completion o f readjustment and reorganization the co. will be
capitalized approximately as follows:
8TOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Stock 189.000 shares (no p a r ) . ____
_________ 282,760 s b . ___________
tst & ref mtge $50,000.000_________
_________
(0)
__________
Ref mortgage Series “ A " _____ 1922 __________ $91,164,500
x 1968
Bklyn Un El 1st M , $15,967,-/ 1899 5 g F-A
15.956,000 Feb 1 1950
000, gold, 4% till 1905,{Interest at Central Trust C o., New York,
since 5% ($1,000)------- t fl Trustee.
Kings County El 1st M , g old ,/ 1899 4 g F-A
6,980,000 A u g ll9 4 9
$7,000,000 ($1,000). c*n tf lin t. at Central Trust C o., N . Y ., Trustee,
x $90,701,000 pledged under B.-M . T. Corp. Rapid Transit security 6 %
sinking fund bonds Series “ A ” (see that co. above).
Bonds.— The 1st & ref. mtge. bonds will constitute a lien (ahead of the
ref. mtge. and subject only to the existing underlying elevated railroad
bonds on certain o f the properties) on the rights existing under Contract
No. 4 and allied certificates and on all the other properties o f the N . Y .
Rapid Transit Corp. The bonds are to be issued only for the purpose of
providing (after the exhaustion of the moneys— $5,000,000 improvement
fund for future improvements already deposited— provided in the reorganiza­
tion for such purpose) for the cost of additional equipment and additions and
betterments for the rapid transit lines or power house properties, provided
tfter July 1 1923 under Contract No. 4 and the allied certificates, and also
for the purpose of refunding any bonds previously issued and outstanding
cinder this mortgage and any of the existing underlying elevated railroad
bonds. None of these bonds will be issued in reorganization. Pending
che consummation of the proposed inclusion of the power plant properties
ander Contract No 4 and (or) the allied certificates and the transfer of
chose properties accordingly, the reorganization committee may authorize
che creation of a power plant 1 st mtge. of substantially the same character
as the N. Y . Rapid Transit Corp. 1st & ref. mtge. Such mortgage may be
created and the bonds thereunder issued either by the new co. itself, if the
title to the power plant is permitted to remain therein, or by a subsidiary
eo.. if title to the power plants be vested in a subsidiary. None of these
bonds will be issued in reorganization.
Bonds of the Brooklyn Union and Kings County Elevated R R . are listed
on'-New York Stock Exchange. In July 1925 W m. Carnegie Ewen sold
it 9 0 1 and int., to yield 5% % , a block of Brooklyn Union Elevated R R .
4
1st mtge. 5% gold bonds, due Feb. 1 1950. V. 121, p. 76. In July 1925
Che New York Stock Exchange struck from its list the 5% 1st mtge. sink,
fund bonds, series “ A ," duo Jan. 1 1966, of the New York Municipal R y.
~'oro. V. 121, p. 200.— V. 121. p. 76, 200 V. 122. 1026.
New Financing.— The Transit Commission denied Sept. 7 1927 the
application of the company for a rehearing on its proposal to issue $ 20,000,000 10-year 5% gold bonds for equip, purposes, the bonds to be sold
to the B. M . T ., the holding company at a price of 80. V. 125, p. 1325,
1461, 1709.
EARNINGS.— For 12 months ended June 30:
1926.
1925.
Gross revenue____________________________________$32,078,966 $30,560,446
Net (including other income)_____________________ 10,658,926 9,776,482
Fixed cnarges_______________
5,974,804
5,915,368
Net corporate income___________________________
4,684,122 3,861,114
OFFICERS.— Pres., W . S. Menden.— V. 122, p. 1026: V . 123, p. 3320
V. 124, p. 2908; V 125, p. 1325, 1461, 1709.
(2) NASSAU ELECTRIC RAILROAD.— A trolley road.
In accordance with B .R .T . reorganization plan (see “ Electric Railway”
Supplement of April 28 1923 under B .R .T .). the co. was taken over by the
Brooklyn-Manhattan Transit Corp. (successor to B .R .T .) on July 13 1923.
See V. 117, p. 322, under caption “ Brooklyn-Manhattan Transit Corp ”
Receivership Terminated.— In July 1923 the receivership of the Nassau
Electric R R was terminated.
ORGANIZATION.— Chartered Mar. 13 1893 under the laws o f New
York. Opened in July 1895 and in April 1896 leased the Atlantic Avenue
RR., &c. As stated above, the B .-M . T . Corp. owns or controls all
of the $8,500,000 common stock of the Nassau Electric and $6,394,775
out of the $6,500,000 preferred stock.
Was formerly leased for 999 years from April 1 1900 to Brooklyn Heights
Railroad, but, coincidently with a decision compelling the issuance of
transfers from one leased line to another (V. 79, p. 102), the lease was ter­
minated on June 30 1904.
FIELD OF OPERATIONS.— Embraces 143.222 miles of single track.
Atlantic Avenue R R . (now part of Nassau Electric) owned the doubletrack steam road (since converted to electricity) from Jamaica to Flatbush
Avenue Station in Brooklyn, 9A£ miles (19 miles o f track), which is leased
for 99 years from June 1 1877 to Long Island R R . C o., affording that
company entrance into the city of Brooklyn— rental, formerly a percentage
of receipts, was changed in 1895 to $60,000 yearly. V. 61, p. 828. Liti­
gation has arisen with Long Island R R . regarding the use of Atlantic
Avenue. See V. 74, p. 1139. In Oct. 1910 N. Y . Court of Appeals decided
that the city had the right to tear up rails, but city has taken no action
looking to the exercise of the right.
Leases Coney island terminal to the N . Y . Rapid Transit Corp., formerly
the N Y. Consol. RR. (see N. Y . Rapid Transit above).
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock $8,500,000_________
_________ $8,500,000 ----------------Preferred 4% cum $6.500.000______
M -N
6,500,000
See text
Bonds.— For details see B .-M . T . statement above.
Dividends.— First div. on pref. under lease was paid Dec. 31 1900, 4%.
1901 to 1907 incl., 4% per annum; in 1908, N ov., 2 % ; in 1909, N ov., 2% .
in 1910 and 1911,4% ; in 1912, M ay, 2% ; N ov. 2% reg. and 4% on account
of arrears. In 1913, M ay, 2% ; N ov., 4 % ; 1914 to 1917 incl., 4 % ; none since.
—V. 116, p. 721, 1649.
EARNINGS.— For 12 mos. end. June 30:
1926
1925
$5,923,350 $5,973,351
Gross revenue_____________________________
691,817
982,504
Net. including other income________________
1,131.171
1,115.002
Fixed charges_____________________________
Net corporate deficit______________________
439.354
132,498
(a) CONEY ISLAND & GRAVESEND RY.
ORGANIZATION.— Incorp- in N. Y. in 1893. Owns $2,637,000 stock
ithe Coney Island & Bklyn. R R . (see below).
FIELD OF OPERATIONS.— Operates approximately 7.61 miles of
track. Standard gauge
STOCK AND BONDS—
Date.
Interest. Outstanding. Dividends
Stock $350,000 ($100)_______ All owned by the B -M . T.
B onds______________________ No funded debt.
EARNINGS.— For 12 mos. end. June 30;
1925.
1926
$133,420
$133,520
Gross revenue___________________________ ’______ _
11,213
8,614
Net (including other income)____________________
162,854
Fixed charges___________________________________
162,935
151,641
154,321
Net corporate deficit____________________________
(a) CONEY ISLAND & BROOKLYN RR.
Under terms of B. R . T . reorganization, the co, will be taken over ai
part of the system by the Brooklyn-Manhattan Transit Corp.
Reorganization Plan.— See Brooklyn-Manhattan Transit Corp., above.

OCT., 1927.]

POW ER, L IG H T AND R A IL W A Y

Receiver Discharged.— The receivership o f the co. was terminated at mid
night March 31 1924. V. 118. p. 1664.
In Dec. 1913 the Coney Island & Gravesend R y. (see above) received
permission from the P. 8 . Comm, to acquire 26,370 shares of the stock
of this company. Coney Island & Gravesend Ry. owns $2,637,000 and
the B .-M . T. Corp. $152,700 of the co .’s stock. B .-M . T . Corp. owns
$625,000 consol, mtge. bonds of 1904.
ORGAN IZATION .— Chartered Dec. 10 1860. Cars commenced run
ning over the Brooklyn Bridge Feb. 15 1898. See Y. 66, p. 383.
Brooklyn City & Newtown was leased in N ov. 1897 for 999 years. In
1900 acquired all the stock o f that company, but legal proceedings com­
pleting merger with Coney Island & Brooklyn were not effected until 1910
FIELD OF OPERATIONS.— Total track operated 52.032 miles.
STOCK AND BONDS.— Date. Interest. Outstanding. Last div. &c
____
$2,983,900 June ’ 18 1M
Stock, $3,500,000 (par $100)_______
Bonds.— See B .-M . T . above.
D IV ID E N D S.— In 1895, 6 % ; In 1896, 5% ; In 1897, 6% : in 1898, 8 H % ;
V. 67, p. 955. In 1899 and 1900, 10%; in 1901, 1 3 H % ;in 1902, 1903, and
1904, 16%; in 1905, 10%; in 1906, 8 % ; in 1907, Feb., 2% . None there­
after to Jan. 1914. when 6 % was paid. In 1015, Jan., 6 % ; June, 1)4% ;
D ec., 3 % . In 1916 and 1917, 6 % . In 1918, M ar., 1)4% ; June, 1)4% .
None since.
EARN INGS.— For 12 mos. end. June 30;
1926
1925Gross revenue____________________________________ $2,863,334 $2,906,538
Net (including other in com e)___________________
614.424
580.425
Fixed charges___________________________________
39 ',961
359.276
Net corporate income___________________________
223.463
221,149
OFFICERS.— Sec.. F. C. Marston; Compt., James Addison.— V. 117.
p. 552. V 118. p. 1664.
(4) BROOKLYN QUEENS COUNTY & SUBURBAN RR.
ORGANIZATION.— Incorporated in 1893
Receiver Discharged.— On July 14 1919 Lindley M . Garrison was appointed
receiver for the co., but on Dec. 21 1923 the receivership was terminated
and the receiver discharged.
FIELD OF OPERATIONS.— Has 67.048 mi’ es of track (incl 2d track,
sidings. &c.). Standard gauge.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $15,000,000 ($100)__________
_________ x$2.000,000 .................
Bonds.— See B.-M . T. above,
x All owned by B.-M . T.
EARNINGS.— For 12 mos. end. June 3<i
1926.
1925
Gross revenue__________________________________ $2,602,694 $2,594,005
319,859
316,177
Net (including other income)________________
Fixed charges_________________________________
673,725
631.149
Net corporate deficit____________________________
353,866
314,972
(5) SOUTH BROOKLYN RY.
ORGANIZATION.— Incorporated in 1900.
In Sept. 1923 the Transit Commission approved'the application of the
South Brooklyn Ry. for authority to purchase the outstanding capital stock
o f the Prospect Park & South Brooklyn RR. and the N. Y . & Coney Island
R R ., and to merge those cos. and the Prospect Park & Coney Island RR.
into itself See V. 117, p. 1347. This merger was consummated in
Sept. 1923.
STOCK AND BONDS.— Date. Interest.' Outstanding.
futurity
_______
x$500,000
- -------Stock, $100______ _____ _____ ___
xAll owned by B.-M . T. Corp.
EARN ING S.— For 12 mos. end. June 30:
19“
>S
1926
Gross revenue_____________________________
$1,344,173 $1,272 201
Net (including other income)_______________
397.632
445 382
Fixed charges_____________________________
321.233
304,350
Net corporate income_____________________
93.282
124.049
( 6) W ILLIAMSBURGH POWER PLANT CORPORATION.
ORGANIZATION.— Organized in accordance with reorganization plan
as the power plant subsidiary o f the B .-M . T . Auth. capital, $50,000.
_________
xlO.OOO ________ . «
Capital stock (no par)________ _____
STOCK AND BONDS— Date.
Interest. Outstanaing. Maturity
Gen mtge sk fd Ser “ A ” _____\ 1923 5%
$17,825,600 July 1 1969
Red at 10714 & int__________ /Chase N at’l Bk.. N . Y .. trustee
x All owned by B .-M . T.

UNITED TRACTION CO.

91

D IV ID E N D S.— First quar. div., 1M % , was pu d May 1 1900. same rate
continued up to and incl. N ov. 1905. For year lyOQ, 6 41 % was paid. OnDec. 31 1906 stock was increased from $5,000,000 to $12,500,000 and fdivs.
made semi-annual (J. & J.) and 4% was paid \u 1907, 2% Jan. 1 1908 and
2% each six months thereafter to and incl 1913. In 1914, 2 % . Nonesince.
EA R N ING S.— For calendar years:
Net.
Other Inc. Chgs.&Tax
Deficit.
Oross.
1927* _
______ $1,831,610
$325,818
$68,125
$648,183
$254,240
1926--- ........... 2,933,522
562,615
284,830
977,290
129,845
960,891 def.21,313
ly25-- - - 3,090.619
660.944
278.634
1924-.- --------- 3.205,856
466,448
1,078,688
335,705
276.535
1923--- ______ 3,234,149
394,212
276,249
972,323
301,862
1922— ______ 3.085.291
960,492
507,066
275,920
177,506
1921--. ______ 1.199,783 def1,579,887
275.416
903,938
2.208,409
♦For 12 months ended Aug. 31 1927.
OFFICERS.— Pres , L. F Loree, N. Y .; V .-P ., W . H. Williams, N . Y .,
V.-P., H. B Weatherwax. Albany: V .-P. & Asst, to Pres.. F. W . Leamy.
N. Y .; Sec., J. W. Coon, N. Y. :Asst. Sec. & Aud., W . A . Biasing, Albany;
Treas., F. W. Dingley, A.'bany ;Com p., W. E. Eppler, N . Y .; Gen. M gr.,
Ernest Murphy, Albany. Principal office, Albany.— V. 116, p. 2390;
V. 122, p. 1028; V. 123, p. 1115.
(1) HUDSON VALLEY R A ILW A Y .
In Dec. 1906 the United Traction Co. of Albany acquired control through
purchase of a majority o f the capital stock.
ORGANIZATION.— Incorp. July 1 1901 as a consolidation o f the
Glens Falls Sandy Hill & Fort Edward Street R y ., Warren County
Ry., Stillwater & Mechanicville Street R y ., Greenwich & Schuylerville St.
Ry., Saratoga Traction Co. and Saratoga Northern R y., the capital stock
of these roads being exchanged for stock in the new company. V. 73, p. 391.
Owns entire capital stock of Warren County Elec. Lt. Ht. & Pow. Co. and
ill the stock ($200,000) and all the bonds ($200,000) o f the North River
Ry., a road operated in Saratoga by this co. Franchises perpetual.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Main line extends from Waterford northward along the Hudson through
the villages and towns of Waterford, Mechanicville, Stillwater, Schuyler­
ville, Thomson, Fort Edward, Glens Falls and Lake George to Warrensburg. Glens Falls division provides a line from Saratoga Springs to Glens
Falls, which was completed in June 1903. There is also a branch line from
Thomson to Greenwich. Total first track, 100.57 miles; second track,
18.78 m.; sidings, 7.43 m.; making a total of 126.78 miles of track of which
101.32 m. are owned. Rails, T , girder and grooved, 48 to 141 lbs. Stand­
ard gauge; 70% on private right-of-way. Operates 87 cars. Including 7
freight, 15 exp and 12 service cars. Company owns Kaydeross Park, at
Saratoga Lake, and Ondawa Park, between Greenwich and Thomson.
Financial Readjustment.— A readjustment of the company's finances was
affected in 1906 without foreclosure, as per plan in V. 82, p. 100, 1040. In
March 1906 $2,500,000 5% non-cum. pref. stock was created to provide for
the convertible features of the debenture “ B ” bonds. V. 82, p. 751.
Traffic Agreements.— Has traffic agreements with the United Trac. Co.
tnd Greenwich & Johnsonville R y., by which cars of the Hudson Valley
Ry. Co. are run over the lines of the United Trac. Co. from Waterford
to Troy, and cars of this company are run over the Greenwich & Johnson­
ville at Thomson. N . Y .
STOCK AND BONDS—
Dale.
Interest. Outstanding.
Maturity.
Common $3,000,000 par $100- $2,978,300 ---------------Preferred ($2,500,000) (see/
text) 5% non-cumulative.- _ ]
First consolidated mortgage/ 1901
2,222,000 July 1 1951
5 g J-J
$4,000,000 (denomination/Int. at Manufacturers’ Nat. Bank, Troy.
$1,000) gold_________ c * tf /M ay be called at 110 & int. on any int. date.
Deb “ A ” income ($700,000)--- 1906 5 g Mar. 1
474.000 Jan 11951
O eb“ B ” income ($2,500,000). 1906 2 g Mar. 1 2,500,000 Jan 11951
_
IT nrlp r I n in a TA pti y_

3 F S H & F?E 1st M (no opt) / 1891
6 J-J
100,000
Past due
($500 & $1,000) gold_____cl Cent. Union Trust C o., New York, trustee.
do 2d M ($500) gold___ c f 1893 6 J-J
50.000
Pastdue
(.Int. at the National Bank of Glens Falls.
do
82,000
Pastdue
* M ' $3 50,000)-. - i f / 1901 6 A-O
M ay be called at 100.
1893 6 A-O
47,500
Pastdue

I

Bankers Trust C o,, New York, trustee.
1898 6 A-O
202,500
Pastdue
Glens Falls Trust C o., Glens Falls, trustee,
tfonas.— Of the $4,000,000 1st consol, mtge. of 1901, $482,000 are set
aside for prior liens and $1,290,000 have been deposited as coll, for tem­
porary loans.
.‘he deb. “ B ” bonds were conv. into pref. stock at par to Mar. 1 1917.
in the deb. “ A ” and “ B ” bonds is neither cumulative nor obligatory.
No U i V 's been paid on either class
The G. F. S. H. & F. E. 1st M . fell due July 1 1911. but was extended
and is now past due; 2d M . fell due July 1 1913 and the 3d M . April 1 1921.
Operating
Net
Other
Charges &
Balance,
Both issues of Stillwater & Mechanicville bonds fell due April 1 1913.
Revenues.
Earnings.
Income.
Taxes.
Deficit.
EARNINGS.— For calendar years:
1927*.- . _ --$436,835 def$64,609
$302,114
$327,816
$38,907
1926___ .......... 778,399 def 13,909
399,109
74,716
459,916
1925- 360,363
833,925
15,460
74,214
450.037
1924— .--------- 910,215 def 24,810
478,407
429,534
73,683
1923 — - ___ 962,772
460,822
57,778
75,337
327,707
180.003
192“
’
______ 1.245.843
469,463
250,197
39,263
♦For 8 months ended Aug. 31 1927.
OFFICERS.— Sams as for United Traction Co. -V. 113, p. 730, 1772.

Control.— Entire stock (except 4 shares) is owned by The Delaware &
Hudson Co. V. 81, p. 1552; V. 82, p. 160.
ORGAN IZATION .— Chartered Dec. 30 1899 as a consolidation of the
Albany R y. (chartered in 1863), the Watervliet Turnpike & R R . (chartered
in 1828) and the Troy City Ry. (chartered in 1866). See V. 69, p. 1147.
1300; V . 70, p. 77. Operates under leases to the constituent companies
the Troy & Cohoes R R ., Lansingburgh & Cohoes R R ., Waterford & Cohoes
R R ., Cohoes R y. and the Capitol R y. Owns 97% o f the stock of the
Hudson Valley R y., 71% of the Waterford & Cohoes R R ., and all the cap­
ital stock o f the Capitol R y ., Cohoes R y . and Great Western Turnpike Road
The Cohoes City Ry. was sold at foreclosure in 1904 and reorganized as
Cohoes R y. Co., with $120,000 stock and $84,000 bonds; all o f the stock
and bonds are deposited with the Central Trust Co. o f New York as security
for bonds o f the Albany Ry.
Acquisition of Hudson Valley Ry.— In Dec. 1906 acquired a majority of the
stock and bonds o f the Hudson Valley R y . Co. and increased its own stock
from $5,000,000 to $12,500,000 to finance the purchase. V 84. p. 62
INTERNATIONAL RAILW AY CO.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS —
Operates 52.049 miles of fir s t main line track and operates in al 97.352
O R G A N IZA T IO N — Incorp. in N . Y . on Feb. 20 1902 with $10,120,500
miles o f track, o f which 80.358 miles owned, connecting Albany, Troy, stock, and in Aug. 1902 this was Increased to $17,000,000, and in Aug.
Cohoes, Rensselaer. Watervliet, Lansingburgh. Green Island. Waterforn. 1920 further increased to $17,500,000, of which $16,707,500 has been
&c. Rails. 25 to 141-lb. girder and T . Standard gauge. Has 314 cars .252 Issued (all of which was owned by the International Traction Co. up to
owned and 62 leased.
1920— see V. I l l , p. 1752). as a consolidation of the following companies,
Franchises perpetual except that o f the Capitol R y. (a short line on the whose shares had previously been held by the Traction Co. V. 71, p. 427.
outskirts o f Albany), which expires in 1951.
Buffalo Railway Co. (after Buffalo Traction and Buffalo Bellevue &
Traffic Agreements.— Has traffic agreements with the Albany Southern Lancaster had first been merged in the same).
R R ., Schenectady R y. and Hudson Valley R y., by which cars of the firstBuffalo & Niagara Falls Electric Railway.
named road are run into Albany from Rensselaer, cars o f the Schenectady
Buffalo & Lockport Railway (after Elmwood Ave. and Tonawanda Elec­
Ry. into Albany, Troy and Watervliet, and cars o f the Hudson Valley Ry. tric Railway had been m erged).
into Troy from Waterford.
Buffalo Tonawanda & Niagara Falls Electric R R . Co.
Electric power is furnished under contract by Adirondack Power & Light
Lockport & Oloott Railway.
Niagara Falls & Suspension Bridge Railway (after the Niagara Falls
Corp.
Fares.— In Feb. 1926 applied for fare increase. V. 122, p. 1028. Case Whirlpool & Northern R y. had been merged in it ).
Niagara Falls Suspension Bridge Co.
pending. V . 123, p. 1115.
On July 1 1902 the International R y. Co. acquired by purchase the
STOCK AN D BONDS—
Date.
Interest. Outstanding.
daturity.
Niagara Falls Park & River R y., the Clifton Suspension Bridge C o., the
Stock (par$100) $12,500,000_______
_________ $12,500,000
See text
Lewiston Connect. Bridge Co. and Queenston Heights Bridge C o. and in
Debentures $1,250,000 gold/ 1901 4 )4 g M -N
456,000 M ay 1 1919 Dec. 1912 merged the Electric City R y. In April 1913 the Crosstown
($ 1 ,0 0 0 )____________ rn tf lin t, at National Commercial Bank, Albany
St. R y. was also merged.
Cons mtge $6,500,000 gold/ 1904
4 44 g J-D 2,620,000 June 1 2004
For history of International Traction Co. which formerly held all the co.'s
($1,000) ____________ c*tf\lnt. at Cent. Un. Trust C o., N . Y , trustee
stock, see “ Electric Railway” Supplement of April 30 1921.
Albany R y cons M ($500,000)/ 1890
5 g J-J
428,000 Jan 11930
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS —
gold ($1,000)_______ c*ntf\Int. at Cent. Un. Trust C o., N . Y .. trustee.
Albany R y gen M $750,000/ 1897
5 g J-D
496,000 Juno 1 1947 Total miles of track, incl. second track, crossovers, sidings, &c., 408
miles. Gauge. 4 ft. 844 in. Rail (steel) 45 to 145 lbs. 1,056 cars of all
g o ld ___________________ t flln t . at Cent. Un. Trust C o., N . '
trustee
Watervliet Turnpike & R R — / 1889
6 M -N
350,000 ' la y 1 1919 classes, incl. 885 passenger cars. International Bus Corp., subsidiary,
operates 37 buses on 3 lines in the City of Buffalo and 7 buses on 3 inter1st M guaranteed______n tf (Boston Safe Deposit & Trust Cc, trustee.
2d M prin & int g u a r.-n tf / 1890
6 M-N
150,009 May 1 1919 urban lines. See Y. 119, p. 1844, Greater part of electrical energy used is
purchased from the Niagara Falls Power Co. and its allied company, the
IChat.-Phen. N a fl Bk.& T r.C o.of N .Y .,tru.
Troy City 1st con M gold/ 1892
5 g A-O
2,000 000 Oct 1 1942 Buffalo General Electric Co. V . 121, p. 2272.
In Sept. 1926 N. Y . Pub. Ser. Comm, approved abandonment by co. of
$2,000,000__________ e*&r\Int. at Cent. Un. Trust. C o., N Y ., trustee.
Bonds.— Of the consol, mtge. o f 1904, $3,880,000 is reserved to retire prior its Buffalo, Kenmore and Tonawanda line and of its Military Road line in
liens. No sk. fd. and bonds are not subj. to call. Directors may fix rate of the village of Kenmore, the town of Tonawanda and the city of Tona­
int. on unissued bonds but not exceeding 6%; present issuei at 4 4 4 %. The wanda: also granted the International Bus Corp. a subsidiary of Intern’l
debs, may be called on any int. date on 3 mos ' notice at “ » 5% int. rate for Ry. permission for operation of bus lines from Tonawanda to the Buffalo
the unexpired term as calculated in.standard int. tables.” V. 73. p. 1113. City line and between Kenmore and Tonawanda. V. 123, p. 1762.
Franchises.— Nearly four-fifths of the mileage in Buffalo, including all the
The Albany R y. general mortgage o f 1897 was for $750,000. of which
most important lines, is maintained, it is stated, under franchises in per­
$254,000 was reserved, but consolidation made reservation inoperative.
The Troy City leased roads include Troy & Cohoes. Mock $50,000, divs. petuity or upon property directly owned, only 51 miles of minor trackage
under lease 7% ; Lansingburgh & Cohoes, stock $15,009 divs. under lease being operated under franchises having less than 25 years (from 1916) to
7% . The Waterford & Cohoes R R ., $25,000 stoc ,
ceives 7% yearly run. The franchises of the lines outside of Buffalo are either for vsrious
long-term periods or are without time limit.
under lease.




92

PUBLIC U TILITIE S

[Vol. 125.

Fares.— V. 118, p. 2572; V. 120, p. 828, 1202, 1747; V. 123, p. 1876; Board o f Appraisers for the city of Rochester, in Aug. 1921. see V. 113,p.849.
V. 124, p. 1510; V. 125, p. 246.
Fares.— See “ Electric Railway” Supplement of April 26 1924. Fares on
New Wage Base.— For increase of 3c per hour over 1925 and 1926 and
the Rochester City lines increased Jan. 1 1926, see V. 121. n. 3132. Fare
other changes. See V. 121, p. 2402. New increase for 1927, V. 124, p. 236. increases granted to the Utica lines in Aug. 1826. V. 123, p. 1114; V. 124,
p. 507. Granted higher fares on its lines in Syracuse. V. 124, p. 1220.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stocks $17,500,000 (v t c ) _________
_______ $16,707,500 __________
Co. Authorized to Operate Buses'.— See V. 116, p. 2389. See also V. 117.
Internat Ry ref & imp mtge) 1912 5 g M -N
15.472,200 Nov 1 1962 p. 1236, 2110; V. 118, p. 552, 1392, 1774.
$60,000,000 gold_c*&r/Bankers Trust Co.,
New York, trustee.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturitu
Buffalo Ry 1st con
m tge/ 1891 5 g F-A
4,566.000 Feb 11931
Jommon$19,997,700 i$100)............
Q-J
$19 952 400
See text
($1,000) $5,000,000 g_c*&r{ Int. at c o .’s office, Buff., E . W . Clark & Co.,
Pref $3,862,500 ($100) 5 % c u m ____
Q-J
3.862.500
See text
i Phila., or Bankers Tr. C o., N . Y ., trustee.
1st cons MSer A,B 50.000.000 f 1912 4)4-6)4gM-N16,457.000 Nov 1 1962
Tonawanda St RR 1st M l 1892 6 J-J
60,000 Jan 11926
gold ($1,000)_____c*&r*tfjSecurity Trust Co. of Rochester, trustee.
(closed)__________________ /Interest at company’s office, Buffalo.
[Interest at Treasurer’s office. New York.
Tonawanda Electric R R lst\ 1895
6 A-O
40,000 April 1 1927 Rochester Ry Consolidated
1890 5 g A-O
2,354,000 April 1 1930
m tg e ____________________ flnteres at company’s office, Buffalo
Mortgage $3,000,000 ($l,-{Interest at Treasurer’s office. New York,
Crosstown St R y 1st mtge g( 1892
5 g M -N
2,.398,000 M ay 1 1932
000) g o ld ______________c* [Bankers Trust C o.. New York, trustee.
(closed) g u p & i _______ c*JInt. at Chath .-Phoen. Nat. Bk., N .Y ., trus
Roch Ry 2d M $1,500,000) 1893 5 g J-D
1 500.000 Dec 1 1933
Buffalo Traction first mtge\ 1898
5 g J-D
673,000 Dec 1 1948
gold ($1,000)----------------c* lln t. at Treas. office. Sec.Tr.C o.,R och.. trus.
(closed)__________________ \Int. at Chath.-Phoen. Nat. Bk., N .Y ., trus
(Jtlca & Mohawk Vail 1st M| 1901 414 K M-S
2,268,000 8ept 1 1941
Buffalo & Niag Falls Elec Ry\ 1895
5 g J-J
418,000 July 1 1935
$41000,000 gold ($1.000){Interest at Harris, Forbes & C o., New York;
1st mtge $750,000 gold_ c/Interest at Bankers Trust C o., New York.
_
c* ______cannot be called I New York Trust Co New York trustee.
Buffalo & Lockport 1st mtge\ 1898
5 g J-J
500,000 July 1 1928 Utica Belt 1st mtge $500,000/ 1888
5 M-N
500 000 Nov 1 1939
gold $500.000____________ /Equitable Trust Co., New York, trustee.
gold ($1,000)_____________lin
Niagara
Falls Suspension/ 1897 5 g J-J
8'),000 Jan 1 1928 Utica Belt 2d mtge $200,000/ t, at Treas. office. N .Y .T r.C o.. N.Y..trus.
1891 5 J-J
39.000 Jan 1 1931
Bridge, Clifton Suspension {Toronto General Trusts Corp., trustee.
gold ($500)---------------------c\Int. at Treas. office. N .Y .T r.C o., N .Y..trus.
Bridge___________________ lint, at Amer. Exch.-Pacific Nat. Bank, N .Y ,
S yra cR T 1st M ($3,250,000)1 1896 5 g M-S
2,500 000 Mar 1 1940
Lewiston Connecting Bridge/ 1898 5 g A-O
125,000 Oct 1 1928
gold ($1,000)__________ c*l,Guaranty Trust Co. New York, trustee.
C o., Queenston Heights {Toronto General Trusts Corp., trustee.
do 2d mtge $750,000 ($1 / 1900
5 g J-J
654 000 Jan 1 1930
Bridge C o________________ [Int. at Amer. Exch.-Pacific Bat. Bank, N .Y
000) gold
_
— iInt. at Treas. office. Union Tr. C o., Cleve. .tT
Niag Falls & Susp Bridge R y . 1893 6 J-J
488.000
Seetext
654,000 Jan 1 1930
Syrac R T 2d M $750,000____ 1900 5% J-J
Niag Falls Whirlp & No R y _ . 1894 6 J-J
12,000
Seetext
East Side Traction 1st M D 89 5 J-D
250 000 June ) i929
Bonds.— Of the International R y. ref. & impt. bonds, $9,858,500 are
$250,000 ($1,000) gold____Int. at Treas. office. Union Tr. C o., Clev., tr.
Real estate mortgages______
36.000
reserved to retire prior lien bonds; remaining bonds may be issued only for
additions, improvements, &c., with consent of the P. S. Comm. Coup
Stock.— Preferred stock can be increased only with consent of twobonds in denom. o f $1,000 and reg. bonds of $1,000 and multiples. Red. on thirds of outstanding preferred stock, and holders are to have right to take
any int. date at 110 and int. Int. payable at office or agency of the co
their proportionate shares of such increase. Stock is subject to call at 110
in New York. Exempt from N. Y . State, county and municipal taxes
upon any div. day on 30 days’ notice. V. 88, p. 945. Both stocks are
Sk. fd. began in 1912 and will provide by July 1 1949 sufficient funds to listed on N. Y . Stock Exch. See official statement. V. 92. p. 951.
retire all except $600,000 o f the outstanding underlying bonds to a total par
Bonds.— Of the first consol, bonds outstanding, $3,000,000 (ser. “ B” ) bear
value of $12,651,500. $2,764,800 ref. & impt. bonds and $1,099,000 prior lien Int. at 6)4% and $13,457,000 (ser. “ A ” ) at 4 )4 % . $10,561,000 are reserved
bonds have been acquired by sink. fund. The bonds are secured by a 1st to retire underlying bonds. V. 114, p. 1651. The remaining bonds may be
mtge. on about 59 miles of track (incl. 23 m. in Buffalo) and by a mtge. od Issued for equipment, impts., &c., to the extent of 90% of the cost, and for
remaining property, subj. to divisional bonds. They are a 1st mtge. on the acquisitions at actual cost, provided in each case that the annual net
line between Buffalo and Niagara Falls. V. 96, p. 62; V. 103, p. 1032. Income (including net income on securities owned) shall be one and oneThe Tonawanda Elec. R R . 1st 4s, due originally on April 1 1907, were half times the annual interest charge on all bonds, including underly­
extended as 4s to April 1 1917, and in 1917 again extended at pleasure of ing bonds then outstanding and any add’l 1st consols desired to be Issued
holders at 6 %.
Ser. A, bonds are red. at 105 & int on 60 days’ notice. V 95. p. 1208; are
The Tonawanda Street R R . 1st 6s originally due July 1 1922. were Isted on N. Y . Stock Exchange; exempt from Federal, State, county and
extended to Jan. 1 1926 at 6% and were extended again at pleasure of municipal taxes.
holder at 6 % .
Rochester Ry. cons. & 2d mtge. bonds cannot be called.
The Niagara Falls & Suspension Bridge R y. bonds o f 1893 and Niagara
Syracuse Rap. Tran. 2d M . bonds are subject to call on any interest date.
Falls & Whirlpool Northern bonds o f 1894 given in the table above matured
Dividends.— 1)£% on pref. paid July 1909 and quar. to and incl. April
in 1903. These were extended to July 1 1923 at 6 % and again to Jan. 1
1918. None to July 1922 when IS4 % was paid together with 5% on acct.
4926 at that rate. On Jan. 1 1926 they were again extended at, leasure of of arrears. In Oct. 1922, 1M % and 5% on acct. of arrears. In Jan. 1923.
holders at 6 % . Y . 122, p. 480.
I % and 10 % on acct. of arrears, clearing up all accumulated divs. In
EARNINGS.— Of International R y. for calendar years;
arrears. V. 115, p . 2686. In Apr. 1923. 1)4% ; July, 1)4% ; Oct.. 1)4% .
1926.
1925.
1924.
i92>
In 1924, 5% . In 1925, Jan., 1)4% ; Apr., 1 )4 % ; July. 1)4% ; Oct., post­
op .907
Total income__________ $10,700,171 $10,743,790 $10,322.55
poned
V. 121. p. 1348, 1462. On com ., 1)4% quar. from July 1910 to
Operating expenses_____\ 9,193,277
/8 ,695.398
8,810,703
'617.421 July 1914; Oct. 1914, 1% . V. 99. p. 894. In 1915, 4% ; in 1916. 4 )4 % ;
Taxes_________________ /
l 712,705
698,642
'676.485 in 1917, Jan., 1% ; Apr., 1% ; July, 1% . None to Jan. 1923. when 1 44%
was paid. In Apr. 1923, % o f 1% was paid. In July 1923 54 o f 1%:
Gross income________ $1,506,894 $1,335,687
$813,210
$546,001
Oct., 54 of 1% . None since.
Interest, rents, &c_____ 1,458,284 1,546,042
1,479,724
1,573,240
EARNINGS.—-Combined statement for calendar years (after allowing
Balance over charges_sur.$48,610 def.$2l0,355 def$666,513def$1027,238 for inter-company chargas):
Gross
Net, after Other
DeducSink.
Divi- Bal..Sur
x This loss from operation for year 1923 represents strike costs.
Revenue. Taxes, &c. Income,
tions.
Fund, dends. or Del
Latest Earnings.—For 6 months ended June 30;
$
$
$
$
$
$
$
1927.
1926.
— 10,351.980
$5,353,187 1926 — .10.029 154 2,103,802 *38,194 1,536,601 31,603x193,125 304,278
Operating revenue_____________________________ $5,423,725
1925
2,134 868 132.942
1,507.672 32.664x193.125
4,532,241 1924 — _10,358,864 2,389.814 125,072
Operation and taxes_____________________________ 4,901,175
1,478,479 34,636193.125
20,233 1923 . — 10,803,000 2,297,700 76,869
Non-operating income__________________________
26,414
1,451,177 34,130641.887
1922-.-10.501.765 2.109,365
97.422
1.435.518 34.740492.300
Gross income_______________________________ $548,965
$841,179
x 2 M % paid in 1925, none in 1926. * Adjustment of excess of specified
Fixed charges_________________________________
725,237
734,738 return under service-at-cost contract, city o f Rochester.
Latest Earnings.— For 6 months ended June 30 1927; Gross, $5,203,851’
Balance_________________________________ def. $176,272 sur.$106,441
net after taxes, $1,235,596; bond interest, sinking fund and other deductions,
OFFICERS.—Pres. & Gen. M gr., Bernard J. Yungbluth; Y.-P. of $767,551; balance for dividends and depreciation, $468,045.
Transportation, N . Y . Brown; Sec. & Treas., C. A. Weber; Aud., Charles
OFFICERS.— Pres..James F.Hamilton; V .-P ’s.Walter N.Kernan, Utica,
A. Chavel. Co. is under “ Mitten Management.” — V. 120. p. 453, 828,
1202, 1747, 2550; V. 121, p. 706, 2272, 2402; V. 122, p. 480, 2040, 3210; and Benjamin E. Tilton, Syracuse; Sec. & Treas., H. L. Riechert; Asst.
V. 123, p. 982, 1762, 1876, 2261; V. 124, p. 236, 1219, 1510, 2748; Y. 125, Treas., D. A. Byrne; Gen. Aud. & Asst. Sec., J. M . Joel, Rochester, N. Y .
— V. 120, p. 958, 2012, 3188; V. 121, p. 1348, 1462, 2039, 2274, 3132,; V.
p. 246, 1056.
122, p.1026,J1310; V. 123, p. 582, 1114, 2261; V. |124, p. 507, 921, 1220,
2428;V. 125, p.!518, 2264
(1) SCHENECTADY RAILW AY.
NEW Y O R K STATE RAILWAYS
Entire stock is owned jointly by the N . Y . State Rys. and the Del. &
O f the common stock, $13,604,300 (also $600 pref.) owned by New
Hud. C o., one-half by each. V. 80, p. 652; V. 87, p. 286, 545; V. 88. p 54
York Central R R .
ORGANIZATION.— Incorporated in New York. A reorganization on
ORGAN IZATION .— Incorporated In New York on March 22 1909 as a
consolidation o f the Rochester Ry. C o., the Rochester & Sodus Bay Ry. Co. Feb. 11 1895 of Schenectady Street R y. C o., which was chartered in 1886
Controls the entire street railway business in Schenectady and owns and
and the Roch. < Eastern Rapid Ry. Co. (as per plan V. 88, p. 53, 823,945),
fc
and on Oct. 17 1912 the P. S. Comm, approved the further merger with the operates double-track lines to Albany, Troy and Ballston Spa, and, under
Utica & Mohawk Valley R y ., Oneida R y., Syracuse Rapid Transit R y. and lease with Hudson Valley Ry. Co. and Delaware & Hudson C o., from Ball­
R< Chester & Suburban R y., all o f whose stocks had already been owned. ston Spa to Saratoga Springs. Has trackage rights over the United Trac­
V. J5. p. 1040. Aug. 28 1919 the co. merged into itself the East Side Trac- tion C o.’s tracks into Albany and Troy. Franchises perpetual.
tio 1 Oo., the entire stock o f which had been owned since 1912. Compare
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Y . 108, p. 683. In N ov. 1925 acquired through the Ontario Motor Lines
A trolley road. Operates 140.22 miles of track, of which 114.98 miles owned
Inc., a subsidiary, the franchises o f three independent lines in the Rochester.
12.21 miles leased and 13.03 miles operated under traffic agreements.
N V territory, and planned to combine these lines into a single route. 70, 75, 78 and 80-lb. T girder rail. Has agreement with Fonda Johnstown &
V. 121 p 2274 where other details are given.
Gloversville R y. Co. (electric division) whereby latter company operates its
The following is a list of the stocks owned by the N. Y . State Railways:
cars into Schenectady. Operates 145 passenger motor cars and 33 other
Schenectady Railway C o________ $2,050,000 or 50%
o f whole amount cars.
Syracuse Railway Co-Ord_______
50.000 “ 100%
Fares.— See “ Electric Railway” Supplement of April 26 1924
Syracuse Land & Steamboat C o ..
10,000 “ 100%
To Operate Buses.— V. 116, p. 1761.
Syracuse & Valley Land C o _____
4,450 “ 100%
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Glen Haven Improvement C o ____
14.500 “ 100%
Ontario Light & Traction C o _____
100,000 “ 100%
Jtock $7,000,000 ($100)___________
______$4,100,000
See .ext
Rochester Electric Railway C o_
_
176.600 “ 88.30%
Urst mortgage $20,000,000/ 1916
5 g M-S
2 676.000 Mar ) 19)0
Told '*1 00m
—C*-IU q Mtgp & Trust Co v v , t.r” o-re .
Rochester Rys. Co-Ord. Bus Lines
150.000 “ 100%
East Ave. Bus C o., In c---------------29,685 “ 61.46%
Equipment trust notes_______ 1925
5 J4
82,320
1930
Utica Ry. Co-Ord Bus Line, I n c ..
30.000 “ 100%
Bonds.— $324,000 additional bonds may be Issued to retire floating deb«
Darling’s Bus Line, Inc_________
10,440 “ 100%
»nd for other corporate purposes
Remainder of first $5 000.000 (Ser " A ” )
Rochester Inter Bus C o_________
16.250 “ 95.30%
nay be Issued from time to time for cash cost of extensions and permanent
Miscellaneous___________________
200
mprovements. Bonds in excess of $5,000,000 may only be issued h r 80%
Also owns $55,000 City o f N . Y .
coup. “ Corp.” stock, $232,000
;f cost of extensions, &c., under conservative restrictions, and may bear
railroad bonds and $64,000 Liberty Loan 4 K % bonds.
nterest, not exceeding 6 % , and be callable under such terms and conditions
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
48 the directors may determine. Ser " A ” bonds are callable at 102 and
On Dec. 31 1926 operated 339.02 miles of railway, o f which 277.66 miles int. on any int. date. Exempt from N . Y . State, county municipal per
owned, 60.96 miles leased, and .40 trackage rights. Miles main single tonal property taxes. V. 102, p. 887.
track. 545.14 (of which 429.33 miles owned, 115.03 miles leased and .78
Dividends.— Initial div.— 2 )4 % — In 1906; 1907 and 1908, none, in 1909.
miles trackage rights): sidings, &c., 52.15 miles: total track mileage, 597.29. t% ; 1910, 6 )4 % : 1911 to 1915, 6 % . In 1916, 5 % .
In 1917, 3 X %
Miles o f railway owned, leased and operated by subsidiary cos., in addition None since.
to mileage operated directly by N Y . State Railways.
EARNINGS.— For calendar years:
Owned.
Leased.
Operated
Gross
Net (after Other (net) DeducBalance,
a Rochester Electric R y ____________________ 4.71
____
____
Earnings.
Taxes). Income.
tions.
Sur or Del
a Ontario Light & Traction C o______________2.53
---------$989 $145,680
def.$33.071
b Schenectady Railway C o_________________ 60.29
12.99
73.28 1927 * - .........$979,182 $111,620
1926------------------- 1,758,963df201,023
2,778
238,358
def436,603
298.717
2 064 235.253
sur .66.128
T otal__________________________________67.53
12.99
73.28 1925------------------- 1.680.924
150.371
2,218
205,994
def.53.405
a Leased to N . Y . State Rys. 6 N Y . State Rys. owns a half interest. 1924____________ 1,688,475
1923____________ 1,194,656df 686,742
1.818 161,612
def.846.536
Has 784 passenger, 17 express and 151 other cars (including 1 electric
1922 . ____
_ 1 776.451
234 740
1,905
147,047
sur .89,598
ocomotive) and 39 snow plows; total, 991.
* For 7 months ended July 31 1927.
Franchises in Rochester are practically perpetual and exclusive, with
OFFICERS.— Pres., James H. Hustis; Sec. & Treas., J. B. Mahan;
exception o f a few extensions which run for 50 years.
Contract for Power.— Power for Rochester lines Is supplied under a long­ Aud., F. J. Eaton.— V. 118, p. 312; V. 121, p. 979.
term contract with the Rochester Gas & Electric Corp , whose entire com
stock is owned by Mohawk Valley Co. (in turn owned by N. Y . Central RR )
Power for Syracuse lines supplied by Niagara Lockport & Ontario Power Co
EIGHTH & NINTH AVENUE RAILW AY.
and Utica-Oneida lines supplied by Adirondack Power & Light Corp.
Receivership.— N. A. Elsberg and Michael Kirtland were appointed per­
Valuation.— At a hearing held before the P. S. Comm, on Feb. 26 1918
the appraised valuation o f the co. was given as $53,326,235. For valuation manent receivers. V. 124, p. 2747, 3206.
of the c o .’s property in Syracuse see V. I l l , p. 1472. See also V. I l l ,
ORGANIZATION.— Incorp. in Dec. 1926 as a consolidation o f Eighth
p. 2521. For valuation o f Utica lines see V. 112, p. 63. For valuation by Ave. RR. (chartered Jan. 10 1855) and Ninth Ave. RR. (chartered July 29




534.350
808,646
247,374
244 229

Oct ., 1927.]

93

POWER, LIGHT AND R A IL W A Y

1859). For history, &c., o f these two companies, see “ Public Utility
Compendium o f Oct. 30 1926.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates the Eighth Ave. underground-trolley (20.389 miles)
and the Ninth Ave. electric road (also sub-surface contact) from Cortlandt
St. to 126th St. (16,883 miles) in New York City.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
----------58,000 shs. - - - - - - - - - Capital stock (no par)----------- -------Scrip o f 1914________________ _____
_________
$750,000
Feb. 1929
On N ov. 28 1913 the P. S. Comm, authorized the issuance of $750,000
6 % 5-year certificates, dated Feb. 1 1914, replacing the same amount of
certificates issued in 1884 and due Feb. 1 1914. The $750,000 scrip of 1914
originally fell due in Feb. 1919 but has been extended to Feb. 1929, on which
$400,000 has been paid, balance o f $350,000 secured by second mtge. on
parcel o f real estate property located on 8th Ave. between 49th & 50th Sts.
Scrip o f 1914 replaces same amount o f scrip o f 1884 which fell due Feb. 1
1914. Again, in 1919, extended to Feb. 1929. Redeemable any int. day.
EARN INGS.— For calendar year 1926. Gross, $1,494,942; net, def.
$84,068; taxes, $126,780; interest deductions, $82,800; bal., def., $293,648.
— V . 124, p. 1665, 2747, 3206.

SECOND AVENUE RR.

For committee’s circular letter re sale of properties to Charles L. Craig,
see Y. 122, p. 2830. 2496.
EARN ING S.— Calendar years:
1926.'
1925.
19241923.
1,307,645
1,457,413
1,489,113
Operating revenues_____ 1,201,177
Operating income_______ defl62,585 defl79,166
91,001
82,588
Other income__________
12,602
12,113
12,597
12,890
Total income____________defl49,983 defl67,053
103,598
95,478
Rents & misc. charges..
139,323
170,412
113,221
114,138
Interest charges_______
82,007
80,279
90,047
65,941
Deficit for years_____
$371,314
$417,744
$99,670
$84,601
OFFICERS.— Pres., P. E. Crowley; V.-Ps., Albert H. Harris and John
L. Burdett; Sec., E. F. Stephenson; Treas., Harry G. Snelling: Com pt.,
W. C. Wishart.— V. 120, p. 2684; V. 121, p. 200; V. 122, p. 2496, 2800.

MANHATTAN BRID GE THREE-CENT LINE.

ORGAN IZATION .— Incorp. in New York. Began operat’g in Sept. ’ 12.
Franchise to operate from Flatbush Ave. (Brooklyn) to Manhattan ap­
proved by the P. S. Comm, on Aug. 14 1912. V. 94, p. 912; V. 95, p. 420.
See also V . 114, p 2823. See decision regarding franchise in V 116. p . 296.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates 4.02 miles of track from Canal St. and Bowery, N . Y ., over
Manhattan Bridge, through Flatbush Ave Extension to Fulton St..
Brooklyn. 16 cars.
8TOCK.— Authorized, $1,000,000: outstanding, $450,000.
Dividends.— Initial quar. dividend of 11$ % paid Mar. 1914 (V. 98, p. 523);
same rate quar. to and inci. March 1916. None to June 1918, when 1 %
was paid. Same rate pa d regularly quar. to and incl. March 1923.
None since until Dec. 1925 when 1% was naid. In 1926: March, June
Sept, and Dec., each 1% . In 1927: March, 1%; June, 1%; Sept., 1% .
EARNINGS.— For years ended June 30:
Balance,
Divi­
Gross.
Net
Other Taxes. Rents
dends.
Sur. or Def.
EXrnines. Earninos. Income. Amort. Ac.
$18,000
def. 2.32
1927_____$233,479 $42,911 $8,029 $35,268
926______ 239,650
40.659
7,822
34,716
13.500
sur .$268
None sur. 7,655
1925_____ 260.192
37,723
36,743
6,675
None
2,181
37.479
1924_____ 277.074
5,282
40.580
42.610
1923_____ 284.898
39.795(3 %) 16.875
def.8.945
5.115
1922_____ 285.059
62.474
4,192
41,832
(5%) 22,500 sur. 2,334
42.462
(5% '49 500 sur. 3.679
1921.
. 292.705
64.727
3.914
Total surplus Tune 30 1926 $20 861
P assen gers carried during 19 2 5 -° 6 ,
9,452,344; 1924-25, 10,267,228; 1923-24, 10,929,372; in 1922-23, 11,247,763; in 1921-22, 11,251,873 were carried, against 11,560,501 In 1920-21.
OFFICERS.— Pres., Fred’k W. Rowe; V.-Pres.. Frederick D. Mackay;
Sec. & Treas., Walter Hammitt.—-V. 116, p. 296, 2767.

Receivership.— In Sept. 1908 Justice Bischoff in Supreme Court appointed
George W. Linch separate receiver in suit by Guaranty Trust Co. to fore­
close consolidated mortgage. At midnight on Nov. 12 1908 receiver
took possession of the property. Charles E. Chalmers is now receiver
Div on stock due June 1908 was defaulted. Default o f int. on bonds
occurred as follows: 1st (gen.) mtge., N ov. 1 1908 (subsequently retired
V. 91, p. 1255); first consols, Aug. 1 1908; debentures, July 1 1908. A
committee was formed to protect the interests o f the first consol. 5%
bonds. V. 87, p. 347, 1238. On Oct. 1 1910 Justice Amend in Supreme
Court authorized receiver to issue $2,500,000 receiver’s certificates to be
used to retire $1,280,000 gen. consol. 5s and $500,000 receiver’s ctfs. due
Oct. 1 1910, and for franchise taxes, impts. and equip. V. 91, p. 946
In Jan. 1911 $500,000 additional ctfs. were authorized for impts. and equip
V. 92, p. 264. As these matured, various other issues were made from time
to time. In Oct. 1913 $3,200,000 1-year 6 % receiver’s ctfs. were author­
ized to retire $3,140,000 falling due Oct. 1 1913, which have been extended
from year to year. V. 105, p. 1310; V. 107, p. 1386; V. 119, p. 457. The
Interest due April 1 1918 on these ctfs. was deferred until M ay 1 1918
(V. 106, p. 1578). Oct. 1918 interest was paid when due. V. 107, p. 1386.
The Oct. 1 1919 int. was not paid when due. V. 109, p. 1462.
Anticipating the default In the payment of the Oct. 1 1919 int. on the
$3,140,000 6% receiver’s certificates, the following committee was formed
in July 1919 to protect the interests o f the holders (V. 109, p. 1462, 2357)
Committee for 6% Receiver’s Certificates.— Chairman, George E. Warren:
A. A. Jackson, Geo. E. Barstow Jr., Herman D. Kountze, J. F. B. Mitchell;
VAN BRUNT STREET & ERIE BASIN RR.
Sec’y, Arthur W . Hutchins, 60 B ’way, N . Y . City. Depositaries, Irving
ORGANIZATION.— Chartered Feb. 15 1861.
Bank-Columbia Trust C o., N. Y ., and the Girard Trust C o., Phila. I d
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Dec. 1919 $2,787,000 (about 90% ) o f these ctfs.had been deposited with
A trolley road. Track 2.32 miles, changed to electricity in 1898. 14
the committee. V. 109. p. 2357.
Foreclosure and Reorganization.— Company’s property was sold at fore­ passenger cars. Road is in receiver’s hands for dissolution.
closure Sept. 22 1927. The property was purchased in behalf of the com­
C A PITALIZATION .— Stock, $200,000, all issued; par, $10. Bonds;
mittee for the receiver’s certificates, whereupon two companies are to be $75,000 1st mtge. authorized; $31,000 out.
formed. ( 1 ) a real estate corporation, to acquire c o .’s car barn property at
EARNINGS.— Gross earnings for cal. year 1926: Gross, $50,404. Bond
96th & 97th Sts., First & Second A ves., N . Y. City; and (2) a railway corpo­
ration to acquire the property, rights, interests and franchises o f Second Ave. int. due April 1 1927 was paid, but no divs. on stock were declared. For
R R . exclusive o f above-mentioned car barn property, subject to franchise cal. year 1925, gross, $49,472. Company paid in 1925 the int. on its bonds,
taxes. The capitalization o f the real estate corporation is to be as follows: but no stock div. Earnings for year ending June 30 1922, gross, $66,461;
First lien bond (or bonds) seemed by a first mtge. on the car bam property, net after taxes, $748; other income, $974; int., &c., $2,137; bal., def., $415.
OFFICERS.— Pres., Edward M . De Coster; V .-P., Wyllys Terry; Sec.
not to exceed $750,000; non-par stock, 34,000 shs. For each $1,000 of
receiver’s certificates holders were to receive voting trust certificates for and Treas., George D. Terry. Office, 264 Van Brunt St., Brooklyn, N . Y .
10 shares no par com. stock. The railway corporation is to issue first lien — V. 108, p. 2331; V. 109, p. 677; V. I l l , p. 390; V. 121, p. 1910.
6 % 30-year bonds, callable at 102 % , not to exceed the “ cash requirements,”
which will not exceed $750,000, and 34,000 shares no par stock. For each
$ 1,000 receiver’s certificates holders are to receive voting trust certificates
SCRANTON. MONTROSE & BINGHAMTON RR.
for 10 no par common shares, in event the “ cash requirements” are raised
ORGANIZATION.— Successor to
R R ., which
by a mortgage on the real estate. The bonds will be sold to the real estate was placed in receivership June 1918 Scranton & Binghamtonsale and pur­
and later sold at public
corporation in event the consolidated mortgage bondholders do not provide chased by bondholders’ protective committee and reorganized Aug. 25 1919.
the funds. If the bondholders provide the funds, the bonds are to be sold Owns the entire stock of Scranton & Binghamton Traction Co., a control­
to them. For further details about this plan, see V. 125, p. 1195, 1711. ling interest in the Northern Electric R y.. which owns entire stock of the
See also Y. 109, p. 2357; V. 113, p. 732, 1054; V. 119, p. 457; V. 112, p. 163; Northern Electric Street R y. The Northern Electric Street Ry. is leased
V. 124, p. 375.
for 900 years from July 1 1910 to the Scranton & Binghamton Traction C o.,
Injunction Against Buses.— On July 22 1925 an injunction was granted to which has assumed the former’s bonded debt.
Charles G. Chalmers, receiver, restraining city officials from operating
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
bus routes in territory served by the company. V. 121, p. 461.
40 miles in operation between Scranton and Montrose, with a 6-mile branch
ORGAN IZATION .— Chartered Jan 21 1853. Was formerly leased to to Lake Winola. The road as projected will extend to Binghamton, N . Y ,
Metropolitan Street Ry. V. 66. p. 185.
22 passenger cars. 5 freight and 3 service cars. Gauge, 4 ft. 8 H in.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— An
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity„
underground electric road. Track operated. 23.90 miles.
Stock $3.000.000____________ _____________ _
See text __________
1st mtge sink fund $10,000,000 1919
6 A-O
$1,800,000 Oct 1 1949
SECURITIES—
Par.
Interest.
Outstanding. Maturity.
6% income bonds ($400,000)-. 1919 _______
None Oct 1 1949
Stock $2 500,000 ($100)______ $100
9 Q-M
$1,862,000
See text
Northern Elec St Ry $1,200.-/ 1907
5 J-D
1,200,000 June 1 1957
Receiver’s certificates
e n tff 1000 6 A-O
3,116.000
See text
000 ($500 & $1,000)_____c*l Tnt at Anthracite S. Bk., Wilkes-Barre trust
(Callable at 100 and interest.
Stock.— Of the common shares none are issued except directors’ qualifying
Debentures of 1889_______ ntr 1000
5 J-J
38,000 Jan 1 1909
shares
First cons M gold $7,000,000/ 1000 5 g F-A
5.682,000 Feb 11948
Bonds.— Northern Electric Street Ry. bonds are redeemable at 105 and
1898 guar p & 1 end__ c*tf (Guaranty Trust C o., New York, trustee
Sinking fund o f $10,000 per annum began Dec. 1 1912.
Of the new first consol. 5s, $1,369,000 were reserved to retire securities Interest
OFFICERS.— Pres......................... . ;
R. W. Day;
A. W idof earlier date. V. 66. p. 900. For mistake of trustees in exchanging some dowfield; T r e a s .,_____________ Asst.V .-P ., & Treas.. Jas.Sec. M offat.—
Sec.
J.
5s o f 1909 for consolidated 5s o f 1948, see V. 76. p. 654.
V. 115. p. 645.
E-VRNINGS. —For fiscal year ending June 30:
Total
Net (after
Surplus or
June 30
BINGHAMTON RAILW AY CO.
Deficit
Year—
Interest. Rents.
Receipts.
Taxes.
History of Previous and Present Receivership.— The receivership which
$69,084 $207,502 $1,269 def.$139,687
1926__________ $1,050,680
def.152.264 had been in effect since Oct. 8 1918 was lifted Feb. 23 1924 by order of
56,886
1.268
1925__________ 1.051.572
207.880
92,500
216.927
1,268
def. 122,377 the Court and the receiver discharged. The liabilities which brought
1924__________ 1.087.139
d ef.180,416 about the receivership were liquidated through the issue of gen. & ref. 6 %
1923.................. 1.018.206
26.368
207.936
1.268
192.899
1 9 2 2 ............
1,013.703
def.42,937
1,268
def .237.105 bonds, due Jan. 1, 1939, secured by a mortgage with lien subordinate to
def. 290.652 existing mortgages.
1921__________
188.400
1,271
961.026 def. 100,981
A reorganization committee (Harry Evers, Chairman; Walter H. Morse,
For calendar year 1922, gross, $1,001,942: net after taxes, $39,228. In
and J. H. Pardee; Sec., H. C. Hasbrouck, 61 Broadway. N. Y . City),
1921 gross, $986,664; net. after taxes, def., $91,835.
at the request of co. officials and certain security holders, put out under
Latest Earnings.— For 6 months ended Dec. 31:
date of June 6 1925 a Reorganization Plan, which, however, was opposed
1926.
1925. by certain holders of the 1 st consol. 5% bonds who organized a bondholders’
Total receipts___________________________________
$549,062
$539,195 protective committee. In Aug. 1926 practically all the bonds that had
Net after taxes__________________________________
59,385
44,948 been deposited with the protective committee were purchased by other
Interest________________________________________
104,576
103,424 security holders who turned them over to the reorganization committee.
Rents___________________________________________
629
635 The bondholders’ protective committee has since ceased to function,
D eficit__________________________________________
45,820
59,111 j V. 121, p. 1567.
The principal amounts ($147,000) of Bingh., Lestershire & Union 1st
OFFICERS.— Pres., George S. Coe; V.-Pres., Walter P. Bliss; Receiver,
Chas. E. Chalmers; Aud. to Rec., Wm. J. Bradley; Sec., Fred. M . Patchen. ! mtge. 5% bonds, due June 1 1925 and Binghamton RR. 1st mtge. 5% bonds
— V. 119, p. 457; V. 121, p. 461; V. 123, p. 3185; V. 124, p. 375; V. 125, due July 1 1923 ($452,000). are in default. On Sept. 1 1925 William
H .Rile.vandE M Walker wer" nnpomled pquifv receivers V 121 p 1675.
p. 1195, 1711.
Sale of -properties, incl. an electric lighting plant at Endicott, ordered by
Federal Judge Frank Cooper at Elmira under mortgage foreclosure. V ,
125, p. 1706.
NEW Y O R K & HARLEM RAILROAD.
ORGANIZATION.— Is a consolidation Sept. 30 1901 ofthe Binghamton
Control.— The New York Central RR. Co. owns 111,028 shares of the RR. Co. (chartered Aug. 11 1892 as a consolidation of all street railways in
common stock and 22,859 shares o f the preferred stock.
city) and the Bing. Lestershire & Union RR. Principal franchises granted
O RGAN IZATION .— Chartered April 25 1831. Owns also a steam road by special Acts of Legislature and are perpetual and practically exclusive.
leased to New York Central, its securities, which cover the electric roads as Up to 1924 co. had been controlled by Scranton Montrose & Binghamton
well as the steam line, being described under the title New York & Harlem R R . Co.
Fare increase authorized on two operating zones known as the City and
among steam railroads in our “ Railway and Industrial” Section.
The electric (formerly horse) lines (18.95 m. of track) were leased to the Endicott Zones. V. 125, p. 2144.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— A
Metropolitan St. R y.. now New York Rys., for 999 years from June 11
1896 but the rental due Dec. 26 1918 having been defaulted, Judge Mayer or­ trolley road. Operates 49.52 miles of track. Connects Binghamton witb
dered the New York Rys. Co. to terminate this lease and return the line to Johnson City, Hooper. Endicott, and Port Dickinson ^ Standard o r a n g e ,
the company effective Jan. 31 1920. V. 110. p. 360. Dividends from 94-lb. to 103-lb. T and girder rail; 81 motor cars. Also conducts electric
rentals o f street railway lines discontinued since Oct. 1918 due to non­ light and power business in Village of Endicott and vicinity.
payment o f rentals in question.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity,
4 F-A
$978,995See text
C om piny’s capital stock consists o f 173,121 common shares and 26,879 Stock $1,150,000 ($100)______ _____
147,000 June 1 1925
preferred shares, par $50. Its $12,000,000 3 M % gold mortgage bonds, Bing Lest & Un 1st M $250,-f 1895 5 g J-D
>
000 gold prin & int guar, tf j Interest at Metropolitan Trust C o., N . Y .
due May 1 2000. are guaranteed by New York Central RR. Co.
I Binghamton Trust C o., trustee.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
1893 5 J-J
452,000
A surface line operated by underground electric contact. Line operated Bingh RR Co 1st M $900,000/ Int. at Metropolitan Trust C o., July 11923
Trustee.
electrically from March 1898 from City Hail to 135th St. 8.73 miles of road.
1901
5 g M-N
1,745,000 Nov 1 193S
Minority Stockholders' Committee.— Ernest Sturm, William D. Scholle
and Edwin Thorne. For notice sent out by committee see V. 118, p. 2438.
Int. at Fidelity Trust C o., Buffalo, trustee,
or Seaboard Nat. Bank, New York.




I

94

PUBLIC U TILITIE S

Bonds.— Of the Binghamton R y. 1st consol, mtge. enough are reserved
to retire underlying bonds and the remainder for acquisitions, extensions,
&c., under certain restrictions. They are subject to call at 110 and int
Exempt from N. Y . State, county and municipal personal property taxes.
See V . 73, p. 1312; V . 78, p. 701; V. 88, p. 748. In Nov. 1925 receivers for­
warded to the Fidelity Trust Co. o f Buffalo $47,525, representing interest
due May 1 on the consol, mtge. bonds. V. 121, p. 2401. In April 1926
Federal Judge Cooper ordered receivers to pay $47,000 interest on M ay 1.
V. 122, p. 2648. See also above under “ Receivership."
Dividends.— 2% was paid Jan. 31 1902; 2% Mar. 3 1903; 2% April li
1904 and 2% April 10 1905. A scrip dividend of 20% was paid April 18
1905. In 1906 to 1910 incl., 24$% yearly. In 1911, Sept., 3 % . In 1912,
and 1913, 4 % . In 1914, Feb., 2 % . None since.
EARN IN G S.— For calendar years;
Gross'
Net.
Int. & Taxes. Bal.. Sum
1926 ------------ .................$1,104,703
$318,729
$220,772
$97,957
1925 ................- - --------- 1,123,171
329,724
216,688
113.036
1924 ________ -------------- 1,048,753
258.846
236.000
22,786
1923 ________ -------------- 1,073,723
325.733
217,107
108.626
1922 ......... .......-------------- 1,027,057
316,628
211.294
106 334
1921_________ -------------987.130
285.036
198.51 i
86.443
OFFICERS.— Pres., F. L. Fuller; V .-P., A. J. Stratton; Sec , F. W
Ogdpn: Treas., E. M . White. Office, Binghamton, N. Y .— V 120
p. 700. 3063; V. 121, p. 1459, 1567. 1675, 2401; V. 122, p. 2648; V, 125, p.
1706, 2144.

BUFFALO & ERIE RY.
'Control.— In Dec. 1924 International Utilities Corp. (V. 119, p. 2411)
acquired control of the co. V. 119, p. 2876.
ORGAN IZATION .— Incorp. in N . Y . in July 1924 and acquired as per
plan for reorganization of the Buffalo & Lake Brie Traction Co. (outlined
in V. 118, p. 1770; see also V. 119, p. 1732) the interurban division of that
co. extending from Six Mile Creek in Pennsylvania to a point on the Ham­
burg Turnpike at the westerly city line of the city of Buffalo, N. Y . For
history of Buffalo & Lake Erie Trac. Co. and summary of reorganization
plan, see “ Electric Railway” Supplement of April 26 1924.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The co. operates a total of 125.07 miies from the business centre of Buffalo,
N . Y ., to the business centre o f Erie, Pa., and has acquired titie to 111 5
miles consisting o f 77 miles o f main track, 41.5 miles being over private
right-of-way owned in fee simple and 35.5 miles on streets or public ways,
and 34.5 miles o f second track, sidings and spurs. The balance of 14.2
miles located within the city limits o f Buffalo and Erie is operated under
trackage contracts or other arrangements over the city lines. Other prop­
erty includes 6 substations, 1 car barn, 398 miles o f telephones, feeder and
distribution lines, and equipment consisting o f 28 pass, cars, 5 freight motor
cars, 28 freight and service cars. Has terminal facilities for passengers and
freight at Erie, Pa., Westfield, N . Y ., and Buffalo, N. Y . City lines are
operated in Dunkirk and Fredonia, N . Y .
In Sept. 1925 the N. Y . P. S. Comm, denied a petition of the co. for
consent to abandon a portion o f its line in Fredonia. V. 121, p. 1567.
Exchange Offer.— For offer to pref. stockholders to exchange their holdings
for “ A " and “ B ” stock o f the International Utilities Corp., see V. 120,p.954.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
_________ 30,000 shs __________
Common 30,000 shs (no p a r ) . . ____
Pref 5% non-cum $1,500,000
($100)__________________________
_________
$700,500 __________
1st mtge skg fd $1,500,0001 1924
64$ g J-J
911,100 July 1 1954
($500 & $1,000) gold._c*tf (Metropolitan Trust Co., N. Y ., trustee.
Equip trust ctfs ser “ A ” ($5001 1924 6 g J-D
150.000
See text
and $1,000) gold_________ (Corn Exchange Nat. Bk. o f Phila., trustee.
Bonds.— Remaining 1st mtge. 6 M are reserved for additions, improve­
is
ments, &c.. under certain restrictions and for retirement of car trust
notes or obligations, par for par. Are redeemable on 30 days’ notice
on any Interest date at 105 and interest up to July 1 1929, decreasing
thereafter by 1% for each 5 years' period o f expired life of bonds. A
sinking fund o f 2 % per ann. o f the total bonds issued will become operative
from July 1 1925. Free o f the Penna. State tax. Co. will refund the
N . Y . State income tax up to 3% on income, the Mass, income tax up to
6 % on income and the M d. State tax up to 4 4 mills, lmcrest pavahle
at the Bank o f North America & Trust C o., Phila., at Chatham-Phenix
Nat. Bank & Trust C o., N. Y ., or Banque d'Hochelaga, Montreal, Can.
In July 1924 Geo. Beausoleil & C o., Montreal, offered $850,000 at 94-90
and int. (Canadian funds), to yield 6.90% . V. 119, p. 577.
Equip, tr. ertifs., Ser. “ A, are payable in semi-ann. installments of
$10,000 each from June 15 1925 to De . 15 1934. Red. as a whole only
on any div. date on 30 days notice at 103 and divs. for certifs. maturing
more than 5 years from the red. date, and at a premium of 4 of 1 % for
each year or fraction thereof of unexpired life for certifs. maturing less than
5 years from the red. date. In Dec. 1924 Bown & Co., Phila.. offered
$200,000 at prices ranging from 100 and int. to 10054 and int.. to yield
from 454 to 6 %, according to maturity. V. 119, p. 3008.
EARN IN G S.— Of reorganized co. forfcalendar years:
1925.
1924.
Operating revenue and other income_____________
$696,707
$647,485
Operating expenses, taxes, rents, &c________ :____
575.657
633.326
Net earnings____________________________________
121.050
14.159
Fixed charges_________________________
81,976
56.477
B a l a n c e ....____________________________________
39.074
def42.318
OFFICERS.— Pres., P. M . Chandler; Y.-Ps., Geo. MacLeod. F. W.
Bacon and E. H. Wands; Gen. M gr., Geo. MacLeod; Sec., H. Williams, Jr.;
Treas.. H. Williams, Jr.— V. 122, p. 346, 2649.

ERIE R AILW AYS COMPANY.
ORGAN IZATION .— Incorp. Sept. 27 1924 and took over (per plan in
V. 118 p. 1770) the property formerly owned and operated by the Buffalo
& Lake Erie Traction Co (for history see “ Electric Railway” Supplement
of April 26 1924) in the City of Erie. Pa., and adjacent townships.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Does the entire street railway business in the city and certain suburbs
serving a population estimated at 141,000. Co. owns and operates a total
of about 67 miles of modern electric street railway lines in Erie, Pa. Also
owns and operates 100 passenger cars together with adequate and up-to-date
operating properties, including car shops, barns. &c. Co. operates without
competition under an 10c. fare or 6 tickets for 50c. Co. owns all of the cap­
ital stock ($40,000) o f Erie Coach Co., operating 7 buses in the city of Erie.
STOCK AN D BONDS.— Date.
Interest.
Outstanding.
Maturity.
Common 60.000 shs (no par) -------------------60.000 shs.
Pref 7% cum $1,500,000 ($ 1 0 0 )---------------$1,050,000
6 g A-O
997.500 Oct 1 1954
1st & ref mtge $5,000,000 1924
($500 & $1,000) g ___ c*tf Equitable Trust C o., N. Y ., Trustee.
5 g A-O
1,250.000 April 1 1941
Erie El M 1st ref sink fund 1901
$1,245,000 gold ($1,000). Interest at New York Trust C o., Trustee.
New York City.
Cannot be called_____c*tf
................... ............
831.800 __________
Erie & Sub Ry mtge
Bonds.— 1st & ref. mtge. 6s are red. all or in part on any int. date at 105
and int. beginning April 1 1929, the call, price decreasing 1% each 5-year
period thereafter to maturity. Maint. and renewal fund provided for.
Int. payable in New York. Free of Penna. 4-mill tax. In Nov. 1924
Myron S. Hall & C o.. N . Y ., sold $1,000,000 at 95 and int., to yield 6% %.
V. 119. p. 2286.
The Erie Elec. Motor ref. bonds are secured by deposit of entire stocks of
the Erie City Pass. Ry and the Erie Reed Park & Lakeside St, Ry. A
sinking fund of 1% annually on these bonds began April 1 1906 and was
Increased to 114% in 1916. $500,000 have been acquired by sinking fund.
EARN ING S.— For 12 months ended:
Aug. 31 ’27. Dec. 31 ’26. July 31 '26.
Gross (including other income)______ $1,138,964 $1,187,397 $1,223,585
Operating exp., taxes & deprec______
887,121
908,331
926,266
N et______________________________
Interest____________________________

$251,843
163,941

$279,066
164,090

$297,319
164,090

Balance.................... - ........................
$87,902
$114,976
$133,229
OFFICERS.— Chairman o f Board, Geo. Bullock; Pres., A. R. Myers;
V .-P ., C. H. English; Sec.-Treas.. A. F. Tideswell. Office, 231 State St.,
Erie, Pa.— V. 120. p. 1881.




[V ol. 125.

BUFFALO & WILLIAMSVILLE ELECTRIC RY.
ORGANIZATION.— Incorporated in New York July 1 1891
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
6.65 miles o f track, Buffalo to Williamsville. Rails, 85-lb. T . Gauge,
4 ft. 84$ in.
STOCK AND BONDS—
Date.
Interest. Outstanding
daturity.
_______
$75 000
Stock ($3,500,000a u th o riz e d ).____
First mtge $3,500,000 gold! 1904
5 g J-J
168.500 July 11944
and $1,000-------------- c*&r*JInt. at City Trust C o., Buffalo, trustee
Bonds.— Are subject to call on any interest date at 105.
EARNING S.— For calendar years:
„
1926.
1925.
1924.
1923.
Gross ............................
$50,534
$51,600
$50,508
$48,110
Net income----------------def5,391
27
4,195
8,158
OFFICERS.— Pres., L. L. Lewis Jr.; Sec. & Gen. M gr., Godfrey
Morgan Treas., L. K. Warniek.— V. 99, p. 269; V . 110, p 658.

ERIE COUNTY T RACTIO N CORPORATION.
ORGANIZATION.— Incorp. in N. Y . on Nov. 24 1919 to take over the
property of the Buffalo Southern Ry. (for history, see “ Electric Railway"
Supplement of Nov. 15 19l9. The new company assumed control Jan. 1
1920. The holders of the $600,000 Buffalo Southern Ry. 1st M. 5s received
for each $1,000 bond $250 par value of income bonds and $750 stock of the
new company. Franchises perpetual. Authorized to increase fares in
July 1925. V. 121. p. 457.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road operates from Buffalo to Hamburg, East Hamburg and
Orchard Park, 154$ miles; also has a line from Buffalo through Gardenville and Ebenezer to Lien’s Park, 54$ miles. An extension to East Aurora,
15 miles is under construction, 54$ miles completed. 60-lb. T and 80-lb.
girder rail.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________
$450,000 __________
Stock, $450.000_______ ______ _____
First mortgage, $100,000_____ 1920
6%
100.000 Jan 1 1970
Income bonds, $150,000______ 1920 (when earned) 156.000 Jan 1 1950
EARNINGS.-—For cal. years:
1926.
1925.
1924.
1923.
1922.
Gross..........
$108,620
$111,907
$120,455
$128,018
$120,597
N et----------- def.11,421 def.19,703 def.15,918
def.5,744
18
OFFICERS.— Pres., R . S. Persons, East Aurora, N. Y .; V .-P ., H. R .
Stratemeler; Sec., J. W . Ryan, Erie County Bank Bldg., Buffalo, N. Y .;
Treas. & M gr., N . A. Bundy, 2455 Seneca St., Buffalo, N . Y .— Y. 121, p.
457.

DEPEW & LANCASTER R AIL W AY COR PO RA T ION .
O R GAN IZATION .— Organized in 1921 to take over the line of the
Buffalo & Depew R y.. which was bid in by John J. Lenahan & Son, Buffalo,
for $6,250 plus taxes dup to various towns and villages aggregating about
$40,000. Service was discontinued Sept. 23 1926. Road was to be scrapped.
V. 123, p. 2138; V 112, p. 2642. For history of predecessor company see
this section for April 30 1921.
EARNINGS.— Calendar year 1924: Gross, $24,821: net, after taxes,
def. $10,685. Calendar year 1923: Gross. $28,581; net. after taxes. $208.
OFFICERS.— Gen. M gr., Nelson H. Brown.— V. 113, p. 2642, 1674;
Y. 123, p. 2138.

SOUTHERN NEW Y O R K POWER & R AILW AY CORP.
ORGANIZATION.— Incorp. in New York in July 1909 as the Otsego &
Herkimer RR ., succeeding the Oneonta & Mohawk Valley R R . (V. 89, p.
41D
Name changed to above in lulv 1916
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates an interurban electric railway. Has 62.04 miles main and 4.63
miles second track. 50 miles being on private right of way, between Oneonta,
Cooperstown, Richfield Springs and Mohawk, from which point it operates
over the New York State Railways to Utica, 15 10 miles, and to Herkimer,
1 40 miles. Total operated, 83.17 miles. Rails, 60 to 80 lbs.; 17 passenger
and 5 motor freight cars; 1 electric locomotive: 4 snow plows; 1 sweeper; 3
service, and 25 other cars. The railroad franchise is perpetual.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_______
$774,900 __________
Common $774,900 ($100)............. —
Pref cum $500,000 ($100)................
7 Q-J
500.000 Apr ’22. 1H
No bonded debt.
Stock.— Preferred stock is free of normal Federal Income tax and is taxexempt in New York State. V. 106, p. 822.
EA R N ING S.— For calendar years:
Oross
Net (after
Bond
Other
Balance.
Earnings.
Taxes).
Interest. Interest,Ac. Sur.orD ef.
1923............ $479,129
$111,104
$93,000
$24,364
def. $6,261
1922........... 498.962
184,227
64.500
26,186
sur. 93,541
OFFICERS.— Pres., J. J. Mange; V.-Ps.. S. J. Magee and Cl A. Grsenidge: Treas., I. M . Moser; Sec.. M C . O’ Keeffe: Gen. M gr.. A. J. Stratton.
Under the management of the J. G. White Management Corp.— V. 117,
p 88. 209, 327, 1129.

CORNING & PAINTED POST STREET RY.
O RGAN IZATION .— Incorporated Dec. 11 1894. Commenced opera­
tion N ov. 1 1895. Control changed hands in 1904. V, 80, p. 162.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
A trolley road.
Owns 5.25 miles of track from Corning to Painted Post; 23 cars.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $100,000 ($100)____________
_______
$100,000 D e c ’25, 4%
1st mortgage $100,000_______ 1896
5 J-J
100,000 Jan 1 1936
The bonds fell due originally in 1916 but were extended for 20 years.
EARN ING S.— For calendar years:
Gross
Net (.a)ter
Other
Interest,
Balance,
Earninas.
Taros).
Income. Rents Ac ftu r nr d e f .
1926 .................... .$53,025 def$l 1.792
$642
$5,900 def$17,050
1925____________ 57.119
7.626
827
5.900
sur2.553
1924 ____________ 58.825
8.643
764
5.900
sur3,507
1923 _____________ 65,980
13,186
807
5.750
sur8,243
1922 _____________ 66,511
7.647
1,781
5,900
sur3,527
OFFICERS.— Pres., J. J. Bernet; V.-P. & Gen. Counsel, Geo. F.
Brownell; V.-P. & Sec., G. H. Minor; Asst. Sec., G. A. Achenbach; Treas.,
J. G. Walsh; Comp., C. P. Crawford.— V. 80, p. 62.

FISHKILL ELECTRIC R AIL W AY CO.
Leases the Citizens’ Railroad, Light & Power Co.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock, $50,000____________________
_______
$50,000 ....... ............
First mortgage $50.000______ 1895
6 J-J
50,000
July 192S
Bonds.— $50,000 1st mtge. bonds, due July 1 1925, were paid at maturity
when presented by public. They were, however, acquired by an associated
company as investment and now appear on this company’s balance sheet
(July 1 1925) as “ matured funded debt unpaid.”
EARNING S.— For year ending Dec. 31 1924: Gross, $75,199; net after
taxes, $3,796; int. and rentals, $15,720; loss, $11,924. For year ending
Dec. 31 1923, gross, $78,706. In 1922, gross, $79,045. In 1921. gross,
$79,744. In 1920, gross, $73,881; net, after taxes, $6,454; interest, rentals.
&c., $12,000; deficit, $5,526.
OFFICERS.— Pres. & Gen. M gr., W. E. Conklin; V .-P ., Jas. G. Meyer:
Sec. & Treas., B. L. Smith.— V. 107, p. 501.

GENEVA SENECA FALLS & AUBURN RR. CO., INC.
Receivership.— On Oct. 22 1926 co. went into the hands of receivers.
Lansing S. Hoskins and James M . Ryan, both o f Geneva; the Interest
on $504,000 bonds had not been paid since Jan. 1 ’ 926. V . 123. p. 2390.

Oct., 1927.]

POW ER, L IG H T AND R A IL W A Y

OR GA N IZA TION .— Incorp. M ay 28 1913 as successor of the Geneva &
Auburn Ry .sold at foreclosure March 14 1913. V 97, p. 298. •
See V. 121. p. 1788, for abandonment o f the Geneva (N. Y .) lme and
proposed operation with buses by the Geneva Ry., Bus Lines, &c., subsidi­
ary o f the Geneva Seneca Falls & Auburn RR.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Extends from Geneva to Cayuga Lake Park through Waterloo and Seneca
Falls. Length of main tracks 16.31 miles; sidings, .819 mile: m iscella n eou s
.36 mile; total, 17.489 miles. Rails, 70, 80, 90 and 100-lb. T; track
standard gauge.
STOCK AND BONDS—
Date. Interest.
Outstanding.
daturity.
Stock $200.000-------------------------------$157,100 - - - - - - - - - Bonds $524,000________________1913 5%
504,000 July 1 1943
Default of Interest.— See above under “ Receivership” :
EARN ING S.— For calendar years:
„ , _ „
Gross.
Net,aft.Taxes. Deduc.
Bat ..Del
1921 ___________________ -.$104,508
_____
$48,194
$13,426
1920........... — ..........- ........... - 127,288
45,256
47,799
2.54;For calendar year 1924: Gross, $91,151: net. after taxes, $1,104. Calen­
dar year 1923: Gross, $100,065; net, after taxes, $7,072.
OFFICERS.— Pres., R. R Quav. Pittsburgh, Pa.; Sec., L .G . Hoskins.
Geneva. N. V .; Sunt.. Treas & 'Pm^h Asrt W. A «hirley. Waterloo,
N. Y .— V. 120, p. 211; V. 121, p. 1788; V. 123, p. 2390.

ITHACA TRACTION CORPORATION.
In Jan. 1918 Ford, Bacon & Davis, N. Y. City, acquired a substantia!
Interest in the Central N. Y. Southern R R . Corp.. which controls the
Ithaca Traction Corp. (but see Y. 116, p. 615).
Receivership.— In June 1924 Supreme Court Justice Leon F. Rhodes of
Binghamton appointed Dexter S. Kimball receiver for the co. Y. 118
p. 3197.
ORGAN IZATION .— Incorp. in N. Y. Mar. 30 1914 as successor of the
Ithaca Street R y., sold at foreclosure under bondholders’ reorganization
plan. The new co. is controlled by the Central N. Y. Southern RR. Corp.
an allied steam road, by ownership o f all the ($400,000) outstanding stock
and all ($488,000) outstanding 1st & ref. bonds.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates 11.47 miles o f track. Owns 29 motor cars and 3 other
cars. Rails, 80-lb. “ T .”
Default, &c.— The company having defaulted in the payment o f principal
o f (1) $175,000 Ithaca Street Ry. 1st mtge. 6% gold bonds, due July 1 1922;
(2) $75,000 Ithaca Street Ry. 2d mtge. 6% gold bonds, due July 1 1922;
(3) $25,000 Cayuga Lake Electric Ry. 1st mtge. 6% gold bonds, due June 1
1922, and the interest on the $488,000 Ithaca Traction Corp. 1st ref.
mtge. 50-year 5% gold bonds, due April 1 1964 the following protective
committee was formed and called for deposits.
'bondholders' Committee.— Chairman Nynderse Van Cleff, Fredk. J.
Platt, Sec., Chas. D. Bostwick. Depositary, Ithaca N. Y .) Trust Co.
V. 115, p. 1837.
Reorganization Plan.— A plan for the reorganization o f the co. dated
Nov. 1 1923 provides for the exchange and payment o f present outstanding
securities on the following basis:
Table of Exchange of Old for New Securities and Cash.
-------- Will Receive- ----Existing Securities—
Outstanding.
Cash.
New 1st 6s.
Ithaca St. Ry. 1st 6s.........................175.000
$138,000
37,000
Ithaca St. Ry. 2d 6s________________
75.000
--------75.000
Cayuga Lake Elec. Ry. 1st 6s----------25,000
--------25,000
The $138,000 cash paid to the holders o f Ithaca St. R y. 1st mortgage
bonds (remaining $37,000 owned by Cornell University) is to be realized
as follows: $52,500 from the sale to Cornell University o f the Apartment
House, the water power rights, old pipe lines, &c., located in the gorge ad­
joining the Apartment House property; $85,500 from the sale o f new 1st
mtge. Ithaca Traction Corp. bonds at par.
Holders o f the $488,000 1st & ref. 5s (which are all owned by Central
New York Southern R R . Corp.) will accept some form o f stock in exchange
for those bonds and the mortgage will be discharged.
The reorganized co. shall have capital stock in such amount and shall be
divided into pref. and com. stock as the co. shall determine, subject to the
approval o f the P. S. Comm. For further details and description of new
securities to be issued under the plan see V. 117, p. 2889.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock $1,000.000---------- -------------- *$400,000
1st & ref M $2,000,000 g red/ 1914
5 A-O
*488,000 Apn. 1 1964
any int date, par&int c*tf\Irving Bk.-Col. Tr. Co., N. Y.. trustee.
Ithaca Street Railway 1st M f 1892
6 J-J
175.000 July 1 1922
$175,000 _______________t flin t, at Farmers Loan & Tr C o., N. Y.
2d mortgage $75,000_______ tf 1894 6 J-J
75.000 July 1 1922
Cayuga Lake El Ry 1st M - - t f 1894 6 J-D
25,000 June 1 1922
* All owned by the Central N . Y. Southern R R . Corp.
Bonds.— Of the 1st & ref. mtge. 5s, $488,000 are issued and are all owned
by the Cent. N. Y . So. Remaining bonds are reserved for future require­
ments, including the retirement of the three underlying prior liens as above.
EARN ING S.— For six months ended June 30 1924: Gross, $76,139; net,
after taxes, $10,570. June 30 1923: Gross, $160,447; net, after taxes,
821 682. For year ending Dec. 31 1921: Gross, $245,318; net, after taxes,
$10,521. In 1920, gross, $299,666; net, after taxes, $19,420.
OFFICERS.— Pres., R. B. Williams, Ithaca, N. Y .; 1st V.-P. & G6n.
Counsel, Chas. E. Hotchkiss. 34 Nassau St., N. Y .; 2d V.-P. & Gen. M gr.,
J. C. Nelson, Syracuse; Sec. & Treas., S. C. Stivers, New York.— V. 118, p.
3197.
^

JAMESTOWN STREET RAILWAY.
ORGAN IZATION .— Incorp. Oct. 18 1883. Franchise runs till 1982.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
A trolley road. Owns 26.545 miles of track, 61 cars, 2 sweepers
$300,000 first mortgage 6% bonds matured Jan. 2 1923. Interest at the
rate of 6% per annum is being paid on any bonds still outstanding.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $250,000 (par $50)__________
_________
$250,000 ------- -------1st M $300,000 g ($1,000) _c* 1893 6 g J-J
220,000 Jan 2 1923
EARN INGS.— For calendar years:
Gross
Net.
Other Inc. Charges & Tax. Bad.Del
1926____$340,585
$18,725
________
$39,200 def.$20.475
1925___ 359,581
def.29,592
22,538
106.484 def.113,538
1924
- 391,132
24.878
42.479
129.407 def.62,051
1923___ 399,923
49.477
69,407
126.135
7.252
1922___ 408,487
42.313
85.902
132.512
4.297
1921___ 417.540
29,568
97,165
154.681
27.948
OFFICERS.— Pres., H. M . Preston; Sec.. W . R . Reynolds; Treas.,
W. A. Broadhead; V .-P ., G. E. Maltby; Gen. M gr., G. L. Maltby; Traffic
M gr., W. H. Pickard; Comp., R . Allyn White.

KINGSTON CONSOLIDATED RR.
ORGANIZATION — This Is a consolidation on Dec. 111901 of the Kings­
ton City RR. and the Colonial City Traction.
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Embraces 4.2737 miles of track. Rails, 70, 80 and 90-lb. 32 cars, 2 snow
plows and 1 work car.
Fares.— V. 123, p. 2519.
,
, ,
. ,
The stockholders on March 16 1925 voted: (1) to extend the powers of the
oorporation by adding the following: This corporation shall have power to
purchase, acquire, hold and dispose of the stocks, bonds and other evidences
of indebtedness of any corporation, domestic or foreign, and issue in ex­
change therefor its stock, bonds or other obligations; (2) to reduce the par
value of the outstanding 2,000 shares of pref. stock from $100 each to
$50 each; and (3) to change the shares o f com. stock o f $100 par value
each to com. stock without par value, by providing an authorized Issue
of 2.000 shares of com. stock without par value to be exchanged share for
share for the com. shares now outstanding.— V. 120, p. 1881.




95

STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________
$2,000
Common $200,000 (100)__________
Preferred 4% cum $200.000________ ________ ____
100.000 Oct ’22, 3%
First consolidated mortgage) 1901
5 g J-J
532.000 Oct 9 1951
$700,000 ($1,000) gold c* tf/In t. at Bankers Trust C o.. N. Y ., trustee.
6% Notes.................................. 1923
6%
44 050 See text.
Stock.— In July 1925 it was decided to change the authorized common
stock from 2.000 shares (par $100) to 2,000 shares of no par value. V. 121,
p. 458. There was no report, however, of the change being actually effec­
ted.
Bonds.— $120,000 of the $700,000 consolidated mortgage bonds are
pledged as security for the 6% notes.
Notes.— The 6% notes are secured by first consol, mtge. 5s in the ratio
of 150%. Notes mature $10,000 annually.
Dividends.— 4% was paid yearly on pref. stock from consolidation up to
1908, when 2% was paid Aug. 1. None to Jan. 1 1911, when 4% was paid.
None up to Sept. 1 1914, when 3% was paid. In 1915, April, 3% ; Aug.,
3%. In 1916, Aug., 3 % . In 1917, April, 3% ; Aug., 3% . In 1921, Nov.
3%. In 1922, April, 3% : Oct., 3 % . None since.
EARNINGS.— For calendar years:
Interest.
Gross.
Net.
Balance.
Taxes.
$31,577 def.$5,755
1 9 2 6 ------------ ............$ 1 2 8 ,8 0 0
$ 3 6 ,4 8 0
$ 1 0 ,6 5 7
i 9 2 5 _______
def8.619
1 9 3 .1 6 8
4 3 ,5 4 8
1 3 .9 0 2
38.265
1 9 2 4 ............ ________ 2 0 4 .6 1 9
31.004
4 1 ,5 8 4
1 5 .7 4 8
def5.168
1 9 2 3 _______ ________ 2 2 1 .5 3 0
31.687
5 3 ,7 4 5
7.413
1 4 ,6 4 5
1 9 2 2 ______ ________ 2 2 8 ,9 2 0
32 428
5 7 ,8 6 9
1 3 .9 6 5
11.476
OFFICERS.— Pres., Fred. T. Ley, New York City, N. Y.. V.-Pres.
Henry C. Page, Worcester, Mass.; Sec., G. B. te Bow. Kingston, N. Y.;
Treas.. Abm Hasbrouck. Kingston, N . Y .— V. 120, p. 1881; V. 121, p. 458.
V. 123, p. 2519.

MANHATTAN & QUEENS TRACTIO N CORPORATION .
Receivership.— On Nov. 15 1917 Arthur O. Hume and William R. Begg
were appointed receivers by Judge Chatfield in the U. S Dist. Court for the
Eastern Dist. of N. Y. In Nov. 1917 a judgment against this company for
$1.158.522 was awarded the Gas & Elec. Securities Co. on account of unpaid
promissory notes.
ORGANIZATION.— Incorp. in N. Y . on Nov. 4 1912 to take over the
rights and property of the South Shore Trac. Co. in New York City (see
under Patchogue. and also under Manhattan & Jamaica Ry. in V. 95, p.
1207. 420: V. 94. p. 1696).
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Has a franchise in the City of New York to operate a street surface rail­
road over the Queensboro Bridge from the Manhattan terminal thereof,
along Thomson Ave., Hoffman Boulevard, and other streets and avenues
In the Borough of Queens to the boundary line between the City of New
York and the County of Nassau, together with the right to operate upon
the Queensboro Bridge. The line has been completed and cars are in oper­
ation to the intersection of Sutphin Road and Lambertville Ave. in Queens.
The extension from the L. I. RR. station at Jamaica to Lambertville Ave.
was completed April 26 1916 Total miles single track equivalent, 21.
CAPITALIZATION .—Asked Public Service Comm, for permission to
Issue $1,500 stock and $1,500,000 1st M. 5% bonds, but on March 10 1914
the P S. Comm, authorized only $765,000 capital stock and recommended
the Issue of $807,000 bonds at 85
No stock outstanding; only $20,000
subscription stock. Action on the bond issue was deferred until the com­
pany should have filed its proposed mtge for an auth. amount of $10,000,000, of which the co. proposed presently to issue said $1,500,000 with the
permission of the P 8. Comm V. 96. p. 790; V. 98, p. 523.
EARNINGS.— For Calendar years:
Net aft.
Gross
Other
Taxes.
Inc.
Rents.
Interest Sur. or Def.
1926------- .$451,964 $72,366 $2,588 $39,756 $76,592 def.$41,394
1925_____ . 423.926
94.781
2,214
37.679
80.970 def. 21.655
1924_____ 402.036
70,823
2,642
35,887
86.251 def. 48,673
1923_____ . 397.314
91,177
2,530
35.670
90,930 def. 32,893
1922------- - 386,865
84,480
2,236
35,110
92,630 def. 41,083
OFFICERS.— Mgr. for Receivers. B. Walter Duncan: Treas., H. F
Anderson.— V. 116, p. 21 29;V. 117, p. 325, 1992.

THE LONG ISLAND CONSOLIDATED ELECTRICAL
COMPANIES.
ORGANIZATION.— Entire stock is owned by the Long Island R R . Inorporated in New York. Owned one-half the stock (the Interborough Rapid
Transit Co. owning the other half) and bonds of N. Y . & L. I. Trac. and
Long Island Elec. Ry.
Stock $25,000 ($100)________ All owned by Long Island R R .
OFFICERS.— Pres., George Le Boutillier; V .-P ., C. L. Addison; Sec.,
Eugene Wright: Treas., H. H. Lee.— Y. 83, p. 890.
(1) LONG ISLAND ELECTRIC R Y.
Foreclosure Sale.— On Feb. 1926 the properties and franchises of the co.
were sold at foreclosure for $115,000 to the American Communities Corp,,
a real estate concern. See for history, &c., of co. “ Public Utility Compen­
dium” of Oct. 31 1925. V. 122, p. 1310. In May 1926 we were informed
that a new co., the Jamaica Central RR., had been organized to operate
the lines of the Long Island Electric Ry. in southern Queens. President
of the new co. is H. Prushae Williams. The lines to he operated are the
Jamaica to Far Rockaway line, that portion of the old Jamaica to East
New York route which is still running as far as Ozone Park, and the Jamaica
to Hollis line. Fares to continue under the 5c. zone system. V . 122, p.
799.
(2) NEW Y O R K & LONG ISLAND TRACTION .
Foreclosure and Service Discontinued.— Sold under foreclosure Feb. 25
1926 and was to be discontinued at an early date. V. 122, p. 1026. For
history, &c., see “ Public Utility Compendium” of Oct. 31 1925.— V. 122.
p. 1026. .

NEW Y O R K & QUEENS COUNTY RY.
31,948 shares out of total issue of 32,350 owned by the Interborough
Rapid Transit Co.,
Receivership.— Following the announcement that the Tnterborough Rapid
Transit Co. would no longer advance funds to the co. to meet deficits, &c.,
Gen. Lincoln O. Andrews was appointed receiver for the co. on Jan. 18
1923 by Justice James C. Van Siclen in the Supreme Court, Long Island
'ity, on petition of the Bankers Trust C o., trustee for the outstanding
onds. This receivership does not include the so-called Steinway lines (see
below under caption “ Receivership of Steinway R y.” ). V, 116, p. 296Creditors' Claims. &c.— See V. 117, p. 1556.
ORGANIZATION.— Incorporated June 29 1896 and reorganized on
June 30 1899. Purchased the various lines of railroad in Long Island City
known as the Newtown Ry. C o., the Riker Ave. & Sanfords Point R R ., the
Steinway Ry., the Long Island City & Newtown Ry. and the Flushing &
College Point Ry. In May 1902 the Queens Ry. was consolidated with it,
and thereupon Increased its stock from $2,500,000 to $5,000,000. The
Queens Ry. succeeded to the property sold at foreclosure of the New York
& North Shore Ry., comprising a line of 6 miles from Flushing to Jamaica,
with franchises for lines between Flushing and College Point, Flushing and
Bayside and Manhasset. V. 74, p. 1197.
FTELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
The system, operated by L. C. Andrews, Receiver, which the Queens R y.,
embraces main line, 23.70 miles; second track, 20.86 miles; sidings, .57;
total, 45.13 miles. Rails, 70 to 116 lbs., standard gauge. 74 passenger
cars, 20 others.
Int. due Apr. 1 1922 on the N . Y . & Queens County 1st cons. mtge. 4s
have been defaulted (V. 114, p. 1766).
Committee for N. Y. & Queens Co. 1st Cons. Mtge. 4s.— Chairman, M . N.
Buckner, H. M . Fisher and William C. Potter. Depositaries, Farmers’
Loan & Trust Co., N. Y ., and Penna. Co. for Insur. on Lives & Granting
Annuities, Philadelphia. V. 114, p. 1766.
Lit. me Dee i 1921 and June i 1922 on the $50,000 Flushing & College
Point first mtge. 5s was not paid when due. V. 114, p. 2580.
Fare Increase.— See V. 118, p. 3198.
Service Suspended.— On Aug. 12 1925, service on the Corona line was
finally ended, following an order of the Transit Commission. V. 121,
p. 459. 840.

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PUBLIC SERVICE CORPORATION
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98

PUBLIC U TILITIES

STOCK AN D BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $5,000,000 ($100)__________
_______
$3,235,000
Steinway Ry first mortgage’, 1892
6 g J-J
1,500,000 July 1 1921
$1,500,000 ($1,000) g _ c * /ln t. at Guaranty Tr. Oo.. N . Y . City, Trus
_
New York & Queens County! 1896
4 g A-O
1,300,000 June 29 1941
first consol rntg $3,000,000-!Bankers Trust C o., New York, Trustee.
gold $1,000 e a c h ._______ [ Interest at office of company. New York
First & refunding mtge, $10,-1 1906
4 g M -N
See text N o v i 1936
_
000,000 gold ($1,000)_ c ’ JWindsor Trust C o.. New York, Trustee.
Current liabilities Jn . 30 1927 ...........................
x 8,311,818 __________
x'Inciudes $6,811,318 bills and accounts owing associated companies
Of the new $10,000,000 mtge., $2,086,827 are deposited as collateral foi
loans from Interborough Rapid Transit and $3,000,000 are reserved for
prior liens. No sinking fund and bonds are not subject to call. Under the
N. Y . & Queens Co. 1st cons. M . there were originally $2,500,000 bonds out
standing, but the company having defaulted in payment of int., reorganiza
tion was made, under which the holders surrendered $l,2OO.0OO; interest
was reduced to 4 % . The said bonds are redeemable at 105 and int. V. 69
p. 609.
All o f the outstanding Newtown Ry. first mtge. 5% gold bonds, <iuf
Dec. 1 1924, were retired in Sept. 1925.
The entire issue of $50,000 Flushing < College Point El. Ry. 1st mtge. 5%
%
bonds .due June 1925 were liquidated in the early part of 1926 by the
receiver o f N. Y . & Queens Co. Ry., who had been authorized ta pay not
more than $850 for each $1,000 bond with all unpaid coupons attached.
EARN IN G S.— For calendar years:
Net
Fixed
Oper. Expenses
Income.
Charges.
Gross.
A Taxes.
$4,127
$124,779
y *1927.............
-..$826,755
$697,849
117.013
5,550
1926_____
782,523
659,960
110.469
18,591
852.919
723,859
1925______
* For year ended June 30 1927.
OFFICERS.— Receiver, Gen. Lincoln C. Andrews; Oper. Mgrs., Fisk &
Roberts, 82 Beaver St., N . Y . City; Treas., J. C. Ross: Comp, for Receiver,
T . A. Crausway— V, 121, p. 459, 840: V. 122, p. 2192; V. 124, p. 2280,
2146.

STEIN W AY RAILW AY.
Receivership.— On April 27 1922 Justice Callaghan in the Queens County
Supreme Court appointed S. W . Huff and R . C. Lee receivers for Steinway
Ry. upon application o f Guaranty Trust C o ., trustee under the first mtge. of
the Steinway R y., int. on which was defaulted. The order provided that
the receiver take over snly the property which originally belonged io iht
Steinway Co. (V. 114. p. 1891.) The receivers put into effect a separat*
5-cent fare on that part of the system against the orders of the Transit Com­
mission. but the action of the receivers was sustained by the Court. V. 114,
p. 2116. 2360.
In view o f the default in the payment o f the int. due Jan.l 1922 on tht
Steinway Ry. 1st M 6s and the then impending default of prin. & int. dm
July 1 1922, two committees were formed to protect interests of holders o’
these bonds. One committee was headed by H . B. Thorne (V 113 p 2819
and the other by Geo. W. Davison (V. 114, p. 80). The first named com
mittee arranged to pay the Jan. 1 1922 coupon. V. 114, p. 80. Later the
two committees were consolidated. The committee resulting from the con
solidation is composed of:
Committee for Steinway Ry. 1si Mtge. 6s.— Geo. W. Davison, Roswell
Eldridge Walter E Frew Harold B. Thorne and Wm. Carnegie Ewen.
Depositary, Central Union Trust C o., N . Y. City. V. 114, p. 307: V. 121,
p. 459. 840. 2192.
Latest Earnings of Steinway Rys. (receivers):
—
Cal. Year - 6 Mos. end. June 30__
1925.
1926.
1926.
Gross revenue_____________________
$777,142
$378,076
$327 -056
Net (including other income)______ 73,649
30,520
31,417
Fixed charges______________________
64,500
30,939
26,811
Net corporate income_______________
9,149
def .419
4,606

POUGHKEEPSIE & W APPINGERS FALLS RY. CO.
ORGAN IZATION .— Incorp. in N . Y . M ar. 22 1894 as the Poughkeepsie
City & Wappingers Falls Electric Ry., a consolidation of the City Railroad
South Avenue Surface RR. and Poughkeepsie & Wappingers Falls Street
Surface R R . Co. Name changed to above July 7. 1917.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
C o.’s line comprises 19.48 miles of track in Poughkeepsie and extending to
Wappingers Falls. Gauge, standard. Rails, 60 to 103 lbs. Passenger
cars. 26; miscell. cars. 5. Population served, 35.000.
Plans to Substitute Buses for street cars on some of its lines In Pough­
keepsie, N. Y . V. 123, p. 1383.
Fare Increase.— V. 119, p. 2412.
S T O C K AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $750,000 (par $! 0 0 ) . ___
_________
$750,000 __________
Preferred $250,000 ($100)-—None issued
1st mtge $2,000,000 ($100,) 1918
6 g J-J 1
586,000 Jan. 11958
$500&$l ,000c*g __ c n tf/I n t. at Equitable Trust C o., N . Y , trustee
Stock.— No dividends paid to Dec. 1925
Bonds.—Are secured by a 1st mtge. on entire property o f co. The
unissued bonds are reserved for extensions, improvements, acquisitions,
&c., at not exceeding 80% o f cost thereof under certain restrictions. Sinking
fund o f 1% each year on Jan. 1. Retired by sinking fund, $11,000; held
In treasury, $99,000. Call, at 105 and int. on any int. day upon 6 weeks
notice.
EARN IN G S.— For calendar years:
N e t. A ft e r T a xes.
I n t . . cfee.
G ro ss.
x B a la n c e .
1925......... . _ --$262,118
$73,998
$70,048
sur. $3,950
1924_____ _____ 262.570
75.904
69,146
sur. 6,758
1923_____ _____ 273,260
58.539
54.560
sur. 3.979
1922_____ _____ 276.) 61
92.760
53.817
sur. 38.943
1921_____ . - - - 276.418
74.703
52,9/6
sur. 21,727
Before depreciation and dividends.
OFFICERS.—Pres., Mrs. Mary M . Hinlcley: V.-P., Miss Mary Hinkley;
Sec. & Treas., T . W. M offat; Asst. Treas., H. B. Brown; Aud., J. A. Nilan.
Under management o f Hemphill & Wells, N . Y . City.— V. 119, p. 2412;
Y. 122, p. 2193; V. 123, p. 1383, 2901.

NEW Y O R K & NORTH SHORE TRACTIO N CO.
Property sold at public auction in 1922 and in Jan. 1923 it was stated that
the purchasers had commenced dismantlement. V. 116, p. 176. In Aug.
1923 the Union Trust Co. of Cleveland, trustee for the 1st mtge. bonds,
announced that It had funds on hand to pay a liquidating dlv. at the rate of
$50 on each $1,000 face amount of bonds outstanding. V. 117. p. 782.
See letter of Federal Judge R. A. Inch to special master regarding resump­
tion of operation on certain portions of the line in V. 118, p. 1520. See also
V. 120, p. 331. For history of company see “ Electric Railway" Supple­
ment of April 28 1923.

ROCHESTER LOC K PO R T & BUFFALO R R. CORP.
^ O R G A N IZA T IO N .— Incorporated In New York on April 4 1919 as suc­
cessor to the Buffalo Lockport & Rochester R y. (for history see “ Electric
Railway Supplement” o f March 29 1919) as per reorganization plan i t
Y. 108, p. 682. The 1st Mtge. bonds of the old co. were exchanged for
500 pref. and $750 common stock of the present company for each $1,000
ond. while the 2d Mtge. bonds of the predecessor co. received $500 In neu
pref. and $500 in new common stock for each $1,000 bond. The commorand pref. stocks of the old co. did not participate In the plan.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Operates about 58 miles between Rochester and Lockport. Rails, 70 to
91-lb.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity
Common $2,200,000_________ _____
_______
$2,199,250
Preferred $1,500,000 cum_________
6%
1,499.500Jly'27.
Stock.— Preferred stock is pref. as to assets and dividends. The by-laws
provide that no mortgage shall be placed on the property or assets of the
co. in priority to the pref. stock, without the consent of the holders of twothirds of the outstanding pref. stock. V . 108, p. 682.




[V ol. 125.

EARNING S.— For calendar years:
Gross
Net (.after
Other
Rentals,
Balance
Earns.
Taxes).
Income.
&c
Sur.orde'f,
1926
$495,615
$72,604
$5,503
$26 $78,081
1925
534,545
83.940
7 267
26
91,181
1924
508.160
80.171
10.847
26
90,992
1923
546.439
87,885
5.728
26
93,587
1922
504.520
86.087
6.528
526
92,089
OFFICERS.— Pres., W . W. Foster; V.-Pres., A. S. Muirhead; Treas. &
Gen. M gr., J. D. Nailor: Sec., & Aud., J. B. Foster.—Y . 108, p. 1512.

ROCHESTER. & SYRACUSE RR. CO., INC.
Protective Committee appointed upon company’s default o f M ay 1 1927
interest payment. V. 124, p. 2908.
ORGANIZATION.— Incorp. in N. Y . Sept. 17 1917 as successor to the
Rochester Syracuse & Eastern RR. (part of the Empire United Rys., Inc.,
system) sold at foreclosure Aug. 28 1917 and separately reorganized as per
plan in V. 104. p. 2119. See V 106. p 1231.
In Dec. 1922 acquired control of the Empire State R R . Corp. by pur­
chase of a majority of its capital stock. V. 115. p 2581; V. 116. p. 616.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Extends from Rochester to Syracuse, N. Y ., passing through East Ro­
chester, Fairport. Macedon, Palmyra, Port Gibson, Newark, Lyons,
Clyde. Savannah, Port Byron, Weedsport, Jordan, Memphis and Warner,
N. Y. Length of line, .’irst track (owned), 157.04 miles; 2d track (owned),
1.50 miles; siding, &c (owned). 1.70 miles; trackage rights, 8.8 miles;
total length of line operated, 169.04 miles. Gauge, 4 ft.
In. Rail.
70 and 90-lb. T. Operated by overhead trolley. Power purchased from
Niagara. Lockport & Ontario Power Co.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $1,500,000 ($100)--- . ____
________ $1,469,100 ____________
Preferred $3,000,000 ($100)_________
6%
2.448.500 Mar’24, 1%
First mtge conv $5,000,0001 1917
5 g M -N
2,448.500 M ay 1 1957
($500 & $1 ,000) g ___ c*ntf/F irst Trust & Deposit C o ., Syracuse, trustee.
Bonds.— The 1st M . 5s are convertible into pref. stock at par, $ for $
between May 1 1919 and May 1 1929; this privilege may be terminated by
the co. in case of merger or consolidation with any other co. under N. Y.
laws, or of the lease of its property. They are callable, all or in part since
May 1 1922 at 105 and int. The remaining bonds may be issued for impts.
add'ns, exts., &c., under certain restrictions.
Dividends.— An initial div. of 1% was paid on the pref. stock In Mar.
1921. Same rate quar. to and incl. Mar 1924. None since.
EARNING S.— For calendar years:
N et. after Taxes
Gross.
and Deprecia’n. Interest.
Adjust. Bat., Surp.
1926______ $899,487
$149,004
$113,400
Cr. 34
$17,639
1925______
951,748
180.544
132,804
1,680
46,060
1924______
981.392
211,406
136,000
--------75,406
1923______ 1,101.559
254.623
136.377
3,367
114,879
1922______ 1.065.342
250,084
125,555
--------124,529
OFFICERS.— Pres.. A. H. Cowie; V.-Pr. & Gen. M gr., T . O. Cherry;
Aud. & Treas.. W. K. Zinsmeister; Sec., Mercer V. White.— V. 116, p. 616;
V. 118, p. 2825; V. 124, p. 2908.

ROCKLAND LIG H T & POWER CO.
Management.— Since M ay 17 1912 under management o f Charles If.
Tenney & Co.
O RGAN IZATION .— Incorp. on May 21 1926 as a consolidation of a co.
of the same name (incorp. in New York in Aug. 1899), the Orange County
Public Service C o., Inc., and the Catskill Power Corp. V. 122, p. 2652.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Co. serves 59 communities, tncluaing Upper Nyack, Nyack, South
Nyack, Grand View, Piermont, Port Jervis and Middletown, N. Y ., with
gas and electricity, and practically all of the communities in Rockland
County, in parts of Sullivan and Orange counties, N. Y ., and through
Rockland Electric Co. of N. J. in northeastern part of New Jersey (Bergen
County) with electricity for light and power. Owns the Pike County Lt. &
Pow. Co., which furnishes g is and electricity in Penna. to Matamaras,
Milford and Mill Rift. Owns and operates 2 hydro-electric generating
stations (8.230 h.p.), 4 steam stations (12,304 b.p.), 2,902 miles of lines
supplying 30,371 electric customers; 3 gas plants (capacity, 2,882,000 cu. ft.
per day), and 77 miles of gas mains, water power rights, &c. Population
served, 127,500; area, 600 sq. miles. V. 121, p. 3312.
Capitalization.— Co. upon its incorporation in 1926 was authorized to
issue $5,150,000 common stock and $2,600,000 6% cum. pref. stock for
the following purposes;
1. $100,000 6 % cum. pref. stock in exchange for 1.000 shs. 1st pref.
stock of $100 each of old Rockland Co., share for share;
2. The new com. stock (a) in exchange for 42,596 com. shares (par $50)
of old Rockland C o., par for par; (b) for conversion of $20,200 5-year 7%
conv. g. bonds, due June 1 1926, of the old Rockland C o., par for par, ana
(c) for the conversion of $3,000,000 6% ) 0-year conv. debent. g. bonds of
old Rockland C o., due Sept. 1 1934, par for par.
3. $2,500,000 6% cum. pref. stock for new construction. V. 122,
p. 2652
Stock Trust Agreement urged by directors of company, for mutual pro­
tection of all the stockholders. V. 125, p. 1053, 1195.
STOCK AND BONDS—
Dale.
Interest.
Outstanding.Maturity.
Common $52150.000 ($50)_________
_________ $2,146,000 See text.
6% cum pref $6,000,000 ($50)_
6 Q-F
6,000.000 See text.
1st mtge ($1.000,000)_______/ 1908
5 g M -N
848 000 N ov 11938
Guaranty Co. of N . Y Trustee.

(

1925

5)4 g M -N 2,500,000 M ay 1 1955

Int. at Bankers Trust C o., N. Y . City, Trus.
1919 6 g J-D
1,461,100 June 1 1939
New York Trust Co., N . Y . City, Trustee.
Rockland El Co 1st (c lo s e d )M .____
5g
144,000 Apr 1 1953
Conv 6% debentures_________ _____
_________ 3,000,000 Sept 1 1934
Slock.— The 6% cum. pref. stock is convertible on ana after Jan. 1 1931
into common stock on basis of $65 of pref. stock for each $50 of com. stock.
If called before Jan. 1 1931 stockholders may at any time within a period
of 30 days prior to the redemption date convert their stock on the same
basis. Holders of pref. stock will have the right to subscribe upon equal
terms with com. stockholders to any future pref. or com. stock issued by
the co. for cash, or of any other securities issued for cash and convertible
into com. stock. Call, whole or part at $55 and divs. on any div. date.
In July 1J26 H. O. Warren & C o., Inc... New Haven. Conn., offered a
block (carrying thp Aug 1 div.) af $55 p = share
<T
V. 173 p 325.
Rights.— Stockholders of record June 16 1927 were given right to sub­
scribe on or before July 8 to 72-100ths o f a share o f new pref. for each
existing share held. Y. 125, p. 96.
Bunas.— i’he Catskill Power Corporation 1st mtge. series A bonds, dated
May 1 1925. are secured by a direct 1st mtge. on all the property of Catskill
Power Corp. (incl after acquired oroperty) subject only to liens existing
at time of acquisition. Catskill Power Corp. was Incorp. in New York
Feb. 11 1925 to take over and develop the hydro-electric properties of the
Rockland Light & Power Co. system on the Mongaup River and owns a
modern hydro-electric plant at Mongaup Falls on the Mongaup River with
an installed capacity of approx. 4,370 h.p. In addition, owns partially
developed and undeveloped water power sites having a potential hydro­
electric generating capacity in excess of 20,000 h.p. with an estimated annual
output of approx 80,000,000 k.w.h., and owns or controls storage reservoir
sites of 3,000,040.000 cu. ft. potential capacity. Also owns real estate
incl. 16,500 acres of lands adjacent to the Mongaup River, furthermore,
the Oakland Power Co. M ost of the company’s franchises are perpetual
and the water power sites o f the corporation are on lands owned in fee or
under perpetual e isements. Additional bonds (over and above t ie $2,500,000 issue) may be issued only for refunding par for par bonds issued under
this mtge.; or for not more than 75% o f new construction, and only if
(except in case of refunding) the net earnings o f the company for 12 con­
secutive months within the 15 months immediately preceding the applica­
tion for the bonds, have been at least twice the-interest charges on all bonds
outstanding under this mtge., all bonds prior or on a parity with the lien
o f the 1st mtge. and the bonds applied for. An improvement fund re­
quires that an amount equal to 2% of outstanding bonds shall be annually
I used b y the co. (beginning Dec. 31 1927) for acquisition o f property against
which no additional bonds may be issued or applied to the redemp’n o f bonds.

Oct., 1927.]

POW ER, LIGH T AND R A IL W A Y

The Catskill Power 1st mtge. bonds are red., all or part, on 30 days
notice at 107K on N ov. 1 1925, and at 107Vi less 14% for each 6 months
thereafter to and incl. Nov. 1 1927, at 105.to and incl.Nov. 1 1954. Comany refunds, not exceeding 34 % of face value of their holdings taxes peid,
y bondholders under the laws of Mass., Vermont, New Hampshire.
Penn., Rhode Island or Conn, (but only one of said States). In June 1925,
Estabrook & Co., &c., &c., offered $2,500,000 Catskill Power Corp. 1st
mtge., series A, at 95 and int., yielding over 5.85%. V. 120, p. 3312.
See V. 119, p. 1406; V. 120, p. 2818, 3316: V. 122, p. 884.
Dividends.— On com. stock paid at the rate of $4 50 per share in 1925
and 1926. On pref. paid 6% in 1925 and 1926.
EARN IN G S.— For calendar years: '
Operating Net after Depr.,
Other
Fixed
Balance.
Revenue.
& Taxes.
Income.
Charges, &c. Surplus.
1926______$2,095,137
$761,218
$78,408
$453,501
$386,125
1925_____ 1,874,945
726,926
44,681
402,107
369.500
OFFICERS.— Chairman of Board. Chas. H. Tenney, Springfield. Mass.;
Pres., D. Edgar Manson; 1st V .-P ., A . B. Tenney; Treas., E. A. Bradley;
Aud. & Asst. Sec., Isaac S. Hall; Sec., Hazel E. Hagar.— V. 122, p. 884,
2652; V. 123, p. 325; V. 125, p. 96, 1053, 1195.

E

EMPIRE STATE R R . CORP.

99

AUBURN & SYRACUSE ELECTRIC R R.
Default of Interest.— The interest due April 1 1926 on the 1st & ref. mtge.
5% g. bonds having been defaulted, the following protective committee was
formed:
Chairman, Charles W . Beall (Harris, Forbes & C od ; Francis E. Frothingham (Coffin & Burr, Inc.), A. B. Merrill (First Trust & Deposit Co.);
Secretary, George D. Woods, 56 William St., New York City; depositary,
Nat. Bank of Commerce, 31 Nassau St., New York City. V. 122, p. 2648.
ORGANIZATION.— Organized Sept. 30 1902 as a consolidation of the
Auburn City R y. and Auburn Interurban Elec. R R . Franchise perpetual.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Co. renders electric railway service in Auburn, N. Y ., and between that
city and Syracuse, N. Y . The property includes 56.45 miles of track
(single track equivalent), 44 passenger cars, as well as various sweepers,
snow plows, &e. Owns also an amusement park at Owasca Lake, south of
Auburn. The line between Auburn and Syracuse, a distance o f 27 miles,
is located for the most part on private right-of-way.
On Sept. 10 1925 stockholders voted to abandon two important lines iD
Auburn, N . Y ., planning to replace them with bus service. V . 121, p . 1459.
Voting Trust.— Extends for five years from Dec. 1 1921. Trustees are
Edwin Nottingham, Arthur W . Loasby and F W . Roebling Jr. Compare
V. 102, p. 1895.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Common $1,250,000 ($100)_______ ________ $1,250,000 _________________
Pref 6% n-cum $750,000 ($ 1 0 0 )____
Q-J 15
712,000 See text
Auburn & Syracuse first and? 1902 5 g A-O 1,752,000 Oct 1 1942
refunding mortgage $2,-{in t . at Harris, Forbes & C o., New York.
000,000 gold ($1,000) _c*tf [Equitable Trust C o., New York, trustee.
4 mos. notes_________________ _____
6%
8.250 __________
Bonds.— Of the $2,000,000 authorized, $248,000 is reserved for future
extensions, but only when net earnings are double interest charges: subject
to call at 110 and interest. See V. 75, p. 1201. For default of interest,
see above.
Dividends.— First dividend on preferred stock— 1% — paid N ov. 1 1904.
then 1% Feb. 1 1905, M ay 1 1905 and Aug. 1 1905; Nov. 1 1905, 1J*%
paid (see V. 81, p. 1609). In 1906, 5 X % ; 1907 to 1913 incl., 6% per
annum. In 1914, Jan., 1 H % ; April, 114 %: July, 1K % - None since.
E A R N IN G S.— ^or calendar years:
xNet.
Gross.
Rev. Passengers.
1926-------------------- ------------------ _$445,814
def.$62,684
3,099,777
1925______________________
509,837
3,343,573
59.575
1924........
555,440
99,229
3,665,318
1923___________
625,862
116.524
4,137.734
1 9 2 2 .._____
583.701
121,139
3,884,721
1921___________________________ 636,472
3,904,572
118,925
x After operating expenses, maint. and taxes, but before depreciation.
OFFICERS.-—Pres., T . C. Cherry, Syracuse; V .-P. & Gen. M gr., L. ELippitt; Treas., & Asst. Sec., L. E. Lippitt, Auburn; Sec., H. C. Beatty.
Syracuse. Peck-Shanahan-Cherry, Inc., operate the road.— V. 121, p.
1459; V. 122, p. 2648, 2797.

Receivership.— Corp. being unable to pay interest due M ay 1 1927 upon
$2,496,000 1st mtge 5s of the Syracuse Lake Shore & Northern R R . T . C.
Cherry was appointed receiver. V. 124, p. 2748, 3066. Bondholders
Protective Committee. V. 125, p. 93.
New Control.— In Dec. 1922 the Rochester & Syracuse R R . acquired
control of the co. by purchase of a majority o f the stock. V. 115, p. 2580
ORGAN IZATION .— Incorp. in New York Oct. 27 1917 as successor
to the Empire United Rys., Inc., sold under foreclosure per plan in V. 104,
p. 863; V. 105. p. 909. The new co. took over, subject to underlying bond
issues, the Syracuse Lake Shore & Northern and Auburn & Northern divi­
sions. The Rochester Syracuse & Eastern division was separately reor­
ganized as the Rochester & Syracuse R R . (which see above).
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Operates from Syracuse to Oswego, 37 8 miles. Oswego city lines. 8.83 m.;
Auburn to Port Byron, 7.62 m.; Auburn city lines. 1.42 m.; Fulton city
lines, 0.6 m.; total length o f road, 56.27 miles; second track, 21.25 m.; carhouse and other sidings, 5.08 m.; total trackage, 82.60 miles. Gauge
4 ft. 8 34 in. Rail, 70 and 90 lbs. 56 passenger cars, 4 express cars, 7
work cars, 5 snow plows, 2 snow sweepers. Has contract for power with
Niagara Lockport & Ontario Power Co. Has 4 substations with a total
capacity o f 2,900 k. w
Fare Increase.— V. 120, p. 330.
In Dec. 1926 asked for permission to abandon 5 street railway routes in
Oswego, N. Y . V. 123. p. 3318.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,500,000 ($100)......................................$1,436,635 --------- -------Pref “ A ” 6% cum $1,000,000
($100).................... ....... .........................................
205,426 Sept’24, 1 H
Pref B 6% non-cum $1,250,000
($100)____________________ ________________ 1,249,912 June'23, 1%
Syracuse Lake Shore < Northern RR—
%
1st mortgage $2,500,000 gold/ 1907
5 g M -N
2,496,000 M ay 1 1947
SYRACUSE & EASTERN RR.
($1,000) ____________ c*tf\Int. at Columbia Tr. C o., N. Y ., trustee.
Auburn A Northern Electric RR.—
ORGAN IZATION .—
in N . Y .,
April 28 1923 took
1st mortgage $1,000,000 gold/ 1905
5 g M -N
236,000 M ay 1 1945 over the property of theOrganized & Suburban and on per plan of reorgan­
Syracuse
RR. as
($1,000) ____________ c*tf?Int. at Equitable Trust C o., N. Y ., trustee
ization dated Jan. 16 1922. (For outline of plan see V. 114, p. 1064.)
Stock.— Series “ A ” pref. stock is redeemable at 105. Series “ B ,” after For history of Syracuse & Suburban R R . up to time of reorganization see
It has received 5 years' consecutive dividends at the full rate of 6% , is
“Electric Railway” Supplement of April 26 1924.
entitled to rank pari passu with or be converted into Series “ A .”
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— A
Bonds.— The bonds of the Syracuse Lake Shore & Nor. R R . are subject
trolley road. Operates 18.52 miles of track from Syracuse to Edward
to call since May 1 1917 on any int. date at 110 and int upon 60 davs'
Falls with branch from Orville to Jamesville. Standard gauge; rails, 60
notice. No sink. fund. Interest payment defaulted, see opening paragraph. and 90-lbs.; 10 passenger and 7o ther cars.
The Auburn & Northern ponds are subject to call at 110 ou any ml.
Upon completion of reorganization the co. will be capitalized approxi­
period on 60 days' notice
No sinking fund.
Dividends.— On pref. “ A ’ divs. at the rate of 6% per annum paid from mately as follows:
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Oct. 1917 to and incl. Sept. 1924. None since. On pref. “ B ” 1% paid in
-------------$300,000 __________
8 took ----------------- --------------------June 1923; none since. No divs. have been paid on common.
1st mtge bonds------------------------------5%
512,000 __________
EA R N IN G S.— For calendar years:
Voting Trust.— The stock is to be held for a period of five yearslby voting
Gross.
N etajt.T ax. Interest. &c.Adjustm’ts. Bal.,Surv.
trustees. Y. 114, p. 1064.
$80,852
1926 _______ $672,309
$140,721Cr$8,703 def.$51,166
1925 ________ 681.135
110.158
141.343
______ def. 31,186
EA R N ING S.— Of Syracuse & Suburban R R . for calendar years:
1924 ________ 734.610
xl37.227
140.257
Crl8,690
15,660
Gross. Net (.aft. Tax.). Oth. Inc. Charges. Sur. or Del.
144,041
54,596
1923 ________ 861.495
198,638
1926 ________ $119,226
$680
$388
$2,181 def.$l,113
x After taxes and depreciation.
1925 ________ 120,651
d ef.168
362
2,617 def. 2,423
1922 ------------ 107.940
def.727
319
5,929
del.6.338
OFFICERS.— Pres., A. H. Cowle; 1st V .-P.. T . O. Cherry; 2d V .-P .,
1921 ------------ 91.746
def.17.447
260
3.609 def.20.796
O. A. Chase; Treas. & Aud., W. K. Zinsmeister; Sec.. M . V. White.
OFFICERS.—Pres., George Powell; V.-Pres., J. M . Steere; Treas.,
— V. 118, p. 1392; V. 120, p. 330; V. 123, p. 3318; V. 124, p. 2748, 3066
J. E. Gere; Sec., W . W . Cheney Jr.; Gen. M gr., H. D. Gros; Aud., F. A.
V. 125, p. 93.
Kitts.—V. 116, p. 2131.

SYRACUSE NORTHERN ELECTRIC R Y ., INC.
ORGAN IZATION.— Incorp. in N . Y . M ay 12 1917 as successor to the
STATEN ISLAND MIDLAND R A ILW AY CO.
Syracuse & South Bay Electric R R . and the Syracuse Watertown & St.
Lawrence River R R ., bid in at foreclosure sale on N ov. 1 1916 by the
Receivership.— In Jan. 1920 Federal Judge Chatfield appointed Jacob
reorganization committee. Sale confirmed in March 1917. The company
Brenner receiver for the company. V. 110, p. 360. Following the death of
was organized as per plan in V. 103, p. 580. as modified and approved by Jacob Brenner in Oct. 1921, Mortimer Brenner was appointed receiver.
the P. S. Comm, by an order dated April 26 1917.
V. 113. p. 1889, 2186.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINES3.—
OPERATION.— As a result of a contract signed Nov. 10 1920, operation
Operates 12.18 miles of single track equivalent over private right of way of the company’s lines under the supervision of New York municipal au­
from Syracuse to Oneida Lake, and a single track branch line to Brewerton. thorities was begun on Dec. 1 1920. Under the contract the Richmond
6.2 miles. Has traffic agreement with New York State Railways Co. to Light & RR. Co. permits the city to use its tracks through St. George and
ente Syracuse
New road began operations Anril 26 1917. 85-1’'.
Tompkinsvilie and supplies the city with electric current at cost for fcbe
rail. Gauge, 4 ft. 8 H inches. 16 cars. All private right-of-way. Power operation of the lines. V. I l l , p. 2042, 2230.
is purchased from Niagara Lockport & Ontario Power Co .
ORGANIZATION.— Incorp. in New York on Jan. 16 1907 as a reor­
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
ganization of the Staten Island Midland Railroad Co. sold under sequestra­
_________
$150,000 __________
Common $150,000 ($100)_________
tion proceedings on Jan. 3 1907. V. 84, p. 222.
First pref $600,000 ($100)..............
6%
480 000 Aug ’24 1%
2d pref $500,000 ($100)___________
6%
420.000
_________ FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
First mtge $600,000 gold ($25,1 1917 5 g M -N
153,750 M ay 1 1946 Owns 28.68 miles of track. Rails 65 to 70-lb. T and 90-lb. girder. 41
passenger cars.
$100 and $1.000)_________ JInt. at Tr. & Dep. C o., oif Onon.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock.— All classes o f stock have equal voting power. Stock is held In a
_______
$1,000,000 __________
five-year voting trust. The successor voting trustees are Arthur W. Loasby Stock $1,000,000 ($100)______ _____
S I Mid RR 1st mtge $1,000,-1 1896
5 g J-J
1,000.000 Jan 21 1926
A. H. Cowle and Ferdinand W. Roebling Jr.
000 gold (Sl.OOO)____c * .tf [Int. at Farmers'L. & Tr. Co., N. Y ., trustee.
Bonds.— Are subject to call In whole or in part on and after N ov. 1 1917
31.000 See text
at 110 and Int. Int. on $25 bonds payable M ay 1 only. Int. payable Equipment trust certifs Ser A 1 1915 6 g J-J
$135,000 ($500) gold-_c*&r (Interest at Bankers Trust C o., trustee.
without deduction other than Federal income tax.
Dividends.— On 1st pref. in Feb. 1923, 1% was paid. In Aug. 1923, 1% .
Bonds.— Sinking fund after 5 years but bonds cannot be called.
In Aug. 1924, 1% .
The equipment trust certificates mature $7,000 each Jan. 1 and $6,500
each July 1, beginning July 1 1915. They are subject to call at 102.and
E A R N IN G S.— For calendar years:
Interest. Secured by 32 double-truck closed cars.
1926
1Q25
1 Q94
1 Q99
G ro ss............................ ..
$i.24.749
$i30.982
si4 1 .2 4 1
$143,260
EARN ING S.— For years ending June 30:
Net income___ _______
2,108
xl.997
14,535
8,668
Gross.
Net (aft. Tax.) Other Inc. Int. dt Rents.
Deficits
x After deducting taxes and $7,687 interets.
1920------------$218,869
deL$80.615
$604
$70,177
$150,188
def. 80,346
1.363
68.094
147,076
OFFICERS.— Pres. & Gen. M gr., Taimadge O. Cherry; Treas., W . K. 1919 .............. 307,534
Binsmeister; Sec., H. O. Beatty. Peck-Shanahan-Cherry, Inc., operate
OFFICERS.— Pres., O. W. Hotchkiss, 55 Wall St.. New York City;
the road.— 109, p. 777; V. 115, p. 1211.
Sec., A. M . StilweSl, New Brighton, N. Y .— V. 113, p. 1889. 2186.




100

PUBLIC UTILITIES

N EW JERSEY
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
(See Map on pages 96 and 97.)
ORGAN IZATION .— Incorp. in New Jersey on May 6 1903 and controls,
through ownership o f stock, Public Service Ry. Co., Public Service Electric
& Gas C o., Public Service R R . Co., Public Service Transportation Co.,
Public Service Production C o., Orange & Passaic Valley Ry. Co. and New
Jersey & Hudson River Ry. & Ferry Co. See plan in V. 76, p. 865, 1249;
V. 85, p. 406, 470.
On Jan. 15 1925 the Public Service Stock &Bond Co. was incorp.inN . J.
with an auth. capital of 500,000 shares of no par value, to specialize in the
securities o f the Public Service Corp. of N. J. and its subsidiary and under­
lying cos. All the outstanding stock is held by Public Service Corp. of
N. J. V. 120. p. 455.
Consolidation of Electric and Gas Cos.— See "Public Utility" Compendium
of N ov. 1 1924.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Public Service Corp. o f N. J., through its subsidiary companies, operates
all o f the electric power and light, gas and street transportation business in
the larger cities and more populous sections of the State of New Jersey, ex­
cepting the snore resorts, the gas service in Elizabeth and the street railway
In Trenton. The territory served extends from the Hudson River opposite
New York to the Delaware River, opposite Philadelphia, and includes New­
ark, Jersey City, Paterson, Trenton, Camden, Elizabeth, Bayonne, Hobo­
ken, Passaic, the Oranges, Perth Amboy, Union City and New Brunswick.
Co. and its subsidiaries owns & operates as o f Dec. 31 1926, 10 electric
generating stations o f an aggregate capacity of 609,500 k.v.a.; 81 sub­
stations; 1,186 miles transmission lines and 186 miles conduits (street
miles); 30,478 miles distributing wires; gas plants of overll4,050,000cu.ft.
d illy capacity; 4,131 miles o f gas mains. Total track, 890.685 miles; 1,854
closed and 339 open cars. Trolley passengers carried in 1926, 397,690,308;
in 1925, 416 788,621; in 1924, 427,828,444; bus passengers in 1926, 199,640,564; in 1925, 146,053,237; in 1924, 69,383,643.
New Construction During 1927.— The installation o f the fifth unit c*
boilers for the Kearny Generating Station development o f electric trans­
mission facilities and building and reconstruction of switching and sub­
stations. For details see V. 124 p. 922.
New Gas Contract.—In Sept. 1927 an announcement was made of the
signing o f a contract by the corp. for the purchase of a minimum of 10
billion feet of gas during the next 10 years from the International Combus­
tion Engineering Corp.’s new low-temperature coal carbonization plant
to be erected at New Brunswick, N. J. V. 125, p. 1838.
Newark Terminal.— See Public Service Ry. below.
Wage Rate Traction Employees.— V. 122, p. 3211. See below under
“ Public Service Railway C o.”
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Common 10,000,000 shares
ino par)___________________ _____
Q-M 30 4,153,482shs
See text
8 Q-M
$21,531,200 M a r ’27 2%
Pref8 % cum $25,000,000($100)____
7 Q-M
28,908 000 Mar ’ 27 1
Pref 7% cum$50,000,000($100)____
6 M o.
22,215,300
See text
Pref cum 6%$125,000,000($100)____
Trust certfs $20,200,000. - n t f / 1903
6 M -N
18,668 375 Perpetual
\Fidelity Union Trust C o., Newark, trustee.
Sec bds 6% ser due 1944 (500 &\ 1924
6 g F-A
19,476,000 Aug 11944
$l,000c* & $l,000&c r*)gtf \Fidelity-Philadelphia Tr. C o., Phila., trus.
B A % ser due 1956 $30,000,- 1926
5 H g J -J 15,000,000 July 1 1956
000 ($1,000, $500 c* and jFidelity-Philadelphia Tr. C o., Phila., trustee
$10,000,$5,000,$1,000 r*)tf I
P S Newark Term Ry 1st M l 1915
4,670.000 June 1 1955
5 g J-D
$5 000.000 g ($1 .00 0)-.c*tf lint, at Fidelity Un. Tr. C o.. Newark, trustee
Real estate mortgages________ _____
________
1,412,500 __________
* Bonds and notes shown as outstanding do not include inter-company
and sinking fund holdings.
Stock.— Both the pref. and com. stocks are listed on N . Y . Stock Exch*
Pref. stock has full voting powers and is pref. as to assets and divs. Pref.
stock consisted originally o f 500,000 autn. shares (par $100) of 8% cumpref.. but in Dec. 1922 was divided into two series— 250,000 shares8%
cum. pref. and 250,000 shares 7 % cum. pref. V. 115, p. 2380, 2478, 2794.
On Apr. 11 1923 was divided into 3 series— 8% cum. pref., $25,000,000,;
7% cum. pref., $50,000,000: 6 % cum. pref.. $25,000,000, all pref. being
in shares o f $100 par. Stockholders voted Oct. 19 1926: (a) to increase
the authorized 6 % pref. stock from $25,000,000 to $125,000,000; (6) to in­
crease the authorized no par common stock from 2 ,000,000 to 10 ,000,000
shares; (c) approved issuance o f 3 new no par common shares for each out­
standing common share.
Corp. started on April 1 1926 a campaign for the sale through its
employees o f appr. 50,000 shares (par $100) of 6% cum. pref. stock at par
and divs. for cash or in monthly installments o f $10. V. 122, p. 1764. On
Oct. 1 started another customer ownership campaign for the sale o f $5,000,000 o f 6% cum. pref. stock. V. 123, p. 1505. The fourth campaign to
sell 6% cumul. pref. stock under the popular ownership commenced April 1
1927. V. 24, p. 1822, 2121.
In M ay 1925 directors authori_ed the issuance of 131,200 additional no
par value common shares. Stockholders were given the right to subscribe
at $62 50 per share in the ratio o f one share to each ten pref. or common
shares held. V. 120 , p. 2818.
Results customer-ownership campaign, see V. 121, p. 200, 3005; V. 123,
p. 2392; v . 1 2 4 ,p. 374.
In Sept. 1925 offered 115,500 shares o f 6 % cum. pref. stock at par and
divs. to holders o f record Oct. 7 o f 8 % cum. pref. and 7% cum. pref. in the
ratio o f one share for each four shares held.
Holders o f the 7% and 8 % pref. stocks of record Jan. 16 1925 were given
Che right to subscribe at par ($100 a share) & div. for 7% pref. stock to the
extent o f 1 share for each 10 shares held. V. 120, p. 212, 705. Holders of
8% pref. and 7% pref. stock o f record Oct. 2 1925 were given the right to
subscribe until Oct. 31 1925 to 6 % cum. pref. stock (par $ 100) at the rate
of 1 share 6 % pref. stock for each 4 shares either 8 % or 7 % , or both. V.
121, p. 2157. Holders o f com. & pref. stock of record Feb. 5 1926 were
given the right to subscribe on or before March 31 1926 to additional
common stock at $80 per share, at the ratio o f 1 new for each 10 shares
either pref. or common held. V. 122 p. 612 1457. Holders of 6 % 7%
and 8 % pref. stocks of record Feb. 5 1927 were offered right to subscribe
on or before March 1 1927 at $100 per share to 6% cum. pref. stock at rate
o f one share for each 5 shares held. V. 124, p. 648. Stockholders of record
July 7 1927 were given right to subscribe on or before Sept. 1 1927 to addi­
tional 6 % cum. pref. at $100 per share on basis of 1 new share for each 4
shares of cum. pref. 8 , 7 or 6 % stock held.
New Customer Ownership Campaign. —On Oct. 1 1927 corp. offered
$3,500,000 6 % cum. pref. through customer ownership campaign. V. 125,
p . 1972, 1838, 2147.
Bonds.— The trust certifs. bore 2% int. (dating from June 1 1903) the first
two years, 2 H% the third year, and increased by A % each following year
until 6 % was reached in the tenth year, which is the rate now paid. See
V. 80, p. 164. The following shows the terms upon which the stocks of the
constituent companies were exchanged for the trust certificates. The
stocks acquired are pledged as security for the trust certificates.
New T tal Ctfs.
Total
Total
Certifi-■ if all Stock
Stock.
Deposited. cates. Exchanged.
.$15,000,000 $14,994,400 40% $ 6 ,000,000
erson Street R y ___________ . 20 ,000,000
♦Elizabeth Plainfield & Cen. 3,000.000
. 1 ,000,000
. 20 ,000,000

19,984,600

35%

7.000.

3,000,000
995,000
19,736.800

30%
30%
30%

6 .000 .

900.000
300.000

Total.
$20,200,000
* Now merged in Public Service Railway C o., which see below, x In
1924theU nitedE lec.C o.com . was exchanged for a like amount of 7% pref.
stock of the Public Service Gas & Elec. Co. and the Public Service Corp.
agreed to pay to the trustee for the perpetual interest-bearing certifs. the
sum of $197,368 annually as a sinking fund to be applied to the purchase of
the certifs. at not more than 110 % , the certifs. so purchased to be held




[V ol. 125.

ilive for the benefit of the sinking fund and int. thereon added to the
amount of the fund pending their eventual retirement when all have been
acquired. I f certifs. cannot be purchased at or below 110, the unexpended
balance in the sinking fund can be returned to the corporation.
The trust deed provides that the stocks pledged shall not be used so as to
Increase the capital stock of any of the companies nor create any new
liens upon the respective companies except to take up existing debt o f any
such company or of underlying or subsidiary companies
The Public Service Corp. of N . J. secured gold bonds are secured ratably
with the 30-year 5 A % series dated July 1 1926, by pledge with trustee of
8,321,667 shares of com. stock of Pub. Serv. Elec. & Gas Co. and indenture
provides that not less than 2-3 of the com. stock of Public Service Elec.
& Gas Co. at any time outstanding shall always be pledged thereunder.
Against the 4,283,334 shares originally pledged $21,400,000 bonds of the
6% series due 1944 may be issued. Bonds may be issued in any other
series to an amount not exceeding $10,700,000 against pledge of the remain­
ing 2,141,666 shares o f such common stock owned by the Public Service
Corp. at the date o f the mortgage and to an amount not exceeding 50%
of the cash realized by Public Service Electric & Gas Co. from additional
common stock thereafter issued and pledged. Bonds may be issued also
to refund bonds of any outstanding series par for par. Future issues may
be in one or more series in such amounts and bearing such rates of interest
and having maturity dates and such other provisions within the limita­
tions of the indenture as the board of directors of the corporation may
from time to time determine. Six per cent series due 1944 has sinking
fund which provides for semi-annual payments on M ay 1 and N ov. 1 in
each year beginning M ay 1 1925, of a sum equal to A of 1% of the total
amount of bonds of this series outstanding, the moneys to be applied by
the trustee to the purchase of bonds of this series at or below the redemption
price existing at the next ensuing int. date, or, if not so purchasable, to
their call by lot at such redemption price on such int. date: all bonds so
purchased or redeemed by the sink, fund are to be held alive and int.
thereon added to the fund. Red., all or part, at any time and for the sink,
fund on any Int. date, in either case on not less than 40 days' notice at a
premium of 7 A % on or before July 31 1930, said premium to be reduced by
A of 1% commencing Aug. 1 1930, with a like additional reduction com­
mencing on Aug. 1 of each year thereafter until Feb. 1 1944, on and after
which date the redemption price shall be par; in each case with accrued int.
payable in N. Y. or Phila. Co. has agreed to refund the Penna. 4 mills, the
Conn. 4 mills tax, the Maryland securities tax not exceeding 4 A mills and
the Mass. Income tax not exceeding 6% per annum on income derived from
thebonds. Listed on N . Y . Stock Exchange. In addition to amount showc
in the above table as outstanding, $302,000 are held in sinking fund. V.
119, p. 2288. In July 1924 Drexel & Co. and Bonbright & C o., Inc., sold
$20,000,000 6% series due 1944 at 96 and int., to yield over 6.35% . V.
119, p. 580.
The 30-year 5 A % series, dated July 1 1926, are redeemable, all or part,
on 40 days’ notice at a premium of 6% on or before June 30 1943, and
5 A % on or before June 30 1944; said premium to be reduced A % commen­
cing July 1 1944, with a like additional reduction commencing July 1 of
each year thereafter, bonds to be called at par on and after July 1 1954; in
each case with interest. Any Penn., Maryland, Conn, or Mass, taxes not
exceeding $4, $4 50, $4 or $3 30 per $1,000 bond, respectively, refundable,
but only one such State tax on the same bond for the same year. Payable
in New York or Philadelphia. Listed on New York Stock Exchange. In
June 1926 Drexel & Co. and Bonbright & C o., Inc., offered $15,000,000
5 A % series due 1956 at 99 and interest, to yield about 5.57% . V. 122,
p. 3455.
The P. S. Newark Term. Ry. bonds are unconditionally guar, as to
prin., int. and sink, fund by endorsement of the Public Service Corp. of'
New Jersey. Sinking Fund of $30,000 annually began April 15 1920.
Red. as a whole on or after June 1 1920 at 105 and int. on six weeks' notice:
also callable for sinking fund on June 1 each year since 1920 at 102)4
(V. 100, p. 2011).
Dividends.— An initial monthly div. of 2-3 of 1 % was paid on the 8% pref.
stock on March 31 1919. In June 1919 2% was paid and same rate has been
paid regularly quarterly since to and incl. March 1927.
An initial div. of
194% was paid on the 7% pref. stock in Sept. 30 1927. Same rate paid:
regularly quarterly to and including Sept. 30 1927. On the 6% cum. pref
an initial quar. div. of 1 A % was paid iu Dec. 1925. Same rate paid regu­
larly quarterly to and incl. Dec. 1926. In Jan. 1927 a monthly div. o f
A % and a similar div. monthly since. On common, first div. of 1% wa«
paid June 29 1907; 1% was paid Sept. 30 1907 and 1% Dec. 31 1907. In.
1908, 4% . In 1909, 4 A % . In 1910, 5% . In 1911 to 1914, 6 % . In
19 1 5 ,6 )4 % . In 1916, 794%. In 1917, 8 % . In 1918, 6 % . V. 107, p.
1385, 2377. In 1919, March, IA % \ June, 1 A % : Sept. 1 A % : Dec. 1919
div. passed. (See V. 109, p. 2357.) In 1920, 4 % . In 1921. 4 % . In
1922, March, 1 A % : June, 1)4% ; Sept., 1)4% ; D ec., 2% . In 1923,
March, 2% . In April 1923 the com. was changed from shares of $100 par to
shares of no par value, and two shares of no par stock were given in exchange
for each share of $100 par outstanding. In June 1923 $1 was paid on the no
par shares. Divs. of $1 per share were paid regularly quar. to and incl.
Sept. 1924. In Dec. 1924 $1.25 per share was paid and $1.25 quar. since,
ncl. Sept. 1926, on the common before split up (3 to 1) in Oct 1926. On
new com. stock a quar. div. of 50c. in Dec. 1926. V. 123, p. 2778.
In Oct. 1926 directors proposed that dividends on the 6% cum. pref.
stock be paid monthly instead of quarterly; also that the new spliGup no par
common stock be placed on a $2 annual dividend basis, which is equivalent
to $6 on the old no par common stock, which heretofore was on a $5 annual
basis. V. 123, p. 1763. Divs. paid on same basis since to and incl.
Sept. 1927.
EARN ING S.—
Earnings of Public Sorvice Corporation of New Jersey and Subsidiary Com­
panies for Calendar Years.
1923.
1926.
1925.
1924.
.106,303,210 $94,715,525 $87,689,453 $79,107,882
5 67,752,023 61,934,635 58,357,745 53,037,094
9,098,964
5,949,666
7,741,009
6,642,972

Amortization charges.. .

$29,452,223 $25,039,881 $22,688,736 $20,121,122
Non-operative income . 2,110,098
292,4662,057,051
1,001,279
P. S. Corp. of N . J.—
3
1
stocks of oper. cos.) &
from miscell. sources ! *2,766,204 *2,208,837 *2,742,240 ♦1.953,115
Deduct-

$34,328,525 $29,305,769 $26,432,255 $22,366,703
$15,755,584 $13,965,558 $13,247,068 $12,838,264

Service Corp. of N . J_'

4.891.784
4,743.836
5.326.066
4.182,564
$13,681,157 $10,596,375 $7,859,121 $5,345,875
Adjustments____
0 3 ,2 3 4 Cr .228,477 a O .153,997 Cr.321,460
Divs. of sub. cos. e:
inter-company acc’ts.
979,487
829,527
Common divs. paid
. 6,067,034
4,781,700
2,959,330
2,400,000
R a te________________.
x($4.25)
($5)
($4.25)
($5)
Preferred dividends____. 3,971.552
3,223,729
2,430.046
1,930,156
. $2,666,318
1,989,81)6 $2,623,742 $1,337,179
a Includes appropriation accounts of subsidiary companies adjustments of
surplus accounts (credit), $111,918, but does not include charge to surplus
of $1,710,512 in connection with financial reorganization and credit to sur­
plus of $2,432,898 from inter-company sale of Public Service Newark Ter­
minal building and real estate adjacent thereto.
♦After deducting in 1926 $1,248,723, in 1925 $1,194,220, in 1924 $758,775,
in 1923 $653,817. and in 1922 $431,662 for expenses, taxes, &c.
Latest Earnings.— For 12 mos. ended June 30:
1927.
1926.
1925.
Gross earnings____________________ $110,427,255 $100983,856 $90,755,455
000
Oper. exp., maint., taxes & deprec.. 79,847,573 72,911,737 67,619,194

000

$30,579,682 $28,072,120 $23,136,261
1,222,406
2,116,621
1,694,819
$31,802,088 $30,188,741 $24,831,081
19,026,378 17,397,064 16,543,581

Balancefor divs. & surplus________ $12,775,710 $12,791,677 $7,987,500
Balance Sheet as o f M ay 31 1927, see V. 125, p. 1325.
OFFICERS.—-Pres., Thos. N. McCarter; V.-Ps., Percy S. Young,
Edmund W. Wakeiee, George Barker, John L. O’Toole; Sec.,Chas. M .

Oct., 1927.]

POW ER, LIGHT AND R A IL W A Y

Bre ! e f Treas., T . "Wilson Van Middles worth.-—V. 121, p. 200, 460, 587,
1570, 1700, 2157, 2274, 2639, 3005; V. 122, p. 612. 749, 1448, 1457, 1764,
1600, 1627, 1764, 1918, 2191, 2497, 3211, 3455, 3607; V. 123, p. 583, 1505,
1763, 1997, 2140, 2262, 2392, 2520, 2778, 2901; V. 124. p. 113. 374, 648,
922, 1505, 1511, 1811, 1822, 2121, 2281, 2429, 2750,3354; V. 125, p. 519,
650, 915, 1194, 1325, 1462, 1711, 1838, 1972, 2147.

PUBLIC SERVICE ELECTRIC & GAS COMPANY.
All the com. stock Is owned by the PutHc Service Corp. of N. J.
ORGAN IZATION .— Formed in 1924 as a consolidation of the Public
Service Electric C o., Public Service Gas Co. and United Electric Co. of
N. J. as per plan outlined in V. 118, p. 1268. 2'705. It is planned eventually
to merge into the consolidated co. all stock-owned electric and gas companies
and to vest in it the ownership of leasehold estates which comprise the
balance o f the electric and gas systems. It is further planned to offer to
the stockholders o f certain gas and electric cos. leased the opportunity
to exchange their stocks for other securities, so that, eventually, these cos.
also may be consolidated with Public Service Elec. & Gas Co. These
consolidations are not an essential part of the plan, however, as the leases
in question extend in practically all cases for terms upwards of 900 years
In accordance with these plans, however, 7 companies previously operated
under lease were merged into the co. on Dec. 3 1924. Notes due June 3
1925 and bearing interest at 6% were given by Public Service Electric &
Gas Co. in exchange for the stock of the merging companies as follows:
Shares.
Par Value. Amt.ofNotes.
Burlington Electric Light & Power C o___ 351
$17,550
$17,550
Citizens Elec. Lt., Ht. & Power C o______ 1,656
41,400
41,400
Middlesex Electric Light & Pov/er C o____1,750
175,000
175,000
Morristown Gas Light C o_______________7,350
367,500
367,500
Nichols El. L t.& P ow . C o., Nutley, N .J . 500
25.000
25.000
Princeton Light, Heat & Power C o______2,450
122,500
122,500
Weehawken Contracting C o., co m m o n ..1,400
70.0001
41,050
do
do
do preferred.. 821
41,050)
The entire capital stocks of these companies, with the exception of 8
shares of the stock of Princeton Light, Heat & Power Co., were owned
by Public Service Corp. of N. J. V. 119, p. 3011. For histories as separate
organizations of Public Service Elec. C o., Public Service Gas Co., United
Electric Co. of N. J.. and above-mentioned leased cos. merged, see “ Electric
Railway” Supplement of April 26 1924
Merger of Underlying Companies.— In January 1927 co. undertook to
merge with it 9 underlying companies heretofore operated under long term
leases through exchange o f securities o f underlying cos. against its own
securities or those of Public Service Corp of N. J. Announcement was
also made o f plan to consolidate with the Public Sendee Elec. Power Co.,
which owns the Kearny electric station. Plant and property purchased
April 1 1927. Leased companies involved in the merger are: Essex
& Hudson Gas Co., Hudson County Gas Co., South Jersey Gas, Electric
& Traction C o., Gas & Electric Co. o f Bergen County, New Brunswick
Lt., Ht. & Pr. C o., NewarK Consolidated Gas, Paterson & Passaic Gas &
Elec. C o., Somerset Union & Middlesex Ltg. Co. and Ridgewood Gas Co.
As o f March 12 1927 co. had acquired control o f Essex & Hudson Gas C o.,
Hudson County Gas Co., New Brunswick Lt., Ht. & Pr. C o., Paterson &
Passaic Gas & Elec. Co. and Somerset Union & Middlesex Ltg. Co. For
full details regarding plan of merger and offer o f exchange to security holders
o f leased cos. see V. 124, p. 237 and 374; also p. 923. 1667.
Injunction, returnable June 21, obtained temporarily halting merger.
Petitioners seek a permanent injunction. V. 124, p. 3209, 3631; V. 125,
p. 386. Protective committee formed to oppose merger plans extends
time for deposit o f stock. V. 125, p. 781.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. serves with electricity and gas a population in New Jersey estimated
at over 2 900,000, or over 80% of the population of the State. The territory
served includes the larger cities and more populous sections o f the State
The territory extends from the Hudson River opposite New York City,
southwest across the State to the Delaware River opposite Philadelphia,
and includes Newark. Jersey City, Paterson, Trenton, Camden, Elizabeth
Bayonne, Hoboken, Passaic, the Oranges, Perth Amboy, Union Cityand
New Brunswick.
New Construction.-—In Jan. 1927 reported completion of a switching
station at Trenton with capacity o f 60,000 k.v.a. and one at Athenia with
initial installed capacity of 90,000 k.v.a. V. 124, p. 792. To construct
a new station at Jersey City, N . J., to be known as the Hudson switching
station. V. 124, p. 1667.
Company’s electric system includes 10 generating stations with an
aggregate rated capacity o f over 609,500 k.v.a., 1.284 miles of transmission
lines and 33.567 miles o f distribution wire, serving over 750.276 electric
customers. Its gas system includes 12 generating plants with an aggregate
capacity o f 114,050,000 cu. ft. daily and 4,131 miles of mains, serving over
707,103 gas customers. See also V. 124. p. 113.
Interconnection o f lines with Philadelphia Electric Co. and Pennsylvania
Power & Light C o., see Y. 125, p. 1711.
Franchises.—-With minor exceptions, the franchises under which the
company operates are. in the opinion of counsel for the company, perpetual
and contain no burdensome restrictions.
Valuation.— The property of the co. and its leased cos. (not incl. any of
that leased from the Public Service Electric Power Co. or the electrical
property leased from Public Service R y.) was valued by Day & Zimmer
mann, Inc., engineers, as o f Jan. 1 1924, at over $245,000,000. V. 119,
p. 589.
Gas Sales, &c.. 1925.—See V . 122, p. 1312.
Rates.'— Voluntary reduction in electric rates as o f Jan. 1927, see V. 123,
. 2392. Reduction of gas rates for house heating, see V. 123, p. 2907,
184.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com 20,000,000 shs (no p a r ) . ____
________ $11 475 OOOshs__________
Pf 7% cum $20,000,000(8100)..
7%
$x20,000,000
Sept’27, 1%
Pref 614% cum $10,000,000
($ 100)--------------------------------------614%
None ........... .......
Preferred 6% cum $100,000,000
($100) 1925 series_______
6 Q-M
51,500,100 S ep t’ 27,1 >4
1st & ref M 514% ser due ’591
1924 514%
25 359 .000 Oct 11959
514% ser due 1964________ M 9 2 4
514 g A-O 15,000,000 Oct 11964
($500&$l,000c*&$l,000 &c. I Fidelity Union Tr. C o., Newark, N . J.. Trus
r*) gold________________tfj
1st & ref M 5% series due ’65/ 1925
5J D
22,300,000 June 1 1965
1Fidelity Union T r . Co Newark, N .J ., trust
Un El Co 1st M $20,000,000 g\ 1899
4 g J-D
17,934.500 June 1 1949
_
($500 and $1,000)_ c* n tf/In t. at N. J, Title Gu. & Tr. C o., J. C ., Trus.
Con Lt Heat & Pow $1,000,-)
1898 5 g J-D
308,000 June 1 1938
000 ($500) gold- - - ...........tf / Int. at N . J . Title Gu. & T r. C o .. J . C ., Trust
Nor Hudson Lt Heat & Pow( 1898 5 g A-O
367.000
Oct 11938
$2.000.000 ($ 1,000)_____tf / Int. at N . J . Title G u. & T r. C o., J . C ., Trust8 F-A
390.000
See text
Pub Serv Elec Co equip t r u s t ) ____
certfs Series “ A ” _________ (Philadelphia Trust C o., Pbila.. trustee.
Weehawken Contr Co 1st M l 1908 6 g F-A 20
30,000 Feb 20 1928
$30,000 gold ($250)_ c*tf(Interes at Weehawken Trust Go., trustee.
_
Princeton L H & P 1st ref M 1909
5 g F-A
98,300 Feb 1 1939
$250,000 gold s f ($100,-jInt. at Eauitable Trust Co.. N. Y .. trustee.
$1,000 or frac)________ c*tf (
5 J-J
160.000 Jan 11955
Middlesex Elec Lt & Pr 1st M \ ____
$200,000_________________ /Fidelity Union Trust Co., trustee.
Real estate mortgages________ _____
_______
1,359,695 __________
x $19,736,800 pledged under perpetual interest bearing certificates of
Public Service Corp. o f N. J.
Stock.— All the com. stock is held by the Public Service Corp. of N J
6% preferred ranks equally In preference as to dividends and assets, ($100
dividends) with the 7% cumul. pref. stock; no voting power except when
two full quar. divs. are in arrears, in which case each pref. share receives
full voting power at the rate o f 10 votes per share as long as default continues;
is red. all or in part on any div. date after 3 years from date of issue thereof,
upon 30 days’ notice at 110 and divs. Penna. 4 mills tax refunded. Listed
on N. Y . Stock Exchange. V. 120, p. 1328; V. 124, p. 1511. In Jan. 1925
Drexel & C o., Phila., and Bonbright & Co., Inc., N . Y ., offered $15,000,000
6% pref., 1925 series, at 95 and div., to yield 6.32%. V. 120, p. 332.
In N ov. 1926 the same bankers offered $15,000,000 additional at 102H and
divs., to yield about 5.87% . V. 123, p. 2520.
On Jan. 31 1927 stockholders increased the authorized capital stock by
$30,000,000, the authorized number o f 6% pref. shares being raised from
709 nno
1 non non
New Financing.— On Aug. 31 1927 the Board o f Public Utility Commis'iorers approved the issue o f $10,000,000 par value o f 1st & ref. mtge.
gold bonds 5% seriss, due 1965, at not less than 95 and 2,000,000 shares,
no par value, common stock to be sold at $10 per share.

f




101

Bonds.— 1st & ref. mtge. will be secured by lien upon all the mortgageable
property of the co., and all underlying bonds and bonds and stocks of
leased companies (now or hereafter owned). Additional bonds may be
issued (rates of int. maturity dates, &c., to be determined by directors):,
(a) to principal amount not exceeding 75% of additions, improvements
and acquisitions provided net earnings for a certain period are 1% times
annual rental and interest charges: (b) upon deposit with trustee of an equal
amount of bonds and stocks of the present leased cos.; (c) upon deposit
with trustee of an equal principal amount of underlying bonds outstanding
against properties now owned or hereafter acquired in fee; (d) for refunding
purposes: (e) or for cash. $31,834,000 5)4% series due 1959 were issued
in exchange for a like amount of Public Service Corp. of N. J. gen. mtge.
5% bonds outstanding in the hands of the public. The 5)4% series due
1959 has been closed. Sinking fund of $300,000 a year (payable $150,000
J-J), applicable to the 5)4% series due 1959 beginning Jan. 1 1925, should
retire all of said bonds before their maturity. Listed on N . Y . and Phila.
stock exchanges. Y. 119, p. 1180, 1291.
5)4% ser. due 1964 have sink, and impt. fund which provides for semi­
annual payments beginning July 1 1925 at the rate of H of 1% of the total
amount of bonds of this series theretofore issued, the moneys to be used
for add'ns and impts. or for the purchase or redemption and cancellation
of bonds of this series. Red., all or in part, upon 60 days’ notice at the
following prices and int.: To Sept. 1 1929 at 105; on and from Sept. 1 1929 to
Sept. 1 1934 at 104, on and from Sept. 1 1934 to Sept. 1 1939 at 103: on
and from Sept. 1 1939 to Sept. 1 1944 at 102; on Sept. 1 1944 at 101)4, and
thereafter at 101J4 less )4 of 1% for each full year elapsed to Sept. 1 1947,
on and from Sept. 1 1947 to Sept. 1 1948 at 100)4. Subsequent to Aug. 31
1948 they will be red. at par. Co. will agree to reimburse the holders of
5)4% ser. due 1964 bonds for the Penna. and Conn. 4 mills and Md. 4)4
mills taxes and for the D. of C. personal property taxes not exceeding 5
mills per dollar per annum, and for the Mass, income taxes on the int. of
the bonds not exceeding 6% of such int. per annum. Listed on N. Y . Stock
Exchange. V. 119, p. 3011. Drexel & Co. and Bonbright & Co., Inc.,in
Sept. 1924 offered $15,000,000 1st & ref. mtge. 5)4% series due 1964 at
96)4 and int., to yield over 5.70% . V. 119, p. 1405.
The 5% series due 1965 bonds have a sinking and improvement fund which
provides for semi-annual payments beginning March 1 1926 at rate of
)4 of 1% of total principal amount of bonds outstanding, moneys to be
used for redemption of loads of series 1965 or for additions and improve­
ments. Subject to redemption for sinking fund or at option of co. on
60 days’ notice at following prices and interest: June 1 1925 to May 31
1953 105. reducing by )4 % each year until par is reached M ay 31 1962.
Penn and Conn 4 mills. Maryland 4)4 mills and Mass. 3 mills taxes
refundable. Listed on N. Y . Stock Exchange. V. 124, p. 3497.
In March 1927 $19,800,000 1st & ref. mtge. bonds 5% series, due 1965
were offered by Drexel & Co. and Bonbright & Co. at 99 and Int., with
approx, yield of 5.06%.
United Electric Co. of New Jersey 1st mtge. bonds are reserved to
retire Consumers Light, Heat & Power and North Hudson Light, Heat
& Power bonds. In addition to $367,000 North Hudson Light, Heat &
Power Co. bonds above, $1,633,000 are deposited under United Electric
Co. of New Jersey mortgage. In addition to the above there are $115,000
Con. Lt., Ht. & Pow. bonds in hands of trustee (unissued) and $577,000
are deposited under United Elec. Co. of N. J. mtge.
Public Service Electric Co. equip, trust ctfs. Ser. “ A ” are due $65,000
each Feb. 1 and Aug. 1.
EARNINGS.— For calendar years:
1926.
1925.
1924.
Operating revenues_________________ $73,240,609 $64,197,606 $59,432,276
xOper. exp., maint., taxes & retire.- 49,524,038 43,676,821 41,187,862
Operating income_______________ $23,716,571 $20,520,785 $18,244,414
---------840,247
1,912,764
1,925,940
............... 25.642,511 $22,433,549 $19,
$22,433,549
________ 10.492.104
8.772,767
7.
10,492,104
8,772,767
Adjustment of sur. accounts
Cr. 41 Cr. 19,160
Dividends:
Paid to Public Service Corp. of N . J.:
Common dividends_______
12,052,500
9,284,988
698,987
7% cum. pref. dividends. _
1,398,211
1,400,000
Paid to unaffiliated interests:
89
12
Common dividends_______
1,788
1,013
7% cumul. pref. dividends.
827,500
977,500
6% cumul. pref. dividends.
Net increase in surplus______
$720,449 $2,167,443
x includes in 1925 $210,798 and In 1924 $208,077 Camden Coke Co
amortization. * Includes charge to surplus of $1,710,512 In connection
with financial reorganization and credit to surplus of $74,169 from Inter­
company sale of real estate.
OFFICERS.— Pres.. Thos. N. McCarter: V.-Ps.. Percy S. Young.
Edmund W . Wakelee, John L. O,Toole, Edgar Allegaert, John A. Clark, JrGeorge Barker and Richard R. Young; Sec., Chas. M . Breder; Treas,.
T . Wilson Van M id d le s w o r t h 'V . 120, p. 88. 332, 829, 959, 1328, 1587.
3316; V. 121. p. 1463. 2039, 2753: V. 122, p. 749, 884, 1312, 2330, 2652,
3084. 3341: V. 123, p. 85, 325. 1252, 2140, 2392, 2520, 2778, 2901, 3184:
V. 124, p. 113, 792, 1067, 1362, 1511, 1667, 3069, 3209, 3354, 3497, 3631,
3773; V. 125, p. 386, 519, 650, 781, 1581, 1711, 1838, 1972.
PUBLIC SERVICE ELECTRIC POWER CO.
On April 1 1927, the Public Service Electric A Gas Co. purchased the
property of the company. For history, & c., see Public Utility Compendium
of April 30 1927.
CINNAMINSON ELEC. LT.. PR. & HTG. CO. OF RIVERTON, N. J.
ORGANIZATION.— Tncorp. Nov. 28 1892 and leased to Public Service
Elec. Co. (now Public Service Elec. & Gas Co.) April 1 1914 for 46 years at
a rental consisting of the amount necessary to maintain the corporate or­
ganization of the lessor , the Interest on bonded Indebtedness of lessor,
and $100 per annum, payable each April 1.
All stock ($50,000 auth. and $20,000 outstanding) and bonds ($40,000)
owned by Riverside Traction Co.
BORDENTOWN ELECTRIC CO.
ORGANIZATION.— Incorp. M ay 28 1912 and Is leased to Public Service
Elec Co. (now Public Service Elec. & Gas Co.) April 1 1914 for 46 year*
for $100 per annum and amount necessary to maintain corporate organiza­
tion of the lessor. All the $50,000 auth. and outstanding Stock Of thl*
company is owned by the Riverside Traction Co. No bonds.
ESSEX & HUDSON GAS CO.
Merger.— See Pub. Serv. Elec. & Gas Co. above.
ORGANIZATION.— Incorp. in N ov. 1893 in New Jersey and on Dec. 1
1898 assumed the lease of Newark Consol. Gas Co. to United Gas Improve­
ment Co. for 999 years from Dec. 1 1898. Essex & Hudson Gas Co. was
leased to Public Service Corp. for 900 years from June 1 1903 and lease
assigned Oct. 1 1909 to Public Service Gas Co. (now Public Service Elec. &
Gas C o.). Under lease, div. rate is now 8% r>«r annum. Stock authorized
and outstanding, $6,500,000 of which $4,828,700 is owned by Public Service
Elec. & Gas. Co. V. 67, p. 1002, 1160; V. 107, p. 406.
NEWARK CONSOLIDATED GAS CO.
Merger.— See Pub. Serv. Elec. & Gas C o., above.
ORGANIZATION.— Incorp. N ov. 30 1898 in New Jersey. Consolidation
of Newark Gas C o., Montclair Gas & Water C o., Summit Gas Light Co.,
People’s Gas Co. of Irvington and Clinton Gas Co. Owns entire capital
stock of Orange Gas Light Co. and practically all the stock of The East
Newark Gas Light Co. Leased all its property to United Gas Improvement
Co. of Philadelphia, Pa., for 999 years from Dec. 1 1898, and on same date
lease was assigned to Essex & Hudson Gas Co. and by last-named co. to
Public Service Gas Co. (now Public Service Elec. & Gas Co.) Oct. 1 1909.
Lease provides for payment of all fixed charges and divs. on stock commenc­
ing 14% July 1 1900 and increasing > ) % yearly until 5% was reached In
<
1910; since, 5% per annum.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
________ x$6,000,000
See text
Stock $6,000,000 ($100)______ _____
Newark Cons Gas cons mtge) 1898
5 g J-D
6.0OO.OOO Dec. 1 1948
$10,000,000g ($1,00 0)c*n tf/in t. at Fidelity Union Tr. C o., Newark, trus.
Newark Gas 1st M $4.0(10.0001 1895
6 Q-J
3 .999.700 Aoril 1 1944
($100, $500 & $1,000) c*tf(N at,l Newark Essex Bkg. Co., trustee
x Owned by P. S. Elec. & Gas C o., $233,000; owned by P. S. Corp. o f
N . J., $533,700.
Bonds.— Of the $10,000,000 Newark Cons. Gas bonds, $4,000,000 are
reserved to retire bonds of Newark Gas Co.

103

PUBLIC U TILITIE S

THE EAST NEWARK GAS LIG H T CO.
This company was leased to Public Service Corp. for 999 years from Sept .1
1909 for annual rental o f 6% on stock, and lease assigned Oct. 1 1909 tc
Public Service Gas C o. (now Public Service Elec. & Gas C o.).
ORGAN IZATION .— Incorp. in New Jersey. Stock $60,000 ($25), all.
out; no bonds. All o f the stock (except directors’ shares) is owned by Essex
& Hudson Gas Co. and Newark Consol. G is Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Operates in Harrison, Kearney, Arlington, North Arlington and E . Newark,
HUDSON COUNTY GAS CO.
Merger.— See Pub. Serv. Elec. & Gas Co. above.
This co. was leased to Public Service Corp. for 900 years from June 1 1903
Oct. 1 1909 lease was assigned to Public Service Gas Co. (now Public Service
Elec. & Gas C o .). Under lease div. rate is now 8% per annum.
OR GA N IZA TION .— Incorp. in New Jersey in Oct. 1899, and Is a con­
solidation o f the various gas plants in Jersey City and Hoboken.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Controls all gas plants in Jersey City, Hoboken and Bayonne, and the gas
distribution system throughout Hudson County.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $10,500,000 ($100)__________
_______ x$10,500.000 ___________
First mortgage $10,500,000) 1899
5 g M -N 10,500.000 N ov. 1 1949
S
g old __________________ n tf /N . J. T itleG n. <rTr. Co.. Jersey City trustee
x Owned by P. S. Elec & Gas C o., $8,041,600; owned by P. S. Corp. of
N. J., $4,000.— V. 78. p. 770; V. 84, p. 1555; V. 107, p. 407.
RIDGEW O OD GAS CO.
Merger.— See Pub. Serv. Elec. & Gas Co. above.
ORGA N IZA TIO N .— Incorp. April 24 1900. Is leased to Public Service
Gas Co. (now Public Service Elec. & Gas Co.) for 999 years from July 1 1910
at rentals o f $2,000 per annum. All the outstanding bonds were acquired
by the Public Service Electric & Gas Co. on May 1 1925.
THE PATERSON & PASSAIC GAS & ELECTRIC CO.
Merger.— See Pub. Serv. Elec. & Gas Co. above.
This co. was leased to Public Service Corp. for 900 years from June 1 1903
Under lease, div. rate was gradually increased and is now 5% per ann. In
Oct. 1909 gas part of lease assigned to Public Service Gas Co. and in July
1910 electric part o f lease assigned to Public Service Electric Co. These
two cos. consolidated in 1924 and now known as Public Service Elec .&GasOo
ORGAN IZATION .— Incorp. Feb. 28 1899. Is a consolidation of the
various gas and lighting nroperties o f Patersor. and Passaic.
Public Service Elec. & Gas Co. owns $4,123,020 o f the stock, $269,700 of
which is pledged under its first & ref. mtge.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)___________
J-D
$5,000,000 __________
Consol mortgage $5,000,000f 1899
5 g M-S
4,099,000 Mar. 1 1949
gold ($1,000)_______ c* n tf j Int. at First Nat. Bank, Paterson, or First
{ National Bank, New York.
Edison Electric Ilium 1st) 1895
5 g J-J
585,000 July 1 1925
mortgage $600,000___ ntf/Paterson National Bank, trustee.
Passaic Lighting Co consol) 1895
5 M -N
316,000 M ay 1 1925
mtge $450,000----------------- 1
Bonds.— Of the new $5,000,000 mtge. o f 1899. $901,000 is reserved for
underlying liens. The bonds are not subject to call. Of the amount re­
ported outstanding, $50,000 owned by Public Service Elec. & Gas Co.
The Paterson National Bank is trustee.— V. 107. p. 403.
The bonds o f Passaic Lighting Co. and Edison El. Ilium. C o. are still a
lien against the property, as they have not been cancelled by the trustee.
Both issues are owned by Public Service Electric & Gas Co.
SOMERSET UNION & MIDDLESEX LIGH TIN G CO.
lerger.— See Pub. Serv. Elec. & Gas Co. above.
ORGAN IZATION .— Incorp. in New Jersey on Dec. 1 1903 in the interest
of Public Service Corp. as a consolidation o f Somerset Lighting Co. of Som­
erville, N . J.; Plainfield Gas & Elec. Lt. Co. of Plainfield N . J., and Citizens'
Elec. Co. of North Plainfield (V. 78, p. 107). On Dec. 30 190,3 Central Elec
Co. was also merged In the same. Public Service Elec. & Gas Co. owns
$790.700of the stock (Pub. Serv. Corp. of N.J. owns $1,568,000). $573,700
Som. Un. & Mid. Ltg. bonds. $21,000 Somerset Ltg. Co 1st os and $29,700
Central Elec. Co. 5s. all of which are pledged under its 1st & ref. mtge.
LEASE.— The co. was leased to Public Service Corp. for 900 years from
Dec. 31 1903 on the following terms, viz.: All interest, expenses and taxes
to be paid by Public Service Corp., and, as rental, a div. off the stock accru­
ing as follows: From Dec. 1 1905, 1%; Dec. 1 1906, 1 y2%\Dec. 1 1907, 2% ;
Dec. 1 1908. 2 H % : Dec. 1 1909. 3% : Dec. 1 1910. 3 H % : Dec. 1 1911 and
thereafter, 4 % . So much o f lease as relates to manufacture and distribution
of gas has been assigned to Public Service Gas Co.; remainder of lease apply­
ing to electric properties has been assigned to Public Service Electric Co.
These two companies were consolidated in 1924 and now known as Public
Service Electric & Gas Co.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $1,050,000 ($100)______ _____
J-D
$1,050,000
See text
Somerset Un & Mid Lt Co M ) 1903
4 g J-D
1,974,809 Dec 1 1943
$2,750,000 ($1,000) g .c*n tf /In t. at Fidelity Union T r . C o ., Newark, trus.
Underlying Bonds Assumed—
Plainfield Gas & Elec Light) 1900
5 A-O
500,000 April 1 1940
gen mtge $500,000______ tf (Guaranty Trust C o., New York, trustee.
Somerset Lighting Co first) 1899
5 F-A
150,000 Feb 1 1939
mortgage $150,000______tf/Fidelity Union Trust Co., Newark, trustee.
Cent Elec con nowlstM.$750,-) 1900
5 g J-J
750.000 July 1 1940
000 ($500 & $1,000) g .c * .tf/I n t . at Fidelity Union Tr.Co..Newark, trus.
Bonds.— $1,128,809 of the 1903 bonds have been issued in exchange for
the Stocks Of the companies consolidated and $846,000 for extensions and
Improvements; $66 is reserved for Central Electric stock not yet acquired
(the company having previously obtained the remainder of the $750,000
total stock of that company), $775,000 to retire the underlying bonds and
$125 for future additions and improvements. N o sinking fund, and bonds
cannot be called.
Central Electric bonds are subject to call at 110 and interest.— V . 78. P
107; V. 107, p. 84.
SOUTH JERSEY GAS, ELECTRIC & TRACTION CO.
lerger.— See Pub. Serv. Elec. & Gas Co. above.
This company was leased to Public Service Corp. for 900 years from
June 1 1903 (at a graded rate of dividend, the maximum o f 8% per annum
having been reached in the sixth year), and on Oct. 1 1909 so much of the
/ease as relates to the manufacture and distribution o f gas was assigned to
the Public Service Gas C o., and its electric business was leased to Public
Service Electric Co. (these two companies were consolidated in 1924 and
are now known as Public Service Electric & Gas Co.); its traction business
Is leased to the Public Service Ry. Co. Public Service Elec. & Gas Co
owns $3,507,000 o f South Jersey Gas, Electric & Traction 1st mtge. 5s,
which are pledged under its first & ref. mtge.
ORGAN IZATION .— Incorp. Aug. 31 1900 to bring under one control the
gas, electric light and trolley interests in Southern New Jersey.
Also owns the entire capital stock ($600,000) o f the Camden Gloucester
& W oodbury R y ., which has been leased to Public Service R y. Co.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $6,000,000 ($100)___________
J-D
x$6,000,000
See text
First mtge $15,000,000 gold) 1903
5 g M-S
12,994,000 Mar 1 1953
($ 1,00 0)---------------- c * n t f/lin t , at Fidelity Union Tr .Co..Newark,trust.
Trenton Gas & Elec 1st mtge) 1899
5 g M-S
1,998,000 Mar 1 1949
$2,000,000 gold ($1.000) _tf (Int. at Equitable Trust C o.. N . Y ., trustee,
x Owned by P . S. Corp. o f N . J., $1,433,700; and $159,500 owned by
P. S. Elec. & Gas Co.
Bonds.— Of the new $15,000,000 issue, $2,006,000 are reserved to retire
prior liens. No sinking fund and bonds cannot be called.— V. 76, p. 332,
1144, 1250; V. 178, p. 1449; V. 86, p. 1530; V. 95, p. 1685; V. 105, p. 1314;
V. 121, p. 1790.
NEW BRUNSW ICK L IG H T , HEAT & POWER CO.
Merger.— See Pub. Serv. Elec. & Gas Co. above.
O RGAN IZATION .— Incorp. in New Jersey on Dec. 7 1899. Owns all
Che stock of The Gas Light Co. o f New Brunswick, except directors’ shares.
Interest on bonds is paid by Public Service Gas Co. (now Public Service




[V ol. 125,

Electric & Gas Co.) through lease of The Gas Light Co. of New Brunswick.
See latter company below.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock$500,000 ($100)________ _____
J-J
x$400,000
See text
First mortgage $500,000 gold/ 1899
4 g J-D 15
500,000 Dec 15 1939
($500 and $1.000) __c*ntf |
Int. at Fidelity Union T r . C o., Newark, trus.
x Of this amt., $257,700 is owned by P. S. Elec. & Gas Co. and $13,280
owned by P. S. Corp. o f N . J.
THE GAS LIGHT CO. OF THE CITY OF NEW BRUNSWICK.
ORGANIZATION.— Incorp. on March 18 1851. Stock auth., $500,000;
outstanding, $400,000, all owned by New Brunswick Light, Heat & Power
Co. except directors’ shares. Was leased to the Public Service Corp. for
900 years from Jan. 1 1905 (June 1 1906 lease assigned to South Jersey Gas.
Electric & Traction C o.), rental being payment of interest on bonds of New
Brunswick Light, Heat & Power Co. and dividends on stock of Gas Light
Co. of City of New Brunswick, as follows: 2% in each of the years 1905 and
1906, 2 Yi% in 1907 and 1908, 3% in 1909 and 1910, 3 H % in 1911, 4% in
L912, 4)4% in 1913 and 5% in 1914 and thereafter. The company is now
controlled by Public Service Electric & Gas Co. by reason o f assignment
of lease of gas properties of South Jersey Gas, Electric & Traction Co.
GAS & ELECTRIC CO. OF BERGEN COUNTY.
Merger.— See Pub. Serv. Elec. & Gas Co. above.
Lease.— Was leased to the Public Service Corp. for 999 years from Jan. 1
1905. Dividends are 2% for first two years. 214% for the next year, 3%
for the next two years, 4 % for the next four years and 5 % thereafter. O ct. 1
1909 so much of lease as relates to manufacture and distribution of gas
vas made over to Public Service Gas Co., and in July 1910 lease of electric
properties was assigned to Public Service Electric Co. These two com­
panies were consolidated in 1924 and now known as Public Service Elec­
tric & Gas Co.
ORGANIZATION.— Incorp. M ay 31 1899. Is a consolidation o f several
small gas and electric light companies. Public Service Elec. & Gas Co.
now owns $1,846,000 of gen. mtge. No. 2 bonds, which are pledged under
Its first and refunding mortgage.
STOCK AND BONDS—- Date. Interest. Outstanding.Maturity.
Stock $2,000,000 ($100)___________
_______ x$2,000,000
See text
Gen mtge No 1 $5,000,000/ 1904
5 g M -N
38,000 Nov 1 1954
gold ($1,000)__________ tf)Equitable Trust C o., New York, trustee.
General mortgage N o. 2 $5.-/ 1904
5 M-N
x3.462,000 Nov 1 1954
000,000________________ tf)Fidelity Union Trust (Jo., Newark, trustee.
Consolidated mortgage $1,-/ 1899
5 g J-D
1,443.000 June 1 1949
500,000 gold_________ntf/F idelity Union Trust C o., Newark, trustee.
Englew G & El 1st m tge_.n tf _ 1899 5 J-J
23.000 Jan 1 1939
Hajk Gas & El gen m tge.n tf _ 1895 5 J-J
10,000 July 1 1935
Hack O T 1st M ($1 .OftOlontf. 1894 5 J-J
.
24,000 July 1 1934
x Of this amount $311,500 is owned by P. S. Elec. & Gas C o., and
$153,300 owned by P. S. Corp. of N. J.
Of the gen. mtge. No. 2 bunds, $1,846,000 are pledged under Public
Service Electric & Gas Co. 1st & ref. mortgage.
Bonds.— Of the general mortgage for $5,000,000, $1.538,000 is reserved to
retire prior liens. The gen. mtge., of which the Equitable Trust Co. is
trustee, was superseded by the similar mtge. of which the Fidelity Union
Trust Co. is trustee. V. 106, p. 1130.

PUBLIC SERVICE R A ILW AY CO.
(See map on pages 96 and 97.)
Controlled by Public Service Corp. through ownership of capital stock
No lease.
ORGANIZATION.— Organized Aug. 20 1907 as a consolidation o f the
North Jersey Street R y. C o., Jersey City Hoboken & Paterson St. R y. Co.
and United St. Ry. Co. of Central Jersey. V. 85, p. 406. For basis of ex­
change of stocks of these companies for stock of new company, see “ Electric
Railway" Supplement for Sept. 1915. North Jersey St. R y .in Jan. 1898
absorbed the Newark & So. Orange. The Jersey City Hoboken & Paterson
was a consolidation in Nov. 1899 of the following: Jersey City Hoboken &
Rutherford Elec. Ry. C o., Palisades R R . C o., Paterson Central Elec. Ry,
C o., Paterson Horse RR. Co., Paterson Passaic & Rutherford Elec. R y.
C o., Saddle River Trac. Co., White Line Trac. Co. (formerly the New Jer­
sey Elec. Ry. C o.). In 1901 It absorbed Paterson R y. Co. and North
Hudson County Ry. Co. United Street Rv. Co. of Central Jersey was a
consolidation in July 1907 of Elizabeth Plainfield & Central Jersey R y. Co.
(which was chartered in 1900 as a consolidation of Plainfield St. Ry. Co.
and other companies) and Elizabeth & Raritan River Street Ry. Co. (which
was a consolidation on April 30 1904 of Middlesex & Somerset Trac. Co. and
East Jersey St. Ry. C o., which latter company had previously absorbed
Raritan Traction Co.. Perth Amboy RR. Co. and East Jersey Trac. C o.).
Acquisition in Nov. 1926 of properties and franchises of North Jersey Rapid
Transit Co. Y. 123. p. 2520.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns (Including Public Service Railroad) 536.122 miles first main track,
296-287 miles 2d main track and turnouts and 58.236 miles of connections,
loops, yard track, &c. Total, 890.685 miles of track. 277 open and 1,854
closed cars.
Public Service R y. leases Consolidated Traction C o., South Orange &
Maplewood Traction C o., Bergen Turnpike Co., Orange & Passaic Valley
Ry. C o., Camden & Suburban Ry. Co.. Camden Horse R R . C o., Camden,
Gloucester & Woodbury R y. C o., New Jersey & Hudson River R y. &
Ferry Co. and Riverside Traction Co., which companies see below. Also
owns ail stock of People's Elevating Co.
Sale of Bergen Turnpike.— See Bergen Turnpike Co. below.
Fares— See Y. 113, p. 2706, 2950: V. 124, p. 113.
Valuation.— See report of Special Master do Court In V. 116, p. 2767;
also V. 117. p. 88; V. 118. p. 2706.
In April 1924 the company applied to the New Jersey P. U. Comm, for
auth. to change par value of stock from $100 to no par. V. 118, p. 1912.
Wage Rate.— For attempt to return on Oct. 1 1926 (expiration date of
the wage agreement) to the rate of wages in effect prior to Aug. 1 1923, on
which latter date a 15% increase went into effect, see V. 122, p. 3211,
under heading “ Public Service Corp., N. J ." On Sept. 13 a new 3-year
wage agreement was signed by both parties, providing for the existing scale
o f 65c. an hour. V. 123. p. 1505.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock 500,000 shs. no par_____ _____
_______
487.500 s h s .__________
Car trust,ctfs Series “ E " _____( 1920
7M F-A
252 000 ---------------/Bankers Trust C o., trustee.
Car trust ctfs Series “ F” _____J 1923
6 M-N
240 000
See text
/Fidelity Union Tr. C o., Newark, N.J..trus.
Real estate mortgages________ _____
_________
299,435 __________
Car Trust Certificates.— Series E are secured on equipment costing
$2,434,000 and are guaranteed prin. and int. by the Public Service Corp. of
N. J. They mature $140,000 semi-ann. since Feb. 1 1922 to Aug. 1 1925.
and $42,000 semi-ann. thereafter to Aug. 1 1930. V. 113. p. 1361. Series
“ F " are secured on 50 double-truck double-end passenger cars and are
payable $20,000 May 1 and Nov. 1 each year with premium of 2 H % to
and incl. May 1 1928; premium reduced \4 % from May 2 1928 and }4%
each M ay 2 thereafter. Are guar. prin. and int. by P. S. Corp. of N . J.
SECURITIES OF NORTH JERSEY STREET R Y .
Date. Interest. Outstanding. Maturity.
-irst mortgage $15,000,000(1898
4 g M -N $15,000,000 May 1 1948
gold ($1,000 each)______ tf) Bankers Trust C o., New York, trustee.
(int. at Fidelity Union Tr. C o., Newark,N.J.
Of the 1st mtge. bonds, $7,230,000 are owned by Public Service Elec. &
Gas Co. and pledged under its 1st & ref. mtge. and $5,517,000 are owned
by Public Serv. Corp. of N. J.
SECURITIES OF JERSEY C IT Y HOBOKEN & PATERSON ST. R Y .
Date. Interest. Outstanding.
Maturity.
Jersey City Hoboken & Pater-f 1899
4 g M -N $14,061,000 Nov 11949
son 1st mtge gold $20,000,-{Interest at New Jersey Title Guarantee &
000 ($1,000)________ c*n tf ) Trust C o., Jersey City, trustee.
Bonds of Constituent Cos.—
North Hudson County R y ( 1888
5 J-J
a2,998,000 July 11928
consol (now 1st) mortgage) Int. at First Nat. Bank. Hoboken. Fidelity
$3,000,600__________ c*n tf ( Union Trust Co., trustee.

Oct ., 1927.]

POW ER, LIGH T AND R A IL W A Y

103

The 1st mtge. bonds were originally 5s and matured April 1 1921, but
No Hud Co R y Impt bds S l.-f 1894
6 M-N
b l , 291,000
See text were extended for 20 years at 8 % . V . 112, p. 1399.
292,000 ($1,000 c * )____tf (Fidelity Union Trust Co Trustee.
STOCK, BONDS, E T C .— Par.
Interest. Outstanding.Last div.,&c.
Weehawken Extension M ort-i 1895 5 F-A
100,000 Feb 1 1945
See text
Stock_____________________________ 11 % J-D 30 $504,000
gage$100.000_________ n tf (Fidelity Union Trust C o., Newark, trustee.
First mtge $500,000 g__c*ntf ($1,000 8 g A-O
x500,000 April 1 1941
Paterson Ry Con M(now 1st)) 1891
6 g J-D
1,250,000 June 1 1931
Red. through sk fd at 1051 Int. at Fidelity Union Trust C o., Newark, Tr
g $1,250,000 ($1,000)_ ctf ( Amer. Exch. Irving Trust Co., N .Y ., trust.
_
x $76,000 par value held in sinking fund.
Paterson Ry 2d gen mortgage] 1894 5 A-O
c300,000 Oct 1 1944
Dividends of 1194 % yearly are guaranteed by the Newark Passenger and
$300,000 red at any time (Fidelity Union Trust C o., Newark, trustee
Mew Jersey Traction companies upon the stock.
($500 and $1.000)___ cn tfj
a Of this amount, $15,000 owned by P. S. Corp. o f N . J. b All owned
(d) PASSAIC & NEWARK ELECTRIC TRACTION CO.
by P. S. Corp. o f N. J. c $50,000 owned by P . S. Corp. o f N. J.
ORGANIZATION.— Incorp. April 30 1895 and acquired all the $1,000,*
Bonds.— $5,939,000 J. O. H. & P. 1st 4s are reserved for prior liens
100 stock of Passaic & Newark Electric R y. Consolidated Traction Co
Of the J. C. H. & P. bonds outstanding, $1,553,000 are owned by Pub
awns all the stock and guarantees the bonds.
Service Corp.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
The impt. mtge. bonds of the North Hudson County Ry. were originally
______ ...$ 1 ,0 0 0 ,0 0 0 ___________
5s and expired M ay 1 1904, but were extended until M ay 1 1924. See Stock $1,000,000 ($100)___________
1st M $1,000,000 guar p & i / 1897
5 g J-D
550,000 June 1 1937
V. 78, p. 1392. See also V. 97, p. 1664, 1899. Were again extended at
by Consol Trac o fN J _ tf lin t, at N . J. Title Gu.&Tr..Jersey City.Trus.
_
maturity in 1924, this time to M ay 1 1926, and int. rate raised to 6%
The bonds werp paid o ff at maturitv May 1 1026 but the mortgage has
(2) SOUTH ORANGE & MAPLEWOOD TRACTION CO.
not been cancelled, and bonds are held by P. S. Corp. of N . J. V. 118,
This company was leased on Oct. 1 1903 to North Jersey St. Ry. Co. (now
p. 2179.
merged in Public Service R y. C o.) in perpetuity, the rental being $2,000
The Weehawken Extension mtge. bonds were due Feb. 1 1915, but were
an the preferred stock for first year and increasing $500 yearly until ninth
extended for 30 years. V. 100, p. 399.
year, when $6,000 is paid, which amount is to be paid thereafter. Rental is
The Paterson R y. 2d gen. M . 6% bonds fell due Oct. 1 1914, but were
guaranteed by Public Service Corp. o f New jersey. V. 77, p. 824.
extended for 30 years at 5% . V. 98, p. 1993; V. 99, p. 1053. Red. April 1
ORGANIZATION.— Consolidation in July 1901 o f South Orange &
1931 and on the first day of any succeeding Oct. or April by Public Service
Maplewood Tr. Co. and South Orange & Maplewood St. R y. C o. Stock
Ry. Co. in manner provided in mortgage.
luth. and out., com ., $75,000; pref., $150,000. No bonds.
SECURITIES OF U N ITED ST. R Y . CO. OF C E N TRAL JERSEY
(3) BERGEN TURNPIKE CO.
Bonds of Constituent Cos.— Date. Interest. Outstanding.
Maturity.
Eliz Plain & Cent Jer mtgef 1900 5 g J-D $2,400,000 Dec 1 1950
Leased to Public Service R y. C o. Jan. 1 1908.
$2,500,000 ($1,000) g c* n tfi Int. at Fidelity Union Trust C o., Newark
ORGANIZATION.— Originally chartered on Oct. 27 1802 with $51,990
No s f & cannot be called I trustee.
capital ($10 shares). Jersey City Hoboken & Paterson (now merged in the
Plainfield Street Ry 1st m tge/ 1892
6% J-J
100,000 July 1 1942
Pnhlic Service Ry. Co.) owned a majority of the stock and guaranteed its
($1,000)___________ c* n tf(In t. at Fidelity Union Tr. Co.,Newark,trust
$988 000 5% bonds, dated 1901, due July 1 1951; interest J-J (tf); prin.
Elizabeth & Raritan River St/ 1904
5 g M -N
1,500.000 M ay i 1954
tnd int. payable New Jersey Title Guar. & Trust C o., Jersey City, Trustee.
Ry gen M $3,500,000_ t f (Fidelity Union Trust C o., Newark, trustee
_
In Dec. 1915 the turnpike between Hackensack and the Hudson County
Middlesex & Somerset Trac gj 1900
5 g J-J
1,000,000 Jan 1 1950 line, south of Fairview, over which an electric road was constructed in 1902
M $1,500.000($1,000)c*ntf (Int. at Fidelity Un. Tr. Co., Newark, trustee
was turned over to the Bergen County Board of Freeholders for the sum of
East Jersey 1st mtge $500.-/ 1904
5 g M -N
500.000 M ay 1 1944
$1, the P. S. Corp. giving a bond assuring the payment of the $1,000,000
000 gold guar p & 1______t f (Perth Amboy Tr. C o., Perth Amb., trustee
5% bondsdue 1951. V. 101, p. 1974. In July 1921 the turnpike in Hudson
Bonds.— Of the total issue o f Eliz. Plain. & Cent. Jer. Ry. Co. bonds dated County was deeded over to the county in consideration of $1.
1900, $100,000 is held to provide for like amount of Plainfield Street R y. Co
(4) ORANGE & PASSAIC VALLEY RAILWAY CO.
bonds. See V. 71. p. 1310.
The $100,000 Plainfield St. R y. 1st mtge. 5% bonds originally fell due
Leased for 900 years from Nov. 1 1903 to Public Service Corporation for
July 1 1922, extended to July 1 1942 at 6%
V. 115. p 74. Annual
Interest on the trust certificates issued in exchange for stock. Lease was
sinking fund $2,920. In sinking fund, $12,000 par value of bonds.
assigned to North Jersey Street Ry. Co. July 23 1907 and now held by
Of Eliz. & Raritan River St. Ry. Co. gen. mtge. o f 1904 $2,000,000
Public Service Ry. Co
$995,500 of the stock owned by Pub. Serv. Corp.
are reserved to retire prior liens. Pub. Serv. Corp. owns $154,000 Eliz
ORGANIZATION.— Incorporated in 1898 as successor o f Suburban
PI. & Cent. Jer. 5s and $274,000 Eliz. & Rar. River St. Ry. bonds.
Traction C o., sold in foreclosure July 6 1898.
Dividends.— First div.— 2-3%— paid Dec. 31 '08; in 09, Dec., 2% ;
BONDS—
Date.
Interest. Outstanding. Maturity.
In TO, 2% ; in ' l l , Dec., \M%\ in T2, Dec., 1M % ; in T3, Dec., 1 H % ;
_________ $1,000,000 ____________
in T4, Dec., 1H % : T5, 1H % ; T6, 3% ; 1917, 2M % - Practically entire Stock___________ _____ ______ _____
1st mtge $1,000,000______ t f / 1898
5 J-D
833,000 Dec 1 1938
stock owned by Public Service Corporation.
IN. J. Tit. Gu. & Tr. Co. of Jersey City.Trus.
EARNINGS o f Public Service Ry. Co. for Calendar Years:
$83,000 of outstanding bonds are owned by Public Service Corporation.
1926.
1925.
1924.
Operating revenues_________________ $19,974,906 $21,035,933 $22,473,842
(5) CAMDEN & SUBURBAN RAILWAY CO.
Oper. exp., maint., taxes and deprec_ 15,318.129
16,419,52i 17,747,702
Was leased on M ay 1
to Public Service Corporation
years,
150,059
117,287
140,153 rental being (in addition1904 fixed charges) $30,000 for firstfor 999(1905),
Non-operating income______________
to
Gross income_______________________ 4,806.836
4,733,699 4,866.293 $36,000 the second year. $42,000 the third year, $48,000 the year
fourth year,
4,917,137
4,978,698 5,126.586 $54,000 the fifth year, $72,000 the sixth year, $84,000 the seventh year,
Interest and rentals________________
0.22,046
0.6.431x02,401,782 $96,000 the eighth year,
Adjustments_______________________
and $120,000 the tenth
Dividends (inter-co.)_______________ 0324,574
0324,574 0284,624 year and thereafter. V.$108,000 the ninth year was assigned to Public
78, p. 2383. Lease
Net increase
__________________
236,319
86,006 2,426,113
xlncludes credit of $2,358,729 from sale of Public Service Terminal to Service Railway Co. Sept. 24 1907.
ORGANIZATION.— Formed in 1896. Controls Camden Horse R R Public Service Corp. o f N. J.
(which is leased) and West Jersey Traction Co. (stock $65,000).
OFFICERS.— Same as for Public Service Elec. C o., except that M . R.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Boylan is V.-P. in charge o f operation.— V 120. p. 1587: V. 121. p 2274.
3132; V. 122, p. 2497, 3455; V. 123, p. 2520; V. 124, p. 113, 3773; V. Operates 91.3 miles of track. Connection through to Trenton is made
over Riverside Traction (now leased by P. S. R y.).
125, p. 1581.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
(1) CONSOLIDATED TRACTION COMPANY.
Stock $3,000,000 ($25)_______ _____
Q-F
See text
See text
Incorporated Mar. 15 1893. On June 1 1898 leased to North Jersey 1st mortgage $3,000,000 gold/ 1896
5 J-J
$1,940,000 July 11946
Street R y. for 999 years, and lease has now passed to Public Serv. Ry. Co.
($1.000)---------------------- c tf (in t. at First Nat. State Bk. of Camden, True
V. 66, p. 1141. Validity o f lease was affirmed in Feb. 1902 (V. 74, p. 380)
Stock.— The stock is all outstanding; 20% paid in.
and again in Feb. 1903. V. 76, p. 382.
Bonds.— Of the 1st mtge. bonds, $1,000,000 are reserved to retire stock of
Dividends under lease are now 4% per annum.
Camden Horse R R . and $60,000 are for extensions.
V . 94, p. 1185'
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates about 190 miles o f track, including the N . J. Traction C o ., Newark — V. 78, p. 1781,2383; V. 88, p. 1126; V. 89, p. 154; V. 94, p. 1117, 1185.
Passenger R y., J. C. & Bergen R R ., Passaic & Newark Elec. Trac. C o.,
(а) CAMDEN HORSE RR. CO.
J. O. Har. & K. R R . and Newark Plank Road, all of whose stocks are
ORGANIZATION.— Incorp. March 23 1866. Stock, $250,000 ($25).
owned.
Leased to Camden & Suburban Ry. from April 1 1896 for 999 years. Rental,
&c., received, $60,000 per annum, from which is paid 24% on stock. All
STOCK AN D BONDS—
Dale.
Interest. Outstanding. Maturity.
bonds have been canceled.
Stock all paid in ($100)______ _____
J-J 15 x$15.00o,000
See text
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Underlying bonds—see b e l o w .____
_________ 7,308.000 _________ _
First mortgage gold $15,000,-/ 1893
5 g J-D zl5,000,000 June 1 1933 Has 30.11 miles of track.
000 ($1,000)___________ tf 1Interest at Bankers Tr. C o., N. Y .. Trustee
(б) CAMDEN GLOUCESTER & WOODBURY RY. CO.
x O f which $339,500 is owned by P. S. Corp. o f N . J. z $65,700 is
Leased to Public Service Ry. Co.
owned by P. S. Corp. o f N . J.
ORGANIZATION.— Entire
The gold bonds o f 1893 are secured not only by mortgage, but also by Gas. Electric & Traction Co. $600,000 stock is owned by South Jersey
All bonds have been canceled.
deposit o f $1,000,000 stock of J. C. & Bergen R R ., $161,625 stock of
FIELD
OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Newark Plank Road C o., $6,000,000 stock Newark Passenger R y. and Comprises OF miles of road.
25
$99,100 stock o f Jersey City Harrison & Kearney R y. Co.
Stock, debts and mileage o f the leased and controlled lines:
(7) PEOPLE’S ELEVATING CO.
Miles.
Stock.
Funded Debt.
ORGANIZATION.— Incorp. in New Jersey M ay 31 1899. Stock is all
New Jersey Traction C o______________ None
$500,000
_____
owned by Public Service R y. Co.
Newark Passenger R y _________________83
6,000,000
$6,000,000
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Rapid Transit Street R y _____________ 12
504,000
500,000
_________
$250,000 __________
Jersey City & Bergen R R ____________ 41H
1,000,000
x258,000 Stock $250,000 ($100)______________
First mortgage $250,000 gold! 1899
5 g A-O
175,000 Oct. 1 1939
Jersey City Harrison & Kearney R y _ 10
_
*100,000
________
($1.000)________ J____ c*tf /in t. at N . J. Title Gu. & Tr. C o., J. C ., trust.
Newark Plank Road__________________ 4 4-5
162,000
________
Passaic & Newark Electric Tr >dtion____10s i
/
1,000,000
550,000
(8) NEW JERSEY & HUDSON RIVER RY. & FERRY CO.
Port Richmond & Bergen Po nt F e r r y . . _
_
4,000 shares
________
Public Service Corp. has acquired $2,446,750 o f the $2,500,000 c o m m o n
* On this $18,000 has been paid in. x Owned by P. S. Corp. of N . J.
and $4,633 of the $750,000 pref. stock. V. 91, p. 95. Is leased to Public
Service Ry. for 900 years from May 1 1911 for interest on bonds an d 6 %
(a) JERSEY CITY & BERGEN RAILROAD.
on both common and pref. stocks.
ORGANIZATION.— Controlled by Consolidated Traction C o., all the
ORGANIZATION.— Incorp. on Feb. 25 1910 as a consolidation o f New
stock being deposited as part security for the Traction Co. 1st mortgage.
Jersey & Hudson River R y. & Ferry C o. and Hudson River Traction Co.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.— This co. owns the entire capital stock and bonds of The Riverside & Fort
Owns from Jersey City to Bergen Point. &c., total track. 41 / j miles.
Lee Ferry Co., owner of the West 130th St. Ferry. These securities are
all deposited under the $5,000,000 mortgage. Franchises perpetual except
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock__________ _____ _____________
_________ $1,000,000 f. p. ... .......... one for 50 years and one for 99 years. Chiefly private right-of-way.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Bonds.— The $258,000 4 % bonds due Jan. 1 1923 (originally 7s, due
Jan. 1 1903) were purchased by the Public Service Corp. o f N. J. at maturity Owns and operates 31.33 miles of track from Edgewater, N . J. (terminal of
W. I30th St. ferry, N . Y . City), to Englewood, Hackensack and Paterson;
and are still a lien against the property. V. 115, p. 2905.
also 17.11 miles of track from Hackensack to Hasbrouck Heights, W ood­
(b) NEWARK PASSENGER RAILWAY.
ridge, Rutherford to Arlington and a branch line from Hasbrouck Heights
ORGAN IZATION .— Incorp. June 16 1890. On July 29 1893 leased to to Lodi. The cars of this co. operate to the business centres of Newark,
New Jersey Traction for 999 years, and so controlled by the Consolidated Passaic and Paterson.
Traction Co. o f New Jersey, N . J. Traction Co. having been leased to
Interest. Outstanding. Dividends.
STOCK AND BONDS—
Date.
Cons. Trac. Co. Jan. 2 1894 for 999 years. Charter said to be perpetual.
__________ $2,500,000
See text
Stock com $5,250,000 ( $ 1 0 0 ) - - ____
Stock pref $750,000 6% c u m . . ____
6 F-A
750,000
See text
LEASE AN D R E N TA L.— Rental under the lease, $105,000 yearly.
J & H R Ry
, 1900
___
4 g M-S
4,011.000 Mar. 1 1950
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— An N $5,000,000 g & F Co 1st
($ l,000 ).c*tf Jlnt. at U. S. Mtge &Tr.Co., N .Y ., trustee.
electric railway. Embraces about 83 miles o f track.
Hudson River Trac 1st mtgel 1902
5 g M -S
631,000 Mar. 1 1950
STOCK AN D BONDS—
Par.
Interest. Outstanding. Maturity.
$1,000,000 gold ($1,000)- t f [Int. at U. S. M tge.&Tr.Co., N .Y ., trustee.
Stock________________________$100
Text
$6,000,000 Own.byC.Tr
Stock.— Pref. stock is redeemable at 115 and accrued dividends. $1,367
Newark Pass Ry 1st cons M ( 1,000 5 g J-J
x6,000,000 July 1 1930 pref. stock in treasury.
1890 $6,000,000 g o ld -.c * tf IN. J. Title Guar. & Trust C o., Trustee.
Bonds.— N . J. & Hud. River R y. & Ferry Co. bonds can be called on any
x $151,000 owned by P. S. Corp. o f N . J.
int. day at 105 and int. upon six weeks’ notice. V. 80, p. 998. Hudson
The $6,000,000 stock is all deposited as security , or the Consolidated River Traction bonds are subject to call on any int. date at 110. $67,000
Traction Co. first mortgage.
are owned by N . J. & H. R. R y. & Ferry Co.
Interest on consol. 5s is payable at First National Bank, Jersey City.
The consols are guar. p. & i. by Consol. Trac. Co. and in Feb. 1895 the p. EARNINGS.— Included in Public Service R y.— V. 92, p. 462; V. 99,
407.
guaranty was stamped on bonds. V . 59, p. 969: V. 81, p. 900.
(9) RIVERSIDE TRACTION CO.
(c) RAPID TRANSIT ST. RY. CO. OF THE CITY OF NEWARK.
Lease.— Co. is leased for 999 years from April 1 1912 to Public Service R y .
ORGAN IZATION .— June 1 1893 leased to Newark Passenger R y. for The lease provides for int. on bonds, 5% divs. on outstanding pref. stock and
999 years, and included with it in lease to New Jersey Traction, and so a div. on com. amounting to $14,193 the first year, increasing annually-until
forms part o f Consolidated Traction system.
7th year, when maximum of $20,169 will have been reached. V. 94, p. 699.




104

PU BLIC U TILITIE S

ORGAN IZATION .— Incorp. in New Jersey June 20 1910 as successor to
Camden & Trenton R y., sold at foreclosure. See plan, V. 88, p. 1126.
Owns 392 out of 400 shares (par $50) o f the capital stock of the Cinnaminson Elec. Lt., Pow. & Htg. Co. of Riverton, N. J., which supplies the
towns of Beverly, Delanco, Riverside, Riverton and Palmyra, with light
Also owns $49,600 of the $50,000 capital stock o f the Bordentown Electric
C o., which supplies light to Bordentown and vicinity.
In Dec. 1925 the New Jersey P. U. Commission approved the conveyance
by the company of its interests in the Burlington, N. J., power station to the
Public Service Electric & Gas Co. See V. 121, p. 3005.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Comprises 32.96 miles of track between Trenton and River­
ton (where connection is made with Camden & Suburban Ry. tracks). By s
contract between this co. and the Camden & Suourban, the Riverside Trac
cars run direct to Philadelphia Ferry at Market and Federal Sts., Camden
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1.100,000 ($50)_________
_________
$747,150 __________
Preferred $400,000 ($50)__________
5%
266,500 __________
ls t M $ l ,500,OOOg ($100, $5001 1910
5 g J-D
1,500,000 June 1 1960
and $1,000) call at 110_ tf jln t. at West End Trust C o., Phila., trustee
_
Bonds.— Subject to call, all or any, on any int. day at 110 and int. Int. is
guar, by Public Service R y.— V. 93, p. 408; V. 94, p. 280, 352, 699; V. 121,
p. 3005.
(10) PATERSON & STATE LINE TRACTION CO.
Stock all owned by the Public Service R y. Co.
ORGA N IZA TIO N .— Incorp. in New Jersey Nov. 15 1901. Stock auth.
$300,000 (increased in July 1913 from $100,000, V. 97, p. 522): out, $150,000
BONDS—
Date.
Interest. Outstanding. Maturity.
1st mortgage $300,000 gold_„\ 1914
5 J-D
$150,000 June 1 1964
/Fidelity Union Trust C o., Newark, trustee

PUBLIC SERVICE RAILROAD.

O R GAN IZATION .— A consolidation (under agreement dated June 30
1913) o f the Elizabeth New Brunswick & Trenton R R . and the Trenton
Terminal R R . Capital stock authorized, $500,000; outstanding, $285,000,
all owned by Public Service Corp. o f New Jersey except directors' shares.
Regular trolley service between Newark and Trenton July 1 1913, and
service between Newark and Perth Amboy inaugurated about July 1 1914.
V. 97, p. 522. The branch line to Roosevelt Borough was placed in opera­
tion Dec 8 1015
E A R N IN G S.— For cal. year 1926; Gross, incl. other income, $284,651;
net after taxes and maint., $106,875; fixed charges, $130,348: balance, def.,
$23,473. For cal. year 1925, gross, incl. other inc., $284,519; net after
taxes and maint., $71,100; fixed charges, $123,670; bal., def., $52,571.
OFFICERS.— Pres., Thomas N McCarter; V.-Ps., Percy7 s. Young,
Edmund W . Wakelee, John L. O’Toole, George Barker and Matthew R.
Boylan; Sec., Charles M . Breder; Treas., T . Wilson Van Middleworth.
Office, 80 Park Place, Newark, N . J.
(1) ELIZABETH & TRENTON RR.
L ease—Leased to Trenton Terminal R R . (subsequently merged In
Public Service R R . Co.) for 999 years from April 1 1912. Rental 5% on
outstanding pref. stock, and, beginning with the year ending April 1 1915.
1 % on outstanding common, with additional 1 % annually until 4 % is paid.
V. 94, p. 697.
OR GA N IZA TION .— Incorp. in New Jersey on May 19 1910 as successor
to the Trenton & New Brunswick RR and the New Jersey Short Line R R ..
both sold at foreclosure. See plan in V. 89, p. 1282, 1349.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS —
Owns 49.632 miles equivalent single track; standard gauge.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common $900,000 ($50)___________
A-O
$811,350 __________
Pref $300,000 5% cum ($50)_______
A-O
180,300 __________
First mtge $1,200,000 goldl 1912
5 g A-O
990,000 Apr 1 1962
($ 1 .0 0 0 )_____________ c * tf/In t. at Fidelity Trust C o., Phila., trustee.
Bonds.— First mortgage Ponds are subject to call as a whole on any interest
day at 110 and interest. Principal and interest are guaranteed under terms
of lease by the Trenton Terminal R R ., whose obligations are guaranteed in
turn by the Public Service R R . and the Public Service Corporation.—
V. 90. p. 1362; V. 94, p. 697.

PUBLIC SERVICE T RA N SPO R TA TIO N CO.
Subsidiary o f Public Service Corp. o f New Jersey.
ORGAN IZATION .— Incorp. Nov. 14 1917 under the name of New Jersey
Transportation Co. Name changed to present title June 5 1923. In
Feb. 1927 purchased property o f Burlington County Trac. Co. V. 124,
p. 1362.
C H A RACTER OF BUSINESS.— Operates a total o f 905 buses out o
996 owned. V. 121, p. 2274. Order of 395 new gas-electrical de luxe
buses in 1926, see V. 122, p. 95, 1764, 2652, 3084; 307 in use Sept. 27 1926.
Inauguration o f a new type o f interurban bus service with de luxe buses
was announced in April 1926. V. 122, p. 2497; V. 125, p. 1053.
C A PITALIZATION .— Capital stock authorized, 1,500,000 shares (in­
creased from 1.000.000 shares in January 1926. See V. 122, p 884);
outstanding, 1.000.000 shares (no par value). All (except directors’ shares)
owned by Public Service Corp. o f New Jersey.
EA R N IN G S.— For calendar years;
Gross A Net aft. Taxes
Fixed
Balance,
Other Inc.
& Maint.
Charges.
1926 ...............................$10,952,312
$240,098
$152,581
$87,517
1925
............................. 7,612,543 def727,057
14,306 def741.363
OFFICERS.— Pres., Thomas N . McCarter; V.-Ps., Percy S. Young,
Edmund W. Wakelee, John L. O’Toole, George Barker and Matthew R.
Boylan; Treas., T. Wilson Van Middleworth: Sec., Charles M . Breder.—
V. 120, p. 829; V. 121. p. 2274: V. 122, p. 95, 884, 1764, 2497, 2652; V. 124.
p. 1220, 1362; V. 125, p. 1053.

(THE) NEW JERSEY POWER & LIGH T CO.

Control.— General Gas & Electric Corp. owns all o f co .’s common stock.
Management.— The W. S. Barstow Management Assn., Inc., N. Y . City
ORGANIZATION, E TC.— Incorp in New Jersey in Dec. 1915. Com­
pany owns and operates the electric light and power system in the Dover,
Bernardsville, Flemington, Lambertville, Newton, Hackettstown, Wash­
ington, Phillipsburg, Netcong, Stanhope. Hamburg and Sussex sections oi
New Jersey. During 1925 the properties formerly operated by the Eastern
Pennsylvania Power Co., the Blair Electric Co., Raritan Valley HydroElectric Co., Warren Wood Working C o., and the electric distribution
svstem of Frenchtown w w acquired and merged with the New Jersey
Power & Light Co. The Newton Gas Co. and Washington Gas Co. were
merged with the New Jersey Pow. & Lt. Co. in N ov. 1926. V.122, p. 612;
V. 123, p. 1877, 2391, 2519.
In April 1926 New Jersey P. U. Commission approved the sale of the
properties and business of the Hunterdon Electric S. Power Co. and
r
Jersey Electric Co. to New Jersey Power & Light Co. V. 122, p. 2652.
Other Acquisitions in V. 123, p. 2261.
Recapitalization.— On Nov. 4 1926 stockholders increased the authorized
capital stock from $1,000,000 common and $1,000,000 7% pref. stock,
both par $100, to 150,000 shares common and 100,000 shares $6 cum.
pref., both no par. Pref. stockholders were given the choice of taking
for each old 7% pref. share one new $6 pref. share (red. at 110 & divs.)
and $16 in cash; or in cash at 110 and divs. Old pref. stockholders were
also given the preferential right to subscribe to new $6 pref. stock at 94
and divs. V. 123, p. 1877, 2391, 2655. See also V. 123, p. 3039.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. supplies electric light and power in the northwestern section of New
Jersey, serving 149 communities covering an area of approximately 1,500
sq. miles, incl. Dover, Bernardsville, Hackettstown, Newton, Washington,
Phillipsburg, Lambertville and Flemington. Total population served esti­
mated over i60,000. Company also supplies gas to Washington and New­
ton. Company owns a number o f generating plants and several auxiliary
plants, totalling 7,575 k.w.; and has under construction an initial unit of
30,000 k.w. o f a new steam electric generating station at Holland, N. J.,
on the Delaware River; ultimate capacity, 200,000 k.w. Owns 293 miles




[V ol. 125.

of transmission and 607 distribution lines. Company’s lines are inter­
connected with the systems of Metropolitan Edison C o., Central Hudson
Gas & Electric C o., Public Service Electric & Gas Co., &c. See also
V. 123, p. 3039.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 150,000 shs (no p a r ) . ____
_________ x75,000 s h s ____________
$6 cum pref (no par) 100,000 s h ___
$6 Q-J
31,717 sh Julv27, $1.50
1st mtge 5% g ser due 19561 1926
_________ $6,000,000 Aug 1 1956
$1,000, $500, $100 c* and - Int. in New York or Chicago. Guaranty
$1,000& multiples r*____tf [ Trust Co., New York, trustee.
x All owned by General Gas & Electric Corp.
Stock.— The $6 cum. pref. stock is preferred as to assets ($100 & divs.)
and cumulative dividends. Red., whole or part, on any dividend date on
30 days’ notice at $110 and divs. Whenever 4 quarterly dividends are in
default, pref. stockholders have exclusive right to elect a majority of the
authorized number o f directors. The cumulative preferred stock, 100,000
shs. authorized, is issuable in one or more series, dividend rate not to exceed
$8 per annum. In Dec. 1926 Pynchon & Co. offered 25.000 shs. $6 cum.
pref. at $94 and div., to yield about 6.38%. V. 123, p. 3183.
Bonds.— All o f the outstanding 1st mtge. 5% 20-yr. gold bonds due Feb. I
1936 were called Feb. 1 1927 at 105 and int. V. 123, p. 3039: V. 124. p. 112.
The 1st mtge. 5% gold bonds, series due 1956, are secured by a first mort­
gage on all co.’s property and franchises, owned or after-acquired, exclusive
of certain property specifically excepted. Additional bonds may be issued
in series of such tenor as directors from time to time may determine, (a) for
refunding purposes; (b) against cash: (c) against pledge o f an equal principal
amount of bonds secured by mortgage on after-acquired property: (d) for
75% or 80% , respectively, o f additions, improvements, &c., provided
total income for 12 consecutive within the preceding 14 calendar months
have been at least 1 % or 2 times respectively annual interest on all prior
lien and 1st mtge. bonds outstanding with public, incl. proposed issue.
Additional bonds may also be issued to an amount not exceeding 10% of
all bonds outstanding under the mtge., (a) for 75% o f acquisitions, addi­
tions, &c., by a subsidiary, against pledge of or in exchange for equal
amount o f bonds secured by mortgage on the property o f such subsidiary;
provided that the total amount o f all bonds secured by mortgage on the prop­
erty of any subsidiary shall not exceed 75% of the value of the permanent
property o f such subsidiary. There is a sinking and improvement fund to
which is to be paid on each Feb. 1 from 1928 to 1936 incl. 1% ; to and inti.
1946,
to and incl. Feb. 1 1956, 2% , of outstanding bonds. There is
also a maintenance and depreciation reserve account to which is to be credited
on Dec. 31 1927 and annually thereafter (a) not less than 3% of co.’s fixed
capital, after deducting the depreciation reserve on such date; or (6) not less
than 12M % o f co.’s operating revenue during preceding year, in either event
less expenditures for maintenance, &c., during that year. Red. whole or
part on 60 days’ notice through Aug. 1 1936 at 105 and int., and thereafter
at M% less for each elapsed year or part thereof. Penn, and Conn. 4-mills,
Calif. 5-mills, Maryland 4 H-mills and Mass. 6% taxes refundable. In
Dec. 1926 Halsey, Stuart & Co., Inc., offered $6,000,000 series due 1956 at
99 and int. V. 124, p. 112.
EARNING S.— For calendar years:
*1927.
1926.
1925.
1924.
Operating revenue_____$2,635,648 $2,419,507
$1,390,789 $1,083,739
Net after taxes, maint.,
688,516
601,940
387,069
294,013
deprec’n & rentals-----Other income__________
65,174
46,882
21,171
13,846
Total income__________
753,690
648,822
408,240
307,859
Interest on funded debt240,396
135,958
129,950
113,595
102,636
189,171
57,722
37,978
Other deductions_______
Pref. div. requirements125,230
68,206
66,898
51,303
Balance, net incom e-$285,428
$255,487
$153,670
$104,983
* For year ended July 31 1927.
OFFICERS.— Pres., W . S. Barstow; V.-Ps., L. H. Tyng and W . Buchs*
baum; V .-P ., J. G. "vlenut; Gen. M gr., F. K. Woodring; Sec., C. N. Wilson
Treats., J. P. Campbell.— V. 122, p. 94, 612, 2496, 2652; V. 123, p. 711, 1877.
2261,23yl, 2519, 2655, 3039, 3183; V. 124, p. 921, 1511, 2908, 3496; V. 125,
p. 95, 246, 1052.

U TILITIE S POWER & LIG H T CORP.
ORGANIZATION.— Incorp. in Virginia Mar. 19 1915 as Utilities Devel­
opment Corp. Name changed to present title in 1922. Controls through
stock ownership the following subsidiaries:
(I) Eastern New Jersey Power Co., in turn controlling (1) New Jersey
Water & Light C o., (2) New Egypt Water C o., (3) Coast Cities R y. Co.
(II) Colonial Gas & Electric Co., in turn controlling (1) Newport Electric
Corp., (2) Colonial Coach C o., (3) Derby Gas & Electric Corp., in turn
controlling (a) Derby Gas & Electric Co., (5) W
rallingford Gas Light Co.
V. 120, p. 2013.
(III) Indianapolis Power & Light Corp., in turn controlling (1) Indianap­
olis Power & Light Co. (a merger of Indianapolis Light & Heat Co. and
Merchants’ Heat & Light Co.
(IV) Interstate Power Co. (Del.), in turn controlling: (1) Eastern Iowa
Electric Co. (S. D .); (2) East Dubuque Electric Co.; (3) Interstate Power
Co. of Wise.; (4) Interstate Power Co. of Neb.; (5) Interstate Power Co. of
N. Dak.
(V) Yellow Cab Company of Monmouth & Ocean Counties (N. J.).
(VI) Atlantic Coast Transportation Co. (N. J.).
(VII) The Management & Engineering Corporation.
Acquisitions.— In M ay 1927 corp. reported purchase of controlling inter'
est in the stock of the Laclede Gas & Elec. Co., which in turn controls the
Laclede Gas Light Co. The former also owns controlling interests in
Laclede Power & Light Co., Venice Gas Co. and the Illinois & Missouri
Pipe Line Co. V. 124, p. 3071, 3774. In June purchased stock holdings
in St. Louis Coke & Iron Corp. of approximately $2,720,S70
V. 125, p.248.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Controls directlv or through subsidiaries public utility systems operating
In 13 States. The systems furnish over 410 communities with one or more
o f the following public utility services: Electric light and power, gas, steam
heat, water and electric railway. The population served is approximately
$2,500,000.
STOCKS AND BONDS—
Date. Interest. Outstanding. Maturity
Cl “ A ” stk 1,000,000 shs(no p a r )___
Q-J
420 383 shs
See text
Cl ’ ’B ” stk 1,000.000 shs(no p a r )____
- .
562 833 shs
See text
Pref7% cum$30 000 000(S100) -- 7 Q J $11 817.000
See text
20-yr deben (c* $l,000-$500-f 1927
5K g J-D 20,000,000 June 1 1947
$ 1 0 0 )__________________ tf (The Chase Nat. Bk. of City of N. Y ., trustee.
Stock.— In Dec. 1925 increased the authorized class A pref. stock from
250,000 to 400,000 no par shares and in M ay 1927 increased to 1,000,000
shs. V. 121, p. 2878, 3006. Pref. stock has preference over the class A
and class B stocks as to cum. divs. and assets ($100 and drvs. if liquidation or
dissolution is involuntary and $105 and divs. if voluntary). Callable all
or part pro rata at $105 and divs. Divs. on class A are non-cumulative.
Is entitled to priority divs. of $2 per annum over class B stock. After the
full priority div. on the class A stock and an equal amount to class B stock,
one-half of the amount of any further divs. in such year shall be paid to
class A stock and one-half to clasS B stock. Class A stock has priority in
liquidation or dissolution over the class B stock up to $35 per share. After
this preferential payment to the class A stock is provided for and provision
has been made for the distribution to the class B stock of an amount equal
in the aggregate to the total of such preferential payment to the class A
stock, one-half of the remaining assets shall be distributed ratably among
the holders of the glass A stock and one-half among the holders of the class B
stock. Class A d o ck listed on N. Y. Stock Exchange. V. 124, p. 3774;
V. 125, p. 388. In Dec. 1924 150,000 shares class A stock w7
ere sold by
Pynchon & C o., West & Co., W. S. Hammons & Co. and John Nickerson
& Co. at $25 per share. V. 119, p. 2880. In M ay 1925 Pynchon & Co.,
West & Co., W. S. Hammons & Co. and John Nickerson & Co. sold $4,000,000 7% cumul. pref. stock at 99 and divs. A voting trust certificate for
y2 share class B stock was given with each share of pref. stock. V. 120,
p. 2552. In M ay 1926 the same brokers sold $2,500,000 additional 7%
cum. pref. stock at 95 and divs., to yield about 7.35%. V. 122, p. 2654,
2499. Additional $3,000,000 7% cum. pref. stock was sold in June 1927
by Pynchon & Co., West & Co., Federal Securities Corpl and H. M . Byllesby
& C o., Inc., at 98 and div., to yield about 7.14%. V. 125, p. 96.
Debentures.—-The 5M % 20-yr. gold debentures dated June 1 1927 are a
direct obligation of corp., which will not create or permit any mtgo. or
other lien upon any of the fixed property, nor any pledge of voting or com-

O ct ., 1927.]

POW ER, LIGH T AND R A IL W A Y

105

mon stock of a subsidiary necessary to qualify the subsidiary as such, except less actual expenditures. Unused balances may be used for acquisitions,
the pledge of shares of future subsidiaries hereafter acquired, to secure loans extensions, &c. which shall not be made the basis for issuance o f additional
maturing in not more than 1 year effected in connection with the acquisition bonds, or for retirement of 1st lien gold bonds.
5% series of 1946 are red. all or part on 60 days’ notice on any interest
of such shares, without at least equally securing these debentures. Oorp.
will not issue any additional debs, and (or) any other bonds, notes or other date at par & int. plus a premium commencing with 5% on or before Feb. 1
of principal amount each year thereafter. Penn.
obligations maturing more than 1 year after date unless the consolidated 1927 and decreasing
net earnings of the corp. and its subs., as defined in the indenture, for 12 & Conn. 4-mills, Maryland 4 )4-mills, Calif. 5-mills, and Mass. 6% taxes
consecutive months within 15 months next preceding such issue, shall have and any similar Maine tax not in excess of afore-mentioned taxes refundable.
been at east 2 )4 times annual interest charges on all deben. bonds, notes In July 1926 West & Co., Pynchon & Co., John Nickerson & Co. and W . S.
and other obligations of the corp. maturing more than 1 year after their Hammons & Co. offered $5,000,000 5% series of 1946 at 95 & int., to yield
respective datss then outstanding, including those proposed to be issued. 5.40%. V. 123, p. 580; V. 124, p. 505.
Corp. will not permit any such subsidiary to issue any shares of voting stock
Dividends.— In N ov. 1926 paid an initial quar. div. of $1.75 on the $7
unless the corp. or another such subsidiary shall acquire a sufficient propor­ div. pref. stock. V. 123, p. 2260. On Feb. 1 and Aug. 1 1927, $1.75.
tion thereof to cause the issuing corporation to continue to be a subsidiary
E A R N IN G S.—For calendar years;
as defined in the indenture. Redeemable as a whole at any time or in part
1926.
1925.
1924.
on any int. date or dates from time to time on 60 days’ notice at 105 prior to Gross_______________________________ $1,378,368 $1,288,860 $1,072,630
June 1 1931, at 104 on said date, and thereafter prior to June 1 1935; at 103 Net, after oper. exp., maint. & taxes.
569,509
447,013
338,402
on said date and thereafter prior to June 1 1939; at 102 on said date and Fixed charges and amortization_____
149,148
16,204
25,149
thereafter prior to June 1 1943; at 101 on said date and thereafter prior to Other deductions___________________
*202,443
----------------maturity, plus int. in each case. Penn. 4 mills and Calif. 5 mills taxes
and Mass. 6% income tax on int. refundable. In June 1927 $20,000,000
Balance, surplus_________________
$217,918
$430,809
$313,253
534% 20-year deben. were brought out by West & Co., Pynchon & Co.,
*Incl. divs. on
co. prior to acquisition; surplus
H. M . Byllesby & Co., Federal Securities Corp., John Nickerson & Co. and net earnings prior com. stock of controlled accruing to minority interests.
to acquisition, and $129
W . S. Hammons & Co. at 9454. to yield 6% . V. 124, p. 3774.
Latest Earnings.—For 12 mos. ended June 30 1927: Cross, $1,388,456;
Dividends.-—A quarterly div. of 50c. per share was paid on class A stool
expenses, $595,857; net earnings after fixed
in April 1925. In July and Oct. 1925 and regularly quarterly since, incl. for renewals and replacements and Federal charges but before provisions
income tax, $289,499.
Oct. 1927, 50c. payable as an alternative in class A stock at the rate o f 1-40
OFFICERS.— Pres. & Treas., H. L. Clarke; V.-Ps., J. N. Canavan,
o f 1 share for each share o f class A stock held.
V. 120, p. 3066; V. 120,
y. 84; V.J21, p.2639. On class B stock an initial div. was paid in Jan. 1926, H. E. Carver, F. W . Drury and H. T . Pritchard; Sec., W . A. Homer.
payable in 1-10 voting trust ctfs. for class B stock. V. 121, p. 27 >4. Ir N. Y. office. 100 Broadway; Chicago office, 327 South La Salle St.—
1926, April. July and Oct. each, a quar. div. of 25c., payable as an alter­ V. 123, p. 580, 841, 980, 2260; V. 124, p. 371, 505; V. 125, p. 1323.
native in class B stock at the rate o f 1-40 of a class B share for each class B
share held. V, 122, p. 1172. In Jan. 1927 paid 66c., with option to receive
instead o f cash additional v. t. ctfs. at rate o f $10 per share to extent of
dividends. V. 123, p. 2903. In April 25c., or l-40th o f a share o f class B.
EASTERN NEW JERSEY POWER CO.
July, 25c. or l-40th share o f class B; Oct., 25c. or l-40th share class B.
Controlled and under supervision of Utilities Power & Light Corp.
Regular quar. divs. have been paid on the 7% cum. pref. stock since incor­
ORGANIZATION.— Organized early in 1924 and is a result of a complete
poration in 1925 to and incl. July 1927.
rearrangement of the properties of: (a) Atlantic Coast Electric Ry. and it*
>wned and operated companies, the Seacoast Traction Co., West End &
EARXIM GS.— For calendar years:
1924.
1925.
1926.
Long Branch R y., Seashore Elec. Ry. and Asbury Park & Sea Girt R y.;
[ft) Atlantic Coast Electric Light Co.; and (c) New Jersey Water & Light
Gross operating revenue____________ $14,515,690
Oo. For history of Atlantic Coast Electric Ry. up to time of change, see
--------Other revenue_________ ____________ 1,378,593 ------- --------‘ Electric Railway” Supplement of Oct. 27 1923. Under these arrange­
Total revenue____________________ $15,894,283 $7,630,895 $5,334,542
Net after maintenance and taxes_____ 8,327,204
3,725,937
2,928,463 ments the Eastern New Jersey Power Co. acquired all the electric livht and
power properties. The railway properties were conveyed to the Coast
Int., amort., other deducs., &c_____ 4,083,053
1,448,751
1,100,226
Cities Ry. (see below), all the stock and bonds of which are owned by the
------Divs. on pref. stocks o f subsidiaries_ _
964,543
315,779
company and are pledged under its 1st Mtge. bonds. The water properties
Balance___________________________ $3,279,608
$1,961,407 $1,828,237
were also similarly conveyed to a new subsidiary and all the securities of the
Depreciation______________________
758,322
401,879
286,826 water company are likewise owned and pledged under the first mortgage
Federal income tax___ ____________
373,370
122,056
106,087 bonds of the Eastern New Jersey Power Co. In M ay 1925, acquired
through merger Electric Light & Power Co. of Hightstown, N J., and
Net income________________________$2,147,916 $1,437,472
---------famesburg (N. J.) Electric Co. V. 120, p. 2550. In Dec. 1925 co. ac­
Latest Earnings.— For 12 months ended June 30 1927: Revenues of sub­
quired the electric plant and distributing systems and its subsidiary, the
sidiaries, $18,654,111; net after exp., taxes, &c. (except Federal income
New Jersey Water & Light Co,, the water plants and distributing systems
tax), $8,559,728; fixed charges, $3,989,535; net before divs. on pref. stocks
>f the Ocean Grove Camp Meeting Assn, of the Methodist Episcopal
o f subs., &c., $4,570,193; net after divs. on pref. stocks of subs., &c., $3,027,192; other net earnings o f U. P. & Lt. Corp., $1,120,035; net earnings Church, serving about 1,700 customers in Ocean Grove, N. J., and vicinity.
o f U. P. & L. Corp. and all subs., $4,147,227; reserves for deprec., and Fed. [The New Jersey Water & Light Co., also sold its water distributing system
taxes, $1,280,010; net income of U. P. & L. Corp. and earnings accruing to in the city of Deal N. J. to Tintem Manor Water Co., but re’ ained all
Its buildings, real estate and equipment.] In June 1926 obtained permission
common stock owned by it, $2,867,217.
from the New Jersey P. U. Commission to merge the Brown Mills Elec.
OFFICERS.— Pres. & Treas., H. L. Clarke; V.-Ps., ,T. N. Cana vat
Light
New
Heat,
D. H. Bender, W. C. Van Alien, H. T. Pritchard, F. W. Drury, H. C. and to& Power Co. and the stock Egypt Light, no par Power & Water C o.,
issue $400,000 pref.
and $4,000,
common shares. V.
Orton and H. E. Carver; Sec., W. A. Horner.— V. 121, p. 461, 588, 1349,
122, p. 3600.
2639, 2754, 2878, 3006, 3132; V. 122, p. 349, 1172, 2499, 2654, 3085, 3212.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
3343; V. 123, p. 584, 1253, 2903; V. 124, p. 237, 508, 1222, 1824, 2910,
3071, 3211, 3489, 3774; V. 125, p. 96, 248, 388, 1054, 1195, 1327, 1583, Oo. owns and operates electric light and power properties serving Asbury
Park, Bradley Beach, Belmar, Avon, Deal, Allenhurst and adjoining
1810, 1973.
communities. Supplies power to and operates through subsidiaries, an
DERBY GAS & ELECTRIC CORP. (DEL.).
electric railway line of about 16 miles. The properties of the company
Include an electric generating station in Allenhurst with an installed capacity
Control.— The entire common stock is owned by Colonial Gas & Electric
of 18 500 k.w., and a system of overhead and underground transmission
Co., a subsidiary o f Utilities Power A Light Corp.
lines in all the communities served. As of March 31 1927 company had
O R G A N I Z A T I O N . — Incorp. in Delaware June 28 1926 as a holding com­
17,102 electric customers. Co. distributes water in Ocean Grove.
pany. Owns over 99.9% of the capital stock o f the Derby Gas & Electric
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Co. and the entire capital stock (except directors’ qualifying shares) of the
_______
25.000 shs. .
ommon (no par)___________ _____
Wallingford Gas Light Co. (the subsidiaries have no pref. stock or bonds
-referred 8% cum___________ _____
Q-J
$1,350,000 July’27,2%
outstanding). V. 123, p. 580.
7
400 000 July’27,lJ^
3ref 7% cum series__________ _____
FIELD OF OPERATION AND CH ARACTER OF BUSINESS.— Preferred 6 )4 % series________ _____
6 J4
525,000
____
Subsidiaries serve electric light and power and gas to the cities of Derby,
1st M Ser 1949 ($100. $500 &f 1924 6 g J-J
3.550,000 Jan 1 1949
Shelton and Ansonia, and gas to Wallingford, all in the State o f Connecticut.
$1,000 c*, & $1,000, $500 &I American Exchange Nat. Bank, N . Y ., trus.
Total population served is estimated to be approx. 60,000 with 9,090 elect,
$10,000 r*) g ___________ tf l
custo rers and 11,847 gas customers. Combined annual output over 47,- >V4% ser ($1,000, $500, $100/ 1926 5H g J-J
1,350,000 Jan 1 1949
000,000 k.w.h. and gas output 308,000,000 cu. ft. Properties include a
C & $l,0 00c* & $1,000. / The Am. Exch.-Pac. Nat. Bk., N. Y ., Trust.
enerating station o f 15,800 k.w. capacity on the Housatonic River in
$5,000. $10,000 ___
r.tfl
)erby, operated in conjunction with off-peak power purchased from Con­ 5% series (c* $1,000-500-100/ 1927
5 g J-J
1,000,000 Jan. 1 1949
necticut Light & Power Co. Coal and water gas plant of 2,400,000 cu. ft.
a n d r fl,000-5,000-10,OOOtf 1Arr.er. Exch. Irving Tr. C o., N . Y ., trustees
in Shelton, and water gas plant o f 550,000 cu. ft. in Wallingford. V. 123,
Stock.— Pref. stock is red. at 115 & divs. at any time after 3 years from
p. 580. Franchises are without time limit.
ohe issue thereof. Pref. stock originally shared at the same dividend rate
with com. in cash dividends in excess of $7 per share paid in any calendar
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
/ear on com., but in Jan. 1925 the stockholders voted to issue 8% cum. pref.
Common 50,000 shs (no p a r ) . ____
_______
50.000 shs. ________
for
cum.
outstanding.
$7 pref 50,000 shs (no par)_ _____
_
$7 Q-M
20.000 shs. Aug’27$1.75 In exchange was the 7% by W. partic. pref. & Co. at 9214 V 120, p. 329.
11,250,000
offered
C. Langley
and dividend, to
1st lien gold bonds__________ Chase National Bank, N. Y . C., trustee.
vield about 7.57%. V. 118, p. 2955.
5% series o f 1946 ($1,000,/ 1926
5 g F-A
$5,000,000 Aug 1 194f
Bonds.— First Mtge. 6s are further secured by pledge of all the outstanding
$500 & $100 C*)______tf{ln t. at trustee’s & Contin. & Com. Trust &
bonds and capital stock (except directors’ qualifying shares) of the Coast
( Savings Bank, Chicago.
water company subsidiary above
to.
Stock.— The $7 div. pref. stock is entitled to cumulative dividends at Cities Ry. (see below) and the after 60 days’ notice, on any int. referred 105
4re redeemable, all or in part,
date at
the rate of $7 per annum, before the common stock and has priority it
ip to and incl. Jan. 1 1945; at 104 thereafter up to and incl. Jan. 1 1946; at
liquidation or dissolution up to $100 & divs., plus, in case such liquidation
103 thereafter up to and incl. Jan. 1 1947; at 102 thereafter up to and incl.
or dissolution be voluntary, a premium of $5 if such action is authorized
Ian. 1 1948; and at 101 on July 1 1948; plus interest in each case. Company
on or prior to Aug. 1 1931, and $10 if thereafter. The affirmative vote or
agrees to refund Penn, and Conn, personal property taxes not exceeding4
written consent of at least two-thirds of the outstanding pref. shares if
mills per annum, the Maryland security tax not exceeding 4)4 mills per
required before co. can (1) authorize or issue any prior class of stock; (2'
tnnum, and the Mass. Income tax not exceeding 6% per annum, on income
increase the authorized number o f pref. shares; (3) amend the pref. stock
lerived from the bonds. Free of personal property taxes in New Jersey.
provisions so as to affect adversely any preference and other rights giver
Int. payable at office or agency of company in New York and Chicago.
to the pref. stock; (4) issue any pref. stock in addition to the 15.000 shares
/ . 118,
Jan. 1 1926. are red. whole or
on
issued, unless consolidated net earnings o f co. & subsidiaries for 12 consecu­ 10 days’ p. 1017. 6% series, dated Jan. 1 1945; at 104 and furtherpart6%
notice at 105 to and incl.
as
tive o f preceding 15 calendar months have been not less than twice annua)
series, see above. Taxes refundable as indicated for 6% series. In
divid. requirements on outstanding pref. stock, incl. proposed issue; (5)
4pril 1926 Bonbright & Co. offered $1,350,000 5)4% series of 1949 at 97)4
acquire any substantial amount o f stocks or securities o f corporations other
tnd int., to yield about 5.70% . V. 122. n. 2039.
than the present subsidiaries, unless they operate gas or electric systems
1st mtge. gold bonds, 5% series of 1949, dated Jan. 1 1927 are red. all or
susceptible o f physical connection or supply water in some one or more of
the cities, &c., served with gas and (or) electricity by corp. or its subsidi­ in part on any int. date at 105 up to and incl. Jan. 1 1945; at 104 thereafter
aries, and corp. acquires at least 95% o f the common stock together with up to and incl. Jan. 1 1946; at 103 thereafter up to and incl. Jan. 1 1947;
all or substantially all outstanding preferred stocks or funded debt. Except at 102 thereafter up to and incl. Jan. 1 1948 and at 101 on July 1 1948;
as above stated, pref. stock has no voting rights, unless full cum. divs. are plus int. in each case. Co. will refund Penna. and Conn. 4 mills taxes;
in arrear for 12 consecutive months, in which event pref. stockholders as Maryland 454 mills and Mass, income tax not exceeding 6% . Free of
a class elect 2 directors. Additional preferred is issuable in series, but of personal property taxes in New Jersey. In M ay 1927, $1,000,000 1st
the same class and equal rank.
Call, as a whole, or in part by lot or prc mtge. gold bonds, 5% series of 1949 were offered by Bonbright & C o.,
rata at $105 on or before Aug. 1 1931 and at $110 thereafter, plus accrued W . C. Langley & C o., Hoagland, Allum & C o., Inc., at 97 and int. V.
diyidends. In Aug. 1926 Pynchon & C o., West & Co., W. S. Hammons & 124, p. 2905.
Co., and John Nickerson & C o., offered 15,000 shares at $96 & div., t(
Dividends.— Dividends on pref. paid regularly since issuance.
yield 7.29%. V. 123. p 980.
EARN ING S.— For calendar years:
Bonds.— The 1st lien gold bonds are secured by direct 1st lien by pledgf Gross________________________________$1,586,588 $1,370,686 $1,323,281
of over 99.9% o f capital stock of the Derby Gas & Electric Co. and the Net, after expen., maint. & taxes____
735,606
623,916
536,321
entire capital stock o f the Wallingford Gas Light Co. No bonds or Interest, amort., &c________________
431,583
325,106
xl92,000
preferred stocks may be issued by any subsidiaries unless pledged under the Depreciation_______________________
80,283
72,032
____
indenture. After acquired properties shall also be subjected to the lien of
the indenture as a first mortgage thereon.
Balance__________________________
$223,740
$226,778
$344,321
Additional bonds may be issued in series (a) for 75% of extensions
x Includes only bond interest.
additions, or improvements to the electric and gas properties owned or
OFFICERS.— Pres., H. L. Clarke; V .-Ps., J. N . Canavan and H. T.
operated by corp. or its subsidiaries, (b) for 66 2-3% of additional electric
or gas plants or systems to be physically connected with the existing Pritchard; Sec. & Treas., F. A. Cater. Office, 100 Broadway, N. Y . City.---systems, acquired by corp. or its subsidiaries, but at least 95% of the V. 119, p. 79. 330, 2760; V. 120, p. 329, 2550, 3313; V. 122, p. 2039, 3600;
common stock, together with all outstanding bonds, notes, or preferred V. 124, p. 2905, 3495.
stock of each subsidiary must have been pledged under the Trust Indenture,
(1) COAST CITIES RA ILW A Y.
(c) to refund previous series. No additional bonds (except for refunding
ORGANIZATION.— Organized early in 1924 to take over and operate
previous series) may be issued unless consolidated net earnings (after 8%
o f gross operating revenue set aside for maintenance) for 12 consecutive ill the electric railway properties formerly operated by the Atlantic Coast
within preceding 15 months, have been at least twice annual interest on Electric Ry. (for history, see “ Electric Railway” Supplement of Oct. 27
bonds outstanding, incl. proposed issue. In case the present or any future
1923). All the bonds of that company (V. 118, p. 1909) and its various
subsidiaries and corp. itself, acquires any electric or gas properties directly underlying issues were retired and the power and light properties were
corp. shall establish and continue a maintenance fund and a renewal and transferred to the Eastern New Jersey Power Co. and its traction properties
replacement fund respectively equal to 8 % and 5 % of gross operating revenue were conveyed to the Coast Cities Railway. Franchise in Belmar expiree in.

f




106

PUBLIC U TILITIE S

1947; in Asbury Park in 1937; in Long Branch, some expire in 1945 and
others are perpetual; in Ocean Township, perpetual; in Sea Girt, expire in
1926 and 1956.
In Sept. 1927 acquisition o f Atlantic Coast Transportation Co. was
approved by New Jersey P. S. Commission. V. 125, p. 2144.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS —
Belt line in Asbury Park, 5.85 miles; Asbury Park to Pleasure Bay and
North Long Branch, 14.60 miles; Asbury Park to Manasquan, 14.16 miles;
total track, 36.08 miles. Connects at Pleasure Bay with the Long Branch
Steamboat Co.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock________________ All owned by Eastern New Jersey Power Co
First Mtge. bonds, $850 000-_ All owned by Eastern New Jersey Power Co
— V- 120, p. 328; V. 125, p. 244.

NATIONAL PUBLIC SERVICE CORP.
(See map on page 107)
Control.-— In March 1927 Day & Zimmermann, Inc., and associates
acquired control o f corporation. V. 124, p. 1667, 1820.
ORGANIZATION.— A holding co. incorp. in Virginia on March 5 1923
as Atlantic States Power Corp. Name changed April 17 1923 to Jersey
Central Power & Light Corp. Name changed to present title on March 24
1925. Owns entire common stock o f the Jersey Central Power & Light Co
(see separate statement below), Virginia Public Service Co. (see separate
statement) Waycross Ice & Cold Storage C o., Florida Power Corp., and
Kennett Gas Co., and 99% o f the com. stock o f the Tidewater Power Co.
(see statement on another page), and more than 99% o f the com. stock of
Municipal Service Co. As o f July 1 1925, acquired the Charlottesville &
Albemarle R y., now a subsidiary o f Virginia Pub. Serv. Co. V . 121, p.1788.
In June 1925 acquired tue Municipal Service Co., operating 9 subsidiary
utility companies in Virginia. Pennsylvania, Georgia and Ohio, and serving
a population which is now about 1,100,000. V. 120, p. 2944. And also
Keystone Public Service Corp. with 6 subsidiaries operating in Penna.
In Jan. 1926 the acquisition o f Newport News & Hampton R y., Gas &
Electric Co. was announced. The property of the Newport News Co. was
combined with the Virginia-Western Power Co., Viiginia-Northern Power
Co. and other Virginia holdings in a subsidiary of National Public Service
Corp. On June 1 1926 acquired by purchase Wildwood Gas Co. V. 123,
p. 982. Other acquisitions, see V. 123, p. 3320.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Through its subsidiary local operating companies the company furrlshet
electric light and power, gas, steam, street railway and bus and (or) water
service to 874 communities with a total pouplation of 2 139 000 in States
along the Atlantic seaboard, namely New Jersey, Pennsylvania, Delaware
Maryland, Virginia, North Carolina, Georgia and Florida, and also in
sections o f West Virginia and Ohio. The territory in New Jersey includes
a portion o f the great metropolitan district tributary and suburban to Nev
York City. A total of 246,906 customers are served, of which 205,116
electric, 39.542 gas. 1 756 water and 492 steam. Corp. also operates electric
railway and bus systems in sections of Pennsylvania, Ohio, Virginia and
North Carolina, serving an aggregate population o f about 772,980.
The electrical systems have an installed generating capacity of 231,045
h.p.; 2,116 miles of high tension transmission lines. Gas plants have a
daily capacity o f 20.140.000 cu. ft. with 654 miles of gas mains. Water
properties o f 6.336.000 gallons capacity per day; 38 miles o f water mains
356 equivalent miles of electric railway track. Ice plants daily capacity.
1,331 tons. V. 122, p. 883; V. 120, p. 2816; V. 123, p. 2655. For additional
acquisitions o f ice plants in Pinellas County, Fla., see V. 123, p. 3320.
Interest. Outstanding.
Maturity.
STOCK AN D BONDS.—
Date.
Class “ A ” com 500,000 shares
(no par)___________________ _____
Q-M
337,486 shs M ar'27, 40c
Class “ B ” com 500,000 shares
(no par)_____ _
___________
_______
431,201 shs -----------Partic pref 7% cum $1,000,000
7% Q-J
$165,300 Apr ’27, 1%
( $ 100 ) --------------------------------------------------------------------------------Pref 7 % cum Ser A $20,000,000
7% Q-J
12,096,900 Apr ’27, 1 H
( $ 100 ) __________________________________________
Coll trust bonds Series “ A ” / 1925
6 K g F - A 14,219,500 Feb 1 1955
($500 & $1,000) gold__c*tf INew Y •k Trust C o., New York, Trustee.
Stock.— Subject to the rights of the 7% cum. partic. pref. stock and 7%
pref. Ser. A stock, the Class A common stock is entitled;
(a) To priority as to divs. to the extent of $1 60 per share per annum over
the Class B common stock, and such divs. at the rate of $1 60 per share
are cumulative to the extent earned in any calendar year.
(b) In each cal. year after all cum. divs. are set apart or paid on Class A
common stock to share equally as a class with the Class B common stock
considered as a class, regardless of the number of shares o f either outstand­
ing, after Class B com. stock as a class shall receive an amount equal to $1 60
per sh. on outstanding Class A com. stock or $300,000, whichever is greater
(c) T o priority in liquidation or dissolution over the Class B com. stock
up to $30 per share plus divs. at the rate of $1 60 per share to the extent
earned but unpaid on the Class A com. stock, and after distribution to the
Class B com. stock o f an amount equal to $30 per share on the Class A com
stock, excluding the divs., to receive as a class one-half o f the remaining
assets. In April 1925 120,000 shares Class A com. stock were offered bj
Howe, Snow & Bertles, Inc., A. L. Chambers & Co., Inc., A. E. Fitkin A
C o., and Mark O. Steinberg & Co. at $21 per share. V. 120, p. 1747.
Howe, Snow & Bertles, Inc.; Eastman, Dillon & Co.; Stroud & Co.; A. E.
Fitkin & Co., and R. E. Wilsey & Co. sold 100,000 shares class A com.
Stock in March 1927 at the market, to yield 7.40%. V. 124, p. 1360.
The 7% Ser. A ” pref. stock is entitled to cum. divs. at rate of $7 before
anything is paid on the Class A ” or Class B ” stock.
The participating feature of the 7 % cumulative partic. pref. stock is non
cum. and is limited to 3% additional in any year. In all other respects
the 7% partic pref. and the 7% pref. stock. Series A . are identical and
have preference as to assets to an amount o f $100 per share. Both pref
stocks are red., whole or part, after 3 years from issue, on 30 days’ notice
at $115 and divs. Stock so retired, cannot be re-issued. Pref. stock has
no pre-emptive right to subscribe to any stock. Voting power only in
event o f two consecutive quarterly dividends in arrears, in which cast

National Public Service
Corporation
Subsidiaries serve total combined population
of 2,147,000 in New Jersey, Pennsyl­
vania, Ohio, Delaware, Maryland,
Virginia, North Carolina, Georgia,
Florida and West Virginia.
Outstanding securities of this company
bought, sold and quoted
Write for Circular 208

Incorporated

Net earnings_____________________ $11,920,323
Interest and dividend charges_______ 6,612,439
Depreciation and retirements_______ 1,360,919
Minority interest___________________
31,087
Annual interest requirements_______ 1,002,723
7% preferred dividends_____________
665,539
Amortization, bond discount & exp._
394,960
Class A common div. requirements-.
371,304

$8,104,185
4,082,030
1,055,578
27,097
828,750
554,631
329,895
309,398

$7,106,937

Balance__________________________ $1,481,352
$916,806
OFFICERS.— Pres., John E. Zimmermann; V.-Ps., Milward Oliver,
H. D. Polhemus, R. J. R . Tchie, T. R . Crumley and F. W . W oodcock;
Treas., Milward Oliver.; Sec., C. A. McClure. Offices, 165 Broadway, N .Y.
City.— V. 120, p. 1204, 1328, 1459, 1747, 2401, 2816, 2684, 2944; V. 121,
p. 1102, 1678, 2521, 2638, 2751; V. 122, p. 481, 883, 1310; V. 123, p. 455,
843, 982, 3210. 3340, 2139. 2655, 3320; V. 124, p. 236, 647, 1360, 1667, 1820,
3067, 3209, 3353, 3496, 3630.

JERSEY CENTRAL POWER & LIGHT CO.
Control.— All of the common stock (except directors shares) is owned by
National Public Service Corp.
ORGAN IZATION .— Formed in N. J. Feb. 9 1925 with the approval of
the Board of Public Utility Commissioners of New Jersey by the merger of
the following electric power and light and gas cos.: Central Jersey Power
& Light C o., Consolidated Gas Co. of New Jersey, Lakewood & Coast
Electric C o., Coast Gas Co., Monmouth Lighting C o., Shore Lighting C o,,
Toms River Electric C o., Tri County Electric C o., The Lakewood Gas C o..
City Gas Light C o., and Shore Gas Co. (see V. 120, p. 1326). Co.owns
all outstanding securities of Lakewood Water Co. In July 1925 acquired
the Millburn Electric Co. In Sept. 1925 was authorized to issue 35,000
no par common shares. V. 121, p. 75. 1569. In Oct. 1925 the New Jersey
P. U. Commission approved an issue of $1,000,000 7% pref. stock. Co. had
applied for $2,136,000 and was to request approval of the remainder later.
V. 121. p. 2038. In Dec. 1925 New Jersey P. U. Commission authorized
co. to issue $328,500 of 1st mtge 5V£% gold bonds and $400 000 o f 7%
pref. stock. V. 122, p. 94. In Jan. 192/ co. applied for authority to issue
$2, <
‘50,000 5)4 % 1st < ref. mtge. 20-year s. f. bonds at 90, $1,500,000 cum
ffc
pref. stock at par and 69,100 shares of no par common stock a ; $10. V. 124,
p. 507. In M ay 1926 co. acquired control of New Jersey Gas & Elec. Co
Boonton Gas, Light & Improvement Co., and in June 1926 acquired Wild­
wood Gas Co. V. 122, p. 3452. Pompton Lakes, New Jersey, plant
acquired Dec. 1 1926, see V. 123,Tp. 1876.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Furnishes without competition electric power and light service to 187 com­
munities and gas service to 72 communities in northern and eastern New
Jersey. The territory served has an aggregate population of 360,000 and
Includes Morristown, Summit. Lakewood, Spring Lake, Long Branch.
Asbury Park, South Amboy, Red Bank, Keyport and Millburn, and Other
communities.
The electric power and light system includes steam electric generating
stations with a total installed generating c a p a c it y of 51,000 h. p ., and
272 miles of high-tension transmission lines with distributing systems aggre­
gating 2,426 miles of line serving 50.333 consumers. All the territory served
(s or is about to be interconnected with electric transmission lines, the
connection between the northern and southern territory to be through the
Public Service Electric & Gas Co. of New Jersey. Co. has under construc­
tion a power plant of 20,000 k.w. at Whippany, N. J. V. 123, p. 710.

Jersey Central Power & Light
Company
Owns and operates electric power and light
and gas properties in New Jersey, in­
cluding portion of the metropolitan
district tributary to
New York City
Subsidiary of National Public Service Corporation

Outstanding securities of this Company
bought, sold and quoted

Howe Snow & Co.
Incorporated

New York

Chicago
Grand Rapids
Detroit
San Francisco
Minneapolis
Philadelphia




pref. votes share for share with com. stock. In case of 8 quar. pref. divs.
in default, pref. stock has full and exclusive voting power and elects board
of directors. At no time may any com. div. be declared which would
reduce co.'s surplus below an amount equal to a full year’s 7% divs. on
outstanding pref. stock. In June 1925 Howe, Snow & Bertles sold $2,500,000 7% cum. series A pref. stock at $96 per share and div., to yield 7.29.
Each share carried a stock purchase warrant to purchase one share class B
com. stock at $20 incl. July 15 1926; at $25, incl. July 15 1927; at $30, incl.
July 15 1928.
In Feb. 1926 Howe, Snow & Bertles, Inc., and A . E. Fitkin & Co. offered
at 95 and divs., to yield about 7.37%. $1,250,000 7% cum. series A pref.
stock. V. 122, p. 883. In Jan. 1927 Howe, Snow & Bertles Tnc., &c., &c.,
sold $3,506,000 additional 7% cum. series A pref. stock at 96 and div.
V. 124, p. 647.
Exchange of Preferred Stocks.— In Aug. 1926 holders of 7% par tic. pref.
stock were offered for each 7% partic. pref. share, one share 7% series A
pref. and one share class A com. stock. V. 123, p. 982.
Class A and class B com. are listed on New York Curb Market.
Bonds.— Are specifically secured by the deposit with the trustee of all
the com. stocks of the subsidiary companies owned, which represents, in
every case, not less than the voting control of such companies. The trust
indenture provides for equal semi-annual payments for interest and sinking
fund of $38,500 for each $1,000,000 bonds issued to the trustee, beginning
Feb. 1 1926, and semi-ann. thereafter. The balance remaining after the pay­
ment of int. on outstanding bonds of this issue shall be used for the purpose
of sink. fd. for the retirement of bonds. Series a are callable at any time on
30 days notice at 105 & int. up to and incl. Feb. 1 1936, reducing X of 1 %
for each year elapsed from Jan. 31 1936 up to maturity. Conn. 4 mill tax,
Penna. 4 mill tax, Maryland 414 mill tax, District of Columbia 5 mill tax,
and Mass, income tax on int. not exceeding 6% of such int. refunded. In
March 1925 $6,000,000 Series “ A ” 6 H s were sold by E. H. Rollins & Sons;
>
Blyth, Witter & C o., &c., &c., at 97J4 and int., to yield about 6.70% .
V. 120, p. 1459. In M ay 1925, E. H. Rollins & Sons, &c., &c.. sold
$4,500,000 at 971^ and int., to yield 6.70%. In June 1925 they sold $1,000,000 at 97)4 to yield 6.70%, and in Sept. 1925 $1,250,000 at the same
price and yield.
Dividends.— A regular quarterly dividend of 40 cents per share was
paid June and Sept. 15 1925 on the class A com. stock and regularly since.
V 120. p. 2684: V. 121, p. 1102.
EARNING S.— Consolidated earnings calendar years:
1926.
1925.
1924.
Gross (all sources)__________________ $27,788,680 $19,888,904 $18,076,756
Oper. expenses, maintenance & taxes. 15,868,357 11,784,719 10,969,819

Write for Circular 21S

Howe Snow & Co.
120 Broadway

[V ol. 125.

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
Minneapolis
Philadelphia

Oct., 1927.]




POWEK, LIG H T AND K A IL W A Y

107

Shaded portions showterritory
reached by lines shownon fer^e m
ap

N A T IO N A L
PUBLIC SERVICE
CORPORATION

108

PUBLIC U TILITIE S

[V ol. 125.

The gas properties include plants for the generating of artifical gas, with $107,763; deficit after oper. exp. A fixed charges, $46,269. In 1924, gross
an aggregate d aily generating capacity o f 13,755.000 cu . f t .. and 498 miles of (all sources), $103,425; net after oper. exp. A fixed charges, def , $48,988.
gas mains serving 31,158 consumers. For year ended July 31 1927, 100,- In 1923, gross (ad sources), $110,625; net after oper. exp. A fixed charges,
094,592 k.w.h. o f electrical energy and 1,255,939,000 cu. ft. of gas were def., $57,125.
generated. All the territory supplied with gas except Ocean City, Boonton,
OFFICERS.— Pres , L. R. Isenthal; Sec., J. M . Campbell; Treas., A. W.
Dover and Wildwood is inter-connected with gas transmission lines to the From.— V. 113, p. 2078; V. 120, p 84.
gas plants located at Long Branch, Belmar and Lakewood.
Lakewood Water Co. furnishes water service to 1,437 customers Id
Lakewood and vicinity.
M ORRIS COUNTY T R A CTIO N .
STOCK AND BONDS—
Date. Interest.Outstanding.
Maturity.
Receivership.— On July 24 1923 Joseph K. Choate and Joseph P Tumulty
Common stock (no par)______ _____
_______ 192 800 shs. -------------were appointed receivers for the company. See for proposal of receivers tcPref cum, 7% series_________ _____
7 Q-J
$7,100,000 Apr '27 1 % have the State and municipalities through which the co.’s lines operate,
Pref cum 6% series________
6
140,500
------represented on the board of directors, and to have arrear taxes and pavbi(f
1st Mtge & ref Series A ($500/ 1925 5K g F-A 17,933,000 Feb 1 1945 assessments cancelled. V. 121, p. 2403. Sale of company at public
& $1,000) gold________c*tflBank o f America, N. Y ., trustee.
auction authorized by court. Y. 124, p. 2749, 3209, 3496.
Series B ($1,000, $500 c *) / 1927
5 g F-A
2,300 000 Aug 1 1947
Fare Increase.— On June 30 1926 the New Jersey P U. Comm'ssioB
t f \Bamr of America, New York, trustee.
granted
an increase in fares, effeettive
1
7
Divisional bonds (closed)__________
5%
3,206.500
------- zone receivers charge for school children from July 5c.1926 from p to 10c.
per
and the
3 to
V. 123,
325.
Stock.— Pref. is entitled to 110 & divs. in the event of voluntary liquida­
ORGANIZATION —Incorporated in New Jersey in 1899. Charte;
tion and $100 per share A divs. in involuntary liquidation. Red. all or in gives company right of eminent domain. Built most.lv on private right-ofpart after 3 years from issuance at 110 & divs. In April 1925 $4,000,000 wav
Franchises through towns are perpetual or for 35 years
offered by E. H. Rollins & Sons, Blyth. Witter & C o.. Eastman. Dillon A
FTELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Co., Ac.. Ac., at 97 & divs., to yield over 7.20%. V. 120. p. 1747.
Owns 44.01 miles road, 58.33 miles of track. Road is in operation from
Bonds.— 1st mtge. & ref. Series A 5t£s are red. all or in part at any time Maplewood to Danforth Road, Madison, 10.89 miles: Morristown to Lake
on 30 days’ notice, at 105 and int., reducing Vi of 1 % for each year elapsed Hopatcong, 21.81 miles. Branch lines, Springfield to Elizabeth. 5 34 miles;
from Jan 31 1925 up to maturity. Mtge. provides for sink. fund. Conn.
Denville to Boonton, 4.90 miles; Dover to Wharton 1 mile. The 2.69
Penna.. Maryland and Dist. of Columbia mill taxes at rates not exceeding miles of road between Danforth Road and Morristown are owned by the
the rates in each case as existing on Feb. 2 1925 and also Mass, income tax Morris RR. and are operated under lease; also operates under lease branch
not exceeding 6% on the int. thereon refunded. $11,500,000 Series A 5 Hs line. Morris Plains to State Hospital, 1.36 m. Total road operated, 65.98 m.
were sold in March 1925 by E. H. Rollins A Sons; Blyth, Witter & Co., Gauge 4 ft 814 in
70-lb. T rail tn country 80-lb girder in cities
Ac.. &c. at 97V4 and int., to yield over 5.70%. V. 120. p. 1458
In
STOCK AND BONDS—
Date.
Interest. Outstanding Maturity.
April 1926 th ey sold $1 000 00(1 ad d ition al Series A at the sam e p rice
Stock common_______________ ___
_______
$300,000 ---------------V. 122 p 2191. In Aug 1926 they offered $3,500,000 additional series A First mortgage $3,000,000(1905
5 g J-D 15 3,000,000 June 15 ’35
bonds at 98 and int to vield over 5 65%
V 123 p 710
7
($1,00(1) gold callable atjln t at People’s Sav. A Trust C o., PittsSeries B 20-near 5% gold bonds, dated Aug. 1 1927, are rad. at any time
110 and interest___ c*A rtf ( burgh, trustee.
on 30 days notice all or in part at 104 and int., reducing H of 1% for each Income
debenture
bonds) 1917
5 g J-D
1,179,000 June 16 '48
year elapsed from July 31 1930 up to maturity. Certain State taxes re­
($100)
..
flnt at. People’s Sav. A Tr. C o., Pitts., trusk
funded. In Sent. 1924 $2,300,000 1st mtge. A ref. 20-year 5% gold bonds,
EARNINGS.— For calendar years;
dated Aug. 1 1927, were offered by a syndicate headed by E. H. Rollins
1925.
1924.
1923.
& Sons at 9514 and int., to yield over 5.25%. V. 125, p. 1708.
Gross___________________ ___________
$514,109
$508,936
$507,291
Net after taxes_____________________
56,149
39,857
17,441
EARN INGS.— For calendar years:
Bal., Avail
Interest
Gross (All
Net after
OFFICERS.— Pres., Joseph K. Choate, New York; V.-Ps., Geo. Si.
Sources). Maint.A. axes Charges. forDirs..&c. Hann, Pittsburgh, Pa., and H. O Rea: Sec., Treas. A Gen. M gr., O. G,.
*1927_________________ $6,158,151
S2.617 381 $1,261,640 $1,951,741 $chni’ M owetown- «mw. Chas Field* — V. 119, n. 811; V. 121, p. 2403;
*
1,533,643 V. 123, p. 325; V. 124, p. 2749, 3209, 3496.
996,905
1926 __________________ 5,855,178
2,530,548
1925______________ . 4,998.714
2,184,726
* For 12 months ended July 31 1927.
OFFICERS.— Pres.. F. W. W oodcock: V.-Ps.. J. R . Crumley. Milward TRENTON & MERCER COUNTY T R A C T IO N CORP.
Oliver, J. H. Drake, R . J. Ritchie, H. D . Polhemus and W . L. McDermot;
ORGANIZATION.— Incorp. on Oct. 5 1910 in New Jersey with $10,000
Sec., C. A. McClure; Treas., Milward Oliver. Office, 165 Broadway,
N . Y . City.— V. 120, p. 1458, 1247; V. 121, p. 75, 330, 1569, 2038; V. 122, stock ($100) increased in Nov 1911 to $400,000. of which $200,000 is pref.
V 93, p. 1260. On Oct 15 1910 leased for 990 years Trenton Street R y.,
p. 94, 219, 3452; V. 123, p. 710, 1876; V. 124, p. 507; V. 125, p. 1708.
Mercer County Trac., Trenton Ham. A Ewing Trac., and Trenton Penning­
ton A Hopewell St. R y., at a rental of $80,000 the 1st year, $82,500 the 2d,
$85,000 the 3d, then increasing $5,000 yearly until the maximum of $150,000
ATLAN TIC CITY & SHORE CO.
Is reached.
ORGAN IZATION .— Incorp. in 1909 in Dela Owns 2.995 of the 3.000
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
shares o f the Atlantic & Suburban R y. Co. stock and a majority of the Owns and controls by lease about 68.81 miles of track, comprising all local
stocks of the Centra) Passenger R y. Co ($40,000 bonds) and Atlantic street railway in Trenton and interurban lines to Yardville, Trenton JuncCity & Shore RR. Co. Also owns all o f the $591,100 outstanding 1st mtge
don. Pennington, LawrenceviPe. Princeton and Hamilton Square.
bonds o f Atlantic A Suburban Ry.
Also operates buses. V. 119, p. 812; V. 123, p. 2903.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
In Jan. 1918 failed to pay rental on the Trenton Street Ry. properties,
out was granted an extension of time until April ] 1918 and then to July 1
Common stock_____________________
________
$740,800
Preferred stock______________ _____
________
254.700
1918. in which to make payment. Resumed payment of current rentals on
Coll trust, $591 i o 6 ~ : : : : : : ! t f I910~
4%
591.100 See text.
fuly 1 1923. (Accrued rentals unpaid on Dec. 31 1925 amounted to
The collateral trust 4s are secured by $591,100 Atl. & Sub 1st mtge.
$733,792.)
bonds and 2,995 out of 3.000 shares of stock o f that company
They fall
To Build Terminal in Trenton.— See V. 118, p 2306.
due Feb. 1 1028 or Feb. 1 1940
Equipment Trust Certificates.— See V. I l l , p. 494; V. 119, p. 1173.
OFFICERS.— Pres., I. H. Silverman; V .-P ., James H. Garthwaite;
Sec., L. R . Isentbal: Treas., A. W. From. Office: Land Title Bldg.,
Valuation.— See V. 112, p. 1268.
Philadelphia. Pa.
E A R N IN G S.— For cal. year 1926. gross, $1,567,804: net after taxesr
(11 ATLANTIC C IT Y & SHORE R R .
$290,058. In 1925. gross, $1,565,269; net after taxes, $279,297. For
ORGANIZATION.— Incorp. in N. J. Oct. 21 1905 with a perpetua
1924, gross, $1,635,799; net after taxes. $299,261. In 1923, gross. $1,701,charter. Leases Atlantic City & Ocean City R R .—see terms below— and 034; net after taxes, $352,299. In 1922, gross, $1,689,896; net after taxes,
owns $218,500 o f the common stock o f the Atlantic City & Ocean City $311,780.
C o., which holds all the stock and bonds of the Atlantic City & Ocean City
c e r . -T>res Rankin Johnson: Treas.. f f ,.
R R .. V 85, p. 158. Operates over the Central Pass R y. Co. tracks under p. o f f i 1173, s2065; V. 122, p. 2193;.V. 123, p. 2903. Matthews.— V. 119,
812.
traffic agreement.
(1) TRENTON STREET R Y .— Trolley. The United Power A Trans­
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates 47.45 miles o f track in and around Atlantic City, including a road portation Co. owns 19.969 out of the 20,000 shares of stock outstanding.
Lease.— Is leased to Trenton A Mercer County Traction Corp. (see above).
through Pleasantville. Linwood and Somers Point, to Ocean City, the
V. 91, p. 1513.
latter two points being connected by 2 miles of trestle and bridge owned by
the Atlantic City A Ocean City R R .
ORGAN IZATION .— Formed June 28 1898 by consolidation of the Tren­
Contract with West Jersey & Sea Shore RR.— An agreement has been
ton Passenger R y., Mulberry Street Passenger R y .. Pennington Avenue
entered into with the West Jersey A Sea Shore R R . by which the Atlantic
Passeng t Ry and Ewing Passenger Ry.
Ave. line of the latter road, running from Atlantic City to Longport. 8 H
On June 19 1899 the Mercer County Traction Co. was formed with a
miles, is operated by this company.
capital o f $100,000 to enable the Trenton Street Rialway Co. to build an
extension of 11.42 miles into Princeton and in the city of Trenton. 975
STOCK AND BONDS— Date.
Interest. Outstanding
Maturity
shares of the stock are owned by the United Power A Transportation Co
8tock, $1,000,000 ($100)_____ _ _.............. ..........$1,000,000 ________
C operated as a part of Trenton Street Ry. system.
s
1st mtge A coll trust deed) 1905 5 e J-D
950,000 Dec 1 1945
$1 .OOO.OOf) ($1.000) g_ c*tfflnt,. at Girard Trust Co . Phila , trustee
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Bonds.— No sinking Bind but can be called at any time at 110 and int.
_______
$1,000,000 ...................
Stock $2,500,000 (par $50)_________
Fronton Passenger first mtgef
90,000 X1920-1925
EARNINGS .— F o r calendar years*
$840,000 g o l d
($1,00011891
6 g A-O
($15,000 due yly Oct. 1>
Net.
Rents, t%c.
Gross.
Bat., Stir
each)__________________ c*
100,000 1926-1930
1926.................. ..$1,366,159
$265,074
$91,702
$356,776
Interest at Mechanics Nat.
($20,000 due yly Oct. 1)
1925............... . - . 1,364,300
74.209
326,122
251,913
B a n k. T r e n t o n . N. J ____ (
6 5 0 .0 0 0 O c t . 1 1031
1924__________ - - 1,282,539
39.958
282.487
242.529
1,159,000 July 1 1938
1923. _______ - - 1,354.015
336,969
271,233
65,736 Consolidated mortgage goldf 1898 5 g J-J
$2,000,000 ($1,000)_____c*) Interest in Trenton at Mechanics National
1922__________ - . 1,227,160
296,618
252,668
43,950
[ Bank; Girard Trust C o., trustee.
OFFICERS.— Pres., I. H. Silverman; V.-P., A. J. Purinton: Sec., J. M
Trenton St Ry general mtgef 1911
6 J-D
500,000 June 1 1941
Campbell; Treas., A. W . From; Gen. Supt., A. J. Purinton.— V. 118, r .
$500,000 gold ($1,000)--C*(Bankers Trust C o., New York, trustee.
3195: V. 119, p. 72.
Guaranteed Bonds—
Trenton Pennington A Hope f 1903
5 g J-D
349,000 June 1 1943
(a) ATLANTIC CITY & OCEAN CITY CO.
first mortgage $350,000)Int. at Mechanics Nat. Bk., Trenton, N. J.
ORGAN IZATION .— The Atlantic City A Ocean City Co was organizer
gold uaranteed
- - __ [ Guar. prin. A int., by Trenton Street Ry.
InDelawareand owns the entire ($180,000) stock and all the ($180,000) bonds
Trenton Hamilton A E 1st M l 1905 5g M -N
500,000 Nov 1 1955
o f the Atlantic City A Ocean City RR and has pledged them as security
$500,000 ($1,000) gold _c*] Real Est. Tit. Int. A Tr. Co. Phila.. trustee.
for tne collateral trust bonds below Of the common stock of the Atlantic
Mercer Co Tr 1st M $300.0001 1904 5 J-J
292,000 July 1 1944
City A Ocean City Co., $218,500 is owned by the Atlantic City A Shore
gold ($1,000) guar p A L c*/R eal Est. Tit. Ins. A Tr. Co., Phila., trustee.
R R . The latter leases the Atlantic City A Ocean City RR. for 999 years
the rental being $19,500 per annum, and an additional contingent sum equa1
Bonds.— $840,000 consolidated 5s of 1898 are reserved to retire first 6s.
to 33 1-3% of the net surplus, but not to exceed $26,000 per annum.
Trenton Street Ry. gen. mtge. bonds are subject to call at 105 and int. on
FIELD OF OPERATIONS A N D CHARACTER OF BUSTNESS.m y int. day. V. 93, p. 797. Are listed on Phila. Stock Exchange.
The Atlantic City A Ocean City R R . owns 2.61 miles of road from Somerc
Mercer County Traction, Trenton Pennington A Hopewell and Trenton
Point across Great Egg Harbor Bay, on bridge and trestles to Ocean Citv
Hamilton A Ewing Traction bonds are guar., p. A L, by endorsement by
Boardwalk. Rails. 85 lbs. V. 85. p. 158: V. 87. p. 165.
Trenton Street R y. V. 94. p. 826, 1696.
STOCK AND BONDS—
Date.
Interest. Chitstanding. Maturity
OFFICERS.— Pres., Walter A. Rigg; Sec. A Treas., T. W . Grooket Jr.—
Common, $350.000_________________________ _
$220,000 _________
V. 106. p. 1901, 2230.
Pref 5% non-cum $250,000_________
________
175.000 __________
Collateral trust gold $500,-) 1907
5 M-S
350,000 Mar 1 1947
000 redeemable 110 A int t ff Girard Trust C o., Philadelphia, trustee
TRENTON -PRIN CETON T RA CTIO N CO.
Stock.— The preferred stock is redeemable at par.
ORGANIZATION.— Incorp. in New Jersey on Sept. 29 1922 as a con­
OFFICERS.— Pres., L. R . Isenthal; Sec., J. M . Campbell; Treas
solidation of the New Jersey A Pennsylvania Traction Co., Trenton LawA . W . From
renceville A Princeton R R ., the Trenton Lawrenceville A Princeton Ex­
(2) ATLANTIC & SURBURBAN R Y .
tension R R . and the Princeton Street Ry.
ORGAN IZATION .— Incorp. in New Jersey Dec. 7 1908 as a reorganiza
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
tlon o f the Atlantic City A Suburban Traction C o., sold under foreclosure
Comprises 12.55 miles from Warren and Hanover Sts., Trenton, N . J.,
o f 1st mtge. Y. 87, p. 1237, 1532.
to Princeton, N . J.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Franchises are perpetual except in Trenton, which runs to 1953.
Operates 16.13 miles o f track from Atlantic City to Pleasantville, Somers
Point and Absecon. Standard gauge, 80-lb. T rail.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $200,000 ($100)______________
_________
$200,000 __________
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
First mortgage_______________ 1923 6 M -N
400,000 M ay 1 1943
8tock, $750,000 ($50)_______________
________
$150,000 _________
First mortgage,
$650,000) 1909
4 gF-A
591,100 Aug 1 1929
EARN ING S.— For cal. year 1926, gross, $101,524; net after taxes, $18,($1.000)-------------------- c * tf/In t. at Cambridge Tr. Co., Chester, Pa., Tr
025. In 1925, gross, $109,107; net after taxes, $23,817. In 1924 (Prince­
Prior lien M , $100,000, g u a r ) _____
5%
100,000 Feb 1 1940 ton Division), gross, #127,105; net after taxes, $18,776. In 1923, gross,
p A i. by A C A S C o ___ t f r
$127,258; net after taxes, $24,136. In 1922, gross, $132,048; net after
Bonds.— Bonds have no sinking fund. V. 87, p. 1237. Originally ma­ taxes, $19,719.
tured Feb. 1 1925 but were extended to Feb. 1 1940.
OFFICERS.— Pres., Sydney L. Wright, Phila.; V.-P. A Gen. M gr..
EARN IN G S.— For cal. year 1926, gro-s (all sources), $94,428; deficit Gaylord Thompson Trenton; Sec. A Treas., John M . Morrissey.—V. 118.
after oper. exp. A fixed charges. $59,340. In 1925, gross (all sources) p. 312. 2573.




O ct ., 1927.]

POW ER, LIGH T AND R A IL W A Y

P E N N S Y L V A N IA
AMERICAN ELECTRIC POWER CORP. (DEL.).
O R G A N IZA TIO N .— Organized in August 29 1927 under the laws of
Delaware, has acquired practically all of the common stock of the American
Electric Power Co. (of N . J.) and all o f the voting stock of the Pennsylvania
Gas & Electric Corp.
FIE LD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
The corp., through these subsidiaries, owns and controls a group of proper­
ties supplying a diversified public utility service in more than 100 com­
munities having an aggregate population estimated to exceed 1,000,090.
Electric light and power is supplied to Wilmington, Del., and to the nearby
territory in Delaware, Pennsylvania and Maryland. Thirteen communities
in eastern North Carolina, centring about Kinston and New Bern, are also
supplied with electricity for light and power. Manufactured vas is supplied
to York, Pittston, and 86 other cities and towns in northern Pennsylvania,
6 cities and towns in New York, 5 cities in North Carolina and to a suburban
district tributary to Washington, D . C . Manufactured gas is also supnlied
at wholesale for distribution in Addison and Elmira, N . Y . Natural gas
lands are owned and leased near Oil City, Pa., and natural gas is furnished
at wholesale in Oil City and at retail and wholesale in 7 nearbv com­
munities. Transportation service is furnished to and about Wilmington,
Del., and Media and Chester, Pa., and to SurinHield and Dayton. Ohio.
Manufactured ice is supplied 12 cities o f Virginia, North Carolina and
South Carolina. Among these are Portsmouth, Va., Winston-Salem and
Charlotte, N . C ., and Columbia, S. C.
The capacity o f the electric generating plants totals 25,000 k.w. and
service is rendered to some 30,700 customers by means of 260 miles of hi hvoltage transmission lines and over 308 miles o f distribution system. The
aggregate daily generating capacity o f the gas plants totals to 11,150,000
cu. ft. The annual output is in excess o f 3,928.090,000 cu. ft. of gas. which
is distributed to over 37,600 customers through about 1,000 miles of mains.
The ice properties consist o f 19 manufacturing plants with an aggregate
daily capacity o f 1,225 tons. The sales for the vear 1926 aporoximated
182,090 tons. The transportation systems annually carry over 66 000 090
passengers and have an eouioment of 319 cars operating over 212 miles
o f track, 59 miles of which is interurban.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Com 899,090 shs (no par)------- ------------------ 200,000 shs ...............
None _________
Pref 200,000 shs fno par)__________
_______
13,709 shs __________
2d pref 15.000 shs (no par)---------------------$6,500,000 Sept 15 ’57
6% conv deb ser A (c* $1,000. 1 1927
6 g M-S
$509, $100)____________ rf\Bankers Trust C o., New York, trustee.
10-yr 6% deb $9,090,000) ____
_______
9,000,000 __________
(sub to 6 % deb ser A )___ J
Stack.— The $7 pref. stock into which the gold debentures are convertible
will be entitled to cum. divs. at rate o f $7 per share in preference over
2d pref. and common stocks. Non-voting except in event <f default in
divs. for period o f one year. Red. at option o f corp. on first day of anv
calendar month on not less than 30 days’ notice at $110 per share and
accrued divs. Unon any dissolution, liouidation, or winding-up of the
corn., whether voluntary or involuntary, the holders o f this stock shall be
entitled to receive SI00 a share plus accrued divs., before any distribution
shall be made to holders of 2d pref. or common stocks.
Debentures.— The 6% convertible gold debentures, series A . dated Sept. 15
1927, are the direct obligation of the corp., issued under a debenture agree­
ment which provides among other things that additional debs, may bo issued
but onlv when consol, net income, as defined in the debenture agreement
for a period of 12 consecutive months within the 15 calendar months imme­
diately preceding the application for the issuance of such additional debs.,
shall have been not less than 3 times the annual int. charges of the corn,
outstanding incl. the int. charges of the debs, then proposed to be issued,
but excluding int. charges o f indebtedness subordinated, as described in
the debenture agreement, to these debentures. Corp. is under c-mt-act
with the present holders o f the subordinated 10-year 6% debs., upon their
reouest to purchase such debs, or any part the-eof, with the proceeds to be
derived from the sale of add 16% conv. gold debs, series A, or under certain
circumstances to exchange such debs, for 6% conv. ""Id debs., senes A.
The debenture agreement also provides that debs, may be issued under said
debenture agreement, in series, which may bear such dates, rates of in t.. V c .,
as may be determined by the board o f directors or executive committee,
sub'ect to the restrictions o f the debenture agreement. Corp. also coven­
ants that wh 'le anv of its debentures issued under said debenture agreement
are outstanding, it will not issue anv unsecured evidences of indebtedness
maturing more than 3 years from the date o f issuance thereof not sub­
ordinated to these debs., nor will it issue any secured evidences of indebted­
ness maturing more than 3 years from the date o f the issuance the-eof
without p-ope-lv providing for the extension o f such security to the debs,
issued under said debenture agreement. Convertible on any int. date up to
and incl. March 15 19°8 into the ®7 pref. stock o f the corp. at the rate
o f 10 shares of $7 pref. for each $1.000 principal amount of debs. Red. at
option of corp., all or in part, on any int date on 30 davs’ prior notice at
105 and accrued int. prior to Sept. 15 1956. and at 199 and accrued int.
thereafter. Com . agrees to refund on proper application Penna., Calif,
and Conn. 4-mills taxes; M d. securities tax up to 4 J^-mills per annum, or
the Mass, incom otaxnot exceeding 6% per annum. Indent. 1927 B ''nbright & Co., Inc., and A. C. A.llvn < Co. offered at 99 and int.. with
V
appr-x. yield o f 6.05% , $6,500,000 6% conv. gold debs., of series A.
V . 125, p. 1834.
EARN IN G S.— Consolidated earnings for years ended June 30:
[Of the properties owned by American Elec. Power Corn, through subsids.]
1926.
1927.
Gross earnings, all sources____________________ $11,211.^07 $11 787 408
Oper. exp., rentals, maint. & taxes (excl. Fed. tax) 7,69°,579 8,044 873
Net earnin -s---------------------------------------------------$3,607,818 “ $37742,625
Balance o f not ea-ns. (before renew. & replace, res.,
deplet. and r'ed. taxes) applic. to securities of sub.
cos. owned bv Amer. Elec. Pow. Corp., after de­
duction o f ann. int. charges & divs. paid or aeer.
on the stocks o f sub. cos. noW held by the public 1,745,622
1,818,958
Annual int. on $6,500,000 6% conv. gold debs.,
______
390 090
series A, due 1957____________________________
Earnings, as shown above, for the 19 months ended June 30 1927, which
are exclusive o f anv gains from the sale of capital assets, were in excess of
4V£ times the annual int. requirements on 6% conv. gold debs., series A,
due 1957.
OFFICERS.— Pres.. R. P. Stevens; V .- P .,________ — V. 125, p. 1834.
AMERICAN ELECTRIC POWER CO. (OF N. J.).
Control.— The maiority o f the common stock is owned by American
ElecW c Power C o r n . C o . was formerly controlled by A m erican Gas &
Electric Co. V. 125, p. 1834.
ORGAN IZATION .— The American Rys. Co. was incorp. under laws of
N. J. in 1900 as a consolidation of the former American Rys. Co. and the
United States Electric Ry. & Light C o., which latter had only $1,000 of
outstanding stock
Name changed from the American Railways Co. to
present title on Feb. 13 1923. V. 116. p. 615. In June 1925 purchased
the Rocky Mount (Va.) Light <e Power Co. V. 120, p. .3184.
t
For list of securities owned by the co. as of Dec. 31 1923. see “ Electric
Railwav" Supplement of April 26 1924.
Sale of Subsidiary Companies
See V 120. p. 1.324: V. 122, p. 1167
Subsidiaries to hi Merged wilb Appalachian Electric Power Co.—-The follow
tag subsidiaries, all operating in Virginia or West Virginia, previously con
trolled by American Electric Power Co. were to be acquired in 1926 by
Appalachian Electric Power Co. (See this latter co., V. 122, p 2490.)
Consolidated Power & Light C o., Lynchburg Traction & Light Co , Roanoke
Ry. & Elec. Co.. Roanoke Traction & Light Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Total track mileage o f subsidiaries 316 miles. 670 cars.
STOCK AND RONDS—
Date.
Interest. Outstanding. Maturity
Common $17,000,000 ( $ 5 0 ) . . . -------------$9,460,000
See text




109

STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Collar trust $2,500,000 gold/ 1911
5 F-A
932.000 Aug 1 1931
conv ($500 & $1,000) __c*tf (in t. at Merchants' Un.
Co..Phila..trust.
Income bonds (see text)______ _____
7%
1 096,950
1940
Oar trust certificates ser “ A ” - . 1923
6 J-J
245 lO __________
O
car trust certificates ser “ C ” J 1916 5 F-A
24 000
See text
($ 1 ,0 0 0 )______ ________ c/Logan Trust Co. of Philadelphia, trustee.
Car tr c t f ser “ D ” ($l,000)c*tf 1917
6 4 -0
21 900
See text
Stock.— Common stock listed on Philadelphia Stock Exchange.
Bonds.— Coll, trust bonds of 1911 have no sinking fund but bonds are
subject to call on any int. date at 102. The collateral for the bonds consists
of $2,250,000 stock (out of $2,500,000 issued) of the People’s R y.of Dayton
Car Trust Certificates.— Of Series “ A " $35,000 mature July 1 each year.
Series “ C " certificatas mature $12,000 yearly Aug. 1 to 1928
They
were issued by the Logan Trust Co. and unconditionally guar., p. & i.,
end.) by the American Rys. Co. V. 103, p. 1031. Series “ D " certifi­
cates mature $21,000 each July 1 from 1918 to 1926 and $23,000 July 1 1927.
EARNINGS.— For calendar years:
Total Income Net after
Preferred
Balance,
(All Sources). Tax.,Int.,&c. Dividends.
Surplus.
1925------------------------------ $2,626,980 $1,953,599
$344,676 $1,608,922
1924------2.317,338
1.367,758
343.855
1,023.903
1923----------------------------- 2.826.167
1.708 358
a287.053
1,421.306
*22----------------------------- 2.475.896
1,134.520
1.134,520
* In Feb. 1923 paid 19>£% in pref. stock, clearing up all accumulations
'• that issue. In May. June and Aug. 1923 dividends of 1 *4 % payable ta
mef. stock) were paid. In Nov. 1923 a cash dividend of 1 % % was paid
■n 1924 regular quarterly cash dividends of 1 % % were paid.
COMBINED EARNINGS OF CONTROLLED COM PANIES.
Ca’endar Years—
1925.
1924.
1923.
1922.
Operating revenues------- $13,684,625 $19,906,901 $20,803,892 $19,342,698
Net inc. aft. fixed chges. 2,152,631
2.477.959
2,837,148
2,424,888
•**»idends.— Quarterly divs. of \%% each on pref. stock were begun
•r-m 1913 and paid regularly to and incl. May 1920. Aug. 1920 div
deferred None to Feb. 1923. when 19 % (payablein pref. stock) was paid,
clearing up all accumulations. In May. June and Aug. 1923 divs. of 1 \ %
payable in pref. stock) were paid. In Nov. 1923 cash dividends o f i % %
1ere resumed. In 1924. 7% . In 1925. 7% . In 1926 declared or paid,
Feb.. 1 *4 %; May, 1 % %: Aug., \ % % . Pref. stock is to be retired Aug. 1
1926. See above. On common stock— 1% — Dec. 1900. In 1901 paid
I % each in March. June and Sept.; in Dec. paid I M % . In 1902 paid 1 M %
each in March. .Tune and Sept.; in Dec. 1902dividend was increaased to
1 % which rate was continued up to and including Sept. 1914. In Dec
1914 rate was reduced to 1 V % (V 99. p. 1450) In 1915. March, V4%\
t
bine. 1 ' / % : in Sept. 1915 rate was further reduced to 1% (V 101. p. 526);
Dec.. 1%. In Jan. 1916 dividend periods were changed to June and Dec.
1915. V. 102. p. 436. In 1916 and 1917. 4% .
Iunel918 dividend
passed. V. 106. p 2227.2343. None to June 1919. when \% % was paid
In Dec. 1919. \% % . None since. V. 110. p. 2386.
OFFICERS.—Chairman. R. E. Breed: Pres., Van Horn Ely; V.-Ps.,
Ueo. N. Tidd and O. !.. S. Tingley; Sec. A Treas.. Frank R. Ball. Asst,
■^ec. & Asst. Treas.. II. D. Anderson. Opr.era! offices. Third and Church
“ s Vp.r v.,-i, r' f V v pm p vt on- n.n m oi I'tg-i ie -o
V. 121, p. 1675; y . 122, p. 1167, 1453, 1760, 2037: V. 123. p. 1630, 1872;
V. 125, p. 1834.
1 SPRINGFIELD (OHIO) RAILWAY.
ORGANIZATION.— Incorporated in Ohio Oct. 20 1892: 9.944 shares of
he common stock and 5.000 shares of the pref. stock have been acquired
■ thp American Elec Row Co. For details of franchise under which co.
iv
iperates see “ Electric Railway" Supplement of April 24 1920.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— A
rolley road. Owns 40.7 miles of track. Oper
s 71 passenger cars.
STOCK AND BONDS— Date.
Interest, outstanding. Maturity.
"omrnon (par $100)............... ...........................
$1,000,000 ...................
'•referred $500.000__________ _____
6%
500 000
First mtge $5,000,000 ($100,\ 1914
5 g M-S
1,406.500 See text
$500 & $ 1 ,000) g s f_c*n tf/In t. at Real Est. T . & 1. Tr. C o., Phila., Tr
Bonds.— $400,000 of the above outstanding bonds provided for by serial
naturity, i. e., $12,500 due Sept. 1 1914 to 1923, incl.. $25,000 due Sept. 1
'924 to 1934. the remaining bonds ($4,600,000) due Sept. 1 1935.
Sinking Fund.— When more than $1,250,000 bonds outstanding, sinking
'und of 1% to 1923 and 2% thereafter of bonds outstanding over and above
he $1,250,000 of original issue. The escrow bonds ($3,756,000) reserved
'or extensions, betterments, &c., at 80% of cost. Redeemable any interest
late at 102 and interest. V. 98, p. 1609.
EARNINGS.— For year ending Dec. 31 1924, gross, $565,770; net, after
f.axes, $80.78); int., deprec., &c., $137,160; bal.. def.. $56,380.
OFFICERS.— Pres., Paul C. Martin; V .-P ., O. L. S. Tingley; Sec. &
Treas.. Frank J. Pryor. Jr.: Asst. Sec., Asst. Treas. & Compt., H. D.
Did irson; Asst. Treas. & Asst. Compt., C. R. Beddows and Henry P.
Gari ; Gen. Mgr., P. E. O'Brien.— V. 115. p. 1839; V. 117, p. 1993.
(2) OHIO VALLEY ELECTRIC RAILWAY CO.
In 1911 acquired by the American Railways (now Amer. Elec. Pow. C o.),
nut see Cons. Pow. & Lt. Co. above. V. 92. p. 1437: V 93, p. 470.
ORGANIZATION.— Incorp. in W. Va. in 1899. Franchises run until
i|)57 in W Va.: in Ky. and Ohio in Dec. 1916 ran for nearly the full term
Plowed by statute. 20 and 25 years, respectively. In Feb. 1908 name was
•hanged from Camden Inter-State Ry. to the Ohio Valiev Elec. Ry. Owned
entire stocks of Consolidated Light. Heat & Rower C o., Ashland Elec Lt.
* Row. Co. (now Boyd County Elec. Co.) and Ironton Elec. Co., but at
ime of acquisition by Amer. Rys (now Amer. Elec. Row. Co.) these were
urned over to the latter company
Co owns entire stocks o f the Ashland
in te ru rb a n R y .

FIELD OF OPERATIONS AND C H ARACTER OF BUSTNESS.— A
trolley road. Operates 49.7 miles of track in and between Huntington and
benova, W. Va., Catlettsburg and Ashland, K y.. and Ironton, Ohio,
■ perates 62 pass, cars, 15 other cars.
‘
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,000,000 ($100)__ _____
---------------- $2,000,000
See tex*
''ref 6% cum $400,000 ( $ 1 0 0 ) .____
J-J
345.800
See text
st M $2,200,000 gold guar/ 1916
5 g J-D
1.891,000 Dec 1 1946
($ 1.000) ----------------- c*tf)Penn. Co. for Ins. on L. & G. A., Phil., trust.
ntnuis. i c.c
lining uonus were issued co c;iKe up
v-amlen Inter-State Ry. 5s due Mar. 1 1921. $175,000 Hunt, fi Charleston 5s
lue 1936; $100,000 Cons. Lt. & Rys. 6s due 1922. and $50,000 Ashland &
Catlettsburg 6s due 1919. Remaining $309,000 are for exts!^ and'better
ments under restrictions. _________ _____ . 1921 at 102^ and int. Penn
ns. Red..since Dec. 1
State tax refunded. Guar., p. & i., by end. by Am. Rys. Co. V. 103. p.
2342
EARNINGS.— For year ending Dec. 31 1924, gross, $879,414: net.after
w*xes^$250,932j int.M eprec., &c., $150,610; bal., sur., $100.322.— V. I l l ,
Latest Earnings.— 8 mos. end. Aug. 31 1925: Gross. $559,556; net, after
taxes $173,153; int., deorec.. &e.. $110,568; surplus. $62,585.
(3)

ELECTRIC CO. OF NEW JERSEY.

The American Elec. Power Co. owns entire outstanding stock and bonds
ORGANIZATION.— A merger July 5 1916 of a number of electric light
cos m Gloucester, Salem and Cumberland counties, N. J., along the Dela­
ware River opposite Wilmington. Del., and Chester. Pa. On May 1 1919
the Bridgeton Electric Co. was merged into the Electric Co. of New Jersey
which assumed the $250,000 1st mtge. 5% bonds of the former company.'
of which there are now $22,000 outstanding.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Supplies electric current for electric light and power ta municipalities of

110

PU BLIC U TILITIE S

Salem, Pennsgrove, Woodstown, Mullica Hill, Pitman, Glassboro, Williamstown, Paulsboro, Clementon, Laurel Springs, Berlin, Elmer, Clayton,
uinton, Swedesboro, Pedricktown, Pennsville, Harrisonville, Mickleton,
larkesboro, Wenonah, Bridgeton, Port Norris and many other smaller
places.
Bonds offered in exchange for 1st mtge. 5s o f Bridgeton & Millville
Trac. C o., see under that co. in V. 114, p. 1405.
In April 1925 was auth. by the N . J. P. U. Comm, to issue $225,000
1st mtge. bonds and $107,300 in com. stock. V. 120, p. 2011. In Aug.
1926 to issue $605,000 bonds and $45,000 7% pref. stock to American
Electric Power Co., the parent co. Y. 123, p. 709.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Common stock $475.000______ _____
_________
$700,000 ---------------First mtge $5,000,000 gold? 1917
5 g M-S
1,229,000 Mar 11947
($1,000) _________ c*& r.tf\lnt. at Comm’l Trust C o., Phila., trustee.
Bridgeton Electric Co 1st M)
($ 1 ,0 0 0 )_________________ / ____
5 g J-J
22,000 Jan 11930
Stock.— All o f the outstanding pref. stock was called for redemption on
April 15 1927 at 110 and divs. V. 124, p. 1819.
EARN IN G S.— For cal. year 1924, gross, $901,582: net. $262,211: int.,
deprec., &c., $109,493: pref. divs.. $10,229: bal.. sur.. $142,488.
— V . 120, p. 2011: V. 123, P. 709; V. 124, p. 1819: V. 125, p. 1051.
PENNSYLVANIA GAS & ELECTRIC CORP.
Control.— All o f the voting stock o f the Corp. is owned by the American
Electric Power Corp. (Del.).
ORGAN IZATION .— Incorporated in Delaware in 1925 (formerly Con­
tinental Power & Light C o.). Owns, directly or through a subsidiary,
practically the entire common stocks (except directors’ shares) of the
Pennsylvania Gas & Electric C o., Interborough Gas & Fuel Co., Saugerties
Gas Light C o., Allegany Gas C o., Peoples Light Co. o f Pittston, Dempseytown Gas C o., Carolina Gas & Elec. Co., North Penn Gas C o., 75% of
the com. stock o f the Southeastern Ice Utilities Corp., and 51% of the
capital stock of Crystal City Gas Co. Acquired control of Aulm Rock
Gas Co. V. 123, p. 1115; V. 121, p. 2753: V. 124, p. 1220. The Moncton
Tramways Elec. & Gas C o., Ltd., formerly controlled by corp., was sold
early in 1927.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Company atd its subsidiaries serve, either at wholesale or retail, serving
23,656 gas and 4,153 electric customers. Gas output in 1926 was 1,172639,000; miles o f mains, 192.9. Electric sales in 1926, 2,748,323 k.w.h.
The Pennsylvania Gas & Elec. Co. (see hereunder) manufactures and
furnishes the entire gas service in the City of York, Pa., and adjoining
boroughs of West York and North York. Peoples Light Co. of Pittston
manufactures and distributes gas in Pittston, P a., ard nearby commu ities.
Saugerities Gas Light Co. manufactures and distributes gas in the City of
Saugerities, N . Y ., and adjacent territory. Allegany Gas Co. supplies
natural gas either at retail or wholesale through other distributing companies
in Addison, Elmira and Coming, N . Y ., and Coudersport, Austin, Port
Allegany, Galeton, Westfield, Elkland and other communities in northern
Pennsylvania. Dempseytown Gas Co. furnishes natural gas to various in­
dustrial manufacturing establishments in Oil City, Pa. V. 121, p. 2753.
Interborough Gas & Fuel Co. purchases gas from Pennsylvania Gas & Elec.
Co. for distribution in Dallastown, Red Lion and Windsor, Pa. Crystal
City Gas Co. supplies gas in Cornmg, N . Y ., service to be extended to
Pamted Post, N. Y . Southeastern Ice Utilities Corp. supplies manufac­
tured ice in Winston-Salem, Statesville and Charlotte, N . C ., Chester,
S. C ., and in Portsmouth and Suffolk, Va. V. 122, p. 1763
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Class A partic. stock 175,000
shares (no par)____________ _____
See text
94,953 shs See text
Class B stock (no par)------------------------------ .150,000 shs ______ . .
7 % cum pref------------------------- -------7 Q-J
$1,000,000 Jan’27 1 ^ %
10,000 shs __________
$7 cum pref 40,000 shs (no p a r ) ____
$7 Q-J
Gold debent ser A ($1,000,/ 1926
6 g M-S
. .
___
$2,400,000 Mar 1 1976
$5(0, $100 c* t f ) _________ lin t, at Equit. Tr. C o., N. Y ., trustee.
As of March 1 1926 there was outstanding in the hands of the public,
$278,300 of common stock, $1,200,000 of preferred stock and $4,663,585
of funded debt of subsidiary and affiliated companies. V. 121, p. 2753.
Stock.— Class A participating stock has priority over Class B stock as to
assets ($35 per share) and dividends. Is non-redeemable; divs. are noncumulative. Is entitled to divs. of $1 50 per annum, payable quar. March,
&c. After divs. to the extent of $1 50 per year have been declared on
class B stock In auy year. Yt of the aggregate amount of any further divi­
dends declared in such year on such stocks shall be paid to class A stock
as a class, and 14 to class B as a class. The number of class B shares
outstanding at any time may not exceed twice the number of Class A
shares then outstanding. Listed on Chicago Stock Exchange. In Dec.
1925 A C. Allyn & Co.. Inc., Pogue, Willard & Co., and G. E. Barrett &
Co., Inc., offered 75.000 class A shares at $22.50 per share. V. 121, p. 2735.
7% cum. pref. stock Is red. all or part at any time on 30 days’ notice at
110 and divs. Is preferred as to assets and cum divs. In Aug. 1926 A. C.
Allyn & C o., Inc., offered $1,000,000 at 95 and divs.. to yield about 7.37%.
V 123 p 1115.
The $7 cum. pref. stock ranks equally in every respect with the 7%
cum. pref. stock. In Dec. 1926 A. C. Allyn & Co. offered 10,000 $7 cum.
pref shares at $95 and divs. to yield 7.37% . V. 123, p. 3184.
Additional pref. stock may be issued, from time to time, for corporate
purposes, provided consolidated net earnings of co. and its subsidiaries for
12 consecutive within preceding 15 calendar months have been at least 3
times annual dividend requirements on the pref. stock outstanding, inci.
proposed issue. Penna. and Calif. 4-mills and Mass. 6% taxes refundable.
Debentures.— The 6% g. debentures, series A , due larch 1 1976. are red. all
or part, ou 30 days' notice at 105 and int. to and incl. Feb. 28 1975, and at
100 and int. thereafter. Corp. refunds any State taxes not in excess of 5
mills per annum
In March 1926 A. C. Allyn & Co.. Inc.. &c.. Ac., offered
$2,100,000 series A at S 3 and Int., to yield about 6-45%. Each debenture
was accompanied by a warrant to purchase 2 shares class A partic. stock for
each $100 of debentures at $23 per share, this privilege expiring March 1
1929. V 122, p. 1763; V. 123. p 983.
Dividends.— In March 1926 an initial quar. div. of 3714c. was paid on
class A stock with option of l-40tb of 1 share class A stock instead of cash
V. 122, p. 884. Similar dividends were paid June, Sept, and Dec. 1926.
In 1927: March, 37}4c. and 3M c. extra; June, 37J4c. and 3M c. extra;
Sept., 37>4c. and 3M c. extra.
E A R N IN G S.— Consolidated earnings for calendar year 1926:
Operating revenues__________________________________________ $4,579,367
Non-operating revenues_____________________________________ _
166,723

8

Gross earnings--------------------------------------------------------------------$4,746,090
Net after expen. & taxes (incl. Fed. income)__________________ 1,575,141
Fixed Charges, amortization and other deductions____________
405,483
Balance, before divs., retirement res. & depletiom
------$1,169,658
OFFICERS.— Pres., R. P. Stevens; V.-P., H . A Clarke: Sec., H. M
Billingsley: Treas E W Freeman — V 121. p. 2403 . 2753: V 122. p
884, 1763; V. 123, p. 582, 983, 1115, 2520, 3184; V. 124, p. 792, 1220, 2908,
3069; V. 125, p. 915, 1838.
(1) PENNSYLVANIA GAS & ELECTRIC CO.
A subsidiary of Pennsylvania Gas & Electric Corp.
ORGAN IZATION .— Company is the direct successor, through consolida
tion o f the York Gas Co., which was incorp. in 1849 in Pennsylvania, Nam<
changed to present title in 1925. V. 121, p. 979. Co. proposes to acquire
plant and assets o f Washington Suburban Gas Co. V. 124, p. 3631.
FIELD OF OPERATIONS AN D CHARACTER OF BU SIN ESS.Company furnishes directly the entire gas service in the City of York, Pa.
and the adjoining boroughs of West York and North York, and through
its subsidiary, the Moncton Tramways, Electricity & Gas Co., Ltd.
furnishes the entire electric light and power, gas and street railway service
in M oncton, New Brunswick and vicinity. Population served over 90,000
Gas plant at York has a daily generating capacity of 5,000,000 cu. ft.; 3
gasholders of total capacity of 1,000,000 cu. ft.; 77 miles gas mains; 13,844
gas consumers. The Moncton Tramways, Electricty & Gas Co., Ltd., pur
chases the major portion of the electric energy requirements at Moncton
through the city at its cost from New Brunswick Hydro-E ectric Power
Commission and distributes it by means of approx. 30 miles of pole lines,
with 139 miles of wire, to more than 3,900 electric customers; distributes
approx. 600,000.000 cu. ft. of natural gas, through 70 miles of mains, to
over 4,500 gas customers.




[V ol. 125,

STOCK AND BONDS— Date.
Interest. Outstanding.
laturity.
Common ($100)_____________ _____
_________ $700,000
__________
7% cum. pref. ($100)________ _____
7 Q-J
1.200,000
__________
1st lien & ref. m. gold series
1925 5(4 g M-S1,350,000 Sept. 1 1955
A ($l,000-$500-$100c*._tf (Equitable Trust Co. of New York, trustee.
15-yr. 6% s. f. gold debent.U925
6 g J-D
1,000,000 Dec. 1 1940
($1.00(i-$500-S100c*)___ tf(In t. at Equitable Trust Co., N . Y ., trustee.
Underlying bond issues (c lo s e d )____
_________ 1,369,500
__________
Capital stock of sub.co. outst’ g ____
_________
3,300
__________
Stock.— The 7 % cum. pref. stock is preferred as to assets and dividends
Red. all or part, on 30 days' notice, at 10714 and div. In Sept. 1925
A. C. Allyn & Co., Inc., offered $700,000 at 9814 and div., to yield 7.10%
V. 121, p, 1348.
Bonds.— The lsf lien & ref. mtge. gold bonds.'series A , due Sept. 1 1955.
are secured by a direct mortgage on all the fixed property of the company,
subject only to $1,300,000 (closed) underlying bonds, which are refundable
under the mortgage securing this bond issue, and of which $1,170,000
are in the hands of the public, and by p edge of 11,183 shares (approx.
99.36% of entire stock) of Moncton Tramways, Electricity & Gas C o.,
Ltd. Red. all or part on 4 weeks’ notice, to and incl. Sept. 1 1931 at 105;
incl. Sept. 1 1937 at 104; incl. Sept. 1 1943 at 103; incl. Sept. 1 1949 at 102;
incl. Sept. 1 1954 at 101: thereafter at 100; in each case with interest.
Interest payable at New York, Chicago or Philadelphia. Principal at
trustee’s office in N. Y . City. Penn. 4-mill tax and any other State tax
not exceeding 5 mills per annum refundable. There is an annual sinking
fund, beginning Sept. 1 1927, of 1 % outstanding series A bonds for the
purchase or redemption of bonds of this series. V. 121, p. 1463; V. 123.
p. 983.
The 15-yr. 6% s. / . gold debentures, dated Dec. 1 1925 are red. all or part
on 30 days’ notice to and incl. June 1 1935 at 105 and int., this premium of
5% decreasing 1% on each Dec. 1 thereafter, and at 100 and int. on Dec.
1 1939 and thereafter. Free of Penn. 4-mill tax. State taxes, &c., up to
5-mills per annum refundable. To a sinking fund on Dec. 1 1927 and on
each Dec. 1 thereafter to maturity $35,000 is to be paid, to be used for
purchase of these debentures at or below redemption price, otherwise for
their retirement by lot at such price. All debentures so acquired are to be
cancelled. In Jan. 1926 A. C. Allyn & Co. and Frederick Peirce & Co.
offered $1,000,000 at 9514 and int., to yield about 614%. V 122, p. 214.
EARN ING S.— Consolidated earnings for calendar year 1926:
Operating revenues___________________________________________$1,225,270
Income from investments and other income__________________
242,480
Gross earnings_____________________________________________ $1,467,750
Net after expen. & taxes (incl. Fed. income)__________________
556,070
Fixed charges, amortization, &c____________________________
232,665
Balance, before retirement reserve & depletion_____________
$323,405
OFFICERS.— Pres., Grier Hersh, York, Pa.; V.-Ps., C . I. Crippen, H.
M. Billingsley and Mark Pendleton: Treas., H. O. Sakemiller; Sec., T . W.
M cDonald.— V. 121, p.979, 1348,1463; V. 122, p. 214; V . 123, p. 983, 3631.

W ILM INGTON & PHILADELPHIA TR A C T IO N

CO.

Controlled by the American Electric Power Co.
ORGANIZATION.— Incorp. in Delaware June 27 1910. Owns all stock
of Southern Penn. Trac. C o., Chester & Eddystone St. R y. O , . and Wilm.
Lt. & Pow. Co. On June 1 1915 acquired control of People’s Ry. of Wilming­
ton, Del, (stock, $1,500,000), and in Oct. 1915 purchased Wilm. Southern
Trac. Co. and Wilm. New Castle & Delaware City Ry. and consolidated
them under name of latter. (Stock, $600,000.) Leases for 990 years from
July 1 1910 Wilm. City R y., Wilm. & Edgemoor Elec. Ry., Gordon Heights
R y., Front & Union St. R y. and Wilm. City Elec, and New Castle County
Elec. Co. at a minimum annual rental o f $79,010 to a maximum of $120,610
in 15 years.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Comprises street railway lines in Wilmington, New Castle and Delaware
City, Del., and Chester and Media, Pa., and interurban lines connecting
these places with each other and with Philadelphia, a total of 140 miles of
track; 299 cars; also does electric light and power business in Wilmington,
New Castle, Delaware City, Newark and vicinity in Delaware, the south­
eastern part o f Delaware C o., Pa., and Elkton, Chesapeake City and
vicinity in Maryland.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock____________________
_________ $4,060,000 ____________
Preferred stock___________________
_________
500,000 __________
Wilm & Phila Trac 1st m tg e \ ____
F-A
4,449,000 __________
& coll trust $25,000,000— (Equitable Trust C o., New York, trustee.
People’s Ry 1st M $3,000,000 \ 1915
5 g J-D
1,650,000 June 1 1965
gold ($1,000) guar--------- c*/In t. at Fidelity Trust C o., Phila., trustee.
Wilm So Trac 1st M gold/ 1915 5 g A-O
173,000 Oct. 1 1965
$300,000 ($1,000) guar------(Int. at Wilmington (Del.) Trust C o., trustee.
W N C & D C 1st M $2,000,-1 1915 5 g J-J
None Jan. 11966
000 g ($1,000) g u a r..c*tf / Int. at Fairm. Sav. Tr. C o., Phila., trustee
Chester & Eddystone 1st M\ 1916 5 g M-S
53,000 Sept. 1 1946
gold $100,000 ($1,000) gu/Int. at Phila. Trust C o., Phila., trustee.
5 A-O
1.900,000 ___________
Wilm Lt & Power 1st m tg e \ ____
$2,000,000 ---------------------- /Wilmington (Del.) Trust C o., trustee.
Bonds.— All 4 issues are guar., p. & i., by Wilm. & Phila. Trac. C o. Re­
maining People’s R y. and Wilm. So. Trac. bonds reserved for impts. at
86% of cost.
People's Ry. bonds are red. on any int. date at 105.
$300,000 Wilm. N . C. & O. D. bonds are reserved for the Wilm. So. Trac.
bonds; remainder may be issued for exts. and impts. at 85% o f cost. Red
at 102 on any int. day
EARNING S.— For cal. years, incl. Southern Pennsylvania Traction Co.:
G ro s s B a r n s
Net Barns.
Chgs. & Tax.
Balance.
1924______________ $4,482,031
$1,795,402
$1,256,743
$539,659
1923--_____
4.730,157
1,866,641
1,244.812
621.830
1922______________ 4,444.517
1,680.366
1,232.281
448.085
1921______________ 3,683.562
1,582.277
1,112,241 sur.470,036
1920_______________ 3.212.369
829,945
854.037
def.24.092
OFFICERS.— Pres., Van Horn Ely, Phila.; Vice-Pres. & Gen. M gr.,
T . W . Wilson, Wilmington; Sec. & Treas., F. J. Pryor Jr.; Compt., H. D.
Anderson; Aud., C. E. Yost, Wilmington.— V. I l l , p. 897, 1185. 1371.
(1) WILMINGTON & CHESTER TRACTION.
United Power & Trans. Co. owns 39,995 out of 40.000 shares of stock.
Lease.— Part of this c o .’s lines are leased to the Wilm. & Phila. Trac. O e .
and part to the Southern Penna. Trac. Those in Delaware, viz., Wilm. City
Ry., Gordon Heights R y., F ron t* Union St. Ry. and Wilm. & Edgem. El.
Ry. are leased to Wilm. & Phila. Trac. (see above); those in Penna., viz.,
Chester T rac. and its subsidiaries are leased to South .Penn .Trac.(see below).
ORGANIZATION.— Incorp. March 1898. Has acquired all the stock of
the Wilm. City R y. ($519,930), the Gordon Heights Ry. ($51,500), the
Front & Union St. Ry. ($299,930) and the Chester Trac. Co. ($500,000), all
of which are deposited under the coll, trust mtges o f the Wilm. & Chester
Trac. Co. Owns $50,000 stock of the Chester & Delaware St. Ry.; also owns
$150,000 debenture bonds of Front & Union St. R y. and $45,000 1st mtge.
bonds of Gordon Heights Ry. The Chester Trac. Co. holds all the stock of
the Union Ry. C o., $100,000: Chester & Media stock, $35,000: Chester
Darby < Phila. stock, $65,000; total, $200,000. The Chester Trac. pays as
fc
rental (besides int. on bonds) 6% on the $100,000 stock of the Chester &
Media and on the $100,000 stock of the Chester Darby & Philadelphia.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
4tock $2,000,000 ($50) full paid Listed on Phila. Ex. $2,000,000 Dec 12. 60c.
Coil trust gold $4,000.0001 1898
6 g A-O
2,291,500 April 1 1933
($500 and $1.000 each).c*t/Provident Trust C o., Philadelphia, trustee.
C o l l a t e r a l t r u s t g o l d / 1912
5
536.625 April 1 1952
$5,500,000 guar------------ t f( Wilmington Trust C o., Wilmington, trustee.
Securities of Subsidiary Lines—
Wilmington City 1st mtge) 1911 5 M-S
600.000 Sept. 1 1951
$600,000 ($1,000)--C *_ntf/Int. at Eq. Guar. & Tr. C o., Wilm., trustee.
Chester Traction 1st mtge\ 1894 5 g M -N
250,000 May 1 1944
gold $250,000________ c* tf/In t. at Guar. Tr. & Safe Dep. C o., Phila.
Wilming & Edgemoor 1st M\ 1906
5 g J-D
400,000 June 1 1946
$400,000 ($1,000) g
c* tf/In t. at Real Est. Title Ins. & T r., Phila., trus
Leased to Chester Traction—
Onion Ry Co 1st mtge g . . c t f 1913
5 g J-J
200,000 Jan. 1 1943
Chester St Ry stock ($50) . . t f ____ 10 J-J
150.000 rental 10%
Chester & Media El Ry g o ld .tf 1913
5 g J-J
100,000 July 11943
Chester Darby & Phila g o ld .tf 1913
5 g J-J
125,000 July 1 1943

Oct ., 1927.]

POW ER, LIGH T AND RAILW AY

The Wilmington & Edgemoor bonds are guar, as to both principal and
_
.
interest by the Wilmington City Ry.
Interest on Union Ry., Chester Street R y., Chester & Media payable
at Delaware County Trust Co., Chester, Pa., on Chester Darby & I hila.
Ry. C o., payable at Continental-Equitable Title & Trust C o., and interest
upon all tne latter guaranteed by Chester Traction Co.
Bonds.— $1,695.000 coll, trust 5s o f 1898 reserved to retire underlying se­
curities and guar, stock. They matured originally in April 1918 and bore
int. at 5 % , but were extended for 5 years at 6% and again for 10 years to
Apr. 1 1933 at the same rate of int. Are guar., prin. & int., by the Wilm. &
Phila. Trac. Co. Red. at 101 and int. on any int. date. Are listed on Phila.
Stock Exchange. V. 106. p. 1902. 2012; V. 116. p. 824. 1052: V. 118. p. 86.
Of the coll, trust of 1912, S4.000.000 are reserved for like amount of coll,
crust o f 1898. Wilmington City bonds are subject to call at 105 and int.
V. 93. p. 667.
The Chester Traction bonds were extended in 1914 for 30 years. V. lib ,
p. 296, 824, 1052. 1533; V 118. p. 86.
(8) WILMINGTON CITY ELECTRIC CO.
Lease.— Was leased on July 1 1910 for 990 years to the Wilm. & Phila.
Trac. C o., the latter assuming all int. & fixed chgs. of Wilm. City Elec. Co.
ORGANIZATION.— Incorp. in Delaware In 1895. Franchise perpetual.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Does an electric light and power business in Wilmington.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock_______________________ _____
_________
$255,000 --------- - - - First mtge $1,000,000 gold! 1911
5 M-N
1.000.000 May 1 1951
($1,000) guar p & i___ c * tf/In t. at U. S. Mtge. & Tr. C o.. N. Y ., trustee.
Bonds have been redeemable since M ay 1 1921. Guaranteed, prin. & int.#
by Wilm. & Phila. Trac.— V. 92, p. 1441: V. 94. p. 567.
(3)
SOUTHERN PENNSYLVANIA TRACTION CO.
ORGAN IZATION .— Incorp. in Penna. in June 1910 with $10,000 stock,
all owned by Wilm. & Phila. Trac. C o. Leases for 990 years from July 1
1910 Chester Trac. C o., Delaware County & Phila. Elec. Ry. and Media
Glen Riddle & Rock. E. St. Ry. Co. at a minimum annual rental of $71,990
to a maximum of $106,990 in 15 years.— V. 98, p. 1073. 1158.
(a) DELAWARE COUNTY & PHILADELPHIA ELECTRIC RY.
In May the United Power & Transportation Co. acquired the road,
paying $166 66 per share for the stock in its 4% trust certificates secured
by a deposit of stock.
„
Lease.— On July 1 1910 leased for 990 years to Southern Pennsylvania
Traction Co. at a rental of $4J,OO0 per annum.
ORGAN IZATION .— Incorp. M ay 11 1892.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Completed from Media, Pa., to Baltimore Ave., Clifton Heights, in Jan.
1895; connects with the Chestnut & Walnut St. cars of the Union Trac.
ystem. Owns 12 miles of track. Rails, 80-lb. T and girder.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $500,000 authorized_________
— .............
$300,000
See text
First mortgage $6 4 ,0 0 0 ..n tf/ 1913 5 J-J
64,000 July 1 1943
lin t , at Cont.-Equit. Title & Tr. C o., Phila.
1st M . bonds matured July 1 1913, but were extended for 30 years at 5% ;
Dividends.— Paid in dividends in 1899-1900, $36,000; in 1900-01, $27,000.
.901 to 1908 incl., $21,000 per ann.; in 1909 and 1910, none; in 1911.
$21,000; in 1912, July, $15,000: none since.

ALTOONA & LOGAN VALLEY ELECTRIC R Y . CO.

Under management of the General Engineering & Management Corp.
Control.-—Co. was purchased March 27 1925 by Keystone Public Serv.
o., which is controlled by National Public Serv. Corp.
ORGANIZATION.— Incorp. in Penna. Aug. 5 1903. Owns the entire
$65,000 stock of the Lakemont Park C o., also $58,000 o f the $59,000 stock
o f the Home Electric Light & Steam Heating Co. o f Tyrone (into which
the Blair Electric Co. incorp. in 1908 to do a lighting business, having
perpetual franchise and 10-year contract to light town of Bellwood, was
merged in 1910-11) and leases that company for 99 years from July 1 1903;
$54,000 o f this stock is deposited as additional security for the consolidated
mortgage. In Aug. 1903 absorbed by consolidation the City Passenger Ry.
and the Tyrone Electric R y. (previously owned) and increased its capital
stock from $500,000 to $1,500,000. V. 77, p. 1745. In 1912 acquired the
Logan Light & Pow. Co. o f Tyrone, and operates same in conjunction with
the Home Elec. Lt. & Steam Htg. Co. V. 94. p. 696.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— A
trolley road. Operates 55 35 miles o f track, connecting Altoona, Bellwood,
Hollidaysburg and Tyrone. Gauge, 5 ft. 3 in.: 1 power station o f 3,900 h.p.
Operates 117 cars, which carried 18,832,432 passengers during 12 mos.
ended Feb. 28 1927.
STOCK AND BONDS—
Date.
Interest. Outstanding. Last div.,&c.
Stock $1,500,000 ($50)............................................. $1,500,000
See text
Consol mtge $4,000,000 gold/ 1903 4 H g F-A15 4,000,000 Aug 15 1933
($500 and $1,000) guar b y jln t. at Cont. & Eq. Title & Tr. C o ., PhiladelAmer Elec Pr C o_ c&r.tf l phia. Trustee.
_
Logan Lt & Pr 1st mtge______ 1907
5 A-O
43,000 Oct 11937
Bonds.— The consol, mtge. bonds are guaranteed, p. & i., by endorsement
by American Elec. Power C o., which latter co. is indemnified since 1925 by
National Public Serv. Corp. against any loss or damage resulting from its
guarantee. No sinking fund and not subject to call.
EARN ING S.— For calendar year:
Net After
Interest
Gross.
Maint.&Tax. Charges.
Balance.
1926 _______ ___________$1,387,901
$472,115
$209,657
$262,458
1925
....................... 1,409,388
491,564
182,150
309.414
OFFICERS.— Pres., F. W . W oodcock; V .-Ps., T . R . Crumley, O. A.
Brooks and H. D . Polhemus; Sec., C. A. McClure; Treas., & V .-P ., Milward Oliver.— V. 117, p. 1016; V. 118, p. 1134.

PEOPLE’S R A IL W A Y (DAYTON ).

Control.— Wood & Turner, utility operators o f Philadelphia, acquired
control of company in Aug. 1927 from American Electric Power Co. V.
125, p. 1462.
ORGANIZATION.— Incorp. in Ohio June 18 1896. The American
Electric Power Co. owns entire capital stock.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Has 32.6 miles of track in .Dayton, Ohio; operates 124 cars
STOCK A N D BONDS— Date. Interest.
Outstanding. Maturity.
Stock $2,500,000 ($100)___________
_______
$2,500,000 --------------First mtge “ White Line” / 1925 6 g A-O
300,000 Oct 1 193f
$300,000 ($500) gold red)Interest at Union Savings Bank & Trust Co.,
Oct 1 1900 at 110______n tf I Cincinnati, trustee.
First mtge “ People’s R y ” / 1897 5 g J-J
200,000 Jan 1 1927
$200,000 ($500) gold red) Interest at Union Savings Bank & Trust Co.
at 110________________ n tf I Cincinnati, trustee.
Bonds.— In Oct. 1925 Newburger, Henderson & Loeb, Philadelphia,
offered at 96 and interest the unsold portion o f $300,000 White Line Ry.
first mtge. 6% gold bonds, due Oct. 1 1935, which are an extensionof a like
amount of first mtge. 5% bonds due Oct. 1 1925. V. 121, p. 1790.
EARN ING S.— Year ending Dec. 31 1924, gross, $697,443; net, after
taxes, $156,806; int., deprec., &c., $60,592; bal., sur., $96,214.
OFFICERS.— Pres., J. Sprigg McMahon, Dayton; V .-P ., C. L. S.
Tingley, Phila.; Sec. & Treas., Frank J. Pryor, Jr., Phila.; Asst. Sec.-Treas..
& Compt., H. D. Anderson; Gen. M gr., V. R . Powell; Asst. Treas. & Asst.
Compt., C. R. Beddows: Asst. Treas.. Henry P. Carr.— V. 86, p. 1530
V. 97, p. 176; V. 121, p. 1790; V. 125, p. 1462.

SCRANTON R A ILW AY COMPANY.
A subsidiary of Keystone Public Service Corp., which is a subsidiary of
Municipal Public Service Co.
ORGANIZATION.— On Jan. 1 1897 assumed all the assets and liabilities
of the Scranton Traction C o., &c. V. 63, p. 1064; V. 64, p. 85. As at
present constituted, is a merger o f 21 companies.
Operates, practically without competition, in the Lackawanna Valley
from Forest City, in Susquehanna County, to Pittston, in Luzerne County,
serving, among others, the cities o f Scranton, Pittston and Carbondale,
and the boroughs of Archbold, Blakely, Dickson City, Dunmore, Jermyn,
Mayfield, Moosic, Old Forge, Taylor, Throop, Vandling, Avoca, Duryea,
Forest City.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns and operates all the street roads in and around city of Scranton.
Operates 77.18 miles of railways; 151 cars. Passengers carried 12 mos.
ended Feb. 28 1927, 34,810,951.




111

Franchises perpetual.
Valuation— See V. I l l , p. 1662; also V. 112, p. 1867; V . 113. p. 629;
V. 116, p. 1761.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($50)_____________________________ _______ $2,000,000 ........... - - Scranton Ry lst&ref M $15,-/ 1917 5 F-A
4,095.000 Feb 1 1947
000.000 g ($1,000).-C*rtf tint, at Merch. Un. Tr. C o., Phila., Trustee.
Scran Trac 1st M $1,000,000/ 1892
6 g M -N
1.000.000 N ov 1 1932
($1,000) gold no o p t ..c * t flin t , at Merchants’ Union Trust C o., Phila.
Scranton Ry 1st cons m tge/ 1897
5 g J-J
1,100,000 N ov 1 1932
$2,500,000 g ($1,000).c*tf INew York Trust Co., N. Y City, Trustee.
Scranton < Carb'd 1st m tge/ 1893 6 g J-J $150,000,000 Jan 1 1938
fc
$1,000,000 g ($1,000)_c*tf-(Int. at Lack. T . & S. D. C o., 8cranton,
Free of State tax.
I Trustee.
1st M Carbondale Traction / 1892
6 g J-J
150,000 July 1 1942
Co, $150,000, gold ($500-{ Interest at Central Trust C o., New York,
and $ 1 ,0 0 0 ).______ -C*&rl Trustee.
Carbondale Ry gen mtge gold/ 1910 5 J-J
800,000 Jan 11933
$800 000 guar p & i _ c tf IProvident Life & Trust C o ., Phila., Trustee.
_
Scran Duns & M Lake RR 1 s t / ____
6
100.000 July 1 1933
6s $100.000---------------------- IGuar. as to prin. & int. by Scran. Ry. Co.
Bonds.— Of the $3,500,000 Scranton Ry. mortgage 5s of 1897, » i , 400,000
are reserved to retire prior bonds at maturity. Scranton Ry. gen. M . bonds
of 1910 matured N ov. 1 1920 and bore int. at 5% but were extended for
5 years at 7% . V. I l l , p. 1662. Od N ov. 1 1925 they were paid off.
V. 1 2 1 ,p. 2158.
First mortgage of Carbondale Traction has a sinking fund of $2,500 per
annum after July 1 1895. but bonds cannot be called. The bonds, originally
matured July 1 1922 but were extended for 20 years. V. 115, p. 74.
Carbondale Ry. mtge. for 1910 is unconditionally guar., p. & i., by Scranton
R y. Subj. to call on any int. date at 105 and int. V. 93, p. 1785. Scran­
ton & Carbondale 1st mtge. 6s originally matured Jan. 1 1923, but were
extended to Jan. 1 1938.
The 1st & ref. 5s of 1917 are callable since 1922 at 102 >4 and int. Guar.,
p. & i., by endorsement, by American Elec. Power Co., which has been
indemnified by National Public Serv. Corp. against any loss or damage
resulting from its guarantee. $4,600,500 are reserved for underlying
bonds and $7,604,000 for impts. under certain restrictions. V. 104, p . 1703.
EARNING S.— For calendar year:
Gross.
Net.
Interest. Bal.bef.Depr.
1926 ---------------------------$2,234,070
$583,332
$426,006
$157,326
1925 --------------------------- 2,293,845
643,178
383,750
259,428
OFFICERS.— Pres., F. W . W oodcock; V.-Ps., Milward Oliver, C. A.
Brooks, T . R. Crumley and H. D. Polhemus; Sec., O. A. McClure; Treas.,
Milward Oliver.— V. 119, p. 1734; V. 121, p. 1103, 2158.

PHILADELPHIA ELECTRIC CO. (TH E).
Acquisition by The United Gas Improvement C o., see under that co.
ORGANIZATION.— Incorporated in Pennsylvania Oct. 27 1902. The
company’s principal subsidiary is the Delaware County Electric Co. V.
73, p. 496, 680; V. 86. p. 977: V. 90, p. 1047: V. 99. p. 820: V. 105, p.
1425: V. 104, p. 261, 367: V. 105, p. 1807. Merger rumors denied in May
1925, V . 121, p. 1103. Proposed acquisition of the Eastern Power C o., the
Southern Pennsylvania Power Co. and Northern Maryland Power Co.
V. 124, p. 2590.
Co. owns all of the common stock of Philadelphia Electric Power Co., a
Pennsylvania Corp., which in turn owns the entire capital stock of The
Susquehanna Power Co., a Maryland corp. The latter two companies are
jointly constructing a large hydro-electric development on the Susquehanna
River near Conowingo, M d. See V. 122, p. 1311.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns or controls all electric light properties in Philadelphia and Chester,
and in all the large towns in Delaware County. Serves a population of
over 2,103,000. Has long lease o f conduit space from Keystone Telephone
Co. at a graduated rental rising to $125,000 yearly, with option of purchase
at end of lease. V. 104, p. 2558; V. 100. p. 737. Rates. V. 102. d . 1254;
V . 116, p. 1541: V . 122, p. 749. Owns 6 generating stations o f an aggregate
capacity of 563,750 k.w. and 33 substations in Philadelphia and Chester,
Pa., and vicinity. Distributes current over 1,989.9 miles o f overland and
303.8 miles of underground lines. Construction of hydro-electric develop­
ment at Conowingo Falls, V. 119, p. 1180; V. 120, p. 212, 1748; V. 120.
p. 1882.
Interconnection of lines with the Pennsylvania Power & Light Co. and
Public Service Elec. & Gas Co., see V. 125, p. 1711.
Wage Dividends.— Paid to employees over 1926. See V. 124, p. 648.
STOCK AND BONDS.— Date.
Interest. Outdandina.
Maturity.
Q-M
$92,953,025 Sept’27 2%
Common $150,000,000 ($25)----------1st mtge sk fd $60,000,000/
'
y
/
B
5% bonds------------------------ 1916
5 g A-O
36,663,300 Oct 1 1966
4% bonds-------------- -------- N 1916
4 g A-O
1,671,700 Oct 11966
($100 &c) gold----- c*&r*tf lint, at Land Title & Trust Co., Phila., trust.
1st lien & ref M 6s due1 9 4 1 1 9 2 1
6 g J-D
11,921,400 Dec 11941
5)^s due 1947------------------- 1922 5 ^ g J-D
7,148.700 June 1 1947
5 Hs due 1953- _ .................1 1023 5 ^ g M-N 9,721,400 Nov 11953
5s due 1960 ($500 & $1,000) | 1925 5 g J-J
12,257,500 Jan 11960
($100 <fen gold------- c*tf lint at Girard Trust ■
lOuia trustee
4K s due 1967
------- | 1927
1 14 g M -N 35,000,000 Nov 11967
1927 ’— A11 ° f the 1St llGn & ref' m tge’ 6s due 1941 wil1 be retired Des. 1
Stock.— On Sept. 15 1925 the entire outstanding preferred stock was
redeemed at $28 per share, or converted into common. V. 120. n. 2551V. 121, p. 460.
’ v
’
Common is listed on Phila. Stock Exchange. On Jan. 26 1926 stock­
holders increased the authorized from $100,000,000. par $25 (incl. therein
$15,000,000 8% cum. prof, stock, since converted into common stock or
redeemed) to $150,000,000 ($25) ail common stock: unissued common stock
to be first offered to stockholders for subscription at not less than par.
V. 124, p. 648.
Rights given to common stockholders were the following: T o those of
record Nov. 17 1925 to subscribe until Dec. 15 1925 to the extent of 22
of their holdings at $25 per share. V. 121, p. 2157; V. 122, p. 612. To
those of record March 20 1926 to subscribe until April 15 1926 for 8% cumul
non- voting pref. stock o f Philadelphia Electric Power Co. (see below) at
par ($25) on the basis of about 14% of their holdings o f common stock.
V. 122. p. 1611. To those of record Feb. 16 1927 to subscribe to 531,160
common shares at par to the extent o f 16 2-3% o f their holdings. V. 124,
p. 648.
Bimds.— The 1st M . bonds o f 1916 (see V . 104, p. 565) were to cover
the entire property (and all after-acquired property except stocks and
securities) then embracing all the public electric light and power plants in
Philadelphia. In Dec. 1925 $21,665,000 were pledged with trustee under
1st lien & ref. mtge. V. 106, p. 2762; V. 108, p. 586
Reserved bonds can only be issued for 85% o f the cash cost and fair value
of acquisitions, permanent additions, extensions, &c., and then only when
the net earnings are 1 % times th» interest charges on all bonds issued and
to be issued. Sinking fund of $212,000 yearly plus accumulations. As of
Dec. 31 1926 $1,446,400 5s and $59,100 4s were held alive.in sinking fund.
Are call, at 110 for the 5% bonds and at 105 for the 4% bonds. Are free
from Pennsylvania State tax.
1st lien < ref. mtge. bonds in addition to being secured by a gen. M .on entire
&
property, are secured by $21,665,000 Phila. Elec. Co. 1st M . sinking fund
5s, due 1966, and $15,000,000 1st M . demand bonds and all of the capital
stock (excepting directors’ shares) of the Delaware County Elec. Co. Sink­
ing fund 1 % per annum of total amount of bonds outstanding. Free from
Pennsylvania State tax. V. 113, p. 2411.
The 1st lien & ref. mtge. 6% bonds due 1941 are call., all or part, from
Dec. 1 1926 to 1931 at 107>£; during succeeding 5 years at 105; and there­
after at a prem. of 1% for each year of unexpired life.
The 5H % bonds due 1947 are not call., except, for sinking fund at 107H until June 1 1927. Call, thereafter at 107H te and incl. June 1932, and
thereafter at a prem. of Vi % for each year or part thereof o f unexpired life
The 514% bonds due 1953 are call., all or part, at a prem. o f 7'A% on or
Oefore Nov. 1 1927: thereafter at a prem. of 7% on or before N ov. J 1931thereafter at a prem. o f 6H % on or before N ov. 1 1935: thereafter at a prem.’
of 6 % on or before N o v . 1 1939; thereafter at a prem. o f 5 % on or before
STov. 1 1943; at a prem. of 5% on May 1 1944; said prem. to be reduced by
4 of 1% commencing N ov. 1 1944, with a like additional reduction com­
mencing on Nov. 1 of each year thereafter until maturity.
The 5% bonds due 1960 are red. all or in part on any int. date on 30 days’
notice and for the sinking fund on Jan. 1 of any year, in both cases at a
premium of 5% on or before Jan. 1 1947; said premium to be reduced by
H of 1% commencing July 1 1947. with a like add’l reduction commencing

112

July 1 o f each year to & incl. July 1 1956. on which date and subsequent int.
dates to maturity the bonds shall be callable at par in each case with accrued
Int. In Dec. 1924 Drexel & Co., Brown Bros. & Co. and Harris, Forbes
Sc Co. sold $12,500,000 5s due 1960 at 9914 & int., to yield about 5.03%.
V. 119, p. 2879. Listed on Phila. Stock Exchange in Sept. 1925. V. 121.
p. 1228.
The 4K s due 1967 are red. on any int. date and for sinking fund on N ov. 1
of any year at a premium of 5% on or before Nov. 1 1932, thereafter at
a premium o f 434% on or before N ov. 1 1937; thereafter at a premium of
4% on or before Nov. 1 1949; thereafter at successively reduced premiums
plus accrued int. in each case. In Oct. 1927 Drexel & Co., Brown Bros.
& Co. and Harris, Forbes & Co. sold $35,000,000 1st lien & ref. mtge. gold
bonds, 434% series, due 1941, at 9834 and int., to yield 4.58% . V. 125,
p. 2147.
uuidends— ’02-’07. ’08. ’09-T2. T3. T4-21. ’22. ’23. ’24. ’25. S ept’26
On am ts.pd.in/ 5 yrly. 534 6 yrly. 6 % 7 yrly. 7M 8
8
8
8
Also extra. p d .
in s to ck ____I
_
_
$1 $1.50 $1.50 _____ . .
. . __ 50c. ch.
Paid i" 1925 8 % . In 1926 res-ular quarterly divs. of 2% and an extra
dlv. o f 2% in Sept. V. 123, p. 844. In 1927, 2% quar.
E A R N liv t;s.— For calendar years (earnings of system):
Gross Revenue Net After
Fixed
(All Sources). Taxes.
Charges.
Surplus.
Dividends.
1926......... -$36,817,550 $14,346,485 $4,936,355 $7,954,043 $1,456,087
1925......... - 33.526.985 13.004.082 5 687.211
2,1 13.115
5.203.756
1924........... 30.296.117
11,083.627 4,533.152
1.747.705
4.802,770
10.409.484 4,188.283
1923........... 28.022.013
2,240.323
3.980.878
1922______ 23.80/,746
8.330.350 3.533.801
3,468.823
1,327.726
1921____
21573.189
7,390.970 3.587 311
2.826,082
977 577
Latest Earnings.— For year to Aug. 31 1927; Gross (incl. other income),
$38,757,915; net after operating exp., taxes & maint., $17,181,447. Int.
on funded debt upon completion o f new financing, $5,015,764.
OFFICERS.— Pres., VV. H. Johnson, V.-Ps., Arthur B. Huey, Chas. J.
Russell, Wrn. C. L. Eglin, W. E. Long and Horace P. Liversidge; Sec. &
Asst. Treas., A. V. R. Coe; Treas., H. C. Lucas. Office, 1000 Chestnut
St., Philadelphia. Pa.— V. 120, p. 88. 212, 1587, 1748, 1882, 2551, 3188.
3315; V. 121. p. 460, 1103, 1228, 1909, 2157, 2521; V. 122, p 612. 749,
884, 1311. 1611. 2193, 2497: V. 123. p. 844. 1115. 2140, 2392. 2520. 2778;
V. 124. n. 113. u. 648. 1361, 2281, 2590, 2749, 2908; V. 125, p. 781, 1580.
1711. 1838, 1971, 2147.

PHILADELPHIA ELECTRIC POWER CO.

The Philadelphia Electric Co. owns the entire common stock.
ORGAN IZATION . — Ineorp in Pennsylvania in 1926
owns the entire
capital stock o f The Susquehanna Power Co., a Maryland corporation. All
o f the voting stock of Susquehanna Utilities Co. is owned by the company.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. and its suosidiary Tne Susquehanna P >wer Co. (ste V. 122. p. 2498,
under the name of this latter co. For detailed description of the develop
ment, see V. 123. p. 207), are constructing a hvdro-electric power plant on
the Susquehanna River near Conowingo. The initial capacity will b(
378 >00 h.p., ultimate approximately 500,000 h.p. The reservoir of
about 8.100 acres, will have a length of 13 miles and maximum depth
of 100 ft
They will also build the necessary transmission lines
to de ive- p over to the s\-st°m of The Philadelphia Electric Co. When
completed, the dam, power plant, transmission lines, &c.. will be leased In
part directly t" The Philadelphia Electric Co. and In part to its subsidiary
The Susquehanna Electric Co., a Maryland corporation. This latter rn 's
rental obligations are to be unconditionally guaranteed by the Philadelphia
Electric Co. Both leases will be for the 50-year term of the Federal license
and any renewals or extensions thereof. Under these leases the Philadel­
phia Electric Co. wil be responsible for the payment of all operating and
maintenance expenses, taxes and retirement reserves of the mortgaged
property (see bond description hereunder), and of net annual rentals equal
to 7 % o f the cost of the property, subject to revision by the public author!
ties haviug jurisdiction.
Franchises.—The Federal license runs for a 50-year term.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________
$50,000 __________
Common (par $25)__________ _____
8% cum pref ($25) . .................................... ......... 12.010.000 ..................
1st m t;e gold $60,000,000____Fidelity-Phila. Trust C o., Phila., trustee.
515 series due 1972 $38.-1 1926
5H g F-A 36.000.000 Feb 1 1972
000.000 ($1000. $500 c*r)tf IGuaran. p.& i. by The Susquehanna Pow.Co
Stork. For subscription rights 8 , cum. pref stock given to common
stockholders o f the Philadelphia Electric Co., see this latter co. above. For
installment oayment o f the 8% cum. pref. stock, see V. 123, p. 844, 1115;
V. 124, p. 874, 1821.
bonds. — The 1st mortgage gold hands are direct obligations of Philadelphia
Electric Power Co unconditionally guaranteed (p. & 1 ) by endorsement t>
>
the Susquehanna Power Co., and are secured by their Joint 1st mtge. on
the dam, power plant and transmission lines of the Conowingo h.vdro-elecfcric development and on all property of both companies, incl after-acquired
property, and also the leases mentioned under 'Field of Operations" above.
During construction of the development, the proceeds of the bonds (and
stocks, together with the stock subscription agreement o f the Phila. Elec.
Oo.) are to be deposited with trustee, the funds to be withdrawn as the work
progresses. In addition to the $38,000,000 5(4% series due 1972 bonds,
additional bonds (up to a total amount of all 1st mtge. bonds of $60,000,000)
mav be issued in series of such tenor as directors from time to time may
determine, for 75% o f permanent additions to be leased to The Phila. Elec.
Co. or The Susquehanna El. C o., provided total net rentals under all leases
(incl. leases on additions) pledged under the mtge., so long as any 5J4 %
series due 1972 bonds are outstanding, are at an annual rate of not less than
7% per annum on the actual investment, unless Governmental authorities
require changes in the rate o f Oasis o f calculation of such rentals. May
also be issued for refunding outstanding 1st mtge bonds par for par. not
Including, so long as any 5 '4 % series due 1972 are outstanding, any bonds
retired by the sinking fund provided for such series: also to provide monej
to be deposited with trustee for any of the foregoing purposes.
So long as any 5(5% series due 1972 bonds are outstanding, no bonds of
any other series may be issued unless they mature after Feb. 1 1972. or a
semi-annual sinking fund sufficient to retire all such bonds at or before
maturity is provided.
Modification of the provision of the mortgage may be made with the
written consent of trustee and of holders of 85% of outstanding bonds,
provided that no such change shall, without the holders' consent, alter the
amount, time place or medium of payment of principal or interest re­
demption prices or dates of any outstanding bonds, or. so long as any
bonds of 5% '-; series due 1972 are outstanding reduce the amount of the
sinking fund payments established in respect of any series.
A sinking fund is to retire by maturity all of the $38,000,000 bonds of the
514% series due 1972. It commences Feb. 1 1930 and semi-annually there­
after retirements are to be made at a graduated rate increasing in sub­
stantial proportion to the interest charges on the retired bonds. Co. may
tender bonds of (his series at not exceeding the redemption pr ce. Any
cash payments are to be used to call by lot bonds of this series at the re­
demption price
5 (4 % Series due 1972 are red. on any Interest date, whole or part, and for
Sinking fund on 30 days' notice, at 106 on or before Feb. 1 1941; at 105(4
on or before Feb. 1 1951. at 105 on or before Feb. 1 1961. and at (4 % less,
commencing Aug. 1 1961 with a like additional reduction commencing
Aug. 1 of each tear (hereafter the bonds to be callable at par on and after
Aug. 1 1970, in each case with Interest. Penn, or Conn. 4 mill, Maryland
434-mill or Mass. 3 3 10 mill taxes refunded. To be listed on New York.
Phila. and Baltimore Stock Exchanges
In March 1926 Drexel & Co..
Phila., and Brown Bros. & Co. and Harris, Forbes & Co., New York,
Offered $36 0(10,000 5 % % series due 1972 at IOn s nr) Int.
V 122 p 1311.
OFFICERS.— President, W. H. Johnson; V.-Ps., A. B. Huey, C. J.
Russell and W . C. L. E0'lin; Sec., Jos. B. McCall, Jr.; Treas., W. E. Long;
Asst. Sec. & Asst. Treas., C. M . Breitinger. Office, 1000 Chestnut St.,
Philadelphia, Pa.— V. 122, p. 1311, 1611; V. 123, p. 207, 844; V. 124, p. 374,
1821; V. 125, p. 915.
P H i i

[V ol. 125.

PUBLIC U TILITIE S

^ '

R O A N —

O

N T I F 8

CA

X r

F I . F r . r o .

Con trolled by The United Gas Improvement Co., which owns a substantial
majority o f the common stock.
ORGANIZATION.-—Incorporated under the laws o f Pennsylvania in
1926 as a consolidation o f Philadelphia Suburban Gas & Electric Co. (for
history see “ . uolic Utility” Compendium o f April 30 1927) and Counties
Gas & Electric Co. and 16 smaller companies as follo vs: Bryn Athyn
Gas C o., Bryn Athyn Elec. C o., Bryn Athyn Heat & Fuel Co., Spring c ity
Elec. C o., Warminster Twp. Gas C o., Warminster Twp. Heat & Fuel C o.,




South Coventry Twp. Elec. C o., Royersford Elec. C o., Newtown Sauare
Gas Co., Newtown Square Heat & Fuel C o., New Hope Elec. C o., Uanghorne Elec. Lt. & Pr. C o., Bucks County Public Service Co., Bucks County
Gas & Fuel C o., the Doylestowm Gas Co. and Bucks County Southern
Gas Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company serves without competition, substantially all of the southeastern
part of Pennsylvania adjacent to Philadelphia. Gas service is furnished in
practically all of this territory; and electric service in substantially all of it,
including the so-called “ Main Line” residential section and the Schuylkill
Valley industrial area, but excepting the district along the Delaware River
between Philadelphia and the Delaware State line. The territory served
embraces an area of 1,400 square miles and extends from Trenton on the
northeast to Coatesville on the west and to the Delaware State line on the
southwest, with an estimated population of over 6 J0,000. The pronerties
include electric generating stations and auxiliary electric plants, with an
aggregate generator capacity of 96,450 kw., gas plants with aggregate
daily capacity of 24,430,000 cu. ft., 490 miles o f high-tension electria
transmission lines and 1,270 miles of gas mains. Company’s electric
system is inter-connected with the lines of the important electric companies
in adjacent territories. A portion of its gas requirements is filled through
purchase of coke-oven gas under favorable contracts.
Rate scheaul : filed v ith Penna. P. U. Commission reduces gas and electric
rates. V. 125, p. 1580.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (no par)___________ _____
. 383,264 shs.
Pref $6 cumul 1110 par)_______ _____
$6
34,069 shs.
Pref $6.50 cumul (no par)_________
10,000 shs.
$6.50
Pref $7 cumul (no par)_______ _____
$7
69,371 shs.
Pref $8 cumul (no par)_______ _____
$8
10,800 shs.
1st < ref m t-e a>4 % series! lo27
x
_
_
_ .
___
4>4gM -N $iu,ouo,uo0
(c* $1,000, $5JO)_______ tf/Fidelity-Philadelphia 'Ir. C o., Phila., trustee
Una 1 lying bunas—
Counties! as * Elec gen gold 1 1912 5 g A-O
2,213,000 Oct 1 1962
5s $7,500,000__________ tf/B ank of North Amer. & Tr. C o., Phila., trus.
Morion
. a* 11 t t- Elec 1st: ID 4 5 M -i.
1,2 4 ,0 0 ) av 1 1954
M $2,000,000 (c*$l,000)tf/Bank of North Amer. & Tr. Co., Phila., trus.
Phila o (iu e ix E 1st cons M —
6 C series due 1943________ 1923 6 g J-D
6,155,500 Deoi 1 1943
5>4% series aue 1955____ 1
1925 5>4 g F-A
2,lou,o00 Feb 1 1955
($500 & $1,000 c ‘ ______ tf (Bank of North America - h r .C o , Vhila.,tr.
1st mtge & ref 5s ($1,000,/ 1910 5
7,233,000 Feb 1 1960
$500)__________________ \Girard Trust C o., trustee.
Phila oiiouroan (..as 1st M /
19ul 5 W -s
49,000 Mar 1 1931
($1,000)_________________c|lnt. at Beal Estate Tr. ( o., Phila., trustee.
Suburban* as ( o o f Phila 1st / 1902
5 g A-O
1,423,000 April 1 1952
consM ($1,000/ (-old____c *jln t. at Real Est. Tr. C o., Phila., trustee.
Jenkinto n & Cheltenham/
1903 5 A-O
373,000 Oct 1 1933
Gas 1 o 1st ref ($1,000>_ c\Int. at Real Estate Tr. C o., Phila., trustee.
_
Hunt Valley Lt & Pr 1st M \ ____
5 g J-D
236,530 June 1 1947
($530 & $1,000) gold_____c/In t. at Phila. Trust, Safe Deposit & Insur.
\ Co., Philadelphia, trustee.
Chester County Pub Service f 1911 5 g J-D
228,530 June 1 1941
1st M ($5)0 & $1,000)-lint, at Chester County urust C o., West
gold___________________ c*I Chester, Fa., trustee.
Consol Schuylkill Gas 1st M (
1899 5 A-O
159,000 Oct 1 1929
($1,000)________________c *lln t. at Real Est. Trust C o., Phila., trustee.
bon s.—-The 1st & r j. mtge. gold bonds, 434% seri s, cue 1957 , are
secured by a 1st mtge. on entire properties of company except securities,
unless specifically pledged, subject to underlying bonds. Sinking fund,
of .(4 of 1 c semi annually be ins IVlarch 1 1028 for cancellation of bonds.
Redeemed on any interest date at 105 on or before May 1 1937, there­
after at successively reduced premiums. Loan., Maryland or Mass, taxes
refundable to the extent and as provided in the mtge. In M ay 1927
$10,003,000 1st & ref. mtge. bonds, 414% series, due 1957, were offered
bv Drexel & C o., Stroud & C o., Inc., and Bioren & Co. at 95 and int.,
to yield approximately 4.82% . V. 124, p. 2749.
Counti s Gas & El ctric Co. gen. gold 5s, dated Oct. 1 1912, are subject
to call at 105 and interest.
M rion & Radnor Gas & Ep.c. 1st gold 5s, dated M ay 2 1904, are subject
to call since May 1 1914 at 105 and interest.
Phila. Suburban Gas & El c. 1st & consol, mtge. bonds are guar, as to
prin. & int. by endorsement by American Gas Co. Penn. 4-mills tax. Conn.
4-.ml Is tax, tne Maryland. 4 .-mills tax anc. Mass, income tax not exceeding
6% per annum on income derivea from the ooncis refunded.
6% s ri s, due 1943, are rea. all or in part on any int. date on 30 days’
notice at a premium of 714 % on or before June 1 1929, and premium to be
reduced by 14 of 1% commencing Dec. 1 1929, with a like additional
reduction commencing Dec. 1 or each year thereafter until maturity. In
Dec. 1923 $3,653,000 were sold by Drexel & Co. and Stroud & ( o., Inc.,
Philadelphia, at 96/4 & int., to yield over 6.30% . V. 117, p. 2551.
5 4 % s ri s, aue 1955, are red. all or in part on any int. date on 30 days’
notice at a premium of 6 4 on or before Aug. 1 1943, said premium to be
reduced by 14 of 1% commencing Feb. 1 1944, with a like additional reduc­
tion commencing on Feb. 1 of each year thereafter to maturity, in each
case (ith accrued int. $2,100,000 wmre s Id in Feb. 1925 by Drexel & C o.,
Bioren & Co. and Stroud & Co., Inc., at 98 and int., yielding about 5.64% .
V. 12), p. 958.
Suburban Gas Co. of Phila. 1st M. 5s have annual sinking fundo f l % o f
bonds issued. Are callable at 108 and int.
Huntingdon Valley Lt. & Pr. 1st M. 5s are callable at 10214 and int.
Ch st r Co. Pub. S rv. Is) M. 5s are call, all or in part on any int. date on
4 weeks' notice at 105 and int. Mtge. provides for sinking fund.
EARNINGS.— For calendar years (after giving effect to the consolidation):
1924.
1925.
1926.
Gross revenue (incl. non-operating)._ $9,253,169 $10,214,017 $11,901,644
Oper. exp., incl. maint., taxes (except
Fed. taxes and reserve for renewals
5,872,256
6,012.544 6,694,085
and replacements________________
Netearnings_____________________ $ t,3 7 /,y l3 $4 ,2 j 1 ,4/3 $5.26 /,559
Annual int. on funded debt to be outstanding upon completion
of financing_____________________________________________
1,592,205
Balance__________________________________________________ $P,6/5.P54
OFFICERS.— Pres., A. W . Thompson.— V. 124, p. 2749; V. 125,
p. 1053, 1583.

PITTSBURGH

UTILITIES C ORPO RATION .

Controlled b.v Standard Gas & Electric Co.
O ffe r by S ta n d a rd G as di E le c tr ic C o . — On Ap(il 6 1926 Standard Gas &
Electric Co. offered to prefened stockholders the following exchange of
securities t" he made on or before May 31 1926;
The pref. stockholders (Incl. v. t. c.) for each share of 7% cum. pref. stock
incl. v. t. c.) of Pitts. Ut. Corp., V share of ■>% cum. pref. stock or 1 3
4
• c im innH ^
•

.eU

(> ,f s

n ) .,-f( ( ;

,x- E le ct * i

2044, 3084. Corporation dissolved early in 1927.
Utility Compendium” c f April 30 1927.

U

4,»r V

Iuu

n

For history see “ Public

STANDARD POWER & LIGH T CORP. (Del )
Control.— Standard Gas & Elec. Co. in April 1926 had acquired 80% vot­
ing control of Standard Pow. & Light Corp. At that Lime Standard Gas
& Elec. Co. offered its 8% cum. pref. or its common shares in exchange for
the 5% cum. pref. stock of United Rys. Investment Co., the 7 ‘z, cum. pref.
stock (incl. voting trust etfs.) of Pittsburgh Utilities Corp., the 7% prior
pref. of California Ry. & Power Co. and the com. stock of Philadelphia Co.
outstanding with the public. Standard Power & Light Co. in order to
acqttire the securities thus exchanged, as well as other assets, and to defray
expenses of financing incident to the transactions, issued long-tern) deben­
tures and pref. stock to Standard Gas & Electric Co.
Standard Power & Light Corp. now owns directly over 94% of the com.
stock of Philadelphia Co., which controls a comprehensive public utility
system furnishing electric light and power, natural gas, street railway and
other utility services in Pittsburgh and surrounding territory. The cor­
poration also controls approximately a 40% stock interest in the Market St.
Ry. System in the City of San Francisco. Additional assets acquired by
the corp. are a group of natural gas producing and distributing properties
in Ohio unmvn as Muskingum Gas Producing Corp. The National Oil &
Gas Co., the Ohio Valley- Public Utilities Co. and Ohio Company and cash
and current assets of companies dissolved, as well as interests in further
cash and current assets of other companies. There remain unissued the
shares of partic. pref. stock of the corp. originally issuable for the purpose
of acquiring certain small holdings still outstanding in the hands of the pub­
lic.

O ct ., 1927.]

113

POWER, LIGH T AND R A IL W A Y

The former principal holding company of the properties above mentioned,
namely United Railways Investment Co., as well as a minor holding com­
pany, Maine Securities Co., have been dissolved. In July 1927 the Musk­
ingum Gas Producing Corp., The National Oil & Gas C o., The Ohio Rys.
Public Utilities C o. and Ohio Co. were sold to Ohio Fuel Supply C o.,a
subsidiary of Columbia Gas & Elec. Corp.
In addition, the corp. assumed $10,000,000 2-year 5% first lien gold notes
of Pittsburgh Utilities Corp., due April 15 1928, which were refunded in the
financing of the Standard Power & Light Corp. in Feb. 1927.
O RGAN IZATION .— Organized in 1925 and incorporated in Delaware
on June 20 1925. as successor, by exchange of stocks, to a company of the
same name incorp. in Maryland Oct. 29 1924. In 1925 the co. acquired
a majority o f the common stock of Philadelphia Co., which controls
the utilities supplying all the electric power and gas and street railway
transportation to Pittsburgh and surroundings. Controls approx. 40%
stock interest in Market Street Ry system in San Francisco. See V.
121. p. 2402 "M arket Street R y .’ ’
CHARACTER OF BUSINESS.—’Organized to conduct a public utlity
business, incl. the acquisition and operation, directly or through subsids.,
of public utility properties the supervision of the management, develop
ment. operation and engineering of such properties, and the purchase fo
the controlling and other interests in public utility companies.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common 800,000 shs________ _____
_________ 440.000 s h s _________
$7 cum pref 500.000 shs___________
$7
220,000 shs See text
Par tic pref 3,300.000 shs__________
see text 2.959,905 s h s -------------6% debentures ($1,000. $500,/ 1927 6% g F-A $24,000,000 Feb. 1 1957
$100 C*)_______________ tf (Guaranty Trust, New York, trustee. •
Stock.— See above under "Control” and “ Change of Stock.”
Debentures.— 6% Gold Debentures, due Feb. 1 1957, red., all or in part,
on 60 days' notice at 105 on or before Feb. 1 1937; thereafter price decreasing
1% for each 5 years or fraction to Feb. 1 1952; thereafter at 101 to Feb. 1
1956; thereafter at 100, plus int. in each case. Penn. & Conn. 4-mills.
Maryland 4>*-mills and Mass. 6% taxes, refundable. In Feb. 1927 I I . M.
Byllesby & Co., Ladenburg, Thalmann & Co. and Union Trust Co. sold
$24,000,000 6% debentures at 99}* and int., to yield 6.03% . Additional
debs, or other funded debt o f such dates, maturities, int. rates, &c., &c., as
directors may determine, may be issued, provided (except for refunding
par for par funded debt issued under the trust agreement) net income credits
of corp. for 12 consecutive within preceding 19 months have been at least
twice annual interest on total funded debt of corporation then outstanding,
including proposed issue. V. 124. p. 793.
Dividends.— On pref. paid $1 75 quar. since Feb. 1925.
EARNINGS.-—Income statement 12 mos. end. Dec. 31 1926 (corp. only):
Gross revenue—Divs. on pref. & coin, stocks owned, $3,869,835;
engineering & super, profits, $97,000; int. earned, $3,009; total.$3,969.845
General expenses and taxes____________________________________
36,960
Interest charges______________________________________________
870,298
Dividends on preferred stock__________________________________ 1,019,861
Dividends on participating preferred stock------------------------------- 1,279,557
Surplus for the year________________________________________ $763,168
OFFICERS.— Chairman of Board, Moritz Rosenthal; Pres., John J.
O'Brien; 1st V .-P ., Robert J. Graf; Sec. & Treas., M . A. Morrison.—
V. 120, p. 88, 212, 3316; V. 121, p. 332. 461, 1909: V. 122, p. 2043, 2331,
2653; V. 124, p. 793, 1068, 1668, 2430; V. 125, p. 520.

PHILADELPHIA,COM PANY.

Miscellaneous—
Equitable Auto C o ___________________
Equitable Real Estate C o_____________
Equitable Sales C o____________________
Equitable Towing & Transportation Co
ITarwick Coal and Coke C o ____________
Cheswiek and Harmar Railroad C o ____
17th Street Incline Plane C o___________

Class.
. Common
-.Com m on
_ Common
Common
- Common
. Common

3,0 0 0

100
4.653
2,250
2,750
500
5.000

Shares
Issued.
3,0 0 0
100

4.653
2.250
2,750
500
5,000

* Operated by Pittsburgh Railways Co.
Equitable Gas Co.— Under an agreement of consolidation and merger dated
Sept. 15 1925 between the then Equitable Gas Co. and Monongahela
Natural Gas Co., a new co., under name of Equitable Gas Co., was formed
on March 31 1926 in Pennsylvania with an authorized and issued capital
stock of $3,300,000, par $100 (23.000 shares are owned by Philadelphia Co.
and 10,000 shares by Pittsburgh & West Virginia Gas Go., a subsidiary of
Philadelphia C o.).
♦SECURITIES OUTSTANDING.
STOCK AND BONDS— Date.
Interest. Outstanding. Last Div..&c.
Stock com $48,650,000 ( $ 5 0 ) - . ___
$47,205,700
See text
Pref stock $25,000,000 ($ 5 0 )1 ___
6 M -N
14,947,000 May '27,3%
6% cumulative__________ /
Pref stock 5% non-cum ($50). ___
5 M-S
1,442.450 S spt'27,2}*
lst ref & coll tr M $100,000,, 1919
. ______
6 g F-A
_________
11 488.500 ________
Feb 1 1944
000 ($100, $500 & $1,000 e*/Guaranty Trust Co., New York, trustee,
and $l,000r*) g Ser “ A” .t f
P h ila C o 1st & coll tr M
5,-1 1899
5 g M-S
1,653,000 Mar 1 1949
500.000 gold ($l,000)_c*.tf/M aryland Trust C o., Baltimore, trustee.
Phila Co con M & coll tr $20,-1 1901
5 g M-N 12,086,000 Nov 1 1951
379.000 g (11,000)— c*.tf/Continental Trust Co., Baltimore, trustee.
15-yr eonv deb bds $10,000,-1 1923
54* g M-S 9,610,000 Mar 1 1938
000 ($100, $500 & $1,000 c* IChase National Bank, New York, trustee.
$1,000 & multipier*) g__tfj
Union Gas Co of M cKeesport/ 1899
5g
125,000 Oct 1 1929
first mortgage guar p & i-lUnion Trust C o., Pittsburgh, trustee.
gold sinking fund-------------- [Interest at Mellon Nat. Bank, Pittsburgh.
♦ This table does not cover such properties as are separately reported
further on.
Stock.— Preferred and common stocks are listed on New York and Phila­
delphia Stock Exchanges.
Note.— The Philadelphia Co. has a contingent liability for the following
bonds, guaranteed both as to principal and interest; (a) M t. Washington
Street Ry. 1st mtge. 30-vear 5s. *1,500,000; (b) 17th Street Incline Plane
Co 1st mtge. 30-year 5s. $120,000' (c) Allegheny Bellevue & Perrysville Ry.
1st mtge. 30-year 5s, $500,000; (d) Morniugside Electric Street Ry. 1st mtge.
30-year 5s. $200,000; (e) Ben Avon & Emsworth Street R y. 1st mtge. 30-year
5s, $300,000; (0 Pit'sburgh Railways gen. mtge. 40-year 5s, $1,968,000.
The company also has a contingent liability, as endorser, on short-term
notes of its affiliated companies; as guarantor of the payment of interest
(but not principal) on certain issues of bonds of its affiliated companies: and
as guarantor of certain rental agreements of its affiliated companies.
For increase in com. stock and purposes for which issued see "Electric
Railway” Supplement of April 26 1924.
Com. stock has been listed
on the New York Stock Exchange since Oct. 1886, and is also listed on
the Phila. Exchange.
Bonds.— The bonds of 1899 are listed on the Phila. and Pittsburgh Stock
Exchanges. Of the $>0,379,000 bonds of 1901, $6,500,000 are reserved
to take up the $6,500,000 1st coll, trust bonds and $352,000 to acquire
pref. stock Of Consol. Traction Co. In 1918 the Brunot Island property
which was under the lien of this mtge. was sold to the Duquesne Light Co,
and the proceeds ($4,000,000) deposited with the trustee of this issue.
$500,000 was used for additions to the property, and out of tne balance
$3,434,000 bonds of this issue have been acquired and retired. They are
free of Pennsylvania State tax. For security for the bonds see V. 102.
p. 801. Listed on Philadelphia Stock Exchange.
Under a plan dated Feb. 27 1917 (see V. 1041 p. 953) sinking funds were
established beginning March 1 and May 1 1918. respectively, to retire and
c incel bonds by purchase or call, by applying thereto each vear a sum equal
to 2% of the principal amount of such of the $6,500,000 outstanding
1st mtge. and coll, trust 5s due Nov. 1 1951 as agreed to the plan. Assent­
ing bonds are stamped as subject to call as a whole or when drawn by
lot for the sinking fund at 107 M and int. for the 1st mtge. and 102 4*
and int. for the consols. $5,763 000 1st mtge. and coll. tr. 5s and
$14,295,000 con. mtg. and coll. tr. 5% bonds were so stamped, but $1,105.000
1st M and coll. tr. 5s and $3,082,000 consol. M . and coll. tr. 5s have been
cancelled through operation o f the sinking funds, leaving outstanding
unstamped bonds o f $328,000 and $853,000. respectively. Stamped bonds
have been listed on the Phila. Stock Exchange. In case the bonds are
called as a whole, they may be canceled or kept alive, as the co. may elect.
For security for the 1st & ref. coil. tr. M . bonds, se) V. 108, p. 683.
Of the $100,000,000 auth. amount sufficient bonds are reserved to refund,
par for par, all underlying securities. Additional bonds may be issued
for 70% and 75% of the cost of additions, improvements, &c., under
certain restrictions. Ser. “ A ” limited to an issue of $25,000,000 6%
bonds, incl. the $16,000,000 outstanding and $9,000,000 add’l issuable
against the present properties. Ann. sink, fund of 3 cents per 1,000 cu. ft.
of gas sold, minimum 3% p. a. of total 1st ref. & coll. tr. mtge. bonds
issued, to be used for purchse or call and retirement of the bonds. Are
call, all or in part at 105 and int. during the 5 years end. Feb. 1 1927;
103 4* during next 5 years; 102 4* during next 5 years; 101 during next
6 years, and 10014 daring last year prior to maturity, plus int. in each
case. Int. payable in N. Y ., Boston, Chicago and Pittsourgh. Free
from Penna. State tax. V. 113, p. 1888. Listed on N. Y . Stock Ex­
change. V. 114, p. 1891.
The 15-year 5 44% deb. bonds are conv. since March 1 1924 into noncallable 6% cum. pref. stock, par for par. The debs, are call, all or part
at any time on and after March 1 1924 on 30 days’ notice, at 102 4* and
Int. during the 9 years to March 1 1933 and thereafter at 4* % less premium
each year to maturity. Int. payable in New York. Boston, Chicago and
Pit iburgh
Free of Penna. State tax. V. 116, p. 936.
DIVS.—
/ ’95. ’ 96. ’ 97. ’98. '99. ’00. ’01. ’02-’09. ’ 10. ’ l l . '12. ’ 13.
4 4M 5 54* 6% yly 7
7 64* 7
Per cent---------\ 5 None
Ths foregoing divs. are for the com. stock. The old 5% non-cum. pref
was created in 1899, and first semi-ann. payment of 2 4* % was made in Sept.
1899 and have been regularly continued siuce then. 1st div. on new 6%
Cam. pref.— 3 % —paid M ay 1 1913; same amount semi-ann. since to and
tucl. M ay 1926. On com. in 1914, Feb., 1?*% ; M ay, \ % %; Aug., l 8
-*%.
The Nov. div. was paid in scrip bearing int. at 7% . The Feb. 15 1915
div. was also paid in scrip (V. 100, p. 141). Both series of scrip were
cdled for payment on Feb. 1 1916 at par and int. V. 102. p. 345. In
May 1915 a cash div. of 1 4*% was paid; Aug., 14*%; N ov., 14*%- In
1916, 6M %• In 1917, 7 % . In 1918. 6% . In 1919, 6 % . In 1920,
6% . In 1921, 6 % . In 1922. 6 % . In 1923, Jan., 14*%; April. 14*%;
July, 2% : Oct., 2 % . In 1924, 8% ; in 1925. 8% : in 1926 8% . In 1927:
April, $1 qua*-., plus l-120th share; July, $1 quar. plus l-20th share of
stock; Oct., $1 quar., plus l-20th share of stock.
EARNING S.—
Income Account Years Ended Dec. 31 (Philadelphia Company Only).
Being a statement of dividends, interest and rentals received during the
year from subsidiary companies, and miscellaneous income, together with
expenses, taxes and income charges.
Divs. & Ini. from Inv. Securities—
1926.
1925
1924.
Natural gas companies______________
$760,000
$628,750 $1,308,260
Oil company________________________
60,030
80,040
120,060
Electric light and power company_
_ 2,750,000
2,800,000
2,793,560
Street railway companies___________
537,100
537,100
641,507
Miscellaneous companies___________
159,129
146,388
239,370
Interest from other sources_________
723,718
627,238
364,247
Rents from lease o f gas properties_
_ 2,574,806
2,655.671
2,732.190
Rents from lease o f other prop, (net).
175
533
3,040
Miscellaneous______________________
68
129
345

Control.-—Controlled by Standard Power & Light Corp., which in turn
is controlled by Standard Gas & Electric Co.
Offer by standard Gas & Electric Co.— On April 6 1926 Standard Gas &
Electric Co. offered to common stockholders Phila Co. 1 2 5 shares common
stock Stand. Povv. & L t.C o . for each common share of Pliila. Co. See V.
122 p. 2042 The exchange had to be made on or before May 31 1926.
ORGANIZATION.— Organized on May 24 1884. and was originally a
natural gas company. Operates under special Act of the Legislature of
Pennsylvania (conferring many valuable rights and privileges) granted to its
predecessor, the Empire C o., in March 1871. Franchises of the company
and its subsidiaries, with a few minor exceptions, are perpetual or for 999
years.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
The Philadelphia Co. is a holding company which controls through stock
ownership and leases public utility companies whose business may be
classed under the following heads:
(1) Natural Gas and Oil.— Philadelphia Co., through stock ownership
controls a number o f companies which supply nearly all the natural gas
consumed in the city of Pittsburgh and the manufacturing towns lying
along the Monongahela and Allegheny rivers. These companies control
by lease or own in fee 373,886 acres o f gas and oil lands in West Virginia
and Western Pennsylvania. V. 123, p. 2655. A d d ’l acreage: M . A.
Morrison, trustee, 30,555 '4 acres. Leases in Ohio, in which Equitable Gas
Co. has a ons-half interest, 83,120}* acres. In 1913 the Pittsburg &
West Virginia Gas Co. purchased the Monongahela Natural Gas Co. by
the issue of $1,500,000 collateral trust notes. The principal natural gas
companies controlled are;
The Philadelphia v_o. of West Va. |Pittsburgh & West Virginia Gas Co
Equitable Gas Company
1Philadelphia Oil Co.
During 1926 these companies sold 28,524,999,000 cu. ft. of gas to 169,807
customers and produced 99,550 bbls. of oil. On Dec. 31 1926 owned
1,782 gas wells and 3,763 miles of pipe. Also owned or controlled 176 oil
wells.
(2) Electric Light and Power.— The Philadelphia Co. controls through
Stock ownership the Duquesne Light Co., which forms the electric light and
power division. See statement on a subsequent page Company has in­
stalled steam electrical generating capacity o f 404 200 h.p., 20 971 miles
of transmission and distribution lines and connected load of 603.700 k.w.;
annual electrical output, 1,341.300.000 k.w. hrs. and electrical customers,
268 100.
(3) Street Railways.— These comprise about 633 miles o f track and have
an average of 1,136 cars and 30 motor coaches in daily operation, all oper­
ated (as a matter of convenience and economy) by the Pittsburgh Railways
Co. (except The Beaver Valley Traction Co. and the Pittsburgh & Beaver
Co.,which is operated separately).
The Phila. Co. in Dec. 1907 offered to guarantee 4% per ann. from Aug. 3
1907 on the $2,000,000 pref. stock o f C o n s o l. Gas O o . (entitled t o 6% cum.)
provided additional earnings be divided equally between the two classes of
stock, but pref. not to receive more than 6% in any event. Holders of 75%
o f the $2,000,000 pref. stock having agreed to the proposition, the plan
was adopted. V. 86, p. 54, 605.
SCHEDULB OF CAPITAL STOCK SHARES OF OTHER CORPORA­
TIONS OWNED AT AUG. 31 1927.
Shares
Shares
Natural Gas Companies—
Class.
Owned.
Issued
Pittsburgh & Wast Virginia Gas C o__________ Common 240,000 240,000
The Philadelphia Company of West Virginia--Common
20.000
20.000
Equitable Gas Oo___________________________ Common X23.000
33.000
x Remaining 10.000 shares are owned by Pittsburgh & West Virginia
Gas Co.
Oil Company—
Philadelphia Oil Company___________________ Common
40,020
40,020
Artificial Gas Company—
The Consolidated Gas Co. of Pittsburgh______ Preferred
4,162
40,000
The Consolidated Gas Co. of Pittsburgh______ Common
80,000
80,000
Electric Light and Power Company—
Duquesne Light O o__________________________ Common 200,000 200,000
Duquesne Light C o ----------------- Participating Preferred 100,000 100,000
Street Railway Companies—
♦Consolidated Traction C o__________________ Common 286,880 286,890
♦Consolidated Traction C o__________________ Preferred 233,117 240,000
Pittsburgh Railways C o_____________________ Preferred 50,000
50,000
Pittsburgh Railways C o---------------------------------Common
50,000
50.000
The Beaver Valley Traction C o_______________ Common
21,500
21,500
Pittsburgh & Beaver Street Ry. Oo__________ Common
4,700
4,700
♦The Morningside Elec. Street R y. Co_______ Common
480
480
♦Brereton Avenue Street, Ry. C o_____________Common
240
240
Total revenues.- __________________ $7,645,267
♦Bates Street Ry. C o _______________________ Common
180
7 - 180 General administration expense_____
71,279
♦Pittsburgh Southern Street R y. C o_________ Common
162
162 Other genera] expense_______________
39,176
Grant and Liberty Street R y. C o_____________Common
150 " U 150 Taxes---------------------------------------------178,370
♦Garrick and Baldwin Street R y. Co_________ Common
120
120
♦United Traction Co. o f Pittsburgh___________Preferred
67j|£60,000
Gross income______________________ $7,356,442




Shares
Owned.

$7,488,590
81.899
51,649
155.114

$8,109,597
97,067
64,633
251,110

$7,199,927

$7,696,787

PUBLIC U TILITIE S

114
2,027.721
76,079
71,676
164,569

1925.
292
2,091,589
69.010
71.676
170,708

1924.
877
2,164,929
148,929
71.676
178.729

Net income______________________ $5,016,396
Previous surplus___________________ 14,359,631
Additions to surplus________________
217,900

$4,796,652
14,147.467
255,127

$5,132,496
13,606,498
315,224

fierit for lease o f gas properties______
Interest on funded debt____________
Interest on unfunded debt__________
Guar. div. on Cons. Gas pref. stock.
Amort, o f debt discount and expense.

1926.

Gross surplus_____________________ $19,593,933 $19,199,246 $19,054,218
946,692
947.385
Dividends on preferred stock_______
947,559
3,715,075
Dividends on common stock________ 3,715,076
3,715.076
139,019
244,985
Amortiz'n o f debt discount & expense
126,952
44.214
38.135
Miscellaneous______________________
Surplus Dec. 31__________________ $14,760,132 $14,359,631 $14,147,466
Balance Sheet, see V. 124. p. 2421
Latest Earnings.— For 6 months ended June 30 (Philadelphia C o .):
Dividends and interest from investment securities, &c------------ $3,330,455
Total expenses and taxes_____________________________________
110,205
Interest accrued on funded debt_____________________________
991,791
Interest accrued on unfunded debt___________________________
119,415
Guaranteed div. on Consol. Gas Co. of Pittsburgh, pref. sto ck ..
35,838
Appropriation for amortization of debt discount and expense..
79,428
Net income for the period___________________________________$1,993,779
Surplus Jan. 1 1927_________________________________________ 14,760,132
Additions to surplus_________________________________________
105,473
Gross surplus______________________________________________ $16,859,384
Dividends on 5% preferred stock____________________________
72,123
Dividends on 6% preferred stock____________________________
438,037
Dividends on common stock_________________________________
2,793,889
Dividend on common stock (stock dividend)_________________
777,208
Amortization of debt discount and expense on bonds retired
43,600
Premium on debt retired_____________________________________
19,969
Surplus June 30 1927.
$12,714,558
Philadelphia Co .and Affiliated Operating Cos. (Inter-Co Items Eliminated)
Calendar Years—
1926.
1925.
Operating revenues______________________________ $61,444,862 $58,764,532
Operating expenses, maintenance and taxes______ _36,079,057 34,817,431
Net revenue___________________________________$25,365,805 $23,947,101
1,178,372
1,234,689
Other income..............
Total income_________________________________ $26,544,177 $25,181,790
Interest and other charges________________________$8,410,106 $8,465,456
Deprec., amort, charges and other reserve funds_ 8,024,678
6,871,663
Duquesne Light Co. dividends__________________ 2,350,000
2,300,000
Philadelphia Co. preferred dividends____________
947,559
947,385
3,715,076
Common dividends___________________________ 3.715.076
B a la n ce , su rplu s.
$3,096,758 $2,882,210
Latest Earnings.—For 12 mos. ended July 31:
1927.
1926.
Gross earnings__________________________________ $61,472,526 $61,186,957
Net earnings before provision for retirements_____ 26,113,677 26,008,967
1,095,719
1,279,007
Other income___________________________________

[V ol. 125,

1927 the above mentioned bankers brought out an additional $10,000,000
1st mtge. 434s, dated April 1 1927, at 99 and int., to yield 4.55%. V. 125,
p. 1967.
The 1st mtge. & coll. tr. ser. “ A ” and “ B ” bonds due July 1 1949 were
retired through proceeds from sale o f the 1st mtge. 434% bonds described
above. V. 124, p. 2277.
Dividends.— First div. on 7% pref. stock, 114%, paid May 1915: same rate
quar. since. First quar. div. on com., 134%. paid March 31 1913; June
1913, 134%: Sept., 134%. From Oct. 1913 to and including August 1922
dividends of 7-12 of 1 % were paid each month; Sept, to Dec. 1922 at the
rate of 5-6 of 1%; Jan. 1923 and thereafter to and Including Aug. 1927 at
the rate of 2-3 of 1 % monthly. Extra cash dividends have been paid on the
common stock, 1% during each of the years 1915 to 1920 both incl.; 34%
in 1921, 1% in 1922 and 1923; 134 % in 1924, and 2% in 1925 and 1926.
In 1924 a stock dividend of $1,774,000 was paid in common stock.
E A R N I N G S .— F o r ca le n d a r years:

1926.
1925.
1924.
Gross earnings_________ $24,209,334 $22,372,911 $20,339,750
Net after deprec. & taxes 9.781,476
8,727.240
7.585.785
695,780
717,939
581,491
Other income...................
Total income________ $10,477,256 $9,445,179 $8,167,277
Balance after int., & c ... *6.976.533
6.643.010
5,512.880
Preferred dividends____ 3,100.000
3.100.000
2,219.167
1.793.560
Common dividends......... 2 ,000,000 __2,000,000
Balance, surplus_____$1,876;533 $1,543,010 $1,500,153
*After appropriation o f $700,000 for other reserve funds.
Balance Sheet for year 1926, see V. 124, p. 2422.
Latest Earnings.—For 12 mos. ended June 30:
1927.
Gross earnings___________________________________ $24,990,559
♦Operating expenses, maintenance & taxes_______ 12,476,116

1923.
$19,383,622
6.790.479
796,475
$7,586,954
4.879,724
1.362.497
1,640.340
$1,876,887

1926.
$23,425,525
12,400,952

Net earnings_______
$12,514,442 $11,024,573
738,501
856,271
Other income (net)______________________________
Gross income_________________________________ $13,252,944 $11,880,844
* Before provisions for retirement reserve.
OFFICERS.— Chairman of the Board, Moritz Rosenthal; Pres., A . W.
Robertson; V .-P ., R. J. Graf; V .-P. & Gen. M gr., Frank R. Philips.
Sec., W. B. Carson, Treas., C. J. Braun Jr.; Com p., C. S. Mitchell,—
V. 120, p. 585, 1202. 1580; V. 121, p. 2037, 2271: V. 122. p. 94, 1761;
1904, V. 123, p. 1250, 2138; V. 124, p. 234, 790, 1509, 2377, 2422, 2747,
3351; V. 125, p. 1051, 1191, 1579, 1967.
A R T IF IC IA L GAS

CONSOLIDATED GAS CO. OF PITTSBURGH,
All the common stock and $208,100 of the preferred stock owned by Phila­
delphia Co.
$368,000 of the outstanding bonds are owned by the
Equitable Real Estate C o., a subsidiary of the Philadelphia Co.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
The Consolidated Gas Co. under a perpetual charter is the only gas
manufacturing company in the city of Pittsburgh and the exclusive right
to manufacture illuminating gas is vested in it. This co. discontinued
operations in June 1919 and subsequently sold Its property and abandoned
Its pipe lines In the streets.
Exchange of Bonds for 6% Preferred Stock of Philadelphia Co.— See “ Elec­
tric Railway” Supplement of April 26 1924 for details.
STOCK AN D b o n d s —
Date,
Interest. Outstanding. Maturity,
Common $4,000,000 ($50)_________
_______
$4,000,000 __________
Pref 4% cum $2,500,000 ( $ 5 0 )____
4 F-A
2.000,000 Aug’27, 2%
5 g F-A
31 ',000 Feb 1 1948
Gross income_________________________________ $27,209,396 $27,287,974 First mortgage $1,062,000/ 1898
($1,000) gold__________ tf [Maryland Trust C o., Baltimore, trustee.
OFFICERS.—Moritz Rosenthal, Chairman of the Board; A. W . Robert­
Interest on bonds is payable at Brown Bros & Co . New York, and Alex.
son, Pres.; R . J. Graf, V .-P.; C. S. Mitchell, V.-P. & comp.; C. J. Braun, Brown & Sons, Baltimore, hut is in default.— V. 120, p. 3313.
Jr., Treas.; W. B. Carson, Sec. Office, 435 Sixth Ave., Pittsburgh, P a .—
V. 120, p. 829, 1205, 1328, 1580, 1748, 1775, 2402, 2684, 2944; V. 121, p. 76,
STREET RAILW AYS.
708, 2174: V. 122, p. 214, 884, 1764, 1904, 1935, 2042, 2192, 2652, 3084,
1. PITTSBU RGH R AILW AYS CO.
3211; V. 123, p. 325. 711, 2392: V. 124, p. 793. 1220, 1667, 1821, 2421,
2590, 2749, 2908, 3497, 3631, 3773: V. 125, p. 386, 649, 1194, 1325, 1462,
Receivership Terminated.— On Jan. 30 1924 Federal Judge Thompson at
1580, 2146, 2265.
Pittsburgh signed a decree ordering a return of the properties of the com­
pany to the owners and lifting the receivership, which had been in effect
ELECTRIC LIGHT AN D POWER.
since April 23 1918. at midnight Jan. 31 1924. V, 118. p. 552. Compare
DUQUESNE L IG H T CO.
Entire common and participating preferred stocks are owned by the V. 118. p. 432: V. 117. p. 2139.
Proposed Reorganization Plan.— A plan for the reorganization of the
Philadelphia Co.
in an agreement
to be executed
the City of
ORGAN IZATION .— Incorp. on Aug. 25 1903 under the laws of Penn­ system embodiedPhiladelphia Co. proposed Pittsburgh Rys. by o., was pre­
Pittsburgh, the
ana the
C
sylvania.
Council July 25
The plan
Owns the entire stock of the Allegheny County Light Co., and the Alle­ sented to the Pittsburgh City or the formation1921. new co. to contemplates
reorganization of the co.
of a
take over
gheny County Steam Heating Co. On Dec. 31 1912 leased for 50 years theassets. The new co. would be limited to $62,500,000 In the Issuance all
Its
of
the Allegheny County Light C o., which in turn leases the Monongahela securities In substitution of securities now outstanding amounting to
Light & Power Co. for 900 years from Jan. 1 1902. On M ay 11 1927 the $166,000,000. An annual return of 6% for 10 years Is allowed on the new
Allegheny County Lt. Co. sold all its physical property, leasehold interests, capitalization, which Is the value of the railways properties as fixed by the
&c. (except corporate franchises). On Jan. 1 1921 the co. acquired from P.
(see below under ‘‘Valuation’’ ). The
the City of Pittsburgh the North Side light plant at the price of $378,652. the8. Comm, the co. The proposed plan was printedcity Is given a voice In
control of
and copies distributed
V. I l l , p. 2141.
by the Municipal Law Dept, of the City of Pittsburgh. For full details of
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.— plan see V 113 p. 533. 731. Nineteen boards of trade, chiefly outlying
Receives substantially all of the electric power and light business in Pitts­ districts entered into a joint protest against the proposed plan. V. 114,
burgh and greater part o f Allegheny and Beaver counties, Pa., a territory of p. 1288; V. 113, p. 1252. The above plan was approved by the Pittsburgh
approx. 1,000 sq. miles. Owns 2 electric generating stations with installed City Council, with certain amendments (see V. 113. p. 2721), and signed
capacity of 404,200 h.p., serving 268,100 customers and 20,97l miles of by the Mayor and A. W. Thompson, Pres, of the co., in Dec. 1921 (V. 113,
transmission and distribution lines (20,384 lines and 587 underground lines). p. 2721). On Feb. 14 1922 the Penna. P. 8. Comm, approved the plan.
V. 124, p. 793. Has contract extending to 1963 to supply all electricity V. 114, p. 855, 1288; V. 115, p. 870, 2268, 2378, 2686: V. 116. p. 1412,
used by the Pittsburgh Rys. Also has contract with the city of Pittsburgh 2516; V. 117, p. 1018, 1664, 1778; V. 118, p. 1666; Y. 119, p. 1845; V. 125,
for street and other mumcipal lighting and power purposes. Also does a p. 1838. In July 1926 it was announced that a general refunding mortgage
steam heating business in downtown Pittsburgh through the Allegheny bond issue was to be floated to retire all the outstanding mortgage bonds
County Steam Heating Co. Franchise is perpetual. See V. 123, p. 2138, (about $11,575,000) of the component companies. V. 123, p. 456.
about new Colfax power plant .
Default-Subsequent Payments.— The company failed to pay the Jan. 1
City Lighting Contract.— On Nov. 19 1917 the Pittsburgh City Council
1918 interest on the bonds of a number of subsidiaries and the directors of
a d o p te d an ord in a n ce to a u th o riz e a c o n t r a c t w ith the company to furnish
ihe Philadelphia C o., which was already a creditor of the Railways Co. for
ligh t t o 20 w ards o f th e c it y fo r ten years, th e c o n t r a c t being ba sed on normal
k large amount, refused to make it further loans.
All the Jan. 1 1918
p rices fo r la b o r an d su p p lies; c o n t r a c t has sin ce be e n sig n e d . See also
■oupons, except on the United Traction 5s, were paid in March 1918.
V. 114, p. 1185.
V. 106, p. 930, 1282. Coupons on the United Trac. 5s have since been paid
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
from time to time. V. 113, p. 2722: V. 114, p. 80.
Common $25,000,000 ($100).. . __
Monthly $20,000,000
See text
Holders o f $343,000 Pittsburgh & West End Passenger R y. 1st Mtge.
1st pref $150,000,000 Ser “ A ”
5s due July 1 1922 were asked to convert their holdings Into West End
7 % cumulative___________ _____
7 Q-M
30,000,000 Sept '27.154 Traction gen. mtge. 5s, due Jan. 1 1938. For details see V. 115, p. 183.
Partic (2d) pref $125,000,000
Up to Sept.l 1927 $30,000 had been so converted, balance of $313,000 being
Series “ A " 8% c u m u la tiv e ..____
8%
10.000,000 A u g ’27.2%
paid Int. at the rate of 5% . Compare V. 117, p. 1993.
1st mtge 4 f i% ser A $100,- f 1927 4% g A-O 65,000,000 April 1 1967
Claims for Rentals.— See V. 115, D. 760.
000,000 (c*$l,000-$500and{TTnion Trust Co., Pittsburgh, trustee,
Valuation.— In March 1918 the Public Service Commission appointed
r $l,000-$5,000 & m ult)_tf (Int. payable in New York and Chicago.
a committee to ascertain the physical valuation of the co.’s properties and
Bonds of Leased Companies—
Monongahela Lt & P 1st M / 1899
5 g J-D
$1,700,000 June 1 1949 to recommend fare rates which will yield It a fair return on Its investment.
In Aug. 1918, under orders from the P. S. Comm., the receivers ap­
$1,700,000 ($1,000) g o ld .tf/In t. at Mellon National Bank, Pittsburgh.
pointed a board of three (A. J. Kelly, Henry P. Haas and J. W. Cree) to
(Union Trust Co. of Pittsburgh, trustee
make the valuation. V. 107, d . 697. According to the report to the P. S.
Stock.— The first pref. 7% stock. Series “ A ,” Is callable, all or in part, at Oomm. in Aug. 1919, physical value of the co. in the opinion of engineers
$115 and divs. Exempt from Penna. 4 mills tax. $15,000,000 7% 1st for the city Is $48,000,000, and In the opinion of engineers for the co. either
pref. was sold in Mar. 1923 by Lee, Higginson & Co., Ladenburg, Thalmann $60,889,804 or $70,120,804. V. 109, p. 776. 1367. In March 1920 the
& Co. and Hayden, Stone & Co. at 103 and div., to yield 6.80%. V. 116,
P. S. Oomm. fixed $62,500,000 as the value of the co.’s property, this being
p. 1056. In Oct. 1924 same bankers offered an additional $15,000,000 7%
a compromise between the above mentioned valuations. V.
1st pref. at 106 and divs., yielding 6.60%. V. 119, p. 1631. Listed on The city, however, carried an appeal to the Superior Court of110, p. 1290.
Penna., but
New York Stock Exchange. V 117. p 898 Listed on Pittsburgh Stock this was withdrawn by agreement.
Exchange. V. 118. p 316
ORGANIZATION.— This was formerly the Southern Traction C o., but
Bonds.— The 1st mtge. 4f§% gold bonds, dated April 1 1927, are secured
by a direct 1st mtge. Additional bonds may be issued of series " A ” or any In accordance with the authority vested in it by the terms of Its charter,
other series o f such tenor as directors may from time to time determine. the directors of the Southern Traction Co. on Dec. 30 1901 voted to change
Additional bonds, except $5,000,000 issuable at any time, may be Issued the name of the company to the Pittsburgh Rys. Co. The Philadelphia
only for 75% o f additions and extensions and, par for par, for refunding Co. had previously acquired all the stock, com. and pref., o f the Southern
o f bonds o f any series, provided net earnings for 12 consecutive months, Traction, in accordance with the terms in V. 73, p . 1112. In Aug. 1927,
not more than 90 days prior to the application for issuance of bonds, have acquired the Pittsburgh (Pa.) Rys.
ih e Southern Traction Co. was chartered In 1900 to take over, extend
been at least twice the annual int. charges on all 1st mtge. bonds, incl. pro­
posed issue; all as defined in the mtge. A maintenance and renewal fund of tnd operate the West End Traction lines, which were purchased in Aug. 1900
for $4,500,000.
12Yt % o f gross earnings is provided for ser. “ A ” bonds. Int. payable with
Leases the Pittsburgh & Castle Shannon R R . for 99 years, rental being
out deduction for Federal Income tax o f 2% and also free from Penna.
4-mills tax. Co. will refund Mass, tax not exceeding 6% , Conn. 4 mills, 415.000 per annum. See V. 81 p. 778
The following stocks (being In each case the entire Issue) are owned:
Maryland 4-34 mills and Dist. o f Columbia 5 mills tax. Red., all or part,
on 60 days’ notice until and incl. April 1 1931 at 105 and interest, the
Schedule of Capital Stock Shares of Other Corporations Owned at
premium thereafter decreasing 34% for each 4 years or fraction thereof
Aug. 31 1927.
thereafter elapsed to and incl. April 1 1966, the bonds being red. thereafter
Shares
Shares
at 100 and int. In April 1927 Ladenburg, Thlmann & Co., H. M . Byllesby
Issued—
Owned. Issued.
& C o., Inc., The First National Bank, N. Y .t Harris, Forbes & C o., Lee, United Traction Co. o f Pittsburgh, common_____________ 340,000 340,000
Higginson & C o., the Union Trust Co. o f Pittsburgh and Hayden, Stone &
Preferred____________________________________________ 58,999 60.000
Co. sold $55,000,000 1st mtge. 434% gold bonds at 95 and int., with an West End Traction Co., preferred_____________________ 50,000 50,000
approximate yield o f 4.78% . Y. 124, p. 2277: V. 125, p. 1579. In Oct.
C om m on ____________________________________________ 50,000 50,000




Oct ., 1927.]

POW ER, LIGH T AND R A IL W A Y

Shares
Shares
Issued—
Owned. Issued.
50.000
Pittsburgh & Charleroi Street Railway C o., common------ 50,000
30.000
M t. Washington Street Railway C o., common---------------- 30.000
2 0 .0 0 0
Washington & Canonsburg Railway C o., common--------- 20,000
5.000
East McKeesport Street Railway C o., common------------- 5,000
5.000
Allegheny Bellevue & Perrysville R y. C o., common------ 5,000
2,500
2,500
Pittsburgh M otor Coach Co___________________________
2.000
Ben Avon & Emsworth Street Ry. Co., common----------- 2,000
1,590
Pittsburgh Canonsburg & Washington R y. C o., comm on. 1_,590
500
500
West Shore Electric Street R y. C o., common---------------480
480
Washington & Claysville Street R y. Co., common----------300
300
Allenport & Roscoe Electric Street R y. C o., common-----300
300
McKees Rocks & Neville Island St. R y. C o., common-----200
200
Rosslyn Street Railway C o., common--------------------------174
174
Bon Air Street Railway C o., common___________________
160
160
McKees Rocks & Allegheny Street Ru. Co., common-----120
120
Crafton & Chartiers Valley Traction C o., common--------120
120
Virginia Avenue Street Ry. Co., common---------------------120
120
West Liberty & Suburban Street R y. C o., common--------210
109.2
Weills Place C o., common_____________________________
100 240,000
Consolidated Traction C o., preferred---------------------------80
Cedar Avenue Street R y. C o., common-------------------------80
Superior Ave. & Shady Ave. Street R y. C o., common—
24
Tustin Street Railway Co., common----------------------------By the terms o f an operating contract, effective Jan. 1 1902, the Pitts,
burgh Rys. Co. assumed control of all the properties of the Consolidated
Trac. C o., the United Trac. Co. of Pitts, and their underlying companies.
Operates jointly with the West Penn Rys. Co. a trolley freight service known
as the Consolidated Electric Freight. V. 119. p. 694.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
The Pittsburgh Railways Co. operates 616 miles of track in Pittsburgh
ana outlying boroughs ana has an average o f 1,136 cars amd 45 motor
coaches in daily service. Operates 35 buses. Total cars. 1,817. For
12 months ended Aug. 31 1927 carried 266,431,493 revenue passengers,
incl. motor coach passengers. The motor coach business is done through
the Pittsburgh Motor Coach Co. Has long-time contract with Duquesne
Light Co. for supply of light and power. V. 121, p. 2274.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock $2,500,000 ($50)-------------------- *2.500,000 ............... ..
Pref 5% cum $2,500,000 ($50)---------------------- 2,500.000
Gen mtge $20,000,000 red at? 1913
5 A-O
2,539,000 Mar 31 1953
105 & int guar p & i _____tf (Guaranty Trust C o.. New York, trustee.
500.000
Serial notes__________________ _____
6%
2.400.000
See text
Car trusts ($1,000) free of Pa? 1924
6 gFA
4-mill tax gold_______ c * tf (Int. at Un. Tr. Co. . Pittsburgh, trustee.
1.040.000
8ee text
Oar trusts Ser. ’B’ ($1,000) g.f 1925
6 g A -Q
free of Pa. 4-mill tax ..c * t fl i n t . at Un. Tr. C o., Pittsburgh, trustee.
Guaranteed Bonds—
Date. Interest. Outstanding.
laturity.
West Liberty & Sub St 1st M l 1908 5 g J-J
$250,000 Jan 1 1938
$250,000 ($1,000) g _____t f (Int. at Colonial Trust Co.. Pittsb., trustee.
Debt of Old Southern Trac. Co.—
,
„„„ . ^
So Trac 1st M coll trust gold/ 1900 5 g A-O
4,000,000 Oct 1 1950
$4 000,000 ($1,000)_ c* tf (Int. at Union Tr. C o., Pittsburgh, trustee.
_
West End Traction gen m tge/ 1898 5 J-J
1,016,000 Jan 1 1938
$1,500,000 ...................... t f (Int. at Union Tr. C o., Pittsburgh, trustee.
Underlying loans of Vest End Traction—
Pittsburgh Crafton & M ans-/ 1894 5 J-J
171.000 .Tuly 1 1924
Feld 1st m t g e _________ t flln t. at Pittsburgh Trust Co.. Pittsburgh.
Pitts & West End 1st m tg e -.tf 1892
6 J-J
313.000
See text
Bonds.— Of the gen. mtge. bonds, $4,000,000 are to retire Southern Trac
bonds and $13,461,000 (of which $3,461,000 in treasury) are for extensbetterments and improvements. V. 97. p. 444, 666. $1,968,000 are guar
anteed, prin. & int., by Philadelphia Company.
Car trusts of 1924 mature $200,000 each Feb. 1 from 1925 to 1939 IncL
Prin and Int payable at the office of trustee. In April 1924 $3,000,000
were offered by Union Trust Co. of Pittsburgh and Brown Bros. &
Co. at prices yielding from 5.22% to 6% . according to maturity. V. 118,
p. 2042. $600,000 have been retired.
Car trusts Ser. “ B " of 1925 are due, $80,000 annually Apr. 15 1926 to
1940 incl. Prin. and int. payable at office of trustee. $1,200,000 were
offered in April 1925 by The Union Trust C o., Pittsburgh at prices ranging
from 101 & int. to 101M & int . to yield from 4.95% to 4.85% . according
to maturity. V. 120, p. 2013. $160,000 have been retired.
The Southern Traction mortgage cannot be called before maturity.
Philadelphia Company owns $126,000. The Farmers Deposit National
Bank o f Pittsburgh offered the bonds for sale in Oct. 1900. See V. 71, p.864.
Of the portion of the 5s of 1898 of the West End Traction still unissued,
$484,000 are reserved to retire underlying bonds.
Bonds of the West Liberty & Sub. St. are guaranteed by Pittsburgh Rys.
C o., are not subject to call and have no sinking fund.
Holders of the $171,000 Pitts. Crafton & Mansfield 1st mtge. 5s, due
July 1 1924, were advised by letter of the President, dated Aug. 20 1924,
that they could either register their bonds under a continuation arrangement
or exchange their bonds at par for West End Traction C?* 5% bonds,
due 1938. A similar letter was issued to Pitts. & West End 1st mtge.
^pfttsburgli & West End 1st mtge. 5s matured July 1 1922 but holders were
asked to convert same into West End Trac. gen. mtge. 5s due Jan. 1 1938.
Up to Sept. 1 1927 $29,000 had been converted and co. is paying int. on the
remaining $313,000 at the rate of 5% .
EARN IN G S.— For calendar years:
. ,
..
[Prepared in accordance with the terms o f the agreement between city
of Pittsburgh, sundry other municipalities, Philadelphia Co. and Pitts. Rys.]
1926.
1925.
1924.
Gross rev. from street railway op er..$21,727,230 $21,813,697 $22,063,777
Operating expenses and taxes— ------ 17,319,622 17,461,177 18,028.919
$4,407,608
212,817

$4,352,520
283,672

$4,034,858
374,684

$4,620,425
4.585,068

Other income (net).

$4,636,192
4,584.060

$4,409,542
4,399,467

Net income______________________
$35,357
Balance Sheet for year 1926, see V. 124, p. 2422.

$52,132

$10,075

O F F I C E R S .— Chairman o f Board, James D . Callery; Pres., A. W .

Robertson: V .-P., T . Fitzgerald; Gen. Mgr W . T . Rossell; Sec., W . B.
Carson: Treas., C. J. Braun, Jr.; Comptroller C. S. Mitchell —V. 120,
p. 1581, 2013; V. 121, p. 2274: V. 122, p. 1764, 1905, 2193; V. 123, p. 456,
1878; V. 124, p. 648, 793, 2422; V. 125, p. 1325, 1838.
(a) MOUNT WASHINGTON STREET RY.
O RGAN IZATION .— Incorp. in Penna. on Oct. 8 1901 and later absorbed
the Sycamore Street R y. Also owns the entire ($500,000) capital stock of
the Mount Washington Tunnel C o . Stock of the Mount Washington Street
R y Is owned by the Pittsburgh Rys. The road is leased to the Pittsburgh
Railways Co. for 995 years from April 1 1903 for all charges, incl bond int.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
A trolley road. Operates 12.9157 miles o f track from Pittsburgh to Mount
Lebanon. Gauge, 5 ft. 234 in.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity

1s t C
mortgage°and^coll trust? 1903
5 g A - O " ^ilodOOO April l '1 933
$1 500 000 gold ($ 1 .000){Penn. Co. for Insurances on Lives & Grant-

guar prin & int_______ c * tf ( ing Annuities, Philadelphia, trustee.
Bonds are guaranteed prin. & int. by endorsement by the Philadelphia Co.
Int payable in New York, Pittsburgh and Philadelphia. N o sinking fund
and bonds cannot be called. The stock of the Tunnel Co. has been pledged
as collateral under this mortgage. See V . 76, p. 1143; V . 80, p. 222;
V. 108. p 379.
(b) WASHINGTON & CANONSBURG RY.
Stock all owned by Pittsburgh Rys.
ORGAN IZATION .— Incorp. in Pa. on June 2 1902. Successor on June 2
1902 to Washington Elec. St. R y. In Jan. 1909 Pitts. Rys. began operat­
ing the property. Franchises perpetual. Leased in 1907 the Pitts. Canons­
burg & Wash. St. R y.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
A trolley road. Operates 17.103 miles in and between Washington. Tylerdale and Canonsburg.




115

STOCK AND BONDS—
Date. Interest. Outstanding.Maturity.
_________ $1,000,000 ___________
Stock $1.000,000 ($50)____________
Wash Elec St Ry 1st M ________ 1897 5 g
125.000 Feb 11927
First
mortgage
$650,0001 1902 5 g J-J
417,000 July 11932
g o ld ---------------------- c& rtf. (Int. at Colonial Tr. Co., Pittsburgh, trustee
Second mortgage $500,000
1913 5 J-D
185.000 Dec 11943
($1.000) red at 102 & Int on (Int. at office of company or at Colonial Trust
i0 weeks’ notice_______t f [ C o., Pittsburgh, trustee.
Bonds.— On 1st mtge. bonds a sinking fund of $5,000 per annum became
operative after 5 years; $108,000 have been canceled. $125,000 of the new
bonds are reserved to retire the bonds of the Washington Electric St. Ry.
The 2d mtge. bonds outstanding are owned by Pittsburgh Rys. Co.—
V. 106, p. 88; V. 116, p. 411.
(c) PITTSBURGH CANONSBURG & WASHINGTON RY.
Default and Subsequent Payment.— See Pittsburgh Railways above.
ORGANIZATION.— In 1907 was leased for 30 years to the Washington
& Canonsburg R y., which guarantees bonds, principal and interest.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
A trolley road. Operates 12.067 miles of track between Canonsburg and
Castle Shannon. 80-lb. rails
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock (1,590 shares, all owned by Pittsburgh Railway)
1st mtge $750,000 ($l,000)f 1907
5 J-J
$750,000 July 11937
g o ld ___________________ tf/Safe Deposit Trust Co., Pittsburgh, trustee.
I Int. at company’s office, Pittsburgh.
Second mortgage $500,000 1913 5 J-D
89.000 Dec. 1 1943
($1,000); red at 102 & int-iInt. at office of co., Pittsburgh, or Safe
on 10 weeks’ notice--------- tf [ Deposit & Trust C o., Pittsburgh, trustee.
Bonds.— 1st mtge. bonds are redeemable at 105 and Int. on any int. date;
guar., p. & L, by Washington & Canonsburg Ry. and Pittsburgh Rys.
Second mortgage bonds outstanding are owned by Pittsburgh Rys. Co.—
V. 106, p. 87, 1231; V. 108, p. 2630.
(d) OTHER CONTROLLED PROPERTIES.
Bonded Debt.— Under date of Dec. 1 1913 the following named companies
controlled by the Pittsburgh R y. C o., as shown above, filed mortgages to
secure issues of 1st mtge. 5% gold bonds (int. J. & D .c*tf), due Dec. 1 1943
(par $1,000), but callable, all or part, at 102 and int. on 10 weeks’ notice.
The outstanding amount in each case is owned by the Pittsburgh Rys. Oo
Name of Company—
Total Auth. Total Issued.
Trustee.
Cedar Avenue Street R y. C o____$40,000 $39,000 Col. Tr. C o., Pittsb,
Bon Air Street Ry. C o_________ 100,000
45.000 Col. Tr. C o., Pittsb.
West Shore Elec. Street Ry. C o-.100.000
85.000 Col. Tr. C o., Pittsb.
Superior A ve.&Shady Ave. St. Ry. 65.000 65,000 Col. Tr. C o., Pittsb.
Allenport & Roscoe Elec. St. Ry.500.000 127.000 Union Tr. C o., Pittsb.
(2) UNITED TRACTION CO. OF PITTSBU RGH .
ORGANIZATION.— Incorp. on July 27 1896, and in June 1897 purchased
all the property and franchises of the Second Ave. and North Side traction
companies, and secured control of the Pittsburgh Allegheny & Manchester
through a lease for 950 years and the purchase of its stock. V. 65, p. 27.
The Federal St. & Pleasant Valley Pass. Ry. is controlled through its lease
for 950 years to the North Side Traction. In 1902 leased the Pittsb. & Birm.
Trac. C o., East McKeesport St. R y. and the Pittsb. & Charleroi St. Ry.
In March 1899 the Philadelphia Co. offered to give $6,375,000 of its com.
stock in exchange for the $17,000,000 com. stock of the United Trac. See
V. 68, p. 479. In Oct. 1899 exchange of stock under this plan was begun and
all shares have been acquired and are now owned by Pittsburgh Railways.
On Jan. 1 1902 the Pittsburgh Railways Co. took over this property
and, under the terms of the operating contract, agrees to pay current divi­
dends of 5% on the pref. stock. The agreement was until Jan. 1 1907 and
thereafter until terminated by three months’ notice from either party.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Controls 235 63 miles of track in all.
STOCK AND BONDS—
Date.
Interest. Outstanding Div. or Mae.
Com stock $17,000,000 ($50)_______
J-J
*$17,000,000 July’ 12.3*%
5 J-J
Pref cum $3.000,000 ($50)...........- - 3.000.000
See text
United Trac gen mtge gold f 1897
5 g J-J
4,783,000 July 1 1997
$10,000,000 ($1,000)-_c*tf(M aryland Trust C o., Baltimore, trustee.
( Interest is payable in New York City.
Pitts Alleg & M a n c h e s te r ..tf____
5
1,345.000 Oct. 1 1930
Second Ave Traction mtgel 1894
5 g J-D
2,014,000 Dec. 1 1934
gold ($1,000)_________ c*tf/M aryland Trust C o., Balt., M d., trustee.
Interest at Brown Bros. & Co., N Y ., or A. Brown & Sons, Baltimore.
2d Ave Traction Co m tg e .-tf l893
5 J-J
392.000 July 1 1933
_________
1,585,671 __________
Loans payable Aug. 31 1927-. ___
* All owned by Pittsburgh Railways Co.
The United Traction receives the entire earnings of the North Side
Pitts. A. & M . and Second Ave. traction companies.
Dividends.— On preferred divs. at the rate of 5% annually were paid to
July 1914. Jan. 1915 div. passed. V. 100, p. 55. None since. See re­
marks above. On common, H % paid July 2 1903, and 14 % each 6 months
to and including Jan. 1912. In July 1912, M % • None since.
Bonds.— The new United Trac. mtge. is limited to $10 000,000; bonds
cannot be redeemed before maturity; Maryland Trust Co. of Baltimore is
trustee. Of these bonds, $5,196,000 are reserved to retire the divisional bds.
above mentioned. Bonds are listed on Phila. and Balt. Stock Exchanges.
EA R N ING S.— Not now an operating company.
OFFICERS.— Pres., A. W. Robertson; V .-P ., J. H. Reed; V .-P ., T.
Fitzgerald; Sec., W. B. Carson; Treas., C. J. Braun, Jr.; Comptroller, O. 8.
Mitchell. Office, Pittsburgh, Pa. Financial agents, Alexander Brown S
c
Sons, Baltimore, M d.— V. I l l , p. 2141; V. 113, p. 2722; V. 114, p. 80,
1288, 1892.
LINES CONTROLLED B Y U N ITED T RACTION CO. OF PITTSB.
(a) FEDERAL STREET & PLEASANT VALLEY RY.
Default and Subsequent Payment.— See Pittsburgh Railways above.
ORGANIZATION.— Incorp. Feb. 20 1868, and has since consolidated
Its various subsidiary companies. The franchise is perpetual.
The North Side Traction Co. on July 20 1896 leased the Federal Street &
Pleasant Valley for 960 years, assuming its debt, and agreeing to pay as
rental all taxes, rentals, &c., and also $32,500 yearly in cash, payable
Jan. 15 and July 15, equal to 5% on the $650,000 which it does not own; it
owns $750,000. V. 63, p. 31, 76, 189.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A trolley road. Embraces 33.845 miles of track (including sidings) on about
17 miles of street.
The $73,000 5% bonds of the Federal Street & Pleasant Valley, due
July 1 1919, were extended for 2 years at 6% , but had not been taken up
as of Sept. 1 1927, but interest was being paid at the rate of 5% .
As of Sept. 1 1927 no arrangements had been made for the retirement or
extension of the 4 issues of underlying bonds maturing N ov. 1 1920.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock (par $25) full paid______ _____
5 J-J
$1,400,000
See text
Consol mtge $1,250,000 gold! 1892
5 g J-J
1,060,000 M ay 1 1942
($1,000) on 28 miles. .e * tf Jlnt. at Fidelity Title & Tr. C o., Pittsburgh.
Underlying Mortgages—
Federal St & Pleas Val mtge tf
1889 6 J-J
73,000 July 11921
Allegheny & Bell 1st m tg e .-tf
1890 5 J-J
7,000 Nov. 1 1920
Allegheny Street 1st m tg e -.tf 1890 5
25,000 Nov. 1 1920
Perry Street 1st m ortgage..tf 1890 5 J-J
1,000 Nov. 1 1920
Troy Hill 1st mortgage___ tf
1890 5 J-J
34.000 Nov. 1 1920
Bonds.— The consolidated mortgage of 1942 is for $1,250,000, of which
$18,000 have been paid and canceled, the balance unissued Is in the hands of
trustee to retire all the other issues; mortgage trustee is the Fidelity Title &
Trust Co., Pittsburgh. All the above issues are guar., prin. and int, by
United Traction Co.— V. 106, p. 8 5 , 929, 230.
(b) PITTSBURGH & BIRMINGHAM TRACTION.
On Jan. 1 1902 leased for 999 years to the United Traction Oo., which has
agreed to pay all interest, taxes, &c.. and also $150,000 annually as rental.
Lease is guaranteed by the Philadelphia Co.
ORGANIZATION.— Incorp. Aug. 15 1889; N ov. 19 1889 leased P. & B.
Passenger R y., including South Side Pass Ry. Co. Also leased and oper­
ated from Dec. 1891 Pittsburgh Incline Plane Co. and M t. Oliver Incline
Plane Co.; operated also Birm. Knoxville & Allentown Traction Co. In
Aug. 1900 purchased the $400,000 capital stock of the West Liberty Street
Ry. and constructed a line to M t. Lebanon. V 71, p. 343.

116

PUBLIC U TILITIE S

[V ol . 125.

STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Common stock ($50)_________ _____
J-J
$15,000,000 July’ 12, 1%
Pref stock 6% cum ($50)__________
6 M -N
12,000,000 M a y '2 7 ,3 %
Oar trust bonds $200,000 gold/
1917 5 M -N
51,000
See text
($1,000) Series “ E ” _______ (Fidelity Title & Tr. C o., Pitts., Pa., trustee.
Fort Pitt Trac mtge $1,000.-/ 1895 5 g J-D
1,000,000 Dec 2 1935
000 ($1,000) g not red .c*tf (Int. at Pittsburgh Tr. C o., Pittsb., trustee.
Notespayable A ug3i 1926--------------------------- 1,516,057 ---------------Stock.— The pref. stock carries cum. divs. of 6% per annum and has the
right to participate equally with the com. stock when that has received 6%
All arrears of divs, were paid up in Jan. 1903. V. 46. p. 48. First div. of
1% on common paid Jan. 2 1903; then 1 % July 1905; 1904 to 1911 incl., 2%
per annum. In 1912. Jan.. 1%; July. 1% .
Bonds.— The equipment trust certificates series E car trust bonds are
secured by 50 cars costing $225,000. They mature in 11 annual payments
commencing Nov. 1 1918. $149,000 retired.
OFFICERS.— Pres., A. W . Robertson; V .-P ., T . Fitzgerald; Sec.,
W . B. Carson; Treas., C. J. Braun Jr.; Comp., C. S. Mitchell.— V. 119.
p. 2759.
LINES CONTROLLED BY CONSOLIDATED TR AC TIO N CO.
(a) ARDMORE STREET RY.
ORGANIZATION.— Incorp. in Pennsylvania on Oct. 31 1907. Road
mostly on private right-of-way. Franchises in boroughs are perpetual
Consolidated Traction owns all the stock and guarantees the bonds, princi­
pal and interest. V. 88. p. 881. Philadelphia Co. owns $26,000 bonds.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 8.22 miles of track between Wilkinsburg and East Pittsburgh.
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity
Stock $14,000 ($50;__________ _____
_________
See text ---------------First mortgage $1,250,000( 1908
5 g A-O
$1,032,000 April 1 1958
gold ($1,000)_________ c*tf(In t. at Colonial Trust C o., Pittsb., trustee
Bonds.— Remaining bonds are reserved for extensions and betterments.
No sinking fund, but subject to call at 105 and interest.— V. 88, p. 881.
(b) ALLEGHENY TRACTION.
ORGANIZATION.— Incorp. July 23 1890. April 1 1896 this co. was
leased to the Fort Pitt Traction Co. for 950 years at a rental of $25,000 per
annum. Lease assumed by Consol. Traction Co. Judgment against co
as guarantor of $11,000 Millvale Etna & Sharpsburg bonds, see Y. 121.
p 72, 196. 327.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Including Millvale Etna & Sharpsburg. 21.766 miles of road.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
(c) PITTSBU RGH & CHARLEROI STREET RY.
Stock $500,000 (par $ 50 )___
____
5%
$500,000
See text
Stock owned by Pittsburgh Rys.
Guaranteed Bonds—
ORGAN IZATION .— Incorp. April 19 1902 and took over the Charleroi
Millvale Etna & Sharpsburg) 1893
5 g M -N
741,000 N ov. 1 1923
& West Side Ry.; is leased to the United Traction Co. for 900 years from
1st mtge $750.000____g_tf (Int. at Pittsb. Tr. C o., Pittsburgh, trustee.
May 15 1902. Rental is $1,000 per year. Bonds are guaranteed prin. and
Dividends.— The semi-annual dividend of 214%, due June 1 1901, was
Int. by the United Traction Co. and the Philadelphia Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS — passed, the proceeds being used to pay off the floating debt. In 1902.
A trolley road. Operates a road between Pittsburgh and Allen port, by 414%; 1903 to 1920 incl., 5% per annum.— V. 121, p. 72, 196, 327.
way of Castle Shannon, Finieyville, MoDongahela City and Charleroi, a
(c) CENTRAL TRACTION.
distance of 50.114 miles. Completed in Sept. 1903.
Lease.— Incorp. Dec. 21 1888. Leased from April 2 1896 to the Consoli­
The $51,000 1st M . 5s of the Charleroi & West Side R y ., due Sept. 1
1919, were extended for 2 years at 6% , and again to Sept. 1 1922, but had dated Trac. Co. for 950 years at 3% per ann. on par value of $1,500,000
sot yet been taken up as of Sept 1 1927. although int. at the rate of 6% per stock (see V. 61. p. 1154): and in M ay 1896 stockholders were offered priviege of exchanging their stock for receipts, which were redeemed at $30 per
annum was being paid regularly.
share on Oct. 1 1896 in Consol. Trac. Co, pref. stock at par. 29,173 shares of
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
_________ $2,500,000 ____________ Cent. Trac. stock (out of 30.000) have been so exchanged. V. 62. p. 1087.
Stock $2,500,000 ($50)_______ ____
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
6%
51.000 Sept 1 1922
Charleroi & West Side l s t M .t f ____
9.27 miles of track, of which it controlled by ownership of capital stock
5 g M-N
2.431.000 May 1 1932
Pitts & Charleroi 1st M $2,-( 1902
500.000 gold ($1,000)-C*tf 1Int. at U nioD Trust C o., Pittsburgh, trustee. Central Passenger Ry. 3>4 miles.
5 J-D
522,000 Dec 11943
Pitts & Charleroi 2d A1 $ l,-( 1913
The $125,000 Central Pass. R y 1st Mtge. 6s due Oct. 1 1924 were not
000,000 ($1,000) red at 102 Int. at company’s office or Union Trust Co., retired at maturity. See V. 119, p. 1845, under caption “ Pittsburgh Rys
& int. on 10 weeks' notice tf ( Pittsburgh, trustee.
C o.”
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Bonds.— Of the Pittsb. & Charleroi 1st M . bonds, $51,000 is reserved to
3% A-O (30,000shs.l
See
retire a like amount o f Charleroi & West Side bonds. See V. 74, p. 1039. Stock ($50) see text__________ _____
(30 paid up |
text
Becond mtge. bonds outstanding are owned by Pittsburgh Rys. C o.— V. 74,
1st mtge $350,000 cable line) 1889
5 J-J
$325,500 July 1 1929
p. 1039, 1090; V. 76, p. 752.
$500__________________ ntfjlnterest at Union Trust C o., Pittsburgh.
Bonds of Central Passenger Ry. Controlled—
<d) ALLEGHENY BELLEVUE & PERRYSViLLE R Y.
1st mortgage $250,000 ($l,-\ 1894
6 A-O
125.000 Oct. 1 1924
ORGAN IZATION .— Incorp. in Pa. on Feb. 8 1900. Entire stock is
000)__________________ n tf (Interest at Union Trust C o., Pittsburgh.
owned by the Pittsburgh Rys. Is leased to the United Traction Co. for
Dividends.— Feb. 1 1892, $2 50 in stock; in 1896, Feb., 2% in cash; In
695 years from Mar. 1 1905 at a rental of 10% on the stock.
1898, N ov., 144% in cash; in 1899 and since, 3% per year.— V. 62, p. 948.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— 1087.
Operates 16.690 miles of track from Allegheny via Westview to Bellevue.
(d) CITIZENS’ TRACTION.
Gauge, 5 ft. 244 in.
ORGAN IZATION .— Incorp. July 6 1887. On Sept. 1 1887 purchased
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
of the Citizens’ Passenger R y., which
Stock $250,000 ($50)_______________
10%
$250,000
See text the entire capital stock ($200,000)Aspinwall Street R y.
Jst mtge $500,000 gold guar/ 1905
5 g A-O
500,000 April 1 J935 it now holds. Also owns stock of
($1,000) _____________ ctf (Pa. Co. for Ins. on L. & G. A ., Phil., trustee.
Lease.— Leased from N ov. 1 1895 to Fort Pitt Traction Co. (now Consol.
Bonds.— Are guaranteed, prin. & int., by Phil. Co. Interest is payable Traction) for 950 years at 6% per annum on $3,000,000 capital stock. In
at company’s office or by Brown Bros. & Co., N . Y ., and Phila. No sink­ addition the lessee agreed to pay a floating debt of $175,000 and at maturity
mortgage debt. V. 61, p. 661.
ing fund and bonds are not subject to call.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
A trolley road. Owns 37.8 miles of track on 15 miles of street.
(e) BEN AVON & EMSWORTH STREET RY.
June
ORGAN IZATION .— Incorp. in Pa. on June 17 1903. Entire stock is re The $250,000 Penn. St. Pass. R y. 1st M . 5s, due Sept. 1 1922. were not
ired at maturity and had not been retired up to
1 1927.
owned by Pittsburgh Rys. Is leased to United Trac. Co of Pittsburgh for
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
695 years from April 1 1906 at 5% on stock.
6 M -N
$3,000.000f.p. See text
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— Stock ($50) fully p a id ........................
5 A-O
361,000 Oct. 11927
Operates 5.1588 miles o f track from Avalon to Dixmont. Gauge, 5 ft. 244 1st mtge ($1,000) not subject) 1887
t o c a ll __________________ tfjF id . T it le & T r . C o., Pittsburgh, tru stee
in.
Bonds of Lines Whose Stocks Are Owned—
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
250,000 June 1 1922
Stock $100,000 ($50)_______________
A-O
$100,000
See text Penn St Pass Ry 1st mtge____ 1892 5 J-D
Interest and dividends payable at Union Nat. Bank, Pittsburgh Pa
1st mortgage $300,000 goldf 1906
5g
300,000 April 1 1930
V. 106, p. 818.
guar___________________ tf]Fidelity Title & Trust C o., Pittsb., trustee
I Interest at company’s office.
(e) DUQUESNE TRACTION.
2d M $100,000 ($1,000) subj 1913
5 J-D
79,000 Dec 1 1943
Lease.— Incorp.
25 1890. Leased
1896
to call at 102 and int on 10]Int. at co .’s office or Fidelity Title & Trust dated Traction for Jan. years at 4% on thefrom April 2stock, to the Consoli­
950
$3,000,000
but divs. for a
weeks’ notice___________ t f l C o., Pittsburgh, Pa., trustee.
year and a half were withheld for payment of floating debt of $180,000. In
Bonds.— 1st M . bonds are guaranteed, prin. and int., by the Philadelphia M ay 1896 stockholders were allowed to exchange their stock for receipts,
Co. 2d M . bonds outstanding are owned by Pittsburgh Rys.
redeemed Oct. 1 1896 at $37 per share in 6% pref. stock of Consol. Trac. Co
at par. 52,635 shares out of 60,000 have been so exchanged. See V 62.P.1087
if) e a s t Mc K e e s p o r t s t r e e t r a i l w a y .
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
-Entire stock is owned by Pittsburgh Railways.
A trolley road. At time of lease in 1896 controlled 11 companies having a
ORGAN IZATION .— Incorp. in Pa. on June 26 1899. Is leased to present 36.979 miles of road.
United Traction Co. o f Pittsburgh for 900 years from Jan. 1 1902.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— Stock ($50) fully paid_______ I ------Text
$3,000,000
See text
Operates 8.285 miles.
(D iv. payable at Fidel. Tit. & T r. C o., Pitts.
5 J-J
1,313,000 July
1930
STOCK, $250,000 ($50). 1st M . 5% gold bonds, $250,000 (tf) ($1,000). First m o rtg a g e ..............c * tf( 1890
(Fidelity Title & Trust C o., Pitts., trustee
Dated Dec. 1 1899. Due Dec. 1 1929. Int. J. & D. at Fidelity Title &
Trust C o., Pittsburgh, trustee-.
Dividends were 5% (J.-J.), but in 1893 and 1894 none paid; in 1895, 4%
In 1896, none; in 1898, 3% ; in 1899 and since, 4% yearly. — V. 62, p. 948
(3) c o n s o l i d a t e d t r a c t i o n .
1087: V. 106, p. 85, 1230.
ORGAN IZATION .— Chartered July 15 1895. The company absorbed
(f) FORT PITT TRACTION.
the Fort Pitt Traction Co. (a consolidation o f Fort Pitt Pass. R y., Gross
See Consolidated Traction Co.
Street R y., Highland Park Street R y. and Negley Street R y .), and assumed
its leases o f the Citizens’ and the Allegheny Traction companies, and ha*
(g) MONONGAHELA STREET RY.
acquired the control o f the Pittsburgh, the Duquesne and the Central Trac­
ORGANIZATION.— On
absorbed
tion companies. In 1902 leased the Monongahela St. R y. and the Subur­ Schenley Park & Highland, M ay 26 1898 Highlands,by consolidation the
Homestead &
Braddock & Home­
ban Rapid Transit Street Ry. Owns all stock o f the Ardmore Street Ry
stead and the Braddock & Duquesne.
and guarantees its bonds, prin. and int. V. 88. p. 882.
In Dec. 1901 the Monongahela Street R y., the Wilkinsburg & East Pitts­
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS — burgh Street R y., the Wilkinsburg & Verona Street R y. and the Pitcairn &
A trolley road. Controls 223.164 miles o f track in all. On Jan. 1 1902 Wilmerding Street R y. (construction o f latter 2 roads completed during the
the Pittsburgh Rys. Co. took over this property and under the terms of year 1903-04) were merged in the Monongahela Street R y. and stock was In­
the operating contract agrees to pay current divs. o f 6% on the pref. stock creased from $1,000,000 to $7,000,000. See V. 73, p. 1112. On Jan. 1 1902
other than the shares owned by the Philadelphia Co. The agreement was the Monongahela St. R y. was leased for 999 years to the Consol. Trac. Co.
until Jan. 1 1907 and thereafter until terminated by 3 months notice from for int., taxes, &c., and an annual rental beginning with $165,000 the first
either party.
year and increasing $18,750 each year until $315,000 is reached. Lease is
On Dec. 4 1901 the stockholders o f Philadelphia Company approved guar, by Philadelphia Co. First div. under lease (2% ) was paid in July 1904.
lan for absorbing the shares of the Consolidated Traction. See terms See V. 79, p. 269. In 1905, Jan., 1/4 % ; July, 1 3-5% ; in 1906, 3.26% ; in
» V. 73, p. 1112. 286,880 shares common and 233,117 shares preferred 1907. 3 44%; 1908. 3.86%; 1909, 4.12%; 1910, 4.37% ; 1911 & since, 4 44%.
have been so exchanged.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Interest Decision.— See Y. 113, p. 847.
1 Owns 68.581 miles of track, including branches; 90-Ib. rails.

FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road. Operates 30.27 miles of track, laid with 90-lb. rails.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock ($50)_____________ ____ .
.
See text
$3,000,000
Sea text
_ _ o __ p & i by ______
5 g M-N
1,500,000 Nov 1 1929
1st M guar__ ______ „ United,/ 1889
Trac Co ($1,000)_____c*tf Fidelity Trust Co. of Philadelphia, trustee
The South Side Pass Ry s t M / 1913 5 A-O
10,000 Oct 1 1953
($1,000) not sub to call__tf (Int. at Colonial Trust C o., Pitts., trustee.
Guaranteed Bonds-—
_
_
Birm Knox & A 1st mtge gold/ 1891 6 g M-S
465,000 Sept 1 1931
interest guaranteed_______ (Fidelity Trust Co., Philadelphia, trustee
Brownsville Ave St Ry 1st M__ 1896 5 F-A
300.000 Aug 1 1926
West Liberty St Ry 1st m tg e./ 1900 5 g J-J
400,000 July 1 1930
1 Pittsburgh Trust C o., trustee.
Bonds.-—Pittsburgh Rys. Co. notified holders of Brownsville Ave. St. Ry
1si mtge. bonds due Aug. 1 1926 that it was prepared to continue interest
payments pending completion of the financial reorganization plan. V. 123,
p. 1878.
ANNUAL R E P O R T .—Not now an operating company.-—V. 72, p. 776.
LINES LEASED TO PITTSBURGH & B IRM IN GH AM T R A O . CO
MT. OLIVER INCLINE R Y.
Owned and leased by Pittsburgh & Birmingham Traction Co. Operated
as a part o f Pittsburgh Railways Co. Stock, $100,000. Bonds, 1st M .
6s (cpt) M . & N ., due M ay 1 1954, $41,500. Red. at 105 and int. Colon­
ial Trust C o., Pittsburgh, trustee.
PITTSBU RGH INCLINE PLANE.
Leased for 999 years to Pittsburgh & Birmingham Traction Co. at rental
equal to interest on bonds and 10% on $150,000 stock, free of tax; dividends
were 9% yearly for some time, balance boiDg carried to surplus, but were
Increased some time prior to Jan. i 1902 to 10%. The $150,000 1st M . 6s
due July 1 1919 and the $100,000 2d M . 6s have been purchased by the
Philadelphia Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS —
An incline plane which extends from Bradford St., Pittsburgh, to Warring­
ton Ave., on top of hill.
Outstanding. Maturity
STOCK AN D BONDS—
Date.
Interest.
$150,000
See text
Stock (par $100) full paid__________
Q-F
150.000 July 1 1919
1st mtge ($1,000 each)__c*tf_ 1889
6 J-J
100.000 ................
6%
Becond mortgage____________ _____
— V. 106, p. 87; V. 108, p. 2529.

e




POW ER, LIGH T AND R A IL W A Y

O ct., 1927.]

STOCK & BONDS—
Miles. Date. Interest. Outstand'g.
Maturity.
Stock $7,000,000_________
-See text$7,000,000
See text
Mon St Ry 1st mortgage/ 17
1898 5 g J-D
998,000 June 1 1928
$1,000,000 gold____ tf/U nion Trust C o., Pittsburgh, trustee.
Wilk & E P mtge $2,000,-1
OOOg ($l,000)gucr.& tf/
..
1899 5 g M-S
1,989,000 Sept. 1 1929
Wilk & Ver mtge $700,-/
._
1901 5 g J-D
612.000 June 1 1931
000 s (M .000 __ c& rtf /
Pitc & Wil mtge $700,-1 . .
1901 5 g J-J
588,000 July 1 1931
_
000 g ($1,000)_ c&rtf [
Bonds.— The Union Trust Co. of Pittsburgh Is trustee of all mortgages
and interest is payable at Mellon National Bank. The Wilks. & Yer. bonds
are guaranteed, prin. & int., by Wilk. & E. Pitts. St. Ry. Co., Monongahela
St. R y. C o., Consol. Traction Co. and Phila. Co. of Pittsburgh.
RE PO RT.— Not now an operating company.
OFFICERS.— Pres.. W. L. Mellon; V .-P., G. S. Davison; Treas., W. S.
Mitchell.— V. 72, p. 776;, V. 79. 269, 627, 735.
(h) PITTSBURGH TRACTION.
ORGANIZATION.— Incorunrated April 30 1887
LEASE.— Leased from April 2 1896 to the Consolidated Traction for 950
years at 7% on the $2,500,000 stock (see V. 61, p. 1154) but 1 Vi years
dividends were used to pay floating debt of $250,000. The full 7 % is now
being paid. In May 1896 stockholders were offered receipts for their stock,
which were redeemed at $70 per share on Oct. 1 1896 in preferred stock of
Consol. Traction Co.; 49,500 shares out of 50,000 have been so exchanged.
See V. 62. p. 948.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
A trolley road. Owns 18.499 miles of track.
The $250,000 Bloomfield St Ry. 1st mtge. 5s due Aug. 1 1923 had not
been retired up to Sept. 1 1927.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $2,500,000 ($50)____________
7 A O 31 $38persh.pd.in.See text
1st mtge 5 s . . . .................c * tf/ 1887 5 A-O
$666,000 Oct 1 1927
{Fidelity Title & Trust C o., Pittsb., trustee.
Guaranteed Bonds—
Bloomfield Street Ry 1st! 1893 5 F-A
250,000 Aug 1 1923
cur__________________ c*tf/Interest at Pittsburgh Trust Co., trustee.
Stock.— Issued 50,000 shares, on which $38 each has been paid.
Dividends.— At company’s office, Pittsburgh. Dividends in 1895 6%
In 1896, none—see above; in 1898, 514%; in 1899 and since, 7 % .— V. 119,
p. 2763.
(i) SUBURBAN RAPID TRANSIT STREET RY.
ORGANIZATION.— Was leased on Jan. 1 1902 to Consolidated Traction
Oo. for 900 years at an annual rental of $56,000, as well as paying all
charges, Including interest and taxes.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates 11.68 miles of track on 6 miles of street.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
J-J
$1,400,000
See text
Stock $1,400,000__________________
First mortgage $200,000 g r 1913
6 g M-S
135,000 Sept 1 1953
($1.000).......................... ctf-jlnt. at Farmers' Dep. Nat Bank, Pittsb.,
\ Colonial Trust Co., Pittsburgh, trustee.
Dividends.— In 1903. 4% ; In 1904. Jan.. 2% ; July. 1)4% ; since, 4 7c P a.
(j) MORNINGSIDE ELECTRIC STREET RY.
ORGANIZATION.— Incorporated in Pennsylvania on July 14 1904.
Entire stock is owned by Philadelphia Co. Is leased to the Consolidated
Traction Co. for 995 years from Sept. 30 1905 at a rental of 5% on stock
and interest on bonds.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.Operates 3.33 miles of track. Gauge, 5 ft. 234 in.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $24,000 ($50)_________ _____
5 A-O
$24,000
See text
1st mortgage $200,000 gold/ 1905
5 g A-O
200,000 Oct 1 1935
($1,000) guar prin and inti Int. at office of Brown Bros. & C o., Phila
by Phila C o__________ c* tf [Pa. Co. for Ins. on Live & G. A., Phila., trus
— V. 107, p. 2188.
(4) SEVENTEENTH STREET INCLINE PLANE CO.
ORGANIZATION.— Is a reorganization on Dec. 28 1904 of the enn
Incline Plane Co. Entire stock Is owned by the Philadelphia Co. Was
operated by the Pittsburgh Rys. Co. up to Jan. 16 1918, then operated
separately up to Aug. 1924. Is now operated as a part of Pittsburgh
Railways Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $250,000 ($50)_____________
_______
$250,000 ---------------1st mtge $125,000 ($1,000)1 1905
5 cur M-S
120,000 Mar 1 1936
guar_________________c * tf/in t. at Colonial Tr. Co., Pittsburgh, trustee.
Bonds.— No sinking fund, and bonds are not subject to call. Are guaran­
teed, prin. & int., by the Philadelphia Co.
EARNINGS.— For year end. Dec. 31 1924, gr^s, $24,322; net after
taxes, $2,857; other income, $1,729; int,., &c., $4,243; bal., surp.- $344.
OFFICERS.— Pres., A. W . Robertson; V.-Ps., J. H. Reed and W. B.
Carson; Sec., E. W. Washabaugh: Treas., C. J. Braun Jr.; Comptroller
O. S. Mitchell.
(5) BEAVER VALLEY TRACTION.
In July 1905 entire stock was acquired by the Philadelphia Co. of Pitts­
burgh. V. 81. p.506.
ORGANIZATION.— Incorporated in Pennsylvania in perpetuity June 29
1891 and owns entire stock of Beaver Valley St. Ry. and of Central Electric
St. Ry. Co., purchased Aug. 8 1891, operating them as one road under
999-year lease. Charter and franchise perpetual.

Special Study of

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enables us to select high grade
investm ents in this field

PUBLIC UTILITY SECURITIES
which we consider especially attractive
are described in our'
Circular 212

Howe Snow & Co.
Incorporated

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco Minneapolis
Philadelphia




117

In 1900 stock was increased from $300,000 to $1,000,000 and then pur­
chased the stock and property of the People’s Electric Street R y . of Roches­
ter, the College & Grandview Electric Street R y., the Rochester S Monaca
c
Electric St. R y. and the Beaver & Vanport Electric St. R y.; also owns en­
tire capital stock of Riverview Electric St. Ry. C o., the Freedom & Conway
Electric St. Ry. Co. and the Vanport Electric St. R y. Co., none of which
has any separate bond issue. In Jan. 1902 authority was given to in­
crease stock from $1,000,000 to $1,500,000.
Consolidation.— The Penna. P. S. Comm, in March 1922 approved the
sale of the corporate powers, franchises and property of the following street
railway cos. to the Beaver Valley Traction Co. under a consolidation of trac­
tion interests; People’s Electric, General Electric, Beaver Valley St. Ry..
Rochester & Monaca Electric, Freedom & Conway Electric, Riverview Elec­
tric, College & Grandview Electric, Beaver & Vanport Electric and Vanport
Elec. St. R y. V. 114, p. 1285FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates 32.0014 miles of track, connecting the various towns
and onroughs in the Reaver Valley from Morado Park southerly, via Beaver
Falls, to Beaver and Vanport, and to Rochester and Conway. Laid with
90-lb. and 73-lb. girder rails. Owns 38 passenger cars and 7 miscellaneous
cars.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $1,500,000 (par $ 5 0 ) - . - .......
.............
$1,075,000 __________
First con mortgage (closed) f 1900
5 g A-O
675,000 Oct 1 1959
gold__________________c * tfjln t. at Pa. Co. for Ins. on Lives & Granting
( Annuities, Philadelphia, trustee.
General mortgage $3,000,000/ 1903
5 g M -N
957.000 Nov 1 1953
($1,000) gold_________ c*tf/Tnt. at Northern Trust Co., Phila., trustee.
Oar trust bonds gold $72,0001 1917 5 J-J
12.000 See text
($1,000)--------------------------- /Fidelity Title & Tr. Co., Pittsburgh, trustee.
Bonds.— Of the gen. mtge. bonds. $675,000 are reserved for prior liens
and the remainder for extens. and impts. at 75% of cost. See V. 77, p. 2158.
$232,000 owned by Phila. Co. Both issues redeemable at 110 and int.
The car trust bonds mature $6,000 each Jan. 1 to 1929 and are secured
by 12 motor cars. $60,000 retired.
EARN ING S.— Calendar years (incl. Pittsburgh & Beaver St. R y. Co.):
Total
Net after
Interest
Balance,
Revenue.
Taxes.
Rents, Ac.
Surplus.
19261 ________ $603,301
$166,305
$174,350 def.$8.045
1925----------------------- 623.081
152,974
160.856
def.7,882
1924............... ............ 650.387
169.237
161,084
8,153
OFFICERS.— Pres., A. W. Robertson; V.-Ps., W . B. Carson and
T. Fitzgerald; Sec., E. W . Washabaugh; Treas., C. J. Braun Jr.; Compt.,
C. S. M itchell.— V. 116. p. 2992; V. 117. p. 552; V. 118, p. 2571; V. 119.
p. 2875.
(6) PITTSBURGH & BEAVER STREET RY. CO.
ORGANIZATION.— Incorp. In Penna. Jan. 23 1908.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A trolley road. Operates 9.922 miles in and between Baden, Beaver County
and Leetsdale. Allegheny County. Pa. Franchises perpetual. V 117 D
1018, 1664. On July 1 1927 the Beaver Valley Traction Co. took over this
property for operation and under the terms of the operating contract agrees
to pay all expenses of operation, maintenance and taxes. The agreement
is for 1 year and thereafter, until terminated by 60 days’ notice from either
party.
CAPITALIZATION .— Capital stock $235,000 ($50 par) all owned by
Philadelphia Co. Bonds authorized, first mortgage gold, $1,500,000,
Issued, $750,000, all owned by the Philadelphia Co.; dated July 1 1908;
due July 1 1958 (tf). Int. 5% , payable Jan. & July at company’s office,
Pitts. Union Tr. Co. of Pitts., trustee. Are guar. p. & L, by Phila. Co.

AMERICAN WATER WORKS & ELECTRIC CO., INC.
ORGANIZATION, &c.— Reincorporated in Delaware June 16 1927. V.
124, p. 3627; V. 125, p. 646. Incorp. in Va. Apr. 27_1914 (per plan in
V. 98, p. 914, 1074). as successor of the American Water works & Guarantee
Co. V. 101. p. 372, 769: V. 105, p. 1519; V. 107, p. 1477. Co. is a holding
company controlling through stock ownership a large group of public
utilities. Acquired during 1925 Tintern Manor Water Co., Monmouth
County Water Co., Atlantic County Water Ce. of N. J., Alton (111.) W ater
T
Co. (V. 121, p. 2519, 2873), and Rumson Improvement Co. Acquired in
Feb. 1926 Texarkana Water Corporation. On M ay 25 1926 co. consolidated
3 of its water supply cos. on the northern New Jersey coast, the Tintern
Manor Water Co., the Monmouth County Water Co. and the Rumson
Improvement C o., which were already physically inter-connected. The
new co.'s name is Monmouth Consolidated Water Co., and supplies about
13,000 persons at 19 communities, incl. Sandy Hook, Highlands, Long
Branch, Red Bank and Bradley Beach. V. 122, p. 3080. In July 1926
co. acquired the Fort Maoison Water Co. V. 123. p. 840. In Dec. 1926
Richmond City Water Wonts of Richmond, Ind. V. 124. p. 232. Pur­
chased the Ashtabula (O.) Water Supply Co in March 1927.-— V 124.
p. 1664. The company purchased Davenport Water Co. in June 1927 and
Noroton (Conn.) Water Co. in Aug. 1927. Through its subsidiary, the
Commonwealth Water & Light Co., it acquired during Aug. 1927 Milling­
ton Water Co., Bernards Water Co. and Stirling Water Co., all locatedin
New Jersey. V. 124, p. 3769; V. 125, p. 1323.
Amalgamation of All Electric Subsidiaries.— In 1925 all of the electric
subsidiaries of the company were amalgamated through the organization of
a new company, viz., “ The West Penn Electric Co." The new company
acquired all of the prof, and common stocks of the West Penn Co. (see
“ Public Utility Compendium,” issues of Oct. 31 1925 and Oct. 30 1926)
and all of tho coin, capital stocks of the Potomac Edison Co. and Keystone
Power & Light Co. See aiso V. 121, p. 1226, 1458. where the terms of
exchange of stocks are given. V. 121, p. 2873, 3006, 3129.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
C o.’s subsidiaries serve electric power and light and transportation service
to over 1,025 communities and over 226 200 electric consumers in the great
industrial area in Western Pennsylvania adjacent to Pittsburgh, in northern
West Virginia, northern Virginia, and central and western Maryland; serve
water to over 150 communities throughout the United States. Company
controls 37 water works operations in 16 States, serving about 355 000
customers, or a total population of about 2,000,000. Also owns 8,000
acres of land in Sacramento Valley. V. 107, p 1477. For details about
inter-connection of company’s system with other systems covering 15
States, see V. 123, p. 2773.
The company owns stocks in other companies as follows:
-----Incorporated----- — Cap. Stock Issued— Owned by
When.
Where.
A .W .W .A
E. Co.. Inc.
\Jax Farms Corp__N. Y . M ay 4 1915 Common
$50,000
$50,000
\lton Water C o_____111. Mar. 29 1906 Common
288.000
288,000
Amer. Construct. &
Securities C o_____Del. Feb. 10 1913 Common
1 ,0 0 0 .0 0 0 1 .000.000
Vrkansaw Wat. C o.A rk. Dec. 1 1880/Preferred /
56.000
56.000
/Common / 1,549 400 1 .5 4 9 .4 0 0
Ashtabula Water Supply
/6% pref.
288,000
288,000
C o_______________Ohio Dec. 8 1910 /Common
300.000
300,000
Atlantic County Water
J7% pref.
35,900
35,900
Co. of N. J______N. J. Oct. 20 1915/Common
109,500
109,500
Birmingham Water
IPref. (8 . 1 1 200 000
Works Co_______ Ala. Feb. 13 1885(Pfd. (7%)
500 non
! Common
1,829.700 1.829 700
Butler Water C o____Pa. N ov. 2 1877/ Preferred
2.’ 0 200
[Common
421 500
421,500
City Water Co. of
/Preferred
838,300
Chattanooga_____Tenn. Feb. 19 18691Common
1,740,300 1,740,300
Clinton W . W . C o .-D e l. N ov. 6 1906/Preferred
200.000
/Common
321.000
321.000
Commonwealth Water
/Preferred
630.000
& Light C o______ N. J. Mar. 19 1904/Common
5.000 shs. 5.000 shs.
Connellsville W. C o._P a. Mar. 21 1883 Common
277.000
277.000
Davenport Water C o .-Ia . July 7 1927 Common
1 , 0 0 0 ,0 0 0
988,C O
O
East St. Louis & In17% pref.
8)5,300
terurban Wat. C o .-Ill Aug. 15 1916/Common
4.750.000 4.750.000
Ft. Madison Wat. C o.D el.July 28 1926 Common
2.500
2,500
Huntington Water
375.000
C o r p ____________ Del. M ay 24 1917/Preferred
______
1Common 10.000 shs 10,000 shs.
Joplin W. W . C o____M o. Feb. 6 1893/Preferred
200.000
200,000
/Common 10.000 shs 10,000 shs.

PUBLIC U T ILIT IE S

118

[ V ol. 125.

-Cap. Stock Issued—- Owned by Combined Earnings of Subsidiary Water Companies Oniy for Calendar Years.
1926.
1925.
A .W .W .&
E. Co., Inc. Gross___________________________________________ $10,388,458 $9,298,699
Net after expenses, maintenance and taxes_______
5,700,595 4,970,025
150.000
Kokomo W at. W ks.
f8 % pref.
105.800 Interest and amortization of discount____________ 2,808,348 2,509,998
C o ._____________ Ind. M ay 30 1887(7% 2d pref
105,800
537,922
481,239
ICommon
200,000 Reserved for renewals and replacements__________
2 0 0 .0 0 0
485,327
449,528
617.000 Preferred dividends______________________________
Middle States Water
/Preferred
617.000
63,180
62,354
Works C o _______ Del. N ov. 18 1915lCommon
3,319,900 3,319.900 Minority interests_______________________________
James Mills Hold­
Proportion applic. to stockholdings o f American
50.000
ing C o_________ N . Y . M ay 20 1915 Common
50.000
Water Works & Electric C o____________________ $1,805,818 $1,466,906
45.000
Mingo Jet. Wat. C o ..O . June 24 1898 Common
45.000
OFFICERS.— Pres., H. Hobart Porter; V .-Ps., Philip L. Ross and
5.000 W . R . Voorhis; Treas., E. S. Thompson; Sec., W . K . Dunbar; Compt.,
Missouri Sew’. C o_ Del. Oct. 15 1912 Common
_
5,000
Monongahela Valley
/Preferred
200.000
A . A. Adams. Office, 50 Broad St., New York.— V. 121, p. 196, 327,
250,000 704, 975, 1226, 1458, 1567, 1907, 2036, 2270, 2519, 2873, 3006, 3129;
250,000
Water C o________ Pa. Oct. 25 1897/Common
180 500 V. 122, p. 212, 346, 478, 607, 1024, 1167, 1324, 1916, 2490, 2793, 2947,
a Monmouth Cons. Wat.
/Preferred
185,700
C o_______________N . J. M ay 25 1926JCommon 10,000 shs. 10,000 shs. 3080, 3209, 3603; V. 123, p. 205. 453, 579, 708, 840, 980, 1630, 1760, 2259,
250.000
MuncieWater W ks.
/ Preferred
______
2516, 2773,2893.3317.V. 124, p. 232, 504,641.789.1664,1817.1971,2118.
Co______________ Ind. Mar. 24 1885lCommon
281.000
281,000 2425, 2582, 2745, 2904, 3065, 3350, 3627, 3769; V. 125, p. 92, 244, 383,
Old Dominion Water
646, 779, 1323, 1458, 1834, 1968.
6.000 shs. 6,000 shs.
Corp_____________Va. N ov. 28 1924 Common
122,125
122,125
Noroton Water Co_Conn. June 4 1901 Common
200,000
Richmond Water Works
16% pref.
THE WEST PENN ELECTRIC CO.
375.000
375,000
C orp_____________Ind. Dec. 11 1926'Common
Controlled by American
3.250.000 3,250,000 ship of ali of the class B Water Works & Electric Co., Inc., through owner­
St. Joseph W at. C o .M o . Dec. 9 1879 Common
and common stocks.
708 050
South Pittsburgh
/Preferred
ORGAN IZATION .— A holding co., organized in Maryland Dee. 11 1925,
2.750.000 2,119,500
Water C o. _____ Pa. July 15 1904/Common
for the purpose of carrying out the plan of consolidation of the electric
325.000
Terre Haute Water
(7% pref.
Works Corp_____ Ind. M ay 14 1924\Common
661,000 subsidiaries of 4m. Water Wks. & El. Go.. Inc. For exchange of securities,
661.000
see under “ American Water Works & Electric C o .,” V. 122, p. 2793.
Texarkana Water
Principal operating companies include: West Penn Rys. C o., West Penn
Corp____________ N .J. Oct. 29 1904 Common
125,000
125,000
Power C o., Monongahela West Penn Public Service Co., Potomac Edison
Water Wks. & El. Sec.
Corp_____________ Del. Jan.
5 1923 Common
50,000
50,000 Co. (See separate statement below). The plan of consolidation was
7% pref. 22,124,700 5,231,100 dated Sept. 10 1925 and was declared operative on Dec. 9 1925.
_
6% pref. 12,000,000
a West Penn Electric
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
59,258 shs 4,400 shs Subsidiaries of co. supply power, light, transportation and other essential
C o _______________ M d. Dec. 11 1925 Class A
Class B
165,742 sh 165,742 shs utility services to a large and contiguous territory in western Pennsylvania,
Common l,050,000sh l,050,000sh northern West Virginia, western Maryland, northern Virginia and south­
Wichita Water C o .-D e l. Dec. 27 1911/7% pref.
350,000
___
eastern Ohio, serving a population of approx. 1,700,000. The power
Common
2,272,000 2,272,000 stations of the West Penn Electric System have a total installed generating
a See separate statement below.
capacity of 516,000 k.w. and high voltage transmission lines totaling over
Maturity. 2,200 miles. As of July 31 1927 there were 226,244 electric consumers in
STOCK AND BONDS—
Date.
Interest. Outstanding
. 1,328,219 shs See text the 1,025 communities served. Railway system comprises approximately
Common 2,500,000 (no p a r ) . . ____
653 miles of track.
1st pref cum $6 ser 500,000 shs
200,000 shs Oct’27 $1.50
(no par)___________________ _____
. Q-J
STOCKS—
‘
Date. Dividends. Outstanding. Latest Div.
5 5 -trx
12.573,900 Apr 1 1934 Com 1,500,000 shs (no par)_ _____
V J'-'V > 1A A
Coll.• Wv* llptJKJ ,\J \J \J
tro. $20,000,000V($100,11914T U g A-O
_
_______ 1,050,000 shs __________
&c) gold____________ .x*tf/Bankers Trust C o., N . Y ., trustee.
Pref stock $50,000,000 ($100)—
6% g. debent, series A ($1,000 f 1925
6 g M -N
8,000,000 Nov. 1 1975
6% cumulative___________ _____
6 Q-F
$12,000,000 Aug’27,1/4
$500-100 c* and $1,000.-JChase National Bank, New York, trustee.
7% cumulative____________ _____
7 Q-F
22,124,700 Aug’27,1%
$5,000, $10,000 r* )_____ tf (
59.258 shs Sept’27,$1.75
Cl A $7 cum 59.258 shs.(no p a r )____ $7-Q M
Bonds o f subsidiary cos. in hands of public Dec. 31 1926. $148,153,700.
Class B 165,742 shs (no p a r ) . . ____
_______ 165,742 shs.Sept’27,$1.7o
T'otal funded debt of subsidiaries as of July 31 1927 amounted to
Stock.— The $6 series 1st pref. is of no par value and is pref. as to divs.
over com. stock and pref. as to assets over com. to the extent of $100 per $106,606,119.
share and accrued divs. in case of liquidation. All shares of pref. stock will
Stock — On Sept 9 1927 stockholders increased authorized common stock
be o f equal rank. Red. all or in part at $110 per share and accrued divs. from 1,000,000 shares to 1,500,000 shares no par value
The pref 7%
In July 1927 W. C. Langley & Co. offered 200,000 shs. $6 series 1st pref. cum and class A stocks are listed on N Y Stock Exchange
V 121,
stock at $99 per share and div. V. 125, p. 244.
p 3132; V 122, p 215, 1172
The 7% cum. 1st pref. stock was called for redemption Aug. 15 1927 at
Directors may from time to time classify or reclassify, by fixing or altering
110 and divs. Holders who wish to exchange their shares for new pref. will the terms thereof, any of the authorized but unissued pref. stock as one or
receive 1 share $6 series 1st pref., $11 per share in cash and a cash adjust­ more series, which series may differ in all of the following but in no other
ment o f divs. between the 2 issues o f pref. stock. Y. 124, p. 3769.
respects; (a) Rate of dividends, however, not to exceed 8% ; (6) redemption
Stock Change.— I d June 1927 $20 par value common stock was changed to priice, however, not to exceed $120; (c) the right, if any, of holders of such
no par value, 2 shares o f new stock being issued for each share of old. V. series to convert the same into pref. stock of other series, or into other
124, p. 3627. In N ov. 1924 the par value of common was reduced from classes of stock, and the rates, terms and conditions of such conversions.
$100 to $20 and the issuance o f 5 new shares of $20 par for each $100 par All shares of pref. stock shall be of equal rank. The pref. stock is preferred
value stock. V . 119, p. 1846, 1956, 2408. Common listed on N. Y . Stock as to cumulative dividends over Class A, Class B and common stock, and
in case of liquidation or dissolution is entitled to the par value plus divs.
Exchange. V. 125, p. 383, 646.
before Class A and Class B and common stocks receive anything. No
Bonds.— Of the coll. tr. 5s in addition to amount outstanding, $604,800 voting power except in case of 4 quarter-yearly dividends. Red. whole or
Me in treasury and $3,440,‘000 purchased and pledged with trustee. Call, part (or whole or part of any series) on 30 days notice at the fixed redemption
at 102 H prices(s) and divs.
of
Gold debentures may be issued in series bearing such rates of interest, prer. shares may be After issuance the221,247 pref. shares, no additional
issued unless
consolidated surplus net earnings
maturity dates, &c., &c., as co. may determine. N o additional g. debents
applicable to preferred dividends for 12 consecutive out of preceding 16
may be issued unless net income for 12 consec. out o f 15 preceding months months have been at
has been at least twice annual interest charges on all indebtedness (incl. outstanding incl. newleast twice dividend requirements on total pref. stock
issue. On Dec. 12 1925 directors classified 221,247
debentures to be issued, but excluding indebtedness to be concurrently shares of the authorized but unissued pref. stock as 7% cum. pref. stock,
paid o ff). Prior to N ov. 1 1972 co. may not issue any unsecured obligations redeemable, whole or part, at $115 per share.
maturing more than 5 years from date of issue except under this agreement.
The 6% cum pref stock is full paid and non-assessable
Red all or
Series A is red. all or part, on 30 days’ notice at 110 and int. up to and
at 110 and divs
Divs not subject
tax
incl. N ov. 1 1970, thereafter at par and int. Interest payable in New York. part on any div date shares 6% cum pref were offered atto Federal 124,
In April 1927, 25,000
par
V
Penn, and Conn. 4 mills tax and Mass. 6% tax refundable . In N ov. 1925 p 2592 Additional 40,000 shares of 6% cum pref stock was offered in
W . C. Langley & Co. and Bonbright & C o., Inc. sold $8,000,000 at 94J-£ July 1927 at par. V. 125, p. 521. In Sept. 1927 W . C. Langley & Co.
and int. to yield over 6.36% . V. 121, p. 2519. Listed on N . Y. Stock brought out at 100 and div. $8,300,000 additional 6% cum. pref. stock.
Exchange. V . 124, p . 641.
V. 125, p. 1583.
Dividends.— The accumulated dividends having been discharged (com­
After all past quarter-yearly pref. dividends have been paid. Class A stock
pare V. 106, D. 50), 1% % was paid quarterly Aug. 25 1917 to Aug. 1927 receives $7 per share per annum cumulative before Class B and common
on the 7% cum. 1st pref. stock at which time the stock was called for stocks. Class “ B ” is entitled to $7 dividends after Class “ A .” In case of
redemption. An initial div. o f $1.50 per share was paid Oct. 1 1927 on liquidation or dissolution. Class A stock receives after the preferred but
the new $6 div. series 1st pref. On the new common an initial quar. div. before Class B and common stocks $100 plus divs. Thereafter the holders
o f $0.20 per share and semi-annual 2)4% in stock was paid Aug. 15 1927. of Class B and common stocks share equally in the remaining assets. Class
On old $20 par com. an initial div. o f \)4% was paid in Feb. 1925 and A stock has equal voting power, share for share, with the common stock.
regularly quarterly since incl. N ov. 1926. In Feb. and M ay 1927, 2% .
Dividends.— On the 7% cum. pref. an initial quar. dividend o f \ % %
In addition to above regular dividends, extra dividends in common stock was paid in Feb. and May 1926. and similar dividends regularly quarterly
were paid of 5% at par in Sept. 1925 (V. 121, p. 1567), 23^% in Feb. and since. V. 122, p. 215, 1313. On 6% cum. pref. ($100) decl. initial div.
2H % in Aug. 1926. (V. 122, p. 212; V. 123, p. 205), and 2 H % in Feb. 1927. of iy2%, payable in M ay 1927, and similar divs. regularly since. V. 124,
V. 1 2 4 ,p. 232.
p. 2122.
EARNINGS.— Earnings of companies controlled by West Penn Electric
EARN IN G S.— For calendar years;
Co. for calendar years:
Consolidated Income Account (Including Subsidiaries).
*1927.
1926.
1925
1924
-----IncorporatedWhere.
When.

1926

1925.

1924

1923

Gross oper. earnings___ $45,149,511 $41,055,906 $38,355,679 $36,380,326
Op. exp., taxes& m aint. 22,208,733 21,162,333 20,859,862 20,059,908
Federal taxes_________
981.441
804.937
708.838
754,276
Gross income-------------$21,959,337 $19,088,635 $16,786,979 $15,566,142
Pref. divs. of su b sid s...
4,289,707 3,531,825
2,947,769 2,184,357
Minority interest______
63,473
511,154
441,404
695.653
Int. & amort, o f disc’t . .
1,191,476
836,591
675,354
711,075
do Subsidiary cos___ 8,554,782
8,028,513
7,536,096 6,464,105
Reserve for renewals, re­
placements & deprec. .
3,334,508 2,863,037
2,575,919 2,186,941
Net income---------------- $4,525,391 $3,317,515 $2,610,437 $3,324,012
Previous surplus_______ 6,346,348
6,100,348
5,452,437 4,058,332
Other credits__________
______ ______ 79,685 _____ 79,685
79.7QQ
Tetal surplus_ $10,871,739
_
$9,497,548 $8,142,559 $7,462,044
Deduct—
Credits to savings fund.
______
$79,685
$79,685
$79,686
Disc. & exp. on sale of
preferred stocks______
164,450
129,320
178.664
351,990
Spec, approp. for deprec.
______
700,000
830,000
925,000
Sundry adjustments_ Dr307,718
0117,813
027,981 Drl65,751
Discount & exp. on fund.
debt red_______
210,808
Applic .t o minority int. _
______
0170,135
0201,656
0398,719
Divs .paid Amer. Water­
works & Elec. C o.:
First preferred stock. _
983,369
869,472
633,500
585,900
Participating preferred
______
320,157
550,000
300,000
Common (cash)______
757,504
638,138
Comm ot (stoex)_____
622.851
549.930
Profit & loss, surplus. $7,825,040 $6,498,793 $6,100,348 $5,452,436
Power Output.— See V. 122, p. 2490, 2947, 3603; V . 123, p. 2259; V. 124,
p. 789; V. 125, p. 1458.
Latest Earnings.— For 12 months ended July 31:
1927.
1926.
Gross earnings---------------------------------------------------- $47,551,693 $43,643,496
Operating expenses, maintenance & taxes__________ 24,615,919 _22,972,226
Gross income------------------------$22,935,774 $20/671,270
Interest & amortization o f subsidiaries____________ 8,626,973 8,401,355
Preferred dividends o f subsidiaries_______________
4,443,532 4,185,321
Minority interests----------------------------------------------51,080
52,802
Int. & amort, o f disc, o f A . W , W . & El. Co_______ 1,158,462 1,109,887
Res. for renewals, replacements & depletion______
3,473,122 3,145,097
Net income......................................... ................... $5,182,605 $3,776,807




G ro s s e a rn in g s_$ 3 6 ,3 8 3 /3 3 4

$ 3 4 ,4 3 7 /0 1 0

$ 3 1 ,4 7 2 /l3 4 $30 ,278 ,’238

Net after maint. & taxes 16,650,279 15,888,749 13,831,039 12,572,858
Fixed charges_ 8,519,190
8,488,595
7,876,619 7,509,738
Renew.,repl.& depl.res. 2,876,899
2,794,965
2,380,223 2,151,740
Net income.............
$5,254,190 $4,605,188 $3,574,197 $2,911,380
* For 12 months ended July 31 1927.

W e invite inquiries concerning

The West Penn Electric Co.
West Penn Power Co.
D o m in ic k & D o m in ic k
Members New York Stock Exchange
115 B roadw ay

414 W a ln u t S t.

N ew Y ork

Cincinnati

O ct., 1927.]

POW ER, LIGH T AND R A IL W A Y

O F F IC E R S — Chairman, H. Hobart Porter; Pres., W . S. Finlay, Jr.;
V.-Ps., R. B. Keating, G. M . Gadsby, P. L. Ross and W . R . Voorhis;
Treas., E. S. Thompson; Sec., G. E. Murrie. Office, 14 W ood St., Pitts­
burgh, Pa. N. Y . office, 50 Broad St.— V. 121, p. 1464, 3006, 3132;
V. 122, p. 215, 1172, 1313, 3213; V. 123, p. 208, 2522, 3040; V. 124, p. 375,
1064, 1068, 1824, 2122, 2283, 2431, 2592, 2910; V. 125, p. 248, 521, 1195,
1463, 1583, 1841, 2150.

WEST PENN R AILW AYS CO.
All of the outstanding com. stock is owned by The West Penn Electric Co.
ORGANIZATION.— Formed M ay 23 1917 by the merger of the (old
West Penn Rys. Co., West Penn Traction Co. and a number of other
street and interurban railway companies whose lines formed a connected
system (for terms of consolidation see V. 104, p. 1704 . Owns all of the
outstanding capital stock of the Allegheny Valley St. R y. Co., Pittsburgh
& Allegheny Valley Trac. C o., Oakdale & McDonald St. R y. C o., Kittan­
ning & Leechburg Rys. C o., Pan Handle Trac. C o., Steubenville Wellsburg
& Weirton Rv. Co., The Steubenville Ry. Co., Wheeling Trac. Co., and
also $12,000,000 of the $27,750,000 com. stock o f West Penn Power Co.
In addition, the West Penn Rys. Co. controls indirectly, through sub­
sidiaries, the Wheeling & Western Ry. Co., the Bellaire-Southwestern
Trac. Co., the Steubenville & Wheeling Tiac. Co., Wheeling Bridge Co.
and the Steubenville Bridge Co.
Of the companies listed above, Pittsburgh & Allegheny Valley Trac. Co.,
Oakdale & McDonald St. Ry. Co. and Kittanning & Leechburg Rys. Co.
are leased to and operated in the name of the West Penn Rys. Co.; and
Pan Handle Trac. Co., Steubenville Wellsburg & Weirton R y .O o ., The
Steubenville & Wheeling Trac. Co. and The Steubenv'lle R y. Co. are
leased to and operated by the Wheeling Trac. Co.
Franchises are largely perpetual. Practically all track outside of munici­
palities is on private right-of-way.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS —
Company conducts an electric railway passenger and freight business,
largely Interurban. covering a total of 337.22 miles, and serving more than
250 cities, towns and communities In southwestern Pennsylvania, the
Panhandle of West Virginia and adjacent territory in Ohio. The physical
property owned by the West Penn Railways Co. and subsidiary companies
includes 337.22 miles of track (measured as single track) of which 282.31
miles, 5 ft. 24$ in. and 53.91 miles, 4 ft. 84$ in. gauge. 264 motor pass­
enger cars, 48 work cars, 23 express and freight cars, 11 sweepers and 12
other cars. Power station at Wheeling, W . Va. (leased to Monongahela
West Penn Public Service C o.), 10.21 miles of 25,000-volt transmission
lines, exclusive of low-tension distribution lines in cities and towns, and
2 substations having a transformer capacity of 7,500 k.w
STOCK AN1) BONDS— Date.
Interest. Outstanding.
Maturity
Common $20,000,000 ($100)_______
_______ $17,091,700 --------------Pref6% cum $10,000,000(1100)___
Q— M 15
3 500 000 Sept'27, 14$
W P Tract 1st M $25,000,0001 1910 5 g J-D
4,847.000 June 1 I960
gold ($1,000 & $500)--C*tf JInt. at Equitable Trust t ’o. N. Y ., Trustee
Old W P Rys 1st M $6,000,0001 1905 5 g A-O
3,219,000 Jan 11931
($500 & $1,000).........-C *tflln l. at Equitable Tr. C o., N Y .. Trustee.
P M cE & O 1st con mtge
1901 5 J-J
2,912,000 Jan 1 1931
$3,500,000 ($1.000) gold__] Interest at Colonial Trust C o., Pittsburgh
Cannot be called______c tf l Trustee.
Pitts M cK & Greensburg 1st) 1901 5 g J-J 1
271,000 July 1 1931
Mtge $1,500,000 ($1,000))• Interest at Harrisburg Trust C o., Harrisgold __________________ ctfj burg. Pa., Trustee.
Con Sub St Ry m tw *175,-1 1902 5 g J-J
175,000 Jan 1 1932
000 guar p. & i ($500)-c t f lin t, at Colonial Trust Co. .P ittsb., Trustte.
Kitt & Ford O 1st ivi sob.OOOl
1898 6 J-D
27,500 Dec 11918
gold ($ 5 0 )__________ c*tf |Pittsburgh Trust C o.. Pittsburgh. Trustee
Oakdale & M cD St Ry 1st M s/
1906 5 J-J
60.000 Jan 1 193’
g gu p&i by W P R y s.c* tf lln t .^ t Colonial Tr. C o., Pittsburgh, trustee
Pan H Trac 1st M $500,000 gl
1902 5 g A-O
500,000 Oct 1 1932
c* ($1,000 and $500L_ ntf fln t. at Columbia Tr. Co., N. Y ., trustee.
Equip, trust notes $l,000ctf 1919
6 A-O
20,000
See text
Steubenville W 4 W B ? first! 1911
5 A-O
700,000 April 1 1951
mortgage$700,000___ c * tflln t. at Wash. Tr. Co , Wash’ton, Pa., tru*
Preferred Stock.— After 1918 no dividend can be paid on the common stock
unless in addition to payment of the pref. stock dividends in full, there has
been reserved annually an amount equal to 3% on the then outstanding
pref. stock. No additional pref. stock can be issued at any time unless
the earnings applicable to pref. divs. are twice the annual requirements
therefor, including the proposed ssue. Stock is prefererd as to assets and
dividends and is callable at 105. Pref. stock is listed on the Louisville and
Pittsburgh exchanges.
Debentures.— All of the outstanding 3-year 63-2% debentures, dated
April 1 1924, were called Sept. 1 1926 at par and interest. V. 123, p. 713
Bonds.— Of the West Penn Traction Co. 1st mtge. bonds. $9,175,000 are
reserved to retire the bonds o f constituent companies and balance for exten­
sions and betterments at 90% o f cost. As additional security all the out­
standing collateral trust bonds o f 1910 of West Penn Railways and other
securities owned are deposited under the mortgage. Through this deposit
these bonds are secured on the properties of the subsidiary companies, sub­
ject to the outstanding underlying issues. Total issued, $12,463,000, of
which $7,616,000 have been redeposited under the mtge. The bonds are
no subject to call. Tax exempt in Pennsylvania. See description of bonds
and property in V. 92, p. 597.
The old West Penn Railways Co. first mortgage bonds o f 1905 are not
subject to call. Listed on Philadelphia, Louisville, Pittsburgh and Balti­
more Stock Exchanges. In addition to the amount shown above as out­
standing, $2,485,000 are owned by West Penn Railways Co.
Pittsburg, McKeesport & Greensburg first 5s not subject to call. Total
outstanding $1,500,000, of which $1,229,000 owned by West Penn Rys.
$588,000 P. M cK . & C. first consol, are reserved for extensions and
Improvements.
The Connellsville Sub. bonds were guaranteed principal and interest by
the {old) West Penn Rys. C o., and are callable at 105 and int. on 30 days’
notice. Tax-free in Pennsylvania.
$90,000 Oakdale & McDonald bonds owned by West Penn Rys. Co., in
addition to amount reported outstanding. Are guaranteed prin. & int.
by West Penn Rys. Interest is payable at the Colonial Trust Co., Pitts­
burgh. Pa.
Panhandle Traction first mtge. bonds are subject to call on any interest
date ar par and interest on 30 days’ notice.
The equipment notes of 1919 are due serially $10,000 per annum each
Oct. 1 to 1929. Are secured by 9 passenger cars. $80,000 have been
retired. Steubenville, Wellsburg & Weirton Ry. Co. 1st mtge. 5s may be
called at 105 and int. on any interest date on three weeks’ notice. Secured
by a first lien on entire property and by pledge o f $26,000 pref. stock of the
Steubenville Bridge Co.
Dividends.— Dividends on pref. stock are cumulative. Initial dividend
paid Sept. 15 1917. Paid regularly quar. since
EARN IN G S.— Consolidated income statement o f company and subsidi­
aries (including only the equity in net income o f West Penn Power Co. and
subsidiary companies):
12 Mos.End Cal. Year
Cal. Year
Cal. Year
July 31 '27.
1926.
1925.
1924.
Gross earnings__________ $9,061,627 $9,390,239 $9,195,723 $9,957,601
Operating expenses_____ 4,620,344
4,710,582
4,645,931 5,395,672
Taxes_________________
323,539
334,972
311,301
360,234
Renewals & replacements
494,514
493,964
523,637
551,525
Gross income_________ $3,623,230
Interest__________
$979,567
9,165
Amortization...............

$3,850,721 $3,714,854 $3,650,170
$1,193,414 $1,137,175 $1,208,886
52,975
79,315
61,120

Net income_________ $2,634,498 $2,604,332 $2,498,364 $2,380,164
OFFICERS.— Pres., H. L. Mitchell; V.-Ps., R. B. Keating; Comp.,
L. F. Rye; Sec., G. E. Murrie; Asst. Sec., W . K. Dunbar; Asst. Treas.,
E. S. Thompson and R. C. Lightcap. General office, West Penn Bldg.,
Pittsburgh, Pa.— V. 120, p. 1749; V. 121, p. 1229; V. 122, p. 2045; V. 123,
p. 713, 1982; V. 124, p. 1982.
(a) WHEELING TRACTION CO.
On Oct. 1 1912 control was acquired by the West Penn Traction Co. (now
West Penn Railways), which now owns all of the outstanding stock.
O R GAN IZATION .— Incorp. Oct. 12 1900 in West Virginia. Owns entire
capital stock o f and operates The Bellaire-Southwestern Traction Co. and
the Wheeling & Western Ry. Co. Owns entire capital stock of and operates




119

under lease the Steubenville & Wheeling Traction Co.; also operates under
lease Steubenville Wellsburgh & Weirton Ry. Co. and the Steubenville Ry.
Co. and Panhandle Traction Co. Controls Wheeling Bridge Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns or controls and operates (incl. leased lines) 103.29 miles of track
in Wheeling and suburbs, extending to Barton, Shadyside, Rayland
and Wellsburg, Moundsville, Bellaire and Martin's Ferry.
Also has
line from Steubenville to Brilliant. Gauge, standard and 5 ft. 24$ in.
Power station at Wheeling leased to Monongahela West Penn Pub. Serv. Co.
STOCK AND BONDS— Date.
Interest. Outstanding. LastDiv.,&c
_______
$2,336,300
See text
Stock $2,500,000 ($100)___________
Wheeling Traction 1st mtgef 1901 5 g J-J
2,500,000 Jan 1 1931
$2,500,000 ($1,000, $500)] Int. at Cleveland Trust Co., Cleveland, trus.
gold___________________c tf l and at Nat. Bank of Commerce, N. Y
30-year gold 5s $10,000.0001
1913 5 J-J
170,000 Jan 1 1943
c & rflnt. at Colonial Trust Co., Pittsburgh, trus.
Wheeling Bridge Co $200,000/
1921 7 g J-J 1
166,000 Jan 1 1931
1st M callable at 105_c*.tf 1Int. at Dollar Sav. & Tr. Co., Wheeling, trus.
Steub & Wh’i Trac 1st consol/ 1905
5 g M -N
496,000 May 1 1935
$650,000 gu g($l ,000)c*r»tf [Int. at Dollar Sav. & Tr. C o ., Wheeling,trus.
First equip tr of 1924 ($250.-1 1924
6 A-O
165,000
See text
000 ($1,000)__________ c tf/D iv . at Dollar S. & Tr. Co., Wheeling,W.Va.
Bonds.— First mtge. bonds are red. on any int. day at 105 and interest
upon 30 days' notice. V. 95, p. 619.
The 30-year gold 5% bonds are for retiring 1st M . bonds of Wheeling
Trac. Co., Wheeling & Western Ry. Co., Panhandle Trac. Co., Steub. &
Wheeling Trac. Co., and for extensions and betterments. Red. at 105 and
accrued int. at any int. period. V. 96, p. 1491. The $170,000 outstanding
are all owned by the West Penn Rys. Co.
$31,000 7% Wheeling Bridge Co. first mtge. bonds are held in sinking
fund; $3,000 in treasury; $265,900 stock of Wheeling Bridge Co. owned by
Wheeling Traction Co. (not included in amount reported outstanding).
Of the $650,000 Steubenville & Wheeling Traction first mtge. bonds,
$37,000 (not included in amount outstanuing) owned by Wheeling Traction
Co. Are subject to call at 102 and int. They are guaranteed, principal
and interest, by Wheeling Traction Co.
First equipment trust notes were issued in 20 series. A to T, of $13,000
and $12,000, alternately, maturing Series A April 1 1925, Series B Oct. 1
1925, the remaining series consecutively on April and Oct. 1 of each year
to and incl. Oct. 1 1934. Are callable on any div. date on four weeks'
notice at 100 and div. Secured by 21 double truck, semi steel motor
passenger cars.— V. 113, p. 2407; V. 114, p. 199; V. 115, p. 2048. 2795;
V. 119, p. 812; V. 122, p. 2654.

WEST PENN POWER CO.
$15,750,000 common owned by the West Penn Electric C o ., and remaining
$12,000,000 owned by West Penn Railways.
O RGAN IZATION .— Incorp. Mar. 1 1916 in Penna., as a merger of 53
electric light and power companies. Company owns the entire com. stock of
West Virginia Power & Transmission Co., Allegheny Pittsburgh Coal Co.,
and a number of smaller companies. Merged tbe Keystone Power & Light
Co. early in 1927.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Was organized for the purpose of consolidating under single fee ownership
the principal electric light and power properties within the State of Teana.
formerly controlled by West Penn Traction Co. The company’s chaitered
territory in western Pennsylvania exceeds 5,000 square miles. Over 500
cities and towns are served, the population being estimated in excess of
720,000.
Co. owns 10electric generating stations of an aggregate installed capacity
of 375,300 k.w.; 227 substations having a transformer capacity of 307,018
k.w., also 7 substations with a transformer capacity of 155.000 k .w . (feeding
the 25,000 volt syst.) and 1,218 69 pole miles of high-transmission lines (ex­
clusive of low-tension distribution lines), incl. 175 miles of steel tower lines
of 132,000 volt construction. See V. 122, p. 1765; V. 123, p. 3186
The franchises under which company operates, with exception of those
in a few smaller towns from which the company derives less than 4% of
gross earnings, are unlimited as to duration.
Government Advance for Power Plant.— For particulars see “ Electric Rail­
way” Supplement of Oct. 30 1920.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $35,000,000 ($100)_______
_______ $27,750,000 __________
6% cum pref $10,000,000 ( 1 0 0 )____
6 Q-F
6 000 000 M ay’27 1 4$
Pf 7% cum $25,000,000 ($100)
7 Q-F
12.707.700 M ay ’27 1Y.
a
First mtge gold series “ A _ I 1916
_
5 M-S
8.500,000 Mar 1 1946
First mtge gold series “ E ” _ / 1916
_
5 M-S
12,500,000 Mar 1 1963
First mtge gold series “ F ” _ j 1916
_
5H ? A-O 7.500.000 Oct. 11953
First mtge gold series “ G ” _
_
5 J-D
18,500,000 June 1 1956
1916
(Series “ A " $1,000; Series |
Equitable Trust C o., New York, trustee.
“ E ” & “ F ,” $100, $500|
and $1,000, Series “ G ” |
($1,000, $500, $100 c* and I
$1,000 r * )______c*& r*-tf I
Contractual obligation to thef 1920
5 & 6%
454,500
Serially
U S Govt (5% per annum to] Due $150,000 per annum Mar. 31 1928 to
& Incl Mar 31 1928, there1929 incl., and bal. ($154,500) Mar. 31
after 6 % - . _______________I 1930
Ohio County Fuel Co 6% 1st f 1923 6 F -A
120,000 Feb. 1 1928
M ser g $600,000 ($100)c*tf/Union Trust Co. of Pittsburgh, trustee.
Penn Amer Coal Co 1st M $1 ,|
361,000 ($1,000)_____ c * .n t f/ 1921 6 J-J
1,191,000 Serially
Windsor Coal Co. first mtge
$700,000 ($1,000)_________ c* 1919 6 J-J
299,000 July 11944
Stock.— On Nov. 2 1925 co. increased the authorized capital stock by
$10,000,000 6% cum. pref. stock. V. 121, p. 2158. The 6% cum. pref.
stock ranks equally and ratably with the 7% cum. pref. except that it re
ceives dividends o f 6% per annum and is red. at 110 and div. upon 6 months'
notice. No additional pref. stock may be issued except when surplus net
earnings (before depreciation), applicable to pref. divs. for 12 out o f preced­
ing 15 months has been at least 13 times annual dividends on all preferred
stock outstanding, including new issue. Listed on N. Y . Stock Rxchange.
In Dec. 1925 West Penn. Securities Department, Inc., Pittsburgh, offered
50,000 shares 6% cum. pref. (a. & d.) stock (par $100) at $97 and div.
V. 121, p. 2754. In Dec. 1926 the same bankers offered 10,000 additional
shares of this stock at par. V. 123, p. 2903. The 7% cum. pref. stock is
red. as a whole or in part at 115 and accrued div. on any div. date upon six
months’ notice. See V. 102, p. 2082. Exempt from Penn. 4 mills tax.
In Aug. 1924 W. A. Harriman & Co., Inc., Dominick & Dominick, N. Y ..
and Union Trust Co. of Pittsburgh offered at $103 per share $2,063,000 7%
cum. pref. stock. V. 119, p. 695.
Bonds.— The bonds are a first mortgage on all the physical property,
rights and franchises now owned or hereafter acquired. Additional bonds
may be issued at par for 75% of the actual cost of permanent improve­
ments, add’ns or extens. under certain restrictions. Series “ A " bonds are
redeemable as a whole or in part since Mar. 1 1921 at 105 & int. on 4 weeks’
notice. Int. on Ser. “ A ” payable at Amer. Water Works & Elec. C®., N. Y .,
or Cont. S Comm. Tr. & Sav. Bank, Chicago. Tax-exempt in Penna.
c
Series “ E ” bonds are red., all or in part, on 4 weeks’ notice at 105; Mar. 1
1923 to Mar. 1 1948 at 1024$; Mar. 1 1948 to Mar. 1 1958 and thereafter
at par. Series “ F ” 54$s are redeemable, all or in part, upon 4 weeks’
notice at the following prices and interest: On or before Oct. 1 1928
at 107>£; thereafter to and including Oct. 1 1938 at 105; thereafter to and
Including Oct. 1 1948 at 102 4$, and thereafter to maturity at par.
V. 118, p. 2772. The mortgage provides for an annual expenditure for
maintenance as follows: 1916-20, 14$ % of bonds out; 1921-25, 2% ; 1926-46,
24$%; also for a depreciation fund of 2 % of bonds out beginning with 1 6
for additions, improvements, &c., against which no first mortgage bonds
maybeissued. V . 102,p . 891. All series are listed on N. Y. Stock Exchange.
Compare V. 108, p. 1827; V. 117, p. 2772. Series “ G ” 5s, dated Maruu 1
191-6, are red., ail or part, on any int. date on 4 week’s notice at following
prices and int. Through June 1 1951 at 105; through June 1 1954 at 102;
thereafter to maturity at par. Free of Penna. 4-miil tax.
In July 1926 W. C. Langley & Co., Halsey, Stuart & Co., Inc., Union
Trust Co. of Pittsburgh, W. A. Harriman & Co., Inc., and Dominick &
Dominick sold $18,500,000 series G at 1004$ and int. V. 123, p. 456.
$6,500,000 Ser. “ E” 5s were offered in April 1925 by Halsey, Stuart &
Co., The Union Trust Co. of Pittsburgh, W. A. Harriman & C o., Inc.,
and W. C. Langley & Co. at 974$ and int., yielding about 5.18%.
The Penn American Coal Co. 1st mtge. 6s are callable any interest date
on 30 days’ notice. Matures serially Jan. 1 1928 to Jan. 1 1956. $170,000
have been retired.

120

PUBLIC U TILITIES

Windsor Coal Co. 1st mtge. 6s are callable on any interest date on two
weeks’ notice at 101. In addition to the amount shown above as outstand­
ing, $217,000 are held in treasury and $27,000 owned by Wheeling Bridge
Co.
Dividends.— Divs. on pref. stock have been paid since organization.
On the new 6% cum. pref. stock an initial quar. div. of 1M % was paid in
Feb. 1926. V. 121, p. 3006.
EARNINGS.— For calendar years (incl. sub. cos.):
1926.
1925
1924
1923
xGrossoper. earnings...$15,108.241 $13,555,326 $12,828,329 $11,978,606
Oper. exp. and maint_
_ 7,169,064
6,880,098
7,056,674
6,804,849
Deprec., depletion. & c._
1,507,880
1,142,142
1,017,819
891,217
Taxes (incl. F e d e ra l)...
893,600
705,450
674,175
603,550
Miscellaneous Incom e..C rl,422,856 Cr. 1,225,595Cr. 1,243,929 Cr.972,145

[V ol. 125.

OFFICERS.— Chairman of Board, S. Z. Mitchell: Pres., P. B. Sawyer;
V.-Ps., Wrn. Darbee and E. W . Hill: Treas., A. C. Ray; Sec., E. P. Surnmerson; Compt., A. E. Smith.— V. 121, p. 329, 331; V. 122, p. 480, 611,
883; V. 123, p. 455; V. 124, p. 1979, 3352; V. 125, p. 648.
(1) LEHIGH VALLEY TRANSIT CO.
Control.— In July 1917 the Lehigh Power Securities Corp., which see
above, acquired a substantial majority of both classes of this company’s
stock on the basis of $28 per share of com. and $48 per share of pref. stock.
V. 105, p. 606.
ORGANIZATION.— Incorp. in Pa. on Nov. 3 1905 and is a reorganiza­
tion under foreclosure of the Lehigh Valley Traction C o., the Philadel­
phia & Lehigh Valley Traction Co., the Allentown & Slatington and the
Coplay Egypt & Ironton Street R y., as per plan in V. 79, p. 733, 1462.
In Oct. 1911 purchased the Montgomery Trac. Co. (V. 93, p. 940), all of
whoso bonds and stock are deposited under the
Total income_________ $6,960,553 $6,053,231 $5,323,590 $4,651,135 impt. mtge. of 1910. In April 1913 purchased Lehigh Valley Transit ref. &
stock
Int. & amort, of d isct.. 2,447,648
2,193,078
2,026.809
1,807,179 of Easton Consolidated Electric Co. V. 96, p. controlling interest in inter­
1022.
half
Rentals________________
97,552
187,876
182.324
182,965 est in Norristown Transit Co. Also acquired a number Also has companes.
of other
Net avail, for d iv s ... $4,415,354 $3,672,277 $3,114,457 $2,660,990 Franchises perpetual.
Under agreement made in July 1907 the Lehigh Valley Transit has its
x Including sales o f $2,189,467 to affiliated companies in 1926, $2,062,884 Philadelphia terminalin the Philadelphia Rapid Transit station at Chestnut
in 1925, $1,800,180 in 1924 and $1,634,653 in 1923. V. 123, p. 3186.
Hill. V 8
OFFICERS.— Pres., G. M . Gadsby; V.-P., R. B. Keating, G. M.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Gadsby and J. S. Jenks; Compt., L. F. Rye; Treas., C. F. Kalp; Sec.. G. E. Co. and its subsidiaries own and operate city and interurban railway lines
Murrie, Asst. Sec., W. K. Dunbar; Asst. Treas., R. C. Lightcap and over 216 miles of railway, including a high-speed interurban railway from
E. S. Thompson; Gen. Aud., M . W. Glover.— V. 120, p. 1750, 2150. 2271, Easton through Bethlehem and Allentown to Philadelphia. Popula­
2685, 3076, 3189; V. 121, p. 841, 2158, 2405, 2754, 3006; V. 122, p. 1765, tion served, over 318 000. The road connects Allentown, Bethlehem,
2045. 3343; V. 123, p. 326, 456, 1635. 2780, 2903, 3186; V. 124, p. 1982.
South Bethlehem, Hellertown, Nazareth. Northampton, Coplay,
Catasauqua, Egypt. Emaus, Macungie, Slatington, Quakertown, Perkasie.
Lansdale, Norristown, Ambler and Philadelphia. 80, 95 and 105-lb. T
ind 96 and 116-lb. girder rails. Conducts through freight service between
WEST PENN MONONGAHELA CO.
Allentown and Philadelphia. V. 97, p. 521. Owns a large amusement
park about midway between Allentown and Bethlehem. Owns 312
Controlled by The West Penn Electric Co.
passenger, freight and service cars. A 2,650-ft. bridge between Allentown
ORGANIZATION.— Incorp. June 14 1922 in Delaware. Formed to and South Allentown was built by the controlled Allentown Bridge Co.
take over control of the Monongahela Pr. & Ry. Co. (now Monongahela
stock $300,000) and
West Penn Public Service Co.— see under “ West Virginia” on another (auth. p. 1426, 1428; V. 98, p.was formally opened Nov. 14 1913. See
V. 97,
154. Also has numerous municipal streetpage). Dissolved April 29 1927.
lighting contracts and owns a modern electric generating plant in Allentown
of 40.812 k.w. capacity. Franchises, with one minor exception, are per­
petual
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
KEYSTONE POW ER & LIG H T CO. (DEL.)
Common $3,000,000 (par $50)...........
-----$2,997,350
Merger.— The properties o f the company, formerly controlled by West Pref $5,000,000 (par $50) 5%\
See text
Q-F
4,979,687
Penn Electric C o., were merged with the West Penn Power Co. The Key­
cum after Nov 3 1910_____J
stone Power & Eight Co. 7% cum. pref. stock was called for redemption on Firs”, mortgage $5,000,000' 1905
4-5 g M-S 4,994,000 Dec 1 1935
Aug. 15 1927 at $100 per share and accrued dividends.
gold ($1,000)__________ ctflGuaranty Trust Co., New York, trustee.
The Keystone Power Corp. 7% pref. was called for redemption on Aug. 1 Consol mtge $7,500,000 gold( 1905 '4-5 g J-D
353.000 Dec 11935
1927 at $105 per share and accrued divs. o f $0.59. The series “ A ” and “ B ”
($1,000) _______________tf\Commercial Trust C o., Phila., trustee.
first mtge. bonds of the corporation were called on Sept. 1 1927 at 107K,
Ref & imp mtge $15,000,000/ 1910
5 g J-D
5,115.000 June 1 1960
and the debentures at 105 on July 1 1927. For history of company and its
gold ($1,000)_________ c*tf lLehigh Valley Trust C o., Allentown, trustee.
subsidiary the Keystone Power Corp., see “ Public Utility” Compendium of
Bonds.— Of the $5,000,000 1st mtge., $2,770,000 bear 4% Interest and
April 30 1927, page 115.
tre all out. and $2,224,000 are 5s. Int. at the Guaranty Trust Co. of N. Y.
The 1st M . bonds are redeemable on any int. date, the 4s at 105 and the 5s
at 110.
LEHIGH POWER SECURITIES CORPO RATION .
Of the consols., $2,500,000 4s were outstanding, but $2,146,000 have been
Supervised by Electric Bond & Share Co.
pledged for ref. & impt. bonds. Int. on consol, bonds is payable at Com­
ORGANIZATION.— Incorp. in Delaware in Jan. 1926 as a consolidation mercial Trust Co., Phila. These bonds are not subject to call.
Of the $15,000,000 ref. & impt. bonds, $5,000,000 are reserved to retire
of the old Lehigh Power Securities Corp. (incorp. July 19 1917 in Delaware,
1st M . bonds and $2,500,000 to retire equal amount of consol, mtge. bonds.
for history see “ Public Utility Compendium of Oct. 31 1925) and United
Securities Co., a company formed in 1926 for the purpose of transferring $3,029,000 in addition to amt. reported outstanding are in treasury. Bonds
all the public utility properties in and around Lancaster and Harrisburg, are redeemable at 110 and int. V. 92, p. 187: V. 94, p. 698, 982; V. 95,
Pa., from United Gas & Electric Corp. to Lehigh Power Securities Corp. p. 750. Int. is payable at office of company or Brown Bros. & C o., Phila­
United Gas & Electric Corp. received a substantial amount of cash and $6 delphia. Bonds are listed on the Philadelphia Stock Exchange.
Dividends.— Initial div. on pref., 1% , paid Nov. 10 1911. In 1912.
cum. pref. stock of the Lehigh company in lieu of its former holdings in the
1913 and 1914, 2% . In 1915, 3 H % . Tn 1916 and 1917, 5% . In 1918,
Lancaster and Harrisburg companies and the ValleyRailways.
The common stock of the former Lehigh Power Securities Corp. (605,000 Feb., \M % . Nonesinca. V. 106, p. 2123; V. 108, p. 268; V. 110. p. 261
shares, no par, authorized) was all held under a voting trust agreement which Total accumulated dividends, 55%.
agreement was terminated at the time of formation of the new corp., when
EARNINGS.— Of consolidated cos. for calendar years:
each holder of a voting trust certificate calling for one share of common
Operating Net after
Other Int..Amort., Pref.
Balance,
stock of the former Lehigh Power Sec. Corp. received 10 shares common
Revenues. Taxes. &c. Income. Dis..D p .'tc. Divs.
Surplus.
stock of the consolidated corp The 10-yr. 6% secured gold notes, due Aug. 1926________$4,950,443 $1,240,226 $139,078 $898,892
$480,413
1 1927 of the former Lehigh Pow. Sec. Corp. were called for redemption on 19^5_______ 5,047.105 1,444.042 114.600
999.306
559.336
Feb. 1 1926. 130,000 shares o f $6 cum. pref. shares (no par) of the new 1924.........
4.975.240
1,297.766 119.995
885.227
532.534
Lehigh Pow. Sec. Corp. are owned by United Gas & Electric Corp., having 1923_______ 5,288.507 1,577,327 125,932 1,204,190
499,069
been taken in part payment for its former holdings in the Pennsylvania 1922_______ 5.331,305 1,569,581 122,220 1,245,111
446,689
situation. V. 122, p. 611.
OFFICERS.— Pres., P. B. Sawyer: V.-Ps.. E. M . Young, O. E .
Co. owns all the common stock of the Pennsylvania Power & Light Co.,
a substantial majority of both classes of stock of the Lehigh Valley Transit Groesbeck and II. F. Dicke; Sec. & Treas., Chas N . Wagner; Aud., W. L ..
Co., all the common stock of Harrisburg Light & Power Co. and Lancaster Davis.— V. 120, p. 2147; V. 122, p. 2040, 2279
County R y. & Light Co., (which in turn controls (a) Conestoga Traction Co.
a) F.ASTON CONSOLIDATED ELECTRIC
(which owns Conestoga Realty Co.): (6) Lancaster Gas Light & Fuel Co
In April 1913 the Lehigh Valley Transit Co. acquired a controlling interest
(which owns Columbia Gas Co.); (c) Edison Electric Co. and id) Lancaster in the stock and has since acquired all stock except (24) directors shares.
Electric Light, Heat & Power Co. and all the preferred and common stock
7. 96, p. 1021.
o f Valley Railways. Pennsylvania Power & Light Co. owns all the common
ORGANIZATION.— Consolidation by stock ownership of the Easton
stock and more than 83% o f the pref. and 2nd pref. stock combined of
Transit
Illuminating Co. of Easton, and the Phillipsburg
the East Penn Electric Co. The Lehigh Power Securities Corp. also owns (N. J.) C o., the Edison Co. (name changed to Phillipsburg Transit C o.).
Horse Car RR.
through stock ownership a number of less important operating companies.
Incorporated in New Jersey March 11 1899. Also owns all the stock of
V. 122, p. 611.
he Penn. M otor Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Lease.— In Mar. 1922 leased to the Lehigh Valley Transit Co. the property
The operating companies serve an extensive and prosperous industrial
>f the Easton Transit C o., a subsidiary, for 99 years. Compare V .ll4,p .l2so.
territory in eastern Pennsylvania, including the cities of Allentown, Bethle­
Consolidation of Subsidiaries.— On Jan. 3 1908 the (old) Easton Transit
hem, Easton, Wilkes-Barre, Hazleton, Williamsport, Harrisburg and Lan­
.Jo., the Easton & Bethlehem Transit C o., the Easton Palmer & Bethlehem
caster. Population estimated to exceed 1,693,000.
Street Ry. and the Northampton Central Street Ry. were merged into the
The total number of communities served is 512 Electric power and
hew) Easton Transit Co. (V. 85, p. 1461) and in 1909 the Easton & South
light service is supplied in <481 communities, including those served at
Bethlehem Trans. Co. was also merged into the (new) Easton Transit Co.
wholesale, and manufactured gas service is supplied in 28 cities and towns
Stock. $2,150,000; all owned by Easton Consolidated Elec.
including 1 served at wholesale. Corp. also controls companies supplying
transportation service in 145 communities and operating street and inter
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
urban railway lines with 538 miles of track V. 122, p. 611.
Stock $1,500,000 (par $50)__ Stock (50% paid in) all owned by L. V. T. Co
Neic Transmission Line.— In 1926 Pennsylvania Power & Light Co. com­ Collateral trust $1,300,000 g\ 1899
5 g M-N
1.237,000 M ay 1 1949
pleted a new 65-mile transmission line of 220,000 volts which will fur­
($1,000 and $500)___ c*tf/Interest at Girard Trust C o., i’hila.. Trustee.
ther facilitate distribufion of power by subsidiaries of the Lehigh Powtr Co.,
Pennsylvania M otor Co 1st ) 1891 6 A-O
60,000 April 1 1941
which serve an unusually compact area in the heart o f eastern Pennsylvania's
mtge (cannot be called) tf/L ack. Tr. & Safe Dep. C o., Scranton, Trust.
coal and industrial territory. V. 122, p. 611.
(Cast Paimer & Beth 1st mtge)
1898 6 J-J
200,000 Jan 1 1939
gold $200.000__________tf/U . S. Mtge. & Trust Co. N. Y ., Trustee.
STOCK AND BONDS—
Date.
Interest, (hitstanding.
daturity.
E & So Beth Tr 1st M $500,-\ 1906 5 g J-J
377,000 July 1 1936
com 4,000,000 shs (no par)_ _____
_
________ 3,104,450shs__________
000 guar gold ($1,000) c*tf (Girard Trust C o., Philadelphia, Trustee.
$6 cum pf 300,000 shs (no p a r ) ____
$6
130 OOOshs__________
Allentown Bridge Co 1st M 5 s _ _____
5
218.000
1942
$7 cum pf 300,000 shs (no p a r ) ____
$7
None
______ __
6% g deb ser A ($500, $100 c*,J 1926
6 g F-A $25,000,000 Feb 1 2026
Bonds.— The coll, bonds have n o s . f. and are not subject to call. Of the
$1,000 c*r* and $10,000r)tf (Guaranty Trust Co. of N. Y ., trustee.
ootal of $1,300,000, $60,000 is reserved to retire the Penn. M otor bonds.
Bonds.— No additional gold debentures may be issued unless net income
$2,000 in treas. and $1,000 reserved for small amt. of outstanding scrip of
for 12 out of preceding 15 months has been at least twice annual interest on
Ed. 111. Co. Issue is secured by pledge of $2,150,000 stock (entire issue) of
all indebtedness of the corp. incl. new issue, but excluding indebtedness to
now) Easton Transit C o., 12,317 shares (entire issue) of Edison Ilium,
be concurrently paid off. Issuable in series of such tenor as Directors may
dock and 2,400 shares (the entire issue) of Penn. M otor stock. Are listed
from time to time, determine. Red., whole or part on 30 days’ notice, at on Philadelphia Stock Exchange.
r. *
>
110 up to and incl. Feb. 1 2010, thereafter at 105 to and incl. Feb. 1 2020
Int. on Easton & So. Beth. Transit bonds is payable at office of Edw. B.
and at par thereafter, in each case with interest. Penn. 4 mills tax refund
Smith & Co , Phila., or at company’s office. They are guar. p. & i. by
able. In Jan. 1926, Bonbright & Co., Inc., &c,, &c. offered $25,000,000 endorsement by the Easton Transit Co. A Sinking fund of $5,000 p. a.
6% ser. A at 95 and int., to yield 6.30% . V. 122, p. 611; V. 123, p. 455.
commenced June 1 1908: $87,000 have been retired. Bonds are subject to
All of the outstanding $7,566,000 (old corp.) 10-yr. 6% secured gold call at 105 and int. V 83, p. 323; V. 104, p. 2553notes, due Aug. 1 1927, were called for payment Feb. 1 1926 at 101 and int.
Diridends.— Payments were: July 1900, 3 'A % on $10 paid in; Sept. 190i
V. 122. p. 480, 611.
md March and Sept. 1902, 3% on $15 paid in; March 1903 (paid in July)
EARN IN G S.— For 12 months ended Jan. 31:
and Sept. 1903, 4% on $15 paid in. In Dec. 1905 declared a dividend of
Comparative Summary of Consolidated Darnings (Inter-Company Items $2 50 and at same time called an assessment of $5 per share on the stock;
the dividend was credited on the assessment, making the stock 50% paid in.
Eliminated) of Subsidiaries.
7. 81. p. 1791. Cash dividends resumed in Oct. 1906 with the payment of
1927.
1926.
Gross earnings o f subsidiaries_____________________ $37,959,910 $34,449,4ii
2^i% . V . 83, p. 687; 2 3^ % again paid April 1 1907 and 2 H % Oct. 1 1907;
Net earnings o f subsidiaries______________________ $15,859,110 $13,666,814 then dividends were passed until Nov. 1911, when 2% was paid. In 1912
Non-operating revenue__________________________
1,357,356
960,314 ’.nd 1913, 4% ; in 1914, M ay, 2% . Beginning with June 1914 began paying
1-3 of 1 % monthly (V. 99, p. 300). Dividends no longer reported, as entire
stock is owned by Lehigh Valley Transit Co.
Total income o f subsidiaries_ ______ __________$17,216,466 $14,627,128
_
Latest Earnings.—
O F F IC E R S — Pres., P. B. Sawyer; V.-Ps., S. H. Hackett and H. F.
Dicke; Sec & Treas , O N W agner— V. 97, p. 53, 301, 311; V. 98, p.
Consolidated Earnings (Inter-Company Items Eliminated).
838: V. 99, p. 1300
12 Months Ended June 30—
1927.
1926.
Increase.
Gross earnings of subsidiaries_______ $38,799,285 $35,776,786 $3,022,499
(2) PENNSYLVANIA POWER & LIGHT CO.
Net earnings o f subsidiaries_________ 16,642,850 14,420,118
2,222,732
Lehigh Power Securities Corp. owns all the common stock, except
Non-operating revenue______________ 1,336,295
1,011,845
324,450
directors’ shares.
Total income o f subsidiaries______ $17,979,145 $15,431,963 $2,547,182 ;
Is under supervision of Electric Bond & Share Co.
Management.— The operations o f the co. and its subsid. cos. are under the ! ORGANIZATION.— Incorp. June 4 1920 as a consolidation and mergir
supervision o f the Electric Bond & Share Co.
of the following companies: The Lehigh Valley Light & Power Co , the




O ct ., 1927.]

POW ER, LIG H T AND R A IL W A Y

Northern Central Gas Co., the Columbia & Montour Electric C o., the
Northumberland County Gas & Electric Co., the Harwood Electric Co.
the Schuylkill Gas & Electric C o., the Pennsylvania Power & Light Co. (old
company) and the Pennsylvania Lighting Co. into the (new) Pennsylvania
Power & Light Co. All of the companies (except the Pennsylvania Lighting
Co.) entering into the merger were controlled by the Lehigh Power Securities
Corp. (compare V. 110, p. 1973). Owns all of the outstanding common
stock and more than 83% o f the pref. and 2d pref. stocks combined of
East Penn. Electric Co. (see below).
Offer to East Penn Electric Co. Stockholders.-—In Jan. 1925 the company
offered to acquire the capital stock of the East Penn Electric Co. and to issue
In exchange therefor its own cum. pref. shares on the following basis:
(а) For each share o f pref. stock (carrying dividends from Jan. 1 1925
at the rate of 57 per share per annum) or 2nd pref. stock (carrying dividends
from Jan. 1 1925 at the rate of $8 per share per annum) so deposited— one
nhare o f cum. pref. stock o f Pennsylvania Power & Light Co.
(б) For each share o f Com. stock so deposited— two-thirds of one share
of cum. pref. stock o f Pennsylvania Power & Light Co.
Under the above plan more than 96% of the stock of all classes out­
standing had been exchanged as of Dec. 31 1926. V. 120, p. 454.
FIELD OF OPERA HONS AND CHARACTER OF BUSINESS —
The territory served includes 257 communities, has a population estimated
to exceed 942,000, and includes the important Allen to wn-Bethlehem in­
dustrial section near the eastern boundary of Pennsylvania, thence extends
westward through the heart o f the anthracite coal district in and around
Wilkes-Barre, Hazleton, Shenandoah, Mount Carmei and Shamokin, into
the industrial and agricultural section along the Susquehanna River, in
and around Berwick, Bloomsburg, Danville, Sunbury, Milton, Williams­
port and Lock Haven. Owns electric generating stations with an installed
capacity of 245.550 k.w. Company has 5,500 additional capacity from
another plant under a contract. 70,000 k.w. additional capacity was com­
pleted during 1926. Company owns 772 miles of high voltage transmission
and 3,457 miles o f distribution lines. Gas properties owned or through
subsidiaries include 8 plants with an aggregate daily generating capacity of
9,815,000 cu. ft. Aggregate holder capacity, 3,958,000 cu. ft.; 272 miles of
gas mains. In addition Hagerstown Light & Heat Co. of Washington
County owns a plant o f 1,840,000 cu. ft., holder capacity of 375.000 cu. ft.
and 42 miles of gas mains.
Inter-connection of lines with Philadelphia Electric Co. and Public Service
Electric & Gas Co., see V. 125, p. 1710.
Outstanding. Maturity
STOCK A v p riin i DS—
Date.
Interest
581,715 shs __________
Common 1,100,000 shs_ ‘_________
_
______
374,036 shs Oct’27,$1.75
Pref $7 cum 515,000 shs______ _____
$7
65,182 shs Oct’27,$l .50
6% pref 300,000 shs_______________
$6
Bunds of Pennsylvania Power & Light Co. and Controlled Companies in
Hands of Public as of Dec. 31 1926 —
Penna Pow & Lt Co 1st & ref)
Series “ A ” . . . . .______ I 1921
$8,000,000 Feb 1 1951
7 g F-A
Series “ B ’ ’ _ . . ._____ f 1922
7,000,000 Oct 1 1952
5 g A-O
Series “ 0 ” __ ____ _______I 1923
6 M-S
4,000.000 Sept 1 1953
“ D “ ________.......... -1 1925
5 g M-S
18,000.000 Sept 1 1953
C$500 * $1,000 c*, $1,000 (Guaranty Trust C o., New York, Trustee
& $5 000 r*)___________ tfj
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Northumb Co Gas < El Co—
V
1st M s f bonds, call 1051 1911
5 g M-S
$1,080,500 Sept 1 1946
any int date___________ /In t. at office of West & C o., Philadelphia.
Nor Cent Gas Co 1st & refl
1912 5 g F-A
775,000 Aug 1 1962
$4,000,000, call at 105 any [ Int. at office o f E l. Bond & Sh. C o ., N . Y . C
Int date__________________ J
Williamsport Gas Co 1st M ._ /
1899 5 g F-A
400,000 Feb 11939
"
(Interest at Fidelity Trust C o., Phila.
Columbia & Montour El Co—
1st M call 105 any int date!
1913 5 g F-A
577,200 Feb 1 1943
2d M call 105 any int date.-j
1913 5 g F-A
567,500 Feb 11943
lint, at office of El. Bond & Sh. Co. N Y c
Pennsylvania Ltg Co 1st m tge. 1910
1,174.000 July 1 1940
5JJ
So Beth E L Co 1st M call at l 1899
5 A-O
15,000 Oct 1 1929
105 at any int date_______ /
Leh N El Co ($10,000,000) 1st M :
“ A " call 107Yz any int date. 1913
6 J-J
2,805 000 July 1 1943
“ B " call at 100 any int date. 1913
5 J-J
757.000 July 1 1943
Harwood Electric Co—
1st M call 107 H any int( 1909
5 J-J
614.000 July 1 1939
date---------------------../In te re st at Girard Trust C o.. Philadelphia
1st & ref M ($10,000,000)1
1912 6 M-S
1,747,000 Mar 1 1942
callable at 10714_______ /Interest at Girard Trust Co., Philadelphia
Lehigh Val L & P mortgage/ 1913
5 g A-O
604,500 April 1 1943
$2,000,000 ($1,000, $500 & (Lehigh Valley Trust C o., Allentown, Trustee
$100) gold___________ c*tf [int. at c o .’s office or Brown Bros. & C o.,Phila
Schuylkill Gas & El 1st M ____1913
6 A-O
100,0( 0 ApriH 1943
Wilkes-Barre 1st & ref________ 1910 5 J-J
1,986,300 July 1 1960
Wilkes-Barre G & E con mtge.
1905 5 J J
3,000.000 Jan. 1 1955
Stock.— The cum. pref. stock is red. at $110. In July 1924 the Guaranty
Co. of N. Y ., and Brown Bros. & Co. sold a block of 25,000 shares cum
pref (purchased from the Lehigh Power Securities Corp.) at $100 and divs
V. 119, p. 463.
Bonds.— For description o f 1st & ref. mtge. bonds of the Pennsylvania
Power & Light Co. see V. 114, p. 659, 751, for Series " A ” ; V. 115, p. 1542
for Series “ B ,” and V. 117, p. 1672, for Series “ C ” .
The first and refunding mortgage bonds are secured by a first mortgage
lien upon a substantial portion of company's fixed property, and by a direct
mortgage on the remainder, subject to $16,184,100 divisional closed mort
gage bonds outstanding in hands o f the public. Further by pledge of
$1,622,200 divisional bonds.
The mortgage provides that bonds in addition to Series A may be issued
for 75% of construction or acquisition subsequent to Sept. 25 1920, and only
(except for refunding purposes) when net earnings for 12 out of preceding
15 months have been at least twice annual interest of outstanding underlying
bonds not deposited under this mortgage plus twice (except in respect of
certain additional bonds 1 % times) annual interest of all first and refunding
mortgage bonds, including new issue.
A supplemental indenture dated March 2 1925 (operative when Series
A, B and C bonds have been retired or have consented thereto) charges
certain restrictions and provisions in the original mortgage to permit the
issuance of bonds maturing later than 1961, remove the restrictions with
espect to earlier maturities than those of series outstanding, and for other
purposes There is a reneawl and improvement fund, payable on April 1 of
each year, of 5% of principal amount of all funded debt outstanding at end
of preceding year, less actual expenditures for maintenance, &c. Any
unused balance may be used for retirement of first and refunding mortgage
bonds, any such balance of $25,000 or more remaining after 24 months
shall be so used.
Series “ D “ are redeemable, all or In part, on any interest date upon 30
days' notice at 105 and interest on or before Sept. 1 1928, 104 in the next
5 years, 103 in the next 5 years, 102 in the next 5 years, 101 in the next 5
years, and at 10014 thereafter prior to maturity. Interest payable uithout
deduction of Penna. 4-mill tax. $8,000,000 Series “ D ” 5s were sold in
Feb. 1925 by the Guaranty Co. of N. Y., Harris, Forbes & C o., Halsey,
Stuart & C o., and Brown Bros. & C o., at 9514 and interest, to yield over
5.30%. V. 120, p. 1089. In Jan. 1926 the same bankers offered $10,
000,000 additional Series D bonds at 9814 and interest, to yield 5.10%
V. 122, p. 348, 1170.
Lehigh Valley Light & Power bonds are subject to call on any interest
date at 105 and Interest. V. 97, p. 365.
EARN INGS.— For calendar years:
*1927.
1926.
1925.
1924.
Gross (incl. other in c .)„ $ 2 3 ,105,733 $22,319,110 $19,270,499 $16,641,359
Net, after taxes________ 11,315,248
10,366,813
8,209,270
6,714,541
Bond interest, &c______ 3,101,’ 74
3,083,562
2,542,978
1,974,744
Preferred dividends____ 2,812,013
2,592,600
2,300,039
1,540,161
Balance______________ $5,402,061
$4,690,631 $3,366,253 $3,199,636
* For 12 months ended July 31 1927.
OFFICERS.— Chairman of Board, S. Z. Mitchell; Pres., E. K. Hall:
V.-P. & Gen. M gr., 1\ B. Sawyer; V .-P ., E. W. Hill; Sec. & Treas., C. M .
Walter.— V. 121. p. 979; V. 122, p. 348. 1170. 1457, 2497, 3341; V. 123, p.
711, 844, 1625, 2429; V. 125, p. 649, 1710, 2146.
(a) E A 'T PENN E ECTRIC CO.
Controlled by Pennsylvania Power & Light Co. For details as to ex­
change of securities, see V. 120, p. 453.
Operations supervised by Electric Bond & Share Co.
ORGAN IZATION .— incorp. in Pennsylvania July 6 1922 as per finan­
cial plan of Eastern Pennsylvania Rys. (for history see “ Electric Railway ’




121

Supplement of April 28 1923 and statement of Eastern Pennsylvania Powei
& Ry. Co. in “ Elec. R y .” Supp. of Oct. 27 1923) outlined in V. 114, p.
2717, and now owns in fee the property of the Eastern Pennsylvania Rys.
Co. and its subsidiaries and the Lykens Valley Light & Power Co., and
controls Pine Grove Elec. Lt., Ht. & Pow. Co. by ownership of entire out­
standing stock.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The co. supplies practically all the electric lighting and power and electric
railway facilities in and adjacent to Schuylkill County, Pa., and operates
a small gas plant at. Tamaqua. Supplies electric plower and light to 54
communities (25 669 customers) and intcrurban railway service to 22
communities. Total population served estimated to exceed 198,000.
Has power stations with generating capacity of 40,850 k.w. Prihcipal
station at Pine Grove has a present installed generating capacity of 28,000
k.w. Co. owns and operates 162 miles of transmission lines, 508 miles of
distributing lines. Operates 63 miles of track connecting Pottsville with
Minersville, Palo Alto, Cumbola, Mount Carbon, Port Carbon, St. Clair,
New Philadelphia, Middleport, Schuylkill Haven, Adamsdale, Orwigsburg,
Coaldale, Cressona, Glen Carbon, Brocxton, Tuscarora, Tamaqua, Lansford, Summit Hill, Nesquehoning and Mauch Chunk. Standard gauge,
70-lb. T. and 73-lb. girder rails. 53 pass, cars, 4 sweepers, 10 repair
cars, 1 snow plow, 1 freight car. All franchises are perpetual or for a long
term and the street railway lines are in a large measure built on private
right-of-way.
Offer to Stockholders.— In Jan. 1925 the Pennsylvania Power & Light Co.
offered to acquire the co.’s capital stock and to issue in exchange therefor
its own cum. pref. shares on the following basis:
(а) For each share of pref. stock (carrying dividends from Jan. 1 1925
at the rate of $7 per share per annum) or 2d pref. stock (carrying dividends
from Jan. 1 1925 at the rate of $8 per share per annum) so deposited— one
share of cum. Pref. stock of Pennsylvania Power & Light Co.
(б) For each share of common stock so deposited— two-thirds of one
share of cum. pref. stock of Pennsylvania Power & Light Co.
Under the above plan all the common stock and more than 84% of the
preferred and 2d preferred stocks combined had been exchanged as of
July 31 1927.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
_______
103.805 shs. ________
Common 150,000 shares______ _____
1st preferred 60,000 shares_ _____
_
($7)
20,955 shs. ________
2d preferred 10,000 shares_________
($8)
9,i38 shs. ________
1st Mtge lien & ref ($o00 and) 1923
6 g J-J
$2,500,000 Jan 1 1953
$1,000) gold________ _c*.tf]lvring Bank-Columbis Trust C o., trustee
E P Rys Co 1st M $6,000,000,/ 1906
5 g J-J
4,446,000 July 1 1936
g ($500 and $1,000)._c*.tf\Cen. Union Trust Co., New York, trustee.
Lykens Vail Lt & Pr 1st m tge.. 1915
6 g M-S
342,750 Sept 1 1945
STOCK.— First pref. stock is cumulative. Divs. Q.-J. Red. all or
part on any div. date at $115 per share and divs. Preferred as to assets to
extent of $100 per share in case of involuntary liquidation and at $115 per
share in case of voluntary liquidation, and also as to dividends.
Bonds.— 1st mtge. lien & ref. 6s are red., all or part, on any int. date at
110 up to and incl. Jan. 1 1933; at 107 up to and incl. Jan. 1 1943; at 105
up to and incl. Jan. 1 1948; at 102V up to and incl. Jan. 1 1951. and at 102
z
thereafter Tax-free in Pennsylvania
Sufficient Eastern Pennsylvania Rys. 1st mtge. bonds of 1906 are reserved
to retire the $342,750 prior lien bonds outstanding; the unissued portion is
reserved for future extensions and improvements; $333,750 have been can­
celed. Registered bonds are re-convertible into coupon bonds. Are subject
to call at 110 and int. on 4 weeks’ notice. Int. payable in N . Y . See descrip­
tion of bonds and property, V. 89, p. 103; V. 94, p. 279.
EARNINGS.— For calendar years:
*1927.
1926.
1925.
1924.
Gross (incl. other in c .).. $3,755,955 $3,575,274 $3,085,912 $3,149,032
Net, after taxes________ 1,517,204
1,490,759
1,260,553 1,499,637
Bond interest, &c_______
465,545
446,798
439,935
464,271
Preferred dividends____
146.566
146,566
145,372
130,107
Balance,
905,259
675,246
905,093
897,395
* For 12 month ended June 30 1927.
OFFICERS.— Pres.. P. B. Sawyer; V.-P., E. W. Hill; V .-P ., J. .9 Wise
Jr , and H. F. Dicke, Sec. & Treas., C. M . Walter; Gen. M gr., 1*. McCarron.— V. 120, p. 86, 453, 2267, 2400; V. 122, p. 2493.
(3) HARRISBURG L IG H T & POWER CO.
Controlled by Lehigh Power Securities Corp.
Under supervision of Electric Bond & Share Co.
ORGANIZATION.— Incorp. July 22 1912 to take over the Harrisburg
Light, Heat & Power Co. and Paxtang Elec. C o., whose franchises are per­
petual. In Feb. 1913 the Harrisburg Light & Power Co. purchased the
Harrisburg Steam, Heat & Power Co. In Aug. 1913 acquired Steelton
Light, Heat & Power Co. V. 97, p. 179.
Acquisition Proposed.— The company has applied to the Pennsylvania
P. S. Commis ion for approval to purchase the South Hanover-Dauphin
Pow. & Lt. Co., the East Hanover-Dauphin Pow. & Lt. Co., the UnionLebanon Pow. & Lt., the SWatara-Lebanon Pow. & Lt. Co., the BethelLebanon Pow. & Lt. Co. and the East Hanover-Lebanon Pow. & Lt. Co.
V. 125, p. 1837.
FIELD OF OPER TIONS AND CHARACTER OF BUSINESS.—
Serves with light and power the city of Harrisburg and 14 adjacent com­
munities, incl. Steelton, Dauphin, Penbroox, Paxtang and Rutherford; also
serves the main business section of Harrisburg with steam heat. Esti­
mated population served, 125,000. As of June 30 1927 there were 30,485
electric consumers. Co. owns electric plants of an installed capacity of
23,750 k.w.; and 331 miles of electric distribution lines.
CAPITALIZATION.— Stock outstanding, $2,588,900 common and
$1,250,000 6% cum. pref. stock. All the common owned by Lehigh Power
Securities Corp.
BOND8—
Date.
Interest. Outstanding. Maturity.
Harrisburg L & P 1st & ref M l 1912
5 g F-A
$5,400 000 Aug 1 1952
$10,000,000 gold ($100 and [Fidelity Trust C o., Philadelphia, trustee.
$1.000)................. ........c*tf.j
Bonds.— Remaining Harrisburg Light & Power first & ref. bonds are re­
served for improvements, extensions, &c., under certain restrictions. Red.
it 105 and interest on any interest day.
EARNINGS.— For calendar years:
*1927.
1926.
1925.
Gross, including other income________ $2,598,236 $2,454,462 $2,205,219
Net, after taxes____________________
1,290,540
1,219,356
1,013,695
Bond interest______________________
270,000
270,000
269,928
Other interest and deductions_______
9,270
115
25,396
Preferred dividends_________________
75.000
75,000
75,000
Balance
__________
$936,270
$874,241
$643,371
*For 12 months ended July 31 1927.
OFFICERS.— Chairman of Board, E. Z. Wallower; Pres.. L. P. Ham­
mond; V .-P., D. A. Elias; V .-P ., E. W. Hill; Y .-P. & Gen. M gr., H. R.
Palmer; Sec. & Treas., H. W . Stone.—V. 120, p. 1585; V. 122, p. 610;
V. 125, p. 1837.
(4) LANCASTER COUNTY RAILWAY & LIGHT CO.
Controlled by Lehigh Power Securities Corp.
Under supervision of Electric Bond & Share Co.
ORGANIZATION.— Incorp. on June 15 1901 in New Jersey. Owns
and controls the following railway, gas and electric properties, whose stocks
are placed under the mortgage of 1901:
Conestoga Traction Co.
1Edison Electric Co.
Lane. Gas Light & Fuel Co.
1
Lane. Ephrata Lebanon St. R y. Co.Lebanon Valley Lt. & Pr. Co.
Also controls the Lancaster Elec. Lt. Ht. & Pow. Co.
controls the
Columbia Gas Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The Conestoga Traction Co. (the operating company) operates 163 miles oi
track,
Lines Leased to Cones oga Traction Co.
Lancas’r Mechauicsb’g &NewHol 'd Christiana & Coatesvitle
Rohrerstown Landisvilie & M t. Joy Lancaster Petersburg & Manheim
Lane. Willow St. Lamp. & Strasburg
Ephrata & Adamstown
Lancaster & Columbia
Lancaster & Rocky Springs
New Holland Blue Ball & Terre Hill Lancaster & Lititz Turnpike
Lancaster & Eastern
Denver & Ephrata Ry.
Lancaster & New Holland Turnpike
Lancaster & Quarryville
Lancaster & Marietta Turnpike
Elizabethtown & Florin

123

PUBLIC U TILITIE S

Supplies the electric power and light service to 98 communities incl.
the cities of Lancaster and Columbia, electric railway service to 47 com­
munities and gas service to 2 communities. Total population served in
excess o f 242,000. Franchises are perpetual.
Controls, directly or indirectly, properties with a total electric generating
capacity of 8,350 k.w., 190 miles transmission and 948 miles distribution
lines. Gas plants o f total capacity of 2,350,000 cu. ft.; holder capacity,
1,402,000 cu. ft.; 92 miles of gs mains; annual gas output for 12 mos. ended
June 30 1927 was 572,200,000 cu. ft.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock com 100,000 shares___ _____
Q-M
64,710 shs.
See text
Q-J
*47,350 Oct '27,1.50
Pref $1,750,000 ($50) 5% c u m ____
Mtge $1,000,000 gold $500f
1901 5 g J-J
1,000,000 July 11951
and $1,000)_________c*n tf (Interest at Lancaster Trust C o., trustee.
10-yr notes $2,500,000 ($50.1
1922 6 Q-J
2,452,650 July 1 1932
$100, $500 and $1,000)____(Int. at Lancaster Trust C o., trustee.
Securities of Companies Controlled, Directly or Indirectly by Lancaster County
Railway^ & Light Co. as of July 31 1927.
STOCK A N D BONDS
Date.
Interest. Outstanding. Maturity.
Conestoga Traction Co-—
Preferred ($50) $2,000,000_______
_________
$448,700
Commoa ($50) $4,430,000-______
_________ 4,380,000
1st mtge bonds $2,000,000-- 1900
4 J-J
1950
2 , 000,000
Conestoga Realty Co 1st M
$328,000________
1948
5M -N
1958
165.000
_________
Car trust ctf $175,000___________
Serially
175.000
Edison Electric Co-—
Common ($50) ($5,000,000 ____
_________
3,117,500
Col El Lt Ht & Pr 1st Mtge
$125,000________________ 1905
5M -N 125.000 M ay 1 1935
Edison Elec Co 1st & ref
$5,000,000________________1913
5 F-A
2,866,500 Feb 1 1953
Berkshire Elec Co 1st mtge
$500,000__________________1921
7 A-O
481.000 Oct 1 1945
Leh Val Lt & Pr 1st mtge
$61,100___________________1915
5 M -N
61,100 Nov 1 1945
Lancaster El Lt Ht & Pr Co —
Preferred ($50) $250,000________
_________
118,350
Common ($50) $200,000_ _____
_
_________
200,000
Lancaster Ephrata & Lebanon
St R y C o —
_________
Preferred ($50) $220,000________
2 2 0 .0 0 0 _________
Common ($50) $80,000_________
_________
80,000 ________
1st mtge $230,000_________ 1924
6 F-A
230,000 Feb 1 1953
Conestoga Terminal Co-—
Common ($50) $5,000__________
_________
2,850
1st mtge $800,000___________1924
1954
5 A J-D
771,000
Reat estate mtge $112,500-- 1926
112,500
1936
5 A A-O
Conestoga Transportation C o Common ($50) $25,000___ _____
_____
12,200
Columbia Gas C o—
_
_____
Common ($25) $125,000_ _____
60,000
1st mtge $200,000__________ 1911
5 J-J
1941
125,000
Bonds.— Of Conestoga Traction 1st mtge. bonds, $112,500 reserved to
be used for the reduction o f rentals and remainder are reserved to retire
f)rior liens or are pledged as collateral for bank loans.
Lancaster Gas Light & Fuel 3rd mortgage bonds are red. at 105 and
int. on any int. date on 3 months’ notice. Col. Gas Co. bonds are red.
on any int. date at 105 and int. on 90 days’ notice. $125,000 reserved for
future improvements at 85% o f cost thereof.
Of Edison El. Co. 1st & ref. bonds, $125,000 reserved to retire underlying
bonds; remainder held in treasury for impts., extensions, &c., at 85% of
cost thereof: red. as a whole, but not part, at 105 and int. on any int. date.
Tax free in Penna. In Dec. 1924 $5/2,300 were offered by Tucker Anthony
& Co. and Spencer Trask & Co. at 99 & int., to yield over 5.05%,
V. 119,
p. 2760.
Columbia Elec. Light, Heat & Power bonds are red. at n u and tin.. r
any int. date. The bonds are guar, by the Lane County H r. & I t Co.
Conestoga Realty Co. bonds are red. at par and int. on any inc. date
upon 3 months’ notice. Sinking fund an amount set up monthly sufficient
to retire bonds at maturity.
Conestoga Terminal 1st mtge 5 M are guar, jointly and severally by en­
>s
dorsement as to prin and int by Edison Electric Co of Lancaster and the
Conestoga Trac. Co. A sink, fund of 1 A % per annum, payable semi-ann.,
commences Dec. 1 1924. Red. at 100A and int. on 60 days’ notice.
Free from Penna. State tax. In July 1924 Reilly, Brock & Co. sold
$800,000 at 99H and int., to net about 5.53% . V. 119, p. 460.
Dividends.— The first div. on the pref. stock (3%) was paid on July 1
1904 and 3% was again paid on Oct. 1 1904. In 1905, Jan., 3% (see V. 79,
p. 2796); July, 3% : Dec., 4 ^ % . In 1906, 6 )4 % . In 1907, 7% . In 1908
and since, 5% . On com., in 1908 to 1912, incl., 10%: in 1913, 12%; in 1914,
1134%; in 1915, 14)4% ; in 1916, 15%; in 1917, 17M%; in 1918, 13)4%; in
1919, 15%; in 1920, 15%; in 1921, 15%. In 1922, June, 97c. per share was
paid on com. shares of no par value; Sept., 97c.; Dec., 96c. In 1923, Mar.,
$1 40: June, $1 70; Sept., $1 70; Dec., $1 50. In 1924, Mar., $1; June,
$1 70; Sept , $1 53. In 1925, March, $1: June, $1; Sept., $1 40. No
longer reported, as all com. stock is owned by Leh Pow. Secur. Corp.
EARN INGS.— For year ending Dec. 31 1921, earnings (less expenses and
proportion of surplus o f sub. cos.), $572,264; bond interest, $50,000; pref.
div., $62,405; balance, $459,859.
OFFICERS.— Pres., W . W . Griest; V .-P ., E. W. Hill; V.-P . L. H.
Parkhurst; Sec., E. P. Summerson; Treas., A. C. Ray.
V. 114, p. 306; V. 116, p. 410; V. 122, p. 611.
(5) VALLEY RAILWAYS.
Controlled by Lehigh Power Securities Corp. under supervision of Electric
Bond & Share Co.
ORGAN IZATION .— Incorp. in Pennsylvania in July 1912 and In Sept.
1912, after increasing its stock from $10,000 to $2,500,000 (of which
$500,000 is 6% cum. pref.), purchased control of the Valley Traction Co.,
which in turn controlled the Harrisburg & Mechanicsburg Elec. R y., White
Hill & Mechanicsburg Pass. R y., Carlisle & Mechanicsburg St. R y., West
Fairview & Marysville Elec. St. Rys., Harrisburg & Riverton St. R y.,
Fairview & Riverton R y., and the United Electric Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates electric railway lines connecting Harrisburg with West Fairview,
Enola, Marysville. Allen, Lemoyne, New Cumberland, Wormleysburg,
Shiremans Town, Camp Hill, Mechanicsburg, Boiling Springs and Carlisle,
and, through a subsidiary, serves with electric power and light 7,403 con­
sumers in this district in Cumberland County. Population over 111,000.
Co. owns 43 miles of track and controls the United Electric Co., which
owns an electric generating station o f 4,600 k.w.
Valuation.— See V. 109, p. 1181.
Offer to Purchase Common Stock and Bonds.— See V. 119, p. 2533.
STOCK AN D BONDS—
Date. Interest.
Outstanding.Maturity.
Common $2,000,000 ($100)........... ....
_...........
$2,000,000
_________
Prefcum $500,000 ($100)__________
6%
500.000 .... ...........
Collateral trust $1,700,0 0 0 --tf 1912 5%
1,000.000 Aug 3 1952
Valley Trac 1st mtge $700.0001 1903 5 g A-O
700,000 Oct 1 1933
gold ($100 & $ 5 0 0 )-.c*.n tf flnt. at Farmers’ Tr. Co., Carlisle, Pa., trus
Bonds.— Remaining collateral trust bonds ($700,000) are reserved to retire
prior liens. Valley Traction bonds are subject to call at 110. A sinking
fund o f $5,000 per annum commenced Oct. 1 1908.
EARN ING S.— For calendar years:
IQOr:

10 O A

1QOQ

1099

Gross--------------------------$430,005
$445,599
$473,596
$489,394
74,005
85,191
93,229
85.351
Net after taxes________
OFFICERS.— Pres., D. A. Elias; V .-P ., E. W. Hill; Sec. & Treas.,
H. W . Stone.— V. 122, p. 613.

ASSOCIATED PENNSYLVANIA CORPORATION .
Control.— The entire common stock is owned by Associated Electric Co.
Incorp. March 24 1926 in Delaware. Controls the Pennsylvania group
of operating companies of Associated Electric Co.
STOCK AND BONDS—
Date.
Interest.
Outstanding
Maturity.
Common 1,000 shs. (no par)— All owned by Associated Electric Co.
Securitiess of underlying companies:
Preferred stock___________ _____
_______
$658,823 __________
B ond s............ ..................................
. . . ____
19,858,300 ....... ............




[V ol. 125,

EARNINGS.— Consolidated earnings of all operating companies in the
Pennsylvania group for year ended;
Year Ended Cal. Year
July 31 ’27.
1926.
Gross earnings_________________________________ $10,957,335 $10,682,873
Oper. expenses, maintenance and taxes__________
5,284,007
5,273,924
N et_________
$5,673,328
Interest on funded d e b t ..'._____________________
1,018,271
Renewals and replacements_____________________
643,788
Preferred dividends_____________________________
74,431

$5,408,949
3,369,854
667,201
322,448

Balance____________________ _________________ $3,936,838 $1,049,446
OFFICERS.— Pres., H. C. Hopson; V.-P., J. M . Daly; Sec., M . C.
O’ Keeffe; Treas., G. M . Michel. Directors: H. C. Hopson, J. M . Daly
M . C. O’ Keeffe.
PENN PUBLIC SERVICE CORPORATION.
All common stock is owned by Associated Pennsylvania Corp.
ORGANIZATION.— Incorp. in Penna. in June 1919
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates a i electric light and power system which serves over
350 communities, inclading Johnstown, Warren and Erie, located in Cam­
bria, Somerset, Indiana, Clearfield, Centre, Westmoreland, Jefferson.
Warren and Erie counties in western Pennsylvania. Also does some inci­
dental artificial gas and steam-heating business and through a subsidiary
renders natural gas service in Johnstowh and its suburbs. Population esti­
mated to exceed 875,000.
Electric system includes 11 steam electric and 2 hydro-electric generating
plants having an installed generating capacity of 137,350 h. p. Principal
plants are at Seward, Johnstown, Philipsburg, Rockwood, Warren and Erie.
The Penelec Coal Corp., a subsidiary, owns five producing coa mines
near Clearfield, Philipsburg, Seward, Johnstown and Rockwood, respec­
tively, and has an aggregate coal reserve estimated to exceed 20,000,000
tons of coal on lands owned or held under lease. The entire supply of steam
coal for all except the Warren and Erie plants is secured without the use of
railroad equipment.
The transmission system of co. and subsidiaries now includes approxi­
mately 1.411 miles of high-tension lines. The electrical distribution system
consists of approximately 5,000 miles of aerial wire in addition to under­
ground distributing systems in the cities of Johnstown and Erie. The
electric and gas system serves in the aggregate 114.000 customers.
The artificial gas plant at Clearfield serves 651 customers, while the
Johnsti v.u Fuel Supply C o., the entire capital stock of which (no funded
debt) is owned, distributes natural gas to 14,136 customers.
Interest. Outstanding. Maturity.
STOCK n N D BONDS—
Date.
Com 1,200,000 shs (no p a r )_ _ ____
_______ 850,000 shs. __________
1st & ref mtge Ser “ A ” ______ ( ____
Series “ C ” . ...........................1919
6 g M -N
6'496.000 M ay l ' 1947
Series " D ” . _____________ | 1919
5 g J-D
4.490,000 Dec 1 1954
Ser “ A ” $1,000; c* Ser. ” C ” |
Bankers Trust C o., New York, trustee.
&“ D ” $500&$1,000 c*)g t f . {
Underlying Divisional and Subsidiary Bonds Outstanding with Public,
$8,446,000
Iffer by Associated Gas & Electric Co.— On Jan. 29 1927 Associated Gas
\ Electric Co. offered 6% pref. stockholders to exchange their holdings on
the basis of 1 share $6 50 div. ser. pref. Associated Gas & Electric Co. for
each 6% pref. share of Penn Public Service Corp. The 7% pref. stock
was redeemed Sept. 1 1926.
Bonds.— The 1st & ref. mtge. provides for a maint. and impt. fund of not
less than 12% of gross oper. revenues of the co. for each year.
Series “ C” 6s call, at 111 K and int. on M ay 1 1927 and thereafter on any
int. date at a premium decreasing M % each year to 107)4 an May 1 1932,
and thereafter decreasing 34 % each year to 100)4 and int. during the last
year of life. Free of the present Pennsylvania 4-mills tax.
Series “ D " 5s are callable on the first of any month on six weeks’ notice at
105 and int. through Dec. 1 1940; thereafter at a premium decreasing A
point each year to 102)4 and int. during 1950. and thereafter prior to
maturity at a premium decreasing )4 point each year to 100)4 & int. during
the last year of life. Free of the Penna. 4 mills tax and the Conn, personal
property tax not exceeding 4 mills per $1 per annum refunded. In Nov.
1924 $4,000,000 were offered by Harris, Forbes & C o., and E. H. Rollins &
Sons at 94 and interest, to yield over 5-40%. V. 119, p. 2411.
EARNINGS.-—For calendar year 1926:
Gross revenue, all sources____________________________________ $10,201,649
Net after maintenance and taxes_____________________________ 4,951,764
Interest on bonds____________________________________________ 1,056,637
Provision for retirements, renewals and replacements_________
524,939
Balance for other deductions, divs. and surplus____________ $3,370,188
OFFICERS.—Chairman of Board, J. I. Mange; Pres., J. I. Mange;
V .-P ., H. C. Hopson; Sec., J. F. McKenna; Treas., H. C. Hopson.-—V. ' 18,
p. 1783; V. 119, p. 2411, 2530; V. 122, p. 2042; V. 123, p. 844; V. 125, p.1971.
(1) ERIE LIGHTING COMPANY.
Controlled by Penn Public Service Corp.
O R G A N IZA T IO N .—Incorporated in Pennsylvania April 27 1911 as a
consolidation of Merchants & Manufacturers Electric Light, Heat & Power
Co. and Northeast Electric Light & Power Co. Franchise perpetual.
Owns entire capital stock ($100,000) and bonded debt ($184,000) of Home
Heating Co. (all pledged under Erie Lighting Co. 1st 5s of 1967), which
furnishes steam heat in Erie, Pa.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates generating station and distributing system supplying
the City of Erie, the townships and boroughs of Harbor Creek, Leboeuf,
Mil) Creek, Northeast, Summit, Union, Waterford, Mill Villaeg and Wesleyville. Owns two steam generating stations of a combined installed ca­
pacity of 24,500 k.w. (a new 15,000 k.w. unit is now under construction),
with 47 miles of high-tension transmission line to Union City, Wesleyville,
Harbor Creex and Northeast and 362 miles of distributing system with
transformers, meters, service connections, &c.
STOCK AND BONDS-—■ Date.
Interest. Outstanding, Maturity.
_________ 66,020 shs __________
Common (no par)___________ _____
Cum pref$2 div 66,020 (no p a r )____
$2
66,025 shs ___________
First mortgage 5s $6,000,000/ 1917
5 A-O
$4,247,500 April 1 1967
(c* $l,0 0 0 -$ 5 0 0 )_________ \Pa. Co. for Ins. on Lives, &c., trustee.
Stock.-—The cum. pref. stock has preference as to assets and divs. In
liquidation entitled to $35 per share and dividends.
Bonds.—The 1st mtge. 5s dated April 2 1917 are callable on any int. date
at 105 on 30 days’ notice. Sinking fund, 1% of the outstanding bonds, to
be purchased or redeemed at not over 105. The 1st mtge. bonds are secured
by a 1st mtge. on entire property of the company.
EARNINGS.-—Consolidated statement, Erie Lighting Co. and Home
Heating Co. for 12 months ended July 31 1927:
Gross revenue, all sources_____________________________________ $1,897,960
Net after expenses, maintenance and taxes___________________
690,209
Interest on funded debt______________________________________
172,836
113,205
Renewals and replacements_________________________________
B alan ce__________________________________________________
$404,168
OFFICERS.-—Pres., J. I. Mange; Vice-Pres. & Treas., H. C. Hopson;
V.-Ps., John M . Daly, Warren Partridge, F. B. Hofft and P. J. Morrissey;
Sec., C. A. Dougherty; Compt., W . A . Reiber.-—V. 114, p. 2019; V. 115,
p. 2799; V. 116, p. 1538, 2136; V. 118, p. 1779; V. 119, p. 945; V. 123, p.
82, 2260; V. 125, p. 1970.
NORTHWESTERN ELECTRIC SERVICE CO. OF PENNSYLVANIA
Controlled by Associated Pennsylvania Corp.
ORGANIZATION.— Incorp. Feb. 29 1916 in Pennsylvania for the pur­
pose of developing the light and power business adjacent to the Northwestern
Pennsylvania Ry. C o.’s lines. In Feb. 1923 the following companies were
consolidated with and into the Northwestern Electric Service Co. of Penn­
sylvania (as per plan outlined in V. 115, p. 1731); the Northwestern Penn­
sylvania Ry. (for history see “ Electric Railway” Supplement of April 28
1923), the Northwestern Connecting R y., the Crawford County Rys. (for
history see "Electric Railway” Supplement of April 28 1923) and the
People’s Incandescent Light Co. (formerly leased).

FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Consists o f 50 miles of 33,000 volt transmission line between Erie and
Harmonsburg, Pa , with a branch between Erie and Kearsarge, Pa. Dis­
tribution lines in East Springfield, West Springfield, Plateau, Cambridge
Springs, Edinboro, McKean, Fairview, North Girard, Linesville and Har­
monsburg, all in Erie and Crawford counties, Pa. Owns and operates 43.7
miles between Meadville and Erie; 15.7 miles between Meadville and Lines­
ville (including a 2-mile extensin to Conneaut Lake); and 8.3 miles of track
in Meadville. 60. 70, 85-lb. T and girder rail. Standard gauge.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common SI,000,000 ( $ 1 0 0 ) - - - ____
_______
$346,300 ---------------Pref 7% cum $1,000,000 ($ 1 0 0 )____
7%
466,700 ----------------Erie Traction first mortgage] 1907
5 g J-J
350,000 July 1 1929
$500,000gold________ c* .tf/In t. at Secur. Sav. & Tr. C o., Erie, trustee.
Bonds.—-The Erie Traction bonds have a sinking fund o f $20 for every
$1,000 first mortgage bond, which began July 1 1917 (denom. $1,000,
$5,000 and $10,000). In Nov. 1926 holders were for a limited time given
the privilege to exchange their holdings against Assoc. Gas & Elec. Co. $6.50
div. series pref. stock. For details see V. 123, p. 2390; V. 125, p. 1579. All of
the outstanding Crawford County Rys. lstmtge. 6% s .f. gold bonds, dated July 1
1921. were called Jan. 1 1927 at par and int. Holders were also given
option to exchange their bonds into Associated Gas & Electric Co. pref.
stock.
OFFICERS.—Pres., J. I. Mange; Vice-Pres., & Treas., H. C. Hopson;
Sec., M . C . O’Keefe; Compt., W. A. Reiber.—V. 122, p. 2041; V. 123,
p. 2518.

PENNSYLVANIA W ATER & POWER CO.
ORGANIZATION.— Incorp. in Penna. *u 1910. Owns all the capital
stock and all the bonds of the Susquehanna Transmission Co. of Pa. and
the Susquehanna Transmission Co. o f Maryland. Also controls through
stock ownership the Holtwood Power C o., the Holtwood Coal Co. and the
Baltimore Electric Alloys Co. In Jan. 1926 10,000 common shares (par
$100) were acquired by Consolidated Gas, Electric Light & Power Co. of
Baltimore. Y. 122, p. 749. On Aug. 16 1927 stockholders voted to pur­
chase Holtwood Power Co.
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
Owns and operates a large hydro-electric plant located on the Susquehanna
River at holtwood, Pa. Company, under contract with the Consol­
idated Gas, Electric Light & Power Co. of Baltimore, supplies a large
portion of the electric current used in Baltimore. Also supplies nearly
all of the electric current used in the City of Lancaster, Pa., and vicinity,
under contract with the Edison Electric Co. of Lancaster. Has con­
tracts with the Edison Light & Power Co. o f York, Pa., and the Chester
Valley Elec. Co. of Coatesville, Pa., to furnish the major part of the power
used by these companies. Total population served by these companies is
about 1 100,000.
The Holtwood hydro plant contains 10 main generating units with a total
capacity o f 150,000 h.p. The steam generating plant o f the Holtwood
Power Co., the entire output o f which is sold to the Pennsylvania Water
& Power Co. at the Holtwood bus bars, has a present capacity o f 30,000
h.p. and is laid out for an ultimate capacity of about 135,000 h.p. The
Penna. Water & Power Co. owns and operates 3 steel-tower transmission
lines— one to York, Pa., about 23 miles; one to Coatesville, Pa., about 30
miles, and one to Lancaster, Pa., about 16 miles. A double steel-tower
line on a private right-of-way 100 ft. wide from Holtwood to Baltimore,
40 miles in length, is owned by the Susquehanna Transmission Cos. of
Pa. and M d., subs, o f the Penna. Water & Power Co.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_______ 429.848 shs. see text
Cap stock 540 000 shs.(no p a r ) ____
lstm tge $12,500,000 ($1,000,1 1910
5 g J-J
$11,5 16,000 Jan 11940
£205 9s 8d) g __________ c*\lrving Bank-Columbia Trust C o., N . Y ., tr
Istre fM $50,000,000 Ser “ A ” I 1923
5H g A-O 3,000,000 Oct 11953
($1,000) gold_________ c*tf (New York Trust C o., N . Y ., trustee.
Stock.— In March 1927 co. changed capital stock, par $100, to no par
shares, and exchanged stock on basis o f 4 no-par-value shares for each share
of $100 par value held, V. 124, p. 1067, 2908. Listed on Baltimore Stock
Exchange. V. 119, p. 1291; V. 125, p. 781.
Bonds.— 1st mtge. 5s have sink, fund for purchase of bonds at not over
105 o f $100,000 per aunum. $994,000 retired by sink. fund. Int. payable
in N . Y ., Montreal and London. Free from Penna. State tax.
1st ref. mtge. 5>3s Series “ A ” are call., all or in part, at any time on 30
days’ notice at 107 and int., prior to Oct. 1 1926, the premium decreasing
% each year from Oct. 1 1926 to maturity. Sink, fund for retirement of
Series “ A ” bonds beginning with the year 1928 an amount in each year
equivalent to 8% of the annual int. charges upon all bonds of Series " A ”
theretofore issued; after the expiration of 5 years the amount payable to
the sink. fund is increased to 12 % o f the int. charges and after the expiration
o f a further 5-year period it is increased to 16%. Add'l bonds may be
issued (a) to refund underlying bonds, (6) upon the basis of 80% of
the cost o f ‘add’l properties, and (c) upon the basis of the acquisition of
securities o f other corporations in accordance with restrictions ocntained In
the mortgage. Are listed on Phila. Stock Exchange. V. 119, p. 950, 1180.
In Nov. 1923 $2,000,000 Series “ A " 5Hs were offered by Aldred & Co.;
Mlnsch, Monell & Co., Inc., New York; Chase & C o., Boston, and Joseph
W. Gross & C o., Phila., at 9554 and int.. to yield 5.80%. V . 117, p. 2222
In July 1924 Chase & C o., Boston; Joseph W. Gross & C o.. Phila., and
Minsch, Monell & Co., Inc., New York, offered an add’l $1,000,000 Series
“ A " 5 ^ s at 99 and int.. to yield over 5.55%
v 119, p. 334.
Dividends.— On old $100 par value stock paid at rate of 8% per ann. On
new common stock paid 50c. in July 1927. On Oct. 1 paid 62 'Ac . quar.
EARNINGS.— For calendar years:
1926.
1925.
1924.
1923.
Gross inc. (all sources)-- $3,103,674 $2,960,436 $2,686,466 $2,124,428
Exp., maint., taxes, &c956,721
883,323
774,359
594,404
Net earnings________ $2,146,953 $2,077,113 $1,912,107 $1,530,024
Interest on bonds______
745,100
738,000
648,133
548,150
Dividends ______ ______ (8%)859696(8%)859,696 (8)820,620 (7)639,250
Balance, surplus_____
Total all prev. surplus,.
Deduct— Contingent fd Depreciation fund____
Sinking fund________

123

POW ER, LIG H T AND R A IL W A Y

O ct ., 1927.]

$542,157
564,931
200.000
230,053
100,000

$479,417
483,624
140,000
220,850
100,000

$443,354
444,218
130,000
210.010
100,000

$342,624
344,274
93,000
175,410
75,000

erating capacity of properties owned or leased, 15,425 h. p. (to be increased
to 28,125 n. p .). See V. 123, p. 3322. Co. also owns undeveloped water
power sites with an estimated capacity of 50.000 h.p. C o.’s properties
are inter-connected,, while auxiliary power is available under advantageous
contracts with outside cos. Company owns and operates 14 retail stores,
distribited throughout the middle section o f Tennessee.
Operates 25.7
miles o f street railway from Wheeling, W . Va., to West Alexander, Pa.
V. 121, p. 2274; V. 123, p. 85.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Com cl “ A ” &“ B ” 115,000 shs
(no par)___________________ _____
________ 50,814 shs __________
7% cum pref $3,000,000 ($ 1 0 0 )____
7%
$2,698,252
_____
$6 cum prior pref 30,000 shs
(no par)----------------------------- -------$6 Q-M
20,134 shs
_____
1st lien 6% Ser “ A ” ($1,000,7 1926 6 J-D
$5,500,000 June I 1951
$500, $100 c* __________ tf (The New York Trust Co., N. Y. C., trustee.
Conv deb Ser “ A ” $3,000,000/ 1926 6 g A-O
1,500,000 April 1 1936
($1,000, $500, $100 c * )-_ tf (Fidelity Tr. Co. of New York,
trustee.
Sec. of sub cos held by p u b l i c - . ____
_________
1,108,300 __________
Stock.— In 1926 the common stock was changed from $100 par to no par.
The voting trust formerly holding 23,537 shs. of common has been dissolved.
The prior pref. stock (no par), $6 cum. is pref. as to assets and divs.
over both pref. and common stocks. Red. any time, all or part, at $105
per share and divs. on 30 days’ prior notice. Entitled in event of liquidation
of dissolution to $100 per sh. plus divs. before any distribution is made
on the pref. and common stocks. Non-voting except in event of default
of four quarterly dividends. Divs. not subject to present normal Federal
income tax. In July 1927, Glidden, Morris & C o., and Yeager, Young,
Pierson, Inc., offered 5,000 shares additional prior pref. stock (no par),
cum. div. of $6 per share per ann. V. 125, p. 520.
Bonds.— The 15-year 614% secured gold bonds, Series A, due N ov. 1
1940, are specifically secured by pledge of all the outstanding capital stocks
of the West Virginia Utilities Co. and the Southern Cities Power C o., the
principal subsidiaries of Southern Cities Utilities Co. They are red., all
or part, on 30 days’ notice at 103 and Int. Penn. & Conn. 4-mllls, Mary­
land 4]4 mills and Mass. 6% taxes refundable. In Nov. 1925 Lindemann
& Gully, &c., &c., offered $1,500,000 6 f i % series A at 98 and Int., to yield
over 6.70%. V. 121, p. 2274.
Additional lsi lien gold bonds of Series “ A ” or of any other series may be
issued to refund Series “ A ” bonds, or underlying divisional bonds. There
is a special trust fund for the maintenance and renewal of properties, to
which fund is to be annually credited an amount equal to 1214 % of gross
income, as defined, from electric properties, 9% from water. 25% from street
railways, 33 1-3% from bus lines, 20% from ice, 10% from gas, less amounts
purchased, and 8% of the recognized value of natural gas wells and gather­
ing lines, and against which expenditures during the period for maintenance,
&c., are to be credited. The net amount payable to such fund annually is
to be paid in cash or bonds issued under the agreement or underlying bonds,
or by the appropriation of bondable expenditures. Above percentages
subject to revision at intervals of not less than 5 years. The bonds are
secured by deposit of (a) all, but not less than $5,500,000, of the issued and
outstanding bonds, secured by a 1st mtge. lien on the properties of Southern
Cities Power Co., Wheeling Public Service C o., Southern States Ice Co.,
subject to existing underlying liens (see V. 123, p. 85) and (6) all of the
outstanding com. stock of all of the above companies, and also of Mills &
Lupton Supply Co. and Electric Illuminating & Equipping Co. No sub­
sidiary co. may issue any bonds or com. stock unless pledged under this
mtge. Series “ A ” is red. all or part on 30 days’ notice at 105 and int.
through June 1 1941, less 14% for each year or part thereof elapsed there­
after. Penn., Conn. & Calif. 4-mills, Maryland 4>4-mills, Dist. of Col.
5-mills and Mass. 6% taxes refundable. In June 1926 Ames, Emerich &
Co. and Kelley, Drayton & Converse sold at 100 and int. $5,500,000 series
“ A ” (V. 123, p. 85, 2521).
The 6% convert, gold, debentures, Series “ A ," dated April 1 1926, are red.
all or part on 30 days’ notice at 105 & int. through April 1 1931, less }4 %
for each year or part thereof elapsed thereafter. Penn., Conn. & Call?.
4-mills, Maryland 43^-mills, Dist. of Col. 5-mills and Mass. 6% taxes
refundable. Convertible into Class “ B ” common stock to and incl. Jan. 1
1928 at the rate of $55 a share; to and incl. Jan. 1 1930 at rate of $70; incl.
Jan. 1 1932 at rate of $90; incl. Jan. 1 1935 at rate of $100 per share. Con­
version privilege lapses after Jan. 1 1935. In July 1926 Ames,- Emerich
& Co. offered $1,500,000 6% Series “ A ” at 98 and int., to yield over 6.25%.
V. 123. p. 456, 1635.
Dividends.— On the common stock a quar. div. of $1 and an extra div. of
25c. was paid in Oct. 1925. V. 121. p. 331, 1680, 1790. Before this date
the common stock had been on a $3 annual dividend basis. On the pref.
regular divs. at the rate o f 7% have been paid since issuance, and likewise
quar. divs. on the $6 pref. stock.
EARNING S.— Consolidated earnings for calendar years:
1926.
1925.
1924.
1923.
Gross earnings__________ $2,826,393 $2,817,462 $2,763,901 $2,476,881
Net after taxes________
896,657
945,895
942,717
806,708
534,121
401,480
436,580
429,277
Interest-----------------------Minority pref. divs. subs
81,544
81,474
53,140
74,968
Pref. divs. S. C. Util. Co
______
157,548
153,672
104,304
Available for reserves
and common divs____
$163,573
$305,391
$299,325
$198,159
OFFICERS.— Pres., Walter Whetstone; V .-P ., Henry W . Le Boutilfier;
Treas., R . M . Fries; Sec., F. H. Graser. Office, 1612 Market St., Phila­
delphia, Pa.— V. 120, p. 332; V. 121, p. 201, 331, 461, 1228, 1570, 1680,
1790, 2040, 2274, 2404: V. 122, p. 2193, 3343; V . 123, p. 85, 456, 583, 844,
1635. 2521,3322: V. 124, p. 793, 3354; V. 125, p. 386, 520, 1839, 2260.
WEST VIRGINIA UTILITIES CO.
All the common stock is owned by the Southern Cities Utilities Co.
ORGANIZATION.— Incorp. in 1920 and acquired the Morgantown prop­
erties of the West Virginia Trac. & Elec. Co. (for history see "Electric Railvay” Supplement of April 24 1920), as per plan outlined in V. 110, p. 1416.
Owns all the $500,000 capital stock of Wheeling Public Service C o., which
over Wheeling-Elm Grove properties of West Va . Trac. & Elec. Co.
In Oct. 1926 acquired control o f the electric railway properties of the Union
Traction Co. o f Morgantown, W . Va. V. 123, p. 2392.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
With its subsidiary company owns and operates the electric light and

Surplus Dec. 31______
$34,878
$22,774
$4,207
$864
OFFICERS.— Chairman o f Board, J. E. Aldred; Pres., Chas. E. F
Clarke, N . Y .; V .-P., J. A. Walls; Sec., F. J. Allen: Treas.. J. L. Rintoul
Office, Lexington Bldg., Baltimore, M d.— V. 119. p. 950. 1180. 1291.
V. 120, p. 830, 843; V. 122, p. 749, 876, 900; V. 124, p. 236, 782, 1067,
2908, 3209; V. 125, p. 386, 781, 1053, 1580.

SOUTHERN CITIES U TILITIES CO.
ORGANIZATION.— Incorp. in Delaware Aug. 4 1917. Owns all of
the outstanding capital stock of the Southern Cities Power Co., Fayetteville
Electric Power & Light Co., Sequatchie Valley Pr. & Lt. Co., Bell Buckle
Lt. & Pr. Co., Electric Illuminating & Equipping Co., Southern States
Ice Co., Fayetteville Ice Co.; all of the com. stock of Mills & LuptoD
Supply Co. and West Virginia Utilities Co.; the controlling stock of Public
Lt. & Pr. Co. On Sept. 23 1927 acquired all of the outstanding capital
stock of Citizens Gas Co. (Salisbury, M d .). See also below under “ Stock.”
West Virginia Utilities Co. owns all of the outstanding stock of the Wheeling
Public Service Co., which latter co. in turn owns all o f the stock of the Bus
Transportation Co. of Wheeling. The Southern Cities Power Co. merged
in 1924 Harpeth El. Lt. & Pr. Co., M t. Pleasant El. Co. and in 1925
Columbia Water & Light Co. and Petersburg (Tenn.) Municipal Lighting
plant. Properties added to the system during 1927 are the Salem Gas Co.,
Carolina Coach Co. and the Manila Gas Co.—-V 125, p. 248, 386.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The operating companies, with their subsidiaries, operate in Maryland,
West Virginia, Tennessee and Alabama, serving 83 towns and communities
with an estimated combined population of 450,000, with light, power, gas
ice and water. Co. through its subsidiaries owns 7 hydro-electric plants,
4 steam plants, 6 ice plants. 2 water plants, 1 gas distributing systems, 1
street railway systems and 255 miles of transmission lines. In 1926 co. was
reported planning the construction of 400 additional miles o f high-voltage
lines. In addition co. controls, through lease, 6 hydro-electric plants, 1
water plant and over 200 miles of transmission lines. Total installed gen­




ALDRED & CO.
40 W all Street
NEW

YORK

124

PUBLIC U TILITIE S

jacent suburban towns.
STOCK AN D BONDS—- Date.
Interest. Outstanding. Maturity.
Common $1,000,000 ( $ 1 0 0 ) . . . ___
_________
$572,000 ---------------Un Utilities 1st mtge $1,500,-/ 1909
5 g J-J
579,000 July 1 1944
000 gold ($1,000)_ c*cpt\Int. at Farmers’ L. & Tr. C o., N . Y ., trustee.
_
Stocks.— N o. div. shall be paid on com. for 2 years from date of issuance
net income for that period to be carried to surplus: thereafter not more than
K the sum which subsequently becomes available for divs. to be paid as
such, balance to be carried to surplus: with protective provisions for maint
and depreciation. All o f the pref. stock was redeemed as of June 30 1927
at 105 and divs.
Of Union Utilities 1st mtge. bonds not included in amount outstanding,
$10,000 are in the treasury, $645,000 are held alive in sinking fund, and
remainder are reserved for improvements and extensions at 80% of cost.
Red. at 105 and int. on any int. day on 30 days’ notice. Sinking fund 1%
semi-annually of bonds outstanding and in sinking fund. After setting aside
1% serai-ann. and payment o f 7% on nref. and 10% on common, sinking
fund shares equally with any further div. on common. The company has
$501,900 on deposit with the trustee to redeem this issue. V. 90, p. 373.
All of the outstanding ref. & ext. mtge. 6% g. bonds, series A . dated
Jan. 2 1920, were called for payment Oct. 1 1926 at 101 and int. V. 123,
p. 983.
EARN IN G S.— Calendar years:
Oper. Rev. Net, aft. Tax. Other Inc. Deductions
Balance
1924............ .$1,246,313
$409,438
$37,584
$149,766
$297,257
1923_______ 1,110,026
386,017
35,357
143,566
277,808
1922_______ 1,002,092
375,207
30,918
136,676
269,449
1921_______
793,303
235,481
24.718
137.033
123.166
OFFICERS.— Pres., Walter Whetstone; V.-Ps., H. H. Patterson and
H. W. Le Boutillier; Sec., F. H. Graser; Treas., R. M . Fries. Office,
1612 Market St., Philadelphia, Pa.— V. 115, p. 989. V. 116. p. 1179. 1277,
1894; V. 117, p. 1349, 2342, 2772; V. 123, p. 983, 2392; V. 124, p. 3633
(1) WHEELING PUBLIC SERVICE CO.
All the common stock is owned by the West Virginia Utilities Co.
ORGAN IZATION .— Organized in 1920 and acquired the Wheeling-Elm
Grove properties of the West Virginia Traction & Electric Co. (for history
see “ Electric Railway” Supplement o f April 24 1920), as per plan outlined
in V. 110, p. 1416. Owns 3,940 out o f 4,440 shares of City Railway Co.
Owns all the common stock o f the Bus Transportation Co. of Wheeling
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $500,000___________ All owned by West Virginia Utilities Co
Wheeling & Elm Grove 1st f 1898
5 M-S
102,500 Mar. 1 1928
mtge $225,000 ($500)_____\ Sinking fund retires *5.000 annually
Wheeling & Elm Grove 2d m tgj 1901
5 A-O
484.700 April 1 1931
(seetext) ($l,000&$100)gc*\Int. pay. at Dollar Savs. & Tr. C o., trustee
Bonds.— The City of Elm Grove consol, coll, trust bonds were exchanged
by the holders o f the Wheelnig Public Service 1st sinking fund 6s, which
were called for payment Oct. 1 1926.
The authorized amount of Wheeling & Elm Grove R y. mtge, was origi
nally $1,250,000. but was reduced in Feb. 1906 t,o $1,000,000
The entire issue o f Wheeling Public Service 1st sinking fund gold 6s
due 1952 were called for payment Oct. 1 1926. The company issued
$1,300,900 6% mtge. bonds dated June 1 1926, due June 1 1951, all of
which are owned by Southern Cities Utilities Co., and pledged under that
company’s 6% bonds due 1951.
EARN ING S.— For calendar years:
Oper. Rev. Net, aft. Tax. Other Inc. Deductions. Balance
1924 ____ _____ $628,683
$2,462
$119,042
$61,607
$178,188
3,780
1923 ____ -------- 633,184
176,917
117,431
63,266
1922 - - . ._____ 595,343
65,480
168,721
2,723
105,964
1921____ _____ 545.790
330
103.940
1,681
105.291
Property, &c.— See West Virginia Utilities Co. above.— V. 117, p. 1349,
2772; V. 119, p. 812.

[ V ol. 125,

OFFICERS.— Pres., E. L. West; V .-P ., Thos. Cheyne; V .-P ., Lucien H.
Tyng; V .-P ., E. M . Gilbert: V .-P ., W . Buchsbaum; Treas., J. P. Campbell;
Sec., C. N. Wilson.— V. 120, p. 88; V. 121, p. 587, 2753; V. 122, p. 2043;
V. 123, p. 712, 2149.

(a READING TRACTION.
ORGANIZATION.— Incorp. March 9 1893 in Penna. to operate the
Reading City Passenger R y. and East Reading Electric R y., which it
equipped with electricity and leased for 99 years, the former from April 1
1893, and the latter from M ay 1 1893. On Oct. 1 1894 leased the Reading
& Temple Electric R y., for 99 years. The Reading Traction was leased on
Jan. 1 1896 to the United Traction (now Reading Transit Co.) for 900 years
at a rental of $10,000 annually for first three years, $20,000 for next two
years, and $30,000 thereafter, and all bond interest.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— A
trolley road. Leases 48 miles of track. Gauge 5 ft. 2 4$ in. Rails, 90 lbs.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Stock $1,000,000 auth ($100)______
J-J
$1,000,000 July’26,75c.
First mtge $600,000 gold gul 1893 6 g J-J
500,000 Jan 1 1933
Not subject to call _ _c*cpt j Provident Life & Trust C o., Phila., Trustee.
Interest is payable in Reading at the Colonial Trust C o. Bonds are
listed on the Philadelphia Stock Exchange. V. 88, p. 749.
Dividends.— In 1900. 2% ; in 1901, 2 )4 % ; in 1902 and since, 3% per ann.
LEASED LINES SECUR’S. Date.
Interest Outstand’g.Last Div., &c
Reading City Passenger Ry—
J-J
See text
Stock ($350,000) (par $ 1 0 0 )____
$350,000
East Reading Electric Ry—
See text
A-O
Stock, full paid (par $ 5 0 ) - - ____
100,000
Bonds, $25,000________ cpt 1897
25.000 July 1 1937
5 J-J
Reading & Temple Electric Ry—
See text
Stock, $75,000, guar_ c p t ____
_
7 A-O
73,700
1st mortgage, $75,000_____1894
5 A-O
73,700 Oct 1 1934
Dividends on Leased Line Stocks.— The Reading City Passenger stock
received dividends, 1896 to 1899, inclusive, 10%; 1900 and thereafter 12%.
East Reading stock received dividends: 1896, $6,500; 1897 to 1900, inclusive,
$7,000; thereafter, $8,000. Reading & Temple Electric pays 7% annually
in dividends, A. & O.
Bonds.— Reading Trust Co. is trustee for East Reading Elec. R y. bonds
subject to call in 1927 at par. Int. on Reading & Temple bonds is payable
at Reading Trust C o., trustee. Coupon ($100, $500 and $1,000). Originally
matured Oct. 1 1924. but were extended to Oct. 1 1934.— V. 88, p. 749.
(b) SCHUYLKILL VALLEY TRACTION.
The United Power & Transportation Co. owns all of the $500,000 capita]
stock.
Lease.— Leased for 900 years from April 1 1910 to Reading Transit Co.
Rental, $5,000 1st and 2d years, $15,000 annually thereafter, and $1,000
annually for maintaining organization. Reading Transit Co. also assumes
all obligations of Schuylkill Valley Trac. and its leased lines.
ORGANIZATION.— Incorp. in Pennsylvania Sept. 8 1893 as the Norris­
town Bridgeport & Conshohocken Traction C o., and on Jan. 5 1895 charter­
ed as present company. Since Jan. 15 1895 has controlled and operated
the Conshohocken R y., the Montgomery County Passenger R y., the
Citizens’ Passenger R y., the Collegeville Electric Street R y. and the
Norristown Passenger Ry. The corporate existence of the several companies
is to be maintained, but their bonds will be taken up as rapidly as possible.
In Jan. 1902 leased for 950 years the Roxborough Chestnut Hill & Norris­
town Ry., including that company’s leases of the Wissahickon Electric
Passenger R y. and the Trappe & Limerick Electric Ry.
FIELD OF OPERATIONS AND C H A R ACTER OF B U SIN ESS— A
trolley road. Operates 57.03 miles of track, including lines of abovementioned companies, and also Roxborough Chestnut Hill & Norristown
Gauge, 5 ft. 2 4 in. Rails, 60 and 100-lb. T & girder. 91 cars.
$
STOCK AND BONDS—
Date. Interest. Outstanding.Maturity.
.................
$500,000 __________
StocK $500,000 ($50).......................
First mortgage $500,000 g\ 1895 5 g F-A
400.000
Aug 1945
($1.000) ___________ c .c p t/In t. at West End Tr. & S. D. C o., Phila., Tr.
Of the $500,000 first mortgage dated 1895. $100,000 has been retired and
READING T R A N SIT COMPANY.
destroyed. Of the $400,000 outstanding, $150,000 are owned by Reading
All the common stock and $550,000 Class “ B” preferred owned by Transit Co.
The securities of the subsidiary companies are as follows, including both
Genera] Gas & Electric Corporation.
those held by the public and by the parent company
ORGANIZATION.— Incorp. in Pennsylvania in Aug 1917 as a merger
o f the old Reading Transit & Light Co. with the United Traction Co.
STOCK AND BONDS—
Miles.
Interest.
Issued.
Maturity.
(Reading), Boyerstown & Pottstown R y., Birdsboro Street R y., Reading Citizens’ Pass Ry stock ($50)- 6%
$79,400 __________
& Womelsdorf Electric R y., and Front & Fifth Streets R y., all of these Conshohocken Ry stock ($50). 5H
__________
145,900 __________
properties having been operated under lease. Was known as Reading
1st M guar, prin & i n t i ___
5 g J-J
100,000 July 1 1924
Transit & Light Co. up to Jan. 1925, when name was changed to present
$250,000 __________ cp tj Subj. to call at 105. Norristown Tr. C o., Tr.
title. V. 120, p. 88. Company owns the entire capital stock of the Oley Montgomery Co Pass Ry stock 14$
150.000 __________
Valley R R ., Neversink Mountain R y., and Reading Transit Bus Co.
1st mtge $150,000_____cpt)
1 4 6 J-J
$
15.000 Nov 1 1923
/Int. at Albertson Tr. & S. D. C o., Trustee.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
75,000 __________
Co. operates the property of the Oley Valley Ry. Co. in conjunction with Norristown Pass Ry stk ($50). 44£
Bonds.— The Conshohocken Ry. bonds ($100,000) and the Montgomery
its own system in and about the city of Reading. It also owns and operates
under favorable long-term leases with options to purchase 17 other com­ County Passenger R y. issue ($15,000) are he d by the Schuylkill Valley
Traction C o.— V. 70, p. 281.
panies, among which is the Northeastern Street R y. Co. of Reading
whose 3-mile line was financed entirely by residents of the section served
(a) ROXBOROUGH CHESTNUT HILL & NORRISTOWN RY.
and was placed in operation in 1924. The system comprises about 200 miles
The United Power & Transportation Co. owns 4,959 out of the 4,968
of electric railways in the cities of Reading, Lebanon, Pottstown. Norris­
town and suburbs o f Philadelphia and their surrounding territories in Berks, shares of the capital stock. In Jan. 1902 was leased for 950 years to the
Lebanon, Montgomery' and Philadelphia counties. The system connects Schuylkill Valley Traction at a rental of $4 50 per share, payable semi-ann.
at Chestnut Hill with the Philadelphia street railway system and has con­
ORGANIZATION.— Incorp. Dec. 2 1895 in Penna. In 1898 leased the
nections at other points with the Lancaster, Harrisburg and Allentown tran­ ' /iss-ihickon Electric, 3 45 miles, for 950 years; rental to ba 2% on the
sit systems. An electric express business is carried on by the co. throughout *14 > 842 stock for the first two years, 3% for the next six years, 4% for
this section o f eastern Pennsylvania. Electric power for operation of the thi next seven years and 5% for the rest of the term. Also owns the
lines is furnished by the Metropolitan Edison Co., an affiliated company'. <250,000 stock of the Trappe & Limerick Electric Street R y. and leases that
Population served is estimated at 425,000, not including Philadelphia.
ompany for 950 years.
Reading, the centre of the system, has, with its suburbs, a population of
I-1ELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.— A
135,000.
or slley road. Total track. 20 4$ miles; gauge, 5 ft. 2 4$ in. rails, 70 to 90-lb.
STOCKS AND BONDS—- Date. Interest. Outstanding. Maturity.
zirdor
Common $5,250,000_______________
$2,900,000
1923 1 %
C A PITALIZATION .— In June 1896 filed a mortgage for $450,000 to the
Preferred Class “ A ” $700,000______
188,500 Aug ’27, 1 4$
Real Estate Title Insurance & Trust C o., Philadelphia, securing 5% gold
Preferred Class ” B ” $2 300.000 ___
1,540.500 Aug '27. \l
A
1st A re fM se r “ A ” ($100, $500/1924 6 g M -N
602,900 Nov 1 1954 bonds ($1,000) J. & D. (op t), due June 1 1926. In June 1926 we were
and $1,000( gold._c*&r* tflColonial Trust Co., Reading, Pa., trustee. officially informed that holders of $54,000 of the $371,000 bonds
Birdsboro St Ry M $250,000/ 1904 5 g J-J
250,000 Jan 1 1934 agreed to extension until June 1 1936 at 6 % . The balance was paid off
in cash. V. 122, p. 3342. Capital stock auth., $450,000; issued, $248,000;
gold ($500 & $1,009)-C.cpt lint, at Colonial Trust C o ., Reading, trustee
par, $50.
Boyer & P Ry 1st M $300 . . . / 1906 5 g F-A
270.000
Aug 11936
Trappe & Limerick Elec. St. R y 5% gold stock certfs. due July 1 1931.
000 ($500 & $1,000) g.c*cpt\Int. at Colonial Trust Co., Reading, Pa.,trus
Int. (J.
J.)
& Trust
Auth.,
Front&5th St Ry 1st M $50,-/ 1903 5 g J-J
50,000
July 1 $250,000,& and at Real Estate Title Ins. Secured byC o., trustee. $249,000
1933
outstanding, $249,000.
deposit o,
000 g ($100 & $500)-C*.cpt lin t, at Colonial Trust Co., Reading, trustee
the Trappe & Limerick Street R y .1 V. 62, p. 1042; V. 106, p. 87;
—
Oley Valley Ry first mortgage/ 1901 44$ g J-J
248,000 July 1 1931 stock of p. 3342.
$250,000 g ($1,000) -C*.cpt [Int. at Real Est. T. I.& T r.C o.,Phila. .trustee V. 122,
Oley Valley Ry stock g tr j 1901
5 g J-J
245,000 July 1 1931
(6) TRAPPE & LIMERICK ELECTRIC STREET RY.
certificates_______________i Int. at Real Est. Title Ins. & Tr. C o., Phila,
ORGANIZATION.— Incorporated in Pennsylvania on July 25 1899.
Neversink Mountain b o n d s .-/ ____
4 J-D
53,000 June 1 1931
Was leased on Dec. 31 1901 to Roxborough Chestnut Hill & Norristown Ry.
$100,000 ($1,000) g -----------/Interest at companyr’s office, Reading, Pa.
for 950 years at a rental equal to 5% per annum on capital stock, interest on
bonds, taxes and $100 maintenance expenses.
Adam & Mohn first mortgage/ 1904 5 g J-J
$75,000
Jan 11935
$75,000 g ($1,000)- -r*.cpt\Int. at Colonial Trust Co., Reading, trustee.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Length of line, 13.35 miles.
Read-SW first mtge $100,000/ 1900 5 F-A
95,000 Aug 1 1931
($1,000)___________ c*.cpt\Int. at Penna .Trust Co., Reading, trustee
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
See separate statements for Reading Traction, Schuylkill Valley Traction
Stock $250,000 ($50)________ _____
_________
$250,000
Seetext
and Lebanon Valley Street Ry. below.
First mortgage $250,000 gold) 1901
4 4$ g J-J
250.000 July 1 1931
($ 1,00 0)----------------- c*cp t/In t. at Real Est. Title Ins. & Tr. Co.,Phila.
Bonds.— 1st & ref. Mtge. ser. “ A ” 6s are call., all or in part, on any int
Bonds — Are guar., p & i., by Roxborough Chestnut Hill & Norristown
date on 30 days' notice at 105 and int. up to Nov. 1 1929, the call price
decreasing 1 % each 5-year period thereafter to maturity. Sinking fund Railway.
payable annually commencing Nov. 1 1925 and thereafter to Nov. 1 1953
(c) LEBANON VALLEY STREET RAILWAY.
o f 1 % o f the principal amount of bonds outstanding. Free of Penna. State
Lease.— Leased to Reading Transit & Lt. Co. for 900 years from April 1
tax. Conn. 4-mills tax and Mass, income tax not exceeding 6 %. refundable. 1910. Annual rental of $40,000 and yearly payment of $500 for organiza­
$1,250,000 were offered in Dec. 1924 by the co. through its local investment tion, as well as taxes and interest on bonds.
department at Reading, Pa., at 98 and int., to yield 6.15%,. V. 120, p. 88.
ORGANIZATION.— Incorp. on June 28 1899 as a consolidation of the
E A R N I N G S .— F o r ca le n d a r \ears
Lebanon & Annsville Street R y. and the Lebanon & Myerstown Street Ry.
Gross Earns. Net, after
Fixed
Preferred
Balance,
The United Power & Transportation Co. owns all the 10,000 shares of the
(7 net nth Inc A . Tax &D n Charges. Dividends. Sur. nr Def
capita] stock.
*1927 -------------- $2,947,118 $642,208 $426,933 $119,145 sur. $96,130
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.— A
1926 -------2,986,617
609.953
430,257
119.145
sur. 60,551
1925 ___________ 3.050,699 600,322
426,101
119.145
sur. 55.076 trolley road. Owns 22.08 miles of track. Gauge 5 ft. 2 4$ in. Rails.
1924 ----------------- 3.041.923 604.403
414.035
119.145
sur. 71.223 50. 75 90 and 100 lb. girder. 23 cars.
1923 ------------3.117.309 648.559
409.654
117,701
sur.121.204
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
1922 ----------------- 2.959.516 654.204
413.456
117.115
sur.123,633 Stock $500,000 (par $50)......... .........
.................
$500,000
Seetext
1921 __________
3.007.465 664.028
416.743
sur.130,170 " /st mortgage 10-30s gold) 1899
117.115
5 g J-J
500.000 July 1 1929
* For 12 months ended July 31 1927.
$100, $500 & $l,000)C-cptjInt, at Real Est. T . Ins. & Tr. C o., Phila..Tr




O ct ., 1927.]

POW ER, LIGHT AND R A IL W A Y

NORTHERN PENNSYLVANIA POWER CO.
A subsidiary o f General Gas & Electric Corp., which owns all of the com­
mon stock. Management W. S. Barstow Mgt. Assn., Inc.
ORGANIZATION .— C o., formerly Towanda Gas & Electric C o., incorp.
.n Pennsylvania, acquired the properties o f North Penn Power C o., Sus­
quehanna County Light & Power Co. and Sayre Electric Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Co. supplies without competition electric light and power in an extensive
\arritory in northeastern Pennsylvania. Co. also supplies gas in Towanda
Ua., and through the Waverly Electric Light & Power C o., electric light
and power in Waverly, N . Y. The total population served is estimated
at 70,632.
'
,
Co.'s plants have a total installed generating capacity of 3,470 k.w. Its
property is connected through high voltage transmission lines with an
af iliated company, Binghamton Light, Heat & Power C o., Binghamton,
N. Y ., and the major portion of the current consumed is supplied from the
plant o f that company. Northern Pennsylvania Pr. Co. has 193 miles
of transmission and 308 miles of distribution lines.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Common 100,000 shs (no p a r ) . ------------------- 30.028 s h s ------- - - - - - $7 cum pref 50,000 shs (no p a r ) ____
$7 Q-J
5,029 shsJuly 27,$1.75
$6 cum pref 50,000 shs (no p a r ) ____
86 Q-J
4,133 shsJuly 27,f l .50
6% cum pref $125,000 (850)_______
6% J-J
$91,150 July 27,3%
1st & ref mtge ser A ($1,000, f 1926 5 g J-D
1,950,000 June 1 1956
$500, $100, c*, and $1 ,000] Guaranty Trust Co. of New York, trustee.
& multiples r* )_________ tf (
Sayre Elec Co 1st M 40-yr g / 1907 5 A-O
550,000 April 1 1947
5s $750,000 ($1,000-$500)tf \ Miners Bank of Wilkes-Barre, Trustee.
BONDS.— The 1st < . ref. mtge. gold bonds are secured by a direct 1st
%
mtge. lien on the properties formerly owned by North Penn Power Co.,
Susquehanna County Light & Power Co. and Towanda Gas & Electric Co.,
and by a direct mortgage lien on the property formerly owned by Sayre
Electric Co., subject to this latter c o .’s 1st mtge. 5% bonds due 1947.
There is a sinking and improvement fund to which is to be paid on June 1
1928 and on each June 1 thereafter so long as any Series A bonds are out­
standing, 1 % of principal amount of Series A bonds outstanding. Moneys
to be used in the purchase or redemption of Series A bonds at or below re­
demption price, or for additions, improvements, &c. All bonds so pur­
chased or redeemed are to be cancelled. Series A are red. all or part on 30
days’ notice on or before June 1 1941 at 105 & int.: on or before June 1 1955
at 102K and int., and thereafter at 100 and int. Penn. 4-mills and certain
taxes in Massachusetts, Connecticut and Maine refundable. Int payable
in New York and Philadelphia. In July 1926 Parsly Bros. & C o., Lewis
& Co. and R. M . Snyder & Co. offered $1,950,000 series A at 97 and int.,
to yield about 5.20% . V. 123, p. 207.
The Sayre Electric Co. 1st mtge. 5% 40-yr. s. f. gold bonds due April 1 1947
are call, whole or part at 105 on 3 weeks’ notice. Sinking fund of 1% of
bonds outstanding, or a minimum of $5,000, exempt from Penna. 4-mill tax.
EARN IN G S.— For 12 months ended July 31 1927:
Operating revenue__________________________________________
$809,497
Net after oper. exp., taxes, rentals, maintenance and deprec..
245,445
Other income________________________________________________
18,931
Fixed charges and other deductions__________________________
163,007
Provision for preferred dividends____________________________
49,019
B alan ce__________________________________________________
$52,350
OFFICERS.— Pres., W. S. Barstow: V .-P ., William Buchsbaum, L. H.
Tyng, J. G. Menut; V.-P. .& Gen. M gr., W. B. Goudey; Treas., J. P.
Campbell; Sec., C. N. Wilson.— V . 123, p. 83, 207, 325.1763; V. 124, p. 922.
V. 125, p. 2146.

PHILADELPHIA RAPID TRAN SIT CO.
ORGANIZATION.— Incorp. in Pa. on May 1 1902 to take over under
lease the Union Traction Co. for 999 years from July 1 1902, and to acquire
and hold shares of other corporations. (For terms o f lease, see Union Trac­
tion below.) For details o f various franchises and history of c o .’s relations
with city, see “ Electric Railway” Supplement of Apr. 26 1924.
In July 1902 acquired all the stock of the Doylestowu & vVlllow Grove
By. Co. Also owns entire stock ;$10,0001 of the Motor Real Estate Co.,
which owns property costing approximately $6,698,000
On July 1 1906 the Pbila. Morton & Swarthmore R y . and the Media Mid­
dletown Aston & Chester Elec. R y. were consolidated, forming the Darby
Media & Chester Ry. The new company, embracing 25 miles of track, was
thereupon leased to the Phila. Rapid Transit Co. for 999 years, rental being
$8,500 for first year, $17,000 for second and third years. $25,500 for fourth
gear. *34.000 Tor fifth year and $42,500 for sixth year and thereafter
In Sept. 1926 company purchased the Frankford Tacony & Holmesburg
Ry., see for description “ Public Utiltiy Compendium” o f M ay 1 1926.
also o f May 2 1925.
Taxicab Service.—-In the early part of 1926 co. obtained complete owner­
ship and control of Yellow Taxicab Co. of Philadelphia for $3,000,000, for
the purpose of operating a taxicab service. V. 122, p. 1449, 482.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. leases and operates substantially the entire street rail vaysystem of the
City of Philadelphia and vicinity, operating 716.528 miles of track, in­
cluding approx. 39 miles of elevated and subway track. In addition, co.
owns the entire capital stock of Philadelphia Rural Transit Co., which oper­
ates 362 motor buses over a system of routes in Philadelphia which totals
244 miles, and also connects Philadelphia by interurban routes with New
York, Atlantic City, Baltimore, Washington and intermediate points
Philadelphia R. T. Co. also owns and operates Yellow Cab Co., operating
1,100 taxicabs in Philadelphia. V. 124, p. 792. Owns 3,348 cars o f all
kinds. In Aug. 1926 reported to be planning to replace its track service
by motorbus service in the downtown streets. V. 123, p. 1383. On
July 16 1926 inaugurated a passenger air and air mail service between
Philadelphia and Washington, which was discontinued N ov. 30 1926.
V. 123, p. 455, 3184.
Subway has been built In Market St. from 23d St. to Delaware Ave.
alevatea structure on Market St. west of the Schuylkill River, and on Dela
ware Ave. from Market St. to South St. V. 74, p. 528, 989: V. 76, p. 1301
7. 81. p. 265. In March 1907 began operating on that portion of the ele­
vated from the Schuylkill River west to the Upper Darby terminal station
• distance of about 4 miles. V. 84, p. 571. On Aug. 3 1908 the entire
tubway from 2d St. to 23d and Market St. was placed in operation, thus
completing line through to 69th St. V. 87, p. 347. On Oct. 8 1908 ele
rated lines on Delaware Ave to South St. Station was placed in operation
completing entire line. V. 87, p. 936.
Broad St. Subway.— “ City-Company Plan.” — See V. 116, p. 1050.
Lease.— In M ay 1922 the ordinance embodying the lease between the city
and the co. for the operation o f the Frankford elevated line and Bustleton
surface line by the co. was approved by the City Council and the Penna
P. S. Comm, and was signed by the Mayor and the co. officials. These
lines are leased beginning N ov. 5 1922 for a period o f five years.
The co
pays rental o f 1 % during 1923 on construction cost o f Frankford Elevated
rental to be increased 1% annually until a maximujm o f 5% is reached
This contract may be extended by the city so as to terminate in 1957 with
the 1907 city agreement. A summary o f the principal features of the leasr
will be found in V. 114, p. 2241. In Sept. 1926 co. agreed to increase its
rental of the Frankford Elevated Line. For particulars see V. 123, p. 1635.
Loss to Company from Operation of Frankford “ L” in 1923.— See detailed
statement in V. il8 , p. 2180.
Leases Approved.— In Oct. 1923 the P. S. Comm, approved the lease of
the Champlost St. Connecting R y., Tioga & Frankford St. R y., Pelham &
Frankford at. R y., Wayne Junction Connecting R y. and Frankford Con­
necting Ry
V. 117, p.1664
Power Contract.— June 5 1925 entered into an 18-year contract with the
Philadelphia Hydro-Electric Co. for power.
Ntu, Lute.— in Sept. 1911 the Snyuer Ave. St. R y. was chartered In th«
Interest of the Phila. Rap. Tran., with $140,000 stock, to operate 7.66 mllaf
of line on Snyder Ave. Line was placed in operation Jan. 1912.
Validity of Rentals Upheld.— In Dec. 1920 the Superior Court of Peun<>
handed down a decision denying the order of the P. S. Comm, requirm,
the underlying companies to file answers to avesments made by the citj
and two local business men’s associations with regard to rentals of tht
underlying companies. V. I l l , p. 2521; V. 112, p. 163. The city, tin
P. S. Comm, and business associations appealed, and on July 1 1921 tht
Penna. Supreme Court reversed the decision of the Superior Court but onlj
on a technicality. The Supreme Court held that the case should not havt
gone to the Superior Court; but maintained that the P. S. Comm, had m
right to attack rental payments. For details see V. 113, p. 183, 293.
Split in Directorate.— See V. I l l ,p. 389 ;also V. 114, p. 522, 627, 739,1181.




135

Fares.— Effective Sept. 14 1924 was auth. by the Pa. P. S. Comm, to
Increase cash fares to from 7c. to 8c., with 2 tokens for 15c., pending
final determination of the Commission. V. 119, p. 1283, 1396. This
temporary order was upheld in Dec. 1924 by the Pennsylvania Superior
Court (V. 119, p. 2763), while on Jan. 12 1926 the P. S. Commission gave
its final approval to it. V. 122, p. 1449.
Property Valuation.— On Apr. 30 1924 the Pa. Supreme Court refused to
allow the City of Phila. to appeal against the decision of the Superior Court
in upholding the finding of the Pa. P. S. Comm, in the P. R. T . Co. valua­
tion case. The P. S. Comm, in June 1923 had found the value of the c o .’s
property to be substantially upwards of $200,000,000. V. 118, p. 2305.
On Aug. 19 1925, a tri-state bus line between Philadelphia and New
York was placed in operation by the People’s Rapid Transit Co. a subsidiary
of the Philadelphia Rapid Transit Co. V. 121, p. 1103.
For contemplated issue of additional Preferred stock to finance extension
of the lines of the company in the Sesqui-Centennial area, &c. See V. 121.
p . 1349.
Co-Operative Benefits.— As o f June 30 1927 the co-operative wage fund
and Co-Operative Association combined owned 231,475 shares of co.’s
common stock. V. 122, p. 214; V. 123, p. 3322. See for other data
V. 122, p. 214.
Differences with Drexel Interests Settled.— See for particulars of statement
issued Jan. 27 1926, V. 122, p. 612.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Common $30,000,000 ($50)________
J-J
$29,996,235
See text
Pref 7% cum $23,000,000 ( $ 5 0 )____
7%
22,313,700 N o v ’2711.75
Coll trust mtge $5,000,000f 1908
5 g F-A
4,061,000 Feb. 1 1957
($1,000) gold_______ c*cpt-jlnt. at Penn.Co.for Ins.on Lives & Granting
t Annuities, Philadelphia, trustee.
Sink fund mtge $10,000,000/ 1912 5 6 g M-S
9,449,000 Mar. 1 1962
g ($1,000) guar p & L c*cptIB ank of North Amer.& Tr.Co.,Phila.,trus.
Market St El 1st mtge $10,-/ 1905
4 g M -N 10,000,000 M ay 1 1955
000,000 gu g ($1,000) c*cptl Int. at Land Title & Trust C o., Phila., trus.
Darby Media & Ches 1st M 1906
dA g J-J
$991,000 July 1 1936
$1,500,000 ($1,000) g c c p tlln t. at Land Title & Trust Co.. Phila., trus.
Car trust certificates Series/ 1919
F-A
18.000
1929
“D”
t.f. (Fidelity Phila. Trust Co.. Phila., trustee.
Car trust certificates Series/ 1919
--------87,000
1929
“ E ” _________________t .f. (Fidelity Phila. Trust C o.. Phila., trustee.
Car trust efts. Ser. “ F ” $3,-/ 1922
6 F-A
1,650,000
1923-32.
000,000 ($500 & $1,000)-C*(Int. at Fidelity Phila. Tr. C o., Phila., trus.
Equip, tr. ctfs. Ser “ G ” $4,-/ 1923
5 A F-A
3,087,500 See text
750,000
($500 & $1,000)_c*l Divs. at Commercial Tr Co.. Phiia., trustee.
Equip tr ctfs Ser “ H " $2,-1 1924
5 A g J-D 2 160,000 See text
7,000,000 ($1,000)____c*tf-|Divs. at Penna. Co. for Ins. on Lives &
l Grant. Ann., Philadelphia, trustee.
Equip tr ctfs ser J $1,700,000/ 1926
5 F-A
1,530.000 1927-36
($1,000 c* t f ) ____________ /Fidelity Trust Co., Philadelphia, trustee.
f 1926
5 J-D
1,900,000
1927-36
Equip tr ctfs ser K ($1,000) _tf j Divs. at Penna. Co. for Ins. on Lives &
I Granting Annuities, Phila., trustee.
________
150,000 __________
Real estate mortgage________ _____
Real est. 1st mtge. $3,500,000/ 1924
6 J-J
3,317,500 Jan. 1 1944
($500 & $1,000)______c*tf(In t. at Penna.Co.for Ins.on Lives & Grant­
ing Annuities. Philadelphia, trustee.
Funded debt of underlying companies June 30 1927, $58,230,809.
Stock.— Capital stock was listed on Philadelphia Stock Exchange in July
1902 and on New York Stock Exchange in February 1905. Common stock
(changed from capital stock) was listed on New York Stock Exchange in
February 1926, and on Philadelphia Stock Exchange in March 1926. Pref.
stock was listed on Philadelphia and New York Stock Exchanges in June
1927. See also V. 110, p- 872. Pref. is callable at $55 per share.
V.
120, p. 1090; V. 122, p. 1170.
Early in 1925 co. offered to its customers $3,000,000 (60,000 shs.) 7%
cum. pref. stock. V. 120, p. 331; V. 122, p. 1449.
Early in 1926 offered $10,000,000 additional 7% pref. stock to its carriders. V. 122, p. 1440.
Increase Capital Stock.— On Jan. 20 1926 stockholders increased the
authorized 7% preferred st.from $3,000,000 to $18,000,000. par $50. V.
121, p. 2638, 2753; V. 122, p. 348, 482. Up to M ay 1926 $13,000,0.00 had
been subscribed for by P. R. T. car riders. The $5,000,000 additional
pref. stock authorized was offered for sale to car riders at par. V. 122,
p. 2801; V. 123, p. 711, 1878, 1997. On Sept. 22 1926 stockholders in­
creased the authorized pref. stock from $18,000,000 to $23,000,000, par $50.
V. 123, p. 582, 1635.
Rights.— Stockholders of record Jan. 29 1926 were given the right up to
and incl. Feb. 15 to subscribe at par tor new pref. stock in the ratio of one
new share for each 2 shares of common held. V. 122, p. 482.
Bonds.—-Collateral trust bonds are secured by deposit with trustee of
securities owned by Phila. Rapid Transit and also securities of Union Trac.
Co. and Phila. Trac. Co.; entire issue subject to call at 105 on 6 weeks’ pub­
lished notice on and after Feb. 1 1912. A sinking fund, which will re­
tire all bonds by Feb. 1 1957, began to operate Feb. 1 1912. The Market
Street Elevated Ry. bonds cover the subway and the elevated road on
Market St. See V. 80, p. 652. They are guaranteed, principal and
interest, by endorsement by the Phila. Rapid Transit Co. Are subject
to call on any int. date at 102A and int. Y. 84, p. 749; V. 86, p. 547.
The Darby Media & Chester Street R y. bonds are guar., p. & i., by endorsem’t by Phila. Rap. Tr. Co. Can be called at 102 A & int.
Both the collateral trust bonds and Market Street Elevated bonds were
listed on the Philadelphia Stock Exchange in April 1909. V. 88, p. 945.
The sinking fund mortgage bonds of 1912 are callable on any March 1
as a whole or for sinking fund at 105 and interest. Cumulative sinking
fund of $35,000 per annum began Jan. 15 1917. Of the $10,000,000
authorized, $9,449,000 were outstanding as of June 30 1927, of which
$8,893,000 are 6s and $556,000 5s (the issue was originally 5s). $551,000
5% and 6% bonds have been retired by sinking fund. These bonds, as to
principal, sinking fund payments and interest at 6% , are the direct obliga­
tion of Philadelphia Rapid Transit Co. The principal, sinking fund pay­
ments and 5% interest are further secured by: (a) Direct mortgage lien on
all property of Market Street Elevated Passenger R y.; (b) pledge of the
entire outstanding capital stock and lease for 997 years from 1903 of Market
Street Elevated Passenger R y.; (c) guarantee by endorsement of Union
Traction Co. of Philadelphia. In March 1925 Dillon, Read & Co. sold
$8,975,000 at 99 and interest, to yield 6.06.% V . 120, p. 1460. Compare
V. 94, p. 827, 699.
The real estate 1st mtge. 6s are seemed by first mortgage on three car
terminals and on certain other properties in the city of Philadelphia, used
or held by the Philadelphia Rapid Transit Co. for the operation of it street
railway system (see V . 118, p. 203. for details) and are guar, prin. & int. by
the Phila. R . T . Co. A sinking fund sufficient to retire $103,000 bonds
per annum is provided for, payable on Jan. 1 of each year, beginning
Jan. 1 1927, to be applied to the purchase of bonds in the open market,
at or below the current redemption price, or if not so obtainable, to call
by lot at that price. Are red. all or in part on any int. date on 30 days’
notice, beginning Jan. 1 1927 until Jan. 1 1937 incl. at 105 & int. thereafter
on any int. date at 102 A and int. Penna. 4 mills tax assumed by company.
Ser. “ D ” mature $8,000 Feb. 28 in 1920 and 1921 and $9,000 each Feb.
28, thereafter to 1929. Red. at \Q2A and int.
Ser. “ E ” mature $28,000 Oct. 14 1920 and 1921 and $29,000 each Oct.
14 thereafter to 1929. Red. at 102 A and int.
Ser. “ F ” mature in equal semi-ann. installments, Feb. 15 1923 to Aug.
15 1932, incl. V. 115, p. 760.
Equip, trust ctfs. Ser. “ G ” mature in equal semi-ann. installments Feb. I
1924 to Aug. 1 1933, incl., and are non-call, prior to maturity. V. 116,
p. 411.
Equip, trust ctfs. Ser. “ H ” mature in equal annual installments Dec. 15
1925 to Dec. 15 1934, incl. $2,700,000 were offered in Dec. 1924 by Dillon,
Read & Co. at the following prices: 1925 maturity, 100.75 to yield 4.75%:
1926 maturity, 100.50, to yield 5.25%; 1927 to 1934 maturities, 100, to
yield 5.50% . V. 119, p. 2879.
Equip, trust ctfs. ser. J mature in equal annual installments Feb. 15 1927
to Feb. 15 1936, incl. In Feb. 1926 Dillon, Read & Co. offered $1,700,000
ser. “ J” at prices to yield about 4.75% to 5.35% , according to maturity,
Y. 122,p. 1027.
Equipment trust ctfs. ser K mature in equal annual installments Dec. 1
1927 to Dec. 1 1936, incl.
In Feb. 1927 Dillon, Read & Co. sold $1,900,000
series K at prices to yield from 4.75% to 5.30%, according to maturity.
V. 124, p. 792.
Dividends.— On com., an initial div. of $1 per sh. was paid in Oct. 1910.
In 1917, $2 50 per sh. In 1918, $2 50 per sh. In 1919, $2 50 per sh.
In 1920. Jan.. $1 25 per share. July 1920 div. deferred. V. I l l , p. 389.
494. None to July 1922, when $1 50 per share was paid, viz : Quar. div.
No. 1 for period Jan.-Mar. 1922, 75c.; No. 2, for April-June, 75c. V. 114,
p. 2825. Quar. div. N o. 3 was paid in Oct. 1922. In 1923 Jan., 75c.

126

PUBLIC U TILITIE S

April, 75c.; July, 75c.; Oct.; 75c. In 1924, Jan. 75c.; April, 75c.; July,
75c.; Oct., 75c. In 1925. Jan.. 75c.: April, SI: July. SI: Oct.. $1. In
1926, Jan., $1; April, $1; July, $1; Oct. $1. In 1927; Jan., $1; April, $1.
Aug. 1 1927, $1.
On the pref. stock an initial semi-annual div. of 3>4 % ($1 75) was paid
on N ov. 2 1925 and regularly since incl. M ay 1927. V. 121, p. 1570.
EARN IN G S.— For calendar years:
1926.
1925.
1924.
1923.
Passenger earnings______ $57,196,610 $48,827,951 $45,002,700 $44,249,361
Other receipts__________
830,943
715.818
652.317
681,130
Total_________________$58,027,553 $49,543,770 $45,655,017 $44,930,491
Expenses—
Maintenance_____________ $9,278,332 $8,560,400 $8,560,400 $8,560,400
Oper. o f power plants___ 3,613,393
3,738.715
3,772,643 4,416.307
Operation o f cars_______ 20,566,841 15,898,894
14,13,232 14,003,087
General_____ __________ 8,047,590
5,415,593
4,593,019 4,060,159
Taxes__________________
3,409,098
3,030.825
2,760.903
2,695,708
Total expenses________ $44,915,255 $36,644,427 $34,000,199 $33,735,661
Operating income_______ 13,112,298 $12,899,343 $11,654,817 $11,194,830
Non-operating incom e-.
707,505
817,798
560.470
621.540
Net earnings_________ $13,819,804 $13,717,141 $12,215,288 $11,816,369
Interest____ ___________ 1,379,803 $1,399,370 $1,371,252 $1,161,637
8,853.671
8,674,732
Rentals________________ 9,232.305
9,131,044
180,000
180,000
Sinking fund city contr’t
180,000
180,000
Loss from op.of buses,&c
274,247
233.211
----------------Preferred divs. (7 % ).._
607,766
60.871
_____
______
Dividends (com m on.(8%)2,399,643(6)2,399,639 (*) 1,799.575 (6)1,799,148
Balance, surplus____ def$253,962
$313,006
$10,789
$852
*7% Dref. and 8% common dividends.
Latest Earnings.— For 9 months ended Sept. 30:
1927.
1926.
Operating revenue_______________________________ $42,125,372 $39,569,605
Operation and taxes______________________________ 31,902,221 29,316,713
Operating income______________________________ $10,223,151 $10,252,892
Non-operating income___________________________
711,454
579,824
Gross income_________________________________ $10,934,605 $10,832,716
Fixed charges & dividends_______________________ 10,181,134 10,191,744
Pay. to city sink, fund & Frankford elevated______
720,150
603,120
$33,322
$37,853
Net income.
OFFICERS.— Chairman o f the Board, T . E. Mitten: Vice-Chairman of
Board and Chairman o f Executive Committee, A. .A Mitten; Pres., R. T.
Senter; General Counsel, E. A. Ballard: V.-Pres., R . F. Tyson; Asst. to
Pres., J. H. M . Andrews and John J. Davies: Comp., W . M . Campbell;
Aud., C. J. Kelley; Treas., G. W . Davis; Sec., F. B. Ellis.— V. 121, p. 460,
587, 1103, 1349, 1570, 2039, 2638, 2753, 2876; V. 122, p. 214, 348, 482, 612,
1027, 1170, 1449, 1611, 1918, 2330, 2801, 3341; V. 123, p. 455, 582, 711,
1383, 1635, 1878, 1997, 2140, 2392, 3184, 3322; V. 124, p. 792, 1661, 2429,
3497. 3631, 3773; V. 125, p. 247, 781, 1195, 2265.
(1) DOYLESTOWN & WILLOW GROVE RY. CO.
ORGAN IZATION .— In July 1902 was acquired by the Philadelphia
Rapid Transit through purchase o f the entire capital stock ($500,000) for
$20,000. The Rapid Transit Co. guarantees interest on the bonds. See
V. 79, p. 1331.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
A trolley road. Trackage, 13.505 miles, from Doylestowh to Willow Grove,
running over the old turnpike between those places, which is leased for 999
years
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $500,000 ($50)______________
________
$500,000 __________
First mtge $500,000 ($1,000)/ 1900
4 g J-D
500,000 June 1 1930
gold guaranteed_____c*cpt\Land Title & Trust Co., Phila.. trustee
EARN IN G S.— Included in Phila. Rapid Transit Co.— V. 79. p. 1331.
(2) 22D STREET & ALLEGHENY AVE. PASSENGER RY.
ORGAN IZATION .— Chartered 1890. On Dec. 9 1903 the following
cos. were merged with the 22d St. & Allegheny Pass. R y. C o., Fisher’s
Lane R y. Co., Lindley Ave. R y. Co., Chelten Ave. Pass. Ry. Co.. German­
town & Fairmount Park Ry. Co. and the Phila. & Trenton Rapid Transit
St. Ry. Co. Is leased to the Phila. Rapid Transit Co. for 6% per annum
on paid-in-capital.
STOCK.— Auth. amount, $1,302,000 ($50); 22,456 shares outstanding
$25 paid in
“ Amount due other ■companies” Dec. 31 1926. $880,802.
R O A D .— Trackage 67.809 miles.
(3) DARBY & YEADON STREET RY.
ORGA N IZA TIO N .— Entire stock ($5,000) is controlled by the Phila­
delphia Rapid Transit Co.
FIELD OF OPERATIONS.— From the Philadelphia County line to
Darby, 2.486 miles.
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
First mortgage $200,000 gold/ 1904
4% g J-D $200,000 Dec. 1 1934
guar ($1,000)______ c * -c p t]ln t. at Land Title & Tr. Co., Phila., trustee
Bonds.— Are guaranteed, prin. & int., by endorsement by the Phila. Rap
Transit Co. Are subject to call on any interest date at 105 and interest.
(4) CHESTER & PHILADELPHIA RY. (Chester Short Line).
Is operated by Phila. R . T . under 30-year agreement dated Feb. 14 1911.
ORGAN IZATION .— Incorp. in Penn, on June 29 1910 as successor to
the Phila. & Chester R y., sold at foreclosure (V. 92. p. 1243). In considera­
tion of an agreement to operate the line the Phila. Rapid Transit received
51% of Chester & Phila. stock. The Chester & Phila. receives 35% and
Rapid Transit 65% of gross earnings, for which the Rapid Transit assumes
all costs of operation. The 35% to be applied to int. on bonds and divs.
on stock. Franchises are unlimited as to time.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
13.152 miles of track, incl. main line from Chester to Phila. and branches
from Essington to Moore Station.
Court Decision against P. R. T. Dispute over the payment o f certain
items o f operating costs, V. 124, p. 3350.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
________
$485,000 __________
Stock $485,000 ($50)______________
1st M $600,000 gold ($100,-/ 1910
5 g J-J
600,000 July 1 1940
$500 and $1,000)____c * -tfiln t.a t Real Est.Tit.Ins.& Tr.Co.,Phila., tr.
Bonds.— Red. on any int. date at 105 and int. on four weeks’ notice
Free from Penn. State tax.
Sinking Fund.— Under the operating agreement with the P. R. T . Co.
one-half of the surplus earnings of the company in excess of the int. on the
bonds and a div. o f 4% on capital stock, to be used either for the purchase
of these bonds or for new construction. V. 104, p. 763. Listed on Phil­
adelphia Stock Exchange.
E A R N IN G S.— For calendar years:
Gross
Rental
Other
Total
Interest, Balance
Earnings. (35% ). Reels. Receipts. Taxes,&c. Surplus
1923.................... $444,367
155,385 $10,540 $165,925 $52,674 $113,251
1922.................... 342,654
119,859
8,349
128,208
51.397
76,810
1921...........
434,038
151.913
6,965
158,879
54.519 104,360
V. 92, p. 1310: V 104, p 63
Latest Earnings.— For cal. year 1926, rental (35% ), $113,059; total re­
ceipts, $128,029; interest, taxes, &c., $49,759. Cal. year 1925, rental
(35% ), $105,868; total receipts, $118,990; int., taxes, & c., $46,321. For cal.
year 1924, rental (3 5% ), $110,137; total receipts, $122,248; int., taxes,
&c., $47,511.
Compare V. 104, p. 763; V. 124, p. 3350.
New Companies.— Since 1920 the following companies have been incerp.
Date of
-----Capital Stock---Name—
Incorp’n.
Auth'd. Paid In.
Germantown Loop R y. C o____________ Mar. 31 1920 *$32,000 $32,000
Sansom St. Connecting R y. C o_______ N ov. 18 1920
10,000
10,000
Champlost St. Connecting R y. C o____ Jan. 10 1923
16,000
16,000
Frankford St. Connecting R y. C o____ M ay 25 1923
26,600
20,000
Pelham & Frankford St. R y. C o ______ M ay 25 1923
99,000
99.000
Tioga & Frankford St. R y. C o _______ M ay 25 1923
75,666
75,000
Wayne Junction Connecting R y. C o__M ay 25 1923
30,060
30,000
All o f the above companies are leased to the Philadelphia Rapid Transit
Co. for 999 years.
* By authority o f the stockholders at a meeting held Sept. 22 1921, the
capital stock o f the Germantown Loop R y. Co. was reduced from $32,000
to $23,006 (from 640 shares to 460 shares, par $50).




[V ol. 125.
UNION T R A CTIO N .

Lease.— The Union Traction Co. has been leased for 999 years from July 1
1902 to the Philadelphia Rapid Transit Co. Lease rental (payable in
gold) is $900,000 per annum (equal to 3% on the face value of the $30,000,000 stock) for the first two years, $1,200,000 per annum (equal to 4% on
stock) for the next two years. $1,500,000 per annum (equal to 5% on stock)
for the next two years and $1,800,000 per annum (equal to 6% on stock)
thereafter. The stockholders of the Union Traction Co. were given the
right to purchase 150,000 shares of the new Rapid Transit Co. stock. V.
74, p. 989. Included at the time all the leading street passenger railway
lines within the city of Philadelphia.
ORGAN IZATION .— Chartered Sept. 6 1895, and acquired on or about
Oct. 1 1895 all the shares of the Electric Traction and People’s Traction com­
panies, in place of which were issued collateral trust certificates secured by
the shares placed in trust. In 1896 leased these properties for 998 years and
3 months from July 1 1896. On Oct. 1 1895 leased for 999 years the Phila­
delphia Traction at 8% on its capital stock. V. 61, p. 663. Leases (from
Jan. 1 1898) Hestonville Mantua & Fairmount Passenger R .R . for 999 years
at 6% on pref. and 4% on com. stock. See V. 66, p. 236. The Lehigh Ave.
Ry. Co. ($1,000,000 stock) was leased for 995 years from July 1 1899.
See terms of consolidation, &c., in statements for the constituent companies
and V. 61, p. 152, 197, 283, 663. For change in terms of lease see V. 89.
p .594. The Philadelphia Rapid Transit now operates the road. V . 123,
p .2903.
Also owns entire stock of the Philadelphia & Willow Grove St. R y. Co.
Union Traction shareholders in Oct. 1908 gave their assent to the use of
'ertain securities owned by the Union Trac. Co. to be pledged as collateral
(or the $5,000,000 loan of the Phila. Rapid Transit Co. V. 87, p. 1110.
The shareholders voted June 20 1910 (formally ratified Sept. 21 1916;
7. 91, p. 337) to purchase the equipment of the Phila. Rapid Transit, and
lease same to that company on terms as stated under Phila. Rapid Transit,
tnd make the equipment the basis of an issue of $1,500,000 car trusts. On
Feb. 26 1913 they voted to purchase additional equipment and lease it to
Ihe Philadelphia Rapid Transit Co. and to issue $4,200,000 ear trust certifs.
'Series B) as a result of the transaction. In M ay 1913 a further issue of
$1.944,000 car trusts (Series O) was put out. See under Phila. Rapid
Transit and V. 96, p. 555, and V. 97, p. 803.
On Feb. 28 1911 shareholders voted to guarantee new Phila. Rapid Transit
110,000,000 mtge. See V. 91, p. 1575; V. 92, p. 324. 463, 696. Stock­
holders In Feb. 1925 to increase interest rate on these bonds from 5% to 6% .
Compare V. 120, p. 455.
Income Tax Decision.— See under Phila. Rapid Transit Co above.
STOCK AND BONDS— Date. Interest. Outstanding
Maturity.
Stock $30,000,000 (par $ 5 0 ) . / ____
J-J
(600,000 shs./ July ’27. 3%
„
1
1$17.50pd.ini
Trust company certificates,] 1895 4 g A-O $29,730,114 Redeem, aft.
gold----------------------------cp t/O ct. 1 1945. Int. at Penna. Co. for Insur.
J on Lives & Granting Annuities, trustee.
Collateral trust first mortgage f 1902
4 g J-J
1.022 000 July 1 1952
$1,500,000 gold_______ cpt|Land Title & Trust C o., Philadelphia, Trus.
Trust Certificates.— The trust certificates are not the direct obligations
of the Union Traction Co., but were issued by the Pa. Co. for Ins. on Lives
& Granting Annuities, to pay for the shares of the Electric and People's Trac­
tion companies purchased and are secured by a deposit with the Trust Co.
of all the shares of the stock of the Electric Traction Co. and the People's
Traction Co. thus acquired. See description of certificates in V. 64. p. 135.
The principal is due upon default at any time of payment o f interest or taxes.
They are redeemable at option of that co. on and after Oct. 1 1945.
Collateral Trust Bonds.— The collateral trust bonds were issued to fund
the floating debt and are secured by the deposit of the 85,000 shares of the
common stock of the Hestonville Mantua & Fairmount Pass. RR. Subject
to call at 105 and accrued int.: $444,000 has been retired by sinking fund.
OFFICERS.—-Pres., Jeremiah J. Sullivan; V .-P ., A. Balfour Brehman;
Sec. & Treas., T. M . Cleary.— V. 121, p. 3132; V. 122, p. 3343; V. 123,
p. 2657, 2903.
LINES CONTROLLED BY UNION TRACTION CO.
(1) CATHERINE & BAINBRIDGE STREETS RY.
ORGANIZATION.— Incorporated M ay 14 1889, and leased to the Phila­
delphia Traction Co. Mar. i 1890 for 99 years, and included in lease of that
company to the Union Traction Co. Oct. 1 1895: in Sept. 1895 term of lease
was increased from 99 to 999 years and stock from $150,000 to $400,000
(all owned by Phila. Trac. C o.); rental is $24,000 yearly, besides interest
and taxes.
FIELD OF OPERATIONS.— A trolley road. Aggregates 5.389 miles
of track.
The $150,000 1st M . 5s due April 1 1920 were extended for 10 years
at 6% .
STOCK AND BONDS— Date. Interest. Outstanding. Maturity.
Stock (par $50)----------------------------6% M-S
$400,000 See text
1st M $150,000 ($1,000) c .c p t 1890
6% A-O
150,000 April 1 1930
Due lessee Dec. 31 1926___________
________
234,698 __________
Bonds are not subject to call. Interest at Penn. Co. for Insurances on
Lives. &c., trustee.
Dividends.— Dividends of 6% are paid.
(2) CITIZENS’ PASSENGER RAILWAY.
ORGANIZATION.— Incorp. Mar. 25 1858. Leased to Frankford &
Southwark Phila. City Pass. R R . Co. April 1 1892 for 999 years; rental
now $140,000 per annum, equal to 28% on stock, or $14 per$50share.
This lease was assumed by the Electric Traction Co. on Aug. 17 1893.
effective from July 1 1893. Operated by Phila. Rapid Transit Co.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
'7. 108, p. 784.
Stock authorized, $500,000; par ($50); paid in, $192,500— $20 on 8,500
shares and $15 on 1,500 shares. 12.243 miles of track.— V. 108, p. 784.
(3) CONTINENTAL PASSENGER RAILWAY.— A trolley road.
ORGANIZATION.— Incorporated Sept. 3 1873. Leased Jan. 1 1886
to Union Passenger Railway Co. for 99 years at rental of $6 per share
per annum, interest, taxes and operating expenses; lease assigned to Phila­
delphia Traction Co. June 30 1884. Operated by Phila. Rapid Transit Co.
Stocks owned, per balance sheet Dec. 31 1926, $600,000.
Income Tax Decision.— See under Philadelphia Rapid Transit Co. abovt
and V . 108, p. 784.
STOCK AND BONDp—
Date. Interest. Outstanding. Maturity.
$6 J-J (20,000 shs.,]
Stock (par $50)----------------------------,
($29 paid in. \ See text
First mortgage ($500 and] 1879
4 g J-J
$280,000 July 1 1959
$1,000) gold-------------- c&r/ Land Title & Trust Co., Phila., trustee.
Due lessee for additions Dec. 31 1925, $672,260.
A semi-annual dividend of $3 was paid June 30 1925, less 38c. per share,
to cover income tax for the first half of 1924. V. 120, p. 2941. In Dec.
1925 a semi-annual dividend of $3 was paid, less 37c. for second half of 1924.
tax. V. 121, p. 2637. In June 1926 $o less 38c. tax. In Dec. 1926 $3 less
50c. tax. V. 122, p. 3080.
Bonds were originally 6% , but in 1909 were extended for 50 years at 4 % .
Int. payable at office of company. Not subject to call. Bonds were listed
in 1909 on Phila. Stock Exch. V. 88, p. 822. Trackage. 16.630 miles.—
V. 120, p. 2941; V. 121, p. 2637; V. 122, p. 3080; V. 123, p. 3037.
(4) ELECTRIC TRACTION.
ORGANIZATION.— Incorp. M ay 8 1893 and acquired control o f the
Citizens’ Pass. R y., the Frankford & Southward Phila. City Pass. R .R .
and the Second & Third Streets Passenger R y. On July 1 1896 leased for
999 years the Citizens’ Clearfield & Cambria St. R y., the Citizens’ East End
St. R y., the Brown & Parrish St., R y. and the Citizens' North End St. Ry.
Inl895 the Union Traction Co. acquired all the stock at the rate of
$85 per share for each share, on which $50 had been paid, and $70 per
share for each share on which $30 had been paid, the Pennsylvania Co. for
Insurances on Lives & Granting Annuities issuing therefor its guaranteed
trust certificates. On July 1 1896 the Union Traction Co. leased the
property for 998 years and 3 months. See V. 61, p. 197, and also “ Union
Traction” above.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Mileage, 131.642. Rail, 90 lbs.
CAPITA LIZA TIO N .— Stock authorized, 175,000 shares of $50 each;
Issued, 152,396 shares of $50 paid and 22,604 shares of $30 paid, making
total $8,297,920.— V. 63, p. 557.
B

O ct ,,
(5)

1927.]

E M P IR E

PASSEN GER

POWER, LIGHT AND RAILW AY
RY.

O R G A N I Z A T I O N .— In c o r p o r a te d F e b . 10 1 86 9. L e a se d D e c . 26 1873
t o C itiz e n s ’ P a ssen ger R a ilw a y C o m p a n y a n d th e S e v e n te e n th & N in e ­
teen th Street P assen ger R a ilw a y ‘ C o m p a n y fo r 999 y e a rs .
T ra n sfe rre d
O c t . 1 1895, a lo n g w ith a ll rig h t t o d iv id e n d s o n 6 ,0 9 0 shares o f its s to c k
(th en h e ld b y th e U n io n P a ssen ger R a ilw a y C o . as tru ste e a n d le sse e ), b y
lease o f P h ila d elp h ia T r a c t io n t o th e U n ion T r a c t io n C o . D iv id e n d s are
$1 50 p er $50 sh are ea ch Ju n e 30 a n d D e c . 30— t h a t is 6 % p er a n n .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
M ile a g e , 1 3 .303 m iles.
A tr o lle y r o a d .
STOCK A N D BON DS—
D a te .
I n t e r e s t . O u ts ta n d in g .
M a t u r it y .
S to c k (par $ 5 0 ) _______ (A ll o w n e d b y P h ila . T r a c .)
$ 6 0 0 ,0 0 0 ------------------1st M g o ld $ 2 0 0 ,0 0 0 ___ c . c p t . 1900
S X g J -J
2 0 0 ,0 0 0 M a r . 1 1930
B o n d s . — T h e n ew 3 t £ s w ere issu ed t o retire a lik e a m o u n t o f 7s d u e
J u ly 1900. L a n d T it le & T r u s t C o . , P h ila ., T r u s te e .
D u e lessee c o m p a n y fo r a d d itio n s D e c . 31 1926, $ 7 0 5 ,7 1 5 .— V . 7 0 , P
115 0.
F o r th e r e m a in i n g s u b s i d ia r i e s o f th e U n io n T r a c tio n C o . s e e “ P u b li c U ti l it y
C o m p e n d iu m ” o f A p r i l 30 1927.

ALLENTOWN & READING TRACTION CO.
O R G A N I Z A T I O N .— I n c o r p . A p r . 25 1898 an d leased th e A lle n to w n &
R e a d in g E le c tr ic S treet R y . fo r 290 yea rs fr o m Ju n e 4 1898. O n F e b . 6
1902 leased fo r 290 years th e K u t z t o w n & F le e tw o o d S treet R y . C o n tr o ls
th e K u tz to w n L ig h t, H e a t & P o w e r C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o lle y r o a d . O p era tes 3 9 .6 0 m iles m ain lin e , 7 .5 0 m iles sidin gs— to ta l,
4 7 .1 0 m iles; 43 c a r s . C o n n e c ts w ith U n ite d T r a c t io n C o . tra ck s fro m
R e a d in g , th u s fo rm in g a th ro u g h lin e fr o m A lle n to w n t o R e a d in g .
STO C K A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
S to c k $25 0 ,0 0 0 (p ar $ 5 0 )____________
___________
$25 0 ,0 0 0 ____________
A lle n t & K u t z 1st M $ 2 5 0 ,0 0 0 / 1900
5 g J-J
2 5 0 ,0 0 0 J u ly 1 1930
g $ 10 0, $500 & $ 1 ,0 0 0 - c p t [In te r e s t a t F id e lity T r u s t C o . , P h ila ., trustee
1st M K u tz to w n & F le e tw ’d l 1902
5 g J-J
2 0 0 ,0 0 0 J an 1 1932
$ 2 0 0 ,0 0 0 gu ar d & i ____c p t )
1st co n s o l m tg e $75 0 ,0 0 0 g o l d / 1902
5 g J-J
3 0 0 ,0 0 0 J u ly 1 1932
($500 & $ l ,0 0 0 ) - - c & r . c p t \ I n t . a t In te g . T i t . In s . & T r . C o .,P h il..tr u s t .
2f\ con sol m tge $3 0 0 ,0 0 0 ($500 / 1907
5 M -N
163 ,030 M a y 1 1937
& $ 1 ,0 0 0 ) ____________ c & r . t f l B e r k s C o u n t y T r u s t C o . , R t a d in g , tru stee
B o n d s . — O f th e $7 5 0 ,0 0 0 o f new c o n s o ls , $ 4 5 0 ,0 0 0 are re served t o retire
p r io r lien s. T h e y are s u b je c t t o call a t par sin ce J u ly 1 1917; n o sinking
fu n d . T h e fir s t m o rtg a g e b o n d s are re d e e m a b le a t p a r.
E A R N I N G S .— F o r c a le n d a r y e a r 192 6. G ro s s , $31 8 ,3 4 6 ; n e t a fte r o p e r .
exp en ses, m a in te n a n c e , v c . , $ 8 8 ,4 4 0 ; b o n d in te re s t, $ 4 5 ,9 7 3 ; o th e r in te re s t
a n d d is c o u n t, $ 2 ,6 3 7 , ba la ice , s u r ., $ 1 9 ,8 2 8 .
F o r ca le n d a r ye a r 1 92 5,
g r o s s , $30 4 ,1 9 4 ; o p e ra tin g expen ses, $23 5 ,6 8 8 ; b o n d in te rest, $ 4 5 ,6 5 0 ; o th e r
in terest a n d d is c o u n t, $351; b a la n ce , su rp lu s, $ 2 2 ,5 0 5 . F o r y e a r 1924,
g r o s s , $28 7 ,8 6 8 ; n e t, $ 5 9 ,7 5 0 ; b o n d in te re st, $ 4 5 ,6 5 0 ; o th e r in terest a n d
d is c o u n t , $ 1 ,6 9 4 ; b a la n c e , s u r ., $ 1 2 ,4 0 6 .
O F F I C E R S .— P r e s ., G e o . B . S h a ffe r .; V . - P . , S o l K . H o ffm a n ; S e c ., J . A .
D ie n e r ; T r e a s ., W . D . M o h n . O ffic e , 121 N . 5 th S t ., R e a d in g , P a .—
V . 109 , p . 675.

BUTLER RAILWAYS CO.
O R G A N I Z A T I O N .— I n c o r p . J u ly 1 1917 in P en n, as su cce sso r to
th e B u tler P assen ger R y ., th e C it y D iv is io n o i th e P ittsb u rg h & B u tler
R y . (th e In teru rb a n D iv is io n o f w h ich w as so ld u n d er fo re clo su re M a y 9
1917— see P itts . M a r s & B u tle r R y . , successor c o ., u n d er P itts b u r g h ).
T h e p r o p e r t y o f th e B u tle r Pass. R y . w as ta k en o v e r b y th e h o ld e rs o f
$ 5 0 0 ,0 0 0 1st m t g e . 5 % b o n d s d u e 1936 an d re o rg a n ize d .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O perates 13.28 m iles o f tr a c k in B u tle r . R a il (g ird e r, e x c e p t 2
m iles T ) .
6 5 -lb s . G a u g e , 5 f t . 2 in .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
S t o c k $ 3 0 0,00 0 ($ 5 0 )________________
___________
$ 2 5 0 ,0 0 0 ____________
F irst m o r tg a g e $30 0 ,0 0 0 g o ld f 1918
5 g J -J
2 5 0 ,0 0 0 Jan 1 1948
($500 & $ 1 ,0 0 0 )___ c * & r . t f / l n t . p a y a b le a t B u tle r C o . T r u s t C o ., tru stee
[
B u tle r , P a.
B o n d s . — N o t s u b je c t t o ca ll a n d n o s in k . fd .
E A R N I N G S .— -For c a l. y e a r 1924, gross, $ 1 0 6 ,0 2 2 ; n et a fte r taxes,
$ 4 ,9 2 1 .
In 1923, gross, $ 1 1 3 ,1 0 7 ; net a fter ta x e s , $ 6 ,1 2 8 . In 1921, gross,
$ 1 0 6 ,0 7 2 ; net b e fo re ta xes, $ 2 3 ,8 2 2 ; in t . & taxes, $1 5 ,7 0 9 ; b a l., s u r ., $ 8 ,1 1 4 .
In 1920, g ros s , $15 2 ,0 5 4 ; n e t a fte r taxes & d e p r e c ., $ 2 ,6 9 6 .
In 1919.
g r o s s , $ 1 2 6 ,2 8 6 ; n e t a fte r ta xes & d e p r ., d e f ., $ 9 ,8 2 9 .
O F F I C E R S .— P r e s .,_______________ ; V .- P . , J . V . R it t s ; S e c .-T re a s . and
G e n . M g r ., R . E . S p re n k le .— V . 110, p . 1748.

THE NORTHAMPTON TRANSIT CO.
O R G A N I Z A T I O N .— A re o rg a n iz a tio n in 1921 o f th e N o r th a m p to n
T r a c tio n C o . (for H istory see “E le c tr ic R a ilw a y " S u p p le m e n t o f A p ril 29
1922) s o ld at fo re clo s u re Ju n e 1 1921
H olders o f 1st M t g e . 5 % b o n d s of
the o ld c o . r e c e iv e d a lik e a m o u n t o f new N o r th a m p to n T ra n sit C o . 1st
M tg e . 6 % b o n d s , as p er p la n in V . 115, p . 760.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s an d op era te s r o a d ex te n d in g fr o m E a s to n , P a ., t o T a t a m y , N a z a re th
and B a n g o r , P a .
STOCK A N D BONDS—
D a te .
In terest.
O u tsta n d in g .
la tu r ity .
C o m m o n 3 ,0 0 0 shares (n o p a r ) ____ ____________
3 .0 0 0 shs.
___________
let M tg e $ 4 0 0,00 0 red at 1051 1921
6 J-J
4 0 0 ,0 0 0 J u ly 1 194)
& In terest__________________ /N o r t h a m p t o n T r . C o . , E a s to n , P a ., T r u s te e
2d M t g e $25 0 ,0 0 0 re d at 1051 1921
6 J-J
2 0 0 ,0 0 0 J u ly 1 1941
& in terest___________________/N o r t h a m p t o n T r u s t C o ., E a s to n , P a .. T ru s t
B o n d s . — $ 1 0 0,00 0 2d m tg e . 6s h eld in treasury
O F F I C E R S .— P r e s ., C h e ste r S n y d e r .-— . 115 , p . 760 .
V

127

c o m p a n ie s , E d is o n L t . & P o w . C o.., Y o r k S team H e a tin g C o ., Y o r k T ra n sit
C o ., a n d Y o r k S u b u rb a n L a n d C o . ) , G le n R o c k E le c . L ig h t & P o w e r C o .
(a n d su b s id ia r y c o m p a n ie s , R a ilr o a d E le c t r ic & P o w e r C o . a n d D e e r C reek
W a t e r & P o w e r C o . ) , C itize n s T r a c t io n C o . (a n d s u b s id ia r y co m p a n ie s ;
C itize n s L ig h t & P o w e r C o ., C itize n s T r a n sit C o . , R e n o B r id g e C o . , and
M o n a r c h P a rk H o te l C o . ) , T it u s v ille L ig h t & P o w e r C o . , C h e s te r V a ile y
E le c t r ic C o ., Y o u n g s t o w n & S u b u r b a n R y . (a n d s u b s id ia r y c o s ., Y o u n g s ­
t o w n & S u b u rb a n T ra n sit C o . , Y o u n g s t o w n & S u b u rb a n T r a n sit L in es, I n c .,
C o lu m b ia n a B u s C o ., a n d In te r u r b a n R e a lt y C o . ) , V a ld o s t a L ig h tin g C o ,
W a r e C o u n t y L ig h t & P o w e r C o . (a n d s u b ., B a in b rid g e I c e C o . ) , a n d K e y ­
s to n e P u b lic S e r v ic e C o r p . (an d s u b . c o s ., S cra n to n R y . C o . , S cran ton
B u s C o ., C a rb o n d a le G a s C o . , A lto o n a & L o g a n V a lle y E le c t r ic R y . C o .,
L o g a n V a lle y B u s C o ., H o m e E le c t r ic L ig h t & S team H e a tin g C o . ) , an d in
M a r c h 1926 a cq u ire d a ll th e c o m m o n s to c k o f E a ste rn S hore G as & E le c tr ic
C o . T h ro u g h tn e se o p e r a tin g co m p a n ie s , 7 5 ,4 6 3 cu s to m e rs are serv ed , o f
w h ic h 7 2 .3 2 2 are e le ctr ic a l, 2 ,4 6 0 g a s, 201 w a te r, an d 480 stea m s e rv ice .
C o m p a n y also o p e r a te s s tre e t r a iw a y sy ste m s in c itie s in P e n n s y lv a n ia and
an in te ru rb a n r a ilw a y in O h io . T h e c o m p a n ie s s e r v e an a ggrega te to t a l
p o p u la tio n o f a b o u t 1 ,1 5 6 ,0 0 0 .
T h e e le ctric sy ste m s o f c o m p a n y h a v e a to t a /in s ta lle d c a p a c it y o f 57,811
h . p . a n d 615 m iles o f tran sm ission lin es. T h e gas p ro p e rtie s in clu d e
ge n e ra tin g pla n ts w ith a d a ily c a p a c it y o f 7 5 0 ,0 0 0 c u . f t .
T h e ice p la n ts
h a v e a d a ily c a p a c it y o f 365 to n s . T h e stre e t ra ilw a y p ro p e rtie s co n s ist o f
269 e q u iv a le n t m iles o f sin gle tr a c k .
D u rin g th e y ear en ded F e b . 28 1927
there w ere ge n e ra te d 1 4 2 ,0 3 7 ,5 1 3 k .w .h . o f e le ctric e n e r g y , a n d 6 1 ,3 0 4 ,0 0 0
c u . f t o f gas.
T h e stre e t r a ilw a y s c a rrie d 66,7 5 3 ,6 5 1 passen gers d u rin g t h e y e a r en d ed
F e b . 28 1 92 7. A ls o o p e r a te s b u se s, w h ic h c a rrie d 3 ,5 8 8 ,9 2 4 passengers
d u rin g th e sam e p e r io d . V . 104 , p . 2 23 5; V . 117 , p . 2 77 0; V . 118 , p . 9 0 7 .
V . 111. p . 294 .
O ffe r to S to c k h o ld e r s . — See V . 120, p . 1881.
STO C K AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n 100,000 shs (n o p a r ) . ____
Q -J
7 3 ,5 0 0 shs.
See tex t
P re f cu m 6 % $ 5 ,0 0 0 ,0 0 u ( $ 1 0 0 ) ____
Q -F
3 ,6 0 7 ,3 0 0 N o v ’ 2 5 . U 4
First L ien C o ll T r u s t M t g e f 1917
5 M -S 1
4 ,4 7 4 ,5 0 0 M a r 1 1942
$ 2 0 ,0 0 0 ,0 0 0 ($500 a n d $ 1 ,-] In te re st p a y a b le in B o s to n an d P h ila d elp h ia .
0 0 0 ) ---------------------------c * . c p t IP h ila d elp h ia T r u s t C o ., T ru stee.
3 0 -ye a r s f co ll tru st g o ld ser A I 1926
6 g F -A
5 ,4 2 2 ,4 0 0 F e b 1 1956
($ 1 ,0 0 0 , $ 5 0 0 )________ c * . t f (P e n n . C o . fo r I n s . o n L iv e s & G r . A n n ..P h ila .
I tru stee.
B o n d s . — T h e 1st lien & c o ll, tru s t b o n d s are se cu re d b y $ 5 ,4 8 6 ,9 0 0 m tg e .
b o n d s, $57 6 ,0 0 0 p re f. s t o c k an d $ 1 ,5 9 4 ,8 2 5 c o m . s to c k o f s u b . c o s . A d d ’l
b o n d s m a y be issued o n ly fo r a c q u ir in g and p la cin g u n d er th e m ortg a g e
at feast an equa l a m o u n t o f m o rtg a g e b o n d s o f su b sid ia rie s n ow o u ts ta n d ­
ing, o r , fu rth e r, a t th e ra te o f 8 5 % fo r th o s e t o b e issued b y subsidiaries
for co n s tr u c tio n , b u t u n d er ce rta in earnings re q u ire m en ts. S in k in g
fu n d eft 6 % o f n et earnings o f s u b sid ia ry co m p a n ie s a fte r p a y m e n t o f o p e r a t ­
ing expenses, taxes an d renew al reserves, less sinking fu n d p a y m e n ts on
present s u b . c o ’s. m tg e s . fr o m M a r . 1 1918 t o M a r . 1 1925, an d 5 % th ere­
a fte r. S u b je c t t o call in w h o le o r p a r t o n a n y int. d a te a t 103 an d int.
T h e 30 -y e a r 6 % s. / . c o lla t. tr u s t g o ld b o n d s . S e r ies A , d a te d F eb 1 1926,
are se cu re d b y a d ir e ct fir s t lien u p o n th e e n tire c o m m o n s t o c k o f K e y s to n e
P u b lic S ervice C o r p . a n d all s t o c k o f Y o r k R a ilw a y s C o . o w n e d ; fu r th e r b y
a d ir e ct lien on th e b o n d s an d s to c k s o f o th e r s u b s id ia ry c o m p a n ie s , p led g ed
an d d e p o s ite d u n d e r th e co lla te ra l tru st 5 % b o n d a g re e m en t s u b je c t to
th e lien th e r e o f. A d d itio n a l b o n d s m a y b e issu ed u n d e r c o n s e r v a tiv e
re strictio n s. A s in k in g f u n d p r o v id e s fo r equal sem i-an n u al p a y m e n ts
fo r in terest a n d sin kin g fu n d o f $ 2 0 2 ,5 0 0 to th e tru ste e , begin n in g F e b . 1
1927. T h e b a la n ce a fte r p a y m e n t o f in te re st t o b e used to retire b o n d s .
R e d . o n 30 d a y s ’ n o t ic e , all o r p a r t , a t 105 an d in t ., r e d u c in g % % fo r each
y ear elapsed fro m Ja n . 31 1936 to m a tu r ity . In te re st p a y a b le in N ew
Y o r k o r P h ila d e lp h ia .
P e n n ., C o n n , an d C a lifo rn ia 4 m ills, M a r y la n d
4 ) 4 m ills, D is t. o f C o l. 5 m ills and M a s s . 6 % taxes re fu n d a b le .
In M a r c h
1926 G . H . R o llin s & S on s, e t c ., e t c ., o ffe r e d $ 5 ,5 0 0 ,0 0 0 Series A b o n d s
a t 96 an d in t ., t o y ie ld a b o u t 6 .3 0 % .
V . 122, p . 1610.
A ll o f th e o u ts ta n d in g 6 % serial c o u p o n n o te s d u e D e c . 1 1 92 6, 1927
an d 1928 w ere c a lle d fo r p a y m e n t Ju n e 1 1926 at 101 a n d in t . V . 122 ,
p . 280 0.
D iv id e n d s . — 6 % is b e in g p a id o n p r e f. s t o c k .
O f th e $ 3 ,6 0 7 ,3 0 0 p r e f.
s to c k o u ts ta n d in g , $ 5 1 2 ,7 0 0 is e n title d t o extra d iv s . o f 2 ) 4 % p er y ea r.
In itial d iv id e n d o f 1 % o n c o m m o n s to c k p a id in A p ril 1914; in 1915, 3 % ;
1916 and 1917, 4 % . N o n e to 1922. w hen $1 w as p a id . In 1923, M a y , 2 5 c .;
A u g ., 4 0 c .; N o v ., 4 0 c . In 1924, $2. In 1925, $ 2 . In 1926, J a n ., 5 0 c .;
A p r il, 5 0 c .; J u ly , 5 0 c .; O c t ., 5 0 c .; D e c ., 5 0 c.
In 1927, J a n ., 5 0 c .; A p r il,
5 0 c . In O ct. 1923 a s t o c k d i v . o f 19-81 o f a share o f c o m . w as a ls o p a id .
E A R N I N G S .—
F o r C a le n d a r Y e a r s —
1924.
192 3.
1922.
1921.
G ross e a rn in g s___________ $ 5 ,1 0 9 ,2 1 0 $ 4 ,7 3 4 ,3 4 3 $ 3 ,6 2 6 ,2 9 9 $ 2 ,4 7 3 ,1 6 5
O p e r. expenses & t a x e s ,_ 3 ,2 5 1 ,3 6 0
2 .9 7 9 ,0 3 4
2 ,2 9 8 ,0 1 2
1,671,541
In c o m e fr o m o p e r ’ n s . . $ 1 ,8 5 7 ,8 5 0
O th er in c o m e ____________
9 7 ,0 9 0

$ 1 ,7 5 5 ,3 0 9
124 ,690

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

$80 1,62 4
23,477

G ross in c o m e ___________ $ 1 ,9 5 4 ,9 4 0
In c o m e d e d u ctio n s ______
11,0 5 3
F ixed ch arges s u b s ., in c l.
m in o rity in ste re st____
4 7 0 ,9 1 5
E x p .— M u n ic . S erv. C o .
4 6 ,0 7 2
I n t. c o lla t , tru s t b o n d s . .
2 0 8 .0 4 4
In terest c o u p o n n o t e s ___
6 2 ,0 4 8
O th er in te re s t___________
5.1 8 8
A m o r tiz a tio n d is c ., & c _ .
4 3 ,7 1 2
R en ew al re s e r v e ________
5 4 6 ,7 2 0
F ed eral in c o m e t a x ______
9 2 ,0 8 8

$ 1 ,8 7 9 ,9 9 9
6,781

$ 1 ,3 6 7 ,8 9 1
6 ,0 4 3

$825,101
11,892

4 7 8 ,5 3 8
3 3 .6 8 2
198 .384
65.584
14,597
4 2 ,3 4 2
4 4 1 .7 1 2
96,198

3 0 8 .2 5 2
3 9 .0 6 6
183 .646
88,9 3 1
1 0 ,2 7 6
4 9 ,8 6 5
3 15 .321
63,861

116,179
17,148
157,771
88.754
2 6 ,138
45,9 8 4
148,816
8 ,7 1 0

$ 3 0 2 ,6 2 9

$20 3,71 0

B a l. av a ila b le fo r d iv s .

$ 4 6 9 ,0 9 8

$5 0 2 ,1 8 3

L a te s t E a r n in g s .— F o r c a le n d a r y e a r 1926:

G r o s s , in c l o th e r in c o m e ,
$ 1 0 ,7 8 6 ,7 4 8 ; n e t, $ 3 ,2 8 5 ,6 8 1 ; p r io r ch a rg e s o f s u b . c o s ., $ 1 ,9 3 2 ,5 5 1 ; fix e d
ch a rg e s , $ 6 0 1 ,1 4 4 ; b a l ., s tir., $ 1 ,2 5 1 ,9 8 6 . F o r c a le n d a r y e a r 1925: G ross,
$ 1 0 ,1 6 6 ,6 9 4 ; n e t , $ 3 ,6 2 9 ,7 7 2 .
O F F I C E R S .— P r e s ., F . W . W o o d c o c k ; V . - P . , H . D . P o lh e m u s ; S e c .,
C . A . M c C lu r e ; V . - P . & T r e a s ., M ilw a r d O liv e r . O ffic e , 165 B r o a d w a y ,
N . Y . C i t y .— V . 122, p . 161 0, 2 1 9 2 . 2 80 0; V . 124 , p . 646 ; V . 125, p . 518 .

PHILADELPHIA & EASTON TRANSIT CO.
U n d er d a te o f S e p t. 27 1926 w e w e re o ffic ia lly a d v is e d th a t c o m p a n y w as
g o in g o u t o f b u sin ess. V . 123 , p . 2 2 6 2 . F o r sale o f p r o p e r t y , see V . 123,
p . 2 9 0 1 . F o r h is t o r y , & c ., see “ P u b lic U tilit ie s ” C o m p e n d iu m ” o f M a y 1
1926.

WESTMORELAND COUNTY RAILWAY CO.
O R G A N I Z A T I O N .— I n c o r p . in P e n n a . o n D e c . 27 1904. Is a c o n ­
solid a tion o f B ra d e n v ille & D e rr y S t. R y . an d B la irsv ille & D e r r y S t. R y .
F I E L D O F O P E R A T I O N S .— O perates 7 m iles o f t r a c k .
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
STOCK A N D BO N DS—
S to c k , $ 5 0 0 ,0 0 0 ( $ 5 0 ) . . . ___________
___________
$ 5 0 0 ,0 0 0 ___________
F irst m o r tg a g e , $ 2 5 0 ,0 0 0 , g f 1905
5 g M -S
1 7 9 ,9 0 0 M a r 1 1935
( $ 1 0 0 ) ____________________ c * ( l n t . a t E a s t E n d S a v . & T r . C o . , P it t s ., T rus.
" (4d s.— N o sin k in g fu n d a n d b o n d s are n o t s u b je c t t o c a ll.
—A R N I N G S .— F o r c a le n d a r y e a rs:
G ro ss.

N e t a ft .T a x .

In t.

1 9 2 5 ............................................................. $ 5 2 ,6 7 5
$ 5 ,0 5 8
$ 9 ,6 6 3
5 ,5 3 6
9 ,2 6 6
1 9 2 4 _________________________________ 5 5 ,6 0 8
O F F I C E R S .— P r e s ., J o h n E . P o t t e r ; V .- P ., F . W m . R u d e ll;
T r e a s ., H . S . C a lv e r t, all o f P itts b u r g h ; S u p t.,
F . S c h w e r d t,
^ V . 8 2 , p . 50

Municipal Service Company
Owns or controls Public Utility Companies
which, serve communities in
Pennsylvania, Ohio, Delaware, Maryland,
Virginia and Georgia
S u b s i d i a r y o U N a t i o n a l P u b l i c S e r v ic e C o r p o r a t i o n

Outstandingfsecurities of this company
bought, sold and quoted

D eficit.

$4,6 0 5
3 ,7 3 0
Sec. &
D erry .

Howe Snow & Co.
In c o r p o r a t e d

MUNICIPAL SERVICE CO.
C o n tr o lle d b y N a tio n a l P u b lic S e rv ice C o r p ., w h ich o w n s 9 9 % o f the
c o m m o n s t o c k . V . 120, p . 294 4.
M a n a g e m e n t .— G en eral E n gin eerin g & M a n a g e m e n t C o r p ., 165 B r o a d ­
w a y . N e w Y o r k C it y .
I- O R G A N I Z A T I O N .— O w n s, c o n tr o ls o r is t o a cq u ire lo c a l op e r a tin g p u b lic
u t ilit y c o m p a n ie s , se rv in g w ith e le ctr ic lig h t a n d p o w e r , g a s , ice , r a ilw a y or
b u s s e r v ic e , o r ste a m , 272 c o m m u n itie s in P e n n s y lv a n ia , M a r y la n d , D e la ­
w a re, V irg in ia a n d G e o rg ia , as fo llo w s : Y o r k R y s . C o . (a n d s u b s id ia ry




120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
Minneapolis
Philadelphia

128

[V ol. 125.

PUBLIC UTILITIES
THE CITIZENSL TRACTION CO.

M a n a g e m e n t , G e n e r a l E n g in e e r i n g & M a n a g e m e n t C o r n .
C o n tr o l .-— A ll c o m m o n a n a p r e f. s to c k s o u ts ta n d in g o w n e d b y M u n ic ip a l
S e rv ice C o .
O R G A N I Z A T I O N .— In c o r p o r a te d in P e n n sy lv a n ia N o v . 20 1899. O w ns
and op era tes th e C itizen s' L ig h t & P o w e r C o . , th e M o n a r c h P a rk H o te l C o
(an a m u sem en t p a rk w ith 60 acres o f g r o u n d ), th e R e n o B r id g e C o . and
th e C itizen s T r a n sit C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tro lle y r o a d . O perates 2 8 .6 8 m iles o f track in Oil C it y , R ou seville
a n d R e n o , an d c o n n e c tin g ro u te s on b o th sides o f the A lle g h e n y
R iv e r . 6 5 -lb . an d 7 0 -lb . T rail an d 8 5 -lb . gird er r a il.
H as 40
m o t o r ca rs an d 5 fre ig h t an d m isce lla n e o u s cars. A ls o o p e ra te s buses
th r o u g h C itize n s T r a n sit C o . P a ssen gers ca rrie d d u rin g 12 m o s . en d.
F e b 28 1927: r a ilw a y , 1 ,4 5 9 ,1 4 0 ; b u s. 1 ,6 2 8 ,5 0 5 . T h e c o n t r o lle d C itize n s '
L ig h t & P o w e r C o . fu r n is h e d e le c tr ic lig h t a n d p o w e r fo r O il C it y , F ra m d in ,
an d v ic in it y .
STOCK AN D BO N DS—
D a te
In terest.
O u ts ta n d in g .
M a t u r it y
...............
$ 1 ,0 0 0 ,0 0 0
See text
C o m m o n $ 1 ,0 0 0 ,0 0 0 ($ 5 0 )........ ............
P referred $ 1 ,0 0 0 ,0 0 0 ($ 5 0 )___________
Q -J
6 0 0 ,0 0 0
See text
F irst m tg e $ 2 ,5 0 0 ,0 0 0 g o ld ) 1912 5 A -O
1 ,2 6 8 ,0 0 0 A p ril 1 1942
($ 1 ,0 0 0 ) sin kin g f u n d - _ c * t f ( P a . C o . fo r In s. o n L . & G . A . P h ila ., trust
R e fu n d in g m o r tg a g e $ 2 ,5 0 0 ,-1 1917 6 M -N
x l , 2 6 3 ,0 0 0 M a y 1 1942
0 0 0 _______________________ r t f / P a . C o . fo r In s . o n L . & G . A . , P h ila ., trus
x A ll h eld b y M u n ic ip a l S e rv ice C o . an d p le d g e d u n d er 1st lien & c o ll, tr
b o n d s d a te d M a r c h 1 1 9 i7 .
B o n d s . — 1st M . c lo s e d .
R e d . a t 105 and in t . In w h o le o n or a fter A p ril 1
1917. or in p a r t fo r sin k , fu n d b e g a n J u ly 1 1918
S in k , fu n d o f 1 % per
an n . b e c a m e o p e r a t iv e J u ly 1 191 8. A n im p ro v e m e n t fu n d o f >3 o f 1 %
s em i-an n u ally b e c a m e o p e r a tiv e o n J a n . 1 1923. See V . 9 4 . p . 1118, 697.
I n t . at o ffic e o f tr u s te e . $ 1 ,2 8 0 ,0 0 0 r e .f M . b o n d s reserved t o re tire 1 st M .
rem ain in g b o n d s t o b e issu ed fo r a d d itio n s a n a e x ten sion s u n d e r certa in
r e s trictio n s .
D iv i d e n d s .— F irst d iv . o n p r e f.— 2 H % — w as p a id Jan . 2 1913: J u ly 1913.
2 % . In 1914, J a n ., 2 % ; J u ly , 2 ^ 3 % .
In 1915, J a n ., 3 % ; in A p ril p aid a
qu a r d iv . o f 1 >3 % an d sam e rate q u a r. to and in cl. O c t . 1918.
In A p r
1919, 3 % ; J u ly , 1 > 3 % ; an d sam e ra te q u a r. sin ce to a n d in c l. D e c . 1920
I n 1921, J a n ., 3 % ; A p r il, 1 M % ; J u ly , 1 ) 3 % ; O c t ., 1 * 3 % . In 1922. 6 % :
in 192 3, 6 % . In 1924, 6 % ; sin ce p a id 1 ) 3 % q u a r. In itia l d iv . on c o m .,
1 % , p a id N o v . 191 5. In 191 6, 1 M % ! in 1917, 1 > 3 % ; in 1918, A p r il 1 % :.
J u ly , H % . I n 1 91 9, J u ly , M % \ O c t .. > 3 - % - In 1920, J a n ., M % :
A p r il, 2 M % ! J u ly , 1 % . In 192 1, J a n ., 1 % ; A p ril, 1 M % ; J u ly , 1 % . In
1922, A p r il, 1 % ; J u ly , 2 % .
In 192 3, J a n ., 4 % ; A p r il, 3 % : J u ly , 3 % ;
O c t ., 3 % . I n 1924, A p r il, 2 ^ % ; J u n e , 2 K % : S e p t., 1 % ; D e c ., 2 % . In
192 5. A p r il. 1 ) 3 % : O c t ., 1 % ; D e c ., 2 % : t o t a l, 4 ) 3 % .
E A R N I N G S .— F o r c a le n d a r y e a rs (in c l. su b sid ia rie s):
G ross.

N e t a ft e r T a x e s .

I n t e r e s t C h a r g e s.

B a la n ce .

$ 3 7 0,11 1
1927 ______ $ 1 ,0 4 9 ,6 5 1
$ 5 0 6 ,8 7 2
$136,761
$33 6,44 2
1925 ______ $ 1 ,0 2 5 ,9 1 0
$ 4 6 9 ,1 3 9
$132,697
330 ,7 5 9
9 7 8 ,1 9 4
4 5 4 ,9 1 6
124,157
1924 ______
O F F I C E R S .-— P r e s ., F . W . "W o o d co ck ; V ic e -P r e s ., H . D . P o lh e m u s
a n d V . A . R e d fie ld ; S e c ., C . A . M c C lu r e ; T r e a s ., W . E . S haw J r. O ffic e s ,
O il C it y , P a ., an d 165 B r o a d w a y , N e w Y o r k C ity .-—V . 106. p . 818 ; V . 112,
p . 241 3; Y . 115, p . 644 ; V . 116, p . 238 8; V . 119, p . 1063; V . 124, p . 349 4.

YORK RAILWAYS COMPANY.
C o n tr o lle d b y M u n ic ip a l S e rvice C o ., w h ich see a b o v e .
O R G A N I Z A T I O N .— I n c o r p . in P e n n a . N o v . 15 1907 as a c o n s o lid a tio n
o f p rop erties op era tin g in Y o r k a n d v ic in it y . V . 85, p . 1403. F r a n c h is e
p e r p e tu a l.
T h e fo llo w in g c o m p a n ie s h a v e be e n c o n s o lid a te d or m e rg e d :
Y o r k Street R a ilw a y C o .
Y o r k H aven S treet R y . C o .
W rig h ts v ille & Y o r k S treet R y C o .
R e d L io n & W in d so r S tre e t R y . C o .
Y o r k & D o v e r E le c tr ic R y . C o .
H a n o v e r & Y o r k S tre e t R y . C o .
Y o r k & D a lla stow n R y . C o .
O w ns en tire c a p ita l s to c k o f E d is o n L ig h t & P o w e r C o . , in c o rp o ra te d
in A p ril 1913 to ta k e o v e r th e lig h tin g a n d p o w e r su bsidiaries o f th e Y o r k
R a ilw a y s an d o th e r p ro p e r tie s , in clu d in g th e E d iso n E le c tr ic L ig h t C o .,
the lig h tin g c o m p a n ie s o f W e s t Y o r k , N o r t h Y o r k , M a n c h e s te r , M o u n t
W o lf, D o v e r , H a lla m an d o th e rs .
In J u ly 1915 th e M e r c h a n t s ’ E le c ­
tric L ig h t , H e a t & P o w e r C o . o f Y o r k w as pu rch ased a n d w ith fiv e su b u r­
ban lig h tin g c o m p a n ie s c o n s o lid a te d w ith th e E d iso n L ig h t & P o w e r
C o.
D u r in g 1916 a m u n ic ip a l lig h tin g sy ste m w as in stalled in Y o rk
under a 10-year c o n t r a c t.
A ls o o w n s en tire s to c k o f Y o r k S u b u rb a n L a n d
C o . an d Y o r k S team H e a tin g C o . (V . 85. p . 146 3 ). In A u g . 1923 organ ized
th e Y o r k T r a n sit C o . fo r th e p u r p o s e o f o p e ra tin g buses.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o lle y r o a d . O w ns an d op e ra te s a b o u t 84.61 m iles o f tr a c k c e n trin g in
Y o r k , o f w h ich 2 5 .3 5 m iles are w ith in the c it y o f Y o r k .
In te ru rb a n lines:
Y o r k & W in d s o r , 12.62 m iles: Y o r k & W r ig h ts v ille , 10.49 m iles; Y o r k &
D o v e r , 8 .2 8 m iles; Y o r k & Y o r k H a v e n , 10.44 m iles, and Y o r k & H a n o v e r.
17 .3 9 m iles. P a ssen gers c a rrie d d u rin g 12 m o s. Feb. 28 1927: 10,420.819 ;
e lectric o u tp u t E d ison L t . & P r . C o ., 4 7 .7 3 8 ,9 7 2 k .w .h .; s ta tio n c a p a c it y ,
11,050 h .p .; n u m b er o f co n s u m e r s , 2 4 .2 7 5 ; p o p u la tio n s e rv e d b y c o . an d
su bsid iaries, 1 26 ,000 .
E x c h a n g e O ff e r .— I n D e c . 1922 th e M u n ic ip a l S ervice C o . o ffe r e d t o give
s to ck h o ld e rs in ex ch a n g e fo r ea ch 12 shares o f Y o r k R y s . c o m m o n s to c k
(p ar $50) 5 shares o f 6 % c u m . p r e f. s t o c k o f th e M u n ic ip a l S e rvice C o
(par $ 1 0 0 ).
V . 115, p . 2582.
O u ts ta n d in g .
M a t u r it y .
STO CK AN D BO N DS—
D a te .
I n te r e s t.
_________ . $ 2 ,5 0 0 ,0 0 0 A p r '2 7 , 1 )3
C o m m o n $ 2 ,5 0 0 ,0 0 0 ($ 5 0 )____ ______
1 .6 0 0 .0 0 0 A p r '2 7 , 1M
P r e f $ 2 ,0 0 0 ,0 0 0 5 % cu m ($ 5 0 )_______
Q -J
4 .9 8 8 .0 0 0 D e c 1 1937
1st m tg e & c o ll tr $ 1 0 ,0 0 0 ,0 0 0 / 1907
5 J -D
g o ld ($ 1 ,0 0 0 )___________c * t f ( G u a r . T r . & S afe D e p . C o . , P h ila ., tru stee.
S to c k . — P r e f. s t o c k is cu m u la tiv e 3 ye a rs fr o m d a te o f issu e.
S to c k s are
listed on P h ila . S to c k E x ch a n g e .
B o n d s .— T h e s to c k o f th e co n tr o lle d E d iso n L ig h t & P o w e r C o . an d Y o r k
S u b u rban L a n d C o . are d e p o s ite d as a d d itio n a l s e cu rity fo r th e b o n d s.
$ 1 ,1 7 8 ,0 0 0 b o n d s in trea su ry. R e m a in in g b o n d s can o n ly b e issued und er
certa in restriction s. N o sin k in g fu n d .
See p a rticu la rs o f b o n d s , p r o p e r ty ,
& c ., in V . 87, p . 4 0 . B o n d s liste d o n P h ila . S to c k E x ch a n g e
V . 8 9 , p .4 1 2 ;
V . 9 4 , p . 984.
D iv i d e n d s .— In itia l d iv . o n p r e f.— 1 % — p a id J u ly 1911.
In 1912, 4 % .
In 1913 an d 1914, 5 % .
In 1915 the regu lar Jan . d iv . o f 2 1 3 % w as p aid in
5 % scrip d a te d Jan . 30 an d m a tu rin g Ja n . 30 1918, b u t ca lle d fo r p a y m e n t
on Jan . 30 1916. T h e J u ly d iv . o f 233 % w as p a id in ca sh .
ln l9 1 6 ,6 K % .
In 1918 t o 1924 in c l., 5 % .
In 1925, 5 % .
I n 1926, 5 % .
In 192 7, J a n .,
1 1 3 % ; A p r il, 11 i % .
A n in itia l q u a r. d i v . o f 1 % was p aid o n th e c o m m o n
s t o c k J u ly 15 1922. V . 114, p . 2 82 6. I n O c t . 1922 1 % was p a id . I n 1923,
4% .
I n 192 4, J a n ., 1 % ; A p r il. 1 % ; J u ly , 1 % ; O c t ., 1 1 3 % . I n 192 5, 6 % .
In 192 6, 6 % .
I n 1927, J a n ., 1 1 3 % ; A p r il, 1 1 3 % .
E A R N I N G S .— C o m b in e d earn in gs fo r c a le n d a r years:
G ro s s
E a r n in g s .

N e t, a fter
E x p . A T a xes.

F ix e d
C h a r g e s.

B a la n c e ,
S u r p lu s .

1 9 2 6 _________$ 2 ,4 6 0 ,1 0 1
$ 1 ,0 3 5 ,0 9 4
$49 0 ,1 9 0
$ 5 4 4,90 4
1 9 2 5 ________ 2 ,3 0 7 ,0 7 3
9 66 ,092
4 76 ,456
4 8 9 ,6 3 5
1 9 2 4 ________ 2 ,1 7 5 ,4 0 9
7 4 8 ,3 1 4
2 4 6 ,9 0 0
501 ,4 1 5
N o t e . — T a x e s , d e p r e c . an d in t. o n b o n d s h a v e be e n a d ju s te d in a c c o r d a n c e
w ith th e resu lts arising fr o m an a g reem en t w ith Y o r k H a v e n W a te r &
P ow er C o . , w h e r e b y it assum es ce rta in fix e d charges o f th e c o . ’s steam
p ow er p la n t.
O F F I C E R S .— O p e r . M a n a g e r s , G e n . E n g . & M a n a g e m e n t C o r p ..
165 B r o a d w a y , N . Y . C i t y . P r e s ., F . W . W o o d c o c k ; V .- P s ., H . D . P o lh em u s , J. E . W a y n e a n d L . C . M a y e r ; S e c ., C . A . M c C lu r e ; V . - P . & T r e a s .,
M ilw a r d O liv e r .
O ffic e s , Y o r k ,i_ P a ., a n d 165 B r o a d w a y , N . Y . C it y .
— V . 120, p . 3317.

PENN CENTRAL LIGHT & POWER CO.
C o n tr o lle d b y N a tio n a l E le c . P o w e r C o . , w h ich o w n s th e en tire c o m m o n
s t o c k , e x c e p t d ir e cto r s q u a lify in g sh ares. O perated u n d er gen eral su per­
vision a n d m a n a g e m e n t o f E l e c tr ic M g l . A E n g in . C o r p . o f N . Y .
O R G A N I Z A T I O N .— I n c o r p . o n O c t . 26 1915 in P e n n sy lv a n ia as U n ite d
L ig h in g C o . and on O ct. 27 1925 a cq u ire d th e p rop erties o f th e o ld Penn
C en tra l L igh t & P o w e r C o .
On O ct. 27 1925 c h a n g e d its n a m e t o the
P en n C en tra l L ight & P o w e r C o .
F o r fu rth e r p articu lars as t o h is to ry o f
c o ., see “ P u b lic U tility O o m p e d iu m ” o f O c t . 31 1925.




F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . o w n s an d o p e ra te s p u b lic u t ility p ro p e r tie s , fu rn ish in g , w ith o u t c o m ­
p e titio n , e le ctric ligh t an d p o w e r in 10 0 c o m m u n itie s in cen tral an d n o r th ­
w estern P e n n s y lv a n ia . T h e largest c o m m u n it y se rve d is A lt o o n a . C o .
also w holesales o r in te rch a n g e s p o w e r w ith P en n P u b lic S e rvice C o r p .,
K e y s to n e P o w e r C o ., P o t o m a c E d is o n C o . (W e s t P en n S y s te m ), an d oth er
co m p a n ie s . M a n u fa c tu r e s an d d is trib u te s gas in H u n tin g d o n and L ew isto w n .
T h ro u g h ow n e rsh ip o f all o f th e c o m m o n s t o c k (e x c e p t d ir e cto r s '
shares) o f th e L e w isto w n and R e e d s v ille E le c t r ic R y . C o . c o r p . furnish es
stre e t r y . s e rv ice in an d a b o u t L e w isto w n . T o t a l te r rito r y s e rv e d , 5.5 0 0
sq u a re m iles; p o p u la t io n , 3 5 0 ,0 0 0 . C o . o w n s 4 m o d e rn ge n e ra tin g s ta tion s
w ith an installed c a p a c it y o f 9 7 ,0 0 0 k .v .a .
T h e re are 380 m iles o f high
tension lines (m a xim u m o p e ra tin g v o lta g e 1 1 0 ,0 0 0 v o l t s ) . o f w hich 108 m iles
are in the fo rm o f d o u b le cir c u it steel to w e r lines. T h e transm ission system
serves 52 s u b -sta tio n s (ca p a c ity a b o u t 9 7 ,0 0 0 k . v .a .) , 4 3 ,4 7 7 e le ctric cus
to m e rs. T w o gas p la n ts (in H u n tin g to n a n d in L e w isto w n , s ervin g 2,800
c u sto m e rs. 9 V> m iles sin gle track o f e le ctric r a ilw a y . C o . also ow ns
o ffic e b u ild in gs, coa l lan d s and m ir in g rig h ts, c o n ta in in g reserves o f o v er
1 0 ,0 0 0 ,0 0 0 ton s o f c o a l. & c.
F r a n c h is e s . — A ll im p o rta n t franchtsas are w ith o u t tim e lim it an d free
fro m bu rd e n so m e re strictio n s.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y
C o m m o n s to c k (n o p a r ) _______ ______
________
3 0 ,0 0 0 shs
See text
P re f $5 series 150,000 shs.
(n o p a r ) ______________________ ______
$5 Q -J
1 11 ,270 shs. See text
First an d r e f m tg e ( c lo s e d ) /
1910 5 g A -O
$ 2 ,1 7 0 ,5 0 0 A p r 1 1950
($500 & $ 1 ,000) g o ld - _ c * . t f ) I n t . a t P en n C o . fo r In s . on L . & G . A .,tr u s t
First & r e f M 6 % Ser d u e 1953 f 1923 6 g J -J
1 0 .3 0 0 ,0 0 0 D e c 1 1953
Series d u e 1 9 6 4 __________ -■!
1924 5 1 3 %
2 ,0 5 3 ,0 0 0 J u ly 119 6 4
($500 & 8 1 ,0 0 0 c * & $ 1 ,0 0 0 |P e n n a . C o . fo r In s u r . on L iv e s & G ra n tin g
& cr * > g o l d . . . .
t f I A n n u ities. P h ila .. tru stee
1st & r e f M 5 K s o f 1 9 2 5 ( c $ l ,- / 1925
5 ) 3 g A -O
7 ,0 0 0 ,0 0 0 Oct,. 1 1 9 7 5
0 0 0 ,5 0 0 ,1 0 0 & c * $ l ,0 0 0 ) -- t f\ I n t . a t S e a b o a rd N a t . B k ., N . Y . C i t y , tru s .
M ifflin C o G as & E le c C o 1st)
1906 5 g A -O
135 ,500 A p r 1 11 3 >
M ($500 a n d $ l ,000) - - C . t f l i n t , a t o ffic e o f W . W . C u n n in g h a m , Lew isi t o w n , P a ., tru ste e .
R a y s to w n W a t P r 1st M $ 7 5 0 ,- / 1908
5 g A -O
$ 5 1 9 ,5 0 0 A p ril 1 1938
000 ($ 1 ,0 0 0 , $500 c * ) ______t f /G r a n g e T r u s t C o . , H u n t in g t o n , P a ., trustee
C o v e E le c tr ic C o 1st m t g e / 1921
6 A -O
4 5 .5 0 0 O c t 1 1941
$ 2 5 0 ,0 0 0 ______________________IG u a r . b y R a y s to w n W a te r P o w e r C o .
N e w to n E le c tr ic C o 1st m t g e / 1919
6 J -J
5 .8 0 0 Jan 1 1940
$ 2 5 .0 0 0 - _________________ ____(G u a r . b y R a y s to w n W a te r P o w e r C o
L e w isto w n & R e e d s v E R y / 1899
6 g J -J
8 9 ,5 0 0 J u ly 1 1929
1st M 6s ( c S l ,0 0 0 -5 0 0 )-_ t f \ M erch an ts U n io n T r u s t C o . , P h ila ., tru stee.
Stock.- — T h e $5 s e r i e s c u m . p r e f . n o p a r s to ck is p r e f. as t o c u m . d iv s . an
assets ($75 an d d i v s .) .
R e d ., all o r p a r t, a t o p t io n o f c o . o n 30 d a j
n o tice a t $ 80 an d d iv s . L iste d on C h ic a g o S to c k E x ch a n g e a n d P h ila d e lp h
S to c k E x ch a n g e .
In J a n . 1926 A . C . A lly n & C o . o ffe r e d 8 9 ,2 5 4 shares
$73 an d d iv s ., t o y ie ld a b o u t 6 . 8 5 % . V . 122, p . 348 .
B o n d s . — F irst an d r e f. m tg e . 5s o f 1910 are ca lla b le on a n y In terest d a f
at 105 an d in te re s t. A n n u a l s in k in g f u n d o f 1 % o f o u ts ta n d in g b o n d s e a '
A p ril 1 to b e used fo r p u rch a se o r r e d e m p tio n o f b o n d s a t n o t e x ce e d in g V
an d in te re s t. $ 3 0 3 ,5 0 0 re tired th rou gh sin k in g fu n d u p t o M a r . 31 1914.
First an d r e f. m tg e . 6 % series d u e 1953 are re d e e m a b le as a w h o le a t any
tim e o r in p a r t an d fo r th e sin kin g fu n d on a n y in te re st d a te on 30 d ays
n o tice at a p r e m iu m o f 5 % o n o r b e fo r e N o v . 30 1944, said p rem iu m t o b
re d u ce d b y 13 o f 1 % co m m e n cin g D e c . 1 1944, w ith a lik e a d d itio n a l redu c ­
tion c o m m e n cin g on D e c . ’ o f e ach y ear th e re a fte r until m a t u r it y . A n nu? 1
s in k in g f u n d o f 1 % o f o u ts ta n d in g b o n d s b e g in n in g O ct. 1 1928, t o b e u se4
fo r ou rch a se o r r e d e m p tio n o f b o n d s n o t e x ce e d in g 105 and in te re st. P e n n :..
4 m ills ta x . C o n n . 4 m ills ta x , M a r y la n d se cu rities tax n o t e x ce e d in g 4>3
m ills p er an n u m an d M a s s , in c o m e tax n o t e x ce e d in g 6 % p er an n u m on
in co m e d e r iv e d fro m th e b o n d s r e fu n d e d . In N o v . 1923 $ 1 0 ,3 0 0 ,0 0 0 6 %
series, d u e 1953. w ere s o ld b y D rexel & C o ., B ro w n B ro th e rs & C o ., W . H .
N e w b o ld 's Son A C o . , R o b t . G len d en n in g & C o . , an d E d w a rd B S m ith &
C o . , at 98 and in te re s t, t o y ie ld a b o u t 6 .1 5 % . V . 117, p . 2332
T h e 1st A R e f . M tg e . G old B o n d s , 513 s, D u e 1975, are issu ed b y th e P e n n .
C e n tra l L ig h t & P o w e r C o r p . w hich t o o k o v e r th e P e n n . C e n tra l L ig h t &
P ow er C o r p . an d a t th e en d o f 1925 ch a n g e d its n a m e a gain t o P en n C en tra l
L ig h t & P o w e r C o . T h e se 1st an d r e fu n d in g m o r tg a g e g o ld b o n d s are
secu red b y a d ir e c t 1 st m tg e . u p o n a p o r tio n o f th e p h y s ic a l p r o p e r t y o f th e
c o r p ., a n d b y a d ir e ct m o r tg a g e on th e b a la n c e , s u b je c t t o ce rta in d iv ision a l
u n d erlyin g b o n d issues, o f w h ich $ 1 4 ,6 5 9 ,0 0 0 are o u ts ta n d in g w ith th e
p u b lic, an d n o t t o e x ce e d $ 6 6 0 ,3 0 0 is a v a ila b le in th e th e tr e a s u r y . T h e re
are also o u ts ta n d in g w ith th e p u b lic $ 6 6 0 ,3 0 0 o f b o n d s o f s u b s id ia ry c o m ­
pan ies. A ll these d iv isio n a l u n d e rly in g b o n d s, & c ., are r e fu n d a b le u n d er
this m o rtg a g e . A d d itio n a l 1st & r e f. m tg e . b o n d s m a y b e issu ed fro m
tim e t o tim e in serries o f such te n o r as d ir e cto r s m a y d e te r m in e , fo r 8 0 %
o f new c o n s tr u c tio n , & c .. p r o v id e d n e t earn in gs fo r 12 o u t o f p r e c e d in g 15
m on th s h a v e been n o t less th an 1 14 tim e s ann u al in te re s t ch arges o n all
b o n d s o u ts ta n d in g , o r fo r 7 5 % o f su ch n e w c o n s t r u c tio n , & c ., i f earn in gs
h a ve been n o t less th an 1 )3 tim e s th e sam e ch a rg e s . M a y also b e issued
for ce rta in re fu n d in g p u rp o s e s , a ga in st ca s h , & c. A r e r e d . o n 30 d a y s
n o tice in c l. O c t . 1 1935, a t 105 a n d in t ., th is p r e m iu m o f 5 % d ecrea sin g
at th e ra te o f M % o n each A p ril 1 th e re a fte r t o m a tu r ity . In te res t also
p a y a b le in C h ic a g o a n d P h ila d e lp h ia . P e n n , a n d C o n n . 4 -m ill ta x , M a r y ­
land 4 J3-m ill ta x , C a lif. 4 -m ill ta x an d M a s s . 6 % in c o m e tax r e fu n d a b le .
In O c t . 1925, A . C . A lly n & C o ., I n c ., & c ., & c ., so ld $ 5 ,5 0 0 ,0 0 0 a t 97 an d
in t ., t o y ie ld 5 . 6 5 % . — V . 121, p . 1790; Y . 122, p . 1611.
D iv i d e n d s . — A n in itial q u a r . d iv . o f $1 25 w as p a id in J a n . 1926 o n th e
$5 series p r e f. s t o c k . V . 121, p . 2 75 2. In A p r il, J u ly a n d O c t . 1926 e a ch
$ 1 .2 5 . I n 192 7, J a n ., $ 1 .2 5 ; A p r il, $ 1 .2 5 .
E A R N I N G S .— C o n s o lid a te d earnings ( in t e r -c o . ite m s e lim .) fo r c a l . y e a r s .
G ross.

N et A fte r
T a xes.

B on d I n t .,
A c.

R e n e w .R e s .A
F ed . T a xes.

B a la n ce .

$ 2 ,6 9 9 ,7 5 9 $ 1 ,2 0 0 ,3 1 6
$ 5 1 1 ,1 1 9
$ 9 8 8 ,3 2 4
192 6 __________$ 4 ,9 5 4 ,4 9 9
1 9 2 6 x ________ 4 ,6 1 4 ,1 5 5
2 ,3 2 0 ,8 7 0
960 ,2 2 3
4 2 0 ,7 8 6
939 ,8 6 1
1924_________ 3 ,6 8 9 ,3 3 7
1 ,8 4 0 ,7 0 5
8 5 7 ,5 8 0
3 3 8 ,3 1 5
6 4 4 .8 1 0
192 3_________ 3 ,3 2 9 .3 5 4
1 .4 6 6 .4 9 9
4 2 1 ,4 9 7
4 1 9 .6 5 3
6 2 5 .3 4 9
192 2_________ 2 ,4 8 1 .0 6 4
1 ,0 5 8 .7 2 2
3 5 8 ,8 7 1
2 8 7 .3 4 7
4 1 2 ,5 0 4
1 9 2 1 ________ 2 .2 1 8 .2 1 2
909 848
3 5 5 .5 2 7
2 4 9 .8 6 9
3 0 4 ,4 5 2
x E a rn in g s are fo r p e r io d 12 m o s . e n d e d F e b . 28 1926.
O F F I C E R S .— C h a irm a n , S am u el I n s u ll; V ic e -C h a ir m a n , M a r t in J.
In s u ll; P r e s ., H a r ry R e id ; V .- P s ., A . E . B u rn e s, P . B . Shaw a n d L e o L o e b ;
V . - P . & G e n . M g r ., J . H . Sheares; S p e c. V . - P . , W ille t t R . P o r te r ; T r e a s .,
C . B . Z e ig le r; S ec. & A s s t. T r e a s ., W . W . B e ll; A s s t. S ec. & A s s t. T r e a s .,
M . A . M ille r ; A s s t. S e c ., J. W . S h e d d e n . G e n e ra l o ffic e , A lt o o n a , P a .
— V . 121, p . 1909, 2752; V . 122, p . 348 , 1457, 2 4 9 7 , 360 7; V . 124, p . 648 ,
2 42 9, 377 3.

LEW ISTOW N & REEDSVILLE ELECTRIC R Y .
C o n tr o lle d b y th e P en n C e n tra l L ig h t & P o w e r C o r p . A ll o f th e stoc*'
and s o m e o f th e b o n d s are s u b je c t t o th e lien o f th e m o r tg a g e s o f t h e P e n *
C e n tra l L ig h t & P o w e r C o . (see u n d e r P e n n C e n tra l L ig h t & P o w e r C o r n .
a b o v e ).
O R G A N I Z A T I O N .— I n c o r p . in P e n n s y lv a n ia o n M a r c h 24 1892.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 9 .4 5 m iles o f tra ck Atom L e w isto w n to R e e d s v ille an d L ew istow n
J u n ctio n , w ith a b ra n ch t o B u rn h a m .
R a ils 60 an d 7 0 -lb . T an d 7 0 -lb .
girder. C lo se d cars, 26. 1 s n o w p lo w , 1 m isce lla n e o u s.
V . 120, p . 1204.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
S to ck $ 1 5 0 ,0 0 0 ($ 5 0 )________________
________
$ 1 5 0 ,0 0 0 '0 7 - ’ 0 8 ,'5 %
1st m tge g o ld <$500 & $ 1 ,0 0 0 )1 1899
6 g J -J
8 9 ,5 0 0 J u ly 1 1929
$15 0 ,0 0 0 n o t c a l l a b l e . c & r t f /i n t . a t M e r ch a n ts U n io n T r . C o . , P h ila .,tr u s
5%
125 ,0 0 0 M a y 1 1949
S econ d m o r tg a g e $ 1 2 5 ,0 0 0 ___ / 1902
(C o m m o n w e a lt h T r . C o . , H a r ris b u r g ,P a .,tr u s
R e fu n d in g m o r tg a g e $ 5 0 0 ,0 0 0 / 1917
5 A -O
6 8 .0 0 0 O ct 1 1940
(P h ila d e lp h ia T r u s t C o . , P h ila d elp h ia , tru stee
T h e first m o r tg a g e b o n d s o r ig in a lly b o r e in terest a t th e ra te o f 5 % and
m atured J u ly 1 1919, b u t w ere e x te n d e d fo r 10 years a t 6 % .
V . 109. p . 1179.
S e co n d m o r tg a g e 5s o r ig in a lly fell d u e M a y 1 1917, b u t w ere e x ten d ed to
M a y 1 1949. T h e y are o w n e d o r c o n t r o lle d b y P en n C e n tra l L ig h t & P ow er
C o . A ll th e o u ts ta n d in g r e fu n d in g m o r tg a g e b o n d s are o w n e d b y th e P en n .
C e n tra l L ig h t & P o w e r C o .
T h e y w ere issu ed fo r e x te n sio n s, im p ts ., & c.
D iv i d e n d s . — 1902 t o 190 8, in c lu s iv e , 5 % p e r a n n u m .
N o n e sin ce.
O F F I C E R S .— P r e s . & M g r ., J. I . Q u ig le y , L e w isto w n ; V . - P . , J. H
sh earer, A lt o o n a , P a .; T r e a s ., C . B . Z e ig le r, N e w Y o r k , N . Y . ; S e c ., W . W .
B e ll, N e w Y o r k , N . Yr .; A sst. T r e a s ., M . A . M ille r , A lt t o o n a , P a. S u p t.,
C . E . G o ss a rd , L e w is t o w n .— V . 9 6 , p . 48 7 ; V . 109, p . 1179.

O ct ., 1927.]

POWER, LIGHT AND RAILW AY

W ILKES-BARRE & HAZLETON RR.
O R G A N I Z A T I O N .— I n c o r p . in N . J. M a y 1901 a n d a c q u ir e d tn e entire
($ 1 ,5 0 0 ,0 0 0 ) ca p ita l s t o c k a n d ($ 1 ,5 0 0 ,0 0 0 ) boD ds o f th e W ilk e s -B a rr e &
H a zleton R a ilw a y C o . (P e n n a . In co rp o ra tio n ) an d d e p o s ite d th e sam e,
togeth er w ith $ 1 4 0 ,0 0 0 (en tire issue) o f th e L eh igh T r a c t io n C o . ’ s 5 %
c e r tific a te s o f in d e b te d n e ss a n d $92 6 ,2 0 0 (on J u ly 7 1926 increased to
$ 9 9 3 ,1 0 0 ) o f th e $ 1 ,0 0 0 ,0 0 0 s to c k o f th e L eh igh T r a c tio n C o . as secu rity
fo r th e W ilk e s -B a rr e & H a z le to n R R . C o . issu e o f 1st c o ll, tru st m tg e . 5 %
g o ld b o n d s .
V . 72, p . 1281. F r a n c h is e s a re 999 yea rs in a n d a ro u n d
H a z le to n a n d p e r p e tu a l fro m H a z le to n t o W ilk e s -B a rre .
In O ct. 1922 th e c o . n o tifie d h o ld e rs o f th e c o il. tr. 5s (d u e 1951) th a t it
w ou ld be im p ossib le t o p a y th e M a y 15 1915 t o N o v . 15 1916, i n c h , c o u p o n s
a n d o ffe r e d in p a y m e n t 6 % n o n -c u m . p r e f. s t o c k o f th e c o .
T o D e c . 31
1926. 7 8 % o f th e b o n d h o ld e rs w ere r e p o r te d t o h a v e a c c e p te d th e c o . ’s
p la n b y ex ch a n g in g their u n p a id c o u p o n s fo r p r e f. s to c k s . V . 122, p . 21-94.
H old ers o f th e c o ll. tr. term in a l 5s (d u e 1945) w ere also n o tifie d in O ct
1922 th a t it w o u ld b e im p o s sib le t o p a y th e O ct. 1 1915 t o A p ril 1 1917.
ln c l., c o u p o n s an d w ere o ffe r e d in p a y m e n t 6 % n o n -c u m . p re f. s t o c k o f the
co.
T o D e c . 31 1926, 9 8 % o f th e b o n d h o ld e rs w ere r e p o rte d t o h a v e
a c c e p te d th e c o . ’s plan b y e x ch a n g in g th eir u n p a id c o u p o n s fo r p r e f s to c k
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y
C o m m o n $ 2 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) - - ____
___________ $ 2 ,5 0 0 ,0 0 0 --------------------P r e f 6 % n o n -cu m $ 7 0 0 ,0 0 0 _________
___________
4 5 1 ,3 4 0 ____________
C olla tera l tru st m o rtg a g e $2,-1 1901
5 g M -N 15 1 ,9 0 0 .0 0 0 M a y 15 '51
5 0 0 .0 0 0 g old ($ 1 .0 0 0 )___ c * / I n t . a t G u a r a n ty T r u s t C o ., N . Y . , T ru ste e
C olla tera l tru st m o rtg a g e $ 1 ,-1 1 9 0 5
5 g A -O
1 .2 2 7 .0 0 0 O c t 1 1945
5 0 0 .0 0 0 g o ld ( $ 1 .0 0 0 )____ c / I n t . a t G u a r a n ty T r u s t C o .. N . Y . . T ru ste e
S to c k . — P referred s to c k c a n . a t o p t io n o f c o m p a n y , be ch a n g e d a t any
tim e Into th e b on d s o f th e c o m p a n y , a t p a r, said b o n d s t o bear nnt lege
than 5 % , o r m a y b e re d . at p ar in cash
B o n d s . — O f the a u th orized Issue o f $ 2 ,5 0 0 ,0 0 0 c o ll. t f . b o n d s o f 1901
$ 6 0 0 ,0 0 0 are reserved t o retire all b o n d s o f the L eh igh T r a c tio n C o .
A
sin k in g fu n d o f $ 2 0 ,0 0 0 per an n u m , w h ich began Jun e 1 1908, Is t o be
in v ested In th e c o ll. tr. b o n d s o r in b o n d s p u rch a sa b le b y sa vin gs b a n k s in
N e w Y o r k S ta te.
See V . 72, p . 1281; V. 78. p . 289.
T h e c o ll. tr. b o n d s o f 1905 h a v e a s in k in g f u n d o f $ 1 0 ,0 0 0 p er ann um
w h ich b e g a n in 191 0. B o n d s c a n b e c a lle d a t 110 . S ee a ls o u n d e r “ O r­
g a n iz a t io n .”
E A R N I N G S .- — F o r c a le n d a r y e a rs (in clu d in g allied c o m p a n ie s ):
O ross.

N et.

T a xes.

I n t e r e s t . R es .

D ep . D eficit

x l 9 2 6 _________ $ 8 2 8 ,7 5 6 $25 2 ,8 3 1 $ 1 8 ,2 8 7 $1 9 8 ,9 4 6 $ 1 3 7 ,7 7 9 $10 2,18 1
19 2 5 ..............
8 1 4 ,0 7 9
2 6 2 ,3 2 6
17,261
195 ,150
124 ,482
74,5 6 7
1 9 2 4 ................... 9 12 .872
315 ,731
1 8 .5 5 2
181.637
1 37 .802
22.261
1 9 2 3 - . - ............ 8 9 9 .1 8 0
3 1 7 ,3 5 8
16,034
189.000
1 30 .460
18.137
1 9 2 2 ................... 7 7 4 ,2 9 0
2 7 7 ,1 5 2
1 9 ,5 7 6
1 82 .532
128 .1 0 4
53,060
x T h e loss in 1926 on e q u ip m e n t retired and a b a n d o n m e n t o f pow er
p la n t a m o u n te d t o $ 1 1 ,0 0 0 . I n 1925 t h e lo ss am o u n te d t o $ 9 5 ,7 5 2 .
O F F I C E R S .— P r e s ., A . M a r k le ; Y . - P . & G e n . M g r ., C . B . H o u c k ;
A s s t. V . - P . & G e n . M g r ., E . B . M a r k le ; S e c ., A . M a r k le J r .; T r e a s ., G e o .
W . H o d g e s ; A s s t. T r e a s ., H . B . M a r c h ; C a s h ie r , W ilb e r t W e a r .— V . 116,
p 2 25 8; Y . 122, p . 2 19 4.
(1) L E H I G H T R A C T I O N C O .
O R G A N I Z A T I O N .— C h a rte re d N o v . 7 1892. F r a n c h is e p erp etu a l
O w n s, c o n tr o ls an d leases fo r 999 years a t an ann ua! ren tal o f $1 each the
H a z leton & S u b u rban E le ctric R y ., c a p ita l $ 30 ,000 ; H a zle to n & Sou th
S ide E lectric R y ., c a p ita l $75 ,0 0 0 ; H a zle to n & N o rth Side E le c tr ic R y .
ca p ita l $ 7 5 ,0 0 0 . T h e $14 0 ,0 0 0 ce r tific a te s o f In debtedness and $99 3 ,1 0 0
o f L eh ig h T r a c tio n s to c k are d e p o s ite d as se cu rity fo r th e W ilk e s-B a rre &
H a z le to n R R . b o n d s o f 1901. O w n s e n tire s to c k o f H a z le to n A u to -B u s C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S — A
tr o lle y r o a d .
O perates 20 m iles o f tr a c k , new 9 0 -lb . steel T rails, oa k ties
well b a lla sted .
R o a d e xten d s fro m H a z le to n to W e s t H a z le to n , t o Y ork tow n (c o n n e c tin g w ith P e n n sy lv a n ia R R . apd L e h ig h V a lley R R . ) , tr
M c A d o o (sou th ) and M iln e s v ille . L a tim e r M in e s an d F reelan d (n o r th ).
STO CK A N D BO N DS—
D a te .
I n te r e s t.
O u ts ta n d in g .
M a t u r it y
S to c k $ 1 ,0 0 0 ,0 0 0 ($ 1 0 0 )_____________
___________ $ 1 ,0 0 0 ,0 0 0 ____________
F irst m ortg a g e $5 0 0 ,0 0 0 g o ld ! 1893
5 g J -D
5 0 0 .0 0 0 Jun e 1 1933
($1 0 0 . $50 0, $ 1 ,0 0 0 ) ____ c * /M a r k l e B k g . & T r . C o ., H a z le to n . T ru ste e
C e r tific a te s o f i n d e b t e d n e s s - - ____
___________;
1 40 .000
------------H a zle P a rk r e f b o n d s ( $ l , - f 1925
6 A -O
6 0 .000 A p r 1 1940
000 c * ) ____________________ t f\ I n t . at M a r k le B k g . & T ru s t C o .. T ru stee
E q u ip tru st c t fs , Ser B _______ / 1925
5 A A -O
1 7 0 .0 0 0 A p r 1 1 9 3 5
l i n t . at M a r k le B k g . & T r . C o . . T r u s te e .
B o n d s .— I n F e b . 1923 th e c o . a n n o u n ce d a plan for the exten sion o f thr
1st m tg e . 5s, d u e Jun e 1 1923. for 10 years.
V . 116, p. 1649; V . 117 p . 781
T h e H azle P a rk re f. b o n d s are re d . u p o n 60 d a y s ' n o tice at par and In t.,
an d eith er w h ole o r p a rt.
T h e e q u ip m e n t trust c e rtifica te s c o v e r 3 steel
cars and 1 0 new steel b o d ie s .
O F F I C E R S .— P r e s ., A . M a r k le ; V .- P . , C . B . H o u c k ; A s s t. V .- P . & G e n M g r ., E . B . M a r k le ; S e c. & T r e a s ., A . M a r k le J r .; G e n . M g r ., C . B . H o u c k .
— V . 116, p . 1649: V . 117, p . 670 , 781 .
(a ) H A Z L E T O N A U T O B U S C O .
O R G A N I Z A T I O N .— I n c o r p . A u g . 10 1925 in P e n n s y lv a n ia . O perates
th ree b u s r o u te s as a u x ilia ry t o s treet ca r lines in c it y o f H a z le to n , P a .,
a n d B o r o u g h o f W e s t H a z le to n , P a .
S to ck a u th o rize d an d o u ts ta n d in g
$ 1 0 0 ,0 0 0 , all o w n e d b y L e h igh T r a c tio n C o
C e r tific a te o f p u b lic c o n v e n ­
ie n c e expires Ju n e 1 1928.
O F F I C E R S .— P r e s ., E . B . M a r k le ; S e c .-T r e a s ., A . M a r k le , Jr.
(2) W I L K E S - B A R R E

&

HAZLETON

E A R N I N G S .— F o r c a le n d a r vears:
G ro s s
E a r n in g s .

N e t, a fter
T a xes.

O th er
In com e.

F i x e d C h g s . B a t ., b e fo r e
& c.
D i e s . , S u r.

* 1 9 2 7 ..............$ 1 ,0 6 5 ,0 4 8
$ 2 3 3 ,5 3 0
$ 3 9 ,2 9 0
$ 2 0 9,31 3
$63 ,507
19 2 6 ------------- 1 ,6 5 1 ,5 4 9
4 2 4 ,5 5 9
5 6 ,3 6 1
3 1 3 ,4 0 3
167 ,517
1925------------- 1 ,6 5 2 ,3 0 2
3 8 6 ,0 7 2
52,7 2 2
3 1 3 ,2 1 4
1 25 ,580
1924------------- 1 ,6 9 2 ,2 3 4
4 2 2 ,7 8 5
5 6 ,289
3 1 4 ,8 5 5
164 ,219
1923------------- 1 ,7 4 7 ,5 8 6
5 1 3 ,6 7 6
5 0 ,1 7 6
3 1 8 ,1 7 6
2 4 5 .6 7 6
1922------------- 1 .6 6 8 .1 8 6
5 0 1 .0 2 5
39,311
3 1 8 .1 0 3
2 2 2 ,2 3 3
* F o r 8 m o n th s e n d e d A u g . 31 1927.
U i t l U i t K S . — P r e s ., F . B . M u s s e r , H a r ris b u r g , , a ., a e c . as t r e a s .
™
O -C o n n e ll, H a rrisb u rg , P a .— V . 119, p . 253 3; V . 122, p . 2 1 9 0 .

SCHUYLKILL RAILWAY CO.
O R G A N I Z A T I O N .— I n c o r p . in P e n n a . o n J u ly 20 1903 an d p u rch a s e d
che p r o p e r t y o f S c h u y lk ill T r a c t io n C o . a n d L a k e sid e R y . C o . Y . 8 0 , p .
1729. L eases th e S ch u y lk ill C o u n t y R y . C o .
R 'o r g a n iz a t io n P l a n . — F o r d eta ils o f re o r g a n iz a tio n p la n m a d e p u b lic
in Jun e 1918 (n o t c o n s u m m a te d , h o w e v e r , as y e t ) , see “ E le c t r ic R a il w a y ”
S u p p le m e n t o f A p ril 26 1924.
S a le P r o p o s e d . — See V . 109, p . 1462.
STO C K A N D JBO N D S—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
S to ck $40 0 ,0 0 0 ($ 5 0 ) ------------------------------------------$ 4 0 0 ,0 0 0 ____________
First c o n s o l m tg e $ 1 ,4 5 0 ,0 0 0 / 1905
5 g A -O
6 4 0 ,0 0 0 A p r il 1 1935
g o ld ($500 & $ 1 ,0 0 0 )-------c * ( I n t . a t F id e lit y T r u s t C o . , P h ila ., tr u s te e .
in c o m e b o n d s ----------------------------- 1913
5 J -J
1 5 0 ,0 0 0 J an
11944
Series B ------------------------------------- . . .
1 6 .500 - .
B o n d s . — O f th e re m a in in g fir s t c o n s o l, b o n d s , $76 0 ,0 0 0 a re re s e rv e d t o
n t i r e th e u n d e rly in g liens in sta te m e n t b e lo w an d $ 5 0 ,0 0 0 a re in tr e a s u r y ,
i r e s u b je c t t o call a t p a r a n d in te re s t.
E A R N I N G S .— F o r y e a r en din g D e c . 31 1924, gro ss, $ 5 0 8 ,6 5 7 ; n e t, a fter
taxes, $ 1 7 5 ,8 5 9 ; d e fic it a fte r ch a rg e s $ 1 4 ,1 8 6 o n 1923, gro ss, $ 4 9 4 ,5 2 5 ; n et,
after ta xes, $ 1 0 0 ,0 8 3 . In 1922, g ro ss, $ 4 5 0 ,5 4 2 ; n e t, a fte r ta x es, $ 7 ,6 4 0 .
In 1921, gross, $ 5 8 1 ,8 2 8 ; n e t, a fte r taxes, $ 1 3 ,9 8 3 .
O F F I C E R S .— P r e s ., P o w e ll E v a n s , P h ila .; V .- P s ., Jas. D . E v a n s an d
T h o s. E v a n s , P h ila .; S e c. & T r e a s .. C . E . H a n n a , P h ila .; G e n . M g r .,
O . Sim s B a ile y , G lra rd v ille ; A u d ., E . S u ra n sk y .— Y . 109, p . 1700; V . 111.
p. 1950; V . 117, p . 1665, 2 65 4.
(1) S C H U Y L K I L L T R A C T I O N C O .

O R G A N I Z A T I O N .— C h a r te r e d S e p t. 26 1892 in p e r p e t u it y u n d e r th e
M o to r T r a c t io n A c t o f M a r c h 22 188 7. R o a d o p e n e d Ju n e 1 1893. O n
la n . 6 1893 leased f o r 999 y e a r s th e M a h a n o y C it y S h e n a n d o a h G ir a r d v llle
& A s h la n d S treet R y .
O n O c t . 5 1893 leased fo r 999 y e a rs th e A sh la n d
L o cu std a le & C e n tra lia E le c . R y . O w ns all th e s t o c k o f th ese t w o r o a d s ,
which is p le d g e d u n d e r th e fir s t m o r tg a g e . O n A p r il 27 1900 leased fo r 999
years th e L a k e sid e R y ., w h ic h c o n n e c t s th e t w o en d s o f th e c o m p a n y ’s;
routes fr o m M a h a n o y C i t y t o S h e n a n d o a h , a n d p u rch a s e d 2 ,6 0 0 o f th e 5,0 0 0
•shares o f th e c a p ita l s t o c k . O n J a n . 24 1901 leased th e S h en a n d oa h &
P o trsville S tre e t R y . (13 m iles) fo r 999 ye a rs (in c o r p o r a te d A u g . 1 190 0 ).
tn d b o u g h t all o f its c a p ita l s t o c k . T h e L a k e sid e S h e n a n d oa h & P o t t s zille s t o c k Is p le d g e d u n d e r c o n s o l, m tg e .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A t r o lle y r o a d . S ch u y lk ill T r a c t io n D iv is io n , 22 X m iles o f t r a c k , begin n in g
A
i t L o c u s td a le , th en ce t h r o u g h A s h la n d , H o lm e s v ille to G ir a r d v ille , fo rm in g
there a Y , o n e b r a n c h r u n n in g t h r o u g h L o s t C re e k t o S h e n a n d oa h , an d th e
oth er b r a n c h t o M a lz e v ille , G ilb e r to n a n d M a h a n o y C i t y . L a k esid e D iv i­
sion, 5 A m ile s. T o t a l, 28 m iles. 60 a n d 7 0 -lb . T ra il. E x te n sio n s o f 43
allies p r o p o s e d a n d ch a rte rs o b t a in e d . O p e ra te s 51 m o t o r c a r s , 4 w o rk
tars a n d 2 s n o w sw eep ers.
P la n o f R e o r g a n iz a tio n . — S ee S c h u y lk ill R j
C o. above.
$15 0 ,0 0 0 L a k esid e R y . 1st m t g e . 4s m a tu r e u N o v . 1 1923, b u t th e p rin ­
cip al w as d e fa u lte d . I n t . h o w e v e r is b e in g p a id re g u la rly .
C o m m itte e f o r L a k e s id e R y 1st M t g e . 4 s .— C h a ir m a n , B r a n d o n B a rrin g er
(J. W . D a v is a n d F ra n cis R a ls to n W e lsh . V . 117 , p . 2 6 5 4 .
S T O C K & B O N D S — M ile s . D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
1st M $50 0 ,0 0 0 g $500 & / 2 2 A 1893
5 g A -O
$ 5 0 0 ,0 0 0 A p ril 1 1943
$ 1 ,0 0 0 __________________ \ ln t . a t C o n t .- E q u it . T . & T . C o . , tr u s te e , P h ila .
1st M L a k esid e R y g o l d / 5 A 1893
4 g M -N
150 ,000 N o v 1 1923
$1 5 0 ,0 0 0 g u a r a n t’d b y ! I n t . a t C o n t .- E q u i t . T . & T . C o . , P h ila d elp h ia
S c h u y lk ill T r a c t io n ___ ( tr u s te e .
g J-J
105 ,000 J u ly 1 1951
Y ew c o n s o l m o r tg a g e ( s e e / ____ 1901
te x t) ($ 1 ,0 0 0 ) g o l d - .c * { i n t e r e s t a t F id e lity T r u s t C o ., P h ila ., tr u s te e .
P ow er h o u s e m o r t g a g e . . ____ ______
___________
5,0 0 0 ____________
B o n d s . — T h e 1st M . b o n d s o f 1893 m a y b e p u rch a s e d fo r s in k , fu n d at
105. S in k in g f u n d o f $ 1 0 ,0 0 0 p e r a n n u m began A p ril 1 1898. In Jun e
1916 th e tru stee b r o u g h t su it f o r an a c c o u n tin g o f n et p r o fit s fr o m op e r a tio n
o f th e p ro p e rtie s u n d e r th e m t g e . a n d a sk e d fo r th e p a y m e n t o f $ 1 0 ,0 0 0 o r
such p a r t th e r e o f as ca n b e d e te r m in e d t o be d u e , w ith in te re s t, fo r each
year fr o m A p ril 12 1905 In w h ich n e t p r o fit s w e re e a r n e d , in a c c o r d a n c e
w ith th e sin kin g fu n d p o r v is io n s .
A u th . a m o u n t o f c o n s o l, m t g e . w as $ 2 ,0 0 0 ,0 0 0 , b u t m t g e . has b e e n c lo s e d
with $10 5 ,0 0 0 o u t . O f th e o u ts ta n d in g b o n d s , $ 3 6 ,0 0 0 a re h eld in th e
tre a su ry. S u b je c t t o ca ll a t 105 a n d in t . S in k in g f u n d o f 1 % o f b o n d s o u t
b e cam e o p e r a tiv e A u g . 1 1 90 7.— V 8 0 , p 1729.

RY.

O R G A N I Z A T I O N .— C h a rte re d D e c . 13 1899 u n d er G en eral R a ilro a d
L a w A c t o f A p ril 4 1868, S ta te o f P e n n s y lv a n ia . T h e W ilk e s -B a rr e &
H a z le to n R R . ow n s th e en tire s t o c k an d b o n d s.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o ile y an d th ird -r a il r o a d . O w ns 27 m iles o f ro a d fr o m H a z le to n
t o W ilk e —B a rre, and uses fo r term in als 1 m ile L e h ig h T r a c tio n C o . track
a t H a z le to n and 3 m iles W ilk e s-B a rre T e rm in a l R R . C o . tra ck a t W ilkesB a rre; t o t a l, 31 m iles. E n tire ro a d p la c e d in o p e r a tio n M a y 1 1903
R a lls , 95 lb s .
STO CK A N D BONDS—
D a te .
I n te r e s t.
O u ts ta n d in g .
M a t u r it y .
S to c k $ 1 ,5 0 0 ,0 0 0 full p a id ____ ______
___________ $ 1 ,5 0 0 ,0 0 0 --------------------F irst
m ortg a g e
$1,500,000 1 1901
5 g M -N
1 ,5 0 0 ,0 0 0 M a y 1 1951
g o l d _________________________ /In te r e s t a t G u a ra n ty T r u s t C o . . N . Y . , T ru s
O F F I C E R S .— P r e s ., A lv a n M a r k le ; V .- P . an d G e n . M g r ., C . B . H o u c k ;
S ec. and T r e a s .. A . M a r k le Jr.
(a) WILKES-BARRE TERMINAL RR.
E n tir e s t o c k and b o n d s o w n e d b y W .- B . & H a z le to n R R .
O R G A N I Z A T I O N .— I n c o r p o r a t e d o n O c t . 9 1903.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
3 .8 0 m iles, b etw een W .- B T e r . R R . Ju n e, an d W ilk e s -B a rre . R a ils , 9 5 -lb
T.; g a u g e, 4 f t. 8 )4 in.
C A P I T A L I Z A T I O N .— S to c k au th o riz e d and o u ts ta n d in g ,
$ 3 5 ,0 0 0
(par $ 5 0 ). B o n d s a u th o r iz e d , $ 6 0 0 ,0 0 0 (c& r ).
D a t e 1905; d u e O ct 1
1945. I n t . (5 g A -O ) p a y a b le in N e w Y o r k .
O F F I C E R S .— P r e s ., C . J . K irsch n e r; S e c .-T r e a s ., A . M a r k le Jr

HARRISBURG RAILWAYS.
O R G A N I Z A T I O N .— I n c o r p . in P e n n , on N o v . 29 1912 and m erged th e
C en tra l P en n sy lv a n ia T r a e tio n C o . (see “ E le c tr ic R a ilw a y ” Section o f S e p t .
1912) an d Its subsidiaries. V . 9 6 , p . 202.
F I E L D O F O P E R A T I O N S .— O w ns 12.4 7 m iles an d leases 6 1 .7 5 m iles
line. T o t a l op e r a te d 74.2 2 m iles.
STO C K A N D BON DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
C o m m o n $ 3 , 0 0 0 , 0 0 0 .- .........................___________ $ 3 ,0 0 0 ,0 0 0 ----------- --------P r e f 6 % c u m $ 2 ,1 0 0 ,0 0 0 ____________
See te x t
2 ,1 0 0 .0 0 0
See te x t
F irst & r e f m tg e $10 ,000 ,00 01 1912
5 J -J
3 ,1 6 9 ,9 0 0
1963
($ 1 ,0 0 0 a n d $ 5 0 0 )______t f/H a r r is b u r g T r u s t C o . , T r u s t e e .
S to c k . — P r e f. s t o c k w as c u m . a t 5 % u n til Ja n . 1 1915; s in ce , 6 %
D i v i d e n d s . — 3 5 4 % w as p a id on p r e f. s t o c k in 191 3.
In 191 4, 5 % .
In
1915, A p r il, 2 ) 4 % ; O c t ., 1 % . In 1916, A p r il, 1 )4 % . I n 191 7, A p r il, 1 % % ;
O c t ., 1 % .
In 1921, A p r il, 3 % .
In 192 2, 6 % .
In 192 3, 8 % .
In 1924,
8%.
In 1925, A p r il. 4 % : Oct., 3 % .
In 1926, A p r il, 3 % ; O c t ., 3 % .
In 1927, A p r il, 3 % ; Oct., 3 % .




129

JOHNSTOWN TRACTION CO.
O R G A N I Z A T I O N .— I n c o r p . In P e n n sy lv a n ia o n F e b . 24 1910.
W os
in c o rp o ra te d orig in a lly t o ta k e a lease fo r 18 years fro m Ja n . 5 1910 o f the
Joh n stow n P a ss. R y . fr o m th e A m e rica n R y s . ( P h ila .).
In Ja n . 1914 the
Johusfconit a ss. R y . an d th e J o h n sto w n T r a c . C o . w ere m e rg ed u n d er the
P
title o f Khu J o h n sto w n T r a c t io n C o . , th e A m e rica n R y s . C o . h a v in g sold its
Interests. F r a n ch is e s p e rp e tu a l. T h ro u g h Its s u b s id ia ry , the T r a c tio n
Bus C o ., Operates bus lines as fe e d e rs. V .' 116, p . 515 . 1411
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns a n d o p e ra te s u n d e r p e r p e tu a l ch a rte r an d fra n ch ise th e en tire street
railw ay sy s te m o f J o h n s to w n , P a ., a n d v ic in it y . T o t a l t r a c k a g e , 43 m iles.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n $ 1 ,0 0 0 ,0 0 0 p ar $ 5 0 _ . ____
___________
$ 8 7 5 ,0 0 0 ___________ _
P f $ 1 ,0 0 0 ,0 0 0 7 % c u m ($ 1 0 0 )_______
___________
1 .0 0 0 .0 0 0 ____________
F irst & r e f M $ 5 ,0 0 0 ,0 0 0 s f\ 1913
5 g J -J
2 ,0 0 0 ,0 0 0 J u ly 1 1943
($ 5 0 0 , $ 1 ,0 0 0 ) g o l d - - C * n t f / L o g a n T r u s t C o . , P h ila d e lp h ia , T r u s te e .
John s P a ss R y c o n M . $ 8 0 0 .0 0 0 1 1899
4 g J -D
3 9 9 ,0 0 0 D e c 1 1 9 2 9
g ( $ l ,0 0 0 ) r e d a n y in t d a y c * t f j T n t . a t G u a r a n ty T r . C o . , N . Y . , T r u s te e .
John s P a ss R y r e f M $ 2 ,0 0 0 ,-1 1901
4 g J -D
1 ,6 0 1 ,0 0 0 D e c 1 1 9 3 1
000 g o ld ( $ 1 ,0 0 0 )___ c * n t f / I n t e r e s t a t J o h n sto w n T r u s t C o . , T r u s te e .
B o n d s . — O f th e fir s t & r e f. m t g e . $ 2 ,0 0 0 ,0 0 0 are r e s e rv e d t o r e tire J o h n s ­
to w n P a ss. R y . 4s; th e re m a in d e r ($ 1 ,0 0 0 ,0 0 0 ) r e se rv e d fo r fu tu r e e x te n ­
sio n s. & c. R e d . a t 102 & in t.
S in k , fu n d o f 1 % a n n . b e g a n O c t . 1 1917.
O f th e J o h n sto w n P a ss. m t g e . o f 1901, e n tire Issue m a y b e c a lle d a t any
tim e a t 105 u p o n six w e e k s ’ n o t ic e .
E A R N I N G S .— F o r c a le n d a r y e a rs:
G ross.

1926 ................. ___________$ 1 ,2 3 8 ,9 7 6
_
1 ,2 0 7 ,7 5 9
1925 - - - - - . ___ __
1924 __________ ___________ 1 ,2 1 4 ,7 4 0
1923 __________ ___________ 1 ,2 7 1 ,5 2 8
1922 ............. .. ___________ 1 ,1 9 4 ,5 7 3
1 9 2 1 __________ ___________ 1,2 5 3 .7 7 7

N e t.a ft.T a x .

$ 4 4 2,90 3
392 ,851
3 3 1 ,8 4 0
3 3 4 ,1 7 5
2 7 0 .0 5 9
2 8 0 ,9 5 3

B on d. In t.

$ 1 9 5,55 2
189 ,524
186 ,650
183 ,968
185 ,166
1 88 ,600

B a l . ,S u r v

$19 7,35 1
2 0 3 ,3 2 ?
145,190
150.20?
84,8 9 3
92,3 5 3

O F F I C E R S .— P r e s ., E . M . d u P o n t ; Y . - P . , J . M . M u r d o c k ; S ec.-T rea s.
J o s . M c A n e n y ; G e n . M g r ., L e e T . S h a n n o n . O ffic e , C e n tra l A v e .. Johns
t o w n , P a .— V . 116, p . 1 41 1, 299 3; V . 119, p . 81 1 .

LANCASTER & YORK FURNACE STREET RY.
O R G A N I Z A T I O N .— I n c o r p . M a y 17 1916 In P e n n s y lv a n ia as su ccessoi
to o ld L a n ca s te r & Y o r k F u rn a c e S tre e t R y . (In co rp . J u ly 22 19011. b o u g h t
In b y th e b o n d h o ld e rs o n A p r . 15 1916 fo r $ 1 2 5 , s u b je c t t o th e m o r tg a g e f o i
$ 1 5 0 ,0 0 0 ( V . 101, p . 212 ; V . 102 , p . 1 5 4 0 ).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o lle y r o a d . O p e ra te s 12 % m iles o f tr a c k b e tw e e n M ille r s v ille an d Y o r k
F u rn a ce . 6 0 -lb . T ra il. G a u g e 5 f t . 23^ in.

[V ol. 125,

PUBLIC UTILITIES

130

STO C K A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity
S to c k $ 1 0 0 ,0 0 0 ($ 5 0 ) _________________
___________
$ 1 0 0 ,0 0 0 ----------------1st M t g e g o ld $ 1 5 0 ,0 0 0 ($ 1 0 0 ,/ 1908
5 g J -J
1 5 0 ,0 0 0 Jan 1 1 9 2 8
$5 0 0 & $ 1 ,0 0 0 ) ____ c& rr»tf t i n t , a t N o rth e r n T r . < S a v . C o . . L a n e . ,T i u s .
fc
B o n d s .— A r e n o t s u b je c t t o ca ll a n d h a v e n o sin k in g fu n d .
O F F I C E R S .— P r e s . & T r e a s ., E . H . M y e r s ; V . - P . & S e c ., J o h n H . M j e r s
G e n . M g r ., H . M . S ta u ffe r .— V . 102, p . 153, 1249, 154 0. 162 5, 2 0 7 7 .

MAUCH CHUNK TRA N SIT CO,
C o n tr o l .— T h e e n tire c a p it a l s t o c k is o w n e d b y L e h ig h P o u e r S e c u tilie s
C orp .

O R G A N I Z A T I O N .— A c q u ir e d th e p r o p e r t y , rig h ts a n d fra n ch ises o i
th e fo rm e r M a u c h C h u n k & L e h ig h to n T r a n s it C o ., so ld Ju n e 30 1925 b y ordei
o f C o u r t . T h e o p e r a tio n s w ere re lin q u ish e d b y th e re ce iv e rs t o th e net* c o .
o n M a y 1 1926.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
A tr o lle y r o a d . C om p r is e s 6 .5 m iles o f tre a k ; 10 ca rs. O w n s a b o u t 4 2 5 acre*
o f rea l e s ta te , in c lu d in g 75 acres o n “ F la g s t a ff H e ig h ts .”
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
la tu iity
C o m m o n $ 5 5 ,1 0 0 _______________ ______
___________
$ 5 5 ,1 0 0 ------ -- 1st m tg e $ 4 0 ,0 0 0 _______________ 1926
b fi
* 1 5 ,0 0 0 A p ril 1 1946
I n c o m e b o n d s $ 1 1 5 ,0 0 0 _______ 1926 -----------------1 1 3 ,9 0 0 A p ril 1 1946
* T r e a s u r y b o n d s p le d g e d as c o lla te ra l t o a lo a n .
m
E A R N I N G S .— F o r c a le n d a r years:
1925.
1924.
1923
G r o s s ____________________________________
$45 ,151
$ 5 6 ,6 1 6
53,612
N e t a fte r t a x e s _________________________
839
1,5 5 5
21
O F F I C E R S .— P r e s ., J . M . H ess; V . - P . , H F . D ic k e ; S e c. & T r e a s ., C . M
■Walter; A s s t. S e c . & A s s t. T r e a s .. J . M . R a ls to n .

LEW ISBURG MILTON & W ATSONTOW N PASS. R Y .
O R G A N I Z A T I O N .— C h a rte re d S e p t. 3 1897
In 1910 W h itta k e r a
D ie h l o f H a rrisb u rg p u r c h a s e d c o n tr o l fr o m th e R a ilw a y s C o m p a n y G en eral
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A t r o lle y r o a d . 10 m iles o f tr a c k b e tw e e n p o in ts n a m e d in t itle . 12 o v e r ­
h ea d op e r a tio n ca rs, 2 s to ra g e b a tte r y cars ru n fro m M o n t a n d o n t o M ifflin b u r g . U n d er c o n t r a c t w ith P e n n sy lv a n ia R R ., th e L e w isb u rg M ilt o n &
W a ts o n to w n P a ss. R y . a greed t o in stall s to r a g e -b a tte r y cars o n s o m e 11
m iles o f tra ck b e tw e e n M o n t a n d o n a n d M ifflin b u r g , a n d t o o p e ra te a line
In c o n ju n c t io n w ith s te a m use o f th a t s e ctio n o f r o a d , co n n e c tin g w ith
p resen t tr o lle y lin e a t E a s t L e w isb u rg .
STO C K A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
S to c k $ 1 5 0 ,0 0 0 ________ ______ _________
________
$ 1 5 0 ,0 0 0 ____________
F irst m o r tg a g e $ 3 0 0 ,0 0 0 g o ld ! 1910
5 g F -A
1 7 5 ,0 0 0 F e b 1 1940
( $ 5 0 0 )_____________________c * f l n t . a t L a n d T it le & T r . C o . , P h ila ., tru stee
B o n d s .— R em a in in g b o n d s ca n o n ly b e issu ed fo r im p ro v e m e n ts and e x ­
ten sion s a t 8 0 % o f c o s t . S u b je c t t o ca ll as a w h ole o n a n y in t . d a te a t p ar
E A R N I N G S . — F o r 12 m o n th s e n d in g D e c . 31 1924, g ro ss, $ 4 0 ,6 7 1 ; net
a f t . ta x e s , $ 1 ,4 6 9 . In 1923, gross, $ 4 8 ,8 7 3 ; n et a ft. ta x e s, $ 7 ,0 3 3 . In 1922,
gross, $ 5 6 ,5 8 4 ; n et a fte r ta x e s , $ 9 ,6 3 3 . I n 1921, g ro s s , $ 5 9 ,0 6 3 ; n e t a ft
ta x e s , $ 3 ,4 3 7 .
O F F I C E R S .— P r e s ., J o h n F . W h itta k e r ; V . - P . , L . G . B r o w n ; S e c . &
T r e a s ., D . L . D ie h l; A s s t. S e c . & T r e a s ., W . B . R a n k in .— V . 9 0 , p . 1363.

PENNSYLVANIA-NEW JERSEY R A IL W A Y CO.
C o n tr o lle d b y th e B u c k s C o u n t y S y n d ic a te .
D e fa u lt — S a le, & c . — T h e c o . h a v in g d e fa u lte d in th e p a y m e n t o f in t due
J u ly 1 1924 o n its 1st m tg e . 6 % b o n d s , th e p r o p e r ty w as t o b e so ld a t a u ctio r
N o v 17 1924. V . 119. p . 1845.
O R G A N I Z A T I O N .— T h is w as fo rm e r ly th e B u ck s C o u n t y In te ru rb a n
R y . , b u t c o r p o r a te t itle c h a n g e d u n d e r d a te o f M a y 15 1917 t o P e n n sy l­
v a n ia -N e w Jersey R y . C o . T h e B u ck s C o u n ty I n te ru rb a n w as in c o r p o r ­
a te d M a y 13 1913 in P en n a. as a co n s o lid a tio n o f th e B u ck s C o u n ty E le ctric
R y ., T r e n to n N e w H o p e & L a m b e rtv ille S t. R y ., Y a r d le y M o r r is v ille &
T r e n t o n S t. R y . a n d N e w to w n & Y a rd s le y St. R y .
V . 9 6 , p . 1555.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p era tes 2 3 .8 2 m iles e x te n d in g fr o m te rm in a l in T r e n to n t h r o u g h M o r r is ­
v ille a n d Y a r d le y , P a ., t o N e w H o p e , P a ., a n d L a m b e r tv ille , N . J ., fro m
Y a r d le y t o N e w to w n .
S e rvice b e tw e e n Y a r d le y an d L a m b e rtv ille and
b e tw e e n Y a r d le y a n d N e w to w n w as d is co n tin u e d S e p t. 21 1924.
H as
tra ck a g e rig h ts o v e r T r e n to n C it y brid g e a n d tra ck s o f T r e n to n -P r in c e to n
T r a c tio n C o . in T r e n t o n t o term in al a t W arren n d H a n o v e r .
G au ge
5 f t . 2 ^ in .
T o O p e ra te B u s e s . — I n J u ly 1924 c o m m e n ce d o p e r a tio n o f a b u s line
betw een T r e n t o n , N . J ., a n d M o r ris v ille , P a ., in c o -o p e r a tio n w ith the
presen t ele ctr ic ra ilw a y s e r v ic e .
C o m p a re V . 117, p . 1993.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y
C o m m o n $ 5 0 0 ,0 0 0 ($ 5 0 )------- -------------------------$ 9 9 ,4 5 0 ..................- .
P r e f 6 % c u m $ 5 0 0 ,0 0 0 ($ 5 0 )________
«%
5 0 0 .0 0 0 ............. ........
1st m tg e b o n d s $ 5 0 0 .0 0 0 _______ 1 1924
6%
2 0 0 .0 0 0 Jan 1 1 9 5 4
/N o r t h e r n T r u s t C o . . P h ila .. tru ste e .
E A R N I N G S .— F o r 12 m o s . e n d in g D e c . 31 1924, gro ss, $ 1 1 1 ,2 6 9 ; net
a fte r ta x es. $ 4 ,8 8 3 .
I n 192 3. gross, $20 9 ,7 8 8 : n e t a fte r ta x e s , $ 2 3 ,1 5 8
I n 1922. gross. $ 2 2 9 ,4 5 1 ; n e t a fte r ta x e s , d e f ., $ 9 ,6 0 2 .
O F F I C E R S .— P r e s ., S y d n e y L . W r ig h t; V .- P . & G e n . M g r ., G a y lo r d
T h o m p s o n ; S e c ., H u g h B . E a s tb u r n . P h ila . o ffic e , 133 S. 5th S t .—
V . 119, p . 7 5 , 1845.

BANGOR & NAZARETH TRA N SIT CO.
O R G A N I Z A T I O N .— l n c o r p . in 1926 as successor t o S la te B e lt T r a n s i t C o .
(fo r h is to ry , see “ P . U . C o m p e n d iu m ” o f M a y 1 1 9 2 6 ), w h ich la tte r c o . had
been in h a n d s o f a re c e iv e r s in ce F e b . 1922.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . o p era tes 18 m iles o f tr a c k f r o m N a z a r e th t o B a n g o r, 8 ca rs, 3 m is c . cars.
C A P I T A L I Z A T I O N .— W e w ere in fo r m e d th a t c o . ’s c a p ita liz a tio n c o n ­
sists o f $18 0 ,0 0 0 ca p ita l s t o c k an d $ 1 8 0 ,0 0 0 1st m tg e . b o n d s. N o fu rth e r
p a r ticu la r s .
E A R N I N G S .— E a rn in g s fo r 1925 w ere sta te d t o b e “ a p p ro x im a te ly
$7 5 ,0 0 0 , ” w h ic h fig u r e , w e p re s u m e , rep resen ts g r o s s earnings.
O F F I C E R S .— P r e s ., D . H . K e lle r; V . - P . , D . C . K e lly ; S e c. & T r e a s .,
O liv er L u B a r; G e n . M g r ., P a u l R . L u B a r.

FAIRMOUNT PA R K TRA N SIT CO.
O R G A N I Z A T I O N .— l n c o r p . in D e la w a re In S e p t. 1916 as su cce sso r to
the F a ir m o u n t P a rk T r a n s p o r ta tio n C o . In a c c o r d a n c e w ith p la n o f re o r­
gan ization o u tlin e d in this p u b lic a tio n o f S e p t. 29, 1918. T h e assets o i the
old c o . (for h is to ry see “ E le c . R y . S e c tio n ” fo r 8 e p t . 1918) w ere pu rch ased
lu b je c t to $ 7 5 0 ,0 0 0 1st M . 5s (see b e lo w ).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p era tes an e le ctr ic line in F a ir m o u n t P a rk , P h ila d e lp h ia , to g e th e r w ith
the W o o d s id e R e a l E s ta te C o . (ca p ita l s t o c k $ 1 0 0 ,0 0 0 ), w h ich o w n s W o o d side P a rk . T h e licen se fr o m th e P a rk C o m m is s io n expires J u ly 24 1939.
O p era tion fr o m N o v . 30 t o M a y 1 is o p tio n a l. M ile s o f tr a c k o p e r a te d ,
8 .8 3 . G a u g e , 5 f t . 2 IS in . R a ils , 9 0 -lb . T .
C a rs, 9 c lo s e d , 50 o p e n .
STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m . s tk 1 5 0 ,0 0 0 sh s. (N o p a r ) ____
__________ 1 20 ,000 sh s.
See te x t
S to c k p referred ($ 1 0 )________________
7%
«. $ 7 9 ,6 8 6
See te x t
F irst m o r tg a g e $ 7 5 0 ,0 0 0 g o ld l 1912
5 A -O
7 5 0 ,0 0 0 A p ril 1 1937
( $ 1 , 0 0 0 ) ______________c * n t f| G ir a r d T r u s t C o ., P h ila d e lp h ia , T ru s te e .
S to c k .-— I n F e b . 1927 c o m m o n s t o c k o f $10 par v a lu e w a s c h a n g e d t o n o
p a r a n d 1 5 0 ,0 0 0 shs. a u th o r iz e d . O ffe r o f 3 new shares fo r e a c h o ld sh are
h e ld w as m a d e t o s to c k h o ld e r s . Y . 124 , p . 1358.
B o n d s . — 1st m t g e . b o n d s are c a lla b le a t 105 an d in t . o n a n y in t . d a y on
60 d a y s ’ n o t ic e . C u m u l. s in k in g f u n d , $ 1 3 ,0 0 0 p e r a n n u m , b e g a n O c t .
1918, b o n d s t o d ra w in te re st fo r th e fu n d . V . 95, p . 48 0 .
D iv i d e n d s .— D u rin g 1923 2 8 % w as p a id o n a c c o u n t o f c u m . p r e f. d iv s .
d u e a t th e r a te o f 7 % p er a n n . fo r 1917. 191 8, 1919 a n d 1920: regu la r d iv .
o f 7 % fo r 1923 w as also p a id an d regu la r d iv s . a t ra te o f 7 % p e r a n n u m
w ere p a id in 1924 a n d 1925.
O n c o m . p a id 2 5 c . p er sh . J u ly a n d N o v . 192 7.




E A R N I N G S .— F o r ca le n d a r y e a rs (in c l. W o o d s id e R e a l E s ta te C o . ) :
G ro s s .

'N e t.

C h arges.& c .

b a la n c e .

$ 2 3 0 ,7 2 1
$ 4 3 ,4 4 9
x$ 1 8 7 ,2 7 0
19 2 6 -------------------.$ 5 6 5 ,7 0 0
1 65 ,334
4 3 .6 6 3
x l2 1 ,6 7 1
4 3 9 ,6 6 2
1925______________
1 82 ,876
4 4 ,0 2 8
x l3 8 ,8 4 7
1924_____________________ 448 ,991
188 ,9 4 8
4 6 ,3 9 6
1 42 ,552
1923_____________________ 4 5 3 ,3 0 9
1 49 ,440
4 6 ,7 3 0
1 0 2 ,7 1 0
1922_____________________ 3 6 4 .0 5 6
9 3 .6 5 4
44.831
4 8 .8 2 3
1921_____________________ 235 .0 7 5
x B e fo r e d e d u c t io n o f $ 7 2 ,9 8 4 in 192 6, $ 6 4 ,4 5 5 d e p r e c ia tio n in 1 92 5, a n d
$63 ,1 5 1 d e p r e c ia tio n in 192 4. F e d e ra l in c o m e ta x e s e stim a te d a t $ 1 5 ,5 0 0
fo r 1926: $ 6 ,0 0 0 fo r 1925; $ 9 ,5 0 0 fo r 1924 a n d $ 1 0 ,6 0 0 fo r 192 3, n o t d e d u c t e d .
O F F I C E R S .— P r e s ., N . S. A le x a n d e r; S ec. & T r e a s ., C la y t o n E . P la t t .
- V . 107, p . 1670; V . 116, p . 299 3; V . 124, p . 9 2 0 , 135 8, 181 9, 3 78 0; V . 125,
p . 1836.

PHILADELPHIA & WEST CHESTER T R A C T IO N CO.
O R G A N I Z A T I O N .— C n a rte re d In P e n n s y lv a n ia o n A p ril 24 189 6. M u ­
nicipal fr a n c h is e s are p e r p e tu a l.
In Ja n . 1902 le a se d th e A r d m o r e & L la n arch St. R y .. a line be tw e e n th e p o in ts n a m e d . 3 M m iles; it has n o b o n d s or
other d e b t . R e n ta l is 5 % o n th e o u ts ta n d in g s to c k ($ 4 0 0 ,0 0 0 a u t h ., $ 3 8 3 ,*50 outstanding^ an d p a y m e n t o f taxes and o rg a n iz a tio n e xp en ses
Leases
th e P h ila d e lp h ia & G a r re ttfo rd S t. R y . a t 5 % o n fu n d e d d e b t a n d $50 0 p er
an n u m fo r salaries a n d o r g a n iz a tio n exp e n se s.
In r*ct. 1923 the c o . w as a u th . b y the P en n a. P . S. C o m m , t o a c q u ir e th e
c a p ita l s to c k o f th e A ron itn in k T r a n s p o rta tio n C o .
V . 117, p . 1993.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 5 1 -2 5 m iles o f t r a c k fr o m C9th an d M a r k e t S t s .. P h ila d e lp h ia , t o
W est C h e s te r , 2 5 .1 4 6 m iles; L la n e r c h t o A r d m o r e . 6 .2 6 3 m iles; 69th S t.
U pper D a r b y . P a ., to S h a ro n H ill a n d M e d ia , 19.8 4 3 m ile s, o f w h ic h 2 6 .1 0 6
m iles a r e le a se d . G a u g e , 5 f t . 2 M in - 5 8 . 60. 70 anrt 8 0 -lb . T r a i l
64 cars.
F a r e I n c r e a s e s — S e e V . 118, p . 1013; V . 119, p . 580; V . 124 . p . 377 3.
STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g . L a s t d i v . , A c .
S tock $ 1 ,4 0 0 ,0 0 0 (par $ 5 0 )__________
A -O
$ 1 ,3 0 3 ,7 0 0 A p r '2 7 , 3 %
M tg e b o n d s $ 1 ,0 0 0 ,0 0 0 g o ld l 1904
4-6 g J -J
1 ,0 0 0 ,0 0 0 Jan 1 1954
($ 1 ,0 0 0 ) ______________ c * t f / I n t . a t W e s t E n d T r u s t C o ., P h ila ., T r u s te e .
Phila & G a r 1st M $3,000,000 1 1905
5 g F -A
3 ,0 0 0 ,0 0 0 A u g 1 1 9 5 5
c o ld ($ 1 .0 0 0 1 ___________c t f ( I n t. a t W est E n d T r u s t C o . t>hila.. T r u s te e .
B o n d s .— O f th e $ 1 ,0 0 0 ,0 0 0 b o n d s o f 1904 o u ts ta n d in g * 5 3 4 ,0 0 0 are 4s
and $ 4 6 6 ,0 0 0 6 s. C a n b e c a lle d a t a n y tim e a t 105 an d in t. N o s in k in g
?u n d .
P h ila . & G a r r. b o n d s are r e d . a t 105 a n d in t . o n a n y In t. d a y .
E A R N I N G S .— F o r ca le n d a r years:
G ro s s
E a r n in a s .

N et
E a r n in g s .

O th er
In com e.

In terest,
R e n ta ls . & c .

S u r p lu s
fo r Y ear.

19 2 6 .............. $ 1 ,2 1 9 ,8 2 6
$25 2 ,7 5 8
$ 2 5 ,7 6 7
$ 2 6 0 ,7 5 7
$ 17 ,768
1 9 2 5 _______ 1 ,2 1 2 ,1 6 2
2 8 5 ,8 5 5
2 3 ,9 2 9
2 5 9 ,0 3 4
5 0 .7 5 0
1924_______ 1 ,0 9 0 ,8 0 8
341 ,961
1 8 ,6 1 6
2 8 0 .8 7 5
7 9 ,7 0 2
1923_______
9 8 3 ,3 6 3
3 2 8 ,5 6 5
12,801
2 3 1 ,7 5 0
109 .6 1 5
1922_______
9 2 9 .0 8 9
3 3 0 .4 0 4
12.1 6 9
2 2 9 .1 8 6
113 ,3 8 7
O F F I C E R S .— P r e s ., A . M e r r it t T a y lo r . P h ila d e lp h ia ; 1st V . - P . , H . H .
Aikens; 2n d V .- P . . M . H . T a y lo r : T r e a s .. O . L . R ih l.
O ffic e . U p p e r
D a r b y , D e l. C o . , P a — V . 119, p . 580; V . 122 , p . 2 19 3; V . 124, p . 377 3.

IN TER-STATE RAILW AY S.
O R G A N I Z A T I O N .— l n c o r p . in N e w J e rs e y o n D e c . 4 1902 w ith v e r y
b ro a d p o w e rs. Is e m p o w e re d t o p u rch a se , a c q u ir e , d e v e lo p a n d c o n s tr u c t
street r a ilw a y s, e le c t r ic ligh t an d p o w e r , w a te r a n d gas co m p a n ie s .
I n D e c . 1902 o b ta in e d c o n tr o l o f t h e U n ite d P o w e r & T r a n s p o rta tio n C o .
th rou gh p u rch ase o f th e o u ts ta n d in g ($ 3 ,5 9 3 ,7 5 0 ) c a p ita l s t o c k , o n a basis
o f $75 fo r ea ch j>25 sh are, p a y a b le in co lla te r a l tru s t b o n d s . $ 3 ,5 9 2 ,2 0 0 o f
this s to c k w as e x c h a n g e d fo r b o n d s o n this basis.
L e a s e s o f C o n tr o lle d P r o p e r t ie s .— T h e lea sin g o f th e u n d e rly in g c o m p a n ie s
was co n s u m m a te d in 1910 u p o n s a t is fa c t o r y te r m s . T h e su bsidiaries are in
fo u r g ro u p s , W ilk e s -B a rr e , R e a d in g , T r e n t o n an d W ilm in g to n .
The
W ilk e s-B a rre R y s . C o ., th e R e a d in g T r a n sit C o . (s u c ce e d e d b y R e a d in g
T ra n sit & L ig h t C o . in M a r c h 1913, c o n t r o l o f w h ic h w as a c q u ir e d b y E a s t­
ern P o w e r & L ig h t C o r p .) , th e T r e n to n & M e r c e r C o u n t y T r a c t io n C o r p .,
the S o u th e rn P e n n s y lv a n ia T r a c t io n a n d th e W ilm in g to n & P h ila d e lp h ia
T r a c tio n C o . w e re fo rm e d t o ta k e o v e r th e v a rio u s p ro p e r tie s . V . 91, p .
1512; V . 92, p . 261 . S ta te m e n ts fo r th e se c o m p a n ie s w ill b e fo u n d e ls e ­
w here in this p u b lic a tio n .
T h e a ggre ga te ann ual in c o m e u n d e r th e a b o v e leases is $ 8 3 0 ,0 0 0 .
F i x e d C h a r g e s to B e P a id O u t o f A b o v e R en ta l P l u s A n y O th er I n c o m e .
I n t . o n 4s.
T a xes.
T o ta l.

In te r -S ta te R a ilw a y s _________________
U n ite d P o w e r & T r a n s p o r t a t io n ______

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

$ 4 ,0 2 8
3 ,2 9 7

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

T o t a l _________________________________
$ 4 7 3 ,2 9 2
$ 7 ,3 2 5
$ 4 8 0 ,6 1 7
N o t e .— T h e a b o v e fig u re s d o n o t in c lu d e th e F e d e ra l in c o m e t a x , w h ich
m ust b e a d d e d th e r e t o , x In c lu d e s in te re s t o n 4s h e ld in trea su ry as in ­
vestm en ts .
D e f a u l t i n R e n ta l, & c . — D iv s . o n p r e f. s t o c k w ere p assed fr o m 1918 u n til
J u ly 1 1924 d u e t o th e fa ilu re o f th e T r e n to n & M e r ce r C o u n t y T r e a tio n C o .
to p a y its re n ta ls, d u e t o in crea sed o p e ra tin g expen ses
O n J u ly 1 192 4,
h o w e v e r, th e a cc u m u la te d d iv s . o f 4 2 % w ere p a id .
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n 3 8 5 ,0 0 0 shs (n o p a r ) _ ____
________
5 1 ,9 9 9 sh s.
See t e x t
P referred $ 4 ,0 0 0 ($ 1 0 )________ ______
__________
$ 1 ,6 8 0 ____________
C o lla te ra l tru s t g o ld $ 1 0 ,7 8 1 .-1 1903
4 g F -A
$ 7 ,9 0 8 ,4 0 0 F e b 1 1943
2 5 0 ________________________ c * f l n t . a t R e a l E s t. T it le Ins. & T r . . P h ila ..t r u s .
S to c k . — C o m m o n s t o c k w as lis te d o n th e P h ila d e lp h ia S to c k E x ch a n g e in
A p ril 1903.
V . 9 2 , p. 1243; V . 93, p . 164. P r e fe r r e d s t o c k re d e e m e d and
ca n ce le d e x c e p t $ 3 ,3 1 0 . See V . 119, p . 3 2 4 , 4 5 5 . C a n c e lla tio n o f c o m m o n
s to c k in tre a su ry, see V . 119, p . 1281.
B o n d s . — A r e d a te d F e b . 1 1903 an d are s e c u r e d b y d e p o s it o f U n ited
P o w e r & T r a n sp o rta tio n s t o c k . T h e y b e a r 3 % in te re s t th e firsr y e a r , 3 % %
th e s e c o n d an d 4 % th e th ird an d s u b s e q u e n t y e a rs .
D e n o m in a tio n s $10 0,
$500 and $ 1 ,0 0 0 . A r e s u b je c t t o ca ll a t 105 a n d in t. o n 3 0 d a y s ’ n o t ic e .
D iv id e n d s . — In itia l d iv . o n p r e f.— 3 % — p a id J u ly 1913; sa m e r a t e s em i­
a n n u a lly t o a n d iu c l. J u ly 1917. Ja n . 1918 d iv . p a s s e d .
N o n e u n til
J u ly 1 1924. w h en a c c u m u la te d d iv s . o f 4 2 % w ere p a id .
P r e f. s t o c k has
been all r e d e e m e d a n d ca n ce le d (e x c e p t $ 3 ,3 1 0 ).
O n c o m . an in itia l d iv .
o f 1 % w as p a id N o v . 1 192 4. In 192 5, F e b ., 1 % . O n n o p a r c o m . a cash
d iv . o f 2 5 c. an d a s to c k d iv . o f 1-25 o f a share w as p a id M a y 1 1925; on
A u g . 1 1925 a cash d iv . o f 2 5 c .; on N o v . 1 , 2 5 c. In 1926. F e b .2 5 c ., M a y 3 0 c.
A u g . 3 0 c ., N o v . 3 0 c . In 1927 F e b . 3 0 c ., M a y 3 5 c ., A u g . 3 5 c .
E A R N I N G S .— F o r 12 m o n th s e n d e d J a n . 31:
T ota l
R e c e ip ts .

In terest
C o l l .T r u s t .

E xp en ses 6
T a xes.

D iv id e n d s .

B a la n c e ,
S u r p lu s .

1927 _____ ____ $ 3 6 5,05 1
$ 2 5 7 ,0 1 6
$ 1 8 ,2 5 8
$ 6 2 ,5 9 7
$ 2 7 ,1 8 1
1926 _____ ______ 363 ,929
2 65 ,888
22,2 7 4
5 1 ,6 9 6
24.071
1925 .......... ______ 3 49 ,915
2 74 ,059
2 6 ,5 3 5
2 4 ,7 7 0
24,551
1924 ____ - ______ 3 2 5 .9 9 4
284 ,6 4 0
27,7 7 7
----------13,5 7 7
1923 ____ . ---------- 3 37 ,271
3 0 6 ,6 4 0
1 7 ,7 1 8
.
_______
- ...........
12.913
O F F I C E R S .— P r e s ., D r . W a lte r A . R lg g ; V . - P . , D a n ie l H o u s e m a n :
T r e a s . a n d A s s t. S e c ., T . W . G r o o k e t J r .; S e c. & A s s t. T r e a s ., J . W .
G o o d w in . O ffic e , 1005 W ils o n B l d g ., C a m d e n , N . J .— V . 121 , p . 199; V .
122, p . 21 3 , 348 , 1917, 204 0; V . 124, p . 1666, 2 27 9.

UNITED POWER & T RA N SPO R TA TIO N CO.
O R G A N I Z A T I O N .— -ln c o r p . A p r il 20 1899 u n d e r N e w J e r s e y la w s to
c o n s t r u c t, d e v e lo p a n d o w n s tr e e t r a ilw a y s , p o w e r c o m p a n ie s , & c ., a n d d o
a gen eral bu sin ess ( V . 6 8 , p . 9 2 9 ). In D e c . 1902 s t o c k w as a c q u ir e d b y
I n te r -S ta te R y s . C o . , w h ich see a b o v e .
O n O c t . 1 1924 o w n e d th e fo llo w in g s to c k s a n d b o n d s . W e s h ow also
th e to ta l a m o u n ts o u ts ta n d in g o f e a ch issu e:
S to ck s —
D e la w a r e C o u n t y & P h ila d e lp h ia E le c t r ic R y _____
L e b a n o n V a lle y S tre e t R y . C o ______________________
M e r c e r C o u n t y T r a c t io n C o _________________________
M e d ia G le n R id d le & R o c k d a le E le c t r ic S tre e t R y .
R o x b o r o C h e s tn u t H ill & N o r r is t o w n R y . C o _____
S ch u y lk ill V a lle y T r a c t io n C o ______________________
T r e n to n H a m ilto n & E w in g T r a c t io n C o __________
T r e n to n P e n n in g to n & H o p e w e ll S tr e e t R y . C o . . .
T r e n to n S tre e t R y ___________________________________
W ilk e s -B a rr e & W y o m in g V a lle y T r a c t io n _______
W ilm in g to n & C h e s te r T r a c t i o n ___________________
W ilm in g to n C i t y E le c t r ic ___________________________
W ilm in g to n & G re a t V a lle y T u r n p ik e C o __________
W ilm in g to n & P h ila d e lp h ia T u r n p ik e ______________
W ilm in g to n & C h ristia n a T u r n p ik e C o ___________

O w n e d . T o ta l S tock .
S h a res.
S h a res.

5,9 9 3
9 ,9 9 2
975
1,632
4,951
9 ,9 9 5
1,975
4 ,9 9 3
19,969
4 9 ,9 9 2
3 9 ,9 9 5
5 ,0 9 5
978
1,035
644

6 ,0 0 0
10 ,0 0 0
1,0 0 0
1,640
4 ,9 6 8
1 0 ,0 0 0
2 ,0 0 0
5,0 0 0
2 0 ,0 0 0
5 0 ,0 0 0
4 0 ,0 0 0
5 ,1 0 0
1,040
1,2 0 0
680

POWER, LIGHT AND RAILW AY

Oct., 1927.]

C A P I T A L I Z A T I O N .— In M a r c h 1902 o u ts ta n d in g s t o c k w as in crea sed
fr o m $ 3 ,1 2 5 ,0 0 0 t o $ 3 ,5 9 3 ,7 5 0 (V . 7 4 , p . 6 8 2 ), th e a d d it io n a l shares b e in g
s o ld t o s to c k h o ld e r s at $35 p e r $25 share. In 1926 shares w ere c h a n g e d t o
n o p a r v a lu e o n b asis o f 1 fo r 1 .
,
, . . .
B o n d s . — 4 % c o ll, cru st c t fs . are in t w o series, w h ich w e h a v e m a r k e d Co)
a n d (&) b e lo w . [S to c k a n d b o n d s lis te d on P h ila . S to c k E x ch a n g e .]
(а) U n d e r a tr u s t a g re e m e n t b e tw e e n th e U n ite d P o w e r & T r a n sp o rta
tio n C o . a n d th e N e w Y o r k T r u s t C o . , tru ste e , d a te d M a y 1 1899. a n d a
su p p lem en ta l a g reem e n t d a te d J u ly 26 1917, th e re a re issu ed $ 4 ,8 2 4 ,9UC
U n ite d R a ilw a y s g o ld tr u s t c e r tific a te s se cu re d b y d e p o s it o f 19,953 shares
T r e n to n S t. R y . C o . , 3 9 ,9 9 3 shares W ilm in g to n & C h e s te r T r a c t io n C o .
5 ,0 8 9 shares th e W ilm in g to n C it y E le c t r ic C o . a n d 4 9 ,911 shares th e W ilkesB a rr e & W y o m in g V a lle y T r a c t io n C o . P u rsu a n t t o th e su pplem en tal
tr u s t a g reem en t d a te d J u ly 26 1917. th e a m o u n t o f o u ts ta n d in g c e rtifica te s
w as r e d u c e d fro m $ 7 ,9 1 8 ,0 0 0 t o $ 4 ,9 2 7 ,9 0 0 b y a c q u is itio n b y th e c o . and
s u b seq u en t ca n c e lla tio n o f $ 2 ,5 4 5 ,2 0 0 th e r e o f t h r o u g h th e sale o f certa in
assets p led g ed as s e c u r ity t h e r e fo r , as fo llo w s : 79,991 shares o f th e U nited
T r a c t io n C o . o f R e a d in g a n d 3 5 ,8 0 0 shares o f th e E d is o n E le c . I liu m . C o
o f L e b a n o n , P a ., w h ic h , to g e th e r w ith th e re m a in in g shares o f said co s
in th e tr e a s u r y , w ere s o ld fo r a c o n s id e r a tio n o f $ 1 ,2 5 0 ,0 0 0 p a r v a lu e U nited
R a ilw a y s g old tru st c t fs . a n d $ 2 ,7 6 0 ,0 0 0 ca s h , 4 ,9 2 5 shares o f R o x b o r o u g b
C h e s tn u t H ill & N o rr is to w n R y . , 9 ,9 7 5 shares o f S eh u ylk ill V a l. T r a c . C o .
1,6 0 0 shares M e d ia G len R id d le & R o c k d a le E le c . 9 t . R y . C o . an d 14.992
shares o f H o lm e s b u rg T a c o n y & P r a n k fo r d E le c t r ic R y . (s o ld u n d e r fo re
c lo s u re in 1910 a n d re o rg a n iz e d w ith n o re a liza tio n o n its ca p ita l stocks
(see F r a n k fo r d T a c o n y & H o lm e s b u rg R y . b e lo w ) w e re a lso w ith d r a w n from
co lla te r a l fo r th e tr u s t c e r tific a te s a n d are h e ld in c o m p a n y s t r e a s u r y .
T h e cash re c e iv e d b y th e c o m p a n y w as in v e s te d in U n ite d R a ilw a y s and
D e la w a r e C o u n t y R y . g o ld tr u s t c e r tific a te s . V . 106 , p . 8 7 .
(б) $ 7 9 5 ,3 0 0 D ela w a re C o u n t y R y . g o ld tr u s t c e r tific a te s u n d e r a trust
a g reem en t b etw een th e U n ite d P o w e r & T r a n s p o rta tio n C o . a n d th e ReaJ
E s ta te T it le In su ra n ce & T r u s t C o . o f P h ila ., d a te d M a y 1 1899, an d has
d e p o s ite d w ith said tru s t c o . as tru s te e 5,993 shares D e la w a re C o u n t y ts
P h ila . R y C o ., o rig in a l issu e $ 9 9 8 ,9 5 0 ; su b s e q u e n tly p u rch a s e d a n d can
T h e p rin cip a l o f b o t h series (w h ic h a re in $ 1 0 0 , $500 a n d $ 1 ,0 0 0 pieces)
Is d u e a t o p t io n o f h o ld e r on J u ly 1 1949 an d th e r e a fte r o n a n y J a n . 1 or
J u ly 1 a t th e o p t io n o f th e U n ite d P o w e r & T r a n s p o r ta tio n C o . F o r b o th
series, a ls o , th e sem i-an n u al in te re st (J . & J .) a n d th e p r in cip a l a re pa y a b le
in g o ld c o in , fre e o f ta x , a t th e o ffic e o f th e R e a l E s ta te T it le In s u r a n c e «
T r u s t C o . o f P h ila d e lp h ia , tr u s te e .
D iv i d e n d s .— O n J a n . 20 1900 a d iv id e n d o f 5 0 c. p e r sh a re w as p a l *
a lso sam e a m o u n t J u ly 16 1900; in 1 90 1, J a n . 2 1 , $1; J u ly 10. S I: m 1902
J a n . 2 0 , $1; J u ly 10, $1; in 190 3, J a n . 2 0 , $1; in 190 4, J a n . 16. $ 2 .6 6 ; i d
1905, J a n . 2 4 , $ 2 .3 9 : in 1906, J a n . 2 6 , $ 3.10; in 1907, J a n . 2 4 , $ 3 .2 0 ; in
1908, J a n . 3 0 , $ 3 .3 1 ; n o n e t o J u ly 1911, w hen $ 1 .1 0 w as p a id ; in 1 91 2, Jan .
3 0 , $1.4 0 ; J u ly 29, $ 1 .4 1 ; in 1913. J a n ., $ 1.79; J u ly , $ 1 .2 6 : in 191 4, Jan
$ 1 .5 2 ; J u ly , $ 1 .4 0 ; in 1915. J a n ., $ 1 .5 4 ; J u ly , $ 1 .3 4 ; in 1916, Jan
$ .155;
J u ly , $ 1 .4 3 ; in 1917, J a n ., $ 1 .5 5 ; J u ly , $ 1 .2 3 ; in 1918, J a n ., $ 1 .3 2 ; J u ly,
$ 1 .2 0 : in 1919. J a n ., 5 0 c .; in 1920, J a n .. $ 1.95; in 1921, J a n .. $ 1 .6 0 ; in 1922,
Jan , $ 1 .8 5 ; tn 1923, J a n .. $ 1 .9 4 : in 1924. Ja n .. $ 2 .2 6 ; in 1925, Ja n . $ 1 .8 8 ;
in 1926, Jan, $ 2 .0 9 . In 1927, J a n ., $ 2 .1 0 ; J u ly , $1.
E A R N I N G S . — F o r calen d ar years:
F rom

In terest

T a xes,

D iv s .

S u r . a fter

D iv s
P a id .
dec.
I n v e s tm e n ts .. o n 4s.
$189
$ 2 3 ,8 4 4 $ 3 0 1 ,8 7 5
$ 2 2 6 ,3 2 2
1926 ------------------ ______ $ 5 5 2 ,2 3 0
233
300,437
29.551
229 ,2 7 9
1925 ___________ ____ _ 559 ,500
20,123
3 1 ,742
270 ,2 5 0
229 ,8 6 0
____ ______ 551 ,9 7 5
1924 ____
3 24 .875
359
3 2 ,252
2 3 2 ,1 2 0
1923 .
- - - .______ 5 89 ,606
456
2 78 .875
33,2 0 2
2 4 7 ,6 5 6
_ 5 60 ,189
1922
- .
O F F I C E R S .- - P r e s ., D r . W a lte r A . R ig g ; V .- P .,
T r e a s ., T . W . G ro o k e t. J r.: S ec. & A sst. T r e a s ., J. W . G o o d w in . G eneral
o ffic e s , 1005 W ils o n B ld g . C a m d e n , N . J.-— V . 117, p . 211 1; V . 122 , p . 2 04 5.

STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n $ 4 ,0 0 0 ,0 0 0 ($ 5 0 )............... - ...............................$ 3 ,7 2 5 ,0 0 0 ______________
P r e f $ 2 ,0 0 0 ,0 0 0 5 % c u m f r o m ]
Jan 1 1916 ($ 5 0 )____________ | ______
Q -J
2 ,0 0 0 ,0 0 0 O c t . '2 7 , 1 H
First m o rtg a g e
$ 4 ,0 0 0 ,0 0 0 f 1910
5 g J -J
2 ,6 3 0 ,0 0 0 J u ly 1 1960
g o ld ($ 1 ,0 0 0 )___________ c * t f ] I n t . a t P h ila . T r . C o . , P h ila ., tru stee, o r a t
I E d w . B . S m ith C o . , P h ila d e lp h ia .
.
S to c k .— O f th e o u ts ta n d in g c o m m o n shares C.500 ($27 5 ,0 0 0 ) are h eld in
treasu ry h a v in g be e n p u rch a se d b y th e c o . in 1926 o u t o f su rp lu s, th e
d iffe r e n c e be tw e e n p ar v a lu e and p u rch a s e p rice h a v in g been c r e d ite d t o
su rplu s a c c o u n t. A p o r tio n o f th e su rp lu s th en w as used t o w rite o f f th e
item “ a b a n d o n e d p r o p e r t y .”
V . 122, p . 2949.
C o m m o n & p re f. s to c k s listed on P h ila d e lp h ia S to c k E x ch a n g e .
B o n d s .— O f rem ain in g b o n d s $ 3 7 0 ,0 0 0 are in tre a su ry .
S u b je c t t o call
at 1 0 2 H an d in terest o n a n y in terest d a te on 60 d a y s ' n o tice .
D iv id e n d s .— F irst d iv id e n d o n preferred s t o c k — 1 % — p a id A p ril 15
191 6, sa m e r a te q u a rte r ly s in ce . C o m m o n s t o c k in itial d iv . o f 50 c e n ts
p aid F e b . 1927.
E A R N I N G S .— F o r c a e n da r yea rs
1926.
1925.
1924.
1923.
O p e ra tin g r e v e n u e ______
$ 8 8 4 ,8 1 3
$ 8 9 1 ,8 5 2
$8 9 5 ,9 4 3
$ 8 7 0 ,8 5 4
O p e ra tin g expan ses______
4 7 4 ,2 9 7
469 ,721
4 7 9 ,8 2 8
4 7 8 ,3 5 4
N e t o p e ra tin g in c o m e .
in terest & tax a c c r u a l s ..

$ 4 1 0 ,5 1 6
x l6 4 ,6 6 0

N e t in c o m e ___________
Federal t a x e s ____________
Preferred d iv s . ( 5 % ) . . .

$ 2 4 5 ,8 5 6
19,9 1 4
1 0 0 ,0 0 0

O R G A N I Z A T I O N .— I n c o r p . in P e n n a . as su cce sso r t o th e P h ila . B ristol
& T r e n to n , sold at fo re c lo s u r e o n A u g . 2 1909 to a b o n d h o ld e rs c o m m it t e e .
V . 8 9 , p . 349 , 78 0 . F o r d is trib u tio n o f secu rities o f n ew c o m p a n y b y said
c o m m itte e t o h olders o f ce r tific a te s o f d e p o s it o f pre d e ce sso r c o m p a n y in
D e c . 1915, see V . 101. p . 1975.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s an d op era tes 17 H m iles o f tr a c k fro m T o rre s d a le t o M o r ris v ille .
R a ils, 60 an d 9 0 -lb . gird er an d 7 2 -lb . T ; gau g e, 5 f t . 2 ^ in ch es; 11 passenger
ca rs, 1 fre ig h t c a r , 2 w o rk ca rs , 2 sn o w p lo w s , 1 en gin e a n d 1 ge n e ra to r,
400 k .w . c a p a c it y .
STO CK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
___________
$41 0 ,8 0 0
------------ - S tock ($ 5 0 )____________________________
1st m tg e $75 0 ,0 0 0 ($ 1 ,0 0 0 ,[ 1913
5 g M -S
4 1 3 ,8 0 0 M a r 1 1 9 4 3
$50 0 an d $100) g ____ c * t f ] U n io n T r u s t C o . o f M d . . B a lt ., T r u s te e .
R e m a in in g b o n d s are reserved fo r c o r p o r a te p u rp o se s. S u b je c t t o call
as a w h ole o n a n y in t. d a te a t 105 a n d in t . N o sin kin g fu n d .
E A R N I N G S .— F o r ca le n d a r yea rs:
G ross.

N et.

T a xes.

In terest.

D ep rec.

S u r p lu s .

1926
$ 5 5 ,8 0 9 d f$ 4 2 ,089
$ 2 ,4 0 0 $25 ,321 x $ l,6 7 0 d e f$ 7 1 ,480
x l ,670 d e f .46.385
24,861
1925
68.9 8 9 d f l7 ,4 5 4
2 ,4 0 0
x l,6 7 0 d e f. 19,884
2 4 ,559
1024 ___________ 8 5 ,6 1 2
8 ,9 4 5
2 ,6 0 0
x l ,670 J e f.l3 ,8 u 3
24,233
1923
91.201
15,700
3 ,6 0 0
x l,6 7 0
d e f .7,531
2 4 ,3 6 5
1922
9 0 .5 1 6
2 2 ,1 0 4
3 ,6 0 0
d e f .2,131
5,280
2 4 ,996
1 9 2 1 ____________ 106 ,1 5 9
3 3 ,4 1 5
5 ,2 7 0
x D is c o u n t o n 1st m tg e . b o n d s .
O F F I C E R S .— P r e s ., C a rl N . M a r tin ; V . - P . , J o h n R e d w o o d ; S e c . &
T r e a s .. W . E . E r v in ; G e n . M g r ., M . J H ill, B ris to l, P a .— V . 110 , p .
466 ; V . 112, p . 1284.

PHILADELPHIA R AILW AYS CO.
O R G A N I Z A T I O N .— I n c o r p o r a te d in P e n n sy lv a n ia o n M a y 13 1911 as
su ccessor t o th e S ou th w e ste rn S tre e t R y . so ld a t fo re c lo s u r e A p ril 21 1911.
V . 92. p . 1375.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S — A
t r o lle y r o a d . O w ns an d o p e r a te s 12 m iles o f tr a c k w ith in lim its o f P h ila ­
d e lp h ia . G a u g e , 5 f t , 2 M in .
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
la tu r ity .
S to c k $ 4 0 0 ,0 0 0 ($ 5 0 ) ________________
___________
$40 0 ,0 0 0 ------------------1st m tg e $ 4 0 0 ,0 0 0 g o ld ($500) ( 1911
5 g M -N 15
4 0 0 ,0 0 0 M a y 15 1941
an d $ 1 ,0 0 0 ) ___________ c * t f [I n t . a t R e a l E s t. T i t . In s . & T r . , P h ila ., T ru s
B o n d s are r e d . o n a n y in t. d a t e a t 105 and in t.
L a te s t E a r n i n g s .— F o r 12 m o n th s e n d e d D e c . 31 1926, gross $ 6 1 ,7 5 7 ; n e t
a fte r ta x e s , d e fic it , $ 2 5 ,4 8 3 . F o r y e a r e n d e d D e c . 31 1925: G ro s s , $7 5 ,4 8 5 ;
n e t a fte r ta x e s , d e fic it , $ 1 7 ,6 0 7 . D e c . 31 1924; G ro s s , $ 8 1 ,2 8 7 ; n e t a fter
ta x e s , d e f ., $ 1 5 ,1 8 2 . I n 192 3, g r o s s , $ 9 7 ,5 5 4 ; n e t a fte r ta x e s , d e f . , $ 1 7 ,9 2 6 .
T h e d e fic ie n c y fo r y e a rs 1926, 1 92 5, 1924 an d 1923 d o e s n o t i n c lu d e b o n d
in t e r e s t o f $2 0 ,0 0 0 p e r a n n u m .
O F F I C E R S .— P r e s ., I . H . S iv e rm a n ; V . - P . , L . R . Ise n th a l; S e c ., A lv in
W . F r o m ; T r e a s ., C h a s . F . W a g n e r J r .— V . 106 , p . 2 56 0.

PHILADELPHIA & WESTERN R A ILW AY CO.
O R G A N I Z A T I O N , & c .— I n c o r p , Ju n e 6 1907 in P e n n sy lv a n ia as s u c­
cessor t o the P h ila d elp h ia & W e s te rn R R . C o . In 1910 c o n tr o l w as a cq u ire d
b y a sy n d ic a te h ea d e d b y E d w . B . S m ith & C o . o f P h ila d e lp h ia an d N . Y .
O w ns o n e -h a lf o f th e c a p ita l s t o c k o f th e N o rr is to w n T ra n sit C o . , w h ich
ro a d c o n n e c ts th e L e h ig h V a lle y T ra n sit C o . w ith th e P h ila d e lp h ia & W e s t ­
ern , a n d th e en tire c a p ita l s t o c k o f th e P h ila d elp h ia & W e s te rn H o m e
O w n ers’ A ssocia tion a n d th e M a in L in e T ra n sfer C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p era tes a h igh -sp eed d o u b le -tra ck 3 d rail r o a d 17.33 m iles lo n g b etw een
P h ila d elp h ia . N o rr is to w n and S tr a ffo r d , e n tire ly o n p r iv a te r ig h t-o f-w a y an d
c o n n e c t in g w ith P h il. R a p id T r a n sit C o . ’s s u b w a y -e le v a te d sy s te m a t
6 9 th & M a r k e t S ts ., P h ila d e lp h ia , a n d w ith P e n n . R R . m ain lin e a t S traf­
fo r d S ta. A n exten sion fro m V illa N o v a in to N o rr is to w n w as p la c e d in
o p e r a tio n on A u g . 26 1912. O n D e c . 1912 c o n n e c tio n w as m a d e w ith th e
L eh ig h V r .ie y T ra n sit C o .'s lines a t N o rr is to w n v ia N o rr is to w n T ra n sit
C o . a n d a th rou g h serv ice establish ed b etw een A lle n to w n a n d P h ila d e lp h ia ,
T o t a l tr a c k s , 3 8 ,1 9 m iles; g a u g e , 4 f t . ,
in. 8 5 -lb . rail; 26 p assenger ca rs,
2 express a n d 3 fla t ca rs, 1 sn o w p lo w ; t o t a l, 31..
In 1918 en tered in to a 10-year c o n t r a c t w ith th e C o u n tie s G as & E le c .
C o . (a s u b sid ia ry o f th e U n ite d G as I m p t . C o .) u n d er w h ic h th e la tte r su p ­
plies th e c o m p a n y w ith a ll its p o w e r .




$42 2,13 1
x l6 1 ,7 9 7

$41 6 ,1 1 5
x l6 8 ,0 3 4

$26 0 ,3 3 4
22,0 0 0
100,000

$24 8,08 1
2 2 ,1 0 0
100.000

$39 2 ,5 0 0
166 ,0 0 8
$ 2 2 6,49 2
2 0 .5 0 0
100 ,000

B a la n ce , s u r p lu s ______
$ 1 2 5 ,9 4 2
$ 1 3 8 ,3 3 4
$12 5,98 1
$ 1 0 5,99 2
x I n t . o n b o n d s in 1926 a m o u n te d t o $ 1 3 1 ,5 0 0 ; ta x a ccru a ls , $ 3 0 ,6 4 0 ;
hire o f e q u ip m e n t. $13 6 a n d a m o r tiz a tio n o f d is c o u n t, $ 2 ,3 8 4 . I n t .
on b o n d s in 1925 a m o u n te d t o $ 1 3 1 ,5 0 0 ; ta x accru a ls t o $ 2 7 ,7 8 0 ; hire o f
e q u ip m e n t, $ 1 3 3 , a n d a m o r tiz a tio n o f d is c o u n t, $ 2 ,3 8 4 . In te r e s t on
b o n d s in 1924 a m o u n te d t o $ 1 3 1 ,5 0 0 ; ta x a ccru a ls ,$3 2 ,5 0 0 ; h ire o f e q u ip ­
m e n t, $177; a m o r tiz a tio n o f d is c o u n t o n fu n d e d d e b t , $ 2 ,3 8 4 .
P a ssen gers c a rrie d d u rin g y e a r e n d in g D e c . 31 1926, 4 ,6 0 4 ,8 7 1 ; d u rin g
192 5. 4 ,7 0 3 ,7 9 3 ; d u r in g 192 4, 5 ,0 3 0 ,1 5 7 , a g ain st 4 ,6 2 0 ,8 1 7 in 1923.
O F F I C E R S .— P re s. & G e n . M g r ., J . L . A d a m s ; V .- P . , O . J . In gersoll
S ec. & T r e a s ., F . W . S te in b rig h t; G e n . S u p t. & A u d ., C . S. M o u n t z .
O ffic e s , N o r r is to w n , P a .— V . 120 , p . 1090; V . 122, p . 2 1 9 3 , 2 9 4 9 ; V . 124,
p . 648 .

PITTSBU RGH BUTLER & HARMONY CONSOL. R Y.
& POWER CO.
O R G A N I Z A T I O N .— I n c o r p . in D e la w a r e . H a s a c q u ir e d $ 2 ,7 4 5 ,0 0
o f th e $ 3 ,0 0 0 ,0 0 0 ca p ita l s to c k o f th e P itts b . H a r. B u tle r & N e w c a s tle R y .
C o ., all o f th e $ 1 ,0 0 0 ,0 0 0 c a p ita l s to c k o f th e P itts b u rg h M a r s & B u tler
R y . C o . an d 2,3 0 0 shares o f th e 3 ,2 8 5 shares ca p ita l s to c k o f th e N o rth
P ittsb u rgh R e a lt y C o . AH th e ca p ita l s to c k o f O h io H a r m o n y E le c . C o .
H a rm o n y R e a lty C o . an d H a r m o n y S h o rt L in e M o t o r T r a n sp o rta tio n C o .
In M a r c h 1920 an a n n o u n c e m e n t w as m a d e o f a p ro fit-s h a rin g p la n b y
w hich $ 1 ,0 0 0 ,0 0 0 c o m . s t o c k w o u ld b e set aside u n d e r a tru st ag reem en t for
th e b e n e fit o f th e c o ’s. e m p lo y e e s .
V . 110, p . 1416.
STOCK —
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n $ 4 ,5 0 0 .0 0 0 _________________
___________ $ 4 ,5 0 0 ,0 0 0
P referred $ 2 ,0 0 0 .0 0 0 _______________
_______ 1,8 3 6 ,0 0 0
O F F I C E R S .— P re s ., D a v id I . M c C a h ill; V .- P . & G e n . M g r ., H . E th e ­
rid ge; T r e a s ., R . M . G lic k .— V . 109, p . 1274; V . 110, p . 1416; V . 120, p . 705 .
(1 ) P I T T S B U R G H

TRENTON B RISTOL & PHILADELPHIA STREET RY.

131

MARS

&

BUTLER

RY.

O R G A N I Z A T I O N .— S u ccessor t o th e P itts b u r g h & B u tle r S t. R y . . th*
Interurban d iv isio n o f th e P itts b u r g h & B u tle r R y . . w h ich w as s o ld a t f o r e ­
c lo s u re M a y 9 1917. V . 104, p . 1900.
C A P I T A L I Z A T I O N . — O n S e p t. 5 1917 m a d e a m o r tg a g e t o th e D o lla r
S av in gs & T r u s t C o . , P itts b u r g h , s e cu rin g an issue o f $ 1 ,2 5 0 ,0 0 0 b o n d s to
p ro v id e fo r im p ro v e m e n ts , & c. P itts b u r g h B u tle r & H a r m o n y C o n s o l. R y .
& P o w e r C o . ow n s all th e $ 1 ,0 0 0 ,0 0 0 s t o c k o f th e c o m p a n y .
E A R N I N G S .— F o r c a le n d a r y e a rs:
1924.
1923.
1922.
G r o s s ____________________________________
$ 3 5 7 ,6 5 5
$39 2 ,2 2 9
$38 8,89 3
N e t, a fte r taxes an d in te re s t__________
13,520
423
41,6 7 4
O F F I C E R S .— Sam e as P itts . B u tle r & H a r m o n y C e n s o l. R y . & P o w
C o . a b o v e .— V . 105, p . 998: V . 106, p . 1578, 234 6.
(2 ) P I T T S B U R G H H A R M O N Y B U T L E R & N E W C A S T L E R Y . C O .

O R G A N I Z A T I O N .— Is a c o n s o lid a tio n in 1906 o f several sm all c o m ­
p an ies. O w ns all th e c a p ita l s t o c k o f th e H a r m o n y E le c . C o . an d th e
E lw o o d -K o p p e l B r id g e C o .
In F e b . 1910 au th o riz e d s t o c k w as in crea sed
fro m $ 3 ,0 0 0 ,0 0 0 t o $ 3 ,5 0 0 ,0 0 0 .
P itts . B u tle r & H a r m o n y C o n s o l. R y . &
P o w . C o . ow n s $ 2 ,7 4 5 ,0 0 0 o f th e c a p ita l s to c k .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O perates 6 8 .5 m iles o f t r a c k fr o m P itts b u r g h , v ia "W e x fo rd , E v a n s C it y ,
H a r m o n y an d E llw o o d C it y , t o N e w C a s tle , w ith a b r a n c h fr o m E v a n s C ity
to B u tle r . E n te r s P itts b u r g h o v e r th e tr a c k s o f th e P itts b u r g h R a ilw a y s
C o.
O n D e c . 3 1913 p la c e d in o p e r a tio n an e x te n sio n fr o m E llw o o d C ity
t o B e a v e r F a lls, 6 J6 m iles.
STO CK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y
S to c k $ 3 ,5 0 0 ,0 0 0 _______________ ______
___________ $ 3 ,0 0 0 ,0 0 0 ..........................
1st m tg e $ 3 ,5 0 0 ,0 0 0 g o ld ] 1906
5 g J -D
2 ,9 0 0 ,0 0 0 Ju n e 1 1930
($ 1 ,0 0 0 ) _____________ . c * t f [ I n t . a t U n io n T r u s t C o ., P itts b u r g h , T r u s te e .
B o n d s .— T h e $ 6 0 0 ,0 0 0 unissued are re se rv e d fo r fu tu r e exten sion s.
E A R N I N G S .— F o r ca le n d a r yea rs:
1924.
1923.
1922.
G r o s s ____________________________________
$ 9 5 4 ,4 7 0 $ 1 ,0 2 9 ,1 6 8 $ 1 ,0 4 0 ,0 6 3
N e t. a fte r taxes a n d in te re s t__________
2 9 ,4 6 4
1,351
142.548
O F F I C E R S .— S am e as P it t s . B u tle r & H a r m o n y C o n s o l. R y . & P o w . C o .
a b o v e .— V . 107. p . 237 7: V . 108. p . 252 9; V . 109. p . 1274; V . 112. p . 230 6.

tford, Bacon & Vam
incorporated

E g eers
n in
D e s ig n & C o n s t r u c t io n
of

Hydro-electric Developments
Steam Power Plants
New York

[M V

Philadelphia
Chicago

San Francisco
New Orleans
Monroe, La.

132

PUBLIC UTILITIES

SCRANTON & W ILKES-BARRE TRACTIO N CORP
O R G A N I Z A T I O N .— I n c o r p . in V irgin ia in 1913 as a re o rg a n iz a tio n (per
p lan V . 96, p . 1701) o f th e L a ck . & W y o m . V alley R a p id T r a n sit C o . (sold
a t fo r e c lo s u r e ), w h ich c o m p a n y o w n e d all th e secu rities o f th e L a ck aw an n a
& W y o m in g V a lle y R R ., th e S cra n ton & N o rth e a ste rn R R .. th e L a ck a ­
w anna T u n n el C o ., th e C en tral V a lle y R R . an d th e W ilk e s -B a rr e R R
T h e se la tter fiv e com p a n ie s w ere m erged in to th e L a ck . & W y o m . V alley
R R . C o . (th e o p e r a tin g c o m p a n y ) w ith $ 2 ,1 5 0 ,0 0 0 s to c k an d $ 5 ,0 0 0 ,0 0 0
b o n d s, all o f w h ich is o w n e d b y th e S cra n ton & W ilk e s-B a rre T r a c . C o rp .
an d d ep o s ite d u n d er th a t c o m p a n y 's r e fu n d in g m t g e ., s u b je c t t o $ 8 88 ,0 0 0
L . & W . V . R a p id T ra n sit c o ll, tru st b o n d s. T h e R a ilro a d C o .o w n s a ll the
s t o c k o f th e L a c k . & W y o m . V a lle y P o w . C o . P o w e r fra n ch ise s p e rp e tu a l.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A h old in g c o m p a n y . T h e L a ck a w a n n a & W y o m in g V a lle y R R . operate*
23.71 m iles o f fir s t tr a c k , 2 1 .3 9 m iles o f s e c o n d tr a c k an d 8 .4 0 m iles o f yard
tra ck a n d sid in g s . D o u b le t r a c k , la id w ith 9 0 -lb . ra il. S ta n d a rd steam
c o n s t r u c tio n , p r iv a te rig h t o f w a y . A sta n d a rd -g a u g e tu n n e l, a b o u t 5,000
feet lo n g , w as c o m p le te d in S cra n to n in O ct. 1905. T h is r e m o v e d th e o n ly
h e a v y g r a d e on th e lin e b e tw e e n S cra n to n a n d W ilk e s -B a r r e . 33 p a sse n g e r,
45 freig h t ca rs , 2 m o t o r express c a r s , 1 m o t o r w o rk car a n d 3 e le ctr ic freigh t
lo c o m o t iv e s . F r e ig h t a n d passen ger business is ex ch a n g e d w ith all railroads
en terin g th e term in a l citie s .
I n J u ly 1922 th e c o . ’s a u th . ca p ita l s to c k w as Increased fro m $ 2 ,5 0 0 ,0 0 0
to $ 5 ,0 0 0 ,0 0 0 . C o m p a re V . 115, p . 1211.
STOCK A N D BO N DS—
D a le
I n te r e s t
O u ts ta n d in g .
M a tu r iti
C o m m o n .................... ............_ . ........................................
$ 2 ,3 9 8 ,8 0 0 ___________
P ref c u m ----------------------------------- --------See text
1 .0 0 0 .0 0 0
See text
L & W V R a p T r C o c o ll tru st J 1901
5%
7 3 8 .0 0 0 A u g 1 1951
5 % g o ld b o n d s ________ c * t f i l n t . at G u a ra n ty T ru s t C o . , N . Y . , tru stee
R efu n d in g m tge (see te x t) g ] 1913
5%
1 .8 6 6 ,5 0 0
A u g 1951
($ 1 .0 0 0 > ________________c * t f( G u a r a n t y T r u s t C o ., New Y o r k , tru stee.
C o ll tru st sink fu n d g o ld b d s l 1914
6 g A -O
8 2 2 ,0 0 0 A p r 1 1S34
$ 1 ,0 0 0 ,0 0 0 ($ 1 .0 0 0 )____ c * (G u a r a n t y T r u s t C o .. N ew Y o r k tru stee
S to ck . — D iv s . on p r e f. 6 % p er a n n u m u n til Jun e 30 1917 an d 7 % th e r e ­
a ft e r . C u m u la tiv e fro m Ju n e 30 1914. P r e f. s to ck is re d e e m a b le a t 105
P r e f. a n d c o m m o n h a v e e qu a l v o t in g p o w e r .
B o n d s . — R e fu n d in g m o r tg a g e b o n d s are ca lla b le at 105 a n d in i ; s in k in g
f u n d o f \4 % p e r a n n u m o f o u ts ta n d in g b o n d s began N o v . 1 1917; $ 7 5 3,00 0

are r es erv ed t o r e tire u n d e rly in g b o n d s . T h e m o rtg a g e w as au th orized
orig in a lly fo r $ 5 ,0 0 0 ,0 0 0 . b u t w as s u b s e q u e n tly c lo s e d a t $ 3 ,0 0 0 ,0 0 0 .
T h e L . & W . V . R a p id T r a n sit C o . 5 % b o n d s are secu red b y d e p o s it of
$ 2 ,1 5 0 ,0 0 0 s t o c k an d $ 5 ,0 0 0 ,0 0 0 fir s t m tg e . 5s, due 1951, o f th e L a ck . &
W y o m in g V a lle y R R . C o . U n d e r a su p p le m e n ta l in d e n tu re , d a te d N o v . 1
1917, a s in k in g f u n d o f $ 1 5 ,0 0 0 p er a n n u m w h ich b egan M a y 1918 was
cr e a te d a n d th e b o n d s w e re m a d e s u b je c t t o call at 105 a n d in te re s t. V
105. p . 209 4. A s o f O ct. 1 192 4. all b u t a b o u t $ 2 4 ,0 0 0 o f t h e b o n d s had
been sta m p ed b y th e tru ste e w ith th e c a lla b le featu re sin k in g fu n d agree
m e n t. V . 105, p . 2 45 5.
T h e co lla te r a l tru s t 6 s o f 1914 are r e d . a t a n y in terest p e rio d a t 100 and
a c c r u e d in te re s t. S in k in g f u n d (cu m u la tiv e ) o f 1 % o f o u ts ta n d in g b o n d s
a n n u ally fr o m M a r c h 1 1916 t o M a r c h 1 1933. T h e se b o n d s are s e cu re d by
th e sam e c o lla te ra l as th e fir s t an d r e fu n d in g m o r tg a g e . V . 9 8 , p . 1246.
D iv i d e n d s . — 6 % w as p a id on p r e fe rr e d s to c k fr o m J u ly 1913 t o an d in clu d
Ing A p ril 1917. In J u ly 1917 b e g a n p a y in g 7 % and sam e ra te has been
p a id re g u la r ly s in ce .
E A R N I N G S . — F o r ca le n d a r years:

[V ol. 125.

SOUTHERN PENNSYLVANIA POWER CO.
C o n tr o lle d b y S u sq u eh an n a U tilitie s C o . , w h ic h in tu rn is c o n t r o lle d byP h ila d e lp h ia E le c t r ic C o .
O R G A N I Z A T I O N .— I n c o r p . in P e n n s y lv a n ia . S u p plies e le ctr ic lig h t
and p o w e r in O x fo r d , R u s se lv ille , C o c h r a n v llle a n d N o tt in g h a m , P a . T h e
N o r th e r n M a r y la n d P o w e r C o . su p p lie s th e c itie s a n d to w n s o f R is in g S un ,
P o rt D e p o s it , E lk t o n , C h e sa p e a k e C it y , N o rth e a s t P e r r y v ille , H a v r e d e
G ra ce , A b e rd e e n a n d o th e r s in th e S ta te o f M a r y la n d , w ith e le ctr ic lig h t
and p o w e r . T h e s e c o m p a n ie s o w n an d o p e r a te o v e r 65 m iles o f m a in
transm ission lin e s. C o m p a n y o w n s an d o p e ra te s a sm all h y d r o -e le c t r ic
pla n t an d 2 a u x ilia ry s te a m p la n ts . P u rch a ses p o w e r u n d e r fa v o r a b le
term s fro m th e W ilm in g to n & P h ila d e lp h ia T r a c t io n C o . (a s u b s id ia ry o f
A m erican G as & E le c tr ic C o . ) , and fro m E d is o n E le c tr ic C o . o f L a n c a s te r ,
Pa. P o p u la tio n s e rv e d is e stim a te d t o b e In e xcess o f 4 0 ,0 0 0 . V . 120 ,
p . 2 8 1 8 . F r a n c h is e s are p e r p e tu a l.
BONDS
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
1st M & c o ll tr 6 % ser A ($1,-1 1925
6 M -N
$ 1 ,2 0 0 ,0 0 0 M a y 1 195 5
00 0 , $ 50 0, $ 1 0 0 )_____ c * t f l i n t , a t P e n n . C o . fo r I n s . o n L iv e s & G ra n tJ in g A n n u itie s , P h ila ., T r u s t e e .
B o n d s . — T h e 1st m tg e . c o ll , tr u st 6 % s e r ie s A b o n d s , d a ted M a y 1 192 5, •
are se cu re d b y an a b s o lu te 1 st m tg e . on all th e p r o p e r t y , & c ., o w n e d a n d
op e ra te d in th e S ta te o f P e n n s y lv a n ia , a n d a lso a 1st m t g e . b y d e p o s iw ith th e tru stee o f all o f th e b o n d s an d c o m m o n s to c k o f N o rth e r n M a r y t
land P o w e r C o . , w h ich o w n s and o p e ra te s t h e p r o p e r tie s in th e S ta te o f
M a r y la n d . A m in im u m cash s in k in g f u n d o p e r a tin g s e m i-a n n u a lly , b e g in ­
ning in 1928, w ill retire 1 'A % o f th e gross a m o u n t o f series A b o n d s o u t ­
sta n d in g fo r th e fir s t 5 yea rs; 2 % fo r th e n e x t 5 ye a rs and 2 l % t h e r e a fte r .
A
C a lla b le all o r p a r t on 60 d a y s ’ n o t ic e a t 103. F re e o f 4 m ills P e n n . t a x .
M a ry la n d S tate ta x r e fu n d e d .
In M a y 1925 S ch ib e n e r, B o e n n in g & C o . , P h ila ., b ffe r e d $ 1 ,2 0 0 ,0 0 0 a t
98 and in t .. t o y ie ld o v e r 6 % .
O F F I C E R S .— P r e s ., J o h n H . W a r e J r .; V . - P . , J . G u y E s h le m a n ; T r e a s .,
S. R . Z im m e r m a n ; S e c ., L . M a y H o p to n .-— -V. 120, p . 281 8; V . 124, p . 2 5 9 1 ;
V . 125, p . 1582.

THE WEST CHESTER STREET R A ILW AY CO.
C o n tr o l. — K e lly , C o o k e & C o . , E n g in e e rs, O p e ra tin g M a n a g e r s , 160 0
A rch S t ., P h ila d e lp h ia , P a .
P la n o f R e a d ju s tm e n t o f S e c u r i ti e s .— A p la n fo r t h e r e a d ju s tm e n t o f c o m ­
p a n y ’ s s e cu ritie s, d a te d S e p t. 15 1927, has been a p p r o v e d b y O . H o w a r d
W o lfe , C h a ir m a n , J o h n T . C o llin s J r ., S am u el M a r s h a ll a n d E d m o n d W .
P a lm e r , c o n s titu tin g th e s e c u r ity h o ld e r s p r o t e c t iv e c o m m it t e e . A ll in ­
qu iries re g a rd in g p la n s h o u ld b e ad d re sse d t o ei h ;r O . H o w a r d W e l f e ,
C h a ir m a n , c a r e P h ila d e lp h ia -G ir a r d N a tio n a l 11a,.k, 421 C h e s tn u t S t .,
P h ila .; o r E .H . B id d le , S ec. o f c o m m itte e , 20 S o u th H ig h S t . , W e s t C h e s te r ,
P a . T h e d e p o s ito r s are P h ila d e lp h ia -G ir a r d N a t io n a l B a n k , 421 C h e s tn u t
S t ., P h ila d e lp h ia , a n d N a t io n a l B a n k o f C h e s te r C o u n t y , W e s t C h e s te r , P a .
T h e b o n d s , n o te s , p r e fe rr e d s t o c k a n d c o m m o n s t o c k o f th e c o m p a n y
w h ic h m a y b e d e p o s ite d u n d e r an d p a r t ic ip a t e in th e p la n a re ( 1 ) fir s t m t g e .
5 % g o ld b o n d s , d u e A u g . 1 1932; (2) fir s t lien a n d c o lla te r a l tr u s t s in k in g
fu n d g o ld b o n d s , series A , 6 % , d u e O c t . 1 1939; (3) s e cu re d p r o m is s o r y n o t e s
(4) 7 % p a r ticip a tin g c u m u la tiv e p re fe rre d s t o c k ; (5) c o m m o n s t o c k .
T h e p la n , i f a d o p te d , w ill e lim in a te a ll fix e d c r a h g e s , b y th e e x c h a n g e o f
th e p re se n t b o n d s , n o te s a n d p r e f. s t o c k fo r cla ss A ( n o n - c u m u l.) , c la s s B
(n o n - c u m u l.) , a n d c o m m o n shares o f a n e w c o m p a n y o r o f th e o ld c o m p a n y
b y a m e n d in g its p re se n t ch a rte r.
T a b le o f E x c h a n g e o f N e w f o r O ld S e c u r itie s .
■ — — W il l R e c e iv e -----------—
O u ts ta n d in g . C la s s A S h s. C la s s B S h s.

E x i s t in g S e c u r itie s - •
—

C om m on
S h a r es .

F ir s t m o r tg a g e b o n d s
8 ,3 8 0
,
$ 8 3 8 ,0 0 0
1 6 ,760
O p e r a tin g O th er I n c .
E xp. &
B on d
P r e fe r r e d
B a la n ce
S e co n d m o r tg a g e b o n d s
178 ,500
3 ,5 7 0
1 ,7 8 5
In co m e. (H o ld .C o .).
T a xes.
In terest.
D iv id e n d s .
S u r p lu s
Secu red p r o m is s o r y n o te s
3 2 7 ,6 1 3
8 ,9 8 0
2 ,0 6 9
1926 .$ 4 5 5 ,1 8 2
$518
$ 1 6 ,9 0 0
$20 3 ,3 1 3
$ 7 0 ,0 0 0
$ 1 6 5,48 7
P re fe rre d s t o c k , 186 ,150
7 ,4 4 6
1 ,8 6 1 )4
1925 . 4 0 2 ,4 2 2
204 .0 6 2
115
18,494
7 0 .0 0 0
109.981
C o m m on stock
_ 1 .0 0 0 .0 0 0
2 0 ,0 0 0
1924 . 4 1 6 ,3 4 8
369
18,176
204 .8 1 2
6 9 ,239
124.490
T o t a l - ______ ______ - , $ 2 ,5 3 0 ,2 6 3
18,8 2 9
14,411 K
3 7 ,611
1923 - 4 5 2 ,4 8 4
984
15.945
205 .5 6 2
165.426
6 6 ,535
O b lig a tio n s to R e m a in U n d is tu r b e d . — C a r tru s t a g re e m e n t o f J . G . B rill
1922 . 4 1 0 ,1 8 9
206 .3 1 2
946
15,046
63,3 2 9
126.448
C o . , d a te d D e c . 22 192 4, g iv e n in p a r t p a y m e n t o f th e p u r c h a s e p r ic e a n d
151,006
1921 . 430 ,431
371
12,797
5 9 ,936
2 07 ,063
p a y a b le in m o n t h ly in s ta llm e n ts , to t a l a m o u n t in v o lv e d , $ 2 ,4 1 8 .
O F F I C E R S .— P r e s ., W m . C . S p rou l; C h a irm a n E x e c . C o m m ., F ra n k R
O th er D e b ts a n d C la im s . — T h e r e a d ju s tm e n t c o m m it t e e shall h a v e t h e r ig h t
t o n e g o tia te or a rra n ge th e re a d ju s tm e n t, a c q u is itio n o r s e ttle m e n t o f cla im s
F o r d ; V . P ., W . H . l.ip p in c o tt, V . P . & S e c ., S. C . S tivers; T r e a s ., E . A .
fo r ta x e s , m a te ria ls fu rn is h e d and s u ch o th e r d e b ts , o b lig a t io n s o r c la im s ,
S m ith .— V . 115, p . 1211; V . 122, p 2498.
w h e th e r arising as a r e s u lt o f o p e r a tio n s o r u n d e r fra n c h is e s o r o th e r w is e ,
as m a y n o t b e in c lu d e d in t h e -fo r e g o in g .
O R G A N I Z A T I O N .— I n c o r p . in P e n n s y lv a n ia , A u g . 4 1 8 9 9 — fra n ch ises
SHAMOKIN & MT. CARMEL TRAN SIT CO.
p e rp e tu a l.
O w n s th e C h e s te r V a lle y E le c t r ic L ig h t , H e a t & P o w e r C o . an d
the C o a te s v ille E le c t r ic L ig h t , H e a t & P o w e r C o .
O w n s t h e P e o p le s T r a n s ­
O R G A N I Z A T I O N .— Is a c o n s o lid a tio n in J u ly 1906 o f th e S h a m ok in &
p o r ta tio n C o r p . w h ich o p e ra te s a ll o f c o m p a n y ’ s m o t o r b u s s y s te m . O w n s
M t . C a rm el E le c tr ic R y . a n d th e A sh la n d & C en tralia E le c tr ic R y .
V . 83
the W ilm in g to n Y e llo w T a x -C a b C o .
p . 273 .
P e o p le s T r a n s p o r t a t io n Co.- — R e o r g a n iz a tio n o f c o . w a s a rra n g ed t o t h e
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
sa tisfa c tio n o f th e c r e d it o r s ’ c o m m itte e o n M a r c h 4 1927. V . 124 , p . 1413.
O p era tes 19 .5 m iles o f tr a c k b e tw e e n A s h la n d and S h a m o k in .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s an d o p e ra te s in te ru rb a n ra ilw a y lin es fr o m W e s t C h e s te r t o D o w n ih g V a lu a tio n . — In A p ril 1921 th e P e n n sy lv a n ia P . S. C o m m , p la c e d the
t o w n , C o a te s v ille , K e n n e tt S qu are, A v o n d a le a n d W e s t G r o v e , P a . M o t o r
v a lu a tio n o f th e c o m p a n y 's p ro p e rtie s a t $ 1 ,3 0 0 ,0 0 0 . V . 112. p . 1519.
buses o f s u b sid ia ry o p e r a te b e tw e e n R e a d in g , P o t t s t o w n , S p rin g C i t y ,
S T O C K A N D B O N D S —D a te .
In terest.
O u ts ta n d in g . M a t u r it y
R o y e rs fo r d , P h o e n ix v ille , N o r r is to w n , S tr a ffo r d , P a o ii, D o w n in g t o w n , W est
C o m m o n $ 7 0 0 ,0 0 0 ____________________
________
$ 5 2 9 ,7 5 0
See te x t
C h e s te r, M e d ia , K e n n e tt S qu are, A v o n d a le , W e s t G r o v e , O x fo r d and
P r e f $ 3 0 0 ,0 0 0 6 % n o n -c u m ___ ______
________
2 6 1 ,8 5 0
S ee t e x t
C h e s te r, P a ., W ilm in g t o n , D e l. an d A tla n tic C i t y , N . J . O p e ra tes Y e llo w
N e w m o r tg a g e $ 6 0 0 .0 0 0 ______/ 1906
5%
4 1 5 ,0 0 0
1936
T a x i-C a b s e rv ice in W ilm in g to n , D e l. C o . also e n gag es in ch a r te r e d b u s
(P e n n . C o . fo r I n s . on L .& G .A .,P h il a ., tru st.
business, and o p e ra te s b u ses o n s c h o o l c o n t r a c ts . L e n g th o f ra ilw a y lin es,
38 m iles; r a il, 70 lb . “ T ” o n p r iv a te rig h t o f w a y b e tw e e n b o r o u g h s ; 90 lb .
D iv id e n d s .— A r e b ein g p a id o n th e p r e f., 1 ) 4 % q u a rte r ly , in c l. S e p t. 1925.
and 103 lb . in m u n ic ip a litie s . P a ssen ger c a r s , 16; s e r v ic e c a r s , 2; f la t ca rs ,
T h e p r e f. d iv id e n d f o r D e c . 1925 Was p a sse d , b u . has be e n p a id s in ce .
4; sn o w p lo w , 1. O p e ra te s, t h r o u g h su b s id ia r y , 3 5 0 m ile s o f m o t o r b u s
O n th e c o m m o n in 1925: M a r c h , 1 % ; J u n e , 1; n o n e in S e p t, a n d D e c .
lines, m o t o r b u se s, 55: m o t o r tr u c k s , 5.
E A R N I N G S . — F o r ca le n d a r y e a r 192 6, to t a l re c e ip ts , $ 2 5 7 ,1 0 0 ; t o t a l
STO CK S A N D BO N D S—
D a te .
In terest.
O u ts t a n d in g . M a t u r i t y .
ex p e n d itu r e s , $ 2 2 7 ,6 1 1 ; e xce ss o f r e c e ip ts o v e r e x p e n d itu r e s , $ 2 9 ,4 8 9 .
C o m m o n ________________________ ______
___________ $ 1 ,0 0 0 ,0 0 0 ______________
F o r y ea r e n d e d D e c . 31 192 5, t o t a l r e c e ip ts a m o u n te d t o $ 2 7 2 ,9 6 2 ; to t a l
P referred ($ 5 0 ) _______________________
7 Q -M
1 8 6 ,1 5 0 D e c ’26 1 M %
expenditures, $277,395; excess o f expenditures over receipts, $4,433;
1st (clo s e d ) m tg e $ 1 ,0 0 0 ,0 0 0
Y e a r e n d e d D e c . 31 192 4, g r o s s , $ 3 0 0 ,7 1 1 ; n e t after ta x e s , $ 3 9 ,8 1 1 . In
$ 1 ,0 0 0 g o l d ) _______________ t f 1902
5 F -A
a 8 3 8 ,000 A u g . 1 1932
1 92 3, g r o s s , $30 5 ,0 2 9 ; n e t a fte r ta x e s , b o n d in te re st, & c ., $ 5 1 ,8 6 5 . In
1st L ien & c o ll tr s f $ 1 ,5 0 0 ,0 0 0
192 2, g r o s s , $ 2 4 2 ,4 6 8 ; n e t a fte r ta x e s , $ 1 3 ,6 1 2 .
($ 1 .0 0 0 a n d $50 0 g o l d ) . . - t f 1924
6 A -O
b l 7 8 ,5 0 0 O c t . 1 1 9 3 9
a C o m p a n y o w n s $ 1 1 ,0 0 0 fir s t 5s, w h ic h a re p le d g e d t o s e cu re b a n k lo a n s ;
O F F I C E R S .— P res. & G e n . M g r ., W m . K ie fe r , M t . C a rm e l, P a .; S e c.,
in a d d it io n , $ 1 5 1 ,0 0 0 re tire d a n d c a n c e le d ,
b $ 6 5 1 ,0 0 0 c e r tifie d b y tru stee,
J. D . M c C o n n e ll; Treas.-, F r e d K ie fe r , M t . C a rm e l. P a .— V . 106, p . 2650; $ 1 7 8 ,5 0 0 o u ts ta n d in g in h a n d s o f p u b lic , $ 4 4 9 ,0 0 0 p le d g e d as s e c u r it y f o r
V . 112, p . 151 9, 2 5 3 8 ; V . 118 , p . 665 ; V . 122, p . 2 19 3.
b a n k lo a n s , $ 2 3 ,5 0 0 in tre a s u ry o f c o m p a n y .
O F F I C E R S .— C h a ir m a n , W illia m F . K e lly ; P r e s ., C h a rle s B . C o o k e J r .;
G e n . M g r ., H a r r y C . D o n e c k e r (all o f P h ila d e lp h ia ); V ic e -P r e s ., A . M .
H o ld in g (W e st C h e s te r ); S e c. & T r e a s ., T h o m a s L . H o d g e (P h ila d e lp h ia ).
— V . 122, p . 2 1 9 4 , 2 6 5 4 , 280 1; V . 124, p ; 1513; V . 125 , p . 197 3.

Southern Pennsylvania
Power Company
F irst M o rtg a g e & C ollateral T ru st 6s
due 1955
Free of P en n sy lv a n ia S tate T a x

Boennmg & Co.




M e m b e r s P h ila d e lp h ia S tock E x c h a n g e

1606 W ALNUT STREET
P H IL A D E L P H IA , PA.

THE

W ILKES-BARRE

R A ILW AY

C O R PO RA TIO N .

O R G A N I Z A T I O N .— I n c o r p . Ju n e 3 1924. O w n s all th e shares o f s t o c k
o f T h e W ilk e s -B a rre R y . (see b e lo w ) and its u n fu n d e d d e b t . T h e W ilk e s Barre R y . C o . , as o f J u ly 1 1924, assigned t o T h e W ilk e s -B a rre R y . C o r p .
the leases o f all th e stre e t ra ilw a ys op e ra te d b y it p rio r t o said d a te , v iz .;
T h e W ilk e s-B a rre & W y o m in g V a lle y T r a c t io n C o . ,
W ilk e s-B a rre & L u ze rn e S treet R a ilw a y C o .,
W ilk e s-B a rre & H a n o v e r S treet R a ilw a y C o .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O perates 115 m iles o f stre e t railw ays in th e C it y o f W ilk e s -B a rr e , an d
various o th e r p la ce s in L u ze rn e C o u n t y , P a .
C A P I T A L I Z A T I O N .— C o m m o n s t o c k , a u th o riz e d , $ 1 ,5 0 0 ,0 0 0 ; issu ed ,
$ 95 0,00 0. P referred s t o c k , a u th o rize d an d issu e d , $ 7 5 0 ,0 0 0 . T h e p re ­
ferred s to c k is 6 % c u m u la tiv e .
D iv id e n d s . — D iv id e n d N o . 1, o f 3 % , w as p a id J a n . 1 192 5, o u t o f earn­
ings fo r th e firs t six m o n th s o f o p e ra tio n .
E A R N I N G S .— T h e p ro p e rtie s w e re o p e r a te d fo r th e fir s t six m o n th s o f
the y e a r en ded D e c . 31 1924 b y T h e W ilk e s -B a rr e R a ilw a y C o . and fo r th e
last six m o n th s b y T h e W ilk e s -B a rre R a ilw a y C o r p ., th e c o n s o lid a te d
earnings be in g as fo llo w s;
C a len d a r Y e a r —
1924.
O p eratin g r e v e n u e s ____________________________________________________ $ 2 ,5 2 0 ,7 0 2
O p eratin g expenses (in clu d in g d e p r e c ia tio n r e s e r v e )------------------ 1 ,6 7 2 ,3 0 5
N e t o p e ra tin g r e v e n u e s ____________________________________________ $ 8 4 8,39 7
T a xes . . . ____ ____________________________ _______ ___________________ -____ 110,302
O p e ra tin g in c o m e __________________________________________________
$73 8 ,0 9 4
N o n -o p e ra tin g in c o m e ______________________________________________
9 ,2 2 6
G ross in c o m e ________________________________________________________ $74 7 ,3 0 2
R en t fo r leased r o a d s _________________________________________________
621 ,807
In terest o n u n fu n d e d d e b t _________________________________________
2 4 ,6 8 0
N e t in c o m e _____________ .*
__________________________________________
$ 1 0 0 ,8 3 3
O F F I C E R S .— P r e s ., A b ra m G . N e s b it t ; V .-P r e s . & G e n . M g r ., W m . S.
B ell; S ec. & T r e a s ., C . W . L a y c o c k .

O ct ., 1927.]
1.

W I L K E S -B A R R E

POWER, LIGHT AND BAILW AY
R A IL W A Y S

CO

O R G A N I Z A T I O N .— I n c o r p . N o v . 26 1909 F o r m e r ly leased th e W ilk e s B arre & W y o m . V a l. T r . C o . fo r 800 years fro m Ja n . 1 1910 a t rental o f
$ 3 6 0,00 0 th e 1st y e a r, increasing $ 1 0 ,0 0 0 every t w o years until th e m a xim u m
o f $40 0 ,0 0 0 is r e a ch e d , a n d all o b lig a tio n s in the w a y o f in t ., ta x e s, & c ., o f
W .-B . & W . V . T r a c ., b u t as o f J u ly 1 1924 lease w as assigned t o T h e W ilk esB arre R y . C o r p . (see a b o v e !
C A P I T A L I Z A T I O N — A u t h . s t o c k , $ 1 ,5 0 0 ,0 0 0 ; issu e d , $90 0 ,0 0 0
E A R N I N G S .— F o r c a l. y e a r 1923, g ro s s , $ 2 ,4 8 2 ,1 6 5 : n e t , a fte r op er
e x p ., ta x es, d e p r e c ., ren tals & in t ., $ 9 3 ,8 1 7 . In 1922, gross, $ 2 ,2 6 7 ,3 0 9 ,
n e t, a fter o p e r . e x p . & taxes (b u t b e fo r e ren tals, & c .) , $ 6 5 2 ,3 7 5 .
In 1921,
gross, $ 2 ,5 6 6 ,8 6 3 ; n e t. a fte r o p e r . e x p ., ren tals, taxes. & c ., $ 9 1 ,7 6 5 .
O F F I C E R S .— P r e s ., F . M . K ir b y : V .- P . , A . G . N e s b it t ; S e c. & T r e a s .
C . W . L a y c o c k ; V . - P . & G e n . M g r ., W m . S. B e ll.— V . I l l , p . 1662; V . 112,
p . 1400; V . 115, p . 2 38 0.
(a ) W I L K E S -B A R R E & W Y O M I N G V A L L E Y T R A C T I O N .— The
U n ite d P o w e r & T r a n s , o w n s 4 9 ,9 9 2 o u t o f the 5 0 ,0 0 0 shares o f s t o c k .
L e a s e . — I s leased t o th e W ilk e s -B a rr e R y . C o r p . (see a b o v e ) .
V . 89.
p . 1598.
O R G A N I Z A T I O N .— In c o r p o r a te d F e b . 9 1891; c o n tr o ls stre e t railw ay
lines in the W y o m in g V a lle y , P a ., ex te n d in g fro m W ilk e s-B a rre to D u ryea
a n d N a n tic o k e on east sid e o f S u sq uehann a R iv e r an d P itts to u an d P ly ­
m o u th on w est sid e . In D e c . 1902 m a d e co lla te ra l tru st m tg e . for $ 2 5 0 ,OuO
t o p u rch a s e s t o c k o f th e W ilk e s-B a rre D a lla s & H a r v e y ’s L a k e R y . C o . and
fo r o th e r p u rp os es . O n J u ly 1 1904 leased th e P ly m o u th & L a rk sv iile Street
R y . fo r 999 years a t 6 % on $ 7 5 ,0 0 0 s tk . an d in t. o n $75 ,0 0 0 5 % b o n d s.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y
S t o c k (par $100) $ 5 ,0 0 0 ,0 0 0 — all b u t 8 shares o w n e d b y U n . P . & T . C o
1st m tg e $ 1 ,5 0 0 ,0 0 0 g o l d / 1891
7 g A -O
$ 1 ,5 0 0 ,0 0 0 A p ril 1 1931
( $ 1 , 0 0 0 ) _________________ c * \ ln t e r e s t at P r o v id e n t L ife & T r . C o . , Phila
C o lla te r a l tru st an d m o r tg a g e / 1895
6 g J-J
2 4 5 ,0 0 0 Jan 1 1935
$ 3 2 5 ,0 0 0 g o l d _______________ \I n t . a t A n th ra cite S a v . B k ., W ilk e s b a rre , T r
C o lla te r a l tru st an d m tg e g f 1902
6 g J -D
2 3 9 ,0 0 0 D e c 15 1932
($ 1 ,0 0 0 ) $ 2 5 0 ,0 0 0 _______ c * \ ln t .a t R e a l E s t.,T itle ,In s .& T r .C o .,P h ila .,T r
U n d e r ly in g B o n d s o n R oa d s P u rc h a se d —
W ilk esb a rre & S u b u rb a n b o n d s ____
5%
4 0 ,0 0 0 J u ly 1 1928
G u a r a n te ed B o n d s —
W ilk es-B a rre & K in g s t o n ____________
5 F -A
9 0 ,0 0 0 A u g 1 1928
W ilk es-B a rre & E a s t S ide R y . ____
5
150 .0 0 0 S e e (z )b e lo w
B o n d s . — T h e W ilk e s -B a rr e & W y o . V a il. T r a c . 1st M . b o n d s w ere
o r ig in a lly 5s an d m a tu re d A p ril 1 192 1, b u t h a v e been e x te n d e d fo r 10 years
a t 7%. A r e c a ll, as a w h o le o n a n y in t. d a te a t 1 0 2 X an d in t. p r io r to
A p ril 1 1926 an d a t p a r th e re a fte r. V . 112, p . 1400.
In teres t o n th e W ilk e s-B a rre & K in g s to n b o n d s r e d u ce d t o 5 % in A u g
1903 an d b o n d s e x te n d e d t o A u g . 1 1918 an d again t o A u g . 1 1928 a t 5 % .
I n t . o n th e W ilk e s -B a rr e & S u b u rb a n b o n d s r e d u ce d in 1903 to 4 % and
b o n d s ex ten d ed t o J u ly 1 1918: w ere a gain e x te n d e d , th is tim e t o J u ly 1
191 8, a t 5 %
T h e W ilk es-B a rre & W y o m in g V a lle y c o ll. tr. b o n d s o f 1895 w ere origina lly
5s an d m atu red Jan . 1 1925, b u t h a v e been e xten d ed fo r 10 years t o Ja n . 1
1935 a t 6 % .
E x te n d e d b o n d s are c a ll, o n 60 d a y s ’ n o tice a t 102 an d int.
o n a n y in t. d a te p rio r t o J u ly 1 1926, an d a t p ar on J u ly 1 1926. o r o n any
Int. d a te th erea fte r. F ree fro m P e n n sy lv a n ia S ta te ta x o f 4 m ills. V . 120
p. 89.
T h e W ilk es-B a rre & W y o m in g V a lle y c o ll, tru st b o n d s o f 1902 were
o r ig in a lly 5s an d m atu red D e c . 15 1922, b u t w ere e x te n d e d fo r 10 ye a rs to
D e c . 1 1932 a t 6 % .
E x te n d e d b o n d s are c a lla b le as a w h o le on a n y in t
d a te on 60 d a y s ’ n o tice a t 102 and in t. p r io r to Ju n e 15 1926: and a t p ar and
In t. o n Ju n e 15 1926 o r o n a n y in t . d a te th e re a fte r. V . 115, p . 2 38 0.
C O M P A N I E S C O N T R O L L E D I N S Y S T E M — T h e fo llo w in g table
sh ow s th e several c o m p a n ie s o p e r a te d , th e ir m ileage, c a p ita l s t o c k , and the
a m o u n t o f it o w n e d b y th e T r a c t io n c o m p a n y , their d e b t , and fin a lly the
ren tal p a y a b le u n d er 9 9 9 -y e a r lease; 6 % h ere m eaning 6 % o n th e o u ts ta n d ­
in g c a p ita l s t o c k ; and $ 1 m ea n in g a n om in al re n ta l, th e c o m p a n y having
o n ly a n om in al e x is te n ce .
-----------S to ck ----------M ile s .
Issu ed .
O w n ed .
D e b t.
R en ta l
N a m e o f C om pany—
C o a lv ille P assen ger R a i l w a y .. . 7 .6 5 $62 ,400 $36 ,3 0 0
N one
6%
N one
N a n t ic o k e S treet R a ilw a y .
6 .0 0 0
6 ,0 0 0
11.99
$1
P itts to n & A v o c a S t. R y ______ . 2 .2 5
13,500
13,500
$ 65 ,000
$1
P it t s t. M o o s ic & P . V . S t. R y . 1.49
N one
42,000
4 2 ,000
$1
P itts to n S treet C a r ____ ______ . 7 .9 0
2 0 0 ,0 0 0 2 0 0 ,0 0 0
$1
P ly m o u th & L a rk sv iile R y ___ . 3 .7 6
75.000
75,000
69
N one
P ly m o u t h S treet R a ilw a y .
12 ,0 0 0
12 ,0 0 0
$1
. 6.28
N one
W es t P itts to n & W y o . St. R y .C o . 3.4 4
3 0 ,000
30,0 0 0
$!
* W ilk es-B a rre & E a st S id e ____ . 3.2 8
150.000
*150 ,000
150 ,000
$1
10 0 .0 0 0
99,700
W ilk esb . & K in g s t. P a ss. R y __ . 8.5 0
9 0 .000
67,
W ilk e s b . & P lain s. R y ____ __
. 4 .00
2 1 8 .0 0 0
$1
24,000
24.0 0 0
W ilk e s b . & S u b u rban S t. R y _ _ .1 3 .4 8
10 0 .0 0 0
4 0 .0 0 0
93,500
69,
(a
W ilk e s b . D a lla s & H a r v e y ’s L . .1 4 .6 8
2 0 0 .0 0 0
193,750
150,000
69,
92,4 5 0
W ilk es-B a rre & W est S id e .
10 0 ,0 0 0
.1 7 .8 4
z E n tire s t o c k and b o n d s d e p o s ite d under co lla te ra l trust o f 1895
* E n tire a m o u n t ow n e d b y the W . & W . V alley T r a c .
a D iv id e n d s in this case are d e p e n d e n t u pon earn in gs.— V . 120. p . 89.

(a) WILKES-BARRE

DALLAS

& HARVEY’S LAKE

R Y.— Th.

W ilk es-B a rre & W y o m in g V a lle y T r a c t io n C o . o w n s all th e s t o c k .
O R G A N I Z A T I O N .— A re o rg a n iz a tio n in 1898, p er p la n in V . 6 6 , p . 1190
o f th e W ilk es b a rre & N o rth e r n R R . , so ld b y S h e riff in S e p t. 1898.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
R o a d , p a rtly c o n s tr u c te d , w as c o m p le te d and e le ctr ic a lly e q u ip p e d b y new
c o m p a n y f ro m L u zern e, P a ., th ere c o n n e c tin g w ith W ilk e s -B a rre & W yom iu n
V a lley T r a c tio n to H a r v e y ’s L a k e , P a .. 14.68 m iles.
STOCK AN D BONDS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y
S to c k $20 0 ,0 0 0 ($ 5 0 )__________ — A ll s to c k o w n e d b y W . - B . & W . V a l. T r a c
1st m ortg a g e $ 1 5 0,00 0 g o l d / 1898
5 g M -S
$ 1 5 0,00 0 S ept 15 1928
($ 5 0 0 )
_________________ c * l l n t . a t A n th ra cite S a v . B k .. W ilk e s b .. T rus
— V . 6 9 . p . 133

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D oes th e e n tire g a s , e le ctr ic lig h t a n d p o w e r busin ess in th e C it y o f B a ltim o re
a n d th e a d ja c e n t s u rro u n d in g te r r it o r y , an d also su pplies a ll th e p o w e r fo r
th e o p e r a tio n o f th e e n tire stre e t r a ilw a y s y s te m in this area. O p era tion s
e x te n d in to th e s u b u rb s a n d su r r o u n d in g co u n tie s , in c lu d in g B a ltim o re ,
H o w a r d , A n n e A r u n d e l, H a r fo r d a n d C a rr o ll c o u n tie s . T o t a l p o p u la t io n
s e rv e d a b o u t 9 0 0 ,0 0 0 . E le c tr ic a l g e n e ra tin g c a p a c it y 3 0 0 ,0 0 0 h .p . G a s
p la n t o f 6 7 ,0 0 0 ,0 0 0 c u . f t . d a ily c a p a c it y . C o . h as e x c lu s iv e u se o f o u t p u t
as t o B a ltim o re a n d v ic in it y , o f S u sq u eh an n a R iv e r p la n t o f P e n n s y lv a n ia
W a te r & P o w e r C o .
V . 8 4 , p . 627; V . 8 5 , p . 163; V . 9 0 , p . 3 7 7 , 1557;
V . 9 1 , p . 4 6 8 , 947 ; V . 9 2 , p . 4 6 4 , 1241; V . 112 , p . 376 .
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n a in g .
M a t u r it y
O om 1 ,2 0 0 ,0 0 0 shs (n o p a r ) ________
Q -J
9 3 8 ,6 2 9 shs
S ee tex t
P re f Ser A 8 % c u m $ 5 ,0 0 0 ,0 0 0
( $ 1 0 0 ) . . . . --------------------.
------Q -J
$ 5 ,0 0 0 ,0 0 0 O c t . ’27 2 %
P ref Ser B 7 % c u m $ 2 ,0 0 0 ,0 0 0
( $ 1 0 0 )...
--------------------------------Q -J
2 ,0 0 0 ,0 0 0 O c t . ’27 I X
P ref Ser C 6 1 4 % c u m $ 4 ,0 0 0 ,000 ($ 1 0 0 )___________________________
Q -J
4 ,0 0 0 ,0 0 0 O c t . '2 7 , I X
P r e f Ser D 6 % c u m . $ 1 4 ,0 0 0 ,000 ( $ 1 0 0 )----------------------------------------Q -J
1 ,0 0 7 ,0 0 0 O c t ’27 1 1 4 %
G en M $ 1 5 ,0 0 0 ,0 0 0 ( $ 1 ,0 0 0 ) 1 1905 4 X g J-J
x l 3 , 8 4 5 .0 0 0 F e b 14 1935
g o l d ------------------------------- c * t f { I n t . a t C o n tin e n ta l T r . C o
B a ltim o re , tru s .
I s t r e f m tg e Series A __________f 1919
6 g F -A
1 0 ,5 3 1 ,0 0 0 F e b 1 1 9 4 9
5 M g M -S 4 9 9 9 ,0 0 0 S ep t 1 1952
Series E ____________ _________ ( 1922
Series F --------------------------------- | 1925
5 g J -D
$ 1 5 ,9 6 4 ,0 0 0 J u n e 1 1965
$500, & c) g o l d -----------c * & r * t f B a n k e rs T r u s t C o . . N . Y . , tr u s te e .
U nited E le c 1st c o n s m t g e / 1899
4 H g M -N
4 ,4 2 8 ,0 0 0 M a y 1 1929
(clo s e d ) ($ 1 ,0 0 0 ) g o ld . c * t f tM a r y la n d T r u s t C o . , B a ltim o r e , tr u s te e .
C o n s o l G as c o n s 1st m t g e / 1889
5 g J-J
3 ,4 0 0 ,0 0 0 J u ly 1 1939
(clo s e d ) ($ 1 ,0 0 0 ) g _ . c * n t f 1M e r ca n tile T r . & D e p . C o . , B a lt o ., tru stee.
G on sol G as gen M ( c l o s e d ) / 1904
4 1 4 g A -O
6 ,1 0 0 ,0 0 0 A p ril 1 1954
($ 1 ,0 0 0 ) g o l d ---------------c * t f l l n t a t F id e lity T r . C o . . B a lt o ., tru stee.
Pu b S erv B ld g C o 1st m t g e f 1915
5 g F -A
7 4 2 ,0 0 0 A u g . 1 1940
(clo s e d ) gu ar p r ,, in t . a n d iI n t . at M e r ca n tile T r u s t & D e p o s it C o . .
s . f ($500 & c) g o l d ---------c * [
B a ltim o r e , tru ste e
P r e f s t o c k 6 % c u m gu a r
$ 6 4 1 ,7 0 0 ($ 1 0 0 )_________________
6 Q -F
6 4 1 ,7 0 0 A u g ’27 I X
R o la n d P k E l & W a t C o l s t f 1907
5 g F -A
300 000 F e b 1 1937
(clo s e d ) g u a r p rin & i n t - _ c * (In t. a t C o n tin e n ta l T r . C o . . B a ltim o re , trus.
x $ 1 ,1 5 5 ,0 0 0 a d d itio n a l d e p o s ite d u n d e r fir s t re fu n d in g m o r tg a g e .
S to c k . — P r e f. s to c k m a y b e issu ed in d iffe r e n t series, th e fix e d p r e fe re n tia l
l iv s . o n w h ich shall in n o case e x c e e d 8 % per an n u m .
S er. A r e d . at 125 .
Series B re d . a t 110. Series C re d . a t 110.
Series D red at 110.
In
Ju n e 1925, S p e n ce r T r a s k & C o . a n d C h a se & C o . , s o ld $ 1 ,0 0 0 ,0 0 0 series D
a t $ 1 0 0 .5 0 p e r sh a re , y ie ld in g 5 . 9 7 % .
V . 120, p . 2 94 0. P r e fe r re d a n d
c o m m o n s to c k s lis te d o n B a lt im o r e S to c k E x ch a n g e .
V . 121, p . 197;
V . 124, p . 6 4 3 .
C o m m o n s t o c k lis te d o n N e w Y o r k C u r b M a r k e t .
C o m m o n s to c k h o ld e r s o f re c o rd N o v . 2 1925 w e re o ffe r e d th e r ig h t t o
s u b s c r ib e t o 140 ,257 a d d itio n a l c o m m o n shares at $35 o n b asis o f o n e new
share fo r e v e r y 5 h e ld . V . 121, p . 2 0 3 7 , 2 15 6. H o ld e r s o f r e c o rd D e c . 17
1926 w e re g iv e n th e rig h t t o s u b s c r ib e o n o r b e fo r e J a n . 10 1927 fo r 8 4 ,1 5 5
a d d itio n a l c o m m o n shares at $35 p e r share t o e x te n t o f o n e n ew share for
e v e r v 10 h e ld . S u b s crip tio n s p a y a b le in fu ll or in in sta llm en ts. V . 123,
p . 2 8 9 7 . C o . o ffe r e d d ir e c t ly t o its c u s to m e rs u p to $ 2 ,0 0 0 ,0 0 0 a d d itio n a l
6 % p r e f. s t o c k a t 105 a n d d iv s . f o r s u b s c r ip tio n o n a p a rtia l p a y m e n t basis.
P r ic e s in ce a d v a n c e d t o $10 7 p e r sh a re . O n A p r il 21 1927, 3 0 ,0 0 0 a d d itio n a l
c o m m o n shares w e re o ffe r e d t o e m p lo y e e s o f th e c o m p a n y a t $40 p er share
fo r s u b s c r ip tio n o n a n in s ta llm e n t b asis e x te n d in g o v e r a p e r io d o f a p p r o x .
3 y e a rs .
U p o n c o m p le t io n o f th is fin a n c in g p r o g r a m , t h e ca p ita liz a tio n
w ill c o n s ist o f a p p r o x im a t e ly 6 0 % b o n d s a n d 4 0 % s t o c k .
B o n d s , & c . — A s t o th e $ 1 5 ,0 0 0 ,0 0 0 g e n . M 4 > s, see ta b le a n d V . 103
4
p, 215 8; V . 80, p . 1731. 71 4 , 1481; V . 8 8 , p . 233; V . 9 1 , p . 4 1 , 1632; V . 92
p 137 6. 1502, 1568; V . 9 3 . D. 1791; V . 9 6 , p. 1704; V . 9 8 , p . 239 ; V . 105
o 1306. O f th e $ 1 5 ,0 0 0 ,0 0 0 a to t a l o f $ 1 ,1 5 5 ,0 0 0 is d e p o s ite d u n d er th
firs t re fu n d in g m o rtg a g e .
F i r s t R e f u n d in g M o r tg a g e o f 1919.
T h e 1st R e f . M t g e . o f 1919 c o v e r s all p r o p e r t y n o w o w n e d o r a ft e r ic q u ir e d . A u th . issu e n o t t o e xceed $ 1 0 0 ,0 0 0 ,0 0 0 a t a n y o n e tim e .
In t.
on all p re se n t series p a y a b le a t B a n k o f th e M a n h a tta n C o . , N . Y . C it y ;
A lexan der B r o w n & S o n s, B a lt o ., a n d a t M id la n d B a n k L t d ., L o n d o n , E n g
series A are re d . a ll o r p a r t o n 60 d a y s ’ n o t ic e , v i z .: P r io r t o F e b . 1 1929 at
107X & in t .; n e x t 15 y e a rs a t 105 & in t .; la st 5 y e a r s b e fo r e m a t u r it y a t 102
& in t.
Series E are r e d ., a ll o r p a r t, o n 60 d a y s ’ n o t ic e , at 107X a n d in t. on or
p r io r t o S e p t. 1 1932, at 105 an d in t. d u r in g n e xt te n years a n d at 102X an d
in t. d u rin g last 1 0 years b e fo r e m a t u r it y ,
Series F are r e d . all or p a r t o n 60 d a y s ' n o t ic e a t 105 d u rin g fir s t 10
re a rs, 104 s e co n d 10 y e a r s , 10214 th ird 10 y e a rs , 101 n e x t 8 y ea rs an d a t
100 d u rin g th e la s t 2 years: p lu s in t. in e a ch ca se . A le x B r o w n & S on s, & c . ,
& c ., sold in .Tune 1925 $ 9 ,0 0 0 ,0 0 0 series F 5 % b o n d s a t 10014 a n d in terest.
V . 120 , p . 294 0. In D e c . 1926 A le x B ro w n & S on s, L e e , H ig g in s o n & C o . ,
B r o w n B ro th e rs & C o . , J a c k s o n & C u rtis an d S pen cer T r a s k & C o . s o ld
$ 7 ,0 0 0 ,0 0 0 a d d itio n a l series F a t 10114 and in t ., t o y ie ld o v e r 4 . 9 0 % .
V . 123, p . 289 7. L is te d o n B a ltim o re S to c k E x ch a n g e a n d q u o t e d o n N e w
Y o r k C u rb M a r k e t . V . 124, p . 643 .
S u b s e q u e n t series t o b e a r in t . m a tu r e a t s u ch tim e s (n o t la ter th a n F e b . 1
1999) an d b e r e d . a t su c h p r ice s as m a y b e fix e d .
V . 113, p . 1475.
P r o v is io n is m a d e in th e in d e n tu re s fo r th e re fu n d in g o f all u n d erly in g
jpeurities o f th e c o . a n d o f its s u b sid ia rie s. T h e p o r tio n o f th e a u th orized
issu e n o t r e s e rv e d fo r re fu n d in g p u r p o s e s , w ith e x c e p tio n o f $ 4 ,0 2 6 ,5 0 0
w h ic h are held b y th e tru s te e and are issu able a t a n y tim e u p o n a p p lic a ­
tio n t o an d a u th o r iz a tio n o f th e P u b lic S e rvice C o m m is s io n o f M a r y la n d .,
is issu able o n ly fo r 8 0 % o f th e c o s t o f a d d itio n s , im p ro v e m e n ts o r secu rities
a c q u ir e d . A n n u a l s in k in g f u n d e q u a l t o 1 % o f th e to t a l o f th ese b o n d s
fr o m tim e t o tim e o u ts ta n d in g , t o p u rch a se o r ca ll th e m fo r ca n c e lla tio n
b e g a n A u g . 1 1923; $ 1 ,2 3 6 ,5 0 0 p a r v a lu e 1st r e f. m tg e . b o n d s h a v e b e e n thus
a c q u ir e d a n d re tire d a n d w ill n o t b e reissu ed .
In te r e s t o n U n ite d E le c t r ic L ig h t & P o w e r 1st 4 14 s o f 1899 is p a y a b le
at A le x . B r o w n & S o n s, B a ltim o re .
I n t . on C o n s o l. G a s c o n s 1st m t g e . 5s is p a y a b le a t F a rm e rs & M erch a n ts
N ation a l B a n k , B a ltim o re .

MARYLAND
CONSOLIDATED GAS ELECTRIC LIGH T & POWER
CO. OF BALTIMORE.
O R G A N I Z A T I O N .— I n c o r p o r a t e d Jun e 20 1906.
V. 8 2 , p . 1441
O w ns th e e n tire ca p ita l s to c k o f tn e fo llo w in g co m p a n ie s : R o la n d Park
E le c t r ic & W a t e r C o . , M t . W a s h in g to n E le c tr ic L ig h t & P o w e r C o ..
P a ta p s co E le c t r ic A M f g . C o o f M a r y la n d , P a ta o s c o E le c t r ic A M f g . G o
o f D e la w a r e , T h e B a ltim o re C o u n t y E le c . C o ., N o rth e r n E le c t r ic C o . , T h e
C o n s o lid a te d P o w e r C o . o f B a ltim o re , B e l A ir E le c t r ic C o . a n d B a ltim o re
E le c t r ic C o . o f B a lt . C it y . A l l th e a b o v e c o m p a n ie s are o p e r a te d u n d er
lease b y C o n s o lid a te d G a s E le c t r ic L ig h t & P o w e r C o . o f B a lt im o r e .,
A ls o ow n s th e e n tire c a p it a l s t o c k o f T h e B a ltim o re C o . o f B a ltim o re C i t y .,
M a r y la n d S ecu ritie s C o . a n d t h e en tire c o m . s to c k o f T h e P u b lic S ervice
B ld g . C o ., w h ich c o m p a n y has e r e c te d a 2 0 -s to r y o ffic e b u ild in g in B a lti­
m o r e . C o n s o l. G as E le c t r ic L ig h t & P o w e r C o . o f B a ltim o re has le a se d
th is b u ild in g fo r a p e r io d o f 25 y e a r s fr o m A u g . 2 1915.
C o m p a n y ow n s 4 0 ,0 0 0 sh s. n o p a r v a lu e c o m . s t o c k o f P e n n . W a t e r &
P o w e r C o . V . 122, p . 212 , 74 7 .
I n D e c . 1925 M a r y la n d P . S. C o m m issio n au th o riz e d c o . t o a cq u ire the
system o f tbp F re e d o m D is tr ic t E le c t r ic L ig h t C o .
V . 122, p . 94.
I n F e b . 1927 a cqu ired all o f th e p r o p e r t y an d assets as an e n tir e t y , in cl.
t h e g o o d w ill an d fra n ch ise s o f th e B a ltim o re E le c t r ic C o . o f B a lt . C it y ,
a n d M a r y la n d S ecu rities C o . V . 124, p . 1065.
j$ I n Ju n e 1927 B a ltim o re C o r p . o f M a r y la n d w a s o r g a n iz e d , w h ich a c q u ir e d
a p p r o x im a t e ly 5 4 % o f ea ch o f th e p r e fe rr e d a n d c o m m o n s to c k s o f W a s h in
t o n B a lt im o r e & A n n a p o lis E le c t r ic R R . C o . A l l o f t h e c a p it a l s t o c k o f
B a lt im o r e C o r p . o f M a r y la n d is o w n e d b y t h e C o n s o lid a te d c o m p a n y .
T h e P u b lic S erv ice C o m m is s io n o f M a r y la n d pa sse d a n o r d e r o n A u g . 23
1927 a p p r o v in g th e ex te n sio n o f c o m p a n y 's lines in t o H a v r e -d e -G r a c e , M d .
R a t e s . — V . 122, p . 94.
R e d u c tio n fr o m 8 t o 7 c . p er k . w . h . J a n . 1927
t o J u n e 30 1929.
V .1 2 3 , p . 289 7.




133

ALDRED & CO.
40 Wall Street
NEW YORK

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PUBLIC UTILITIES

O f th e 5 0 -y r . gen 4 M s o f 1 9 0 4 o fT h e C o n s o l. G as C o . o f B a ltim o re C it y ,
$ 6 ,1 0 0 ,0 0 0 h a v e been issu ed
N o fu r th e r b o n d s ca n be issued e x c e p t t o
retire th e 5s d u e 193 9. V . 7 8 . p . 1964 201 4, 2387: V . 7 9 . p . 1643; Y . 8 8 ,
p. 103; V . 9 0 , p . 117 3, 1493; V 9 1 . p . 41; V 96, p . 36 3 , 4 9 1 , 7 1 8 . 949:
Y . 99, p . 1050
T h e P u b lic S e r v ic e B ld g . C o . has e re c te d a 2 0 -s to r y o ffic e bu ild in g w h ich is
leased t o C o n s o l. G a s E l. L t . & P . C o . o f B a lt, fo r 25 ye a rs fr o m A u g . 2
1915 u n d e r an a n n u al c h a r g e s u ffic ie n t t o p a y in t. an d s in x . fu n d on the
b o n d s, d iv s . an d sin k , fu n d s on th e p r e f. s to c k o p e r . e x p ., taxes m ain t &r
T h e re are o u ts ta n d in g $ 6 4 1 ,7 0 0 p r e f. s to c k ($58,300 re tired b y sin kin g fu n d )
and $ 7 4 6 ,6 0 0 c o m . s t o c k . T h e firs t m tg e . 5s are r e d e e m a b le at 105. See
V . 101, p . 1017; V . 103, p . 76 4 .
T h e en tire c o m m o n s t o c k is o w n e d b y
C . G . E . L . & P . C o . o f B a ltim o re .
T h e C o n s o lid a te d P o w e r C o . o f B a lt im o r e 1st m t g e . 5 % g o ld b o n d s
a u th o r iz e d , $ 1 5 ,0 0 0 ,0 0 0 ; issu e d , $ 1 3 ,7 5 0 ,0 0 0 . A ll o f th e $ 1 3 ,7 5 0 ,0 0 0 b on d s
issu ed are d e p o s ite d u n d e r fir s t r e f. m tg e . o f C o n s . G as E l. L t . & P o w . C o .
o f B a ltim o re . A g a in s t th is d e p o s it $ 1 1 ,7 5 0 ,0 0 0 first r e f. b o n d s h a v e been
issu ed . C o m p a n y lea se d t o C o n s o lid a te d G as E le c tr ic L ig h t & P o w e r C o .
o f B a ltim o re fo r a te r m o f 2 5 y e a r s , b e g in n in g in 1917.
D I V S . — U 9 1 0 1 91 1. 191 2. 1913. 1914. 1915 191 6. 1917. 191 8-1 924
On co m % _ / 4
4%
5
5%
6H
7
7
7%
8 y r ly
O n n o -p a r c o m .. J a n ., A p r il, J u ly a n d O c t . 1925, 5 0 c . p e r sh are. B e ­
gin n in g J a n . 1926 a n d q u a r t e r ly th e r e a fte r , 6 6 3 4 c. p e r sh are.
P r e f. d iv . p a id a t p r e s c r ib e d ra te s fr o m d a te s o f issu e o f s t o c k .

E A R N I N G S .— F o r c a le n d a r y e a rs ;
a*1927
b l9 2 6
1925.
c l9 2 4 .
G ross o p e r a tin g r e v e n u e .$ 1 2 ,7 5 8 ,5 5 7 $ 2 4 ,7 1 0 ,6 0 3 $ 2 2 ,7 4 6 ,'l4 2 $ 2 1 ,4 5 9 ,6 9 8
O p e ra tin g ex p e n s e s______ 8 ,6 2 2 ,3 9 6
1 6 ,5 7 9 ,8 3 7
1 4 ,6 1 1 ,0 5 4 1 4 ,5 4 8 ,0 0 3
O p e ra tin g r e v e n u e ___ $ 4 ,1 3 6 ,1 6 1
O th er in c o m e ____________
2 3 4 ,4 1 7

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

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

T o t a l r e v e n u e __________ $ 4 ,3 7 0 ,5 7 8
F ix e d c h a r g e s___________
1 ,5 5 1 ,3 9 8
D iv id e n d s ..................
1 ,5 8 5 ,7 0 0

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

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

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

S u r p lu s __________________$ 1 ,2 3 3 ,4 8 0

$ 2 ,6 2 3 ,7 0 5

$ 3 ,0 9 5 ,8 6 3

$ 2 ,0 0 4 ,2 3 6

* F o r 6 m o s . e n d . Ju n e 30 192 7. a E ffe c t iv e Jan . 1 92 7, t h e m a x im u m
e le c tr ic ra te w a s r e d u c e d fr o m 8c . t o 7 c . p er k .w .h . b R e d u c tio n in e le ctr ic
ra tes e ffe c t iv e D e c . 192 5. c R e d u c tio n in gas and e le ctr ic ra te s e ffe c tiv e
J u ly 1 1923.
O F F I C E R S .— C h a irm a n o f B o a r d , J . E . A ld r e d ; P r e s ., H e rb e rt A . W a g ­
ner; V .- P . , C h a s. M . C o h n a n d C h a s. E . F . C la rk e ; C o n t ., J o h n I ,. B a ileyS ec. & T r e a s ., W m . S c h m id t, J r .; A s s t. S ec. & A sst. T r e a s ., R o b e r t F . B o n sa ll, Jas. E . K a n e a n d C . E . W o llm a n .
O ffic e , L e x in g to n B u ild in g , B a lti­
m o r e .— V . 121. p . 7 4 , 197, 70 5 . 1568. 1907. 2 03 7, 215 6, 2 2 7 1 ,2 6 3 6 - V . 122
p . 9 4 , 212 , 74 8 . 1445, 148 3, 2 6 4 9 . 279 7; V . 123 p .-3 2 3 . 7 0 9 , 1502. 2259.
2 7 7 5 , 2 8 9 7 , 3 18 1; V . 124, p . 2 3 4 , 6 4 3 , 7 9 0 , 106 5, 1978, 2 7 4 7 , 3 0 6 6 , 3 4 9 4 ,
3 62 7; V . 125 , p . 9 3 , 2 4 6 , 7 7 9 , 1 3 2 3 .

[V ol. 125,

in c lu d in g w o rk in g ca p ita l a n d g o in g c o n c e r n v a lu e , a n d a fir s t lien o n all
o u ts ta n d in g s to ck s a n d b o n d s, e x c e p t d ir e cto r s ' q u a lify in g sh ares, o f t h e
a b o v e -n a m e d su b sid iaries, w h o se p ro p e rtie s h a v e b e e n r e c e n tly ap p ra ised
w ith a d d itio n s t o A u g . 31 1927 at a d e p r e c ia te d v a lu e o f o v e r $ 3 ,2 6 7 ,0 0 0 ,
in c lu d in g w o rk in g ca p ita l a n d g o in g c o n c e r n v a lu e . A d d it i o n a l b o n d s m a y
b e issu ed be a rin g such ra te s o f in t ., m a tu ritie s , & c ., as d ir e cto r s m a y p r e ­
s c r ib e fo r (a) n o t o v e r 7 5 % o f th e c o s t o r fa ir v a lu e (w h ich e v e r is less) o f
b e tte r m e n ts , a d d itio n s , & c ., su b se q u e n t t o A u g . 31 1927; (b ) p a r fo r p a r
fo r r e fu n d in g , p r o v id e d in a n y case t h a t c o n s o lid a te d net earnings fo r a
ce rta in fix e d p e r io d shall n o t h a v e b e e n less th a n 1 0 % o f th e fa c e a m ou n t
o f ail b o n d s o u ts ta n d in g , in c l. p r o p o s e d issu e. T h e in d e n tu re p ro v id e s
fo r m a in te n a n c e a n d im p r o v e m e n t f u n d o f n o t less th a n 1 2 ) 4 % o f gross
o p e r a tin g re v e n u e s.
C o . agrees t o r e fu n d , i f r e q u e s te d w dthin 60 d a y s a fter
p a y m e n t o f in t ., fo r t h e p e rso n a l p r o p e r t y ta x in th e S tates o f C o n n ., P a .,
M d , , C a lif, a n d D . o f O ., a t rates n o t e x ce e d in g th e ra te s in each case as
existin g o n S ep t. 1 1927 (h u t in th e case o f C a lif, n o t e x c e e d in g 4 m ills p e r
a n n u m ) a n d also fo r th e in c o m e ta x n o t e x ce e d in g 6 % o n th e in t. th ereon
in th e S ta te , o f M a s s .
R e d . at a n y tim e o n 60 d a y s ’ n o t ic e , a ll o r in p a r t,
a t 10 0 a n d a c c r u e d in t. p lu s a p r e m . o f M o f 1 % f o r each o r p o r t io n t h e r e o f
o f u n e x p ire d life , t h e p r e m iu m n o t t o ex ce e d 4 % .
I n O c t . 1927 E . H .
R o llin s & Sons; H o w e , S n o w & C o ., I n c .; H . M . B y lle s b y & C o ., I n c .;
B ly t h , W itt e r & C o . , a n d E a s tm a n , D illo n & C o . o ffe r e d $ 3 ,3 0 0 ,0 0 0 1st
m tg e . & 1st lien 2 0 -y e a r 5 ) 4 % g o ld b o n d s , series A , d a t e d S e p t. 1 1927, at
100 a n d in t. V . 125, p . 1969.
T h e E a s te r n S h o re G as A E le c . C o . ( D e l .) 1st m t g e . & c o ll, tru s t 6s , g o ld
b o n d s , d u e Ju n e 1 1955, are fu r th e r s e e m e d b y d e p o s it o f th e $61 8 ,5 0 0
o u ts ta n d in g g o ld 6s b o n d s 1954 a n d th e en tire ca p ita l s t o c k o f t h e E a stern
S hore G as & E le c . C o . o f M d . A r e c a ll, w h o le o r p a r t o n 6 d a y s , n o t ic e
a t 105 a n d in t.
S in k in g f u n d o f 1 % p e r a n n u m , b e g in n ig Ju n e 1 1920, t o b e
a p p lie d fo r r e d e m p tio n o f b o n d s.
R e tir e d th r o u g h s. f . , $ 5 7 ,0 0 0 . O u t­
sta n d in g in h an d s o f p u b lic , $ 3 7 3 ,0 0 0 . B a la n ce o f $ 7 9 8 ,0 0 0 d e p o s ite d
u n d e r t h e m o r tg a g e o f c o n s . s .f . 7s, d u e 1955.
T h e E a s te r n S h o re G as & E l e c . C o . ( D e l .) co n s o l, m t g e . s. f . g . b o n d s ,
series A , d a te d F e b . 1 1922 are fu r th e r se cu re d b y p le d g e o f $7 9 8 ,0 0 0
1st & c o ll. t r . 6s o f 1955 a n d all c a p ita l s t o c k an d m tg e . b o n d s o f K e n t
C o u n t y E le c . C o . a n d c a p ita l s t o c k o f D e lm a r v ia U tilitie s C o . T o t a l
au th o riz e d issu e, $ 6 ,0 0 0 ,0 0 0 .
Series A lim ite d t o $ 1 ,4 5 0 ,0 0 0 . C a ll.,
in c l. F e b . 1 1942, at 110 a n d in t ., th e r e a fte r at 105 a n d in t .
S in k in g f u n d
o f 1 % a n n u a lly fr o m F e b . 1 1927 u n d e r ce r ta in r e s tric tio n s . P a . S tate
ta x re fu n d a b le .
S e r ies B is lim ite d t o $ 5 0 0 ,0 0 0 .
Issu e d , $47 7 ,0 0 0 : o u ts ta n d in g , $34 9 ,5 0 0 ;
in tre a s u ry , $ 1 2 7 ,5 0 0 . C a ll, o n 60 d a y s ’ n o t ic e , in c l. F e b . 1 1942, at 105
a n d in t ., th e r e a fte r a t 1 0 2 )4 an d in t. P a . t a x r e fu n d a b le .
E A R N I N G S .;— C o n s o lid a te d earnings 12 m o n th s e n d e d A u g . 31 1927:
G ross earn in gs, in c lu d in g o th e r in c o m e ______________________________ $ 1 ,1 0 2 ,1 9 7
O p e ra tin g exp en ses, in c lu d in g m a in te n a n ce a n d lo ca l t a x e s _______
7 0 1 ,2 4 4
N e t e a rn in g s------------------------------------------------------------------------------------B o n d in te re s t__________________________________________________________

$40 0 ,9 5 3
181 ,5 0 0

B a la n ce ----------------------------------------------------------------------------------------------- $ 2 1 9 ,4 5 3
O F F I C E R S .-— P r e s ., F . W . W o o d c o c k ; V . - P . , H . D . P o lh e m u s; S e c .,
C . A . M c C lu r e ; T r e a s ., W . E . Shaw J r . O ffic e s , S a lis b u ry , M d . , an d
165 B r o a d w a y . N . Y . C i t y .— V . 125, p . 1969.

EASTERN SHORE PUBLIC SERVICE CO. (DEL.).
C o n tr o l. — A ll o f t h e c o m m on s t o c k is o w n e d b y N a tio n a l P u b lic S ervice
C orp.
O R G A N I Z A T I O N .— In c o r p o r a t e d in D e la w a re in 1915 as t h e E a ste r n
S h o re G as & E l e c tr i c C o . ( D e l . ) , n a m e ch a n g e d t o presen t title in O c t . 1927.
O w n s a n d op era tes ele ctr ic p u b lic u t ilit y p ro p e rtie s in D e la w a re . A ls o
ow n s 1 0 0 % o f th e fu n d e d d e b t a n d c a p ita l s t o c k , e x ce p t d ir e c t o r s ’ shares,
o f th e E a stern S h ore P u b lic S e rv ice C o . o f M a r y la n d , t h e C o n su m e rs P u b lic
S ervice C o . a n d th e E a ste rn S h ore G as & E le c tr ic C o . o f V a . T h e E a ste rn
S h ore P u b lic S ervice C o . ( D e l.) t o a c q u ir e p ro p e rtie s o f t h e K e n t C o u n t y
E le c . C o . T h e E a stern S h ore P u b lic S e rvice C o . o f M a r y la n d is t o a cq u ire
t h e p r o p e r tie s o f th e D e lm a r v ia U tilitie s C o ., w h ich c o . op e ra te s in O cea n
C it y , M d .
T h e E a ste rn S h ore G as & E le c tr ic C o . o f Y ir g in ia r e c e n tly
in c o rp o ra te d , is t o a c q u ir e t h e p ro p e rtie s o f th e E x m o r e I c e & C o ld
S tora g e C o . , I n c .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . a n d its s u b s, fu rn ish e le ctr ic lig h t a n d p o w e r serv ice w ith o u t c o m p e titio n
t o 70 c o m m u n itie s h a v in g a c o m b in e d p o p u la tio n o f a p p ro x . 8 1 ,0 0 0 . A m o n g
th e p r in cip a l co m m u n itie s s e r v e d are L a u re l, G e o rg e to w n a n d H a rrin g to n
in D e la w a r e , S a lisb u ry , C a m b rid g e , C ris fie ld a n d O cean C i t y in M a r y la n d ,
a n d E x m o r e a n d C a p e C h arles in V irg in ia . C o . ’s s u b s, also s e rv e C a m ­
b r id g e , M d . , w ith gas a n d d o t h e ice bu sin ess in 8 c o m m u n itie s .
T h e e le ctr ic s y s te m o f th e c o . a n d its s u b s, in clu d es g e n e ra tin g s ta tio n s
h a v in g a to ta l in sta lle d c a p a c it y o f 8 ,7 9 0 h .p . an d 312 m iles o f h ig h -te n sio n
tra n sm ission lines a n d a d is trib u tio n sy ste m se rv in g 15,329 cu s to m e rs . T h e
gas p r o p e r t y has a d a ily c a p a c it y o f 150 ,000 c u . f t . a n d 13 m lies o f m ains
serv in g 931 c u s to m e rs . T h e ic e p la n ts h a v e an a ggre ga te d a ily c a p a c it y o f
135 t o n s . D u r in g th e y e a r e n d e d A u g . 31 1927, 1 9 ,4 0 6 ,1 8 8 k .w .h . o f
e le ctr ic a l en e r g y w ere g e n e ra te d .

STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n (n o p a r ) ____________________
________
5 0 ,0 0 0 shs ____________
$ 6 .5 0 c u m p r e f (n o p a r ) _______ ______
$ 6 .5 0
15,078 shs ____________
1st M & 1st lien 2 0 -y r ser A / 1927
5 ) 4 g M -S $ 3 ,3 0 0 ,0 0 0 S e p t 1 1947
5 ) 4 % (c* $ 1 ,0 0 0 , $ 5 0 0 )- - t f ( P a . C o . fo r In s . o n L iv e s & G r. A n n .,P h il.,t r .
E a s t e r n S h o re G a s & E l e c . C o . ( D e l .) B on d s —
1st M & c o ll t r 6s $ 1 ,2 5 0 ,0 0 0 / 1915
6 g J -D
$ 3 7 3 ,0 0 0 Ju n e 1 1955
($ 1 ,0 0 6 , $500 c * ) ________ t f t i n t , a t P h ila . T r u s t C o ., P h ila ., tru ste e .
C o n s o l m tg e s f 7s ser A $ 1 , - / 1922
7 F -A
1 ,0 1 6 ,0 0 0 Ju n e 1 1955
4 5 0 ,0 0 0 ($ 1 ,0 0 0 , $500 c * _ t f ( i n t . at P h ila . T r u s t C o ., P h ila ., tru ste e .
Series B 614s $ 5 0 0 ,0 0 0 _____ 1922
6 )4 F -A
3 4 9 ,5 0 0 Ju n e 1 1955
N o t e . — A ll o f t h e b o n d s o f E a ste rn S h ore G as & E le c . C o . (D e l.) are t o b e
r e tir e d fr o m p r o c e e d s o f sale o f th e $ 3 ,3 0 0 ,0 0 0 1st m tg e . & 1st lien 2 0 -y e a r
g o ld b o n d s .
T h e 1st m t g e . & c o ll, tru s t 4 0 -y e a r g o ld b o n d s d u e Ju n e 1
1955 w ere c a lle d fo r p a y m e n t D e c . 1 1927 a t 105 an d in t . V . 125, p . 1969.
B o n d s . — T h e 1st m t g e . & 1st lie n 2 0 -y e a r 5 ) 4 % g o ld b o n d s are s e e m e d
b y a fir s t m o r tg a g e o n e le ctr ic p o w e r a n d lig h t p ro p e rtie s r e c e n tly ap p ra ised
w ith a d d itio n s t o A u g . 31 1927 a t a d e p r e c ia te d v a lu e o f o v e r $ 1 ,7 6 3 ,0 0 0 ,

Eastern Shore Public Service
Company
Company and its subsidiaries furnish electric
light and power and /or other utility
services to 70 communities in
Delaware, Maryland and Virginia
S u b s i d i a r y o f N a t i o n a l P u b l i c S e r v ic e C o r p o r a t i o n

Outstanding securities of this company
bought, sold and quoted
W r it e f o r C ir c u la r 214

Howe Snow & Co.
In c o r p o r a te d

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco Minneapolis
Philadelphia




THE POTOMAC EDISON CO.
C o n tr o l .— E n tir e c o m . s t o c k is o w n e d b y W e s t P e n n E le c t r ic C o . , w h ich

c o . is a su b s id ia r y o f A m e r ic a n W a te r W o r k s & E le c t r ic C o . , I n c ., see V . 121,
p . 122 8, 146 3.
O R G A N I Z A T I O N .— O rga n ized D e c . 31 1923 u n d e r th e law s o f M a r y la n d
as a c o n s o lid a tio n o f th e P o t o m a c E d is o n C o . a n d th e P o t o m a c P u b lic
8 e r v ice C o . (fo r m e r ly th e H a g e rsto w n & F re d e rick R y . C o . ) .
F o r h istory
o f P o t o m a c P u b . S e rv ice C o . u p t o tim e o f co n s o lid a tio n see “ E le c tr ic
R a ilw a y S u p p le m e n t” o f O c t . 27 1923. C o . o w n s th e en tire o u ts ta n d in g
c o m m o n ($ 2 ,4 0 0 ,0 0 0 ) a n d p r e f. s t o c k ($150,000) o f N o rth e r n V irg in ia P o w .
C o ., th e e n tire o u ts ta n d in g c o m m o n a n d $ 1 3 2 ,2 0 0 o f th e $ 3 5 0 ,0 0 0 p r e f.
s to c k s o f P o t o m a c L ig h t & P o w e r C o ., th e o u ts ta n d in g c o m m o n a n d p r e f.
s t o c k o f t h e C h a m b e rs h u rg G reen ca stle & W a y n e s b o r o S treet R y . C o .
(w h ich in tu r n ow n s th e e n tire ca p ita l s t o c k o f W a y n e s b o r o E le c t r ic C o .
a n d B lu e R id g e R y . C o . ) , th e e n tire o u ts ta n d n ig c o m m o n s to c k s o f t h e
B lu e R id g e T r a n s p o rta tio n C o ., H a g e rs to w n & F re d e rick R y . C o . o f
P a ., t h e P o t o m a c T ra n sm is s io n C o ., th e F ra n k lin T ra n sm is s io n C o . , an d
th e U n io n B r id g e E le c t r ic M f g . C o ., a n d c o n tr o ls t h e B r a d d o c k H eigh ts
W a te r C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . o w n s a n d o p e r a te s an e le ctr ic an d p o w e r s y s te m , s e r v in g su b s ta n tia lly
all o f w estern M a r y la n d u p t o w ith in 25 m iles o f t h e C i t y o f B a ltim o re ,
an d th r o u g h its s u b s , o w n s and op e ra te s a p o w e r and lig h t sy s te m in n orth ­
ern V irgin ia ; th e n o rth e a ste rn p o r tio n o f w . V irg in ia an d th e a d ja c e n t s e c ­
tio n o f P e n n s y lv a n ia , se rv in g an a ggre ga te p o p u la t io n o f a b o u t 3 4 0 ,0 0 0 o n a
te r rito r y o f a p p ro x . 4,0 0 0 s q . m . C o . also d o e s a gas business in F re d e r ic k .
M d . (d a ily c a p a c it y o f p la n t 1 ,2 1 2 ,0 0 0 c u . f t . ; h o ld e r c a p a c it y , 154 ,4 2 4
c u . f t . ) , an d su p p lie s s te a m h e a t in C u m b e rla n d and o p e r a te s an d c o n tr o ls
street an d interm -ban r y s . in so u th e rn P e n n s y lv a n ia a n d w e ste rn M a r y la n d
an d ow n s a n d op e ra te s a ll in te ru rb a n b u s passen ger a n d express business
g iv in g s e rv ice t o 124 co m m u n itie s , in clu d in g th e cities o f B a ltim o re a n d
C u m b e rla n d , M d . , an d W a s h in g to n , D . C .
H as e le ctr ic ge n e ra tin g pla n ts
w ith a t o t a l in sta lle d c a p a c it y o f 7 7 ,2 3 0 k .w .
V . 123, p . 3 3 2 2 . H a s
500 m iles o f h ig h -te n s io n tra n sm ission lines a n d 50 s u b -s ta to in s . In
D e c . 1924 p la c e d in s e r v ic e 6 6 ,0 0 0 -v o lt lin e b e tw e e n W illia m s p o rt a n d
C u m b e rla n d , M d . , 53 m ile s . O p e ra te s stre e t ra ilw a y s in c itie s o f C u m b e r ­
la n d , H a g e r s to w n a n d F r e d e r ic k , M d . , an d an Interu rban r a ilw a y ex te n d in g
fr o m F r e d e r ic k t o H a g e r s to w n , w ith e x te n sio n s fr o m F r e d e r ic k t o T h u r m o n t , M d . , a ls o fr o m H a g e r s to w n t o S h a d y G r o v e , P a ., a n d w ith b r a n c h
lin es t o B o o n s b o r o a n d t o J e ffe r s o n , M d . M ile a g e o p e r a t e d ag g reg a tes
a p p ro x im a te ly 1 2 1 .5 8 m ile s . T h e c o n t r o lle d C h a m b e r s h u r g G re e n ca stle
& W a y n e s b o r o S tre e t R y . o p e r a te s 31 m ile s o f tr a c k fr o m B lu e R id g e
S u m m it t o C h a m b e r s h u r g . T h e e x te n sio n fr o m C h a m b e r s h u r g t o R e d
B r id g e P a rk w as lea sed t o t h e C h a m b e rs h u rg & S h ip p e n b u rg R y . o f C h a m b e rs b u rg . P a . C o . o w n s 70 m o t o r p assen ger c a r s , 41 fre ig h t an d express
ca rs. 3 e le ctr ic lo c o m o t iv e s . 4 w o rk cars a n d 3 s n o w p lo w s . O perates
44 bu ses o v e r a r o u t e o f a p p ro x . 560 m iles.
S tock I n c r e a s e . — In M a r c h 1926 M a r y la n d P . S. C o m m is s io n a u th orized
th e c o . t o issu e $ 5 0 0 ,0 0 0 p r e f. s t o c k . V . 122, p . 1764
D a te .
S T O C K A N D B O N D S .—
In terest.
O u ts ta n d in g . M a t u r it y .
C o m . 150 .0 0 0 shs (n o p a r ) ____
1 2 0 .0 0 0 shs. . . .
_____
7 % cu m p f]$ 7 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) 1 ____
7 Q -F
$ 3 ,0 0 0 ,0 0 0 A u g ’27 1M
6 Q -F
6 % cu m p f /
J ______
3 ,3 8 1 ,4 0 0 A u g ’27 1 ) 4
1st m tg e b o n d s ($ 1 ,0 0 0 , $ 5 0 0 ,)
a n d $100) g o l d ______________ i 1923
6 g M -N
1 ,0 0 0 ,0 0 0 M a y 1 1 9 4 9
Series ' O ” _____ _____
J U . S. M t g e . & T r u s t C o . , N . Y . , tru stee.
Series “ D ” ($ 1 ,0 0 0 , $500
$ 1 0 0 )----------------------------------c * t f 1923 5 ) 4 g M -N 2 ,2 5 0 ,0 0 0 M a y 1 1949
Series “ E ” ($ 1 ,0 0 0 . $ 5 0 0 / 1923 5 M -N
1 1 ,2 5 0 ,0 0 0 N o v 1 1 9 5 6
and $10 0 r ) ......... _ . - . c t f l f l I n t e r e s t in N e w Y o r k o r C h ic a g o .
Fred G as & E le c 1st M c lo s e d ' 1904 5 J -J
I
'
179 .000 J u ly 1 1929
g ($500 & $ 1 ,0 0 0 )-----b * t fH I n t e r e s t at W est E n d T r u s t C o . , P h ila d e l­
b y F re d R R ; n o t su b t o c a l l ! p h ia , tru ste e .
F ro stb u rg HI & M f g 1st M f 1899
5 J-J
5 0 ,0 0 0 J u ly 1 1929
3 0 -y e a r b o n d s _____ _ _ c n t f lint., a t First. N a t B a n k F r o s tb u r g . M d
C o ll tru s t 1 5 -y r n o te s ($ 1 ,0 0 0 .
1917
5 M -S
2 3 0 ,0 0 0 S ep t 1 1932
$500 an d $ 1 0 0 )________ c * t f
6 J -D
U n io n B r id g e E M f g C o 1st 1919
2 1 ,0 0 0 Ju n e 1 1939
m o r tg a g e ____________________
S h e p h e rd to w n L & W 1st
1916
6 F -A
17,5 0 0 A u g 1 1946
m tg e ($ 5 0 0 )______________ c t f
H y n d m a n E L t H & P r 1st 1920
6 J -J
1 0 ,000 J u ly 1 1945
m o r tg a g e ____________________
S to c k . — T h e 6 % ran k s e q u a lly w ith th e 7 % p r e f. in p r e fe re n ce as t o
assets a n d d iv s . o v e r c o m m o n . T h e 6 % p r e f. is r e d . a t $110 a n d a c c r u e d
d iv s . In O ct. 1927 W . C . L a n g le y & C o . , a n d B o n b r ig h t & C o .. I n c .,
o ffe r e d $ 2 ,6 5 0 ,0 0 0 6 % c u m . p r e f. s t o c k a t 100 a n d d iv . V . 125, p . 1971.
B o n d s . — T h e f i r s t m o r tg a g e b o n d s are se cu re d b y a fir s t m o rtg a g e o n all
p h y s ic a l p ro p e rtie s o f th e c o ., s u b je c t o n ly t o $ 2 7 7 ,5 0 0 d iv isio n a l b o n d s .
A ll c a p ita l se cu rities o f p rin c ip a l e x c e p t $2 1 7 ,8 0 0 o f p r e f. also p le k g e d u n d er
m t g e . A d d itio n a l 1st m tg e . (& r e f.) b o n d s m a y b e issu ed p a r fo r p a r fo r
r e fu n d in g o f t h e u n d e rly in g a n d d iv isio n a l b o n d s , fo r 8 0 % o f im p ts ., a d d ’ns
a n d exten sion s, a n d fo r th e a c q u is itio n o f n e w p r o p e r tie s o r su bsidiaries,
p r o v id e d n e t earnings fo r 1 2 co n s e c u tiv e w ith in p r e c e d in g 15 m o n th s h a v e
b e e n e qu a l t o a t least t w ic e an n u al in te re st o n a ll b o n d s o u ts ta n d in g , in c l.

135

POWER, LIGHT AND RAILW AY

Oct., 1927.]

u n d erly in g an d d iv isio n a l b o n d s a n d p r o p o s e d issue, o f 1 2 % o f p rin cip a l
a m ou n t o f such b o n d s , w h ich e v e r is less. M o d ific a t io n s or a lte ra tio n s o f th e
m o r tg a g e m a y b e m a d e w ith th e asset o f c o . a n d o f h olders o f n o t less th a n
7 5 % o f ou ts ta n d in g b o n d s , n o t in c l. a n y b o n d s o w n e d b y c o . Series “ C ”
& “ D ” are r e d . o n a n y in t. d a te at 105 & in t. t o M a y 1 1939, th e re a fte r at
1021$ & in t. to M a y 1 1944; th e re a fte r a t p ar & in t. t o m a tu r ity .
In te re s t
p a y a b le in N . Y . o r C h ic a g o . C o . agrees t o reim bu rse h o ld e rs o f these
b on d s i f req u ested w ith in 60 d a y s a fte r p a y m e n t fo r th e P e n n a . 4 m ills ta x .
th e M a r y la n d S e cu rity ta x n o t e x ce e d in g 41$ m ills, th e D is tr ic t o f C o lu m b ia
p erson al p r o p e r t y ta xe s n o t e x ce e d in g 5 m ills p er $1 p e r a n n u m a n d fo r th e
M a ss, in c o m e ta x o n th e In t. n o t e x c e e d in g 6 % o f s u ch in t . p e r a n n u m .
V . 118, p . 44 1 . E . H . R o llin s & S on s, H a ls e y , S tu a rt & C o . , I n c ., & c .,
o f fe r e d in Ju n e 1924 $ 1 ,0 0 0 ,0 0 0 1st m tg e . a n d r e f. 6 % b o n d s Series “ G ”
at 95 & i n t ., t o y ie ld 6 . 4 0 % . V . 118 , p . 3 08 8. In D e c . 1925 H a ls e y ,
S tu a rt & C o . a n d W . C . L a n g le y & C o . o ffe r e d $ 2 ,2 5 0 ,0 0 0 series D 51$ %
a t 96 a n d in t . t o y ie ld o v e r 5 . 8 0 % . V . 121 , p . 2877; V . 122 , p . 1457.
S e r ie s “ E ” 5 % , d u e N o v . 1 1956 are r e d ., w h ole o r p a r t, a t a n y t im e on
4 w eek s’ n o t ic e t o and in c l. N o v . 1 1951 a t 105 a n d in t .; th e r e a fte r t o
m a t u r it y a t p a r an d in t. P e n n a . a n d C o n n . 4 -m ills, M d . 4 !$ - m ills , and
M a s s . 6 % ta xes r e fu n d a b le . I n N o v . 1926 W . C . L a n g le y & C o . and
H a ls e y , S tu a rt & C o . , I n c ., s o ld $ 1 1 ,2 5 0 ,0 0 0 series “ E ” a t 97 a n d in t.
V . 123, p . 265 6.
F r e d . G a s & E le c , b o n d s are g u a r ., p . & L , b y F re d e rick R R .
N o t e s . — T h e P o t o m a c P u b . S erv. c o ll, tr u s t n o te s o f 1917 are secu red
b y p le d g e o f s to c k o f th e C h a m b e rs b u rg G reen eastle & W a y n e s b o r o S t. R y •
C o.
S in k in g f u n d p r o v id e s fo r re tir e m e n t o f $ 1 0 ,0 0 0 a n n u a lly .
B lu e R id g e T r a n s p o r ta tio n C o . — In J u ly 1925 th is s u b s id ia ry a p p lie d for
p erm ission t o issu e $ 2 0 0 ,0 0 0 3 -y e a r 6 % g o ld d e b e n tu re s . V . 121, p . 77.
E A R N I N G S . — O f P o t o m a c E d is o n C o . a n d s u b s, fo r ca le n d a r yea rs:
T o ta l
R even u e.

N e t , a f t e r P f .D iv .S u b .C o . D e p r e T a xes.
I n t . & A m o r t . c ia t i o n .

B a la n c e ,
S u r p lu s .

*1 9 2 7 _______________ $ 4 ,7 1 3 ,7 9 8 $ 2 ,0 9 5 ,0 4 6 $ 1 ,0 0 5 ,8 6 9 $ 2 6 9 ,8 1 5 $8 1 8 ,3 6 2
19 2 6 ________________ 4 ,4 6 5 ,1 2 5
1 ,9 8 3 ,1 2 8
1,0 5 7 ,6 3 6
2 7 5 ,3 7 8
6 5 0 ,1 1 4
4 ,0 3 7 ,7 0 1 1 ,8 3 2 ,6 0 9
1,0 0 8 ,2 7 3
3 5 3 ,6 7 8
4 7 0 ,6 5 8
1 9 2 5 - .......................
19 2 4 ________________ 3 ,6 2 1 ,8 4 6
1 ,6 1 1 ,9 6 6
926 ,9 4 4
3 6 8 ,5 3 5
316 ,4 8 7
1 9 2 3 ____________
3 ,6 3 0 ,1 9 9 1,5 4 3 ,7 7 1
693 ,4 9 8
3 4 9 ,0 1 1
501 ,2 6 2
1 ,2 5 5 ,3 1 0
6 14 ,468
3 3 4 ,1 3 9
3 0 6 ,5 1 2
19 2 2 ________________ 3 ,1 7 2 ,5 6 6
* F o r 12 m o n th s e n d e d J u ly 31 1927.
O F F I C E R S .-— C h a ir m a n o f B o a r d . E m o r y L . C o b le n t z ; P r e s .. M . F .
R ile y ; V . - P s ., C . M . H a rris, H e n r y H o lz a p fe l, J r ., R . P a u l S m ith; S e c .,
P . W . T . L o y ; T rea s. & A s s t. S e c ., R . E . T o w n .— V . 121, p . 7 7 , 1228, 1463,
2877; V . 122, p . 1457, 1764, 2042; V . 123, p . 2 65 6, 3322; Y . 124, p . 508 ,
274 9; V . 125, p . 1581, 1838, 1971.

(a) CHAMBERSBURG GREENCASTLE & WAYNESBORO ST. RY.
C o n tr o l. — A ll o f th e o u ts ta n d in g c o m m o n s t o c k is o w n e d b y th e P o t o m a c
E d is e n C o .
O R G A N I Z A T I O N .— I n c o r p . in P a . o n Ju n e 17 1901. O w n s th e W a y n e s ­
b o r o E le c t r ic C o . , (ca p ita l $ 5 0 ,0 0 0 ), a n d th e B lu e R id g e R y . C o . (ca p ita l
$ 1 5 ,0 0 0 ).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
See P o t o m a c E d is o n C o . a b o v e .
STOCK AN D BON DS—
In terest.
O u ts ta n d in g . M a t u r i t y .
D a te .
___________
$30 0 ,0 0 0
....................
C o m m o n $ 3 0 0 ,0 0 0 _____________
P referred $ 3 0 0,00 0 n o n -c u m
3 0 0 ,0 0 0
___________
___________
First m o rtg a g e $30 0 ,0 0 0 g o l d / 1903
5 g J -J
3 0 0 ,0 0 0 J u ly 1 1933
''$100 an d $ 5 0 0 )_______ c * t f /I n t e r e s t a t C h a m b e rs b u rg T r u s t C o . , trustee.
S econ d
m ortg a g e $ 3 0 0 ,0 0 0 / 1907
5 g A -O
2 9 9 .5 0 0 O c t 1 1937
($ 1 ,0 0 0 and $500) g o ld c * t f (I n t . a t C h a m b e rs b u rg T r u s t C o . , tru stee.
1st r e f m tg e $ 1 ,0 0 0 ,0 0 0 ($ 1 0 0 / 1910
5 A -O
1 93 ,900 A p ril 1 1940
and $ 5 0 0 )________________ c t f / I n t . a t C h a m b e r s b u r g T r u s t C o . , tru stee.
B o n d s . — F irst m t g e . b o n d s h a v e n o sin k , fu n d and are n o t s u b j. t o c a ll.
2d m tg e . b o n d s are s u b j. t o call on a n y in t. p e rio d a t 105. N o sin k . fu n d .
R em a in in g 1st r e f. b o n d s are re se rv e d t o ta k e u p u n d e rly in g b o n d s a n d fo r
ex ten sion s a n d im p ro v e m e n ts :

E A R N I N G S .— F o r c a le n d a r yea rs:
G ro s s .

N et a ft. T a x.

D e d u c ti o n s .

S u r p lu s .

* 1 9 2 7 ____________________ $ 3 6 5 ,2 9 0
$1 2 6 ,3 9 9
$ 75 ,743
$ 50 ,656
1 9 2 6 _____________________ 3 7 2 ,7 3 7
129 ,7 0 9
8 1 ,6 6 9
48,0 4 0
1 9 2 5 ____________________ 3 3 3 ,0 2 0
120 ,244
6 1 ,0 9 6
59 148
1 9 2 4 -------------------------------- 3 1 7 ,1 4 3
8 6 ,6 0 9
6 8 ,0 6 6
18,543
1 9 2 3 .........
332 ,101
9 1 ,016
69,8 8 4
2 1 ,132
1 9 2 2 _____________________ 299 .1 2 9
8 5 ,0 6 9
72,8 7 0
12,199
* F o r 12 m o n th s e n d e d J u ly 31 1927.
O F F I C E R S .— C h a irm a n o f b o a r d , E m e r y L . C o b le n tz ; P r e s ., M . F .
R ile y ; V .- P s ., R . P a u l S m ith , W . L . M in ic k a n d C . M . H arris: S e c ., D . N .
B e n e d ic t; T rea s. & A s s t. S e c ., R . E . T o w n .— Y . 9 0 , p . 23 6 ; V . 92, p . 186;
V . 105, p . 38 8 .

U N D E R L Y IN G S E C U R IT IE S .
STOCK A N D BO N DS
D a te . In terest.
O u ts ta n d in g .M a t u r it y .
T r a c t — 1st m t g e ;/
1889 5 M - N
1 ,5 0 0 ,0 0 0 N o v 1 1929
($ 5 0 0 ,0 0 0 ) T r u s te e M e r c a n In te r e s t a t M e r c h a n t s ’- M e c h a n ic s ’ First
tile T r & D e p o s it C o - C n t f / N a t . B a n k , B a ltim o re .
N B D iv 1st ($ 1 ,0 0 0 ) 5s, g ;
1892 5 g J -D
1 ,7 5 0 ,0 0 0 Ju n e 1 1942
T r u s M e r T r & D e p C o .c n t f ( I n t . a t M e r c h .- M e c h . F irst N a t . B k . B a lt.
Lake
R o la n d
E le v a te d — 1st!
1892 5 g M -S
1 ,0 0 0 ,0 0 0 S ep t 1 1942
con sol
m o r tg a g e ,
g o ld /I n t e r e s t a t A le x . B r o w n & S on s, B a ltim o re
( $ 1 , 0 0 0 ) ____________ c * & r t f
B a ltim o re T r u s t C o . , T r u s te e .
C e n tr a l R y — C o n s o l m o r t g a g e / 1892
5 g M -N
7 0 0 ,0 0 0 M a y 1 1932
$ 7 0 0 ,0 0 0 , g o ld ($ l,0 0 0 )n t f -| ln t . a t M e r c h .- M e c h . F irst N a t . B k ., B a lt.
(M e r c a n tile T r . & D e p . C o . o f B a lt ., T r u s te e .
Ext
and
im p
1st m t g e , | 1897
5 g M -S
6 0 0 ,0 0 0 M a r 1 1932
$ 6 0 0 ,0 0 0 , g ($ 1 ,0 0 0 ) _ n t f { B a ltim o re T r u s t C o . , B a ltim o r e . T r u s te e .
( I n t . a t M e r c h .- M e c h . F ir s t N a t . B k ., B a lt.
S to ck . — T h e re w as o r ig in a lly an issu e o f $ 1 4 ,0 0 0 ,0 0 0 4 % p r e f. s t o c k o u t­
sta n d in g , b u t in S e p t. 1920 t h e la s t o f th is issu e w as c o n v e r t e d in to in c o m e
b o n d s. A u th o riz e d a m o u n t o f c o m m o n s t o c k w as in cre a se d fr o m $ 2 4 ,0 0 0 ,0 0 0 t o $ 3 5 ,0 0 0 ,0 0 0 in S e p t. 1917 t o p r o v id e fo r c o n v e r s io n fe a tu r e o f
n o te s o f 1917. C o m m o n s t o c k lis te d o n B a ltim o re a n d P h ila d e lp h ia S to c k
E x ch a n g e s. V . 96, p . 1631; V . 9 7 , p . 667 .
B o n d s . — In M a y 1922 h old ers o f th e 1st & c o n s . m tg e .
4 % bonds
w ere offe re d the p r iv ile g e o f e x ch a n g in g th e 4 % c o u p o n sh eets o n a
lim ite d p o r tio n o f their h o ld in g s fo r 6 % c o u p o n sh eets, u p o n th e p a y m e n t
o f $250 p er $ 1 ,000 b o n d .
U p t o A p ril 1 1924 $ 2 ,6 8 4 ,0 0 0 b o n d s h a d
taken a d v a n ta g e o f this o ffe r .
V
114, p . 2 3 6 1 , 2580: V . 115, p . 184.
O f th e $ 3 8 ,0 0 0 ,0 0 0 o f
1st c o n s o l,
b on d s,
$ 5 ,5 5 0 ,0 0 0 s e t asid e to
retire u n d e rly in g s ecu rities. O f th e $ 3 2 ,4 5 0 ,0 0 0 o u ts ta n d in g 1st m tg e.
$ 2 3 ,7 6 6 ,0 0 0 be a r 4 % in t. u n d e r th e 1st c o n s , m t g e ., w h ile $ 8 ,6 8 4 ,0 0 0
Issued u n d e r a su p p le m e n ta l in d e n tu re be a r th e c o m p a n y ’s p ro m is e t o p a y
a d d itio n a l in t. a t th e ra te o f 2 % p e r an n u m , m a k in g th e r a te 6 % .
V . 114.
p . 1653, 236 1, 2580; V . 115, p . 184. B o n d s are n o t c a lla b le . I n c o m e f u n d ­
ing b o n d s are re d e e m a b le o n a n y in t. d a te a t p ar an d a c c r u e d in terest$ 2 0 ,8 0 0 are h eld b y tru s te e s. A ll b o n d s are lis te d o n B a ltim o re S to c k E x .
ch a n g e an d th e 1st c o n s o l. 4s a n d $ 1 4 ,0 0 0 ,0 0 0 in c o m e 4s are listed o n th e
P h ila . S to c k E x ch a n g e . $ 6 ,0 0 0 C e n tra l R y . 1st c o n s . 5s, $ 2 ,0 0 0 e x t.
& im p t. 5s, $ 23 ,000 in c o m e 4s a n d $ 2 7 ,3 0 0 fu n d in g 5s are in U n ite d R y s .
& E le c tr ic C o . ’s tr e a s u r v .
N o t e s . — ' h e 3 -y e a r 6 % g o ld n o te s a re r e d . a t a n y tim e o n 30 d a y s ’ n o t ic e
T
a t 100 a n d in t.
P rin . a n d in t . p a y a b le a t A le x . B r o w n & Sons at B a ltim o re .
V . 124, p . 1222. L iste d o n B a ltim o r e S to c k E x ch a n g e . V . 124, p . 1668.
D iv id e n d s . — D iv id e n d s o f )$ oi 1 % w ere p aid in Ju n e 1899 and 2 > $ % in
D e c . 1899 an d 2 % e a ch six m o n th s a fte r th a t t o and in c l. D e c . 1003, on
b o th th e in c o m e b o n d s an d t h e p r e f. s t o c k , th e p a y m e n t o n th e stock
(b u t n o t on th e b o n d s) b e in g s u b je c t t o a d e d u c t io n o f M o f 1 % fo r taxes.
N o n e th e re a fte r until Ju n e 1911, c o u p o n s b e in g fu n d e d .
O n Ju n e 1 1911
paid 2 % o n b o th in c o m e b o n d s a n d p r e f. s t o c k an d 2 % has be e n p a id ea ch
six m o n th s sin ce.
(T h e last o f t h e p r e f. s to c k w sa c o n v e r t e d in to in com e
b o n d s in S e p t. 1920.)
O n c o m ., 1st d i v .— 1 1 $ % — p a id M a y 1912; N o v .,
11$% In 1913 an d t o an d in c l. Ja n . 1919 a t th e ra te o f 4 % p e r a n n u m .
A p ril 1919 d iv id e n d p o s tp o n e d ( V . 108, p . 1 3 9 1 ). N o n e t o A u g . 1922, w hen
1 % w as p a id . In N o v . 1922, 1 % a n d d iv id e n d s a t sam e r a te , p a id r e g u la r ly ,
q u a rte rly s in ce t o an d in c lu d in g F e b . 1927.
E A R N I N G S .— F o r ca le n d a r yea rs:
* 192 7.
1926.
1925.
1924.
C a r m iles r u n ____________ 2 2 ,9 3 2 ,0 2 2 3 5 ,3 0 4 .5 8 3 3 5 ,7 1 7 .6 6 6 3 5 .9 7 3 .6 9 1
R e v e n u e p a ssen gers_____ 1 4 5 ,2 5 6 ,7 6 0 2 2 5 ,2 5 5 ,6 3 3 2 2 4 ,’’ S o .527 2 2 8 .4 2 3 ,7 7 4
T r a n s f e r s .............. .............. 5 9 ,8 7 6 ,0 1 8
93,6 9 5 ,8 4 1 9 2 .8 9 3 ,8 2 8 9 1 .8 7 9 ,9 7 7
O p eratin g re v e n u e s ______ $ 1 0 ,7 6 4 ,4 9 6 $ 1 6 ,7 1 5 ,7 0 9 $ 1 6 ,6 2 1 ,2 2 0 $1 6 ,4 5 3 ,2 5 4
O p eratin g e xp en ses______
6 ,5 6 9 ,4 1 5
9 ,0 5 5 ,0 2 0
9 ,0 4 5 ,7 5 0
9 ,8 1 5 ,2 6 3
5 3 8 ,2 2 4
8 3 5 .7 8 5
831,061
822 .6 6 3
D e p r e c ia tio n _____________
T a x e s , licen ses, & c ______
1 ,0 6 3 ,0 5 6
1,6 7 2 ,3 1 6
1 ,6 3 2 ,3 8 6
1 .6 5 6 ,0 7 4
B a ltim o r e

N e t o p e ra tin g in c o m e . $ 2 ,5 9 3 ,8 0 1
111 ,643
O th er in c o m e ____________
T o t a l n e t in c o m e ______$ 2 ,7 0 5 ,4 4 4
I n t. o n b o n d s , ren ts, & c .
1 ,9 2 7 ,4 1 2
I n t. o n in c o m e b d s. ( 4 % )
3 7 3 ,3 3 3
C o m m o n d iv id e n d s ______
a 6 1 3 ,8 3 6

$ 4 ,2 5 2 ,5 8 8
139,569
$ 4 ,3 9 2 ,1 5 7
2 ,8 2 3 ,0 2 2
5 5 9 ,0 8 0
8 18 ,448

$ 4 ,2 1 2 023
120 ,815

$ 4 ,1 5 9 ,2 5 5
1 4 3 .9 7 6

$ 4 ,3 3 2 ,8 3 8
2 ,7 9 3 ,1 4 8
5 5 9 .0 8 0
8 1 8 .4 4 8

$4,303,231
$ 2 ,7 7 6 ,1 8 3
5 5 9 .0 8 0
(4 )8 1 8 ,4 4 8

S u rp lu s ________________d e f$ 2 0 9 ,1 3 7
$ 1 9 1,60 7
$16 2 ,1 6 2
$ 1 4 9,52 0
* F o r 8 m o n th s e n d e d A u g . 31 1927. a D e cla r e d fr o m p r o f it a n d loss
u rp lu s .
O F F I C E R S .— P res., C . D . E m m o n s ; V .- P ., J . P e m b r o k e T h o m ,
V .- P .. T h o s . A . C ro ss; V .- P ., J o h n L . S w o p e ; G e n . M g r ., H . B . P otter;
S e c ., W illia m E a rly ; T r e a s ., J. T . S ta u b ; A u d ., N . E . S t u b b s .— V . 120, p .
4 45, 201 3: Y . 122 p . 483 1612, 2 1 9 4 , 3 2 1 2 ; V . 124 , p . 2 3 7 , 7 9 4 , 1222, 1668,
2 75 1, 2909; V . 125, p . 917 .

(1) THE MARYLAND ELECTRIC RAILWAYS CO.

UNITED RAILW AYS & ELECTRIC CO. OF
BALTIM ORE.
O R G A N I Z A T I O N .— In c o r p o r a t e d a t A n n a p o lis M a r c h 4 1899; c o m ­
prises t h r o u g h co n s o lid a tio n s th e fo llo w in g passen ger ra ilw a y s in B a lt i­
m ore C i t y , B a ltim o re a n d H o w a r d co u n tie s , M a r y la n d :
B a ltim o re C a to n s v ille & E llic o tts C e n tra l R a ilw a y C o .
M ills P a ssen ger R R .
G w y n n ’s F alls R a ilw a y o f B a ltim o re
B a ltim o re C it y P a ssen ger R y . C o .
C it y .
B a ltim o re C o n s o lid a te d R y . C o .
M a r y la n d T r a c t io n .
B a ltim ore & C u rtis B a y R y .
P im lic o & P ik e sv ille R R .
B a lt. G a rd en sv ille & B e la ir E le c . R y . Sh ore L in e E le c t r ic R y .
B a ltim o re & N o rth e r n E le c . R y . C o . W a lb r o o k G w y n n -O a k & P o w h a ta n
A c q u is i ti o n & L e a s e o f M a r y la n d E le c tr ic R a ilw a y s . — E a r ly in 1924 th e c o
acqu ired all the c o m m o n s t o c k o f rhe M a ry la n d E le c t r ic R y s . (s to c k so
a c q u ir e d w as p le d g e d u n d e r m t g e . o f U n ite d R y s . & E le c . C o . ) , w h ic u h ad
r e c e n tly co n s o lid a te d w ith th e B a ltim o re H a le th o r p e & E lk rid g e R y . and
p u rch a sed B a ltim o re S p a rrow s P o in t & C h e sa p e a k e R y ., w h ich h a d fo rm e r ly
been leased to the U nited R y s . & E le c . C o . T h e c o . th e re u p o n entered
Into a lease o f th e p ro p e rtie s o f t h e c o n s o lid a te d c o . fo r a te rm o f 9 99 years.
U nder th e term s o f th e lease th e U n ite d R y s . & E le c . C o . w ill p a y an u n ­
c o n d itio n a l ann u al ren tal s u ffic ie n t t o c o v e r m a in te n a n ce , in su ra n ce , ta xes,
Interest, a n d o th e r ch a rge s, an d a su m o f n o t less th a n 2 % p er a n n u m o f
o u ts ta n d in g Series “ A ” b o n d s o f th e M a r y la n d E le c . R y s . t o c o v e r sin kin g
fu n d a n d a fu n d fo r im p ro v e m e n ts , d e p r e c ia tio n an d o b s o le s ce n ce . F or
fu rth er d eta ils see d e s c r ip tio n o f th e M a r y la n d E le c tr ic R y s . b e lo w .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
M iles o f t r a c k , 413: s e rv ice a b le ca rs , 1,5 6 1 ; g a u g e , 5 f t. 41$ in.
R ails.
6 0 -Ib . t o 1 2 9 -lb . T a n d g ird e r. A ls o o p e r a te s bu ses. F o r o r g a n iz a tio n in
D e c . 1926 o f B a ltim o r e C o a ch C o ., a c o n s o lid a tio n o f 4 bu s s u b sid ia rie s, see
V 124, p . 23 7 .
P o w e r C o n tr a c t. — I n F e b . 1911 en te re d in t o a 1 5-year c o n t r a c t w ith P e n n ­
s y lv a n ia W a te r & P o w e r C o . fo r s u p p ly in g p o w e r in c o n ju n c t io n w ith
U n ited R a ilw a y s C o . fo r o p e r a tio n o f ca rs . V . 92, p . 467
A ls o see o e lo w .
S a le o f P o w e r H o u s e — C o n tr a c t, & c . — O n J a n . 12 1921 en te re d In to a p e r ­
p e tu a l p ow er c o n t r a c t w ith t h e C o n s o l. G a s. E le c . L t . & P o w e r C o . o f B a lto .
T h e tra n sa ction in v o lv e d the sale o f the R a ilw a y s, P r a tt S t. p o w e r housi
to the G as C o . fo r $ 4 ,0 0 0 ,0 0 0 .
(T ra n s fe rre d on M a y 24 192 1 .)
Y . 112
p. 373 .
F a v o ra b le T a x D e c i s i o n . — See V . 8 9 , p . 4 4 ; V . 96, p . 1090.
F a r e s . — E ffe c tiv e Ju n e 1 1924, w as a u th . b y the M d . P . S. C o m m , to
increase cash fares fro m 7 t o 8 c e n ts , w ith t w o tick e ts fo r 15 c e n t s . V . 118.
p . 2 70 6.
See also V . 119, p . 581 .
See a lso V . 122, p . 1612.
V a lu a tio n . — O n M a r c h 9 1926 fix e d b y M a r y la n d P . S. C o m m is s io n at
$ 7 7 ,0 0 0 ,0 0 0 as o f J a n . 1 1924, d e c id in g a ca se p e n d in g sin ce D e c . 30 1912.
V . 1 2 2 , p . 1612.
W a g e I n c r e a s e s f o r 1927 a n d 1928.-— S ee. V . 124, p . 237 .
STO C K A N D BO N DS—
D a te .
I n t e r e s t . O u ts ta n d in g . D i v . o r M a t .
C o m m o n , $ 3 5 ,0 0 0 ,0 0 0 ($ 5 0 )________
4 Q -J 15
$ 2 0 ,4 6 1 ,2 0 0 A u g ’27 1%
I n c m tg e , g , $ 1 4 ,0 0 0 ,0 0 0 ,/ 1899
4 g J -D
1 4 ,0 0 0 ,0 0 0
1949.
c u m , M a r y la n d T r C o ,( P a y a b le a t o p t io n o f c o . a fte r M a r c h 1 1949.
T ru s
( $ 1 ,0 0 0 )_______ c * n t f ( I n t . a t A le x . B ro w n & S on s, B a ltim o re .
1st c o n m tg e , g , $ 3 8 ,0 0 0 ,0 0 0 / 1899 4 -6 g M -S
3 2 ,4 5 0 ,0 0 0 M a r 1 1949
($ 1 ,0 0 0 ); C o n tin e n ta l T r ( I n t e r e s t a t A le x . B ro w n & S on s, B a ltim o re .
C o , B a ltim o re , T r u s - . c * t f !
I n c o m e fd g b o n d s ($1 0 0 , $ 5 0 0 / 1906
5 g J -D
3 ,9 2 0 ,0 0 0 Ju n e 1 1936
& $ 1 ,0 0 0 ), $ 3 .9 2 0 ,0 0 0 - -C tf (M a r y la n d T r u s t C o ., tru ste e .
3 -y e a r n o te s
($ 1 ,0 0 0
a n d / 1927
6 g M -S
2 ,5 0 0 ,0 0 0 M a r 1 1930
$ 5 0 0 )___________________ c * t f ( S a f e D e p o s it & T ru s t C o . o f B a lt ., tru s te e .




O R G A N I Z A T I O N .— A c o n s o lid a tio n in 1924 o f th e B a ltim o re Sparrow s
P o in t & C h esap eak e R y . a n d th e B a ltim o re H a le th o r p e & E lk r id g e R y .
w ith th e M a r y la n d E le c tr ic R y s . C o . (1 9 0 6 ). T h e c o n s o lid a te d p rop erties
h a v e been leased t o th e U n ite d R y s . & E le c . C o . o f B a lt, (see a b o v e ) fo r 999
years, ren ew a b le fo re v e r, fo r an u n c o n d itio n a l ann ual re n ta l s u ffic ie n t to
c o v e r m a in t., in su r., taxes, in t ., a n d o th e r ch a rge s, an d a sum o f n o t less
than 2 % p er an n u m o f o u ts ta n d in g Series A b o n d s , t o c o v e r s in k . f d . a n d a
fu n d fo r im p ts ., d e p r e c . a n d o b s o le s ce n ce .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e c o . ’s p ro p e rtie s n o w e m b r a c e a b o u t 57 m iles o f t r a c k , in c l. th e “ St,
P a u l S tre e t B o u le v a rd L in e ,” th e G u ilfo r d a n d H a le th o r p e lin es, the
S ta d iu m e x te n sio n , an d th e “ S p a rro w s P o in t L in e ,” e x te n d in g fr o m B a lti­
m o r e t o S p a rro w s P o in t , a t w h ich are lo c a te d p lan ts o f th e B eth leh em
Steel C o .; 170 cars a n d an e q u it y in 32 a d d itio n a l ca rs ; 10 c a r houses;
7 s u b sta tio n s h a v in g a to ta l c a p a c it y o f 3 8 ,0 0 0 k . w .; B a y S h o re P a r k , a
sa lt-w a te r b a th in g beach n ear B a ltim o re .
F r a n c h is e s . — T h e tra ck s o f th e c o . are eith er o n p r iv a te r ig h t s -o f-w a y or
are o p e r a te d u n d er fra n ch ise s w h ic h are p e rp e tu a l w ith th e e x c e p tio n o f
th ose co v e r in g a b o u t 8 m iles o f tr a c k , w h ic h are o n th e ba sis o f 25 years,
ren e w a b le fo r 25 m ore.
S T O C K A N D B O N D S .—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
S to c k — A ll o w n e d b y U n ite d R y s & E le c t r ic C o o f B a ltim o re .
1st m t g e (c lo s e d )g o ld ($1,000)1 1906 5 g A -O
$ 2 ,9 3 7 ,0 0 0 O c t 1 1931
sin kin g f u n d __________ c * t f /M e r c a n t i l e T r . & D e p . C o , B a lt ., tru stee.
1st & r e f m tg e ser “ A ” ($5001 1924
61$ g J -J
3 8 7 7 ,5 0 0 Jan 1 1957
& $ 1 ,0 0 0 ) gu ar g o l d - _ c * t f /S a f e D e p o s it & T r u s t C o o f B a lt ., tru stee.
Series B _____________________________
61$
6 0 5 ,5 0 0 J a n . 1 1962
B a lt Spar P t & O hes B a y 1st I 1903 41$ g F -A
2 ,000,00u F e b 1 1953
m tg e $ 2 ,0 0 0 ,0 0 0 g ($ 1 ,0 0 0 ){ F id e lit y T r u s t C o . , B a ltim o re , tru stee.
guar p rin & in te re s t___ c * t f (In te re s t a t A le x . B ro w n & S on s, B a ltim ore.
S to ck . — A ll o w n e d b y th e U n ite d R y s . & E le c . C o . o f B a lt.
B o n d s . — A s in k in g f u n d o f 1 1 $ % o n M a r y la n d E le c . R y . 1st m tg e . b o n d s
out began M a r . 30 1910. $ 1 ,9 2 3 ,0 0 0 (n o t in c l. in a m o u n t o u ts ta n d in g )
held in g e n . s in k , fu n d O ct. 1 192 4. B o n d s are r e d e e m a b le a t 110 a n d i n t ,
in a n y in t. d a te u p o n 90 d a y s ’ n o t ic e . I n t . p a y a b le a t o f fic e o f A lex .
B ro w n & S on s. See V . 8 3 , p . 818 . 90 7 .
T h e to ta l issue o f 1st a n d r e fu n d e d m o r tg a g e b o n d s is lim ite d t o $ 2 5 ,0 0 0 ,000 , in clu d in g b o n d s fo r r e fu n d in g p u rp o s e s , unless th ere shall h a v e been
a c o n s o lid a tio n or m erger o f th e U n ite d C o . an d th e M a r y la n d C o . , in w h ich
e v e n t a d d itio n a l b o n d s m a y b e issu ed fo r re fu n d in g U n ite d s e cu rities an d
fo r c a p ita l im p ro v e m e n ts t o th e e x te n t o f 8 0 % o f c o s t , as set fo r t h in th e
m o rtg a g e . In a d d itio n t o th e Series “ A ” b o n d s o u ts ta n d in g , $ 3 ,8 0 0 ,0 0 0
1st a n d R e fu n d in g M o r tg a g e b o n d s , Series “ B , ” w as s e t a sid e an d s u ch
a m o u n t t h e r e o f as m a y b e re q u ire d w ill b e ex ch a n g e d fo r , o r used t o r e d eem ,
$3,0 2 3 ,0 0 0 o u ts ta n d in g M a r y la n d E le c tr ic R y . 1st M t g e . 5s, O c t . 1 1931,
and $ 2 ,0 0 0 ,0 0 0 1st & R e f. M t g e . b o n d s w ill b e re se rv e d t o r ed eem $ 2 ,0 0 0 ,0 0 0
B a ltim ore Spa rrow s P o in t & C h e sa p e a k e R y . 1st M t g e . 44$ s, F e b . 1 1053.
Series “ A ” 6 1 $ % b o n d s are g u a ra n te e d p r in . an d in t. b y en d o rsem en t o f
'Jnited R y s . & E le c. C o .
A n ann u al s in k in g fu n d o f 1 % o f all 1st & r e f.
m o rtg a g e b o n d s , Series “ A ” , fr o m tim e t o tim e o u ts ta n d in g , fir s t p a y ­
m ent m a d e Ja n . 1 1925, t o b e u sed fo r p u r c h a s e o r ca ll a n d re tire m e n t
o f b o n d s o f th is issu e is p r o v id e d f o r . T h is is in a d d itio n to a fu n d o f n o t
jess th a n 1 % p e r a n n u m o f s u ch b o n d s o u ts ta n d in g fo r im p r o v ts ., d e p r e c .
and o b s o le s ce n ce .
Series “ A ” b o n d s are re d . a ll o r in p a rt on a n y in t. d a te
upon 60 d a y s ’ n o t ic e a t 105 an d in t. o n o r b e fo re J u ly 1 1936, an d th erea fter
at 100 an d in t. p lu s a p re m iu m o f 1 % fo r ea ch 5 years o r p o r tio n th e r e o f
from d a te o f r e d e m p tio n t o d a te o f m a tu r ity ; th e b o n d s, h o w e v e r , t o b e
red. Ja n . 1 1956 an d th e r e a fte r a t 100 a n d in t. L iste d o n B a ltim o re S t o c k
E x ch a n g e .— V . 120, p . 145 9. I n t . p a y a b le a t o f fic e o f A le x . B r o w n &
S on s, B a ltim o re , o r th e a g e n c y o f th e c o m p a n y in N e w Y o r k .— V . 1 1 2 ,
p . 849 ; V . 118, p . 55 1 , 1268; V . 120, p . 1459.

136

[ V ol. 125.

PUBLIC UTILITIES

DIST. OF COLUMBIA
W ASH INGTON & MARYLAND i*Y.
O R G A N I Z A T I O N .— I n c o r p . In M a r y la n d as s u cce s s o r t o B a ltim o re &
W a sh in gton T r a n sit C o . o f M a r y la n d , s o ld u n d er fo re c lo s u r e .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates a b o u t 3 )4 m iles o f tra ck fr o m 14th & K e n n e d y S ts ., N . W ., to
D istrict line a t T a c o m a P a rk , M d . E x te n sio n o f 1 m ile b u ilt fr o m D istrict
tine an d th r o u g h s erv ice o p e ra te d b y th e C a p ita l T r a c t io n C o . sin ce M a y 11
1918. 60 a n d 1 0 0 -lb . T rail; gird er rail o n new e x te n s io n . D ire s t s ervice
aver C a p ita l T r a c t io n C o .
C A P I T A L I Z A T I O N . — T h e P . U . C o m m , o f the D is t r ic t o f C o lu m b ia has
authorized th e c o m p a n y t o issue $ 6 6 ,0 0 0 g e n . 6 % 3 0 -y e a r b o n d s an d $30 ,0 0 0
prior lien 6 % Donds; has also a p p ro v e d a c o n tr a c t b y w h ich th e C a p ita l
T ra ction C o . w ill o p e r a te th e c o m p a n y 's lin es. P ro c e e d s o f the 6 % bon d s
will be used t o c o m p le t e p u rch a s e o f th e p rop erties o f B a ltim o re & W a sh in g
ton T r a n sit C o . In M a r y la n d , and the 5 H % prior lien b o n d w ill be used
as colla te r a l fo r $ 2 5 ,0 0 0 1 -year 6 % n o te s, th e p r o c e e d s o f w h ich w ill b e used
for ex ten sion s a n d im p ro v e m e n ts . A p p lic a tio n has been m a d e fo r $ 25 ,000
a d d itio n a l b o n d s t o re fu n d a d v a n c e s fo r im p ro v e m e n ts , & e.
O F F I C E R S .— P res. & T r e a s ., C h a s . Selden J r ., W a s h in g to n . D . G .;
S e c ., J o h n E . T a y lo r , 231 W o o d w a r d B u ild in g , W a s h in g to n , D . O .

W ASH ING TO N UTILITIES CO.
O R G A N I Z A T I O N .— I n c o r p . in V irg in ia (as M a r y la n d -V ir g in ia R y .)
N o v . 29 1911, am en d e d F e b . 28 1912 and N o v . 7 1912, w hen th e n am e was
ch a n g ed t o th e a b o v e . O n N o v . 26 1912 m erged w ith W a s h in g to n -V irg in ia
R y ., b u t th e la tte r c o m p a n y (see s ta te m e n t b e lo w ) w as o b lig e d t o resum e a
sep arate ex is te n ce , o w in g t o refu sal o f th e s u b s e q u e n tly cr e a te d U tilities
C o m m , o f th e D is t . o f C o lu m b ia t o a llo w th e m erged c o r p o r a tio n s t o issue
secu rities p r o v id e d fo r in th e m erger a g re e m e n t.
O w ns 150 shares o f
B r a d d o c k L t . & P o w . C o . s to c k (v a lu e d a t $ 2 0 ,0 0 0 ). $ 3 0 0 ,0 0 0 ( o f $ 3 0 0 ,3 5 0 )
o f W a sh in g ton & G re a t F a lls R y . & P o w . C o . s t o c k , and $ 5 7 5 ,1 0 0 c o m .a n d
$ 2 8 2 ,0 0 0 p r e f. s t o c k o f th e W a s h in g to n -V irg in ia R y . C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A h o ld in g c o m p a n y .
D e f a u l t . — T h e Ju n e 1 1919 in t . o n th e c o ll, tru st 5 % n o te s h a v in g been
d e fa u lte d , th e fo llo w in g p r o t e c tiv e c o m m itte e (re o rg a n ize d V . 109 , p . 271 )
w as fo rm e d :
C o m m itte e f o r C o ll. T r u s t 5 % N o t e s . — R o b e r t N . H a r p e r , C h a irm a n : W m .
E . C a d w a lla d e r , W . T . G a llih e r, J o h n P o o le , G e o . W . W h it e an d C . W .
W a rd e n , all o f W a s h in g to n , a n d H a r o ld B . T h o rn e a n d H e n r y D . H a rla n ,
b o th o f N e w Y o r k C it y . D e p o s ita r ie s : M e tr o p o lit a n T r u s t C o . , N . Y . , and
th e A m e rica n S e cu rity & T r u s t C o . , W a s h in g to n , D . C . U p t o e a rly in
S e p t. 1919 $ 1 ,3 0 6 ,0 0 0 o f th e n o te s had been d e p o s ite d w ith th e c o m m it t e e .
V . 109. p . 27 1 . C o m p a re V . 108, p . 2 42 4. N o la te r in fo r m a tio n .
S a le o f C o lla te r a l. — D e fa u lt h a v in g o c c u r re d on th e c o .'s c o ll. t r . 5 %
n otes, th e s e c u r ity p le d g e d th e re u n d e r, v iz ., 2 7 ,5 0 0 shares W a s h . R y . &
E le c. C o . c o m m o n s to c k w as so ld O c t . 1 1919 t o th e n o te h o ld e r s ' co m m itte e
n am ed a b o v e . V . 109, p . 1368. C o m p a re V . 109, p . 1081. T h e c o m ­
m itte e , h o w e v e r , in D e c . 1922 sold th is s to c k . V . 115, p . 2 26 9; also see
u n d er “ W a s h in g to n R y . & E le c . C o . ” o n a p r e ce d in g p a g e .
C h a r te r believed , f o r f e i t e d b y re a so n o f n o n -p a y m e n t o f a n n u al fees to
S ta te o f V ir g in ia . N o fu r th e r p a rticu la rs .
STOCK A N D BON DS—
D a le .
I n t e r e s t . O u ts ta n d in g .
M a tu r ity .
S t o c k ____________________________ ______
___________
$ 5 ,4 6 8 ,0 0 0
See te x t
C o lla tera l tru s t n o te s $ 1 ,5 0 0 ,- f 1917
5%
1 ,5 0 0 ,0 0 0 ____________
000 ($ 1 ,0 0 0 )________________ (M e t r o p o lita n T r u s t C o ., N . Y . , tru ste e .
N o t e s .— W e r e secu re d b y p le d g e o f $ 2 ,7 5 0 ,0 0 0 c o m . s to c k o f th e W a s h .
R y . & E le c . C o . R e d . a t p a r a n d in t . o n a n y in t. d a te o n 30 d a y s ’ n o t ic e .
D iv i d e n d s .— In itia l d iv . o f H o f 1 % p a id J u ly 1 1912. In 1913, I H V e ­
i n 1914, 2 % .
In 1915, J a n ., 1 % . N o la te r in fo r m a tio n .
O F F I C E R S .— P r e s .. N o r m a n G r e y ; S e c. & T r e a s ., J . C . F r e e la n d .—
V . 108, p . 242 4; V . 109, p . 171, 67 7 , 1081, 1368; V . 115, p . 2269; V . 125,
p . 2 15 0.

W ASH IN G TO N -VIRG IN IA R Y . CO.
R e c e i v e r s h i p .— O n N o v . 23 1923 Ju d ge Sam uel C . B re n t in th e C ir c u it

C o u r t o f F a irfa x C o u n t y , V a ., a p p o in te d A rth u r L . R e y n o ld s , r e c e iv e r for
the c o m p a n y , on p e titio n o f fiv e tru st co m p a n ie s o f P h ila d e lp h ia , in th e in ­
terest o f th e b o n d h o ld e r s o f th e c o m p a n y .
V . 117. D. 243 4. On Ju n e 26
1924 R ic h a r d Q u in te r w as a p p o in te d c o -r e c e iv e r . V . 124, p . 1068.
S u c c e s s o r C o m p a n ie s .- — A t th e a u c tio n sale o f th e p r o p e r tie s o f th e W a s h in g to n -V irg in ia R y . C o . (V . 124, p . 3211) th a t p a r t o f th e ra ilw a y ex te n d in g
fr o m W a s h in g to n , D . C . , t h r o u g h A le x a n d r ia , V a ., t o M r . V e r n o n , w as
b o u g h t in b y th e b o n d h o ld e r s ’ c o m m itte e o f th e b o n d s k n o w n as th e W a sh
in g to n A le x a n d r ia & M r . V e r n o n 1st 5s, be a rin g d a t e o n M a r c h 1905
a n d secu red b y m o r tg a g e t o th e R e a l E s ta te T r u s t C o . o f P h ila d e lp h ia .
In o r d e r t o co n tin u e th e o p e r a tio n o f th is lin e t h e b o n d h o ld e r s ’ co m m itte e
ca u sed a n ew c h a r te r to b e o b ta in e d [in V irg in ia J u ly 26 1927], th e n ew
c o m p a n y b e in g k n o w n as t h e M t . V e r n o n A l e x a n d r i a A W a s in g to n R y . C o .,
a n d 4 ,8 0 0 shares o f th e n o p a r v a lu e c a p ita l s t o c k o f th e n e w c o m p a n y
o u t o f 5 ,0 0 0 shares a u th o r iz e d b y its c h a r te r are b e in g issu ed t o th e b o n d ­
h o ld e r s ’ c o m m it t e e fo r t h e b e n e fit o f th e b o n d h o ld e rs w h o h a v e d e p o s ite d
th eir b o n d s w ith th e c o m m it t e e , a m o u n tin g t o a b o u t 9 5 % o f the t o t a l issu e.
T h e re has b e e n n o r e o r g a n iz a tio n o f th is c o m p a n y , b u t th e o p e r a tio n
is c o n tin u e d in th e m a n n e r p r o v id e d b y la w an d fo r th e b e n e fit o f the de­
p o s itin g b o n d h o ld e rs .
This is w h a t is know n as the M r. Vernon division.
G a r d n e r L . B o o c h e is P re sid e n t w ith o ffic e s at 108 N o r t h S t. A sa ph
S t ., A le x a n d r ia , V a .
O th e r o ffic e r s are L ew is H . P a rs o n , V .- P r e s ., P h ila­
d e lp h ia ; H a rrison E m h a r d t, S e c.; G e o rg e E . W a r fie ld , T r e a s ., A le x a n d ria .
D ir e c to r s are c o m p o s e d o f fo re g o in g o ffic e r s an d th e fo llo w in g : W illia m
G . B a k e r , B a ltim o re ; J . W . R ic h , W a s h in g to n ; S a m u el F S te e le , P h ila .
A t th e a u c tio n sale o f th e p r o p e r tie s o f th e W a s h in g to n -V ir g in ia R y . C o .
(V . 124, p . 3211) th e F a lls C h u r ch d iv is io n , e xte n d in g fr o m M t . V e rn o n
J u n ctio n in A r lin g to n C o u n t y t h r o u g h C la re n d o n to F a ir fa x C o u r t H o u s e ,
a n d fr o m R o s s ly n in A r lin g to n C o u n t y t o N a u c k , w e re p u r c h a s e d b y a
r e p r e s e n ta tiv e o f t h e h o ld e rs o f b o n d s s e cu re d b y th e 1st a n d 2d m o rtg a g e s
o n th is p r o p e r t y .
T h is p r o p e r t y w as s u b s e q u e n tly s o ld b y th e p u rch a se r t o a g r o u p o f
A r lin g t o n C o u n t y a n d F a ir fa x C o u n t y c itiz e n s , w h o fo r m e d a n e w c o m p a n y
k n o w n as th e A r l i n g t o n c% F a ir f a x R y . C o . (o rg a n ize d in V ir g in ia ), t o c o n ­
tin u e th e o p e r a tio n o f th is d iv is io n o f th e r o a d . M . E . C h u r ch is P resid en t
o f A r lin g to n & F a irfa x R y . , w ith o ffic e a t F a lls C h u r ch , V a ., a n d 1202
P e n n s y lv a n ia A v e ., N . W . , W a s h in g to n , D . C .
T h e c a p ita l s t o c k o f t h e A r lin g t o n & F a irfa x R y . co n s ists o f 200 shares
o f n o p a r v a lu e .
I t has a n a u th o r iz e d issu e o f $ 1 2 5 ,0 0 0 1st m tg e 5 %
b o n d s , o f w h ich $ 1 2 0 ,0 0 0 issu e d . T h e r e is also an a u th o r iz e d issu e o f
$ 2 0 0 ,0 0 0 6 % 2 d m tg e . b o n d s , o f w h ic h a b o u t $ 7 5 ,0 0 0 h a v e b e e n s o ld at
p a r , w ith o n e sh are o f s t o c k w ith e a ch $10 0 b o n d issu e .— -V. 124, p . 3 21 0.
O R G A N I Z A T I O N .— I n c o r p . in V irginia O c t . 15 1913 t o ta k e th e p la c e o f
form er c o m p a n y o f th e sam e n am e w h ich w as in c o rp o ra te d in V irgin ia od
June 22 1910. T h e o ld c o m p a n y on O c t . 20 1910 m erged in to th e W a sh in g ­
ton A lex a n d ria & M t . V ern on R y . (s to c k $ 1 ,5 0 0 ,0 0 0 ) an d W a sh in g to n
A rlin g ton & F a lls C h u r ch R y . (s to c k $ 5 0 0 ,0 0 0 ). H as p r iv a te r ig h t-o f-w a y .
F r a n c h is e s in citie s p e r p e t u a l.
T h e o ld c o m p a n y w as m erged on N o v . 12 1912 in to th e W a sh in g to n
U tilities C o . , b u t w as s u b s e q u e n tly o b lig e d to resum e se p a ra te e x is te n ce .
See W a sh in gton U tilitie s C o . a b o v e an d V . 98, p . 691 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
U n d ergrou n d tr o lle y in W a s h in g to n , o v e rh e a d o u ts id e . O perates fro m
W a s h in g ton , D . O ., t o A le x a n d ria , M t . V ern on , A r lin g to n , F o r t M e y e r ,
R o s s ly n , C la r e n d o n , V ie n n a and F a ir fa x , m o s tly on p r iv a te rig h t o f w a y .
T o t a l t r a c k , 5 8 .9 7 6 m iles. S ta n d a rd g a u g e .
109 ca rs.
O p era tion o f buses b y A le x a n d ria & S u b u rban V e h icle C o . , a su b s id ia r y ,
see V . 121, p . 1791.
STOCK AN D BON DS—
D a te .
I n te r e s t.
O u ts ta n d in g . M a t u r it y
M -N
$ 1 ,3 7 8 ,3 0 0
See te x t
C o m m o n $ 2 ,0 0 0 ,0 0 0 ($ 1 0 0 )___ ______
P r e f $ 1 ,0 0 0 .0 0 0 ($100) see t e x t ____
M -N
1 ,0 0 0 .0 0 0
See text
W a sh A lex & M t V er 1st M l 1905
5 g M -S
2 .5 '0 .0 0 0 M a r 1 1955
$ 2 ,5 0 0 ,0 0 0 ($ 1 ,0 0 0 ) g ___ c * J I n t . a t R ea l E sta te T r u s t C o . , P h ila d e lp h ia .




STOCKS—
D a te .
In terest.
O u ts ta n d in g . D i v i d e n d s .
W ash A rl & F a lls C h R y issues—
F irst m tg e $10 0 ,0 0 0 g o l d ___ 1895
6 J-J
7 4 ,0 0 0 J u ly 1 1925
S e co n d m tg e $ 3 5 0 .0 0 0 ____ i 1903
5 A -O
2 5 0 ,0 0 0 A p r il 1 1953
( I n t . a t M e r c h a n t s ’ T r u s t C o ., P h ila ., t r u s t e e .
F irst c o n s m tg e $ 1 ,0 0 0 .0 0 0 ] 1908
5 g M -S
6 5 0 .0 0 0 S ep t 1 1958
g o ld ($ 1 ,0 0 0 )__________c * / I n t . a t G ira rd T r u s t C o . , P h ila d e lp h ia , tru st.
G en eral m o r tg a g e ____________________
5%
See te x t
____________
Secu red n o te s Series “ A ” ____________
6%
7 5 9 ,4 0 0 J an 1 1922
Secu red n o te s Series “ B ” ____________
6%
6 6 6 ,5 0 0 Jan 1 1922
S to c k . — P r e f. is e n title d t o c u m . d iv s . o f 3 % fo r y e a r e n d e d N o v . 1 1911,
4 % fo r n ext y ear an d 5 % y e a r ly th e r e a fte r . S t o c k lis te d in P h ila d elp h ia
and W a s h in g to n .
B o n d s . — T h e W a s h in g to n A le x a n d ria & M t . V e r n o n fir s t m tg e . b o n d s
are s u b je c t t o ca ll o n a n y in t. d a te a t 110 & in t. u p o n 3 m o n th s ' n o t ic e .
See
V . 80, p . 1176.
$35 0 ,0 0 0 W a s h in g to n A r lin g to n & F a lls C h u r ch firs t cOnsols are reserved
for p rio r lien s, $ 4 8 ,0 0 0 are in tre a su ry; re m a in d e r are fo r b e tte rm e n ts , & c.
B o n d s w ere g u a r ., p . & L , b y e n d o rse m e n t b y W a s h in g o tn A lex a n d ria &
M t . V e rn o n R y .
S u b je c t t o ca ll o n a n y in t . d a te a t 105 an d in t . o n a
m o n th 's n o tice .
In te re st on th e W a s h in g to n A r lin g to n & F a lls C h u r c h R y . fir s t m tg e .
b o n d s, p a y a b le in P h ila d e lp h ia . W a lte r H in c h m a n , N e w Y o r k , is tru stee.
N o t e s . — T h e 6 % n o te s d u e J a n . 1 1922 are s e c u r e d b y a d e p o s it o f
$ 3 ,0 0 0 ,0 0 0 g e n . m tg e . 5 % b o n d s (co lla te ra l has b e e n so ld a t p u b lic a u c t io n .
D iv id e n d s . — In itia l d iv id e n d o n p re fe rre d — 1 1 4 % — p a id M a r c h 15 1911;
N o v ., 1 1 4 % .
In 1912, 4 % .
In 1913 an d sin ce , 5 % .
O n c o m m o n , first
d iv id e n d — 1 % — p a id M a r c h 15 1911; N o v ., 1 1 4 % . In 1912 a n d 1913, 3 % .
In 1914, M a y , 114 % • In N o v e m b e r ra te w as r e d u c e d an d 1 % w as p a id
In 1915, M a y , 1 % .
N o la te r in fo r m a tio n .
O F F I C E R S .— P r e s ., J o h n E . Z im m e rm a n n ; V . - P . , F . W . W o o d c o c k ;
S e c ., C . A . M c C lu r e ; T r e a s ., M ilw a r d O liv e r . U n d e r m a n a g e m e n t o f
D a y & Z im m e rm a n n , I n c .. P h ila d e lp h ia .— V . 117. p . 2 21 4, 2 43 4: V . 120.
p . 3 31 7; V . 121, p . 1791; V . 124, p . 1068, 321 0; V . 125, p . 65 0 , 1841.

W ASH INGTON BALTIM ORE & ANNAPOLIS
ELECTRIC RR. CO.
C o n tr o l. — T h e C o n s o lid a te d G a s, E le c t r ic L ig h t & P o w e r C o . o f B a lti­

m o r e p u rch a s e d in Ju n e 1927 th e m a jo r it y o f th e c o m m o n a n d p referred
s to c k s .
V . 124, p . 3498.
O R G A N I Z A T I O N .— In c o r p . in M a r y la n d o n Ju n e 5 1905 as B a ltim ore
T erm in al C o .
On M a r c h 31 1911 a m e n d e d its c h a rte r, c h a n g e d its nam e
t o W a sh in g to n B a ltim o re & A n n a p o lis E le c tr ic R R . an d t o o k o v e r th e W a s h ­
in g to n B a ltim o re & A n n a p o lis E le ctric R a ilw a y , s o ld a t fo re c lo s u r e ( V . 92
p . 79 6 . 9 5 7 ), p er p la n in V . 9 1 . p . 1328, 1386. P r iv a te rig h t o f w a y .
T h e A n n a p o lis P u b lic U tilities C o . w as in c o rp . in M a y 1912 as a s u b . c o .
and t o o k o v e r th e A n n a p o lis G as & E le c . C o .
In F e b . 1923 th e M d . P . U .
C o m m . a u th . th e A n n a p o lis P u b lic U tilitie s C o . t o c h a n g e its n a m e t o th e
Severn L t . & P o w . C o . and g a v e its a p p ro v a l o f a p r o p o s e d fin a n c in g p la n .
See V . 116, p . 72 2 . fo r d e ta ils. O n A p ril 10 1923 n a m e ch a n g ed a g a in to
“ T h e A n n a p o lis & C h e sa p e a k e B a y P o w e r C o . "
See V . 118 , p . 4 3 4 , for
b o n d o ffe r in g .
A c q u is i ti o n o f A n n a p o l i s S h ort L i n e R R . — In 1921 th e c o . a c q u ir e d the
A n n a p o lis S h o rt L in e fro m th e M a r y la n d E le c tr ic R y s .
T h e c o . t o o k o v er
th e o u ts ta n d in g 1st m tg e . b o n d s o f th a t c o . a n d g u a ra n te e d ce r ta in oth er
b o n d s and car tru st c t fs . F o r fu rth e r d e ta ils see V . 112, p . 850 . 128 4, 1519.
C o .'s p re se n t su b sid ia rie s are th e A n n a p o lis & C h e s a p e a k e B a y P o w e r
C o . , T e r m in a l R e a l E s ta te C o . , a n d M a r y la n d D e v e lo p m e n t & R e a lt y C o .
o f A n n e A ru n d e l C o u n t y .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A sin gle-ph a se e le ctric r o a d . O perates 1 4 7 .096 8 m iles o f tr a c k betw een
B a ltim o re . W a sh in gto n and A n n a p o lis , o f w h ich 13.33 m iles are o p era ted
u nd er c o n tr a c t.
E n ters W a s h in g to n o v e r tra ck s o f W a s h in g ton R y . &
E le c tr ic C o . 8 0 -lb . T rails. S ta n d a rd g a u g e .
A u to m a tic b lo c k system
in s in gle-tra ck o n en tire line.
181 ca rs. P o w e r is p u rch a se d fr o m P o t o m a c
E le c tr ic P o w e r C o . o f W a s h in g to n .
E a rn in g s 1925 o f A n n a p o lis & C h e s a p e a k e B a y P o w e r C o . , see V . 122.
1760.
M a tu r ity .
STOCK A N D BON DS—
O u tsta n d in g .
D a te .
In terest.
S ee text
C o m m o n $ 3 ,0 0 0 ,0 0 0 ($ 5 0 )____ ______
$ 3 ,0 0 0 ,0 0 0
Q -J
6 Q -M
1 ,7 6 0 .5 0 0 A p r ’ 2 4 . 144
P r e f $ 2 .5 0 0 ,0 0 0 ($50) 6 % n o n - c ____
7 .3 0 8 .0 0 0 M a r . 1 1941
F irst m o rtg a g e
$ 7 ,5 0 0 ,0 0 0 f ____
________ 1911
5 M -S
t le v e la n d , or
c * & r * t f ( l n t . a t C le v e la n d T r u s t C o
( $ 1 ,0 0 0 )______
"
S afe D e p . & T r u s t C o . , B - v i m o r e , M d .
B a lt. & A n n . S h o rt L in e 1st)
5 F -A
m o rtg a g e ( $ 1 . 0 0 0 ) - .
j
1.00 ,000 A u g 1 1946
A n n a p o lis S h o rt L in e R R .l
7 J J
6 4 5 ,0 0 0 Jan . 1 1936
sk. fd . b o n d s ( $ 1 ,0 0 0 )______ / 1921
A n n ap olis S h ort L in e R R . c a r ]
1 2 0 ,0 0 0
See text
7 J J
trust b o n d s ($ 1 ,0 0 0 )------------/ 1921
A n n ap olis & C h e s B a y P r C o f
1st M g o ld —
7 8 3 ,0 0 0 Ju n e 1 1948
Series A $ 8 0 0 ,0 0 0 ($ 1 ,0 0 0 ,
1923
6 g
$ 5 0 0 .$ 1 0 0 ) _______________
185 ,0 0 0 Ju n e 1 1948
5 yi g
Ser B $ 2 5 0 ,0 0 0 ($1,000,1 1925
$ 50 0. $ 1 0 0 )________________t
B o n d s are s u b je c t t o call
S lock a n d B o n d s . — P r e f. s t o c k is r e d . a t 110.
at 105 o n a n y in t . d a te . $ 9 2 ,0 0 0 1st m tg e . b o n d s are h e ld in trea su ry
f h e A n n a p o lis S h o rt L in e R r . ca r tru s t b o n d s are d u e $ 2 4 ,0 0 0 Jan . 1
t j 22 and $ 2 4 ,0 0 0 each Jan . 1 th e re a fte r to 1931.
>29,000 A n n . & C h e s. B a y P r . 1st m tg e . ser. A are hel l in trea su ry ,
t 1 are n o t in c l. in $ 1 8 5 ,0 0 0 s h o w n as o u ts ta n d in g . E a r n in g s s ta te m e n t o f
& C h e s . B a y P r . C o . fo r ca l yea rs 1926, 1925 an d 1924 see V .1 2 4 .P .9 1 8 .
D iv id e n d s . — O n p r e f., initial d i v .— 1 4 4 % — p a id O ct. 1912; D e c .. 4 4 4 % .
m aking 6 % fo r th e y e a r. P a id 1 44 % q u a r. t o an d in cl. A p ril 1924: none
paid sin ce. Initial d i v .— 3 % — paid o n c o m O c t . 31 1917.
In 1918. J a n ..
5 % ; A p ril, 2 % : .July. 2 % ; S e p t., 2 % .
In Ja n . 1919, 7 44% w as p a id in
L ib e rty b o n d s . V . 107. p . 2377. In 1919. A p ril, 2 % : J u ly . 2 % ; O c t ., 2 % .
in 1920, J a n .. 1 4 4 % : A p ril, 1 % ; J u ly , 1 % : O ct , 1 % .
In 1921, 4 % .
In
1922, 4 % .
In 1923. J a n .. 1 % .
A p ril 1923 d iv p assed. N o n e p a id sin ce
E A R N I N G S .— F o r ca le n d a r years lin e !, su b sid ia ries'
G ross

N e t (a fte r

O ther

I n t e r e s t , d i e ..

B a t. f o r

C h a r g e s . D p .& D iv s ■
.
E a r n in g s .
T a x es).
In com e.
19 2 6 _______ $ 2 ,5 6 1 ,0 4 7
$ 5 1 6 ,2 9 6
$ 2 9 ,8 5 4
$5 7 6 ,5 0 7
$ x 6 9 ,6 4 3
1925________ 2.6 9 4 .9 1 1
5 7 1 ,3 2 0
2 7 ,5 1 6
565.881
x32,955
1924_______ 2 .8 1 8 .0 8 5
6 8 3 .6 9 6
2 9 .4 4 0
5 5 0 .5 4 0
157 .595
1923_____
2 .4 2 0 .1 8 7
610 .0 2 8
102 .314
5 4 2 .6 7 4
169,669
1922_______ 2 ,4 4 3 .0 6 7
7 1 1 .3 6 7
83.6 6 3
5 64 .877
230 .1 5 2
x B e fo r e d e d u c tin g fo r d e p r e c ia tio n in 192 6, $ 4 5 ,5 3 6 ; in 192 5, $ 4 6 ,4 8 9 .
R e v e n u e passen gers carried in 1925. 4 .0 2 1 ,7 6 6 : 1924, 4 ,4 2 9 ,3 8 7 . a ga in st
4 ,6 4 4 ,4 7 2 in 1923.
O F F I C E R S .— C h a ir m a n o f B o a r d , G e o rg e T . B is h o p , B a ltim o re ; P r e s .,
J. J . D o y le ; 1st V. P. & G en C o u n s e l, G e o . W . W illia m s; 2d V . P . & S e c .,
T . P . L ittle p a g e ; G e n . M g r ., H . T C o n n o lly : T re a s. Sc A sst. S e c ., W i liam
M . G a r re tt' A u d . W . H . W r ig h t B a ltim o re .— V (1 8 n 433 , 1775; V . 119,
p . 77; V 122, p . 176 5, 2 04 5; V . 124, p . 918 , 2 28 3, 3 49 8.

W ASHINGTON & OLD DOMINION R Y.
O R G A N I Z A T I O N .— I n c o r p . in M a y 1911 in V irginia as s u c c e s s o r t o th e
G rea t F a lls & O ld D o m in io n R R ., o p e ra tin g a 15-m ile line b e tw e e n W a sh ­
in g to n , D . C . . an d G re a t F a lls, V a .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Leased Ju n e 1912, an d has e le ctrifie d , th e B lu e m o n t b ra n ch o f th e Sou th ern
R y ., ex te n d in g fro m A le xa n d ria t o B lu e m o n t, V a ., a b o u t 54 m iles.
In
1912 c o m p le te d a 12-m ile c o n n e c tio n be tw e e n W a sh in g to n a n d A lex a n d ria .
T o ta l r o a d o p e r a te d , a b o u t 81 m iles.
E A R N I N G S .— G ross earnings fo r calen d ar years: 1922, $60 7 ,0 5 6 ;
1921, $64 9 ,6 8 2 ; 1920, $ 6 5 2 ,7 0 1 ; 1919. $ 6 6 0 ,9 2 0 .
O F F I C E R S .— P r e s ., W ilto n J. L a m b e rt; V .- P r e s ., C o r c o r a n T h o m ;
V .-P . & G e n . M g r ., J . V . D a v is ; S e c .-T r e a s ., A . K . S tr a tto n .
O ffic e .
W ash in gto n . D . O .— V 9 5 , p . 482 ; V . I l l , p . 1473.

W ASHINGTON R A ILW AY & ELECTRIC CO.
C o n tr o l. — 7 5 %

o f th e c o m m o n s t o c k is o w n e d b y N o r t h A m e r ic a n C o .
S e c ., V . 121, p . 2 4 0 5 , fo r d e n ia l b y P res. W illia m F .
H a m o f ru m o r s th a t N o r t h A m e r . C o . h a d a b s o lu te c o n t r o l. H e d ecla red

V . 121, p . 7 0 9 , 1681.

th at 8 5 ,0 0 0 p r e f. shares in h a n d s o f th e p u b lic h a d equal v o t in g p o w e r w ith
the 6 5 ,0 0 0 c o m m o n sh ares, a b o u t 7 5 % o f w h ic h w ere o w n e d b y N o rth
A m er. C o . V . 121 , p . 2 40 5.
In D e c . 1922 E u g en e E . T h o m p s o n ( o f C ra n e , Parris & C o .) p u r c h a s e d a
block o f 2 7 ,5 0 0 shares o f th e c o m p a n y ’s c o m m o n s to c k , p r e v io u s ly h e ld b y
the n o te h o ld e r s ’ p r o t e c tiv e c o m m it t e e o f th e W a s h in g to n U tilities C o .
V . 115, p . 2 58 2. C o m p a r e V . 115, p . 2380.
O R G A N I Z A T I O N .— I n c o r p . as th e W a s h in g to n & G re a t F alls E le c tr ic
R y . C o . J u ly 29 1892 b y s p e c ia l A c t o f C o n g re ss; n am e c h a n g e d t o W a s h in g ­
ton R y . & E le c . C o . F e b . 1 1902. In 1902 a cq u ire d c o n t r o l o f th e P o t o m a c
E le c tr ic P o w e r C o . O n F e b . 4 1902 p u rch a s e d th e assets o f th e W a sh in g to n
T r a c . & E le c . C o ., s o ld at fo re c lo s u r e N o v . 24 1901, and r e o rg a n iz e d a c c o r d ­
ing t o p la n in V . 7 3 , p . 554 , an d a cq u ire d th e C o lu m b ia R y and th e M e t r o ­
p olita n R R . b y d e e d in fe e , s u b je c t t o th e ir m o rtg a g e d e b t . T h e last tw o
roa d s c o n s titu te d 57.71 m iles o f t r a c k .
D u rin g 1912 m e rg e d w ith th e A n a c o s tia & P o t o m a c R iv e r R R . (2 5 .2 1 m iles) an d th e B r ig h tw o o d R y . (1 2 .4 5
m ile s ), b o t h o f w h ose s to c k s had p r e v io u s ly been o w n e d .
In 1912 also
tran sferred t o th e P o t o m a c E le c . P o w e r C o . th e c o m p a n y ’s in terest in the
G re a t F alls P o w e r C o .
In 1916 a cq u ire d c o n tr o l o f W a s h in g to n In teru rban
R R . C o . ( 8 ) i m iles) th r o u g h p u rch a se o f its o u ts ta n d in g se cu rities b y the
W a s h in g to n & R o c k v ille R y . C o .
I n N o v . 1926, c o . m e rg e d in t o its
o w n s y s te m th e p r o p e r tie s o f C i t y & S u b u r b a n R y . o f W a sh . (4 1 .4 3 m iles)
a n d th e G e o rg e to w n & T e n n a lly t o w n R y . C o . (8 .5 0 m ile s ).-— V . 123, p . 3040.
T h e fo llo w in g sh ow s th e t o t a l o u ts ta n d in g s t o c k o f th e c o m p a n i e s c o n tr o lle d
a n d th e a m o u n t o f t h e t o t a l shares a c q u ir e d in e a ch in s ta n ce b y th e W a s h in g t o n R y . & E le c . C o . u p t o D e c . 31 1926.
N a m e o f C om pany—

M il
age.

A m oun t
O w n ed .

C a p ita l
S tock .

O w n ed .

& R o c k v ille R y .
-1 1 .5 2
& G len E c h o R R _______N o n e
. N on
I n te ru rb a n R R ________ N o n e
C o a c h C o ______________ N o n e

$27 5 ,0 0 0
200 .0 0 0
5 0 .000
10,000

$27 5 ,0 0 0
197,150
a 50.000
alO.OOO

N one
N one

T o t a l r a ilr o a d s _____________________11.52
-1 1 .5 2

$5 3 5 ,0 0 0

$53 2 ,1 5 0

$2,8 5 0

W a sh in g ton
W a sh in gton
W a sh in g ton
W a s h in g to n

L ig h tin g C o m p a n ie s —

P o to m a c E le c tr ic P o w e r __________________$ 8 ,0 0 0 ,0 0 0
B r a d d o c k L ig h t & P o w e r _______________
5 0 ,0 0 0

$ 6 ,0 0 0 ,0 0 0 $ 2 ,0 0 0 ,0 0 0
a 5 0 ,0 0 0
N one

T o t a l all c o m p a n ie s ___________________$ S .5 8 5 ,0 0 0
a O w n ed e n tire ly b y W a sh . & R o c k v ille R y . C o .

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

T h e W a s h in g to n R y . & E le c t r ic o w n s d ir e ctly or in d ire c tly th e fo llo w in g
b o n d s o f th e c o n s titu e n t c o m p a n ie s , w h ich , to g e th e r w ith th e shares o f
s to c k o w n e d a b o v e , are p le d g e d u n d e r th e $ 1 7 ,5 0 0 ,0 0 0 c o n s o l, m tg e .;
$ 1 0 0 ,0 0 0 (en tire issue) 1st & 2d m tg e s . o f th e G e o rg e to w n & T e n n a ly to w n
R y .; $ 1 8 5 ,0 0 0 (en tire issu e) 1st m tg e . b o n d s o f t h e W a s h . & R o c k v ille
R y .; $ 2 0 0 ,0 0 0 1st m tg e . an d $ 5 0 ,0 0 0 2 d m tg e . (en tire issues) o f th e W a s h ­
in g to n & G len E c h o R R .; $ 1 5 0 ,0 0 0 (e n tire issu e) W a sh in g to n In te ru rb a n
R R . 1st m tg e . b o n d s . T o t a l, $ 6 8 5 ,0 0 0 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y fu rn ish es p o w e r t o th e W a s h . B a lt . & A n n a p . E le c . R R . C o .,
th e M t . V ern # n A lex a n d e r & W a s h in g to n R y ., th e W ash in gton & O ld D o ­
m in io n R y . C o ., an d o th er lo ca l co m p a n ie s .
T h e W a s h in g to n R y . & E le c ­
t r ic C o . c o n tr o ls th e p rin cip a l street ra ilro a d s in th e D is tr ic t o f C o lu m b ia an d
also th e P o t o m a c E le c tr ic P o w e r C o ., w h ich alon e is o p e ra tin g , or a u th o rize d
t o o p e ra te , in th e n a tio n a l c a p ita l a n d w h ich co n tro ls th e G rea t F alls P ow er
C o . w ith u n d e v e lo p e d w ater p o w e r o n P o t o m a c R iv e r . T h e railro a d c o m ­
p an ies h a v e 163 .93 m iles o f t ra ck (all u nd er ele ctric t r a c t io n ) , w hile th e elec­
t r ic lig h t c o m p a n y has 649 m iles o f su b w ays w ith a b o u t 1,821 m iles_of d u cts ,
besides m a n y m iles o f o v e r h e a d w ires. O w ns 537 cars an d 70 bu ses.
N u m b e r o f m eters D e c . 31 1926, 1 22 ,743 . G en eratin g c a p a c ity o f pow er
c o m p a n y , 118 ,000 k .w . F r a n c h is e s p e rp e tu a l.
V a lu a tio n . — See V . 109, p . 1081; V . 118, p . 665.
See also V . 110, p
1094; V . 113, p . 2319; Y . 120, p . 88, u n d e r “ P o t o m a c E le c t r ic P o w e r C o . ”
F a r e s . — S ee “ E le c tr ic R a ilw a y ” S u p p le m e n t o f A p r . 26 1924.
M e r g e r L e g i s la t i o n . — See V . 123, p . 2 90 3.
In Ju n e 1924 p u b lic o ffe r in g w as m a d e o f $ 2 ,4 9 6 ,0 0 0 g e n . & r e f. m tg e .
6 % b o n d s d a te d N o v . 1 1923 and it w as a n n o u n ce d th a t p a y m e n t w o u ld be
a c c e p te d in P o t o m a c E le c . P o w e r C o . g e n . im p t. 6 % b o n d s d u e Jan . 1
1925, or in . L t r o p o lit a n R R . 1st m t g e . 5 % b o n d s d u e F e b . 1 1925. V .
118, p . 3199
In D e c . 1924 th e c o m p a n y w as a u th o riz e d b y th e D is tr ic t o f C o lu m b ia
P . U . C o m m , t o issue $ 1 ,8 5 0 ,0 0 0 1 0 -y e a r ge n & r e f. m tg e . 6 % b o n d s fo r
th e p u r p o s e o f fin a n c in g th e p a y m e n t o f $ 1 ,8 5 0 ,0 0 0 M e tro p o lita n R R . 1st
m tg e. 5s d u e F e b . 1 1925.
V . 119, p . 288 0; V . 120. p . 584
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
Q -M
. 1,500,000
See te x t
C o m m o n $ 6 ,5 0 0 ,0 0 0 ( $ 1 0 0 )-Q -M
8 ,5 0 0 ,0 0 0
See te x t
P ref 5 % c u m $ 8 ,5 0 0 ,0 0 0 ($100)
C on s ol m o r tg a g e $ 1 7 ,5 0 0 ,0 0 0 / 1902
4 g J -D
1 1 ,6 4 2 ,3 5 0 D e c 1 1 9 5 1
($ 1 ,0 0 0 & $500) g o l d . _ c * t f\ ln t . at U . S. M t g e . & T r . C o .. N . Y . , tru ste e .
10-yr gen & r e f M $ 1 0 ,0 0 0 ,0 0 0 / 1923
6 g M -N
2 ,4 9 6 ,0 0 0 N o v 1 1 9 3 3
($ 5 0 0 & $ 1 ,0 0 0 ) g _____c * t f\ A m e r . S e c. & T r . C o ., W a s h ., D . C . , trus
A n a cos tia & P e t o m a c R i v e r / 1899
5 g A -O
2 ,9 6 7 ,0 0 0 A p r 1 1949
fir s t m tg e $ 3 ,0 0 0 ,0 0 0 g o l d /I n t . a t B a ltim o re T r . C o ., tru stee. M a y be
($ 1 ,0 0 0 ) sin k in g f u n d . c * t f / c a lle d a t 1 1 2 )4 .
S tock . — T h e preferred s to c k b e c a m e c u m u la tiv e on Ju n e 1 1904.
B o n d s .— T h e rem a in d er o f th e c o n s o l, b o n d s ($ 5 ,8 5 7 ,6 5 0 ) are reserved
fo r th e retirem en t o f u n d e rly in g lien s.
E n tire issu e is s u b je c t to call upon
3 m o n th s ' n o tice on a n y in te re st d a te at 105 and in te re st.
O f th e A n a c . & P o t o m a c R iv e r b o n d s, $ 4 6 2 ,0 0 0 are g u a r ., p . & i ., b j
W a s h in g to n R y . & E le c.
V. 87. p . 36. $ 3 3 ,0 0 0 h a ve been c a n c e le d .
T h e g en . & r e f. m tg e . 1 0 -y e a r 6 % b o n d s h a v e a s in k , f u n d req u irin g sem i­
ann ual p a y m e n ts equ a l in e a ch case t o a t le a st 1 % o f the a m o u n t o f gen . &
r e f m te e b on d s ou ts ta n d in g in han ds o f th e p u b lic on th e d a te o f p a y m e n t
$ 1 2 6 ,0 0 0 h eld a liv e in sin k in g fu n d S ep t. 1 192 7, A re ca lla b le a t a n y tim e
on 60 d a y s ' n o tice a t 104 an d in t . if re d e e m e d on o r b e fo r e N o v . 1 1928,
an d at 102 a n d in t. if redeem ed th e r e a fte r , b u t p r io r to m a tu r ity .
In t.
p a y a b le in W a s h in g to n , D . C ., or N e w Y o r k C it y . $ 2 ,4 9 6 ,0 0 0 w ere
O ffered in Jun e 1924 b y N a tio n a l C it y C o .; H arris, F o r b e s & C o ., and
C ra n e, P a rris & C o . a t 99 an d in t ., t o y ie ld o v e r 6 k s % V . 118. p 3199
D iv i d e n d s . — O n p ref. at ra te o f 5 % p e r an n u m fr o m D e c . 1 1 9 0 4 t o a n d
Incl. D e c . 1919.
in A u g . 1920 214 % w as p a id . T h is r e p re se n te d th e qu a r­
terly d iv s . o f 1 f i % d u e M a r . 1 an d Ju n e 1 1920. In D e e . 1920 2 ) 4 % was
paid (rep resen tin g th e q u a r. d iv s . o f 1 M % d u e S ep t an d D e c . 1 1920),
V . I l l , p . 1754. R e g . q u a r. d iv s . o f 1 M % h a v e been p aid sin ce t o and incl.
S ep t. 1 92 7. O n c o m ., firs t d iv . w as p a id D e c . 1 1909; in 1910, 2 % ; in
1911, 2 % ; in 1912, 4 % ; in 1913, M a r ., 1 % ; Ju u e, 1 ) 4 % ; S e p t ., 1 ) 4 % ;
D e c ., 1 ) 4 % an d 1 % e x tra . In 1914 an d sin ce to and in c l, 1916, 7 % .
in
1917, 6 ) 4 % .
Tn 1918, 5 % .
In 1919, M a r . I M % .
N o n e t o Ju n e 1923.
w hen 1 14. % w as p aid a n d \ M % p a id r e g u la rly q u a rte rly sin ce t o a n d in c lu d ­
in g Ju n e 1927. 1 M % p a id S e p t. 1 1927. O n J u ly 1 1925 2 0 % w as p a id .
V . 120, p . 3 18 9, 1681.
E A R N I N G S .— O f W a sh in g to n R y . & E le c . C o . (e x c l. s u b . c o s .) fo r ca l yrs.
1926
1925
1924
1923
T o t a l p a s s e n g e rs ________ 8 0 ,4 7 1 ,7 8 2
7 6 ,9 1 1 ,8 4 1 7 6 ,9 0 5 ,8 0 6 8 0 ,2 5 2 .0 5 4
G ross e a rn in g s ____________ $ 5 ,0 1 2 ,6 2 0
$ 4 ,7 7 5 ,2 8 5 $ 4 ,7 5 9 ,2 4 4 $ 4 ,9 5 7 ,2 1 5
E x p ., ta x es & m is s , item s
4 .1 4 0 ,2 2 3 3 ,9 1 5 ,9 5 9
3 ,8 2 0 ,6 2 2
4 ,0 8 9 ,0 1 5
N e t e a rn in g s __________
O th er in c o m e ____________

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

$ 8 5 9 ,3 2 6
x 4 ,146 ,1 1 4

$93 8 ,6 2 2
8 6 0 ,0 8 9

POTOMAC ELECTRIC POWER CO.
In S e p t. 1925 th e P . U . C o m m is s io n o f th e D is t r ic t o f C o lu m b ia a u th o r ­
ized th e issu an ce o f $.5,881,000 Series C g e n . & r e f. m t g e . 5 4 6 % 3 0 -yea r
g o ld b o n d s a n d o f $ 2 ,0 1 3 ,0 0 0 6 % p r e f. s t o c k , Series 1925. V . 121 , p . 1679.
BON DS—
O u ts ta n d in g .
M aturity.
D a te .
In terest.
C o m m o n $ 1 0 .0 0 0 .0 0 0 ___
_______
. $ 6 , 000,000
P r e f 6 % Series 1925 $ 2 0 ,0 0 0 ,2 , 000,000
6 Q -M
000 ( $ 1 0 0 )___________________
____
P r e f 5 V2 % series o f 1927 ($5,-1
2 ,5 0 0 ,0 0 0 ____________
0 0 0 ,0 0 0 ($ 1 0 0 )______________I _____
546 Q -M
First m o r tg a g e (see te x t) g o ld / 1904
5 g J -D
$ 1 ,7 0 0 ,0 0 0 Ju n e 1 1929
($ 1 ,0 0 0 ) _________________ c t f (I n t. a t C o m m . T r . C o ., Je rse y C it y , tru stee.
C on s m tg e $ 7 ,0 0 0 ,0 0 0 g o l d / 1906
5 g J -J
5 ,3 0 0 ,0 0 0 J u ly 1 1 9 3 0
($ 1 ,0 0 0 ) gu p & i b y W a s h /I n t . a t C o m m e r c ia l T r u s t C o ., J e rs e y C ity ,
R y & E le c t r ic C o _______ c t f I tru ste e .
G e n e ra l a n d r e fu n d in g m t g e / 1923
6 g A -O
3 ,9 5 5 ,0 0 0 A p r 1 1953
Series B _____________________ ( i n t . a t N a tio n a l C it y B a n k , N . Y . , tru stee.
S to c k . — T h e 6 % p r e f. s t o c k is c a ll., a ll o r p a r t, o n o r b e fo r e S ep t. 1 1935 at
110 a n d d iv s ., th e r e a fte r at 107 a n d d iv s .
In O ct. 1925 $ 2 ,0 0 0 ,0 0 0 o f this
series was o ffe r e d a t 9846 p e r sh are.
V . 121, p . 1909.
T h e 5 4 6 % p r e f.,
series o f 1927, is c a lla b le a ll o r in p a r t at a n y tim e o n or b e fo r e Jun e 1 1937
a t 110 a n d d iv s ., an d at a n y tim e th e r e a fte r at 107 an d d iv s .
In M a y 1927
$ 2 ,5 0 0 ,0 0 0 5 4 6 % series o f 1927 p r e f. s t o c k w ere o ffe r e d at 99 p e r share b y
th e c o m p a n y . V . 124, p . 2749.
B o n d s . — T h e 1st m tg e . b o n d s are r e d . a n y in t. d a te a t 110 & in t.
A u th
Issue w as orig in a lly $ 4 ,0 0 0 ,0 0 0 , b u t w as su b s e q u e n tly re d u c e d t o $ 1 ,7 0 0 ,0 0 0
O f th e $ 7 ,0 0 0 ,0 0 0 new co n s o ls, $ 1 ,7 0 0 ,0 0 0 are reserved fo r p rior liens
T h e y are g u a r., prin . a n d in t ., b y W a s h in g to n R y . & E le c t r ic C o . A
s in k in g fu n d o f 2 % p er ann um o f b o n d s o u ts ta n d in g began Jan . 1 1908.
A s o f A u g . 31 1927, $ 1 ,3 7 8 ,0 0 0 w e re h e ld a liv e in th e sin k in g fu n d . See
V . 8 5 , p . 100.
A d d itio n a l general and r e fu n d in g m tg e b o n d s m a y b e issu ed in equa l
a m o u n t t o retire o u ts ta n d in g u n d e rly in g b o n d s an d fo r 7 5 % o f c o s t o f
e xten sion s, a d d ’ns, & c ., u n d er ce rta in r e s trictio n s . A r e re d . o n an y
int. d a te on 30 d a y s ’ n o t ic e a t 10746 d u rin g firs t 5 yea rs, a t 105 d u rin g the
n ext 10 years and at 103 d u rin g th e last 5 years p rio r t o m a tu r ity .
S in k in g
•und o f 46 % o f th e b o n d e d d e b t a n n u ally fo r th e p u rch a se or r e d e m p tio n and
c a n ce lla tio n o f b o th s e n e s o f --on & r e f. m t'm b o n d s. C a n ce le d t o A n a . 31
1927, $ 2 ,0 0 0 ,0 0 0 7s a n d $ 4 5 ,0 0 0 6s.
In a d d itio n it requ ires an a m t. equ a l t o
a t least 5 % o f th e b o n d e d d e b t t o b e u sed a n n u a lly fo r a d q e u a te m a in ten ­
an ce an d re p la ce m e n t o f th e p r o p e r t y .
V. 113, p. 1896
In a d d ’n to the
series B gen . & re f. m tg e . 6s o u ts ta n d in g . $ 1 ,7 6 0 .0 0 0 are held in trea su ry.
Series “ B ” re d . on a n y in t. d a te o n 30 d a y s ’ n o tice a t 107 46 on o r b efore
A p ril 1 1933, a t 105 th e re a fte r t o a n d in cl. A p ril 1 1943, an d at 102 46 th ere­
a fte r p r io r t o m a tu r ity .
A ll o f th e o u ts ta n d in g series A 7 % gen . & r e f. m tg e . g o ld b o n d s d u e O c t . 1
1941 w ore re tir e d A p r . 1 1927 a t 105.
E A R N I N G S .— F o r ca le n d a r yea rs:
Gross (A ll
N e t a fter
F ix e d
S ou rces).
T a xes, A c .
C h g e s, A c .
1 9 2 6 ..................
$ 3 ,1 2 9 ,5 2 0
$ 3 ,5 0 6 ,5 5 7
$ 3 0 2 ,4 4 0
1925........................................
7 ,3 0 2 ,0 4 9
3 ,2 4 0 ,4 2 4
8 3 8 ,7 0 0
192 4------------------------6 .6 3 3 .8 8 6 2 ,6 8 1 .2 5 0 1 ,1 0 0 ,7 2 8
1 9 2 3 -----------------------------------5 ,9 7 1 ,8 3 0
2 ,1 5 3 .5 8 9
1 .0 1 7 .6 9 2
1 9 2 2 _______________ ______
5 .3 7 3 .3 6 4
1.9 9 3 .9 6 2
928.101
See V . 121, p . 1909; V . 122, p . 2497; V . 121, p . 2749; V . 125,

A v a ila b le
f o r D iv .

$ 2 ,7 0 4 ,1 1 7
2 ,4 0 1 ,7 2 4
1 ,580,522
1,135.896
1.065.861
p . 1325.

CAPITAL T R A CTIO N .
O R G A N I Z A T I O N .— In th e fall o f 1895 a b s o rb e d th e W a sh in g ton &
G e o rg e to w n and R o c k C re e k c o m p a n ie s .
See V . 6 1 . p . 283 . 328 . 588.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T o ta l le n g th o f ro a d (in clu d in g 7.501 m iles sidin gs an d tu r n o u t s ), 73.4 3 9
m iles o f sin gle tr a c k . O p e ra te s 563 ca r s an d 27 m o t o r b u se s. 80 t o 1 22 -lb.
rail.
O p e ra tin g A g r e e m e n t . — B y an a g re e m e n t en tered in to on F e b . 20 1917
the c o m p a n y t o o k o v e r th e o p e r a tio n o f th e lin e o f th e W a s h in g to n & M a r y ­
land R a ilw a y C o . o n M a y 2 1918, th a t c o m p a n y h a v in g c o m p le te d th e b u ild ­
ing o f an e xten sion t o th e san itariu m near T a k o m a . M d .
V a lu a tio n . — V . 109, p . 1079.
O n Ju n e 26 1925 J u s tice H e e h lin g o f th e
S u p rem e C o u r t o f th e D is t r ic t o f C o lu m b ia v o id e d th e v a lu a tio n o f $ 1 4 ,2 7 0 .4 9 6 p la c e d u p o n th e c o m p a n y ’s p r o p e r t y in S ep t. 1919 b y th e P . U .
C o m m is s io n o f th e D is t r ic t o f C o lu m b ia .
T h e C o u rt fo u n d th e fa ir valu e
as o f Ja n . 1 1925 t o b e $ 3 0 ,9 0 6 ,8 8 0 . T h e case w as to b e a p p e a le d . See V .
121, p . 328 , w here fu ll d e ta ils are g iv e n .
F a r e s . — See “ E le c tr ic R a ilw a y ” S u p p le m e n t o f A p ril 26 1924.
P r o p o s e d M e r g e r P l a n . — See V . 109, d . 1272; V. 110, o 359; V . 112. p.
2413; V . 113, p . 7 2 9 ,9 5 9 ; V . 115, p . 5 4 2 ,1 3 2 0 .
In N o v . 1925 and th ereafter
c o n fe re n ce s w e re h e ld w ith N o r t h A m e r ic a n C o . o ffic ia ls t o d iscu ss m erger
plans. N o d e fin ite d e c is io n r e a c h e d as y e t .
V . 123, p . 2 89 5.
S T O C K AN D B O N D S —
D a te .
I n te r e s t.
O u ts ta n d in g
M a t u r it y
S to ck $ 1 2 ,0 0 0 ,0 0 0 ($ 1 0 0 )_____ ______
Q -J
$ 1 2 ,0 0 0 ,0 0 0 O c t ’ 2 7 , 1 %
Mew first m o rtg a g e $ 6 ,0 0 0 ,- / 1907
5 g J -D
5 ,6 0 6 ,0 0 0 Ju n e 1 1947
0 0 0 g o ld ($ 5 0 0 )____________ c / I n t . a t U n io n T r C o . o f th e D . o f O
/
W a s h in g to n , trustee.
B o n d s . — A re n o t s u b je c t t o c a ll.
P a rt o f th e b o n d s issu ed w ere used to
redeem th e $ 1 ,0 8 0 ,0 0 0 o u ts ta n d in g 4 % b o n d s o f th e 1900 issu e. $ 2 0 0 ,0 0 0
o f b o n d s are in e o .’s tre a su ry an d $ 1 9 4 ,0 0 0 are in c o . ’s in s. rese rv e fu n d .
D iv id e n d s . — In 1898, J u ly 1 .7 5 c .; O ct. 1, 7 5 c .; in 1899, fo u r d iv id e n d s o f
75c. ea ch : in 1900. 3 5 4 % ; in 1901, 4 % ; in 1902, J a n ., 1 % ; A p ril, 1 % ;
lu ly , 1 % , and o n A u g . 20 an exra d iv id e n d o f $4 p er share w as p a id fro m
p roceed s o f sale o f old p o w e r h ou se; O c t ., 1 % ; in 1903, 4?4 % ; in 1904, 5%,
in 1905. 5 3 % ; 1906-1913, in c l., 6 % a n n .; in 1914, J a n ., 1 ) 4 % ; A p ril, 1 ) 6 % :
4
l u ly , 1 ) 4 % .
In O ct. ra te w as r e d u ce d an d 1 ) 4 % w as p a id ; sam e rate
was paid qu a rte rly t o an d in clu d in g J u ly 1918. In O ct. 1918 1 ) 4 % w as
paid: sa m e ra te qu a rte rly to an d in cl. .Tan. 1921.
In A p ril 1921, 1 5 4 % was
paid. S am e rate qu a r sin ce .
In D e c . 1917 ail extra d iv . o f 1 )4 % was
paid.
In A u g . 1918 an extra d iv . o f ) 4 % w as p aid.
E A R N I N G S .— F o r c a le n d a r yea rs:
G ross
E a rn in n s.

N e t ( a fte r
T a xes').

192 6_____ $ 4 ,6 1 6 ,9 8 6 $ 1 ,1 1 7 ,1 8 6
19 2 5 _____ 4 ,5 8 7 ,0 5 6 1,0 9 0 ,7 2 6
1924_____ 4 ,6 1 4 ,3 3 8 1 ,1 4 8 .1 0 5
1923_____ 4 ,8 4 2 ,6 1 9 1,305,401
1922_____ 4 ,9 9 4 .0 4 4 1 ,3 9 0 .7 3 9
P assen gers (ra ilw a y and b u s)
5 14 ,618 : in 1924, 8 6 ,4 2 4 ,9 9 3 ; in

O ther
In terest,
In com e.
A c.

D iv id e n d s .

B a la n c e ,
S u r p lu s .

$ 3 1 ,0 8 6 $ 3 4 5 ,8 0 9 (7 % )$ 8 4 0 ,0 0 0 d f$ 3 7 ,1 6 7
3 3 ,1 3 2 3 3 5 ,3 9 2
(7 % )8 4 G ,0 0 0 d f 5 1 ,534
3 2 ,391 3 2 4 ,7 1 2
( 7 % )8 4 0 ,0 0 0
15,783
(7 % )8 4 0 ,0 0 0
178,353
3 4 ,7 2 5 3 2 1 ,7 7 4
3 4 ,9 0 6 3 20 .653
( 7 % ) 8 4 0 ,0 0 0 264,991
ca rrie d in 1926, 8 5 ,0 1 5 ,0 9 2 ; in 1925, 8 5 ,192 3, 9 0 ,1 4 9 ,3 1 5 .

O F F I C E R S .— C h a irm a n , C e o . E . H a m ilto n ; P r e s ., J. H . H a n n a ; V .- P . ,
D . S. C a rll; S e c .-T r e a s ., H . D . C r a m p to n ; A s s t. S e c ., J. E . H e b e r le ; A sst.
T r e a s ., C . B . K o o n t z .— V . 121, p . p . 328; V . 122, p . 1024, 1916; V . 123.
p . 2 89 5, 2118.

$86 8 ,2 0 0
8 4 4 ,3 3 6

T o t a l in c o m e ___________ $ 2 ,2 1 1 ,3 5 2
$ 5 ,0 0 5 ,4 4 0 $ 1 ,7 9 8 ,7 1 1 $ 1 ,7 1 2 ,5 3 6
$ 6 8 8 ,1 5 2
$ 7 3 0 ,6 0 0
$ 7 9 0 ,6 7 6
$75 5 ,8 7 9
F ix e d c h a r g e s ___________
L i v . o n p r e f. s t k . ( 5 % ) .
4 2 5 ,0 0 0
4 2 5 ,0 0 0
4 2 5 ,0 0 0
4 2 5 ,0 0 0
D iv . o n c o m . s t k . ( 5 % ) .
3 2 5 ,0 0 0
3 2 5 ,0 0 0
3 2 5 ,0 0 0
2 4 3 ,7 5 0
S p e c , c o m d i v ( 2 0 % ) ___
_______
1 ,3 0 0 ,0 0 0
_______
_______
B a la n c e ______ _________
$ 7 7 3 ,2 0 0
$ 2 ,2 2 4 ,8 4 0
$ 2 5 8 ,0 3 6
$ 2 8 7,90 6
x In c lu d in g regular d iv id e n d s fr o m P o t o m a c E l. P o w . C o . , to g e th e r w ith
s p ecia l d iv id e n d o f $ 2 ,8 8 0 ,0 0 0 fr o m sam e c o m p a n y fr o m its p r o p o r tio n of
fu n d im p o u n d e d u n d er d e cre e o f C o u r t, o u t o f earn in gs A u g . 1 1917 to
D e c . 31 1924 an d $ 2 4 0,61 4 m iscella n eou s ite m s c r e d ite d t o p r o fit an d loss.
O F F I C E R S .— C h a irm a n , C h arles J . B e ll; P r e s ., W in . F . H a m ; V .-P
& C o u n s e l, S. R . B o w e n ; V .- P . & C o m p ., A . G . N e a l; T r e a s ., A . M . Fisher;
A s s t. S e c .-T r e a s ., W m . L . C la rk e; S e c ., H . M . K e y s e r; A sst. S e c ., H . \V
K e lly : A sst. T r e a s .. V . D . B r o o k e .
G en eral o ffic e s , 14th an d C K ts.. N . W
W a s h in g to n .— V . 12 1 , p . 70 9 , 1103, 1679, 1909. 2 40 5; V 122, p 752:
V . 123 , p . 2 9 0 3 , 3 04 0; V 124, p . 7 9 4 .




137

POWER, LIGHT AND RAILW AY

Oct., 1927.]

COLUMBIA GAS & ELECTRIC CQRP.
O R G A N I Z A T I O N .— O rganized S e p t. 30 1926 in D e la w a re as a co n s o lid a ­
tio n o f C o lu m b ia G as & E l. C o . (in c o r p . in W est V irgin ia in S ep t. 1906) an d
O h io F u el C o r p . (in c o r p . S ep t. 4 1924 in D e la w a r e ). F o r h is to r y , & c . , o f the
a tte r t w o co m p a n ie s , see ' P u b lic u t i li t y C o m p e n d iu m ” o f O ct. 30 1926.
F o r e x ch a n g e o f s e cu ritie s o f th e v a r io u s c o m p a n ie s in v o i red in this c o n s o li­
d a tio n . see V . 123 p . 8 4 , 323 , 841 1112. 1761. 1873, 1995.
O n Jan . 31 1927 c o r p o r a t io n had a cq u ire d all th e assets and business o f
O h io F u el C o r p . (p r a c tic a lly 9 8 % o f its s to c k h a v in g been d e p o s ite d u n d er
t h e p la n o f m e r g e r ), an d m o r e th an 9 0 O o f th e c o m m o n s t o c k an d m ore
T
th a n 8 9 % o f th e p r e f. s t o c k o f C o lu m b ia G as & E le c tr ic C o . ( o f W e s t V ir­
ginia)

138

PUBLIC UTILITIES

S T A T E M E N T O E S E C U R I T I E S O U T S T A N D I N G A S O F A U G . 31 1927
( o f C o lu m b ia G a s & E le c t r ic C o r p . a n d S u b sid ia rie s a n d L e a se d C o s .)
B on ds of Su bs id ia r y C o s .—

N a m e and
R a te .

C h a r le s to n -D u n b a r
N a tu r a l G a s C o
1st 6 %
C in e S u b P o w C o
614 %
T h e C o l.G .& F .C o .:
T b e C o lu m b u s G a s
C o ----------------------- 1st 5 %
T h e D a y t o n P . & L . C o .:
T h e D a y t o n G as C o . 1st 5 %
T h e D a y t o n L t g .C o l s t & r e f 5 %
T h e D a yton P ow .
& L ig h t C o ____ 1st & r e f 6 %
G ro e n s b o ro G a s C o rp _eol tr g 6 %
H u n t in g t o n D & G a s . 1st 6 %
T h e L oga n G as C o .F r e m o n t G .E L & P . 1st 5 %
M a r io n G as C o ___ 1st 6 %
W ilm G L t & C o k e _ _ ls t . 6 %

M a tu r ity .

A p r.
1 1933
$ 1 3 5 ,0 0 0
..................................................

P r io r Hen a n d r e - f Ser A 7 %
f u n d in g ___________ iS e r B 5 3 4 %
(S e r O 6 %
C i n c N e w p & O o v R y ft ls t 6 %
1st & r e f u n d i n g .. . Ser A 6 %
L i c k in g R iv B d g e C o _ _ ls t 5 %
U n io n L , H & P C o . _ 1st S er A 6 %

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

J u ly

11932

3 6 ,0 0 0

1 ,2 9 5 ,0 0 0

M ar.
M ar.

11930
11937

2 5 .0 0 0
/9 7 8 .0 0 0

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

Ju n e 1 1941
cS e ria lly
Ju n e
11936

__________

9 505 .000
2 ,9 2 5 .0 0 0
2 .3 7 6 ,0 0 0

1 ,3 0 0 ,0 0 0

D e c . 31 1931
S e p t. 31 1930
Jan.
1 1946

1.000
2 0 .0 0 0
2 0 ,0 0 0
$ 2 ,4 7 4 ,0 0 0 $ 1 6 ,8 3 8 ,4 0 0

T o ta l b o n d s o f s u b s id ia r y c o m p a n ie s .
B o n d s o f L e a s in g C o s ,— C in e G as & E le c C o . 1st 5 %

O w n ed b y C o l.
G .& E . C o r p .
& S u b s, & I n H a n d s o f
L e a s e d C os.
P u b li c .

A p r.
1
Jan.
1
Jan.
1
Jan.
1
Jan.
1
J u ly
1
N ov. 1
A u g . 15

1956 0 $ 2 .976.000
1961
2 ,3 5 8 ,5 0 0
1961
7 ,6 6 0 ,0 0 0
1961
1932
1947
1939
1949
2 ,6 6 9 ,0 0 0

$ 8 ,4 1 0 ,0 0 0
4 ,9 1 9 500
5 ,7 3 7 ,0 0 0
1 50 .000
3 .7 0 3 .5 0 0

120,100

T o ta l b o n d s o f le a s in g c o m p a n i e s ________________ $ 1 5 ,6 6 3 ,0 0 0 $ 2 3 ,0 4 0 ,1 0 0
T o ta l b o n d s o f s u b s id ia r y a n d le a s in g c o m p a n i e s . $ 1 8 ,1 3 7 ,0 0 0 $ 3 9 ,8 7 8 ,5 0 0
S t o c k s o f S u b . C o s .—

______
A d a N a t G as & F u e l.
B ig M a r s h O il C o ___
______
B r a c k e n C o . G as C o .
______
C a b in C r e e k G a s C o .
______
C h a r le s to n -D u n b a r J 7 % p r e f
N a tu ra l G as C o . _ (C o m m o n
O in o S u b P o w C o . . C o m m o n
C o lu m b ia C o r p ______ N o p a r
C o l E n g & M g t C o r p .N o p a r
C o lu m b ia G as S u p p .N o p a r
C o lu m b ia In d u s C o .
__________
C o lu m b ia P o w e r C o .
__________
C o lu m b ia S ecu r C o . . N o p ar
C o lu m b u s G as &
(C o m m o n
F u e l C o ___________ (P r e fe r r e d
D a y to n P ow er & L t\ 6 % pref
C o ------------------------- / C o m ., n o par
F a y e tt e C o u n t y G a s
_________
F e d ’ l G as & F u el C o . $50 p a r
F orestv E L t & P r C o_$ 2 5 par
G a s & E l A p p lia n c e .
_________
G r e e n sb o ro G as C o . _
__________
G r e e n s b o r o G a s C o r p .N o p a r
H a m ilto n S e rv ice C o .
__________
H a r ris o n E le c t r ic & ( 6 . 6 % p r e f.
W a te r C o ________ / N o p a r c o m
H u n t in g t o n D e v & 1 6 % p r e f
G a s C o ___________ /C o m m o n
H u n tin g to n G a s C o . N o p a r
L o g a n G a s C o _______
__________
L o v e la n d L t & W a t .
_________
M a n u fa c tu r e r s G a s . .
__________
M a n u f L t & H t C o . .$ 5 0 p a r
M a y tow n N at G asC o
__________
M ia m i D e v e l C o ____ N o p a r
N a t G as C o o f W V a _
__________
N ew C u m b W A G C o$25 par
N o r t h w O h io N a tG a s $ 5 0 p a r
O h io C e n tr a l G as C o . $25 p a r
O n io F u e l G as C o ___
__________
O h io F u el O il C o ____ $1 p ar
O h io F u e l S u p p ly C o . $25 par
O h io G as Sc E le c C o . C o m m o n
P e n n F u el S u p p ly C o .$ 5 0 p a r
P t P leas N a t G as C o .
_________
P r e s to n O il C o _______
__________
S ou th w O P o w C o . / 8 % P r e f
(C o m m o n
S p rin g fie ld G a s C o . . $ 2 5 par
( P r e fe r re d
Ser A 6 .6 %
Ser B 6 %
N o par co m .
U nited F u el G as C o .
__________
V e n tu re O il C o ______$ 50 p a r
V irg in ia n G a s o lin e &
O il C o _____ _______
__________
W a r fie ld N a t G as C o .
_________
W m s b u r g L t & P o w [P r e fe r r e d I
( C om m on
W ilm in g to n G a s L t /C o m m o n
& C o k e C o _______ /P r e fe r r e d
W o o d C o a l C o _______
__________

Issu ed .

$ 20 ,000
$ 2 0 ,0 0 0
8 9 ,400
6 3 ,0 0 0
1.000
1.000
130.000
4 3 0 .0 0 0
174 .666
174 .666
243 500
243 .5 0 0
10,000 shs
10,000
115 .0 0 0 shs 1 1 ,5 0 0 .0 0 0
100 000 shs
3 5 0 ,0 0 0
1 5 ,000 shs
1 ,5 0 0 .0 0 0
5 shs
500
5 shs
500
500 shs
5 0 .0 0 0
$ 3 ,0 0 0 000
3 .0 0 0 .0 0 0
6 ,0 0 0 000
5 ,0 9 6 .1 0 0
7 ,5 0 0 .0 0 0
3 1 7 ,5 0 0 shs
5 .4 8 0 .0 0 0
$ 1 ,6 0 0 ,0 0 0
1,596 400
1,0 7 1 .0 0 0
il.0 7 1 .0 0 0
10,000
10,000
150 ,000
1 50 .090
9 ,9 0 0 .0 0 0
9 ,9 0 0 ,0 0 0
9 9 ,0 0 0 shs
5 ,8 3 0 .0 0 0
$ 76 ,400
7 6 .4 0 0
30.000
3 0 .0 0 0
4 ,0 0 0 shs
40 000
1 ,4 9 8 ,8 0 0
$ 1 ,5 0 0 ,0 0 0
4 ,0 0 0 ,0 0 0
3 ,9 7 9 ,6 0 0
5 ,2 5 5 shs
5 2 5 ,5 0 0
$ 2 0 ,0 0 0 ,0 0 0 2 0 ,0 0 0 ,0 0 0
30,0 0 0
3 0 ,0 0 0
1 ,6 5 0 .0 0 0
1 ,6 5 0 ,0 0 0
2 3 ,0 0 0 .0 0 0 1 22 ,952 ,30 0
2 5 .0 0 0
2 5 .000
1.000 shs
10,000
$ 2 ,9 9 7 ,2 0 0
2 ,9 9 7 ,2 0 0
25,0 0 0
2 5 ,0 0 0
2 ,7 7 5 ,2 5 0
2 ,7 7 5 ,2 5 0
9 0 0 ,0 0 0
9 0 0 ,0 0 0
2 5 ,0 0 0 .0 0 0 2 5 ,0 0 0 ,0 0 0
3 1 8 ,7 4 0
320 ,0 0 0
3 9 .6 2 6 ,0 0 0 3 9 ,5 4 7 ,6 2 5
2 5 0 ,0 0 0
2 5 0 000
978 ,0 0 0
9 7 2 ,0 5 0
20.0 0 0
2 0 ,0 0 0
2 ,0 0 0 .0 0 0
2 ,0 0 0 ,0 0 0
71,400
1,0 0 0 shs
8,3 5 9
6 1 0 ,0 0 0
610 .000
8 ,1 1 7 .4 0 0
2 ,7 1 8 ,5 0 0
185 ,0 0 0 shs
$ 3 0 ,0 0 0 ,0 0 0
10,000

127 ,200
1 ,5 2 8 ,2 0 0
1 6 ,0 0 0 000
3 0 ,0 0 0 ,0 0 0
1 0 ,0 0 0

8 9 0 ,2 0 0
547 000
8,4 0 0
8.4 0 0
5 0 .000
12,500
100 ,000

$ 2 8 ,1 0 0

" ' 3 ' , 900
7 ,5 0 0 .0 0 0
‘ " 3 ,6 0 0

S to c k s o f L e a sin g
C o m p a n ie s —

[V ol. 125.
D iv id e n d
R a te .

C in cin G as & E l C o . . 5 %
C in e G as T r a n s p o r -fP r e f 5 %
ta t io n C o ________ ( C o m 1 0 %
C o m cl B 5 %
C in N e w p & C o v L t / P r e f 434 %
& T r a c C o _______ ( C o m 6 %
C in e N e w p & C o v R y
__________
L ic k in g R i v B d g e C o .
__________
U n io n L . H & P C o . .
__________

M a tu r ity
D a te .

O ct.
1 2005
Ju n e 30 1938
Ju n e 30 1938
Ju n e 30 1938
A p r.
1 1952
A p r.
1 1952

$ 3 4 ,2 9 6 ,4 0 0
$ 3 ,0 0 0 ,0 0 0
1 ,8 3 6 ,0 0 0
8 9 ,3 0 0
4 ,3 0 0
500 .0 0 0
50,0 0 0
5 0 0 .0 0 0

T o ta l s to ck s o f le a s in g c o m p a n i e s _________________
$ 5 ,9 7 9 ,6 0 0 $ 4 5 ,7 1 6 ,8 0 0
T o ta l s to ck s o f s u b s id ia r y a n d le a s in g c o m p a n i e s ___ $ 2 2 8 ,4 3 4 ,9 8 1 $ 6 2 ,5 8 8 ,5 8 5

6 S . C . & C . S t. R y . C o . 1st m t g e . b o n d s , c $ 3 2 5 ,0 0 0 d u e a n n u a lly
A p r il 1 1927 to 1936. d In c lu d in g “ s ta te d v a lu e ” o f n o p a r c o m m o n s to c k s .
P le d g e d u n d e r th e D a y t o n P o w e r & L ig h t C o . 5 % b o n d s o f 194 1. g P le d g e d
u n d e r t h e C in e . G a s & E le c . C o . p r io r lie n & r e f. m tge.. t I n c lu d e s 1,420
shares in tre a su ry o f F e d e ra l G a s & F u e l C o . j I n c lu d e s $ 4 6 9 ,5 0 0 re a c­
q u ir e d s to c k o w n e d b y t h e M fr s . L t . & H t . C o .
k I n c lu d in g p a r v a lu o f
s t o c k b e in g p a id fo r b y in sta llm e n ts: Series A . $ 60 5: series B . $ 4 2 ,0 0 0 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e sy ste m serves o v e r 600 co m m u n itie s w ith gas and o v e r 200 w ith elec­
t r ic it y , lo c a te d in O h io , K e n t u c k y , W e s t V irg in ia , In d ia n a an d P en n s y l­
v a n ia , in clu d in g an e s tim a te d p o p u la t io n in e xce ss o f 4 ,5 0 0 ,0 0 0 s erv ed
d ir e c t ly w ith ga s, a b o u t o n e q u a rte r o f w h ich is also se rve d w ith e le ctr ic ity .
I n c lu d e d in th e v a r io u s cities s e rv e d is C in c in n a ti, O h io , and su b u r b s .
O v e r 1,1 0 6 ,0 0 0 d ir e c t ly su p p lie d gas and e le ctric c u s to m e rs . T h ro u g h
s u p p ly o f e le ctr ic ity and gas at w h o le sa le t o o th e r p u b lic u t ilit y co m p a n ie s ,
th e to ta l p o p u la t io n and c u s to m e rs d ir e ctly and in d ire c tly served Is m u ch
larger. W a te r is se rve d in 9 co m m u n itie s o f a to ta l p o p u la t io n o f 3 0 ,0 0 0 ,
and ele ctric ra ilw a y serv ice is fu rn ish e d in 10 c itie s , to ta l p o p u la t io n 125 ,000 .
T h e s y s te m 's p r o p e r tie s In clu de 5 ,1 8 5 .2 8 0 acres o f ga s, rig h ts ow n ed and
leaded, o f w h ich a b o u t 833,571 acres are be in g o p e r a te d : 7,8 1 2 p r o d u c in g
gas w ells; o v e r 2 0 ,3 5 9 m iles o f f ie ld , tra n sm issio n and d is trib u tio n p ip e
lin es, s u p p ly in g n atural gas. T h e o il rig h ts are o w n e d eith er in fee o r b y
lease: and a m o u n t t o 2 ,9 1 7 ,1 1 9 acres: o n ly 1 30 ,555 acres h a v e b e e n d e­
v e lo p e d fo r o il b y th e 2 ,5 5 7 p r o d u c in g o il w ells o p e r a tin g a t p resen t. T h e
c o a l p ro p e rtie s o f th e sy s te m e m b ra ce 2 6 ,9 0 0 a cres (in clu d in g t h e 5 0 % o w n e d
W o o d C o a l C o ., th e en tire o u t p u t o f w h ich is a v a ila b le b y c o n t r a c t ) .
Sev­
eral o f th e m in es h a v e been in regular o p e r a tio n fo r y e a rs: 2 m a n u fa ctu re d
gas p la n ts o f 3 5 ,0 0 0 ,0 0 0 c u . f t . c a p a c it y : 11 e le c tr ic p o w e r s ta tio n s o f a to t a l
c a p a c ity o f 3 6 8 ,0 0 0 k .v .a .; 30 su b s ta tio n s ; 6,9 3 3 m iles o f e le ctr ic t r a n s m is ­
sion an d d is trib u tio n lines; 70 .3 6 m iles o f w ater m ain s; 70 m iles o f e le c tr ic
ra ilw a y tr a c k : 187 passen ger a n d 25 o th e r cars.
STOCK A N D BO N DS—
D a te .
In te re s t.
O u ts ta n d in g . M a t u r i t y
C o m 4 ,0 0 0 ,0 0 0 shs (n o p a r ) ___ ______
________
3 ,3 7 3 ,4 5 2 s h s A u g ’2 7$ 1.25 '
P r e f 6 % series A $ 1 0 0 ,0 0 0 ,0 0 0
( $ 1 0 0 ) ________ _____________________
6 Q -F
x $ 9 1 ,3 0 2 ,6 0 0 A u g ’27,$1.50
2 5 -y r d e b s (c * $ 1 ,0 0 0 a n d l 1927
5 g M - N $ 4 5 ,0 0 0 ,0 0 0 M a y 1 1952
r * $ 1 ,0 0 0 , $ 5 ,0 0 0 & $ 5 0 ,0 0 0 /G u a r a n ty T r u s t C o . o f N e w Y o r k , tru s te e
___________ 2 0 ,6 5 1 ,2 0 0 ____________
F u n d e d d e b t o f su b s id ia r y c o s _ ____
P r e f & m in o r it y c o m s t o c k s o f
su b s id ia rie s , in cl. m in o rity
p r o p o r t io n o f s u r p lu s _______ ______
________
1 7 ,5 9 6 ,8 2 4
x N o t in clu d in g $95 5 ,5 0 0 h e ld in tr e a s u r y , y $ 6 0 ,3 1 1 ,1 0 0 less sin k in g
fu n d assets (oth er th an b o n d s h eld a liv e in sin k in g f u n d ) , $ 1 6 8 ,1 2 2 ; f o r s p e c i­
fic a t io n o f fu n d e d d e b t , see “ S ta te m e n t o f S e cu ritie s ” a b o v e .

1,200
2 0 ,4 0 0

4 7 ' 700

1.260
7 8 ,3 7 5
5 ,9 5 0
7 1 ,4 0 0

8 9 0 .2 0 0
547 000
8 .4 0 0
8 ,4 0 0
5 0 .0 0 0
1 2 ,500
5 0 ,0 0 0

1:7,990/ 200
1:1,190,300

We invite inquiries concerning

Columbia Gas & Electric
Corporation
and Subsidiaries

S to ck .— C u m u la tiv e 6 % p r e f . s to c k , s e r i e s A , is p re fe rre d as t o assets and
cu m u la tiv e d iv id e n d s .
In case o f d is s o lu tio n o n liq u id a tio n is en titled t o
th e r e d e m p tio n p r ice .
R e d . o n 60 d a y s ’ n o t ic e , w h o le o r p a r t , o n a n y d iv .
d a te , a t 110 an d d iv s . N o v o t in g rig h ts e x c e p t th a t i f fo u r q u a rte r ly d iv i­
d e n d s are in d e fa u lt, each p r e f. share sh all h a v e th e sa m e v o t in g r ig h ts as
e a ch c o m m o n sh are u n til all d e fa u lts are c u r e d . B o t h c o m m o n a n d 6 %
series A p re fe rre d are liste d o n N e w Y o r k an d P itts b u r g h S t o c k E x ch a n g e s .
C o m m o n s to c k h o ld e r s o f r e c o rd Ja n . 20 1927 w ere g iv e n th e r ig h t t o su b ­
s crib e o n o r b e fo r e F e b . 25 1927 fo r 3 7 5 ,0 0 0 a d d itio n a l n o p a r c o m m o n
shares a t $60 p er sh are o n b asis o f o n e n ew fo r each e ig h t shares h e ld .
S u b­
sc r ip tio n s p a y a b le in fu ll o r in fo u r in sta llm e n ts, t h e la s t in sta llm en t b ein g
p a y a b le N o v . 25 192 7. V . 124 , p . 2 3 3 , 643 .
B o n d s .— T h e 2 5 -y e a r 5 % g o ld d e b e n tu r e s , d a ted M a y 1 192 7, are a d ir e c t
o b lig a tio n o f c o r p o r a tio n a n d are issu ed u n d e r a tru s t a g re e m en t in w h ich
c o r p o r a t io n agrees n o t t o m o r tg a g e o r p le d g e a n y s to c k s o f s u b . c o s . n o w
o w n e d o r h e r e a fte r a c q u ir e d o r a n y f ix e d p r o p e r tie s h e r e a fte r a c q u ir e d ,
u n less th e s e b o n d s are e q u a lly an d r a t a b ly se c u r e d , b u t th is c o v e n a n t shall
n o t in a n y w a y re s tric t ssu an ce o f se cu ritie s b y s u b sid ia rie s a n d shall n o t
a p p ly t o p u rch a s e m o n e y lien s o r t o a cq u is itio n s o f p r o p e r t y s u b je c t t o th e
existin g lie n s. A u th o r iz e d , $ 5 0 ,0 0 0 ,0 0 6 . R e d e e m a b le , a ll o r in p a r t , o n
30 d a y s ' n o t ic e t o a n d in c lu d in g M a y 1 1932, at 105: t h e r e a fte r t o a n d in­
c lu d in g M a y 1 1937 a t 104; t h e r e a fte r t o a n d in c lu d in g M a y 1 1942 a t 103:
h e r e a fte r t o an d in c lu d n g M a y 1 1947 a t 102, an d th e r e a fte r at 101, a c c r u e d
tn te re st t o b e a d d e d In ea ch ca se . In M a y 1927 $ 4 0 ,0 0 0 ,0 0 0 2 5 -y e a r 5 %
g o ld d e b e n tu re s w e re s o ld b y G u a r a n ty C o . o f N e w Y o r k , t h e U n io n T r u s t
C o . o f P itts b u r g h , J . & W . S eligm a n & C o . , W . E . H u t to n & C o . , C o g g e s h a ll
& H ic k s , a n d M a rs h a ll F ie ld , G lo r e , W a r d & C o . , at 100 a n d In terest.
V . 124, p . 2 74 7. In O c t o b e r 1927 a d d it io n a l $ 5 ,0 0 6 ,0 0 0 2 5 -y e a r 5 % g o ld
d e b e n tu re b o n d s w e re o ffe r e d b y th e sam e b a n k in g fir m s at 99 a n d in t e r e s t ,
w it h a p p ro x im a te y ie ld o f 5 .0 7 % .

A b r ie f d e s c r ip tio n is g iv e n b e lo w o f th e p r in c ip a l b o n d issu es, t o b e fo u n d
.n th e "S t a t e m e n t o f S e cu ritie s” a b o v e .

5 0 ,0 0 0

T o ta l s to ck s o f s u b s id ia r y c o m p a n i e s ______ d $ 2 2 2 ,455,381 (28 16,871,785

T h e C o lu m b ia G as & E l e c tr ic C o . 5 % (M . - N .) 5 - y e a r g o ld n o t e s , d a t e d M a y 1
1925, w e re c a lle d fo r r e d e m p tio n Ju n e 6 1927 at p a r a n d in te re s t. V . 124,
p . 2 90 5.
T h e C o lu m b u s G a s C o . f i r s t m tg e . (o n a r tific ia l g a s p la n t) 5 % (J .-J .) gold
b o n d s, d a te d J u ly 1 1892 ($ 1 ,0 0 0 , c * n t f ) a re re d e e m a b le a t 110 .
In te r e s t
p a y a b le a t th e E q u ita b le T r u s t C o . o f N e w Y o r k .
T h e D a y to n G a s C o . f i r s t m tg e . 5 % ( M . - S .) g old b o n d s, d a ted M a r c h 1 1910,
are c a lla b le a t 105 an d in t. H a v e a sin k in g fu n d o f $ 2 0 ,0 0 0 p e r a n n u m .
$ 2 4 8 ,0 0 0 h a v e been ca n c e le d b y s in k in g fu n d . I n t . a t th e U n ion T r u s t C o .,
C le v e la n d , tru ste e .
T h e D a y to n L tg . C o . f i r s t a n d r e f. m tg e . 5 % ( M . - S . ) g old b o n d s . d a ted
M a r c h 1 1907, a u th o r iz e d $ 3 ,5 0 0 ,0 0 6 ($1,500) are ca lla b le a t 1 0 7 1 4 .
$ 1 7 1 ,000 h a v e be e n ca n c e le d . I n t . a t th e E q u ita b le T r u s t C o . o f N . Y . , tr u s te e .
T h e D a y to n P o w e r & L ig h t C o . f i r s t a n d r e f. m tg e . 5 % ( J . - D . ) g o ld b o n d s,
d a ted J u n e 1 1911,
A u th o r iz e d , $ 2 0 ,0 0 0 ,0 0 0 ($ 1 ,0 6 6 c * ) , are ca lla b le a t
105 o n o r b e fo r e D e c . 31 1936, an d d e creasin g 1 % fo r ea ch s u cce e d in g y ea r
t o l 6 l in 1940 a n d 1941. T h e re is a sin kin g fu n d o f 1 % in 1924; I M % ,
1925-1932; 2 % , 1933 t o 1940. V . 9 4 , p . 282; V . 105, p . 822 ; V . 106, p . 82 4 .
In te r e s t at A m e r ic a n E x ch a n g e I r v in g T r u s t C o . , N e w Y o r k C it y , tru stee.
(See sep arate s ta te m e n t elsew here in th is C o m p e n d iu m .)
F o r C i n c i n n a t i G a s & E le c tr ic C o . se cu ritie s, see se p a ra te s ta te m e n t re
th is la tte r c o m p a n y b e lo w .
T h e D a y t o n P o w e r <& L ig h t C o . 6 % c u m . p r e f . s t o c k is ca lla b le a t 110 an d
d iv id e n d s .
D i v i d e n d s . — P a id $ 1 .5 0 o n c u m . 6 % p r e f. in A u g . 192 7.

p a id $ 1 .2 5

D o m in ic k & D o m in ic k
Members New York Stock Exchange
115 B r o a d w a y

New York




2 ,0 0 0 ,6 6 6
14,000
4 .4 1 0 .7 0 0
4 .9 9 5 .7 0 0

O n c o m . s to c k

n A u g . 1927.

E A R N I N G S .'— C o n s o lid a t e d earn in gs a n d e x p e n s e s 12 m o n th s en d ed :
J u ly 31 ’ 2 7 . D e c . 31 ’ 27.
G ro ss e a rn in g s __________________________________________ $ 9 6 ,3 1 0 ,0 2 4 $ 9 2 ,1 1 9 ,6 1 4
O p e ra tin g e x p e n se s (e x clu s iv e o f t a x e s )_____________ 4 8 ,2 5 0 ,4 1 9 4 4 ,1 5 5 ,8 9 4
R e s e r v e fo r re n e w a ls & r e p la c e m e n ts & d e p l e t i o n ..
7 ,7 0 3 ,2 5 0
8 ,1 3 0 ,0 9 1
T a x e s _______________________
8 ,7 7 0 ,0 1 9
7 ,6 5 6 ,4 2 1

414 W a ln u t S t.,

Cincinnati

N e t o p e r a tin g earnings.
O th e r in c o m e ______________

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

T o t a l in c o m e ___________

$ 3 2 ,8 6 4 ,4 2 8 $ 3 5 ,5 0 7 ,5 7 0
( C o n t i n u e d .)

Oct.,

1927.]

POWER, LIGHT AND RAILW AY

139

J u l y 31 ’ 2 7 . D e c . 31 ’ 27.

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y t h r o u g h its s u b s id ia r y o p e r a tin g c o m p a n ie s fu rn ish es p u b lic
u t ilit y s e r v ic e t o a p o p u la t io n o f 4 1 0 ,0 0 0 in an area o f 1,6 0 0 sq u a re m iles
lo c a te d in eastern O h io a n d w estern P e n n s y lv a n ia . T h r o u g h in ter­
c o n n e c t io n o f p o w e r lin e s n ear W a r r e n , O h io , an d B e a v e r F a lls , P a ., c o .
N e t in c o m e a p p lic a b le t o d iv s . o n p r e f. and c o m .
in te r-ch a n g e s e le ctr ic e n e r g y , e ith e r d ir e c t ly o r in d ire c tly , w ith th e O h io
s t o c k o f C o l. G . & E . C o r p . o n b a sis th a t all
P u b lic S e rv ice C o ., th e N o r t h e r n O h io P o w e r & L ig h t C o . , th e O h io P o w e r
shares e x ch a n g e a b le th e r e fo r h a v e b e e n d e p o s _ $ 2 3 ,6 9 6 ,6 7 6 $ 2 6 ,4 7 0 ,9 0 6
C o . , th e C le v e la n d E le c t r ic Illu m in a tin g C o . a n d D u q u e s n e L ig h t C o .
A n n . d i v . r e q u ir e ’ts o n 9 5 1 ,8 4 8 shs. o f 6 % p r e f.
T h e se in te r-c o n n e c tio n s c lo s e ly lin k t o g e th e r th e c itie s o f Y o u n g s t o w n ,
s t o c k is s u a b le ____________________________________________________ $ 5 ,7 1 1 ,0 8 8
P itts b u r g h , W h e e lin g , C a n t o n , M a s s illo n , A k r o n an d C le v e la n d an d fo rm
O F F I C E R S .— C h a irm a n o f B o a r d , G e o rg e W . C r a w fo rd ; P r e s ., P h ilip
G . G ossler; V .- P s ., F red W . C r a w fo r d , L eslie B . D e n n in g , W . W in a n s p a r t o f an u n in te r r u p te d c h a in o f in te r-c o n n e c te d p o w e r lin es ex ten d in g
fr o m B o s t o n t o S t. L o u is a n d C h ic a g o .
F r e e m a n , T h o m a s B . G r e g o r y and J o h n G . P e w ; S e c .-T r e a s ., E d w a r d R e y ­
T h e p h y s ic a l c o m b in e d p r o p e r tie s o f th e c o . h a v e a to ta l a ggregate
n o ld s , J r .; A s s t. S e c ., D a v id E . M it c h e ll; A s s t. T r e a s ., G e o rg e W . R a t g e n e ra tin g c a p a c it y o f 193 ,3 6 0 h .p . an d th e r e are 542 m iles o f h ig h ten s ion
eliffe ; A u d ., R a lp h G . I r v in e .— V . 123, p . 1761, 1873, 2 51 8, 2 65 2, 3037;
tra n sm ission lin es an d 2,141 m ile s o f d is trib u tin g lin e s. T h e ra ilw a y s
V . 124, p . 233 , 64 3 , 92 0 , 134 9, 166 5, 2 2 7 7 , 2 74 7, 3 0 6 6 , 3 3 5 1 , 3 62 7; V . 125,
d iv is io n has a to ta l o f 155 m ile s o f tr a c k , 58 m iles o f w h ich are in teru rb a n
p . 384 , 912 , 170 6, 1969.
tra ck a g e and 97 m ile s c it y tr a c k a g e . E q u ip m e n t in clu d e s 284 ca rs, o f
w h ich 8 are fr e ig h t carriers. I n a d d itio n th e re is an a u x ilia ry b u s sy s te m
t o ta lin g 121 bu ses. T h is in clu d e s a d e lu x e in te ru rb a n se r v ic e fr o m Y o u n g s ­
DAYTON (O.) POWER & LIG H T CO.
t o w n t o A k ro n , W a rre n a n d S h a ro n a n d a ls o lo c a l bu s sy ste m s in Y o u n g s ­
C o n tr o l. — A ll o f t h e c o m m o n s t o c k o w n e d b y th e C o lu m b ia C o r p o r a t io n
t o w n , W a r r e n a n d N e w C a s tle .
O R G A N I Z A T I O N .— I n c o r p . in O h io M a r c h 23 1911.
F r a n c h is e s .-— P r a c t ic a lly a ll P e n n s y lv a n ia fra n ch ise s are in fo r c e fo r 99
years or are w ith o u t lim it as t o tim e . T h e p r in c ip a l p o w e r and lig h tin g
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
fra n ch ises in O h io ex te n d b e y o n d 1940. T h e m o s t im p o rta n t r a ilw a y
C o m p a n y su p p lie s e le ctr ic lig h t and p o w e r in D a y t o n , X e n ia , P iq u a ,
fra n ch ises in O h io e xten d u n til 1943, th a t in th e c it y o f Y o u n g s t o w n b e in g
W ilm in g to n , W e s t A le x a n d ria , W a s h in g to n C o u rt H o u s e and 98 n e ig h b o rin g
o n a “ s e r v ic e -a t -c o s t ” p la n p e r m ittin g t h e c o . t o earn a r e tu rn b ased orco m m u n itie s ; n a tu ral gas in D a y t o n , W a s h in g to n C . H . an d B lo o m in g b u r g ,
th e v a lu a tio n o f th e p r o p e r t y .
s te a m heat in D a y t o n an d W a s h in g to n C . H . an d h o t w a te r heat in P iq u a .
STO C K A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m s t o c k 3 2 0 ,OOOshs (n o p a r ) ____
317 ,500 sh s
S ee te xC o m 4 0 0 ,0 0 0 shs (n o p a r ) ____ ______
t
___________ 3 6 8 ,2 2 4 shs.
S ee t e x t
P f s t k 6 % c u m $ 1 2 .0 0 0 ,0 0 0 ($ 1 0 0 )____
6 M o.
§ 7 ,5 0 0 ,0 9 0
See te x t
P rio r p r e f 7 % c u m . $ 1 5 ,0 0 0 ,-\
F irst & r e f m tg e § 2 0 .0 0 0 ,0 0 0 ! 1911
5 g J -D
9 ,5 0 5 ,0 0 0 Ju n e 1 1941
000 (1 1 0 0 )___________________/ _____
7 Q -M
$ 8 ,0 9 7 ,3 0 0 S ep t ’ 2 7 ,1 %
($ 1 ,0 0 0 ) g o l d _____________ c * / I n t . a t A m e r . E x c h . Ir v in g T r . C o ., N . Y . , tr
$6 d iv p r e f c u m ____ ___________ ______
$6
4 9 ,2 2 9 shs. A p r ’27 $1 .5 0
D a y to n L tg C o 1st r e f m tg e l 1907
5 g M -S
1 ,4 6 9 ,0 0 0 M a r 1 1937
6s g d e b ser A ($ 1 ,0 0 0 , $ 50 0, f 1925
6 g M -N
6 ,0 0 0 .0 0 0 N o v 1 1950
assu m ed ($ 1 ,0 0 0 ) g o l d ___ c * / I n t . a t E q u ita b le T r u s t C o . . N . Y . , tru stee.
$ 1 0 0 c* & $ 1 ,0 0 0 & m u l r * ) t f [C e n tr a l U n io n T r u s t C o . o f N . Y . , T r u s te e
D a y to n G as C o 1st m tg e g o ld 1 1910
5 M -S
1 ,2 7 7 .0 0 0 M a r 1 1930
6 14 % g n o te s , h e ld b y a s u b s i d . ____
614 g
3 .3 7 0 .0 0 0 ____________
a ssu m ed ($ 1 ,0 0 0 )___________/ I n t . at H arris, F o r b e s & C o ., N e w Y o r k .
x O p tio n w a rra n ts__________________
___________ 1 2 0 ,0 0 0 w rts____________
S to c k . — P referred is c a lla b le as a w h o le at 110 and d iv id e n d s .
x W a rra n ts t o b u y o n e sh are o f c o m m o n s t o c k at $25 p e r sh are t o an d
B o n d s . — F irst & r e f. m tg e . 5 % b o n d s, $ 2 0 ,0 0 0 ,0 0 0 a u t h ., are c a lla b le at
in c lu d in g N o v . 1 1935.
105 o n o r b e fo r e D e c . 31 1936, a n d de cre a sin g 1 % fo r ea ch su c c e e d in g y ear
to 101 in 1940 and 1941.
Stock.- — I n O c t . 1925 c o m p a n y in cre a se d its a u th o r iz e d p r e f. s t o c k
fr o m $ 7 ,5 0 0 ,0 0 0 t o $ 2 2 ,5 0 0 ,0 0 0 (p a r $ 1 0 0 ). V . 121, p . 1909, 2 0 3 9 . F o r
S in k in g fu n d 1 % , 1924; 1 1 4 % , 1925 t o 1932; 2 % , 1933 t o 194 0.
See
o ffe r o f c o m p a n y ’s p r e f. s t o c k in e x ch a n g e fo r R e p u b lic R y . & L ig h t p r e f.
V . 9 4 , p . 282 ; V . 105, p . 822 ; V . 106, p 824.
s t o c k , see th is la t te r c o m p a n y a b o v e .
V . 123, p . 1505. F o r o ffe r in
D a y t o n L igh tin g C o . first & r e f. m tg e . 5s are c a lla b le at 10714N o v . 1926 o f c o . ’s 6 % p r e f. s t o c k in e x c h a n g e , share fo r share, fo r P e n n D a y t o n G a s C o . f i r s t m o r tg a g e b o n d s are ca lla b le a t 105 a n d in te re s t.
O h io Secu rities C o r p . $6 c u m . p r e f. s t o c k , see V . 123, p . 252 0.
H a v e a s in k in g f u n d o f $ 2 0 ,0 0 0 p er a n n u m . $ 2 2 3 ,0 0 0 c a n c e le d b y sin k in g
S tock . — T h e 7 % c u m . p r i o r p r e f . s to ck is p r e fe rr e d as t o c u m . d iv s . a n d
fu n d .
assets ($100) o v e r th e p r e f. a n d c o m . s to c k s .
R e d . as a w h ole o n 30 d a y s
D iv i d e n d s . — D iv s . o n p r e f. s to c k fr o m O ct. 1911 t o J u ly 1925, in clu siv e ,
n o tice a t $110 p e r share a n d d iv s . N o v o t in g p o w e r e x c e p t in ca se o f
1 1 4 % q u a r .; 5 0 c. p e r m o n th sin ce.
d e fa u lt o f 4 su cce ssiv e q u a r. d iv s .
I n D e c . 1925, B o n b r ig h t & C o . , I n c .,
E A R N I N G S .— F o r ca le n d a r years;
& c ., & c ., o ffe r e d $ 1 ,0 0 0 ,0 0 0 a t 9614 an d d iv s ., to y ie ld 7 . 2 5 % .
V . 121,
1926.
1925.
1924.
1923.
p . 2 87 6. F o llo w in g an o ffe r o f e x ch a n g e b y th e c o . p r a c t ic a lly 8 2 % o f
G r o s s ______________________ $ 8 ,4 0 7 ,5 3 4
$ 6 ,9 6 5 ,1 4 3
$ 5 ,7 5 6 ,4 0 7 $ 5 ,1 0 5 ,3 1 4
P e n n s y lv a n ia -O h io E le c t r ic C o . 7 % p r e f. s t o c k was e x ch a n g e d , share
T o t a l in c o m e ____________
2 ,6 8 6 ,9 3 1
2 ,3 2 1 ,9 7 4
2 ,2 0 6 ,4 1 6
1 .8 6 9 ,3 3 0
fo r sh are, fo r th is P e n n -O h i o E d is o n 7 % p r e f. s t o c k .
See V . 122, p . 1020,
C h a rges, & c _____________
8 1 7 ,3 1 9
935 .213
1,2 5 0 ,2 7 8
1 ,124,688
u n d e r h e a d in g “ R e p u b lic R a ilw a y & L ig h t C o . ”
In M a y 1926 B o n b r ig h t
P referred d iv id e n d s ____
4 4 5 ,8 6 0
394 ,781
3 3 4 ,3 7 7
2 67 ,455
& C o . , I n c ., E a s tm a n , D illo n & C o . , H a r p e r & T u rn e r, an d W . C . L a n g le y
C o m m o n d iv id e n d s ..................................
137 ,260
122 .1 2 0
122,120
& C o . o ffe r e d $ 1 ,5 0 0 ,0 0 0 a d d itio n a l 7 U c u m . p r io r p r e f . a t 96 an d d iv id e n d
t o y ie ld a b o u t 7 .3 0 % . V . 122, p . 2 80 0. I n Ja n . 1927 th e sam e b an k ers
B a la n ce , s u r p lu s ______$ 1 ,4 2 3 ,7 5 2
$85 4 ,7 2 0
$49 9,64 1
$35 5,06 7
o ffe r e d $ 1 ,5 0 0 ,0 0 0 a d d itio n a l a t 99 a n d d i v .
V . 124, p . 507
O F F I C E R S .— C h a irm a n o f B o a r d , P . G . G ossler; P r e s ., F . M . T a it ;
B on ds.- — T h e 6 % g . d e b e n tu r e s , s e r i e s A , d a ted N o v . 1 1925, are r e d w h o le .,
V .- P . & G en . M g r ., O . H . H u tch in g s ; S ec. & T r e a s ., O . E . H o w la n d .
o r p a r t, o n 30 d a y s ’ n o t ic e a t 105 o n o r b e fo r e O ct. 30 1940, a t 14 % le s s
E x e cu tiv e o ffic e s , 205 E a s t F irst S t ., D a y t o n , O h io .— V . 120 , p . 955 , 1088.
e a ch su c c e e d in g y e a r u p t o a n d in c l. O c t . 31 1949, an d th e r e a fte r at p a r , in
2400; Y . 121, p . 7 4 , 977; V . 122 , p . 2 49 3.
e a ch case w ith in t. P e n n . & C o n n . 4 m ills a n d M a s s . 6 % t a x r e fu n d a b le .
A d d it io n a l d e b e n tu re s m a y b e issu ed in o n e o r m o r e s e rie s o f s u ch te n o r as
d ire cto rs m a y fr o m tim e t o tim e d e te r m in e p r o v id e d (e x c e p t fo r r e fu n d in g
d e b e n tu re s o f a n o th e r series) n e t in c o m e o f th e c o . an d its su b sid ia ries fo r
CINCINNATI GAS & ELECTRIC CO.
12 o u t o f 15 p r e c e d in g m o n th s has b e e n at least 2 1 4 tim e s a n n u al in teres t
O p era ted u n d er lease b y U n io n G a s & E le c t r ic C o . , a s u b s id ia r y o f
ch a rg e s o n in d e b te d n e s s s u b o r d in a te t o th e d e b e n tu re s . A s lo n g as a n y
C o lu m b ia G as & E le c tr ic C o r p .
d e b e n tu re s are o u ts ta n d in g , c o . s h a ll n o t issue (1) a n y u n se cu red in d e b te d ­
O R G A N I Z A T I O N .— I n c o r p . in O h io in 1837 as C in c in n a ti G a s L t . &
ness m a tu rin g m o re th a n 5 years fr o m d a te o f issu a n ce th e r e o f, o r (2) a n y
C o k e C o . N a m e ch a n g e d t o p re se n t title in 1901. O p e ra te d b y U n io n
secu red in d e b te d n e ss m a tu rin g m o r e th a n 5 years fr o m t h e d a te o f issu an ce
G as & E le c . C o . , a s u b sid ia ry o f C o lu m b ia G as & E le c . C o r p . (w h ich see
t h e r e o f, w ith o u t e q u a lly se c u r in g th e s e d e b e n tu re s . I n N o v . 1925, E a s t­
a b o v e ) u n d er a 9 9 -y e a r lease d a te d S ep t. 1 1906, w h ic h , as a m e n d e d ,
m a n , D id o n & C o . , & c ., & c ., o f fe r e d $ 6 ,0 0 0 ,0 0 0 series A a t 9614s an d i n t .,
p r o v id e s fo r p a y m e n t o f all in terest an d .sink ing fu n d ch arges an d d iv id e n d
t o y ie ld o v e r 6 .2 5 % .
T h e d e b e n tu re s w ere a c c o m p a n ie d b y o p t io n w arrants
o f 5 % u p o n th e $ 3 4 ,3 9 1 ,4 0 0 c a p ita l s to c k (p a r $100 a sh are) an d annual
(20 t o e a ch $ 1 ,0 0 0 d e b e n tu re ) t o b u y c o m . s t o c k (o n e s hare fo r each w arra n t)
p a y m e n t o f S1OO.OO0 for re tire m e n t o f o u ts ta n d in g ca p ita l s t o c k .
P e r­
a t a n y tim e at $25 u p t o a n d in c l. N o v . 1 1935, w h ilst th e d e b e n tu re s w ill
fo rm a n ce o f lessee c o m p a n y is g u a ra n te e d b y d e p o s it o f $ 4 ,1 6 6 ,5 0 0 C in cin .
b e a c c e p te d at th e ir p r in c ip a l a m o u n t an d in te re s t in lie u o f cash fo r su ch
G a s & E le c . C o . p r io r lien .series C , 6 % b o n d s. Y . I l l , p . 223 2; V . 123,
s t o c k . V . 121, p . 275 2; V . 122, p . 2 33 0.
L is te d o n B o s t o n S to c k E x ch a n g e.
p . 303 6.
D iv i d e n d s .-— O n c o m m o n d e c l. an in itia l q u a r. d i v . o f 2 5 c . in cash and an
In M a r c h 1927 c o . w as a u th o rize d t o issu e $ 3 ,9 7 5 ,7 0 0 p r io r lien and
e x tra o f l-5 0 th o f a sh are in s t o c k , p a y a b le M a y 2 1927. In A u g ., 2 5 c.
r e f. m tg e. b on d s; $ 1 ,1 5 2 ,9 9 9 t o b e tu r n e d o v e r Im m e d ia te ly t o th e U n ion
q u a r. In N o v . 2 5 c . a q u a r ., a n d an e x tra s t o c k d iv . o f l-5 0 t h o f a sh are.
G a s & E le c . C o . and th e r e m a in d e r t o b e tu r n e d o v e r fr o m tim e t o tim e
A ll p r e f. d iv s . o f c o . a n d su b sid ia rie s p a id r e g u la rly sin ce issu a n ce.
fo r c o s t s o f im p ro v e m e n ts . V 124, p . 1508.
L e a se re n t a ls ____ ,_____________________________________
In te r e s t ch a r g e s a n d p r e f. d iv s . o f s u b sid ia rie s____

4 ,4 1 8 ,0 8 1
4 ,7 4 9 ,6 7 1

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

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns g en eratin g s ta tio n s and d is trib u tin g sy ste m s s u p p ly in g g a s and
e le ctr ic ity t o C in cin n a ti and su b u rb s
Sale o f 3 0 ,0 0 0 shares o f p r e f. s to c k o f C in cin n a ti G as T r a n s p o rta tio n C o .
to C o lu m b ia G as & E le c . C o . See V . 110, p . 80.
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity
S to c k $ 3 6 ,0 0 0 ,0 0 0 ($ 1 0 0 )____________
___________ $ 3 4 ,3 4 6 ,4 0 0 O c t ’ 27, 5 %
1st M t g e $ 1 5 .0 0 0 ,0 0 0 ($1,000,1 1916
5 g A -O
8 ,2 3 3 ,0 0 0 A p r 1 1956
& c) g old
r * & r * | Irving B a n k a n d T r C o , N Y . T r u s te e .
P rio r lien & » « f m tg e $50 ,000.-1
0 0 0 S e r “ B '$ 5 0 0 ,& c ) c * & r * t f ) 1921
5 1 4 g A -O
5 ,8 1 0 .0 0 0 Jan 1 1 9 6 1
Ser “ C ” _____________________ | 1921
6%
5 .3 9 4 ,0 0 0 Jan 1 1 9 6 1
F ree fr o m P en n a S ta te ta x .J N e w Y o r k T r u s t C o , N Y . T ru ste e
B o n d s .— 1st m tg e . b o n d s h a v e s in k in g f u n d o f n o t less th a n 1 % per
an n u m e f b o n d s o u ts ta n d in g .
I n a d d itio n t o a m o u n t o u ts ta n d in g $ 2 ,9 7 6 ,000 are p led g ed u n d er th e p r io r lien & r e f. m tg e . and 1,076 000 h a v e been
a cq u ire d an d are h eld aliv e in s in k in g f u n d . A r e c a ll, a t 102
I n t . p a y a b le
in N . Y . and C in cin n a ti.
See V . 104. p . 266 , 1901, 1014; V . 105 , p . 7 4 . 3 9 1 . 501 . 1524.
T h e p r i o r lie n & r e fu n d in g m tg e . b o n d s m a y b e issu ed fr o m t im e t o tim e
as au th oriz ed b y th e d ire cto rs , b e a rin g su ch in t. ra te s as th e y sh all d e te r ­
m in e, fo r a d d ition a l c a p ita l e x p en d itu res an d fo r re tirin g th e b o n d s issu able
u n d er th e p re s e n t 1st & r e f. m tg e . M t g e . p r o v id e s fo r an n u al s i n k i n g f u n d
o f 1 % o f b o n d s ou ts ta n d in g , w h ich c o m m e n ce d A p ril 1 1924 a n d is t o be
in crea sed s u ffic ie n tly o n e a ch s u cce e d in g A p ril 1, p r o v id e d a d d itio n a l
b o n d s are issu ed , in o rd e r t o r e tire all b o n d s a t m a t u r it y . V . I l l , p . 2232;
V . 112, p. 65
T h e series " A ” 7s, d a t e d Jan . 1 1921, w e re c a lle d fo r p a y m e n t O c t . 1
1927 a t 110 a n d i n t e r e s t V . 120, p . 1191.
T h e series "B ” b o n d s are re d . fo r sinking fu n d o r , a t o p t io n o f c o ., all
o r p a r t , o n a n y in t . d a te u p o n 30 d a y s ' n o tice a t 105 u p t o an d in cl. O c t . 1
1928; th erea fter a t 104 up t o an d in c l. O c t . 1 1936; th e re a fte r a t 103 u p to
a n d in c l. O c t . 1 1944; th e re a fte r at 102 u p t o an d in c l. O c t . 1 1952, and
th erea fter a t 101 u p t o an d in cl O c t . 1 1960 (plu s in t. in each c a s e ).
V . 114.
p . 2 4 7 3 . I n t . p a y a b le in N . Y . o r C in c in n a ti.
E n tir e $ 5 ,3 9 4 2 0 0 S er. “ C ” 6s o u ts ta n d in g are o w n e d b y C o lu m b ia G as
& E le c . C o . a n d a ffilia te d c o s .— V . 118, p . 2 9 5 5 ; V . 120 , p . 174 6, 2 3 9 9 .
E A R N I N G S .— C o m p a n y has n o earn in gs o f its o w n e x c e p t re n ta ls and
d o e s n o t p u b lis h a n y e a rn in gs s ta te m e n ts.
O F F I C E R S .— P r e s .. C h a rle s D . J o n e s; 1st V . - P . , A lfre d M . C o h e n ;
2 d V . - P . , S am uel A ssu r; S ec. & T r e a s ., E d w a r d H . E rn st; A s s t. T r e a s .,
H . W . L o th m a n n ; A s s t. S e c ., T h e o . C la u ss.— V . 120, p . 2399; V . 122, p .
1308, 2039; V . 123, p . 1112, 1249, 303 6; V . 124, p . 1508; V . 125, p . 1191.

E A R N I N G S .— F o r c a le n d a r y e a rs (in cl. s u b s id ia ry c o s .) :
*1927
1926.
1925
G ross in c o m e ___________________________ $13,272^912 $12,733^256 $ 1 1 ,3 1 3 ;9 7 4
7 ,7 0 6 ,0 5 5
7 ,4 7 0 ,8 2 9
7 ,0 3 7 ,6 9 5
O p e ra tin g expenses a n d t a x e s ________
N e t e arn in gs__________________
D e d u c tio n s —
In te re st a n d d is c o u n t__________
D iv s . o n p re f. s t o c k o f s u b . cos.
D iv s . o n p r io r p r e f. s t o c k ______

$ 5 ,5 6 6 ,8 5 7

$ 5 ,2 6 2 ,4 2 7

$ 4 ,2 7 6 ,2 7 9

2 ,5 2 6 ,4 2 4
8 1 1 ,1 7 4
521 ,691

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

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

T o t a l d e d u c tio n s ____________________ $ 3 ,8 5 9 ,2 8 9
B a l. fo r re tire m e n t r e s ., p r e f. & c o m .
d iv s . a n d s u r p lu s _______ ______ ______ $ 1 ,7 0 7 ,5 6 8
* F o r 12 m o n th s e n d e d A u g . 31 1927.

$ 3 ,7 2 5 ,2 0 3

$ 3 ,1 0 0 ,8 1 8

$ 1 ,5 3 7 ,2 2 4

$1,1 7 5 ,4 6 1

O F F I C E R S .-— P r e s ., R . P . S te v e n s ; V .- P s ., J o h n T . H a r r in g t o n , C liff o r d
S. M a c C a lla a n d H e r b e r t A . C la r k e : S e c ., F r e d e r ic k P . S m ith ; T r e a s . &
A s s t, s e c ., E . W . F re e m a n : A s s t. T r e a s ., F . A . Bain.-— V . 121, p . 1909,
2 03 9. 275 2, 2876; V . 122, p . 2 3 3 0 . 280 0; V . 123, p . 83, 1505 2 52 0: V . 124,
p . 5 0 7 , 1981, 2 12 1, 320 9, 3 35 4, 349 7; V . 125 , p . 3 8 6 , 649 , 7 8 1 , 119 4, 183 8,
214 6.

Penn-Ohio System
P en n -O h io E d iso n C o .
P en n sy lv a n ia -O h io P ow er & L ig h t C o .
O h io R iv e r E d iso n C o .
P e n n -O h io S ecu rities C o r p .

PENN-OHIO EDISON COM PANY.
O R G A N I Z A T I O N .— O rg a n iz e d in D e la w a r e in J u ly 1923. A h o ld in g
c o m p a n y , c o n tr o llin g o p e r a tin g su b sid ia rie s. F o r m e r ly c o n tr o lle d b y
R e p u b lic R y . & L ig h t C o ., w h ich c o . w as d is s o lv e d as p e r s to c k h o ld e r s ’
re s o lu tio n o f F e b . 15 1927 (fo r h is t o r y see “ P u b lic U tilit y C o m p e n d iu m ”
o f O c t . 30 1926 an d fo r p la n o f d is s o lu tio n an d o ffe r t o c o m m o n s t o c k ­
h o ld e r s o f R e p u b lic R y . & L t . C o . see V . 124, p . 23 7 , 1 3 6 2 ). A s th e r e s u lt
o f m erg er o r c o n s o lid a tio n o f v a rio u s su b sid ia rie s d u rin g 1926 t h e c o n tr o l
o f t h e P e n n -O h io S ystem n o w ce n tre s in th e P e n n -O h io E d is o n C o . , w h ich
ow n s d ir e c t ly t h e c o m m o n s t o c k o f th e fo u r m a jo r su b s id ia r y u n its o f th e
s y s te m . T h e se are [see se p a ra te sta te m e n ts b e lo w ]:
(1) T h e P e n n s y lv a n ia -O h io P o w e r & L ig h t C o .
( 2 ) O h io R iv e r E d is o n C o .
(3) P e n n s v .v a n ia P o w e r C o .
(4 ) P e n n -O h io P u b lic S e rv ice C o r p o r a t io n .




H ARPER & TURNER
M e m b e r s P h ila d e lp h ia S tock E x c h a n g e

Stock Exchange Bldg.

PHILADELPHIA

R I T T E N H O U 8 E 6200

PUBLIC U TILITIE S

140

(1) PENNSYLVAN1A-OHIO POWER & LIGHT C t

(THE).

[ V o l. 125,

(3) P E N N S Y L V A N I A P O W E R C O .

C o n tr o l.— A ll th e c o m m o n s t o c k is o w n e d b y th e P e n n -O h io E d is o n O o .

C o n tr o l . — A ll th e c o m m o n s t o c k is o w n e d b y th e P e n n -O h io E d is o n C o .

O R G A N I Z A T I O N .— I n c o r p . in M a y 1926 in O hio as a c o n s o lid a tio n
o f a c o . o f th e sam e n a m e, in c o rp . in O h io O c t . 13 1920, an d th e E a s t O h io
P o w e r & L ig h t C o .
Sub sidiaries o f th e c o . are T h e M a h o n in g C o u n t y
L ig h t C o . , S h en a n go V a lle y T r a c . C o . an d T h e N o rth e a s t C o a l C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . o w n s o r leases th e m a jo r p o w e r g en eratin g facilities o f th e S y s te m , d is ­
trib u tes e le ctr ic ity in O h io te r rito r y o f th e S ystem and sells e le c tr ic ity at
w h olesa le t o P e n n s y lv a n ia P o w e r C o .
T h e d is trib u tin g t e r r it o r y o f th e c o .
in clu d es Y o u n g s t o w n , H u b b a r d , G ira rd , S alem and S tru th ers. T h e
te r rito r y in O h io c o v e r s an area o f 760 squ are m iles and a p o p u la t io n o f
2 5 0 ,0 0 0 . C o . leases fo r a p e r io d o f 999 years th e n e w T o r o n t o p o w e r h ouse
o f th e O h io R iv e r E d is o n C o ., th e c a p a c it y o f w h ich w ill u ltim a te ly be
3 5 0 .0 0 0 h . p . , and w h ich is n o w b e in g in crea sed fr o m 8 8 ,000 h .p . t o 1 7 6 ,0 0 0
h .p . O w n s d ir e c t ly t h e L o w e llv ille p o w e r sta tio n , w ith an installed c a p a c ity
o f 8 0 ,0 0 0 h .p ., lo c a te d o n th e M a h o n in g R iv e r at L o w e llv ille , O h io . O w ns
th e N o r t h A v e n u e s ta tio n o f 16.000 h . p ., lo c a te d in Y o u n g s t o w n , and in
a d d itio n ow n s a sm a lle r s te a m p la n t o f 4,0 0 0 h .p . c a p a c it y at S alem . A ll
t o ld , th e refore, c o . ow n s p o w e r p la n ts w ith 100 ,000 h .p . in sta lle d gen eratin g
c a p a c it y , an d leases 8 8 ,0 0 0 h .p . a d d itio n a l, m a k in g its t o t a l re s o u rce s
188 .000 h .p .

O R G A N I Z A T I O N .— O rg a n ize d in 1890 as th e S h en an go V a lle y E le c .
L ig h t C o . , n a m e ch a n g e d t o p re se n t tit le in 1926. I t s su bsid iaries are th e
E llw o o d C i t y H y d r o -E le c t r ic C o . a n d th e B o s t o n M in in g C o .

STOCKS A N D B O N D S—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
C o m m o n 4 0 0 .4 0 0 shs (n o p ar) . A l l o w n e d by P e n n -O h io E d is o n C o m p a n y .
$4 8 0 ,0 0 0
7 .2 m o .
7 .2 % p r e f $ 2 ,0 0 0 ,0 0 0 ($ 1 0 0 )________
2 .4 4 7 .3 0 0 ____________
7 % p r e f $ 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )...............
7 Q -F
1,1 8 9 ,4 0 0 ____________
6 .6 % p r e f ($ 1 0 0 )_____________________
6.6
7 5 ,0 0 0 shs
____________
$6 p r e f (n o p a r ) ________________ ______
$6 Q -F
1st & r e f m tg e ser A ($500 & f 1924
514 g J-.T 1 9 ,000,000 J u ly 1 1954
$1,0 0 0 c * & $ 1 ,0 0 0 & m u H G u a r a n ty T r u s t C o ., N e w Y o r k , tru ste e ,
tip le s r*) g o l d ____________ t f (
15-year d eb en tu res g o ld P en n f 1924 6 %
2 ,7 0 0 ,0 0 0 J u ly 1 1939
4-m ills ta x r e fu n d e d ______t f\ N a t ’l C it y B a n k , N e w Y o r k , tr u s te e .
Y o u n g s t Shar R y & L t 1 s t / ____
5 g
1 ,2 0 8 ,0 0 0 Jan 1 1931
m tg e sin k in g fu n d b o n d s ___ \
Sharon & N e w c R y s 1st l i e n / ____
5 g
114 ,000 J u ly 1 1931
sin kin g fu n d b o n d s ________ 1
S to ck s. — P r e f. s t o c k is p r e f. b o t h as t o assets an d d iv s . o v e r c o m m o n
an d is re d . a ll or in p a rt at $11 0 p e r share a n d accru e d d iv s . T h e $6 p re f.
ran k s e q u a lly w ith th e 7 . 2 % , 7 % a n d 6 .6 % p r e f. s to ck s a n d is e qu a l in all
resp ects e x c e p t as t o d iv s . a n d r e d e m p tio n an d v o lu n ta r y d is s o lu tio n p r ice .
A d d it io n a l s t o c k m a y b e issu e d s u b je c t t o ce rta in re s tric tio n s .
In e v e n t
o f v o lu n t a r y liq u id a tio n o r d is s o lu tio n o f th e c o ., $6 p re f. shall b e e n title d
t o r e c e iv e $110 an d a c c r u e d d iv . In J u ly 1927 B o n b rig h t & C o . , E a s tm a n ,
D illo n & C o ., W . C . L a n g le y a n d H a rp e r & T w in e r o ffe r e d $ 35 ,000 shares
$6 c u m . n r e f. s t o c k 'n o p a r ) a t $ 9 8 .5 0 . V . 125, o . 247. A d d it io n a l 3 5 ,0 0 0
shares $6 c u m . p re fe rr e d (n o p a r ) s t o c k w as o ffe r e d in O c t . 1927.
B o n d s . — T h e 1st & re f. m tg e . b o n d s h a v e an annual im p t. and s in k , f u n d
o f 1 % p er an n u m o f to ta l 1st & r e f. m tg e . b o n d s o u ts ta n d in g , to b e used at
th e c o . ’s o p t io n fo r a d d ’ns & im p ts . w h ich c o u ld o th erw ise b e m a d e the basis
fo r th e issu a n ce o f 1st & r e f. m tg e . b o n d s , o r fo r retirem en t o f u n d e rly in g
b o n d s , o r fo r retirem en t o f 1st & r e f. m tg e . b o n d s . 5 1 4 % ser. A are call
all o r p a r t at a n y tim e o n 30 d a y s ' n o tice at 105 & in t. p r io r to J u ly 1 1930,
th e p r em iu m th e r e a fte r d e cre a s in g 1 % each 6 years t o m a tu r ity .
I n t.
p a y a b le at o ffic e s o f L e e , H ig g in s o n & C o . in N e w Y o r k , B o s t o n and C hi­
c a g o . P en n a . 4 -m ills ta x r e fu n d e d .
In J u ly 1924 L e e , H ig g in s o n & C o .,
N a t . C i t y C o ., & c ., o f fe r e d $ 1 9 ,0 0 0 ,0 0 0 1st & re f. m tg e . 5 3 4 % b o n d s ,
ser. A , a t 98 & in t ., t o y ie ld a b o u t £ .6 5 % . V . 119, D. 76.
1 5-year 6 % d eb en tu re s are ca ll, all o r in p a rt at a n y tim e o n 30 d a y s '
n o t ic e at 105 and in t. d u rin g th e fir s t 3 y e a rs , th e p rem iu m th e re a fte r d e ­
crea sin g 1 % each 3 yea rs t o m a tu r ity .
In J u ly 1924 L e e , H ig g in s o n & C o .,
N a t . C i t y C o . , & c ., o f fe r e d $ 2 ,7 0 0 ,0 0 0 15-year 6 % d e b e n tu re s at 9734
and in t ., t o y ie ld o v e r 6 3 4 % - V . 119, p . 76.
D iv i d e n d s . — O n all cla sses o f p re fe rre d s t o c k d iv id e n d s h a v e be e n paid
r eg u la rly sin ce is su a n ce . Q u a rte rly o n 7 % and 8 % s to c k s ; m o n th ly on
7 .2 % a n d 6 .6 % s t o c k .
E A R N I N G S .— F o r c a le n d a r y e a rs (in cl. s u b s id ia ry c o s .) :
1926.
G ro s s in c o m e _________________________________________ $ 7 ,0 5 3 ,1 3 4
O p era tin g exp en ses an d ta x e s _______________________ 3 ,9 3 5 ,8 6 7
N e t e a rn in g s__________

1925.
$ 6 ,4 7 9 ,4 2 9
3 ,6 5 3 ,6 4 5

$ 3 ,117,267

$ 2 ,8 2 5 ,7 8 4

$1,2 8 5 ,1 4 3
113,822
155 .297

$ 1 ,2 8 6 ,1 4 9
75.941
153,258

T o t a l d e d u c t io n s __________________________________ $ 1 ,5 5 4 ,2 6 2
B a la n c e _________________________________________________ $ 1 ,5 6 3 ,0 0 5
P referred s t o c k d iv id e n d s ____________________________
4 6 8 ,6 3 6

$ 1 ,5 1 5 ,3 4 8
$ 1 ,3 1 0 ,4 3 6
365 ,013

B a la n ce f o r retirem en t re s e r v e an d c o m . stk . d i v . $ 1 ,0 9 4 ,3 6 9

$94 5,42 3

D e d u c tio n s —

In te r e s t o n fu n d e d d eb t.
O th er in te re s t____________
D is c o u n t o n b o n d s ______

O F F I C E R S .— -P res., J. T . H a r rin g to n ; V .- P . & G e n . M g r ., C . S. M a c '
C a lla ; V .- P . & T r e a s ., E . G . D u n la p ; V .- P . & S e c., H . M B illingsley*
V ic e -P r e s .. H . A . C la r k . O ffic e , P . O . B o x 58, Y o u n g s t o w n , O hio.-— V
118. p. 3198; V . 119, p . 7 6 , 199 325 , 45 6 , 811 , 1953, 2 1 8 0 , 2 5 3 1 . 301 1;
V . 120, p . 1090; V . 121, p . 1463; V . 122, p . 3211; V . 124, p . 3773; V . 125,
p . 24 7 , 1053.

(2) OHIO RIVER EDISON CO.
C o n tr o l — A ll th e c o m m o n s t o c k i= o w n e d b y th e P en n O h io E d is o n C o .

O R G A N I Z A T I O N .— O rg a n ize d in 1923 t o d e v e lo p new p o w e r ge n e ra tin g
fa cilitie s fo r th e P e n n O h io S y s te m . I t s s u b s id ia ry is th e O h io R iv e r T r a n s
m ission G o .

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D is trib u te s e le c tr ic ity in P e n n s y lv a n ia area o f th e S y s te m ’ s o p e r a tio n s , a n
area o f a p p r o x im a te ly 840 s q u a re m iles, a n d s e rv e s a t o t a l p o p u la t io n o f
o v e r 1 5 0 ,0 0 0 , a n d in clu d e s th e c itie s o f N e w C a s tle , S h a ro n , F a rrell a n d
G re e n v ille . C o m p a n y p u rch a se s th e b u lk o f its e le ctr ic a l e n e rg y fr o m t h e
P e n n s y lv a n ia -O h io P o w e r & L ig h t C o . A t G re e n v ille , h o w e v e r , it o w n s a
ste a m e le ctr ic ce n tr a l s ta tio n o f 3 ,3 6 0 h .p . c a p a c it y , a n d a t E llw o o d C it y a
w ater p la n t o f 1,6 7 5 h .p . T h e h igh te n s io n tra n sm issio n lin es o f th e c o .
to t a l 145 m iles a n d In clu d e th e im p o rta n t in t e r c o n n e c t io n o f t h e P e n n -O h io
S y stem w ith D u q u e s n e L ig h t C o ., w h ile d is trib u tin g lin es a g g r e g a te o v e r
600 m ile s, s e r v in g a p p r o x im a t e ly 2 8 ,9 0 0 c u s to m e rs .
STOCK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity
___________ 5 6 ,5 0 0 shs. ___________
C o m m o n 2 0 0 ,0 0 0 shs (n o p a r ) . ____
$6 6 0 c u m p f 5 0 , 0 0 0 s h s ( n o p a r ) ____
$ 6 .6 0
9 ,9 0 5 shs ____________
$6 c u m p f 50 OOOshs.. (n o p a r ) ____
$ 7 .2 0
N one
____________
$7 cu m p f 50 000 shs (n o p a r) ________
$ 7 .0 0
N one
____________
F irst m tg e g o ld 5 % series o f f 1926
5 J -J .
$3 800 000 J u ly 1 1956
1956 ($1 000 c * & r * $50 0 c , ( T h e N a tio n a l C it y B a n k o f N e w Y o r k ,
a n d $ 5 ,0 0 0 r ) ____________ t f f
tru ste e .
R e a l e sta te m o r tg a g e b o n d s ___ ______
5M %
5 0 ,0 0 0 Ju n e 3 193 6
B o n d s . — T h e f i r s t m o r tg a g e g o ld b o n d s a re s e cu re d b y a d ir e ct fir s t m o r tg a g e
o n th e e n tire fix e d assets o f th e c o a n d b y a fir s t lie n , t h r o u g h p le d g e o f all
o u ts ta n d in g s e cu ritie s , o n th e p r o p e r tie s o f th e E llw o o d C i t y H y d r o -E le c t r ic
C o . A d d it io n a l b o n d s m a y n o t be issu ed e x c e p t fo r r e fu n d in g p u r p o s e s ,
unless c o m b in e d net e arn in gs o f th e c o an d its su b sid ia rie s fo r 12 c o n s e c u t iv e
w ith in p r e c e d in g 15 c a l n da r m o n th s h a v e b e e n a t le a st e qu a l t o tw ic e a n n u a l
in terest o n a ll b o n d s issu ed a n d o u ts ta n d in g u n d e r th e m o r tg a g e , in c lu d in g
p r o p o s e d issu e, a n d o n all p r io r lien b o n d s . N o t m o r e th a n 1 5 % o f s u ch
net e a rn in gs shall co n s ist in th e a g g r e g a te o f (a) n e t n o n -o p e r a tin g in c o m e
(6) net in c o m e d e r iv e d fr o m p r o p e r tie s n o t d ir e c t ly s u b je c t t o th e lien o f th e
m tg e . o r t o th e lien o f a su b s id ia r y c o r p o r a t io n a ll b o n d s o u ts ta n d in g u n d er
w hich a re o w n e d b y th e c o . a n d p le d g e d u n d er th e m t g e . R e d . all o r p a r t
o n 30 d a y s ’ n o t ic e p r io r t o J u ly 1 1931 a t 105; o n J u ly 1 1931 a n d p r io r t o
J u ly 1 1935 a t 10434; o n J u ly 1 1935 a n d p r io r t o J u ly 1 1940 a t 104; a t % %
less d u r in g each s u c c e e d in g y e a r p r io r t o J u ly 1 1955, a n d o n J u ly 1 1955 a n d
th e r e a fte r p r io r t o m a t u r it y at 100, p lu s in te re st in ea ch ca s e . P e n n . 4
m ills a n d M a s s . 6 % ta xe s r e fu n d a b le .
In Ju n e 1926 B o n b r ig h t & C o . , I n c ,
E a stm a n , D illo n & C o ., a n d H a rp er & T u rn e r o ffe r e d $ 3 ,8 0 0 ,0 0 0 5 % series
o f 1956 a t 98 a n d in t ., t o y ie ld 5 . 1 3 % .
V . 123 , p . 8 3 .
E A R N I N G S .— F o r ca le n d a r y e a r 1926, in c lu d in g s u b s id ia r y c o m p a n ie s :
G ro s s in c o m e __________________________________________________________ $ 3 ,2 6 6 ,6 0 5
O p e ra tin g expen ses a n d t a x e s _______________________________________ 2 ,3 3 1 ,2 6 1
N e t e a r n in g s________________________________________________________
A n n u a l in te re st o n f u n d e d d e b t _____________________________________

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

B a la n ce fo r re tir e m e n t r e s e r v e , d iv id e n d s , & c __________________ $ 7 4 2 ,4 6 9
O F F I C E R S .— P r e s ., C . S. M a c C a lla ; V .- P s ., J . T . H a r rin g to n a n d H . A .
C la rk e ; S e c ., F . E . W ilk in ; T r e a s ., E . G . D u n la p .— V . 123, p . 8 3 , 290 1;
V . 125, p . 1462.

(4) PENN-OHIO PUBLIC SERVICE CORPORATION.
C o n tr o l. — A ll c o m m o n s t o c k is o w n e d b y P e n n -O h io E d is o n C o .

O R G A N I Z A T I O N .— O rga n ized in 1926. C o n tr o ls p r a c tic a lly a ll o f
th e tr a n s p o r ta tio n p r o p e r tie s o f the P e n n -O h io S y s te m . T h e c o m p a n y ’s
o p e r a tin g su bsid iaries are:
T h e A k ro n -Y o u n g s to w n B u s C o .
T h e N e w C a s tle T r a c tio n C o .
C le v e .-M a h o n in g V a lle y C o a c h C o . P e n n a . & M a h o n in g V a lle y R y . C o .
T h e E a st E n d T r a c t io n C o .
T h e P e n n a .-O h io C o a ch L in es C o .
T h e P e n n a .-O h io T o u r is t C o .
N e w C a s tle E le c . S t. R y . C o .
T h e N e w C a s tle & L o w e ll R y . C o .
T h e Y o u n g s t o w n M u n ic ip a l R y . C o .
N e w C a s tle & M a h o n in g t o w n St.
T h e W e s t E n d T r a c t io n C o .
R y . C o.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y , th ro u g h its s u b sid ia rie s, fu rn ish e s e le ctr ic r a ilw a y a n d b u s
s e r v ic e in th e c itie s o f Y o u n g t o w n , N e w C a s tle a n d S h a ro n . E le c t r ic
in teru rb a n ra ilw a y lin es e x te n d fro m L e a v it t s b u r g th r o u g h W a r r e n , N ile s ,
G ira rd , Y o u n g s t o w n , C a m p b e ll, Stru th ers an d L o V e llv ille t o N e w C a s tle .
A s e c o n d r o u te e x te n d s n o r th e a s t fr o m Y o u n g s t o w n to S h a ro n . D e lu x e
in te ru rb a n m o t o r c o a c h e s o p e r a te b e tw e e n c itie s ®f the P e n n .-O h io t e r rito r y
an d e x te n d th eir s e r v ic e t o A k ro n a n d C le v e la n d .
T h e ra ilw a y s d iv isio n
has a t o t a l o f 155 m ile s o f tr a c k , 58 m ile s o f w h ic h a re in te ru rb a n , § 7
m iles o f w h ich are t r a c k a g e . E q u ip m e n t in c lu d e s 284 ca rs, o f w h ic h 8 a r e
fre ig h t carriers. I n a d d itio n a u x ilia ry b u s s y s te m t o ta ls 121 b u ses.
S T O C K A N D B O N D S —D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n s t o c k _________________ A ll o w n e d b y ± e n n -O h io E d is o n C o .
I T n ilp rlu it)n
—
P o la n d St R y 1st m t g e _______________
5 g
1 7 0 ,0 0 0 J u n e 1 1933
B o n d s . — T h e P o la n d S t. R y . 1st m tg e . 5 % g o ld b o n d s d u e J u n e 1 1933
w e re a ssu m ed b y th e P e n n -O h io P u b lic S e rv ice C o r p .
O F F I C E R S .— P r e s ., H . A . C la rk e ; V ic e -P r e s ., C . O . B a ile y ; S ec. a n d
T r e a s .. E . W . F re e m a n .

THE PENNSYLVANIA-OHIO ELECTRIC CO.
C o n tr o lle d b y P e n n -O h io E d is o n C o .

O R G A N I Z A T I O N .— I n c o r p . in P e n n s y lv a n ia in N o v . 1914 an d in O h io
o n A u g . 20 1917. W a s k n o w n as t h e M a h o n in g & S h e n a n g o R y . & L ig h t
C o ., b u t n a m e c h a n g e d t o p re se n t tit le e a r ly in 1920. C o ’ s o n ly su b ­
sid ia ry is th e Y o u n g s t o w n G a s C o .
O w n s th e n e w T o r o n t o p o w e r h o u se , th e c a p a c it y o f w hich w ill u ltim a te ly
C a p it a l i z a ti o n . — O n ly o u ts ta n d in g s t o c k in h a n d s o f th e p u b lic is $ 5 0 2 ,1 0 0
be 3 5 0 ,0 0 0 h . p ., a n d w hich is n o w b e in g in cre a se d fr o m 8 8 ,0 0 0 h .p . to
7 % c u m . p r e f., p a r v a lu e $10 0. T h e m a jo r it y o f th e c o . ’s s to c k has been
1 7 6 ,0 0 0 h .p . T h e p la n t co n s ists o f t w o tu r b in e u n its, t w o a d d itio n a l u n its j
e x c h a n g e d fo r 7 % c u m . p r io r p r e f. s t o c k o f P e n n -O h io E d is o n C o . o n a
o f 4 4 ,0 0 0 h .p . ea ch a re u n d e r c o n s tr u c tio n a n d w ill b e p la c e d in o p e r a tio n
sh a re -fo r-sh a re basis. V . 121, p . 275 3, 3 00 5.
d u rin g 1927 a n d 192 8. T h is p o w e r p la n t a n d a p p ro x im a te ly 39 m iles o f
tra n sm ission lin es are le a s e d t o th e P e n n s y lv a n ia O h io P o w e r & L ig h t C o .
O F F I C E R S .— P r e s ., J . T . H a r rin g to n ; V . - P . , C . S. M a c C a lla a n d H . A .
fo r a p e r io d o f 9 9 9 y e a r s .
C la rk e ; V .- P . & T r e a s ., E . G . D u n la p .; S e c ., F . P . S m ith . V . 121, p . 2 7 5 3 ,
3 0 0 5 ; V . 122, p . 348 , 1919; V . 123, p . 844 .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y
C o m m o n 3 0 0 ,0 0 0 s h s .(n o p a r ) . — A l l o w n e d by P e n n O h io E d is o n C o . ---------—
7 % c u m gu a r p r e f $ 6 ,0 0 0 ,0 0 0 1 ____
7Q J
$ 4 ,6 0 0 ,0 0 0 ____________

F IE L D OF O P E R A T IO N S A N D C H A R A C T E R OF B U S IN E S S .—

AMERICAN GAS & EL CTRIC CO.
F irst m o r t g a g e s f $ 3 5 ,0 0 0 ,0 0 0 f I n t . a t B a n k e rs T r u s t C o ., N . Y . C . , tru ste e .
6 % series '2 3 ($ 1 0 0 , & c ) . t f 1923
6 g J J
6 ,8 4 7 500 J u ly 1 1948
O R G A N I Z A T I O N .— In c o r p o r a te d F e b . 18 1925 as a c o n s o lid a tio n o f
5 % series o f 1926 ($1,000.| 1926
5 g J D
3 ,9 4 8 000 Ju n e 1 1951
A p p a la ch ia n S e cu ritie s C o r p . a n d A m e rica n G a s & E le c t r ic C o . I n c o r p $ 5 0 0 , $10 0 c * , a n d $ 1 0 ,0 0 0 , G u a r a n te e d p r in c ip a l, in te re st a n d sin k in g
in N . Y . D e c . 20 1906. p e r p la n V . 8 3 , p . 1349, 1473, 1592; V . 101, p . 2 1 6 8 .
$ 5 ,0 0 0 , $ 1 ,0 0 0 r * ) _______ t f [
f u n d , b y P e n n -O h io E d is o n C o .
V . 102, p . 137: V . 106, p . 298 , 398 . C o n tr o lle d b y in te re sts a ffilia ted w it h
S to c k . — T h e 7 % c u m . g u a r . p r e f . s t o c k is u n c o n d itio n a lly g u a ra n te e d as
G en eral E le c tr ic C o .
N e w 3 0 ,0 0 0 k .w . ge n e ra tin g p la n t a t W in d s o r ’
t o p a y m e n t o f d iv id e n d s a n d liq u id a tio n p r ic e b y e n d o rse m en t b y P en n W . V a . (C e n tra l P o w e r C o . ) ; V . 107, p . 2291; V . 1 0 6 , p . 298; V . 105, p . 8 2 1 ,
O h io E d is o n C o .
Is p r e fe rr e d as t o d iv id e n d s o v e r a n y o th e r s t o c k o f the
1524. In 1916 p u rch a se d C itiz e n s ’ E le c tr ic C o . o f P itts to n v a . y . 1 0 2 ,
c o ., a n d as t o assets t o th e e x te n t o f $11 a n d d iv s . R e d . as a w h o le on
p . 1719. In S ep t. 1923 a c q u ir e d th e W e s t V irgin ia W a te r & E le c t r ic C o .
a t lea s t 30 a n d n o t m o r e th an 60 d a y s ’ n o t ic e , at $110 a n d d iv s . In Ju n e
P r in c ip a l su b sid iaries; A p p a l a c h i a n E le c tr ic P o w e r C o . and T h e O h io P o w e r
1926 B o n b r ig h t & C o ., I n c ., a n d E a s tm a n , D illo n & C o . o ffe r e d $ 1 ,6 h),000
C o . (see b e lo w ).
See also In d ia n a & M ic h ig a n E le c tr ic C o .
In terests in
a d d itio n a l 7 % c u m . g u a r . p r e f. s t o c k at 10034 a n d d iv s . fr o m J u ly 1 1926, j A m e r ic a n E le c . P o w e r C o . s o ld t o P e n n sy lv a n ia G as & E le c . C o r p . V . 125 ,
t o y ie ld o v e r 6 .9 5 %
V . 122, p . 3 34 1.
p . 1834.
B o n d s .— T h e f i r s t m o r tg a g e s in k in g f u n d g o ld b o n d s are g u a r a n te e d u n c o n d i­
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
t io n a lly (p r in c ip a l, in terest a n d sin k in g fu n d ) b y en d o rse m e n t o n ea ch b o n d
C o m p a n y ’ s su bsid iaries d e r iv e a b o u t 8 9 % o f their c o m b in e d gro ss earn in gs
b y P e n n -O h io E d is o n C o . T h e y are se cu re d b y a d ir e ct fir s t m o r tg a g e on all
fr o m th e e le ctric p o w e r a n d ligh t bu siness. T h e y se rv e , d ir e c t ly o r in ­
o f th e fix e d p r o p e r t y o f th e O h io R iv e r E d iso n C o . , in clu d in g a fte r-a c q u ir e d
d ir e c t ly , 631 c o m m u n itie s in 9 d iffe re n t S tates w ith p o w e r a n d lig h t, in c lu d ­
p r o p e r t y , a n d b y firs t lie n , th r o u g h p le d g e o f a ll o u ts ta n d in g s e cu ritie s, on
in g C a n to n a n d N e w a r k , O h io ; A tla n tic C it y , N . J .; S o u th B e n d , M u n c ie ,
th e tra n sm ission lin e o w n e d b y c o . ’s s u b s id ia r y , th e O h io R iv e r T ra n sm issio n
M a r io n a n d E lk h a rt, In d .. C h a rle sto n a n d W h e e lin g , W . V a .; P u la s k i,
C o . N o fu r th e r s ecu ritie s o f O h io R iv e r T ra n sm issio n C o . m a y be issu ed
V ir g in ia , S cra n to n a n d P itts to n , P a .; R o c k f o r d , 111., an d S t. J o s ep h an d
unless im m e d ia te ly a c q u ir e d b y O h io R iv e r E d is o n C o . a n d p le d g e d u n d er
B e n to n H a r b o r , M ic h . T o t a l e le ctr ic c o n s u m e rs , 4 0 2 ,9 5 3 .
C o m p a n y ’s
th e m o r tg a g e .
e le ctr ic p ro p e rtie s in clu d e 3 large m o d e r n ge n e ra tin g s ta tio n s, th e W in d s o r ,
T h e r e is an a n n u a l c u m u la t iv e s in k in g fu n d o f $ 5 0 ,0 0 0 b e g in n in g S e p t. 1 th e P h ilo an d th e T w in B ra n ch sta tio n s. T h e p o r t io n o f th e W in d s o r
1926 fo r th e 5 % series o f 192 6. 5 % series o f 1926 are r e d . all o r p a r t, on
s ta tio n (w h ich w as c o n s tr u c te d jo in t ly b y c o . ’s su b s id ia r y . T h e O h io
30 d a y s ’ n o t ic e a t a p r e m iu m o f 5 % o n o r b e fo r e D e c . 1 1941, and th e r e a fte r
P o w e r C o . an d W e s t P en n . P o w e r C o ., a n d w h ich is s itu a te d o n th e O h io
at 34 % p r e m iu m fo r ea ch y e a r or a n y p a r t th e r e o f o f u n e xp ire d life (in ea ch
R iv e r near W h e e lin g , W . V a .) , o w n e d b y O h io P o w e r C o ., has a ra te d
case w ith in te re s t).
P e n n . 4 m ills, C o n n . 4 m ills an d M a s s . 6 % taxes re­
c a p a c it y o f 9 0 ,0 0 0 k .w . T h e P h ilo s ta tio n o n th e M u s k in g u m R iv e r ,
fu n d a b le .
In Ju n e 1926 B o n 'r i g h t & C o ., I n c ., an d E a stm a n , D illo n & C o .
a p p ro x . 12 m iles s o u th o f Z a n e sv ille , is o w n e d b y th e O h io P o w e r C o . a n d
o ffe r e d $ 4 ,0 0 0 ,0 0 0 a d d itio n a l 5 % series o f 1926 a t 9314 a n d in te re st t o y ie ld
has an in itial c a p a c it y o f 8 0 ,0 0 0 k .w . a n d u ltim a te c a p a c it y o f 2 4 0 ,0 0 0 k .w .
a b o u t 5 1 4 % . V . 122, p . 3 21 0.
T h e T w in B ra n ch s ta tio n is o w n e d b y In d ia n a & M ic h ig a n E le c t r ic C o . , is
s itu a te d near E lk h a rt, I n d ., a n d has an in itia l c a p a c it y o f 8 0 ,0 0 0 a n d
O F F I C E R S .— P r e s ., C . S . M c C a lla ; V . - P s ., J . T . H a r rin g to n a n d H . A .
u ltim a te c a p a c it y o f 2 4 0 ,0 0 0 k .w . » T o t a l tra n sm issio n lines 3,931 m iles;
C la rk e; T r e a s ., E . W . F r e e m a n ; S e c ., F . P . S m ith . T r e a s u r e r 's o ffic e ,
to ta l d is trib u tio n lines 5,9 9 7 m iles. g
120 B r o a d w a y , N e w Y o r k C i t y .— V . 119 , p . 2 5 3 0 , V . 122, p . 3 2 1 0 . 3341




O ct .? 1927.]

POWER, LIGHT AND RAILW AY

STO CK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C ora 2 ,2 5 0 ,0 0 0 shares (n o p a r ) ____
________ 1 .2 8 6 941 shs
See text
P f 6 % c u m 6 0 0 ,0 0 0 sh s (n o p a r ) ____
6 Q -F
3 9 6 .4 8 2 sh s.
See text
C o lla t m o r tg a g e $6,282,000 1 1907
5 g F -A
6 ,2 8 2 ,0 0 0 F e b 1 2007
($100, & c) g o l d _______ c * & r j l n t . at G u a ra n ty T r u s t C o . , N . Y . , trustee
D e b e n tu re b o n d s (A m e r series) 1914
6 g M -N
4 6 ,9 0 4 ,0 0 0 M a y 1 2014
($100. & c .) g o l d ______c * & r { I n t . a t G u a ra n ty T r u s t C o . , N . Y . . tru stee.
S to c k .— T h e c o m m o n s t o c k o f n o par va lu e w as Issued in p la c e o f o u t ­
sta n d in g shares o f c o m m o n ($50 par) in th e r a tio o f 5 shares o f c o m m o n , no
par va lu e, for ea ch share o f c o m m o n s t o c k , par $50 . P re fe rre d s to c k If
B o id s .— T h e colla tera l tru st 5s are se cu re d b y p le d g e o f c o m m o n s to c k s of
c e r ta in su bsidiaries. A re c a lla b le at 105. V . 8 3 , p . 1349A d d it io n a l g old d e b e n tu r e b o n d s m a y b e Issued in series o f s u ch te n o r as
c o m p a n y fr o m tim e t o tim e m a y d e te rm in e , p r o v id e d n e t in c o m e fo r 12
o u t o f p r e c e d in g 14 m o n th s has be e n n o t less th a n 3 tim e s in terest charges
o n a ll g o ld d e b e n tu re b o n d s o u ts ta n d in g , in c l. n ew issu e, an d in te re st on
a n y in d e b te d n e s s o f th e c o . o u ts ta n d in g , o th er th a n secured in debtedn ess
a n d in d eb ted n ess c a n c e lle d su b se q u e n t to th e c lo s e o f said p e rio d and
p r io r t o o r c o n c u r r e n tly w ith th e d e liv e ry o f t h e g o ld d e b e n tu re b o n d s then
t o b e issu ed.
D e b e n tu r e 6 % b o n d s (A m e rica n series) are red eem a b le a t 11 0 . P e n n a ,
4 m ills ta x r e fu n d e d . V . 99, p . 51, 122; V . 115, p . 1635; V . 119, p . 1067.
In F eb . 1924 $ 9 ,0 0 0 ,0 0 0 w ere o f fe r e d b y B o n b r ig h t & C o .. I n c ., at 97
a n d in te re s t, t o y ie ld 6 .1 5 % . V . 120, p . 95 4 . In M a r c h 1926 th e sam e
b an k ers o ffe r e d $ 7 ,5 0 0 ,0 0 0 a d d itio n a l 6 % g o ld d e b e n tu re b o n d s (A m . series)
a t 9946 an d in t ., t o y ie ld o v e r 6 % . Y . 122, p . 1760.
D iv i d e n d s .-— O n p re fe rre d $ 1 .5 0 M a y 1 1907 an d sam e ra te q u a r. sin ce,
in c l. M a y 1927.
O n th e s ta m p e d n o p a r p re f. s t o c k an initial m o n th ly d iv .
o f 5 0 c. in F e b . 1927. O n c o m m o n s t o c k o f n o p a r v a lu e p aid o n J u ly 2 1923
an d Ja n . 2 1924 a q u a r. d iv . o f 2 5 c. p e r share and an extra d iv . o f l-5 0 th o f
a share o f c o m . s t o c k .
O n O ct. 1 1923 and A p ril 1 1924 p a id 2 5 c . q u a r.
O n J u ly 1 1924 p a id a q u a r. d iv . o f 2 5 c . and sim ilar d iv s . re g u la rly sin ce,
in c l. A p ril 1927. E x tra d iv s . o f l-5 0 t h o f a share o f c o m m o n w ere p a id in
J u ly 1924, Jan . 1925, J u ly 1925, Jan . and J u ly 1926 an d Jan . 1927. A
s p e cia l extra d iv . o f 5 0 % in c o m . s t o c k w as p a id in Ja n . 1925 in a d d itio n to
t h e regu la r q u a r. d iv . o f 2 5 c ., an d th e extra d iv . o f l-5 0 th share c o m m o n ,
a lr e a d y m e n tio n e d . V . 122, p . 333 6.
In Jan. 1927 p a id a special extra d iv .
o f 4 0 % in c o m . s t o c k in a d d itio n t o th e regu lar q u a r. d iv . o f 2 5 c . an d the
regu lar s .-a . extra d iv . o f l-5 0 th o f a share o f c o m . s t o c k . V . 123, p . 303 5.
In J u ly 1927 p a id r e g . q u a r. cash d iv . o f 2 5c. a n d th e r e g . s e m i-a n n u a l extra
d i v . o f l-5 0 t h sh are c o m . s to c k .
E A R N I N G S .— C o n s o lid a te d e arn in gs o f c o m p a n y an d subsidiaries;
C a le n d a r Y e a r s —
1925.
1924.
9 12 3.
G ro s s earnings o f all s u b sid ia ry c o s . .$ 4 9 ,4 9 4 ,4 8 1 $ 3 6 ,8 4 5 ,6 2 8 $33 ,9 3 1 ,2 7 3
B a la n ce o f s u b . c o s .' e a rn s., a fter all
d e d u ctio n s , in c l. d e p r e c ., a p p lic a b le
t o c o m p a n y _________________________ 1 8 ,1 6 4 ,5 0 8
5 ,9 6 6 ,4 1 6
5,097,571
2 ,6 0 5 ,8 3 8
3 ,0 5 0 ,6 7 5
1,176,501
O th e r in c o m e o f c o m p a n y , less e x p ___

T o t a l gross in c o m e a p p lic a b le t o
c o m p a n y fu n d e d d e b t _______________$ 1 0 ,7 7 0 ,3 4 6
A n n u a l in t . ch arges o n fu n d e d d e b t . .
3 ,1 2 8 ,3 4 0

$ 9 ,017,091
-----------

1,274,027

B a la n c e ______________ ________________ $ 7 ,6 4 2 ,0 0 6
_______
_______
O F F I C E R S .— C h a irm a n o f B o a r d , ______________; P r e s ., G e o rg e N . T id d ;
V .- P . & S e c ., F ran k B . B a ll; T r e a s ., F . W . D ra g e r. O ffic e . 30 C h u r ch S t.,
N . Y . — V . 121. p . 274 9; V . 122, p . 1453, 1606. 1760. 2 79 7, 3 33 6; V . 123,
p . 708 , 1501, 1995, 3035; V . 124, p . 3349; V . 125, p . 1578, 1834.

(THE) OHIO POWER CO.
C O N T R O L L E D b y A m e r ic a n G a s and E le c tr ic C o ., w h ich ow n s the
e n tire c o m m o n s to c k .
O R G A N I Z A T I O N .— N a m e c h a n g e d fro m C e n tra l P o w e r C o . t o present
tit le on N o v . 20 191 9.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y ow n s a n d o p e ra te s large ele ctric p o w e r an d ligh t ge n e ra tin g plan ts
an d d is trib u tio n s y s te m s in a c t iv e m a n u fa ctu rin g an d m in in g s e ctio n s of
O h io .
3 ,4 6 8 tran sm ission a n d d istrib u tio n lines.
P o p u la tio n served
es tim a te d t o ex ceed 1 1 9 .0 0 0 in clu d in g in all 225 citie s and to w n s , a m on g
w h ic h are C a n t o n , L im a , P o r t s m o u t h , E a s t L iv e r p o o l, I r o n t o n , C a m b rid g e ,
N e w a r k , L a n ca s te r, B u c y r u s , S te u b e n v ille a n d th e AYh e e lin g d is tric t west
o f th e O h io R iv e r . C o m p a n y o w n s a t o t a l in s ta lle d e le ctr ic gen eratin g
c a p a c it y o f 2 3 4 ,4 9 0 k .W ., in c l. th e P h ilo su p e rp o w e r p la n t (8 0 ,0 0 0 k .w .)
a n d th e W in d sor p la n t (9 0 ,0 0 0 k . w . ) . T h e AYindsor p la n t h a s 1 8 0 ,0 0 0 k .w .
in s ta lle d g en era tin g c a p a c it y , 9 0 ,0 0 0 o f w h ic h , h o w e v e r , are o w n e d b y the
W e s t P e n n P o w e r C o . V . 121, p . 227 4. C o . ’s tra n sm ission sy s te m is
in te r-c e n n e e te d w ith th a t o f A p p a la c h ia n E le c t r ic P o w e r C o . a n d In d ian a
& M ic h ig a n S le c t r ic C o . , b o t h subsidiaries o f A m e rica n G as & E le c . C o
T h e in te r-c o n n e c te d s y s te m e x te n d s in to 6 S ta te s. V . 122, p . 3 60 6.
A c q u is i t i o n . — In th e m id d le o f 1925 c o . a c q u ir e d th e L im a R y . P o w e r &
L t . C o ., in c o n n e c tio n w ith w h ich p u rch ase C o . o b ta in e d in A u g ., 1925
a u th o r iz a tio n fr o m th e O h io P . U . C o m m issio n t o issue $ 1 ,2 1 5 ,0 0 0 bon d s
a n d 8 1 ,0 0 0 n o p a r c o m m o n shares. V . 121, p . 97 9 . In D e c . 1925 th e O hio
P . U . C o m m is s io n a u th o riz e d th e c o . to issue $ 2 ,1 3 9 ,0 0 0 5 % b o n d s , and
$ 7 1 3 ,5 0 0 6 % p r e f. s t o c k . V . 121, p . 287 6. I n 1926 c o . w as t o m e rg e a
n u m b e r o f p r o p e r tie s p r e v io u s ly c o n t r o lle d b y A m e r ic a n G a s & E le ctric
C o . , in c l. th e O h io S e rv ice C o . o f C o s h o c t o n (v a lu e d at $ 5 ,5 8 9 ,2 8 9 ); the
P o r ts m o u th (O .) P u b lic S e rv ice C o . ($ 2 ,1 7 0 ,4 4 2 ); t h e N o rth w e s te r n O h io
L ig h t C o . o f L im a , O . ($ 2 ,1 1 7 ,8 6 5 ); th e I r o n t o n (O .) E le c t r ic C o . ($854,9 5 2 ); th e P a n d ora (O .) E le c t r ic L ig h t C o . ($ 1 3 1 ,9 7 9 ), an d th e C h e sa p e a k e
< 0 .) E le c t r ic C o . ($ 3 0 ,9 6 7 ). V . 122. p . 334 1.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
___ _____
_ 1 .0 9 5 .2 7 5 shs.
C o m 1,5 0 0 ,0 0 0 shs (n o p a r ) .
6 Q -M
6 % c u m p f $ 3 0 ,0 0 0 ,0 0 0 ($100)
)
$ 1 4 ,1 1 3 ,3 0 0
...
1st & r e f m o r tg a g e g o ld
Series A ($ 1 ,0 0 0 , 500 , 100
7 g J-J
c * a n d $1,0 0 0 r ) ------------t f 1 1921
9 ,7 0 2 ,0 0 0 Jan 1 1951
Series B ($ 1 ,0 0 0 , 500, 100
c * an d $ 1 ,0 0 0 , 500 r ) _ t f I 1922
5 g J-J
1 3 .7 9 4 .5 0 0 J u ly 1 1952
Series C ($ 1 ,0 0 0 , 500 c * a nd f 1923
6 g M -S
1 0 .0 0 0 ,0 0 0 S ep t 1 1953

----

$1,000 r ) _______________ t f

/
c r ie s " D ” ($ 1 ,0 0 0 & $50 0 c * f 1926
444 g J D
9 ,6 3 5 ,0 0 0 Ju n e 1 1956
a n d $ 1 ,0 0 0 r * ____________t f \ l in tt.a a t C e n t. U n io n T r . C o . o f N . Y . , tru stee.
I n , '
G o ld d e b e n t 6s ($ 1 ,0 0 0 ) c * t ffI I 1924
6 g J -D
2 ,0 0 0 .0 0 0 June 1 2024
(S e a b o a r d N a tio n a l B a n k o f N . Y . , tru stee.
U n d e r ly in g b o n d s ( c l o s e d ) . . ____
__________
2 ,7 3 1 ,0 0 0 ____________
S to c k . — T h e p r e f . s to ck is p re fe rre d as t o assets an d c u m . d iv id e n d s o v e r
t h e c o m m o n s t o c k . R e d . w h o le or p a r t o n 30 d a y s ’ n o t ic e a t $110 a n d divs.
In N o v . 1925 O tis & C o . a n d T u c k e r , A n th o n y & C o ., o ffe r e d $ 1 ,8 0 0 ,0 0 0
ajj^95 a n d d i v ., t » y ie ld a b o u t 6 .3 2 % . V . 121, p . 227 4.
B o n d s . — 1st & r e f . m o r tg a g e g o ld b o n d s, are a ll e q u a lly a n d r a t a b ly secured
b y d ir e ct m o r tg a g e lien o n th e g re a te r p a r t o f c o . ’s p la n ts and p r o p e r t y ,
in c l. th e t w o p r in c ip a l g e n e ra tin g sta tio n s a n d p r a c t ic a lly a ll t h e n e w h igh v o lt a g e tra n sm ission lin es c o n s t r u c te d a n d a cq u ire d u p t o t h e m id d le o f
1926 b y t h e c o ., a n d b y s e c o n d m o r tg a g e lie n o n th e r e m a in d e r, s u b je c t t o
d iv is io n a l lien issu es, a ll o f w h ic h m u st b e p a id at m a tu r ity an d m a y n o t be
e x te n d e d . A d d it io n a l b o n d s m a y b e issu ed in series w ith in te re st rates,
& c ., & c ., as th e d ir e cto r s m a y fr o m t im e t o tim e d e te r m in e , b u t o n ly
(e x c e p t fo r r e fu n d in g p u r p o s e s ) f o r 7 5 % o f t n e c o s t o f n e w c o n s tr u c ­
t io n , A c . , a n d p r o v id e d th e n e t earn in gs in 12 o u t o f 15 p r e ce d in g m o n th s
h a v e b e e n at least t w ic e in te re s t ch arges o n a ll outstam ding b o n d s , in­
c lu d in g t h o s e t o b e o ffe r e d , a n d u n d e rly in g b o n d s , o r 1 2 % o f th e p a r v a lu e o f
such b on d s as e o . m a y e le c t. T o a r e n e w a l f u n d c o . has t o p a y o n A p ril of
e a ch year (b eg in n in g A p ril 1 1922) a sum equ a l t o 4 K % o f th e b o n d s o u t ­
s ta n d in g a t th e e lose o f th e p r e c e d in g y e a r, less e x p e n d itu re s fo r m a in te n a n ce
& e ., m a d e d u rin g such y e a r.
S e r ies A is re d . w h o le o r p a r t o n 60 d a y s ' n o t ic e a t 107>4 a n d in t . t o and
in c l. Ja n . 1 1926; a t 106 a n d in t . t o a n d in cl. J a n . 1 1931: a t 1 0 4 La a n d in t . to
a n d in c l. Ja n . 1 1936; a t 103 a n d in t ., t o a n d in c l. J a n . 1 1941; a t 101J4
a n d in t. t o a n d in c l. J a n . 1 1949, an d a t 10046 a n d in t . th e r e a fte r . T o a
s in k in g f u n d c o . has t o d e liv e r 1 K % o f series A b o n d s o u ts ta n d in g o n the
3 1 s t D e c . n e x t p re ce d in g , d u rin g a n y o f th e yea rs 1924 t o 1936, b o th in c l.,
a n d 2 % a fter 1936.
S e r ies B are c a ll, w h o le o r p a r t o n 4 w e e k s ’ n o t ic e a t 105 o n o r before
J u ly 1 1927; a t 104 in th e n e x t 5 yea rs; at 103 in t h e n e x t fiv e ; a t 102 in the
n e x t fiv e ; a t 101 in th e n e x t fiv e ; an d a t 10046 th e re a fte r. In e a ch case
w ith in te re s t. P en n 4 -m ills ta x r e fu n d a b le . In D e c . 1925 D illo n , R e a d &
C o . , L e e , H ig g in son & C o . a n d C o n tin e n ta l & C o m m e rcia l T r u s t & Savings
B a n k , C h ic a g o , o ffe r e d $ 5 ,6 6 2 ,0 0 0 a d d itio n a l Series B b o n d s , d u e J u ly 1
1952 a t 9446 an d in t ., t o y ie ld a b o u t 5 .3 9 % . V . 121, p . 300 5.




141

S e r ies C are ca ll, w h o le or p a r t on 4 w e e k s’ n o tice a t 106 o n o r b efore
S e p t. 1 1928; a t 105 t o S ep t. 1 1933; a t 104 t o S ep t. 1 1938; a t 103 t o S e p t. 1
1943; a t 102 t o S e p t. 1 1948; a t 101 t o M a r c h 1 1952 a n d a t 10046 t o S ep t. 1
1952 a n d p r io r t o m a t u r it y .
In each ca se w ith in te re st. In a d d itio n to
th e $ 1 0 ,0 0 0 ,0 0 0 in h a n d s o f th e p u b lic , $ 1 8 ,0 0 0 are h eld in tre a su ry .
Series D are r e d . all o r p a r t b y lo t o n 4 w e e k s ’ n o t ic e a t 103, in c l. J u n e 1
1931; a t 10246 th r o u g h Ju n e 1 1936; a t 102 th ro u g h Ju n e 1 1941; a t 10146
th ro u g h Ju n e 1 1954, an d a t 100 th e re a fte r to m a t u r it y ; in each ca se w ith
in t. P e n n . 4 m ill tax r e fu n d e d .
In Ju n e 1926 D illo n , R e a d & C o . , L e e ,
H iggin so n & C o . . N e w Y o r k , a n d C o n tin e n ta l & C o m m e r c ia l T r u s t &
S av in gs B a n k . C h ic a g o , s o ld $ 9 ,6 3 5 ,0 0 0 series D a t 93 a n d in t ., t o yield
4 .9 5 % .
V . 122, p . 3606; V . 123, p . 2 6 5 5 .
T h e 6s g o ld d e b e n tu r e s , d u e J u n e 1 2024 are c a ll, w h o le o r p a r t on an d a fter
June 1 1949, u p o n 30 d a y s ’ n o t ic e a t 110 an d in t ., b e fo r e Ju n e 1 2019 and
th ereafter a t p a r and in t. P e n n . 4 -m ills ta x r e fu n d a b le . A d d itio n a l b o n d s
m ay b e issued o n iy w hen n e t in c o m e fo r 12 o u t o f 15 p r e c e d in g m o n th s has
been a t least t w ic e ann ual in te re st o n all f u n d e d a n d o th e r d e b t .
D iv i d e n d s .— On th e p r e f. s to c k d iv . a t th e ra te o f 6 % p er an n u m have
been p a id r e g u la rly , q u a rte r ly sin ce issu e.

E A R N I N G S .— F o r 12 m o s . e n d . A p r i l 30;
1926.
192 5.
1924.
G ross e a rn in g s_________________ _______ $ 1 4 ,5 0 3 ,2 8 8 $ 1 3 ,2 6 7 ,2 8 0 $ 1 2 ,6 4 6 ,0 8 3
N e t r e v e n u e ____ ______ _________________
5 ,8 7 4 ,4 2 5
5 ,2 0 3 ,3 8 5
4 ,8 2 5 ,8 7 3
F o r earnings 12 m o s . e n d . Ju n e 30 1926, see Y . 123, p . 150 5.
O F F I C E R S .— P r e s .,----------------------- :V .-P ., G e o . N . T i d d .— V . 119, p . 3 01 1;
V . 120, p . 281 7, 3188; V . 121, p . 979 , 2 27 4, 2 87 6, 300 5, 3 34 1, 360 6; V . 123,
p. 1505, 2 6 5 5 .

(THE) COLUMBUS DELAWARE & MARION ELEC. CO.
O R G A N I Z A T I O N .— I n c o r p . in O h io Jun e 12 1917 t o ta k e o v e r the
p rop erties o f th e C o lu m b u s D e la w a re & M a r io n R y ., sold u n d e r foreclosu re
o n Ju n e 11 1917. In J u ly 1926 c o . p u rch a s e d th e A s h le y L ig h t, H e a t &
P o w e r C o . o f A s h le y , O h io . A c q u ir e d th e p r o p e r t y o f th e R ic h w o o d L igh t
Iie a t & P ow er C o . as o f J u ly 1 1926 a n d sta rte d o p e r a tio n o f th is p r o p e r ty
as o f J u ly 1 1926. See also V . 123, p . 1995.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns an d o p e ra te s w ith o u t c o m p e titio n th e cen tral s ta tio n e le ctric ligh t an
p o w e r business in M a r io n , O h io , an d also in th e v illa g e s o f R ic h w o o d ,
M a g n e tic Springs an d S tr a tfo rd , an d c o n tr o ls th e c o m p a n ie s s u p p ly in g elec­
tr ic e n e rgy in M t . G ile a d , C a rd in g to u , A s h le y and E d is o n , and furnish es
electrical e n e rg y w h olesla e t o c o m p a n ie s s u p p ly in g 18 o th e r c o m m u n itie s ,
in cl. th e c it y o f D e la w a r e , O h io ; also op e ra te s th e in te ru rb a n railroa d b e ­
tw een C o lu m b u s , D e la w a re an d M a r io n an d th e street ra ilw a y in M a r io n .
T h e in teru rb a n and M a r io n stre e t ra ilw a y syste m s co n sist o f 55 3 5 m iles o f
single tra ck e q u iv a le n t; 23 c it y an d 10 In terurban passen ger cars, 3 p a rlo r
cars, 4 fre ig h t a n d express cars, 11 fre ig h t b o x car trailers, 18 fla t , d u m p
a n d w ork cars, and 2 m o t o r sn o w p lo w s . H as a c o m p le te e le ctric d istrib u ­
tio n system in M a r io n an d in th e o th e r to w n s m e n tio n e d , a n d a steam p o w e r
sta tio n o f a c a p a c ity o f 3 4 ,666 h .p . O v e r 8 9 % o f c o m p m y s ' ow n in teru rb an
tra ck is o n p r iv a te r ig h t -o f-w a y . H as e n tra n ce t o ce n tre o f C o lu m b u s o v e r
tracks o f the COi. R y ., P . & L . C o ., 4 .0 9 m iles. C o . also o p e r a te s th e w ater
s u p p ly system In the v illa g e o f M t . G ile a d . T o t a l p o p u la tio n se rved b y th e
railro a d d e p t ., in c l. term in al cities, is in excess o f 3 0 0 ,0 0 0 ; serv ed b y
e le ctric ligh t an d p o w e r d e p t .. 5 0 ,0 0 0 .
F r a n c h is e s co n ta in n o b u r d e n so m e re s tric tio n s .
O h A u g . 20 1926 d is co n tin u e d stre e t ca r s e rv ice in D e la w a re , O h io: c o m ­
p a n y h a d agreed t o o p e r a te buses in s te a d . C o m p a n y o p e ra te s 3 12-passenger buses in D e la w a re , O h io . V . 123, p . 1381.
F a r e s .— See V. 122, p . 3338STOCK AN D B O N D S—
O u ts ta n d in g .
D a te .
In terest.
M a tu r ity .
____
C o m m o n 150,000 shs (n o p a r ) . —
6 0 ,000 shs. ____________
P re f 7 % cu m $ 3 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
7 Q-J
$99 8 ,4 0 0 O ct '2 7, I K
1st & r e f (n ow 1st) m t g e ______f 1917
1 .6 2 2 .0 0 0 J u ly 1 1937
1917
5 g J-J
S ta m p e d to be a r 6 % _______ ( 1917
1917
6 g J-J
2 .0 0 0
000 J u ly 1 1937
$ 7 ,5 0 0 ,0 0 0 ($ 1 ,0 0 0 )_______ c [C le v e la n d T r u s t C o ., tru stee.
10-yr c o n v d e b bds Ser A ( 1925
6 g A -O
1 ,2 5 0 .0 0 0 A p r 1 1935
($500 & $ 1 ,0 0 0 ) g o ! d _ .c * t f \ I n t . a t o f fic e o r a g e n c y o f c o . in B o s t o n .
E q u ip m e n t o b lig a tio n s _______________
___________
2 2 ,2 5 0 ____________
S to c k . — P r e f. Is n o n -ta x a b le in O h io , N . Y . , N . H . a n d C o n n .
Is p re­
ferred as to assets an d c u m . d iv s .
R e d . all o r p a r t at 115 an d d iv s . A d d i­
tio n a l p re f. s to c k c a n n o t b e issu ed w ith o u t th e co n s e n t o f th e m a jo r it y o f
th e p r e f. s to c k un less th e n e t earn in gs a v a ila b le fo r d iv s . th ereon are d ou b le
th e req u irem en ts o n th e p r e f. s t o c k issued as p r o p o s e d . N o s to c k ^having
p r io rity can be a u th . e x c e p t w ith c o n s e n t o f 7 5 % o f th e p r e f. s to c k .
P r e f.
has n o v o t in g p o w e r fo r ele ctio n o f d ire cto rs e x ce p t in case o f d e fa u lt o f
4 qu a rte rly d iv id e n d s , w h en th e p re fe rre d s to c k has e x clu s iv e v o t in g pow er
fo r e le ctio n o f d ire cto rs so lo n g as th ere are a n y u n p a id a ccru e d d iv s .
B o n d s . — $ 1 ,6 6 5 ,0 0 0 1st & r e f. m t g e . b o n d s be a r 5 % in t ., w hile $ 2 ,0 0 0 ,0 0 0
are s ta m p e d to bear 6 % . T h e a d d itio n a l in t. o f 1 % p e r a n n u m is t o be
secu red b y a n y g e n . m t g e . w h ic h th e c o . m a y e x e c u te in th e fu tu r e . V . 115,
p . 1531. $54 0 ,0 0 0 o f th e fir s t & r e f. m tg e . b o n d s are re se rv e d t o retire
u n d e rly in g b o n d s . A d d itio n a l b o n d s m a y b e issu ed fo r 8 0 % o f th e a ctu a l
c o s t o f a d d itio n a l p r o p e r tie s a n d p e rm a n e n t e x te n sio n s, a d d itio n s , im p r o v e ­
m ents or b e tte rm e n ts, b u t o n ly u n d er ce rta in c o n d itio n s . S in k in g f u n d o f
1 % o f o u ts ta n d in g b o n d s a n n u a lly b e g a n Ja n . 1 1920. T h e 5 % b o n d s are
r e d . a t 102 and in t . o n a n y in t . d a te u p o n 30 d a y s ’ n o t ic e . T h e 6 % stam p ed
b o n d s are r e d . all o r in p a r t o n a n y in t. d a te o n 30 d a y s ’ n o t ic e a t 107 44 amj
Int o n o r b e fo r e Jan . 1 1927 an d th e re a fte r a t 100 p lu s a p r e m iu m o f 5 %
less 44 o f 1 % fo r e a ch fu ll y e a r o f exp ired life a fter J u ly 1 1927. V . 115, p
1531. I n t . is a ls o p a y a b le a t B a n k ers T r u s t C o ., N . Y . C it y .
1 0-year c o n v . d e b . Series A 6s are c o n v e r t ib le a t a n y tim e b e fo r e A p ril 1
1935, in to th e c o m . s t o c k , a t th e o p t io n o f t h e h o ld e r , o n t h e fo llo w in g basis:
T h e firs t $ 2 5 0 ,0 0 0 o f d e b e n tu re s t o b e p re se n te d fo r c o n v e r s io n w ill b e c o n ­
v e r te d on th e basis o f six shares o f s t o c k fo r e a c h $1 0 0 o f b o n d s , t h e n ext
$50 0 ,0 0 0 o n th e b asis o f f iv e shares fo r each $10 0 o f b o n d s and th e b ext
$ 5 0 0 ,0 0 0 on th e basis o f fo u r shares fo r e a ch $10 0 o f b o n d s . A r e c a ll., all
or in p a r t, o n a n y In t. d a t e o n or b e fo r e A p ril 1 1933 u p o n 30 d a y s ' n o tice
at 103, and th e r e a fte r a t 100 an d in t . P e n n a . an d C o n n . 4 -m ills taxes
re fu n d e d . In A p ril 1925 $ 1 ,2 5 0 ,0 0 0 w ere s o ld b y B o d e ll & C o . , N . Y . ,
a t 96 an d in t ., t o y ie ld o v e r 644 %• V . 120, p . 214 5.
D iv i d e n d s . — D iv s . w e re p a id o n p r e f . s t o c k as fo llo w s :
D a te .

P r in c ip a l
A m o u n t.

O c t . 1917 $ 6 5 0 ,0 0 0
Ja n . 1918
6 5 0 .0 0 0
M a r . 1918
6 5 0 .0 0 0
Ju n e 1918
6 5 0 .0 0 0
S e p t. 1918
6 5 0 .0 0 0
Ja n . 1919
6 5 0 .0 0 0
M a r . 1919
6 5 0 .0 0 0
Ju n e 1919
6 5 0 .0 0 0
S e p t. 1919
7 1 0 .0 0 0
Jan . 1920
7 2 5 .0 0 0
M a r . 1920
7 2 5 .0 0 0
Jun e 1920
7 7 4 ,8 0 0
S e p t. 1920
9 2 9 ,6 0 0
Ja n . 1921 1 , 000.000
M a r . 1921 1 ,0 0 0 000
D iv s . w ere p a id o n
D a te .

P r in .A m l.

A p r. 1 ’ 20 $ 7 0 0 ,0 0 0
O c t . 1 '2 0 1 .2 0 0 ,0 0 0
E A R N IN G S — F or
G ro ss.

R a te .
I.. %
.K
IK
1K
1H
IK

D iv s .
P a id .

\

P a id .
D a te .

P r in c ip a l
A m o u n t.
R a te.

D iv s
P a id .

1 ? ^ % $ 1 7 ,5 0 0
$ 1 1 ,3 7 5 Ju n e 1921 $ 1 ,0 0 0 ,0 0 0
j j 375
S e p t. 1921
1 ,0 0 0 .0 0 0 I K
1 7 ,500
1 ,0 0 0 ,0 0 0 I K
17,500
11.375 Ja n . 1921
11.375 M a r . 1922
1 ,0 0 0 ,0 0 0 I K
17,5 0 0
11.375 Ju n e 1922
1 ,0 0 0 ,0 0 0 I K
17,5 0 0
11.375 S e p t. 1922
1 ,0 0 0 ,0 0 0 I K
17,500
i k
11.375 Ja n . 1923
1 ,0 0 0 ,0 0 0 I K
1 7 ,500
IK
1%
1 ,0 0 0 ,0 0 0 144
1 7 ,5 0 0
11.375 M a r . 1923
1 ,0 0 0 ,0 0 0 144
1 7 ,500
12,425 Ju n e 192 3
i k
12.687 S e p t. 1923
1 ,0 0 0 ,0 0 0 144
17,500
IK
12.687 Ja n . 1924
m
1 ,0 0 0 .0 0 0 144
17,500
13,559 M a r . 1924
IK
1 ,0 0 0 .0 0 0 144
17.5 0 0
16,268 Ju n e 1924
1 ,0 0 0 ,0 0 0 144
17,5 0 0
1%
1 .0 0 0 .0 0 0 144
17.5 0 0
17,500 S e p t. 1924
IK
144
1 7 .5 0 0 la n d a t sa m e r a t e t o O c t . 1927.
c o m . as fo llo w s :
R a te . D iv s .P d . I D a t e .
P r i n . A m t . R a te . D iv s .P d .
2 % $ 1 4 ,0 0 0 A p r . 1 ’ 21 $ 1 ,2 0 0 ,0 0 0
2 % $ 2 4 ,0 0 0
2%
2 4 ,0 0 0 | 0 c t . 1 ’ 21 1 ,2 0 0 .0 0 0
1%
12,000
ca le n d a r y e a rs:
N e t a fte r
T a xes.

F ix e d
C h a r g e s.

D ep rec.

P ref.
D iv s .

* 192 7_______ $ 8 9 1,47 2
$ 3 3 0,68 7 $222,471 $44,811
$46,611
192 6________ 1 ,264,626
4 5 1 ,1 0 2
3 2 1 ,0 8 0
3 4 ,528
6 9 ,8 8 8
19 2 5 _________ 1 ,2 3 1 ,2 1 5
3 03 ,037
26,714
6 9 ,8 8 2
411 ,8 9 7
192 4_________ 1.2 0 2 ,7 8 8
2 90 ,258
3 9 7 ,0 4 5
25,667
69.8 9 5
1 9 2 3 ............... 1,194,101
2 64 ,182
3 8 0 ,3 1 8
25,0 7 5
69.895
1 92 2_________ 1 ,0 8 1 .8 9 6
29,833
246 ,894
69,969
3 7 0 ,6 2 0
192 1_________ 1.0 6 9 .4 2 2
328.231
195.569
32.4 8 2
72,391
1 9 2 0 ________ 1 ,0 4 8 ,7 1 4
115,454
246 ,745
32,1 9 6
5 8 .618
1 9 1 9 ________
848 ,9 7 2
98,493
44,883
4 7 ,7 1 2
231 ,5 8 9
1 9 1 8 ________
6 6 3 ,1 9 0
98,699
3 1 .659
183,263
4 5 ,5 0 0
x A ft e r a d ju s tm e n t o f $ 9 ,321 in 1927 an d $16 ,356 in
loss.
* F o r 8 m o n th s e n d e d A u g . 31 :1 927.
O F F I C E R S .— P re s. & G e n . M g r ., A . F . V a n D e in se : S e c .,
A u d . , O . C . M a r tin d ill.
V . 117. p . 1235: V . 118, p . 1910; V . 120,
240 0; V . 122, p . 2 18 9, 333 7; V . 123, p . 7Q9, 1381. 199 5.

S u r p lu s .

x $ 2 6 ,l 16
x 4 1 ,962
12.264
11,285
21,1 6 6
23.924
27.7 8 9
4 0 .4 7 7
40,501
7 ,4 0 5

T r e a s . ©f
,p . 2145,

142

(THE) NORTHERN OHIO POWER CO.
O R G A N I Z A T I O N . — A h o ld in g c o m p a n y in c o r p . in M a r y la n d J a n . 3
1925 a n d as o f F e b . 1 1925 a c q u ir e d all th e assets o f t h e N o rth e r n O h io
E le c t r ic C o r p . (fo r h is to ry , see " P u b li c U t ilit y ” C o m p e n d iu m o f N o v . 1
1924) u n d er th e r e o r g a n iz a tio n p la n o f th a t c o r p o r a t io n d a te d D e c . 30
1924 \V. 120, p . 8 7 ) , in c lu d in g o v e r 9 9 % o f th e c o m . s to c k o f tn e N o rth e rn
O h io P o w . a n d L t . C o . , fo rm e r ly th e N o rth e r n O h io T r a c t io n & L ig h t C o .
STOCK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M aturity
C o m s t o c k 5 0 0 ,0 0 0 shs n o p a r . ____
________
4 9 ;),9 5 ') shs ____________
10 -y ea r 7 % b o n d s 3 ,5 0 0 .0 0 0 - - 1925
7 F -A
$ 3 ,4 9 9 ,5 0 0 F e b 1 1 9 3 5
E A R N I N G S . — F o r ca le n d a r years:
*1927.
1926.
1 92 5.
1924.
G ross e a rn in g s___________ $ 1 2 ,4 2 9 ,1 7 8 $ 1 2 ,0 4 0 ,8 4 1 $ 1 1 ,4 9 9 ,6 9 8 $ 1 0 ,0 8 0 ,9 9 7
O p e r .e x p ., ta xes & m a in t
8 ,7 8 3 ,0 3 6
8 ,9 3 3 ,5 4 8
8 ,4 2 2 ,2 9 2
7 ,8 4 8 ,0 1 0
F ix e d c h a r g e s ____________
2 ,3 7 4 ,6 3 9
2 ,3 2 3 ,8 7 6
2 ,1 9 1 ,5 0 6
2 ,0 6 8 ,8 4 5
A v a il, fo r re tir e m e n t
r es. & c o r p . p u r p o s e s $ 1 ,2 6 8 ,5 0 2
$ 7 8 3 ,4 1 7
$ 8 8 5 ,8 9 9
$ 1 6 4 ,1 4 2
* F o r 12 m o n th s e n d e d S e p t. 30.
N o t e .— F ix ed ch arges p rio r t o F e b . 1 1925 h a v e b e e n c o m p u t e d fo r
c o m p a r a tiv e p u rp oses t o in clu d e in terest o f th e N o rth e rn O h io P o w e r C o .
for expired p e rio d s o f 1925 a n d fo r y ear 1924, and in clu d e in terest charges
and d iv s . o n o u ts ta n d in g p r e f. s to c k o f su bsid iary c o m p a n ie s.
V . 121, p . 459 . 1102. 1669. 2 0 3 9 , 2 6 3 8 . 313 2: V. 122, p . 612 . 2 3 3 0 , 345 4:
V . 123. p . 3 2 5 , 582 , 2 1 3 9 ; V . 124 , p . 112, 64 8 , 2 59 0, 3 0 6 8 , 3 7 7 3 ; V . 125,
p . 519 , 1194, 171 0, 2 2 6 5 .

NORTHERN OHIO POWER AND LIGHT CO.
O R G A N I Z A T I O N .— I n c o r p . in O h io in D e c . 1902 as N o rth e r n O hio
T r a c tio n & L ig h t C o . t o s u c c e e d th e N o r . O h io T r a c . C o ., h a v in g exch an g ed
its secu rities fo r th e c o m . a n d p r e f. s t o c k o f th e la tte r p er te rm s in V . 75,
p . 7 3 3 . In 1906 a c q u ir e d c o n tr o l o f th e C a n to n -A k r o n C o n s o l. R y . , and
gu aran tees th a t c o . ’s $ 2 ,5 0 0 ,0 0 0 c o n s o l. 5s, p r in . & in t. V . 8 3 , p . 4 3 5 , 81 9 .
N a m e c h a n g e d t o p rese n t title M a r c h 15 192 6. V . 122, p . 1 76 3.
W a g e R a te F i x e d .— See V . 121 , p 9 7 9 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
E le c tr ic ra ilw a y lin e e x te n d s fr o m C le v e la n d th ro u gh A k r o n , C a n to n ,
M a ssillon an d N e w P h ila d e lp h ia to U h rich sv ille in T u sc a r a w a s C o u n ty
w ith bra n ch es t o R a v e n n a a n d W a rre n , w here c o n n e c t io n is m a d e fo r
Y o u n g s t o w n , t o W a d s w o r th (v ia B a rb e rto n ) a n d t o E a st G re e n v ille fro m
M a s s illo n . O p era tes a fa s t fr e ig h t s e r v ic e h a v in g o p e ra tin g agreem en ts
w ith va riou s ele ctr ic lines an d ste a m r o a d s . O perates 105 m iles o f single
tr a c k in c it y s e r v ic e a n d 189 m iles o f sin gle tr a c k in in te ru rb a n s e r v ic e and
o p e r a te d 5 m iles u n d er t r a c k a g e rig h ts, a ffo r d in g an en tra n ce in to C le v e la n d .
T h r o u g h s u b . c o s . o p era te s d e lu x e in teru rb a n bus s e rv ice b e tw e e n A k ro n
an d C le v e la n d , fr o m A k r o n t o C a n t o n , M a ssillo n an d W o o s t e r . O w ns
L a k e s id e P a rk in A k ro n a n d M e y e r s L a k e P a rk in C a n to n . A ls o o w n s 1,011
acres o f coa l la n d in N o b le C o u n t y . R a ils , 70 t o 1 1 4 -lb ., sta n d a rd gau g e.
H a s 502 in teru rb a n an d c it y ra ilw a y c a r s , in c l. 25 passen ger tra ile rs, 86
fre ig h t and b a g g a g e cars an d 39 se r v ic e ca rs , in a d d itio n 176 passenger
m o t o r b u ses t o s u p p le m e n t c it y ra ilw a y s e rv ice and 48 m o t o r co a c h e s o n
in teru rb a n lines (see a ls o V . 118, p . 1774: V . 123, p . 3 1 8 4 ). D o e s th e ex­
c lu s iv e c o m m e r c ia l ligh t and p o w e r b u sin ess in A k ro n and s u p p lie s e n e rg y ,
d ir e c t ly o r in d ire c tly , t o 73 o th e r c o m m u n itie s . P o p u la tio n served estim ated
o v e r 3 0 0 ,0 0 0 . C le v e la n d -A k ro n tra n sm issio n line p laced in o p e r a tio n M a y
1924. O w n s tw o gen era tin g s ta tio n s w ith a ggre ga te in stalled c a p a c it y o f
9 2 ,5 0 0 h . p ., an d a 4 -s t o r y o f f i c e b u ild in g and passenger term in al in A k ro n .
C o . b u ild s s o m e o f its o w n b u s e s . V . 123, p . 844.
F r a n c h is e s .— T h e e le ctr ic lig h t an d p o w e r p ro p e rtie s are o p e r a te d under
rights w ith o u t s p e c ifie d lim it as t o d u r a tio n . C it y railw ay fra n ch is e s expire
as fo llo w s : A k ro n . 1928: C a n to n . 1928; M a ssillo n , 1932. 5 5 % o f th e in te r ­
u rb a n tr a c k a g e is on p r iv a te r ig h t -o f-w a y o r s u b je c t to fra n ch ise s w ith o u t
tim e lim it; fra n ch ises fo r re m a in in g in te ru rb a n m ileage ex p ire fr o m 1922 to
194 4. See Y . 114, p . 106 4. N e w s tr e e t ra ilw a y fra n ch ise in A k ro n be­
c a m e e ffe c t iv e N o v . 12 1924. C o m p a r e V . 116. p . 1050.
S to c k h o ld e r s ’ S u it .— See Y . 120 , p . 2 1 4 9 . D e c id e d in c o m p a n y ’s fa v o r .
V . 124 , p . 507 .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
S to c k c o m $ 1 0 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) . ____
_________ -$ 1 0 ,0 0 0 ,0 0 0
P r e f 6 % $ 5 ,4 5 1 ,8 0 0 c u m .........................
6%
4 .6 1 2 ,1 0 0 O ct ’ 2 7 , 1 H
P r e f 7 % $ 4 ,5 4 8 .2 0 0 c u m - . _ ..................
7%
3 ,8 3 4 .9 0 0 O c t ’ 2 7 , 1 ’4
1 5 -y r 6 ) 4 % d e b $2 ,5 0 0 ,0 0 0 1 1926
6 )4 J-J
________
2 ,4 2 6 ,0 0 0 _________
Jan 1 1941
($ 1 ,0 0 0 & $ 5 0 0 )_______ c * t f (N a t io n a l C it y B a n k o f N ew Y o r k , trustee.
C a n t o n -A k r o n C o n s o l R y c o n - 1 1906
5 g J-J
$ 7 6 1 ,0 0 0 Jan 1 1933
sol m $ 2 ,5 0 0 ,0 0 0 , gu a r p & i-j In t . a t U n io n T r . C o . , C le v e la n d , trustee or
b y N o r t h O n io T r & L t
F irst N a tio n a l B a n k , N . Y . C .
($ 1 ,0 0 0 c * ) _______________ t f (
B o n d s i s s u e d by N o r t h e r n O h io T r a c tio n & L ig h t C o .:

F irst con s g 5 % ser $996,0001 1903
5 g J-J
9 9 6 ,0 0 0 J an 1 1933
($ 1 ,0 0 0 )_______________ c * .f f \
4 % series (clo s e d ) $ l,0 0 0 ) c * t f J 1903
4 g J-J
2 .2 2 3 .0 0 0 Jan 1 1933
(U n io n T r u s t C o
C le v e la n d , O h io , tru stee.
1st lien & r e f m tg e g ($ 1 0 0 ,/ 1916
5 g F -A
4 ,4 6 6 0 0 0 A u g . 1 1956
$ 5 0 0 , $ 1 ,0 0 0 , & c ) — c * & r * ( I n t . p a y a b le in N e w Y o r k o r C le v e la n d .
Series “ A " gen & r e f M ($5001 1922
6 g M -S
7 ,9 8 7 ,0 0 0 M a r . 1 1947
& $ 1 , 0 0 0 ) _____________ _c*|-Interest a t N a tio n a l C it y B a n k , N e w Y o r k ,
$ 1 ,0 0 0 , $ 5 ,0 0 0 & $ 1 0 ,0 0 0 r * I tr u s te e ,
g o l d _______________________t f l
6 ) 4 % series d u e 1951 d e n o m / 1926
5 ) 5 g M -S 1 1 ,6 1 6 ,0 0 0 M a r 1 1951
as a b o v e series A ___________ ( I n t . a t N a t . C i t y B a n k , N . Y . C i t y , tru ste e
S to c k . — T h e p r e f. s t o c k is r e d ., a ll o r p a r t, a t 110 and d iv . o n a n y d iv
d a te . Is p r e f. as t o d iv . a n d assets an d has fu ll v o tin g p o w e r . V . 92, p . 956:
V . 95, p . 48; V . 97, p. 1116; V. 112, p . 1741, 2191; V. 113, p . 629 . T h e
a m o u n t o f $ 3 ,8 3 4 ,9 0 0 sh ow n in the a b o v e ta b le as 7 % p re f. s to c k o u ts ta n d ­
in g , Inclu des $ 3 6 6 ,5 0 0 p ar v a lu e su b scrib e d bu t n o t fu lly p a id an d issu ed.
T r u s t C o ., N . Y . , and U n io n T r u s t C o ., C le v e la n d . * V . 103, p . 1210.
B o n d s . — N o t e . — W e re fe r th e re a d e rs t o th e a b o v e ta b le fo r th e p ro p e r
Dam es o f u n d e r-m e n tio n e d issues w hieh b e fo r e M a r c h 15 1926 w e re is s u e d
u n d e r th e o ld n a m e o f N o r t h e r n O h io T r a c tio n & L ig h t C o .

O f th e $ 2 ,5 0 0 ,0 0 0 C a n t o n -A k r o n C o n s o l. R y . m tg e . 5s, d u e J a n . 1 1933.
$ 1 ,4 3 8 ,0 0 0 are p le d g e d u n d e r N o r . O . T r . & L t . 1st & r e f. m t g e ., $ 1 1 ,0 0 0
are p le d g e d u n d er N o r t h e r n O h io T r a c . & L t . C o . gen . & r e f. m t g e ., a n d
$ 2 9 0 ,0 0 0 are re s e rv e d fo r e x te n s io n s a n d im p r o v e m e n t a t 8 5 % o f c o s t .
W m . B a ld w in , B o s t o n , is also tr u s te e . V . 9 1 , p . 1628, 1765.
A d d it io n a l 1st lien an d r e f. b o n d s m a y b e issu ed (a) p a r fo r p a r fo r
refu n d in g o r a c q u ir in g t h e $ 3 ,9 9 1 ,0 0 0 u n d e rly in g b o n d s; (b ) fo r 8 5 % o f
c o s t o f n ew c o n s t r u c tio n , a d d itio n s , b e tte r m e n ts an d exten sion s, an d (c) fo r
8 5 % o f c o s t o r re p la c e m e n t v a lu e o f a d d itio n a l p ro p e rtie s u n d er co n s e r v a tiv e
r e s trictio n s . T h e b on d s are s e c u r e d b y m o r tg a g e o n en tire p r o p e r t y , s u b je c t
t o u n d erly in g liens an d b y d e p o s it o f $ 4 ,0 0 0 o f 5s and $ 4 ,2 7 7 ,0 0 0 o f 4s o f
N o r . O h io T r a c . & L t . b o n d s o f 1933, $ 1 ,4 3 8 ,0 0 0 C a n to n -A k r o n c o n . 5s
o f 1933, $ 2 0 0 ,0 0 0 A k ro n W a d s w o r th & W e s te rn 5s, $85 5,00 0 C a n to n -A k r o n
R y . 1st 5s d u e 1922; $ 2 0 ,5 8 7 ,0 0 0 are p le d g e d u n d e r gen . & r e f. m tg e . 6s,
series A , 1947, a n d 5 ) 4 % series d u e 195 1. R e d . as a w h o le o r in p a r t on
a n y in t. d a t e a t 105 a n d in t.
T h e m t g e . p r o v id e s fo r a m a in t. & d e p r e c .
fu n d o f 2 0 % o f gross ea rn s, f o r m a in t. & re p la c e m e n ts o r fo r a d d 'n s & b e t­
t e r m e n ts , a ga in st w h ic h n o b o n d s m a y b e issu ed ; a ls o p r o v id e s fo r an insur­
an ce reserv e fo r d a m a g e cla im s , & c ., o f 4 % o f gro ss earnings u n til $ 1 0 0 ,0 0 0
is re a c h e d , at w h ic h fig u re th e fu n d is t o b e m a in ta in e d . T ru s te e s are N . Y .
T r u s t C o . , N . Y . . and U n io n T r u s t C o . , C le v e la n d . V . 103, p . 1210.
T h e N o rth e r n O h io T r a c . & L t . g e n . & r e f. m tg e . b o n d s are se cu re d b y a
d ir e c t m o r tg a g e , s u b je c t o n ly t o u n d e rly in g m t g e s ., o n th e en tire p r o p e r t y
o f th e c o ., an d b y $ 2 0 ,5 8 7 ,0 0 0 1st lien & r e f. m t g e . p le d g e d w ith tru ste e .
A d d it io n a l b o n d s are issu able in series o f su c h t e n o r as d ir e cto r s m a y fro m
tim e t o tim e d e te r m in e , fo r r e fu n d in g b o n d s o f o th e r series an d u n d e rly in g
Issues, a lso fo r 7 5 % o f p e rm a n e n t a d d itio n s , & c ., p r o v id e d net e a rn in gs fo r
12 co n s e c u t iv e c a le n d a r m o n th s , e n d in g n o t less th a n 9 0 d a y s b e fo r e t h e issu e
t h e r e o f, h a v e been a t least 1 % tim e s a n n u a l in te re s t ch arges o n , an d in
n o case less th a n 1 0 % o f p r in c ip a l a m o u n t o f , ag g re g a te o f u n d e rly in g
d iv is io n a l b o n d s , a n d 1st lien & re f. m tg e . b o n d s in han ds o f p u b lic , and
a ll g e n . & r e f. m t g e . b o n d s th e n r e m a in in g u n c a n ce lle d , as w e ll as p r o p o s e d
Issue. A s in k in g f u n d o f >4 % s e m i-a n n u a lly o f t o t a l ge n . & r e f. m t g e . b o n d s
o u ts ta n d in g b e g a n D e c . 1 192 2. $ 7 0 0 ,0 0 0 c a n c e lle d b y sin k in g fu n d . A
gen era l reserv e fu n d f o r m a in te n a n c e a n d r e p la ce m e n t o f th e p r o p e r t y is p r o ­
v id e d f o r .
Series A a re re d e e m a b le o n a n y in te re s t d a te o n 30 d a y s ’ n o tice
a t ] 10 o n o r b e fo r e M a r c h 1 1932; a t 10 7 )4 th e r e a fte r t o an d in c l. M a r c h 1
1 94 2, an d a t 1 0 2 )4 th e r e a fte r , b u t p r io r t o m a t u r it y . 5 ) 4 % series d u e 1951
are r e d . w h o le o r p a r t eith e r a t th e o p t io n o f th e c o . o r b y t h e sin k in g fu n d ,
o n 3 0 d a y s ’ n o tice at 105 o n o r b e fo r e M a r c h 1 1948 an d a t 100 th e r e a fte r .
P e n n . & C o n n . 4 -m ills ta x e s r e fu n d a b le . I n M a y 1926 t h e N a t io n a l C it y
G o . s o ld $ 8 ,5 0 0 ,0 0 0 5 ) 4 % series d u e 1951 a t 9 2 )4 an d in t ., t o y ie ld 6 . 0 9 % .
V . 122, p . 3 08 4; V . 123 , p . 2 5 2 0 . A d d it io n a l $ 1 ,9 0 0 ,0 0 0 g e n . & r e f. m tg e .
b o n d s , 5 )4 % series d u e 1951 w e re o ffe r e d in J u n e 1927 b y t h e N a t io n a l C it y
C o . a t 94 a n d i n t ., to y ie ld 5 . 9 7 % . V . 125 , p . 9 5 .




[ V ol. 125.

PUBLIC UTILITIES

T h e 1 5 -y r . 6 ) 4 % d e b e n tu r e s , d u e J a n . 1 1941 a re p r o te c te d b y c o v e n a n t
that c o . will n o t m o rtg a g e o r p le d g e a n y o f its p ro p e rtie s (oth er than fo r
se cu rity o f b o n d s issued in a c c o r d a n c e w ith th e co n s e r v a tiv e p ro v is ion s o f
its g e n . & re f. m tg e ), unless all o f th ese d e b e n tu re s o u ts ta n d in g sh all b e
secured e q u a lly and r a ta b ly th e re w ith .
T h e re is a s in k in g f u n d o f $50 ,0 0 0
in each o f th e first 4 years; $ 75 ,000 in each o f th e n ext 4 years; $1 0 0 ,0 0 0 in
each o f th e n ext 4 years and $12 5 ,0 0 0 in each o f th e last th re e years; m on ey s
to be a p p lied to p u rch a se and retirem en t o f d e b e n tu re s at o r be low o r , if
necessary, a b o v e 100, or fo r p u rch a se o f c o . ’s m tg e . b o n d s to b e h eld as
a d d itio n a l s e c u r ity .
R e d . w h ole o r p a rt, o n 30 d a y s ’ n o tice , at 102)4 t o
and in cl. Jan . 1 1931; at 101 )4 t o an d in cl. Ja n . 1 1936; at 100 )4 t o and
incl. J u ly 1 1940; a t 100 th e re a fte r; in ea ch case w ith in terest. P e n n .
4-m iils, M a r y la n d 4 )4 m ills and C o n n . 4 m ills taxes r e fu n d a b le .
In Jan .
1926 N a tio n a l C it y C o . o ffe r e d $ 2 ,5 0 0 ,0 0 0 at 9 7 )4 an d in t. t o y ie ld o v e r
6 .7 5 %
V 122. p . 213.
E A R N I N G S . — T w e lv e m o n th s e n d e d A u g . 31:
192 7.
192 6.
19251924.
G ro s s e a r n in g s ___ $ 1 2 ,4 1 8 ,2 1 6
$ 1 1 ,8 3 3 ,3 2 8 $ 1 1 ,1 0 6 ,0 8 8 $ 9 ,7 6 8 ,2 4 9
N e t a fte r m a in t. & ta x e s
3 ,5 6 3 ,0 2 1
3 ,0 4 1 ,5 9 2
2 ,7 5 2 ,3 7 9
2 ,0 6 2 365
1 ,6 7 4 ,1 9 1
1 ,6 2 6 ,8 2 9
1 .5 3 5 .8 5 7
1 ,3 6 8 .5 8 9
F ix e d c h a r g e s _____
P re fe rre d d iv id e n d s _____
5 0 0 ,1 3 6
4 5 7 ,8 7 2
4 3 5 .2 6 7
4 2 8 ,0 0 6
A v a il . fo r r e t ir e m . r e s .
a n d c o m m o n d iv id e n d $ 1 ,3 8 8 ,6 9 4

$ 9 5 6 ,8 9 1

$ 7 8 1 ,2 5 5

$ 2 6 5 ,7 7 0

O p e r a tin g S ta tis tic s .
E le c . S a les.
K .W .I I .

E l e c tr ic
C u s to m e r s .

-R e v . P a ssen gers C a rr ie d C ity
In teru rb a n
S y s te m s.
S y s te m s.

6 2 .7 8 0
4 8 ,5 1 4 ,7 2 9
1 4 ,2 5 8 ,4 7 2
* 1 9 2 7 ____________2 8 3 ,1 7 6 .7 5 5
192 6______________ 2 6 5 ,4 5 3 ,2 0 4
5 9 ,7 9 3
4 8 ,9 7 3 ,6 7 1
1 4 ,3 9 8 .6 6 3
1925______________ 2 0 3 .5 3 1 ,7 4 4
5 6 ,0 0 0
5 1 ,3 5 2 ,8 4 9
1 4 .2 6 6 .7 5 4
5 1 ,5 1 6
4 8 .5 6 3 ,0 5 3
1 4 .4 7 8 .9 8 4
1924______________ 17 6 .2 4 5 ,6 5 4
1 9 2 3 . . ..................... 1 57 ,468 .26 3
4 8 .3 2 8
5 4 .1 1 2 .4 2 3
1 6 .7 8 4 ,5 3 5
192 2.......................... 1 35 .397 .18 6
4 5 .4 9 6
5 0 .6 3 2 ,2 4 8
1 7 .1 1 7 ,0 6 4
* F o r 12 m o n th s e n d e d A u g . 31 192 7.
O F F I C E R S .— P r e s ., B . C . C o b b ; V . - P . & G e n . M g r . , A . C . B l i n n ;
V . - P s ., T . A . K e n n e y an d J . C . W e a d o c k ; S ec. & T r e a s ., C h a s . H . L a h r;
A u d ., H . G . K e ss le r; C o m p t ., P . M u r d o c h .— V . 121, p . 979; V . 122, p . 2 1 3 ,
1763, 219 2, 308 4; V . 123, p. 5 8 2 . 8 4 4 . 1114, 1634, 2 1 3 9 , 2 5 2 0 , 3 18 4; V . 1 2 4 .
p . 50 7 , 79 2 , 2 28 1, 2 59 0, 3 77 3; V . 125, p . 9 5 , 51 9 , 1 19 4, 171 0, 2 2 6 5 .

CLEVELAND R A ILW AY CO.
T h e re c e iv e r s o f th e M u n i c i p a l T r a c tio n C o . h a v in g b e e n d is c h a r g e d an d
the d e b ts o f th a t c o m p a n y p r o v id e d f o r , th e C le v e la n d R y . C o . on M a r c h 1
1 9 1 0 re su m e d p ossession o f its lines u n d e r o r d in a n c e (see b e lo w ) o f D e c . 1 90 9.
Y . 9 0 . p . 626 . T h e lease t o M u n i c i p a l T r a c tio n C o . w as ca n c e le d o f r e c o r d .
F r a n c h is e O r d i n a n c e - V a l u a t i o n . — F o r p a r ticu la r s see “ E le c t r ic R a ilw a y ”
S u p p le m e n t o f A p ril 26 1924.
O R G A N I Z A T I O N .— I n c o r p o r a te d in F e b . 1893, b e in g a c o n s o lid a tio n
o f th e B r o a d w a y m & N e w b u rg h St. R y ., th e B r o o k ly n S t. R y ., E . C le v e la n d
R y . a n d S o. Side S t. R y . C o s . In 1908 ch a n g e d n a m e fr o m t h e C le v e la n d
E ie c . R y . C o . (w h ich h a d in 1903 taken o v e r th e C le v e la n d C it y R y .) t o
C le v e la n d R y . C o . , an d a u th o riz e d new s to c k t o th e a m o u n t o f $ 3 5 ,0 0 0 ,0 0 0 .
T h e o ld s to c k o f C le v e la n d E le c . R y . w as g iv e n a v a lu a tio n o f 55 p er share,
o r $ 1 2 ,8 7 0 ,0 0 0 (h a vin g fo rm e r ly been $ 2 3 ,4 0 0 ,0 0 0 ) an d was paid fo r in
new s to c k issu ed b y C le v e la n d R y . at p ar ($100 v a lu a t io n ). T h e F orest
C it y R v (w h ich had first a b s o r b e d th e L o w F a re R y .) w as p u rch a sed fo r
$ 1 ,8 0 5 ,6 0 0 s t o c k o f C le v e la n d R y ., o n A p ril 27 1908, th e shares o f th e F o r e s t
C it y R y . b e in g a c c e p t e d a t th eir p a r ($100) v a lu e .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
O perates 4 1 7 .8 8 2 3 m iles o f sin gle tr a c k , o f w h ich 3 8 1 .9 3 3 7 m iles are
o w n e d . M o s t ly 8 0 , 9 5 , 100, 103 a n d 141 lb . s ta n d a r d rails; 1 ,4 5 6 o a s s e n g e r
cars an d 217 s e rv ice ca rs; 61 single d e c k an d 50 d o u b le d e c k m o t o r c o a c h e s .
F a r e s . — See Y . 123 , p . 1995.
STOCK AN D BO N D S—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
S to c k $ 3 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )____________
Q -J
$ 3 2 ,8 8 6 ,4 0 9 O c t ’ 2 7 ,1 ) 5
F irst m o r tg a g e $ 3 5 ,0 0 0 ,0 0 0 g ( 1911
5 M -S
5 ,4 9 5 ,0 0 0 M a r 1 1931
($ 1 ,0 0 0 ) _______________c * t f /I n t e r e s t in N e w Y o r k C i t y o r C le v e la n d .
I n c r e a s e d I n t e r e s t o n C a p ita l S tock V o te d D o io n . — T h e C le v e la n d C it y
C o u n cil on D e c . 29 1919 fo r m a lly g r a n te d an in cre a se in th e c o m p a n y ’s
in terest ra te fr o m 6 t o 7 % in a c c o r d a n c e w ith th e re c o m m e n d a tio n s or a
m a jo r ity o f a B o a rd o f A r b itr a tio n (V . 109, p . 2262; V . 110, p . 261 ) w h o
c o n d u c te d an in q u iry in t o th is q u e s tio n . O n A u g . 10 1920, h o w e v e r , th is
q u e stio n w as s u b m itte d t o a re fe re n d u m v o t e an d d e fe a t e d . V . I l l , p .
69 2 . 1565. C o m p a re V . 110, p . 2 38 7; V . I l l , p . 389 .
B o n d s . — O f th e n r s t m o r tg a g e o f 1911, $ 1 5 ,0 0 0 ,0 0 0 a u t h . m a y b e issu ed fo r
8 5 % o f cash c o s t o f e x te n s io n s , b e tte r m e n ts , & c ., a n d r e m a in in g b o n d s fo r
5 0 % o f su ch cash c o s t , w hen n e t earn in gs fo r p r e v io u s 12 m o s . sh all h a v e
e q u a le d a t least tw ic e th e in t . c h a r g e , in c lu d in g b o n d s p r o p o s e d t o b e issu ed .
B o n d s are r e d . on a n y in t . d a te at 105 a n d in t . on 90 d a y s ’ n o t ic e . T h e
U n ion T r u s t C o . (fo r m e r ly C itize n s S a v . & T r . ) , C le v e la n d , a n d B a n k ers
T r u s t C o . . N . Y . , tru ste e s.
I n te r e s t o n C a p ita l S to c k . — F irst p a y m e n t— 1 ) 5 % — u n d e r n e w fra n ch is e
o r d in a n c e o f D e c . 1909 p a id A p ril 1910 an d 1 ) 5 % q u a r . t o an d in clu d i n g J a n .1 9 2 0 . O n A p ril 1 1920 1 % % w as p a id . V . 110, p . 2 4 8 7 . S u b se­
q u e n t p a y m e n ts are be in g m a d e a t th e o ld ra te o f 1 )5 % q u a r . (see a b o v e ) .
E A R N I N G S .— F o r c a le n d a r y e a rs:
G ro s s
E a r n in g s .

N et
E a r n in g s .

O th er
In com e.

In t &
T a xes.

B a la n ce
S u r. nr D e f .

1 92 6-------------$ 1 8 ,0 0 2 ,0 6 0 $ 2 ,6 8 8 ,6 3 6
$ 1 5 5,62 1 x $ 3 ,3 6 5 ,1 9 4 d e f$ 5 2 0 ,9 3 7
19 2 5 _________ 1 7 ,2 1 4 ,5 2 8
2 ,4 9 8 ,0 0 2
1 6 4 ,6 5 4
3 ,4 6 2 ,6 5 4
d e f 7 9 9 .9 9 8
1924________ 1 7 ,3 1 3 ,5 4 9
3 ,0 5 2 ,0 6 8
1 4 6 ,6 6 6
3 ,3 0 2 ,2 1 2
d e f 103 ,478
1 92 3________ 1 6 ,3 4 2 .1 0 4
2 ,0 1 8 ,3 8 0
1 5 2 ,2 0 8
3 ,1 0 0 ,6 0 6
d e f 9 3 0 ,0 1 8
1 92 2________ 1 6 .8 9 3 .0 3 4
4 .8 1 0 .6 2 4
1 8 9 .3 6 0
3 .3 9 8 .8 2 9 s u r l , 1 3 4 ,6 5 8
x In c lu d e s $ 1 3 6 ,8 6 8 in te re st f u n d d e d u ctio n .
O F F I C E R S .— P r e s ., J o s . H . A le x a n d e r; V ic e -P r e s . & S e c ., P a u l E .
W ils o n ; V ic e -P r e s ., & G e n . M g r ., R . W . E m e r s o n ; T r e a s ., W . J. M e a d ;
A s s t. T r e a s ., P a u l S. S ch rein er; A u d ., T . P . K ilfo y le .
O ffic e s , C le v e la n d ,
O h io .— V . 119, p . 1952; V . 122, p . 1 16 8; V . 123 , p . 199 5, 2 1 3 7 ; V . 124,
p . 1 21 8, 2 2 7 7 ; V . 125 , p . 9 3 , 513 .

(THE) CINCINNATI STREET R A IL W A Y CO.
O R G A N I Z A T I O N .— O rg a n ize d in O h io J u n e 188 0. In 1901 leased t o
th e C in c in n a ti T r a c t io n C o . , b u t th is lease w a s te r m in a te d N o v . 1 1925
an d d ir e ct o p e r a tio n o f th e s y s te m w a s r e s u m e d b y th e C in e . S treet R y . C o .
F o r te rm s o f s e ttle m e n t see Y . 118, p . 101 1. H a v in g p u rch a s e d on N o v . 1
1925 a ll o f th e rig h ts o f th e C i n c i n n a t i T r a c t io n C o . (th e fo rm e r lessee c o .,
w h ich w as o w n e d b y O h io T r a c t io n C o . ) , C in c in n a ti S treet R y . C o . p u rch a sed
as o f A p r il 1 1926 a ll o f th e p r o p e r t y o f T h e C i n c i n n a t i & H a m ilt o n T r a c tio n
C o . , th e lease o f w h ic h p r o p e r t y it p u r c h a s e d fr o m th e O h io T r a c t io n C o .
See fo r d e s c r ip tio n o f th e a b o v e m e n tio n e d c o m p a n ie s w h ich a re in p ro c e s s
o f d is s o lu tio n , “ P u b lic U tility C o m p e n d iu m ” o f O c t . 31 1925. F o r O h io
T r a c t io n C o . see a lso se p a ra te s ta te m e n t a b o v e .
I n O c t . 1925 th e issu­
a n ce o f 8 5 ,0 0 0 shares o f s t o c k (par $50) w as u n d e r p r e p a r a tio n , t o b e
d e liv e re d t o th e C in e . T r a c . C o . as p a r t p a y m e n t in c a n c e lla tio n o f t h e lease.
V . 121, p . 2 0 3 7 . I n th e sa m e m o n th $ 4 ,5 0 0 ,0 0 0 1st M . 6 % n o te s w ere s o ld
(see h e r e u n d e r ), a p p r o x . $ 1 ,2 4 0 ,0 0 0 o f th e p r o c e e d s o f w h ic h w as t o b e p a id
t o th e C in e . I r a c . C o . as p a r t o f th e s e ttle m e n t, w h ile $ 1 ,3 9 3 ,0 0 0 w ere
t o b e used f o r p a y in g o f f th e b o n d s o f t h e O h io T r a c t io n C o . , a ssu m ed In
th e s e ttle m e n t. V . 121 , p . 83 8 , 1460, 2 0 3 7 . C o m p a n y p a id $ 1 ,0 0 0 ,0 0 0
s to c k o f C in cin n a ti S tre e t R y . t o C in c in n a t i A H a m i l t o n T r a c t i o n C o .
(see V . 122, p . 1607) fo r th e la tte r c o m p a n y ’s p r o p e r tie s , w h ic h in c lu d e d
th e M illc re e k V a lle y S tre e t ca r lin es fr o m th e Z o o t o L o c k la n d a n d G len ­
d a le , a n d th e in te ru rb a n lin e fr o m G le n d a le t o H a m ilt o n . T h e p r e f.
an d c o m m o n s to c k co m m itte e s o f C in cin n a ti & H a m ilto n T r a c . C o . ($ 1 ,1 0 0 ,000 c o m m o n and $ 1 ,1 0 0 ,0 0 0 p r e f. s to c k w as o u ts ta n d in g ) re c o m m e n d e d In
M a r c h 1926 a d iv isio n o f th is C in cin n a ti S treet R y . C o . s t o c k in th e ra tio
o f 4 to 1, v iz ., $8 0 0 ,0 0 0 t o g o t o p re f. an d $ 2 0 0,00 0 t o co m m o n s t o c k . C o .
th e re a fte r to b e liq u id a te d . I n Ju n e 1926 p u r c h a s e d ohe tr a c k s o f th e
C in n . M ilfo r d & B la n ch e ste r T r a c . C o . , ru n n in g fr o m C in c in n a ti to M ilfo r d ,
a d ista n ce o f 11 m il as.
C i n c i n n a t i & H a m il t o n T r a c tio n C o . — O n M a r c h 4 1926 s to c k h o ld e r s
a p p r o v e d t h e sa le o f a ll o f th e p r o p e r tie s a n d rig h ts t o C in e . S tre e t R y . C o .
fo r 2 0 ,0 0 0 shares ($50) o f c o m m o n s t o c k o f la tte r c o ., t o b e d is trib u te d as
fo llo w s :
(a) F o r e a ch p r e f. sh are C in e . & H a m . T r a c . C o . 1 5-11 shares
S tre e t R y . s to c k ; (b ) fo r e a ch c o m m o n sh are C in e . & H a m . T r a c . C o .
4-11 shares S tre e t R y . s t o c k . D ir e c t o r s p a id a fin a l div'. o n p r e f. a n d c o m .
s t o c k a ft e r p a y m e n t o f a ll liq u id a tio n e x p e n se s. V . 122 , p . 2 4 9 1 .
W a g e I n c r e a s e e ffe c t iv e J u ly 1 192 6, see V . 123, p . 138 1.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . o w n s a n d o p e r a te s t h e e n tire stre e t r a ilw a y s y s te m in C in c in n a ti

POWER, LIGHT AND RAILW AY

O ct., 1927.]

O w ns a n d c o n tr o ls 2 8 0 .4 5 m ip s o f sin gle t r a c k ; op e ra te s 614 m o t o r passenger
cars; 60 trailer passen ger ca rs, 166 s e rv ice cars an d 79 m o t o r c o a ch e s.
F r a n c h is e .— In 1925 th e C it y o f C in cin n a ti gran ted th e c o . a new 2 5 -y e a r
“ s e r v ic e -a t-co s t’ fra n ch ise u n d er th e term s o f w hich fares are t o b e a u to ­
m a tica lly fro m tim e t o tim e a d ju s te d t o c o v e r a ll op era tin g expen ses, ta x e s,
dep recia tion and fix ed ch arges, an d a 5 % retu rn o n th e c a p ita l s t o c k d u r in g
the first 3 years, a n d th ereafter o f 6 % per a n n u m . V . 121, p . 2155.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . L a st d i v .,& c .
S tock $ 2 5 ,0 0 0 ,0 0 0 S 5 0 ________
6 Q -J
*23,761,<>50
See te x t
1st m tg e g series A $ 9 ,5 0 0 ,0 0 0 ( 1927
534 g A -O
7 ,0 0 0 ,0 0 0 A p r 15 1952
( c * $ l ,000, $5 0 0 & r * $ l,0 0 0 ,
$ 5 ,0 0 0 )____________________ t f [In t. a t G u a r a n ty T r u s t C o . o f N e w Y o r k .
E q u ip tru st c t f s ________________ ______
___________
5 6 2 ,5 0 0
See t e x t
S lo c k .— U n d e r th"e n e w fra n c h is e fr o m t h e c it y o f C in c in n a ti c o . ’s c o m
s to c k is t o earn 5 % o n its p a r v a lu e fr o m N o v . 1 1925 t o N o v . 1 1928 an d
th e r e a fte r 6 % .
V . 122, p . 24 9 .
B o n d s .— T h e 1st m tg e. g o ld b o n d s, s e r i e s A , 5 3 4 % , are secu red b y a d ir e ct
fir s t lien on all fix e d p r o p e r ty an d all e q u ip m e n t n o w (A p ril 1927) o w n e d
b y c o . e x c e p t a b o u t 1-3 o f th e ra ilw a y cars a n d o n th ese th e m o r tg a g e has
a lien s u b je c t t o the ou tsta n d in g e q u ip tru s t c e rtifica te s . A d d itio n a l b o n d s
o f series A o r a n y oth e r series m a y be issued (a) fo r re fu n d in g , (6) fo r a
p rin c ip a l a m o u n t o f $ 2 ,5 0 0 ,0 0 0 o n a c c o u n t o f th e p r o p e r ty in existen ce
A p ril 15 1927 an d n o t c o n d itio n e d u p o n fu ture p r o p e r ty a d d itio n s th ereto,
an d (c) for a p rin cipa l a m o u n t n o t in excess o f 7 5 % o f p r o p e r ty a d d itio n s ,
p r o v id e d , w ith resp ect to all b o n d s p ro p o se d t o be issued und er (6) an d (c),
t h a t n e j earnings a fter d e p re cia tio n fo r 12 co n s e c u tiv e m o n th s o u t o f th e
p r e ce d in g 15 shall h a ve been a t least tw ice th e annual interest an d ren tal
req u irem en ts, all as d e fin e d in th e m o r tg a g e . A c u m u la tiv e s in k in g f u n d
o f 1 % per an n u m p ro v id e s fo r re tire m e n t o f series A b o n d s.
If by N ov. 1
1940 th e fra n ch ise has n o t be e n e x te n d e d t o N o v . 1 1960 or a later d a ts ,
th e c o . w ill b e req u ire d , as lo n g as n o exte n sio n has been m a d e , t o increase
th e sinking fu n d p a y m e n ts s u ffic ie n tly t o p r o v id e for the retirem en t o f all
series A b on d s b y exp ira tio n o f th e fra n ch ise o r m a tu r ity o f th e b o n d s,
w h ich ev er shall b e earlier.
R e d ., w h o le o r in p a rt, o n 30 d a y s ’ n o tice at
105 and in t. o n o r b e fo re O ct. 15 1932 an d thereafter a t 34 o f 1 % less fo r
each y ea r o r fra ctio n th e r e o f expired su b se q u e n t t o O c t . 15 1932. In
A p ril 1927 th e G u a r a n ty C o . o f N . Y . an d W . E . H u tto n & C o . o ffe r e d
$ 7 ,0 0 0 ,0 0 0 1st m tg e . g o ld b o n d s , series A , 5 3 4 % . a t 100 an d a c c r u e d int.
Y . 124. p . 2277.
E q u ip m e n t tru st c e r t i fi c a t e s co n sist o f t h e fo llo w in g series as o f S e p t. 30
1927; $20 0 ,0 0 0 6 % ser. G - l , d a te d A p ril 1 1919; d u e $ 5 0 ,0 0 0 s e m i-a n n u a lly
t o A p r i l l 1929, in c l. $ 3 6 2 ,5 0 0 6 % ser. H - l , d a te d J u ly 1 1922, d u e $ 7 2 ,5 0 0
a n n u a lly t® J u ly 1 1932, in c l. $ 4 8 ,4 0 0 6 % se r. H -2 .
D iv i d e n d s .— T o an in c lu d in g A p ril 1901, 5 % per a n n u m ; J u ly 1 and
O c t . 1 1901 an d Jan . 1 an d A p ril 1 1902, 1 .3 1 2 5 % each ; J u ly 1 1902, O c t . 1
1902, J a n . 1 1903 an d A p ril 1 1903, 1 .3 7 5 % e a c h ; J u ly 1 an d O c t . 1 1903
an d Ja n . 1 and A p ril 1 1904, e a c h 1 .4 3 7 5 % ; J u ly 1904. 1 3 4 % : O c t . 1904,
134% D iv id e n d s sin ce h a v e be e n at th e rate o f 6 % p er a n n u m u n til the
term in a tion o f th e lease o n N o v . 1 1925. S in ce then d iv s . w ere p a id a t th e
rate o f 5 % per a n n u m . V . 121, p . 300 3.

E A R N I N G S .— F o r calen d ar years:
Y ear
N o v . 1 to
J a n . 1 to
1926.
D e c .31 1925. O ct .31 1925.
R a ilw a y o p e ra tin g r e v . . $ 8 ,1 0 2 ,5 1 7 $ 1 ,2 4 2 ,2 6 9 $ 7 ,5 5 8 ,3 2 2
R a ilw a y o p e ra tin g e x p . .
5 ,8 4 6 ,2 2 2
8 4 7 ,8 5 8
4 ,4 6 9 .5 9 0

N e t o p e ra tin g r e v e n u e .. $ 2 ,2 5 6 ,2 9 5
T a x e s e x ce p t fra n c h . ta x .
708 ,831

394 ,4 1 1
123 ,3 6 9

G ross in c o m e .............
$ 1 ,5 4 7 ,4 6 4
R e n ta ls ___________________
zS .1 5 0
B a la n c e ________________$ 1 ,5 2 2 ,3 1 4
In terest & sin kin g fu n d
o n b o n d s & n o t e s ______
3 3 2 ,8 8 5

Y e a r 1925.

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

3 ,0 8 8 ,7 3 2
625 ,291

3 ,4 8 3 ,1 4 4
748 ,6 6 0

$ 2 7 1 ,0 4 2
16,675

$2,4 6 3 ,4 4 1
1 ,0 3 0 ,2 3 2

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

$2 5 4 ,3 6 7

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

644 ,246

S u r p lu s ............................ $ 1 ,1 8 9 ,4 2 9
D e fic ie n c ie s fr o m 1924
a llow ed t o b e earned
an d p a id ___________ _________________

$ 1 9 5 ,4 2 6

B a la n c e ________________$ 1 ,1 8 9 ,4 2 9
A llo w , fo r retu rn o n c a p .
1 ,1 7 5 .3 6 4

$ 1 9 5 ,4 2 6
188 ,6 5 2

$32 5 ,9 9 8
3 4 7 ,0 4 3

$52 1,42 3
5 35 ,695

6 .7 7 4
_______

d e f2 1 ,0 4 5
2 9 6 ,9 8 9

d e f l4 ,2 7 2
2 9 6 ,9 8 9

B a la n ce .............................
F ran ch ise t a x ____________

$ 1 4 ,0 6 5
_______

B a la n c e ............................

$ 1 4 ,0 6 5

_______

$84 7 ,9 0 4
5 2 1 ,9 0 6

$ 1 ,0 4 3 ,3 2 9
5 21 ,906

s u r$ 6 ,7 7 4 d e f$ 3 1 8 ,0 3 4 def$ 3 1 1 ,2 6 1

O F F I C E R S .— P r e s ., W a lte r A . D ra p e r : V . - P . , A . B e n h a m ; S e c ., J . W .
N ic h o ls o n ; T r e a s ., C . V . L in k ; A sst. S e c ., C a ro lin e H e in ; A s s t. T r e a s ..
F . L . H aller; G en . M g r ., J . B . S te w a rt, J r.— -V. 121, p . 83 8 , 1226. 1460.
2037, 215 5, 3 00 3; V . 122, p . 2327. 2491; V . 123 , p . 1387, 1761; V . 124, p .
7 9 0 , 1818, 2 1 1 9 , 227 7; V . 125 , p . 1835.

LAKE SHORE ELECTRIC R Y.
O R G A N I Z A T I O N .— T h e L a k e S h o re E le c t r ic R y . w as in c o r p o r a te d on
S e p t. 25 1901 u n d er law s o f O h io as a c o n s o lid a tio n o f th e L o r a in & C le v e ­
la n d R y ., th e S a n d u sk y & In te r u r b a n R y ., th e S a n d u sk y N o rw a lk & S o u th ­
ern R y ., an d th e T o le d o F r e m o n t & N o r w a lk R R . V . 7 3 , p . 7 8 4 . A b o u t
h a lf th e r o a d is b u ilt on p r iv a te rig h t o f w a y .
C o n tr o ls th e L o r a in S tre e t R R . a n d th e S a n d u sk y F r e m o n t & S ou th ern
R y ., w h ich see b e lo w . A ls o c o n t r o ls th e P e o p le ’s L ig h t & P o w e r C o . and
th e B ellev u e Illu m in a tin g & P o w e r C o . O n A u g . 1 1918 p u rch a se d 5 0 % o f
th e c a p ita l s to c k o f th e O h io S ta te P o w e r C o .
(T h e o th e r 5 0 % is o w n e d b y
th e A m e rica n G as & E le c . C o . o f N e w Y o r k ) . In 1907 m a d e c o n t r a c t t o
s u p p ly p o w e r to th e T o le d o F in d la y & F o s to r ia and s e v e ra l o th e r r o a d s .
V 8 5 , p 164 6. In J a n . 1915 th e a rticle s o f in c o r p o r a tio n w e re am e n d e d t o
en a b le th e c o m p a n y t o sell a n d d is trib u te e le c t ic it y fo r lig h t, h e a t a n d o th e r
p u rp o s e s in ce r ta in lo ca litie s .
In D ec. 1925 th e L a k e E rie P o w e r & L ig h t C o . o f S a n d u sk y , O h io , a pp lied
t o O h io P . U . C om m issio n fo r a u th o r ity t o p u rch a s e f r o m L a k e Shore E le c ­
t r ic R y . the ligh t an d p o w e r business fo r $74 3 ,0 0 0 , and also t o a cq u ire the
lig h t an d p o w e r business o f th e S a n d u sk y F re m o n t & S ou th ern R y . fo r
$ 1 6 5 ,0 0 0 . V . 122, p . 213.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 183 m iles, e x te n d in g f r o m C le v e la n d t o T o le d o a n d S a n d u sk y , an d
fr o m S a n d u sk y t o N o r w a lk ; also c it y lines in S an d u sk y; s ta n d a r d g a u g e ; 70
t o 1 0 0 -lb . ra ils . T h r o u g h lin e fr o m C le v e la n d t o T o le d o w as o p e n e d fo r
business a b o u t A u g . 26 190 2. In a d d itio n ow n s th e S a n d u sk y F r e m o n t &
S ou th e r n , 20 m iles, an d th e L o r a in S tre e t R R . , 2 1 .2 7 m ile s , m a k in g a total
o f 2 2 4 .2 7 m iles . 96 p a sse n g e r, 39 e xp re ss a n d o th e r , 69 w o rk a n d fre ig h t
ca rs .
O n M a y 14 1923 th e s to c k h o ld e r s a u th o r iz e d th e c r e a tio n o f $ 2 ,0 0 0 ,0 0 0
7 % c u m . p r io r p r e f. s t o c k t o b e s o ld fr o m tim e t o tim e t o r e d u c e flo a tin g
d e b t , retire b o n d s , a n d f o r im p r o v e m e n ts , & c. T h e r e d u c tio n o f th e a u th o r ­
iz ed a m o u n t o f fir s t p r e fe rr e d 6 % s t o c k f r o m $ 1 ,5 0 0 ,0 0 0 t o $ 1 ,0 0 0 ,0 0 0 w as
also a p p r o v e d . V . 116 , p . 2 2 5 5 . C o m p a r e V . 116, p . 2 1 2 9 , 2 0 0 7 .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
C o m m o n $ 4 ,5 0 0 ,0 0 0 (p a r $ 1 0 0 ) ------------------$ 4 ,5 0 0 ,0 0 0
P r io r p r e f $ 2 ,0 0 0 ,0 0 0 ($100)
See te x t
7 % c u m u la t iv e _____________ ______
Q-J
1 , 000,000
1st p f $ 1 ,0 0 0 ,0 0 0 ($ 1 0 0 )6 % c u m ------See te x t
Q-J
2 ,0 0 0 ,0 0 0 N o d i v . y e t
2 d p f $ 2 ,0 0 0 ,0 0 0 ($ 1 0 0 )5 % n - c _______
6 g J -J
F irst c o n s o l m tg e $ 4 ,0 0 0 ,0 0 0 / 1903
1 ,6 0 0 ,0 0 0 Jan 1 1933
($ 1 ,0 0 0 ) g o l d _________ c * . t f ( I n t . a t U n io n T r u s t C o . , C le v e la n d , tr u s te e ,
[ o r T r u s t C o . o f A m e r ic a , N e w Y o r k .
G en era l m o r tg a g e $ 7 ,0 0 0 ,0 0 0 / 1903
5 g -F A
2 ,2 5 5 ,0 0 0 F e b 1 1933
($ 1 ,0 0 0 ) g o l d _________ c * . t f ( I n t . a t U n io n T r u s t C o ., C le v e la n d , tr u s te e ,
( o r c o m p a n y ’s a g e n c y in N e w Y o r k .
L o r a in & C le v e la n d fir s t g o ld / 1897
5 g J -J
7 5 0 ,0 0 0 J u ly 1 1927
($ 1 ,0 0 0 ) $ 1 ,0 0 0 ,0 0 0 ______t f j l n t . a t C le v e la n d T r u s t C o ., C le v e la n d , or
( c o m p a n y ’s a g e n c y in N e w Y o r k .
T F & N 1st M $ 1 ,5 0 0 ,0 0 0 g / 1900
6 g J -J
1 ,1 1 5 ,0 0 0 J a n 1 1933
g u a r ($5 0 0 , $ l , 0 0 0 ) . . c * . t f [ I n t . a t U n io n T r u s t C o ., D e t r o it , tr u s te e .
C a r tr u s t c e r tific a te s $ 1 7 6 ,0 0 0 / 1917
6 J -J
1 7 ,6 0 0
See t e x t
/G u a r d ia n S av in gs & T r u s t C o . , C l e v e ., tr u s .




B o n d s .— O f th e $ 4 ,0 0 0 ,0 0 0 fir s t c o n s o ls , $ 2 ,2 5 0 ,0 0 0 a re r e s e r v e d t o retire
p r io r lie n s, $15 0 ,0 0 0 h a v e be e n ca n c e le d ; $ 4 ,0 0 0 ,0 0 0 o f th e ge n e ra l m o r tg a g e
5 p e r ce n ts a re re s e r v e d t o r e tire th e fir s t c o n s o ls an d $ 7 4 5 ,0 0 0 ( o f w h ich
$4 2 8 ,0 0 0 h a v e been c e r tifie d b y th e tru ste e a n d a re in tr e a s u r y ) fo r ex ten ­
sions a n d im p ro v e m e n ts a t 8 0 % o f c o s t . N e ith e r issu e is s u b je c t t o c a ll.
T h e fir s t c o n s o ls w e re o r ig in a lly 5s a n d m a tu r e d J a n . 1 192 3, b u t w ere
e x te n d e d t o J a n . 1 1933 a t 6 % .
T h e L . & C . b o n d s a re ca lla b le sin ce J u ly 1 1917 a t p a r a n d in te re s t.
T h e c a r tr u s t c e r tific a te s o f 1917 m a tu r e $ 1 7 ,6 0 0 ea ch J u ly 1.
L i e n .— T h e T . F . & N . b o n d s a re a fir s t lien on th e d iv isio n b etw een
T o le d o an d N o rw a lk ; th e L . & C . b o n d s are a firs t lien on th e r o a d b etw een
C le v e la n d an d L o r a in ; a n d th e fir s t c o n s o l .b o n d s a fir s t lien on all oth er
lines an d also a se c o n d m o r tg a g e o n th e d iv isio n s n o te d a b o v e . W e re
orig in a lly 5s b u t h a v e been e x te n d e d t o Jan . 1 1933 a t 6 % .
T h e ex ten d ed
b o n d s are ca ll, o n a n y in t. d a te a t 100 a n d in t .
V . 119, p . 300 9.
D iv i d e n d s .— In itia l d iv . o n fir s t p r e f., 1 1 4 % , p a id O c t . 1 1910; sam e
a m o u n t q u a rte r ly t o a n d in c lu d in g A p r il 191 5. J u ly 1915 d iv id e n d o m itte d
( Y . 101 , p . 4 7 .)
N o n e sin ce .

E A R N I N G S .— F o r c a le n d a r y e a rs :
„
1926.
1925.
P a ssen gers c a r r ie d ........... 5 .7 6 5 ,7 6 2
5 ,7 3 0 ,7 2 9
G ro s s earn in gs------------------- $ 2 ,4 6 6 ,1 2 0
$ 2 ,5 2 3 ,0 4 0
O per . expen ses & t a x e s . _ 2 ,1 3 0 ,5 7 2
2 ,0 6 8 ,0 1 3
3 6 0 ,8 3 0
3 4 7 ,6 2 8
In te re s t p a i d . . .............
S u r p lu s ..............................d e f$ 2 5 ,2 8 2

1924.
6 ,2 4 2 ,8 6 3
$ 2 ,5 3 0 ,0 5 4
2 ,0 9 8 ,4 1 5
3 3 8 ,7 0 0

1923.
6 ,9 6 7 ,0 5 8
$ 2 ,2 3 5 ,6 6 3
1.7 0 9 .8 9 0
3 4 0 ,9 9 9

$ 9 2 ,9 3 9

$ 1 8 4,77 4

$10 7 ,3 9 9

O F F I C E R S .— P r e s ., E . W . M o o r e , C le v e la n d ; V . - P . , C h a s. S. T h ra s h e r,
C le v e la n d ; V . - P . , S e c .-T r e a s ., C h a s . C u rrie , S a n d u s k v , O h io .— V . 1 2 0 ,
p . 268 3; V . 122 , p . 2 1 3 , 2 04 0, 3 0 8 2 , 3210 V . 124, p . 242 7; V . 125. p. 94.

(1) LORAIN STREET RAILROAD CO.
O R G A N I Z A T I O N .— I n c o r p . in O h io o n A u g . 3 1906 an d is a c o n s o lid a ­
tio n o f th e L o r a in S tre e t R y . a n d th e A v o n B e a ch & S o u th e rn R R . E n tir e
s to c k o w n e d b y th e L a k e S h o re E le c t r ic R y .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A t r o lle y r o a d . O p era tes 2 1 .2 7 m iles o f tr a c k b e tw e e n E ly r ia , L o r a in an d
B ea ch P a rk . S ta n d a rd ga u g e . 23 c a r s . O p e ra te s on p r iv a te rig h t -o f-w a y
e x c e p t th re e m iles in L o r a in a n d E ly r ia , o n w h ich fr a n c h is e s ru n u n til
M a r c h 194 3.
STO C K A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
S to c k $ 2 ,0 0 0 ,0 0 0 ( $ 1 0 0 )_____________
________
$ 2 ,0 0 0 ,0 0 0 ____________
L orain St R y 1st M $ 7 5 0 ,0 0 0 / 1899
5 g M -N
5 5 0 ,0 0 0 N o v 1 1949
g o ld ($ 1 ,0 0 0 )---------------c * . t f l i n t , a t G u a r a n t y T r u s t C o . , N . Y . , tr u s te e .
F irst c o n s o l m tg e $ 2 ,0 0 0 ,0 0 0 / 1900
5 g J -J
See t e x t
J u ly 1 1936
g o ld g u a r ($ 1 ,0 0 0 )-------c * .t f - { I n t . a t U n io n T r u s t C o . , C le v e la n d , tr u s te e ,
( o r a g e n c y in N e w Y o r k .
B o n d s .— O f th e $ 2 ,0 0 0 ,0 0 0 c o n s o lid a te d b o n d s , $ 7 5 0 ,0 0 0 a re r e s e r v e d f o r
p r io r liens an d $75 0 ,0 0 0 fo r ex te n sio n s, & c. T h e y a re g u a r ,, p r in . a n d in t ..
b y e n d o r s e m e n t b y th e L a k e S h o re E le c t r ic R y .
E A R N I N G S .— F o r ca le n d a r y e a rs :
G ro ss I n c . E x p . <& T a x .

N et E a rn s.

I n t . P a id .

B a la n c e .

1 9 2 6 ____ ------ $35 6,00 8
$ 6 5 ,5 5 2
$2 9 0 ,4 5 6
$ 3 5 ,5 9 4
s u r$29,958
1 9 2 5 ___ . . . 319 .8 8 5
2 9 1 ,0 7 2
28,8 1 3
42,1 3 9
d e f. 13,326
1 9 2 4 . . . ------- 286 ,458
2 6 0 ,4 2 4
2 6 ,0 3 4
5 1 ,162
d e f. 2 5 ,1 2 8
1923____ ____ 2 81 ,947
2 6 3 ,5 7 0
18,377
51,819
d e f. 33.441
192 2____------- 223.311
2 0 4 ,1 2 4
19.187
5 3 ,146
d e f. 3 3 .9 5 9
P a ssen gers carried In 1926, 4 ,9 5 2 ,4 7 0 ; In 192 5, 4 ,2 3 5 ,1 6 5 ; in 1 92 4, 3 ,7 7 3 ,6 1 9 .— V . 105, p . 2 5 4 3 ; V . 109. p . 2 35 7.

$ 1 ,6 8 7 ,5 7 6

58,941

143

(2) THE SANDUSKY FREMONT & SOUTHERN RY.
O R G A N I Z A T I O N .— I n c o r p . in O h io in A p ril 1906. L a k e S h o re E le c t r ic
R y . o w n s en tire s t o c k . F o r p r o p o s e d sale o f lig h t an d p o w e r bu sin ess to
L a k e E r ie P o w e r & L ig h t C o . o f S a n d u s k y . O h io , see V . 122, p . 213 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
is o p e r a te d as p a r t o f m ain lin e o f L a k e S h o re E le c t r ic R y . b e tw e e n C le v e ­
land a n d T o le d o .
O p era tes a lin e fr o m S a n d u s k y t o F r e m o n t , 20 m iles.
14 c a r s . P r iv a te r ig h t -o f-w a y .
STO C K A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
S to c k $ 2 ,0 0 0 ,0 0 0 ______________ — O w n e d b y th e L a k e S h o re E le c t r ic R y . —
First m tg e $ 2 ,0 0 0 ,0 0 0 g o l d / 1906
5 g J -J
$ 6 4 5 ,0 0 0 J u ly 1 1936
($ 1 ,0 0 0 ) g u a r ---------------c * . t f ( I n t . a t U n io n T r u s t C o ., C le v e la n d , tr u s te e ,
( o r a t a g e n c y in N e w Y o r k .
B o n d s .— A r e g u a ra n te e d , p rin c ip a l a n d in te re s t, b y e n d o r s e m e n t, b y th e
L a k e S h o re E le c t r ic R y .; n o t s u b je c t t o c a ll. See V . 8 3 . p . 1099.
E A R N I N G S .— F o r c a le n d a r y e a rs:
G ro ss
In com e.

E xp en ses a n d
N et
T a xes.
E a r n in g s .

1926 ......................$162,346
$18 9,53 1 d e f $27 ,185
1 9 2 5 _______ . . . 167.919
173 ,572
d e f 5,i.53
1 9 2 4 _______ _____ 119.975
1 13 ,779
6.196
1 9 2 3 _______ _____ 114 .797
, 108 ,1 5 6
6,641
1 92 2________ ____ 111,692
9 8 .7 7 9
12,912
1 9 2 1 . ............_____ 120,034
107 ,7 3 6
12,2 9 8
— V . 83, p . 97, 1099; V . 122, p . 2 1 5 .

In terest
P a id .

B a la n c e .
D eficit.

$ 3 2 ,2 5 0
3 2 ,2 5 0
32,2 5 0
3 2 .2 5 0
3 2 .2 5 0
3 2 ,2 5 0

$ 5 9 ,4 3 5
3 7 ,9 0 3
2 6 .0 5 4
25.6 0 9
19,337
19,951

STAR K ELECTRIC R R.
O R G A N I Z A T I O N .— I n c o r p . In O h io a n d is a c o n s o lid a tio n in D e c . 1902
o f th e A llia n ce E le c tr ic R y . and th e S tark E le c tr ic R y . O n N o v . 14 1925
c o n tr o l o f th e c o m p a n y p assed in to th e han ds o f E astern ca p ita lis ts .
See
n e w o ffic e r s h e re u n d e r. V . 121, p . 2 5 2 3 . T h e A llia n c e (O h io ) E le c t r ic C o .
w as o rg a n iz e d in 1927 t o tak e o v e r e le ctr ic p o w e r business o f S tark E le c t r ic
RR.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A n ele ctric r o a d . O perates an e le ctric ra ilw a y fro m C a n to n t o S alem .
S tan d ard ga u g e. 67 an d 7 0 -lb . T . rails a n d 70 an d 9 0 -lb . girder ra ils.
A ls o d o e s an ele ctric ligh t a n d p o w e r business in a n d a b o u t A llia n c e , O h io .
O w ns a m o d e rn ge n e ra tin g p la n t o f 8 .5 0 0 k .w . lo ca te d near A llia n c e .
In
1925 d is co n tin u e d s e rv ice o n th e r a ilw a y lines in A llia n c e , O h io , a n d in ­
a u gu ra te d b u s s e rv ice t o a ll p a rts o f t h a t c it y .
See “ E le c tr ic R a ilw a y
J o u rn a l” o f N o v . 14 192 5. I n 192 6, h o w e v e r , c o . d is co n tin u e d bus s e r v ic e
re p la cin g ca rs.
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
S to c k , $ 1 ,5 0 0 ,0 0 0 ( $ 1 0 0 )______________
Q -J
$ 1 ,2 5 0 ,0 0 0
S ee tex t
1st m tg e $ 1 ,0 0 0 ,0 0 0 g ( $ 1 0 0 0 )/ 1903
5 g J -J
7 3 0 ,0 0 0 Jan 1 1 9 2 8
sk g fu n d ca ll a t 105____ c t f \ I n t . a t U n io n T r u s t C o ., C le v e la n d .
N o t e s ----------------------------------------------------6%
3 8 8 ,5 0 0 _____________
E q u ip m e n t tru s t c e r t i f i c a t e s . . ____
___________
8 6 ,4 0 0 ____________
B o n d s .— S in k in g fu n d 2 % p e r an n . $ 2 7 0 ,0 0 0 h a v e b e e n r e tir e d .
D iv i d e n d s .— F irst d i v ., % % , p a id J u ly 1908; M % p a id q u a r. t o an d in c l.
Jan . 1916. In A p ril 1916, 1 % ; sa m e r a te q u a r. t o a n d in cl. A p r . 1917; n on e
to O c t . 1919, w h en a d iv . o f 1 % w as p a id . S am e ra te has b e e n p a id r e g u ­
larly q u a rte r ly sin ce t o an d in c l. J u ly 1922. O c t . d iv . p a s s e d . In Ja n .
1923 1 % w as p a id ; n o n e p a id s in c e . I n A p ril 1910 also a s t o c k d iv id e n d o f
2 5 % . V . 90, p . 44 8 , 700 . I n J a n . 1921 an e x tra d iv . o f H o f 1 % w as p a id .
E A R N I N G S .— F o r c a le n d a r y e a rs:
G ro s s .

1 92 6---------- --------- $46 0,86 5
1925______ ______ 4 6 7 ,2 2 3
1924______ ______ 4 9 2 ,8 5 5
1 92 3______ ______ 5 7 1 ,9 4 8
10 2 2 ---------- ______ 542 ,541
x In c lu d e s taxes.

N e t a ft D e p r .

$5,3 5 7
47,761
7 0 ,8 8 8
1 0 5 ,3 2 8
8 4 ,0 2 2

F i x e d C h g s.

x $ 7 5 ,7 0 8
61,7 3 4
67,973
7 5 ,6 6 2
7 7 ,5 4 6

D iv s .

B a la n c e .

-----------d e f$ 7 0 ,3 5 1
----------d e f 13,973
----------2,9 1 5
----------2 9 ,6 6 5
3 7 ,5 0 0 d e f .3 1 ,025

O F F I C E R S .— P r e s ., W m . E . D a v is , A llia n c e , O .; V . - P . , H o w a rd
M o r ris , N e w Y o r k , N . Y . ; S e c ., O . K . A y e rs ; and T r e a s .. E . W . S w eez y ,
b o t h o f A llia n c e , O h io .— V . 121, p . 252 3; V . 122, p . 219 3; V . 125, p . 1054.

144

PUBLIC UTILITIES

(THE) SUBURBAN LIG H T & POWER CO.
(OF OHIO).
O R G A N I Z A T I O N . — I n c o r p . in 1925 in O h io . O w n s all o f th e o u t­
sta n d in g c o m m o n s t o c k (e x ce p t d ir e cto r s ’ shares) o f th e Sub u rban P ow er C o .
a n d T h e G en eral L ig h t & P o w e r C o ., an d n o t less th a n 6 0 % o f th e o u t ­
s ta n d in g c o m m o n s to c k o f T h e S u b u rb a n P u b lic S e rvice C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y ’s o p e r a tin g subsidiaries o w n ele ctric lig h t an d p o w e r p ro p e rtie s
In th e su b u rb a n d istricts su rro u n d in g such cities as Y o u n g s t o w n , C a n to n
M a r io n , N e w a r k , B u cy ru s, C o lu m b u s , F in d la y , W a r r e n , C a m b rid g e and
oth er c o m m u n itie s in th e n o rth cen tral an d eastern p arts o f th e S tate o f
O h io, a n d fu rn ish es e le ctr ic lig h t and p o w e r in o v e r 100 tow n s an d co m m u n i­
ties. in c lu d in g M ilt o n L a k e , M a r lb o r o , D re sd e n , F r a z e y s b u rg , U tic a ,
G a m b ie r , D a n v ille , W a ld o , L a R u e , M t . V ic t o r y , R id g e w a y , R u sh sy lv a n ia ,
Jenera M t . B la n c h a rd . V an L u e , D e e rfie ld . M c C o m b , P a y n e , and B lo o m v ille .
T o t a l p o p u la tio n s e rv e d 1 40 ,000 .
C u s to m e rs , 1 0 ,3 0 0 .
O ver 600
m iles o f tra n sm issio n a n d d is trib u tio n lin es. Y . 121, p . 2 75 4.
STOCK A N D BO N D S—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n 5 0 .0 0 0 shs (n o p a r ) . . ____
___________ 4 0 ,0 1 2 slis.
l s t p f 7 % c u m $ 2 .5 0 0 .0 0 0 ( $ 1 0 0 ) ____ 7 Q -M
$ 1 ,5 0 0 ,0 0 0
2d p r e f 7 % cu m $ 1 7 5 ,0 0 0 ___________
7
175.000
1st m tg e c o ll 5 K s , ser A ? 1927 5 M g M - N
2 ,5 0 0 ,0 0 0 M a y T 1952
(c* $ 1 ,0 0 0 a n d $ 5 0 0 )____ t f ' T h e S e a b o a rd N a t io n a l B a n k o f N . Y . , tru st.
S to c k . — 1st p r e f. is p re fe rre d as t o assets a n d c u m . d iv s . o v e r 2 d p r e f.
an d c o m . s to c k s . E n title d t o $100 and d iv s . in liq u id a tio n p lu s a p r e m iu m
o f $10 if liq u id a tio n is v o lu n t a r y .
R e d . w h ole or p a r t a t 110 a n d d iv s
C o . m a y n o t , w it h o u t c o n s e n t o f h o ld e rs o f 2-3 o f o u ts ta n d in g 1st p r e f
s t o c k , (1) a u th o r iz e o r issue a n y p rio r s to c k ; (2) a ffe c t a d v e r s e ly b y a m e n d ­
m en t a n y o f th e 1st p r e f. p re fe re n ce an d oth er r ig h ts. C o . m a y n o t w ith o u t
co n s e n t o f a t lea st m a jo r it y o f o u ts ta n d in g 1st p re f. s to c k increase th e
a u th o riz e d a m o u n t o f 1st p r e f. s t o c k . E x ce p t as a b o v e , 1st p r e f. has n o
v o t in g rig h ts unless c o . fails t o p a y a n y q u a rte rly d iv . a n d all s u b se q u e n t
a c c u m u la te d d iv s .
U n til said d iv s . are p a id , each 1st p r e f. share has on e
v o t e . N o s u b s c r ip tio n rig h ts fo r a n y class o f s t o c k .
In O ct. 1926 V o u g h t
& C o . , I n c ., o ffe r e d $ 5 0 0,00 0 a d d itio n a l 1st p r e f. a t 95 an d d iv s ., t o yie ld
7 .3 0 % .
E a ch share ca rrie d a w a r ra n t for a p e r io d o f 5 years, to p u rch a se
on e c o m . share a t $35 b e fo r e O c t . 1 1927; $37 50 b e fo r e O ct. 1 1928; $42 50
b e fo r e O c t . 1 1929; $47 50 b e fo r e O c t . 1 1930; $55 b e fo r e O c t . 1 1931.
V . 123, p . 2142
I n M a y 1927 V o u g h t & C o . , I n c ., o f N . Y . o ffe r e d $ 5 0 0,00 0 7 % c u m . 1st
p r e f., a t 95 a n d d i v ., t o y ie ld 7 .3 5 % . V . 124, p . 3 07 0.
B o n d s .— T h e 1st m tg e . s e c u r e d g old n o t e s , da ted D e c . 1 1925 w e re re tire d
on S ep t. 1 192 7, a t 101 a n d in t. V . 125, p . 782 .
T h e 1st m tg e. c o ll. 5 x s , s e r i e s “ A , " dated M a y 1 1927 are se cu re d b y
A
d e p o s it a n d p le d g e w ith t h e tru stee o f 1st m tg e . b o n d s o f th e S u b u rban
P o w e r C o . a n d th e e n tire o u ts ta n d in g v o t in g s t o c k (e x ce p t d ir e cto r s shares)
o f th e S u b u rb a n P o w e r C o . a n d th e G eneral L t . & P o w . C o . N o fu n d e d
d e b t m a y b e issu ed b y th e la tte r c o . unless p le d g e d u n d e r th is in d e n tu re .
T h e issu e o f a n y se cu rities b y s u b s id ia ry c o s . is re s tric te d . A d d itio n a l
b o n d s o f th is o r a n y o th e r series m a y b e issued u n d e r th e p r o v is io n s o f th e
in d e n tu r e . A ll b o n d s issu e d u n d er th is in d e n tu re w ill b e o f e qu a l lie n ,
irr e s p e c tiv e o f series.
R e d . a ll or in part a fte r 30 d a y s ’ n o t ic e a t 105
th rou g h M a y 1 1932, a n d th e re a fte r decreasin g 1 % each 5 y e a r p e r io d ,
p lu s in t . in each ca se .
C o . w ill r e fu n d P e n n , a n d C o n n . 4 m ills ta x
M a r y la n d 4 A m ills, D is t. o f C o lu m b ia a n d K e n t u c k y 5 m ills, C a lif. 5 m ills,
M ic h . 5 m ills e x e m p tio n ta x a n d th e M a s s , in c o m e ta x , n o t exce e d in g 6 %
p e r an n . on th e in t . In M a y 1927, L o v e , M a c o m b e r & C o . a n d C h a s. D .
R o b in s & C o . s o ld $ 2 ,5 0 0 ,0 0 0 1st m tg e . c o ll 5 A % g o ld b o n d s, series “ A ”
a t 96 a n d i n t ., t o y ie ld o v e r 5 .8 0 % . V . 124, p . 307 0.
E A R N I N G S .— C o m b in e d earnings fo r 12 m o n th s en ded :
J u n e 30 ’26. S e p t. 30 '2 5 .
$810,261
$54 6 806
G ross (in c l. o th e r in c o m e )____________________________
N e t _____________________________________________________
4 0 2 ,0 4 6
2 1 4 .7 0 6
A n n u a l in terest 1st m tg e . sec. n o te s _________
6 0 .0 0 0
60.000
A v a il, fo r d e p r e c ., F e d . in c . t a x ., a m o r t. & d i v s .
$ 3 4 2 ,0 4 6
$ 1 5 4,70 6
O F F I C E R S ..— P r e s ., R . M . M e a d ; V .- P ., F . C . D u n b a r : V .-P . & A s s t .
T r e a s . G . D . F in n ie ; A s s t, t o P res. & S e c ., C . R . A rb a u g h ; T r e a s ., R .
M . M e a d .— V . 121, p . 275 4; V . 122, p . 483; V . 123, p . 214 2; V . 124, p .
3 0 7 0 ; V . 125, p . 782.

SCIOTO VALLEY R Y . & POWER CO.
O R G A N I Z A T I O N .— I n c o r p . in O h io w ith a p e rp e tu a l ch a rte r in 1904.
W as fo rm e r ly k n o w n as th e S c io to V a lle y T r a c tio n C o ., b u t n a m e was
ch an ged t o p resen t title Jun e 8 1923. V . 116, p . 276 8. B u ilt on p riv a te
r ig h t-o f-w a y .
In 1916 a cq u ire d en tire s to c k o f th e C o lu m b u s D e p o t C o .
V . 102. p . 1626. F r a n c h is e s e xten d b e y o n d m a tu rity o f 1st m tg e . b o n d s.
L ea ses O h io S ou th ern in te ru rb a n & T e r m . D e p o t C o . p r o p e r ty fo r 99 years.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 77 9 m iles o f tra ck fr o m C o lu m b u s to L a n ca ste r and fro m C o lu m ­
bus t o C h illic o th e .
Is o p e ra te d b y th ird -rail sy s te m .
S tan d ard gau g e,
7 0 -lb . T ra il. W ith in c it y lim its o f C o lu m b u s c o m p a n y op e ra te s over
tra ck s o f C o lu m b u s R y ., P o w . & L ig h t C o . u nd er o p e ra tin g a g reem en t.
F or 9 9 -y ea r c o n t r a c t c o n c lu d e d b etw een c o . an d C o lu m b u s R y ., P o w . &
L t . C o ., w h ereb y S c io to C o . agrees t o b u y all its e n e rgy fro m C o lu m b u s
R y ., P o w . & L t . C o . acq u ire s e x clu s iv e rights t o h a u l C o l. R y . fu e l. & c ., & c.
STOCK A N D BO N D S—
D a le .
I n te r e s t.
O u ts ta n d in g .
M a t u r it y .
C o m m o n $ 1 ,8 0 0 ,0 0 0 ($ 1 0 0 )___ ______
________
$ 1 ,8 0 0 ,0 0 0
See te x t
1st p r e f $ 5 0 0 ,0 0 0 5 % c u m ____ ______
Q -J
4 8 9 ,3 0 0 J an ’27, I H
P r e f $ 1 ,2 0 0 ,0 0 0 5 % cu m ( $ 1 0 0 ) ____
Q -J
1 .2 0 0 ,0 0 0 J u ! y ’ 2 4 , 1 A
2 0-year 1st m o rtg a g e $ 2 ,5 0 0 ,- f 1923 6 g J -D
1 ,3 7 6 ,0 0 0 Ju n e 1 1943
000 ($500 an d $ 1 ,0 0 0 ) s in k -) In t. a t H u n tin g to n N a t . B a n k , C o lu m b u s ,
in g fu n d g _____________ c * t f ( tru stee, or a t F irst N a t . B a n k . N . Y .
B on d s — Remaining 1st m tg e . b o n d s m a y b e issued fo r 7 5 % o f th e cash
c o s t o f a d d itio n s an d c a p ita l im p ts . under certa in r e s trictio n s .
A n annual
s in k in g f u n d c o m m e n cin g N o v . 15 1925 and su ffic ie n t t o retire $40 0,00 0
b o n d s b etw een 1925 an d 1942 is p r o v id e d fo r .
T h e sin k in g fu n d w ill be
used t o p u rch a se b o n d s in th e m ark et u p t o an d in c l. 102. I f u n o b ta in a b le
a t th is fig u re b o n d s w ill be c a lle d b y lo t a t 102. A sin k in g fu n d o f 1 1 4 %

L o v e , M a c o m b e r & C o.
49 WALL STREET

NEW YORK

[V ol. 125.

will b e a p p lie d to w a rd s a n y a d d itio n a l b o n d s issu ed in a c c o r d a n c e w ith the
p ro v isio n s o f th e m t g e . A r e c a ll., all o r in p a r t, on a n y in t . d a te on 30 d a y s '
n o tice a t 105 o r b y lo t fo r sinking fu n d p u rp o se s a t 102. P e n n a . a n d C o n n .
4-m ili tax r e fu n d e d .
V . 116, p . 299 4.
D iv id e n d s .— D iv id e n d s on o ld issu e o f p re f. s to c k w ere t o a c c r u e fr o m
O c t . 1 1905, b u t a m o u n ts d u e Ja n . 1 1906 an d A p ril 1 1906 w ere relin q u ish ed
b v shareh olders, and first d iv . (1 M % ) w as paid J u ly 1906 an d \ M % O ct.
1906 (V . 82, p . 1440); in 1907 and sin ce , 5 % p er a n n u m .
O n O ct. 15 1918
and again on A p r . 15 1919 d iv s . o f 1 % (p a y a b le in U . 8 . L ib e r t y L o a n 4 A, %
b on d s) w ere paid on th e c o m m o n s t o c k .
E A R N I N G S .- — F o r calen d ar years:
G ro s s .
N et.
I n t . . t a x . . A c . P r e f. D iv s .
S u rp lu s
1926 ............. . - - $ 6 7 8 ,6 8 3
$18 8,49 3
S 13 8.1 10
$ 2 4 ,4 6 5
$ 2 5 ,9 1 9
1925 ___________ 640 .841
182.676
142 ,7 4 6
2 4 ,465
15.465
1924 ............. — - 6 7 4 .0 2 6
2 1 3 .4 2 3
158 .4 1 9
5 4 ,4 6 5
539
1923 ..................- 723 .9 2 2
2 5 7 ,3 3 8
157 ,0 3 8
84,4 6 5
15,836
1922 . ............. - . 7 1 6 .2 6 2
2 4 2 .2 7 2
1 4 0 ,0 1 5
8 4 ,4 6 5
17 792
P a ssen gers ca rrie d in 1926, 8 6 4 ,5 9 4 ; in 192 5, 8 7 5 ,1 6 9 ; in 1924, 9 9 2 ,1 7 2 ,
an d in 1923, 1 ,1 3 4 ,6 5 7 .
O F F I C E R S .— P r e s ., F ra n k A . D a v is ; Y . - P . & T r e a s ., E d w in R . Sharp,
S e c .-A u d ., F . K . Y o u n g ; S u p t., P . F . T h o m p s o n ; G e n . M g r ., R . T . J o h n ­
s o n . O ffice s , C o lu m b u s , O .— V . 107, p . 83; V . 113, p . 850 ; V . 116, p . 225 8,
276 8, 2 99 4; V . 118, p . 2180.

CINCINNATI HAMILTON & DAYTON CORP.
O R G A N I Z A T I O N .- —I n c o r p . in D e la w a r e M a y 6 1926. O w ns th e entire
capital s to c k (e x c e p t d ir e cto r s ’ q u a lify in g shares) o f C i n c i n n a t i H a m ilt o n
& D a y to n R y . C o .

STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n (n o p a r ) ____________________
___________ 2 0 ,5 0 0 shs ____________
P rior d e b 6 % g ($ 1 ,0 0 0 , $ 5 0 0 ,] 1926
6 J-J
$ 2 ,1 2 5 ,0 0 0 Jan 1 1976
$10 0. $50 c * ) _____________ t f ( I n t. a t W ilm in g to n T r . C o .. W ilm ., D e l., T r
A d j in c b d s $87 5 ,0 0 0 ($ 1 ,0 0 0 , f 1926
6
8 7 5 ,0 0 0 Jan 1 1 9 7 6
$ 50 0, $50 0, $50 r ) ________ t f ( I n t . a t W ilm in g to n T r . C o ., W ilm in g to n , T r .
B o n d s . — C o u p o n s ( o f th e p r i o r d e b e n tu r e s b o n d s ) m a tu rin g o n o r b efore
Ja n . 1 1930, p a y a b le o n ly i f an d w hen th eir p a y m e n t is d e cla red b y directors
a t their d is cre tio n ; and if n o t p a id on or b e fo r e Jan . 1 1930, shall o n that
d a te b e c o m e n u ll a n d v o id .
O n th e 1st d a y o f J u ly 1930 a n d sem i-an n u ally
th e re a fte r c o . is to p a y such in t. (n o t e x ce e d in g 6 % p er a n n u m ) as directors
shall in their d is c re tio n d e te rm in e an d d e cla re . I n t . o n b o n d s fro m O c t . 1
1929 a t 6 % p er a n n u m , shall be c u m u la tiv e an d c o . agrees, w h en ever prin­
cip al o f b o n d s c o m e s d u e , t o p a y all arrears o f in terest fr o m O c t . 1 1929 to
such d u e d a te , w h eth er d e cla re d b e fo re o r n o t .
C a ll, o n a n y d a te a t lOf
and in terest.
T h e a d ju s tm e n t in c o m e b o n d s are n o n -c u m u la tiv e as to in te re s t. In terest
is p a y a b le o n ly fr o m su rp lu s as d e fin e d in th e in c o m e a g re e m en t. Interes*
o n p rio r d e b e n t. g . b o n d s tak es p r e c e d e n c e . C a ll, a t 105 an d in t.
N o t e . — P rior d e b e n tu re b o n d s, a d ju s tm e n t in c o m e b o n d s a n d co m m o n
s to c k w ere d is trib u te d to h old ers o f ce r tific a te s o f d e p o s it o f Sou th ern
O h io T r a c tio n C o . 1st c o n s o l. 5 % b o n d s a n d C in cin n a ti & H a m ilto n E le c tr ic
S treet R y . C o . 1st m tg e . 6 % b o n d s, a n d t o an u n d e rw ritin g s y n d ic a te ,
w h ich p a r ticip a te d in th e re o rg a n iz a tio n o f th e r a ilw a y p r o p e r t y o f C in cin ­
nati & D a y t o n T r a c tio n C o ., a ll as p r o v id e d in a p la n o f reorg a n iz a tion
d a te d O ct. i 1925. Said plan co n te m p la te d th a t n o in te r e s t s h o u ld be p a id
on th e said d e b e n tu re b o n d s an d a d ju s tm e n t in c o m e b o n d s u n t i l 3 y e a r s
a fte r th e a c q u is itio n o f th e r a ilw a y p r o p e r t y o f C in cin n a ti & D a y t o n T r a c tio n
C o . b y th e C in cin n a ti H a m ilto n & D a y t o n R a ilw a y C o .
O F F I C E R S .— P r e s ., T h o m a s C o n w a y , J r .; V .- P . , W . L. B u tle r ; See. &
T r e a s ., A . E . P fa h le r. G en eral o ffic e s , D u P o n t B u ild in g , W ilm in g t o n , D e l.
— V . 123, p . 318 1.

CINCINNATI HAMILTON & DAYTON RAILWAY CO.
C o n tr o l.— C in cin n a ti H a m ilto n & D a y t o n C o r p . ow n s th e en tire c a p ita l
s t o c k e x c e p t d ir e cto r s ’ shares.
O R G A N I Z A T I O N .— I n c o r p . M a r c h 24 1926 in O h io . O n M a r . 9 1926
acq u ire d an d n o w o w n s th e ra ilw a y p r o p e r t y o f C in cin n a ti & D a y t o n
T r a c tio n C o ., s o ld a t fo re c lo s u r e M a r c h 8 1926 (fo r h is to ry o f la tte r c o . see
P u b lic U tilit y C o m p e n d iu m ” o f M a y 1 1 9 2 6 ). F o r p la n o f reorg a n iza tion
o ld c o ., see Y . 122, p . 479 . 608 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y ow n s a n d op e ra te s an e le ctrica lly op e ra te d r a ilw a y a p p ro x im a te ly
54 m iles in le n g th w ith o v e r 8 8 .1 7 m iles o f tr a c k se rv in g a n d c o n n e c tin g
C in c in n a ti. C o lle g e H ill, M o u n t H ea lth s , H a m ilto n , T r c n t e n , M id d le t o n ,
F ra n k lin , M ia m is b u r g , W e s t C a rr o llto n a n d D a y t o n , t o g e th e r w ith lo ca l
c it y lines in H a m ilto n .
P o p u la tio n d ir e c t ly s e r v e d , a c c o r d in g t o th e
C en sus o f 1920, a p p ro x im a te ly 7 3 3 ,0 3 0 , in c lu d in g C in cin n a ti a n d s u b u r b s ,
2 4 .1 7 m iles o f c it y tra ck s an d 64 m iles o n p r iv a te rig h t o f w a y o w n e d in fee
o r a c q u ir e d b y fra n ch ise s o r easem ents a lo n g th e h ig h w a y . 66 p assenger
co a c h e s , 4 m o t o r fre ig h t ca rs, 49 fre ig h t b o x ca rs, 5 fre ig h t fla t cars an d
10 m isce lla n e o u s u t ilit y cars. C o m p a n y ow n s a s te a m e le ctr ic gen era tin g
s ta tio n at H a m ilto n o f 5,2 5 0 k .v .a . to g e th e r w ith a 3 3 ,0 0 0 v o lt h igh ten sion
tra n sm issio n lin e co n n e c tin g th e p o w e r p la n t w ith v a rio u s s u b sta tion s.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n 6 0 ,0 0 0 shs (n o p a r ) _ . ____
___________ 6 0 ,000 sbs ____________
D a y t o n T r a c tio n C o 1st g o ld ! 1896 6 J -J
$25 0 ,0 0 0 Jan 1 1931
($ 1,000 c * ) _____________ n t f l l n t . a t G ira rd T r u s t C o ., P h ila d e lp h ia , P a .
C in H am & D a y R y C o . H a m
1926 6 J-J
2 0 0 .0 0 0 Jan 1 1 9 3 1
C it y L in es I s t M 6s g $ 2 0 0 ,- { I n t . a t G ira rd T r u s t C o ., P h ila d e lp h ia , P a .
000 ($ 1 ,0 0 0 , $50 0, $100.
$50, $25 c * ) _
tf 1
C in H am & D a y R y C o 1st & f 1926, 6 g J-J
8 5 0 ,0 0 0 Jan 1 1941
r e f ser A 6 % g ($ 1,000 $500, i I n t . a t W ilm in g to n T r . C o ., W ilm in g ., T r .
$50 0, $100 c * ) ____________ t f I
E q u ip m e n t tru s t ce r tific a te s , f 1927 5 - 5 K - 6 A - 0
4 5 0 ,0 0 0 See tex t
series A ($ 1 ,0 0 0 a n d $ 5 0 0 ,( D i v s . p a y a b le a t o ffic e o f tru stee in W ilm .,
$ 1 0 0 )_______________________t f (
D e l. o r H a ls e y , S tu art & C o . in N . Y .
B o n d s . — T h e D a y to n T r a c tio n 1 st m tg e. b o n d s were e x te n d e d a t 6s (o rig in ­
a lly 5 s ). C a ll, w h o le o r p a r t a t p a r.
A d d itio n a l 1 si d r e f. b o n d s o f a n y series m a y b e issued fr o m tim e t o
tim e fo r r e fu n d in g D a y t o n T r a c tio n C o . 1st m tg e . b o n d s or C in e . H a m . &
D a y t o n R y . -St m tg e . b o n d s. A d d itio n a l b o n d s m a y b e issued for 75 %
o f p e rm a n e n t im p ro v e m e n ts , & c ., w h en n e t earnings fo r 12 c o n s e c u tiv e o f
14 p re ce d in g calen d ar m o n th s h a v e be e n a t least tw ic e in terest on all b o n d s
o u ts ta n d in g , in c l. p ro p o s e d issue. $ 1 ,0 0 0 ,0 0 0 is s p e c ific a lly reserved fo r
issu ance s u b je c t to certa in lim ita tio n s a n d p r o v id e d n e t in c o m e is a t le a s t
I f f , tim es annual interest.
Series A 6s g o ld , d a te d J a n . 2 1926, are r e d .
w h o le or p a rt a t par and in te re st.
T h e 7 % c a r tr u st c e r tific a te s are d u e $ 1 ,2 7 5 80 on th e 15th d a y o f ea ch
m o n th .
T h e e q u ip m e n t tr u st g o ld c e r t i fi c a t e s , s c r i e s “ A " a re r e d . all o r in p a r t on
a n y d iv . d a te o n 30 d a y s ’ n o t ic e a t 100 a n d d iv s . p lu s a p r e m iu m o f 1 %
fo r a ll ce r tific a te s m a tu rin g m o r e th a n 5 years a n d a p re m u m o l
fo r
a ll ce r tific a te s m a tu rin g 5 yea rs o r less fr o m d a te o f re d e m p tio n . C o n n ,
a n d P e n n . 4 m ills ta x e s, D is t . o f C o l. 5 m ills ta x , M d . 4 1 4 m ills a n d M a s s .
6 % ta xes re fu n d a b le .
T h e se ce r tific a te s m a tu re $ 2 2 ,5 0 0 a n n u a lly fr o m
O c t . 1 1927 t o A p ril 1 1936, in c l. In A u g . 1927 H a ls e y , S tu a rt & C o .
b o u g h t o u t $ 4 5 0 ,0 0 0 e q u ip , tru st c t fs ., series A , a t p rice s t o y ie ld fr o m
5 % t o 6 % a c c o r d in g t o m a t u r it y . V . 125, p . 779.
E A R N I N G S .— I n c o m e a c c o u n t M a r c h 9 1926 t o D e c . 31 1926:
O p e ra tin g r e v e n u e ______________________________________________________ $83 2 ,4 6 4
O p e ra tin g e x p e n s e ______________________________________________________ 7 2 6 ,9 5 4

Underwriters and Distributors

N e t re v e n u e fr o m ra ilw a y o p e r a t io n ______________________________ $ 1 0 5,50 9
T a x e s assign able t o ra ilw a y o p e r a tio n s _______________________________ 2 9 ,3 2 2

of Corporation Issues

O p e ra tin g in c o m e _____________________________________________________ $76,187
2,3 9 5
N o n -o p e ra tin g in c o m e __________________________________________________
G ro ss in c o m e __________________________________________________________ $78 ,582
D e d u c tio n s fr o m gross in c o m e ________________________________
32,1 5 3
F e d e ra l in c o m e ta x (e s tim a te d )________________________________________
2 ,5 0 0

SPECIALIZING IN

PUBLI C UT I L I T I E S




N e t in c o m e ____________________________________________________________ $43 ,929
O F F I C E R S .— P r e s ., T h o m a s C o n w a y , J r .; V .- P . , W illia m L . B u tie r ;
V .- P . & G e n . M g r .. J . H . M c C lu r e ; S e c .. A . E . P fa h le r: T r e a s .. W illia m D .
G o r d o n . G en eral o ffic e , D a y t o n , O .— V . 123, p . 318 1; V . 125, p . 77 9 .

FORT W AYNE-LIM A R AILROAD.
O R G A N I Z A T I O N .— O rga n ized in 1926 as su ccessor t o F o r t W a y n e V a n
(see “ P u b lic U tilit y C o m p e n d iu m ” o f O c t . 30
1926; also V . 124, p . 2 2 5 ), so ld a t r e c e iv e r ’s sale in D e c . 1926. C o . w as or­
gan ized as p er p lan o f Jun e 1 1926. V . I z 2 , p . 320 9.
W e rt & L im a T r a c tio n C o .

Oct ., 1927.]

POWER, LIGHT AND RAILW AY

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
A tro lle y r o a d . 6 1 .6 3 m iles o f e le ctr ic track fro m F t. W a y n e via N ew
H a v e n , M o n r o e v ille , C o n v o y . Van W e rt, M id d le p o in t , D e lp h o s and Elida
t o L im a . C o m m e n c e d c o m p le t e o p e r a tio n N o v . 15 1905. C o n n e c ts at
F t . W a y n e w ith the Indian a S e rvice C o r p . and a t L im a w ith th e L im a &
T o le d o R R . , th e W estern O h io R y . an d the Indiana C o lu m b u s & E astern
T r a c . C o . , an d form s part o f th rou gh line fr o m F t. W a y n e t o T o le d o .
D a y to n and C o lu m b u s .
S tan d ard g a u g e . 7 0 -lb . T rails.
STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g ,
d a tu r ity .
C o m m o n 10,290 shs (n o p a r ) . ____
___________ 10.2 9 0 shs. ____________
1st m o r tg a g e ___________________ ______
6
$ 1 0 0 ,0 0 0
See text
G en eral m o r tg a g e ____________________
5
4 4 1 ,0 0 0 _
See text
B o n d s .— See V . 124, p . 2 3 5 . a b o u t a p p lica tio n fo r a u th o r ity t o issue
a b o v e s to c k s an d b o n d s .
T h e l s i m lg e. b on d s w ere t o m atu re 15 years fro m d a te .
T h e 5 % g e n . m lg e. b o n d s w ere t o m a tu re 3 0 years fr o m d a te . R e d . a t 105.
— V . 12 4 . p . 242 7.

INDIANA COLUMBUS & EASTERN T RA CTIO N CO.

145

O F F I C E R S .— R e c e iv e r , J . H . M c C lu r e ; P r e s ., J o h n E . Z im m erm a n n ;
V . - P . , F . W . W o o d c o c k ; S e c . & T r e a s ., F . A . H e a ly . O ffic e , T r a c t io n B ld g .
S p r in g fie ld , O h io . T h e r o a d is n o w o p e r a te d b y D a y & Z im m erm a n n .
— V . 121, p . 1348, 2 4 0 2 ; V . 122, p . 94; V . 123, p . 581 ; V . 124, p . 111.

(THE) SOUTHERN OHIO ELECTRIC CO.
C o n s o lid a t io n . — In A u g . 1926 it w as re p o rte d th a t c o . had been c o n s o l­
id a te d w ith O h io U tilities C o . u n d er th e nam e o f t .n i l e d O h io U tilitie s C o .,
w h ich is t o s e rv e th e c itie s o f C h illic o t h e . D e la w a re . C ir c le v ille , G a llip o lis ,
A th e n s , N e ls o n v ille , P o m e r o y , M id d le p o r t , J a ck so n and a n u m b er o f oth er
co m m u n itie s .
B . J . D e n m a n , D a v e n p o r t, l a ., V .-P . & G e n . M g r . o f
’
U n ited L ig h t & P o w e r C o . , w as t o b e P re sid e n t o f th e n ew c o . N o fu rth er
p a r ticu la r s a v a ila b le . V . 123, p . 845 .
O R G A N I Z A T I O N .— I n c o r p . in O h io in F e b . 192 3.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . fu rn ish es ele ctrica l e n e r g y , p r a c tic a lly w ith o u t c o m p e t it io n , t o a
p o p u la tio n o f a p p ro x . 5 0 .0 0 0 in 20 c o m m u n itie s in th e sou th eastern s ection
o f O h io , an d t o a la rge n u m b e r o f m in es and o th e r in d u stries in th e sou th ­
eastern s e ctio n o f O h io .
O w ns a 2 6 ,7 0 0 -h .p . ste a m -e le c tric gen eratin g
sta tio n lo ca te d a t th e m o u th o f c o a l m ines; a p p r o x . 40 m iles o f 6 6 ,0 0 0 -v o lt
an d 70 m iles o f 1 3 .2 0 0 -v o lt h ig h -te n sio n tran sm ission lin es.
C o . o w n s and o p e ra te s the pro p e rtie s fo rm e rly o w n ed an d o p era ted b y
th e A th en s E le c tr ic C o . , th e H o ck in g P ow er C o ., th e M u tu a l E lectric C o .
arid Sou th ern O h io P o w e r C o .
V . 121. p . 252 3. T h e se p ro p erties are
lo ca te d in A th e n s. H o ck in g an d M e ig s c o u n tie s .
STO CK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n 2 6 .0 0 0 shs (n o p a r ) . . ____
___________ 25.0 8 4 shs •
____________
7 % cu m p r e f $ 2 ,5 0 0 .0 0 0 ($ 1 0 0 ) ____
7%
$ 1 ,9 6 4 ,7 0 0 _____________
1st M g 6 % ser 1955 ( $ 1 ,0 0 0 . 1 1925
6 g J -D
2 .0 0 0 .0 0 0 Ju n e 1 1955
$50 0 c * ) -----------------------------t f l H u n tin g to n N a t . B a n k o f C o lu m b u s , O ., tr
B o n d s . — T h e 1st M . g o ld 6 % bim ds S e r ies 1955 are secured b y a d ir e ct
1st m tg e . on th e e n tire fixed assets o f th e c o .
N o a d d itio n a l b o n d s m a y be
issued o th e r than fo r (a) e le ctr ic and (o r) a rtificia l gas p r o p e r ty in O h io,
o r p e rm a n e n t im p ro v e m e n ts . & c .. under ce rta in restriction s; (6) fo r an equal
a m o u n t o f b o n d s issued fo r such p ro p e rtie s (incl this issu e), surrendered to
tru stee or re d e e m e d . A d d itio n a l b o n d s m ay a lso be issued fo r n o t m ore
than 7 5 % o f new c o n s tr u c tio n . & c .. p ro v id e d net earnings fo r 12 o u t o f 15
p re ce d in g m on th s h a ve been a t least (a) tw ice annual interest on all o u t­
sta n d in g 1st m tg e . b o n d s in cl. th ose to be issued or (b) 1 0 % in the p rinci­
pal a m o u n t o f all such b o n d s, w h ich e v e r is th e greater a m o u n t: e x c e p t th at
fo r th e 6 % series 1955 (n o t p u rchased w ith s f m o n e ys) and for ad d ition al
b o n d s issued, surrendered t o trustee or re d e e m e d , an equal a m o u n t m ay
be issu ed.
A d d itio n a l b o n d s m ay be issued in series o f such te n o r (interest
n o t exce e d in g 8 % ) as d ir e cto r s fro m tim e to tim e m ay d e te rm in e . A s in k in g
f u n d b egin n in g Ju n e 1 1928 p ro v id e s fo r p a y m e n t to trustee sem i-an n u ally
o f 1% per ann um o f th e a m o u n t o f 1st m tge gold b o n d s o u ts ta n d in g , to
p u rch a se 1st m tg e . gold b o n d s: e n titled to p u rch ase fro m s. f m on ey s at
th e s. f. prices o f such b o n d s.
Series 1955 is e n title d t o purch ase fro m s. f
m o n e y s a t or below 102 and in t.
C a ll, on o r b e fo re Ju n e 1 1953 at 105 and
in t .. th e re a fte r a t 101 and in t .. on 30 d a y s ' n o tice .
C o refu n d s t o holders
o f Series 1955 P en n . & C o n n . 4 m ills tax and M a s s . 6 % ta x .
In N o v . 1925
th e H u n tin g to n N a t . B a n k o f C o lu m b u s . O .. and B o d e ll & C o . . N ew Y o r k ,
o ffe r e d a t 100 and in t. $ 2 ,0 0 0 ,0 0 0 series 1955 b o n d s. V . 121, p . 2 52 2.
E A R N I N G S . — F o r 7 m o s . e n d . D e c . 31 1925:

R e c e iv e r s h ip . — In Jan 1921 J . H a r v e y M c C lu r e w asa p p o in te d r e c e iv e r .
W a s leased t o th e O h io E le c tr ic R y . A u g . 31 1907 and th a t c o m p a n y
g iaran teed interest on b o n d s and 5 % d iv s . o n p r e f. s to c k (th e d iv id e n d d u e
e c . 31 1915 an d su b se q u e n t u n p a id ), b u t on A u g . 5 1921 lease w as a b r o ­
ga ted . p r o p e r ty since op e ra te d se p a ra te ly .
See V . 113. n. 848 . fo r d etails.
C o n tr o l . — A ll o f th e c o m m o n s to c k is o w n e d b y O h io E le c t r ic R y . C o .
O R G A N I Z A T I O N .— I n c o r p in O h io o n A p ril 14 1908 and a cq u ire d
th e D a y t o n S p rin g fie ld & U rbana E le c . R y ., th e C o lu m b u s L o n d o n &
S p rin gfield R y ., the C o lu m b u s G r o v e C it y & South w estern R y .. the
U rb an a B elle fo n ta in e & N o rth e r n R y ., th e S prin gfield & W estern R y ., the
D a y t o n & N o rth e r n T r a c t io n C o . and a b o u t 12 m iles o f th e D a y to n &
M u n c ie T r a c t io n C o , , e x te n d in g fro m G reen ville t o U n ion C it y on the
In d ia n a -O h io S ta te lin e. A ls o a cq u ire d the C o lu m b u s & L a k e M ic h ig a n
R R . . a stea m ro a d o p e ra tin g b etw een L im a and D e fia n c e , w h ich later w as
c o n v e r te d in to e le c t r ic it y .
E n tire c o m m o n s to c k o w n e d h y O h io E le c . R y .
S a le o f L i m a - D e f i a a c e B r a n c h . — T h e L im a -D e fia n c e bra n ch w as sold on
Jan . 31 1923 t o C . G . T a y lo r . N o rw a lk . O .. at th e u p set p r ice o f $ 1 2 5 ,0 0 0 .
(Sale c o n fir m e d in M a y 1923— V .1 1 6 .D 238 8.)
T h e L im a & D e fia n c e R R .
w a s fo rm e d t o tak e o v e r th e line w ith $17 5 ,0 0 0 1st m tge. b o n d s and $ 7 5 .0 0 0 p r e f. s t o c k . C o n tr o l passed t o th e n ew c o . o n Tune 1 1923. V . 117,
p . 8 6 . G eorg e B a y ly w as e le cte d P re s, o f th e aew c o m p a n y . V . 116, p .
93 4 , 1411. 1760, 2388.
L ea sed th e C o lu m b u s N ew ark & Z an e sv ille E le c . R y ., w h ich c o m p a n y
had p re v io u s ly a b s orb e d th e C o lu m b u s B u ck e y e L a k e & N e w a rk T r a c tio n
C o . an d th e Z a n esv ille R y ., L ig h t & P o w e r C o ., b u t this lease w as assigned
t o th e O h io E le c . R y . A u g . 31 1907. an d w as a b ro g a te d b y o rd e r o f F ed eral
C o u r t in A u g . 1921.
V 11.3. p 848.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— A
tro lle y r o a d . C o lu m b u s t o O rien t, C o lu m b u s th ro u gh S p rin gfield t o
D a y t o n , D a y t o n t o U n io n C it y : S p rin gfield t o L im a , th ro u gh Lim a to
D e f a n ce, O . M les o f r o a d (e le c tr ic ) o w n e d , 153. M ile s o f tr a c k o w n e d ,
173. G a u g e , s ta n d a rd . C a rs , 129. P o w e r p u r c h a s e d .
L in e from U n ion C it y t o D a y t o n . O ., a b a n d o n e d .
V . 121, p . 1348.
I n t e r e s t i n D e f a u l t . — In te re st d u e N o v . 1 1919 a n d s u b se q u e n t in terest
o n th e c o m p a n y 's g en . & r e f. m tg e . 5s is in d e fa u lt. T h e y w ere d u e M a y 1
1926 b u t n ot paid o f f.
T h e $ 5 0 0 ,0 0 0 C o j . L o n . & S p g . 1 st, M . 5 d u e O c t - 1 1920, had n o t y e t
been taken u p as o f O c t . 1 192 3. I n t. n o w a ccru e s on this issue at 6 % .
N et a fter
STOCK A N D BON DS—
D a te . In terest.
O u ts ta n d in g . M a t u r it y .
T o ta l
M a in t. A
In t. A
P ref.
C o m m o n $ 3 ,0 2 5 ,0 0 0 ($ 1 0 0 )............. —
________
$ 3 ,0 2 5 ,0 0 0 ____________
R ev .
T a xes.
A m o rt.
D ir s .
S u r p lu s .
P referred $ 1 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) - . . ____
5%
1.0 0 0 .0 0 0
See te x t
G en an d r e f m tg e (see t e x t )!
1906 5 g M - N
6 .6 5 0 .0 0 0 M a y 1 1926
7 m o s . D e c . 3 1 . ...........$ 4 0 9 ,0 1 7 $ 2 0 3 ,3 0 4
$ 7 4 ,4 0 4
$ 6 8 ,7 6 4
$ 6 0 ,1 3 5
_______ c * t f j l n t . a t P a .C o .fo r Ins.on L .& G .A .,P h ila .,T r u s
g o ld ($ 1 ,0 0 0 )
O F F I C E R S .— P r e s ., M . M . M o r r o w ; V .- P ., F . J . D a v is ; S ec. & T r e a s .,
C o l L o n & S pg 1st m tg e $ 1 . - f
1900 5 g A -O
1 ,500.000 O c t 1 1920
D . A . E v a n s , a ll o f C o lu m b u s , O h io .— V . 121, p . 2 52 2; V . 123. p . 84 5 .
5 0 0 ,0 0 0
g o ld ($ 1 ,0 0 0 ) c * n t f ) l n t . a t N . Y T r u s t C o . , N e w Y o r k , T ru s te e .
D a y S p g & U rb 1st m tg e )
1898 5 g M -N
7 5 0 .0 0 0 N o v 1 1928
$75 0 ,0 0 0 g o ld ( $ 1 . 0 0 0 ) .n t f jln t e r e s a t N . Y . T r u s t C o .. N . Y . , T ru s te e
SOUTHERN OHIO PUBLIC SERVICE CO. OF
R e c e iv e r 's c e r tific a t e s _______ . .
___
___________
2 0 0 .0 0 0 ____________
ZANESVILLE, OHIO.
B o n d s . — T h e gen . an d ref. m tg e . w as orig in a lly fo r $ 1 2 ,0 0 0 ,0 0 0 b u t au th
a m o u n t has been red u ce d to $ 1 0 ,0 0 0 ,0 0 0 .
O f th e rem ain ing b o n d s $250 U n d e r m a n a g e m e n t o f D a y & Z im m e r m a n n , I n c .
000 are treas. b on d s d e p o s ite d w ith trustee and are a v a ila o le fo r exten s. &
O R G A N I Z A T I O N .— O rga n ized in O n io M a y 21 1925 t o ta k e o v e r th e
tm pts. w hen net earns, are equa l to 1 H tim es in t . ch arges on b o n d s out
p ro p e rtie s o f th e C o lu m b u s N e w a r k A Z a n e sv ille E le c tr ic R y ., s o ld a t fo r e ­
and t o b e issued; $ 1 ,2 5 0 ,0 0 0 are held t o retire th e u n d e rlyin g liens given
clo su re as per re o rg a n iza tio n plan D e c . 30 1922.
F o r d e ta ils an d exch a n g e
in ta b le a b o v e . T h e rem ain in g $ 2 ,1 0 0 ,0 0 0 are re se rv e d fo r fu tu re b e tte r ­
o f s ecu rities, see " P u b li c U tility C o m p e n d iu m " M a y 2 1925. u nd er " C o lu m ­
m en ts, im p rov em en ts and ex te n sio n s, an d can o n ly b e issued as fo llo w s:
bu s N e w a rk & Z a n e sv ille E le c tr ic R y . . " and V 1 16. p . 294: V . 120. p 2400:
$1 .100 000 w hen net in c o m e is e qu a l t o 1 % tim es in t. ch arges on all b o n d s,
V . 121, p . 110: V. 122. p . 7 5 1 . O n A u g . 10 1926 c o . d is co n tin u e d all street
in clu d in g th ose t o be issu ed, and $ 1 .0 0 0 .0 0 0 when n e t is equal to tw ic e in t.
c a r and b u s s e r v ic e at N e w a r k . O h io , as th e result o f a lo n g c o n t r o v e r s y
ch arges, in c l. in t. o n b on d s t o b e issued.
A re fu rth e r secu red b y p le d g e o f
w ith th e c it y a d m in is tr a tio n . O w n s all c a p ita l s t o c k o f N a tio n a l M o t o r
$ 1 ,0 0 0 ,0 0 0 C o l. L o n . & Spg. 1st m tg e . 5s.
(See a b o v e u nd er “ Sale o f
T r a n s it C o . , w h ich o p e r a te s m o t o r b u s e s b e tw e e n Z a n e sv ille , C o lu m b u s
C o lla t e r a l.” ) T h e y w ere s u b je c t t o call in w h o le , b u t n o t in p a rt, at 105
an d N e w a r k , O h io .
a n d in t. T h e y w ere d u e M a y 1 1926 b u t n o t p a id o f f. See also a b o v e
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
“ In terest in d e fa u lt .”
C o m p a n y supplies e le ctric lig h t and p o w e r w ith o u t c o m p e titio n in th e
" ’ h e gen eral an d re fu n d in g m o r tg a g e b o n d s w e re liste d on th e P h ila­
c it y o f Z a n e sv ille , O .. and a n u m b e r o f a d ja c e n t com m u n ities.
T ra n sm is ­
d elp h ia S to c k E x ch a n g e in F e b ru a ry 1907
V . 8 4 , p . 3 3 9 . See d a scrip tio n
sion sy ste m is 65 m iles in len gth an d serves 9 .8 6 3 e le ctric c u sto m ers in a
o f b o n d s , p r o p e r t y , & c .. in V 8.3, n 37.
T h e C o lu m b u s L o n d o n & S prin gfield b o n d s m a y b e c a lle d a t 110 an d Int.
te rrito ry w ith a to ta l p o p u la tio n in excess o f 5 0 .0 0 0 . C o . has s p a m
$1 0 0 0 .0 0 0 are p led ged u n d er the I n d . C o l . & E a s t. gen . & r e f. m tg e . 5s
g e n eratin g p lan ts w ith a c a p a c ity o f 4 .5 0 0 k .w .; also a h y d r o -e le ctr ic p la n t
(see a b o v e u n d er “ Sale o f C o lla te r a l” ) . A s in k , f u n d on these b o n d s o f
w ith a c a p a c ity o f 700 k .w .
In a d d itio n , c o . ow n s a 1 3 2 ,0 0 0 -v o lt tra n s ­
5 % o f gross earnings began w ith year e n d e d S e p t. 20 1906.
See V . 71.
m ission line ty in g in w ith O h io P o w e r C o . u n d er a c o n tr a c t tor the p u rch a se
o f p ow er.
C o . ow n s e le ctric street r a ilw a y , w hich op e ra te s on 9 5 .6 5 m iles
V .9 6 3 . $ 2 4 0 ,0 0 0 in s in k , fu n d , le a v in g $ 2 6 0 ,0 0 0 in h a n d s o f th e p u b lic .
o f tra ck fro m C o lu m b u s t o Z a n e sv ille , in cl. the c it y lines in Z a n e sv ille an d
1 2 1 , p . 240 2.
T h e D a y t o n S p rin g fie ld & U rb a n a b o n d s are s u b je c t t o ca ll a t 110 and
N e w a r k an d a bra n ch t o B u ck e y e L a k e . O perates ligh tin g an d p ow er
in t. A s in k fu n d o f 5 % o f gross earnings began in 190.3. $22 9 ,0 0 0 in
p la n ts in Z a n e sv ille . S tan d ard gau g e 60 an d 7 0 -lb . T rail an d 9 0 -lb . girder.
sinking fu n d A p ril 1 1925. T h e c o u p o n s d u e M a y 1 1922 and sem i-a n n u a lly
A ls o ow n s am u sem en t p a rk o n B u ck e y e L a k e . O p era tes 83 c a r s . P r iv a te
sin ce w as p a id w ith 6 % in terest d u rin g the receiversh ip (see a b o v e ) u p to
r ig h t -o f-w a y fr o m N e w s r k to Z a n e sv ille .
a n d in cl. N o v . 1 1926. See V. 115, p . 1532; V . 116, p . 515, 1893; V . 117,
STOCK AN D BO N DS—
D a le .
In terest.
O u ts ta n d in g .
M a tu r ity .
p . 1992, V . 118, p . 2 17 9, 294 8; V . 120, p . 86, 281 5; V . 1 2 ?, p . 9 4 ; V . 123.
C o m m o n 2 6 ,5 0 0 s h s in o p a r ) . . ____
___________
2 5 ,9 2 8 shs
__________
p. 581: V . 124, p . 111.
7 % c u m p r e f $ 1 ,0 0 0 ,0 0 0 ($1 0 0 ) ____
7%
$ 6 9 1 ,7 5 0 _____________
E A R N I N G S . — F o r ca le n d a r yea rs:
1st m tge series C (c*‘$ l ,0 0 0 . 1927
_
______
5 M g M -S 2 ,1 0 0 ,0 0 0 M a r 1 1 9 5 7
1926.
1925.
1924.
1923.
$ 5 0 0 )______________________ t f j P e n n a . C o . fo r In s . o n L ives & G ra n tin g
G ross earn in gs.......................$ 1 ,2 3 7 ,9 6 4
$ 1 ,3 2 8 ,9 3 3 $ 1 ,4 0 8 ,5 7 3 $ 1 ,5 7 2 ,7 1 6
( A n n u itie s , P h ila d e lp h ia , tru ste e .
N e t , a fte r t a x e s _________
133 ,041
109 ,932
122,780
156,659
G en
m tg e
con v
( $ 1 ,0 0 0 ,/ 1927
6 A -0
6 2 5 .0 0 0 A p r
11937
I n t . ch a rg es o n b o n d s ,
$ 5 0 0 c * ) ------------------------------t f\ I n t . p a y a b le in N e w Y o r k o r P h ila d elp h ia .
r e c e iv e r s ’ c t fs ., & c __
141 ,4 0 9
148 ,794
150,710
149,459
E q u ip m e n t tru s t c e r tifs
6%
7 7 .4 7 8
B a la n ce , d e f ___________
$ 8 ,3 6 8
$ 3 8 ,8 6 2
$ 2 7 ,9 3 0
* $ 7,200
B o n d s .— 1 h e 1st m t g e . 5 K % g o ld b o n d s , series C . are se cu re d b y a fir s t
T
* S u rp lu s.
m o r tg a g e o n a ll fix e d p r o p e r t y o f th e c o . A u th . issue o f b o n d s u n d er
------------------------------------------------------------------------------------------------4

Southern Ohio Public Service
Company
First Mortgage 5J^% Bonds, Series A
of 1957
General Mortgage Convertible 6% Bonds
of 1937
Outstanding securities of this Company
bought, sold and quoted
F o r d e ta ile d i n fo r m a t i o n w r ite f o r
C ir c u la r 2 0 7

Howe Snow & Co.
In c o r p o r a te d

120 Broadway

New York

Southern Ohio Public Service
Company
F irst M o rtg a g e 53^s, 1957
G eneral M o rtg a g e C o n v e rtib le 6s, 1937
7%

C u m u la tive P referred S to ck

C o m m o n S to ck V o tin g T ru s t C ertificates
Information and Quotations on Request

H a r r is o n , S m it h & Co.
I N V E S T M E N T

Chicago
Grand Rapids
Detroit
San Francisco
Minneapolis
Philadelphia




l£15 LOCUST STR E E T
PH ILADELPH IA'

S E C U R I T I E S
27 PINE STREET
NEW Y O R K

[V ol. 125.

PUBLIC UTILITIES

146

m o r tg a g e is n o t lim ite d a n d a d d itio n a l b o n d s m a y b e issu ed in o n e o r m o re
series o f s u ch ten or as d ir e cto r s m a y fr o m tim e t o tim e d e te r m in e . A d d i
t io n a l b o n d s m a y b e issu ed (a) fo r r e fu n d in g , (6) to a p r in c ip a l a m o u n t n o t
e x c e e d in g 7 5 % o f th e c o s t o r fa ir v a lu e o f p h y s ic a l p r o p e r t y an d o f b e tte r ­
m en ts and im p ro v e m e n ts p r o v id e d c o n s o lid a te d n e t earn in gs o f c o . a n a
s u b s , fo r a fix ed p e rio d s h a ll h a v e b e e n a t least 1 % tim e s ann u al in t. ch a rges
o n all o u ts ta n d in g b o n d s a n d a ls o th o s e p r o p o s e d t o b e issu ed . S in k in g fu n d
b eg in n in g J a n . 1 1930 o f 1 % o f p r in c ip a l a m o u n t o f a ll b o n d s issu ed an d
ou ts ta n d in g . R e d . p r io r t o M a r 1 1937 at 105 an d in t ., th e r e d . p r ice
b e in g re d u c e d o n M a r . 1 1937 an d on e a ch M a r . 1 th e r e a fte r
o f 1%
t o m a tu r ity . C o . agrees t o re im b u rs e th e h o ld e rs fo r th e p re se n t p e rso n a l
p r o p e r t y ta xes o f th e S tates o f P e n n a ., C o n n ., C a lif., M d . an d th e D . o f C . ,
a n d fo r t h e p resen t M a s s , in c o m e t a x , a ll as p r o v id e d in th e m o r tg a g e .
H a r ris o n , S m ith & C o . a n d H o w e , S n ow & B e rtle s, I n c ., s o ld in M a r c h
1927 $ 2 ,1 0 0 ,0 0 0 1st m tg e . 5 J ^ % g o ld b o n d s o f series C a t 963^ an d in t .,
w ith a p p ro x , yield o f 5 M % - V . 124, p . 1512.
T h e g e n . m tg e . c o n v . 6 % b o n d s are a d ir e ct o b lig a tio n o f th e c o . a n d will
b e secu red b y a d ir e ct m tg e . o n a ll fix e d p r o p e r t y o f t h e c o ., s u b je c t t o
$ 2 ,1 0 0 ,0 0 0 1st m tg e . o } 4 % g o ld b o n d s, series C . T h e a u th . issu e o f
g e n . m t g e . b o n d s is lim ite d t o $ 7 5 0 ,0 0 0 , o f w hich $ 6 2 5 ,0 0 0 h a v e been issu ed.
T h e r em a in in g $ 1 2 5 ,0 0 0 p r in c ip a l a m o u n t m a y be issu ed o n ly w h e n th e
c o n s o lid a te d n et earnings o f c o . an d its s u b s, fo r 12 c o n s e c u t iv e m o n th s
o u t o f th e 15 m o n th s im m e d ia te ly p r e c e d in g th e a p p lic a tio n sh a ll b e at
least ( a ) 3 tim e s th e in t. o n th e g e n .m tg e . b o n d s o u ts ta n d in g , in c l. p r o p o s e d
issu e, o r (ft) 1 y2 tim es th e in t . o n a ll in d e b te d n e ss se cu re d b y lie n o n c o . ’s
p r o p e r t y p r io r t o th e g e n . m tg e . b o n d s , in c l.u d in g th o s e o u ts ta n d in g and
p r o p o s e d t o b e is su e d , w h ic h e v e r , (a) o r (6 ), sh all re q u ire th e la rge r a m o u n t
o f n et ea rn in gs. S in k in g f u n d o f 3 % p e r an n u m b egin s F e b . 1 1929 an d
a n n u a lly th erea fter o f th e p r in c ip a l a m o u n t o f g e n . m t g e . b o n d s o u t ­
s ta n d in g t o b e a p p lie d t o p u rch a se o r re d e m p tio n o f th e se b o n d s . C o n ­
v e r tib le ftt a n y t im e o n o r a fte r A p r il 1 1929 in to 11 shares o f c u m . p r e f.
e n title d t o d iv s . at ra te o f $7 p e r a n n u m fo r ea ch $ 1 ,0 0 0 b o n d s . R e d .
p r io r t o A p r il 1 1928 at 105 an d in t . fr o m A p r il 1 1928 t o M a r . 31 1929 in c l.,
a t 104 a n d in t ., th e r e d e m p tio n p r ic e b e in g re d u c e d o n A p r il 1 1929 o n d o n
e a ch A p r il 1 th erea fte r 14 o f 1 % t o m a tu r ity . P e n n a ., C o n n ., C a lif.,
M d . , a n d D . o f C . a n d M a s s , in c o m e ta xes r e fu n d e d . In M a r c h 1927
H a r ris o n , S m ith & C o . an d H o w e , S n ow & B e rtle s, I n c ., s o ld (s u b je c t t o
p r io r r ig h ts o f s to c k h o ld e r s) a t 97 a n d in t ., t o y ie ld o v e r 6 .4 0 % , $ 6 2 5 ,0 0 0
g en . m t g e . c o n v e r tib le 6 % b o n d s . V . 124, p . 1822.
F i r s t & R e f . M t g e . 6 % G old B o n d s . S e r ie s A . D a te d J u ly 1 192 5.
A ll o f
th ese b o n d s ou ts ta n d in g ($ 1 ,0 0 0 ,0 0 0 ) w ere ca lle d fo r p a y m e n t on A p r il 15
1927 a t 105 an d in t. V . 124, p . 1668.
E A R N I N G S .— F o r 12 m o n th s e n d e d J a n . 31 1927:
G ro s s ea rn in g s ________________________________________________________ $ 1 ,4 7 7 ,4 9 4
O p e r . exp en ses, m a in t ., a n d lo c a l a n d S ta te ta x e s ________________ 1 ,2 4 4 ,8 3 8
B a la n c e ____________________________________________ __________________ $ 2 3 2 ,6 5 In terest ch a rg es____________________________________________________ 153,000
B a la n ce b e fo r e F ed e ra l ta x e s , a m o r t ., d e p r e c . a n d d i v s _______
$ 7 9 ,6 5 6
O F F I C E R S .— P re s ., L iv in g s to n E . Jon es; V .- P . , F . W . W o o d c o c k ;
V . - P . , R . Z . Z im m e rm a n ; V . - P . & T r e a s ., M ilw a r d O liv e r; S e c ., C . A .
M c C lu r e ; A s s t. Sec. & A s s t. T r e a s ., L . W . V a n B ib b e r . O ffic e , 1600 W a l­
n u t S t ., P h ila d e lp h ia , P a .— V . 123, p . 75 1 , 845; V . 124, p . 1512, 1668, 1822.

bran ch es o f 3 .5 m iles t o B a ta v ia an d 1 .5 m iles t o C o n e y Is la n d .
The
F e licity & B e th e l has 8 .5 m iles o f tr a c k b e tw e e n th e p o in ts n a m e d in its tit le .
STORK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
S to c k 500 shares (n o p a r ) ____________
________
______? ______ ______________
First m tg e $ 1 ,0 0 0 ,0 0 0 g o l d /
1902 5 g J -J
1 ,0 0 0 ,0 0 0 Jan 1 1 9 3 2
( $ 1 , 0 0 0 ) _________________ c * ( I n t . a t U n . S .B .& T r .C o .,C i n .,t r u s t .,& in N Y
Fel & B e th 1st M $ 1 0 0 ,0 0 0 g /
1905 5 g A -O
100 ,000 O c t 1 1 9 3 5
($ 1 ,0 0 0 ) n o t c a lla b le ____ c * i l n t . & U n io n S a v . B k . & T r ., C i n ., tru stee.
E q u ip tru st ce rtifs Series “ A ” .
1922 7 %
1 6 ,8 0 0 See te x t
E q u ip m e n t tru st c e r t i f ic a t e s ..
1924 7 %
1 1 ,9 0 0
________
E q u ip m e n t tru st ce r tific a te s Series “ A ” are d u e $ 4 ,2 0 0 se m i-a n n u a lly ,
c o m m e n cin g M a y 15 1923. V . 115, p . 2 64 8.
E A R N I N G S .— F o r c a le n d a r years:
G ross.

N et.

C o n tr o lle d b y K a n s a s E l e c tr i c P o w e r C o . an d N a t io n a l E le c P r . C o .
(Man­
a g em en t o f E l e c tr i c M g t . & E n g . C o r p . o f N . Y .
O R G A N I Z A T I O N . — I n c o r p . in O h io , A u g . 12 1924. A c q u ir e d b y p u r­
ch a s e th e p r o p e r tie s o f th e R a v e n n a G as and E le c tr ic L ig h t C o . and the
O b erlin G a s & E le c tr ic C o . , an d o n O c t . 1 1925 the p r o p e r t y o f th e O h io
E le c t r ic S erv ice C o . a n d in 1926 a cq u ire d th e p r o p e r ty o f t h e M ia m i V a lley
E le c t r ic C o . an d th e U n io n C i t y (O h io ) E le c tr ic C o ., also C o ld w a t e r L ig h t­
in g C o .
O w n s en tire ca p ita l s t o c k o f th e U n io n C it y (I n d .) E le c t r ic C o . A
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o n d u c t s th e en tire e le ctr ic lig h t a n d p o w e r business in R a v e n n a , O berlin
a n d S id n ey , O h io , an d v ic in it y , a n d serves a p o r tio n o f t h e e le ctr ic lig h t and
p o w e r c on s u m ers in N o r w a lk , O h io . A ls o s erves O b erlin w ith gas. T o t a l
n u m b e r o f co m m u n itie s s e r v e d is 4 7 . P o p u la tio n s e r v e d , 7 0 ,0 0 0 . O w ns
2 0 2 .8 m iles o f tran sm ission lin e s, 1 ,0 3 6 m iles o f d is trib u tio n lin es, 6 sub­
s ta tion s w ith a r a te d c a p a c ity o f 6 ,6 2 5 k .v .a .
S e rv e s 10,800 e le ctr ic
c on s u m ers a n d 1,247 gas c o n s u m e r s a n d 1,222 stre e t lig h ts .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y
C o m m o n (n o p a r ) ____________________
_________
45 000 shs ___________
7 % cu m p r e f $ 1 ,0 0 0 .0 0 0 ($100) 7 qu a r
$ 8 8 3 ,9 0 0
________
1st m tg e 5s (c * $ 1 ,0 0 0 , $ 5 0 0 ,/ 1927
5 g J -D
2 ,1 0 0 ,0 0 0 Ju n e 1 1957
$ 10 0, & r $ l ,0 0 0 ) ________ tf\ S e a b o a r d N a tio n a l B a n k , N . Y . , tru stee.
6
2 2 3 ,3 0 0 J an 1 1945
S id n e y E l C o 1st m t g e __________
S id n e y E l C o 1st M 6s d u e 1935 ____
6
1 2 4 ,5 0 0 J an 1 1 9 3 5
S to c k . — P r e f. s t o c k is ca lla b le a t $11 0 an d d iv . on 30 d a y s ' n o t ic e .
Has
n o v o t in g p o w e r e x c e p t w hen 4 q u a rte r ly d iv id e n d s are in arrears.
B o n d s . — A ll o f th e o u ts ta n d in g 1st m tg e . 6 1 4 s . series A , a n d 6s, series B ,
d u e J u ly 1 1944, w e re c a lle d fo r r e d e m p tio n J u ly 1 1927 at 105 fo r series A
a n d at 1 0 4 % fo r series B , p lu s in t. in ea ch case.
T h e ls ( m tg e. g old b o n d s 5 % s e r i e s , d u e 1957, are s e c u r e d b y a d ir e c t 1st
m tg e . o n all fix e d p r o p e r t y o f t h e c o . A d d it io n a l b o n d s m a y b e issu ed
fo r a d d itio n s , again st th e d e p o s it o f cash , p r o v id e d n e t earn in gs fo r a
c e r ta in f ix e d p e r io d h a v e b e e n a t least tw ice ann ual in t. ch a rg e s o n all
o u ts ta n d in g b o n d s , in c l. p r o p o s e d issu e.
1st m tg e . b o n d s m a y also b e
issu ed t o r e fu n d eq u a l p rin c ip a l a m o u n ts o f th e sam e o r o th e r series o f b o n d s
issu ed u n d e r th e m tg e . or p r io r lien s as d e fin e d in th e m tg e . R e d . all or
in p a r t at 105 a n d in t. t o a n d in c l. Ju n e 1 1937, th is p r e m iu m o f 5 % o f th e
p rin c ip a l d ecreasin g at th e r a te o f K o f 1 % o n ea ch D e c . 1, th e r e a fte r th e
b o n d s b e in g r e d . o n D e c . 1 1956 at p a r and in t. C o . w ill r e fu n d 4 m ill ta x
o f C o n n , a n d P e n n ., M a r y la n d 4 ) 4 m ill, C a lif ta x n o t t o e x c e e d 4 m ills an d
M a s s . 6 % in c o m e ta x .
In Ju n e 1927 A . C . A lly n & C o . , I n c ., b r o u g h t
o u t at 96 an d in t ., t o y ie ld o v e r 5 1 4 Vo, $ 2 ,1 0 0 ,0 0 0 1st m tg e . b o n d s , 5 %
series, d u e 1957.— V . 124, p . 3 49 6.
E A R N I N G S .-— F o r c a le n d a r y e a rs:
1926.
1925.
1924.
G ross e a r n in g s _________________________
$872,751
$ 4 9 5,63 1
$ 3 2 0 ,0 7 5
N e t , a ft e r t a x e s ________________________
2 4 6 ,0 4 8
125 ,356
9 2 ,092
O F F I C E R S . — P r e s ., H a r ry R e id ; V .- P s ., A . E . B u rn e s, P . B . Sh a w ,
L e o L o e b , T . A . W ard an d W . R . P o r te r ; T r e a s ., C . B . Z e ig le r; A sst.
T r e a s ., F . R . M e r r is an d W . W . B e ll; S e c ., L . B . F a u v e r ; A s s t. S e c ., F . R .
M e r r is a n d W . W . B e ll. O ffic e , 57 W illia m S t ., N . Y . C i t y . — V . 121,
p . 33 1 ; V . 122, p . 2 49 7; V . 124, p . 1981, 3 3 5 3 , 3496.

COLUMBUS INTERURBAN TERMINAL CO.
C o n tr o lle d b y In d ia n a C o lu m b u s & E a ste rn T r a c tio n C o . , S ou th ern O hio

P u b lic S e rv ice C o . o f Z a n e sv ille , O ., a n d C o lu m b u s D e la w a r e & M a r io n
E le c tr ic C o .
O R G A N I Z A T I O N .— I n c o r p . M a y 24 1910 in O h io . O w n s term inal
passenger a n d fre ig h t s ta tio n in C o lu m b u s , O h io . E x p e n se s d iv id e d be­
tw een th e th ree co n tr o llin g c o m p a n ie s a c c o r d in g t o t r a ffic h a n d le d th rough
te r m in a l. V . 123, p . 3 03 7.
BON DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
1st m tg e g o ld 5s $ 1 ,0 0 0 ,0 0 0 1 1910
5 g J -D
$ 4 5 3 ,0 0 0 Ju n e 1 1935
($500) ___________________c t f\ I n t . a t C it . T r . & S a v . B k ., C o lu m ., tru stee.
O F F I C E R S .— P r e s .-M g r ., A . V . B la n d : V .- P . , A . F . V a n D e n is e ; S e c .T r e a s .-A u d ., F . A . H e a ly .— V . 123, p . 3 03 7.

CINCINNATI GEORGETOWN & PORTSMOUTH RR.
R e o r g a n iz a t i o n .— -On A p r il 25 1927 r o a d w as s o ld at p u b lic a u c tio n fo r
$ 2 2 5 ,0 0 0 .
I n c o r p o r a t io n p a p e rs w e re file d M a y 25 1927 at C o lu m b u s ,
O h io , fo r th e C in cin n a ti G e o rg e to w n & P o r ts m o u th R R . w ith an in itial
c a p ita liz a tio n o f 500 shares o f n o -p a r v a lu e s t o c k . V . 124, p . 2 74 7. 3769.
O R G A N I Z A T I O N .— F o rm e rly a n a rrow -ga u ge steam r o a d , b u t now
op era ted b y e le c tr ic ity .
U nder O h io law rem ain s a ste a m r o a d .
H as no
f r a n c h is e lim ita tio n s and is lo ca te d o n p r iv a te r ig h t -o f-w a y .
In S ep t. 1911
en tered in to a m an agem en t a g reem en t w ith the F e licity & B eth el R K .
C o m p a n y ’s su b s id ia r y , C in c in n a ti M ilfo r d & B la n ch e s te r T r a c t io n C o .,
sold its tra ck a g e fr o m C in c in n a ti t o M ilfo r d to C in c in n a ti S treet R y . C o .
in 1926 a n d to r e th e b a la n ce o f its lin e u p .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S u p p lies e lectric c u r r e n t fo r d is trib u tin g system s o f G e o rg e to w n , B eth el.
B a ta v ia , W illia m s b u r g , A m e lia , F o rre s tv ille an d H a m e rsv ille .
A ls o s u p ­
plies cu rren t t o th e S o u th w e ste rn O h io P ow er C o . w h ich s erves N ew
R ic h m o n d , H a m le t B a n ta m . F e e sb u rg , F e licity , R u sse lv ille an d R ip le y .
O perates 53 .7 m iles fro m C in cin n a ti so u th e a ste rly t o R u s se lv ille , in clu d in g




I n t ., R e n t , & c

B a la n c e .

$ 6 5 ,2 9 2
$ 1 3 ,7 2 0
$915
13 889
66 805
13 100
6 5 ,6 9 0
d e f. 3 ,6 9 0
14,593
d e f. 7 ,0 5 9
1 6 ,219
6 2 ,1 7 5
V a n N e s s; V .-P r e s .. T h o s . E lliot*.
N ic h o ls . — V . 118. p . 230 2. 2437;
376 9; V . 125, p . 779.

CINCINNATI LAW RENCEBURG & AURORA
ELECTRIC STREET RR.
R e c e i v e r s h i p .-— C o . is in h a n d s o f r e c e iv e r sin c e Ju n e 23 191 3.
V . 96, p .
1839; V . 114, p . 2 11 5.
P r o p e r t y s o ld fo r $ 2 0 5 ,0 9 0 o n D e c . 2 1926 t o U n io n T r u s t C o . , C in c in n a ti,
w h ich la tte r c o . was tru s te e fo r th e o u ts ta n d in g b o n d s . V . 123, p . 2 3 9 0 ,
3 03 7.
O R G A N I Z A T I O N .— In c o r p o r a t e d in N o v . 1898.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A t r o lle y r o a d . O p e ra te s 3 1 .9 7 m iles o f tr a c k fr o m A n d e r s o n 's F e r r y , at
C in c in n a ti, t o A u r o r a , H arrison an d L a w r e n c e b u r g . In M a y 192 2, th e
W est E n d T e r m in a l & R y . C o . w as in c o r p . in O h io w ith a c a p ita l o f $ 1 0 ,0 0 0
to o p e r a te th e p r o p o s e d e xten sion fr o m A n d e r s o n ’s F e r r y t o th e D ix ie
T e r m in a l, 6 % m ile s. T h e c o s t h a s b e e n estim a te d a t a p p ro x im a te ly
$75 0 ,0 0 0 . V . 114, p . 2 2 4 0 . C o m p a r e V . 113, p . 2 5 0 4 . See a ls o V . 116,
p . 251 5.
T h e $ 7 5 0 ,0 0 0 1st m t g e . 5s, d u e J u ly 1 1919, h a d n o t be e n p a id u p t o
O ct. 1 1923. N o p lan o f r e o r g a n iz a tio n h a d be e n fo r m u la t e d t o th a t
d a te , b u t see V . 114, p . 2 1 1 5 . N o fu r th e r in fo r m a tio n .
B u s L i n e O p e n e d i n S e p t. 192 5.— See V . 121, p . 1567.
STO CK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n $ 7 5 0 ,0 0 0 ........ ................ ...........
................
$ 7 5 0 ,0 0 0 ____________
P ref 6 % cu m $ 2 5 0 ,0 0 0 ________ ______
Q -J
5 8 ,9 0 0
_____________
First m tg e $75 0 ,0 0 0 ($ 1 ,0 0 0 ) / 1899
5 g J -J
7 5 0 ,0 0 0 J u ly 1 1919
g o l d __________________________(In te r e s t a t U n . S a v . B k . & T r . C o . . C i n ., tr
S to c k . — P r e f. s t o c k w as issued fo r m o n e y assessed o n ca p ita l s t o c k .
No
interest has b e e n p a i d .
E A R N I N G S .— F o r c a le n d a r years.
G ross.

(THE) OHIO ELECTRIC POWER CO.

T a xes.

$79 ,9 2 7
1 9 2 5 . . . _______ $ 3 0 6,47 7
1 9 2 4 . . . _______ 314 823
93 795
1 9 2 3 . . . _______ 2 9 6 ,6 0 5
76,593
1 9 2 2 . . . _______ 3 1 8 ,2 1 8
71,3 3 5
O F F I C E R S .— P re s. & T r e a s ., L . G .
S e c ., J. P . L o n g o n ; G e n . M g r .. F . A .
V . 121, p . 215 5; V . 124, p . 91 9 , 2 74 7,

N et a ft. T a x. B ond I n t.

B a la n ce .

1922 -------------------------------------- $18 7 ,6 3 0
$ 3 9 ,7 4 9
$ 3 7 ,6 7 8
sur$2,071
1921 --------------------------------------- 1 80 ,975
3 1 .2 1 4
3 9 .2 9 6
d e f8 ,0 8 2
L a te s t E a r n in g s .— F o r 12 m o s . e n d . D e c . 31 1924: G ro s s , $ 1 7 6 ,0 2 9 ;’ net
after ta xes, d e f .. $ 3 ,3 1 5 . In 1923, g ro s s , $ 1 8 5 ,8 9 2 ; n e t a fte r ta x e s, $ 3 7 ,1 1 5 .
O F F I C E R S .— R e c e iv e r s , C . E . H o o v e n a n d E d g a r S ta rk ; G e n , M g r . for
re ce iv e rs , L . G . V a n N e s s.— V . I l l , p . 7 3 , 29 4 , 1277; V . 113, p . 95 9 , 2504;
V. 114, p . 2 11 5. 2 24 0: V . 115. p . 182; V . 116, p . 251 5; V . 118, p . 3 0 7 6 ;
V . 121, p . 1567; V . 123, p . 2 39 0, 3 03 7.

CLEVELAND & SOUTHWESTERN CO.
A h o ld in g c o m p a n y .
O R G A N I Z A T I O N .— W as o rg a n ize d as p er p la n ( V . 114. p . 2578) for r e o r ­
g an ization o f C le v e la n d S ou th w estern & C o lu m b u s R y . as a h o ld in g c o m ­
p a n y fo r th e C le v e la n d S ou th w estern R y . & L ig h t C o . (see b e lo w ), th e
o p e ra tin g su cce sso r c o m p a n y u n d er th e p la n .
O w ns en tire c o m . s to c k o f
th a t c o m p a n y .
C A P IT A L IZ A T IO N —
D a te .
In terest.
O u ts ta n d in g .
L a s t D iv .
C o m m o n s t o c k (n o p a r ) _______ ______
________
18,3 3 0 shs ____________
P ref 5 % c u m $ 4 .0 0 0 .0 0 0 ____________
5%
$ 3 ,6 6 6 ,0 0 0 ____________
S to c k .— A ll th e c o m . a n d p r e f. s t o c k m a y b e p la c e d in a v o t in g trust
for a p e r io d o f y e a rs . F o r fu r th e r p a rticu la rs re g a rd in g h o ld in g c o m p a n y ,
see V . 114, p . 2 57 8.
O F F I C E R S .— P r e s ., F . H . W ils o n ; V . - P . . J . P . H arris; S ec. & T r e a s ..
O . J. M ayers.

(1) CLEVELAND SOUTHWESTERN RAILWAY & LIGHT CO.
O R G A N I Z A T I O N .— I n c o r p . in O h io M a r c h 7 1924 as su cce ssor t o th e
C le v e la n d S ou th w estern & C o lu m b u s R y . (fo r h is to ry see “ E le c tr ic R a ilw a y
S u p p le m e n t" o f A p ril 26 1 9 2 4 ), a n d as p e r p la n o f r e o rg a n iz a tio n ( V . 114,
p . 2578) t o o k title o n M a y 3 1924 t o th e p ro p e rtie s o f th a t c o m p a n y w h ich
had been so ld a t fo re clo s u re in a c c o r d a n c e w ith term s o f th e p la n . U n der
th e p la n ce rta in u n d e rly in g issues o f th e o ld c o m p a n y w ere e x te n d e d for
30 years an d a ccru e d in terest p a id in cash (see G ro u p “ A , ” b o n d issu e,
b e lo w ) , w hile o th e rs w ere ex ch a n g e d fo r G e n . a n d co n s . m tg e . 5s o f th e new
c o m p a n y a n d a c c r u e d in terest p a id in s crip .
N o p r o v is io n w as m a d e fo r
th e c o m an d i • e f s to c k s o f th e o ld c o m p a n y .
In Ju n e 1925 a c q u ir e d th e p ro p e rtie s o f th e S p e n ce r L ig h t & P o w e r C o .
and th e N o v a (O h io ) E le c t r ic L ig h tin g C o . , h e r e to fo r e o p e r a te d b y t h e
c o . V . 120, p . 3 18 5. O p e ra tio n o f th e v a r io u s c o s . b y th e W e s te rn
R e s e r v e P o w e r & L ig h t C o . See V . 120, p . 331 2.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates o v e r 185 m iles in an d fr o m C le v e la n d t o B e re a , E lv r ia , M e d in a .
W e llin g to n , L o r a in , C r e s to n , C h ip p e w a , L a k e S eville, W o o s t e r , L in n d a le,
P u ritas S prin gs, G a b o n , B u c y r u s , C re s tlin e , M a n s fie ld , A s h la n d , N a n k in ,
P o lk . W e s t S alem , L o d i and L e R o y and re a ch e s C h ip p e w a L a k e . O perates
184.72 m . o f tra ck (o n w hich 165 m iles are on p r iv a te r ig h t -o f-w a y ).
60
70 and 100 -lb. rails. S tand ard g a u g e . A b a n d o n e d ce rta in lines in 1926
and r e p la ce d th e t r o lle y se r v ic e o n th e m b y b u s s e rv ice . V . 123, p . 1763.
O p erates 52 p assen ger, 34 fre ig h t and 24 o th e r ca rs. A ls o d o e s co m m e r c ia l
igh t and p o w e r bu sin ess o v e r en tire p r o p e r t y .
I n t e r e s t P a y m e n ts o n G en er a l a n d C o n s o lid a te d M o r tg a g e B o n d s D e f e r r e d .—
N e t earnings n o t h a v in g be e n s u ffic ie n t t o p a y in terest c u r r e n tly o n th e
g e n . an d co n s . m tg e . b o n d s o f th e c o m p a n y , in te re st c o u p o n s o n th a t issue
fo r th e 5-y e a r p e rio d fr o m M a r . 1 1924 t o M a r . 1 1929 w ere m a d e d e fe rra b le
until th e la st 5 -y e a r p e r io d o f th e m o r tg a g e , a n d w ill n o t be p aid o n th e
regu lar in terest d a te s un less earn ed a n d p a y m e n t a u th o riz e d b y th e d ir e c ­
to rs . V . 118, p . 307 6.
C a p it a liz a tio n .— C o m m o n S to c k . — $4 000 00 0 , a ll h e ld b y C le v e la n d S o u th ­
w estern C o . (see a b o v e ) .
B o n d s . — 1. P rio r lien b o n d issu e, $ 7 8 6 ,0 0 0 2 5 -y e a r sin k in g fu n d , d a te d
M a r . 1 1924, d u e M a r . 1 1949, b e a rin g in terest a t th e ra te o f 6 ) 4 % , in terest
d u e M a r . 1 an d S e p t. 1 o f ea ch y e a r , 2. G ro u p “ A ” b o n d issu e, $ 1 ,5 0 0 ,0 0 0
d iv isio n a l m o r tg a g e , d a te d M a r . 1 1924, d u e M a r . 1 1954; c o v e r s fo rm e r
issues o f C le v e la n d & E ly r ia E le c tr ic ($ 2 0 0 ,0 0 0 ), E lyria & O berlin E le c tr ic
($ 1 0 0 ,0 0 0 ), C le v e la n d B erea E ly ria & O berlin ($ 1 2 7 ,0 0 0 ), C le v e la n d E ly ria
& W e ste rn , ($ 1 .0 7 3 ,0 0 0 ); b e a rin g in terest a t th e rate o f 6 % : in te re s t p a y a b le
M a r . 1 and S e p t. 1 o f e a ch y e a r . 3 . G ro u p “ B ” b o n d issu e, $ 2 ,2 0 0 ,0 0 0 ,
gen . an d co n s o l, m t g e . In te re s t ra te 5 % ; 3 0 -y e a r b o n d s , d a te d M a r . 1
1924. d u e M a r . 1 1954. C o v e r s fo rm e r issues o f E ly r ia G r a fto n & S ou th ern ,
C le v e la n d & S o u th w e ste rn T r a c t io n , O h io C e n tra l T r a c t io n N o . 1, O h io
C en tral T r a c tio n N o . 2, N o rw a lk G as & E le c tr ic .
In te r e s t o n th is issue
d eferred fo r a p e r io d o f fiv e y e a rs fr o m M a r . 1 1924 t o M a r . 1 1929. T h is
d eferred in terest shall b e p a y a b le o n M a r . 1 a n d S e p t. 1 o f e a ch y ea r b e g in ­
ning S ept. 1 1949 (see t e x t a b o v e )
E A R N I N G S .— F o r c a le n d a r years:
„
1926.
1925.
1924.
1923.
$ 1 ,6 2 8 ,1 1 5
$ 1 ,6 5 0 ,3 7 2 $ 1,763,511
G ro s s e a r n in g s .............. . . $ 1 , 5 7 6 , 4 7 3
O p. e x p ., d e p r . & m a in t .
1 ,4 0 6 .5 8 8 1 ,3 6 1 ,3 3 6
1 ,3 9 6 .9 7 7
1 ,4 5 9 ,7 1 8
O th er in c o m e ------------------4 9 ,6 8 5
2 7 ,7 8 7
12,419
12,871
G ro s s i n c o m e . ................
2 1 9 ,5 7 0
2 9 4 ,5 6 6
2 6 5 ,8 1 4
3 1 6 ,6 6 4
F ix e d ch a rge s, ta xe s &
m isce ll. a d ju s t m e n t ..
259 ,5 6 1
3 2 1 ,0 2 6
2 96 ,873
107,627
N e t i n c o m e . . ............... d e i$ 3 9 ,9 9 1 d e f$ 2 6 ,4 6 0 d e f$ 3 1 ,0 5 9 su r$ 2 0 9 ,0 3 7
O F F I C E R S .— Pros. & G e n . M g r .. F ran k H . W ils o n ; V .- P . . J . P . H a rris :
S ec. & T r e a s ., C . J. M a y e r s .— V . 118, p . 1909, 243 7. 3 07 7; V . 120. p.
3 18 5, 3312; V . 122, p . 218 9; V . 123, p . 1761.

O ct ., 1927.]

POWER, LIGHT AND RAILW AY

STEUBENVILLE EAST LIVERPOOL & BEAVER
VALLEY TRA CTIO N CO.
O R G A N I Z A T I O N .— I n c o r p . In O h io an d P e n n a . o n N o v . 1 1917 as a
m erger o f th e E a st L iv e r p o o l T r a c . & L t . C o ., th e S te u b e n v ille & E a st
L iv e r p o o l R y . & L t . C o . a n d th e O h io R iv e r P assen ger R y .
F o r h is to ry
o f m erg ed c o m p a n ie s , see “ E le c tr ic R a ilw a y ” S ection fo r J a n . 1918.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s an d op era te s 100 .69 m iles o f tra ck b etw een V a n p o r t, P a ., an d S teu ­
b e n v ille , O ., an d in S te u b e n v ille , E a st L iv e r p o o l and W e lls v ille , O ., and
C h e s te r, W . V a . A ls o o p e ra te s in in te rv e n in g to w n s an d o p e ra te s a th rou gh
lin e b etw een S teu b e n v ille an d B e a v e r , P a . 80 ca rs. T h ro u g h th e V a lley
M o t o r T r a n sp o rta tio n C o . , a s u b s id ia r y , o p e ra te s bu ses in E a s t L iv e r p o o l
an d S te u b e n v ille
V . 118, p . 230 6.
STOCK AN D BONDS—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
C o m m o n $ 2 ,0 0 0 ,0 0 0 ( $ 1 0 0 ).........................................
$ 2 ,0 0 0 ,0 0 0 ------------------P r e f 5 % cu m $ 2 ,6 0 0 ,0 0 0 ( $ 1 0 0 ) ____
________
2 ,6 0 0 ,0 0 0 ____________
F irst m tg e $ 3 ,0 0 0 ,0 0 0 g o l d / 1917
5 g M -N
1,6 0 0 ,0 0 0 N o v 1 1947
($ 1 ,0 0 0 )____________________ c \ I n t . a t C o m m ’l T r u s t C o ., P h ila ., tru ste e .
B o n d s . — R e d e e m a b le a t 105 an d in t. sin ce N o v . 1 1922. $11 7 ,0 0 0 o f th e
b o n d s rep o r te d o u ts ta n d in g are h e ld in th e tre a su ry .
E A R N I N G S .— F o r y e a r e n d e d D e c . 31 1924: G ro s s , $ 1 ,0 2 3 ,1 4 0 ; n e t,
a fter taxes, $ 2 4 ,0 8 2 . F o r y e a r e n d e d D e c . 31 1923, gross, $ 8 8 4 ,8 3 6 ; n e t,
a ft . taxes, $ 5 0 ,5 5 1 . In 1922, gro ss, $ 5 0 4 ,5 2 0 : n e t, a ft. ta x e s, d e f ., $74 ,0 0 2 .
O F F I C E R S .— P r e s ., J . H . M a x w e ll, B e a v e r , P a .; G e n . M g r ., O . A
S m ith , C h es ter, W . V a .; S e c. & T r e a s ., G e o . H . F a u lk , E a s t L iv e r p o o l
— V . 116, p . 7 8 . 7 2 2 , 105 1, 2 39 0; V . 118, p . 2306; V . 120, p . 332 .

C ITY R AILW AY CO.
O R G A N I Z A T I O N .— C h a r te r e d M a y 12 1 89 3. F r a n c h is e s ru n fo r 50
years fr o m F e b . 8 1892 a n d A p ril 1893.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o lle y roa d o p e ra tin g in D a y t o n , O . C o n tr o ls an d o p e ra te s in a ll 39.664
m iles o f sin gle t r a c k , n a m e ly , T h ir d S t. L in e , F ifth St. L in e , G re e n L in e
an d K a m m e r A v e . L in e . G a u g e , 4 f t . 814 In .; rails, 70 an d 8 0 -lb . T and
70 and 9 0 -lb . g ird er; o p e r a tin g 82 p assenger cars and in a d d itio n o th e r
n ecessa ry e q u ip m e n t. A ll e le ctr ic a n d p o w e r p u rch a se d .
S T O C K — $ 2 ,4 0 0 ,0 0 0 ($100) c o m .a u t h . (issued $ 2 ,3 9 5 ,1 0 0 ) a n d $ 6 0 0,00 0
($100) 6 % p r e f. a u th . a n d issu e d .
D iv i d e n d s . — 6 % p er an n u m is b e in g p a id o n p r e f.
O n c o m m o n , in 1900
t o 1903, in c l., 6 % ; also 16 2 -3 % ($ 2 5 0 ,0 0 0 in n ew s to c k a t p a r o r in c a s h ),
d e cla re d N o v . 1903, p a id Ja n . 1 1904; in 1904, 6 % ; in 1905, 6 )4 % ; 1906 to
1910, in c lu s iv e , 7 % per a n n u m ; in F e b . 1907 p a id a sp ecial d i v . o f 5 %
( V . 8 3 , p . 1590); in 1911, 7 % , a n d in A p ril 1911 a special d iv . o f $9 09 1-11
( V . 9 2 , p . 117 8); in 1912, J a n ., 1 5 4 % ; in M a r c h 1912 b e g a n p a y in g d iv s.
Q .- M . in stea d o f Q .-J ., a n d on M a r c h 31 p a id 1 5 4 % : Ju n e, 2 % ; S e p t., 2 % ;
D e c ., 2 % . In 1913. 8 % . In 1914, 7 5 4 % . In 1915. 6 % .
In 1916,
6 )4 % .
In 1917, 7 % . In 1918, 6 % . In 1919, 6 % . In 1920, 6 % .
In
192 1, 6 % .
In 1922, 3 5 4 % . In 1923. 3 % . In 1924, 3 % .
In 1925.
3% .
In 1926, M a r c h 5 4 % : -Tune, 1 % ; S e p t., 1 % ; D e c ., 1 ) 4 % .
In 1927:
M a r c h , Jun e a n d S e p t., 1 ) 4 % .
E A R N I N G S .-—-For ca le n d a r an d fis c a l years:
1926.
1925.
1924.
1923.
G r o s s . ___________________ $ 1 ,0 0 6 ,0 2 9
$96 3,60 7
$97 3,63 2
$99 3,67 2
N e t .............................. ............
2 49 ,160
203,141
116 ,727
115,288
O F F I C E R S .— C h a irm a n o f B o a rd , J. M . M a r k h a m ; P r e s .. G e o . G .
Shaw ; V ic e -P r e s ., H . S. M e a d ; S e c ., R . K . L a n dis; T r e a s ., T . A . F ern ed in g;
A u d ., C . A . K in c a id .
O ffic e , 14 E a st S e co n d S t., D a y t o n , O .— V . I l l ,
p . 294; V . 113, p . 292 , 62 7 , 1052.

DAYTON & T R O Y ELECTRIC RY.
O R G A N I Z A T I O N .— I n c o r p . 1900. I s b u ilt o n b o th p u b lic and p r iv a te
r ig h t -o f-w a y . C o m p le te d in D e c . 1901. In M a y 1902 to o k o v e r M ia m i
V a lley R y . u nd er 99 -y e a r lease a t a ren tal o f $ 9 ,6 0 0 p er a n n u m , w h ic h is
a p p lic a b le t o s to c k o f $ 3 0 0 ,0 0 0 , m o r tg a g e h a v in g b e e n c a n ce le d .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o lle y r o a d . O w n s e q u iv a le n t o f 3 2 .6 8 m iles o f sin gle tra ck b etw een
D a y t o n and T r o y . L eases 14.25 m iles betw een T r o y and P iq u a (in c l. 3.31
m iles loca l lines in P iq u a ): to ta l o p e r a t e d , 46 .9 3 m iles. R a ils , 7 0 -lb . T .
H a s a freig h t sta tio n in D a y t o n w h ic h is used jo in t ly w ith th e D a y t o n &
W estern T r a c t io n . P o w e r is pu rch a se d fro m D a y t o n P o w e r & L ig h t C o .
C A P I T A L I Z A T I O N .— S to c k , $ 5 0 0 ,0 0 0 ($100) c o m . a u th . a n d issu ed,
an d $ 8 0 0 ,0 0 0 ($1 0 0 ) 5 % c u m . p r e f. a u t h .; $647 800 issu ed .
N o bonds
c o n te m p la te d .
D iv i d e n d s . — O n th e p re f. s to c k 5 % p e r ann um p a id to D e c . 31 1919,
In 1920, M a r ., 1 ) 4 % .
N o n e sin ce.
O n c o m ., Ja n . 1 1904, 2 % ;i n 1905
6 % ; in 1906, 6 % : in 1907, 2 % ; in 1908, n on e; in 1909, 5 % ; in 1910, 6 % ,
In 1911, 5 % ; in 1912, M a r ., 1 ) 4 % .
In 1913, S e p t .. 1 ) 4 % ; D e c ., 1 ) 4 % .
In 1914, J u n e , 1 ) 4 % ; in 1915, D e c ., 1 ) 4 % : in 1916 and 1917. 5 % each
N on e sin ce
E A R N I N G S .— F o r calen d ar years:
G ross.

N et.

D e d u c t'n s

D iv id e n d s .

S u rp lu s

1922
$ 4 0 3 ,4 4 0
$89 ,781
_______
_______
_______
1 9 2 1 ________ 3 9 1 ,5 1 3
99,267
6 1 ,316
_______
37,950
1920
4 1 7 .6 7 4
90.611
48,2 4 5
8.0 9 8
34.268
L a te s t E a r n in g s . — F o r 12 m o s. e n d . D e c . 31 1924: G ro ss. $ 3 9 7 ,0 7 2 ; n e t,
a fter ta x es, $ 3 1 ,3 8 1 .
In 1923, gross, $ 4 0 4 ,7 0 4 ; n e t, a fte r ta xes, $ 3 7 ,7 0 7 .
O F F I C E R S .— P r e s ., H . P . C le g g ; V .-P . & G e n . M g r ., R . A . G ru m e
S ec. & T r e a s ., L . C . C le g g ; A u d ., J. F . K eller.
G eneral O ffic e . D a y t o n
O h io .— V . 102, p . 15 ; V . 114, p . 305: V . 115, p . 988 , 2477.

DAYTON-XENIA (ELECTRIC) R Y.
O R G A N I Z A T I O N .— -In corp. in 1926 as a re o rg a n iz a tio n o f D a y t o n
S p rin g field & X e n ia Sou th ern R y ., so ld at fo re clo s u re J u ly 22 1926 t o
C . J . F e r n e d in g . V . 123, p . 841 . C o . o»vns its o w n tr a c k in D a y t o n and
c o n d u c t s a lo c a l b u sin ess In th a t c it y , o p e r a tin g m o d e r n d o u b le -t r u c k ca rs.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o lle y r o a d . O w ns an d o p e ra te s a tr o lle y line b e tw e e n D a y t o n and
X e n ia .
S T O C K A N D B O N D S —D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n (n o p a r ) _____________ ______
________
3 ,5 0 0 shs ____________
5 % p r e fe rr e d _________________________
5
$25 0 ,0 0 0 ____________
1st m tg e c o lla te r a l tr u s t_______ ______
6
1 2 5 0 ,0 0 0 ____________
O F F I C E R S .— Pres. & G e n . M g r .. J . A . F e rn e d in g ; V . - P . - & T r e a s ., C . J .
F ern ed in g ; A s s t . T r e a s ., J . P . K e m p e r; S e c ., H . L . F e rn e d in g , all o f D a y t o n .
— V . 8 9 , p . 285; V . 105, p . 227 2; V . 113, p . 70; V . 117 , p . 1662, 1883; V . 119,
p . 1063; V . 123, p . 84 1 .

DAYTON & WESTERN TRA CTIO N .
O R G A N I Z A T I O N .— I n c o r p o r a t e d o n June 26 1898. W a s le a se d on
Jun e 15 1906 t o I n d . C o lu m & E a s t., b u t lease w as a b r o g a te d an d th e p r o ­
p e r ty tu rned b a ck t o th e c o fo r o p e r a tio n on A p ril 25 1920
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o lle y r o a d . O p erates fr o m D a y t o n , O h io , t o R ic h m o n d , I n d . A t
R ic h m o n d c o n n e c tio n is m ad e w ith T e r r e H au te, I n d . & E a st. T r a c ., m a k ­
in g p ossib le the o p e r a tio n o f th ro u g h cars fro m In d ia n a p o lis via D a y t o n to
C o lu m b u s , a d ista n ce o f 194 m iles. O perates 3 fast cars b etw een D a y to n
an d In d ia n a p olis w ith o u t ch a n g e .
H as a fre ig h t s ta tio n in D a y to n w h ich
is used jo in t ly w ith th e D a y t o n & T r o y E le c . R y .
H as spu r tra ck t o plan t
o f th e G reen v ille G ra vel C o .
P u rch a ses p o w e r fr o m th e D a y t o n P o w e r &
L ig h t C o . H a s 3 a u to m a tic s u b -s ta tio n s .
STOCK—
D i v . P e r io d . O u ts la n d ’ g . L a s t D iv id e n d
C o m m o n , $ 9 0 0 ,0 0 0 ($ 1 0 0 )--------------------Q -J
$ 6 7 2 ,5 0 0
See te x t
P ref. $ 8 5 0 ,0 0 0 ($100) 5 % c u m ________
Q -M
8 5 0 ,0 0 0
See te x t
D iv id e n d s . — W ere p a id u nd er th e term s o f th e lease up t o M a r c h 1920.
N o n e s in ce. F o r term s o f lease see “ E le c tr ic R a ilw a y ” S e ctio n fo r A pr!)
1920.
E A R N I N G S .— F o r 12 m o s . e n d e d D e c . 31 1922, gro ss, $ 2 6 4 ,5 2 4 ; n et
a fter taxes, $ 5 7 ,1 5 0 . In 1921, gro ss, $27 5 ,2 5 3 ; n e t, a fter ta x e s, d e f ., $ 4 ,9 4 6
O F F I C E R S .— P res, an d T r e a s ., V a len tin e W in ters; S e c ., J. H . W in te rs;
G e n . M g r ., H en ry G e b h a rt; A u d ., P . A . H o m m e l.— V . 8 2 , p . 1437; V . 83,
p . 3 6 , 9 4 , 379 ; V . 110, p . 2 19 2.




147

OAKW OOD STREET RAILW AY CO.
O R G A N I Z A T I O N .— I n c o r p . J u ly 22 1870 in O h io . F r a n c h is e ex p ires
1941. In O c t . 1909 th e O h io S u p rem e C o u r t h e ld th e fra n ch ise v a lid o v e r
th e o b je c tio n s o f th e C i t y S o licito r .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o lle y r o a d . O perates 8 m iles o f tra ck in D a y t o n and s u b u rb s an d
leases (fr o m Ja n . 1 1916) th e O a k w o o d R R . ’s lin e in O a k w o o d v illa g e;
to ta l m iles o p e r a te d . 1 0 .5 . S ta n d a rd ga u g e .
C A P I T A L I Z A T I O N .— S to c k a u t h . an d o u ts ta n d in g , $ 5 0 0 ,0 0 0 (p a r
$ 1 0 0 ). N o b o n d s.
O F F I C E R S .— P re s. & T r e a s ., H . P . C le g g ; V .- P . , J . H . W in te rs ; S e c .,
H a rry C . W ein gartn er; G e n . M g r ., F . P . S n y d e r , all o f D a y t o n .— V . 100 ,
p . 1438; V . 113 , p . 7 2 .

FOSTORIA & FREMONT R A ILW AY CO.
O R G A N I Z A T I O N .— I n c o r p . in O h io in 190 9. O w n ersh ip is la rg ely
represen ted b y in terests id e n tifie d w ith th e L a k e Sh ore E le c t r ic R y . C o .
a n d W e ste rn O h io R y . C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
B esides passenger bu sin ess, d o e s a fre ig h t a n d exDress business an d h a n d les
c o a l fo r use b y O h io S ta te P o w e r C o . a t F r e m o n t. 2 1 .3 8 m iles o f e le ctr ic
in teru rb a n ra ilw a y o n p r iv a te r ig h t -o f-w a y , co n n e c tin g F o s to r ia and
F r e m o n t. F o rm s th e c o n n e c tin g lin k be tw e e n th e W e ste rn O h io R y .,
T o le d o F o s to ria & F in d la y R y . a n d L a k e S h ore E le c t r ic R y . , a ll o f w hich
use th e line u n d er t r a ffic c o n tr a c ts .
STO CK A N D BO N DS—
D a te .
In terest.
O u ts la n d n g . M a t u r i t y .
C o m s to c k $ 2 0 0,00 0 ( $ 1 0 0 )__________
________
$ 2 0 0 ,0 0 0 ___________ _
P r e f s t o c k $ 2 0 0,00 0 ($ 1 0 0 ) ___________
________
2 0 0 ,0 0 0
See te x t .
F irst m tg e $ 2 5 0,00 0 ($ 1 ,0 0 0 )1 1910
5 A -O
8 5 ,0 0 0 O c t 1 1930
g o l d ----------------------------------- c * / I n t . a t C le v e la n d (O h io ) T r u s t C o . , tr u s te e .
B o n d s . — N o rm a l F e d e ra l in c o m e ta x p a id a t s o u r c e .
D iv i d e n d s . — P a id a d iv id e n d o f 3 % o n p r e f. s t o c k in J a n . 1 91 3.
I n 191 7,
D e c ., 6 % . In 1918, D e c ., 3 % .
In 1919, D e c ., 3 % .
In 1920, D e c . , 6 % .
In 1921, D e c ., 6 % . In 192 2, D e c ., 3 % . In 192 3, D e c . , 3 % . N o n e s in ce.
E A R N I N G S .— F o r ca le n d a r years:
G ross.

N e t .a ft . T a x e s .

In t.

D e p r .R e s .

B a l.

$ 5 5 ,9 7 6
$ 1 0 ,7 7 6
$ 2 ,8 3 7
$ 1 ,1 1 4
$ 6 ,8 2 5
86,7 5 1
17,805
5 ,4 4 8
1,9 0 9
1 0 ,448
8 0 ,8 0 9
17,069
6 ,4 3 3
1,9 0 9
8 ,7 2 7
9 0 ,0 8 6
18,395
6 ,6 2 0
1,680
10,0 9 5
8 7 ,5 0 9
6 ,7 7 6
13,833
1,9 0 9
5.1 5 4
9 1 ,4 4 8
6 ,2 4 8
15.289
1.4 5 0
7,591
* F o r 7 m o n th s e n d e d J u ly 31 1927.
O F F I C E R S .— P r e s ., F . D . C a rp e n te r; V .- F r e s ., J . H . G o e k e ; S e c . &
T r e a s ., R . C . G u e rn se y ; A u d ., E . O . R e e d ; T r a f f ic M g r ., C . O . S u lliv a n .
— V . 107, p . 40, 82.

LIMA-TOLEDO R AILROAD CO.
O R G A N I Z A T I O N .— O rg a n ize d in D e c . 1922 a n d t o o k o v e r t h e in teru r­
b a n lin e fro m L im a t o T o le d o , fo rm e r ly c o n t r o lle d b y th e O h io E le c t r ic R y ,
C a p ita liz a tio n . — C o m m o n s t o c k , $65 0 ,0 0 0 ; 7 % p r e f., $75 0 ,0 0 0 ; first m tg e .
2 5 -y e a r 6 % b o n d s , $ 1 ,0 0 0 ,0 0 0 — V . 115, p . 204 6; V . 116, p . 1049.
E A R N I N G S .— F o r ca le n d a r years:
G ross.
* 1 9 2 7 _______
1 9 2 6 _________

N e tE a r n in a s .

T a xes.

I n t . , R en ta ls .

$ 3 4 7 ,1 9 9

$ 74 ,401

$ 1 8 ,3 2 6

6 0 9 ,0 6 2

1 3 8 ,0 1 7

3 2 ,5 8 6

B a la n ce .

$ 3 7 ,0 0 6 su r.$ 1 9 ,0 6 ©
6 4 .0 1 2

s u r .4 1 ,4 1 9

192 5________
561 ,6 1 7
122,463
31,6 3 9
64,581 sur. 2 6 .2 4 3
192 4________
514 .064
1 6.819
29,6 2 2
6 0 ,3 9 5
d e f.7 3 .1 9 S
* F o r 7 m o n th s e n d e d J u ly 31 1927.
O F F I C E R S .— P re s ., B . J . Jon es; V . - P . , F . A . B u n d y ; S ec. & T r e a s .,
C . E . B a k e r. O ffic e s : L im a , O h io .

LIMA C ITY STREET R A ILW AY CO.
O R G A N I Z A T I O N .— I n c o r p . in O h io o n A u g . 12 1922 a n d a c q u ir e d th e
s tre e t ca r sy ste m in L im a , O .. in N o v . 1922, fo rm e r ly c o n t r o lle d b y O h io
E le c tr ic R y . C o . T h e in te ru rb a n lin e fr o m L im a t o T o le d o w as ta k en o v e r
b y th e L im a -T o le d o R R . C o . (see th a t c o m p a n y b e lo w ).
C a p ita liz a tio n . — S to c k , $ 3 8 0 ,0 0 0 ; b o n d s, 1st m tg e . 2 4 -y e a r 6 % . $ 3 5 0 ,0 0 0 .
— V . 116. p 2388: V . 117, p . 1017, 1555.
E A R N I N G S .— F o r ca le n d a r years:
G ro ss.

* 1 9 2 7 _______

N e t E a r n in g s .

$ 1 5 3 ,0 7 6

$ 2 6 ,4 0 9

T a xes.

I n i .^ .R e n ta ls .

$ 7 ,9 5 4

D e fic it.

$ 26 ,033

'$ 7 ,5 7 8
1 3 ,184
19 2 5 ________
271 ,1 9 4
59,433
13,411
54,529
8,507
19 2 4 ________
3 0 4 ,5 3 9
44.2 2 9
14,463
4 5 ,664
1 5 ,899
* F o r 7 m o n th s e n d e d J u ly 31 1927.
O F F I C E R S .— P r e s ., ____________ ; V . - P . , B . J . Jon es; Sec. & T r e a s .,
C . E . B a k e r. O ffic e s . L im a , O h io .
1 9 2 6 _________

2 7 6 .3 0 5

5 5 .6 0 2

1 2 .0 7 0

5 6 ,7 1 6

WESTERN OHIO RR.
O R G A N I Z A T I O N .— A h o ld in g c o .
I n c o r p . in O h io o n Ju n e 7 1910 t o
ta k e o v e r u n d er lease th e W e ste rn O h io R y . b u t lease w as c a n c e le d b y v o t e
o f s to ck h o ld e rs o n Jun e 28 1915 an d th e c o m p a n y ’s e le ctr ic lig h t a n d p o w e r
p la n t a t S id n ey so ld t o th e S tan d ard P ow er & E q u ip m e n t C o . and ail its
o th e r p r o p e r t y an d assets t o th e W estern O h io R a ilw a y C o . e x c e p t th e s t o c k
o f th a t c o . o w n e d .
H o ld e rs o f c o m . s to c k o f W e ste rn O h io R y . h ad rig h t
t o exch a n g e b e fo r e Jan . 1 1911 th eir s to c k fo r s to c k o f W estern O h io R R .
o n basis o f 3 shares o f R y . fo r o n e share o f R R .
V . 9 0 , p . 1556. 29,70.2
shares w ere so e x ch a n g e d . S to c k a u t h ., $ 1 ,0 0 0 ,0 0 0 ; issu e d , $ 9 9 0 ,9 0 0 .
(1) W E S T E R N O H I O R Y .
F o r e c lo s u r e S u it. — T h e U n io n T r u s t C o . , C le v e la n d , has file d a fo rm a l
b ill o f fo re clo su re in th e S ta te C o u r t at L im a , O h io . V . 114, p . 739 .
O R G A N IZ A T IO N — Incorp. in O h io o n O c t . 11 1900. T h is roa d
fo rm s a lin k in th e th ro u g h car s e r v ic e fr o m C le v e la n d t o D a y t o n an d
b e tw e e n D e tr o it an d D a y t o n . O u tsid e o f m u n icip a litie s has p r iv a te r ig h to f-w a y . F r a n c h is e s in to w n s are fo r 25 years.
O w ns en tire c o m . and p r e f.
s t o c k o f th e L im a F in d la y & T o le d o R y .
V . 83, p . 9 7 , 157. 381 .
H as
c o n t r a c t t o fu rn ish p o w e r u n til Jan . 15 1928 t o O h io P o w e r C o
W a s leased t o th e W e ste rn O h io R R ., b y w h ich it is c o n tr o lle d th r o u g h
s t o c k o w n e rsh ip , b u t lease w as ca n c e le d in 1915. See rem ark s a b o v e .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— A
tr o lle y r o a d . O p era tes fr o m L im a th ro u g h VVapakoneta a n d St. M a r y ’s t o
C elin a; fr o m S t. M a r y s t o M in s te r , an d fr o m W a p a k o n e ta t o P iq u a ; a tota l
o f 82.01 m .; also L im a t o F in d la y , 3 1 .9 7 m .; th u s c o m p le tin g a th ro u g h
lin e t o T o le d o . T o t a l, 113 .98 m ., sin gle t r a c k .
S ta n d a rd g a u g e. O w ns
12 p ass, m o t o r cars, 9 fre ig h t m o to rs cars a n d 83 fre ig h t a n d express trail cars.
B o n d I n t e r e s t D e f e r r e d — D e f a u l t , & c . — D u e to se v e re w eatner c o n d it io n s
d u rin g th e w in ter o f 1917 a n d th e re su ltin g in cre a se d c o s t o f o p e r a t io n , th e c o .
fo u n d its e lf u n a b le t o m e e t th e b o n d in t . d u e M a y 1 1918 o n its 1st M
b o n d s. P a y m e n t o f sa m e w as m a d e o n S e p t. 1 1918.
V . 107, p . 1288.
C o m p a re V . 106, p . 179 7. T h e N o v . 1 1918 in t. on these b o n d s w as p aid
A p ril 30 1919. M a y 1 1919 in te re st w as n o t p aid w hen d u e , b u t has sine©
been p a id . N o v . 1 1919 in t . w as p a id b o u t A p ril 30 192 0. T h e M a y 1920
c o u p o n w as p a id N o v . 1 1920. T h e c o u p o n d u e N o v . 1 1920 w as n o t paid
w hen d u e b u t has s in ce b e e n p a id . I n t . fo r 6 m o s . e n d e d O c t . 31 1922 w as
p aid N o v . 1 1922, w h ile in t . fo r 6 m o s . e n d . A p ril 30 1923 w as p a id M a y 1
1923, w hile c o u p o n N o . 3 9 , d u e A p ril 30 1921, was p a id D e c . 31 1 92 3,
le a vin g un p aid c o u p o n N o . 4 0 , d u e O c t . 31 1921, an d 6 m o s . in t. d u s
A p ril 30 1922. V . 116. p . 213 2. In S e p t. 1921 tw o c o m m itte e s (sin ce
co n s o lid a te d ) w ere fo rm e d t o p r o t e c t th e interests o f th e h old ers o f th*
1st m tg e . 5 % b o n d s , o w in g t o th e c o m p a n y ’s in a b ility to p a y sam e a t
m a tu r ity , N o v . 1 1921 (see b e lo w ).
C o m m itte e f o r 1st M t g e . 5 s.— C h a ir m a n , J . P . H arris; A . M . C ham bers^
I. F . F r e ib e rg e r, E . J. B . H u n to o n , L . J . W o lf; S ecre ta ry , T h o s . H . Jones,.
D e p o s ita r y , U n io n T r u s t C o ., C le v e la n d ; S u b -d ep ositaries, F id e lity T r u s )
C o ., B a ltim ore; S tate S treet T r u s t C o ., B o s to n ; M arin e T ru s t C o .. B u ffa lo;
E m p ire T r u s t C o ., N Y . C it y . In Ja n . 1924 it w as re p o r te d t h a t $ 2 ,4 9 4 ,0 0 0
o f th e $ 2 ,5 0 0 ,0 0 0 had been d e p o s ite d . V . 114, p . 7 3 9 . F o r t w o p r o t e c tiv e
c o m m itte e s as o r ig in a lly c o n s t it u t e d , w h ich w ere m e r g e d in to th e a b o v e
see th is S e ctio n fo r O c t . 22 1921.
T e m p o r a r y E x t e n s i o n . — T h e c o m m itte e n am ed a b o v e in a circu la r an ­
n o u n ce d a t e m p o r a r y e x te n sio n p r o g r a m und er w h ich th e 1st. m tgp. 5s a r *
allo w e d t o run as p a s t d u e fo r th e p re se n t at 5 % in terest.

[V ol. 125.

PUBLIC UTILITIES

148

O u ts ta n d in g . M a t u r i t y .
S T O C K A N D B O N D S — s D a te .
In terest.
C o m m o n $ 3 0 ,0 0 0 ( $ 1 ) ________ ______
________
$ 3 0 ,0 0 0 --------------1st p f $ 5 0 0 ,0 0 0 ($1 0 0 ) 7 % c u m ____
________
4 7 6 ,0 0 0 A p r ’ 1 7 ,l 14 °%
>
2d p f $ 5 0 0 ,0 0 0 ($300) 6 % c u m _______
________
4 5 0 .0 0 0 J ly ’ 1 4 , 1 ^ %
2 ,5 0 0 .0 0 0 N o v 1 1921
F irst m o rtg a g e $ 3 ,0 0 0 ,0 0 0 g ( 1901
5 g M -N
_
($ 1 ,0 0 0 ) $ 2 6 ,5 0 0 p er m ile iln t e r e s t a t U n ion T r u s t C o . , C le v e la n d , tru sc * & r t f ( te e , o r F irst N a tio n a l B a n k , N e w Y o r k .
C o lla te r a l
tr u s t
m o r t g a g e / 1910
6%
2 4 ,0 0 0 J u ly 1 1930
$ 5 0 0 ,0 0 0 __________________ t f /C l e v e l a n d T r u s t C o ., tru ste e .
L F & T fir s t m tg e $ 6 0 0 ,0 0 0 / 1905
5 g J -J
3 2 4 ,0 0 0 J u ly 1 1925
g o ld ($ 1 ,0 0 0 )___ _______ c t f ( In te r e s t a t C itize n s ’ S a v in gs & T r u s t C o .,
( C le v e la n d , tru ste e , or in N e w Y o r k .
G en era l m o r tg a g e $ 5 0 0 ,0 0 0 -- 1918
6%
See te x t
S to c k . — 1st p r e f. is r e d . a t 1071-$.
B o n d s . — T h e W e s t O h io 1st M . b o n d s h a v e n o sin k . f d . a n d b o n d s are
n o t s u b je c t t o c a ll. $ 4 7 6 ,0 0 0 h a v e be e n c a n c e le d .
See V . 7 6 , p . 160 , fo r
ag reem en t a m o n g b o n d h o ld e rs .
C o ll, tr b o n d s are c o n v e r t ib le in t o 1st p r e f. s to c k a n d a re se cu re d b y
d e p o s it o f $ 2 4 ,0 0 0 1st 5s. $ 4 7 6 ,0 0 0 h a v e be e n c o n v e r t e d . N o sin k , f d .;
r e d . o n N o v . 1 1921 a t 110. A s b o n d s are c o n v e r t e d , p r o p o r tio n a te
a m o u n ts o f th e 1st 5s w h ich are c o lla te ra l w ill b e can celed
T h e L im a F in d la y & T o le d o b o n d s h a v e a s in k in g f u n d o f $ 1 0 ,5 0 0 'p e r
a n n u m , w h ich b eg a n in 191 1. A r e s u b je c t t o cal) a t 191
$ 7 6 ,0 0 0 h a v e
been re tir e d . V . 8 0 , p . 2 3 4 4 . W e w ere a d v ise d th a t th e se b o n d s w ere
te m p o r a r ily e x te n d e d at th e sam e in te re st rate.
D iv i d e n d s . — O n 1st p r e f. q u a r . d iv s . w ere p a id re g u la r ly t o a n d in clu d in g
A p ril 1917. N o n e s in ce . O n 2 d p r e f. fir s t d i v ., 1 K % . p a id O c t . 1 10
a n d sa m e a m o u n t q u a r . t o a n d in c lu d in g J u ly 191 4, N o n e s in c e .
E A R N I N G S .— F o r c a le n d a r years:
‘
B a la n c e ,
P r e fe r r e d.
G ro s s
N~ t ( a ft e r
e
E a rn in g s .

T a x es ).

In terest.

D iv id e n d s .

S u r p lu s

$ 15 ,199
$16 3,24 6
1 92 6...........—
$87 8,42 7
$ 1 7 8 ,4 4 5
9 ,5 8 9
161,847
877 .8 6 0
171 ,4 3 6
1 9 2 5 ................
4 9 ,2 9 3
.
162,283
192 4.................. 1 ,0 1 9 .0 1 8
2 1 1 ,5 7 6
116 ,993
19 2 3 __________ 1 ,0 5 2 ,4 1 5
166,250
2 83 .243
6 6 ,138
1 9 2 2 ............. ..
160 ,695
9 5 0 ,6 4 3
2 1 6 ,7 3 3
75,803
163 ,884
1 9 2 1 .................. 1 ,0 0 5 ,4 8 8
2 3 9 ,6 8 6
2 7 .3 6 8
163.868
1 91 .226
1920.................. 1 .1 5 8 .8 0 8
O F F I C E R S .— P r e s ., F . D . C a rp e n te r, L im a ; V .- P . , A . B o r n , C le v e .;
S e c . & T r e a s ., H . C . L a n g . V . 118 , p . 282 5; V . 122, p . 219 4.

YOUNGSTOW N & OHIO RIVER RR.
O R G A N I Z A T I O N .— I n c o r p o r a t e d in O h io o n D e c . 8 190 5. In 1906
eased fo r 99 years S alem R R . fr o m P itts b u r g h L is b o n & W e s te rn R R . C o . ,
fo r $ 6 ,0 0 0 p er a n n u m ; th e fo rm e r ru n s b e tw e e n Salem a n d W a s h in g to n v ille ,
7 m . I n 1910 r o a d w as re -c a p ita liz e d a n d n ew secu rities issu ed as b e lo w .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— A
tr o lle y an d stea m r o a d . F re ig h t se r v ic e o p e ra te d b y s te a m ; passenger
se r v ic e b y e le ctr ic ity . O perates fr o m t h e term in u s o f th e S tark E le c tr ic R y .,
In S alem , O h io , th r o u g h th e c it y o f S alem t o a c o n n e c tio n w ith th e S alem
R R . , a n d o v e r th e Salem R R . fr o m S alem th ro u g h W a s h in g to n v ille , L e e to n ia , L is b o n an d W e s t P o in t t o E a s t L iv e r p o o l, O h io , a d is ta n ce o f 36
m iles. A t L e e to n ia , O ., c o n n e c tio n is m a d e w ith th e Y o u n g s t o w n &
S ou th ern R y .
O w n s 2 9 .1 9 m iles o f tr a c k an d leases 6.81 m iles.
S tan d ard
ga u g e , m o s t ly 7 0 -lb . T r a il. P a ss, e q u ip ., 7 cars; fr e ig h t, 3 lo c o m o t iv e s ,
15 ca rs.
O u ts ta n d in g . M a t u r it y .
STOCK A N D BON DS—
D a te .
In terest.
$ 1 ,0 0 0 ,0 0 0 See t e x t .
S to c k c o m m o n $ 1 ,0 0 0 ,0 0 0 ____ ______
________
1 ,0 0 0 ,0 0 0 M a r ’24,1 H
P re fe rre d $ 1 ,0 0 0 ,0 0 0 5 % c u m . ------------------1 ,2 0 0 ,0 0 0 A p r 1 1935
F irs t m o r tg a g e
$ 2 ,5 0 0 ,0 0 0 / 1910
5 A -O
g o ld ($ 1 ,0 0 0 )_____________ c * [ I n t . a t U n io n T r u s t C o . , C le v e la n d , tru ste e ,
)
o r F irs t N a tio n a l B a n k , N e w Y o r k .
S to c k . — P r e f. s t o c k d iv . is c u m u la tiv e fr o m J u ly 1 1913.
B o n d s . — S u b je c t t o ca ll on a n y in t . d a te a t 105 a n d in t .
R e m a in in g
b o n d s are reserv ed fo r a c q u is itio n a u d exte n sio n u n d e r ce rta in re strictio n s.
T h e in terest c o u p o n s d u e O c t . 1 1926 w ere n o t p a id at m a tu r ity b u t o n D e c . 31
1926, w ith 6 % in terest fr o m O c t . 1 t o D e c . 31 1926.
V . 123, p . 332 2.
In teres t c o u p o n s d u e A p r il 1 1927 n o t p a id o n Ju n e 3 0 as w as e x p e c te d .
V . 125 , p . 249 .
D iv i d e n d s . — D iv id e n d s o n p r e f. b e g a n in 1910 an d in th a t y e a r 1 1 4 % w as
p a id . In 1911, 3 1 4 % ,; in 1912, 4 3 4 % ; in 1913 an d 1914, 3 % % \ in 1915,
4 3 4 % ; in 1916, 5 % a n d 3 % e x tr a , p a y in g u p a ll a c c u m u la tio n s ; in 1917,
5% .
I n 191 8, 5 % .
I n 1919, 5 % .
In 1920, 5 % .
In 1921, 5 % .
In
1 9 2 2 , 5 % . I n 1 92 3, 5 % . I n 192 4, M a r ., 1 M % ; n o n e s in ce . In itia l
jdiv. on c o m . o f 1 % p a id in D e c . 1916. N o n e t o S ept. 192 0, w h en 1 % w as
p a id ; in D e c ., 1 % .
In 1921, 4 % .
In 1922, 1 % .
In 192 3, 1 % .
In
M a r c h 1 92 4, 1 1 4 % ; n o n e sin ce .
E A R N I N G S .— F o r ca le n d a r y e a rs;
Y e a r E n d in g

G ro s s

E x p ., T a xes

N et

B ond

B a la n c e

In terest.
f o r D iv s .
E a r n in g s .
D ec . 31—
E a r n in g s .
& R en ta ls .
$ 3 5 ,0 0 0 d ef$ 4 4 ,8 2 3
def$ 9 ,S 2 3
$ 1 6 3 ,7 0 3
*1927 ___________ $15 3 ,8 7 9
$ 6 0 ,0 0 0 d e f$ 4 3 ,8 4 S
$16 ,152
$30 0 ,2 3 2
1 9 2 6 ____________ $ 3 1 6,38 4
6 0 .000 d e f2 7 ,3 9 3
32,607
28 2,4 8 2
192 5____________ 315 ,0 8 9
10.187
6 0 ,0 0 0
d e f4 9 ,8 1 3
1 9 2 4 ____________ 3 3 6 ,4 3 0
3 2 6 ,2 4 3
6 0 ,0 0 0
6 4 ,0 3 4
124,035
1 9 2 3 ____________ 5 3 7 .8 2 6
413 ,791
60,0 0 0
61,611
121,611
1 9 2 2 ___________ 478.401
3 5 6 .7 9 0
* F o r 7 m o s . e n d e d J u ly 31 1927.
O p e ra tin g S ta tistic s —
1926.
192 5.
1924.
C a r m ile a g e ______________________________
726,091
6 6 8 ,1 7 9
674 ,515
R e v e n u e p assengers c a r r ie d _____________
5 6 1 ,5 8 5
5 3 8 ,7 4 0
603 ,7 2 2
O F F I C E R S .— P r e s ., C h a s . S. T h ra sh e r; Y .- P . & G e n . M g r ., J . D .
D e w ees; S ec. & T r e a s ., W a rre n B ic k n e ll; A u d . & A sst. T r e a s ., R . F . M ille r ;
A s s t. S e c ., G . D . P y n e . O p e ra tin g M g r s ., W a rre n B ick n e ll C o . O per­
a tin g o ffic e , L e e to n ia , O h io ; e x e c u tiv e o ffic e s , 2024 B . F . K e ith B ld g .,
C le v e la n d , O h i o — Y . 117, p . 5 5 5 , 796 ; V . 118, p . 796 ; V . 123, p . 3322;
V . 125. p . 249 .

SPRINGFIELD & XENIA RAILW AY CO.
O R G A N I Z A T I O N .— I n c o r p . In A u g . 1906 t o su cce e d th e S p rin g fie ld &
X e n ia R y ., w h ich was organ ized in 1904 t o su cce e d the S p rin g fie ld & X e n ia
T r a c tio n C o . , w h ich h a d been s o ld u n d e r fo re c lo s u r e . V . 8 3 , p. 21 4 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 20 m iles o f tra ck c o n n e c tin g S prin gfield a n d X e n ia . R a ils,
7 0 -ib T ; f iv e ca rs , o f w h ich 3 are m o d e r n ca rs , p u rch a se d in 1925.
8 T O C K .— C o m m o n , a u t h . a n d issu e d , $ 30 0,00 0; p re fe rre d , 5 % c u m .,
a u t h . an d Issued, $ 3 0 0 ,0 0 0 . P a r, $ 1 0 0 . $ 1 ,2 0 0 o f each cla ss h eld in trea s.
D i v i d e n d s . — F irst d i v . o n p r e f ., 4 % , w as p a id O c t . 1 1908.
In 1909.
5 ) 4 % . In 1 9 1 0 , 4 1 4 % . I n l 9 1 1 , 8 ) * % .
I n l9 1 2 ,6 )4 % .
I n l9 1 3 ,M a r .,
I \4 % ; J u n e , 1 1 4 % ; S e p t .. 1 3 4 % ; D e c ., 1 1 4 % regular a n d 2 % e x tra , w hich
p a id a c c u m u la tio n s in fu ll t o J a n . 1 1 91 4. In 1914 t o 1920, in c lu s iv e , 5 % .
In 1921, 5 % . In 192 2. 5 % . In 192 3, M a r c h , 1 J i % ; J u n e , l ) i % .
In
1924, M a r c h , 1 1 4 % . In itia l d iv id e n d o n c o m m o n o f 2 % p aid D e c . 1913.
In 1914, 1915 a n d 191 6, 3 % . In 1917, D e c ., 2 % . N o n e to D e c . 31 191 9,
w hen 1 % w as p a id . N o n e sin ce .
E A R N I N G S .— F o r ca le n d a r years;
* 192 7.
192 6.
192 5.
1924.
C a r m ile s o p e r a t e d ______
_______
2 8 2 ,6 7 0
2 6 4 ,5 2 2
2 6 8 ,4 5 5
P a y passen gers c a r r ie d - _
----------298,781
3 1 4 ,1 0 5
3 7 3 ,2 6 8
G ro s s e a r n in g s___________
$ 4 7 ,8 3 4
$ 7 8 ,8 6 6
$ 8 1 ,1 5 4
$ 9 5 ,0 7 2
O p e ra tin g ex p en ses______
a 5 0 ,8 5 6
8 0 ,7 4 0
xS 5 .5 6 4
106,001
T a x e s - - ! ________________
2,201
4 ,2 4 5
4 ,5 5 0
4 ,5 9 5
N e t e a rn in g s __________ d e f$ 5 ,2 2 3
d e f$ 6 ,1 1 9
d e f$ 8 ,9 6 0 d e f$ 1 5 ,5 2 3
* F o r 8 m o n th s e n d e d A u g . 31 1927. a I n c lu d e s $ 8 ,6 4 8 d e p r e c ia tio n .
O F F I C E R S .— P r e s ., W arren B ic k n e ll, C le v e la n d ; V ,-P ., G e o . A . C o u lto n ;
Wee. & T r e a s ., C h a s . S . T h ra sh e r; O p e r. M g r s ., T h e W arren B ick n e ll C o . —
V . 101 . P- 2 0 7 2 : V . 10 5 , p . 2 3 6 7 ; V . 116, p . 213 1; V . 120, p . 1461.

THE YOU NGSTOW N & SUBURBAN R Y . CO.
In J u ly 1917 c o n t r o l w as a c q u ir e d b y M u n ic ip a l S ervice C o ., a M a in e
h o ld in g c o r p o r a t io n .
V . 104, p . 1 38 7, 159 2, 1900. 201 3.
O R G A N I Z A T I O N .— I n c o r p . in O h io in J a n . 1916 an d a c q u ir e d th e p ro p ­
e r ty o f th e Y o u n g s to w n & S ou th ern R y . , so ld a t fo re clo su re S e p t. 2 1916.
V . 103. p . 9 4 0 . 1033.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p era tes in teru rb a n r o a d b e tw e e n Y o u n g s to w n an d L e e to n ia , a b o u t 23.13
m iles.
13 ca rs. A ls o op e ra te s buses th ro u g h Y o u n g s to w n & S u b u rb a n
T r a n s it C o . a n d s u b s id ia r y , C o lu m b ia n B u s C o . P a ssen gers c a rrie d fo r
12 m o s . e n d e d F e b . 28 1927: r a ilw a y , 1 ,2 3 0 ,3 0 9 ; b u s , 2 2 4 ,0 5 3 .




STO CK A N D BO N DS—
D a te .
In terest.
O u ts ta n u in g .
M a t u r it y .
C o m m o n $ 7 5 0 ,0 0 0 ____________________
________
$ 3 5 0 ,0 0 0 ----------------P referred (cu m ) $ 7 5 0 ,0 0 0 ____________
6%
5 0 0 .0 0 0 ------------------First m tg e $1 ,5 0 0 .0 0 0 - - . C - t f . 1916
5 M -S
7 9 * . 000 S e p t 1 1936
B o n d s .— R e m a in d e r are reserved fo r e x te n sio n s an d a d d itio n s u nd er cer­
tain sa fe gu a rd s.
R e d . a t 10214 and Interest a t a n y tim e . S in k in g f u n d to
retire $ 5 ,000 a t 102 h an d in terest a n n u a lly , began S e p t. 1 191 9. G u a r a n ty
T r u s t C o . , N e w Y o r k , tru stee.
E A R N I N G S .— F o r ca le n d a r years;
G ross.

N e t a fter T a x es.

I n t . C h a rges.

B a la n c e .

1 9 2 6 _____________$ 3 6 1 ,2 9 2
$94 3 3 5
$ 5 9 ,1 5 5
$ 3 5 ,1 8 0
1 9 2 5 _____________ 3 6 2 .2 2 5
7 0 .3 4 7
4 0 .6 0 2
19.745
1 9 2 4 ..................
2 8 4 ,9 2 1
5 4 .5 1 1
47.391
7.1 2 1
O F F I C E R S .— P r e s ., F . W . W o o d c o c k ; V ic e -P r e s .. F red T o d an d H . D .
P o lb e m u s : S e c ., C . A . M c C lu r e ; T r e a s ., W . E . Shaw J r. O ffic e . Y ou n g s­
to w n , O h io . O p e ra tin g M a n a g e rs , G e n . E n g . & M g t . C o r p ., 165 B r o a d ­
w a y , N . Y . C i t y — V . 104, p . 1592. 190 0, 2 0 1 3 ; V . 113 , p . 1889; I . 1 1 6 . p .
2 00 8, 239 0

COLUMBUS MARION & BUCYRUS R Y .
O R G A N I Z A T I O N .— I n c o r p . in O h io M a r . 25 1914 as a re o rg a n iz a tion
o f th e C o lu m b u s M a r io n & B u e y r u s R R ., s o ld u n d e r fo re c lo s u r e per p la n ,
V . 9 6 , p . 1488, 1839.
STO CK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
S to c k * 3 5 0 .0 0 0 ________________________
________
$ 3 5 0 ,0 0 0 _________
F irst m o r tg a g e $ 1 0 0 ,0 0 0 — t f 1914
6% g
4 7 .0 0 0
1934
G en & r e f M $35 0 ,0 0 0 g o l d - . t f 1914
5%
2 5 0 .0 0 0
1944
B o n d s .— T h e firs t m tg e . 6s are re d . a t 1 0 2 )4 an d in t. on a n y In t. d a y .
R e m a in in g $ 4 8 ,0 0 0 is held b y tru stees; $ 5 ,0 0 0 are held in tre a su ry.
$1 0 0 ,0 0 0 g e n . & r e f. m t g e . b o n d s a re re s e r v e d t o r e tire fir s t m t g e . b o n d s .
v . 9 6 , p . 1488, 1839.
E A R N I N G S .- — F o r c a le n d a r years;
G ro ss.

N et.

I n t. & T a res.

B a l.. D e f .

$ 8 ,7 1 2
* 1 9 2 7 ................
............... $ 3 2 ,4 1 5
$ 4 ,4 1 0
d e f $ 4 .302
1 9 2 6 ____________ ________ 62,5 4 6
8.4 9 7
17.365
8 .8 6 8
1 9 2 5 - ....................
14,4 6 3
17.409
2,9 4 6
1 9 2 4 ....................... ............... 55 908
18.769
6 ,4 2 6
12,343
* F o r 6 m o s . e n d e d Ju n e 30 1927.
O F F I C E R S .— P re s . & G e n . M g r ., G e o . W h y s a ll; V . - P . , Jas. H . C a ld w e ll,
T r o y , N . Y .; S e c. & T r e a s ., H . B H an e; A u d . & A s s t. T r e a s ., J o h n J . Heine.
— V . 101, p . 101 3, 1713; V . 110 , p . 764 . 2 6 5 7 .

TOLEDO FOSTORIA & FIN D LAY R Y .
O R G A N I Z A T I O N .— I n c o r p . in 190 0. In N o v . 1916 p u rch a sed th e
l l ) 4 - m i l e lin e o f th e L a k e E rie B o w lin g G re e n & N a p o le o n R R . , b etw een
P e m b e r v ilie and B o w lin g G reen (b id In a t r e c e iv e r 's sales on A u g . 5 1916
b y th e b o n d h o ld e rs . V 103. p . 666 . 1032; V . 103, p . 188 9 ).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 64 m iles b etw een B o w lin g G re e n . T o le d o , F o s to ria and F in d la y
P o r tio n s be tw e e n P e m b e r v ilie a n d T o le d o p u t in o p e r a tio n in Ju n e 1908.
STOCKS A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
S to c k c o m m o n ( $ 1 0 0 )________________
________
$ 7 0 0 ,0 0 0 ____________
S to c k p r e f 5 % cu m ($ 1 0 0 )---------------Q -J
8 0 0 .0 0 0
See t e x t
F ir s t m o r tg a g e $ 4 5 0 ,0 0 0 g o l d / 1900
6 g A -O
3 5 4 .0 0 0 O c t 1 1940
($ 1 ,0 0 0 )____________________ c l l n t . a t C le v e la n d T r u s t C o .. C le v e .. tru stee.
B o n d s .— M a y b e c a lle d a t a n y t im e .
O rigin ally m atu red O c t . 1 1920 and
b o re 5 % Interest b u t w ere e x te n d e d fo r 20 years a t 6 % . S in k in g f u n d began
J u ly 1 1905. $ 9 6 ,0 0 0 b o n d s h a v e been r e tire d .
D i v i d e n d s . — 1 1 4 % is be in g p aid q u a rte r ly o n p re fe rre d s t o c k .
E A R N I N G S .— F o r ca le n d a r y e a rs:
192 4.
192 3.
192 0.
G r o s s ________________________ ______ _____
$ 3 2 6 ,0 1 2
$ 3 5 7 ,6 2 2
$ 3 8 4 ,9 4 3
N e t , a fte r in terest a n d t a x e s __________ d e f l2 ,2 7 8
3 7 .9 7 1
5 3 .107
O F F I C E R S .— P r e s ., H . O . G re e r, M o r g a n t o w n , W . V a .; V . - P , , C . O .
F e rn se ll, J r ., D o v e r : S e c . & T r e a s ., A . J . K ra n tz, D o v e r ; M g r ., E . S m it h .
F o s t o r ia .— V . 118 , p . 8 6 , 432 ; V . 119 , p . 195 4, 2 0 6 5 . 2 2 8 8 .

IN D IA N A
INDIANA ELECTRIC CORP.
C o n s o lid a tio n a n d R e a d ju s tm e n t P l a n .— A p la n fo r th e r e a d ju s tm e n t o f
se cu ritie s, co n s o lid a tin g th e T e r r e H a u te T r a c t io n & L ig h t C o ., th e T e r r e
H a u te In d ia n a p o lis & E a ste rn T r a c t io n C o . a n d C e n tr a l In d ian a P o w e r C o .
w ith o th e r c o m p a n ie s in to In d ia n a E le c t r ic C o r p ., d a te d J u ly 1 1927. has
b e e n c o m p le t e d . T h e p la n w as e v o lv e d b y S am u el In s u ll an d R a n d al
M o r g a n (d e c e a s e d ).
It is n o w b e in g p r o m u lg a t e d , w ith the c o n s e n t an d
a p p r o v a l o f S am u el In s u ll a n d M a r s h a ll S. M o r g a n , b y H a lse y , S tuart &
C o ., I n c ., w h ich has co n s e n te d to a c t a n d has be e n c o n s titu te d rea d ju st­
m e n t m a n a g e r. M a r tin J. In s u ll, o n b e h a lf o f In d ia n a E le c tr ic C o r p .
a n d C e n tra l In d ia n a P o w e r C o . a n d su b sid ia ries, and R o b e r t I . T o d d , on
b e h a lf o f T e r r e H a u te In d ia n a p o lis & E a s te rn T r a c t io n C o . an d su bsidiaries,
w ill a c t as c o n s o lid a tio n m a n agers u n d e r th e p la n a n d h a v e agreed t o c o ­
o p e r a te w ith a n d assist th e m a n a g e r in c o n s u m m a tin g th e c o n s o lid a tio n .
S e c u r itie s a n d O b lig a tio n s i n th e H a n d s o f th e P u b li c to B e R e a d ju s te d .

T h e p rin c ip a l o r p a r a m o u n ts o f b o n d s a n d s to c k s o u ts ta n d in g in the

hands o f the public which are to be readjusted are as follow s:

(a) T e r r e H a u te In d ia n a p . & E a stern T r a c . C o . 1st & r e f. m tg e .
5 % sin k in g fu n d 3 5 -y e a r g o ld b o n d s , d u e A p r il 1 1 94 5___ $ 5 ,1 4 2 ,0 0 0
(b) T e r r e H a u te T r a c tio n & L ig h t C o . 1st c o n s o l. 5 % 4 0 -y e a r
g o ld b o n d s , d u e M a y 1 194 4_________________________________
2 ,8 3 4 ,0 0 0
(c) I n d ia n a p o lis & N o rth w e s te r n T r a c t io n C o . 1st m t g e . 5 %
2 0 -y e a r b o n d s , d u e M a r c h 1 19 3 3 ___________________________ 2 ,4 7 0 ,0 0 0
(d) I n d ia n a p o lis & M a r tin s v ille R a p id T r a n sit C o . 1st m tg e .
5 % 3 0 -y e a r g o ld b o n d s , d u e J a n . 1 193 2___________________
750000
(e) I n d ia n a p o lis C r a w fo rd s v ille & D a n v ille E le c t r ic R y . 1st
m t g e . 5 % sin k in g fu n d 4 0 -y e a r g o ld b o n d s , d u e M a y 1 '5 2
7 5 3 ,0 0 0
(f) C e n tra l In d ia n a P o w e r C o . 7 % c u m u la tiv e p re fe rre d s t o c k . _ 7 ,7 9 2 ,0 0 0
(g) T e r r e H a u te In d ia n a p . & E a s t. T r a c . C o . 5 % c u m . p f . s t k _ .
9 ,1 0 0 ,0 0 0
1 ,0 0 0 ,0 0 0
(h) T e r r e H a u te T r a c tio n & L ig h t C o . 6 % c u m u l. p r e f. s t o c k ___
(i) In d ia n a p o lis & N o rth w e s te rn T r a c . C o . 5 % c u m . p r e f. s to c k
4 5 0 ,0 0 0
(j) In d ia n a p o lis C r a w fo rd s v ille & D a n v ille E le c . R y . 5 % c u m u l.
p re fe rre d s t o c k _______________________________________________
2 0 0 ,0 0 0
(k) C e n tra l In dian a P o w e r C o . c o m m o n s t o c k ___________________ 1 1 ,1 5 5 ,9 0 0
9 ,1 0 0 ,0 0 0
(l) T e r r e H a u te In d ia n a p . & E a s t. T r a c . C o . c o m m o n s t o c k ___
T o t a l __________________________________________ _____________$ 5 0 ,7 4 6 ,9 0 0
S e c u r itie s a n d O b lig a tio n s i n th e H a n d s o f th e P u b lic to R e m a in U n d is tu r b e d .

T h e p rin c ip a l a m o u n t o f b o n d s o u tsta n d in g in the h a n d s o f th e p u b lic
w h ich are u n a ffe c te d b y th e p la n are as fo llo w s :
(1) In d ia n a E le c tr ic C o r p . 1st m t g e . g o ld b o n d s—
Series A , 6 % , d u e N o v . 1 1 94 7___________
$ 4 ,3 7 2 ,8 0 0
Series B , 6 ) 4 % , d u e A u g . 1 1 95 3_________________________
2 ,4 7 7 ,2 0 0
Series C , 5 % ,
d u e M a r c h 1 1 95 1_________________________
1 ,0 7 5 ,0 0 0
(2) C e n tra l In d ia n a P o w e r C o . 1st m tg e . c o l l . & r e f. 6 % g o ld
b o n d s , series A , d u e J u ly 1 194 7_________________________
8 ,0 6 3 ,5 0 0
(3) A t t ic a E le c tr ic C o . 1st m t g e . 6 % g o ld b o n d s , d u e J a n . 1 1949
2 0 0 ,0 0 0
(4) In d ia n a R y . & L ig h t C o . 1st & r e f. m t g e . 5 % g o ld b o n d s ,
1 ,2 5 4 ,0 0 0
d u e D e c . 10 194 2________________________ __________ __________
(5) N o b le s v ille L ig h t, H e a t & P o w e r C o . 1st m t g e . 6 ) 4 % g o ld
b o n d s, d u e J u ly 1 194 7______________________________________
3 1 0 ,0 0 0
(6) In d ia n a G as L ig h t C o . 1st m t g e . 6 % g o ld b o n d s , d u e N o v . 1
1 9 4 1 - - - ..................- ..................... - _______________________ _______
2 1 1 ,3 5 0
(7) In d ia n a G as L ig h t C o . se ria l g o ld n o t e s _______________________
8,615
(8) N o b le s v ille W a te r & L ig h t C o . 1st m tg e . 6 % g o ld b o n d s,
d u e Ja n . 1 193 7_______________
4 0 ,0 0 0
(9) T e r r e H a u te E le c t r ic C o . 1st m t g e . 5 % g o ld b o n d s , d u e
J u ly 1 192 9_________________________________________
1,5 0 0 ,0 0 0
(10) T e r r e H a u te In d ia n a p o lis & E a ste rn T r a c t io n C o . e q u ip ­
m e n t t iu s ts , d u e s e r ia lly _____________________________________
154 ,750
(11) T e r r e H a u te In d ia n a p o lis & E a ste rn T r a c t io n C o . c o ll .
6 ) 4 % g o ld n o te s , d u e S e p t. 1 19 2 9 _________________________
4 2 5 ,0 0 0
T o t a l ............................
$ 2 0 ,0 9 2 ,2 1 5

O
ca.-., 1927.]

POWER, LIGHT AHD RAILW AY

F o r fu r th e r p a rticu la rs reg a rd in g this p la n , m e th o d o f re a d ju s tm e n t,
c o m m itte e s represen tin g v a rio u s issu es, & c ., see V . 125 , p . 5 1 5 .
C o n tr o lle d b y C en tra ] In d ia n a P o w e r C o .
O R G A N I Z A T I O N .— I n c o r p . in In d ia n a in 1921. C o r p . is m e rg e r o f
M e r ch a n ts H e a t & L ig h t C o ., In d ia n a R a ilw a y s & L ig h t C o . . W a b a s h
V a lle y E le c t r ic C o . , P u tn a m E le c t r ic C o ., C a y u g a E le c t r ic C o ., V a lpa ra iso
L ig h tin g C o . a n d E lk h a rt G a s & F u e l C o . V . 113, p . 8 5 5 , 1257; V . 124,
p . 5 2 8 , 633 , 9 5 3 , 202 0.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns a new s u p erp ow e r e le ctr ic g e n e ra tin g p la n t w ith an in sta lle d e le ctr ic a l
e q u ip m e n t o f 7 5 ,0 0 0 k .w ., lo c a te d o n the W a b a sh R iv e r in th e h e a rt o f th e
In d ia n a c o a l fie ld s , im m e d ia te ly a d jo in in g its o w n c o a l lan ds o f a p p ro x i­
m a te ly 3 ,3 0 0 acres p r o v e n a rea . C o r p . also o w n s a 1 3 2 ,0 0 0 -v o lt h ig h -te n ­
sion tran sm ission line e x te n d in g fr o m its p la n t o n th e W a b a sh R iv e r t o th e
C it y o f In d ia n a p o lis , a d ista n ce o f 85 m iles. C o r p o r a t io n ’s su p e rp o w e r
p la n t an d tra n sm ission lines are c o n n e c te d w ith th e d is trib u tio n sy s te m o f
subsidiaries o f th e C e n tra l In d ia n a P o w e r C o ., w h ich c o m p a n y o w n s a ll
th e ou ts ta n d in g c a p it a l s t o c k , e x c e p t d ir e cto r s ’ q u a lify in g sh ares, o f the
c o r p o r a tio n .
STOCK AN D BO N D S—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
S tock s— A ll ow n ed b y C e n tra l In d ia n a P o w e r C o .:
1st m tg e (& ref) b o n d s — (a)
Ser A d u e 1947 (c * $ 1 ,0 0 0 , f 1922
6 g M -N
$ 4 ,3 7 2 ,8 0 0 N o v 1 1947
$ 50 0, $ 1 0 0 )_______________t f\ I n t . p a y . a t H a ls e y , S tu art & C o . , I n c .,
( C h ic a g o o r N e w Y o r k .
Series B d u e 1 95 3___________________
6 )4 %
2 ,4 7 7 ,2 0 0 A u g 1 1 9 5 3
Ser C d u e 1951 (c * $ 1 ,0 0 0 , f 1926
5 g M -S
1 ,4 4 3 ,0 0 0 M a r 1 1951
$ 5 0 0 , $ 1 0 0 )____________ t f i l n t . p a y a b le at H a ls e y , S tu art & C o . , I n c .,
I C h ic a g o o r N e w Y o r k .
a G u a ra n teed b o th as to p rin . & in t. b y C e n tra l In d ia n a P o w e r C o .
B o n d s . — T h e 1st m tg e . la n d r e f . ) g o ld b on d s are a d ir e ct o b lig a tio n o f the
c o r p . a n d s e cu re d b y a 1st m tg e . o n a ll o f its p e rm a n e n t p r o p e r t y n o w o r
h ereafter o w n e d , s u b je c t o n ly t o u n d e rly in g b o n d s , i f a n y , o n h e re a fte r,
a c q u ir e d p r o p e r t y .
In d e n tu re p ro v id e s th a t a d itio n a l b o n d s o f this
series, s e r i e s C (o r o th e r series, be a rin g such rates o f in te re st, m a tu rin g at
such tim es a n d h a v in g s u ch o th e r p ro v is io n s as the b o a r d o f d ire cto rs at
th e tim e o f issu a n ce m a y d e te rm in e ) m a y b e issued p a r fo r p a r fo r cash ;
o r U n ited S tates ob lig a tio n s , o r fo r re fu n d in g p u rp o s e s , a n d t o th e ex te n t
o f 75 % o f th e Cost o f adsiJtJoB3 , b e tte rm e n ts an d n ew p r o p e r t y c o m in g u n d e r
th e lie n o f th e m o r tg a g e . B o n d s m a y a ls o be issu ed to the e x te n t o f 7 5 %
o f t h e c o s t o r v a lu e (w h ich e v e r is less) e f s to c k o f a su b sid ia ry p le d g e d u n d e r
th e m o r tg a g e , p r o v id e d th a t t h e a m o u n t o f such b o n d s , p lu s the fu n d e d d e b t
o f th e s u b sid ia ry at t h e tim e o f p le d g e , sh all n o t ex ce e d 7 5 % o i ttie tile d
v a lu e o f the la t te r ’s p r o p e r t y . B o n d s m a y also b e issu ed to th e e x te n t o f
7 5 % o f the c o s t o f a d d itio n s , b e tte r m e n ts an d n e w p r o p e r t y o f a s u b s id ia ry ,
a n d on a c c o u n t o f th e p a y m e n t o r r e fu n d m e n t, p a r fo r p a r , o f its fu n d e d
d ebt.
(C o m p a r e V . 113, p . 8 5 5 , 1257; V . 114, p . 528 , 633 , 9 5 3 , 202 0;
V . 115, p . 652 , 2 58 8, 2911; V . 116, p . 3 0 2 , 2772; V . 117, p . 94, 1021, 289 6:
V . 118, p . 43 8 , 1529; V . 119, p . 20 3 , 1070, 1514, 2 17 9, 2761; V . 120, p . 2400;
V . 122, p . 610 , 333 9; V . 123, p . 1113; V . 125, p . 38 5 , 515 , 64 7 .

CENTRAL INDIANA POWER CO.
Is c o n tr o lle d b y Sam uel In su ll an d a s s o cia te s . U n ite d G a s I m p r o v e m e n t
C o ., th e M id d le W e s t U tilities C o . a n d t h e M id la n d U tilities C o . , th ro u g h
ow n e rs)]ip o f th e m a jo r ity o f th e c o m m o n s to c k o f th e p a r e n t c o m p a n y ,
th e A m erica n P u b lic U tilities C o .
C o n s o lid a tio n a n d R e a d ju s tm e n t P l a n .— See u n d e r In d ia n a E le c t r ic C o r p .
O R G A N I Z A T I O N .— I n c o r p . S e p t. 17 1912 in In d ia n a as th e M e r ch a n ts
P u b lic U tilities C o . ; n a m e c h a n g e d t o p re se n t title in 1922. O w n s a ll th e
o u ts ra n d in e Iwinds an d th e presen t o u ts ta n d in g ca p ita l s t o c k s , e x c e p t
$ 1 0 ,3 2 3 ,9 0 0 o f b o n d s a n d d ir e c t o r s ’ q u a lify in g sh ares, o f te n p u b lic u tility
c o m p a n ie s o p e r a tin g w ithin th e S ta te o f In d ia n a . A ls o o w n s $ 3 ,6 3 4 ,5 0 .)
o f b o n d s o f th e In d ia n a E le c tr ic C o r p .
In M a y 1926 c o . a c a u ir e d c o n tr o l
o f I n d i a n a G as L ig h t C o ., w h ic h ow n s d is trib u tio n sy ste m s in s e v e ra l north ern
In d ia n a tow ns.-— V . 122. p . 2798.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S u b sid ia ry c o m p a n ie s se rve 196 c itie s an d to w n s lo ca te d in 33 co u n tie s o f
In d ia n a , w ith on e or m ore classes o f p u b lic u tility s e rv ice . E s tim a te d
to ta l p o p u la tio n , 500 ,0 0 0 . T h e ir business is essen tia lly the s u p p ly in g o f
e le ctricity fo r d o m e s tic and co m m e r c ia l needs, as o v e r 7 5 % o f th e c o m b in e d
op era tin g reven u e is d e riv e d fro m s u ch s e rv ice .
I n te r e s t.
O u tsta n riin a
M a tu r ity .
STOCK AN D PO N DS—
D a te .
_______ x $ l l ,1 5 5 ,9 0 0
C o m m o n $10 0 0 0 ,0 0 0 ($100) - _______
7 O -M
7 ,6 9 8 ,6 5 0 S e p t’ 27, 1 %
P re f 7 % cu m $ 1 0 ,0 0 0 ,0 0 0 ($ 1 0 0 )____
6%
5 0 ,2 0 0 J u ly ’2 7 , 1 } 4
6 % c u m u la tiv e p r e fe rr e d _
6 g J-J
8 ,0 8 3 ,5 0 0 J u ly 1 1 9 4 7
1st m o r tg a g e and colla teral re f 1 1922Series " A ' g o l d . . ..
f * ’ U n ion T r u s t C o ., C h ic a g o trustee.
3 -y r c o ll n o te s , ser A ($1,000,1 1925
6 J -D
$ 5 ,0 0 0 ,0 0 0 Ju n e 1 1928
$ 5 0 0 , $ 1 0 0 )___________ c * t f f l n t . a t H a ls e y , S tu a rt & C o . , I n c ., C h i c . .N .Y
xA ll o f the c o m m o n s to c k is o w n e d b y th e A m e rica n P u b lic U tilities C o .
S to c k . — P referred is r e d e e m a b le a t 115.
C o m p a n y is u n d e r c o n t r a c t t o
r ep u rch a s e its p r e f. 7 % s to c k as fo llo w s : On D e c . 15 1928, 2 ,7 8 0 shares
at p a r . A t v a r io u s d a te s o n o r b e fo r e M a r c h 29 1934, 1,486 shares a t
$92 50; a t a n y tim e p r io r t o A p ril 18 1929 u p o n 90 d a y s d e m a n d , 2 ,4 6 0
shares a t $85 .
V . 121, p . 1676.
B o n d s . — T h e 1 st A lg e . c o ll, <k r e f. g o ld 6s, S e r ie s “ A , ” are c a ll., all o r in
p art a fter Jun e 30 1932 as fo llo w s : J u ly 1 1932 t o J u ly 1 1937 a t 107J4:
J u ly 1 1937 to J u ly 1 1942 a t 105: J u ly 1 1942 t o Ja n . 1 1947 a t 1 0 2 ^ ;
t 1on
T h e 3 -y e a r 7 % a n d 5 H % co lla te r a l g o ld n o te s o f 1924 w ere re tire d a t
m a tu r ity , M a r c h 1 1927, a t p a r ($ 1 0 0 ).
T h e 3 -y e a r 6 % co lla te r a l g o ld n o te s o f 1925 a re r e d . a ll o r p a r t u p o n 30
d a y s ’ n o tice at par a n d in t.
S ecu red b y p led ge o f $ 4 ,1 2 5 ,0 0 0 1st m tg e .
c o ll. & ref. g o ld b o n d s o r in lieu th e r e o f, an eq u a l p rin cip a l a m o u n t o f 1st
m tg e . b on d s o f Indian a E le c tr ic C o r p ., p lu s n o t less than $ 2 ,3 7 5 ,0 0 0 p ar
v a lu e o f s to c k o f th e su bsid iaries o r a s s o cia te d c o m p a n y , P e n n , a n d C o n n .
4 m ills ta x . M a s s , in c o m e ta x n o t e x ce e d in g 6 % , r e fu n d a b le . In J u ly 1925
H a ls e y . S tu art & C o . . I n c ., s o ld $ 5 ,0 0 0 ,0 0 0 at 100 an d Int. V . 121 , p . 72.
E A R N I N G S .— C o n s o lid a te d e arn in gs o f c o . a n d su b sid ia rie s fo r ca le n ­
d a r y ea rs:
G ro ss, I n c l.,
N et, A fte r
F ix e d
F ix e d
P r e fe r r e d
O th er I n c o m e . M a in t.d k . T a x .

1926

1925

C h a rg es.

D iv id e n d s .

B a la n ce .

$ 8 ,9 2 5 ,4 7 8

$ 3 ,5 8 5 ,9 0 7

$ 2 ,4 1 6 ,0 7 3

$ 5 4 3,03 1

$ 6 2 6,80 3

________ 7 ,9 9 0 ,5 4 3

3 . 0 9 4 ,4 5 7

2 ,2 3 0 ,8 2 3

5 3 7 ,8 6 2

3 2 5 ,7 7 2

1924
7 , U 0 , 682
2 ,3 1 5 ,8 9 8
1 .5 7 8 ,2 5 6
4 7 2 ,7 5 2
2 6 4 ,8 9 0
1923
6 ,5 3 8 ,6 5 0
2 ,2 5 2 ,1 6 9
1 ,3 2 8 ,2 0 6
3 9 6 ,7 1 3
5 2 7 ,2 5 0
O F F I C E R S .— P res ., M a r t in J . In s u ll; V .- P .. S am u el E , M u lh o lla n d ;
T r e a s ., L ou is B . S chiesz; S e c ., E . J . K n ig h t; A s s t. S ec. & A s s t. T r e a s .,
P a u l D . B ird sa ll. O ffic e , In d ia n a p o lis , I n d .— V . 119, p . 1175; V . 121,
p . 7 2 , 1567, 1676; V . 122 , p . 60 7 , 74 6 , 2 7 9 7 , 333 7; V . 124, p . 1065, 2 74 6.
(1) N O R T H E R N I N D I A N A P O W E R C O .
A ll the o u tsta n d in g s to c k is o w n e d b y C e n tra l In d ia n a P o w e r C o . (see
a b o v e ).
O R G A N I Z A T I O N .— I n c o r p . in In d ia n a N o v . 9 1922. A c o n s o lid a tio n
o f th e Indian a R y s. & L ig h t C o . (fo r h is to ry see “ E le c t r ic R a ilw a y " S u p­
p lem en t o f A p ril 26 192 4), U n ited P u b lic S e rv ice C o . , N o b le s v ille H e a t,
L ig h t & P ow er C o ., W abash W a te r & L ig h t C o . , Sheridan W a te r, L ig h t &
H ea t C o ., L o g a n s p o r t U tilities C o . a n d R o a n n L ig h t & P o w e r C o .
H as
sin ce a cqu ired the H u n tin gto n L ig h t & Fuel C o . , F a rm e r s ’ M u tu a l E le c ­
tr ic L ig h t & P ow er A ssn, a n d L a rw ill L ig h t & P o w e r C o . A c q u is itio n In
1924. see V 119, p . 2763.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
F u rn ishes ele ctr ic en e rg y t o o v e r 95 cities and to w n s in n o r th e r n In d ia n a .
A ls o su p p lies steam heat In K o k o m o an d N o b le s v ille , H u n tin g to n an d
R o c h e s te r , and gas in H u n tin g to n . O p erates 53 m iles o f in te ru rb a n e lec­
t r ic railroad fro m M a r io n th r o u g h K o k o m o t o F r a n k fo r t and 9 m iles o f
s treet ra ilw a y in K o k o m o .
Is c o n n e c tin g link b e tw e e n th e T e r r e H a u te
I n d . & E a st. T r a c . C o . and th e U n io n T r a c t io n C o . o f I n d ia n a . S tan d ard
g a u g e , 7 0 -lb . T ra il. I n c r e a s e d , in M a y 1925, its a u th o r iz e d c o m m o n s to c k
t o $ 6 ,0 0 0 ,0 0 0 . V . 120 p . 240 2.
STO C K AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
S to c k $ 6 ,0 0 0 ,0 0 0 a u th — A ll th e o u ts ta n d in g s to c k ($ 4 ,9 6 0 ,0 0 0 ) is o w n e d b y
C e n tra l Indian a P o w e r C o .
1st & r e f m tg e b on d s $ 8 ,3 5 8 ,5 0 0 — A ll o w n e d b y C e n tr a l In d ian a P o w e r C o .
an d p le d g e d b y th a t c o m p a n y .
In d R y s & L t 1st & r e f M sk fd| 1912
5 g J-J
$ 1 ,2 5 4 ,0 0 0 Jan 1 1 9 4 3
$ 5 ,0 0 0 ,0 0 0 ($500 & $ 1 ,0 0 0 ) U nion T r u s t C o . o f In d ia n a p o lis , tru s te e ,
g o l d -------------------------------c * t f j
N o b le s v ille H t L t & P o w C o ( 1922
0 1 4 g J-J
3 1 0 ,0 0 0 J u ly 1 1947
1st M ($500 & $ 1 ,0 0 0 ) g o ld -!I n t. a t F le tc h e r -A m e ric a n N a t . B a n k , In I d ia n a p o lis , t r u s te e .




149

B o n d s .— A ll th e c o . ’s 1st & r e f. m t g e . b o n d s a re o w n e d b y th e C e n tr a l
In dian a P o w e r C o . a n d d e p o s ite d u n d e r th a t c o . ’s 1st c o ll. & r e f. m t g e . 6 %
b o n d s d u e J u ly 1 1947.
I n d . R ys.
L t . C o . 1st & r e f . m tg e . 5 s a r c r e d . o n a n y h it . d a te a t 105.
S in k in g f u n d , 1 % , b egan J a n . 1 191 7.
In lieu o f re tire m e n t o f b o n d s , c o m ­
p an y m a y a t its o p tio n set a side a n n u a lly fo r p e rm a n e n t a d d itio n s , im p r o v e ­
m en ts a n d e x te n sio n s, a t n o t e x c e e d in g 8 0 % o f c o s t t h e r e o f, a su m e q u iv a ­
lent t o 1 M % o f to ta l a m o u n t o f r e fu n d in g b o n d s o u t . I n t . p a y a b le at
S p e n ce r T r a s k & C o . , N e w Y o r k . V . 9 5 . p . 1684.
N o b le s v ille I I I . , L t. & P o w . 1st 6 14s a re c a ll, a t 107 o n a n y In t. d a te on
o r b e fo r e J u ly 1 1927; a t 105 a fte r J u ly 1 1927, an d on o r b e fo r e J u ly 1 1932:
a t 103 th e r e a fte r .
O F F I C E R S .— P r e s ., L . B . A n d ru s ; V . - P . , P h il H . P a lm e r; T r e a s .,
L . B . Schiesz; S e c ., P a u l D . B ir d s a ll.— V . 119, p . 4 6 3 , 94 9 , 107 3, 2 17 9,
276 3; V . 120, p . 240 2; V . 124, p . 290 8.

INDIANA & MICHIGAN ELECTRIC CO.
C o n tr o l.— A m e r i c a n G a s & E l e c tr ic C o . o w n s a ll c o m m o n s t o c k e x ce p t
d ir e cto r s ' q u a lify in g sh ares.
O R G A N I Z A T I O N .— I n c o r p . F e b . 21 1925 b y c o n s o lid a tio n o f th e
fo rm e r In d ia n a & M ic h ig a n E le c t r ic C o . a n d th e T w in B r a n ch P o w e r C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y d o e s th e e le ctr ic p o w e r an d lig h t busin ess in th e in d u stria l s e c tio n
in th e S t. J o se p h R iv e r V a lle y In N o rth e r n In d ia n a an d S o u th w estern
M ic h ig a n , In cl. th e e n tire c e n tra l s ta tio n p o w e r an d lig h t bu sin ess Id
S o u th B e n d an d E lk h a rt, I n d ., an d 10 o th e r im p o r t a n t c o m m u n itie s .
S u p p lies a t w holesale th e m a jo r p o r tio n e f th e p o w e r re q u ire m e n ts o f th e
lo ca l d is trib u tio n s y s te m s in several o th e r co m m u n itie s , in c l. L a P o r te
a n d M is h a w a k a , I n d ., a n d N ile s , M ic h .; also s u p p lie s d ir e c t ly a n u m b e r
o f la rge in du stria l p o w e r co n s u m e rs . T h e tc a l p o p u la tio n s e rv e d d ir e c t ly
an d a t w h olesale Is e s tim a te d a t o v e r 2 0 0 .0 0 0 . A s o f D e c . 31 1925 c o m p a n y
h a d 3 8 ,7 9 9 co n su m e rs w ith a to ta l c o n n e c t e d lo a d e s tim a te d t o e x c e e d
1 0 0 ,0 0 0 k .w . T o t a l o u t p u t 1925 180 ,9 2 7 .3 0 4 k .w .h .
C o m p a n y 's p ro p e rtie s in c lu d e 4 h y d i t-electric pla n ts o f t o t a l c a p a c it y
o f 2 1 ,7 0 0 k .w . an d s te a m p la n ts o f 1 04 ,000 k .w . c a p a c it y , t o t a l 1 2 5 ,7 0 0 ,
in c l. th e 2 initial 4 0 ,0 0 0 k .w . u n its in o p e r a tio n in 1925 a t th e T w in B ra n ch
s t a tio n , w h ich has an u ltim a te c a p a c it y o f 2 4 0 ,0 0 0 k .w . A ll p la n ts are
in t e r -c o n n e c t e d . T o t a l tra n sm ission lin es o w n e d 357 m ile s , 7 8 9 -d istribu tion
lin es, in c lu d in g u n d e rg ro u n d sy ste m s In S o u th B e n d an d E lk h a rt.
STOCK AN D BON DS—
D a te ,
In terest.
O u ts ta n d in g .
M a t u r it y .
£ o m , 1 ,0 0 0 ,0 0 0 shs (n o p a r ) . ................................ ......... 7 2 0 ,2 6 0 shs
$ 3 ,1 3 7 ,0 0 0 ......................
7 % cu m p r e f $ 1 0 ,0 0 0 ,0 0 0 ------------------7
1st m tg e 5s ( c lo s e d )____________ ______
5
5 ,9 5 9 ,0 0 0
1957
1st & r e f M g 5 % ser d u e 1955 [ 1925
5 M -S
1 1 ,2 8 3 ,0 0 0 M a r 1 1955
($ 1 ,0 0 0 c * r * ; $500 c * ; m u l-l I r v in g B k .- C o l . T r . C o . , a n d G e o . E .
W a r r e n , tru s te e s.
tip le s o f $ 1 .0 0 0 r ) ________ t f (
B o n u s .— T h e 1st
r e f . m tg e . b o n d s . 5 % s e r i e s , d u e 1 95 5. a re secu red by
a d ir e c t 1st m tg e . o n th e n ew tw in b r a n c h p o w e r p la n t a n d th e 13 2 .000 v o lt s te e l-to w e r tra n sm issio n lin e c o n n e c t in g a t t h e In d ia n a -O b io S ta te
b o u n d a r y , th e new tw in b r a n c h s ta tio n w ith th e lin es o f an a ffilia te d c o
A r e fu rth e r secu red b y a m o r tg a g e on th e b a la n c e o f th e p h y sica l p rop erty
o f th e c o . s u b je c t t o o n e clo s e d issu e o f $ 5 ,5 9 9 ,0 0 0 u n d e rly in g b o n d s , O ut­
s ta n d in g w ith th e p u b lic . C o . is p e r m itte d t o tra n sfer all o r su b sta n tia lly
all o f its p r o p e r tie s and fra n ch ises in M ic h ig a n t o a s u b s id ia r y , w h ich
m a y b e fo rm e d fo r th e p u r p o s e , an d t o o b t a in relea se o f su ch prop erties
an d fra n ch ises fro m th e lien o f th e m t g e . u p o n p le d g e o f (a) cash a n d (or)
s u b s id ia r y ’s m tg e . g o ld b o n d s o f a p rin cip a l a m o u n t in th e a g g re g a te equal
t o th e fu ll v a lu e t o the c o . o f such p r o p e r tie s a n d fra n ch is e s , an d (b ) all
o u ts ta n d in g c o m m o n s t o c k o f th e s u b s id ia r y (e x c e p t d ir e c t o r s ’ -shares).
A d d itio n a l b o n d s o f 5 % series, d u e 1955, o r o f o th e r series o f su ch ten or
as d ir e cto r s m a y d e te r m in e , m a y b e Issued fo r 8 0 % o f a d d itio n s , also for
re fu n d in g p u rp oses p r o v id e d n e t earn in gs fo r 12 o u t o f p r e ce d in g 15 m o n th s
h a v e been a t least tw ic e an n u a l in te re st r e q u ire m e n ts o n , o r tw ic e 6 % o f
p rin c ip a l a m o u n t o f , a ll o u ts ta n d in g u n d e rly in g a n d 1st & r e f. b o n d s , In cl.
new issu e. T h e m t g e . c o n ta in s a p r o v is io n fo r m a in te n a n c e an d ren ew als.
R e d . o n a n y in te re st d a te in w h o le o r in p a r t o n 6 w e e k s ’ n o t ic e th ro u g h
S e p t. 1 1929 a t 105, th r o u g h S e p t. 1 1934 a t 1 0 4 1 4 . th r o u g h S e p t. 1 1939
a t 104 an d th e re a fte r a t p re m iu m s r e d u c in g )4 % e a ch y ear t o 1 0 0 H d u rin g
1954; in ea ch case w ith in te re s t. P e n n . 4 m ills ta x e s r e fu n d a b le . In
M a r c h 1926 H arris, F o r b e s & C o . o ffe r e d $ 3 ,2 8 3 ,0 0 0 5 % series, d u e 195 5,
at 98 a n d in t. t o y ie ld 5 . 1 3 % . V . 122 , p . 1455.
E A R N I N G S .— F o r 12 m o n th s e n d e d J a n . 3 1 :
192 6.
1925.
G ro s s earn in gs, in c lu d in g o th e r I n c o m e _____________ $ 4 ,0 4 1 ,6 8 6 $ 3 ,3 9 9 ,3 0 9
O p e ra tin g exp e n se s, m a in te n a n c e & t a x e s ---------—
2 ,2 2 9 ,0 6 8
1 ,9 6 6 ,8 4 7

A v a ila b le fo r in te re st o n fu n d e d d e b t -----------------------$ 1 ,8 1 2 ,6 1 8 $ 1 ,4 3 2 ,4 6 2
O F F I C E R S .— P r e s . , ____________ ; V . - P . , G e o rg e N . T id d ; S ec. & T r e a s .,
F ran k B . B a ll.— V . 120, p . 1586; V . 122 , p . 1455.

INDIANAPOLIS POW ER & L IG H T C O R PO R A T IO N .
C o n tr o lle d by U ti l it i e s P o w e r & L ig h t C o r p .

O R G A N I Z A T I O N .— I n c o r p . M a y 4 1926 In D e la w a re . C o . ow n s th e
c o m . s to c k o f th e I n d ia n a p o lis P o w e r & L ig h t C o m p a n y (see separate
sta te m e n t b e lo w ). V . 122, p . 2 65 0.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— See
d e s c r ip tio n o f I n d ia n a p o lis L ig h t & H e a t C o . b e lo w .
STOCK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
C o m m o n 2 5 0 ,0 0 0 shs (n o p a r ) . ____
________
120 ,0 0 0 shs
$7 d iv 1st p f 100 ,000 s h s (n o p a r ) ____
$7 Q -F
4 0 ,0 0 0 shs
S to c k .— T h e $7 d iv id e n d f i r s t p r e fe r r e d s t o c k is p re fe rr e d as t o $7 c u m ­
u la tiv e d iv id e n d , a n d assets o v e r the c o m m o n s t o c k . I n ca se o f liq u id a tio n
o r d issolu tion is e n title d t o $100 p er share a n d d iv s ., p lu s , in case s u ch liq u i­
d a tio n o r d isso lu tio n b e v o lu n t a r y , $5 o n o r b e fo r e M a y 1 1931 and $10
th e re a fte r. R e d e e m a b le , w h o le o r p a r t, o n 30 d a y s ’ n o t ic e a t $105 a n d d iv s ,
o n o r p rio r t o M a y 1 1931 an d a t $110 a n d d iv id e n d s th e re a fte r. W ith o u t
a ffir m a tiv e v o t e o r w ritten co n s e n t o f a t least tw o -th ird s o f o u ts ta n d in g
firs t p r e f. shares, c o m p a n y m a y n o t (1 ) au th o riz e o r issue a n y p rior s t o c k ;
(2) increase the a u th o rize d n u m b e r o f fir s t p r e f. shares; (3) a m e n d th e firs t
p r e f. s t o c k p ro v is io n s so as t o a ffe c t a d v e rs e ly a n y o f th e preferen ces and
o th e r rights given t o th e fir s t p r e f. s t o c k ; (4) issue a n y a d d itio n a l fir s t p r e f.
s t o c k (in excess o f 5 6 ,0 0 0 shares) unless c o n s o lid a te d n e t earnings fo r 12
c o n s e c u tiv e o u t o f p re ce d in g 15 calen d ar m o n th s h a v e been n o t less th a n
tw ic e ann ual d iv id e n d req u ire m e n ts o n th e o u ts ta n d in g fir s t p re f. s t o c k ,
in clu d in g p ro p o s e d issu e. E x c e p t as a b o v e h olders h a v e n o v o t in g rig h ts
unless fu ll cu m u la tiv e d iv id e n d s fo r 12 co n s e c u tiv e m o n th s are in d e fa u lt. In
w h ich e v e n t firs t p r e f. s to c k h o ld e r s as a class shall h a ve th e rig h t t o e le ct
t w o d ire cto rs o f th e c o r p o r a tio n . T h e b a la n ce o f th e first p r e f. s to c k m ay
b e issued in o n e o r m ore series w ith v a r y in g d iv id e n d rates a n d r e d e m p tio n
p rice s, b u t in n o case a b o v e th e m a x im u m fo r th e $7 d iv . fir s t p r e f.
s t o c k . In M a y 1926 W e s t & C o . , P y n c h o n & C o . TF ed era l S ecu rities C o r p .
J oh n N ick e rso n & C o ., a n d W . S. H a m m o n s & C o . o ffe r e d 4 0 ,0 0 0 shares or
$7 d iv . firs t p r e f. s t o c k a t $95 a n d d iv s . t o y ie ld a b o u t 7 . 3 7 % . V . 122, p .
2 94 8.
E A R N I N G S .— O f c o m p a n y a n d its s u b s id ia ry In d ia n a p o lis P o w e r &
L ig h t C o . fo r ca le n d a r y e a r e n d e d 1926:
G ro ss ea rn in gs--------------------------------------$ 8 ,6 8 6 ,8 9 3
N e t a fte r m a in te n a n ce a n d t a x e s _____________________________ ^___
3 ,6 1 9 ,8 7 8
I n te r e s t, a m o r tiz a tio n , & c __________________________________
1 ,5 7 0 ,0 0 0
D iv id e n d s o n p re fe rre d s t o c k o f s u b s id ia r y _______________________
7 8 0 ,0 0 0
D iv is io n s o n 1st p r e fe rr e d ____ ______________________
2 8 0 ,0 0 0
D iv id e n d s o n 2 n d p r e f ______________________________________________
2 6 4 ,2 6 8
B a la n ce b e fo r e d e p r e c ia tio n ____________________________ ________ ;
$ 7 2 5 ,6 1 0
O F F I C E R S .— C h a irm a n o f B d ., H . L . C la rk e ; P r e s ., W a lte r C . M a r m o n ;
V .- P s ., J. N . C a n a v a n , H . T . P r itch a r d a n d H . E . C a rv e r; V .-P r e s . &
S e c ., N o rm a n A . P e r r y ; T r e a s ., W . C . R ic h a r d s o n . O ffic e : 48 M o n u m e n t
P la c e , In d ia n a p o lis ; C h ic a g o o ffic e : 327 S o. L a S alle S t., N . Y . o ffic e .
100 B r o a d w a y .— V . 122, p . 2 6 5 0 , 2 79 8, 2948; V . 124, p . 1066.

IN DIANAPOLIS POW ER & LIG H T CO.
C o n tr o l .— C o m m o n s t o c k o w n e d b y th e In d ia n a p o lis P o w e r & L ig h t C o r p .

U n d er s u p e r v is io n o f U tilitie s P o w e r & L ig h t C o r p .
O R G A N I Z A T I O N .— O rga n ized in 1926 in In d ia n a t o a cq u ire th e e lec­
tr ic ligh t and p o w e r and h e a tin g p ro p e rtie s o f In d ia n a p o lis L ig h t & H ea t C o .
and M e r ch a n ts H e a t & L ig h t C o .
F o r h is to ry o f In d ia n a p o lis L ig h t &
H e a t C o . see “ P u b lic U tilit y C o m p e n d iu m ” o f O ct. 3 0 1926. V . 124, p .
50 6 , 37 2 .

PUBLIC UTILITIES

150

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S — C o.
s u p p lie s w it h o u t c o m p e t it io n all th e ele ctric p o w e r and ligh t se r v ic e in th
C i t y o f In d ia n a p olis , I n d ., and su rro u n d in g te r rito r y , e x c e p t th a t su p p lie d
t o th e In d ia n a p olis e le ctr ic ra ilw a y sy ste m s. T o t a l te r rito r y served co v e rs
m o r e th an 390 s q u a re m iles; e stim ated p o p u la tio n o v e r 5 0 0 ,0 0 0 . C o . ’s
e lectrica l p la n ts (m c l. 5 p r in cip a l ste a m p o w e r gen eratin g s ta tio n s) aggre­
g a te 1 0 5 .0 0 0 k .w . c a p a c it y .
In a d d itio n , c o . p la n s to b u ild a ste a m p o w e r
p la n t w ith a m in im u m c a p a c it y o f 7 5 ,0 0 0 k .w . o n th e W h ite R iv e r a b o u t
8 m iles fr o m th e c it y . C o . o w n s 1,675 m iles o f transm ission and d is trib u ­
t io n lines. O ver 8 8 % o f gross r e v e n u e o f th e system is d e r iv e d fr o m th e
sale o f ele ctr ic ity ; m o re th a n 5 2 % o f this gross reven u e is d e riv e d fr o m p o w e r
c o n tr a c ts . E le c tr ic a l o u t p u t fo r 12 m o s . en d ed June 30 1926 w as 3 2 5 ,0 0 0 ,0 0 0 k .w .h .
G o . also o w n s a large t r a c t o f p r o v e n c o a l lan d s in S u lliva n
C o u n t y , I n d . V . 124. p . 5 0 6 .
O u ts ta n d in g .
M a t u r it y .
STOCK AN D BO N DS—
D a te .
In terest.
___________ 6 0 0 ,0 0 0 s h s ____________
_________
C o m m o n 6 0 0 .0 0 0 fn o p a r ) ____ ______
6 K % Q -J $ 1 2 ,0 0 0 ,0 0 0
See te x t
6 H % c u m p f $ 1 2 , 0 0 0 ,0 0 0 ( 1 1 0 0 ) ____
5 g J-J
3 0 ,0 0 0 ,0 0 0 Jan 1 1957
1st m tg e ser A 5 % $ 1 ,0 0 0 c * r { 1927
& $50 0 -$ 1 0 0 c & $ 1 ,0 0 0 H T h e C h a se N a tio n a l B a n k o f th e C it y o f
$ 5 ,0 0 0 , & c ., r ) ___________ t f l N . Y . , c o r p o r a te tru stee.
S to c k .— -T he 6 H % c u m . p r e f . s t o c k is p re fe rre d o v e r c o m m o n s to c k as to
c u m u la tiv e d iv id e n d s an d as t o assets in liq u id a tio n ($ 1 0 0 & d iv s . p lu s a
p rem iu m o f $10 e x c e p t in case o f in s o lv e n c y ). R e d . w h o le o r p a r t o n any
d iv . d a te o n 30 d a y s ’ n o tice a t 110 & d iv s . N o a d d itio n a l p r e f. s t o c k m ay
b e issued unless net earnings fo r 12 co n s e c u tiv e o u t o f p r e c e d in g 15 calen ­
d a r m on th s h a ve been n o t less th a n tw ice d iv id e n d r e q u ire m e n ts o n p r e f.
s to c k ou ts ta n d in g an d th a t t o b e issu ed, e x c e p t w ith v o t e o r co n se n t o f 2-3
o f ou ts ta n d in g p r e f. s t o c k . I n In d ia n a th e issu ance o f a d d itio n a l p re f.
s to c k requires th e a p p ro v a l o f th e P u b lic S e rvice C o m m is s io n and also
requ ires in e ffe c t th e issu an ce o f a t least 5 shares o f a d d itio n a l n o p a r value
c o m m o n s t o c k fo r each o n e share o f a d d itio n a l p re f. s t o c k issu ed.
S u b­
je c t to these lim ita tio n s, th e ch a rte r p e r m its th e a u th o rize d a m o im t o f th e
p referred s to c k to b e in crea sed b y v o t e o f th e c o m m o n s t o c k . M a y be
issued in series w ith v a ry in g d iv id e n d rates u p t o 7 % and re d e m p tio n p rices
u p t o 110. V o te s o n an e q u a lity w ith c o m m o n s to c k w h e n e v e r o n e y e a r ’s
d iv id e n d s are in arrears. C o n s e n t o f 2-3 p r e f. s to c k is re q u ire d t o au th o r­
ize a n y p rior s to c k o r oth e rw ise a m e n d a d v e rse ly th e p r e f. s t o c k p r o v is io n s .
T h e 6 I | % c u m . p r e f. is r e d . w h o le o r p a r t o n a n y d i v . d a t e o n 30 d a y s ’
n o t ic e at 110 and d iv s .
In J a n . 1927 B la ir & C o ., I n c ., I I . M . B y lle s b y
& C o . , I n c ., B ly t h , W itt e r & C o . , W e s t & C o ., P y n ch o n & C o . , F ed era l
S ecurities C o r p ., J o h n N ic k e r s o n & C o . , W . S. H a m m o n s & C o . , A . B .
L e a ch & C o ., I n c ., an d F le tch e r A m e r ic a n C o . (In d ia n a p o lis) sold $ 1 2 ,0 0 0 ,0 0 0 at 98 an d in t ., t o y ie ld o v e r 6 . 6 3 % . V . 124, p . 5 0 6 . T o b e listed on
N . Y . S to c k E x ch a n g e .
B o n d s .— T h e 1st m tg e. g old b o n d s are se cu re d b y a d ir e c t 1st m tg e . o n all
fix e d p rop erties o f c o . (in ci. a fte r-a c q u ir e d p r o p e r t y s u b je c t t o existin g p rio r
lie n s ). A d d itio n a l b o n d s m a y b e issu ed in series o f su ch te n o r as d ire cto rs
m a y fr o m tim e t o tim e d e te rm in e .
M a y b e issued fo r 7 5 % o f a d d itio n a l
p r o p e r t y lo ca te d in In d ian a an d a cq u ire d o r co n s tr u c te d a fte r O c t . 1 1926
o r against cash d ep o s ite d fo r a b o v e p u r p o s e s , p r o v id e d n e t earnings for
12 co n s e c u tiv e w ithin p r e ce d in g 15 m o n th s h a v e been at least tw ic e annual
in terest o n all p r ir r lien and 1st m tg e . b o n d s o u ts ta n d in g , in c l. p ro p o s e d
issu e. M a y also be issued to re tire p ar fo r p ar b o n d s p r e v io u s ly issued under
t h e m tg e . T h e re is a m a in te n a n c e re se r v e and a r e n e w a l a n d r e p la c e m e n t
r e s e r v e b eg in n in g J a n . 1 1927 o f at least 8 % and 5 % , r e s p e c t iv e ly , o f gross
o p e r a tin g r ev en u e less actu al e x p e n d itu re s.
S e r ie s A 5 % , d a ted J a n . 1 1927, are r e d ., w h o le at a n y tim e o r p a r t on
a n y in t. d a t e , o n 6 0 d a y s ’ n o t ic e a t 105 p rio r t o Jan . 1 1933; at 104 through
D e c . 31 1938; at 103 th rou gh D e c . 31 1944: at 104 th rou gh D e c . 1 1950;
and at 101 t o m a tu r ity ; in each case w ith in terest. In te re st p a y a b le at
tru s te e 's o f fi c e in N e w Y o r k o r at C o n tin e n ta l and C o m m e rcia l T r u s t &
S a v s. B a n k , C h ic a g o .
P e n n . 4 m ills, C a lif. 5 m ills an d M a s s . 6 % taxes
r e fu n d a b le .
In Jan . 1927 B la ir & C o . , I n c ., and th e b an k ers en u m erated
a b o v e u n d er “ p refe rre d s t o c k ” so ld $ 3 0 ,0 0 0 ,0 0 0 series A at 98 and in t ., to
y ie ld o v e r 5 .1 3 % .
V . 124, p . 5 0 6 . T o b e listed o n N . Y . S to c k E x ch a n g e .
D iv i d e n d s .— O n 6 K % c u m . p r e f. d e c l. in itia l q u a r. d i v . o f 1 y s % p a y a b le
A p r il 1 1927.
E A R N I N G S .— C o n s o lid a te d earn in gs o f th e acqu ired p r o p e r tie s fo r 12
m o n th s en d ed :
N o v . 30 ’26. J u n e 30 ’26. J u n e 30 ’25.
G ro s s r e v e n u e _________________________ $ 8 ,6 3 3 ,3 8 8 $ 8 ,3 7 5 ,4 5 6 $ 7 ,6 1 2 ,0 1 6
x O p er. exp en ses, m a in t. & taxes (ex­
c e p t F ed era l in c o m e )_______________
4 ,9 6 2 ,1 8 4 4 ,8 3 1 ,0 4 0
4 ,3 7 0 ,7 6 6
B a la n c e ______________________________ $ 3 ,6 7 1 ,2 0 4
A n n u a l in t . 1st m tg e . b o n d s __________
1 .5 0 0 .0 0 0

$ 3 ,5 4 4 ,4 1 6

$ 3 ,2 4 1 ,2 5 0

B a la n c e ______________________________ $ 2 ,1 7 1 ,2 0 4
x A d ju s te d t o in c lu d e 8 % o f gross re v e n u e fo r m a in te n a n ce .
O F F I C E R S .— -P res., N o r m a n A . P e r r y : V .- P s .. J . N . C a n a v a n an d
H . L . P r ic h a r d ; T r e a s ., W . C . R ic h a r d s o n .— V . 124, p . 37 2 , 5 0 6 , 1665,
3495.

TERRE HAUTE INDIANAPOLIS & EASTERN
T RA CTIO N CO.
C o n s o lid a tio n a n d R e a d ju s tm e n t P l a n , see

under Indiana Electric C o r p .

O R G A N I Z A T I O N . — I n c o r p o r a te d In In d ia n a on M a r c h 1 1907 and
a c q u ir e d b y p u rch a se (1) In d ia n a p o lis & E a stern R y .; (2) In d ia n a p o lis
C o a l T r a c t io n ; (3 ) In d ia n a p o lis & W e s te rn T r a c t io n , a n d (4) R ic h m o n d
S tr e e t & I n te ru rb a n R y .
O n M a r c h 25 1907 leased th e T e r r e H a u te T r a c t io n & L ig h t C o . fo r 999
y e a r s (see term s u n d er th a t c o m p a n y b e lo w ) , a n d in A p ril 1907 leased for
9 9 9 y ea rs th e In d ia n a p o lis & N o rth w e s te r n T r a c t io n a n d th e In d ia n a p o lis &
M a r tin s v ille R a p id T r a n sit (see te rm s u n d e r re s p e ctiv e c o m p a n ie s ).
The company owns $ 1 ,0 0 0 ,0 0 0 par o f the common stock o f the Indianap­

olis St. Ry. Co. (incorporated 1919). Owns a one-half interest in the
United Traction Coal Co., Insuring the company an adequate coal supply.
S ee Shirley Realty Co. o f Indiana in V . 104 , p. 1805.
O n M a y 1 1912 le a se d fo r 999 ye a rs th e I n d ia n a p o lis C r a w fo rd s v ille &
D a n v ille E le c . R y . (see te rm s un d er la tte r c o m p a n y b e l o w ) . V . 9 4 , p . 1567.
O n M a y 1 1918 p u rch a s e d th e s t o c k o f th e W e s t In d ia n a U tilitie s C o . ,
w h ic h o p e r a te s lig h tin g p la n ts a t W e s t T e r r e H a u te a n d B r a z il. I n d .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O p era tes a m o d e r n h ig h -sp e e d e le ctr ic ra ilw a y o v e r lin es w h ich c o m p rise
a c o n tin u o u s r o u t e fr o m a n d in c lu d in g th e c it y o f P aris in Illin ois th ro u gh
th e c it y o f T e r r e H a u te a n d to w n s o f B r a z il, G re e n ca stle , A m o , C la y to n
a n d P la in fie ld , t o th e c it y o f In d ia n a p o lis , a n d th en ce th ro u g h th e tow n s
o f G r e e n fie ld , K n ig h ts to w n , N e w C a s tle a n d C a m b rid g e C it y , t o the
c it y o f R ic h m o n d in I n d ia n a ; also a lin e ru n n in g sou th fr o m In d ia n a p o lis
t o M a r t in s v ille , I n d .; a lin e ru n n in g w e st fro m In d ia n a p o lis t o D a n v ille ,
I n d .; a lin e r u n n in g n o rth w e st fr o m In d ia n a p o lis t o L a fa y e t t e , w ith a
b r a n c h t o C r a w fo rd s v ille ; a lin e ru n n in g n o r th w e st fro m In d ia n a p o lis d ir e ct
t o C r a w fo rd s v ille a n d fr o m T e r r e H a u te a lin e n o r th t o C lin t o n , I n d ., an d a
lin e s o u t h t o S u lliv a n , I n d . A ls o o p e r a te s th e c it y lines in T e r r e H a u te a nd
R ic h m o n d . T o t a l m iles in sin gle tr a c k ; c it y lin es, T e r r e H a u te , 3 1 .7 5 ; and
R ic h m o n d , 1 3 .6 8 ; t o t a l, 4 5 .4 3 ; in te ru rb a n lin e s, to ta l 3 8 5 .0 4 . G ra n d to ta l
e n tire s y s t e m , 4 3 2 .3 2 m ile s . R u n s a b u s lin e b e tw e e n In d ia n a p o lis an d
L a fa y e t t e b y w a y o f T h o r n to w n , I n d .
V . 123 , p . 712 .
STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y ,
C o m m o n $ 1 2 ,5 0 0 ,0 0 0 ($ 1 0 0 ).................................. ......... $ 9 ,1 0 0 ,0 0 0 ........... ..............
P re fe rre d $ 1 2 ,5 0 0 ,0 0 0 ( $ 1 0 0 )________
___________
9 ,1 0 0 ,0 0 0
See te x t
1st & r e f m o r tg a g e $ 8 ,000,000 1 1910
5 A -O
6 ,5 0 0 ,0 0 0 A p ril 1 1945
g o ld ($ 1 ,0 0 0 ) s
______c * t f ( I n t . a t F id e lity T r u s t C o . , P h ila ., T r u s te e .
5 -y e a r 6 M % colla te r a l n o t e s / 1924
63^ g M -S
4 2 5 ,0 0 0 S e p t 1 1929
($ 5 0 0 & $ 1 ,0 0 0 ) g o l d ____ t f\ I n t . a t F le tc h e r A m . N a t . B k ., I n d ia n a p ., t r .
S to c k . — P r e f. s t o c k is 5 % c u m . a fte r J u ly 1 1910.
S h o u ld c o m . a t a n y
tim e p a y 6 % , p r e f. w ill p a y th e s a m e . V . 90, p . 1555.
B o n d s .— R e m a in in g 1st & r e f. b o n d s are reserved fo r a d d itio n s a n d im ­
p r o v e m e n ts , u n d er ca r e fu l r e s tric tio n s . C a lla b le as a w h o le fro m A p ril 1
1915 a t 105 an d in t ., o r in p a r t fo r sin k in g fu n d o n ly a t 1 0 2 ]/i an d in t.
v u a n y in t . d a t e . $ 1 ,3 9 7 ,0 0 0 h e ld in sin k in g fu n d
O c t . 1 1926. F o r
C o m m it te e , see a b o v e u n d e r “ C o n s o lid a t io n P l a n " and a ls o c o m p a r e sta te ­
m e n t re “ In d ia n a E le c t r ic C o r p . ”
S. f . $ 5 5 ,0 0 0 p . a . firs t 5 y e a rs an d $ 1 0 6 ,6 7 5 p . a . th e re a fte r; b o n d s
a cq u ire d fo r s. f. t o b e a liv e an d in t. ad d e d t o s. f. V . 9 0 . p . 1491.
(T h e
p a y m e n t s d u e F e b . 1 1919. 1920, 1921, 1922, 1923, 1924, 1 92 5, 1926 a n d
1927 h a d n o t b e e n p a id t o A p r il 1 1927.
N o t e s .— T h e 5 -y e a r 6 3 4 % c o il, n o te s are se cu re d b y d e p o s it o f $70 0,00 0
4 % n o te s o f th e I n d ia n a p o lis T r a c . & T e r m . C o . m a tu rin g in 1933. A re
c a ll, a t 102 a n d in t . on a n y in t . d a t e . $ 4 2 5 ,0 0 0 w ere o ffe r e d in S e p t. 1924
b y th e F le tc h e r A m e r ic a n C o . , In d ia n a p o lis , a t 100 and in t . V . 119 , p . 1283,




[V ol. 125.

D iv i d e n d s .— I n itia l d i v .,
on p r e f ., p a id O c t . 1910; sam e a m o u n t
q u a r.to a n d in c l. J a n . 1914. N o n e p a id s in c e . See V . 9 8 , p . 91 4 .
E A R N I N G S .— F o r c a le n d a r years:
G ro ss
E a r n in g s .

O p e r a tin g
E xp. &
T a xes.

R en ta ls ,
I n t . , S in k .
Funds A c.

B a l.
S u r p lu s .

1926...................................................$ 5 ,6 6 8 ,5 5 4 $ 4 ,6 1 8 ,0 4 0 $ 1,1 1 8 ,3 0 6 d e f$ 6 7 ,792
1 9 2 5 . . . ------------------------------------- 5 ,0 5 8 ,8 0 4 4 .0 0 0 ,6 2 3 1 106.172 d e f4 7 ,9 9 1
1924________ ______ _____________ 5 ,1 9 7 .9 2 2 4 ,0 4 0 ,5 0 2 1 ,0 9 3 .6 7 5 su r6 3 ,7 4 5
1923................................................... 5 .4 9 9 ,4 2 8 4 ,1 7 8 ,2 0 2 1 .105,914 su r2 1 5 ,3 1 2
5 ,4 0 4 .5 7 5 4 .0 4 7 .1 8 3 1 .1 1 8 .2 7 6 s u r 2 3 9 .116
1922-------------------------------------- O F F I C E R S .— P re s.. R o b t . I . T o d d ; V .- P . , Jo h n J . A p p e l; S ec, & T r e a s .
Jos. A . M c G o w a n .
D I R E C T O R S . — R o b t . I . T o d d , M a r s h a ll S. M o r g a n , J . F . W ild , L e r o y
T . H ix s o n , J. J . A p p e l and J o s . A . M c G o w a n .-— V . 122, p . 6 1 3 , 7 5 1 , 117 1.
334 3; V . 123, p . 712 ; V . 124, p . 9 2 3 , 1823, 3 3 5 4 .
(1) T E R R E H A U T E T R A C T I O N & L I G H T C O
M e r g e r .— See In d ia n a E le c t r ic C o r p . a b o v e .
V . 122 , p . 3 3 4 3 . 3 35 4.
L e a s e d .— In M a r c h 1907 w as leased t o th e T e r r e H a u te In d ia n a p o lis &

E astern T r a c . C o . fo r 999 y e a rs . T h e la tte r c o m p a n y g u a ra n tees 6 % on
the o u ts ta n d in g p r e f. s t o c k a n d 2 % o n c o m m o n fo r 1 14 y ea rs, 3 % for
l y e a r , 4 % fo r 1 y ear an d 5 % th e r e a fte r , a n d $ 1 ,0 0 0 p er y e a r fo r or g a n iz a ­
tio n e x p e n s e s . V . 8 4 , p . 75 0 .
T h e T e r r e H a u te I n d . & E a s t. T r a c . o w n s a ll th e c o m m o n s t o c k e x c e p t
d ir e cto r s ’ shares.
O R G A N I Z A T I O N .— Is a co n s o lid a tio n in 1904 o f t h e T e r r e H a u t e E le c ­
tric C o . a n d th e T e r r e H a u te E le c t r ic T r a c . C o . In a c c o r d a n c e w ith the
privilege g ra n te d b y th e In d ia n a S ta te L e g isla tu re in its session o f 1921, the
co m p a n y su rren d ered its f r a n c h is e s an d th e I n d .P . S . C o m m , has issu ed in
lieu o f sam e an in d e te rm in a te p e rm it.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
E m b ra ce s 9 3 .8 3 m iles o f tr a c k in T e r r e H a u te , in clu d in g lin es fr o m T e r r e
H aute t o W e s t T e r r e H a u te , C lin to n , B r a z il, S u lliva n a n d S a n fo r d , I n d .
R ails, 60 t o 80 lb s .
O w ns 141 c it y p assen ger a n d 14 in te ru rb a n p assenger
cars, 6 fre ig h t an d 20 s e r v ic e ca rs .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
C o m m o n $ 2 ,0 0 0 ,0 0 0 ($ 1 0 0 ).
____
M -S
$ 2 ,0 0 0 ,0 0 0 S e p t '27
P re f $ 1 ,0 0 0 ,0 0 0 ($100 6 % c u ) _______
M -S
1 .0 0 0 .0 0 0 S e p t ’ 2 7 ,3 %
F irst co n s m tg e $ 5 ,0 0 0 ,0 0 0 / 1904
5 g M -N
2 .8 0 5 ,0 0 0 M a y 1 1944
g o l d _______________________t f ' ’ In te_ e s t a t S ta te S tre e t T r u s t C o ., B o s t o n .
- '- r
T e rre H a u te E le c t r ic 1st m tg e
1899
5 g J -J
1 ,5 0 0 .0 0 0 J u ly 1 1929
$ 1 ,5 0 0 ,0 0 0 g o ld ($ 1 ,0 0 0 ) c * I n t . a t B o s t o n S afe D e p . & T r . C o . , B o s t o n .
C a r T r u s t E q u ip C o p r e fs t o c k
1918
6 Q -J
1 7 .0 0 0
See t e x t
C a r T r u s t E q u ip C o p r e f s t o c k . 1919
6 Q -J
2 7 ,5 0 0
See t e x t
B o n d s .— T h e U n io n T r u s t C o . o f In d ia n a p o lis an d th e B o s t o n S afe D e p o s it
& T r u s t C o . are jo in t tru stees o f th e T e r r e H a u te E le c tr ic m tg e . O f th e
$ 5 ,0 0 0 ,0 0 0 c o n s o ls .. $ 1 ,5 0 0 ,0 0 0 are reserved t o re tire p rio r lien s. T h e new
b o n d s are c a lla b le as a w h ole a t 110 and in t. on a n y in t. d a t e .
A s in k in g
O m d o f 1 % o f o u ts ta n d in g b o n d s co m m e n ce d M a y 1 1906.
$ 6 9 5 ,0 0 0 was
held by this fund O ct. 1 1927. T h e U n ited S tates T r u s t C o . o f T e r r e H au te
in d th e S ta te Street T r u s t C o . o f B o s to n are tru stees o f th is m o r tg a g e .
See V . 78, p . 201 3.
T h e C a r T ru s t E q u ip m e n t C o . p re f. s to c k o f 1918 is a firs t ch a r g e a ga in st
30 ca rs . T h e s t o c k m atu res $ 8 ,5 0 0 se m i-a n n .
V . 107. p . 182. T h e s to c k
>f 1919 is a fir s t c h a rg e a ga in st 25 ca rs a n d m a tu re s $ 5 ,5 0 0 s e m i-a n n . t o
O ct. I 1929. V . 109, p. 1367.
E A R N I N G S .— F o r ca le n d a r years:
G ross.

N et

D e d u c tio n s .

S in k

Fd

B a la n c e s .

1 92 6--------------$ 2 ,8 4 7 ,5 3 7
$ 7 7 5 ,6 6 5
$ 2 6 7 ,6 0 0
$ 2 8 ,4 4 0
$ 4 7 9 ,6 2 5
1925_________ 2 ,7 7 4 .0 0 7
798 .5 2 8
272.811
28.744
4 9 6 .9 7 3
1924-------------- 2 ,6 4 7 .8 4 7
7 5 1 .2 8 5
2 7 8 .2 7 8
2 9 .067
4 4 3 .9 4 0
1923_________ 2 ,6 8 0 .7 2 2
7 8 7 .0 3 5
282 719
29.4 1 3
474 .9 0 3
1922 -------------- 2 .4 8 3 .2 5 3
665 ,584
286 .3 8 5
29.757
3 4 9 .4 4 2
O F F I C E R S .— P re s., R . N . F ilb e ck : V . - P . , R o b t . I T o d d : S p o . & T r e a s .,
Joseph A . M c G o w a n .— V . 109. p . 1367: V 116 p . 200 7; V . 118 . p . 230 6:
V . 122 , p . 7 5 1 , 2 1 9 3 , 3 34 3; V . 124, p . 92 3 , 2 7 5 0 .
(a ) T E R R E H A U T E & W E S T E R N R Y . C O .
L eased t o T e r r e H a u te T r a c t io n & L ig h t C o . fo r 999 y e a rs fr o m N o v . 190 7.
O R G A N I Z A T I O N .— -In co r p . in 1907 in Illin o is. E n tir e c o m . a n d p r e f.
■•dock o w n e d b y T e r r e H a u te I n d . & E a stern T r a c . C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
An e le ctr ic r o a d . E x te n d s fr o m th e In d ia n a S ta te lin e n ear S a n fo r d , I n d .,
ro P a ris , 111., 10.73 m ile s . B egan o p e r a tio n O c t . 25 1 90 7. Is e n tirely
on p r iv a te r ig h t -o f-w a y .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
S to c k c o m m o n $ 2 0 0 ,0 0 0 _______ ______
___________
$ 2 0 0 ,0 0 0 S e p t ’ 27 ,2 4 s
Preferred $ 1 5 0 .0 0 0 __________________
__________
1 50 .000 S e p t ’ 2 7 ,3 %
First m o r tg a g e $ 2 5 0 ,0 0 0 g o l d ) 1907
5 g M -N
2 5 0 ,0 0 0 N o v 1 1937
gu ar p & i ( $ 1 ,0 0 0 )____ c * t f J ln t . a t N e w E n g la n d T r . C o ., B o s t o n . T r u s .
B o n d s .— A r e g u a r. p . & i. b y e n d o r s e m e n t b y T e r r e H a u te T r . & L t . C o .

EA RNINGS.— For calendar years
G ross.

N e t.a ft.T a x .

D e d 's .

B a la n ce .

1926 ___________ _______________$ 3 7 ,6 8 0
d e f$ 4 ,8 2 7
$ 1 2 ,5 0 0
d e f$ 1 7 ,3 2 7
______ . . . _______
40,4 0 9
1925.
d e f2 ,5 2 0
12,500
d e f 15,020
1 9 2 4 ___________ ______________ 44,587
1,680
12,500
d e f l 0 ,8 2 0
1923 _________ _______________ 55,661
7,8 7 6
12,500
d e f4,6 2 4
O F F I C E R S .- - P r e s . . F . T . O ’ H a ir; V . - P . , G . O . N ic o la i; S e c ., J oh n T .
B easley; T r e a s ., J . A . M c G o w a n .— V . 90, p . 1555.
(2)
IN D IA N A P O L IS & N O R T H W E S T E R N T R A C T I O N C O .
C o m m itte e 5 % 2 0 -Y r . 1st M t g e . B o n d s in c o n n e c tio n w ith p r o p o s e d m erger
in to In d ia n a E le c t r ic C o r p .: D . P . A b e r c r o m b ie , G e o rg e T r e a t , B . L .
A lle n , C . F . M ills , E . W . S to u t: S e c ., O sca r H au sserm a n . F e d era l S tr e e t.
B oston . M ass.
D e p o s ita r y , th e A m e r ic a n E x ch a n g e I r v in g T r u s t C o . ,
N e w Y o r k . See d e ta ils in V . 122 , p . 3 3 3 9 . See a lso In d ia n a E le c t r ic C o r p .
L e a s e .— In A p r il 1907 w as leased t o th e T e r r e H a u te In d ia n a p o lis &
E a stern T r a c tio n fo r 999 y e a rs . T h e la tte r c o m p a n y w ill p a y th e in teres t
on th e b o n d s ; a ls o 1 3 4 % q u a r. o r 5 % p e r a n n u m on th e $ 4 5 0 ,0 0 0 p r e f.
s to c k an d $500 p er y e a r fo r o r g a n iz a tio n .
V . 8 4 , p . 869.
E n tir e issue o f c o m m o n s t o c k , e x c e p t d ir e c t o r s ’ shares, is o w n e d b y th e
T e r r e H a u te In d ia n a p o lis & E a ste rn T r a c t io n .
O R G A N I Z A T I O N .— O rga n ized in 1902 in I n d ia n a .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A n e le ctr ic r o a d . O perates a m o d e r n h igh -speed in te ru rb a n r a ilr o a d ,
s ta n d a rd -g a u g e , lo c a te d u p o n p r iv a te r ig h t -o f-w a y o u ts id e o f th e c it y c o r ­
p o ra te lim its. E x te n d s n o r th w e ste r ly fr o m th e c it y o f I n d ia n a p o lis th r o u g h
th e cities o f L e b a n o n an d F ra n k fo rt t o th e c it y o f L a fa y e tte , w ith a b r a n c h
fro m L e b a n o n t o C ra w fo rd s v ille , ea ch o f w h ich citie s is th e c o u n t y s e a t o f its
re s p e c tiv e c o u n t y . H as tr a c k a g e rig h ts t o th e business ce n tres o f I n d ia n ­
apolis a n d L a fa y e t t e . E m b r a c e s 8 7 .0 1 m iles o f tr a c k b e tw e e n In d ia n a p o lis ,
Z io n s v ille , L e b a n o n , F r a n k fo r t a n d L a fa y e t t e , in c lu d in g a b r a n c h fr o m
L eb an on t o C r a w fo rd s v ille
S ta n d a rd ga u g e: 7 0 -lb . T ra il. O w n s 20 p a s­
sen ger, 5 fre ig h t an d 5 s e r v ic e c a r s . P o w e r H o u s e a n d c a r barn a re a t
L e b a n o n . V . 88, p . 295: V . 9 2 , p . 59.
In S e p t 1921 th e c o m p a n y su rren d ered its fra n ch ises a n d n o w op era tes
under an in d e te rm in a te p e r m it.
STO C K A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n $ 2 ,5 5 0 ,0 0 0 ___________ ______
___________ $ 2 ,5 5 0 ,0 0 0 ______________
P r e f ($ 1 ,0 0 0 ,0 0 0 ) 5 % c u m ___________
Q -J
4 5 0 ,0 0 0
See t e x t
F irst m tg e $ 3 ,0 0 0 ,0 0 0 g o ld ) 1903
5 g M -S
2 ,4 7 0 .0 0 0 M a r 1 1933
($ 1 ,0 0 0 ) _______________c * t f (I n t . a t C o lu m b ia T r u s t C o . , N . Y . , T r u s te e .
B o n d s .— O rigin ally m a tu re d M a r c h 1 1923 b u t w e re e x te n d e d f o r 10 years
to M a r c h 1 1933. T h e r e m a in in g $ 5 3 0 ,0 0 0 fo r im p ro v e m e n ts , & c ., at
5 0 % an d 7 5 % o f c o s t .
N o s. f . , b u t e x te n d e d b o n d s are red. on 6 0 d a y s ’
n o tice a t 104 d u rin g th e fir s t 3 ye a rs a fte r J u ly 1 1923, 103 d u rin g th e n ext
2 -y e a rs th e r e a fte r , 102 d u r in g t h e n e x t 10 y e a r s a n d a t 101 th e r e a fte r .
F o r c o m m itte e see a b o v e .
E A R N I N G S .— F o r c a le n d a r y e a rs :
G ross

1 92 6_______________ $ 5 1 0,73 2
192 5_______________ 480 .493
192 4..........................
601 ,7 7 8
1923_______________ 660 ,273
1 9 2 2 ______________ 649.461

N e t,a ft.T a x .

$ 2 6 ,4 9 2
2 8 .7 2 5
118 .623
157.693
171 .566

D e d u c ti o n s .

B a la n c e .

$ 1 2 4 ,0 0 0
124 .000
124 .000
124 .000
124 .000

d e f$ 9 7 ,5 0 8
d e f9 5 ,2 7 5
d e f. 5.377
s u r.3 3 ,6 9 3
sur .47.5 66

O F F IC E R S .— P res., R obert I. T od d : V .-P .. John J Annel; Sec

T reas.,

J o s . A . M c G o w a n — V . 116, p . 934 ; V . 122, p . 7 4 8 ,2 1 9 0 , 333 9; V . 1 2 4 ,p ,9 2 0 .

O ct., 1927.]

POWER, LIGHT A2LD RAILW AY

151

v3) I N D I A N A P O L I S & M A R T I N S V I L L E R A P I D T R A N S I T C O .
R e o r g a n iz a tio n . — See b e lo w u n d e r I n d ia n a p o lis C r a w fo rd s v ille & D a n ­
v ille E le c . R y .
L e a s e d . — In A p ril 1907 w as leased to th e T e rre H a u te In d ia n a p o lis &
E a st. T r a c . fo r 999 yea rs. T h e la tte r c o . w ill pay th e in t. on th e b o n d s; alsc
*5 0 0 p er y ear fo r or g a n iz a tio n .
V . 8 4 . p . 749 . T h e T e r r e H a u t e I n d . A
E astern ow n s en tire issue o f s to c k e x c e p t d ir e cto r s ’ shares.
O R G A N I Z A T I O N .— I n c o r p . in In d ia n a on A p ril 24 1901.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A n ele ctr ic r o a d . E m b r a c e s 2 9 .0 7 m iles o f tra ck fro m In d ia n a p o lis t o M a r ­
tin s v ille , c o m p le t e d in M a y 1903. 7 0 -lb . rails; sta n d a rd ga u g e . O perates
o n p r iv a t e r ig h t -o f-w a y e x c e p t in in c o rp o ra te d to w n s.
STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r itii
S to c k * 7 5 0 ,0 0 0 ( 8 1 0 0 )________ ____
________
* 7 5 0 .0 0 0 ____________
F irst m tg e , * 7 5 0 ,0 0 0 ( S I .000)1 1902
5 g J -J
7 5 0 ,0 0 0 Jan 1 1935
g o l d _______________c * & r n t f'lU n io n T r u s t C o . a n d S ecu rity T r . C o . o f In
(d ia n a p o lis , tru s .
I n t . a t S ec. T r . C o . , In d
B o n d s . — N o sin k in g fu n d , b u t b o n d s are s u b je c t t o call a fte r 10 ye a rs at
105 a n d in terest. See V . 7 8 , p . 1223. See also u n d e r “ B o n d s ” In d ia n a ­
p o lis C r a w fo rd s v ille & D a n v ille E le c . R y . ”
E A R N I N G S .— F o r c a le n d a r years:

S to ck . — P referred s to c k is p r e f. as t o assets an d d lv s .
I t is s ta ted th a t
the c o m m o n s to c k w ill b e a llo w e d n o v o t in g p o w e r unless th e p r e f. d lv s .
are p aid in fu ll.
B o n d s . — T h e c o n s . m tg e . b
<
a
n
a u th . issue o f * 1 5 ,0 0 0 ,900 up t o A p ril 7 1933, a fte r
M ft b . a m o u n t m a y b e in crea sed to
1 25 ,000 ,00 0, in c l. th e d i v i s f o n W l y p i f c J f a n y , then o u ts ta n d in g , an d
such excess o f $ 1 0 ,0 0 0 ,0 0 0 b o n d s S y r t jfflr such rate o f Interest, n o t ex ­
ceedin g 6 % p . a ., and b e used fo r a n y p r o p e r c o r p o r a te o b je c ts and p u r ­
poses o f th e c o n s o lid a te d c o .
T h e $ 1 5 ,0 0 0 ,0 0 0 n o w a u th orized w ill bea r
Int. a t n o t exceed in g 6 % an d shall b e issued o n ly fo r ad d n s. and b e tte r ­
m ents t o an d e x ts ., a cq u isitio n s a n d re p la ce m e n ts o f lines o f street railroad
which b e c o m e a p a r t o f th e stre e t railro a d sy ste m o f th e co n s o lid a te d c o m ­
p an y in In d ia n a p o lis an d its v ic in it y .
B o n d s shall o n ly b e issued to the
a m o u n t o f p ar v a lu e o f b o n d s o f th e three divisio n a l issues w h ich h a v e been
or shall b e ta k en u p a n d ca n c e le d b y sinking fu n d p a y m e n ts , so th a t a t n o
tim e w hile a n y o f d iv isio n a l b o n d s are o u tsta n d in g (unless th eir presen t
dates o f m a tu r ity shall b e e x te n d e d ), shall the a ggre ga te a m o u n t o f [new
and old) b o n d s secu red b y m o rtg a g e s on th e p r o p e r ty e xceed $ 1 5 ,0 0 0 ,0 0 0 .
B ut n o tw ith s ta n d in g th e fo re g o in g , p ro v is io n m a y b e m a d e in the m ortg a g e
for th e issu ance o f b o n d s t o re fu n d the existing m o r tg a g e in d e b ted n ess, or
any p a rt th e r e o f [at m a tu r ity ].
A ll b o n d s issued fo r refu n d in g shall be
• ubject to b e ta k en u p an d c a n ce le d b y the sin kin g fu n d p ro v is io n s w hich
were a p p lic a b le t o th e r e fu n d e d b o n d s in th eir o rig in a l fo r m , an d w hen so
taken up an d ca n c e le d , o rig in a l b o n d s m a y b e Issued in s u b s titu tio n there­
B a la n c e .
G ro s s .
N e t,a ft.T a x .
D e d u c ti o n s .
fo r, w h ich , o r th e p r o c e e d s th e r e o f, shall b e used o n ly fo r p e rm a n en t im p ts.
d e f.$ 4 8 ,2 4 2
1 9 2 6 -.......... ________$16 2 ,9 2 9
d e f.$ 1 0 ,2 4 2
$ 3 8 ,0 0 0
and b e tte rm e n ts . P r o v is io n m a y b e m ade in said m o r tg a g e th a t th e m a­
d e f .4,8 4 0
d e f 42.8 4 0
3 8 ,0 0 0
1925_______________ 158.208
tu rity o f any o u ts ta n d in g b o n d s w h ich b e c o m e d u e on o r b e fore A p ril 7
3 8 ,0 0 0
3.9 3 5
1924_______________ 195,680
4 1 .9 3 5
L933 m a y b e e x te n d e d to su ch d a te as m a y b e d ete rm in e d b y th e B o a rd at
su r. 1,874
3 8 ,0 0 0
1923_______________ 2 22 .080
39.874
not exce e d in g 6 % in terest if p e r m itte d b y la w .
s u r.1 6 .0 6 5
1922_______------------ 234.261
54.065
3 8 ,000
T h e lien o f th e several u n d e rly in g m o rtg a g e s is c o n fin e d to th e p rop erty
O F F I C E R S .— P r e s .. R o b t . I . T o d d ; V .-P s , H a r r y S. N e w , G e o rg e C ,
and interests u p o n w h ich each w as a lien p rio r t o c o n s o lid a tio n an d does
F o r r e y J r. a n d J o h n J . A p p e l; S e c. & T r e a s ., Jos. A . M c G o w a n .— V . 8 4 ,
n ot ex te n d t o a n y o th e r p r o p e r t y o f th e c o n s o lid a te d c o m p a n y , e x c e p t as
p . 74 9 .
"g e n e ra l d e b t s ,’ w ith o u t p r io rity .after satisfvin g o f the m tg e . liens chereon.
T e
d.
. &
, b
have
s k in
fu
id s for
(4) INDIANAPOLIS CRAWFORDSVILLE & DANVILLE ELEC. RY. the h a y I n e n t T r a cu ally Toefr m 1 -5o n d sf b o n d s ao u in ta ng in gn d w h ich . p r o vp . e1085.
p m
ann
1
% o
ts
d
See V 76,
R e o r g a n iz a tio n P l a n . — U n d e r th e c o n te m p la te d m e rge r o f th is a n d o th e r
Bond m a y b e draw n fo r sin k in g fu n d at 10244 an d Int. an d are s u b j. to
c o s . in t o I n d i a n a E le c tr ic C o r p . (see th is la tte r c o . ) , th e r a ilw a y p ro p e rtie s
call a t th a t p rice . See V . 81, p. 264 . $ 1 .4 9 1 000 In sin k in g fu n d c a n celed ,
o w n e d b y In d ia n a p o lis , C r a w ro rd s v ille & D a n v ille E l R y . , th e In d ia n a p o lis
" h e I n d . S t. R y . b o n d s h a v e a s in k in g f u n d s u ffic ie n t t o redeem a t m a tu rity
& N o rth w e s te r n T r a c t io n C o . an d th e I n d ia n a p o lis & M a r tin s v ille R a p id
the greater p a rt o f th e en tire issue. $ 1 ,5 7 2 ,0 0 0 in sin k in g fu n d ca n celed .
T r a n s it C o . are t o b e c o n v e y e d , fre e an d cle a r o f th eir leases t o T e rre
T h e d iv isio n a l b o n d s in th e s in k in g fu n d s at th e tim e o f c o n s o lid a ­
H a u t e , In d ia n a p o lis & E a ste rn T r a c t io n C o . t o a new ra ilw a y c o . t o be
tion w ere ca n ce le d so th a t th e y c o u ld no lon ger d ra w Interest a n d p a y m e n ts
a cq u ire d b y In d ia n a E le c t r ic C o r p . T h e $ 7 2 3,00 0 b o n d s o f In d ia n a p .
to th e sin kin g fu n d s su spen d ed until 1923
All fu tu re sin k in g fu n d p a y ­
C r a w f. & D a n v . E l. R y . , th e $ 7 5 0 ,0 0 0 b o n d s o f In d ia n a p o lis & M a r tin s v ille
m e n ts a re t o b e a p p lie d t o th e c a n c e lla tio n o f b o n d s . V . 124 , p . 235 .
R a p id T r a n sit C o . , a n d th e $ 2 ,4 7 0 ,0 0 0 b o n d s o f In d ia n a p o lis & N o rth w e s t­
D iv id e n d s . — D iv s . o f 6 % (1 4 4 % q u a r .; w ere p a id on p re f. s t o c k t o and
ern T r a c t io n C o . are t o b e e x ch a n g e d p a r f o r p a r , fo r 5 0 -y r . 5 % b o n d s o f
in c l. M a r . 1921. N o n e t o S e p t. 1 1922, w hen 1 4 4 % w as p a id . D iv id e n d s
th e n ew ra ilw a y c o . se cu re d b y an o p e n e n d 1st m tg e . u p o n t h e 3 leased
at th e sam e ra te o f 144 % w e re p a id re g u la rly sin ce t o & in c l. Ju n e 1 1925.
lin es an d h a v in g a s u ffic ie n t sin kin g fu n d t o retire a ll s u ch b o n d s a t or
N o n e s in ce . V 121. p . 1788.
F o r e x p la n a tio n o f re ason s fo r p assin g
b e fo r e m a tu r ity ; b o t h in te re st an d sin k in g fu n d ch a rg e s t o b e gu aran teed
p re fe rre d d iv id e n d s , see Y . 123, p . 1762.
b y I n d ia n a E le c t r ic C o r p .
V . 122, p . 3 33 9.
D A i n t u o ----- F o
E A RvN IiNiG S ..— a u ir L a le u u a ir J o d irs:
c d io nda yea s .
L e a s e . — On May 1 1912 was leased to the Terre Haute Indianapolis e
O ross
N e t A f t e r T a x . F i x e d C h g s. . A c
B il-.S u r p
Eastern Trac. for 999 years. Under the lease the latter company guaran
$ 8 8 0 ,5 7 6
$ 6 3 0 ,9 3 9
$2 4 9 ,6 3 6
1 9 2 6 .......................* 5 .5 1 8 ,7 9 5
tees p. & I. of 1st M bonds. 5% dlvs on *200,000 pref. stock and senr
1925-------------------- 5 ,5 3 6 .3 7 0
1 .1 1 6 .9 2 5
629 .1 8 3
487 ,7 4 2
annual dlvs. on com., viz.: >4% from Nov. 30 1912 to May 31 1914. I '
1 9 2 4 ....................... 5 ,5 8 8 ,1 7 7
1 ,1 2 0 .0 7 3
6 3 5 .1 0 8
4 8 4 ,9 6 5
Nov. 1914 to May 1916. 114 % Nov. 1916 to May 1918 and 2% thereafter
1,0 7 2 ,9 0 3
6 3 8 ,7 8 7
4 34 ,116
ORGANIZATION.— Incorp In Indiana on April 20 1912 as successor <
• 1923........................ 5 .527.1316 4
1922 .................
5 .5 4 5 ,1
1 .0 7 3 .4 4 7
6 4 7 .3 4 3
4 2 6 .1 0 5
the Indianapolis Crawforsdville & West. Trac.. sold at foreclosure. Bull
O F F I C E R S .— C h a irm a n o f th e B o a r d , H e n ry C . T h o m s o n ; P res. & G e n .
entirely on private right-of-way. In accordance with the privilege granted
VIgr., R o b t . I. T o d d ; V .- P s ., H e n ry O . T h o m s o n an d lo h n J. A p p e l: S ec.
by the Indiana State Legislature In Its session of 1921, the co. surrenderee
% T r e a s ., Joseph A M c G o w a n ; Asst S<*c & T r e i s , W en F. M ilh o lla n d .
Its franchise and the Ind. P. S. Comm, has Issued In lieu of same an Inde
— V . 121. p . 1788; V . 122, p . 9 4 . 1170. 3 4 4 9 ; V . 123 , p . 8 4 2 , 1762; V . 124.
terminate permit.
p. 920, 2427.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .O perates 4 8 .2 3 m iles o f ro a d b etw een In dian ap olis an d C r a w fo rd s v ille
S ta n d a rd ga u g e . 70 and 8 5 -lb . T rails A n extension fro m C ra w fo rd s v ille t<
BROAD RIPPLE TR A C T IO N .
w estern b o u n d a r y o f In d ia n a east o f C i t y o f D a n v ille . 111., is p r o p o s e d .
O R G A N I Z A T I O N .— O rga n ized a s su cce sso r t o th e In d ia n a p o lis & B r o a d
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
R ip p le T ran sit C o ., sold at fo re clo s u re J u ly 1899. T h e p r o p e r ty o f th e c o .
C o m m o n $ 4 0 0 ,0 0 0 ($ 1 0 0 )____________
M -N
$ 4 0 0 ,0 0 0
See te x t
is o p e ra te d b y In d ia n a p o lis St. R y . C o . in c o n n e c tio n w ith s treet r a ilw a y
P r e f *4 0 0 ,0 0 0 5 % c u m ($ 1 0 0 ) _______
J -D
200 000
See text
p r o p e r ty o f la tte r c o m p a n y . See a lso V . 119, p . 106 4, u n d er c a p t io n
F irst m tg e $ 2 ,5 0 0 ,0 0 0 g o ld )
1912 5 g M -N
7 2 3 .0 0 0 M a y 1 1952
($1,000) guar p & i .-C & r tfjlnterest at Girard Tr. Co., Phila., Trustee. “ I n d ia n a p o lis S treet R a ilw a y .”
In d ia n a p o lis S t. R y . C o . (In c . 1919) receives a ll in c o m e and p a y s all
B o n d s . — O f r e m a in in g f i r s t m t g e . b o n d s , * 1 ,0 0 0 .0 0 0 a r e f o r e x t e n s io n ?
expenses Incl. taxes o n the p r o p e r t y an d in t. o n $ 2 0 0 ,0 0 0 o f b o n d s o f B r o a d
a n d * 5 0 0 .0 0 0 t o b e is s u e d o n l y u n d e r c e r t a i n c o n d i t i o n s .
S u b j . t o c a ll at
R ip p le T r a c tio n C o .
T h e p rin . o n th e rem ain in g $ 2 0 0 ,0 0 0 o f b o n d s is
a w h o le b u t n o t in p a r t a t 1 0 2 H a n d i n t . o n a n y in t . d a y .
S in k in g f u n d of
issu m ed b y U n ion T r a c tio n C o . o f In d ia n a , w h ich c o . p a y s th e in t. th ereon ,
* 9 .0 0 0 p e r a n n u m o n in it ia l * 1 .0 0 0 . 0 0 0 b o n d s out, c o m m e n c e d M a r c h 1 1913
as c o n sid e ra tio n for th at part o f th e p r o p e r ty o f B road R ip p le T r a c tio n t o .
W h e n a d d 'l b o n d s a r e is s u e d f u n d s h a ll b e in c r e a s e d b y s u c h a m o u n t a s will
transferred t o it. See also V . 119 , p . 106 4, u n d e r c a p t io n " I n d ia n a p o lis
re t ir e 2-3 o f s u c h a d d ’ l b o n d s Issued. * 2 7 7 ,0 0 0 h e ld aIW*> in s i n k i n g fu n ^
Street R a ilw a y .”
O c t . 1 1927.
F o r c o m m itte e in c o n n e c t io n w ith c o n s o lid a tio n p la n and
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— A
re o r g a n iz a tio n , see V . 122 , p . 3 3 3 9 . T h e c o m m itte e is c o m p o s e d as fo llo w s :
tr o lle y r o a d . 7 44 m iles o f t r a c k fr o m In d ia n a p o lis t o B r o a d R ip p le P a rk
A . V . M o r t o n , A . A . J a c k s o n ; A . E . N e w b o ld J r .; S e c ., J . M a lc o lm J o h n s to n ,
STO C K A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity
N . W . C o r n e r B r o a d an d C h e s tn u t S t s ., P h ila d e lp h ia . D e p o sita rie s:
S to c k $ 1 0 0 ,0 0 0 (par $ 1 0 0 _________ ___________ ______
$ 1 0 0 ,0 0 0 __________
G ir a r d T r u s t C o . , N . W. C o r n e r B r o a d & C h e s tn u t S ts ., P h ila d e lp h ia .
M t g $ 4 0 0 ,0 0 0 g ($ 1 ,0 0 0 ) c * n t f (1 8 9 9
5 g J -J
4 0 0 ,0 0 0 J u ly 1 1933
E A R N I N G S .— F o r ca le n d a r years:
[ I n t . a t G u a r. T r . & S . L . C o . (P h ila .). tr u s t.
G ro s s .
N et a ft. T a x. D ed u c.
S i n k .F u n d .
B a la n ce .
B o n d s . — A r e g u a r. p . & i. b y I n d . S t. R y .
N o s. f. a n d b o n d s c a n n o t
$ 3 8 ,3 8 2
1 9 2 6 ____ ____ $31 8 ,2 6 9
$13 ,9 3 9
$ 2 1 ,1 1 8
d e f .$ 45 ,662
be c a lle d . T h e I n d . N o r . T r a c . C o . (s u b s e q u e n tly c o n s o lid a te d w ith the
13,941
39,9 8 0
1925 ________ 3 17 .925
19,520
d e f. 45,5 5 9
U nion T r . C o . o f I n d .) g u a ra n te e s p . & i. o f h a lf ($ 2 0 0 ,0 0 0 ) o f th e b o n d s .
1 9 2 4 ____ ____ 3 6 1 .9 8 9
5 7 .037
4 1 .518
17.981
d e f. 2,463
1 9 2 3 ____ ____ 4 0 6 ,1 8 8
5 9 ,629
42,943
su r.
12d
16.557
E A R N I N G S .— In c lu d e d in In d ia n a p o lis S t. R y . C o .
1 9 2 2 ____ ____ 3 8 8 ,4 7 0
d e f. 11,621
4 7 ,8 7 8
4 3 ,9 8 5
15,515
O F F I C E R S .— P r e s ., R o b e r t I . T o d d ; V . - P . , J o h n T B u rn e tt: S ec. &
O F F I C E R S .— P r e s ., J o h n J . A p p e l; V . - P . , R o b e r t I . T o d d ; S e c. < T re a »
fe
T re a s ., J o s. A . M c G o w a n .— V . 69, p . 180; V . 73. p . 137, 18 : V . 7 8 , p . 1167.
Jos. A . M c G o w a n - G c d . M g r .. R o b t . I . T o d d . V . 9 4 , p . 1449. 1565. 169f
V . 122, p . 74 8 , 2 1 9 0 , 3 33 9; V . 124 , p . 920 .

UNION T RA CTIO N CO. OF INDIANA.
INDIANAPOLIS STREET R AILW AY CO.
The Terre Haute Indianapolis A Eastern Traction Co. owns the *1,000.
•00 com. stock.
ORGANIZATION.— Incorp. in Indiana on June 30 1919. Is consollda
tlon of the o ld Indianapolis Street Ry. Co. and the Indianapolis Traction 8
Terminal Co. (For separate history of each of these cos. up to time of
consolidation see the “Electric Railway Supplement” of March 29 1919.)
The consolidation was effected as per plan in V. 108, p. 2329 subject to
conditions stipulated by the Ind. P. S. Comm, as outlined in V. 109,
p. 172. On A u g . 29 1919 the Federal Court approved this consolidation
and dismissed the suit brought by certain minority stockholders against
same. V. 109, p. 982.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 169.07 miles of track and owns 9-story office and terminal building,
and train-sheds. This terminal is used by all interurban roads (13 in num­
ber) entering Indianapolis. Owns electrical and steam equipment of 7,000
k. w. capacity. Owns 394 double trucks, 157 single truck passenger and
126 service cars. In 1925 inaugurated bus service in territory not covered
by rail lines.
Guarantees the ($400,000) bonds of Broad Ripple Traction Co., and owns
7 5 % o f its s to c k

See also V . 119, p . 1064.

Interurban railways enter the city under agreements by which they pay
3 cents per passenger for all passengers carried in the city limits and an
additional 1 cent for those using the terminal station. V. 81, p. 264. In
1921 the co. surrendered its franchise to the city of Indianapolis and now
operates under an indeterminate permit. V. 112, p. 2748.
T a x D e c i s io n o n S in k . F u n d B o n d s . — See V. H I, p. 692.
V a lu a tio n . — See V. 112, p. 161.
B u s O p e ra tio n by C o . P r o p o s e d .

See V . 119, p . 1172.

T r a n s f e r s . — Transfer charge for 1926 increased from 1 to 2c.
V. 122,
p. 94.
In Aug. 1926 Indiana P. S. Commission authorized co. to issue $351,000
equipment trust notes. V. 123, p. 842.
STOCK AND BONDS—
D a te .
I n te r e s t.
O u ts ta n d in g . M a t ’ y , Ac
Common ($50)____________________
________ $1,000,000 __________
Pref *5.000.000 ($100) cum..................
6
Q-M 5,000,000 June’2 5 ,144
Consolidated mtge__________ _____
________
See text
__________
Ind Tr & Ter Co 1st M $5.-1 1903 5 g A-O
3.509,000 Jan 1 1933
000,000 g ($1,000) s f.c*tf lint, at Guaranty Tr. & S. D. Co., Phila., tr.
Ind Tr & Term notes________ _____
4%
x700,000.
1933
Indianapolis Street Ry gen) 1899 4 g J-J
4,428,000 Jan 1 1933
mortgage $6,000,000 gold)Interest at Guar. Trust & Safe Deposit Co..
($1,000) guar_______ c*ntf| Philadelphia, trustee.
uitizens’ Street Ry 1st Ml 1893
5 g M -N
4,000,000 May 1 1933
*4,000,000 g (*1,000).c*tf/Central Trust Co., New York, trustee.
Ind Car Equip Co 1st pref stk. 1919 6 Q-J
50,000 See text.
Interest on Citizens’ consols atjFourth Street Nat. Bank Philadelphia.
x All deposited as security for $425,000 Terre Haute Indianapolis &
Eastern Traction 5-year 6 44% collateral notes.




R e c e iv e r s h ip . — A rth u r W . B r a d y , P re s ., w as a p p o in te d re c e iv e r fo r th e c o .

on D e c . 31 1924 on a p p lic a tio n o f th e W e s tin g h o u s e E le c . & M fg . C o . , a
c r e d ito r fo r $ 7 4 ,1 9 2 . V . 120, p . 8 9 .
I n t e r e s t D e fa u lt e d . — I n t . d u e J a n . 1 1925 o n th e U n io n T r a c . C o . o f I n d .
g e n . m tg e . 5s an d th e I n d ia n a p o lis N o rth e rn T r a c . 1st m tg e . 5s h a v in g been
d e fa u lte d (V . 120, p . 3 3 3 ). th e fo llo w in g p r o t e c tiv e c o m m itte e s w ere fo rm e d
U n io n T r a c tio n o f I n d . G e n . M t g e . 5 s . — C h a irm a n . J o se p h W a y n e J r.:
W m . A . L a w , H en ry G . B re n g le , L ew is H . P a rso n s. F red C . D ic k s o n and
Jesse L . V e rm illio n ; S e c ., H e rb e rt W . G o o d a ll.
D e p o s ito r y : G u aran tee
T r u s t & S afe D e p o s it C o . , P h ila .
S u b -d e p o s ito r y ; In d ia n a T r u s t C o .,
In d ia n a p o lis , I n d . V . 120. p . 3 3 3 , 584 .
I n d i a n a p o l i s N o r th e r n T r a c tio n ls l M t g e . 5s.— C h a irm a n . J . C . N e ff;
A rth u r V . M o r t o n , C a r! W . F e n n in g e r , T . J . J ea n n e re t, S. C . P a rr y , G e o . C .
F o rre y J r ., an d Jas. P . G o o d r ic h ; S e c ., M ile s A lte m o s e .
D e p o s ito r y :
F id e lity T r u s t C o . , P h ila . S u b -d e p o s ito r y : In d ia n a T r u s t C o . , In d ia n a p olis
In d . V . 120 . p . 3 3 3 , 58 4 , 268 5.
M u n c i e H a r tfo r d A F o r t W a y n e R y . — In A u g ., 1925 a p e titio n to fo rc lo s e
a m o rtg a g e o f $ 1 ,0 0 0 ,0 0 0 o n a c c o u n t o f in te re st d e fa u lte d on th e M u n c ie
H ., F t . W . R y . 1st m tg e . g o ld b o n d s 1905. w as re fe rre d to th e M a d is o n
C ir c u it C o u r t a t A n d e r s o n . V . 121, p . 707O R G A N I Z A T I O N .— I n c o r p . o n M a y 13 1912 as a c o n s o lid a tio n o f th e
o ld U n ion T r a c tio n C o . o f In d ia n a (in c o r p . M a y 28 1903) an d th e In d ia n a
U nion T r a c . C o . (in c o r p . Ju n e 9 1 9 0 3 ). p e r plan in V . 94. p . 1119, 1185. V.
95, p . 81 9 ; and as a re su lt o f w h ich c a p ita l w as m a te r ia lly r e d u c e d . T h e
le g a lity o f th e c o n s o lid a tio n w as u p h e ld in a d e c is io n b y th e S u p rem e
C o u r t o f In d ia n a in th e fa ll o f 1915. T h e In d ia n a U nion T r a c t io n C o .
had p r e v io u s ly a c q u ir e d th e In d ia n a N o rth e r n T r a c tio n C o . ( V . 8 1 , p .
1 8 4 8 ), M u n c ie & U nion C i t y T r a c t io n C o . ( V . 8 3 , p . 96) a n d M u n c ie
H a r tf. & F t . W . R y . ( V . 8 2 . p . 8 0 5 , 8 6 9 , 1 0 4 1 ). T h e la tte r c o m p a n y was
leased t o th e In d ia n a U n io n T r a c . a t a r e n ta l (In a d d itio n to o p e r a tin g
e x p ., in t . on b o n d s , & c .) , e q u iv a le n t t o 5 % o n M u n . H a r tf. & F t . W . R y .
$ 5 0 0 ,0 0 0 cu m . p r e f. s t o c k ; V . 8 3 , p . 9 6 . T h e o ld U n io n T r a c . C o . o f In d ia n a
was a c o n s o lid a tio n o f th e U n io n T r a c . C o . o f I n d ia n a (in c o r p . in Ju n e 1899)
a n d th e I n d ia n a p o lis N o rth e r n T r a c . C o . (in c o r p . in A p ril 1 9 0 2 ). L eases
th e B r o a d R ip p le N a ta to riu m C o .
A ls o o w n s tn e $ 1 0 0 ,0 0 0 1st M t g e . 6s o u ts ta n d in g a n d th e $ 5 0 ,0 0 0
s to c k o f th e T r a c tio n L ig h t & P o w e r C o . a n d a o n e -fo u r th in te rest in the
U n ited T r a c tio n s C o a l C o . , w h ich o w n s an d leases v a lu a b le co a l lan d s to
insure t h e c o . an a d e q u a te c o a l s u p p ly . (S ee S h irley R e a lit y C o . o f I n d .
in V . 104. p . 180 5.)
T h e In d ia n a p o lis N o rth e r n T r a c t io n a ssu m e d p a y m e n t o f th e p r in . an d
in t. o f h a lf ($ 2 0 0 ,0 0 0 ) o f th e b o n d s o f th e B r o a d R ip p le T r a c tio n C o . (see
u n d e r I n d ia n a p o lis ).
L ea ses In d ia n a p o lis N e w c a s tle & E a s t .T r a c .C o .fo r 999 yea rs fro m O c t . 25
1912. L ea se m o d ifie d o n A u g . 21 1914 a n d c o m . & p r e f. s to c k s o f the
I n d . N e w . & E . T r a c . C o . fo rm e r ly held w ere tran sferred in sa tisfa ction
o f o b lig a tio n s in cu rre d in leasin g th a t c o m p a n y an d a cq u ir in g th a t s t o c k
a n d in b u ild in g th e M u n c ie -N e w c a s t le lin e, a n d in co n s id e r a tio n o f fu r th e r
a d v a n c e s fo r im p r o v in g p o w e r fa cilitie s fo r th a t lin e , a to t a l o f a b o u t

152

E a r n in g s .

1 9 2 6 ............ -$ 3 ,0 6 0 ,4 6 5

T a x es).

In c.

In t.

$ 3 8 3 ,7 2 3 $ 2 4 ,9 0 1
2 7 9 ,3 0 8

5 2 .-1 7 9

* 3 5 /7 3 6

3 ,3 3 9 .1 8 8
4 7 7 ,1 2 2
3 .8 9 0 .6 9 0
9 8 6 .1 5 7
3 ,8 3 5 .7 4 7
1 .1 1 2 .0 0 3
o f bus o p e r a tio n .

3 4 .3 0 5
3 0 .9 9 9
15.337

931 .0 6 0
9 4 3 ,8 2 0
9 17 .176

1 9 2 5 _________ 2 .9 3 9 ,1 8 1

S u rp lu s

$ 4 0 8 ,6 2 4
289.051
d e f4 1 9 ,6 3 3
73,3 3 6
2 1 0 ,1 6 4

O F F I C E R S .— P r e s ., A W . B r a d y , A n d e r s o n ; V . - P . , P h ilip M a t t e r ,
M a r io n ; S ec. & T r e a s ., W a lte r S h royer; G e n . M g r ., H . A . N ic h o ll. G eneral
o ffic e s , A n d e r s o n , I n d — V . 115, p . 1211, 1533; V . 116, p . 1277; V . 118,
p . 1269, 2 18 0. 3199 V . 119. P. 199. 1066: V 120 p . 89 . 3 3 3 584 . 133 0,
2 6 8 5 ; V . 121 , p . 2 0 1 .7 0 7 , 1228; V . 122, p . 2 95 0: V . 124, p . 3 3 5 4 .

(1) INDIANAPOLIS NEWCASTLE & EASTERN TRACTION CO.
L ea sed »o O n ion T r a c tio n C o . o f In d ia n a on O ct. 25 1912 fo r 999 years.

The lease p r o v id e s fo r th e p a y m e n t o f all taxes, in terest on b o n d s, a sum

e q u iv a le n t t o 5 % on th e p r e f. s t o c k , an d a d e fin ite a n n u al p a y m e n t o f
$1 ,050 on th e c o m . s t o c k . A fu r th e r a m o u n t , up t o $ 1 0 ,4 2 0 a y e a r , is
p a y a b le u n d er certa in c o n d itio n s . C o m p a re V . 100, p'. 975 .
L ea ses th e M u n c ie & P o r tla n d T r a c t io n C o . fo r 999 y e a rs fr o m J u n e 30
1916; see term s b e lo w .
R e c e iv e r s h ip A s k e d .— See fo r p e titio n file d o n F e b . 6 1 92 6.
V . 122 ,
P. 1026.
O R G A N I Z A T I O N . — I n c o r p . in In d ia n a on Ju n e 10 1912 as s u cce sso r to
th e In d ia n a p o lis N e w c a s tle & T o le d o E le c. R y ., s o l d a t fo rc lo s u r e . H as
p r iv a t e rightr-of-w ay m in im u m w id th 6 6 ft ., e x c e p t in c o r p o r a t e lim its,
w h ere s h o r te s t f r a n c h is e expires A p r . 7 1933.
U nder fa v o r a b le c o n t r a c t
w ith I n d . T r a c . & T e r m . C o . e x te n d in g t o 1933, o p e ra te s t h r o u g h c it y in to
In d ia n a p o lis in teru rb a n te rm in a l.
R O A D . — In c lu d e d in U n ion T r a c t io n C o . o f I n d ia n a .
STO CK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
___________
$ 5 0 0 ,0 0 0
See te s t.
C o m m o n $ 5 0 0 ,0 0 0 ($ 1 0 0 )___________
P r e f $ 5 0 0 ,0 0 0 5 % c u m ($ 1 0 0 )_______
___________
5 0 0 .0 0 0 See t e x t .
F irs t m tg e $ 1 ,5 0 0 ,0 0 0 g o l d / 1912
6 g J -D
1 ,2 0 0 .0 0 0 Ju n e 1 1932
$ 1 , 0 0 0 _________________ c * t f ( I n t . a t F id e lity T ru s t C o ., P h ila ., tru ste e .
B o n d s .— R em a in in g 1st M . b o n d s m ay be Issued u p on fu lfilm e n t p f
certa in c o v e n a n ts for 7 5 % o f c o s t o f ex te n sio n s, im p ts ., b e tte rm e n ts o r a c ­
qu isition o f u n en cu m b e re d p ro p e rtie s.
V. 94, p . 1695.
N o sin k , fu n d
O rigin ally m atu red Ju n e 1 1919 but w ere e x te n d e d to June 1 1922 an d again
t o June l 1932 a t 6 % .
T h e e x te n d e d b o n d s are red. a t 105 a fte r Ju n e 1
1925 t o and incl. Jun e l 1927. and th e re a fte r a t 1 % less fo r e a ch su b se
q u e n t year and par du rin g th e last year o f exten sion , to g e th e r w ith int
V . 114, p . 2 5 8 0 : V . 94. p . 1695; V 96, p . 135: V . 100. p . 982; V . 102 .
p . 2 34 1; V . 108, p . 2629; V . 114, p . 2580; V . 122, p . 1026.




(a ) T H E M U N C IE & P O R T L A N D T R A C T I O N .
A tr o lle y r o a d .
O R G A N I Z A T I O N .— In c o r p o r a te d J u ly 1905 In I n d ia n a . F r a n c h is e s In
cities an d to w n s 50 years; in c o u n tie s p e r p e tu a l.
L e a s e .— W a s leased as o f Ju n e 3 0 1916 fo r 999 years t o th e In d ia n a p o lis
N e w ca stle & Eastern T r a c . C o . In c o n n e c t io n th e re w ith th e c o . ’s c a p ita l­
ization w as ch a n g e d fr o m $ 1 ,0 0 0 ,0 0 0 s t o c k , all o f o n e cla ss, t o $ 5 0 0 ,0 0 0
p referred an d $ 5 0 0 ,0 0 0 c o m m o n . T h e lease p r o v id e s fo r th e p a y m e n t o f
»*; -<*xes, a su m equal t o 5 % on th e p r e f. s t o c k , a d e fin ite ann u al p a y m e n t
o f $ 4 ,5 3 0 an d th e p a y m e n t o f a fu r th e r a m o u n t u p t o $ 1 7 ,3 7 0 a y e a r c o n ­
tin gen t u pon ce rta in c o n d it io n s .
O F F I C E R S — P r e s ., E . B . B a ll; V . - P . , W . C . B a ll; S e c ., G . A .' B a ll;
T r e a s ., F . C . B a ll, a ll o f M u n c ie , I n d .— V . 8 2 , p . 1438: V . 102, p . 2 34 2;
V . 106, p . 103 7, 1901.

CHICAGO SOUTH BEND & N ORTH. INDIANA R Y .
O R G A N I Z A T I O N .— In c o r p o r a te d in In d ia n a in J a n . 1907 as su ccessor
o f th e N o rth e rn In d ia n a R y ., w hich h ad c o n s o lid a te d th e In d ia n a R y . , th e
S ou th Ben d La P o r te & M ic h ig a n C it y R y . , th e M ic h ig a n C it y E le c t r ic C o .
and th e M ic h ig a n C it y T r a c tio n C o .
R e c e iv e r s h ip — P e t it io n file d b y th e W e s tin g h o u s e E le c t r ic & M a n u f a c ­
tu r in g C o . In J u ly 1927 R . R . S m ith , V .-P r e s . & G e n . M g r ., w a s a p p o in t e d
re c e iv e r . V . 125. p . 3 8 4 . P r o t e c t iv e c o m m it t e e fo r m e d to r e p re s e n t th e
fir s t m tg e . 5s 3 0 -y e a r g o ld b o n d s d u e Jan . 1 1937, th e L a P o r t e & M ic h ig a n
C it y T r a c t io n 2 5 -y e a r fir s t m tg e . 5s d u e J u ly 1 1930, a n d N o r t h e r n I n d ia n a
R y . fir s t c o n s o l, m t g e . 5s d u e J a n . 1 193 6. V . 125 , p . 6 4 7 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A t r o lle y r o a d . O perates 125 m iles o f tr a c k in S o u th B e n d , M is h a w a k a .
E lk h a rt, G o sh e n . L a P o r t e , M ic h ig a n C it y a n d In teru rban lin es betw een
those p o in ts . G a u g e , 4 f t . 8
in .; 70 t o 1 0 0 -lb . T r a il. O w n s 129 c a r s an d
11 s u b -s ta tio n s . A ls o o p e ra te s b u se s.
F r a n c h is e s .— In J u ly 1921 th e c o . su rre n d e re d its lo c a l fra n ch ises a n d n o w
o p e ra te s u nd er an in d e te rm in a te p e r m it. V . 113, p . 70 1 .
I n t e r e s t .— A ll o v e r d u e in t. o n u n d e rly in g b o n d s has been p a id . F u ll in t.
p a y m e n ts on new 1st m tg e . 5s o f 1937 w ere re su m e d in 1922.
R a te s p e r m ile in c re a s e d .
S ee V . 12 5 , p . 1 32 3.
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
8TO C K A N D BO N DS—
___________ $ 5 ,0 0 0 ,0 0 0
........ .........
C o m m o n $ 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )__ ____
2 ,5 0 0 .0 0 0 .....—
P re f $ 2 ,5 0 0 ,0 0 0 5 %
c u m ] __________________________________
($100) a fte r Jan 1 190 9____1
N e w fir s t m tg e $ 5 ,0 0 0 ,0 0 0 ] 1907
5 g J -J
2 ,4 8 9 ,0 0 0 Jan 1 1937
g o ld ( $ 1 ,0 0 0 )................ — t f l I n t . a t C e n tra l T r u s t C o ., N . Y . , tru stee.
5 g J -J
5 8 8 ,0 0 0 Jan 1 1936
N o r In d R y 1st c o n s M $ 4 , - / 1906
0 0 0 .0 0 0 g o ld ( $ 1 . 0 0 0 ) - - - t f | I n t . t U . S. M t g e . & T r u s t C o . , N e w Y o r k In d ia n a R a ilw a y fir s t m o r t - / 1901
5 g J -J
1 .0 0 0 .0 0 0 Jan 1 1930
g a g e $ 1 ,0 0 0 ,0 0 0 g o ld ( $ l , - { G ira rd T r u s t C o . . P h ila d e lp h ia , tr u s te e .
In te r e s t a t S ta n d a rd T r u s t C o . , N e w Y o r k .
5 g J -J
3 1 2 ,5 0 0 J u ly 1 1930
La P o r te & M ic h ig a n C it y T r ] 1905
firs t m tg e $ 3 5 0 ,0 0 0 ($ 5 0 0 ){ In te r e s t a t F ir s t T r u s t & S a v in gs B a n k .
s in k in g fu n d s u b j t o c a l l - t f { C h ic a g o , 111.
B o n d s .— On th e In d ia n a R y . 1st 5s a s in k in g f u n d o f $ 1 0 ,0 0 0 p e r an n u m
began Ja n . 1 1905: b o n d s t o b e b o u g h t in o p e n m a r k e t. A re n o t s u b je c t t o
c a ll. N o rth e r n In d ia n a 1st c o n s o ls are s u b je c t to c a ll. See V . 8 2 , p . 568 .
O n th e La P o r te & M ic h ig a n C it y T r a c tio n C o . b o n d s a s in k in g fu n d o f 1 %
per an n u m o f b o n d s o u t is o p e r a tiv e fr o m 1910 t o 1914; fro m 1915 t o m a t u r ­
ity . 2 % p e r an n u m .
O f th e new firs t m o r tg a g e b o n d s. $ 4 9 1 .0 0 0 are in tr e a s u r y , $ 1 ,9 0 0 ,5 0 0 are
reserved t o re tire p r io r lien s, an d $ 1 1 8,50 0 fo r im p ro v e m e n ts .
E A R N I N G S .— F o r c a l. y e a r 1923, gro ss, $ 1 ,4 4 8 ,7 4 3 ; net, after taxes,
$ 4 4 5 ,9 9 3 ; in te re st, $ 2 5 4 ,1 9 2 : b a l.. s u r ., $ 1 9 1 ,8 0 1 .
O F F I C E R S .— P r e s ., C h a rles F . D ie t r ic h . N e w Y o r k : T r e a s ., A . E . D ie t rich ; S e c ., O . A . S m all; V . - P . & G e n . M g r ., R . R . S m ith ; G e n . A u d ., O .A .
S m all; P u rch . A g t ., R . E . C o r n w e ll.— V . 8 4 , p . 270; V . 107, p . 2 9 1 , 603 ;
V 108. p . 378 ; V . I l l , p . 791 ; V . 113, p . 701 : V . 117, p . 85: V . 118 , p. 663;
V . 120, p . 1325; V . 121 , p . 7 3 , 1226; V . 125 , p . 3 8 4 , 6 4 7 , 1323.

_

$ 5 2 1 ,0 0 0 ( V . 100, p . 9 7 5 ). L ea se again m o d ifie d as o f Ju n o 30 1916 in
c o n n e c tio n w ith th e lease o f th e M u n c ie & P o rtla n d T r a c tio n C o . t o th e
I n d . N e w c . & E a stern T r a c . C o ., w h ich see b e lo w .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns the fo llo w in g lines: M u n c ie -A n d e r s o n -In d ia n a p o lis . 56 H m iles:
A n d e r s o n -M a r io n -W a b a s h , 5 3 mi l es; A le x a n d r ia -E lw o o d
T ip t o n . 20
m iles; In d ia n a p o lis -K o k o m o -L o g a n s p o r t , 80 m iles; K o k o m o , P e r u , 19 H
m iles; M u n c ie -U n io n C it y , 33 m iles; A n d e r s o n -M id d le to w n , 9
mi l es;
also 10 m iles o f c it y lines in A n d e r s o n ; 14
m iles in M a r io n ; 16 m iles in
M u n c ie a n d 4 m iles in E lw o o d ; to t a l, 272 m iles o f in teru rb an and 44
m iles
o f c it y lines. A ls o leases M u n c ie -H a r t fo r d C it y -B lu fft o n line, 42 m iles;
In d ia n a p o lis -N e w ca s tle -M u n c ie lin e, 62 'A m iles, an d M u n c ie -P o r tla n d
lin e, 32 m iles; gran d to t a l, 449 m iles. T h ro u g h cars are run b etw een
I n d ia n a p o lis and F o r t W a y n e in c o n ju n c t io n w ith the In d ia n a S e rv ice C o r p .
P r o v id e s p a c k a g e fr e ig h t s e r v ic e b e tw e e n In ia n a p olis an d M u n c ie and
In d ia n a p o lis an d L o g a n s p o r t a n d P e ru , an d t o all o th e r p o in ts o n th e
s y s te m . O p erates th ro u g h fre ig h t se r v ic e b etw een In d ia n a p o lis an d F o rt
W a y n e . B y c o n t r a c t ca rs are run o v e r tra ck s o f In d ia n a p o lis S treet
R a ilw a y in In d ia n a p o lis .
A large cen tral p o w e r sta tio n a t A n d e r s o n ,
o p e r a te d o n a th ree-p h a se s y s te m , w ith 19 s u b -sta tio n s, o p e ra te s en tire
sy s te m . 95 c it y ca rs , 53 s u b u r b a n , 93 in te ru rb a n , 51 fre ig h t a n d 89 se rv ice
cars; to t a l, 3 8 1 .
In S e p t. 1925 c o m p a n y w as a u th o r iz e d t o d is co n tin u e s e r v ic e b etw een
A n d e r s o n a n d M id d le t o w n , I n d . V . 121, p . 1228.
F a r e s — V . I l l , p 75; V . 112. p . 63.
In Ju n e 1924 w as a u th . b y th e I n d . P . S. C o m m , t o issu e $ 2 2 2 ,0 0 0 7 %
n otes, $ 4 0 0 ,0 0 0 6 % n o te s and $ 1 ,0 0 0 ,0 0 0 6 % b o n d s . O f th e la tte r $ 7 0 0 ,0 0 0
t o b e p le d g e d as c olla te ra l fo r th e $ 6 2 2 ,0 0 0 n o te s an d th e o th e r $ 3 0 0 ,0 0 0 to
rem ain in th e c o . ’s tr e a s u r y . V . 119, p . 199.
O u ts ta n d in g .
M a tu r ity
STOCK A N D BO N DS.
D a te .
In terest.
C o m m o n , $ 5 ,0 0 0 ,0 0 0 ________________
_________ . $ 5 ,0 0 0 ,0 0 0 ------------------1st p r e f, $ 1 ,0 0 0 ,0 0 0 , 5 % c u m . ____
1 .0 0 0 . 000
See te x t
A -O
2d p r e f, $ 3 ,0 0 0 ,0 0 0 (see t e x t ) . ____
3 .0 0 0 . 000
See te x t
J -J 10
In d Un T r a c tio n 1st M $ 5 , - f 1903
1 .6 2 0 ,0 0 0 J u ly 1 1933
5 g A -O
0 0 0 .0 0 0 ($ 1 ,0 0 0 ) g o l d - _ t f ( I n te r e s t a t G ira rd T r u s t C o ., P h ila ., tru ste e .
U n ion T r C o o f In d 1st gen M 1 1899
6 g J -J
$ 4 ,6 2 3 ,0 0 0 J u ly 1 1932
$ 5 ,0 0 0 ,0 0 0 g ( $ i ,0 0 0 )c & r * t f (E q u it a b le T r . C o . , N e w Y o r k tru stee
U n ion T r C o o f In d gen m tg e
1924
6%
7 0 0 .0 0 0 Ju n e 1 1934
In d ia n a T r . C o . , I n d ’p ’s, I n d ., tru s t e
G o lla t. tru s t n o te s Ser “ A ” .
2 0 0 .0 0 0 J u ly 1 1925
6%
C o lla t. tru st n otes Ser “ B ” _ ____
1 5 0 .0 0 0 ........ ..............
C a r tru st n otes
1 2 4 .2 8 0 ......................
3 6 ,0 0 0 D e c 1 1927
C itiz e n s ’ S t R y (M u n ) 1st M / 1897
6 g J -D
$ 2 5 0 ,0 0 0 s f su b t o call 1 0 5 . (In te r e s t a t G u a r. T r u s t & S afe D e p o s it C o . ,
P h ila d e lp h ia , tru stee.
($500 and $ 1 ,0 0 0 )_______c *
M a r io n C it y 1st M $ 4 0 0 ,0 0 0
1895
6 g M -N
3 2 8 .0 0 0 M a y 1 1929
g o ld ($ 1 ,0 0 0 )__________ c t f ( E q u it a b le T r u s t C o ., N e w Y o r k , tru ste e .
In d ia n a p olis N o rth T r a c 1 s t/ 1902
5 g J -J
5 ,0 0 0 .0 0 0 J u ly 1 1932
m tg e $ 5 ,0 0 0 ,0 0 0 g ($ 1 ,0 0 0 ){ E q u it a b le T r u s t C o . , N e w Y o r k , tru ste e ,
gu a r p & i b y Un T r a c c * t f \
In d ia n a N o r t h T r a c 1st m t g e / 1903
5 g A -O
5 0 0 ,0 0 0 O c t
1 1933
$ 5 0 0 ,0 0 0 g old ($100. $ 5 0 0 0 (In te r e s t a t T r e n to n (N . J .) T r u s t & Safe
D e p o s it C o . , tru stee.
a n d $ 1 ,0 0 0 ) g u a r_____ c * t f (
M H & F t W p r e f s to c k c u m _ _ ____
5%
5 0 0 .0 0 0
See test
do
do
fir s t m tg e $ 1 .- 1 1905
5 g J -J
9 1 6 ,0 0 0 Jan
1 1935
0 0 0 ,0 0 0 g o ld ($ 1 ,0 0 0 ) _ c * t f ( I n t . a t G u a r d . S a v . & T r . C o .. C le v ., tru ste e .
M u n c ie & U n C M $ 9 2 5 ,0 0 0 / 1906
5 g J-J
$ 9 2 5 ,0 0 0 J u ly 1 1936
g u a r g old ( $ 1 .0 0 0 )___ c * t f ( I n t . a t F id e lity T r u s t C o ., P h ila ., tru ste e .
B r o a d R ip p le N a t a t o r iu m ls t M f ____
5 M -S
3 1 .0 0 0 M a r 1 1931
G u a r , b y U n .T r .C o .o f I n d . l i n t , a t S e cu rity T r . C o ., I n d ia n a p ., tru ste e .
S to c k . — D iv s . o n 2d p r e f. s t o c k a re c u m . fro m 1 % se m i-a n n u a lly in
1913, sca lin g u p w a rd t o 3 % s e m i-a n n u a lly in J u ly 1918 a n d th e re a fte r.
B o n d s .— F o r p r o te c tiv e c o m m itte e s , & c . , see a b o v e in th is s ta te m e n t.
O f th e In d ia n a U n io n T r a c t io n b o n e s o f 1903, $ 3 ,3 8 0 ,0 0 0 w ere r e se rv e d
fo r exten sion s .an d im p ro v e m e n ts , b u t u n d e r term s o f c o n s o lid a tio n agree­
m e n t o f 1912 th ese b o n d s h a v e b e e n c a n c e le d . $ 4 9 4,00 0 are h e ld a liv e in
th e s in k in g f u n d (in clu d e d in a m o u n t o u ts ta n d in g ), s in k in g f u n d , l l %
4
p e r a n n u m o f o u ts ta n d in g b o n d s b e c a m e o p e r a tiv e o n J u ly 1 190 4. F u n d
i s t o b e in v e s te d in th e b o n d s at n o t a b o v e 105 and in t ., a n d b o n d s m a y
b e d ra w n a t 105 and in t . on a n y in t. d a te .
$ 1 7 3 ,0 * 0 U n ion T r a c . C o . o f I n d . G e n . M . b o n d s are in tre a su ry , in c lu d ­
ing $ 1 5 0 ,0 0 0 p ledged t o se cu re th e c o ll. t r . n otes: re m a in in g b o n d s are
reserv ed for u n d erlyin g b o n d s . See V . 7 1 , p . 1013. T h e y o rig in a lly bore
in t . a t 5 % an d m atu red J u ly 1 1919, b u t w ere e x te n d e d t o J u ly 1 1922 at
6 % a n d again t o J u ly 1 1932 a t th e sa m e rate o f in t. T h e e x te n d e d b o n d s
are r e d . a t a n y tim e a fte r 3 years on 60 d a y s ’ n o tice a t a 5 % pre m iu m in the
4 th a n d 5th years and 1 % less fo r ea ch s u bsequ en t y e a r , an d p a r du rin g
th e last y e a r o f th e e x te n sio n , to g e th e r w ith a ccru e d in t. Y . 115, p . 310 .
B o n d s are listed on th e P h iladelph ia S to c k E x ch a n g e .
T h e In d ia n a N o rth e r n T r a c tio n b o n d s are s u b je c t t o ca ll a t 105 a n d in t.
o n 6 w e e k s ’ n o t ic e . T h e y are g u a ra n te e d , p rin cip a l a n d in te re s t, b y
In d ia n a U n ion T r a c t io n C o .
Y 8 2 , p . 805
gk T h e M u n c ie H a r tfo r d & F o r t W a y n e b o n d s can b e c a lle d J a n . 1 1925,
o r a fte r, a t p a r . A s in k in g fu n d on th ose b o n d s o f 2
% o f g ross earnings
p er ann um b eg a n J u ly 1 190 5. See V . 8 0 . p . 1059. $ 8 4 ,0 0 0 h a v e been
r e t ir e d .
T h e M u n c ie & U n io n C it y b o n d s are s u b je c t t o ca ll a t 105 an d g u a r .,
p rin . and in t ., b y In d ia n a U n io n T r a c t io n .
T h e M a r io n C it y fir s t m t g e . b o n d s o rig in a lly m a tu re d M a y 1 1915, b u t
w ere e x te n d e d t o M a y 1 1919, a n d again t o M a y 1 192 4, a n d fu rth e r to
M a y 1 1929. V . 118. p . 2 18 0.
D iv i d e n d s . — 5 % w as p aid o n fir s t p r e f. s t o c k t o A p ril 191 4.
N o n e sin ce .
D iv s . o n se c o n d p r e f. s t o c k h a v e n o t been p aid sin ce J u ly 1912.
E A R N I N G S .— F o r . c a l. y e a r , in c l. M u n c ie -P o rtla n d lin e:
B a la n c e ,
Bond
M is c e ll.
Gross
N e t (a fte r
O ther

19 2 4 ..............
1 9 2 3 ..............
1922 ----------x E xpen se

[V ol. 125.

PUBLIC UTILITIES

SOUTHERN MICHIGAN R Y .
Is controlled by same Interests as Chic. South Bend & Northern Indiana.
ORGANIZATION.— Organized on Feb. 8 1906 as a consolidation of the
South Bend & Southern Michigan Ry. and the Niles & Bucnanan Ry.
F r a n c h is e In St. Joseph expires in 1935; in Berrien Springs in 1935; in Niles
in 1932. 1935, and 1936; in South Bend, perpetual.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates a line from South Bend to St. Joseph. Total track, 35 miles.
Standard gauge: 70-lb. T rail. Has 12 motor cars, 2 baggage and express
cars and 3 sub-stations. General Electric and Westinghouse equipment.
Purchases power.
STOCK AND BONDS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
Stock $2.000.000---._____________
_______
$2,000,000 __________
First consol mtge $1,980,0001 1906
5g
400,000 Mar 1 1931
gold ($1.000)__________ tf lint, at U. S. Mtge. & Trust Co., New York.
8outh Bend & Sou Michigan/ 1902
5 g A-O
750.000 Oct 1 1927
first mtge $750,000 gold:Interest at Harris Trust & Savings Bank,
($1,000) guar p & l -c*.tf l Chicago, trustee.
B o n d s . — Of the $1,980,000 consols, $750,000 are reserved for prior lien*
and $750,000 for betterments and extensions. These bonds are subject to
call on any int. date at 105. The following amounts are payable annually
Into a s in k in g f u n d from March 1 1909 to Feb. 28 1915: 1% of bonds out­
standing, from March 1 1915 to Feb. 28 1925, 1H % of bonds out; and from
Mar. 1 1925 to Feb. 28 1931, 2% of bonds out.
T he South Bend & South M ichigan bonds are not subject to call.

$5,000

per annum is payable into a s in k in g f u n d on these bonds, commencing
Jan. 1 1907. See V. 82. p. 1158. and V. 83. p. 493.
EARNINGS.— For cal. year 1923, gross, $265,290; net, $85,234; taxes,
$22,005; Interest, $57,500; bal.,sur., $5,729.
tea r—

G ro s s .

N et.

T a xes.

I n t e r e s t . S u r p lu s .

1921................................. .$292,476
$98,517 $21,880 $ 5 8 ,9 2 6 $17 ,711
1920
_____ ______ 334,349
122,773
18.467
58,058
46.248
OFFICERS.— Pres., Chas. F. Dietrich, New York; Treas., A. E. Dietrich, New York; Sec., O. A. Small; V.-P. & Gen. Mgr., R. R. Smith;
Aud.. O. A. Small; Purch. Agt., R. E. Cornwell.— V. 83, p. 493.

FO R T WAYNE & DECATUR TRA CTIO N CO.
O R G A N I Z A T I O N .— I n c o r p . o n Ju n e 1 1916 t o su c c e e d th e F o r t W a y n e &
S prin gfield R y ., b r o u g h t in at r e c e iv e r ’s sale o n D e c . 2 1915 (see V . 101 . p .
214 4). O n Jun e 23 1916 t h e In d ia n a P . S. C o m m , a p p ro v e d th e p u rch a s e .
W e w e re o ffic ia lly in fo r m e d t h a t lin e w a s a b a n d o n e d o n A u g . 11 1927.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 2 1 .6 m iles be tw e e n D e c a tu r a n d F t . W a y n e . T o t a l t r a c k , 2 2 .2
m iles. 7 0 -lb . T rail: ga u g e , 4 f t . 8 H in.
S T O C K A N D B O N D S .—
D a te .
In terest.
O u ts ta n d in g .
d a tu r ity .
S to ck $ 1 5 0 ,0 0 0 ( $ 1 0 0 ) . - - .................................................
$ 1 5 0 ,0 0 0 ____________
First m o rtg a g e $ 2 0 0 ,0 0 0 g o l d / 1916
6%
1 5 6 ,0 0 0 Ju n e 1 1926
( $ 1 . 0 0 0 ) ____________________ ( I n t . a t T r i-S t a t e L .& T r .C o .,F t .W a y n e ,t r u s ,
E A R N I N G S .— F o r ca le n d a r years:
G ro s s
N e t. a ft. T a xes.
In terest.
B a la n c e .
1 9 2 6 . - _________
$ 5 9 ,5 2 6 d e f.$ 1 6 ,5 3 7
$ 6 ,6 0 0
d e f.$ 2 3 ,1 3 7
d e f. 9 .2 7 9
6 .6 0 0
d e f . 1 5 ,8 7 9
192 5. ....................................... 64.287
1924— ................................... 7 4 ,7 7 6
d e f.6 .0 1 9
6 .6 9 5
d e f.1 2 .7 1 4
1923______
8 7 .9 2 2
1 1 .5 5 2
7.5 3 1
su r. 4.021
1922_______________________ 8 3 .573
8 .0 7 3
9 .1 2 5
d e f. 1.051
1921
8 3 ,1 7 3
1 .5 7 2
9 .3 6 0
d e f .7 .7 8 8
O F F I C E R S .-— P r e s ., Ja m e s H . H a b e r ly ;
T r e a s ., H . J . B o w e r fin d
A u d ., H o m e r R u h l; M g r ., H e n r y B u c h e r ; S u p t. T r a n s ., J . A . G re e la n d .
— V . 108, p . 480'; V . 125 , p . 2 26 2.

EVANSVILLE & OHIO VALLEY R Y . CO.
O R G A N I Z A T I O N .— I n c o r p . in In d ia n a in D e c . 1918 a n d a c q u ir e d on
Feb 20 1919 the p ro p e rtie s o f th e E v a n s v ille R a ilw a y s C o . (fo r h is to ry see
“ E le c t r ic R a ilw a y ” S u p p le m e n t f o r S e p t. 1 9 1 8 ), in a c c o r d a n c e w ith th e p lan

O ct., 1927.]

POWEE, LIGHT AND EAILW AY

o r r e o rg a n iz a tio n set fo rth in d etail in V 107, p . 228 9; w ith th e e x ce p tio n
th a t th e plan as revise d b y th e I n d . P . S. C o m m , p r o v id e d fo r th e issu ance
o f o n ly $ 3 0 0 ,0 0 0 com . s to c k and $ 2 0 0 ,0 0 0 p re f. s t o c k , in stead o f $ 1 ,0 0 0 .0 0 0
c o m . an d $ 5 0 0 ,0 0 0 p r e f. as o rig in a lly plan n ed
T h e c o . has a c q u ir e d the
s to c k s o f the HendersoD T r a c tio n C o . and the O w e n b o r o C it y H R C o .
b o t h o f w h ich had been o w n e d b y the E v a n s v ille R y s . C o . , and has also
a cq u ire d in fee the E v a n s v ille H en d erson & O w e n s b o r o R y . C o . , w hich
op era tes a lin e betw e e n E v a n s v ille . I n d . and H e n d e rs o n , K y
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O perates betw een M t . V e rn o n , E v a n s v ille , H e n d e rso n , R ic h la n d and
G ra n d v ie w . O p erates 70.6 8 m iles o f t r a c k , o f w h ich 56 m iles are o w n e d in
fee, 7.2 2 m iles are le a se d , 7 .4 6 m iles tr a c k a g e r ig h ts.
H as 4 .3 2 m iles o f
sidin gs; to ta l m ileage, 75 m ile s . 7 0 -lb . T ra il. G a u g e , 4 f t . 8 1 4 in . also
op era tes b u s lines.
S tock to be R e fu n d e d .
F o r co n te m p la te d e xch an g e o f $23 5 ,1 0 0 1st & ref.
5 % b o n d s a t p ar again st $2 3 5 ,1 0 0 7 % p re f. s t o c k .
See V . 123, p . 1762.
S T O C K A N D B O N D S .—
D a te .
In terest.
O u ts ta n d in g .
d a tu r ity
C o m m o n $ 1 ,0 0 0 ,0 0 0 ( $ 1 0 0 )__________
___________
$287 875 ------------------7 P r e fe r re d _____________________ ______
7
193 .710 ------------------1st M $ 2 0 0 ,0 0 0 s k f d g o l d ____ / 1919
6 J-J
See text Jan 1 1949
\ C on t. & C o m m . T r . & S. B k ., C h ic ., tru ste e
1st & R e f $ 1 ,2 0 0 ,0 0 0 c a lla b le ! 1919
5 J-J
7 4 7 .8 0 0 Jan 1 1949
at 1 0 2 1 4 on a n y in t. d a t e - - \ A m . T r . & S av. B k ., E v a n s v ille , tru stee.
G en eral M t g e In c o m e b o n d s ! 1919
see te x t
747 4 0 0 Jan 1 1949
$ 7 5 0 ,0 0 0 ___________________r (M e r c a n tile C o m m ’ l B k ., E v a n s v ., trustee.
C o iia t tru st n otes $ 3 0 0 ,0 0 0 j 1918
6 J -D
9 2 ,9 0 0 D e c 1 1929
c a lla b le at p a r _____________ \ M e r c a n tile -C o m m ’l B a n k . E v a n s v ., tru stee
B o n d s . — $17 9 ,0 0 0 o f th e 1st m tg e . b o n d s h ad been issued t o O c t . 1 1924
S in k in g f u n d o f $ 2 ,5 0 0 per a n n . starts in 1929 an d c o n tin u e s fo r 10 years,
and th erea fter th e s k . fd retires $ 5 ,0 0 0 p er a n n u m . C a lla b le at 103 during
th e 1st 10 yea rs: 102 d u rin g th e 2d 10 y e a rs , an d 101 d u rin g th e 3 d 10 years
S h ou ld n o 1st M t g e . b o n d s be Issued, (b e n th e sin k in g fu n d p r o v id e d for
th eir r e tirem en t w ill b e a p p lied t o th e 1st & r e f. b o n d s.
T h e g e n . m tg e . in c o m e b o n d s d r a w in t . at n o t t o e x ce e d 5 % p er ann um
and o n ly w h en ea r n e d . In te re s t n o t cu m u la tiv e
N o t e s . — In a d d itio n t o th e a m o u n t r e p o r te d o u ts ta n d in g , $ 9 7 ,1 0 0 h ave
b een issued an d are held in th e tr e a s u r y .
E x c h a n g e o f S e c u r itie s . — C o . was g r a n te d p e rm is s io n b y I n d . P . S. C o m ­
m ission in F e b . 1927 t o issu e $ 2 3 5 ,0 0 0 1st & r e f. 7 % b o n d s in e x ch an g e
fo r eq u a l a m o u n t o f 7 % p r e f. o f E v a n s v ille H e n d e r s o n & O w e n s b o ro R y .
V . 124. p . 920.
E A R N I N G S .— C o m b in e d sta te m e n t o f all pro p e rtie s1926.
1925.
1924.
1923.
G ross e a r n i n g s . . - ............
$ 4 5 7 ,6 5 2
$46 1 ,4 2 9
$ 5 0 6 ,8 6 0
$59 1,30 7
O p . e x p ., m a m t. & ta xes
4 2 4 ,4 6 9
4 3 0 ,3 8 4
4 0 3 ,8 5 0
448 ,8 0 4

153

o rg a n iz a tio n t o th e fo u n d r y , in d u stria l an d d o m e s t ic tra d e th r o u g h o u t In ­
dia n a , Illin ois, Io w a and parts o f W isco n sin , M in n e s o ta , .vtichigan and
South D a k o ta .
T h e sale o f th e en tire o u tp u t o f tar and a m m on ia is ar­
ranged for u n d er c o n tr a c ts w ith th e B arrett C o and o th e r s , w hile the benzol
and ligh t oils fin d a re a d y m a rk e t as m o t o r fu e l a n d fo r o th e r p u rp o s e s .—
V . 123. p . 1875.
STOCK AN D BO N DS—
D a te .
O u ts ta n d in g .
M a tu r ity .
In terest.
C o m m o n , 100.000 shs. (n o p a r ) ____
100 .0 0 0 shs.
1st p f 7 cm $ 2 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) ____
See tex t
7_Q -F ”
$3 9 0 ,0 0 0
2n d p r e f 6 % n o n -c u m $50 0 ,0 0 0
($ 5 0 ' - ___________ ___________________
6
500 ,0 0 0
1st m tg e g o ld , sin k in g fu n d f 1926
5 ^ A -O
2 .4 0 0 ,0 0 0 O ct. 1 1946
b ! 4 % series A ($ 1 ,0 0 0 a n d /T h e S eab oard N a t . B a n k o f th e C it y o f N e w
500 c * ) ____________________ t f ( Y o r k , c o r p o r a te tru stee.
3 -y e a r d e b e n tu re $ 1 ,2 0 0 ,0 0 0 / 1926
6 A -O
1 ,2 0 0 .0 0 0 O c t . 1 1 9 2 9
($ 1 ,0 0 0 c * ) _______________ t f (F irst N a t. B a n k B o s t o n , tru stee.
B o n d s .— A d d itio n a l 1st m o r tg a g e g o ld bun ds m a y be issued fro m tim e to
tim e , eith er o f this series o r o f o th er series, h a v in g such rate o f in terest,
m a tu rity d a te , sin k in g fu n d , r e d e m p tio n and o th e r p ro v is io n s as d ire cto rs ,
m a y d e te rm in e . Such a d d itio n a l b o n d s m a y be issu ed: (a) for th e p u rp ose
o f re fu n d in g an equa l prin cipa l a m o u n t o f b o n d s o f a n y series o u tsta n d in g
u nd er th e m o rtg a g e or o f a n y b o n d s w hich m a y b e o u ts ta n d in g as a prior
lien again st p r o p e r ty h e re a fte r a cq u ire d o r (b) for not m ore th an 7 0 % o f
th e co st o r fair v a lu e , w h ich ever is less, o f new p r o p e r t y and o f a d d itio n s ,
be tte rm e n ts an d im p ro v e m e n ts to th e p ro p e rtie s o f th e c o m p a n y , acq u ired
or c o n s tr u c te d s u b se q u e n t to th e d a te o f th e m o r tg a g e .
N o a d d ition a l
b o n d s h o w e v e r, shall b e issu ed, e x c e p t fo r re fu n d in g p u rp o se s, unless net
e arn in gs, for 12 c o n s e c u tiv e m on th s o u t o f th e 14 ca le n d a r m on th s next
p re ce d in g the a u th e n tic a tio n th e r e o f, shall h a ve been at least 3 tim es th e
annual interest re q u ire m e n ts on aii o u ts ta n d in g 1st m tg e . gold b o n d s ,
an d th o se p rop osed t o be issu ed. T h e y are secured b y a d ir e ct fir s t m ort­
g age o n all th e la n d , b u ild in g s , m a ch in ery and e q u ip m e n t o f th e c o m p a n y
(s u b je c t, w ith respect t o “ V ig o M in e N o . 2 9 “ o n ly , t o ce rta in c o n tin g e n t
rig h ts o f th e lessor o f a d ja c e n t p r o p e r t y ).
On or b e fo re O ct. 1 1930, and on or b e fo re O ct. 1 o f each year th e re a fte r,
c o . will p a y t o tru stee, as and for a s in k in g fu n d fo r th e p u rch a se o r red em p ­
tio n o f the series A b o n d s, th e fo llo w in g p e rcen tages o f the largest p rin cipa l
am ou n t o f series A b o n d s, o u ts ta n d in g at a n y tim e p rio r t o such d ates:
O ct. 1 1930, to O ct. 1 1933, in c l., 2 % : O ct. 1 1934, to O c t . 1 1937, in c l.,
3 % ; O c t . 1 1938, to O c t . 1 1942. in c l., 4 % : O ct. 1 1943, t o O c t . 1 1945. in c l.,
5% .
T h e sin kin g fu n d has been c a lcu la te d t o retire 5 5 % o f th e present
au th o riz e d issue o f series A b o n d s prior to m a tu r ity .
5 1 3 % s e r ie s A . da ted O ct. 1 1926 are red. w h ole or part o n a n y in t. d a te
on not less than 30 nor m ore than 60 d a y s ' n o tice at 107 \4 an d int . t o and
incl O c t . 1 1930. th e prem iu m d ecreasing 14 o f 1 % each ye a r th erea fter to
and in cl. O ct. 1 1944 and th ereafter red. at par an d in t.
Penn. & C o n n .
4-m ills and M a ss. 6 % taxes r e fu n d a b le .
In O ct. 1926 R u tte r & C o . , N ew
Y o r k , and the F irst N a tio n a l C o r p ., B o s to n , sold $ 2 ,4 0 0 ,0 0 0 series A at
$ 1 0 2 ,8 1 0
$14 2,50 3
N e t ea rn in g s __________
$ 3 3 ,1 8 3
$31 ,0 4 5
9 6 1 4 and in t .. to yie ld a b o u t 5 .8 0 % .
V . 123, p. 1875.
N o t e s . — T h e 3 - y r . 6 % g . n o te s , da ted O ct. 1 1926 are red. all or p a rt on a n y
D e d u c tio n s —
in t. d a te on nor less than 30 nor m ore than 60 d a y s ' n o tice at 100 14 and in t.
f$ 6 .0 6 0
$5,436
I n t . on 1st m tg e. b o n d s , f
110,000
10,000 In t. p a y a b le in B oston o r N e w Y o r k . P en n , an d C o n n . 4-m ills an d M a s s .
do
s u b s id . lin e s ____ J
6 % taxes re fu n d a b le
in O ct. 1926 R u tte r & C o ., N e w Y o r k an d First
3 7 ,3 7 2
3 7 .3 6 0
I n t . o n 1st & r e f. b o n d s .-!
$ 66 ,899
$ 7 7 ,3 7 0
N a tio n a l C o r p ., o f B o s to n o ffe r e d $ 1 ,2 0 0 ,0 0 0 o f th ese n o te s a t 100 an d in t.
16,849
16,849
D iv . o n E .H .& O . p f.s t k .
V 123. p . 1996.
7 ,2 5 6
7,2 5 5
Illin o is C e n tr a l r e n t a l___ (
D iv id e n d s . — On 1st p re f. s t o c k an inifci 1 dividend o f $ 2 .3 3 was p aid in
F e b . 1927 t o c o v e r 4 m o n th s ’ p e r io d fr o m O c t . 1 1926, a n d th e rea fter p a id
B a la n ce ________________de f$ 3 3 716 d e f$ 4 6 .3 2 5
$ 2 5 ,2 7 3
$65 ,6 0 3
$ 1 .7 5 q u a r.
O F F I C E R S .— C h a irm a n , A . F . H arges: P r e s ., W . H . M c C u r d y V .-P .
E A R N I N G S .— F o r 12 m o n th s e n d e d Ju n e 30:
W . A . K o c h ; V .- P ., W . A . C a rso n ; S e c . & T r e a s ., C . H . B a ttin ; G e n . M g r ,
*1927
1996
1925
1924
G . R . M illic a n : A u d ito r , R . V o t e .— V . 108, p . 378 ; V . 110, p . 248 7; V . 123,
N e t sa le s_________________ $ 1 ,1 1 6 ,5 4 1
$ 2 ,4 2 1 ,4 1 9 $ 2 ,3 3 7 ,6 9 4 $2,459,' 172
p . 1762, 289 8; V . 124, p. 920.
C o s t , in c l. m a in te n a n c e 8 7 2 ,9 9 5
1 ,8 8 6 ,4 4 7
1 ,9 1 5 .9 3 6
2 ,0 5 9 .2 2 9
HENDERSON TRACTION.
S e ll., a d m . & g e n . e xp s.
6 3 ,8 5 7
140,065
1 35 ,150
134.732
in c l. local t a x e s ............
W e w ere in fo rm e d th a t th e p r o p e r ty o f this c o m p a n y so ld a t r e ce iv e rs h ip
sale in N o v . 1923. sin ce has been d ism a n tle d .
N e t o p e ra tin g p r o f i t . .
$ 1 7 9 ,7 2 5
$39 4 ,9 0 7
$ 2 8 6 ,6 0 9
$26 5,21 1
OWENSBORO CITY RAILROAD.
M is c . in c o m e ( n e t ) ______
13,264
11,029
6 ,5 3 5
8 ,2 7 4
A c q u ir e d b y E v a n s v ille R y s. (s u c ce e d e d in 1919 b y E v a n s v ille & O hio
N e t b e fo r e d e p r e c .,
V a lley R y . C o .) in A p ril 191 3. V . 96, p . 1488.
in t. & F e d . t a x e s . . .
$ 1 9 2 ,9 8 9
$ 4 0 5 ,9 3 6
$ 2 9 3 ,1 4 3 , $27 3 ,4 8 5
R ec e iv e r s h i p .— In O c t . 1923 W . A . C a rso n w as a p p o in te d r e c e iv e r for
* F o r 6 m o n th s e n d e d Ju n e 30 1927.
th e c o m p a n y o n p e titio n o f th e A m e rica n T r u s t & S a v . C o . , E v a n s v ille .
O F F I C E R S .— C h a irm a n o f B o a rd an d P r e s ., A lfr e d M . O gle; V .-P s.>
I n d ., tru stee for th e g e n . m tg e . 6 % b o n d s . V . 117. p . 1886.
Sam uel D . R o y s e a n d P h ilip L . G ill; T r e a s ., L e o n S tern ; S e c ., M . E*
O R G A N I Z A T I O N .— C h a rte re d in 1886. F ra n ch ise runs till 1936 and
B r a d le y . O ffic e , T e r r e H a u te , I n d .— V . 123, p . 1875, 1996, 331 9; V . 124*
giv es ex c lu s iv e rig h ts t o o p e r a te s treet ra ilw a y in said c it y .
p . 37 2 , 3066.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s 12 )4 m iles o f stre e t ra ilw a y in O w e n s b o r o a n d su b u rb s ; 56 an d 7 0 -lb
INDIANAPOLIS & CINCINNATI TRACTIO N CO.
rail; 30 m o t o r ca rs, d o u b le W e s t .; 68 G E .. 258 a n d 54; 7 trailers a n d 6
2 5 -to n c o a l ca rs. P o w e r re q u ire m e n ts p u rch a se d .
O R G A N I Z A T I O N .— In c o r p o r a te d in In d ia n a on N o v . 17 1910 as su c­
cessor to th e old In d ia n a p o lis & C in cin n a ti T r a c . C o . , sold a t foreclosu re
STO CK AN D BONDS—
D a te .
In terest.
O u ts ta n d in g .
d a tu r ity .
N o v . 10 1910. V . 91. p . 1385. 1025.
C o m m o n $ 7 5 ,0 0 0 (par $ 5 0 ) . . -------------. . . —
$ 7 5 .0 0 0 f . p . --------------In 1911 a cqu ired the I n d ia n a p o lis & Sou th ea stern T r a c . C o . (all o f w h ose
1st m t g e ., $ 2 0 0 ,0 0 0 , g o l d / 1902
5 g J -J
2 0 0 .0 0 0 Jan 1 1932
c o m . and $30 ,0 0 0 1st M . b o n d s th e o ld In d ia n a p o lis & C in cin n a ti T r a c . C o .
($ 1 ,0 0 0 ), c & r , n o t r e d . _ t f (In te re s t a t L o u is v ille T r u s t C o ., T ru ste e
had ow n e d and to w h ich c o m p a n y th e In d . & S ou thea stern was leased) an d
G en era l m o r tg a g e . $ 2 0 0 ,OOOtf! 1910
6 M -N
2 0 0 .0 0 0 M a y 1 1933
ca n ce le d its c o m . s t o c k . V. 92. p . 8 8 1 .9 5 6 . P rivate rig h t o f w ay e x c e p t in
\A m er. T r . & S a v . C o . , E v a n s v ., I n d ., T r u s t,
c itie s an d to w n s. C o u n t y fr a n c h is e s p e rp e tu a l. F r a n c h is e s lu cities an d
E A R N I N G S fo r c a l. ye a r 1921, gro ss, $ 8 5 ,7 2 7 ; n e t, $ 9 ,3 8 2 ; in 1920
to w n s are fo r 50 years (th e o ld e s t bein g d a te d 1904) ex ce p t in I n d ia n a p o lis
g ross, $ 1 0 6 ,9 1 0 ; n e t , $ 1 2 ,7 3 2 .— V . 9 0 . p . 1364; V . 105 . p . 227 3; V . 112 , p
w hich is for 34 years fro m 1900. Ftas c o n t r a c t w ith In d ia n a p o lis T r a c tio n
470 ; V . 117 , p . 188 6.
& T erm in al C o . fo r 3 ! yea rs a llo w in g its cars to en ter In d ia n a p o lis.
In A p ril 1913 a cq u ire d c o n tr o l o f the C in cin n a ti & W e s tw o o d R R ., a
n a rro w -g a g e road e x te n d in g fro m W e s tw o o d , on th e b o u n d a r y lin e o f
C in c in n a ti, to B righ to n , w ithin th e c it y . 5 1-3 m iles. V 96 p 1297.
EVANSVILLE SUBURBAN & NEW BURGH R Y .
R e c e iv e r .— O n M a y 6 1927 W ill M . F razee w as n a m e d r e c e iv e r , s u cceed in g
C h arles L . H e n ry d e ce a s e d .
V . 121, p . 1348.
O R G A N I Z A T I O N .— I n c o r p . in In d ia n a in D e c . 1888 w ith a perpetu al
c h a r te r .
P r o te c tiv e C o m m itt e e s .— W e re fo rm e d in M a r c h 1926 as fo llo w s (see V .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
122. p. 1762):
Passen ger business hau led b y e le ctr ic ity and fre ig h t b y ste a m .
D oes a
I n d i a n a p . c% S o u th e a s t. T r . C o . 5s, d u e J u l y 1 1 93 5.
G e o rg e A . B a ll,
c a r -lo t fre ig h t an d express b u sin e ss. O perates 25 m iles o f tr a c k fr o m E v a n s ­
F red erick D . R o s e . L lo y d K im b r o u g h , F le tc h e r M . D u r b in amd F r e d . O .
ville t o N e w b u r g h , w ith a b ra n ch o f f th e m ain line th ro u g h S teven s Station
D ic k s o n . T h e Indian a T r u s t C o ., d e p o s ita r y .
an d C h a n d le r t o B o o n v ille ; has a lso 5 m iles o f s id e tra ck ; t o t a l, 30 m iles
I n d i a n . S h elb y v .
S o u th e a s t. T r . C o . 5s, d u e J a n . 1 1982: G e o r g e C .
7 0 -lb . T rails.
Has p riv a te r ig ln -o f-w a y
F o r r e y : Jam es A . S ig a fo o s e , F ran k B o p p . L . A . C o le m a n a n d O . E . F ra n tz e n .
STO C K AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
D e p o s .. F le tch e r A m erican N a tio n a l B a n k .
S to c k $ 5 0 0 ,0 0 0 ( $ 1 0 0 )_______________
_______ _
$ 3 0 7 ,4 0 0 ---------I n d i a n a p o l i s & C in c in n a t i T r a c tio n C o . 1st M t g e . 5s, D u e J u ly 1 1940.—
1st m o r tg a g e . $ 5 0 0 ,0 0 0 , gold ( 1904
5 g J-J
4 5 5 .0 0 0 J u ly 1 1930
John T.. B e a s iy , C h airm an : Joh n .1. A p p e l. O . L . A sm an n . G e o rg e A . B a ll,
(5 0 0 an d $ 1 ,0 0 0 ) ____ c * t f j l n t . at C itizen s T r . & S a v . B k ., E v a n sv ille
John J. J a ck so n , J . L . K im b r o u g h , F . D . R o s e , S e c. D e p o s ita r y , F letch er
| T r u s te e , o r N a t . B a n k o f C o m m e r c e , N Y
Savings & T ru s t C o .
B o n d s .— A s in k in g f u n d o f $ 2 ,5 0 0 p er ann um c o m m e n c e d July ! 1910
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
w h ich •will retire b on d s at 105. All or a n y p a r t o f b o n d s re d e e m a b le aftes
O perates 58 m iles o f track fro m In d ia n a p o lis via R u sh ville t o C o n n ersv ille
15 yea rs at 105. $ 4 2 ,5 0 0 h a v e b e e n r e tire d . V . 96, p . 1365.
and 49 m iles o f track fro m In d ia n a p o lis via Shelb.vville to G reen sb u rg .
E A R N I N G S . — F o r c a le n d a r yea rs:
T o t a l, 105 m iles o f t r a c k .
A n e xten sion fro m R u s h v ille via H arrison , O .,
N e t a fter
B a la n ce ,
to C in cin n a ti is p r o p o s e d . 60 and 7 0 -lb . T rails.
12 m o to r passenger
D e fic it..
In terest.
T a xes.
G ro s s .
cars. 8 m ail p assen ger cars, 5 fre ig h t m o t o r ca rs . 11 fre ig h t trail b o x ca rs,
$ 1 .9 * 1
$21,019
$23 000
19 2 6 ______
$17 0 ,7 6 6
2 m o t o r s t o c k ca rs. 12 m ail s to c k ca rs , an d 8 m isce lla n e o u s ca rs.
8 ,6 » 3
2 3 ,0 0 0
14,317
19 2 5 ________
160,971
P a y m e n ts i n S c r i p . — On O c t . 1 1918 $ 1 5 ,0 0 0 o f d iv s . on I n d . & S ou th ea st­
2 3 ,1 8 7
459
22.7 2 9
1 9 2 4 ___________________
184 .523
ern p r e f. s t o c k be in g u n p a id , th e c o . issued in lieu t h e r e o f a like a m o u n t
O F F I C E R S .— P re s. & G e n . M g r ., G us M u h lh a u se n ; V .- P . & T r e a s ..
6 % c t fs . o f in d e b te d n e s s , d u e t w o years a fte r th e c lo s e o f th e w ar. D iv s .
O h a s . W . C o o k ; S e c ., Jas. E . C o x .— V . 8 3 , p . 271; V . 9 6 , p . 1365.
due A p r . 1 a n d O c t . 1 1919, also A p r . 1 1921, w ere p a id in th e sam e w a y .
S u b sequent d iv s . h a v e been paid in cash .
O n Jan . 1 1919 $ 6 0 ,0 0 0 a d d i­
tion al 6 % c t fs . o f in d e b te d n e ss w ere issu ed t o p a y th e $ 6 0 ,0 0 0 o f b o n d
INDIANA CONSUMERS GAS & BY-PRODUCTS CO. interest d u e on th a t d a te . I n t. d u e J u ly 1 1919 was p a id in a like m a n n er.
These c tfs . w ere t o m atu re on Jan 1 1921 hut had not, been paid up to
O R G A N I Z A T I O N .— A D e la w a re c o r p o r a tio n . A c q u ir e d in O c t . 1926
O ct. 1923
T h e y h a v e n o t been ren ew ed but. are b e in g ca rrie d alon g b y
th e b y -p r o d u c ts gas p la n t o f th e In d ia n a C o k e & G as C o . situ a te d a t T e rre
“ m utual u n d e r s ta n d in g .”
V . 114. p . 1890
C o m p a re V. 108. p . 78 4 .
• H au te, I n d ., a n d also ce r ta in p r o p e r ty k n o w n as “ V ig o M in e N o . 2 9 .”
STOCK A N D BON DS—
D a te .
I n t e r e s t .O u t s ta n d in g .
M a t u r it y
T h e b y -p r o d u c ts gas p la n t b egan o p e ra tin g in S e p t. 1916. In Ja n . 1919
C o m m o n $ 2 ,0 0 0 ,0 0 0 ________ __________
___________ $ 2 ,0 0 0 ,0 0 0 ______________
a s e c o n d b a tte ry o f 30 K o p p e r s C o . o v e n s w as in sta lle d .
P ref $ 1 ,0 0 0 .0 0 0 (see t e x t ) ______ ____
J-J
1 .0 0 0 .0 0 0 In 1912, 1 %
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
First m tge $ 4 ,8 5 0 ,0 0 0 ($ 1 ,-7
1910
5 J -J
1 .6 )0 ,0 0 0 J u ly 1 1940
T h e present b y -p r o d u c ts pla n t o c c u p ie s a b o u t 34 Vi acres o f lan d ad jacen t
000 ) g o ld (see t e x t ) ______c * (I n t e r e s t a t C e n tra l T r u s t C o ., N . Y . , tru s.
t o th e co r p o r a te lim its o f th e C it y o f T o rre H a u te , I n d .
It con sists o f 60
[n d .& S E p f stk $ 6 0 0 ,0 0 0 ($ 1 0 0 ) ____
A -J
6 0 0 .0 0 0 In 1917, 5 %
K o p p e r s C o . b y -p r o d u c t o v e n s w ith fu ll au xilia ry e q u ip m e n t for th e re­
In d . & S E 1st M $ 1 ,0 0 0 ,0 0 0 /
1905
5 g J -J
5 8 6 .0 0 0 J u ly 1 1935
c o v e r y o f gas, co k e , ta r, a m m o n ia in th e fo rm o f eith er a m m o n ia liq u o r or
g o ld ( $ 1 ,0 0 0 )_______________(I n t. a t F a rm e rs' L oa n & T r . C o ., N . Y .,tr u s .
a m m o n iu m su lp h a te , b e n z o l, t o lu o l, x y lo l an d th e n a p h th a s.
It has a
Ind S h e lb y v & S o u th e a st 1 s t !
1902
5 g J -J
4 1 4 ,0 0 0 Ja n . 1 1932
m a x im u m rated c a p a c ity o f 1,300 to n s o f coal p er d a y and has a m axim u m
M $ 5 0 0 ,0 0 0 g ($ 1 ,0 0 0 ) s f_ _ ( I n t . a t C . & O . T r . & S a v . B k ., C h ic a g o , trus
d a ily prod u etin u of 6 .5 0 0 .0 0 0 c u . ft . of gas. T h e c o k e p ro d u c e d is abou t
C e r tific a te s o f in d e b te d n e s s ___
____
6%
165.000
See t e x t
■equally d iv id e d b etw een fo u n d r y , in du stria l a n d d o m e s tic uses.
S to ck . — I n d . & C in . T r a c . p r e f. is e n title d t o n o n -c u m . d iv s . o f 2 % u n til
T h e b y -p r o d u c t s p la n t su p p lies gas a t w h olesa le, u n d er a fa v o r a b le
July 1 1911, th en in cre a sin g 1 % y e a rly t o J u ly 1 1913: th e re a fter 5 % per
c o n t r a c t , t o th e In dian a G as U tilities C o ., w hich se rv e s, w ith o u t c o m p e ti­
a n n u m . I n d . & S. E. p re f. is re d e e m a b le a t 105 a n d a ccru e d d i v . o n a n y
t io n , an e stim a ted p o p u la tio n o f 85,0 0 0 in T e rre H a u te , W e st T e rre H au te,
d iv id e n d d a t e . See V . 8 1 . p . 1375.
B r a z il, an d s u rrou n d in g te r rito r y in In d ia n a . U n d er th is c o n tr a c t th e
B o n d s . — F o r p r o te c tiv e c o m m itte e s see a b o v e in th is s ta te m e n t.
In d. &
I n d ia n a G as U tilities C o . pu rchases its en tire gas re q u ire m e n ts. T h e
C in . T r a c . 1st M . is d iv id e d in to th re e classes: A , B an d C . C lass A ,
c o m p a n y also su p p lies gas fo r industrial p u rposes u n d e r special c o n tr a c ts .
$ 1 ,3 0 0 ,0 0 0 , a ll ©ut; class B , $2 0 0 ,0 0 0 .n o n e issu e d , a n d class C , $ 3 ,3 5 0 ,0 0 0
T h e c o k e o u t p u t o f th e p la n t is d is trib u te d th rou gh th e c o m p a n y ’s o w n sales




154

[V ol. 125.

PUBLIC UTILITIES

( o f w h ich $ 10 0 ,0 0 0 o u t s t a n d in g ), re s e r v e d fo r e x te n s ., im p r o v e m e n ts .
E n tir e series o f b o n d s o f each cla ss is s u b je c t to ca ll on or a fte r J u ly 1
1913 a t 105 a n d in t . A s t o p r io r it y o f d iffe r e n t series, see V . 9 2 . p . 956 .
O f t h e $ 1 ,0 0 0 ,0 0 0 I n d . & S E . b o n d s, $ 4 1 4 ,0 0 0 is r e s e rv e d fo r p r io r lien s.
T h e y are s u b je c t to ca ll o n a n y in t . d a t e a t 105 and in t.
O f t h e I n d . S h e lb y . & S. E . b o n d s , t h e en tire issue m a y b e c a lle d o n a n y
In t. d a t e a t 110 . A s in k in g f u n d o n th ese b o n d s o f $ 1 0 ,0 0 0 p e r an n u m b egan
Ja n . 1 1908, fo r w h ich b o n d s ca n b e c a lle d a t 105 , b e g in n in g w ith lo w e s t
n u m b e r . $8 6 ,0 0 0 h a v e been r e tir e d .
D iv i d e n d s .— O n P r e f. p a id In 1911, 1 )4 % ; In 1912, 1 % .
E A R N I N G S .— F o r C a le n d a r Y e a r s :
1926.
1925.
1924.
1923.
G r o s s _____________________
$57 3 ,7 1 3
$ 5 3 5,21 1
$ 5 6 4 ,9 9 0
$58 3 ,8 5 9
N e t a fte r d e p r e c ia t io n . .
2 1 ,7 3 8
9 ,2 9 3
d e f l7 ,1 5 7
21,4 5 6
T a x e s _____________________
2 5 ,3 5 5
3 1 ,7 0 9
_______
_______

Sec.

N e t a fte r t a x e s _______
d e f$ 3 ,6 1 7 d e f$ 2 1 ,7 8 6
O F F I C E R S .— R e c e iv e r , W m . M . F ra ze e ; V . - P . , W . D u r b in A n d e rs o n ;
S e c ., J oh n J . A p p e l, In d ia n a p o lis; T r e a s ., J . F . W ild , In d ia n a p o lis .
O ffic e ,
In d ia n a p o lis .— V . 112, p . 1740; V . 114, p . 1890; V . 115, p . 759; V . 121,
p . 1348; V . 122, p . 1762.

CHICAGO SOUTH SHORE & SOUTH BEND R Y.

VINCENNES ELECTRIC R Y . CO.
O R G A N I Z A T I O N — I n c o r p . in N o v . 1921 a n d o n F e b . 1 1922 t o o k o v e r
th e o p e ra tio n o f th e p r o p e r tie s o f th e V in ce n n e s T r a c t io n O o ., s o ld a t fo re ­
clo su re in O c t . 192 1. F o r h is to ry o f V in ce n n e s T r a c t io n O o . see “ E le c ­
tric R a ilw a y ” S u p p le m e n t o f O c t . 2 2 1921.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .
L e n g th o f r o a d , 4;4 5 m ile s. P a ssen ger c a r s , 10; w o rk ca rs , 3 ; p o w e r
pu rch ased
S T O C K S A N D B O N D S — . D a te .
I n t e r e s t . O u ts ta n d in g .
M a tu r ity
C a p ita l s t o c k $ 1 0 0 ,0 0 0 ________
____
___________
$ 1 0 0 ,0 0 0 ____________
F irst m o r tg a g e sin k in g f u n d f
1922 ____________
1 6 7 ,0 0 0 _ See t e x t .
b o n d s , issu ed $2 6 6 ,6 0 0 ____ (M e r c a n t ile T r . C o . , S t. L o u is , tr u s te e .
B o n d s .— S in k in g fu n d retires b o n d s in 20 y e a r s .
E A R N I N G S .— F o r ca le n d a r y e a r 1926: G ro s s , $ 6 4 ,9 7 5 ; n e t , a fte r ta x es.
$ 1 4 ,5 1 2 . F o r c a l. y e a r 1925: G ro s s , $ 6 1 ,1 0 8 ; n e t , a ft e r ta x e s , $ 1 1 ,7 2 4 .
F o r c a l. y e a r . 1924: G ro s s , $ 7 1 ,8 5 6 ; n e t , a ft e r ta x e s , $ 1 6 ,8 3 1 . I n 1923:
G ro s s , $ 7 9 ,5 9 8 ; n e t , a ft e r ta x e s , $ 2 1 ,6 0 8 . F o r 11 m o s . e n d . D e c . 31 1922:
G ro s s , $ 7 3 ,3 2 6 ; n e t , $ 2 1 ,3 2 8 ; i n t ., $ 1 1 ,0 0 0 ; b a l ., s u r ., $ 1 0 ,3 2 8 . O f p r e ­
dece sso r c o . fo r c a l. y e a r 1921: G ro s s , $ 8 3 ,6 6 9 ; n e t , $ 2 9 ,2 2 8 ; i n t ., $ 1 1 ,7 5 0 ;
b a l., s u r ., $ 1 7 ,4 7 8 .
O F F I C E R S .— P r e s ., E w in g R . E m is o n ; V . - P . , J . H u g h P o w e r s ; F in .
S e c ., H . L . B e n n e tt ;G e n . M g r . & T r e a s ., H . L . B e n n e tt.

A s u b s id ia ry o f M id la n d U t i l it i e s C o .
O R G A N I Z A T I O N .— I n c o r p o r a t e d Ju n e 23 1925 u n d e r th e la w s o f
I n d ia n a . P u rch a se d th e p r o p e r tie s o f t h e C h ica g o L a k e Sh ore & S ou th
B e n d R y . , s o ld at fo re c lo s u r e o n Ju n e 29 1925, as per re o r g a n iz a tio n p la n ,
see V . 120, p . 71. See also fo r h is to ry o f o ld c o m p a n y “ P u b lic U tilities
C o m p e n d iu m ” o f O ct. 31 1925 a n d fo r o rg a n iz a tio n o f p re se n t c o m p a n y ,
V . 120, p . 331 2; V . 121, p . 197.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y op era tes an e le ctr ic ra ilr o a d ru n n in g fr o m C h ic a g o t o S o u th B e n d .
T h is r a ilr o a d serves H a m m o n d , E a s t C h ic a g o , G a r y , M ic h ig a n C it y an d
S ou th B e n d . C o . op e ra te s t o t a l o f 138 .52 m iles o f tr a c k , 45 passenger
MIDDLE WEST U TILITIES CO.
m o t o r ca rs , 1 s erv ice m o t o r c a r , 14 passen ger n o n -m o t o r , 23 fre ig h t n o n ­
(S e e M a p o n p a g e 157.)
m o t o r a n d 15 se r v ic e n o n -m o t o r ca rs a n d 6 lo co m o tiv e s .
A h o ld in g c o m p a n y .
STOCKS A N D BO N D S—
D a te .
In terest
O u ts ta n d in g . M a t u r i t y .
C o m m o n (n o p a r ) ____________________
O R G A N I Z A T I O N .— I n c o r p . b y th e I n s u ll in te re sts o f C h ic a g o in D e la ­
___________ 1 5 0 ,0 0 0 s h s . ____________
w are M a y 1912.
1st & r e f m t g e g 3 0 -y e a r _______ 1925
6 )4
$ 2 ,0 0 0 ,0 0 0 J u ly 15 1955
T h e su bsid iaries d ir e c t ly o r in d ir e c t ly c o n t r o lle d , a n d t h e S tates in w h ich
5 0 -y ea r 2d m tg e g n o t e s _______ 1925
6
2 5 0 .0 0 0 J u ly 15 1975
t h e y o p e r a te are as fo llo w s :
5 0 -y e a r a d j m tg e g _____________ 1925
1 ,7 5 0 .0 0 0 J u ly 15 1975
E q u ip tr g o ld c e r tific a te s ? 1926
See t e x t
9 5 4 ,0 0 0 1927-1936l & S o u th W e s t U tilitie s C o .
N o r t h W e s t U tilitie s C o .
C e n tra
Series A __________________ tf\ Is s u e d u n d e r th e P h ila d e lp h ia p la n .
A m e r ic a n P u b lic S e rv ice C o . (T e x .)
L a k e S u p erior D is tr ic t P o w . C o .
C e n tra l P o w e r & L ig h t C o . (T e x a s ,
(W is ., M ic h .)
N o t e . — A ll o f th e a b o v e 1st & r e f. m tg e . 6 )4 s , d u e 1955; 2d m tg e . 6s,
M is s .)
S o u th e rn W isc o n s in E l. C o . (W is .)
d u e 1975, a n d 5 0 -y e a r a d ju s t, m t g e . b o n d s , d u e 1975, are a ll o w n e d b y
M id la n d U tilities C o .
P u b lic S e rvice C o . o f O k la . (O k la .)
W isc o n s in P o w e r & L t . C o . (W is .)
S o u th w e ste rn G as & E le c . C o . N e w E n g la n d P u b lic S e rv ice C o .
B o n d s , A c . — O f th e $ 1 ,0 6 0 ,0 0 0 e q u ip , tr u st c e r tific a te s d a ted J u l y 1 192 6,
( T e x ., M is s ., L a ., A r k .)
B r a d fo r d E le c t r ic C o . (N . H ., V t .)
$ 1 0 6 ,0 0 0 m a tu re each J u ly 1 1927 t o a n d in c l. 1936. D e n o m . $ 1 ,0 0 0 e x c e p t
S o u th w estern L t . & P r . C o . (O k la .)
W e s te rn M a in e P o w . C o . ( M e . ,
th o s e d u e J u ly 1 1931 an d 19.36 w h ich are $ 10 00, $500. $ 10 0. S em i-a n n .
C e n tra l Illin ois P u b . S e rv . C o . (111.)
N . H .)
d iv s . (J . & J .) eith er a t tru ste e s’ o ffic e in C h ic a g o o r at H a ls e y , S tu a rt & C o .,
C e n tra l P o w e r C o . (N e b .)
C e n tr a l M a in e P o w e r C o . (M e .)
I n c ., in N . Y . C it y . T h e fir s t tw o m a tu ritie s bear d iv s . a t th e r a te o f 4 )4 %
Illin o is N o rth e r n U til. C o . 111.)
P u b lic S e rv ice C o . o f N . H . (N . H .)
p er a n n .; th e n ex t 3 a t ra te o f 5 % an d th e last 5 a t rate o f 5 )4 % ■ R e d . al t
S o u th N e w
H a m p sh ire H y d r o
In te rs ta te P u b . S e rv . C o . (In d .)
or p a r t on 30 d a y s ’ n o tice a t 100 & d iv s ., p lu s a prem iu m o f 2 % fo r all cer­
In d ia n a H y d r o -E le c t r ic P o w e r C o .
E le c . C o r p . (N . H .)
tifica tes m a tu rin g m o r e th a n 5 y e a rs, a n d o f 1 )4 % fo r c e r tific a te s m atu rin g
(In d .)
N a tio n a l L t ., H e a t & P o w . C o .
5 years o r less, fro m d a te o f re d e m p tio n . P e n n . 4 -m ills ta x r e fu n d e d . F or
K e n t u c k y U tilitie s C o . ( K y .)
R u tla n d R y . & L t . C o . (V t .)
secu rity an d lease o f e q u ip m e n t, see V . 123, p . 3 2 3 . In J u ly 1926 H a ls e y ,
K e n t u c k y H y d r o E le c . C o . ( K y .)
P it t s fo r d P o w e r C o . (V t .)
S tu a rt & C o ., I n c ., o ffe r e d $ 1 ,0 6 0 ,0 0 0 series A at p rice s t o y ie ld fr o m
O ld D o m in io n P o w . C o . (V a .)
T h e T w in S ta te G as & E le c .
4 )4 % t o 5 M % , a c c o r d in g t o m a t u r it y . Y . 123, p . 323 .
M ic h ig a n G as & E le c . C o . (M ic h .)
C o . ( M e ., N . Y . , N . H ., V t .)
E A R N I N G S .— F o r ca le n d a r y e a r 1926:
M is s o u r i G as & E le c . S erv. C o . ( M o .)
V e r m o n t H y d r o E le c . C o r p .,
O p era tin g r e v e n u e ____________________________________________________$ 1 ,0 5 6 ,8 5 9
N e b ra sk a C it y U tilities C o . (N e b .)
I n c . (V t .)
6,5 4 9
N e t a fter expenses & ta x e s __________________________________________
U n ite d U n ities C o . (111.)
O th er in c o m e ______________
35,9 5 2
See fo r refe re n ce s t o v a r io u s a c q u is itio n s “ P u b lic U tilit y C o m p e n d iu m ’
F ix e d ch arges & oth e r d e d u c t io n s _________________________________
118 ,780
o f O c t . 30 1926.
B a la n c e _____________________________________________________________d ef$ 7 6 ,2 7 9
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O o . o w n s o r c o n t r o ls p u b lic u t ilit y o p e r a tin g c o s . s e rv in g 1 ,9 2 0 c o m m u n i­
O F F I C E R S .— C h airm an . Sam uel In su ll; P re s ., B ritto n I . B u d d : V .- P s ..
ties in 18 S ta te s, w ith an e s tim a te d p o p u la t io n se rv e d o f 3 ,6 6 5 .0 0 0 ,
Sam uel In su ll J r ., B . J. F a llo n , C h arles E . T h o m p s o n . C h arles W . C h ase
In a d d itio n , 380 o th e r c o m m u n itie s w ith an e s tim a te d p o p u la t io n o f 6 0 2 ,0 0 0
a n d H a l M . L y tle ; T r e a s ., G e o rg e F . M it c h e ll; S e c ., B . P . S hea ron ; C o m p t .,
are se rv e d u n d e r w h olesa le c o n t r a c t. A b o u t 7 4 % o f th e c o m b in e d n e t e arn ­
W . A . S au er. G en eral o ffic e , M ic h ig a n 'C it y , I n d .— V . 121, p . 456; V . 123,
ings is d e r iv e d fr o m th e sale o f e le c tr ic ity fo r p o w e r a n d lig h t. T h e su b ­
p . 323 : V . 124, p . 376 9; V . 125, p . 1191.
sid ia ry c o m p a n ie s h a v e in o p e r a tio n 2 0 4 ste a m e le ctr ic ge n e ra tin g s ta tio n s .
133 h y d r o -e le ctr ic sta tio n s, 63 gas p la n ts , 174 ic e p la n ts , 8 h e a tin g p la n ts ,
steam tu rb in e s o f 6 4 0 ,0 0 0 h . p . , w a te r tu r b in e s o f 2 9 0 ,0 0 0 h .p ., 162 g a s h o l d ­
WINONA RAILROAD CO.
ers o f 1 1 ,9 7 0 ,0 0 0 c u . f t . c a p a c it y , a n d gas m a in s t o t a lin g 2 ,7 0 7 m iles . E le c ­
O R G A N I Z A T I O N . — I n c o r p . in In d ia n a o n M a y 27 1924 as W in o n a
tric tran sm ission lin es to t a l 1 4 ,454 m ile s.
S e rv ice C o . t o a c q u ir e th e p r o p e r t y o f th e W in o n a In te r u r b a n R y . C o .
STO C K AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
(fo r h is t o r y see “ E le c t r ic R a ilw a y ” S u p p le m e n t o f A p r il 26 1924) so ld at
C o m m o n 7 5 0 ,0 0 0 shs (n o p a r ) . ____
________
4 6 2 ,0 7 9 shs ____________
r e c e iv e r ’s sa le t o Ja m es P . G o o d r ic h fo r $ 3 0 9 ,3 6 9 . V . 118, p . 2 8 2 5 , 308 0.
P r e f $ 6 ser 2 5 0 ,0 0 0 shs (n o p a r ) ____
$ 6 Q -J
160 ,0 0 0 shs J u l y ’2 7 $ l) 4
T h e c o m p a n y h o ld s u n d e r lease th e W in o n a & W arsaw R y . N a m e c h a n g e d
7%
$ 4 0 ,0 0 0 ,0 0 0 Jl.v ’ 27 1 % %
P r e f $ 7 0 ,0 0 0 ,0 0 0 ($ 1 0 0 )_____________
t o th e W in o n a R a ilr o a d C o . in 1926.
P r In $ 6 s?r 2 5 6 ,0 0 0 sh (n o p a r ) ------$ 6 Q -J
2 5 ,0 0 0 shs ____________
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
P r io r lien $ 7 0 ,0 0 0 ,0 0 0 ($ 1 0 0 )------------7%
$ 3 0 ,7 0 0 ,0 0 0
......................
O perates 70 m iles o f in te ru rb a n ra ilw a y be tw e e n G osh en a n d P e r u .
Leases
S to c k .— T h e p r io r lien s to c k is e n title d t o 7 % c u m . d iv s . and an a d d itio n a
4 M m iles o f tra ck be tw e e n W a rsa w an d W in o n a L a ke.
1 % d iv . in a n y ca le n d a r y e a r th a t m o r e th a n $5 p e r share cash d iv s . are
C A P I T A L I Z A T I O N .— C a p ita l s t o c k ,a u t h ., 10,000 shares (n o p a r v a lu e ).
p a id o n c o m . C a lla b le at 125 a n d a c c r u e d d iv s . D iv id e n d s are n o w b ein g ,
B o n d s a u t h ., $ 6 0 0 ,0 0 0 fir s t m tg e . 6 % b o n d s; o u ts ta n d in g , $ 4 2 2 ,0 0 0 , d a te d
paid at ra te o f 8 % p e r a n n u m .
J u ly 1 1924 d u e seria lly , $ 1 8 ,0 0 0 p e r a n n u m , 1925-1956, in c lu s iv e , a n d th e
T h e shares o f $ 6 cu m . n o -p a r p r e f. s t o c k are p r e f. as t o assets t o t h e
b a la n ce ($ 2 4 ,0 0 0 ) d u e in 1957. In te r e s t J. & J. a t the A e tn a T r u s t & Sav
e x te n t o f $ 1 0 0 p e r share a n d as t o c u m d iv s .. o f $ 6 p e r share p e r y ea r (a n d
C o tru stee TnrUanapolis. I n d .
D e n o m . $ 1 ,0 0 0 . $500 and $100.
C a lla b le
n o m o re ) o v e r th e c o m m o n , are s u b je c t t o ca ll a t $ 1 1 0 a n d d iv s ., are fu lly
o n a n y in terest d a te a t 103. In S e p t. 1924 w as au th . b y th e I n d . P . S. C o m
p a id an d n o n -assessable a n d h a v e fu ll v o t in g r ig h ts.
T h e $ 6 series are o n
t o issue $ 9 0 ,0 0 0 7 % n o te s, t o b e se cu re d b y p le d g e o f $ 1 7 0 ,0 0 0 1st m tg e
an e q u a lity in a ll re s p e c ts, e x c e p tin g o n ly as t o r a te o f d iv s . a n d re d e m p tio n
6 % b o n d s . V . 119, p . 1397.
p r ic e w ith a ll o th e r shares o f c o . ’s p r e f. A r e s u b o r d in a te t o th e p r io r lien
s to c k a n d are n o t e n title d t o r e c e iv e a n y e xtra o r a d d itio n a l d iv s .
In M a y
E A R N I N G S .— F o r years e n d in g D e c . 31:
1927 a s u n d ica te h e a d e d b y U tility S ecu rities C o . , H ill, J oin er & C o . a n d
C a le n d a r Y e a r s —
1926.
192 5.
1924.
1923.
B o n b r ig h t & C o . b r o u g h t o u t $15 0 ,0 0 0 shares $ 6 c u m . n o -p a r p r e f. s to c k
G r o s s _____________________
$ 2 4 2 ,6 9 6
$ 2 3 9 ,1 6 7
$ 2 6 6 ,3 9 9
$29 4 ,9 7 9
a t $ 9 2 .7 5 a n d d i v ., t o y ie ld 6 .4 6 % . V . 124, p . 3 2 0 8 , 349 6.
N e t , a fte r t a x e s _________
2 6 ,3 3 6
1 9 ,748
12,1 7 6
6,7 9 3
In B e b . 1926, H ill. Joiner & C o ., I n c ., O ld C o lo n y T r u s t C o . an d C en tra l
’
O F F I C E R S .— P r e s ., H a r ry R e id ; V . - P . , T h e o d o r e O . F ra z e r; See &
S tates S ecurities C o r p . o ffe r e d $ 1 ,7 5 0 ,0 0 0 (p ar $100) p r io r lien s t o c k at
T r e a s ., Ja m es P . G o o d r ic h ; G e n . M g r ., I . L . O p p e n h e im e r; A u d ., J . R .
m a r k e t. V . 122, p . 1455. L is te d o n C h ic a g o S to c k E x ch a n g e .
P r e f.
S te in e b a c h .— V . 119 . p . 1397.
($100) is e n title d t o 7 % cu m . d iv s . sin ce Ju n e 15 1924 a n d t o 1 % a d d ition a l
in a n y y e a r th a t o v e r $ 6 p er share ca sh d iv s . are p a id o n c o m .
C a lla b le
a n y tim e a t 120 a n d a c c r u e d d iv s . H a s e q u a l v o t in g p o w e r w ith t h e p rior
lien a n d c o m . s to c k s .
A t a ll e le ctio n s o f d ir e cto r s h as th e r ig h t o f c u m u la tiv e v o t in g , i n
J u ly 1926 U tilit y S e cu rities C o . ; H ill, Jo in e r & C o . , I n c .; C e n tr a l S tates
S ecurities C o r p .; T u c k e r , A n t h o n y & C o .; P a in e , W e b b e r & C o . an d
E m e r y , P e c k & R o c k w o o d o ffe r e d $ 7 ,0 0 0 ,0 0 0 a d d itio n a l 7 % c u m . p r e f.
C om m on w ea lth E dison Companys t o c k a t 107 & d iv s ., t o y ie ld a b o u t 6 3 4 % . V . 123, p . 324 . I n D e c . 1926
th e sa m e ba n k e rs o ffe r e d $ 2 ,0 0 0 ,0 0 0 a d d itio n a l a t m a r k e t, t o y ie ld a b o u t
P eoples Gas L igh t & C ok e C om p a n y
6 ) 4 % . V . 124, p . 112.
C h a n g e o f S to c k .— O n M a r c h 29 1927 t h e a u th . ca p ita l s t o c k w as in crea sed
P u blic Service C o m p a n y o f N orthern Illinois
fr o m 1 ,7 5 0 ,0 0 0 shs t o 2 ,6 5 0 ,0 0 0 s h s ., th e 9 0 0 ,0 0 0 a d d ’l shs. c o n s istin g o f
2 0 0 ,0 0 6 shs. p rio r lien s t o c k , p ar $10 0; 2 0 0 ,0 0 0 shs. p r e f., p a r $10 0; 2 5 0 ,0 0 0
shs. p rio r lien s to c k w ith o u t p ar v a lu e a n d 2 5 6 ,0 0 0 shs. p r e f. s t o c k w ith o u t
M id d le W est U tilities C o m p a n y
p ar v a lu e .
C entral & S outh W est U tilities C om p a n y
R ig h t s .— A ll classes o f s t o c k h o ld e r s o f r e c o r d A p r il 20 1926 w ere o ffe r e d
c o m m o n s t o c k fo r s u b s c r ip tio n t o and in c l. M a y 15 1926 a t $10 0 p e r sh are
N e w E ngland P ublic Service C om p a n y
t o th e e x te n t o f 2 0 % o f th e ir h o ld in g s . V . 122, p . 2 04 1.
D iv i d e n d s . — D iv s . o n p r e f ., S e p t. 1912 t o Ju n e 1918, 1 ) 4 % Q .- M .
The
Ju n e 1 1918 p r e f. d iv . w as p a id in 1 0-year d iv id e n d c e r tifs . (red eem ed
at p a r a n d in t . on D e c . 1 1 9 2 4 ); n o n e p a id th e r e a fte r u n til M a y 14 1921,
w hen 1 ) 4 % w as p aid; on N o v . 15 1921 p a id 1 ) 4 % ; F e b . 15 1922 p a id 1 % ;
M a y 1 1922 p a id 1 % ; J u ly 15 and O c t . 2 1922 p a id 1 % e a ch ; D e c . 15 1922,
M a r c h 1923 an d M a y 15 1923 p a id 1 ) 4 % . V . 107, p . 909 ; see V . 106,
p . 2 42 3. A u g . 1 1923 p a id 1 ) 4 % ; O c t . 15 1923 t o J u ly 15 1924 p a id 1 ) 4 %
q u a r. D iv s . on p r e f. s t o c k b e g a n t o a c c r u e a t th e r a te o f 7 % p e r a n n u m
F O U N D E D B Y E D W A R D L . B R E W S T E R 1873
fro m Ju n e 15 1924. th e fir s t p a y m e n t a t th e in c re a s e d ra te b e in g m a d e
O ct. 15 1924.
Q u arterly d iv s . a t sam e ra te p aid re g u la rly qu a rterly sin ce
t o a n d in c lu d in g A p r il 1927. O n $ 6 pre fe rre d p a id an in itial d iv id e n d o f
112 W E S T A D A M S S T .,
$1.5 0 in J u ly . In Jan . 1917 d e cla re d an in itia l cash d iv id e n d o f 2 % o n
c o m m o n s t o c k , p a y a b le in q u a rte r ly in sta llm e n ts o f )4 o f 1 % , b eg in n in g
C H IC A G O
A p ril 2, a n d a s to c k d iv . o f 2 % , p a y a b le 1 % sem i-a n n u a lly in A p ril an d O ct.
1917; A p ril 1918, )4 o f 1 % cash an d 1 % s t o c k d i v .; n o n e o n th e c o m . s to c k
until M a y 1925, w h e n $1 25 p er share w as paid o n th e n o p ar c o m . s t o c k .
M em bers of the
E D W A R D P . RU SSELL
In A u g . 1925, $1 2 5 ; N o v . 1925, $1 2 5 . I n F e b . 1926, $1 2 5 . In M a y ,
New York Stock Exchange
W A L T E R S. B R E W S T E R
A u g . a n d N o v . 192 6, $ 1 .5 0 .
In 192 7, F e b ., $ 1 .5 0 . D iv s . o n p r io r lien
Chicago Stock Exchange
C O R D O V A L . P E N IS T O N
s to c k w e re p a id 1 ) 4 % ( Q .- M . 15) u p t o an d in c l. D e c . 1925. I n M a r c h ,
J u n e , S e p t, a n d D e c . 1926 2 % . I n M a r c h 1 92 7, 2 % q u a r. w a s p a id .
V . 122, p . 883.

ILLINOIS

We Specialize in Securities of

R

u ssell,




Brew

ster

& C o.

O ct., 1927.]

POWER, LIGHT AND RAILW AY
.

-

...

...

—

—

----------- =

155
.

------- ~

■

=>

HALF « / AMERICA
A L F o f America lives in towns o f ten
thousand or less or on farms. Here are
fifty m illion people to w hom electric service

H

The M iddle W est Utilities Company and
similar public utility investment companies

is as necessary as it is to metropolitan homes

were formed to correct this situation. Their
purpose was to meet the financial require­

and industries.

ments involved ih providing an adequate

But because o f the special characteristics
o f electric service, the early development in
such territories was slower than in larger

electric service to small towns and non-met­
ropolitan areas. Based on the diversity o f
the properties brought under their direction,

centers o f p o p u la tio n . A relatively large

they established a sound financial structure
attractive to the investor. W ith the necessary
capital thus made available, they proceeded
to unify small systems and to replace ineffi­
cient local plants with e c o n o m ic a l large
plants, adequate in capacity to serve a num­
ber o f towns and a wide surrounding area.

capital investment is required to furnish
electric service— five dollars for every dollar
o f annual gross income. I f the cost o f ser­
vice is to be reasonable and competitive,
operations must be efficient, econom ical and
on a relatively large scale. N o r can these
standards be realized unless the demands
for service are distributed over many hours
o f the day, so that maximum hourly use will
be made o f the investment.
Could the isolated local plant in a small
community succeed on these conditions? It




soon became evident that it could not. The
small company, unknown to all but local in­
vestors, found itself unable to attract new cap­
ital with which to expand facilities or meet
maturing obligations. M oreover, the small
plant, limited in facilities and capital and
frequently operated only from dusk to dawn,
could not take on the larger pow er loads
which make for generating efficiency. N or
could it g o beyond the boundaries o f the
town to serve the farms, the mines, oil wells
and quarries. E lectric service, rapidly be­
com ing a m ost important industrial asset to
the larger cities, was threatened with stagna­
tion in the small towns and outlying areas.

M ID D LE
U T ILIT IE S

They b roaden ed the service areas o f the
plants, embracing enough different users to
cause more constant use o f the facilities. By
strengthening the investment they low ered
capital charges, which together with reduc­
tions in operating costs resulted in low er
rates for service. By standing ready with
ample power they released small town in­
dustries from a serious restriction to their
expansion, and they went out into the sur­
rounding country with pow er for the exploi­
tation o f natural resources and for farms.

(

I

Only through this physical unification o f
facilities was operating efficiency possible in
sm all tow ns and rural se ctio n s. O n ly
through corporate unification was it possi­
ble to establish the financial standing on
which to base the necessary flow o f invested
capital.
This is the service o f public utility invest­
ment companies to half o f America.

W EST
CO M PA N Y

S E R V IN G 1 9 2 0 C O M M U N I T I E S I N 1 9

STATES

150

PUBLIC UTILITIES

E A R N I N G S . — O f su b s id ia r y c o m p a n ie s fo r calen d ar yea rs:
1926.
1925.
1924.
1923.
G ross ea r n in g s___________ $ 8 6 ,3 4 0 ,4 1 8 $ 6 0 ,4 8 9 ,8 5 6 $ 4 1 ,4 0 2 ,6 0 7 $ 3 6 ,1 8 5 ,1 8 2
1 9 ,8 8 2 ,3 7 5 1 3 ,9 2 4 ,3 8 0 1 1 ,3 2 3 ,4 1 9
N e t , a fter e x p en ses. & c_ 3 0 ,9 1 5 ,7 1 0
B o n d , d e b e n . & o th e r in t.
p a id o r a ccru ed t o o u t ­
4 ,1 6 5 .1 9 2
5 ,1 3 0 ,7 0 5
7 ,5 8 1 ,3 9 1
side h o ld e r s ___________ 1 1 ,1 8 8 ,8 0 3
4 8 0 ,4 5 9
586 ,4 9 8
8 0 8 ,9 9 4
D is c o u n t on s e c u r it i e s ..
1 ,1 7 5 ,3 9 2
D iv s . on s t o c k and p r o p ­
e r t y o f u n d is trib u te d
earn in gs t o o u ts id e
. . . 1 0 ,1 8 6 ,6 4 3
5 ,3 9 0 ,8 1 7
2 ,5 8 2 ,6 3 3
1 ,7 4 1 ,7 2 2
h o l d e r s __________

[V ol. 125.

NEW ENGLAND PUBLIC SERVICE CO.
S ee M a p o n P a g e 15 7 .
C o n tr o lle d b y M id d le W e s t U tilitie s C o .

O R G A N I Z A T I O N .— I n c o r p . in M a in e S e p t. 18 1925.
C o n tr o ls the
fo llo w in g su b sid ia rie s:
B e th e l L ig h t & P o w e r C o . (M a in e ).
B la c k Stream E le c t r ic C o . (M a in e ).
B ra d fo r d E le c tr ic L ig h t C o ., I n c . ( N . H ., V e r m o n t ).
C e n tr a l M a in e P o w e r C o . (M a in e ).
C o n w a y E le c tr ic L ig h t & P o w e r C o . (N e w H a m p s h ir e ).
F r y e b u rg E le c tr ic L ig h t C o . (M a in e ).
N a t io n a l L ig h t , H e a t & P o w e r C o . (H o ld in g C o m p a n y ).
B a la n ce a c c r u in g t o
B e r w ic k & S a lm o n F a lls E le c t r ic C o . ( M a in e ).
; . M . W . U . C o _____ ,.x $ 8 ,3 6 4 .8 7 2 $ 6 ,1 0 1 ,1 7 3 $ 5 ,6 2 4 ,5 4 4 $ 4 ,9 3 6 ,0 4 6
P it t s fo r d P o w e r C o . (V e r m o n t ).
x O f th e a b o v e a m o u n t M . W . U tilitie s C o .: (1) re ce iv e d an d a ccru e d as
R u tla n d R a ilw a y , L ig h t & P o w e r C o . (V e r m o n t ).
Interest o f b o n d s an d d e b e n tu re s , $166 538 (2) re ce ive d and accru e d as in­
T h e T w in S ta te G a s & E le c t r ic C o . (N . H ., V e r m o n t & N . Y . ) .
terest and brok era g e on m o n e y a d v a n c e d , $ 1 9 4 ,2 3 5 : (3) r e c e iv e d an d a ccru e d
V e r m o n t H y d r o E le c t r ic C o r p . (N . H ., V e r m o n t & N . Y . ) .
as d iv id e n d s on s to c k s , $5 129 336 to t a l, $5 4 9 0 ,1 0 9 . le a v in g M . W . U .
P u b lic S e rv ice C o . o f N e w H a m p s h ire ( N . H . ) .
C o .'s p r o p o r tio n o f su rplu s ca rrie d t o th e a ggre ga te surplus a c c o u n t o f s u b .
S w an s F a lls C o . (M a in e ).
c o s . on their ow n b o o k s , $2 874 763.
W e s te rn M a in e P o w e r C o . (M a in e ).
L a te s t E a r n in a s .—"-For 12 m o s . e n d e d Ju n e 30 1927:
G ro ss re ve n u e s,
T h e o p e ra tin g c o m p a n ie s w ith th e ir s u b sid ia rie s se r v e a t o t a l o f 421
$ 9 1 ,3 6 5 ,7 4 2 ; n et p r o fit a fte r ta xes b e fo r e d e p r e c ., $ 4 1 ,4 6 8 ,2 4 9 .
n d u stria l an d fa rm in g c o m m u n itie s h a v in g an e s tim a te d co m b in e d populartio n o f 7 1 0 ,0 5 8 in th e S tates o f M a in e , N e w H a m p s h ire . V e r m o n t a n d N ew
> a r n in g s o f M id d le W e s t U tilitie s C o . o n ly , fo r ca le n d a r y e a rs:
E
Y o r k . A n im p o rta n t p a rt o f th e v a s t w a te rp o w e r re so u rce s o f N e w E n g la n d
1926.
1925.
E a rn s , o f s u b s, a c c r u in g t o M id d le W e s t U til. C o . $ 8 ,3 6 4 ,8 7 2 $ 6 ,1 0 1 ,1 7 3 ' is c o n t r o lle d b y th e c o m p a n y .
O th er in c o m e _______ .___________________ ________ _____
4 ,1 7 2 ,9 7 8
3 ,8 5 9 ,2 1 3
O n ts ln n d in g .
M a tu r ity .
STOCK AN D BO N D S—
D a te .
C o m m o n (n o p a r) 4 0 0 ,0 0 0 s h s _ ____
2 8 6 ,8 8 9 shs.
S ee te x t
T o t a l in c o m e ___________; ___ . . . ____________________ $ 1 2 ,5 3 7 ,8 5 0 $ 9 ,9 6 0 ,3 8 6
C u m p r lien 2 0 0 ,0 0 0 shs ( n o p a r ) ____
8 0 .0 0 0 shs. S e p t'2 7 $ 1 .7 5
$7 Q -M
A d m in is tra tio n a n d m isce lla n e o u s e x p e n s e s_______
1 ,1 0 6 ,1 3 8
1 ,2 7 2 ,7 1 3
4 0 .0 0 0 shs.
___
P re f 2 0 0 ,0 0 0 shs (n o p a r ) ____________
$7 Q -J
I n t e r e s t ________________ _____, _________________________
3 2 5 ,4 6 0
567 ,041
A d ju s t p r e f $6 d iv series 8 .5 9 9 shs. S e p t’27 $ 1 .5 4
$6
P rem iu m on ca lled n o t e s _____________________________
_______
2 9 4 ,0 2 9
S tu ck .— T h e p rio r lien p r e f. s t o c k is p re fe rr e d as t o a m t. an d d iv s . o v e r th e
P rio r lien s t o c k d iv id e n d s ____________________________
2 ,3 6 5 ,5 4 6
1 ,7 2 6 ,6 1 0
p r e f. an d c o m m o n s to c k s .
R e d . a t $120 p er share an d d iv s . L is te d on
P referred d iv id e n d s ___ .'1 .________ ;___________________
2 ,4 4 5 ,1 8 0
1 ,8 3 2 ,1 7 3
B o s to n S to c k E x ch a n g e . O ld C o lo n y T r u s t C o . , B o s t o n , & c ., & c ., sold
in O ct. 1925 8 0 ,0 0 0 shares a t 98 an d d iv s ., t o y ie ld 7 .1 4 % . V 121, p , 1678.
iB d a n c e ______________ . . . . . . . . . . . . _______ ______ _ $ 6 ,2 9 5 ,5 2 6 $ 4 ,2 6 7 ,8 2 0
H o ld e r s o f re c o rd D e c . 31 1925 o f p r e f. s t o c k , $7 d iv . series w ere given
th e rig h t t o s u b s crib e fo r a n u m ber o f a d d itio n a l shares o f c o m m o n s to c k
O F F I C E R S .— C h a irm a n , S am uel In su ll; P r e s ., M a r tin J. In su ll: A s s t,
equa l t o th e n u m b e r o f r e co rd e d h o ld in g s o f p r e f s to c k at $30 p er sh are,
td P r e s .. F ran k E . K ru esi: V . - P s ., J o h n F . G ilcrh lst, E . V . G ra h a m , W . C .
p a y a b le o n o r b e fo r e J a n . 15 1927. V . 121 , p .2875; V . 124 , p . 373 .
S h a rp , G . W . H a m ilto n an d A . J. A u th e n rle th : S e c., E u s ta ce J. K n ig h t:
In O ct. 1925, T u c k e r , A n th o n y & C o . , & c ., & c ., so ld 4 0 ,0 0 0 shares
T r e a s ., O liv er E . M c C o r m ic k .
O ffic e , 3016 D u P o n t B ld g ., W ilm in g to n ,
p re f. s t o c k a t $96 50 an d d i v ., t o y ie ld 7 M % .
L is te d o n B o s t o n S to c k
D e l.— V. 121, p . 75, 200 , 33 0 . 58 6 , 2156: Y . 122, p. 480 , 88 3 , 1310, 1455,
E x ch a n g e . V . 121, p . 1789.
1602, 1917, 2 0 4 1 , 2 65 2, 3083; V . 123, p . 32 4 , 842, 98 2 , 2 13 9, 251 9; V .
T h e p re f. s t o c k is p re fe rre d as t o a m t. a n d d iv . o v e r th e c o m m o n s t o c k ,
124, p . 112, 3 7 2 , 1360, 1979, 2 9 0 7 , 3 2 0 8 , 3 49 6, 3630; V . 125, p . 914 .
and re d . a t $12 0 an d d iv .
D i v i d e n d s .-— A n in itia l c o m m o n d iv . o f 7 5 c . w a s d e c la r e d p a y a b le S e p t.
30 1926. A d iv id e n d o f 4 5 c . w as d e cla re d p a y a b le o n D e c . 30 192 6, a n d
o n M a r c h , Ju n e a n d S e p t. 30 1927 c o m m o n d iv s . o f 4 5 c . w e re d e c la r e d
AMERICAN PUBLIC UTILITIES CO.
p a y a b le . D iv s . o n a d ju s t , p r e f. p a id a t ra te o f $ 5 .5 0 p e r a n n u m fo r th e
fir s t y e a r , $6 fo r th e y e a r e n d e d S e p t. 30 1927, t h e d iv id e n d in crea sin g
C o n tr o lle d b y U n ited G as & Im p r o v e m e n t C o ., th e M id d le W est U tilities
a n n u a lly b y 50 c e n ts p e r sh are p e r y e a r u n til th e r a te b e c o m e s $7 p e r sh are
C o . , an d th e M id la n d U tilities C o . th r o u g h o w n ersh ip o f th e m a jo r it y o f
a n n u a lly .
th e c o m m o n s t o c k . V . 119, p . 1174.
E A R N I N G S F R O M S U B S I D I A R I E S .— F o r 15 m o n th s e n d e d D e c .3 1
O R G A N I Z A T I O N -— I n c o r p . u n d e r law s o f D e la w a re In Ju n e 1912
1926: G ro s s , $ 1 5 ,4 3 8 ,4 0 0 ; n e t a ft . e x p ., ta x e s & r e tire m . a p p r o p ., $ 6 ,C o n tr o ls , th r o u g h s t o c k o w n e rsh ip , th e fo llo w in g p r o p e r tie s :
(1) C en tral
2 3 3 ,4 1 5 ; b a la n c e a fte r in t . c h a rg e s, a m o r t , d iv s ., & c ., $ 2 ,2 5 8 ,6 4 9 .
V.
I n d ia n a P o w e r C o ., w h ich c o n tr o ls th e N o rth e r n I n d ia n a P o w e r C o . , W a b a sh
124, p . 2280.
V a lle y E le c tr ic C o ., A t t ic a E le c tr ic C o ., C o lfa c E le x tric C o ., M o r a n E le c tr ic
L a te s t E a r n in g s .— F o r 12 m o n th s e n d e d .Tune 30 1927: G ro s s o p e r a tin g
L ig h t & P o w e r C o . , M u lb e r r y L ig h t & P o w e r C o ., In d ia n a E le c tr ic C o r p .,
r e v ., $ 1 3 ,1 8 0 ,8 0 1 ; n e t a fte r ta x e s, in t. & re tir e m e n t p r o v is io n , $ 6 ,1 8 5 ,2 5 5 .
I n d ia n a G as L ig h t C o . , a n d N o b le s v ille W a te r & L ig h t C o .; (2) A lb io n G as
O F F I C E R S .— C h a irm a n . S am uel In su ll; V ic e -C h a ir m a n , M a r t in J .
L ig h t C o .; (3) H o lla n d G as C o . , a n d (4) U ta h G as & C o k e C o .
In su ll; P r e s ., W a lte r S. W y m a n : V -P s ., W m
A . B u ttr ic k a n d W . C .
O p e r a tin g S t a t is t ic s .-— A s o f J u n e 30 1927 su b sid ia rie s o f c o m p a n y s e rv e d
Sharp; S e c ., E . H . M a x e y : T r e a s ., G e o . O tis S p e n ce r.
V . 121. p . 1569,
a to t a l o f 174 c o m m u n itie s , 169 w ith e le c t r ic it y , 8 w it h ga s, 6 w ith w ater
2 4 0 3 , 2875: V . 122, p . 348 , 48 1 , 8 8 2 , 2949: V . 123, p . 111 4, 125 1, 2519
a n d 14 w ith m is ce lla n e o u s s e r v ic e s . O u tp u t in 1926 w as 3 3 4 ,5 1 8 ,2 0 1
V . 124, p . 3 7 3 , 136 1, 2 28 0: V . 125, p . 2 4 6 , 9 1 4 , 1971.
k .w . h rs. G a s sales a g g r e g a te d 7 1 1 ,2 2 7 ,0 0 0 c u . f t .
C E N T R A L M A IN E P O W E R C O .
STOCK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y
C o n tr o l .— O n J u ly 1 1925 th e M id d le W e s t U tilitie s C o . a c q u ir e d p r a c ­
C o m m o n $ 1 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) . . ____
- .................. $ 8 ,0 9 7 ,3 0 0 ____________
tic a lly all th e 2 5 .0 0 0 o u ts ta n d in g c o m m o n shares o f C en tral M a in e P ow er
P r io r p r e f 7 % c u m $10 000 000
C o.
A t th e tim e o f in c o rp o ra tio n o f N e w E n g l. P u b . S erv. C o . in S ep t. 1925
( $ 100) __________________________
-_______
7 Q -J
2 ,8 6 8 ,7 0 0 J u ly ’ 2 7 .1 H
th e ow n e rsh ip o f th is s to c k pa sse d t o th e N e w E n g l. P u b . S e rv ice C o .
P a rtic g p r e f cu m $10 0 0 0 .0 0 0
V . 120, p. 3064.
($ 100) ____ _____________________
See te x t 3 .5 3 3 ,3 0 1
S ee te x t
O R G A N I Z A T I O N .— I n c o r p . as M e s sa lo n sk e e E le c t r ic C o . In M a in e ,
C oll tru st b o n d s $20,000 .00 01 1912
5 g M -S
4 2 0 ,8 0 0 S ep t 1 1942
M a r . 7 1905.
N am e ch a n g e d to C en tral M a in e P o w e r C o .. Jan . 25 1910.
($100 & c! g o l d . . ____ c * t f / l n t at
en tral T r u s t C o o f III.. C h ic a g o tr.
C o m p a n y has a cqu ired the p ro p e rtie s, rig h ts and fra n ch ises o f several
G;old n otes $ 2 ,0 0 0 ,0 0 0 _________ 1927
6 g
2 ,0 0 0 ,0 0 0 F e b 1 1932
c o m p a n ie s an d also m a n a g e s a n d o p e r a te s , th r o u g h c o n t r o l, th e p r o p e r t y
o f th e A n d r o s co g g in E le c t r ic C o ., and th r o u g h 1 0 0 % o w n e rsh ip o f s t o c k ,
S to c k .— T h e s to c k h o ld e r s o n F e b . 19 1923 au th orized th e c re a tio n o f tw o
th e p r o p e r t y o f W a t e r v ille , F a ir fie ld & O a k la n d R a ilw a y . (S ee sep a ra te
new classes o f s t o c k , p rio r p re f. and p a r tic. p r e f.. in to w h ich the $ 4 ,4 6 5 ,9 0 0
s ta te m e n ts elsew h ere in th is C o m p e n d iu m .)
6 % p r e f. s to c k an d its a ccu m u la tio n o f un p aid d iv s ., w h eth er represented
b y th e $ 3 1 0 ,0 4 0 s c r ip o r n o t, m ig h t b e c o n v e r te d (all n o w c o n v e r t e d ) . T h e
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
p a r tic . p r e f. s to c k is en title d t o c u m u l. d iv id e n d s o f 4 % fo r th e fir s t year
C o . ’s h y d r o -e le ctr ic p la n ts , transm ission an d d is trib u tio n lines, s erve 133
fo llo w in g its d a te o f issu a n ce , A p ril 1 1923; 5 % fo r th e s e co n d y e a r . 6%
citie s an d to w n s and m o re than 400 in d u stria l e s ta b lis h m e n ts in 12 o f th e
fo r th e th ird y e a r a n d 7 % f o r th e fo u r th and each su b se q u e n t y b a r . I t is
16 c o u n tie s in M a in e , in c lu d in g A u g u s ta . B a th , B e lfa st, B ru n sw ick .
also en titled to an a d d itio n a l 1 % in a n y c a l. ye a r w h erein th e to ta l cash
G a rd in e r, R o c k la n d , S k o w h e ga n , W a te r v ille , an d p r a c tic a lly all the large
d iv id e n d s paid on th e c o m . s t o c k sh all ex ce e d $6 per s h a re . Is r e d . a t 105
co m m u n itie s o f th e S ta te , e x c e p t P o rtla n d an d B a n g o r .
P o p u la tio n
‘P r io r p ref. is r e d . at 110.
se rve d e stim ated a t 277 27 6 . C o . o w n s h y d r o -e le ctr ic p la n ts o f an ag g re­
• A ll s to c k h o ld e r s o f r e c o r d J u ly 10 1925 w ere given th e rig h t t o su b scrib e
'*
g a te in stalled c a p a c it y o f 7 9 ,5 2 2 h . p ., a n d c o n tr o ls o v e r 150 ,000 h .p .
for a d d itio n a l c o m m o n s to c k a t $ 10 0 p er sh are, to th e e x te n t o f 3 0 % o f
u n d e v e lo p e d w a te r p o w e r sites; also 1 8 ,000 h .p . ste a m rese rv e s ta tio n .
th e n u m b er o f shares o f all cla sses h eld b y th em . V . 121, p . 196. 327.
753 m iles o f tra n sm ission lin es. C o . also su p p lie s gas t o W a te r v ille ,
In Jan 1925 A . B . L e a ch & C o . , N . Y . an d C h ic a g o , and P e a rs o n s -T a ft
A u g u s ta , G a rd in e r, H a llo w e ll, B a th an d R o c k la n d , a n d in clu d e s a sm all
O b ., C h ic a g o , o f fe r e d $ 1 ,0 0 0 ,0 0 0 7 % p r io r p r e f. a t $92 p er sh a re , t o yield
in te ru rb a n ra ilw a y c o n n e c tin g R o c k la n d , T h o m a s t o n an d C a m d e n .
The
over 7 .6 0 % .
V . 120. p . 20 7 .
A n d r o s co g g in E le c t r ic C o . d o e s th e e le ctr ic lig h t an d p o w e r business in
L e w isto n an d A u b u r n an d o p e ra te s th e in teru rb an road fro m th o s e cities
D iv i d e n d s .— O n 7 % p r io r p r e f. th e la te st d iv s . w ere 1 % % in J a n ., A p ril an d
t o P o r tla n d (see se p a ra te s ta te m e n t). T h e W a te r v ille F a irfield & O a k la n d
J u ly 1927. O n p a r tic . c u m . p r e f. 1M % in each o f J a n ., A p r il a n d J u ly 1927.
R y . o p e r a te s e le ctric r a ilw a y s y s te m c o n n e c tin g W a te r v ille w ith F a ir fie ld
P o n d s .— C o lla te r a l tru s t 5s are re d e e m a b le at 102.
o n th e n o r th a n d w ith O a k la n d o n t h e w e st.
; E A R N I N G S .— F o r fis c a l y e a r e n d e d Ju n e 30:
N e w B on d a n d S tock I s s u e .— In Jun e 1926 c o . a p p lie d t o M a in e P . U .
C o m m 'ss io n fo r perm ission to issue $ 5 ,5 0 0 ,0 0 0 5 % b o n d s and $ 1 ,0 0 0 ,0 0 0
C o lu m n “ A " C o lu m n “ B ”
7 % p re f. s to c k . $ 3 ,0 0 0 ,0 0 0 o f a b o v e bond issue is t o b e used fo r refu n d in g
— ——
1 9 2 4 ------------ —
1923.
1922.
th e 7 % b o n d s, w h erefore c o . asked t o d e fe r a c tio n o n th a t p a r t o f the
G ross ea rn s, fr o m o p e r - . $ 7 ,7 6 0 ,6 3 2 $ 8 ,0 8 8 ,6 5 7 $ 1 0 ,5 0 8 ,8 0 9 $ 7 ,5 2 3 ,2 4 0
$ 5 ,5 0 0 ,0 0 0 b o n d s. V . 122, p . 3 45 2.
x O p e r . expen ses & t a x e s . 5 ,2 3 0 ,3 5 1
5 .4 6 1 ,5 8 2
6 ,6 6 9 ,9 8 8
4 ,720,604
R a ilw a y serv ice is rendered b y 3 se p a ra te s y s te m s: th e P o r tla n d -L e w is N e t e a r n in g s ---------------$ 2 ,5 3 0 ,2 8 1
$ 2 ,6 2 7 ,0 7 5 $3,8 3 8 ,8 2 1
$ 2 ,8 0 2 ,6 3 6
to n In te ru rb a n (o w n e d b y A n d ro s co g g in E le c tr ic C o . ) , R o c k la n d , T h o m a s ­
M is cella n eou s in c o m e ___
_______
_______
_______
62.759
to n and C a m d en Street R y . (o w n e d b y C en tral M a in e P ow er C o j and
W a te rv ille , F airfield and O akland R y . (co n tr o lle d b y C en tral M a in e P ow er
G ro s s in c o m e ----------------- $ 2 ,5 3 0 ,2 8 1
$ 2 ,6 2 7 ,0 7 5 $ 3 ,8 3 8 ,8 2 1 $2,865,394
C o .) C o m b in e d tra ck a g e o v e r 62 m iles, a b o u t 5 0 % o f w h ic h is o n p riv a te
y E x p e n s e s ----------------------Seey
See y
See y
2 09 .736
righ ts o f w a y .
In te r e s t on fu n d e d d e b t .
1 ,3 2 1 ,8 8 4
1 ,3 2 9 ,0 5 9
2 ,0 6 7 .4 3 7
2 ,0 0 4 .5 0 ]
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
M is c e lla n e o u s In teres t—
125 ,243
1 28 ,932
2 0 9 .2 1 8
177.373
C o m m o n $ 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 __ ____
___________ $ 2 ,5 0 0 ,0 0 0 ______________
V
oral ta x e s------------------3 6 ,0 4 3
4 1 ,1 3 3
6 3 .264
Seey
6 % p r e f . ($ 2 0 ,0 0 0 ,0 0 0 /($ 1 0 0 )
____
6 Q-.I
6 6 0 .8 0 0 _____ ______
M ' cellan eou s d e d u ctio n s
9 2 ,4 0 9
9 2 ,4 0 9
89,361
______ p r e f. \
7%
\($100)
____
7 Q -J
1 2 ,4 2 2 ,7 0 0 ____________
L - s o n s u b s id . p r e f. s t k
4 2 1 .3 9 2
4 2 1 ,3 9 2
689,121
First m o rtg a g e 5s $ 1 ,0 0 0 c *
1909
5 M -N
4 .3 7 9 ,0 0 0 N o v 1 1939
and r) c lo s e d ________ _____t f I n t. a t S tate T r u s t C o . o f B o s to n . M a s s ., tr.
R e m a in d e r fo r d e p r e c .
1st and gen m tg e $ 1 ,0 0 0 , $500 I n t . a t O ld C o lo n y tru st C o ., B o s t o n , tru stee.
an d c o m p a n y d i v s - .
$5 3 3 ,3 0 7
$ 6 1 6,14 9
$ 7 2 0,41 8
$473,784
c * & $ 1 ,0 0 0 & m u lt ip le s .r t f
Series B _____________________
1922
6 J -J
8 1 1 ,5 0 0 Jan 2 1942
x T h e r e p o r t f o r 1922 sh ow s “ o p e r a tin g e x p e n s e s " and fo r 1923 and 1924
Series C ______________________ 1924
5 >4 F -A
1 ,5 5 0 ,0 0 0 A u g 1 1949
“ o p e r a tin g expenses an d t a x e s ." j T h e 1922 r e p o r t sh ow s “ expenses and
Series D _________________
1925
5 J-J
7 ,0 0 0 ,0 0 0 J u ly 1 1955
F ed eral t a x e s ,” the 1923 r e p o r t giv e s F ed era l taxes s e p a ra te ly , and the
B a th & B ru n sw ick L t & P o w
1910
5 J -J
3 1 3 ,5 0 0 J u ly 1 1930
1924 r e p o r t g iv es F ed e ra l taxes an d m isce lla n e o u s ch arges.
C o 1st and r e f $7 5 0 ,0 0 0 I n t . a t F id e lity T r u s t C o ., P o r tla n d , M e ., tr.
($ 1 ,0 0 0 & $ 5 0 0 ;________c t f
N o t e .— C o lu m n " A ” is th e earn in gs o f ail co m p a n ie s ow n ed d u rin g the
p eriod o f their o w n e rsh ip . C o lu m n “ B ” in clu d es earnings o f H u n tin g to n
S to c k .— T h e 6 % an d 7 % are b o t h c u m u la tiv e a n d p re fe rre d as t o d iv id e n d s
and A ttic a fro m J u ly 1 1923, a lth o u g h th e y w e re a cq u ire d s u bsequ en t to
and assets o v e r th e c o m m o n s t o c k .
H o ld e rs o f 6 % p r e f. are en titled t o on e
th a t d a t e . T h e se a re p a r t ly e stim a te d as c o m p le te in fo r m a tio n is not
v o t e fo r each share o f s h o c k an d t o the o rd in a ry rig h t o f s to c k h o ld e r s.
a v a ila b le .
N eith er sta te m e n t in clu d e s e arn in gs fro m th e n ew W abash
7 % p r e f. has n o v o t in g p o w e r e x c e p t in case o f n o n -p a y m e n t o f regular
R iv e r s ta tio n .
qu a rterly d iv . on all 7 % p re f. o u ts ta n d in g fo r a p e rio d o f 6 m o n th s . Is
ca lla b le a t $120 a n d d iv . I n O c t . 1927, a u th . p r e f. s t o c k w a s in crea sed
E A R N I N G S .-— F o r f is c a l y r . e n d . D e c . 31 1 9 2 6 (h o ld in g c o . fig u re s o n ly ):
fr o m $ 1 5 ,0 0 0 ,0 0 0 t o $ 2 0 ,0 0 0 ,0 0 0 p a r $ 1 0 0 .
G ross e a rn in g s_______________________________________________________
$5 6 7 ,9 3 3
B o n d s .— T h e 1st m tg e. 5s, d u e N o v . 1 1939 are s e c u r e d b y a m o r tg a g e o n
G ross in c o m e ______________________________
5 3 1 ,7 6 0
a ll p r o p e r t y o f t h e c o m p a n y , in c l. a fte r a c q u ir e d . S u b je c t t o $ 3 2 5 ,0 0 0
In teres t o n fu n d e d d e b t ___________________________________________
2 2 ,7 9 0
B a th & B ru n s w ick L t . & P o w e r C o . 1st a n d r e f. 5s b o n d s . U n d erlies 1st
O th e r in te r e s t________________________________________________________
_______
a n d gen eral m ortgage, o n a ll p r o p e r tie s e x c e p t ce rta in s p e c ifie d p r o p e r tie s .
M is ce lla n e o u s d e d u c t io n s _____________________
15,588
A s in k in g f u n d o f 1 % p e r a n n u m o f a g g r e g a te p rin c ip a l a m o u n t o f b o n d s
N e t in c o m e _________________________ :_________________________________
4 9 3 ,3 8 2
o u ts ta n d in g m u s t b e p a id t o tru s te e u p t o an d in c l. S e p t. 15 1929, th ere­
P r io r preferred d iv id e n d s ____________________________________________
2 0 0 ,5 2 4
a fte r 2 % o f s u ch a m o u n t. T r u s te e m a y p u r c h a s e fr o m th e sin k in g fu n d
P a rtic ip a tin g p re fe rr e d d iv id e n d s __________________________________
2 3 8 ,4 9 0
b o n d s a t n o t m o r e th a n 105 a n d in t . o th e r w is e m a y ca ll b o n d s a t 105 a n d
in te re s t. A ll b o n d s p u r c h a s e d o r c a lle d to be c a n c e lle d . $ 3 2 6 ,0 0 0 are
B a la n ce , s u rp lu s__________________________________________________
$ 5 4 ,3 6 9
re tir e d b y sin k in g fu n d . R e d . a t 105 a n d in te re s t o n a n y N o v . 1 o n 3
w e e k s ’ n o t ic e fo r sin k in g fu n d o n ly .
N o t e . — C o . has c h a n g e d its fis c a l y e a r t o e n d D e c . 3 1 ; fis c a l r e p o r t u n d e r
T h e ls l a n d g e n . m tg e . b on d s are secured b y a 1st m tg e . on th e electric
new a rra n g em en t Is t o c o v e r c a l. y e a r 1926.
gas and railw ay p ro p e rtie s in R o c k la n d . T h o m a sto n and C a m d e n , togeth er
O F F I C E R S .— C h a ir m a n . Sam uel In su ll: P r e s ., M a r tin J . In su ll; V .- P . ,
w ith a fe w local d is trib u tin g sy ste m s in o th e r c o m m u n itie s , and on real
E . V . G ra h a m ; S e c ., E u s ta ce J . K n ig h t; T r e a s ., O liver E . M c C o r m ic k ;
esta te co n tr o llin g v a lu a b le u n d e v e lo p e d w ater p o w e r sites o f o v e r 50,0 0 0
G en . C o u n s e l. P . J. L u e e y . O ffic e , C h ic a g o , III.— V . 119. p . 1174: V . 120,
h p and also b y a m o rtg a ge on the en tire rem ain in g p r o p e r ty o f th e c o m ­
p . 20 7 ; V . 121, p . 196, 32 7 , 203 6; V . 122, p . 333 6; V . 124, p . 2 58 5.
p a n y , s u b je c t t o th e o u ts ta n d in g 1st m t g e . a n d d iv is io n a l b o n d s . C o m p a n y




O ct., 1927.]

157

POWER, LIGHT AND RAILW AY

COM M UN ITIES SERVED DEC EM B ER 31, 1926
Class of Service
CommuniRail­
SUBSIDIARY COMPANIES
State
ties
Elec­
Served
Gas Water way
tric
Central Maine Power Company_______
Maine
Swans Falls Company___
_ ______
Maine
Western Maine Power Company______
Maine
Conway Electric Light & Power C o____ New Hampshire
Fryeburg Electric Light Company_
_
Maine
Public Service Company of N. H ______ New Hampshire
National Light, Heat & Power Co.— __
Berwick & Salmon Falls Elec. C o____
Maine
Twin State Gas & Electric C o_______ N . H ., V t., N . Y .
Vermont
Rutland Railway, Light & Power Co_
Vermont
Vermont Hydro-Electric Corp______ N . H ., V t., N . Y .
Bradford Electric Company__________
N . H ., Vermont
Southern N . H. Hydro-Electric Corp__ N. H ., V t., Canada
T O T A L _________________________




178

13
—

5

—
—
2
—
—
—

—
—
7

13,314
4,529
1,283
170,000

—
1

9,948
127,147

9
—

15
4
1
57

178
—
15
4
1
57

8
61

8
61

—
3

—
—

7
60
24
6

7
60
24
6

2
—
—
—

—
—
—
—

421

421

19

2

—

—

—
—

NEW ENGLAND
PUBLIC SERVICE
COMPANY
AUGUSTA, MAINE

Estimated
Population

—

,

277,276

—
—
—

24,341
63,181
14,539
4,500

21

710,058

—

PUBLIC UTILITIES

158

c o v e n a n t s t o e x p e n d , o r d e p o s it w ith tru ste e , f o r m a in te n a n ce a n d (o r)
a llo c a t e an a m o u n t o f a d d it io n a l p r o p e r t y w h ich shall n o t b e less th a n th e
s u m o f 1 5 % o f t h e g ros s o p e r a tin g re v e n u e s fr o m e le ctric a n d gas bu sin e ss
a n d 2 5 % o f s tr e e t r a ilw a y b u sin ess; su ch su m s are t o b e in c lu d e d in the
o p e r a tin g ex p e n s e o f t h e c o m p a n y in c a lcu la tin g t h e n e t e a rn in gs in o r d e r
t o d e te r m in e w h e th e r o r n o t b o n d s m a y fr o m tim e to tim e b e is s u e d . A t
n o t less th a n 3 y e a r s ’ in te rv a ls t h e a b o v e p e r c e n ta g e s m a y b e re d e te r m in e d
b y a b o a r d o f a r b itra tio n . T h e b o n d s a re issu a b le as d ire cto rs m a y d e te rm in e
in th e a b o v e series o r o t h e r series. O th e r series m a y b e a r s u c h d a te s ,
in te re s t r a tes, ta x p r o v is io n s , r e d e m p t io n p rice s , d a te s o f m a t u r it y , & c. as
m a y b e d e te r m in e d , b u t n o b o n d s m a y m a tu r e a fte r t h e y e a r 2 00 0, n o r
la t e r th a n 3 0 y ea rs fr o m d a te o f issu e. M a y b e issu ed fo r n o t m o r e th a n
7 5 % o f new c o n s t r u c tio n a n d p r o v id e d n e t earn in gs fo r 12 c o n s e c u t iv e
m o n t h s w ith in th e 14 p r e c e d in g m o n th s w e re n o t less th a n t h e gre a te r o f
(a ) 1 % tim e s t h e an n u a l in te re s t c h a r g e o n a ll b o n d s o u ts ta n d in g (in cl.
th o s e to b e issu ed ) a n d a ll d iv isio n a l b o n d s n o t d e p o s ite d w ith tr u s te e , o r
(5) 1 0 % o f th e p r in c ip a l a m o u n t o f s u ch b o n d s , p r o v id e d th is a m o u n t is
n o t g rea ter th a n t w ic e th e sa id in te re s t c h a r g e . B o n d s m a y b e issu ed to
r e fu n d b o n d s o f a n y series u n d e r th is m o r tg a g e o r u n d e r th e 1st m t g e . o f
t h e c o m p a n y , o r u n d e r a n y d iv is io n a l lie n .
S e r ies B are c a lla b le , w h o le o r p a r t, o n 6 w eeks’ n o t ic e ’ r o m Jan . 1 1929
t o D e c 31 1929 a t 110, th e re a fte r a t a p re m iu m re d u ce d b y % % fo r each
c a le n d a r y ear a fte r 1930, th e p r e m iu m d u rin g th e calen d ar y e a r 1941 being
Yj % ; in ea ch ca se w ith in te re st.
,
S e r ies C are ca lla b le , w h o le o r p a r t , fr o m A u g . 1 1929 t o D e c . 31 1929
In cl. a t p a r a n d 5 % p re m iu m ; d u r in g 1930 a t p ar an d 4 % % p re m iu m and
th e r e a fte r o n a n y in terest d a te a t p a r an d a pre m iu m r e d u ce d b y }4 %
for e a c h calen d ar yea r o r p a r t th e r e o f a fte r 1930. th e p re m iu m fo r the
y ea r 1948 bein g M % • T h e re a fte r a t p a r; in ea ch case w ith in terest.
S e r ies D is n on -ca lla b le du rin g th e fir s t fo u r years; th e re a fte r calla b le ,
a ll or p a r t, on 6 w eek s' n o tice , a t 105 a n d in t. on J u ly 1 1929 and t o and
in c l. J u ly 1 1935; a t 104 .75 an d In t. d u r in g 1936 an d H % less fo r ea ch calen ­
d a r y ea r th ereafter t o 100 an d in t. t o 1955. In J u ly 1925, H arris, F o r b e s
& C o . an d C o ffin & B u n -, I n c . o ffe r e d $ 1 ,5 0 0 ,0 0 0 at 97 and in t ., t o yield
about 5 . 2 0 % . Y . 120, p . 331 2; V . 121, p . 73. I n M a y 1926 th e y o ffe re d
$ 2 ,5 0 0 ,0 0 0 a d d itio n a l series D a t 100 a n d in t . V . 122, p . 2 9 4 7 . In O ct.
1926 th e y s o la $ 3 ,0 0 0 ,0 0 0 a d d it io n a l series D a t 100 and in t. V . 123 .p .2 2 5 9 .
D iv id e n d s .— T h e 6 a n d 7 % p r e f. s to c k s h a v e p a id their d iv id e n d s re gu ­
la rly sin ce th eir issu ance.
E A R N I N G S ; — F o r 12 m o n th s e n d e d D e c . 31;
( I n t e r - C o m p a n y C h a r g e s E l i m in a t e d .) * 1 9 2 7 .
1926.
1925.
G ro s s in c o m e ____________________________ $ 5 ,4 2 7 ,6 2 7
$ 5 ,1 5 0 ,4 5 4 $ 4 ,9 0 2 ,9 4 6
D e p r e c ., a c c r . & a c tu a l m a in t. e x p e n d
7 0 7 ,0 8 0
6 7 6 ,6 8 2
6 4 2 ,3 2 7
S tea m ex p e n s e _________________________
7 6 ,1 1 3
9 4 ,2 4 1
137,961
I n c o m e t a x e s ___________________________
131 ,d ’ O
123,561
113 ,089
O th e r t a x e s _____________________________
3 2 0 ,9 8 9
2 8 9 ,4 5 1
2 8 4 ,9 4 4
O th e r o p e r a tin g e x p en s e s____________
1 ,9 0 8 ,2 9 7
1 ,7 9 1 ,7 0 2
1 ,6 8 5 ,9 0 9
1 ,0 5 6 ,8 7 8
1 ,0 0 6 ,9 0 5
1 ,0 6 0 ,2 6 2
I n t . & g u a r . d iv s . o n s t o c k o f s u b s ___
B a la n c e _______________________________$ 1 ,2 2 6 ,7 9 4 $ 1 ,1 6 7 ,9 1 3
$ 9 7 8 ,4 5 5
* F o r 12 m o n th s e n d e d A u g . 31 1927.
O F F I C E R S .— P r e s ., W a lte r S . W y m a n ; V .- P r e s . & G e n . M g r ., G e o . S.
W illia m s: V .-P re s ., W m . B . S k e lto n and G e o rg e O tis S p en cer; T r e a s ., H . D
J en n in g s; A s s t. T r e a s ., I . R . F o s s e tt; C le r k , G . D . H e g a r ty .— V . 119, p .
1398; V . 120 p . 3 06 4, 3 31 2; V . 121, p . 7 3 . 3 2 8 , 58 4 . 976 . 1460. 1676; V . 122,
p . 191 7, 2 9 4 7 , 3 0 8 0 , 345 2; V . 123, p . 163 1. 187 3. 213 2, 2 25 9; V . 124 , p .
78 9 , 919 ; V . 125, p . 2 4 5 . 3 8 4 . 1190, 1706, 183 5, 1968.

NATIONAL LIGHT, HEAT & POWER CO.
A s u b s ta n tia l m a jo r it y o f t h e c o m m o n s t o c k is o w n e d b y N e w E n g la n d
P u b l c S e rv ice C o . C o . c o n t r o ls th ro u g h s t o c k o w n ersh ip th e fo llo w in g
su bsidiaries: T h e T w in S tate G a s & E le c t r ic C o ., th e B e r w ic k & S alm on
F a lls E le c tr ic C o . , th e V e r m o n t H y d r o -E le c t r ic C o r p ., th e R u tla n d R a il­
w a y , L ig h t & P o w e r C o . a n d th e P it t s fo r d P o w e r C o ’
V . 120, p . 2012;
V . 121, p . 1678, 1789.

VERMONT HYDRO ELECTRIC CORPORATION.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
S erv es d ir e c t ly o r in d ire c tly 60 c o m m u n itie s w ith e le ctric lig h t a n d p o w e r
a n d gas in te r rito r v ex te n d in g fro m so u th w e ste rn N e w H a m p sh ire a cross
th e s ou th ern p a r t o f V e r m o n t t o eastern N e w Y o r k . C o . serves S p rin gfie ld ,
W in d s o r , W o o d s t o c k , C h ester, L u d lo w , L o n d o n d e r r y , C a v e n d is h , M a n ­
ch e s te r , P o u lt n e y , S ou th P o u lt n e y , W e s t P a w le t, F a ir H a v e n , H y d e v ilie
a n d s u r r o u n d in g villa ges in V e rm o n t, C la r e m o n t, W e s t C la re m o n t a n d a d ja ­
c e n t v illages in N ew H a m p sh ire , an d H a m p to n in N e w Y o r k . P o p u la tio n
s e r v e d is estim a ted a t 6 3 ,1 8 0 . N in e h y d r o -e le c tr ic plan ts.
C o n tr o l. — N a t ’l L t . . H t . & P o w e r C o . a cq u ire d c o n tr o l in 1925
E A R N I N G S . — F o r c a lo n a r years:
1924.
192.5.
*192 7.
1926.
$70 9 ,0 7 4
$ 7 1 0 ,9 3 6
$ 5 4 8 ,2 8 3
$ 8 7 2 ,0 5 4
T o t a l r e v e n u e s __________
N e t a fte r o p e r . ex p en ses.
2 8 3 ,6 2 8
345,481
2 5 7 ,8 0 2
3 9 2 ,7 9 6
ta xes a n d r e n t s _______
161 ,222
2 03 ,387
1 5 8 ,3 1 4
233 ,471
F ix e d c h a r g e s -----------------4 8 ,6 2 3
5 2 ,9 4 3
3 1 ,7 9 7
49 515
P r e fe r re d d iv id e n d s _____
4 3 ,3 3 3
3 2 ,5 0 0
C o m m o n d iv id e n d s --------B a la n ce , s u r p lu s ______
$ 2 4 ,3 5 8
$ 4 7 ,3 1 0
$89 ,151
$ 7 3 ,7 8 3
* F o r 8 m o n th s e n d e d A u g . 31 1927.
O F F I C E R S .— P r e s ., W . A . B u tt r ic k ; V .- P s ., J . A . R y a n a n d R . .J
A n d r u s ' G e n . M g r ., W . H . L a w s o n ; T r e a s ., R ic h a r d H o w a r th ; S e c ., C . A .
F o r r e s t; C le r k , W . H . L a w s o n .— V . 120, p - 201 2; V . 121, p . 1678, 1789,
3 3 4 3 ; V . 123, p . 1253; V . 124, p . 3 07 1.

CENTRAL & SOUTH WEST UTILITIES CO.
C o n tr o lle d b y M id d le W e s t U tilitie s C o . , w h ich o w n s s u b s ta n tia lly a ll o f
th e c o m m o n s t o c k .
O R G A N I Z A T I O N .— A h o ld in g e o ., in c o r p . in D e la w a re A u g . 1 1925
S u ’ vd ’ iaries are: A m e r ic a n P u b lic S e rv ice C o . , C e n tra l P o w e r & L ig h t C o .
P u b lic S e r v ic e C o . o f O k la h o m a . S o u th w e s te rn G a s & E le c t r ic C o . an d
S o u th w e s te r n L ig h t & P o w e r C o . (see s e p a ra te s ta te m e n ts).

Central & Southwest Utilities
Company
C o n tr o lle d b y

The Middle West Utilities Company
Owns substantially all the Common Stock of
5 large Public Utility Companies
Operating in 384 Communities
Outstanding securities of this Company
bought, sold and quoted
F o r d e ta ile d in fo r m a t i o n w r i t e f o r
C ir c u la r 2 1 0

Howe Snow & Co.
In corp ora ted

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco Minneapolis
Philadelphia




[V ol. 125.

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e s e p u b lic u t ilit y c o m p a n ie s w ith th e ir su b sid ia rie s s e rv e a to t a l o f 4 1 0
c o m m u n itie s w ith a p o p u la t io n o f 1 ,1 3 3 ,0 0 0 in t h e S tates o f T e x a s , O k la ­
h o m a , L o u is ia n a , A rk a n sa s a n d M is s is s ip p i.
T h e p r o p e r tie s c o n t r o lle d b y
th e c o m p a n y h a v e a c o m b in e d e le ctr ic a l g e n e ra tin g c a p a c it y o f 1 5 2 ,9 5 7 k . w . ,
3 ,7 7 9 m ile s o f tra n sm issio n lin e s, a t o t a l g a s m a n u fa c tu r in g c a p a c it y o f
1 ,3 0 0 ,0 0 0 c u . f t . p e r d a y , 1,0 3 3 m ile s o f gas m a in s a n d lin es a n d d a ily ic e
m a n u fa c tu r in g c a p a c it y o f 4 ,3 4 2 t o n s . I d a d d it io n s u b s id ia r y c o m p a n ie s
o p e r a te 37 m iles o f e le ctr ic s tr e e t ra ilw a y s . T o t a l n u m b e r o f e le ctr ic , g a s
a n d w a te r c u s to m e rs as o f Ju n e 30 1 92 7, 2 5 4 ,8 9 3 .
In terest.
O u ts ta n d in g .
M a tu r ity .
STOCK AN D BO N DS—
D a te .
C o m m o n 6 0 0 ,0 0 0 shs (n o p a r ) . ____
________
5lO,OO0shs.
S ee t e x t
Prior lien p r e f $7 d iv Series
3 0 0 ,0 0 0 sh ares (n o p a r ) ____ ______
$ 7 Q -F
] 2 4 ,5 9 0 sh s. A u g ’ 27 $ 1 .7 5
$7 Q -F
1 33 ,253 sh s. A u g ’27 $ 1 .7 5
P referred 3 0 0 ,0 0 0 shs (n o p a r ) _______
S to c k . — P rio r lien p r e f. s t o c k is p re fe rr e d as t o $10 0 o f a m t . a n d $7 c u m .
d iv s. o v e r th e p r e f. a n d c o m m o n s to c k s .
R e d . u p o n 30 d a y s n o t ic e a t $ 1 2 0
and d iv s . L is te d o n C h ic a g o S to c k E x ch a n g e .
A . B . L e a ch & C o . , I n c .,
& c ., & c . , so ld in S e p t. 1925 100 ,0 0 0 shares p rio r lien p r e f. a t $98 5 0 p e r
share a n d d i v ., t o y ie ld 7 .1 1 % a n d 6 5 ,0 0 0 shares p r e fe rr e d , $7 d iv . series
a t 9 6 . V . 121, p . 83 8 , 9 7 7 , 1347, 2 0 3 6 .
T h e $7 p r e f. s to c k is p re fe rre d as t o $ 10 0 o f assets a n d $7 c u m . d iv id e n d s
o v e r th e c o m m o n s t o c k .
Is r e d . u p o n 3 0 d a y s n o t ic e a t $ 12 0 a n d d i v .
In O c t . 1925 A . B . L e a ch & C o ., I n c ., & c ., & c .. so ld 6 5 ,0 0 0 p r e f. shares a t
$96 a n d d i v ., t o y ie ld 7 . 2 9 % . V . 121, p . 83 8 , 1676. E a ch sh a re p r e f.
s to c k w a s e n title d t o o n e w a rra n t t o b u y w ithin a p e rio d o f o n e v e a r o n e
sh are o f c o m m o n s t o c k a t $.30 p e r sh a r e .
V . 121. p . 2 0 3 6 . I n M a y 1927
A . B . L e a ch & C o . , O ld C o lo n y C o r p o r a t io n . U tilit y S ecu rities C o r p ., a n d
H o w e , S n o w & B e r tle s , I n c ., b r o u g h t o u t 3 5 ,0 0 0 shares p r e f. sto cir, $ 7 d iv .
series (n o p a r ) a t 96 a n d d iv id e n d . V . 124, p . 274 6.
B o t h p r io r lien p r e f ., $ 7 p r e f. a n d c o m m o n s t o c k s are lis te d o n t h e C h ic a g o
S t o c k E x ch a n g e .
D iv i d e n d s . — S in ce N o v . 1925 h a v e be e n p a id re g u la r ly o n p r io r p r e f.
$7 d iv . and p r e f. $7 d iv . series s t o c k .
O n th e c o m m o n an in itial s e m i-a n n .
d iv . o f $1 was p a id A u g . 2 1926. V . 123. p. 45 3 . In F e b . 1927 a se m i-a n n u a l
d iv . o f $ 1 .5 0 .
V . 123. p . 2 7 7 4 . I n A p r il, J u ly a n d O c t o b e r 1927 p a id 7 5 c .
C o n s o lid a te d E a r n in g s S ta te m en t f o r C a le n d a r Y e a r 1926.
G ro s s o p e r a tin g re v e n u e s ____________________________________________ $ 2 3 ,7 6 3 ,3 6 6
O p e r. e x p ., in c l. ta x e s & d e p r e c . r e s e rv e ( o f $ 1 ,0 6 1 ,7 7 9 )_______ 1 5 ,6 5 3 ,7 4 4
N e t o p e r a tin g re v e n u e s _________________________________________ $ 8 ,1 0 9 ,6 2 3
O th e r in c o m e ( n e t ) ________________________________________________
4 3 0 ,7 2 6
G ro s s in c o m e ______________________________________________________ $ 8 ,5 4 0 ,3 4 9
B o n d in te re s t o f s u b sid ia rie s_________________________ $ 2 ,3 9 7 ,3 6 0
G e n e ra l in te re st, a m o r t iz ’n a n d o t h e r d e d u c t io n s ___
6 2 1 ,4 1 9
D iv s . o n p r e f. s to c k s o f su b s , a n d p r o p o r t io n o f u n ­
d is trib u te d e arn in gs a p p lic a b le t o c o m m o n s t o c k s
o f su b sid ia rie s n o t o w n e d ___________________________
1 .6 0 6 ,2 1 2
— --------------- - 4 ,6 2 4 ,9 9 1
B a la n ce a v a il, t o s to c k s o f C e n t. & S. W . U tilitie s C o _______ $ 3 ,9 1 5 ,3 5 8
A n n u a l d iv . re q u ir e m e n t o n 1 2 4 ,5 0 0 shares p r io r lie n p r e f. s t o c k
8 7 1 ,5 0 0
B a la n c e _____________________________________________________ _______ $ 3 ,0 4 3 ,8 5 8
A n n u a l d iv id e n d r e q u ir e m e n t o n 1 3 3 ,2 5 0 shares p r e f. s t o c k ____
$ 9 3 2 ,7 5 0
L a te s t E a r n in g s . — F o r 12 m o n th s e n d e d J u n e 3 0 1927: G ro s s , $ 2 6 ,5 7 9 ,4 3 0
n e t p r o fit a fte r ta x e s , $ 1 1 ,3 2 4 ,8 1 4 .
O F F I C E R S .— C h a ir m a n , S a m u e l In su lt; P r e s ., M a r t in J . In s u ll; V . - P s .,
Jam es C . K e n n e d y , G e o rg e W . F r e y . F r e d W . In s u ll a n d E . V . G ra h a m ;
T r e a s ., C . C . H e rrm a n n ; S e c ., F . A . T a te ; A s s t. S e c ., H . J . L u d w ig ; A u d .,
H . K . S ta r k .— V . 121. p . 838 9 7 7 . 1 34 7, 1 6 7 6 , 2 03 6: V . 122. p . 47 9 , 3 0 8 0 ;
V . 123, p . 4 5 3 , 2 10 7, 2 5 1 7 , 2 7 7 4 , 3 1 8 0 ; V . 124 , p . 2 1 1 8 , 2 7 4 6 , 3 0 6 5 , 3 2 0 5 ;
Y . 125, p . 64 6 , 1050.

(1) PUBLIC SERVICE CO. OF OKLAHOMA.
O R G A N I Z A T I O N .— I n c o r p . in O k la h o m a M a y 2 8 1913. S erves w ith o u t
c o m p e t it io n 71 O k la h o m a c o m m u n itie s , in c lu d in g t h e c itie s o f T u ls a a n d
O k m u lg e e , w ith e le c t r ic lig h t a n d p o w e r ; o p e r a te s g e n e r a tin g sta tio n s w ith
a t o t a l c a p a c it y o f 4 3 ,5 9 5 k .w .; 696 m ile s h igh t e n s io n tra n s m is s ion lin es.
C o m p a n y o w n s a n d o p e r a te s 14 ice p la n ts w it h a c o m b in e d d a ily c a p a c it y
o f 726 t o n s , s e rv in g 14 co m m u n itie s , in c lu d in g T u ls a . V . 120 , p . 1882,
1349. P u rch a se d m u n ic ip a l e le c tr ic lig h t p la n t o f c it y o f A f t o n , O k la ., in
O c t . 1925, a n d c o n s t r u c tio n o f an e le ctr ic tra n s m is s io n lin e f r o m V in ita t o
A ft o n , a p p ro x im a te ly 14 m ile s . V . 121, p . 2 15 8.
I n F e b . 1927 so ld its e le c t r ic p o w e r an d lig h t p r o p e r t ie s a t G u th r ie ,
M u lh a ll, L a n g s to n , C o y le , P e rk in s an d V in c o , O k la ., t o th e O k la . G as &
E le c t r ic C o . V . 124, p . 922 .
I n A p r il 1927 a c q u ir e d t h e O k la h o m a P o w e r C o . fr o m its a ffilia te d c o m ­
p a n y t h e A m e r ic a n P u b lic S e rv ice C o .
In terest.
O u ts ta n d in g .
M a tu r ity .
STOCK AN D BON DS—
D a te .
C o m m o n $7 5 0 0 ,0 0 0 ($ 1 0 0 )_________
------------$ 5 ,9 8 9 4 ) 0
See te x t
P rior lien 7 % cu m $ 6 ,0 0 0 ,0 0 0
( $ 1 0 0 ) ______________________________
7 Q -J
3 ,2 3 2 ,9 0 0 O c t ’2 7 I K
P r io r lien 6 % c u m $ 3 ,5 0 0 ,0 0 0
6 Q -J
2 ,6 0 0 ,0 0 0 O c t ’27 1J4
( $ 100) __________________ ______
F irst m tg e 5s (c* $ 1 ,0 0 0 . $ 50 0. f
$ 1 0 0 ) ______________________ t f ( I n t . a t C e n tr a l T r u s t C o . o f Illin o is, tr u s te e .
Series C _____________________
1926
5 g M -S
4 ,7 5 0 ,0 0 0 S e p t 1 ’ 61
Series D ____________________
1927
5 g M -N
8 ,5 0 0 ,0 0 0 M a y 1 ’ 57
S to c k .— P rio r lien shares are fu lly p a id a n d n o n -a s s e s s a b le .
P re fe rre d as
t o assets t o th e e x te n t o f $10 0 p e r sh are and as t o c u m . d iv s . o f 6 % p er a n a .
o v e r b o t h th e p r e f. a n d c o m . s to c k s .
T h e 6 % c u m . p r io r lien is s u b je c t t o
re d e m p tio n w h o le o r in p a r t a t $11 0 p e r sh a re a n d a c c r u e d d iv id e n d s .
O n M a r c h 17 1926 s to c k h o ld e r s in cre a se d the a u tb o riz e u c a p it a l s t o c k
fro m $ 8 ,0 0 0 ,0 0 0 to $ 1 2 ,0 0 0 ,0 0 0 , th e in crea se o f $ 4 ,0 0 0 ,0 0 0 b e in g d iv id e d
in to 2 8 ,0 0 0 shares 7 % p rio r lien p r e f , 2 .000 sh s. 6 % p r e f .. and 1 0 ,0 0 0 c o m ­
m o n sh ares, p ar $ 10 0. V . 122. p . 219 7.
O n M a r c h 17 1927 in crea sed a u th . c a p ita l s t o c k fro m $ 1 2 ,0 0 0 ,0 0 0 t o i
$ 1 8 ,0 0 0 ,0 0 0 . t h e in crea se o f $6 0 0 0 .0 0 0 b e in g d iv id e d in to 2 5 ,0 0 0 shares
6 % p r io r p r e f ., p a r $ 1 0 0 . a n d 2 5 .0 0 0 shares o f c o m ., p a r $10 0.
B o n d s . — T h e fir s t m o r tg a g e b o n d s are se cu re d b y a fir s t m o r tg a g e o n al
fix e d p r o p e r tie s , rig h ts a n d fra n c h is e s o f t h e c o m p a n y n o w o w n e d o r here
a fte r a c q u ir e d .
A d d itio n a l b o n d s m a y b e issu ed w ith s u ch p r o v is io n s a s
m a y b e d e te r m in e d b y d ir e cto r s , a g a in s t th e d e p o s it o f c a s h , fo r r e fu n d in g
a n d fo r a d d itio n s an d b e t t e r m e n ts .
S e r ies C are re d . all or p a r t o n 30 d a y s ’ n o t ic e a t fo llo w in g p r ice s a n d i n t .:
to S ep t, i 1930 a t 105: on S e p t .1 1930 a t 1 0 4 )4 , less
e a c h , fo r fu ll
4 -y e a r p e r io d elapsed .after A u g . 31 1930 to S e p t. 1 1958: o n an d fr o m S e p t. 1
1958 to S e p t. 1 1959 a t 101; o n an d fr o m S ep t. 1 1959 t o S e p t. 1 1960 a t
1 0 0 H ; o n S ep t. 1 1960 a n d th e re a fte r to m a t u r it y a t 100.
I n t . p a y a b le in
C h ic a g o or N e w Y o r k .
P e n n . & C o n n . 4-m ills a n d M a s s . 6 % ta xe s r e fu n d ­
a b le .
In A u g . 1926 H a ls e y , S tu a rt & C o . , I n c ., A . B . L e a ch & C o . , I n c .,
a n d H ill, J oin er & C o . , I n c ., o ffe r e d $ 4 ,7 5 0 ,0 0 0 series C a t 98 & in t . to
y ie ld o v e r 5 .1 0 % . V . 123, p . 1115.
S e r ie s D are re d e e m a b le , a ll o r p a r t , u p o n 30 d a y s ’ n o t ic e a t fo llo w in g
p rice s a n d in t .: t o M a y 1 1932 a t 105; o n a n d fr o m M a y 1 1932 t o M a y 1 1937
a t 103; o n a n d f r o m M a y 1 1937 t o M a y 1 1942 a t 102
; o n a n d fr o m M a y 1
1942 t o M a y 1 1947 a t 102; o n a n d fr o m M a y 1 1947 t o M a y 1 1952 a t 101;
on a n d fr o m M a y 1 1952 t o M a y 1 1956 a t 1 0 0 H ; o n M a y 1 1956 a n d th e r e ­
a fte r to m a t u r it y a t 100. C o m n a n y w ill a g re e t o re im b u rs e th e h o ld e r s o f
series D b o n d s i f re q u e s te d w ith in 60 d a y s a fte r p a y m e n t fo r th e P e n n , a n d
C o n n . 4 m ills t a x e s a n d fo r th e M a s s .in c o m e ta x o n t h e in te re s t o f th e b o n d s
n o t e x c e e d in g 6 % o f s u ch in te re s t p e r a n n u m . H a ls e y , S tu a r t & C o . , I n c .,
A . B . L e a ch & C o . , I n c ., a n d H ill, J o in e r & C o . , I n c ., o f fe r e d a t 9 7 Y a n d
in t ., y ie ld in g o v e r 5 .1 5 % , $ 8 ,5 0 0 ,0 0 0 1st m t g e . 5 % g o ld b o n d s , series D .
V . 124, p . 2 59 0.
D iv i d e n d s .— D iv id e n d s on th e 7 % p rio r lien s t o c k and 6 % p r e f. s t o c k are
b ein g p a id reg u la rly . O n th e c o m m o n s to c k d iv id e n d s h a v e b een p a id
since 1914. th e presen t ra te b e in g 8 % p er a n n u m .
E A R N I N G S .— F o r ca le n d a r years:
192 6.
1925.
192 4.
1923.
O p e ra tin g r e v e n u e ______ $ 3 ,1 2 2 ,0 9 0
$ 2 ,7 9 6 ,6 9 0
$ 1 ,9 3 2 ,3 0 3 $ 1 ,8 6 7 ,3 6 6
O p e r. e x p . & t a x e s ______x 2 .2 0 5 .1 3 4
1 ,8 5 8 ,3 7 8
1 ,3 2 8 .4 2 8
1 ,2 8 0 .6 1 0
I n t e r e s t , _________________
2 4 8 ,4 3 4
2 7 9 ,7 5 0
2 7 8 ,8 8 2
2 2 9 ,1 8 5
A m o r t , o f d e b t d is c o u n t
& exp en ses, & c _______
3 3 ,9 9 0
2 7 ,3 8 5
2 1 ,0 2 4
2 4 ,2 2 7
7 % p r io r lie n d i v s _______
2 0 7 ,5 5 2
1 5 0 ,5 2 6
4 2 ,4 4 8
4 0 ,0 3 3
6 % p re fe rre d d iv id e n d s ,
1 5 ,468
15,4 8 0
1 5 ,6 0 0
3 0 ,0 0 0
C o m m o n d iv id e n d s ______
2 1 0 .5 6 0
2 0 0 .0 4 0
160 .0 4 0
1 6 0 ,0 4 0
B a la n ce , s u r p lu s ______
$ 2 0 0 ,9 5 2 .
$ 2 6 5,13 1
$ 8 5 ,7 7 1
$ 1 0 3 ,2 6 0
x I n c lu d in g r e tir e m e n t a p p ro p r ia tio n o f $ 1 7 5 ,0 0 0 .

O ct ., 1927.]

POW ER, LIG H T AND R A IL W A Y

159

Latest Earnings.— For 12 months ended June 30 1927: Gross. $12,382,277:
net, before provisions for retirement, $4,738,369. For year ended June 30
1926: Gross, $10,730,488; net, $3,835,514.
OFFICERS.— Pres., Fred W . Insull; V .-P ., C. H. Kretz; Sec., R. F.
Frank; Asst. Sec., O. E. McCormick; Asst. Sec. & Asst. Treas., C. H.
Meyer.— V. 120, p. 1882; V. 121, p. 1349, 2158: V. 122, p. 2042, 2497;
Y. 123. p. 983, 1115; V. 124, p. 113, 922, 1667, 1821, 2590; V. 125, p. 247,
1053, 2265.

div. 7n July 1925 A. B. Leach & Co. sold $1,834,000 7% cum. pref. stock
at 96 and int. to yield 7.29% . V. 121, p. 461. In April 1927 Hill, Joiner
* Co., Inc.; Utility Securities Co.; Old Colony Corp. sold 22,500 shares
of 7% cum. pref. (par $100) at 97)4 flat. V. 124, p. 2429.
Stock Increase.— On July 15 1926 co. increased the authorized capital stock
from $8,500,000 to $16,000,000, viz., 75,000 shares common. 100,000shares
7% pref., and 10.000 shares 8% pref. stock. V. 123, p. 712.
Bonds.— The 1st mtge. 5% g bonds are secured by an absolute first mtge.
all. the property, rights and franchises of co., owned after acquired.
(2) CENTRAL POWER & LIGH T CO.
Additional bonds o f series “ A ” or other series of such tenor as directors may
Controlled by Central & South West Utilities C o., a subsidiary of Middle from time to time determine, may be issued against, cash or U. S. obligations
or to refund other series issued under this mortgage, and for 75% o f exten­
West Utilities Co. V. 121. p. 197. 1346.
sions, acquisitions, &c. May not be issued for extensions, acquisitions, &c.,
ORGAN IZATION .— Incorp. in Mass. Nov. 2 1916. In Aug. 1925 the or to refund other series of 1st mtge. bonds at a higher rate of interest unless
Central & South West Utilities Co. acQuired control of the company, net earnings during 12 consecutive calendar months ending within preceding
and since regrouped c o .’s properties with the result that Central Power < 60 Oays have been 1 % times annual interest on all 1st mtge. bonds out­
fe
Light Co., theretofore a holding company, became almost entirely an standing, incl. proposed issue, less an amount of such bonds equal to the
operating company. V. 121, p. 1346; V . 123, p. 1502. Other acquisitions amount o f cash deposited under the mtge. against the issuance of bonds,
lhere is a maintenance and renewal fund of not less than 10% annually of
see Y. 123, p. 2517..
gross earniDgs to be used for repairs, (fee., or additions, acquisitions, &c.,
FIELD OF OPERATION AND CH ARACTER OF BUSINESS.— or for redemption or purchase and cancellation of 1st mtge. bonds. Red.,
Supplies one or more classes of public utility service to centralized whole or part at any time on 30 days’ notice at following prices and interest;
group of 117 communities, the majority of which are located in the southern through Dec. 31 1931 at 105; through Dec. 31 1936 at 103: through Dec.
portion o f the State of Texas. Electric tight and power is supplied to 103 31 1941 at 102M: through Dec 31 1946 at 102; through Dec. 31 1951 at
communities, ice to 88, water to 18, gas to 3 and street railway service in 101: through Dec. 31 1955 at 100)4; after Dec. 31 1955 at 100. Penn. &
2 communities. Co. serves 40,237 customers with electric light and power, Conn. 4-mills and Mass. 6% taxes refundable. In Jan. 1927 Hill, Joiner
777 with gas and 11,759 with water. The total population served is & Co., Inc., A. B. Leach & Co., Inc., Halsey, .Stuart & C o., Inc., Old
estimated at 346,000, not inclusive. San Antonio and Houston served with Colony Corp. and Tucker, Anthony & Co. sold $12,500,000 5% series “ A ”
ice only. Company owns and operates electric power stations of 60,800 h .p . at 96 & int., to yield over 5 H % . V. 124, p 508.
ice plants having a daily capacity of 2,424 tons, gas plants o f 50,000 cu. ft.
Series “ B ” are red. all or in part on 30 days notice at following prices
daily capacity, and 828 miles o f electric transmission lines.
and int.: On or before April 30 1932 at 105 after April 30 1932, but on or
April 30 1937, at 103;
30 1937, but on or before April 30
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity, beforeat 1025-3; after April 30after April on or before April 30 1947, at 102;
1942,
1942, but
Com m onl50.000 shs (no p a r ) . ___
_________ 117,180 shs
___
after April 30 1947 but on or before April 30 1952, at 101; after April 30
Pf 7% cum $15 000,000 ($ 1 0 0 )___
7 Q-F
*9 025 000 Aug 27 1 H 1952 but on or before April 30 1956, at 100)4; after April 30 1956, at 100.
1st M 5s 1956 series ($.000,1 1926
5 8 F-A
18.564 500 Aug 1 1956 Pennsylvania and Connecticut 4 mills taxes and Mass. 6% income tax
$500 8100c* and $1,000 & ) Interest payable in New fo rk oa Chicago.
on int. refundable. In April 1927 a syndicate composed of A. B. Leach
multiples r * )___________ tfj
< Go., Inc., Hill, Joiner & Co., Halsey, Stuart & C o., Inc., Old Colony
&
Stock.— In May 1926 increased the authorized common stock from 50,000 Corp. and Tucker, Anthony & Co. offered $5,000,000 1st mtge. 5% gold
to 150,000 no par shares, and the authorized pref stock from $10,000,000 bonds, series “ B ” at 90)4 and int. with approximate yield of 5.23%.-—•
to $15,000,000 ($100). V. 122, p. 2649. The 7% cum. pref. is preferred V. 124, p. 2591.
as to assets and divs. Call, as a whole on 30 days’ notice at 105 and divs.
Dividends.— Are being paid regularly on pref. On com., 4% paid in 1918or any part thereof at 110 and divs. Tax exempt in Mass. In July 1926
Howe, Snow & Bertles, Inc.; A. B. Leach & C o., Inc.; Tucker, Anthony & In 1919 6% : in 1920. 2% : in 1921, IM.%; 1922. 1H % : 1923, 2)4% ; 1924.
C o., and H i ll . Joiner & Co , Inc sold $3,000,000 additional at 97)4 and 6% ; 1925. 6% ; in 1926, 9% .
divs. V. 123. p. 81. In Jan. 1927 a syndicate headed by Howe, Snow &
EARNINGS.— For calendar years:
Bertles. Inc., offered $1 750,000 add'l 7% cum. pref. at 1 0 1 & divs.
1926.
1925.
1924.
xl923.
V. 124, p. 371. No additional pref. stock may be issued unless during 12 ^
Gross--------------- ----------- $4,640,731 $4,091,678 $3,781,043 $3,363,213
consecutive months ending within preceding 60 days, net income as defined
2.812,964 2,736.431
2,452.668
has been at least 3)4 times ann. div. requirement on the pref. stock out­ Oper.,maint.& t a x e s ... 3.022,296
standing. incl. proposed issue.
N et-------------------------- $1,618,435 $1,278,714 $1,044,612
$910,545
Bonds.-—Additional 1st mtge. bonds of 5 % 1956 series or other series of such Bond interest---------------591,737
630 118
505.885
461.543
tenor as directors may from time to time determine, may be issued against
cash or U. S. obligations or to refund 1st mtge. bonds of other series, and
Balance, surplus------- $1,026,698
y$648.596
$538,727
$149,002
for 75% of permanent impt., acquisitions, &c., under certain provisions.
Bonds may not be issued for impts., &c., or to refund at a higher rate of
x The 1923 earnings Include the earnings of the Beaumont Gas Light Co.
interest 1st tntge. bonds of other series unless net earnings of co. and and the Gulf Cities Gas Co. from Jan. 1 1923 to July 31 1923, on which date
its subsidiaries during 12 consecutive months ending within preceding 90 they were taken over by the company.
days have been at least twice annual interest on all 1st mtge. bonds out­
y Before deduction of $141,123 for depreciation, which was set up for
standing. inel. proposed issue. There is a maintenance and renewal fund
o f not less than 12 )4 % annually of the sum of the gross earnings derived the first time in 1925.
from operation of co. s mortgaged properties arid the properties of its
■ atest Earnings.-—For 12 months ended June 30 1927: Gross revenue
L
subsidiaries; moneys to be used for (a) repairs, renewals and replacements; $5,048,380; net after taxes, int. and provision for retirement, $1,073,000
(5) extensions or acquisitions, or (c) redemption or purchase and cancellation
OFFICERS.— Pres., James C. Kennedy; V.-Ps., W. C. Sharp, M . Tof any 1st mtge bonds. The bonds are secured by an absolute first mortgage
on all of the permanent property, rights and franchises (incl. after-acquired) Walner, A. Liebermann and D. G. Skinner; Sec., E. II. Wilson; Treas.,
o f the co. and further by pledge of all capital stocks and bonds at any H. L. Nickerson, Asst. Treas., C. C. Herrmann; Asst. Sec., H. H. Ludwig;
time outstanding of the subsidiaries specified in the mortgage. Not to Aud., L. R. Williams.— V. 117, p. 1787; V. 121, p. 461, 588; V. 122, p. 1612,
exceed 3 H % of the values and earnings of the properties are owned by the 2193; V. 123, p. 86, 712; V. 124, p. 508, 649, 1221, 2122, 2429, 2591, 3632;
subsidiaries. 5% 1956 series, dated Aug. 1 1926 are red. whole or part V. 125, p. 248, 916. 2266..
upo1 30 day= notice at the following prices and int.: On or before July 31
<41 AMERICAN PUBLIC SERVICE CO.
193. at 105 less )4% for each 5-year period to and inel. July 31 1941:
thereafter less 1% for each 5-year period to ano incl. July 31 1951; there­
Controlled by Central & Southwest Utilities Co.— V. 121, p. 1346.
after to and incl. July 31 1955 at 101; thereafter at 100. Conn. Pa., and
ORGANIZATION.— Incorp. in Oct. 1912 in Delaware. Controls,
Calif. 4-mills, Mu. 4J^-mi!ls, D. of C. 5-mills and Mass. 6% taxes re­
fundable. Listed on Boston Stock Exchange. In July 1926 Howe, Snow through ownership of all the capital stocks (except directors’ qualifying
& Bertles, Inc.; Halsey, Stuart & Co , Inc.; A. B. Leach & Co., Inc.; shares) and all outstanding funded debt, of 14 public utility operating cos.
C O .’s subsidiaries are: Marshall Traction C o., West Texas Utilities Co.,
Tucker, Anthony & C o., and Hill, Joiner & C o., Inc., sold $14,500,000
5% gold 1956 series at 96 and int., to yield over 5)4 % . V. 123, p. 453, 579. West Texas Ice C o., Cisco Ice Co., Roby & Northern R R . Co.; Abilene
In Oct. 1927 Howe Snow & C o., Inc., Halsey, Stuart & Co., Inc., A. B. Traction Co., and Abilene Ice Co.
Leach & C o.. Inc., Tucker, Anthony & Co. and Hill, Joiner & C o., brought
Transfer of Properties.—The East Texas and Oklahoma properties of this
out $4,000,000 additional 1st mtge. 5s, 1956 series at 97 and int., to yield company have been transferred to affiliated companies occupying adjacent
5.2 0 % .—V. 125, p. 1968.
territories. The Public Service Co. of Oklahoma has taken over the
properties of the Oklahoma Power C o., and the properties of the Fast
EARN ING S.— For calendar year 1926:
Operating revenues___________________________________________ $6,756,412 Texas Public Service Co. and other subsidiaries in East Texas have been
Operating expense & taxes (including retirement exp., $96,635)- 4.344,902 taken over by the Southwestern Gas & Electric Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operating income__________________________________________ $2,411,510 Through its constituent cos. operates public utility properties serving 106
Rent from lease o f plant______________________________________
5,335 communities in Texas, with electricity, gas ice, water or street rail vay
Non-operating income________________________________________
62,466 service. Total population served 228,650. The combined electric generat­
ing capacity is 11,235 k.w., and the combined dailv ice capacity is 466 tons.
Gross income_______________________________________________ $2,479,311 Electric light and power is distributed over 1,105 miles of high-tension
Interest on funded d,ebt______________________________________
604.075 transmission lines, and gas is distributed through 91 miles of gas mains.
Miscellaneous interest, amortization, &c______________________
218,658
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $15,000.000________ _____
_______
$9,644,708 _______
Net income_____ ___________________________________________ $1,656,578 Pref 7% cum $15.000,000_________
7 Q-J
9,340,000 Oct’27 1H%.
Preferred dividends___________________________________________
386.433
Note.— Practically all of the common stock is owned or controlled by
Common dividends___________________________________________
755,780
Central and South West Utilities Co.
Balance, surplus____________________________________________$514,365
Stock.— On April 21 1926 the authorized stock was increased from $10.000.000 to $15,000,000 ($100). V. 122, p. 2648.
Latest Earnings.— For year ended Aug. 31 1927: Gross, $7,258,277; ne*
Bonds.—All of the outstanding funded debt was called for redemption
after operating expenses, rentals, taxes and maintenance, $2,859,329,
June 1 1927.—V. 124, p. 1976; V. 125, p. 244.
interest charges, $928,225.
OFFICERS.—Pres., James C. Kennedy; V.-Ps., E. B. Neiswanger and
W. C. Sharp; Sec.. W . W . Boone: Treas., II. D. Jenkins.-—Y. 110, p. 328,
2285, 2409, 3008; V. 120, p. 1880; V. 121, p. 197, 1346, 1907: V. 122. p. 1025,
2649; Y. 123, p. 81, 453, 579, 1502, 1760, 2517; V. 124, p. 371, 505, 1977,
2426, 3350; V. 125, p. 513, 646, 1968, 2261.
(3) SOUTHWESTERN GAS AND ELECTRIC CO.
Controlled by Central & South West Utilities Co.
ORGANIZATION.-—Incorp. in Delaware in 1912. In M ay 1927 pur­
chased properties o f American Public Service Co. in East Texas. In May
1926 acquired the Waldron (Ark.) Electric & Power Co. V. 122, p. 3080.
In June 1926 purchased the Mena (Ark.) Elec. & Ice Co. and Ashdown
(Ark.) Elec, and Ice Co. Purchased March 1 1927 Electric properties at
Vivian, Oil City and Mooringsport, La., from Gulf Public Service Co.
V. 124, p. 2122.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Serves 78 communities in the States o f Louisiana, Arkansas, Texas and
Mississippi, including the cities of Shreveport, La., Texarkana, TexasArkansas, Beaumont and Marshall, Texas, having a combined population
of 261,800. Owns and operates a gas line and electric transmission line
between Shreveport and Texarkana, serving the villages along the way with
electricity and gas. Has 678 miles of gas mains serving 38,627 gas custom­
ers in 27 communities. Servces 63 communities with electric light and
power. Total generating capacity, 65,450 k.v.a.; 600 miles of inter­
connecting transmission lines. Owns the street railway system (12 miles)
in Texarkana. Has a total ice plant capacity of 412 tons per day and
serves 23 communities with ice, including Marshal] , Tex.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
$5,970,000 Oct ’27 2%
Common $7,500,000 ($100) — .................
..........
738‘ 900 Oct ’27 2%
Pref 8% cum $1,000,000 ($100) .......
7 Q-J
6.929,400 Oct ’27 1M
Pref 7 %cum $10,000,000($100) ____
5 g J-J
17,500.000 Jan 1 1957
1st mtge 5% g series “ A ") 1927
5 g M -N
5,000,000 M ay 1 1957
Series “ B ” 1927--------------- i 1927
($1,000. $500 & $100 c* & Central Tr. Co. o f 111. and Aksel K. Bod|
$1,000 & multiples r)------tfj holdt, Chicago, trustees.
Stock.— Pref. 8% cum. Is call, on any int. date on 30 days’ notice at par.
7% cum. pref. stock is caol., whole or part, on 30 days’ notice at 107 and




C tra P er a dL t C p y
en l ow n igh om an
Controlled by Middle West Utilities Company through
Central & Southwest Utilities Company

O perates in 104 Com munities in Texas
Supplies Electric Light and Power
to 90 Communities
Outstanding securities of this Company
bought, sold and quoted
For detailed information write for
Circular 205

Howe Snow &Co.
Incorporated

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco Minneapolis
Philadelphia

160

PUBLIC UTILITIES

EARN INGS.— Consolidated earnings for calendar years:
1924.
1923.
1926.
1925.
Gross earns, fr. util oper. $6,790,866 $4,887,006 $4,009,191 $3,288,848
Oper. exp. (incl. taxes &
2.716.540
2.133,981
depreciation)________ 4,501.447
3.201.004
Net earns, fr. util oper $2,289,419 $1,686,003 $1,292,651 $1,154,867
____ 37.893
Non-oper. income (net).
155.718 ____ 60.086 ___ 28K 157
Gross income_________ $2,445,137 $1,746,088 $1,573,808 $1,192,760
532.975
Interest on funded debt.
927.186
753.445
649.706
101.307
Amort.of debt disc.& exp
163,304
104.216
112.787
Divs. on pref. stock paid
312,726
368.311
or accrued_____ _____
______
471.406
Minor, pref. divs. S. An.
1,162
W ..L . & P. C o______
1,996
Balance, surplus_____ $1,352,651
$415,859
$443,004
$245,752
OFFICERS.— Chairman, Samuel Insull; Pres., Martin J. Insull; V.-P.*
James C. Kennedy; V.-P., W . C. Sharp; Sec., F. A. Tate; Treas., C. C
Herrman; Aud., H. K. Stark, Asst. Sec., N . Siljestrom; Asst. Treas., G. E.
Olmsted.—V. 119, p. 2527; V. 120, p. 1584, 1880, 2144; V. 121, p. 1346.
1675; V. 122, p. 881, 1768, 2326, 2648, 3602; V. 123, p. 579, 2516; V. 124,
503, 1976, 2276; V. 125, p. 244.

KENTUCKY UTILITIES CO.
A subsidiary of Middle West Utilities Co.. which owns or controls all of
the common stock.
I >K<; \ \\7jAT ION.— Incorp in Kentimkv in 1912
As of March 1 1929
acquired the entire capital stock o f West Kentucky Electric Power Co. from
West Kentucky Coal Co. V. 122, p. 481. Co \pany in Aug. 1925 pur­
chase J the Clay Light C o., serving the towns of Clay and Dixon, Ky.,
with electric light and power. V. 121. p. 586. In Sept. 1925 acquired an
8,000 h.p. generating plant at Graham, K y., for approx. $1,009 000.
V. 121, p. 586. On Feb. 26 1926 Paducah Electric Co. sold and transferred
all its property to Kentucky Utilities Co. V. 121. p. 2402; V. 122, p. 1609.
On Mar. 1 1926 Kentucky Light & Power Co. sold all its properties and fran­
chises to Kentucky Utilities Co. (Kentucky Lt. A Pr. Co. operated at Daw­
son Springs, Princeton, Fulton and Hickman, and supplied electricity to
Fulton, Princeton and Dawson Springs). Also operated the water works
and supplied electric service and ice at Hickman. V. 122, p. 1609; V. 123,
p. 2261.
In Dec. 1926 purchased the municipal plant o f Harrodsburg, Ky. V. 123.
p. 1382. In June 192/ acquire s electric light Plant and distribution
system at Cu berland Ky. from the Cumberland Light Co.
For description of West Kentucky Electric Power Co. see below. Co.
also owns all of the common stock of Kentucky Hydro-Electric Co. For
other acquisitions in 1926. see V. 123. p. 2900.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. serves 179 communities with one or more classes of public utility ser­
vice, 179 communities are supplier! with electric light and power, 26 are
supplied with ice, 12 with water. 4 with gas and 1 with street railway
service. The combined population o f the communities thus server! is
estimated to be 294.140. Co. controls the Kentucky Hydro Electric Co.,
which co. owns and operates a 22.500 k.w. hydro-electric generating
station, situated on the Dix River near Lexington. Co. also controls the
Old Dominion Power Co., serving 20 communities in southwestern Virginia
having an estimated population of 35.000. Plans to build a new hydro­
electric station on the Kentucky River of an estimated output of 10,000.000
k.w.h. per year. Details In V. 123. p. 1996. Co. completed in 1924 a
40 000 h.p. steam plant on the Cumberland River, 5 miles from Pineville.
and entered into a favorable contract with the Kentucky Hydro-Electric Co.
for the purchase of power from the 30.000 h.p. hydro-electric station on the
Dix River near High Bridge, Ky. Co. has 10 power stations with total
generating capacity of 81,072 k.w. Current transmitted through 1.400
miles of lines. The co.'s 15 electrically operated ice plants have a daily
capacity of 450 tons. Total number of customers served 6/,918 of which
54,994 are electric and 12,922 water and gas customers.
STOCK AND B o v n s —
Dale. Interest. Outstanding. Maturity.
Common ($100 $10,000,090 .....................
. . *8.281,6'0 ...................
6 % cum pref (SloO) 10.000,000;___
6 Q-J
7.302.500 Jan ’27 114
7% pref Junior SIO.OPO.LH
JO
($100).................... . ..................
7 Q-F
2.833,850
See ext
1 st mtge lien gold ($ 1 ,000,
$500, $100, c * ).............tf
Series O ................................. 1922
6 g M -N
644.800 M ay 1 1952
SeriesD ................................. 1923 6 H g M -N 4 21'.900 Sept 1 1948
Series F .........................
1925 hVt g A-O
2.000.000 Oct 1 1955
Series G ____________
1926 5 g F-A
4.000.000 Feb 1 1961
Series H ____________________ 1926
5 F-A
6.800,000 Feb 1 1961
Kentucky Hydro El Co 1st M . ___
6%
4.000,000
.............
Stock.—The ft0 cum. pref stock is red. on 30 days' notice at 110 A div s
?,
Bonds.— The 1st M . lien hands are secured by a direct first mortgage on
all the fixed properties, rights and franchises owned by the co., and no
bonds may be issued on account o f the acquisition of additional property
unless the mtge. shall be a first lien thereon.
All of the outstanding Series B. due 1941, were called Nov. 15 1926 at
107)4 and int. All of the outstanding series E, due 1949, were called
Nov. 1 1926 at 105 and int. V. 123. p. 1762.
Series F. dated Oct. 1 1925, is red. all or part at the following prices and
Int.; To Oct. 1 1935 at 105. to Oct. 1 1945 at 103; to Oct. 1 1950 at 102^4:
on Oct. 1 1950 at 102 and thereafter at 102 less M % for each full year after
Sept. 30 1950. After Sept. 30 1954 at par. Penn, and Conn. 4 mills,
Maryland 4)4 mills, Dist. o f Col. 5 mills and Mass. 6 % tax refundable.
Interest payable in Chicago and New York. In Dec. 1925 Halsey. Stuart
A C o., Inc., offered $2,000,000 Series F at 98)4 and int., to yield about
6.60% . V. 121m 2750
Series O. due Feb. 1 1961. Is red. whole or part on 30 days" notice at fol­
lowing prices and interest at 105 to Feb 1 1936: at 104 to Feb 1 1946;
at 103 to Feb. 1 1956: on Feb. 1 1956 at 102)4. less )4 % for each full year
elapsed after Jan. 31 1956 to Feb. 1 1960: on Feb. 1 1960 and thereafter at
100. Penn, and Conn 4 mills, Maryland 4)4 mills. Dist. of Col 5 mills
and Mass. 6 % taxes refundable. In Feb. 1926 Halsey. Stuart A Co.
Inc., offered $4,000,000 series G at 94)4 and int.. to yield 5 35%. V 122
p. 1310
Series H are Identical to series G. In Oct. 1926 Halsey, Stuart A Co.,
Inc., offered $6,250,000 series H at 97 and int., to yield 5.20%. V.
123. p. 1876, 1996.
Dividends.—On 7% Junior pref. stock a div. o f 1 % % in M ay, Aug. and
N ov. 1926. In 1927, Feb., 154%; M ay, 1 % % ; Aug., 1 H % .
EARN ING S.— For calendar years:
Total Inc.,
Interest,
DiviBalance.
Gross.
after Trues.
At
dends.
Surnlus
1926.................$5,577,508
$2,364,063 $1,038,706 $1,233,241
$92,116
1925
4 561 8*0
1.898.999
842.351
1,055.6118
1.040
1924 ............... 3.671.198
1.581.058
709.397
662.499
209.162
1923
2.935.680
1,259.517
506.199
561.932
191.386
1922................. 2.282.611
884.606
442.935
313.350
128.321
1921................ 2.109.947
736.908
368.153
299.400
fiQ.415
Gross and net figures for 12 months ended June 30. V. 125, p. 780.
OFFICERS.— Chairman, Samuel Insull; Pres., L. B. Herrington:
V .-P ., G. T. Bogard: Treas. & Sec., A. A. Tuttle; Aud., A. M . Cruse.
V. 121, p. 586, 1348. 1678. 2402, 2750: V. 122, p. 481. 883, 1310, 1609,
2495; V. 123. p. 581. 1382, 1762, 1876, 1996, 2261, 2900, 2279; V. 125,
p. 246, 780.
WEST KENTUCKY ELECTRIC POWER CO.
On June 1 1926 co. sold all Its properties and franchises to Kentucky
Utilities Co., which before that date already owned the entire capital stock
Of West Ky. El Power Co., which latter co. was incorp. in Delaware
June 1924. Below we give a description of the properties. Ac
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Furnishes electric light and power in the coal producing territory centring
at Earlington and Sturgis, in the west Kentucky field
Supplies electric
power to the West Kentucky Coal C o., the largest coal mining company
In this field; provides the principal source of power supply for the transmis­
sion system serving Mor anfield, Princeton. Dawson Serines and adjacent
towns in Kentucky and through its own retail di tribution system furnishes
light and power to Sturgis. Commercial Point. Earlington, Wheatcroft
and Morgan's Gap. Ky.
Bonds.— All of the outstanding 1st mtge. 5)4% g- bonds, series A dated
Sept. 1 1925, were called for payment Sept. 1 1926 at 103 and int. V.
123, p. 713.




[V ol. 125.

MICHIGAN GAS & ELECTRIC CO.
Controlled by the Middle West Utilities Co.
ORGANIZATION.— Incorp. in Michigan on Oct. 1 1904 as the
Houghton County Gas A Coke Co. Name changed to the above Feb. 14
1917 The company acquired, effective Jan. 1 1917, the Constantine
Hydraulic Co., Three Rivers Light A Power C o., Three Rivers Gas C o.,
Milling & Power Co and the Marquette County Gas S. Elec. Co,, exclud­
r
ing the street railway (which see below). On June 30 1924 purchased the
entire property of the City Gas Co. at Marquette. In Dec. 1926 also the
electric property of Electric Light A Pow. C o., Munising, Mich. Ac­
quired the Niles Gas Light Co. V. 124, p. 921.
Hi Feb. 1925 the co. applied to the Mich. P. U. Comm, for auth. to issue
$400,000 common stock, $218,000 preferred stock and $50,000 bond*
V. 120. p. 829.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS —
Co. owns and operates a group of public utility properties supplying, withoift
competition, electric light, heat and power service to 26 communities and
manufactured gas to 9 communities. Also wholesales electrical energy to
the cities of Sturgis and Dowagiac, Mich. An interurban line 4)4 miles
long is also operated between the cities of Ishpeining and Negaunee. Popu­
lation served directly and indirectly, over 105,000. Co. operates 4 modern
power stations. 3 of which are hydro-electric: also purchases electric
energy. Owns 177 high-voltage transmission lines: gas plants of over
I , 000,000 cu. ft. daily capacity; 846,000 cu. ft. holder capacity.
STOCK AND BONDS—
Date.
Interest. Outstandi: g. Maturity.
Common $1,600,000 ($100).......................................$1 556 000 ____________
Pref cum $400 000 ($100)..................
6%
400 000 Aug'27.1)4
Prior lien stock $1.000.000________
7%
875.600 Aug’27,1%
1st mtge & ref Ser “ A” ($100,/ 1923
6 g M-S
1.734 800 Sept 1 1943
$500. $1,000' gold___ c*tf lCentral Tr. Co. of Illinois Chicago, trustee.
1st mtge g series B ($l,000,f 1926
5 g J-D
661,000 Dec 1 1956
$500. $100 e* and $1.000-1 Central Trust Co. of 111. and Aksel K.
or multiples r ) _________ tf l Bodholt, Chicago, trustees.
Bonds.— The 1st mtge. & ref. (now 1st) and 1st mtge. bonds, series B.
are secured by an absolute first mortgage on all of the properties, rights and
franchises of co. owned or after-acquired. Additional bonds of existing
or other series of such tenor as directors, from time to time, may determine,
may be issued for cash or U. S. obligations or to refund 1st mtge. bonds,
and for 75% of additions, acquisi ions. Ac., provided (except if issued
against cash or U. 8. obligations or in case of refunding 1st mtge. bonds, if
such additional bonds are not issued at a higher rate of interest) net earnings
during 12 consecutive calendar months within 60 preceding days have been
4
at least 13 times annual interest on all 1st mtge. bonds outstanding, incl.
proposed issue. There is a maintenance and renewal fund of not less than
7 t4 % of gross earnings, during each of calendar years 1924 to 1928, incl.,
and during each calendar year thereafter not less than 10%; moneys to be
used for renewals, Ac., additions or acquisitions, A c., or redemption or
purchase and cancellation of 1st mtge. bonds.
1st A ref. (now 1x0 series A are callable on and from Sept. 1 1933 to Sept. 1
1938 at 105, thereafter prior to Sept. 1 1942 at 102)4 less J4 of 1% for each
year or fraction thereof elapsed aftpr Aug. 31 1939; en and after Sept. 1 1942,
at par. 1si mtge. series B, d te i Dec. 1 1926, are red., all or part, at any
<
time on 30 days’ notice at following prices and interest: Through Nov. 30
1931 at 105; through Nov. 30 1936 at 103: through Nov. 30 1941 at 102)4:
through Nov. 30 1946 at 1Q-: through Nov. 30 1951 at 101: through Nov. 30
1955 at 100)4; after Nov. 30 1955 at 100. Penna. and Conn. 4 mills and
Mass. 6% taxes refundable. In Dec. 1926 Hill, Joiner & Co., Inc., offered
$661,000 5% series B at 97 and int., to yield about 5.20% . V. 124, p. 111.
All of the outstanding Marquette County Gas & Elec. Go. 1st 6s (call,
at 105 on any interest date) were called for redemption out of the proceeds
of an issue of $661,000 Michigan Gas & El. Co. 1st mtge. bonds, series B,
offered in Dec. 1926.
EARN ING S.— For calendar years:
Gross
Net after
Interest, Prior Lien A Avail, for
Income.
Taxes.
Ac.
Pref. Divs. Com.Dws.
1926______$1,027,021
$295,742
$152,200
$81,943
$61,599
1925
882.095
213.054
125.011
63.599
24,444
1924
742.533
216.625
145.716
43.154
27,755
1923
722.713
189.050
108.202
41.194
39,654
1922
610.515
148.139
94,894
35.441
17,801
OFFICERS.— Pres., L. E. Myers: V .-Ps., W. C. Sharp, W. J. Hodjkins
and Roy Campbell: Sec., N. Siljestrom: Asst. Sec., E. J. Shaylor; Treas.
J. W. Denison, Three Rivers, Mich. General office. Three Rivers, Mich.
— V. 118, p. 2581; V. 120, p. 829, 2547; V. 122, p. 2949; V. 124, p. I l l , 921.
2907.
(a) THE MARQUETTE COUNTY ELECTRIC RAILWAY CO.
Organized with $25,000 capital stock (al. of which, with the exception of
directors' shares, is owned by the Michigan Gas & Elec. C o.). Property
leased to the Michigan Gas & Elec Oo. under general contract which pro­
vides for payment o f bond interest, operating expenses and upkeep.

INTERSTATE PUBLIC SERVICE CO.
Controlled by Middle West Utilities Co.
ORGAN IZATION .— Incorp in Indiana Sept. 4 1912 and Ieas?d for 999
years the Indianapolis Columbus & Southern Traction Co. at a rental of 5%
on the capital stock or $92 000 a vear above all taxes. aee that co. below.
Has also acquired the Franklin Water, Light A Power C o., Citizens' Elec.
Lt. A Pow. Co. of Lebanon, Indiana Service C o., Northern Public Service
Co. of Ind.; Seymour Public Service C o., Bedford Lt., Ht. A Pow. C o., the
Northern Indiana Utilities Co. and the New Castle Light, Heat A Power Co.
V. 114, p.198. Has also acquired .Jefferson Water, Lt. A Pow. Co. V. 116,
p. 2637. Formerly controlled through stock ownership the Louisv. & South­
ern Indiana Trac. Co., Louisv. A Northern Ry. A Lighting Co., New Albany
Water Works C o., Central Indiana Lighting Co. and United Gas A Elec­
tric C o., but early in 1921 these cos. were merged with the Interstate Pub­
lic Service Co as per plan in V. 112, p. 563, 1283. Separate statements
of the Louisville A Northern Ry. A Ltg. Oo., the United Gas A Elec. Co.
and the Louisville A Southern Indiana Trac. C o., giving history up to time
of merger, will be found in “ Elec. R y. Supp" of Oct. 30 1920. As of
Jan 1 1923 the co. acquired all property and business of the Indianapolis
A Louisville Traction Ry.. Southern Indiana Power C o., the Hydro-Elec­
tric Light A Power C o., Hawks Electric C o., Winona Electric Light A
Water C o.. Middlebury Electric Co. and Electric Transmission Co. oT
Northern Indiana. Separate statement showing history of Indianapolis A
Louisville Trac Rv . up to time of mercer will he found In “ Electric Railway"
Supplement of Oct. 28 1922. For additional acquisitions, see V. 117,, p.
1884. 1663; V. 119, p. 1624, 2287; V. 121, p. 586, 706, 1461, 1908; V, 122.
p. 1455. 3210.
Additional acquisitions: In 1924— Municipal light plant at North Vernon
and electric light and power property at Leesburg, and entire capital stock
of Goshen Gas.Co. and Warsaw Gas Co. In 1925— Entire property of
Indiana Power Co., Knox A Sullivan County Lt. A Pow. C o., Consumers
Power Co. (Del.), Orange County Pub. Serv. Go., Brownstown Water A
Lt. Co., Jackson County Transmission C o., Mentone Elec. C o., Vernon
Hydro-Elec. Co. and municipal lighting plant of Loogootee, Ind. In
1926— French Lick A Wast Baden Water, Light, Heat A Pow. Co., Shoals
Utilities Co. and Pine Village Lt. A Pow. Co. In 1927— Burnettsville
Elec. Lt. A Pow. Co.
The company jointly with the Central Illinois Public Service Co. guar­
antees unconditionally hv endorsement (auth. $5 000.000, outstanding
$1,227,600 ser. A 7s and $1,722,000 ser. B 6s 1st mtge. bonds of the Indiana
Hydro-Electric Pow. Co. as to prin., int. and sinking fund. V. 114, p. 306.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Company serves 151 Indiana cities and towns with one or more classes of
public utility service and wholesales electricity in 67 additional.
Among
1 the more important cities served are: Goshen, Lebanon, New Castle,
Connersville, Aurora. Franklin. Columbus, Seymour, Bedford, Bloomingi ton 8helbvville leffersonville, New Albany, Vincennes and Bickneil.
Population served 355 000. Co. owns and operates 14 electric generating
stations with a combined capacity of 56.975 k.w
1,482 miles of high
tension transmission line 118 transformer stations. 14 artificial gas plants.
1 natural fas property. 17 city water works. 33 miles of street railway and
I 166 miles of interurban line. The interurban line from Seymour to Indianj apolis is operated under a 999-year lease, completing the line from Indlani apolis to Louisville, reaching more than 750,000 people. In June 1924
' purchased 11 motor buses to operate between Indianapolis and Franklin,

Oct ., 1927.]

POWER, LIGHT AND RAILW AY

161

as an adjunct to its main line. Acquired the Jackson Highway Bus Line, thereafter at par and int. Int. payable at office of trustee, Indianapolis,
operating 14 buses. Also owns and operates electric, gas. heat and water or Illinois Trust & Savings Bank. Chicago.
properties in a number o f communities. Customers served as of Dec. 31
EARNINGS.— For calendar years:
1926: Electric, 83.667; gas, 22,938, and water, 17.358.
1926.
1925.
1924.
1nterest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
Gross income.........................................
$706,317
$680,404
$739,500
76.572 shs
Common 125,000 shs (no p a r ) . ____
Operating expenses and taxes_______
361.026
380,027
578.500
$6,310,300
Common $7,500,000 (SI00)_ _____
_
9,001.500
7
7% prior lien SI0,000.000__________
N et......................................................
$345,291
$300,377
$161,000
6,082,100
6
6% cum pref $7,500,000___________
OFFICERS.— Pres.. Wm. G. Irwin: V .-P.. L. I . Sweeney; Sec. & Treas.,
6 g F-A
First mortgage & ref series A . . 1923
8.551.900 Feb 1 1948
Series " B” _________________ 1924
2,601,700 Jan 1 1949 Hugh Miller, all of Columous Ind.— V. 115, p. 2905; V. 116, p. 176. 295.
613 g J-J
5 V, A-0
Series “ C ” _________________ 1925
2 838 510 Oct 1 1950
5 J-D
Series “ D ” __________________1926
10.000,000 Dec. 1 1956
NORTH WEST UTILITIES CO.
($100, S500&S1,000)g.c*.tf Union Trust Co., Indianapolis, trustee.
United Gas & El Co 1st mtge f 1902
5 g J-J
484.000 See text.
Control.— Middle West Utilities Co. owns the entire common stock.
$750,000 ($1,000) gold--C*-(Int. at Cont. & Comm. Tr. & S. B., Chicago,
ORGANIZATION.— Incorporated in Delaware in Dec. 1918. Company
{ trustee, and at Eliot Nat. Bank. Boston
owns or controls public utility operating companies supplying one or more
Peoples Gas Electric & H e a t-1 ___
5 J-D 1
72.000 June 1 1931 classes of public utility service to 238 commuuiiies in central eastern and
ing first mortgage________ /Int .at Cont.&Com.T.& S.B., Chic., trustee.
northern Wisconsin and northern Michigan
The subsidiaries of the com­
Indiana Pow Co 1st lien & gen JCont. & Comm. Tr. & Sav. Bk., Chicago
pany are: Wisconsin Power & Light C o., Lake Superior District Power Co.
mtge. g. $15.000,000______ i Trustee; Wm. P. Kopf Co-trustee.
and Southern Wisconsin Electric Co. V. 122, p. 612. On Dec. 29 1926
Series A . . . _____
1921
7V3 g M N 1 245.0C0 Nov 1 1941 sold the Southern Wisconsin Power Co. and the Wisconsin River Power Co.
Stock.— In 1925 co. issued 30,324 shares o f com. stock of no par value, in to Wisconsin Power & Light C o., also a subsidiary of North West Utilities
exchange for 25,992 shares of its 6% cumul. pref. stock (par $100), on the Co. V 124. p.648.
Subs, serve a total estimated population of 370,600. 237 communities
basis of $87 50 a share for the pref. stock and $75 a share for the com. stock.
The common stock is owned by the Middle West Utilities Co. V. 120, p. served with electric power and light, 10 with gas, 3 with water, and railway
service to 11 communities. Also bus service in 3 communities. As of
1586.
Bonds.— The 1st Mtge. & ref. bonds, are secured by a mortgage covering Aug. 31 1927, total number o f customers served was 120,535.
as a direct lien all fixed property, incl. now owned or after acquired. The
STOCK AND BONDS— Date. Interest. Outstanding. Maturity.
_________ 146 893shs __________
mtge is also a direct lien on the balance of the no.'s property, subject to Common 20 .000 shs (no p a r ) . ____
$2,100,000 outstanding closed prior liens of which $27,000 is deposited under Prior lien pref. cum. $17,500,the mtge. and $62,500 are held in treasury. The 999-year lease of the Ind.
000 ($100i_______________ ______
7
3,900.000 J u ly '27 1J4
Columbus & Southern Trac. Co. is also pledged under the mtge. Under the 8% cum pref $7,500.000___________
8
$783,200
____
terms of this lease, as part of the rental, the Co. pays the iyterest on the Cum. pref. stock $10,000,000
leased co.'s closed issue of $973,000 25 yr. 1st mtge. 6% g. bonds due Feb. 1
($100/__________________________
7 Q-F
$5,000,000 A u g '27 \M
x All held in treasury.
1948. Additional bonds of a given series (or other series bearing such
Stock.— The 7% cum. pref. stock is preferred as to assets and dividend
rates of interest, date o f maturity, &c., &c., as directors may determine)
may be issued against the deposit, par for par of each on U. S. obligations over the common stock. Red. on 30 days' notice at 110. Listed on
or underlying bonds or to refund underlying bonds and bonds of other series Chicago Stock Exchange. In Jan. 1926 Hill. Joiner & Co., Inc., Tucker,
issued under this mtge. and for 75% of new construction, &c. Bonds Anthony & Co., and Central States Securities Corp. offered $3,000,000
may also be .ssued for 75% o f expenditures made for stock of a subsidiary 7% cum. pref. stock at $95 per share to yield about 7.37%. V. 122. p.612.
and for additions and betterments to its property, and to refund its in
Stockholders on Anril 21 1926 increased the auth. capital stock from
debtedness, provided bonds secured by mtge. upon the property of such 450,000 shares (150,000 shares prior lien pref., par $100; 150.000 shares pref.,
subsidiary be pledged in an amount equal to such betterments or refunded par $100, and 150,000 shs. n:> par comm m) t» 550,000 shs., viz.: 175,000
Indebtedness, and provided that the total amount of bonds issued under shs. prior lien pref., par $100: 175.000 shs. pref., par $100, and 200,000 no
the mtge. in respect of any subsidiary together with all mtge. indebtedness par common shares. V. 122. p. 1763, 2652.
of such a subsidiary, outstanding in the hands of the public, does not exceed
EARNINGS.— For calendar years:
75% o f the value of its permanent property. Bonds issued for new con
1926.
1925.
struction or acquisitions by the co or any subsidiary, or for the stock of
Earnings from subsidiaries__________
$1,167,625
$908,553
any subsidiary or to refund the indebtedness of a subsidiary may not be
Other income_______________________
62.622
41.929
issued unless net earnings o f the co. and its subsidiaries, during 12 con
secutive months of the preceding 14 months have been at least i H on all
$950,482
Total income_________________________________ $1,230,247
outstanding (incl. those to be issued and underlying bonds in the hand of
48.201
89.693
the public), except any bonds for what retirement the necessary moneys Administration expense and miscellaneous charges.
have been deposited. Maintenance fund of 1213% of gross earnings
$1,182,046
$860,789
Series A are red. all or in part at any time after Jan. 31 1928 on 30 days’
266.633
231.659
notice at the following prices and accrued int. On and from Feb. 1 1928 Dividends on prior lien preferred stock__________
to Feb. 1 1933 at 105; on and from Feb. 1 1933 to Feb. 1 1938 at 104: on
$915,413
$629,130
and from Feb. 1 1938 to Feb. 1 1943 at 103: on and from Feb. 1 1943 to ■Dividends on preferred stock____________________
296.733
226.864
Feb. 1 1945 at 102; on and from Feb. 1 1945 to Feb. 1 1947 at 101; on and
after Feb. 1 1947 at par. Series B are red., all or in part, at any time
Combined surplus earns, avail, to com. sto ck ..
$618,680
$402,266
subsequent to Dec 31 1933, upon 30 days' notice, at the following prices
For earningsol Wisconsin timer Bower Co. see V. 122. p 1613 under this
and interest: 107>3 if redeemed during the rive years end. Dec. 31 1938
latter e o m n a n v .
105 if redeemed during the five years end. Dec. 31 1943, and if redeemed
Latest
12 mos. ended June 30 1927: Gross rev., $10,subsequent to Dec. 31 1943. but on or before Dec. 31 1947, at 102)3 less 345,300; Earnings.— For $3,648,428.
net after taxes,
)3 o f 1% for each year or part thereof elapsed after Dec. 31 1944, and if
O F F IC E R S — Chairman Samuel Instill: Pres.. Martin J Instill; Vlceredeemed after Dec. 31 1947 at par. The company agrees to reimburse
the holders of the 1st mtge. & ref. Series A and Series B bonds if requested Pres., E. V. Graham: Sec., E. J. Knight: Treas., O. E. McCormick: Aud.,
within 60 days after payment for the Penna. 4 mills and Maryland 4)3 E. A. Davis.— V. 120, p. 2149: V. 121. p. 459, 1348; V. 122. p. 482. 612.
mills taxes and for the Conn, and District of Columbia persoanl property 1763, 2652, 2949, 3211: V. 123, p. 2520; V. 124, p. 648, 2590, 3209; V.
taxes not exceeding 4 mills per $1 per annum, and for the Mass, income 125, p. 914.
tax on the interest not exceeding 6 % of such int. per annum. V. 118,p . 431.
Series V are red., whole or pari, upon 30 days notice at 105 oo Oi l J
LAKE SUPERIOR D IST R ICT POWER CO.
1935: at 102)3 to Oct. I 1945: at 102 on Oct. 1 1945 and thereafter at 102
less )3% for each full year elapsed after Sept. 30 1945. after Sept. 30 1949
Controlled by North West Utilities Co.
at 100. Penn. Conn, and District of Columbia 4 mills tax, Maryland
ORGANIZATION.— Organized in Wisconsin.
4J3-mill tax and Mass, income tax refundable. In N ov. 1925 Halsey, Stuart
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
& C o., Inc., A. B. Leach & C o., Inc. and E. H. Rollins St Sons, offered
public utility properties in Northern Wisconsin
$2,825,000 Series C bonds at 97)3 and int., to yield over 5.70% . V. 121, Owns and operates a group of supplies, without competition, electric light,
and Upper Michigan. Co.
p. 2156. 2272.
power to 33 communities,
Series “ D ” are red., whole or part, on 30 days’ notice at following prices heat andand Washburn, Wis., and incl. the cities and towns of Ashland,
Ironwood, Bessemer and Wakefield,
and int.: Through Nov. 30 1936 at 105; through Nov. 30 1946 at 103: through Hurley
Ashland, street
N ov. 30 1951 at 102)3; on Dec. 1 1952 at 102, and thereafter at 102 less )3 % Mich. Gas is furnished inand intervening railway service in Ashland,
Ironwood and Bessemer
served
for each full year elapsed after N ov. 30 1951. Subsequent to Nov. 30 1955 estimated to exceed 64,000. Co. owns and points. Population electric
operates 11 central
at 100. Penna. & Conn. 4-mills, Maryland 4)3-mills, Dist. of Col. 5-mills generating stations of a combined capacity of 30.330 k.w., of which 13,860
and Mass. 6% taxes refundable. In Dec. 1926 Halsey, Stuart & C o., Inc., k.w. hydro-electric: 48 sub-stations inter-connected by more than 363
A. B. Leach & C o., Inc., and Hill, Joiner & Co., Inc., offered $10,000,000 miles of transmission lines. Gas plant of 250,000 cu. ft. capacity; holder
series " D ” at 96 and int., to yield over 5 )3 % . V. 123, p. 3182, 3038.
capacity, 200,000 cu. ft. V. 123, p. 2777, 2900.
All o f the outstanding New Albany Street Ry. 5% bonds due Aug. 1 1927
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
were retired.
_________ $2 257 800 ____________
Common ($100' $2 500 0 0 0 - - ____
EARN IN G S.— For calendar years:
7% cumul pref $2 500 000_________
7
2 418 700 .......... ..........
1926.
1925.
1924.
1923.
1st M & ref 5% g ser B $1.000, f 1926
5 J-D
3.534,000 Dec 11956
Gross earnings, including
$
$
$
$
$500, $100 c* & $1,000 & jln t. payable in New York or Chicago,
9,721,902 8,916,454
6,800.039
6,405,344
multiples r)____________ t f (
merchandise sales___
Oper. exp., incl. taxes.. x6,590,530 6,186,350
4,961,942
4,825,177
Divisional 5% bonds (c lo s e d ).____
_________
1.955,000 __________
Bonds.— The ls( A ref. 5 % < ■bonds are secured by an absolute 1st mtge. on
J
Net earnings............... 3,131.372
2,730,104
1,838,097
1,580,167
important parts of co.’s property and by a direct lien on all permanent
Miscellaneous income_
_
28,707
38,502
60,251
16,250 property, rights and franchises owned or after-acquired by co. Further
secured by pledge of $950,000 (closed' divisional 1st mtge. bonds o f which
Total in c o m e ............ 3,160,079
2,768,606
1,898,347 1,596.417 there are outstanding in hands of public $2,106,000. Additional bonds of
Rental of leased ry. prop.
165.215
171,297
181,810
165.898 series A or other series of such tenor as directors, from time to time, may
Int. on funded debt___
1,405.349
1,264.582
880,718
744.863 determine, for refunding purposes or against cash or underlying bonds.
Other deductions______
91.589
214.883
______
______ Also for 75% of additions, improvements, &c., provided net earnings
Divs. on prior lien stock
633.163
584.936
345,649
250,461 during 12 consecutive calendar months ending within preceding 90 days
Preferred dividends____
366.513
222.185
313,800
298,108 have been at least 1 % times annual interest on all underlying and 1st lien
Common dividends_____
374.025
385,416
______
______
& ref. bonds outstanding, incl. proposed issue. There is a maintenance
and renewal fund of not less than 12 % of gross earnings o f mortgaged
Balance, surplus------124,225 def74.694
176,369
137.087
properties which fund also may be used for redemption or purchase and
Profit & loss surplus____
893,339
790.562
803,544
632.155
cancellation of 1st & ref. mtge. bonds. Series B are red., whole or part,
x Also (in 1936) including retirement of $281,651.
at any time on 60 days' notice at following prices and interest: through
Latest Earnings.— For 12 mos ended June 30 1927; Gross rev., $9,937,146 Nov. 30 1936 at 105: through Nov. 30 1946 at 103: through Nov. 30 1951
at 102)6: through Nov. 30 1955 at 102. less M % for each full year closed
net income after taxes, int. and retirement prov., $1,641,665.
after Nov. 30 1951: after Nov. 30 1955 at 100. Penn, and Conn. 4 mills
OFFICERS.— Pres., E. Van Arsdel; V.-Ps., I. L. Oppenheimer and L. M . and Mass. 6% taxes refundable. Continental & Commercial Trust &
Brown; V.-P. & Treas., W. Marshall Dale; V.-P. & Aud., A. D. Jones: Savings Bank and William P. Kopf, Chicago, trustees. In Nov. 1926
Sec., Lois Allen; Asst. Treas., A. E. Irwin.— V. 118 ,p. 85 , 311, 341, 550, Hill, Joiner & Co., Inc., Halsey. Stuart & C o., Inc., Bonbright & C o., Inc.,
1267, 1665, 2042, 2179. 3077; V. 119, p. 197, 693, 1510, 1624, 1952, 2287: Old Colony Corp. and Tucker, Anthony & Co. offered $3,500,000 series B
V. 120, p. 1202, 1586; V. 121, p. 586, 706, 1461, 1908, 2272, 2750; V. 122, at 98 and int., to yield over 5 )6 % . V. 123, p. 2777.
p. 1310, 1455, 3210; V. 123, p. 2900, 3038, 3182; V. 124, p. 644, 1066, 1666,
EARNINGS.— For calendar years:
2907; V. 125, p. 780, 914, 2263.
1926.
1925.
1924.
1923.
Operating revenues.........$1,488,605 $1,359,492 $1,268,213 $1,158,187
x Oper. exp. & taxes____
702,131
737,598
644.307
653.803

INDIANAPOLIS COLUMBUS & SOUTHERN
TRACTION CO.

Lease.— In Dec. 1912 was leased for 999 years to the Inter-State Public
8ervice C o., a subsidiary of the Middle West Utilities C o., at a rental of 5%
on the capital stock, or $92,000 a year above all taxes. V. 95, p. 680. Sec
Inter-State Public Service Co. above.
ORGANIZATION.— Formerly the Indianapolis Greenwood & Franklin
R R ., which company was incorporated in Indiana in 1895. Name changed
as above in Jan. 1903.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS —
Owns 58 miles o f track between Indianapolis, Franklin and Columbus, and
Seymour. Standard gauge. 60, 70, 90 and 100-lb. Trail. Mostly pri­
vate right-of-way. It connects with former Indianapolis & Louisville
Elec. R y., thus forming a through line from Indianapolis to Louisville.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,840,000_______ ________ _______________ $1,840,000
See text
First nuge bonds ($500 and/ 1923
6 g F-A
973.000 Feb 1 1948
$1.0001 gold__________ c*tfIFletcher-Amer. Nat. Bank, Ind., trustee.
Bo’i< s .— Are call, on any int . date upon 60 days' notice at 105 & int. on
or !) •(»re Feb. 1 1928: thereafter to Feb. 1 1933 at 104 & int.; thereafter
to Feb. 1 1938 at 103 & int.; thereafter tt Aug. 1 1946 at 102 & int.; and




Net operating income.
Non-operating incom e..

$786.474
5.808

$621.894
17.067

$623,905
2.794

$504,383
9.364

Gross income________
Int. v miscell. deduc’ns.
Preferred dividends____
Common dividends_____

$792,281
325.994
162.421
218,880

$638,961
311 182
150 022
149.088

$626,699
328.362
73.870
143.508

$513,747
303.477
43.479

Surplus for year______
$84,986
$28,669
$80,959
$166,791
x Includes retirement expenses.
OFFICERS.— Pres., L. E. Myers: Vice-Pres., Martin J. Insull and W. J.
Hodgkins; Sec. & Asst. Treas., N. !Siliestrom: Treas. & Asst. Sec., E. J.
Shaylor. Office, Ashland, Wis.— V. 123, p. 2040, 2777, 2900; V. 124, p.
507, 2279.

WISCONSIN POWER AND LIGHT COMPANY.

Control.— A subsidiary of North West Utilities C o., which co. is in turn
controlled by Middle West Utilities Co
ORGANIZATION.— Incorp Feb. 21 1917 in Wisconsin. Was known
as the Eastern Wisconsin Electric Co. up to time of consolidation in 1924
with the following companies when name was changed to present title.

163

PUBLIC U TILITIE S

Companies consolidated into the present Wise. Pow. & Lt. Co. were:
Wisconsin Power. Light & Heat C o., Janesville Electric C o., Badger Electric
Service Co., Mineral Point Public Service Co., Wisconsin Utilities Co
and Middle Wisconsin Power Co. As of April 1 1925 acquired the Portage
American Gas Co.: also the Manitowoc & Sheboygan Bus Line. V. 121.
p. 461
Acquired the Mauston Electric Service Co. as of March 1 1925
and in Aug. 1925 Marquette Electric C o., Interurban Electric C o., Twin
Bluffs Electric C o., Monticello & Harrisville Light & Power Co., Pall
River Electric C o., Cazenovia Electric Co., Princeton Electric Co., Orford
ville Light & Power Co. and the municipal plants at Lime Ridge and Dane.
V. 121, p. 841
In Oct. 1925 the Southern Counties Power Co. operated
by Wise Pow. & Lt. Co. bought the electric lighting system at Brooklyn,
Wise.— V. 121, p. 1910. In N ov. 1925 purchased the property of the Pair
water Electric Power & Light Co. V. 121, p. 2523. In 1925 purchased
the entire capital stock of Beloit Water, Gas & Electric Co. and took on
M ay 1 1926 complete control o f this latter co. V. 122, p. 484, 2950.
Properties Purchased During 1926.— Wisconsin River Power Co., Southern
Wisconsin Power Co.. Beloit Water, Gas & Electric Co., Central Wisconsin
Power C o., McFarland Electric Co., Cambridge-Albion Electric Co.,
Friendship Light & Power C o., Delton Electric Co., Columbia Light &
Power Co., Caroline Electric Co., Trenton Light & Power Co., Marion
Light & Power C o., Iola Light, Power & Mfg. Co., Scandinavia Electric
Co. and the municipal electric utility properties serving Blanchard ville and
Milton Junction. Co. also purchased during the year all the outstanding
common capital stock o f New Gas Light Co. of Janesville. V. 122, p.
1028, 1612, 2801: V. 123, p. 845, 1635: V. 124. p. 650, 1222.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.Co. supplies, without competi*ion, electric light and power to 250 com­
munities situated in 28 counties o f central and southern Wisconsin and
including the cities o f Beloit, Dond du Lac, Sheboygan, Janesville and
Monroe. Ten communities are supplied with gas, 4 receive water, 15
receive street railway or interurban service, and 2 cities are supplied with
heating service. Owns and operates 46 auto buses serving 2 cities with
urban bus service and 57 communities with interurban bus service, operating
over 500 miles o f bus lines. Also wholesales electrical energy to 50 tributary
oommunities. Population served, directly or indirectly, exceeds 700.000.
Co. owns and operates 41 central electric generating stations, of which 10
are steam and 31 are hydro-electric. 1,737 miles of inter-connected highvoltage transmission lines radiate over an area of approx. 8,400 square miles.
Co. has 8 artificial gas properties o f a total daily capacity o f 3,330,000 cu. ft.
Also owns and operates street railway systems serving the cities o f Fond du
la c , Oshkosh and Sheboygan and electric interurban line connecting the
City o f Sheboygan with Elkhart Lake and the City o f Fond du Lac with
Oshkosh and Neenah. V. 118, p. 2951; V. 119, p. 77, 581
New con­
struction. see V. 124. p. 508, 650.
Franchises.— Operates under indeterminate permits as provided by Wis­
consin Public Utilities law, and is thus protected from competition.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
C om stock 812,500.000 ($100) ------------------- $9 703 800 . . - - - - - P refstock 7% $12,500,000 cu ____
Q-M
8,132,100 Sept 27 1 % %
1st & ref M $20,000,000 g\ 1917
5 g M-S
1,019,000 Mar 11947
($500 & $1,000) c * _______ /Interest payable in Milwaukee or New York.
1st lien & ref mtge ($100, f
$500 & $1,000) g --------- c*tf
6 g J-D
2,043,400 Dec 11942
8eries “ A ” ______________ j 1922
6H g M -S 1,182.000 Sept 1 1948
Series “ B ” _______________ 1923
6 g M -N
2,235,200 M ay 1 1944
Series “ C ” ---------------------- I 1924
Int. payable in Chicago or New York
5H g J-D 1,200,000 Dec. 1 1955
Series D ($1,000, $500, $100/ 1925
c* & $1.000 & multip. r) t f 1
5 g M -N
2,000,000 M ay 1 1956
Series E ($100, & c.)________ tf 1926
Underlying Liens—
1,461.500 July 1 1946
5 g J-J
Sheboygan Elec ref & impt M\ 1916
g ($1 000 & $500)___ c*tf/Interest payable in Milwaukee or N. Y.
Wise Pr Lt & Ht Co 1st & ref I 1916
5 g J-D
1,306,000 June 1 1946
M ($100, $500 & $1,000) _c*/Int. at First Wise. Tr. Co Milwaukee, Trus.
JaDes ville Elec 1st & ref M\ 1915
5 g J-J
608.500
See text
$1,000,000 ($500) g ------- c* /In t. at Merch. & Sav. Bk... JanesvilD Wis.
Mineral Pt P S 1st & ref M - . 1914 6 g J-J
517,400 Jan 1 1934
Beloit Water Gas & El Co 1st 1 _____
5 M-S 2,000.000 Mar 11937
mtare s f srold_____________ !
South Wise Pr Co 1st mtge f 1908 5 A-O
2,102,000 Oct. 1 1938
lint, at C . & C . Trust Savings Bank, Chicago.
Wise. River Power Co 1st M_ j 1911 5 M -N
4,133,000 M ay 1 1946
\Int. at C. & C. Trust Savings Bank, Chicago.
Other underlying div bonds. _ ---------------248.600 — ------Stock.— Pref. is red. at 110 and divs. In Oct. 1924 8,000 shares were
offered by Old Colony Trust C o.. Boston, and Paine, Webber & C o., K . Y
T
at 98 and divs.. to yield about 7.14% . V. 119, p. 1954.
Bonds.— No additional lsf and refunding btmds, due 1947, may be issued
except for pledge for the 1st lien and refunding mtge. In addition to the
amount in the above table shown as outstanding, $8,670,000 are pledged
as security for the 1st lien and refunding mortgage. The 1st and refunding
mtge. is a 1st mtge. on important divisions constituting approximately
45% of the value of all property owned and a direct mtge. on the remainder
of the property except certain portions subject to $6,203,800 closed divisional
mortgages. Call, at 105 and int. since March 1 1922 on any int. date.
Sinking fund 1% per annum of bonds outstanding in 1922 to 1931: 1 H % ,
1932 to 1941" 2% 1942 to 1946; to be used for retirement of bonds or for
exts. and addns. against which no add’l bonds may be issued. Trustee,
Wisconsin Trust Co., Milwaukee. Y. 104, p. 1145.
Trustee for 1st lien and refunding mtge. is Continental & Commercial
Trust & Savings Bank, Chicago. These bonds are secured by a mortgage
covering as a direct lien all of the property rights and franchises of the c o .
(incl. after-acquired), and further by pledge of 88,670,000 1st and ref.
mtge. 5% gold bonds, due 1947, and by pledge thereafter of additional
1st and refunding bonds as required by the mortgage provisions.
Additional bonds of any series o f such tenor as directors from time to
time mav determine, may be issued Ia ) par for par against cash on U. S.
Government obligations, or against the deposit or discharge of underlying
bonds or to refund, pay or cancel bonds of other series issued under the
mtge ' (b) for 75% of new additions, &c., and (c) for 75% o f expenditures
made for the stock of a subsidiary, as defined in the mtge. and for purchased
property acquired, by such subsidiary, and to refund par for par its indebted
ness provided bonds secured by mtge. upon the property o f the subsidiary
shall be pledged in an amount equal to all expenditures made or indebtedness
discharged in respect to subsidiary, and provided also that the total amount
o f 1st lien and refunding bonds issued in respect o f such subsidiary, together
with the principal amount of all mortgage indebtedness on theproperty of
such subsidiary outstanding in hands of the public (other than underlying
bonds of the co.) does not exceed 75% of the value of the property of such
subsidiary. Bonds for purposes (b) and (c) or to refund at a higher rate
of interest bonds of other series, may not be issued unless net earnings of
co. and its subsidiary during 12 consecutive calendar months ending within
preceding 60 days have been at least 1 % times annual interest on all 1st
lien and ref. mtge. bonds (incl. new issue) and underlying bonds of co.
and subsidiaries outstanding in hands of thepublic. So long as any 1st and
ref mtge bonds, due 1947, are outstanding, no additional 1st lien and
ref bonds may be issued except on account of pledge of uncancelled under­
lying bonds and (or) to retire such 1st and ref. bonds, and (or) to refund
bonds of other series of 1st lien and ref. mtge. unless such 1st and ref. bonds
are pledged with trustee.
, ,
, .
,,
,„
There is an annual maintenance and renewal fund of not less than 10%
of gross operating income of company and its subsidiaries .
Series " A ” are red. all or part on and after Dec. 1 1932 and prior to
Dec 1 1937 at 105 and int., and thereafter prior to Dec. 1 1942 at 102M
and int., less of 1 % for each year or fraction thereof elapsed after N o v . 30
1938; on or after Dec. 1 1941 at 100 and int.
,
Series “ B ” are red., all or in part, at any time on 30 days notice on or
after Sent 1 1933 at the following prices and int.: on and from Sept. 1 1933
to Sept 1 1938 at 107Yi: on and from Sept. 1 1938 to Sept. 1 1943 at 105,
on and from Sept. 1 1943 at 102 H , less H o f 1 % per annum for each year
or fraction thereof elapsed after Aug. 3 1944; on or after Sept. 1 1947 at
100. Tax refund in Penna., Mass, and Conn. V. 117, p. 1461
Series “ O’ * are red. all or in part at any time on 30 days notice at the
following prices and int.: Prior to M ay 1 1929 at 105; on and from M ay 1
1929 to M ay 1 1934 at 104; on and from M ay 1 1934 to M ay 1 1939 at 103,
thereafter at V of 1 % less for each succeeding year or fraction thereof, to
x
May 1 1943; on and from M ay 1 1943 to N ov. 1 1943 at 100J^; on and from
Nov 1 1943 at 100. Co. will reimburse the holders of ser. “ C bonds, if
requested" within 60 days after payment, for the Penn, and Conn. 4 mills
and Maryland 454 mills taxes and for the Dist. o f Columbia personal
property taxes not exceeding 5 mills per $1 per annum and for the Mass,
income tax on the int. not exceeding 6% o f such int. per annum. In
July 1924, Hill, Joiner & C o., Halsey. Stuart & C o., Inc., and Paine.




[V ol. 125.

Webber & Co. offered $2,250,000 1st lien & ref. mtge. 6% bonds ser. “ O’ *
at 96
and int., to yield about 6.30% . V. 119. p 581
Series “ D ” are red., whole or part, on 30 days’ notice at the following
prices and int.: On or before Nov. 30 1935, at 105; Nov. 30 1945, at 103;
Nov. 30 1950 at 10215; Nov. 30 1954 at 102: less 15% for each full year
elapsed after Nov. 30 1954; after Nov. 30 1954 at 100. Penn, and Conn.
4 mills, Maryland 415 mills and Mass. 6% taxes refundable. In Dec. 1925
Hill, Joiner & C o., Inc., Halsey, Stuart & C o., Inc., and Paine, Webber
& Co offered $1,200,000 at 9815 and int.
Series “ E ” are red. all or part on 30 days’ notice atthefollowing prices
and interest: on or before April 30 1936 at 105; on or before April 30 1946
at 103: on or before April 30 1951 at 10215; on or before April 30 1955 at
102, less 15 for each full year elapsed after April 30 1951; after April 30
1955 at 100. Penn, and Conn. 4 mills and Mass 6% taxes refundable.
In June 1926 Hill, Joiner & C o., Inc., Halsey, Stuart & C o., Inc., [and
Paine, Webber & Co. offered $1,000,000 5% series E at 95 and int.. to
yield over 5.33% . V. 122, p. 3343. In Dec. 1926 they offered $1,000,000
additional series “ E ” at 9615 and int. to yield over 5.20% . V. 123, p. 2903.
The Sheboygan Elec. ref. & impt. 5s are callable at 105 and int. since
July 1 1921 on any int. date. Sinking fund 1% per ann. of bonds outstand­
ing from 1920 to 1930; 115% 1931 to 1940; 2% 1941 to 1945; to be used for
retirement of bonds or for extensions and additions. Trustee, Wisconsin
Trust C o., Milwaukee.
The Wise. Pow., Lt. & Ht. Co. 1st & ref. mtge. 5s are red. on any int.
date on 60 days’ notice at 102 and int.
The Janesville Electric 1st & ref. 5s mature $10,000 annually each July 1
to and incl. July 1 1942, $7,000 July 1 1943, $4,000 July 1 1944 and $442,000
July 1 1945. Call, all or in part on 60 days’ notice at 102 and int.
The Mineral Point Pub. Serv. 1st & ref. 6s are call, on any int. date
on 30 days' notice at 105 and int.
Dividends.— Divs. on pref. stock were begun in June 1917.
EARN ING S.— For calendar years:
1926.
1925.
1924.
Gross earnings______________________ $7,057,073 $5,217,228 $4,179,064
Operating expenses x_______________
4,303,589
3,290,788
2,628,738
Uncollectible bills__________________
16,616
3,104
8,240
Taxes______________________________
468,208
301,937
263,020
Rent for lease of lines and plants____
89.339
64.539
54,037
Gross income_____________________ $2,179,321 $1,556,861 $1,225,029
Deductions from gross income______
121,468
96,533
132,215
Interest on funded debt_____________
596,140
854.228
560,755
Divs. paid & accrued on pref________
506.407
339,355
232,206
Divs. on common stock____________
585.362
173,274
428,800
Balance carried to surplus________
$111,856
$96,033
$126,579
x Includes retirement reserve of $216,648 in 1926 and $120,579 in 1925.
OFFICERS.— Pres., Marsnall E. Sampsell; V.-P., Grover C . Neff,
Sec. & Asst. Treas.. Leroy J. Clark; Treas. & Asst. Sec., Douglas Shaw,
Aud , Josenh E. Gray,—V. 121, p. 461, 841, 1910, 2523, 3132; V. 122,
p. 484, 1028, 1612, 2801, 2950, 334.3; V. 123, p. 845, 1635, 2903; V. 124, p.
508, 650, 1222, 1668; V. 125, p. 521, 1463.

ILLINOIS NORTHERN UTILITIES CO.
Controlled by the Middle West Utilities C o,, which see on a previous page.
ORGANIZATION.— Incorp. in Illinois in 1912 and on July 31 1916
was consolidated with the Illinois Northern Utilities Co. (incorp. in April
1912), Tri-County Light & Power Co. (V. 97. p. 669), and the Freeport
Ry. & Light Co. (see “ Electric Railway” Section for May 1916). V. 103,
p. 496. In Nov. 1923 purchased the properties of the Northern Counties
Power Co. V. 118, p. 1012. In Oct. 1925 acquired the light and power
plants in Steward and Lee, 111. In Feb. 1926 acquired all properties from
the Citizens Utility Co. of Durand, 111. V. 121. p. 1569. On March 11926
acquired the Marengo (111.) Public Service Co. V. 123. p. 1382.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates gas and electric properties in the western half of the northern part
of Illinois adjoining the territory served by the Public Service Corp. of Nor.
Illinois and Wisconsin Power & Light Co. Also operates 9 m of track in
Freeport. Has traffic arrangement for 50 years from March 1902 with the
Rockford & Interurban Ry. Co., allowing cars of that company to enter
Freeport. Co. serves In total 97 cities and towns, of which 95 with electric
light and power, 9 with gas. The electric generating plants have a capacity
of approx. 23,700 k.w. (of which 5,200 k.w. hydro-electric); 750 miles of
high-tension transmission lines. Gas plants have an aggregate daily
capacity of 1,360,000 cu. ft. Co. owns 191 miles of gas mains.
To issue prof, shares of no par value. See V. 118. p. 1267.
Outstanding. Maturity.
STOCK AND BONDS—
Common stock ._____________
$4 535,000
See text
Q-F
First pref stock 6% cum_____
3 756 600 Aug ’ 27 1 H
Junior pref $7 cum. (no par)_
' 8.365 shs Aug’27$1.75
9.136.000 Apr. 1 1957
First & ref mtge gold_____ tf / 1912
5 g A-O
lint, at 111. Merchants Tr. C o., Chicago.
Underlying Bonds—
Freep Ry & Lt mtge $2,000,-/ 1910
5 M -N
140,000 Nov 1 1935
000 g ($100. $500 & $1,000) [Int. at Cont. & Comm. Tr. & S. B. Ch., trus.
Stock.-—In addition to amounts reported outstanding, $9,200 1st pref.
and $715,000 com. held in treasury. All the 2d pref. has been retired.
Bonds.— The 1st & ref. mtge. bonds of 1912 are red., whole or part, on
60 days’ notice at 105 and int. Additional amounts may be issued (a) to
refund underlying bonds, (6) in exchange, par for par, for mortgage debt
existing at time of acquisition of properties acquired in the future; (c) for
expenditures made in acquiring future property to extent of 75% of cost
thereof. V. 94, p. 1383; V. 95, p. 1123. In April 1925 Halsey. Stuart
& C o., Inc., offered $668,000 1st & ref. mtge. 5s at 90, to yield 5.70% .
V. 120, p. 1746. In Dec. 1925 Halsey Stuart & C o., Inc., offered $2,500,000
at 9213 and int. to yield over 5 H % . V. 121, p. 3131. In April 1927,
Halsey, Stuart & C o., Inc. offered $1,250,000 additional 1st & ref. mtge.
5% g. bonds of 1912 at 97K ana int., with an approximate yield of 5.16%.
V. 124, p. 2120.
Dividends.— On pref (.now 1st pref.), 1
quar. paid Nov. 1912 to and
Including Aug. 1927. On common 3% was paid in 1923. In 1924, 5% waa
paid. In 1925, 5% . In 1926, 8% .
EARNINGS.-—-For calendar years.—
1926.
1925.
1924.
1923.
Gross earnings__________ $3,078,754 $2,763,428 $2,507,172 $2,344,643
Oper. exp., taxes, &c_ x l ,770,893
_
1,632,463
1,540,352
1,489,623
Interest charges____: _
_
401,979
383,285
354,535
342,359
Rent of leased lines ana
plants_______________
41,979
42,024
42,030
42,151
Amort .of debt disc.&exp
27,182
24,056
21,323
22,547
_
7,982
6,480
5,521
______
Miscell. amortization_
Net income__________
Previous surplus_______

$828,739
654,116

z$655,731
566,181

$513,412
497,248

Total surplus_________ $1,482,855 $1,221,912 $1,040,660
Preferred dividends____
223,401
222,161
223,147
2d pref. dividends______
______
______
3,750
Junior pref. dividends..
60,809
22,709
3,332
Common dividends_____
337,729
244,250
244,250
Adj. to bring divs. to
accrued basis______ _
______
81,934
______
Misceilaeous credits
______
3,259
______

$447,963
403,038
$851,001
199,703
15.000
____
139,050
______
______

Surplus Dec. 31______ y$860,916
$654,116
$566,181
$497,248
x Includes $113,903 retirement reserve and $169,217 taxes. yT h e aban­
doned property of the Sterling Dixon & Eastern E. R y. was written off,
which was offset by the contribution of 7,000 shares of the company’s
common stock by the Middle West Utilities C o., taken at $700,000.
$19,388 deducted as net loss from operation of Sterling Dixon & Eastern
Electric Ry.
OFFICERS.— Chairman, Samuel Insull; Pres., Martin J. Insull; V.-P
E . D. Alexander; Sec. & Treas., John H. Gulick; Asst. Sec. & Asst. Treas.,
J. A. O'Connell; Asst. Treas., I. E. Jacobson; Asst. Sec., E. J. Knight;
Aud., J. C . Graff. Office, 421 West First St., Dixon, 111.—;V. 121, p.
1569. 3003, 3131: V. 122, p. 1169; V. 123, p. 1382; V. 124, p. 1359, 2120
Y. 125, p. 515.

Oct ., 1927.]

POW ER, L IG H T AND R A IL W A Y

CENTRAL PUBLIC SERVICE CO.
O RGAN IZATION .— Incorp. in 1925 in Delaware. A holding co.
Controls through stock ownership the Central Public Service Corp. (see
below).
STOCKS—
Div. Outstanding.
Latest Div.
Common 500,000 shares (no par)____ ____ 194,732 shs. ----------------------Preferred 500,000 shares___________ $7 Q-J 18.540 shs. Oct. 1 '27 81.75
Stock.— 87 cum. div. pref. is preferred as to cum. divs. and assets. Call­
able, whole or part on 60 days’ notice at 105 and divs. on any div. date.
In Feb. 1926 Thompson, Ross & Co., Inc., Chicago, offered 7,500 87 divs.
series at 8100 and divs. In April 1926 co. increased its auth. com. capita)
stock from 30,000 no par shares to 500.000 no par shares. In April 1926
increased the number of outstanding com. shares to 180,000. V. 122,p. 607.
In April 1926 reduced its auth. pref. stock from 82,500,000, par 8100, to
451,000,000, par 8100, and auth. the issuance of 500,000 pref. shares in
series without par value.
EARN ING S.— For 12 months Ended July 31 1927:
Gross_______________________________________________________ 86,783,506
Net after operating expense, maintenance and taxes---------------- 2,694,674
Other income________________________________________________
285,576
Total net_________________________________________________ 82,980,250
OFFICERS.— Pres., A. E. Peirce; V .-P ., R. L. Aage, D. C. McClure
and Geo. R. Horning; Treas., W . S. McCollough; Sec., W. M . McFarland.
Gen. office, 209 So. La Salle St., Chicago, 111.— V. 122, p. 607, 746, 2895,
3036; V. 124, p. 919.

CENTRAL PUBLIC SERVICE CORP.
Control.— Through stock ownership, controlled by Central Public Ser­
vice Co.
ORGAN IZATION .— Incorp, in Maryland in 1923 as the Southern Gas
& Power Corp. Name changed to Central Public Service Corp. on Mar. 4
1927. Controls through stock ownership the Central Gas & Electric Co.,
Federated Utilities, Inc., Central Public Utility Corp.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The Central Public Service Corp. furnishes through operating properties
public utilities service in various communities of Illinois, Wisconsin, Michi­
gan, Indiana, Pennsylvania, New York, Maine, New Brunswick, Florida,
New Hampshire, Kentucky, Tennessee, Virginia, West Virginia, North
Carolina, South Carolina, Georgia, Alabama, comprising a population of
approximately 870,000. A majority of the properties in Wisconsin, Lower
Peninsula of Michigan, Maine and New Brunswick are hydro-electric. The
present capacity of the electric stations equals 41,993 h.p., of which 25,293
h.p. is hydro-electric. Connected to these stations are 1,908 miles of trans­
mission and distribution lines. The gas plants have a rated capacity of
21.550,000 cu. ft. o f gas per day and the gas distribution systems total
1,246 miles o f mains. The water plants have an estimated pumping
capacity o f 40,000,000 gallons per day. The distribution systems have
234 miles o f mains.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 200,000 shs (no p a r ) . ____
_________ 200,000shs. __________
Pref 200,000 shs (no par)__________
87
43,718 shs __________
Class “ A ” stock 250,000 shs
(no par)________________________
81.75 xl34,049shs ___________
Funded debt assumed by Central Pub. Serv. Corp.—
Cent P S Co coll tr, ser “ A ” / 1925
6 g J-J
83,654.000 July 1 1940
(c* 81.000, 8500 & 8100).tf 1Int. at Stand. Tr.&Sav.Bk. of Chic., trustee.
South Gas & Pow conv notes/ 1925
6 g J-D
1,617,500
1930
(c* $1,000 & $500)______tf/Guaranty Trust Co. of N. Y ., trustee.
South Gas & Pow 15-yrdeben/ 1926
614 g M-S 1,500,000 Mar 1 1941
($1.000 & $500 c * ) . ____tf l
-------------- 1,700,000 __________
Purchase money 5 % oblig-------------x Includes 31,038 shares owned by subsidiary company.
Bonds.— The Central Pub. Serv. Co. ser. A 6% coll, trust gold bonds, due
July 1 1940 are a direct of the co. and also by assumption, the direct obliga­
tion o f the Cent. Pub. Serv. Corp. and are secured by deposit of all common
stock o f Central Gas & Elec. Co. and Federated Utilities, Inc. Additional
bonds may be issued under restrictions as set forth in the trust indenture.




In July 1925 Stanley & Bissell’s Inc., Cleveland, New York and Chicago,
offered $700,000 series A at 95 and int. V. 121, p. 584. In Jan. 1926
Thompson, Ross & Co., Chicago, offered $420,000 additional series A at
96 and int. In Dec. 1926 Thompson, Ross & Co., Inc. of Chicago, and E. R.
Diggs & Co., Inc. of N . Y. offered $760,000 series “ A ” bonds at 97 and int.,
to yield over 6.30% V. 123. p. 2895, and in March 1927 the same bankers
offered $750,000 additional ser. “ A ” 6% coll, trust bonds at 97 and int.,
with approx, yield of 6.30% . V. 124, p. 1508.
Southern Gas * Poio. Corp. 5-year conv. 6% gold notes, dated June 1 1925,
are conv. into class A stock, the notes to be taken at their face value and the
values per share of class A stock as follows: $25 in the case of the first $250,000 principal amount of notes presented for conversion; $26 in the case of
the next $250,000. and $27 for the remaining $500,000, with adjustment
of int. and div. in each case. If called for redemption, notes may be con­
verted at any time on or before the 10th day next preceding the redemption
date. Red. whole or part, on 30 days’ notice at 10214 and int., on or before
June 1 1926, with successive reductions of 14% during each 12 mos. period
thereafter until maturity. Interest payable in New York and Baltimore.
Principal payable in New York. Penn, and Conn. 4-mills tax, Dist. of
Col. 5 mills tax, Maryland 4 -mills tax and Mass. 6% tax refundable.
In June 1925 Hambleton & Co. sold $1,000,000 5-year conv. gold notes
dated June 1 1925 at 98M and int., to yield about 6.35% . V. 120, p. 3066.
Southern Gas & Pow. Corp. 6% 5-year conv. gold notes dated N ov. 15 1925
are conv. into class A stock, the notes to be taken at their face value and
the class A shares as follows: $28 for the first $500,000 presented for con­
version, and $29 for the remaining $500,000, with adjustment of int. and
divs. If called for redemption, may be converted on or before 10th day
preceding redemption date. Red., whole or part, on 30 days’ notice at
10214 and int. on or before N ov. 15 1926, with successive reductions of
14% during each 12 months’ period thereafter, until maturity. Interest
payable in New York and Baltimore; principal in New York. Co. refunds
the same taxes as above under notes dated June 1 1925. In Nov. 1925
Hambleton & Co. sold $1,000,000 6% 5-yr. conv. notes dated N ov. 15 1930
at 100 and int. V. 121, p. 2404; V. 122, p. 2498.
Southern Gas & Pow. Corp. 15-year 014% gold debentures due March 1
1941 are red., whole or part by lot, on 30 days’ notice at 105 and int. on or
before Mar. 1 1931, with successive reductions of 14 % during each 12
months’ period thereafter until maturity. Calif., Penn, and Conn. 4-mills,
Dist. of Col. 5-mills, Maryland 4j^-mills and Mass. 6% taxes refundable.
In March 1926 Hambleton & Co., N. Y . City, offered $1,500,000 at 99
and int.. to yield about 6.60% . V. 122, p. 1611.
EARNINGS.— Consolidated statement o f corp. and subs, for year
ended Aug. 31 1927:
Operating revenues__________________________________________ $6,757,759
Net after expenses, maintenance and taxes (excluding deprec.). 2,631,233
Interest and dividend charges on sub. co. securities___________
1,616,060
Other income (including management and engineering_________ Cr.396,812
Total_______________________________________________________$1,411,985
Interest charges of corp______________________________________
372,390
Dividends on $7 cumulative preferred________________________
259,098
Balance, surplus___________________________________________
$780,497
OFFICERS.-—Pres., A. E. Petrece; V.-Ps., R. L. Aage, D . C. McClure
and George R. Horning; Treas., W . S. McCollough; Sec., W . M . McFarand.— V. 124, p. 1508; V. 125, p. 911, 2144. 2261.
(1) CENTRAL GAS & ELECTRIC CO.
Controlled by Central Public Service Corp.
ORGANIZATION.— Incorporated July 1925 in Delaware, as the Wis­
consin Public Utility Co. Name changed to present title in March 1928.
In July 1927 announced acquisition of Hagerstown (M d.) Light & Heat
Co. from Penna. Power & Light Co.
Operating Subsidiaries are:
Illinois Public Utility Co
Gould Electric Co.
Hoosier Public Utility Co
Fort Kent Electric Co
Zoller Gas Co.
Woodstock El. R y. Lt. & Pow. Co.
Princeton Utilities Co
Carleton Electric C o., Ltd.
Princeton Water & Light Co.
Easton Electric Co.

Serving Electricity, Gas and Water to
more than two hundred Communities

Central Public Service Corp.
owners and operators of
C E N T R A L G A S A N D E L E C T R IC C O .
F E D E R A T E D U T I L I T I E S , IN C .
and
O p e r a t in g

in

S u b s id ia r ie s

S ev en teen

S ta tes

and

C anada

Central Public Service Corp.
209 S o . L a S a lle S tre e t

163

C H IC A G O

164

PUBLIC U TILITIE S

Central States Gas Co.
Maine & New Brunswick Elec. Pr.Co
Wisconsin Public Utility Co.
M ilo Electric Light & Power Co.
Iron Range Light & Power Co.
Katahdin Electric Co.
Lower Peninsula Power Co.
Sherman Electric Co.
Houghton County Electric Light Co. Poeantico Water C o., Inc.
Houghton Traction Co.
Pottsville Gas Co.
Southern States Power Co.
FIE LD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company furnishes, through its subsidiaries, public utility service in various
communities of Illinois, Wisconsin, Michigan, Indiana, Pennsylvania,
New York, Maine, New Brunswick and Florida, comprising a population
o f approximately 363,000.
The majority of the properties in Wisconsin. Lower Peninsula and
Michigan, Maine and New Brunswick are hydro-electric. The present
capacity o f the electric stations equals 30,489 h.p., of which 14,423 is hydro­
electric. Connected to these stations are 1,282 miles of transmission and
distribution lines. The gas plants have a rated capacity o f 3,330.000 cu. ft.
o f gas per day, and the gas distribution system totals 209 miles of mains.
STOCK AN D BONDS—
Date. Interest. Outstanding.Maturity.
Common 100,000 shs (no p a r ) . ____
_________ 100,000 s h s .___________
$7 div ser pref 600,000 shs
$7 Q-M
40,500 shs. __________
(no par)___________________ _____
2d pref 20,000 shs (no par)_________
$7
15,000 shs.
______
1st lien coll tr s f 6% ser 1926/ 1926 6 g M-S
$6,429,500 Mar 11946
($1,000, $500 & $100 c*).tf\Central Trust Co. of 111., Chicago, trustee.
5 34% series 1926 ($1,000,1 1926 5 ^ g J-D 3,581.000 Dec 11946
$500 c* )________________ tf (Central Trust Co. of 111., Chicago, trustee.
3-year 6% notes ($1,000,
$500 c* _________________ tf 1926 6 g M-S
$1,500,000 Mar 1 1929
Freeport Gas Co 1st mortgage/ 1912 5 g M-S
562.000 Sept 1 1932
$1,000,000 ($1,000 c * ) ..t f (Central Trust Co. of 111., Chicago, trustee.
Stock.— The $7 dividend series pref. stock is entitled to $100 and divsin the event o f dissolution or liquidation, and. if such dissolution or liquida­
tion is voluntary to the further sum of $5 per share; red. at 105 and divs.,
preferred as to dividends and assets over all other stock. No other class
o f stock (other than additional shares and series o f this preferred stock)
senior to or on an equality with this issue may be created or authorized.
No share of this preferred stock (of all series in the aggregate) may be issued
in addition to 21.000 shares unless consolidated net earnings for 12 con­
secutive months out of the preceding 15, after interest charges on all funded
debt, equals 2 34 times annual preferred dividends on all pref. stock issued
and to be issued. Each share of $7 dividend series preferred stock carried
a warrant (non-detachable for one year except at the option of the com­
pany) entitling holder for a period o f 3 years to purchase one share of
common stock o f Central Public Service Co. at $10 per share, if before
March 1 1927, $15 per share during the next succeeding 12 months and
$20 per share during the subsequent 12 months’ period. Listed on Chicago
Stock Exchange.
In March 1926 West & C o., Philadelphia; Pearsons-Taft C o., Chicago,
and Thompson, Ross & C o., Inc., Chicago, offered 21.000 shares $7 div.
series pref. stock at 96 and divs. Each share carried a warrant as explained
above. Y. 122, p. 2327.
Bonds.— Additional 1st lien coll. tr. sinking fund gold bonds, may be issued
in series, up to 75% of cost or value (whichever is lower) of after-acquired
physical operating properties on the basis o f deposit and pledge of 100%
o f the outstanding capital stock and funded debt thereof (reserving bonds
out of those otherwise issuable for securities not so acquired and deposited)
and also for not exceeding 75% cost or value (whichever is lower) of exten­
sions or betterments to the operating physical properties, provided, how­
ever, net consolidated earnings (as defined in the indenture) for a period
of 12 months out of preceding 15 months equal 13 times annual interest
A
on all bonds outstanding and those to be issued. Additional bonds may
also be issued par for par for refunding purposes. There is a maintenance
and renewal provision equal to 123 4 % o f gross operating revenues. They
ar9 a first lien on the constituent properties through deposit with the trustee
of all outstanding bonds and stocks of the operating properties, excepting
$562,000 5% bonds of the Freeport Gas C o., due 19-2 and $787,000 5%
bonds o f the Houghton County Elec. Lt. Co., due 1927, for the retirement
of which a like amount o f additional bonds is reserved. No securities
may be issued on any constituent property unless pledged directly or
indirectly under the indenture. Interest payable at Central Trust Co.
o f Illinois, Chicago, trustee, or at the Chase Nat. Bank. N. Y . City. Penn,
and Conn. 4 mills. Maryland 434 mills, Dist. of Col. and Kentucky 5 mills,
Calif, and Michigan 5 mills and Mass. 6% taxes refundable. The 6%
series of 1926 are redeemable whole or part on 60 days' notice at 105 through
March 1 1931, and thereafter at M % less each 12 months, and Int. The
534% series of 1926 are redeemable whole or in part on 60 days notice at
105 through Dec. 1 1931 and thereafter decreasing 34 o f 1 % each 12 months,
plus accrued int. There is a sinking fund equal to 1 % per annum of the
highest principal amount of bonds of 6% series of 1926 and 5% series of
1926 theretofore issued, to be applied semi-annually to purchase (and
cancellation) o f such bonds at not exceeding call price and to extent not so
applied for betterments which may not be used as a basis for issue of bonds.
In April 1926 H. M . Byllesby & C o., Inc., and West & C o., New York;
Federal Securities Corp., Pearsons-Taft Co. and Thompson, Ross & Co.,
Chicago, and W . S. Hammons, Portland, Ore., offered $6,500,000 6%
series o f 1926 at 9834 and int.. to yield 6.13% . V. 122, p. 2188. In
April 1927 the same bankers as mentioned above offered $2,300,000 additional
1st lien coll. tr. gold bonds, 534% series o f 1926, at 95 and int., with an
approx, yield o f 5.95% . V . 124, p. 2118.
The 3-year 6% g. notes, dated March 1 1926, are red., whole or part, on
the 1st day o f any calendar month after 30 days notice at 10134 for the first
six months, and thereafter decreasing 34% each succeeding six months,
and interest . No additional secured or unsecured funded debt (other than
1st lien coll. tr. gold bonds) may be issued unless consolidated net earnings
for 12 consecutive out o f preceding 15 months equal 134 times annua)
interest on all funded debt outstanding and to be issued. No sinking fund.
Principal and interest payable at Central Trust Co. o f Illinois, trustee,
Chicago; interest also at Chase National Bank, N. Y . City. Penna. and
Conn. 4-mills, Maryland 434 mills, Dist o f Col. and Kentucky, Calif and
Michigan 5 mills, and Mass. 6% taxes refundable. In April 1926 Federal
Securities Corp., H. M . Byllesby & C o., Inc., West & C o., Pearsons-Taft
Co. and Thompson, Ross « C o., Inc., &c., sold $1,500,000 of these notes
at 99 34 and int., to yield about 6.27% . V . 122, p. 2649.
EARN ING S.— Consolidated earnings o f constituent properties for year
ended:
July 31 ’27. Dec. 31 ’26.
$3,011,070
Gross earnings__________________________________ $3,338,232
Oper. exp., maint. & taxes, other than Federal_
_ 1.921,786
1,706,325
Net, before int., depre. & Federal taxes________ $1,416,446
$1,304,745
OFFICERS.— Pres., A. E. Peirce; Vice-Pres., R . L. Aage and D. C.
McClure; Treas., W. S. McCollough: Sec., W. M . McFarland.— V. 122,
p. 2188, 2327, 2649, 3036, 3180; V. 124, p. 2118; V. 125, p. 646.
(a) HOOSIER PUBLIC UTILITY CO.
Controlled by Central Gas and Electric Co.
ORGA N IZA TIO N .— Incorp. in Indiana in 1925, as successor to the
Greenburg Gas & Electric Co. Is^a merger o f Greenburg Gas & Electric
C o., Greensburg, Ind. Co. supplies Greensburg, Ind., and surrounding
territory with gas and electricity.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common 5,000 shs. (no p a r ) . . ____
_______
x5,000 shs. _________
x All owned except directors’ qualifying shares by Central Gas & Electric
Co.
Bonds.— All o f the outstanding 1st mtge. 6% bonds were called Dec. 1
1926 at 103 & int. V. 123, p. 1762.
OFFICERS.— Pres., A . E. Peirce; V .-P ., R. L. Aage; Sec., W . M .
McFarland; Treas., W . S. McCollough, Gen. M gr., R. E. Mauer. General
office: 209 So. La Salle St., Chicago, 111. Operating office: Greensburg,
Ind.— V. 121, p. 3003; V. 122, p. 2190; V. 123, 1762.
(b) (THE) MAINE PUBLIC UTILITY CO,
Controlled by Central Gas & Electric Co.
O RGAN IZATION .— Incorp. in Delaware Feb. 6 1926. Will be a merger
of the following companies in Maine and New Brunswick:
Maine & New Brunswick Electrical Power Co., Ltd., Presque Isle,
Maine; Gould Electric C o ., Presque Isle, Maine: Easton Electric Co.,
Easton, Maine; Fort Kent Electric C o., Fort Kent, Maine; Woodstock
Electric Railway. Light & Power Co., Woodstock. N. B.: Carleton Electric
C o., Ltd., Carleton, N . B.. Milo Elec. Light & Pow. C o., Katahdin Elec­
tric Co. and Sherman Electric Co.




[V ol. 125,

Electric power and light will be distributed in, or wholesaled to, varioustowns in Northeastern Maine and adjoining territory in New Brunswick
from the c o .’s 11,000 h.p. hydro-electric plant at Tinker, N. B.
Capital Stock.— Authorized 5.000 shares of no par value.
OFFICERS.— Pres., A. E. Peirce; V .-P ., R. L. Aage; S e c .,M .F . Finleyt
Treas., W. S. McCollough.
(c) (THE) LOWER PENINSULA POWER CO.
Controlled by Central Gas & Electric Co.
ORGANIZATION, &c.— Incorp. in 1926 in Michigan. A merger of the
Benzie County Power-Co., Frankfort, Mich.; the M. & W. Light & Power
C o., Wayland, Mich.; and the Eesley Light & Power C o., Plain well, Mich.
Electric Light and power is distributed from a combined hydro-electric
and steam station at Plainwell to Plainwell, Martin, Shelbyville, Hopkins,
Hopkinsburg, Bradley, Wayland, Moline, Byron Center and Cutlerville.
The northern half of this district is a suburban residential section of Grand
Rapids. From a hydro-electric station on the Betsie River near Frankfort,
Mich., energy is transmitted to and distributed in Frankfort, Benzonia,
Beulah, Crystal Lake, Alberta, Bear Lake and Arcadia.
Capital Stock.— Common stock authorized, 10,00 ) shares of no par value,
all owned by the Central Gas and Electric Co.. Cnicago., III.
General Office.— 209 South La Salle St., Chicago. Operating Office.—
Frankfort. Mich.
(d )

IL L IN O IS

PU B LIC

U T IL IT Y

CO.

Controlled by Central Gas & Electric Co.
ORGANIZATION, &c.— Incorp. in 1926 in Illinois as a consolidation of the
following companies: The Lincoln '111.) Water & Light C o., Mount Pulaski
(111.) Electric Light Heat & Power C o., Atlanta (111.) Electric Light & Power
C o., Bement E’ectric Light & Power Co., Atwood (Id.) Electric Light &
Power C o., Philo (111.) Electric Light & Power C o., Homer (111.) Electric
Light & Power Co., Albion (111.), Electric Co. and Freeport (111.) Gas
Co. Gas and water are also supplied in Lincoln, and gas in Freeport, 111.
Company operates small street railway system in Lincoln, 111., under lease
from the city.
Compare V. 122, p. 3339; V. 125, p. 385.
(e)

H O U G H T O N

C O U N T Y

T R A C T IO N

CO.

Controlled by Central Gas & Electric Co.
Receivership.— On Nov. 29 1921, Samuel B. Tuell, Houghton, M ich, was
appointed Federal receiver to take possession of and manage the properties
of the company. During 1925, the receiver continued to operate with the
8c. cash fare which went into effect Dec. 9 1920. and the weekly transferable
zone pass which went into effect, replacing the 7c. tickets, on July 24 1922.
On July 1 1926, Mr. Tuell resigned as receiver and was replaced by John
Ralph, Houghton, Mich.
ORGANIZATION. &c.— Incorp. in 1908 in Michigan as successor to the
Houghton County Street Railway Co. Franchises giving the right to
use public streets expire 1929, 1930, 1932, 1933 and 1938, but the road is
largely on private right of way. Entire road opened Sept. 1901, connecting
the cities and towns of Houghton. Hancock. Laurium, Red Jacket, Lake
Linden and Hubbell, and the mining locations of Quincy. Osceola. W ol­
verine and Allouex, Ahmeek and Mohawk. Mich. Total tack operating,
32.15 miles; gauge, standard. Equipment, motors cars 25: others, 16.
Power station located at Hancock, Mich. Capacity 1.000 k.w. Station
leased to and power purchased from the Houghton County Electric Light
Co. Car barns and shops at Hancock and Laurium, Mich. Estimated
population served Jan. 1 1926, 40,100.
STOCK AND BONDS
Date.
Interest. Outstanding.
Maturity.
Common $750,000 ($100)__________
_______
$750,000 see text
6% cum pref $500,000 ($ 1 0 0 )____
6
207,200 see text
1st consol mtge ($1,000 and? 1908
5 g J-J
860,000 Jan 1 1937
$500 c ) ___________ _____ tf 1
Stock.— Pref. has priority as to dividends and In case of liquidation.
Callable at 110.
bonds.— 1st cons. mtge. are a first lien on the line from Wolverine to
Mohawk, Mich. (5 miles), and on all other property now owned or after
qcquired were publicly offered in Sept. 1908 at 92 & int.
Dividends.— Pref. divs. have been regularly paid up to & incl. 1918.
In 1919, 3% . None since. On common 2% on Oct. 1 1909. In 1910 to
1913 at rate of 5% per annum. In 1914. 2 34%. None since.
(f) (THE) WISCONSIN PUBLIC UTILITY CO.
Controlled by Central Gas & Electric Co.
O RGAN IZATION .— Incorp. in Wisconsin in 1926 to acquire the
property of West Bend Heating & Lighting C o., West Bend, Wis. Electric
power and light is furnished to a dairying and manufacturing district 30
miles northwest o f Milwaukee, incl.. West Bend, Barton, Young America,
Kohlsville, Newburg, Saukville, Waubeka, Fredonia, Random Lake and
adjoining territory, all connected by transmission line at West Bend on the
Milwaukee River. Energy is generated from a combined hydro-electric and
steam power plant.
Capital Stock.— Common, authorized 2,000 shares of $100 par value each.
General Office.— 209 South La Salle, St., Chicago, 111. Operating Office.—
West Bend, Wisconsin.
(g) HOUGHTON COUNTY ELECTRIC LIGHT CO.
Substantially all of the pref. and common stocks are owned by Centra
Gas & Electric Co.
ORGANIZATION — Incorporated in Michigan in August 1902.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company does the entire electric lighting business and a portion of the
electric power business in Houghton and Keweenaw Counties, M ich., incl.
the cities and towns of Houghton, Hancock. Laurium, Red Jacket, Lake
Linden, H u b b e l l , South Range and D o l l a r B a y . and the mining locations
of Atlantic. Isle Royale, Quincy. Osceola, Wolverine. Allouez. Ahmeek
and Mohawk. Power station at Houghton 5.100 k. w. Estimated popu­
lation served Jan. 1 1925, 44,000. Franchises.— In Houghton and Hancock
expire in 1930: in other cities and towns not limited in time.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ $1,000,000
see text
Common $1,000,000 ($25)_________
6% non-cum, pref. $300,000
($25)___________________________
6 M -N
300.000
see text
Stock.— Preferred stock is redeemable at 110 and has priority as to divi­
dends ana in case of liquidation.
Bonds.— ls( mtge. 25-year 5% gold bonds, due July 1 1927, were retired
on date of maturity.
EARNINGS.-—For calendar years:
Bal. Avail,
Gross
Net After Interest cfe for Res.,
Earnings.
Tares
A " ort
Retir A Divs.
1926............
-----------$524,293
$202,382
$43,992
$158,390
1 9 2 5 ---............. ----------507.530
153.969
45.922
X108.047
1 9 2 4 .-............... ----------511.736
136.205
49.109
87.096
1923__________________
530.064
132.880
49.952
82.928
1922__________________
548.946
143.463
54.390
89.073
1921__________________
551.694
92.541
63.411
29.130
1920__________________
572.156
130.788
55.440
75.348
453.162
1919-......... ....... _______
139.071
45.754
93.317
x Before $18,000 (6% ) pref. and $10,000 (1% ) common divs.
OFFICERS.— Pres., A. E. Peirce; V.-Ps., R. L. Aage and D. C M c­
Clure; Sec. & Treas., John Ralph. General office, 209 So. La Salle St.,
Chicago, 111. Operating office, Houghton, M ich.— V. 121, p. 2156;
Y. 122, p. 1309.
(2) CENTRAL PUBLIC UTILITY CORPORATION.
Controlled by Central Public Service Corp.
ORGANIZATION.— Incorporated March 1927 under the laws of the
State of Maryland to acquire the assets of the Central Public Utility Co.
Corp. owns the common stock of the Michigan Water Power Co. and also
$350,000 principal amount of the 10-year 614 % debentures of the Michigan
Water Power Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (no par)___________ _____
_________ 20.000 shs. ...............
Cent Pub Util Co 5-year serial) 1925
634% g
$140,000
Serially
notes____________________ /
Cent Pub Serv Co 3-yr ser A(_ 1926
6)4 J-J
350,000 Jan 1 1929
$350,000($1,000, $500)c*tf]lnt. at Stand. Trust & Savs. Bk., Chic., trus.

O ct., 1927.]

POW EB, LIGH T AND B A IL W A Y

Notes.— The Central Public Utility Co. were assumed by Central Public
Utility Carp. The notes are dated Dec. 31 1925 and are due serially to
Dec. 30 1930.
The Central Public Service Co. 3-year 6% % sec. gold notes, dated Jan. 1
1926, were assumed by the Central Public Utility Corp. Were issued
under a trust agreement, and in addition, are specifically secured by deposit
with trustee of a like par value by deposit with trustee of a like par value
of 6% % debentures of Michigan Water Power C o., date Jan. 1 1926 and
due Jan. 1 I93ts. Are call, whole or part on any int. date on 60 days’
notice through Jan. 1 1927 at 103. through Jan. I 1928 at 102: after Jan. 1
1928 at 101: in each case with interest. Early in 1926 Wm. L. Ross & Co.,
Inc., and Thompson Ross & C o.. Inc., Chicago, 111., offered .1350.000 at
par and int.
OFFICERS.— Pres., A. E. Peirce: Vice-Pres., R . L. Aage; Treas., W . S.
McCullough: Sec., W. M . McFarland.

165

Following the sale on Jan. 5 1924 o f collateral pledged under the secured
gold notes of Chicago Elevated Railways, the plan of reorganization (dated
July 14 1923) was declared operative on Feb. 18 1924, approx. 97% o f the
secured gold notes and over 90% of the 10-year 6% debentures having
beeD deposited under the plan.
Under the plan depositing note holders received for each $1,000 o f notes
extended to July 1 1919, the following securities of the Chicago R . T . Co.:
(a) 1st & ref. mtge. gold bonds, Ser. A, 6% . due July 1 1953________ $100
(b) Adjustment debenture bonds, due July 1 1963___________________1,170
(c) Trust certificates for common stock_____________________________ 350
Wbile depositing note holders received for each $1.000 of notes not so ex­
tended the following securities of the Chicago Rapid Transit Co.:
(a) 1st & ref. mtge. bonds Series A, 6% , due July 1 1953__________ $100
(b) Adjustment debenture bonds due July 1 1963__________________ 1,170
Depositing holders of Chicago Elevated Rys. 10-year 6% debentures
receive for each $100 of debentures $70 in trust certifs. for common stock
of the Chicago Rapid Transit Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The consolidated cos. provide rapid transit facilities for the city of Chicago
and the suburbs of Evanston, Wilmette, Oak Park, Cicero, River Forest,
Forest Park, Berwyn, Bellwood, M aywood, Niles Center and Westchester,
which have a total population of approximately 3 ,3 2 6 ,7 9 8 . Two interurban
lines, the Chicago Aurora & Elgin R R ., reaching Aurora and Elgin to the
west, and Chicago North Shore & Milwaukee R R ., reaching Mhwaukee to
the north, operate their trains over the tracks of the co. on a rental basis.
Revenue passenger traffic for 1 9 2 6 , exclusive of interurban traffic mentioned
above, was 2 2 8 .8 1 2 ,7 6 6 ; in 1 9 2 5 2 1 6 .0 4 5 ,5 7 5 ; in 1 9 2 4 2 1 2 ,9 0 1 , 0 2 4 ; n 1923
2 0 3 ,9 5 3 ,5 7 4 .
Tbe co. operates 2 2 7 .4 9 miles of single track, of which 168
miles are owned and 5 9 miles are under lease or contract. Equipment
includes 1 ,2 0 3 motor, 2 electric locomotives, 6 5 8 coach and 4 3 other cars;
total 1 9 0 6 , of which 4 5 6 are all-steel construction. As of Dec. 3 1 1926
served a population est. at 3 ,3 2 6 .7 9 8 .
Mileage is largely on its own private right-of-way except where streets
are crossed. Franchises expire between 1938 and 1957, excepting the Lake
Street franchise, which runs to 1930 and 1944
Valuation.— Illinois P. U. Oomm.’s valuation for rate-making
purposes o f operatingproperties as of June 30 1919______$86 250.000
Add’ns & betterments to Dec. 31 1926 (less retirements)_____ 7,663,516

(a) MICHIGAN WATER POWER CO.
Controlled by Central Public Utility Corp.
O RGAN IZATION .— Incorp. in 1925, in M ich., to construct, acquire,
own and operate 2 hydro-electric developments on the Thorneapple River
located at Cascade and Ada, about 10 miles from Grand Rapids, Mich.
Co. owns directly all of the land, flowage rights, water rights. State rights.
Sec., necessary for the construction and operation of these modern plants,
which are to have a total installed capacity of 7.200 h.p. The full output
o f these two plants from the entire flow of the river has been contracted for
by the Consumers Power Co. of Michigan for a period of 50 years.
STOCK AND BONDS'—- Date.
Interest. Outstanding. Maturity.
Common 5,000 shs (no par)_ _____
_
_______
5,000 shs. _________
•1st mtge s f 1600,000 (11,000,1 1926
6 g J-J
. $600,000 Jan 1 1946
$500 and $100 c * ) _____ tfl Hand. Trust & Sav. Bk., Chienvn 111.. trust.
Bonds.— The ls( mtge. s. f. gold bonds, dated Jan. 1 1926 are secured by a
mortgage on all of co.'s property now ow-ned or hereafter acquired, incl.
land, flowage rights, generating plants, transmission lines, &c., subject
only to a contract with Consumers Power Co. and to the prior lien created
on said property by the terms thereof. This contract has been pledged
under the mtge. There is an annual sinking fund of 1 % of total amount of
bonds issued, to be used to purchase or redeem bonds beginning Jan. 1 1928.
Tax exempt in Michigan. Interest payable in Chicago, 111. or Grand
Total valuation (operating property)______________________ $93 913 516
Rapids, Mich. Call, whole or part on any int. date on 60 days’ notice at Miscellaneous physical property (non-operating)______________ 2.120.945
105 & int. In Jan. 1926 Wm. L. Ross & Co., Inc., and Thompson Ross &
C o., Inc., Chicago, TU. offered $600,000 at 99% & int., to yield over 6% .
Total valuation___________________________________________ $96,034 461
Debentures.— An issue of $350,000 6% g. debentures, dated Jan. 1 1926
Municipal Ownership Defeated.— See V. 120, p. 1880. Compare V. 120.
and due Jan. 1 1936, is pledged under Central Public Service Co. 6% %
p. 1456.
secured gold notes, due .Tan. I 1929.
STOCK AND BONDS—
Interest. Outstanding. Maturity,
Date.
OFFICERS.— Pres., A. E. Peirce: V.-Ps., R. L. Aage and D. C. M c­
_________ $20,329,500 _____ _____
Clure; Sec., W . M . McFarland; Treas., W. S. McCollough. General Common $20 329 509.............- ____
7.8%
5.000 000
See text
Prior pref Series A *5 .0 0 0 ,0 0 0 -____
office: 209 So. La Salle St., Chicago, 111.
Prior pref series B ___________ _____
7.2%
*1,438,500 see text
(3) FEDERATED U TILITIES, INC,
1st & ref M 6% Series due 1953
6%
3.395,000
1953
6 % % Ser due 1944 ($100. 1924
6% g J-J 11,242,000 July 1 1944
Controlled by Central Public Service Corp.
$500 & $1,000 c* and Cont. & Comm’l Trust & Sav. Bank, Chi­
$1,000, $5,000 & $10,000
cago, trustee.
ORGAN IZATION.— Incorporated in Maryland on Feb. 24 1927, being
r*) gold_____________ tf
the successor to Federated Utilities, Inc., o f Del. Owns all of the outstand­
See text
18,563,000 July 1 1963
ing bonds and the entire outstanding common stocks, except directors’ Adjustment debenture bonds. 1923
($100, $500 & $1.000)_____ National Citv Bank, N. Y. trustee.
shares, o f the following companies:
Met W S El 1st mtge, .$10,- , 1898
...
4 g F-A
10.000.000 Aug. 1 1938
Suffolk Gas-Electric Co.
Palm Beach Gas Co.
000,000 ($1,000) gold. .c*tf^ Cent. Trust Co.. N. Y ., and G. Sherman, tr.
Consumers Gas & Coke Co.
Martinsburg Heatiog & Light Co.
lint, at Cent. Trust Co , N. Y .. and Chicagq.
Griffin Gas Co.
Gas Light Co. of Augusta
Met W S El ext mtge, $5.000,-f 1901 4 g J-J
4.432,000 July 11938
Huntsville Gas Co.
Gas Light Co. o f Waverly
000 ($1,000), gold, red at]Northern Trust C o., Chicago, trustee.
Washington County Gas Co.
Athens & Sayre Gas Co.
105 on any Interest day on |Interest at company’s office in Chicago, or
Washington Gas & Coke Co.
Valdosta Gas Co.
4 week’s notice_______ c*tf I Central Trust Co., New York.
Lawrenceburg Co.
Tri-City Gas Co.
Union Consol El series “ A ” | 1896
5 g M -N
407,000 Nov 1 1936
Michigan Federated Utilities
Waynesboro Gas Co.
1st mortgage gold_____c p tlG . Sherman, V.-P. Oen. Tr. Co., N Y ., tr.
Chambersburg Gas Co.
Bluefield Gas & Power Co.
N W EI 1st M $25,000,000 red 1911
T
5 g M-S xlO.746,000 Sept 1 1941
Gastonia & Suburban Gas Co.
Conewago Gas Co.
as a whole at 102 & int onJ 111. Tr. & Sav. Bk., trustee, under mortgage.
Concord & Kannapolis Gas Co.
Portsmouth Gas Co.
30 days’ notice ($1,000)c*tf ICentral Tr. C o., N. Y ., trustee und. sup. M.
Lexington Water Co.
Union El 1st M $5,000,000
1895 5 g A-O
4.324,000 Oct. 1 1945
gold ($ 1 ,0 0 0 )-..______c p t/In t. at Chase National Bank, N. Y ., and
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
l 111. Trust & Sav. Bank, Chicago.
Co. through subs, furnishes public utility service in various communities
1,343.000 July 11928:
of M ich., Ind., Penna.. New Hampshire. New York. Kentucky, Tenn., Chic & Oak El 1st M , $5,000.-1 1893 5 J-J
_
000 guar by N W E l _ tf|Cont. & Comm. Trust & Sav Bank, Chic.,
Virginia, West Virginia, No. Caro., So. Caro., Georgia. Alabama and
[ and Central Tr. Co. of Illinois, Chic., tr.
Florida, comprising a population o f over 500,000. Operating properties
6%
875,000 1928 to 1932
are primarily engaged in manufacture and sale of artificial gas. Gas 6% equip trust certificates___ _____
x Exclusive of bonds in sinking funds. * Includes subscriptions on
plants have rated capacity of over 15.000,000 cu. ft. daily and a distribution
system totaling over 878 miles and water system includes over 107 miles installment plan.
o f mains.
Stock.— The com. stock is held in a voting trust of which Geo. M . Rey­
authorized
Date. Interest.
Outstanding.
Maturity. nolds , R . Floyd Clinch and Samuel Insull are trustees. The total series
STOCK AND BONDS—
pref. stock,
_______ xlOO.OOOshs. ____________ prior preferred stock is $10,000,000. V.The prior2895; is red. at $115A, is
Common (no par)___________ ____
listed on Chicago Stock Exchange.
123, p.
per
$7 ser. 1st pref. 30.000 shs____ ____
$7 Q-M
25.000 shs. Sept’27$1.75 share and carries divs. at the rate of 65c. monthly, or 7.8% annually.
$7
None
__________
$7 ser 2d pref 20,000 shs______ ___
$5,000,000 was offered in M ay 1924 by Utility Securities C o., Chicago,
1st lien coll tr bds. ser 1927/ 1927
5 % gM -S $7,500,000 Mar. 1 1957 at $100 per share. 7.2% prior pref. series
$110 per
(c* $1,000-$500)________ tfl Prin. & int., II arris T r. & S B . of Chic., trust ee. share and ranks equady with 7.8% pref. ser.B stock is callable atof divs.
A, except as to rate
Divisional 1st mtge 5% bonds. ____
_______
1,695,400 - .............
Stock Increase.'— On Dec. 9 1926 stockholders increased the authorized
capital stock from $25,330,500 to $30,330,500, the increase to be prior
x All owned by Central Public Service Corp.
pref. stock. V. 123, p. 1995.
Bonds.— 1st & ref. mtge. gold bonds are secured by a 1st mtge. on the
Bonds.— The 1st Hen collateral trust gold bonds 5 % % ser. of 1927 are secured
by a 1st lien on the constituent properties through deposit and pledge properties of the co. acquired from the South Side Elevated R R ., and by
on all other property owned by Chicago
with the trustee o f all outstanding bonds, notes and stock o f operating cos., a direct mtge. existing divisional (closed) mortgages and R. T. Co., subject
lions of
equipment obliga­
excepting and subject to $1,712,400 divisional 1st mtge. 5% bonds for do the further
tions;
divisional
retirement of which a like amount of these bonds may be issued and cer­ obligations. by pledge of $4,187,000 series, duemtge. bonds and equipment
The bonds of the 6% %
1944, are red. all or in part
tain securities for the retirement whereof cash will be deposited with trustee.
No securities may be issued on any constituent property unless pledged or through operation of sink, fd., on any int. date on 30 days’ notice at 105
directly or indirectly under trust indenture. Additional bonds may be if red. on or before July 1 1925. the premium decreasing thereafter at the
issued for 75% o f additions, extensions or betterments or for refunding rate of % of 1% for each full year intervening between June 30 1925 and the
purposes. The indenture provides for maintenance and renewal pro­ date of redemption. The co. agrees to reimburse owners in the respective
visions, incl. 10% of gross on gas revenue and o f 8% o f gross from water. States the following taxes paid in respect to bonds of this issue: The 4-mills
Red. all or part after 60 days’ notice at 105 through Mar. 1 1932: and there­ tax in Penna.: any securities tax in Maryland not exceeding in the aggregate
after decreasing % of 1% for each 5-year period ending and incl. Mar. 1 45c. on each $100 of assessed value in any year; and any personal property
o f the respective year: and at par during the last year: plus accrued int. or exemption taxes in Conn, not exceeding 4-10 of 1% of face amount
Penna. and Conn. 4 mills taxes, Maryland 4% mills, Dist. of Col. and Ky. In any year. Int. payable in N. Y. and Chicago. The mtge. provides
for a sink,
in cash, on Jan. 1
5 mills, Calif, and Mich. 5 mills and Mass. 6% income taxes refundable. each year , fund calling for 1the payment amount equal to % and 1July 1 of
beginning Jan.
1929, of an
of % of the
In March 1927 Federal Securities Corp., H. M . Byllesby & C o., Inc.,
West & Co. and Thompson, Ross & Co. brought out $7,500,000 1st lien total aggregate principal amount of 1st & ref. mtge. bonds issued and then
coll. tr. bonds, 5% % series e f 1927, at 94% and int., to yield over 5.87%. outstanding. Moneys so paid into the sink, fund are required to be
utilized first in the purchase of 1st & ref. mtge. bonds at or below the price
V. 124, p. 1358.
at which they might be redeemed, and if such bonds are not obtainable,
by purchase, the moneys not to utilized*are to be used in the redemption
Divisional bonds mentioned in the above table, are those of sub. cos.,
pledged as collateral for the Federated Utilities, Inc., 1st lien collateral and retirement of bonds. The Pennsylvania 4 mills, Maryland 4 % mills
and Connecticut 4 mills taxes refundable on the 6% % bonds due 1944.
trust gold bonds of series of 1927.
$6,500,000 first & refunding mortgage 6% % series due J944 were offered
EARNINGS.— Consol, earnings of constituent properties for year ended: in June 1924 by the National City Company and Halsey, Stuart & Co.,
July 31 ’27. Dec. 31 ’26. Inc., at 94% and int., to yield over 7% . V. 118, p. 2947. $2,500,000
Gross earnings_________________________________ $3,004,010 $2,833,863 additional were sold by the same bankers in Oct, i924 at 94% and int.,
Oper. exp. (incl. mainf. & taxes, other than income
to yield over 7% . V. 119, p. 1623. In Dec. 1925 the National City Co.
taxes, but excluding depreciation)____________
1,808,455
1,704,441 and Halsey, Stuart & Co., offered $2,000,000 additional 1st & ref. mtge.
bonds. 6% % series, due 1944, at 95 and int., to yield about 6.98% . V.
Net earnings_________________________________ $1,195,555 $1,129,423 121 p. 3129.
Annual bond interest (including this issue)________
______
498,120
The 1st & ref. mtge. 6s, due 1953, series A, are red. all or in part by co.
or through sinking fund on 30 days’ notice at 105 if red. on or before July 1
Balance______________________________________
______
$631,303 1933 and at 102% thereafter. In M ay 1927 The National City Co. and
OFFICERS.—-Pres., Albert E. Peirce: V.-Ps., Richard L. Aage and Halsey, Stuart & Co., Inc,, offered at 93 and int., to yield about 6.56% ,
George R. Horning; Sec., W. M . McFarland: Treas., W. S. McCollough. $1,795,000 1st & ref. mtge. gold bonds, 6% , due 1953, series A. V. 124,
p. 3065.
Offices, 209 South La Salle St., Chicago, 111.— V. 124, p. 1358.
Adjust. Deb. Bonds.— Int. is a cumul. fixed charge at 4% per annum from
July 1 1924 to Dec. 31 1962 and at 6% per annum from Jan. 1 1963 to
CHICAGO RAPID TRANSIT CO.
June 30 1963, and is payable on July 1 1963 or is payable by installments on
any Jan. 1 or July 1 before as ordered by the board of directors from net
Control.— Commonwealth Edison Co. owns a majority of the voting Income. Additional int. at 2% per annum must be paid from net income,
trust certificates
&c., for any 12-months’ period to Dec. 31 1962. wherein the co. pays any
ORGAN IZATION .— Incorp. Jan 9 1914 under general railroad laws of cash divs. on its capital stocks of any class not entitled to preference divs. as
Illinois for a term o f 50 years. Was formed as per plan for the reorgani
ordered by the board of directors from surplus. Sinking fund of $250,000
zation o f the Chicago Elevated Railways (outlined in “ Electric R y .” Sup­ must be appropriated for redemption of these debentures in any calendar
plement o f Oct. 27 1923) by consolidation of the Metropolitan West Side year wherein the co. pays any cash divs. on its capital stocks of any class not
Elevated Ry. Co., Northwestern Elevated RR Co. and South Side Ele­ entitled to preference divs. as ordered by the board of directors from surplus
vated RR Co. on Tan 9 1924 and oh Jan. 31 1924 it acquired title to the and in any cal. year wherein such cash divs. exceed .$834,000 then the sinking
properties o f the Chicago & Oak Park Elevated RR Co. through purchase fund must be increased to equal 30% of such total divs. and may be further
at foreclosure sale. The original elevated lines began operation as follows: increased. Debentures are red. on 30 days’ notice, at par flat to Dec. 31
The South Side El in 1892 the Oak Park El in 1893. the Metropolitan
1928. and thereafter at par plus any cumul. int. from Jan. 1 1929.
Dividends.— Regular monthly divs of 65c per share have been paid on
West Side E) in 1895 and the Northwestern El. in 1900. For separate
statements of these cos. prior to consolidation see “ Electric R y .” Supple­ prior pref. series A stock since July 1924. Regular monthly divs. of 60c.
per share have been paid on prior pref. series B stock starting Feb. 1 1927.
ment o f Oct. 27 1923.




166

PUBLIC U TILITIE S

EARN INGS.— For calendars years:
Total Rev.
Net after
Rentals,
Prior
(.Incl. Other
Taxes, City
Interest,
Pref.
Bal.,
Income).
Divs.
Surplus.
Compen., Ac. Amort., &c.
1926------ $20,420,660 a$4,623,004
$3,505,372
$375,741
$741,891
1925 ____ 19.281,888
b4.314.378
3,270,977
308,530
734,871
1924
18.775.932
3.608,823
2.807.448
74,733
726.642
*1923 . . . 18,146.306
3.786,680
2.634.098
1,152.582
*1922 . . . 17.404.686
2.952.776
2.952 776
14.875
a After deducting $316,087 credited to retirement reserve, b After de­
ducting $241,907 credited to retirement reserve, x Results o f predecessor
companies.
OFFICERS.— Chairman o f Board. Samuel Insull: Pres., Britton I. Btidd;
V.-Ps., R. Floyd Clinch, E. C. Noe, William V. Griffin, B. J. Fallon, Chas.
E. Thompson and Hal. M . Lyttle; V .-P ., Sec. & Treas., W . V. Griffin;
Gen. M gr., H. A. Johnson; Compt., Edward A. Brion; Aud., T . B. MacRae.
Office, 72 West Adams St., Chicago, 111.— V. 121, p. 838, 1228, 1460, 3129:
V. 122, p. 1168 V. 123, p. 1995, 2895, 3036: V. 124, p. 1218 1357.

CHICAGO JUNCTION RR.
ORGAN IZATION .— Organized in the interest of the South Side Elevated
R R . (since consolidated with Chicago Rap. Tran. Co.) to build lines to
connect that company’s track with the Stock Yards. Only a nominal
amount o f stock has been Issued ($50,000), which is held in trust for the
South Side Elevated (now consolidated with Chicago Rap. Tran. Co.) in
case that company should at any time wish to absorb it. Is leased to the
South Side Elevated (now Chicago Rapid Tran. Co.) for 50 years (with
right to purchase at cost within 20 years), rental being interest on bonds,
taxes. &c. Franchises are without limit.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Consists of an elevated road (from junction with South Side “ L ” at 40th
Street) to the Stock Yards, and a loop around the same, 3.61 miles. Was
completed in May 1908.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
_______
See text.
__________
Stock_____________________________
1st mtge $2,327,000 gold? 1905
4 g M-S
$2,327,000 Mar 1 1945
($1,000) guar p & i ______ c*lFirst Trust & Sav. Bank, Chicago, trustee.
Bonds.— Are subject to call at 105 and int. In event of consolidation with
South Side Elevated (now Chicago Rapid Tran. Co.) this issue of bonds is
to be retired. V .8 0 ,p .8 7 1 . Bonds are guar., p. & i., by Chicago Junction
Rys A Union Stock \ards Co. See V 82. p. 568.
OFFICERS.— Pres., Frederick H. Prince; V.-Pres., George P. Gardner
and M ark W . Potter; Sec. & Treas., M . A. Taylor. V. 87, p. 346.

NORTH AMERICAN LT. &1PCW. CO. (DELAWARE).
Control.—-Middle West Utilities Co. and The North American Co. each
own a substantial interest in the common sto<-k.
ORGAN IZATION .— Incorp. in 1924 in Delaware and is a reorganiza­
tion of North American Light & Power Co. (Maine) in 1926. Co. controls
the entire common stock o f Illinois Power & Light Corp., Missouri Power
& Light C o., Kewanee Public Service C o., and 81% o f the common stock
o f the United Power & Light Corp. (of Kansas). V. 123, p. 843.
FIELD O P O P E R A T I O N S A N D CHARACTER o P RtlsrNESS.—
C o.’s subsidiaries serve a population o f more than 1,580,000 in 713 munici­
palities in the States o f Illinois, Iowa, Missouri and Kansas. The territory
includes the cities of Decatur, Danville, Bloomington, Belleville, Galesburg
Champaign, Jacksonville, Cairo, Granite City, Peoria, East St. Louis,
Quincy, La Salle, Centralia, Ottawa and Kewanee, 111.; Des Moines and
Oskaloosa, Iowa; Jefferson City, Moberly, Mexico, Brookfield, Edina,
Excelsior Springs, Kirksville and Boonville, M o.; Topeka, Atchison, j
Hutchinson, Salina and Manhattan, Kan. Electric generating stations !
with a present aggregate capacity o f 415,045 h.p. Approximately 2,800
miles of high-tension transmission lines and over 4,000 miles of distributing
lines serving 323,325 customers. Artificial gas plants with an aggregate
daily capacity of 32,255,000 cu. ft. and 1,050 miles o f gas mains serving
104,039 customers; 550 miles o f trunk line electric railroad, connecting
Central Illinois with St. Louis, and a steam road o f 25 miles entering
East St. Louis and exchanging traffic with the St. Louis Belt System, and
city railways with an aggregate o f 235 miles o f track and bus equipment.
V. 123, p. 843.
^
STOCK AN D BOI.xJS—
Date.
Interest. Outstanding. Maturity.
_______ 600.000shs. __________
Common (no par)___________ _____
$6 cum pref (no par)_________ _____
$6
119,949shs. __________
30-yr s f g debent series “ A ” J 1926
5)4 g J-J $15,000,000 July 1 1956
5)4% ($1,000 & $500 c*)tf (Central Trust Co. of 111., Chicago, trustee.
Bonds.—-The 30-year sinking fund gold debentures series A 5 )4 % , dated
July 1 1926, are red. on 60 days’ notice at 103 & int. to and incl. July 1 1931,
and thereafter the redemption price will decrease )4 % for each succeeding
5-yr. period. Additional debentures may be issued provided consolidated
net income had been at least 2)4 times annual interest on all funded debt
o f the co. incl., proposed issue. The creation of additional funded debt
(excepting additional debentures in the amount of $5,000,000 which may
be issued against an equal amount o f additional assets) is limited to approx.
85% of additional assets. There is a cumul. sinking fund beginning July 1
1931, o f $150,000 annually, payable semi-annually, to be used, at option
e f the co. to purchase and retire series “ A " 514 % debentures and (or)
purchase stocks and (or) obligations o f the constituent or other companies
to be pledged with trustee. The income on all debentures retired or securi­
ties purchased by the s. f. is to be added to the sinking fund. Interest
payable in New York or Chicago. Penn., Conn. & Calif. 4-mills and
Mass. 6% taxes refundable. In Aug. 1926 E. H. Rollins & Sons; Marshall
Field; Glore, Ward & Co.; Spencer Trask & Co.; Blyth, Witter & Co.;
Illinois Merchants Trust Co. and J. G. White & Co. sold $15,000,000
' series “ A ” 5)4% at 94)4 & int., to yield about 5.90%. V. 123, p. 843.
All of the outstanding 30-yr. 7% s .f. secured g. notes o f the North American
Light * Power Corp., dated July 1 1924 were called for payment Jan. 1 1927
at 105 & int. Y. 123, p. 1251.
Redemption preferred stock o f former Maine Co.—All o f the outstanding
$4,307,800 7% cum. pref. stock o f the former Maine Co. o f the same name
was called Oct. 1 1926 at 105 < divs. V. 122, p. 2800; V. 123, p. 711.
&
EARN INGS.— Consolidated earnings for calendar years;
*1927.
1926.
1925.
Gross earnings______________________ $36,498,769 $33,857,766 $32,602,688
Oper. exp., maint. & taxes__________ 21,507,424 20,551,778 20,058,863
F Net earnings before depreciation___ $14,991,345 $13,305,988 $12,543,825
Interest & amortization of sub. cqs___ 6,979,730
6,481,459 6,142,296
Pref. divs. of sub. cos. & minority
2,054,997
proportion o f surplus____________
3,190,417
2,729,326
L396.848
Deprec. & s. f. res. on sub. cos. mtges_ 1,831,768
1,561,315
$2,533,888 $2,949,684
Balance__________________________$2,989,430
825,000 _ 825,000
_
Annual int. on 5 )4% debentures____
825,000
Balance______ ______ _____________ $2,164,430 $1,708,888
$2,124,634
* For 12 months ended July 31 1927.
OFFICERS— Pres., Clement Studebaker, Jr.; V.-Ps., H. L. Hanley,
G. T . Buckin.gham and L. E. Fisher; Treas., P. L. Smith; Sec., D . H.
H olm es— Y. 123, p. 843, 1114, 1251; V. 125, p. 246.

CENTRAL ILLINOIS PUBLIC SERVICE CO.
Controlled by Middle West Utilities C o., which see on a previous page.
ORGANIZATION.— Incorp. in Illinois Sept. 1 1923 as a consolidation of
former co. o f same name (incorp. 1912) and the Middle West Power Co.
Controls the Central Illinois Power Co. and has assumed as to principal,
interest and sinking fund that company’s first mortgage 7% bonds. V.
114, p. 1178. Aas acquired all the outstanding capital stocks, except direc­
tors’ shares, o f the Quincy (111.) Gas, Elec. & Heating Co. and the Chicago
& Joliet Elec. R y. V. 120, p. 85. 209. On June 27 1925 acquired the
electric light plant at Galatia, 111., and the municipal plant at Thebes, 111.
V. 120, p.3312. In Dec 1925 applied for permission to buy properties
o f the Alvin Grain & Electric Co. V. 121, p. 2749. Also acquired the
Wabash Utilities Co. and the Marshall Ice & Power Co. V. 121, p. 2873.
Acquisitions in 1926.— During the year 1926 co. purchased the physical
properties o f the West Salem Ice & Lt. Co., Noble Elec. Lt. & Pow. Co.,
Cambria Lt., Heat & Pow. C o., Strawn Elec. Lt. C o., Alvin Grain &
Elec. C o., Rossville Elec. C o.. New Holland Lt. & Pow. C o., Cobden Lt. &
Pow. Co., Liberty Elec. C o., Paloma Elec. Lt. Co., Mendon Elec. Lt. &
Pow. C o., Sadorus Lt. & Pow. C o., Farina Elec. Lt. Co., Anchor Elec Lt.
C o., Inc.; the electric utilities in Vergennes, Fisher, Belleflower and Little­
ton the municipal electric properties o f Grayville, Clay City, Brookport,




[V ol. 125.

Cypress, Creal Springs, Divemon, Middletown, Sibley and Kinmundy;
the Mattoon municipal street lighting system, and the electric distribu­
tion system o f Ashland. The co. also purchased during the year the ice
manufacturing property and ice business o f the Glenridge Ice & Coal C o.,
Marion County Coal C o., Centralia Ice & Cold Storage Co., Home Ice C o.,
Illinois Ice & Cold Storage C o., Herrin Ice & Cold Storage Co., Benton
Ice Cream & Bottling Co., Christopher Ice & Bottling C o., Zeigler Ice &
Bottling Co., Lawrenceville Ice & Cold Storage Co., Chrisman Ice & Fuel
Co. and the ice business at Virderi. V. 122, p. 2797, 3080, 3337; V. 123, p.
453; V. 124, p. 1218, 1508.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Does an electric light, power, water, gas, heat, ice, street railway and
interurban business, supplying electrical energy to 339 communities in
central and southern Illinois and wholesales to 13 other public utility com­
panies, which in turn serve 27 communities. Population served, 500,000.
In addition to the supplying o f electrical energy to these communities,
11 are served with gas, 13 with water, 144 with ice, 6 with heating, 3 with
street railway service, 5 wdth bus service, an interurban line being operated
between Mattoon and Charleston, HI., and one from Eldorado to Carrier
Mills, and one connecting Joliet with Chicago. Bus line runs from Charles­
ton to Paris. The company operates over 2,438 miles o f high tension
transmission lines, 7 central stations and holds 13 stations in reserve, and
has contracts for power from 6 other central stations. Total available
capacity, 126.630 k.w., incl. the Grand Tower plant o f 50,000 k.w. initial
capacity. In 1926 co. constructed a new 85-mile transmission line from
Muddy River Power Station, near Harrisburg, in southern Illinois, north
to Olney, connecting with other systems. V. 122, p. 3451. Customers
served as o f Dec. 31 1926: Electric, 134,335; gas, 21,843; water, 9,071.
and heat, 893.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com. stock 250,000 sh (no p a r ) ____
_______
187,292 s h s ____
Pref stock $6 cum 250,000 shsl ____
Q-J
197,316 shs Apr’27$1.50
tno par)___________________|
First & ref mtge (former co.)l 1912
5 F-A
$7,595,000 Aug 1 1952
gold ($1,000)________ c*tf/Interest payable In Chicago.
1st & ref mtge (consol corp)—
Series “ A ” _____________________
5)4%
3,850,000 M ay 1 1943
Series “ C ” _____________ c*tf 1S24
6 g J-J
8,000,000 Jan 1 1944
Series “ D ” ($1,000, $500/ 1925
5)4 J-D
4,600,000 June 1 1950
and $100)___________ c*tf (Int. at Halsey, Stuart & Co., Chic, or N . Y .
Series “ E”
($1,000, $500.1 1926
5 g M -N
8,297,000 M ay 1 1956
$100, c * )_______________ t f)
S erial n o te s $ 4 ,8 0 0 ,0 0 0 / 1925
4 H -5 g Q -J
800,000
See text
($1,000) gold___________ tf ( Prin. and int. at Chicago and New York
[ offices of Halsey, Stuart & C o., Inc
_______
1,516,500 1932 to 1942
Underlying divisional bonds,_ ____
Note.— Co. has jointly and severally with the Inter-State Public Service
Co. guaranteed the payment of principal, interest and sinking fund of
$3,000,000 1st mtge. s. f. gold bonds due D ec. 1 1951 o f Indiana HydroElectric Power Co. V. 122, p. 3451.
Stock.— Entire com. stock outstanding is owned by the M iddle West
Utilities Co. Pref. stock red. at $110 and accrued divs. Has equal voting
ower with com. 10,000 shares pref. were offered in Sept. 1924 by W. O.
angley & Co., N. Y ., and Old Colony Trust C o., Boston, at $85 per
share and divs., to yield 7.06% . V. 119, p. 1281. In M ay 1925 W . C.
Langley & Co. and Old Colony Trust Co. sold 7.000 pref. shares at $88
per share and divs., to yield 6.80%. V . 120, p. 2399. In Dec. 1926
Old Colony Corp. and W . C. Langley & Co. offered 6,000 additional shares
at $89, to yield over 6.70%. V. 124, p. 109.
Increase Authorized Stock.— On Feb. 24 1925 stockholders increased the
authorized no par value preferred stock from 200,000 to 225,000 shares of
no par and 25,000 shares o f par value stock, and the common stock o f no
par value from 200,000 to 250,000 shares. V. 122, p. 1167.
Bonds.— The 1st & ref. bonds (due 1952) are red. at 105 on any int. date.
Additional bonds may be issued under certain restrictions. See V. 95, p.
1744. The mtge. securing these bonds covers all property owned or afteracquired. The bonds are further secured by pledge of over 53% of old
co.’s 1st & ref. mtge. bonds, which are a first lien on certain properties of
the co. subject only to $3,824,500 divisional underlying bonds. V. 103,
p. 1887; V. 122, p. 3451. Oont. & Comm. Trust & Sav. Bank, Chicago,
trustee.
The 1st & ref. mtge. (consolidated corporation) bonds are secured by a
mortgage on all property owned or after-acquired by co. Moreover,
through pledge of bonds with trustee, the mortgage shares to the extent
of over 53% in the lien o f the 1st & ref. mtge., which is a first lien on the
balance of co.’s property, subject only to $3,354,500 divisional underlying
bonds. Additional bonds may be issued in series for refunding purposes;
also for 75% of additions, &c., under certain earnings restrictions. The
series C 6% bonds are red. all or in part upon 30 days’ notice at the
following prices and interest: To Jan. 1 1929 at 107)4\ on and from
Jan. 1 1929 to Jan. 1 1939 at 105; on and from Jan. 1 1939 to Jan. 1 1943,
at 102)4, and on and from Jan. 1 1943 to maturity, at par. Penna.
and Conn. 4 mills, the Maryland 4)4 mills tax, District o f Columbia
personal property taxes not exceeding 5 mills per $1 per ana., and Mass,
income tax on int. not exceeding 6% of such int. per annum, refunded.
Int. at office of Halsey, Stuart & C o., Inc., in Chicago or New York. In
July 1924 Halsey, Stuart & Co., Inc., offered $6,000,000 1st mtge & ref.
6% bonds. Series “ C ,” at 97 and int., to yield about 5 )4 % . V. 119, p. 196.
The 1st mtge. and ref. 5)4% gold bonds. Series “ D ,” 1925. are red., whole
or part, upon 30 days’ notice, to and incl. June 1 1935 at 105; incl. June 1
1941 at 103; to and incl. June 1 1946 at 102; on June 1 1946 at 101
thereafter at )4 % less for each full year elapsed after M ay 31 1946. After
May 31 1949 at 100; in each case plus int. Penn, and Conn. 4-mill tax,
Maryland 4 43-mills, District of Columbia 5-mills tax, and the Mass, income
tax not exceeding 6% refundable. In June 1925 Halsey, Stuart & Co.,
Inc., sold $4,600,000 at 98H and int. to yield 5.60% .
V. 120, p. 3184.
In Oct. 1 1926 co. applied to Illinois Commerce Commission to issue $4,615,900 Series “ D .” V. 123. p. 1995
Series “ E” 5s dated May 1 192(1 are red., all or part, on 30 days’ notice
at following prices and interest: Through April 30 1936 at 105; through
April 30 1946 at 103; through April 30 1951 at 102)4', on May 1 1951 at 102,
and thereafter at 102 less )4 % for each full year elapsed after April 30 1951.
Subsequent to April 30 1955 at 100. Penn, and Conn. 4 mills, Maryland
4)4 mills, Dist. of Col. 5-mills and Mass. 6% taxes refundable. In June
1926 Halsey, Stuart & C o., Inc., offered $1,230,000 Series “ E ” at 96 and
interest, to yield 5.25% .
Iia November 1926 the same bankers
offered $2,425,000 additional series E bonds at 97 and int., to yield about
5.20% . V. 123, p. 2774. Additional $4,642,000 1st mtge. & ref. 5s,
series “ E ” were offered in Aug. 1927 by Halsey, Stuart & C o., Inc., at
97 and int., yielding 5.20% . V . 125, p. 911.
Notes.— The serial notes bear 4 Vi% int. to Jan. 1 1926 and 5% thereafter.
They mature $400,000 quar. to and incl. Jan. 1 1928. $400,000 were paid
off April 1 1925 and $400,000 on July 1 1925. $400,000 Oct. 1 1925, $400,000
Jan. 1 1926, $400,000 April 1 1926, $400,000 July 1 1926, $400,000 Oct. 1
1927. Are red., all or in part, at any time on 10 days’ notice at par and
int. $4,800,000 were offered in Jan. 1925 by Halsey, Stuart & C o., Inc.
V. 120, p. 209.
Dividends.— $1 50 quar. is being paid on preferred stock.
EARNINGS.— For calendar years:
Total Rev.
Net after
(Incl. Other
Taxes &
Interest,
Balance,
Income).
Deprec.
Ac.
Dividends.
Surplus.
1926.. ____$12,744,078 $4,207,809 $2,055,762 $1,988,047
$164,000
3,688,326
iy25._ ____ 11,626.618
1.997.503
1,650.991
39,832
1924.. ____ 8,901,968
1.298,240
1,308.831
2.735.837
128,646
2.413,921
1,314.0)3
xl923. ____ 8,190.353
994,057
105,851
1922.. ____ 6,355.041
1.858.158
1,221.380
422.032
214,746
x Represent earnings and expenses of the former Central Illinois Public
Service Co. and its sub. cos. for the first 8 months of 1923 and of the consoli­
dated corporation and its subsidiaries for the last 4 months o f 1923.
Latest Earnings.— For 12 months ended June 30:
1925.
1927.
Gross earnings----------------------------------------------------$9,949,304 $11,030,239
Operating expenses, maintenance and taxes______ 5,870,789
6,473,257

E

Net earnings before depreciation______________$4,078,515 $4,556,982
*Earnings from controlled companies_____________
30,470
107,797
Total_________________________________________ $4,108,985 $4,664,779
Annual interest on the total bonded debt, incl. present issue to
be presently outstanding, requires_______________________
$1,865,665
* Being earnings available to stock ownership of subsidiary companies
after all prior charges.— V. 125, p. 779.

O ct., 1927.]

POW ER, LIGH T AND R A IL W A Y

erving
Industry

and Community
\ ^ I T H I N the territory o f the Cen­
tral Illinois Public Service Company
are complete processes o f production
requiring electric pow er at each step
o f the process from raw material to
finished product.
Electrified farms produce crops for
canning factories operated on elec­
tric power. Clay is extracted from pits
with electric power, and brickyards
demand pow er for producing the fin­
ished p rod u ct. G rain elevators and
flour mills both require electricity for
their operations. Such inter-related in­
dustries, one complementing another,
reflect the basic econom ic soundness
o f the territory served by the Central
Illinois Public Service Company, com ­
prising 17,000 square miles o f the State
o f Illinois.
Serving, for the most part, the smaller
communities and the countryside be­
tween — the farms, mines, quarries —
the Company has encouraged a more
widespread distribution o f industrial
activity. As its primary contribution
to industrial develop m en t it has as­
sured ample pow er at reasonable rates,




assuring the continuity o f supply by
interconnection o f facilities. In addi­
tion it has actively cooperated w ith the
communities in attracting new indus­
tries suited to the resources offered by
the community.
This is a service o f benefit alike to
the community and the industry. T o
the con siderable extent that p o w e r
supply determines their course, indus­
tries are g iv e n g rea ter fr e e d o m o f
location and sm all com m unities are
given a better chance to obtain im por­
tant industries. I f an industry wishes
to break away from a congested metro­
politan center in order to realize the
advantages o f better living conditions
fo r w ork ers, low er liv in g costs and
consequently low er labor costs, closer
proxim ity to raw materials or m ar­
kets, cheaper land, lower taxes and more
room for expansion — there is assur­
ance that adequate electric pow er facil­
ities are available. And, in the healthy
development o f these Illinois commu­
nities, there is g r o w in g evidence o f
industry’s recognition o f the advan­
tages o f location in the smaller towns.

Central Illinois
Public Service Company
Springfield, Illinois

167

PUBLIC U T ILIT IE S

168

OFFICERS.— Chairman of the Board. Samuel Insull: Pres., Marshall E
Sarupsell; V.-Ps., J. Paul Clayton and Geo. W. Hamilton: Sec., Leroy J.
Clark; Treas., C. E Gripe: Aud.. J. L Gray. Office. SnringficM. 111. —
V. 121, p. 2636. 2749. 2873 V. 122. p. 1167 1307. 2797. 3080. 3337. 3451:
V. 123, p. 81. 453, 1995. 2774’ V. 124, p. 109. 233. 505. 1065. 1218, 1508
1818, 2426. 2746, 3350, 3494; V. 125, p. 779 911, 1050, 1835.
(1) CH ICAGO & JOLIET ELECTRIC RY.
Control.— In Dec. 1924 Central Illinois Public Service Co. acquired
control of the company from the American Electric Power Co.
O RGAN IZATION .— Incorporated as a consolidation o f the Chicago &
Joliet Rapid Transit C o., the Joliet Street Ry. and the Joliet RR. Is
operated by power purchased from the Public Serfice Co of Northern
Illinois. In N ov. 1905 the American Railways purchased 63 acres of land
near Joliet which was converted into a park. This park is owned bv the
Dell wood Park Co., all o f whose stock is held by the Central Illinois Public
Service Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Extends from Joliet to the Chicago city limits, with a
branch to Lyons. Has 85 miles of track
Line between Joliet and Chi
cago was formally opened Sept. 25 1901. 68 passenger and 16 other cars.
Franchise.— In 1922 the company was granted a 20-year franchise by the
Town Highway Commission. V 114. p. 1062.
In Jan. 1921 the company was authorized by the Illinois P. U. Comm, to
Issue $1,350,000 pref stock and $5,000,000 bonds and to purchase the Chi
cago & Des Plaines Valley Elec. Ry. V. 112. p. 161. The property of that
company was acquired as of June 30 1921 and has been merged into the co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock $2,300,000 (S100)______
_______
$2,300,000 __________
Preferred stock___________________
_______
1.350.000 _________
Chicagon o n Joliet Electric R vl/ t „1901
& ono
6 g M -N
1.600,000 May 1 1931
« ax
*
nr\rw
» at
g $5,000,000 ($1,000) _c*tf flnt. „ Illinois Tr. & Sav. Bk., Chic., trustee
Joliet RR general mtge gold! 1898
6% g M -N
400.000 M ay 1 1933
$400,000 ($1,000 each)-_tf (Fidelity Trust Co., Portland (M e.), trustee
Bonds.— Of the new $5,000,000 mortgage, $400,000 are reserved to retire
underlying liens. $2,200,000 o f the outstanding capital stock of the Chi­
cago & Joliet Electric Ry.. $1,000.000 of the $1,100.000 stock and $1,000.000 (entire issue) bonds o f the Chicago & Desplaines Valley Electric Ry. are
deposited under this mortgage as collateral security. Entire issue of the
$2,000,000 gold 5s may be called at 105 and int.
The $400,000 Joliet R R . gen mtge. 5s originally fell due in 1918, but were
extended for 5 years at the same rate o f int., and again to M ay 1 1933, but
this time the int. rate was raised to 6 % % . The extended bonds are fed
on any int. date on 60 days’ notice at 101. V. 116, p. 2129.
E A R N IN G S.— For calendar years.—
Net after
Fixed Chgs.
Cross.
Taxes.
& Deprec.
Balance.
1926............................ _ $908,149
$154,382
$216,083
def.$61,701
1925_________________ 898.622
125,705
189.738
def.64,033
1924-------------------------- 915,192
69.878
142,536
def.72,658
OFFICERS.— Pres., Marshall E. Sampsell; V.-Ps., J. Paul Clayton and
J. R. Blackhall; Sec., Leroy J. Clark; Treas., C. E. Cripe.— V. 116, p.
2128; V. 120, p. 85.

MIDLAND UTILITIES CO.
Ownership.— The Class B pref. and common stocks are mainly held by the
United Gas Imp. C o., the Commonwealth Edison Co., the Peoples
Gas Light & Coke Co., the Public Service Co. o f Northern Illinois aud the
Middle West Utilities Co.
ORGAN IZATION .— Incorp. in Delaware June 22 1923. Was originally
organized as the Public Service Investment Co. but name was changed to
present title Aug. 22 1924. Is an investment co. which owns or controls
public utility companies in northern Indiana and western Ohio. Owns
or controls the entire outstanding stock of all its subsidiaries with the
exception of two. Of these subsidiiries 98% and 51% of the outstanding
common stock are owned or controlled.
Owns or controls public utility cos. serving 204 communities in northern
Indiana and western Ohio, with an estimated population of 925,000. The
subsidiary companies sold in year ended June 30 1927, 9,057,037,000 cu. ft.
o f gas and 285,530,321 k.w.h. of electrical energy. Electric street railway
systems are operated in Gary, Fort Wayne, Logansport and Peru, Ind.
Two electric railroad systems are operated in Indiana, one running between
Chicago & South Bend and one radiating from F rt Wayne.
Subsidiaries.— The principal public utility subsidiaries are:
Indiana Service Corp (see separate statement).
Northern Indiana Public Service Co., formerly ■Calumet Gas & Elec Co
V. 122, p. 1024.
Chicago South Shore & South Bend RR. operates electric railway from Chi­
cago to South Bend. For reorganization, see V. 121, p. 456.
Kokomo Gas & Fuel Co. furnishes gas service in Kokomo, Ind.
Public Service Pipe Line Co. operates, under lease, a 10-inch gas line
extending from the city limits of Chicago to Kokomo, Ind., a distance of
127 miles.
West Ohio Gas Co. is the Ohio member o f the Midland Group, serving
Lima and 5 other cities of western Ohio with gas (see separate statement).
Gary Railways Co. (see separate statement).
East Chicago Gas Co.
The Rockford Light & Power Co.
Peru Gas Co.
Berrien Gas & Electric Co.
In addition to the above public utility companies, Midland Utilities Co.
controls Indiana By-Product Gas Co., which operates a 10,000,000 cu. ft.
gas holder in East Chicago, in which is stored surplus gas purchased from the
steel plants in this territory.
In Aug. 1926 co. announced purchase o f Calumet M otor Coach Co-, of
Hammond, Ind., running motor coaches to Hammond and between Ham­
mond and East Chicago, and between Hammond and Chicago. V. 123,
p. 842.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company’s operating subsidiaries serve 204 communities in 37 counties in
northern Indiana and western Ohio. Electric light and power is furnished to
158 communities, gas to 37 and electric railway or interurban service to 50,
Population served approx. 925,000. Total electric capacity. 237.550 k.iv.,
incl. 152 000 k.w. obtained from interconnections with other public utility
companies. 14 gas plants o f a total capacity o f 30,470,000 cu. ft.
Stock Increase.— Stockholders on April 20 1926 increased the authorized
Class A pref. stock from 100,000 shs. (par $100) to 150,000 shs., par $100.
V. 122, p. 1456, 2329.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com 400,000 shs (no par)___
242,000 shs
Prior lien stock 7% cum $17,500,000 ($100)_________________
7 Q-J
$13,200,000 July’27. 1 H
Prior lien stock 6 % cumulative
$7,500,000 ( $ 1 0 0 ) -.......................
6 Q-J
2.500.000 J ly’27, 1%
Pref cl A 7 % cum $15 000,0001 ____
7% Q-J] 13 000.000 July’27. 1 %
($ 1 0 0 ) _______

___________ f

Pref cl A 6% $1,600,000 ($ 1 0 0 )____
Pref cl B 7% cum $10.000,0001____
(

1 00 )

--------------------

6 Q-J
7%

1.600.000 July ’ 17,1%
2,118.244 July'27. 1%

----------------------- /

Serial gold notes ($ l,0 0 0 )..t f [Int. at Halsey, Stuart & C o., Inc., Chicago
I and New York.
1927 series_______________ 1925 5 g M-N
x l.000,000 Nov 1 1927
1928 series____________ .( 1925 5 g M-N
1.500,000 Nov 1 1928
5% serial g notes $5,000,000 f 1926
5 g M -N
5,000.000 1929-31
($1,000 c ) ______________ tf(P rin. & int. at Halsey, Stuart & C o., Inc.,
■ New York or Chicago,
x To be retired at maturity.
Stock.— Prior lien 7% cum. stock is preferred as to assets and dividends
over the other classes o f stock. Gall at any time after June 22 1928 at $120
per share and all unpaid dividends. Listed on Chicago Stock Exchange.
$12,000,0000 offered in March 1925 by Central States Securities Corp.,
N . Y ., and Utility Securities C o., Chicago, at 98% and div. V. 120. p.
1327; V. 124. p. 646. The prior lien and preferred class A 6% cum. stock
is on parity in all respects, with its 7 % prior lien and preferred class B stock
except as to th'- annual dividend rate and the callable price. Callable at
any time after June 22 1928 at $110 per share and all unpaid dividends. In
March 1927 the Utilities Securities Corp. and Central States Securities Corp.
offered 15,000 shares 6% cum. prior lien stock. V. 124. p. 1979.
Cum. Class A 7% preferred stock is preferred as to dividends over class B
pref. and common stocks, and is pref. as to assets over the secor issue of




[V ol. 125.

class B pref. and the common stock (no second issue out), but subject to the
preferential rights of the prior lien stocK. Callable after June 22 1928 at
$110 and divs. In Sept. 1925 Utlities Securities C o.. Chicago, and Central
States Securities C orp., New York, offered $2,500,000 class A pref. at 97 flat.
Listed on Chicago Stock Exchange, v . 121, p. 1908. Class A 6% pref. is
callable after June 22 1928 at $107.50 per share and divs. In June 1927
Utility Security Co. and Central States Securities Corp. offered at 91% (flat)
20,000 shares 6% cum. class A 6% pref. stock. V. 124, p. 3630.
The ferial gold notes are redeemable, whole or part, on 30 days’ notice as
follows: $1,000,000 5s, due Nov. 1 1927, at 1 0 0 $ 1 ,5 0 0 ,0 0 0 5s, due
Nov. 1 1928 to and including Oct. 31 1927, at 100%; thereafter at 100%.
In Nov. 1925 Halsey, Stuart & Co., In c.. sold $3,000,000 as specified above
at 99% and int. for the 1926 and 1928 maturities and at 100 and int. for
the 1927 maturity. V. 121, p. 2402.
Of the $5,000,000 5 % serial g. notes, dated Aug. 1 1926, $1,500,000 mature
Nov. 1 1929; $1,500,000 Nov. 1 1930 and $2,000,000 Nov. 1 1931. Red.
whole or part on 30 days notice it following prices and interest: Prior to
Nov. 1 1927 at 100%: on and after Nov. 1 1927 to and incl. Oct. 31 1928
at 100%; thereafter at 100. In Aug. 1926 Halsey, Stuart & C o., Inc.,
offered $5,000,000 at prices ranging from 98% and int. to 99% and int.,
to yield from 5.17% to 5.30% . V. 123, p. 842.
Dividends.— An initial quar. div. of 1% % was paid on 7% prior lien
stock in April 1925 and quarterly since
EA R N ING S.— For calendar years (Midland Utilities Co.):
1926.
1925.
Total income_____________________________________ $4,096,499 $2,985,782
Total expenses, incl. administration, &c., charges.
508,000
333,779
Interest on loans and serial gold notes___________
310,369
214,090
Appropriated as reserves for contingencies_______
150,000
150,000
Net income for the y e a r ..____________________ $3,128,130 $2,287,912
Dividends on prior lien stock___________________
964.716
787,958
Dividends on class A and B pref. stock__________
932,596
740,992
Common dividends_____________________________
494,594
219,048
Proportion of sub. cos.' aggregate undistrib. surplus
accruing to Midland Utilities C o_______________ C rl55.090
0376,878
$891,315
$916,792
Balance_____ _______________ _________________
Consolidated Income Account— Year Ended Dec. 31 1926 (Midland Utilities
Co. and Subsidiary Companies).
Operating revenue and other income__________________________ $20,191,060
Oper. exp. & taxes (incl. charge for retirement $1,058,742)____ 13,537,045
Rentals of leased properties__________________________________
299,963
Profits on sale of securities to sub. companies and others______

$6,354,052
627.169

Total income_______________________________________________ $6,981,221
Bonds & other int. charges paid or accruing to outside holders.. 2,533,491
Amortization of discount on securities________________________
169,863
Contingency reserve appropriations__________________________
150.000
Dividends and earnings accruing to outside sub. shareholders.
845,669
Net income available for Midland Util. Co. dividends______$3,282,198
Divs. declared payable to outside holders o f M id. Util. Co. stk. 2,390,884
$891,315
Balance___________________________________________________
OFFICERS.— Chairman o f company, Samuel Insull; Pres., Samuel Insull
Jr.; V .-P ., J. H. Gulick; Treas. & Asst. Sec., Geo. E. Mitchell; Sec. & Asst.
Treas., B. P. Shearon; Comp., W . A. Sauer. Offices, Peoples Gas Bldg.,
122 So. Michigan Ave., Chicago, 111., and 7 West 10th St., Wilmington, Del.
V. 120. p. 1089, 1203, 1327; V. 121, p. 200. 1101, 1908, 2402; V. 122, p.
1456. 1917, 2329; Y. 123, p. 710. 842, 1113, 2777; V. 124, p. 507, 646, 1511,
1661, 1979, 3630; V. 125, p. 2146.
INDIANA SERVICE CORPORATION.
Control.— Controlled by the Midland Utilities Co. Y. 120, p. 1089.
ORGANIZATION.— Tncorp. in Indiana on Jan. 15 1920 to take over the
Ft. Wayne & Northern Indiana Trac. Co. and Wabash Valley Utilities Co.
with the exception of the Lafavette Street Ry. property, as per plan out­
lined in this Section of April 24 1920. V. 110, p. 2192.
In Jan. 1926 acquired, and on July 26 1926 merged the Marlon A Bluffton
Traction Co. (for history see “ Public Utilities Compendium” of Oct. 30
1926), the Berne Electric Light Co., the Bryant Electric Co. and the Wells
County Electric Co. V. 122, p. 348; V. 123. p. 2391.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Company supplies electric light and power and street railway service in
Ft. Wayne, Ind., and eiectric light and power also to 41 smaller communities
in the Wabash Valley through centra! Indiana. Operates 282.4 miles of
track. Interurban lines connect Ft. Wayne, Huntington, Wabash, Peru,
Logansport, Delphi. La Fayette and Bluffton: also local lines in Ft. Wayne,
Wabash, Peru and Logansport. At Logansport, Peru, Wabash and Bluff­
ton connection is made for Indianapolis over the tracks of Indiana Union
Traction Co. Operates 181 motor passenger cars and 32 freight and misc.
motor cars, 2 passenger non-motor cars, 90 freight and other non-motor
cars. Also operates 28 motor coaches. Passengers carried during 12 mos.
ended June 30 1927, 25,264,299. Operates under an indeterminate permit
from the Indiana P. S. Commission. Company owns and operates a
31.000 k.w. steam power plant located in Fort Wayne. Company operates
337 miles of 33,000-volt transmission lines and 770 miles of transmission
and distribution lines of lower voltage. Electric customers served as of
Dec. 31 1926 numbered 22,666. Population served approximately 278,000.
RECAPITALIZATION.— During the latter part of 1925 co. called its
entire outstanding 7% pref. stock at par, and Issued a new 7% pref. class A
stock. Converted the old $100 par value com. stock into no par value
stock on the basis of 10 new shares for 1 share old.
V. 121, p. 839.
STOCK A N D BONDS— Dale.
Interest. Outstanding.
daturity.
Common 590,000 shs (no p a r ) . ____
_________ 526 000 s h s .__________
Pref cl A $3,110,000 ($100)________
7%
$1,845,200 S e p t’27 1%
6% pref $890,000 ($100)___________
6 Q-M
1,399,200
.
Prior preference_____________ _____
_________
None
__________
1st & ref mtge series A ($500 f 1920
5 g J-J
7,522.386 Jan 1 1950
and $1,000) gold_____ c*tf /Central Union Trust C o., N. Y ., trustee.
Adjustment mortgage bonds/ 1920
See text
4,795,533
2020
(non-cum) $6,000,000_____1
Ft W M & B 1st M $400,0001 1905
5 g J-J
163.000 July 1 1935
gold ($1 .000) guar p & i.tf\Int. at <xiiar. Tr. & S. D. Co., Phila. trustee
Equip notes________ ________ 1925
7 g O-A
25,600 April 1 1930
Car trust equip notes________ ___
6%
481.700
...
Stock.— Pref. is preferred as to dividend and assets over common stock.
Callable at $110 and dividends. The 6% pref. is on a parity in all respects
with the 7% pref. stock except as to dividend rate and callable price. 6%
pref. is call, at $107 50 & divs. In Aug. 1926 Utility Securities C o., Chicago,
offered $700,000 6% pref. stock at $92.50, to yield about 6.50% . V.
123 p 981.
Brmds.— In addition to the 1st & ref mtge. 5s reported outstanding,
$250,000 are reserved to retire a like amount of underlying liens. $238,058
Included in the amount shown in the above table as outstanding, are held
in the treasury. Red. all or part on any int. date on 60 days’ notice at 102%
and int. $1,293,000 were offered in Sept. 1924 by Arthur Perry & Co.,
Boston.
Int. on adjust, mtge. bonds is payable semi-ann. if earned (non-cum.),
and no int. shall be paid unless earned in excess of proper prior charges.
The maximum int. rate was fixed as follows; for 1920, 3% per ann.; for
1921, 3% ; 1922, 4% ; 1923, 5% ; L924 and each year thereafter, 6 % . An
initial payment of 3% was made Oct. 1 1921 V. 113, p. 1471. The holders
will be entitled to representation on the board after 1923 if the int. is not
earned and paid for a period of two years. Red., all or in part, at par and
Int. on any int. date.
Ind Service car trusts Ser. “ A” mature $5,000 quarterly. Tri-State Loan
& Trust Co. Ser. “ B” mature $12,500 June 1 and Dec. 1. Int. at First
National Bank, Fort Wayne.
EA R N ING S.— For calendar years.
Gross
Net
Interest
Revenues, a Expenses.
Revenues.
& Aniort. xBalance.
1926............... .$4,355,313 $3,194,679 $1,160,634 $739,671
$59,818
1925_________ 3,869,733
2,801,549
1,068.184
719.799
179,941
1924_________ 3.639.424
2.765 923
873.501
673.878
199.623
1923................ 3,528,714
2,632.070
896,643
564.146
332.497
1922_________ 3.099,214
2,346.412
752,803
531,946
220,857
1921_________ 2.882.341
2.269.915
612.426
451.78?
160.644
a Including taxes and retirement charge.
x After deducting for dividends $361,145 In 1926 and $168,444 In 1925.

Oct., 1927.]

POW ER, LIG H T AND R A IL W A Y

169

P R O G R E SS IN N O R T H E R N IN D IA N A
Northern Indiana to-day is a striking example of the
advantages of investment or holding company management of
public utility companies.
*

*

*

Four years ago, northern Indiana cities and smaller
communities were served by a number of isolated or unrelated
public utility companies. M any communities were served by
isolated plants. In some instances, a few communities were
interconnected by transmission lines but were not linked
together with large cities or power centres. M any communi­
ties did not have adequate electric, gas or transportation
service. Some had no utility service.
*

*

*

To-day, the situation is changed. Small properties have
been merged into large, strong companies. A network of
electric transmission lines spreads itself across the face of
northern Indiana, interconnecting all communities— large and
small— in one big system. A 132,000 volt Superpower line
built on a private right-of-way for 62 miles through the
congested industrial section of northwestern Indiana forms
the backbone of this far-spread transmission system. Under
the ground, a gas pipe line system— 187 miles in all— inter­
connects a number of cities. This makes possible economies
in operation through the centralization of gas manufacture in
centrally located plants and the extension of gas service to
towns which otherwise w ould not have this service.
y
*

*

*

All these changes have been brought about through the
Midland Utilities Company’s control of operating subsidiaries
in northern Indiana. This public utility development has
followed a co-ordinated program, having in mind the general
development of the whole territory as well as the needs of
single communities. It has resulted in efficient, adequate
and economical service to small communities as well as to
the large industrial centres of the territory.
*

*

*

The growth of the business of the operating subsidiaries
in the Midland group is proof of the economic soundness of
this program which has made increased sales, more diversified
demand, less reserve equipment, lower operating costs and
m o re e c o n o m ic a l fin a n c in g .

M




id l a n d

U

t il it ie s

C

o m p a n y

Peoples Gas Building, 122 South Michigan Avenue
CH ICAG O
The Prior Lien and Preferred stocks of the Midland Utilities Company
are listed on the Chicago Stock Exchange.

170

PU BLIC U TILITIE S

OFFICERS.— Chairman of the company, Samuel Insull; Pres., Robert
M . Feustel; V .-P. & Treas., H. E. Voidermark; Vice-Pres., W . A. Sauer;
Sec., F. H. Schmidt; Asst. Sec. & Asst. Treas., B. P. Shearon and W . S.
Gorman; Asst. Sec., B. R. Nightingale; Asst. Treas., G. C. Ellis; Aud.,
E. T . Carmichael. Office, Fort Wayne, Ind.— V. 121, p. 74, 839, 2402,
2873; V. 122, p. 348, 1169; V. 123, p. 981, 2391; V. 124, p. 1510; V. 125, p.
517.
NORTHERN INDIANA PUBLIC SERVICE CO.
Control.— C o.’s outstanding common stock is owned or controlled by
Midland Utilities Co.
O R G A N I Z A T I O N . — incorporated In Indiana in 1912 as Calumet Gas <
$
Electric Co. Changed name to present title in Jan. 1926. V. 122. p. 607.
In 1926 acquired by merger all the properties of Northern Indiana Gas
& Electric Co. (see “ Public Utility Compendium” o f Oct. 30 1926; also
V . 122, p. 1026, 1167, 1170, 3210. For history of various other acquisi­
tions, see V. 120, p. 2940, 3184, 3311; V. 121, p. 196, 328, 2155; V. 122,
p. 94; V. 123, p. 1877.)
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Co. serves 124 communities with gas or electricity or both. The territory
served includes the industrial area southeast o f Chicago, notably the cities
of Hammond, Indiana Harbor, East Chicago, Whiting and Michigan Cityl
Both electricity and gas are supplied to these cities and to La Fayette,
Valparaiso, and Plymouth. Gas is supplied to South Bend. Elkhart.
Fort Wayne, Logansport, Crawfordsviile, Frankfort and Wabash, and a
number of other cities. Population served estimated at 616.000. Elec­
tric customers, 66,710, gas, 128,558. Co. owns electric generating plants
with an installed capacity o f 46,500 k.w. and has available through inter­
connections with neighboring public utility companies an additional 132 000
k.w., or a total available capacity o f 178.500 k.w. Co. owns the 132,000volt superpower transmission line 55 miles in length from the IndianaIllinois State line to New Carlisle, Ind., where it connects with another
company extending eastward to Pittsburgh, Cleveland, and points in
Virginia, West Virginia and Kentucky. Co. has 12 gas plants, total daily
capacity 25,340,000 cu. ft.; 1,213 miles of gas mains. Supplies the entire
power to the street railways in Gary, Ind. V. 122, p. 3210.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
1,416,870shs __ ______
Com 1,800,000 shs (no par)________
______
6% cum pref ($1001_________ _____
6 Q-J
$ 4,778,800 J u ly ’27,1H
7% cum pref 130,000 shs ($ 1 0 0 )____
7 Q-M
8.150.000 July ’27,1 %
2.700.000 July 1 1960
1st ref M g ser B ($1,000,/ 1925 5 A J-J
$500, $100c*)__________ t flln t . at Chicago or New York.
-----5 M -N
11,500,000 Nov 11966
~ ---------Series C ($1,000, $500,/ 1926
$100c*)________________ tf \
2,455,000 Apr 1 1929
Nor Ind Gas & Elec Co 1st [ 1909
5 g A -0
ref mtge (closed) $l,000,(
$500, $100c*)____________ (Central Trust Co o f Illinois, Chicago, 111.
Nor 1 d Gas & Elec Co lstf 1922
6 g M -N
7,000,000 M ay 1 1952
lien & ref ser M ay 19221
($1,000, $500)________c* tf [Fidelity Tr. Co. Philadelphia, trustee.
5 g J-D
75,000 June 1 1928
Crawf’ville W & G Co 1st M _ . 1908
"
4 g F-A
Indiana Ltg Co 1st mtge_____1908
3,000.000 Aug 1 1958
Michigan City & Nor li d Gas
270,000 Apr 1 1933
Co 1st mtge_______________ 1903
5 g A-O
'tock.— The 6% pref. stock is preferred as to assets and cumul. dividends
over the common stock, is on a parity in all respects with the 7% pref. stock
except as to annual dividend rate, and callable price, is call, at $107.50 and
divs. In July 1926 Central States Securities Corp. and Clark. Williams &
Co., New York, offered $2,500,000 6% cum. pref. at 92A and divs., to
yield about 6 H % - V. 123. p. 83. In Jan. 1927 Utility Securities Co.
offered $1,750,000 additional 6% pref. at $93.50. V. 124. p. 373.
Bonds.—The 1st ref. mtge bonds, originally issued by Calumet Gas Electric
Co., designation changed in Nov. 1926. (V. 123, p. 2517) are secured by a
direct fir st mortgage on all physical (including after acquired) property
o f the company. Interest payable at Halsey, Stuart & Co., Inc., Chictgo
and New York. Series “ B ” are red. all or part on 30 days’ notice at 105
prior to July 1 1935, on and after July 1 1935 at 104, less 1% tor each lull
5-year period elapsed alter June 30 1935, on and alter July 1 1955 at 100.
Company refunds Penn., Conn, and Maryland 4-mills tax. District of
Columbia 5-mill tax and Mass. 6-mills tax. In July 1925 Halsey, Stuart
& Co., Inc., offered $2,700,000 series B at 98A and int., to yield about
5.60% . V. 121, p .196 .
5% Series C, dated Nov. 1 1926 are red., whole or part on any time upon
30 days’ notice at following prices and int.: to Nov. 1 1941 at 105, on
and from N ov. 1 1941 to and incl. Oct. 31 1951 at 104, through Oct. 31 1961
at 103, on N ov. 1 1961 at 102 A , less A % for each full year elapsed after
Oct. 31 1961 to N ov. 1 1965, on N ov. 1 1965 and thereafter to maturity at
100. Penn, and Conn. 4 mills and Mass. 6% taxes refundable. In Nov.
1926 Halsey, Stuart & C o., Inc., offered $11,500,000 series C at 98A and
Int. V. 123, p. 2520.
Additional 1st & ref. mtge. bonds o f any series o f such tenor as directors
may, from time to time, determine, may be issued (a) par for par against
deposit o f cash or U. S. obligations or underlying bonds, or to refund, pay or
cancel bonds o f other series 1st & ref. mtge. (6) for 75% of additions,
acquisitions, incl. acquisitions o f stock o f sub. cos. under certain restrictions.
In case (6) only provided net earnings of co. and its subs, during 12 con­
secutive calendar months ending within preceding 60 days have been at
least 1 times interest on all 1st & ref. mtge. (incl. proposed issue) and
prior lien bonds (of co. or its subs.) outstanding in hands o f the public.
A maintenance and depreciation fund provides for an expenditure during
1927 and annually thereafter o f an amount equal to not less than 12 A %
(sub.ect to periodical redetermination) o f gross operating revenues for
repairs, additions, &c.. or for retirement o f 1st & ref. mtge. bonds.
Of the Northern Indiana Gas & Elec. Co. 1st & ref. mtge. 5s, $7,197,000
are pledged under the 1st lien & ref. mtge. and the remaining $348,000 re­
served to retire underlying bonds, when issued, must also be pledged under
1st lien & ref. mtge. Sinking fund of 1 % o f outstanding bonds provided for.
The Northern Indiana Gas & Elec. Co. 1st lien & ref. mtge. bonds are se­
cured by pledge o f $7,197,000 1st ref. mtge. 5s. Series May 1922 have
semi-ann. sinking fund commencing March 1 1932 of a sum equal to A of
1% o f total amount o f bonds o f this series outstanding. Are red., all or in
part, on any int. date on 30 days’ notice commencing M ay 1 1932 :t 105
and int. to and incl. M ay 1 1942; thereafter at 102A and int. prior to
maturity. Co. agrees to refund Penna. 4-mills tax. In M ay 1922 $7,000,000 6% series o f M ay 1922 1st lien & ref. mtge. bonds were offered by
Drexel & C o., Phila., and Halsey, Stuart & Co., Inc., N. Y ., at 95 and int.,
to yield about 6VS% . V. 114, p. 2022.
EARN IN G S.— Consolidated income account for 12 months ended:
Dec. 31 ’26.Mar. 31 ’26. Dec. 31 ’25Operating revenue___________________$10,986,678 $10,244,575 $9,997,118
Operating expenses_________________
5,507,216
5,871,441 5,824,120
Retirement_________________________
583,230
455,531
427,959
Uncollectible operating revenue_____
54,296
54.628
54,119
Taxes_______________________________ 1,016,008
964,626
869,616

[V ol. 125.

the properties of Gary & Valparaiso Ry. Co., the Gary & Hobart Traction
Co. and the Gary Connecting R R .
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates 72.86 miles in Gary, Hammond and Indiana Harbor, Ind. Equip­
ment operated, motor passenger cars 87; trailer passenger cars, 13; service,
5, and 5 motor coaches. Miles of road constructed on privately owned
right-of-way, 22.
Rates incieased, see V. 125, p. 1192 .
In April 1924 was authorized by the Ind. P. S. Comm, to issue $643,000
5% bonds. V. 118, p. 2304.
STOCKS AND BONDS.— Date
Interest. Outstanding.
Maturity.
Common 275,000 shs w it h o u t )____
_________ 264,232 shs
________
par value (stated val $ 1 0 )--/
7.2% pref Class A $1,075,0001 ____
7.2%
$561,400 ___________
($100)___________ ______ - (
7.2% pref Class B $675,0001 ____
7.2%
471,500 __________
($ 100 )
................................ /
Gary Street Rv Co first mtge 1917 5 g A-O
526.500 Oct 1 1937
$2,500,000 ($100, $500 and Cent. Trust Co. o f 111. and Askel K . Bod$1,000)__________________
holdt, trustees.
1st lien & ref mtge gold Series
“ A ” ($1,000, $500, $100)
c*tf
5 A % equip tr g certificates
seriesA ($l,00d)________ tf
1925
6 A F-A
550.000 Aug 15 1945
Stock.— Preferred stock of both at Halsey, Stuart &the auth. amounts
Int. cos. is limited to C o., Inc., Chicago
mentioned above. Both issues are red. as a whole at par on 30 days’ notice.
and New York.
Bonds.— Remaining Gary St. 1925 Co.M g J-D bonds may be issued for
R y. 5 1st M .
256,000
1926-1930
additions, ext’ns and impts. for not warrants payable in Chicago and N . for
Int. over 85% o f cash cost of same, and Y .
repaving and track renewals necessitated by public orders, for not more
than 90% of the cash cost of same under certain restrictions. Callable at
105. In addition to the $536,500 outstanding, $550,000 are pledged under
the 1st lien & ref. mtge.
The Gary Rys. Co. 1st Lien & Ref. Mtge. 6 A % Gold Bonds, Series A 1925.
are red., whole or part, upon 30 days’ notice, incl. Aug. 15 1930 at 107A :
incl. Aug. 15 1935, at 105; after Aug. 15 1935 at 105 less A % for each year
or part of year after Aug. 14 1935, and after Aug. 15 1944 at 100. Secured
by mortgage and in addition by deposit with trustee of $550,000 1st mtge.
bonds of the company. Penna. and Conn. 4-mills tax, Maryland 4 -mills
tax, Dist. of Col. 5-mills tax and Mass, income tax up to 6% refundable.
In Aug. 1925 Halsey, Stuart & C o., Inc., sold $550,000 at 96 and int.. to
yield 6 H % .
The Gary Rys. Co. 5 A % equip, tr. g. certificates, series A , dated Dec. 1
1925, were issued under the so-called “ Philadelphia Plan” and mature
serially on Dec. 1 of the years 1926 to 1930. incl. Red., whole or part,
on 30 days notice, at 101 and divs. plus 1 % for each full year of unexpired
life. Penn. 4-mills tax refundable on Jan. 1 1926. Halsey, Stuart & Co.
offered $350,000 series A at prices to y ield approx. 5)^-6% , dependent upon
maturity date. V. 122, p. 213.
EARNING S.— For calendar years:
1926.
1925.
1924.
Passengers carried__________________ 17,843,470 15.597.784 12,527.906
Operating revenue___________________ $1,349,331 $1,204,729
$998,418
Operating expenses_________________ 1,074,120
927.692
773.290
Other charges, including taxes______
66.139
88,177
73,813
Bond interest______________________
72,183
73,796
69,523
Dividends__________________________
116,799
92,632

1

Balance, surplus_________________
$20,090
$22,432
$81,792
OFFICERS.— Chairman, Samuel Insull; Pres., Charles W . Chase;
V.-Ps., Samuel Insull Jr., Thomas J. Hamilton and G. F. Mitchell; Sec. &
Asst. Treas., B. P. Shearon; Treas., F. M . Kemp; Gen. M gr., T. G. Hamil­
ton; Compt., W . A. Sauer; Aud., D. H. Mitchell.— V. 121, p. 74, 457, 839,
977, 2637; V. 122, p. 94, 213, 1169; V. 124, p. 1665; V. 125, p. 1192, 1970.

(THE) TWIN STATE GAS AND ELECTRIC CO.

Controlled through stock ownership by National Light, Heat & Power
C o., a substantial majority of whose common stock is owned by New
England Public Service C o., a subsidiary of Middle West Utilities Co.
ORGANIZATION.— Incorp. in Connecticut on Aug 26 1906 and ac­
quired the Brattleboro 8treet R y., nhe Brattleboro Gas Light C o., the
Dover Gas Light Co. (V. 83, p. 562), the Bennington Electric Co. and the
Hoosick Falls Illuminating Co. In Oct. 1913 acquired the St. Johnsbury
Electric Co. and in April 1914 the Cascade Light & Power Co. and the Berlin
Electric Co. In June 1920 the company acquired the property of the
Cloutman Gas & Electric Co. of Farmington, N .H . V. 110, p. 2658. In
Aug. 1 25 acquired the Jones & Linscott Electric Co. of Lancaster, N. H.
V. 121. p. 1103. Co. owns all of the common stockfof Berwick & Salmon
Falls Elec. Co.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Furnishes gas, electric light and power to Dover, N. H ., and Bennington
and Brattleboro, Vt.; also electric light and power to Farmington, Rochester,
Salmon Falls, Rollinsford, Somersworth, Berlin, Milan, Gorham and
Hinsdale, N . H.; St. Johnsbury, St. Johnsbury Center, Passumpsic,
Danville, West Danville, North Bennington, Bennington Centre, West
Brattleboro and Newfane. Vt.; Berwick, North Berwick, South Berwick
and Lebanon, M e., and Hoosick Falls, N. Y . Also operates buses. Owns
hydro-electric plants at Gorham, Brattleboro, Bennington, St. Johnsbury,
Hoosick Falls and Milton, N. H ., and a steam turbine plant at Dover and
St. Johnsbury, Vt. President Samuel Insull, in a letter dated March 25
1916. s a id : “ All t h e p r in c ip a l franchises w e r e g r a n t e d by t h e S t a t e L e g i s l a ­
ture and have been construed by counsel as perpetual."
Increase Stock.—Co. increased in the early part of 1926 its authorized
prior lien stock from $3,000,000 to $5,000,000. V. 122, p. 884.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
_______
$1,792,900 D e c ’ 26,4%
Common $2,500,000 ( $ 1 0 0 ) - - .____
Pref(5% cum)$2.500,000($100)____
5 Q-M
1,552,500 Dec ’26, 1 A
Prior lien (7% cum) $5,000,000
7 Q-J
2,515,40) Jan’2 7 ,l?i
1st & ref M $10,000,000 gold/
1913 5 g A-O
2,005,000 Oct 1 1953
($1,000, $500 & $100)c*cpt [Guaranty Trust C o.. New York, trustee.
1st lien & refdg mtge Series A / 1925
5 A g M-S 2,343,100 Mar 1 1945
($1,000, $500, $100) c*&rtf [Bankers Trust C o., New York, trustee.
Hoosick Falls Illuminating Co I ___
. .. .
36,000
1935
$150,000 ---------------------- tf\Amer. Exch.-Irv. Tr. C o., N. Y ., trustee.
Hoosick Falls Electric C o ) ___
_______
65.U90
1930
$75.000________________ tf [Old Colony Trust C o.. Boston, trustee.
Bennington ElectricCo $ 1 7 5 ,- /.......
.............
56.500
1935
000____________________ tf iColumbia Trust. Co . New York, trustee.
00 0____________________ tf\Am. Exch. Irving Tr. C o., N . Y ., trustee.
Berwick & Salmon Falls El C ol
1913 5 g A-O
4,000 Oct 1 1953
Net operating income____________ $3,825,928 $2,898,349 $2,821,308
1st & ref g ($1,000 c * )_ tf\Am. Exch. Irving Tr. C o., N . Y ., trustee.
_
Other income_________ ______ ______
205,859
346,201
345,316
Stock.— The prior lien 7% stock is redeemable, all or in part,' since July 1
Total income........... ............................ $4,031,787 $3,244,550 $3,166,624 1925 at 110 and divs. Has equal voting power with both pref. and com.
Interest on funded d e b t ....................... xl,347,817
1,242,910
1,226,311 stock if any div. remains unpaid for one year. Is prior in uen both as to
Preferred dividends_________________
668,366
773,000
597,257 assets and earnings to the 5% pref. stock and the com. stock. V. 109, p. 79.
Common dividends_________________ 1,948,237
*
1,196,855
Bonds.— The ls( & ref. mtge. 5% gold bonds, due Oct. 1 1953, are call, on
60 days’ notice at 105 and int. Beginning Dec. 31 1918 and annually there­
Balance to surplus________________
$67,366
*
$146,201 after 5% of gross earnings for preceding year shall be set aside as a reserve
fund. In addition to outstanding bonds (see above), $ L 173,300 are pledged
x Includes $95,102 other deductions. * Not available.
under 1st lien & ref. 5 A s Series A of 1945. Mortgage closed except for issu­
OFFICERS.— Chairman o f company. Samuel Insull; Pres., Samuel Insull ance of additional collateral to 1st lien & ref. 55^s. series A 1945.
The 1st lien & ref. mtge. Series A 5 A % gold bonds are rea. all or part upon
Jr.; V.-Ps., S. E. Mulholland, Morse Dell Plain, Chas. W . Chase, W . A.
Sauer and E. W . Lloyd; Treas., George F. Mitchell; Sec., & Asst. Treas., 30 days’ notice, incl. Mar. 1 1930, at 105; incl. Mar. 1 1935, at 104: incl.
B. P. Shearon; Comp., P. A. Erlach; Aud., D . H. Mitchell. Office, Public Mar. 1940, at 103; incl. Sept. 1 1944, at 102 A, less A % for each year
Service Bldg., Gary, Ind.— V. 120, p. 1456, 2940, 3184, 3311; V. 121, p. elapsed after Feb. 29 1940; after Sept. 1 1944 at 100. Secured by a mort­
196, 328, 2155, 2519; V. 122, p. 607, 1026, 1170, 2652, 3210; V. 123, p. 83, gage plus $2,173,300 1st & ref. mtge. 5% gold bonds due 1953, and'$184,000
207, 711, 1114, 1505, 1877, 2520, 2778; V. 124, p. 373, 507, 646, 1821; V. 5% bonds of Berwick & Salmon Falls Elec. Co. Pennsylvania and Connec­
ticut 4-mills tax, Maryland 4 A. mills tax and Mass, income tax not ex­
125, p. 1194.
ceeding 6% refundable. In June 1925 Hill, Joiner & C o., Inc., sold $1,900,000 at 95A and int., yielding over 5 A % . V. 120, p. 3066
G A R Y R A ILW A YS CO.
Dividends.— 5% yearly has been paid regularly on pref. stock since 1907.
Controlled by Midland Utilities Co.
Dividends are being regularly paid o;a the 7 % prior pref. In Oct. 1921
O RGAN IZATION .— Incorp. Sept. 26 1917 in Indiana as Gary Street Ry. A of 1% was paid on common: same rate regularly quarterly since to and
Corp., per reorganization plan in V. 106, p. 1230. The latter co. was reor­ including Oct. 1922. In Dec. 1922 a stock dividend of 5% was paid. In
ganized on Aug. 10 1925 as the Gary Railways Co. In Aug. 1925 acquired 1923, 5% stock; 1924, 8% stock; 1925, 8% cash; 1926, 8% cash.




POW ER, LIGH T AND R A IL W A Y

O ct., 1927.]

NORTH ERN

171

IN D IA N A -

C E N T E R O F A M E R IC A N IN D U S T R Y




H E

T

cen ter

of

n orth ern

east

of

C h ic a g o ,

r e c e n tly
The

A m e r ic a n

In d ia n a ,

by

th e

a c c o r d in g

U n ite d

in d u s tr ia l

in d u s tr y

about

ce n te r

fifty

to

S ta te s
of

is

now

m ile s

a

rep ort

G e o lo g ic a l

th e

n a tio n

in

so u th ­
m ade
S u rvey.

has

m oved

w e s t w a r d s t e a d i l y i n t h e l a s t 1 0 0 y e a r s a n d is n o w
lo c a t e d

in

In d ia n a

th e

P u b lic

in d u s t r ia l
been

T

te r r ito r y

H E

S e r v ic e

te r r ito r y

tr u ly

c a lle d

ad equ acy,

o f e le c t r ic

th e

by

th is

W ork sh op

r e lia b ility

lig h t a n d
In d ia n a

N orth ern

The

great

C om pany

has

o f A m e r ic a .”

and

e c o n o m ic a l

pow er

cost

s e r v ic e fu r n is h e d

P u b lic S e r v ic e C o m p a n y

1 0 5 r e p r e s e n ta tiv e c o m m u n it ie s o f th is t e r r it o r y

is a

I

by

C om pany.

served

“The

b y th e N o rth e rn
in

served

p o w e rfu l m a g n e t t o

TS

great

b e n e fit s

are

m od ern
seen

in d u s tr y .

in

th e

s tim u la te d

g r o w t h o f t h e s e c o m m u n it ie s , in t h e p r o g r e s s iv e

s p ir it a n d im p r o v e d liv in g c o n d it io n s o f th e p e o p le ,
and

in

th e

g rea ter

e c o n o m ie s

of

o p e r a tio n

m ade

p o s s ib le t o a n e v e r -w id e n in g r a n g e o f in d u s tr ie s .

T

H RO U G H

it s m o d e r n

d is tr ib u tio n

P u b lic S e r v ic e

C om pany

g r o w in g in d u s tr ia l a n d
m u n itie s

in

p r o d u c tio n
s u p p ly

of

m u n itie s

th is
and

th is

gas

fa c ilit ie s ,

a

now

of

a p le n tifu l

to

m any

ago

tim e

com ­

m eth od s

a ffo r d

fu e l

sh ort

fo r th e

needs o f 29

A dvan ced

m odern

but

and

In d ia n a

h a s a ls o p r o v id e d

r e g io n .

id e a l

N orth ern

d o m e s tic

d is t r ib u tio n

w h ere

m a n u fa c tu r in g

th e

su ch

com ­
fa c ili­

tie s w e r e r e g a r d e d a s a n e c o n o m ic im p o s s ib ilit y .

A

g

th e

la r g e s t

tie s

C om pany,

S e r v ic e
of

s u b s id ia r y

C om pany

sound

th e

is

of

th e

M id la n d

N orth ern

a ssu red

a ll

In d ia n a
th e

m a n a g e m e n t, e c o n o m ic a l

o p e r a tio n .

G ross

o p e r a tin g

a d v a n ta g e s

and

reven u e

U t ili­
P u b lic

of

e ffic ie n t
th e

C om ­

p a n y fo r th e 12 m o n t h s ’ p e r io d e n d e d J u n e 3 0 w a s
$ 1 1 ,4 4 4 ,7 9 0 .
sam e

d a te

C u stom ers
to t a le d

served

1 2 8 ,5 5 8 ,

and

w ith

gas

th o se

on

th e

fu r n is h e d

w it h e le c t r ic s e r v ic e , 6 6 ,7 1 0 .

Northern Indiana
Public Service Company
Serving “T he W orkshop

of

A merica”

172

PUBLIC U TILITIE S

EARN ING S.— For calendar years (incl. subsidiaries):
1926.
1925.
1924.
1923.
Gross earns., incl. mdse. sales - $1,886,143 $1,684,274 $1,532,741 $1,462,324
Net after taxes and deprec_
_
699,838
627,714
583,203
503,168
Miscellaneous income_______
22,525
21,497
15,636
24,383

[V ol. 125.

Outstanding Bonds Assumed on Properties Purchased (Pledged 1'. 102, p. 1254).
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
[Excl. amounts deposited under first & ref. mtge. V 107. p. 2381 ]
North Shore Electric 1st & ref) 1910
5 g A & O SI .676.500 Apr. 1 1940
mtge call 107)4 aft Apr ’2 0 /ln t. at Illinois Merchants Tr C o.. Chicago.
Economy Lt & Pow 1st M s f . 1906
5 g J & D 1,251 000 Dec 1 1956
Total income_____________ $722,363
$649,211
$598,839 $527,551
Kankakee Gas & El Ist& refM 1910
5g M &8
144 900 Sept. 1 1930
Int., amort, o f bond disc.
Citlz Gas Co (Kank) call 105-- 1902
5g F&A
99 500 Keb. 1 1932
300,101
and exp__________________
258,100
244,186
254,992 Pontiac Lt. & Wat Co 1st M 5s 1902
__________
41.000 July 1 1927
Prior lien dividends________
171,929
164,623
140,429
110,604 Northwestern Gas l.t & Coke) 1398 5 g Q-M
1,74/.000 Dec. 1 1928
Preferred dividends________
77,625
77,625
77,625
77,625
mtge $2,000,000 g________ /Interest at Central Trust <'o., Chicago.
143,432
Common dividends_________
___
143,432
133,392
general
5 gJ&J
3.365.000 July 11932
Common dividends, stock_
_
______
______
______
77,448 Cicero Gas ref &ld ____ mtge) 1898 at Central Trust Co Chicago.
$5,000,000 g o
____/Int erest
Chic Heights Gas Co 30-yr 5s. 1904
5s J-D
200.000 June 1 1934
Surplus for year-------------$29,277
$5,431
$3,207
$6,882
Stock.— No par common stock has equal rights In all respects with the
Total surplus_______________
114,757
85,480
80,049
76,842
Latest Earnings.— For 12 mos. ended June 30 1927: Gross oper. rev., common stock of $100 par value. Compare V. 114. p. 1660. Stockholderr
of record July 3 1925 were given the right to subscribe for new or additional
$1,953,454; net after taxes, int. & prov. for retirement, $466,608.
shares of common stock (without par value) at $100 per share, in the ratio
OFFICERS.— Pres., W . A. Butterick; Treas., H. L. Harris; Sec., C. A. of one new share of common stock for each five shares of stock of all classesForrest; Asst. Treas. & Asst. Sec., J. F. Reilly and R. Howarth. General held. V. 121, p. 77.
offices, Boston, Mass.— V. 121, p. 1103; V . 122, p. 884, 2498; V. 124, p.
Bonds.— The first & ref. 5s of 1911 (not limited as to amount) cover
2591; V . 125, p. 916.
‘after-acquired properties,” and are a first mtge. on all property formerly
belonging to Illinois Valley Gas & Electric Co. and Chicago Suburban Light
secured by deposit of
PUBLIC SERVICE CO. OF NORTHERN ILLINOIS. & Power Co., and are also and $428,000 Economy$2,114,500 North Shore
Elec. Co. “ first and ref.” 5s
Light & Power Co. firs*
O R GAN IZATION .— Incorp. in Illinois in Aug. 1911 as a consolidation mtge. 5s and $404,000 Kankakee Gas & Elec. Co. "first and ref.” 5s,
of electric light and power companies in northeastern part o f Illinois outside $95,500 Citizens' Gas Co. first mtge. 5s and $8,000 other underlying bonds.
of Chicago, per plan V. 93, p. 231, viz: North Shore Electric C o., Economy
Additional bonds may be Issued as follows: A sufficient amount to retire
Light & Power C o., Illinois Valley Gas & Electric C o., Chicago Suburban the outstanding underlying bonds and for 75% of the cost of property here
Light & Power Co. and Kankakee Gas & Electric Co. In 1913 voted to after acquired, and if mortgage liens exist thereon at the time of acquisition,
purchase the Northwestern Gas Light & Coke Co. Has a half interest in bonds may also be issued to the par amount of such liens to refund same.
the Western Public Service Co. In Dec. 1925 purchased the properties of In addition to amount reported outstanding, $30,289,000 1st & ref. bonds are
the Chicago Suburban Power & Light Co. V. 121, p. 3132, V. 122, p. 1027. pledged under first lien and ref. mtge. Are redeemable at 110 since Oct.
in Oct. 1926 purchased the Chicago Heights Gas Co. Other acquisitions,
1921. V. 93, p. 1607; V. 94. p. 1190. 1321: V. 102, p 1254
ee V. 123, p. 2779; V. 124, p. 1361.
The first lien and refunding mtge. bonds are secured by a first mortgage
s Public Service Subsidiary Corp. organized in Dec. 1926 by Pub. Serv. Co. collateral Hen on the power plant of the Waukegan Generating Company,
o f N. 111. to handle latter cos. miscellaneous Investments. All outstanding through pledge of all the first mtge bonds and all the capital stock (except,
stock except directors shares owned by Pub. Serv. Co. o f N. 111. V. 124
directors qualifying shares) of that co. In addition wid be secured by a
p. 1361.
direct mtge lien on all physical property now or hereafter owned, subject
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— only to prior lien. There are also deposited under the first Hen and ref.
Co. serves 286 communities, located in a compact area o f Illinois, con­ mtge. $30,289,000 1st and ref. mtge 5% gold bonds. Red. (ser. A ), all or
taining 6,000 square miles and located In 16 counties, having a combined part, at 110 and Int. on or before June 1 1942: thereafter and on or before
population according to the 1920 census of 1,070,849, excluding the city of June 1 1952 at 107)4 and int : thereafter and on or before Dec 1 1961 at 105
Chicago. Electric service is rendered in 283 communities, gas in 76, and Int., and thereafter at 100 and int.; ser ’ B.” all or part, at 110 & int. on
water In 5 and heat in 4. Co. has 359,672 customers; electric 232,029, or before July 1 1944. thereafter and on or before July 1 1954, at 107 &
gas 121,783, water 4,768 and heat 1,092. C o .’s Waukegan steam generating Int.; after July 1 1954 and on or before Jan. 1 1964. at 105 & int.; and after
station has an ultimate capacity o f approx. 250,000 k.w. C o .’s electric Jan. 1 1964 at 100 & Int. In Oct,. 1924 $5,000,000 Ser "B"" 5 h % toads
transmission system is interconnected with the transmission systems of the were offered by Halsey, Stuart & C o., Inc., at 96 & interest, to yield over
Commonwealth Edison C o., the Northern Indiana Public Service C o., 5% % . V. 119, p. 1634. Free from Penn., Conn. & Mass State tax.
the Central Illinois Public Service C o., the Illinois Northern Utilities C o., V. 114. p. 2725; V. 116, p. 1061; V. 119, p. 1634. In Feb. 1926 Halsey.
Stuart & Co., Inc. offered $7,500,000 series C, 5% at 98J4 and int., to yield
and the Central Illinois Light Co.
about 5.08%. This series C is red., all or part, on 30 days’ notice at follow­
Subscription Rights— Dividend Rates.— See V. 120, p. 2149.
ing prices and Interest: On or before May 1 1936 at 105; on or before M ay 1
Increase Capital Stock.— On Feb. 23 1926 stockholders increased the
1946 at 104: on or before May 1 1951 at 103: on or before May 1 1956 at
authorized 7% pref. stock from $10,000,000 to $17,500,000. par $100.
102: or or before M ay 1 1961 at 101: on or before May 1 1965 at 100)4".
Also approved sale of 10.000 common shares at par to employees. V .. after M ay 1 1965 at 100. Co. refunds Penn. & Conn. 4 mills and Mass.
122, p. 1170.
6% taxes. Listed on the Chicago Stock Exchange. V. 122, p. 1027;
STOCK AND BONDS—
Interest Outstanding. Maturityt V. 123, p. 1252.
Date.
The 5% debentures. series of 1926 is red. whole or part on 30 days’ notice at
Com stk 200,000 shs (no par). __
Q F
300,471 shs
See tex
int." on of before
1 1928 at
6 Q-F
Pf 6% cum $15,000 000 ($100) __
10 .00(1 000 A u g’27, 1 <4 following prices &thereafter at 100 Sept.Nov 1926 101: on or before Sept.
In
ifaisey, Stuart & C o.,
P f 7% cum $17,500 oon ($ino) . _
_ 7 Q-F
6.357.600 Aug ’27. 1 H 1 1929 at 10014:
Inc., sold $10 (100,000 series of 1926 at 99>4 & int., yielding over 5.10%.
5g A O
1911
__________ , ____
___
18.926,000 Oct 1 1956
($1,000) gold________ c*.tf(Illinois Merchants Trust Co., Chicago, 111. V 123 o 2656
The 5% debentures, series of 1927, are red. as a whole or in part at any
First lien & refmtge Ser ” A "i 1922 5)4 g .1 D 22.250.000 June 1 1962
time upon 30 days’ notice at the following prices and accrued int: On.
Series “ B” _______________ y 1924 5 H g J-J
5,000.000 July 11964
Series “ C ” ............................| 1926 5 g M -N
7.500.000 M ay 1 1966 or before Aug. 1 1929 at 101, thereafter and on or before Aug. 1 1930 at
100.50, and thereafter to maturity at 100. In July 1927 Halsey, Stuart
($100. &c) gold__ c*&r* tf Inr payable in Chicago and New York
& Co. offered at 99 and int., to jield over 5.20%, $10,000,000 5% debs.,
5% debent series of 1926/ 1926 5 M-S
10,000.000 Sept 1 1931
series of 1927. V. 125, p. 649.
$10,000,000 ($1,000 c ). -t flln t. In New York or Chicago.
LHtidenas—
1912. 1923. 1914. 1915. Nov. 1916to M a y '25.
5% debentures series o f 1927 J 1927
5 F-A
10,000,000 Aug 1 1932
(c $1,000)______________t f ■
!Prin. and int. at Chicago & New York
On common (per cent) 4
4)4
5
5)4
7% per ann. (1 % Q.-F)
( offices of Halsey, Stuart & Co.
On no par value stock paid $1 75 quar. Aug 1 1923 to May 1 1925




adjacent to Chicago
P

u b l ic

S

e r v ic e

C

o m pa n y

OF NORTH ERN ILLINOIS

72 West Adams Street « Chicago, Illinois

fo 12
r 97
wh
i
t
ohri trsi gfat aot ti
t e n etn cs bu h
e
s
C pnadhtrioyi sre.
o ay n t eertr t evs
m
W rite

YEAR BOOK

O ct ., 1927.]

POW ER, L IG H T AND R A IL W A Y

On Aug. 1 1925 a quar dlv of $2 per share was paid on no par common
and 2% on par common, which rate has been maintained to date. V. 120,
p. 3;m«
EAKN1NOS.— For calendar years:
1926
1925.
1924.
1923.
Total opera ting revenue.$23 311 199 $20,616,821 $18,003,904 $16,014,342
Operating expenses____ 12 747 719 11.010.152 10.318,858
9,o86,835
1.500.000 1.200.000
803.553
730,660
Depreciation__________
I .673,373
1.610.404
1.416.271
1,116.174
T a x e s & u n coil r e v _____
Net operating Income. $7 390 106 $6,826,264 $5,435,222 $4,580,673
1 310.027
800.620
1.005 229
726,367
Other in c o m e _________
Total Income.............. $8730 133
$7 626 884 $6,440,451 $5,307,040
Interest charges, &c___
3 836 753
3 480.334
3,234.489 2,872,645
Preferred dividends___
1 040 139
1 004.412
671.191
59o,272
Common dividends_______ 2 252 238
1.710,289
1,452.336
1,0< 5,926
Surplus...... ....................$1 601.003 $1,431,849 $‘l.082.434
$763,197
For calendar year 1922 total oper. rev was $13,712,095 and surplus after
com. dlvs $146 373
In 1921 total operating revenue amounted to $12,213.315 and surplus a ft e r common dividends $275 262
Latest Earnings.— For 12 months ended June 30 1927: Net after taxes,
at., deprec., &., $4,601,699.
OFKICtcKs. —i n.Orman Samuel lusull; Pres., Britton I. Budd; V.-Ps.,
John H. Guiick, Julius L. Hecht, John G .Learned and Chas. W. Bradley;
V.-P. & Treas.. Gtorge H. Jones: See. & Asst. Treas., J. W . Kehoe; Compt.,
R S. Holden: Asst S**c. & Asst Treas. W J White and J. M Nelson;
Aud., H. D. Hammond: Asst. Aud., H. W . Wyman and O. O. Funk.
Office, 72 W. Adams St., C hicago— V. 119, p. 1634, 2880; V. 120, p. 959,
1020, 2159, 3066; V. 121, p. 77, 2039, 3132; V. 122, p. 613, 1027, 1170,
1918 V. 123, p. 1252, 2392, 2656, 2779; V. 124, p. 1361, 2590; V. 125, p.
247, 649, 1195. 2265.

ILLINOIS POWER AND LIGH T COR PO RA T ION .
Controlled by Illinois Traction C o .. a direct subsidiary o f North American
Light & Power Co. See for details of exchange offer made at the time,
V. 117, p. 86.
ORGA N IZA TIO N .— Organized early In 1923 in Illinois, is a consolida­
tion and merger of the following companies:
.
,
Group (1). Illinois— Companies Consolidated and Merged into Illinois
Power A Light Corp
Hoyleton Electric Co.
Argenta-Warrensburg Elec. Co.
Bloomington & Normal Ry. & Lt. Co. Jacksonville Ry. & Lt. Co.
Kerens-Donnewald Coal Co.
Borden Bus Co.
LeRoy Elec. Lt., Pr. & Htg. Co.
Cairo Elec. & Traction Co.
Madison County Lt. & Pow. Co.
Cairo City Gas Co.
Monmouth Public Service Co.
■Cahokia Gas & Oil Co.
Monticello Electric Light Co.
Central Illinois Elec. Co.
Mound City Light & Water Co.
Cerro Gordo Electric Co.
Northern 111. Light & Trac. Co.
Citizens Lighting Co.
*PeoDles Traction Co.
Citizens Pure Ice Co.
Peoria Ry. Co.
Clinton Gas & Electric Co.
Consumers Water & Light Co. of Quincy Ry. Co.
St. Louis Electric Bridge Co.
Marseilles.
Southern 111. Lt. & Pow. Co.
Danville Consumers Coal Co.
Spring Valley Util. Co.
Danville & Eastern 111. Ry. Co.
Twin City Electric Co.
Danville & Northern RR. Co.
Twin City Lt., Heat & Pr. Co.
Danville & Southeastern Ry. Co.
Urbana & Champaign R y., Gas &
Danville Street Ry. & Light Co.
Electric Co.
Decatur Ry. & Lt. Co.
Urbana Light, Heat & Power Co.
Dupo Electric Light & Power Co.
Utility Gas Coal Co.
Galesburg Ry., Ltg. & Pr. Co.
Western Illinois Utilities Co.
Galva Electric Light Co.
Granite ('it yGas Lt. & Fuel Co.
* Peoples Traction Co. properties taken over by Galesburg R y., Lighting
__
& Power (Jo.
Valuation St. Louis Electric Bridge Co. See V. 123, p. 712.
Companies Whose Entire Stocks are Owned by the 111. Pow. A Light Corp.
Group (2), Interurbans.— (1) Illinois Traction, Inc., into which have been
consolidated Bloomington Decatur & Champaign R R . (V. 102, p. 65);
Danville Urbana & Champaign Ry. (V. 106. p. 85): Illinois Central Traction
C o. (V. 108, p. 268); St. Louis Springfield & Peoria Ry. (V. 114, p. 522).
Chicago Ottawa & Peoria Ry.. and (2) St. Louis Electric Terminal R y. Co.
Group (3), Cairo Properties.— Cairo & St. Louis Ry. Co.
Group (4). Nebraska.— Omaha & Lincoln Ry. & Light Co. Includes
Ashland Lt.. Pow. & Mill Co. (.sold to the Nebraska Power Co. in Feb. 1927).
Group (5), Kansas.— (1) Kansas Pow. & L . Co. merged wLh the proper­
ties o f the following companies: Kansas Public Service Co., Topeka Edison
C o., Topeka Railway Co. and the Union Power Co. See V. 118, p. 1772,
for further details.
_
,
Group 16), i a a.—Des Moines Electric Light Co. (formerly Des Moines &
Central Iowa Electric C o .), made up o f the properties o f the following former
subsidiary companies: Colfax Electric Light Co.; Des Moines Electric Co.
IV 114, p.2019); Montezuma Electric Light, Power & Heating Co.; New
Valley Junction Water & Light Co.; Oskaloosa Light & Fuel C o., and
Oskaloosa Traction & Light Co. V. 98. p. 839.1. The Des Moines Electric
Light Co. controls through stock ownership the Oskaloosa & Buxton
Electric Ry. Co.; Mills County Power Co. (holding company only for Iowa
Power & Light Oo.), Iowa Power & Light Co., and the Iowa Transmission
Line Co
Group (7), St. Louis.— St. Louis Troy & Eastern R y. and St. Louis Illinois
Belt Ry.
Most all o f the above companies formerly constituted the Illinois
Traction System, for history ol winch see Electric Kail way” Supplement of
Oct. 28 1922. Directly owns and operates or controls electric power and
light, gas, heat and city railway properties in a large number of municipali­
ties in north central, central and southern Illinois.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The corp. owns and operates electric power and light, gas, heat and city
railway properties in a large numher of the most populous and prosperous
municipalities in Illinois. Corporation also controls Illinois Traction, Inc.—
which owns an extensive system o f trunk line electric railroads in Illinois—
and other utilities of which the most important are Des Moines Electric
Light Co. and the Kansas Power & Light Co. The business of the corpora­
tion and its controlled companies includes service rendered to more than 470
municipalities. The electiic power and light properties, with a generating
capacity of over 280,000 k.w., serve without competition over 251,000 cus­
tomers. The gas pi operties, with a generating capacity of about 27,000,000
cu. ft. of artificial gas a day, serve, also without competition, over 88,000
customers. The city railway systems have over 200 miles of track. The
piincipal portion of the electric trunk line railroad system, which has over
550 miles of main line track, connects the cities of Peoria, Springfield, Bloom­
ington, Danville, Urbana, Champaign and Decatur with St. Louis, which
it enters over its steel toll bridge into its own terminal in the heart of the
city. Company also controls a steam railroad entering East St. Louis
and exchanging traffic with the St. Louis Belt System.
The eiectric railroad, except in municipalities, is almost entirely on
private right-of-way.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
400,000sh Sept 27.75%
Common (no par)__
Partic preferred 6% cum ( $ 5 0 ) --------------$1,382,450 Sept 27,134
1st pref 7% cum $33,000,000
33.776,250 Sept ’27. 1%
($100) ............ \ — ........... ......
Q-J
30-yr sk fd deb (closed) gold/ 1927
534 g M-S 9.500,000 Mar 1 1957
($1,000 & $500 c * )______tf (Central Trust Co. of Illinois, trustee
1st & ref mtge Series “ A ” ___ I 1923
tig A-U
40,200,000 Apr 1 1953
Series " B ” ...........................{ 1924 5 J 4 g J -J 16,000,000 Dec 1 1954
Series “ C ”
_______ I 1926
5 J-D
11,500,000 Dec 11956
$100, $5O0&$1,000c*& $ 1 ,-1Harris Trust & Sav. Bank, Chicago, Trus000.$5.000&$10,000r*)gtf [ tee. and M. H. MacLean. co-trustee
Underlyiuo Stocks and Bonds.— The total amount o f underlying nref.
stocks and bonds as o f July 31 1927 was stated to amount to $4,703,500
underlying 7% pref. stocks, 6% pref. stocks, $598,000; $23,635,200 (closed)
divisional bonds and $13,451,700 bonds o f Iowa Power & Light Co. and
Kansas Power & Light Co. See list hereunder and also separate statement
o f subsidiary companies.
Bloomington A Normal Ry. & Lt.—
___
. ____
1st and gen mtge. $3,500.0001 1911 5 J-J
903.000 Jan 1 1928
gold ($1,000)...........c*& r.tf 1111. Merchants Tr. C o., Chicago, trustee.
eoud secured notes
_____ 1921 734% J-J
131,600 Jan 1 1928
Clinton Gas A Electric Co.—
__
First mortgage 6 % _________ 1907 6% J-D
137,000 Nov 30 1937




173

Galesburg Ry.. Ltg. & Pow. Co.—
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Consol ref mtge $5,000,00/1 i916 5 g A-O
819,500 Oct i 4934
_
($1,000) red at 105_ c*&r\Int. at Old Colony Tr. C o., Boston.
Galesburg Ry & Lt 1st cons
1904 5% J-J
778,000 July 11934
Madison County Lt. & Pow. Co.—
1st mtge $1,000,050 ($1,000) f 1906
5 g J-D
590.000 Dec l 1936
gold_________________ c*tf\Int. at agcy. Bank of Montreal, N . Y .,
I Central Tr. Co. of Illinois, Chic., trustee.
Quincy Railway—
First ref $..500.000_______ t l i9 1 2
5% F-A
574,000 Feb 1 1932
Jacksonville Ry & Light—
Jack R y & L t 1st cons M . $l,-\ 1906 5 g J-J
594,000 Jan 1 1931
000,000 gu g ($1,000)_c*.tf /Central Trust C o.. Chicago, trustee.
Jacksonv Gas Light & Coke? 1901
5 J-J
35,500 Jan 1 1931
Co first mortgage______ ntf\Int. at 111. Merch. Tr. C o., Chic., Trustee.
Southern Illinois Light & Power—
First mortgage 6s______________ 1913 6 % J-J
1,975,000 Jan. 1 1931
Un G & E Co 5s______________ 1907 5% M -N
43,000 Nov. 1 1937
City of M t Vernon serial 6s . . . 1900 6 % A-O
10,000
To 1930
St, Clair Co Gas & Elec 5s......... 1909
5% M-S
1,233.000 Mar. 1 1559
Spring Val Util Co 1st A ref____1913
6 % J-D
1,000,000 Dec 1 1943
Le Roy El Lt Pow A, HeatingI 1922 6 J-D
84,100 June 1 1942
6% bonds________________ l
Stock.— Preferred 6% and 7% stock Is entitled to 6 % and 7% cum. divs.
before all other stocks of the co., provided net earnings are equal to 9%
or more of the outstanding 6 % and 7% cum. pref. stock after interest and
14% maintenance and depreciation funds. Has equal voting power, share
for share, with every other share of capital stock outstanding. In case of
involuntary liquidation entitled to $100 plus accrued and accumulated
divs.; if voluntary, to $105 plus divs. before all other stocks. Additional
6 % and 7 % cum. pref. stock over and above the now authorized amount
may be issued to be paid in full, provided combined net earnings of corp.
and its subsidiaries available for pref. divs. for 12 out of preceding 15
months have been at least twice annual 6% and 7% cum. pref. divs., incl.
new issue, and provided assets of the crop. incl. proceeds from sale of addi­
tional issue, over and above c o .’s debts, are at least $125 per 6% and 7%
cum. pref. share (incl. new issue). No other stock equal or superior may be
created if upon notice holders of l-5th of outstanding 6 % and 7% cum.
pref. stock object. The issuance of additional funded debt is also restricted
and in certain cases may be prevented by l-5th of holders of 6 % and 7%
pref. stock objecting to it. This 6 % and 7% cum. pref. stock is callable on
60 days’ notice as a whole or by lot In amounts of 5,000 shares or multiples
thereof, on any dlv. date, at 105 plus divs. InJuly 1925 $5,000,000 1st
pref. 7% stock was offered by Blyth, Witter & C o., N. Y ., at 95 & div.,
to yield about 7.37%. V. 119, p. 197. In Feb. 1926 Blyth, Witter & Co.
offered $2,000,000 1st pref. 7% stock at 100 & divs. V. 122, p. 1169.
In July 1926 $1,500,000 1st pref. 6 % stock was offered by the corporation
at 92, to yield 6.52%. V. 122, p. 1169. In July 1927 corp. offered to cus­
tomers $1,000,000 6 % pref. at 95, yielding 6.32% . The 1st pref. 6 % cum.
stock (authorized on July 14 1926, when the div. rate on 70,000 unissued
rights as the 7 % pref. stock, the only difference being in the rate or yield.
Bonds.— The first & refund, mtee. provides for an improvement fund.
Additional bonds in excess of $67,700,000 of any series under this mortgage
maturing not more than 30 years from certification, and of such tenor (maxi­
mum interest 7% ) as directors may from time to time determine, may only
be issued (a) for 75% of new acquisitions, additions, extensions, improve­
ments, &c ; (6) for refunding purposes Skg. fund may be established for ex­
clusive benefit of one or more particular series. No additional bonds may
be issued unless net earnings before bond interest for 12 out of preceding
15 months have been 10% o f the principal amount or 154 times (whichever
Is greater) annual interest requirements on all mtge. bonds, incl. new issues.
Int. pay. in Chicago or New Y ork. Penna. 4 mills and Maryland 434 mills
taxes and Conn, and Dist. of Columbia personal property taxes not exceed­
ing 4 mills per $1 per annum, and Mass, income tax on int. not exceeding
6% of such int per annum refunded.
Series “ A ” 6 % bonds are redeemable on any interest date at 105 and int.
to and incl. Oct. 1 1943, and thereafter at par and int. plus a premium of
14 % for each year or portion of a year of unexplred term. Y. 116. p. 1532.
Series “ B ” 534s are red. on any int. date at 105 and int. to and incl.
June 1 1945 and thereafter at par and int. plus a premium of J4 % for each
year or portion of a year of unexpired term. $5,000,000 Series “ B ” 534s
were offered in Dec. 1924 by E. H. Rollins & Sons, Harris, Forbes & Co.,
Halsey, Stuart & C o., Inc., &c., &c., at 97 and int., to yield over 5.70%.
Y. 119. p. 2761. In M ay, 1925, Halsey, Stuart & C o. sold $5,0«t),000 at
9934 and Int., yielding over 5.50% . In Dec. 1925 E. H. Rollins & Sons,
&c., &c., &c., offered $6,000,000 additional series B 534% bonds at 99 and
Int., to yield over 5.50% . V. 122, p. 94.
Series “ C ” 5% bonds are red. on any int. date at 105 & int. through
June 1 1947; thereafter at par & int. plus 34 % for each year or part thereof
of unexpired term. Penn., Conn. & Calif. 4-mills, Maryland 434 mills
and Mass. 6% taxes refundable. In Dec. 1926 Harris, Forbes & C o., Hal­
sey, Stuart & C o., Inc., Marshall Field, Glore, Ward & Co. and Spencer
Trask & Co. offered $7,500,000 Series “ C ” at 97 & int.. to yield about
5.20% . V. 123, p. 3182; V. 124, p. 506, 2279. $4,000,000 add’l 1st &
ref. mtge. 5s, series C, were offered at 97 and int., yielding 5.20% , by Har­
ris, Forbes & Co., Halsey, Stuart & Co. .Marshall Field, Glore, Ward &
Co. and Spencer Trask & Co., in June 1927. V. 124, p. 3772.
The 30-year 534 % debentures are red. on any int. date on 60 days’ notice
at 10234 and accrued int. to and incl. Mar. 1 1937, thereafter at par and
accrued int. plus a premium o f 34 % for each 5-yr. period or portion thereof.
Co. agrees to place no additional mtge. on its properties (except as substi­
tution for its existing 1st & ref. mtge. dated April 2 1923), unless these debs.
(30-yr. 534 %) are ratably secured by the lien thereof, and to issue no addi­
tional deb. bonds if, on notice by publication, holders of one-third of prin­
cipal amount of this issue object. Additional bonds m ay, however, be issued
under conservative restrictions of the 1 st & ref. mtge. or any such substitute
mtge. N o substitute mtge. is allowed to be issued that is more favorable
to the corporation than is permitted by the 1st & ref. mtge. Trust agree­
ment provides for payment to trustee of $80,000 on each int. date during the
life of this issue for retirement of these debs, by purchase or by call. It is
estimated that sinking fund will retire over 50% of the whole issue by ma­
turity. Int. payable in New York or Chicago. Co. agrees to reimburse
holders of Penna., Conn, and Calif. 4-mills tax. Maryland 434 mills tax and
Mass, tax not exceeding 6 % . In Jan. 1927 Marshall Field, Glore, Ward &
C o.. Halsey, Stuart & C o., Harris. Forbes & Co. and Spencer Trask & Co.
sold $9,500,000 30-yr. 534 % sk. fd. deb. bonds (closed issue). V. 124, p. 791.
Bloomington & Normal Ry. & Lt. Co. 1 st A gen. mtge. bonds.— Int. at
Illinois Merchants Trust C o., Chicago, and Chase National Bank, New
York. Call., whole or part, for sink. fd. at 102 34 and Int. on any Int.
date. Annual sink. fd. of 2% of bonds certified. Bonds held in sink fd.,
$471,000. V. 123, p. 205; V. 125, p. 245.
Bloomington A Normal Ry. A Lt. 7 V>% gold notes.— Int. at Central Trust
Co. of Illinois, Chicago. Call, at 103 and int. Secured by deposit of
$209,000 Bloomington & Normal R y. & Lt. Co. 1st & gen. 5s.
Clinton Gas A Electric Co. 1st mtge.— Int. at Colonial Trust C o., Phila­
delphia, Pa. Call, at 105 and Int. on any int. date. Sink. fd. $2,000
annually. $26,500 are held In sink. fd.
Jacksonville Gas Light A Coke Co. 1st mtge.— Int. at Illinois Merchants
Trust C o., Chicago. Call, on any int. date at 103 and int. Sink, fd.,
$12,360 annually until 1929.
Jacksonville Ry. A Lt. Co. 1st cons.— Int. at Agency Bank of Montreal,
New York. Call, whole or part at 105 on any int. date. Annual sink. fd.
2 % of bonds certified, to he invested in these bonds or expended for con­
struction and improvements.
Madison County Lt. A Pr. Co. 1st mtge.— Int. at Agency Bank of Montreal,
New York. Call, whole or part on 4 weeks' notice on any Int. date at 105.
Annual sink. fd.. of 1 (4 % bonds certified, began Oct. 1 1916.
Galesburg Ry. A Lt. Co. 1st A cons.— Int. at Fidelity Trust C o., Portland,
Me. Call, whole or part on any Int. date at 105.
Galesburg Ry., Ltg. A Pr. Co. cons. A ref. mtge.— Int. at Old Colony
Trust C o., Boston. Call, at 104 and int. Sink. fd. of 134% of bonds
outstanding.
Quincy Ry. Co. lsf A ref. mtge.— Int. at Fidelity Trust C o., Portland. Me.
C ail.on any int. date at 105 and int.
Southern Illinois Lt. A Pr. Co. 1st mtge.— Int. at Continental & Com­
mercial Trust & Savings Bank, Chicago. Call, on any int. date at 105
and Int. Sink. fd. of 2% of bonds outstanding to Nov. 1930.
United Gas A Electric Co. 1st A ref.— Int. at Mercantile Trust C o.,
St. Louis. Call, whole or part at 105 and int.
City of Alt. Vernon, water fund ct/.—Int. at Central Trust Co. of Illinois,
Chicago. Serial retirement of $2,500.
St. Clair County Gas A Electric Co. 1st cons mtge.—Int. at Central Trust
Co. of Illinois, Chicago. Call, at par and int.
Soring Valiev Utilities Co. 1 st A ref.— Int. at Bank of North America,
& Trust Co., Phila., Pa. Callable on any int. date at 105 and int.

174

PUBLIC U TILITIE S

Leroy Electric Lt., Pr. < Htg. Co. 1st eft ref.-—Int. at First Trust & Savings
ft
Bank, Bloomington, 111. Call, whole or part on any int. date at 105 and
interest.
EA R N IN G S.— For calendar years:
*1927.
1926.
1925.
1924.
Gross earns, from oper.:
Elec, light & p o w e r ...$17,025,210 $16,467,204 $15,817,324 $13,871,433
6,032,489
Elec. & steam railroad 6,039,174
5,971,273
6,763,657
4,849,247
City ry. & bus lin es.. 3,934,862
4,248,821
4,198,798
3,191,721
2,973,364
Gas___________________
3,459,343
3,336,917
685,778
Heat________________
680,856
712.848
672,395
Ice, water & m iscell..
993,861
271,392
990,034
954,481
Inter-company items. Hr528,593 .Dr487,445 Dr2,566,845
$31,604,713 $31,189,629 $29,081,554 $28,683,703
. 14,219,637 14,334,148 13,740.832 14,938,288
Maintenance___________. 3,660,936
3,401.048
3,772,226
3,605,980
Local taxes______
1,103,214
1,252,499 \ 1,274,615 /1,120,505
Federal taxes_____
1,001 1
1
4,897
133,771
$12,470,640 $11,808,640 $10,609,339
48,337
203,445

$9,107,380
500,586

Total income________ $12,518,977 $11,808,640 $10,812,785
Interest charges, &c____ 5,973,417
5,850,034
5,352,717
Bond disc’t am ortized..
292,495
262,642
257,699
Divs. on pref. stocks (co.
and subsidiaries)_____ 2,769,195
2,590,883 2,012,688
Approp. for depr., r etir.,
replacements, &c____ 1,589,278
1,721,892 2,133,779

$9,607,966
4,975,923
207,024

Other income.

1,633,721
1,891,680

Balance_____________ $1,894,592 $1,383,189
$1,055,901
$899,618
Surplus Jan. 1_________
______
1,508,040
1,252,139
1,034,958
Add adjustments______
______
______
______
17,563
______ 25)900,000) ($2)800,000($1M)700000
Di vs.p d . on com .stk. ($2.
Surp. per bal. sh eet..
______ $1,991,230 $1,508,040 $1,252,139
*jFor 12 months ended July 31 1927.
OFFICERS.— Chairman Finance Committee and Pres., Clement Studebaker Jr.; V .-P ., H. L. Hanley: V .-P ., L. E. Fisher: V .-P . & Gen. Counsel,
G. T. Buckingham; Sec., Dwight H. Holmes: Treas., P. L. Smith: Compt.,
B- E . Bramble.— V. 121, p. 1101, 1227, 1568. 1908, 3131; V. 122, p. 94,
748, 1169. 1309. 1290, 2375, 2322, 2798; V. 123, p. 842. 1113. 1251. 1762,
2260, 3182; V. 124, p. 235, 506, 644, 791, 1968, 2279, 3352, 3772; V. 125,
p. 515.
PROPERTIES CONTROLLED BY THE ILLINOIS POW. & LT. CORP

[V ol. 125.

30.000 k.w and auxiliary plants in other cities with 14,000 k.w. capacity.
The Tecumseh power house is designed for an ultimate installation of
90.000 k.w. The company’s system is intereonnected with the United
Power & Light Corp. (of Kansas) and the St. Joseph (Missouri) Railway,
Light, Heat & Power C o., to ’which companies substantial amounts of
power are sold.
L IG H T CO.
Outstanding. Maturity.
STOCK AND BONDS—
Date.
Interest.
Common (par $10)________
$3,000,000
. . .
Preferred 7 % cum_________
7
'1,703,500 ...................
Preferred 6% cum_________
6
398.000 __________
1st mtge bonds, series “ A ” - ..f 1925
6 g M -N
2,100,000 May 1 1955
3,288,000 M ay 1 1957
.( 1927
5 g M -N
(c* $1,000 and $500)____tf (HarrisTr&SavBk., Chic.,&M.H.MacLean,tr
Underlying Bonds-.
Topeka Ry & Lt Co 1st & ref / 1916 5% F & A 1 1,356,200 Feb 1 1933
auth. $7,500,000 (closed)--\lnt. at New York Trust C o., N. Y ., trustee.
Topeka Edison Co 1st mtge/ 1905 5% J & J 1
594,000 Sept 1 1930
auth $1,250,000 (closed)_ \lnt.at Cont.&Com.Tr.&Svgs.Bk.,Chgo, tr.
_
Topeka Ry Co 1st mortgage/ 1904 5% J & J 1
715,000 Jan 1 1930
_
auth $1,250,000 (closed)_ llnt.atCont.&Com.Tr.&Savgs.Bk., Chgo, tr.
Atch Ry Lt & Pr 1st & ref/ 1910 5% M & N
694,500 N ov 1 1935
auth $1,500,000 (closed)_ \Int. at Fed. Nat. Bk. of Boston, trustee.
_
Bonds.— The ls( mtge. bonds are secured by a 1st mtge. on the entire
fixed property of the co. owned or after acquired, subject to underlying
bonds, if any, on after acquired property. The amount issuable against
the initial installation (see above) is limited to $2,100,000. Additional
bonds of this or any other series maturing not more than thirty years
from date of each series and bearing such rates of interest (maximum
7%) and otherwise of such tenor as directors from time to time may deter­
mine, may only be issued (a) for refunding purposes; (b) for 75% of new
construction, &c., or (c) par for par against cash. Sinking funds may be
established for the exclusive benefit of one or more particular series. Addi­
tional bonds may not be issued (except for refunding purposes) unless
earnings applicable to bond interest for 12 out 15 preceding months have
been at least 1M annual interest requirements of all outstanding mtge.
bonds, incl. underlying bonds and those to be issued. An improvement
fund began M ay 1 1926 of 23^% annually of the value of all property against
which bonds have been issued, to be used for renewals or retirement of these
or underlying bonds or for additional construction. Series A is red. whole or
part on 60 days’ notice up to and incl. N ov. 1 1945 at 105 and int.. with suc­
cessive reductions on each M ay 1 thereafter of H % . Int. pay. in Chicago
and New York. M . H. MacLean, Co-trustee. Conn., Penn, and Calif.
4 mills. Dist. of Col. 5 mills, Maryland 4H mills tax and Mass. 6% income
tax refundable. In June 1925 E. H. Rollins & Sons, &c., &c., offered
$2,100,000 series A 6% bonds at 100 and int. V. 120, p. 2942.
Series “ B” 5s dated May 1 1927 are red. all or in part up to and incl. N ov. 1
1947, at 105 and int., with successive re luctions in redemption price on
each M ay 1 thereafter of
of 1% . In June 1927, $3,286,000 1st mtge.
gold bonds, series “ B ,” 5% were offered by Harris, Forbes & C o., Halsey,
Stuart & Co., Inc., Marshall Field, Glore, Ward & C o., and Spencer
Trask & C o., at 97H and int., yielding over 5.15% . V. 124, p. 3495.
I
Topeka Railway eft Light Co. 1st lien & ref. 5s.-—Secured by a mtge. on
properties of former Topeka Edison Co. and Topeka Ry. C o., subject to
lien of $1,309,000. Topeka Edison Co. 1st mtge 5s, due 1930 and Topeka
Ry. Co. 1st mtge. 5s, due 1930. Assumed by Kansas Power & Light Co.
Are red. all or part on any int. date at 105 and int. Sinking fund began
Aug. 1 1917 of 14£% per ann. to and incl. 1929 and 1% thereafter of the
total amount of bonds outstanding (incl. underlying bonds) less amounts
paid on account of sinking fund requirements of underlying mtgs. $247,800
in maintenance and depreciation fund and $37,000 in sinking fund. All
bonds in fund are held alive, $188,000 held under 111. Pow. & Lt. Corp.
1st & ref. mtge. Beginning with the 2-year period ending May 31 1918, and
during each 2-year period thereafter, there must be set aside for maintenance
and depreciation an amount averaging 12% of the combined annual gross
earnings of the subsidiary companies.
Topeka Edison Co. 1st mtge. £s.—Subject to call at 105 and int. This
issue has a sinking fund, which is sufficient to retire $15,000 per annum
at 105 and interest, payable each Dec. 15, $270,000 have been retired,
68,000 are held alive in sinking fund and 46,000 are pledged under the
Topeka Railway & Light 1st & ref. mtge.
Topeka Railway Co. 1st mtge. 5s.—Subject to call at 105 and int. This
issue has a sinking fund, which is; sufficient to retire $15,000 per annum at
105 and interest, payable each Dec. 15, $285,000 have been retired, $235,000
are held alive in sinking fund and 15,000 are pledged under the Topeka
Railway & Light 1st & ref. mtge.
Atchison Ry., L. & Pow. Co. 1st & ref. 5s.'— Subject to call at 105 and int.
Sinking fund, $10,000 per annum, payable N ov. 1; $161,500 held alive in
sinking fund and $106,000 held under 111. Pow. & Lt. Corp. 1st & ref. mtge.
12 Mos.End.
Year
Earnings of Kansas Power eft Light Co.—
July 31’27.
1926.
Gross earnings__________________________________ $3,337,349
$3,409,470
Operating expenses, maintenance and taxes______ 1,975,036
2,168,890

(1) ILLINOIS TRACTION, INC.
ORGANIZATION.— A merger in 1923 of Bloomington Decatur & Cham
R R ., Danville Urbana & Cham. R y., Illinois Central Trac. C o., St. Louis
Springfield & Peoria R y., and Chicago Ottawa & Peoria Ry.
Bond Issue.— Entire issue o f 1st & ref. series A bonds outstanding. $13,156,000, pledged under the Illinois Power & Light Corp. 1st & ref. mtge.
bonds. V. 122, p. 94.
STOCK AND BONDS—
Date.
Interest. Outstanding- Maturity
Stock.— All owned by Illinois Power < Light Corp.
&
Underlying Bonds—
Bloomington Decatur eft Champaign—
ls t& re f mtge, $15,000,000, g f 1910
5 g M-N
1.487,000 Nov 11940
($,.,000 coup & $1,000 or-j Interest at Illinois Merchants Trust Co.
multipreg.) gu p&i.c*&r*tf l Chic., Trustee, or Chase Nat. Bank, N. Y
Chic Bloom & Decatur 1st M _ ____
5% A O
4.000 Oct 1 1936
Illinois Central Traction—
1st mtge, $2,000,000 ($1,000)1 1903
5 g J-D
957.000 Dec 11933
gold, guar___________ c*tf (Int. at Old Colony Tr. C o., Boston, trustee
St. Louis Springfield eft Peoria RR.—
1st & ref mtge $15,000,000 gf 1909 5 J-D
5,045,000 Dec 1 1939
($1,000 coup & $1,000'or-j Illinois Merch. Trust Co., Chicago. Trustee.
multiples reg.)___ c*&r*tf (Interest in New York, Chicago or London.
8pringfield & Northeastern! 1906 5 g J-D
140,000 Dec 1 1936
Traction 1st mtge $l,500,-j Int. at agency Bk. o f Montreal, N. Y . C.
000 ($1,000) gold______c* [ Central Trust Co. of Illinois, Trustee.
Peoria Bloomington & Cham f 1906 5 g M -N
280.000 Nov 1 1936
Trac 1st M $3,000,000 goldjlnt. at agency Bk. o f Montreal, N. Y . O.
($1.000)____________ c* t fi Central Trust Co.. Chicago, Trustee.
Chicago Ottawa eft Peoria Ry. Co.—
First cons & ref mtge, guar( 1907 5 g J-D
146.000 Dec 1 1937
$5,000,000 ($1,000).____tflCentral Trust Co of Illinois, Trustee.
Illinois Val 1st M $2,000,0001 1905 5 g M-S
585,500 Sept 1 1935
g ($500 & $1,000) gu c .tf jln t. at Fidelity Trust C o.. Portland. M e.
Bloomington Decatur eft Champaign RR. 1st eft ref. mtge.— Int. at Illinois
Merchants Trust C o., Chicago. Call, at 105 and int. on any int. date.
Chicago Bloomington eft Decatur Ry. Co. 1st div. mtge.— Int. at Central
Available for fixed charges & dividends________ $1,362,313
$1,240.580Trust Co. of 111., Chicago. Call, at 105 and int. on any int. date.
OFFICERS.— Pres., Clement Studebaker Jr.; V.-Ps., H. L. Hanley;
Illinois Central Traction Co. 1st mtge.— Int. at Old Colony Trust C o..
Boston. Call, on any int. date upon 60 days’ notice, at 107 V and int. L. E. Fisher, Geo. T. Buckingham and A. M . Patten; Sec., D. H. Holmes,
>
Sink. fd. of 10% o f net earnings became operative Dec. 1 1908, but not to Treas., P. L. Smith.—V. 119, p. 2529; V. 129, p. 2942; V. 124, p. 3495.
be less than 1 % of bonds outstanding. Bonds held in sink. fd. $512,000.
(5) DES MOINES ELECTRIC (LIGHT) CO.
Peoria Bloomington eft Champaign Trac. Co. 1st mtge. —Int. at Agency
ORGAN IZATION .— Formerly Des Moines & Central Iowa Electric
Bank o f Montreal, New York. Call, at 105 and int. on any int. date
Co. Name changed to present title in 1924. See for subsidiaries under
upon 30 days' notice.
Springfield eft Northeastern Trac. Co. 1st mtge.— Int. at Agency Bank of “ Illinois Power & Light Corp.’ ’
Montreal, New York. Call, at 105 and int. on any int. date upon 4
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
weeks’ notice.
Properties include the electric light and power companies, serving Des
St. Louis Springfield eft Peoria RR. 1st < ref. mtge.— Int. paid Illinois Moines, Oskaloosa, Colfax, New Valley Junction, New Sharon, Prairie
ft
Merchants Trust C o., Chicago, Chase N at’l Bank, N. Y ., or London Joint City and Montezuma and the street railways in Oskaloosa. Population
Stock Bank, Ltd., London. Call at 105 on any int. date.
served estimated to be about 250,000.
Illinois Valley Ry. Co. 1st mtge.— Int. at Fidelity Trust C o., Portland,
STOCK AND BONDS— Date.
Maturity.
M e. Call, at 105 and int. on any int. date. Sink. fd. 1H % of bonds Com stk $2,000,000 ($100)_ All owned Interest. Outstanding. & Lt. Corp.
_
or controlled by 111. Pr.
issued. Bonds held in sink. fd. $914,500.
($100)____All owned
Corp.
Chicago Ottawa e Peoria Ry. Co. 1st mtge.— Int. at Agency Bank of Pref stock $300,000 lC o s k fd g f 1913 5 & by g Illinois P ow er* Light 1 1937
ft,
D esM & Cent la E
6 M-S $1,190,000 Sent
Montreal, N . Y .— Call, at 105 and int. on any int. date.
bonds $10 000,000 ($500 &{Interest at First National Bank, New York,
$1,000) red at 105________ 1 or the Central Trust Co. of 111., trustee.
(2) ST. LOUIS ELECTRIC TERMINAL CO.
Des Moines Elec 1st M $5,-/ 1908
5 M -N
3,744,000 N ov 1 1938
For last statement published see “ Public Utility Compendium” of
000.000 ($1,000) s f ____ tf 1Interest at American Trust C o., Boston.
N ov. 1 1924.
Bonds.— Additional sinking fund gold bonds can only be issued for 80%
of the cost of improvements, &c., to the sub. cos., and certain other restric­
(3) OMAHA & LINCOLN RAILWAY & LIGHT CO.
tions. Annual sinking fund of 1 K % of bonds outstanding began Sept.
Control.— Capital stock all owned by Illinois Power & Light Corp. as of 1914. $42,500 are 5s and $1,147,500 6s.
Dec. 31 1926. In Feb. 1927 all property o f the co. was sold to Nebraska
Des Moines Electric Co. bonds are subject to call after N ov. 1 1914
Power Co. and all o f the securities of the co. retired.
at 105. Sinking fund 1 % o f bonds N ov. 1 1914-21; 1H % 1926-31; 2 % :
ORGAN IZATION .— Incorp. in Nebraska July 8 1913: successor to 1931-37. $556,000 retired by sinking fund.— V. 120, p. 3186; V. 121.
Nebraska Traction & Power Co. In June 1924 purchased Ashland Light, p. 2401. 2873.
Power & Mill. Charter expires in 99 years.
EARNINGS.— Of Des Moines Electric Light Co. only for calendar years
*1927.
1926.
1925.
1924.
(a) WICHITA RAILROAD & LIGHT CO.
Gross earnings_________ $3,437,988 $3,318,567 $3,236,849 $3,021,017
ORGAN IZATION .— Chartered May 1 1900 for 30 years. Street rail­ Oper. expenses, rentals,
way franchise expires 1933. In 1910 entered into a 20-year contract for
maintenance & taxes, 2,297,888
2,202,886
1,755,467 1,657,647
purchase o f power from Kansas Gas & Elec. Co.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
A>chargel and^nterest $1,140,100 $1,115,681 $1,481,382 $1,363,370
Ref. & cons M $1,500,000 g -t f 1907
5 g A-O
$1,009,000 Oct 1 1932
*For 12 months ended July 31 1927.
Stock.— Owned by Illinois Power & Light Corp.
Bonds.— 1st M . bonds are subject to call at 105 on 6 months notice.
(a) IOW A POWER AND L IG H T CO.
ROAD.— Owns 37 miles o f trolley track in Wichita, Kan., including
Control.— Des Moines Electric Light C o., a subsidiary of Illinois Power
double-track bridge over the Arkansas River and extensions to Wonderland & Light Corp. control all of the common stock.
Park and Fair Grounds: 107 cars.— V. 118, p. 1270, 1776.
ORGANIZATION.— Organized in Iowa.
Controlled through stock ownership of its common stock by Illinois
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Power and Light Corp.
Com pany early in 1926 completed and now owns on the Des Moines River
ORGAN IZATION .— Incorporated under Kansas Laws Dec. 22 1923. southeast of the city of Des Moines, a modern steam electric generating
In M ay 1927 this company merged with the Kansas Public Service C o., station and transmission lines connecting the new plant with the distribution
Topeka Edison C o., Topeka Railway Co., and Union Power Co.
systems of the Des Moines Electric Light Co. in the city of Des Moines, and
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— with its transmission lines running to Oskaloosa and other communities. The
Company owns and operates electric light and power, gas, ice, heating and first unit (25,000 k.w .a.) was put in operation Aug. 1925, the second unit
street railway properties in northeastern Kansas. The territory served (35,300 k.w.a.) about Sept. 1926. The power house is designed for an ulti­
embraces one of the most productive agricultural sections of the State, and mate installation of 166,200 k.v.a. Co. leased the plant and lines for
includes the cities of Topeka, the capital of the State, and Atchison. The 50 years to Des Moines Electric Light Co. Under the terms of the lease
communities served directly with electric light and power have a population the monthly rental payments will constitute an operating charge of the
estimated to exceed 100,000. The company has a modern steam generating Des Moines Electric Light C o., which assumes all cost of operation under
plant at Tecumseh (near Topeka) with an installed generating capacity of the lease, incl. maintenance, and has to pay the general property tasxe and;




O ct ., 1927.]

POW ER, LIGH T AND R A IL W A Y

175

insurance on the leased property. All rights and rentals under the lease
have been assigned to the trustees under the mtge. securing the 1st mtge.
bonds. The rental for the first two units under construction is at the
fixed rate of 12% per annum of the cost of the plant and new transmission
lines. This rental may be adjusted at the end of SO years under certain
restrictions. V. 120, p. 3187. Also owns and operates electric properties
formerly c«meu by Adel (Iowa) Light & Power Co., Marion County Electric
Co., and the lighting system in Altoona and Mitchelville were acquired
from the Hall Electric Co.
Interest. Outstanding.
STOCK AND BONDS—
Maturity.
Date.
$800,000
1st pref 7 % cumul _
7
3.000.
C00
1st pref 6% cumul
________
6
200,000
6 g M-N
1st mtge g series A ($1,000./ 1925
2.000.
000
_c*tf\Harris Trust & Savs. Bk., Chicago. Trustee.
$500)
Ser “ B ” ($1,000, $500 c*) t f . 1926
5 H g M - N 3,000.000 M ay 1 1956
Stock.— A large portion of the pref. stock was sold at par under “ customer
ownership” plan.
Bonds.— The 1st mtge. gold bonds are secured by a 1st mtge. on the entire
fixed property of the company (incl. after acquired property). The amount
issuable against the first unit (see above) is limited to $2,600,000 par value.
Additional bonds of any series under that mortgage maturing not more than
30 years from date of each series, and bearing such rate or rates of interest,
not exceeding 7 % , and otherwise of such tenor as directors may from time
to time determine, may only be issued (a) for refunding purposes; (6) for
not more than 75% of new construction, &c.; (c) par for par against the de­
posit of cash. All bonds of whatever series shall be equally and ratably
secured by the mortgage; except that sinking funds may be established for
the exclusive benefit of one or more particular series. No additional bonds
may be issued unless earnings before bond interest for 12 out o f 15 preceding
months have been at least 1 % times annual interest on all outstanding
bonds, including underlying bonds and bonds to be issued. An improve­
ment fund began May 1 1926 of 2)4% of cost or value of all property against
which bonds have been issued, less the amount of the sinking fund require­
ments o f underlying issues. M ay be used for retirement (of underlying
bonds or o f 1st mtge. bonds) or for renewals, dditions, &c. Interest paya­
ble in Chicago or New York. Co-trustee, M . H. MacLean. Conn., Penn,
and Calif. 4-mills tax. Dist. of Col. 5 mills tax, Maryland 414-mills tax and
Mass. 6% tax refundable
Series A 6% bonds are red. whole or part on 60
days’ notice to and incl. Nov. 1 1945 at 105 and int., and on each May 1
thereafter at successive reductions of 14 of 1% . In June 1925 E. H. Rol­
lins & Sons, (fee., &c., offered $2,000,000 series A 6% bonds at 101 and int.,
to yield about 5.93% . V. 120, p. 3187.
Series B 5 14s, dated May 1 1926, are red., whole or part, on 60 days’ no­
tice to and incl. Nov. 1 1946, at 105 and int., with successive reductions in
redemption price on each May 1 thereafter o f H % . Taxes refundable as
under Series A. In May 1926 E. H. Rollins & Sons, Harris, Forbes & Co.,
Halsey, Stuart & Co., Inc., Spencer Trask & Co. and Marshall Field,
Glore, War & Co. offered $3,000,000 Series B at 99 and int., to yield over
5.55% . V. 122, p. 2799.
EARN ING S.— For 12 months ended:
July 31 ’27. Dec. 31 ’26.
Gross earnings and rentals______________________ $1,098,091
$938,537
Operating expenses, maintenance and taxes--------128,444
131,587

In 1925 the East St. Louis & Suburban Ry. Co. acquired control of
the Blue Goose Motor Coach C o., operating buses between Belleville, 111.,
and St. Louis, M o. V. 121, p. 3130, and the Red Line Motor Co., operating
between Collinsville and Greenville. 111.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The above companies own and operate all electric railway lines in East St.
Louis and AltoD and interurban lines to Belleville, Edwardsville, Collins­
ville, Caseyville, O'Fallon, Maryville, Lebanon, Brooklyn, Venice, Madi­
son, Granite City and Alton, and tho only electric line across the Eada
Bridge, connecting East St. Louis with St. Louis. Cars are operated over
this bridge under a 50-year exclusive contract expiring in 1952. Through
arrangement with Illinois Traction Co. the interurban cars from Alton are
run into their terminal in St. Louis. Freight, principally coal, is handled
in addition to passengers on the lines between East St. Louis and Belleville.
Also do entire electric lighting and power business in East St. Louis and the
electric lighting, gas and power business in Alton. As of Dec. 31 1926,
total mileage operated, 128, of which owned, 126 miles, and leased, 2 miles.
Owns 129 passenger cars, 814 freight cars, 21 service and express cars, 3
electric and 2 steam locomotives. Has two power stations with 14,850
k.w. capacity. Has 95 miles of high-tension transmission lines. Also has
contracts for power with Union Electric Light & Power Co. (M o.). The
East St. Louis Light & Power Co. has 20,138 electric customers as of Dec. 31
1926.
Franchises in East St. Louis, Edwardsville, Collinsville and Belleville
expire in 1947, 1948 and 1952 The Alton railway, electric light and power
franchises expire in 1948; the Alton gas and steam-heating franchises are
perpetual; Granite City and Madison franchises expire in 1925, Brooklyn in
1921. The Interurban line to Alton, outside of city limits, is nearly all on
private right-of-way. County franchises covering remaining suburban
lines expire up to 1948. Electric light and power franchises in East
St. Louis expire 2007.
During 1926 the Alton Granite A St. Louis Traction Co., which had been
in the hands o f a receiver since Aug. 12 1919, was sold under foreclosure, the
property being purchased by The North American Co., the holder o f the
bonds. The property o f Alton Gas & Electric Co. was included in the fore­
closure sale. These two companies are, therefore, no longer subsidiaries
o f the East St. Louis & Suburban Co.
Interest Payments.— The interest due Feb. 1 1919 on the A. G. & St. L.
Trac. Co. 1st consol 5s was paid iD Aug. 1919. The interest due Aug. 1
1919 was paid Feb. 1 1920. None paid since. Y. I l l , p. 1751; V. il3 .
p. 414. (See under “ Sub-company Receivership" above.)
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common 60,000 shs (no p a r ) . . ____
_______
60,000 shs __________
5% cum p f 60,000 shs (no p a r ) . ____
5%
60,000 shs __________
Collateral trust mortgage $8.-1 1902
5 g A -0
8,000,000 April 1 1932
000,000 gold ($1,000)_c*tf-jInterest at St. Louis Union Tr. C o., trustee,
[ or at E. W. Clark & C o., Philadelphia.
East St L Lt & Pow ist M 1910
5 g J-D
1,172,000 June 1 1940
g guar p & i ($1,000) c*tf (Int. at Mercantile Tr. C o., St. Louis, trustee,
I Chase Nat. Bk., N. Y ., and at co.’s office
Stock.— In Dec. 1926 the capitalization was reduced to the amounts o f
common and preferred stock shown above.
Bonds.— The collateral trust gold 5s, dated May 1 1902, are subject to call
Available for fixed charges and dividends--------$969,647
$806,950 at 105 and int. on four weeks’ notice. Secured by deposit with the trustee
OFFICERS.—Pres., Clement Studebaker or.; V .-Ps., H. L. Hanley, o f the following securities: $1,805,500 stock and $1,799,000 bonds o f the
L. E. Fischer and C. A. Leland Jr.; Treas., F. L. Smith; Sec., D. H. Holmes. East St. Louis Ry. Co.; $3,824,300 stock and $3,834,000 bonds o f the East
— V. 120, p. 3187; V. 122, p. 2799.
St. Louis & Suburban Ry. Co.; $499,500 stock and $500,000 bonds o f the
St. Louis & East St. Louis Electric Ry.: $733,000 stock o f East St. Louis
Light & Power Co., and the entire $750,000 first mtge. bonds o f the St Louis
EVANSTON RAILW AY CO.
& Belleville Electric Ry. Co. The bonds are, therefore, virtually an abso­
O RGAN IZATION .— lncorp. Sept. 20 1913 in Illinois to take over the lute first lien on all these properties, subject only to a bond issue ($1,172,er
lines in Evanston, 111., formerly owned by the County Traction Co. (now the 000) o f the East St. Louis Light & Powr Co. Listed on Philadelphia,
Stock
Chicago & West Towns R y.). Owns $30,000 par value stock of Evanston Louisville, St. Louis and Columbus bonds Exchanges.
East St. Louis Light & Power
are guaranteed, principal and
Bus Co.
Interest, by endorsement by East St. Louis & Sub. C o.: callable at 105 and
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— int. on any int. date on 30 days’ notice. Auth. issue unlimited, but addi­
Length of single track, 11.534 miles. 73 and 85-lb. rail. Gauge 4 ft. 8)4 in
tional bonds are issuable only for 80% of the cost of add’ns and impts. and
then only when net earnings are at least 1)4 times int. charge on bonds
Franchise.— The company was granted a new 20-year franchise.
out as well as those to be issued.
STOCK AND BONDS— Date.
Interest.
Outstanding.
Maturity.
EARNINGS of operating companies for calendar years:
Stock $500,000 ($100)____________
_______
$500,000 D e c ’ 26, 4%
Total Rev. {incl.
Net After
Avail, for Dep.
First mtge bonds gold_____c *j 1913
6 g F-A
311,800
1933
Other Income).
Taxes.
Interest.
Divs.A Surp.
Redeem at 103 and int____jln t. at Merch. Loan & Tr. Co., Chic., trus.
1926--------------- $4,525,089
$1,098,420
$726,78
$
034
_______
212.500 __________
General mortgage bonds__________
1925___________ 4,165,761
1,009,546
710,543
299,003
Bonds.— Sinking fund of 2% of outstanding bonds began 1917.
1924___________ 4,110,546
964,630
692,099
272,531
EARN INGS.— For calendar years:
1923___________ 4,532.246
1,181,682
642,657
539,025
Net
Inter- Balance. 1922................... 4,024.585
Gross
Expenses,
1,122,094
634,423
487,671
est.
Earnings. Taxes, Ac. Earns.
Surplus
1921..............
3,818,302
1.171,792
654,385
517,407
1926 ___________________$343,393 $228,938 $114,455 $31,310 $83,145 1920................... 4.368.922
1.405,640
647.272
758,368
31.319
212,556 101,775
70,456
1925 ___________________ 314.331
Latest Earnings.— For 12 mos. ended June 30:
30.282
1924 ............. __________ 294,746
205,369
89.377
59,095
Total Rev. {Incl. Net After Int., Depr. & Balance Be188,319
88,107
28.294
59,812
1923 _________ __________ 276,426
Other Income).
Taxes.
Other Deduct.
fore Divs.
27,029
1922 ................ __________ 266,177
180,117
86,060
59.031
1927
$4,659,268
$1,136,049
$983,040
$153,009
OFFICERS.— Pres., Clement C. Smith, Milwaukee; V.-Pres. & Treas.
1926
4,358,340
1,064,402
1,031,558
32,844
Charles F. Speed, Evanston; Y.-Pres. & Sec., H. C. Mackay, Milwaukee
OFFICERS.— Pres., F. L. Dame; V .-P., Edwin Gruhl; V .-P ., Louis H.
—V. 113, p. 2818; V. 114, p. 197. 3338.
Egan; V.-P., J. F. Fogarty; Treas., Robt. Sealy; Sec., F. H. Piske; Asst.
Sec., T . W . Gregory; Asst. Treas., C. D. Burdick.— V. 121, p. 1100, 3003,
3130, 1309, 2948; V. 123, p. 839, 2518; V. 125, p. 514, 912.

GALESBURG & WESTERN RR.
Purchase Offer.— In March 1925 the Illinois Power & Lt. Corp. offered
to purchase the road. V. 120, p. 1746.
Was formerly known as the Rock Island Southern R R ., but name was
changed to present title in 1919.
Receiver Discharged.— In 1922, by agreement of all parties, the co., which
was ahead of the receivership operated by the Rock Island Southern Ry
Co., receiver was dismissed. The road is to be operated as part of the
Rock Island Southern Ry. System, under the old lease (see below) and under
its same terms, the same as if no receivership had taken place. It is ex­
pected that by the end of 1924 the company will be merged into the Rock
Island Southern Ry. No further information received.
ORGAN IZATION .— lncorp. in 1906 under Steam Railroad Act of 111!
nois. Operated by electricity for passengers and steam for freight. Fran
chises in Monmouth are for 20 years. Was leased to the Rock Island South­
ern Railway (now Mississippi Valley R y. & Power Co.) from Feb. 1 1913 to
Dec. 31 1913, on which date lease was canceled (but see above).
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
16 miles between Galesburg and Monmouth. 75-lb. rail. Standard gauge
Bondholders' Committee.— W. S. Hammons, Frank S. Wingate and M .O .
Williamson. Deposits of bonds with the Fidelity Trust Co., Portland, M e.,
and People’s Trust & Savings Bank, Galesburg, 111., have been called for.
See V. 102. p. 886. Also V. 110, p. 872.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
_________
$500,000 __________
Stock $500,000 ($100)____________
First mortgage $2,500,000 g f ___
5 g J-J
521,000 Jan 1 1947
($1,000) red at 105______c iln t. at Con. & Com. Tr. & S. Bk., Chic., Tr.
OFFICERS.— Pres., L. F. Sutton; V.-P., Will Halsted Clark, Chicago;
Sec. & Treas., J. W . Walsh; Gen. M gr., Geo. W. Quackenbush, Rock
Island. 111.— V. 110, p. 872, 1643: V. 114, p. 626; V. 120, p. 1746.

THE EAST ST. LOUIS & SUBURBAN CO.
The North American C o . owns 99.49 % of the com. and all the pref. stock.
ORGANIZATION.— lncorp. in Delaware Jan. 7 1914. A holding co ,
having acquired title to all the properties of East St. Louis & Suburban Co
(lncorp. under the laws o f N . J. Sept. 12 1901).
The co. owns all of the outstanding capital stock (with the exception of
directors’ shares) and bonds, as stated, of the following companies. The
amounts pledged with the St. Louis Union Trust Co. as collateral for the
East St. Louis & Suburban Co. coll, trust bonds are also shown:
-------------Stocks--------------------------Bonds---------Owned.
Pledged.
Owned.
Pledged.
East St. L. & Suburban R y . . $3.850.000 $3,824,300 $4,000,000 $3,834,000
East St. Louis Ry. C o_____ 1,940,000 1,805.500 1,940,000 1,799.000
St. L. & East St. L. El. R y ..
500.000 499,500
500.000
500,000
St. L. & Belleville El. R y ___
750.000
750.000
750,000
East St. L. Light & Power Co. 1.200.000
733.000
...............................




KEWANEE PUBLIC SERVICE CO.

Control.— Common stock all owned by North American Light & Power Co.
ORGANIZATION.— Organized Feb. 29 1924 in 111. to acquire the proper­
ties of the Consol. Light & Power Co. and the street railway property in
the city of Kewanee formerly owned by the Galesburg & Kewanee Elec.
Ry. The interurban line between Kewaaee and Galva formerly owned by
the Galesburg & Kewanee Elec. R y . is now operated by the co.’s subsidiary,
the Kewanee & Galva Ry. For history of Galesburg & Kewanee Elec. Ry
see “ Electric Railway” Supplement of Apr. 26 1924.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
The electric properties include a generating station in Kewanee with a
capacity of 2,500 k.w. The cities of Kewanee, Sheffield and Neponset are
connected by a transmission line 16 miles in length. The gas properties
consist of a water gas plant located in Kewanee, with a daily manufacturing
capacity of 1,383,000 cu. ft., and with holder capacity of 350,000 cu. ft.
There are 67 miles of gas mains. The street railway property consists
of approximately 7 miles of track, located within the city of Kewanee.
The interurban railroad is operated by the Kewanee & Galva R y., a sub­
sidiary, over its own right-of-way. Is 9 miles in length, connecting Ke­
wanee and Galva.
Franchises.— See V. 119, p. 203.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Com stock (no par) 10,000 s h s . ____
_________ 10,000 shs. •
__________
Pref 7% cum $750,000_______ IIII
IIIIIIIII
$350,000 IIIIIIIIII
1st mtge Ser “ A ” ($100. $5001 1924 6 g J-J
1,200,000 July 1 1949
& $1,006) gold_______ c*tf (Peoples Tr. & S. B. of Am.. Chic., trustee.
2-year notes__________________ 1926 5)4%
280,000 Apr 15 1928
Bonds.— 1st mtge. provides for sink, fund of at least 1% of aggregate
principal amount of the bonds, payable on Jan. 1 of each year beginning
1928. Ser. “ A " are red., all or in part, on any int. date on 30 days’ notice
on or before July 1 1934, at 105 & int.; thereafter on or before July 1 1939,
at 104 & int.; thereafter, on or before July 1 1944, at 102 & int., and there­
after, on or before Jan. 1 1949, at 10014 & int. Int. at office of trustee in
Chicago or Equitable Trust C o.. N Y . Penn. 4-mill tax refuudable. In
July 1924 Spencer Trask & Co. offered $1,200,000 1st mtge. Ser. “ A ”
6s at 95 & int., yielding over 6.4 0% .' V. 119, p. 203.
EARNINGS.— Consolidated income account, calendar years:
*1927.
1926.
1925.
Gross revenue_____________________
$502,431
$470,061
$465,633
Net, after oper. exps., taxes, &c_____
186,217
144,632
152,507
Fixed charges, &c__________________
98,376
93,237
77,921
Depreciation_______________________
30,659
14,376
40,000
Preferred dividends_________________
24,500
24,500
24,500
Surplus--------------------------------------$32,682
$12,519
$10,086
* For 12 months ended July 31 1927.
OFFICERS.— Pres., Clement Studebaker, Jr.; V.-Ps., H. L. Hanley and
L. E. Fischer; Treas., P. L. Smith; Sec.. D. H. Holmes.

PUBLIC U TILITIE S

176

STANDARD GAS & ELECTRIC CO.
See map page 177.
ORGAN IZATION .— A holding co. lncorp. in Delaware, April 28 1910.
A list of co.'s subsidiaries will be found under “ Earnings'' in this state­
ment.
On Jan. 1 1919 acquired the engineering and management business of
H. M . Byllesby & Co., which business has since been incorporated under
the name o f Byllesby Engineering & Management Oorp., the entire capital
stock of which is owned by Standard Gas & Electric Co. V. 108. p. 2335.
On April 21 1920 the authorized com. (no par) and 6% pref. ($1 par)
were increased each from 1.000.000 to 3.000.000 shares. V. 122 p 2331.
Sale of Subsidiaries.— Tn July 1927 the California R R . Commission
approved the acquisition by the Pacific Gas & Electric Co. of three sub­
sidiaries o f the Standard Gas & Elec. Co. The companies involved are:
Sierra & San Francisco Power C o., the Western States Gas & Electric C o.,
and the Coast Valleys Gas & Electric Co. V. 124, p. 3210: V. 125. p. 248.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
The present subsidiary and affiliated public utility companies furnish
•electric power and light, gas, steam heat, telephone, water or street railway
service in important commercial, financial and industrial centres located in
prosperous sections in 19 States. The communities served, numbering
1,338. having an estimated population o f 5,690,000, include the cities of
Pittsburgh, Minneapolis, St. Paul, San Francisco, Louisville, Oklahoma
■City, Muskogee, Ardmore. Sioux Falls, St. Cloud, Fargo, La Crosse, Eau
Claire. Green Bay, O=hkosh, Sheboysran, Menominee, Casper. Marshfield.
Kalispell, Medford, Klamath Falls, Pueblo, Tacoma and San Diego. The
system has an aggregate installed hydro-electric and steam electric generat­
ing capacity o f 1,451,476 h.p.; installed daily gas manufacturing capacity
o f 101,771,000 cu. ft.: a total of 21,721 miles of transmission and distribution
pole and underground lines, and connected electric load, all purposes, of
2,433,967 k.w. Serves a present combined total o f 1,497,558 customers,
and for the 12 months ended July 31 1927 had a combined total electric
output o f 3,471,961,475 k.w .h., and for the same period a total gas output
o f 62,140.490,000 cu. ft. Co. also owns a controlling interest in Shaffer Oil
& Refilling Co. New construction in 1927. see V. 124, p. 649, 923.
Customer Ownership Sales.— See V . 123. p. 326: V. 124. p. 508.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Com. 3.000.000 shs. (no p a r ) . ____ $3 Q-J
l,247,503shs. See text
7% cum prior preference $50,-1
7 Q-J$21.000.000 S e p t'27 IU
000.000 ($100)___________ 1 ____
8% cum pref $30.000.000($50)____
8 Q-M
26.274,000 June'27 2%
6% non-cum $3,000,000 ($1)_______
6 Q-J
1.000.000 Sept '27 1 'A
20-yr 6% g notes (closed) ( 1915
6 g A-O
15,000,000 Oct 1 1935
($50, & c.)____________ c*tf\lnt. at Guaranty Trust Co.. N. Y ., trustee.
6% gold debent ($1,000, 500,/ 1926
6 g F-A
15 000 000 Feb 1 1951
1 0 0 )_________________c*tf (Cont. & Com. Tr.& Sav Bk. Chicago, trust
6% g debent $10,000,000/ 1926
6 J-D
10.000.000 Dec 1 1966
($1,000, $500, $100 c*)- _tf iCont’l & Comm’l Tr. & Sav. Bk., Chic., trus.
Co. also guarantees $2,713,000 Shaffer Oil & Refining Co. 1st mtge.
8% bonds, due June 1 1929.
Stock.— The 7% cumulative prior preference stock is call, all or in part at
115 and divs. The 6% non-cumulative stock has equal voting rights with
the common stock. Callable at par. The common and 8% pref stocks are
listed on the N. Y . Stock Exchange. V. 120, p. 830: V. 125, p. 2149.
In May 1925 H. M . Byllesby & C o., &c., sold $5,000,000 additional 7%
cum. prior pref. stock at $100. V. 120, p. 2552. In March 1926 they sold
$3,000,000 additional 7% cum. prior pref. stock at 102 (flat). V. 122,
p. 1764.
Stockholders of record Aug. 24 1925 were given the right to subscribe
for additional common stock at $48 per share to the extent of 1-5 of their
holdings. V. 121. p. 841.
Notes and Debentures.— Th8 20-year 6% notes are red. at 103.
The 6% gold debentures, due h o . 1 1951. are red., whole r part, on 60
days' notice, at 105 and int. on or before Feb 1 1930 thereat v* the premium
decreasing 1% for each 5 years or fraction thereof until and incl. Feb. 1
1950: thereafter at 100; plus accrued interest in each case. No additional
debs, o f this issue or other funded debt o f the co., of such tenor as directors
may from time to time determine, may be created, except for refunding
purposes, and only provided net revenue for 12 consecutive months has
been at least 2H times annual interest on total funded debt outstanding,
Incl. new issue. Principal and interest payable in Chicago and New York.
Penn. 4 mills, Maryland 4/4 mills and Mass. 6% taxes refundable. In
Feb. 1926 H. M . Byllesby & C o., Inc., &c., &c., offered $7,500,000 6%
gold debentures, dated Feb. 1 1926, at 97/4 and int., to yield about 0.20% ■
In October 1926 H. M . Byllesby & C o., Inc., Janney & C o., Hambleton
& C o., Inc. and Federal Securities Corp. sold $7,500,000 additional at
99 and int. to yield about 6.08% . V. 123. p. 1878.
The 6% g. debentures, due Dec. 1 1966, are red., whole or part, at any
time on 60 days’ notice at 105 on or before Dec. 1 1941: thereafter less 1%
for each 5 years or fraction thereof to Dec. 1 1961.: thereafter at 100/4 to
Dec. 1 1965; thereafter at 100, plus int. in each case. Interest payable in
Chicago or New York. Penna. 4-mill, Maryland 4/4-mill and Mass. 6%
taxes refundable. In Dec. 1926 H. M . Byllesby & C o., Inc., Janney
& C o., Hambleton & Co.. Inc., New York, and Federal Securities Corp.,
Chicago, sold $10,000,000 o f these debentures at 99 and int., to yield over
6.06% . V. 123, p. 3186.
Divs. on the 8% Cum. Pref—
'13. '14. '15. '16. '17. '18. '19. '20-'26
In cash________________________% 4
0
14/4 6
67/4
8 y'ly.
7
3 None __
..................... ..
In 6% scrip___________________ % 4
The directors on Aug. 19 1919 declared 13% cum. divs. on the 8% cum.
pref. payable in com. stock ($1,532,044) at par. Sept. 15 1919. Divs. paid
regularly at the annual rate since then.
On 7% pref. 1 % % Q.— J. is being paid.
On com. declared initial div. of 62/4c. a share, payable July 25 1923.
Same amount paid nuar to Jan. 25 1924: on April 25 1924 paid 75r. miar
and same amount paid regularly quar. since to and incl. Jan. 1927 to stock
o f record Dec. 31 1926. In April 1927 and quar. thereafter to and incl.
Sept. I 1927 paid 87 Z4«. In M ay 1926 declared a special dividend (in
addition to the regular quarterly divs. o f 75c.) of $1 a share (on basis of
1-50 share for each common share outstanding), payable in common stock
as follows: 1-100 share on July 25 to holders of record June 30 1926; 1-200
share on Oct. 25 to holders of record Sept. 30 1926, and 1-200 share on
Jan. 25 1927 to holders o f record Dec. 31 1926. V. 122. p. 2801.

H. M. Byllesby

and

INCORPORATED

C o.

Underwriters, Wholesalers and Re­
tailers of Investment Securities
— S p e c ia lis ts in Public Utilities.
CHICAGO

NEW Y O R K

231 So. La Salle St.

I l l Broadway

Boston
Philadelphia
Minneapolis St. Paul




Providence
Detroit
Kansas City
Des Moines

EARN ING S.— For Calendar years:
al927
1926.
Gross earnings__________$12,544,930 $10,893,059
Net earnings___________ 12,401,973 10,772,766
Interest.,......................... 2,580.102
2,319.004
Preferred dividends____ 3,614,572
3,180,618
Common dividends_____ 4,637,976 b4,208.819

[V ol. 125,
xl925.
$7,270,117
7,125.670
*1,400,884
2.485,369
*1,953,366

1924.
$6,098,532
5,981,260
2,217.290
1,761,298
796,033

Balance, surplus.........$1,569,323 $1,064,925 $1,286,051 $1,206,639
x See V. 122, p. 1918.
* Tnt. on funded debt converted into com. stock incl In com. stock divs
a For 12 months ended June .30 1927. b Includes common stock divs
o f $1,215,150 paid In common stock at $50 per share.
Consolidated Earnings Statement.— 12 months ended Dec. 31 1926, Of
Standard Gas & Electric Co. and Subsidiary and affiliated companies.
Gross earnings:
Public utility companies______________________$144,542,676
Shaffer Oil & Refining C o..................... ................ 21,910.698
--------------------$166,453,374
Operating expenses, maintenance and taxes:
Public utility companies_______________________$83,600,429
15,865.123
Shaffer Oil & Refining C o___________________
99,465,552
Net Earnings:
Public utility companies_____________________ $60,942,247
Shaffer Oil & Refining C o................._................
6.045,575
66,987.822
Other income o f public utility companies.
1,178,372
Gross income_________ ■__________________________________ $68,166,195
_
Interest and dividend charges on securities o f sub­
sidiary and affiliated companies in hands of
public, reserves and minority interests’ propor­
tion of undistributed earnings________________ $41,140,421
Retirement reserves, depletion and amortization. 15.337,090
-------------------- 56.477,511
Balance applicable to securities o f subsidiary and affiliated
companies owned by Standard Gas & Electric Co______ _ $11,688,684
Other income of Standard Gas & Electric C o., less expenses,
from engineering (reflected in capital accounts o f subsidiary
and affiliated companies), sup<irvision, profits on invest­
ments, and other operations______________________________
2,400,844
Consolidated net income before interest charges o f Standard
Gas & Electric C o.......................................................................$14,089,528
Deduct annual requirements on total funded debt and preferred
stocks of Standard Gas & Elec. Co. outstanding Dec. 31 1926:
2,400,000
Annual interest requirements_____________________________
Balance______________________ _______ _______________ $11,689,528
Annual dividend requirements:
7% prior preference stock________________ $1,470,000
8% preferred sto c k ..'____________________
2,093,732
6% non-cumulative stock________________
60,000
---------------3.623.732
Balance_____________________________________________
$8,065,796
Latest Earnings.— Consolidated earnings for 12 months ended June 30:
1927.
1926.
Gross earnings.........................................................$142,675,162' $137,010,702
57,680,393
Net earns, before prov. for retirements________ 61,084,146
Other income________________________________
1,090,464
1,324,345
Gross income.
$62,174,600 $59,004,738
Gross and Net Earnings of Subsidiary and A ffiliated Companies of Standard
Gas & Electric Co., Year Ende Dec. 31 1926.
id
Net Earns.
Before Pro,
vision for
Gross
Retirement
Earnings.
Reserves.
California Power Corporation______________ ____ $2,502,003 $1,420,223
Coast Valleys Gas & Electric C o___________ ____
1,260.220
454,007
Fort Smith Light & Traction Co___________ ____
1,409,951
367.452
Louisville Gas & Electric Co. (Delaware)___ ____
8.654,575
4,370,310
Mountain States Power C o________________ ____
3,302.972
1,236,213
Northern States Power Co. (Delaware)____ ____ 28,270.716 14,125,292
Oklahoma Gas & Electric C o______________ ____ 11,118,601
4,074.514
San Diego Consolidated Gas & Electric C o. ____
5.753,392
2,602,461
Sierra & San Francisco Power C o______________
171,471
118.472
Southern Colorado Power C o__________________
2,433.340
1,075.132
Southwestern General Gas Co_________________
56.010
28,849
Standard Power & Light Corporation______ ____ 71,902.486 27.418,530
Western States Gas & Electric (Delaware).. ____
3,407,593
1,804,570
Wisconsin Public Service Corporation______ ____
4.454,565
1.846,220
Totals public utility companies__________ ____$144,697,896 $60,942,247
Less— Inter-company eliminations_________ ____
155,220
________
Totals public utility companies__________ ------$144,542,676 $60,942,247
Shaffer Oil & Refining C o_________________ ____ 21,910,698
6,045,575
Totals__________________________________ ____ $166,453,374 $66,987,822
OFFICERS.— Pres.. John J. O’ Brien: 1st V .-P .. Robert J. Graf; V.-Ps..
B. W . Lynch, J. H. Briggs, H. O. Cummins, Halford Erickson, H. W .
Fuller, R. G. Hunt, E. J. M cK ay, F. C. Gordon, Geo. H. Harries, C. C.
Levis; Sec. & Treas., M . A. Morrison. Chicago office, 231 South La Salle
St.; New York office, Trinity Building.— V. 121, p. 708, 841, 1570, 2275,
2754; V. 122, p. 613, 751, 1764, 1918, 2044, 2331, 2790, 2801, 2950, 3085.
3607; V. 123, p. 326, 712, 1252, 1384, 1878, 2392, 3039, 3186; V. 124,
p. 508, 649, 1221, 1668, 2421, 2579, 2909, 3210, 3497; V. 125, p. 248, 782,
1054, 1195, 2149, 2266.

CHICAGO AURORA & ELGIN CORPORATION.

Control.— In Feb. 1926 Thomas Conway Jr. and associates sold to
Samuel Insull and associates their stock holdings, constituting a majority
Interest, in Chicago Aurora & Elgin Corp. V. 122. p. 1308.
ORGANIZATION.— A holding co. lncorp. in Delaware June 12 1922 to
take title under the reorganization (see plan in V. 114, p. 736, 1177) of the
old Aurora Elgin & Chicago R R . (for history see “ Electric Railway” Sup­
plement of April 29 1922) to certain small interests and stocks which cannot
propprlv be hPld bv the Chicago Aurora & Elgin R R ., the operating co
Owns the entire $9,500,000 (par $100) common stock (except directors’
qualifying shares) of the Chicago Aurora & Elgin R R ., which see below.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common (no par) 27,500 s h s , . ___
______
27,500 shs.
_____ _
Debenture bonds $6,000,000-- 1922
See text
$6,000,000 April 1 1972
Bonds.— Int. ou the debenture bonds accrues at 6% per annum alter
June 1924 and is payable out of the net profits of the corp. If the nei
Income in any year is not sufficient to pay int. at the rate of 6% per ann..
such int. remaining unpaid is to accrue, and the accrued deficiency is payable
before any div. may be paid on the common stock, but failure to pay int
shall not constitute a default
Red. at 102/4 and int. V. 114, p. 736
1177. 2716; V. 115, p. 1837: V. 122, p. 1308.
(11 CHICAGO AURORA & ELGIN RR.
All the common stock of the co. (except directors’ qualifying shares) is
held by the Chicago Aurora & Elgin Corp.. which see above.
ORGANIZATION.— lncorp. Feb 17 1926 in Illinois as a consolidation o f a
company of the same name, lncorp. Mar. 23 1922 in Illinois and Chicago
Westchester & Western R R . The old Chicago Aurora & Elgin R R . Co.
was organized to take title in reorganization (see plan in V. 114, p. 736,
1177) to most of the properties and franchises of the so-called Third Rail
Division of the old Aurora Elgin & Chicago R R . (for history, see "Electric
:
Railway" Supplement of April 29 1922).
Fare Increase.— V. 125, p. 513.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A railroad operated by electricity, with 106.75 miles of track, serving and
connecting Chicago. Maywood, Bellwood. with a 1.1 mile extension south
to Westchester and a 2 14-mile extension southwest to M t. Carmel ceme­
tery; Villa Park, Ardmore, Elmhurst, West Elmhurst, Lombard, Glen
Ellyn. Wheaton, Aurora. Elgin, Batavia, West Chicago, St. Charles
and Geneva, all In Illinois. The business includes passenger, freight
and express service. Also owns a steam electric generating station at

177
R A IL W A Y
AND
P O W E R , L IG H T

1927.]
O c t .,




178

PUBLIC U TILITIE S

Batavia with an installed generating capacity of 16.000 k. v a., which
together with its principal transmission equipment was leased to the
Public Service Co. of Northern Illinois under a contract giving the co.
ampli power supply under favorable terms. Operates 76 passenger coaches.
95 freight cars and 4 electric loe motive
Wage Agreement.— New agreement made for 3 years from June 1 1927.
STOCK AND BONDS—
Dale. Interest. Outstanding. Maturity.
Common ($100)___________________
_________ $9,500,000 ____________
7% prior pf $10,000,000 ($1001___
7
$500,000 __________
A F A O Ry first mortgage ( 1901
5 g A -0 15
170.000 Apr 15 1941
♦3,000 000 ($1,0001. guiuj Cont. & Comm. Tr. & Sav. Bk., Chic., Trus.
cannot be called_______ tf (Interest payable in Chicago and New York.
ls t & r e fM 6 % g s e r A ($ l,000, f 1926 6 g J-J
4,950.000 Jan 1 1951
$500, $100 c* t f)__________ (Central Trust Co. of Illinois, trustee.
Car trust certificates, serial
1922 6 M-S
235 O O See text.
O
Equip trust ctfs ser B ($1,000-1 1927
_______
460,000
See text.
$500-$100)_____________ tf/D ividends payable in New York or Chicago.
Bonds.— Of the Aurora Elgin & Chicago Ry. bonds $1,889,000 are
pledged under the 1st & refunding mortgage, $961,000 have been retired.
The 1st A ref. mtge. 6% g. bonds are secured by a direct 1st mtge. on the
new 1.1 mile double track extension from the main line at Bell wood south
to Roosevelt Road, by pledge of $1,869,000 underlying bonds, and by a
direct mortgage lien on all the co.'s physical property (incl. after-acquired)
subject only to prior lien bonds from time to time outstanding. Co. may
annually withdraw at 100 for cash not exceeding $50,000 1st mtge. bonds
(pledged under this mtge.). Cash to the extent of $25,000 arising from
such withdrawals shall be used to retire series A bonds to be purchased
by the sinking fund agent, Halsey, Stuart & Co., Inc., at not exceeding
the then redemption price, and the balance may be used against capital
expenditures, against which no bonds may be issued. Upon release of the
1st mtge. co. is to deposit $25,000 annually for retirement of series A
bonds by purchase. If not obtainable at or below redemption price,
moneys may be used against capital expenditures. A maintenance fund
is provided for. Additional bonds of any series may be issued (a) against
cash or U. 8. obligations, or pledge or refundment of underlying bonds, or
other series issued under this mtge.; (6) for 75% of new additions, acquisi­
tions, & c.. provided net earnings for 12 out of preceding 14 months have been
at least twice interest on all 1st & ref. mtge. bonds (incl. new issue) and
prior lien bonds, if any, outstanding. $800,000 additional bonds may be
issued at any time for corporate purposes if co. has complied with foregoing
earnings requirement. Red., whole or part, on 60 days notice at following
prices and int.: prior to Jan. 1 1931 at 105; Jan. 1 1931 to Jan. 1 1936
at 104; Jan. 1 1936 to Jan. 1 1941 at 103; Jan. 1 1941 to Jan. 1 1946 at
102]4; thereafter less l % during each succeeding year to Jan. 1 1950;
A
on and after Jan. 1 1955 at 100. Penn. & Conn. 4-mills, Maryland 4 A mills, Dist. of Columbia 5-mills and Mass. 6% taxes refundable. In
Jan. 1926, Halsey, Stuart & Co., Incorp., offered $5,000,000 6% series A
at 96 and int., yielding over 6.30% . V. 122. p. 607.
Equipment trusts mature $23,000 each March 1 and $24,000 each Sept. 1
to 1932. Girard Trust Co.. Philadelphia, trustee.
The equipment trust certificates, series B, dated April 1 1927, mature
serially $46,000 each Apr. 1 1928 to 1937. incl. Halsey, Stuart & C o.. Inc.,
sold in April 1927 $465,000 equipment trust certificates at prices to yield
from 4.75% to 5.75% . V. 124, p. 2277.
E A R N IN G S.— For calendar years:
Bal.. Sur.
Int., <
%c.
Gross.
Net. aft. Tax. Oth. Inc.
$93,123
$179,322
$363,256
1926_______$2,807,574
$277,057
$484,966
$212,584
$30,445
1925_______$2,707,617
$687,105
316,602
227,589
1924______ 2.318.570
527.371
16.820
176,224
339.440
8,704
1923______ 2,502,325
x566,960
322,104
126,631
448,454
281
1922______ 2,252,996
x Excluding Federal income tax.
OFFICERS.— Chairman. Samuel Insull: Pres.. Britton I. Budd: V.-Ps.,
R . Floyd Clinch. Bernard J. Fallon, Edwin O. Faber, Samuel Insull Jr.,
Charles E. Thompson, Hal M . Lytle and George R. Jones; Sec. & Treas.,
O. A. Whonsetler; Gen. M gr., Edward J. Blair.— V. 118, p. 1664; V. 119,
p. 1842 , 3009; V. 120, p. 209; V. 121, p. 456, 1345; V. 122, p. 607, 1025,
1168, 1607; V. 124, p. 2277; V. 125, p. 513.

COMMONWEALTH EDISON CO.
ORGAN IZATION .— Incorp. Sept. 17 1907 as a consolidation per plan
in V. 85. p. 162. 724. In 1913 acquired (by consolidation) Cosmopolitan
Electric Co. Franchises expire 1947. On March 24 1908 the Chicago
City Council passed an ordinance providing that 3% annually of the gross
receipts during the life of the franchise of the old Commonwealth Electric
Co. be paid to the city, and providing that the franchise be extended to
include all of the subsidiary companies. Maximum rate was reduced on
Aug. 1 1923 from 9 cents (net) to 8 cents (net).
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
The co. has over 885 000 customers, including the surface and elevated
railways o f Chicago. Output in 1926 was 3 482,632,000 k.w.h. The co.
owns (through subsidiary companies) coal rights in over 54 000 acres of coal
land in Illinois and Indiana estimated to contain over 400,000.000 tons of
coal, and has 8 generating stations, 100 commercial sub-stations and
over 150 industrial substations. Crawford Ave. station has at present an
installed capacity o f 324,000 k.w. to which 100,000 k.w. will be added
by machinery now on order. The present total generating and storage
battery capacity of the company is 1,054,000 k.w., or 1,413,000 h.p.
Properties include 11,350 miles of overhead conductors, 7,130 miles of
underground conduit, 3,371 miles o f cable. The entire City of Chicago,
with an estimated population o f over 3,000,000 is served practically without
competition.
Franchises.— Cover the entire city of Chicago and extend to 1947.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Q— F $108 802 600 A u g ’27,2%
Stock $150,000 000 ($100)..............
C o m m o n w e a l t h Elec 1st mtge) 1898
5 g M-S
8.000.000 June 1 1943
($1.0001 gold________r*tf /Northern Trust Co., Chicago Trustee.
First mtge 5% bonds ($1,000)/ 1908
5 g M-S
45.774.000 June 1 1943
gold______________________(Northern Trust Co., Chicago, trustee.
First mtge 6% bonds ($1,000) f 1908
6 g M-S
6.000,000 June 1 1943
g o ld ___________________ tf (Northern Trust Co., Chicago, trustee.
First mtge collateral bonds—
Ser A ($100 &c) gold.c*&r*| 1923
5 g J-J
15,000,000 July 11953
(111. Merchants’ Trust Co., Chicago, trustee.
Ser B ($100 &c) gold-C*&r* | 1924 5 g J-D
15,000,000 June 1 1954
(111. Merchants’ Trust Co., Chicago, trustee.
Ser C (c* $1,000.$500,$100;
r* $1,000. $5,000, $ 1 0 - 1926
4)4 g A-O 15,000,000 Apr 1 1956
000
_____________ z .tf (111. Merchants’ Trust C o., Chicago, trustee.
Ser D (c* $1.000.$500,$100; f
r* $1,000, $5,000, $ 1 0 - 1927 4 )4 g J-J 15,000,000 July 11957
0 0 0 )_________________tf (111. Merchants’ Trust Co., Chicago, trustee.
Slocks.— Authorized capital stock, $150,000,000. V- 120. p. 1088. Com­
pare V . 120, p. 828. Stockholders of record April 1 1925 were given right to
subscribe at par ($100) for additional capital stock to the extent of 12(4%
of their holdings. V. 120, p. 1457. Stockholders of record July 1 1926
were given the right to subscribe on or before Aug. 2 1926 at $100 per share
for additional stock equal to 12 (4 % o f their respective holdings. Subscrip­
tions payable in full, 4 or 10 installments. V. 123, p. 3603.
Bonds.—Additional Commonwealth 5s of 1908 are issuable for not ex­
ceeding 75% of cost of extensions and improvements. Redeemable at 110
V. 79, p. 214; V. 83, p. 326; V. 85, p. 163; V. 88, p. 55. 103; V. 90. p. 40;
V. 100, p. 1351, 1440. The Commonwealth Elec. 1st 5s of 1898 and the
Commonwealth Edison 1st 5s & 6s of 1908 are all secured by the same mtge.
In addition to amount outstanding, $60,000,000 1st mtge. bonds of 1908 are
pledged as security for the 1st mtge. coll, series A, series B, series C and
series D bonds. Int. on all issues payable in New York and Chicago.
The 1st mtge. coll, bonds are issuable in series, with such rate ot int., re­
demption sinkinsr fund b e., as directors shall determine. They are secured
by deposit o f $60,000,000 1st mtge. bonds o f 1908, not included in the amts,
shown in the above table as outstanding. Ser. A, B , C and D bonds are call,
at any time on 40 days’ notice at 110 and int. Int. payable in N. Y. and
Chicago. Penna. and Conn. 4 mills tax and Mass, tax on int. not exceed­
ing 6% thereof, refunded. V. 117, p. 2775; V. 119, p. 698. In Jan. 1926
Halsey, Stuart & Co., Inc., offered $15,000,000 series C at 93 and int., to
yield 4.83% . V. 122, p. 609. In March 1927 Halsey, Stuart & C o., Inc.,
sold $15,000,000 series D at 96 and int., yielding 4.68% . V . 124, p. 1357.
All bonds are listed on Chicago Stock Exchange.
D IV ID E N D S.—
’ 07. '08. ’09. 1910. ' l l . '12. '13. '14 to F e b '27.
Percent............. ..............6)4 6)4 6 6(Q-F) 7
7 7)4 8 (2% Q.-F.)
V 97, p. 447, 889.




[V ol. 125.

EARNING S.— For calendar years:
1926
1925
1924.
1923.
Gross revenues________ $65,776'058 $58,691 /584 $53.672A42 $49,136*042
Operating expenses_____ 34,135.648 31.329.442 28.997.333 27,670.697
Uncollectible oper. r e v ..
310,491
305.001
339,047
177,722
Retirement expense____ 5,929.225
4,932.967
4,327.878
3,912,725
T a x es.................
5,400.000
4,500.000
4,375.861
4,230.000
Municipal compensation__1,959,093
1.756.268
1,606,230
1,469.585
Operating income____$18,041,601 $15,867,906 $14,026,094 $11,675/313
1,312.527
937,239
728,221
557,270
Other income__________
T o t a l..................... -..$19,354,128 $16,805,145 $14,754,315 $12,232,583
Interest on bonds______ 5.157.405
4,544,280
4,089,363 3.052,613
Dividends (8 % )............. 7.990.450
7.202.942
6,230.288 5,389,002
Other deduct ons______ 1,698,522
1.494,079
1,557,033
1,627,853
Balance, surplus......... $4,507,751 $3,563,844 $2,877,631
$2,163,115
Prev ous surplus........... 19.153,586 15,563,362 12,703,312 10,608,466
T o t a l_______________$23/661,337 $19,127,206 $15,580,943 $12,771,581
M.SC. deb. or credits____ Dr.94,969
Cr,26,380
Dr.l 7,582
Dr .68,268
Profit & loss, surplus.$23,566,368 $19,153,586 $15,563,361 $12,703,312
Latest Earnings.—-For 12 mos. ended Sept. 30 1927: Gross, $70,439,616:
net after taxes, int. and providing for retirements, $13,405,382.
OFFICERS.— Pres., Samuel Insull: V.-Ps., L. A. Ferguson. J. F. Gil­
christ. J . H. Gulick, E. J. Doyle and Edward w . Lloyd; Sec. & Asst. Treas.,
John W. Evers Jr., Treas. & Asst. Sec., Geo. W. Williamson, Aud., H. E.
Addenbrooke. Office, 72 West Adams St., Chicago, 111.— V. 121, p. 2271;
V. 122, p. 479, 609, 1025, 1168, 2328. 3603: V. 123, p. 2138, 2653; V. 124,
p. 1065, 1357, 1508, 2426, 3494; V. 125, p. 513, 2262.

MISSISSIPPI VALLEV R A IL W A Y & POWER CO.
ORGANIZATION.— Incorp. in Delaware July 1 1915 to take over the
Rock Island Southern Ry. the Aledo Terminal Ry., the Rock Island Alexis
Ry. and the Edwards River Power Co. (all formerly operated by the Rock
Island Southern R y .), as per plan of readjustment in V. 101, p. 449. Under
the plan acquired all the com. and pref. stocks of these companies and
$1,341,200 (out of $1.873,200) 1st mtge. bonds of the Rock Island Southern
Ry. and $415,000 Aledo Terminal Ry. 1st mtge. bonds.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Runs north from Monmouth to a connection with the Chic. Rock Island &
Pac. Ry. at Monmouth Jet., 31 miles, and thence operating into city of
Rock Island, a distance of 22 miles, over line leased for 25 years from O. R.
I. & P. Ry., which has been electrified. Also 7 miles from Gilchrist Jet. to
Aledo. Total miles of single track operated, 66.29. Has connections for
Davenport, la., Moline and Galesburg, 111. 10 pass., 243 freight, 2 express
and freight, and 7 work cars; 7 steam locomotives. 75-85-lb. rails. Also
operates the power house located at Edwards River.
Default— Interest Funding Plan.— Holders o f $532,000 Rock Island South­
ern R y . bonds were requested to exchange their coupons for the 3 years
beginning July 1 1917 for bonds of the same issue, par for par. V. 105, p.607
Sale of Collateral.— The interest and principal due June 1 1917 on the
$266,000 coll, trust notes of the R. I. Southern Ry. remaining unpaid, the
$532,000 1st mtge. 5% bonds of that company pledged as collateral wera
sold at foreclosure Aug. 27 1917, presumably to the committee for the note­
holders. Compare V. 105. p. 607.
Liquidation of the Company.— We were advised that the holdings o f the
company probably will be disposed of and the company dissolved In the
course of 1926. V. 121, p. 1789. Up to the time of going to press we did
not receive any report as to the reorganization having been completed.
Sub. Co. Receivership.— In April 1920, Judge Martin J. Wade appointed
O. N. Abbott and O. H. Bacon receivers for the Rock Island Southern
Ry. V. 110, p. 1642.
STOCK AND BONDS—
Date.
Interest. Outstanding.
faturity.
_______
$2,291,060 __________
Common stock $2,500.000_________
Preferred stock $2,000,000_________
_______
1,079,524 __________
Prior lien bonds $300,000 1st ( 1915
5 J-J
ab t.175,000
See text
refunding mortgage ($100,/ 1915
5 J-J
abt.800,000 July 1 1945
& c)-------------------------------c*tln t. at Columbia Trust Co. N . Y .. trustee.
Rock Island Southern Ry.—
1st mtge $2,500,000 ($100)/ 1908
5 g J-J
1,873,200 Jan 11947
$500 and $1,000) g _____tr (Central Trust Co., Chicago, trustee.
Bonds.— Provision is made for the retirement of the prior lien bonds out
of the sinking fund or by the sale of other bonds, the bonds taken in ex­
change for the old securities then becoming an absoltue first lien. Addi­
tional bonds may only be issued for betterments, extensions, &c., under
carefully guarded restrictions.
$1,341,200 of the R. I. Southern R y. bonds are owned by the Mississippi
Valley Ry. & Power Co.
OFFICERS.— Pres., J. A. Hanley, Davenport, Iowa; V .-P ., T . P.
Gaylord, Pittsburgh; Sec., M . A. Walsh. Clinton. Iowa.— V. 101, p. 449;
V. 105, p. 607; V. 110. p. 1642; V. 121. p. 1789.

NORTH CONTINENT UTIL IT IE S C ORPO RATION .
ORGANIZATION.— Organized in 1922. Controls North Shore Gas
C o., Elk Power & Light C o., Great Northern Utilities C o., Great Northern
Gas Co. and Great Falls Gas Co. Also acquired all outstanding securities
(both bonds and stock) of Denver Ice & Cold Storage Co. and its subsidiary
the Western Railway Icing Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Through its main subsidiary, the North Shore Gas C o., furnishes gas
to numerous suburbs north o f Chicago on Lake Michigan, embracing a
territory o f approximately 275 sq. miles, incl. Winnetka, Hubbard Woods,
Glencoe, Ravinia, Highland Park, Hlghwood, Fort Sheridan, Lake Bluff,
Great Lakes Naval Station, North Chicago. Waukegan. Winthrop Harbor,
Diamond Lake, Grays Lake. Deerfield. Llbertyville, Mundelein and Prairie
View. Company has about 20,000 meters (connect ed on 385 miles of service
mains) and serves a population of about 100.000. Through other sub­
sidiaries serves natural gas and electric service to various towns and cities
in Colorado, Minnesota and Montana and through control o f Great North­
ern Gas Co. serves gas to Sault Ste. Marie, Canada. An extensive icing
business is carried on at many points in Colorado by Denver Ice & Cold
Storaee Co. Population served with gas and electricity in excess of
150.000.
STOCKS AND BONDS—
Date. Interest. Outstanding. Maturity.
Common 200,000 shs (no p a r ) . ____
________ 200.000 shs ___________
7% cum pref ($10,000,000) , - x ____
7
$1,298,10.0
See text
Conv 6)4% deb bonds($l,0001 1927
6)4 g J-J 2.000.000 Jan 11942
$500 c * )_________________ /In t. at Central Tr. Co. of 1 1 ,Chic., trustee.
1
x Sufficient of the 7% cum. pref. stock is reserved to provide for the
conversion of the 6)4% conv. deb. bonds.
Stock.— 7% cumul. pref. stock is preferred as to assets and earnings and
is red. at option of company at 105 and accrued divs. on any div. paying
date upon 60 days' notice.
Bonds.— 6)4%> Conv. Sinking Fund Gold Deb. Bonds.— Any other series
of bonds may be issued provided consol, net income is at least 2)6 times
annual interest requirements on funded debt outstanding, incl. proposed
issue, additional funded debt to approximately 75% of additional assets.
Bonds are conv. on or prior to date of maturity or redemption, into 7%
cumul. pref. stock on basis of par for the bonds against $93 per share for
7% cumul. pref. Company will refund upon application by resident
holders Penn., Maryland taxes not in excess not in excess of 4 H miles.
Mass, tax not in excess of 6% and taxes in the States of Calif, and Conn.
First payment to sinking fund to be made on or before Sept. 1 1928; pay­
ments shall be as follows; $50,000. Sept. 1 1928 and 1929^ and $65,000,
Sept. 1, each year thereafter. Red. whole or in part on 30 days' notice
at 103 and accrued int. on or before Jan. 1 1932, 102 and accrued int. on
or before Jan. 1 1937 and at 101 and accrued int. thereafter prior to matur­
ity. In Jan. 1927 Coffin, Forman & Co.. Inc. of New York and George
M Forman & Co. of Chicago, offered $2,000,000 6)4% conv. sinking fund
debs, at 100 and int. V. 124, p. 791 922.
Dividends.— Preferred stock dividends have been paid promptly since
original issue of stock in 1922.
EARNINGS.— For 12 mos. ended M ay 31 1927:
Gross earnings_______________________________________________
$800,127
496,980
Operating expenses__________________________________________
Net operating income______________________________________
$303,147
Other income (affiliated companies)__________________________
97,715
Net available for interest, amortization and Federal taxes____
$400,862
OFFICERS.— Pres., Wm. A . Baehr; V.-Ps., R . B. Menditb and J. O.
Thompson; Sec., Wm. B. Baehr; Treas., A . O. Winters.

179

POW ER, L IG H T AND R A IL W A Y

Oca'., 1927.]

STOCKS

$ 120, 0 0 0 ,0 0 0

$IQO,OOOPOO

$80,000,000

$60,000,000

$40,000,000

$ 20 , 000,000

012

T j 'X P E R I E N C E D
of

th e

1916

1921

in v e s to r s r e g a r d th e

C o m m o n w e a lth

E d is o n

1926

s e c u r itie s

C om pany—

w h e th e r b o n d s o r s t o c k — a s a m o n g t h e v e r y h ig h e s t
g r a d e p u b lic u t ilit y in v e s tm e n t s .
The

C om pany

p r a c tic a lly

w ith o u t

s u p p lie s

e s s e n tia l

c o m p e titio n ,

la r g e s t c i t y in t h e U n it e d S t a t e s .

to

s e r v ic e s ,

th e

secon d

I t is t h e l a r g e s t

s te a m e le c t r ic it y -p r o d u c in g c o m p a n y in t h e w o r l d .
D iv id e n d s
and

it s

have

p r in c ip a l

been

p a id

p red ecessor

by

th e

com pan y

u n in te r r u p te d ly

fo r

3 8 y e a r s ; s in c e N o v e m b e r , 1 9 1 3 , a t th e r a te o f 8 % .
The
b a la n c e d
over
lo n g

a c c o m p a n y in g

ch a rts

fin a n c ia l s tr u c tu r e

in te r e s t

and

d iv id e n d

and

sh ow
th e

th e

w id e

r e q u ir e m e n ts

w e llm a r g in
fo r

a

p e r io d .

A s k fo r the 1927 Y ea r Book giving*com­
plete fin a n cia l and operating details.

COMMONWEALTH EDISON COMPANY
E d iso n B u ild in g — 72 W e s t A d a m s S tre e t




C H IC A G O

180

PUBLIC U TILITIE S

CHICAGO C ITY & CONNECTING RYS.
Default.— For conditions arising from default in principal of bonds due
Feb. 1 1927, see the opening paragraphs o f statement of “ Chicago Surface
Lines."
Lisman Plan.— See “ Chicago Surface Lines” proposed for reorganization.
Protective Committees.— See under “ Chicago Surface Lines" below.
ORGAN IZATION .— A collateral trust. Formed in 1910 under a trust
agreement, to take over the stock of the Chicago City By., together with
the securities of the Calumet & South Chicago R y., the Southern Street R y..
the Hammond Whiting & East Chicago Ry and the Chicago & Western.
These properties comprise approximately 522 miles of street railway iD
southern division of Chicago and vicinity
See outline of plan in V. 90, p
558. 625. Trustee, Chicago Title & Trust Co. V. 99, p. 1527.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com part certs 150.000 s h a r e s .____
s-a
150.000 shs.
See text.
Pref part certs 250.000 s h a r e s .-----s-a
250.000 shs.
See text
Coll trust mtge 822.000.0001 1910
5 A-O
$20,616,000 Jan 1 1927
gold sinking fund .c*& r*tf IInt. at 1st Tr.&S.B.,Chic.,Trus.. or in N. Y.
Participation Certificates.— Preferred participation shares have no par
value but are entitled to preferential cum. divs. aggregating $4 50: also,
after com. partic. shares shall have received $4 in any year, the remaining
surplus, not exceeding in any year $1,000,000, shall be paid ratably, % to
pref. and % to com., but in no case will the pref. certfs. be entitled to more
than $7 each per annum; also have preference upon distribution of trust
fund to the amount o f $i00 each and accumulated dividends. Listed on
Chicago Stock Exchange. In July 1918 the div. due on the pref. partic.
vDrtificates was deferred. In 1925 a dividend o f $1 per share was paid on
pref stock.
For Protective Committee in connection with default of bonds due Feb. 1 1927,
see statement o f Chicago Surface Lines below. Compare also V. 123.
p. 2774.
bonds.— Coupon bonds in denom, o f $1,000; registered bonds $1,000 or
multiples. A sink, fund o f $105,000 o f bonds p. a. began Mar. 1 1915.
Bonds are redeem, for the s. f.. or as a whole, at 105 and iut. $1.384.000
redeemed as of Apr. 1 1926. In case o f purchase of property o f the Chicago
City Ry. by City o f Chicago, or termination o f trust agreement of Jan. 1
1910, then bonds are redeemable at par and accrued int. See V. 90, p. 558
625. Bonds are listed on N. Y and Chicago stock exchanges. V 94.p 1118
The principal uas not paid at maturity. In Jan. 1927 it was reported that
about 68% o f the bonds had been deposited with a protective Committee for
which see under “ Chicago Surface l ines" on one o f the following pages,
fn t. on all o f these bonds was paid Jan. 1 1C27.

[V ol. 125.

STOCK AND BONDS9
Date.
Interest. Outstanding LastDir..Ax.
Text Q-M30 $18,000,000 D e c '26. IK
stock .»is.outj.ooo ($109)............ .
First mtge ($1,000) g.c*& r*tf/ 1907
5 g F-A
33,926.000 Feb. 1 1927
IFirst Trust. & Sav. Bank. Chicago, trustee.
Bonds.— There is no limit to the amount of bonds that may b issued
under the above mortgage. Under the Chicago city ordinance, in ;ase of
purchase by the city or its licensee, and only in such case, the bonds may be
called as a whole, for payment at par and lnt., on any int. date before ma­
turity. V 84, p. 1488. 1550 Bonds are listed on Chicago Stock Exchange
V. 98, p. 386. For “ Lisman Plan" of reorganization, see "Chicago Surface
Lines" below.
Protective Committee 1si mtoe. 5% Q bonds— Default, as to principal at
.
maturity. See V. 122. p 1760 and also under “ Chicago Surface Lines.”
The Interest due Feb 1 1927 on all bonds was paid on that date. V. 123,
p 579. The Aug. 1927 coupon also was paid. V. 124. p 505. 641, see also
V. 123, p. 3180; V. 125, p. 245.
Dividends.— In 1893. 24% . 1894-1900, 12%; in 1901. 1 0 K % ; In 19021909. 9% ; in 1910. 16%; in 1911. 1114%: in 1912, 11%; in 1913, 10H % ;
In 1914, 9% ; In 1915, 8%,; In 1916, 9H % ; In 1917. 8% and X % extra in
Dec. In 1918. 5% . In 1919. 5%,. In 1920, 6%,. In 1921, 6 % . In
1922.6% . In 1923.6% . In 1924. 6% . In 1925. 6 % . In 1926, 6 % .
EARNINGS.— For 12 months ended Jan. 31:
(Combined results of the “ Chicago Surface Lines” under the Unification
Ordinance, which went into effect Feb. 1 1914):
1927.
1926.
1925.
1924.
Propor of residue rec. ,$5,320,844 *$4,863,070 *$4,602,687 *$5,126,167
Joint, acct. exp. int. on
cap invest.. & South
St Ry net earnings,. 3.525.319
3.521.159
3.668.029
3.852.916
Netearnings................ $1,795,525 $1,341,911
$934 658 $1,273,250
City’s proportion (55%)
987.639
738.051
514.062
700.288
Co ’s proportion (4 5 % ).
764.032
570.950
397.464
541 450
Int on capital x_______ 2.788.024 2.790,302
2.780.379
2.764.337
Income from operation $3,552,056 $3,361,252 $3,177,842 $3,305,786
def7.474
def44.820
01 7.52 6
<>83,198
Other Income__________
Net incom e....................$3,544,582 $3,316,432 $3,195,369 $3,388,984
Interest on bonds........... 1.717.951
1,737.425
1.751.180
1.761.519
Dividends (6 % ).............. 1,080,000
1.080 000
1,080 000
1,080.000
Balance........................
$746,631
$499,007
$364,189
$547,465
• R ^presenting 40% of residue receipts.
x T le "interest on capital : '’stment" Is that certified by board of
super ising engineers, as provided by the ordinance of Feb. 11 1907.
OFFICERS.— Chairman. Kxa Comm, and Pres.. L. A. Busby, VicePres . H B. Fleming; Sec. & Treas. F. D. Hoffmann. Aud John J.
Duck — V. 120. p 2141: V 122. p 1760. 1911: V 123, p. 579, 1502. 3180:
V. 124, p. 505, 641, 1977, 2270, 3206; V. 125, p. 245.

Stocks and Bonds Deposited to Secure the Coll. Trust Bonds.
Stocks (par) .aBonds. par)
(2i CALUMET & SOUTH CH ICAGO R A ILW A Y.
Chicago City R y ---------------------------------------- $16,971,900
None
Calumet & South Chicago R y _____________ *10.000.000
______
Control.— Chicago City & Conn. Rys. Collateral Trust owns the entire
Southern Street R y________ _______________ *2,400 000
______
capital stock
Hammond Whiting & East Chicago R y------- *1,000.000
*1,000,000 1st
Unified Operation of Surface Lines.— See "Chicago Surface Lines” for
Chicago & Western-----------------------------------*72.000
_________
details of Unification Ordinance of 1914. under which the lines of this com­
pany are operated jointly with those of the Chicago Rai'ways Co. as a
T o t a l___________________________________ $30,443,900 $1,000,000
single system under the control of a joint board ofo peratlon.
* Entire issue.
ORGA N IZA TIO N .— Is a consolidation formed in 1908 of the Calumet
a Under provisions o f the trust mortgage these respective issues of bonds Electric Street Ry. and South Chicago City Ry. in accordance with the
each as an entirety may be converted into capital stock o f the respective terms of ordinance passed by the City aouncil March 30 1908 Lines
companies to an equal amount.
are located in the south division of the City of Chicago
The ordinance
grants frarchires until Feb. 1 1927 and provides that the city is to receive
Dividends.— On pref. partic. certifs $2 25 per share was paid semi-ami
55% of net receipts after allowing for operating expenses, taxes and de­
from June 1910 to and Kiel. July 1914. In 1915, $2 50. In 1916, $1 75
preciation and 5% on present value, together with amounts expended for
In 1917, Jan., $2 25; July, $1 50. In 1918, Jan., $1 50. None to Feb
1925, when $1 was paid. On common participating ctfs., $1 semi-annually Improvements and extensions. Unification ordinance of 1914 establishes
a 5-cent fare and universal transfers. City may purchase property on
from June 1910 to and incl. July 1912. None since.
Feb 1 or Aug. 1 of any year upon six months' notice for present value,
EARN ING S.— For calendar years:
which is fixed at $5,000.6(10. plus amounts expended for improvements,
----------------Income-----------------Bond Bond
Other Divs.on Surp. additions and extensions, but only for municipal operation, where purchase
Divs.
Other.
Oross.
Interest. Redemp. Deduc. Par.Sh Inc.
Is made prior to Feb. 1 1927
With an addition of 20% in price, city may
s
s
$
$
$
$
$
also purchase for the purpose of turning property over to other parties (if
1926.1.239.514 92.2U 1,331,7251,030,800 105,000 72,021 Nonel23.904
purchased for Chicago City R y . only 12% additional need be paid), but
1925.1,190 514 74 203 1.264 7,8 I .066 050 105 000 85 281 None 48 < >
8
this additional sum need not be paid where these other parties agree to pay
1924.1.129.514 90,012 1.219.526 1.041.300 105.000 44.468 None 28.758 over to the city all of the profits above 5% on the purchase price. V. 86,
1923.1.139.514 112.746 ..252.260 1.046.550 105.000 56.666 None 44.043 p. 1223. On Jan. 31 1926 certified value of property and additions thereto
1922.1.215.514 76.840 1.292.354 1,051.800 105.000 42.353 None 93.201
was $11,628,885
1921.1.290.514 128,474 1,418 988 1.057,050 105.000 48.983 None207.954
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Committee.— Chairman. B. E. Sunny: Vice-Chairman. S. M . Felton, Owns and operates 127 97 miles of track reaching South Chicago. Pullman,
West Pullman, Auburn Park, Burnside, Hegewisch and Manhattan Beach
Melvin A. Traylor. John J. Mitchell, Edward N Hurley. Frank O. WetVIso extends from Jackson Park to 106th St. and the Indiana State Line
more; Sec. & Treas., H. J. Tansley. V. M0. p. 167: V. 112, p. 253.
dong Lake Shore and both sides of Calumet River. 58 cars; 70, 75. 83 and
OFFICERS.— Sec. & Treas., H. J. Tansley.— V. 120. p. 582, 822, 85 lb rails
1088; V. 122. p. 479, 1757, 2327; V. 123, p. 2774; V. 124, p. 501.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
$10,000,000 ................. ..
Stock $10,000,000 ($100).....................................
(1) CHICAGO CITY RAILWAY.
First mortgage rehabilitation/ 1908
5 g F-A
5 532 000 Feb. 1 1927
Chicago City A Conn. Rys. Collateral Trust owns 169,719 shares of the
($1.000) gold no s f.c*& r.tf lin t, at First Tr. & Sav. Bank, Chic., trustee.
capital stock.
Notes payable Jan. 31 1926_ _____
_
_______
33.000 __________
Bonds.— The issue of first mtge. bonds is indeterminate, amount to be
Default in Bonds.— The bonds maturing Feb. 1 1927 were defaulted, but
no receivership was deemed necessary as yet. V. 123, p. 3180. Compare 'imited to amount, of new work done on property. They are subject to
^all at any int. date before July 1 1912at 105 and iut.; thereafter only in case
also opening paragraphs o f separate statement for the “ Chicago Surface
city shall purchase property at par and int. on any int date No sink . fund.
Lines." where also the names are given o f a protective Committee.
For protective committee and oaymerit of interest, also “ Lisman Plan” of
Unified Operation of Surface Lines.— See “ Chicago Surface Lines" f<r re rganization, see under “ Chicago Surface Lines.” V. 123, p. 579. The
details of unification ordinance under which the lines of this company art Feb. 1 and Aug. 1 interest coupons were paid. V. 124, p. 505, 641.
operated jointly with those of the Chicago Railways Co. as a single system
EARNINGS.— For years ended Jan. 31:
under the control o f a joint Board of Operation
*Int. on
Other
Total
Bond
Dividends Balance,
Capital.
Income.
Income.
Interest.
Paid
Surplus
ORGAN IZATION.— Incorporated In Feb 1859, and has extensive sur­
face road privileges in the south division o f Chicago. Has a coDtrxct ex- 1927-........... $582,242
$8,317 $590,559 $274,296 $100,000 $216,263
13.967
507.377
280.936
75.000 211.441
llring Jan. 31 1927 with the Coinmonwealth-Edison C o., for the supply i f 1926_______ 581 344
1925........... 575.288 Crl6,721
592.009
288.392
50.000 253.618
ts entire power requirements The railway has abandoned its prodiicing
plants but retains its distributing plants.
1924
572.579
cr. 196
572.775
302,120
- .........
270.655
1923_______ 571.558 def.2.042
569.516
307.409
100.000 162.107
FIE LD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
* Representing company's proportion of 40% of Chicago Surface Lines’
(Incl. Southern St. R y.). Co. owns 357.05 miles of single track, all now
operated by electricity. System covers the South Side o f Chicago, extend­ residue receipts pursuant to unification of ordinance effective Feb.l 1914.
OFFICERS.— Pres.. L. A. Busby. V ,-P , H B Fleming. Sec & Treas..
ing from the centre o f the business district south to 79th St. and between
F. D. Hoffman: Aud.. John J Duck.— V 116 p. 1274; V. 118, p. 1519;
the South Branch of the Chicago River and the Lake.
Ordinances and Franchises.— On Feb. 4 1907 the City Council passed V. 122, p. 1760; V. 123. p. 579: V. 124. p. 505. 641. 1977.
ordinances providing for a settlement o f the franchise question. These
(3) SOUTHERN STREET RAILWAY CO.
ordinances were approved at the city election on April 2 1907 and formal!)
Unified Operation of Surface Lines.— See “ Chicago Surface Lines” fer
accepted by the company’s board o f directors on April 15 1907. Suit, to
set aside franchise was dismissed in April 1912. V. 94, p. 1118. An ex­ details of Unification Ordinance of 1914, under which the lines of this com­
pany are operated jointly with those of the Chicago Railways C o. as a
tended outline o f these ordinances, one to the Chicago City Railway Co.
tingle system under the control of a joint board of operation.
and covering the lines operated by that company, and the other to the Chi
cago Rys. Co. and covering the lines of the former Chicago Union Traction
ORGAN IZATION .— Incorporated In Illinois as a reorganization of the
Co. (now theChicago Railways C o .). was given in V. 84, p. 1123. The value Chicago Genera] R y., which was bid in at foreclosure sale on Sept. 30 1907
o f the tangible and intangible property o f the Chicago City Ry. at date ol by the Southern Street Railway C o. V. 85, p. 853. 17.45 m. of tracks;
the ordinances was fixed at $21,000,000. The city or any company au­ 29 cars.
thorized by it is given the right on Feb. 1 or Aug. 1 o f any year, on six
Capitalization.— Stock outstanding (par $100) $2,400,000. All owned by
months' notice, to purchase the entire property o f the two systems, or either Chicago Citv & Conn. Rys. Collateral Trust.
o f them, at their value at date o f ordinance, plus “ the cost o f rehabilitation
Bonds.— Issued under 1st mtge. of 1909 were from time to time canceled
and extensions, including fair allowances for construction, profit and and stock issued in exchange. No bonds now out.
brokerage.” But if the properties are acquired for operation by a private
EARNINGS.— Included In statement of Chicago City R y .
corporation, for its own profit, the purchase price ts to be increased 20%
OFFICERS.— Pres., L. A. Busby: V .-P ., H. B. Fleming; Sec. & Treas.;
— barring the case o f a private company which might be willing to turn
over to the city all profits above 5%, on the cost of the investment. The F. D. Hoffman; A ud., John J . Duck.— V . 91. p. 1631. 1712. V. 107. p. 1288.
companies are limited during their operation to an interest return of 5%
(4) HAMMOND W HITING & EAST CHICAGO RAILW AY CO.
upon the agreed value plus the cost of rehabilitation and extensions. All
All securities are owned by the Chicago City & Connecting Railways.
net profits above this are to be divided on the basis of 55% to -the city
and 45% to the companies, but a deficit in any year is to be made good
ORGANIZATION.— Incorp. in Indiana in Jan. 1910 as successor to
out o f the profits o f subsequent years. After April 15 1910 the com
Hammond Whiting & East Chicago Electric Ry. Franchise expires in
panies are required to set aside 6% of the gross receipts for maintenance
i954. Power is furnished by the Calumet & South Chicago Ry.
and repairs and an additional 8% o f the gross receipts to cover renewals
FIELD OF OPERATIONS
BUSINESS.— A
and depreciation. Whatever portion o f the two funds is not used remains trolley road. Owns 34.20 miles AND CHARACTER OFState line between
in the funds and passes to the city or its licensee upon purchase. But if Illinois and Indiana at 108th Stof track, extending from East Chicago and
, Chicago, to Whiting,
the two funds are not sufficient for the purposes named, the companies
Hammond in Indiana, and operates in connection with Calumet & South
are obligated to supply additional funds. The franchises granted by the
ordinances run until Feb. 1 1927. Purchase price o f the property Jan. 31 Chicago Ry. to 63d St. and Madison Ave., in Chicago. Standard gauge.
80-lb. T rail.
1927. $55,776 789.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
On Jan. 29 1912 City Council passed an ordinance providing for the ac
Stock $1,000,000 ($100)--------------------------$1,000,000 ---------------quisition by Chicago City R y . o f city lines o f the Chicago & Southern Trac
First mtge $5,000,000 gold? 1910
5 g F-A
1.000,000 Feb. 1 1930
C o, V. 94. p. 349. 629. The latter was sold at foreclosure in Feb. 1912
($ 1 .000)____________c&r.tf\Int. at First Trust & Sav Bank, Chic., trus.
The lines outside the city were taken over by the Chic. K Interurban jRy.
Bonds.— Subtect to call at 104 and lnierest. E . K . Boisot is also trustee.
Decision as to Regulations.— See “ Chicago Surface Lines.';

f




Oct ., 1927.]

POW EK, L IG H T AND K A IL W A Y

OFFICERS.— Pres., W . A. Busby; V.-P. and Gen. M gr., Charles E.
Lawrence; Sec. and Treas., F. D. Hoffmann; Aud., C. N . Harris.— V . 79,
P. 103.

CHICAGO SURFACE LINES.

181

Sec.. John B. Zweers; Counsel, DeFrees. Buckingham & Eaton, Chicago.
Depositary, Chicago Title & Trust C o., 69 W. Washington St.. Chicago.
For notice to stockholders, see V. 123. p. 2774.
Protective committees to safeguard holders of Chicago Railways Co.
Series B bonds, of which there are $15,000,000, and of income and adjust­
ment mortgage bonds, of which there are approximately $7,000,000, were
being formed. V. 122, p. 747. For bulletin by Wm. Hughes Clarke,
opposing the plan of the above committees, see V. 122, p. 1308.
Committee Chicago Rys. Co. cons. mtge. 5% gold bonds Series B.— Appointed
in March 1926 (see V. 122. p. 2039): Chairman, Arthur Reynolds; H. G.
Brengle, C. G. Barnham, Arthur Lehman and O. H. Worcester. Sec.,
Richarn Wagner, 208 S. LaSalle St., Chicago. Depos., Cont. & Oomml.
Tr. & Savs. Bank, Chicago. Sub-depos., Chatham-Phenix Nat. Bank &
Tr. C o.. N. Y . City, and Phila. Trust C o., Philadelphia.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Under the title of Chicago Surface Lines, the properties of the Chicago
Railways Co. and the Chicago City Railways Co. are now being operated
as a single system under the control of a joint board o f operation in accord­
ance with an agreement between the two companies and the unification
ordinance which became effective Feb. 1 1914. While under the terms of
this ordinance and the agreement the ownership of the properties remains
entirely separate and distinct, the combined earnings are divided upon an
agreed basis. For the two years ending Jan. 31 1916 the Chicago Railways
Co received as its share 59% of the income remaining after the payment
of all operating expenses, including taxes and maintenance, the other
41 % o f the income going to the Chicago City Ry. C o., including the Calumet
& South Chicago Ry. and the Southern Street R y.. and, beginning with
Feb. 1 1916 and until the expiration of its franchise in 1927, the Chicago
Railways Co. will receive 609? of the so-called “ residue receipts,” and the
Chicago city Ry. (including the Calumet & South Chicago and the South­
ern Street Ry.) 40%. See details of the ordinance and the agreement for
unified operations under date of Dec. 1 1913 in V. 98, p. 1693; V. 100,p. 1078.
Total equivalent single track (ail companies) as of Jan. 31 1927. 1.079.82
miles; total cars (all cos.), 4.134, of whl h 3,640 passenger & 494 miseell.
Wage increase demanded by approx. 14,000 conductors and motormen in
May 1926. V. 122, p. 2649.
Shrinkage in Market Value of Securities.— See V. 108. p. 1822.
Proposed Subway System.— See V. 112, p. 61; V. 114, p. 304, 1406, 1532;
V. 115, p 1631.
Fares.—7-cent fare upheld In March 1926, see V. 122, p. 1760.
Municipal Purchase Defeated.-—Y. 120, p. 1880, 1456.
Sued by City of Chicago.— On July 7 1925 City of Chicago claimed $794,000
Interest due from the traction fund. V. 121, p. 197.
Investment oj Surplus Reserve Cash.— See V. 122 p. 3603.
EARNINGS.— Of entire system for years ending Jan. 31:
Gross
Operating
Residue — —Of Which to—
Earnings.
Expenses.
Receipts. Chic. dy .Ry. Chic. Ry.
1927-------------$61,173,601 $47,871,489 $13,302,112 $5,320,845 $7,981,267
1926------------- 58.785.881
46.628.207 12,157.674 4.863,070 7.204.604
1925............... 58.081.678
46.574,960 11,506,718 4,602.687 6,904,034
1924------------- 57,655,170
44.839,753 J2.815.417 5.126,167 7,689,250
1923............... 56,103,062
44.4J6.070 11,686,992
4.674,797 7,012,195
1922............... 60.343,733
46.516.150 13.827.583
5.531.033 8 296 550
Revenue passengers carried in 12 months ended Jan. 31 1927: 876,249,663. ended Jan. 31 1926: 842,201,453. ended Jan. 31 1925, 830,151.540,
ended Jan. 31 1924. 824,850,103. ended Jan. 31 1923: 762,629,211.
Board of Operation.— Chairman, Henry A. Blair; Leonard A. Busby,
F. H Rawson. Wallace Heckman, B. E. Sunny, H. H. Hettler, Frank O.
Wetmore. Executive Committee.-—Chairman, Henry A. Blair; Leonard A.
Busby and Wallace Heckman.
OFFICERS.— Pres.. H. A. Blair: V.-Pres. & Gen. M gr., G. A. Richard­
son; Sec.. F. L. Hupp; Treas., M . B . Orde; Oomtpr., Charles H . Allen; Aud.,
W. H. Kennedy.— V. 121, p. 197, 329: V. 122, p. 747, 1308, 1760, 1917,
2649, 3603, V. 123, p. 1112, 1249, 1502, 1631, 1956, 1995. 2137. 2652.
2774, 2895, 3181; V. 124, p. 642, 790, 1664, 1818, 2119, 3205; V. 125, p. 384,
2261.

Receiverhsip Chicago Rys. Co.— On Dec. 15 1926 Judge Wilkerson appointed
John J. Mitchell. Henry A. Blair and F. H. Rawson receivers in connection
with the approaching default as to the principal of various bond issues
maturing Feb 1 1927, as o f which date the existine franchises also were to
expire, no definite provision having been made for the renewal of the latter.
ODly the north and west side lines were affected by this receivership, the
south side lines, consisting o f Chicago City Ry., Calumet & South Chicago
R y.. and Southern Street R y., were not put tinder receivership for the time
being. The agreement for unified operation of all the lines was to be
continued during receivership. V. 123. p. 3181: V. 124. p. 1664. See
paragaph below ” N‘ic Franchise."
Franchise extended for 4 months to Nov. 30 1927. V. 125, p. 384.
Unification plan agreed upon by companies. V. 124, p. 3205.
F. J. Lisman A Co. Propose to fake Lines Over.— In Aug. 1.426 F. J. Lisman
& Co. and associates submitted proposals to Mayor Dever and J. B. Mc­
Donough. Chairman of the Local Transportation Committee of the City
Council, to take over and operate the Chicago surface lines and motor bus
ser ice under a 20-year franchise.
The proposers of the plan claim that under its terms, reorganization of
the companies can be effected without a receivership or the granting of an
indeterminate franchise which would necessitate action by the Illinois
Legislature. (The present franchises expire Jan. 31 1927, coincidentally
with the maturity of large bond issues).
The Lisman plan provides for construction o f subways, extensions and
additions to present property, unification and transfers with the elevated
lines, extended motor bus service, and a service-at-cost fare, not exceeding
present rates. A new company, to be organized under the plan will create
a first mortgage to cover an authorized issue of first mortgage bonds, aggre­
gating about $345,000,000, issuable in three series: $50,600,000 series A
5H s, dated Feb. 1 1927, due in 20 years, to be sold for cash to provide funds
for immediate construction and improvements; $95,000,000 series B 5s,
dated Feb. 1 1927, due in 20 years, to he given par for par to holders of present
first mortgage bonds, series C bonds to be available at rate of $50,000,000 for
each 10-year extension of franchise; or, in event that an indeterminate
franchise be granted at a later date, the entire remaining authorized issue
to be available at any time.
The new company will also create a general mortgage dated Feb. 1 1927.
junior to above first mortgage bonds, to secure approximately $70,000,000.
of which, roughly, half shall be series A and half series B, series A being
preferred over series B. These, general mortgage bonds are to be exchanged
for junior i terests in the,existing companies, insofar as the city purchase
price will permit. Series A will be 5s and run 25 years, with the right of
new company to retain one-fifth of the accruing interest for the first three
years to be used toward payment o f organization expenses. Series B general
mortgage to mature in thirty years and bear interest at rate of 4% for first
five years, 4H % for the second five years, and 5% thereafter, with right of
new company to retain half of the Interest of such bonds for the first three
years for reorganization expenses.
The plan provides for a cumulative sinking fund applicable to each bond
issue o f the company, sufficient to retire all such bonds by maturity. Also
provides that each subsequent series of first mortgage bonds which may
be Issued, shall have a cumulative sinking fund to retire that series within
the life o f the franchise then in force, or in case of an indeterminate franchise,
within not more than fifty years from date of issue.
The City o f Chicago, under the plan, may acquire thirty years hence,
when all bonds shall have been retired by operation of the sinking funds,
ownership of the entire transportation systems free and clear of debt,
without further cost.
On the basis o f the city purchase price the present outstanding securities
will (under the Lisman plan) receive:
Chicago Rys. 1 st 5s. Cnicago City Rys. ist 5s and Calumet & South Chi­
cago 1st 5s will receive in par new co. 1st mtge. 20-year 5s. series B.
Chicago Rys. gen. 5s. series A, will receive par in new co. mtge. s tries A
CHIC AGO RAILW AYS CO.
25-yr. bonds, bearing int at the rate of 4% for 3 years and 5% thereafter.
Receivership.— On creditors’ suit brought by Westinghouse Elec. & M fg.
Chicago Rys. series B bonds will receive new co. 30-year general mtge
series B bonds with int. thereon at the rate of 2% for 3 years. 4% for Co.. John J. Mitchell, Henry A. Blair and Frederick H. Rawson were
appointed receivers of the property of Chicago Rys. Co. on Dec. 15 1926
2 years thereafter, then 4H % for 5 years, and 5% up to 1957.
The Chicago City Ry. stock will receive approx, the city purchase value by the U. S. District Court at Chicago. This action was taken in view
o f about 118%. half more or less payable in new general mtge. series A of maturity on Feb. 1 1927 o f all the co.’s bonded debt. The Court ordered
the receivers to preserve unified operation of all surface street railways in
bonds and t.,e other half in general mtge. B bonds.
Chicago City & Connecting Ry 5% bonds will presumably receive the Chicago by utilizing Chicago Surface Lines Board of Operation as their
proceeds of securities deposited under their mtge. which is likely to work operating agency until further order of the Court. On Feb. 2 1927 Harris
Trust & Savings Bank, as trustee of 1st mtge. bonds, filed its foreclosure
out approx. 50% each in general mtge. “ A” and 'B .”
bill and asked for appointment of receivers. Messrs. Mitchell. Blair and
Chicago City & Connecting pref. stock has a city purchase value of approx
Rawson were on the same date appointed receivers under the foreclosure
32%. which it will presumably receive in general mtge " B ” bonds
Chicago Rys. purch. money 5s. being within the city purchase price, will suit. For description of Lisman Plan, various protective committees and
also receive general mtge. 5s. dollar for dollar, their proportion of ' A " new franchise, see under Chicago Surface Lines.
Unified Operation of Surface Lines.— See "Chicago Surface Lines” for
or “ B ” bonds to be determined later.
details of Unification Ordinance of 1914, under which the lines of this
Chicago Rys. adj. inc. 4s have a small equity in the city purchase price
company are operated jointly with those of the Chicago City Ry. as a
which would be paid in new general mtge. B” bonds.
Further particulars about this plan, its possible effects and the opposition single system under the control of a joint board of operation. As to plan
against it will be found in V. 123, p. 1112, 1249, 1502, 1603, 1761, 1956, for unification of surface and elevated lines, see "Chicago Elevated R ys.”
Protective Committee.— See under “ Chicago Surface Lines” above. V . 122,.
1995, 2137, 2774, 2895.
Additional Feature of Lisman Plan.— For this added feature see V. 125, p. 1607. 1917, 2039: V. 123. p. 453.
p . 2261.
ORGANIZATION.— Incorp. in Illinois in Oct. 1903 and on Jan. 25 1908
Proposed Ordinance.— For details as to an ordinance submitted by the acquired at foreclosure sale the property of the old Chicago Union Traction,
Transportation Committee on Jan. 7 1927 and drawn up by attorneys o, comprising the lines of the North and West Chicago Street R R . The pur­
the companies and the Corporation Counsel for the city and attorneys chase was made under a modified plan of reorganization and readjustment
representing the protective committees, also for an ordinance submitted dated Oct. 15 1907 and outlined in V. 85. p. 1269; see also p. 1576.
on Jan. 10 1927 to the Mayor and City Council by H. M . Blair, see V. 124.
FT ELD OF OPERATIONS AND CHARACTER OF BUSTNESS.—
p. 642.
Aeir Franchise.— Particulars about a new franchise sought by Chicago's Co. operates the north and west side lines in Chicago. Comprises 594.8
traction companies at the expiration of the franchises on Feb 1 1927. are miles of track (including 128 miles of the former Chicago Consolidated
Traction Lines). Operates 2,180 passenger cars. 258 miscellaneous cars.
given in V. 121 p 329
in Jan. 1926 committees were formed to protect
Franchises.— On Feb. 5 1907 the City Council passed ordinances providing
security holders in connection with the franchise situation. A day-to-day
permit ordinance was passed by City Council o f Chicago Jan. 26 1927 for a settlement of the relations between the city and the street railway
(accepted by surface lines companies Jan. 27 1927) for unified operation companies. V 84. p. 338, 390- The franchises granted by the ordinance
o f the surface street railways until July 31 1927, with privilege to city and expire Feb. 1 1927 (extended to Aug. 1 1927 and again to Dec. 1 1927) and
companies of cancellation upon 30 days’ notice. V. 124, p. 790. Extended were approved at the popular election held April 2 1907. On Oct. 10 1910
supplemental ordinance was passed expiring Feb. 1 1927, covering lines of
by City Council to Nov. 30 1927.
Chicago Consol. Trac. properties. V. 91, p. 1025.
Protective Committees.
See also under “ Chicago City R y .” above. A very extended outline
(a) Chicago Railway 20-year 1st mtge. gold bonds.—Albert W. Harris
was printed in the “ Chronicle” of M ay 11 1907, pages 1123, 1124 and 1125,
Chairman; C. W. Beall (Harris, Forbes & C o.), New York; B. A. Eckhart
to which the reader is referred for detailed information.
(Eckhart Milling C o.), Henry W. George (Metropolitan Life Insurance
The ordinance for the Chicago Rys. Co. provides that the valuation of the
C o.), New York; F. H. Rawson (Union Trust C o.). Secretary, Chester
properties acquired shall be deemed and considered to be $29,000,000 (the
Corey, 115 West Monroe Street, Chicago. Depositary, Harris Trust & value fixed by a board of expert engineers acting for the city) plus $1,779,875
Savings Bank, Chicago; sub-depositories, National Bank of Commerce
for expenditures from the date of the valuation on June 30 1906 to Feb. 1
N . Y., First Nat. Bank, Boston, and Girard Trust C o., Phila. V. 122 1907, making total valuation of properties as recognized by ordinance
p. 1607, under heading “ Chicago Railways.”
$30,779,875 as of Feb. 1 1907. With the expenditures already made, the
(ft) Same company Series A consolidated mtge. bonds.— John E. Bluni
valuation of road, equipment and franchises on Jan. 31 1927 was computed
(V.-Pres. Illinois Merchants Banks), Chairman; Jonn Macomber (Harris
at $94,438,641. For further provisions of ordinance see “ Electric Rail­
Forbes C o.), Boston; Walter Brewster (Russell, Brewster & C o.); Albert way" Supplement of April 26 1924.
H. Wetten; L. E. Zacher (V.-Pres., Travelers' insurance C o.), Hartford
Control by Trustees.— The trust indenture securing the participation
(c) Chicago City Ry. and the Calumet & South Chicago Street Ry. 5% 1st
mtge. bcmds.— The same committee was to act for both issues, but each com­ certificates provides that until Aug. 1 1912 and to the full extent thereafter
which may be permitted by law until all of the consolidated mortgage bonds
pany's bonds were to be deposited under a separate agreement.
F.
C. Wetmore Chairman; M . A. Taylor, acting Chairman: Stanleyof the company shall be fully paid and discharged, the directors of the
Field (director Chicago Rys. C o.), David R. Forgan (National Bank company shall be elected by trustees, now consisting of Messrs. Harrison
B. Riley, Halman G. Pettibone, Abel Davis, Frank G. Gardner and Henry
o f the Republic), Charles H. Thorne (former Pres. Montgomery Ward
& C o.), John V. Farwell. John W. Esmond; Sec.. Robert L. Grinnell. J. Tansley, and provision is made in the trust deed securing the first mtge.
76 West Monroe St., Chicago. Depositary, First Trust & Savings Bank, bonds for the appointment of a permanent finance committee, now com­
Chicago. V. 122, p. 1760. Interest on the bonds o f both companies posed of Messrs. Henry A. Blair, B . A Eckhart and F. II. Rawson. Chicago.
Acquisition of Chicago Consolidated Traction Properties.— See “ Public
deposited under bondholders protective agreements, due Aug. 1 1926. was
to be paid on that date. V. 123, p. 579. Urgent request by committee to Utility Compendium” of Oct. 30 1926.
Settlement ol Yerkes Suit.— V. 98, p. 1155.
deposit bonds made in Sept. 1926 in view of approaching maturity.
Suit Seeking Payment of Dividends Dismissed in 1925.— See V. 116, D.
See V. 123, p. 1502 and 3180. under heading “ Chicago City R y.”
1410, 1275, 2515. V. 117, p. 2211, V. 118. p. 1664, V. 120, p. 2145.
(d) Chicago City & Connecting Ry. collateral trust sinking fund 5% goto
Municipal Ownership Defeated.— V. 120, p. 1880 p. 1456.
bonds.— B. E. Sunny, Chairman; Rufus C. Dawes; Charles Day (Day &
Zimmerman), New York; S. M . Felton (Pres., Chicago Great Western RR.);
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
H. H. Porter.
------- ------ See text
See text
Stock, $100,000----------------------------(e) Chicago City Ry. minority stock interest (to represent approximately
First mortgage (see text),
f 1907
5 F-A
$55,655 000 Feb 11927
10,000 shares of the stock of this company now owned by the Chicago
($1,000) gold---------- c&rtf ( Int. at Harris Trust & Sav. Bk., Chic., Trus.
City & Connecting Rys. collateral trust).— Frank W. Thomas (A. O
I or at Harris,Forbes & Co.. New York.
Slaughter & C o.), Chairman: H. J. McBirney: Sewell L. Avery (United Consol mtge, gold--------------- tf 1907 5%
32 631 005 Feb 1 1927
States Gypsum C o.); J. Harold Selz (Selz, Schwab & C o.); W. A. Wieboldt.
Bonds Covering City Lines of Former Chicago Consol. Traction.
merchant.
Purch-money M $6,000,000 g I 1910 5 J-J
3 969.155 Feb 11927
(f) Chicago City & Connecting Rys. collateral trust preferred participation
($500 and $1,000) ___c*tfl Illinois Tr. & Sav. Bank Chic., Trustee.
certificates. — E. L. Lobdell, Chairman; G. W. Blossom (F S. James & Adjust inc M $2,500,000 gold/ 1910 4 g May
2 379,137 Feb 11927
C o.), Donald DeFrees, T . W . Gates, L. E. Myers Charles S Castle;
($100&$500) (non-cum)c*tf \ Central Trust Co. of ill., Chicago, Trustee




183

PUBLIC U TILITIE S

[V ol. 125.

t Stock.— The capital stock of the company, which is issued in the nominal ator cars; 219 freight cars, Incl. 5 cabooses; 5 electric locomotives; 23 work
amount o f $100,000, has been made the subject of a trust agreement, dated cars and 47 motor coaches. V. 118, p. 3195: V. 119, p. 692; V. 122, p. 3452.
Franchises.— Owns right of way in Wisconsin as far as the city limits of
Aug. 1 1907 and executed Jan. 25 1908. by and between the Chicago Rail­
ways Co. and Messrs. Adolphus C. Bartlett, Chauncey Keep. Charles H. Milwaukee; franchise in Milwaukee expires Dec. 31 1934. Owns right of
Hulburd, Albert A . Sprague and Charles G. Dawes, as depositaries, and way in Illinois outside of corporate limits and to a considerable extent within
Central Trust Co. or New York as custodian. Under this agreement corporate limits; the remainder is covered by municipal franchises, several
the stock serves as a basis for the issue of the participation certificates being perpetual.
representing In all 265,100 equal parts. Series 1 consists of 30.800 parts,
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Series 2 of 124,300 parts, Series 3 of 60,000 parts and Series 4 of 50.000 parts. Common $5,000,000 ($100)...............
................. $5,090,000 ........... ..........
Series 1, 2 and 3 are entitled, in the order of priority named, to cumulative Priorlien7%$10,0:>0.0 J0($100)
________ ______
6,783.6 )0 July ’ 27,15*
dividends o f $8 for each part, beginning with year ending Aug. 1 1908. and in Pref6% n-cum$5.000,000($ 1 0 0 ).......
................. 5 000.000 Ju ly'27.1)4
the distribution of capita! to $100 for each said part. Serips 4 is entitled First mtge (closed) g ($1,-| 1916
5 g J-J
4,000,000 July 1 1936
to any remaining profits or capital distributed. V. 85, p. 1269. Series 2
000. $500 & $100)___ c*tf (Interest payable in N. Y. or Chicago.
is entitled to unpaid accumulation on account of its $8 certificate (be­ 1st & ref mtge Ser “ A ” ($100,/ 1925
6 g J-J
9.701.500 Jan 11955
ginning with the year ending Aug. 1 1908), but only when earned, and after
$500 & $1,000) g o ld ..c* tf(In t. payable in N . Y . and Chicago.
payment o f all accumulations o f sinking fund and o f dividends on Series l .
Ser B ($1,000. $500 an d/ 1926
5)4 g A-O 2,690.400 April 1 1956
Bonds.— For all issues read opening paragraphs o f statement above of
100c*)_______ _________ tf (
" Chicago Surface Lines."
Equip notes $500,000 ($500 & / 1919 6 g F-A 1
110.000 See text
First mortgage bonds are issued only to provide funds for rehabilita$1,000)---------------------- c*tf(Northern Trust C o., Chicago, Trustee,
extensions, &c. They may be redeemed at par and accrued interest Equip tr ctfs Ser C-l $500,0001 1922 6 g J-J
250.000 See text
on any interest day. The bonds have a first lien on the entire property
($100. $200 * $1.000) g— tf(Northern Irust C o., CMi-ago. Trustee.
rights and franchises o f the company. The authorized issue is limited to Equip tr ctfs ser D -l...........
1923 __________
278.400 to 1933
the aggregate o f the amounts approved from time to time bv the board of Equip tr certifs Ser D-2______ _____
_________
15,900 __________
supervising engineers. $7,756,000 held In treasury. See full particulars of Equip tr ctfs ser E -l__________ 1926 __________
585.000 Dec 31 1935
bonds, property, &c., in V. 86, p. 545, V. 88, p. 1436,1619, V. 90. p. 302. V. Equip tr ctfs ser E-2__________ 1926 5)4%
57,200 Dec 31 1935
93, p. 162. Bonds are listed on N . Y . Stock Exch. V. 103, p. 238. For 3-year 5)4% notes ($1,000./ 1927 5)4 g F-A 2,500,000
Feb 1 1930
rotectlve committee and expected default on payments o f the bonds when
$500 & $100 c*)------------ tf (Interest payable in New York and Chicago.
ue Feb. 1 1927, see above under “ Protective Committees” and V. 123, Non-interest bearing 5% notes 1923
_________ 2,684.208
1928
p. 453. Certificates o f deposit traded in on Chicago Stock Exchange.
Bonds.—
.
first lien
Principal was defaulted Feb. 1 1927. Interest Feb. 1 1927 was paid; V. 124, owned and The 1st M asbonds are secured by athe entire on all the property
by pledge
additional security of
capital stock of the
p. 642. On Feb. 2 1927 foreclosure was ordered by Judge Wilkerson. For
Ry. of Wisconsin, which owns
protective committee, &c., see statement above of “ Chicago Surface Lines.” Chicago & Milwaukee Electric Remaining bonds may be issued atthe ter­
par for
F. J. Lisman urged bondholders in Feb. 1927 not to deposit their bonds minal facilities in Milwaukee. cost of betterments, &c. The mortgage pro­
not exceeding 85% of the cash
with the committee. V. 124, p. 789.
vides for a maintenance, replacement & depreciation fund of 12% of annual
The consolidated mortgage bonds consist o f the following: Series A.
for
years, 14%
issued. $15,696,600, and series B, $16,934,405. The last o f series C bonds gross income 18% first five last 5 years, for second 5 years, 16% for third
and
for the
expended for
were called for payment Aug. 1 1921, being retired through operation of 5 years for retirement of 1st mtge. bonds. to be 1st mtge. bondsmaintenance,
(fee., or
sinking fund. V. 113, p. 627. See particulars, V. 86, p. 1223: V. 93. p. whole or part on any int. date at 105 andThe Continental & are call, as a
int.
1724. Of the remaining series B bonds, $230,070 are in treasury. Bonds Trust & Savings Bank, Chicago, is trustee. V. 103, p. 1031.Commercial
The
o f three series bore interest at 4% up to Feb. 1 1912; since, 5% . For default, was closed at $9,500,000. o f which $5,500,000 are deposited under 1stissue
and
& .C ., see “ Chicago Surface Lines” above.
Interest Feb. 1 1927 was paid. ref. mtge.
V. 124, p. 642.
The 1st & ref. mtge. gold bonds are secured (a) by direct 1st mtge. on the
Bond interest for 6 months period to Aug. 1 1927 paid on the 1st mtge. Important extension from Howard St., Chicago, to the main line near Lake
bonds. V. 125, p. 513.
which was in operation in the
Purchase money mtge. are red. at par and lnt. on any int. date. For Bluff. III., the first section of 1st mtge. bonds; (c) by direct middle of 1926;
(b) by pledge of $5,500,000
on
default see V. 124, p. 642. The Feb. 1 1927 coupon was paid. V. 124, the balance of co.'s physical property (incl. after-acquired) mortgage liento
subject only
p. 642. See also statement above o f “ Chicago Surface Lines.”
prior lien bonds from time to time outstanding. Additional bonds o f any
Protective Committee for Purchase Money 5% g. bonds (V. 124, p. 642):
authorized at the time of issuance, may be
Chairman, Marshall Forrest; Charles Piez: A. v. Morton; Sec., Walter E. series with such provisions as obligations or pledge or refundment of under­
(a) against cash or U. S.
Lang, 105 S. Lasalle St.. Chicago; depositary, Nat. Bank o f the Republic, issuedor subsidiary bonds, and to pay or refund other series of 1st & ref.
lying
134 8. LaSalle St., Chicago; sub-depositary, Penna. Co. for Ins. on Lives mtge. bonds: (b) for 75% of new additions, &c., under certain provisions.
& Granting Annuities, Philadelphia.
of expenditures made for additions or
Adjustment Income Mtge. bonds are red. at par and int. on any int. date. Additional bonds issuable on accountof the co. or a subsidiary or for the
Interest is payable only if earned and is not cumulative. Payments of betterments or apurchased property bonds issued under
higher int. rate o f
4% each were made on May 1 In 1913 to 1918. inclusive. No action taken refundment atof a subsidiary (except at or within one the mtge. or upon
the property
year o
on M ay 1 1919 and 1920 interest. V. 108, p. 1390; V. 110, p. 1642. In or on account of the acquisition of the stock of any subsidiary, f maturity)
may not be
M ay 1921. however, lnt. was again paid. V. 112, p. 1656. Int. on adj
earnings of co.
Inc. bonds for the year end. Jan. 31 1922 was paid May
1 1922.V.issued unless net ending within 60and its subsidiaries during 12 consecutive
114.
calendar months
days next preceding date of issuance have
p. 1650. Int. for year end. Jan. 31 1923 was paid May
1 1923.V. 116,
1st
bonds then issued
p. 1892. Int. due Jan. 311924 was paid May 1 1924. Int. due Jan. 31 been at least twice Interest charges on all and & ref. mtge.bonds outstanding
(incl. proposed
lien
subsidiary
1925 was paid M ay 1 1925. On M ay 1 1926 the 4% annual interest was In hands of the issues) and all priorsinking fund with semi-ann. payments
public. There is a
paid. V. 122, p. 2327. Also paid Feb. 1 1927 for year ended Jan. 31 1927. equal to Vi % of principal amount of 1st & ref. mtge. and underlying bonds
Dividend.— An initial dividend of $4 was paid Nov. 15 1908 on Series 1
hands of the public, to
applied to the purchase and retirement
participation certificates. On Sept. 1 1909 $8 was paid on Series 1 ctfs. In ref. or underlying bonds be the order named at or below redemption o f 1st
6
in
price,
None to Oct. 1912, when $6 was paid. In Feb. 1913. $6: M ay. $6: July. $6; or If not so purchasable, against capital expenditures which might otherwise
Aug., $4. In 1914, Feb., $4: Aug., $8, being full payment of all arrears. have been made the basis for issuance of additional 1st & ref. mtge. bonds.
Feb. 1915 div. of $4 was paid June 5 (V. 100, p. 1671). The Aug. 1915
renewal
16% (subject
div. or $4 was paid Sept. 1 1915. In 1916, Aug.. $8. In 1917. Aug., $8. A maintenance andoperatingreserve offrom operation to periodical re-deter­
revenue
of properties subject
None since. In Feb. 1914 Initial div. of $2 per share was paid on Series 2. mination) of total
to the mtge.. Is established, to be expended for renewals, &c., or retirement
In 1915, June $2. In Feb. 1917, $2. None since.
of 1st & ref. mtge. bonds.
EARN ING S.— The combined results o f the “ Chicago Surface Lines” for
1st & ref. mtge. Ser. " A " 6s are red. all or in part on any int. date upon
the year end. Jan. 31 1927 were: Gross earnings, $61,173,601: operating 60 days’ notice at the following prices and accrued int.: Prior to Jan. 1 1935,
expenses, $47,871,489; residue receipts, $13,302,112. For year ended at 105: on and from Jan. 1 1935 to Jan. 1 1940, at 104; on and from Jan. 1
Jan. 31 1926: Gross earnings, $58,785,881: operating expenses, $46,628,207. 1940 to Jan. 1 1945, at 103: on an dfrom Jan. 1 1945 to Jan. 1 1950, at 102)4:
residue receipts, $12,157,674. For year end. Jan. 31 1925 were: Gross; thereafter less )4 of 1 % during each succeeding year to Jan. 1 1954; and on
$58,081,678; operating expenses, $46,574,960; residue receipts. $11.506.718^ and subsequent to Jan. 1 1954 at 101. Co. agrees to reimburse holders for
the Penn, and Conn. 4-mills and Maryland 4)4-mills taxes, and for the
■
_
~Income AccountJor Years Ending Jan. 31.
Dist. of Columbia personal property taxes not exceeding 5 mills per dollar
Share o f
Joint '“ln t. , 5%", "*Balance, ------- Of Which to— :—
per annum, and for the Mass, income tax on int. not exceeding 6% of such
Res. Reds. Acct Erp. on Tnv.
Divisible. City 55% Co. 45%
int. per annum. In Dec. 1924 $7,000,000 1st & ref. Ser. “ A ” 6s were
1927— .$7,981,267 $298,935$4,713,629 $2,968,703 $1,632,787 $1,335,916 offered by Halsey, Stuart & C o., Inc., and the National Oity Co. at 98 4c
1926_ 7.294.604
_
70,646 4.707,592 2,516,366 1,384,001 1,132,365 lnt., yielding 6.15% . V. 119. p. 2877
In July 1925 Halsey, Stuart &
1925—. 6,904,031
225,000 4,684.130 1.994.900 1,097,195
897,705 Co., tnc.. sold $2,950,000 additional bonds.
1924_ 7,689,250 455.000 4,653.654 2,580,596 1,419,328 1,161,268
_
Series B 5 )4 % , dated April 1 1926, are red., whole or part, on 60 days’
1 9 2 3 ... 7,012,195 360,000 4,630,943 2,021,253 1,111,689
909,564 notice at following prices and int.: To April 1 1936 at 105, to April 1 1946
1922 . - jS.296.550_290,000 4,615,862 3,390,688 ^1,864.878^1.525,809 at 103, to April 1 1951 at 102)4, on April 1 1951 at 102 and thereafter at 102
less )4% for each full year elapsed after March 31 1951; subsequent to
Income Statement (Non-Partnership Account) for Years ending Jan. 31.
March 31 1955 at par. Penn. & Conn. 4-mills. M d. 4)4-mills. D. o f O.
5-mills, and Mass. 6% taxes refundable. In May 1926 Halsey. Stuart &
n r1927.
1926.
1925.
1924.
Chicago Railway, 4 5 % . $1,335,916 $1,132,365
$897,705 $1,161,268 C o.. Inc., and the National City Co. offered $1,250,000 series B at 96)4
5% on investment______ 4.713,629
4,707,592 4,684,130 4.653.654 and lnt. to yield about 5% % . V. 122, p. 2947. The same bankers offered
Miscellaneous interest..
236,392
198,340
188,311
267,239 in Oct. 1926 $1,500.000 additional series B at 98)4 and int. to yield about
Gross incom e................ $6,285,937
$6,038,297 $5,770,147 $6,082,161 5.60% . V. 123. p. 1761.
The equip, notes of 1917 were retired Jan. 1 1927.
Deduct—
The equip, notes of 1919 mature $27 500 each Feb. 1 and Aug. 1 to
Total interest on bonds! $4,724,941 $4,728,526 $4,752,193 $4,790,899
Aug. 1 1929. Red., all or in part, at any time on 30 days' notice at 101 & int.
Interest on loans______ 1
Sink. fd. reserve accrued
______
______
______
174.036 for all notes having over 5 years to run, and at 100)4 & int. for notes having
Fed.lnc.tax on int.coups.
65,017
66 ,000
67.500
107,000 less than 5 years to run. Secured by equip, at the rate of $100 of equip, for
not in excess of $70 of notes issued. Int. in New York or Chicago. V.109.
Corp. exp. & adjust'ts—
203.304 _
182,223
173,280^
140.794
p. 887.
__N et incTfo?’ n t., &c_. $1.292,675^$!,061.548
|$777.174 _ $869^432
The equipment trust certificates of 1922, Series “ C -l,” mature $50,000
July 1 1923 to 1932. Redeemable, all or part, on 30 days' notice at 101
""O F F IC E R S .— Chairman of Board"fe Pres~ Henry^A. Blair^Tst V^P”
Wallace Heckman: V .-P .. J. E. Wilkie: Sec., F. L Hupp: Treas.. M . B. and div. for ctfs. having more than 5 years to run from date of redemp­
Orde. Receivers: John J. Mitchell. Henry A. Blair and Frederick H. tion and at 100)4 and div. for ctfs. having 5 years or less to run. Penna.
Rawson.— V. 122, p. 1607. 1912, 1917. 2039, 2327; V. 123, p. 453. 3180; 4 mills tax refundable. Divs. payable in N. Y. or Chicago. V. 115, p.868.
The equip, notes of 1923, series D -l, are due $46,400 annually April 1
V. 124, p. 642, 789, 2269; Y. 125, p. 513.
1924 to 1933 incl.; series D-2. due $18,600 annually April 1 1924 to 1928
Incl. Subject to call at 101 and accrued divs. upon ctfs. for more than 5 yrs.
and at 101 \4 upon all ctfs. for 5 yrs. or less. Security on 56 cars and 1
CHIC AGO NORTH SHORE & MILWAUKEE RR. CO
freight locomotive costing $619,000. Penna. .004 tax refunded.
(See Map. page 183 )
The equip, notes of 1926. series E -l, are in denom. of $1,000, $500 and
O RGAN IZATION .— Organized in Illinois in 1923 in connection with re­ $100. Callable whole or in part at 102 and divs. for ctfs. having more than
capitalization plan o f predecessor co. bearing same name, which had on 5 yrs. to run and at 10114 and divs. for ctfs. having less than 5 yrs. to run.
July 26 1916 acquired the properties o f the Chicago & Milwaukee Electric Secured by 1st mtge. on 28 cars and 5 sets of equip. Div. warrants at rate
R R .. sold at foreclosure May 1 1916 (V 102. p. 1718. 2077). V 103. p. 664, of 4)4% per ann. on ctfs. maturing during the 2-yr. period ended Jan. 1
1687. Under terms o f plan referred to participation shareholders of the old 1928; 5% to Jan. 1 1931; 5)4% to Jan. 1 1936. Series E-2 mature $16,000
Chicago North Shore & Milwaukee R R . received securities of the new co. each Dec. 31 to 1931 incl. Denom. $1,000, $500 and $i00. Callable whole
4
In exchange for their participation shares in accordance with the terms of or in part at 101 S and divs. Secured on same equip, as Series E -l above
Penna. State tax of
mills
the trust agreement under which the participation shares were issued in but subject thereto. Notes.— No additional4 mtge. refunded.
3-Year 5)4% Gold
may be placed against
the following proportion:
the co. without giving these notes the same lien thereunder as any bonds to
----------- Received in Exchange----------Holdings Participation Shares
6% Pref. Com. Stock
Five-Year be issued under such additional mtge. Are red. all or part at any time
upon 30 days' notice at the following prices and int.: prior to Feb. 1 1928 at
Notes.
in Old Company (No Par)—
(Par$100). (Par$100).
101; on Feb.
agrees to
1st preferred (Illinois ctfs.) 50,000____
25,000
25.000 $1,250,000 Penn. 4-mills 1 1928 and thereafter to maturity at 100. Co. in Conn, pay
tax, taxes not in excess of 4-10% of principal
and
1,434,208
20.000
2d preferred (Wisconsin ctfs.) 58,000
20.000
Mass. inc. tax not exceeding 6% . In Feb. 1927 Halsey, Stuart & Co. and
________
5.000
6.000
Common62,000. . _________________
The plan also calls for the creation o f a 1st & ref. mtge. For full details the National City Co. offered $2,500,000 3-yr. 5)4 % notes at 99.50 and int.
to yield over 5.65% . V. 124. p. 1065.
o f plan see V. 116. p. 615. 1274; also V. 117. p. 893. jt 4
Dividends.— On prior lien stock in 1924 paid 154% quar.; 1925, 154%
FTELD OF OPERATIONS AND CHARACTER OF BUSINESS — quar.; 1926. 1 54 % quar. An initial div. of 1 )4 % was paid on the 6% nonOwns and operates the railroad running from Evanston, 111., along the cum. pref. stock in Oct. 1923. Same rate paid legularly quarterly since.
shore o f Lake Michigan to Milwaukee, Wis., with a branch to Mundelein,
EARNINGS.— For calendar years (incl. Chicago & Milw. Elec. R y..
111., and a line in the Skokie Valley (22.2 miles) embracing 108.19 miles of
road and 236.66 miles of single track equivalent. Also owns 4.89 miles of Milwaukee City Lines):
Total Rev.
Net After
Fixed
Divi­
Balance,
road (10.5 miles single track equivalent) from Howard St., Chicago, to
Taxes.
(All Sources).
Charges.
dends.
Surplus.
Dempster St., Niles Center: all electrically operated. Through lease and
1926. --.$7,971,831
$1,926,147 $1,082,863
$729,740
$113,544
traffic agreements, co. operates into the Loop District of Chicago and
1.613.621
X525.360
1925- . . . 7,088,832
832.991
255.270
south to 63d St. The principal communities served are: Evanston,
307.419
6,259.942
1.311.303
610,583
X393.301
Wilmette, Winnetka, Glencoe, Highland Park, Lake Forest, North Chi­ 1924.
1,239.473
yl58.267
528.598
552,608
cago, Waukegan, Zion. 111., Kenosha, Racine and Milwaukee, Wis. Motor 1923- - . - 5,983,342
427,927
1,004.711
Z90.000
486,784
coach lines are also operated as follows: Kenohsa-Lake Geneva, Waukegan- 1922- - - - 5.031.242
Z70.000
319,720
852.733
463,013
Kenosha, Waukegan City. Waukegan-McHenry, Highland Park-Wilmette, 1921. - - - 4,519,338
Waukegan-Antioch, Niles Center-Wauconda-Volo, Glencoe-Wheeling,
x Being 6% on the pref. stock and 7% on the prior lien stock, y Repre­
Lake Bluff-Mundelein, Evanston-Niles Center, Niles Center-Wheeling. sents 3% dividend on the 6% pref. stock and 1 )4 % on the prior pref. stock
Wheeling-Fox Lake-Lioertyville Antioch. As of Dec. 31 1926 equipment outstanding, z Represents dividends on the old stock outstanding before
consisted o f 195 passenger cars; 43 merchandise dLspatch cars; 5 refriger­ financial reorganization accomplished early In 1923.

S




Oct., 1927.]




POW ER, LIG H T AND R A IL W A Y

183

184

PU BLIC U T ILIT IE S

OFFICERS.— Chairman of the company, Samuel Insull; Pres , Britton 1
Budd; V.-Ps., R. Floyd Clinch, Bernhard, J. Fallon, Charles E. Thompson,
H. M . Lytle and W. V. Griffin; Sec.-Treas., L. C. Torrey; Gen. M gr.,
John F. Egolf.— V. 120, p. 85. 1585, 3064, 3185; V. 122. p. 1168, 1758,
2649, 2947, 3452; V. 123, p. 1761; V 124, p. 789. 1065, 1664.
C

CHIC AGO & INTERURBAN TRACTION CO.
Receivership.— Following default in interest due July 1 1922 on first mtge.
5s, W. W. Crawford was appointed receiver for the company. V. 115, p.
2045. Operations discontinued April 23 1927. Property sold at foreclosure
Aug. 1927. Rails and structures being removed and real estate sold.
Bondholders protective committee in charge of liquidation. C. H. Adams,
Sec., 72 W. Adams St., Chicago, 111. For history of company, &c., see
“ Public Utility” Compendium of April 30 1927.

CHICAGO & WEST TOWNS R Y. CO.
ORGAN IZATION .— Incorp in Illinois in 1913 as a consolidation of the
County Traction Co. and the Suburban R R .
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.Serves the communities o f Oak Park, River Forest. Maywood, Cicero.
Berwyn, Forest Park, Lyons, Riverside, Brookfield. La Grange and others,
having an estimated population of over 255,000 Owns 72.13 miles or
track, of which about 5 miles leased for operation by Chicago Rys. Co
and operates an additional 0.95 mile under long-term lease. Franchises
contain no burdensome restrictions and extend beyond 1940. About
10.5 miles of track on private right-of-way.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity
Common 11,000.000 ($100)_ _____
_
_______
$1,000,000
See text
6%
1,000.000
See text
lstpref (cum) $1 .000.000 ($ 1 0 0 )____
2d $500,000 preferred________ _____ ' 8%
210.000
See text
7%
1,500.000 July 1 1932
1st mtge v$IOO, $500 &____/ 1922
$1,000) gold
__
_c*l Harris Trust & Sav. Bank Chicago, trustee
Series B (c* $1,000. $500)tf | 1927
6 g J-J
'
425,000 July 1 1932
1Harris Trust & Savings Bank, Chicago, trus.
Bonds.— The first mtge. bonds are secured by a direct first mtge. n the
entire property of the compan . Additional bonds may be issued under
certain restrictions. The first mtge. 6s, series B, are redeemable on any int.
date at par and interest and a remium of 3 of 1% each year or part of
4
unexpired life. In Sept. 1927 Harris Trust & Savings Bank, Chicago,
offered at 95M and int., to yield over 7 % , $425,000 first mtge. 6% gold
bonds, series B. V. 125. p. 1459.
Dividends.— On both 1st and 2d pref. stocks being paid regularly. On
common paid 6% in 1926.
EA R N IN G S.—-For calendar years:
Bal., Surp
Gross. Net after Taxes. Int., &c.
1926 ___________ _______ $1,441,083
$230,068
$349,269
$119,201
198.362
1925 .....................
119.201
317.563
1924 ..................... ----------- 1.273.702
288,177
105.287
182.890
182.343
1923 ..................... _______ 1,208.218
91.689
274.032
1922 ..................... ............. 1,132.427
158.105
85.496
243.601
OFFICERS.— Chairman, W. J. Cummings; Pres., Willard M . McEwen.
Sec. & Treas., Charles N. Hebner.— V 106. p. 1230; V. 107, p. 1384;
V. I l l , p. 588; V. 121, p. 1345, 2491; V. 125, p. 1459.

WESTERN UNITED C ORPO RATION

Under management o f General Engineering and Management Corporation.
O R GAN IZATION .— Organized in Illinois In 1913. Co. owns all of the
common stock o f Western United Gas & Electric Co. (see hereunder) and
50% o f the common stock o f Western Public Service Co. (of Illinois).
V. 122. p. 483. Subsidiaries o f the Western United Corp. are: Western
United Gas & Electric Co. (with subs.. Aurora Elgin & Fox River Elec.
Co. and Coal Products Mfg. C o.); Mid Egypt Gas & Oil Co.; Mid Egypt
Pipe Line Co.; Eclipse Pocahontas Coal Co.; Western United Gas & Coal
C o.: Black W olf Coal & Coke Co. and Pier Process Corp.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
________ 54.023 shs.
Class A common (no par)_________
Class B common (no par)_________
________ 131.250shs.
cum pref............................................................ $6,453,700
30-yr 6H s f coll tr series AJ 1925
646 g~J-D 2,983,000 Dec 1 1955
($1,000. $500 e*)___
-tftT h e Bank of America. N Y. C .. trustee.
Bonds.— The 30-yr 6)4% sink, fund collat. trust bonds, series A, due
Dec. 1 1955 are secured by deposit with trustee of 200,000 shares (being all
of the common stock) of Western United Gas & Electric C o., of Illinois,
and 1,250 shares, being 50% of the common stock of Western Public
Service Co. of Illinois. Additional bonds of series A or any other series of
such tenor as Directors may from time to time determine, may be issued
against acquisition of additional securities and for cash when consolidated
net earnings for 12 within preceding 15 months have been not less than 3
times annual interest on all bonds outstanding (incl. new issue) may also
be issued. without earnings restrictions, against the retirement of previously
Issued bonds, unless retired through sinking fund. Indenture provides that
with respect to additional series A bonds or bonds of any other series (Issued
while any series A bonds are outstanding) maturing more than 5 years from
date of issue, provision shall be made for retirement (at par) at or before
maturity by sinking fund or otherwise. There is a semi-annual sinking
fund, beginning Dec. 1 1926. of a payment of the excess of $115,500 over
the semi-annual interest payment, subject to adjustment as series A bonds
are increased by additional issues or decreased other than through the sink­
ing fund, so that such sinking fund shall be sufficient to reitre all of the
outstanding series A bonds by maturity
Company may instead pur­
chase bonds for sinking fund at or below redemption price. Moneys to
be applied to retirement of series A bonds by purchase or call. Series A,
dated Dec. 1 1925, are redeem, whole or part on 30 days’ notice at 105
and int. to and incl. Dec. 1 1936 and thereafter at par and int., plus \ %
4
for each year or portion of unexpired term. Interest payable in Chicago or
New York. Calif., Conn. & Penn. 4 mills. Maryland 414 mills, Dlst. of
Col. 5 mills and Mass. 6% taxes refundable. In Fpb. 1926 E. H. Rollins
& Sons and Spencer, Trask & Co offered $3,000,000 series A at 9946 &
Int.. to yield over 646%. V. 122. p. 885, 3085.
EARN IN G S.— For calendar years:
Gross
Net
Other
Interest,
Revenue.
Earnings.
Income.
<%
c.
Balance.
1926_________ $6,501,693 $2,714,621 $366,369 $1,480,716 $1,600,274
1925_________ 5,882.676 2,292,906
158,323
831.551
1,619,679
OFFICERS.— Pres., Ira C. Copley; V.-Ps., B. P. Alschuler. F. W.
Woodcock; Treas., W. E. Shaw Jr.; Sec., C. A. McClure. Offices, Aurora,
111., and 165 Broadway, New "York, N. Y .— V 122. p. 483, 885, 1172, 3085.
WESTERN UNITED GAS & ELECTRIC CO.
Control.— All of the common stock is owned by Western United Corp
ORGAN IZATION .— Incorp. in Illinois in 1925. Co. owns in fee the
roperties formerly owned by Western United Gas & Electric C o.. Southern
llinois Gas Co. and Fox River Electric Co., and all the stock and securities
of Aurora, Elgin, and Fox River Electric Co. (see separate statement)
and Coal Products Mfg. Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. serves a population of 403,800 in Northern Illinois and 100.000 in
Southern Illinois incl. Joliet, Aurora, Elgin, La Grange, Brookfield, Elm
hurst and several other towns and communities, serving all of them with gas.
Aurora, Elgin, Wheaton, Glen Ellyn, Murphysboro, and other muni­
cipalities with electric light and power. Aurora with steam heat, Murphys­
boro with water and through a subsidiary, operates an electric railway
between Aurora and Elgin. The electric power and light properties with ar
installed capacity of 55,265 h.p.. serve, without competition about 30 900
consumers. The gas properties, also without competition, serve 87 537
customers with a daily send-out o f over 10,000,000 cu. ft. The railway
properties consist of 37 miles of main line electric railroad and city railways
with an aggregate o f 30 miles of track. For year ended Feb. 28 1927.
electricity produced. 61.586,170 k.w.h.; gas produced. 3,601,682 cu. ft.
Communities served, 79.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common (no par)___________ _____
________ 200.000 shs.
6% cumulative preferred_____ _____
6
16.600
646 cum pref________________ _____
644
87.940,600 --------1st mtge 30-yr 5)4 s g ser A ( 1925
5)4 g J-D 24,300.000 Dec 1 1955
($1 000 $500 c * )__ . tf iIllinois Merchants Tr. Co Chicago, trustee
Series B 5s (c* $l,000,f 1927
5 g M-S
1,500,000 Mar 11957
$500) .............................tf)

f




[ V ol. 125.

Bonds.— The first mortgage 30-year bonds are secured by direct first
mortgage on all properties owned by the company in fee, by pledge o f
all of the capital stock and funded debt of the Coal Products Manufacturing
Co. and of Aurora. Elgin and Fox River Electric C o., which owns the
electric railway properties. Additional bonds of series A or other series of
such tenor as Directors may from time to time determine, may be issued for
(a) 75% of new additions, &c., or (b) par for par for refunding purposes.
All bonds of whatever series will rank equally except that sinking funds may
be established for the exclusive benefit of one or more particular series.
No additional bonds, except for refunding purposes, may be issued unless
earnings applicable to bond interest for 12 consecutive months out o f
preceding 15 months, have been at least 10% of the principal amount, or
twice annual interest requirements, whichever is less, of all funded debt
not junior to these bonds, including bonds to be issued. The bonds issuable
under the mortgage, are unlimited as to principal amount. There is an
annual improvement fund of 12 96% of gross operating revenues during the
preceding calendar year, to be expended for maintenance, &c., and (or)
for retirement purposes. Series A is red. all or part on 30 days’ notice at
105 and int. to and incl. Dec. 1 1936 and thereafter at par and int., plus
M % for each year or portion of a year unexpired term. Interest payable
in Chicago or New York. Conn. & Penn. 4 mills, Maryland 4)4 mills,
Dist. of Col. 5 mills and Mass. 6% tax refundable. In Jan. 1926, E. H.
Rollins & Sons and Halsey, Stuart & Co.. Inc., R. E. Wilsey & C o., Inc.,
&c., &c., offered $22,500,000 30-yr. series A , due Dec. 1 1955, at 99 and int.,
to yield 5 55% . V. 122, p. 349, 483, 2801.
The 5% series B 1st mtge. bonds are red. all or in part on 30 days’ notice
at 105 and int. to and incl. Mar. 1 1938 and thereafter at par and int. plus
a premium of )4 of 1 % for each year or portion thereof of unexpired term.
In Sept. 1927 Harris Trust & Savings Bank, Chicago, brought out $1,500,000 1st mtge. 30-yr. 5s dated Mar. 1 1927 at 99 96 and int. V. 125, p. 1841.
EARNING S.— Of company and subsidiaries for calendar years:
*1927.
1926.
1925.
Gross, including other income_______ $6,897,273 $6,758,887 $6,044,053
Oper. exp., maint. and taxes________ 3,655,758
3,633,388
3,430,808
Earnings from operations_________ $3,241,515 $3,125,499 $2,613,245
Interest charges____________________
1,411,500
1,336.500
Annual divs., 6 96 % pref. stock______
______
454,271
Net before deprec., management
fees, amort. & Federal taxes_____
______ $1,334,728
* For 12 montns ended July 31 1927.
OFFICERS.— Pres., Ira C. Copley; V.-Ps., B. P. Alschuler and R . W
Davidson; Operating V.-Ps., B. E. Waltz, G. W. Kuhn, R. R. Strunk and
H. D. Polhemus; Sec., S. R. Jones; Treas., A. E. Fitkin. Office, Aurora,
111.— V. 120. o. 2271: V. 125. p. 2878: V. 122. p. 349, 483. 1313. 2801;
V. 123. P. 713. 2263: V. 124, p. 114, 1068, 1222, 1668, 1982, 2910, 3498;
V. 125, p. 97. 1841.
(1) AURORA ELGIN & FOX RIVER ELECTRIC CO.
Control.— Controlled by Western United Gas & Electric C o., a subsidiary
of Western United Corp. See V. 120, p. 954; V. 122. p. 349.
ORGANIZATION.— Incorp. Dec. 12 1921; asquired Jan. 1 1924 the
electric traction and electric light and power properties, formerly known as
the Fox River division of the old Aurora Elgin & Chicago R R . C o. (for
history see ” Ele< trie Railway” Supplement of April 29 1922)
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
The co furnishes street car service in the cities of Aurora and Elgin and
Interurban electric traction service from Montgomery north to Aurora,
North Aurora. Mooseheart, Batavia. Geneva, St. Charles. Five Islands,
Coleman, South Elgin. Elgin, Dundee to Carpentersville. Operating bus
line from Aurora to Elgin, serving North Aurora, Batavia and St. Charles.
In year ended Feb. 28 1927 carried 11,773,155 railway passengers and
129,328 bus passengers. Miles of track, 66.78.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2.500,000--.............................................. x$2.500,000 ___________
Pref 7% cum $2.500,000______ _____
_________ xl.310.000 -----------------( 1924
7%
x l ,600,000 Oct. 1 1949
1st mortgage___________ c f First Trust & Savings Bank, Chicago, and
l R oy C. Osgood, Chicago, trustee,
x All owned by Western United Corporation.
EARNING S.— For calendar years:
Gross Revenue.Net Earns.
Oth. Inc. Interest, &c.
Balance.
1926..................-.$967,418
$193,631
$7,205
$120,713
$80,123
175.093
15.147
120,365
69,875
1925___________ 955,870
OFFICERS.— Pres., I. C.Copley; V .-P ., B. P.Alschuler; Treas., W . E.
Shaw Jr.; Sec., C. A. McClure. Offices, Aurora, 111; 165 Broadway, New
York, N. Y .— V. 115, p. 2476; V. 116, p. 2635; V. 117, p. 2888; V. 120.P-954.

M IC H IG A N
COMMONWEALTH POWER CORPORATION.
(See Map on page 185 )
ORGANIZATION.— Incorp. in Maine in May 1922. Through owner­
ship of a majority of voting stocks the corporation controls the Consumers
Power Co. (serving more than 214 cities and towns in Michigan). Central
Illinois Light Co. (serving Peoria and 50 adjacent communities), Illinois
Power Co. (serving Springfield, De Kalb and Sycamore and five nearby
towns), Southern Indiana Gas & Electric Co. (serving Evansville and nine
adjacent communities), The Ohio Edison C o., formerly Springfield Light,
Heat & Power Co. (serving Springfield, Marysville and Urbana, O., and 34
adjacent communities). Illinois Elec. Pow . Co. furnishinc power wholesale to
other utilities. The Tennessee Elec. Pow. Co. (serving 179 cities and towns
in Tennessee), Southern M ichiganLt. & Pow. Co. (serving 53 cities and

Our facilities are extended to those who
desire information or reports on the

Commonwealth Power
Corporation
or any other companies with
which we are i d e n t i f i e d .

HODENPYL H AR D Y SECURITIES
CORPORATION
14 W ALL STREET. NEW Y ORK
231 SO. LA SALLE STREET, CHICAGO
GRAND RAPIDS TR U ST B LDG., GRAND RAPIDS
CONSUMERS POW ER BUILDING, JACKSON

185
R A IL W A Y
P O W E R , L IG H T A N D
O c t ., 1 9 2 7 .1




186

PUBLIC U T ILIT IE S

towns In Michigan), and Utilities Coal Corp. (operating coal mines in Illi­
nois and Kentucky. The corporation also owns a substantial amount
of the preferred stock o f some of the above-mentioned companies. Ac­
quisition in July 1925 of The Tennessee Elec. Pr. Co. by exchange of stocks,
see V. 120, p. 2548, 2683, 2940, 3185, 3313; V. 121, p. 74. 457. Recapitaliza­
tion in connection therewith, see V. 121, p. 457. In 1926 corp’s subsidiary,
the Southern Michigan Light & Power C o., purchased the Ravenna-ConklinMarne Power C o., serving these villages and also Eastmanville. Mich.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
The corporation is engaged principally in the production and sale of elec­
tricity for light and power and gas for fuel. One or more o f these classes of
public service are rendered to over 549 cities and towns with a population of
more than 2,000,000 located in five States— Michigan, Ohio, Indiana,
Tennessee and Illinois.
Electric Properties.— The electric properties include 59 power plants with
Installed generating capacity of 842,440 h.p., 288,020 of which is in 36 water
power plants and the remainder in 23 central steam plants. Electricity
with voltage up to 140,000 is transmitted over more than 3.277 miles of high
tension transmission lines and 27,909 miles of distribution lines, serving
more than 453,797 customers with electric light and power.
Gas Properties.— The gas properties include 12 manufacturing plants with
rated daily generating capacity of 40.825.000 cu. ft. and 37 holders with
storage capacity of 17,718.000 cu ft. Gas is distributed through 1,984
miles of mains to more than 180,721 customers.
Other Properties.— In addition, the properties include 11 heating plants
with 26 miles o f steam and hot water mains, 3 water pumping plants, street
railway and motor bus systems in Springfield, 111., Chattanooga and Nash­
ville, Tenn., and Evansville, Ind., and an interurban line from Evansville
to I'atoka, lnd. Coal mines are owned and operated in Illinois and Ken­
tucky, which provide in part the requirements of the electric and gas plants.
Water Power Reserves.— In addition to large water power facilities alreadj
developed, the properties include dam sites, flowage lands and rights Id
Michigan and Tennessee, these holdings aggregating more than 60,000
acres.
Electric Growth (Giving Effect to Acquisition of Tennessee Properties.)
Gas
Electric Sales
Gas Sales
Electric
Customers.
in Cu. Ft.
in K . W. Hours. Customers.
180,721
6,397,265,800
1927 *_______ * 1,517,365,824
453,797
171,280
5,939,658,600
1926_________ 1,429,553,946
433,664
5.310,973,900
158,745
1,277,370,522
1925------------391,960
143,016
4,337,707,400
1924------------1,005,855,275
354,613
4,249,271,600
119,003
1923_________
979,681,098
317,116
111,513
3,807,422,300
1922_________
750,346,913
264,027
* For 12 months ended Aug 31 1927.
Maturity
STOCK AND BONDS—
Date. Interest. Outstanding.
Common2,000,000s h s.(n o p a r)____
QF
l,359.573shs.
See text
Pref$50.000,000 ($100) 6 % c u m ____
6 Q-F
$50,000,000 N o v ’27 1)4
Central Illinois Light Co.—
6% preferred! $10,000,000_ ______
_
Q-J
5.720.500 Oct ’ 27, 1)4
7% preferred!
I _____
Q-J
961,100 Oct ’27, 1M
1st & ref mtge (now ist) $15,-1 1913
5 g A-O
7.178.500 Apr 1 1943
000,000............... ................. /
Southern Indiana Gas <s Electric Co. (formerly Public Utilities Co.)—
Public Utilities Co 1st & ref( 1919
6 g J-J
2,751,200 Jan. 1 1929
mtge $15,000,000 (S100,• Bankers Trust C o., New York, trustee.
!
$500 & $1,000) g o ld --.c * tf [
Southern Ind G & E 1st lien & ( 1922
6 g A-O
1,297.100 Oct 11947
ref mtge Series “ A " _______ (Interest at National City Bank, New York,
($100. $500 & $1,000 c* &
trustee.
$1,000 & $5,000 r*) g o ld .. I
2.231,400 Oct ’ 27, 1)4
SoIndG& E6% pf$2.192,1 0 0 cm ____
6 Q-J
Solnd G&E 6.6% p f$5,057,900 ____
797,300 O c t’27 $1.65
6.6 Q-J
2.564.000 Oct ’27. 1 H
do do 7% pref $2,750,000 ____
7 Q-J
Evansv Gas & El Lt 1st & ref (1 9 0 2
1.075.000 June 1 1932
5 J-D
>rtgag<
mortgage $1,250,000 gold! Int. at Cont. & Com. Tr. & Sav. Bk., Chic..
( $ l , 0 0 0 ) . . : . . . . - - - . . c *“. t f [ trustee, or at First Nat Bk., New York.
■ '
----“
3,384,000 June 1 1933
IllinoisPow Co 1st M Ser “ A ” . 1921
5%
Series “ B ” _________________ 1921 7%
1,646,500 Dec. 1 1936
830,600 June 1 1944
Series “ C ” . . ........................... 1924 6%
6% preferred___________________
6 Q-J
1.500.000 Oct.’27,134
7% preferred $ 2 ,1 2 5 ,0 0 0 ..____
Q-J
2.125.000 Oct ’27, 1 h
111 Klee Pow Co 1st M sk f d . . 1923
6 A-O
3,334,900 Apr 1 1943
5,500 Dec. 1 1927
So Mich Lt & Pr 1st M serial.. 1915
6 J-D
_____
W M ich Lt & Pr 1st mortgage. 1925
7 M -N
40,000 May 1 1935
Consumers Power C o_________Listed separately further below.
The Ohio Edison C o __________Listed separately further below
The Tenn Electric Power Co . .Listed separately further below.
Stock.— Common and pref. shares are listed on the Boston Stock Exchange
V. 119, p. 1629; V. 122, p. 2797; V. 124, p. 2586. Common stock listed on
New York Stock Exchange. V. 124, p. 2905.
Common stockholders oi record sept, lb ia24 were entitled to subscribe
pro rata to an increased issue o f 30,000 shares of pref. and 10,000 shares of
common stock in blocks o f 3 shares pref. and 1 share common for $315 per
block, each such block to carry with it option warrants entitling the holder
to subscribe to 3 additional shares o f com. stock at $100 per share any time
on or before N ov. 1 1926. V. 119, p. 1286. See also V. 123, p. 1761.
Change in Common Stock.— On June 23 1925 stockholders authorized the
Issuance of 4 shares of new com . stock in exchange for each share of present
com. stock. V. 120, p. 3313. Holders of new com. stock were given the
right to subscribe incl. Sept. 15 1925, at $30 per share to additional new
com. stock to the extent o f 10% o f their holdings
V 121. p. 74
The 6% cum. pref. stock in case o f liquidation or dissolution is entitled to
be paid in full, both the par amount o f the shares and a further amount
equal to the unpaid dividends accumulated and accrued thereon before any
amount shall be paid to the holders of common stock. Pref. 6% cum., is
redeemable as a whole or in part at any time on 60 days’ notice, at 105 and
acciued divs. Under charter the pref. has full voting privileges with com.
i. e., each share o f pref. and com. stock is entitled to one vote. In Aug.
1927 $13,000,000 6% cum. pref. stock was offered by Bonbright & C o.,
Hodenpyl, Hardy & C o., Inc., E. W. Clark & Co., and W . C. Langley &
Co. at 100 and dividend. V. 125, p. 1051.
Bonds.— The 25-year 6% secured sinking fund gold bonds, due 1947, were
called for redemption Oct. 1 1927 at 104 and int . The series A 5% general
lien and refunding gold bonds, due 1939, were called for redemption Nov. 1
1927 at 100 and interest. The series B general lien and refunding gold bonds,
due 1972, were called for redemption N ov. 1 1927 at 105 and int. V. 125,
p. 1051.
to,.
Central Illinois Light Co. Securities.— All o f the outstanding first and ref.
(now first) mtge. 6s of 1913, due April 1 1943, were called for payment Oct. 1
1927 at 105. V. 125, p. 1191.
Earnings of Central Illinois Light Co. for Years Ended Aug. 31.
1927
1926
1925
1924
Gross e a r n i n g s . ..........$4,350,169
$4,113,567 $3,783,662 $3,560,098
Net after taxes & maint.
1,742.846
1,641,494 1,612,734
1,520.005
Fixed charges--------------454,730
465,208
523,611
499,481
Preferred dividends____
411,279
381,114
314,468
283,419
Prov. for retire’t reserve
256,800
256,800
256,800
241,200
Balance................ ........
$620,037
$538,372
$517,854
$495,905
Index.— V. 120, p. 2940; V. 121, p. 584, 2036, 2155; V. 122, p. 2491, 2797,
3603; V. 123, p. 579, 2132, 2137; V. 124, p. 642, 2119; V. 125, p. 513, 1191,
1706, 2261.
Southern Indiana Gas& Electric Co. (formerly Public Utilities Co.)— Secur­
ities.— $2,372,100 1st & ref. M . boDds are reserved to retire a like amount of
underlying bonds; $2,545,500 are pledged under the 1st lien & ref. mtge.
Additional bonds may be issued in series at different rates of interest
not exceeding 6% per ann. to reimbures the co. for 75% of cost of add'ns,
ext’s &c., under certain restrictions. A general reserve fund is provided for
under which the co. must expend or deposit in this fund in each calendar year
an amount equivalent to 20% of gross earnings derived from the railway
properties, 15% from the electric light and power, and 12% from the
gas and steam heating properties and o f all other income, to be expended
for maintenance, renewals, ext’s, &c., and the purchase and cancellation
of bonds of this issue or underlying bonds. Red. at 102 and int. on any
Int. date to and incl. Jan. 1 1924, and thereafter at 101 and int. V. 108.
p. 269, 379. All of the outstanding 1st lien & ref. mtge. g. bonds, series “ A ”
7 )4 % , were called for redemption Oct. 1 1926 at 104 & int. V. 123, p. 712.
The 1st lien & ref. 6s ser. " B ” are call, on any int. date on 60 days' notice at
105 during the first 5 years, the premium decreasing 1% each 5 years
thereafter. A description of the 1st lien & ref. ser. “ B ” 6s will be found in
V. 116, p. 516. The Evansville Gas & Elec. Light Co. must call by lot at




[V ol. 125.

105 and int. $15,000 annually from June 1 1924 to 1932 incl.; $175,000 have
been retired. They are subject to call at 105 and interest.
Southern Indiana Gas & Electric Co.— In June 1925 this company changed
its authorized capital stock from $5,000,000 common (par $100) and
$5,000,000 preferred (par $100) to 500.000 shares of common, no par value,
and $10,000,000 preferred, par $100. V 120, p. 3316. Outstanding
300.000 common shares. $2,231,400 6% cum. pref., $2,564,000 7% and
$797,300 6-6% cum. pref. In Jan. 1926 acquired the franchises and assets
of Electric Light Co. of Fort Branch, Ind.
Earnings of Southern Indiana Gas & Electric Corp. for Years Ended Aug. 31.
1927
1926
1925
1924
Gross earnings................... $3,011,177 $2,820,681 $2,632,035 $2.644!369
Net after taxes & maint.
1,267,765
1,166.021
1,033.321
977,949
363,518
399.756
416.631
438,690
Fixed charges.................
Preferred dividends____
334,075
293,251
247,196
207,349
Prov. for retirement res.
221,428
211,298
207,000
204,667
Balance_____________
$348,743
$261,716
$162,494
$127,243
Index.— V. 122, p. 483; see also V. 122, p. 2043, 3607; V. 123, p. 583, 712,
2141, 2779; V. 125, p. 1195, 1712, 2266.
Illinois Power Co.— The 1st mtge. 5s, ser. “ A ” , are red. at 107)4 on any
int. date upon 60 days' notice. Series “ B” 7s are red. on any int. date
upon 60 days' notice at 110 up to and incl. Dec. 1 1926, thereafter at 107)4
up to and incl. Dec. 1 1931. thereafter at a premium of 1 % for each year
or fraction thereof of unexpired life. Ser. " C ’’ on any int. date upon 60
days' notice at 105 and Int. up to and incl. June 1 1928; thereafter at 104
and int. up to and incl. June 1 1932; thereafter at 103 and int. up to and
incl June 1 1936; thereafter at 102 and int. up to and incl. June 1 1940,
and at 101 and Int. thereafter but prior to maturity.
Earnings of Illinois Power Co. for 12 Months Ended Aug. 31.
1927.
1926.
1925.
1924.
Gross earnings__________ $2,622,082 $2,591,717 $2,412,853 $2,319,347
Oper. exps., incl. taxes
1,769.063
1,676.675
1,633,892
& maintenance______ 1,816.341
Fixed charges_________
388,537
389,106
391,259
377,427
Net Inc. avail, for divs.
& retirement reserve
Div. on preferred stock.
Prov. for retirem’t res__

$417,203
229,620

150,O O
o

$433,547
226,567
148.700

$344,920
213.471
154.200

$308,028
178,955
133,000

Balance........................
$37,583
$58,280 def$22,752
def$3,927
Indes.— V. 124, p. 644; Y . 125, p. 515, 1192, 1708, 2263.
Dividends Commonw. Pow. Corp.— An initial div. of $1 50 was paid Aug. 1
1922 on the 6% pref. stock and same rate paid regularly quarterly since.
On common an initial dividend of $1 per share was paid M ay 1 1924 Same
amount paid regularly quarterly to and incl. Nov. 1924. In Feb. 1925
$1 50 per share was paid. In May and Aug. 1925 $1 50 per share was paid.
In Nov. 1925 on the new common stock 40c. quar. In Feb. 1926 40c. In
May 1926 50c. plus an extra div. of 1-40 of a share of common stock. In
Aug. 1926, 50c.; In Nov. 1926. 50c. In 1927; Feb., 50c.; M ay, 50c.. plus
an extra of 50c. in cash; Aug., 62)4c.; N ov., 62)4c. V. 121, p. 1568:
V. 122, p. 1761.
EARNING S.— For years ended Aug. 31 (combined properties):
1927.
1926.
Gross earnings........................................................... $52,130,574 $47,680,562
Net after taxes & maintenance___________________ 24.286.159 21.730,510
Fixed charges (see note)_________________________ 12,397.354 11,862,120
Preferred dividends_____________________________ 2,213,685
2,196,544
Provision for retirement reserve__________________ 3.439,112 3,288,533
Balance____________ .............................................. $6,236,009 $4,383,613
Note.— Includes interest, amortization o f debt discount and expense, and
earnings accruing on stock of subsidiary companies not owned by Common­
wealth Power Corp.
OFFICERS.— Pres., George E. Hardy; V .-P ., B. O. Cobb, Jacob
Hekma and A. L. Loomis: Sec., G. H. Bourne; Treas., George Sprague Jr.;
Comp., H. G. Kessler. New York office, 14 Wall S t — V. 121. p. 74. 457,
1100. 1568. 1788, 2037. 2636. 3130; V. 122, p. 609, 1761.2328, 2797, 3604:
V. 123,p. 205, 320. 453. 980, 1250, 1632, 1761.2138, 2653; V. 124, p. 3318.
505, 1219, 1818, 2426, 2586, 2747, 2905. 3769; V. 125, p. 513. 1051. 1323.
1706, 2262.
(a) CONSUMERS’ POWER CO.
All the common stock is owned by Commonwealth Power Corp.
ORGANIZA’I ION.— Incorp. in Maine in 1910. and in N ov. 1914 merged
the following 11 companies (previously controlled by stock ownership):
Commonw. Power C o., Grand Rapids. Muskegon Power C o.. Grand Rapids
Edison C o., Flint Elec. C o., Saginaw Power C o., Bay City Power C o..
Pontiac Power C o., Consumers’ Power Co. (M ich.), Economy Power C o.,
Au Sable Electric Co. and Central Power C o. This merger made the
Consumers’ Power Co. (of Maine) an operating company instead of a
holding company and on July 20 1915 it was granted a certificate of authority
to do business in Michigan. V. 99, p. 1528, 1597; V. 101, p. 369. In
January 1916 acquired the Cadillac Water & Lt Co. and the electric
property of the Manistee Power & Lt. Co. Early in 1923 acquired the
stock of the Thornapple Gas & Elec. Co., and is reported to have purchased
also the property of the Central Michigan Lt. & Power Co. and the Citizens
Electric Co. of Battle Creek. In Jan. 1920 the Michigan Light Co. was
merged. V. 110, d . 261. In Jan. 1926 purchased the property of the
Lansing Fuel & Gas Co. The company serves more than 214 communities
and over 380.983 electric and gas customers.
Acquired in July 1925 the property of the Citizens Light Co. and the
Spencer Electric Light & Power C o., both of Belding, Mich. V . 121, p. 584.
Also acquired in 1925 and consolidated the gas and electric light plants at
Ionia, Mich. V. 121, p. 2519. As of Dec. 1 1925 acquired the New Grand
Ledge Gas Co. o f Grand Ledge, M ich., where the generating plant was
„o be discontinued by Consumers’ Power Co. V. 121, p. 3130.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates electric light and power properties in Grand Rapids,
Kalamazoo, Jackson, Flint, Saginaw, Bay City, Pontiac, Lansing, Battle
Creek, Muskegon, Cadillac, Owosso, Manistee, Marshall, Albion, Char­
lotte, Grand Ledge, Allegan, Ionia, and a number of intermediate cities
and towns. Hydro-electric plants have about 143,220 h.p. and steam
plants about 200,350 h.p. capacity. Total generating capacity about
343.570 h.p
Rates.— V. 123. p. 2390
STOCK AND BONDS—
Date.
Maturity.
Interest. Outstanding.
_ 1,326.301 s h s .................
Comm on 2,000.000 shs (no p a r ) ____
Pref $75,000.000($100)6%cum ____
31.437.000 Jan ’27.1)4
6 Q-J
Pref 6.6% cumulative________ _____
19.455.200 Jan'27 $1.6“
6 .6 %
Preferred stock 7 % cum ulative____
3,122.100 Jan '27, 1
7%
1st lien and ref M $35,000,-( 1911
22,254.000 Jan 1 193i
&
5 g J-J
000 gold ($1,000)____ c * tfjln t . at Harris Tr. & Sav. Bk., Chicago,
( trustee, or Harris, Forbes & C o., N. Y .
1st lien & unify mtge Ser " C ” ' / 1922
5 g M -N 16,872,700 N ov 1 1952
$100, $500 & 11,000c *;{National City Bank, N . Y ., trustee.
$1.000. $5,000 & $10,000 r*
g o ld ., ________________ t f[
Series “ D ” ......... ................... 1924 5)4 g M -N 7,847,800 May 1 1954
Mich Light 1st & ref M g o ld f 1916 5 M-S
2,512,000 Mar 1 1946
($1,000, $500 and $100).c*(Union Trust C o., Detroit, trustee.
Jackson Gas Co mtge $350,-/ 1897
5 A-O
340,000 April 1 1937
000 gold ($1,000)___ c*n tf (Illinois Trust & Sav. Bank, Chicago, trustee
Grd Rap-Musk Pow 1st M l 1906
5 M-S
299.000 Mar 1 1931
$7,500,000 gold________ tf (Int. at 1st Tr.&S.B., Chic or 1stN .B .,N .Y .
Ionia Gas Co. 1st M _________ _____
6)4
95,500 June 1 1944
Stock.— Pref. stock is redeemable at 105 and accrued dividends. AU
classes rank equally as to assets and priority of divs. In Jan. 1925 $5,000,000 6.6% cum. pref. stock was offered by Bonbright & C o., Inc., and
Hodenpyl, Hardy & Co. at 100 & div. V. 120, p. 328.
Tlie stockholders voted on Oct. 24 1924 to change the common stock
’ rom $100 par to shares of no par value and to issue 7 shares of no par com.
in r c h a n e e fo r each s h a r e o f *100 par value. The auth amount of pref.
was increased from $30,000,000 to $50,000,000. For further details see
V. 119, p. 2069. On Aug. 3l 1926 Increased the authorized pref. stock
from $50,000,000 to $75,000,000.
Bonds.— Of 1st lien & ref. bonds, $1,586,000 are reserved to retire under­
lying bonds. In addition to the amount reported as outstanding $11,160,000 are pledged under the 1st lien & unifying bonds. Subject to call any
int. day at 105 and int. Sink, fund of 1 % p. a. of bonds outstanding
began Jan. 1 1915. V. 92, p.465, 526,1458. Up to Aug. 31 1927 no bonds
were held in sinking fund.

O ct ., 1927.]

POW ER, LIG H T AN D R A IL W A Y

The 1st Hen & unifying bonds are secured by pledge o f $11,160,000 let
lien & ref. mtge. bonds and $2,512,500 Michigan Light Co. 1st & ref. mtge.
bonds, as well as all the bonds and stocks of the Thornapple Gas & Elec.
Co. Ser. “ O ” 1st lien & unif. mtge. 5s are red. all or in part on any int.
date on 30 days' notice at 105 on or before Nov. 1 1932; at 104 thereafter
to and incl. N ov. 1 1937; at 103 thereafter to and Incl. Nov. 1 1942; at 102
thereafter to and incl. Nov. 1 1947. and at 101 thereafter prior to maturity.
Sinking fund o f not less than 1 % o f all underlying and 1st lien & unifying
bonds outstanding began M ay 1 1923. $1,165,100 retired by sinking fund
up to Oct. 1 1927. Ser. " D ” 5J^s are red. all or in part on any int. date
on 30 days’ notice during the first 10 years at 105 and thereafter at prices
decreasing 1% every 5 years. V. 118, p. 1778. Penna. and Conn. 4-mills
tax refundable. Tax exempt in Michigan. V. 115, p. 1842; V. 118,
p. 1778. Listed on N. Y . Stock Exchange. V. 115. p. 2051. Legal in­
vestment for savings banks in Maine, Rhode Island, New Hampshire,
Vermont and Massachusetts. V. 123, p. 3181.
In addition to the amount of Mich. Light 1st & ref. mtge. bonds reported
as outstanding, $2,512,500 are pledged under the 1st lien & unifying bonds.
Redeemable at 105 and interest on any interest date on 30 days' notice;
tax-exempt in Michigan. V. 102 p. 613 890 Jackson bonds are red. at
110 & int. Int. on Jackson Gas Co. bonds is payable at Hodenpyl, Hardy
& C o., Inc., New York.
All issues of Consumers Power Co. bonds are legal for savings banks in
Maine. Rhode Island, New Hampshire, Massachusetts and Vermont.
Dividends on preferred have been paid regularly since organization.
EARNINGS.— For years ended Aug. 31:
1927.
1926.
1925.
Gross earnings.......................
$25,968,042 $23,003,617 $19,357,922
Net after taxes & maintenance______ 12,624,810 11,037,321 8,910,465
Fixed charges_______________________ 2,533,374
2,622,451 2,528,338
Preferred dividends.............
3,251,505
2,752,133 2,103,740
Provision for retirement reserve_____ 1,561,000
1,486,000 1,320,328
Balance.
$5,278,931 $4,176,737 $2,958,059
OFFICERS.— Pres., B. O. Cobb. New York; V.-P., E. VV. Clark, Phila.
V.-Ps., Geo. E. Hardy, T. A. Kenney, W. H. Barthold, N. Y . C ; C. W :
Tippy, W. W Tefft, Jackson; Treas., C. E. Rowe, Jackson; Sec. R obt.
Davey, Jackson; Compt.. H. G. Kessler.— V. 121, p. 584. 1100, 1347, 2037,
2519, 3130; V. 122. n. 2328, 3209, 3604; V. 123. p. 454, 580, 841. 1502,
1996, 2138,2390,3181; V. 124, p. 643,2586, 3769; V.125, p. 513,1051,1707,
2262.
(b) OHIO EDISON CO. (THE)
All the common stock is owned by the Commonwealth Power Corp.
ORGANIZATION.— Incorp. in Ohio in March 1924, and as of April 1
1924 consolidated with the Springfield (Ohio) Lt.. Heat & Pow Co
In Dec. 1925 was authorized by Ohio P. U. Commission to acquire the
properties of the Indian Lake Light & Power Co. o f Russell’s Point, Ohio,
and to issue $40,500 preferred stock. V. 121, p. 2876.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity•
Com stk 75,000 sh (no p a r ).. ____
_________
57.500 shs________
Pref6% cum $4 ,0 0 0 ,0 0 0 '* 1 0 0 )____
6%
$481,600 Dec 27 *1 50
Preferred 6.6% cumu) ($100)...........
6.6%
1,403,100 Dec 27 $1.65
Pref 7% cum ($100_______________
7%
385,100 D e c ’27 $1.75
1st & re M 5% ser c* $1,000-/ 1927 5 g A -0
2,000,000 April 1 1957
$500 and r* $l,000-$5,000l Prin. and int. at office or agency of co., N .Y .
Spring Lt H & P gen & ref M f 1913 5 A-O
1,307.000 April 1 1933
$5,000,000 ($1.000). Red] Int. at N. Y . Michigan Trust
at 105 and interest..c*n tf I Co., Grand Rapids, trustee.
Springfield Light Heat & Pow/ 1909 5 F-A
341,000 Feb 11929
first mortgage__ _______ tf 1
Stock.— In Dec. 1924 the co. was auth. by the Ohio P. H. Comm, to issue
$250,000 6.6% pref. stock and $400,000 6% 1st & ref. mtge. ser A bonds
due in 1948 at not less than 873^ % . V. 119, p. 2763. In Aug. 1925 the co.
applied to Ohio P. U. Commission for authorization to issue $400,000
6, 6% pref. stock and 2,500 shares no par common stock. V. 121, p. 979.
In Sept. 1925 the co. offered $400,000 6.6% pref. stock to the stockholders
at par and divs. at. the ratio of one share for each 15 shares held
V
121, p. 1570. In April 1926 was authorized by Ohio P. U. Comm, to Issue
$500,000 6.6% pref. stock. In Oct. 1926 auth. to issue $100,000 6.6%
pref. and $200,000 6% pref. stock. In April 1927 was auth. to issue 5,000
shares o f common.
Ikmds.— Sufficient gen. and ref. bonds are reserved to retire at or before
maturity the outstanding 1st M . bonds. Remainder for extensions, en­
largements and additions at 85% o f cost with certain restrictions. See
V. 102. p. 1352. $409,000 1st mtge. bonds in sinking fund. V . 118, p
1922. 2530. 2763
The 1st & ref. mtge. gold bonds. 5% series, dated April 1 1927, are secured
by a direct first mtge. on certain property of the company, including new
26,000 h.p. Mad River steam-electric generating plant. The value of the
roperty on which this mtge. is a first lien is estimated to be in excess of
50% o f this issue. Add’l bonds may be issued with certain restrictions as
defined in the mtge. indenture. Red., whole or in part, at 105 to and incl.
April 1 1937 and thereafter at a premium o f M o f 1% for each year or frac­
tion thereof o f unexpired life, plus accrued int. in each case. Co. will
refund Penna. 4 mills, Conn. 4.10% and Mass, taxes not exceeding 6 % .
In April 1927 Bonbright & C o., Inc., and Hodenpyl, Hardy Securities Corn.
offered $2,000,000 1st & ref. mtge. gold bonds, 5% series, due 1957, at 98
and int., to yie*d about 5.13% . V. 124, p. 2428.
EARN IN G S.— For years ended Aug. 31:
1927
1926
1925
1924.
Gross earnings__________ $1,895,884 $1,741,189 $1,496,533 $1,520,821
Net after taxes & maint.
814,206
730,585
581,350
603,404
Fixed charges................
60,219
85,637
111,090
140,716
Preferred dividends-----144.531
111,697
75,483
70,817
Prov. for retirem’t res’ve
123.000
123.000
123,000
118,000

f

Balance........................
$486,458
$410,251
$271,776
$273,871
OFFICERS.'—Pres., B. C. Cobb, New York; V .-P., Treas. & Gen. M gr.,
C . I . Weaver, Springfield ,0 .;V .- P .,W .H .B arthol d , New Y ork; Sec., G . J .
Klenk, Springfield, O.; Comp., H. G. Kessler, New York. General office,
Springfield, O.— V. 122. p. 2330; V. 123, p. 582, 2140; V. 124, p. 648,2428.
V. 125, p. 519, 1194, 1710, 2265.

187

STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Convdeb Ser 1928 ($100,&c)c* 1918
7 J-J 15
$133,100 Jan 15 1928
Series 1929 ($100. &c) c * ._ . 1919
7 F-A
180 200 Feb l 1929
Ser 1930 ($100 & $1,000) c * . 1920 7 M-S
606 500 Mar 1 1930
Ser 1932 ($100 & $1,000) c * . 1922 6 J-D
501,400 Dec 15 1932
E Mich Ed 1st M $10,000,000/ 1906
5 g M-N
4,000.000 Nov 1 1931
guar ($1,000) gold (closed) (Equitable Trust C o., N. Y . trustee.
Stock.— For offering of rights to stockholders of record Sept. 21 1925. to
subscribe for additional capital stock. See V. 121, p. 1347, 1907. Stock­
holders of record Oct. 29 1926 were offered rights to subscribe at par ($100)
for additional stock equal to 10% of their holdings, payable in installments
or in full. V. 123, p. 1996, 3037. The capital stock is Usted on N . Y .
Stock Exchange.
Increase Slock.— On Feb. 1 1926 co. increased its authorized capital stock
from $85,000,000 to $120,000,000. par $100. V. 122, p. 212. 748
Bonds.— The 1st & ref. mortgage of 1915 is for $75,000,000 (interesrate to be fixed at time of issue), to ret’re at or before maturity the $10,000.t
000 1st M . 5s and $4,000,000 East. Mich Edison Co. 1st M . 5s, and to
provide additional capital when needed. The new trust deed, dated Oct. 1
1924, provides that there shall be no further sale of the 1st & ref. bonds
maturing in 1940; and that if any of these are issued it shall be for the pur­
pose of being deposited with the trustee as additional security for the gen. St
ref. bonds. $12,500,000 are pledged as security for the gen. & ref. mtge.
5s, series A. Callable until March 1 1930 at 10714. then to March 1935 at
105, thereafter, 102/4; $13,516,000 are held in treasury. V. 100, p. 2169:
V. 102, p. 1990; V. 103, p. 2240; V. 105, p. 74; V. 106, p. 2563, 2652; V.
109, p. 1277, 2360.
General and refunding mortgage bonds are secured by a direct mortgage
on the entire fixed property and franchises of the co. and are further secured
by pledge of $12,500,000 first and refunding mortgage bonds. Additional
bonds may be issued in series of such tenor as Directors from time to time
may determine, (1) against deposit of an equal amount of the $13,516,000
1st & ref. mtge. bonds held in treasury; (2) to retire an equal amount of
underlying bonds in hands of the public or outstanding prior lien bonds or
gen. & ref. mtge. bonds theretofore issued; and (3) for 75% of new additions,
&c., but only when earnings (as defined in the indenture) available for
interest and reserves, including depreciation, for 12 consecutive within
preceding 15 months, have been at least 1 % times annual interest on aU
underlying, prior lien & gen. & ref. bds. (incl. new issue) outstanding in hands
of the public. The indenture contains provisions for modification thereof
and of the rights of the bondholders in certain respects, with the assets of
the co. and of the holders of not less than 85% of the outstanding bonds.
Series A 5s are callable at 10714 and interest for the first ten years, at 105
and interest for the next five years, the premium thereafter reducing 14%
annually to t4 % for the last two years. Listed on the New York Stock
Exchange. V. 120, p. 828. In Oct. 1924 Coffin & Burr, Inc., Harris,
Forbes & C o., Spencer Trask & C o., &c., offered $12,500,000 at 9714 and
interest, yielding about 5.18% . V. 119, p. 1847. 1960.
Gen. & ref. mtge. 5s, series B, are callable at 10714 and int. on or before
June 1 1935, thereafter at 105 and int. on or before June 1 1945, the premium
thereafter reducing 14 % annually to 14 % for the last two years. In June
1925 Coffin & Burr, Inc., Harris, Forbes & C o., Spencer Trask & C o., &c.,
offered $8,000,000 at 9914 and interest yielding over 5% . In June 1926
the same bankers incl. Bankers Trust C o., Security Trust Co. and First
Nat’l Co. of Detroit, Inc. offered $15,000,000. Additional series B 5 % ,
due 1955 at 10114 and int., to yield over 4.90% . V. 122, p. 3338. Listed
on New York Stock Exchange. V. 122, p. 3604.
Series C dated Oct. 1 1924 are callable on or before Aug. 1 1937 at 107)4
thereafter at 105 on or before Aug. 1 1947; thereafter at 103 on or before
Aug. 1 1952; thereafter at 102 on or before Aug 1 1957 and thereafter prior
to maturity at 100, plus int. in each case. In July 1927 a syndicate com­
posed of Coffin & Burr, Harris, Forbes & C o., Spencer Trask & Co., Bankers
Trust C o., Security Trust Co. of Detroit First National Co. of Detroit, Inc.
and Otis & Co. sold $20,000,000gen. & ref. mtge. bonds, series C 5% at 102)4
and int., to yield 4.85% . V. 125, p. 514. Listed on New York Stock
Exchange.— V. 125, p. 1835.
Debentures.— Int. on all issues of debentures is payable at office o f North
American C o., 60 Broadway, N. Y . City.
From 1910 to 1915 issued $9,000,000 6% 10-year conv. debenture bonds,
call, at 105, of these $8,864,000 were converted into stock, and $136,000
were paid at maturity.
The debentures of 1918 are convertible between Jan. 15 1920 and July 15
1927 into stock, $ for $, and are subject to call Jan. 15 1923 to Jan. 15 1926
at 105; thereafter at 102 and interest (but still convertible if called).
The debentures of 1919 are conv. between Feb. 1 1921 and Aug. 1 1928 at
option of holders into paid-up stock of the same par value. Call. Feb. 1 1923
to Jan. 31 1927 at 105 and int., and on or after Feb. 1 1927 and before ma­
turity at 102 and int., on 60 days’ notice, and when so called for redemp­
tion, may at option of holders be converted at any time before redemption
date. V. 107. p. 2379.
The debentures of 1920 are conv. between Mar. 1 1922 and Sept. 1 1929
Into capital stock at par. Callable on or after Mar. 1 1924 and before Mar. 1
1928 at 105 and int., and on or after M ar. 1 1928 and before maturity at
102 and int. V. 110, p. 264, 973.
The debentures (series of 1932) are conv. at par from Dec. 15 1924 to
June 15 1932 into fully paid shares of the capital stock o f the co. and are
call. Dec. 15 1924 to Dec. 15 1925 at a premium of 5% : and on and after Dec.
15 1925 at a prem. of )4 of 1 % for each year to maturity. V. 115, p. 2163.
Eastern Michigan Edison Co. 1st mtge. bonds are callable at 110. Int.
payable at office o f The North American C o., 60 Broadway, N . Y . City.
Dividends—
(1909. 1910. 1911-16. 1916 to July 1927.
5
7 % y ’rly. 8 y’rly. (2% qu.)
Per cent------------------------------- \ 4
EARNING S.— Consolidated income account for calendar years:
Gross
Net after
Interest
Other
Dividends Balance,
Earnings. Taxes,
&c. Charges.
Deduc’ns. (8 % ).
$
$
S
$
S
$
*1927------ 46,786,784 14,440,132 4,453,114 1,584,010 6,660,221 1,742,787
1926......... 44.854,735 13.994.176 3,862,161 1,892.334 6,354,457 1,885,224
1925......... 38.948,782 12,609,792 3,770,160 1,430,564 5,471,996 1,937,072
1924......... 34,163,286 10,265,563 3,794,841
995.538 3,968.480 1,506,704
1923......... 31,724,185 9.359,726 3,866,916
948,598 -----------------------------3.061,548 1,482 664
1922......... 26,408,159 7,169,545 3,556,381
363,197 2.599.278 650.689
1921......... 23,382,898 6,283,836 3,433,665 303,676 2,234,339 312,156
1920_____ 21,990.352 4,533,694 2,462.758
875,380 2,201.627 d f1006071
* For 12 months ended Aug. 31 1927.

DETROIT EDISON CO. (THE).
ORGAN IZATION .— Incorp. in New York Jan. 17 1903 and on Jan. 29
1903 admitted to do business in Michigan; owns capital stock o f The
Edison Illuminating Co of Detroit. Peninsular Electric Light C o., Inc.,
Washtenaw Lt. & Pow. Co. and St. Clair Edison Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Does the entire electric lighting and industrial power business in the cities
o f Detroit, Ann Arbor, Brighton, Dearborn, Farmington, Ferndale, Fordson, Hamtramck, Highland Park, Howell, Lincoln Park, Marine City,
Marysville, Monroe, M t. Ciemens, Port Huron, River Rouge, Royal Oak,
St. Clair, Yale and Ypsilanti, besides 64 incorporated villages, 102 un­
incorporated communities with estimated population o f 2,000,000, all in the
State o f Michigan. Also conducts a steam heating business in the city of
Detroit and a gas business In Port Huron, Marysville and St. Clair. V. 106,
p .707, 1580; V. 109, p. 1277, 1529. Co. operates 4 steam generating plant­
aggregating 633,000 k.w. Co. also operates 6 water power plants on the
Huron River and 3 water power plants at Milford, M ich., with an aggre­
gate capacity o f 9,160 k.w. On Dec. 31 1926, 493,415 electric meters,
In service. 2,199 miles of transmission lines (of which 851 miles under
ground): 16,200 miles of distributing lines, 91 miles o f gas mains and
149.144 feet o f steam mains, o f which 34,005 feet are tunnel mains and
115.139 feet surface mains. Gas is served to 7,045 customers. For new
construction, see V. 123, p. 3037.
Bales.— In 1926 reduced residential rate for electric service from 12c. to
10c. for first “ block” of service per k.w.h. After first “ block” , rate per
k.w.h. continues to be 4c. gross, or 3.6c. net.
STOCK AND BONDS—
Date. Interest.Outstanding.
Maturity.
Stock $120,000,000 ($100)_________
Q-J
$87,065,900 July’27, 2%
1st mtge $10,000,000 ($1,000) f 1903 5 g J-J
10,000,000 Jan 11933
gold (closed)___________ c*\Guaranty Trust C o., N Y ., trustee.
1st & ref M $75,000,000 “ A ” f 1915 5 g M-S
16.665,000 July 1 1940
Series “ B ” ...................... ( 1915 6 g M-S
18,319,000 July 11940
($500, &c) gold____ c*&r*[Bankers Trust C o., N. Y ., trustee.
General and ref mtge bonds—
(c* $1,000, $500 & r* $1,000)— Bankers Trust Co. o f N . Y ., trustee.
Series A ------------------------ t f l 9 2 4 5 g A-O
$12,500,000 Oct 11949
Series B _________________ 1924 5 g J-D
23,000,000 June 1 1955
Series O -------------------------- 1924 5 g F-A
20,000,000 Aug 1 1962




D E T R O IT E D IS O N
An investment in the securities of
The Detroit Edison Company has
behind it the steadily increasing
earning power of a rapidly growing
business that meets a constantly
growing public demand in Detroit
and surrounding territory.
Write for Circular No. 953

Spencer Trask & Co.
25 Broad Street, New York
A L B AN Y
BOSTON
CHICAGO
PROVIDENCE
PHILADELPHIA
Members New York and Chicago Stock Exchanges

Surplus.

PUBLIC UTILITIES

188

OFFICERS.— Pres., Alex. Dow; V.-Ps., Alfred C. Marshall, James V
Oxtoby. Sarah M . Sheridan and James F. Fovarty: Sec. & Asst Treas..
Frederick H. Piske: Treas. & Asst. Sec., Samuel C. Mumford: Controll. &
Asst. Sec., A D. Spencer; Asst. Treasurers, E. W. Baldwin, C. D. Burdick,
P. D. Foster, Mary E. Needham and Robert Sealy. Offices, 60 Broadway,
N . Y ., 2000 Second Ave.. Detroit.— V. 121, p. 329, 1100, 1347, 1676,
1907, 2037; V. 122, p. 212, 475, 748, 2328, 3209, 3338, 3452, 3604; V. 123,
p. 454, 1996, 3037; V. 124, p. 505, 915, 2426; V. 125, p. 384, 514. 912, 1835,
2262.

DETROIT UNITED RY.

Receivership.— On March 10 1925 Security Trust C o., Detroit and
Joseph W. Simard were appointed receivers for the co., on petition of
Yellow Coach Mfg. Co. V. 120, p. 1325. In Aug. 1925 President Willis
O. Dunbar of the Phila. Rapid Tran. Co. was named receiver to succeed
J. W. Simard, who had resigned. V 121, p. 1100. In Jan. 1927 A. L.
Drum o f Chicago was appointed receiver, supplanting the Security Trust
C o., and W. C. Dunbar who voluntarily resigned. V. 124, p. 643, 2277.
Receiver for Subsidiary.— In Oct. 1925 the Highway Motor Bus Co., a
subsidiary of the company, was placed under receivership. All other sub­
sidiaries placed under receivership.
The People's Motor Coach C o., a subsidiary, acquired through ts re­
ceivers, the Star Motor Coach Line, operating 24 coaches. V. 121, p. 1788
Sale of City Lines.— For particulars regarding sale of the company's city
lines to the city o f Detroit see “ Electric Railway” Supplement of April 26
1924, and V. 114, p. 1178. 1764; V. 116, p. 610; V. 117, p. 2889. Compare
V. 114. p 854. 947.
ORGAN IZATION .— Incorp. in Michigan Dec. 31 1900 and took over
franchises and properties of the Detroit Citizens’ Street R y., the Detroit
Electric R y ., the Detroit Fort Wayne & Belle Isle and the Detroit Suburban.
V. 72, p. 44, 183.
Later absorbed by purchase the Detroit & Northwestern R y., which is
known as the Orchard Lake division, the Detroit & Pontiac R y., known
as the Pontiac division, the Wyandotte & Detroit River R y., known as the
Wyandotte division, and the Detroit & Flint, formerly the Detroit Roches­
ter Romeo & Lake Orion R t., and known as the Flint division.
Owns entire capital stock of the Detroit & Port Huron Shore Line (Rapid
Railway System); Detroit Monroe & Toledo Short Line Ry. (acquired in
Feb. 1906) and the Detroit Jackson & Chicago R y . The last-named is a re­
organization o f the Detroit Ypsilanti Ann Arbor & Jackson R y., the Jackson Ann Arbor & Detroit R y. and the Detroit Plymouth & Northville Ry.,
which were acquired in Jan. 1907. Also owns the entire capital stock of
the Detroit Almont & Northern R R ., which it leases for 50 years from 1915,
and guarantees and assumes its bonds as a direct obligation by endorsement.
In Aug. 1901 purchased 180 shares (all) o f the stock o f the City Electric
B y. and the People’s Electric light plant of Windsor, Ont.
In 1922 disposed of its city lines in Detroit (see above).
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates an electric interurban and street railroad. The interurban rail­
road lines connect the city o f Detroit with Toledo, Ohio, and with Flint.
Ann Arbor, Jackson and Port Huron and other important cities in Michigan.
Has agreement with Consumers’ Power Co. and Detroit Edison Co. for the
purchase o f all power.
On Dec. 31 1924 operated 613.8^76 miles o f track as follows: Detroit
United, including Wyandotte & Detroit River R y., Detroit & Northwestern,
Detroit & Pontiac, Detroit & Flint, Detroit Almont & Northern R R.,
Highland Park & Royal Oak R R ., 268.5303 miles; Detroit & Port Huron
Shore Line, 148.2944 miles; Detroit Monroe & Toledo Short Line, 85.2054
miles: Detroit Jackson & Chicago R y., 111.8675 miles. Rails, 77, 85 and
98-lb. steel. Does an express service. Has 453 passenger cars, 101 freight
cars, 169 express cars, 105 work cars. 3 locomotives, 29 snow plows, 1.865
motors and 1,716 trucks. There are 3 power houses, with a combined
capacity o f 13,250 k.w ., and 14 substations.
Decision.— For decision affecting allocation of bonds see V. 118. p. 1519
Bus Service to Supplement Interurban Lines Proposed.— See V. 115, p. 759
Detroit United Railways Trucking Co. organized. V. 119, p. 578. Com­
pare V. 117, p. 85. See also V 119. p. 2063 2760.
Valuation.— See V. 115. p. 1837: V. 117. p. 85: V. 118. p. 201, 3196.
Financial Reorganization.— Shareholders did not support a plan of reor­
ganization as described in detail in V. 120, p. 3186; V. 121, p. 74. Fore­
closure under the mortgages securing the defaulted bond issues (see the
enumeration in V. 121, p. 705) was in July 1925 expected to be begun soon
V. 121, p. 329. 705, 1347.
Default on Interest.— In Aug. 1925 the default in interest due Aug. 1 1925
On the following issues of the system was announced:
Detroit United Ry. 2-year 6% 1st mtge. coll, trust notes.
Detroit Almont & North. RR. 1st mtge. 6% bonds.
Detroit Ypsilanti Ann Arbor & Jackson Ry. 1st consol, mtge. 5% bonds.
Detroit Jackson & Chicago Ry. lstcons. mtge. 5% bonds. V. 121,p. 705.
In Sept. 1925 the following protective committee was formed for the above
issues and the Detroit Monroe & Toledo Short Line Ry. 5s, due 1933, and
the Detroit & Port Huron Shore Line Ry. 5s due 1950:
Protective Committee.— Henry H. Sanger, Charles R. Dunn, Frank D
Nicoll, Seabourn R. Livingstone, William G. Lerchen; Sec., Charles R
Dunn. P. O. box 1292, Detroit, Mich.
On Sept. 11 1925 Judge Charles C. Simons authorized the issuance of
$500,000 6% receivers’ certificates, issuance of more certificates in the future
not to exceed $1,800,000.
The company also took steps to bring various subsidiary companies into
a recognized receivership of the D. U. R. so as to enable debtors of the
sub. cos. to bring their claims directly to the D .U .R . V. 121, p. 1460.
Committee for 6% 1st mtge. coll, trust s. f. bonas (July 1 1925 coupon de­
faulted).— Chairman, Theodore G. Smith; W . A. Durst, Henry Salomon,
Julius H. Haass, R . W. Martin, Karl H. Behr, Sec., C. E. Sigler; Asst.
Sec., Central Union Trust C o., N. Y . City; Counsel, Larkin, Rathbone &
Perry, N. Y . City. V. 121, p. 2156, 2637. By order of the U. S. District
Court for the Eastern District of Michigan, Southern Division receivers
were ordered to pay holders on and after Aug. 2 1926 1854 % of the principal
amount o f the bonds to be deemed and taken as on account of the principal
thereof as of Aug. 1 1926. Further details are given in Y. 123, p. 454.
Fare increases.— See V. 121, p. 1568 and 1676. Bus fare increases, see
V. 121. p. 2037, 2519.
Line Abandoned.— In Sept. 1925 Judge Simons; in the U. S. District Court
granted the application o f the receivers to abandon approximately 10 miles
o f track between Ypsilanti and Saline. V. 121, p. 1568, 1908.
Interurban Fares.— Effective Jan. 10 1924, the Mich. P. U. Comm. auth.
the company to increase the rate o f fare on its interurban lines approximately
25% . V. 118, p.201. Compare V. 117, p. 2323. See also V. 118, p. 906.
V. 119, p. 2645. The Michigan P U. Commission In June 1925 granted the
receivers an increase in fares on all interurban lines to 3c. per mile. V. 120,
p. 3186: V. 121, p. 74. The co. advanced its basic rate to 2 54c. only. See
V . 121. p. 457
In M ay 1925 receivers engaged the A. L. Drum C o., consulting engineers,
to assist In the management o f the road. V. 120, p. 2548, 3186.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity.
Q-M
$15,375,000
See text.
Stock $15,375,000 ($100)__________
1st consol mtge $25,000,000( 1902 4)4 g J-J xll.000,000 Jan. 1 1932
gold ($1,000)_______ c*cp tj Guaranty Trust C o., N . Y ., trustee. Int
( at Agency Bank of Montreal.
1st M & coll tr sk fd $10,000,-1 1924 6 g J-J
7,775,000 July 11929
000 ($1,000) gold___ c * .tf lin t, at Central Union Trust C o., N. Y ., trus.
Gen equip trust ctfs Ser “ A ” J 1924 6 M -N
1,000,000
See text
$1,000,000 ($1,000)_____c*lUnion Tr. Co. and Wilbur M . Baldwin.
t Clevelan, trustees.
x Allocated to the "City System” and are to be paid out of the proceeds of
the tale of same to the City of Detroit. V. 116, p. 610.
Stock listed on the N . Y ., Montreal, Detroit and Cleve. Stock Exchanges.
Bonds.— Of the $25,000,000 first consolidated mortgage bonds authorized,
$7,005,000 are reserved to retire underlying liens and $2,191,000 are deosited as collateral for loans. Callable at 105 and interest on any interest
ate on 60 days’ notice. See V. 73, p. 1111; V. 103, p. 320. Listed on
New York Stock Exchange.
First mtge. and coll, trust sinking fund 5-year 6s are callable, all, or In
art, only for sinking fund on any interest date on 30 days' notice at 103 and
iterest, to and including July 1 1926, and thereafter at J4 of 1 % less for
each 6 months elapsed to maturity. Mortgage provides for an annual
Sinking fund o f $1,500,000 for the first 3 years o f the life o f the issue and of
$500,000 for the remaining 2 years, payable semi-annually to be applied to
purchase of bonds at or below call price or if not so obtainable to the redemp­
tion o f bonds at the call price. To meet in part these sinking fund payments
the company was to deposit with the trustee $3,000,000 Detroit United Ry.
first consol 4J4s. due 1932, or underlying bonds on the city lines. These
bonds are deliverable $500,000 semi-annually to the City of Detroit, against
which the city has agreed under the contract of Mar. 10 1922 to pay $500,000

S

E




[V ol. 125.

cash semi-annually toward the deferred purchase price of the lines within
the City of Detroit. These payments by the city assure the provision of
over half of the total cash requirements for the sinking fund. Interest pay­
able without deduction for Michigan taxes. Present Pennsylvania 4-mill
tax and present Connecticut and Maryland State property taxes refunded.
$9,000,000 were sold in June 1924 by Dillon, Read & Co., at 99 and interest,
to yield over 6.20 . V. 118. o. 3196: V. 119. p. 942. For default of int.,
protective committee. &c., see above in this statement. To depositors of
these bonds a payment of 6 14 % of the principal amount of bonds repre­
sented by deposit certificates was to be made on or after Jan. 3 1927.
V. 123, p.3318. Pursuant to a Court order holders of 5-year 6% 1st & coll,
trust, bonds would receive on or after July 1 1927 a payment of 6% on
account of the principal. V. 124, p. 3770.
The general equipment trust certificates Series “ A ” are due in equal semi­
annual installments in annual amounts of $140,000 for first 5 years and
$50,000 for remaining 5 years. Redeemable as a whole only upon 30 days’
notice at 102)4 and divs. Principal and dividends payable in Chicago,
Detroit and Cleveland. $1,000,000 were offered in Nov. 1924 by Watling
Lerchen & Co., Detroit, and Union Trust Co., Cleveland, at prices to yield
from 5% to 6% . according to maturity. V. 119. p. 2528, 2548, 3186:
V. 121. p. 74, 197. 329, 457, 705, 1100, 1347. 1788. 1908.
EARNING S.— Consolidated earnings 6 months ended June 30:
*1925.
1924.
G r o s s ...__________________
$3,587,005 $4,368,194
Net after expenses_______________________________
562,269
586.970
Total income_____________________________________
915.926 1,006.289
Surplus after taxes and charges___________________
47,590
235,176
* Operated Jan. 1 to Mar. 10 by company and Mar. 10 to June 30 by
receivers.— V. 121, p. 1908, 2037,2156, 2519, 2637; V. 123, p. 454, 3318;
V. 124, p. 643, 2277, 3770; V. 125, p. 246.
DETROIT ELECTRIC.
Date.
Interest. Outstanding. Maturity.
Detroit Ry 1st M g ($1,000) f 1895
5 g J-D x$l,250,000
1923-1924
on 56.34 miles_______ c*&r(Interest at Cleveland Tr. C o., Trustee.
x Allocated to the “ City System" and are to be paid out of the proceeds of
the sale of same to the City of Detroit. V. 116, p. 610.
Bonds.— First mortgage bonds of the Detroit Ry. numbered 1 to 600 ma­
ture in order of numbers at $50,000 per annum, beginning Dec. 1 1912;
numbers 601 and above mature Dec. 1 1924; $550,000 have been retired,
$3,000 are held in treasury and $194,000 deposited as collateral to loans
DETROIT FORT WAYNE & BELLE ISLE.
Date.
Interest. Outstanding. Maturity.
1stmtge gold $1,200,000(1898
5 g A-Ox$1,200.000 April 1 1927
($1,000)_____________ c*&r New York Trust C o., Trustee. Subject to
( call at 105 and int. on 60 days’ notice.
Agents, Bank of Montreal, New York.
x Allocated to the "City System" and are to be paid out of the proceeds of the
sale of same to the City of Detroit. V .116. p. 610. $118,000 are deposited as
collateral to loans
Bonds.— The 1st mtge. > onds are secured by mtge. on the Fort St. Line,
which is a part of the street rys. and property being purchased by the City
of Detroit under contract made with tho Detroit United Ry.on Mar. 10, ’ 22.
At the maturity of this issue of bonds on April 1 1927 the receiver will
not have the funds with which to pay the principal. But the installments
of purchase money to be paid by the City of Detroit will be adequate and
sufficient to pay in full this issue of bonds as well as all other bonds secured
by lien on the street railways and property covered by the contract, and
under the contract the purchase price must be applied to the payment of
such bonds. Interest coupons due April 1 1927 were paid. V. 124, p. 2277.
DETROIT & NORTHWESTERN RAILWAY.
Date
Interest
Outstanding
Maturity.
tst mtge, $1,000,000, gold! 1901 7% g M-N $855,000
Jan. 1 1932
($100. $1,000)_________ c*iInterest at Union Trust Co., Detroit, Trust.
Bonds.— Are guar., p. & i., by Detroit United Ry. by endorsement.
See V 73. p. 494. Were taken up at maturity (May 1 1921), but are
pledged as extended bonds with lien unimpaired under the Detroit United
Ry. 1st mtge. coll. 8% bonds. See V. 113, p. 532; V. 121, p. 2307.
DETROIT & PONTIAC RAILWAY.
Date.
Interest. Outstanding. Maturity.
1st con mtge gold ($1,000)1 1901
4)4 g J-D
$600,000 June 1 1926
$1.100,000___________c*&r\lnt. at Washington Tr. C o., N . Y ., Trustee.
Bonds.— $500,000 consolidated mtge. 41$ % bonds were reserved to retire
like amount of 1st mtge bonds: the latter were paid off at maturity Feb. 1
1922. $3,000 are held in treasury and $14,000 deposited as collateral to
loans. Bonds are subject to call at 105 and interest on 60 days' notice after
June 1 1911. Principal and interest o f both issues guaranteed by Detroit
United by endorsement.
DETROIT & FLINT RAILWAY.
The Detroit & Flint Ry. was organized to acquire the Detroit Rochester
Romeo & Lake Orion, together with the Nor. Det. Elec. Ry. and the Det.
Utica & Romeo R y . The consol. M . is a 1st lien on these last two prop’ties.
Date.
Interest. Outstanding. Maturity.
Detroit & Flint 1st consol M l 1901 5 g F-A
$1,400,000 Jan. 1 1932
g $3,000,000 ($1.000)_ c *lln t. at Tr. Co. of America, N. Y ., Trustee.
_
D R R & L O Ry 1st m tgef 1901 7 g J-D
$1,095,000
See text,
sinking fund, gold ($1,000)(Int. at Cont. & Comm. Tr. & Sav. Bank.
$1,500,000; unissued bonds! Chicago, Trustee; also Guaranty Trust Co.
have been canceled____ c*l New York.
Bonds.— Botn the Detroit & Flint consol, mtge. 5s and the D. R. R. &
L. O. Ry. 1st mtge. 5s are guaranteed by the Detroit United R y.; see form
of guaranty in V. 76, p. 1300; as "additional collateral security” on the
Flint bonds 1st consol. 4 )4% bonds of the Detroit United are deposited,
$ for $, with the Guaranty Trust Co. of N. Y ., and would be available in
the event of default on the Detroit & Flint bonds. The D. & F. cons. 5s
matured Aug. 1 1921, while tne D. R. R. & L. O. Ry. 1st M . 5s fell due
June 1 1920. Both these issues were taken up at maturity, but are pledged
as extended bonds with liens unimpaired under the Detroit United Ry. 1st
M. coll. 8% bonds. See V. 113, p. 532
EARNING S.— For calendar years:
Detroit United Ry., Rapid Ry. Sys., Detroit Monroe & Toledo Short
Line Ry. and Detroit Jackson & Chicago.
al924.
al923.
al922.
1921.
Revenue passengers____ 49,354,117 53,671.114 146.059.466 336,579,071
Transfer passengers____ 3,382,125
3,895,242 35.410.287 103.760,082
Gross earnings__________ $8,360,036 $8,863,600 $13,184,771 $23,329,068
Operating expenses_____ 7,275,797
7.243.271 10,098.489 19.428.779
Net earns, from oper. $1,084,239
Inc. from other sources.
$692,924
Inc. from all sources____ 1,777,163
Interest and taxes______ b l ,625,779
Dividends____ _______ (3%)460,750
Deprec’n charged off_
_
______
Reserve for taxes______
______
Reserve for contingencies
______

$1,620,329 $3,086,282
$873,583 $1,064,574
2.493,911
4.150.856
b l ,630.265
2,222.981
(6)921,356(1 >£)230.276

$3,900,289
$716,224
4.616,513
3,351,068
(2)300.000

126.188
250,000

150.000
250.000

Total deductions____ $2,086,529 $2,551,621 $2,829,445 $4,051,068
$565,445
Surplus income_____ def$309,367 def$57.710 $1,321,411
a The Detroit City Lines were sold to the city M ay 14 1922 and the
results are exclusive of the City Lines after that date.
b After deducting $702,710 in 1924 and $732,787 in 1923, being propor­
tion of int. received with respect to balance owing by City of Detroit,
credited upon the books of the company to interest on funded debt.
D i v i d e n d s .— First dividend of 1% on Detroit United stock was paid
March 1 1901 and 1% quarterly thereafter until Aug. 1 1905, when rate
was raised to 1 !4 % quarterly. On Nov. 1 1905, 1 J4 % . In 1906, 5% . In
1907, Feb., 154%; May, 154%: Aug., 154%. None to Mar. 1911, when
1)4% was paid; same amount quar. to and incl. Dec. 1912. In March
1913 to and incl. March 1916, 1 54% quar. In June 1916 to and incl.
Mar. 1917, 154 %. In June 1917 to and incl. Mar. 1921, 2% . InJunel921
a stock div. of 2 54% was paid. V 112, p. 1865. The co. also declared
stock divs. of 2)4% each, payable Sept, and Dec. 1 1921. but the P. U.
Comm, refused to grant the co. authority to issue the stock and in Oct.
1922 the directors rescinded these divs. The divs. had not been distributed.
Compare V. 113, p. 1155, 1359, 1887, 2079, 2405. A cash dividend of
154% was declared payable Dec. 1 1922. Y. 115. p. 1730. In 1923,

O c t ., 1927.]

POW ER, LIG H T AND R A IL W A Y

March, V 4 % ; June. 114%: Sept., 1 H % : Dec., 134%. In 1924. March,
134%: June, 134%- See V. 119, p. 323.
OFFICERS.— Pres., _ _ ________ ; V .-P ., Chas. Laurendeau; V .-P .,
Sir Thomas Tait; V.-P.
Gen. M gr., E. J. Burdick: Sec., A. E. Peters
Detroit. Treas., Jos. Bompton; Aud., R. G. Skeinan. General offices.
Traction Bldg., Highland Park, Mich.— V. 115, p. 1730. 1837, 1941,2158
2477; V. 116. p. 610, 720; V. 117, p. 85, 781, 1016, 1347, 1883, 2323, 2889,
V. 118 p. 201, 906, 1392, 1519, 2039, 3077, 3196; V. 119, p. 73, 323. 454
678, 810. 942, 1063, 1509, 1843, 2063, 2410, 2528. 2645, 2760; V. 120
p. 1325, 1585. 1881.
(1) DETROIT & PORT HURON SHORE LINE RY.
Entire outstanding capital stock is now owned by the Detroit United Ry
ORGA N IZA TIO N .— Incorporated in May 1900
Is a consolidation cf
the Rapid Railway C o., the Detroit Mt. Clemens & Marine City Ry. (the
purchaser of the properties of the Mt Clemens & Lakeside Traction Co. and
the Detroit & River St. Clair R y .), the Port Huron St. Clair & Marine City
R y., the Connors Creek & Clinton River Plank Road Co., and the City
Electric Ry. of Port Huron. The new company owns the capital stock of
each road. Also owns the capital stock ($25,000) o f the Detroit & Lake
8t. Clair Ry.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
A trolley road. The consolidated company operates all the tracks In Mt.
Clemens and Port Huron, and the through route from Detroit to Port
Huron, running through M t. Clemens, New Baltimore, Algonac, Marine
City and St. Clair
Total Detroit & Port Huron system. 138.2268 miles.
ST O C K AN D B O N O S —
Date.
Interest. Outstanding.
daturity.
Stock $2,500,000 ($100)-------- --------------» 2 .°00.000 ----1st mtge $2,500,000 ($1,000) f 1900 5 g J-J
2,500,000 Jan 1 1950
cannot be called, gold.c*& r5Union Trust Co., Detroit, Trustee.
(Int. at American Exch
Nat. Bank, N. Y
EA R N IN G S.— Now included in report of Detroit United R y.— V. 77, p
34; V. 84. p. 338.
(2) DETROIT MONROE & TOLEDO SHORT LINE.
ORGA N IZA TIO N .— Incorporated in Michigan on Dec. 11 1902.
In Fel*. 1906 entire stock was acquired by Det. Unit. Ry. V. 82, p. 392
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 50 miles of road from Toledo to Detroit and 4 miles of road from
Monroe to Lake Erie; completed Nov. 5 1904. At Toledo connection is
made with the Lake Shore Electric Ry. for Cleveland. Is of steam road
construction, on private right-of-way; standard gauge, laid with 70-lb. T
rails. Total track. 84.8458 miles.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$2,581,000 ..................
Stock $3,000,000 _________ ______________ ____
1st mortgage $3,000,000 gold? 1903
5 g J-J
3,000,000 Jan 11933
($1.000)________________c*\Union Trust Co., Detroit, Trustee.
Bonds.— Interest is payable in New York. No sinking fund and bonds
are not subject to call.— V. 107. p. 82; V. 108, p. 480.
(3) DETROIT JACKSON & CHICAGO RY.
O RGAN IZATION .— A holding co. organized in Mich, in 1907 by Detroit
United interest to take over the Det. Ypsil. Ann Arbor & Jack. R y., the
Jack. Ann Arbor & Det. Ry. and the Det. Plym. & Northville R y., paying
therefor $1,230,000. Entire stock owned by Detroit United Ry.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Completed and in operation from Detroit (through Wayne and Ypsilantl) to
Ann Arbor and to Jackson: making mileage 100 miles, of which 40 miles
over private right-of-way. Total track, 111.6987 miles. Rails 70 and
75-lb. T and girder
Does a freight business.
STOCK AND BONDS—
Date. Interest.
Outstanding.Maturity
Stock ($100)_________________ _____
_______
$614,000 -------------First consol mtge $4,000,000/
1907 5 g F-A
2,060,000 Feb 1 1937
($1,000) gold_________ c* lin t, at Security Trust C o., Detroit, Trustee
1st cons M Det Y A Ar & Jack
1901 5 g F-A
1,610,000 Feb 1 1926
$2,600.000($5«0,$l,000)gc*]lnt. at Detroit Trust C o., Detroit, Trustee
Det Vps & Ann Ar cons 1st M ( 1899 6 g F-A
330,000 Feb 1 1924
$1 000,000 g ($500 & $1,-1 Int. at Union Trust C o.. Detroit, Trustee
000) sinking fund annually]
The Det. Yps. & Ann Arbor & Jackson first consols cannot be called
Of the amount reported outstanding, $62,500 were in the Detroit United
treasury on Dec. 31 1923.
Binds.— Bonds of Det. Jack. & Chic, are subject to call on any nterest
day at 105 and int. Guar., p. & i., by the Detroit United Rys.; enough
bonds are reserved to retire bonded debt of the Det. Yps. Ann Arbor & Jack
R y. V. 85, p. 345. Of the amount reported outstanding $1,179,000 were
on Dec. 31 1923 in the Detroit United treasury.— V. 108, p. 1274.
Default in interest due Aug. 1 1925 on Detroit Ypsilantl Ann Arbor &
Jackson Ry. 1st cons. mtge. 5% bonds, and on Detroit Jackson & Chicago
R y. 1st cons. mtge. 5 °7 bonds, see under “ Detroit United R y .”
,
( 4 ) DETROIT ALMONT & NORTHERN RR.
ORGA N IZA TIO N .— Organized under the General Railroad Laws o
Michigan. Is leased for 50 years from 1915 to the Detroit United Ry.
which owns its entire capital stock.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Extends from Romeo through Almont to Imlay City, about 20 miles: built
on private right-of-way; 70 lb. rails.
B IN U S—
Date.
Interest. Outstanding. Maturity.
First mtge gold $2,500,000/ 1915 6 g F-A
$400,000 Feb 1 194|
($1,000 & $500)______c * tflln t. at Union Tr. C o., Detroit., & N. Y.
The bonds are guar, and assumed as a direct obligation, by endorsement,
by the Detroit United R y.. which, in the event of any new issue of refund­
ing or general mortgage bonds being placed on the Det. Un. Ry. or its sub­
sidiaries. will reserve sufficient new bonds for the retirement of the above
issue at maturity. Red. on and after Feb. 1 1925 at 103 and int. Re­
maining bonds to bear rate of interest as fixed by the directors when issued,
but not to exceed 6% . Default in interest due Aug. 1 1925, see under
“ Detroit United R y ."— V. 101. p. 130

ELECTRIC RAILW AY SECURITIES CO.
ORGAN IZATION .— Organized in Maine Jan. 28, 1924 and acquired from
the Commonwealth Power, Ry. & Light Co., which had conveyed to the
Commonwealth Power Corp. (see statement on another page of this publica­
tion) all securities representing its electric light, power and gas properties,
all of the Commonwealth Power, Railway & Light C o.'s remaining assets,
consisting for the most part of properties engaged solely in the electric
railway business. In exchange therefor the Securities Company issued
89.521 H shares o f capital stock (no par value), which, together with
i
the com. stock o f the Commonwealth Power Corp., given to the Common­
wealth Power Ry. & Light Co. in exchange for its electric light, power &
gas properties, was distributed pro rata among the common stock­
holders of that co. upon surrender of their stock for cancellation. The
Commonwealth Power, Ry. & Light Co. was dissolved in Jan. 1925.
For distribution to stockholders of this co of sharas o f stock and options
o f newly organized Utility Shares Corp.. see this latter co. and also V. 121.
2520.
The Electric Railway Securities Co. either directly or through the Union
Railway Gas & Electric Co. (of which it owns practically all o f the capital
stock) controls the following cos.: Janesville Traction Co., Michigan
R R . Co., Michigan Electric Ry. C o., Grand Rapids R y. C o., Saginaw
Transit Co.
STOCK —
Date.
Interest. Outstanding. Maturity
Capital stk 90,000 shs (no par) ____
_________ 80,000 shs. ________
P ROPERTY, &c.— See separate statements o f controlled cos. below.
OFFICERS.— Pres., B. C. Cobb; V.-Ps., T. A. Kenney, Jacob Hekma
and A. L. Loomis; Comp., H. G Kessler; Sec. G. H. Bourne; Treas., Geo
Sprague Jr.; Asst. Sec. & Asst. Treas., C. A. Pearson Jr.— V. 118, p. 310,
650, 663, 1772, 2041. 2520.
(1) UNION RAILWAY, GAS & ELECTRIC CO.
Practically all the capital stock is owned by the Electric Railway Securi­
ties Co.
ORGA N IZA TIO N .— Incorporated in New Jersey June 29 1909.
In May 1922 all the electric light. power and gas properties controlled
by the Union R y., Gas & Elec. Co. were acquired by the Commonwealth
Power Corp. (see on another page of this publication). The company
owns practically all the capital stocks o f the Grand Rapids R y. C o., Michi­
gan Electric R y. C o., Michigan R R . C o., and the Saginaw Transit Co.




189

Holders of Union R y ., Gas & Electric coll, trust 5% bonds due July 1 1939
on June 30 1922 were offered in exchange gen. lien & ref. bonds of the
Commonwealth Power Corp. as per offer in V. 115, p. 184, 546. Early in
1927 sold the properties of the Rockford & Interurban R y. C o., Janesville
Traction Co. and Grand Rapids Holland & Chicago Ry.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
See text
Common $60,000 ( $ 1 ) _______ _________ ________ $60,000s’ s.
Soringfield Ry & Lt coll tr M\ 1903
5 g J-D
$267,000 June 1 1933
$5,000,000 g ($1.000)_c*tffFidelity & Columbia Tr. Co., Louisv.. trus.
Stock.— Only $2,300 common is outstanding in the hands of the public;
the balance is owned by El. Ry. Secur. Co. All of the outstanding pref.
stock of the co. was called for redemption Mar. 1 1926 at 105 and divs.
Bonds.— On Oct. 18 1925 all of the outstanding coll, trust mtge. gold
bonds of 1909 were called for redemption on Jan. 1 1926 at 100 and int.
The Springfield Ry. & Light bonds are call, on 60 days' notice at 107 ‘4 and
int. Int. is payable at Columbia Trust Co., Louisville, and at Hodenpyl,
Hardy & C o., Inc., N. Y ., and E. W . Clark & C o., Phila. V. 121, p. 2040.
PRO PE R TY. &c.— See various controlled cos. listed separately below.
OFFICERS.— Pres., G. E. Hardy; V.-Ps., C. M . Clark, Jacob Hekma;
Compt., H. G. Kessler; Sec., G. H. Bourne, New York; Treas., Geo,
Sprague Jr. V. 115, p. 184, 546; V. 119, p. 2181; V. 121, p. 2040.
(a) MICHIGAN RR.
Entire capital stojk and the $4,000,000 gen. mtge. 6% bonds are owned
by the Union R y., Gas & Elec. Co.
Receivership.— In 1924 John F. Collins was appointed receiver for the co.
on application of Union R y., Gas & Electric Co. V. 119, p. 2064.
ORGANIZATION.— Incorp. April 17 1919 in Michigan and acquired the
railway properties formerly owned by the Michigan Railway (for history, see
"Electric Railway" Section of March 29 1919).
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Owns and operates an interurban electric railway 48.52 miles long, extending
from Flint through Saginaw to Bay City, with branch to Frankenmuth;
one from Allegan to Battle Creek, 51.83 miles, and a high-speed inter­
urban line, 58.56 miles, extending from Grand Rapids to Kalamazoo.
36 motor pass, cars, 8 trailers, 2 service cars and 66 freight cars.
In Oct. 1925 an interurban motor bus service was inaugurated, con­
sisting of 14 coaches, running parallel with the electric railway lines,
through a new subsidiary, the Rapid Transit Corp. V. 121, p. 1101.
Jitney Legislation.— S eeV .113 ,p 2819, under caption “ Michigan United
Railways." Compare V. 116, p. 935, under same caption.
Interest in Default.— Interest on the outstanding bond has been defaulted
since M ay 1924 when the principal was due but not paid.
Committee for 1st Mtge 6s.— Allen G. Hoyt and Stanley A. Russell of the
Nat'l City Co. and Wm. W . Bride, Washington, D. C. Depositary, Nat'l
City Bank, N. Y.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$4,000,000 __________
Common stock $5,000,000.............. ......................
1st M bds $10,000,000 ($100,/ 1919
6 g M -N
4,050,000 May 1 1924
$500 & $1,000) gold-__c*tf/E quitable Tr.C o.,N .Y .,& Mich.Tr. Co., tr.
General mtge $4,000,000 gold. 1919
6%
4.000,000 May 1 1924
Bonds.— The first mtge. bonds have an authorized total of $10,000,000,
which may be issued in series bearing different rates of interest, but not to
exceed 6% per annum. In addition to the $4,500,000 originally outstand­
ing, $500,000 may be issued under certain conditions: the remaining $5,000,000 may be issued for not to exceed 75% of actual and reasonable expendi­
tures made after May 1 1919 for additions, extensions, &c.. under certain
restrictions. Sinking fund will retire semi-annually $50,000 of bonds of this
issue, either by purchase in the open market or by redemption at 101 and
int. $450,000 retired by sink. fd. up to April 1 1926. A gen. reserve fund
Is also provided under which the company must either expend annually or
deposit in cash with the New York trustee an amount equal to not less
than 20% of its gross earnings, to be expended for maintenance, repairs,
replacements and renewals, for the purchase or retirement of bonds of
this issue, or for extensions, enlargements and additions. Such expendi­
tures for extensions, enlargements and additions shall not be used as a
basis for the issuance of bonds, except as the general reserve fund is reim­
bursed to the extent of moneys used or withdrawn therefrom for such ex­
penditures. This fund is distinct from and has no connection with the
sinking fund. Callable at 101 and int. at any time on 45 days’ notice.
Int. is payable in N. Y . Tax-exempt in Michigan.
The gen. mtge. is junior in lien in every respect to the first mtge. V. 108,
p. 2022.
EARNINGS.— For calendar year 1925: Gross, $1,103,453; net, after
taxes, $66,264. For cal. year 1924, gross $1,249,413; net after taxes.
$117,436.
OFFICERS.— Pres., B. C. Cobb; V.-Ps.. J. F. Collins and E. J Bechtel;
Sec. & Treas., O. H. Degener. Office, Jackson, Mich.— V. 118, p. 1520,
1773; V. 119, p. 198, 2065: V. 121. p. 1101.
(6) MICHIGAN ELECTRIC RAILWAY CO.
Union Ry. Gas & Elec. Co. owns 97,247 shs. com. stock, 444,600 pref
" A " and 400,000 pref. " B ” stock and 1,223,300 1st & ref. mtge., ser. ^A ."
5% bonds.
ORGANIZATION.— Organized in Mich, in 1923 and acquired as per
plan as amended (see “ Electric Railway” Supplement of April 28 1923 for
outline of plan and “ Chronicle” V. l i t , p. 553, for amendments), for the
reorganization of the Michigan United Railways, sold at foreclosure June 30
1923. For history o f Michigan United Rys. see “ Electric Railway" Sup­
plement o f April 28 1923
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.— A
third rail and trolley system. Operates all city lines in Jackson, Battle
Creek, Kalamazoo and Lansing and interurban lines between Jackson,
Battle Creek and Kalamazoo, and between Jackson, Lansing and St. Johns,
Lansing and Owosso, and Corunna, and from Jackson to Grass Lake and
W olf Lake; total operated, 258 miles. Passenger terminal stations are loca­
ted in the main business sections of the cities served. Through passenger
service between these cities and Detroit is maintained over the lines o f the
Detroit United Railw ays connecting at Jackson and direct connection with
Grand R apids is m ade through the Michigan Railroad Co., likewise fast
freight service is rendered. Population served estimated over 310,000.
187 passenger motor cars. 3 trailers. 27 service and 44 freight cars and 21
passenger motor buses to supplement city railway service.
In Oct. 1925 an interurban motor bus service was inaugurated, con­
sisting o f 12 coaches, running parallel with electric raihvav lines, through
a new subsidiary, the Southern Michigan Transportation Co.
In Dec. 1924 the following protective committee was formed in view of
the probable default in the payment of the Jan. 1 1925 coupons on the
1st & ref. mtge. 5% bonds.
The Jan. and July 1925 coupons o f this issue were actually defaulted.
Committee for lsf A Ref. Mtge. 5s.— Chairman, Willard V. King; Living­
ston E. Jones, J. Peyton Clark, Geo. R. Cottrelle, Marvvn Scudder, Noah
McDowell Jr.. Wm. F Ingold. Wm. M Flook, Sidney W Noyes Bernard
C. Cobb, Sec.; Arthur N . Hazeltine, Asst. Trust Officer of irving BankColumbia Trust Co. Depositaries: Irving Bank-Columbia Trust Co
60 Broadway. N. Y . City; Capital Trust Corp., Temple Bldg., Toronto”
Canada: Pynchon & Co., 1 Drapers Gardens. Throgmorton St., London E*
C . Eng., and Investment Registry, L td.. 6 Grafton St . New Bond St., Lon­
don W. I. Deposits have been called for. V 119, p. 3010: V 120. p. 86.
STOCK AND BONDS—
Date:
Interest. Outstanding Maturity.
Common 100,000shares (n o p a r)____
_____
$ 7 000 000
Pref Class “ A ” 5% c u m ..................
5%
7 8 52 400 ---------------Pref Class “ B ” 5% n o n -c u m ..____
_________
400 000
Pref Class “ C ” 5% n o n -c u m ..____
_____
1,203 800
1st & ref mtge 5% bonds------- 1923
5%
7,190,500 jan‘ l'l9 4 8
Jackson Consol Trac 1st mtge f 1904 5 g M -N
790,000 M ay 1 1934
$1,000,000 gold ($100, $500/Interest at Empire Trust C o., New York
and $1,000)----------------c * tf] Trustee.
Jack-Bat Crk Trac Co 5% bds--------5
28,000
Past duo
Stock.— Class “ B ” pref. is subordinate to Class “ A " and Class *C” la
subordinate to Class A ” pref and also to Class “ B ” pref. The Jackson
Consol. Trac. Co. bonds are subject to call on any int. date at 105.
Jackson Consolidated Traction First Mortgage Bonds. 1904 — The interest
on this issue has been defaulted since M ay 1 1925.
Protective committee organized. Sec.. Geo. F. Lee, 45 Wall St. New
Y ork. Deposit of bonds under the committee’s deposit agreement, accom­
panied by coupons due M ay 1 1925 and all subsequent coupons should be
made on or before Dec. 31 1927 with United States Trust Co. 45 Wall St
| N . Y . City, the depositary. V. 125, p. 1837.

190

PUBLIC U TILITIE S

EARN ING S.— For calendar years:
____
Gross.
Net after Taxes. Fixed Chges.
1926 ...............$2,147,917
$45,846
$444,693
1925.................. 2,309.544
159,329
444,919
1920.................. 3.160.252
583.652
668.922
1916--.............. 2,067.592
798.041
628,297

Balance.
def$398.847
def 285.590
def
85,270
sur 169,744

V.T24'. P 36P
30.5i8378, 301° : V ' 12° ' P- 86: V ‘ 121, P> 11011 V - 123, P‘ 581
(c) GRAN D RAPID S R A ILROAD.
O R G A N IZA T IO N .— Property formerly known as Grand Rapids Railway
put was reorganized M ay 1 1927. per reorganization plan dated April 11
1927 (see V. 124. p. 2586). For history of old Grand Rapids Railway, see
‘Public Utility” Compendium o f April 30 1927.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Company owns and operates the street railways in Grand Rapids, Mich.;
69 miles measured as single track. 137 motor passenger cars, 19 service
cars and 9 motor buses. Population served estimated at 169,000. Has
2 pleasure parks. &c.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common 100,000 shs (no p a r ) . ____
______
100.000 shs ______ _
Preferred--------------------------------------7 Q-M
$300,000 Aug ‘27 IK
1st M $5,000,000 ($500 & $1,-1 1924
7 g M-N
3,171,000 M ay 1 1939
000 c* and $1,000 r*) g —tf/American ExchangeNat. Bk., N. Y ., Trust.
Debenture bonds gold.........................
7 g M-N
219.500 May 1 1944
Bonds.— 1st mtge. bonds are call, all or in part on any int. date on 34
days' notice at 105 and int. until and incl. May 1 1927, and at 1% less for
each successive three-year period thereafter. A sink, fund of 2 H % per
ann., payable semi-ann. will be used to retire bonds by purchase up to
$he current redemption prices or, if not so obtainable, by call at those
prices. Int. payable at office of trustee in N. Y . or agency of co. in Chicago
without deduction for Mich, taxes. Penna. and Conn. 4-mill taxes and
Mass. 6% income tax refunded. In April 1924 $3,200,000 were sold by
Dillon, Read & C o., Federal Securities Corp. and Spencer, Trask & Co.
at 99Vi and int., to yield over 7 % . V. 118, p. 2041. Red. as a whole at
101 and int. on 4 weeks' notice. Int. payable in N . Y . City or Grand
Rapids. Mich. Tax-exempt in Michigan. V. 108. p. 2122.
The 7% deb. bonds are all owned by Union Ry, Gas & Elec. Co
Dividends.— 5% was regularly paid on pref. stock to and including N ov.
1918. None up to M ay 1 1927. Initial div. o f $1.75 paid on new 7% pref.,
Aug. 1 1927.
EARN IN G S.— For calendar years:
1926
1925
1924
1923
Gross earnings................... $1,776,758 $1,738,779 $1,771,332 $1,817,607
Operating expenses......... 1,108.709
1,172.158
1,099.175 1,121.186
Taxes......................
146.287
144.122
1.37.542
135.963
Prov. for retirem ents...
175.129
165.964
144.460
171.697
Interest, &C— .................
336.703
324.077
344.728
324.086
Net Income.................
$9,930 def$67,542
$45,427
$64,675
Latest Earnings.— For 12 months ended June 30 1927: Gross, $1,745,965;
operating expenses. Including taxes and maintenance, $1,187,701; fixed
charges, $261,789: provision for retirement, $170,888; balance. $125,587.
OFFICERS.— Pres., B. C. Cobb; V.-P. & Gen. Mgr., L. J. de Lamarter;
V .-P ., E. .1. Bechtel; Comp., H. G. Kessler; Sec. & Treas., W. E. Livingston.
Office. Grand Rapids. Mich.— V. 118, p. 1519, 2041. 3197: V. 119, p. 1394;
V. 121, p. 198; V. 122. p. 1917; V. 124, p. 644, 2278, 2586, 2748, 2906, 3495,
3628; V. 125. p. 515, 780.
<g) SAGINAW T R A N SIT CO.
Union Ry. Gas & Elec. Co. owns 18,859 shares com. stock, $495,000
pref. stock and $560,000 1st mtge. 5% bonds.
O RGAN IZATION .— Incorp. Sept. 11 1923 In Michigan and acquired
the property in Saginaw, M ich., o f the 8aglnaw-Bay City Ry. Co. (for
history see “ Electric Raiiway'' Supplement o f April 28 1923). which had
discontinued operations Aug. 10 1921. For this property the co. Issued
$584,000 1st mtge. bonds, Series “ A ,” 5 % , due Jan. 1 1949; $1,479,000
of 6% cum. prer. stock and 18,750 shares of com. stock o f no par value
(as per reorganization plan In V. 117. p. 326).
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS —
The co. owns and operates electric railway system supplemented by motor
buses in the City o f Saginaw, M ich., and suburbs. Approx. 24 miles of
track. 49 motor passenger cars, 10 service cars and 29 motor buses. Pop­
ulation served estimated at 73,000. The franchise (V. 117, p. 326) runs to
June 25 1938 and the City o f Saginaw has agreed that it will prohibit and
prevent the operation o f “ jitneys” and other motor vehicles in competition
with the co. Compare, however, V. 119, p. 457.
Fare Increase.— See V. 121, p. 1103, 1463.
Upon completion o f reorganization the co. will be capitalized approxi­
mately as follows:
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common 20.000 shs (no p a r ) . . ____
_________ 20,000shs.__________
Pref 5% $1,479,000 cum ($ 1 0 0 )____
Q— J
$1,479,000 ----------------1st mortgage series" A " ($5001 1924
5 g J-J
1,184,000 Jan. 1 1949
and $1,000) gold_____c* tf ICallable at 102 and Int. on 30 days’ notice
Stock.— Pref. stock has equal voting power per share with common
Redeemable at $100 and accrued dividends.
Bonds.— Int. Is payable at Harris Trust & Savings Bank, Chicago
In Sept. 1925 it was announced that funds had been deposited to pay the
coupons due July 1 1925 on the 1st mtge. 5% bonds. The interest had been
defaulted on that date, due, it was said, largely to the low rates in effect
theretofore. V. 121, p. 1463.
OFFICERS.— Pres., Treas. & Gen. M gr., O .S . Kressler; V.-Ps., Otto
8chupp and H. V. Sinnett: Sec., L. F. Swartout; Asst. Sec. & Asst. Treas..
R . E . Smith.— V. 117, p. 1778. 1993: V. 121, p. 1103.

[V ol. 125.

FEDERAL PUBLIC UTIL IT IE S CO.
ORGANIZATION.— Incorporated on ----------------------- 1927 under the
laws of the State of --------------------.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company through its subsidiaries operates public utility companies (99%
gas and electric) serving 27 prosperous communities located in Michigan,
Kentucky, Mississippi, Oklahoma, Texas and the Province of New Bruns­
wick, Canada. Service is rendered through more than 16,000 meters and
in a territory having an approximate population of 70,000. Each of the
subsidiary companies serves under adequate franchises without burdensome
restrictions or serves under public service supervision.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common 20.000 shs (no p a r).______
_________ 20,000 shs __________
7% cum pref $1,500,000 ($ 1 0 0 )____
7%
$250,000 __________
1-yr 5% gold notes $1 ,0 0 0 .0 0 0 .____
5g
1,000,000 ....................
1st lien coll s f g bds ser A) 1927
6 g J-J
3,750.000 July 15 1937
$10,000,000 (c* $1,000, [Chicago Trust C o., Chicago, trustee.
$500, $100)____________ tfj
Bonds.— The 1st lien coll. 6% sinking fund gold bonds dated July 15 1927
are secured by deposit with trustee of all of the capital stock of all classes
(except directors' shares) of the subsidiary companies operating in the terri­
tories served, except in two instances, where the deposit of stock Is in excess
of 9 9 H % . Upon completion of financing these bonds, properties of the
operating companies will be free and clear of all mortgages or other funded
indebtedness. The trust deed securing these bonds provides that company
will not create any mortgages upon the properties of any of its subsidiaries
while any of the bonds of this issue (1st lien coll. s. f. 6% gold bonds, ser. A)
are outstanding, and that no subsidiary company shall increase its capital
stock unless the additional shares are deposited with the trustee. Addi­
tional bonds may be issued in series up to 75% of cost or value (whichever
is lower) of additional properties, additions and (or) extensions, provided
that earnings available for interest and depreciation, after all maintenance
charges, during any 12 of the preceding 15 months, are not less than 2 times
total interest charges on all bonds outstanding, incl. proposed issue, and
further provided that the earnings o f the company after all maintenance
charges, available for depreciation and interest on all its funded debt, incl.
series A and such other bonds, debentures and (or) notes as may be issued
from time to time shall be equal for any 12 of the preceding 15 months to
not less than 1 times the total annual interest charges on all funded debt
outstanding and then to be issued. Red. all or part on any Int. date on
30 days’ notice at 103 and int. Company agrees to refund to resident
holders upon proper application certain State taxes, as defined in the in­
denture. Peabody, Houghteling & C o., Chicago, offered in July 1927
$3,750,000 1st lien coll. 6% sinking fund gold bonds, series A , at 99 and int..
to yield about 6.12%. V. 125, p. 647.
EARNING S.— For 12 months ended April 30 1927:
Gross revenue_______________________________________________ $1,286,314
Oper. exp., incl. gen. & Dominion income taxes & maintenance.
670,384
Net earnings, before depreciation and Federal income tax____
Interest on this issue ($3,750,000) 1st lien collatera 16% sinking
fund gold bonds, series A )__________________________________

($615,930
225.000

$390,930
B alan ce__________________________________________________
OFFICERS.— Pres............................. Vice-Pres., J. F. Sorauf.— V. 125*
p. 647.

GRAND RAPIDS GRAND HAVEN & MUSKEGON RY

Receiver.— Grand Rapids Tr. Co. appointed July 29 1926. V. 123, p. 1762.
Protective Committee.— Interest due Jan. 1 1926 on the 5% 25-year gold
bonds, due July 1 1926, was defaulted. The bonds were not paid o ff at
maturity.
Committee.— D. P. Abercombrie, M . B. Holland, E. Sohier Welch,
Samuel H. Wolcott and Anthony G. Felix. Depositaries: Guaranty Trust
C o., N. Y . City; State Street Trust C o., Boston, and People’s Sav. & Tr.
Co.. Pittsburgh.— V. 122, p 1761.
O RGAN IZATION .— Incorp. in Michigan on March 6 1899. In M ay
1925 the United Light & Power Co. (of M d.), which heretofore controlled
the co., sold all its holdings in it to Sydney L. Vaughan, Vice-Pres. & Gen.
Mgr. of the road, and other Grand Rapids men. V. 120. p. 2683.
FTELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates an electric road on fenced right-of-way, connecting the
three cities named in the title, a distance of 41 miles. Extends from Grand
RapidR In a northwesterly direction to Muskegon with a branch to Soring
Lake and Grand Haven. Total track, 49.67 miles, of which 4.74 miles in
Grand Rapids and 3.43 miles in Muskegon are operated under trackage
agreement with the Grand Rapids Ry. and the Muskegon Trac. & Ltg. Co.
(see V. 113, p. 1674). 70-lb. T rail. Operates 22 passenger, 17 express and
2 work cars. Also does a freight business. Franchises in all towns through
which it passes extend to 1929, otherwise private right-of-way.
"~STOCK ANtTBONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1.200.000 ($100)___________
_______ — $1,200,000 ___________
First mortgage $1,500,000/ 1901
5 g J-J
1.500,000 July 11926
($1.000) gold_________ c*tf lint, at Guaranty Trust C o.. N. Y ., trustee.
Stock.— Entire stock, except directors’ shares, deposited under United
Light & Railways Co. 1st & ref. mortgage.
Bonds.— The Interest on outstanding bonds was guaranteed for 5 years
U T IL IT IE S S H A R E S C O R P O R A T IO N .
by the Security Investment Co. of Pittsburgh. See V. 76. p. 479. $6,000 of
ORGAN IZATION .— Organized in Delaware Nov. 17 1925 by Electric outstanding bonds held by United Light & Railways Power Co.— V. 100.
R y. Securities C o., which transferred to Utility Shares Corp. assets (other p. 901. 1672; V. 107, p. 82, 291; V. 108. p. 2022: V. 113, p. 1674; 2613;
than railway stock and bonds) to the value of $1,440,000, in consideration V. 115. P 543: V. 120. p. 2683. Defautl of interest, see above.
Gross earnings for 12 mos. end. Mar. 31 1925 were $329,784; net income.
o f which Utility Shares Corp. issued and distributed to El. Ry. Sec. Co.
shareholders o f record N ov. 25 1925 40,000 shares of its partic. pref. stock, $81,821.— V. 120, p. 2685; V. 122, p. 1761; V. 123, p. 206, 1762.
80.000 of its common shares and 80,000 options (expiring Dec. 31 1927) to
urchase common stock at $10 per share, ratably to the holders of El. Ry.
ec. Co. outstanding 80,000 shares o f stock, viz., H share partic. pref.
etock, 1 share common stock and 1 option to each share o f El. Ry. Sec. Co
stock. V. 12*
-uZO. For an offer by Hodenpyl, Hardy & C o., Inc.,
and others tc ^011 to Util. Shares Corp. 30.000 shares of Commonwealth
Power Corp. common stock in consideration o f the issuance to them of
120 000 shares o f common stock and a like number o f options, see V . 121.
p. 2520. 2523. 2878: V. 123, p. 208.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Common 500,000 shs (no par)--------— ------- 206,633 shs See text
1st pref cum 50.000 shs (no p a r )-----$6
None ---------------Part pref 200.000 shs (no p a r ) . ____
See text
13,200 shs See text
Options to buy com stock *---------------------- 193.367 shs ---------------* T o buy common stock at $10 per share, expiring Dec. 31 1927.
Stock.—Common stock has full voting power. 1st pref. receives $100 on
dissolution, $105 on redemption and $6 cum. divs. The partic. pref. re­
ceives $20 on dissolution, $22 50 on redemption and divs. of $1 20 (cumu­
lative) per annum, and if common dividends in any fiscal year exceed 60
cents per share, receives a like excess per share but not exceeding an add'l
Organize, Operate,
40 cents per share in such year. V. 121, p. 2520.
Dividends.— An initial quar. div. of 30c. was paid In March 1926 on the
partic. pref. stock. V. 122. p. 1028. Same rate paid regularly since. On
Manage and Finance
the common an initial div. o f 50c. was paid in Dec. 1926. V. 123, p. 2392.
In 1927, M ay. 30c.; and N ov., 30c.
Public Utilities

S

The

Cecil F . Elmes
Organization

EARN IN G S.—
QM os.End. Year End. Nbr.17’25 to
June 30 '27.Dec. 31 '26. June 30 '26.
$67,993
$106,868
$64,148
Income from dividends____ _________
Income from Interest_______________
3,425
17.564
11.356
Net profit on sale of securities_______
69,380
58,561
18.758
Total income.....................................
$140,798
$182,993
$94,262
Expenses and taxes_________________
13.308
11.520
4.605
Participating pref. stock dividends___
10,482
34,193
20.830
Common stock____________________
60,145
100,182 ------- --------Balance to surplus________________
$56,963
$37,098
$68,827
OFFICERS.— Pres., Jacob Hekma; Comp., H. G. Kessler; Sec., E. E.
Nelson; Treas., Otto Brunenmelster Jr.; Asst. Sec. & Asst. Treas., O. R.
Coleman.— V. 122. p . 1028; V . 123. p. 208. 713. 2392; V.124. p. 650, 2431.
V . 125. p. 388.




D esign and C onstruction
B anking R eports and Appraisals

C H IC A G O
231 South L a Salle Street

Oct., 1927.]

POW ER, L IG H T AND R A IL W A Y

The United Light and Power
Company
CHICAGO

DAVENPORT

GRAND RAPIDS

Serves a population of more than
two million in their Homes,
their Stores and Factories with

E L E C T R IC

L IG H T

A N D PO W ER
A n d /or Similar U tility Services.

Combined Assets Exceed $285,000,000

Gross Earnings for 12 M onths Ended
August 31, 1927, in excess o f $44,000,000

T h U ne L h ad Po e C o pn
e i d ig t n w may
t
r




191

192

POW ER, LIG H T AND R A IL W A Y
(THE) UNITED LIGF T & POWER CO.
(OF MARYLAND.)

[V ol. 125.

is u n co n d itio n a lly gu a ra n te e d as to p a y m e n t o f d iv id e n d s and liq u id a tion
price b y en d o rse m e n t o f g u a r a n ty o n each s t o c k ce r tific a te b y T h e U n ited
L igh t & P o w e r C o .
•
*
6 .3 6 % P r io r P r e f . S tock ( D e l . C o . ) . — T h e sale o f 7 % p r io r p r e f. s to c k w as
w ith d raw n o n M a y 15 1925, an d a new issue o f 6 .3 6 % p rio r p re f. s to c k w as
s o ld . B o th th e 7 % and 6 .3 6 % p r io r p re f. s to c k is so ld o n ly th rou gh th e
U nited P o w e r S ecurities C o . , a su b sid ia ry o f th e L t . & P o w e r C o . T h e
prior p re f. o f all clasees has p referen ce o v e r all o th e r issues o f eith er p referred
or c o m m o n s to c k s o f th e P o w e r C o . R e d . all o r p a r t, o n 60 d a y s ’ n o tice ,
at $105 per share a n d d iv s .
Su ch o f th e o u ts ta n d in g 634 p r io r p re f. sh ares, Series 1924, as w ere n o t
c o n v e rte d in to C lass “ A ” c o m . s t o c k o f th e U n . L t . & P o w . C o . (M a r y la n d ),
w ere called for r e d e m p tio n o n N o v . 1 1925, a t $10 5 an d d iv s .
B o n d s . — In te re s t on fir s t an d r e fu n d in g m o r tg a g e b o n d s is p a y a b le a t
o ffic e o f tru stee o r C o n tin e n ta l & C o m m e r c ia l T r u s t & S avin gs B a n k , C h i­
cago.
M o r tim e r N . B u ck n e r is c o -t r u s t e e . $ 1 8 ,0 8 3 .4 0 0 b o n d s (n o t i n c l. in
a m o u n t o u ts ta n d in g a b o v e ) are d e p o s ite d as s e c u r ity fo r firs t lien and c o n ­
solid a ted m o rtg a g e b o n d s.
A d d itio n a l b o n d s m a y b e issued fo r refu n d in g
u n d erlyin g b o n d s and fo r 7 5 % o f par v alu e o f p re fe rr e d s to c k s o f undei 1. ing
co m p a n ie s re d e e m e d o r p u rch a se d , 7 5 % o f c o s t o f b e tte r m e n ts , im p ro v e ­
m ents and a d d itio n s , and fo r 7 5 % o f c o s t o f a d d itio n a l p r o p e r ty , u n d er
certa in re strictio n s.
R e d e e m a b le as a w h o le o r in p a r t on an y in terest d a y
at 102 !4 and in te re s t on 60 d a y s ' n o t ic e . A d e p r e c ia t io n fu n d o f 2 % on all
bond s o u t b e ca m e o p e r a t iv e in 1917. S ee d e s c r ip tio n o f b o n d s in V . 102,
p. 1898.
T h e first lien an d co n s o lid a te d m o r tg a g e b o n d s are se cu re d b y p le d g e o f
an equal fa ce a m t . o f 1st & r e f. m tg e . 5s. A d d itio n a l b o n d s m ay b e
issued u nd er certa in re strictio n s. $ 7 7 ,3 0 0 series o f 1924 held in trea su ry .
Series A are re d e e m a b le all or in p a r t a t a n y tim e on 30 d a y s ’ n o tice o n o r
after A pril 1 1947 up to A p ril 1 1948 a t 103 an d interest. 5 ) 4 % series o f
1924 are r e d ., all o r p a rt, on 30 d a y s ’ n o tice d u rin g first 5-y e a r p eriod a t
107 ! 4 , d u rin g se co n d 5 -y e a r p e rio d a t 105, thereafter at 1 % less d u rin g ea ch
5-year p eriod u n d til M a r . 31 1954; d u rin g th e su cce e d in g 2 )4 years a t 1 0 0 )4 .
and th ereafter a t 100, plus in t. in each case. In A p r. 192 B on b rig h t & O o .,
I n c ., o ffe r e d $ 3 ,5 0 0 ,0 0 0 1st lien & co n s o l M . 5 *4 % ser. o f 1924 a t 90 and in t .,
to yield 6 .2 0 % . V .118 , p. 2180. P e n n sy lv a n ia S ta te tax and C o n n e c tic u t
State tax o f 4 m ills re fu n d e d
V . 114, p . 1536
In Jan . 1926 B on b rig h t
& C o ., I n c ., o ffe re d $ 1 ,4 0 0 ,0 0 0 a d d itio n a l 1st lien & c o n s o l, m tg e . g o ld
b o n d s. 5 )4 % series o f 1924, a t 9 6 )4 an d in t ., t o y ie ld a b o u t 5 . 7 5 % .
V . 122,
p . 751
D e b e n tu r e s . — T h e d e b . b o n d s Ser. “ A ” 6s d u e J a n . 1 1973 are r e d . all o r
p art on 60 d a y s ’ n o t ic e at 110 d u rin g firs t 15 ye a rs (e n d in g Jan. 1 193 8 );
th ereafter at 1 % less d u rin g ea ch s u c c e e d in g 5 -y e a r p e rio d t o and in clu d in g
the 45th y ear; th e r e a fte r at 1 % less d u rin g e a ch s u c c e e d in g year t o and in c l.
the 48th year; and th e re a fte r at 100 and in t.
In te r e s t p a y a b le a t a g e n cy o f
c o m p a n y in N ew Y o r k . P e n n s y lv a n ia an d C o n n e c tic u t 4 m ills ta x r e fu n d ­
ed. V . 116. p. 177.
T h e 6 % g . d e b e n tu r e s , s e r ie s o f 1925, d u e N o v . 1 1975 w ere issued u nd er
an agreem en t d ated N o v . 1 1925, w h ich p ro v id e s th a t gold d eb en tu res
m ay be issued in series o f such ten or as th e c o . m ay d e te rm in e prior t o
the issue th e re o f. N o a d d itio n a l d e b e n tu re s m a y be issued (ex cep t for
refu nding a n o th e r series, par for p a r ), unless th e c o n s o lid a te d net in c o m e
has been a t least tw ice ann ual n terest on all in d e b te d n e ss o f U n L t. &
Pow . C o ., in clu d in g new issue, b u t e x clu d in g ch a rges on s u b o rd in a te i n ­
debtedn ess. & c. C o . c o v e n a n ts n o t t o issue a n y u n secured o b lig a tio n
m aturin g m ore than 5 years fro m issu ance, as lo n g as an y d e b en tu res are
ou tsta n d in g are r e d ., w h ole or p a rt, on 60 d a y s ’ n o tice a t 110 up t< and in cl.
N o v . 1 1940; thereafter at 1 % less d u rin g such su cce e d in g 5 year p e rio d
up t o and in cl. N o v . 1 1970: thereafter at 1 % less each su cce e d in g y ea r t o
and in cl. N o v . 1 1973; thereafter at 100; in each case plus interest. P e n n .
4 m ills and M a s s . 6 % tax re fu n d a b le .
In terest p a y a b le at a g e n c y o f c o .
m N ew Y o rk or C h ic a g o .
In N o v 1925 B o n b rig h t & C o ., I n c ., o ffe r e d
*12.500 000 g. d e b e n t 6 % series o f 192A at 92 and int
to 'Meld about,
6 .5 5 % . V . 121, p . 2 63 9. A d d itio n a l $ 5 0 0 ,0 0 0 g o ld d e b e n . 6 % series o f
1925 w ere o ffe r e d in A p ril 1927 a t 98 a n d in t ., t o y ie ld 6 . 1 3 % . V . 12 4 ,p .2 2 8 3 .

(S e e m a p on p a g * 19 3 .)
( ^ O R G A N I Z A T I O N . — I n c o r p o r a te d in M a r y la n d N o v . 20 1923 and
a cq u ire d all th e assets o f th e U nited L ig h t & R y s . C o . (In c o r p . in M a in e in
J u ly 1910, per plan in V . 91, p. 9 6 ). s u b je c t to all m ortg age lien s, in d e b t e d ­
ness, & c ., in exch an g e fo r its o w n secu rities (con sisting o f C lass A p r e f.
s t o c k . C lass B pref. s to c k . C lass A c o m . s to c k and C lass B c o m . s to c k )
w h ich w ere d eliv ered t o th e U n ited L ig h t & R a ilw a y s C o . in p a y m e n t fo r its
a s s e ts .
A c q u i s i t i o n o f C o n tin e n ta l G a s & E l e c tr ic C o r p . — C o n tr o l o f th e C o n tin e n ta l
G a s & E le c tr ic C o r p . w as a cq u ire d in 1925 th rou gh exch a n g e o f th e la tte r
c o . ’s secu rities again st U n ite d L t . & P o w e r C o . secu rities.
In N o v . 1926
C o . m a d e a n oth er o ffe r , v iz ., t o exch a n g e 14 shares o f its class A c o m m o n
s to c k fo r each share o f C o n tin e n ta l G a s & E le c . C o r p . c o m m o n s to c k : th e
o ffe r exp ired N o v . 30 1926.
V . 123, p . 2 78 0. A large a m o u n t o f c o m m o n
s to c k o f A m erica n L ig h t & T r a c tio n C o . a n d D e tr o it E d iso n is also h e ld .
V . 121, p . 77..
O w n s p r a c tic a lly all o f t h e p re f. an d c o m . s t o c k (e x c e p t d ir e cto r s ’shares)
o f th e fo llo w in g s u b sid ia ry co m p a n ie s :
C h a tta n o o g a (T e n n .) G a s C o .
L a P o r te (In d .) G a s & E le c . C o .
C e d a r R a p id s (Io w a ) G a s C o .
M a s o n C i t y & C le a r L a k e ( la .) R R .
C e d a r R a p id s & M a r io n C it y R y . C o . N o rth w e s te rn M fg .C o .,F t .D o d g e ,I a
F o r t D o d g e ( la .) G as & E le c . C o .
O ttu m w a (Io w a ) G as C o .
P e o p le 's G as & E le c . C o . , M a s o n C ’y
A ls o c o n tr o ls th e T r i-C it y R a ilw a y & L ig h t C o .
O n S ep t. 8 1920 T h e U n ite d L ig h t & R y s . C o . w as in c o rp . in D e la w a re
w ith a tota l au th oriz e d c a p ita l o f $ 5 0 ,0 0 0 ,0 0 0 .
O f th e to ta l auf.h s to c k
J 2 5 .0 0 0 .0 0 0 is c o m . an d re m a in d e r p rio r p re f. c u m u l. A ll th e c o m ., e xcep t
d ir e cto r s shares, is ow n e d b y he U n ite d L ig h t & P ow er C o . o f M a r y la n d
T h e 7 % p rior pref. w as so ld t o th e p u b lic co m m u n itie s served b y th e su b
c o s . an d as o f D e c . 31 1924 a p p r o x . $ 4 ,1 2 8 ,3 5 0 was o u ts ta n d in g ,
in
D e c . 1924, $ 5 ,0 0 0 ,0 0 0 6 3 4 % p rio r p r e f. w as s o ld , p ro ce e d s t o b e used in
th e a c q u is itio n o f o v e r 7 5 % o f th e c o m . s to c k o f the C o n tin e n ta l G as &
E le c t r ic C o r p . b y th e c o m p a n y .
In S e p t; 1925 T h e U nited L & R y s C o
( D e l.) a p p lie d fo r a u th o r iz a tio n t o in cre a se its a u th o rize d c a p ita l s t o c k from
$ 7 5 ,0 0 0 ,0 0 0 t o $ 1 5 0 ,0 0 0 ,0 0 0 , v i z ., 5 0 0 ,0 0 0 shares o f p re f. s to c k (par $ 10 0'
an d 1 ,0 0 0 ,0 0 0 shares o f c o m m o n s to c k (p ar $ 1 0 0 ). V . 121, p . 1463.
In M a y 1925 th e c o m p a n y so ld all its h o ld in g s in th e G ra n d R a p id s
G ra n d H a v e n & M u s k e g o n R y . t o S y d n e y L . V a u g h a n , V ice -P re s. and
G e n . M g r . o f th e r o a d , and o th e r G ra n d R a p id s m en
V . 120. p 2685
D u r in g 1925 th e U n ite u L ig h t & R y s . C o ., a s u b s id ia ry , a cq u ire d 98 34%
o f th e c o m m o n s t o c k o f th e B r o o k ly n B o r o u g h G a s C o ., se rv in g a p o p u la tio n
o f o v e r 2 5 0 ,0 0 0 . F o r d e ta ils , see V . 121, p . 1229. T h e sam e c o . a cqu ired
in J u ly 1925 all o f th e c o m m o n s t o c k o f th e O h io U ti l it i e s C o . ( o f D e l.)
see V . 121, p . 122 9. U n ite d L t . & R y s . C o . also c o n tro ls O h io & W estern
U tilities C o . an d R iv e rs id e P o w e r M f g . C o . In 1925 C o n tin e n ta l G as & El
C o r p ., o n e o f th e p rin cip a l su bsid iaries o f t h e c o ., a cq u ire d p r a c tic a lly all o f
th e c o m . s to c k snd a large a m o u n t o f th e p r e f. s t o c k o f L i n c o ln T r a c tio n C o .
and has c o n s o lid a te d th e e le ctric business o f th a t c o . and o f th e L in co ln
G a s & E le c tr ic L ig h t C o ., also o w n e d b y th e C o n tin e n ta l G as & E lectric
C o r p ., in a new c o r p o r a tio n , th e L in c o ln P u b lic S erv ice C o .
V . 121, p. 1229
O n O ct. 20 1925 c o . pu rch a se d th e B lu e R iv e r P ow er C o . o f N e b ra s k a , for
o v e r $ 1 ,0 0 0 ,0 0 0 .
V . 121, p . 2040.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e c o m p a n y a n d its su b sid ia ries s erve 4 3 8 c o m m u n itie s , in c lu d in g K ansas
C it y , M o . , C o lu m b u s , O ., D a v e n p o r t , I o w a C it y , C e d a r R a p id s , O ttu m w a
F o r t D o d g e a n d M a s o n C i t y , I o w a , L in c o ln , N e b ., R o c k Is la n d an d M o lin e
111
C h a t ta n o o g a , T e n n ., a n d L a P o r t e , I n d . P o p u la tio n se rve d over
2 ,0 0 0 ,0 0 0
A m o n g th e p rin cip a l c o m p a n ie s c o n tr o lle d are K a n sas C ity
P ow et ;V L igh t C o . a n d th e C o lu m b u s R a ilw a y . P ow er & L ig h t C o . (su b
sidiaries o f C on tin en ta l G as & E le c tr ic C o r p .) .
T h e T r i-C ity R y . & L t . C o
an d B r o o k ly n B orou g h G a s C o .
T h e 6 ) 4 % d e b e n t u r e s S e r ie s o t 1 9 2 4 a r e r e d e e m a b l e , a ll o r in p a r t o n o 0
T h e total ele ctr ic g e n e ra tin g c a p a c it y o f th e syste m s o f th e c o m p a n y is
d a y s ’ n o tice at 110 d u rin g firs t 15 years (e n d in g M a y 1 1939); th erea fter a t
o v e r 4 9 1 ,0 0 0 k .w .; th e re are 2 ,4 3 6 m iles o f tran sm ission lin es, o v e r 6 ,2 3 0 m iles
1 % less d u rin g ea ch su c c e e d in g 5 -y e a r p eriod to and in clu d in g th e 45th
o f d is trib u tio n cir c u its , 2 0 g a s p la n ts w ith 1,115 m iles o f m a in s, 368 m iles
year: th e re a fte r at 1 % less d u rin g each s u c c e e d in g year t o and incl th e
o f tra ck s; n u m b er o f passen ger an d fre ig h t ca rs , 450.
48th y e a r, and th e re a fte r at 100 and in te re st. C o m p a n y will refu n d P eu n a.
T h e C o n tin e n ta l p r o p e r tie s c o n s ist o f th re e g r o u p s : T h e K a n s a s C ity
4 m ills ta x and th e M a ss, in c o m e ta x , n o t e x c e e d in g 6 % per a n n u m on
g r o u p , th e C o lu m b u s (O h io ) g r o u p and th e I o w a and N eb ra sk a g r o u p .
Incom e d e riv e d fro m th e d e b e n tu re s . In te r e s t p a y a b le at a g e n c y o f th e
T r a n s fe r A g e n c i e s . — S to c k transfer a gen cies are m ain tain ed in N e w Y o r k .
c o m p a n y in N ew Y o r k or C h ic a g o .
In M a y 1924 B o n b r ig h t & C o . o f fe , d
In C h ic a g o and in G ra n d R a p id s .
See V. 9 7 . p . 1358.
$ 1 ,0 0 0 ,0 0 0 6 ) 4 % d e b s . Series o f 1924 a t 95 and in t., t o yield a b o u t 6 9 0 % .
O n M a r . 3 1926 s to c k h o ld e r s c h a n g e d th e au th o riz e d ca p ita l s t o c k , h e re
V. 118, p . 2574
In N o v . 1924 the sam e b an k ers o ffe re d $ 5 ,0 0 0 ,0 0 0 a d d i­
t o fo r e co n s istin g o f 5 0 0 ,0 0 0 shs. C lass A p r e f., 500 ,0 0 0 sh s. C lass B p r e f.,
500,000 C lass A c o m m o n and 5 0 0 .0 0 0 C lass B c o m m o n , in to 5 0 0 ,0 0 0 shs tional at 95 and interest, to yield o v e r 6 .8 5 % . V 119. p 2531.
M a in ten a n ce a n d D e p r e c i a t io n F u n d . — T h e c o m p a n y m u st s e t aside y e a r ly
C la ss A p r e f., 5 0 0 ,0 0 0 shs. C lass B p r e f ., 3 .5 0 0 ,0 0 0 shs. n e w C lass A c o m
n o t less than 1 2 ) 4 % o f its gross e arn in gs, a n y p a r t o f w h ich n o t a c tu a lly
an d 2 ,5 0 0 ,0 0 0 sh s. n e w C la ss B c o m m o n s t o c k . 5 shares o f n e w C la ss A
exp e n d e d in a n y c a le n d a r year fo r m a in te n a n c e , & c ., t o b e used for e x te n ­
a n d C lass B c o m m o n t o b e issu ed fo r e a ch sh are o u ts ta n d in g . V . 122, p
sions, ad d itio n s. & c .. a g ain st w hich n o a d d itio n a l b o n d s m a y be issu ed.
1612
N o t e s . — T h e 5 )4 % n otes h a v e annual s in k in g f u n d o f $ 7 5 0 ,0 0 0 to be used
In terest.
O u ts ta n d in g .
M a t u r it y .
STO CK A N D BO N DS—
D a te .
for p urchase o f n otes o f this issue at n o t to e x ceed 100 and in t. N o te s s o
___________ l,9 8 2 ,6 9 1 s h s
See text
C o m cl A 3 .5 0 0 ,0 0 0 s h s ( n o p a r ) ____
purchased to be retired an d ca n c e le d . A r e re d e e m a b le , all o r in p a rt, o n
C o m c l B 2 , 5 0 0 , 0 0 0 s h s ( n o p a r ) ____
____________________ l,0 0 0 ,0 0 0 s h s
S ee text
10 d a y s ’ n o tice at 101 )4 d u rin g first y e a r, a t 101 d u rin g next year and th ere­
P r e f cl A $6 50 cu m 5 0 0 ,0 0 0
after a t 100 and in t. C o m p a n y w ill re fu n d P e n n s y lv a n ia p erson al p r o p e r ty
shares (n o p a r ) _______________ ______
$6 .5 0 Q -J
1 6 0 ,4 3 0 s b s J a n ’ 2 7 ,$ l 63
tax o f 4 m ills and the M a s s in c o m e ta x , n o t e x ce e d in g 6 % per an n u m o n
P r e f H B $3 50 c u m p a r tic
500,000 shs (n o p a r ) ________ ______
____________
7 6 ,7 7 0 s h s
A p rin co,$ le 0(>e riv e d fro m the n o te s . In F e b . 1925 $ 5 ,0 0 0 ,0 0 0 w ere o f fe r e d b y
’27 m d
B o n b rig h t & C o . , I n c ., a t 99 an d in t ., t o y ie ld a b o u t 5 .8 0 % .
V . 120. p
P rior p r e f 7 % c u m (D e la w C o .)
1091
7%
4 ,8 7 8 ,2 0 0
See te x t
D iv id e n d s . — D iv s . are be in g p a id r e g u la rly o n p r e f.
In 1924 fo u r quar*
P r io r p r e f 6 .3 6 % (D e l. C o . ) _ - ____
6 .3 6 %
6 ,4 8 5 ,5 0 0 __
5 g J -D
11,0 0 0 .0 0 0 Ju n e 1 19.32 cash d iv s . o f 4 0 c. per share w ere p aid on C lass “ A " & “ B ” c o m .
In 1 92 5.
x First & r e f m tg e g o ld ($100, ( 1912
$500 and $ 1 ,0 0 0 )
c * & r .t f (N e w Y o r k T r u s t C o ., N e w Y o r k , tru stee
F e b ., 4 0 c. p er sh are; M a y , 4 5 c. per share.
In A u g . 1925, 5dc. p er sh a r e .
x 1st lien & c o n s M ser A series 1922 6 g A -O
1 1,010.000 A p ril 1 1952
I n N o v . 1925, 6 0 c. p e r sh a re . In 1926: F e b . 6 0 c . D iv s . o f 1 2 c. p er s h a re
(equal t o 6 0 c . o f ea ch sh are o f o ld s t o c k ) h a v e b e e n p a id re g u la rly e a ch
__ ____
______
____
5 )4 g A -O
6 ,9 9 6 .1 0 0 A p ril 1 1959
o f 1924 ($1 0 0 , $50 0 & , 1924
q u a rte r fro m M a y 1 1926 t o a n d in c l. A u g . 1 1927. I n a d d it io n , s to c k d iv s .
$ 1 ,0 0 0 c* & $ 1 ,0 0 0 & m u l r ( l n t . a t N e w Y o r k T ru s t C o ., N . Y . , tru stee
x D e b e n tu r e b o n d s Series “ A ” ) 1923
6 g J -J
2 .8 3 9 ,0 0 0 Jan 1 1973 o f l-4 0 th o f a share o f cl. A c o m . w e re p a id in M a y a n d N o v . 1924 an d M a y
($100, $500 & $ 1 ,0 0 0 c * an d )N e w Y o r k T r u s t C o l, N e w Y o r k , tru ste e .
an d N o v . 1925 t o h old ers o f b o th A a n d B c o m . s t o c k . V . 120, p 1330. 2 9 4 5 ,
$ 1 ,0 0 0 & m u ltip les r * ) g . t f l
V . 121, p . 1349.
O n th e new class A and class B c o m m o n s to c k a q u a r. d iv .
o f 12c. in cash an d l-4 0 th share c o m m o n w as p a id in M a y 1926. V . 122,
fn d e o en ser
u g iva-N
6
M - in
x.2 ,5 0 0 ,0 0 0 N o v 1 1 9 7 5
1 ____ . ___
6 % g u eb e n t ser 1925 \.#i ,uuu, 1925
($1,000
$ 5 0 0 , * 1 0 0 ) ___________ c * . t f l T h e N . Y . T r u s t C o
N Y . . C . , T ru ste e .
p . 1457.
In A u g . 1926, 12c.
In N o v . 1926. 12c.
In 1927. F e b ., 1 2 c .
M a y , 12c. C o m p a re V . 123, p . 1508.
D e b 6 ) 4 % Ser o f 1924 ($100.1 1924
6 )4 g M -N 6 ,0 0 0 ,0 0 0 M a y 1 1974
$500 & $ 1 ,0 0 0 c * & $ 1 ,0 0 0 [N e w Y o r k T r u s t C o . , N e w Y o r k , tru ste e .
R e s ig n a tio n P r e s . F r a n k T . H u ls w il . — See V . 122. p . 1457. fo r d eta ils r e ­
ga rd in g re sign a tio n o f P re s. F ran k T . H u ls w it o n M a r c h 11 1926 fo llo w in g
& m u ltip les r * ) g o l d ------ t f l
N o te s ($500 an d $ 1 ,0 0 0 ) g o ld ) 1925
534 g M -S 4 ,8 7 3 ,0 0 0 S e p t 1 1928 th e s to c k m a rk e t p o o l crash o f th e c o . ’ s s t o c k .
c * . t f / I n t . a t N e w Y o r k T ru s t C o .. N . Y . , trustee.
___________ 8 0 ,3 8 0 ,6 0 0 ____________
O t h e r d i v is i o n a l s e c u r i t ie s ____ ______
x U n . L t . & R y s . C o . (M a in e ) issues.
S e c u r itie s C o n tr o lle d C o m p a n ie s .— A s o f J u ly 31 1927 c o . ’s c o n t r o l l e d c o m ­
p a n ie s h a d o u t s t a n d i n g w it h t h e p u b l i c :
F u n d ed d e b t a n d m ortg a ges
a g g r e g a t in g $ 8 0 ,3 8 0 ,6 0 0 : p r e fe r r e d s t o c k , $ 4 5 ,2 4 1 ,8 8 6 , a n d m in o r it y h o l d n g s o f c o m m o n s t o c k s o f s u b s i d i a r ie s , $ 5 1 5 ,5 3 0 V. 122, p . 751 .
F o r s e c u r itie s c o v e r in g r a ilw a y p r o p e r t ie s s e e s e p a r a te c o m p a n i e s b elow
C la s s A P r e f. S to c k . — C lass A p r e f. sto c k h o ld e r s are e n title d to re ce ive

a d iv . a t th e ra te o f $6 50 p er share per a n n u m , p a y a b le Q -J .
D iv . c u m .,
an d th e s to c k has p re fe re n ce in liq u id a tio n and in d iv s. o v e r all o th e r classes
o f s t o c k . C a lla b le a t $105 per sh are, an d th e h o ld e rs are en title d to receive
$10 0 per share an d d iv id e n d s in e v e n t o f liq u id a tio n . In Jan 1925 35,000
shares $6 50 c u m . C lass “ A " p re f. w ere s old b y H o w e , S now & B ertles. In c.
O tis & C o . and P eiree, F a ir & C o . , at $86 per share, to yield o v o r 7 .5 5 % .
V . 120, p . 455 . In A u g . 1925 th e y s o ld 3 0 ,0 0 0 shares at $94 p er share and
d i v ., t o y ie ld o v e r 6 . 9 0 % .
V . 121, p . 841 .
C la s s B P r e f . S to ck . — C lass B p r e f. s to c k h o ld e r s are e n title d t o re ce iv e a
d iv . a t th e ra te o f $3 50 p e r share per a n n u m , p a y a b le Q .-J .
D iv . shall
b e c u m ., and In a d d itio n th e s to c k shall p a r ticip a te to th e e x te n t o f 50 cen ts
p er share p er a n n u m w h en ever th e c o m . s to c k is p a y in g d iv s . at th e rate
o f m ore th an 28c p er share per a n n u m . H as preferen ce in liq u id a tio n
and d iv s . o v e r a ll classes o f c o m . s t o c k .
C a lla b le at $60 per sh are, and
h old ers shall be e n title d t o re ce iv e $50 p e r share and d iv s . in e v e n t o f
liq u id a tio n .
C o m m o n S to ck . — T h e re are t w o cla sses, v iz .: C lass A c o m . s to c k and
cla ss B c o m . C lass A c o m . is in a ll resp ects sim ilar to class B c o m ., e x ce p t
th a t it has n o v o t in g p o w e r .
In M a r c h 1926 b o th A an d B c o m m o n w ere
s p lit, 5 shares o f n ew s t o c k b e in g issu ed fo r e a ch share o f o ld s t o c k . B o th
lis ted on C h ic a g o S to c k E x ch a n g e a n d N e w Y o r k C u rb M a r k e t . V . 122,
p . 1612.
R ig h ts . — C o m m o n s to c k h o ld e r s (class A and B ) o f record J u ly 3 ’25 w ere
g iv en the right to s u b s c r ib e to an a d d itio n a l a m o u n t o f class A s to c k at
$72 50 per share at th e ra te o f o n e share C lass A c o m . s to ck fo r each 5 shares
o f eith er class h eld . F o r fu rth e r p a rticu la rs, see V . 121, p . 7 7 . F o r
rig h ts given in 1925 t o s u b s crib e t o s to c k o f A m e r i c a n S ta tes S e c u r itie s C o r p .
see sep a ra te s ta te m e n t o f this la tter c o m p a n y .
P r io r P r e fe r r e d S lock ( D e la w a r e C o . — .T h e U n ited L ig h t & R y s. ( D e l.)
p rior p r e f. is re d e e m a b le , a ll o r in p a r t, o n 60 d a y s ’ n o tice a t 105 an d d iv s .




Underwriters of

Public Utility
and other Securities

OTIS & CO.
Established 1899

C LEV ELA N D
New York Chicago Philadelphia D etroit Cincinnati
Columbus
Toledo
Akron
Denver
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Canton
Massillon

O c t .,

1927.]

PO W ER , L IG H T A N D R A IL W A Y
193




194

[V ol. 125.

PUBLIC U TILITIE S

E A R N I N G S . — F o r 12 m o n th s e n d e d A u g . 31:
1 92 7.
1926.
G ro s s ea rn in gs o f s u b sid ia ry c o m p a n ie s ____________ $ 4 4 ,4 5 7 ,0 6 0 $ 4 0 ,5 1 3 ,1 5 9
L ess in t e r -c o m p a n y tra n sfe rs________________________
2 ,0 5 8 ,8 6 9
1 .9 2 5 ,9 1 5
T o t a l gross e a rn .n g s ------------------------------------------------- $ 4 2 ,3 9 8 ,1 9 1 $ 3 8 ,5 8 7 ,2 4 4
O p e r a tin g ex p e n s e s____________
2 0 .9 9 1 ,2 1 5
1 8 ,5 2 6 .9 5 7
M a in t e n a n c e c h a rg e a b le t o o p e r a t io n ______________
2 ,5 1 9 ,2 3 6
2,4 0 5 .3 4 1
T a x e s , gen era l a n d in c o m e ____________________________ 3 ,4 3 9 ,4 8 9
3 ,1 4 9 ,2 3 1
T o t a l o p e r a tin g e x p e n se , m a in te n a n c e a n d ta x e s $ 2 6 ,9 4 9 ,9 4 0 $ 2 4 ,0 8 1 ,5 2 9
L ess in t e r -c o m p a n y tr a n s fe rs ________________________
2 ,0 5 8 ,8 6 9
1 ,9 2 5 .9 1 5

B o n d s . — R e m a in in g b o n d s a re f o r exte n sio n s an d b e tte r m e n ts a t 7 5 %
o f c o s t , p r o v id in g ann u al n e t earn in gs a re 1 M tim as in t. c h a rg (in c l. b o n d s
to be is su e d ).
R e d . a t 105 an d in t . on a n y in t . d a y .
S in k in g f u n d o f 2 %
per an n u m b e g a n J u n e 1 1913 t o p r o v id e f o r a d d itio n s a n d b e tte r m e n ts
o r fo r p u rch a se o f b o n d s .

CONTINENTAL GAS & ELECTRIC CORP.
C o n tr o l. — C o n tr o lle d b y U n ite d L ig h t & R y s . C o . ( D e l .) , all o f th e issued

c o m m o n s to c k o f w h ich is o w n e d b y th e U n ite d L ig h t & P o w e r C o . (M a r y ’d ) .
O R G A N I Z A T I O N .— A h o ld in g c o m p a n y .
I n c o r p . in D e la w a re N o v . 16
1912. C o n tr o ls a g r o u p o f e le ctric p o w e r an d lig h t c o m p a n ie s o p e ra tin g in
5 S tates an d in C a n a d a an d se rv in g o v e r 3 0 0 co m m u n itie s . T h e com p a n ies
c o n tro lle d are as fo llo w s : (a) K an sas C it y P o w e r & L ig h t C o . . K a n sas C it y
M o . [th rou gh a c q u is itio n o f c o n tr o l o f K a n sa s C it y P o w e r S ecurities C o r p .];
N e t ea rn in g s, all s o u r c e s ____________________ ______ $ 1 9 ,9 4 5 ,2 8 3 $ 1 8 ,6 2 0 ,7 3 6
see s ta te m e n t b e lo w ; (b ) N e b ra sk a G as & E le c tr ic C o .; (c) C a n a d a G a s &
I n t . o n b o n d s & n o te s o f s u b . c o s . d u e p u b li c ______ 4 ,3 1 3 ,9 2 0
4 ,3 9 3 ,5 7 2
E lectric C o r p .. B r a n d o n . M a n .; (d) C o lu m b u s R y ., L ig h t & P o w e r C o . ,
C o lu m b u s , O . [see sta te m e n t o n a n o th e r p a ge]; (e) I o w a S e rvice C o .; (J ) L in ­
B a la n c e ___________ _______________ _______ __________ $ 1 5 ,6 3 1 ,3 6 3 $ 1 4 ,2 2 7 ,1 6 3
c o ln P u b lic S e rvice C o . an d L in co ln T r a c t io n C o . , L in c o ln , N e b .; (g ) M a r y ­
D iv s . o n p r e f. s tk s . o f s u b . c o s . d u e p u b lic & p r o p o r .
ville E le c tr ic L ig h t & P o w e r C o .; (h ) H a v e lo c k (N e b .) E le c t r ic L ig h t C o .
o f n e t earn s, a t t r ib u ta b le to c o m . s t k . n o w
Has also a c q u ir e d th e L in co ln (N e b .) T r a c t io n C o . ( V . 119 , p . 1630; see
o w n e d b y c o m p a n y ________________________________
3 ,1 7 9 ,5 0 7
2 ,8 7 2 ,9 6 9
sta te m e n t o n a su b se q u e n t p a g e ) .
It w as a n n o u n ce d in D e c . 1925 th a t th e L in c o ln G a s & E le c t r ic L ig h t C o .
G ro s s in c o m e , a v a ila b le t o U n ite d L t . & P r . C o . $ 1 2 ,4 5 1 ,8 5 7 $ 1 1 ,3 5 4 ,1 9 4
was t o b e c o n s o lid a te d w ith th e e le ctr ic p r o p e r tie s o f L in c o ln T r a c t io n C o .
In te r e s t o n fu n d e d d e b t _______________________________ 3 ,1 9 3 ,1 3 6
3 ,0 5 6 .2 3 5
in a new c o ., th e L in co ln P u b lic S e rvice C o .
V . 121, p . 2 74 9.
4 6 2 ,5 3 2
O th e r in t e r e s t _________________________________________
8 4 7 ,4 5 3
In Ju n e 1926 N e b ra sk a R y . C o m m is s io n g ra n te d c o . a u th o r ity t o m erge
P r io r p re fe rr e d s to c k d iv id e n d s _____________________
6 9 4 ,0 7 7
5 2 3 ,7 6 6
B lue R iver P o w e r C o r p . (p u rch a se d in 1926) w ith N e b ra sk a G as & E le c tr ic
C o . an d t o d is s o lv e t h e fo rm e r .
See V . 122 , p . 3 3 4 0 , u n d e r h e a d in g “ N e ­
N e t in c o m e ___________________________________________ $ 7 ,7 1 7 ,1 9 0 $ 7 ,3 1 1 ,6 6 2
brask a G as & E le c tr ic C o . ”
G lass A p referred d iv id e n d s _________________________
1 ,0 3 3 ,0 3 3
9 9 6 .6 6 6
C la ss B p referred d iv id e n d s _________________________
3 0 8 ,1 9 0
3 2 4 ,0 0 0
I o w a -N e b r a s k a L ig h t & P o w e r C o . w as fo r m e d e a rly in 1927 b y C o n tin e n ta l
G as & E le c . C o r p . t o a cq u ire p ro p e rtie s o f th a t C o r p . in Io w a a n d N e b ra sk a .
S u rp . earn s, a v a il, fo r d e p r e c ., a m o r t . & c o m m o n
s t o c k d iv id e n d s ____________________________________ $ 6 ,3 7 5 ,6 6 8 $ 5 ,9 9 1 ,0 9 5 B o n d s o f th e n ew c o m p a n y w ill b e issued t o th e C o r p . t o b e u sed in p a r t t o
re tire th e o u ts ta n d in g 1st lien c o ll, tru st 5s, d u e N o v . 1 1927 an d 6 % ref.
N o t e . — D iv id e n d d e c la r e d a n d p a id b y A m e rica n L ig h t & T r a c t io n C o . ,
m tg e . b o n d s, ser. A , d u e A p ril 1 1947. T h e C . G . & E . C o r p . o ffe r e d th e
in c o m m o n s t o c k o n Ju n e 30 1927, is n o t in c lu d e d in th e a b o v e fig u re s .
n ew 1st lien & re f. m tg e . 5s, ser. A , d u e M a y 1 1957 t o th e h old ers o f th e
O F F I C E R S .— C h a ir m a n o f B o a r d , C . S. E a to n , C le v e la n d : P r e s ., o ld b o n d s o n th e fo llo w in g basis: 9 6 >2 fo r th e new b o n d s in ex ch a n g e for
R ic h a r d S ch a d d e le e , G ra n d R a p id s : V . - P . & G e n . M g r ., B . J . D e n m a n ,
C . G . & E . C o r p . 5 % b o n d s d u e N o v . 1 1927, a t 100, a n d ou r 6 % b on d s
D a v e n p o r t : V . - P . & G e n . C o u n s e l, W m . C h a m b e r la in : V . - P . , S e c. & T r e a s ., d u e A p ril 1 1947, a t 1 0 7 (a t w h ich p rice t h e y h a v e b e e n c a lle d fo r p a y ­
L . H . H e in k e , G ra n d R a p id s . C o r p o r a t e o ffic e s , B a ltim o r e , M d .: gen eral m e n t O c t . 1 1927) w ith a d ju s tm e n t o f a c c r u e d in te re s t. V . 125, p . 1192.
o ffic e s , 733 Illin o is M e r ch a n ts B a n k B ld g ., C h ic a g o : e x e c u tiv e and a c c o u n t­
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
in g , G ra n d R a p id s N a tio n a l B a n k B ld g ., G ra n d R a p id s , M ic h ., an d also T h e subsidiaries s erve w ith e le ctr ic lig h t a n d p o w e r : K a n s a s C i t y , M o .;
C h ic a g o : o p e r a tin g o ffic e s , D a v e n p o r t , I o w a .
V . 121, p . 7 7 , 3 3 2 , 461 , C o lu m b u s , O .; L in co ln , N e b .: B r a n d o n . M a n it o b a , and o v e r 3 0 0 cities and
5 8 8 , 8 4 1 , 122 9, 1349; V . 121, p . 2 04 0, 2 40 5, 263 9. 2 7 5 4 , 2 87 8, 3 0 0 6 , 313 2: co m m u n itie s in I o w a , N e b r a s k a , K an sas a n d M is s o u r i; t h e y fu r n is h gas t o
V . 122 . p 9 5 , 75 1 , 884 , 1312, 1457. 1612. 2 49 9. 2 65 3, 321 2 360 8: V . 123.
L in c o ln , N e b ., B r a n d o n , M a n it o b a , a n d f iv e o th e r c itie s ; d o th e en tire
p . 20 8 . 7 4 3 ,1 3 8 4 . 1508, 1879. 2 39 2. 2 78 0. 303 9. V . 12 4 , p . 114 , 2 1 2 2 , 228 3. street ra ilw a y business in C o lu m b u s , O ., a n d a s te a m h e a tin g busin ess in
2 5 9 1 , 2 9 0 9 . 3 49 8: V . 125 , p . 2 4 8 , 78 2 , 1 32 7, 1840.
re s tricte d d istricts in K a n sas C i t y a n d C o lu m b u s . T h e c o r p o r a t io n deriv es
o v e r 8 0 % o f its net r e v e n u e th ro u g h th e sale o f e le c t r ic it y . Its su b sid ia ries
T H E T R I-C IT Y R A IL W A Y & L IG H T C O .
h a v e 20,8 4 0 gas an d 267 ,2 1 2 e le ctr ic c u s to m e rs , a n d s e r v e a to t a l p o p u la t io n
o f a p p ro x im a te ly 1 ,0 9 0 ,0 0 0 .
I n c o r p . in C o n n e c tic u t M a r c h 31 1906.
K a n s a s C ity G r o u p . — See K ansas C it y P o w e r & L ig h t C o . b e lo w
In Ju n e 1912 co n tr o l was a cq u ire d b y th e U n ite d L ig h t & P o w e r C o
C o lu m b u s , O h io , G r o u p . — See se p a ra te sta te m e n t o f C o lu m b u s R y ., P o w e r
T r i-C it v R y . & L t . c o m m o n s to ck h o ld e rs rece iv e d in e x ch a n g e fo r their
& L ig h t C o . o n a n o th e r p a g e .
shares $31 16 2-3 ca s h , $16 66 2-3 U n ited R y s . (n o w U n ite d L t . & P ow er)
I o w a a n d N e b r a s k a G r o u p . — C o r p o r a t io n , th r o u g h its su b sid ia ries, serves
6 % 1st p r e f. an d $12 50 2d p re f. 3 % s to c k . V . 94. p 768 . T h e U n ite d L t.
e le c, ligh t and p o w t o a b o n t 3 0 0 a d ja c e n t c itie s an d c o m m u n itie s all in ter­
& P o w e r C o . ow n s I S .9 2 1 ,6 10 c o m m o n an d $ 1 ,9 8 3 ,9 0 0 preferred s t o c k .
c o n n e cte d b y tran sm ission lin es, in I o w a , N e b ra s k a a n d M is s o u r i. P r o p e r ­
O R G A N I Z A T I O N .— I n c o r p . In C o n n e c tic u t M a r c h 31 1906 a n d ow n s
ties o p e ra te d fro m L in c o ln , N e b ., as a ce n tre h a v e a to ta l stea m c a p a c it y
all th e s t o c k , e x c e p t d ir e cto r s ’ sh ares, o f th e fo llo w in g co m p a n ie s :
o f 2 8 ,7 5 6 k . w . a n d h y d r o -e le c t r ic c a p a c it y o f 2 ,4 8 9 k. w .
P o p u la tio n
T r i-C it y R a ilw a y C o . o f I o w a
M o lin e -R o c k Isla n d M fg . C o .
served in this te r rito r y is o v e r 2 4 2 .0 0 0 . an d th e su b sid ia ries h a v e o v e r
T r i-C it y R a ilw a y C o . o f Illin o is
P e o p le ’s L ig h t C o .
19,6 3 7 gas a n d 5 7 ,0 2 7 e le c t r ic c u s to m e rs .
P e o p le ’s P ow er C o .
C lin to n D a v e n p o r t & M u s c a tin e R y
A n o rd e r refu sin g th e c o m p a n y perm ission t o sell s t o c k in M is s o u r i w as
I o w a C it y L ig h t & P o w e r C o .
M u s c a tin e L ig h tin g C o
issued A p ril 18 1924 b y th e “ b lu e s k y " o f fic e o f th e M is s o u r i S ta te F in a n ce
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D e p a r tm e n t, b u t o n A u g . 11 1925 their o rd e rs w e re o v e r r u le d .
V . 121, p .
C o n tr o ls all gas p la n ts, e le ctr ic -lig h tin g co m p a n ie s an d stre e t ra ilw a y lines
977.
in th e cities o f D a v e n p o r t, I o w a C it y , M u s c a tin e , B e t t e n d o r f an d R o c k in g ­
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
h a m . I a ., an d R ock Isla n d , M o lin e , E ast M o lin e an d o th e r sm aller to w n s in
Q— J
1 7 8 ,7 1 2 sh s.
See te x t
C o m m o n 3 5 0 ,0 0 0 shs (n o p a r ) . ____
Illin o is, an d an in teru rb an co n n e c tin g M u sca tin e , D a v e n p o r t an d C lin t o n .
Prior
p re fe re n ce
7%
cum
O p era tes o v e r 170 m iles o f sta n d a rd -g a u g e tra ck , co n n e c tin g th e citie s o f
$ 2 0 ,0 0 0 ,0 0 0 ( $ 1 0 0 )________________
7 Q— J
$11 7 7 8 ,6 0 0
See te x t
C lin to n a n d D a v e n p o r t , l a ., and R o c k Is la n d , M o lin e an d E a st M o lin e ,
P a rtic p r e f $ 2 0 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) . ____
See te x t
6 ,4 7 4 ,1 0 0
See tex t
H I,, incl an exten sion t o M u sca tin e p la ce d in o p e ra tio n in 1912 a n d city
C o ll tr b o n d s c o n v Ser “ A ’ ’ ( 1924 7 g F -A
1 ,1 2 1 ,9 0 0 F e b 1 1954
lines in M u s c a tin e 8 0 -lb . girder and 60 to 7 5 -lb . T rail. P o p u la tio n served
($100, & c ) ___________ c * t f/C l e v e l a n d T r u s t C o . . C le v e la n d , tru stee.
a p p ro x im a te ly 3 0 0 ,0 0 0 - R a ilw a y fr a n c h is e s exten d t o 1930, 1935 and 1951:
R e fu n d in g Series “ A " ($1001 1922 6 A -O
5 ,4 >1,200 A p r 1 1947
ele ctr ic f r a n c h is e s t o 1935 and 1943. an d gas f r a n c h is e s t o 1929, 1933 & 1943.
& c) __________________ c * & r * /I n t . p a y a b le in N . Y . . C h ic a g o o r C le v e la n d .
T r t - C i t y R y . M a y A b a n d o n . — S ee le tte r o f P re sid e n t re g a r d in g fin a n cia l
Secured 6V £% b o n d s , Ser “ A " / 1924
6 K g A -O 1 1 ,7 0 0 .0 0 0 O c t 1 1964
sta tu s o f c o . , & c ., in V . 117. p . 1349.
($ 1 0 0 .$ 5 0 0 & $ 1 ,0 0 0 )g . c * . t f (C le v e la n d T r u s t C o . , C le v e la n d , tru stee.
O ffe r to H o ld e r s o f T r i -C i ty R y . & L t. P r e f . S to c k . — T h e 6 % 1st p r e f. s t o c k ­
S to c k . — In N o v . 1926 U n ite d L ig h t & P o w e r C o . o f fe r e d t o a n d in c l.
h o ld e rs o f th e T r i-C it y R y . & L t . C o . h a v e re c e iv e d an o ffe r fr o m th e
N o v . 3 0 1926 t o C o n tin e n ta l G as & E le c tr ic C o r p . m in o r ity c o m m o n s t o c k ­
U n ite d L t . & R y s . C o . (n o w U n ite d L t . & P o w . C o .) t o e x c h a n g e their p re f.
s t o c k fo r U n ite d L t . & R y s . (n o w U n ite d L t . & P o w . C o .) 6 % p r e f. o n the h olders 14 shares class A c o m m o n s t o c k o f U n ite d L t . & P o w . C o . fo r each
c o m m o n share C o n tin e n ta l G a s & E le c . C o r p .
V . 123, p . 2780. P rio r
f o llo w in g ba sis: E a ch 10 shares (p a r $10 0) o f th e 6 % p r e f. o f th e T r i-C ity
p r e f. is c a ll, all o r in p a rt o n a n y d iv . d a te o n 9 0 d a y s ’ n o tice a t 110 and
m a v b e e x c h a n g e d fo r 11 shares (par $ 10 0) o f th e U n ite d L t . & R y s . 6 %
d iv s . P a y a b le in case o f liq u id a tio n a t 110 a n d d iv s .
In O c t . 1924 $ 4 ,0 0 0 ,p r e f. V . 117, p . 166 5. $ 1 ,6 2 3 ,2 0 0 has be e n so e x c h a n g e d .
000 7 % p rio r p re f. w as s o ld b y O tis & C o .. H o w e , S n o w & B ertles, I n c ., an d
STO CK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
P e irce , F a ir & C o . a t 92 p er sh are a n d d i v ., t o y ie ld 7.61 % .
V . 119, p . 206 9.
___________$ 9 ,0 0 0 ,0 0 0
See text
C o m m o n $ 9 ,0 0 0 ,0 0 0 ($ 1 0 0 )_________
T h e p a r tic. p r e f. is e n title d to 6 % c u m . d iv s . an d p a r ticip a te s up t o an
F r e f$ 3 ,0 0 0 ,0 0 0 6 % c u m ( $ 1 0 0 ) ____
6 Q -J
3 ,0 0 0 .0 0 0 Ju ly'’2 7 , 1H
a d d itio n a l 2 % .
Is re d . a t 110.
1st & r e f m tge $ 2 0 ,0 0 0 ,0 0 0 g f 1910 5 g J-J
1 9 .8 0 1 ,0 0 0 J u ly 1 1930
B o n a s . — T h e c o ll, tru st 7 % g o ld b o n d s , series “ A , ” are c o n v . in to
$ 5 0 0 & $ 1 ,0 0 0 c * & $ l,0 0 0 r * t flin t , a t C e n t. U n ion T r . C o . N . Y . , tru stee.
p a rtic. p r e f. s t o c k , a t th e rate o f $10 0 par value o f s u ch s to c k an d $10 cash
Io w a C it y G as & E le c t r ic / 1909 6 M -N
1 6 2 ,5 0 0
See text
tor each $100 p rin cip a l a m o u n t o f b o n d s so c o n v e r t e d .
R e d . all o r p art
1st m o rtg a g e $ 4 0 0 .0 0 0 ___ t f 1I n t. at C h ic a g o T r . & S av. B a nk, tru stee
on a n y in t. d a te u p on 30 d a y s n o tice , on o r b e fo re F e b . 1 1927 a t 102, o n or
S to ck . — P ref. s to c k is r e d e e m a b le a t 120 an d a c c u m . d iv s . See V . 82
b efore F e b . 1 1929 a t 105, o n or b e fo re F e b . 1 1934 a t 104, o n o r b e fo r e F e b . 1
p . 1 21 3. L isted on M o n tr e a l, T o r o n t o and L o u isville S to c k E x ch an ges.
1939 a t 103, on o r b e fo re F e b 1 1944 a t 102, o n o r b e fo re F e b . 1 1 9 4 9 a t
B o n d s . — O f th e 1st & re f. b o n d s, s u ffic ie n t are reserved fo r p rio r liens,
101, thereafter a t par (and in t. in ea ch c a s e ).
In t. p a y a b le in N . Y . ,
an d rem ain der fo r 8 5 % o f c o s t o f a d d itio n s an d im p ro v e m e n ts .
S u b ject
C h ic a g o or C le v e la n d .
F ree fro m P en n a. S ta te ta x.
t o call a t 105 an d in t. on a n y in t. d a te .
S in k in g f u n d o f 1 H % o f b on d s
R e d e m p t i o n .— A ll o f t h e c o ll, tr u s t b o n d s , ser. A , w e re c a lle d f o r r e d e m p ­
o u t b egin s F e b . 1 1924. P en n a. 4-m ill ta x re fu n d e d on $ 1 ,0 0 0 ,0 0 0 o f these
t io n Jan . 1 1928.
b o n d s . V . 9 3 , p . 1465: V . 114, p. 855 , 949 . $ 1 5 ,6 0 0 ,0 0 0 o f ou tsta n d in g
T h e 6 % refu n d in g b o n d s , ser. “ A , ” are red. a t 1 0 7 ^ t o A p r il 1 1932:
1st & re f. b o n d s are o w n ed b y U nited L ig h t & P ow er C o .
at 105 thereafter t o A p ril i 1942, and a t 102 th e re a fte r.
T h e Io w a C it y G as & E lec. C o . b o n d s m ature se ria lly $ 4 ,0 0 0 t o $9,000
T h e 1st lien & c o ll. tr. 5s are c a ll, a t 105 A in t on a n y in t. d a t e . I n t .
a n n u a lly fro m M a y 1 1912 to M a y 1 1927 an d $ 1 3 5,00 0 in 1928. S u b je c t to
p a y a b le in C le v e la n d a n d N e w Y o r k .
S ee p a r a g r a p h a b o v e u n d e r I o w a call a t 105 and in t. on a n y in t. d a te . A d d itio n a l b o n d s m a y b e issued fo r 8 0 %
N eb ra sk a L t. & P ow er C o.
o f c o s t o f exten s. & b e tte rm e n ts. $ 3 ,5 0 0 ow n ed b y U n ite d L t . & P o w e r C o .
T h e s e cu re d 6 H % g old b o n d s . S e r ies A , d u e O c t . 1 1964 ($ 2 0 ,0 0 0 ,0 0 0 au­
d i v i d e n d s . — F irst d iv . on p re f. 1 H % . p a id J u ly 1906, an d 1 H % qu a r.
th o r iz e d ), are secured b y p le d g e o f s to c k s o f c e r ta n c o n tr o lle d c om p a n ies.
sin ce t o an d in c l. J u ly 1927. A d iv . o f 1 % w as paid o n th e c o m m o n stock
O f th e rem ain in g Series
A ” b o n d s a u th o r iz e d . $ 2 .1 0 6 ,1 OOare reserved
Ja n . 1 1915 (p r a c tic a lly all o f this s to c k is o w n e d b y U n ite d L ig h t & P ow er
to r e fu n d a lik e a m o u n t o f C o n tin e n ta l G as & E le c . C o r p . co lla te r a l tru s t 7s,
C o . an d p rev iou s d isbu rsem en ts w ere n o t m a d e p u b lic ), an d qu a r. t o and
d u e 1954.
T h e re m a in in g a u th o riz e d m a y b e so ld an d th e p ro ce e d s
in cl. A p r. 1918. In 1919 5 % . In 1920. O c t ., 1 % . rn 1 9 2 1 .4 % : in 1922. 5 % .
used t o reim bu rse th e c o m p a n y fo r not to exceed 7 5 % o f th e pu rch ase
in 1924, 8 % , in 1925, 9 % .
In 1926: J a n ., 2 H % , A p r il, 1 % , J u ly , 1 % :
price o f securities o f c o n tr o lle d co m p a n ie s . T h e trust in d en tu re p r o ­
O c t ., 1 % .
In 1927: J a n ., 1 % .
V . 120, p . 455.
vides fo r an annual s in k in g f u n d p a y m e n t for th e retirem en t o f this issue
O F F I C E R S .— P r e s ., B . J . D e n m a n , D a v e n p o r t : V .- P s ., R ich a rd
co m m e n cin g O cto b e r 1 1926, equal t o 1 % o f the m a xim u m prin cip a l
8 c h a d d e lle , G ra n d R a p id s ; H . E . W e e k s a n d R . B . M a c D o n a ld : G e n . M g r .,
a m o u n t o u ts ta n d in g (less b o n d s retired th ro u gh sale o f p le d g e d c o lla t e r a l),
R . B . M a c D o n a ld : T r e a s ., L . H . H e in k le : S e c ., H . E . L i t t ig .— V . 114, p.
at a n y tim e p r e ce d in g su ch p a y m e n t d u rin g th e fir s t 8 years: 2 % d u r in g th e
8 5 5 , 9 4 9 , 282 6; V . 116, p . 7 8 , 4 1 1 , 127 6, 1761: V 117 . p . 555 . 1349. 1665;
next 25 years; an d 2 46 % d u rin g the la st 5 yea rs.
R e d e e m a b le , a ll o r p a r t,
V . 120 , p . 45 5 ; V . 122 , p . 2 33 2.
on an y in terest d a te , u p o n 30 d a y s ’ n o tice , o n o r b e fo r e O c t . 1 1959, a t 105
and in terest; th e re a fte r a t 100 an d in terest. In O c t . 1924 $ 1 1 ,7 0 0 ,0 0 0
C E D A R R A P ID S & M A R IO N C I T Y R Y .
Series “ A ” 6 ) i s w ere s o ld b y O tis & C o . , H o w e , S n ow & B e rtle s, I n c ., P eirce,
Fair & C o . , an d J. G . W h ite & C o . , I n c ., a t 99 a n d in te re s t, t o y ie ld o v e r
O R G A N I Z A T I O N .— I n c o r p . M a y 1891 in I o w a . F r a n c h is e in C e d a r
6 .5 5 % .— V . 119, p . 1738
R a p id s ex p ires 1941 a n d in d e te rm in a te on in te ru rb a n .
D iv id e n d s . — T h e d ir e cto r s h a v e d e cla re d th e fo llo w in g d iv id e n d s fo r th e
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
year 1926 on th e v ariou s classes o f s to c k : (1 ) P r io r p r e fe r e n c e s to ck , regular
O w n s a n d op e r a te s ro a d 2 1 .9 4 m iles in le n g th , ex te n d in g f r o m C e d a r R a p id s ,
d iv . o f $1 75 per share q u a r t e r ly .; (2) p a r tic ip a tin g p r e fe r r e d , a regu la r d iv .
I o w a , t o M a r io n , I o w a , in c l. b r a n c h lines in c it y o f C e d a r R a p id s ; se co n d
o f $1 50 per share qu a rte rly an d an e xtra d iv . o f 5 0 c. per share q u a rte rly :
t r a c k , 5 .3 6 ; s id in g s , 2 .7 3 ; to t a l o f a ll, 3 0 .0 3 m ile s. R a ils , 4 5 , 60 and
(3) o n th e 6 % p r e f. s t o c k , 1 M % : (4) c o m m o n . $1 10 p er share in ca sh q u a r ­
8 0 -lb . T .
te r ly . T h e a b o v e q u a rte r ly d iv s . w ere all p a id , in clu d in g Ja n . 3 1927.
STO C K A N D BO N DS—
D a te .
In terest.
O u ts t a n d in g .
M a t u r it y .
V . 122, p . 1608; V . 123, p . 1381. S im ilar d is trib u tio n s w ere d e c la r e d o n
S to c k $ 1 ,0 0 0 ,0 0 0 ( $ 1 0 0 )-----------------------------------$ 9 9 7 ,1 0 0 ------------------th e r e s p e c tiv e s to c k s fo r y e a r 192 7. V . 124, p . 1509.
1st m o r tg a g e s series “ A ” _____ / 1920
7 J -D
7 9 3 ,0 0 0 Ju n e 1 1930
E A R N I N G S .(N e w Y o r k T r u s t C o ., tr u s te e .
* 192 7.
1926.
1925.
B o n d s .— T h e s e b o n d s w e re issu ed in 1 92 0, a t w h ich tim e an issu e o f $ 1 8 4 ,.$ 2 7 ,8 5 4 ,7 0 5 $ 2 6 ,6 5 8 ,8 5 4 $ 2 3 ,8 1 2 ,4 8 1
000 1st m t g e . 5s d u e in 1931 w ere r e tire d .
O p era tin g expen ses, m a in t. & ta x e s . . 1 5 ,3 8 8 ,5 0 3
1 4 .8 4 8 ,5 7 5
1 2 ,914,273
D e p r e cia tio n ch a rg e s s u b . c o s _______ 2 ,6 0 7 ,1 5 6
2 ,4 6 5 ,2 9 6
--------------M ASO N C IT Y & C L E A R L A K E R A IL R O A D C O .
O R G A N I Z A T I O N , & c .— O p e ra te d sin ce J u ly 1897.
.$ 1 2 ,4 6 6 ,2 0 2 $ 9 ,2 0 3 ,1 2 3 $ 8 ,4 3 2 ,9 1 2
T o t a l o p e r a tin g e x p e n se s---------------------------------------- $ 2 4 ,8 9 1 .0 7 1 $ 2 2 ,1 5 5 ,6 1 3
N eb ea rn in gs o f s u b s id ia ry c o m p a n ie s _______________ 1 7 ,6 0 7 ,1 2 0
16.4 3 1 .6 3 1
N o n -o p e r a tin g ea rn in g s______________________________
2 ,4 3 8 ,1 6 3
2 ,1 8 9 ,1 0 5

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A t r o lle y r o a d . O w ns r ig h t -o f-w a y 33 fe e t w id e fro m M a s o n C it y t o C le a r
L a k e . 9 m ile s . L en g th o f lin e w ith in a n d b e tw e e n th e t w o citie s ,1 8 .6 m ile s .
H a n d les all fre ig h t c o m in g o v e r M in n . & S t. L o u is . C h ic . R . I . & P a c .,
C h ic a g o & N o r t h W e s t , an d C h ic . G re a t W e s t , r a ilw a y s b e tw e e n M a s o n
C i t y a n d C le a r L a k e . F r a n c h is e s ru n u n til O c t . 31 1935.
S T O C K A N D B O N D S .—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
....................
$ 4 0 0 ,0 0 0 ................- - S to c k $ 1 ,0 0 0 ,0 0 0 .................... ...................
G en era l m o r tg a g e $ 2 ,5 0 0 ,0 0 0 / 1912
6 g J -D
3 1 6 ,0 0 0 Ju n e 1 1932
g o ld ($ 1 .0 0 0 ) ___________c * t f ( I n t . a t F ir s t T r . & S a v . B k ., C h ic ., tru s te e .




4 ,3 7 9 ,1 7 7

4 ,2 7 5 ,2 4 3

3 ,9 2 7 ,2 5 9

I n c o m e a v a il, t o C . G . & E . C o r p . . . $ 8 ,0 8 7 ,0 2 5
In te r e s t ch a rge s, & c __________________ . 1 ,3 9 6 ,7 1 1
A m o r t ., b o n d & s t o c k d is c o u n t s _____
. 1 ,3 0 2 ,8 2 8

.’

$ 4 ,9 2 7 ,8 8 0
1 ,6 5 1 ,3 1 5
1 81 ,953
1 ,2 5 2 ,4 6 2

$ 4 ,5 0 5 ,6 5 3
1 ,6 6 2 ,7 6 9
178 .4 8 0
1 .0 6 4 ,2 3 4

B a la n ce , a v a ila b le fo r c o m m o n ____ x $ 5 ,3 8 7 ,4 8 6 $ 1 ,8 4 2 ,1 5 0
* F o r 12 m o n th s e n d e d J u n e 3 0 1927.
x B e fo r e d e d u c t io n f o r d e p r e c ia tio n a n d a m o r tiz a tio n .

$ 1 ,6 0 0 ,1 7 0

Oct., 1927.]

O F F I C E R S .— C h a ir m a n o f th e B o a r d , C . S. E a to n , C le v e la n d ;
P r e s ., R ic h a r d S c h a d d e le e ; V .- P r e s ., B . J. D e n m a n , L . H . H ein k e
a n d F . K . G e o rg e ; T r e a s ., B . J . O lsen; S e c ., L . H . H ein k e. G en eral o ffic e s ,
G ra n d R a p id s , M ic h .— V . 119, p . 1738, 1847, 2 06 9, 252 8, 2759 V . 120,
p . 21 0 , 1202, 2 01 1, 2 6 8 3 , 3064; V . 121, p . 329 , 70 5 , 97 7 . 1 22 7, 1347. 2271,
2 7 4 9 ; V . 122. n. 212 . 1608. 2649, 308 0, 3604: V 123, p . 205 , 70 9 . 841 . 1.381
187 3, 2 3 9 0 , 2 7 7 5 , 3 0 3 7 ; V . 124, p . 110, 1509, 2 12 0; Y . 125 , p . 1 05 1, 1191,
132 3.

KANSAS CITY POWER SECURITIES CORP.
C o n tr o l .— In Ja n . 1924 th e C o n tin e n ta l G as & E le c tr ic C o r p . a cq u ire d

c o n tr o l o f th e c o m p a n y . V . 118, p . 5 5 0 . C o m p a re V . 117, p . 2323.
S u b s ta n tia lly all o f th e p r e f. and c o m . s to c k s are o w n e d b y C o n tin e n ta l
G as & E le c tr ic C o r p .
O R G A N I Z A T I O N .— I n c o r p . in Illin o is o n M a r c h 8 192 1. O w n s all the
c o m m o n s t o c k o f K a n sas C it y P o w e r & L t . C o . See th a t c o m p a n y b e lo w .
C A P I T A L S T O C K .— A u th ., 6 5 ,0 0 0 shares c o m m o n a n d 5 0 .0 0 0 shares
p r e f. (n o p ar v a lu e ). O u tsta n d in g , 6 5 ,0 0 0 c o m . shares a n d 4 0 ,0 0 0 p re f.
sh ares. T h e p r e f. shares c a rry a p re fe re n ce o f $5 per sh are per a n n u m ,
c u m ., p a y a b le q u a r. a n d in case o f dissolu tion o r liq u id a tio n o f th e c o m p a n y ,
t o th e e x ten t o f $100 p e r share an d all u n p a id , a c c r u e d a n d a c c r u in g d iv i­
den d s th e re o n .
D iv i d e n d s .— O n p r e f ., $1 25 p er share w as p a id A p ril 1 1921 a n d sam e
a m o u n t has been p a id re g u la rly q u a r. sin ce. A d i v . o f $2 p er share was
p aid o n th e c o m . s to c k in D e c . 1922, and sin ce a q u a r. d iv . o f $2 has been
regularly paid.
E A R N I N G S .— C o m p a n y de riv e s a ll Its reven u es fr o m th e c o m m o n s to c k
c f K a n sa s C it y P o w e r & L ig h t C o .
O F F I C E R S .— P r e s ., J o se p h F . P o r te r : V .-P r e s ., R ic h a r d S chad ellee;
S e c ., C h ester C . S m ith ; T r e a s ., L . H . H e in k e .— V . 117 , p . 2 32 3; V . 118,
P .2 0 2 . 55 0 . 1260.

KANSAS CITY POWER & LIGHT CO.
A ll th e c o m m o n s t o c k o w n e d b y K an sas C it y P o w e r S e cu rities C o r p ., in
tu rn c o n t r o lle d b y th e C o n tin e n ta l G as & E le ctric C o r p .
O R G A N I Z A T I O N .— O rga n ized in M issou ri J u ly 29 1922 as a c o n s o lid a ­
tion o f th e old K an sas C it y P o w e r an d L ig h t C o . (fo r h is to ry see “ E le ctric
R a ilw a y " S u p p lem en t o f A p ril 29 1922) a n d C a rro ll C o u n t y E le c t r ic C o .
V . 115, p . 443 .
E le c t r ic lig h tin g a n d p o w e r fr a n c h is e s in M isso u ri a n d in K an sas are , w ith
m in or e x ce p tio n s , p e rp e tu a l. S team h ea tin g fra n ch ise s in M isso u ri run
fo r a p er io d o f 30 years fr o m 1905. T h e c o m p a n y o w n s th e en tire capital
s t o c k o f th e E d ison E le c tr ic L t . & P o w . C o ., th e S ta n d a rd E le c . L t . C o .,
th e K a n sa s C it y E lectrica l W ire S u b w a y C o ., K a n sa s C it y H e a tin g C o .,
K a n sa s C it y P . & L t . A p p lia n ce C o ., K an sas C it y L t . & P o w e r C o . , K ansas
C it y E le c tr ic R y . C o ., K ansas C it y E le c tr ic L igh t C o . , th e S ou th w est C ities
In v e s tm e n t C o . and th e E le ctric T r u c k C o . o f K an sas C it y , M o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O o n tro ls th e e le ctric lig h tin g and p o w e r business in K an sas C it y , M o ., and
fu rn ish es electrica l en e rgy in W y a n d o tt e and J o h n so n C o u n tie s . K a n ., and
J a c k s o n . P la tte an d C la y C o u n tie s . M o ., an d fu rn ish es steam heat to
K a n sa s C it y . M o .
H as a c o n tr a c t w ith th e m u n ic ip a lity o f K a n sas C ity
M o . , t o s u p p ly ele ctr ic en ergy fo r o p e r a tio n o f th e c i t y ’s p u m p in g sta tion
V 118 . p . 2 18 8. A ls o op e ra te s an e lectric lig h t and p o w e r business in
C a rr o ll, C h a r ito n a n d H o w a rd c o u n tie s . M o ., C ass C o u n t y , M o ., Salin
C o u n t y , M o ., P e ttis C o u n t y , M o ., M ia m i C o u n ty , K a n .. F ran k lin C o u n ty ,
K a n ., D o u g la s C o u n t y . K a n .: and has co a l rig h ts in a b o u t 9 .0 0 0 acres o f
c o a l, la n d s. O w ns 4 e lectric g e n eratin g s ta tio n s, a g g re g a te in stalled norm al
c a p a c it y o f 1 53 .475 k .w .,a n d 55 s u b sta tio n s w ith tra n sfo rm e r c a p a c it y o f
o v e r 160 355 k .v .a .
H as 568 m iles o f h igh -ten sion tran sm ission lin es, 429
m iles o f u n d ergrou n d ca b le a n d 2 ,6 8 0 m iles o f lo w -te n s io n d is trib u tin g lines;
1 2 1 ,7 4 0 m eters; stea m h e a tin g p la n ts w h ich ge n e ra te d d u rin g calen d ar year
1 92 6, 8 7 6 ,0 0 0 ,0 0 0 p o u n d s o f s te a m , a n d c o a l r ig h ts in 9 .0 8 3 acres o f v a lu a b e l
c o a l la n d s in M is s ou ri.
O f th e in stalled c a p a c ity 130 ,500 k .w . is a t N o rth ­
east p o w e r p la n t in K a n sas C i t y , M o .
T h is p la n t has an u ltim a te c a p a c ity
o f 2 4 0 .0 0 0 k .w . T o t a l p o p u la tio n s e r v e d , 5 75 ,000 .
V a lu a ti o n . — See V . 115, p . 4 4 3 ; V . 117, p . 1468.
S T O C K A N D B O N D S — D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
C o m 3 5 0 ,0 0 0 shares (n o p a r ) . . ____
________ 3 2 0 .0 0 0 sh s. S e p t ’2 7 . $1
1st p f stk 2 5 0 ,0 0 0 s h s. (n o par)
Series A $ 7 ___________________ ______
$7
110 .0 0 0 sh s. O c t ’ 27 $ 1 .7 5
4 0 ,0 0 0 sh s. O c t ‘27 $ 1 .5 0
Series B $ 6 ___________________ ______
$6
First m o rtg a g e Series “ A " \ 1922
5 g M -S $ 2 5 ,0 0 0 ,0 0 0__ ___________
_____________ S e p i. 1 l9 o
(see
geld
_ . t f iCoTit’ i & C o m m . T r . & S R k ., C h ic ., tm «t.pe
Series B g o ld (see t e x t ) ____ t f 1927
4 M g J-J
3 ,0 0 0 .0 0 0 Jan 1 1957
S to c k . — F irst pref. s to c k is e n titled t o c u m d iv s . o f $7 per share per ann um .
P referred as t o assets (to e x te n t o f $100 per sh are! and d iv s
R e d e e m a b le ,
all o r p a r t , a t $11 5 a n d d i v ., u p o n 60 d a y s ' n o t ic e . V . 115, p . 44 3 . In
O c t . 1927 O tis & C o . an d G u a r a n ty C o . o f N . Y . o ffe r e d a t 104 '4 p e r share
f la t , t o y ie ld a b o u t 5 . 7 4 % , 2 0 ,0 0 0 shares 1st p r e f., series B , $6 d iv . (n o p a r ).
V . 125, p . 1970. L is te d o n N e w Y o r k S to c k E x ch a n g e a n d C h ic a g o S to c k
E x c h a n g e . Y . 116, p . 418 , 1185.
B o n d s . — T h e 1st m tg e . b o n d s are issu able in series u n d er ce rta in restric­
tion s fo r 7 5 % o f th e c o s t o f p e rm a n e n t im p ts ., & c. A n a n n u al m ain ten an ce
a n d d e p r e c ia tio n fu n d o f 12 Yi % o f gross earnings is p r o v id e d f o r . A n annua)
Im p ro v e m e n t fu n d o f 1 % o f th e a m o u n t o f this issue o u ts ta n d in g beginning
A p r . 1 1927 is a lso p r o v id e d fo r, this fu n d t o be a p p lie d t o p e rm a n e n t im p ts.
a d d itio n s , & c ., o r t o th e re tire m e n t o f o u ts ta n d in g b o n d s o f this issue
Series “ A " are issued in the fo llo w in g d e n o m s . c * $ 1 0 0 , $500 & $1,000
r $ 1 ,0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 a n d $ 2 5 ,0 0 0 ; re d e e m a b le , a ll o r in p a r t, o n 60 d a y s
n o t ic e , o n or b e fo re S e p t. 1 1946, a t 105 an d in t .; th ereafter o n or before
S e p t. 1 1950 a t 102 H an d In t., a n d th ereafter a t 100 a n d in t. P e n n . 4 m ills
ta x r e fu n d e d . I n t . p a y a b le in N e w Y o r k o r C h ic a g o . V . 115, p . 1328
L is te d on N . Y . S to c k E x ch a n g e a n d C h ic a g o S to c k E x ch a n g e . In Jan
1925 $ 2 ,0 0 0 ,0 0 0 1st m tg e . 5s, series “ A ” w ere o f fe r e d b y G u a r a n ty C o . of
N . Y . ; B o n b r ig h t & C o ., I n c .; H a lse y, Stuars & C o ., I n c ., a n d O tis & C o
a t 97 and in t.. t o yield o v e r 5 .2 0 % . V 120. p . 702.
Series B are issued in th e fo llo w in g d e n o m .: c * $ l ,0 0 0 , 50 0 , $100 and
r * $ l ,0 0 0 . $ 5 ,0 0 0 , $10 ,000 and $ 2 5 ,0 0 0 .
R e d ., all o r in p a r t , at a n y tim e
o n 60 d a y s ' n o t ic e on o r b e fo r e Jan. 1 1951 at 1 0 4 H % and in t ., th ereafter
o n o r b e fo r e Jan . 1 1955 at 1 0 2 '4 and in t ., and th e re a fte r at 1 00 % and
Int.
In t. p a y a b le in N e w Y o r k o r C h ic a g o . P en n a. 4-m ills tax r e fu n d e d .
In A p ril 1927 the G u a ra n ty C o . o f N . Y . , O tis & C o . , B o n b rig h t & C o .,
and H a lsey , S tu a rt & C o . s old $ 3 ,0 0 0 ,0 0 0 1st m tg e . 3 0 -y e a r 4 }^ % g o ld b o n d s
o f series B a t 96 a n d i n t ., t o yie ld o v e r 4 % %• V . 124, p . 2 4 2 7 . L is te d o n
N . Y . S to c k E x c h a n g e . V . 124, p . 3 77 2.
D iv i d e n d s . — A n in itia l d iv id e n d o f $1 .7 5 w as p a id o n fir s t p r e f. s t o c k ,
series A , in O c t . 1922. S am e ra te p a id r e g u la rly q u a r. s in ce . D iv s . on
series B p r e f. p a id re g u la r ly q u a r.
D iv s . a t t h e r a te o f $4 p e r sh are p er
a n n u m w ere p a id o n th e c o m . s t o c k s in ce issu an ce. I n 1925 a t t h e ra te o f
$ 6 -4 0 p e r a n n u m . I n 1926 a t ra te o f $7 p e r a n n u m .
E A R N I N G S . — F or calen dar years:
G ross.

N e t a f t .t a x . O th. I n c .

In t. & c.

D e p r .. & c . B a l..

Sur

*192 7 $ 1 1 ,4 7 8 ,2 8 1 $ 5 ,6 1 2 ,1 5 1 $34 2 ,6 5 1 $ 1 ,4 6 6 ,1 3 7 $ 1 ,5 1 8 ,0 8 0 $ 2 ,9 7 0 ,5 8 5
1926 .$ 1 0 ,5 4 6 ,8 2 2
5 .374.5S 1 3 3 1 ,0 3 7
1,4 1 9 ,5 7 3
1 ,4 4 7 .0 0 7 2 ,8 3 9 .0 3 8
1925 ..1 0 .0 3 1 .3 1 4
5 .2 0 3 .4 4 4
130 ,987 1 .379,795
1.3 5 8 .0 0 2 2 596,634
1924 — 9 ,3 9 5 ,3 6 9 4 ,6 1 2 ,6 5 8
103 ,372 1 ,2 5 0 ,3 3 5
1 ,0 5 7 .3 4 6 2 ,408.349
1923 . . 8 ,7 3 9 ,6 3 3 4 ,2 3 0 ,1 6 3
122 .352 1 .1 1 0 ,3 8 8
1 ,118.951 2,1 2 3 ,1 7 6
1922 . . 7 .7 6 8 ,4 8 8 3 .5 6 4 .4 2 8
118 .840 1 ,2 0 2 ,8 2 6
8 6 5 .0 0 6 1,615,435
* F o r 12 m o n th s e n d e d A u g . 31 1927.
O F F I C E R S .— P res., J o se p h F . P o r te r ; V .- P . & S e c ., O . O . S m ith ; V .-P s .,
J oh n H . B o v a r d , F red S D e w e y , A . E . B e ttis. E d w in J o w e tt and C . F
F a rle y ; T r e a s ., R . J . C la r k ; A s s t. S ec. & A sst. T r e a s ., H . C . D a v is an d
J orep h F . P o r te r , J r . G e n . o ffic e s , 1330 G ra n d A v e ., K a n sa s C it y , M o .
— V . 120, p . 702 , 1320, 344. 1881: V . 122, p. 1446, 1486; V . 124, p . 1606,
1510, 1814, 1820, 2 4 2 7 , 3 7 7 2 ; V . 125, p . 1970.

COLUMBUS RAILWAY, POWER & LIGHT CO.
C o n tr o l . — In 1924 C o n tin e n ta l G as & E le c. C o r p . (see on a n o th e r p a g e ).
In tu rn c o n tr o lle d b y U n ite d L ig h t & R a ilw a y s C o . , a c q u ir e d c o n tr o l o f th e
com p an y.
O R G A N I Z A T I O N . — I n c o n ). in O h io N o v . 1913 t o s u cce e d th e C o lu m b u s
T r a c t io n C o (in c o r p . D e c . 26 1906 as successor t o th e C e n tra l M a r k e t Street
R y . , sold u n d er c r e d ito r 's bill In F e b . 1906, s u b je c t t o th e $50 0 ,0 0 0 b o n d s)
a n d t o o k o v e r th e C o lu m b u s R y . C o . an d the C o lu m b a s E d iso n C o . as per
p la n in V . 9 6 , p . 1839. T h e leases betw een th ese t w o c o m p a n ie s and the
C o lu m b u s R y . & L ig h t C o . w ere th en ca n c e le d . T h e C o lu m b u s L ig h t,
H e a t & P o w e r O o . w a s a c q u ir e d in J a n . 1915. S ee “ E le c t r ic R a ilw a y S ec­




195

POW EE, LIGH T AND E A IL W A Y

tio n ” fo r Jan . 1915 In S e p t. 1921 th e c o m p a n y acq u ire d s to ck c o n tr o l o f the
C o lu m b u s N e w A lb a n y & J o h n sto w n T r a c t io n C o . , and p u rch a se o f p r o p e r ty
affected J an u ary 1924. V . 118, p . 66 3 , 23U3. In M a r c h 1922 th e c o m p a n y
acquired 6 m iles o f tra ck fr o m th e C o lu m b u s D e la w a re & M a r io n E le c tr ic
O o . V . 114, p . 519 , 1062.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O wns an d o p e ra te s th e c it y stre e t ra ilw a y sy s te m o f C o lu m b u s and su bu rba n
lines to M a r b le C liff, W e s te rv ille , G a h a n a and W o r th in g to n , and th e c o m ­
m ercial ele ctric lig h t an d p o w e r sy ste m s o f th e c it y an d v ic in it y .
149.22
m iles single tr a c k , 14.49 m iles o p e r a te d u n d er c o n tr a c t. 257 passen ger, 4
freight an d 54 o th e r ca rs. 3 s te a m -e le c t, pow er s ta tio n s w ith 144 ,000 k .w .
c a p a c ity . F r a n c h is e s fo r 2 0 .5 0 m iles o f ra ilw a y are p e rp e tu a l; o th ers expire
In 1926. C o m p a n y has c o m p le te d initial, in sta lla tion o f 6 0 ,0 0 0 k .w . in new
P icw a y P o w e r S ta tio n , w h ic h is t o h a v e an u ltim a te c a p a c it y o f 150 ,000
k .w . T h e fra n ch ise s p r o v id e fo r 6 ce n ts ca sh fare o r 5 tic k e ts fo r 25 c e n ts ,
and u n iversal tra n sfe rs. T w o o f th e lig h t a n d p o w e r fra n ch ises a re p e r­
petual; o th e r s exp ire in 1926 a n d 1928.
F or fra n ch ise o n W e s te rv ille line see “ E le c tr ic R a ilw a y ” S u p p le m e n t o f
4pril 26 1924.
C a p it a l i z a ti o n .— F o r d e ta ils o f re c a p ita liz a tio n p lan a p p r o v e d b y s t o c k ­
h olders F e b . 10 1925. See V . 120. p. 209, and V. 120, p . 955 . O n S e p t. 3
1926 c o . asked O h io P . U . C o m m is s io n t o issu e $ 7 ,5 0 0 ,0 0 0 ref. m tg s . b o n d s
to be so ld a t $94 a n d $ 7 ,5 0 0 ,0 0 0 1st p r e f. s to c k to b e so ld a t $ 9 4 . V . 123 .
p . 1382.
STOCK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n 3 0 0 .0 0 0 shs (n o par) _______
----------------- 150 .1 3 6 shs
See tex t
I s tc u m p fd Ser ” A ” $ 2 5 .0 0 0 .0 0 0 ____
6 Q -J
$ 7 ,9 9 7 ,5 9 4
see te x t
Series B p r e f (ju n io r p re fe rre d )
$ 5 ,0 3 0 ,0 0 0 _________________________
------6V *%
5 .0 1 4 .5 6 0 N o v '2 6 I X
1st r e f m tg e ser “ A ” (c*
1927
4 ^ g J -J 1 3 ,0 0 0 ,0 0 0 J u ly 1 1957
$ 1 ,0 0 0 , $500 & r * $ 1 ,0 0 0 , T h e C le v e la n d T r u s t C o ., tru ste e.
$ 5 ,0 0 0 an d m u lt )________ t f
C o lu m b u s S treet R y first
1892
5 g J -J
3 ,0 0 0 ,0 0 0 J u ly 1 1932
$ 3 ,0 0 0 ,0 0 0 g o ld
‘ ‘
‘
($1,000)1 I n t . a t c o . ’s o f fic e & E . W .C la r k & O o .,P h ila .
c * . n t f [C o lu m b la -K n ic k . T r u s t C o ., N . Y . , tru stee.
O rosstow n first m o rtg a g e g o l d / 1893
5 g J -D
5 7 2 ,0 0 0 Ju n e 1 1933
($ 1 ,0 0 0 ) $ 5 7 2 .0 0 0 _ c * . n t f \ C o lu m b la -K n ic k . T r u s t C o . , N . Y . , tru stee.
_
C o l R y . 1st co n so l m tg e $ 7 ,- 1 1899
4 Q -J
3 ,1 3 2 ,0 0 0 O c t 1 1939
0 0 0 .0 0 0 ($ 1 ,0 0 0 ) g . _ c * .n t f l In te re st a t U n io n S av in gs B a n k & T r u s t C o . .
B on d s are re d e e m a b le sin ce I o f C in c in n a ti, tru stee: a t E . W . C la r k &
O c t 1 1914 a t 105 a n d i n t . . I C o . , P h ila d e lp h ia , o r a t c o m p a n y 's o f fi c e .
T h e ls ( c u m . p r e f . 6 % s to ck has p re fe re n ce as t o b o t h assets a n d d iv id e n d s
o v e r a n y o th e r cla ss o f s t o c k . R e d . (sa m e as 6 14 % se r. B ) u p o n 30 d a y s '
n o tice , an d all or p a r t, a t 110 a n d d iv . In O c t . 1925 th e U n io n T r u s t C o . ,
fc c ., & c ., so ld $ 2 ,5 0 0 ,0 0 0 a t 100 and d iv . V . 121, p. 190 7. V . 122 , p . 2 1 8 9 .
In Ju n e 1926 th e y so ld $ 1 ,5 0 0 ,0 0 0 a d d itio n a l 1st p r e f. 6 % s t o c k a t 100 and
d iv s .
V . 122, p. 3 6 0 3 . L is te d o n C o lu m b u s ( O h i o / S to c k E x ch a n g e .
A p p lic a tio n w as m a d e fo r listin g o n C le v e la n d S to c k E x ch a n g e .
B o n d s .— A ll o f th e o u ts ta n d in g ls l r e f . & e r t. s in k , f u n d m tg e. 5s, d a te d
A p r . 1 1915 an d th e r e f . m tg e . s e r i e s 5 s d u e 1941 w ere ca lle d fo r p a y m e n t; th e
1st & r e f. 5s o n O c t . 1 1927 a t 105 & in t . a n d th e r e f. m t g e . 6s o n D e c . 1 1927.
T h e ls l & r e f. m tg e . g o ld b o n d s , s e r ie s A 4 1 4 % , d a ted J u ly 1 1927 are
se cu re d b y a d ir e ct 1st lien o n all e le ctric p o w e r a n d lig h t p ro p e rtie s o f th e
c o m p a n y an d also o n pro p e rtie s h e re a fte r a c q u ir e d . A d d itio n a l b o n d s m a y
b e Issued: (a) p ar fo r p ar fo r re fu n d in g ; (b ) fo r a p rin cip a l a m o u n t w h ich ,
to g e th e r w ith liens ( i f a n y ) s u b je c t to w nich p r o p e r ty is h e re a fte r a c q u ir e d ,
shall n o t e x ceed 7 5 % o f e le ctr ic p o w e r a n d ligh t an d o th e r n o n -r a ilw a y
n e t p r o p e r ty a d d itio n s a n d 5 0 % o f ra ilw a y n e t -p r o p e r ty a d d itio n s , m a d e
su b s e q u e n t t o J u ly 1 1927, all as d e fin e d in th e m t g e ., p ro v id e d th a t net
earnings fo r a ce rta in fix e d p e rio d shall h a v e been n o t less th an 1 *4 tim es
a n n u al Int. ch arges o n all p rio r lien o b lig a tio n s an d all b o n d s o u ts ta n d in g
a n d p ro p o s e d t o th e issu ed, e x c e p t th a t d u rin g each 10-year p eriod an d
a m t. o f b o n d s n o t e x ce e d in g $ 2 ,0 0 0 ,0 0 0 m a y be Issued w ith o u t c o m p lia n c e
w ith th is re q u ire m e n t as t o e arn in gs, b u t o n ly on th e c o n d itio n th a t th e
c o m p a n y shall n o t th e re a fte r p a y a n y cash d iv s . on Its c o m m o n u n til Its
earnings again c o m p ly w ith such re q u ire m e n t. R e d . on a n y Int d a te on
40 d a y s ' n o tice a t 105 an d in t ., o n o r b e fo r e J u ly 1 1937 an d th erea fter at
1 % less fo r each 5 y e a r p eriod o r fra ctio n th e r e o f ex p ire d su b seq u en t to
J u ly 1 1937. In A u g . 1927 $ 1 3 ,0 0 0 ,0 0 0 1st S r e f. m tg e . g o ld b o n d s , series
a , 4 1 4 % ,, d a te d J u ly 1 1927 w ere s o ld b y s y n d ic a t e h e a d e d b y G u a ra n ty
C o . o f N . Y . , a n d O tis & C o . , a t 9 3 % a n d i n t ., t * y ie ld a b o u t 4 .9 0 % .
V . 125, p . 1191.
T h e C ro s s to w n S treet R y . m o r tg a g e w as fo r $ 2 ,0 0 0 ,0 0 0 , b u t w as c lo s e d a t
$ 5 7 2 ,0 0 0 . In te re st p a y a b le a t C o lu m b u s an d E . W . C la rk & C o . , P h ila .
C o lu m b u s R a ilw a y C o . m o r tg a g e has been c lo s e d . $ 3 ,4 2 8 ,0 0 0 b on d s
were issued th e re u n d e r, o f w h ich $ 2 9 6 ,0 0 0 w e re c a n c e le d . A r e ca lla b le at
105 and in terest o n a n y in te re s t d a te .
D iv i d e n d s .— A n in itial d i v . o f 1 V$ % w as p a id o n th e Series “ A ” p r e f
sto ck A p ril I 1914: sa m e ra te q u a r. t o and in c l. A pril 1918; n o n e t o J u ly
1922.
w h en cash d iv s . w ere resum ed and b a c k d iv s . p aid u p in Series “ A r’
pref. s t o c k .
V . U 4 . p . 1406. C a sh d iv s . o f 1 % % p a id re g u la rly sin ce to
and in c l. J u ly '2 7 .
O n Series “ B ” Initial d i v . o f 1 4 % p aid In M a y 1914
and sam e rate q u a r. sin c e t o a n d in c l. F e b . 1918. N o n e t o M a y 1922,
when cash d iv s . w ere resu m ed a n d b a c k d iv s . p aid up in Series “ B ” p ref.
s to c k .
V . 114, p . 1406. A d i v . o f 2 % % w as d eclared o n “ B ” s t o c k , p a y a ­
ble N o v . 1 1923. I n 1924, F e b ., 1 1 4 % O n c o m ., in itia l d i v . o f 1 4 %
was p a id in M a y 1914 a n d sam e ra te q u a r. t o a n d in cl. N o v . 1917. F e b .
1918 d iv . passed (V . 106, p 4 9 8 ).
N o n e t o Jan . 1923, w h en a sp ecia l d iv .
o f 2 V % w as p a id .
S
V . 116. d . 175.
In 1923 cash d iv s . a m o u n tin g t o 6 %
w ere p aid o n c o m m o n . In 1924. M a r c h , m % : J u n e . I V £ % ; S e p t ., 1 V £ % .
O n th e n ew n o -p a r co m m o n s to c k a d iv id e n d o f $3 w as p aid in Jan . 1926.
On th e new Series B 6V £% p re f. s t o c k a qu a r d iv . o f 1 % % w as p a id in
F e b . 1926 a n d q u a r. sin c e t o d a te . V . 121 , p . 3 0 0 3 .
E A R N I N G S . — F o r ca le n d a r yea rs;
1926.
1925.
1924.
1 92 3.
R e v e n u e p a ssen gers____ 6 4 .8 4 1 .5 9 6 6 4 ,5 9 1 ,2 7 1
6 6 ,5 4 8 .5 4 6 7 0 ,1 7 7 ,2 3 6
T ra n sfe r passen gers____ 1 6 ,5 7 3 ,1 1 0
1 6 .4 2 0 .8 7 4
1 6 .7 2 2 .8 5 2
1 7 .3 4 2 .6 3 2
T o t a l passen gers______ 8 1 .4 1 4 ,7 0 6
8 1 ,0 1 2 ,1 4 5 8 3 ,2 7 1 ,3 9 8 8 7 ,6 1 9 ,8 0 8
K ilo w a tt hours s o ld ____ 1 7 0 ,9 7 9 .5 0 0 1 5 1 ,2 2 5 .0 9 3 1 3 5 ,0 5 6 ,0 6 9 1 4 9 ,4 7 1 .0 5 2
N u m b e r o f c u s to m e rs ___
75.312
6 8 ,3 7 7
6 2 ,6 9 9
57,123
R ev e n u es —
$
$
$
S
R a ilw a y __________________
3 ,4 0 9 ,5 0 0
3 .3 8 3 ,9 6 6
3 ,4 9 4 ,7 6 1
3 ,7 0 2 .2 2 2
5 ,8 8 7 .5 7 2
P o w e r, ligh t an d h e a t ___
5 ,3 1 6 .7 8 7
4 ,8 6 7 .8 1 6
4 ,7 4 9 .2 3 4
N o n -o p e ra tin g ___________
3.3,188
10.236
26.615
11.269
T o t a l gross
- . __
9.3.30.260
8 .7 1 0 .9 8 9
8 .3 8 9 ,1 9 2
8 ,4 6 2 .7 2 4
O per. expenses & t a x e s ..
6 ,0 4 0 ,1 9 8
5 .8 2 6 .5 7 8
5 .7 6 4 .8 7 0
5 .7 9 4 .9 8 8
G ro ss In co m e __________ 3 ,2 9 0 ,0 6 2
2 ,8 8 4 .4 1 1
2 ,6 2 4 .3 2 2
2 ,6 6 7 ,7 3 5
8 8 2 ,7 0 2
I n t. o n fu n d e d d e b t ____
8 4 8 .5 7 8
8 0 6 .7 3 3
9 2 2 ,1 9 7
Tnt. on u n fu n d e d d e b t . .
1 3 .355
O th er d e d u c tio n s ____ __
6 4 .1 2 6
6 6 .9 7 4
6 4 .9 4 3
6 2 .0 4 2
S inking f u n d , _________
3 0 4 ,5 8 8
3 1 9 ,4 4 0
2 8 7 ,4 4 0
2 3 3 .6 5 0
P re f. d iv s . (in c a s h )____
6 5 5 ,1 6 2
5 26 ,411
C o m m o n d iv id e n d s ______
4 5 0 ,4 0 8
X
X
D e p r e c ia tio n _____________
B a l.. sur. fo r y e a r ____
1.3 8 3 ,4 8 3
6 7 2 ,6 0 0
X D e p r e cia tio n in clu d e d In o p e r a t in g 'e x p e n s e s .

4 2 2 ,7 6 0
3 6 0 .3 8 0
X
5 6 6 ,6 0 2

4 2 2 .6 3 5
3 6 0 ,3 5 4
X
7 6 8 ,9 6 6

R O A D , & c .— 1 49 .22 m iles sin gle tr a c k , 14.49 m ile s o p e r a te d u n d er c o n ­
tr a c t. 257 passen ger, 4 fre ig h t a n d 54 o th e r ca rs . 4 s te a m -e le c tric p ow er
s ta tio n s w ith 8 4 ,0 0 0 k . w . c a p a c it y .
O F F I C E R S .— P r e s ., C y ru s S. E a to n : V . - P . , C . C . S later; S e c .. L y le F .
B a b b itt ; A s s t. S ec. & A sst. A u d ., M . M . H a n so n : V .- P & G e n . M g r ., C . O .
S la te r.— V . 121. p . 1347. 1907. 2 03 7. 300 3: V . 122, n 2 1 8 9 . 3 6 0 3 ; V . 123 .
p . 1382, 213 8; V . 124, p . 2 5 8 6 , 376 9; V . 125, p . 7 7 9 ,1 1 9 1 .

GENERAL POWER & LIGHT CO.
O R G A N I Z A T I O N .— I n c o r p . In D e la w a re J u ly 20 1925. O w n s all
th e s t o c k , e x c e p t d ir e cto r s 'q u a lify in g shares o f th e A riz o n a E d ison O o „
o p e ra tin g in A rizon a; th e W estern S tates U tilities C o . , o p e ra tin g in U ta h ,
N e v a d a , I d a h o a n d W y o m in g ; th e S ou th ern E d iso n C o . , o era tin g in
A rkansas and M ississip p i; th e M ississip p i P u b lic U tility C o . , o p e r a tin g in
M ississip p i: a n d th e N o rth e rn M ich ig a n P u b lic S e rvice C o . , o p e r a tin g In
M ic h ig a n ; an d in a d d itio n it o p e ra te s d ir e ctly p ro p e rtie s in th e S ta te o f
K e n t u c k y , ow n s t w o c o m p a n ie s in Illin o is, an d o w n s all b u t a sm all m in o rity
o f th e s to c k o f th e W estern H y d r o -E le c tr ic C o ., o p e ra tin g in M ic h ig a n .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y d ir e ctly o r th ro u g h its su bsidiaries ow n s a n d o p e ra te s an e le ctr ic
ligh t a n d p o w e r , ga s, w ater a n d [or] ice business In t h e citie s o f B is b e e ,
L o w e ll, G a le n a , D o n L u is , W a r r e n , Y u m a , D o u g la s a n d F lo r e n c e , A r iz .;

196

[V ol. 125.

PUBLIC U TILITIE S

W in te rh a v e n , C a lif.; A u g a P rie ta , M e x .; V ie n n a and G o lc o n d o , 111.; C o r y d o n , C a lh o u n , S lau gh ters a n d s e b r e e , K y .; B a y Springs, L o u in , D e c a tu r ,
H ic k o r y , P u rv is ,;S trin g e r, S ardis, B a te s v iile , P a n L t & K y s . C o m o , S en a to b ia
and C o ld w a te r , M is s .; T r a v e r s e C it y , B elau d , B a st L e o a n d , O m e n a , O m en a
P o in t N o rth P o r t , N o rth P o r t P o in t, L a k e B eelanau, F o u n ta in P o in t, W est
S id e R e s o r t, S u tton s B a y , C e d a r , H o w a r d C it y , L a k e v ie w , E d m o r e , M o r le y ,
A m b le a n d Six B akes, M ic h .; B e e b e , M c R a e . P a n g b u n , D es A r c , B e slie
S p a rk m a n , H ig g in s o n a n d S ta m p s, A r k .; W in n e m u cca , N e v .; M o r g a n ,
P o r te r v ille , R ic h v ille a n d B ittle to n , U ta h ; M a la d C it y , I d a .; a n d C o k e v ille , W y o .
T h is d iv e r s ifie d p u b lic u t ilit y se r v ic e is r e n d e re d t o a p o p u la ­
tio n estim a ted in excess o f 1 15 ,000 p e o p le . E le c tr ic s e r v ic e is re n d e r e d t o
e v e r y c o m m u n it y , w ith o n e e x c e p tio n .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n (n o p a r ) _____________ ______
___________ 1 00 ,000 sh s. ____________
7 % p r e f $ 1 ,0 0 0 ,0 0 0 ($ 1 0 0 )___________
7 Q -F
$ 6 0 0 ,0 0 0 F e b ’27 1 %
1-year 6 % n otes $ 1 ,5 0 0 ,0 0 0 J 1927 6 J-J
i , 0 0 0 ,0 0 0 Jan i 1928
($ 1 .0 0 0 , $50 0 c * ) ________ t f\ P r . & i n t . a t G u a ra n ty T r . C o ., N . V ., tru s,
6 m o s 5 % s e c n o t e s ( c * $ l,0 0 0 ,f 1927
5 g
1 ,7 5 0 ,0 0 0 Jan 1 1928
5 0 0 )------------------------------------t f (G u a r a n t y T r u s t C o . o f N e w Y o r k , tru ste e .
N o M ic h ig a n P u b S erv C o 1st f
M 2 0 -y r s f g ser A ($ 1 ,0 0 0 ,
1925 6 A -O
3 4 5 .5 0 0 O c t 1 1 9 4 5
$ 50 0, $100 c * ) ___________ t f ! l n t . a t G u a rd ia n T r . C o ., D e tr o it , tru ste e .
W estern S tates U tilities C o l
1st M 2 0 -y r s f ser A b o n d s ! 1925 A -O
3 3 1 ,8 0 0 O c t 1 1945
($ 1 ,0 0 0 , $ 50 0, $100 c * ) . . t f 1In te re s t a t G u a r a n ty T r u s t C o ., N e w Y o r k .
A riz on a E d ison C o 20-year)
1925 6 A -O
2 ,0 2 5 ,8 0 0 O c t 1 1945
sin k fu n d 1st m tg e , ser A . j l n t . a t B k .o f N o .A m .& T r . C o . .P h i l a . ,t r u s . ,
($ 1 ,0 0 0 . $ 50 0, $10 0 c * ) . _ t f t
J o h n H . M a s o n , P h ila d e lp h ia , c o -t r u s t e e .
N o t e s . — T h e 1- y r . 6 % g o ld n o te s d u e J a n . 1 1927 are r e d ., w h o le o r p a r t,
on 30 d a y s ’ n o tice at 101 an d in t.
P erson al p r o p e r ty taxes o f a n y S ta te
u n d er presen t law u p t o 5 m ills a n d M a s s . 6 % taxes r e fu n d a b le .
In J a n .
1927 T r u e , W e b b e r & C o ., R . E . W ils e y & C o ., C h ic a g o , E d m u n d S e y ­
m ou r & C o . and T h r o c k m o r t o n & C o ., N e w Y o r k , so ld $ 7 5 0 ,0 0 0 o f th e se
n otes at p a r an d in t. V . 124, p . 37 2 .

T h e 6 m o n th s 5 % s e c u r e d g o ld n o t e s , d a ted J u l y 1 1927, are a d ir e ct o b lig a ­
tio n o f th e c o m p a n y a n d fu r th e r se cu re d b y d e p o s it w ith tru ste e o f all th e
c a p ita l s to c k s o f th e N o rth e r n M ic h ig a n P u b . Serv. C o ., A r iz o n a E d is o n
C o . an d W estern States U tilitie s C o .
C o m p a n y agrees t o r e fu n d personal
p r o p e r t y ta x o f a n y S tate u n d e r a n y presen t la w , n o t in excess o f 5 m ills,
M ic h . 5 m ills ta x an d M a s s , in c o m e ta x o n in t. n o t in excess o f 6 % .
In
Ju n e 1927 R . E . W ils e y & C o . a n d T r u e , W e b b e r & C o ., so ld $ 1 ,7 5 0 ,0 0 0
6 m o n th s 5 % secu red g o ld n o te s a t 9 9 V an d in t. V . 125, p . 94.
B o n d s . — G en er a l P o w e r A L ig h t C o . 6 % s e c . g o ld n o te s , d u e J u l y 1 1927,
are c a ll, a t 101 o n 30 d a y s ’ n o tice .
S ecu red b y fir s t m o r tg a g e o n all
p rop erties o f c o . in K e n tu c k y ; fu r th e r secu red b y p le d g e o f all ca p ita l
s to c k s o f N orth ern M ic h ig a n P u b lic S ervice C o ., A riz o n a E d iso n C o .,
W estern States U tilities C o . an d Sou th ern E d ison C o .
M ic h ig a n S tate
ta x and a n y personal p r o p e r ty tax n o t in excess o f 5 m ills an d M assach u setts
in com e ta x re fu n d e d .
In J u ly 1926 $ 1 ,5 0 0 ,0 0 0 w ere o ffe r e d a t p a r b y R . E .
W ils e y & C o .. I n c ., an d T r u e . W e b b e r & C o .. C h ic a g o . V . 123. p . 1 20 5.
T h e N o r th e r n M ic h i g a n P u b lic S e r v ic e C o . 2 0 -y e a r s in k in g f u n d g o ld , s e r ie s A . d u e O ct. 1 1945, are c a ll, on a n y in t. d a te on 30 d a y s ’ n o tice a t 105 t o
O ct. 1 1940 and a t \ 0 2 V th e re a fte r. S in k in g f u n d s u ffic ie n t t o retire 1 %
a n n u a lly o f b on d s o u ts ta n d in g fo r first 10 years and 2 % a n n u a lly th ere­
a fter.
Secured b y a 1st m tg e . on en tire p r o p e r ty . A d d itio n a l b o n d s
m a y b e issued fo r 8 0 % o f c o s t o r v a lu e o f a d d itio n s , im p ro v e m e n ts or
a cq u is itio n s p r o v id e d n e t earn in gs equal 1 3 tim es in t. ch a rg e s on b o n d s
4
ou ts ta n d in g an d t o b e issu ed.
F ree o f M ich ig a n S tate tax pe rso n a l,
p r o p e r ty ta x o f a n y S ta te u p t o 5 m ills and M a ssach u setts in c o m e ta x .
r e fu n d e d .
In N o v . 1925 * 2 0 0 .0 0 0 w ere offe re d a ' 97 b y H a y d e n , V a n
A tte r & C o ., D e tr o it , an d T r u e , W e b b e r & C o ., C h ic a g o . V . 121, p . 1347.
V . 123. p . 277 8. A d d itio n a l o ffe r in g o f $34 5 ,5 0 0 1st m tg e . 2 0 -y e a r b o n d s
w as m a d e in M a r c h 1927 at 99 an d in t ., t o y ie ld 6 .1 0 % . V . 124, p . 1 82 1.
F o r 1926 e a r n in g s s ta te m e n t see V . 124, p . 2 1 2 1 .
T h e W este r n S la tes U ti l it i e s C o . 1st m tg e . s . f . 2 0 -y r . g . 6s, s e r . A , da ted
O ct. 1 1925, are c a ll, on a n y in t. d a t e o n 30 d a y s ’ n o tice t o O c t . 1 1940 a t
105 and 10234 th ere a fte r. A n n u a l s in k in g f u n d o f 1 % o n b o n d s o u t­
sta n d in g fo r fir s t 10 years an d o f 2 % fo r th e n e x t 10 yea rs t o re tire b o n d s.
Secu red b y a 1st m tg e . on en tire p r o p e r ty . A d d itio n a l b o n d s m a y be
Issued for 8 0 % o f c o s t or v a lu e o f a d d itio n s and im p ro v e m e n ts o r acq u isi­
tion s p r o v id e d co n s o lid a te d n e t earn in gs shall equa l 1 M tim e s in t. ch arges
on b o n d s o u ts ta n d in g an d oo be issu ed.
S ta te taxes up t o 5 m ills, M ich ig a n
S ta te ta x an d M a ssa ch u se tts in c o m e ta x re fu n d e d
In N o v . 1925 $ 3 0 0 ,0 0 0
w ere offe r e d a t 9 6 H b y T r u e , W e b b e r & C o ., C h ic a g o , a n d H a y d e n ,
V a n A tte r & C o . , D e tr o it . V . 123 , p . 2 7 8 0 . F o r 1926 e a r n in g s s ta te m e n t
see V .124, p . 212 2.
T h e A r i z o n a E d is o n C o . 1st s . f . g . 6s, s e r . A , da ted O ct. 1 1925, are c a ll,
o n a n y in t. d a te on 30 d a y s ' n o tice a t 105 t o O ct. 1 1940 a n d th ereafter at
10234- A n n u al s in k in g f u n d , b e g in n in g O c t . 1 1926. a t 1 % o f b o n d s
o u ts ta n d in g in each o f th e years 192 6-1 935, in c l., an d 2 % th e re a fte r t o
p u rch a s e or ca ll b o n d s a t n o t e x ce e d in g re d e m p tio n p r ic e . Secu red b y
1st m tg e . o n en tire p h y s ica l p r o p e r t y rig h ts and fra n ch ises o w n e d or a fte ra cq u ir e d . e x c e p t as t o liens existin g on a fte r-a cq u ire d p r o p e r ty .
A d d itio n a l
b o n d s o f this o r o th e r series m a y b e issued fo r refu n d in g b o n d s o f a n y
series, fo r a cq u irin g o r r e fu n d in g in d e b te d n e ss n o t in excess o f 7 5 % o f c o s t
or v a lu e o f a fter-a cq u ire d p r o p e r t y a n d fo r 7 5 % o f c o s t o r v a lu e o f a d d i­
tio n s , ex ten sion s or a c q u is itio n s p r o v id e d n e t earnings fo r 12 m o n th s w ith in
14 m o n th s p r eced in g equ a l 134 tim e s in t. ch arges, on b o n d s o u ts ta n d in g
and t o b e issu ed. B e g in n in g F e b . 2 8 1927, 1 23 4% o f gross earnings fo r
p r eced in g y ea r is t o b e set a sid e a n n u a lly fo r m a in te n a n ce , a d d itio n s ,
exten sion s an d d e p r e c ia tio n a ga in st w h ich n o b o n d s m a y b e issu ed. A ll
S ta te taxes re fu n d e d .
In F e b . 1926 $ 2 ,0 0 0 ,0 0 0 w ere o ffe r e d a t 9734 b y
S trou d O o ., P h ila d elp h ia , and T r u e , W e b b e r & O o .. o f C h ic a g o . V . 122,
p . 881 , V . 123. p . 2 77 3. F o r 1926 e a r n in g s s ta te m e n t, see V . 124, p . 2 1 1 8 .
E A R N I N G S .— C on so lid a te d in c o m e a c c o u n t fo r calen dar yea rs;
*1927.
1926.
1925.
1924.
O p era tin g re v e n u e s ______$ 1 ,3 2 8 ,6 1 9
$ 1 ,2 9 3 ,6 8 1
$ 1 ,1 4 0 ,7 2 7 $ 1 ,0 1 4 ,8 0 4
O p er. c o s t , in c l. m a in t.
824 ,9 6 9
7 8 3 ,2 5 0
7 1 8 ,1 4 3
6 4 4 ,9 3 8
a n d t a x e s ______________

T h e y are s u b je c t t o call a t 103 a n d in t. on a n y in t . d a te . M ic h ig a n T r u s t
C o ., G ra n d R a p id s , tru ste e .
V . 9 2 , p . 1564; V . 103 , p . 406.
G e n . m tg e . b o n d s Series “ A ” a n d " B ” are ca ll, a t 105 an d in t. on a n y in t .
d a te on 30 d a y s ’ n o t ic e . M t g e . p r o v id e s fo r a n n u al s in k in g f u n d o f 1 % .
E A R N I N G S .— F o r ca le n d a r y e a r 1924, g r o s s , $ 3 1 2 ,5 4 0 ; n e t, a fter ta x es,
$14 8 ,9 1 8 ; fix e d ch a rge s, $ 6 5 ,4 9 4 ; d e p r e c ia tio n , $ 3 1 ,2 0 1 ; d iv id e n d s , $ 3 0 ,0 0 0 ;
b a la n ce , su rp lu s, $ 2 2 ,2 2 3 .
O F F I C E R S .— P r e s ., J. B . M o r a n ; V . - P . , J . K . S ta c k J r .: S e c ., H . M .
S ta ck : T r e a s ., M . N . S m ith , all o f E s c a n a b a .— V . I l l , p . 188; V . 121 ,p . 178 8.

BENTON HARBOR-ST. JOE RY. & LIGHT CO.
C o n tr o lle d b y A m e rica n G as & E le c t r ic C o .

O R G A N I Z A T I O N .— I n c o r p o r a te d in M ic h ig a n in Ja n . 1906 a n d is a
c o n s o lid a tio n o f the B e n to n H a r b o r & St. J o s e p h E le c t r ic R y . & L ig h t C o .
an d th e S t. J o se p h R iv e r T r a c t io n C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p era tes 10.36 m iles o f sin gle tra ck in St. J o s e p h an d B e n to n H a rb or w ith
exte n sio n s o f 25 m iles th r o u g h E a u C la ire t o D o w a g ia c a n d 14.33 m iles t o
W a te r v lie t: also o p e ra te s 5 m iles s e c o n d tr a c k , 5-7 m iles sid in gs, & c ., 6 0 .3 9
m iles. 6 0 , 70 and 7 3 -lb . g ird e r a n d T rails. 44 pa sse n ge r an d 34 o th e r cars.
STOCK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
C o m m o n ($ 1 0 0 )_______________________
___________
$ 8 0 0 ,0 0 0 ____________
P referred $ 4 0 0 ,0 0 0 ($ 1 0 0 )_____________
6
F -A
4 0 0 ,0 0 0
See t e x t
R e fu n d m tg e $ 2 ,5 0 0 ,0 0 0 g o l d / 1909 5 g M - N
4 9 9 ,5 0 0 N o v . 1 1939
($ 5 0 0 an d $ l,0 ()O )________ c l l n t . a t C o lu m b ia T r . C o . , L o u is v ., tr u s te e .
1st c o n s M $ 1 ,0 0 0 ,0 0 0 g o l d / 1906 5 g M - N
8 2 5 ,0 0 0 N o v . 1 1935
($500 and $ 1 ,0 0 0 ) ________ c \ I n t. a t C o lu m b ia T r . C o . , L o u is v ., tru stee.
B o n d s . — T h e 1st co n s o l, b o n d s are s u b je c t to call o n a n y in t. d a y a t 106 .
O f the ref. b o n d s , $ 1 ,0 0 0 ,0 0 0 are reserved fo r p rio r liens.
D iv i d e n d s . — P r e f. d iv s . a t r a t e o f 6 % per a n n u m are b e in g p a id .
E A R N I N G S .—-F or yea rs e n d in g J u n e 30:
O p e ra tin g

N et(a fte r

O th er

In terest,

P f.D iv s .

B a la n c e ,

R even u es. T a x es).
In com e.
& c.
(6 % ).
S u r p lu s .
192 1............... . . . $ 7 5 3 , 2 1 8 $ 1 4 3 ,5 9 5 $ 2 1 ,6 6 9
$ 9 4 ,2 0 6
$ 2 4 ,0 0 0 $ 4 7 ,0 5 8
19 2 0 ____________ 6 8 5 ,9 5 6
171 ,9 7 3
1 4 ,9 8 0
8 5 ,2 3 4 2 4 ,0 0 0
7 7 ,7 1 9
O F F I C E R S .— P r e s ., C h a s . M in a r y , B e n to n H a r b o r , M ic h .; V . - P . , F . A .
B ry a n ; S e c ., C . B . C a lv e r t ; T r e a s ., L e e M a s o n .— V . 109- p . 1079; V . 114 .
p . 282 2.

MUSKEGON TRACTION & LIGHTING CO.
A ffilia te d w ith A m e rica n L ig h t & T r a c t io n C o .
V . 82, p . 49.
O R G A N I Z A T I O N .— In c o r p o r a te d in M ic h ig a n on F e b . 1 1901, and
Is a co n s o lid a tio n o f th e street r a ilw a y , e le ctric lig h t a n d gas c o m p a n ie s o f
th e c it y o f M u s k e g o n , M ic h .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns 15 m iles o f ro a d and serves as a term in al fo r th e G ra n d R a p id s G ra n d
H a v e n & M u s k e g o n R y ., w h ich o p e ra te s 40 m iles o f tra ck b e tw e e n p o in ts
in d ica te d in th e title (see V . 113, p . 1675).
STO C K A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
S to ck $60 0 ,0 0 0 ($ 1 0 0 )--------------------------------------$ 6 0 0 ,0 0 0 ............. .........
Preferred $10 0 ,0 0 0 6 % c u m ________
6
6 3 ,0 0 0
See'texfc
STO CK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
First m o rtg a g e $60 0 ,0 0 0 g o l d ! 1901
5 g M -S
6 0 0 ,0 0 0 M a r . 1 1931
($ 1 ,0 0 0 )_______________t f ! In te re s t
a t W y o m in g
V a lle y T r u s t C o . .
C a lla b le at 105_____________ I W ilk e s -B a rre , P a ., tru stee.
D iv id e n d s . — O n p referred s to c k 6 % c u m u la tiv e .
E A R N I N G S .— F o r ca le n d a r years:
192 6.
192 5.
$ 6 2 0 ,3 7 2
$ 5 9 1 ,2 1 7
O p e ra tin g r e v e n u e ____________________________________
N e t o p e ra tin g in c o m e ________________________________
135 ,1 8 0
1 0 1 .3 3 2
138 .7 3 6
1 04 ,579
G ross c o r p . in c o m e , in c l. o th e r in c o m e ____________
B o n d in te re s t_________________________________________
3 0 ,0 0 0
3 0 ,0 0 0
O th er in te re s t_________________________________________
7 8 ,8 0 8
4 5 ,7 3 9
N e t in c o m e _________________________________________
$ 2 9 ,9 2 8
$ 2 8 ,8 4 0
O F F I C E R S .— P r e s ., R . B . B r o w n , V .- P . & G e n . M g r ., D . A . P o w e ll;
S ec. & T r e a s ., G . J. Z o r n , V . - P . , Jam es L a w re n ce , A s s t. S e c ., A s s t. T r e a s .
& A u d ., T . M . L e a h y ; A s s t. S e c . & T r e a s ., F . M . D e n n is . —V . 113, p . 1 67 5.
2 4 0 6 , 2 72 1, 281 9.

UNITED PUBLIC SERVICE CO.
O R G A N I Z A T I O N .- — In c o r p o r a t e d u n d e r la w s o f N e w J e r s e y F e b . 2 3
1927 as a h o ld in g c o m p a n y t o o w n th e en tire o u ts ta n d in g ca p ita l s t o c k
(e x c e p t d ir e c t o r s ’ q u a lify in g shares) o f U n ite d P u b lic U tilitie s C o . , S ou th ern
U h ite d I c e C o . a n d S o u th e rn U n ite d G a s C o .
(S ee se p a ra te s ta te m e n ts
b e lo w .)
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y ’s su b sid ia ries w ill fu rn ish th rou gh o p e ra tin g p ro p e rties e le ctr ic
ligh t and p o w e r and (o r) gas t o 43 co m m u n itie s in w estern O h io and ea stern
I n d ia n a , e le ctr ic ligh t and p o w e r t o 42 c o m m u n itie s in N o rth and S o u th
D a k o t a , and ice to 18 c o m m u n itie s in L o u is ia n a , M is s is s ip p i, T en n essee a n d
T e x a s , and 1 in Illin o is. P o p u la tio n o f te r rito r y served w ith e le ctr ic ity and
gas a lo n e is e stim a te d t o b e in e xce ss o f 1 75 ,000 . T h e n u m b e r o f e le c t r ic
lig h t an d p o w e r c u s to m e rs is 1 5,389, an d gas cu s to m e rs 10.021.
A g g re g a te p o p u la tio n o f c o m m u n itie s s e r v e d w ith ic e is in excess o f 5 2 5 ,00 0 . T h e p r o p e r tie s o f t h e o p e r a tin g c o m p a n ie s in c lu d e e le c t r ic p o w e r
s ta tio n s h a v in g a c o m b in e d g e n e ra tin g c a p a c it y o f 13,695 h . p .; ic e p la n t s
h a v in g d a ily ic e m a k in g c a p a c it y o f 1,6 0 0 to n s ; gas p la n ts o f 1 6 5 ,0 0 0 c u . f t .
d a ily c a p a c it y , s u p p le m e n te d b y n a tu ra l gas; 85 w e lls p r o d u c in g n a tu ra l
gas; leases c o v e r in g 9 ,0 0 0 acres o f p r o v e n gas la n d s ; 154 m iles o f gas tra n s ­
m ission lin es, a n d 559 m iles o f e le ctr ic tra n sm ission lin es.
T o Be

STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m 5 0 0 ,0 0 0 shs (n o p a r ) -----------------------------------300 0 0 0 shs -------------------P f $7 c u m 100 ,0 0 0 s h s ( n o p a r ) . ------$7 Q -J
1 2 ,0 0 0 shs ------------------2 -y e a r g o ld n o te s ( $ 1 ,0 0 0 ./ 1927
6 g A -O
1 ,5 5 0 ,0 0 0 A p r 1 1 9 2 9
$50 0 c * )
. ___
_ tf\ P r in . & in t. a t C e n t. T r . C o . o f 111., tr u s te e .
N e t e a rn in g s __________
$50 3 ,6 5 0
$51 0,43 1
$42 2 ,5 8 4
$ 3 6 9,86 6
15-yr c o ll tr ser A ( c * $ l , 0 0 0 . / 1927
6 g A -O
2 ,4 0 0 .0 0 0 A p r 1 1 9 4 2
I n t . ch g s. on n otes & s u b .
$50 0 $100) _____________ t f (C e n tr a l T r u s t C o . o f Illin o is. C h ic a g o , tru st.
c o m p a n ie s ’ b o n d s ____
3 14 ,548
2 9 9 ,9 5 8
2 4 0 ,0 0 0
2 4 0 ,0 0 0
S to c k s .-— N o a d d itio n a l shares o f p r e f. m a y b e issued w ith o u t c o n s e n t o f
th e h o ld e r s o f tw o -th ird s o f t h e o u ts ta n d in g p r e f . , a n d p ro v id e ;) n e t e a rn in g s
A v a ila b le fo r d e p re cia ­
(a fte r in t. ch arges on all fu n d e d d e b t ) fo r a fix e d p e r io d shall h a v e b e e n a t
tio n , F e d ’ l taxes, & c
$18 9,10 2
$ 2 1 0 ,4 7 3
$18 2 ,5 8 4
$ 1 2 9,86 6
least 2 l tim e s a n ru a l p r e f. ch a r g e s o n all p r e f. s to c k th e n o u ts ta n d in g ,
A
* F o r 12 m o n th s en d ed A p r il 30 1927.
in c lu d in g p r o p o s e d issu e. T h e $7 d iv . series p r e f. is w ith o u t p a r v a lu e a n d
O F F I C E R S .— P r e s ., E . J. C o n d o n ; V . - P . , E . J . C o n d o n J r .; S e c ., F red
is r e d at 105 and a c c r u e d d iv s . P re fe rre d as t o d iv s . an d assets o v e r c o m .
M a tth e w s ; T r e a s ., B lo y d O ’ C o n n e ll.
D ir e c to rs : E . J. C o n d o n , S r ., E . J .
s t o c k . E n title d t o $10 0 a n d a c c r u e d d iv s . p e r share in th e e v e n t o f dis­
C o n d o n , J r ., F r e d . M a tth e w s . G eneral o f fi c e , 231 So. B a Salle S t., C h i­
s o lu tio n o r liq u id a tio n . In M a y 1927. T h o m p s o n , R o s s & C o . s o ld a t
c a g o , 111.— V . 121, p . 1347, 2520; V . 122, p . 308 1; V . 123, p . 205 , 1382;
$10 0 p e r share and d iv . 1 2 ,0 0 0 shares $7 d iv . series p r e f. s to c k ( n o p a r ) .
V . 124, p . 235 , 37 2 , 50 5 , 2120; V . 125, p . 94.
E a c h 2 shares o f p r e f. ca rries 1 share o f c o m m o n . V . 124, p . 307 0.
B o n d s — T h e 15-year co lla te r a l tru st 6 % g o ld b o n d s , series A , d u e A p ril 1
1942 are a d ir e ct o b lig a tio n o f t h e c o m p a n y , an d are s p e c ific a lly s e c u r e d
b y d e p o s it an d p l e i g e w ith t h e tru ste e o f all o f th e c a p ita l s to c k s (e x c e p t
d ir e c t o r s ’ q u a lifv in g shares, a n d , in th e case o f S ou th ern U n ite d G a s
ESCANABA POWER & TRACTION CO.
C o . w ith th e p o s s ib le e x c e p tio n o f a m in o rity in terest o f less th an 1 % ) , o f
O R G A N I Z A T I O N .— O rga n ized as s u cce sso r t o th e E s c a n a b a T r a c t io n
th e th re e a b o v e -n a m e d su b sid ia rie s.
A d d itio n a l b o n d s m ay o n ly b e is su ed
C o . , w h ich w as o rg a n iz e d in 1909 as a c o n s o lid a tio n o f th e E s c a n a b a E le c t r ic
w hen c o n s o lid a te d earnings o f c o m p a n y and its su bsidiaries shall h a v e b e e n
St. R y . and E s ca n a b a P o w e r C o . F o r h is to ry o f E sca n a b a T r a c t io n C o .
at least three tim es the annual in terest ch arges o n all o u ts ta n d in a b o n d s
see “ E le c t r ic R a ilw a y ” S u p p le m e n t o f A p ril 26 1924. C o n tr o ls th e E s c a ­
(in clu d in g new issu e and o n p r io r lien s, i f a n y . u p o n th e pledged s e c u r itie s ).
nab a P u lp & P a p er C o .
R e d . all o r p a r t b y lo t on a n y in t. d a t e o n 30 d a y s ’ n o tice at 105 an d in t.
o n o r b e fo r e A p ril 1 1932 th is p r e m iu m o f 5 % d e cre a sin g H o f 1 % o f t h e
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
p rin cip a l o n each O ct. 1 th e r e a fte r . C o m p a n y w ill agree t o r e fu n d C o n n .,
D o e s ele ctr ic lig h t a n d p o w e r busin ess in E s c a n a b a , G la d sto n e an d W ells,
P e n n , an d C a lif, p e rs o n a l p r o p e r t y ta x e s n o t e x c e e d in g 4 m ills p e r a n n u m
M ic h . O w n s and o p e r a te s s tr e e t ra ilw a y in E scan aba an d an in teru rb a n
ea ch M a r y la n d se cu ritie s ta x n o t e x c e e d in g 4 V m ills p e r a n n u m , D is tr ic t
r o a d t o G la d sto n e , w h ich w as p la c e d in o p e r a tio n in J u ly 1910.
P ow er
o f C o lu m b ia , M ic h , a n d K e n t u c k y p e r s o n a l p r o p e r t y ta x e s n o t e x c e e d in g
p la n t c a p a c it y . 1 0 ,5 0 0 h .p .
A n ew d a m on E s ca n a b a R iv e r , p r o v id in g
5 m ills p e r an n u m e a ch , a n d M a s s , in c o m e ta x n o t e x c e e d in g 6 % p e r a n n u m
3 ,4 0 0 a d d 'l h .p ., w as c o m p le t e d Ja n . 1 1916. I s a llo w e d t o c a r r y fre ig h t.
o n t h e in te re s t. I n M a y 1927 H a m b le t o n & C o . a n d T h o m p s o n , R o s s
F a r e s I n c r e a s e . — See V 121, p . 1788.
6 C o . so ld at 0 7 V a n d in t ., y ie ld in g o v e r 7 K % , $ 2 ,0 0 0 ,0 0 0 15 -y ea r c o l l ,
O u ts ta n d in g . M a t u r i t y .
tru s t 6 % g o ld b o n d s , series A . V . 124, p . 2750; V . 125, p . 1841. T h e s e
STOCK AN D BO N D S—
D a te .
In terest.
b o n d s lis te d o n C h ic a g o S to c k E x ch a n g e . V . 124, p . 290 9.
$ 5 0 ,0 0 0
C o m m o n s to c k $ 2 0 0 ,0 0 0 ---------------------------------T h e 2 -y e a r 6 % g old n o te s , d a ted A p r i l 1 1927, are a d ir e c t o b lig a tio n o f
4 6 0 .0 0 0
P r e f $ 5 0 0 ,0 0 0 6 % cu m ( $ 1 0 0 )----------6%
c o a n d are s u b je c t t o t h e c o ll, tru s t g o ld b o n d s . R e d . all o r in p a rt a t
2 3 0 .0 0 0
See te x t
E s ca n a b a T r a c 1st & r e f M ( 1909
5 J-J
101 a n d in t. C o n n ., P e n n , a n d C a lif, p e rso n a l p r o p e r t y ta x n o t e x c e e d in g
$600 0 0 0 g o ld ($1 0 0 0 )c * c p t \ l n t . a t F irs t S a v . & T r u s t O o ., M ilw a u k e e .
G en & r e f m tg e Series “ A ” . . / 1920
5 g A -O
2 0 0 ,0 0 0 A p r. 1 1950 ! 4 V m ills p e r an n u m , D is t . o f C o lu m b ia , M ic h , a n d K e n t u c k y ta x es n o t
Series “ B ” ____
_____ . .1 1920
6 g A -O
6 5 0 ,3 0 0 A p r . 1 1942 j e x c e e d in g 5 m ills a n d M a s s . 6 % in c o m e ta x r e fu n d a b le . In M a y 1927
$1 550 0 0 0 2 -y e a r 6 % n o te s w e re s o ld b y a s y n d ic a t e h e a d e d b y T h o m p s o n ,
($1 0 0 . $50 0 & $ 1 .0 0 0 ) g _ c * I I n t. a t M ic h . T r . C o . , G ra n d R a p id s , tru stee
R o s s & C o . a n d Y e a g e r . Y o u n g & P ie r s o n , I n c ., at 9 9 M an d in t ., w ith am
B o n d s . — E s ca n a b a T r a c t io n 1st & r e f. b o n d s m a tu re $ 1 0 ,0 0 0 a n n u a lly !
a p p ro x im a te y ie ld o f 6 . 1 5 % . V . 124, p . 3 0 7 0 .
fr o m 1914 t o 1933 i n c l., re m a in d e r in 193 4. $ 3 7 2 ,0 0 0 h a v e b e e n r e tir e d .




O ct ., 1927.]

E A R N I N G S .— O f c o m b in e d p r o p e r tie s fo r c a le n d a r years:
*1927.
1926.
G ross e a rn in g s___________________________ $ 4 ,5 2 2 ,2 8 0 $ 4 ,4 2 7 ,2 4 6
a N e t b e fo r e in t ., d e p r e c ., d e p le tio n
a n d F e d e ra l t a x e s ___________________
1 ,8 8 7 ,6 3 0
1 ,8 4 0 ,6 3 0
I n t . ch a rg es on s u b . c o s .’s e c u r it i e s ,.
7 3 1 ,0 0 0
7 3 1 ,0 0 0
2 3 7 ,0 0 0
2 3 7 ,0 0 0
I n t . ch a rg es o f U . P . S. C o . s e c _______
P r e fe r re d d iv id e n d s ____________________
154 ,000
154 ,000

1925.
$ 4 ,2 9 8 ,7 5 7
1,7 7 0 ,7 9 6
7 3 1 .0 0 0
2 3 7 .0 0 0
154 .000

B a l. a v a il, fo r d e p r e c ., F e d . t a x .,& c .
$76 5 ,6 3 0
$ 7 1 8 ,6 3 0
$64 8,79 6
* F o r 12 m o n th s e n d e d Ju n e 30 1927.
a T h e n e t earnings in c lu d e $ 1 1 ,5 4 7 , $40 ,817 an d $ 9 4 ,6 7 9 , r e s p e c t iv e ly ,
fo r t h e yea rs e n d e d Ju n e 30 1927 a n d D e c . 31 1926 a n d 1925 fo r e stim a te d
n e t earn in gs o f c e r ta in p r o p e r tie s fo r th e p o rtio n s o f th o s e y e a rs p r io r t o
a cq u is itio n , an d e x c lu d e r e p o r t e d n on -re cu rrin g n e t exp e n se s o f $ 1 3 9 ,0 1 3 ,
$ 1 6 0 ,8 6 4 a n d $ 1 2 0 ,9 2 4 , r e s p e c t iv e ly , fo r th o se y e a rs.
O F F I C E R S .— P r e s ., E rn st J a c o b s o n ; V .- P s ., N ic h o la s S tah l a n d H o r­
a c e I I . C la rk : S e c ., C h a s . J . H o rn ; T r e a s ., R . H . M o r ris o n .
G en eral
o ffic e s , 100 W e s t M o n r o e S t., C h ic a g o , 111.—V . 124, p . 259 1, 2 75 0, 290 9,
3 0 7 0 , 3774: V . 125, p . 916 , 1841.

UNITED PUBLIC UTILITIES COMPANY.
C o n tr o lle d b y U n ite d P u b lic S e rvice C o . th ro u g h o w n e rsh ip o f a ll c a p ita l
s to c k e x c e p t d ir e cto r s ’ shares.
O R G A N I Z A T I O N .— I n c o r p . u n d e r la w s o f N e w J e rs e y F e b . 23 1927
as a h o ld in g c o m p a n y c o n tr o llin g (th ro u g h s to c k ow n e rsh ip o f at least 9 5 %
o f th e o u ts ta n d in g c a p ita l s to c k ) th e fo llo w in g p r o p e rtie s : T h e B r o o k v ille &
L e w isb u r g L tg . C o . , th e B u c k e y e L t . & P o w e r C o . , C itize n s H t ., L t . &
P o w e r C o . , th e G re e n v ille E le c . L t . & P o w e r C o ., I n d ia n a -O h io P u b lic
S e r v ic e C o ., L y n n N a tu r a l G as C o ., t h e N e w M a d is o n L tg . C o . , N o rth e r n
P o w e r & L t . C o ., P e o p le s S e rv ice C o ., W e s te rn O h io P u b lic S e rv ice C o .,
L o u is ia n a I c e & C o a l C o ., I n c .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y w ill furnish th ro u gh subsidiaries p u b lic u tility s e rv ice t o a ce n ­
tra liz ed g r o u p o f 43 co m m u n itie s in O h io and In d ian a and to a g r o u p o f 42
c o m m u n itie s in N o rth an d Sou th D a k o ta a n d ice t o 9 c o m m u n itie s in
L o u is ia n a , in clu d in g N e w O rleans. E le c tr ic lig h t a n d p o w e r w ill be fu r­
n ish ed to 15,389 cu s to m e rs in 71 co m m u n itie s an d gas to 9,021 c u sto m e rs in
19 co m m u n itie s .
P ro p e rtie s in clu d e e le ctr ic p o w e r station s w ith a c o m ­
b in e d g en eratin g c a p a c ity o f 13,695 h .p .: ice p lan ts w ith d a ily m a n u fa c tu r ­
in g c a p a c it y o f 63 5to n s; gas plan ts o f 165,000 c u . f t . d a ily c a p a c it y , s u p ­
p le m e n te d b y n a tu ral gas; 559 m iles o f e le ctric tra n sm ission lin es, a n d 165
m iles o f gas d istrib u tio n m ain s.
STO CK AN D BON DS—
D a te .
In terest.
O u tsta n d n g .
M a t u r it y .
C o m m o n s t o c k (n o p a r ) _______ ______
___________ 175 ,000 s h s ____________
2 -y e a r n otes
($ 1 ,0 0 0 a n d ? 1927
5 K g A -O $ 1 ,8 5 0 .0 0 0 A p r 1 1 9 2 9
$500) c * __________________ t f (C e n tra l T r u s t C o . o f 111., C h ic a g o , tru stee.
1st lien g o ld b on d s series A I 1927
6 g A -O
5 ,5 5 0 ,0 0 0 A p r 1 1947
($ 1 ,0 0 0 , $500, $100) c * ._ t f ( C e n t r a l T ru s t C o . o f 111., C h ic a g o , tru ste e .
B o n d s . — 1st lien series A b o n d s , red. a ll o r p a rt b y lo t . o n a n y in t. d a te ,
o n 30 d a y s ’ n o t ic e at 105 and Int. o n o r b e fo re A p ril 1 1932, th is p re m iu m o f
5 % d e cre a s in g % o f 1 % o f th e p rin cip a l o n O c t . 1 1932, and o n each O c t . 1
th erea fter. Secured b y a fir s t lien o n all o u ts ta n d in g b o n d s , in d eb ted n ess
(e x c e p t cu rren t in d eb te d n e ss n o t in excess o f cu rren t assets) and at least
9 5 % o f th e c a p ita l s t o c k o f all cla sses o f each s u b s id ia r y , as d e fin e d . A d d i­
tio n a l b o n d s , issu a b le in o n e o r m o r e series, m a y be Issued a gain st th e
d e p o s it o f cash o r fo r n o t exceedin g 7 5 % o f th e cash c o s t o r fair v alu e
(w h ich e v e r is low er) o f new subsidiaries o r o f ad d itio n s. I m p r o v e m e n t,
b e tte r m e n ts , exten sion s and
a d d itio n a l p ro p e rtie s a cq u ire d
(a) b y
p resen t p ro p o s e d su bsidiaries a fte r D e c. 31 1926, o r (b) b y a n y subsidiaries
a fte r th eir q u a lific a tio n as s u c h , p r o v id e d th at earnings a p p lic a b le to b o n d
in terest fo r a p eriod o f 12 m o n th s o u t o f th e n ext p re ce d in g 15 m o n th s shall
h a v e been at least 1 \ tim e s the annual in terest ch a rg e s o n all b o n d s then
o u ts ta n d in g and p r o p o s e d to b e issu e d . B o n d s m a y also be issued par fo r
p a r fo r r e fu n d in g p u r p o s e s . In A p ril 1927 $ 5 ,5 5 0 ,0 0 0 o f the b o n d s w ere
offe r e d at p ar and in t. b y H a m b le to n & C o . an d T h o m p s o n R o s s & C o .
(V . 124, p . 2 2 8 3 ).
N o t e s .— T h e 3 -y ea r g o ld n o te s are re d . as a w h o le , o r in p a r t b y l o t , o n
th e fir s t d a y o f a n y m o n th , o n 30 d a y s ' n o tice at 101 and int. In A p ril
1927 th e a b o v e n otes w e re o ffe r e d a t 99 '4 an d in t ., t o y ie ld o v e r 2 909,
b y H a m b le to n & C o . an d T h o m p s o n R o s s & C o . V . 124, p . 243 0, 1909.
E A R N I N G S . — O f c o m b in e d p r o p e r tie s for c a le n d a r years:
*1927.
1926.
1925.
G ross earn in gs___________________________$ 1 ,8 3 4 ,3 8 8 $ 1 ,7 9 1 ,6 9 6
$ 1 ,7 4 1 ,4 1 4
a N e t b e fo r e in t ., d e p r e c . & F e d . ta x e s
831,211
813 ,1 6 9
7 8 9 ,2 0 6
F ix e d ch a rg es ----------------------------------------4 3 4 ,7 5 0
4 3 4 ,7 5 0
434 ,7 5 0

B a la n ce ava ila b le fo r d e p r e c ia tio n ,
F e d e ra l ta xes an d d iv id e n d s _____
$39 6,46 1
$ 3 7 8,41 9
$ 3 5 4,45 6
* F o r 12 m on th s e n d e d Jun e 30 1927.
a T h e n et earnings in clu d e $11 ,5 4 7 , $40 ,817 a n d $ 9 4 ,6 7 9 , r e s p e c t iv e ly ,
fo r t h e yea rs e n d e d Ju n e 30 1927 an d D e c . 31 1926 a n d 1925 fo r e s tim a te d
n e t earn in gs o f ce r ta in p r o p e r tie s fo r th e p o r tio n s o f th o s e y e a rs p r io r t o
a c q u is itio n , an d e x c lu d e r e p o r te d n o n -re cu rrin g n e t e xp en ses o f $ 7 9 ,1 7 6 ,
$ 8 8 ,4 8 5 an d $ 8 0 ,7 5 4 , r e s p e c t iv e ly fo r th o se y e a rs.
O F F I C E R S . — P r e s ., E rn st J a c o b s o n ; V .-P s ., N ic h o la s Stahl a n d H o r ­
a c e H . C la r k ; S e c ., C h a s. J . H o rn : T r e a s ., R . H . M o r ris o n .
G e n e ra l
o ffic e s , 100 W e s t M o n r o e S t., C h ic a g o , 111.— V . 124, p . 2 28 3, 2430;
V . 125, p . 290 9.

SOUTHERN UNITED ICE COMPANY.
C o n tr o l .— A ll o f th e ca p ita l s t o c k , e x c e p t d ir e cto r s sh ares, is o w n e d b y
U n ite d P u b lic S erv ice C o .
O R G A N I Z A T I O N .— I n c o r p o r a t e d u n d e r la w s o f N e w Je rse y A p ril 19
1927. T h e c o m p a n y o w n s ice m a n u fa c tu r in g p la n ts an d sto r a g e fa cilitie s
in M e m p h is , T e n n .; H o u s to n , T e x .; S h e lb y v ille , 111.; J a c k s o n , C la rk sd a le ,
T u tw ile r , B elz on i, Y a z o o C it y , D u r a n t, C a n to n a n d C r y s ta l S p rin gs, M is s .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e p ro p e rtie s n o w o w n e d b y th e c o m p a n y c o m p r is e 17 ic e m a n u fa c tu r in g
p la n ts (co m p le te w ith season s to ra g e h ouses) a n d 17 s to ra g e a n d d is trib u tin g
s u b s ta tio n s , h a v in g a d a ily ice -m a k in g c a p a c it y o f 1,434 to n s a n d to ta l
ic e s to r a g e c a p a c it y o f 3 4 ,9 2 5 t o n s . T h e a g g r e g a te p o p u la t io n o f th e se
c o m m u n itie s is o v e r 5 2 5 ,0 0 0 .




197

POW ER, LIGH T AND R A IL W A Y

STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
___________ 3 6 ,2 5 0 shs. ____________
C a p ita l s t o c k 5 0 ,0 0 0 (n o p a r ) . _______
1st m tffe s f ser A ( c * $ 1 .0 0 0 .f 1927
6 g A -O
$ 2 ,0 0 0 ,0 0 0 A p r 1 1947
$5 0 0 & $ 1 0 0 )____________ t f ( I n t . a t C e n tr a l T r u s t C o . o f 111. o r the
l C h a s e N a t io n a l B a n k o f N e w Y o r k .
B o n d s . — T h e 1st m tg e . 6 % s in k in g f u n d g o ld b o n d s are secu red b y a d ir e c t
fir s t m o r tg a g e o n all fix e d p r o p e r t y a n d e o u ip m e n t o f th e c o m p a n y . A d ­
d itio n a l b o n d s , issu a b le in o n e o r m o r e series, m a y fro m tim e to tim e b e is­
s u e d a g a in st t h e d e p o s it o f ca sh o r fo r n o t e x c e e d in g 7 0 % o f t h e cash c o s t
o r fa ir v a lu e (w h ic h e v e r is lo w e r ) o f a d d itio n a l p r o p e r t y an d o f p e rm a n e n t
e x te n sio n s, e n la rg e m e n ts, im p r o v e m e n ts a n d a d d itio n s m a d e o r a c q u ir e d
b y th e c o m p a n y , p r o v id e d t h a t ea rn in gs a p p lic a b le t o b o n d in terest fo r a
p e r io d o f 12 c o n s e c u t iv e m o n t h s o u t o f th e p e x t p r e ce d in g 15 m o n th s sh all
h a v e b e e n a t le a st 2 to tim e s th e a n n u a l in te re s t ch arges on all b o n d s th en
o u ts ta n d in g a n d p r o p o s e d to b e issu e d . A n n u a l sin k in g fu n d p r o v id e d
fo r series A b o n d s .
R e d . a t th e o p t io n o f t h e c o m p a n y as a w h ole, o r in
p a r t b y lo t , o n a n y in t. d a te o n 30 d a y s ’ n o t ic e a t 105 a n d a c c r u e d in t. o n
o r b e fo r e A p ril 1 193 2, th is p r e m iu m o f 5 % de cre a sin g 14 o f 1 % o f th e
p rin cip a l o n ea ch O c t . 1 th e re a fte r.
C o . w ill re fu n d u p o n a p p lic a tio n
C o n n ., P a . a n d C a lif. 4 m ills ta x , M d . 43^ m ill, D is t . o f C o lu m b ia , M ic h ,
a n d K y . 5 m ills ta x a n d M a s s . 6 % in c o m e ta x .
Tn J u ly 1927 T h o m p s o n ,
R o s s & C o . a n d H a m b le to n & C o . o f N . Y . o ffe r e d $ 2 ,0 0 0 ,0 0 0 1st m tg e .
sin k in g f u n d series A b o n d s , d a t e d A p ril 1 1927, a t r> 7 )4 a n d in t ., t o y ie ld
over 6 .2 0 % .
V . 125, p . 1852.
E A R N I N G S .— O f c o m b in e d p r o p e r tie s fo r ca le n d a r vears:
* 192 7.
1926.
1925.
G ro ss e a rn in g s___________________________ $ 1 ,9 9 5 ,8 8 4 $ 1 ,9 4 2 ,0 4 1 $ 1 ,9 2 8 ,1 6 0
a N e t b e fo r e i n t ., d e p r e c . & F e d . ta x e s
5 6 4 .4 7 9
5 5 6 ,6 2 6
5 9 5 ,1 2 7
F ix e d c h a r g e s ___________________________
120 ,0 0 0
120 ,000
1 20 ,000
B a la n c e ...................................................... ,
$ 4 4 4 ,4 7 9
$ 4 3 6 ,6 2 6
$ 4 7 5 ,1 2 7
* F o r 12 m o n th s e n d e d Ju n e 30 1927.
a T h e n e t in c o m e is a fte r e lim in a tin g r e p o r te d n on -re cu rrin g n e t exp en ses
o f $ 3 9 ,5 2 9 , $ 4 0 ,5 8 0 a n d $ 3 2 ,6 7 0 , r e s p e c tiv e ly , fo r th e ye a rs e n d e d Ju n e 30
1927 an d D e c . 31 1926 an d 1925.
O F F I C E R S .— P r e s ., E r n s t J a c o b s o n : V .- P s ., N ic h o la s S tah l a n d G e o rg e
E . W e lls : S e c ., C h a s . J. H o rn : T r e a s ., R . H . M o r r is o n .— V . 125, p . 1852.

SOUTHERN UNITED GAS COMPANY.
C o n tr o l. — A ll o f th e ca p ita l s t o c k , e x c e p t d ir e cto r s ’ sh ares, is o w n e d b y
U n ite d P u b lic S e rv ice C o .
O R G A N I Z A T I O N .— I n c o r p o r a te d u n d e r law s o f N e w J ersey F e b . 23
1927 as a h o ld in g c o m p a n y t o o w n th e en tire o u ts ta n d in g ca p ita l s t o c k
(e x ce p t d ir e c t o r s ’ q u a lify in g shares) o f T w in C it y P ip e la n e C o . , a n d o v e r
9 9 % o f th e o u ts ta n d in g ca p ita l s t o c k o f In d u strial O il & G as C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
N a tu ra l gas is fu rn is h e d t o in du stria l con su m ers in F o r t Sm ith an d V a n
B u re n , A r k ., a n d t o F o r t S m ith L ig h t & T r a c tio n C o ., w h ich su pplies
d o m e s tic co n su m e rs in F o r t S m ith . T h e p ro p e rtie s o f th e o p e ra tin g su b ­
sidiaries c o m p r is e 72 m iles o f tran sm ission lin es, 85 p r o d u c in g w ells, a b o u t
9 ,0 0 0 p r o v e n acres o f gas leaseh olds a n d a p p ro x im a te ly 9 ,0 0 0 u n d e v e lo p e d
acres o f leaseh old s. G re a te r F o r t S m ith , in clu d in g V a n B u re n , has an esti­
m a te d p o p u la tio n o f a b o u t 4 9 ,0 0 0 .
STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
________
100 ,000 shs ____________
C a p s to c k 1 0 0 ,0 0 0 shs (n o p a r ) ____
F irs t lien sin k fu n d 6s series A / 1927
6 g A -O
$ 2 ,2 5 0 ,0 0 0 A p r 1 1937
(c* $ 1 ,0 0 0 , $ 50 0, $ 1 0 0 ) - - t f l C e n t r a l T r u s t C o . o f Illin o is, C h ic a g o , tru st.
2 -y r 5 l % g o ld n o te s (c * $ l , - f 1927
A
5 ^ g A -O
7 5 0 ,0 0 0 A p r 1 1929
000 , $ 5 0 0 ) -------------------------t f [C en tra l T r u s t C o . o f Illin o is, C h ic a g o , tru st.
B o n d s .— T h e f i r s t lie n 6 % s in k in g f u n d g o ld b o n d s are se cu re d b y a d ir e ct
firs t lien o n all in d e b te d n e ss an d o n o v e r 99 % o f th e caD ital s to c k (ex cep t
d ir e cto r s ’ shares) o f In d u strial O il & G as C o . a n d T w in C it y P ip e L in e C o .
d e p o s ite d an d p le d g e d w ith th e tru stee. A d d itio n a l b o n d s m a y b e issu ed in
o n e or m o re series, again st th e d e p o s it o f cash o r fo r n o t exce e d in g 66 2 -3 %
o f th e cash c o s t o r fa ir v a lu e (w h ich e v e r is lo w e r) o f a cq u irin g new s u b ­
sidia ries or o f a d d itio n s , im p ro v e m e n ts , b e tte r m e n ts , e x ten sion s a n d a d d i­
tio n a l p ro p e rtie s a c q u ir e d b y su b sid iaries, p r o v id e d th a t earnings a p p lic a b le
t o b o n d in terest fo r a p e r io d o f 12 c o n s e c u tiv e m o n th s o u t o f th e n ext p re­
c e d in g 15 m o n th s shall h a v e b e e n a t least t w ic e th e ann ual in terest charges
o n all b o n d s th e n o u ts ta n d in g a n d p r o p o s e d t o b e issu ed . A n n u a l sin k in g
f u n d p r o v id e d fo r in th e in d en tu re.
T h e series A 6s are r e d e e m a b le as a w h o le , o r in p a r t b y lo t , o n a n y interest
d a te o n 30 d a y s ’ n o t ic e , a t 105 a n d in terest o n o r b e fo r e A p ril 1 1932, this
p re m iu m o f 5 % d e cre a sin g M o f 1 % o f th e p rin cip a l o n each O ct. 1 an d
A p ril 1 th e re a fte r. B o n d s c a r r y n o n -d e ta c h a b le s to c k p u rch a se w arra n ts.
C o m p a n y w ill r e fu n d u p o n a p n lica tio n C o n n ., P en n , a n d C a lif. 4 m ills tax;
M d . 43^ m ills ta x ; D is t. o f C o l ., M ic h , an d K y . 5 m ills ta x , an d M a ss. 6 %
in c o m e ta x . I n A p ril 1927 T h o m p s o n , R o s s & C o ., C h ic a g o , a n d H a m b le ­
t o n & C o ., N . Y . , o ffe r e d $ 2 ,2 5 0 ,0 0 0 fir s t lien 6 % sin k in g fu n d g old b o n d s,
series A , d u e A p ril 1 1937, a t 98 an d in te re st, y ie ld in g o v e r 6 .2 5 % .
V . 124,
p . 3069; V . 125, n . 1839. L iste d o n O h ica rr> S to c k E x ch ., V. 125, p . 782 .
T h e 2 -y e a r 5 M % g o ld n o te s d u e A p r i l 1 1929, are a d ire ct o b lig a tio n o f th e
c o m p a n y b u t u n se cu re d .
R e d e e m a b le , all o r in p a rt, b y lo t, o n th e 1st
d a y o f a n y m o n th o n 30 d a y s ’ n o tice , at 101 an d interest. C o m p a n y w ill
r e fu n d u p o n a p p lic a tio n C o n n .,, P e n n a . and C a lif. 4 m ills ta x , M d . 4 Vi
m ills ta x , D is t . o f C o l ., M ic h , a n d K y . 5 m ills ta x , a n d M a s s . 6 % in com e
ta x . In a y 1927 T h o m p s o n , R o s s & C o . , C h ic a g o , an d H a m b le to n & C o .,
N . Y . , o ffe r e d $ 7 5 0 ,0 0 0 2 -y e a r 5 l % g o ld n o te s, d a te d A p ril 1 1927, at
A
9 9 H a n d in te re st, y ie ld in g o v e r 5 .9 0 % .
V . 124, p . 3069
E A R N I N G S .— C o m b in e d earnings fo r calen d ar years:
*1927.
1926.
1925.
G ross e a rn in g s--------------------------------------$69 2 ,0 0 7
$69 3 ,5 0 8
$ 6 2 7,18 2
a N e t b e fo r e in t ., d e p r e c . & F e d ’l taxes
4 9 1 ,9 4 9
4 7 0 ,8 3 4
3 8 6 ,4 6 3
F ix e d ch a r g e s ---------------------------------------176 ,2 5 0
176 ,2 5 0
176 ,250

.

B a la n ce a v a ila b le fo r d e p r e c ia tio n ,
d e p le tio n , d iv s . a n d F e d ’l t a x e s ._
$31 5 ,6 9 9
$ 2 9 4 ,5 8 4
$21 0 ,2 1 3
* 12 m o n th s e n d e d J u n e 30 1927.
a T h e n et earn in gs a ft e r elim in a tin g r e p o r te d n o n -re cu rrin g n e t expenses
o f $ 2 0 ,3 0 6 , $ 3 1 ,7 8 9 a n d $ 7 ,5 0 0 , r e s p e c tiv e ly , fo r th e years e n d e d Ju n e 30
1927 a n d D e c . 31 1926 a n d 1925.
O F F I C E R S .— P r e s ., E rn st J a c o b s o n ; V .- P s ., N ic h o la s Stahl an d H o ra ce
H . C lark ; S e c ., C h arles J. H o rn : T r e a s ., R . H . M o r r is o n . G eneral o ffic e s ,
100 W e s t M o n r o e S t ., C h ic a g o , 111.— V . 124, p . 306 9; V . 125, p . 782 , 1839.

198

PUBLIC U T ILIT IE S

[V ol. 125.

ENGINEERS PUBLIC SERVICE COMPANY

A CONSERVATIVELY CAPITALIZED HOLDING COMPANY
A ttention o f investors is called to the follow in g figures show ing the
capitalization of Engineers P ublic Service Company and subsidiaries:
CONSOLIDATED CAPITALIZATION
August 31, 1927

Net Amount
Outstanding

Per Dollar
of Gross

Bonds and Coupon Notes of subsidiaries at face value____________ $66,196,300
Preferred Stocks of subsidiaries at par__________________________
22,996,800
Common Stocks of subsidiaries in public hands at book value_
_
1,069,474
Engineers Public Service Co. preferred at liquidation value____ 30,765,800
Engineers Public Service Co. common at market Sept. 30, 1927__ 27,653,151

$2.30
.80
.04
1.07
.96

$148,681,525

$5.17

BOARD OF DIRECTORS
CHARLES A. STONE, Chairman
Chairman of the Board, Stone & W ebster, I n c ., N ew York

GEORGE N. LINDSAY

FRANK L. BABBOTT
P r e s id e n t, B r o o k ly n I n s t i t u t e o f A r t s a n d S c ie n c e s ,
B r o o k ly n , N . Y .

MURRAY W. DODGE
V i c e -P r e s i d e n t , C h a s e S e c u r itie s C o r p o r a t io n ,
N ew Y ork
P r e s id e n t, N e w p o r t N e w s S h ip b u ild in g a n d D r y
D o c k C o m p a n y , N e w p o r t N e w s , V o.

V i c e -P r e s i d e n t , S to n e & W e b s te r , I n c . ,
N ew Y ork

ARTHUR W. PAGE

ANDREW FLETCHER, JR.

V i c e -P r e s i d e n t , A m e r i c a n T e le p h o n e a n d T e le g r a p h c o m p a n y ,
N ew Y ork

TV. & A . F le tc h e r C o m p a n y ,
H oboken , N . J.

BAYARD F. POPE

PHILIP A. S. FRANKLIN
P r e s id e n t, I n t e r n a ti o n a l M e r c a n t i l e M a r i n e
C om p a n y, N ew Y ork

P r e s id e n t, S to n e &
N ew Y ork

W e b s te r a n d B lo d g e t, I n c . ,

HENRY S. PRITCHETT

JOSEPH P. GRACE

P r e s id e n t, T h e C a r n e g ie F o u n d a t io n ,
N ew Y ork

P r e s id e n t, TV. R . G ra c e & C o m p a n y ,
N ew Y ork

SAMUEL B. TUELL

ARTHUR T. HADLEY

V ic e -P r e s i d e n t , E n g in e e r s P u b lic S e r v ic e C o m p a n y ,
N ew Y ork

P r e s id e n t E m e r i tu s , Y a le U n iv e r s ity ,
N ew H aven , C onn.

EDWIN S. WEBSTER

EPPA HUNTON, JR.
& P o to m a c

CHARLES W. KELLOGG
P r e s id e n t, E n g in e e r s P u b li c S e r v ic e C o m p a n y ,
N ew Y ork




o f-.B row n B r o th e r s a n d C o .,
N ew Y ork

GEORGE O. MUHLFELD

HOMER L. FERGUSON

P r e s id e n t, R ic h m o n d , F r e d e r ic k s b u r g
R a ilr o a d C o ., R ic h m o n d , V a .

V i c e -P r e s i d e n t , B la ir & C o . , I n c . ,
N ew Y ork

RAY MORRIS

P r e s id e n t, S to n e & W e b s te r , I n c . ,
B o s to n

BEEKMAN WINTHROP
o f R ob ert W in th r o p & C o . ,
N ew Y ork.

Oct ., 1927.]

POW ER, L IG H T AND R A IL W A Y

VIRGIN IA
ENGINEERS’ PUBLIC SERVICE COMPANY.
(See M a p o n p a g e 198 .)
T h e op e r a tio n o f th e s u b s id ia ry co m p a n ie s is su p e rv ise d b y S to n e & W e b ­
ster. I n c .
C o m p a n y ow n s th e fo llo w in g securities:
O w n ed b y E n g .
P u b . S erv . C o.
O u ts ta n d in g S h a r es .
N a m e o f C o n tr o lle d C o .'—
4 6 9 ,0 7 4 shs.
V irgin ia E le c t r ic & P o w e r C o ___ .(♦ C o m m o n 4 7 8 ,0 2 0 shs.
179 shs.
1 P re fe rre d 1 0 4 ,8 7 0 shs.
5 ,0 0 0 shs.
5 ,0 0 0 shs.
K e y W e s t E le c t r ic C o ____________ /♦■Com m on
♦ P referred
3 ,5 0 0 shs.
♦C om m on
8 5 ,5 1 6 shs.
8 7 ,8 9 0 shs.
21,1 7 1 shs.
E a stern T e x a s E le c t r ic C o . ( D e l .) . ♦P referred
x C o n v . n o te s $ 3 ,4 9 7 ,6 0 0
$ ¥ ,2 4 4 '6 0 0
5 8 ,0 2 4 shs.
5 1 ,7 6 2 shs.
E l P a so E le c t r ic C o . ( D e l .) _______ ♦ C o m m o n
♦ P referred
2 5 ,9 4 0 shs.
24',5 74‘ shs.
♦C om m on
2 5 ,0 0 0 shs.
♦ P referred
1 0 .0 0 0 shs.
S a v a n n a h E le c . & P o w e r C o .
♦ D eben tu re 1 4 ,5 2 3 shs.
5 ,5 0 0 shs.
B a to n R o u g e E le c t r ic C o ____
2 2 ,8 8 4 shs.
♦C om m on
41,041 shs.
♦ P referred
3,2 1 1 shs.
♦ V o t in g s t o c k , x F a c e v a lu e , c o n v e r t ib le in to c o m m o n s t o c k .
F o r h is t o r y o f a c q u is itio n s , & c ., see “ P u b lic U tility C o m p e n d iu m ” o f
M a y 1 1926 a n d c o m p a r e a lso V . 120, p . 331 3: V . 121, p . 1169, V . 122,
p . 3 4 7 , 1 16 9, 130 9, 1608. 2 0 4 0 . 2 1 9 0 . 2 94 8.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h r o u g h its su b sid ia ries fu rn ish e s e le ctric lig h t a n d p o w e r t o a p o p u la tio n
o f 1 ,1 7 6 .1 0 0 , tr a n s p o r ta tio n se r v ic e t o 8 9 8 ,2 0 0 a n d gas s e rv ice t o a p o p u la ­
tio n o f 2 3 1 ,9 0 0 : in V irg in ia , N o r t h C a r o lin a , F lo r id a , T e x a s , L o u isia n a ,
C o lo r a d o , W y o m in g , N e b r a s k a , M is s o u r i, N e w M e x ic o , G e o rg ia an d th e
R e p u b lic o f M e x ic o . In a d d it io n , th ese c o m p a n ie s d o an ice and r e fr ig ­
eratin g bu sin ess, fu rn is h w a te r an d s te a m h e a tin g s e r v ic e an d o p e r a te to ll
b rid g es. A g g re g a te c a p a c it y o f e le ctr ic ge n e ra tin g sta tio n s o f sy s te m ,
2 7 9 .0 4 0 h .p .: 3 ,5 7 2 m iles o f tra n sm ission an d d is trib u tio n lin es: stre e t and
in teru rb an ra ilw a ys, 3 9 9 .4 8 m iles o f e q u iv a le n t sin g le t r a c k . O p e ra tin g r e v ­
enues fo r 1925 w ere d e r iv e d : 5 6 % fro m ele ctric lig n t an d p o w e r ; 3 4 % fro m
tra n s p o rta tio n (in clu d in g b u s ); 5 % fr o m ga s; 5 % fr o m m isce lla n e o u s, in c l.
w a ter, ice , steam h e a t a n d (o r ) b r id g e t o lls .
S tock I n c r e a s e .— O n M a y 17 1926 th e au th o riz e d n o p a r , c o m m o n s to c k
w as in crea sed fro m 1 ,0 0 0 ,0 0 0 t o 1 ,5 0 0 ,0 0 0 shares. V . 122, p . 2 9 4 8 .
STO C K A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
_________ 778,962 s h s ____________
C o m m o n 1,5 0 0 ,0 0 0 shs (n o p a r ) ____
P r e f 4 0 0 ,0 0 0 shs (n o p a r ) ____________
$7 Q-J 307.658 shs Apr’27$ 1.75
B on d s o f subsidiaries & securi­
ties o f leased c o m p a n y ____________
_______ $51,288,500 ...................
P r e f s to c k o f su b sid ia rie s____________
_______
22,996,800 ....... ............
B a l. o f assets fo r c o m . s to c k o f
su bs in h an d s o f p u b lic ____________
_______
1,915.768 ...................
C o u p o n n otes s u b s, c o s ______________
................. 5,953,000 ...............
U n p a id b u t u n d erw ritte n b a l.
on a llo tm e n t p rice o f a llo t ­
m en t ce r tific a te s ____________ ______
4 0 0 ,0 5 0
x I n c lu d e s $ 2 ,1 7 5 ,0 0 0 b o n d s o f V irginia R y . & P o w . C o ., $62 0 ,0 0 0 b o n d s
o f N o r fo lk & P o r ts m o u th T r a c tio n C o . and $ 7 5 ,0 0 0 b o n d s o f Sav an n ah
E le c tr ic C o . h eld in sin k in g fu n d , u n ca n ce lle d .
S to ck . — P ref. s to c k has no v o tin g rights e x c e p t in ca se o f div id e n d d e fa u lt.
See.
E n title d t o $10 0 and d iv . in ca se o f in v o lu n ta r y , and $110 an d d iv . in
case o f v o lu n ta r y d is s o lu tio n . In Ju n e 1925 S to n e & W e b ste r, I n c ., B lair
& C o . . I n c .. B row n B ro th e rs & C o . an d B lo d g e t & C o . o ffe re d a t $100
200 ,0 0 0 shares in the fo rm o f a llo tm e n t c e r tific a te s , ea ch share carry in g
H c o m m o n share.
A p p lic a tio n w as t o b e m ade t o list th e m on N . Y . S to ck
E x ch a n g e . P ref. a n d c o m m o n listed o n B o s to n S to c k E x ch a n g e . V . 120,
p . 3 31 3: V . 121 , p . 74.
D iv i d e n d s .— A n initial q u a r. d ig . o f $1 75 w as p a id in O c t . 192o o n the
p r e f. s t o c k .
V . 121, p . 1461, a n d regu larly s in ce .
E A R N I N G S . — F o r 12 m o n th s e n d e d A u g . 31:
1927.
1926.
G ro s s ea rn in g s ________________________________ ______ _ $ 2 8 ,7 8 0 ,3 3 9 $ 2 5 ,4 5 0 ,9 2 8
O p e ra tin g exp en ses a n d t a x e s ______________________ 1 7 ,724,667
15,716,517
I n te r e s t, a m ortiz a tio n a n d re n t a ls __________________
3 ,3 0 3 ,6 4 4
3 ,1 4 7 ,4 0 3
B a la n c e --------------------------------------------------------------------- $ 7 ,7 5 2 ,0 2 8 $ 6 ,5 8 7 ,0 0 7
D iv id e n d s on p r e f. s t o c k s u b s id ia ry c o m p a n ie s . _ .
1,4 8 3 .1 3 5
1,3 2 5 ,8 9 2
B a la n c e --------------------------------------------------------------------- $ 6 ,2 6 8 ,8 9 4 $ 5 ,2 6 1 ,1 1 6
P r o p 'n o f a b o v e b a la n c e a p p lic a b le t o c o m m o n
1 84 ,698
2 4 0 ,3 3 2
s to c k o f su bsid iaries in h a n d s o f p u b lic ___________
B a la n ce a p p lic a b le t o re s e r v e s & E . P . S. C o ___ $ 6 ,0 8 4 ,1 9 6 $ 5 ,0 2 0 ,7 8 4
D iv . req u irem en ts o n p r e f. s to c k o f E . P . S. C o
2 ,1 5 3 ,6 0 6
2 ,0 8 5 ,7 7 6
B a la n c e a v a il. fo r re s. & c o m . s to c k o f E . P . S . C o $ 3 ,9 3 0 ,5 9 0 $ 2 ,9 3 5 ,0 0 8
O F F I C E R S .— P r e s ., C . W . K e llo g g ; V .- P r e s ., S . B . T u e ll; T r e a s .. H . F .
N eill; S e c ., F r e d e r ic k T . P r a t t .
O ffic e , 7 W e s t 10th S t ., W ilm in g t o n , D e l.
— V . 120. p . 331 3; V . 121, p . 7 4 . 1461, 1676, 2 5 2 0 , 287 3; V . 122, p . 3 4 7 ,
1169, 1309, 1608, 2 0 4 0 , 2 1 9 0 , 2 6 4 9 , 2 79 8, 2 94 8, 3 0 8 1 , 3 2 0 9 , 3 6 0 5 ; V . 123,
p . 5 8 0 , 8 4 2 , 125 0, 138 2, 176 2. 1875, 2 51 8, 2 6 5 3 , 303 8; V . 124. p . 23 4 ,
50 5 , 920 , 1213, 2 12 0, 2 42 7, 2 74 8, 3 35 1; V . 125, p . 3 8 5 , 779 , 1 3 2 3 ,1 8 3 6 , 2144.

VIRGINIA ELECTRIC & POWER CO.
E n g in eers’ P u b lic S e rv ice C o . o w n s o v e r 9 8 % o f th e c o m m o n s t o c k .
M a n a g e m e n t .— Since J u ly 1 1925 S to n e & W e b s te r , In c .'— V . 120 , p . 2 6 8 5 ,
3 0 6 7 ; V . 121, p . 201 .
O R G A N I Z A T I O N .— I n c o r p . Ju n e 29 1909 in V irg in ia as V irgin ia R a il­
w a y & P o w e r C o . , an d acq u ire d o n its o rg a n iz a tio n th e p ro p e rtie s o f V ir­
g in ia P a ssen ger & P o w e r C o . N a m e ch a n ged t o p re se n t t itle as th e resu lt
o f t h e m erg er o f S p o tts y lv a n ia P o w e r C o . in t o V irg in ia R a ilw a y & P o w e r
C o . , e ffe c t iv e O c t . 27 1925. In J u ly 1911, th e V irg in ia R a ilw a y & P o w e r
C o . a c q u ir e d b y c o n s o lid a tio n th e N o r fo lk & P o r ts m o u th T r a c tio n C o . ,
a n d as a resu lt t h e r e o f a cq u ire d and assum ed th e lease o f th e N o r fo lk
R a ilw a y & L ig h t C o . fo r 99 y e a rs fro m Jun e 1 1906. In 1914 a cq u ire d
t h e e n tire ca p it a l s t o c k o f V irgin ia C a ro lin a P o w e r C o . , an d in 1916, th ro u g h
m e rg e r an d c o n s o lid a tio n a cq u ire d a il th e p r o p e r ty an d fra n ch ise s o f R ic h ­
m o n d R a ilw a y & V ia d u ct C o .
In 1917 p u rch a se d th e eq u ip m e n t and
tr a c k s o f N o r f o l k an d O cea n V iew R a ilw a y C o . o u ts id e o f t h e C it y o f
N o r f o lk , t o O cea n v i e w . O n O c t . 27 1925 a c q u ir e d b y m e rg e r t h e S p o tt­




199

s y lv a n ia P o w e r C o . , a n d as a re su lt th e r e o f a ls o a c q u ir e d th e p r o p e r tie s o f
th e R o a n o k e R a p id s P o w e r C o . a n d th e R o a n o k e R iv e r D e v e lo p m e n t C o . ,
b o t h N o r t h C a ro lin a c o r p o r a t io n s , and th e p r o p e r tie s o f th e W illia m sb u rg
P o w e r C o . , a V irg in ia c o r p o r a t io n , all o f w h ich p ro p e rtie s h ad b een a c ­
qu ire d b y p u r c h a s e b y th e S p o tts y lv a n ia P o w e r C o . p r io r t o said m e rg er.
O n S e p t. 15 1925 also a c q u ir e d c o n t r o l t h r o u g h s t o c k o w n e rsh ip o f the
R ic h m o n d R a p id T r a n sit C o r p . A s o f D e c . 31 1925 a c q u ir e d th e g rea ter
a rt o f th e b u s o p e r a tio n s in th e C i t y o f N o r fo lk , w h ich h a d , p r io r t o
u ly 1925, been o p e r a te d b y in d e p e n d e n t o p e r a to r s . In D e c . 1926 a c q u ir e d
a m a jo r it y o f th e c a p ita l s t o c k o f N o r fo lk R y . & L t . C o . (fo r h is t o r y , & c ..
see “ P u b lic U tility C o m p e n d iu m ” o f O ct. 30 1926) th ro u g h ex ch a n g e
a gain st its o w n s e c u r itie s . See V . 123 , p . 2 5 2 1 , 2780; V . 124, p . 9 2 4 , 1361.
V . 8 9 . p . 4 4 , 105; V . 9 3 , p . 106; V . 103 , p . 407 ; V . 118, p . 2 18 1; V . 1 2 1 , p .
1463, 1910; V . 122, p . 2 6 5 4 .

S

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . as re su lt o f m e rge r w ith S p o tts y lv a n ia P o w e r C o . , th r o u g h ow n e r sh ip
o r c o n t r o l, s erves p r a c t ic a lly all o f T id e w a te r V irgin ia a n d n orth ea stern
N o r t h C a ro lin a w ith e le ctr ic lig h t a n d p o w e r , in c l. c itie s o f R ic h m o n d ,
N o r fo lk , P e te r s b u r g , P o r t s m o u t h , S u ffo lk , F re d e r ic k s b u r g , A s h la n d ,
W illia m s b u r g , H o p e w e ll, V a ., a n d R o a n o k e . R a p id s , W e ld o n a n d R o s e ­
m a r y , N o rth C a ro lin a , a n d c o n tig u o u s t e r r ito r y , a n d in a d d itio n d o e s en tire
gas business in N o r fo lk , V a . C o . a n d its su b sid ia rie s o w n e le ctr ic g en er­
a tin g s ta tio n s o f o v e r 155 ,0 0 0 h .p ., o f w hich 2 8 ,0 0 0 h .p . is h y d r o -e le c t r ic ;
o v e r 1.600 m iles o f tra n sm ission an d d is trib u tio n lines, 235 m iles o f e q u iv ­
a le n t sin gle tr a c k o f s tre e t a n d in te ru rb a n ra ilw a y s ; 542 pa ss, ca rs a n d 37
o th e r ca rs; 203 buses; 3 gas p la n ts , 3 ,5 0 0 ,0 0 0 c u . f t . d a ily c a p a c it y ; 2 5 9 .7 5
m iles o f m ains a n d 19,206 gas m e te rs.
In a d d it io n , ow n rig h ts fo r h y d r o ­
e le ctr ic d e v e lo p m e n ts o f o v e r 6 5 ,0 0 0 h .p . u ltim a te c a p a c it y .
C o . also
o w n s o v e r 8 0 % o f th e c a p it a l s t o c k o f S a b in e C ollie rie s C o r p . V . 1 2 1 , p .
2 27 5.
E stim a te d p o p u la tio n s e r v e d , tr a n s p o r ta tio n , 4 9 7 ,0 0 0 : e le ctricl ig h t and
p o w e r , 6 1 0 ,0 0 0 ; ga s, 184 ,0 0 0 .
F r a n c h is e s .— In R ic h m o n d lig h t and p o w e r fra n ch ises expire in 1 92 7,
1928 and 1931, ra ilw a y in 1926, 1930 an d 1932. In N o r fo lk , P etersb u rg
and H o p e w e ll lig h t and p o w e r p e r p e tu a l. R a ilw a y : P e te rsb u rg , p erp etu a l:
N o rfo lk ex p ire 1930, 1940 and 1941. In P o r ts m o u th , lig h t and p o w e r ,
1927 and 1932. In S u ffo lk , lig h t and p o w e r in 1945. In F re d e rick s b u rg ,
ligh t and p o w e r In 1940: in A s h la n d , 1935; in W illia m sb u rg . 1946; in W e ld o n
and R o a n o k e R a p id s . N . C . , in 1933; in F ra n k lin , B o y k in s an d H o lla n d .
V a ., and in H a lifa x , S e a b o a rd and J a c k s o n . N . C . , in 1955. In teru rb a n
fra n ch ise betw een R ic h m o n d an d P e te rs b u rg expires in 1941 w ith rig h t o f
ren ew al fo r 4 0 -y e a r p e r io d . G a s fra n ch is e in N o r fo lk p e r p e tu a l.
In M a y 1923 th e c o . transferred t o its s u b s id ia r y , th e P o r t s m o u t h (V a .)
Transit C o ., its tr a c tio n p r o p e r tie s in P o r t s m o u t h . S ee V . 116, p . 239 0.
for fu r th e r d e ta ils . S ee also V . 119 , p . 32 6 .
V a lu a tio n o f C ity G a s C o .— See V . 110, p . 1416; V . 112, p . 259 .
F o r r e p r o d u c tio n v a lu e as fix e d b y S to n e & W e b s te r , see V . I l l , .p 494 ,
1473. F o r v a lu a tio n o f R ic h m o n d lines b y S to n e & W e b s t e r , see V . 112 , p .
1743. V a lu a tio n o f P . U . C o m m , in V . I l l , p . 1473. T a y lo r - C o o k e v a lu a ­
tion w ill b e fo u n d in V . I l l , p . 2 4 2 5 . S ee also V . I l l , p . 232 6; V . 112 , p .
637 , 65 4 , 1400, 208 5; V . 113, p . 7 2 . N e w v a lu a tio n b y V a . C o r p . C o m m ,
will b e fo u n d in V . 114, p . 2 3 6 1 . F o r v a lu a tio n o f N o r fo lk s tr e e t ra ilw a y
d iv isio n see V . 117 , p . 2 54 4.
V a lu e o f O ld R ic h m o n d P a s s e n g e r & P o w e r C o . D e b . B o n d s .— S ee V . 114 ,
p. 2581.
F a r e s .— See “ E le c tr ic R a ilw a y " S u p p le m e n t o f A p ril 26 1924.
F a re in­
crease gra n te d b y V irg in ia C o r p o r a tio n C o m m issio n : see V . 121 , p . 980,
V . 123, p . 1879, 2 26 3.
B u s S e r v ic e .-— F o r a c q u is itio n o f bu s lines an d p u rch a se o f 36 b u ses, op e r ­
atin g a t N o r fo lk , V a ., see V . 121, p . 588 , 98 0 . B u s rig h ts u p h e ld in N o r ­
fo lk , V a ., see V . 121 , p . 2 63 9.
D e c i s i o n .— F o r r u lin g o f S u p rem e C o u r t o f A p p e a ls in S e p t. 1922 t h a t
rig h t t o fix s tre e t c a r fa re s is v e s te d s o le ly in th e S ta te C o r p . C o m m ., see
V. 115. p . 1534.
U n ifie d T r o lle y a n d B u s T r a n s p o r ta tio n i n P o r ts m o u th , V a .— See V. 123.
p . 1253.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m 4 8 0 .0 0 0 shs (n o p a r ) ____________
47 8 ,0 2 0 sh s D e c ’2 6 . 7 5 c .
7 % cu m p r e f ($ 1 0 0 ) S er. A ____ ______
$ 1 0 ,2 8 9 ,2 0 0
S ee t e x t
6 % J c u m p r e f ($ 100) Ser. B ___________
6 Q -M '
4 ,5 1 3 .0 0 0 M a r '2 7 , l M
1 s t & r e fm t g e Ser A $ 9 ,0 0 0 ,0 0 0 / 1925
5 g A -O
1 2 .0 0 0 ,0 0 0 O c t 1 1 9 5 5
($ 1 ,0 0 0 , $500 c * ) ________ t f (C h a se N a t . B k . o f th e C it y o f NT. Y . , tru stee
V irgin ia R y & P r 1st & r e f M / 1909
5 g J-J
1 2 ,1 5 5 ,0 0 0 J u ly 1 1 9 3 4
g ($ 1 ,0 0 0 )________________ c * \ I n t . a t E q u it a b le T r . C o . N . Y . , tru s tee.
N o rfo lk & P o r ts m 1st m t g e / 1906
5 g J -D
7 ,0 9 7 ,0 0 0 Ju n e 1 1936
$ 8 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 ) g o l d - _ \ I n t . a t C o m m e r c ia l T r u s t C o . , P h ila ., T r u s .
N o rfo lk & A tla n tic T e r m 1 s t / 1899
5 g M -S
4 7 8 ,0 0 0 M a r 1 1929
m tg e $ 5 0 0 .0 0 0 _____________ 1 In te r e s t at A le x B r o w n & S on s, B a ltim o re .
V irg in ia E le c tr ic C o 1st m t g e f 1898
5 A -O
10,000 A p ril 1 1928
$ 5 0 0 ,0 0 0 g o ld ( $ 1 ,0 0 0 )____ l i n t , a t U . S. M t g e . & T r . C o ., N . Y . , tru stee.
N o r fo lk Street 1st c o n s m t g e / 1898
5 g J -J
6 7 9 ,0 0 0 J an 1 1944
$ 1 ,5 0 0 ,0 0 0 g o ld ( $ 1 , 0 0 0 ) - - c ) I n t . a t M e r c . T r . & D e p . C o ., B a lt ., tr u s te e .
N o r fo lk R y & L t 1st c o n s M J 1899
5 g M -N
2 ,0 5 2 ,0 0 0 N o v 1 1949
$ 4 ,0 0 0 ,0 0 0 g ($ 1 ,0 0 0 ) s f . c * \ l n t . a t I n te r n a t. T r . C o . , B a ltim o re , tr u s te e .
O ld D o m in io n Iro n & N a il l 1902
6 g
196,000 A p ril 1 1932
W o r k s 1st m t g e ____________ \ ln t .a t R ic h m o n d T r .C o .,R ic h m o n d , tr u s te e .
S to c k .— T h e c u m . p r e f . s t o c k is n o n -v o t in g e x c e p t in case o f d e fa u lt
o f d iv id e n d , & c.
Is p r e f. o v e r th e c o m m o n s to c k as t o d iv s . an d as t o
$100 assets p lu s d iv s . in c a se o f in v o lu n ta r y and $110 p lu s d iv s . in ca se o f
v o lu n ta r y liq u id a tio n .
R e d ., w h o le or p a rt, at $110 per snare and d iv s .
a fte r 3 y rs . fr o m d a te o f issu e. A p p lic a tio n w as t o b e m a d e t o list th is p ref.
s to c k on th e N . Y . S to ck E x ch a n g e .
In N o v . 1925 S to n e & W eb ster,
I n c ., B lair & C o . , I n c .. B row n B r o th e r s & C o . an d B lo d g e t & C o . o f fered
$ 5 ,0 0 0 ,0 0 0 7 % c u m . p r e f. a t $ 1 0 2 .5 0 p e r share. V . 121, p . 2 2 7 5 . In
S e p t. 1927 th e c o m p a n y p la c e d lo c a lly $ 1 ,9 6 5 ,6 0 0 6 % c u m . p r e f. s t o c k at
9 7 H an d d iv . t o y ie ld a b o u t 6 . 1 5 % .
V . 125, p . 1712.
O n N o v . 23 1926 $ 4 ,5 1 3 ,0 0 0 u n issu ed 7 % p r e f. s t o c k w as c h a n g e d t o
6 % p r e f. s t o c k .
V . 123, p . 2 5 2 1 , 2 78 0.
In D e c . 1926 $ 1 ,5 0 0 ,0 0 0 6 % 1st p r e f. s t o c k w as s o ld t o c u s to m e rs a t
$92
p e r s h a re . V . 123, p . 3 0 4 0 .
B o n d s . — $4 6 6 ,0 0 0 V a . R y . & P r. C o . 1st & ref. b o n d s are in trea su ry and
rem ain der are reserved fo r fu tu r e im p ts ., s u b je c t to certa in r es triction s .
S in k in g f u n d % % s e m i-a n n . o f b o n d s o u t fr o m 1914 t o 1919 an d M % s em i­
an n u ally th e re a fte r; $ 2 ,1 2 1 ,0 0 0 . n o t in c l. in a m o u n t r e p o r te d o u ts ta n d in g ,
held in sin k in g fu n d .
B o n d s are s u b je c t t o ca ll a t 105 a n d inter­
e st.
V . 92, p . 121 2.
L isted o n N e w Y o r k , P h ila . an d B a ltim o re
S to c k E x ch a n g e s . V . 94, p . 125: V . 96. p . 1425; V . 100. p . 557 .
S ton e &
W e b s te r , I n c ., B lo d g e t & C o . an d B la ir & C o ., I n c ., s o ld in Ju n e 1925
$ 2 ,6 6 0 ,0 0 0 a t 9 8 M a n d in t. V . 120, p . 2067.
U nissu ed N o r fo lk & P o r t s m o u t h 1st M . b o n d s o f 1906 m a y b e issu ed fo r
a c q u is itio n s , e x te n s . a n d im p ts ., b u t n o t o v e r $ 5 0 0 ,0 0 0 in a n y o n e y e a r .
A s in k in g f u n d o f
p e r a n n u m o f o u ts ta n d in g b o n d s b e g a n Ju n e 1 1916,

200

PUBLIC U TILITIE S

[ V ol. 125,

w h ich is t o b e in v e s te d in th e b o n d s ; $ 6 9 2 ,0 0 0 . n o t in c lu d e d in a m o u n t
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
N e w p o r t N e w s A O ld P t. R y . & E l .—
r e p o r te d o u ts ta n d in g , h eld in sin k in g fu n d J u n e 1925. $ 2 1 1 ,0 0 0 in
trea s u ry . A r e s u b j. t o ca ll a t 110 an d in t. o n a n y in t. d a te u p o n 60 d a y s '
F irst m o rtg a g e $ 9 0 0 ,0 0 0 g o ld l
1898 5 g M -N
9 0 0 ,0 0 0 N o v 1 1938
n o t ic e . B o n d s are liste d o n P h ila ., B o s t o n , B a lt, a n d P itts b u r g h S to c k
($ 1 ,0 0 0 e a c h ) _________ c * t f [ I n t e r e s t a t A le x . B ro w n & S on s, B a lt ., M d .
G en eral m tg e $ 4 ,0 0 0 ,0 0 0 g o ld
1901
5 g M -S
c l ,0 9 4 ,0 0 0 M a r 1 1941
E x ch a n g e s . V . 8 3 , p . 492 . I n F e b . 1925 $50 0 ,0 0 0 N o r f. & P o r ts . T r a c .
($ 1 ,0 0 0 e a c h ) ____________ c * j l n t . a t A le x . B ro w n & S on s, B a ltim o r e , M d .
1st m tg e . 5s w ere o f fe r e d b y P a in e , W e b b e r & C o . a t 9 5 .7 5 an d i n t ., to
I o r a t c o m p a n y ’s a g e n c y in N ew F o r k .
y ie ld 5 .5 0 % . V . 120, p . 706 . S ton e & W e b ste r, I n c ., B lo d g e t & C o .
F irst m tg e C i t i z e n s 'R y L & P [
1900 5 g M -N
b 8 0 0 .0 0 0 M a y 1 1940
an d B la ir & C o ., I n c ., s o ld in Ju n e 1925 $4 8 6 ,0 0 0 a t 98>6 a n d in t. V . 120.
$ 8 0 0 ,0 0 0 ($ 1 ,0 0 0 ) g o l d .- C * (M a r y l a n d T r u s t C o . , B a ltim o re , T r u s t e e .
p . 306 7.
G u a ra n te e d prin cip a l & in t . [ in t e r e s t a t A le x . B ro w n A S on s. B a ltim o re .
T h e V ir g . E l . A P o w . C o . 1st & r e f. d . g . b on d s are d ir e ct o b lig a tio n s o f
H a m p to n R o a d s T r a c 1st iVT__
1905 4 ) * J -J
d 7 0 0 ,0 0 0 Jan 1 1930
t h e c o . su p p lem en ta l t o th e 1st & re f. m tg e . in d e n tu re o f S p o tts y lv a n ia
N e w p N & H R G & El 1st &\
P o w e r C o ., d a te d O c t . 1 1925, an d are secured b y a d ir e ct 1st m tg e . on
r e f M $ 7 ,5 0 0 ,0 0 0 g $ 1 ,0 0 0 .(
1914 5 g J -J
a 4 .7 7 7 .5 0 0 Jan 1 1 9 4 4
e le ctr ic ligh t an d p ow e r p ro p e rtie s w hich h a v e been v a lu e d at su b sta n tia lly
$50 0, $ 1 0 0 )____________ c * t f [M a ry la n d T r u s t C o . , B a lt im o r e , tru stee.
m ore th an th e p rin cip a l a m o u n t o f these b o n d s and a 1st lien b y ple d ge
o n all th e ca p ita l s to c k (e x ce p t d ir e cto r s ' q u a lif. shares) o f V irg in ia -C a ro lin a
P o w e r C o ., w h ich ow n s v a lu a b le rights fo r fu rth er h y d r o -e le ctr ic d e v e lo p ­
a $ 1 ,0 3 2 ,0 0 0 In tre a s u ry o f th e c o m p a n y ,
b $74 8 ,0 0 0 o w n e d b y c o . and
m e n ts . A re also secu red (s u b je ct t o th e lien o f d iv isio n a l m tg e . b o n d s o u t ­
d e p o s ite d u n d er 1st & r e f. m tg e . 1944. c $ 1 ,0 5 7 ,0 0 0 o w n e d b y c o . an d
s ta n d in g ) b y a lien on all o f th e o th er fix e d p h ysical p ro p e rtie s and fra n ch ises
d e p o s ite d u n d e r 1st & r e f. m tg e . 1944. d $ 6 5 4 ,0 0 0 o w n e d b y c o . an d
o w n e d b y th e c o ., in clu d in g its lease o f N o r fo lk R y . & L t. C o . p r o p e rtie s .
d e p o s it e d u n d e r 1st & r e f. m t g e . 1944.
A d d itio n a l b o n d s are issu able, w ith in lim its as t o m a x im u m a m o u n t, fo r
S to c k . — C o .s ch a rte r p r o v id e s fo r th e issu a n ce o f $ 1 5 ,0 0 0 ,0 0 0 c u m . p r e f.
7 5 % o f a d d ition a l p r o p e r ty , or fo r n e t earnings fo r 12 w ithin 15 pre ce d in g
s to c k in o n e o r m o r e series. T h e re m a in in g $ 1 2 ,0 0 0 ,0 0 0 c u m . p r e f. s to c k
m o n th s h a v e been a t least tw ice an n u al interest ch arges on all b o n d s o u t ­
m a y b e issu ed in series w ith d e fin ite d iv . ra te s an d r e d e m p tio n p r ice s , p r o ­
sta n d in g i.inrl. th ose to b e issued an d divisio n a l an d u n d erlyin g b o n d s.
v id e d su rp lu s n e t earnings b e fo r e d e p r e c . a m o r tiz . a n d in c o m e o r p r o fit s
T h e y m a y b e issued in o n e or m o re series, w ith v a ry in g interest ra tes,
taxes, fo r 12 c o n s e c u tiv e w ithin p r e c e d in g 15 ca le n d a r m o n th s h a v e been
& c ., & c. A re c a ll., as a w h ole a t a n y tim e, o r in p a rt on a n y in terest d a te ,
a tle a s t 3 tim e s an n . d iv . r e q u ire m e n ts o n en tire issu ed an d o u ts ta n d in g p r e f.
a t th e fo llo w in g rates an d a ccru e d interest: U p t o a n d in cl. O ct. 1 1935
s t o c k , in cl. p r o p o s e d issu e. N o . p re f. s t o c k e n title d to c u m . d iv s . a t a ra te
a t 105; O c t . 1 1940 at 104, O ct. 1 1945 at 10.3; O ct. 1 1950 a t 102; O ct. 1 1953
exce e d in g $8 p er an n . an d n o p rio r c a p ita l s t o c k o f a n y class m a y b e c r e a te d
a t 101; O c t . 1 1954 a t 1 0 0 )4 ; thereafter a t 100 J4 •
P e n n a . 4 m ills tax.
i f h o ld e rs o f 1-3 o r m o r e o f o u ts ta n d in g p r e f. s to c k o b je c t th e r e to . P r e f.
M a s s . 3-m ills ta x and M a r y la n d 4 M>-mills tax r e fu n d a b le . In N o v . 1925
s t o c k is n o n -v o t in g an d h as n o rig h t to s u b s c r ib e to a n y issu e o f ca p ita l s t o c k
S to n e A W e b s te r , I n c . . B la ir A C o ., I n c . , B ro w n B roth ers A C o . an d B lodget
o f c o . o r fo r a n y issu e o f se cu rities c o n v e r t ib le in to ca p ita l s t o c k .
V . 123,
A C o . offered $ 3 ,0 0 0 ,0 0 0 5 % series A d u e O ct 1 1955. at 9 2 t* and in t..
p . 208 . 7 % series is p re fe rre d as t o c u m . d iv s .
R e d ., all o r p a r t, o n a n y
t o y ie ld 5 . 5 0 % . V . 121, p . 2 63 9. In D e c . 1926 S to n e & W e b s t e r . I n c .,
d iv . d a te o n 30 d a y s ’ n o tice a t 107 a n d d iv s .
E n title d t o re d e m p tio n p r ice
B la ir & C o . , I n c ., B r o w n B r o s . & C o . a n d B lo d g e t & C o . o f fe r e d $ 6 ,0 0 0 ,0 0 0
in v o lu n ta r y liq u id a tio n or 100 and d iv s . in in v o lu n ta r y liq u id a tio n .
In
a d d it io n a l series A a t 9 6 )4 and in t ., t o yield 5 . 2 3 % . V . 123, p . 3 04 0. In
J u ly 1926 A . E . F itk in & C o . an d S tro u d & C o . , I n c , sold $1,000,000 7 %
J u n e 1927 S to n e & W e b s t e r a n d B lo d g e t , I n c ., C h a s e S e cu rities C o r p .,
series a t 97 an d i n t ., t o y ie ld a b o u t 7 . 2 5 % . V . 123, p . 208 , 584 .
B la ir & C o . , I n c ., a n d B r o w n B r o s . & C o . s o ld $ 3 ,0 0 0 ,0 0 0 a d d itio n a l 1st &
r e f. m tg e . 5 % b o n d s , series A , a t 9 8 H a n d in t ., w ith an a p p r o x , y ie ld o f
B o n d s . — T h e 1st m tg e . A r e f . 2 0 - y e a r 5 ) * % g o ld b o n d s s e r ie s A are secu red
5 .1 0 % .
V . 124, p . 3 35 4.
b y a d ir e ct 1st m tg e . on the e le ctr ic p o w e r an d ligh t and gas p r o p e r tie s o f the
O f th e N o r f o l k R y . A L ig h t 1st c o n s o l, m tg e . $ 1 ,0 5 0 ,6 0 0 is re se rv e d t o re tire
c o m p a n y and c o n s titu te a d ir e ct lien on th e rem ain der o f the m erged
u n d e rly in g b o n d s . S in k in g f u n d began N o v . 1 1909. a n d p r o v id e s fo r th e
p ro p e rtie s s u b je c t t o certa in d iv isio n a l b o n d s.
A re fu r th e r secu red by
p u r c h a s e o f 1 % o f o u ts ta n d in g b o n d s each y e a r at 110 o r less. See V . 70.
p le d g e o f 100% o f C h a r lo tte s v ille & A lb e m a rle R y . C o . c o m m o n s t o c k .
p . 5 8 4 . $ 8 4 9 ,0 0 0 o f b o n d s n o t r e p o r te d o u ts ta n d in g held in s in k in g fu n d
A d d 'l b o n d s m a y be issued (a) fo r r e fu n d in g p u rp o se s; (b' fo r 75% o f b e tte r ­
o r b y tru stee D e c. 31 1926. $ 3 2 3 ,0 0 0 N o r fo lk S treet R R . b o n d s n o t r e p o r te d
m en t and a d d 'n s , p r o v id e d co n s o lid a te d net earnings fo r 12 o u t o f p r eced in g
o u t s t a n d in g a lso in sin k in g f u n d o r in h a n d s o f tru stee as o f D e c . 31 1924.
15 m o n th s h a v e been n o t less than tw ice ann ual in t. o n , o r 10% o f , p rin ­
N trrfo lk * A t l a n t i c T e r m in a l 1st m tg e. 5 % b o n d s a re c a lla b le a t 110 a n d
cip al a m o u n t o f, w hich ever is less u n d erlyin g and 1st m tge. and ref. b on d s
a c c r u e d in te re s t. C a n c e lle d , $ 2 2 ,0 0 6 .
(in cl. new issue) o u ts ta n d in g . T h e re is a m a in te n a n c e a n d s in k in g f u n d
V i r g i n ia E le c . C o . 1 s t m t g e . 5 % b o n d s h a v e sin k in g fu n d o f 1 % p a y a b le
p r o v id in g th a t c o m p a n y and its subsidiaries shall e xp e n d n o t less than
J a n . 1 o f each y e a r . $ 4 4 0 ,0 0 0 h a v e been ca n c e lle d .
1 2 )* % o f th eir ele ctric and gas an d 2 5 % o f th eir stre e t railw ay gross o p e r ­
O ld D o m i n i o n I r o n A N a i l W o r k s 1 st m t g e . b o n d s h a v e b e e n assu m e d b y
a tin g reven u es or m ain te n a n ce , re tire m e n t o f divisio n a l b o n d s an d series
V irg in ia E le c . & P o w e r C o . C a n c e lle d , $29 5 ,0 0 0 ; in tr e a s u r y , $ 9 ,0 0 0 .
A b o n d s issued u nd er th is m ortg age, and a d d itio n s and b e tte r m e n ts a g ain st
D iv i d e n d s . — O n p r e f. firs t d i v . — 1 ) 4 % — pain July 1 1910.
In 1911,
w hich n o b o n d s m a y b e issued.
F ro m such fu n d an a m o u n t a n n u a lly
1912 and 1913, 5 % .
In 1914, 5 ) 4 % .
In 1915 t o an d in c l. 1918, 6 % per
equal t o 1 j* % o f such gross o p e ra tin g re v e n u e o r 1 % o f prin cipa l a m o u n t
a n n . Jan . 1919 d iv . o f 3 % p a id o n J u ly 20 1919. N o n e t o Jan . 1921. w hen
o f series A o u ts ta n d in g , w h ich e ve r is less, is t o b e used fo r p u rch a se and
6 % (p a y a b le in p r e f. s t o c k ) w as p a id . V . I l l , p . 204 2. In 1922, J a n .,
re tirem en t o f series A b o n d s a t n o t e x ce e d in g re d e m p tio n p r ice .
R e d . on
6 % (p a y a b le in p r e f. s t o c k ).
V . 114, p . 8 0 . In D e c . 1922 a d iv . o f 6 %
th e 1st o f a n y m o n th o n 30 d a y s ’ n o tice , w h ole o r p a r t, a t 105 an d in t .,
w as d e c la r e d , p a v a b le in ca sh ( 3 % in Ja n . and 3 % in J u ly 192 3 ). V . 115.
re d u cin g J4% fo r each y ear elapsed fro m Jan . 31 1926 up t o m a tu r ity .
p . 2 90 6. In 1924. J a n ., 1 ) * % ; A p r il, 1 ) * % ; J u ly . 1 ) * % : O c t . 1 V*%
In
C o n n ., P en n , an d C a lif. 4-m ill, M a r y la n d 4 )* -m ill. D is t . o f C o lu m b ia 51 92 5, J a n ., 1 ) 4 % : A p r il, 1 ) 4 % : J u ly , l ) * % : O c t . , 1 > * % . In 1 9 2 7 ,M a r c h ,
m ill an d M a s s . 6 % taxes r e fu n d a b le . In F e b . 1926 E . H . R o llin s & S on s,
1 )4 % .
O n c o m ., fir s t d i v .— 1 % p a id O c t . 1911. In 1912, 2 % . In 1913& c., & c .. & c ., o ffe re d $ 1 1 ,5 0 0 ,0 0 0 series A , d u e F e b . 1 1946 a t 97 an d in t .,
1917 in c l., 3 % .
A p ril 1918 d iv id e n d o m it t e d (V . 106, p . 112 7); O c t . 1918
t o yield a b o u t 5 .7 5 % .
d iv id e n d o f 3 % w as m ad e p a y a b le in s to ck o f O ld D o m in io n Iron & Steel
T h e 20 -y e a r 6 % s . f . g o ld d e b e n t u r e s , d u e F e b . 1 1946 h a v e a s in k in g f u n d
C o r p . V . 107, p 1288. N o n e till S e p t. 1925, w hen a d iv id e n d o f 6 % was
o f $ 5 0 ,0 0 0 t o b e re tired e v e r y six m o n th s b e g in n in g F e b . 1 1927. I f u p o n
d ec la r e d , h a lf o f w n ich w as paid S e p t. 29 1925 t o h old ers o f r e c o rd S e p t. 22,
n o t ic e as p r o v id e d in th e tru st a g re e m e n t, th e h old ers o f 1-3 o f o u ts ta n d in g
an d th e rem ain in g 3 % t o b e p a id D e c 15 1925 to h olders o f r e c o rd O c t . 31
d e b e n tu re s o b je c t th e r e to , c o . m a y n o t issue a n y a d d itio n a l b o n d s, n o te s or
192 5. V . 1 2 1 , p .1 4 6 3 .
o th e r o b lig a tio n s p a y a b le m ore th an 12 m o n th s fro m d a te o f issu an ce
th e r e o f, o th e r than (1) p u rch ase m o n e y o b lig a tio n s , (21 1st & r e f. m tg e .
E A R N I N G S . — C o n s o lid a t e d in c o m e s ta te m e n t f o r 12 m o n th s e n d e d :
b o n d s , and (3) u n d e rly in g b o n d s t o b e d e p o s ite d u n d er 1st & r e f. m t g e .
J u n e 30 '2 7 . D e c . 31 '2 6 .
R e d . on 1st o f a n y m o n th , on 30 d a y s ’ n o t ic e , w h o le o r p a r t, a t 105 & in t.
O p e r a tin g r e v e n u e ____________________________________ $ 1 5 ,0 0 5 ,4 9 1 $ 1 4 ,3 6 2 ,0 6 7
re d u cin g M % fo r ea ch y ear elapsed fr o m J a n . 31 1926 u p t o m a t u r it y .
* O p e r. e x p . & ta x es, in c l. F e d . in c o m e t a x e s _______
7 ,4 7 9 ,7 1 6
7 ,2 1 6 ,6 6 8
In te re st p a y a b le in N e w Y o r k or P h ila d e lp h ia , C o n n ., P e n n , a n d C a lif.
M a in t e n a n c e a n d d e p r e c ia t io n _______________________
3 ,5 1 6 ,4 1 4
3 ,5 8 3 ,2 8 0
4 m ills, M a r y la n d 4 ) * m ills, D is t . o f C o l. 5 m ills and M a s s . 6 % taxes
R e n t a l s ________________________________________________
185 .623
3 3 0 ,5 9 4
r e fu n d a b le . T h e fo llo w in g a m o u n ts are e x ch a n g e a b le in to cla ss A c o m m o n
O p e r a tin g i n c o m e __________________________________ $ 3 ,8 2 3 ,7 3 7 $ 3 ,2 3 1 ,5 2 5
s to c k o f N a t io n a l P u b lic S e rv ice C o r p . , w ith a cash a d ju s tm e n t o f in terest on
O th e r in c o m e _________________________________________ ______ 5 7 ,5 4 9 ______74,7 2 2
th e d e b e n tu re s a n d d iv id e n d s o n th e said s t o c k a t t h e r a te o f $ 1 .6 0 p . a .,
T o t a l in c o m e _________________________________________ $ 3 ,8 8 1 ,2 8 6 $ 3 ,3 0 6 247
as fo llo w s ;
In te r e s t o n fu n d e d d e b t _______________________________ 1 ,2 5 0 ,9 9 8
1 ,1 7 3 ,4 1 7
D u r in g 12 m o s . e n d e d A p ril 30 1927 n o t e x c e e d in g $ 5 0 0 ,0 0 0 a t th e r a t e o f
O th e r in te re s t_________________________________________
11,0 7 7
2 5 .9 6 0
40 class A shares fo r each $ 1 ,0 0 0 p rin c ip a l a m o u n t o f d e b e n tu re s .
A m o r t iz a tio n o f d is c o u n t a n d e x p e n s e _______________
9 0 ,9 9 5
8 6 ,9 3 0
D u r in g 12 m o s . e n d e d A p ril i9 2 8 n o t e x c e e d in g $ 5 0 0 ,0 0 0 a t r a te o f 35
N e t in c o m e __________________________________________ $ 2 ,5 2 8 ,2 1 5 $ 2 ,0 1 9 ,9 3 8
class A shares fo r e a ch $ 1 ,0 0 0 d e b e n tu re s .
P r e v io u s s u r p lu s ______________________________________
5 ,6 9 2 ,2 7 3
4 ,9 2 4 ,8 5 8
D u r in g 12 m o s . e n d e d A p ril 1929 n o t e x c e e d in g $ 5 0 0 ,0 0 0 a t r a te o f 30
D is c o u n t o n b o n d s re t ir e d ____________________________
.3,134
_______
class A shares fo r e a ch $ 1 ,0 0 0 d e b e n tu re s .
A d ju s t m e n t s o n a c c o u n t o f m e r g e d c o m p a n ie s ______
6 2 ,4 8 2
_____ A b o v e p riv ile g e s in u re o n ly t o th e b e n e fit o f h o ld e rs first presen tin g
M is c e lla n e o u s _________________________________________
5 1 .7 9 5
3 5 ,7 7 2
d e b e n tu re s fo r e x ch a n g e b e fo r e said d a te s .
In A p ril 1926 E . H . R o llin s & S on s, & c ., & c ., o ffe r e d $ 5 ,0 0 0 ,0 0 0 a t 9 6 )*
T o t a l _________________________________________________ $ 8 ,3 3 7 ,8 9 9 $ 6 ,9 8 0 ,5 6 9
& int
t o yield a b o u t 6 3 0 % . V 122. P 2332
P r e fe r re d d iv id e n d s ___________________________________ 1 ,0 0 6 ,6 0 7
715,52.3
T h e N e w p o r t N e w s & H a m p to n R y ., G as & E le c tr ic 1st & r e f. b o n d s are
C o m m o n d iv id e n d s __________________________________
2 ,0 9 1 ,3 1 0
1 ,2 5 4 787
s u b je c t to call at 105 and int. on a n y in t. d a y u p o n o n e m o n th 's n o tice .
S u b s id ia ry c o m p a n ie s d iv id e n d s ____________________
6 0 ,0 0 0
6 0 ,0 0 0
In t. p a y a b le at A lexa n d er Brow n & S o n s, B a ltim o re , o r c o . ’s a g e n c y in
A d ju s tm e n ts o n a c c o u n t o f liq u id a tio n o f s u b . c o s .
_______
175 ,254
N. Y.
T h e M a ry la n d T r u s t C o . , B a lt ., is tru ste e o f b o th th e 1st & gen .
M is c e lla n e o u s _________________________________________
2 1 2 .2 5 2
193 ,928
m tges. o f th e N e w p o r t N e w s & O ld P o in t R y . & E le c tr ic .
B a la n ce , s u rp lu s ____________________________________ $ 4 ,9 6 7 ,7 3 1
$ 4 ,5 8 1 ,0 7 6
T h e N e w p o r t N ew s & O ld P o in t b o n d s o f 1898 are s u b je c t t o c a ll at
P a id -in c a p ita l o n c o m m o n s t o c k ____________________ 1 1 ,9 5 0 ,5 0 0 1 1 ,9 5 0 ,5 0 0
110 o n a n y in terest d a y at 60 d a y s ’ n o t ic e .
P r e m iu m o n 7 % p r e f. s t o c k ( V . E . & P . C o . ) _______
2 6 .2 6 9
2 6 ,2 6 9
T h e C itize n s ' R y . L ig h t & P o w e r C o . b o n d s are s u b je c t t o c a ll a t 110
B a l. o f assets sh ow in g b o o k v a lu e fo r c o m . s to c k _ $ 1 6 ,9 4 4 .5 0 0 $ 1 6 ,5 5 7 ,8 4 5
on a n y in te re s t d a y on 60 d a y s ’ n o tice .
♦ I n c lu d e s F ed era l in c o m e t a x o f $ 3 1 4 ,4 7 3 in 1927 a n d $ 2 7 6 ,1 0 2 in 1926.
D iv i d e n d s . — O n 7 % p r e f. an in itial q u a r. d i v . o f 1 M % in J u ly 1926 a n d
sa m e d iv . q u a rte r ly s in c e . V . 122, p . 3 08 5.
O F F I C E R S .— P r e s ., W illia m E . W o o d ; V . - P . , J . F r a n k M c L a u g h lin ;
T r e a s ., H e n r y B . S aw yer; S e c ., W illia m T . C ra w fo rd ; C o m p t ., G . B .
E A R N I N G S .— C o n s o lid a te d earnings ca le n d a r y e a rs 192 6:
W illia m s . O ffic e , 120 B r o a d w a y , N . Y . C i t y .— V . 121, p . 20 1 , 58 8 , 709 ,
G ro ss earnings fr o m o p e r a tio n a n d o th e r in c o m e __________________ $ 4 ,6 2 1 ,6 0 6
9 8 0 , 122 9, 1463, 1910, 2 1 5 8 , 2 2 7 5 . 2 4 0 5 . 2528, 2639; V . 122. p . 1313, 2 4 9 9 ,
O p e r . e x p ., i n c l . m a in t ., lo c a l ta xe s & p r io r ch a rg e s o f su b sid ia rie s 2 ,6 3 4 ,5 4 6
2 6 5 4 , 321 3; V . 123, p . 125 3. 1635, 1879, 2 2 6 3 , 2 52 1, 2 7 8 0 , 3 04 0; V . 124, p .
9 2 4 , 1222, 1362, 1513, 2 5 9 2 , 3 35 4, 363 2: V . 125, p . 1712.
N e t e a r n in g s ________________________________________________________ $ 1 ,9 8 7 ,0 6 0
In te r e s t c h a r g e s _______________________________________________________ 1 ,2 0 7 ,6 4 3

VIRGINIA PUBLIC SERVICE CO.
C o n tr o l. — T h e en tire co m m o n s t o c k is o w n e d b y N a t io n a l P u b lic S erv ice
C orp.
M a n a g e m e n t . — G en eral E n gin e e rin g & M a n a g e m e n t C o r p .

O R G A N I Z A T I O N .— In c o r p o r a te d in 1926 in V irgin ia . A c q u ir e d b y
m erger th e p rop erties fo rm e rly ow n e d b y A lexan dria L ig h t & P ow er C o .
V irgin ia N o rth e r n P o w e r C o . , V irg in ia -W e ste rn P o w e r C o . , V irgin ia C en tral
P o w e r & L ig h t C o ., and S o u th sid e V irg in ia P o w e r C o . and N e w p o r t N e w s
& H a m p to n R y . G as & E le c . C o . O w n s 1 00 % o f th e c o m m o n s t o c k o f
C h a r lo tte s v ille & A lb e m a rle R y . C o . an d V irgin ia N o rth e r n Ic e C o r p .
T h e S ou th sid e V irgin ia P o w e r C o . o f S o u th B o s to n , V a .. referred t o
a b o v e , pu rch a sed an d m erged in th e e a rly p a r t o f 1926 th e P ie d m o n t P ow er
C o r p ., a n d a n u m b e r o f o th e r u tilities and p la n ts. See V . 122, p . 1309,
u n d e r h e a d in g “ F itk in U tilitie s , I n c . "
See also V . 122, p . 1765.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e te r rito r y served in clu d e s 155 co m m u n itie s w ith a to ta l p o p u la tio n o f
o v e r 2 6 0 ,0 0 0 , in clu d in g N e w p o r t N e w s , H a m p to n an d e n v iro n s , A le x a n d ria .
W a r r e n to n , C h a r lo tte s v ille , S ta u n to n , C lift o n F o r g e , an d o n th e sou th
E m p o r ia , S ou th B o s to n an d in te rm e d ia te c o m m u n itie s .
S treet ra ilw a y s are
op e r a te d in N e w p o r t N e w s an d C h a r lo tte s v ille , w ith an a g g re g a te tra ck a g e
o f 56 e q u iv a le n t m iles o f sin gle tr a c k . T h e e le ctr ic s ystem in clu d es ge n e ra t­
in g s ta tio n s o f a to ta l in stalled c a p a c it y o f 6 7 ,5 6 7 h .p ., o f w hich 8 .0 8 6 h .p . is
h y d r o -e le c t r ic , a n d 636 m iles o f h ig h -te n sio n transm ission lines servin g
4 7 ,0 5 4 co n s u m e r s . T h e gas p ro p e rtie s in c lu d e ge n e ra tin g p la n ts w ith an
a g g r e g a te d a ily c a p a c it y o f 3 ,5 0 0 ,0 0 0 c u . f t . a n d 86 m iles o f gas m ain s servin g
6 ,8 0 9 cu s to m e rs . I c e p la n ts h a v e an a g g re g a te c a p a c it y o f 291 to n s per
d a y . E le c t r ic o u t p u t , y e a r en d ed F e b . 28 1927: 121,071,611 k .w .h ., gas
o u t p u t , 2 5 4 ,5 8 5 ,0 0 0 c u . f t . P a ssen gers ca rrie d d u rin g y ear en d ed F e b . 28
1927, 1 1 ,7 0 4 ,7 6 2 . F o r a se p a ra te d e s c r ip tio n o f c o n s titu e n t co m p a n ie s , see
V . 122. p . 1313.
STO C K A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n (n o p a r ) ____________________
___________ 356,230shs ____________
7 % c u m p r e f ( $ 1 0 0 )__________________
7 Q -J
$3 7 2 1 ,8 0 0 A p r ’ 2 7 .1 M %
1st m tg e . & r e f. 2 0 -y e a r 51* % ( 1926
5 )* g F -A 1 2 ,450.000 F e b . 1 1946
g o ld ,
series A
($1,000-1 T h e N e w Y o r k T ru s t C o ., N e w Y o r k ,
S 5 0 0 c * )___________________ t f [ tr u s te e .
2 0 -y ea rs s f d e b e n t ($ 1 ,0 0 0 .1 1926
6 g F -A
4 ,9 4 8 ,0 0 0 F e b 1 1946
$50 0 c * ) ___________________t f '(P h ilad elp h ia T r u s t C o ., trustee
S o u th s id e V a P r C o 1st ser A . ____
5 g
2 ,0 0 0 .0 0 0 F e b 1 1956
do
do
1st M ser B .......................
12)* 1927 [ 1,4 0 0 ,0 0 0 Jan 1 1929
\5
1 92 8/




B a la n c e ______________________________________________________________

Virginia Public Service
Company
Provides electric light and power a n d /o r
gas to 152 com munities in
Virginia and W est Virginia
Subsidiary of National Public Service Corporation

Outstanding securities of this company
bought,, sold and quoted

Howe Snow & Co.
I n c o r p o r a te d

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco Minneapolis
Philadelphia

$77 9 ,4 1 7

POW ER, LIGH T AND R A IL W A Y

O ct ., 1027.]

O F F I C E R S .— P r e s ., F . W . W o o d c o c k ; V .- P s ., F . W . K in!?. J o h n E .
Z im m erm a n , H . D . P o lh e m u s , A . W . H iggin s, O . D . P o r te r and M . J.
O 'C o n n e ll: S e c ., C . A . M c C lu r e : T r e a s .. W . E. S h a w , Jr. O ffic e s . C h a r­
lo tt e s v ille , V a : H a m p t o n . V a ., an d N e w Y o r k C i t y , 165 B r o a d w a y .—
V. 122 , p . 1313. 1765. 2 3 3 2 . 3085: V . 123. p . 86 . 2 0 8 , 59 4 . 3 4 9 8 .

CHARLOTTESVILLE & ALBEMARLE RAILWAY.
C o n tr o l. — S u b sid iary o f V irginia P u b lic Service C o ., w h ich is in tu rn c o n ­

trolled b y N a tion a l P u b lic S e rvice C o .
C o . w as fo rm e rly a su b sid ia ry o f V irginia W estern P o w e r C o . , w h ich w as
m erged w ith Virginia P u b lic S e rvice C o .
M a n a g e m e n t . — G eneral E n gin eerin g & M a n a g e m e n t C o r p .
In 1923 en tire p rop e rty w as pu rchased b y th e V irgin ia -W estern P o w e r C o .,
C lifto n F o r g e , V a . T h e ra ilw a y p ro p e rty w as later c o n v e y e d b a c k t o the
C h a rlottes v ille & A lbem arle R y . C o . , w h ich n o w o p e r a te s it s u b je c t t o
1st m tg e . o f V irginia W estern P ow er C o .
O R G A N I Z A T I O N .— O rga n ized in V irg in ia and fo rm e d b y an ag re e m e n t
o f c o n s o lid a tio n d a te d N o v . 24 1913 b e tw e e n th e R e d la n d P o w e r C o r p o r a ­
t io n and th e C h a r lo tte s v ille & A lb e m a rle R y . O n J u ly 1 1925 th e N a tio n a l
P u b lic S ervice C o r p . a cqu ired th e c o .
V . 121, p . 1788.
F I E L D O F O P E R A T IO N 'S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y d o e s th e stre e t ra ilw a y b u sin ess in C h a r lo tte s v ille . M ile s o f
tr a c k . 3 .5 7 : stan d ard g a u g e .
R a ils, 83 a n d 9 7 -lb . gird e r an d 5 0 -lb . T .
10 cars.
1 s u b -s ta tio n . P assen gers ca rrie d in y e a r e n d e d F e b . 28 1927,
1 .1 3 5 ,3 4 2 .
STO C K AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n s t o c k $ 5 0 0 ,0 0 0 ( $ 1 0 0 ) ____
________
*$3 2 3 ,6 0 0
See te x t
P r e f s tk 7 % c u m $ 2 0 0 ,0 0 0 ( $ 1 0 0 ) ____
Q -M
300
See te x t
* A ll o w n e d b y V ir g in ia P u b lic S e rv ice C o .
D iv i d e n d s . — D iv id e n d s a t the ra te o f 7 % per a n n u m are b e in g p a id on
p r e f. s t o c k . O n c o m m o n fir s t d iv id e n d o f 2 % a n d 1 % extra p a id in June
1916. I n D e c . 1916 p a id 2 ^ % .
In 191 7, J u n e , 2 ^ % : D e c .. 2 % .
In
1918, D e c ., 1 % .
In 1919, 5 % . N o n e t o D e c . 192 0, w hen 3 % w as p aid
In 192 1, J u n e, 3 % ; D e c , 4 % .
In 1922, J u n e , 4 % : D e c .. 5 % and 1 % ex tra
V . 116 , p . 175 . Tn 1923. M a r c h . 2 t $ % . and sa m e rate p a id re g u la rly
q u a rte r ly s in ce . N o c o m m o n d iv id e n d s in 1925 a n d 1926.
E A R N I N G S .— F o r ca le n d a r years:
G ross.

1 9 2 6 _______________ $54 ,201
19 2 5 ..................... _ $56 ,997
1 92 4_____________
61.2 3 0
* 1 9 2 3 ..............
180 .217
19 2 2 ______________ 2 5 9 ,9 5 5
192 1..................... . 2 3 6 ,5 5 7

N et.

$ 6 ,713
$ 4 ,673
3 .1 2 5
7 7 .4 0 3
1 3 4 ,6 3 9
117 ,3 9 5

O th er I n e . C h a r g e s . P r e f . D i v . S u r n l u s .

.$2,033
$ 59 0
$21
$ 1 ,5 9 5
$302
6 .5 5 7
15.0 4 8
1 1 .510 $ 3 8 ,7 1 3
1 0 .937
3 6 .0 1 2
8 .5 8 9
3 ,0 6 5
3 7 ,6 3 4
8 .5 8 9
1,426

$ 8 ,1 3 5
$ 3 ,3 8 0
11.616
3 9 .2 6 3
9 3 ,1 0 4
7 2 ,5 9 8

x F o r p er io d fr o m J u ly 1 1923 t o D e c . 31 192 6, ra ilw a y r e v e n u e o n ly
is in clu d ed
O F F I C E R S .— P r e s ., F . W . W o o d c o c k ; V .-P r e s . & T r e a s ., M ilw a r d
O liv er: V .-P r e s ., A . W . H iggin s; V .- P r e s ., F . W . K in g ; V .- P r e s ., H . D .
P o lh e m u s ; S e c ., C . A . M c C l u r e — V . 117, p . 4 3 8 , 78 1 ; V . 121, p . 1788.

OLD DOMINION POWER CO.
C o n tr o lle d b y M i d d l e W e s t U ti l it i e s C o .

O R G A N I Z A T I O N .— I n c o r p . in V irg in ia . O w n s t h e en tire ca p ita l s to c k
o f O ld D o m in io n I c e C o r p .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y ow n s an d o p e ra te s p u b lic u t ility p r o p e r tie s s u p p ly in g 20 c o m ­
m u n ities in V irg in ia , in c lu d in g th e citie s and to w n s o f N o r t o n , Big S to n e
G a p , A p p a la c h ia , P e n n in g to n G a p and C o e b u r n , w ith e le ctr ic lig h t an d
p o w e r s e r v ic e . In a d d itio n c o . su p p lie s la rge q u a n titie s o f ele ctrica l p o w e r
t o 3 0 c o a l c o r p o r a t io n s o p e r a tin g in S o u th w e ste rn V irgin ia . C o m b in e d
p o p u la tio n s erv ed d ir e c t ly o r in d ire c tly e stim a te d a t 3 5 ,0 0 0 . A r tific ia l ice
is also s u p p lie d t o 7 c o m m u n itie s b y O ld D o m in io n Ic e C o r p .
C o . ow n s and o p e ra te s 2 steam e le ctr ic ge n e ra tin g station s o f a co m b in e d
c a p a c ity o f 2 2 ,0 0 0 h . p .; th e y are in te r-c o n n e c te d w ith th e 4 0 ,0 0 0 h .p . steam
p la n t o f th e K e n t u c k y U tilitie s C o . near P in e v ille , K y ., and w ith th e new
3 0 .0 0 0 h .p . D ix R iv e r h y d r o -e le c t r ic p o w e r s ta tio n o f K e n t u c k y H y d r o E le c t r ic C o . T h ro u g h its c o n t r a c ts fo r p u rch a s e o f ele ctrica l e n e r g y , c o .
is en a b led t o s u p p ly th e in cre a sin g d e m a n d s fo r p o w e r . C o . has 128
m iles o f high v o lt a g e tra n sm ission lines o f w h ich 18 m iles are o f steel to w e r
c o n s tr u c tio n . 2 m o d e r n a rtificia l ice p la n ts at A p p a la c h ia an d N o r t o n ,
V a ., h a v e a co m b in e d c a p a c it y o f 60 to n s p e r d a y an d s to r a g e c a p a c it y
o f 2 .0 0 0 to n s o f ice . V . 122, p . 3 08 4.
STO CK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n n o p a r ) ___
_______ ______
___________ 3 0 ,0 0 0 shs.
__________
$7 d iv ve ies p '-ef (n o p a r i ____ ______
$7
7 ,0 0 0 shs
__________
1st m o r tg a g e 5s g o ld series A / 1926
5 M -N
$2, 5 0 ,0 0 0 M a y 15 '51
($1 On. & c ) _______________ . t f L isted o n C h ic a g o S to c k E x ch a n g e .
B o n d s . — T h e 1st m tge. 5 % b o n d s are secu red b y a firs t m tg e . o n a ll o f
th e p r o p e r t y , rig h ts and fra n ch ise s o f th e c o . (w ith certa in e x c e p tio n s as
n oted in th e m t g e .) , in c l. a fte r-a cq u ire d p ro p e r tie s , s u b je c t t o u n d e rly in g
b o n d s, i f a n y . A d d itio n a l b o n d s o f series A or o th e r series o f such te n o r as
d ire cto rs m a y fro m tim e t o tim e de te rm in e , m a y b e issued (a) a g a in st
cash or U . S. G o v e rn m e n t o b lig a tio n s or fo r r e fu n d in g p u rp o se s; (b ) fo r
7 5 % o f new a d d itio n s , a cq u is itio n s , & c ., und er ce rta in re strictio n s.
B on d s
issu ed on a c c o u n t o f new a d d itio n s and a cq u isitio n s o r t o re fu n d at a h igh er
r a te o f in terest b o n d s o f o th e r series issued u nd er th e m tg e . o r t o re fu n d
th e in d eb ted n ess o f a s u b s id ia ry , m a y not be issued unless net earn in gs o f
c o . and its subsidiaries d u rin g 12 co n s e c u tiv e ca le n d a r m o n th s e n d in g w ithin
p reced in g 60 d a y s , h a v e been at least \ % annual in terest o n all 1st m tg e .
p rior lien and u n d erly in g b o n d s o u ts ta n d in g in h an d s o f th e p u b lic , in clu d in g
p ro p o s e d issue. T h e re is an ann u al m a in te n a n c e a n d r e n e w a l f u n d be g in n in g
w ith 1927, o f not, less than 8 % o f gross earnings d erived fro m o p e ra tio n o f
c o . ’s m ortg a g ed p ro p e rtie s and th e p ro p e rtie s o f its su bsidiaries.
F u n ds
m a y a lso b e used fo r re d e m p tio n o r p u rch a se an a c a n c e lla tio n o f 1st m tg e .
o r u n d erly in g b on d s
S e r ie s A , d ated M a y 15 1926, a r e r e d ., w h o le o r p a r t on 30 d a y s n o tice
at fo llo w in g p rices and in terest: T h r o u g h M a y 14 1931 at 105; th ro u g h
M a y 14 1936 at 103; th ro u gh M a y 14 1941 at 102; th ro u g h M a y 14 1946
at 101; th rou g h M a y 14 1950 at 1 0 0 a fte r M a y 14 1950 at 100 In te re st
p a y a b le in N ew Y o r k or C h ic a g o . P e n n , and C o n n 4 m ills an d M a s s .
6 % ta x e s refu n d a b le .
In M a y 1926 H ill Jo in e r & C o . , I n c ., a n d H a ls e y ,
Stuart & C o . , I n c ., o ffe r e d $ 2 ,5 0 0 ,0 0 0 series A a t 94 a n d i n t ., t o y ie ld
a b o u t 5 4 5 % . V . 122 . p 3 0 8 4
E A R N I N G S .— F o r p e r io d s s ta te d :
12 M o s . E n d e d
C a le n d a r Y e a r
M a r . 31 '2 6 .
1926.
G ross earnings (in c lu d in g m e rch a n d ise s a le s )_____ $ 9 3 9 ,8 3 6
$ 9 0 7,21 3
O p e r . e x p ., m a in t., taxes a n d d e p r e c ia t io n ______ 5 0 3 ,3 0 3
519,161
N e t e a rn in g s______________________________________ $43 6 ,5 3 3
F ix e d c h a r g e s --------------------------------------- ------------------- 143 ,103

$ 3 8 8,05 2
125 ,000

B a la n c e ____________
..$ 2 9 3 ,4 3 0
$26 3 ,0 5 2
O F F I C E R S .— P r e s ., _________________ ; V .- P ., L . B . H e rr in g to n ; V .- P . ,
G . T . B o g a r d ; S ec. & T r e a s ., A . A . T u ttle ; A sst. S e c. & A s s t. T r e a s ., B . K .
Y e w e ll; A u d ., A . M . C ru se . O ffic e s , 312 S o u th F o u rth S t ., L o u is v ille , K y .
V . 118, p . 2834; V . 122, p . 3 0 8 4 , 334 1.

WEST VIRGINIA
APPALACHIAN ELECTRIC POWER CO.
C o n tr o l.— A m e r i c a n G as & E le c tr ic C o . is t o o w n all c o m m o n s to c k e x ce p t
d ir e c t o r s ’ q u a lify in g shares and th e 6 % n o te , d u e on o r b e fo re A p r. 1 1929.
S u p e r v is e d (as t.o fin a n ces) b y E le c tr ic B on d & S h a re C o.
O R G A N I Z A T I O N .— O rganized M a rch 4 1926 in V irg in ia , t o a cq u ire
th r o u g h m erger o r c o n v e y a n c e , and thereafter ow n an d o p e ra te th e electric
p r o p e r tie s in w estern Virginia and western W e s t V irgin ia , form erly
ow n ed b y A p p a la ch ia n P ow er C o .. A p palach ia n P ow er & L ig h t C o (p r o p ­
erties fo rm e r ly ow n ed b y T h e V irginian P ow er C o . ) , C en tral V irgin ia
P o w e r C o . , C o n s o lid a te d P o w e r & L ig h t C o ., D u n b a r L ig h t & P o w e r C o .,




201

In te rsta te P o w e r C o . , K a n a w h a V a lle y P o w e r C o . , K e n t u c k y E le c tr ic P o w e r C o r p . (fo r m e r ly K e n t u c k y & W e s t V irg in ia P o w e r C o . , I n c . ) , L y n c h ­
b u rg T r a c t io n & L ig h t C o . , N e w R iv e r D e v e lo p m e n t C o . . R o a n o k e R a il­
w a y & E le c tr ic C o . , R o a n o k e T r a c tio n & L ig h t C o . . S t. A lb a n s E le c t r ic
P ow er < E igh t C o . , W e s t V irg in ia W a te r & E le c tr ic C o .
fe
In J u ly 1926
a ca u ire d th e p ro p e rtie s o f t h e G a te C i t y L ig h t & P o w e r C o . V . 123,
p . 708.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . is t o s u p p ly , d ir e ctly o r in d ire c tly , e le ctr ic p o w e r an d lig h t t o 208 c o m ­
m unities in V irginia and W est V irgin ia .
K e n tu c k y E le c tr ic P ow er C o r p .
(all o f w h ose secu rities are t o be o w n e d b y A p p a l. E l. P o w . C o r p .) is t o
a cq u ire , in a d d itio n t o its p resen t K e n tu c k y p ro p e rtie s, th e e le ctr ic p r o p ­
erties in K e n tu c k y o w n e d b y B o y d C o u n t y E lectric C o . an d In te r s ta te
P ow er C o ., a n d is t o s u p p ly p o w e r a n d lig h t, d ir e c t ly o r in d ir e c t ly , t o
44 c o m m u n itie s in eastern K e n tu c k y .
P rincip al cities t o be se rv e d in clu d e H u n tin g to n . L o g a n an d B lu e fie ld ,
W e s t V irgin ia , and R o a n o k e an d P u lask i. V irginia, an d ( b y K e n t u c k y
E l. P o w . C o r p .) A sh lan d . H azard an d P ik eville, K y . T o t a i co m m u n itie s
t o be served 252: p >pulation o v e r 6 5 0 .0 6 0 . C o . also is t o a c q u ir e a n d
o p e ra te gas plan ts in L y n ch b u r g V a ., an d is t o c o n tr o l, d ir e c t ly o r in­
d ir e c tly . th e co m p a n ie s o w n in g an d o p e ra tin g stre e t ra ilw a y p rop erties
se rvin g R o a n o k e and L v n ch b u r g . V a . and th eir su b u rb s an d also th e street
ra ilw a y lines in H u n tin g to n . VV. V a .. an d A sh lan d , K y ., an d in teru rb an
ra ilw a y betw een these 2 co m m u n itie s a n d ex te n d in g t o I r o n t o n , C oa l
G r o v e an d H an gin g R o c k . O h io.
T o ta l gen erating c a p a c it y e le ctric s ta tio n s. 2 5 3 .8 3 6 k . w . , o f w h ich
31.6.36 h y d ro -e le ctric; u nd er co n s tr u c tio n . 8 6 .2 5 0 k . w .; 1.838 m iles o f
transm ission lines and 339 m iles under co n s tr u c tio n ; 1,059 m iles o f d is­
trib u tio n lines gas p lan ts o f 1 .0 0 0 ,0 0 0 c u . f t . d a ily c a p a c ity : h old er c a p a ­
c it y , 750 .0 0 0 c u . r t.; 48 m iles o f gas m ains, c o n su m e rs, e le ctr ic p o w e r a n d
ligh t, 7 9 .482: gas, 4 ,5 0 0
All tn e e le ctr ic p o w e r a n d ligh t p ro p erties o f th e
sy ste m are in te r-c o n n e c te d a n d th is sy s te m in th e 3 S ta te s o f V irg in ia ,
W est V irginia and K e n t u c k y is in te r-c o n n e c te d w ith th e high v o lta g e lines
o f o th e r subsidiaries o f A m e rica n G a s & E le c tr ic C o . in O h io , In d ia n a an d
M ic h ig a n .
U p o n c o m p le tio n o f c o n te m p la te d fin a n c in g th e ca p ita liz a tio n is t o b e
as fo llo w s :
STOCK AN D BO N D S.
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m . 6 .0 0 0 ,0 0 0 shs. (n o p a r ) . ____
________ 5 ,0 0 0 ,0 0 0 sh s. _____________
$7 cu m p fd 4 0 0 ,0 0 0 shs (n o p a r ) ____
$7
2 2 5 ,0 0 0 s h s . ____________
$6 cu m p fd 100.000 shs (n o p a r ; ____
$6
N one
____________
2nd p r e f $7 c u m 100 .000 shs
(n o p a r ) ______________________ ______
$7
100 ,000 sh s. ____________
U n d e rly in g divisio n a l b o n d s . . ____
___________ $ 2 3 ,9 9 1 ,0 0 0 _____________
1st and r e f m tg e 5 % series o f f 1926
5 g M -N
3 5 ,0 0 0 .0 0 0 M a y 1 1956
1956 ($ 1 ,0 0 0 r * . $50 0 c ,I B a n k e rs T r u s t C o . , N . Y . C it y an d B . W .
$ 1 ,0 0 0 and $ 5 ,0 0 0 r ) ____ t f (
J o n e s , N . Y . C it y , tru stees.
A p p a la c h ia n P o w C o 6 % d e b e n . ____
6g
4 ,0 0 0 ,0 0 0
2024
6 % n o te t o A m G as & El C o
d u e on o r b e fo r e A p r 1 1 9 2 9 . ____
___________
5 ,0 0 0 ,0 0 0 ____________
B o n d s . — T h e ls i A r e f . m tg e . b o n d s are secured b y a d ir e ct m tg e on th e
en tire ph ysica l p ro p e rtie s o f th e c o ., s u b je c t, as t o p o r tio n s th e r e o f, t o
certa in u n d e rly in g d iv isio n a l b o n d s o u ts ta n d in g w ith th e p u b lic in th e
a m o u n t o f $ 2 3 ,9 9 1 ,0 0 0 and issued u nd er in d en tu res t o be c lo sed b y p r o ­
v isio n s o f th e M o r tg a g e as t o issu an ce o f a d d itio n a l b o n d s t o th e p u b lic .
A re fu rth e r secured b y p le d g e u n d e r th e m o r tg a g e o f all b o n d s an d s t o c k o f
K e n tu c k y E le c tr ic P o w e r C o r p . t o b e o u ts ta n d in g . T h e propp'-ties o n
w h ich th ese b o n d s are secured b y firs t m o r tg g e o r fir s t lien (th rou g h
p le d g e o f c o lla te ra l) in clu d e steam e le ctric ge n e ra tin g sta tio n s w ith aD
a ggregate in stalled c a p a c it y o f 104 ,0 0 0 k ilo w a tts a n d 643 m iles o f trans­
m ission lines.
T h e m o rtg a g e p r o v id e s fo r issu an ce o f b o n d s in series o f s u ch ten or as
d ir e cto r s m ay d e te rm in e .
A d d itio n a l b o n d s o f the 5 % series o f 1956. o r o th e r series, m a y b e issued
(a) fo r r e fu n d in g an equ a l p rin cip a l a m o u n t o f b o n d s o f a n y series, or
u n d e rly in g o r prior lien b o n d s , b o th as d e fin e d in th e m o rtg a g e : (b ) fo r ca sh ;
(c) t o n o t e x ce e d in g 7 5 % o f th e c o s t , o r fair v a lu e , w h ic h e v e r is less, o f
p r o p e r ty a d d itio n s , as de fin e d in th e m o rtg a g e t o th e p ro p e rtie s o f th e
c o m p a n y and (o r) its su bsidiaries; and (d ) again st th e p ro p e rtie s as existin g
on M a y 10 1926, t o a to ta l o f n o t exce e d in g $ 7 ,5 0 0 ,0 0 0 p rin cip a l a m o u n t o f
b o n d s . U n d er th e term s o f th e m o rtg a g e “ s u b s ia ia ry c o m p a n y ” shall in­
c lu d e K e n tu c k y E le c tr ic P ow er C o r p o r a tio n and a n y o th e r c o m p a n y all o f
w h o se b o n d s, e x c e p t as d e fin e d in th e m o rtg a g e , and all o f w h ose s t o c k ,
e x ce p t d ir e cto r s ' shares, shall be ow n ed b y th e c o m p a n y and p led g ed
u n d er th e m o rtg a g e . N o b o n d s m ay b e issued a g ain st p r o p e r ty or a su b ­
sid ia ry c o m p a n y unless n o t less th an an e qu a l p rin cipa l a m o u n t o f m o rtg a g e
b o n d s o f said su b sid ia ry c o m p a n y are sim u lta n e o u sly p led g ed w ith
tru stee.
A d d itio n a l B o n d s m ay n o t b e issu e d , e x c e p t fo r refu n d in g pu rpose*,
unless co n s o lid a te d net earnings o f th e c o . and its subsidiaries fo r 12 c o n ­
s e c u tiv e m o n th s w ith in 15 ca le n d a r m o n th s p re ce d in g d a te o f th e ap p lica ­
tio n h a v e been a t least tw ic e ann u al in te re st req u irem en ts o n (or 1 2 % o f
th e p rin cipa l a m o u n t o f ) all b o n d s issued and o u ts ta n d in g u n d er th e m tg e .,
in clu d in g th o se p ro p o s e d t o b e issu ed , and o n all u n d erlyin g and p r io r
lien b o n d s, as d e fin e d in th e m o r tg a g e , o f th e c o . and its subsidiaries.
N o t m o re than 2 0 % o f su ch n et earnings shall co n s ist in th e a g g reg a te o f
(a ) n et n o n -o p e ra tin g in c o m e : and (6) net in c o m e d e riv e d fro m p rop erties
n o t d ir e ctly s u b je c t t o t n e lien o f th e m o rtg a g e o r to th e lien o f a su b sid ia ry
c o m p a n y m o rtg a g e all b o n d s o u ts ta n d in g u nd er w h ich are o w n e d b y th e
c o . and pled ged u n d e r th e m o rtg a g e .
B o n d s o f th e 5 % series o f 1956 c o n ta in th e fo llo w in g cla u se: “ W ith th e
co n s e n t o f th e c o . and to the e xten t p e rm itte d b y an d as p r o v id e d in th e
m tg e .. th e term s and p r o v is io n s o f th e m tg e . or o f a n y in stru m en ts s u p p le ­
m en tal th e re to m a y b e m o d ifie d o r altered b y th e a ffir m a tiv e v o t e o f at
least 8 5 % in a m o u n t o f th e b o n d s then o u ts ta n d in g , p r o v id e d h o w e v e r
th at no m o d ific a tio n o r altera tion shall b e m ade in a n y o f th e p r o v is io n s o f
th is b o n d o r in th e u n c o n d itio n a l p ro m is e o f th e c o m p a n y t o p a y p rin cip a l
and in terest h e r e o f in th e a m o u n ts an d a t th e fix e d o r d e te r m in a b le tim e*
and in th e m anner as set fo rth h e r e in .”
A r e r e d ., w h o le o r p a rt, o n 30
d a y s ’ n o tice t o and in c l. M a y 1 1931 at 105: t o and in c l. M a y 1 1935 a t
1 0 4 t o and in c l. M a y 1 1940 at 104; th e re a fte r at >4 % less each s u c c e e d ­
ing ye a r t o and in cl. M a y 1 1954, and th ereafter t o m a tu r ity , at 1 0 0 \£‘.
p lu s in terest in e a ch ca s e . P e n n 4 m ills ta x r e fu n d a b le .
In A p ril 1926
B o n b rig h t & C o . , I n c ., H arris, F o r b e s & C o . , T u c k e r , A n th o n y & C o .,
C o ffin & B u rr, A . B . L e a ch & C o ., I n c ., W . C . L a n gley & C o . , th e O ld
C o lo n y C o r p . a n d J a ck so n & C u rtis , o ffe r e d $ 3 5 ,0 0 0 ,0 0 0 5 % series o f 1956
at 97 and in t ., t o yield 5 2 0 % .
V . 122. p . 2490
E A R N I N G S .— F o r 12 m o n th s en d ed F e b . 28 1926, d e riv e d fr o m p r o p ­
erties ow n e d or t o b e o w n e d b y A p p a la c h ia n E le c t r ic P o w e r C o . au d K e n ­
tu c k y E le ctric P o w e r C o r p .:
G ross e a rn in g s_______________________________________________________ $15 ,380 ,63 1
7 ,4 7 4 ,5 0 2
O p era tin g exp en ses, m a in te n a n ce an d t a x e s ______________________
N e t e a rn in g s_________________________________________________________ $ 7 ,9 0 6 ,1 2 9
A n nual in terest r e q u ire m e n ts on
U n d e rly in g d iv isio n a l b o n d s held b y p u b li c ______ $ 1 ,2 4 9 ,5 5 0
$ 3 5 ,0 0 0 ,0 0 0 1st & r e f. m tg e . b o n d s _______________
1 ,7 5 0 .0 0 0 2 ,9 9 9 .5 5 0
A v a ila b le for o th e r ch a rg e s , re n e w . & r e p la c . r e s ., d iv s .. & c ___ $ 4 ,9 0 6 ,5 7 9
C h a irm a n o f B o a r d : _______________— V . 122. p . 2 4 9 0 , 2797; V . 123, p . 70$
A P P A L A C H IA N P O W E R C O .
C o n tr o l .— C o n tr o lle d b y A p p a l a c h ia n E le c tr ic P o w e r C o . sin ce A p ril 1926
(V . 122, p . 2 4 9 1 ), p r e v io u s ly a d ire ct s u b s id ia ry o f A m erica n G as & E le c ­
tr ic . C o . th rou gh A p p a la ch ia n S e cu ritie s, w h ich e xch an g ed its 1st p r e f.,
p r e f. a n d c o m m o n s t o c k fo r th e 1st p r e f ., p r e f. and c o m . s t o c k o f the
A p p alach ia n P o w e r C o .
F o r te rm s o f p r o p o s e d co n s o lid a tio n o f th e A p p a ­
lach ia n S ecurities C o r p . w ith th e A m e r ic a n G a s & E le c tr ic C o . see V . 120,
p. 451
O R G A N I Z A T I O N .— In c o r p o r a te d in V irgin ia in M a y 1911. In J u ly
1926 c o . o ffe r e d $ 2 ,7 5 0 ,0 0 0 fo r th e c it y o w n e d gas an d e le ctric w ork s o f
D a n v ille , V a ., t h e D a n v ille C i t y C o u n c il has agreed t o th e sa le b u t in
O c t o b e r 1926 c it y re fe re n d u m w as t o b e h e ld o n th e m a tte r. C o . asked
fo r a 3 0 -y e a r fra n c h is e . V . 123, p . 5 7 9 , 1501.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Furnishes ele ctric lig h t and p o w e r , d ir e ctly or in d ire ctly , t o 43 co m m u n itie s
I in an industrial an d coal m in in g d is trict in V irginia and W est V irginia,
1 h a vin g a p o p u la tio n e stim ated a t o v e r 4 0 0 .0 0 0 . F iv e co a l field s, a m on g
them the P o ca h o n ta s an d C lin ch fie ld d istricts, are su p p lied w ith p o w e r b y
, th e c o m p a n y . C o m p a n y also n u m bers a m o n g its c u sto m e rs div erse m an u ­
fa ctu rin g enterprises, several m u n icip a litie s and o th e r u tility co m p a n ie s ,
j in clu d in g th a t se rvin g th e c it y o f R o a n o k e .
S torage reservoir possib ilities
an d u n d e v e lo p e d w a te r p o w e r sites a ggre ga tin g o v e r 7 0 ,0 0 0 k . w . o n th e

202

PUBLIC U TILITIE S

[V ol. 125.

N e w R iv e r are c o n tr o lle d b y t h e c o m p a n y , w h ich has th u s far installed
STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
2 5 ,0 0 0 k . w . in t w o h y d r o -e le ctr ic p la n ts . In a d d itio n t o th e h y d r o -e le ctr ic C o m 100 ,000 shs (n o p a r ) ____ ______
________
1 0 0 ,0 0 0 shs ____________
d e v e lo p m e n ts , p r o p e r ty in clu d es a 5 8 ,7 5 0 k . w . steam s ta tio n a n d 886 m iles
7 % cu m p r e f $ 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
7 Q -F
$ 3 ,0 9 1 ,0 0 0
F eb’2 6 ,l? i
o f h ig h ten sion tra n sm ission lin e .
S to c k .— -Up t o A p ril 1926 A m e rica n G a s & E l. C o . h ad a c q u ir e d $ 2 ,0 0 0 ,0 0 0
o f th e p r e f. s t o c k w h ich w as t o b e ca n c e le d a n d th e b a la n c e ( o f $ 3 ,0 9 1 ,0 0 0
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n jn g .
M a tu r ity .
o u ts ta n d in g p r e f. s to c k ) w a s eith er t o b e re d e e m e d o r e x ch a n g ed th ro u g h
6 0 .0 0 0 shs ____________
A m e r ic a n G a s & E le c t r ic C o .
7 Q-F
$ 2 ,7 7 5 ,2 0 0 N o v '2 5 . 1 3
4
7 Q-J 15
3 ,7 0 6 ,0 0 0 O c t '2 5. 1 3
4
D iv i d e n d .— O n F e b . 1 1926 a d iv id e n d o f 1 3 i % w as d e c la r e d o n p r e fe rr e d .
/
F irst m tg e $ 2 5 ,0 0 0 ,0 0 0 ($1.-1 1911
. _
__________________________
5 g J-D
1 1 .6 5 9 .0 0 0 Ju n e 1 1941
E A R N I N G S .— F o r c a le n d a r y e a rs (in c l. su b s id ia r ie s ):
00 0 ) g o l d ____________ c * & r * J I n t . a t C o n t. & C o m m . T r . & S . B .,C h i c .,t r
x l9 2 5 .
192 4.
1923
1922
G eneral m o r tg a g e $ 6 ,0 0 0 ,0 0 0 ( 1 9 2 1
7 F -A
See t e x t
A u g 1 1936
O p e ra tin g r e v e n u e s______$ 4 ,5 5 6 ,2 5 1 $ 6 ,2 1 5 756 $ 5 ,9 6 4 ,1 8 8 $ 5 ,1 6 4 ,1 5 4
c a lla b le a t 105 a n d i n t e r - j ln t . a t N e w Y o r k T r u s t C o ., N . Y . , trustee;
O p e r. e x p . a n d ta x e s ____
2 ,8 0 4 ,0 7 0 3.82C .751
3 ,9 4 0 ,2 5 1 3 ,3 8 8 ,0 9 0
e s t ___________________________ l F re d e rick J . H o rn e , c o -tr u s te e .
1 5-year s e c ’d b d s $5,000,000 1 1921 7 g F -A
2 ,5 0 0 ,0 0 0 A u g 1 1936
N e t o p e r a tin g r e v e n u e $1,752,181
$ 2 ,3 9 3 ,0 0 0 $ 2 ,0 2 3 ,9 3 7 $1,776,064
($ 1 0 0 . $500 & $1.0001 g c * t f / I n t . a t N e w Y o r k T r u s t C o .. N . Y . , tru stee.
O th er i n c o m e . . . ................
4 5 .6 9 0
6 0 ,0 3 9
114 ,1 9 2
72,274
D e b Ser “ A ” ($1 0 0 . $50 0 & f 1924
6 g J -J
4 ,0 0 0 ,0 0 0 J u ly 1 2024
G ro ss i n c o m e . . . ...........$ 1 ,7 9 7 ,8 7 1
$ 2 ,4 5 3 ,0 4 4 $ 2 ,1 3 8 ,1 2 9 $ 1 ,8 4 8 ,3 3 8
$ 1 ,0 0 0 c * & $ 1 ,0 0 0 & m u l-{C e n tr a l U n io n T r u s t C o . , N e w Y o r k , tru stee,
In terest o n fu n d e d d e b t .
557 .5 9 4
8 3 8 .3 0 8
7 6 0 ,1 0 8
458 ,8 3 7
tip les r * ) g o l d ____________t f (
O th e r in t ., a m o r t iz ., & c .
6 0 .3 1 2
6 4 ,221
8 3 ,4 8 2
8 3 ,5 0 8
S t o c k . — F irst p r e f. is c a lla b le a t 112 a n d d i v .
P r e f. is also red eem a b le
T o t a l d e d u c t io n s ______
$ 6 1 7.90 6
$ 9 0 2 ,5 2 9
$ 8 4 3 ,5 9 0
$ 5 4 2 ,3 4 5
a t 112 & d iv .
B a la n ce ________________ $ 1 ,1 7 9 ,9 6 5 $ 1 ,5 5 0 ,5 1 4 $ 1 ,2 9 4 ,5 3 9 $ 1 ,3 0 5 ,9 9 3
B o n d s . — F i r s t M o r t g a g e 5 s a re c a lla b le a t 105 & in t. o n a n y in t . d a te on
D e p re cia tio n r e se rv e s
3 4 5 .5 9 0
4 2 9 ,1 9 6
3 8 9 ,0 7 5
2 5 3 ,0 5 8
30 d a y s ’ n o t ic e . M o r tg a g e p ro v id e s fo r a n u al s i n k i n g f u n d p a y m e n ts on
N e t in c o m e ___________
$83 4 ,3 7 5 $ 1 ,1 2 1 ,3 1 8
$ 9 0 5 ,4 6 4 $ 1 ,0 5 2 ,9 3 5
S ep t. 1 o f each y e a r , co m m e n cin g S e p t. 1 1916. o f cash e q u iv a le n t t o the
P referred d iv id e n d s ____
142.499
164 .104
6 7 ,8 4 0
2 0 ,7 4 8
fo llo w in g p ercen ta g es o f th e to ta l a m o u n t o f b o n d s o u ts ta n d in g a t th e tim e
o f p a y m e n t: 1916 t o 1920, b o t h in c l.. 1 % ; 1921 to 1925, b o t h in c l.. 1 H % ;
B a l.fo r r e s .& c o m .d iv s .
$69 1 ,8 7 6
$ 9 5 7 ,2 1 4
$ 8 3 7 ,6 2 4 $ 1 ,0 3 2 ,1 8 7
1926 t o 1930, b o t h in c l., 2 % ; 1931 t o 1940, b o th in c l., 2 ) 4 % .
M o n e y s in
x E ig h t m o n th s e n d e d A u g . 31 1 92 5.
this fu n d are t o b e used fo r th e re tirem en t an d c a n ce lla tio n o f b o n d s , either
b y p u rch a se o r ca ll a t n o t e x ce e d in g 105 a n d in t.
LYNCHBURG TRACTION & LIGHT CO.
I n N o v . 1923 B o n b r ig h t & C o . , I n c ., H arris. F o rb e s & C o ., a n d C o ffin &
C o n tr o l. — F o r m e r ly c o n tr o lle d b y C o n s o lid a te d P o w e r & L ig h t C o .
In
B u rr, I n c ., o ffe r e d $ 8 2 6 ,0 0 0 first m t g e . 5s, a t 90>S a n d interest t o yield
1926 c o n tr o l w as tra n sfe rre d t o A p p a la c h ia n E le c t r ic P o w e r C o . V . 122,
o v e r 5 .8 5 % .
V . 117. p . 2436
E n tir e $ 6 ,0 0 0 ,0 0 0 issu e o f g e n e r a l m o r t g a g e 7 s p le d g e d as s e c u r ity fo r the
p . 2 49 0.
1 5 -yea r 7 % secu red b o n d s .
O R G A N I Z A T I O N .— I n c o r p . in V irg in ia , and is a c o n s o lid a tio n o n M a y
1 1901 o f th e L y n ch b u r g E le c t r ic R y . & L igh t, th e L y n ch b u r g & R iv e r m o n t
1 5 - y e a r s e c u r e d 7 % b o n d s a re n o t s u b je c t t o c a ll.
Are secu red b y pledge
S t. R y . ( f r a n c h is e p e rp e tu a l) an d the L y n ch b u r g G a s C o .
o f $ 6 ,0 0 0 ,0 0 0 g e n . m tg e . 7 s . P e n n a . 4 m ills ta x re fu n d e d .
In S e p t. 1921
O w ns all th e s t o c k o f th e L y n c h b u r g W a te r P o w e r C o . , a n d h a s assum ed
$ 2 ,5 0 0 ,0 0 0 15-year se cu re d 7 % b o n d s w ere o f f e r e d b y B o n b r ig h t & C o .,
th e $ 5 0 0 ,0 0 0 1st m tg e . 5 % b o n d s o f t h a t c o m p a n y . I n Ju n e 1925 a c q u ir e d
W . C . L a n g le y & C o . , N . Y . ; P a in e , W e b b e r & C o ., B o s t o n , a n d M o n t g o m ­
th e p r o p e r t y o f th e A m h e rs t (V a .) L ig h t & P o w e r C o . V . 120 , p . 3 3 1 4 .
ery & C o . . P h ila .. a t 90 an d in te re st, t o y ie ld 8 .1 5 %
V . 113, p . 1254.
6 % d e b e n tu re s . Series “ A , ” are re d e e m a b le , all o r in p a r t, o n a n y interest
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
d a te o n 30 d a y s ’ n o tice o n a n d a fte r J u ly 1 i9 2 9 an d u p t o an d in clu d in g
C o m p rise s all th e stre e t r a ilw a y s, gas w o rk s a n d e le c t r ic lig h t p la n ts o f
J u ly 1 2019 a t 110 a n d in t.; an d th e re a fte r a t par a n d in t. P e n n a . 4 m ill* i L y n ch b u r g an d h y d r a u lic p o w e r d e v e lo p m e n t a t R eu sen s, V a .
O w n s and
ta x r e fu n d e d . In Ju n e 1924 $ 4 ,0 0 0 ,0 0 0 w ere o f f e r e d b y B o n b r ig h t & C o .,
o p e ra te s 19.8 m iles o f tr a c k in c it y an d su b u r b s , 60 t o 1 0 0 -lb . T a n d girder
I n c ., T u c k e r , A n th o n y & C o . , a n d J a ck so n & C u rtis, at 8 7 H a n d in terest
rails. S ta n d a rd g a u g e . O p erates 39 pa ss, ca rs , 3 o th e r ; 1 s w e e p er. O w ns
t o y ie ld a b o u t 6 . 8 6 % . V . 118, p . 3 20 1.
R iv e r m o n t P a rk .
STO C K AN D BON DS—
D a te . In terest.
O u ts ta n d in g .
M a tu r ity .
E A R N I N G S .— F o r ca le n d a r y e a rs:
S to ck $ 1 ,0 0 0 ,0 0 0 ($ 5 0 ).........................
J -D
$ 7 5 0 ,0 0 0
See te x t
1924.
1923.
1922.
1921.
F irst m tg e $ 1 ,0 0 0 ,0 0 0 sink fd ? 1901
5 g M -N
6 5 7 ,0 0 0 M a y 1 1931
O p era tin g r e v e n u e ______$ 3 ,6 6 1 ,3 4 9
$ 3 ,4 3 4 ,2 2 8 $ 2 ,9 4 9 ,6 0 2 $2,4 8 7 ,6 0 7
($ 1 .0 0 0 ) g o ld ________ c * n t f (R e a l E s ta te T r u s t C o . , P h ila d e lp h ia , T ru s tee
O p era tin g exp en ses______
1,7 5 1 .0 9 2
1,7 9 6 ,2 3 9
1,5 5 6 ,1 2 8
1 ,381.896
L y n ch p u rg G as C o firs t m o r t -f 1900 5 M -S
111 ,000 M ar. 1 1930
gage $ 2 5 0 .0 0 0 ____________ tf l i n t a t R e a l E s ta te T r u s t C o . , P h ila ., T r u s t.
O p era tin g In c o m e ____ $ 1 ,9 1 0 ,2 5 6
$ 1 ,6 3 7 ,9 9 0 $ 1 ,3 9 3 ,4 7 4 $ 1 ,1 0 5 ,7 1 0
L y n ch b u r g W a te r P o w e r fir s t j 1902 5
3 8 9 .0 0 0 J u ly 1 1 9 3 2
O th er in c o m e ( in t e r e s t ).
136 ,778
2 2 ,933
24,363
20,342
m o rtg a g e $ 5 0 0 .0 0 0 ____ n t f (R e a l E sta te T r u s t C o . , P h ila d e lp h ia , T ru s tee
T o t a l In c o m e ___________ $ 2 ,0 4 7 ,0 3 4
$ 1 ,6 6 0 ,9 2 3 $ 1 ,4 1 7 ,8 3 7
$ 1 ,1 2 6 ,0 5 2
B o n d s . — O f th e 1st m tg e . b o n d s , $ 1 1 1 .0 0 0 are re se rv e d t o re tire b o n d s o f
I n t e r e s t _________________
$8 9 0 ,0 3 8
$ 6 5 6,10 9
$ 6 3 8,62 4
$ 6 7 5,55 6
like a m o u n t o f L y n ch b u r g G as C o . d u e 1930. a n d o f w h ich n o m o re are t o be
67.922
5 7 .960
A m o r t , o f d is c . & e x p ___
8 2 ,7 2 5
61,760
Issued. S in k in g f u n d o f 1 % p er an n u m b e c a m e o p e r a tiv e in 1906, w h ich
D e p r e c . r e s e r v e __________
3 5 0 ,0 0 0
3 2 5 ,0 0 0
2 5 0 ,0 0 0
250 ,0 0 0
was in crea sed in 1916 t o 1 > 4 % . E n tir e issu e ca n b e c a lle d a t a n y tim e .
C o m m ’n s .& c ., l s t p f . s t k .
3 6 .5 7 5
53,1 1 0
3 .7 5 0
E A R N I N G S .— F o r y e a r e n d . D e c . 31 1924, gross, $ 1 ,0 9 3 ,5 7 8 ; n e t, a fter
P r o f .o n s a le o f o f fi c e b ld g . C r.2 0 .9 7 6
taxes, $ 5 2 2 ,2 6 8 ; in t ., d e p r e c ., & c ., $ 2 7 8 ,0 7 3 ; b a l., s u r ., $ 2 4 4 ,1 9 5 .
136,684
2 0 6 ,6 0 6
1st p r e f. s t o c k d iv s _____
7 0 .9 3 8
33,867
D iv s . p referred s t o c k ___
2 5 9 ,4 2 0
L a te s t E a r n in g s . — F o r 8 m o s . e n d . A u g . 31 1925: G ro s s , $ 7 1 8 ,4 5 6 ; n e t .
2 5 9 .4 2 0
64,8 5 5
a fte r taxes, $ 3 2 0 ,3 7 3 ; i n t ., d e p r e c ., & c ., $ 1 8 7 ,9 1 8 ; b a l., s u r p ., $ 1 3 2 ,4 5 5 .
B a la n ce , su rp lu s______
$24 2 ,6 4 6
$ 1 6 2,67 8
$3 3 1 ,7 1 0
$10 4 ,8 6 9
_ V.P „
O F F I C E R S .— P r e s _____ ______________ ;; V .-- P. , C . N . M a s o n ; V . - P . , H. S.
R e y n o ld s : S ec. & T r e a s .. L. W . O sb o rn e .— V 119. p . 1284. 2758; V . 120.
p 4 5 1 . 2 94 0: V . 122, p . 2491: V . 123. p . 579 . 1501: V . 125, p . 1458.

APPALACHIAN POWER & LIGHT CO.
C o n tr o l .—^C ontrolled sin ce A p ril 1926 ( V . 122 , p . 2 49 1, 2797) b y A p p a ­
la c h ia n E l e c tr ic P o w e r C o . , a. s u b sid ia ry o f A m e rica n G a s & E le c . C o .
See

ROANOKE TRACTION & LIGHT CO.

C o n tr o l .— Sam e as L y n c h b u r g T r a c . & L ig h t C o . a b o v e .

V . 122, p . 2 49 8.
O R G A N I Z A T I O N .— A h o ld in g c o .
I n c o r p . in V a . J u ly 28 1908. O w n s
the R o a n o k e W a te r P o w e r C o ., th e B e d fo r d P o w e r C o ., th e Ja m es R iv e r
W a te r P o w e r C o . a n d th e R o a n o k e H e a t, L ig h t & P o w e r C o . , a n d c o n t r o ls ,
th rou gh o w n e rsh ip o f all th e ca p ita l s t o c k , th e R o a n o k e R a ilw a y & E le c . C o .
V . 87. D. 1089. 1160.
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity
S to ck $ 2 ,0 0 0 ,0 0 0 ( $ 1 0 0 )................................................. .. $ 1 ,0 0 0 ,0 0 0 ____________
F irst m o r tg a g e an d co lla te r a l f 1908
5 g F -A
2 ,0 8 1 .0 0 0 A u g 1 1958
tru st $ 3 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 )( I n t . a t B io re n & C o ., P h ila ., o r B a lt im o r e
g o l d ___________________c * n t f l T r u s t C o ., B a ltim o re , tru stee.
B o n d s . — $ 7 5 0 ,0 0 0 b o n d s are w g e rv e d t o retire a lik e a m o u n t o f b o n d s ’ o f
th e R o a n o k e R y . & E le c. C o .
B on d s i r e s u b je c t t o ca ll o n a n y in t . d a y at
105 an d in t.
S in k in g fu n d o f 1 % o f o u tsta n d in g b o n d s, p a y a b le F e b . 1
1919 t o 1928; V 4 % t h e re a fte r.— V . 115, p . 309 ; V . 117. p . 88; V . 122, p .
249 8; V . 123, p . 583 .

also V . 120, p . 706 .
O R G A N I Z A T I O N . — O rga n ized S e p t. 25 1912 in M a s s a c h u s e tts as
V irg in ia n P o w e r C o . C h a n g e d n am e t o p re s e n t title in F e b . 192 6. O w n s
th e e n tire c a p ita l s t o c k o f th e K a n a w h a V a lle y P o w e r C o . an d all th e
o u t s ta n d in g b o n d s an d ca p ita l s t o c k o f t h e P o r ts m o u th P u b lic S e rv ice C o .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
H a s c o n s t r u c te d a m o d e r n ste a m -p o w e r s ta tio n at C a b in C r e e k J u n ctio n ,
W . V a ., a n d a co m p r e h e n s iv e d is trib u tin g sy s te m o n steel to w e r s a n d p oles
s u p p ly in g e le ctr ic p o w e r in th e K a n a w h a -N e w R iv e r C o a l D is t r ic t s o f th a t
S ta te . O w n s o r c o n t r o ls th re e a lrg e p o w e r sites on N e w R iv e r , lo c a te d at
B lu e s to n e , R ic h m o n d F a lls a n d H a w k s N e s t, W V a ., a n d s e v e ia l o th e r
ROANOKE RAILWAY & ELECTRIC CO.
sm a ller w a te r p o w e r sites also a lo n g th e N e w R iv e r .
C o n tr o l .— S am e as L y n ch b u r g T r a c . & L ig h t C o . a b o v e .
V . 122, p . 2498
8T O C K A N D BO N DS—
D a te .
I n t e r e s t . O u ts ta n d in g .
M a t u r it y .
O R G A N I Z A T I O N .— T h e R o a n o k e S treet R y . an d th e R o a n o k e E le c tr ic
C o m m o n 150 ,000 shs (n o p a r ) . ____
___________ 5 0 ,0 0 0 shs. ____________
L ig h t & P ow er w ere b o t h sold at fo re clo su re A u g . 1 1899. T h e p resen t
P f 6 % n - c $ 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) - - ____
_______
$ 1,200,000 __________
c o m p a n y w as in c o rp o ra te d in V irg in ia . F r a n c h is e s exp ire in 1935 a n d som e
P r io r p r e f 2 5 0 ,0 0 0 shs Ser “ A "
are p erp etu a l.
*
$7 c u t. (n o p a r ) _____________ ____
$7
3 2 ,5 0 0 shs _ _________
_
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
V irgin ia n P o w C o 1st & c o l l f 1912
5 g J -D
$ 5 ,7 6 8 ,0 0 0 D e c . 1 1942
D oes all lig h tin g an d ra ilw a y business in an d a b o u t R o a n o k e , S alem an d
tr u s t
m tg e
$ 1 5 .0 0 0 .0 0 0 { N e w Y o r k T r u s t C o ., N e w Y o r k , tru ste e .
V in to n . O p era tes in R o a n o k e , also ex ten sion s t o S alem an d V in t o n , V a .,
($ 1 ,0 0 0 ) g c * & r * _________ t f {
a to ta l o f 3 3 .2 m iles o f tr a c k . A b o u t 53 passen ger ca rs , 4 o th e r c a r s . 50,
S to c k .— P r io r p r e f. Series A is e n title d t o p re fe re n tia l c u m . d iv s . a t th e
60 and 7 2 -lb rail.
r a te o f $7 p e r sh are p er an n u m b e fo r e a n y d i v . is p aid on th e pr( f. s to c k
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
o r t h e c o m . s t o c k , is s u b je c t t o re d e m p tio n a t $110 p e r sh a re , is e n title d in
S to ck $50 0 ,0 0 0 ( $ 1 0 0 ).............................
J -D
$ 5 0 0 ,0 0 0
See tex t
d is s o lu tio n , & c ., t o $110 p e r sh a re b e fo r e a n y d is trib u tio n t o th e h o ld e rs o f
F irst c o n s o lid a te d m o r tg a g e / 1903
5 g F -A
5 7 8 ,0 0 0 F e b 1 1953
th e p r e f . o r c o m . s t o c k , an d is e n title d t o th e b e n e fit o f s in k in g f u n d .
$75 0 000 ($ 1 ,0 0 0 ) g s f . c * t f l i n t , a t R e a l E s ta te T r . C o . , P h ila ., tru stee.
B o n d s .— T o t a l a u th o r iz e d issue o f fir s t m o r tg a g e b o n d s — $ 1 5 ,0 0 0 ,0 0 0 ;
B o n d s .— S in k in g f u n d w as 1 % o f o u ts ta n d in g b o n d s a n n u a lly p a y a b le
o u ts ta n d in g , $ 5 ,9 2 5 ,0 0 0 ; in sin k in g fu n d , $ 4 6 5 ,0 0 0 ; re se rv e d fo r ex te n sio n s,
e b 1 t o 1920: n o w , 1 ! 4 % .
b e tte r m e n ts , a c q u is itio n s , & c ., u n d e r r e s tric tio n s , $ 8 ,2 0 9 ,0 0 0 .
E A R N I N G S .— F o r y e a r e n d in g D e c . 31 1924, gro ss, $ 1 ,4 3 4 ,8 8 4 ; n et.
C a lla b le a t 105 an d in te re st. S in k in g f u n d o f 1 % o f o u ts ta n d in g b o n d s
a fte r ta x e s, $60 2 ,5 7 3 ; in t ., d e p r e c ., & c ., $22 6 ,4 6 2 ; b a l., s u r ., $ 3 7 6 ,1 1 0
p r o v id e d f o r . In tere st p a y a b le in N e w Y o r k an d L o n d o n .
A ll o f th e o u ts ta n d in g V irgin ia n P o w e r C o . 1st lien & r e f. m tg e . g o ld
L a te s t E a r n in g s .— 8 m o s . e n d . A u g . 31 1925: G ro s s , $ 3 5 0 ,8 7 0 ; n e t , a fter
b o n d s , series A , d u e J a n . 1 1954. w e re c a lle d fo r p a y m e n t A p ril 1 1926 at
ta x e s. $ 3 5 0 ,8 7 0 : n e t , a fte r i n t ., d e p r e c ., & c ., $ 2 2 5 ,8 7 2 .
105 a n d in t . V . 122 . p . 1307.
KENTUCKY ELECTRIC POWER CORP.
E A R N I N G S .— F o r c a le n d a r years:
1923.
1 92 2.
192 1.
192 0.
M a n a g e m e n t . — S tu a rt, J am es & C o o k e , I n c ., o f N e w Y o r k , c o n s u ltin g
G r o s s e a r n in g s ____________ $ 2 ,6 3 1 ,6 1 5
$ 1 ,9 6 2 ,1 2 3
$ 1 ,7 9 0 ,0 7 4 $ 1 ,4 1 0 ,7 4 8
en gin eers.
O p e r . exp en ses a n d ta xes $ 1 ,6 1 1 ,3 3 4
$ 1 ,1 1 5 ,8 4 1
$ 1 ,0 6 1 ,0 5 6 $ 1 ,0 2 3 ,3 6 2
O R G A N I Z A T I O N .— I n c o r p . J a n u a r y 1926 in D e la w a r e . F o r m e r ly
In te r e s t on b o n d s _______
3 2 0 ,1 4 4
3 1 8 ,2 6 5
2 8 6 .5 9 3
2 3 4 ,4 3 6
K e n t u c k y & W e s t V irgin ia P o w e r C o ., I n c . F u rn ish es e le ctr ic lig h t a n d
O th e r in t e r e s t ___________
128 ,840
1 1 2 ,0 2 8
124 ,5 2 9
108 ,010
p o w e r t o th e m u n ic ip a lity o f N o r t o n v iile , K y ., an d t o th e p rin c ip a l p la n t
R e n e w a ls & c o n t in g 'c ie s .
2 1 6 ,0 0 0
2 1 6 ,0 0 0
133 ,333
_______
o f th e N o r t o n C oa l M in in g C o . a t N o r t o n v iile . U p o n c o m p le t io n o f
A m o r tiz a tio n o f d e b t dis­
add
c o u n t a n d ex p e n s e s___
146 ,1 6 6
1 3 3 ,0 9 8
8 9 ,3 4 2
------------itio n s a n d im p ro v e m e n ts u n d e r c o n s tr u c tio n c o r p . p r o p o s e s t o s u p p ly
e le ctr ic lig h t an d p o w e r t o th e e n tire g r o u p o f m in es o f th e N o r t o n C o a l
M in in g C o ., o n e o f th e la rge st p r o d u c e r s o f c o a l in th e S ta te : o th e r im ­
B a la n c e , s u r p lu s ______
$ 2 0 9,13 1
$66 ,8 9 1
$95 ,221
$ 4 4 ,9 4 0
p o r ta n t in d u stries a n d m in es in w estern K e n t u c k y c e n tr in g a t N o r t o n v iile ,
O F F I C E R S .— _________________ , P r e s .; J . E . H a rsh , R . E . B u rg e r and
an d v a rio u s m u n icip a litie s in th is s e c tio n . I t w as s ta te d t h a t th e e le ctric
L lo y d R o b in s o n , V .- P r e s .; G . B . M o ir , T r e a s .; P a u l W . F ish e r, See
lig h t a n d p o w e r lo a d , u n d e r c o n t r a c t or assured u p o n c o m p le t io n o f a d d i­
S e c r e t a r y ’ s o f fic e , 62 C e d a r S t ., N e w Y o r k .— V . 120 , p . 3 3 3 , 4 5 5 , 706:
tio n s. in c l. tran sm ission lin e s , w o u ld a b s o r b th e e s tim a te d o u t p u t o f th e
V . 121. p 3 13 2; V . 122, p . 1307. 2 4 9 1 .2 7 9 7
new p la n t.
C o r p . o w n s an in te g ra te d g r o u p o f p r o p e r tie s , in c l. a m in e -m o u th p o w e r
CONSOLIDATED POWER & LIGHT CO.
p la n t, e x te n siv e co a l d e p o s its a n d w ater reserves. A n e w u n it c o n ta in in g
a 6 ,2 5 0 -k v a . W e s tin g h o u s e tu r b in e , w ith p r o v is io n fo r e x te n sio n t o 6 2 ,5 0 0
C o n tr o l .— C o n tr o lle d b y A m e rica n E le c tr ic P o w e r C o . u p t o 192 6, w hen
k v a ., is be in g a d d e d to th e p re se n t p o w e r s ta tio n a t N o r t o n v iile , g iv in g
c o n tr o l w as tra n sferre d t o A p p a l a c h ia n E l e c tr ic P o w e r C o . V . 122. p . 249 2.
c o r p . a to t a l g en eratin g c a p a c it y o f 9 ,3 5 0 k v a . T h e n e w m o d e r n p la n t
O R G A N I Z A T I O N . — I n c o r p . in F e b . 1923 as su cce sso r t o C o n s o lid a te d
u n d er c o n s tr u c tio n is s itu a te d a t th e m o u th o f th e p rin c ip a l m in e o f th e
L ig h t H e a t & P o w e r C o . ( V . 104, p . 7 5 ). A c q u ir e d a ll th e c o m . s to c k
N o rto n C o a l M in in g C o ., w h ic h u n d e r a 3 0 -y e a r c o n t r a c t agrees t o d eliv er
e q u it y h eld b y th e A m e rica n R y s . (n o w A m e r . E le c . P r . C o .) in th e f o llo w ­
co a l d ir e c t ly t o th e p o w e r p la n t c o n v e y o r s , e lim in a tin g rail tr a n s p o r ta tio n
in g c o s .: O h io V a lle y E le c t r ic R y ., Ir o n t o n E le c . C o ., B o y d C o u n t y E le c
and h a n d lin g c h a rg e s, th e r e b y in su rin g a v e r y lo w fu e l c o s t . F u el re­
C o . , L y n c h b u r g T r a c . & L t . C o . , R o a n o k e T r a c . & L t . C o . T h e p ro p e r­
q u ire m e n ts are fu rth e r p r o t e c te d b y th e c o r p .'s d ir e ct o w n e rsh ip o f large
ties o f th e c o . a n d t h o s e o f its su bsidiaries w h ich are o p e r a te d in V irgin ia
c o a l reserves. V . 122 . p . 3 3 3 7 .
a n d W e s t V irg in ia , w e re tra n sferred t o A p p a la c h ia n E le c tr ic P o w e r C o . in
In terest.
O u ts ta n d in g .
M a tu r ity .
STOCK AN D BO N DS—
D a te .
1926.
________
1 0 ,0 0 0 shs. ____________
C a p ita l s t o c k (n o p a r ) ________ ______
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
$7
x 857 shs ____________
$7 cu m p r e f 1 0 ,0 0 0 shs ( n o p a r ) ____
C o m p a n y an d su bsidiaries o w n a n d o p e r a te th e entire e le ctr ic p o w e r and
1st m tg e . series A 6 % ( $ 1 ,0 0 0 ,/ 1926
6 . J -J ._ $ 1 ,1 0 0 ,0 0 0 Jan 1 1951
g .
lig h t business in H u n tin g to n , W . V a ., an d L y n ch b u r g , V a ., an d all the
$ 5 0 0 c * ) ____________________t f (B a lt im o r e T r u s t C o . , B a ltim o re , T r u s te e
e le c t r ic p o w e r an d ligh t bu sin ess in R o a n o k e , V a ., as w ell as th e gas and
10-yr 6 ' A % c o n v e r t g d e b e n s t 1926
6 ^ g J -D
* 4 0 0 ,0 0 0 Ju n e 1 1936
e le ctr ic p o w e r an d ra ilw a y business in L y n c h b u r g . C o s . o w n and op e ra te
($ 1 ,0 0 0 , $500 c * ) ________ t f ( I n t . a t C e n tu ry T r . C o . , B a ltim o re , tru stee,
th e e le c t r ic ra ilw a y business in R o a n o k e , th e e le ctr ic ra ilw a y ..usiness in
l o r p a y a b le in N e w Y o r k .
H u r tin g t o n and su rro u n d in g c o m m u n itie s , and the en tire e le ctr ic ligh t
x 4,571 a d d itio n a l p r e f. shares are h e ld b y tru ste e fo r co n v e r s io n o f d eb en ­
and p o w e r an d ra ilw a y business in Ir o n to n , O h io , A sh lan d a n d C a tle tts b u r g
tu res. T h e p r e f. s t o c k is e n title d t o $7 d iv s . p e r a n n u m , c u m u la tiv e fr o m
K y . , a n d th e in te rm e d ia te t e r r ito r y . P o p u la tio n s e rv e d is in e xce ss o f
J u ly 1 1927
280 000.




O ct ., 1927.]

POW ER, LIG H T AN D R A IL W A Y

B o n d s .— A d d it io n a l 1st m tg e . b o n d s m a y b e Issued in series A b o n d s or
o t h e r series. T h e y are se cu re d b y a fir s t m o r tg a g e o n th e e n tire (in cl.
a fte r-a c q u ir e d ) fix e d assets o f th e c o r p .
S in k in g F u n d a n d I m p r o v e m e n t F u n d .— A m in im u m r o y a lt y o f 5 c . a t o n
•n all c o a l m in ed fr o m th e m o r tg a g e d p r o p e r ty is p a y a b le t o th e tru ste e fo r
t h e p u rch a s e o r r e d e m p tio n o f b o n d s . C o m m e n c in g J a n . 1 1928 th e c o r ­
p o r a tio n agrees t o p a y a n n u a lly t o th e tru ste e a sum eq u a l t o 2 % o f th e
a g g re g a te p rin c ip a l a m o u n t o f series A b o n d s o u ts ta n d in g a t th e d a te o f
ea ch s u ch p a y m e n t , said p a y m e n ts t o c o n s titu te a series A im p t. fu n d .
T h is fu n d m a y b e u sed t o re im b u rse th e c o r p o r a tio n fo r a d d itio n s and
b e tte r m e n ts w h ich m a y n o t s e rv e a s a b asis fo r t h e issue o f a d d itio n a l b o n d s .
S e r ies A are r e d . o n 3 0 d a y s ’ n o t ic e , w h o le or p a r t b y lo t , t o a n d in c l.
J a n . 1 1931 a t 10346 a n d i n t ., t h e p r e m iu m th e re a fte r d e cre a sin g a t th e
r a te o f K % fo r e a ch en su in g 5 -y e a r p e r io d t o a fin a l ca ll p r ic e o f 10146
a n d in t . d u rin g th e la s t 5 -y e a r p e r io d , p r e ce d in g m a t u r it y . P e n n , an d
C o n n . 4 -m ills , M d . 4 K -m ills , D . o f C . 5 -m ills a n d M a s s . 6 % ta xes r e fu n d a b le
I n Ju n e 1926 H a m b le to n & C o . ; th e B a ltim o re T r u s t C o ., a n d B id d le &
H e n r y o f fe r e d $ 1 ,1 0 0 ,0 0 0 series A 6 % a t 99 an d i n t ., t o y ie ld a b o u t 6 . 0 5 % .
V . 122 , p . 3 3 3 7 .
T h e 10 - y r . 6 4 6 % c o n v e r t, d e b e n tu r e s a re c o n v e r tib le in to p r e f. s t o c k a t
a n y tim e p rior t o m a tu r ity unless c a lle d fo r p re v io u s re d e m p tio n , in w h ich
e v e n t c o n v e r s io n m a y b e m a d e a t a n y tim e p rio r t o 10 d a y s b e fo r e r e d e m p ­
t io n . C o n v e r sio n a t fa c e v a lu e o f d e b e n tu re s a n d v a lu e o f p r e f. s t o c k at
$ 8 7 ,5 0 p er sh are, w ith a d ju s tm e n t o f in t. an d d iv s .
R e d . o n 30 d a y s
n o t ic e , w h o le o r p a r t, b y lo t at 1 0 2 1 4 a n d in t. P e n n , a n d C o n n . 4 -m ills,
M a r y la n d 4 4 6 -m ills , K e n t u c k y a n d D is t . o f C o l. 5-m ills a n d M a s s 6 % taxes
r e fu n d a b le . In O c t . 1926 H a m b le to n & C o . , B id d le & H e n r y a n d B r o w n
& C o . , P h ila ., s o ld $ 4 0 0 ,0 0 0 a t 99 a n d i n t ., t o y ie ld a b o u t 6 . 6 2 % .
V . 123,
p . 1876.

E A R N I N G S .— U p o n c o m p le t io n o f th e p la n t u n d er c o n s t r u c tio n , net
ea rn in gs a v a ila b le f o r b o n d in t ., ta x e s a n d d e p r e c ia tio n w ere e stim a te d
t o ru n a t th e ra te o f $ 2 0 0 ,0 0 0 p e r a n n u m .
O F F I C E R S .— C h a irm a n o f th e B o a r d , M o n r o B . L a n ie r; P r e s ., E z ra
B . W h it m a n .— V . 122, p . 2 4 9 5 , 3 3 3 7 . 3 4 5 3 : V . 123 . p . 1876.

MONONGAHELA WEST PENN PUBLIC SERVICE CO.
C o n tr o l .— T h e W e s t P e n n E le c tr ic C o . (a s u b sid ia ry o f A m e r i c a n W a te r
W o r k s & E le c tr ic C o . , I n c . , ) c o n tr o ls M o n o n g a h e la W e s t P en n P u b lic
S e rv ice C o . th rou g h o w n e rsh ip d ir e c t ly o f o v e r 9 9 .9 % o f th e o u ts ta n d in g
c o m m o n sto c k .
O R G A N I Z A T I O N .— O rg a n ize d in W . V a o n M a y 17 1912 as th e M o n ­
on ga h ela V a lle y T r a c t io n C o . , n a m e ch an ged ( V . 112, p . 2083) t o M o n o n ­
g ah ela P o w e r & R y . o n M a y 11 1921, b u t early in 1923 n am e w as ch an ged
o n c e m ore t o presen t t itle . V . 116, p . 6 1 o . Is a c o n s o lid a tio n o f F a irm o n t
& C la rk sb u rg T r a c . C o . , F a irm o n t & N o rth e rn T r a c . C o . a n d C la rk sb u rg &
W e s to n E le c. C o . O n D e c . 15 1915 a c q u iie d the F a irm o n t G as C o .
V. 101
p. 1465. N o v . 1 1916 a cq u ire d C o n su m e rs L ig h t C o . O n A p ril 1 1917
a b s o r b e d b y m erger th e F a irm o n t & M a n in g to n R R . C o .
O n Ju n e 30
1917 a cq u ired c o n tr o l o f th e K an a w h a T r a c tio n & E le c tr ic C o . (n o w
k n o w n as th e P a rk e rs b u r g -M a r ie tta D iv is io n s , (w h ich see b e lo w ) a n d n o w
ow n s its en tire o u ts ta n d in g c o m m o n a n d p re f. s to c k s . V . 105, p . 290 .
I n A u g . 1923 th e c o . p u rch a se d o f th e C e n tra l U tilitie s C o . th e lig h t an d
p o w e r p ro p e rtie s lo ca te d a t S u tto n , W . V a . C o . a cq u ire d d u rin g 1925
th e B r o o k e E le c t r ic C o . , W e s t V irg in ia a n d M a r y la n d P o w e r C o . , P a rson s
E le c t r ic C o . , W e s t V irg in ia P u b lic S e rvice C o . , S t. M a r y ’s P o w e r & L ig h t
C o . , a n d t h e W e s t M a r y la n d P o w e r C o . V . 121, p . 586 . I n S e p t. 1926
acq u ired th e e lectric p ro p e rtie s o f W e s t o n (W . V a .) E le c tr ic L ig h t. P o w e r
& W a t e r C o . , s erv in g W e s to n a n d v ic in it y .
V . 123, p . 176 3. In D e c .
1926 a c q u ir e d e n tire c o m m o n s t o c k o f th e S h in n stow n P o w e r & L ig h t C o .
a n d also th e p r o p e r t y and rig h ts o f th e F a irv ie w E le c tr ic L ig h t & P o w e r C o .
I n F e b . 1927 a c q u ir e d th e S p en cer ( W . V a .) W a te r & I c e C o .
V . 124,
p . 106 7.
C o n s o l i d a t io n .— C o n s o lid a tio n o f W e s t V irgin ia
O h io a n d M a r y la n d
p ro p e rtie s o f th e W e s t P en n S ystem in to th e M o n o n g a h e la W e s t P en n
P u b lic S ervice C o .
See V . 120 p . 703.

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e p h y sica l p r o p e r t y o w n e d b y c o . a n d its s u b sid ia ry c o s . as o f D e c . 31
1926 in clu d ed 179 m iles o f sin gle tr a c k , s ta n d a rd gau g e; 104 m o to r pas­
senger cars, 28 express an d fre ig h t ca rs, 3 ele ctric lo c o m o tiv e s an d 18 o th e r
cars; 6 electric gen e ra tin g s ta tio n s h a v in g an installed ge n e ra tin g c a p a c ity
o f 5 3 ,6 2 5 k. w .; 89 s u b -sta tio n s h a v in g a tran sform er c a p a c it y o f 64,7 6 3
k .w ., a n d 5 3 1 .1 3 po le m iles o f h igh -te n sio n transm ission lin e s ,(3 .3 1 m iles o f
3 3 ,0 0 0 -v o lt co n s tr u c tio n , 1 6 5 ,8 8 m iles o f 6 6 ,0 0 0 v o lt co n s tr u c tio n and
3 6 1 .9 4 m iles o f 2 5 ,0 0 0 v o lt c o n s tr u c tio n ) e x clu siv e o f lo w -te n s io n dis­
trib u tio n lines. C o . also c o n tr o ls 8 .1 8 6 acres o f gas te r rito r y , o f w h ich
it is o p e ra tin g in 4 ,4 4 8 acres, there be in g 92 p r o d u c in g gas w ells o w n e d
an d lea sed . T h e ga th e rin g a n d d istrib u tio n system co m p rise s 218 m iles
o f p ip e lin es. A ls o ow n s an o il a b s o rp tio n gasolin e p la n t h a v in g a d a ily
c a p a c it y o f 3 ,0 0 0 g a llo n s an d a gas p r o d u c e r p la n t in F a ir m o n t.
F ran ­
c h is e s in F a irm o n t are p e rp e tu a l.
In o th e r citie s and to w n s e xten d fo r
50 yea rs, th e sh orte st expirin g in 1952. In te ru rb a n lines o n p r iv a te rig h to f -w a y . F r a n c h is e s o v e r c o u n t y ro a d s an d brid g e s in M a r io n an d H arrison
c o u n tie s are p e r p e tu a l. T h e M o n o n g a h e la T r a n sp o rt C o . o p e r a te s buses.

£03

(1) KANAWHA TRACTION & ELECTRIC CO.
C o n tr o l .— O n Ju n e 30 1927 c o n t r o l w as a c q u ir e d b y M o n o n g a h e la W e s t
P e n n P u b lic S e rv ice C o . (see a b o v e ) th r o u g h exch a n g e e f s t o c k , p a r fo r
p a r , w h ich c o . n o w o w n s e n tire o u ts ta n d in g ca p ita l s t o c k .
O R G A N I Z A T I O N .— In coim . A p ril 20 1915 an d on Ju n e 7 1915 a b s o r b e d
b y c o n s o lid a tio n th e P a rk e rs b u rg M a r ie tta & I n te ru rb a n R y . , w h ich w u
in c o r p . in 1902 in W . V a .. an d p u rch a se d th e p ro p e rtie s o f t h e P a rk ersb u rg
G a s , E le c tr ic L ig h t & S tre e t R y ., P a rk e rsb u rg In te ru rb a n R y . a n d M a r ie t t a
E le c tr ic C o . , an d o n J u ly 1 1911 th e p r o p e r tie s o f th e M u s k in g u m T r a c t io n
C o . F r a n c h is e s p e rp e tu a l o r fo r lo n g p e r io d s . G u aran tees th e m ortg a g e
b o n d s o f th e P a rk e rsb u rg & S o u th S ide B r id g e C o . C o . o w n s t h e en tire
o u ts ta n d in g c o m m o n s t o c k ($ 2 4 5 ,5 0 0 ) o f M a r ie t t a a n d P a rk e rsb u rg B r id g e
C o.
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y
C o m m o n s to c k $ 1 ,5 0 0 ,0 0 0 ( $ 2 5 ) ____
___________ $ 1 ,1 0 0 ,0 0 0 --------------------P r e fs t o c k $ 1 ,5 0 0 ,0 0 0 6 % c u m 1 ____
Q -J
1 .0 7 8 ,5 0 0
See tex t
(par $ 2 5 ) .................... - ............../
1st & r e f M $ 5 ,0 0 0 ,0 0 0 g o l d /
($ 1 0 0 , $500 & $ l ,0 0 0 ) _ c * t f
Series “ A ” _________________ \ 1916
5 g F -A
1 ,6 4 9 ,9 0 0 A u g 1 1 9 3 6
Series ” B ” ......................... . . . I 1916
7%
6 7 3 ,0 0 0 A u g 1 1936
(I n t, a t F id e lit y T r u s t C o . , B a ltim o re . M d .
P ark ersb G E L <k S t R y 1 s t / 1898
5 g M -S
1 44 .500 M a r 1 1938
M ($500 & $ 1 ,0 0 0 )___ c * .t f \ I n t . a t M e r c . T r u s t & D e p . C o . , B a lt ., tru s.
P a rk e rs b u rg -M a rie tta & I n t / 1902
5 A -O
5 4 0 ,0 0 0 A p r 1 1942
R y c o n s m tg e ($ 1 ,0 0 0 ) c * .t f \ I n t . a t U n io n T r . & D e p . C o . , P a r k ’g , W .V a .
P a rk ersb & In te r -U r b a n R y / 1901
5 F -A
10,000 A u g 1 1941
first m tg e ( $ 1 ,0 0 0 )_______ c * \ ln t . a t U n ion T . & D . C o . , P a rk e rs b ., W . V a.
O h io R i v , B r id g e & F e r r y C o / 1902
5 g J -J
3 5 0 ,0 0 0 Jan 1 1942
1st m g $ 4 0 0 ,0 0 0 ( c lo s e d ) - - I C o n t . & C o m . T r . & S a v . B k ., C h ic.,11 1., tr u .
P a rk e rsb u rg & S o u th B r id g e / 1907
6 g J -D
150 ,0 0 0 J u n e 1 1937
C o 1st m g $ 1 8 0 ,0 0 0 (c lo s e d ) \U n. T r .& D e p . C o . , P a rk e rs b u rg , W . V a . , i x .
S to c k .— P re fe rre d s t o c k is c u m u la tiv e fro m J u ly 1 1916.
A ll o f th e o u t ita n d in g c o m . a n d p r e f. s t o c k is o w n e d b y th e M o n o n g a h e la W e s t P en n
P u b lic S e rvice C o .
B o n d s .— T h e F irst & R e fu n d in g b o n d s are issu able in series as th e com *
p a n y ’s n eeds re q u ire . Series “ A ” is in th e a u th . a m o u n t o f $ 2 ,0 0 0 ,0 0 0 ,
o f w h ich $ 1 .7 0 0 ,0 0 0 w ere issued in A p ril 1917 t o retire th e $ 1 .1 0 0 .0 0 0 2 -y e a r
5 % n otes d u e Ju n e 15 1917, an d $ 1 5 0 ,0 0 0 M a r ie tta E le c tr ic C o . b o n d s p a id
A p ril 1 1917, a n d fo r e x te n sio n s, & c. $ 5 0 ,1 0 0 o w n e d b y M o n o n g a h e la
W est P en n P u b lic S e rv ice C o . E n tir e $ 6 7 3 ,0 0 0 Series “ B ” 7s are o w n e d
b y M o n o n g a h e la W e s t P en n P u b lic S e rvice C o . an d d e p o s ite d u n d er
M o n o n g a h e la V a lle y T r a c . C o . g e n . m tg e .
P r o v is io n is also m a d e fo r re ­
fu n d in g o th e r u n d e rly in g b o n d s a t o r b e fo r e m a tu r ity . T h e b o n d s are s u b ­
je c t to call o n a n y in t. d a t e a t 105. F id e lity T r u s t C o . a n d V a n L ea r B la ck
p f B a ltim o re are tru stees.
P a rk e rsb u rg G as E le c t r ic L ig h t & Street R y . fir s t m tg e . 5s are c a lla b le
a t p ar an d interest.
P a rk e rs b u rg -M a rie tta & In te r -U r b a n R y . c o n s . 5s are re d e e m a b le a t p ar
and in te re st. G e o . F . F re d e rick an d B e n j. T . N e a l, tru stee.
P a rk ersbu rg & In te r -U r b a n R y . fir s t 5s are ca lla b le a t p a r a n d In terest.
$19 0 ,0 0 0 h a v e been c a n c e le d .
D iv id e n d s . — D iv s . o f 1 14 % q u a r. o n p r e f. s t o c k w ere b e g u n O c t . 1 1915.
E A R N I N G S .— I n c lu d e d in M o n o n g a h e la W e s t P en n P u b lic S e r v ic e C o .
(see a b o v e ) .
O F F I C E R S .— P r e s .. G . M . A le x a n d e r: V . - P . . C . P . B illin g s; T r e a s .,
H . R . L y n n ; Sec. & A s s t. T r e a s ., S. E . M ille r ; A s s r . S e c ., G . E . M u r r ie .
— V . 104, p- 1145, 1702; V . 105. p . 1522; V . 110, p . 561 .

CHARLESTON INTERURBAN RAILROAD.
O R G A N I Z A T I O N .— I n c o r p . In 1909 w ith $ 1 0 0 ,0 0 0 ca p ita l s t o c k w h ich
w as in crea sed o n N o v . 10 1914 t o $ 1 ,5 0 0 ,0 0 0 in p a r t fo r th e p u r c h a s e o f
th e C h a rle sto n T r a c t io n C o , a lin e fr o m S t. A lb a n s t o S o u th C h a r le s to n ,
taken 0 1 er as o f th a t d a t e , an d in p a r t as a s t o c k d iv i d e n d , a ll earn in gs sin ce
in c o rp o ra tio n h a v in g g o n e in t o e x te n sio n s an d b e tte r m e n ts .
In A u g . 1923 p u rch a se d th e en tire o u ts ta n d in g s t o c k o f th e K a n a w h a
V a lley T r a c t io n C o . a n d has assu m ed th a t c o m p a n y ’s 1st m tg e b o n d s .
V . 117, p . 8 9 3 . T h e c o . also o w n s en tire ca p ita l s t o c k o f th e C h a r le s to n &
D u n b a r T r a c t io n C o . , w h ich c o . it h a d fo r m e r ly le a se d . V . 114, p . 197.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p erates (in c l. D u n b a r lin e m ileage) 51 m iles o f tr a c k be tw e e n S t. A lb a n s
an d C a b in C r e e k . L in e is t o b e e x te n d e d t o M o n t g o m e r y , a b o u t 10 m iles
fu rth e r o n . 70, 80 a n d 1 0 0 -lb . T an d 1 2 2 -lb . g r o o v e d ra il. S ta n d a rd ga u g e.
70 p assenger c a r s , 3 fre ig h t ca r s an d 4 w o rk c a r s . P o w e r is o b ta in e d fro m
the V irgin ia n P o w e r C o . u n d e r lo n g -te r m c o n t r a c t. F r a n c h is e o f the
T r a c tio n C o . in th e c it y o f C h a r le s to n expires in 1950; in te ru rb a n lines are
o p e ra te d a lm o s t e n tire ly o n p r iv a te r ig h ts -o f-w a y .

STOCK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity
____
________
$ 1 ,5 0 0 ,0 0 0
See te x t
C o m m o n $ 1 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) . .
P referred $ 1 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) - . ____
Q— J
3 8 5 .6 0 0 ........................
1st M (clo s e d ) co lla te r a l b o n d s /1 9 2 2
7 g M -S
6 8 7 ,5 0 0 M a r 1 1937
($500 and $ 1 ,0 0 0 )____ c * t f \ I n t . a t S afe D e p o s it & T r . C o . , B a lt ., trua.
K a n Val T r 1st M $ 2 ,0 0 0 ,0 0 0 / 1906
5 g J-J
1 ,0 0 0 ,0 0 0 Jan 1 1946
8TO C K AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity
($ 1 ,0 0 0 ) g o ld c __________t f j l n t . a t F id e lity T r u s t C o . , P h ila ., tr u s te e .
C o m m o n $ 1 5 ,0 0 0 ,0 0 0 ($ 2 5 )..................
Q -J
$ 9 ,5 7 4 ,0 6 1 O ct l8 l k
C h a r le s to n -D u n b a r T r 1st M
1913
6 g J -D
2 8 6 ,0 0 0 J u n e 1 1933
7 % c u m p ft $1 5 ,0 0 0 ,0 0 0 ( $ 2 5 ) / ____
7 Q -J
6 ,7 0 4 ,3 0 7 O ct ’ 27 1 %
6 % cum p fj
1 ______
6 Q -J
11,3 0 0
O ct ’ 27 146 $ 5 0 0 ,0 0 0 ($ 5 0 0 ) g o l d - - C .t f /C e n t r a l T r u s t C o . , C h a r le s to n T r u s t C o . ,
( C h a r le s to n , W . V a .
Mon Vail T r a c 1st A r e f m tg e ( 1912
5 J -D
3 ,7 4 7 ,0 0 0
Jun e 11942
$ 1 5 ,0 0 0 ,0 0 0 g o ld ($500 a n d / F id e lity T r u s t C o ., B a ltim o re , tr u s te e . In S to ck . — P r e f. s t o c k p a r ticip a te s e q u a lly in a d d itio n a l d iv s . in a n y y ea r
3 1 ,000)__________ c * & r * ___t f (te re st p a y a b le in N e w V o r k .
a fte r $6 p er share has be e n p aid on c o m m o n . V . 118, p . 2571
1st lien & r e f M ser B ($1 0 0 , f 1923 546 g F -A $ 1 4 ,1 7 1 ,0 0 0 F e b 1 1953
B o n d s . — P a y m e n t o f p r in . a n d in t . o f th e K a n a w h a V a l. T r a c C o . b o n d s
$ 50 0, $ 1 ,000 c * . $ 1 ,0 0 0 & ( In te re s t in N e w Y o r k an d C h ic a g o ,
has been assu m ed b y th e C h a rle sto n In te r u r b a n R R , $l,O00,OO0 o f the
m u ltip les r*) g ___________t f I
bond s h a v e been d e p o s ite d as s e c u r ity f o r th e 1st M . c o ll. 7 % b o n d s o f th e
F a irm & C la rk sb 1st M $ 2 , - / 1903
5 g A -O
2 ,5 0 0 ,0 0 0 O c t 1 1938
C h a rle sto n I n te ru rb a n R R .
5 0 0 .0 0 0 .
g ($ 1 .0 0 0 > _ _ c * n tf i Int at G u a r a n ty T r u s t C o
N v
f u s t « t - T h e C h a rle sto n I n te ru rb a n R y . 1st c o ll, b o n d s are s e cu re d b y d e p o s it o f
C la r k s b g G & E 1st M $ 2 5 0 ,- / 1913
5g F -A
2 5 0 ,0 0 0 F e b 1 1938 $ 1 ,0 0 0 ,0 0 0 1st M . 5s d u e 1946 (assu m ed) o f th e K a n a w h a V a l. T r a c . C o .
000 ( c $ l , 0 0 0 ) ___________n t f l l n t . a t L o w n d e s S av in gs B a n k & T r u s t C o .,
A re re d d u rin g th e fir s t 10 y e a rs , all o r in p a r t, a t 10746 a n d in t ., on a n y
I C la rk sb u rg , W . V a ., tru stee.
in t. d a te on 60 d a y s ’ n o tice ; a fte r M a r . 1 1932 a re r e d . a t 105 a n d in t .,
W e s t M a r y la n d P r p u r m o n e y / 1922
5 J -D
3 4 ,0 0 0 S erially
the pre m iu m de cre a sin g 1 % per an n . e a ch y e a r th e re a fte r t o m a tu r ity .
m o r tg a g e $ 3 9 ,0 0 0 __________ \
$62 ,500 retired b y s in k in g f u n d u p t o S e p t. 16 1924. M a r y la n d a n d P en n a
S to c k . — P r e f. s t o c k is listed on th e B a ltim o re S t o c k E x ch a n g e .
V . 122,
taxes re fu n d e d . V . 114, p . 94 6 .
p . 2 0 4 1 . O n N o v . 29 1926 2 0 ,000 a d d itio n a l 7 % c u m . p r e f. shares w ere
I n t on C h a r le s to n -D u n b a r T r a c . C o . 1st 6s is p a y a b le a t K a n a w h a
o ffe r e d fo r p u b lic sa le.
V . 123, p . 332 0; V . 124, p . 372 .
N a tio n a l B a n k , W . V a .
B o n d s . — O f th e M o n . V a lley T r a c . 1st (& r e f.) b o n d s, $ 2 ,5 0 0 ,0 0 0 are
D iv id e n d s . — O n c o m m o n p a id 2 % in 1 92 0.
I n 19 1, 2 % ; in 1 92 2, 2 %
reserv ed t o retire p iio r lien s, # 6 ,4 7 8 ,5 0 0 are d e p o s ite d u n d er th e fir s t lien
In 1923. 3 % .
In 1 92 4, 3 % .
an d r e f. b o n d s , a n d rem ain d ei are fo r a d d itio n s a n d e x ten sion s u n d er
E A R N IN G S —
G ro s s
In terest,
B a la n c e .
ce r ta in r e s trictio n s .
R e d e e m a b le a t 105 an d in t . o n a n y in t. d a t e . See
E a r n in g s .
N et.
& c.
S u r p lu s ,
V. 102, p . 1346; V . 94. p . 1508.
19 2 3 ------------------------------------ $ 9 7 5 ,6 2 8
$ 3 2 2 ,8 2 0
$13 1 ,6 6 6
$19 1,15 4
T h e ou ts ta n d in g fir s t lien & re f. 6s, Series “ A , ” w e re re d e e m e d o n A u g . 1
1 9 2 2 ------------------------------------ 9 5 2 .3 5 2
3 0 4 ,7 7 8
127.171
177,607
1925 a t 1 0 1 14 a n d in t.
V . 120, p . 3 18 8. T h e 1st l ie n c% r e f. m tg e . 5 ) 4 %
O F F I C E R S .— C h a irm a n o f B o a r d , W . A . M a c C o r k le ; P r e s ., F . M .
b o n d s , S e r ies “ B , ” d a ted F e b . 1 1923, are fu rth e r se cu re d b y p le d g e o f $ 6 ,S tau n ton ; S ec. & T r e a s ., A . M . H ill; V .- P . & G e n . M g r ., I . N . S m ith .—
4 7 8 ,5 6 0 1st & r e f. m t g e . b o n d s , d u e 1942, a n d b y p le d g e o f $ 6 7 3 ,0 0 0 sub
c o . b o n d s . T h e y are red , w h o le o r p a r t, u p o n 30 d a y s ’ n o tice , in c l. F e b . 1 V . I l l , p . 791 ; V . 113, p . 29 1 ; V . 114. p . 197. 946 ; V . 117, p . 89 3 , 2 2 1 1 :
V. 118, p . 2 0 1 , 177 1, 2 57 1: V . ’ 2 0 , p . ” 32 5 .
194 3, a t 105 and in t ., and a t 46 less each y e a r th e re a fte r. P e n n , and
C o n n . 4 m ills ta x , M a r y la n d 446 m ills tax a n d M a s s . 6 % ta x re fu n d a b le
H a ls e y , S tu a rt & C o ., I n c .. & c ., & c ., sold * * • " ' ‘ a c j ‘ ’ S POO.OOO a t 98
a n d in t ., y ie ld in g a b o u t 5 . 6 5 % .
V . 121, p . 7 0 6 . L is te d o n B o s t o n S to ck
E x ch a n g e . V . 121, p . 839 .
D iv i d e n d s . — In itia l d iv . o f 43 M c e n ts w as p a id o n 7 % p r e f. s t o c k o n
O c t . 1 1923. Sam e ra te p a id r e g u la rly q u a r. sin ce .

KENTUCKY

E A R N I N G S .— F o r c a le n d a r years:
*1927
G ross (a lls o u r c e s )............. $ 8 ,1 1 5 ,5 6 5
N e t a fte r m a in t., taxes
a n d ren ta ls____________
2 ,9 1 0 ,5 5 1
R e n e w ., rep la c. & d e p l - _
441 ,711
In te r e s t & a m o r t ________
1 ,3 4 8 ,2 1 0

1926
$7,4 7 1 ,9 3 1

1925
$ 7 ,1 2 6 ,3 6 3

1924
$ 5 ,671,‘l2 4

2 ,7 7 3 .6 4 2
418 .2 9 6
1,3 2 6 ,0 1 7

2 ,4 9 1 ,8 5 9
287 ,0 6 7
1 ,3 6 8 ,5 0 0

2 ,0 8 3 ,8 6 3
145.161
1 ,1 8 9 ,9 3 0

N e t in c o m e ___________ $ 1 ,1 2 0 ,6 3 0 $ 1 ,0 2 9 ,3 2 9
$83 6 ,2 9 2
$74 8 ,7 7 2
P re fe rre d d iv id e n d s ____
4 5 6 ,7 1 2
4 2 6 ,0 1 6
3 8 9 ,7 7 9
3 64 ,414
* F o r 12 m o n th s en d ed J u ly 31 1927.
O F F I C E R S .— C h a irm a n o f B o a rd , W . S. F in la y J r .; P r e s ., G . M .
A le x a n d e r ; V .-P s ., R . B . K e a tin g a n d C . P . B illin g s ; S e c ., S. E . M ille r ;
T r e a s ., H . R . L y n n ; C o m p t ., O . F . L o u g h ; A sst. T r e a s ., E . B . S m ith ;
A s s t . S e c s ., G . E . M u r r ie , W . K . D u n b a r and B . J . W ils o n .— V . 117,
p . 5 5 4 . 1236, 1462; V . 118, p . 551, 2305, 2 82 5; V . 119, p . 942 ; V . 120,
p . 70 3 , 1747, 318 8; V . 121, p . 586, 706. 839; V . 122, p 2 04 1, 2 49 6; V . 123.
p . 176 3. 3 32 0; V . 124, p . 37 2 , 1067, 1980




KENTUCKY HYDRO-ELECTRIC CO.
C o n tr o lle d b y M id d le W e s t U ti l it i e s C o .
O R G A N I Z A T I O N , & c .— I n c o r p . in D e la w a r e . I s en gag ed in t h e gen era ­
tio n , tra n sm ission a n d sale o f e le ctr ic a l e n e r g y . O w ns and o p e r a te s a
2 2 ,5 0 0 k .w . m o d e rn h y d r o -e le c t r ic p o w e r s ta tio n o n th e D ix R iv e r , a b o u t
20 m iles S o u th w e s t o f L e x in g to n
C o . ’s 95 m iles o f 6 6 ,0 0 0 v o lt d o u b le
c ir c u it steel to w e r tra n sm ission lines are in te rc o n n e cte d w ith th e sy stem s
o f th e In te rsta te P u b lic S e rv ice C o . , th e L o u is v ille G a s & E le c t r ic C o . ,
th e L e x in g to n U tilities C o . a n d K e n tu c k y U tilitie s C o . F o r fu ller d e ta ils ,
see V . 121, p . 2 8 7 4 .
U n d er th e term s o f a c o n t r a c t w ith M id d le W e s t U tilitie s C o . , th is la tte r
c o m p a n y fo r a p e rio d o f a t le a s t 20 ye a rs fro m Jan . 1 1923 is to c a u s e a
su ffic ie n t a m o u n t o f e le ctr ic a l e n e rg y t o b e p u rch a se d a t rates s u ffic ie n t
t o p a y a ll o p e r a tin g exp en ses, m a in te n a n ce , ta x e s , in te re s t c h a r g e s , sin k in g
fu n d , & c.

204

[V ol. 12o.

PUBLIC U TILITIE S

STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n 1 0 0 ,0 0 0 shs 'n o p a r ) . ____
________
6 7 ,0 0 0 sh s. ____________
7 % cu m p f $ 1 0 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
7 Q -M
$ 1 ,2 5 0 ,0 0 0 M a r ’2 7 , 1 H
1st M 6s $ 5 ,0 0 0 ,0 0 0 ser A ( $ 1 , - / 1924
6 g J -D
4 ,0 0 0 ,0 0 0 Ju n e 1 1949
0 0 0 , $50 0 $ 1 0 0 ) _______ c * t f |Int. p a y a b le a t N e w Y o r k o r C h ic a g o .
S to c k .-— T h e 7 % c u m . p r e f . s to ck is p re fe rre d as t o assets a n d c u m . d iv s .
M id d le W es t U tilitie s C o . an d K e n t u c k y U tilities C o . h a v e jo in t ly and
s e v e ra lly g u a ra n teed t h e p a y m e n t o f d iv id e n d s t o D e c . 31 1928 on the
o u ts ta n d in g p referred s t o c k . R e d . o n 30 d a y s ’ ’n o t ic e a t 110 a n d d iv s .
L is te d on C h ic a g o S to c k E x ch a n g e . V . 121, p . 2 87 4.
B o n d s .— T h e 1st m tg e . 6s b o n d s , d u e J u n e 1 1949, are r e d . all o r p a r t on
30 d a y s ' n o t ic e a t th e fo llo w in g p rices a n d in t . t o Ju n e 1 1929 a t 105; on
and fro m J u n e 1 1929 t o Ju n e 1 1934 a t 104; t o Ju n e 1 1939 a t 103; t o
Ju n e 1 1944 a t 1 0 2 H , o n Ju n e 1 1944 a t 102; th e re a fte r a t 102 less 1 4 % fo r
ea ch fu ll y ear elap sed a fte r M a y 31 1944. S u b se q u e n t t o M a y 31 1948
a t 100 . In Ju n e 1 9 2 4 , H a ls e y , S tu a rt & C o ., I n c ., o ffe r e d $ 4 ,0 0 0 ,0 0 0
series A a t 94 a n d in t ., t o y ie ld n e a rly 6 1 4 % . V . 118, p . 3 0 8 5 .
E A R N I N G S .— F o r c a le n d a r yea rs:
1926.
1925.
O p era tin g re v e n u e s -----------------------------------------------------$78 6 ,4 5 3
$36 1 ,0 4 0
N e t a fter ta x e s ________________________________________
5 9 8 ,1 0 4
154.655
N o n -o p e ra tin g in c o m e ________________________________
951
x 3 9 4 .9 4 0
G ross in c o m e __________________________________________
5 9 9 ,0 5 5
5 49 .595
F ixed ch a rg es _________________________________________
2 5 0 ,3 2 4
249 ,5 7 6
_______
C r . 49,491
A d ju s tm e n t p rior y e a r s ______________________________
P r e f. d iv s ., $ 2 5 6 ,1 9 4 ; less d iv s . r e c . fr o m guar­
a n tors, $ 2 3 1 ,7 4 7 ____________________________________
2 9 5 ,9 8 4
2 4 .4 4 7

a side o n o r b e fo r e Jan . 31 1926 an d o n o r b e fo r e Ja n . 31 o f ea ch y e a r th e r e ­
a fte r. P ro c e e d s o f th is s in k in g f u n d are t o b e used t o re tire c u m u l. p r e f.
s t o c k b y p u rch a se o r r e d e m p tio n .
I t is b e lie v e d th a t th e p r o c e e d s fro m th e
sin kin g fu n d p ro v is io n s will b e s u ffic ie n t t o retire at least o n e -h a lf o f th is
c u m u l. p r e f. s to c k w ith in 10 y e a rs . In J u ly 1925, C h a n d le r & C o ., I n c .,
R . E . W ils e y & C o . , I n c ., a n d G . G . B a rr e tt & C o . . I n c ., o ffe r e d 2 5 ,0 0 0
shares c u m . $7 p r e f. s t o c k a t $ 9 5 , t o yie ld 7 .3 6 % .
S tock P u r c h a s e W a r r a n t s .— E a ch share o f cu m u l. p r e f. s t o c k ca rries on e
s t o c k p u rch a se w a rra n t e n titlin g th e h o ld e r th e r e o f t o p u rch a se o n e sh are o f
In tern ation al U tilities C o r p . class B s to c k d u rin g th e p e rio d J u ly 1 1925
t o J u ly 1 1926, b o th d a te s in c lu d e d , a t $10 p e r sh are, th e re a fte r to an d in c l.
J u ly 1 1927 at $12 50 p e r share, th e r e a fte r t o an d in cl. J u ly 1 1928 a t $15
per share, an d th e r e a fte r t o an d in c l. J u ly 1 1930 at $20 p er sh are.
E A R N I N G S .— F o r ca le n d a r yea rs: ( I n c l . s u b . o p e r a tin g c o s .):
*1927.
1926.
1925.
$ 4 ,9 6 6 ,1 4 7 $ 4 ,6 1 5 ,4 4 0
G ross earn in gs, in c l. o t h e r in c o m e ___ $ 5 ,5 1 9 ,5 3 1
O p e r .e x p .,in cl .d e p l. .a m o rtiz. .d e p r e c .,
m a in t. & ta x e s, in c l. F e d e ra l ta x e s
a n d earns, a p p lic . t o m in o rity in t.
in c o m m o n s to c k o f s u b s id s ________
3 ,5 6 7 ,5 8 3
3 ,2 5 5 ,1 1 8
3 ,0 8 6 ,8 3 3

B a la n c e _____________________________________________
$ 5 2 ,7 4 7
$32 5 ,0 6 3
x I n c lu d in g $ 3 9 4 ,8 9 0 in te re s t d u rin g c o n s t r u c tio n .
O F F I C E R f b ^ - C h a ir m a n , S am uel In su ll; P res , M artin*J™ Instill.; V .- P s .,
L . B . H errin g ton and H a rrv R eid; T r e a s . & S e c., A . A . T u t t l e .— V . 118,
p . 3 08 5; V . 120, p . 226 8; V . 121, p . 287 4; V . 122, p . 232 9; V . 125, p . 517.

N e t in c o m e t o su rp lu s ____________
N e t su rp lu s a d j u s t m e n t s ____________
P r o fit o n in v e s t, (n e t o f F e d . t a x ) ___

INTERNATIONAL UTILITIES CORPORATION.
O R G A N I Z A T I O N .— A h o ld in g c o m p a n y in co rp . in M a r y la n d , O ct 8
1924. C o n tr o ls th rou gh s to c k ow n e rsh ip , a g ro u p o f p u b lic u tility p ro p e rtie s
op era tin g in fo u r S tates an d in C a n a d a , an d servin g 55 c o m m u n itie s , w ith a
co m b in e d p o p u la tio n o f o v e r 1 ,1 0 0 ,0 0 0 .
C o m p a n ie s c o n tr o lle d are (a)
C a n a d ia n U tilities, L t d ., E d m o n to n , C a n .; (b ) G as P r o d u ctio n & T ra n s­
p o r ta tio n , L t d ., C a lg a ry , C a n .; (c) K e n tu c k y Securities C o r p ., L e x in g t o n ,
K y .; (d) B u ffa lo & E rie R y . C o ., F r e d o n ia , N . Y . ; (e) N a n a im o E le c . L t .
P r . & H t. C o ., L t d ., N a n a im o , B . C . , C a n a d a ; (f) C a n a d ia n W e ste rn
N a tu ra l G a s, L ig h t, H e a t & P o w e r C o ., L t d ., C a lg a ry , C a n .; (g) N o r t h ­
w estern U tilities, L t d .; (h ) D u n c a n U tilities, L t d ., D u n c a n , B ., C . C a n .;
(i) V eg reville U tilities, L t d ., V e g re v ille , R a y m o n d , A lt a , W a tro u s , R o s e t o w n , K in d e r s ly a n d L lo y d s m in s te r, Sas<£., C a n .
V . 121, p . 199, 7 0 6 .
M id w e s t U tilitie s , L t d . in M a r . 1926 a c q u ir e d th e N a n a im o L t . & P r . C o . ,
L t d . V . 122, p . 176 2. O n M a y 18 1926 th e sale b y c o r p . o f its h o ld in g s
in t h e S ou th w es tern U tilitie s C o r p . a n d t h e S ou th w estern P u b lic S e rv ice
C o r p ., w h ich o p e r a te in K a n sa s C i t y a n d O k la h o m a t o U n io n G a s C o r p .
w as a n n o u n c e d . I n M a y 1926 a c q u ir e d t h e e le ctric lig h t a n d p o w e r p la n t a t
V e g re v ille , a b o u t 7 0 m ile s e a s t o f E d m o n to n , A lb e r ta , C a n . V . 122, p .
2 9 4 8 . I n A u g . 1926 a c q u ir e d e le ctr ic lig h t a n d p o w e r a n d th e w a te r p la n t
a t D u n c a n , B . C . , C a n . I n J u ly 1927 a c q u ir e d th e e le ctr ic lig h t a n d p o w e r
p r o p e r tie s a t R o s e t o w n , W a t r o u s , L lo y d s t o w n , K in d e rs le y , S a sk a tch ew a n
a n d R a y m o n d , A lb e r t a . T h e s e p r o p e r tie s h a v e be e n co n s o lid a te d in t o th e
c o r p o r a t io n k n o w n as M id w e s t U tilitie s , L t d . V . 124, p . 3 49 5, 3 77 2.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e su bsidiaries s erve w ith e le ctr ic ligh t an d po w e r th e en tire requ irem en ts
o f N a n a im o , and D u n ca n , B . C ., and V e g re ville , A ita , C a n a d a , L e x in g to n ,
K y ., an d th rou gh w holesale co n tr a c ts serve G e o rg e to w n , V ersailles, W in ­
ch ester, P a ris, F r a n k fo r t and 7 o th e r co m m u n itie s in K e n t u c k y .
T hey
fu rn ish gas t o th e cities o f C a lg a ry , E d m o n to n , L e th b rid g e and 11 o th e r
co m m u n itie s in the P r o v in c e o f A lb e rta , C a n .; c o n d u c t the ice an d c o ld
s torage business in L e x in g to n , N ich o la s v ille , an d G e o rg e to w n , K y .; d o the
entire street railw ay business in L e x in g to n and F ra n k fo rt, K y ., an d o p e ra te
a h igh -speed fre ig h t and p assenger ele ctric railw ay ru n n in g fro m B u ffa lo ,
N . Y . , th rou gh th e to w n s o f L a ck a w a n n a , D u n k ir k , F re d o n ia an d W e s tfie ld , N . Y . , N o rth e a s t, P a ., an d 20 o th e r co m m m u n itie s in N e w Y o r k and
P e n n s y lv a n ia to the c it y o f E rie , P a.
T h e o p e r a tin g sta tistics o f subsidiaries fo r th e year e n d e d D e c . 31 1926
w ere as fo llo w s : E le c tr ic o u t p u t , 44 6 0 1 .6 4 5 k .w .h .: gas o u tp u t fo r c a l.
y e a r 1926. 4 .7 6 0 ,6 8 3 ,0 0 0 c u . f t .: ice m a n u fa ctu re d , 4 4 ,8 6 3 ton s; to ta l gas
an d e le ctr ic c u s to m e rs , 4 7 ,5 2 4 ; e stim a te d gas reserves, 11 0 ,0 0 0 .0 0 0 ,0 0 0
c u . f t.
S e g r e g a tio n o f O il R ig h ts . — In A u g . 1925 it w as re p o rte d th a t th e c o r p
had taken s tep s t o seg re g a te its oil rights in th e V ik in g gas fie ld o f C a n a d a
th rou gh th e or g a n iz a tio n o f a su b s id ia r y , th e P r in c e to n P e tr o le u m C o . F o r
m o r e p a rticu la rs , see V . 121, p . 1101.
N e w a c q u is it io n s b e in g n e g o tia te d i n C a n a d a . — See V . 121, p . 9 7 8 .
C o n tr a c t . — In A u g . 1925 it b e ca m e k n o w n th a t th e c o r p ., th ro u g h its
C a lg a ry su b s id ia r y , th e C a n a d ia n W e ste rn N a tu ra l G a s, L ig h t, H e a t &
P o w e r C o . , L t d ., had en te re d in to a c o n t r a c t w ith th e R o y a lite G ils, L t d .
(a su b sid ia ry o f th e Im p e ria l Oil C o . o f C a n a d a ), w h ereby a large a m o u n t
o f gas from th e T u rn e r V a lley field is m a d e a v a ila b le fo r c o n s u m p tio n in
C a lg a ry u p o n an u n u su a lly fa v o r a b le basis. D elive rie s o f gas sta rte d in
___
Jan . 1926. See V . 121, p 97 8 .
"S T O C K A N D B O N D S—
D a t e 7 ^ ' I n t e r e s t ? " O u ts ta n d in g .
M a tu r ity .
C l A co m 5 0 0 ,0 0 0 shs (n o p a r ) ____
________ x l 31.248 shs. O c t ’ 27,8 7 H e
C l B c o m 5 0 0 .0 0 0 shs (n o p a r ) . ____
________ y 5 2 3 ,7 0 7 shs. _____________
$7 cu m p f 100 .000 shs (n o p a r ) . ____
$7 Q -F
3 6 ,7 1 8 shs A u g '2 7 $1.75
x R eg u la r d iv s . a t th e rate o f $3 50 p e r sh are p er an n u m h a ve been paid
on th e class A s to c k sin ce in c o r p o r a tio n , y In clu d in g class B s to c k reserved
a ga in st o u ts ta n d in g rights to s u b s crib e t o such s to c k .
T h e c o m p a n y has n o fu n d e d d e b t o th e r than th a t o f its su bsid iaries.
S to c k . — T h e p re f. s to c k is p referred as t o assets ($100 per sh are) an d d iv s .
Is c a ll, all o r p a rt on 60 d a y s ' n o tice a t 115 an d d iv s . C o r p . c o v e n a n ts to
set a sid e on o r b e fo r e Jan . 31 1926 an d o n or b e fo re Ja n . 31 o f each year
th erea fter a s in k in g f u n d a t th e rate o f $2 50 per share per an n u m fro m
th e d a te o f issu e o f th is c u m u l. p re f. s t o c k .
In a d d itio n t o th is p a y m e n t,
the c o r p . c o v e n a n ts t o set aside a sum e qu a l t o 2 0 % o f th e net earnings
a v a ila b le in ea ch y ea r fo r d iv s . o n th e cla ss B s t o c k , w h ich sum shall be set

International Utilities
Corporation
and

Underlying Securities
Bought— Sold— Quoted

C H A N D L E R & C O ., Inc.
120 Broadway
NEW YORK, N. Y.




Franklin Bank Bldg.
PHILADELPHIA, PA.

N e t e a rn in g s __________________________ $ 1 ,9 5 1 ,9 4 7
In te re s t an d d is c o u n t o n b o n d s ______
7 7 0 .6 5 6
84,1 1 5
O th e r in te re s t__________________________
D iv s . p a id or a c c r . o n p r e f. s to c k s o f
su bs, o w n e d b y p u b lic _______________
2 6 4 ,8 7 5
$ 8 3 2 ,3 0 0
692
_______

$ 1 ,7 1 1 ,0 2 9
7 7 8 .8 7 5
73,687

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

2 3 7 ,2 7 4

111 ,6 2 5

$62 1,19 3
4 ,3 0 2
4 4 3 ,0 1 7

$ 5 2 5 ,8 7 8
15,521

C o m b in e d n e t e a rn in gs o n t h e b asis
o f s to c k o w n e r s h ip _______________
$ 8 3 2 ,9 9 2 $ 1 ,0 6 8 ,5 1 2
$ 5 4 1 ,3 9 9
* F o r 12 m o n th s e n d e d J u ly 31 1927.
O F F I C E R S .— C h a irm a n o f B o a rd and P r e s ., P . M . C h a n d le r; V . - P s .,
T . A . M c A u le y , F . W . B a co n , E . H . W a n d s , J. R . D u n la p Jr. an d H u n ter
C . P h elan ; S e c ., A . S tu d le y H a rt; T r e a s ., H . W illia m s J r .— O ffic e s , 120
B r o a d w a y . N e w Y o r k C i t v .— V . 121. n. 199, 706, 978 . 1701, 2 1 5 6 . 3003
V . 122, p . 213 , 1026, 1762, 249 5, 294 8; V . 123, p . 1762, 2 13 8; V . 124 , p .
50 6 , 920 , 1665, 3 0 6 6 , 3 4 9 5 , 3 77 2; V . 125, p . 94, 517 , 914 , 1323.

KENTUCKY SECURITIES CORPORATION.
C o n tr o l .— T h ro u g h o w n e rsh ip o f a m a jo r it y o f th e s t o c k c o n t r o lle d b y
I n t e r n a ti o n a l U tilit ie s C o r p .

O R G A N I Z A T I O N .— A h o ld in g c o .
I n c o r p . in V irgin ia o n J a n . 23 1911
(V . 9 2 , p . 322) as su cce sso r t o th e L e x in g to n & I n te ru rb a n R y s . C o . plan in
V . 9 2 , p . 4 6 1 . C o n tr o ls th ro u g h s to c k o w n e rsh ip th e K e n t u c k y T r a c t io n &
T e rm in a l C o . , L e x in g to n U tilitie s C o . an d L e x in g to n I c e . C o .
A ls o
c o n tr o ls K e n t u c k y C o a c h C o . , I n c . In 1923 a c q u ir e d th e p la n a n d bu sin ess
o f th e R o y a l S p rin gs I c e & S to ra g e C o . o f G e o r g e t o w n , K y . V . 116 . p . 1 5 3 3 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
o f th e R o y a l S p rin gs I c e & S to ra g e C o . o f G e o r g e t o w n , K y . V . 116 , p . 1 53 3.
C o n s titu e n t c o s . o p e r a t e 8 9 .3 3 m iles o f t r a c k . 44 p assen ger c it y c a r s , 14
in teru rb a n ca rs, 14 fre ig h t an d s e r v ic e ca rs; t o t a l 7 0 , ca rs . 7 passen ger
co a c h e s an d 1 tr u c k . T h e y d o th e e le ctr ic lig h t an d p o w e r , g a s , treet
ra ilw a y an d ice b u sin ess o f L e x in g to n . A ls o o p e r a te c it y lin es in F r a n k fo r t
an d lin es r a d ia tin g fro m L e x in g to n t o G e o r g e t o w n , P a ris, N ic h o la s v ille ,
V ersailles an d fro m F r a n k fo r t t o V ersa illes.
91 m iles o f g a s m a in s .
3 ic e p la n ts o f d a ily m a n u fa c tu r in g c a p a c it y o f 2 3 5 t o n s .
In terest.
O u ts ta n d in g .
M a tu r ity .
STO C K A N D BON DS—
D a te .
C o m m o n $ 2 ,5 0 0 ,0 0 0 ($ 1 0 0 )___ ______
___________
$ 2 ,0 2 7 ,8 8 7
S ee t e x t
P r e f $ 2 ,5 0 0 ,0 0 0 ($1 0 0 ) 6 % /
c u m u l a t iv e _________________ \ _____
Q— J 15
2 ,3 4 8 ,8 9 8 O c t ’27.1
S to c k .— B o t h c o m . and p r e f. are listed o n P h ila . an d L o u is v ille s t o c k
e x ch a n g e s.
P r e f. is also listed o n C in c in n a ti S to c k E x c h a n g e . P r e f.
s to c k is r e d e e m a b le a t par an d a c c u m . d i v .
In J u ly 1917 h o ld e rs o f b o t h
c o m m o n and p r e f s to c k w ere g iv e n th e rig h t t o s u b s c r ib e p r o ra ta o n o r
b e fo r e A u g . 15 1917 fo r th e re m a in in g p r e f. s t o c k at 82 H an d a c c r u e d d iv s .
fro m J u ly 1 1917. V . 105, p . 3 8 9 .
A s o f J a n . 4 1922, $ 3 2 0 ,3 8 0 o f t h e p r e f.
s to c k re m a in e d u n so ld a n d th e s t o c k h o ld e r s v o te d t o sell th e s t o c k o r
exch an g e sam e fo r the o u ts ta n d in g p re f. d iv scrip ce rtifs .
T h e h old ers o f
pref. and c o m . s to c k w ere give n th e p riv ile g e o f su b s crib in g fo r $ 1 6 9 ,2 8 0 6 %
cu m . p re f. s to c k to th e a m o u n t o f 4 % o f their h o ld in g s o f p r e f. an d c o m .
s to c k as o f re c o rd F e b . 4, a t $70 p e r sh a re . S to ck h o ld e rs e x e rcis in g rig h t o f
su b scrip tio n w ere g iv e n rig h t t o d e liv e r in fu ll or partial p a y m e n t o f sam e
pref. s to ck d iv scrip ce r tfs . at 8 0 % o f th eir fa c e v a lu e (all o u ts ta n d in g
scrip was called fo r p a y m e n t O ct 2 19221
V 114. n 409
D iv i d e n d s .— In itia l d i v . on p r e f ., 1 H % . p a id J u ly 15 1913: s a m e r a t e
q u a r. t o and in c l. J u ly 1916; in O c t . 1916 p a id 1 1 4 % and H o f 1 % e x tr a
a c c t . o f a c c u m u la tio n s . In J a n . 1917, 1 1 4 % and 1 % e x tra , p a y in g u p all
a cc u m u la tio n s ; A pril 1917, 1 H % . and sa m e r a te q u a r. t o an d in c l. J u ly
1918; n on e t o O c t . 1919, w h en 1 H % w as p a id (V 109, p 1273)
In 192 0,
6% .
In A p ril 1920 a sc r ip d iv . o f 6 % w as a lso p a id , cle a rin g u p all b a c k
d iv id e n d s . V . 110. p . 152 6. In 1921. 6 % .
Sam e ra te sin ce t o a n d in c l.
A p r . 1927. A n in itial d i v . o f 1 % w as p a id o n c o m . on O c t . 2 192 2. S a m e
ra te p a id r e g u la rly q u a r. t o and in c l. J u ly 1924. Tn O c t . 1924 1 Vf % w as
p a id , a n d sa m e r a te p a id r e g u la rly q u a r . sin c e t o a n d in c l. O c t . 1 92 7.
E A R N I N G S .— O f c o m b in e d o ron erties (K e n . T r a c . & T e r m . G o
L e x . U til. C o O f o r 12 m o s . e n d . J u n e 30:
G ro s s
E a r n in g s .

N et
E a r n in g s .

O th er S in k . F u n d ,
In c o m e . T a xes, & c .

B ond
In terest.

1926 _______ $ 1 ,9 9 4 ,8 0 9 $ 9 9 5,56 6 $14 8,61 5
1925 _________1 ,717.551
893 .9 3 3
89.8 1 3
826 .171
8 4 .2 3 6
1924 _____
1 ,6 7 3 ,7 0 7
7 0 7 ,8 4 2
9 6 ,5 8 9
1923 _________ 1 ,5 5 1 ,7 1 5
1922 _______ 1 ,4 5 7 ,8 1 8
6 7 6 ,7 7 4
9 1 ,4 2 4
O F F I C E R S .— P . M . C h a n d le r ; V . - P . , F . W . B a co n ; S e c .,
B r o w n J r .: T r e a s .. H . W illia m s J r .— V . 11 7 , p . 1661 V . 1 1 9 , p . 1 3 9 5 , 173 3,
2 1 7 4 , 241 1; V . 121, p . 1902; V . 122, p . 21 3 , 3 0 8 2 ; V . 125, p . 518.

(1) KENTUCKY TRACTION & TERMINAL CO.
O R G A N I Z A T I O N .— In c o r p o r a te d in K e n t u c k y on M a y 18 1911 as a c o n ­
so lid a tio n o f th e L e x in g to n R y ., B lu egrass T r a c . C o . an d C e n tra l K e n t u c k y
T r a c . C o . V . 9 2 , p . 1436. T h e en tire s t o c k is o w n e d b y L e x in g to n U tilities
C o . F r a n c h is e s p e r p e tu a l.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 8 9 .3 3 m iles o f t r a c k , co m p r is in g all stre e t ra ilw a ys in and a b o u t
L e xin gto n , 16.02 m iles; F r a n k fo r t, 5 .6 4 m iles; in te ru rb a n lines r a d ia tin g
fro m L e x in g to n t o V ersailles, G e o rg e to w n , P aris, F r a n k fo r t an d N ic h o la s villes, 65 87 m iles; sidin gs an d sp u rs, 1.8 m iles. 50 t o 80 lb . rails. S ta n d ­
ard ga u g e. O w ns 44 p assenger c it y ca rs and 14 in teru rb a n passen ger ca rs .
14 fre ig h t an d s e rv ice cars; t o ta l, 72 cars. C o . co n d u c ts an ice an d c o ld
sto ra g e bu sin ess. O w n s 3 ice m a n u fa ctu rin g pla n ts w ith d a ily c a p a c it y o f
230 tons.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
________
$ 2 ,0 9 3 ,4 0 0 ....................
S to c k $ 2 ,5 0 0 ,0 0 0 ( $ 1 0 0 )_____________
F irst & re f m tg e $ 7 ,5 0 0 ,0 0 0 g f 1911
5 g F -A
1,9 7 3 ,0 0 0 F e b . 1 1956
($ 1 ,0 0 0 ) gu a r p & i ___ c * .t f \ I n t . a t C o m m e r c ia l T r u s t C o ., P h ila .,tr u s te e
Lex R y first m tg e $ 1 ,5 0 0 ,0 0 0 ) 1899
5 g J -D
8 6 0 ,0 0 0 Ju n e 1 1949
g o ld ( $ 1 .0 0 0 )_________ c * . t f l l n t . a t C o n tin e n ta T r . C o . B a ltim o r e , tr u s .
B lu e G rass 1st m tg e $ 7 0 0 ,0 0 0 f 1904
5 g M -S
1 9 4 ,0 0 0 M a r 1 1934
g o ld ($500 & $ 1 .0 0 0 )-C * r .t f 1I n t. a t C le v e la n d T r . C o ., C le v e la n d , tr u s te e
E q u ip tru st ce rtifs Series “ A " ( 1923
6 g A -O
9 6 .0 0 0
S ee t e x t
($500 an d $ 1 ,0 0 0 ) g o ld ____ (S e c u r ity T r u s t C o . , L e x in g t o n , K y ., tr u s te e .
B o n d s . — O f th e fir s t & r e f. b o n d s. $ 3 ,9 8 2 ,0 0 0 are re se rv e d t o retire
prior liens a n d fo r exten sion s, im p ro v e m e n ts , & c ., a t n o t ex ceed in g
9 0 % o f c o s t u n d e r certa in re strictio n s
T h e y are r e d e e m a b le as a w h ole
on F e b . 1 1914 or o n a n y in terest d a y th e r e a fte r , o r in p a r t fo r sin k in g
fu n d on a n y in terest d a y a fte r N o v . 1 1921 a t 105 an d in te re st.
B on d s
are g u a ra n te e d , p rin . & in t ., b y e n d . b y th e K e n t u c k y S ecurities C o r p .
S in k in g fu n d 1 4 % p er a n n u m o f b o n d s o u ts ta n d in g . 1921 t o 1930; 1 % 1931 t o
1950. V . 92, p . 1564. A s o f O ct 1 1926 $ 1 .5 4 5 ,0 0 0 had been retired an d
ca n ce le d b y o p e r a tio n o f th e sin k in g f u n d .
V . I l l , p . 1083
.T h e b o n d s
are liste d on th e P h ila . S to c k E x ch a n g e . V . 9 4 . p . 1119. S in k in g f u n d
retires 1 % o f L e x in g to n R y . b o n d s a n n u a lly : $ 4 6 4 ,0 0 0 w ere held in s f.
F e b . 28 1927. T h e e q u ip m e n t tru s t c e r tifs .. Series “ A , " are d u e $ 8 ,0 0 0
s e m i-a n n u a lly O ct. 1 a n d A p ril 1 t o a n d in c lu d in g A p ril 1 1933. D iv id e n d s
p a y a b le in L e x in g to n , K y ., o r N e w Y o r k C it y . K e n t u c k y 4 m ills tax.
r e fu n d e d . V . 116, p . 1649.

O F F I C E R S .— P r e s .. P . M . C h a n d le r ; V .- P ., F . W . B a e o n ; V . - P . &
G e n . M g r ., J . P . P o p e ; S e c ., H . W illia m s. J r ., L e x in g to n ; T r e a s ., J. W .
S t o ll, L e x in g t o n .— V . 114 , p . 79; V . 116, p . 1649, 2 76 6; V . 117 , p . 6 7 0 ,1 6 6 3 .

(2) LEXINGTON UTILITIES CO.
O R G A N I Z A T I O N , & c .— I n c o r p . in K y . o n Ju n e 5 190 9. H a s assu m ed
th e p a y m e n t o f p r in . a n d in t . o f $ 5 1 5 ,0 0 0 L e x in g to n R y . C o . 1st m t g e . 5s.
V. 109 , p . 1370.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y su p p lies w ith o u t c o m p e t it io n e le ctr ic lig h t an d p o w e r t o L e x in g ­
to n , K y .
A lso ow n s th e e le ctr ic d is trib u tio n syste m s in 2 n e a r b y to w n s
a n d u n d er w h olesa le c o n t r a c ts w ith o th e r u tility c o m p a n ie s , su p p lies p o w e r
t o n u m erou s c o m m u n itie s w ith in a 4 0 -m ile radius o f L e x in g to n , in clu d in g
F r a n k fo r t, th e c a p ita l o f K e n t u c k y .
E le c tr ic p rop erties co n n e c te d b y a
6 6 ,0 0 0 -v o lt tran sm ission lin e w ith D ix R iv e r h y d r o -e le c, d e v e lo p , o f K y .
H y d r o -E le c . C o . a n d w ith steam p o w e r p la n t o f K y . U tilities C o . a t P in e v ille .
T h ro u g h su bsid iary c o s . c o n tr o ls th e ice an d c o ld storage business in
L e x in g to n , G e o rg e to w n an d N ic h o la s v ille a n d th e u rban and in teru rb an
ra ilw a y s an d buses op e ra tin g in this te rrito ry . P o p u la tio n s erved , 2 2 5 ,0 0 0 .
C o . ow n s a steam g e n eratin g sta tio n o f 10.500 k .w ., 666 m iles tran sm ission
a n d d is trib u tion lines, & c. L eases 91 m iles gas m ain s t o C en tral K e n tu c k y
N a tu ra l G as C o . T h re e ice p lan ts w ith ann u al o u t p u t o f o v e r 44,8 0 0 to n s .
L ig h t a n d p ow er f r a n c h is e s expire in 1936. G as and ice fr a n c h is e s are per­
p etu al .
STO C K A N D BO N DS—
D a te . In terest.
O u ts ta n d in g .
M a tu r ity .
•Com m on $10 0 ,0 0 0 ( $ 1 ) _______— A ll o w n e d b y K e n t u c k y S ecu rities C o r p .—
6 4 % cu m p r e f ( $ 1 0 0 )-----------6 4 Q -M
$ 2 ,0 0 5 000 - - - - - - - - - 1st & r e f m tg e b o n d s, series o f)
1927 5 g F -A
3 .7 5 0 .0 0 0 F e b 1 1952
1952 ($ 1 ,0 0 0 & $ 5 0 0 c * . a n d ) In t. a t B a n k ers T r u s t C o ., N . Y . , trustee.
r $ 1 ,0 0 0 & m u ltip le s )____ t f j
L e x in g to n R y C o 5s o f 1949 f 1899 5 J -D
8 6 0 .0 0 0
1949
($ 1 ,0 0 0 c * ) _________________ (C o n tin e n ta l T r u s t C o . o f B a lt ., trustee.
S to c k . — T h e 6 4 % c u m . p r e f . stock is preferred as t o c u m . d iv s . an d assets
o v e r a n y o th e r s t o c k o f th e c o .
R e d . w h o le or p a r t, o n 60 d a y s ' n o tice a t
1 0 7 1 4 a n d d iv s .
E n title d t o $107 4 per sh are and d iv s . in case o f v o lu n ta r y
o r in v o lu n ta r y d is s o lu tio n .
H as full v o t in g privile ge s share fo r sh are w ith
th e co m m o n s t o c k . A d d itio n a l p r e f. s t o c k (a fte r th e first $ 2 ,0 0 0 ,0 0 0 issu ed)
m a y o n ly b e issu ed w hen fo r 12 o u t o f p re ce d in g 15 m o n th s h a v e been a t
ea st 2 1 4 tim es an n u al d iv id e n d re q u ire m e n ts o f o u ts ta n d in g p r e f. s t o c k ,
n c l. n ew issu e. C o . w ill n o t cre a te a n y issue o f s to c k h a v in g p r io r it y or
e q u a lity w ith this p r e f. s t o c k .
On D e c . 1925, B o n b r ig h t & C o . . In c .
o f fe r e d '$ l,5 0 0 ,0 0 0 6 4 % c u m . p r e f. s t o c k a t $93 a n d d iv s ., t o y ie ld a b o u t
7 /1 • \ . 121, p . 3 0 0 3 .
B o n d s . — I s ! & r e f. m tg e. g o ld b o n d s, 5 % s e r ie s d u e 1 952, are secu red b y a
d ir e ct 1st m tg e . o n a s u b sta n tia l p o r tio n o f th e p r o p e r ty , in cl. a m o d e rn
steam e lec. gen. s ta tio n o f 10,500 k .w . c a p a c ity a n d b y a d ir e ct m tg e . on
b a la n c e o f th e p h y s ica l p r o p e r ty , s u b je c t t o $ 1 ,0 3 6 ,0 0 0 L e x in g to n R y . C o .
5s o f 1949 (a closed issue o f w h ich $ 3 ,0 0 0 is p led ged u nd er th is issu e), p a y ­
m e n t o f w h ich w as assum ed e q u a lly b y the c o . and K e n tu c k y T r a c . & T e r m .
C o . w hen th e y a cq u ire d L e x . R y . C o . p rop erties. A d d itio n a lly secu red b y
? ledge o f all o u tsta n d in g c a p ita l s to c k e x c e p t d ir e cto r s ’ shares o f L e x in g to n
ce C o . A d d itio n a l 1st & ref. m tg e . 5 % b o n d s o f a n y series o f such tenor
as d ir e cto r s m a y fr o m tim e to tim e de te rm in e m a y b e issued fo r re fu n d in g
a n y series or u n d e rly in g issues; fo r cash an d t o an a m o u n t n o t exce e d in g
7 5 % o f a d d itio n s or im p ro v e m e n ts . A d d itio n a l b o n d s m a y n o t be issued
e x c e p t for r efu n d in g p u rp o se s, unless co n s o l, net earns, fo r 12 c o n s e c u tiv e
m o n th s w ith in th e 15 ca le n d a r m on th s im m e d ia te ly p reced in g are a t least
eq u a l t o tw ice ann u al d iv . requ irem en ts (or 1 2 % o f the p rin cip a l a m t. o f)
o f all b on d s o u ts ta n d in g , in cl. p ro p o se d issue. N o t m ore than 1 5 % o f
su ch n et earnings shall co n sist in the a ggregate o f (a) net n o n -o p e ra tin g in c .,
an d <b) n et in c. d e riv e d fro m pro p e rtie s n o t d ir e ctly s u b j. to lien o f m tg e .
C erta in m o d ific a tio n or a lte ra tio n s can be m ad e in th e in d en tu re w ith assent
o f 8 5 % o f h old ers o f o u ts ta n d in g b o n d s n o t a ffe c tin g a n y p ro v is io n s as t o
m a tu r ity , in t. rates, & c ., w ith o u t c o n s e n t o f h olders th ereof.
Im p ro v e ­
m en t fu n d to co m m e n ce M a r . 1 1929 for bon d retirem en t or a cq u is itio n
or retirem en t o f u n d e rly in g o r p rio r lien b o n d s o r fo r p r o p e r ty a d d itio n s
a g ain st w h ich b o n d s shall n o t b e issu ed.
R e d . w h o le o r in p a r t u p o n 30
d a y s ’ n o tice a t 105 th ro u gh F e b . 1 1931; w ith su ccessive re d u ctio n s o f 1 %
fo r each 5-y ea r p e rio d th e re a fte r th ro u gh F e b . 1 1951, and th ereafter
t o m a tu rity a t 100, p lu s a ccru e d in t. in each case. C o . agrees t o re fu n d
P en n n a . 4-m ills ta x , C o n n , tax up to 4 m ills an n u a lly, M a r y la n d securities
tax n o t exceed in g 4 A m ills a n d M a s s , tax n o t exce e d in g 6 % per a n n u m .
In F eb . 1927 B o n b r ig h t & C o . , I n c ., H arris, F o rb e s & C o . an d W . C . L a n g­
le y & C o ., o ffe r e d $ 3 ,7 5 0 ,0 0 0 1st & r e f. m tg e. 5 % s e r i e s d u e 1952 a t 9 6 4 an d
in t ., to yield 5 4 % .
V . 124, p . 791.
E A R N I N G S .— F o r ca le n d a r yea rs;
1926.
1925.
1924.
O p er. revenues and o th e r in c o m e ______$ 1 ,4 6 2 ,9 2 7 $ 1 ,3 4 8 ,9 9 0 $ 1 ,2 3 0 ,8 7 0
O p er. expenses, m ain te n a n ce , & c ____
700 ,966
5 75 ,523
553 ,095
N e t b e fo r e d e p r e c ia tio n ____________
In te r e s t an d a m o r tiz a tio n ____________

$76 1,96 1
3 6 9 ,6 6 7

$ 7 7 3,46 7
2 4 0 ,8 6 2

$ 6 7 7,77 5
226 ,789

N e t e a rn in gs_________________________
$39 2 ,2 9 4
$ 5 3 2,60 5
$ 4 5 0,98 6
O F F I C E R S .— P r e s ., P . M . C h a n d le r ; V .- P s ., F . W . B a c o n , E . H .
W a n d s; S e c ., H W illia m s , J r .; T r e a s ., J W . S to ll.— V . 121 , p . 3 00 3:
V. 122 , p . 1310; V . 123 , p . 32 4 ; V . 124 , p . 791 .
(3) L E X I N G T O N ICF. C O .
O R G A N I Z A T I O N .— I n c o r p . M a y 1
o u ts ta n d in g , $ 1 0 0 ,0 0 0 . all ow n e d b y
R o y a l S prings Ice C o . o f G e o rg e to w n ,
Into c o n t r a c t w ith L e x in g to n U tilities
ou tp u t.

1917. S to c k a u th o riz e d , $ 1 0 0 ,0 0 0 ;
L e x in g to n U tilities C o .
A cq u ire d
K y ., o n lease basis. H as entered
C o . fo r sale o f th a t c o m p a n y ’s ice

LOUISVILLE GAS & ELECTRIC CO. (DEL.).
C o n tr o l .— S tand ard gas an d E le ctric C o . o w n s 148,872 shares o f th e o u t ­

s ta n d in g . class B c o m m o n s to c k .
M a n a g e m e n t .— B y lle s b y E n gin eerin g & M a n a g e m e n t C o r p ., w h o se en tire
c a p ita l s to c k is ow n e d b y S ta n d a rd G as & E lectric C o .
O R G A N I Z A T I O N .— A h o ld in g c o ., in c o rp . in D e la w a re , F e b . 17 1913
O w n s o v e r 9 9 % o f th e c o m m o n s to c k o f L o u isv ille G as & E le ctric C o
( K e n t u c k y ) , an d th e en tire s to c k ( e x c e it d ire cto rs shares) o f L ou isville
H y d r o -E le c t r ic C o ., K e n tu c k y P ip e L in e C o .. K e n tu c k y C o k e C o . , and
M a d is o n L igh t & P ow er C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y ’s system serves e le ctr ic p o w e r and ligh t an d natural and m anu
fa c tu re d gas in the C itv o f L o u isv ille and n e igh b o rin g co m m u n itie s
P o p u la tio n served o v e r 3 8 0 ,0 0 0 . T h e W a te rsid e S tation has an installed
ele ctr ic gen eratin g c a p a c ity o f a p p ro x im a te ly 124,000 h .p .
C o . ’s s u b ­
s id ia ry . the L ou isv ille H y d r o -E le c t r ic C o . is c o n s tr u c tin g a w ater pow er
d e v e lo p m e n t o f an u ltim a te c a p a c it y o f 135 ,000 h .p . t o b e p la c e d in o p e r a ­
t io n in 1928 on th e O h io R iv e r at L o u is v ille . F o r p a rticu la rs see V . 121, p.
1348: V . 122, p . 1026, u n d e r h e a d in g “ L o u isv ille H y d r o -E le c t r ic C o . ”
The
s y s te m has its ow n c o a l p r o p e r tie s , insurin g an a d e q u a te an d co n v e n ie n t
s o u r c e o f fu el s u p p ly ; 83,197 e le ctr ic cu s to m e rs , o v e r 921 m iles o f h ig h -te n ­
sion transm ission an d d is trib u tio n lin es. G as p la n ts o f 2 2 ,0 0 0 .0 0 0 c u . ft.
t o t a l d a ily m fg . c a p a c ity s e r v e 7 1,6 6 3 gas c u s to m e rs b y m ean s o f 933 m iles o f
gas m ain s. V . 120, p . 281 5.
STO C K AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C lass A c o m m o n 8 0 0 .0 0 0 s h s ./
( n o p a r ) _____ _______ ______ _ / _____
See t e x t 5C 5.0 80 shs. See te x t
C lass B c o m m o n 5 00 .000 s h s .f
( n o p a r ) _____________________ \ _____
__________ 2 5 7 .9 5 6 shs. See te x t
S to c k . — C la s s A c o m m o n s to ck is p referred as t o each q u a r. (M a r c h , & c.)
d i v . a t th e annual rate o f $1 .50 o v e r class B c o m m o n s t o c k , and a fter class
B c o m m o n has received the sam e d iv id e n d per sh a re , cla ss A an d class B
s to c k p a rticip a te equ a lly and ra ta b ly share for sh are, up to an a d d itio n a l
ann u al rate o f 50c. per share, and th e re a fte r cla ss A is en title d to d iv id e n d s
in th e ra tio o f 25c. per share for each $1 per share paid on class B . C lass A
is p referred to $25 per share in d istrib u tio n o f assets o v e r class B. and after
cla ss B has received the sam e a m o u n t per share, class A and B p a rticip a te
e q u a lly and ra ta b lv snare for share, in d istrib u tio n o f assets. C lass A is
c a ll, a t $ 3 2 .5 0 p e r share. C lass A co m m o n liste d o n N . Y . , C h ic a g o and
L o u is v ille S tock E x ch a n g e s.
In M a y 1925 H . M . B y lle s b y & C o ., I n c .,
o ffe r e d 4 5 0 ,0 0 0 class A sh ares a t $26 p e r share. V . 120, p . 2815; V . 122,
p . 94.
D iv i d e n d s .— In Sept.

1925 an

in it ia l

n u a r. d iv

w a s p a id o f 4 3 4 c

on

cla ss A s t o c k .
Sam e a m o u n t paid q u a r. sin ce. V . 121, p. 1101. O n class B
c o m m o n an Initial qu a r. d iv . o f 4 3 4 c . in S e p t. 192 5. S a m e a m o u n t p a id
q u a r . s in ce . V . 121, p . 1101.




305

POW ER, LIG H T AND R A IL W A Y

O ct ., 1927.]

E A R N I N G S .— F o r c a le n d a r y e a rs;
1926.
’
G ro ss e a rn in g s ____________ $ 8 ,6 5 4 ,5 7 5
O p e r. e x p ., m a in t. & ta x . 4 ,2 8 4 ,2 6 5
I n t e r e s t _________
1 .2 6 3 .6 4 7
P re fe rre d d iv id e n d s _____
8 6 9 ,2 0 5

192 5.
$ 7 ,9 0 3 ,8 9 9
3 .8 1 1 ,8 6 8
1,308,701
1 ,0 1 6 ,4 0 9

1924.
$ 7 ,2 5 8 ,6 3 7
3 .7 0 5 ,1 5 8
1,1 6 1 .1 0 7
1,1 3 8 ,0 8 0

1923.
$ 6 ,4 7 5 ,8 2 4
3 .2 5 5 .4 3 2
9 6 2 .5 5 2
993 .0 8 7

B a l. fo r r e tir e ’t re s ’ v e ,
c o m .d iv s ..a m o r t .,& c . $ 2 ,2 3 7 ,4 5 8 $ 1 ,7 6 6 ,9 2 0 $ 1 ,2 5 4 ,2 9 2 $ 1 ,2 6 4 ,7 5 2
L a te s t E a r n in g s .-— F o r 12 m o n th s e n d e d A u g . 31 1927: G ross, $ 8 ,6 9 0 ,3 6 0 ;
n e t b e fo r e p r o v is io n fo r r e tir e m e n t, $ 4 ,4 6 4 ,7 0 1 .
F o r 12 m on th s e n d e d
A u g . 31 1926: G ro ss, $8.509,1,16: n e t . $ 4 ,3 3 2 ,5 7 2 .
O F F I C E R S .— P r e s ., Jo h n J. O ’B rie n ; V .-P r e s ., R o b e r t J . G ra a f, T . B .
W ils o n , J am es B . B r o w n , H a lfo r d E r ic s s o n , D . T . F ly n n , B . W . L y n c h ,
M . A . M o r ris o n , E . J . M c K a y a n d F . C . G o r d o n ; V .-P . in ch a rge o f o p e r ­
a tio n , L . S. S tren g; S e c .-T r e a s ., J. J. M c K e n n a .
O ffic e s , C h ic a g o , 111.,
a n d L o u is v ille , K y .— V . 120, p . 1326, 201 2, 2815; V . 121, p . 20 0 , 458 , 1101,
1227, 2273; V . 122, p . 94; V . 124, p . 2 42 7, 2 90 7; V . 125, p . 385 , 91 4 , 1461,
2145.
L O U IS V IL L E G A S & E L E C T R IC C O . ( K Y .).
C o n tr o l. — O ver 9 9 % o f th e c o m m o n s t o c k is o w n e d b y D e la w a r e c o .
o f th e sam e n am e, see a b o v e .
O R G A N I Z A T I O N .— I n c o r p . in K e n t u c k y J u ly 2 1913 as a c o n s o lid a tio n
o f L o u isv ille G as C o .. L o u is v ille L ig h tin g C o . an d K e n tu c k y H e a tin g C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
See a b o v e u n d er D e la w a re C o .
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C om m on—
C l “ A ” $ 1 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )........................... ................$ 1 0 ,3 2 4 ,3 0 0 ........................
C l “ B " $ 5 ,0 0 0 ,0 0 0 ($ 1 0 )........ ............................ ............ 2 .0 0 0 .0 0 0 ____________
C u m u l a t i v e p referred 17 % \ ____
7%
1 1 ,4 9 4 ,8 0 0
O ct ’ 27. 1 %
$ 2 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) . . . \ 6 % I ____
6%
1 1 ,4 4 1 ,3 0 0
O c t ’2 7 . 1 4
L o u isv ille L ig h tin g C o 1st) 1903
5 g A -O
1 ,1 7 0 .0 0 0 A p ril 1 1953
m 5 % (clo se d ) $ 4 ,6 0 0 ,0 0 0 jl n t . a t F id e lity & C o lu m b ia T r u s t C o . ,
($ 1 ,0 0 0 c * ) _______________tf\
L o u is v ille , K y ., tru stee.
1st & r e f m tg e $ 1 5 0 ,0 0 0 ,0 0 0 )
series A ($ 1 ,0 0 0 , 50 0 , 1 0 0 c * j 1922
5 g M -N
2 0 ,8 0 5 ,0 0 0 N o v 1 1952
_____________________________ t f 1T ru s te e , see series B.
j 1924 5 A g M - N
3 .0 0 0 ,0 0 0 M a y 1 1954
Series B ($ 1 .0 0 0 . 500 c * ) . t f (H a rris T r . & S avs Bank C h ic a g o , tru stee.
6s sink fu n d g d e b e n t $10 ,-1 1922
6 g A -O
4 .0 7 5 ,7 0 0 O ct 1 1937
0 0 0 .0 0 0 series A ( $ 1 .0 0 0 ,(C o n tin e n ta l & C o m m e rcia l T r u s t & S avin gs
500. 100 c * ) _____________ t$ l
B a n k , C h ic a g o , tru stee.
M a d L t & R y 1st M 6 % g b d s .............
6%
134.000
1942
I n c r e a s e C a p ita l S to c k .— On Ju n e 25 1925 th e a u th o rize d c a p ita l s t o c k w as
increased fro m $ 3 6 ,0 0 0 ,0 0 0 t o $ 4 5 ,0 0 0 ,0 0 0 , co n sistin g o f 2 5 0 ,0 0 0 p r e f
shares (par $ 1 0 0 ). 150,000 class A c o m m o n (par $ 1 0 0 ), a n d 5 0 0 ,0 0 0 cla s s B
c o m m o n (par $ 1 0 ). V . 121. p . 200 .
B o n d s .— T h e $ 1 ,1 7 0 ,0 0 0 L o u is v ille L ig h tin g C o . 1st m tg e . 5 % b o n d s , d u e
A p r i l 1 1953, sh o w n in th e a b o v e ta b le as o u ts ta n d in g , are n o n -c a lla b le .
T h e ls<
r e f. m tg e. b o n d s are secu red by a 1st m o rtg a ge on th e p h y s ica l
p r o p e r ty o f th e c o . s u b je c t o n ly t o th e lien o f $1 .1 70.000 L o u is v ille L ig h tin g
C o . 1st m tg e . 5s. A r e fu rth e r secu red b y p le d g e w ith tru stee o f all m ortg a g e
o b lig a tio n s and s to c k (e x c e p t d ir e cto r s ’ shares) o f a ffilia te d c o m p a n ie s .
S e r ies A are ca lla b le in w h o le or in p a rt o n a n y in t. d a te as fo llo w s : A t
110 o n M a y 1 1923 a n d u p t o an d in c l. N o v . 1 1942; at 105 on M a y 1 1943
an d u p t o an d in c l. N o v . 1 1947; at 102 o n M a y 1 1948; and u p t o a n d in cl.
N o v . 1 1951; at 100 o n M a y 1 1952. N o tic e o f call m ust b e p u b lish ed o n c e
a w eek fo r 3 su cce ssiv e w eek s in th e citie s o f C h ic a g o , N e w Y o r k , B o s to n
and L ou isville, th e firs t p u b lic a tio n t o b e m a d e n o t less th a n 30 d a y s p rior
to th e call d a te .
S e r ies B are r e d . t o a n d in c l. M a y 1 1934 a t 105 an d i n t . , th e r e a fte r a t 4 %
less each y ear t o m a tu r ity . In M a y 1924 H arris, F o rb e s & C o . . G u a r a n ty
C o . o f N . Y . , E H . R o llin s & Sons and H . M . B y lle s b y & C o ., I n c . o ffe r e d
$ 3 .0 0 0 .0 0 0 series B at 9 5 4 and i n t . . to vield a b o u t 5 8 0 %
V . 118, p . 2 3 1 2 .
In D e c . 1926 H arris, F o r b e s & C o . o ffe r e d $ 2 ,0 0 0 ,0 0 0 a d d itio n a l series “ A "
at 100 an d in te re s t.
V . 124, p . 111. L is te d o n N . Y . S to c k E x ch a n g e .
V . 124, p . 2589.
The 6s s in k , f u n d g o ld d e b e n tu r e s b o n d s , s e r ie s A , d u e O ct. 1 1937 are c a ll,
w hole o r p a r t, on 30 d a y s ’ n o tice on or b e fo re O c t . 1 1927 a t 105; O c t . 1 1932
at 102; O ct. 1 1936 a t 101; th e re a fte r a t 100; plus in terest in each ca s e.
T h ere is a s in k in g f u n d w hich c o m m e n c e d A pril 1 1925. p a y a b le sem i­
an n u a lly. o f 3 % per ann um o f a m o u n t o u ts ta n d in g to p u rch a se b o n d s a t or
b elow re d e m p tio n p rice , oth e rw ise b o n d s t o be c a lle d .
F o r v a riou s referen ces t o this c o . , see V . 120. p . 1326; V . 121. p . 2 0 0 .
458 586.
O F F I C E R S .— See D e la w a re C o . a b o v e .— V . 122 , p . 9 4 , 2 49 6: V . 123,
p . 239 1; V . 124, p . I l l , 1220. 2589.

LOUISVILLE RAILWAY CO.
O R G A N I Z A T I O N . — I n c o r p . in K e n t u c k y o n Ja n . 22 1867 an d ow n s a l
th e s tre e t ra ilw a y s in th e C it y o f L o u is v ille a n d its s u b u rb s.
In 1926
a d o p t e d n e w fra n ch ise .
T h e L o u is v ille & In teru rban R R . has been org a n ize d in th e in terest o f
th e L o u is v ille R y . t o c o n s t r u c t a system o f u rban and in teru rb an lines. N o
securities h a ve been issued e x c e p t $ 4 ,0 0 0 ,0 0 0 s to c k (in creased to th a t
a m o u n t in F eb ru a ry 1913) t o L o u is v ille R y . C o .
In Ja n . 1911 L ou is­
ville & In te ru rb a n R R . a cq u ire d th e L o u isv ille & E a stern R R . (all o f w hose
b o n d s, c o n s tr u c tio n n otes, r e ce iv e rs ’ ce r tific a te s , & c ., an d a b o u t all th e
s t o c k , w as ow n e d b y L o u is v ille & I n t e r u r b a n ), sold a t fo re c lo s u r e J a n u a r y 3
1911.
V . 9 2 , p . 5 9 , 262 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e L o u is v ille R y . C o . o w n s 1 74 .12 m iles o f track on 80 m iles o f streets
and 9 .7 9 m iles in y a r d s , & c .; 5 .0 7 m iles are o u ts id e c it y lim its; all is e le c tr ic .
A ffo rd s e n tra n ce in to L o u is v ille for th e In te rs ta te P u b lic S e rv ice C o . T h e
L o u isville & In te ru rb a n o w n s 104 .42 m iles o f track in Jeffe rson C o u n t y ,
Incl. exten sion s to La G ra n g e and t o S h e lb y v ille , in O ldh am and S h elb y
c o u n tie s . T h ro u g h th e K e n t u c k y C a rrie rs, I n c ., a su b s id ia r y , th e c o .
o p e ra te s bu ses.
V . 117, p . 86.
V a lu a tio n . — See V . 112, p . 8 4 9 .
F a r e I n c r e a s e d . — E ffe c tiv e F e b . 1 1 92 6. c o . w a s g ra n te d a s tra ig h t 7 -c e n t
fa re , w h ich , it w as d e c la r e d , w o u ld p r o b a b ly in crea se c o . ’s earn in gs fro m
$3 0 0 ,0 0 0 t o $ 5 0 0 ,0 0 0 a n n u a lly . See ‘ ‘ E le c tr ic a l R a ilw a y J o u r n a l” o f
F e b 6 1926.
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
C o m m o n $ 8 .5 0 0 ,0 0 0 ___________ ______
________
$ 8 ,3 2 3 ,6 0 0
See te x t
dref 5 % cu m S3.5OO.O00______
A&O
3 .5 0 b .000
See te x t
L ou isville R y gen m tg e g o ld ) 1910
5 g F -A
4 ,0 3 5 .0 0 0 F e b 1 1950
$ 2 0 ,0 0 0 ,0 0 0 ( $ 1 . 0 0 0 ) .. c * t f (In te r e s t p a y a b le In L ou isville.
L o u isville R y c o n s m tg e g o l d / 1890
5 g J J
6 ,0 0 0 ,0 0 0 J u ly 1 1930
$ 6 ,0 0 0 ,0 0 0 (listed N Y ) c * t f ( l n t . a t N a tio n a l B a n k o f C o m m e r c e , N . Y . ;
( F id e lity -C o l. T r . C o ., L o u isv ille, tru stee
L o u isville R y 2d m tg e $ 2 ,- f 1900
4 K g M - 8 2 ,0 0 0 ,0 0 0 M a r 1 1940
0 0 0 .0 0 0 g o ld ($ 1 ,0 0 0 )___ t f (In te r e s t p a y a b le in L o u is v ille .
N o t e s ----------------------------------------- 1923
6%
1.00(1 000 Ju n e 1 1928
Car tru st c t fs ser “ A ” -------- t f 1 1923
6 F -A
198 000
See tex t
/F id e lit y & C o l. T r . C o . i.o u is v ille. tru stee.
C ar tru st c e r tific a te s S eries) 1924
6%
161.000
See text
“ B " ($ 1 ,0 0 0 ) g o l d ---------------(F id e lit y & C o l. T r . C o .. L o u isv ille, tru stee.
B o n d s . — $ 8 ,0 0 0 ,0 0 0 o f th e g e n . m tg e . b o n i s o f 1910 are reserved to retire
prior liens; th e rem ain d er is fo r e x ten sion s an d im p ro v e m e n ts .
B on d s are
not s u b je c t t o ca ll.
F id e lity -C o lu m b ia T r u s t C o ., L o u isville , tru stee.
C ar trust ce r tific a te s Ser. " A " are d u e $ 3 3 ,0 0 0 each Feb. 1 to an d in c l.
Feb 1 1933. C a r tru st ce r tific a te s Series “ B " are d u e se m i-a n n . t o J a n . 1
1934. V . 118, p. 85.
D iv id e n d s . — 5 % was paid on p r e f. s to c k t o and in cl O ct. 1918
N one
to A p ril 1923, w hen 2 ) 4 % w as p a id .
In J u ly 1923. 2 4 % ; O ct. 1923, 2 ) 4 % ;
D e c . 1923. 2 4 % .
In F e b . 1924. 5 % w as paid, representin g a regular d iv .
o f 1 4 % and 3 4 % on a c c o u n t o f b a ck d iv s .
In April 1924. 2 4 % , le a v in g
accu m u la tio n s on th ese shares o f 1 0 % .
V. 118, p 1773.
In O ct. 1924,
5*7, was paid on a c c o u n t o f back d iv s . V . 119, p. 1733.
On F eb . 15 1925
paid 5 % , clea rin g up all deferred d iv s . V . 120. p. 703.
In O r t . 1925. 2 4 % .
and 2 4 ^ re gu la rly s e m i-a u n . sin c e . 4 < w as paid on the old T r a c tio n c o m .
£
sto ck up t o tim e o f d is s o lu tio n .
D iv s . o f 1 4 v, each w ere p aid on R a ilw a y
c o m . in J a n ., A p ril and J u ly 1918. O c t . d iv . o m itte d ( V . 107 , p . 1 3 8 5 ).
N o n e s in ce u n til O c t . 192 6, $2: 1927: J a n ., $ 1 ; A p ril, $ 1 .

206

PUBLIC U TILITIE S

E A R N I N G S .- — F o r c a le n d a r y e a rs:
G ro ss
R ev e n u e

N et
E a r n in g s .

O ther
In com e.

In terest A
T a xes.

B a la n c e .
S u r p lu s

1926 ____________ $ 4 ,8 6 3 ,3 0 6 $ 1 ,5 5 5 ,9 5 3
$93,131
$ 1 ,1 1 4 ,7 7 6 $ 5 3 4,30 8
1925 ____________ 4 ,429,1 16
1 ,4 6 6 .6 0 3
9 9 .070
4 8 0 ,5 5 7
1 ,0 8 5 ,1 1 6
1924 ................. ..
4 .4 4 9 ,6 7 8
1,4 5 3 ,7 0 6
138,531
1,0 5 6 .8 4 3
535 .394
1923 ____________ 4 ,4 4 5 ,8 6 6
1,3 6 7 ,3 4 4
489 .5 4 2
165.072
1 ,0 4 2 ,8 7 4
1922 ------------------- 4 ,5 4 2 ,8 1 8
1.3 5 2 .5 8 5
163,795
1,011,401
5 0 4 ,9 7 9
1 9 2 1 ------------------- 4 .4 6 9 ,5 0 2
1,1 9 5 ,7 7 9
96,762
1 ,0 0 1 ,9 4 8
2 9 0 .5 9 3
O F F I C E R S .— C h a irm a n o f th e B o a rd , T . J. M in a r y ; P r e s ., Jam es P
B a rn es; V .- P . & G e n . M g r ., F . H . M ille r ; V .- P ., S a m ’l R id d le ; S ec. &
T r e a s , S am u el G . B o y le : G e n . A u d ., F . E . B e lle v ille .'— V . 120 , p . 7 0 3 ,1 5 8 6 ;
V . 123, p . 8 3 , 176 2, 2 26 1, V . 124, p . 236 , 2 2 7 9 .

CINCINNATI NEWPORT & COVINGTON LIGHT &
TRACTION CO.
O R G A N I Z A T I O N .— I n c o r p o r a te d u n d e r t h e la w s o f N e w Je rse y on
M a r c h 11 1902 and p u rch a se d all th e s t o c k o f th e U n io n L ig h t. H e a t &
P o w e r C o . o f C o v in g to n an d o f th e C in cin n a ti N e w p o r t & C o v in g t o n R a il ­
w ay.
V . 74, p . 57 6 . T h e la tte r w as org a n ize d in 1892 t o b u y u p an d c o n ­
solid a te all th e r o a d s o n th e K e n t u c k y side o f th e riv e r o p p o s ite C in c in n a ti.
P rio r t o J u ly 1 1922 th e S o u th C o v in g t o n & C in cin n a ti S t. R y . C o . , a
K y . c o r p . (fo r m e r ly o n e o f th e c o n s titu e n t c o s . o f th e C in e. N e w p o r t & C o v .
R y . C o . , an O h io c o r p .) a c q u ir e d d ire ct o w n ersh ip o f a il th e stre e t ra ilw a y
p rop erties fo rm e r ly o w n e d b y th e C in e . N e w p o r t & C o v . R y . C o . and its
subisidiaries (except th e C in e . C o v . & R o se d a le R y . C o . an d th e C in e.
C o v . & E rlan ger R v C o . . w h o se s to c k it a c o u ir e d ' and ch an ged Pa n a m e to
th e C in cin n a ti N e w p o r t & C o v in g t o n R y . C o . (a K e n t u c k y c o r p o r a t io n ).
L e a s e .— T h e U n ion L t .. H t. & P ow er C o . and the C in e . N e w p . & C o v .
R y . (b o th co n tr o lle d th ro u gh s to c k ow n e rsh ip b y th e C in e . N e w p . & C o v .
Lt. & T r .) w ere leased fro m A p r . 1 1907 to C o lu m b ia G as & E le c tr ic C o .
(in corp ora ted in O h io ) fo r 45 y e a rs. T h e lessee guaran tees in terest o n b o n d s
an d 4
% per a n n u m o n p r e f. s t o c k . O n c o m m o n , d iv s . are to b e 3 % for
firs t y e a r , in crea sin g
% e a ch ye a r until 6 % is re a ch e d , w h ich is to b e the
ra te th erea fter. See V . 8 4 , p . 449 , 930; also term s in V . 84, p . 1489, under
C o lu m b ia G a s & E le c tr ic . U n der ag re e m e n t ra tifie d in J u ly 1915 the extens.
and a d d 'n s t o U n ion L t ., H t. & P . C o .'s p r o p e r ty are to be p a id fo r b y the
issue o f new 5 0-year 5 % b o n d s (see b e lo w ) instead o f b y sale o f s to c k o f the
C in cin n a ti c o . as p rov id e d u n d er th e o ld a gre e m e n t. V . 101, p . 694 . T h e c o .
leases jo in t ly w ith th e W e ste rn U n io n T e le g ra p h C o . fo r a p e rio d o f fro m 20
to 30 years th e D ix ie T e r m . B l d g s ., w h ich o p e n e d for serv ice on O c t . 22 1921.
T h e c o n tro lle d C in . C o v . & E rlan ger S t. R y ., w hich w as in c o r n . S e p t. 1899
w ith $ 2 5 0 ,0 0 0 s t o c k (shares $50 ) to b u ild an exten sion t o E rla n ge r, 7 M
m iles (a b o u t 3 m . c o m p le t e d ), has be e n leased t o the C o lu m b ia G as & E le c
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— A
tr o lle y r o a d . C o n n e c ts C in c in n a ti, C o v in g t o n , N e w p o r t , B e lle v u e , D a y t o n ,
C lift o n , S o u th g a te , F o r t T h o m a s , F o r t M itc h e ll, W e s t C o v in g t o n and
L u d lo w . T o t a l in o p e r a tio n , 69 m ile s. U n io n L ig h t, H e a t & P o w e r C o .
serves th e sam e m u n icip a litie s w ith gas a n d e le ctr ic ity a n d 3 w ith w a t e r .
M o a i jl c u l iu n o ) A g r e e m e n t w ith C o l. G a s <fc E le c . C o . P r o p o s e d .— » e e V
114 . p . 737 .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
C o m m o n $ 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )__________
Q -J
$ 5 ,0 0 0 ,0 0 0 J u l y '2 7 1M
P f 4 H % n -c $ 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ------414 Q -J
4 ,5 0 0 ,0 0 0 J u ly '2 7 1 Ys
U n d e r ly in g B o n d s—

S o C o v & C in c o n s M $50 0,00 01
1892 6 g J -J
1 50 ,000 J an 1 1932
g o ld ($500, $ 1 ,0 0 0 ) ________ ( C o v in g t o n S a v B a n k & T r u s t C o , tru stee.
C i n c i n n a t i N e w p o r t A C o v in g to n R y —
1st an d r e f m o r t . $ 7 ,5 0 0 ,0 0 0 .
1922 6 g J . J
3 ,7 0 3 ,0 0 0 J u ly 1 1947
($500 a n d $ 1 ,0 0 0 )____ c * . t f ( I n t . a t C e n tra l T r u s t C o . , C in e ., tru ste e .
U n io n L ig h t, H e a t
P o w e r C o .—
F irst m o r tg a g e
$ 5 ,0 0 0 .0 0 0 1 1924
6 g F -A 1 5
2 ,6 6 9 .0 0 0 A u g 15 1949
($100, $50 0 a n d $ 1 ,0 0 0 ) { I n t . a t F ifth -T h ir d U n io n T r u s t C o .,
g o l d _________________ c * & r .t f [ C in e ., tru ste e , o r a t B a n k e rs T r . C o . , N .¥ .
G u a r a n te ed B on d s —
L ic k in g R iv e r B r C o 1st m t g e l
1914 5 M -S
1 23 ,800 N o v 1 1939
$18 5 ,0 0 0 gu ar (see te x t) s f/C e n t r a l S a v . B k . & T r . C o ., N e w p o r t ,K y .,t r .
B o n d s . — T h e C . N . & C . R y . 1st & r e f. 6 % b o n d s are g u a r a n te e d (p . & i.)
b y C o lu m b ia G a s & E le c t r ic C o . A r e c a lla b le d u rin g first 5 yea rs e n d in g
w ith J u ly 1927 at 107 ?4. an d d u rin g ea ch 5 -y e a r in te rv a l th e re a fte r at
1 M % less u n til J u ly 1 1947. D u rin g se co n d 5 y e a rs e n d in g J u ly 1932,
106 . D u r in g th ird 5 y e a r s e n d in g J u ly 1937, 10414. D u r in g fo u r th
5 y e a r s en d in g J u ly 1942. 193. D u rin g f if t h 5 y e a rs e n d in g J u ly 1947,
1 0 1 )4 V .1 1 5 ,p .l8 2 .
T h e U n io n L ig h t , H e a t & t o w e r C o . 1st m tg e . 6 %
b o n d s are a fir s t lien on th e c o . ’s p r o p e r t y . A d d itio n a l b o n d s o f th is issue
m a y b e issu ed fo r 8 5 % o f th e c o s t o f a d d itio n s an d im p ts . u n d e r certa in
r e s trictio n s . T h e C o lu m b ia G as & E le c . C o . g u a r ., p . & i ., th e 1st M .
b o n d s o f th e U n ion L t ., H t. & P o w . C o ., o f th e a m o u n t sh o w n as o u t­
s ta n d in g , $ 2 5 0 ,0 0 0 are held in tru st fu n d . C o m p a re V . 110, p . 368 .
L ic k in g R iv e r b o n d s are g u aran teed b y C o lu m b ia G as & E le c C o . a n d th e
Sou th C o v in g t o n & C in cin n a ti S t. R y .
D iv i d e n d s . — O n p r e f. 4 ) 4 %
is bein g p a id ( 1 ) 4 % q u a r .). O n c o m ­
m o n s to c k fir s t d iv . o f % % w as p a id J u ly 15 1907 a n d )£ % O c t . 15 1907. In
1908, 3 ) 4 % : in 1909, 3 ) 4 % : in 1910, 4 ) 4 % ; in 1911, 4 ) 4 % ; in 191 2, 5 ) 4 % :
in 191 3, 5 ) 4 % ; in 1914 a n d s in ce , 6 % p e r a n n u m .
E A R N I N G S .— T h e fix e d r e n ta ls p a id t o C in c in n a ti N e w p o r t & C o v in g t o n
L ig h t & T r a c . C o . b y C o lu m b ia G a s & E le c t r ic C o . u n d er t h e lease c o n s titu te
th e sole ea rn in gs (w h ich d o n o t v a r y ) o f C . N . & C . L t . & T r . C o .
O F F I C E R S .— P r e s ., Jam es M . H u t to n ; V . - P . , L o u is J . H a u c k ; S e c. &
T r e a s ., G e o rg e M . A b b o t t .— V . 110, p . 871 ; V . l l l . p . 1660; V . 112, p . 1616,
218 9; V . 114, p . 737 . 271 6; V . 115 , p . 182 , 9 8 8 , 1099: V . 120 , p . 955 .

TENNESSEE
KENTUCKY-TENNESSEE LIGHT & POWER CO.
C o n tr o lle d b y K e n tu c k y -T e n n e s s e e -I n d ia n a P o w e r C o r p .

T h e K e n tu c k y -T e n n e s s e e -I n d ia n a P o w e r C o r p ., c o n t r o lle d b y th e
A s s o c ia te d E le c t r ic C o . , in tu rn c o n tr o ls th e K e n tu c k y -T e n n e s s e e L ig h t &
P o w e r C o . , O h io R iv e r P o w e r C o . , a n d th e In te rs ta te U tilitie s C o .
O R G A N I Z A T I O N .— F o r m e d N o v . 1 1923 b y co n s o lid a tio n o f K e n t u c k y
P u b lic S erv ice C o . , org a n ize d in 1912, a n d K e n tu c k y -T e n n e s s e e L ig h t &
P o w e r C o . , org a n iz ed in 1922. O w n s e le ctric a n d (or) gas p ro p e rtie s in
B o w lin g G re e n , F ra n k fo rt and A d a m s , in T en n e sse e . In i9 2 4 c o . a cq u ire d
13 m u n icip a l e le ctric p la n ts lo ca te d in O b io n , T r im b le , R u th e r fo r d , D y e r ,
K e n t o n , M a r t in , G re e n fie ld , B r a d fo r d , D re s d e n , G leason , S h a ron , M a s o n
H a ll a n d N e w b e r n , all in T en n essee, a n d in Ju n e 1925 a cq u ire d b y p u rch a se
u tilities in M a y f ie ld , H a rd in sb u rg , H a w e s v ille , L e w isp o rt an d C lo v e r p o r t ,
all in K e n t u c k y , in c l. an ice p la n t at C lo v e r p o r t a n d a w ater p la n t a ,
H a w esv ille. In 1926 a cq u ire d utilities in M c K e n z ie , T e n n ., a n d M u r r a y ,
K y . A ll th e p rop ertie s are t o b e in te rc o n n e cte d b y transm ission lin es.
T h e gas d is trib u tin g system in F r a n k fo r t is leased t o th e F r a n k fo r t K e n ­
t u c k y N a tu ra l G a s C o .; serves m o re th an 3 6 ,0 0 0 con su m ers in 60 c o m ­
m u n ities h a v in g a p o p u la tio n o f a p p ro x . 16 0 ,0 0 0 . C o n tr o ls O h io R iv er
P o w e r C o . (see sep a ra te sta te m e n t elsew here in th is p u b lic a t io n ), w h ich p u r­
ch ased in 1926 th e m u n icip a l w ater a n d lig h t p la n ts at T e ll C it y , a n d C a n n e lto n , l n d
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n $ 3 ,0 0 0 ,0 0 0 ($ 1 0 0 )........................... ................... $ 1 ,0 5 1 ,1 0 0 ______________
1st & r e f ($ 1 ,0 0 0 , $500 c * ) - t f / 1924
5 g M -N
*2 7 5 ,0 0 0 M a y 1 1954
( I n t . a t B a n k e rs T r u s t C o . , N . Y . , T r u s te e .
K e n t u c k y P u b S e rv C o 1st g j 1916
5 g F -A
9 4 7 ,0 0 0 F e b 1 1941
($ 1 ,0 0 0 , $ 5 0 0 , c * ) _______ t f 1 I n t.a t F id e lity -P h ila . T r .C o .,P h i la ., tru stee.
* N o n e in h a n d s o f p u b lic ; issue h e ld b y a ffilia te d co m p a n ie s .
B o n d s . — A d d itio n a l 1st A r e f. 5 s g o ld b o n d s m a y b e issued fo r a cq u is itio n
o r retirem en t o f prior lien s, in ex ch a n g e fo r b o n d s o f a n oth er series, a n d for
8 0 % c o s t o f im p r o v e m e n ts , i f net earn s, fo r 12 c o n s e c u tiv e o f p r e ce d in g 15
m o n th s equa l at least tw ic e annual in terest o n b o n d s o u ts ta n d in g an d t o be
issu ed . Secu red b y a d ir e ct m o r tg a g e o n all c o . ’s p r o p e r ty s u b je c t t o $947 0 0 0 K e n t u c k y P u b lic S e rv ice C o . 1st 5s o f 194 1. A d d it io n a lly secu red by
p le d g e o f $ 5 5 1 ,9 0 0 K e n t u c k y P u b lic S e rv ice C o . 1st 5s o f 1941. A m a i n ­
t e n a n c e a n d r e n e w a l f u n d a m o u n ts t o 1 0 % o f gross o p e r a tin g r e v e n u e s , b u t
is s u b je c t t o c h a n g e b y a r b itra tio n . C a lla b le a t 105 to M a y 1 1935: th ere­
a fter less H % a n n u a lly t o m a tu r ity . P e n n , an d C o n n . S ta te taxes and
M a s s , in c o m e ta x r e fu n d a b le . O p e n m o r tg a g e ; issu e d , $ 3 ,5 3 6 ,6 0 0 ; in
tr e a s u r y , $ 3 ,2 6 1 ,6 0 0 ; o u ts ta n d in g , (all h e ld b y a ffilia te d c o s .) , $ 2 7 5 ,0 0 0 .




[V ol. 125.

N o t e .— T h e a b o v e is 2 n d series o f b o n d s cr e a te d u n d e r 1st & r e f. m t g e .
d a te d J a n . 1 1 92 3. T h e p r e v io u s issu e o f 6 % b o n d s w ere e x c h a n g e d l o r
th is series.
T h e K e n tu c k y P u b lic S e r v ic e C o . 1st g o ld 5 s , d a ted F e b . 1 1941, are secu red
b y a firs t c lo s e d m o r tg a g e o n en tire p r o p e r t y o f th e fo rm e r K e n t u c k y P u b lic
S e rvice C o . H a v e a s in k in g f u n d o f 1 % per a n n u m to p u rch a se or call b o n d s
at n o t exce e d in g c all p r ice ; b o n d s so a cq u ire d t o b e ca n c e le d . C a ll, a t 1 0 2 )4
& in t. o n a n y in t. d a te o n 30 d a y s ' n o tice .
O f t h e a u th o r iz e d a m o u n t , th ere
w ere issued as o f F eb . 28 1927 $ 1 ,6 6 7 ,3 0 0 : o u ts ta n d in g , $ 9 4 7 ,0 0 0 ; retired
b y sinking fu n d , $ 1 5 4 ,1 0 0 : in treasu ry $ 1 4 ,3 0 0 and $ 5 5 1 ,9 0 0 p le d g e d u n d er
$ 3 ,5 3 6 ,6 0 0 K e n tu c k y T e n n e sse e L ig h t & P o w e r C o . 1st & r e f. 5 s, 195 4.
P e n n . S ta te ta x r e fu n d e d . T h e se b o n d s w ere o ffe r e d at 96 in A p r il 1916
b y M o n t g o m e r y . C lo th ie r & T y le r , P h ila d e lp h ia .
E A R N I N G S . — F o r 12 m o n th s e n d e d :
J u l y 31 '2 7 . D e c . 31 ’ 2 6 .
G r o s s -----------------------------------------------------------$ 1 ,5 8 6 ,7 0 8 $ 1 ,4 5 1 ,0 0 2
6 1 8 ,6 1 5
5 6 2 ,5 6 8
N e t a fte r o p e r a tin g exp e n se s & t a x e s ________________
D e p r e c ia t io n __________________________________________
8 9 ,4 9 2
8 4 ,5 8 4
A n n u a l b o n d in te re s t t o p u b li c _______________________
4 7 ,3 5 0
4 8 ,3 5 0

B a la n c e ---------------------------------------------------------------------$ 4 8 1 ,7 7 3
$ 4 2 9 ,6 4 3
O F F I C E R S .— P r e s ., H . D . F it c h ; V . - P s ., S . J . M a g e e , R . N . T h o m p s o n
a n d H . O . H a s b r o u c k ; V .-P r e s . & T r e a s ., H . O . H o p s o n ; S e c ., M . C .
O ’ K e e fe e .

TENNESSEE EASTERN ELECTRIC CO.
O R G A N I Z A T I O N .— in c o r p . in 1912 in M a ssa ch u se tts.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y d o e s th e e n tire ele ctric lig h tin g a n d co m m e rcia l p o w e r business
in Joh n son C it y , J o n e s b o r o , G re e n e ville a n d several a d ja c e n t co m m u n ities
in n orth eastern T en n essee. P o p u la tio n o v e r 6 0 ,0 0 0 . C o m p a n y ow n s a
h y d r o -e le ctr ic p la n t o n th e N o lic h u c k y R iv e r a b o u t 35 m iles sou th w est
o f J oh n son C it y o f 16.000 h .p ., an d a 10.000 h .p . steam sta tion near Joh n ­
son C it y . T h ro u g h o w n e rsh ip o f th e en tire o u tsta n d in g c a p ita l s to c k o f
th e J oh n son C it y T r a c tio n C o r p . C o . c o n tr o ls an d op erates t h e lo ca l s treet
ra ilw a y (6 m ile s) in J o h n so n C i t y . V . 1 2 ) , p . 3 3 2 .
STOCK AN D BO N D S—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n , 15,000 shs (n o p a r ) . ____
_______ _
1 5 ,0 0 0 shs.
O c t '2 7 $1
6 % cu m p r e f---------------------------------------6
$ 6 0 0,00 0 S e p t 2 7 $ 1 .50
$7 cu m p r e f (no p a r ) __________ ______
$7
5,1 0 5 shs. S e p t '2 7 $ l-7 5
1st (clo se d ) m tg e . 5 % ($ 1 ,0 0 0 ? 1913
5 g F -A
$ 1 ,9 9 6 ,5 0 0 F e b . 1 1943
an d $ 5 0 0 )_______________ c * t f (In t. a t A m e rica n T ru s t C o ., B o s t o n , tru stee.
R e f m tge g series A (SI ,0 0 0 f 1925
6 g M -N
8 0 0 .0 0 0 M a y 1 1955
an d $ 5 0 0 )_______________c t f l F irst N a t ’l B a n k , B o s to n , tru ste e .
S tock I n c r e a s e .— In A p ril 1926 c o . increased its a u th o riz e d $7 n o p a r
p r e f. s to c k b y th e a d d itio n o f 6 ,0 0 0 shares a n d issu ed 1,6 0 0 n o p a r c o m m o n
shares. V . 122. p . 2 4 9 8 .
B o n d s .— In a d d itio n t o th e $ 1 ,9 9 6 500 1st m tg e . 5 % g o ld b o n d s , d u e
F e b . 1 1943, show n as o u ts ta n d in g , $ 1 3 7 ,5 0 0 h a v e be e n p u rch a se d a n d ca n ­
c e le d b y th e im p ro v e m e n t fu n d .
T h e r e f. m tg e. g old b o n d s s e r ie s A , d a ted M a y 1 1925. a re c a lla b le u p t o
and in cl. N o v . 1 1945 a t 105 a n d in t ., th e p rem iu m r e d u c in g ) 4 % per
an n u m th e re a fte r. A n ann ual s in k in g f u n d o f 1 % o f all r e f. m tg e . b o n d s
ou tsta n d in g c o m m e n ce s o n J u ly 1 1928 a n d is t o b e used e x c lu s iv e ly fo r
re tire m e n t an d c a n ce lla tio n o f th e se b o n d s th ro u g h p u rch a se o r c a ll. In
J u ly 1925 C o ffin & B u rr, I n c ., B o s t o n , e t c ., e tc . o ffe r e d $ 4 0 0 ,0 0 0 series A
a t 98 an d in t. t o yie ld 6 .1 5 % .
Y . 121, p . 332 .
D iv i d e n d s .— D iv id e n d s o n th e p re f. s t o c k h a v e b e e n p a id c o n tin u o u s ly
sin ce orga n iza tio n a n d on th e c o m m o n $4 w as p a id q u a r . in 1 9 2 2 ,1 9 2 3 ,1 9 2 4
1925, 1926 a n d 1927.
E A R N I N G S .— O f c o m p a n y a n d s u b s id ia r y f o r c a le n d a r yea rs:
1926.
1 92 5.
1924.
1923.
G ro ss e a rn in g s ___________
$ 5 7 1 ,1 2 9
$ 4 9 7 ,2 1 2
$ 4 4 9 ,5 4 7
$ 4 3 1 ,0 3 6
O p e r . e x p ., m a in t. & ta x
2 4 9 ,6 9 2
2 3 1 ,4 9 8
2 0 1 ,9 9 7
2 1 2 ,3 4 1
N e t e a rn in g s __________
In te r e s t & a m o r t iz a t io n .

$32 1 ,4 3 7
1 30 ,882

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

$ 2 4 7 ,5 5 0
9 9 ,9 7 8

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

N e t in c o m e ___________
$ 1 9 0 ,5 5 5
$ 1 5 5 ,6 7 6
$ 1 4 7 ,5 7 2
$ 1 3 8 ,9 7 7
D I R E C T O R S . — B . E a rle A p p le t o n , A . J . B a ld w in , W . H . B a ld w in ,
T h a d . A . C o x , C la r e n c e C r a n e , F r e d . W . E a to n , A . A . G ille t t e , C h a s T .
M a in , J o h n J . M c D o n a ld , J o h n C . R ic e , D a v id R . Sh ea rer, B e n H . T a y lo r ,
R o b . L . W a r n e r , L e s te r W a t s o n a n d G e o . N . W h it e .— V . 122 , p . 3 3 2 ,
2 4 9 8 ; Y . 123 , p . 111 5; V . 125 , p . 105 4.

TENNESSEE ELECTRIC POWER CO.
C o n tr o l .— O ver 9 7 % o f th e c o m m o n s t o c k is o w n e d b y C o m m o n w e a lth
Pow er C orp .
V 120. p . 2 5 5 2 . 2 6 8 5 .
O R G A N I Z A T I O N .— I n c o r p . in M a r y la n d M a y 27 192 2. a n d in a c c o r d ­
an ce w ith p lan ou tlin e d in V . 114, p . 1653, 2 11 7, h as a cq u ire d all th e assets
o f th e T en n essee R a ilw a y , L ig h t & P o w e r C o . (fo r h is to ry see “ E le c tr ic
R a ilw a y ” S u p p le m e n t o f A p ril 29 1 9 2 2 );
In a d d itio n th e c o m p a n y ow n s a n d has p le d g e d u n d e r its fir s t r e f. m tg e .
th e fo llo w in g b o n d s :
O u ts ta n d in g i n
r i u n u s uj r u u n e .

T e n n essee P o w e r C o . 1st 5s, 196 2 ___________________ $ 2 ,2 5 6 ,0 0 0
C h a tta n o o g a R y . & L ig h t 1st & r e f. 5 s , 1 9 5 6 ____
6 1 0 , 600
C h a tta n o o g a R y s . 1st c o n s . 5s, 1 95 6___ __________
1 ,6 8 1 ,0 0 0
L o o k o u t M o u n ta in R y . 1st 6s, 195 6______________
_______
N a sh ville R y . & L ig h t re f. & e xt. 5s, 1 9 5 8 _______
2 ,544,o0O

O w n ed a n d
r ie u y e u .

$ 1 0 ,0 4 5 ,0 0 0

3 , 697,000
3 4 1 ,0 0 0
3 8 9 ,0 0 0
5 .8 0 7 ,5 0 0

T o t a l o w n e d a n d p le d g e d ________________________________________ $ 2 0 ,2 7 9 ,5 0 0
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e c o . o w n s o r c o n tr o ls a n d o p e r a te s an e x te n s iv e s y s te m o f p r o p e r tie s
e n g a g e d p rim a rily in t h e g e n e r a tio n , tra n sm ission a n d d is trib u tio n o f e le ctr ic
e n e r g y . T h e h ig h -te n s io n tra n sm issio n lin e s o f th e c o ., w h ic h are in te r­
c o n n e c te d w ith th o se o f o th e r la rg e e le ctr ic p o w e r c o s . in n e ig h b o rin g
S ta te s , c o n s titu te a n im p o rta n t p a r t o f th e su p e r -p o w e r s y s te m o f t h e S o u t h .
T h e e le ctr ic lig h t a n d p o w e r b u sin ess co n tr ib u te s m o r e th a n 7 2 % o f th e
a ggre ga te gross ea rn in gs, th e b a la n c e b e in g d e r iv e d fro m ra ilw a y o p e r a tio n s .
T h e steam p la n ts o f th e s y s te m are la r g e ly h e ld in r e s e rv e fo r o p e r a t io n at
p e rio d s o f p e a k lo a d or lo w stre a m f lo w a n d t o assure at all tim e s c o n tin u ity
o f s e r v ic e th r o u g h o u t th e t e r rito r y s e r v e d . T h e fie ld o f o p e r a tio n o f th e
sy s te m e m b ra ce s a large p a r t o f th e S ta te o f T en n eessee, e x te n d in g n early
200 m iles f r o m east t o w est a n d 100 m iles fr o m north t o s o u t h , and in c lu d e s
N a s h v ille , C h a t ta n o o g a , K n o x v ille a n d o t h e r citie s h a v in g a t o t a l es tim a te d
p o p u la tio n o f o v e r 5 5 0 .0 0 0 .
T h e e le ctr ic g e n e ra tin g s ta tio n s o f th e s y s te m h a v e an in sta lle d c a p a c ity
o f 283,520 e le ctrica l h .p ., o f w h ic h 144 800 is in w a te r-p o w e r p la n ts . T h e
p rin cip a l h y d r o -e le c t r ic s ta tio n is lo c a te d a t H ales B a r o n th e T en n essee
R iv e r an d has a c a p a c it y o f 54,240 h .p . O th er im p o rta n t w a te r-p o w e r
pla n ts in c lu d e th e P a rk sv ille a n d O co e e N o . 2 sta tio n s o n th e O c o e e R iv e r ,
w ith ca p a citie s o f 30.150 an d 24,120 h . p ., r e s p e c tiv e ly , and th e G re a t F a lls
S ta tio n w ith a c a p a c it y o f 35,510 h .p . T h e ste a m ge n e ra tin g p la n ts in clu d e
th e 53.620 h .p . s ta tio n at H a le s B a r, t h e N a s h v ille s ta tio n w ith a c a p a c it y
o f 64,0oO h . p ., a n d th e P a rk sv ille s te a m s ta tio n a d jo in in g th e P a rk sv ille
h y d r o -e le c t r ic s t a t io n , w ith a c a p a c it y o f 20.100 h .p .
T h e e x te n s iv e tran s­
m ission sv ste m in c lu d e s 805 m iles o f lin e s o f steel to w e r a n d su b s ta n tia l
w o o d p o le c o n s tr u c tio n a n d 7,253 m ile s o f d is trib u tio n lin e s , o v e r w h ich
e n e rg y is tra n s m itte d a t h igh v o lta g e s t o 89,131 re ta il c u s to m e rs a n d t o a
su b sta n tia l n u m b e r o f im p o r t a n t w h o le sa le cu s to m e rs an d lo ca l d is trib u tin g
c o m p a n ie s w h ich in tu rn sell p o w e r a n d lig h t a t retail in re s tric te d te r rito r ie s .
T h e tr a n s p o r ta tio n s y s te m s in N a s h v ille a n d C h a tta n o o g a c o m p r is e 170
m iles, m ea su red as sin g le tr a c k , 274 ra ilw a y ca rs, a n d 18 m o t o r b u s es .
In July 1924 a cq u ire d th e p ro p e rtie s and fra n ch ises o f th e C u m b e rla n d
P ow er C o . , M a r y v ille L ig h tin g C o . , M a d is o n v ille L ig h t & P o w e r C o . ,
L enoir C it y L ig h t & P o w e r C o . an d th e e le ctric p o w e r p ro p e rtie s o f th e
L on g M fg .’ and T e llic o R iv e r L u m b e r c o s . V . 119, p . 199, 2 1 8 0 . In 1926
c o . p u rch a se d fo r $41 0 ,0 0 0 th e H a rrim a n (T e n n .) m u n ic ip a l lig h t and
w ater p la n t. V . 123. p . 84 5 .
F r a n c h is e .— See V. 118. p . 1912.
M e r g e r U p h e ld .— O n F eb . 14 1924 C h a n c e llo r Jam es B . N e w m a n o f P a rt
[ I , D a v is o n C o u n t y (T e n n .) C h a n c e r y C o u r t , h an d ed d o w n a d ecision in
fa v o r o f th e c o . in su its b r o u g h t a g a in st it, a lle g in g th a t th e re ce n t c o n s o li­
d ation w as in v io la tio n o f th e S ta te ’s A n ti-T r u s t L a w . V . 118, p . 908.
See a lso V . 120. p . 584 . C o m p a re V . 115. p . 309 989 .
S tock . A c . . A p p r o v e d .— In J u ly 1926 T en n essee R R . & P . U . C om m ission
a u th o rize d c o . to issue 4 4 ,0 0 0 c o m m o n shares and to a c c e p t in p a r t p a y ­
m e n t th erefor n o t m o re th a n 2 0 ,0 0 0 shares 2d p r e f. s to c k ; t o issue 5,000
shares o f 6 % 1st p r e f. s t o c k , $ 3 ,5 0 0 ,0 0 0 1st & r e f. g o ld b o n d s. 6 % series.

Oct ., 1927.]

d u e 1956, an d t o p u rch a se fr o m N a s h v ille R y . & L ig h t C o . a t p a r an d in t.
$ 1 ,6 2 6 ,5 0 0 o f th a t c o r p .’s re f. & e x t . m tg e . 50-year 5 % g . b o n d s an d to
p le d g e sa m e u n d er 1st & ref. m t g e . g . b o n d s o f T e n n essee E le c tr ic P o w e r C o .,
also t o b u y o f N a s h v ille R y . & L t. C o . a t par $ 2 6 2 ,0 0 0 o f th a t c o r p . ’s 6 %
n otes d u e on o r b e fo r e J u ly 1 1958. V . 123. p . 712 .
R ig h ts .— C o m m o n s to c k h o ld e r s o f r e c o rd June 25 1926 w ere g iv e n th e
rig h t t o s u b s c r ib e on o r b efore J u ly 9 1926 fo r 4 4 ,0 0 0 a d d itio n a l c o m m o n
shares a t $70 per share p ro rata, p erm ittin g s to c k h o ld e r s t o p u rch a se
2 8 .2 0 % o f th eir h o ld in g s, w ith o p t io n t o p a y eith er (1) in cash o r N e w
Y o r k o r C h a tta n o o g a exch a n g e ; (2) in 2d p re f. s to ck a t $85 p er share fla t ,
o r (3) p a rt in su ch pref. s to c k a n d th e b a la n ce in cash o r N . Y . o r C h a tt.
!
ex c h a n g e .
V . 123. p . 456 .
i
In terest.
O u ts ta n d in g . M a t u r i t y .
STO C K A N D BO N DS—
D a te .
I
________ 2 6 5 .0 0 0 sh s. ................. ..
C o m 5 0 0 ,0 0 0 shares (n o p ar) - - ____
I
7 Q -J
* s ,3 15.400 J a n ’ 2 8 , 1 3
A
1st p r e f 7 % c u m ($ 1 0 0 )-------------------1st p r e f 6 % c u m ($ 1 0 0 )-------------------6%
8 ,3 9 4 ,3 0 0 J a n ’ 2 8 , 134
F irst p r e f 7 2 0 % c u m u l a t i v e - - ------7 .2 0 %
2 ,7 8 3 ,1 0 0 J a n ’ 28 $ 1 .8 0
6 g J -D
24.413.5U 0 J u n e 1 1947 I
1st & r e f m tg e Ser “ A " ($100,1 1922
& c ( g o ld ) ___________c * & r * t f ( I n t . at N a tio n a l C it y B a n k , N . V ., tru stee.
5 g J -D
5 .5 0 0 .0 0 0 Ju n e 1 1956
5 % ser ($ 1 ,0 0 0 , $500 c * & $ 1 0 ,- / 1926
!
0 0 0 . $ 5 ,0 0 0 , $ 1 ,0 0 0 r * ) ___ t f (P en n a . 4 -m ills ta x refu n d a b le .
534
1 7 5 .0 0 0 J a n . 7 1929
O ffic e b u ild in g b o n d s _________ .
S to c k .— In M a y 1927 c o m p a n y o ffe r e d 2 5 ,0 0 0 a d d itio n a l shares o f c o m m o n
a t $80 t o s tock h old e rs o f r e co rd M a y 2 1927, p ro jra ta , a c c o r d in g t o their
res p e c tiv e c o m m o n s to c k h o ld in g s. T h e fir s t p re f. 7 % s to c k is r e d e e m a b le
as a w h ole b u t n o t in part o n a n y d iv id e n d d a te o n 60 d a y s n o t ic e at 110 a n d
d iv s . A ll classes o f firs t p re f. s to c k are o f equal ra n k and d iv id e n d s are
c u m u la tiv e .
In J u ly 1924 B o n b rig h t & C o . , I n c ., o f fe r e d at 94 a n d d iv s .,
t o yield o v e r 7 .4 0 % , $ 1 ,0 0 0 ,0 0 0 7 % cu m . firs t p re f. V . 119, p . 457 . Sec­
o n d p re f. is n o n -c u m u la tiv e an d is en title d t o d iv id e n d s n o t e x ce e d in g $6
p er a n n u m as d e cla re d .
B o n d s .— T h e firs t & r e f. m tg e . b o n d s are secu red b y (a) a d ir e ct 1st m tg e .
on th e 5 4 ,2 4 0 h .p . H ales B a r H y d r o -E le c t r ic s ta tio n , th e new 5 3 ,6 2 0 h .p .
steam s ta tio n a t th a t site, tran sm ission lines, s u b sta tio n s an d ce rta in parts
o f th e d is trib u tio n sy ste m in C h a tta n o o g a ; (b ) a d ir e ct m tg e . on th e entire
rem a in in g ph ysica l p r o p e r ty o f th e c o ., s u b je c t t o $ 4 ,7 2 2 ,0 0 0 d iv isio n a l
lien b o n d s in han ds o f th e p u b lic ; (c) p le d g e o f $ 1 0 ,0 4 5 ,0 0 0 T e n n essee
P o w e r C o . 1st 5s. $ 3 ,6 9 7 ,0 0 0 C h a tt. R y . & L t . 1st & re f. 5s: $341 000
C h a t ta n o o g a R y s . 1st c o n s . 5s; $ 3 8 9 ,0 0 0 L o o k o u t M t . R y . 1st 6s; a n d
$ 5 ,8 0 7 ,5 0 0 N a sh v ille R y . & L ig h t r e f. & e x t . 5s, a n d an a g g re g a te o f o v e r
9 8 % o f o u ts ta n d in g s t o c k s o f N a sh v ille R y . & L ig h t C o . Series A 6s are
re d e e m a b le , all o r p a r t, on a n y in t. d a te u p o n 30 d a y s ’ n o tice at 107 34 on
o r b e fo r e J un e 1 1932: a t 105 fr o m D e c . 1 1932 t o Ju n e 1 1942, in clu s iv e , a n d
th e r e a fte r at p a r , p lu s a p rem iu m o f 1 % fo r each w h o le y ear b etw een d a te o f
r e d e m p tio n an d m a tu r ity .
S in k in g f u n d began M a r c h 1 1923; $ 1 ,5 7 7 ,6 0 0
a cq u ire d an d ca n ce le d b y s in k in g fu n d .
P en na. 4 m ills ta x r e fu n d e d .
V . 114, p . 2 47 1.
L isted o n N . Y . S to c k E x ch a n g e . V . 115, p . 268 7; V .
120 , p . 1587. $ 3 ,0 0 0 ,0 0 0 w ere o ffe r e d in D e c. 1924 b y N a tio n a l C it y C o . ,
B o n b r ig h t & C o .. I n c ., H a ls e y , S tu a rt & C o . , I n c ., & c ., & c ., a t 9934 a n d
in t ., y ie ld in g 6 . 4 0 % .
V . 119, p . 301 1.
5 % s e r ie s , da ted J u n e 1 1926, are re d . a ll or p a r t , a t o p tio n o f c o . o r fo r
th e sinking fu n d , on 30 d a y s n o tice , a t 105 o n o r b e fo re Jun e 1 1952, an d a t
100 th ereafter.
In Jun e 1926 th e N a tio n a l C it y C o ., B o n b r ig h t & C o .,
I n c ., and H o d e n p y l H a rd y Securities C o r p . sold $ 3 ,5 0 0 ,0 0 0 5 % series a t
98 a n d in t. t o yield 5 .1 5 % .
V . 122, p . 3607, V . 123, p . 2 14 2, 2 6 5 7 . In
A p ril 1927, N a tio n a l C it y C o ., B o n b rig h t & C o ., I n c . a n d H o d e n p y l
H a r d y Securities C o r p . b ro u g h t o u t $ 2 ,0 0 0 ,0 0 0 a d d itio n a l 1st & r e f. m tg e .
g o ld b o n d s, 5 % series, d u e 1956 at 9834 an d in t ., w ith an a p p ro x im a te
y ie ld o f 5 . 1 0 % .— V . 124, p . 2122.
D e b e n t u r e s .— T h e c o m p a n y ca lle d fo r r e d e m p tio n a t par a n d in terest o n
Ju n e 1 1927 its o u ts ta n d in g 10-year 634 % d e b e n tu re s, d u e 1933, a n d 15-year
sin k in g fu n d 6 3 4 % d e b e n tu re s , d u e 1939. Y . 124, p . 2591.
D iv i d e n d s .— A n initial d iv . o f 154 % w as p a id O c t . 1922 o n 7 % 1st p r e f.
s t o c k . Sam e ra te p aid re g u la rly q u a r. s in ce . A n initial d iv . o f 1 3 4 %
w as p a id O c t . 1922 on 6 % 1st p re fe rre d . Sam e ra te p a id r e g u la rly q u a r.
sin ce. A d i v . o f $1 80 on Jan . 1 1924 o n 7 .2 % 1st p re f. an d re g u la rly
q u a rte r ly sin ce. A n initial d iv . o f $1 50 w as p a id A u g . 1 1924 o n th e n o n c u m . 2 d p ref. s t o c k a n d s a m e r a te p a id r e g u la r ly q u a r. u n til s t o c k w as ca lle d
D e c . 15 1926.
C o m p a ra tiv e F ig u r e s S h o w in g S erv ice R en d e re d f o r C a len d a r Y e a r s .
K . W .H .
K . W . H . E lec. K .W .H .E l e c .
R ev e n u e
S a les to
S a les o n P o w .
T o ta l
E le c tr ic
P a ssen gers
R eg . C u s to m e r s . I n t e r c h ’ g e .
S a les.
C u sto m e r s. C a rr ie d .

4 9 4 ,0 2 9 ,4 4 4
9 ,6 3 6 ,5 0 0
192 7x---------1 92 6________ 4 6 5 ,9 6 2 ,4 4 9
4 6 ,3 7 4 ,3 0 0
19 2 5 ________
405 ,4 2 3 ,1 6 3 11 2 ,6 0 2 ,0 0 0
192 4...........
32 9 .8 2 1 ,0 7 2
3 1 ,7 9 4 ,2 5 0
192 3------------- 3 0 1 ,872 ,98 1
4 8 ,5 8 9 ,3 9 0
1 92 2________
2 38 .693 ,92 1
2 0 ,3 9 5 ,2 0 0
x F o r 12 m o n th s e n d e d A u g . 31.

207

POW ER, LIGH T AND R A IL W A Y

5 0 3 ,6 6 5 ,9 4 4
51 2 ,3 3 6 ,7 4 9
51 8 ,0 2 5 ,1 6 3
36 1 ,6 1 5 .3 2 2
3 5 0 ,462 ,37 1
2 5 9 ,089 ,12 1

89,131
87,382
76,518
66,608
5 8 ,684
5 0 ,290

4 5 ,6 9 3 ,7 2 7
4 5 ,6 1 5 ,0 2 5
45,4 8 9 ,9 9 1
4 5 ,0 5 7 ,2 8 3
4 5 ,9 2 9 ,8 6 5
4 5 ,6 8 0 ,0 5 7

E A R N I N G S .— F o r 12 m o n th s e n d e d A u g . 31:
1927.
1926.
1925.
$1 1 ,8 6 2 ,3 9 4 $ 1 0 ,7 9 1 ,6 5 9
G ross e a rn in g s___________________ $ 1 2 ,3 6 1 ,7 2 7
N e t, a fte r e x p ., in c l. ta xe s & m a i n t - .
5 ,7 6 0 ,2 2 9
5 ,3 3 4 ,0 0 6
4 ,9 0 8 ,1 5 4
F ix e d ch arges (see n o t e ) ________
2 ,2 6 2 ,1 7 0
2 ,2 3 1 ,8 8 5
2 ,1 6 6 ,8 6 5
D iv id e n d s on fir s t p re fe rre d s t o c k ___
1 ,1 7 6 ,2 5 4
1,0 3 5 ,2 6 5
864 ,0 1 8
9 4 0 ,8 6 4
913 ,667
P r o v is io n fo r retire m e n t r e s e r v e ______
8 8 4 ,3 0 6
B a la n c e ------------------------- ----------------------$ 1 ,3 8 0 ,9 4 1
$ 1 ,1 5 3 ,1 8 9
$9 9 2 ,9 6 6
N o t e .— In clu d es d iv id e n d s on N a s h v ille R y . & L ig h t C o . p r e f. s t o c k n o t
o w n e d b y th e T en n essee E le c tr ic P o w e r C o .
O F F I C E R S .— P r e s ., B . C . C o b b ; V .- P s ., B . C . E d g a r J . C . G u ild Jr
an d T . A . K en n e y ; S ec. & T r e a s ., B . F . M a n n in g ; G e n . M g r ., B . C . E d g a
C o m p ., H . G . K essler.— V . 121, p . 461 , 1103, 1571, 2040. 2639. 313 2, 2045*
3212, 3607, Y . 123, p . 456 , 5 8 ) , 712, 8 4 5 , 1115, 2 1 4 2 , 265 7, 277 9; V . 124,
p . 65 0 , 1822, 2 12 2, 2 4 3 0 , 2 59 1, 3 7 7 4 ; V . 125, p . 52 0 , 1054, 1712, 2 26 7.
(1 ) N A S H V I L L E R A I L W A Y & L I G H T C O .
A ll th e c o m . an d o v e r 9 8 % o f th e p re f. s to c k is ow n e d b y T h e T en n essee
E le c t r ic P o w e r C o ., $ 5 ,8 0 7 ,5 0 0 r e f. & e x t. 5s are a lso h e ld b y 1 h e T en n essee
E le c t r ic P o w e r C o .
O R G A N I Z A T I O N .— In c o r p o r a te d in T en n essee o n Ju n e 26 1903.
Is a
reorg a n iza tion o f th e N a s h v ille R a ilw a y C o ., so ld u n d er fo re c lo s u r e o f the
la t te r ’s first c o n s o l, m tg e . T h e N a s h v ille R y . wT a co n s o lid a tio n in 1900
as
o f th e N a s h v ille S tre e t R a ilw a y , th e N a sh v ille & S u b u rban an d th e C iti­
zen s’ R a p id T r a n sit. T h e N a sh v ille R y . & L ig h t C o . h as a b s o r b e d th e
C u m b e rla n d E le c t r ic L ig h t & P o w e r C o

O f th e refu n d in g an d exte n sio n b o n d s . $ 4 ,0 0 0 000 are reserved fo r p r io r
lien s and rem ain der m a y b e issued a t th e rate o f $ 1 ,0 0 0 fo r ea ch $ 1 ,2 5 0
e x p e n d e d for fu tu re im p ro v e m e n ts an d e q u ip m e n t, n o t o v e r $ 7 0 0 ,0 0 0
t o be issued in a n y c a le n d a r ye a r and s u b je c t t o ce rta in o th e r c o n d it io n s .
B o n d s can n o t be c a lle d . $ 5 ,8 0 7 ,5 0 0 are o w n e d b y T h e T en n essee E le c tr ic
P o w e r C o and p ledged u n d er th a t c o .'s 1st & r e f . m tg e . S er. ’ ’ A " 6 % b o n d s .
$ 3 8 ).5 0 0 n o t in cl. in a m o u n t r e p o rte d o u ts ta n d in g are held aliv e in sin k in g
fu n d . S in k in g f u n d o f 14 o f 1 % o f o u ts ta n d in g b o n d s began J u ly 1 1918,
b o n d s in sinking fu n d bein g k e p t a liv e . See particu lars o f b o n d s, p r o p e r t y ,
& c ., in V . 8 7 . p . 272 .
D iv i d e n d s .— T h e first d iv . o n p r e f. s t o c k — 2 3 4 % — w as p a id Ja n . 1 190 5,
th e n 2 34 % s e m i-a n n u a lly t o J u ly 1910. In O c t . 1910 ch a n g e d t o q u a rte r ly
an d p a id 134 % , an d s a m e a m o u n t q u a r. t o an d in c l. Jan . 1920. N o n e t o
S e p t. 1922, w hen 1354 % w as p a id , c le a rin g u p all b a c k d iv id e n d s . V . 115,
0 .1 5 3 .3 .
Q uar. d iv s . o f 134 % p a id r e g u la rly s in c e . C o m . s t o c k is a ll o w n e d
b y T h e T en n essee E le c t r ic P o w e r C o .

E A R N I N G S .— A r e in clu d e d
E le c tr ic P o w e r C o .

In th e figu res g iv e n

fo r T h e T en n essee

O F F I C E R S — P r e s ., B . C . E d g a r : V . - P . & G e n . M g r ., J . P . W . B r o w n ;
V . - P . , T . A . K e n n e y ; S e c. & T r e a s ., B . F . M a n n in g .— V . 114, p . 1654;
V . 115, p . 1533; V . 116, p . 1893; V . 117, p . 208 ; V . 119, p . 276 2; V . 120.P
87; V . 123, p . 1763; V . 124 , p . 23 6 .
(2) C H A T T A N O O G A R A I L W A Y & L I G H T C O .
C o m p a n y o n ly has nom in al e x is te n ce , as fo rm e r p r o p e r ty has been c o n ­
v e y e d to T h e T en n essee E le c t r ic P o w e r C o .
O R G A N I Z A T I O N .— In c o r p o r a t e d in T e n n e sse e o n J u ly 29 1909 as a
c o n s o lid a tio n o f th e C h a t ta n o o g a R a ilw a y s C o . and C h a tta n o o g a E le c t r ic
C o . , p e r p lan V . 8 8 . p . 1497. V . 8 9 , p . 28 5 . O w ns en tire c a p it a l s t o c k o f
L o o k o u t M o u n t a in R y . C o .
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y
STOCK AN D BON DS—
C o m m o n $ 3 ,0 0 0 ,0 0 0 ($ 1 0 0 )___ ____
________
$ 3 ,0 0 0 ,0 0 0 ------------------P r e f $ 2 ,0 0 0 ,0 0 0 5 % cu m ($100) ____
Q -J
2 ,0 0 0 .0 0 0 .......................
F irst and r e fu n d in g m o r tg a g e ! 1909
5 g M -N
6 1 0 .0 0 0 M a y 1 1956
h iia ., tru stee.
$ 1 5 ,0 0 0 ,0 0 0 g ( $ l , 0 0 0 ) . c * t f j I n t . at F id e lity T r u s t C o .,
C h a tt R y s 1st c o n s m tg e , se e l 1906
5 g M -N
1 ,6 8 1 ,0 0 0 M a y 1 1956
t e x t ($5 0 0 & $ 1 ,0 0 0 ) g - C * t f j I n t . a t C o m m e r c ia l T r u s t C o . , P h ila ., tru stee
S to c k . — P r e f. shares e q u a lly w ith c o m . a fte r c o m . has r e c e iv e d 5 %
B o n d s .— T h e $ 3 ,0 0 0 ,0 0 0 C h a tta n o o g a R y s . m tg e . has b e e n c lo s e d ; c a ll­

able a n y in t d a te a t 107 an d in t. on 3 m o s .’ n o tice .
$ 3 4 1 ,0 0 0 (n o t in c l.
in a m t. o u ts ta n d in g ) are o w n e d b y T h e T e n n essee E le c tr ic P o w e r C o . an d
are p le d g e d uuder th at c o .'s 1st & r e f. m tg e . ser. “ A ” 6s a n d $ 1 2 1 ,5 0 0 h a ve
been ca n ce le d b y sin k in g fu n d .
O f th e 1st & r e f. b o n d s , $ 3 ,6 9 7 ,0 0 0 are o w n e d b y T h e T en n essee E le c . P o w .
C o . a u d p le d g e d b y th a t c o . u n d e r its 1st & r e f. m tg e . 6 % b o n d s, series “ A . ”
N o skn . f d .: call a t 105 and in t. on a n y in t. d a te on 60 d a v s ’ n o t ic e . I n t .
p a y a b le a t H o d e n p y l, H a r d y & C o . , Ln c., a n d a t o f fic e o f tru s tee. V . 8 9 ,
p . 846 .
(a ) L O O K O U T M O U N T A I N

R Y . CO.

O R G A N I Z A T I O N .— O w ns e le ctr ic lin e o n t o p o f L o o k o u t M o u n t a in
a n d , th rou gh s to c k ow n e rsh ip , c o n tr o ls the L o o k o u t In clin e C o . (w h ose
s t o c k an d b o n d s are d e p o s ite d u n d er th e c o m p a n y ’ s m o r tg a g e ). S to c k
all o w n e d b y th e C h a tta n o o g a R a ilw a y & L ig h t C o .
P r iv a te r ig h t -o f-w a y
e x c e p t s h o r t p ie c e o f tra ck on w h ich f r a n c h i s e expires in 1926.
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
___________
$ 5 0 0 ,0 0 0 ____________
S to c k ($ 5 0 0 ,0 0 0 )_____________________
1st m tg e ($ 2 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 ) \ 1913
6 g M -N
3 8 9 ,0 0 0 M a y 1 1956
g o l d ___________________ c * t f/P h ila d e lp h ia T r u s t C o . , P h ila ., tr u s te e .
B o n d s .— L o o k o u t M t n . R y . b o n d s a re r e d . a t 105 a n d i n t . o n a n y in t .
d a te o n 60 d a y s ’ n o t ic e . $ 1 ,6 1 1 ,0 0 0 reserved fo r im p ts .. & c ., a t 8 5 % o f
c o s t o f sam e. B o n d s o u ts ta n d in g are o w n e d b y T h e T en n essee E le c . P o w e r
C o . a n d are p le d g e d u n d er th a t c o . ’s 1st & re f. m tg e . s e r. “ A ” 6s. In teres t
p a y a b le a t o ffic e s o f E . W . C la rk & C o . , P h ila ., a n d H o d e n p y l, H a r d y &
C o ., I n c ., N e w Y o r k .

(3) T E N N E S S E E P O W E R C O .
S to c k all o w n e d b y T h e T en n essee E le c . P o w e r C o . C o . has o n ly n om in a l
e x iste n ce as fo rm e r p r o p e r t y has b e e n c o n v e y e d t o T e n n . E l. P o w . C o .
O R G A N I Z A T I O N .— I n c o r p . in T e n n e sse e o n A p ril 24 1912 as a c o n s o li­
d a tio n o f th e E a stern T e n n e sse e P o w e r C o . a n d G re a t F a lls P o w e r C o .;
has also a c q u ir e d th e p r o p e r t y fo rm e r ly b e lo n g in g t o S w eetw ater E le c . L t .
C o ., C le v e la n d (T e n n .) E l. L t . C o ., S pa rta E le c . L ig h t & P o w er C o . a n d
A . & T . P o w e r C o . F r a n c h is e s .— T h e c o . ’s p o w e r p la n ts are o w n e d in fee
a n d its tran sm ission lin es a re o n p r iv a te rig h t o f w a y an d th e re fo re n o t
s u b je c t t o fra n ch is e lim ita tio n s . F ra n ch ise s o f d is trib u tio n c o m p a n ie s
are fa v o r a b le .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
S to c k $ 2 0 ,0 0 0 ,0 0 0 ($ 1 0 0 )_____ — A ll o w n e d b y T e n n . E le c . P o w e r C o . —
F irst m tg e $ 5 0 ,0 0 0 ,0 0 0 g o l d ) 1912
5 g M -N
$ 2 ,2 5 6 ,0 0 0 M a y 1 1962
g u ar p & i ( $ 1 , 0 0 0 ) - - C * n t f / I n t . a t B a n k e rs T r u s t C o . , N . Y . , tru stee
B o n d s .— O f th e r em ain in g b o n d s , $1 0 ,0 4 5 ,0 0 0 are o w n e d b y T h e T en n essee
E le c tr ic P o w e r C o . a n d are p le d g e d u n d er th a t c o . ’s 1st & r e f. m tg e . 6s,
ser. “ A . ”
S in k in g f u n d , 1 % p e r an n . o f b o n d s o u t , b e g a n M a y 1 191 7; to
b e used fo r e x tr a o r d in a r y ren ew als, re p la ce m e n ts o r a d d itio n s , en largem en ts
an d e xten sion s; also fo r c a n ce lla tio n o f b o n d s . $ 3 6 ,0 0 0 in sin k in g fu n d .
R e d . in w h o le o r in p a r t a t 10734 a n d in t . o n 12 w e e k s ’ n o t ic e . S ee V . 9 5 .
p . 549 . F . N . B . C lo s e , N . Y . . is also tru ste e .

KNOXVILLE POWER & LIGHT CO.
O p e ra tio n s su p e rv ise d b y E le c t r ic B o n d a n d Share C o .
N a tio n a l P o w e r & L ig h t C o (see o n a n o th e r p a g e ) o w n s th e en tire
c o m m o n s t o c k , e x c e p t d ir e cto r s ’ shares.
O R G A N I Z A T I O N .— In c o r p o r a te d in T e n n e sse e o n A u g . 7 1905 as a c o n ­
solid a tion o f th e K n o x v ille T r a c t io n C o . a n d th e K n o x v ille E le c tr ic L ig h t A
P o w e r C o . F o r m e r ly k n o w n as K n o x v ille R y . & L t . C o . , b u t n a m e
ch a n g e d t o p resen t title in S e p t. 192 2.

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . co n d u c ts th e en tire e le ctric p o w e r and ligh t business in K n o x v ille ,
F o u n ta in C it y an d B e a rd e n , T e n n ., an d in 7 a d ja c e n t co m m u n itie s . C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
also ow n s a n d o p e ra te s all th e street ra ilw a y lines in K n o x v ille and 2 a d ja c e n t
D o e s p r a c tic a lly all th e stre e t ra ilw a y an d co m m e r c ia l lig h tin g an d p o w e r
co m m u n itie s. T o t a l p o p u la tio n se rv e d 1 10 ,000 . E le c tr ic p o w er and ligh t
business in N a sh v ille
O perates 107 m iles o f single tr a c k .
H as 188 passen­
con su m ers 2 0 ,1 2 6 . O n Ju n e 30 1927 o w n e d 53 m iles o f tra ck , sta n d a rd
g e r , 15 w ork cars a n d 13 m o t o r b u ses. H y d r o -e le c tric p o w e r is o b ta in e d
gauge, 7 0 -lb . a n d o v e r T an d girder r a il. H as-79 passenger cars an d 5 o th e r
fr o m th e T en n e s s e e P o w e r C o . , w h ich o p e ra te s th is c o . ’ s ste a m p la n ts o f
6 4 ,0 0 0 h .p . c a p a c it y as rese rv e . F r a n c h is e s p e rp e tu a l; th o s e co v e r in g th e cars; to t a l, 8 4 . Passen gers ca rried d u rin g 1 2 m o s . en d ed Jun e 30 1927,
16,952,191 ; in 1926, 1 6 ,9 7 1 ,1 6 0 ; in 1925, 1 6 ,7 4 2 ,3 3 2 .
P ow er s ta tion (held
p rin cip a l ra ilw a y lines co n ta in a p r o v is io n g iv in g th e c it y th e rig h t t o p u r­
in reserve) has 6 ,8 0 0 k .w . c a p a c it y . A ls o o w n s 46 m iles o f transm ission
chase a fter 1923.
lin es, 4 1 9 .5 m iles o f d is trib u tio n lin es.
V a lu a tio n — R a te o f R e t u r n , A c . — In J a n . 1921 th e P e n n a . P . U . C o m m ,
F r a n c h is e s a r e p e r p e tu a l, e x c e p t as t o 134 m iles o f s tre e t r a ilw a y , w h ich
fix ed th e v a lu a tio n o f th e c o . ’s p r o p e r ty a t $ 1 3 ,2 0 0 ,0 0 0 a n d a greed t o allow
la tte r run u n til N o v . 28 1946.
the c o . a m in im u m return o f 6 3 4 % an d a m a xim u m o f 7 3 4 % u p o n this
H as lo n g -te r m c o n t r a c t w ith T e n n e sse e P o w e r C o . fo r th e p u rch a s e o f
v a lu a tio n . F or fu rth e r d e ta ils see V . 11 2 , p . 162. C o m p a re V . I l l , p . 185 2.
e le ctr ic p o w e r .
V a lu a tio n .— F o r d e ta ils o f v a lu a tio n file d w ith th e P . U . C o m m . In
STO C K A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
la tu r ity
Jan . 1921 see V . 112, p . 258 .
C o m m o n $ 4 .0 0 0 .0 0 0 .- -( $ 1 0 0 ) ____
. ______$ 4 ,0 0 0 ,0 0 0
See text
P r e f 5 % cu m $2,500.O(M V$100)
IQ-J
2 .5 0 0 .0 0 0
See te x t
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
M c G & M t V H orse R R 1st] 1887
6 J-J
4 8 5 ,0 0 0 J u ly 1 1937
C o m m o n $ 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )___ ______
__________ $ 2 ,200,000 _____________
m tg e 2n d ser ( $ 1 ,0 0 0 ) .c n t f (N a s h v ille T r . C o ., N a s h v ille , T e n n ., tru st.
$7 p r e f $ 5 ,0 0 0 ,0 0 0 cu m ( $ 1 0 0 ) . ------7 Q -F
1 ,5 5 0 ,0 0 0 A u g ’27 $1.75
N a sh v R y & L t co n s o l M g / 1903
5 g J-J
3 .o 15 000 J u ly 1 1953
$6 p r e f $ 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )------------------6 Q -F
5 0 0 .0 0 0 A u g ’27 $ 1 .5 0
(clo s e d ) ($ 1 .0 0 0 ) - . - _ c * t f ] I n t e r e s ta t G u a ra n ty T r u s t C o .. N . Y . , trus
K n o x v ille R y & L t C o re f & f 1911
5 J -D
3 .2 4 8 .0 0 0 Ju n e 1 1946
N a sh R y & L t r e f & e x t m tg e ( 1908
5 g J-J
2 ,5 4 4 ,0 0 0 J u ly 1 1 9 5 8
e x t m tg e $ 1 0 ,0 0 0 ,0 0 0 ($ 5 0 0 {In t. a t G u a r a n ty T r u s t C o . , N . Y . t tru stee,
$ 1 5 ,0 0 0 ,0 0 0
($500
a n d ] I n t. a t G u a r a n ty T r u s t C o . , N . Y ., tru ste e .
an d $ 1 ,0 0 0 ) _________ c * c p t 1
$ 1 ,0 0 0 ) g o ld ___________c * t f !
o r at N a sh v ille T r u s t C o . , N a s h v ille .
K n o x v ille T r a c 1st M $850
1898
5 g A -O
7 8 0 ,0 0 0 A p ril 1 1938
B o n d s . — In t. on 2n d series o f M c G a v o c k < M t . V ern on H o rse R R . b o n d s
fc
000 g ta x -fr e e ( $ l , 0 0 0 ) - . c * / l n t . a t B a ltim o re T r u s t C o .. B a lt ., tru stee.
is p a y a b le a t F ou rth & First N a t. B a n k , N a s h v ille , and N . Y . fisca l a g e n t.
T h e N a s h v . R y . & L t. c o n so ls o f 1903 are s u b j. to call o n a n y in t. d a te on
S to ck . — P r e f. has equa l v o t in g p o w e r w ith c o m .
T h e $6 and $7 p r e f.
30 d a y s ’ n o tice at 10734 and in t. S in k in g f u n d $ 3 0 ,0 0 0 p e r a n n u m c o m ­ s to c k are p referred e q u a lly as t o assets a n d divs. and both c a lla b le a t 110
m e n ce d Ju n e 30 1913, b u t o n ly if c o m p a n y has a su rplu s a b o v e ch arges and
an d d iv s .
In M a y 1924 $50 0 ,0 0 0 p r e f. w as o f fe r e d b y YV. C . L a n g ley &
d iv . o n p r e f. s to c k ; b o n d s to b e k e p t aliv e in sin k in g fu n d . $ 5 9 5 ,0 0 0 n o t
C o ., N . Y . , a n d O ld C o lo n y T r u s t C o . , B o s t o n , at 98 a n d d i v ., yield in g
in c l. in a m o u n t o u ts ta n d in g h e ld in sin k in g fu n d .
a b o u t 7 .1 4 % .
V . 118 , p . 2 57 2. In Ja n . 1926 th e s a m e ban kers o f f e r e e




208

PU BLIC U TILITIE S

an a d d itio n a l $ 5 0 0 ,0 0 0 p r e f. s t o c k a t 99 a n d d i v . , t o y ie ld o v e r 7 % . V . 120,
p . 330 .
B u n d s .— O f th e r e f. & e x t. m tg e . $78 0 ,0 0 0 are re se rv e d fo r K n o x v ille
T r a c tio n 1st 5s a n d $ 5 ,2 9 7 ,0 0 0 are reserved for 8 0 % o f c o s t o f e x te n s .,
a d d ’ns, im p ts ., & c ., u n d e r c o n s e r v a tiv e re strictio n s. B o n d s are re d . as a
w h ole, b u t n o t in p a r t, a t 105 an d in t. on 60 d a y s ’ n o t ic e , o r m a y b e p u r ­
ch ased in o p e n m a rk et a t a p rice t o n et n o t less than 4 f i % .
A n n u al s in k ­
in g fu n d b egan O c t . 1 1915 equal to
o f 1 % o f total a m o u n t o f b o n d s o u t.
$ 2 5 7 ,0 0 0 h eld a liv e in sin k in g fu n d an d $ 4 1 8,00 0 in treasu ry J u ly 31 1927.
T h e K n o x v ille T r a c tio n G o . fir s t m o r tg a g e b on d s are n o t s u b je c t t o ca ll.
$70 000 h a v e been ca n c e le d
D ir i d p v d s . — A n in itial d iv . o f 1 *4 % w as p aid on p r e f s to c k in N o v 1922.
an d at th e sa m e ra te re g u la rly qu a r. s in ce . A n in itial d iv o f $1 .5 0 per
sh are p aid on th e $6 p re f. A u g . 1 1927.
A ll th e c o m . s t o c k e x ce p t d ir e cto r s ’
shares ow n ed b y N a tio n a l P o w e r & L ig h t C o .
E A R N I N G S .— F o r c a le n d a r years:
G ro ss

N e t (a fte r

In terest,

S u r p lu s f o r

T or,or ,
T a r e s ).
R en n r A c
*1927 ______ ...................... -$ 2 ,8 0 7 ,8 1 6
$ 8 2 8,64 8
$2 3 3 ,9 2 4
$ 5 9 4,72 4
833 ,351
226 ,621
1926 ----------- ______________ 2 ,6 6 1 .5 9 6
6 06 .730
_____ _______ 2 , 4 9 1 .2 2 9
782 042
1925 _______
2 1 6 .7 6 5
5 6 5 . 77
1924 _______ _____________ 2 ,3 5 9 ,1 4 5
7 01 .365
238,381
462 .984
1923 _______ _____________ 2 .2 1 9 ,2 4 3
695 ,549
4 58 .802
236 .747
2 .0 2 2 ,2 5 8
344 HIT
1922 . - - - 579.653
235 .341
* F o r 12 m o n th s e n d e d A u g . 31 1927.
O F F I C E R S .— P r e s ., C . H H a r v e y : V .- P s .. W . S. S hields, R . H . Sm ith
a n d E . W . H ill, S e c ., C . A . B riggs, T r e a s ., A . C . R a y , G e n . M g r ., F . V .
U n d e r w o o d — V . 118, p . 257 2, V . 120, p . 330 , 2 01 2, V . 122, p . 2329
V . 124, p . 227 9.

NATIONAL POWER & LIGHT CO.
O p era tion s su p erv ise d b y E le c tr ic B o n d & S h a re C o .
O R G A N I Z A T I O N .— I n c o r p . in N e w Je rse y D e c. 7 1925 as a co n s o lid a ­
tion o f th e old N a tio n a l P o w e r & L ig h t C o . (in c o r p . D e c . 1921 in N e w Jersey;
fo r h is to r y , see “ P u b lic U tility C o m p e n d iu m ” o f O ct. 31 1925) and U n ited
In v e s to rs Securities C o . (in c o r p . N o v . 2 1925 in N e w J e r s e y ).
T h e la tte r
c o m p a n y had acq u ired m o re than 9 0 % o f th e co m m o n s t o c k o f C a ro lin a
P o w e r & L ig h t C o . b y e x ch a n g e o f co m m o n s to ck s on a sh are fo r share
ba sis. T h e ex ch a n g e o f s to c k s o f th e new and o ld N a tio n a l P ow er & L ight
C o . to o k p la c e on a 15 t o 1 basis, 1 ,8 4 4 ,0 7 0 new c o m p a n y shares h a v in g
been exch a n g ed fo r 122 ,9 3 8 o ld c o m p a n y shares. F o r m o re p a rticu la rs
see V . 122. p . 480
C om p a n ies c o n tr o lle d b y N a t ’l P o w . & L t . C o . are: B irm in g h a m E l 'c .
C o ., C a rolin a P o w . & L t . C o ., H o u sto n L tg . & P o w . C o ., J ack son (T e n n .)
R y . & L t . C o . , K n o x v ille P o w e r & L t. C o ., M e m p h is P o w . & L t . C o . (w hich
in turn c o n tr o ls T h e M e m p h is S treet R y .) .
For. m erger o f a n u m o e r o f s u b s id ia ry c o m p a n ie s in to new C a rolin a
P o w e r & L ig h t C o . , see V 122. p . 1456.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e su b sid ia ry c o m p a n ie s s u p p ly p u b lic u tility service in 246 co m m u n itie s
(electric p ow er and lig h t in 244 . street railw ay service in 2 and gas in 13
co m m u n itie s ) in A la b a m a , N o r t h C a ro lin a , South C a rolin a, T e x a s and
T en n essee.
T o ta l p o p u la tio n se rve d e stim a te d a t o v e r 1 ,2 9 4 .0 0 0 . A m o n g
th e p rin cip a l cities se rve d are B irm in g h a m , A la ., R a leigh and A sh e ville ,
N . C ., C h era w and F lo re n ce , S. C ., H o u s to n , T e x ., an d J a ck s o n , K n o x ­
v ille an d M em p h is , T e n n .
P r o p e r ty ow n ed o r leased an d op e ra te d b y th e subsidiaries in clu d e ele ctric
gen eratin g plan ts w ith a to ta l c a p a c ity o f 2 40 104 kw . plus 1 5 5 .0 0 0 kw . under
c o n s tr u c tio n , *, * * * m iles h ig h -v o lta g e transm ission lines an d 4,0 6 4 m iles
o f d istrib u tion lines. 289 m iles o f a d d itio n a l transm ission lines w ere under
c o n s tr u c tio n .
D a ily c a p a c it y o f gas p lan ts 1 5,116,000 c u . f t ., gas holder
c a p a c it y , 1 5 ,2 2 1 ,0 0 0 c u . f t . , 833 m iles o f gas m ains, 14 m iles o f w ater
m ain s, 418 m iles o f s treet a n d in te ru rb a n ra ilw a y tracks.
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m 3 ,0 0 0 ,0 0 0 shs (n o p a r ) . . ------------------- 2 ,5 4 5 ,6 4 9 shs
see te x t
$7 cu m p f 150,000 sh s (n o p a r ) . ____
$7 Q -J
140.295 shs O c t ’ 27 $1.7 5
$6 cu m p f 100,000 shs (n o p a r ) . ____
$6
N o le
_______
6 °/, g d e b e n t ser " A " ($ 1 .0 0 0 ,f 1926
6 g F -A
$ 9 ,5 0 0 ,0 0 0 A u g 1 2026
$ 50 0 & $100 c * an d $ 1 .0 0 0 (C e n tr a l U n ion T r . C o ., N . Y . C it y , trustee.
& $ 1 0 ,0 0 0 r * ) -------------------tf\
F o r fu n d ed debt o f su b sid ia ry com p a rd es. see u nd er sep arate h e a d in gs.
S to c k .— T h e $7 p r e f. and $6 pref. s to c k ran k e q u a lly and are preferred as
to c u m u la tiv e d iv id e n d s and assets ($100 and d iv s .) o v e r th e c o m m o n s to c k ,
w h ich has th e sole v o tin g p o w e r . T h e $7 p re f. and $6 p r e f. are r e d ., w h ole
o r p a rt, a fter 3 years fro m issu e, at $110 and d iv s . on 30 d a y s ’ n o tice .
In
F e b . 1920 O ld C o lo n y T ru s t C o ., & c ., & c .. offe re d 100.000 a d d itio n a l $7
d iv . cu m p ref. s to c k a t $100 and d iv s . V . 122. p. 749.
B o n d s .— A ll o f th e o u ts ta n d in g 50-year 7 % in c o m e bim ds d u e Jan . 1 1972.
w ere ca lle i S ep t. 1 1926 a t 105 & in t. V . 123, p. 581.
A d d itio al g old d e b e n tu r e s m a y be issued in series o f such ten or as D ire cto rs
m a y , fro m tim e to tim e , d e te rm in e , p ro v id e d (e x c e p t fo r refu n d in g pu rposes)
n e t in com e fo r 12 co n s e c u tiv e w ithin p reced in g 15 calen d ar m on th s, has
been n o t le s than tw ice ann u al in terest on all in debtedn ess o f th e c o . incl
p rop osed is u e. T h e 6 % , s e r ie s “ A " , d a ted A u g . 2 1926 are red. w h ole or
p a r t on 30 a y s ’ n o tice a t 110 th rou gh A u g . 1 2010: a t 105 th rou gh A u g. 1
202 0, and t ereafter a t p ar; in each case w ith interest. Penn. 4-m ills tax.
an d F e d . in c o m e ta x u p t o 2 % r e fu n d a b le .
In A u g . 1926 O ld C o lo n y O o rp .,
W . C . L a n g ley & C o ., B o n b r ig h t & C o ., I n c ., T u ck e r, A n th o n y & C o ., I n c .,
J a ck son & C u rtis. H a le , W a te r s & C o . and T o e r g e & Schitter offe re d
$ 9 ,5 0 0 ,0 0 0 6 % series A a t 98 & in t .. t o yield o v e r 6 .1 0 % .
V . 123, p. 982.
D iv i d e n d s .— O n p re f. an initial d iv . o f $ 1 .7 5 was paid M arch 1923 and
a t r a te o f $7 per an n . th rou gh O c t . 1 1925 on o ld c o . ’s s t o c k .
D iv s . at rate
o f $7 per an n . p aid q u a r. fro m Ja n . 1925 to d a te . On co m m o n s to c k an
initial d iv . o f $ 1 .5 0 w as paid Jun e 2 1924 an d a t sam e ra te q u a r. th rough
D e c . 1 1925 on th e o ld c o . ’s s t o c k .
10c. per sh are paid M a rch an d Jun e
192 6, w h ich is e q u iv a le n t t o $ 1 .5 0 o n o ld c o m .
D iv s . a t ra te o f 2 0 c. paid
q u a r . sin ce.
E A R N I N G S .— S ta te m e n t o f co m b in e d earnings ( o f o ld N a tio n a P o w .
& L t . C o . and th e C a rolin a g r o u p o f p ro p e rtie s now o w n e d o r c o n tro lle d
b v presen t N a tio n a l P o w . & L igh t C o .) fo r calen d ar years:
*1927.
1926.
1925.
G ross earnings o f su b sid ia rie s------------- $ 3 5 ,3 9 7 ,5 0 5 $33 ,5 4 4 ,8 9 5 $29 800 ,043
N e t earnings o f s u b sid ia rie s-----------------x l 4 , 107 ,406
1 3,463,453
11, 5 35 ,545
G ross earnings o f c o ., in c l. bal. fro m
op era tion s o f su b sid . c o s . a p p lica b le
t o N a t ’l P o w e r & - L t . C o . (after
ren ew al and rep lacem en t r e s e r v e ) .. x 6 ,3 4 9 ,3 6 3 x 6 ,065 ,391
4 6 40 .270
E x p en ses N a tio n a l P o w . & L t. C o ------111,911
91,661
85,607
In te r e s t, N a tio n a l P o w e r & L t . C o —
5 9 5 ,8 3 0
616 .6 3 6
6 53 ,525
2 7 9 ,6 5 0
P referred d iv id e n d s ____________________
9 8 2 ,0 5 7
906 .2 3 3
732.471
C o m m o n d iv id e n d s ------------------------------- 2 ,0 3 6 ,6 4 0
1 ,527,242
B a la n c e ........ ................................................$ 2 ,6 2 2 ,9 2 5 $ 2 ,9 2 3 ,6 1 9 $2,8 8 9 ,0 1 7
* F a rn in g s fo r 12 m o n th s e n d in " Ju n e 30 1927.
R en ew a l an d re p la ce m e n t (d e p re cia tio n ) a p p ro p ria tio n s fo r th e 12
m on th s en d ed D e c . 31 1926 were $2,837,921 and for the 12 m onths en ded
D e c . 31 1925 th ey w ere $ 2 ,5 2 9 ,4 9 4 . F o r 12 m o s . en ded Ju n e 30 1927 w ere
$ 2 ,9 3 7 ,0 9 3 .
O F F I C E R S .— C h a irm a n o f th e B o a r d , S. Z . M itz c h e ll; P r e s ., H . C .
A b e ll; V .-P s . E W H ill and F . B . O d iu m ; S e c ., E . P . Su m m erson ; T r e a s ..
A C R a y : C o m p t .. A . E . S m ith . O ffice s: Jersey C i t y , -4 . J ; N Y . o ffic e ,
71 B r o a d w a y .— V . 121. p . 2875: V . 122. p . 480 . 749, 1456. 2329, 2800;
V . 123, p . 3 2 5 , 5 8 1 , 982 , 1634; V . 124, p . 1220, 1360, 3 2 0 9 , 3353; V . 125,
p . 914 .

x

MEMPHIS POWER & LIGHT CO.
C o n tr o lle d b y N a tio n a l P ow er & L ig h t C o . , w hich o w n s the en tire co m
s to c k , e x c e p t d ir e cto r s ’ sh ares. O p e ra tio n s su p e rv ise d b y E le c tr ic B o n d
& Share C o .
O R G A N I Z A T I O N — I n c o r p o r a te d D e c . 16 1922 in N e w J e r s e y . T o o k
o v e r p r o p e r ty fo rm e rly o w n e d and o p e r a te d by th e M e m p h is G as & Electric
C o . (so ld at re c e iv e r 's sale— V. 115. p . 2 2 7 6 ).
W as a u th orized in Ju n e 1925
t o p u rch ase th e S ou th M e m p h is L ight & T r a c tio n C o . an d the Sou th
M e m p h is Land C o . p o w e r plants.
V . 120. p. 3187.
F IE L D O P O P E R A T IO N S A N O O M A R A C T E R O F B U S IN E S S —
D o e s th e en tire e lectric po w e r and ligh t and the en tire gas business in
M e m p h is . T e n n ., and in a d d itio n su pplies ele ctric pow er and light s e rv ice
t o 11 a d ja c e n t co m m u n itie s . P o p u la tio n s e r v e d e stim a te d a t 2 1 0 ,0 0 0 .




[V ol. 125.

T e c o m p a n y o w n s a ll th e ca p ita l s t o c k , e x c e p t d ir e cto r s ' q u a lify in g
sh ires, ol tn e M e m p h is S treet K> ysee b e lo w ), and it su pplies at w n olesale
all th e c u rre n t used b y th a t c o m p a n y .
P r o p e r ty o f c o m p a n y in clu d es e le ctr ic g e n e ra tin g plants h a v in g a c o m ­
bin ed installed ge n e ra tin g c a p a c it y o f 5 4 .0 0 0 k .w ., 610 m iles o f transm ission
and d istrib u tin g lines- a w ater gas plant h a v in g a d a ily c a p a c it y o f 1 2 .0 0 0 ,0 0 0
c u . f t ., gas h older c a p a c it y o f 4 ,9 0 0 ,0 0 0 c u . f t . , a n d 280 m iles o f gas
m ain s.
S T O C K A N D B O N D S .—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
C o m 1 ,0 0 0 ,0 0 0 shs (n o par) ________
________
4 0 0 000 shs ____ ______
P r e f cu m $7 series (n o p a r ) ____ ______
$7 Q -J
3 0 ,0 0 0 shs O ct ’ 27 $1.75
P r e f $6 series (n o p a r ) ________________
6
6 ,2 0 9 shs - ....................
First is ret m tg e Series " A ” . . ( 1923
5 g J -J
$ 7 .5 0 0 000 Jan 1 1948
Series “ B " _________________ t 1923
6 g J -J
2 ,0 0 0 ,0 0 0 Jan 1 1948
($500 & $ 1 .0 0 0 c * and $ 1 ,- C e n tra l U n io n T r u s t C o . , N e w Y o r k , tru stee.
000 & $ 5 ,0 0 0 r* ) g o l d ___ t f l
E q u ita b le G as L ig h t fir s t m t g f 1899
5 g M -N
1 ,2 5 0 .0 0 0 M a y 1 1929
($500 and $ 1 ,0 0 0 )________ c f l n t a t E q u ita b le T r u s t C o .. N . Y . , tr u s te e .
M e m p h is L t & P o w e r 1st M l 1901
5 g J-J
5 1 2 ,0 0 0 Jan 1 1931
( $ 1 , 000 ) .
Int at N a t ’ l B a n k o f C o m m e r c e , N . Y . , and
J N o rth e r n T r u s t C o . , C h ic a g o .
S to c k . — P re f. is re d e e m a b le on any d iv id e n d d a te on 30 d a y s ’ n o t ic e a fter
Jan . 1 1926 a t $110 per share and d iv id e n d s .
In Jan . 1925 10,000 shares
pref. w ere o ffe r e d b y O ld C o lo n y T r u s t C o . , B o s to n , a t 99 and d iv id e n d .
V. 120. p . 211.
B o n d s .— F ir s t a n d R e fu n d in g M tg e. S e r ies “ A " 5s are re d e e m a b le all o r in
p art at an y tim e on fo u r w eek s' n o t ic e a t 105 and in terest on or b e fo r e J a n . 1
1928; th e re a fte r a t 104 and int. th ro u gh Jan . 1 1933: th e re a fte r a t 103 and
int th rou gh Jan . 1 1938; th e re a fte r at 102 and int. th rou gh Ja n . 1 1943;
th e re a fte r a t 101 and in terest th ro u gh Jan . 1 1946, and th e re a tfe r a t 100 an d
in terest
P e n n sy lv a n ia 4 mill tax r e fu n d a b le . $ 5 ,5 0 0 ,0 0 0 w ere o f fe r e d in
Jan . 1923 b y G u a r a n ty C o . o f N ew Y o rk an d H arris, F o rb e s & C o ., at
894£ and in te re st, to yield a b o u t 5 .8 0 % .
V . 116, p. 418. T h e sam e
b an k ers, in A pril 1924, o ffe r e d $ 1 ,0 0 0 ,0 0 0 a t 91 and in terest, t o yield a b o u t
5 .7 0 % .
V . 118, p. 1672. A n a d d itio n a l $ 1 ,0 0 0 ,0 0 0 w as also o f fe r e d b y
th e sam e b an k ers in D e c . 1924 a t 96 and in te re st, to yield 5 . 3 0 % .
V . 119,
p. .VIIIH.
F ir s t a n d R e fu n d in g M t g e . S eries B 6s are re d e e m a b le , all o r in p a r t,
on fo u r w eek s' n o tice a t a n y tim e o n or b e fo re Jan. 1 1928 a t 106 a n d in ter­
est: th e re a fte r a t 105 and in te re st less
o f 1 % fo r ea ch year o r fra ctio n
t h e r e o f elapsed su b se q u e n t t o Jan . 1 1929. P e n n a . 4 m ill ta x r e fu n d a b le .
$ 2 ,0 0 0 ,0 0 0 w ere o f fe r e d in Ju n e 1923 b y G u a ra n ty C o . o f N e w Y o r k an d
H arris. F o rb e s & C o . a t 99 46 and in terest, to yie ld o v e r 6 % . V . 116. p . 2 89 0.
D iv i d e n d s .— D iv id e n d s on p r e f. p a id re g u la r ly ( Q .- J .) s in c e issu a n ce.
E A R N I N G S .— C a len d ar
*192 7.
1926.
192 5.
192 4.
G ross e a r n i n g s ..................$ 5 ,4 4 5 ,9 4 4 $ 5 ,0 9 0 ,8 6 9 $ 4 ,6 3 0 ,4 8 0 $ 4 ,4 0 1 ,1 2 2
O per. e x p ., in cl. t a x e s .—
3 ,1 2 0 ,6 4 4
2 .9 0 2 ,6 4 2
2 ,5 7 6 ,3 1 0 2 ,6 7 1 ,1 7 7
N e t e a rn in g s__________$ 2 ,3 2 5 ,3 0 0 $ 2 ,1 8 8 ,2 2 7 $ 2 ,0 5 4 ,1 7 0 $ 1 ,7 2 9 ,9 4 5
O th er in c o m e ____________
2 8 0 ,5 7 0
2 5 0 ,7 5 5
2 6 2 .8 7 2
156.761
T o t a l in c o m e ___________ $ 2 ,6 0 5 ,8 7 0
In terest on b o n d s _______
5 8 3 ,4 4 9
O th er int. d e d u c t io n s ___
9 6 ,3 8 8
D iv id e n d s on p r e fe rr e d 2 1 3 ,7 3 7
R e n e w . & r e p la c e , re s ’ v e
_______

$ 2 ,4 3 8 ,9 8 2
5 8 4 .1 3 0
4 8 .8 9 7
2 0 9 ,0 2 9
_______

$ 2 ,3 1 7 ,0 4 2
5 8 4 ,1 3 7
13.141
2 0 0 .0 9 4
4 7 9 ,7 0 6

$ 1 ,8 8 6 ,7 0 6
5 2 1 .2 6 5
1 61 ,908
7 8 .9 3 0
4 1 9 ,8 2 0

$ 1 ,0 3 9 ,5 6 4
$70 4 ,9 8 3
S u rp lu s________________ x $ l,7 1 2 ,2 9 6 x $ l ,5 9 6 .9 2 6
x B e fo re ren ew al and re p la ce m e n t rese rv e d e d u ctio n .
* F o r 12 m o n th s e n d e d A u g . 31 1927.
O F F I C E R S .— C h a irm a n , H . C . A b e ll, P r e s ., T . H . T u tw e ile r , V ic e P res., W . J. O ’ B rien , E . W . H ill an d L . H . P a rk h u rst, Sec. & A sst. T r e a s .,
L. L e M a y .— V . 119, p . 300 9, V . 120, p . 211 , 231 6, 3187, V . 122 , p . 232 9,
349 6.
M E M P H IS S T R E E T R A I L W A Y C O .
O p e r a t i o n s s u p e r v is e d

bv

E le ctric R o n d

V S h a re C o

C o n tr o lle d b y th e M e m p h is P o w e r & L ig h t C o . , w h ich is in t u r n c o n t r o lle d
b y th e N a tio n a l P ow er & L igh t C o .
O R G A N I Z A T I O N . —-Chartered in T e n n e sse e on M a r c h 28 1895 a n d c o n ­
solid a ted w ith the C itize n s ' S t ., E ast E n d S t ., C it y & S u b u rb a n a n d M e m ­
phis & R aleigh S prin gs lines; f r a n c h is e s run until N o v . 1945.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns and op e ra te s th e en tire street ra ilw a y business o f th e c it y o f M e m p h is ,
T e n n ., an d w ith its su b s id ia r y , th e M e m p h is an d L a k e V ie w R v . C o . ,
serves 3 s u b u r b s .
E s tim a te d p o p u la tio n o f 2 1 0 .0 0 0 .
O w n s 135 m iles
o f t r a c k . R a ils , 60 t o 8 0 -lb . T . 60 t o 1 0 9 -lb . g ir d e r . 295 passen ger
and 33 m iscella n eou s cars.
W a g e in crea ses as o f A p r il 1
F a re s a n d R a te s .— See V . 119, p . 198
1926 g ra n te d , c o m p a r e V . 123, p . 842 .
M a tu rity.
O u ts ta n d in g .
STO C K AN D BON DS—
D a te .
In terest
See tex t
C o m m o n $ 2 ,5 0 0 ,0 0 0 ($ 1 0 0 )___ ______
________
x.52.500.000
Preferred $ 2 ,5 0 0 ,0 0 0 5 % e u m l
x 2 .5 0 0 ,0 0 0
See t e x t
($1 0 0 ) red at 110 & a ccr d i v s l -----------------8 0 9 5 ,0 0 0 J u ly _______
C on s m o rtg a g e $ 1 0 ,0 0 0 ,0 0 0 f ____
1905
—
_______
______ ......
5 g J -J
_____
. 1 1945
g o ld (see te x t) clo s e d .c * & r \ ln t . a t C e n t . U n io n Tru^i C o . N . Y , T r u s .
E q u ip m e n t tr u s t______________/ 1923
6 J -D
2 3 9 .0 0 0 D e c . 1 1925
----------|G uaranty T r . C o ., N . Y ., T r u s . t o D e c. 1 '3 3
x All p r e f. a n d c o m . s t o c k e x c e p t d ir e c t o r s ’ shares, o w n e d b y M e m p h is
P ow er & L ig h t C o .
B o n d s . — T h e c o n s o l M . b o n d s are in d e n o m . o f $ 1 ,0 0 0 c o u p o n an d $ 1 0 ,100 registered
A re not s u b je c t to c a ll, s in k in g f u n d $ 2 5 ,0 0 0 p er a n n u m
1910-14; $ 3 0 ,0 0 0 . 1915-19: $ 3 5 ,0 0 0 , 1920-24: $ 4 0 ,0 0 0 . 192 5-2 9, and $ 5 0 ,0 0 0 ,
1 9 3 0 -4 5 . See V 8< n
1496. $ 8 9 4 ,0 0 0 held a liv e in s in k in g fu n d
m tg e . c lo s e d .
$22 2 ,0 0 0 held b y c o m p a n y .
E q u ip , tru st c e r t i fs . m atu re $ 3 5 ,0 0 0 each D e c. I th ro u g h 1932 and $ 2 9 ,0 0 0
D ec l 1933.
A re call , as a w h o le , b u t u o t in p a rt a t 103 and d iv . for cer tifs .
m aturin g m ore than 5 years after d a te o f such an ticip a te d p a y m e n t, an d
i t a prem iu m o f 'A o f 1 % for each ye a r o r fra ctio n t h e r e o f o f u n exp ired
life in th e case o f certiTs. m atu rin g 5 years o r less a fte r d a te o f such an tici­
pated p a y m e n t.
$34 4 ,0 0 0 w ere o ffe r e d in D e c. 1923 b y H arris. F orb es St
C o . at prices t o yie ld fro m 6 .3 0 % t o 6 . 0 0 % , a c c o r d in g t o m a tu r ity .

National Power & Light
Company
Present Outstanding Capitalization

6% D ebentures, Series A, due 2026___ $9,500,000
$7 Preferred, no par va ue shares____
140,295
Common, no p ar value shares_______ 2,545,739
Inform ation on Request

Tu c k e r , A

nthony

&

Co.

120 Broadway, New York
Boston
New Bedford

Rochester
Manchester, N. H.

Syracuse
Albany

209

POW ER, L IG H T AND R A IL W A Y

O ct ., 1927.]

STOCK A N D B O N D S—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
Y a d k in R iv e r P o w e r C o l s t f 1911
5 g A -O
7 ,5 0 0 ,0 0 0 A p r 1 1941
(clo s e d ) m 5 % g ($ 1 ,0 0 0 & ( I n t . a t O ld C o lo n y T r . C o . , B o s t o n , tr u s te e .
$ 5 ,0 0 0 c * & r ) ____________ t f l
S to c k s . — T h e $6 a n d $7 p r e f. s to c k s r a n k e q u a lly in p re fe re n ce o v e r c o m .
as to d iv s . and assets. S u b sta n tia l a m o u n ts o f p r e f. s to c k s s o ld th ro u g h
c u s to m e r ow n e rsh ip c a m p a ig n s . A d d it io n a l $6 c u m . p r e f. w as o ffe r e d In
F e b . 1927 at $94 a n d a c c r u e d d iv id e n d s .
B o n d s . — T h e 1st A r e f . m t g e . g o ld b o n d s are secu red b.v a 1st m t.ge. o n
$89 2 ,9 8 4
$ 9 4 1 ,7 9 0
$93 8,20 3
$91 3,29 9
N e t e a r n in g s __________
su b s ta n tia lly all o f th e p h y s ic a l p r o p e r tie s fo r m e r ly o w n e d b y C a rolin a P o w .
3.3 9 6
3,6 2 8
2 .7 6 0
2,647
O th er in c o m e ____________
& L ig h t C o . (o ld c o . ) , A s h e v ille P o w e r & L ig h t C o . , P ig e o n R iv e r P o w e r C o .
an d C a ro lin a P ow er C o . a t th e d a t e o f m erger an d c o n s o lid a tio n In to (n ew )
$ 8 9 6,61 2
$ 9 4 5,18 6
$94 0,85 0
$ 9 1 6,05 9
T o t a l in c o m e _________
C a ro lin a P o w e r & L ig h t C o . , a n d a ls o b y a d ir e c t m o r tg a g e o n th e p h y s ica l
4 54 ,195
447 ,8 9 9
441 ,0 5 0
4 3 6 ,2 5 2
In teres t o n b o n d s _______
p r o p e r ty o f th e Y a d k in R iv e r P o w e r C o . , s u b je c t t o $ 7 ,5 0 0 ,0 0 0 1st (closed )
8,890
26,562
73,7 2 6
46,757
O th er in t. & d e d u c t io n s ,
m tg e . b o n d s. A d d itio n a l b o n d s in series o f su ch te n o r as d ir e cto r s m a y .
125,000
200 ,0 0 0
D iv s . o n p r eferred s t o c k .
fro m tim e to tim e , d e te rm in e , m a y b e Issued fo r r e fu n d in g p u rp oses, an d fo r
277 ,1 2 5
256 ,4 6 9
R e n e w a l & r e p la c e ’t r e s .
n o t exce e d in g 7 5 % o f c o s t o r fa ir v a lu e w h ich e v e r is less, o f p e rm a n en t im ­
p ro v e m e n ts o r a d d itio n s m a d e o r a cq u ire d su b s e q u e n t t o A p ril 10 1926, less
x$45 3,0 43
$ 1 4 ,2 5 6
$ 31 ,402
S u r p lu s________________ x$406,081
th e prin cip a l a m o u n t o f a n y p r io r liens th e re o n , o r fo r cash d e p os ited w ith
* F o r 12 m o n th s e n d e d A u g . 31 1927.
tru s te e . N o a d d ’ l b o n d s m a y , h o w e v e r , b e issu ed e x c e p t fo r r e fu n d in g p u r ­
x B e fo r e d e d u c t io n tor p r e f. d iv s . a n d ren ew al & r e p la ce m e n t r e se rv e .
p o s e s , unless net earns, h a v e b e e n a t least tw ic e a ctu a l in t. r e q u irem en ts o n ,
o r 1 2 % o f p r in cip a l a m o u n t o f all u n d e rly in g b o n d s a n d p rio r liens a n d 1st
O F F I C E R S .— C h a ir m a n , H . C . A b e ll; P r e s ., T h o s . H . T u tw e ile r ; V .- P s .,
p r e f. m tg e . b o n d s , o u ts ta n d in g , in c lu d in g n e w issu e. R e d ., w h o le o r p a r t,
E . W . F o r d , E . W . H ill, F . A . R e id : Sec. & T r e a s ., L . L e M a y .— V . 119, o n 30 d a y s ’ n o t ic e , a t 105 u p t o a n d in c l. A p ril 1 1936, a t % % less ea ch
p . 198; V . 122 , p . 2329; V . 123. p . 8 4 2 .
su c c e e d in g y e a r u p t o a n d in c l. A p r il 1 195 4, a n d th e re a fte r a t 100, p lu s
in te re st in ea ch ca s e . P e n n . 4 m ills ta x r e fu n d a b le . In M a r c h 1926 W . C .
L a n g le y & C o . , B o n b r ig h t & C o . , I n c ., a n d O ld C o lo n y C o r p . o ffe r e d
UNION TRACTION CO.
$ 1 8 ,0 0 0 ,0 0 0 5 % series o f 1956 a t 9 7 % and in t ., t o y ie ld a b o u t 5 . 1 5 % .
V . 122, p . 1607; V . 123, p . 1631. In J u ly 1927 an a d d itio n a l $ 1 0 ,0 0 0 ,0 0 0
O R G A N I Z A T I O N .— I n c o r p . in T en n essee o n O ct. 12 1 91 7, as su cce sso r
1st & r e f. m tg e . b o n d s , 5 % series o f 1956, w ere b r o u g h t o u t b y W . C .
to th e N a s h v ille -G a lla tin In te r u r b a n R y . , so ld a t fo re c lo s u r e S e p t. 25 1917.
L a n g le y & C o ., B o n b r ig h t & C o ., I n c ., a n d O ld C o lo n y C o r p . at 1 0 0 %
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
a n d in t ., t o y ie ld 4 . 9 5 % . V . 125, p . 383 .
O p erates 2 7 .0 5 m iles o f ra ck b e tw e e n N a s h v ille a n d G a lla tin , en terin g
Y a d k in R iv er P o w e r C o . 1st ( c lo s e d ) M t g e . 5 % g . b o n d s , d u e A p r i l 1 1941
N a sh v ille o v e r tra ck s o f ta sh v ille R y . & L ig h t C o . (4 .4 m ile s ). 7 0 -lb . T
are c a ll, as a w h o le o n a n y in t . d a t e o r in p a rt fo r im p ro v e m e n t fu n d a t 105
rails. S ta n d a rd g a u g e . N
and in t. on 4 w eeks n o t ic e , all b o n d s th u s a cq u ire d t o b e c a n c e lle d . T h e
STOCK AN D BON DS—
D a te .
I n te r e s t.
O u ts ta n d in g .
M a tu rity.
im p ro v e m e n t fu n d , w h ich c o m m e n c e d in 191 6, c a ll, fo r 1 % % 1926 t o 1 93 0.
________
$ 3 0 0 ,0 0 0 ------------------S to c k $ 3 0 0 ,0 0 0 ( $ 1 0 0 )_______________
and 2 % 1931 t o 1940 in c l.
F irst M . ($ 3 0 0 ,0 0 0 ) g o ld f 1917
6 g J -D
3 0 0 ,0 0 0 D e c 1 1947
D iv id e n d s . — C o . has p a id regu lar d iv s . o n $6 p r e f. and $7 p r e f. sin ce d a tes
( $ 5 0 0 ) ____________ c * & r .c p t \ N a s h v ille T r u s t C o . , T r u s te e .
o f issu ance.
B o n d s .— A r e ca lla b le on a n y in te re s t d a te a t 105.
E A R N I N G S .— O ' c o n s titu e n t c o m p a n ie s (in t e r -c o . ite m s e lim in a t e d ),
fo r c a le n d a r year
E A R N I N G S .— F o r ca le n d a r years:

D iv i d e n d s .— O n p r e f. s t o c k 5 % w as p a id fr o m issu an ce u p t o a n d in c lu d in g
D e c . 1914. I n 1915. n o n e .
In 1916, D e c .. 2 % % .
In 1917, Ju n e 2 % % .
S t o c k n o w a ll o w n e d b y M e m p h is P o w e r & L ig h t C o . a n d n o d iv s . are re ­
p orted .
E A R N I N G S .— F o r ca le n d a r years:
1924.
*192 7.
1926.
1925.
$ 3 ,0 1 4 ,6 7 4
G ross e a rn in g s___________ $ 2 ,8 9 5 ,3 2 8
$ 2 ,9 7 0 ,0 6 9 $ 2 ,9 2 7 ,9 6 6
2 ,1 2 1 ,6 9 0
O p e r . expenses & t a x e s . _ 1 ,9 8 2 ,0 2 9
2 ,0 3 1 ,8 6 6
1,9 8 6 ,1 7 6

N e t , a ft e r

In terest,

B a la n ce for

A r
Dp n r A r
T a res.
G ross
$ 4 ,1 4 0
$ 1 8 ,0 0 0 d e f.$ 1 3 ,8 6 0
192 6_____ ___________ ________$ 1 3 2 ,1 3 0
16.463
18.000
d e f.1 ,5 3 7
1 92 5_________________ ________ 143,257
_ 172 ,519
18.000
_______
1924
__________ . . . ____
3 0 .9 9 6
17,097
4 7 .580
192 3____ __ ________ ________ 193 .2 9 0
X24.497
10,682
x.35,191
1 9 2 2 . . . .................... .. ............... 180,616
173,616
36,5 6 3
18,971
17,592
19 2 1 .......... .............................. ..
180,661
19,315
10,682
32,182
1 9 2 0 - . ...................... .. ............
x T a x es in c lu d e d in in terest in 1922.
O F F I C E R S .— P r e s ., Joh n A . B e ll; S e c.. A . J . A n d e rso n ; T r e a s ., H arry
B e rry ; G en . M g r ., A . J . A n d e r s o n .— Y . 105. p . 1618. 1709.

NORTH CAROLINA
CAROLINA POWER & LIGHT CO.
S u p erv ised b y E le c tr ic B o n d a n d S h a re C o .
C o n tr o l .— A ll o u ts ta n d in g c o m m o n s t o c k o w n e d b y N a tio n a l P r . & L t . C o .
O R G A N I Z A T I O N .— I n c o r p . in 1926 b y m e rge r a n d c o n s o lid a tio n o f
C a ro lin a P r . & L t . C o . (o ld c o .) in c o r p . F e b . 19 1908 in N o . C a r o ., see
h is to ry , & c. “ P u b lic U tility C o m p e n d u im ” o f O ct. 31 1 9 2 5 '. A sh e ville
P o w e r & L ig h t C o . , P ig e o n R iv e r P o w e r C o . , C a ro lin a P o w e r C o . , and
Y a d k in R iv e r P o w e r C o .
See “ P u b lic U tility C o m p e n d iu m ” o f O c t . 31
1925." I n S ep t. 1926 pu rchased th e m u n icip a lly ow n ed W a rre n to n E le ctric
L ig h t C o . and arran ged t o b u y the m u n icip a l ligh tin g pla n ts a t L ittle to n ,
N orlin a and B la d e n b o r o , N o . C a ro .
V. 123, p . 1381.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e system su p p lie s e le ctr ic p o w e r an d lig h t in 162 c o m m u n itie s in N o rth
C a rolin a an d S outh C a ro lin a . Inclu din g R a le igh , A sh e v ille , G o ld s b o r o ,
H en d erson , O x fo r d , S an ford and ‘ o ck in g h a m . N o . C a r o ., an d C h era w ,
F lo r e n c e , M a r io n , D a r lin g to n . S u m ter an d H a r ts v ille , S o . C a r o ., a n d also
su p p lies th e s treet ra ilw a y a n d gas se r v ic e in R aleigh a n d A sh e v ille a n d th e
gas s e r v ic e in D u r h a m . T o ta l p o p u la tio n s e rv e d e stim a te d t o ex ce e d
3 8 7 ,0 0 0 .
P rop ertie s in clu d e e le ctr ic p lan ts w ith an in stalled ge n e ra tin g
c a p a c it y o f 86,9 5 0 k .w . A n a d d itio n a l 3 4 .0 0 0 k .w . is p u rch a se d u n d er c o n ­
t r a c t fr o m o th e r c o m p a n ie s .
O f this 122 ,6 1 0 k .w . a g g re g a te a v a ila b le
p o w e r s u p p ly 5 7 % is h y d r o -e le c t r ic . 1,5 9 2 m iles o f h igh -te n sio n trans­
m ission lines a n d 1,406 m iles o f d is trib u tin g lines. M o d e r n gas p lan ts in
R a le ig h , D u rh a m a n d A sh e ville o f an a g g re g a te d a ily c a p a c it y o f 2 ,0 7 0 .0 0 0
cu. ft.
H o ld e r c a p a c it y 7 4 0 .0 0 0 c u . f t . , also ow n s 163 m iles o f gas m ains.
T h e street r a ilw a y s y s te m s c o m p r is e a p p r o x . 33 m iles o f t r a c k .
T h e re is
n o w u n d er c o n s tr u c tio n 2 new h y d r o -e le c t, p la n ts, o n e o n th e Y a d k in R iv e r ,
near N o r w o o d o f 6 2 ,0 0 0 k .w . initial a n d 8 5 ,0 0 0 k .w . u ltim a te c a p a c it y ; the
o th e r o n th e P ig eo n R iv e r a b o u t 35 m iles n o rth w e st o f A s h e v ille , t o be
k n o w n as th e W a te r v ille p la n t, o f 6 7 ,0 0 0 k .w . in itia l a n d 100 ,0 0 0 k .w .
u ltim a te c a p a c it y . V . 122, p . 1453, 1607.
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C om $3 0 0 0 .0 0 0 (n o p a r ) _____ ______
_______ 2 ,5 0 0 OOOshs
$7 cu m p r e f $2 0 0 ,0 0 0 (n o par) I ____
$7
112 232 shs O c t '2 7 $1 75
i I r v in g B k .- C o l . T r u s t C o . , N ew Y^rk . trust,
$ 6 c u m p r e f 2 0 0 , 0 0 0 s h s ( n o p a r ) ____
$6
49,2 8 1 shs O c t '2 7 ,$ 1 .5 0
1st & r e f m g 5 % ser o f 1 9 5 6 / 1926
5 g A -O
$ 2 8 ,0 0 0 ,0 0 0 A p r 1 1956
($ 1 ,0 0 0 c * r * , $500 c * , $1
In te re s t p a y a b le in N e w Y o r k C it y .
000 , $ 5 ,0 0 0 , & c. r ) _______ t f l

Tide Water Power Company
Provides electric light and power, gas and
street railway service in W ilmington,
N . C ., and surrounding territory
Through Florida Power Corporation operates
electric power and light properties in
rapidly growing communities in
Florida
S u b s i d i a r y o f N a t i o n a l P u b l i c S e r v ic e C o r p o r a t i o n

Outstanding securities of this company
bought, sold and quoted

Howe Snow & Co.
In c o r p o r a te d

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco Minneapolis
Philadelphia




G ro ss
In com e.

N ey A fte r
M a in t & T a xes.

B ond
I n t ., A c .

B a l. A v a i l .
fo r D iv s .

$ 4 )5 5 3 ,2 5 4
$ 1 ,3 8 7 ,3 7 4
$ 3 ,1 6 5 ,8 8 0
1927 * _____________ $ 9 ,1 6 7 ,8 5 8
19 2 6 ________________ 8 ,5 7 6 ,5 3 8
4 ,2 4 7 ,5 6 2
1 ,1 6 6 ,3 4 8
3 ,0 8 1 ,2 1 4
1 9 2 5 _________________ 7 ,2 4 3 ,0 0 1
3 ,2 6 5 ,0 6 8
9 4 9 ,5 3 8
2 ,3 1 5 ,5 3 0
2 ,4 8 2 ,8 0 5
9 1 4 ,5 7 7
1 ,9 2 8 ,2 2 8
1 9 2 4 ________________ 5 ,9 6 1 ,2 2 9
1 9 2 3 ________________ 5 ,1 5 6 ,4 6 5
2 ,3 8 2 ,4 9 8
7 5 7 ,6 5 9
1 .6 2 4 ,8 3 9
1 92 2________________ 4 ,3 1 0 ,2 2 6
1,8 3 6 ,7 4 3
6 2 7 ,6 5 9
1,2 0 9 ,2 3 7
1 9 2 1 ________________ 3 ,8 0 5 ,4 6 4
1 ,6 2 3 ,5 8 2
6 2 5 ,9 7 9
997,603
* F o r 12 m o n th s e n d e d A u g . 31 1927.
O F F I C E R S .— C h a irm a n o f B o a rd , S. Z . M itc h e ll; P re s ., B . S. G erm a n ;
V .- P . & G en . M g r ., P . A . T ille r y ; V .- P .s ., C . S. W a lte rs , W m . D a r b e e and
E . W . H ill; S e c ., E . P . Su in m erson ; T r e a s ., A . C . R a y .— V . 121, p . 3002;
V . 122. p . 1607, 1453, 2038; V . 123, p . 453 , 1249, 1381, 1631; V . 125, p .
245 , 383 , 910 .

TIDE WATER POWER CO.
C on trol ..— C o n tr o lle d b y N a tio n a l P u b lic S e rv ice C o r p . (see o n a n oth er

p a g e ).
O R G A N I Z A T I O N .— C h a rte re d F e b . 1907 in N o r t h C a ro lin a .
In A p ril
1917 acq u ire d all th e p r o p e r t y o f th e C o n s o lid a te d R y s ., L ig h t & P o w e r C o . ,
fo rm e rly c o n tr o lle d b y s t o c k o w n ersh ip an d le a se d . I n O ct. 1922 a cq u ire d
the St. P etersbu rg L ig h tin g C o . an d th e C le a rw a te r L ig h tin g C o , w h ich
c o s . w ere c o n s o lid a te d in to th e P in ella s C o u n t y P o w e r C o . in M a y 1923.
In Ja n . 1924 p u rch a se d th e m u n icip a l e le ctr ic lig h t sy ste m in W a r s a w .
N C.
V . 118. p . 20 4 . I n J u ly 1924 th e P in ella s C o u n t y P o w e r C o .
a cqu ired c o n t r o l o f th e T a rp o n S prings E le c . & I c e C o .
V . 119, p . 581 .
Mas also acq u ire d th e m u n icip a l e le ctr ic lig h t sy s te m in W h ite v ille , N . O .
and B u rgan . N . G ., an d e le ctric an d ice p r o p e r t y in O h a d b o u r n e . N . O .
C o . also c o n tr o ls C o m m o n w e a lth L ig h t & P o w e r C o . In S e p t. 1926 it w as
a n n o u n ce d th a t c o . a cq u ire d a ll o f th e p h y sica l p r o p e r t y o f F lo rid a P o w e r
C o r p ., an d the en tire ca p ita l s t o c k o f W e s t F lo rid a P o w e r C o . V . 123,
p . 1507. See also V . 123, p . 2 5 2 1 . O n N o v . 1 1926 it w as a n n ou n ced th a t
P inellas C o u n t y P o w e r C o ., F lo rid a P o w e r C o r p . a n d C e n tra l F lo rid a
P o w e r C o . w ere t o b e co n s o lid a te d in to o n e n e w c o . t o b e n a m ed “ F l o r id a
P ow er C o r p ."
F o r details see u n d er h ead in g o f th is la tte r c o . V . 123 ,
p . 2776. V . 124, p . 1359.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . furnish es e le ctr ic lig h t an d p o w e r , gas an d street ra ilw a y serv ice In
W ilm in g to n . N o . C a r o ., an d v ic in it y (p o p u la tio n a b o u t 8 0 ,0 0 0 ) a n d th ro u g h
its s u b s id ia r y , th e F lo r id a P o w e r C o r p o r a t io n , all th e co m m e r c ia l e le ctric
ligh t and p o w e r business in S t. P e te rs b u rg , C learw ater, T a rp o n Springs an d
o th e r co m m u n itie s in F lo r id a . T h e p rop erties o f T id e W a te r P o w e r C o .
in clu d e stre e t ra ilw a y u tilitie s in W ilm in g to n , N o . C a r o ., an d a s h ort inters
urban line to W r ig h ts v ille B e a ch . E le c tr ic p la n t o f 15,340 h .p ., r e b u ilt In
1924: 2 5 m iles h igh -te n sio n tran sm ission lines. C o a l an d w ater, gas p la n t
w ith 66 m iles o f gas m ain s. S treet an d interu rb an ra ilw a y in clu d es 33 .4 3
m iles o f tra ck , 42 passenger a n d 13 fre ig h t ca rs. N e w c o n s tr u c tio n see V .
124. p. 650.
F lo rid a P ow er C o r p o r a t io n o w n s a s u p e rp o w e r s te a m p la n t o f 2 4 ,0 5 0 h .p .
c a p a c it y in S t. P e te rs b u rg , a h y d r o -e le c t r ic p la n t near D u n n e llo n o f 6 ,8 2 5
h .p . and o th e r sm all p la n ts o f 1,2 8 5 h .p . A n e w ste a m p o w e r p la n t is
b e in g e re cte d a t In g lis w ith a p re s e n t c a p a c it y o f 3 4 ,7 5 0 h .p . a n d an u ltim a te
c a p a c it y o f 125 ,000 h .p . F lo r id a P o w e r C o r p ., u p o n a c q u is itio n b y
T id e W a te r P o w e r C o . o f c e r ta in F lo r id a p u b lic u tilitie s (see a b o v e ) w as
to se rve e le ctr ic lig h t a n d p o w e r to a te r rito r y in F lo rid a e x te n d in g fro m
St. P e te rsb u rg n o r th w a r d a lo n g th e W e s t C o a s t an d th ro u gh C en tra l
F lo rid a to th e G e o rg ia S ta te line; p o p u la t io n 2 6 5 ,0 0 0 ; 4 0 0 m iles o f tr a n s ­
m ission lin es. V . 123 , p . 1507.
C o m p a n y ’s fr a n c h is e s a re w ith o u t tim e lim it a n d th e ra ilw a y fra n ch ise
is e x clu s iv e u n til 1937.
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
________
3 8 ,5 6 3 shs. ____________
C o m m o n . 5 0 .0 0 0 shs (n o p a r ) . ____
7 % p f (p rio r iss) 49 shs ( $ 1 0 0 ) . ____
7Q
$ 4 ,9 0 0 ______________
7 % ser cu m p f 6 0 ,0 0 0 s h s ( $ l 6 0 ) ____
7 Q
1,9 9 0 ,0 0 0
8 % ser p r e f 34,951 shs ( $ 1 0 0 ) . . ____
8 Q
2 ,4 9 0 ,8 0 0
I
6 % % p r e f $ 2 ,0 0 0 ,0 0 0 ($ 1 0 0 )________
6% Q
N one
______I _____
C o n s o lid a te d R y s , L t & P o w f 1902
5 g J -J
2 8 1 ,2 5 0 J u ly 1 1932
C o 1st M t g e g (clo s e d ) ($ 5 0 ,iIn te r e s t a t S afe
D e p o s it & T r u s t C o . ,
$ 10 0, $ 50 0, $ 1 0 0 0 )________ c (
B a ltim o re , M d . , tru stee.
First lien & r e f m tg e Ser “ A ” \ 1922
6 g A -O
4 ,2 6 6 ,5 0 0 O c t 1 1942
($500 & $ 1 ,0 0 0 ) g o l d _ _ c * .t f /I n t . a t N e w Y o r k T r u s t C o ., N . Y . , tr u s te e .
Ser “ B ” ($5 0 0 .$ 1 0 0 0 ) g c * t f f 1925
5 % A -O
2 ,4 2 9 ,5 0 0 A p r 1 1945
(In t. a t N e w Y o r k T r u s t C o .. N . Y . , tr u s te e .
Ser “ C ” ($ 1 ,0 0 0 , $ 5 0 0 c* ) t f . 1926
5 g F -A
5 .7 3 0 ,0 0 0 A u g 1 1 9 2 9
G e n lien 2 0 -y r g $2,500,000 1 1926 6 F -A
2 ,5 0 0 ,0 0 0 A u g 1 1946
(clo s e d ) ($l,O 0O , S 50 0c*) t f l T h e B a n k o f A m e r ic a , N e w Y o r k , T r u s te e .
P inella s C o P o w e r C o p r e f
7
2 9 4 .0 0 0 ................... ..
7 % c u m . . . ...................... ( $ 5 0 ) ------7 % c u m “ A " ($ 1 0 0 )-------------------------7
1 ,1 1 0 .8 0 0 ____________
S to c k . — T h e 7 % ser. p r e f. s t o c k is p r e fe rre d as t o assets a n d d iv s .
R ed.
on 30 d a y s ’ n o tice , w h o le o r p a r t , a t 115 a n d d iv s . In O c t . 1926 S trou d
& C o ., E a s tm a n , D illo n & C o . a n d A . E . F itk in & C o . so ld $ 1 ,5 0 0 ,0 0 0 7 %
ser. p r e f. a t 9 7 % a n d d iv s . V . 123, p . 1878.
B o n d s . — T h e fir s t lien & r e f. m tg e . series A are a d d itio n a lly secu red
b y p le d g e o f $ 1 2 ,4 9 1 ,0 0 0 P in ella s C o . P o w e r C o . 1st m tg e . b o n d s an d
all th e c o m m o n s t o c k o f t h a t c o m p a n y .
S in k in g f u n d o f 1 % p er an n u m
o f all b o n d s c e r tifie d u n d e r m o r tg a g e c o m m e n ce s D e c . 1 1924. C a ll­
ab le o n an d a fte r O c t . 1 1927, as a w h o le o r in p a r t a t 1 0 7 % an d in terest
th rou gh A p ril 1 1928. a n d a t % o f 1 % less d u rin g each s u cce e d in g year t o
m a tu r ity . C o . agrees t o r e fu n d M a s s . S tate in c o m e ta x n o t In excess o f
6 % % an d th e P e n n ., M d . a n d C o n n . 4 -m ills ta x .
V . 115. p . 2 26 8. In
June 1924 $ 1 ,0 7 0 ,5 0 0 a d d itio n a l w ere o f fe r e d b y H e m p h ill, N o y e s & C o .
Strou d & C o . , I n c ., & c ., & c ., a t 9 7 % an d in t ., t o y ie ld o v e r 6 . 2 0 % . V . 118.
p . 308 0.
Series B are c a ll, fo r sin k in g fu n d o n ly , in c l. A p ril 1 1927 a t 105; th ere­
a fte r. w h o le o r p a r t, in c l. O c t . 1 1940 a t 105: in c l. A p ril 1 1941 a t 104:
th ereafter a t su cce ssiv e r e d u c tio n s o f 1 % o n e a ch A p ril 1 t o m a tu r ity ; in
each ca se w ith in te re s t. R e tir e d b y sin k in g fu n d $ 1 3 ,9 0 0 . M a s s , in c o m e
ta x u p t o 6 % % , P e n n , a n d C o n n . 4 m ills ta x and M a r y la n d 4 % m ills tax
r e fu n d a b le . C o ffin & B u rr , I n c ., so ld in A u g . 1925 $ 7 9 1 ,0 0 0 a t 9 8 % and
in t ., y ie ld in g a b o u t 5 % % .
A t th e sam e p r ice H e m p h ill, N o y e s & C o . ;

310

PUBLIC U TILITIE S

C o ffin & B u rr , I n c .; S tro u d & C o . , I n c ., a n d O tis & C o . s o ld $ 1 ,0 0 0 ,0 0 0
a d d itio n a l series B 5 3 ^ % b o n d s in D e c . 1925. V . 122, p . 95.
S e r ies C , d u e A u g . 1 192 9. are r e d . o n 6 w e e k s' n o tice as a w h o le o r fo r
sin kin g fu n d p u r p o s e s o n th e fir s t d a y o f a n y m o n th , o r in p a r t o n a n y in t.
d a te a t 1 0 2 in c l. J u ly 31 1927; a t 1 01 14 in c l. J u ly 31 1928 an d thereafter
p r io r t o m a tu r ity a t 1004£; in ea ch case w ith in terest. P e n n , a n d C o n n ,
a n d C a lif. 4 m ills. M a r y la n d 4 l m ills a n d M a ss. 6 % ta xes re fu n d a b e.
A
I n S e p t. 1926 H e m p h ill, N o y e s & C o . , E . H . R o llin s & S on s, C o ffin &
B u rr , I n c .. S trou d & C o . . I n c ., a n d O tis & C o . o ffe re d $ 3 ,7 5 0 ,0 0 0 series C
a t 9854 an d in t ., t o y ie ld a b o u t 5 . 4 5 % . V . 123, p. 1507. In Jan . 1927
H e m p h ill. N o y e s & C o ., E . H . R o llin s & Sons, C o ffin & B u rr, I n c . and
S trou d & C o ., I n c ., so ld $ 2 ,0 0 0 ,0 0 0 a d d itio n a l 1st lien & r e f. m tg e . b o n d s,
servies C a t 9854 a n d in t ., t o y ie ld 5 . 5 4 % . V . 124, p 650 .
C on s olid a ted R y s .. L ig h t & P ow er C o . b o n d s have a sin k in g fu n d o f
1% o f b o n d s o u ts ta n d in g fro m J u ly 1 1904 t o 1914; 1 ) 4 % t o 1924, a n d 2 %
th erea fter. F u n d t o b e in v e ste d in b o n d s a t n o t exceed in g 105 and in t .,
b u t b o n d s are n o t s u b je c t t o c a ll. $31 8 ,7 5 0 b o n d s w ere re tire d b u t are
h eld a liv e in sin k in g fu n d .
T h e 20 -y e a r g e n e r a l lie n b o n d s are secu red b y a general lien o n all p ro p e r tie s ,
p la n ts , b u ild in g s , s tr u c tu re s , e re ctio n s and c o n s tr u c tio n s o f c o . n o w or
h erea fter o w n e d and fu r th e r, o n all se cu rities n o w and h e re a fte r d e p o s ite d
as se c u r ity fo r th e 1st lien & r e f. m tg e . b o n d s . T h e se b o n d s are s u b je c t
t o th a t gen eral lien o n ly to th e 1st lien & r e f. m tg e . a n d u n d e rly in g m tg e .
o u ts ta n d in g . A d d itio n a l 1st lien & r e f. m tg e . b o n d s o f c o . m a y b e issued
u n d er the c o n s e r v a tiv e r e s tric tio n s as s e t fo rth in t h a t m tg e . In d e n tu re
p r o v id e s t h a t, in th e e v e n t th e p re se n t 1st lien & r e f. m tg e . is sa tisfie d and
c a n c e le d , c o . m a y c r e a te a new 1st lien m tg e . o r a new 1st m tg e . p r o v id e d
these b o n d s sh all ra n k p a ri passu w ith th e b o n d s secu red b y su ch n ew m t g e .
T h e re is a s in k in g f u n d b e g in n in g A u g . 1 1928, s u ffic ie n t t o retire $25 ,0 0 0
b o n d s ea ch y ear u p t o m a tu r ity . A m a in te n a n c e an d im p r o v e m e n t f u n d
is p r o v id e d u n d er term s o f w h ich c o . and its subsidiaries shall e x p e n d n o t
less th a n 2 5 % o f s tr e e t ra ilw a y g ross o p e ra tin g r e v e n u e , 1 0 % o f gas and
1 2 ) 4 % o f ele ctr ic a n d all o th e r p u b lic u tility gross o p e r a tin g re v e n u e on
m a in te n a n ce , re tire m e n t o f b o n d s o f this issu e an d sen ior b o n d s , and
a d d itio n s ;and b e tte r m e n ts a g a in st w h ic h n o equ a l or sen ior b o n d s m a y be
issu ed . A b o v e p erce n ta g e s s u b je c t to p e rio d ica l re -d e te rm in a tio n . C ertain
m o d ific a tio n s (u n d er re s trictio n s s p e cifie d in th e m tg e .) in th e m tg e . m a y
b e m a d e w ith a ssen t o f c o . a n d o f h o ld e rs o f n o t less than 75 % o f o u ts ta n d in g
b o n d s , n o t incl b o n d s o w n e d b y c o .
T h e y a re r e d . o n 1st o f a n y m o n t h , o n 30 d a y s ’ n o tice , w h o le o r p a r t a t
103 a n d in t . o n or b e fo r e J u ly 1 1936; a t 102 an d in t. o n o r b e fo r e J u ly 1
1941; a t 101 an d in t. o n o r b e fo r e J u ly 1 1946. C o n n ., P e n n , a n d C a lif.
4 m ills, M a r y la n d 4 ) 4 m ills, K e n t u c k y 5 m ills an d M a s s . 6 % ta xes re­
fu n d a b le . In O c t . 1926 E . H . R o llin s & S on s, S tro u d & C o . , I n c ., and
O tis & O n. offered $ 2 ,5 0 0 ,0 0 0 a t 9854 a n d i n t ., t o y ie ld o v e r 6 % .
V . 123,
p . 1998; V . 124, p . 375 .
D iv i d e n d s . — In 1908 a n d 1909, 6 % ; th e re a fte r t o Jan . 1 1913 5 % per
an n u m w as p a id o n p r e f. (3 4 % m o n t h ly , o m ittin g Jan . a n d J u ly ). O n
Ja n . 1 1913 began p a y in g 6 % p e r a n n . (3 4 % e a c h m o n t h ), w h ich w as c o n ­
tin u e d t o an d i n c l . D e c . 1921. w hen d iv id e n d ra te w as in cre a se d t o 7 % .
in
1922 ra te w as increased t o 8 % .
S in ce d iv s . h a v e been p a id a t th e ra te o f
8 % p e r a n n u m (p a y a b le 1st o f e a ch m o n t h ) . N o w c u m u la tiv e a t t h a t
r a te . E ffe c t iv e O c t . 1 1927 d iv id e n d s t o b e p a id q u a rte r ly . O n c o m ­
m o n , fir s t d iv id e n d , 2 % , p a id A p r il 1910; O c t ., 2 % ; in 191 1, 6 % ; in 1912,
A p ril, 3 % ; O c t ., 3 % and 1 % extra: an d d iv s . at the ra te o f 7 % p er ann
(3 3 4 % sem i-an n ) w ere p a id re gu la rly t o a n d in c l. A p ril 1918. In O ct.
1918 2 3 4 % (a d d ’l 1 % d u e w as p a id M a y 1 1 9 1 9 ). In A p ril 1919, 334 % was
p a id . S am e ra te has been p a id re g u la rly t o a n d in cl. A p ril 1923. D iv s . o f
$3 50 p er a n n . n o w b e in g p a id (p a y a b le 1st o f ea ch m o n t h ).
G ro s s
N et
Y e a r — E a r n in g s . E a r n in g s .

$

K . W .H .
G en era ted .

$

1923 _ - l.8 6 8 .6 6 8
8 0 7 ,8 7 2 33,700.85
1922 -.1 ,7 5 8 ,8 9 1
7 5 6 ,2 5 2 30,508,45
* T w e lv e m on th s e n d e d N o v . 3 0 .

C u . F t . o f C u sto m e r s at E n d o f Y r .
G as M a d e .
E le c tr ic .
G as.

1 34 .570 ,00 0
1 2 7 .142 ,00 0
1 15 ,447 ,00 0
1 0 9 ,727 ,00 0
10 7 .6 0 2 ,0 0 0

34,4 3 2
27,841
22,9 8 2
19,271
17,020

3,1 2 8
3,0 2 5
2 ,8 5 6
2,843
2 ,8 8 2

E A R N I N G S .— C a l. y e a r 1926 (T id e w a te r P o w e r C o . a n d s u b sid ia rie s):
G ro s s ea rn in gs a n d o th e r in c o m e __________________________________ $ 3 ,8 5 1 ,5 5 7
1 ,9 1 6 ,8 6 8
O p e r . e x p s ., in c l. m a in t ., lo c a l ta x e s & p r io r ch a rg e s o f s u b s ___
N e t ea r n in g s -.
In te r e s t ch a rges

$ 1 ,9 3 4 ,6 8 9
6 0 6 ,3 9 7

B a la n c e ____________________________________________________________ $ 1 ,3 2 8 ,2 9 2
O F F I C E R S .— P r e s ., F . W . W o o d c o c k ; V ice -P re sid e n ts, F . A . M a tth e s ,
R a y m o n d H a r t, J . V . G ra in g e r, T . R . C r u m le y an d W . L . B r y d e ; T r e a s .,
W . E . Shaw J r .; S e c ., C . A . M c C l u r e — V . 122, p . 95; V . 123, p . 3 2 6 , 8 4 5 ,
9 8 3 , 1507, 1878, 199 8, 2 5 2 1 , 3 03 9; V . 124, p . 37 5 , 650 , 1221, 3 49 8, 3632;
V . 125, P. 1326.

SOUTHERN POWER CO.
O R G A N I Z A T I O N .— O rg a n ize d in N e w Jersey in 1905.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y d is trib u tes p o w e r fro m its o w n gen eratin g sta tio n s as w ell as
pu rch ased fro m oth er c o m p a n ie s in th e w estern p a rt o f S o u th C a ro lin a and
cen tral N o r t h C a ro lin a .
A m o n g th e c o m p a n ie s ow n e d o r c o n tr o lle d are:
C a ta w b a P o w e r C o . an d G re a t F a lls P o w e r C o . o f N . J .
In D e c . 1925
a cq u ired c o n t r o l o f th e S ou th ern P u b lic U tilities C o .— V . 121, p . 2754
C o m p a n y w as rep orte d in S e p t. 1925 b u ild in g a new 8 0 ,0 0 0 h .p . steam
e lectric gen era tin g p la n t t o cre a te a reserve p o w e r su p p ly t o p r e v e n t fu r th e r
p o s s ib ility o f cu rta ilin g p o w e r t o users d u rin g d r o u g h t p e r io d s . V . 121.
p . 1463.
STOCK AN D B O N D S D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n $ 5 ,0 0 0 ,0 0 0 ($100)
........
....................$ 4 ,8 0 0 ,0 0 0 ______________
7 % cu m p f $ 1 0 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
7
6 ,0 0 0 ,0 0 0 ____________
F irst m o r tg a g e $ 1 0 ,0 0 0 ,0 0 0 / 1910
5 g M -S
7 ,0 0 0 ,0 0 0 M a r 1 1930
_ c * t f l i n t . a t F a rm e rs’ L o a n & T r . C o ., N . Y . C .,t r .
( $ 1,000) .
C a ta w b a P o w e r C o . g m tg e t f f 1903
6 g J -D
4 8 0 ,0 0 0 Ju n e 1 1933
\ ln t . a t E q u ita b le T ru s t C o ., N . Y . C ., tru s.
O ffic e r s . — P r e s ., G e o rg e O . A lle n . N e w Y o r k . N . Y . — V . 119, p . 241 2:
V . 121, p . 1463, 2 27 5, 2 75 4; V . 123, p . 2 65 7; V . 124, p . 3 77 4.

[V ol. 125.

STO CK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
________
$ 1 0 ,8 2 7 ,5 0 0 ................. ..
S to c k $ 1 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )____________
1st & r e f M $ 3 0 ,0 0 0 ,0 0 0 g o l d / 1913
5 g J -J
8 .4 8 7 ,0 0 0 J u ly 1 1943
($ 1 ,0 0 0 ,$ 5 ,0 0 0 ,& c .)c * & r * .t f\ ln t . a t F a rm e rs ’ L. & T r . C o ., N . Y . , T r u s te e
U n d e r ly in g B o n d s —
C h a r E le c R y , L & P 1st M / 1899
5 g J -J
2 8 2 ,0 0 0 J u ly 1 1929
$ 5 0 0 ,0 0 0 g ($ 1 ,0 0 0 ) s f c * n t f l i n t , a t M e r c . T r . & D e p . C o ., B a lt ., T r u s te e
C h a r E le c R y , L & P r e f & e x t l 1906
5 A -O
4 1 9 ,0 0 0 A p ril 1 1936
M $ 2 ,0 0 0 ,0 0 0 g ( $ l ,0 0 0 ) c * t f \ l n t . a t M e r c . T r . & D e p . C o ., B a lt ., T r u s te e
Fries M f g & P 1st M g o l d / 1900
5 g J -J
4 3 7 ,0 0 0 Jan 1 1940
($ 1 ,0 0 0 ) o p tio n a l a t 110___ \ In t. a t E q u it a b le T r . C o ., N . Y . , tru stee.
W in s to n -S a le m P o w e r C o ____ ______
________
4 6 ,0 0 0 Jan 1 1936
B o n d s o f C o n tr o lle d , c%c., C o s .—
G re e n v -C a r o P o w e r 1st M g j 1905
5 g M -N
2 3 0 ,0 0 0 M a y 1 1935
($ 1 ,0 0 0 ) __________________t f ( I n t . a t O ld C o lo n y T r . C o . , B o s t o n , tru stee.
B o n d s . — O f th e 1st a n d r e f. b o n d s , $ 1 ,5 6 7 ,5 0 0 a re r e se rv e d fo r p r io r lien s;
rem ain der issu able fo r 7 0 % o f c o s t o f exte n sio n s a n d a c q u is itio n o f oth er
pro p e rtie s.
R e d e e m a b le , in w h o le o r in p a r t, a t 105 a n d in te re st.
T h e C h a r lo tte E le c tr ic R y ., L t . & P o w . 1st M . b o n d s h a v e a s in k in g f u n d .
o p e r a tiv e sin ce J u ly 1 1900, o f 1 % o f b o n d s o u t; t o b e in v e s te d in b o n d s
draw n b y lo t a t 10714 an d in t ., i f n o t o b ta in a b le a t lo w e r fig u re in o p e n
m a rk et. $ 8 8 ,0 0 0 h a v e b e e n ca n c e le d .
T h e re f. & e x t. m tg e . b o n d s h a v e a s in k in g f u n d , o p e r a tiv e A p r il 190 7, o f
1 % o f b o n d s issu ed, fo r p u rch a se o f b o n d s a t 107 J4 a n d in t ., i f o b t a in a b le :
o th erw ise su ch in v e s tm e n ts as tru ste e d e e m s p r o p e r . V . 8 8 , p . 125 2. $ 6 6 ,0 0 0
h a v e been r e tire d .
A s in k in g f u n d o f 1 % o n th e G re e n v ille C a ro lin a P o w e r C o b o n d s b eg a n
M a y 1 1910.
E A R N I N G S .— F o r c a le n d a r y e a rs:
G ro s s .

N e t a ft. T a x es .

D en rec.

B on d In t.

B a l.. S u r .

1924 ...............$ 5 ,4 3 0 ,9 1 3 $ 2 ,0 6 5 ,8 2 4
$ 4 9 5 ,5 1 2
$ 4 9 5 ,7 6 0
$ 1 ,0 7 4 ,5 5 1
1 9 2 3 _________ 4 .5 4 8 ,0 0 9
1.5 1 0 ,5 5 6
3 1 7 ,8 2 9
3 0 7 .4 1 6
8 8 5 .3 1 2
1 .3 3 9 .9 8 2
1 9 2 2 .................. 4 ,0 8 3 ,9 2 5
2 4 0 ,0 0 0
2 9 7 ,5 6 0
8 0 2 ,4 2 2
O F F I C E R S .— P r e s ., E . C . M a rs h a ll; V . - P . , A . V . H a rrill; S e c ., W . O .
P a rk er; A sst. S e c ., L . H . A d a m s ; T r e a s ., D . G . C a ld e r; A s s t. T r e a s ., R . E .
L . G ra h a m .— V . 117 . p . 134 8. 2 54 4: V . 11 8 . p . 177 5: V . 119 , p . 2 0 6 5 ;
V . 121, p . 708 275 4, V . 124 , p . 1221.

NORTH CAROLINA PUBLIC SERVICE CO.
C o n tr o l. — In F e b . 1924 th e G en eral G as & E le c t r ic C o r p . (see on a n o th e r
p a g e ) a c q u ir e d c o n t r o l o f t h e c o . V . 118, p . 66 4 .
M a n a g e m e n t b y th e W . S. B a r s to w M g t . A s s n ., I n c ., o f N e w Y o r k C i t y .
O R G A N I Z A T I O N .— I n c o r p . in 1924 in N o r t h C a ro lin a t o a c q u ir e all th e
p rop erties, r ig h ts, fra n ch is e s a n d o th e r assets o f T h e N o r t h C a ro lin a P u b lic
S e rvice C o . C h a rte re d in N o r t h C a ro lin a in 1909. T h e p re d ecessor c o .
pu rch ased th e G re e n sb o ro E le c . C o . a n d G re e n sb o ro G a s C o ., th e e le c tr ic
ligh t p la n t o f th e H ig h P o in t E le c . P r. C o . an d th e s tre e t r y . sy s te m in H igh
P o in t.
In 1913 b u ilt gas p la n t a n d d is trib u tin g s y s te m in H ig h P o in t .
In 1911 a c q u ir e d m a jo r it y o f th e s to c k o f S a lisb u ry & S p e n cer R y . C o .
w h ich c o . it also leases fo r 50 y e a rs. V . 9 3 , p . 1324. I n Ju n e 1924 p u rch a sed
o u tr ig h t all th e p r o p e r t y o f th e P ie d m o n t P o w . & L t . C o ., o p e r a tin g in
G ib s o n v ille , E lo n C o t t a g e , B u rlin g to n , G ra h a m , H a w R iv e r . M e b a n e an d
a d ja c e n t te r r it o r y in N o r t h C a ro lin a . I n 1926 a c q u ir e d th e p r o p e r t y o f
W in s t o n -S a le m G a s C o .
Y . 118 , p . 2 8 2 5 . C o . a ls o o w n s t h e e n tire ca p ita l
s t o c k o f G re e n sb o ro B u s C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . su p p lies e le ctr ic lig h t a n d p o w e r s e r v ic e in G re e n s b o ro . B u rlin g to n ,
S alisbu ry a n d o th e r im p o r t a n t in d u stria l c o m m u n itie s in ce n tra l N o rth
C a ro lin a , in c lu d in g M e b a n e , L a k e L a th a m , H a w R iv e r , G ra h a m , S u m m erf ie ld , S e d g e fie ld , S u m n er, E fla n d , W h it s e t t , G le n R a v e n , E lo n C o lle g e ,
G ib s o n v ille , F o u r M ile , A la m a n c e , W h it e O ak s, H a m to w n , B a ttle G ro u n d ,
P o m o n a . G u ilfo r d C o lle g e , Y a n d a lia . P le a s a n t G a r d e n , J a m e stow n , O a k ­
d a le , A r c h d a le , T r in it y , R a n d le m a n , T e r r a C o t t a , S to k e sd a le, S ed a lia,
M c L e a n s v ille , K e e c h ’s L o d g e , H ill T o p , G r o o m t o w n , B e sse m e r, H a m ilto n
L a k e s, S pen cer a n d E a st S p e n ce r,
I t sells e le ctr ic p o w e r at w h olesa le fo r
d is trib u tio n in H ig h P o in t. 95 m iles o f h ig h -te n sio n tran sm ission h n es a n d
720 m iles o f d is trib u tio n lin es c a r r y c u r r e n t p u r c h a s e d fr o m th e S ou th ern
P o w e r C o . t o lig h t a n d p o w e r co n s u m e rs . C o . su p p lie s gas in G r e e n s b o ro ,
H ig h P o in t , W in s to n -S a le m , S a lisb u ry and s u b u rb a n te r r it o r y , a n d s treet
r a ilw a y s e r v ic e (25 m iles in t o t a l) in G r e e n sb o ro , H igh P o in t . S a lis b u r y
a n d S p en cer. C o . o w n s 5 gas p la n ts w ith an a g g re g a te d a ily c a p a c it y o f
2 ,8 9 0 ,0 0 0 c u . f t . , a n d h o ld e rs o f 8 5 8 ,0 0 0 c u . f t . s to r a g e c a p a c it y .
C o k e is
so ld as a b y - p r o d u c t . 255 m iles gas m ain s.
P o p u la tio n served 2 1 5 ,0 0 0 .
D e c i s i o n . — F o r d e c is io n h old in g th a t th e S ou th ern P o w e r C o . c o u ld n o t
refu se t o sell e le ctr ic c u r r e n t t o th e c o . fo r re-sa le, see V. 115, p 309.
See
also V . 115, p. 2 39 0, u n d e r c a p tio n “ S o u th e rn P o w e r C o . ”
R a ilw a y s e rv ice in C o n c o r d , N . C .. a b a n d o n e d in S e p t. 1925
V 121.
p . 1348. O w n ersh ip o f th is lin e passed o n D e c . 7 1925 t o t h e C it y o f C o n ­
c o r d , N o . C a r ., as c o . h a d fa ile d t o p a y p a v in g a s s e s s m e n ts . V . 121, p .3 0 0 5 .
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m 100 ,000 shs (n o p a r ) ____ ______
__________ 3 0 ,0 2 0 shs.
___
P r e f 100 .000 shs (n o p a r) c u m . ____
$7 Q -M
3 1 ,7 8 8 shs M a r ’ 2 7 .$ 1 .7 5
1st & r e f m (n o w 1st) (clo s e d ) f 1909
5 A -O
$ 2 ,2 9 0 ,0 0 0 A p ril 1 1934
($ 1 0 0 , $500 & $ 1 ,0 0 0 c * ) ] In te re s t a t E q u it a b le T r u s t C o . , N e w Y o r k ,
& r * .t f l
tru ste e .
1st & r e f m 5 % g o ld series d u e / 1926
5 g J -J
3 .1 2 5 ,0 0 0 J u ly 1 1 9 5 6
1 9 5 6 ($ 1 ,0 0 0 ,$ 5 0 0 .$ 1 0 0 r* ) t f [P r in . & in t. a t S e a b o a rd N a t . B k ., N . Y . .

W in s to n -S a le m G as C o 1st M J 1912
5 g J -J
5 0 0 ,0 0 0 J u ly 1 1932
5 % G .B . ($ 5 0 0 ,0 0 0 -$ l ,000) [U n io n T r u s t C o . & C h a rles R . D u n n , tru stees
Salisb & Spen R y 1st M g o l d / 1905
5 g M -N
8 3 1 ,0 0 0 M a y 1 1945
$ 1 ,0 0 0 ,0 0 0 ( $ 1 .0 0 0 )___c * t f( T n t . at M ic h ig a n T r u s t C o . , G ra n d R a p id s ,
l tru stee, or E o n ita b le T r u s t C o . , N . Y .
S to ck . — P r e f. s t o c k is preferred as t o assets ($100 & d iv s .) and c u m . d iv s .;
is c a lla b le as a w h o le (b u t n o t in p a rt) a n y d i v . d a t e o n 30 d a y s n o t ic e at
$110 p e r share and d iv s . W h e n e v e r a n y 4 q u a r. d iv s . o n th e p r e f. shall b e
in d e fa u lt , p r e f. s t o c k holderssh all b e en title d t o v o t e . V . 118, p . 1136.
In N o v . 1926 P y n c h o n & C o . s o ld 9,0 0 0 a d d itio n a l $7 d iv . c u m . p r e f. shares
a t $ 9 6 , t o y ie ld a b o u t 7 .3 0 % . V . 123 , p . 265 5.
B o n d s . — 1st & r e f. m t g e ., d u e A p ril 1 1934 (n o w 1st m t g e .) , see V . 8 8 ,
p . 1128; V . 104. p . 2 3 4 3 . $ 1 5 7 ,1 0 0 h a v e been ca n ce le d fo r a c c o u n t o f sin k­
in g f u n d , $ 1 ,0 5 2 ,9 0 0 are p le d g e d u n d e r th e 1st & r e f. m tg e . 5 % g old series,
d u e 1956. S u b je c t t o call on a n y in t. d a te at 105 and in t. o n 3 w e e k s ’
n o tice .
S in k in g f u n d o f 1 % p er ann um o f gro ss in c o m e J u ly 1915 t o 1919;
\ ) 4 % J u ly 1920 2 4 , and 2 % 1925 t o 1929; th e re a fte r 3 % g o f r o ss earn in gs.
S O U T H E R N P U B L IC U T IL IT IE S C O .
A ll o f th e o u ts ta n d in g $8 0 0 ,0 0 0 1st lie n <fe r e f. m tg e . 6 l % g old b o n d s .
A
I n D e c . 1925 c o n t r o l w as a c q u ir e d b y th e S ou th ern P o w e r C o . V . 121,
S e r ies A , d u e F e b . 1 1944, w ere ca lle d fo r p a y m e n t A u g . 1 1926 a t 1 0 7 1 4
p . 2 75 4.
and in t.
V . 123. p. 455.
A ll o f th e o u ts ta n d in g 1st l ie n A r e f. m tg e . 6 % g old b o n d s. S e r ies B , d u e
O R G A N I Z A T I O N .— I u c o r p . in J u ly 1913 in M a in e as a c o n s o lid a tio n
M a g 1 1954. w ere ca lled N o v . 1 1926 a t 105 an d in t .
V . 123, p . 711.
o f th e C h a r lo tte E le c tr ic R y ., C h a r lo tte G a s & E le c tr ic C o . an d C h a r lo tte
T h e 1st & r e f. m tg e . 5 % g old b o n d s , s e r i e s d u e 1956, are secu red b y a d ir e ct
P o w e r C o . (th ese th ree fo rm in g p r io r t o Jan . 1 1911, the C h a r lo tte E le c tr ic
1st m tg e . on a su b sta n tia l p o r tio n o f c o .'s p r o p e r ty an d b y a d ir e ct m tg e .
R y . , L ig h t & P o w e r C o ., w hich c o m p a n y issued the b o n d s sh ow n in th e
on its re m a in in g p r o p e r t y , s u b je c t o n ly t o $ 3 ,8 4 2 ,0 0 0 o f b o n d s o f w h ich
ta b le .— See “ E le c tr ic R y . ” S e c. fo r M a y 191 5); G reen ville (S . C .) G a s &
$ 1 ,0 5 2 ,9 0 0 are held in treasu ry and th e r e fu n d in g o f w h ich is p r o v id e d for
E le c t r ic L ig h t & P o w e r C o .; G re e n v ille T r a c t io n C o .; G re e n v ille C a rolin a
b y th e m o r tg a g e
In a d d it io n , $ 1 ,0 5 2 ,9 0 0 o f such u n d e rly in g b o n d s are
P o w e r C o .; F ries M fg . & P o w e r C o . , W in s to n -S a le m , N . C .; W in s to n -S a le m
p le d g e d as fu rth e r se c u r ity in a d d itio n to m o re than 9 2 % o f th e c o m m o n
P ow er C o .; A n d erso n (S . C .) W a t e r , L ig h t & P o w e r C o ., C h ester (S. C .)
s t o c k , $ 1 6 9,00 0 1st m tg e . 5s and $ 2 6 1,00 0 2d m tg e . 5s o f S a lisb u ry &
P o w e r C o ., T h o m a s v ille ( N . C .) P o w e r C o ., G reer (S. C .) L ig h t & P ow er
Spen cer R y . C o . A d d itio n a l b o n d s m a y b e issu ed in series o f s u ch te n o r as
C o ., T h o r n to n L ig h t & P o w e r C o ., (H ic k o r y , N . C .) a n d C it y o f R e id s v ille
d ir e cto r s m a y p r e s c r ib e , fo r ( a ) 7 0 % , 7 5 % and 8 0 % , r e s p e c t iv e ly , o f new
L ig h t & P o w e r P la n t, R e id s v ille , N . C . T h e C h a r lo tte E le c. R y . in M a y
a d d itio n s , im p ro v e m e n ts , & c ., p r o v id e d earns, a p p lic . t o b o n d in t. fo r a n y
1915. th rou gh aD a m e n d m e n t t o its ch a rte r, re d u ce d its ca p ita l s to c k from
12 c o n s e c u tiv e w ith in p re ce d in g 14 cal. m o n th s h a v e been at least 1 H , 1 %
$ 1 ,2 5 0 ,0 0 0 t o $ 1 ,0 0 0 .
In th e ea rly p a rt o f 1927 pu rch ased th e p o w e r p la n ts
and t w ic e , r e s p e c t iv e ly , an n . in t. ch arges o f th e c o . A d d itio n a l b o n d s m a y
and d is trib u tin g s y s te m s o f a n u m b e r o f sm a ll co m m u n itie s in N o rth
also b e issued fo r r e fu n d in g p u r p o s e s . T h e re is an an n . s in k in g f u n d & im p t.
C a ro lin a . V . 124 , p . 1221.
f u n d , b e g in n in g J u ly 1 1928 a n d o n ea ch J u ly 1 th e r e a fte r , o f 1 % o f series
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
d u e 1956 o u ts ta n d in g , m o n e y s to be used fo r p u rch a s e o r r e d e m p tio n o f
O perates 70 m iles o f stre e t r a ilw a y ; 60, 70 and 9 0 -lb . T a n d gird e r rails;
series d u e 1956 b o n d s o r fo r a d d itio n s o r b e tte r m e n ts .
Series d u e 1956
g a u g e , 4 f t . 814 in c h . A ls o op e r a te s b u s line. P o w e r and lig h t p r im a ry lines
are r e d ., w h o le o r p a r t , o n 30 d a y s ’ n o tice th ro u g h J u ly 1 1941 a t 105 an d
agg reg a tin g 1,6 4 4 m iles an d se rv in g 16 co m m u n itie s ; 2 gas p la n ts , s ervin g
in t .; th ro u gh J u ly 1 1955 a t 1 0 2 \4 and in t ., a n d th e re a fte r a t 100 and in t.
C h a r lo tte an d G re e n v ille w ith 8 7 .5 m iles o f m ains; w ater p la n t se rv in g A n ­
In te re st p a y a b le a t o p t io n o f h o ld e r a t tru ste e s, o r a t th e N a tio n a l B a n k o f
d erson w ith 26 m iles o f m ain s. L eases S av an n ah P o w e r C o .'s p la n t near
th e R e p u b lic , o f C h ic a g o . P e n n , an d C o n n . 4 m ills . M a r y la n d
m ills,
A n d ers on ; c a p a c it y , 3 ,0 0 0 h .p . T o t a l c a p a c it y o f p lan ts op e r a te d 2 4 ,0 0 0 h .p .
C a lif. 5 m ills an d M a s s . 6 % taxes r e fu n d a b le . I n J u ly 1926 A . C . A lly n
o f w h ich 19,0 0 0 h .p . is h y d r o -e le c tr ic g e n e ra tio n . In D e c . 1923 a new h y d r o ­
& C o ., I n c ., P y n ch o n & C o . an d A . B . L e a ch & C o . , I n c ., o ffe r e d $ 3 ,1 2 5 ,electric p la n t situ a ted at M o u n ta in Is la n d , w ith an installed c a p a c it y o f
000 series d u e 1956 a t 9 4 M an d in t ., t o y ie ld o v e r 5 . 3 7 % .
V . 123, p . 45 5 .
8 0 ,0 0 0 h . p ., w as p u rch a se d .
A lso has fa v o r a b le c o n t r a c t w ith S outhern
T h e W in s t o n -S a le m G a s C o . 1 st m tg e . 5 % g o ld b o n d s are c a ll, a t 1 0 2 )4 an d
P o w e r C o . fo r t h e p u r c h a s e o f a d d itio n a l p o w e r . In F e b . 1926 w as r e p o rte d
in t . N o sin k in g fu n d p r o v is io n s .
S e cu re d b y a fir s t m t g e . on p r o p e r ly
t o p la n t o r e p la c e its e le ctr ic ra ilw a y lin e t o N o rth A n d e rso n w ith b u s ser­
fo rm e r ly o w n e d b y W in s to n -S a le m G as C o .
v ic e . S ee " E l e c t r i c R a ilw a y J o u r n a l” o f F e b . 27 1926.
O f th e $ 1 .0 0 0 .0 0 0 S a lisb u ry & S p en cer R y . C o . 1st m tg e . 5s o u ts ta n d in g ,
F r a n c h is e s w ith on e m in o r e x c e p tio n are eith er u n lim ited in tim e o r run
$1 6 9 ,0 0 0 are d e p o s ite d u n d e r th e N o r t h C a ro lin a P u b lic S ervice C o . 1st
b e y o n d J u ly 1943.
lien & r e f. m tg e . A r e g u a r ., p r in . a n d in t ., b y th e N o r t h C a ro lin a P u b lic
E le c tr ic C u r r e n t R a te R ed u c ed in A u g u s t 1925.— See V . 121 , p . 7 0 8 .
S e rvice C o .
R e d . a t 105 a n d in t. o n 6 w e e k s ’ n o t ic e .




A ll o f th e o u ts ta n d in g P ie d m o n t P o w e r & L ig h t C o . ’s 1st m tg e . 6 %
b o n d s d a te d M a y 1 1919 w ere c a lle d fo r p a y m e n t N o v . 1 1926 a t 105
a n d Int. L ik ew ise th e 7 % b o n d s , also d a te d M a y 1 1919 w ere c a lle d ,
h o w e v e r , a t 103 an d in t.
P r o m a n d a ft Ju ly 31 1926 th e p riv ile g e
to
c o n v e r t the 7 % in to 6 % b o n d s te rm in a te d .
V . 123, p . 71 1 .
T h e 7 % 1st M t g e . b o n d s o f P ie d m o n t P ow er & L ig h t C o . are id e n tic a l
w ith th e 6s, e x c e p t th a t o n M a r c h 15 1921 an a d d itio n a l in te re st in d e n tu re
w as ex e c u te d b y th e c o . t o E m p ire T r u s t C o . as tru ste e a gre e in g t o p a y
1 % a d d itio n a l in t . on certa in a d d ’l b o n d s to b e issu e d .
A r e r e d . a t 103.
D i v i d e n d s . — D iv . o f 2 % p a id o n p r e f. s to c k J a n . 1918; J u ly 191 8, 2 % ;
Jan. 1919. 2 ) 4 % ; J u ly 191 9, 2 ) 4 % ; J a n . 1920, 3 % : J u ly 1920. 3 % ; J a n .
1 9 2 1 ,3 % ; J u ly 1 9 2 1 .3 % ; Ja n . 1 9 2 2 ,3 % : J u ly 1 9 2 2 ,3 % .
In 192 3, Ja n . 3 % ;
In 1924, $7 p er share p er a n n u m . In 1925, $7. In 1926, $7.
E A R N I N G S .— F o r 12 m o n th s e n d e d :—
G ro s s .

D ec.
D ec.
F eb.
D ec.
D ec.

311

POW ER, LIGH T AND R A IL W A Y

O ct ., 1927.]

N e t. a ft. T a xes. In terest .A c .

31 1 9 2 6 -.....................$ 2 ,1 2 0 ,1 3 9
31 1 9 2 5 _____
1 ,8 7 3 ,8 6 5
28 1 9 2 5 ____________ 1 ,7 4 3 ,6 0 0
31 19 2 3 ____________ 1 ,4 1 9 ,1 4 8
31 192 2____________ 1,2 3 3 ,9 8 7

$673,151
6 11 ,304
562 ,6 6 6
4 5 1 ,2 9 4
3 5 1 ,6 3 4

B a l.,S u r .

$ 3 2 3,67 5
3 1 8 ,2 6 7
2 8 8 ,9 9 8
251 ,1 5 4
161 ,749

$34 9,47 6
293 ,037
2 7 3 ,6 6 8
2 0 0 ,1 4 0
189,886

O F F I C E R S .— P r e s ., W . S. B a rs to w ; V .- P s ., W . B u ch s b a u m . O . B .
H o le , R . L . P eterm a n a n d L . H . T y n g ; S e c ., C . N . W ils o n ; T r e a s ., J . P .
C a m p b e ll; G en . M g r ., K . K . G a r r e t t .— V . 121, p . 20 0 , 1348, 300 5; V . 122 ,
p . 2330; V . 123, p . 32 5 , 4 5 5 , 71 1 , 2 65 5, 3773

PIEDMONT & NORTHERN RAILWAY.
O R G A N I Z A T I O N .— I n c o r p . o n F e b . 24 1911 in S ou th C a ro lin a , a n d on
or a b o u t J u ly 1 1914 t o o k o v e r th e p ro p e rtie s o f th e P ie d m o n t T r a c t io n C o .
and th e G re e n v ille S p a rta n b u rg & A n d e rs o n R y . C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns an d o p era tes 2 3 )4 m iles fr o m C h a r lo tte t o G a s to n ia , 8 9 .9 0 m iles:
from S p a rta n b u rg t o G re e n w o o d , S o . C a r o ., w ith bra n ch es fr o m B e lto n to
A n derson , 11.30 m iles, an d fr o m B e lm o n t J u n ctio n t o B e lm o n t, 3 .1 9 m iles
op en ed M a r c h 1 1 9 1 6 ). t o t a l m ile a g e o f tr a c k o p e r a te d , ln c l. spu rs and s id ­
ings an d 13.87 m iles o p e r a te d u n d er c o n t r a c t, 210 .0 7
E q u ip m e n t consists
o f 32 passen ger cars, 282 fre ig h t cars, 25 ballast cars, 2 express ca rs, 10
ca b o o s e cars, 5 m is c ca rs, 15 w o rk cars an d 17 e le ctr ic lo c o m o t iv e s .
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
Stock $ 2 0 ,0 0 0 ,0 0 0 ($ 1 0 0 ____ ______
________
$ 8 ,5 8 4 ,6 0 0 J u n e ’ 25 1 %
First m o r tg a g e $ 5 0 ,0 0 0 ,0 0 0 / 1914
5 g J-J
6 ,2 7 9 400 J u ly 1 1954
Series A a u th $ 1 0 ,0 0 0 ,0 0 0 /In te r e s t a t F a rm e rs’ L o a n & T r u s t C o . ,
($ 1 ,0 0 0 c * & $ 1 ,0 0 0 , $5,0001
N . Y . , tru stee.
& m u ltip les o f $5. OOOr) c * n t f l
S tock . — $ 1 ,4 1 5 ,4 0 0 a d d itio n a l s t o c k is h eld in tre a su ry .
In S ep t. 1925 H o rn b lo w e r & W e e k s o ffe r e d a b lo c k o f 1st m tg e . series A
5 % b o n d s at 90 an d in t ., to y ie ld 5 . 7 0 % .
V . 121, p . 1463.

T h e B ro a d R iv er P o w e r C o . 1st A r e f . m tg e. b o n d s are secu red b y a d ir e c t
1st m o r tg a g e o n th e P arr S hoa ls steam g en eratin g s ta tio n on a p p r o x . 70
m iles o f steel to w e r 110 ,000 v o lt tran sm ission lines. & c.. a n d all a ft e r a cq u ire d a d d itio n s , & c. A r e fu rth e r secu red b y a d ir e ct lien o n all o th e r
p r o p e r t y o f c o ., o w n e d o r a fte r a cq u ir e d , e x c e p t certa in p r o p e r t y e x c e p te d
in th e m tg e . s u b je c t t o d iv isio n a l m o r tg a g e b o n d s ou tsta n d in g an d p rior
lien s o n a n y a fte r-a c q u ir e d p r o p e r t y . A d d itio n a l b o n d s o f series A o r o th e r
series o f such te n o r as d ire cto rs m a y , fro m tim e to tim e , de te rm in e m a y b e
issu ed fo r r e fu n d in g p u rp oses o r a gain st th e d e p o s it o f cash o r for r e fu n d in g
an e q u a l p rin cip a l a m t. o f d iv isio n a l m tg e . b o n d s or fo r 7 0 % , 7 5 % or 8 0 % ,
r e s p e c tiv e ly , o f new a d d itio n s , & c ., p r o v id e d gross in c o m e fo r 12 c o n s e c u t iv e
o u t o f p r e c e d in g 14 m o n th s h a s be e n a t le a s t 1 ) 4 , 154 or 2 tim es, r e s p e c tiv e ly ,
an n u al in terest ch arges on all o u ts ta n d in g 1st & re f. and u n d erlyin g b o n d s ,
in c l. n e w issu e. M a y also b e issu ed fo r 7 5 % o f c o s t o f a cq u isition o f s to c k
o f a su b sid ia ry c o m p a n y , a d d itio n s , & c ., t o p r o p e r t y o f su bsidiaries, & c .,
& c ., p r o v id e d to ta l a m o u n t o f b o n d s issued u n d er th e m tg e . in resp ect o f
a n y su b sid ia ry to g e th e r w ith all fu n d e d d e b t o f su ch a su b sid ia ry d oes n o t
ex ce e d 7 5 % o f its p e rm a n e n t p r o p e r t y . T h e re is a s in k in g a n d im p r o v e m e n t
f u n d on S e p t. 1 1926 an d each S ep t. 1 th e re a fte r o f 2 % o f series “ A ” b o n d s
o u ts ta n d in g . M o n e y s m a y b e u sed t o p u rch a se or red eem series “ A ” b o n d s
th e re a fte r t o b e ca n ce le d or fo r im p ro v e m e n ts , & c.
A m a in te n a n c e a n d
d e p r e c ia tio n f u n d co m m e n cin g S e p t. 1 1926 is t o r e c e iv e on each S ep t. 3
a sum equa l t o 10 ) 4 % o f gross o p e ra tin g re ve n u e fr o m e le ctr ic op e r a tio n
an d 7 ) 4 % o f such re ve n u e fr o m gas o p e r a tio n , fu n d s t o be used fo r m a in te ­
n a n ce . & c., t o p u rch ase or redeem these b o n d s o r u n d e rly in g b o n d s .
R e d .,
w h o le or p a rt, o n 30 d a y s ’ n o tice a t 105 an d in t. t o an d in c l. D e c . 31 193 4,
th e p re m iu m d ecreasin g M % d u rin g each ca le n d a r y e a r th e r e a fte r .
P en n,
an d C o n n . 4 m ills, M a r y la n d 4 )4 m ills. D is t. o f C o l 5 m ills an d M a s s . 6 %
taxes r e fu n d a b le .
In Jan . 1926 H a lse y , S tu a rt & C o ., I n c ., an d P y n c h o n
& C o . o ffe re d $ 2 ,5 0 0 ,0 0 0 series “ A ” 5 % a t 92 an d in t .. t o yie ld o v e r 5 .5 5 % .
V . 122, p . 746 .
In A p ril 1926 th e y s o ld $ 1 ,4 8 5 ,0 0 0 a d d itio n a l series A
a t sa m e p r ice (V . 122, p . 2326) an d in S e p t. 1926 $ 1 ,0 0 0 .0 0 0 a d d ition a l series
A a t 9 3 H an d in t ., t o y ie ld o v e r 5 .4 5 % . V . 123, p . 1631, 318 0. In D e c .
1926 th e sam e b an k ers s o ld $ 7 7 3 ,0 0 0 a d d ’l series “ A ” a t 94 & in t ., t o y ie ld
5 .4 2 % . V . 124, p . 109.
T h e B roa d R iv er P o w e r C o . 10 - y r . 6 ) 4 % s e c u r e d s in k in g f u n d g o ld b o n d s ,
d u e N o v . 1 1934, are secu red b y d ir e ct m tg e . o n all p r o p e r t y (in cl. a fte ra cq u ire d ) s u b je c t t o th e lien o f th e 1st & re f. m tg e . and u n d e rly in g d iv isio n a l
m tg e s . A n a n n u al s in k in g f u n d b e g in n in g M a y 1 1926 o f $ 3 0 ,0 0 0 an d a
lik e a m o u n t e a ch M a y 1 an d N o v . 1 th e re a fte r w ill r e tire an d ca n c e l th e
b o n d s th ro u g h p u rch a s e se m i-a n n u a lly u p t o and in c lu d in g th e p r e v a ilin g
ca ll p r ice , o th e rw ise b y lo t a t su ch p r ice .
R e d e e m a b le , all o r p a r t, o n
30 d a y s ’ n o t ic e a t th e fo llo w in g p rice s and in terest; t o and in c l. N o v . 1
1925 a t 105; th e re a fte r de cre a sin g A fo r each exp ired y e a r o r p a r t th e r e o f
t o an d in cl. N o v . 1 1933 an d th e re a fte r a t 100. P e n n , an d C o n n . 4 m ills,
M a r y la n d 4 )4 m ills, D is t . o f C o l. 5 m ills an d M a s s . 6 % ta xes r e fu n d a b le .
C o . p a y s n o rm a l in c o m e tax o f 2 % .
L iste d o n B o s to n S to c k E x c h a n g e ,
In Jan . 1925 H a ls e y , S tu a rt & C o . , I n c ., an d P y n c h o n & C o . o ffe r e d $ 1 ,5 0 0 .0 0 0 a t 100 and in t.
V . 120, p . 85.
D I V I D E N D S . — O n p re f. p a id \ H %
an d in cl. A u g . 1927.

G ross.

N e t,a ft.T a x .

$84 4 ,5 7 5
781 .3 1 8
6 42 ,060
8 27 ,014
646 ,1 7 5

O ther I n c .

$ 1 1 1,27 7
104,524
104,067
96,274
70.8 7 6

D e d u c ti o n .

$ 6 6 2 ,6 1 0
555 .4 6 0
416 .671
5 9 6 ,0 7 3
3 8 5 .8 4 6

G ro ss,
N et,
I n c l. O th I n c . a fte r T a x e s .

B a l., S u r.

$ 2 9 3,24 2
330 ,3 8 2
3 2 9 .4 5 6
327 ,225
3 3 1 ,2 0 5

O F F I C E R S .— P r e s ., W . S. L e e ; V . - P . , G . G . A lle n , N e w Y o r k , N . Y . ;
V\-P. & G en . M g r ., E . T h o m a s o n : V .- P . & T r e a s ., N . A . C o c k e ; S e c ., J. C .
M c G o w a n ; A u d ., E . B . H a rd in , all o f C h a r lo tte e x c e p t w h ere a d iffe re n t
ad d ress is s t a t e d .— V . 119, p . 2 22 8; V . 120, p . 705 ; V . 121, p . 1463; V . 123,
p . 2 52 0.

S am e d iv . sin ce t o

E A R N I N G S .— F o r 12 m o n th s e n d e d :

E A R N I N G S .— F o r ca le n d a r y e a rs:
192 6________ $ 2 ,6 2 1 ,7 1 7
1925________ 2 ,5 0 4 ,1 2 9
1924________ 2 ,2 5 0 ,2 9 8
1923________ 2 ,4 4 6 ,1 1 9
1922________ 1 ,9 8 9 ,8 1 8

in F e b . 1926.

F ix e d
C h a r g e s.

P r e fe r r e d
D iv id e n d s .

B a la n c e .

A u g . 31
D e c . 31
A u g . 31

1 92 7- $ 2 ,9 5 3 ,8 3 8 $ 1 ,4 5 6 ,2 9 8
$ 9 6 3 ,4 2 0
$ 2 5 7 ,4 0 0 $ 2 3 5 ,4 7 8
1 92 62 ,3 7 5 .0 5 6 1.204 058
690 .7 0 3
2 0 4 .7 2 7
3 0 8 .6 2 8
19262 ,1 8 2 ,8 6 6 1 ,0 9 7 .5 7 3
6 2 7 ,3 8 6
1 86 .674
2 8 3 ,5 1 3
E a r n in g s . — F o r c a le n d a r y e a r 1925 (in c l. earn in gs o f gas an d e le ctr ic
p r o p e r tie s a cq u ire d as o f J u ly 1 1925 fr o m th e d a te o f a c q u is itio n o n l y ) ;
G ro s s , $89 5 ,6 1 5 ; n e t , a fte r d e p r e c . & ta x e s, $ 3 6 9 ,5 4 6 ; o th e r in c o m e , $ 7 1 8 ,471: to t a l in c o m e . $ 1 ,0 8 8 ,0 1 7 ; fix e d c h a rg e s, $ 3 4 7 ,9 9 4 ; p r e f. d iv s ., $ 1 3 3 ,0 3 4 ;
b a la n c e , $ 6 0 6 ,9 8 9 .
O F F I C E R S .— -P res., W . S. B a rs to w ; V .- P s ., L u cie n H . T y n g ,
b a u m a n d R . D . J e n n ison ; S e c ., C . N . W ils o n , a n d T r e a s ., J . P .
G e n . M g r ., F . K . W o o d r in g .— V . 121, p . 7 2 , 196, 1346, 1459;
607 , 746 , 2 32 6, 2649; V . 123, p . 32 2 , 1631, 2 51 7, 3 0 3 6 , 318 0;
109, 233 , 2746; V . 125, p . 910.

W . B u ch sC a m p b e ll’
V . 122 , p .
V . 124, p .

SOUTH CAROLINA
(T H E ) SOUTH CAROLINA GAS & ELECTRIC CO.
C o n tr o l.— I n A u g . 1927 S o u th e rn P u b lic U tilitie s C o . a c q u ir e d c o n t r o l o f
c o m p a n y fr o m G e n e ra l G a s & E le c . C o . V . 125, p . 1195.

BROAD RIVER POWER CO.
C o n tr o l.— G en er a l

G as

A

E le c tr ic

C orp.

ow n s

th e

en tire

o u ts ta n d in g

com m on stock .
M a n a g e m e n t . — W . S. B a rs to w M a n a g e m e n t A s s o c ia tio n , I n c .,

O R G A N I Z A T I O N . I n c o r p o r a te d in Sou th C a ro lin a in J u ly
1924.
A c q u ir e d th e en tire o u ts ta n d in g s t o c k o f th e C o lu m b ia R y ., G as & E le c tr ic
C o . , w h ich o w n e d o r c o n tr o lle d all th e co m m o n s t o c k o f T h e P a rr Shoals
P ow er C o . a n d C o lu m b ia G as L ig h t C o . A s o f J u ly 1 1925 a cq u ire d th e
p r o p e r ty o f th ese c o m p a n ie s , e x c e p t th e street ra ilw a y p r o p e r t y , w h ich is
c o n tin u e d as t h e C o lu m b ia R y ., G a s & E le c tr ic C o .
F o r h is t o r y , & c ., o f C o lu m b ia R y . , G a s & E le c t r ic C o . , see “ P u b lic
U tility C o m p e n d iu m " o f O c t . 31 192 5.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y su p p lies ele ctr ic lig h t an d p o w e r s e rv ice in C o lu m b ia , th e ca p ita l
o f Sou th C a ro lin a , and otb ^ r c o m m u n itie s in th e cen tral se ctio n o f th e S ta te ,
in c l. C o lu m b ia , C o lle g e P la c e , F a ir w o ld , C a m p J a c k s o n , A n d re w s , N e w
B r o o k la n d , C a y c e , R id g e S p rin g, T r e n t o n , P e r r y , S eivern , N o r w a y ,
S t. M atth ew 's, B o w m a n , C h a p in , L it t le M o u n ta in , P o m a ria , P a rr, P a r S hoa ls, B u ffa lo , W in n s b o r o , W a r d , Sw ansea, S a lly , L iv in g s to n , O ra n g e ­
b u r g , C a m e ro n , R id g e w a y , L e x in g to n , B a rr , L e e s v ille , B a te s b u r g , S alu d a ,
M o n e t t a , J o h n sto n , N o r t h , W a g e n e r , N e e ce s , R o w e s v iile , a n d E llo r e e .
C o . a lso fu rn ish es gas in th e c it y a n d s u b u rb s o f C o lu m b ia .
C o m p a n y ’s system em b ra ce s steam and h y d r o -e le ctr ic ge n e ra tin g sta­
tion s w ith a total installed c a p a c ity o f 6 8 ,2 1 0 U.w. in cl. 42.5 0 0 k .w . p re se n t
in s ta lle d c a p a c it y o f the n ew steam p o w e r p la n t a t P a rr S hoa ls. C o n tr o ls
v a lu a b le sites for a d d itio n a l h y d r o -e le c t r ic s ta tio n s o f a t least 5 0 ,0 0 0 k .w .
p o t e n t ia l c a p a c it y . G as p la n t at C o lu m b ia , 1,5 0 0 ,0 0 0 c u . f t . d a ily c a p a c ity :
3 h old ers o f c o m b in e d c a p a c it y o f 8 6 0 ,0 0 0 c u . f t . ; 66 m iles o f 'g a s m ains
C u s to m e r s as o f D e c . 1926: E le c t r ic , 16,571; gas 4 ,2 8 7 .
STOCK A N D BO N DS—
D a le .
I n te r e s t.
O u ts ta n d in g .
M a t u r it y .
C o m m o n $ 1 0 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) - - ____
________
$ 4 ,3 2 9 ,4 0 0
7 % c u m . p r e f. $ 1 0 ,0 0 0 ,0 0 0
($ 1 0 0 )______ ______ __________________
7 Q -F
3 .8 0 9 .0 0 0
S ee text
P a rr S boa ls P o w e r C o . l s t f 1912
5 g A -O
3 . 1100.000 A p ril 1 195?
m tg e
(clos ed ) s f g o ld /A m e r . E x c h . Irv in g T r u s t C o ., N e w Y o r k
$ 3 ,0 0 0 ,0 0 0 ( $ 1 ,0 0 0 c * )___t f i
tru stee.
C o lu m b ia R y ., G . & E l. C o . (1911
5 g J -J
2 ,8 4 3 ,5 0 0
J u lv 1 1936
1st
m tg e
g o ld
( c l o s e d )/A m e r . E x c h . I r v in g T r u s t C o ., N e w Y o r k ,
$ 7 ,5 0 0 ,0 0 0 ( $ l,0 0 0 -5 0 0 c * )t f 1 tru stee.
C o l G as L ig h t C o 10-yr 7s g f 1920
7 g M -N
3 1 1 ,2 0 0 M a y 1 1930
$ 4 0 0 ,0 0 0 (clo s e d ) ( $ 1 ,0 0 0 - /T . J . R o b e r t s o n , B u rn ell S loan a n d J . E
5 0 0 - 1 0 0 ) ------------------------------- l M a t h e w s , C o lu m b ia . S. C . , T ru s te e s .
B r o a d R iv e r P o w e r C o 1st & f 1924
5 g M -S
5 ,7 5 8 ,0 0 0 S e p t. 1 1954
r e f M 5 % g s e r “ A ’ ’ ( $ 1 ,0 0 0 - /In te re st p a y a b le in N e w Y o r k a n d C h ic a g o .
500-100C* $ 1 ,0 0 0 & m u l r t f I
B r o a d R iv e r P o w e r C o 10-yr f 1924
6 )4 g M - N 1,4 1 3 ,4 0 0 N o v . 1 1934
6 ) 4 s secu red s f g $ 1 , 5 0 0 ,- /In te re st p a y a b le in N e w Y o r k o r C h ic a g o
000 ($ 1 ,0 0 0 -5 0 0 -1 0 0 )- _ c * t f [
S to ck . — T h e 7 % c u m . p r e f . s to c k is preferred as t o assets a n d cu m
d iv id e n d s o v e r th e c o m m o n s t o c k .
C a ll a t 110 a n d d iv s . M a s s , in c o m e
ta x n o t ex ceed in g 6 % an d P e n n a . p e rso n a l p r o p e r t y ta x n o t e x ce e d in g 4 0 c.
p e r share r e fu n d a b le . In N o v . 1924 W e s t & C o ., P y n c h o n & C o . and
J a ck s o n & C u rtis offe r e d $ 1 ,2 5 0 ,0 0 0 a t 9 3 )4 and d i v ., t o y ie ld a b o u t 7 .4 8 % .
In J u ly 1925 th e sam e ba n k e rs o ffe r e d $ 1 ,4 0 0 ,0 0 0 a d d itio n a l a t 95 an d d iv s.
t o y ie ld a b o u t 7 .3 7 % . V . 119, p . 228 4: V . 121, p . 196. In D e c . 1926
P y n c h o n & C o . sold 11,0 0 0 a d d ’l shares a t $ 9 7 )4 . V . 123, p . 303 6.
B o n d s . — T h e P a r r S h o a ls P o w e r C o . 1st m tg e. s in k in g f u n d 5 % g o ld b o n d s,
d u e A p r i l 1 1952, are c a ll, on 60 d a y s ’ n o t ic e at 105 an d in t.
I n t . p a y a b le
a t N a tio n a l P a rk B a n k . N . Y . C it y .
S in k in g f u n d s e m i-a n n u a llv Ja n . 1

a n d J u ly 1 o f )4 % o f issued a m o u n t. T h e a m o u n t o f $ 3 ,0 0 0 ,0 0 0 show n
as o u ts ta n d in g in cl. $ 3 9 2 ,0 0 0 o f b o n d s in sinking fu n d .
T h e C o lu m b ia R a ilw a y , G as A E le c tr ic C o . 1st m tg e. 5 % g o ld b o n d s, due
J u l y 1 1936, are c a ll., all o r p a r t, on 60 d a y s ’ n o tice a t 105 a n d in t.
T h ere
is a s in k in g f u n d o f 1 % a n n u a lly o f o u ts ta n d in g b o n d s.




O R G A N I Z A T I O N .— I n c o r p . in M a r y la n d S ep t. 23 1922 as su ccessor t o
S o u th C a ro lin a L t . P o w . & R y s . C o . (fo r h is to ry see “ E le c tr ic R a ilw a y ”
S u p p le m e n t o f O c t . 28 1922) as per p la n o u tlin e d in V . 115, p . 76 0 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S u p plies e le ctric lig h t a n d po w e r s e r v ic e t o th e c it y o f S p a rta n b u rg a n d o t h e r
im p o rta n t co m m u n itie s in n o rth e rn S o u th C a ro lin a . T o t a l g e n e r a tin g
c a p a c it y , 1 0 ,8 0 0 k .w .; 103 m iles o f h ig h -te n sio n transm ission lin es, an d 4 1 9
m iles o f d is trib u tio n lin es. S u p p lie s gas serv ice in S p a rta n b u rg . T h e
gas p la n t in S p a rta n b u rg h a s a d a ily c a p a c it y o f 4 2 0 ,0 0 0 c u . f t. T w o g a s
h o ld e rs g iv e th e c o m p a n y 2 5 0 ,0 0 0 c u . f t . sto ra g e c a p a c ity an d it h as 4 6
m iles o f gas m ain s in S p a rta n b u r g . O w ns th e ca p ita l s t o c k o f th e S p a rta n ­
b u r g B u s C o ., and in c o n n e c tio n w ith th e la tte r c o m p a n y fu rn ish es m o t o r
b u s and street car s e r v ic e in S p a rta n b u rg an d s u b u rb a n t e r rito r y . T h e r e
are 21 m iles o f tr a c k in th e s tr e e t r a ilw a y s y s te m . A n ew h igh te n s io n ,
ste e l-to w e r lin e, c o n n e c tin g S p a rta n b u rg w ith B r o a d R iv e r P o w e r C o .
sy ste m c e n trin g in C o lu m b ia , S. C . , w as co m p le e td and p la c e d in to o p e r a ­
tio n in 1925.
O p e r a ti o n s .— O n Ju n e 22 1923 th e S o . C a r . R R . C o m m . a u th . th e c o . t o
d isco n tin u e o p e ra tio n s w ith in th e c it y lim its o f S p a rta n b u rg , e ffe c t iv e
Ju ly 21 1923. B u ses are to b e used in sid e th e c it y lim its and will c o n n e c t
w ith the in te ru rb a n cars w h ich th e c o . w ill c o n tin u e to o p e r a te . V .
117, p . ^8. O n Jan . 14 192 4, h o w e v e r , th e S o u th C a ro lin a S u p rem e C o u r t
h an d ed d o w n a de cisio n ord e rin g th e c o m p a n y t o resu m e s e rv ice in S par­
ta n b u rg . V . 118, p . 432 .
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n $ 1 ,2 5 0 ,0 0 0 ($ 1 0 0 )___ ______
------------------- $ 1 ,1 9 6 ,3 0 0 ____________
1st p r e f $ 2 ,0 0 0 ,0 0 0 c u m ( $ 1 0 0 ) ____
7%
See t e x t ____________
2d p r e f $ 1,0 0 0 ,0 0 0 c u m ( $ 1 0 0 ) - ____
6%
6 2 8 ,9 0 0 ............... ..
C tfs o f in d e b te d n e ss (red a t o p t o f c o )
N one
4 0 2 ,9 2 0 ........ ..............
C tfs o f in d e b te d n e s s ___________ ______
N one
69,251 Jan 2 1928
1st m tg e $ 5 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 )1 1922
6 g M -S 15 3 ,6 2 8 ,0 0 0 S e p t 15 1942
g o l d ____________________ c * t f / N e w Y •k T r u s t C o ., N . Y . , T r u s te e .
1 0-yr m tg e b o n d s $65 0,0001 1922
6 g J -D 15
6 4 4 ,0 0 0 D e c 15 1932
($ 1 ,0 0 0 ) g o ld ________ c * n t f ] A m e r .
x c h . I r v in g T r . C o . , tru stee.
S to ck . — N e ith e r o f th e p re f. s to ck s c a r r y v o t in g p o w e rs; 1st p r e f. Is r e ­
served fo r th e c o n v e r s io n o f 1 0 -yr. 6 % c o n v . m tg e . b o n d s .
C er tific a te s o f I n d e b te d n e s s . — B ear no in terest.
B o n d s . — T h e 1st m tg e . 6s h a ve ann ual s in k in g f u n d co m m e n cin g Jan . 1
1«929, equal to 1 % o f th e b o n d s o u ts ta n d in g .
A re ca ll, on any in t. d a te
a t 105 a n d in t. u p o n 30 d a y s ’ n o tice .
I n t. p a y a b le a t th e N e w Y o r k T r u s t
C o ., N . Y . C it y . $ 7 2 ,0 0 0 are held in treasu ry.
T h e 10-year c o n v . m tg e . 6s are c o n v e r tib le in to fir s t p referred 7 % s t o c k
a t a n y tim e prior t o m a tu rity on th e basis o f 11 shares o f s to ck for e a c h
81,000 p rin . a m o u n t o f b o n d s so co n v e r te d . C a ll, all or p a rt at a n y tim e
a t par a n d in t. u p o n 30 d a y s ’ n o t ic e .
I n t . p a y a b le at th e A m e rica n E x c h .
Ir v in g T r u s t C o . , N . Y . C it y . $ 6 ,0 0 0 are h e ld in tre a s u ry .
E A R N I N G S .— F o r ca le n d a r yea rs:
1926.
O p e ra tin g r e v e n u e ___
__________ ____ $ 1 ,0 5 0 ,6 7 7
O p e ra tin g expenses a n d t a x e s ____ ____
8 6 0 .2 6 9

1925.
$966,901
8 5 9 .5 5 4

1924.
$ 8 8 8 ,3 9 4
6 1 5 .8 9 2

O p e ra tin g in c o m e . - _________ -----O th er in c o m e _______ _____________ ____

$1 9 0 ,4 0 8
1,524

$ 1 0 7,34 7
588

$ 2 7 2 ,5 0 2
12.181

T o t a l in c o m e ________
________ -----D e d u c tio n s fr o m i n c o m e _________ -------

$ 1 9 1,93 2
3 2 6 ,0 7 0

$ 1 0 7,93 4
2 9 9 ,8 0 4

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

____ ------ d e f$ 1 3 4 ,1 3 8 d e f$ 1 9 1 ,8 7 0

$ 1 5 ,2 1 0

N e t i n c o m e - . ____________

O F F I C E R S .— P r e s ., W . S . B a rs to w ; V .- P s ., L u cie n H . T y n g , W . B u ch s ­
b a u m , R . L . P e te rm a n a n d Issa a c A n d re w s : Sec C . N . W ils o n : T r e a s ..
J. P . C a m p b e ll.— V . 117, p . 88; V . 118, p . 432; V . 119, p . 1954; Y . 1 2 2 ,
p . 2331; V . 125, p . 1195.

212

PUBLIC U TILITIE S

[V ol. 125.

A t l a n t a C o n s o l. S t. R y . 1st c o n s . m tg e . 5s are s u b je c t l o e a l l a t 107 A an d
m t . A u th . $ 2 ,5 0 0 ,0 0 0 , o f w hich $ 2 2 5 ,0 0 0 w ere re se rv e d t o retire A tla n ta
S t. R y . b o n d s .
R e tir e d a n d c a n c e lle d , $ 6 0 1 ,0 0 0 .
1 % o f tota l b on d s a u th .
t o be c a n ce lle d o n J a n . 1 o f ea ch y e a r b e g in n in g J a n . 1904.
A t h e n s R y . A E le c . C o . 1st & r e f. m t g e . 5s are s u b je c t t o ca ll a t 110 a n d
in t.
S in k in g fu n d o f 1 % p er a n n u m .
R o m e R y. A L ig h t C o . firs t m tg e . 5s are s u b je c t t o ca ll at 105 and in terest.
S in k in g fu n d o f 1 % p er a n n u m . A u th . issu e o f $ 3 ,0 0 0 ,0 0 0 — o r ig in a lly
issu ed, $ 8 5 0 ,0 0 0 .
R e tir e d a n d c a n c e lle d , $ 1 3 4 ,0 0 0 .

GEORGIA POWER CO.

E A R N I N G S .— F o r 12 m o n th s e n d e d A u g . 31:
^
1926.
1927.
G ro ss re v e n u e s (in c lu d in g o th e r i n c o m e ) ___________ $ 1 6 ,3 1 1 ,5 7 9 $ 1 7 ,9 0 1 ,6 5 5
O p e r. e x p ., m a in t. & ta x e s (e x c e p t F e d 'l t a x e s ) ___
8 ,8 1 7 ,5 5 6
8 ,7 8 7 ,0 8 7

C o n tr o lle d by S o u th e a s te r n P o w e r & L ig h t C o .

O R G A N I Z A T I O N .— I n c o r p . F e b . 25 1927 In G e o rg ia as a c o n s o lid a tio n
o f th e f o llo w in g c o s .: G e o rg ia R y . & P r . C o . , G e o rg ia R y . & E le c . C o .,
A th e n s R y . & E le c . C o . , E a s t G e o rg ia P r . C o ., R o m e R y . & L t . C o . a n d
th e co n s titu e n t G e o rg ia P r . C o . , w h ich h a d in tu rn a c q u ir e d th e p ro p e rtie s
fo r m e r ly o w n e d b y t h e A th e n s G a s , L t . & F u el C o . , G e o rg ia S ou th ern
P r . C o . , M ille d g e v ille L t g . C o . a n d G e o rg ia U tilitie s C o . T h ro u g h s t o c k
ow n e r sh ip it c o n tr o ls t h e A tla n ta G as L t . C o . (p r o p e r ty o f w h ich c o . it also
le a s e s ), M u t u a l L t . & W a te r C o . a n d th e o p e ra tin g s u b s id ia rie s o f th e
G e o rg ia L t . , P r . & R y s . , w h ich in c lu d e M a c o n R y . & L t . C o ., M a c o n
G a s C o . , C e n tra l G e o rg ia P r . C o . , C e n tra l G e o rg ia T ra n sm is s io n C o . a n d
G e o rg ia P u b . S e r v . C o r p .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S u p p lies e le ctr ic lig h t a n d p o w e r , d ir e c t ly o r in d ire c tly , in su b s ta n tia lly
a ll o f n o r th e r n a n d ce n tr a l G e o rg ia , in c lu d in g o v e r 145 m u n icip a litie s in
th is te r r it o r y . A m o n g th e c itie s d ir e c t ly serv.ed are A t la n t a , R o m e a n d
A th e n s . I n a d d it io n , th e c o m p a n y fu rn ish es tr a n s p o r ta tio n s e r v ic e in
A tla n ta a n d v ic in it y a n d in R o m e a n d A th e n s , an d g a s se r v ic e in A th e n s.
I t also c o n t r o ls t h e co m p a n ie s w h ic h o w n th e gas p r o p e r tie s in A t la n t a ,
t h e e le ctr ic , street ra ilw a y a n d gas p ro p e rtie s in M a c o n an d a d jo in in g
c o m m u n itie s , a n d th e e le c tr ic , gas a n d w a te r p r o p e r tie s in B ru n s w ick .
T h e p o p u la t io n o f th e te r r it o r y s e rv e d is e stim a te d t o b e a p p r o x im a te ly
1 ,8 6 0 ,0 0 0 .
T h e p r o p e r tie s o f t h e c o m p a n y in c lu d e 17 h y d r o -e le ctr ic g e n e ra tin g p la n ts
w ith an in s ta lle d c a p a c it y o f o v e r 3 3 0 .0 0 0 h . p ., 5 ste a m ge n e ra tin g p la n ts o f
o v e r 3 0 ,0 0 0 h .p . c a p a c it y , o v e r 2 ,0 7 0 c ir c u it m iles o f h igh te n s io n tra n s­
m is s io n a n d p r im a ry d is tr ib u tio n lin es, a n d stre e t ra ilw a y p r o p e r tie s w h ich
c a r r ie d a p p r o x im a t e ly 1 0 0 ,5 0 0 ,0 0 0 passen gers fo r th e 12 m o n th s e n d e d
A u g . 31 1927. T h e o w n e d a n d le a se d g a s p la n ts h a v e a d a ily c a p a c it y o f
8 ,9 0 0 ,0 0 0 c u . ft .
C o m p a n y ’s w a te r s to r a g e reservoirs h a v e an a g g re g a te
c a p a c it y o f 7 ,5 0 0 ,0 0 0 ,0 0 0 c u . f t . a n d m u c h o f th e w a te r th u s m a d e a v a ila b le
m a y b e u sed b y several p o w e r p la n ts s u cce s s iv e ly .
STOCK A N D BON DS—
D a le .
In terest.
O u ts ta n d in g . M a t u r it y .
C o m m o n s t o c k (n o p a r ) _______ ______
_________ 2 ,0 0 0 ,0 0 0 s h s ____________
$ 6 N V p r e f s t o c k (n o p a r ) ____ ______
$6
2 8 5 ,4 4 5 shs ____________
$6 N V 2 d p r e f s t o c k (n o p a r ) . ____
$6
4 5 0 ,0 0 0 shs ____________
1st & r e f m tg e 5 % ser (c*J 1927
5 g M -s $ 6 3 ,0 0 0 ,0 0 0 M a r . 1 1967
$ 1 ,0 0 0 . $50 0 & r* $ l , 0 0 0 ) t f (T h e N e w Y o r k T r u s t C o . , tru stee.
A tla n ta W a t e r & E l P 1st M / 1903
5 J -J
1 ,1 5 6 ,0 0 0 Jan 1 1943
clo s e d ) g ( $ 1 , 0 0 0 ) . . c * c p t \ I n t . a t C o lu m b ia T r u s t C o . , N . Y . , tru ste e .
G e o r g ia R y & E le c C o R e f & im p M $ 2 0 ,0 0 0 ,0 0 0 / 1909
5 g J-J
7 ,7 3 5 ,0 0 0 Jan 1 1949
g o ld ($ 1 ,0 0 0 ) __________ c * \ I n t . a t A m e r . T ru st C o . , B o s t o n , tru ste e .
F ir s t c o n s M $ 1 1 ,0 0 0 ,0 0 0 / 1902
5 g J-J
5 ,2 7 5 .0 0 0 J a n 1 1 9 3 2
g o ld s in k fu n d ( $ l , 0 0 0 ) c * i l n t . at O ld C o lo n y T r u s t C o . , B o s t o n , tru st.
G e o r g ia E le c L ig h t C o 1st M f 1900
5 g J-J
1 ,3 5 0 ,0 0 0 J u ly 1 1930
$ 2 ,0 0 0 ,0 0 0 g o ld s u b je c t t o (I n te r e s t a t O ld C o lo n y T r u s t
C o ., B oston
c a ll a t 1 0 5 ________________ c * I tru ste e .
A tla n ta S treet R a ilr o a d f i r s t / 1890
6 g J -J
2 2 5 .0 0 0 J u ly 1 1930
m o r tg a g e g o ld (p a r $ 1 ,0 0 0 ) ( I n t . p a y a b le in N . Y . a t F o u rth N a t . B a n k .
(
C e n tra l T r u s t C o ., N . Y . tr u s te e .
A t l C o n S t R y l s t c o n s M $ 2 , - f 1899
5 g J -J
1 ,6 7 4 ,0 0 0 J an 1 1 9 3 9
5 0 0 .0 0 0 g ($ 1 ,0 0 0 e a c h ) _ -C * { I n t . p a y a b le in N . Y . a t N . A . T r u s t C o . a n d
[ a t M e r c . T r . A D e p . C o . o f B a lt ., t r u s t e e .
A th e n s R y & E le c C o —
1st & r e f M $ 2 ,0 0 0 ,0 0 0 g o l d / 1910
5 g J -J
3 0 9 ,0 0 0 J u ly 1 1950
s in k f u n d ( $ 1 , 0 0 0 ) - C * c p t il n t . a t F a rm ers L o a n & T r C o . , N . Y . , tru s .
R o m e R y & L ig h t C o —
F ir s t m tg e $ 3 ,0 0 0 ,0 0 0 g o l d ! 1916
5 g A -O
7 0 6 ,0 0 0 A p r i l l 1946
($5 0 0 a n d $ l , 0 0 0 ) . c * c p t { l n t . a t S p e n ce r T ra sk & C o . , N e w Y o r k , or
( F id e lity & C o lu m b ia T r . C o , L o u is v ille .
x N o t in c lu d in g $ 2 ,1 1 2 ,0 0 0 o u ts ta n d in g b o n d s o f A tla n ta G a s & L t . C o ,
S to c k . — T h e $6 n o n - v o t in g p r e f . s to c k is e n title d t o c u m . d i v s . a t th e r a te o f
$ 6 p e r a n n u m In p r e fe re n ce t o th e 2 d p r e f. s t o c k a n d th e c o m . s t o c k ,a n d to
?;100 a n d d iv s . In a n y d is tr ib u t io n o f assets o f th e c o . o th e r th a n b y d iv .
r o m su rp lu s o r n e t e a r n in g s . R e d . in w h ole o r in p a r t a t a n y t im e at
110 a n d d iv s .
T h e 2 d n o n -v o t in g p r e f . s to c k is e n title d in p re fe re n ce t o th e c o m . s t o c k t o
c u m . d iv s . a n d shares In d is trib u tio n o f assets at th e sa m e r a t e as th e $6
p r e f. s t o c k , b u t o n ly a ft e r all d iv s . a n d shares in d is trib u tio n t o w h ich th e
$6 p r e f. is e n title d h a v e b e e n p a id o r p r o v id e d fo r . R e d . a t th e s a m e ra te
as th e $6 p r e f. s t o c k b u t it c a n n o t be r e d . fro m c a p ita l w h ile a n y o f th e
$6 p r e f. s t o c k is o u ts ta n d in g w ith o u t th e co n se n t o f th e h o ld e rs o f tw o th ird s o f the shares o f th e $6 p r e f. s t o c k o u ts ta n d in g . C o n v . in w h o le or
in p a r t in to $6 p r e f. s t o c k w h e n e v e r th e earnings o f th e c o m p a n y a v a ila b le
fo r d i v s . h a v e b e e n a t th e r a t e o f 2 'A tim es th e a m o u n t n e ce ssa ry t o p a y th e
d iv s . o n th e $6 p r e f. s t o c k a n d th e shares o f 2d p r e f. s t o c k s o c o n v e r t e d
fo r 12 m o n th s w ith in th e 15 m o n t h s im m e d ia t e ly p r e c e d in g t h e c o n v e r s io n .
B o n d s . — T h e ls i a n d r e f. m tg e . g old b o n d s 5 % s e r . , d u e 1967, are secu red
b y a 1st m tg e . o n ce rta in e le ctr ic lig h t an d p o w e r p r o p e r tie s w ith an esti­
m a te d v a lu e o f a p p ro x . A o f th e v a lu e o f th e en tire fix e d p ro p e rtie s o f th e
c o m p a n y a n d w ill b e fu rth e r se cu re d b y a d ir e ct m tg e . o u th e re m a in in g
fix e d p r o p e r t y o f th e c o m p a n y (e x c e p t ce rta in u n d e v e lo p e d la n d as s ta te d
In th e m t g e .) s u b je c t t o c lo s e d d iv isio n a l u n d erlyin g m tg e s . se cu rin g $ 1 8 ,5 1 0 ,0 0 0 o f b o n d s .
T h e m tg e . p ro v id e s th a t b o n d s m a y b e issu ed th e re ­
u n d er in u n lim ited a m o u n t , in o n e o r m ore series o f s u ch te n o r as d ir e cto r s
m a y fr o m tim e t o tim e d e te r m in e .
S uch a d d itio n a l b o n d s o f th is o r o th e r
series m a y o n ly b e issu e d , h o w e v e r , fo r th e p u rp o se s a n d in a c c o r d a n c e
w ith th e re s trictio n s p r o v id e d in th e m tg e . N o a d d itio n a l b o n d s , h o w e v e r ,
m a y b e issu ed u n d e r th e in tg o . e x c e p t fo r refu n d in g p u rp oses unless net
e a rn in g s (as d e fin e d in the m t g e .) fo r a certa in fix e d p e rio d sh all h a v e
b e e n a t lea st eq u a l t o eith er (a) tw ice the annual in terest req u ire m e n ts
o n o r (6) 1 2 % o f th e a ggre ga te p rin cip a l a m o u n t o f all o u ts ta n d in g u n d e r­
ly in g b o n d s , p r io r lien b o n d s (as d e fin e d in the m t g e .) , a n d o u ts ta n d in g
A t la n t a G a s L ig h t C o . u n d e rly in g b o n d s (so lo n g as th e shares o f s t o c k
o f th a t c o m p a n y are p le d g e d w ith the tr u s te e ), a n d all b o n d s issu ed a n d
o u t s t a n d in g u n d er th e m t g e ., in clu d in g p r o p o s e d issu e.
T h e m tg e .
c o n t a in s certa in p r o v is io n s p e r m ittin g , o n co n d itio n s s ta te d th e re in , th e
m o d ific a t io n o r a lte ra tio n o f th e b o n d s o r the m tg e . o r o f a n y su p p le m e n ta l
in d e n tu r e w ith th e assen t o f th e c o m p a n y an d o f th e h old ers o f n o t less
t h a n 8 5 % in a ggre ga te p rin cip a l a m o u n t o f the o u ts ta n d in g b o n d s, n o t
in c lu d in g a n y b o n d s o w n e d b y th e c o m p a n y ; p r o v id e d th a t a n y s u ch m o d i­
fic a t io n o r a ltera tio n sh all n o t p e r m it, w ith o u t the c o n s e n t o f th e h olders
a ffe c t e d , th e exten sion o f th e m a tu rity o f a n y b o n d , o r th e r e d u c tio n in
r a t e o f in terest th e re o n , o r a n y o th e r m o d ific a tio n in th e term s o f p a y m e n t
o f s u ch p rin c ip a l o r in terest.
R e d . a t a n y tim e o n 30 d a y s ' n o t ic e a t 105
o n o r b e fo r e M a r c h 1 1937, th e re a fte r a t s u cce s s iv e ly r e d u ce d p re m iu m s.
P e n n a . 4 -m ills t a x re fu n d a b le .
In M a r c h 1927 D re xe l & C o . . B o n b r ig h t
& C o . a n d H a rris , F o r b e s & C o . , o f fe r e d $ 4 5 ,0 0 0 ,0 0 0 1st & r e f. m tg e . b o n d s
5 % s e r ., d u e 1967 a t 97 a n d in t ., t o y ie ld a b o u t 5 1 8 % .
V . 124, p . 1509.
A d d it io n a l $ 1 8 ,0 0 0 ,0 0 0 1st & r e f. m t g e . g o ld b o n d s , 5 % series, d u e 1967,
w e r e o ffe r e d in O c t . 1927 b y t h e a b o v e -m e n tio n e d fir m s a t 98 a n d in t ., w ith
a p p r o x , y ie ld o f 5 . 1 2 % .
V . 125, p . 2 26 2.
A t l a n t a W a t e r & E l e c . P o io . 1st m tg e . 5s are s u b je c t t o ca ll a t 105 an d in t.

Is s u e w as or ig in a lly fo r $ 1 ,5 0 0 ,0 0 0 b u t h as been c lo se d a t $ 1 ,4 0 0 ,0 0 0 .
S in k in g fu n d o f $ 1 0 ,0 0 0 p e r an n u m . $ 2 3 8 ,0 0 0 in sin k in g fu n d .
G eo r g ia R y . & E le c tr ic C o . — F ir s t c o n s , (clo s e d ) m tg e . 5s are s u b je c t t o
c a l l at 110 a n d in t . O rig in a l a u th o r iz e d issu e $ 1 1 ,0 0 0 ,0 0 0 , o f w hich
* 5 ,0 0 0 .0 0 0 re s e rv e d fur u n d e rly in g b o n d s , $ 7 2 5,00 0 re tir e d b y s in k in g fu n d .
S i n k i n g f u n d 1 90 7-1 911, $ 1 0 ,0 0 0 ; 1912-1916, $ 2 5 ,0 0 0 . th e r e a fte r . $ 5 0 ,0 0 0
p e r a n n u m . T h e r e f . A i m p t. m tg e. b o n d s are s u b je c t t o ca ll a t 105 and
in t .
R e tir e d a n d c a n c e lle d b y s in k in g fu n d , $ 9 9 0 ,0 0 0 .
G e o r g ia E le c . L t . C o . ls i m tg e . 5 s a re s u b je c t t o call at 105 a n d in t.
In k in g f u n d p r o v is io n s .
A t l a n t a S treet R R . 1st m tg e . 6s are t o b e c a n c e lle d .

No

A u th o riz e d $4 5 0 ,0 0 0
w h ich $ 2 2 5 ,0 0 0 h a ve been reserved fo r u n d e rly in g b o n d s.




N e t e a rn in g s -------------------------------------------------------------- $ 7 ,4 9 4 ,0 2 3
A n n u a l in t. o n fu n d e d d e b t (in cl. in t. o n o u ts ta n d in g b o n d s o f
A tla n ta G a s L ig h t C o . ) _________________________________________
B a la n c e ___________________________________________________________

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

O F F I C E R S .— P r e s ., P . S. A r k w r ig h t: V . - P s ., W m . E . M it c h e ll, G . W .
B rin e , C . G . A d s it , F . P . C u m m in g s a n d F . L . B u tle r , T r e a s ., J . S . M it c h e ll,
J r .; S ec. W . H . W r ig h t: A u d ., F . A . B r in e . O ffic e s , 120 B r o a d w a y , N . Y .
C i t y .— V . 123, p . 1633, 2 51 8, 289 9; V . 124, p . 1509, 1665, 1819, 2 7 4 8 , 2 2 6 2 .

GEORGIA LIGHT, POWER & RAILWAYS CO.
C o n tr o lle d b y G e o rg ia P o w e r C o .

O R G A N I Z A T I O N . — Is a v o lu n t a r y a s s o c ia tio n fo r m e d u n d e r M a s s a - ‘
c h u s e t t s la w s in S e p t. 1 91 1. H a s a c q u ir e d all th e c o m . s t o c k o f M a c o n R y .
& L ig h t C o ., all th e c o m . a n d p r e f. s t o c k s o f M a c o n G a s C o . , $ 3 ,7 9 8 ,6 0 0 o f
th e $ 4 ,0 0 0 ,0 0 0 s t o c k o f th e C e n tr a l G e o r g ia P o w e r C o . , t h e e n tire c a p it a l
s t o c k o f th e C e n tr a l G e o rg ia T r a n sm is s io n C o . , an d th e e n tire c a p it a l s t o c k
o f th e G e o rg ia P u b lic S e r v ic e C o r p .
A ls o $ 4 4 8 ,0 0 0 (e n tir e issu e) 1st m t g e .
7 % b o n d s o f M a c o n G a s C o .a n d $ 1 ,0 1 9 ,0 0 0 (e n tir e issu e) 1st m t g e .b o n d s o f
C e n tra l G e o rg ia T r a n sm is s io n C o A ls o o w n s $ 2 , 1 3 3 , 5 9 4 6 % c o n s t r u c tio n
a o te s o f its c o n s t it u e n t c o m p a n ie s issu ed fo r new c o n s t r u c t io n , A c .
See fo r 9 0 -d a y o p t io n o n all c o m m o n s t o c k a t $80 per sh a re, V . 121 .
p. 1227.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h ro u g h c o n t r o lle d c o m p a n ie s o p e r a te s e n tire e le c t r ic r a ilw a y a n d gas
business in M a c o n : fu rn ish e s e le c tr ic lig h t a n d p o w e r in M a c o n , M o n t ic e fio ,
F o r s y th , B a rtle sville , G r iffin , J a c k s o n , J o n e s b o r o , B ib b . T h o m a s t o n ,
G o r d o n and H a m p to n ,. G a .: also sells e le ctr ic ity t o th e u t ilit y c o m p a n y
o p e ra tin g in A tla n ta .
STOCK A N D BO N D S—
D a te .
In terest.
O u ts t a n d in g .
M a tu r ity .
C o m m o n $ 8 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) _________
________
$ 7 ,6 6 0 ,0 0 0 ____________
P r e f$ 2 ,0 0 0 ,0 0 0 6 % n - c ($ 1 0 0 ) _______
Q -J
5 0 0 .0 0 0 A p r 2 7 1 H
F irst lien sk f d $ 6 ,5 0 0 ,0 0 0 1 1911 5 M -S
3 ,4 7 0 .0 0 0 S e p t 1 1941
g o ld ( $ 1 .0 0 0 ) __________c * A r ] N e w Y o r k T r u s t C o . . N ew Y o r k , tru stee.
3 -y r n otes $ 2 ,5 0 0 ,0 0 0 ($ 1 ,0 0 0 )/ 1924
6 g J -D
2 ,5 0 0 ,0 0 0 D e c 1 1 9 2 7
g o ld _____________________c * t f ( I n t . a t N e w Y o r k T r u s t C o .. N . Y . , tru stee.
S to c k . — P r e f. shares are c a ll, a t 110. A r e liste d on P itts b u r g h a n d B o s to n
S to c k E x ch a n g e s . C o m m o n liste d o n th e P it t s b u r g h , C h ic a g o a n d L o n d o n
S to c k E x ch a n g e s .
B o n d s . — O f th e fir s t lien s. f. g o ld 5s o f 1 91 1, $ 5 ,0 3 3 ,0 0 0 h a v e been
issu ed, o f w h ich $ 9 2 3 ,0 0 0 re tired b y s in k , f d ., le a v in g $ 3 ,5 7 0 ,0 0 0 o u ts ta n d in g
In h an d s o f p u b lic ; In tre a s u ry , $ 5 4 0 ,0 0 0 . S in k in g f u n d . $ 7 5 ,0 0 0 a n n ., 1921
to 192 5, a n d $ 1 0 0 ,0 0 0 a n n . 1926 t o 1940. B o n d s are secu red b y d e p o s it o f
p r a c tic a lly all th e s e cu ritie s o w n e d b y G a . L t . , P o w e r & R y s . A r e re d .
at 105 an d In t. o n a n y in t. d a t e o n 30 d a y s n o t ic e . P r in . a n d in t . p a y a b le
at N . Y . T r u s t C o . , N . Y . , o r B a n k o f S c o t la n d , L o n d o n .
V . 9 3 , p . 153 2.
B o n d s are liste d o n C h ic a g o , P itts b u r g h an d L o n d o n s to c k e x c h a n g e s.
T h e 3 -y r . 6 % n o te s are r e d . all or in p a r t o n a n y Int. d a te o n 3 0 d a y s '
n o tice a t 101 d u rin g first y e a r , at 100 A d u rin g se c o n d y e a r, and thereafter
a t p ar t o m a tu r ity , p lu s Int. In ea ch ca se . P e n n a . 4-m ills ta x . C o n n . 4-m ills
tax and M a s s . 6 % in c o m e ta x re fu n d a b le . $ 2 .5 d 0 .0 0 0 w ere sold in D e c .
1924 b y A . B . L e a ch & C o . , I n c .; P a in e, W e b b e r & C o ., and P y u c h o n A
C o . a t 9 9 a n d I n t., to y ie ld a b o u t 6 . 2 0 % .
V . 119. p . 2 76 0.
D iv i d e n d s . — O n p r e fe rr e d , h a v e b e e n p a id as fo llo w s : J a n . 1 1913 t o
Ja n . 1 191 5, I A % q u a r .; th e n n o n e until O c t . 1 1 91 7, w h en 1 3 ^ % w as
p a id ; s a m e a m o u n t p a id q u a rte r ly t o A p ril 192 7.
E A R N I N G S .— C o n s o lid a te d earn in gs f o r ca le n d a r y e a rs:
1924.
1926.
1925.
G ro ss r e v e n u e _____________$ 2 ,2 9 7 ,6 0 6 $ 2 ,0 4 7 ,4 7 5 $ 1 ,9 5 1 ,7 7 4
7 8 ’ ,120
N e t a fte r e x p . & t a x e s . .
7 1 9 ,7 7 0
5 3 6 ,3 5 6
188 ,833
184,584
I n t . s u b s id ia ry c o s --------179,787
2 6 4 ,9J8
3 3 8 ,5 4 0
In te re st G . L . P . & R y s .
3 3 1 ,7 3 3
232
O th er in te r e s t----------------2 5 ,3 9 7
C r 4 3 ,4 1 1
1 77 ,000
D e p r e c ia t io n ____________
126 ,000
162,000
B a la n ce .

________

$ 5 6 ,8 5 3 D e /$ 1 0 5 ,357

$15 0 ,0 5 7

1923.
$ 1 ,9 1 2 ,6 7 3
9 1 9 ,2 1 2
191,082
2 6 5 ,3 1 7
2,801
1 6 5 ,0 0 0
$ 2 9 5 ,0 1 2

O F F I C E R S .— P r e s ., H . A . M c W h o r t e r ; V ic e -P r e s .. S. A . D a w le y ; S ec.
& T r e a s ., R . M . M a c L e t c h ie ; A s s t. S e c. & A s s t. T r e a s .. H . B . H a r d w ic k .
— V . 120, p . 2400; V . 121, p . 198, 1227; V . 122 , p . 1 7 6 1 .2 6 5 0 ; V . 12 3 . p . 3 2 4 .
V . 125, p . 38 5 .
(1) M A C O N R A I L W A Y & L I G H T C O .
E n tire c o m m o n s t o c k is o w n e d b y G e o rg ia L t . , P o w e r & R y s .
O R G A N I Z A T I O N . — I n c o r p o r a t e d in G e o rg ia o n O c t . 23 1902 b y th e
R a ilw a y s & L ig h t C o . o f A m e r ic a as a c o n s o lid a tio n o f th e M a c o n C o n s o li­
d a te d S tre e t R v . , th e M a c o n E le c t r ic L ig h t & R y . , t h e N o rth A S ou th
M a c o n S treet R y . a n d th e M e t r o p o lit a n S tre e t R y . C o . su p p lies electric
li,rh t , p o w e r a n d ra ilw a y s e r v ic e t o th e C i t y o f M a c o n , G e o rg ia , w h ich has a
p o p u la tio n e stim a te d a t 6 0 ,0 0 0 . T h e c it y o r d in a n c e p e rm ittin g th e con soli­
d a t io n , p assed o n S e p t. 16 190 2, g r a n te d a 5 0 -y e a r f r a n c h is e .
F o r term s,
see V . 7 5 , p . 733 .
O u ts ta n d in g .
M a tu rity
STO C K AN D BO N DS—
D a te .
In te re s t.
$900 000 ____________
C o m m o n $ 1 ,6 0 0 ,0 0 0 ( $ 1 0 0 ) —
------------------300 000
See tex t
Pref $300,000 ($100) 6% c u m . ------- 6 A-O
9 5 9 .0 0 0 J a n 1 1953
M a c o n R v & L t 1st c o n s m tg e 1 1903 5 g J -J
g $1 0 0 0 ,0 0 0 ( $ 1 ,0 0 0 ) -C * t f (I n t . a t E q u it a b le T r . C o . , N . Y . , tru stee.
M acon E lec L t A R y 1st m t g e ) 1899 6 g J -J
4 2 .5 0 0 J a n 1 1929
$ 1 0 0 ,0 0 0 ($ 5 0 0 ) g o l d _ c * t f ( I n t . a t E q u it a b le T r . C o . , N Y . . tru stee.
B o n d s .— M a c o n R y . & L t . 1st c o n s o ls are secu red b y a d ir e ct m o rtg a g e
o n th e e n tire p r o p e r t y o f th e M a c o n R y . A L ig h t C o . , s u b je c t t o on ly
$42 500 1st c lo s e d m tg e . 6s. E x c e p t fo r th e re fu n d in g o f th is sm all u n d er­
ly in g issue, th e m tg e . is c lo s e d . T h e y are s u b je c t t o call o n a n y intreest
d a te a t 110 an d in t. $ 4 1 ,0 0 0 b o n d s , $ 1 2 ,3 0 0 c o m . an d $ 1 6 ,4 0 0 p re f. s t o c k
are h e ld b y S a v a n n a h T r u s t C o . t o r e tire th e $ 4 2 ,5 0 0 M a c o n E le c . L t . A
R v . b o n d s re m a in in g o u t . S ee V . 7 6 , p . 21 2 .
D iv id e n d s . — 6 % p e r a n n u m has b e e n p a id s .- a . o n p r e f ., 1903 t o A p ril
1927, in c lu s iv e .
R O A D .— O w n s a n d o p e r a te s a b o u t 3 4 .4 m iles o f t r a c k , all o f w h ic h has
Peen r e -la id w ith 7 0 -lb . ra ils . 5 5 ca rs .
E A R N I N G S .- - F o r c a le n d a r y e a rs:
1926.
$96 5 ,1 7 8

1925.
$88 4 ,8 4 6

1924.
$ 9 6 2 ,2 3 7

1923.
$9 4 2 ,7 3 4

G ro ss (in cl. o th e r in co m e )
O p e r . e x p s ., m a in t . .ta xes
A res. fo r ren ew als A
r e p la c e m e n t s ._ _

7 9 7 ,1 7 2

7 3 0 ,9 7 8

8 0 1 ,5 2 5

7 38 ,216

B a la n c e - - - I n t . o n fu n d e d d e b t ------O th er in t e r e s t ------------------

$16 8 ,0 0 6
5 0 ,5 0 0
7 2 ,9 2 8

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

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

$ 2 0 4 ,5 1 8
5 0 ,5 0 0
6 3 ,742

$90 ,2 7 6
$ 4 6 ,0 8 2
$ 3 6 ,4 2 8
$ 4 4 ,5 7 8
B a la n c e -----------------------O F F I C E R S .— P r e s ., P . S . A r k w r ig h t; Y . - P . A G e n . M g r ., L . A . M a g r a w ;
V -P
L . S. D u r e ; S ec. & A s s t. T r e a s ., R . F . Jo n e s; T r e a s . & A s s t. S e c .,
W . E . H o u s e r .— V . I l l , p . 1083; V . 113, p . 960 ; V . 117 , p . 1555.
(2) M A C O N G A S C O .
O R G A N I Z A T I O N . — I n c o r p . in G a . in 185 2. W a s fo r m e r ly M a c o n G a .
hr A W a te r C o ., b u t in O c t . 1911 tra n sfe rre d its w a te r p la n t t o th e c it y
an d c h a n g e d n a m e t o p re se n t t itle . C o n tr o ls e n tire gas business o f M a c o n .

A ll th e o u ts ta n d in g s t o c k an d b o n d s o f th e M a c o n G a s C o . are o w n e d b y
G a . L t . , P ow er & R y s . T h e re are a ls o o u ts ta n d in g $ 4 4 8 ,0 0 0 1st m tg e .
b o n d s d e p o s ite d w ith N . Y . T r u s t C o .
E A R N I N G S .- — F o r c a le n d a r y e a rs:
1923.
1924.
1925.
1926.
G ross re v e n u e (in c lu d in g
$ 3 1 2,69 4
$ 3 1 7,55 7
$29 9 ,3 6 4
o th e r i n c o m e ) _________
$33 9 ,2 3 9
O p er. e x p ., m a in t ., taxes
a n d res. f o r ren ew als
2 8 8 ,1 8 0
238,381
251 ,927
a n d r e p la c e m e n ts _____
2 55 ,815
B a la n c e ________________
In terest o n fu n d e d d e b t .
O th er in te r e s t___________

$ 83 ,424
3 1 ,3 6 0
1,228

$ 47 ,437
3 1 ,3 6 0
1,141

$ 7 9 ,1 7 6
3 1 ,3 6 0
C r.555

$ 8 4 ,5 1 4
3 1 ,3 6 0
C r . 970

B a la n c e ________________
$ 5 0 ,8 3 6
$ 1 4 ,9 3 6
$ 4 8 ,3 7 1
$ 5 4 ,1 2 4
H a s 2 gas h old ers a n d o v e r 54 m ile s o f m ain s, & c. O u tp u t n o w exceeds
2 ,0 0 0 ,0 0 0 c u . f t . p e r a n n u m .— V . 9 3 , p . 9 4 2 . 1537: V . 9 9 , p . 1455.

(3)

CENTRAL GEORGIA POWER CO.

G e o rg ia L t ., P ow e r & R y s . o w n s $ 3 ,7 9 7 000 s t o c k .
O R G A N I Z A T I O N .— I n c o r p . in G a . o n M a r c h 4 1907 as B ib b P o w . C o
a n d in J a n . 1908 c h a n g e d n a m e t o p r e s e n t title . B e g a n o p e r . J u n e 1 191 1.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s h y d r o -e le ctr ic p la n t w ith a c a p a c it y o f 24,0 0 0 e le ctric h orse p o w e r on
O cm u lg e e R iv e r , near J a c k s o n .
T ran sm ission lines ex te n d t o M a c o n ,
F o r s y th . J a ck s o n , B ib b , B a rn e s v ille , T h o m a s to n a n d G riffin , c o n n e c tin g at
th e la st-n a m ed p o in t w ith th e line o f th e C en tral G e o rg ia T ra n sm issio n C o .
(w h ose en tire c a p ita l s t o c k a n d b o n d s are o w n e d b y G a L t ., P o w e r & R y s . ) ,
ru n n in g t o H a m p to n , J o n e s b o r o , M o n t ic e llo , G o rd o n a n d A tla n ta .
T o t a l len gth o f tra n sm ission lin es (in c l. C e n t. G a . T r a n s. C o . ) , 145 m ile s.
C en tra l G e o rg ia T ra n sm is s io n C o . c o m p le t e d a tra n sm issio n lin e 64 m iles in
len gth t o c o n n e c t w ith th e c o . o p e r a tin g in C o lu m b u s , G a .— V . 9 3 , p . 1536.
1670; V . 121 , p . 838 , 1460.
S T O C K A N I) B O N D S —
D a te .
In terest.
O u ts ta n d in g .
la tu r ity
________
$ 4 ,0 0 0 ,0 0 0 -----------------S to c k $ 4 ,0 0 0 ,0 0 0 _____________________
M t g e $ 3 ,0 0 0 ,0 0 0 g ($ 1 ,0 0 0 , f 1908 5 M - N
2 ,5 6 9 0 0 0 M a y 1 1938
$50 0 & $ l 0 0 , o r S. e q u iv — E m p ir e T r u s t C o . , N e w Y o r k , tru ste e
{
a l e n t ) ________________ c * & r * I
B o n d s . — I n t . o n b o n d s is p a y a b le a t o f fic e o f A .
N . Y . , o r B a n k o f S c o t la n d , L o n d o n . S u b je c t t o
sin k in g fu n d o r a n y o r all a t c o m p a n y ’s o p t io n o n
f u n d o f 1 % o f b o n d s o u t b e g a n in 191 3.
V . 88, p .
In sin k in g fu n d .
E A R N I N G S — F o r ca le n d a r yea rs:
1926.
1925.
G ro s s (in c l.o t h e r in c o m e ) $ 1 ,2 0 6 ,5 2 2 $ 1 ,0 5 7 ,7 4 6
O p e r . e x p ., m a in t., taxes
a n d res. fo r ren ew als
a n d re p la c e m e n ts _____
7 7 6 ,4 5 5
892 ,115

B . L e a ch & C o . , I n c .,
ca ll a t 105 a n d in t . fo r
a n y in t . d a y .
S in k in g
1 19 9. 5431 0 0 0 b o n d s
1924.
$ 9 1 7,79 2

1923.
$ 8 4 5,68 7

5 2 3 ,3 8 0

3 3 4 ,1 9 9

B a la n c e ________________
I n t . o n fu n d e d d e b t ____
O th er in te re s t___________

$43 0 ,0 6 7
129 ,287
153 ,687

$16 5,63 1
130 ,610
88,3 4 4

$39 4 ,4 1 2
131,994
7 6 ,3 7 5

$ 5 1 1 ,4 8 8
133 ,499
75,4 7 9

B a la n c e ________________

$ 1 4 7 ,0 9 3

d e f$ 5 3 ,3 2 3

$18 6 ,0 4 3

$ 3 0 2 ,5 1 0

COLUMBUS ELECTRIC & POWER CO.
U n d er e x e c u tiv e m a n a g e m e n t o f S to n e <% W e b s te r , I n c .
O R G A N I Z A T I O N .— I n c o r p . in G e o rg ia in 1922 as a c o n s o lid a tio n o f
th e fo rm e r s u b s id ia ry c o m p a n ie s o f t h e C o lu m b u s E le c tr ic C o . , v iz .:
C o lu m b u s R R . , C o lu m b u s P o w e r C o ., a n d th e G a s L ig h t C o . o f C o lu m b u s ,
G a ., as p er p la n o u tlin e d in V . 114, p . 1406. F o r h is to ry o f C o lu m b u s
E le c tr ic C o . u p t o tim e o f th is c o n s o lid a tio n , see “ E le c tr ic R a ilw a y ”
S u p p lem en t o f A p ril 29 1922. C o . o w n s an d c o n tr o ls C o lu m b u s T ra n s­
p o r ta tio n C o . an d o w n s th e ca p ita l s t o c k o f S ou th G e o rg ia P o w e r C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s th e en tire ele ctr ic r a ilw a y , b u s , e le ctr ic , lig h tin g , gas an d p o w e r bu si­
ness o f C o lu m b u s an d v ic in it y an d th e a d jo in in g to w n s o f P h o e n ix C it y a n d
G ir a r d , an d a w h olesa le p o w e r bu sin ess in N e w n a n , H o g a n s v ille , L a g ra n g e ,
L a n e tte , T r im b le , G ra n tv ille , M o r e la n d an d W e s t P o in t . P ro p e rtie s
in c lu d e 11 m iles o f m ain t r a c k a n d 17 m iles o f sin g le tr a c k .
17 ca rs , 2
s tea m lo c o m o t iv e s (leased t o S. A . L . R y . ) . S ta n d a rd ga u g e . 22 bu ses.
C o . c o n tr o ls 10 h y d r o -e le c tr ic p la n ts o f a c o m b in e d c a p a c it y o f 8 4 ,6 1 0
h .p .; has steam r e la y s ta tio n s o f 16,200 h .p . T ra n sm ission lines to ta l
4 3 7 .4 m iles a n d 333 m iles o f d is trib u tio n lin es. A ls o p u rch a se s p o w e r .
G as o u t p u t , 1926, 14 3 ,4 3 4 ,0 0 0 c u . f t .
6 9 .5 9 m iles o f gas m ain s; 4 ,0 7 4 gas
m ete rs . E s tim a te d p o p u la t io n s e r v e d Ja n . 1 1927, e le ctric lig h t, 116 ,000 ;
p o w e r , 2 0 1 ,2 0 0 ; g a s, 6 8 ,3 0 0 , an d tr a n s p o r ta tio n , 6 2 ,7 0 0 .
P rin cip al f r a n ­
c h is e s p e r p e tu a l.
T h e fre ig h t lines are leased t o th e S e a b o a rd A ir L in e R y .
fo r 5 0 yea rs fr o m O c t . 17 1901 at a re n ta l o f $ 7 ,5 0 0 p e r a n n u m .
P rin cip a l fr a n c h is e s are n o t lim ited in tim e .
A c q u is i t i o n s . — F o r p a rticu la rs a b o u t t h e p u rch a se o f th e G e o rg ia - A la b a m a
P o w e r C o . a n d th e S o u th G e o rg ia P u b lic S ervice C o ., b o th o p e ra tin g in
S ou th w estern G e o rg ia , see V . 121, p . 1100; V . 121, p . 1347. S to ck h o ld e rs
w ere t o v o t e on O c t . 5 1925 on th is p r o p o s itio n an d a re c a p ita liz a tio n p la n ,
d etails o f w h ich are g iv e n in V . 121, p . 1347.
In S e p t. 1925 th e A la b a m a P . S. C o m m is s io n a u th o r iz e d th e c o m p a n y
to issu e $ 5 7 1 ,3 0 0 2d pref. 7 % c u m . s to c k and $ 1 ,7 5 0 ,0 0 0 c o m . s t o c k .
V . 121, p . 1460. In Ju n e 1926 c o . ap p lie d t o G e o rg ia P . S. C o m m issio n
fo r^ je rm ls s io n to Issue $ 2 ,0 0 0 ,0 0 0 3 -y r . 5 % g o ld c o u p o n n o te s . V . 122.
I n c r e a s e S to c k . — O n S e p t. 16 1926 c o . (a) Increased th e a u th o rize d c a p ita l
s to c k fro m $ 9 ,7 5 0 ,0 0 0 to $ 1 1 .7 5 0 ,0 0 0 , th e $ 2 ,0 0 0 ,0 0 0 o f increased s t o c k to
co n s ist o f 6 ) 3 % p ref. s to c k series C , re d e e m a b le a t 110; and (6) a p p ro v e d a
ch a n g e in th e c o m m o n s to c k fro m 5 2 ,0 0 0 shares (par $ 1 0 0 ), in to 262 ,500
n o p a r shares, 5 new shares t o be issued in e x ch an g e fo r e v e r y $10 0 par
share. V . 123. p . 1761.
STOCK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity
C o m m o n shs (n o p a r ) ________________
____ ____
2 6 9 ,0 6 2 shs Jan ’ 27 2 )3
Ser B cu m p r e f _________________ ______
7
4 ,0 6 6 000 A p r ’ 2 7 . 1 % %
Series C c u m p r e f _____________________
6H %
4 7 4 ,9 0 0
See te x t
2 d p r e f 7 % c u m $ 2 ,0 0 0 .0 0 0 __________
7
5 3 1 ,8 )0 J a n ’2 7 . l % %
1st & r e f M 6 g ser A __________I 1922
6 g J -D
1 .4 1 2 .8 0 0 Ju n e 1 1947
Series “ B ” _________________ 1 1924
5 g M -N
3 .9 4 0 ,0 0 0 N o v 1 1954
($100, & c .) , g o l d ___ c * & r .t f (i n t . a t O ld C o lo n y T r u s t C o ., B o s t o n , tru stee
3 -y e a r n otes ($ 1 ,0 0 0 ) g o ld ) 1924
5 g J -D
2 ,0 0 0 ,0 0 0 D e c 1 1927
c * .t f /I n t e r e s t p a y a b le in N e w Y o r k o r B o s to n .
3 -y e a r 5s g o ld
n o t e s ( $ l , - f 1925
5 g M -N
2 ,5 0 0 ,0 0 0 N o v 1 1928
0 0 0 )____________________ c * . t f l In te re s t p a y a b le in B o s t o n o r N e w Y o r k .
3 -y e a r n o te s ( $ l , 0 0 0 c * ) . . . t f ( 1926
5 g J -D
2 ,0 0 0 .0 0 0 Ju n e 1 1929
l i n t , p a y a b le in B o s to n o r N e w Y o r k .
C o lu m b u s P o w e r fir s t m t g e / 1906
5 g A -O
3 ,4 6 1 ,0 0 0 A p ril 1 1936
$ 4 ,0 0 0 ,0 0 0 g o ld g u a r c * t f l i n t , a t C o m m o n w . T r u s t C o .. B o s t o n , t r u s .
2d p r e f s to c k s u b s c r ip tio n s ____ ______
________
17 200 ____________
S to ck . — F irst p refe rre d c o n v , in to c o m m o n , share fo r sh a re , a t a n y tirm
R e d e e m _ b le a t 120. V . I l 5 , p . 7 2 .
T h e 7 % c u m . p r e f . s to c k , s e r i e s B , is r e d . a t 115 an d d iv s .
Is p referred
as t o d iv s . and in ca se o f liq u id a tio n . In Jan . 1926 S to n e & W e b s te r , I n c .
E s ta b r o o k & C o . an d P a rk in so n & B u r r , o ffe re d $ 2 ,5 0 0 ,0 0 0 7 % c u m . p r e f
series B a t 100 fla t . V . 122, p . 3 4 7 .
B o n d s . — Series “ A ” are c a lla b le , all o r p a r t, o n a n y in terest d a te after
Ju n e 1 1932 u p to an d in clu d in g Ju n e 1 1937, a t 105, and th e re a fte r d ecreas­
ing )3 o f 1 % each y ear to 101 fo r y e a r e n d in g Ju n e 1 1945, an d a t 100 there­
a fter (plus in teres t). A s in k in g f u n d o f 2 % p er an n u m o f th e to ta l am ount
o f Series “ A ” b on d s issu ed c o m m e n c e d N o v . 1 1923. V . 114, p . 2823
$ 5 7 ,7 0 0 can celed b y sinking fu n d u p to D e c . 31 1925.
Series “ B ” h a v e annual cash s in k in g f u n d e qu a l to 1 ) 3 % o f th e prin cipa l
a m o u n t o f Series " B ” o u ts ta n d in g a t th e tim e o f th e sinking fu n d p aym ent
(firs t p a y m e n t N o v . 1 1926) t o b e ap p lie d b y tru stee to p u rch ase o f Series
“ B ” b o n d s a t n o t exce e d in g 100 and in terest. I f b o n d s are n o t so p u r­
ch a sa b le th e balan ce shall be a p p lie d either to th e p u rch a se o f u n d erlyin g
b o n d s a t n o t exceedin g 100 an d in terest or t o reim bu rse th e c o m p a n y for
7 5 % o f th e c o s t or fair value, w h ich e v e r is lees, o f a d d itio n a l p rop erty
a cq u ire d again st w h ich n o b o n d s m a y be issu ed. A r e c a lla b le , all o r in part,
on a n y interest d a te at 105 up to an d in clu d in g N o v . 1 1944, and thereafter
d ecreasin g )3 o f 1 % fo r ea ch y ear t o N o v . 1 1953, p lu s in terest in each case
In te re s t p a y a b le In N ew Y o r k o r B o s t o n , $ 2 ,0 0 0 ,0 0 0 Series ” B ” 5s w ere sold
In D e c . 1924 b y E s ta b r o o k & C o ., S ton e & W e b s te r, I n c ., N . Y . , and




213

POW ER, L IG H T AND R A IL W A Y

O ct ., 1927.]

P a rk in son & G u rr, B o s t o n , a t 92 an d in te re st, t o y ie ld 5 .5 5 % . V . 119 , p .
2 64 4. In J u ly 1925 th e y s o ld $ 2 ,0 0 0 ,0 0 0 a d d itio n a l b o n d s o f th is series
a t 9 5 )3 an d i n t ., t o y ie ld 5 . 3 0 % . V . 120. p . 306 4; V . 121, p.. 7 3 .
T h e C o lu m b u s P o w e r C o . b o n d s a re c a lla b le as a w h o le (o r in p a r t f o r
sinking fu n d ) at 110 an d in t. o n a n y in t. d a y .
A s in k in g f u n d or 1 % o f
b on d s o u t b e g a n A p ril 1 1912. $ 5 3 6 ,0 0 0 p u rch a se d fo r sin k in g fu n d an d
c a n ce le d .
N o t e s . — T h e 3 -y e a r 5 % n o te s , d u e D e c . 1 1927, are ca lla b le a s a w h o le on
Ju n e 1 1925 an d D e c . 1 1925 a t 1 0 1 )3 : Ju n e 1 1926 a t 101; D e c . 1 1926 a t
1 0 0 )3 . an d Jun e 1 1927 a t 100, p lu s in te re st in ea ch ca se . In D e c . 1924
$ 2 ,0 0 0 ,0 0 0 3 -y e a r 5 % n o te s w ere o f fe r e d b y E s t a b r o o k & C o ., S ton e &
W e b s te r , I n c ., N . Y . , an d P a rk in so n & B u rr , B o s t o n , at 9 9 )3 an d in t . t o
y ie ld 5 H % .
V . 119. p . 2 64 4.
T h e 3-year 5 % g o ld n o te s , due N o r . 1 1928. are c a lla b le a s a w h o le o n M a y 1
1926 a n d N o v . 1 1926 a t 101 )3 ; M a y 1 1927 a t 101; N o v . 1 1927 a t 100 )4
an d M a y 1 1928 a t 100; p lu s in te re st in each ca s e .
In J a n . 1926 E s ta b ro o k
& C o ., S to n e & W e b s te r , I n c ., a n d P a rk in so n & B u rr o ffe r e d $ 2 ,5 0 0 ,0 0 0
a t 9 8 .8 0 an d in t ., t o y ie ld 5 . 4 5 % . V . 122 , p . 212 .
T h e 3-yr. 5 % g o ld n o t e s , d a te d J u n e 1 1929, a re c a ll, as a w h o le o n o r b e fo r e
Ju n e 1 1927 a t 1 0 1 )3 ; o n D e c . 1 1927 a t 101; o n J u n e 1 1928 a t 1 0 0 )4 . a n d
o n D e c . 1 1928 a t 100, p lu s in te re s t In e a c h c a s e . In J u ly 1926 E s ta b ro o k
& C o . , S to n e & W e b s te r , I n c ., a n d P a rk in so n & B u rr o ffe r e d $ 2 ,0 0 0 ,0 0 0 o f
hese n o te s a t 9 9 )4 a n d In t ., t o y ie ld 5 . 0 5 % . V . 123, p . 8 1 .
D iv i d e n d s . — D iv id e n d s o f 7 % o n p r e f. series B , a n d 2 d p r e f., a n d 6 ) 4 %
o n series C are b e in g p a id r e g u la r ly . A n in itia l d iv id e n d o f $2 p er share
w as p a id on c o m m o n s t o c k in O c t o b e r 192 3. V . 115 , p . 1428. I n 1923,
J a n ., 2 % ; A p r il, 2 % ; J u ly , 2 % ; O c t ., 2 % .
I n 1924, J a n .. 2 ) 4 % : A p r ..
2 ) 4 % ; J u ly , 2 % ; O c t ., 2 ) 4 % .
I n 1925, J a n ., 2 ) 4 % ; A p r .. 2 ) 4 % ; J u ly ,
2 ) 4 % ; O c t .. 2 ) 4 % . In 192 6, 1 0 % . I n 1927. J a n ., 2 ) 4 % .
E A R N I N G S .— F o r ca le n d a r y e a rs :
G ro s s
E a r n in g s .

N et,
A fte r T a xes.

F ix e d
C h a r g e s.

B a l. f o r R e s .
R e tir e m .& D ig .

$ 2 ,1 2 7 ,7 9 2
$ 8 5 3,54 3
$ 1 ,2 7 4 ,2 4 9
1 92 6_____________ $ 3 ,7 8 9 ,3 9 5
19 2 5 _____________ 2 ,7 5 3 ,5 1 0
x 7 4 9 ,5 0 4
2 6 3 ,0 3 4
4 86 ,470
192 4_____________ 2 .3 2 6 ,8 0 0
1 ,0 5 6 .8 1 6
2 68 ,373
7 8 8 ,4 4 2
192 3_____________ 2 .2 4 0 ,1 9 0
1 ,1 4 4 ,4 5 4
2 7 1 ,7 7 2
8 7 2 ,6 ^
x T h e o p e ra tin g expen ses d u rin g 1925 w ere s ta te d t o b e c on s id c bty
h igh er th a n o th e r yea rs o n a c c o u n t o f t h e lo w e s t flo w o f riv e r in o v e r 2 9
y e a rs, w h ich n e ce ssita te d h e a v y e x p e n d itu re s f o r p u rch a se o f p o w e r a n d
ge n e ra tio n b y stea m .
L a ie s t E a r n i n g s .— F o r 12 m o n th s e n d e d Ju n e 30:
1927
1926
1925.
G ro ss e a rn in g s _____________________„ -- - x $ 4 ,0 1 7 ,2 0 3
$ 3 ,2 4 9 ,6 9 0
$ 2 ,4 8 0 ,6 3 9
2 ,2 2 6 ,4 3 0
1 ,169,851
1 ,026,131
N e t a fte r expenses a n d t a x e s _________
In te re st a n d a m o r tiz a tio n c h a r g e s ___
9 1 0 ,8 9 0
519 ,711
2 6 5 ,1 1 4
B a l. fo r res. re tire m e n ts & d iv s ____ $ 1 ,3 1 5 ,5 4 0
$65 0,14 1
$ 7 6 1 ,0 1 7
x in clu d e s in c o m e fr o m o th e r s o u rce s o f $30 ,8 8 1 .
B a la n c e S h eet as o f Ju n e 30 1927.
See V . 125, p . 1459.
O F F I C E R S .— C h a irm a n o f th e B o a r d , G . G u n b y J o r d a n ; P r e s ., H a r r y
H . H u n t; V .- P . , R . M . H a r d in g a n d D o n a ld C . B a rn es; S e c ., W m . T .
C r a w fo rd : T r e a s ., H e n r y B . S aw yer: G e n . M g r s ., S to n e & W e b s t e r , I n c .,
B o s to n : L o c a l M a n a g e r , R . M . H a r d in g .— V . 121, p . 7 3 , 1100, 1347, 146 0,
2271; V . 122, p . 2 1 2 , 3 4 7 . 1308. 3337: V . 123. p . 8 1 , 84 1 , 98 0 , 1761. 2 8 9 8 ;
V . 124, p . 1357, 2 11 9, 3494; V . 125, p . 1459.

SOUTH GEORGIA POWER CO.
A su b sid ia ry o f C o lu m b u s (G a.) E l e c tr ic
P ow er C o.
O R G A N I Z A T I O N .— O rga n ized in 1925 b y C o lu m b u s (G a .) E le c tr ic
& P o w e r C o . t o p u rch a se th e p ro p e rtie s o f th e G e o rg ia -A la b a m a P o w e r C o .
a n d its s u b sid ia ry , th e S o u th G e o rg ia P u b lic S e rv ice C o . V . 122, p . 215 , 8 8 4 .
A c q u is it io n o f a n u m b e r o f G e o rg ia p r o p e r tie s in 1926, see Y . 123 , p . 138 4,
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . an d its subsidiaries se rve 19 c itie s an d to w n s in so u th w e ste rn G e o rg ia ,
in clu d in g A lb a n y . C o r d e le , A m e r ic u s , T if t o n , P e lh a m a n d F o r t G a in es.
T o t a l c a p a c it y o f p la n ts (stea m a n d h y d r o -e le ctr ic) is a p p r o x . 14,750 h . p .;
p o p u la t io n s e rv e d a b o u t 5 0 .0 0 0 . V . 122, p . 2 1 5 .

(a) GEORGIA-ALABAMA POWER COMPANY.
O R G A N I Z A T I O N .— I n c o r p . u n d e r N o r t h C a ro lin a la w s In 1918 an d
a c q u ir e d th e p r o p e r tie s o f th e C o lu m b ia P o w e r C o . a n d A lb a n y P ow erfc
M f g . C o . C o m p a n y c o n tr o ls th e S o u th G e o rg ia P u b lic S e rv ice C o . th rou g h
s t o c k ow n e rsh ip . In J a n . 1926 th e S o u th G e o rg ia P o w e r C o . , a su bsid iary
o f C o lu m b u s E le c tr ic & P o w e r C o . , a c q u ir e d t h e p ro p e rtie s o f th e c o m p a n y .
V . 122, p . 882 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e c o m p a n y o w n s a n d o p e r a te s th r e e h y d r o -e le c t r ic p la n ts an d a steam
a u x ilia ry ; o n e h y d r o -e le c t r ic p la n t o n t h e M u c k a fo o n e e C re e k n ea r th e c it y
o f A lb a n y , G a .; o n e n e a r F o r t G a in e s, G a .; a n d o n e o n th e F lin t R iv e r
near A lb a n y , G a . T h e s te a m a u x ilia ry is also lo ca te d in A lb a n y . T h e
c o m p a n y se rve s e le ctr ic lig h t a n d p o w e r in A lb a n y , P e lh a m , F o r t G a in e s,
and w h o le sa le p o w e r t o A m e r ic u s , C o r d e le , T ifto n an d V a ld o s ta , th e prin ­
c ip a l c itie s in s o u th w e s t G e o rg ia . D o e s th e g a s busin ess in A m e r ic u s
a n d an ic e b u sin ess in T if t o n a n d M o n t e z u m a . T h e p r o p e r t y lo c a te d in
A la b a m a fo r m e r ly o w n e d b y t h e c o m p a n y w as s o ld t h e la t t e r p a r t o f 1924
t o th e A la b a m a P o w e r C o .
STOCK A N D BON DS—
D a te .
In terest.
M a tu r ity .
O u ts ta n d in g .
C o m m o n $ 3 ,0 0 0 ,0 0 0 ($ 1 0 0 )___ ______
________
$ 8 5 0 ,0 0 0
8 % c u m p a r t p r e f $ 1 ,0 0 0 ,0 0 0
8%
8 9 3 .5 0 0
( $ 100) ----------------------------------------F irst <k r e f s f g $ 5 ,0 0 0 ,0 0 0 / 1922
7 6 0 .5 0 0 F e b 1 1957
6 )3 F -A
($ 1 ,0 0 0 , $50 0 c * ) ________ t f l l n t . a t M e r c a n t ile T r . & D e p . G o . o f B a lt .
A m e r ic u s L t g C o 1st M 20-yr\ 1917
6 g A -O
2 3 6 ,0 0 0 A p r 1 1937
g o ld $ 5 0 0 ,0 0 0 ____________ t f / I n t . at P e n n . C o . fo r In s . o n L iv e s & G ra n t1 in g A n n u itie s , P h ila d e lp h ia , tru stee.
S to c k . — P r e f. s t o c k is n o n -c a lla b le .
I s p re fe rr e d as t o assets. A fte r
p r e f. a n d c o m . s to c k s h a v e r e c e iv e d 8 % d i v ., b o t h cla sses sh are e q u a lly in
a n y fu r th e r d iv id e n d fo r th a t y e a r .
B o n d s . — T h e ls i r e f . s in k in g f u n d g o ld b o n d s 6 ) 3 j , d u e F e b . 1 1957, ars
c a lla b le , w h o le o r p a r t , a t 105 a n d in t. o n 60 d a y s ’ n o t ic e . S in k in g f u n d .
1 % fr o m F e b . 1 192 7. I n tr e a s u r y , $ 1 ,8 8 9 ,5 0 0 . O u tsta n d in g , $ 7 6 0 ,5 0 0 .
T h e g e n e r a l m o r tg a g e b o n d s , d u e F e b . I 1941, c a rrie d in te re s t a t 8 % fo r
th ree ye a rs fr o m F e b . 1 192 2, c u m u la tiv e , b u t p a y a b le o n ly fr o m n e t In com e
a p p lic a b le t o s u rp lu s; a fte r F e b . 1 1925 carries in terest a t 6 % a n d 2 %
a d d itio n a l if e a rn e d . A r e c a lla b le a t 103 and Interest. In c o n n e c tio n w ith
th e sale o f th e p ro p e rtie s t o S o u th G e o rg ia P o w e r C o . In J a n . 1 92 6,th e
h o ld e rs o f e a ch $ 1 ,0 0 0 g e n . m tg e . b o n d , d u e F e b 1 1941. w as t o r e c e iv e
$802 66 in cash p lu s a sm all a d d itio n a l su m t o b e d e te rm in e d la te r. V . 122 ,
p . 882.
A m e r i c u s L ig h tin g C o . F i r s t M o r tg a g e 5 s.— O f this issu e $ 1 4 ,0 0 0 h a v e been
c a n ce lle d b y sin k in g f u n d .
S in k in g f u n d o f 1 % o f b o n d s o u ts ta n d in g 19261927; 1 ) 3 % , 192 8-1 932; 2 % th e re a fte r; p a y a b le F e b . 1. C a lla b le w h ole o r
p a r t fo r s in k in g f u n d at 105 a n d in t . o n a n y in t. d a y . A ssu m e d b y S ou th
G e o rg ia P o w e r C o .
E A R N I N G S .— I n c o m e a c c o u n t c a le n d a r years:
1924.
1923.
G ro ss e a rn in g s--------------------------------- ------------------------------------$ 4 0 7 ,2 0 8 $ 3 2 6 ,1 8 4
O p e ra tin g exp e n se s a n d t a x e s _____________________________ 159 ,039
143 ,3 8 8
N e t earnings.

4UGUSTA-AIKEN

$ 2 4 8 ,1 6 9

$18 2 ,7 9 6

RAILWAY & ELECTRIC CORP.

O R G A N I Z A T I O N .— I n c o r p . in M a in e N o v . 9 1910, an d r e -in c o r p o r a te d
in S o u th C a ro lin a A p r il 26 1911. C o . ow n s a n d o p era tes p ro p e rtie s fo rm e r ly
b e lo n g in g t o A u g u s ta -A ik e n R y . & E le c . C o r p ., th e A u g u sta & A ik en R y .
a n d th e A u g u s ta R y . & E le c . C o . A ls o o w n s all o f th e s t o c k o f G e o rg ia C a ro lin a P o w e r C o . p r o p e r tie s .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e c o r p . o p e ra te s th e e n tire sy s te m in A u g u s ta an d v ic in it y , also ra ilw a y
fr o m A u g u s ta t o A ik e n , S. C . F u rn ish es th e e n tire e le ctric lig h tin g s e r v ic e
fo r th e c it y o f A u g u s ta a n d fo r S u m m e rv ille and N o rth A u g u s ta . I t has
t w o se p a ra te p o w e r p la n t s , t h e m ain o n e b e in g lo ca te d In th e c it y , a n d h a v in g
b o th s te a m an d h y d r a u lic e q u ip m e n t. T h e o p e ra tio n o f th e 2 5 ,0 0 0 h .p .
h y d r o -e le c t r ic p la n t o f t h e G e o rg ia -C a ro lin a P o w e r C o ., w as ta k en o v e r
J u ly 1 1914 a n d p r a c t ic a lly all p o w e r is n o w ge n e ra te d b y w a te r. S u p p lies
p o w e r t o m a n u fa c tu r in g p la n ts in G e o rg ia an d S ou th C a ro lin a . T h e
r a ilw a y p r o p e r t y co m p ris e s 5 5 .7 5 m iles o f e q u iv a le n t sin gle tr a c k , o f w h ich
2 5 .1 0 m iles are in th e c it y a n d s u b u r b s , a n d serves th e t e r rito r y w ell.

214

PUBLIC U TILITIES

R a te i n c r e a s e a p p lic a t io n .
V . 125, p . 1968.
STOCK A N D BONDS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
________
C o m m o n $ 2 ,2 5 0 ,0 0 0 ( $ 1 0 0 )___ ______
$ 2 ,2 5 0 ,0 0 0 ____________
P r e f 6 % c u m $ 2 ,2 5 0 ,0 0 0 ( $ 1 0 0 ) ____
Q -M
2 .2 5 0 .0 0 0
See te x t.
______________ e c 1 1935
S in k fd b d s $ 7 ,5 0 0 ,0 0 0 g o l d / 1910
5 g J -D
2 .8 4 1 .0 0 0 D
($ 1 .0 0 0 ) ------------------- c * & r * t f { C e n t . U n io n T r . C o ., N e w Y o r k , tru ste e .
C o u p o n n o t e s ___________________ 1919
6%
1 7 0 6 ,9 7 5 /D e c 1 1935
C o u p o n n o t e s ___________________ 1922
6 J -D
J
( D e c 1 1935
A u g u s ta R y & E le c 1st M g f 1900
5 g J -D
7 3 3 ,0 0 0 Ju n e 1 1940
$ 1 ,0 0 0 ,0 0 0 ( $ 1 , 0 0 0 ) - - C * n t f l i n t , a t M e r . T r . & D e p . C o . , B a lt ., tru ste e .
G a -C a r o P o w 1st M $ 5 ,0 0 0 ,- 1912
5 J -J
3 .4 0 9 ,0 0 0 J u ly 1 1952
0 0 0 g ($ 5 0 0 a n d $ 1 , 0 0 0 ) - - g u a r _____________________c * t f| C e n t . U n io n T r u s t C o . . N e w Y o r k , tru ste e .
B o n d s . — -O f th e a u th . $ 7 ,5 0 0 ,0 0 0 sin kin g fu n d 5s, d a te d N o v . 15 1910,
th e r e w ere Issued $ 3 ,9 7 2 ,0 0 0 o f w hich $ 8 5 5,00 0 are h eld in tre a su ry as o f
D e c . 31 1926 a n d $27 6 ,0 0 0 had b e e n re tired b y sin kin g fu n d F e b . 1 1927.
T h e $ 3 ,5 2 8 ,0 0 0 un issu ed b o n d s are reserved to retire th e $73 3 ,0 0 0 A u gu sta
R y . & E le c . C o . 1st 5s, an d fo r a d d itio n s , b e tte rm e n ts , & c. S u b je ct to
c a ll as a w h o le (or in part fo r sin kin g fu n d i at 105 an d in t. o n a n y in t . d a y
o n 30 d a y s ' n o t ic e . I n t. is p a y a b le at R e d m o n d & C o . , N e w Y o r k . S in k ­
i n g fu n d b eg a n in 1916, p r o v id in g fo r p a y m e n t o f $ 2 5 ,0 0 0 per an n . 1 st 5
y ea rs, in crea sin g t o $ 4 0 ,0 0 0 , $50 ,0 0 0 a n d $ 65 ,000 fo r each su ccessive
p e r io d o f 5 years u n til m a tu r ity o f b o n d s . V . 9 2 , p . 1177.
A u g u s ta R y . & E le c , b o n d s c a n b e c a lle d in 10, 20 o r 30 y e a rs fr o m d a te
a t 105 a n d iDt. o n 6 m o n t h s ’ n o tice ; s in k in g f u n d o f H o f 1 % b e g a n Ju n e 1
1905 fo r 15 y e a r s , 1 % fo r n e x t 10 years and 2 % fo r re m a in in g 10 years.
$ 2 6 7 ,0 0 0 (n o t in c l. in a m t . ou tsta n d in g ) is h eld in sk g. f d . as o f D e c . 31 1926.
T h e t w o issues o f c o u p o n n o te s re p re se n t u n p a id in t . f o r a p e rio d o f 5
yea rs on th e 1st m t g e . s k g . f d . 5 % b o n d s , th e c o u p o n s b e in g fu n d e d in t o
In t.-b e a r in g n o te s . B o t h th ese n o te issues o rig in a lly m a tu r e d Ju n e 1 1924
and b o r e in to , at 5 % , b u t h a v e been exch an g ed fo r 6 % g o ld n o te s m a tu rin g
D e c . 1 1935. V . 118. p . 2436; V . 119, p . 32 2 . C o m p a re V . 109 . p . 1079. In
a d d itio n t o th e a m t. sh o w n a b o v e as o u tsta n d in g , $1 0 8 ,4 0 0 are h eld in
trea s u ry .
T h e G a .-C a r o P o w . b o n d s a re s u b je c t t o ca ll as a w h o le , o r in p a r t , fo r
sin k in g fu n d a t 105 a n d in t . $ 2 9 1 ,0 0 0 h a v e been re tired b y s in k . fu n d .
S in k in g f u n d b eg a n in 1918 a n d w ill b e s u ffic ie n t to re tire all th e b o n d s a t
m a t u r it y . T h e y a re g u a r ., p . , i. & s. f ., b y A u g u s ta -A ik e n R y . & E le c .
C o t . V . 9 5 , p. 179. $ 6 0 0 ,0 0 0 a d d itio n a l b o n d s w ere o ffe r e d in S ep t.
1925 b y R e d m o n d & C o . , J . G . W h it e & C o . a n d .T. & W . S eligm a n & C o .
D iv id e n d s . — In itia l d iv id e n d o n p re fe rre d — 1 ) 4 % — p a id D e c . 3 0 1911;
sa m e ra te q u a rte r ly to an d in c l. J u n e 1914. N o n e s in ce .
E A R N I N G S .— F o r c a le n d a r y e a rs:
1924.
1926.
1925.
G ro s s r e v e n u e __________________________ $ 1 ,6 1 5 ,4 8 9
$ 1 ,2 7 1 ,5 5 5 $ 1 ,2 1 7 ,4 2 9
724 ,997
O p era tin g expenses an d ta x e s________
1 ,1 12,976
8 9 4 ,6 8 6
$ 4 9 2,43 2
$ 5 0 2,51 3
$ 3 7 6,51 9
I n t . on G a .-C a r o . P o w . C o . 1st m tg e .
5 % non d s an d oth e r r e q u ire m e n ts
168,850
2 7 8 ,8 6 8
189,996
u n d er o p e r . a greem en t J u ly 1 191 2$32 3,58 2
$18 6,52 3
$ 2 2 3,64 5
B a la n c e ______________________________
$22
I n t . o n A u g . R y . & E l. C o . 1st 5 s____
3 8 .4 6 8
39,581
3 7 ,300
I n t . on A u g .-A ik e n R y . E l. C o r p . 5si
144,550
144 ,550
144 ,550
y In terest o n g o ld n o t e s _______________
43.041
4 3 ,182
40,3 1 6
O th e r in teres t___________________________
258
6,885
A m o r t iz a tio n , d is c o u n t, & c ___________
506
506
4,009
C r44 ,94 5
N e t in c o m e ____________________________
$ 3 6 ,3 0 8 def$40,441
$ 9 5 ,1 1 9
y T h is rep resen ts in t . o n th e c o . ’s 5 % n o te s w h ich w ere issu ed in c o n n e c ­
tio n w ith th e plan u n d e r w h ic h th e h o ld e rs o f th e c o . ’s 1st M . b o n d s agreed
t o fo r e g o th e in t. d u e th e re o n f o r a d e fin ite p e r io d . See V . 109, p . 1079;
V. 118, p . 243 6: V . 119. p . 322 .
O F F I C E R S .— P r e s ., F . Q . B r o w n ; V . - P . , J . K . C h o a te ; V . - P . , S e c. &
T r e a s ., D . H . T h o m a s ; A s s t. S ec. & A s s t. T r e a s ., M . H . H e n d e e ; G e n .
M g r ., F . B . C o l l e y : M g r s ., th e J . G . W h ite M g t . C o r p .— V . 120, p . 2682;
V . 121. p . 2 27 0; V . 123, p . 4 5 3 , 708 ; V . 124, p . 320 5; V . 125, p . 1968.

GEORGIA-CAROLINA POWER COMPANY.
C o n tr o l. — A u g u s ta -A ik e n R y . & E le c . C o r p . ow n s all s t o c k e x c e p t di­
r e c to r s q u a lify in g shares.
O R G A N I Z A T I O N .— I n c o r p . M a r c h 1 1909, in Sou th C a ro lin a . P r o p e r ty
con sists o f h y d r o -e le c tr ic p la n t o n S avannah R iv e r , near Steven s C re e k ,
a b o u t eig h t m iles fr o m A u g u s ta , G e o rg ia . In itia l d e v e lo p m e n t o f a b o u t
15,7 0 0 h .p . w as c o m p le te d a b o u t F e b . 17 1914
U n p on c o m p le tio n o f the
initial d e v e lo p m e n t, th e p la n t w as tu rn e d o v e r t o th e A u g u s ta -A ik e n R y .
& E le c tr ic C o r p . fo r o p e r a tio n u n d e r a c o n tr a c t d a te d J u ly 1 1912. T h re e
a d d itio n a l u n its o f 3 ,1 2 5 h .p . each h a ve _,een a d d e d , Dringing th e to ta l
g e n e ra tin g c a p a c it y o f th e pla n t t o a b o u t 2 5 ,0 0 0 h .p . T h e A u g u s ta -A ik e n
R y . & E le c tr ic C o r p . g u aran tees th e b o n d s o f th e G e o rg ia -C a ro lin a P ow er
C o . , as t o in terest, sin k in g fu n d a n d p rin cip a l a t m a tu r ity in 1952, in so fa r
as th e y are n o t retire d b y th e sin k in g fu n d .
C a p ita l S to c k . — A u th o riz e d an d o u ts ta n d in g $500,000 c o m m o n and $ 7 5 0 ,000 p re fe rre d , par $100, A ll s to c k o w n e d b y A u g u sta -A ik e n R y . & E le c tr ic
C orp.
F u n d e d D e b t . — $ 3 ,3 7 8 ,0 0 0 firs t g o ld 5s; d a te d J u ly 1 1912; d u e J u ly 1
195 2; in t. J. & J. 1, a t C e n tra l U n io n T ru s t C o ., N ew Y o r k , tru stee.
C o u p o n $500 a n d $ 1 ,0 0 0 , p r in cip a l m a y b e registered . A u th o riz e d $ 5 ,0 0 0 ,0 0 0 ; issued $ 3 ,7 5 0 ,0 0 0 o f w h ich $ 3 7 2,00 0 retired b y sin k in g fu n d ,
le a v in g $ 3 ,3 7 8 ,0 0 0 o u ts ta n d in g in han ds o f p u b lic at A p ril 1 1927.
S u b je c t t o ca ll a t 105 a n d in t ., w h o le , or in p a r t. S in k in g fu n d )4 o f 1 %
sem i-a n n u a lly fr o m 1918 t o 1642, in clu siv e , an d 1 ) 4 % s e m i-a n n u a lly fr o m
1943 t o m a t u r it y , o f fa c e a m o u n t o f b o n d s o u ts ta n d in g , p a y a b le in cash or
b o n d s . G u a ra n teed as t o in te re s t, sin k in g fu n d and p rin cip a l a t m a t u r it y
In 1952 in sofa r as th e y are n o t re tire d b y sinking fu n d b y A u g u s ta -A ik e n
R a ilw a y & E le c tr ic C o r p .
A d ir e ct firs t lien o n h y d r o -e le ctr ic pla n t o f
a b o u t 2 5 ,0 0 0 h .p . c a p a c it y , so lid c o n c r e te d a m and transm ission lin es.
L is te d on L o n d o n S to c k E x ch a n g e , $ 1 ,5 9 0 ,0 0 0 , o f issue w as o ffe r e d in
L o n d o n in J u ly 1913, a t 90. M o r tg a g e co n ta in s tax fre e c o v e n a n t.
O F F I C E R S .— P r e s .. F Q . B r o w n ; V .- P s ., W P . P h ilip s; S e c . & T r e a s . ,
D . H . T h o m a s.
(a )

GEORGIA-CAROLINA ELECTRIC CO.

C o n tr o l. — A ll o f th e c o m m o n s t o c k is o w n e d b y G e o rg ia -C a ro lin a P o w e r
O o ., a s u b s id ia ry o f A u g u s t a - A i k e n R y . & E le c tr ic C o r p .

Augusta-Aiken Railway
& Electric Corp.
Common & Preferred Stock
Bonds

Bought— Sold— Quoted

C h a rle s E. Doyle <S Co.
49 Wall Street, New York




Tel. John 4500

[V ol. 125.

O R G A N I Z A T I O N . — I n c o r p . in D e la w a re in 1926. P r o p e r ty con sists o f
a 1 1 0 ,0 0 0 v o lt tran sm ission line 45 m iles in length an d ex te n d in g fr o m th e
h y d r o -e le c tr ic p la n t o f th e G e o rg ia -C a ro lin a P o w . C o . a t Steven s C r e e k ,
G e o rg ia , t o th e B r o a d R iv e r , w h ere c o n n e c tio n is m a d e w ith th e G eorg ia
R y . & P o w . C o ., th e p r o p e r t y also in clu d e s ge n e ra tin g p la n ts an d d is trib u t­
ing syste m s In A ik e n , S . C ., a n d 68 m iles o f tran sm ission lines t o W illis t o n ,
M c C o r m a c k a n d E d g e fie ld , S. C ., fo rm e r ly o w n e d b y C a ro lin a L t . & P o w .
C o . an d also 215 m iles o f tra n sm ission lines co n n e c tin g th e A u g u s ta -A ik e n
R y . & E le c . C o r p . S ystem w ith W a s h in g to n , U n io n P o in t, H a rle m , W a r r e n t o n , W r e n s , L o u is v ille a n d o th e r co m m u n itie s w ith in a s ix ty m ile ra d iu s in
G e o rg ia t o g e th e r w ith d is trib u tin g syste m s in th is t e r r it o r y , th e g en eratin g
p la n ts fo rm e r ly o w n e d b y th e m u n icip a litie s o f W a r r e n to n an d L o u is v ille ,
fra n ch ise s are fo r th e m o s t p a r t u n lim ite d as t o tim e .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n — A ll o w n e d b y G e o rg ia -C a ro lin a P o w e r C o .
7 % p r e fe rr e d --------------------------------------7%
$ 1 5 0 ,0 0 0 ____________
1st m tg e 6 % n o te s $ 2 ,0 0 0 ,0 0 0 / 1926
6 g J -D
1 ,5 0 0 ,0 0 0 Ju n e 1 1929
($ 1 ,0 0 0 c * ) -----------------------t f\ I n t . at I r v in g B k .- C o l . T r . C o . , N . Y . , tru stee
B o n d s . — T h e 1st m to e . 6 % n o te s d a ted J u n e 1 1926 are se cu re d b y a d ir e ct
1st m tg e . o n s u b s ta n tia lly all o f th e p r o p e r t y (in c l. a fte r-a c q u ir e d ) o f th e
com pan y.
U n c o n d itio n a lly gu a ra n teed , (p . & 1 .), jo in t ly an d s e v e r a lly , b y
th e A u g u s ta -A ik e n R y . & E le c t r ic C o r p . an d t h e G e o rg ia -C a ro lin a P o w e r
C o . A d d it io n a l n o te s (u p t o $ 2 ,0 0 0 ,0 0 0 ) m a y b e issu ed f o r 8 0 % o f add i­
tio n a l p r o p e r t y , im p ro v e m e n ts , & c. R e d . a ll o r p a r t o n th e 1st d a y o f a n y
m o n th o n 60 d a y s n o tice at 101 an d in t ., th r o u g h Ju n e 1 1927, 1 0 0 ) 4 an d
Int. th r o u g h J u n e 1 1928, and at 100 an d in t . th e r e a fte r . P e n n , an d C o n n .
4-m iils. M a r y la n d 4 ^ - m i l l s . D is t . o f C o l. 5 -m ills. M a s s . 6 % ta x e s , and
a n y fu t u r e M ic h , in c o m e ta x n o t in excess o f 4 % r e fu n d a b le .
In J u ly 1926
R e d m o n d & C o . a n d J . G . W h ite & C o . , I n c ., s o ld $ 1 ,5 0 0 ,0 0 0 o f th es e n otes
a t 100 a n d in t . V . 123, p . 205 .
O F F I C E R S .— P r e s ., J osep h K . C h o a te ; V .- P s ., J o h n H o a r , F . B . H e n ­
d e rs o n , a n d D a n ie l S ch u b ; S ec. & T r e a s ., D . H . T h o m a s .— V . 12 3 , p .
2 0 5 , 324 .

SAVANNAH ELECTRIC & POWER CO.
U nder e x e c u tiv e m a n a g e m e n t o f S to n e & V e b s te r , I n c .
C o n tr o l. — In A p ril 1926 E n g in e e r s ' P u b li c S e r v ic e C o . o ffe r e d 3 shares
E n gin eers’ c o m m o n fo r each share S a v an n ah c o m m o n ( V . 122, p . 1608,
2 1 9 0 ), a n d n o w ow n s o v e r 9 7 % o f th e c o m m o n s t o c k a n d a p o r t io n o f th e
d e b e n tu re s t o c k .
O R G A N I Z A T I O N .— I n c o r p . In G a . A u g . 12 1921 t o a c q u ir e a ll th e
p ro p e rtie s fo rm e r ly o w n e d o r c o n t r o lle d b y th e S a v a n n a h E le c t r ic C o .
(fo r h is to ry see “ E le c t r ic R a ilw a y ” S u p p le m e n t o f A p ril 3 0 1921) as p er
plan o u tlin e d in V . 113, p . 184 . T h e n e w c o . t o o k o v e r th e p r o p e r tie s
e ffe c tiv e N o . 1 1921. V . 113, p . 2 0 8 1 . In 1923 t o o k o v e r th e p r o p e r ty
fo rm e r ly o w n e d b y th e S a v a n n a h L ig h tin g C o . V . 1 1 7 , .p . 8 8 . F r a n c h is e s
fo r b o t h stre e t r a ilw a y and e le ctr ic -lig h tin g p la n t are p e r p e tu a l.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
D oes all the e le ctric ligh t and p o w e r business and thp e n tire e le ctr ic rail­
w a y and b u s b u sin ess In th e C it y o f S av annah and su b u r b s . A rea served
a b o u t 35 sq u a re m iles. P o p u la tio n s e r v e d , lig h t an d p o w e r , 9 5 ,9 0 0 ;
tr a n s p o r ta tio n , 9 7 ,6 0 0 . O perates 113 passen ger cars o v e r 6 2 .6 m iles o f
t r a c k , in clu d in g b o th c it y and su b u rb a n s e rv ice , and in a d d it io n o p era tes
buses in Sav an n ah . C o . has 3 steam p o w e r p la n ts w ith a t o t a l c a p a c it y
o f 4 4 .5 0 0 h . p . , in c l. th e R iv e rsid e S ta tio n o f 3 7 ,4 0 0 h . p . , 173 .6 m iles o f
tran sm ission and d is trib u tio n p o le lin es, and an u n d e rg ro u n d sy s te m in th e
business d is tric t o c c u p ie s 13 m iles o f stre e t.
See also V . 123, p . 3322.
STOCK A N D BON DS—
D a le .
In terest.
O u ts ta n d in g .
M a tu r ity .
________
C o m m o n 2 ,0 0 0 .0 0 0 shs ( $ 1 0 0 ) . ____
1 3 3 ,3 3 4 shs
P re f 6 % c u m a fte r O c t 1 1926
1 ,0 0 0 ,0 0 0 A p r '2 7 . 3 %
$ 1 , 000,000 ( $ 100 ) _________________
________
D e b e n tu re stk ser “ A ” 8 %
1 ,3 0 0 .0 0 0 A p r ’27, 2 %
cu m $ 1 ,3 0 0 ,0 0 0 ($ 1 0 0 ).......................
8%
Ser B 7 ) 4 % cu m $5 0 0 ,0 0 0
( $ 1 0 0 ) --------------------------7 )4 %
2 3 6 ,0 0 0 A p r ’ 2 7 , U i
D e b e n tu r e s t o c k 7 % _________________
7
2 2 1 ,4 0 0 ____________
Is t& re f M ser “ A ” $ 2 ,5 0 0 ,0 0 0 [ 1921 7 M g A -O
1 ,7 1 7 ,5 0 0 O c t 1 1941
($ 1 0 0 , $50 0
&
$ 1 ,0 0 0 )-| C o m m o n w e a lth T r u s t C o . , B o s t o n , T r u s t e e ,
g o l d ________________ c * & r * t f I
Ser “ B ” $ 1 ,2 0 0 ,0 0 0 ($1 ,0 0 0 ,1 1925
6 g A -O
$ 1 ,1 8 7 ,0 0 0 A p r 1 1 9 4 5
$ 5 0 0 ) _____________________ c * lA t la n t ic N a t . B a n k o f B o s to n , T r u s te e .
Sav E le c 1st c o n s m tg e $ 3 , - f 1902
5 g J -J
2 ,0 3 7 .5 0 0 J a n 1 1952
5 0 0 ,0 0 0 g o ld ($ 1 ,0 0 0 a n d { i n t . a t A m e rica n T r u s t C o . , B o s t o n , T r u s t e e .
$500)
c * t f\
S av T h u n & Isle o f H 1st M \ 1897
4 Q -J
1 ,0 0 0 .0 0 0 J u ly 1 1947
g ( $ l ,000) $ 1 ,2 5 0 ,0 0 0 - C * n t f /I n t . a t C e n tra l T r u s t C o . , N e w Y o r k , T r u s t .
___________
13,825
1 92 6-1 928
C a r tru s t c e r tific a t e s ___________ ______
3 -y r c o u p o n n o te s $ 1 ,7 0 0 ,0 0 0 / 1926
5 g J -D
1 ,7 0 0 .0 0 0 Ju n e 1 1929
($ 1,000 c * ) _______________ t f ( T h e C h a se N a t . B k . o f N . Y . , tru stee.
D eben s t o c k s u b s c r ’s ___________ ______
___________
4 2 ,6 8 2 ____________
S ta ck . — T h e 6 % p r e f. s t o c k Is c a ll, a t 120 a n d Is c u m . a fte r O c t . 1 192 6.
D e b e n tu re s t o c k m a y b e issu ed fr o m tim e t o t im e in series w h ic h m a y
bear d iffe r e n t d i v . ra te s a n d r e d . p r ic e a n d c a r r y a sin k , fu n d b u t w ill b e
e n title d t o th e sam e p re fe re n ce s a n d p rio ritie s. Ser. “ A ” 8 % d e b s , are r e d .
a t 125; ser. “ B " 7 U s at 110; a n d ser. “ C ” 7s a t 110.
O n O c t . 7 1926, s to ck h o ld e rs v o t e d (1) t o ch a n g e th e 2 5 ,0 0 0 $100 p ar
c o m m o n shares in to 100 ,000 n o p a r sh ares, t o b e ex ch a n g e d fo r th e o ld in
the r a tio o f 4 new fo r 1 o ld ; (2) an in crea se in a u th o r iz e d c o m m o n s t o c k fr o m
100,000 t o 2 0 0 ,0 0 0 n o p a r shares; (3) an in crea se in th e 1st p r e f. o r d e b e n ­
ture s t o c k fr o m $ 1 ,8 0 0 ,0 0 0 t o $ 2 ,3 0 0 ,0 0 0 ; (4) th e sale o f all or a n y p a r t o f
the n e w $50 0 ,0 0 0 1st p r e f. o r d e b e n tu re s t o c k , a n d th e a d d itio n a l 1 00 ,000
c o m m o n shares. V . 123, p . 1383, 1878.
B o n d s . — T h e 1st & re f. b o n d s. Series “ A , ” m a y b e issu ed in d iffe r e n t
series fr o m tim e t o tim e u n d er ce rta in r e s trictio n s . C a ll, all o r p a r t on a n y
Int. d a te a fte r O c t . 1 1931, d u r in g 1932 a t 105 an d th e re a fte r d ecreasin g
)4 o f 1 % in each y e a r t o 101 in 1940, an d a t 100 in 1941.
S in k in g f u n d o f
2 % p e r an n u m o n th e to t a l a m o u n t o f Series “ A ” b o n d s issu ed , co m m e n ce d
N o v . 1 1923, w ill retire b o n d s a t 105 u p t o a n d in c l. O c t . 1 1932 a n d th ere­
after a t ca ll p r ice . $ 3 2 ,5 0 0 b o n d s in sinking f u n d c a n ce lle d u p t o D e c . 31
1925. I n t . p a y a b le in N e w Y o r k , B o s to n a n d C h ic a g o .
V . 113, p . 1575.
T h e 1st & r e f. m tg e . 6 % g o ld b o n d s , Series “ B , ” d u e A p ril 1 1945. are
c a ll., w h o le o r p a r t, in c l. A p r il 1 1929, a t 105; in c l. A p r il 1 1933 a t 104;
Incl. A p r il 1 1937 a t 103; in c l. A p r il 1 1941 a t 102; in c l. A p ril 1 1944 a t 101;
th ereafter a t p a r , p lu s in t. in ea ch ca se .
S in k in g f u n d o f 1M % per a n n u m ,
firs t p a y m e n t A p r il 1 1926. S to n e , & W e b s t e r I n c ., an d L ee, H iggin son
& C o . s o ld in M a y 1925 $ 1 ,2 0 0 ,0 0 0 a t 98 an d in t ., t o y ie ld 6 .1 5 % . V . 120,
p. 2818.
O f th e S av an n ah E le c . C o . 1st c o n s , b o n d s , $ 1 ,3 5 3 ,0 0 0 h a v e b e en ca n c e le d .
C a llable in w h o le (o r in p a r t fo r sin kin g fu n d ) at l lO a n d in terest o n a n y
Interest d a te . T h e c o . b in d s its e lf t o a p p ly a t least $ 2 0 ,0 0 0 p er a n n u m ,
begin n in g 1906, to w a rd s im p ro v e m e n ts o r e x te n sio n s o r in th e p u r c h a s e o f
b on d s. $109 500 are in sin k in g fu n d o f S av an n ah E l. & P o w . C o . 1st
O f th e S a v a n n a h T h u n d e r b o lt & Is le o f H o p e R y . b o n d s , $ 2 5 0 ,0 0 0 h a v e
been c a n c e le d . S in k in g f u n d 2 % p e r a n n u m b e g a n J a n . 1 1918.
T h e 3 - y e a r 5 % g o ld c o u p o n n o t e s , da ted J u n e 1 1926, are ca lla b le , w h o le or
part, o n 30 d a y s ’ n o tice ; p r io r t o Ju n e 1 1927, a t 101; p r io r t o Ju n e 1 1928,
at 1 0 0 ) 4 , a n d o n Ju n e 1 1928 a n d t o m a tu r ity at 100; in e a ch c a se w ith in t .
in Ju n e 1926 S to n e & W e b s te r , I n c ., B la ir & C o . , I n c ., B r o w n B r o s . & C o .
and B lo d g e t & C o . , I n c ., s o ld $ 1 ,7 0 0 ,0 0 0 a t 9 9 M a n d in t ., t o y ie ld o v e r
5 )4 % .
V . 122, p . 3 34 2.
E A R N I N G S .— F o r ca le n d a r y e a rs:
G ro s s .

N et, A fter
T a xes.

In t. and
A v a i l , f o r R e s .,
A m o r t iz a t i o n . R e t i r . & D i v s .

$83 1,02 3
$ 3 6 2 ,0 9 4
.............................. $ 2 ,2 3 3 ,7 0 4
7 0 8 ,7 9 0
3 6 9 ,5 9 6
________________ 1,959,671
____________
1 ,904.043 721 .671
3 7 3 .7 7 0
_________________ 1.774.881
623 ,701
3 3 0 .7 2 5
______________
1.0 0 3 ,0 9 2
580 ,1 0 9
2 8 4 ,0 6 6
L a te s t E a r n i n g s .— F o r 12 m o n th s e n d e d Ju n e 30:
1927.
1926.
| G ro s s e a rn in g s ___________________________ $ 2 ,2 5 1 ,7 7 9 $ 2 ,1 0 9 ,3 0 7
I N e t a fte r e xp en ses a n d t a x e s __________
8 5 9 ,3 9 7
7 8 5 ,6 9 7
j In te r e s t a n d a m o r tiz a tio n c h a r g e s ___
3 9 1 ,5 9 2
3 6 7 ,9 5 6
1926
1925
1924
1923
1922

$ 4 6 8,93 0
3 3 9 ,1 9 4
347 ,901
2 9 2 .9 7 6
2 96 .043
1925.
$ 1 ,8 9 9 ,3 6 6
7 0 6 ,1 7 9
3 7 6 ,4 4 4

B a la n c e _______________________________
$ 4 6 7 ,8 0 5
$41 7 ,7 4 1
$ 3 2 9 ,7 3 5
B a la n c e s h eet as o f Ju n e 30 192 7, see Y . 125, P- 1462.
O F F t f ’ E R S .— < 'h a ir m a n , G e o rg e J. B a ld w in : P re s., H o w a rd C . Foss;
V . - P . , D o n a ld C . B a rn es and C h a s. W . K e llo g g : S e c ., P . R . F le m in g ; T r e a .,
H . B . S a w ye r. E x e cu tiv e M a n a g e rs , S to n e & W e b s t e r , I n c .— V . 120 , p .
1748, 2270, 3066, 2818: V . 122, p 1312, 1 6 1 1 .2 3 3 1 . 3342: V . 123, p . 1 25 2,
1383, 1878, 2 90 2, 332 2; V . 122, p . 228 2; V . 125, p . 1462.

O ct ., 1927.]

POW ER, LIGH T AND R A IL W A Y

FLORIDA
FLORIDA POWER & LIGHT CO.
C o n tm lle d b y A m e r i c a n P o w e r & L ig h t C o ., w h ich o w n s all o f th e o u t ­
sta n d in g c o m m o n an d 2d p re f. s to c k s and 6 % g o ld d e b e n tu re s .
S u p e r v is e d b y E le c tr ic B o n d & Share C o .
O R G A N I Z A T I O N .— O rga n ized in F lo rid a D e c . 28 1925 to a c q u ir e th e
orop erties o f M ia m i E le c . L t . & P o w . C o . , M ia m i G a s C o . , M ia m i B e a ch
E le c t r ic C o . , F lo r id a P o w . & L t . C o . (o ld c o m p a n y ), S ou th ern U tilitie s C o .
(fo r h is t o r y , & c ., see “ P u b lic U tilit y C o m p e n d iu m ” o f O c t . 31 192 5 ),
D a y t o n a P u b lic S ervice C o . . O rm o n d S u p p ly C o . , L a k e la n d G a s C o . and
S t. Joh n s E le c t r ic C o . (less ra ilw a y d e p t .) and o th e r p ro p e r tie s . C o m p a n y
also ow n s th e s t o c k o f th e C o r a l G a b le s and th e M ia m i B e a ch R y . C o .
In M a r c h 1926 a cq u ire d fo r $ 1 ,2 5 0 ,0 0 0 th e p u b lic u tilitie s o f C o r a l G a b le s,
F la ., in c l. lig h t, w ater and th e F lagler and R a p id T r a n sit street ca r sy ste m s.
V . 122 , p . 2 04 0. In 1926 p u rch a s e d th e lo c a l m u n icip a l lig h t p la n t at
P u n n ell, F la . V . 123 , p . 1 38 2. 1996.

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y su p p lies e le ctric p o w e r a n d ligh t serv ice in 127 co m m u n itie s in
F lorid a , in c lu d in g M ia m i, M ia m i B e a ch , C o ra l G a b le s, F o r t L a u d e rd a le ,
Palm B e a ch , W e s t P a lm B e a ch , S tu a rt. T itu s v ille , D a y t o n a B e a ch , O rm on d
an d S t. A u g u s tin e o n th e e a st co a s t; F o r t M y e r s , P u n ta G o r d a , A rcadia
a n d B r a d e n to n in th e w estern p a r t , a n d O k e e c h o b e e , S a n fo rd , P a latka
an d L iv e O ak in ce n tra l a n d n o rth e rn p a rts o f th e S tate. C o m p a n y also
ow n s gas w ork s an d d is trib u tin g sy ste m s In M ia m i, D a y t o n a B e a ch , L a k e
la n d and P a la tk a , a n d ic e m a n u fa c tu r in g p la n ts in M ia m i. D a y t o n a B e a ch ,
St A u g u stin e. W e s t P a lm B e a ch , P e n sa co la and 17 o th e r citie s. O ther
su b s id ia r y c o m p a n ie s d is trib u te w a te r in M ia m i, C o r a l G a b le s a n d S tu a rt,
w h ile th e M ia m i B e a ch R y . C o . o p e ra te s its o w n lines in M ia m i B e a ch
a n d u n d er 3 0 -y ea r ag re e m e n ts a c o -o r d in a te d e le ctr ic stree t r a ilw a y a n d
m o t o r c o a c h tr a n s p o r ta tio n s y s te m in M ia m i, o w n e d b y th e c it y o f M ia m i.
T o t a l p erm a n en t p o p u la t io n s e rv e d e s tim a te d a t 4 8 8 ,0 0 0 .
C o m p a n y ow n s an d o p e ra te s e le ctric gen eratin g station s w ith a total
in sta lled gen era tin g c a p a c it y o f 1 3 8 .3 8 5 k .w ., 3.191 m iles o f tra n sm ission
and d is trib u tio n lines se rv in g m o r e th an 91,800 e le ctric c o n su m e rs. A n
Initial u n it o f 10.000 k .w . in th e S an ford p o w e r s ta tio n o n th e St. Jo h n s R iv e r
(u ltim a te c a p a c it y 100,000 k .w .) w as p la ce d in o p e r a tio n In N o v . 1926. T w o
un its o f 2 5 ,0 0 0 k .w . each in th e N e w L a u d erd ale s ta tio n o n th e N e w
R iv e r (u ltim a te c a p a c it y 150 ,000 k .w .) w ere p la ce d in o p e r a tio n in D e c .
1926 a n d Jan . 1927, r e s p e c t iv e ly , a n d 3 ,0 0 0 k .w . r e c e n t ly p la c e d in o p e ra ­
tio n in th e n ew P u n ta G o rd a sta tio n .
V . 122, p . 1608; V . 124, p . 234.
R eg a rd in g c o m p le t io n o f in te r-c o n n e c tio n o f c o . ’s va rio u s p la n ts , see V . 124,
p . 234, 371 . C o . ow n s gas w o rk s o f a to ta l d a ily c a p a c ity o f 1 1 ,4 5 0 ,0 0 6
c u . f t .; h o ld e r c a p a c it y , 4 ,8 9 0 ,0 0 0 c u . f t . ; 249 m ile s o f gas m ain s; 12,800
gas con su m ers; y e a r ly o u t p u t o v e r 8 4 4 ,7 0 0 ,0 6 0 c u . f t .
22 ice p la n ts h a v e
a n a g g re g a te d a ily m a n u fa c tu r in g c a p a c it y in excess o f 2 ,1 0 0 ton s.
D a m a g e b y H u r r i c a n e i n S e p t. 1926 o n ly S lig h t. — See V . 123 . p . 1633.

215

STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m s t o c k 1 0 0 ,0 0 0 shs ( n o p a r ) ____
___________ 6 0 .0 0 0 shs. ------------------P r e f 7 % cu m $ 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) .............................. ..
$ 2 ,0 6 0 ,2 0 0 J u ly '27 1 H
1st M S e r A ___________________
1924
6 H g F -A
1 .5 5 0 ,0 0 0 F e b 1 1 9 4 9
Series B (* 1 0 0 , * 5 0 0 a n d ! 1925
6 g A -O
5 ,7 5 8 ,0 0 0 A p r il 1 1955
* 1 ,0 0 0 ) g o ld ________________ / I n t . a t F lo r id a N a t . B a n k , J a c k s o n v ., tru stee
1 0 -Y e a r sec b o n d s * 5 5 0 ,0 0 0 / 1924
7 g F -A
5 5 0 ,0 0 0 F e b . 1 1934
$ 1 ,0 0 0 , * 5 0 0 & *1 0 0 c * ) . t f l i n t . p a y a b le a t J a c k s o n v ille . C h ic . & N . Y .
U n d e rly in g d iv isio n a l b o n d s . . ____
___________
6 1 ,7 0 0 ------------------S to c k s . — T h e 7 % c u m . p r e f . s to c k has p re fe re n ce o v e r c o m m o n as t o
assets an d d iv s ., a n d is f u lly p a id an d n on -assessable. R e d . at *1 1 0 a n d
d iv s . In th e e v e n t o f liq u id a tio n is e n title d t o $100 p er share a n d d iv s .
over com m on .
N o v o t in g p o w e r e x c e p t in d e fa u lt in th e p a y m e n t o f
4 q u a r. d iv s ., ex istin g a t o n e t im e , w h en p re f. will h a ve rig h t t o v o t e u p o n
e le ctio n o f d ir e cto r s w ith c o m m o n .
In A p r il 1927, 13,O0O shares o f 7 %
c u m . p r e f. w ere o ffe r e d b y A . C . A lly n & C o ., I n c . a t 99 an d d iv s ., w ith
a p p ro x im a te y ie ld o f 7 .0 7 % .
V . 124, p . 212 0. L is te d o n B o s t o n S to c k
E x ch a n g e . Y . 124, p . 377 1.
B o n d s . — T h e 1st m tg e . b o n d s a re se cu re d b y a d ir e ct 1st. m tg e . o n a ll the
fix e d p r o p e r t y o f th e c o ., s u b je c t o n ly t o * 6 1 ,7 0 0 p r in cip a l a m o u n t o f d iv i­
sio n a l b o n d s o u ts ta n d in g o n a s m a ll p o r tio n o f th e p r o p e r t y . A d d itio n a l
b o n d s o f series A o r o t h e r series m a y b e issu ed fr o m tim e t o tim e fo r 7 0 % ,
7 5 % , 8 0 % re s p e c t, o f n e w a c q u is itio n s , a d d itio n s , & c ., p r o v id e d th a t
earn in gs fo r 12 c o n s e c u tiv e w ith in 14 c a le n d a r m o n th s h a v e b e e n at least
113. 1 % , 2 tim e s re s p e c t, a n n u a l in te re s t ch a rg e s o f th e c o m p a n y .
ls ( m tg e. 6 'A s. s e r i e s A , are c a ll., a ll o r p a r t, o n a n y d a te t o an d in c l.
F e b . 1 1925 a t 1 0 7 % . an d in each su cce e d in g y ear th e re a fte r t o a n d incl,
F e b . 1 1931 at 1 0 5 1 3 % , an d in each su cce e d in g ye a r th e re a fte r t o an d Incl.
F e b . 1 1937, a t l 0 4 % , a n d in each su cce e d in g y ear th e re a fte r t o an d inci
F e b . 1 1943 at 1 0 2 1 3 % , an d each s u cce e d in g ye a r th e re a fte r t o an d in cl.
A u g . 1 1948 at 1 0 1 % o f th e p rin cip a l a m o u n t t h e r e o f and in t ., and th e r e ­
a fte r a t th e p rin c ip a l a m o u n t t h e r e o f a n d a c c r u e d in t. th ereon . L is te d on
B o s t o n S to c k E x ch a n g e .
S in k in g fu n d F e b . 1 1930 a n d a n n u a lly th erea fter
o f 2 % o f series A b o n d s o u ts ta n d in g .
1st m tg e . 6s S e r ies B are c a ll., a ll o r p a r t, a t 105, in c l. A p ril 1 1931, a t 104
in c l. A p ril 1 1937; at 103 in c l. A p r . 1 1943; a t 102 in c l. A p r . 1 1949; a t 101
in c l. A p r . 1 1954, a n d o n O c t . 1 1954 at, p ar an d in t . L iste d o n B o s to n
S to c k E x ch a n g e . P e n n , a n d C o n n . 4 m ills , M a r y la n d 4 /3 m ills , M a s s . 6 %
ta x e s r e fu n d a b le . T h e re is a s in k in g f u n d fo r series B b o n d s , p r o v id in g t h a t
c o . sh a ll p a y t o tru ste e o n A p r il 1 1931 a n d o n A p r il 1 e a ch y e a r th e re a fte r
to a n d in c l. A p r il 1 1954, 2 % o f p rin c ip a l a m o u n t o f series B b o n d s o u t­
sta n d in g t o b e u sed fo r a n y p u r p o s e fo r w h ich b o n d s c o u ld b e issu ed u n d er
th e m tg e . o r fo r p u rch a se a n d r e d e m p tio n o f series B b o n d s .
C o . has the
rig h t t o su rren d er series B b o n d s in ste a d o f ca s h . In M a y 1926 A . C .
A lly n & C o . o ffe r e d * 1 ,7 6 6 ,0 0 0 series B b o n d s a t 98 an d in t ., t o y ie ld
a b o u t 6 .1 5 % . V . 122, p . 2 6 4 9 . In A u g . 1926 A . C . A lly n & C o . , N e w
Y o r k , a n d H a rp e r & T u r n e r , P h ila d e lp h ia , o ffe r e d * 9 6 9 ,0 0 0 a d d ition a l
series B a t 100 a n d in t . Y . 123, p . 1112, 150 2. In Jan . 1927 A . C . A lly n
& C o ., N e w Y o r k a n d H a rp e r & T u rn e r, P h ila d e lp h ia , o f fe r e d * 1 ,6 8 4 ,0 0 0
a d d itio n a l series B at p a i a n d in t . V . 124, p . 371 . I n t e r e s t p a y a b le o n
series A a n d B b o n d s also at Illin o is M e r ch a n ts T r u s t C o ., C h ic a g o , 111.,
a n d N a tio n a l C it y B a n k , N . Y . C it y .
10-year 7 % s e c u r e d b o n d s are c a lla b le , all o r a n y p a r t, o n a n y Int. d a te
t o an d in c l. F e b . 1 1925 a t 1 0 5 % , a n d o n each s u cce e d in g F e b . 1 a t a
prem iu m decreasin g H o f 1 % in an d fo r each s u cce e d in g 12 m o n th s p eriod
ending o n F e b . 1 so th a t o n F e b . 1 1933 su ch b o n d s m a y b e re d eem ed at a
p rem iu m o f 1 0 1 % , an d th e re a fte r a t th e p rin cip a l a m o u n t th e r e o f and
a ccru ed in terest th e re o n .
E A R N I N G S .— F o r ca le n d a r yea rs:
*192 7.
1926.
1925.
O p eratin g r e v e n u e _____________________ * 1 ,8 2 1 ,6 6 3
* 1 ,6 7 3 ,2 5 0 *1 ,0 5 9 ,3 5 7
O p e ra tin g exp en ses, m a in t. & t a x e s , _ 1 ,0 6 6 ,2 1 2
1 ,0 3 6 ,0 5 3
7 7 8 ,2 4 9

D a te .
In terest.
O u ts ta n d in g .
M a t u r it y
STO CK AN D BO N DS—
2 ,5 0 0 ,0 0 0 shs
C o m 5 ,0 0 0 ,0 0 0 shs (n o p a r ) . .
$7 cu m p f 5 0 0 ,0 0 0 shs (n o p a r ) .
139 ,966 shs O c t ’ 27 * 1 ,7 5
$7 Q -J
N one
____________
$6 c u m p r e f 56 0 ,0 0 0 sh s(n o par)
*6
- . 3 0 ,0 0 0 shs ____________
2d p r e f 10 0 ,0 0 6 shs (n o p a r ) . .
.
$ 4 2 ,0 0 0 ,0 0 0 Jan 1 1954
l s t M g 5 % s e r ,d u e 1954 ( S l , - f 1926
5_ J - J
g
000 , * 5 0 0 , *1 0 0 c; * 1 .0 0 0 , B a n k e rs T r u s t C o . , N . Y C .; an d T h e F la
$ 5 ,0 0 0 r; SI .000 c & r ) ____ t f 1 N a t . B k o f J a ck s o n v ille . F lo r id a , T ru stees
6 _________ 2 2 ,0 0 0 ,0 0 0
1951
6 % g o ld d e b e n tu r e _____________ ____
O p e ra tin g in c o m e
* 7 55 ,451
$63 7 ,1 9 7
* 2 8 1 ,1 0 8
O th er in c o m e ____ . . .
_
. . .
139,462
176,084
4 3 ,4 9 6
Stock.- — T h e *7 c u m . p r e f. s t o c k is pre fe rre d as t o assets ($100 a n d d iv s .}
an d c u m u l. d iv s . o v e r 2d p r e f. a n d c o m m o n s to c k s . R e d ., w h o le o r p a rt
T o t a l in c o m e
_
.
___
*3 2 4 ,6 0 4
* 8 9 4 ,9 1 3
* 8 1 3 ,2 7 9
a t *1 1 0 a n d d iv s . N o n -v o t in g . I n Jan . 1927 B o n b r ig h t & C o . , I n c .,
I n t . o n fu n d , d e b t & o th e r d e d u c ’ n s . .
2 43 ,637
5 6 0 ,3 4 7
4 5 7 ,7 4 6
O ld C o lo n y C o r p ., W . O . L a n g le y & C o . , J . G . W h ite & C o . a n d T u c k e r
P r o v is io n fo r d iv . o n p r e f. s t o c k
135 ,014
9 3 ,5 7 8
4 7 ,1 0 8
A n th o n y & C o o f fe r e d 7 0 ,0 0 0 a d d itio n a l shares o f $7 d i v . c u m . p r e f. s t o c k ,
at * 1 0 0 . V . 124, p . 3 7 1 ..
* 1 9 9 ,5 5 4
* 2 6 1 ,9 5 5
*3 3 ,8 5 9
B a la n ce o f n et in c o m e _______________
T h e * 6 p re f. s t o c k ranks e q u a lly w ith th e * 7 p r e f. s t o c k .
A n y p a r ticu la r n u m b e r o f shares o f s t o c k m a y , o n v o t e o f th e b o a r d
* F o r 12 m o n th s e n d e d J u ly 31 1927.
o f d ir e cto r s , b e c o m e *7 p re fe rre d s t o c k an d e n title d t o its rig h ts a n d p r iv ­
O F F I C E R S .— P r e s ., W . S. B a rs to w ; V .- P . , L u cie n H . T y n g ; V .- P ileges w h en ever net earnings fo r 12 co n s e c u tiv e m o n th s w ith in p r e c e d in g
W m . B u ch s b a u m ; V .- P ., R . A . J o n e s ; T r e a s ., J. P . C a m p b e ll; S e c ., C . N 15 m o n th s sh all b e n o t less th a n tw ic e ann ual d iv id e n d r e q u ire m e n ts on
W ils o n .— V . 120. p . 1326, 1881; V . 121. p . 457 : V . 122, p . 1608. 232 8th e $7 p r e f. s t o c k a n d th e *6 p re fe rr e d s t o c k th e n o u ts ta n d in g a n d on s u ch
264 9; V . 123. p . 709, 842. 1112, 1502, 331 8; Y . 124, p . 110, 371 , 79 0 , 1219n u m b er o f shares o f 2 d p r e f. s t o c k th u s b e c o m in g *7 p re fe rr e d s t o c k .
2 12 0, 3771; V . 125, p . 78 0 .
B o n d s . — T h e 1st in tg e. g o ld b o n d s are secu red b y a d ir e ct fir s t m ortgage
o n th e en tire p h y sica l p r o p e r ty o f th e c o m p a n y . A d d itio n a l b o n d s m a j
b e Issued in series o f su ch ten or as d ire cto rs fr o m tim e to tim e m a y deter
KEY WEST ELECTRIC CO.
m in e. A d d itio n a l b o n d s o f th e 5 % series d u e 1954, o r o th e r series m a y be
issu ed, (a) fo r r e fu n d in g p u r p o s e s o r fo r ca sh ; (b ) fo r 7 5 % o f a d d itio n s , & c.
U n d e r e x e c u tiv e m a n a g e m e n t o f S to n e & W e b s te r . I n c .
A d d itio n a l b o n d s m a y n o t b e issu ed , e x c e p t fo r re fu n d in g p u rp o se s, unless
C o n tr o lle d b y E n g in e e rs P u b . S e rv . C o .
V . 121, p . 287 4.
net earu in gs fo r 12 o u t o f p r e c e d in g 15 m on th s h a v e been a t least tw ice
an n u a l in terest r eq u ire m e n ts o n (o r 1 2 % o f p rin cip a l a m o u n t o f) a ll fu n ded
O R G A N I Z A T I O N .— I n c o r p . in N e w Je rse y in 1898 an d d o e s en tire e lec,
d e b t o f th e c o m p a n y , in clu d in g new issue. T h e in d e n tu re restricts the
r y . an d ele ctric lig h t a n d p o w e r bu sin ess in K e y W e s t , F la .; also ow n s
m ea n in g o f “ n et ea rn in gs” and c o n ta in s ce rta in p r o v is io n s fo r m o d ific a
fr a n c h is e s fo r m a n u fa c tu r e o f g a s .
F r a n c h is e expires 1997.
In Ju n e 1900
tion o r a lte ra tio n o f th e in d e n tu re .
R e d e e m a b le , w h o le o r p a r t , u p on
w as a cq u ire d b y S to n e & W e b s te r o f B o s to n a n d re -c a p ita liz e d as b e lo w .
30 d a y s ’ n o t ic e a t 105 d u rin g th e fir s t 5 years, a t M % less each such s u c c e e d ­
V . 8 2 , p . 1496. P u b lic S e rv ice I n v e s tm e n t C o . o w n s * 3 7 4 ,1 0 0 c o m m o n
in g y ea r u p t o a n d i n c l . D e c . 31 1949, a n d th e re a fte r at 100 in ea ch ca se with
s t o c k a n d * 2 8 7 ,8 0 0 p re fe rre d s t o c k .
in terest. P e n n . 4 m ills ta x r e fu n d a b le . In J a n . 1926 B o n b r ig h t & C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
I n c ., & c ., & c ., o ffe r e d * 3 6 ,0 0 0 ,0 0 0 5 % series, d u e Ja n . 1 1954, a t 9 3 M and
C o . d o e s th e tr a n s p o r ta tio n a n d e le ctric lig h tin g a n d p o w e r bu sin ess in
ln t ., t o y ie ld 5 .4 5 % .
V . 122, p . 3 4 7 . In J u ly 1926 B o n b r ig h t & C o .,
K e y W e s t . E s tim a te d p o p u la tio n se r v e d , 1 4 ,0 0 0 . F ran ch ises expire
I n c ., H a rris, F o rb e s & C o . , O ld C o lo n y C o f p ., J. G . W h ite & C o . , I n c .
1997. T h e t r o lle y se r v ic e in K e y W e s t w as d is c o n tin u e d o n Ju n e 30 1926
and T u c k e r , A n th o n y & C o . o ffe r e d * 1 2 .0 0 0 .0 0 0 5 % series, d u e 1954 a1
an d r e p la c e d b y b u s s e r v ic e
V . 123, p . 1996. P o w e r s ta tio n c a p a c it y .
95 a n d i n t ., t o y ie ld a b o u t 5 .3 5 % .
V . 123, p . 205 .
1,670 k .w .
E A R N I N G S .— F o r ca le n d a r yea rs:
STOCK AN D BO N DS—
D a te .
In terest.
O u ts t a n d in g . M a t u r i t y .
*1927.
1926.
1925.
C o m m o n 5,0 0 0 shs (n o p a r ) ___ ______
________ - 5 ,0 0 0 shs
G ross, in c l. o th e r in c o m e __________
* 1 5 ,6 7 6 ,2 0 7 $ 1 4 ,3 3 3 ,7 6 0 * 9 ,2 7 6 ,3 7 0
7 % c u m p r e f Ser A * 3 5 0 ,0 0 0 1
N e t, a fte r expenses a n d t a x e s __________
7 ,4 2 2 ,7 8 9
6 ,1 1 0 ,5 6 6
3 ,8 4 9 ,6 4 0
7 Q -M
( $
-----------------------------------------------* 3 5 0 .0 0 0 ____________
B o n d in terest & oth e r d e d u ctio n s .
3 ,5 8 1 ,8 7 6
2 ,3 5 9 ,7 6 5
_____irst100 ) o r tg a g e * 1 ,0 0 0 ,0 0 0 1 ----------5 g F -A
F
m
1906
. ______
.
5 5 ,0 0 A u g 1
P referred d iv id e n d s _____________________
722 ,5 4 8
699 ,805
_____ g o l d _______________________t f / I n t . a t S ta te S tre e t T r u s t3 C o .0 B o s t o n , 1950
,
T r.
B o n d s . — A r e s u b j. t o ca ll as a w h o le o r In p a r t fo r s. f. a t 105 an d in t . at
B a la n c e ______________________________ * 3 ,1 1 8 ,3 7 1
$ 3 ,0 5 0 ,9 9 6
_______
a n y tim e . A s in k , f u n d o f 1 % o f b o n d s o u t b egan D e c . 1 1907, i f ea rn ed :
* F o r 12 m o n th s e n d e d A u g . 31 1927.
o n D e c . 1 1912 b e c a m e o b lig a t o r y . * 9 4 ,0 0 0 c a n c e le d .
O F F I C E R S .— P r e s ., S. R . In ch ; V . - P s . rE . W . H ill, L . H . P a rk h u r s t
E A R N I N G S .— F o r c a le n d a r y e a rs:
V .- P . & G en . M g r , J o e H H ill; S e c ., E . P . S u m m e rso n ; T r e a s ., A . C
G ro ss
' N et A fte r
I n terest &
A v a ila b le f o r
R a y .— V . 119, p . 241 0; V . 120, p. 1100, 2873; V. 122, p . 34 7 . 160 8. 2040
E a r n in g s .
T a xes.
A m o r t iz a ti o n
R e s ., R e t i r e .
2 6 4 9 , 3 3 3 8 . 3 6 0 5 ; V . 123, p . 2 0 5 , 4 5 4 , 981 , 1382, 1633. 1996; V . 124, p . 23 4 .
& D iv s .
37 1 , 643; V . 125, p . 246 .
$ 1 0 2,25 5
1 92 6 _______ — .$ 2 8 7 ,3 5 6
*3 1 ,2 9 5
*7 0 ,9 6 0
— - 267 ,8 5 7
102 ,429
3 0 ,314
1 92 5_____
7 2 ,1 1 5
95,4 1 9
30,0 0 8
1 92 4_______ — 2 4 1 ,7 4 7
65,411
95,1 3 8
3 0 .6 2 5
1 9 2 3 _______ . . 2 4 5 ,1 2 5
6 4 .5 1 3
FLORIDA PUBLIC SERVICE CO.
. 2 4 8 ,6 9 6
1 92 2_______
90,3 4 3
3 1 ,1 1 6
59.2 2 7
1 92 1_______ — . 2 6 3 .6 6 7
76.214
C o n tr o lle d b y G en er a l G as & E le c tr ic C o r p .
23.031
53,183
96,1 2 6
1 9 2 0 _______ . . . 2 6 0 ,0 0 3
2 3 ,4 8 0
7 2 ,646
M a n a g e m e n t . — T h e W . S . B a rs to w M g t . A s s n . , I n c . , N e w Y o r k C it y
19 1 9 _______ . . . 2 2 7 ,2 6 0
7 9 ,5 1 0
24,887
5 4 ,623
O R G A N I Z A T I O N .— I n c o r p . in F lo rid a in M a y 1908 as th e D e L a n d
8 4 ,3 6 4
1 91 8_______ . . . 2 0 2 ,8 7 3
2 4 ,2 6 0
60,104
E le c tr ic L ig h t, P o w e r & I c e C o .
H a s a cq u ire d th e p r o p e r tie s o f O rlan d o
50.8 2 9
1 91 7_______ . . . 146,087
2 4 ,0 3 7
2 6 ,7 9 2
P u b lic S ervice C o . , O rla n d o G as C o . , F lo rid a Ic e & P o w e r C o . an d E u stis
1 9 1 6 ----------- . . . 116 ,372
3 8 ,8 2 5
2 4 ,5 5 5
14,270
L ig h t & W a t e r C o . I n J u ly 1926 p u rch a s e d th e m u n icip a l p o w e r p la n t at
O F F I C E R S .— P r e s ., D o n a ld C . B a rn es; V ic e -P r e s ., C h a rles W . K e llo g g
U m a tilla , F la . V . 123, p . 709 .
S e c ., W m . T . C r a w fo rd ; T r e a s ., H e n r y B . S aw yer. U n d er e x e c u tiv e m g tF I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .o f S ton e & W e b s te r , I n c .— V . 8 2 , p . 1496; V . 94, p . 1508; V . 121, p . 2 32 9;
T h e c o m p a n y s u p p lie s e le ctr ic lig h t an d p o w e r se r v ic e to a s e c tio n o f
V . 123, p . 1996.
F lorid a e x te n d in g 180 m iles fro m S e v ille on th e n o r th t o L a k e Stearns on
th e s ou th a n d in c lu d in g D e L a n d , E u s tis , L a k e W a le s , A v o n P a rk an d
GULF POWER COMPANY.
th eir s u b u r b s . I t serves also at W in te r P a rk , H ain es C it y , T a v a r e s ,
O ra n ge C it y , B a b s o n P a rk , D a v e n p o r t , F r o s t p r o o f, T a ft , O co e e , O a k ­
O R G A N I Z A T I O N .— G u lf P o w e r C o . , all o f w h ose o u ts ta n d in g c o m m o n
la n d , C le r m o n t, G ro v e la n d , U m a tilla , B o w lin g G re e n , M o u n t D o r a
s t o c k is o w n ed b y S o u th e a ste rn P o w e r & L igh t C o . , w as in c o rp o ra te d in
and m a n y oth er im p o rta n t to w n s .
C o m p a n y su p p lie s gas s e r v ic e
M a in e in N o v . 1925.
In M a y 1926 th e P e n sa co la E le c tr ic C o . and E sca m ­
in O rla n d o an d W in te r P a rk .
It furnish es w ater serv ice at A v o n P a rk ,
bia C o u n ty E le c tr ic L ig h t & P o w e r C o .w e r e m erged w ith th e G u ll P ow er C o .
L a k e W ales, E u stis, T a v a re s an d A p o p k a . A ls o su p p lie s ice s e r v ic e in
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O rla n d o , D e la n d , H ain es C it y , L a k e W ales, A v o n P a rk an d s u rro u n d in g
E le c t r ic lig h tin g and p o w e r b u sin ess o f P e n sa co la , M illv ille , St. A n d rew s,
to w n s . E le c t r ic g e n e ra tin g c a p a c it y o f the sy s te m 1 6 ,528 k .w . A t B en son
L y n n H a v e n , P a n a m a C it y , C h ip le y , B o n ifa y , G ra ce v ille , W a rrin g to n and
S p rin gs on L a k e M o n r o e , a n ew ste a m p la n t o f 100 ,000 k .w . u ltim a te
M ilt o n .
S treet ra ilw a y s y s te m , P e n sa co la .
c a p a c it y is u n d er c o n s tr u c tio n , th e fir s t 12,500 k .w . u n it o f w h ich w as p u t
in to op e r a tio n in S e p t. 1926: 332 m iles o f tra n sm ission a n d 603 m iles o f
STOCKS A N D BO N D S—
D a te .
In terest.
O u ts ta n d in g . M a t u r it y .
d is trib u tio n lin es. G as p la n t at O rla n d o o f 3 ,8 0 0 ,0 0 0 c u . f t . d a ily c a p a c it y ;
C o m m o n 4 00 ,0 0 0 shs n o p a r ___ ______
___________ 4 0 0 ,0 0 0 s h s ____________
4 g a s-h old ers g iv e c o m p a n y 4 0 0 .0 0 0 c u . f t. low pressure an d 100,000 c u . f t .
P r e f * 4 3 9 ,5 0 0 *7 cu m n o n - p a r . ____
J -D 1
$4 3 9 ,5 0 0 ______________
high p ressu re s tora g e c a p a c it y ; 89 m iles o f gas m ain s.
P o p u la tio n se rve d
1st m tg e * 1 ,5 0 0 ,0 0 0 g o ld b d s l 1906
5 F -A
1,0 7 6 ,0 0 0 A u g 1 1931
w ith e le c t r ic it y , o r ga s, 8 5 ,6 0 6 . F o r details o f new c o n s t r u c tio n , see V . 123,
P e n sa co la E le c tr ic C o ______/ I n t . at Old C o lo n y T r u s t C o . , B o s t o n , tr u s t.
p . 4 2 ; V . 124, p . 1219.
S tock . — T h e preferred s t o c k is red eem a b le at 105.




1

216

PUBLIC U TILITIE S

B o n d s . — S ecu red b y fir s t m o r tg a g e on th e entire p r o p e r t y fo rm e r ly ow n ed
b y th e P e n sa co la E le c t r ic C o . A s in k in g f u n d o f 1 y i % p er an n u m o f b o n d s
o u ts ta n d in g b eg a n D e c . 1907. F ir s t fiv e p a y m e n ts w ere w a iv a b le , b u t b e ­
ca m e a fix e d ch a rg e o n D e c . 1 1912. B o n d s s u b je c t t o call as a w h o le at
a n y tim e at 105 an d in t. an d in p a r t fo r sin k in g fu n d o n ly .
D I V I D E N D S . — C u m u la tiv e p re fe rre d s t o c k d iv s . at 57 p e r sh are per
annum p aid reg u la rly .
E A R N I N G S .— F o r ca le n d a r y e a r :
G ro ss.

N et.

$ 6 7 5,63 2

1926

$ 3 0 7,74 6

I n te r e s t o n
S u r p lu s fo r
F u n d e d D e b t,
fo r Y ea r.

$ 5 4 ,2 9 5

$106,384

O F F I C E R S .— P r e s ., F r a n cis B . C a rte r , P e n sa co la : V . - P . , T h e o . K
J a c k s o n . M o b ile ; V . - P . , W . J . H e n d e r s o n , N . Y . ; V .- P . , W . M . S ta n le y ,
P e n sa co la ; V .- F r e s ., F . P . C u m m in g s , N . Y . ; Sec. & T r e a s ., F . N . S a v a ge ,
B irm in gh a m ; A s s t . S ec. & T r e a s ., S teph en A . D a w le y , N . Y . ; E . M . L in n v ille , P en sa cola ; G e n . M g r ., W . M . S ta n le y , P e n sa co la .

GENERAL PUBLIC UTILITIES CO.
C o n tr o l a n d M a n a g e m e n t . — C o . a n d its subsidiaries are m a n a g e d b y
D a y & Z im m e r m a n , I n c . , P h ila d e lp h ia , w h o c o n t r o l th e c o . th r o u g h o w n e r­

sh ip o f its c o m m o n s t o c k . V . 122, p . 2 65 0.
O R G A N I Z A T I O N .'— I n c o r p . A p r il 1 1926 in F lo rid a as s u cce s s o r t o
S o u th F lo r id a I c e C o . , in c o r p . J a n . 4 1926. C o n tr o ls C o n s o lid a te d P o w e r
& L ig h t C o . o f S ou th D a k o t a , S o u th w e ste rn P u b lic S ervice C o . , th e D a k o t a
P o w e r C o . , G u lf P u b lic S e rv ice C o ., N e b ra s k a L ig h t & P o w e r C o . an d
G o th e n b u r g L ig h t & P o w e r C o . V . 122, p . 2 65 0.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y op e r a te s d ir e c t ly o r th ro u g h its subsidiaries a g r o u p o f e le ctr ic ,
ice an d w a ter p r o p e r tie s in 68 c itie s an d to w n s lo ca te d in F lo r id a , L o u isia n a ,
T e x a s , N e w M e x ic o , A r iz o n a , N e b ra s k a a n d S ou th D a k o t a . T h e to ta l
c a p a c it y o f th e e le ctr ic p la n ts is 2 4 ,3 4 5 k . v .a .; ic e p la n ts , 957 to n s d a ily
c a n a c it v . C o m m u n itie s s e rv e d w ith e le c tr ic ity , 54; p o p u la tio n se rv e d ,
2 0 0 ,0 0 0 ; 3 1 ,8 3 9 c u s to m e rs . C o m m u n itie s s e rv e d w ith w a te r, 6; p o p u la ­
tio n , 6 5 ,0 0 0 ; 10,877 c u s to m e rs . C o m m u n itie s se rve d w ith ic e , 28; p o p u la ­
tio n s e r v e d . 2 5 0 ,0 0 0 . C o . w ith o u t its subsidiaries o p e ra te s o r has u n d er
c o n s tr u c tio n 7 ice p la n ts (2 in M ia m i a n d o n e in each o f C o c o a n u t G ro v e .
M ia m i B e a ch , H o m e s te a d , F lo r id a C it y an d W e s t P a lm B e a c h ), s e rv in g a
p erm a n en t p o p u la tio n e s tim a te d a t o v e r 2 0 0 ,0 0 0 . A ls o d o e s a c o ld sto r­
age business a t several o f its p la n ts .
S ee sep a ra te sta te m e n ts fo r su b s id ia r y c o m p a n ie s.
STOCK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n 5 0 0 ,0 0 0 shs (n o p a r ) . ____
___________ 4 0 0 ,0 0 0 shs -------------$7 c u m p f 100 ,000 shs (n o p a r ) . ____
$7 Q -J
3 0 ,2 9 7 shs J a n ’ 2 7 $ l . 75
1st m tg e & c o ll tr 6J4s g o ld (L is te d o n B o s to n S to c k E x ch a n g e .
Series A ($ 1 ,0 0 0 , $ 50 0, $100 1926
63^ A -O
$ 6 ,8 0 0 ,0 0 0 A p ril 1 1956
c * ) ________________________ t f l
S u b sid ia ry c om p a n ies p r e f e r r e d ____
___________ 30,1 1 0 shs --------------------S u b sid ia ry c o m p a n ie s b o n d s . . ____
________
$ 7 ,7 5 5 ,7 5 0 ------------------S td ck . — T h e $ 7 c u m . p r e f . is r e d . a t 110 an d d iv s .: its lio u id a tio n p r ice is
110 a n d d iv id e n d s . L is te d o n th e B o s to n S to ck E x ch a n g e . M a s s a ­
ch u setts 6 % in c o m e taxes re fu n d e d t o th e e x te n t p e rm itte d b y la w . In
J u ly 1926 H o w e , S n ow & B e rtle s, I n c ., R . E . W ils e y & C o ., I n c ., W a r ­
ren A . T y s o n & C o ., I n c ., a n d H . L . N a s o n & C o .. I n c ., o ffe r e d 18,240
$7 c u m u la tiv e p referred shares a t 96 a n d d iv s . V . 123, p . 680 . $7 c u m .
p ref. s to c k in excess o f 2 2 ,5 0 0 shares m a y n o t b e issued unless su rp lu s in­
c o m e b e fo r e d e p r e c ia tio n , a m o r tiz a tio n a n d in c o m e or p r o fit s ta x e s, f o r 12
co n s e c u tiv e w ith in p r e c e d in g 15 ca le n d a r m o n th s h a v e been a t le a st 2 1 4
tim es ann u al d iv id e n d r e q u ire m e n ts o n en tire a m o u n t o f p r e f. s t o c k o u t ­
s ta n d in g , in c lu d in g p ro p o s e d issu e. N o p r io r p re fe rre d s t o c k m a y b e au­
th orized o r issu ed w ith o u t t h e c o n s e n t o f 7 5 % o f o u ts ta n d in g p r e f. s t o c k .
T h e re a re a lso o th e r re s tric tio n s lim itin g t h e issu a n ce o f sto c k s o f e q u a l ra n k
o r t h e re d u c tio n o f th e d iv id e n d r a te , th e c u m u la tio n th e r e o f. & c. I s n o n ­
v o t in g u n less d iv id e n d s a m o u n t in g to $3 50 p e r share are i n a rrea rs, in
w h ich e v e n t p r e f. s to c k h o ld e r s in th e a g g r e g a te a r e e n title d t o }4 o f to ta l
n u m b e r o f v o te s w h ich all o th e r sto c k s are en title d to c a st in t h e ag g re g a te .
B o n d s . — T h e 1 st m tg e . < c o lla t. tr u s t 6 3 4 % g o ld b o n d s are se cu re d b y an
%
a b s o lu te 1st m tg e . on p ro p e rtie s h a v in g an app ra ised v a lu e o f $ 3 ,5 0 0 ,0 0 0 ,
an d b y p le d g e o f 1st m tg e . b o n d s , se cu re d o b lig a tio n s an d s to c k s o f s u b sid i­
a r y c o m p a n ie s ." In a d d itio n t o $ 6 ,3 0 0 ,0 0 0 sold in M a y 1926. $ 5 0 0,00 0
a d d itio n a l b o n d s are a v a ila b le fo r gen eral c o r p o r a te p u r p o s e s . A d d itio n a l
b o n d s (in excess o f $ 6 ,8 0 0 ,0 0 0 ) m a y b e issu ed u n d er restrictio n s o f th e m tg e .
(a) f o r r e fu n d in g p u rp o s e s , (6) fo r 7 5 % o f n ew a d d itio n s , a c q u is itio n s , & c .,
p r o v id e d c o n s o lid a te d n e t e a rn in g s o f c o . an d its subsidiaries fo r 12 co n s e c u ­
t iv e w ith in p r e ce d in g 15 ca le n d a r m o n th s h a v e been a t le a st 1
tim e s
cn n u a l In terest on all s u b s id ia r y a n d 1st m tg . & c o ll, tru st b o n d s o u t s t a n d ­
in g in h a n d s o f p u b lic , in c l. p r o p o s e d issu e, an d w hen su ch earn in gs, a fte r
d e d u ctin g in terest o n s u b sid ia ry b o n d s in h an d s o f p u b lic , fo r such p e r io d ,
h a v e b een a t least tw ic e a n n u a l in te re s t o n all 1st m tg e . & c o ll, tru s t b o n d s
ou ts ta n d in g , in c l. p r o p o s e d issu e . T r u s te e s are: C e n tra l U n io n T r u s t C o .,
N e w Y o r k , an d C e n tra l F a rm e rs ’ T r u s t C o . . W est P a lm B e a ch , F la .
T h e re is a s in k in g a n d im p r o v e m e n t f u n d fo r Series A b o n d s , p r o v id in g th a t
o v e r th e life o f Series A b o n d s c o . m u s t e x p e n d , be g in n in g 1927. p rogres­
s iv e ly . as p r o v id e d in th e in d e n tu r e , an a m o u n t e q u a l t o th e ag g re g a te prin ­
cip a l a m o u n t o f Series A b o n d s e v e r issu ed, fo r re tire m e n t o f Series A b o n d s
o r fo r p u rp oses fo r w h ich b o n d s are issu able u n d e r th e in d e n tu re , b u t in
r esp ect o f w h ich n o a d d itio n a l b o n d s h a v e be e n or m a y b e issu ed . Series A
are r e d . on 1st d a y o f a n y m o n th u p o n 30 d a y s ’ n o tice , all o r p a r t, a t 105 and
ln t ^ re d u c in g o n 1st d a y o f A p ril 1936 and each A p ril th e re a fte r >4 % t o
m a tu r ity . In teres t p a y a b le in N ew Y o r k , C h ic a g o o r P h ila d e lp h ia . C o n n .
P e n n , and C a lif. 4 -m ills, M a r y la n d 4 34 m ills, D is t . o f C o l. 5-m ills a n d M a s s .
6 % in c o m e ta xes r e fu n d a b le . I n M a y 1928 H o w e , S now & B e rtle s, I n c .,
an d R . E . W ils e y & C o . , I n c ., o ffe r e d $ 6 ,3 0 0 ,0 0 0 Series A a t 98 a n d i n t .,
t o y ie ld 6 .6 5 % .
V . 122 , p . 265 0.
E A R N I N G S .— C o n s o lid a te d earnings fo r 12 m o n th s e n d e d :
F e b . 28 ’27. D e c . 31 ’2 6 . D e c . 31 ’2 5 .
G ross ea rn in gs___________________________ $ 4 ,0 5 5 ,2 2 5 $ 3 ,9 8 3 ,8 4 8 $ 3 ,6 9 9 ,1 7 8
O p . e x p ., m a in t. & ta x . (n o t in c l.F e d .) 2 ,4 8 6 ,8 1 0
2 ,4 4 4 ,5 9 4
2 ,2 3 3 ,4 3 4
N e t ea rn in gs_______________ - _________$ 1 ,5 6 8 ,4 1 5
$ 1 ,5 3 9 ,2 5 4 $ 1 ,4 6 5 ,7 4 4
A n n u a l in t. & d iv . r eq u ire m . o n b o n d s
& p r e f. s to c k s o f su bs, o u ts t a n d in g .
4 5 6 ,7 7 6
4 5 7 ,3 7 9
4 65,531
B a la n c e _______________________________ $ 1 ,1 1 1 ,6 3 9 $ 1 ,0 8 1 ,8 7 5 $1,0007213
A n n u a l in t. ch arges o n c o . ’s b o n d s ----4 4 2 ,0 0 0
4 4 2 ,0 0 0
----------A v a il, fo r d e p r ., F e d . ta xe s & d i v s . .
$6 6 9 ,6 3 9
$ 6 3 9,87 5
_______
O F F I C E R S .— P r e s ., F . W . W o o d c o c k ; V .- P . & T r e a s ., M ilw a r d O liver;
V ic e -P r e s ., W . F in d la y D o w n s ; S e c ., C . A . M c C lu r e ; A s s t. T r e a s ., C a ri
S ch u b ert. E x e c u tiv e o ffic e s , 1600 W a ln u t S t ., P h ila d e lp h ia , P a .— V . 122,
p . 265 0; V . 123, p . 8 2 , 32 4 , 580; V . 124, p . 505 .

TAMPA ELECTRIC CO.
U n der e x e c u tiv e m a n a g e m e n t o f S to n e & W e b s te r , I n c .
O R G A N I Z A T I O N .— I n c o r p . in F lo r id a o n O c t . 31 1899. In A p ril 1913
p u rch a sed th e T a m p a A S u lp h u r S prin gs T r a c t io n at fo re clo s u re sale.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s th e en tire ele ctr ic r a ilw a y , e le ctric lig h tin g a n d p o w e r a n d b u s business
in T a m p a S hores, S a fe ty H a r b o r an d M u lb e r ry , an d ow n s th e s t o c k o f P la n t
C it y P u b lic S erv ice C o . w h ich d o e s the en tire e lectric lig h t a n d p o w e r
business a n d a p o r t io n o f the Ice business in P la n t C ity ; o f W in te r H aven
W a t e r , I c e & L ig h t C o ., w h ic h d o e s th e en tire ele ctric ligh tin g a n d p o w e r
a n d w a ter bu sin ess a n d p a r t o f th e ice business in W in te r H a v e n ; a n d o f
D a d e C i t y U tilitie s C o ., w h ich d o e s th e en tire e lectric ligh tin g an d p o w e r
a n d ic e business in D a d e C it y . O p era tes 55 .8 7 m iles o f e q u iv a le n t single
tra ck . S ta n d a rd g a u g e , 145 passen ger, 13 o th e r cars; 31 bu ses. O w n s 2
a m u sem en t p a rk s.
H a s 2 steam p o w e r s ta tio n s o f a to ta l c a p a c it y o f
2 4 ,4 8 5 k .w . a n d h y d r o -e le ctr ic s ta tio n w ith 600 k .w . c a p a c it y .
F r a n c h is e s
o f T a m p a E le c t r ic C o . exp ire 999 y e a rs fro m 1899. In P o r t T a m p a street
ra ilw a y a n d ele ctr ic lig h t a n d p o w e r fra n ch ises ex p ire in 1954. In W in te r
H a v e n w a ter an d ele ctr ic lig h t a n d p o w e r fra n ch ises expire in 1941. In
P la n t C it y e lectric lig h t, h e a t a n d p o w e r fra n ch ise expires in 1946. In D a d e
C i t y e le ctric lig h t a n d p o w e r fra n ch ise expires in 1953, P a sc o C o u n t y in 2023,
o th e r te rrito ry , u n lim ite d . E s tim a te d p o p u la tio n served: R a ilw a y , 15 1 ,500; lig h t a n d p o w e r , 2 0 7 ,9 0 0 . $ 2 8 3 ,8 0 0 s to c k is h e ld b y th e P u b lic
S ervice I n v e s t. C o .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
C o m m o n 6 0 0 ,0 0 0 shs (n o par) _ ____
Q -F
4 5 8 .7 1 2 shs See te x t .
7 % c u m p r e f ser A $ 1 ,0 0 0 ,0 0 0 . ____
________
$92 1 ,6 0 0 -----------------1st m tg e $ 2 ,0 0 0 ,0 0 0 ( $ 1 ,0 0 0 / 1908
5 g J -D
8 9 8 ,5 0 0 Ju n e 1 1933
an d $50 0) g o l d ________ c * t f ( I n t . a t A m e r . T r u s t C o ., B o s t o n . T r u s te e .
P la n t C it y P u b S erv C o 1st M . 1922
5
120 ,000 Jan 1 1 9 4 2




[V ol. 125.

O n S e p t. 3 0 1925 s to c k h o ld e r s in crea sed th e a u th o riz e d ca p ita l s t o c k t o
$ 6 ,2 1 0 ,7 0 0 , p a r $ 10 0. T h e 12,421 a d d itio n a l shares w ere t o b e o ffe r e d t o
s to ck h o ld e rs a t $ 10 0, in th e r a tio o f o n e new sh are fo r e v e r y fo u r h e ld .
V . 121, p . 1680.
S to c k s . — O n A p ril 6 1926 s to ck h o ld e rs a p p ro v e d ex ch a n g in g th e 6 2 ,1 0 7
c o m m o n shares (par $ 1 0 0 ), au th o riz e d an d o u ts ta n d in g , fo r 3 1 0 ,5 3 5
n o p a r shares; t o increase th e a u th o riz e d n u m b e r o f c o m m o n shares t o
4 6 5 .8 0 2 , an d t o o ffe r th e 155,267 a d d itio n a l shares a t $20 to c o m m o n
s to ck h o ld e rs in ra tio o f 1 n e w fo r each 2 n o p ar c o m m o n shares h eld ;
to cre a te an au th orized issue o f $ 1 ,0 0 0 ,0 0 0 par v a lu e series A 7 % c u m . p ref.
s to ck w ith v o t in g rig h ts; an d t o am en d th e ch a rte r so as t o p e rm it c o . to
engage in ice an d r e frig e ra tio n , w a ter an d bu s tr a n s p o r ta tio n bu siness.
V .1 2 2 . p . 1457.
O n F e b . 25 1927 s to c k h o ld e r s w ere t o v o t e o n in crea sin g th e a u th oriz ed
n o p ar c o m m o n s t o c k fr o m 4 6 5 ,8 0 2 t o 6 0 0 ,0 0 0 shares; th e a d d itio n a l s to c k
w as t o b e u sed in c o n n e c tio n w ith c o .'s n e w d iv . p o l ic y .
V . 124, p . 650 ,1 5 1 2
B o n d s . — C a lla b le as a w h o le (or in p a r t fo r sin k , f d .) a t 105 a n d in t . a t
a n y t im e . $ 1 7 3 ,5 0 0 a re in tr e a s u r y . S in k , f u n d o f 1 % o f b o n d s o u t ­
s ta n d in g y e a r ly , p a y a b le A u g . 1; $ 1 5 8 ,0 0 0 in s in k in g f u n d c a n c e le d .
D iv i d e n d s . — 5 % se m i-a n n u a lly fo r s e v e ra l y e a rs u p t o N o v . 1 9 0 7 , w h en
a d i v . o f 2 % w as p a id . In 1908, 7 % ; in 1 90 9, 7 % ; in 1910, 8 % ; in 1911
and sin ce. 1 0 % t o F e b . 1926. O n n e w n o p ar s to c k 5 0 e . in M a y 1926.
In A u g . 1926, 62 >£c.; N o v . 1926, 62> £c. In 1927: F e b ., 5 0 c . p lu s 1-100 o f a
share o f c o m m o n (V . 124, p . 5 0 8 ); M a y , 5 0 c .; A u g ., 5 0 c. a n d l-5 0 t h sh a re
o f c o m . S to c k d iv s . n o w p a id se m i-a n n . V . 125 , p . 96.
E A R N I N G S .— F o r C a le n d a r Y e a rs :
N et A fte r
Tax

G ross
E a rn s.

I n te r d s t
A A m oun t

$ 4 ,8 7 1 ,7 7 3
$1,8 3 0 ,2 2 1
$77,981
1 9 2 6 ______ _________ .
1,409,961
1925________________
3,3 2 6 .8 9 1
57,899
2 ,3 5 0 .6 7 6
1 ,003.505
55,2 8 6
1924_______________
65,8 6 2
9 2 3 .8 2 4
1923 ______________
2 ,1 4 6 ,8 2 0
1,8 0 9 .2 5 2
743.781
52,575
1922_______________
6 8 8 .3 7 9
1 9 2 1 -.........................
1,715,904
52,4 9 5
52.499
1,4 7 3 ,6 3 0
558 .6 9 5
1920_______________
1,2 6 9 ,2 4 8
5 07 .574
5 4 .995
1919_______________
5 1 ,6 5 4
1 ,0 6 2 ,5 4 6
4 4 2 ,2 7 0
1 9 1 8 - . ____ _______
1,001,311
437 ,7 7 2
4 6 ,9 7 0
1917_______________
9 6 7 .0 8 6
439 .3 6 8
4 3 ,573
1916_______________
L a te s t E a r n in g s .-—F o r 12 m o n th s e n d e d Ju n e 30:
1927.
1926.
$ 4 ,2 8 3 ,8 4 6
G ross
___
- . _____________________ $ 4 ,8 5 4 ,6 7 2
2 ,9 0 4 ,5 5 5
O p e ra tin g expenses a n d ta x e s .
-.
3 ,3 4 0 ,9 2 8
In te re st a n d a m o r tiz a tio n c h a r g e s .
54,867
80,8 8 5

A v a il , f o r
R e s ., R e tir .
& D iv s .

$ 1 ,7 5 2 ,2 4 0
1,3 5 2 ,5 6 2
948 ,2 1 9
8 5 7 ,9 6 2
6 91 ,206
635 .8 8 4
506 ,1 9 6
452 ,5 7 9
3 90 ,616
3 90 ,802
395 .7 9 5
1925.
$ 2 ,7 1 9 ,2 6 6
1 ,5 2 7 ,4 7 5
5 3 ,9 8 9

$ 1 ,1 3 7 ,8 0 2
B a la n ce . _____
. . $ 1 ,4 5 8 ,8 7 8 $ 1 ,2 9 8 ,4 0 7
B a la n ce S h eet as o f Ju n e 30 1927, see V . 125, p . 1463.
O F F I C E R S .— P r e s ., P e te r O . K n ig h t; V . P . , D o n a ld C . B a rn es; T r e a s .,
H enry B . Saw yer; S e c ., W m . T , C r a w fo rd ; G e n . M g r s ., S to n e < W e b s te r ,
fc
Tnc.; M g r ., T h o m a s J . H a n lo n . Jr.— V . 121, p . 1680: V . i2 2 . p 1312. 1457,
233 1; V . 123, p . 583 , 1252, 290 3; V . 124, p . 508 , 65 0 , 1512, 228 2; V . 125,
p . 96, 1463.

JACKSONVILLE TRACTION CO.
U nder e x e c u tiv e m a n a g e m e n t o f S to n e & W e b s te r , I n c .
R e c e iv e r s h ip E n d e d . — On S e p t. 1 1925 th e r e ce iv e rsh ip , w h ich h a d lasted
from O c t . 30 1919— V . 109, p . 1700— w as ended and th e p r o p e r ty restored
to th e c o m p a n y .
F o r fu ll d eta ils o f th e plan fo r a d ju s tm e n t o f th e affa irs
o f th e c o m p a n y , d a te d A u g . 12 1925, w h ich w as d eclared o p e r a tiv e , w e
refer t o V . 121, p . 1677. B e lo w w e h a ve treated th e ca p ita liz a tio n as it
w ill b e a fter c o m p le te e x e cu tio n o f th e p lan
O R G A N I Z A T I O N .— Is a r e -in c o r p o r a tio n in M a s s , in M a r c h 1911 (V .9 2
p . 88 1 ) o f th e J a c k s o n v ille E le c . C o . , w h ich w as a c o n s o lid a tio n o f th e J a c k so n v ille S t. R y . C o . , th e M a in S t. R R . C o . a n d th e J a c k s o n v ille E le c . L t . Co*
S to ck o f o ld c o m p a n y w as e x c h a n g e d , sh are fo r s h a re , fo r s t o c k o f n ew c o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D oes en tire ele ctric ra ilw a y business in J a ck s o n v ille . O perates 5 9 .7 6 m iles
o f e q u iv a le n t single tr a c k ; tra ck a g e , 2 .9 5 . H as 101 ca rs .
G a u g e 5 fe e t.
P ow er p la n t c a p a c it y , 2 ,4 0 0 k .w . C o . also p u rch a se s p o w e r fr o m th e c it y
o f J a ck s o n v ille . P o p u la tio n s e rv e d e stim a te d at 1 4 2 ,0 0 0 . R a ilw a y f r a n ­
c h ise expires in 1932. $ 3 5 0 ,0 0 0 c o m . s to c k is h e ld b y P u b lic S e rvice In v e s t ­
m en t C o .
T h e c o . b e in g u n a b le t o r e fin a n ce th e $ 7 5 0 ,0 0 0 6 % n o te s d u e M a r . 1 191 9,
the fo llo w in g p r o t e c tiv e c o m m itte e w as fo rm e d and has issued a ca ll fo r
the d e p o s it o f th e se n o te s . A s u ffic ie n t m a jo r it y o f th e n o te h o ld e r s h a v e
assented t o t h e d e p o s it a g r e e m e n t t o in su re th e su cce ss o f th is m ea su re.
V . 108. p . 1275. In A p r il 1920 w e w e re in fo r m e d th a t o v e r 9 5 % o f th e
n otes h a d b e e n d e p o s ite d .
F r a n c h is e . — T h e p r in cip a l fra n ch ise o f th e c o m p a n y in th e C it y o f J a ck ­
son ville expires in 1932. E ffo r ts w ill b e m a d e t o se cu re a n ew fra n ch ise
s a tisfa cto ry as t o te rm s an d c o n d itio n s . V . 121, p . 1677.
V a lu a tio n . — See V . I l l , p . 2 14 0.
I n J u ly 1925 w as g ra n te d perm ission t o a b a n d o n its 3 ) 4 -m ile lin e t o
C a m p J o h n s to n . ‘ V . 121, p . 457.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n $ 1 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) - - ----------------------- $ 1 ,0 0 0 ,0 0 0
S ee t e x t
P r e f 6 % c u m $ 1 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
6 Q -F
5 0 0 .0 0 0
See t e x t
F irst c o n s o l m t g e $ 5 ,0 0 0 ,0 0 0 1 1911
5 M -S
8 9 9 ,5 0 0 M a r 1 1931
($5 0 0 a n d $ 1 ,0 0 0 ) ____ c * t f J ln t . a t S ta te S tre e t T r u s t C o . , B o s t o n , T r u s .
10-year 5 % g o ld n o t e s . .............
1925
5 g M -S
1 ,2 4 2 ,6 0 0 S e p t. 1 1935
($ 1 ,0 0 0 -5 0 O T 0 0 r )______________I n t . a t A t l. N a t ’l B k . o f B o s t o n , T r u s te e .
R e c e iv e r ’s ca r t r c t fs ___________ ______
________
1 25 ,994 P a y . serially
Par lien o b lig h e ld b y C it y o f
J a c k s o n v ille ____________________ ____
- _______
1 32 ,423 P a y . seria lly
S to ck . — $ 1 0 0 ,0 0 0 c o m m o n s t o c k n o t r e p o r t e d o u ts ta n d in g h e ld In tre a s u ry
N o n -ta x a b le in M a s s a c h u s e tts .
B o n d s . — O f t h e 1st c o n s o l, b o n d s , $ 1 ,2 4 5 ,0 0 0 a re re se rv e d t o r e tire J a c k ­
so n v ille E le c . 1st M . a n d $ 2 ,6 6 7 ,0 0 0 a re fo r a d d itio n s a n d im p ro v e m e n ts

General Public Utilities Company
O perating in Texas, Louisiana, New Mexico,
Arizona, N ebraska, South D akota
and Florida
Operated by Day & Zimmer man n, Inc.

Outstanding securities of this Company
bought, sold and quoted
F o r d e ta ile d i n fo r m a tio n w r ite f o r
C ir c u la r 2 0 9

Howe Snow & Co.
I n c o r p o r a te d

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco Minneapolis
Philadelphia

POW ER, LIGH T AND R A IL W A Y

O ct ., 1927.]

a t 8 0 % o f c o s t . S u b je c t t o c a ll o n a n y In t. d a t e as a w h o le o r In p a r t
fo r s in k in g f u n d a t 105 a n d in t . F u tu r e issues o f th ese b o n d s m a y bear
V iterest a t a lo w e r r a t e th a n 5 % i f so d e te rm in e d b y th e d ir e c to r s . S in k in g
h n d , 1 % p e r a n n u m o f b o n d s o u t b e g a n M a r . 1 191 7.
V . 9 2 , p . 1564.
$ 1 3 2 ,0 0 0 In s in k in g f u n d ca n ce le d an d $ 5 6 ,5 0 0 in tr e a s u r y .
T h e 10 - y e a r 5 % g old n o te s , 1925, w ere issued u n d e r th e re o rg a n iz a tio n plan
o f A u g . 12 1925. C a lla b le w h o le o r in part a t 100 a n d a ccru ed interest.
H o ld e r s o f u n secu red b a n k d e b c ($ 2 1 3 ,0 0 0 ) a n d 6 % u n se cu re d co u p o n
n o te s d u e M a r c h 1 1919 ($ 7 5 0 ,0 0 0 ), w hich w ith a c c r u e d a n d u n p a id int.
a m o u n te d t o $ 1 ,3 6 8 ,9 9 2 o n S e p t. 1 1925, w ere t o re ce iv e the new n otes
t o th e fu ll fa ce v a lu e o f th e o v e r d u e n o te s p lu s a ccru e d in terest. A m o u n ts
fo r less th a n $10 0 w ou ld b e p a id in cash .
V . 121, p . 1677.
U n d er th e sam e p la n $11 2 ,5 0 0 J a ck s o n v ille T r a c tio n C o . 1st c o n s . m tg e .
b o n d s, 1911, w ou ld b e given t o h o ld e rs o f $ 9 0 ,0 0 0 secu red n otes o f D u v a l
C o u n t y T r a c t io n C o . (as co lla te ra l fo r w h ich th e y h ad b e e n h e ld b y them
h ere to fo re ) u p on su rrender o f their n o te s for ca n c e lla tio n a n d w a iv e r o f the
u n p aid in terest o n th e o ld n o te s.
V . 121. p . 1677.
D i v i d e n d s .— P a id 1 X % q u a r . o n p r e f. to M a y 1915; in A u g . ’ 15 p a id X %
an d sa m e ra t e q u a r. t o a n d in c l. N o v . 1916. F e b . 1917 d iv . pa sse d ( V . 104,
p . 3 6 1 ). N o n e s in ce . O n o ld E l e c tr ic C o . c o m . 6 % a n n . fro m A u g . 1 1905
t o A u g 1 191 0, w hen r a te w as in crea sed t o 7 % a n d sa m e a m o u n t p aid to
F e b . 1911. O n n e w T r a c tio n C o . c o m . in itial d i v .— 1 % % — p a id In M a y
1911; sa m e r a te q u a r . t o a n d in c lu d in g N o v . 191 4. N o n e s in ce .
E A R N I N G S .— E a rn in g s fo r c a le n d a r years:
G ro s s
E a r n in g s .

N et
a ft e r
T a xes.

I n t e r e s t B a l. A v a il .fo r
A m o r - R e s 'v e , R etir
t iz a t i o n .
a n d D iv s .

1 9 2 6 ____________________________ $ 1 ,6 2 0 ,3 6 6 $ 5 6 8 ,1 5 7 $18 9 ,3 3 4
$ 3 7 8 ,8 2 3
1 9 2 5 ______
1 ,3 3 2 ,6 3 3
4 7 0 ,8 5 5
1 91 ,210
279 .645
1 9 2 4 ____________________________ 1 ,1 0 1 .4 7 7
3 1 5 .6 9 2
190 ,3 7 0
125.322
1 9 2 3 ____________________________ 1 ,0 3 7 ,6 3 0
3 0 8 ,3 8 4
189 ,7 8 3
118,601
1 ,0 4 6 ,7 7 7
3 0 2 ,5 8 9
1 79 .412
123,177
1 9 2 2 ______
1 9 2 1 _____
1 ,0 8 7 ,3 4 8
2 1 0 ,7 3 0
1 78 ,825
31,906
19 2 0 ____________________________ 1 ,0 5 5 ,2 0 3
139 ,4 3 0
173 ,7 4 9
d e f.3 4 ,3 1 9
1 9 1 9 ____________________________ 1 ,0 2 4 .5 2 7
9 5 .3 8 3
174 ,4 4 4
d e f.7 9 ,0 6 1
1 9 1 8 ____________________________
9 4 5 .5 6 9
2 3 5 .9 0 2
1 7 5 ,8 2 5
60.077
O F F I C E R S .— P r e s ., D o n a ld C . B a rn es; V . - P . , H a r ry L . H a rd in g ;
T r e a s ., H en ry B . S a w y e r; C le r k , W m . T . C r a w fo rd ; G e n . M g r s ., S to n e &
W e b s te r , I n c .; M a r ., .1. P. In g le . J a ck s o n v ille , F la .— V . 116, p . 1893;
V . 121, p . 45 7 , 1677; V . 124, p . 921 , 2 90 7, 3 20 8.

ALABAMA
SOUTHEASTERN POWER & LIGHT CO.
O R G A N I Z A T I O N .— I n c o r p . in M a in e in S e p t. 1924. H as acqu ired
fr o m th e A la b a m a T r a c ., L t . & P r . C o ., L t d . (fo r h is to ry see “ P u b lic U til­
i t y ” C o m p e n d iu m o f N o v . 1 1 9 2 4 ). all th e assets o f th a t c o m p a n y , in clu d
in g all th e 187.510 shares o f c o m . s to c k an d all th e $ 1 2 ,1 7 0 ,0 0 0 100-year
d e b e n tu re ce r tific a te s o f th e A la b a m a P o w e r C o . (see sta te m e n t b e lo w )
an d all th e ou ts ta n d in g se cu ritie s o f th e D r ifto n C o a l C o .
See V . 119, p
207 5.
C o m p a n y ow n s o r c o n tr o ls a m o n g o th e r h o ld in g s; A la b a m a P o w e r C o .,
G u lf E le c C o . , G u lf P o w . C o . , G e o rg ia P o w . C o . (V . 123, p . 2 8 9 9 ), G e o rg ia
L ig h t , P o w . & R y s ., I n te r s ta te U tilitie s C o r p ., M ississip p i P o w . C o . an d
S o u th C a ro lin a P o w . C o . ( V . 124 , p . 1 1 3 ). S to c k h o ld e r s a p p r o v e d th e
m erg er o f th e c o . w ith th e S o u th e rn P o w e r S e cu ritie s C o r p . V . 121, p . 841 ,
9 8 0 . 1570. A s o f S e p t. 1 1926 p u rch a s e d R o m e R y . & L ig h t C o .
V . 123, p .
1252, 1384; V . 123, p . 3 3 2 2 . A c q u ir e d n 1926 In te rs ta te U tilitie s C o r p .
V . 123, p . 1635. 2 51 8. I n A u g . 1926 pu rch a se d th e e n tire o u ts ta n d in g c o m .
s t o c k o f In te rs ta te U tilitie s C o . V . 123, p . 983 .

211

O F F I C E R S .— P es. T h o m a s W , M a r t in ; V . - P s ., L a w re n ce M a c fa rla n e ,
W . J . H e n d e r s o n , E . A . Y a t e s , F . P . C u m m in g s : T r e a s ., C . A . B in g h a m :
S e c ., S. A . D a w le y ; C o m p t ., R . M . M a c L e t c h ie .— V . 122, p . 4 8 3 . 613 ,
1171, 1312, 1918, 321 2, 3 45 5: Y . 123. p . 207 , 326 . 983 . 1252. 1384, 1635.
2 51 8, 332 2; Y . 124, p . 113, 1221, 3 49 7; V . 125, p . 380 , 38 6 , 9 1 6 , 1463, 1711,
214 9.
ALABAM A PO W E R CO.
C o n tr o lle d b y S o u th e a ste rn P o w e r & L ig h t C o
O R G A N I Z A T I O N , & c — I n c o r p . in 1906 in A la b a m a .
In J a n . 1923
acq u ire d th e p ro p e rtie s o f th e M o n t g o m e r y L ig h t & T r a c t io n C o . , M o n t ­
g o m e r y L ig h t & W a te r P o w e r C o . , a n d th e P o w e r T ra n sm ission C o .
V.
116, p . 178, 938 . O n J a n . 16 1925 a c q u ir e d th e ele ctric lig h tin g a n d s tr e e t
ra ilw a y sy s te m o f th e S h e ffie ld C o .
V . 119 , p . 300 7; V . 120, p . 451 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Serves, d ir e ctly o r a t w h o le sa le , p r a c tic a lly all th e u r b a n p o p u la t io n a n d
Industrial p o w e r r e q u ire m e n ts in a te r tit o r y co m p r is in g th e n o rth ern t w o third s o f A la b a m a , in c lu d in g th e im p o rta n t B irm in g h a m in du stria l d is tric t,
and su p p lies p o w e r at w h o le sa le t o a g r o u p o f a s s o cia te d c o s . fo r m in g a
c o m p a c t a n d c o n tin u o u s g r o u p o f p o w e r a n d lig h t p r o p e r tie s , s e rv in g
p r a c tic a lly th e en tire S ta te o f A la b a m a , E a s te rn M is s is s ip p i, W e s t F lo r id a
and th e larger p a r t o f th e S ta te o f G e o rg ia , in c l. th e C i t y o f A t la n t a .
C o . su p p lie s a la rge a m o u n t o f e n e rg y t o G e o rg ia P o w e r C o . , as w ell as t o
o th e r p o w e r c o s . in N o r t h a n d S o u th C a ro lin a
T o t a l g e n e ra tin g c a p a c it y
o f h y d r o -e le c t r ic g e n e r a tin g s ta tio n s a n d r e s e rv e ste a m p la n ts is 4 6 3 ,7 1 0
h . p ., in a d d it io n t o w h ic h it h a s a v a ila b le u n d e r lease fr o m U . S. G o v t ,
th e 8 0 ,0 0 0 h .p . s te a m p la n t a t S h e ffie ld . T ra n sm is s io n lin e s a g g reg a te
a p p ro x im a te ly 3 ,0 0 0 m ile s in le n g th . C o . h a s in d ir e ct s e r v ic e a t o t a l o f
6 1 ,0 0 0 cu s to m e rs ’ m e te rs , a n d s u p p ly in g cu rre n t d ir e c t ly a n d in d ire c tly
t o a p p r o x . 1 2 0 ,0 0 0 cu s to m e rs . T h e p re se n t c o n n e c t e d lo a d o f th e s y s te m
is a b o u t 7 3 8 ,1 2 2 h . p ., a n d fo r y e a r 1926 e le ctr ic o u t p u t o f th e s y s te m w as
1 ,4 2 1 ,0 0 0 ,0 0 0 k .w .h . C o m p a r e a ls o V . 116, p . 517 .
V a lu a tio n . — V . 116, p . 2 63 9.
A g r e e m e n t w ith W a r D e p t .— I n J u ly 1926 c o . sig n e d an a g re e m en t w ith
the W a r D e p t , w h e r e b y c o . agrees t o ta k e p o w e r d e v e lo p e d at W ilson D a m
a t M u s c le Shoals a t h igh e r rates th a n th e p re v io u s y e a r. V . 123, p . 578 ;
V . 125, p . 645.
O u ts ta n d in g
M a tu r ity .
S T O C K A N D B O N D S .—
D a te .
In terest.
C o m m o n 6 0 0 .0 0 0 shs (n o p a r ) . ____ :
___________ 39 1 ,0 2 0 sh s
Pref. $7 c u m . 3 9 0 ,0 0 0 shares
(n o p a r ) ----------------------------------- ---------$7
171 .405 shs. A p r 2 7 . 154
P ref $6 c u m 2 0 0 ,0 0 0 shs (n o p a r ) ____
$6 Q -J
5 4 .6 4 2 shs A p r ’ 2 7 , I V t
7 % cu m p r e f $ 1 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
7
$ 4 2 1 ,2 0 0 O c t ’2 6 , 154
In co m e d e b c t fs $ 1 3 , 0 0 0 , 0 0 0 - - ____
___________ 1 2 .1 7 0 .0 0 0
2020
1st m tg e . $ 1 0 0 ,0 0 0 ,0 0 0 sin k .
10.221.000 M a r 1 1946
1916
5 g M -S
fu n d ($ 1 ,0 0 0 ) g o l d _____ c * U n ite d S tates T r u s t C o . , N . Y . , tru stee.
1st m tg e lien & r e f ($5 0 0 , & c.)
1921
6 g J -D
2 1 .0 0 0 ,0 0 0 Ju n e 1 1951
g o ld _________________ c * & r *
1921
5 g J -D
1 7 ,7 0 0 ,0 0 0 Ju n e 1 1951
1926
5 g M -N
6 ,0 0 0 ,0 0 0 N o v 1 1958
U . S. M t g e . & T r u s t C o . . N Y .. tru stee.
Selm a L ig h tin g C o . 1st m tg e .
1902
5 g J -D
2 3 8 .0 0 0 Ju n e 1 1932
(clo se d ) g o ld ($500, & c . ) ___ I n t . a t W e s t E n d T r u s t C o . , P h ila d e lp h ia .
M o n tg o m e r y L t . & W . P . 1st 1903
5 g J -J
5 1 5 ,7 1 0 Jan 1 1943
c o n s g o ld red a t 1 0 5 ________ I n t . a t N e w Y o r k T r u s t C o ., N e w Y o r k .
M o n tg o m e r y L ig h t & P ow er
1898
5 g M -8
2 4 ,0 0 0 S ep t 1 1947
1st m tg e g o ld
. . _______ |I n t . a t H a rris. F o r b e s & D o , N e w Y o r k .
T o w n o f A lb e r tv ille 3 0 -y e a r 5s _ ------5
7 ,0 0 0 ---------- ----------

S to c k . — C o m . s t o c k is a ll o w n e d b y S o u th e a ste rn P o w e r & L ig h t C o .
Pref. is p r e f. as t o assets a n d d iv s .
H as e qu a l v o t in g p o w e r w ith c o m m o n
s t o c k . 7 % a n d $7 sh ares r e d . a t 115 . T h e $6 shares are r e d . a t 105 .
B o n d s .— O f t h e a u th . issu e o f $ 1 0 0 ,0 0 0 ,0 0 0 1st M . 5 % b o n d s o f th e A la "
b a m a P o w e r C o . , $ 4 9 ,7 6 1 ,0 0 0 o n D e c . 31 1926 h a d b e e n c e r tifie d b y th e
trustee, o f w h ich $ 1 0 ,2 2 1 ,0 0 0 is in th e h an d s o f th e p u b lic , $ 2 3 8 ,0 0 0 reserved
to re tire S elm a L tg . C o . ’s 1st 5s, d u e 1932; n o a d d ’l b o n d s t o b e issued e x c e p t
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
for d e p o s it a n d p le d g e u n d e r in d e n tu re se cu rin g 1st M t g e . L ie n & R e f.
T h r o u g h its subsidiaries c o . fu rn ish es e lectric p o w e r a n d lig h t t o pra ctica lly
b o n d s, a n d $ 3 9 ,3 0 2 ,0 0 0 a re so p le d g e d . A r e ca lla b le a t 105 sin ce 1921.
th e e n tire S ta te o f A la b a m a , s e r v in g a b o u t 2 8 5 co m m u n itie s , in c l. M o n t ­
T h e ls< m tg e . l ie n & r e f . g o ld b o n d s are s e cu re d b y a g e n e ra l m tg e . o n
g o m e r y , M o b ile , B irm in g h a m (w h olesale) an d th e en tire B irm in gh am
the en tire p r o p e r t y o f th e c o . a n d b y th e p le d g e o f $ 3 9 ,3 0 2 ,0 0 0 1st m tg e .
in du stria l reg ion ; t o 35 c o m m u n itie s in eastern an d so u th e rn M ississip p i,
5 % b o n d s a n d $ 1 ,2 7 6 ,0 0 0 (clo s e d m t g e s .) u n d e rly in g d iv isio n a l b o n d s .
n c l. M e r id ia n , L a u r e l, H a ttie s b u r g , G u lfp o r t , C o lu m b u s , B o o n e y v ille ,
N o a d d itio n a l 1st m t g e . b o n d s m a y b e issu ed e x c e p t fo r p le d g e as fu rth er
a n d th e en tire M is s is s ip p i G u lf C o a s t; t o W e s t F lo r id a , in c l. P e n sa co la
se cu rity fo r th e 1st m t g e . lien & r e f. b o n d s . A d d it io n a l 1st m t g e . lien &
a n d P a n a m a C it y ; an d d ir e c t ly o r in d ire c tly t o 131 m u n icip a litie s in n o rth e rn
ref. b o n d s m a y b e issu ed (1) a ga in st d e p o s it o f a lik e a m o u n t o f a d d itio n a l
a n d ce n tr a l G e o rg ia , in c l. t h e C i t y o f A tla n ta . A ls o su p p lie s all th e stre e t
1st m tg e . b o n d s d u e 194 6, (2) a fte r th e e xh au stion o r m a tu r ity o f th e 1st
ra ilw a y business in M o n t g o m e r y , A n n is to n , T u s c a lo o s a , G a d s d e n , Shef­
m tg e . b o n d s fo r 8 0 % o f n ew c o n s tr u c tio n , (3) fo r r e fu n d in g p u rp oses; in
f ie l d , H u n ts v ille , A t la n t a , a n d R o m e , a n d th e gas business in M o n t g o m e r y ,
all cases p r o v id e d t h a t n e t e arn in gs fo r 12 o u t o f p r e ce d in g 14 m o n th s h a v e
T u s c a lo o s a , A n n is t o n , S e lm a . D e c a tu r a n d A lb a n y in A la b a m a , M e r id ia n
been a t le a st t w ic e a n n u al In terest ch a rg e s o n all b o n d s o u ts ta n d in g (in c l.
a n d H a ttie s b u r g in M is s is s ip p i a n d A tla n ta in G e o rg ia . C o . also c o n tr o ls
those t o b e is s u e d ). A n im p r o v e m e n t a n d s in k in g f u n d is p r o v id e d w h ich
th e S ou th ea stern F u e l C o . , w h ic h ow n s 1 2 ,000 acres o f c o a l la n d s near
will r e c e iv e th e fo llo w in g p e rce n ta g e s o f t h e a g g r e g a te o f a ll o u ts ta n d in g
B ir m in g h a m , A la . T h e s y s te m c o n tr o ls o r leases 9 6 4 ,7 8 0 k . v . a . , o f w h ic h
1st m t g e . 5 % b o n d s d u e 1946 a n d all o u ts ta n d in g 1st m t g e . lien & r e f. b o n d s
6 3 9 ,0 0 0 k .v .a . is h y d r o -e le c t r ic .
In excess o f th e a m o u n t o f 1st m t g e . 5 % b o n d s d u e 1946 p le d g e d th ereu n d er:
STOCK A N D BO N DS—
D a te .
1922-1925 in c l., J 4 % : t o 1931 i n c l.. l % ; t o 1 9 4 5 in c l., 1 H % : t o 1 9 5 0 . 1 H %
In terest.
O u ts ta n d in g . M a t u r i t y
C o m . 5 ,0 0 0 ,0 0 0 shares (n o p a r ) ____
(in th e la tte r case o f a ll 1st m t g e . lie n & r e f. g o ld b o n d s o u t s t a n d in g ). T h e
2 ,1 1 7 ,0 8 8 shs A p r '2 7 2 5 c
P f. $7 c u m , 7 5 0 ,0 0 0 sh s (n o p a r ) ____
5 % a n d 6 % series d u e 1951 are c a ll., a ll o r p a r t, a t 105 a n d in t . t o a n d in c l.
$7 Q -J
101 ,000 shs A p r ’27 $1.15
$6 p r e f 2 5 0 ,0 0 0 sh ares_________ ______
J u n e 1 1932, a n d th e r e a fte r a t a p r e m . r e d u c in g % % p . a . \ . 112, p . 2 6 4 4 ,
20,9 4 5 shs A p r . '2 7 I H
$6
P a rt p f 1 ,0 0 0 ,0 0 0 th is (n o p a r ) ____
2751; V . 116, p . 5 1 7 . In A p r il 1925 $ 3 ,0 0 0 ,0 0 0 fir s t m o r tg a g e lien a n d
4 2 8 ,5 9 0 shs
A p r ’27 $1
6 % g o ld d e b s Ser A ($ 1 ,0 0 0 , f 1925
refu n d in g b o n d s , 5 % series, d a te d D e c . 1 1922, w e re o f fe r e d b y H arris.
6 g M -S $ 4 0 ,5 6 4 ,3 0 0 S ep t 1 2025
F orbes & O o . a n d C o ffin & B u rr , I n c ., a t 9 4 H a n d in t ., t o y ie ld a b o u t
$ 5 0 0 , $10 0 c * ; $ 1 ,0 0 0 and-) Ir v in g B a n k -C o lu m b ia T r u s t C o ., N e w Y o r k
T ru ste e .
$ 1 0 ,0 0 0 r * ________________ t f [
5 .4 0 % . V . 120, p . 187 9. I n O c t . 1925 th e sam e b an k ers o ffe r e d $ 5 ,0 0 0 ,0 0 0
O p t io n w a rra n ts t o p u rch a se
5 % series d u e 1951 a t 9554 a n d in t ., y ie ld in g 5 . 3 0 % . V . 121, p . 178 7. In
c o m m o n s to c k a t $ 5 0 ________ ______
___________ 4 7 9 ,3 7 8 w rts
___. _
F eb . 1926 H a rris, F o r b e s & C o . o ffe r e d $ 5 ,0 0 0 ,0 0 0 a d d itio n a l 5 % series,
S to c k . — O n S ep t. 22 1925 s to ck h o ld e rs in crea sed th e au th o riz e d n u m b e r
d ated D e c . 1 1922, d u e J u n e 1 195 1, a 98 a n d i n t ., t o y ie ld o v e r 5 . 1 4 % .
V . 122. p . 1024.
o f n o -p a r v a lu e shares fr o m 6 0 0 ,0 0 0 t o 3 ,6 0 0 ,0 0 0 , v iz .: 100 ,0 0 0 p re f. and
3 .5 0 0 .0 0 0 c o m m o n , 5 new c o m m o n shares t o be issued fo r ea ch co m m o n
5 % s e r i e s d u e 1956 ($ 1 ,0 0 0 a n d $500 c * : $ 1 ,0 0 0 a n d m u ltip le s r * . t f )
share h eld . V . 121, p . 1570, 1909. O n F e b . 191 1926 the a u th o r iz e d
are c a ll, w h o le o r p a r t o n a n y In t. d a t e o n 30 d a y s ’ n o t ic e a t 10254 th rou g h
n u m ber o f n o -p a r shares w as Increased fr o m 3 ,6 0 0 ,0 0 0 t o 4 ,8 5 0 ,0 0 0 , v iz .;
N o v . 1 1932, a t 102 th r o u g h N o v . 1 1938; a t 10154 th r o u g h N o v . l 1944;
8 5 0 .0 0 0 p r e f. a n d 4 ,0 0 0 ,0 0 0 c o m m o n sh ares. O n J u ly 14 1926 s to c k h o ld e r s at 101 t h r o u g h N o v . 1 1950 a n d th e re a fte r a t 10054. p lu s In terest In each
in crea sed th e a u th oriz e d c a p it a l s t o c k fro m 4 ,8 5 0 ,0 0 0 n o p a r shares (1 0 0 ,0 0 0
case, in O c t . 1926 H a r ris , F o r b e s & C o . a n d C o ffin & B u rr , I n c . o ffe r e d
$7 c u m , p r e f., 100 ,0 0 0 $6 c u m . p r e f ., 6 5 0 ,0 0 0 p a r t ic ip . p r e f. a n d 4 .0 0 0 .0 0 0
$ 6 ,0 0 0 ,0 0 0 5 % se rie s, d u e 1956, a t 9854 & i n t ., t o y ie ld a b o u t 5 .1 0 %
c o m m o n shares) t o 7 ,0 0 0 ,0 0 0 n o p a r shares, t o c o n sist o f 7 5 0 ,0 0 0 $7 c u m .
V . 123, p. 2 2 5 8 ; V . 124, p . 2 42 5.
p r e f., 2 5 0 ,0 0 0 $6 c u m . p r e f., 1 ,0 0 0 ,0 0 0 p a r t ic ip . p r e f. an d $ 5 ,0 0 0 ,0 0 0 c o m .
T h e $ 1 2 ,1 7 0 ,0 0 0 In co m e d e b e n tu re s are all o w n e d b y S o u th e a stern P o w e r
s h a re s .
V . 123, p . 32 6 . I n M a r c h 1926 B o n b r ig h t & C o , I n c ., o f fe r e d
Jc L t . C o . , a n d a re a n o n -fo re c lo s a b le s e c u r ity h a v in g a c o n tin g e n t in terest
8 0 .0 0 0 a d d it io n a l $7 c u m . p r e f. shares a t $ 9 8 .5 0 an d In t., t o y ie ld a b o u t In th e b a la n ce a v a ila b le a fte r th e p a y m e n t o f P r e f. s t o c k d iv s .
T h e y repre­
7 . 1 0 % . V . 122, p . 1918. T h e $ 7 c u m . p r e f. s t o c k is n o n -v o t in g e x c e p t
sent p a r t o f th e o rig in a l In v e stm e n t in th e p r o p e r t y o v e r a n d a b o v e th a t
in ce r ta in cases. Is p r e fe rr e d as t o assets ($1 0 0 ) a n d c u m . d iv s . o v e r c o m .
represen ted b y th e o u ts ta n d in g b o n d e d d e b t .
stock .
R e d ., w h o le o r p a r t, o n 30 d a y s ’ n o t ic e a t $110 an d d iv s .
A d d itio n a l g o l d d e b e n t u r e s m a y b e issued In series o f such te n o r as c o .
E A R N I N G S .— C o n s o lid a te d earnings calen d ar yea rs:
m a y fro m tim e t o tim e d e te rm in e , h o w e v e r, o n ly w h en n e t in c o m e a p p lic ­
192 6.
1925.
1923
1924.
a b le t o Interest ch arges o f Sou th ea stern P o w e r & L ig h t C o . fo r 12 co n s e c u ­
N e t o p e r . r e v ., less d is t iv e w ith in p reced in g 15 c a le n d a r m o n th s h a v e been n o t less th a n tw ice
$ 1 3 ,0 4 4 ,4 9 3 $ 1 1 ,5 8 9 ,4 1 9 $ 8 ,8 2 3 ,3 8 9 $ 7 ,8 6 3 ,2 9 4
an n u al Interest ch arges on a ll in d e b te d n e ss o f th e c o ., in c l. n ew issu e. T h e
O p e ra tin g e x p e n s e s______ 6 ,9 4 5 ,5 7 0
.
5 ,8 1 8 ,9 1 8
4 ,4 9 0 .0 2 6
4 ,2 7 8 .2 2 2
■6% g o l d d e b e n t u r e s . S e r i e s A , a r e r e d ., a ll o r p a r t, u p o n 30 d a y s ’ n o tice ,
in c lu d in g M a r c h 1 2 0 2 0 , a t 110 a n d in t.; th e re a fte r a t p ar a n d in t . P enn.
N e t earns .fr o m o p e r. . $ 6 ,0 9 8 ,9 2 3 $ 5 ,7 7 0 ,5 0 1
$ 4 ,3 3 3 ,3 6 3 $ 3 ,5 8 5 ,0 7 2
4-m ills ta x , M a s s , in c o m e ta x u p t o 6% r e fu n d a b le . In te re st p a y a b le Id
O th e r in c o m e ____________
124 ,4 0 0
134 ,698
172 ,432
2 5 7 ,2 5 8
N e w Y o r k . B o n b r ig h t & C o ., I n c ., so ld in A u g . 1925 $ 1 0 ,0 0 0 ,0 0 0 a t 96 H
a n d in t .
W a rra n ts in th e ra tio o f 10 w arra n ts t o ea ch $ 1 ,0 0 0 deben tu re
G ro ss i n c o m e . , _
. $ 6 ,2 2 3 ,3 2 3 $ 5 ,9 0 5 ,1 9 9 $ 4 ,5 0 5 ,7 9 5 $ 3 ,8 4 2 ,3 3 0
w ere a t t a c h e d . e n titlin g th e h o ld e r to p u r c h a s e o n e share o f th e p rop osed
I n t. o n b o n d , d e b t ( n e t ) .. 1 ,5 9 7 ,1 7 4
1 ,5 9 6 ,5 9 7
1 ,6 9 6 ,0 0 3
1 ,0 6 9 ,3 0 3
new c o m m o n s t o c k a t a n y tim e a t $50 p er sh are. V . 121, p . 841 . F o r ex
D e p r ., a m o r t ., re n ts, & c.
5 0 0 ,2 7 4
1 ,4 8 8 .8 8 3
4 5 4 ,1 6 0
1 ,0 3 4 ,2 1 4
c h a n g e o r c o n v e r s io n o f A l a b a m a T r a c t i o n , L i g h t
P o w e r C o . , L t d . , 1st
.
1 ,3 2 4 ,6 2 8
1 ,0 4 4 ,5 2 3
3 40 .884
7 1 1 ,2 1 5
m tg e . 5 % b o n d s , d u e M a r c h 1 1962, in to S ou th ea stern P o w . & L t . C o . 6 %
g . d e b e n tu re s , Series “ A , ” w ith w arra n ts t o p u rch a s e c o m m o n s t o c k of
c e r tific a t e s .
8 5 1 .9 0 0
‘
8 5 1 ,9 0 0
8 5 1 ,9 0 0
8 5 1 ,9 0 0
S ou th ea stern P o w . & L t . C o . , see V . 121, p . 841 . 98 0 , 1787.
In D e c . 1925 H o rn b lo w e r & W e e k s o ffe r e d a b lo c k o f $ 3 ,0 0 .0 0 0 S e rie s” A ’
. $ 1 ,9 4 9 ,3 4 7
$ 9 2 3 ,2 9 6
$ 5 4 6 ,0 2 9
$ 7 9 2 ,5 1 8
■6% a t 91 a n d In t., t o y ie ld 6 . 6 0 % .
V . 121, p. 227 4: V . 122, p. 1312. In
B a la n ce s h eet as o f D e c . 31 1926, see V . 125, p . 1317.
Jun e 1926 B o n b r ig h t & C o . s o ld $ 1 2 ,5 0 0 ,0 0 0 a d d itio n a l 6 % series A at
O F F I C E R S .— P r e s ., T . W M a r t in ; V .- P s ., R . A . M itc h e ll E . A Y a te s , O .
95 a n d in t. t o y ie ld o v e r 6 . 3 0 % . V . 122, p. 3 4 5 5 .
G . T h u r lo w , W . E . M it c h e l, W . J. H e n d e r s o n , F . P . C u m m in g s , J . M . B a rr y
D iv id e n d s . — O n th e p a r tic ip . p r e f. s t o c k , regu lar q u a rte r ly d iv id e n d s of
a n d T h o m a s B r a g g : S e c .. W a lt e r M . H o o d ; T r e a s ., L a m a r A ld r id g e .— V .
$1 h a v e b e e n p a id sin ce issu e , 1926. V . 122, p . 3 2 1 2 . O n $7 preferred ,
121, p . 62 7 . 122 6. 32 2 . 1567. 1787; V . 122. p . 1024. 232 6. 2 49 0. 3 33 1: V .
q u a rte r ly d iv id e n d s o f $1 75 p e r sh a re h a v e been p a id re g u la r ly sin ce issued
123, p . 57 8 , 1381, 2 25 8; V . 124, p . 789 , 242 5; V . 125, p . 74 5 , 1317, 2 25 9.
in 1925.
C o m m o n s to c k : In itia l q u a r. d i v . o f 2 5 c . p a id A p ril 1927.
M IS S IS S IP P I P O W E R C O .

E A R N I N G S .— C o n s o lid a t e d earnings fo r c a le n d a r yea rs:
*1927.
1926.
1925
G ross ea rn in gs_________________________ $ 2 0 ,5 9 3 ,i2 2 $ 3 7 ,1 2 0 ,1 7 0 $ 1 7 ,7 9 6 ,8 4 7
O p era tin g expenses, m a in t. & t a x e s . .
9 ,9 6 9 ,4 9 5
1 9 ,3 6 8 ,7 8 0
9 ,1 6 9 ,1 3 3
N e t ____________. ______________________$10 ,6 2 3 ,6 2 7 $ 1 7 ,7 5 1 ,3 9 0 $876277714
O th er d e d u c t io n s ______________________
6 1 6 ,7 8 4
1 ,0 4 5 ,8 1 2
7 5 9 ,9 3 9
I n t . a n d d i v s . o n su b s id ia r y se cu rities 4 ,6 4 7 ,0 5 4
8 ,0 5 3 ,4 1 7
3 ,081,861
I n t . ch arges o n S o. P . & L t . C o . d e b t
1 ,2 3 0 ,7 2 5
1 ,9 6 1 ,5 7 9
1 ,280,473
P r e f. d iv s . o f S o. P . & L t . C o ______- ___ 1 ,2 4 9 ,054
1,837,061
13L818
b a la n c e , s u r p lu s ______________________ $ 2 ,8 8 0 ,0 1 0 $ 4 ,8 5 3 ,5 2 1
$ 3 ,3 7 3 ,6 2 3
* F o r 6 m o n th s e n d e d Ju n e 30 1927.




C o n tro lle d b y S ou th ea stern P o w e r & L ig h t C o .
O R G A N I Z A T I O N , & c.— O rg a n iz e d in M a in e . In la tte r p a rt o f 1926
L a u rel L ig h t & R y . C o . w as c o n s o lid a te d w ith M is s is s ip p i P o w e r C o . F o r
h is to ry , & c ., see “ P u b lic U t ilit y C o m p e n d iu m " o f O c t . 3 0 1926.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S u p p lies e le ctr ic s e r v ic e t o a p o p u la t io n o f m o r e th a n 1 50 ,000 in 39 c itie s
an d to w n s in ea stern M is s is s ip p i: tr a n s p o r ta tio n s e r v ic e is r e n d ered in 4
o f these c o m m u n itie s a n d gas s e r v ic e in 3 . T h e v a r io u s e le ctr ic p rop erties
o w n e d a n d o p e r a te d b y c o . in c lu d e ste a m e le c, g e n e ra tiv e s ta tio n s w ith
an a g g re g a te c a p a c it y o f o v e r 3 0 ,0 0 0 k . v .a ., in c l. th e 9 ,5 0 0 k .v .a . s ta tio n
at G u lfp o r t . E le c , d is tr ib u tio n sy ste m serves m o re than 2 5 .0 0 0 c u s to m e rs .

218

PUBLIC U TILITIE S

S treet r a ilw a y s e r v ic e is r e n d e re d in L a u re l a n d E llis v ille , to t a l stre e t tr a c k ­
a ge a g g re g a tin g 13.7 m ile s . B u ses p r o v id e tr a n s p o r ta tio n s e r v ic e in M e r id ­
ian a n d H a t tie s b u r g . G a s s y s te m in c l. p la n ts a t M e r id ia n , H a ttie s b u r g
a n d C o lu m b u s w ith a c o m b in e d d a ily g e n e ra tin g c a p a c it y o f o v e r 5 3 0 ,0 0 0
c u . f t . ; 74 m iles o f gas m ain s a n d s e r v e o v e r 3 ,4 0 0 cu s to m e rs .
V . 124, p .
1666.
F r a n c h is e s . — M u n ic ip a l fra n ch ise s (e x c e p t o n e ) te rm in a te a t v a rio u s
tim es b e tw e e n 1926 a n d 195 0.
STO CK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n 4 0 0 ,0 0 0 shs (n o p a r ) . ____
___________ 4 0 0 ,0 0 0 s h s ____________
1st p r e f cu m $7 1 0 0 ,0 0 0 s h s ___ ______
$7
2 5 ,0 0 0 s h s _____________
2d p r e f $7 n o n -c u m 2 0 ,0 0 0 s h s _ ____
$7
5.000 s h s ____________
First & r e fd g m tg e 5 % Series ( 1925
5 g M -S
$ 7 ,7 5 0 ,0 0 0 S ept 1 1955
($ 1 ,0 0 0 , $50 0 c * , & $5 ,0 0 0 ,1 N e w Y o r k T r u s t C o ., N e w Y o r k , T r u s te e .
$ 1 ,0 0 0 r * ) ..........................._ t f I
U n d erly in g d iv isio n a l b o n d s . _ (c lo s e d ) ____________
8 3 9 ,5 0 0 ____________
B o n d s . — T h e 1st & r e f. m t g e . 5 % series g o ld b o n d s d u e 1955 are secured
b y a d ir e ct 1st m t g e . o n im p o rta n t e le ctr ic p ro p e r tie s , in c l. t h o s e se rv in g the
G u lf C o a s t te r rito r y a n d b y a m o r tg a g e o n th e ba la n ce o f th e p ro p e rtie s
op e r a te d s u b je c t t o u n d e rly in g issues (m a tu rin g fr o m 1928 t o 1 9 5 2 ), a g g re ­
g a tin g $ 7 7 8 ,4 0 0 . A d d itio n a l b o n d s o f th is o r o th e r series m a y b e issued
o n ly (a) fo r r e fu n d in g p u r p o s e s , (b ) fo r n o t m o r e th an 8 0 % o f n e w c o n ­
s tr u c tio n b e fo r e Ju n e 15 1935 o r (c) n o t m o r e th a n 7 5 % o f n e w c o n s tr u c tio n
a fte r Ju n e 15 193 5, a n d o n ly (e x c e p t fo r r e fu n d in g p u rp o se s) r p o v id e d net
earnings fo r 12 c o n s e c u t iv e m o n th s o u t o f 15 p r e ce d in g m o n th s h a v e been
a t lea s t t w ic e t h e a n n u al in te re st re q u ire m e n ts , o r tw ice 6 % o f all o u t­
sta n d in g u n d e rly in g o r p r io r lien b o n d s a n d all b o n d s (in c l. th e p ro p o s e d
on es) o u ts ta n d in g u n d e r th is m o r tg a g e . T h e m o r tg a g e c o n ta in s a m a in te n ­
a n ce a n d r en ew a l cla u s e . C a ll o n 6 w e e k s ’ n o t ic e , in c l. S e p t. 1 1936 a t 105
an d i n t ., th e r e a fte r a t a p re m iu m r e d u c in g M % p er a n n u m . P e n n . 4-m ill
ta x , M a s s , in c o m e ta x u p t o 6 % r e fu n d a b le . In A u g . 1925 H a rris. F o rb e s
& C o . a n d C o ffin & B u rr , I n c ., s o ld $ 4 ,0 0 0 ,0 0 0 a t 9 2 )4 a n d in t ., t o yield
o v e r 5 1 4 % . V . 121 , p . 979 . 110 2. L iste d on B o s to n S to c k E x ch a n g e
V. 121, p . 1102; V . 122, p . 88 3 . In M a y 1926 H arris, F o r b e s & C o . and
C o ffin & B u rr , I n c ., o ffe re d $ 1 ,7 5 0 ,0 0 0 a d d itio n a l 5 % series d u e 1955 at
95 an d in t ., t o y ie ld o v e r 5 . 3 3 % .
V . 122, p . 279 9; V . 123, p . 9 8 2 . H a rris,
F o r b e s & C o ., B o n b r ig h t & C o ., I n c ., a n d C o ffin & B u rr I n c ., o ffe r e d in
M a r c h 1927 a t 96 a n d in t . $ 2 ,0 0 0 ,0 0 0 a d d itio n a l 1st & r e f. m tg e . b o n d s , 5 %
series o f 195 5, w ith a p p r o x , y ie ld o f 5 . 2 7 % . V . 124, p . 1666.
E A R N I N G S .— F o r calen d ar yea rs;
G ro ss
E a r n in g s

N e t (a ft e r
O p e r . E x p e n .)

In terest &
P r e f. D iv s .

B a la n ce ,
S u r p lu s .

19 2 5 .................................... $ 1 ,9 3 3 ,6 8 5
$87 7 ,5 0 3
$48 0,20 7
$39 7,29 6
L a te s t E a r n in g s . — F o r y e a r e n d e d J a n . 31 1927, gro ss, $ 2 ,3 8 5 ,1 8 0 ; n e t,
a fte r o p e r . e x p . & ta x e s , $ 9 0 3 ,7 9 6 , in te re st c h a rg e s, $43 7 ,6 7 5 ; b a l., $ 4 6 6 ,1 2 1 .
O F F I C E R S .— P r e s ., B . E . E a to n . O ffic e . G u lfp o r t , M is s .— V . 122,
p . 2 3 2 9 , 279 9: V . 123, p . 982 . V . 124, p . 1666.
S O U T H C A R O L IN A P O W E R C O .
C o n tr o l. — S ou th ea stern P o w e r & L ig h t C o . o w n s th e en tire c o m m o n
s t o c k , e x c e p t d ir e c t o r s ’ q u a lify in g shares, a n d th e en tire 6 % c u m . 2 d p r e f.
stock .
O R G A N I Z A T I O N .— I n c o r p . in S ou th C a ro lin a in D e c . 1926 to a cq u ire
th e p r o p e r tie s fo r m e r ly o w n e d b y C h a rle sto n G a s L ig h t C o . , C h a r le s to n E d is o n L ig h t & P o w e r C o . , C h a r le s to n C flfisol. R y . & L t g . C o . a n d C h a rle s­
t o n C o n s o l. R y ., G a s & E l. C o .
F o r h is to ry o f th e la tte r 2 c o m p a n ie s , see
• 'Public U tilit y C o m p e n d iu m ” o f O c t . 30 1926.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— C o .
c o n d u c t s th e en tire co m m e r c ia l e le ctr ic p o w e r a n d lig h t a n d gas bu sin ess in
th e C it y o f C h a r le s to n , S o u th C a ro lin a , a n d im m e d ia te v ic in it y . In
a d d itio n ren d ers tr a n s p o r ta tio n s e r v ic e in th is te r rito r y ; p o p u la tio n se rve d
e s tim a ted a t 8 5 ,0 0 0 . C o n s u m e rs ; e le ctr ic , 1 0,300; gas, 8 ,3 0 0 . P a ssen gers
c a rrie d o v e r 6 ,7 9 6 ,0 0 0 d u r in g 12 m o s . e n d . N o v . 30 1926. C o . o w n s a
m o d e r n stea m e le c tr ic g e n e ra tin g s ta tio n o f 1 0 ,0 0 0 k .w . a n d a p p r o x . 290
m iles o f tra n sm ission an d d is trib u tio n lin es. G as p la n ts (a rtificia l an d
w ater gas) o f a b o u t 4 ,0 0 0 ,0 0 0 c u . f t . d a ily c a p a c it y . A p p r o x . 37 m ile s
o f tr a c k . A n a d d itio n a l 10,000 k .w . ge n e ra tin g c a p a c it y is u n d e r c o n ­
str u c tio n an d is t o b e c o m p le t e d b y O c t . 1927.
STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n ( $ 1 0 ) ________________
. $ 3 ,0 0 0 ,0 0 0 ____________
6 % cu m u la tiv e p r e fe rr e d ______
1 ,2 4 8 ,2 0 0 ____________
6%
6 % c u m 2d p r e f ________________
2 ,5 0 0 ,0 0 0 ......................
6%
1st lien & r e f m tg e g ($1,000-1 1927
5 J-J
4 ,0 0 0 ,0 0 0 Jan 1 1957
$.500 c* & $ 1 ,0 0 0 -$ 5 ,0 0 0 ,} A m e r . E x c h . I r v in g T r u s t C o . , N . Y . C .,
& c ., r ) ____________________t f /
5 g M -S
1 ,6 9 6 ,0 0 0 M a r 1 1999
C h a rle s to n C o n s R y G a s & E l] 1899
C o c o n s o l m tg e (clo s e d ) \In te r e s t a t B a ltim o re T r u s t C o . , tru ste e .
($ 1 ,0 0 0 c * ) _______________t f j
B o n d s . — T h e l s l lie n & r e f . m tg e . g o ld b o n d s are secu red b y a d ir e c t m o r t ­
g a g e on th e en tire fix e d p u b lic u t ilit y p r o p e r t y an d p u b lic u t ilit y rig h ts and
fra n ch ises o f th e c o ., s u b je c t o n ly t o th e C h a rle sto n C o n s . R y . , G a s & E l.
C o . c o n s , (clo s e d ) m o r tg a g e . $ 6 7 1 ,0 0 0 b o n d s o f th e la tte r m o r tg a g e are
p le d g e d u n d er th e 1st lien & r e f. m t g e . A d d itio n a l b o n d s o f a n y series o f
su ch te n o r as d ir e cto r s m a y d e te rm in e m a y b e issu ed (a) $ 5 0 0 ,0 0 0 a t a n y
tim e a ga in st th e p r o p e r t y as it e x is te d D e c . 1 1926; (b ) fo r re fu n d in g p u r­
p oses; (c) fo r 7 5 % o f a d d itio n s u n d e r ce rta in p ro v is io n s , a n d (d ) fo r cash .
M a y n o t b e issu ed , h o w e v e r , e x c e p t fo r re fu n d in g p u rp oses unless n e t earn­
ings fo r 12 co n s e c u tiv e w ith in 15 ca le n d a r m o n th s p re ce d in g a d a te n o t ear­
lier th a n 15 d a y s b e fo r e a p p lic a tio n h a v e b e e n at le a st (a) eith er tw ic e a c tu a
annual in terest r eq u ire m e n ts o n , o r (6) 1 2 % o f a ggregate p rin cip a l a m o u n t
o f all o u ts ta n d in g u n d e rly in g an d p rio r lien b o n d s an d all b o n d s o u ts ta n d in g
u n d er th e m o r tg a g e , in cl. p r o p o s e d issu e. M o d ific a t io n or a lte ra tio n o f th e
b o n d s o r th e m o r tg a g e is p e r m itte d u n d e r ce rta in o th e r r e s tric tio n s , w ith
th e assen t o f 8 5 % o f o u ts ta n d in g b o n d s n o t in c l. b o n d s o w n e d b y c o .
5 % s e r i e s d u e 1957 are re d . w h o le o r p a r t o n 30 d a y s ’ n o t ic e th r o u g h
Ja n . 1 1932 a t 105 a n d in t ., th e re a fte r a t a p re m iu m o f 5 % , de cre a sin g
1 -5 % fo r e a ch fu ll y e a r ela p se d sin ce J a n . 2 1931. P e n n . 4 m ills ta x r e ­
fu n d a b le .
I n Ja n . 1927 H arris, F o r b e s & C o ., B o n b r ig h t & C o ., I n c .,
T u c k e r , A n th o n y & C o . a n d C o ffin & B u rr, I n c ., o ffe r e d $ 4 ,0 0 0 ,0 0 0 5 %
series d u e 1957 a t 9 5 a n d in t ., to y ie ld 5 . 3 3 % .
V . 124, p . 649.
In a d d itio n t o th e C h a r le s to n C o n s . R y ., G a s & E l. C o . c o n s . m tg e . b o n d s
sh ow n in th e a b o v e ta b le as o u ts ta n d in g , $ 6 7 1 ,0 0 0 are p le d g e d u n d e r S outh
C a ro lin a P o w e r C o . 1st lien & r e f. m tg e .
C h a r le s to n C ity R y . 1st m tg e . g o ld b o n d s , d u e 193 8.— A n a n n o u n ce m e n t
w as m a d e th a t a ll o f th e o u ts ta n d in g b o n d s w o u ld be called fo r p a y m e n t
J u ly 1 1927 a t 105 a n d in t . t o th a t d a t e .— Y . 124, p . 1065.
E A R N I N G S .— F o r 12 m o s . e n d . N o v . 30 192 6:
G r o s s _________________________________________________________________$ 1 ,7 8 5 ,3 1 2
O p era tin g exp en ses, m a in te n a n c e an d t a x e s _____________________
1 ,1 3 0 ,7 9 0
N e t e a rn in g s______________________________________________________
A n n u a l in teres t o n m o r tg a g e b o n d s ________________________ .,-------

$65 4 ,5 2 2
2 8 4 ,8 0 0

B a l a n c e ___________________________________________________________
$3 6 9 ,7 2 2
O F F I C E R S .— P r e s ., B . A . H a g o o d ; V . - P . & G e n . M g r ., S tu a rt C o o p e r;
V .- P s ., F . P . C u m m in g s ; T r e a s ., C h a s . J . B e n d t; S e c ., M . C . C . T essier.
— V . 124, p . 113 , 64 9 , 1068; V . 125, p . 248.

MOBILE LIGHT & RAILROAD.
O R G A N I Z A T I O N .— A co n s o lid a tio n on S e p t. 1 1901 o f th e M o b ile L ig h t
& R a ilr o a d a n d th e M o b ile S treet R R . ; th e fr a n c h is e s o f b o t h co m p a n ie s
w ere e x te n d e d on S ep t. 12 1901 t o M a r c h 12 1955. See V . 7 3 , p . 61 6 .
In J u ly 1906 th e M o b ile Illu m in a tin g C o . p u rch a se d th e e le ctric-lig h t
p la n t o f th e c o m p a n y an d u n d e r c o n t r a c t o f p u rch a se p a y s t o th e M o b ile
L t . & R R . 70 sem i-an n u al p a y m e n ts o f $ 1 1 ,4 6 4 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A t r o lle y r o a d . O w n s 5 6 .9 8 m iles o f tr a c k in M o b ile an d e x ten sion s to
M a g a z in e P o in t , S p rin g H ill an d W h is tle r .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
S to c k $ 2 ,2 5 0 ,0 0 0 (par $ 1 0 0 ) - - ____
___________ $ 2 ,2 5 0 ,0 0 0
See t e x t
F irst m t g e g o ld ( $ l , 0 0 0 ) - n t f [ 1897
5 g J -J
2 7 0 .0 0 0 J u ly 1 1937
\Int. a t F a rm e rs ’ L o a n & T r u s t C o ., N . Y
C o n s o lid a te d m o r tg a g e , g o ld ! 1901
5 g M -S
8 0 4 ,0 0 0 S e p t 1 1941
($ 1 ,0 0 0 ) $ 2 .2 5 0 ,0 0 0
c * t f /I n t e r e s t a t N e w Y o r k T r u s t C o .. N . Y . . T rue
B o n d s . — O rigin al issu e o f c o n s o l, m t g e . b o n d s , $ 2 ,2 5 0 ,0 0 0 ; $ 7 0 0 ,0 0 0
r es erv ed fo r p r io r lie n s, o f w h ich $ 1 8 8 ,0 0 0 h a v e b e e n ca n c e le d , $ 2 4 5 ,0 0 0
c e r tifie d a n d $ 2 7 2 ,0 0 0 re m a in u n c e r tifie d .




[V ol. 125.

E A R N I N G S .— F o r c a le n d a r y e a rs:
G ro s s
E a r n in g s .

N e t (a fte r
T a x es).

F ix ed
C h a rg es.

B a la n c e ,.
S u r p lu s

1 9 2 6 ------------------------$76 9,78 1
$20 0 ,2 5 5
$ 6 6 ,1 4 0
$ 1 3 4 ,1 1 5
1925------------------------ 7 26 ,533
8 6 ,9 7 0
6 8 ,1 2 7
18,843
1924------------------------ 7 3 8 ,0 1 3
4 1 ,9 6 9
6 5 ,0 7 5
d ef2 3 ,1 0 7
1923------------------------ 8 08 ,933
86,351
7 4 ,7 6 2
11,589
1922------------------------ 8 2 0 ,0 1 4
3 6 ,9 2 3
8 2 ,5 8 4
d ef45.661
D iv i d e n d s . — In itia l d iv id e n d —
% A u g . 1 1909; in 1910, J £ % ; i n l 9 1 1
2 H % ; in 1912, 1 ) 4 % ; in 1913, 2 % ; in 1914, 3 % ; in 1915, 2 % ; in 1916, 3 %
in 1917, 2 % ; in 1918, A p ril, 1 % ; Ju n e, 1 % ; A u g ., 3 % .
In 1919, S e p t.,
1% .
In 1920, S e p t ., 1 % .
I n 1921, 2 % .
I n 1 92 2, 1 % .
I n 192 6, 1 % .
O F F I C E R S .— P r e s ., J . H . W ils o n : V . - P . & G e n . M g r ., F . F . R o ssm a n ;
S ec. & A u d ., A im e r G . F a y ; T r e a s ., T . H . H a lliw e ll.— V . 113, p . 1675; V .
114, p . 306 ; V . 115 , p . 183 , 1632, 2 7 9 4 ; V . 116 , p . 2 12 9; V . 118 , p . 664 , 2 3 0 5 .

BIRMINGHAM ELECTRIC CO,
C o n tr o lle d b y N a tio n a l P o w e r & L ig h t C o . (see o n a n o th e r p a g e ) .
S u p e rv ise d b y E le c t r ic B o n d a n d Share C o .
O R G A N I Z A T I O N .— I n c o r p . M a r . 25 1924 in A la b a m a fo r p e r p e tu a l
d u ration
A c q u ir e d a t r e c e iv e r ’s sale th e o p e r a tin g p r o p e r tie s o f th e B ir ­
m in g h a m R y . , L ig h t & P o w e r C o . (fo r h is to ry see “ E le c t r ic R a ilw a y ”
S u p p le m e n t o f A p r il 26 1 9 2 4 ), to g e th e r w ith p r o p e r tie s o f th e B essem er
G a s C o . , N o r w o o d S treet R y . a n d B ir m in g h a m -T id e w a te r R y . C o . (fo r
h is to ry see “ E le c tr ic R a ilw a y ” S u p p le m e n t o f A p ril 26 1 9 2 4 ). $ 7 8 1 ,0 0 0
fir s t m tg e . 5 % b o n d s o f th e B irm in gh a m R y . & E le c . C o . , w h ic h m atu red
J u ly 1 1924 w ere p a id , p r in c ip a l an d a c c r u e d in te re s t. V . 118 , p . 1663.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . d o e s p r a c t ic a lly t h e e n tire e le c, p o w e r a n d lig h t a n d e le ctr ic r a ilw a y
b u sin e ss, a n d su p p lie s all t h e gas s e r v ic e in th e citie s o f B ir m in g h a m , F a ir fie ld a n d B essem er, A la ., a n d e le ctr ic p o w e r a n d lig h t se r v ic e in 9 a d ja c e n t
co m m u n itie s , in 5 o f w h ich it also su p p lie s gas se r v ic e a n d in 7 o f w h ich
it su p p lie s e le ctr ic r a ilw a y s e r v ic e .
Serves 12 c o m m u n itie s w ith p o p u la t io n
o f a p p r o x . 2 9 0 ,0 0 0 . P u rch a se s e le c t r ic it y u n d e r c o n t r a c t fr o m t h e A la ­
bam a P ow er C o.
E le c t r ic r a ilw a y p r o p e r tie s co n sist o f 184 m iles o f e q u iv a le n t sin gle t r a c k ,
315 passenger a n d 28 s e r v ic e ca rs . E le c t r ic ge n e ra tin g s ta tio n has in s ta lle d
c a p a c it y o f 11,700 k .w . T ra n sm issio n lines to t a l 107 m iles a n d 795 m iles
o f d is trib u tio n lines. G as s y s te m has h o ld e r c a p a c it y o f 9 ,3 8 1 ,0 0 0 c u . f t .
a n d d a ily c a p a c it y o f 4 .8 7 0 ,0 0 0 c u . f t . , a n d co n sists o f 394 m iles o f d is trib u ­
tio n m a in s.
C o n su m e rs s e r v e d as o f Ju n e 30 1927: E le c t r ic p o w e r a n d
lig h t, 5 5 ,9 7 7 ; g a s , 3 4 ,8 2 6 , a n d s te a m h e a t, 292. P a ssen gers c a rrie d d u r in g
12 m o n th s e n d e d Ju n e 30 1927, 7 0 ,2 8 9 ,0 5 3 ; in y e a r 1926 7 0 ,7 7 5 ,3 7 4 ; in
1925, 6 9 ,2 3 5 ,3 2 1 , a n d in 1924, 6 6 ,7 9 5 ,4 6 4 .
O u ts ta n d in g .
M a tu r ity .
STOCK AN D BO N DS—
D a te .
In terest.
________
800 .000 shs ___________
C o m 1 ,0 0 0 .0 0 0 shs (n o p a r ).
I7 Q -J
4 8 ,1 3 5 shs O c t ’ 2 7 ,$ 1 .7 5
$7 c u m p r e f 7 5 ,0 0 0 shs (n o p a r ) ____
$6 Q -J
3 ,8 6 0 shs O c t ’ 2 7 ,$ 1.50
$6 c u m p r e f 7 5 ,0 0 0 shs (n o p a r ) ____
6 g A -O
$ 8 ,0 0 0 ,0 0 0 O c t 1 1954
First & r e f M 6 % ser d u e 19541 1924
(c * $500 & $ 1 ,0 0 0 , and $ 1 C e n tra l U n io n T r u s t C o . , N e w Y o r k , tru stee.
000 r * ) g o l d _______________t f)
B irm R y , L & P ge n M r e f f 1904
4 ) 4 g A -O
8 ,4 9 3 ,0 0 0
A p r 1 1954
$ 1 0 ,0 0 0 ,0 0 0 g o ld ( $ l , 0 0 0 ) c * i I n t . at C a n a l-C o m m e r c ia l T r . & S a v . B k .,
( N e w O rl., tr u s ., o r a t N . Y . T r . C o . , N . Y .
S tock.- — T h e $6 an d $7 c u m . p r e f. s to c k s are r e d . a t $110 an d a c c r u e d d iv s .
an d in e v e n t o f liq u id a tio n e n title d t o $100 p e r share a n d a c c r u e d d iv s .
In D e c . 1924 th e O ld C o lo n y T r u s t C o ., B o s t o n , W . C . L a n g le y & C o . ,
S p e n ce r T ra sk & C o . an d J a ck so n & C u rtis o ffe r e d 2 0 ,0 0 0 shares o f $7 c u m .
p r e f. at $98 p e r share an d d i v ., t o y ie ld 7 .1 4 % . V . 120, p . 8 4 .
I n A p r il
1927 5 ,0 0 0 shares o f $6 c u m . p r e f. s t o c k was o ffe r e d b y c o . t h r o u g h c u s to m e r
o w n e rsh ip ca m p a ig n .
B o n d s . — F irst & r e f. m tg e . 6 % series d u e 1954 are re d e e m a b le , all ori n
part, o n a n y in te re st d a te o n six w e e k s’ n o tice th ro u g h O c t . 1 1928 a t 105
and in te re st; th e re a fte r th ro u g h O c t . 1 1933 a t 1 0 4 )4 a n d in t .; th erea fter
th rou gh O c t . 1 1938 a t 104 an d in te re st; a n d th e re a fte r a t 10354 an d in terest
less 14 o f 1 % fo r ea ch fu ll y ear e lap sed su b se q u e n t t o M a r c h 1 1939. In te r ­
est p a y a b le in N e w Y o r k C it y . P e n n sy lv a n ia 4 m ills ta x r e fu n d e d .
$ 8 ,000 ,0 0 0 fir s t & re f. m tg e . 6 % series d u e 1954 w ere o f fe r e d in A p ril 1924 b y
a sy n d ic a te h e a d e d b y H arris, F o rb e s & C o . , a t 9 7 H an d in te re s t, t o y ie ld
6 .1 8 % .
V . 118, p . 204 0.
O f th e B irm in gh a m R y ., L ig h t & P o w e r g e n . m t g e . o f 1904, n o m o r e b o n d s
can b e issu ed.
S in k in g f u n d o f H o f 1 % o f b o n d s o u t b e g a n A u g . 1 1924.
T h e b o n d s are s u b je c t to ca ll a t 105 an d in te re st o n a n y in te re s t d a y on
60 d a y s ' n o tice .
D iv i d e n d s . — O n th e $7 p r e f. an in itia l q u a r te r ly d iv . o f $ 1 .7 5 w a s p a id
J u ly 1 1924 a n d r e g u la r ly s in ce . A n in itia l d iv . o f $ 1 .5 0 w as p a id J u ly 1
1927 a n d a t sa m e r a te q u a r t e r ly sin ce.
E A R N I N G S .— F o r c a le n d a r years:
*192 7.
'
1926.
192 5.
1924.
G ro ss earn s, fr o m o p e r __ $ 9 ,9 2 6 ,9 9 8 $ 9 ,4 7 2 ,1 5 9 $ 8 ,6 0 3 ,0 1 3 $ 7 ,8 5 4 ,6 6 0
O p e r. e x p ., in c l. ta x e s_ _
6 ,5 2 5 ,0 2 0
6 ,1 6 2 ,1 2 3
5 ,7 1 3 ,0 3 4
5 ,2 7 3 ,2 0 2
N e t e a rn in g s ___________ $ 3 ,4 0 1 ,9 7 8
T o t a l in c o m e ___________ $ 3 ,4 0 8 ,8 8 6
In te re s t o n b o n d s _______
8 6 2 ,3 8 6
O th e r in t. & d e d u c t io n s 7 1 ,8 7 6
D iv s . o n p r e f. s t o c k ____
3 2 7 ,8 0 2
R e n e w a l & r e p la c e . res__
__________

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

$ 2 ,8 8 9 ,9 7 9
$ 2 ,9 2 0 ,3 8 4
8 6 9 ,3 3 4
3 4 ,0 7 5
2 2 7 ,8 5 9
691 ,4 0 1

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

B a la n ce fo r s u r p lu s ___ x $ 2 ,1 4 6 ,8 2 4
$ 1 ,3 4 8 ,8 2 3 $ 1 ,0 9 7 ,7 1 5
$ 9 6 3 ,6 1 5
* F o r 12 m o n th s e n d e d A u g . 31 1927.
x B e fo r e d e d u c t io n f o r ren ew a j
a n d re p la c e m e n t reserve.
O F F I C E R S .— P r e s ., I r a A . H a w k in s; V . - P . . R . H . S m ith ; V . - P . , E . W H ill; V .- P . & G e n . M g r ., J . S. P e v e a r; S ec. & T r e a s ., J. P . Ross.-— V . 122,
p . 232 6; V . 124, p . 227 6.

MISSISSIPPI
THE MISSISSIPPI POWER & LIGHT CO.
C o n tr o lle d by E le c tr ic P o w e r & L ig h t C o r p . S u p e r v is e d b y E l e c tr ic B o n d &
S h are C o .

O R G A N I Z A T I O N .— O rga n ized in M a r y la n d in A p ril 1923 a n d a cq u ired
and m e rg e d th e D e lta L ig h t & T r a c t io n C o ., J a ck so n (M is s .) P u b lic S ervice
C o . (fo r h is to ry see “ E le c tr ic R a ilw a y ” S u p p le m e n t o f A p r il 26 1 9 2 4 ),
V ick sb u rg (M is s .) L ig h t & T r a c t io n C o . (fo r h is to ry see “ E le c t r ic R a ilw a y ”
S u p p lem en t o f A p r 26 1924) an d C o lu m b u s (M is s .) R y . L ig h t & P o w e r C o .
C o . a cq u ire d in th e m id d le o f 1926 th e p la n t o f th e P a n o la E le c t r ic L ig h t
Jc P o w e r C o . at Sardis, M is s . V . 123, p . 843 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Furnishes w ith o u t c o m p e t it io n th e en tire e le ctr ic lig h t an d p o w e r s erv ice
la J a ck so n , V ic k s b u r g , C o lu m b u s , G re e n v ille , a n d in 60 sm aller c o m ­
m u n itie s in M is s is s ip p i; th e gas s e r v ic e in J a ck so n a n d th e e le c t r ic r a ilw a y
se r v ic e in J a c k s o n , V ic k s b u r g a n d G re e n v ille . O w n s e le c t r ic g e n e ra tin g
station s w ith an a ggregate in s ta lle d c a p a c it y o f a p p r o x im a t e ly 13,8 1 9 k .w .,
599 m ile s o f h ig h -te n s io n tra n sm ission lin e s a n d 365 m ile s o f e le ctr ic d is­
tr ib u tin g syste m s c o v e r in g th e va rio u s co m m u n itie s s e r v e d . P r in c ip a l
p la n ts are lo c a te d at J a ck s o n , V ic k s b u r g an d G re e n v ille . C o . a ls o ow n s
th e gas p la n t an d gas d is trib u tin g syste m s in J a c k s o n . T h e e le c t r ic r a ilw a y
sy ste m co m p ris e s 25 m ile s o f s in g le tr a c k e q u iv a le n t a n d an a u x ilia ry b u s
s e r v ic e . C o . se rve s o v e r 2 1 ,5 1 0 e le ctr ic co n su m e rs a n d
1,8 4 3 gas
c o n su m e rs. P o p u la tio n s e rv e d e s tim a te d a t ,1 3 1 ,0 0 0 .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n s to c k (n o p a r ) _______ ______
___________ 2 1 ,0 0 Q s h s ------------------S lock.- —-All o f t h e o u ts ta n d in g p r e f. s t o c k w as c a lle d fo r re d e m p tio n
J u ly 1 1927.
B o n d s . —A ll o f th e o u ts ta n d in g 1st & r e f. m tg e . s e r . “ A ” 6 ) 4 % b o n d s
d u e Ju n e 1 1943 w e re c a lle d D e c . 1 1926 at 105 a n d in t . V . 123, p . 2 3 9 L
T h e J a c k s o n P u b . S erv. 1st M t g e . b o n d s w ere c a lle d fo r p a y m e n t A p r . 1 l(n27.
T h e V icitsb u rg L ig h t & T r a c t io n Co'. 1st m tg e . b o n d s w e re c a lle d fo r re ­
d e m p tio n J u ly 1 1927 a t 105 a n d in te re st.

O ct ., 1927.]

POW ER, LIG H T AN D R A IL W A Y

E A R N I N G S .— F o r c a le n d a r y e a rs:
*1927.
G ross, in c lu d in g o th e r in c o m e __________ $ 2 ,5 2 1 ,8 2 0
N e t, a ft e r o p e r . e x p . a n d t a x e s _______
9 8 3 ,0 9 8
In teres t a n d o th e r d e d u c tio n s ________
5 4 8 ,5 6 8
P referred d iv id e n d s ____________________
8 6 ,0 3 2

1926.
$ 2 ,3 7 9 ,1 9 0
8 4 1 ,4 4 0
480 ,9 3 1
8 6 ,0 3 2

1925.
$ 1 ,8 6 0 ,6 8 5
667 ,141
3 3 1 ,9 2 8
8 5 ,5 3 9

B a la n c e _______________________________
$ 3 4 8 ,4 9 8
$ 2 7 4 ,4 7 7
$2 4 9 ,6 7 4
♦ F or 12 m o n th s en d e d Ju n e 30 1927.
O F F I C E R S .— P r e s ., H . C . C o u c h ; V .- P s ., J . L . L o n g in o , H . C . A b e ll
a n d E . W . H ill; S e c ., L . G a .r e t t ; T r e a s ., W . E . B a k e r .— V . 118, p . 204 2,
2437; Y . 119, p . 4 5 5 , 5 7 9 , 276 2; V . 121, p . 1102; V . 123, p . 84 3 , 2 3 9 1 .

GULFPORT & MISSISSIPPI COAST TRACTION CO.
S a l e . — I n D e c . 1924 it w as r e p o r te d th a t th e M is s is s ip p i P o w e r C o . had
a c q u ir e d th e c o m p a n y ’s p r o p e r tie s , rig h ts, p riv ile g e s an d fra n ch ises
V . 120, p . 8 6 . W e w ere in fo r m e d , h o w e v e r , th a t on Jan . 1 1925 th e c o m
p a n y d is p o s e d o f its e le ctr ic lig h t a n d p o w e r g e n e ra tin g p la n t a n d d is trib u ­
tio n sy stem s s erv in g G u lfp o r t , B ilo x i a n d P a ss C h ris tia n , b u t still o w n s and
o p e r a te s t h e ra ilw a y sy s te m s e r v in g these to w n s. T h e v e n d e e , (w hose
n a m e w a s n o t s t it e d ) a ssu m ed all o u ts ta n d in g o b lig a tio n s (see “ P u b lic
U tilities C o m p e n d iu m ” o f M a y 2 1925) o f th e c o m p a n y , in c lu d in g Its
fu n d e d d e b t . A 1 1 b o n d s w e re re tir e d a n d a n e w issu e o f 5 -y e a r 6 % gold
n otes cre a te d .
O R G A N I Z A T I O N .— I n c o r p . in M is s is s ip p i in 1 90 5. C o n s o lid a tio n o f
th e B ilo x i E le c tr ic R y . & P ow er C o . an d th e G u lfp o r t D e v e lo p m e n t C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 13 m iles o f tra ck fr o m G u lfp o r t t o B ilo x i an d 13.20 m iles from
G u lfp o r t t o Pass C h ristia n ; also 6 .6 3 m . o f tr a c k in B ilo x i; t o t a l, 3 2 .8 3 m .
o v e r w h ich o n ly fr e ig h t is h a u le d . P a ssen gers n o w c a r r ie d b y b u s lines
o p e r a te d b y M is s is s ip p i P o w e r C o .
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
S t o c k ------------------------------------------- ---------------------$ 1 0 0 ,0 0 0 ...............
6 % g o ld n o t e s --------------------------- 1925
6%
3 0 0 ,0 0 0 Jan 1 193f
O F F I C E R S .— P r e s ., J . M . B a rr y ; V . - P . , B . G . E a to n ; S e c ., L a m a A ld rid g e ; T r e a s ., R o b t . M . M a c L e t c h ie .— V . 105 , p . 290 ; V . 111. p 538;
V. 118, p . 3077; V . 120, p . 86.

LOUISIANA
AMERICAN UTILITIES CO. (DEL.).
O R G A N I Z A T I O N .— I n c o r p . in D e la w a re in 1925 fo r th e p u r p o s e of
a cqu irin g, op era tin g an d fin a n c in g p u b lic u tility c o m p a n ie s. O w n s tin
entire ca p ita l s to c k (e x c e p t d ir e cto r s ’ shares) a n d b o n d s o f th e L ou isian s
P u b lic U tilities C o ., I n c ., t h e A rk a n sas G e n e ra l U tilitie s C o . , M is s o u r i
G en eral U tilities C o ., the T e x a s G e n e ra l U tilitie s C o . , t h e K e n t u c k y
S erv ice C o . , th e P a n h a n d le P u b lic S e rv ice C o . a n d t h e T u c u m c a r i L ig h t
& P o w e r C o . V . 122, p . 2 03 7, 2 94 7; V . 124. p . 1818. O th e r a c q u is itio n s ,
see V . 123, p . 2 25 9; V . 124, p . 1356. In th e la tte r h a lf o f 1926 a c q u ir e d
th e U n io n E d is o n C o ., a h o id in g c o m p a n y o w n in g e le ctr ic lig h t a n d p o w e r
p r o p e r tie s in K e n t u c k y , M is s o u r i, O k la h o m a a n d N e w M e x ic o , se rv in g an
e s tim a te d p o p u la t io n o f 4 0 ,0 0 0 . V . 123, p . 2 8 9 3 , 3179.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . th r o u g h its su b sid iaries, su pplies in 60 co m m u n itie s o n e o r m o r e o f th e
fo llo w in g serv ices; E le c tr ic ligh t a n d p o w e r, n a tu ra l gas, w ater a n d ice.
T h e se c o m m u n ities are lo ca te d in K e n t u c k y , M is s o u r i, A rk a n sa s, L o u isia n a ,
N e w M e x ic o , O k la h om a , a n d T e x a s . A g g re g a te p o p u la tio n su p p lie d w ith
on e o r m o r e s ervices e s tim a te d a t o v e r 163 ,400 . E le c tr ic pla n ts o f 6,5 4 7
h .p ., ice p la n ts o w n e d o f 536 to n s d a ily c a p a c it y , w ith 75 a d d itio n a l to n s
c o n tr a c te d c a p a c it y . In a d d itio n , M a n s fie ld L ig h t & P o w e r C o . supplies
w ith o u t c o m p e titio n e le ctric lig h t a n d p o w e r t o a b o u t 6 ,0 0 0 p o p u la t io n
an d h as o v e r 600 cu stom e rs. A n artificia l gas p la n t w as o p e n e d in L a fa y e t t e
L a ., in Ja n . 1927, a n d serves a p o p u la tio n o f a b o u t 1 2 ,0 0 0 . V . 121, p . 2 87 2.
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n 150 ,000 shs (n o p ar)
(v t c ) --------------------------------------------------------------- 5 5 ,0 4 5 shs ___________
C u m p r e f 5 0 ,0 0 0 sh ares_______ ______
$7 Q - M
14,4 1 0 shs M a r ’2 7 $ l .75
1st lien & r e f g old ser A 6 % J 1925
6 g J -D
$ 3 ,9 3 0 ,0 0 0 D e c . 1 1945
($ 1 ,0 0 0 -8 5 0 0 )__________ c * t f |The P en n C o . fo r In s. on L iv e s ,& c ., P h ila tr
15-yr 6 4 6 % d eb en t," $ 5 ,0 0 0 ,-/ 1926
646 g M - N 1 ,6 4 1 ,0 0 0 N o v 1 1941
QD0 ($ 1 ,0 0 0 , $500 c * ) ___ t f (T h e S e a b o a rd N a t .B k .o f th e C it y o f N .Y ,,tr'
S tock . — T h e » 7 c u m . p re f. s t o c k is preferred as t o c u m u la t iv e d ividen ds
and assets ($100 an d d iv s . in case o f d issolu tion o r liq u id a tio n ).
R e d ., al!
or p a r t, on 30 d a y s ’ n o tice a t $110 an d d iv s.
D iv id e n d s p a y a b le at P en n
Co., fo r In s . on L iv e s & G ra n tin g A n n u itie s, P h ila . In D e c . 1925 P a rslej
B ros. & C o . an d P a u l & C o ., P h ila ., offe re d 14,000 shares a t $100 an d d ivs
V. 121, p . 287 2. A llo tm e n t ce rtifica te s w ere to b e listed on P h iladelphia
S tock E x ch a n g e . P a y m e n t w as t o b e m a d e in installm ents o f $50 an d d iv s
on o r b e fo re Jan . 1 1926 an d a d d itio n a l p a y m e n ts b y ca ll n o t t o exceed $10
per share, th e h o ld e r h a v in g th e rig h t t o p a y th e entire u n p a id ba la n ce
W hen th e fu ll p rice has been p a id , h olders o f a llo tm e n t ce rtifica te s will b(
en titled t o 1 share $7 c u m . p re f. s to c k and 1 share o f c o m m o n s t o c k votinfi
trust ce rtifica te s , i f th e v o t in g .t r u s t is then in fo r c e , oth e rw ise o n e share
o f c o m m o n s to c k .
I f th e $50 a d d itio n a l p a y m e n ts h a v e n o t been ca lled in
fu ll on o r b e fo r e D e c . 1 1928, neverth eless th e c o m m o n s to c k v .t.C . o r co m
mom s to c k shall b e d eliv e re d t o a llo tm e n t c e r tific a te holders. V . 121, p .2 8 7 2
In a d d ition t o th e 3 5 ,0 0 0 n o p ar c o m m o n shares f v .t . c . ) , 14,000 s h a m
ad d ition a l arc reserved in co n n e c tio n w ith th e $7 d iv . cu m . p re f. s to c k w h et
Issued o r fo r issu ance a fte r D e c . 1 1928 t o holders o f p aid up allotm en t
ce rtifica tes. T h e pu rch asers o f a b o v e 35,0 0 0 c o m m o n s to c k ( v .t . c . ) r e
c eiv ed o p tio n w arra n ts t o su b scrib e t o an equa l a d d itio n a l a m o u n t o f v . t . c
or c o m m o n s to c k as fo llo w s : O n o r b e fo r e Jan . 2 1927 a t $12 per share; on
or b e fo re Jan . 2 1928 at $15; o n or b e fo re Jan . 2 1929 a t $18.
B o n d s .— ' h e 1st lie n & r e f. g o ld b on d s are secu red b y ple d ge o f all o f the
T
ou ts ta n d in g 1st M . b o n d s (in excess o f $ 1 ,2 5 0 ,0 0 0 and c o n s titu tin g th e sole
fu n d ed d e b t o f th e issuing c o m p a n ie s ), an d all o f th e c a p ita l s to c k , excepl
d ir e cto r s ’ q u a lify in g shares, o f L o u isian a P u b lic U tilities C o ., I n c ., and
A rk a n sas G en eral U tilities C o .
A d d itio n a l b o n d s o f series “ A ” or other
series o f such ten or as c o . m a y d e cid e m a y b e issued (a) t o re fu n d 1st lien &
ref. b o n d s o f a n oth er series, an d (b ) u p on d e p o s it w ith trustee o f at least an
equal p rin cip a l a m o u n t o f m o rtg a g e b o n d s o f a n y su b sid ia ry, b u t o n ly when
ann ual in terest u p o n all d e p o s ite d b o n d s to g e th e r w ith all o th er in c o m e a p
p lica b le t o d iv id e n d s fo r 12 o u t o f p re ce d in g 14 m o n th s has been at least
1 % tim es ann u al in tere st o n b o n d s issued in c l. n e w Issue. R e d ., w h o le or
p a rt, o n 30 d a y s ’ n o t ic e o n a n y in terest date d u rin g 1926 at 105 and int and
thereafter at M % less fo r each su cceed in g y e a r e x ce p t th a t du rin g 1945 th e j
w ill b e red. a t 100 an d in t.
C o . re fu n d s a n y p erson al p r o p e r ty or in c o m f
taxes im p os ed on eith er th e p rin cip a l or Interest o th e r than in h eritan ce, gif!
or su ccession taxes in P e n n a ., C o n n ., M a r y la n d , M a s s , and D is t o f C o l
to an a m o u n t n o t exce e d in g th e p erson al p r o p e r ty or in c o m e ta x in effect
on D e c . 1 1925 in th e several S tates a n d th e p erson al p r o p e r ty ta x in effect
in D is t . o f C o l. on th e sam e d a te , also ce rta in taxes in M a in e . In Jan.
19^6 J- G . W h ite & C o ., I n c ., P a rsly B ros. & C o . and S trou d & C o ., I n c .,
offered $ 1 ,2 5 0 ,0 0 0 series A 6 % b o n d s at 9746 and in t ., t o yie ld 6 .2 2 % .
V . 122, p . 4 7 8 . In Ju n e 1926 J. G . W h ite & C o ., m e .. P a rs le y B r o s . & C o .
and P aul & C o . sold $62 1 ,0 0 0 a d d itio n a l Series A 6 % a t 98 a n d in t ., to
y ie ld 6 .1 8 % .
V . 122, p . 333 6, 3 45 1. J . G . W h it e & C o ., I n c ., P a rsly
B ros. & C o . an d P a u l & C o . o f fe r e d in M a r c h 1927 $ 1 ,2 2 5 ,5 0 0 a d d ’l 1st lien
& re f. g . b o ld s , series A 6 % , a t 100 an d in t.
V . 124, p . 1664. In A u g .
1927 th e a b o v e -m e n tio n e d fir m s o ffe r e d $ 9 1 0 ,0 0 0 a d d l 1st lie n & r e f. g .
b o n d s , ser. A , d a t e d D e c . 1 1 92 5. V . 125, p . 1050.
D e b e n tu r e s . — -A ddition al d e b e n tu re s m a y o n ly b e issu ed w h en n e t earnings
for 12 co n s e c u tiv e w ith in p r e ce d in g 15 ca le n d a r m o n th s , a fte r d e d u ctin g
aU p rior interest ch arges, h a v e b e e n at least 246 tim e s ann u al in terest o n
these (deben tu res, in cl. p r o p o s e d issu e, an d all o th e r interest charges ran k in g
e q u a lly .
R e d . w h ole or p a rt o n a n y in t. d a te o n 30 d a y s ’ n o tice o n or
b e fo r e N o v . 1 1931 at 10246 a n d in t ., an d th e re a fte r a t 4 6 % p e r y e a r less
t o r ea ch s u cce e d in g y e a r.
I n t . at tru ste e ’s o ffic e in N e w Y o r k o r a t th e
P en n sy lv a n ia C o . fo r In su ran ces o n L ives & G ra n tin g A n n u itie s, P h ila .
P e n n . 4 m ills ta x an d sim ilar taxes in M a in e , M a s s ., C o n n ., M a r y la n d , D is t .
o f C o l. refu n d a b le .
In D e c . 1926 P a rsly B ro s . & G o . a n d P a u l & C o .
o f fe r e d $ 1 ,0 0 0 ,0 0 0 at 9646 & in t ., t o y ie ld a b o u t 6 .8 8 % .
V . 123, p . 3 17 9.
T h e U n io n E d is o n C o . 5 % c o ll, trust n o te s , d u e M a r c h 1 192 7, w e re
p aid o f f a t m a tu r ity . V . 124, p . 1668.




219

E A R N I N G S .— C o n s o l, e a rn in gs o f c o . a n d s u b s, fo r 12 m o s . e n d . M a y 31
1927: G ro ss, $ 1 ,7 4 9 ,2 9 7 ; o p e r a tin g e x p ., m a in t. & ta x e s (n o t F e d e r a l),
$ 1 ,2 4 6 ,7 6 8 ; in t . c h a rg e s o n 1st lie n & r e f. 6s, $ 2 3 5 ,8 0 0 ; b a la n c e , $ 2 6 6 ,7 2 9 .
O F F I C E R S .— P r e s ., S am uel W . F le m in g J r .— V 121. p 2872: V 122
p . 478 , 203 7, 2 94 7, 3 33 6, 345 1, V . 123, p . 2 13 6, 2 2 5 9 ,2 8 9 3 , 317 9, V . 12 4 ,
p . 1356, 1664, 1818; V . 125 , p . 6 4 6 , 9 1 0 , 1050.

GULF PUBLIC SERVICE CO.
C o n tr o l .— A ll o f th e c o m m o n s t o c k is o w n e d b y G en eral P u b lic U tilit ie s
C o ., w h o s e s t o c k is o w n e d in tu r n b y D a y & Z im m e r m a n n , I n c .

O R G A N I Z A T I O N .— I n c o r p . in D e la w a r e A u g . 8 1925.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . o w n s an d op e ra te s 2 g r o u p s o f p u b lic u tility p ro p e rtie s in L o u isian a a n d
n ortheastern T e x a s , s e rv in g e le ctr ic lig h t a n d p o w e r , ice an d w ater in 2 5
co m m u n itie s w ith a p p r o x . 8 5 ,0 0 0 in h a b ita n ts.
E le c tr ic ity fo r ligh t a n d
pow er is su p p lie d t o 17 co m m u n itie s w ith a to ta l p o p u la tio n o f 4 4 ,5 0 0 .
T h e L ou isiana g r o u p co m p rise s G le n m o ra , B reau x B r id g e , J e a n e rette, P a t­
terson , B e r w ic k , V iv ia n , Jen a , W in fie ld , C o t t o n V a lle y , O il C it y a n d M o o r in g sp o rt, th e T e x a s g r o u p J a ck s o n v ille , R u s h , T r o u p , F ra n k s to n , K e m p
and M a b a n k . T o t a l in sta lle d e le ctric ge n e ra tin g c a p a c it y o f c o . ’ s p la n ts is
4 ,8 8 4 k .w . C o . also o w n s a n d o p e r a te s several ic e p la n ts , w h ic h h a v e a n
a g g re g a te d a ily c a p a c it y o f 324 t o n s . E le c t r ic c u s to m e rs , 7 ,1 8 8 ; w a te rs
c u s to m e rs , 2 ,5 0 7 . V . 121 , p . 2 27 2.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n 3 ,0 0 0 shs (n o p a r ; _ _ ____
___________
3 ,0 0 0 shs ____________
7 % c u m p r e f $ 1 ,0 0 0 ,0 0 0 _______ ______
___________
N o n e ____________
1st M 2(P yr s f g series " A " J 1925
6 g A -O
$ 2 ,2 9 8 ,5 0 0 O c t . 1 1945
($ 1 ,0 0 0 -5 0 0 -1 0 0 )_______c * t f ( I n t . a t G u a r a n ty T r . C o . o f N . Y . , tr u s te e .
B o n d s . — T h e 1 st M . 2 0 - y r . s in k in g f u n d g old b o n d s s e r ie s “ A , ” d u e O ct. 1
1945, are secu red b y a d ir e c t 1st m tg e . o n all th e p h y s ica l p ro p e rtie s o f th e
c o . A d d itio n a l b o n d s in o n e o r m o re series o f su ch te n o r as m a y b e d e te r ­
m ined as n ew series are cre a te d m a y b e issu ed fo r 8 0 % o f n ew c o n s tr u c tio n
or a c q u isitio n s, p r o v id e d n e t earnings o f th e c o . a n d its su bsidiaries are 156
tim es ann u al in terest ch a rges o n all o u ts ta n d in g b o n d s , in c l. n e w issu e.
A. s in k in g f u n d , c o m m e n cin g O c t . 1 1927, is p r o v id e d o f 1 % o f m a x im u m
am ou n t o f b o n d s o u ts ta n d in g a t a n y tim e d u rin g th e 1st 5 yea rs p r e c e d in g ,
2 % d u rin g th e n e x t 10 y e a rs, a n d 2 4 6 % d u rin g th e last 3 y e a r s . R e d .,
w hole o r p a r t, o n 60 d a y s ’ n o tice t o a n d in c l. O c t . 1 1940 a t 105 an d i n t .,
thereafter a t 102 a n d in t . P e rso n a l p r o p e r ty ta xe s o f a n y S ta te , u n d er a n y
present la w , n o t in excess o f 5 m ills, M ic h ig a n 5-m ills an d M a s s . 6 % ta x
re fu n d a b le . In N o v . 1925 C a m p , T h o rn e & C o ., I n c ., C h ic a g o , o ffe r e d
$ 1 ,5 0 0 ,0 0 0 series “ A ” a t 9746 an d in t ., t o yie ld 6 .2 2 % . V . 121, p . 2 2 7 2 .
E A R N I N G S .— F o r c a le n d a r y e a rs 1926:
G r o s s __________________________________________________________________
$ 8 0 5 ,7 4 2
N e t a fte r exp e n se s, m a in te n a n c e & t a x e s _________________________
2 0 1 ,1 5 0
F ix e d c h a r g e s ________________________________________________________
1 9 8 ,3 5 3
B a la n c e ____________________________________________________________
$ 2 ,7 9 7
O F F I C E R S .— P r e s ., F . W . W o o d c o c k ; V .-P r e s . & T r e a s ., M ilw a r d
O liv e r ; V . - P s ., C . S c h u b e rt a n d W . F in d la y D o w n s ; S e c ., C . A . M c C lu r e .
O ffic e , 1600 W a ln u t S t ., P h ila d e lp h ia , P a . M a n a g e m e n t , D a y & Z im m e r ­
m a n n , I n c .— V . 122, p . 2 6 5 0 ; V . 123, p . 2 26 0.

NEW ORLEANS PUBLIC SERVICE INC.
C o n tr o l. — C o n tr o lle d b y E le c t r ic P o w e r & L ig h t C o r p .

O R G A N I Z A T I O N .— C a m e in t o e x iste n ce S e p t. 27 1922 as a m erger o f
the N ew O rleans P u b lic S e rvice , I n c ., th e N e w O rleans R y . Sr L t . C o . ,
the N ew O rleans & C a rr o llto n R R ., L t . & P r . C o . , th e N e w O rleans &
P on tch a rtra in R R . C o . a n d th e O rleans R R . C o . , a n d s u b s e q u e n tly a c­
qu ired th e p h y s ic a l p r o p e r tie s o f S t. C h a rle s S tre e t R R . C o . . N e w O rlean s
G as L ig h t C o . , N e w O rlean s C i t y R R . C o . , C o n s u m e rs E le c tr ic L ig h t &
P ow er C o . a n d C itize n s L ig h t & P o w e r C o . , I n c . V . 121, p . 2 5 2 1 . N e w
O rleans P u b lic S e r v ic e , I n c ., w as in c o r p . A u g . 18 1922 u n d e r t h e la w s o f
Lou isiana as p e r p la n o f r e o r g . o u tlin e d in th is S e ctio n o f O c t . 28 192 2.
N o t e . — T h e o n ly ch a n g e in th e n a m e o f th e new N e w O rleans P u b lic
Service, I n c ., is th e d r o p p in g o f tne c o m m a b e tw e e n th e w o rd s S ervice
and I n c .
N ew O rleans P u b lic S e rv ice I n c . c o n t r o ls th e fo llo w in g co m p a n ie s :
A m ount

O w n ed by
N . O. P . S.

STOCKS—
Issu ed .
$ 3 ,0 0 0
$ 2 ,5 0 0
H allw ays R e a lty C o ________________ ___________________
le ffe rs o n & L a k e P o n tc h a rtr a in R y . C o ____________
1 0 0 ,0 0 0
9 9 .3 0 0
M e r g e r o f S u b . C o s . — -In D e c . 1923 th e S t. C h a rles S t. R R . an d th e N e w
O rleans G as L ig h t C o . w ere m e rg e d in t o th e p a re n t c o . V . 117, p . 2 2 1 3 .
See also V . 119, p . 1844.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e c o . o w n s an d o p e ra te s all th e p la n ts ge n e ra tin g e le ctr ic e n e rg y f o r c o m ­
m e rcia l p o w e r and lig h t in t h e c it y o f N e w O rlean s, th e e n tire g a s m a n u fa c­
tu r in g a n d d is trib u tin g p r o p e r tie s , a n d 208 m iles o f e le c tr ic s tr e e t r a ilw a y
s y s te m . P o p u la tio n s e rv e d e s tim a te d a t 4 3 5 ,0 0 0 . P ro p e r tie s o w n e d
in c lu d e : (1) e le ctr ic g e n e ra tin g s ta tio n s w ith a g g re g a te in s ta lle d c a p a c it y
o f 8 4 ,2 0 0 k .w ., a n d 1,961 m ile s o f e le ctr ic tra n sm ission a n d d is trib u tin g
s y s te m s; (2) g a s w o rk s w it h a m a n u fa c tu r in g c a p a c it y o f 2 8 ,1 2 4 ,0 0 0 c u . f t .
p e r d a y , h o ld e r c a p a c it y o f 7 ,5 8 0 ,0 0 0 c u . f t . , a n d 573 m ile s o f m a in s;
(3) 208 m ile s o f s tre e t r a ilw a y tr a c k a n d 787 ca rs, in c lu d in g 223 d o u b le ­
tr u c k cars o f m o d e r n d e s ig n . 82,111 e le ctr ic c o n s u m e rs a n d 6 7 ,1 5 3 g a s
c o n su m e rs.
D u r in g 12 m o s . e n d . Ju n e 30 1927 e le ctr ic sales a g g re g a te d
1 9 5 ,1 8 9 ,8 0 6 k .w . h . , gas sales, 2 ,6 2 7 ,5 4 5 ,0 0 0 c u . f t . , and s tr e e t r a ilw a y
p a ssen gers ca r r ie d , 1 4 8 ,1 7 2 ,3 2 1 .
A g r e e m e n t w ith C i t y . — F o r p a rticu la rs see “ E le c tr ic R a ilw a y ” S u p p lem en t
i f A p ril 26 1924.
T o O p e ra te B u s e s . — See V . 118, p . 1911.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
O o m .s to ck (n o p a r) 1 ,0 2 5 ,0 0 0 s h s ____
________
7 5 4 ,0 2 8 shs.
See t e x t
P ref. s t o c k 7 % c u m . 1 5 0 ,0 0 0 1 ____
$7 Q -J
7 9 ,1 7 7 s h s. O c t ’2 7 1 1 .7 5
sh s. (n o p a r ) . ______________ 1
1st & r e f M series “ A ” _______ J 1922
5 g A -O
$ 1 2 ,0 0 0 ,0 0 0 O ct 1 1952
Ser B ($ 1 ,0 0 0 , $50 0 c * a n d ) 1925
5 g J -D
1 3 ,0 0 0 ,0 0 0 Ju n e 1 1955
$ 1 , 0 0 0 a n d $ 1 0 ,0 0 0 r ) ______ \ C h a s e N a t i o n a l B a n k , N e w Y o r k , t r u s t e e .

G en lien 4 46 % b d s $ 1 3 ,876,5001 1922
446 g J-J
1 2 ,9 6 0 ,7 0 0 J u ly 1 1935
($1 0 0 , $50 0 a n d $ 1 ,0 0 0 , a n d (N e w Y o r k T r u s t C o . , N e w Y o r k , tru stee,
scrip 5s g o ld ____________ c * t f I
In com e b o n d s 6 % c u m ser “ A
1922 6 % J -D
4 ,7 7 8 ,1 0 0 N o v 1 1949
Incom e b o n d s 6 % c u m ser “ B "
1922 6 % J - D
1,9 8 0 N o v 1 194 9
H O & C a r 1st M $ 2 ,0 0 0 ,0 0 0 /
1899 5 F -A
$ 1 ,3 7 8 ,5 0 0 F e b 1 1933
an d scrip o f $50 ) g o l d . c * t f l
($ 5 0 0 a n d $ 1 ,0 0 0 )______n t f l i n t , a t W h it n e y C e n t. N a t . B a n k , N e w O rl.
O anal & C la ib R R c o n s m tg e ] 1896
6 g M -N
6 4 5 ,0 0 0 M a y 1 1946
$ 8 0 0 ,0 0 0 ($500 & $ 1 ,0 0 0 ) _ - l i n t , a t W h it n e y C e n t. N a t . B a n k , N e w O rl
E dison E le c o f N O 1st M J
1899 5 J-J
2 ,0 2 0 ,0 0 0 Jan 2 1929
($ 1 ,0 0 0 ) s f $ 2 ,5 0 0 ,0 0 0 c * t f l i n t , a t A m e rica n T r u s t C o ., B o s to n , T r u s te e .
M erch E l L t & P r C o 1st m t g e / 1899
5 g J-J
3 0 0 ,0 0 0 J u ly 1 1929
$50 0 ,0 0 0 g o ld ( $ 5 0 0 ) - .c * t f t i n t , a t M e r c h . L o a n & T r u s t C o ., C h ic ., T r u s .
H O C it y gen m tg $ 3 ,2 5 0 ,0 0 0 / 1899
5 g J -J
3 ,2 0 0 ,0 0 0 Ju n e 1 1943
g o ld ($ 1 ,0 0 0 )___________ c * t f f l n t . a t In te rsta te T r . & B k g . C o ., N e w O rl.
/
F id e lity & C o l. T r u s t C o ., L o u is v ille , T r u s .
H ew O rleans C it y & L a k e l s t ( 1893
5 g J -J
2 ,1 7 5 ,0 0 0 Jan 1 1943
m tg e fo r $ 5 ,0 0 0 ,0 0 0 g o ld ] S u b ject to ca ll fo r sinking fu n d a t 110.
($500 a n d $ 1 ,0 0 0 )____ c * t f [F id e lity & C o l. T r u s t C o ., L o u isv ille , T r u s te e .
l i n t , a t In te rsta te T r . & B k g . C e ., N e w O r l.
H O P o w e r-h o u se 1st m t g e l 1901
5 g J -J
2 0 0 ,0 0 0 J u ly 1 1943
g o ld $ 2 0 0 ,0 0 0 ($ 1 ,0 0 0 ) _ c t f ] F id e lity & C o l. T r u s t C o . , L o u isv ille , T r u s te e .
/I n t . a t In te rsta te T r . & B k g . C o ., N ew O rl.
St C h arles St 1st M $ 6 0 0 ,0 0 0 / 1902
4 g J -J
3 7 5 ,0 0 0 Jan 1 1952
($ 1 ,0 0 0 ) g o l d ---------------c n t f\ I n t . a t W h it n e y -C e n t . N a t . B k ., N e w O rl.
R ys R e a lty C o 1st m t g e $ 4 0 0 ,-f 1916
6 Q -M
2 0 ,5 0 0 M a r 1 1 9 3 1
0 0 0 -----------------------------------------(H ib e r n ia B a n k & T r u s t C o ., T ru s te e .
O on su m E l L t & P r C o 1st M f 1911
5 J-J
1 ,8 8 5 ,0 0 0 Jan 1 1936
25-rs g $ 2 ,5 0 0 ,0 0 0 ( $ 5 0 0 iI n t . a t I r v in g B k .-C o lu m b ia T r . C o . , N . Y .
a n d $ 1 0 0 ) ___________________ [ C it y , tru ste e .
S to ck . — T h e $7 p r e f. is n o n -v o tin g s t o c k .
I s en title d t o $10 0 p e r sh are
and d iv id e n d s in case o f liq u id a tio n .
R e d . as a w h o le a t $11 0 p er share an d
d iv id e n d s . In D e c . 1924 the O ld C o lo n y T r u s t C o ., B o s to n , an d B o n b r ig h t
& C o ., I n c ., N e w Y o r k , o f fe r e d 2 2 ,0 0 0 shares o f p r e f. s to c k a t $97 per share
and d iv id e n d .
V . 119, p . 2 6 4 7 . In M a rch 1926 c o . o ffe r e d 3 2 ,0 0 0 shares
7 % p r e f. s to c k (p ar $10 0) a t p a r t o its cu s to m e rs an d e m p lo y e e s , p a y a b le
o n th e in s ta llm e n t p la n . V . 122. p . 1762.

W20

PU BLIC U TILITIE S

B o n d s . — T h e fir s t & r e f. m t g e . 5s (Series A ) are r e d e e m a b le , a ll o r p a r t, on
six w eek s’ n o t ic e , a t 105 a n d in t. o n o r b e fo r e O c t . 1 1927; a t 104 a n d in t. in
't h e n e x t f iv e y ea rs; a t 103 a n d in t. in th e n ext fiv e ; at 102 a n d in t . in the
n ex t fiv e ; a t 101 a n d in t . in n e x t f iv e , a n d a t 100 34 a n d in t. th e re a fte r p rio r
t o m a tu r ity .
T h e fir s t a n d r e f. m t g e . 5 % g o ld b o n d s, Series B , d u e Ju n e 1 1955, are
r e d e e m a b le , all o r p a r t, o n six w e e k s’ n o tice , in c l. Jun e 1 193 0, a t 105; in
th e n ex t f iv e years a t 104; a t 103 in th e n e x t fiv e ; a t 102 in th e n e x t fiv e ; at
101 in th e n ex t fiv e ; a n d a t 10034 th e re a fte r; in each case w ith in terest.
I n t e r e s t p a y a b le in N e w Y o r k a n d N e w O rleans. P e n n a . 4 m ill ta x r e fu n d ­
a b le. D illo n , B e a d & C o . so ld in Ju n e 1925. $ 5 ,0 0 0 ,0 0 0 a t 9534 a n d in t..
t o y ie ld 5 .3 7 % . V . 120 , p . 3 0 6 5 . I n Jan . 1927 D illo n , B e a d & C o . sold
$ 8 ,0 0 0 ,0 0 0 a d d itio n a l series B a t 96 and i n t ., t o yie ld o v e r 5 3 4 % . V .
124, p . 647 . B o t h series lis te d o n N e w Y o r k S t o c k E x ch a n g e . V . 121.
p . 1102; V . 124, p . 921 .
T h e g en . lien 434 % b o n d s are c a ll, a ll o r in p a r t at a n y t im e , o n 6 w eeks'
n o tice a t 105 a n d in t . I n t . p a y a b le in N . Y . an d N e w O rleans. $ 1 ,6 5 0 ,0 0 0
w ere o f fe r e d b y J a c k s o n & C u rtis , O ld C o lo n y T r u s t C o . a n d T u c k e r , A n ­
t h o n y & C o . in A u g . 1924 a t 8634 & in t ., t o y ie ld a b o u t 6 3 4 % . V . 119.
p . 943.
T h e 6 % m tg e . in c o m e b o n d s m a tu rin g N o v . 1 1949 are secu re d b y direct
m o r tg a g e lien or th ro u g h p le d g e o f c o lla te ra l o n th e en tire p r o p e r t y o f th<
c o m p a n y , s u b je c t t o $ 5 0 ,1 3 9 ,2 0 0 o f p rio r lien b o n d s . T h e y are design ated,
r e s p e c tiv e ly , Ser. A a n d Ser. B (Ser. A t o b e p a y a b le in U . S. d o lla rs and
S er. B p a y a b le p rin . and in t. in F ren ch fr a n c s ).
T h e Ir v in g B a n k & Trust
C o . , N . Y . , is c o u p o n -p a y in g a g e n t.
Series A (.$1,000, $500, $10 0 c * t f ) art
r e d ., w h ole o r p a r t, on fo u r w e e k s’ n o t ic e a t 100 a n d in t. H ib e rn ia B a n t
& T r u s t C o . , N e w O rlean s, L a ., is tru ste e . In M a y 1926 H a le , W aters
& C o . o ffe r e d $ 5 0 0 ,0 0 0 Series A at 9534 f la t , t o y ie ld 6 .6 5 % (th e p r ice wa«
e q u iv a le n t t o 9 2 3 4 )- V . 122, p . 2949
O n th e N e w O rleans & C a rr o llto n co n s o lid a te d b o n d s , $ 3 0 ,0 0 0 p er a n n u a
is p a y a b le t o a s in k in g f u n d .
A s in k in g f u n d o f $3 0 ,0 0 0 p er a n n u m is p r o v id e d fo r the r e d e m p tio n o f th*
N . O . C it y & L a k e B B . b o n d s .
T h e M e r ch a n ts ' E le c . C o . b o n d s are s u b je c t t o ca ll a t 102 a n d in t . a«
a n y tim e .
T h e S t. C h a rles S t. B B . b o n d s are n o t s u b . to c a ll.
E d is o n E le c . C o . o f N . O . b o n d s h a v e s in k in g f u n d o f 1 % p e r a n n u a
o f b o n d s o u t . V . 124, p . 234 .
A s in k in g fu n d o f $ 1 5 ,0 0 0 a n n u a lly , sin ce J a n . 1 1920, is p r o v id e d fo r
th e r e d e m p tio n o f C a n a l & C la ib . 6 % b o n d s .
D iv id e n d s . — In D e c . 1923 a d i v . o f $8 p er share w as declared o n th e c o m .
s t o c k o f $10 0 p a r , p a y a b le in c o m m o n and a t th e ra te o f 9 % p er an n .
th erea fter t o O c t . 1 1924. V . 117, p . 277 0. In S e p t. 1924 s t o c k w as
c h a n g e d to n o p a r v a lu e an d 4 shares o f n o p a r v a lu e c o m m o n exch a n g e d
fo r each o ld share o f $100 p a r . D iv s . s u b s e q u e n tly p aid e q u iv a le n t t o $2 .2 5
p er a n n u m , b a s e d o n p re s e n t n o p ar s t o c k .
E A B N I N G S .— F o r ca le n d a r ye a rs
*192 7.
1926.
1925.
1924.
G ro s s o p e ra tin g in c o m e -$ 1 8 ,1 0 3 ,9 3 2 $ 1 7 ,6 2 4 ,5 1 4 $ 16 ,422 ,87 2 $ 1 4 ,8 7 0 ,8 4 0
O p er. e x p . and t a x e s . . . 1 1,351,531
11,180,993
1 0 ,759,079 1 0 ,036,508

N e t ea rn in gs............. $6,7 5 2 ,4 0 1
$ 6 ,4 4 3 ,5 2 1
$5,6 6 3 ,7 9 3 $ 4 ,8 3 4 ,3 3 2
O th er in c o m e .......... ............
247 ,8 1 7
102,416
180,691
150,643
T o ta l in c o m e .....................$ 7 ,0 0 0 ,2 1 8
In terest o n b o n d s _______
2,5 2 1 ,2 2 1
O th er in t. & d e d u c t io n s .
195 ,867
D iv s . o n p r e f. s t o c k ____
5 54 ,243

$ 6 ,5 4 5 ,9 3 7
2 ,3 4 5 ,0 3 9
183 ,222
554 ,2 4 3

$ 5 ,8 4 4 ,4 8 4
2 ,2 7 7 ,7 3 8
160 ,900
3 0 1 ,5 0 0

$ 4 ,9 8 4 ,9 7 5
2 ,0 6 5 ,0 9 9
121,508
374 ,0 8 9

B a l a n c e .................... ..
$ 3 ,7 2 8 ,8 8 7 $ 3 ,4 6 3 ,4 3 3 $ 3 ,1 0 4 ,3 4 6 $ 2 ,4 2 4 ,2 7 9
* F o r 12 m o n th s e n d e d J u ly 31 1927.
O F F I C E R S .— C h a irm a n o f B o a r d , B . S. H e c h t; P res., H . B . F low ers
V .- P s ., E . W . H ill, W . C . L a n g an d A . B . P a te rso n ; S e c ., E . T . C o lt o n ,
C o m p t ., A . B . M c C o a r d ; T r e a s ., E . T . C o lt o n .— V . 118, p . 7 9 4 , 1 9 1 1 .2 0 4 2 ,
1573; V . 119, p . 3 2 5 , 9 4 3 , 151 0, 184 4, 1952, 264 7; V . 120, p . 145 9, 1881
3 06 5; V . 121 . p . 2 0 0 , 1102. 2 0 3 9 , 2 52 1: V . 122 n . 1762- V . 122 . u . 1762
2 3 2 9 , 2949: V . 123, p . 325; V . 124, p . 647 , 921, 2280; V . 125, p . 246.

[V ol. 125,

NORTHWEST LOUISIANA GAS CO., INC.
O R G A N I Z A T I O N .— I n c o r p . in D e la w a r e as a c o n s o lid a tio n o f th e
business o f th e O il F ie ld s G a s C o . , H o m e r N a t u r a l G a s C o . a n d o th e r
p r o p e r tie s . C o . is e n g a g e d in th e p r o d u c t io n , tr a n s p o r ta tio n , p u rch a se a n d
d is trib u tio n , b o t h w h o le sa le a n d re ta il, o f n a tu r a l g a s fo r p u b lic u tility
a n d in d u stria l p u rp o se s.
T h r o u g h a c o n t r a c t w ith th e P a lm e r C o r p ., c o . w as t o s u p p l. a m in im u m
o f 3 ,6 0 0 ,0 0 0 ,0 0 0 c u . f t . o f gas in 1927 a n d a m in im u m o f 4 ,0 0 0 ,0 0 0 ,0 0 0 c u . f t .
a n n u a lly fo r fiv e ye a rs th e re a fte r t o S h re v e p o rt, a c it y w ith 7 2 ,0 0 0 p o p u la tio n .
C o . a ls o has a c o n t r a c t th r o u g h a 5 0 % in te re st in an a s s o cia te c o . t o sell
gas to th e A rk a n sas N a tu r a l G a s C o ., w h ic h d is trib u te s t o L it t le R o c k . A r k .,
a n d 13 o th e r c o m m u n itie s a lo n g its lin e s .
T h r o u g h its o w n r i p e lin es,
gas is s u p p lie d w it h o u t c o m p e t it io n t o se ve ra l to w n s in L o u is ia n a , e a s t a n d
n o r th e a s t o f S h r e v e p o rt, in c lu d in g H o m e r , H a y n e s v ille , S p rin g H ill, A th e n s ,
G ib s la n d a n d A r c a d ia .
T o t a l p o p u la tio n se r v e d e s tim a te d in excess o f
100 .0 0 0 . C o m p a n y su p p lie s g as in w h o le sa le q u a n titie s , a n d in p a r t th r o u g h
e x c lu s iv e c o n tr a c ts , t o th e S ta n d a rd O il C o . o f L a ., th e G u lf R e fin in g C o .,
th e H u m b le O il & R e fin in g C o ., th e A tla n t ic O il P r o d u c in g C o . , th e P h illip s
P e tr o le u m C o ., a n d o th e rs. T h e p r o p e r t y o f c o . in clu d e s m o r e th a n 130
m iles o f p ip e lines in W e b s te r , B ossier a n d C la ib o r n e P a rish es, c o n tr o llin g
an area o f 2 ,0 0 0 s q . m ile s. C o . c o n tr o ls t h r o u g h fe e o w n e r sh ip o r lease, th e
gas rig h ts in m o r e th a n 5 ,5 0 0 ases o f p r o v e n a n d p r o d u c in g g a s la n d s . T h e
m ain tr u n k lines ta p th e W e b s te r G as F ie ld s , th e B o ssie r G a s G ie ld s an d
th e n e w ly o p e n e d C o t t o n V a lle y F ie ld . In a d d itio n c o . o w n s leases in th e
S ligo a n d W a s k o m fie ld s e a st an d w e st o f S h r e v e p o rt. T h e p r o v e n gas area
a d ja c e n t t o th e c o . ’s p ip e lin es, a n y p a r t o f w h ich ca n b e r e a c h e d b y fe e d e r
lin es o f less th a n 12 m ile s , is co n s id e r e d o n e o f th e la rg e st gas a rea s in th e
S o u th w e st, a n d is e s tim a te d t o co n ta in a s u p p ly o f gas s u ffic ie n t t o m e e t
r e q u ire m e n ts fo r a t least 20 y e a rs.
C o . has a d a ily o p e n f lo w o f a b o u t 2 7 8 .0 0 0 ,0 0 0 c u . f t . , o f w h ich it is u sin g
o n ly a p p ro x im a te ly 8 % .
T h e fu t u r e reserves o f c o . are e s tim a te d t o be
7 2 .0 0 0 .
0 0 0 .0 0 0 c u . f t .
V . 123, p . 332 1.
STOCK AN D BON DS—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
C o m 7 5 ,0 0 0 shs (n o p a r ) x ____ ______
________
5 4 ,0 0 0 shs ____________
7 % c u m p r e f $ 5 0 0 ,0 0 0 ________ ______
7
$ 5 0 0 ,0 0 0 _____________
1st (clo s e d ) m tg e 6 A %
s f f 1926
6 M g J - D 1 .1 2 5 ,0 0 0 D e c . 1 1933
b o n d s $ 1 ,2 0 0 ,0 0 0 ($ 1 ,0 0 0 .(
$ 50 0, $ 1 0 0 c * )____________ t f (C h a t . P h e n . N a t . B k & T r . C o . , N . Y . , tru s .
5 -y r m tg e 7 % b o n d s $ 4 0 0 . 0 0 0 - ____
7
3 7 5 ,0 0 0 ______________
x in c lu d e s 12,000 shares re s e rv e d fo r h o ld e rs o f s t o c k p u rch a s e w arra n ts.
B o n d s . — T h e 1st m tg e . 6 l % s . f . g o ld b o n d s, d a te d D e c . 1 1926 are secu red
A
b y a c lo s e d fir s t m o r tg a g e o n a ll th e rea l p r o p e r t y a n d fix e d assets o f th e c o .
A ll th e o u ts ta n d in g ca p ita l s to c k s o f s u b s id ia ry c o s . (e x c e p t d ir e cto r s '
sh ares) a re p le d g e d u n d e r th e m t g e . T h e r e is a s in k in g f u n d , c o m m e n cin g
M a r c h 1 1927, o f $ 2 5 ,0 0 0 q u a rte r ly a n d in a d d itio n a t h a lf-y e a r ly in terv a ls
2 5 % o f n e t e arn in gs, t o b e u se d fo r p u r c h a s e o f b o n d s a t o r b e lo w r e d .
p r ic e . O th erw ise b o n d s t o b e ca lle d b y lo t a t su c h p r ic e . R e d ., w h o le o r
p a r t, o n 30 d a y s ’ n o t ic e , o n a n y in t . d a te a t 105 a n d in t . A ll S ta te p erson a l
p r o p e r t y an d in c o m e an d D . o f C . p e rso n a l p r o p e r t y ta xes n o t exceedin g
5 m ills, re fu n d a b le . In D e c . 1926 G ild d e n , M o r r is & C o .; E d m u n d S eym ou r
6 C o . , I n c ., a n d T h r o c k m o r t o n & C o . s o ld $ 1 ,2 0 0 ,0 0 0 o f th ese b o n d s at
9 7 A a n d in t ., t o y ie ld a b o u t 7 % . E a ch b o n d ca rrie d d e ta c h a b le w arra n ts
t o p u rch a se shares o f n o p a r c o m m o n s t o c k a t th e ra te o f o n e sh are fbr
e a ch $100 o f b o n d s a t $ 1 0 p e r sh are D e c . 1 1926 t o N o v . 3 0 1929; $15 p er
share th e re a fte r u p t o m a t u r it y o f th e b o n d s , D e c . 1 193 3, regardless o f
a n y o r a ll o f th e b o n d s b e in g p r e v io u s ly c a lle d d u rin g eith er p e r io d . V , 123.
p . 332 1.
E A R N I N G S .— C o n s o l, earn in gs o f c o n s titu e n t p r o p e r tie s fo r c a l. years '■
1926.
192 5.
1924.
$ 5 1 5,90 1
$ 5 4 2 ,8 1 4
$ 5 1 2 ,2 7 2
G ro ss i n c o m e ___________________________
N e t a v a i l.f o r b o n d i n t .,s in k .fu n d s ,& c .
3 3 2 ,7 5 0
3 7 4 ,7 2 6
3 9 0 ,2 0 3
O F F I C E R S .— P r e s ., C h a rle s G . L a sk y ; V .- P r e s ., G e o rg e B e lc h ir and
N . F . G lid d e n ; S e c .-T r e a s ., G e o . E . R o g e r s .— V . 123, p . 3 18 4, 332 1; V . 124,
p . 922 , 274 9, 3 35 3, 377 3; V . 125, p . 96, 1461, 1971.

SHREVEPORT RAILWAYS CO.
LAKE CHARLES R Y., LIGHT & WATER-WORKS CO.
S o ld in A u g . 1 1924 t o th e L a k e C h a rles E le c . C o . , I n c ., w h ich was
in tu rn a c q u ir e d b y th e E a ste rn T e x a s E le c . C o . (w h ic h s e e ).
F o r history
o f L a k e C h a rles B y . , L t . & W ater W o rk s C o . , see “ E le c t r ic R a ilw a y ’
S u p p le m e n t o f A p r il 26 1924.

O R G A N I Z A T I O N .— Su ccessor o f th e S h re v e p o rt T r a c tio n C o ., th e fra n ­
chises an d pro p e rtie s o f w h ich c o m p a n y w ere p u rch a se d In J u ly 1914 b y the
S h re v e p o rt R a ilw a y s C o .
S h re v e p o rt T r a c . C o ., in tu r n , s u c c e e d e d the
S h re v e p o rt B elt R y . C o . a n d S h re v e p o rt C it y R R . , ch a rte re d in 1870, and
pu rch a se d th e H ig h la n d P a rk T r a c . C o . an d th e S h re v e p o rt C it y S u b u rban

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s an d o p e ra te s e n tire stre e t ra ilw a y sy s te m in c it y o f S h re v e p o rt
O perates 35 m iles o f tr a c k : 6 0 , 70 a n d 8 0 -lb . r a il.
O w n s a n d op era tes
BATON ROUGE ELECTRIC CO.
Its o w n p o w e r p la n t. 8 sin g le -tr u c k a n d 33 d o u b le -t r u c k p a s s . ca rs .
14
o n e -m a n ca rs, 2 w o rk c a r a n d 2 m isce lla n e o u s ca rs.
U n d er th e e x e c u tiv e m a n a g e m e n t o f S to n e & W e b s te r , I n c .
C o n tr o l. — I n M a y 1926 c o . c a m e u n d er c o n tr o l o f E n gin eers Public
F r a n c h is e s . — In 1912 a ll fra n ch ise s o f th e c o m p a n y w e re e x te n d e d until
S ervice C o . V . 122, p . 2 94 7.
1954. A ll fra n ch ises are fre e fr o m b u rd e n so m e r e s tric tio n s .
R a te D e c i s i o n . — V . 123 , p . 3 1 8 5 .
O B G A N I Z A T I O N . & c .— O rg a n ize d in L o u isia n a .
STOCK A N D BON DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
F I E L D O F O P E B A T I O N S A N D O H A B A O T E R O F B U S I N E S S .—
S to ck $ 2 ,0 0 0 .0 0 0 _____________________
________
$ 1 ,0 5 9 ,6 0 0 J a n ’2 3 , 3 %
D o e s en tire b u s , e le ctr ic r a ilw a y , e le ctr ic lig h tin g , p o w e r and gas business in
Preferred $ 2 0 0 ,0 0 0 ____________ ______
________
____________
____________
B a to n B o u g e , th e ca p ita l o f L o u isia n a an d th e e le ctric lig h tin g an d pow er
1st M ser g o ld b d s $ 3 ,0 0 0 ,0 0 0 / 1914
5 g J-J
9 0 5 .0 0 0
See tex t
business in P o r t A lle n , L a . O p erates 9.61 m iles o f tra ck In fo rm o f a
($1 0 0 , $50 0 & $ 1 ,0 0 0 ) c * t f ( i n t . a t H ib e rn ia B k . & T r . C o ., N . O ., tr u s t.
sin gle b elt th r o u g h B a to n R o u g e , 21 cars; stan d ard gauge m iles o f equivalent
sin gle tr a c k , 9 .7 5 ; 3 b u ses. P o w e r sta tion a t B a to n R o u g e , L a ., cap acity
B o n d s . — R e d e e m a b le a t 103 a n d in te re s t.
T h e $ 8 0 0 ,0 0 0 b o n d s Issued
6 ,5 0 0 k .w .
G a s o u t p u t , 192 6, 1 1 9 ,0 8 7 ,5 8 0 c u . f t . ; 38.1 4 8 m iles g a s m ain s m atu re in ann u al in sta llm e n ts as fo llo w s (p a r v a lu e $ 1 ,0 0 0 , e x c e p t for
3 ,0 5 4 gas m eters. E le c tr ic lig h t a n d p o w e r fr a n c h is e s exp ire In 1988 and
$50 ,000 o f $500 b o n d s a n d $ 2 0 ,0 0 0 o f $100 b o n d s d u e in 1944) $10,006
2 0 2 4 . p rin cip a l ra ilw a y fra n ch ise in 1973 a n d 2022: gas fra n ch ises in 1942
1918 a n d 1919; $ 1 5 ,0 0 0 1920 a n d 1921; $ 2 0 ,0 0 0 1922 t o 1927; $25,000
a n d 2 02 3. E s tim a te d p o p u la tio n s e rv e d : r a ilw a y , 4 2 .3 0 0 ; e le ctric lig h t and
1928 t o 1932; $ 3 0 ,0 0 0 1933 t o 1937; $ 2 5 ,0 0 0 1938 t o 1942; $ 2 0 ,0 0 0 1948:
p o w e r , 5 1 ,5 0 0 ; gas, 3 1 ,9 0 0 .
$21 6,00 0 1944. T h e r e m a in in g $ 2 ,2 0 0 ,0 0 0 w ill fa ll d u e a n n u a lly as fo llo w s
(par $ 1 ,0 0 0 , e x c e p t $ 1 0 0 ,0 0 0 o f $50 0 b o n d s a n d $ 8 0 ,0 0 0 o f $10 0 b o n d s
STO C K A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
d u e in 194 4); $ 5 ,0 0 0 1925 t o 1937; $ 1 5 ,0 0 0 1938 t o 194 2; $ 2 0 ,0 0 0 1943.
C o m m o n 6 5 ,0 0 0 shs (n o p a r ) - . ____
________
41,041 sh s.
See text
an d $ 2 ,0 4 0 ,0 0 0 in 1944. $15 0 ,0 0 0 re d e e m e d t o A p r . 1 1 92 5. T h e se rem ain ­
P r e f c u m ser A 7 % $ 4 2 5 ,0 0 0
____
7 Q -M
$40 4 ,1 0 0 M a r '2 7 1 M
in g $ 2 ,2 0 0 ,0 0 0 b o n d s m a y b e c e r tifie d a n d issu ed fr o m tim e t o tim e for
1st m tg e $ 1 5 ,0 0 0 ,0 0 0 series A / 1924
5 A g J -D
9 9 0 ,0 0 0 Ju n e 1 1954
Im p ro v e m e n ts, e x te n sio n s, a d d itio n s , A c . , u n d e r c e r ta in r e s tric tio n s .
($ 1 0 0 , $50 0 & $ l , 0 0 0 ) . c * t f ( i n t . a t O ld C o lo n y T r u s t C o ., B o s t o n , trustee
( V . 9 9 , p . 1 9 9 ).
P r e f s to c k s u b s c r ip tio n s_______ ______
________
2 5 ,1 0 0 ____________
E A R N I N G S .— F o r ca le n d a r years:
S to c k . — P r e f. s to c k is p re fe rre d as t o c u m . 7 % d iv s . an d assets.
R ed
G ross.
N et.
In terest.
S u r p lu s .
at 115. P a r v a lu e $10 0.
$67 ,563
192 6...................... .....................$67 8,32 5
$ 46 ,043
su r$ 2 1 ,520
In M a y 1925 c o . c h a n g e d th e a u th o r iz e d c o m m o n s t o c k f r o m 8 ,0 0 0 shares
1925- - - ........... ----------------- 6 3 3 ,5 1 9
5 4 ,6 3 4
5 8 ,7 2 3
d e f4 ,0 8 9
p a r $ 10 0, t o 6 5 ,0 0 0 shares o f n o p a r v a lu e , a t th e r a tio o f 4 new shares fo i
1924____________ .................... 650,191
3 5 ,8 1 0
4 2 ,8 5 9
d e f7 ,0 4 9
ea ch o ld sh are. A ls o d e c id e d t o e lim in a te th e th e n a u th o r iz e d $25 0,00 0
1923____________ ___________ 6 50 ,866
6 5 ,2 5 4
4 0 ,2 1 0
25,044
6 % p r e f. s t o c k (p a r $100) a n d t o p r o v id e in lie u th e r e o f an issu e o f p r e f
1 9 2 2 ____________ ___________ 629 .421
4 0 .6 9 9
9 3 .3 5 3
52.6 5 4
s t o c k in series A , B , & c. A n issu e o f $ 4 2 5 ,0 0 0 Series A w as a p p r o v e d
p a y in g 7 % d i v . (cu m u la tiv e ) a n d r e d e e m a b le a t 115. V . 121 , p . 1099.
O F F I C E R S .- - P r e s ., H . B . H e a rn ; V .-P r e s ., E d . J a c o b s ; S e c .-T re a s ..
E . J . C ra w fo rd .-— V . 115, p . 279 4; V . 116, p . 1412; V . 117, p . 209 ; V . 118.
B o n d s . — 1st M t g e . b o n d s o u ts ta n d in g a t a n y tim e Is n o t t o e x ceed $ 1 5 .p . 1521; V . 120, p . 455 ; V . 123, p . 318 5.
0 0 0 ,0 0 0 a n d t o m a tu r e n o t later th a n Jan . 1 2 00 0. A d d itio n a l b o n d s o!
series A o r o th e r series m a y b e issu ed o n ly u n d er th e c a r e fu lly guarded
restriction s o f th e m o r tg a g e . 5k£s ser. A are re d . as a w h ole (or in p a rt foi
sin kin g fu n d ) o n 3 0 d a y s , n o tice a t 105 & in t. p rio r t o June 1 1944, reducing
H o f 1 % fo r ea ch y e a r th e re a fte r t o 100 & in t. o n an d a fte r Ju n e 1 1953
S in k in g f u n d p a y a b le Ja n . 1 o f 1 % p er an n . o f ser. A o u ts ta n d in g , t o b«
ap p lied t o p u rch a s e o f b o n d s o f th is series a t n o t exceedin g 100 & int
$ 1 ,0 0 0 ,0 0 0 ser. A b o n d s w ere o f fe r e d in Ju n e 1924 b y B lo d g e t & C o . and
S ton e & W e b s te r , I n c ., a t 93 & In t., t o y ie ld o v e r 6 % .
Y . 118, p . 2946
$ 1 0 ,0 0 0 are ca n ce lle d b y sin k in g fu n d .
FEDERAL LIGHT & TRACTION CO.
D iv i d e n d s . — In itia l d iv . o f 2 % on c o m . p a id D e c . 1915.
I n 1916 7 %
O R G A N I Z A T I O N .— I n c o r p o r a t e d in 1910 in N e w Y o r k . H o ld s a c o n ­
In 1917, 8 % .
I n 1918. 8 % .
In 1919, 8 % .
In 1920, 8 % .
In 1921, 9 %
tro llin g in te re s t in th e fo llo w in g co m p a n ie s o p e r a tin g g a s , e le ctr ic lig h tin g ,
In 1922, 1 0 % .
In 1923, 1 0 % .
In 1924, 1 0 % . In .Tune 1925. « % .
G.
steam h e a t, ic e a n d tr a c tio n p r o p e r tie s lo c a te d in c itie s m e n tio n e d in title s .
th e new (n o p ar) c o m m o n s t o c k . In S e p t, an d D e c . 1925 p a id 6 2 4 £ c. In
192 6, 6 2 A c . q u a r.
A lb u q u e r q u e ( N . M .) G a s & E l . C o . N e w B ru n s w ick (S t. J o h n , N . B . )
C en tral A rk a n sas R y . & L t . C o r p .,
P ow er C o .
E A R N I N G S .— F o r ca le n d a r years:
H o t S prin gs, A r k .
IN . M e x . P o w e r C o . (S a n ta F e , N .M . )
B a l. A v a il , fen
H o t S prin gs S tre e t R y . C o .
R a w lin s ( W y o .) E le c . L t . & F u el C o .
N e t a fte r
I n te r e s t & R es e r v e s ,R etir
H o t S prin gs W a te r C o .
Sheridan ( W y o .) C o u n t y E le c . C o .
G ross.
T a xes.
A m o rt.
a n d D iv s .
C itiz e n s ' E le c t r ic C o .
S p rin g fie ld ( M o . ) R y . & L ig h t C o .
*1927 ______________ $ 1 ,0 1 1 ,4 4 6
$ 3 7 9,82 4
$70,304
$ 3 0 9 ,5 2 0
C o n s u m e rs ’ G a s C o .
S p rin g fie ld ( M o .) G a s & E le c . C o .
1926 _______________
9 6 0 ,4 7 9
3 6 2 ,8 7 8
69,492
2 93 ,386
D om in g ( N . M .) I c e & E le c . C o .
S p rin g fie ld ( M o .) T r a c t io n C o .
1925 _______________
7 9 9 ,6 1 4
2 7 1 ,6 3 0
71,712
199 ,918
G ra ys H a rb o r R y . & L t . C o . , A b e r ­ T r in id a d (C o l.) E l.T r a n s m .,R y .& G a s
1924 _______
7 0 7 ,1 0 6
2 5 0 ,4 6 5
51,808
198 ,657
T u c s o n (A r iz .) G a s , E le c . L ig h t &
d e e n , W a s h . ( V . 8 6 , p . 4 2 0 ).
1923 _______________
6 3 4 ,0 0 3
2 1 3 ,0 7 9
30,055
183 ,024
Las V e g a s ( N . M .) L t . & P o w e r C o .
Pow er C o .
1922 _______________
5 8 5 ,1 0 4
206,901
43,9 7 0
162,931
Las V e g a s ( N . M . ) T r a n s it C o .
T u c s o n (A r iz .) R a p id T r a n s it C o .
* F o r 12 m o n t h s e n d in g Ju n e 30.
W iU ap a E le c . C o . (R a y m o n d , W a s h .)
B a la n c e S h eet as o f Ju n e 3 0 1927, see V . 125, p . 1458.
O F F I C E R S .— P re s , H a r ry H . H u n t; V .- P r e s ., H a rry L . H a rd in g ; S e c .,
F e d . L t . & T r a c t . C o . o w n s th e en tire c a p it a l s to c k a n d all th e u n d erly in g
V ic t o r D . V ic k e r y ; T r e a s ., H e n r y B . S a w y e r; G e n . M g r s ., S to n e & W e b s te r ,
aon d s o f all o f th e a b o v e 22 c o m p a n ie s , e x c e p t $ 1 ,4 9 5 ,0 0 0 p r e f. s to c k
in d $ 1 ,8 3 4 ,0 0 0 1st lien b o n d s o f th e C e n tra l A rk a n sa s R y . & L t . C o r p .:
I n c .; M g r ., M . C . S m ith .— V . 101 , p . 1806: V . 104, p . 1488; V . 110 , p . 76;
$ 4 0 ,8 0 0 p r e f. s to c k o f th e S p rin g fie ld R y . & L t . C o .; $10 0 p a r v a lu e o f
V . 113, p . 2404; V . 116, p . 74; V . 118, p . 2 9 4 6 . 3075; V . 121. p . 5 8 4 , 1099;
b o n d s an d $ 76 ,200 s to c k o f T u cs o n R a p id T r a n sit, a n d 8 ,8 5 2 shs. p r e f.
V . 122, p . 1307, 2947; V . 123, p . 1249, 2894; V . 124, p . 2285; V . 125, p . 1458.




ARKANSAS

POW ER, L IG H T AND R A IL W A Y

OCT., 1927.]

series A a n d $ 3 ,6 0 0 ,0 0 0 1st m tg e . b o n d s d u e 1957 o f S p r in g fie ld G as &
E l. C o .
See d e s c r ip tio n a n d p ro p e rtie s in V . 9 0 , p . 1490. C o . o w n s p r a c t i­
c a lly all o f 2 0 ,0 0 0 shs. o f c o m . s t o c k o f N e w B r u n s w ic k P o w e r C o .
In
F e b . 1926 c o . p u r c h a s e d th e S an ta F e W a te r & L ig h t C o . o f San ta F e , N .
M e x . , w h ic h c o .s i n c e w as m e rg e d in to N e w M e x ic o P o w e r C o . V . 1 2 2 ,p . 1309.
< tia n g e in C a p ita l Stock ..— i n A p r il 1925 th e a u th o r iz e d c o m m o n s to ck
J
was c h a n g e d fr o m 8 5 ,0 0 0 n o p a r shares to 1 ,0 0 0 ,0 0 0 shares o f $15 p a r v a lu e
F or ea ch o ld sh are f iv e n e w shares (p a r $15) w e re g iv e n . V . 120, p . 2400
T h e p re fe rr e d s t o c k w as c h a n g e d fr o m $100 p a r t o n o p a r , sh are fo r share.
V . 120, p . 2 2 6 7 . 2 55 0.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y c o n tr o ls p u b lic u tility p ro p e rtie s fu rn is h in g e le ctr ic lig h t ana
p o w e r , gas o r tr a c tio n fa cilitie s in 15 co m m u n itie s in th e S tates o f N ew
M e x ic o , A r iz o n a , W y o m in g , W a s h in g to n , C o lo r a d o , M is s o u r i a n d A rka n sas.
S T O C K A N D B O N D S — D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n $ 1 5 ,0 0 0 ,0 0 0 ($ 1 5 )__________
_________
$ 6 ,4 2 6 ,2 8 0 See te x t .
P r e f 1 55 ,000 shs (n o p a r ) ______ _____
$6 Q -M
3 9 ,3 7 4 s h s . See t e x t .
First lien s f M $50 ,0 0 0 ,0 0 0 1 1912
5 M -S
$ 3 ,1 7 2 ,0 0 0 M a r 1 1942
g o ld $50 0 & $ 1 ,0 0 0 )____ c * jC o lu m b ia T r u s t C o .. N . V .. trustee.
6 M -S
3 .4 8 2 ,0 0 0 M a r 1 1942
S t a m p e d 6 s ___________________ 1912
S ta m p e d 5 s____________________ 1912
5 M -S
2 ,2 4 0 ,5 0 0 M a r 1 1942
3 0 -y ea r d e b b o n d s Ser “ B ”
f 1924
6 g J -D
2 ,5 0 0 ,0 0 0 D e c 1 1954
($500 & $ 1 ,0 0 0 ) g c * & r * .t f ( I n t . a t N e w Y o r k T r u s t C o . , N . Y . , trustee.
S to ck . — C o m m o n a n d p r e f. s to c k s are listed o n N . Y . S to c k E x ch a n g e .—V . 125, p . 1836.
B o n u s .— -or tn e firs t lien sin k in g fu n d m tg e . $ 3 ,1 7 2 ,0 0 0 are u n stam p ed
5s, $ 3 ,4 8 2 ,0 0 0 s ta m p e d 6s, ? 2 ,2 4 0 ,5 0 0 sta m p e d 5s; $ 1 ,5 7 1 ,0 0 0 h a v e been
retired b y sin k in g f u n d . T n e sca m p e d 6s are all or a n y p a r t r e d . on
an y in t. d a te o n 3 0 d a y s ’ n o t ic e a t 105 u p t o an d in c l. M a r c h 1 1932; at
104 th erea fter t o and in cl. M a r c h 1 1935. an d th e re a fte r a t 102.
V . 114,
p . 197, 305 . T h e re m a in in g 1st lien s k . f d . b o n d s are issu a b le fo r im p ts .,
b e tte r m e n ts and a cq u is itio n s u n d er certa in re s tric tio n s . R e d . as a w h o le but
n o t in p a rt at 102 & in t. A n n u a l s in k . f d . o f 1 % % o f b o n d s o u t M a r . 1 1913
t o M a r . 1 1923; 2 % , 1923 t o 1933; 2 ' A % , 1933 t o m a tu r ity .
P a y m e n ts fo r
r e d e m p tio n o f b o n d s if p u r c n a s a b le a t or below 102 anu in t ., otn e rw ise to
b e in v e s te d in new p r o p e r t y s u b je c t t o th e m o r tg a g e , See V . 94, p . 91 0 ,
559 . F u n d s m a y a lso be u sed f o r im p ro v e m e n ts . See V . 114. p . 3 9 ' : V 96,
p . 28 4 . T h e s ta m p e d 5s are c a ll., w h o le o r p a r t , o n a n y in t. d a te a fte r
12 w eek s’ n o t ic e a t 102 a n d in t. P e n n a . 4 m ills ta x re fu n d e d . In O ct. 1926
L e e . H iggin son & C o . , W h it e , W e ld & C o ., B o d e ll & C o . and W e s t & C o .
o ffe r e d $ 1 ,3 2 9 ,0 0 0 s ta m p e d 5s a t 9 5 A an d in t ., t o yie ld a b o u t 5 .4 0 % .
In Ju n e 1927, vVhite, W e ld & C o . , L e e H iggin so n & C o . , B o d e ll & C o .,
W e s t & C o . a n d Ja m es B . C o lg a t e & C o . o ffe r e d at 9 5 % a n d in t ., t o y ie ld
a b o u t 5 .4 5 % , $ 9 3 0 ,5 0 0 s ta m p e d 3 0 -y r . 1st lien g o ld b o n d s h ea rin g in t . at
5 % . V . 125, p . 93. L is te d o n N e w Y o r k S t o c k E x ch a n g e . V . 123, p .
2 13 8, 277 6; V . 125, p . 385 .
T h e 3 0 - Y e a r S e r ies " B " 6 % D e b e n tu r e s are re d e e m a b le , all o r in p a rt,
a n y in terest d a te o n 60 d a y s ’ n o tice a t 105 on o r b e fo re D e c . 1 1941, th ere­
a fter at 100 t o m a tu r ity ; in e v e r y case p lu s in te re st. P e n n a . a n d C o n n .
4 m ills an d M a s s . in c o m e ta x r e fu n d a b le . $ 2 ,5 0 0 ,0 0 0 series B 6 % d e b e n tu re
lo n d s w ere s o ld in D e c . 1924 b y B o d e ll & C o . , N . Y . , an d B o s t o n , a t 91 and
in terest, y ie ld in g 6 . 7 0 % . V . 11 9 , p . 2 8 7 7 . L is te d o n N e w Y o r k S to c k
E x ch a n ge.
D iv id e n d s . — O n p r e f.— 1 A % — p a id q u a rte rly fro m S e p t. 1910 t o and
Inclu din g S ep t. 1914. N o n e t o D e c . 1921, w hen 4 2 % w as p a id in 6 % p r e f
s to c k an d 1 ) 4 % In c a s h , c le a rin g u p all a c c u m u la tio n s . V . 114 . p . 947.
Q u a r. d iv s . o f 1 ? 2 % p a id re g u la r ly since. In Ju n e 1925 o n t h e n e w n o
p a r p r e f. s to c k a q u a rte r ly d iv id e n d o f $ 1 .5 0 , a n d q u a rte r ly th e r e a fte r t o
S e p t. 1927. O n c o m m o n in itia l d iv id e n d s o f 7 5 c. a share in cash and
7 5 c. a share in 6 % c u m . p r e f. s t o c k w ere p a id in A p r il 1923. L ik e d iv s .
w ere p a id in J u ly a n d O c t . 1923 a n d Jan . 1924. In A p ril 1924 $1 w as p aid
in cash a n d 7 5 c. in 6 % c u m . p re f.
V . 118, p . 663. L ik e d iv id e n d s h a ve
been p aid r eg u la rly q u a r. s in ce t o an d in c l. A p r il 1925. In J u ly 1925 o n the
new $15 par c o m m o n s t o c k a qu a r. cash d iv . o f 2 0 c. p lu s 15c. ( 1 % ) p a y a b le
in c o m m o n s t o c k . V . 120, p . 2400; V . 112, p . 705 . Sim ilar d iv id e n d s h a v e
b een p a id r eg u la rly q u a r. sin ce in c l. O ct. 1927.
E A R N I N G S .— C o n s o lid a te d in c o m e sta te m e n t fo r ca le n d a r y e a r s '
1926.
1925.
1924.
1923.
$ 6 ,6 2 3 ,5 8 7 $ 5,888,708 $ 5 ,6 6 5 ,8 2 8
$5,5 1 0 ,8 7 7
* 3 ,9 9 6 ,0 1 7
*3,685,072
*3,5 0 4 ,2 4 2
* 3 ,4 2 5 ,9 3 6

G ro s s e a rn in g s_____

$ 2 ,1 6 1 ,5 8 6
721 ,1 9 9

$ 2,084,941
802 ,413

N e t I n c o m e ___________ $ 1 ,8 0 0 ,9 5 0 $ 1,454,287 $ 1 ,4 4 0 ,3 8 7
C e n t. A r k . R y . & L ig h t
C o r p . p ref. d iv id e n d s .
101,761
91,806
88,713
S p rin gfield R y . & L ight
C o . p re f. d iv id e n d s ___
64,6 5 2
64,164
6 4 ,052
F ed era l L ig h t & T r a c .—
P r e f. d iv id e n d s ($ 6 )_ _
236 ,2 4 4
2 35 ,379
224 ,975
C o m m o n d iv s ., c a s h , .
3 22 ,648
310 ,7 0 6
2 4 8 ,4 5 9
($1.40)
($1.60)
P er s h a r e ______________
(84)
In 6 % p r e f. s t o c k ____
(7 5 c.) 57,757 ($3)1 8 6 ,4 0 1
In c o m m o n s t o c k ____ ($ 1 .4 0 )2 4 1 ,9 8 6 (4 5 0 1 7 5 2 7 3
- .............

$1,2 8 2 ,5 2 8

In terest and d is c o u n t ___

$ 2 ,6 2 7 ,5 7 0
826 ,6 2 0

$2,2 0 3 ,6 3 6
749 ,349

8 7 ,343
63,6 9 5
216,211
143,182
($3)
($ 3 )1 4 3 ,1 8 2

B a la n ce , s u r p lu s _____
$ 8 3 3 ,6 6 0
$51 9 ,2 0 2
$ 6 2 7,78 8
$ 6 2 8,92 0
* In c lu d in g estim a te d F e d e ra l ta xe s a m o u n tin g t o $12 0 ,0 0 0 in each y e a r.
L a test E a r n i n g s . — F o r 12 m o n th s e n d e d J u ly 31:
1927.
G ross ea rn in g s ---------------------------------------------------------------- $ 6 ,8 7 1 ,1 5 2
N e t a fte r exp en ses & t a x e s __________________________
2 ,7 1 1 ,0 6 1
In teres t a n d d is c o u n t _________________________________
8 6 2 ,5 7 8
D iv s . o n p r e f. o f O . A . R y . & L t . C o r p . & S. R y . &
L ig h t C o ___________________________________________
169,473

B a la n ce _____________________________________________ $ 1 ,6 7 9 ,0 1 0

1926.
$ 6 ,2 8 8 ,4 3 2
2 ,3 9 3 ,8 1 0
799,741
160.159
$ 1 ,4 3 3 ,9 1 0

O F F I C E R S .— P r e s ., E d w in N . S a n d erson ; 1st Y .- P ., F ran cis B lo s ­
so m ; 2 d V .- P . , W m . T . J e r o m e , J r .; V .- P . & G e n . M g r ., C . H . N ic h o ls ;
V . - P . , T r e a s . & S e c ., J. D u n h ill; V .- P . & C h ie f E n g in e e r, J . D . B o w le s ;
A s s t. S e c . & T r e a s ., R ic h m o n d T a lb o t .— V . 121, p . 7 0 5 , 1347, 1568, 2271,
3-130; V . 122, p . 748 . 1169, 1309, 1608, 1761, 264 9, 2948, 3 60 5; V . 123,
p . 7 0 9 , 1382, 1633, 213 8, 239 0, 2518, 2 77 6, 331 8; V . 124, p . 790 , 1819,
2 7 4 8 , 377 0; V . 125, p . 93, 385 , 780 . 913, 1460, 1836.

(1) CENTRAL ARKANSAS RY. & LIGHT CORPORATION.
O n M a r c h 1 1913 w as ta k en o v e r b y F e d e ra l L ig h t & T r a c t io n C o .,
w h ich ow n s en tire c o m m o n s t o c k .
O R G A N I Z A T I O N .— I n c o r p . F e b . 19 1913 in V irg in ia , ta k in g o v e r the
H o t Springs W a te r C o . a n d o th e r p r o p e rtie s .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h rou g h its c o n s titu e n t c o m p a n ie s d o e s e n tire w a te r, s tr e e t r a ilw a y , gas,
e le ctr ic lig h t an d p o w e r business in H o t S prin gs, A r k ., and v ic in it y . H as
c o n t r a c t w ith c it y o f H o t S prin gs f o r s tr e e t lig h tin g . O p e ra te s 13 m iles
o f t r a c k ; 6 0 -lb .r a ils . 3 9 p assen ger cars. P o w e r s ta tio n c a p a c it y 6 ,563 k . v .a
F r a n c h is e s .— S tre e t ra ilw a y e xp ires in 1954, an d e x c lu s iv e as t o streets
o c c u p ie d until t h a t d a t e . W a t e r , e x c lu s iv e , e x te n d e d 25 years fr o m O c t . 1
1924. E le c tr ic lig h t a n d p o w e r e xp ires 1933. A rtific ia l gas, u n lim ite d as to
tim e . A ls o has n a tu ra l gas fra n c h is e , e x p irin g in 193 1. S h o u ld s u p p ly of
n a tu ra l gas fa il, c o m p a n y w ill r e v e r t t o a r tific ia l gas fra n c h is e .
STO CK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n $ 2 ,5 0 0 ,0 0 0 ___________ ______
________
$ 2 ,5 0 0 ,0 0 0 ____________
P r e f cu m $ 1 ,5 0 0 .0 0 0 _________________
7 Q -M
1 ,5 0 0 ,0 0 0
See te x t
F ir s t lien $ 7 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 , f 1913
5 g M -S
1 .8 3 4 ,0 0 0 M a r 1 1928
$50 0 a n d $100) g o ld -------c * \ I n t . a t C o lu m b ia T r u s t C o ., N . Y . , tru ste e .
S to c k . — P r e f. is re d e e m a b le a t 110 a n d a c c r u e d d i v . D iv id e n d s are guarb y F ed era l L t . & T r a c . C o . , b y e n d o rs e m e n t. A d d itio n a l p r e f. s t o c k m ay
b e issu ed u n d er c o n s e r v a tiv e r e s trictio n s . V . 9 6 , p . 715 .
B o n d s . — $ 4 ,2 1 2 ,0 0 0 1st lien b o n d s are r e s e rv e d fo r a d d itio n s a n d im p r o v e ­
m e n ts a n d m a y be issued fo r 8 0 % o f c o s t o f a d d itio n s , e x te n s. a n d im p ts
w h en n e t earnings are d o u b le th e in t . ch arges o n b o n d s o u t , in c l. th o s e p r o ­
p o s e d t o b e issu ed . S in k, f u n d , w h ich b egan J a n . 191 5, w ill re tire a t least
2 0 % o f en tire issu e b y m a t u r it y .
$95 4,00 0 in sin k in g f u n d . A ll b on d s
s u b je c t t o ca ll o n a n y in te re st d a t e a t 102 .
D iv i d e n d s .— F irst d iv . o n p r e f.— 1 K % — p a id Ju n e 2 1 9 1 3 - 1 K % h a s'b e e n
p a id q u a r. s in ce.




221

E A R N I N G S .— C o m b in e d earn in gs o f co n s titu e n t c o s . fo r c a l. y e a r s
G ross.

In terest
C h a rg es.

N et.

B a l. B e f o r e
M a i n t .& D i v s .

$ 3 8 4 ,5 5 6
$ 1 0 5,30 6
$27 9 ,2 5 1
1 9 2 6 . - - .......................$ 1 ,0 9 0 ,0 4 7
1 9 2 5 ________________ 1,0 0 0 ,9 0 1
3 3 4 ,3 9 6
8 9 ,7 8 9
2 4 4 ,6 0 7
1 9 2 4 - . . ............
9 3 8 ,2 1 9
298 ,3 8 1
8 6 ,8 7 3
2 1 1 ,5 0 8
1 9 2 3 ________________
8 8 7 ,0 1 9
2 9 1 ,9 5 4
87,781
2 0 4 ,1 7 3
1 9 2 2 ________________
8 5 6 ,3 1 1
3 0 2 ,0 7 7
9 0 .8 0 9
2 1 1 ,2 6 8
x 12 m o n th s e n d e d J u ly 31 1926.
O F F I C E R S .— P r e s ., E . N . S a n d erson ; V . - P . & T r e a s ., J. D u n h ill; S e c ..
H y . G . T o w n s e n d .— V . 116 , p . 175; Y . 118, p . 201 ; V . 120 , p . 328 ; V . 12 2 ,
p . 1168; V . 124 , p . 1218.

(2) SPRINGFIELD (MO.) RY. & LIGHT CO.
A s o f M a r . 1 1911 e n tire s t o c k w as a c q u ir e d b y F e d . L ig h t & T r a c . C o .
O R G A N I Z A T I O N .— I n c o r p . in M a in e in N o v . 190 5.
O w ns e n tire
ca p ita l s to c k s o f th e S p rin g fie ld T r a c t io n C o . a n d th e S p rin g fie ld G as < E le c ­
&
tric C o . T h e K ic k a p o o T r a n sit C o . is also p a r t o f s y s te m . E le c t r ic lig h t
f r a n c h is e p e rp e tu a l; gas f r a n c h is e exp ires in 1929; stre e t r a ilw a y f r a n c h is e
in 1944 a n d ste a m h e a tin g f r a n c h is e in 193 6.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s en tire t r a c tio n , g a s , e le c t r ic lig h t a n d p o w e r business o f c it y . A ls o
d o e s ste a m h e a tin g .' O p e ra te s 23 m iles o f tr a c k ; 49 pa ss, ca rs a n d 11 w ork
ca rs , 60, 70 a n d 8 0 -lb . T ra ils. P o w e r s ta tio n c a p a c it y , 1 7 ,3 0 0 k . v .a . A ls o
ha* c o n t r a c t w ith O za rk P o w e r & W a te r C o . fo r p u rch a s e o f 2 ,8 7 5 k .w .
924 e n te re d in t o a n e w 5 -y e a r s tr e e t-lig h tin g c o n t r a c t w ith c it y .
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a tu r ity .
C o m m o n s t o c k $ 1 ,6 0 0 ,0 0 0 ____ ______
________
$ 1 ,1 0 0 ,0 0 0 ____________
P re fe rre d $ 2 ,0 0 0 ,0 0 0 c u m ----------------7 Q -J
1 ,0 0 1 ,2 0 0 A p r ’ 2 7 , I K
S to c k . — P re fe rre d s t o c k is r e d . a t 115 a n d a c c r u e d d iv id e n d .
D iv id e n d s . — In itia l d iv .— I K — o n p r e f. s t o c k p a id A p r il 1 1915; sam e
ra te q u a r. s in c e .
E A R N I N G S .— F o r ca le n d a r y e a rs:
T o ta l
R ev en u e.

N e t a ft e r
T a xes.

F ix ed C h g s . &
P r e f. D iv s .

B a la n c e ,
S u r p lu s .

$182,141
$ 3 7 4,58 7
1 9 2 6 _______ .............$ 1 ,4 2 7 ,0 4 4
$ 5 5 6,72 8
5 3 1 ,0 9 7
192,799
3 3 8 ,2 9 8
1 9 2 5 _______ _______ 1 ,3 7 7 ,4 8 7
3 2 8 ,2 9 8
155,785
4 8 4 ,0 8 3
1 9 2 4 _______ _______ 1 ,3 2 7 ,3 8 9
4 6 9 ,4 8 9
130 ,040
3 3 9 ,4 4 9
1 9 2 3 _______ _______ 1 ,3 1 5 ,7 3 0
219 ,8 6 4
1 05 ,775
1 9 2 2 -----------_______ 1 ,2 2 3 ,9 1 4
3 2 5 ,6 3 9
x 12 m o s . e n d . A u g . 31 1926.
— V . 116, p . 1051, 1178; V . 117, p . 1348; V . 118, p . 1269; V . 120, 1205,
2 49 8.
(3)
TRINIDAD (COLO.)
GAS CO.

ELECTRIC TRANSMISSION, RY.

&

F ed era l L ig h t & T r a c t io n C o . o w n s a ll th e o u ts ta n d in g s to c k s a n d b o n d s.
O R G A N I Z A T I O N .— I n c o r p . in C o lo r a d o o n A u g . 7 1911 as s u c c e s s o r t o
C o lo . R y . , L t . & P o w . C o . , s o ld a t fo re c lo s u r e A u g . 2 191 1. V . 9 3 , p i 4 0 9 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S u p plies e le c t r ic it y t o m in es an d c itie s o f L a s A n im a s a n d H u e r fa n o
C o u n tie s , C o i o . C o n tr o ls th e en tire gas a n d e le ctr ic lig h t bu sin ess o f T rin i­
d a d , C o lo . P o w e r p la n t c a p a c it y , 2 3 ,7 5 0 k . v .a . G a s a n d e le ctr ic f r a n ­
c h is e s ru n fr o m 16 ye a rs t o p e r p e tu ity .
P o w e r C o n tr a c t .— H a s a c o n t r a c t t o s u p p ly th e S t. L o u is R o c k y M t n . A
P a c ific C o a l C o . w ith p o w e r . V . 9 9 , p . 1912. A ls o has a c o n t r a c t w ith th e
C o lo r a d o F u e l & I r o n C o .
E ffe c tiv e M a r c h 12 1922, th e c o m p a n y w as a u th o riz e d t o a b a n d o n s erv ice
o n certa in lines ( V . 114, p . 1 0 6 5 ), a n d , e ffe c t iv e S e p t. 15 192 3, c o . w as
a u th . t o a b a n d o n a ll lo c a l a n d in te ru rb a n r a ilw a y s e r v ic e . V . 117 , p . 1237.
C o m p a re V . 116 , p . 2 5 1 7 .— V . 116, p . 251 7; V . 117 , p . 123 7.

FORT SMITH LIGHT & TRACTION CO.
S ta n d a rd G a s & E le c t r ic C o . , a h o ld in g c o m p a n y u n d e r th e c o n t r o l o f
H . M . B y lle s b y & C o . , C h ic a g o , 111., o w n s $ 9 5 0 ,0 0 0 c o m ., $ 8 8 1 ,5 0 0 p r e f.
s t o c k , $64 5 ,0 0 0 1st M . b o n d s , a n d a ll th e $ 1 ,1 0 0 ,0 0 0 2 d M . 8s o f th e c o .
C o . co n tr o ls , th r o u g h s t o c k o w n e rsh ip , M i s s i s s i p p i V a lle y P m t'er C o ..
o p e ra tin g in M u lb e r r y an d O za rk , A r k ., a n d v ic in ity , th e c a p ita liz a tio n and
earnings o f w h ich are c o n s o lid a te d w ith th o s e o f F o r t S m ith L ig h t & T r a c ­
t io n C o . as s h o w n b e lo w .
O R G A N I Z A T I O N .— I n c o r p . in A rk a n sa s o n A p r il 13 1903 as a c o n s o li­
d a tio n o f th e F t . S m ith -V a n B u re n L ig h t & T r a n s it C o . a n d t h e F t . S m ith
T r a c t io n , L ig h t & P o w e r C o . O w n s a ll p h y s ic a l p r o p e r t y , c o n t r a c ts , rig h ts
and fra n ch is e s o f V a n B u re n F u e l & L ig h t C o . (n o w d is s o lv e d ).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns an d o p e ra te s th e e le c t r ic -lig h t , gas an d stre e t ra ilw a y p r o p e r tie s in th e
c it y o f F o r t S m ith an d th e e le ctr ic lig h t a n d gas business o f V a n B u re n ;
op erates an in te ru rb a n lin e b e tw e e n F o r t S m ith a n d V a n B u re n . O w n s an d
op e ra te s 33 m iles o f tra ck o n 12 streets in F o r t S m ith a n d s u b u r b s .
S ta n d ­
ard gau g e, 6 0 -lb . a n d 8 0 -lb . T ra il; 60 cars. A ls o gas w o rk s fo r d istrib u tin g
natu ral an d a rtificia l gas (a rtificia l gas p la n t is h eld in rese rv e) w ith 167
m iles o f m ain s, a n d e le ctric p o w e r a n d lig h tin g p la n t— ge n e ra tin g c a p a c it y ,
8,6 4 3 h .p ., a n d p o le lin e o f a b o u t 342 m iles. In 1917 c o n tr a c te d t o su p p ly
e le ctr ic ity to t w o p u b lic s e rv ice co rp o ra tio n s w h ich , s u p p ly t o w n s, villa ges
a n d c o a l m in es to the s o u th a n d e ast o f F o r t S m ith . O p e ra te s u n d er in d e­
te rm in a te p e r m it, h a v in g su rren dered all fra n ch ises in 1919.
T r a c k R e m o v a l. — I n J u n e 1925 th e A rk a n sa s R a ilr o a d C o m m is s io n refu sed
t o a u th o riz e t h e r e m o v a l o f c e r ta in tra e n s . See V . 12 1 , p . 3 3 1 4 .
STOCK AN D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n ($ 1 0 0 )________________ ______
________
------------$ 9 5 0 ,0 0 0 ____ _______
P r e f ($100) 7 % c u m .......... .....................
Q -J 15
1 ,4 6 0 ,0 0 0
See tex t
F irst m o rtg a g e $ 6 ,0 0 0 ,0 0 0 g / 1911
5 g M -S
2 ,8 5 0 ,0 0 0 M a r 1 1936
s f ($500 a n d $ 1 ,0 0 0 ) ____ c * ( In t . at
Illin o is M e r ch a n ts T r u s t C o .,
I tru ste e , o r at a g e n c y o f c o . in N . Y . o r B o s .
S e co n d m tg e . $ 2 ,5 0 0 ,0 0 0 -------t f
1921 8 M -S
1 ,1 0 0 ,0 0 0 S ep t 1 1931
M is s V a l P r C o 1st M g 6 % f ______
6% g
4 0 0 ,0 0 0
1947
Series A _____________________ (G u a r . (p . i. & s. f . ) b y F t. Sm ith L . & T . C o .
G o ld n o te s 6 % series A ____ ________
6% g
5 0 ,0 0 0
1932
S to c k . — P r e f. s t o c k is r e d . a t a n y tim e a fte r 3 yea rs fr o m issu e a t 110
an d a c c r u e d d iv id e n d .
B o n d s . — R e m a in in g 1st M . b o n d s c a n o n ly b e issu ed fo r 7 5 % o f c o s t o f
a d d itio n s , im p ts . an d e x te n sio n s u n d e r ce rta in r e s trictio n s . S ee V. 9 2 , p.
956 . S u b j. t o ca ll as a w h o le o r in p a r t o n a n y in t . d a y on 3 0 d a y s ’ n o t ic e a t
105 and in t . C a sh s in k , f u n d o f 1 % y e a r ly 1914 and 1915, 1 ) 4 % y e a r ly
1916 t o 1918, 2 % y e a r ly 1919 t o 1923 a n d su ch r a ta b le a m o u n ts th e r e a fte r
as b y J u ly 1 1935 w ill m a k e to ta l s in k , fu n d 4 0 % o f b o n d s c e r tifie d . V. 9 2 ,
p . 9 5 6 . $ 1 ,0 4 4 ,0 0 0 h a v e been r e tire d .
2 d m tg e 8s are c a ll, at 105 and in t . o n or b e fo r e S e p t. 1 1922; H % less
in t . e a ch y e a r s in ce . C o n tin 'l & C o m m ’l T r u s t & S ave. B a n k , trust*-"
D iv i d e n d s . — P r e f. is c u m . fr o m J a n . 1 191 2. 1st d iv . o n p r e f.— 1 K % —
paid A p r il 15 1910; J u ly , 1 ) 4 % ; O c t ., I K % a n d I K % q u a r . t o a n d in c lu d ­
ing A p ril 1913: n o n e s in ce .
E A R N I N G S .— F o r calen d ar years ( in c l . M i s s i s s i p p i V a lle y P o w e r C o . ) :
G ross.

N e t. a ft. T a x .

I n t .C h g s .( N e t )

B a la n c e .

192 6 ..............
-.$ 1 ,4 0 9 ,9 5 1
$36 7 ,4 5 3
$34 6 ,3 2 2
su r.$ 2 1 ,1 3 0
1925___________________ 1 .2 6 2 ,7 2 2
3 4 3 ,3 2 7
3 3 5 .6 6 0
s u r.7 .6 6 7
1 9 2 4 .......
1 .2 0 7 .0 6 9
3 0 2 ,3 7 0
3 2 2 .4 6 5
d e f.2 0 ,0 9 5
1 9 2 3 ___________________ 1 ,1 5 9 ,9 4 5
3 37 .371
3 0 3 .2 0 9
su r.3 4 .1 6 1
L a te s t E a r n in g s . — F o r 12 m o n th s e n d e d J u ly 31 1 9 2 7 :-G r«ss, $ 1 ,3 9 5 ,5 5 9 :
n e t a ft e r e x p ., m a in t ., ta x e s & d e p r e c ., $34 5 ,6 6 6 . F o r y e a r e n d e i J u ly 31
1926: G ro ss $ 1 ,3 9 8 ,2 9 0 ; n e t a ft e r e x p ., m a in t., ta x e s & d e p r e c ., $ 3 8 2 ,3 1 3 .
O F F I C E R S .— P r e s ., J o h n J . O ’ B rien ; V .- P s ., R o b e r t J . G ra f; V .- P . &
M g r ., R o b t . C . C o f f y ; S e c ., A u d . & T r e a s ., D a n R y a n ; G e n . M g r s .,
B y lle s b y E n g . & M g t . C o r p ., C h ic a g o .— -V. 112, p . 257 ; V . 113, p . 73 0 ,
1155: V . 114, p . 2 3 5 9 , 2 46 8; V . 117, p . 1347. 2 21 2; V . 118, p . 2 43 7; V . 1 1 9 .
p . 1064, V . 121, p . 331 4, V . 124, p . 1219, 2 42 7, 3 49 5.

ARKANSAS POWER & LIGHT CO.
S u p e r v is io n . — T h e c o m p a n y is c o n tr o lle d th ro u g h o w n e rsh ip o f a ll its
c o m m o n s t o c k (e x c e p t d ir e c t o r s ’ shares) b y E le c tr ic P o w e r & L ig h t C o r p .
E le c t r ic B o n d & Sh a re C o . s u p e rv ise s t h e o p e r a tio n s o f E le c t r ic P o w e r &
L ig h t C o r p . a n d A rk a n sa s P o w e r & L ig h t C o .
O R G A N I Z A T I O N .- — I n c o r p . in 1926 in A rk a n sa s. A c q u ir e d a n d
m e rg e d in N o v . 1926 t h e p r o p e r tie s o f A rk a n sas L ig h t & P o w e r C o . , A r ­
k an sas C e n tr a ) P o w e r C o . , P in e B l u f f C o ., an d E a s t A rkansas P o w e r &
L ig h t C o .
V . 123 , p . 1872. F o r h is to ry , & c ., o f A rk a n sas C en tra l P o w e
C o ., A r k . L t . & P r . C o . an d P in e B lu f f C o ., see “ P u b lic U tilit y C o m ­
p e n d iu m ” o f O c t . 30 1926.

222

PU BLIC U TILITIE S

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . su p p lie s e le ctr ic p o w e r a n d lig h t s e r v ic e , th r o u g h exten sivetra n sm ission
sy stem s a g g re g a tin g 1,4 9 9 m ile s , t o a large p a r t o f th e S ta te o f A rk a n s a s ,
in c lu d in g p ros p erou s a g r ic u ltu r a l, in d u stria l a n d m in in g re g io n s . P o p u la tio n s e rv e d e s tim a te d in excess o f 2 8 4 .0 0 0 . A m o n g th e 117 co m m u n itie s
su p p lie d b y c o . w ith e le c t r ic p o w e r a n d lig h t s e r v ic e are L it t le R o c k , N o r t h
L it t le R o c k (w h o le s a le ), P in e B lu ff, E l D o r a d o , C a m d e n , N e w p o r t .R u s s e ll­
v ille , S tu ttg a r t, M o r r illt o n , M a lv e r n , A r k a d e lp h ia , B a u x ite , C la r e n d o n ,
F ord y ce^ S m a c k o v e r , W y n n e and M c G e h e e . C o . also ow n s and o p e ra te s
s tr e e t r a ilw a y sy s te m s in L it t le R o c k and P in e B lu ff, in w h ich a ll cars are
o n e -m a n o p e r a te d , an d s u p p lie s s te a m h e a t s e r v ic e in th e b u sin ess d is tric t
o f L it t le R o c k a n d w a te r s e r v ic e in P in e B lu ff, E l D o r a d o a n d 17 o th e r
co m m u n itie s an d o w n s ice p la n ts in 8 co m m u n itie s .
T h e p h y s ic a l p r o p e r t y o w n e d a n d o p e r a te d in clu d e s e le ctr ic g e n e ra tin g
s ta tio n s h a v in g a p re s e n t in sta lle d ge n e ra tin g c a p a c it y o f 5 1 ,2 8 9 k .w .,
in c l 19,9 0 0 k .w . in th e L it t le R o c k s te a m e le ctr ic ge n e ra tin g s ta tio n s,
1 1 ,4 5 0 k .w . in th e P in e B lu f f ste a m e le ctr ic ge n e ra tin g s ta tio n an d 9 ,0 0 0
k .w . in th e n ew R e m m e l D a m h y d r o -e le c t r ic p la n t o n th e O u a c h ita R iv e r .
C o . a ls o ow n s 1 ,4 9 9 m ile s o f h ig h v o lta g e tra n sm ission lin es a n d 1,231
m ile s o f e le ctr ic d is trib u tio n s y s te m . T h r o u g h a fa v o r a b le p u rch a s e c o n ­
t r a c t C o m p a n y ’s p o w e r s u p p ly is su p p le m e n te d b y e le ctr ic a l e n e r g y ,
d e liv e r e d b y m ea n s o f a 1 1 0 .0 0 0 v o lt lin e , fr o m th e new S t e n ir g t o n steam
e le c t r ic g en era tin g st a t io n o f th e L o u isia n a P o w e r C o . lo ca te d in th e M o n r o e
n a tu r a l gas f ie ld . T h e S te r lin g to r s ta tio n has a p resen t c a p a c it y o f 2 5 ,000
k .w . and an u ltim a te c a p a c it y o f 1 3 5 ,0 0 0 k .w .
P r a c tic a lly a d o f th e
e le c t r ic p r o p e r tie s o w n e d b y th e c o m p a n y are in te rc o n n e cte d a n d are also
c o n n e c t e d w ith th e sy s te m s o f a n u m b e r o f o th e r co m p a n ie s , m o s t o f
w h ich are s u b s , o f E le c . P o w . & L t . C o r p .— V . 123, p . 1872, 2 8 9 3 .
STOCKS A N D BO N D S—
D a te .
In terest.
O u ts ta n d in g . M a t u r i t y .
C o m 1 ,3 0 0 ,0 0 0 shs (n o p a r ) ___ ______
__________1 ,0 0 0 ,0 0 0 s h s _____________
7 c u m p f 1 5 0 ,0 0 0 shs ( n o p a r ) . ____
$7
9 6 ,029 shs A p r ’27 SI 75
6 c u m p f 1 0 0 ,0 0 0 shs ( n o p a r ) . ____
$6
N one
____________
1st & r e f m tg e _____ series d u e ). ____
1926
_ g 5%
5 g A -O $ 1 8 ,0 0 0 ,0 0 0 O ct 1 1956
1956 ($ 1 ,0 0 0 , $5 0 0 c * a n d /G u a r a n t y T r u s t C o . o f N . Y . , tru s te e .
$ 1 ,0 0 0 , $50 00 & c r ) ____t f j
L it t le
R o c k R y & E le c tr ic ) 1903
5 g A -O
9 8 2 ,0 0 0 A p r il 1 1933
1st
m tg e (clos ed )
g o ld ) In te re st
at C a n al
B a n k & T r u s t C o .,
($ 1 ,0 0 0 )__________________ c * l
N e w O rleans, tru stee.
L it t le
R o c k R y & E le c tr ic ) 1908
6 g A -O
1 ,0 1 8 ,5 0 0 A p r il 1 1938
r e fd g & ex ten sion m t g e ) I n t . a t B a n k o f C o m m e r c e & T r u s t C o .,
(closed ) ($ 5 0 0 ) an d $1,0001
M e m p h is , tru stee, or G u a r a n ty T ru s t
g o l d _______________________c*J
C o ., N e w Y o r k .
B o n d s . — T h e 1st a n d r e f. m tg e . g o ld b o n d s are se cu re d b y a 1st m tg e . o n
th e m a jo r p o r t io n o f c o m p a n y ’s p h y s ic a l p r o p e r ty an d b y a d ire ct
m tg e . on th e rem a in d e r, s u b je c t o n ly t o $ 2 ,0 0 0 ,5 0 0 u n d e rly in g d iv isio n a l
b o n d s in h an d s o f p u b lic a n d ce rta in m in o r rea l esta te m o rtg a g e s. A d d i­
tio n a l b o n d s o f 5 % series d u e 1956 or o f o th e r series o f such te n o r as d ire cto rs
m a y d e ie r m i e , m a v be issu ed (a) a g ain st th e pro p e rtie s as existin g on
N o v . 30 1926 to a t o t a l o f n o t e x ce e d in g $ 5 0 0 ,0 0 0 ; (6) fo r r e fu n d in g : (c)
fo r ca sh ; (d) fo r 7 5 % o f a d d itio n s su b se q u e n t t o N o v . 30 1926 m a y n o t b e
issu ed, h o w e v e r , e x c e p t fo r re fu n d in g p u rp o se s, unless net earn in gs fo r 12
o u t o f p r e ce d in g 15 m o n th s h a v e been e q u a l t o either (1) tw ic e a ctu a l
a n n u al in terest r eq u ire m e n ts o n , o r (2) 1 2 % o f th e p rin cip a l a m o u n t o f all
o u ts ta n d in g u n d e rly in g a n d p r io r lien b o n d s a n d a ll b o n d s o u ts ta n d in g
u n d er th e m o r tg a g e , in c l. p r o p o s e d issu e.
T h e m tg e . co n ta in s ce rta in p r o v is io n s p e r m ittin g m o d ific a tio n o r a lte ra ­
t io n o f th e b o n d s o r th e m o r tg a g e o f a n y s u p p le m e n ta l in d e n tu re in a n y
p a r ticu la r , w ith th e assen t o f c o . a n d o f th e h o ld e rs o f n o t less th a n 8 5 %
In th e a g g reg a te p rin cip a l a m o u n t o f t h e o u ts ta n d in g b o n d s, n o t in c lu d in g
a n y b o n d s o w n e d b y c o ., p r o v id e d th a t a n y such m o d ific a tio n o r a lte ra tio n
s h a ll n ot p e r m it, w ith o u t th e co n s e n t o f th e h o ld e rs a ffe c t e d , (a) th e ex­
ten sion o f th e m a t u r it y o f a n y b o n d , o r th e re d u c tio n in ra te o f in terest
th e r e o n , o r a n y o th e r m o d ific a t io n in th e term s o f p a y m e n t o f su ch p rin cip a l
o r in terest o r (b ) th e c r e a tio n b y th e c o m p a n y p f a n y m o rtg a g e lien ra n k in g
p r io r t o o r o n a p a r it y w ith th e lien o f th is m o r tg a g e w ith re sp e ct t o a n y
o f th e p r o p e r t y c o v e r e d t h e r e b y . 5 % S e r ie s d u e 1956 are re d . o n th e firs t
d a y o f a n y m o n th , as a w h o le o r in p a r t, o n 45 d a y s ’ n o tice th ro u g h S e p t. 1
1936 a t 105 a n d in t .; th e re a fte r a t M % less each y e a r t o 100 'A a n d in t.
o n O c t . 1 1954 a n d th ro u g h S e p t. 1 1955, a n d th e re a fte r a t 100 a n d in t.
P e n n . 4 m ills ta x r e fu n d a b le . In D e c . 1926 H arris, F o rb e s & C o ., W . C .
L a n g le y & C o ., B o n b r lg h t & C o ., I n c ., O ld C o lo n y C o r p ., T u c k e r , A n th o n y
& C o . a n d J o h n N ic k e r s o n & C o . o f fe r e d $ 1 8 ,0 0 0 ,0 0 0 5 % series, d u e 1956
a t 9 5 A a n d i n t ., t o y ie ld o v e r 5 . 2 7 % .
V . 123, p . 2893.
L i t tl e R o c k R y .
E l e c . C o . 1st m tg e . b o n d s are r e d ., w h o le o r p a r t, on
a n y in t. d a te o n 60 d a y s ’ n o t ic e a t 107 A an d in t.
S in k in g f u n d o f K o f 1 %
o u ts ta n d in g b o n d s , 1908 t o 1917, 1 % th e re a fte r. M a y b e used t o re tire
b o n d s a t n o t m o r e th a n 1 0 7 A $ 4 1 4 ,0 0 0 held in sin k in g fu n d a n d $ 6 0 4 ,0 0 0
p led g e d .
T h e L ittle R o ck R y . & E l e c . r e f. & e x t. b o n d s c a n n o t b e c a lle d . A sinking
fu n d o f A o f 1 % o n o u ts ta n d in g b o n d s, w h ich Degan A u g . 1 1913, m a y be
in v e s te d in th ese b on d s at n o t h igh er th an a 4 A % basis o r u sed t o re im b u rse
c o . fo r p r o p e r t y a d d itio n s . B o n d s t o b e k e p t a liv e in fu n d . $ 1 9 4 ,5 0 0
h eld in sin kin g fu n d a n d $ 1 ,7 8 7 ,0 0 0 p le d g e d . V . 87, p . 41 4 .
A ll o f th e o u ts ta n d in g P i n e B l u f f C o . 1 st m tg e. 5 % a n d 6 % g o ld B o n d s ,
d u e J a n . 1 1942 w ere ca lle d fo r p a y m e n t J a n . 1 1927 a t 105 a n d in t .—
V. 124, p . 113.
D iv i d e n d s . — -On th e $7 c u m . p r e f. an in itia l q u a r. d iv . o f $1 75 w as p a id
in Jan . 1927 an d a t ra te o f $7 per sh are per an n u m th e re a fte r.
V . 123,
p . 3180.
E A R N I N G S .— F o r c a le n d a r yea rs:
* 192 7.
1926.
1925.
G r o s s ____________________________________ $ 6 ,2 6 7 ,1 1 9 $ 5 ,9 2 0 ,2 3 4 $ 5 ,0 9 1 ,2 8 8
O p e r a tin g exp en ses a n d t a x e s ________
3 ,3 5 5 ,1 6 3 3 ,2 1 3 ,4 1 3
2 ,9 1 2 ,3 4 2

[V ol, 125.

STOCKS A N D BON DS—
B a te o f I n t .
O u ts ta n d in g . B d s . w h e n D u e .
S o u s E l C o 1st M Series A ( 1925
6 g J -D
$ 4 ,8 9 4 ,0 0 0 Ju n e 1 19 3 5
($ 1 ,0 0 0 , $ 50 0, $10 0 c * ) — t f ) F irst N a t io n a l B a n k , B o s to ® , T r u s te e .
Secured g o ld n o te s , series A / 1926
6 A J-D
2 ,0 0 0 ,0 0 0 Ju n e 1 1931
Series B _____________ __
. 1926
6 g J -D
1 ,2 0 0 ,0 0 0 Ju n e I 1981
($ 1 ,0 0 0 c * ) _______________t f ( A t la n t ic N a t io n a l B a n k o f B o s t o n , T ru stee..
Oar tru st c e r tific a te s __________ --------------------------2 0 5 ,4 2 6 ____________
S to c k . — P r e f. is c a lla b le a t 120 a n d a c c u m u la te d d i v .
B o t h p r e f. a n d
to m . are liste d o n B o s t o n S t o c k E x c h a n g e .
B o n d s . — T h e 2 - y e a r 7 % g . c o u p o n n o te s , d u e J u n e 1 192 7, are c a ll, as a
whole o n 30 d a y s ’ n o t ic e , p r io r t o Ju n e 1 1 9 2 6 a t 101, o n o r b e fo r e D e c . 1
1926 a t 1 0 0 A , a n d th e re a fte r a t 100, in each case w ith in te re s t.
T h e s e c u r e d g o ld n o te s s e r i e s A B A % are th e d ir e ct o b lig a t io n o f t h e c o ,
m d se cu re d b y p le d g e o f $ 1 ,9 0 0 ,0 0 0 g e n . m tg e . 6 A % b o n d s o f G a lv e s to n
E lec. C o . , $ 1 ,6 0 0 ,0 0 0 g e n . m tg e . 6 A % b o n d s o f G a lv e s t o n -H o u s t o n E le e .
R y . C o . an d $ 3 5 0 ,0 0 0 g e n . m t g e . 6 A % b o n d s o f H o u s t o n E le c t r ic C o . ,
being th e en tire a m o u n t o f s u ch b o n d s o u ts ta n d in g . A n y a d d itio n a l g e n .
m tge. b o n d s issu ed b y a n y o n e o f th e th re e o p e r a tin g c o s . m u s t b e p le d g e d
u nd er th e in d e n tu re se cu rin g th ese n o te s . T h e p le d g e d g e n . m tg e . b o n d s o f
sach c o . w e re t o b e d a te d Ju n e 1 1926, t o m a tu r e Ju n e 1 1931, a n d t o b e
secured b y a lien o n s u b s ta n tia lly a ll th e p h y s ic a l p r o p e r t y (in c l. a ft e r icq u ir e d ) o f th a t c o . (less a b o u t 2 m iles o f lin e o n t h e G a lv e s t o n C a u s e w a y
!n th e ca se o f G a lv e s t o n -H o u s t o n E le c . R y . C o . ) , s u b je c t t o $ 9 ,8 0 1 ,0 0 0
u n d erlyin g 1st m t g e . b o n d s in h an d s o f p u b lic .
T h e b a la n c e o f t h e a u th o r iz e d $ 5 ,0 0 0 ,0 0 0 n o te s m a y b e is su ed a g a in s t
de p o sit o f a d d itio n a l g e n . m tg e . 6 A % b o n d s ; $ 5 0 0 ,0 0 0 n o te s b ein g issu a b le
to th e f u ll p a r v a lu e o f d e p o s ite d b o n d s and th e re m a in d e r t o 7 5 % o f s u ch p a r
r a lu e . N o 1st m tg e . b o n d s o f subsidiaries m a y b e issu ed again st p r o p e r t y
c o n s tru cte d fr o m t h e p r o c e e d s o f th e n o te s u n less p le d g e d t o se cu re th e s e
n otes. C a ll, o n 3 0 d a y s ’ n o t ic e as a w h o le at a n y tim e o r in p a r t o n a n y
Int. d a te a t 104 a n d in t . o n o r b e fo r e D e c . 1 1926, de cre a sin g A % e a c h 6
m on th s th e r e a fte r t o 100 an d i n t ., a fte r Ju n e 1 1930. P r in c ip a l an d in t .
p a y a b le In B o s t o n , N e w Y o r k an d C h ic a g o . I n M a y 1 9 2 6 L e e , H ig g in s o n
& C o . , E s t a b r o o k & C o . , P a rk in s o n & B u rr an d S to n e & W e b s te r , I n c . ,
offered $ 2 ,0 0 0 ,0 0 0 6 A % series A at 9 7 .7 2 a n d i n t ., t o y ie ld a b o u t 7 % .
V . 122, p . 3 08 1.
T h e S e r ie s B s e cu re d g o ld n o t e s a re c a lla b le o n 3 0 d a y s ’ n o t ic e a s a w h o le
o r in p a r t o n a n y in t . d a t e a t 1 0 2 A a n d a c c r u e d in t . o n o r b e fo r e D e c . I
1927, d e cre a s in g A o f 1% e a c h 6 m o s . th e r e a fte r t o 100 A a n d a c c r u e d i n t .
a fte r Ju n e 1 1929 a n d t o 100 a fte r D e c . 1 1 92 9. I n M a y 1927 $ 1 ,2 0 0 ,0 0 0
series B w e re o f fe r e d b y L e e , H ig g in s o n & C o ., E s t a b r o o k & C o . , P a rk in s o n
& B u rr a n d S to n e & W e b s t e r a n d B lo d g e t , I n c ., a t 9 7 .4 1 a n d i n t ., w it h a p ­
p r o x . y ie ld o f 6 M %• V . 124, p . 306 6.
B r u s h E le c tr ic C o . — T h e 1st m tg e . 5 % g o ld b o n d s d u e A p r il 1 1952 a re
c a lla b le a t 105 w ith a c c r u e d in t.
S inking fu n d o f 1 % o f b o n d s o u ts ta n d in g
(e x c lu s iv e o f tre a su ry b o n d s ) . In sin kin g fu n d n o t ca n c e le d , $ 2 0 2 ,0 0 0 , d e ­
p o s ite d u n d er e scro w a g re e m e n t, $ 5 1 ,0 0 0 , a n d $16 1 ,0 0 0 in tr e a s u r y . A s ­
s u m e d b y G a lv e s to n E le c tr ic C o .
G a lv esto n E le c tr ic C o . — O r th e b o n d s, $ 1 ,0 2 6 ,0 0 0 re s e rv e d fo r a d d itio n s
vnd Im p ro v e m e n ts at 8 0 % o f c o s t an d $ 3 8 1 ,0 0 0 h a v e b e e n c a n c e le d . A
lin k in g f u n d o f 1 A % o f b o n d s c e r tifie d b e g a n J u ly 1 1906.
C a lla b le as a
w hole o r In p a r t fo r sin k in g fu n d o n a n y in t. d a te a t 110 a n d in t. on 30
la y s ' n o t ic e . S ee V . 8 1 , p . 975 .
G a lv e s to n -H o u s to n E le c tr ic R y . — O f th e re m a in in g b o n d s , $ 2 6 ,0 0 0 are
le ld in tru st fo r b e n e fit o f c o . a n d $ 2 ,0 0 0 ,0 0 0 are r e s e r v e d fo r a c q u is itio n s
in d im p ts .; $ 3 8 8 ,0 0 0 h a v e b e e n ca n c e le d . D e n o m . c o u p o n , $5 0 0 and $ 1 ,0 0 0
registered, $ 1 ,0 0 0 a n d $ 5 ,0 0 0 . S u b j. t o c a ll o n a n y in t . d a y In w h o le , o r in
part fo r sin k in g f u n d , at 105 an d in t.
S in k in g f u n d o f 1 % o f b o n d s t o 1944;
‘■hereafter 1 A % F irst f iv e p a y m e n ts w a iv a b le . B o n d s are g u a r ., p r ln .,
in t. an d sin kin g fu n d , b y G a lv .-H o u s . E le c . C o . S ee V . 9 0 , p . 697.
H o u s to n E l e c tr ic C o . — T h e 1st M . Series A 6 % g o ld b o n d s , d u e Ju n e 1
1935, are c a l l . , w h o le a t a n y t im e , o r in p a r t o n a n y in t. d a te a t 102 d u r in g
ihe fir s t 2 years, d e cre a sin g A % e v e r y t w o years t o p a r d u r in g th e la st t w o
yea rs, p lu s in t. in each ca se . In sin k , f u n d (c a n c e le d ), $ 10 6,00 0In t.
p a y a b le in B o s to n , N e w Y o r k a n d C h ic a g o .
S in k in g f u n d o f 2 % p er a n ­
n u m t o be u sed t o p u rch a s e o r ca ll Series A b o n d s .
In J u n e 1925 L e e , H ig ­
g in so n & C o . so ld $ 5 ,0 0 0 ,0 0 0 a t 9 4 a nd in t ., t o y ie ld a b o u t 6 . 8 0 % .

t

C a p it a liz a tio n o f H o u s to n E l e c tr ic C o .

C o m m o n s t o c k ________________________________________________________$ 5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
First m o r tg a g e 6 % Series A b o n d s ________________________________
E q u ip m e n t tru s t c e r tific a t e s ________________________________________
3 4 9 ,3 8 1
—V . 120, p . 2 94 1, 306 4.
D iv i d e n d s .— O n c o m m o n , 1 A % se m i-a n n . fr o m S e p t. 1909 t o a n d in c l.
M ar. 1912, a m o u n t th e n in cre a se d an d p a id 2 % in S e p t. 191 2. In M a r .
1913 in cre a se d t o 2 A % , in S e p t, t o 3 % and in M a r . 1914 t o 3 H % . S e p t .,
1A%In 1915, M a r ., 3 A % S e p t. 1915 d iv . o m it t e d ( Y . 101 , p . 8 4 5 ).
E A R N I N G S .— F o r ca le n d a r years:
G ro ss
N et A fte r
B a l. A v a i l , f o r
In terest <
%
E a r n in g s

T a x es

A m o r t iz a t'n . R es .R e lir <0,D iv.

* 1 9 2 7 .. _____ $ 4 ,8 8 5 ,8 1 9
$ 1 ,4 5 7 ,8 5 3
$ 8 6 2 ,4 7 3
$ 5 9 5 ,3 8 0
1 9 2 6 - . - _____ 4,5 8 9 ,0 8 1
1,330,573
7 7 8 ,1 0 6
552 ,4 6 7
3,9 8 8 ,9 3 4
631 ,6 5 4
372,481
1940-1,0 0 4 ,1 3 5
1924- —
1,0 1 0 ,7 7 9
5 3 4 .3 5 4
4 7 6 ,4 2 5
187.797
. 9 2 3 - - - ______ 3 ,3 1 7 846
681 508
493,711
4 6 4 .1 9 4
2 1 3 ,6 7 9
1 9 2 2 -.677 ,8 7 3
4 9 2 .3 4 3
1921. . _____ 3 ,6 7 9 ,8 6 7
426 ,6 3 7
918 ,9 8 0
7 0 4 .4 4 8
4 22 ,057
1 9 2 0 --- ______ 3 .8 0 8 .9 5 3
1,126,505
4 1 4 ,7 2 2
4 0 4 .2 9 4
1 9 1 9 --- _____ 3 ,095,151
819 ,016
841 .082
3 5 0 ,1 8 5
4 9 0 ,8 9 7
1 9 1 8 --- ____ 2 ,6 9 1 ,3 3 2
1 9 1 7 -- . ______ 2 ,0 8 8 ,1 2 2
3 31 ,203
3 7 2 ,0 4 7
703 ,2 5 0
1916_ - ______ 1,9 4 4 ,8 4 0
708 .7 3 2
3 8 6 ,9 7 5
3 2 1 ,7 5 7
* F o r 12 m o n th s e n d e d J u n e 30 1927.
B a la n c e S h eet as o f J u n e 30 192 7, see V . 125 , p . 1460.
O F F I C E R S .— P r e s ., A le x . F . C r ic h to n ; V .- P s ., E . E n n a lls B erl a n d
E. M . H a rriga n ; S e c. & T r e a s ., H e n r y T . G ra h a m ; G e n . M g r s ., S ton e &
■
W ebster, I n c .— V . 120. d . 2 94 1: V 121. p . 197, 2 87 3; V . 122, p . 1309.
3 08 1; V . 123, p . 1250, 2 8 9 9 , 3 06 6, 3 20 6; V . 125, p . 1460.

N e t ___________________________________$ 2 ,9 1 1 ,9 5 6 $ 2 ,7 0 6 ,8 2 1
$ 2 ,1 7 8 ,9 4 6
* F o r 12 m o n t h s e n d e d J u ly 31 1927.
O F F I C E R S .— P r e s ., H . O . C o u c h ; V . - P s ., J . L . L o n g in o , C . J. G riffith ,
E . W . H ill a n d L . H . P a rk h u r s t; S e c ., L . G a r re tt; T r e a s ., W . E . B a k e r .—
V . 123, p . 187 2, 2 8 9 3 , 3 1 8 0 ; V . 124, p . 113, 106 4, 1818.

HOUSTON GULF GAS CO.

TEXAS
GALVESTON-HOUSTON ELECTRIC CO.
O p era tin g c o m p a n ie s are u n d e r th e e x e c u tiv e m a n a g e m e n t o f S to n e A
W e b s te r . I n c .

O R G A N I Z A T I O N .— A h o ld in g c o .
I n c o r p . in M a in e on M a y 8 1907
C o n tr o ls th r o u g h ow n e rsh ip o f s t o c k t h e G a lv e s to n E le c tr ic C o . and the
H o u s to n E le c . C o . A ls o ow n s s t o c k o f G a lv e s to n -H o u s to n E le c . R y C o .
a n d gu;u- intees its b o n d s , p r in ., in t. a n d sin k in g fu n d .
O w ns c a p ita l s to c k
o f T e x a s B u s L in es, I n c .
O n M a r c h 1 1926 c o . ’s s u o s ld ia ry , G a lv e s to n
E le c . C o ., p u rch a s ed th e p ro p e rtie s o f B ru sh E le c tr ic C o ., a s u b sid ia ry o f
C ities S ervice P o w e r & L ig h t C o . T h is a c q u is itio n had fo r its u ltim a te
p u r p o s e the c o n s o lid a tio n o f th e t w o e le ctr ic ligh t an d p o w e r syste m s in
G a lv e s to n , T e x .
V . 121, p . 2 87 3, V . 122, p . 1309.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o n tr o lle d c o s . d o th e e n tire e le ctr ic lig h tin g , p o w e r an d e le ctr ic ra ilw a y
business in G a lv e s to n a n d th e en tire e le ctric ra ilw a y an d b u s business in
H o u s t o n . O p era te in te ru rb a n r o a d b e tw e e n G a lv e s to n a n d H o u s to n ,
50 m iles. O perates 173 .16 m iles sin gle tr a c k , tra ck a g e , 3 .9 2 , s ta n d a rd
ga u g e, 305 passenger ca rs.
17 o th e r cars, 41 buses. T h e 3 p o w e r s ta tio n s
at G a lv e s to n , H o u s to n a n d L e a g u e C it y , T e x ., h a v e a co m b in e d c a p a c it y o f
6 ,5 8 2 k .w . F r a n c h is e s exp ire in G a lv e s to n in 195 0, in H o u s to n 1951. T h e
in teru rb a n is o n p r iv a te r ig h t -o f-w a y . E s tim a te d p o p u la tio n s e rv e cd :
r a ilw a y , 3 3 2 ,0 0 0 , lig h t a n d p o w e r , 5 4 ,4 0 0 .
$ 5 0 0 ,0 0 0 c o m . s t o c k is o w n e d b y P u b lic S e rv ice I n v e s tm e n t C o .
V a lu a ti o n .— See V . I l l , p . 214 0; also V . 112, p . 849.
O u ts ta n d in g L a s t D iv .& c
STOCK A N D BO N DS—
D a te .
In terest
$ 3 ,9 8 8 ,0 0 0
See te x t
C o m m o n $ 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )__________
M -S 15
3 .0 0 0 .0 0 0 M a r ’2 7 ,3 %
M -S 15
P r e f $ 4 ,0 0 0 ,0 0 0 6 % cu m ( $ 1 0 0 ) ------1 .086.000 A p r 1 1952
B ru sh E l C o 5s $ 1 ,5 0 0 ,0 0 0 / 1912
5 A -O
($ 1 .0 0 0 .$ 5 0 0 ,$ 2 5 0 ,$ 1 0 0 c* ) t f ) B a n k e rs T r u s t C o , N . Y . , T r u s te e .
1 .0 9 3 .0 0 0 M a y 1 1940
1905
5 g M -N
G a lv E le c tr ic 1st M $ 2 ,5 0 0 ,
0 0 0 g o ld ($ 1 .0 0 0 )_____ c * t f I n t . a t O ld C o lo n y T r u s t C o ., B o s t o n , T r u s ­
te e , o r a t c o m p a n y 's a g e n c y in N e w Y o r k .
1909
5 g A -O
2 ,5 8 6 .0 0 0 O c t . 1 1954
G a lv -H o u s E l R y 1st M $ 5 ,0 0 0 ,0 0 0 g guar ($1 .000-500 In te r e s t a t O ld C o lo n y T ru s t C o . . B o s t o n .
T r u s te e .
c * ; $ 5 ,0 0 0 -1 ,0 0 0 & m u lti­
p les o f $ 1 ,0 0 0 r ) ---------------- t f




I

O R G A N I Z A T I O N .— O rganized In 1925.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . su p p lie s u n d e r c o n t r a c t w ith n a tu ra l gas t h e e n tire gas r e q u irem en ts
o f th e H o u s to n G as & F u el C o . , w h ich s e rv e s th e c it y o f H o u s to n , T e x .,
with ga s. A ls o fu rn ish es a la rg e p a r t o f th e fu e l re q u ire m e n ts o f th e H o u s to n
Lighting & P o w e r C o . , also Sinclair R e f. C o . an d in a d d itio n s e r ie s certa in ,
suburbs o f H o u s to n , an d su p p lies th e d e m a n d s o f im p o rta n t in du stria l
users. C o . o w n s o r c o n tr o ls th ro u g h lease o r
c o n t r a c ts , o v e r 75.0 0 0
acres o f gas la n d s in s o u th ce n tr a l T e x a s . T h e p ip e lin e sy s te m o f th e c o .
is a b o u t 2 0 0 m iles In e x te n t a n d th e p r a c t ic a l c a p a c it y o f th e line in t o
H ou ston Is 5 1 ,0 0 0 ,0 0 0 c u . f t . o f gas p e r d a y . T h e t o t a l p o p u la tio n su p p lied
with n atu ral gas p u rch a s e d fr o m th e c o . is e s tim a te a t o b e a p p ro x . M 0 ,000 .
V . 122, p . 3417- L a rg e c o n t r a c t w ith S in clair R e f. C o . fo r 6 ,0 0 0 ,0 0 0 c u . f t .
gas d a ily ; m in im u m ta k in g 2 0 ,0 0 0 ,0 0 0 c u . f t .
See V . 122, p . 2 04 0, 2 94 8.
C o m p le tio n o f la rg e n ew gas w ell in R e fu g io area in S e p t. 1926, see V . 123,
p. 1633
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .
C o m m o n 500 ,0 0 0 shs (n o p a r ) . ____
__________ 5 0 0 ,0 0 0 shs. ____________
7 % c u m s e r A $ 2 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) ____
7 Q -M
$ 1 ,0 0 0 ,0 0 0 __________
1st M B A % s f g o ld $5,700,-/ 1926
B A g J-J
5,018,800 Jan .
1 1931
._ c * t f I C h a t .P h e n ix N a t . B k . & T r . C o . , N . Y . ,t r u s .
000 ($ 1 ,0 0 0 -5 0 0 ).
G en m tg e sin k fu n d b d s , series) 1927
6A g
* 3 ,0 0 0 ,0 0 0 A p ril 1 1937
19 2 7 _________________________ J
6 g A -O
2 ,5 0 0 ,0 0 0 A p ril 1 1929
2 -y e a r sec n o te s $2,500,0001 1927
(c* $ 1 ,0 0 0 , $ 5 0 0 )________ t f / I n t . a t G u a r a n ty T r . C o . o f N . Y . , tru stee.
A ll p le d g e d as se c u r ity fo r th e 2 -y e a r 6 % g o ld n o te s.
S to c k .— C o m m o n s t o c k lis te d o n P itts b u r g h S to c k E x c h a n g e .
V . 122 ,
p. 1309.
T h e 7 % c u m . p r e f . (assets an d d fv s .) s to c k , s e r i e s A , is c a ll, o n 3 w eek s’
n otice at 107. B e g in n in g Ja n . 1 1931 a n d e a ch 3 m o n th s th e rea fter c o .
is t o set aside $ 5 0 ,0 0 0 ($ 2 0 0 ,0 0 0 p e r an n u m ) fo r th e p u rch a s e o r ca ll o f
this p r e f. s t o c k . T h is sinking fu n d t o a p p ly t o series A o n ly . In Ju n e
1926 G o d d a r d & C o . and M o o r e , L e o n a r d & L y n ch so ld $ 1 ,0 0 0 ,0 0 0 series A
w ith c o m m o n s to c k p u rch a s e p r iv ile g e , in b lo c k s o f 1 sh are 7 % p r e f. and
2 shares o f n o p a r c o m m o n s t o c k at 100 p e r b lo c k . V . 122, p 3 21 0.
A p p lic a tio n w as t o b e m a d e fo r listin g o f th is p r e f. s to c k o n P itts b u r g h
S tock E x ch a n g e .
C o m m o n S tock P u r c h a s e P r i v i le g e .— H o ld e r s o f e a ch share 7 % c u m . p r e f.
s to c k , series A , is e n title d t o p u r c h a s e 5 shares n o p a r va lu e c o m m o n s to c k
at th e fo llo w in g p rice s: d u r in g 1926 at $9 p e r sh are, d u rin g 1927 at $ 1 0 ,
1928 $11 , 1929 $ 1 2 , 1930 $13 an d th e r e a fte r fo r a p e r io d o f 5 y ea rs at
$15. V . 122, p . 3210

O c t ., 1927.]

Bonds.— The 1st mtge. 6)4% sinking fund gold bonds, dated Jan. 1 1926,
are secured by a closed 1st mtge. on all fixed assets of the co., subject only
to the usual farm mortgages on leased lands. Co. Is to pay to a sinking fund
commencing May 1 1926 monthly a minimum of $50,000 and in addition at
half yearly intervals 25% of net earnings to be applied to the retirement or
these bonds. A surplus earnings also are to be applied to the retirement of
.U
bonds after being held in reserve for a limited period during which they may
be applied for operating charges, interest, sinking fund requirements and
pref. stock dividends for such period, or for payment of such common divi­
dends as co .’s bankers shall permit, or for new additions to be covered by
this mortgage. All s. f. moneys to be used for purchase or call of bonds by
lot. Red., whole or part, on 30 days’ notice at 105 and int. on or before
Jan. 1 1927, the premium decreasing thereafter by 1% for each year expired
after date of issue. C o. refunds all State personal property and income taxes
and the Dist. o f Col. 5-mills tax. In Jan. 1926 Taylor, Ewart & C o.. Inc.,
P. W . Chapman & Co., Inc., and Caldwell & Co. offered $5,700,000 at 98
and Int., to yield about 7% . The holder of each $1,000 was entitled tc
purchase at any time prior to N ov. 1 1930 a unit of 15 shares no par common
stock at $5 per share. Holders o f $500 bonds were given a proportionte
purchase privilege. V. 122, p. 347, 3605. $250,000 have been retired.
The g e n . m tg e. 6 ) 4 % s in k , fu n d g o ld b o n d s s e r i e s o f 1927 are secured by a
gen. mtge. on fixed assets o f the co., subject to the 1st mtge. bonds due
Jan. 1 1931, upon the retirement o f which the gen. mtge. bonds will be a
1st mtge. on the property of the co. All of the issued $3,000,000 gen. mtge.
bonds are pledged as security for the 2-year gold notes. Additional gen.
mtge. bonds may be issued for refunding, acquisitions and extensions,
provided earnings avail, for fixed charges for a fixed period have been at
least twice the annual int. requirements on all funded debt of co., incl.
proposed issue.
.
N o t e s . — The 2 -y e a r 6% s e c u r e d g o ld n o te s are a direct obligation of the co.
and further secured by pledge o f $3,000,000 gen. mtge. 634 % sk. fund gold
bonds series o f 1927, due April 1 1937. State personal property and income
taxes and the Dist. o f Col. personal property tax not exceeding 5 mills
refundable. Red. all or in part at 101 and int., on or before April 1 1928,
thereafter at par and int. In April 1927 Taylor, Ewart & Co., Inc., P. W .
Chapman & Co., Inc., and Rogers, Caldwell & Co., Inc., sold at 99 and
int., to yield about 6>4%, $2,500,000 2-year 6% secured gold notes. V.
124, p. 1979.
EARN ING S.— For 11 months ended M ay 31 1927:
Gross revenues, 11 months___________________________________$3,063,040
Net revenues from operations, 11 months------------------------------- 1,920,443
11 mos.’ int. on 1st 6 34s outst’g M ay 31 would be-----$290,445
11 mos.’ int. on $2,500,000 6 % notes would be________ 137,500
Total charges for these two issues, assuming they had been
outstanding for the entire period_________________________

EARNING S.— For calendar years:
*1927.
1926.
1925.
Gross earnings of subsidiaries_______$61,913,987 $59,411,694 $50,519,120
Net earns, of subs, before renewal and 27,650,716
26,005,381 22,813,173
replacement (deprec.) approp.x_
_
Gross earns, of Amer. Pr. & Lt. Co.
and undistributed income of sub.
cos. applicable to Amer. Pr. & Lt.
Co. after renewal and replacement
12,583,457 10,766,692
(depreciation) appropriationx____ 13,716,519
443,481
364,433
Expenses of Amer. Pr. & Lt. C o_____
341,619
1,912,451
2,796,020
Int. & discs, o f Am. Pr. & Lt. C o____ 3,007,467
1,356,820
1,426,407
Pref. divs. of Am. Pr. & Lt. Co______ 1,430,174
2,223,296
2,332,878
Com. divs. of Amer. Pr. & Lt. C o____ 2,419,901
Combined undistributed income_ $6,517,358
_
$5,663,719 $4,830,644
x Renewal and replacement (depreciation) appropriations for the 12
months ended Dec. 31 1926 were $3,524,808,1925, $3,078,591, and for 1924,
$2,701,616.
* For 12 months ended June 30 1927.
OFFICERS.— Chairman of Board, S. Z. Mitchell; Pres., C. E. Groesbeck, V.-Ps., A. S. Grenier, S. R . Inch and E. W . Hill, Sec., E. P. Summerson, Treas., A. C. Ray, Compt., A. E. Smith. V. 121, p. 1346, 1458,
203 5, 2401; V. 122, p. 346, 1453, 2326, 2490, 2648, 2797; V. 123, p. 1248,
2516, 2773; V. 124, p. 1663, 3205, 3349; V. 125, p. 1190.

427,945

Bal. avail, for divs., deprec., depletion & other charges________ $1,492,498
Full year’s dividend on 7% cumulative preferred stock________
70,000
OFFICERS.— Pres., W . L. M oody Jr., Galveston, Tex.; V .-P . & Treas.,
W. L. M oody 3d, Galveston, Tex.; Sec., F. E. Wallace; Gen. M gr., O. R.
Seagraves. Office, Houston, Texas.— V. 122, p. 347, 610, 1309, 2040,
2948, 3210, 3605; V. 123, p. 1633, 2269, 2391, 3038; V. 124, p. 372, 1510,
1979, 2279, 2587; V. 125, p. 246, 515, 647, 913, 1460, 1970.

AMERICAN POWER & LIGHT CO.
Operations supervised by Electric Bond and Share Co.
ORGAN IZATION .— Incorporated in Maine Sept. 20 1909.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns practically all the com. stock (and in some cases various amounts ol
preferred and second preferred stocks as well as certain indebtedness) ol
cos. supplying directly or indirectly a total of 697 communities in 11 states
namely, Arizona, Florida, Idaho, Iowa, Kansas, Minesota, Nebraska,
Oregon, Texas, Washington and Wisconsin with electric power and light
and (or) gas, water and other public utility service. Of the total communi­
ties 669 are served with electric power and light. Total population served
estimated at 2,945,000. The system owns and operates electric generating
stations of 594,990 k.w. capacity; 7,494 miles of transmission and 9,148
miles of distributing lines. Gas works of 52,463,000 daily capacity; gas
holders o f22,284 00 (capacity. 52 miles of track incl. 35 miles leased. 2,731
miles of gas and 433 miles o f water mains. Total number of consumers
all services 724,299. Among the Drincinal nronerties are r.H following
(o) Kansas Gas & Electric Co., supplying electric power and light
service in Wichita, Pittsburg and Newton, Kan., and in 59 other communi­
ties in Kansas. Population, 226,000.
(6) Pacific Power & Light Co., see statement below.
(c) Portland Gas & Coke Co., supplying gas service in Portland. Ore..
Vancouver, Wash., and 20 adjacent communities. Population, 365,000.
(d) Nebraska Power Co., electric power and light service in Omaha, Neb.,
19 adjacent communities and through a subsidiary, all the electric power
and light and gas service in Council Bluffs, Iowa. Population, 266,000.
(e) Minnesota Pow. & Lt. C o., supplying, directly or indirectly, Duluth
Chisholm. Eveleth, Brainerd. Cloquet and Little Falls, Minn.; Superior,
Wis., and 91 other communities in important iron mining and agricultural
districts in the northern part of Minnesota. Population. .32 1,000.
(/) Florida Power & Light Co., supplying 114 communities in Florida,
incl. Miami, Miami Beach, Coral Gables, St. Augustine, Paiatka, Sanford,
Bradentown, Palm Beach, West Palm Beach and Daytona; population
served, 483,000. V. 119, p. 2283. This co. has recently completed two
new large steam electric generating stations. Details in V. 121, p. 2873.
See separate statement.
lg) Southwestern Power & Light Co. See separate statement below.
ih) Central Arizona Lt. & Pow. C o., serving with electric power and light
and gas Phoenix, Ariz., and adjoining territory. Population, approxi­
mately 50.000. V. 119, p. 2283.
(?') Northwestern Electric Co. supplies electric power and light service
in Portland, Ore., and Vancouver, Wash., and in addition in 10 other com­
munities in this district. Population, 330,000.
Superior Water, Light and Power Co. serving a 42,000 population in
Superior, Wis., was acquired in Sept. 1925. See V. 119, p. 1628; V . 12±.
p . 1349.
STO CK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
_
Com 2,300,000 shs (no par)_ _____
_______ x l ,834,926 sh
See text
Pref $6 cum 500,000 shs (no
par)---------------------------------- -------$6 Q-J
238,476 sh Oct 27 $1.50 i
Deb bds Amer 6% series duel
6 g M-S $45,810,500 Mar 1 2016
Mar 1 2016 ($100. $500 & 1916
(■
$1.000c* and $l,000r*) g ..J int. at Bankers Trust C o., N. Y ., trustee.
x Includes stock scrip equivalent to 1,522.56 shares.
Stock.— Pref. is red at 115 and divs. on any div. date. Pref. as to assets
($100) and cum. divs. Each share of common and pref. stock is entitled
to one vote. Common is listed on N. Y . Stock Exchange.
Debenture Bonus.— American 6% series due Mar. 1 20i6. No additional
bonds may be issued unless net income is at least 2)4 times annual interest
on all outstanding indebtedness of the co., including debentures to be issued.
Red. as a whole on any int. date on 30 days’ notice at 110 and int. Penna.
4-mills tax refunded.
Option Warrants.— There are authorized option warrants as of June 30
1927, issued and to be issued, entitling the registered holders thereof to
subscribe, at any time on or before Mar. 1 1931, at $10 per share, to an
aggregate of 11,200 shares of the com. stock. Any of the co.’s debenture
bonds now outstanding will be accepted by the co. at their principal amounts
in lieu of cash payment for shares of com. stock of no par value subscribed
to in exercise of the rights given by these option warrants. Co. will pay in
cash interest on debentures so applied, accrued to the date of drlvery of
same to it. In Aug. 1924 Bonbright & Co., Inc., offered $5,000.0 ((deben­
tures Amer. 6% series and again in Oct. 1924 an add’l $5,000,0 1 at 94H
and int., to yield 6.35%. V. 119, p. 1956. In March 1925 Bonbright & Co.,
inc., offered $8,000,000 at 95)4 and int., to yield 6)4% . V. 120, p. 1200
1324. In Sept. 1925 Bonbright & Co., Inc., offered $5,000,000 additional
bonds at 96 and int., to yield 614%. V. 121, p. 1458. In April 1926
$10,000,000 additional at 98 and int., to yield over 6.10%. V. 122, p.2326.
Dividends.—-On the pref. stock regular dividends of 1)4% quarterly
since Jan. 1910. Since 1924 on the new, no par stock, regularly each
quarter $1.50. On the common of $100 par value 1% quar. from March
1913 to Dec. 1921; 1922, 7% ; 1923, 10%; 1924, 2 ^ % quar. to Sept. 1 1924.
During 1923 paid stock divs. aggregating 4% and paid stock div. of 2%
June 2 1923 on $100 par value stock. On the no par value commo a a cash
div. o f 25c. was paid in Dec. 1924, and at the same rate quar. thereafter to
date. Extra divs. of l-50th o f a share were paid semi-annually Dec. since 1
1924 up to date. V. 119, p. 2283.




223

POW EB, LIGH T AND B A IL W A Y

PACIFIC POW ER & LIG H T CO.
Control.— American Power & Light Co. owns all common and 2d pref.
stocks, except directors’ shares.
Under supervision of Electric Bond & Share Co.
ORGANIZATION.— Organized in Maine June 16 1910.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Co. serves a total of 90 communities, viz., 90 with electric power and light,
Incl. 6 supplied at wholesale, manufactured gas to 6 and water to 3. Total
population served 147,000. The communities served are located in the
States of Oregon. Washington and Idaho. Electric light and power and
gas are supplied in Astoria and Pendleton, Ore., Walla Walla, Yakima and
Clarkston, Wash, and Lewiston, Idaho; electric power and light and water
to Kennewick, Asotin and Prosser, Wash. Electric light and power is
wholesaled to Athena, Echo, Hermiston, Stanfield, Umatilla and Weston,
Oregon.
Co. owns electric generating plants of a total generating capacity of 33,725
• .w .; 744 m. of high-voltage transmission lines and 1,219 miles of electric
e
listributing system
In 1925 completed a 110 000-volt transmission line
from Hanford, on the co.'s Yakima-Walla Walla transmission system, to
Taunton, where it connects with the transmission system of the Washington
Water Power Co., with which co power is interchanged. Co. owns gas
plants of a daily capacity of 1.460.000 cu. ft.; bolder capacity, 688,000 cu.
ft.' 141 miles of ga« main and 73 mile* of water mains
Electric consumers
as of June 30 1927, 47,714; gas, 7,504, and water, 2,241.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $7,000,000 (8100)_ _____
_
________
$5,755,000
7% cum pref $4,500.000($100)____
7
5,793,400 Aug ’27 154
2d pf 7% cum $2,500,000(.$ 1 0 0 )____
7 Q-F
190,000 __________
1st & ref M 5% g $30,000,000 f
$1,000 c* and $1,000 and 1910
5 g F-A
9,119,000 Aug. 1 1930
multiples r (for intern ! United States Mortgage & Trust Co., New
series, see text)________ tf [ York City, trustee.
Stock.— The 7% cum. pref. stock is preferred as to 7% cum. divs. and
tssets over 2d pref. and common stocks.
Bonds.— $1,250,000 1st and ref. mtge. bonds, in addition to the $9,119,000
shown as outstanding, are held in treasury. Callable as a whole on 4 weeks’
notice at 104 and int. during 1926, at 103 and int. during 1927, at 102 and
int. during 1928, and 101 and int. from Jan. 1 1929 to July 31 1930, incl.
There is an international series of denominations corresponding with the
$1,000 bonds as follows: £205 4s. 2d., M.4,200, fr. 5,175 and fl. 2,480; cor­
responding with $5,000 bonds: £1.026 0s. 10d., M .21,000, fr. 25,875, and
fl. 12,400). Int. payable at trustee’s office in New York or the international
series in London, Berlin, Paris and Amsterdam at the fixed rates of exchange.
Listed on New York Stock Exchange.
All of the outstanding Is! lien and gen. mtge. 8% g. bonds, series A , due
Aug. 1 1930, were called Sept. 1 1926 at 103 and int. V. 123,p. 711,1878.
EARNINGS.— For calendar years:
*1927.
1925.
1924.
1926.
$3,691,376 $3,751,266 $3,545,421 $3,181,736
Oper. exp., Incl. taxes,. 2,083,900
1,985,709
2,009,701
1,758,254
$1,607,476
14,548

$1,765,557
30,127

$1,535,720
17,693

$1,423,482
26,848

Total income________ $1,622,024
Interest on bonds______
458,148
Other int. & deductions.
317,965
Divs. on pref. stock___
405,218
Renew & replace, res_
_

$1,795,684
524,814
279,834
404,372

$1,553,413
555,950
229.633
390,095
350,000

$1,450,330
555,950
176,928
339,514
260,000

Other income__________

$440,693
$586,664
$27,735
$117,938
* For 12 months ended Aug. 31 1927.
OFFICERS.-—Chairman of Board, S. Z. Mitchell; Pres., Guy W . Talbot;
V.-P. & Gen. M gr., Lewis A. McArthur; V.-Ps., John A. Laing, Edward
Cookingham, Frank Silliman Jr., A. S. Grenier, E. W. Hill;Sec. & Treas.,
C. W. Platt.— V. 120, p. 2270; V. 121, p. 1463: V. 122, p. 482, 2 33 0, V. 123,
p. 711,' 1878.

SOUTHW ESTERN POW ER & LIG H T CO.
Operations supervised by Electric Bond and Share Co.
Controlled by American Power & Light Co. (see above), which owns the
entire common stock except directors' shares.
O R G A N IZ A T IO N .-— Incorp . in M aine July 30 1912.

C ontrols the Texas

Power & Light Co. through ownership of all its common stock, except
directors’ shares; the Fort Worth Pow. & Lt. Co. through ownership of
more than 93% of its common stock; and the following cos. through ownership of all their outstanding securities, except directors' shares: El Paso Gas
Co., Crystal Ice & Cold Storage Co., Texas Electric Service C o., Galveston
Gas Co., Eagle Pass Water Co., Oil Belt Power Co., and Texas Public
Utilities Corporation.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Controlled cos. furnish a diversified public utility service in 269 communities.
Including many important cities, among them Ft. Worth, El Paso, Gal­
veston, Waco, Denison and Wichita Falls, Texas. Total population served
is in excess of 1,051,000. The system controls electric generating stations of
a capacity of 149,854 k.w., 3,240 miles of transmission lines, 2,659 miles of
distributing lines, gas works of 9,153,000 cu. ft. daily capacity, gas holders
of 3,407,000 cu. ft. capacity, 380 miles of gas mains, 31 miles of water
mains.
f ranchises.— Only one of the franchises under which the sub. cos. operate
expires prior to 1935, while most of them do not expire until 1950 or later and
some of them are unlimited in time. They are, it is stated, generally ample
In their provisions and free from burdensome restrictions.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
_______ $15,125,000 __________
Common $20,000,000 ($100)_______
Pref >12,000,000 cum ($100)______
7%
8.387,000 Sept'27,1M
2nd pref $3,000,000-------------- ------------------None
__________
1st lien 30-yr bds ($100, $500/ 1913 5 g J-D
13,797,000 June 1 1943
& $1,000) gold--------- c*&r* (Bankers Trust C o., N. Y ., trustee.
6% gold deb ser A ($100, $500)
& $l,000c* and $1,000 & 1922 6 g M-S
(•
5,000,000 Mar 1 2022
$5,000r*) gold----------------- jln t. at Central Union Tr. Co., N. Y ., trus.
Stock.— Pref. is red. at 115 and divs.
Bonds.— 1st lien 30-year bonds are secured by deposit with the trustee of
all outstanding stocks, except directors' qualifying shares, and bonds of 10
sub. cos. These deposited bonds are secured by 1st mtges. on the properties
of the respective sub. cos. No add'l stocks or bonds of these sub. cos. may
be issued unless they are deposited with the trustee of the mtge. The 1st
lien bonds are additionally secured by pledge with the trustee of all the com.
stock, except directors’ qualifying shares, of Texas Power & Light Co. and
more than 93% of the outstanding com. stock of Ft. Worth Power & Light
Co. Red. as a whole (or in part for sink, fund) on any int. date at 105 and

224c

PUBLIC U TILITIE S

int. upon at least 6 weeks’ notice. In Aug. 1927, Bonbright & C o., Inc.,
Halsey, Stuart & C o., Inc., and W . C. Langley & Co., offered $3,000,000
additional 1st lien 30-yr. 5% gold bonds, ated June 1 1913, at 99 and int.,
to yield about 5.10% . V. 125, p. 782.
Debentures.— Not red. prior to Mar. 1 1947; on and after that date and
up to and incl. Sept. 1 2016 are red. as a whole or in lots of not less than
$1,000,000 on any int date on 30 days' notice at 110 and int.; thereafter
at par and int. Co. will refund Penna. 4 mills tax. In Feb. 1925 Bon­
bright & C o., Inc., offered $2,000,000 at 91)4 and int., to yield 6.55%
V. 120, p. 830.
EARNINGS.— For years ended Jan. 31 (including subsidiary cos.):
*1927.
1927.
1926.
_______ ________________ $■
$17,356,282 $16,105,771 $14,526,248
Bal. of subsidiaries’ earnings, after all
exp., applicable to S. P. & L. C o__
6,221,925
6,221,439
5,456,808
Expenses o f S. P. & L. C o__________
137,199
133,000
137,000
Balance_________________________
Interest on secured bonds_________
Interest on 6% debenture bonds----All other Interest__________________

$6,084,726
542,814
300.000
127,995

$6,088,439
539,850
300,000
306,342

$5,319,808
539,850
294,033
Cr.29,762

Balance_________________________
Dividends on preferred stock---------

$5,113,917
587,090

$4,942,247
586,701

$4,515,687
542,212

[V ol. 125.

FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Does substantially all the electric power and light business in Dallas,
serving a population of about 265,000.
Franchise.— For terms of franchise under which the company operates
see “ Electric Railway Supplement” o f Oct. 28 1922. See also V. 123, p.
1761.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock $3,500,000 ($20)_ _____
_
$3,500,000 __________
7% Q-F
3.500.000 Aug '27, 154
Pref stk $3,500,000 cum ($ 1 0 0 )____
1st M ($500 & $1.000) g . -r * tf<
Series “ A ” _______________ 1919
6.000.
000 July 1 1949
6 g J-J
Series “ B ” _______________ 1919
1.100.000 July 1 1949
7)4 g J-J
4.000.
000 July 1 1952
Series “ C ” _______________ 1922
5 g J-J
Series “ D
1.000.
000 Jan. 1 1954
1924
5)4 g J-J
Old Colony Trust C o., Boston, trustee.
i
Stock.— Preferred stock is redeemable at 110 and accrued interest.
1 Bonds.— Are issuable in series maturing not earlier than July 1 1949
nor later than July 1 1962, and bearing such rates of int. and red. upon such
terms as may be determined by the board of directors. Additional bonds
; may be issued to the extent of 80% of the cost o f exts., betterments and
impts. under certain conditions. Otherwise the authorized issue is not
limited as to amount.
The series A bonds are red., all or in part, on any int. day prior to Jan. 1
1945 and thereafter at any time before maturity, on 30 days’ notice at
107)4 and int. up to and incl. July 1 1924 106)4 and int through July 1
1929 105)4 and int. through July 1 1934 104)4 and int. through July 1
1939 103 and int. through July 1 1948 101 and int. thereafter.
Series B are call., all or in part, on any int. date on and after July 1 1930
on 30 days' notice at 107)4 and int. to and incl. Jan. 1 1935 106 and int.
to and incl. Jan. 1 1940, 104 and int. to and incl. Jan. 1 1945, 103 and
int. to and incl. Jan. 1 1947, 102 and int. to and incl. Jan. 1 1948, 101 and
int. thereafter.
Series “ C ” are call., all or in part, on any int. date on 4 weeks’ notice at
105 and int. on or before July 1 1927; thereafter through July 1 1932 at 104
and int.; through July 1 1937 at 103 and int., through July 1 1942 at 102
and int.; through July 1 1947 at 101 and int., and thereafter, but prior to
maturity, at 100)4 and int. V. 115, p. 1843. In Oct. 1926 Lee Higginson
& Co.. Harris. Forbes & Co., and Coffin & Burr. Inc., offered $2,000,000
additional 5% series C, at 100 & int. V. 123, p. 1761. Additional $1,000,
000 1st mtge. 5s, series C, were offered in M ay 1927 by a syndicate headed
by Harris, Forbes & C o., at 100. V. 124, p. 3066.
Series D are call., all or in part, on any int. date, on 4 weeks’ notice at
104 and int. up to and incl. Jan. 1 1929, 103 and int. through Jan. 1 1934
102 and int. through Jan. 1 1939, 101 and int. through Jan. 1 1944, and
100)4 and int. thereafter. Annual sinking and impt. fund for all series
beginning 1924 of 1)4% of the total amount of bonds certified on July 1
of each year. Int. is payable in Boston and New York.
Dividends.— 1'%% has been paid on the pref. stock regularly quarterly
since date of issuance to and including N ov. 1926.

Balance_________________________ $4,526,827 $4,355,546 $3,973,475
* For 12 months ended Aug. 31 1927.
OFFICERS.— Chairman o f Board, C. E. Groesbeck; Pres., A. S. Grenier;
V.-Ps.. Frank Stillman Jr and E. W. Hill: Sec., E. P. Summerson; Treas.,
A. C. R a y — V. 119, p. 1406, 2180; V. 120, p. 830, 2013; V. 122, p. 2331;
V. 124, p. 3774; V. 125, p. 782.
TEXAS POWER & L IG H T CO.
Controlled by Southwestern Power & Light Co. under supervision of
Electric Bond & Share Co.
ORGAN IZATION .— Incorporated in 1912 in Texas
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Company supplies electric power and light business in 221 communities
(202 at retail and 19 at wholesale) in Texas, incl. Waco, Denison, Sherman,
Paris, Cleburne, Tyler, Palestine, Temple, Gainesville, Brownwood and
Waxahachie. Does the gas business in Waco, Paris and Brenham. Total
population served is in excess of 526,000. Electric generating stations,
66,984 k.w. capacity, incl. 2,000 k.w. leased; 2,371 miles o f high voltage
transmission lines excl. 209 miles under construction; 1,762 miles of dis­
tribution lines in the 202 communities served at retail. Gas works and
distribution systems in 3 communities. Gas works, 2,033,000 cu. ft. daily
capacity; gas holders, 547,000 cu. ft. and 165 miles of gas mains.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common 4,000,000 sh no p a r ) ____
_________ 4,000,000 s h s __________
7% cum pref $3,500,0 00($100)____
7 Q-F
$6,500,000 Aug’27, 1 h
1st mtge g 5s $30,000,000/ 1912 5 J-D
15,005,000 June 1 1937
Interest,
Balance,
Other
Gross
Net after
($1,000 c* )____________ t flln t . at Bankers Trust C o.. N. Y .. trustee.
AC
.
Surplus.
E'irninns.
Taxes.
Income.
1st & ref M g 5% ser due ’56/ 1926
5 M -N
20,000,000 N ov 1 1956 1927 * - .- -$4,305,538
$1,456,600
$19,224
$684,451
$2,121,827
$1,000, $500 c* & $1,000,1 Bankers Trust C o., New York, trustee.
619,595
1,420,038
1926------ - - 4,041,841
2,034,706
4,927
$5,000, &c r )__________ tfl
1,302.082
571,425
1,859,734
13,773
1925_
_
_ 3,663,753
6% g deb ser A ($1,000, $500,1 1922 6 J-J
2,000,000 July 1 2022 1924____ - 3,274,523
880,346
7,982
551,611
1,423,975
$100:*; $1,000, $5,000 r)tf\Equitable Trust Co. o f N. Y ., trustee.
747,708
453,488
3,078,961
1,183,780
17,416
1923____
Stocl — Pref. stock is callable at 115 & int. and has preference as to assets.
2.770.050
644,861
18,548
400,018
1922
1.026,331
Bonds.-—-No additional 1st mtge. bonds can be issued except for pledge
*F or 12 months ended Aug. 31 1927.
under 1st & ref. mtge. Callable as a whole at 105 and int. oh any int. date,
OFFICERS.— Chairman, V . B Head: Pres. C E. Haider; V .-P s.,
V
or by sinking fund by lot, at any time on 6 weeks’ notice at same rate.
There is a sinking fund which began in 1915 and which at the present time H. L. Seay, A. S. Grenier, J. A. Worsham and E. W . Hill; V .-P . & Gen,
amount* to 2% per annum, payable each June 1 to 1936, to retire and M gr., C. W . Davis; Sec. & Treas., J. B. Walker.—V . 117, p. 898, 1466;
cancel bonds or to be used for extensions, <vc. These bonds are a first V. 119, p . 2760, 2877; V. 120, p. 1457, 3064; V. 122, p. 3337 V. 123, p.
lien on all properties, rights and franchises o f co., incl. those after- acquired. 1761; V. 124, p . 3066; V. 125, p . 912.
The 1st & ref. mtge. g. bonds are secured by a direct 1st mtge. on a sub­
stantia] portion of co .’s property and by a mortgage on the balance of the
physical property subject to $15,005,000 1st mtge. bonds. No add’l
HOUSTON L IG H TIN G & POWER CO.
1st mtge. bonds can be issued except for pledge under 1st & ref. mtge.
Controlled by the National Power & Light Co. (see on another page),
Add’l 1st & ref. mtge. o f 5% series, due 1956, or of other series of such which owns all of the common stock, except directors’ shares. Under
tenor as directors may determine, may be issued: (a) against the properties supervision of Electric Bond & Share Co.
as existing on Dec. 10 1926 to a total o f not exceeding $1,000,000; (5) for
ORGAN IZATION .— Incorp. in Texas Jan. 8 1906 and took over the
refunding purposes, and (c) for 75% additions made subsequent to Dec. 10
1926. Add’l bonds may not be issued, however, except for refunding business of the (old) Houston Lighting & Power Co.
purposes, unless net earnings for 12 out of the preceding 15 months have
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
been equal to either (a) twice the actual annual interest requirements, on , Co. serves electric power and light to 56 communities, including the city
or (b) 12% o f the principal amount of underlying and prior lien bonds held of Houston, Tex. Population served estimated to exceed 298,000. C o.’s
by the public and all bonds outstanding under the mortgage, incl. proposed steam electric stations have an installed generating capacity of 73,231 k.w.,
issue.
incl. the initial installation of 40,000 k w. of the Deepwater station which
The mortgage contains certain provisions permitting modification or is partially built for an ultimate installation of 180,000 k.w. An additional
alteration of the bonds or the mortgage or of any supplemental indenture, 25.000 k.w. unit is under construction. As of June 30 1927, 68,221 electric
with the assent of co. and of the holders of not less than 85% in aggregate consumers, 1,351 miles transmission and distribution lines: 85 miles addi­
principal amount of the outstanding bonds, not including any bonds owned tional transmission lines under construction.
by co.; provided that any such modification or alteration shall not permit,
Franchises are perpetual or run to 1972.
without the consent of the holders affected (a) the extension of the maturity
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
o f any bond, or the reduction in rate of interest thereon, or any other
_______
250,003shs.____
modification in the terms of payment of such principal or interest, or (6) the Common 250.009 shs (no p a r ) ____
$3,000,000 A ug’27, 1 %
7
creation by co. o f any mortgage lien ranking prior to or on a parity with the 7% cum pref $3,000,000 ($ 1 0 0 )____
2,403,000 Apr 1 193'
1st mtge $5,000,000 ($1,000)/ 1911
5 g A-O
lien of this mortgage with respect to any of the property covered thereby.
g o ld ___________________ c*tw hitney Cent. Tr. & S.Bk.,New Orl..Trust.
5% series, due 1956, are red. on the 1st of any month, whole or part, on
1st lien & ref mtge ($100, $500 [
45 days’ notice through Oct. 1 1931 at 105; through Oct. 1 1936 at 104)4:
& $1,000 c* & $1,000 r*) I
through Oct. 1 1940 at 104; thereafter at a premium reducing K % each
g o l d ___________________ tf(
year to 100)4 on Nov. 1 1954 and through Oct. 1 1955, and thereafter prior
1923 5 g M -S
8,000,000 Mar 11953
Series “ A ” .
to maturity at 100; in each case with interest. Penn. 4 mills tax refundable.
1923
6 g A-O
2,000.000 Oct 1 1953
Series “ B ” _
In N ov. 1926 Harris, Forbes & C o., Coffin & Burr, Inc., Bonbright-& Co.,
1924
5)4 g M-S 2,000,000 Mar 1 1954
S e r ie s “ O ” .
Inc., and Lee, Higginson & Co. offered $16,000,000 5% series, due 1956,
lGuaranty Trust C o., N . Y .. Trustee.
at 97 and int., to yield about 7.20%. V. 123, p. 2779. Listed on Boston
Stock.— On Jan. 8 1926 stockholders changed the authorized common stock
Stock Exchange. In Sept. 1927 Harris, Forbes & Co.; Coffin & Burr, Inc.
Bonbright & C o., Inc., and Lae Higginson & Co. offered $4,000,000 add’ from 30.000 shares ($100 par) to 200.000 shares no par value: 5 no par shares
1st & ref. mtge 5% series, due 1956, at 98 and int., to yield about 5.13%. were exchanged for each old, $100 par, share. V . 122, p. 480. Gn Jan. 21
1927 increased stock to 280,000 shs., consisting of 30,000 shs. of pref.
Y . 125, p. 1839.
The 6% gold debentures, due July 1 2022, are not redeemable prior to and 250,000 shs. of common stock.
July 1 1947. On and after that date and to and incl. Dec. 31 2016, they
Bonds.— The 1st mtge. 5s are red. at 105 and int. at any Int. period on
are red. whole or part upon 30 days' notice, at 110 and int.; thereafter at 6 weeks notice; callable by lot. Sinking fund of 1% of bonds outstanding
par and Int. Additional debentures may be issued in series of such tenor began July l 1915. $497,000 have been retired. $2,100,000 are pledged as
as co. may from time to time determine, provided net income before interest security for the 1st lien & ref. mtge. bonds.
has been not less than twice annual interest on all indebtedness of co., incl.
The 1st lien & ref. mtge. bonds are secured by pledge o f $2,100,000 1st
new issue. In case o f dissolution or liquidation of co. they may become mtge. 5s due April 1 1931, and all property rights and franchises except
due and payable during the first 95 years at 110; thereafter at 100.
pronerty specifically exempt, now owned or hereafter acquired, subject
EARN INGS.— For calendar years:
to $4,503,000 underlying bonds, of which $2,100,000 are deposited with
*1927.
1926.
trustee. Additional bonds may be issued in series of such tenor as directors
Gross earnings__________ $9,025,238 $7,794,378
may from time to time determine, for 80% of permanent additions, &c.,
Operating exp. & tax es.. 5,042,758
4.460,034
subsequent to Dec. 31 1922, or for cash deposited with trustee provided
net earnings for 12 consecutive within the preceding 15 months have been
Net earnings from oper $3,982,480
equal to at least twice the annual int. requirements on (or, at option of co.
Other income__________
106,976
to 12% of principal amount of) all outstanding bonds, incl. new issue and all
Total Income_________ $4,089,456
unpledged underlying and priorlien bonds and obligations. Modification of
Bond interest__________
1,454,695
the mtge. requires consent of the co. and the affirmative vote of at least
Other interest & deduct162,027
80% (or 90% in certain cases) in amount of bonds outstanding not incl.
Preferred dividends____
455,000
bonds owned by the co. There is a maintenance and renewal fund to which
Renewal & replace’t res.
______
______
is to be paid on or before April 1 of each year beginning April 1 1924 an
amount equal to at least 4% of aggregate principal amount of all underlying,
B alance................
$2,017,734 $1,837,306
prior lien and 1st lien & ref. bonds outstanding at close of preceding calendar
*F or 12 months ended Aug. 31 1927.
year less actual expenditures for maint., &c., during such year, to be used
Note.— Of 1925 earnings 91% was derived from electric power and for expenditures for further maintenance, &c., and any unused balance
light, 9% from gas.
for retirement of 1st lien & ref. mtge. bonds and any such balance amounting
OFFICERS.— Chairman o f Board, W . B. Head; Pres. & Gen. M gr., to $50,000 or over remaining after 36 mos. to be so used. Ser. A are red., all
J. W . Carpenter; V .-Ps., A. S. Grenier, E. W . Hill, J. A. Worsham; Sec. & or part on 4 weeks' notice at 105 and interest on or before March 1 1928 and
Treas., J. E. Van Horn. Offices, Dallas, Tex.— V. 122, p. 3212; V. 123, at 1 % less for each 5-year period thereafter, to and including March 1
1948; at 100)4 and interest thereafter to and including March 1 1950
p. 1507, 2779; V. 124, p. 113; V. 125, p. 1839.
and thereafter at par. $1,000,000 Series " A ” were offered in July 1924
by Halsey, Stuart & C o., inc., at 91)4 and interest vfelding 5.60%
V. 119. p 331. In May 1926 the same bankers offered $1 000 000 additional
DALLAS POWER & LIGHT CO,
series A 5% at 99)4 and int. V. 122, p. 2948 V. 123, p. 842. In Nov.
Supervised by Electric Bond & Share Co.
1926 Halsey, Stuart & Co. and W . C.
offered $2,000,000
Control.— Controlled by Electric Power & Light Corp. through ownership add’l series A at 99)4 and int. V. 123, p.Langley & Co., June 1927 an add’ l
2654, 644. In
o f a large majority o f the outstanding common stock.
$2,000,000 series A 5s were offered by the above-mentioned banking firms at
O RGAN IZATION .— Incorp. in Texas on Sept. 22 1917 to take over and 99)4andint. V. 124, p. 3771. Series B red., all or in part, at any time on 4
operate the power and light properties of the Dallas Electric Light & Power weeks’ notice at the following prices together -with accrued int: On or before
Co. formerly controlled by Dallas Electric Co. (See “ Electric Railway” Oct 1 1928 at 106; thereafter a: 1% less for each 5-yr. period ,o and incl.
Supplement for Sept. 1917) under the franchise approved by the citizens of Oct. 1 1948; thereafter to and incl. April 1 1952at 101; thereafter to and incl.
Dallas at an election held April 3 1917 and formally accepted on Sept. 27 Oct. 1 1952 at 100)4: and thereafter at the prin. amt. Ser C red. all or in
1917. The railway properties o f the Dallas Elec. L. & P. Co. were taken over part on 4 weeks’ notice at anv tin e at the following prices together with
by the Dallas R y. C o., which see on another page. V. 105, p. 1423
Int. On or before Feb. 28 1929, at 105; thereafter at 1% less for each 5-




POW ER, LIGH T AND R A IL W A Y

O ct ., 1927-.]

year period to and incl. Feb. 28 1949; thereafter to and incl. Feb. 28 1951
at 100%, and thereafter at the principal amount. Penna. 4 mill tax
refundable .Listed on Boston Stock Exchange. V. 117, p '2000.
EARNINGS.— For calendar years:
1924.
1925.
1926.
$5,700,685 $4,745,338 $3,904,927 $3,107,064
1,824,015
2,231,301
. 3,304,453
2,683,687
Other income_____

•- $2,396,232
48,249

$2,061,651
32,215

$1,673,626
18,952

$1,283,049
39,709

Total income_
_
Interest on bonds.

.. $2,444,481
642,927
i.
81,002

$2,093,866
536,955
75,640

$1,692,578
500,150
78,820

$1,322,758
437,901
58.709

Divs. on pref. Stock-

.. $1,720,552
210,000

$1,481,271
210,000

$1,113,608
199,405

$826,148
139.968

Balance__________

$1,510,552

$1,271,271
625,386

$914,203
464,753

$686,180
327,386

$358,794
$449,450
$645,885
* For 12 months ended Aug. 31 1927.
OFFICERS.—-Pres., Edwin B. Parker; V.-P. & Gen. M gr., S'. R. Bertron
Jr.; V.-Ps., A. S. Grenier; V .-P ., R. B. Feagin; V .-P ., E. W . Hill and W . A.
Parish; Sec. & Treas., R. S. Daunoy.— V. 120, p. 2012; V. 122, p. 480, 2328,
2948, 3081; V. 123, p. 842, 2518, 2654; V. 124, p. 644, 1359, 2278, 3771.

NORTHERN TEXAS ELECTRIC CO.

Operating cos. are under executive management o f Stone
Webster, Inc,
Of the common stock, $500,000 is owned by Pub. Service Invest. Co.
ORGAN IZATION .— A holding co. Incorp. in Maine N ov. 16 1905 and
owns the entire stock and participating bonds of the Northern Texas Trac
tion Co., the capital stock of the Tarrant County Trac. Co. (name changed
from Ft. Worth Southern Traction Co. in 1914) and the Arlington Light
& Power Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
C o.’s subs, do all the electric-railway and bus business in Fort Worth and
operate an interurOan uue between that city and Dallas 35 miles, operate a
line between Fort Worth and Cleburne. Tex., 31 miles It is proposed to ex­
tend the line from Oteburue to Denton, the rights of the Fort Worth-Den ton
Interurban Co. having been acquired. V. 99. p. 121, 122. Also do the elec
trie light and power business in Arlington, Handley and Grand Prairie
Tex. Enters Dallas over its own tracks. See V. 89, p. 411. Sub. cos. oper­
ate 176.22 miles o f single equivalent track, standard gauge, 282 passenger,
and 12 other cars. Estimated population served: Railway, 443,000,
light and power, 12,400. In July 1916 completed an 1,800-ft. viaduci
over the steam roads entering Union Depot in Dallas. Power station has
capacity of 10,800 k.w.; also purchases power from the Dallas Power
& Light Co. Has leased for 20 years from Dec. 17 1915 the termsaal
facilities of the Dallas Interurban Terminal Association, which see under
Dallas Ry. Co. on another page. In 1917 leased (with the right to purchase
for $2,000,000) the Oak Cliff line to the Dallas Ry. at an annual rental o'
$115,000 for first 3 years, $120,000 for fourth year, $125,000 for fifth year,
$135,000 for sixth year and $150,000 thereafter.
Principal franchises of Northern Texas Traction Co. in Fort Worth expire
in 1973; in Dallas in 1937; in Arlington in 1951: others about 1950. Has
private right-of-way outside of cities. Tarrant County Traction Co. in
Fort Worth and Cleburne expire in 1936: between these cities has private
right-of-way except in towns, &c., in wnich cases its rights expire in 1961
V. 92, p. 1243. Road was completed in Aug. 1912 and began operations in
Sept. 1912. Franchise in Arlington expires in 1951.
STOCK AND BONDS—
Date.
Interest. Outstanding .LastDiv .,'&c.
Q-M
$3,150,000
See text
Common $5,000,000 ( $ 1 0 0 ) .- - ___
Pref 6% n-c $5,000,000 ,$100)______
M & S 4,000.000 Mar ’27,3%
Coll trust M $10,000,000 gold) 1910
5 g J-J
3,189,000 Jan 11940
sink fund (see text)c*&r*tf (Int. at Atl. Nat. Bank of Boston, Trustee.
5-year notes $750,000 ($100,1 1923
7 g M-S
500,000 Mar 1 1928
$500 & $1,000) gold c _____Jlnt. at Farmers & Mech. Bk., Ft. Worth, Tr
No Tex Trac 1st M $2,500,000/ 1903
5 g J-J
2,500,000 Jan 11933
($1,000) gold— no sinking! Int. at the Union Trust C o ., Cleve., Trustee,
fu n d _________________c*tf [ or at Chase Nat. Bank, New York.
Car trust certificates_________ _____
_________
39,533 __________
Stock.— The pref. stock is redeemable at 110. V. 94, p. 1449. Both
classes o f stock are listed on the Boston Stock Exchange.
Bonds.— Of the coll, trust bonds, $2,500,000 are reserved to retire North
ern Texas Traction 1st M . bonds; $571,000 have been retired. Coupon
bonds are in denom. of $1,000; registered bonds, $1,000, $5,000 and $10,000
Callable as a whole or in part for sink, fund only at 105 and int. on any
int. date. Sinking fund of 1% o f bonds out began Nov. 1 1911. Bonds
are secured by deposit o f all the stock of the North. Texas Trac. Co. V. 90
p. 373, 1239.
The Northern Texas Traction Co. bonds are subject to call as a whoi'
on any interest day at 105 and interest.
Notes.— The 5-year 7% notes are call, as a whole at any time prior to
Mar. 1 1925 at 101 & int., thereafter to Mar. 1 1927 at 100ft & int.; there­
after to maturity at 100 and int.
DIVIDEN DS.— First div. on pref. (1% ) paid March 1 1906 and 2%
Sept. 1 1906: since, 6% per annum. First dividend on common stock,
2 % , paid Sept. 1 1909; in 1910, 5 % % ; in 1911 and 1912, 6% ; in 1913,
6 f t %; in 1914, 7% ; in 1915, 4M % ; in 1916 and 1917, 4% . In 1918, 6% ;
In 1919. 4% ; from 1920 to Sept. 1 1925 incl., at the rate of 8% per annum;
on Dec. 1 1925 1% quar. V . 121, p. 2521. In 1926 paid 1% in March.
EARN IN G S.— For calendar years (combined companies):
Gross
Net After Int.&Amort.less Avail, for Res.,
xNon-Over. Inc. Retir iSiDivs.
Earninas.
Taxes.
* 1 9 2 7 .-. _____ $2,574,694
$207,010
$469,390
$676,400
1926------ _____ 2,524,333
484,609
691,269
206,659
427,888
196,360
1925____ ......... 2,458,273
624,248
605,318
1924____ ......... 2,706.003
793,383
188,065
1923 ___ _____ 2.901,132
838,638
182.579
656,056
1922____ _____ 3,069,517
906,431
172,111
734,320
1921____ _____ 3,538,729
182,081
955.098
1.137,179
1,115,742
1920____ -------- 3.951,650
1,299,262
183,520
1919____ _____ 3,387,854
1,237,937
1,053,504
184,433
1918____ ____ 2,929,760
1.045,927
187,347
858,580
i917____ _____ 2,582,113
284,152
1.136,450
852,298
773,243
310,445
462.798
1916------ _____ 1.930,321
x Non-operating income consists of $150,000 rent o f Oak Cliff property.
The amounts o f income from this source for previous years are included in
the figures stated for “'Interest < Amort, less Non-Operating Income.”
fe
* For 12 mos. ended June 30 1927.
Balance Sheet as o f June 30 1927, see V. 125, p. 1461.
OFFICERS.— Pres., Alex. F. Crichton; V.-Ps., E. Ennalls Berl and
E. M . Harrigan: Sec. & Treas., Henry T . Graham: Gen. Mgrs.. Stone &
Webster, Inc.; Mgr. of Operating C os.. Walter H. Burke.'— V. 112, p. 2521;
V. 122, p. 1311; V. 123, p. 1251, 2900; V. 125, p. 1461.

225

STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 300,000 shs (no p a r ) . ____
_________ 240,000 s h s __________
7% cum pref $1,500,000($100) ___
7%
$1,500,000 __________
1st lien 3-yr 7% s f gold notes/ 1926
7 J-D
2,500,000 Dee 15 1929
$2,500,000 ($1,000, $500c * )! Prin. & int. at Chatham-Phenix Nat. Bk. &
t f I Tr. C o., N . V. City, trustee.
7% debentures ($1.000,000)_______
_________ 1,000.000 ...................
5-yr gold notes ($1,000,000)_ _____
_
_________
x700,000 __________
x Estimated and subject to adjustment on comp.etion of construction
work.
Note.— The 7% debentures and 5-yr. gold notes are junior to the 1st lien
3-year 7% notes.
Notes.-—The first lien 3-yr. 7 % s. / . gold notes due Dec. 15 1929 were to be
secured by pledge of $4,000,000 1st (closed) mtge. 7% gold bonds to be issued
under and secured by a mortgage constituting a first lien on co.’s entire
properties owned or after acquired, subject only to relatively small amount
of farm mortgages on the fee of property upon which co. has leaseholds or
rights of way. There is a monthly sinking fund beginning April 15 1927 of
$43,000 to and incl. Dec. 15 1927, tnereafter $46,000 monthly during the
next, 12 months; and thereafter $49,000 monthly during the last 12 mouths.
Moneys to be used for purchase of notes at or below redemption price; any
unexpended balance to be applied to redemption of notes by lot oh 30 days’
notice. Red. whole or part also for the sinking fund on 15th day o f any
calendar month on 30 days’ notice at 103 on or before June 15 1927, with
successive reductions of ft % during each 6 months thereafter up to matur­
ity; with int. in each case. Penn., Maryland, Calif., Conn., Kentucky,
Mich., Oregon, Wash., Mass, and (or) Dist. of Col. taxes refundable.
In Dec. 1926 A . M . Lamport & Co., Inc., New York, and Freeman, Smith
& Camp C o., San Francisco, offered $2,500,000 of these notes at 100 and
int. V. 123, p. 3321.
OFFICERS.— Pres., David A . Upham, Wichita Falls, Texas.— V. 123,
p. 3321; V. 124, p. 2281, 2908.

EL PASO ELECTRIC CO.
Operating companies are under executive management of Stone
Webster, Inc.
Control.— In March 1926 Engineers Public Service Co. offered to common
stockholders of El Paso El. Co. % $7 pref. and 1 share common Engineers
Public Service Co. for each common share El Paso Electric Co. V . 122, p.
1169.
ORGANIZATION.— Organized in Delaware in 1924. Through stock
ownership controls the El Paso Electric Co. (Texas), El Paso & Juarez
Traction Co., Rio Grande Valley Traction Co. of El Paso (Texas), and the
Mesilla Valley Electric Co. of Las Cruces, N. Mex.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Does the entire electric railway, electric lighting and power business in
El Paso, Tex., and Juarez, Mex., operates two toll bridges across the Rio
Grande at El Paso and owns an electric railway and bus line between El Paso
and Ysleta. 52.37 miles of equiv. single track, standard gauge. Owns 9
buses, 75 pass, cars and 6 other cars. Also does entire electric lighting and
power and ice business in Las Cruces, N. M . Power station has capacity of
31,500 k.w. Miles of equivalent single track (sub. c o s.), 52 37. Estimated
population served, railway, 128 800; light and power, 140.400. Franchises
in El Paso expire in 1951 and 1952. in Las Cruces 1949. Railway franchise
in Juarez expires in 1988. Interurban almost entirely on private right-ofway.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 58,282 shs (no p a r ) - . ____
Q-M 15 58.040shs. D oc.'26 $1.60
Pref 7% cum Ser A $3,000,0 0 0 ( $ 100 ) ____________________
Q-J 15
$2,742,500 A p r.’27.1 H
Pref 6% non-cum Ser B $349.400 ($100)_____________________ _
Q-J 15
17,600
Apr ’27 1M
El Paso El Co (Tex) 1st M tg / 1925
5 g D-J
$3,000,000 June 1 1950
ser A )$1,000 & $500)_ c*\State Street Trust C o., Boston, trustee.
_
($100, $500 & $1,000) .c * .t f (Guaranty Trust C o., New York, Trustee.
Stock.— Series “ A” and " B ” have like preferences as to both assets and
earnings, except as to dividend rate and the cumulative provision of Series
“ A .” Ser. “ A " pref. does not carry subscription rights to increases in
com. stock. Ser. “ A ” pref. is red. at 115. In Jan. 1925 $1,500,000 Ser.
“ A ” 7% pref. was offered by Stone & Webster, Inc., at 103, to yield 6.80%.
V. 120, p. 453.
Series “ B ” 6% non-cum. pref. stock carries subscription rights to in­
creases in com. stock (convertible at any time prior to July 1 1927 into
Series " A ,” share for share. Red. at 110.
Bonds.— The El Paso Electric Co. (Texas corporation) 1st mtge gold
bonds, series A, dated June 1 1925, are redeemable as a whole at any
time and in part upon 30 days’ notice at 105 to and including Dec. 1
1930, at 104 to and including Dec. 1 1934, at 103 to and incl. Dec. 1 1938,
at 102 to and incl. Dec. 1 1942, at 101 to and incl. Dec. 1 1946, at 10024
to and incl. Dec. 1 1947, at 100 ^ to and incl. Dec. 1 1948, at 100% to and
incl. Dec. 1 1949: thereafter at par. Int. payable in New York, Boston
and Chicago. Penna. 4-mill.s tax refundable. In June 1925 Guaranty Co.
of N. Y . and Stone & Webster, Inc., sold $3,000,000 at 95% and int.. to
yield 5.30% . V . 120. p. 3313.
EARN ING S.— For calendar years:
Gross
Net after
Int. & Amort.
Bal. Avail, for
Taxes.
Earning .
less Oth. Inc. Res. Retir .ATlivs
*1927 ------$2,916,634
$1,062,477
$168,381
$894,096
1926 - ------ 2,836,915
1,069,424
165,394
904,030
1925 - ------ 2.552.617
908,911
190.321
718,590
1924 . ------ 2.434.371
851,880
214,771
637.109
1923 - ------ 2,407.468
887,191
204,972
682,219
1922 . ------ 2,290,841
209,108
851.832
642.724
1921 . ------ 2.290,405
698.169
158.319
539.850
1920 .
1.931.629
604,459
113.482
490,977
1919 - ------ 1,574.676
452,413
91.367
361,046
1918 - ------ 1.257,633
387,322
79.693
307.629
1917 - ------ 1,283,525
481,755
64.628
417,127
452.154
1916 . ___ 1.110.718
59,128
393.029
* For 12 months ended June 30 1927.
Balance Sheet as of June 30 1927, see V. 125, p. 1460.
OFFICERS.— Pres., Alex. F. Crichton; V .-P ., E. Ennallis Berl, E. M .
Harrigan and C. W . Kellogg; Treas., Henry T. Graham; Sec., Wm. T.
Crawford; Gen. Mgrs., Stone & Webster Mgt. Assn.— V. 120, p. 453. 3313;
V. 122, p. 1168, 1309, 2040; V. 123, p. 1250, 2898; V. 124, p. 2120; V. 125.
p. 1460.

EASTERN TEXAS ELECTRIC CO.

Operating companies are under the executive management of Stone &
Webster, Inc.
Control.— On Feb. 27 1926 Engineers Public Service Co. had acquired
92.44% of the common stock and convertible notes through exchange of
securities. See Engineers Public Service Co.
ORGANIZATION.— Incorp. in Delaware In 1924 and acquired the stock
of the Eastern Texas Electric Co. of Texas., a consolidation (in 1918) of the
Jefferson County Traction C o., Beaumont Electric Light & Power C o.,
Port Arthur Light & Power C o., and Beaumont Traction Co. V. 118, p.
NORTHERN TEXAS UTILITIES CO.
2303. CJotorols through stock ownership the Port Arthur Ice & ReORGANIZATION.— Incorp. in Delaware M ay 1 1926, Is a public frigeratihg Co. In 1924 acquired the outstanding stock and guaranteed
utility duly authorized to do business in Texas.
the first mtge. bonds o f the Lake Charles Electric C o., Inc. (now Louisiana
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.— Co. Electric C o., Inc.; V. 123. p. 1876). V. 119, p. 1281: V. 107, p. 695.
In July 1925 was reported planning the acquisition of the Orange (Tex.)
is engaged in the production, transportation and distribution of natural
gas in Wichita, Wilbarger, Childress, Hardeman, Hail, Collingsworth, Ice, Light & Water Co. V. 121, p. 457. In Aug. 1925 acquired control
Wheeler and Gray counties in Texas. C o .’s gas-producing properties are of the Western Public Service C o., a Colorado company, operating in
located at the eastern end o f the rich Amarillo Field in the Panhandle of Colorado, Missouri, Nebraska, Texas and Wyoming. Also took over
through its new subsidiary, the Gulf States Utilities Co., the utility
Texas. Co. was to sell through signed contracts, industrial and domestic
gas to consumers in Acme, Childress, Chillicothe, Iowa Park, Memphis, properties in Orange, Tex. V. 121, p. 1227. Co. in Feb. 1927 acquired the
Quanah, Vernon, Wellington and Wichita Fails. Population served 91,700. Nebraska Electric Power Co. V. 124, p. 920.
The controlled operating companies as of Dec. 31 1925 are Louisiana
Co. owns or controls through lease or gas purchase contracts about 10.000
acres, o f which 7,080 acres are in the Shamrock Gas Field, Wheeler County, Electric Co.. Inc., Gulf States Utilities Co., Western Public Service Co.,
and 2,920 in Gray County. The total pipe line system comprises about (which controls the Mound City Electric Light & Tee Co. and Tarkio Elec­
252 miles. C o .’s completed wells were to have a combined open flow of tric & Water C o.), and the Eastern Texas Electric Co. (Texas).
168,390,000 cu. ft. daily. About 96.5% of co .’s output was to be sold for
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
industrial purposes. Co. was to receive a gross royalty on the gasoline Does the entire electric light and power business in Beaumont and Port
extracted by Columbian Gasoline Corp., a subsidiary of Columbian Car­ Arthur, the entire electric railway business in Beaumont and operates an
bon C o., which first namea co. was to erect and operate a gasoline absorp­ Interurban electric railway bey ween Beaumont and Port Arthur, a distance
tion plant under contract with Northern Texas Utilities Co. V. 123, p.3321. of 20 miles. Combined capacity o f power s a ions a Beaumont, Orange




236

PUBLIC U TILITIE S

[V ol. 125.

and Port Arthur, Tex., and Lake Charles, La., 34,361 k.w.; power is also value of new construction, &c., and only provided that earnings applicable
supplied to Port Arthur Traction Co. Co. also does, without competition, to bond interest for any 12 consecutive months of the preceding 15 months
the ice, water and electric lighting and power business in Orange, Tex., and shall have been not less than twice the aggregate annual interest require­
business in Lake Charles and Jennings, La. Also does an ice, water, steam ments of priof lien obligations and 1st mtge. bonds then outstanding, incl.
heating and-or electric lighting and power business in more than 90 other those proposed to be issued, are red. whole at any time, or part upon 60
towns and cities located in Wyoming, Texas, Colorado, Nebraska and days’ notice at 107M incl. April 1 1929; at 105 incl. April 1 1934; at 103 incl.
Missouri. Miles o f equivalent single track, 39.87; trackage, 1.92: standard April 1 1930; at 102 incl. April 1 1944; at 101, incl. April 1 1949; and there­
gauge; 75 passenger, 5 other cars and 5 buses. Gas output, 1926, 76,196,500 after at 100; in each case with interest. Principal & int. pay. at Denver,
cu. ft.; 23 miles o f gas mains and 1,620 gas meters. Population served: New York & Chicago. Penn. & Conn. 4-mills tax, Iowa 6-mills tax, Mary­
land 4M-mills tax, Mass. 6% tax and Cal. 4-mills tax refundable. In May
railway, 118,500; light and power, 264,300; gas, 16,000.
1925, W. A . Harriman & C o., Inc., &c., &c., sold $4,200,000, Series “ A ”
STOCKS A N D BONDS.— Date. Interest. OutstandinQ.
Maturity.
98 and int.,
_______
88,326 shs Apr’26,$l.25 bonds, atin treasury. to yield 6.15% .— V . 120, p. 2552. $68,000 Series “ A ”
Common 125,000 shs (no p a r ) . ____
are held
Pref 7% cum Ser “ A ” $2,500,All of the outstanding lsl mtge. 30-yr. 6% g. bonds of the Intermountain
000($100)-................
7% Q-J
2,405,400Apr ’27 1%
% Pow. Co., dated Aug.
3-year 5% gold notes ($1,000)\ 1925 5 g P-A
4,000,000 Aug 1 1928 Ry. Lt. <int.— V. 120, p. 3189. 1 1912 were redeemed on Aug. 1 1925 at
105 and
c*.tf/F irst National Bank of Boston, trustee.
All of the outstanding lsl mtge.
bonds of the
5-yr conv 5Ms coupon notes/ 1925 513 g J-D
3,197,600 Dec. 1 1930 Intermountain Ry. Light 3c Power Co., prior lien 6% 20-yr. g. dated Jan. 1
Missouri-Texas System,
($1,000-500-100 c * )________ \N. E. Trust C o., Boston, Trustee.
Beaumont Traction 1st M tge/ 1903 5 g A -0
200,000 April 1 1943 1917, were redeemed on July 1 1924, at 103 and int.— V. 120, p. 2685.
The
due
1935, are call, as
$600,000 (call at 105)_ tf\Int. at Interstate Tr. & Bank. C o., trustee. l a whole10-yr., 6M % gold debent. (Series “ A ” ), dateApril 1days’ notice on or
_
at any time or in part on any interest
on 60
Stock.— Pref. stock is preferred as to assets and dividends; is callable before April 1 1928 at 103, April 1 1931 at 102, April 1 1934 at 101; there­
at 110. $50,000 held in trust for benefit of company (in addition to amount after at 100, in each case with interest. Additional debent, of Series “ A ”
shown above).
or other Series may only be issued under the carefully guarded restrictions
Bonds.— All of the outstanding East Texas El. Co. (Texas) 1st mtge. gold of the indenture. They are convertible at any time at the will o f the holder
bonds, dated Nov. 1 1912, were called N ov. 1 1926 at 105 and int. V. 123, into first preferred stock at 100. with adjustment of int. and divs. There is
p. 1875.
a sinking fund, beginning April 1, 1928 and annually thereafter to and incl.
The Three-year 5% gold notes, dated Aug. 1 1925, are callable as a whole, April 1, 1931, of an amount sufficient to redeem on the next following
incl. Feb. 1 1926, at 101%. reducing % % each interest date to 100 on interest date 2% , and on April 1 1932 to 1934. incl., 2M % of the largest
Feb. 1 1928, plus interest in each case. Interest payable in Boston, New aggregate amount o f Series “ A ” debentures which, prior to such payment,
York and Chicago. In Aug. 1925 Stone & Webster, Inc., sold $4,000,000 have been outstanding. Int. payable at International Trust C o., Denver,
at 98% and interest, to yield 5.45%. V. 121, p. 585.
Trustee, Central Union Trust C o., New York, and the Continental and
The 5-year 5 M % convert, g . coupon notes, due Dec. 3 1930, are callable, as Commercial National Bank of Chicago.
a whole at any time or in part on any interest date on 30 days’ notice prior
EARN
to June 1 1928 at 102 M , reducing M % each interest date to 100 on June 1 acquired ING S.— For 12 mos. and Feb. 28 1925 (incl. earnings of properties
1930; in each case with interest. Are convertible at option o f holders at 1 (not Incl. during the period): gross, $1,724,770; net after maint. & taxes
Federal taxes), $642,809; annual interest
any time on or before 10th day prior to maturity or call date, if called, into | 1st pref. dividends, $47,397; balance, $112,652. & depreciation, $482,760:
common stock on basis of 1 share common plus $5 cash for each $100 note,
OFFICERS.— Pres., E. C. Van Diest. Management: Stone & Webster
subject to adjustment of dividends and interest.
$400,000 Beaumont Traction first mtge. bonds are held by Eastern Texas Inc.— V. 119, p. 3012. 2412; V. 120, p. 2552, 2685. 3189: V. 121, p. 841,980.
3006; V. 122, p. 3343.
Electric Co. Redeemable, all or in part, at 105 and interest.
All of the outstanding Lake Charles Electric C o., Inc., 1st mtge. 5 Ms,
GULF STATES UTILITIES CO.
Series A, were called N ov. 1 1926 at 105 and int. V. 123, p. 1876.
Control.— All of co.’s stock (except directors qualifying shares) Is owned
Dividends.— 7% Is being paid on pref. stock. In Jan. 1925, 3 M % : July
1925, 3M % ; Oct., l % % ; same rate qtiar. since. On common, $1 25 quar. by Eastern Texas Electric Co. (of D el.), a subsidiary of Engineers Public
Service C o.
Is being paid.
Executive Management.— Stone & Webster, Inc
EA R N IN G S.— For calendar years;
ORGANIZATION.— Incorp. in Texas Aug. 25 1925. Initially purchased
Gross
Netfaft Tax ) Oth.Inc. Tvt A Amort. Sk.Fd.
Surplus.
the electric light and power, ice and refrigerating, and water properties In
--------- $1,152,281
*1927 — .$6,532,390 $2,334,393 $147,819$1,329,931
1926 ____ 5,657,495
1,922,796 246,496 1,162,762
1,006,529 Orange, Texas and vicinity. In 1926 acquired from Eastern Texas Electrle
1926 _____ S.4o9.3b7
i.USb,179
12,379
107,795
b»0,182 Co. the electric light and power properties in Beaumont and Port Arthur
865.831
600
224,663
641,768 and vicinity. Also acquired from Louisiana Electric Co., Inc., the electric,
1924 ___ 2,361.301
1923 ____ 2,067.155
778.986
22,400
221,280
580,106 gas, water and (or) Ice business at Lake Charles, Jennings and vicinity.
In Louisiana. Also added various other utilities to its system.
* For 12 months ended June 30 1927.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Balance Sheet as o f June 30 1927, see Y. 125, p. 1459.
The combined properties serve 20 communities. The population served
OFFICERS.— Pres., Alex. F. Crichton; V.-P., E. Ennaliis Beri, E. M . Is approx. 144,000.
Harrigan and C. W . Kellogg; Treas., Henry T. Graham; Sec., Wm. T. Craw­
Co. owns steam power plants with an installed capacity of 45,150 k.w.
ford; Gen. Mgrs., Stone & Webster Inc.; M gr., J. D. Holtzclaw.— V. 121, The most Important of these is the Neches power station, with an initial
p. 457, 585, 838. 1227, 2749; V. 122, p. 347, 1309; V. 123, p. 1250, 1875, capacity of 21,000 k.w., on the Neches River near Beaumont. For the 12
months end. Aug. 31 1926, the electrical output of the properties was
§898; V. 124, p. 920.
93,563,000 k.w. h. There are 320 miles of high tension transmission lines
WESTERN PUBLIC SERVICE CO.
interconnecting all parts of the system and extending into adjacent territory
and 425 miles of distribution system. The gas plant at Lake Charles has a
In Aug. 1925, the Eastern Texas Electric Co. of Del. acquired control o
daily capacity of 840,000 cu, ft.; present annual production is 77,330,000
the co. V. 121, p. 841.
ORGAN IZATION .— Incorp. under the laws o f Colorado. Owns and cu. ft. Company’s ice and refrigeration plants in Port Arthur, Orange,
operates, directly or through subsidiaries, public service properties in over Silsbee, Lake Charles and Jennings are of 390 tons dally capacity. The
65 cities and towns in the States of Colorado, Wyoming,Nebraska,Missour water works in Orange and Lake Charles have a daily capacity of 10,973,000
and Texas. Properties are owned directly by the company with the excep­ gallons. V. 123, p. 1875, 1996.
tion of two which are owned by subsidiaries, the entire issues of Capital
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
stock of which are owned. Company serves over 22.000 customers, it is Common (no par)___________ _____
_______ x280,000shs.__________
stated, in growing communities having an aggregate population in excess 1st mtge & ref gold series A / 1926
5 g M-S
$9,000,000 Sept 1 1956
of 135,000. The services rendered comprise electric power and light, water,
($1,000 & $500 c * )______ tf (The Chase N at’l Bk. of the City of N . Y .,tr.
steam heating and ice.
x3,500.000 __________
Notes____________________ ______________ _____
The properties include 23 modern central station power plants, together
x All owned by Eastern Texas Electric Co.
with electric distribution systems and over 378 miies of high tension trans­
Bonds.— The 1st mtge. & ref. gold bonds are secured by a direct first
mission lines; also 22 ice plants and 7 water plants. At La Junta, Colo.,
company owns and operates a large and well equipped ice plant west of the mortgage on all of the fixed property, together with franchises, rights and
Mississippi River; this plant supplies ice to the Atchison Topeka & Santa permits in connection therewith, now owned by co., and by a direct lien on
all fixed public utility property hereafter acquired, as defined in the mort­
Fe R y. for refrigerator car and passenger service.
gage indenture, subject only to such liens as may exist on after acquired
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
property at the time of acquisition.
Common $1,000,000 ($100)_______
_______
$700,000 --------------Issue of Additional Bonds.— The total authorized Issue limited to $200,1st pref cum $5,000,000 ($ 1 0 0 )___
7 Q-M
677,100 ---------------iico co o
000.000 at any one time issued and outstanding. Under the provisions of
2nd pref cum $1,000,000 ($ 1 0 0 )----7
4.331.000 April 11950 the mortgage indenture additional bonds may be issued in series on sub­
1st mtge g Ser “ A ” ($1,000/ 1925
6 g A-O
stantially the following bases: (a) To the extent of 70% of the cost or
500) ___________ ____ c*tflIntern’1 Trust Co.. Denver Col., trustee
1.044.000
1935 value, whichever is less, of additional property as defined in the indenture,
Debentures gold series “ A ” I 1925
6 l g A-0
A
charged to fixed property accounts after August 31 1926. wheresoever
($1,000-$500)....................... llntern’l Trust C o., Denver, C ol., trustee.
situated,
of
constituting a
Stock.— The 1st pref. eum. stock is preferred as to assets and dividends provided,less the amountthe any refundable debtcompany for 12lien thereon;
however, that
net earnings of the
consecutive
over all other classes of stock. In case of dissolution (voluntary or involun
calendar months within 15 calendar months preceding the application
tory) is entitled to 107M and divs.
therefor are at least equal to twice the annual interest charges on all bonds
In Aug., 1925. G. E. Barrett & C o., Inc. sold 5,000 additional shares of Issued or about to be issued under the mortgage, plus any outstanding
1st pref. cum. stock at $96 and div., to yield about 7.29% . V. 121, p. 980
prior
debt, (b) To refund,
Bonds.— Additional 1st mtge. bonds o f Series “ A ” or other series may bt refundable or otherbonds lienany series issued underprincipal amount for
of
the indenture, (c)
issued only under the carefully guarded restrictions o f the mortgage. The principal amount,
To refund, principal amount for principal amount, bonds,
or other
principal amount at any one time not to exceed $100,000,000 and no bonds evidences of indebtedness described as refundable debt in notesindenture
the
to be sold under this mtge. after April 1 1925. 1st mtge. g. Series " A ” bonds
other lien upon additional property at the
due April 1 1950, are secured by 1st mtge, lien on all fixed properties subject- secured by mortgage or that such debt does not exceed 70% of cost ortime of
value,
only to prior lines on after acquired property, and by pledgefof the capital Its acquisition, provided additional property subject thereto, (d) For an
whichever is less,
stock o f Tarkio El. & Water Co. and the Mound City El. Lt. & Ice Co. and equal amount of of thedeposited with the trustee withdrawable by the
by deposit with the trustees o f notes covering indebtedness to the co. for company in lieu of cashissue of bonds only under the conservative provisions
the
which the co. will covenant to exchange 1st mtge. obligations of afore­ of the mortgage indenture.
mentioned two companies. Further bonds of this Series or subsequent Series
Series “ A
dated
any time or in
may not be issued in principal amounts greater than 75% of the cost or par part on any " 5s,date on Sept. 1 1926 are call, as a whole at 1 19 !6; on Sept.
int.
30 days’ notice at 105 prior to Sept.
I 1936 and through Aug. 31 1941 at 104; through Aug. 31 1946 at 103:
through Aug. 31 1951 at 102; through Aug. 31 1952 at 101M: through
i A.ug. 31 1953 at 101 through Aug. 31 1954 at 100M and on Sept. 1 1954
] and thereafter to maturity at 100; plus interest in each case. Interest
payable in New York, Boston and Chicago. Penn. 4 mills tax refunded.
In Oct. 1926 Stone & Webster, Inc. Blair & Co., Inc. Brown Brothers &
Oo. and Blodget & Co. sold $9,000,000 series “ A ” at 96 & int. to yield
Operates Public U tility Properties i n , 65
I over 5M % - V. 123, p. 1875.
rapidly developing commimities in
EARNINGS.— Of constituent properties for 12 months end. Aug. 31
! 1926: Gross, $2,930,132: net after oper. exp., maint. & taxes (other than
Texas, M issouri, N ebraska,
Federal taxes), $1,165,214 annual interest requirements on co.’s bonds,
Wyoming and
I $450,000 balance, $715,214.
Colorado
OFFICERS.— Pres.. O. F. W. Wetterer
Office. Beaumont, Texas.—
j V. 123, p. 1875, 1996; V. 124, p. 1066; V. 125, p. 515.
S ubsidiary of Inland Power & L ight C orporation

Western Public Service Company

Outstanding securities of this Company
bought, sold and quoted
For detailed information write for
Circular 206

Howe Snow & Co.
Incorporated

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
Minneapolis
Philadelphia




AUSTIN STREET RAILWAY.
] ORGAN IZATION .— Incorporated in Texas on Jan. 3 1911 as mcceasoi
I to the Austin Electric R y. Franchise expires In 1942.
j FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
j A trolley road. Operates 23 miles of track. 55 and 72-lb. rails: 43 cars
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Common $750,000 ($ 1 0 0 )-..______
_______
$560,000 See text.
Pref $500,000 ($100) 6% n-c_______
_______
250,000 See text.
First & ref mtg $1,500,000/ 1911 5 g J-J
519,000 Jan 1 1936
gold ($1,000) _______ c*tf\Int. at Equitable Trust C o., N . Y ., trustee.
Bonds.— $714,000 1st & ref. bonds are reserved for additions, &c They
are subject to call on any int. date at 102M • Annual sinking fund o f 2%
of bonds out began in 1915 V. 92, p. 185; V. 93, p. 1461. $267,000 (not
i Included in amount reported outstanding) in sinking fund Apr. 1 1925.
Dividends.— On pref. were paid regularly at the rate of 6% per annum
until 1914; 3% was paid in 1915, 6% in 1916 and 6% in 1917. None since.
On common at rate of 4% regularly until 1915; 2% was paid in 1915; none
a 1916; in 1917, 2 % . None since.
EARN ING S.— For year ending Dec. 31, 1925 gross, $295,405; operating
expenses, $210,946; taxes, $14,980; bond int. and deprec., $80,713; deficit,
$11,234. In 1924, gross, $313,423; net, $95,688: taxes, $16,970; bond, int

O ct., 1927.]

& deprec.. $82,512; sink, fd., $15,720; bal., def., $19,514. In 1923, gross,
$328,926; net, $97,454; taxes, $16,927; bond int., deprec., &c., $85,267;
sink, fund, $15,720; bal., def., $20,460.
OFFICERS.— Pres. & Gen. M gr., J. F. Springfield V.-P., Guy P.
Gannett; Sec., D . A . Bush, Austin, Tex. Asst. Sec. & Treas., G. EMacomber, Augusta, M e.— V. 93, p. 526, 1461, 1531 V. 110, p. 2487;
V. 112, p. 1517 V. 115, p. 1099 V. 117, p. 438 V . 120, p. 327 V. 122.
p. 478.
________ __

DALLAS R AILW AY & TERMINAL CO.
Control.— Controlled by Electric Power & Light Corp. through ownership
of more than 94% of the common stock.
Electric Bond. & Share Co. is identified in a supervisory capacity with the
operations o f the company.
ORGAN IZATION.— Incorp. in Texas on Sept. 22 1917 as Dallas
Railway Co. to take over and operate the electric railway properties formerly
owned by the Dallas Elec. Lt. & Pow. Co. under the “ service^at-cost”
franchise approved by the Citizens of Dallas at an election held April 3 1917.
Formal acceptance o f the franchise was filed Sept. 27 1917. V . 105, p. 1419.
Name changed to present title Aug. 2 1926. V. 123, p. 544, 841.
The company leases with the right to purchase for $2,000,000, the Oak
Cliff lines o f the Northern Texas Traction Co. at an annual rental increasing
from $115,000 for the first three years to $150,000 the seventh year and
thereafter. Co. has the right to purchase the property at any time after
Jan. 1 1940 and prior to 1953; in certain circumstances option may be
exercised earlier.
On Sept. 30 1917 purchased the Dallas Interurban Terminal Associa­
tion, which has a modern fireproof eight-story passenger terminal and
office building in the business district o f Dallas, and assumed its notes.
The terminal facilities have been leased for 20 years to the three interurban
lines entering Dallas. The terminal was opened for service Sept. 1 1916.
On Dec. 1 1920 took over the Standard Traction Co.
Fare increase in Dallas, Tex., in effect April 15 1926. V. 121, p. 1907;
V. 122, p. 2798.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS —
Operates 117.5 miles o f track in the City o f Dallasrand suburbs, including
30.19 leased Oak Cliff lines. Co. has 296 cars incl. 52 leased and ordered
30 new modern cars. Population served 235,000.
The entire power requirements of the co. are purchased from Dallas
Power & Light Co., which is also controlled by Electric Power & Light
Corp. and also supplies the entire electric power and light requirements of
Dallas.
Franchise.-—For terms of franchise under which it operates see “ Electric
Railway Supplement” o f Oct. 28 1922. Under the franchise which is inde­
terminate as to time, the City o f Dallas has the right after April 3 1927 to
purchase the property then operated thereunder at 105% of the then
existing property value, or the property may be acquired by a licensee
named by the city at 110% of such value. V. 123, p. 454.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common, $3,250,000 ( $ 1 0 0 ) - - ____
_______
$3,250,000
See text
Preferred$1,500,000 7% ($ 1 0 0 )___
7 Q-F
1,500,000
See text
1st mtge g 6% series, due 1951 / 1926
6 g J-J
5.000,000 July 1 1951
($1,000, $500 & $100 c*) tf (Principal & int. payable in N. Y . or Boston.
Stock.— Pref. stock is entitled to 7% cum. divs. thereafter. Red. at 110
and divs. on 60 days’ notice.
The pref. stock is preferred as to assets & dividends over common stock;
entitled to $100 & divs. in case of liquidation.
Bonds.— Additional 1st mtge. bonds o f 6% series due 1951, or other series
o f such tenor as directors may from time to time determine, may be issued
(a) for acquisition or retirement o f bonds o f any series or prior lien bonds
on after-acquired properties; (6) for cash deposited with trustee; (c) for
65% of new additions; (d) against the property as of May 31 1926 to a total
of not exceeding $500,000 bonds. Except for refunding purposes may not
be issued unless net earnings for 12 consecutive within preceding 15 calendar
months have been at least 2 % times annual interest on all prior liens with
the public and on all 1st mtge. bonds outstanding, incl. proposed issue.
They are secured by a direct first mortgage on all co.’s property and equip­
ment, incl. the terminal building owned at time of issuance or after-acquired,
subject to prior lien bonds, if any, on after-acquired property. The
mortgage contains provisions permitting the modification or alteration
thereof with the assent o f holders o f 85% o f outstanding bonds not incl.
bonds owned by the co., provided that nothing shall permit extension of
maturity, reduction in rate of interest, or any other modification in the
terms of payment of such interest, without the consent of the holder thereof.
Cc. is to pay on April 1 of each year, beginning 1927, to a maintenance
and renewal fund an amount equivalent to 15% o f gross operating revenues
r ■ preceding calendar year, less actual expenditures during any such
-'<
year for maintenance, repairs, renewals and replacements, or for permanent
additions as provided in the mortgage. Moneys may be withdrawn for
further maintenance expenses, additions, &c. Any unused balance may
be used for retirement of 1st mtge. bonds, and any such balance amounting
to $50,000 or over remaining after 36 months shall be so used.
6_% series, due 1951 are red., whole or part, at any time on 30 days'
notice before July 1 1931 at 106 and int., and at a premium decreasing
1% each 4-year period thereafter, the bonds being red. at 100% on and
after July 1 1950
In July 1926 Tucker, Anthony & Co.; Halsey, Stuart
& Co., Inc.; Old Colony Corp., and W. C. Langley & Co. sold $5,000,000
6% series due 1951 at 961^ and int., to yield over 6.25% . V. 123, p.
4.54. 580. Listed on Boston Stock Exchange.
Dividends.— On preferred have been paid since 1921.
EARNINGS.— For calendar years:
Gross
Oper.Exp.,Maint.,
Interest,
Earnings. Taxes & Rentals.
Net.
&c
Balance.
*1927___ $3,320,904
$2,505,415
$815,489
$324,574
$490,915
1926____ 3,454,409
2,639,259
815,150
350,389
464,761
1925____ 3,429.298
2,578,079
851,219
341,109
510,110
1924____ 3,322,215
2,547,246
774,969
1923____ 3,330,425
2,632,349
698,076
1922____ 3,270,827
2,532,958
737,869
*For 12 months ended July 31 1927.
OFFICERS.— Pres., J. W . Carpenter; V.-Ps., E. W . Hill, A. 1. Grenier
O. B. Humphrey and J. A. Worsham; V.-P. & Gen. M gr., Richard Merriwether; Sec.-Treas., J. B. Walker.— V. 116, p. 1411; V. 117, p. 85 552'
V. 119, p. 941, 3009; V. 120, P. 1457, 3064; V. 121, p. 1907; V. 122, p. 2798;
V. 123, p. 454, 580, 841: V. 124, p. 920.

TEXAS ELECTRIC R AILW AY.
ORGANIZATION.— Incorp. in Texas July 5 1916 and is a consoiida
tion o f the Texas Traction Co. and Southern Traction Co. (see V. 104, p
362,560).
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Has a modern high-speed electric interurban railway system serving a num
ber of cities and towns in Texas in and adjacent to the “ Black Waxv Belt.’
Including Dallas, Waco, Denison, Sherman, Corsicana, Waxahachie and
McKinnev^ Also owns nnd operates; the local street railway systems in all
of these cities except Dallas and McKinney. Present estimated population
connected and served, 435,000. Owns and operates interurban lines be­
tween Dallas and Denison, 83.47 miles; Dallas and W aco, 100.37 miles;
Dallas and Corsicana, 62.63 miles; local lines in Sherman, Denison, M c­
Kinney, W aco, Corsicana and Waxahachie, Tex., incl. sidings, &c., 34 63
miles; total, 272.29 miles. Gauge, 4 ft. 8% in. 70-80 lb. “ T ” rail. Sixty
interurban, passenger, 60 city passenger, 26 express and baggage and 42
work, &c., cars; total, 194; 15 sub-stations. Leases generating plant to
Texas Power & Light Company, from which it purchases power under
contract, expiring at same time as lease. Leases for twenty years from
December 17 1915 the terminal facilities o f the Dallas R y. Interurban lines
ire located on private right-of-way; city franchises are satisfactory, and,
in the opinion of counsel, with two unimportant exceptions, extend well
beyond 1947. Enters Dallas over tracks of the Dallas R y. Co. under long­
term contract.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock $6,000,000 ($100)______
_______
$6,000,000 Sept ’25 1%
1st p f7 % cum $3,660,000($100-----Q-J
3,060,000 A pr’26, 154
2d pref stock $3,000,000($100)____
Q-F
2 952,900 F e b ’26, 154
1st & ref Mtge gold ($500 &[ 1917
5 g J-J
5,571,000 Jan 1 1947
$ 1 ,000 )------------------- c*n tf (Harris Trust & Sav. Bank, Chicago, Trus.
Conv debentures $3,000,000/ 1917
6 g J-J
1,348,500 Jan 11942
($1,000 and $500)------c*&r\Int. at St. Louis Un. Tr. C o., trus , or N. Y .




227

POW ER, LIGH T AND R A IL W A Y

STOCKS A N D BONDS—
Date
Int.
Outstanding.
Maturity.
Texas Traction 1st M sink fd / 1907 5 g J-J
1,077,000 Jan 1 1937
$3,000,000 ($1,000)gc*&rtf\lnt. at Old Colony Trust C o., Boston, Trus.
First and refunding m ortgage_____ 6%
*500,000 ----------------* Held in treasury.
Preferred Stock.— $600,000 1st pref. stock is held in treasury. Red. on
any div. date after Jan. 1 1922 at 107 % and div. on 30 days' notice. The 2d
pref. stock is callable on any div. date on 3 days’ notice at 107% and div.
$47,000 held in treasury.
Bonds.— Additional 1st & ref. bonds may be issued for only 75% of the
cost of extensions, &c., provided net earnings are twice the total annual
Interest charge, including bonds applied for. In addition to ordinary re­
serves for personal injuries and damages, $75,000 bonds are provided usable
for this sole purpose. Provision is also made for refunding underlying bonds.
A special trust fund for maint. and renewals is provided out of gross earn­
ings as follows: 1917, 11%; 1918, 12%; 1919, 13%: 1920, 14%; 1921 and
thereafter, 15%. Any part not so used may be expended for exts., &c.,
or for the redemption of any outstanding bonds. Yearly since April 1 1121,
cash equal to 1 % of the first and refunding 5s and underlying bonds out­
standing on the previous Dec. 31, less amount of payments to underlying
sinking funds during preceding year, to be deposited, usable for exten­
sions, &c., against which no first & ref. 5s shall be issued, or for the retire­
ment of 1st & ref. or underlying bonds. The 1st & ref. 5s are red. on any
Int. date up to and incl. Jan. 1 1942 at 105 and int.; thereafter at 102% and
Int. Of the amount reported outstanding $52,000 are held in treasury.
Int. is payable in Chicago and New York. See offering in V. 106. p. 397.
The debs, are callable on any int. date since Jan. 1 1922 on 30 days’
notice at 102% and int.; convertible since Jan. 1 1922 into 7% cum. 1st pref.
stock, par for par, with adjustment o f int. and divs. See also V. 113,
p. 1157: V. 114, p. 199.
The Texas Traction 1st 5s can be called at 110 & accrued Interest on
any int. date upon 30 days’ notice.
$14,000 (not incl. in amount reported
outstanding) are deposited under 1st & ref. mtge. of the Texas Electric
Railway Co. A sinking fund of 5% of gross earnings began July 1 1912,
to be used in the purchase of bonds; $995,000 held in sinking fund as of
Aug. 31 1926. not incl. in amount outstanding above.
Den. & Sher. 1st M . bonds are subject to call since July 1 1917 at 105
and interest on four weeks’ notice. A sinking fund began July 1 1905 at
2% per annum of bonds out until 1913, when amount payable became 3%
per annum until 1917; from 1918 to 1922, incl., 4% per annum; 1923 to
1926 incl., 5% per annum; $239,000 in sin ing fund not inc . in amount
outstanding above $3,000 cancelled. $ 1 1 ,000 held in treasury.
Dividends.— Divs. on the first pref. stock were begun Oct. 1 1917.
Dividends of 154 % quarterly on the 2d pref. stock were begun Nov. 1 1917.
On com. % of 1% was paid in Mar., June, Sept., and Dec. 1920. In
March 1921 1% was paid and same rate paid regularly quar. since to and
incl. Sept. 1925.
EARNINGS.— For calendar years:
1926.
1925.
1924.
1923.
Gross earnings.................$2,036,860 $2,362,114 $2,794,636 $2,980,475
Op. exp., taxes & maint. 1,360,119
1,524,615
1,691,415
1,747,501
.
Add int. on deposits, &c_

$676,741
1,854

$837,499
586

$1,103,221
840

$1,232,975
1,629

Total net earnings____
educt— Int. on 5% bds..]
Int. on 6% debs______.[
Sundry int. charges_
_
Divs. on 7% 1st pref. stk:
Divs. on 7% 2d pref. stk.
Common divs. (4 % )____
Res’ve for renewals, &c.
Misc. debits & credits_
_

$678,595

$838,085

$1,104,061

427,825

426,322

428,169

29,958

119,635
210,000
120,000
100,000
Cr.47,625

109,761
210,000
240,000
100,000
25,000

$1,234,604
1337,588
] 98,899
1 5,173
84,828
210,000
240,000
100,000

100,000
Cr.8,814

,sur$129,626
$8,870
$90,247
$158,125
OFFICERS.— Pres., Jack Beall; V.-P. & Sec., Jas. P. Griffin; Aud. &
Asst. Treas., D. W . Milam Jr.; Asst. S8C., C. F. McAutiff.— V. 112, p. 563,
2644; V. 113, p. 184, 844, 1157; V. 114, p. 199, 855. 1767; V. 117, p. 555;
V. 118, p. 665, 2043, 2706; V. 120, p. 3316; V. 122, p. 2193; V. 125, p. 248-

TEXAS-LO U ISIAN A POWER CO.
ORGANIZATION.— Incorp. in Delaware July 29 1925. Acquired
properties previously owned and operated by the Continental Gas Light &
Power Co., Southwestern Gas Light & Power Co. and Kentucky Central
Electric C o., as well as 17 other properties. The properties are located in
Texas, New Mexico, Louisiana and Kentucky. V. 122, p. 613, 751. In
M ay 1927 reported acquisition of the Dickinson (Texas) Elec. Co. and in
July the Yoakum (Texas) Light & Water Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Co. furnishes without competition 19,765 electric and gas customers and
2,338 water customers in 84 communities located in Texas, Oklahoma, Ken­
tucky , New Mexico and Louisiana. Total population served is estimated
to be in excess of 150,000. In addition co. operates artificial ice plants in
connection with electric properties in 14 communities in addition to inde­
pendently operated ice plants in Ft. Worth, Houston and Gainesville, Tex.
Ice plants have a combined daily capacity of 399 tons. Co. owns 22 electric
generating plants with combined capacity of over 10,425 h.p.; 387 miles of
high-tension transmission lines and over 345 miles of local distributing lines.
In addition, power is purchased at various points in Texas from Texas Power
& Light Co. and in Kentucky from Kentucky Utilities Co. V. 122, p. 613;
V. 124 p. 1668.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common 30,000 shs (no p a r ) , . ____
_________ 20,000 shs
Cum pref $5,000,000 ($ 100)________
7 Q-J
$ 1 250,000 Apr ’27 1 %
1st mtge 20-yr 6% g ser “ A ” J 1926 6 g J-J
5,800,000 Jan. 1 1946
($1,000-500-100).. — c*tf (Central Trust Co. of III., Chicago, trustee.
15-yr deben bonds series “ A " / 1927 6 g M-S
1,750,000 Mar. 1 1942
(c* $1,000-500-100)------- tfjCentral Trust Co. of 111., Chicago, trustee.
Purchase money mortgages_ _____
_
6-0% %
287,500 ___________

Texas-Louisiana
Power Co.
Q u o t a t i o n s a n d i n f o r m a t i o n r e g a r d in g t h e s e c u r it i e s o f t h e
a b o v e C o m p a n y a n d o t h e r s in t h e P u b l i c U t i l i t y f i e l d , in
w h ic h w e s p e c ia liz e , w ill b e s u p p l ie d g la d ly o n r e q u e s t .

Enquiries Invited

R. E. W ILSEY & COMPANY
In corporated

Investment Securities
First National Bank Building
CHICAGO

228

PUBLIC U TILITIES

Stock.— The 7% cum. pref. stock has preference over common stock as to
assets and dividends. Fully paid and non-assessable and red. on 30 days’
notice at $107 and divs. Has voting power share for share with common
stock if preferred dividends are in default to extent o f 7% . No shares of
stock having priority over 7% cum. pref. shall be created nor shall any
amendment be made to the charter or by-laws of co. diminishing the rights
of holders o f 7% cum. pref. without the affirmative vote or written consent
of two-thirds o f outstanding 7% cum. pref. stock. Additional 7% cum.
pref. stock may be issued if net earnings after all expenses and interest on
funded debt for 12 calendar months ending not more than 2 months next
preceding shall have amounted to at least 2 }4 times annual dividend re­
quirements on the 7% cum. pref. stock then outstanding and then proposed
to be issued. The dividend is free of normal Federal income tax and present
Mass, income, Maryland securities, and Pennsylvania presonal property
taxes are refundable upon application within 60 days. In June 1926
R. E. Wilsey & C o., Inc., Chicago, and Frederick Peirce & Co., Philadelhia, offered $850,000 7% cum. pref. stock at 95 and divs., to yield about
.37%. V. 122, p. 3607.
Bonds.— The lri mtge. 20-yr. 6% gold bonds, dated Jan. 1 1926, are secured
by a direct 1st mtge. on all of the fixed property owned by the co. Addi­
tional bonds may be issued of series “ A ” or other series for refunding pur­
poses and for 80% of new additions, &c., provided net earnings for 12 months
ended within 90 days immediately prior to the application for the new bonds
have been at least twice annua) bond interest, incl. new issue. Co. cove­
nants to pay to trustee annually 13 34 % of gross operating revenues less
expenditures during such year on unfunded improvements, &c. Moneys
may be used for retirement of 1st mtge. bonds at or below redemption price,
or, at option o f co., for extensions, improvements, &c., against which no
additional bonds may be issued, or for maintenance, repairs, &c. Red.,
whole or part, on 30 days' notice at 105 and int. on or before Jan. 1 1931,
at 104 and int. to and incl. Jan. 1 1936, at 102.50 and int. to and incl. Jan. 1
1941; thereafter at 101 and int. to and incl. July 1 1945. Penn., Calif.,
Conn, and Kansas 4-mills, Maryland 4)4 -mills, Dist. o f Col., Kentucky and
Michigan 5-mills, Virginia 53-6-milis and Mass. 6% taxes refundable. In
Jan. 1926 P. W . Chapman & C o., Inc., &c., &c., offered $3,250,000 series
“ A ” at 99 and int., to yield over 6% . V. 122, p. 613. R. E. Wilsey & Co.,
Troy & Co., o f Chicago, and A. E. Fitkin & Co. o f New York sold at 100
and int. $1,000,000 additional 1st mtge. 20-.vr. 6% bonds, ser. “ A .”
V. 124, p. 1668. In Sept. 1927 additional $500,000 1st mtge. 6s were sold
by the same banking firms at par and int. V. 125, P- 1326,
The 15-year 6% sinking fund deben. gold bonds, series “ A ," dated Mar. 1
1927, are red., whole or in part, at 103 and accrued int. on or before Mar. 1
1931; at 102)4 to and incl. Mar. 1 1935; at 102 to and incl. Mar. 1 1939; at
101 to and incl. Mar. 1 1941, and thereafter at par. Penna., Calif., Conn,
and Kansas taxes not to exceed 4 mills; Maryland 4 14 mills tax; Dist. of
Col. and Kentucky 5 mills; Mich. 5 mills exemption; Virginia 514 mills and
Mass, income tax not to exceed 6% will be refunded by the co. Sinking fund
to begin Mar. 1 1928 calculated to retire 30% o f the deben. bonds before
maturity. Additional deben. may be issued when earnings avail, for bond
int., after deducting all prior charges and taxes (except Federal), shall have
been at least 2 !4 times annual int. requirements on the then outstanding
deben., incl. those proposed to be issued. In April 1927 R. E. Wilsey &
Co., Inc., Troy & Co. of Chicago and A. E. Fitkin & Co., New York,
offered $1,400,000 15-year 6% sinking fund deben. gold bonds, series “ A ,”
at 96M and int., with an approx, yield o f 6.35%. V. 124, p. 2122.
EA R N IN G S.— Consolidated earnings for 12 mos. ended Aug. 31:
1927.
1926.
Gross earnings___________________________________$1,569,391 $1,857,395
918,535
1,066,247
Oper. expenses, incl. maintenance and taxes______

?

Net earnings___________________________________ $650,856
$791,148
OFFICERS.— Pres., A. P. Barrett; Sec., Richard S. Morris; Treas.,
A. D. McNab; General offices. Fort Worth Club Bldg., Fort Worth, Texas.
— V. 122, p.613, 75 1,3607;V. 124, p. 1668, 2122, 2909; V. 125, p.387, 1326.

SAN ANTONIO PUBLIC SERVICE CO.
Affiliated with American Light & Traction Co.
ORGANIZATION.— Incorp. in Texas July 1 1917 to take over and
operate the properties o f the San Antonio Gas & Electric Co. and the San
Antonio Traction Co.
See for intended issuance o f $3,000,000 8% pref. stock V. 120, p. 3316.
Capital Stock Increased.— In June 1925 stockholders increased the author­
ized capital stock from $7,000,000 to $10,000,000. V. 120, p. 2944.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns and operates 89 miles o f single track in city o f San Antonio; 197 cars
and 40 buses
STOCK AND BONDS—
Date. Interest.
Outstanding.Maturity.
Common ($100)___________________
_______
$5,500,000 __________
Preferred 8 % ________________
8%
3,000.000
______
Preferred 7 % _____________________
7%
656,200 __________
1st mtge & ref ser “ A ” ($100,7 1922 6 g J-J
5,550.000 Jan 1 1952
$500 & $1,000)_______ c*tf (Interest payable in New York.
San Antonio Trac (closed)/ 1908 5 M-S
984,000 Sept 1 1949
1st mortgage gold_______ t New York Trust Co., trustee.
San Antonio Gas & Electric!
1908 5 M-S
984,000 Sept 1 1949
(closed) 1st M g ($500) c*tf (Interest at New York Trust Co., trustee.
Bonds.— The issuance o f add’l 1st & ref. mtge. 6s is restricted by provi­
sions of mtge. Ser. “ A ” red. all or in part on any int. date upon 60 days
notice at 110 from Jan. 1 1932 up to and incl. Jan. 1 1942, and at 105 there­
after to maturity, plus int. Penna. 4-mill tax refundable. V. 113, p. 2819
Listed on N. Y. Stock Exchange. V. 116, p. 936: V. 119, p. 199.
Both the San Antonio Traction bonds and the San Antonio Gas & Elec
bonds were issued to retire underlying bonds. V. 88, p. 687. Gas & Elec
bonds are redeemable at 105 and int. on 6 weeks’ notice. See V. 101, p.851
EARN INGS.— For calendar years:
Bond
Other
Net,
Balance
Gross (incl.
Interest.
Interest.
Oth. Inc.).
aft. Tax.
Surplus
$431,557
$826,272
1926______ $5,812,584
$1,279,684
$21,855
31,902
1,309,519
413,457
846,160
1925______ 5,147,323
422,969
45,152
644,862
1,112,983
1924______ 4,621,530
38,243
921.738
326,400
557,095
1923______ 4,232,759
510.448
1922______ 4,358,682
839,467
336,303
Cr. 7,285
OFFICERS.— Pres., W. B. Tuttle; V .-P ., Alason P. Lathrop; V.-P. &
Gen. M gr., E. H. Kifer; V.-P. & Asst. Treas., James Lawrence; Sec. &
Treas., R. C. Jones; Asst. Sec., E. C. Jolly and F. M . Dennis; Asst. Treas.,
August Menger.— V. 120, p. 1091,2944, 3316; V. 121, p. 979; V. 125, p. 520.

TEX AS POW ER CORP.
ORGANIZATION.— Organized in Texas in 1926.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Co. commenced construction Dec. 4 1926 of 3 hydro-electric plants on the
Guadalupe River between the towns of New Braunfels and Seguin and about
30 miles northeast o f San Antonio. The three developments are known as
No. 1, No. 3 and No. 5. Plants Nos. 1 and 5 now in operation. Plant
No. 3 will be completed December 1927. The total installed capacity is to
be 8,880 k.w. Company has entered into a 30-year contract expiring
Dec. 31 1957 with Comal Power Co., a subsidiary corporation of American
Light & Traction Co. and affiliated corporation of San Antonio Public




[V ol. 125.

Service Co., under terms of which Comal Power Co. agrees to purchase
substantially all of the current (estimated average annual output 34,000,000
k.w.h.), which Texas Power Corp. will be able to generate and deliver.
Transmission lines have been completed by Comal Power Co. to each of
the three developments and current should be accepted by that company
as soon as their substation at No. 3 is installed. Price will be 714 mills
per k.w.h. with the provison that during the first 15 years of operation the
annual payments shall be at least $165,000 with adjustment in succeeding
months of any excess in payments over the contract price of 7 !4 mills per
k.w.h. V. 123, p. 2263.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
_______
10,000 shs __________
Common 10,000 shs (no p a r ) . . ____
$7 cum pref 5,000 shs (no p a r ) . ____
$7
4,000 shs __________
1st mtge (closed) 30-vr 6% gf 1926
6 M-S
$1,600,000 Sept 1 1956
$1,600,000 ($1,000, $500,1
$100c*)________________ tf [Cont’l & Com’l Tr. & Sav. Bk., Chic., trus.
Gen mtge (closed) 30-yr 614% [ 1926
6J4 M -S
400,000 Sept 1 1956
g $400,000 ($1,000, $500,1
3100c)_________________ tf(T h e Northern Trust C o., Chicago, trustee.
Bonds.— The Is! mtge. 30-yr. 6% g. bonds, dated Sept. 1 1926, are secured
by a direct (closed) 1st mtge. on all co.’s real property, dams, generating
plants, flowage rights (subject to certain farm mortgages), and franchises,
incl. after-acquired properties, &c., and also above-mentioned power con­
tract, but excluding certain surplus lands not essential to the project. There
is a sinking fund beginning Jan. 1 1929 and extending in increasing amounts
to Jan. 1 1955. These payments will aggregate $801,000 and are to be
used in red. of 1st mtge. bonds through purchase or call. Are red., whole
or part, on 30 days’ notice on any int. date on or before Sept. 1 1932 at
105, on or before Sept. 1 1938 at 104, on or before Sept. 1 1944 at 103,
on or before Sept. 1 1950 at 102, on or before March 1 1956 at 101. Penn.,
Calif., Conn, or Kan. 4-mills, M d. 414-mills, D. of. C ., Mich. & Ky.
5-mills, Va. 5 J4-mills, and Mass. 6% taxes refundable. In Oct. 1926
Emery, Peck & Rockwood; G. H. Walker & Co.; Paine, Webber & C o., and
Taylor, Ewart & C o., Inc., offered $1,600,000 of these 1st mtge. bonds
at 99 and int., to yield about 6.07% . V. 123, p. 2263.
The gen. mtge. 30-yr. 614%. g. bonds, dated Sept. 1 1926 are secured by a
direct (closed) mortgage, subject to $1,600,000, 1st mtge. 6% bonds, on all
co.'s properties as described above under “ 1st mtge. 30-year 6% g. bonds."
There is a sinking fund beginning Jan. 1 1929 and extending in increasing
amounts to Jan. 1 1955. These payments will aggregate $205,000 and are
to be used in red. of gen. mtge. bonds through purchase or call. Red.,
whole or part, on 30 days’ notice on any int. date through Sept. 1 1932 at
105, through Sept. 1 1938 at 104, through Sept. 1 1944 at 103, through
Sept. 1 1950 at 102, through March 1 1956 at 101. Penn., Calif., Conn, or
Kan. 4-mill; M d. 414-mills; D. of C ., Mich. & Ky. 5-mills; Va., 534-mills,
and Mass. 6% taxes, refundable. In Nov. 1926 Yought & Co., Inc., and
L. D. Pierson & Co., Inc., New York, offered $400,000 gen. mtge. 614%
g. bonds at 9914 and int., to yield about 6.55% . V. 123, p. 2521.
OFFICERS.— Pres., F. H. W illmont; V .-P ., W . H. Short; Treas., G. W.
’
Peck; Sec., J. P. Barclay. Office, Seguin, Tex.— V. 123, p. 2263, 2521.

NEW MEXICO
SOUTHW ESTERN PUBLIC SERVICE CO.
Control.— All of the common stock is owned by Consolidated Power & Light
Co. of South Dakota, which in turn is controlled by General Public Utilities
C o ., whose stock is all owned by Day & Zimmermann, Inc. V. 122, p. 2653.
ORGANIZATION.— Incorporated under laws of New Mexico in June
1925 as Rosewell Public Service Co.; the name changed in August 1925 by an
amendment of the charter. Acquired the capital stock of Holbrook Light
& Power Co., Arizona Electric & Power Co. of Winslow, Flagstaff Electric
Light Co. and property of City Light & Water Co. of Amarillo, Tex. Also
acquired from local interests plants in Carlsbad and Artesia, N. M ., and
Pampa and Panhandle, Tex. In Dec. 1926 franchise was obtained in White
Deer, Tex., and in Jan. 1927 the municipal plant at McLean, Tex., was
acquired.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Co. operates 3 groups of public utility properties, serving without competi­
tion a number of communities in New Mexico, Arizona and Texas. Electric
light and power is furnished in Amarillo, Tex.; Roswell, Carlsbad and
Artesia, N. M ex., and Flagstaff, Holbrook and Winslow, Ariz. Water Is
supplied in Amarillo and Carlsbad, gas in Roswell, ice In Roswell, Artesia,
Holbrook and Winslow, and steam heat in Flagstaff. Population served
about 90,000. Co. owns 9 central generating (2 hydro-electric) stations with
installed capacity of 11,805 h.p., and 325 miles of transmission and distribut­
ing lines. More than 10,000.000 k.w. hours were generated in 1924. Cos’ ,
water supply consists of 95 miles of mains through which 400,000,000
gallons were pumped in 1924. The gas plant at Rosewell has a daily output
of 200,000 cu. ft., a holder capacity for 800,000cu. ft. and more than 10 miles
of distributing mains. Ice plants have a total daily capacity of 53 tons.
Company has 15,629 electric, 8,253 water and 980 gas customers. Steam
heating service is also furnished in the business district of Flagstaff, Ariz.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
__________ 50,000shs. __________
Common 50,000 (no p ar)_________
6% cum pref $315,000 ($50)_______
6
$311,950 __________
1st M 20-yr s f 6% g bonds! 1925
6 g J-J
3,727,000 July 1 1945
ser"A” ($1,000-500-100) c *tf (Int. at Guaranty Tr. Co. o f N . Y ., trustee.
Bonds.— The Is! M . bonds, series A , dated July 1 1925, are secured by a
direct 1st mtge. on all the physical properties of the co. Additional bonds
in one or more series of varying tenor as directors may from time to time
determine may be issued for 80% of new acquisitions provided net earnings
of the co. and its subsidiaries (incl. such new subsidiary) are 1 H times
annual interest charges on all outstanding bonds, incl. those to be issued.
A sinking fund provides for retirement annually, commencing July 1 1927
of 1 % or the maximum amount of bonds outstanding at any time during
the first 5 years, 2% during the next 10 years and 2 )4 % during the last
3 Wears.
Co. has no other funded debt than the above series "A ” bonds.
Series “ A ” is red., whole or part, on 60 days’ notice to and incl. July 1
1940 at 105 and int., thereafter at 102 and Int. Personal property taxes
up to 5 mills in any State and Mass. 6% tax refundable. In July 1925
Pearsons-Taft Co. and P. W. Chapman & C o., Inc., offered $3,500,000
series “ A ” at 99 and int., to yield 6.10%. V. 121, p. 77.
EARNINGS.— For calendar year 1926:
Gross--------------------------------------------------$1,464,638
743,126
Net after maintenance and taxes______________________________
Fixed charges____________________________
270,626
Renewal reserve______________________________________________
71,969
Balance, surplus___________________________________________ $400,531
OFFICERS.— Pres., F. W . Woodcock; V.-P. & Treas., Milward Oliver;
V .-P ., W. Findlay Downs; Sec., C. A. McClure. Executive office, 1600
Walnut St., Philadelphia, Pa. Local offices: Amarillo, Tex.; Roswell,.
N. M ., and Flagstaff, Ariz.— V. 121, p. 77, 332, 1570; V. 122, p. 2653.

O ct ., 1927.]

POW ER, LIGH T AND R A IL W A Y

W estern

229

and P acific

POWER, LIGHT AND R AILW A Y
\\

WISCONSIN
NORTH AMERICAN EDISON CO.

On July 1 1911 absorbed the Cuyahoga Light Co. and in Jan. 1913 purchased
plant of Bedford Electric & Power Co. During 1925 the co. acquired the
municipal light and power system of the village of Chardon, Geauga County,
Ohio, and the properties of the companies serving the villages o f Middlefield,
Burton and Thompson. Early in 1926 the co. acquired the Northeastern
Ohio Power & Light C o., Grand River Electric Light & Power Co. and the
Suburban Ut.lities Co., all operating in northeastern Ohio. The co. serves
an estimated population of 1,200,000 covering an area of 1,015 square miles.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
The co. owns and operates 4 steam electric generating stations and one steam
heating plant. The Lakeshore station, which is the principal one, has a
present capacity of 288,000 k.w. The Canal Road plant, which is used
for supplying electricity for the business district, has an installed capacity
of 10,900 k.w. The Conneaut plant was acquired during 1926 and has a
capacity of 2,450 k.w. The New Avon power plant now has a capacity
of 70,000 k.w. The site of this plant is Avon, 23 miles west of the puolic
square in Cleveland. In addition to the electric generating station, the co.
also owns the Central Steam Heating plant, which is used exclusively for
the purpose of supplying steam heat to the city of Cleveland. This plant
will enable the co. to supply steam heating to a much wider area than before.
The co. sells energy in bulk to Chagrin Falls Electric Co., Cleveland
R y. C o., Cleveland Painesville & Eastern R y., Eastern Traction Co. and
The Northern Ohio Trac. & Lt. Co. The co. also supplies 272,098 custom­
ers with light and power for general business and manufacturing and the
lighting of over 237,600 homes. The co. serves 100 cities, villages and other
political subdivisions in the counties of Cuyahoga, Geauga, Ashtabula and
Lake, including the city of Cleveland and its suburbs. The total number
of electric customers on the system is 272,090 and the co.’s total output
was 1,118,294,193 k.w.h. for the year ended Dec. 31 1926.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Common $19,200,000 ( $ 1 0 0 ) - .____
.................$16,629,800 July^27 2*4%
Pref 6% cum ser of 1892-97 ($ 1 0 0 )_
_
6 Q-F
-------800.OOOAug’271*4%
Preferred 6% cum auth 1923
6 Q-M
$40,000,000 ($100)_____________
15.281,700 Sept’27 1*4%
1st Mortgage $30,000,0001 1909
5 g A-O
18,500,000 Apr. 1 1939
($500 and $1,000) gold..c*(C itizens Savings & Trust C o., Cleveland,
I and Acosta Nichols, New York, trustee.
Gen. Mortgage $30,000.0001 1924 5 g M -N
11,500.000 Nov. 1 1954
Ser “ A ” ($1,000) g .c* _ tf/Guaranty Trust Co. of N. Y .. trustee.
_
Series B ______________________ 1926 5 g A-O
10.000,000 Oct. 1 1961
20-year deb bonds $5,000,0001 1921 7 g F-A
5,000.000 Aug. 1 1941
($1,000) gold--------------c*tf/U nion Trust C o., Cleveland, trustee.
Stock.— 6% pref.. auth. 1923, la red., all or in part, on any div. date upon
30 days' notice at $110 and div., and in case of liquidation is entitled to
$110 per share and divs. before any distribution is made to the holders of
common stock. 20,000 shares 6% pref., auth. 1923, were offered in March
1925 bv The Union Trust C o., Cleveland; Hayden, Miller & C o., &c., &c.,
at $103 30 per share. V. 120, p. 1456.
Bonds.— $11,500,000 1st Mtge. 5s are pledged as security for the Gen.
Mtge. 5s, Bonds. Callable at 107*4 and int. on April 1 1924 and on any
Int. date thereafter at a price decreasing at the rate of *4 of 1 % yearly to
maturity. Int. payable in New York and Cleveland. $4,000,000 were
offered in Nov. 1917 by Spencer Trask & Co. and the National City Co.
of New Yo
at 90 and int. V. 105. p. 2186.
Gen. Mtge. 5s are secured by direct mtge. lien on entire fixed property o f
co., incl. after-acquired property, subject to $18,500,000 1st mtge. bonds.
Gen. mtge. provides for purchase fund equal to 1% per annum o f all series A
bonds then outstanding, to be available semi-ann. to purchase series A
bonds if obtainable during the succeeding 6 mos. at or below 100 and int.,
any unexpended balance reverting to the co.’s general funds. Are call.,
all or part, by lot at any time at 105 and int. Penna. 4-mill tax refund­
able. $11,500,000 gen. mtge. 5% series A were sold by Dillon, Read & Co.
in Nov. 1924 at 100 and int. V. 119, p. 2409. In Oct. 1926 Dillon, Read
& Co. sold at 102*4 and int., to yield about 4.85% , $10,000,000 (entire
authorized amount o f series B) 5% series B. V. 123, p. 1873.
Additional gen. mtge. bonds may be issued in series of such terms as
may, from time to time, be determined, for refunding 1st mtge. bonds
and gen. mtge. bonds theretofore issued, and for 80% of improvements, &c.,
provided net earnings for 12 consecutive months have been at least twice
annual interest on all gen. mtge. and 1st mtge. bonds then outstanding,
incl, proposed issue. Certain terms and provisions of the mtge. may be
modified with consent of holders of not less than 80% of outstanding bonds.
20-year 7% debentures have sinking fund o f 2*4 % per annum of the total
amount of bonds issued for their purchase in the open market, if obtainable
up to 100 and int. Call., or in part, on any int. date on and after Aug. 1
1931; at 105 and int. during first year, redemption price decreasing *4 of
1% for each year thereafter. Penna. 4-mill tax refunded. Int. payable
at office of Dillon, Read & C o., N. Y . $5,000,000 were sold in July 1921
by Dillon, Read & C o., N. Y ., at 95 and int., to net about 7*4 % . V. 113.
p. 539.
Dividends.— Preferred dividends paid since Issuance. On common divi­
dends were paid continuously since 1902. Since 1920 at rate of 10% per
annum.
EARNINGS.— For calendar years:
*1927.
1926.
1925.
1924.
Operating revenue_____ $22,993,561 $22,048,268 $20,053,939 $18,229,295
Oper. expenses and taxes 12,496,428 11,878,564 10,476,315
9,825,739

Control.— The North American Co. owns all o f the common stock, except,
directors’ qualifying shares.
ORGANIZATION.— Incorp. March 25 1922 under the laws of Delaware
In April 1922 the co. acquired from The North American Co. the entire
outstanding com. stock o f Union Electric Lt. & Pow. Co. of St. Louis.
(see on another page). It also acguired from other interests more than
77% of the com. stock o f the Cleveland Elec. Ilium. Co. On Oct. 1 1923
(t acquired the Interests in all the companies formerly owned by the
Wisconsin Edison C o., Inc. (for history see “ Electric Railway” Supple­
ment o f Oct. 27 1923), and in Dec. 1924 acquired from The North American
Co. its interest in Wisconsin Traction, Light, Heat & Power Co. and
Wisconsin'Electric Power Co. In Dec. 1924 acquired from the North
American Co. its interest in Peninsular Power Co. In Jan. 1926 acquired
control o f Iron Mountain Light & Power Co.'(Iron M ountain,'M ich.) and
Niagara Light & Power Co.'(Niagara, Wis.).
The subsidiaries o f the c o . operate in territories including important industrial centers.
Increase Capital Stock.— In Oct. 1925 the capital stock was increased from
400,000 to 1,000,000 shares (no par), consisting o f 500,000 pref. and 500.000
common shares.— V. 121, p. 2039.
STOCK A N D BONDS.— Date. Interest.
Outstanding.
MaturityCom. 500.000 shares (no p a r ) . ____ _______
385,000 shs.
$6 Q-M 200,000 shs. July’27,75c
Pref 500,000 shares (no p a r ).. ___
Deb 5% ser A ($1,000)--C*tf / 1927 5% M-S $25,000,000 Mar 1 1957
(Central Union Trust C o., N. Y . trustee.
Stock.— The pref. stock Is preferred as to dividends and in case of liqui­
dation Is entitled to $100 per share and div. Red. at any time, all or part,
upon 30 days' notice, at $105 and div. Listed on the N. Y . Stock Exchange
In Oct. 1925 Dillon Read & Co. offered 200,000 $6 cum. pref. stock at $97
and divs., to yield about 6.18% . V. 121. p. 1789; V . 122. p. 1611.
Bonds.— Secured sinking fund gold bonds, series “ A ,” 30-year 6s, dated
March 15 1922, were called March 15 1927, and series “ B ” 6*£s, dated
March 15 1922. were called March 1 1927. V. 124, p. 647.
5% Debentures.— Additional series “ A ” or any other series may be issued
from time to time (each ser. to bear int. at such rate or rates, and have
such maturity or maturities, redemption and other characteristics as direc­
tors may from time to time determine) or co. may create other funded debt,
provided actual net income from divs., interests and other sources, for
12 months out of the preceding 15 months shall be at least twice annual
interest requirements, including proposed issue. Company may not make
any sale o f voting shares o f the Clevel. Elec Ilium. Co. or Union Elec.
Lt. & Pow. Co. (St. Louis) or the Milwaukee Elec. Ry. & L t., which
would result in the company owing less than two-thirds o f voting shares
of any one or more of the above companies, unless all voting shares owned
by it in any such company shall be sold. In event o f any such sale by the
company for cash, o f all the voting shares owned by it in any one or more
o f the above companies, the company is to covenant to apply the entire
proceeds o f such sale to the retirement o f debentures by purchase or re­
demption, ratably as to all series at the time outstanding. The company
may not mortgage or pledge any o f the voting shares o f any subsidiary (any
corporation in which the company shall own a majority o f the voting shares)
without securing the debentures equally and ratably with the obligations
secured by any such mortgage or pledge; but this restriction shall not apply
to the assumption o f indebtedness secured by pre-existing liens or the
creation of purchase money liens on additional voting shares hereafter
acquired, or to the renewal, extension or refunding thereof. Certain
terms and provisions o f the indenture may be modified with the consent
o f the holders o f not less than 80% o f the debentures.
Series A 5% debs, are convertible, as provided in the indenture, into $6
preferred stock after March 1 1928 to and including March 1 1936 (except
between div. record and payable dates) at rate of 1 share o f pref. for each
$100 deb. Conversion privilege can be exercised only when net earnings
of company, for 12 consecutive out of preceding 15 calendar months, avail­
able for preferred divs. have been at least twice the annual dividend require­
ments on all preferred outstanding, including proposed issue. Red. whole
or in part by lot on 1st day o f any month on 30 days’ notice, (1) to and
including Feb. 1928 at 102 and int., and thereafter to and including Aug.
1928 at 105 and int. with successive reductions in the red. price of *£ of
o f 1% dining each 18 months period thereafter to maturity, and
(2) under certain conditions upon sale of voting shares referred to above,
to and including March 1 1928 at 102 and int., and thereafter until ma­
turity at 100 and int. Pennsylvania 4-mills tax refinded by company
upon proper application. Beginning Sept. 1 1927 and semi-annually there­
after company agrees to purchase if obtainable during the succeeding
60 days at or below 100 and int. The company will make application in
due course to list the series A debentures on New York Stock Exchange.
V. 124, p. 647. In Jan. 1927, Dillon, Read & Co. sold $25,000,000 5%
d eb., series A at 98 and int., with approximate yield of 5*4%. Listed on
N . Y . Stock Exchange. V. 124, p. 2908; V. 125, p. 781.
Dividends.— An initial quar. div. of $1 50 was paid on the no par pref
$10,497,133 $10,169,704 $9,577,624 $8,403,556
stock in Dec. 1925 and quarterly since then to June 1926.
Non-operating revenue.
528,765
490,185
725,897
223,420
EARNINGS.— For calendar years:
*1927.
1926.
1925
1924
.$11,025,898 $10,659,889 $10,303,521 $8,626,976
Gross earnings_________ $82,947,i03 $81,365,672 $72,563,287 $66,315,448
. 2,263,423
1,855,942
1,842,573
1,367,006
Oper. exp. and ta x e s ... 46,826,348 46,318,534 43,628.874 40.957,074
Balance for deprec.
Net oper. income____ $36,120,755 $35,047,138 $28,934,414 $25,358,375
’ $8,762,475 $8,803,947 $8,460,948 $7,259,970
Interest charges________ 9,961,151
9.459,171
9,023,896 7.970.539
Pref. div. o f sub. c o s ... 4,085,003
3,966.070
2,852,019 2,275.319
*For 12 months ended June 30 1927.
Minority interest______
1,187,656
1.247,242
1.212,492 1,130.237
Balance sheet as of June 30 1927. See V. 125, p. 912.
Balance for deprec'n
OFFICERS.— Chairman of Board, F. L. Dame; Pres.
divs. and su rplus...$20,886,945 $20,374,655 $15,846,006 $13,982,289 Robt. Lindsay; V.-Pres. & Treas., Chas. VV. Mills: Sec.. E.& Gen. Mgr.
G. Crawford!
* For 12 months ended June 30 1927.
Compt. & Asst. Sec., C. L. Mills; Asst. Sec. & Asst. Treas., Robert Sealy;
OFFICERS.-—Chairman of Board, Frank L. Dame; Pres., Edwin Gruhl, Asst. Sec., F. H. Piske. Office, Illuminating Bldg., Cleveland, Ohio.-—
V.-P., J. F. Fogarty; Treas., Robt. Sealy; Sec., F. H. Piske; Asst. Sec. & Y. 119, p. 2409; V. 120, p. 209, 582, 1456, 2010; Y. 121, p. 977, 1099, 1676,
Asst. Treas., C. D. Burdick. Office, Wilmington, Del.; N. Y . office, 60 2636; V. 122, p. 609, 747, 2189, 2948, 3080; V. 123, p. 579, 709, 841, 1873,
Broadway.— V. 121, p. 1102, 1789, 2039, 2157, 2403, 2875, 3005; V. 122, 2517; V. 124, p. 1357, 3351; V. 125, p. 93, 912.
p. 1611, 2330, 2800; V. 123, p. 983, 2655; V. 124, p. 647, 2281, 2908, 3209,
(2) THE MILWAUKEE ELECTRIC RAILWAY Sc LIGHT CO.
3353; V. 125, p. 781, 1053.
Control.— Entire common stock (except directors’ qualifying shares) is
(1) CLEVELAND ELECTRIC ILLUMINATING CO. (THE)
owned by the North American Edison Co.
Controlled by North American Edison Co
ORGANIZATION.— Incorp. in Wisconsin as successor of Milwaukee
ORGAN IZATION .— Incorp. Sept. 29 1892 in Ohio as Cleveland General Street Ry Co. Jan. 30 1896, per plan in V. 60, p. 1069. On Feb. 11 1919
Electric C o., which was a consolidation of the Brush Electric Light Co. and acquired the operating utility property of the Milwaukee Light, Heat
the Cleveland Electric Light Co. Name changed in 1894 to present title. & Traction Co. (for history, see “ Electric Railway Supplement” of




230

PU BLIC U TILITIE S

March 29 1919), subject to that company’s $5,000,000 1st mortgage 5s.
due 1929, and $4,500,000 general mtge. bonds, due N ov. 1 1958. V . 109,
P. 72. Compare V. 106, p. 919: V. 108, p. 171. In April 1917 acquired
the electric utility o f the Commonwealth Power Co. and the heating utility
of the Continental Realty Co. V. 106, p. 919. In 1921 the co. acquired
the property o f the North Milwaukee Light & Power Co. In 1922 acquired
control o f Milwaukee Northern R y. ana early in 1923 acquired the plant
aad holdings o f the Dousman (Wis.) Electric Light & Power Co. V. 116,
p. 1050. In Sept. 1923 acquired the electric lighting and power interests
of the Honey Creek Electric Light Co. V. 117, p. 1236. Control of Wells
Power Co., whose properties have been operated under lease since 1921 by
The Milwaukee Electric was taken over by the Milwaukee Electric R y. &
Light Co. during Sept. 1926.
Leases the plant of the Wisconsin Electric Power Co. and guarantees
payment o f principal and interest on that co .’s 1st mtge. bonds. V. 111.
P. 1566: V. 118, p. 664.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Embraces practically all the street railway lines in the city of Milwaukee
The co., besides its street railway system, owns and operates an electric-light
and power system and a central-station, steam-heat system in Milwaukee
serving a population now est. at over 900,000. Does an extensive street and
lhterurban railway and electric light and power business, serving South
Milwaukee, Cudahy, Racine, Kenosha, Wauwatosa, North Milwaukee.
Wbitefish Bay. Fox Point, West Allis Waukesha. Pewaukee Ffartl nd
Oconomowoc, Watertown, St. Martins, Muskego Lakes, Mukwonago,
East Troy, Waterford, Rochester and Burlington. Total track owned
429.74 and 1.90 miles leased. Steam power plants have an aggregate
capacity of 262.700 k.w., including 167,000 k.w. from Wisconsin Electric
Pr. C o., hydro-electric capacity and 15,000 k.w. purchased hydraulic power.
2,012 miles transmission wires overhead and 243.11 m. cable underground:
12,236.36 m. overhead wires and 549.81 m. distribution cable underground.
As of Dec. 31 1926 186,123 electric customers. Owns 17 miles of steammains; 912 passengers cars. 141 buses owned.
Bus Operation.— On May 10 1 9 2 3 the co., through its subsidiary, tne
Wisconsin M otor Bus Lines, commenced the operation o f buses, built by
the Fifth Avenue Coach Co. A 10-cent fare is charged. V. 116, p. 2388
The railway franchises and the electric-light and power franchises arr
unlimited in time.
On Aug. 17 1925 company substituted bus service on its Whitefish BayFox Point suburban lines. V. 121, p. 1101.
Valuation.— In Sept. 1917 the Wise. R R . Comm, submitted its report
on the valuation of the physical properties of the Milwaukee Elec. R y.
& Lt. Co. and Milwaukee Lt., Ht. & Trac. Co., showing a reproduction
Cost for both properties as of Jan. 1 1914 of $37,319,297. V. 105, p. 1309.
Qn the basis of the valuation of Jan. 1 1914, plus subsequent capital expen
dltures, the estimated reproduction cost of the companies as of June 30
1926 was $78,256,870 (exclusive of $2,545,804 o f materials and supplies on
hand). V 1 12 . > . 2US3
>
Fares.— See ‘ Electric Railway" Section o f Oct. 28. 1922
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Common stock $40,000,000
par $20)---------------------------------------------- $19,000,000 __________
Preferred stock $40,000,000
6% cum par $100)______
6 Q-F
9.500.000 Aug’2 7 ,lH
6% cumul (1921 issue) ($ 100)____
6%
2,492,124 See text
7% cum ($100)_________________
7 Q-M
10,777,109 See text
Ref & ext M $20,000,000 gold f 1906 4M g J-J
6,728,000 Jan 11931
($1,000) closed c*________ (Equitable Trust Co., New York, trustee.
[Int. at co’s office, 60 Broadway, N. Y .
Gen & ref mtge $90,000,0001
1911 5 J-D
5.819,000 Dec 1 1931
goid ($1.000) Ser “ A ” c*tf (Int. at N . Y . Bankers Tr. Co.. N. Y ., trus.
Ref & 1st M ($500 & $1,000)/ 1921 5 g J-D
22,634,500 June 1 1961
gc* Series B _ _ -_________ tf (Central Union Trust C o., N . Y ., trustee.
10-yr
notes ner ” D"1
1,000,000 ------------------------ 1923
6H g P-A 1,000 000 Aug 11933
6% notes due 1931 $2,000,000- 1926 6
100,000 Jan 11931
Mdw Lt H & Tr Go 1st M g ( 1899 5 g M -N
5,000,000 M ay 1 1929
gu $5,000,000 ($1,000) g.c*/In t. at Equitable Trust C o., N . Y ., trustee.
Wis El Pr Co 1st M ser “ A ” l 1924 5 g F-A
8,495,500 Feb 1 1954
($500&$1,000) gup&i_c*tf/Central Union Trust C o., N . Y ., trustee.
♦Issued and issuable.
Stock.— The 6% pref. stock has full voting rights. Was originally noncum., but was made cum. in 1921 (V. 112, p. 2414). The 6% cum. pref.
stock is callable at 110 and int. The 7% pref. stock is also cum., but has
not voting rights except in default o f dividends. The 7% pref. is redeema­
ble at 105 and divs. The entire outstanding 8% pref. stock was called
Mar. 1 1926 at 103. Y. 112, p. 1978, 2414. In Sept. 1927 the co. offered
$5,000,000 cum. pref. stock at $100 per share on partial payment basis.
V. 125, p. 1971.
On Dec. 21 1925 stockholders increased the authorized pref. stock from
$20,000,000 to $40,000,000, to consist o f $4,500,C00 6% pref. stock and
$35,500,000 of pref. stock, issue of 1921. Also increased the authorized
com. stock from $20,000,000 to $40,000,000, and changes the par value of
the com. stock from $100 to $20 per share. V. 121, p. 2637; V. 122, p. 94.
Bonds.— Of the ref. & ext. bonds, $6,500,000 are reserved for prior liens
*nd $6,772,000 are deposited as collateral to gen. & ref. mtge. bonds.
Bonds are subject to call since Jan. 1 1916 at 108 and int. No sink. fd.
See V. 81, p. 1724, 1792; V . 84. p. 508.
Gen. & ref. mtge. falls due Dec. 1 1931. except that in certain events the
maturity date will be 1951. Bonds o f series “ A ” are redeemable on any
interest date since Dec. 1 1916 at 105 & int., on 6 weeks notice. $13,228,000
are reserved for prior liens: $13,243,000 pledged under ref & 1st mtge.,
$480,000 on deposit with trustees o f ref. & 1st mtge. Additional bonds
issued under this mortgage must be pledged under ref. & 1st mtge. No
sinking fund. See V. 93, p. 1787. Bonds listed on N . Y . Stock Exchange.
$6,772,000 ref. & ext. bonds pledged as collateral for the gen. & ref. bonds.
The ref. & 1st mtge. bonds will be a first lien on the entire property
by Dec. 1 1931
For full description of security, &c., o f this issue see
V. 112, p. 2083; V. 115, p. 1631. Co. has covenanted to make this a 1st
mtge. by Dec. 1 1931. Additional bonds may be issued only at par to
refund a like amount o f underlying bonds or bonds o f this issue and for
80% o f the cost o f additions and improvements under certain restrictions.
A sinking fund retires 1 % per annum, if obtainable at or under par and int.
Series “ B are red. all or part, by lot on any int. date to and incl. June 1
1927 at 104K and int., with the redemption price reduced M of 1% during
each 2-year period thereafter. All o f the outstanding 6% series C, due
Sept. 1 1953, were called Sept. 1 1926 at 10414 and int. V. 123, p. 710.
Series B are listed on N. Y . Stock Exchange. V. 115, p. 2379; V. 116, p.
721; V. 117, p. 1017, 2212. In N ov. 1926 $1,000,000 additional series B
were offered to c o .’s customers at 98 and int. V. 123, p. 2900.
The Milw. Lt. & Tr. Co. 1st M . bonds may be callea at 110 on any Int
late. They are guar., prin. and int., by endorsement, by the Milwaukee
Elec, Ry. & Light Co. (V. 86, p. 1042)
Income tax withheld at the source
»t the rate of 4% when owned by a foreign corporation.
The Wisconsin Electric Power Co. 1st mtge. 5% bonds ser. “ A ” are
guaranteed principal and int. by the Milwaukee Elec. R y. & Lt. Co. A
purchase fund to retire 2% per annum o f all ser. “ A " bonds, if obtainable
»t or below par & int. is provided for
Are red. all or in part by lot on 30
days’ notice on any Int. date to and incl. Feb. 1 1925 and 105 & int., with
the redemption price reduced H o f 1% during each 3 year period therafter.
Electric Power Co. for 12 mos. ended June 30 1927; see V. 125, p. 917.
Dividends.— Divs. on various issues o f pref. stocks have been paid
regularly. On common since 1903 at rates averaging 8% per annum.
EARN ING S.— for Calendar years:
Total
Net
Over. Exv.
Revenue.
Income.
Depr. & Taxes.
Interest.
1927 _____ _____$26,996,087
$20,724,992
$4,006,310
$2,264,785
1926 ____ ........... 26,555,103
2,833,364
4,025,699
19,696,040
2,838,832
1925 __________ 24,350,328
18,423,452
3,088,044
1924 ____ _____ 22,812,796
2,933,490
17,553,584
2,325,722
* For 12 months ended June 30 1927.
Balance sheet as of June 30 1927, see V. 125, p. 914.
OFFICERS.— Pres, and Gen. M gr., S. B. Way; V .-P ., Edwin Gruhl
V.-P., Charles F. Pfister: V .-P ., F. W. Doolittle; V .-P., Wm. A. Jackson
John Anderson; V.-P. & Asst. Gen. M gr.. G. W . Van Derzee: Sec. & Treas.■
F. J. Boehm.— V. 121, p. 1101, 2156, 2637; V. 122, p. 94, 611, 833, 11702799, 2949; V. 123, p. 710, 843. 1251, 1382, 1876, 2519, 2900; V. 124, p. 10663208; V. 125, p. 649, 914, 1193, 1971.
(a) MILWAUKEE NORTHERN RAILWAY.
Control.— Controlled by The Milwaukee Electric R y. & Light Co
pare V. 115, p. 436.




Com­

[ V ol . 125.

ORGANIZATION.— Incorp. in Wisconsin Oct. 21 1905 to construct a
ine mainly on private right-of-way from Milwaukee to Sheboygan, Wis.
The section from Milwaukee to Port Washington, 30 miles, was put in
operation in Oct. 1907, and to Sheboygan, 57 miles, in Sept. 1908. Stand­
ard gauge; rail, 70-b.; 23 cars. All franchises were superseded by perpetual
rights under indeterminate permits in 1919 and the rates of are are now
solely within the jurisdiction of the Wisconsin R R . Commission. Enters
Sheboygan over tracks of Wisconsin Power & Light Co. under perpetual
contract.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Common $1,600,000 ($20)_________
_______
$1,600,000 __________
Pref 7% cum $1,400.000($100)____
7 Q-M
600,000 See text
1st mtge $4,000,000 gold/ 1911
5 A-O
1,737,000 Apr 11931
($500 and $1,000)_____ctf\Int. at First Wisconsin Tr. C o., M ilw., trus.
Bonds.— Remaining bonds may be issued only when net earnings are
twice int. charges, incl. bonds to be issued, at not exceeding 75% o f cost
o f extensions, additions, &c., provided net earnings for preceding year have
been at least twice interest on all bonds outstanding, incl. new issue.
$1,500,000 offered in March 1911 at par and int. Subject to call at 105
and int. V. 92, p. 725.
Dividends.— On 7% pref. paid regularly from July 1 1924.
EARNING S.— For calendar years:
Depr. &
Gross. Exp. & Tax. Net.
Interest.
Divs.
Surp.
*1927-.- _____$661,571 $492,092 $169,479 $86,850 $42,000 $40,629
*1926-- _____ 656,644
477,269
179,375
86,850
42.000
50,525
1925--. . . - 622,526
449,003
173,523
86,850
42.000
44,673
89,439
185,518
1924____ _____ 635,489
51,597
44,482
449,971
1923____
90,112
191,298
60.000
41,186
423,440
1922
93,619
60.000
58,609
_____ 599,226
386,998
212,228
* Twelve months ended June 30.
OFFICERS.— Pres., S. B. W ay; V .-P ., R. H. Pinkley and F. W . Doo­
little; Sec. & Treas., F. J. Boehm; Asst. Sec., Chas. R . Bradburn; Asst.
Treas. & Asst. Sec., A. J. Bohl; Asst. Sec., F. H. Piske; Asst. Treas., C. D.
Burdick.— V. 115, p. 1532; V. 119, p. 198, 455.
(3) UNION ELECTRIC LIGHT & POWER CO.
Controlled by North American Edison Co. which owns all the common
stock except directors’ qualifying shares.
ORGANIZATION.— A reorganization in N ov. 1922 and acquired all
the properties and business o f its predecessor, which bore the same name as
per plan in V. 115, p. 1218. In Aug. 1923 the property of the Western
Power & Light Co. was acquired from the Light & Development Co. of
St. Louis, together with the controlling interests in the Cupples Station,
Light, Heat & Power Co. and St. Charles Electric Light & Power Co. In
1924 obtained control of the Light & Development Co. of St. Louis. Owns
the entire capital stock (except directors' shares) of the Union Colliery Co.,
which owns approx. 3,200 acres of coal lands located at Duquoin, 111.,
about 75 miles from St. Louis. In Dec. 1925 co. acquired from the North
American Co. control of Mississippi River Power Co. and Central Mis­
sissippi Valley Electric Properties, the latter controlling Keokuk Electric
C o ., Fort Madison Electric Co. and Dallas City Light Co. V . 121, p. 3005;
V. 122, p . 215.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Does the major portion of the electric light and power and steam heating
business in the city of St. Louis and the electric light and power business
in 79 communities in the counties of St. Louis, Franklin. Jefferson and
St. Francois, serving a population estimated at approx. 1,250,000. Num­
ber of consumers, 244.464. The co. controls through stock ownership
the Mississippi River Power Co., which owns the hydro-electric plant at
Keokuk, Iowa, with an installed capacity of 135,000 k.w. In St. Louis co.
owns the Ashley steam plant of 122,000 k.w. Cahokia power plant under
lease with installed capacity of 145,000 k.w. Co. has 17 sub-stations in city
of St. Louis and 10 sub-stations outside city, and in addition owns the
Page Ave. sub-station located outside the city limits, which has a capacity
of 60,000 k.w. and affords the means of transforming the hydro-electric
power purchased from the Mississippi River Power Co. to voltage suitable
for local distribution and for delivery to the United Railways Co. of St.
Louis. Company has contracts (the principal one for 99 years) for the
purchase of power from the hydro-electric plant of the Mississippi River
Power Co. Company also owns its own coal mine.
Principal franchises are perpetual, except in “ Underground District,”
in which territory they expire in 1940.
Leases the plant of the Union Electric Light & Power Co. of Illinois,
situated on the east bank of the Mississippi, at Cahokia, 111., which is
directly across the river from St. Louis. See separate statement of that co.
below. This makes the total capacity available to Union Electric Light
& Power Co. (Missouri) 327,000 k.w.
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
_________ x975.000 shs ________
Common, 975,000 shs (no p a r ) ____
6% cum pref ($100)__________ _____
6 Q-J
$3,995,800 ..................
Preferred, 7% non-cum, $25,0 0 0 ,0 0 0 ( $ 100 ) _____________________
7 Q-J
9,000,000
See text
1st mtge closed ($1,000)1 1902
6.200,000 Sept 1 1932
5 g M-S
g o ld _________________ c*tf /Mississippi Valley Trust Co.. St. L.. trustee.
Ref & ext mtge $50,000,0001 1908
5 g M -N
11,026,000 M ay 1 1933
($1,000) gold_______ e*tf/Bankers Tr. Co.,N.Y.&Breckenridge Jones,
( St. Louis, trustee,
Gen mtge Ser “ A " ($1,000)1 1924 5 g J-D
4,975,000 Dec 1 1954
g o ld _________________ c*tf (BankersTr. C o., N. Y . . & Festus J. Wade tr
Ser B (c*$l,000 & r $5,000)/ 1927 5 g F-A
10,000,000 Aug 1 1967
tf\Bankers Tr.C o., N .Y ., & F.J.Wade, trustees
x All except directors’ shares owned by North American Edison Co.
Stock.— The 6% pref. cum. stock is preferred as to assets and dividends
and call. at 103 and divs. Exempt from personal property and State income
taxes in Missouri and exempt from normal Federal income tax. In Feb
1926 G. H. Walker & C o., St. Louis, offered $4,000,000 6% cum. pref
stock at 100 per share. V . 122, p. 751.
Bonds.— Int. on 1st mtge. 5s payable at Mississippi Valley Trust Co.,
St. Louis, trustee, and at office of the North American C o., N. Y . Listed
on New York Stock Exchange.
Of the balance of the ref. and ext. 5s, $10,000,000 are reserved to retire
underlying liens $5,000,000 are pledged under the gen. mtge., Ser. “ A ,” 5s,,
and remainder for exts. and impts. at 85% of cost under certain restrictions.
Call, at 110 and int. upon 6 weeks’ notice. Int. at office of North American
Co., N . Y . City. Listed on New York Stock Exchange.
Gen. mtge., Ser. “ A ,” 5s are secured by pledge of $5,000,000 ref. and ext.
mtge. bonds. Add’l gen. mtge. bonds may be issued for principal amount
of 80% of cash cost of add’ns and impts. to mortgaged property under
certain restrictions. Are call, all or in part at any time at 105 and int.
Purchase fund of 1% per annum of all Ser. “ A ,” bonds then outstanding
available semi-annually to purchase Ser. “ A ” bonds if obtainable at or
below par and int., any unexpended balance reverts to the co. Int. at
60 Broadway, N. Y . City. Penna. 4 mills tax refundable. $5,000,000
gen. mtge. 5s, Ser. “ A ,” were sold in Dec. 1924 by Dillon, Read & Co.,
Harris, Forbes & Co. and Spencer Trask & Co. at 99 and int., to yield
about 5.07% . V. 119. p. 2764.
Gen. mtge. series B are secured together with series A bonds by a direct
mtge. lien on the entire fixed property and by deposit under the gen. mtge.
of $8,808,000 5% ref. & exten. mtge. bonds. Series B are red. all or part
at any time, on 30 days’ notice to and incl. July 31 1928 at 105 and int.,
with the redemption price reducing
of 1% on each Aug. 1 thereafter.
In July 1927 Dillon, Read & Co., Harris, Forbes & Co. and Spencer Trask
& Co. offered $10,000,000 gen. mtge. gold bonds 5% series B at 102)4 and
int., to yield over 4.85% . V. 125, p. 520.
Dividends.— Quar. divs. of \% % paid regularly (Q.-J.) on preferred
EARNING S.— For calendar years:
Taxes
Bal. for
Gross
Operating (Reserve
Net
Other
Fixed
Deprec..
Earnings. Expenses. Credit). Earnings. Income. Charges. Div$.,&c.
$
$
$
S
ft
$
’27* 18,071,774 9,442,638 2,050,976 6,578,160 1,048.884 1,266,928 6.360,116
’26 .17,683,727 9,645,002 1,957,754 6,080,971 1,219,626 1.350,155 5.950,442
’25 -15,915,022 8,858,265 1,727,929 5.328,828 759,721 1,335.764 4,752,785
’24 .15,058,314 8,262,592 1,589-,256 5,206,466 680,859 1,130,949 4,756,376
’23x 14.020,021 6,682,152 1,468,345 5,869,524 567,132 1,109,418 5,327,238
’22 -11,960.028 5.820,319 1,361,374 4,778,335 313,775 1,149,853 3,942,257
’21 -10.695.424 5,413,349 1,177,390 4,104,685 282,707 1,266,775 3,120,617
’2 0 - 9,882,232 5,773,434 927,649 3,181,149 323,4171,162,143 2,342,423
’ 1 9 - 8.153,407 4,692,774 754,092 2,706,541 227,545 1,128,9801,805,106
* For 12 months ended June 30 1927.
x Includes Cupples Station Light, Heat & Power C o., Cape GirardeauJackson Interurban Ry. Co., Iron County Electric Light & Power Co .
St. Charles Electric Light & Power Co., from Aug. 1 1923.

O c t ., 1927.]

POW ER, LIGH T AND R A IL W A Y

231

Stock.— Common stock is all owned by Cent. Miss. Vail. Elec. Properties.
Balance sheet as of June 30 1927, see V. 125, p. 916.
Pref. stock is red. at 110. Both classes of stock are non-taxable in Illinois.
OFFIC E R S.—Pres., L ou s H. Egan; V.-Ps., Frank J. Boehm, J. F.
Bonds.— The 1st mlge. 6% gold bonds. Series A , dated May 1 1925, are red.,
Fogarty and F. L. Dame; Sec., Hermann Spoehrer; Treas. & Asst. Sec., whole or part, on 30 days' notice incl. M ay 1 1935 at 105, reducing X %
J. L. Ganz.—V. 119, p. 2076, 2764; V. 120, p. 213, 2552; V. 121, p. 1103, each year thereafter to 100 on and after M ay 1 1944, plus int. in each case.
1790, 2158, 2639, 3005; V. 122, p. 215, 751, 1312, 2590; V. 123, p. 712, 845, Are secured by 1st mtge. on all physical property and franchises now
2521; V. 124, p. 1222, 3211; V. 125, p. 520, 916.
owned except the electric railway system and a 1st mtge. on all future
acquired property other than electric railways. Additional bonds may be
(a) MISSISSIPPI RIVER POWER CO.
issued with certain restrictions. In M ay 1 1925 Stone & Webster, Inc.,
Control.— Over 97% o f the common stock is owned by Union Elec. Light sold $700,000 at 98 and int., to yield about 6.15%.
& Power Co. (St. Louis, M o.).
Dividends on pref. stock are being paid regularly
ORGAN IZATION — Incorp in Maine Aug. 3 1910
EARNINGS.— For calendar years;
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Avail .for Dep.,
Net After
Owns and operates a hydro electric plant located on the Mississippi River
Interest.
Div.,&c.
Gross.
Taxes.
at Keokuk, Iowa and Hamilton, 111. Properties include power house of 1927*__________________
$132,612
$45,730
$454,088
$178,342
180,000 h.p. capacity; 181 miles o f steel tower transmission lines and 16 1926........................
130,221
46,015
453,920
176,236
sub-stations. The company furnishes oyer a transmission system owned 1925_______
91,106
44,835
433,434
135,941
directly or through its subsidiary, the Missouri Transmission Co., in excess 1924 . - - ...........
68.738
40,476
423,522
109,213
of 175,000 h.p. to St. Louis, East St. Louis, Alton, Hannibal, Quincy,
70,771
40,253
1923...............
413.175
111,023
Burlington, Fort Madison, Keokuk and numerous smaller cities and towns L922___________________
76,328
388,421
120,395
4,067
in the States of Iowa, Illinois and Missouri. Approx. 72% of the total 1921___________________
59,572
373.851
103,773 444,201
electricity generated is sold to public utility cos. Union Electric L t. & Pr.
68.179
31,137
19 20--..............................
356.842
99.316
Co., St. Louis, M o., a sub. o f the North American Co., being the largest of
* For 12 months ended June 30 1927.
this group. Co. has 29 wholesale power consumers, 13 of which supply the
OFFICERS.— Same as for Central Mississippi Valley Electric Properties
energy in the form of light and power or heat to the general public.
(see above).— V. 98, p. 73: V. 99. p. 467; V. 106, p. 396; V. 116, p. 76:
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
V. 120, p. 2683, 2943; V. 122, p. 2495.
Common $16,000,000 ($100)_______
_________ $16,000,000 ---------------Pref 6% cum $8,841,000(8100) ____
6 Q-J
8,234,475 July ’27 I X
(4) WISCONSIN GAS & ELECTRIC CO.
1st mtge $25,000,000 ($100, f 1911
5 g J-J
17,882,000 Jan 1 1951
Control.— North American Edison Co. owns all of the common stock,
$500 & $1,000 c* & $1,000,(Old Colony Trust Co., Boston, trustee.
except directors' qualifying shares.
& $5,000 r*) g o ld _______tf l
5% deben bonds $3,000,000f 1927
5 M -N
3,000,000 M ay 1 1947
ORGANIZATION.— Succeeded, on Sept. 23 1912 the Racine Gas Light
(c* $1,000)____________ tf\Prin. & int. at Bankers Tr. C o., N.Y..trust.
C o., incorp. in Feb. 1867, and acquired the Kenosha Gas & Electric Co. and
Kenosha Electric R y. Has since acquired the Fort Atkinson transmission
Stock.— Pref. is red. at 115 and is pref. as to divs. in case of liquidation.
Bonds.— 1st dtge. 5s are call, as a whole (or in part for sink, funds) at line of the Milwaukee Light, Heat & Tract. C o., the Watertown Gas &
105 & int. on any int. date. Sinking fund of 1% per annum of bonds Elec. C o., the Burlington Elec. Light & Power Co., the Waukesha Gas A
outstanding on Sept. 1 preceding, payable Jan. 1. $2,766,300 in sinking Elec. Co. and the Whitewater Electric Light Co. V. 122, p. 95
fund cancelled as of Dec. 31 1924. Int. payable at office of trustee and the
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Canadian Bank of Commerce. Toronto, Canada, and London, England.
Does entire gas business In Racine, Kenosha, South Milwaukee, Cudahy,
The 5% debentures dated May 2 1927 are red., whole or in part, on 30 Watertown and Waukesna: the entire electric light, power and street rail­
days’ notice, at 103 if redeemed prior to M ay 1 1937; at 102 on or after way business in Kenosha and the electric light and power business in over
May 1 1937 and prior to M ay 1 1942; at 101 on or after M ay 1 1942 and prior 40 municipalities in Wise, including Watertown, Burlington, Waukesha
to May 1 1946; and at 100 on or after May 1 1946 and prior to maturity, Campbellsport, Eden, Iron Ridge, Lomira, Theresa, Corliss, Union Grove,
with accrued int. in each case. Purchase Fund.—Beginning May 1 1928 Grafton, Jackson, Menominee Falls, Thiensville. Gas plants at Racine,
and semi-annually thereafter the co. agrees to apply funds to the purchase Kenosha, Watertown and Waukesha, aggregate daily capacity (coal,
of 14 of 1 % of the principal amount of these debentures outstanding at such water and gas), 7,245,000 cu. ft. Miles gas mains, 380.5. As of Dec. 31
times, if obtainable during the succeeding 60 days at or below 100 and int., 1926, 32,276 electric and 36,325 gas customers. Electric light and power
any unexpended balances reverting to the c o .’s general funds. In April business in Kenosha is done under indeterminate permits. Franchise for
1927 a syndicate headed by Stone & Webster and Blodget, Inc., sold $3,000,- street ry. is indeterminate; the co. has the right to conduct its gas busi­
ness either under an indeterminate permit or under the special “ perpetual
000 5% deben. bonds at 96M. to yield 5.30%. V. 124, p. 2121.
15-Year Debenture 7s are call, all or in part on any int. date prior to and exclusive” franchises originally granted.
Nov 1 1925 at 103; Nov. 1 1925 to Oct. 31 1930 at 102; Nov. 1 1930 to
STOCK
Date.
Interest. Outstanding. Maturity.
Oct. 31 1934 at 101; Nov. 1 1934 to maturity at 100; in any case with ac­ Com stock AND BONDS—
_______
$4,500,000 __________
$6,000,000 ($20)______
crued interest. These debentures ($2,473,000 outstanding) were to have Preferred stock $15,000,000—
been retired through proceeds o f sale o f $3,000,000 5% deben. in April
6'A% cum ($100)_______________
6X
1,500,000 See text
1927. V. 124, p. 2121.
7% cum ($100)_________________
7
3,034,000 See text
Dividends.— In April 1921 all accumulated dividends (37K % ) on the 6%
First mortgage gold ($1,000,/ 1912 5 g J-D 5,457,500 June 1 1952
cum. pref. stock were paid; 1 X % has been paid regularly since.
$500 & $100)___________ c*(In t. payable at office of co. in N . Y ., Harris
EARN INGS.— For calendar years:
[ Trust & Savings Bank, Chicago, trustee
Avail'le for Waukesha Gas & Elec 1st M _ - ____
Net after
5
600,000 Jan 1 1959
Depr., &c.
Interest.
Gross.
Taxes.
Dividends on pref. are being paid regularly.
1927*_________________ $3,704,465 $3,058,413 $1,151,017 $1,907,396
Bonds.— Additional Wis. Gas & Elec. 1st M . bonds may be issued only
1,802,973
1,133,825
2,936,798
1926___________________ 3,589,019
1,158,576
1,277,083 for 80% of cash cost of permanent impts., &c.. when the annual net earnings
2,435,659
1925___________________ 3,283,018
1,183,645
1,183,828 are l A times the int. charge, incl. bonds to be issued. Bonds red. at 105
2,367,473
1924___________________ 3,184,253
1,052,299 and int. since June 1 1917. In N ov. 1924 $1,100,000 were offered by Harris,
1,201,946
2,254,245
1923___________________ 3,017,583
2,145,052
1,230,474
914,578 Forbes & Co. and Spencer Trask & Co. at 97'A and int., to yield over
1922..............................
2,906,667
781,986 5.15%. V. 119, p. 2934.
1,240,517
1921___________________ 2,742,621
2,022,503
* For 12 months ended June 30 1927.
EARNINGS.— For calendar years:
*1927.
1926.
1925.
1924.
OFFICERS..—Pres., L. H. Egan; V.-Ps., F. J. Boehm, Edwin Gruhl and
$5,390,867 $4,962,872 $4,515,211
J. F. Fogarty; Treas., Robert Sealy; Sec., H. Spoehrer; Gen. M gr., L. E. Operating revenues____ $5,421,929
3,43’ ,426
3,022,776 2,877,516
Dickinson.—V. 121, p. 330, 706, 1678, 1789, 1909, 2157, 2273, 2751; V. 122, Operating expenses____ 3,473,344
433,746
429,000
399,855
311,238
Taxes_________________
p. 2496; V. 123, p. 1876; V. 124, p. 1980, 2121; V. 125, p. 914.
(b) CENTRAL MISSISSIPPI VALLEY ELECTRIC PROPERTIES.
Net operating revenue $1,514,839 $1,530,441 $1,540,241 $1,326,457
196,020
146,659
71,735
57,151
Control.— Union Electric Light & Power Co. (Missouri) owns 7,456 shares Non-operating revenue.
of the common stock. V. 121, p. 1907, 2403 (under “ North Am. C o.” ),
Gross income________ $1,710,859 $1,677,100 $1,611,976 $1,383,608
2271.
Interest charges, &c___
256,072
241,615
312,753
302,863
ORGAN IZATION .— Formed in Illinois by a trust agreement datec
Dec. 12 1913, under which there are deposited with trustees all the commci
Available for deprec’n,
•tock of the Keokuk Electric Co. (see below) and ail the capital stocks of
dividends & surplus. $1,454,787 $1,435,485 $1,299,223 $1,080,745
Fort Madison Elec. Co. and Dallas City Light Co.
* For 12 months ended June 30 1927.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Balance Sheet as of June 30 1927, see V. 125, p. 917.
The subsidiary companies do the entire electric railway, electric lighting,
power and gas business in Keokuk, l a ., the entire electric lighting and power
OFFICERS.— Pres., S. B. Way; V .-P ., D. E. Callender and Edwin Gruhl;
business in Fort Madison, Iowa, and Dallas City, 111.; the entire electric Sec.-Treas., F. J. Boehm; Asst. Sec., F. H. Piske; Asst. Treas., C. D.
railway and lighting business in Hamilton and Warsaw, 111., and operate a Burdick.—V. 121, p. 1104, 2640, 2878; V. 122, p. 95, 1313, 2950; V. 123, p.
city railway in Keokuk and an interurban electric railway between Keokuk, 713, 845, 2522; V. 125, p. 917.
Hamilton and Warsaw (largely on leased lines). All power is purchased
WISCONSIN MICHIGAN POWER CO.
from the Mississippi River Power Co. Population served by the utilities
of the subsidiary companies is 35,000.
Control.— Entire outstanding common stock (except directors’ shares)
Franchises.— The electric railway and elec, lighting and gas franchises in owned by North American Edison Co.
Keokuk expire in 1948; the gas franchise in 1928. The electric lighting
ORGANIZATION.— Incorp. (formerly named Peninsular
franchise in Hamilton expires in 1948; the important railway franchise in under the laws of Wisconsin in 1911. In M ay and June 1927Power Co.)
it acquired
1943; the lighting franchise in Warsaw in 1948. The electric lighting by purchase and by merger the properties, franchises and business of the
franchises in Fort Madison and Dallas City expire in 1938.
Iron Mountain Elec. Light & Power Co. (organized in 1890) and a number
CAPITALIZATION .— Auth. and outstanding, 7,500 shares o f com. of other electric light and power companies in Wisconsin and the upper
(no par) and $750,000 6% cum. pref. ($100). No bonds.
peninsula of Michigan; also acquired by merger the properties, franchises
Stock.— Pref. stock is pref. as to divs. in case of liquidation and is red. and business of Wisconsin Traction, Lieht, Heat & Power Co. (organized
at 110.
in 1900).
Dividends.— Initial div. of 1 X % was paid on pref. stock in March 1914;
Consolidation.— Plans for the consolidation of 15 Wisconsin and northern
same rate quar. to Dec. 1 1917. None paid thereafter until March 1 1922, Michigan public utility companies have been completed, according to
when 114% was paid, which rate has been maintained to date. 24% div. President S. B. Way.
was declared payable on Dec. 1 1926, representing accrued div. arrearages.
Companies included are: The Wisconsin Traction, Lignt & Power Co.,
Payments are made in M ., M ., J., S. and D . 1.
Wisconsin Northern Light, Heat & Power Co., Weywuwega Electric Light
C o., Badger Utility Co., Star Electric C o., Aurora Electric Light & Power
EARNINGS.— For calendar years:
Net After
Int. and xPreferred Bal. Before Co. and Niagara Light & Power Co. of Wisconsin, and Iron Mountain
Amort.
Dividends. Dear ,&Res. Electric Light & Power C o., Dickinson County Public Service Co., Powers
Gross.
Taxes.
1927
________ $662,649
$45,706
$60,000 $218,574 Spalding Light Co. and Twin Falls Light Co. of Michigan.
$264,279
60,000
153.835
1926---.________
658,865
259,840
46,005
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
1926
93,611 Upon completion of consolidation of various companies its operations will
621,451
197,256
43,645
60,000
62.004 then consist of an extensive electric light and power business in the rich
696,388
160,829
38,825
60,000
19 24-.- ________
60.000
62,245 Fox River Valley of Wisconsin, including the manufacturing cities of Apple40.222
1923--- ________
574,115
162,467
63.356 ton, Neenah, Menasha and surrounding territory, and in important mining
44,164
547,933
167,520
60,000
1 9 22-.- ________
1 9 2 1 -.. ________
44,392
150,941
15.000
91,549 and manufacturing regions in the upper peninsuia of Michigan; the sale
521,020
1 9 2 0 -.. ________
34,402
89,991 of electric power at wholesale for locally owned distribution systems in 12
490,983
139.393
15,000
* For 12 months ended June 30 1927
cities and villages, and the furnishing of gas in , and electric railway service
x Includes $15,000 dividends on Keokuk Electric C o. pref. stock.
in and connecting, the cities of Appleton, Neenah and Menasha, Wis.
OFFICERS.— Pres., L. H. Egan; V .-P s., F. J. Boehm and Edwin Gruhl; The territory includes 76 cities, villages and unincorporated communities
Sec., H. Spoehrer; Treas., J. L. Ganz;— V. 98, p. 72, 610; V. 121, p. 1907, and has a population estimated at 150,000.
The electric properties will include 7 generating stations having a present
2271, 2491.
installed capacity of 43,308 k.w., including 15,928 k.w. of hydro-electric
(Subsidiary) KEOKUK ELECTRIC CO.
capacity. The power generating and transmission systems owned and to be
Controlled by Central Mississippi Valley Electric Properties, which owns acquired and connected with the power generating and transmission systems
owned and to be acquired are connected with the power generating and
all of the common stock.
transmission systems of Wisconsin Gas & Elec. Co. and the Milwaukee Elec.
ORGAN IZATION .— Incorp. in 111. on Dec. 5 1911 as successor to the Ry. & Light Co. by means of 132,000-volt steel tower transmission lines,
Ke kuk Elec. R y. & Pow. Co. Keokuk Gas & Elec. C o.; Hamilton Lt
providing for the economical exchange of power with Milwaukee Elec. Ry.
k Power Co. and Keokuk & Western Illinois Electric Co.
& Light Co., and making available an attractive market for the surplus
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— hydro-electric energy generated in periods of high water in the northern
Does the entire electric railway, electric lighting, power and gas business territory.
m Keokuk, Iowa; the entire electric railway and electric lighting business in
STOCK AND BONDS— Dale.
Interest. Outstanding. Maturity.
Hamilton and Warsaw, 111., and operates an interurban electric railway
Common $7,000,000_______________
_______
$5,225,000 __________
between Keokuk, Hamilton and Warsaw (largely on leased lines). See also 6% pref. cum. $6,000,000_________
6
1,275,000 ___________
Central Miss. Valley Elec. Properties above. Co. supplies 5,445 electric 1st & ref mtge, ser due 1957/ 1927
5
g
J-D 5,000,000
customers as of June 30 1926.
(c* $1,000)____________ tf (Bankers Trust C o., New York, trustee.
Franchises.— See Cent. Miss. Valley Elec. Properties above.
Serial gold notes 8% ser “ A ” / 1921
8
g
J-D 200,000 June1
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
($500, $1,000)________ c tflln t. payable at office of co., Madison, Wis.
Wis Trac, Lt, Ht & Power/ 1901
5
g
J-J3,000,000
Common $650,000 ($100)_________
Q-F
$650,000
_____
1st mtge (c* $1,000)______ |lnt. at First Wis. Trust Co., M ilw., trustee.
Pref $250,000 ($100) 6% c u m - ___
Q-F
250,000
See text
1st mtge g, Series A ($1,000, f 1925 6 g M -N
700,000 May 1 1945
Bonds.— The 1st & ref. mtge. gold bonds 5% series, due 1957, are secured
$500, $100)_________ Ic*tflC hicago Trust C o., Chicago, trustee.
by a direct 1st mtge. lien upon all of the physical properties now owned. and




Junel5

1957

1931
July1

1931

232

PUBLIC U TILITIE S

will be further secured by a direct mortgage lien upon all o f the physical
properties to be acquired from Wisconsin Trac., Lt., Ht. & P o t . C o ., sub­
ject only to $3,000,000 underlying (closed intge.) bonds which mature on
July 1 1931. Mtge. will provide for the issuance of additional bonds upon
certain conditions and will contain provisions permitting modifications
with the assent o f the holders o f not less than 75% in aggregate principal
amount o f the outstanding bonds. Redeemable on first day of any month
as a whole or in part by lot on 30 days’ notice through N ov. 1 1928 at 105
and interest, with the redemption price reduced
o f 1% on Dec. 1 1928,
and again at the expiration o f each 18 months’ period after Nov. 30 1928,
to 100M on and after Dec. 1 1955 and prior to maturity. In June 1927
Harris, Forbes & C o., First Wisconsin Co. and Spencer Trask & Co. offered
$5,000,000 1st & ref. mtge. gold bonds, 5% series, due 1957, at 99 and int.,
yielding 5.06% . V. 125, p. 3775.
Note.— The 8% serial gold notes o f series A are due annually June 1 1926
to 1931, incl. A direct obligation o f the co., but not secured by mtge.
Indenture does not contain tax free covenant.
The Wisconsin Trac., Lt., Ht. & Power Co. 1st mtge. may be called
(entire issue) on any int. date at 110 and int. $1,500,000 of this issue origin­
ally outstanding bore int. at 5 % , but in 1921 an additional $1,500,000 was
issued under a supplemental indenture providing for additional int. coupons
at the rate o f 2 A % per annum. The indenture provides that these coupons
shall share equally in any future lien which may be placed on the property.
A sinking fund of $33,000 annually began June 30 1922, and provides for
the redemption o f these bonds. V. 113, p. 1055.
EARN ING S.— Of properties owned by co. for 12 mos. ended May 31 1927
Gross earnings, including other income________________________$3,132,408
Operating expenses, maintenance and taxes___________________ 1,672,017
Net earnings_______________________________________________ $1,460,391
Annual Interest on $8,000,000 mortgage bonds_________________
437,500
Balance for other interest, depreciation, &c_________________$1,022,891
OFFICERS.— Pres., S. B. W ay.— V. 124, p. 3775; V. 125, p. 97.

NORTHERN ELECTRIC CO. (W ISC .).
Controlled through stock ownership by Northern Paper Mills of Green
Bay, Wise.
O R G A N IZA TIO N .— Incorp. in Wisconsin.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Co. owns approximately 83 miles o f 132,000-volt steel tower transmission
line, running north from the mills of the Northern Paper Mills at Green
Bay and connects with its 2 hydro-electric power plants which are being de­
veloped on the Menominee River. The aggregate installed capacity of the 2
plants is to be about 22,600 h.p. The entire output from one plant has been
contracted for by the Milwaukee Elec. R y. & Light Co. and is to be delivered
over the transmission line o f the Wisconsin Gas & El. Co. (both of these
companies are controlled by North American Edison C o., a subsidiary of the
North American C o.). The other plant and half of the transmission line
has been leased to Northern Paper Mills. V. 123, p. 983.
BONDS.—
Date. Interest.
Outstanding. Maturity.
3-yr 6% 1st (closed) mtge $3,-J 1926 6 g J-J
$3,000,000 July 1 1929
000,000($1,000 & $500c*)tf (Minnesota Loan & Tr. Co. Minneapolis, trus
Bonds.— The 3-Year 6% 1st Mtge. bonds, dated July 1 1926 are secured by
a direct (closed) first mortgage on all o f c o .’s physical property and rights
(incl. after-acquired property, &c.), subject only to lease with Wisconsin
Gas & Electric Co. for space on one-half o f tower line which is expected to
produce a rental of about $21,000 per year. As additional security, the
contract and leases referred to above are pledged under the mtge. All
payments made under the above contract and leases are to be paid direct
to trustee, to be held as security for these bonds and used only in paying
operating expenses, taxes and maintenance of the mortgaged properties,
bond interest, and in retiring bonds through purchase or call in accordance
with provisions o f the sinking fund.
The bonds are red., all or part, at any time, on 30 days’ notice at follow­
ing prices & int.: on or before June 30 1927 at 103; to & incl. June 30 1928
at 102; to & incl. Dec. 31 1928 at 101; on and subsequent to Jan. 1 1929
at 100. Interest payable in Chicago, New York or Minneapolis. Penn. &
Conn. 4-mills, Maryland 4 M>-mills. Dist. of Col. 5-mills and Mass. 6%
taxes refundable. In Aug. 1926 Halsey, Stuart & Co., Inc., New York,
the Minnesota Loan & Trust C o., Minneapolis, and the Second Ward
Securities Co., Milwaukee, offered $3,000,000 of these bonds at 99 & int.,
to yield about 6.38%. V. 123, p. 983. They are guaranteed ( pr. & int.)
by Northern Paper Mills, a Wisconsin corp., organized in 1901. manufactur­
ing tissue papers and specialties and owning a modern paper mill of 100
tons daily capacity, together with sulphite and ground wood pulp mills in
Green Bay, Wise.; in addition owns valuable timber and pulp wood reserves
in Ontario and Michigan. V. 123, p. 983.
OFFICERS.— Pres., Judson G. Rosebush; V .-P., Earle Murray; Sec.,
A. R. Burton: Treas., W. P. Wagner. Offices, Green Bay, Wise.— V. 123,
p. 983.

[V ol. 125.

W ISCONSIN VALLEY ELECTRIC CO.

Control.— On Oct. 18 1927 it was announced that control of this company
and subsidiaries had been acquired by Standard Gas & Elec. Co. Y. 125,
p. 2267.
on u A N IZ A T IO N .— Incorp. Aug. 28 1906 in Wisconsin, as the Wausau
Street R R . In Dee. 1915 name was changed to present title. In 1915
purchased the Merrill R y. &. Power Co. and the Lindauer Pulp & Paper
C o.’s plant in Merrill. In N ov. 1916 purchased the property of the Stevens
Point Lighting Co. and Stevens Point Power Co. In July 1922 purchased
the property of the Tomahawk Light, Telephone & Impt. C o., Toma­
hawk, Wis., but sold these telephone properties in 1926. In Dec. 1924
acquired the plant and holdings of the Rhinelander (Wis.) Light & Power
Co. V. 119, p. 2881. In Sept. 1925 acquired the Waupaca Electric Ser­
vice & Railway Co. and previously the independent plant at Antigo, Wis.
V. 121, p. 1349. Co. owns all of the outstanding common stock of the
Wisconsin Valley Power Co. and of the Waupaca Electric Service & Ry. Co.
FTELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
The territory served comprises the entire valley of the Wisconsin River
from Stevens Point on the south to Rhinelander on the north, a distance of
about 120 miles, and includes most of the territory from 30 to 50 miles
east of the river.
A total of 25 cities and towns, with combined population of 90,000, are
variously supplied with electric, gas and street railway services, the prin­
cipal communities being Wausau, Stevens Point, Antigo, Morrill and Rhine­
lander. Gross earnings for the 12 months ended M ay 31 1927, were $1,573,253, and net earnings, before provision for retirements, were $761,283.
The company operates hydro-electric and steam stations with combined
generating capacities of 23,946 h.p. Inter-connection and inter-change
power contracts with non-affiliated companies also are in effect. There are
268 miles of transmission lines and 507 miles of distributing lines, and a
total of 22,501 electric customers are served. Gas is manufactured and
distributed in the City of Stevens Point, and the company operates a
street railway in Wausau with suburban extensions through Schofield and
Rothshild, and a bus line in the town of Morrill.
STOCK AND BONDSDate.
Interest.
Outstanding. Maturity.
Common $1,250,000_____
______
_______
$1,250,000 ---------------7% cum pref $1,200,000-..
______
7
1,200,000 - .............
1917 5 M -N
1,952,000 M ay 1 1942
First & R ef M $15,000.000(, 1917 5 A M -N
1,000,000 M ay 1 1942
($100, $500 & $l,000)c*— Int. at First Nat. Bk., M ilw., or Wisconsin
l Val. Tr. C o., Wausau, Trustee.
Bonds.— Additional bonds may be issued for 80% of cost of improvements,
when net earnings are twice interest charges, including bonds to be issued.
12 A % o f gross earnings is to apply to maintenance, any portion so used to
be added to sinking fund, which amounts to 1% annually of bonds out­
standing. Redeemable at 102 and int. on any int. date. In July 1926
First Wisconsin C o., Milwaukee, Wise., offered $800,000 additional 1st
mtge. 5% bonds at 100 and int. V. 123, p. 326.
EARNING S.— For calendar years:
Gross.
Net.
Deprec. Int.,Tax..&c. Dies. Bal.. Sur
*1927____ $813,405 $476,125
$99,010 $218,124 $118,750 $40,241
738,554 147,127
308,172
209,000
74,255
1926............1,241,979
1925______ 1,122.561
687,265 145,943
261,019
207,332
72,971
1924______1,002,473
590,490 145,000
216,276
202,152
27,062
1923........... 965,625
528,909 125,000
186,909
201,800 15,206
1922______ 873.465
508.236 125.000
174.896
201,726
6.614
* For 8 months ended Aug. 31 1927.
OFFICERS.— Pres., O. C. Yawkoy; V .-P ., B. F. Wilson; Treas., C. 8
Gilbert; Gen. M gr. & Sec., Harold L. Geisse.— V. 104. p. 2013. 2553: V
108. p. 482; V. 109. p. 2441; V. 118, p. 909; V. 119. p. 2881; V. 112, p. 1349:
V. 121, p. 1349; V. 122, p. 2194; V. 123, p. 326, 2267.

W ISCONSIN SECURITIES CO.

ORGANIZATION.— Incorp. in Wise. Aug. 4 1911 at First Wis. Securi­
ties Co. with capital of $1,000. Name changed to Wisconsin Securities
Co. N ov. 22 1911.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS
—A financing, underwriting and holding company. Through ownership
of about 38% of pref. and com. stock of Marine Securities C o., owns about
38% of the com. and pref. stock of the Baltimore Dry Docks & Ship
Building Co. of Baltimore, M d. Owns large interest in Mississippi Valley
Public Service Co. (heretofore known as Wisconsin Ry., Lt. & Power Co.),
at La Crosse, Wis., and Winona, Minn.; owns stocks and bonds of various
corporations.
STOCK AND BONDS— Date.
Interest. Outstanding. ' Maturity
Stock $2,000,000____________ _____
_________ $2,000,000
See text
Notes.— All o f the outstanding 5-year 6% collateral trust notes, due
March 1 1929, were redeemed on Sept. 18 1925, at 102 and int. V. 121, p.
461.
OFFICERS.— Pres., Clement C . Smith; V.-Ps., Howard Greene, Geo.
P. Miller and Ludington Patton; Sec. & Treas., H. C. Mackay.— V. 100.
p. 1924; V. 104, p. 75; V. 107, p. 503; V. 115, p. 184, 438, 1534; V. 117.
p. 2 0 9 ;V. 118, p. 1394; V. 121, p. 461.

W ISCONSIN PUBLIC SERVICE C ORPO RATION .
Management by Byllesby Engineering & Management Corp.
Controlled by Standard Gas & Electric Co.
ORGAN IZATION .— Incorp. in Wisconsin in 1922 as a consolidation of
Controlled by Consolidated Water Power & Paper Co. (see “ Railway &
Wisconsin Public Service Co. (for history see “ Electric Railway” Supp. of
Industrial Compendium” N ov. 1927).
April 29 1922), Oshkosh Gas Light C o., Sheboygan Gas Light C o., Calumet
ORGANIZATION.— Incorp. in Wisconsin in 1926 as a public utility to Service C o., Peninsular Service Co.. Manitowoc A Northern Traction Co
succeed Oneida Power Co. Acquired from Consolidated Water Power & and certain other connected properties. Owns all the bonds and capital
Paper Co. esentially all o f the water power and hydro-electric properties. stock of the Menominee & Marinette Light & Traction Co. See auout con­
Including necessary water and flowage rights, located at Wisconsin Rapids solidation of certain subsidiaries with the parent system in Jan. 1926, V. 122,
and Biron, and a transmission line from Biron to Wisconsin Rapids. V. 122, p. 752.
p. 2797.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.— Physical property incl. 13 (of which 9 bydro-electrie) electric generating
Including properties to be acquired from Consolidated Water Power & plants, aggregate installed normal capacity o f 93,891 h. p.; 479 miles of
Paper C o., co. owns in fee 3 waterpower properties having a total installed high-tension transmission lines. Electric distribution lines total 1,128
capacity o f 34,210 h.p. All the water power developed at Stevens Point is miles. Gas properties include 5 gas manufacturing plants, combined daily
used for the generation o f electricity while that at Wisconsin Rapids and capacity 7,036,000 cu. ft., and 410 miles of gas mains. Combined holder
Biron is used in part for electric generation and in part for the direct opera­ capacity, 3,268,000 cu. ft. Furnishes electric light and power to Oshkosh,
tion o f pulp grinding machinery located in the buildings of the Consol. Green Bay, Marinette, Menominee (M ich.), Chilton, Brillion. Sells elec­
Water Power Co. but owned and operated by the Consol. Water Power tric power in lots of 40 h.p. or over in Manitowoc and Two Rivers, and 25
S Paper Co. The three properties are connected by 20 A miles of 44,000- h.p. or over in Kewaunee, Algoma and Sturgeon Bay. Sells electric
c
volt transmission lines. Co. entered into contracts to supply power to the power to municipal plants at Two Rivers, Kewaunee, Algoma, Sturgeon
City o f Wisconsin Rapids through its Water Works & Lighting Commission, Bay New Holstein and Kaukauna. Furnishes gas to Sheboygan. Kohler
and to Consol. Water Power & Paper Co. The Water Works & Lighting Sheboygan Falls, Plymouth, Oshkosh, Green Bay, DePere, Two Rivers,
Commission o f Wisconsin Rapids does practically all the electric business Marinette and Menominee (M ich.). Owns hydro-elec, plants at High Falls,
in that city and through its distributing system serves a population of 8,500 on Peshtigo River, Ingalls, on Menominee River, and DePere on Fox River;
steam plants at Manitowoc, Oshkosh and Green Bay. Furnishes city street
and has 2,704 connected meters. V. 122, p. 2797.
railway service in Green Bay, Manitowoc, Marinette and Menominee
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
(M ich.). Interurban lines connecting Green Bay with Kaukauna and con­
Common____________________ _____
_______
$1,000,000 __________
necting
Two Rivers.
l s t m 6 H % gold ser o f 1926/ 1926 5H g M -N 2,000,000 M ay 1 1946 situatedManitowoc and of northeasternA total of 131 communities is served,
in 11 counties
Wisconsin and Menominee County,
($1,000, $500 & $100 c* )tf (First Wisconsin Tr. C o.. Milwaukee, trustee.
Mich. Total population served, approximately 340,000.
Bonds.— The $2,000,000 ls( mtge. 5H % 0- bonds, series of 1926, were
8TOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity
Issued to purchase the Wisconsin Rapids and Biron properties from Consol.
________ $5,650,000 ..................
Water Power & Paper Co. There is a sinking fund beginning Nov. 1 1927 Common $7,500,000 ($10)_________
3,649,900 Sept '2 7 ,1M
7%
and annually thereafter to retire by call or purchase series of 1926 bonds 7% (mm pref ser A $12,500,000 ___
2,939,200 Sept '27,1 A
_
6 A Q-M
equal to at least 1A % o f the maximum amount of such bonds at any time 6 A % cum pref ser B ($100)_ _____
6 g A-O
6,792,000 Oct. 1 1952
outstanding. Co. may anticipate sink, fund requirements by depositing 1st lien & ref Mtge Ser " A " - - f 1922
Series “ B ” _______________ 1925
____
4,438,000 Jan. 1 1958
5 A g J-J
either cash or bonds with trustee and receive credit for future years.
$15,000,000 ($100, $500 Sc. nterest in New York, Chicago and MilCall., all or part on 30 days’ notice at 103 to and incl. M ay 1 1932, at
$1,000) g old -...............c * .tfl
102 to & incl. M ay 1 1938, at 101 to & incl. May 1 1944 and thereafter at
5 a J-J
2,438,000 Jan 1 1942
par Interest payable at trustee’s office in Milwaukee, or at office of First Wise Pub Serv Co 1st M & ref f 1912
$15,000,000 g ($l,000)c*’tf!ffcn' at First Wisconsin t - f o . , Milw. trust
National Bank of Wisconsin Rapids. In May 1926 First Wisconsin Co.,
Green Bay G & E 1st & ref M l 1905
5 g M-N
352 000 M ay 1 1935
Milwaukee, and First National Bank, Wisconsin Rapids, offered $2,000,000
$750,000 gold '$ l,0 0 0 )--c* /ln t. at First Wisconsin Tr «'o., Milw. trust
5 A % series o f 1926 at 100 & int. V. 122, p. 2797.
Sheboygan Gas Light C o__________
5%
$250,000 July 11931
EARNINGS.-— For calendar years;
Oslo Pow & Lt 1st mtge______ ___
7%
12,500
1931
1926.
1925.
Stock.— Pref. stock is preferred as to assets and dividends over the com­
Gross profits on sales_______ _________ ____ _____
$256,202
$126,574
mon stock, Series B 6 H % cum. ranking equally with 7% cum. Series A.
Expenses_______________________________________
12,610
3,004 The 7% pref. is red. all or in part at 110 and divs. Series B 6 A % is red.
all or part at 105 and divs. In July 1926 Morris F. Fox & Co., Milwaukee,
N et________
$243,592
$123,570 Wis , offered $1,850,000 6 A % cum. pref. series B at $100 per share flat.
Other income.
1,243
104 V. 123, p. 457. The 6 A % pref. ranks equally with the other pref. stocks.
Deductions_
_
130,719
82,359
Bonds.— The 1st lien < ret. mtge. bonds, in addition to being a first hen
&
on part of the company’s properties, are secured by pledge of all the out­
Balance__________________________ ____________
$114,116
• $41,314 standing bonds and over 99% of the capital stock of the Menominee &
OFFICERS.— Pres., Stanton W . Mead; V .-P., R. L. Krans; Sec. & Marinette Light & Trac. Co., and $1,308,000 (not included in the amount
Treas., E. B. Redford. Offices, Wisconsin Rapids, Wis.— V. 122, p. 2797. shown in above table as outstanding) Wisconsin Public Service Co. 1st

CONSOL. W ATER POW. CO. (W IS. RAPIDS, W IS.)




O ct., 1927.]

POWER, LIGHT AND R A IL W A Y

mtge. 5s. Maintenance, depreciation and improvement fund equal tc
12)4% of gross earnings annually provided for. Additional bonds of this
or other series o f such tenor as directors from time to time may determine
may be issued against cash, &c., or to refund bonds o f other series issued
under this mtge.. or for 75% o f new additions, &c., provided (with the ex­
ception o f $250,000 par value) net earnings of the co. during 12 out of pre­
ceding 15 months have been at least twice interest on all 1st lien & ref. mtge
gold bonds, incl. new issue and on all underlying bonds outstanding. Penna
and Conn, personal 4 mills tax and Mass, income tax on the interest noi
exceeding 6% refunded.
Series “ A ” 6s are red., all or part, any time on 60 days’ notice at 10714 and
int. on or before Sept. 30 1932; at 105 and int. Oct. 1 1932 to and incl. Sept
30 1942; and thereafter at 105 less 34 of 1% during each year to maturity
V. 115, p. 1634.
„
.
Series “ B ” 534s are red., all or in part, on 60 days’ notice at the following
prices and int.: On or before Dec. 31 1932 at 10634: on and after Jan. 1 1933
to and incl. Dec. 31 1942 at 105, and at 105 less )4 of 1% during each year
thereafter to and incl. Dec. 31 1951: on and after-.Tan. 1 1952 to and incl.
Dec. 31 1952 at 10034, and on and after Jan. 31 1953 at 100. In March
1925, $500,000 were offered by Halsey, Stuart & Co., Inc., First Wisconsin
Co. and Blodget & Co. at 97 and int., to yield 5.70% . V. 120, p. 1330.
In Jan. 1926 H. M . Byllesby & Co., Inc., and Halsey, Stuart & Co., Inc.,
offered $3,938,000 additional series “ B ’-’ bonds at 99 and int., to yield over
5.55% . V. 122, p. 215.
Wis. Public Service Go. 1st & ref. 5s are subject to call on any int. day at
105 and int. Remaining bonds are for acquisitions and to retire underlying
bonds under certain restrictions. See V. 94, p. 1697. $1,308,000 are pledged
ander the Wis. Pub. Serv. Corp. 1st lien & ref. mtge. 6s, Series “ A .” Sink,
fund o f 2% on bonds outstanding began in 1917.
The Green Bay Gas & Elec, bonds are subject to call at 105 antil 1924;
thereafter at par; $160,000 canceled. $228,000 are pledged as addi’ ional
security under the Wise P. S. Co 1st M ft ref bonds
Dividends.— On 634% cum. pref. an initial quar. div. o f $1 62 in Ser>t.
1926 and same paid quar. since. Regular quar. divs. are being paid on 7%
cum. pref. stock.
EARNINGS.— For calendar years:
1926.
1925.
1924.
Gross earnings._________
$4,454,565 $3,980,289 $3,654,352
Oper. exp., maintenance and taxes.. 2,608,345
2,352,499
2,805,135
Net earnin gs.................................. $1,846,220 $1,527,790 $1,349,217
Fixed charges....................................
899,019
684,397
598,138
Preferred dividends________
283,344
219,878
147,000
Bal. for retire, res., com. divs.,
amortization and surplus_______
$663,857
$623,515
$604,079
Latest Earnings.—-For year ended July 31 1927: Gross, $4,597,777; net
after maint., taxes before deprec., $1,911,294. For year ended July 31
1926: Gross, $4,280,042; net before deprec., $1,759,508.
OFFICERS.— Pres., Halford Erickson; V.-Ps.. C. R . Phenicie, J. P.
Pulliam, Robert J. Graf and E. J. M cKay; Sec., M . A. Morrison; Treas.,
C. E. Kohlhepp; Gen. M gr., J. P. Pulliam, Milwaukee.— V. 115, p. 75,
1322. 1534, 1634; V. 116, p. 517. 937; V. 117, p. 1994; V. 118, p. 1013;
V. 119, p. 2289: V. 120. p. 960, 1330. 1588. 2685: V. 121. p. 202. 332;
V.122, p. 215, 752, 2500; V.123, p. 457, 983; V.124, p. 924, 1068,3498,2267.

MISSISSIPPI VALLEY PUBLIC SERVICE CO.
ORGAN IZATION .— Incorp. in Wisconsin in Jan. 1913 as Wisconsin
Ry., Lt. & Pow. Co., and has acquired and now owns in fee all the property
formerly belonging to the La Crosse Water Power Co., the La Crosse City
Ry. and the Winona (Minn.) R y. & Light Co. Name changed to present
title Jan. 1 1926. V . 121, p. 3006.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Does electric-light and power business in Winona, Rollingstone, Minnesota
City, Minnieska, Altura, Minn., and Fountain City, Onalaska, Ettrick,
Holmen and Melrose, Wis., wholesale power to the cities of Black River
Falls, Trempealean and Galesville, Wis., and Inter-State Power C o., operat­
ing in Minnesota., and operates street railways in Winona and La Crosse,
24 miles o f track. Owns hydro-electric plant at Hatfield. Wis.. with trans­
mission lines to La Crosse and Winona, at which cities it also has reserve
plants.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $1,230,000_______________
_______
$1,219,900 __________
7% preferred--------------------------7
477,100 ___________
Wis Ry, Lt & IT Co 1st & reff 1913 5 F-A
2,225,000 Feb. 1 1933
M$10,000,000($1.000)gc*tf{First Trust C o., Milwaukee, Trustee.
La Crosse City Ry 1st M f 1909 5 g J-J
220,000 July 1 1929
(closed mtge) $1,000)----- c|Int. at Wisconsin Tr. C o., Milw., Trustee.
Bonds.— The mtge. o f the Wis. Ry., Lt & Pow. Co. 1st & ref. mtge. 5%
bonds, due Feb. 1 1933, provides that $2,225,000 may be issued at par
for corporate purposes o f the company. Bonds in addition to the
$2,225,000 may be issued as follows $220,000 to retire La Crosse City
bonds and $75,000 to retire a like amount of bonds which may be issued for
certain additional property; remaining bonds are issuable at par (a) to
redeem at par any underlying bonds or any mtge. debt existing against
any property acquired, not exceeding, however, at par, the reasonable
value o f such property; and (6) for not exceeding 75% of cost of any addi­
tional property, with certain restrictions. Bonds red. on any int. date at
105 and int. Sinking fund, 2% per annum, began in 1918. Int. payable
at office o f trustee, or at office o f company or at its New York agency.
EARNINGS — For calendar years:
Bal. for
Gross.
Net after Taxes.
Interest.
Deprec. Ac.
$366,790
1926....... ...........___ $899,151
$127,659
$239,131
iy ^ 5 .. . . . . . . -- -$825,436
$326,115
$ L40.031
$186,083
296,016
1924_____________ 801,290
140,464
155,551
278,100
1923............. .. ___ 785,251
136.681
141,419
1922__________- . 755.319
250,573
141 ,869
108 704
261.874
19 21-.- _____ ___ 751.557
111.993
149.881
OFFICERS.-—Pres., Clement C. Smith; V.-Ps., J. P. Tillman and
Howard Greene; V.-P. & M gr., R. M . Howard; Sec. & Treas., H. C. Mackay;
Asst. Sec., C. E. Kohlhepp; Asst. Treas., L. F. Kaap; Asst. Sec. & Asst.
Treas., J. H. Deinlein. Operations are directed from President’s office in
Milwaukee in connection with operations o f the Wisconsin Public Service
Corp. and other public utility properties.—-V. 112, p. 746; V. 116, p. 1052;
V. 121, p. 3004.

MADISON (W IS.) GAS & ELECTRIC CO.

Affiliated with the American Light & Traction Co.
ORGANIZATION.— Incorporated in Wisconsin in 1896.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Co. supplies gas and electric light and power without competition in city of
Madison, the capital of Wisconsin, and adjoining territory, serving a popu­
lation o f approx. 52,300. Co. owns an electric generating plant of 15,000
k.w. rated capacity. Receives also hydro-electric energy up to 7,500 k.w.
from the Wisconsin River Power Co. under a favorable contract, expiring
in 1940. Owns a gas plant of approx. 7,500,000 cu. ft. productive capacity
per day, and an auxiliary coal gas plant o f 720,000 cu. ft
122.51 miles
of gas mains; 161 miles electric pole lines.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,000,000 ($100) — .................................. $2,000,000 ____________
6 ^ s cum pref $1,000,0 00($100)____
6!4
500,000 ___________
1st & ref M 5s g $3,000,000] 1910
5 g A-O
463,500 Oct. 1 1940
($1,000)______________c*tf(Bankers Trust Co., N. Y . City, trustee.
Gen & ref M 5s g series 1925] 1925
5 g M -N
2,200,000 Nov. 1 1950
($1,000-500)_________ c*tf {First Wisconsin Trust Co., Milwaukee, trus.
Bonds.— The 1st & ref. M . 5s gold bonds, dated Oct. 1 1910, are call, at
110 and int.
The gen. & ref. M . 5% g. bonds, series 1925, due Nov. 1 1950, are secured
by a direct mortgage lien on the entire property incl. after-acquired, subject
only to a closed issue of $463,500 1st ref. M . 5 % bonds, due 1940. The trust
Indenture authorizes an initial issue o f $2,800,000 series 1925. Additional
boDds may be issued in series for (a) refunding of underlying bonds or bonds
o f other series, (b) for 80% of new construction, &c., made after Jan. 1 1926.
In N ov. 1925 First Wisconsin Co., Milwaukee, and Marshall Field, Glore,
Ward & Co., New York, offered $2,200,000 series 1925, at 98.60 and int.,
to yield 5.10%.—
EARN ING S.— For calendar years:
1926.
1925.
$1,743,766 $1,574,730
Gross......... ............
Net after expenses and taxes____________________
632,134
551,833
Bond interest----------------------------------139,175
47,481
Other interest___________________________ ______ .
5,031
26,316
Balance------------------------------------------------------------497,990
478,036




233

OFFICERS.— Pres., A. P. Lathrop; V.-I . & Gen. M gr., John St. John;
V.-P. & Asst. Treas., James Lawrence; Sec. & Asst. Treas., L. H. Boutell
Consulting Eng., W. C. Beckjord; Asst. Sec. & Asst. Aud., Thomas M .
Leahy; Treas. & Asst. Sec., J. J. Feeney; Asst. Sec., F. M . Dennis.
Address o f co., Madison, Wis.— V. 121, p. 2273.

PEOPLES L IG H T & POW ER CORP.
ORGANIZATION.-—Incorporated in Delaware on March 20 1926 for the
purpose of acquiring and operating public utility properties. For various
acquisitions see V. 123, p. 582, 2392, 2520, 2655; V. 124, p. 230, 648. 792,
922,1067,1220. Owns all com. stock except directors’ qualifying shares and
100% o f all bonds o f constituent cos. The subsid. cos. are: Peoples West
Coast Hydro-Electric Corp., Peoples Wisconsin Hydro-Electric Corp.,
Peoples Minnesota Gas & Electric Corp., Peoples Iowa City Water Works
C orp., Peoples Arizona Gas ft Electric C orp., Peoples California Hydro-Elec­
tric Corp., Peoples Hydro-Electric Vermont Corp., Peoples Utilities Illinois
Corp., Peoples Utilities Ohio Corp., Peoples Utilities Indiana Corp., Peoples
Utilities Texas Corp., Peoples Utilities Kansas Corp., Peoples Utilities
Pennsylvania Corp., and Burlington Traction Co. In process of organiza­
tion as of Jan. 31 1927, Peoples Utilities New Jersey Corp. A brief de­
scription of the various constituent companies is given below.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Corp., through its subs., furnishes electricity, gas, water and street railway
service in 151 cities and towns in States of Minnesota, Wisconsin, Iowa,
Washington, Oregon, Arizona, Vermont, Texas, Illinois, Indiana, Ohio,
Pennsylvania, New Jersey, Idaho, California and Kansas. Combined
properties serve a population of approx. 385,000. Physical properties
include 36 power plants, of which 26 are hydro-electric; total installed
capacity is 32,500 h.p., of which 19,200 h.p. is hydro-electric, not including
the 6,250 k.v.a. hydro-electric plant under net lease from Green Mountain
Power C o., Inc. Corp. has over 1,039.4 miles of electric transmission
and distribution lines, and 23,512 electric customers. Gas plants have
daily capacity of 5,340,000 cu. ft.; 204.8 miles of mains and 14,718
customers. Water system consists of 214.7 miles of water mains and
17,545 customers, with a daily pumping capacity of 32,650,000 gallons.
Also own 37 street cars and buses, which operate over 12 miles of traction
lines. As of Dec. 31 1926 carried 2,939.950 passengers..
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
“ A ” com 300,000 shs (no p a r ) . ____
_______
45.320 shs
See text
“ B ” com 300 000 shs (no p a r ) . ____
_______
45.000 shs __________
Cum p f stk 300,000 shs(no par)—
$7 series___________________ _____
$7
10,000 shs __________
$6.50 series________________ _____
$6.50
19,000 shs ___________
1 s t l ie n 5)4% g s e r ie s o f 1 9 4 1 f 1 9 2 6
514 J - J
1 2 , 1 0 0 , 0 0 0 July 1 1 9 4 1
($1,000-$500)__________ c*\The Equitable Trust Co. of N . Y ., trustee.
6% conv deb s e r ie s of 1962/ 1927
6 g J-J
5,000.000 Jan 1 1962
($l,000-$500e*&r)______ tf'P rin.& int.at Cent Un.Tr.Co.,N Y..trustee
Stocks.— Class A common has no voting power unless divs. are not paid at
rate of $1 per share per year. After divs. on pref. have been paid, class A
common is entitled to non-cum. divs. of $2.40 per ann. before any divs. may
be paid on class B and in addition, after divs. at rate of $2.40 per ann.
have been paid on class B, class A participates share for share with class B.
in any further divs. In case of liquidation, shares equally with class B
after pref. stock has been satisfied. Number of shares class B may never
exceed that of class A, except with assent of at least 75% of class A common
holders. Class B common has sole voting power unless divs. on pref. and
class A are in default, when pref. and class A have equal voting power per
share with class B.
$7 and $6.50 cum. pref. has preference as to assets and divs. and in event
of liquidation or distribution entitled to receive for each share thereof an
amount equal to $100 per share, together with all divs. accrued or in arrears
before any distribution may be made on com. Red., whole or in part, at
$105 per share plus all accrued divs. In July 1926 W. B. Foshay Co.,
Inc., offered 16,000 shares of class A common and 4,000 pref. shares in
units of 4 shares of class A common with 1 share of pref. at $200 per unit.
V. 122, p. 84. In April 1927 G. L. Ohrstrom & Co. offered at $93.50 per
share, to yield 6.96% 19,000 shares $6.50 cum. pref. (no par). V. 124, p.
2429.
Bonds.— The ls( lien 5)4% gold bonds are secured by pledge of all of the
outstanding bonds and capital stock except directors’ qualifying shares,
of corporation’s constituent companies, including all of the 1st mtge. bonds
o f the constituent companies which latter bonds equal in aggregate prin­
cipal amount the aggregate amount of 1st lien bonds issued by corp. Any
additional bonds or stocks which may be issued by constituent companies
in the future shall likewise be pledged under the indenture.
Additional 1st lien bonds may be issued to refund an equal amount of
bonds of future constituent companies or to refund bonds of different series
issued under the trust indenture, and may also be issued for 70% of addi­
tions, extensions and acquisitions.
There is a maintenance and improvement fund equal to 12)4% of gross
earnings of the electric and gas properties, 10% of gross earnings of the
water properties and 20% of gross earnings derived from electric railway
service, to be expended for improvements, additions, &c.
Are red. on any interest date on 30 days’ notice to and incl. Jan. 1 1931
at 105; to and incl. Jan. 1 1936 at 103; to and incl. Jan. 1 1939 at 102; to
and incl. Jan. 1 1940 at 101; thereafter at par; in each case with interest.
Interest payable without deduction of any Federal income tax not in excess
of 1)4 % - Minn. 3-mills, Penn., Conn., Kansas and Calif, taxes 4-mills,
Maryland 4M-mills, Kentucky and Dist. of Col. 5-mills, Virginia 5 H-mills
and Mass. 6% taxes refundable. In July 1926 G. L. Ohrstrom ft Co.
offered $3,500,000 series of 1941 at 94% and int., to yield about 6.05%.
V. 122, p. 84. G. L. Ohrstrom ft Co. offered in Oct. 1926 $2,100,000
additional 5)4% series o f 1941 at 95)4 and int., to yield over 5.95% , and
in Jan. 1927 brought out $6,500,000 additional bonds at 97 and int., to
yield over 5.80%. V. 123, p. 2262; V. 124, p. 373.
Notes.— The 6% conv. g. deben. series of 1962 are convertible into the
class " A ” common at $32.50 per share to and incl. Jan. 1 1932; at $37.50
per share thereafter to and incl. Jan. 1 1937; at $45 per share thereafter to
and incl. Jan. 1 1942; at $50 per share thereafter to and incl. Jan. 1 1947;
at $60 per share thereafter to and incl. Jan. 1 1952. The trust agreement
under which these debens. are issued provides in substance that no addi­
tional debens. may be issued, except for refunding purposes, unless the
combined net income, as defined therein, of the corp. and its subs., after
interest charges on secured debt, for 12 consecutive mos. within the pre­
ceding 15 calendar mos. shall have been at least 2 M times the annual int.
charges upon all outstanding unsecured indebtedness of the corp. and its
constituent companies, incl. proposed issue. Corp. covenants that it will
not issue any secured funded debt except its 1st lien bonds unless all debens.
issued are secured ratably therewith. So long as any debens. are outstand­
ing there will be issued no obligations other than its 1st hen bonds maturing
more than 5 years from the date of issue except under the above earnings
restrictions of this trust agreement. Red. on any int. date on 30 days’
notice to and incl. Jan. 1 1952 at 110; thereafter to and incl. Jan. 1 1960 at
105: thereafter at their principal amount plus accrued int. in each case.
Co. will refund Penn., Conn., Minn., Kan. and Calif, taxes not to exceed
4 mills; Maryland tax not to exceed 4)4 mills; Ky. and Dist. of Col. taxes
not to exceed 5 mills: Mich, exemption tax not to exceed 5 mills, and Mass,
income tax not in excess o f 6% . In Jan. 1927 G. L. Ohrstrom & C o., Inc.,
sold $5,000,000 6% conv. deb. series o f 1962 at 98 and int., with approxi­
mate yield of 6.15%. V. 124, p. 508.
The 5)4% series g. notes dated June 15 1926 and 5)4% series g. notes
dated Nov. 15 1926 w-ere called for payment the latter part of March 1927.
Dividends.—-On class “ A ” common divs. at the rate of $2 per ann. were
paid. In Sept. 1926 it was announced that the rate was to be increased
to $2.40 per ann., payable monthly 20c. V. 123, p. 1635. On class " B ”
a monthly div. of 10c. per share was paid for Oct., Nov. and Dec. 1926.
V. 123. p. 2778.
EARNINGS.— Consolidated earnings of corp. and its subsidiaries for
12 months ended:
Mar. 31 ’26. Dec. 31 ’25. Dec. 31 ’24.
Gross earnings_______________________ $1,084,874 $1,052,317 $1,029,450
Oper. exp., maint. and taxes other
than Federal income tax__________
611,986
594,369
584,949
Netearnings______________________
$472,888
$457,948
$444,507
Int. required on senior securities___
283,250
283,250
283,250
Pref. dividend requirements_________
49,000
49,000
49,00fr
Available for reserves, retirements
and common dividends__________
$140,638
$125,698
$112,257
Annual div. requirements on 16.000
class “ A ” shares at $2 per annum ..
32,000
Balance__________________________
$108,638

334

PUBLIC U TILITIE S

Latest Earninqs.— For 12 months ended July 31:
1927.
1926.
Gross earnings----------------------------------------------------$3,628,931 $3,496,489
Operating expenses, maintenance and taxes other
than Federal income taxes____________________
2,060,676
2,137,940

[V ol. 125.

Green Mountain Power Co., Inc.: also by pledge o f the lease of Green
Mountain Co. properties to Montpelier & Barre Light & Power Co. Addi­
tional bonds may be issued in series o f such tenor, but not maturing earlier
than Feb. 1 1956, as directors from time to time may determine. M ay be
issued for refunding bonds issued under this mortgage. May also be issued
for refunding underlying bonds or 75% of additions, &c., provided net
earnings for 12 out o f preceding 15 months have Deen equal twice interest on
all first mtge. and underlying bonds outstanding, incl. such annual interest
on the bonds applied for and under other protective provisions. Redeem,
whole or part on 30 days’ notice at 10714 on Aug. 1 1926, less 1 % for each
4
six months thereafter to and incl. Aug. 1 1928, and .at 105 to and incl.
Aug. 1 1955: in each case with interest. Mass., Vt., New Hamp., Penna.,
R. I. or Conn, (but only one of said Statas) taxes refundable up to an aggre­
gate maximum of
In Feb. 1926 Charles H. Tenney & C o., Boston,
offered $750,000 5><* % gold series A bonds at 95 and int., to yield 5.S5%.
Index.— V. 122, p. 1608; V. 125, p. 385.
BURLINGTON TRACTION CO.
Incorp. in Vermont and owned and operated by Peoples Hydro-Electric
Vermont Corp. Company owns 12 miles of track in city of Burlington: 15
closed and 17 open cars, 2 convertible cars, 2 snow plows, 1 sweeper and
operates 1 gasoline Dus.
The company has outstanding $200,000 common stock and $300,000 first
mtge. 5}4% gold bonds, series o f 1941, all o f which are pledged under
Peoples Light & Power Corp. first mtge. 5)4s o f 1941.
PEOPLES UTILITIES ILLINOIS CORPORATION.
Incorporated in Illinois as successor to the Freeport Water Co. The
corp. furnishes water service to the City of Freeport, 111. The water
system includes 65 miles of distribution mains and gives service to over
5,400 connections.
PEOPLES UTILITIES OHIO CORPORATION.
Incorporated in Ohio as successor to the Pickaway Water C o. and the
Washington Water Co. The corp. furnishes water service to the cities of
Circleville and Washington Court House.
PEOPLES UTILITIES INDIANA CORPORATION.
Incorporated in Indiana as successor to the Greensburg Water Co. The
corp. furnishes water service to the City of Greensburg, Ind. System
includes 13.5 miles o f mains serving approx. 1,550 service connections.
The Central Union Trust Co. of N. Y. has been appointed successor trustee
for an issue of $205,000 1st mtge. 5}4s. V. 124, p. 3069.
PEOPLES UTILITIES TEXAS CORPORATION.
Incorporated in Texas as successor to the Austin Gas Light Co. The
corp. furnishes gas service for domestic and industrial purposes to the
City of Austin and immediate vicinities. The distribution system com­
prises a total of 94.886 miles of mains.
PEOPLES UTILITIES KANSAS CORPORATION.
Incorporated in Kansas as successor to the Citizens Light, Heat & Power
Co. The corp. furnishes natural gas, purchased from Kansas Natural Gas
C o., to the City of Lawrence. The distribution system comprises 64
miles of gas mains. The Seaboard National Bank of the City of New York
has been appointed successor trustee under indenture dated Jan. 1 1927
securing 1st mtge. gold bonds. V. 124, p. 3354.
PEOPLES UTILITIES PENNSYLVANIA CORPORATION.
Incorporated in Pennsylvania as successor to the Bangor Gas Heating
Co. and the Roseto Gas Co. The corp. furnishes artificial gas to the
cities of Bangor and Roseto.

Net income-----------------------------------------------------$1,568,255 $1,358,549
OFFICERS.— Pres., H. H. Henley: V.-Pres. & Gen. M gr., R. J. Andrus;
V.-Pres. & Sec., Wallace L. Caldwell; Treas. & Asst. Sec., F. W . Petres.
Office, Foshay Bldg., Minneapolis, Minn.— V. 122, p. 2562, 2800, 3455;
V. 123, p. 84, 207, 325, 582, 1115, 1635, 1763, 1997, 2262, 2392, 2520, 2655,
2778. 3039: V. 124, p. 236, 373, 508, 648, 792, 922, 1067, 1220, 1821,2281.
2429; V. 125, p. 1053, 1580.
PEOPLES WEST CO ST HYDRO-ELECTRIC CO P.
Is successor to the West Coast Power Co., a Delaware corp. Properties
consist o f three divisions located respectively in Washington, Oregon and
Idaho. Corp. furnishes electric service without competition to the following
cities and towns in the State o f Oregon: Reedsport, Gardiner, West
Gardiner, Florence, Glenada, Cushman, Waldport, Toledo, Newport,
Yaquina, Clatskanie, Clatskanie Junction, Westport, Quincy, Cascade
Locks, and Burns, and following cities and towns in the State of Wash­
ington: Shelton, Cathlamet, Stevenson, Chinook, Ilwaco, Long Beach,
Sea View, Ocean Park, Nahcotta, Breakers, Newton, Tioga, Centerville,
Shelbourne, Holman, Carson, Ocean Side, Klipsan Beach, Oysterville,
and South Bend, where there is competitive service and this corporation
serves over 80% o f total service in this city. Principal communities
served by the corp. in the State o f Idaho without competition are Bellevue,
Richfield, Fairfield, Cascade, Carey, Ketchum, Carbarton, Gannett,
Picabo, Cambridge, Council, Midvale, Mesa Orchards, where electric
service is furnished; and Hailey, Idaho, where both electric and water
service is supplied.
PEOPLES WISCONSIN HYDRO-ELECTRIC CORP.
Incorporated in Wisconsin as successor to Wisconsin Hydro-Electric Co.,
Hurley Municipal Water Supply Co. and Municipal Power Corp. Acquired
electric properties o f New Richmond Power Co., New Richmond Roller
Mills, Monroe Light & Fuel Co. and in Jan. 1927 purchased the Platteville
Gas Co. Corp. furnishes electric service to a number o f cities and towns
in Wisconsin. Property consists principally of eight hydro-electric generat­
ing plants having a total capacity o f 5,186 k.w. and 301 miles o f trans­
mission and distribution lines and has an interchangeable power contract
on unusually favorable terms with Northern States Power Co. Supplies
water at wholesale to City o f Hurley and owns and operates the artificial
gas plant supplying Monroe. Gas property at Monroe consists of a
modem plant having a capacity o f 150,000 cu. ft. per day and 13K miles
o f mains to which are connected 1,100 consumers.— V. 122, p. 2801; V.
123, p. 326, 1115, 2655; V. 124, p. 648.
PEOPLES MINNESOTA GAS & ELECTRIC CORP.
Incorporated in Minnesota as successor to Bemidji Gas Co., Crookston
Gas Co. and the Henderson Lt. & Pow. Co. Owns gas plants at Bemidji
and Crookston, M inn., and also electric properties at Henderson and New
Auburn, M inn., serving these communities without competition. Electric
properties const o f 527 miles o f transmission and distribution lines, energy
being purchased from the Northern States Power Co. station at Arlington.
The gas works owned and operated have a total daily capacity o f 300,000
cu. ft.
PEOPLES IOWA CITY WATERWORKS CORP.
Incorp. in Iowa to succeed Iowa City Waterworks Co. Supplies, without
competition, water to Iowa City, la., under a franchise expiring in 1949.
Water works property consists o f 10 deep wells, collecting reservoirs, 4
MADISON R AILW AYS CO.
rapid sand filters, and 36.12 miles o f mains and has an aggregate pumping
ORGANIZATION.— Successor in May 1916 to the Southern Wisconsin
capacity o f 7,000,000 gallons per day. The Central Union Trust Co. of
Ry., for statement o f which see this Section for M ay 1916. Operates under
N. Y . has been appointed successor trustee for $470,000 1st mtge. 5 Ms,
i
“Indeterminate permit” from the State.
due July 1 1941.— V. 124, p. 3209.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
PEOPLES ARIZONA GAS & ELECTRIC CORP.
Owns 20 miles of standard-gauge track, incl. lines in Madison, and extension
Incorporated in Arizona as successor to the Globe Light & Power Co. to Fair Oaks, Elmside, Lake Park Cemetery and South Madison. Operates
and the Bisbee-Naco Water Co. Serves without competition electricity 2 bus lines in the city and suburbs.
to the following communities located In Arizona: Globe, Claypool, Cobre
STOCK AND BONDS—
Date.
Interest. Outtstanding. Maturity.
Valle City, Lower Miami, and Midland City. Also furnishes artificial
_______
$350,000 __________
gas to the City o f Globe. Water service is furnished to the following cities Com stock $600,000 ($100)________
F-A
207.457 July ’27,1 %
and towns; Bisbee, Lowell, Upper Lowell, Johnson Addition, Cochise, Pref stock $350,000________________
1st mtge $1,500,000 g ($500/ 1916 5 g M -N
1,052,500 M ay 1 1936
Bakerville, Warren, Don Luis, South Bisbee, Tintown, Winwood Addition.
and $1,000)__________ c*tf\Int. at Wisconsin Tr. C o., Milw., trustee.
The distribution consists o f approx. 100 miles o f electric lines. Gas holders
35,000 See text.
have a capacity o f 70,000 cu. ft. and serve consumers through approx. 10 Ooll trust serial debs ($500 &{ 1924 7 g M-S
$1,000) gold_________c* .tf Jlnt. at Cent. Wis. Tr. Co Madison, trustee.
miles o f distribution mains. Water pumping equipment consists of 2,250,•Equipment notes___________ _____
_________
79,000 __________
000 gallons daily capacity supplying 2,730 service connections through
* $2,000 payable monthly.
approx. 45 miles of mains. The Seaboard National Bank o f the City of
Bonds.— Additional 1st mtge. bonds may be issued for extensions, addi­
New York has been appointed successor trustee under indenture dated
tions, &c., for 80% of cost under conservative restrictions. $150,000 are
April 1 1926 securing 1st mtge. gold bonds. V. 124, p. 3354.
pledged as security for the coll, trust serial 7% debentures. In addition to
PEOPLES CALIFORNIA HYDRO-ELECTRIC CORP.
bo $938,500 outstanding in hands of public, $169,000 are held in treasury.
Incorporated in California as successor to the Fort Bragg Elec. Co. and Red. at 102M and int. on any int. date on 60 days’ notice. A sinking and
the Mendocino Elec. Light & Pow. Co. The co. furnishes without com­
improvement fund of 1 ]4, % per annum of bonds outstanding began M ay 1
petition electric service to the following cities in California: Fort Bragg, 1919 for redemption of bonds or improvements, &c.
The 7% coll, trust serial debentures are secured by deposit of $150,000
Mendocino, Caspar and Albion. Energy is generated by two steam units
1st mtge. 5s. Are red., all or In part, on any int. date on 30 days’ notice
having a capacity o f 1.050 k.w.— V. 123, p. 582.
at a premium o f H of 1 % for each year or fraction o f a year between red.
PEOPLES HYDRO-ELECTRIC VERMONT CORP.
date and maturity. Mature $10,000 each Mar. 1 and Sept. 1, and $15,000
Corp. was incorporated in Vermont as successor to the Vergennes Elec an Mar. 1 1929.
C o. and the Montpelier & Barre Light & Pow. Co.
EARNING S.—For 12 months ended April 1:
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
109*;
1Q94
1Q93
1999
The corp. furnishes without competition electric service to the following Receipts_______________
$407,201
$417,016
$417,602
$419,462
-cities and towns in Vermont: Shelburne, Charlotte, Ferrisburg, Waltham, Expenses and taxes_____
295,132
305,713
296,723
303,463
Vergennes, New Haven, Addison, Planton, North Ferrisburg, Thompson interest on bonds______
45,625
44,732
44,702
43,875
Point, Montpelier, Barre, Putmansville, Washington, West Calais, Plain- interest on notes______
6,737
7,070
11,440
16,7i5
field, Middlesex, Waitsfield, Graniteville, East Barre, East Montpelier,
Marshfield, Williamstown, South Barre, North Montpelier, Cabot, West
Balance_____________
$59,707
$59,501
$64,737
$55,409
Berlin, Northfield, Warren, and serves electric power to street railway
Earnings for
1926:
receipts, $452,712;
operating in cities o f Burlington, Winooski and Essex Junction. The taxes, $143,627; calendar yearmtge. Total $57,125; other int. net, after
"existing properties consist o f a generating plant at Otter Creek at $30,178; balance, int. on 1st For cal.bonds, 1925: Total receipts, and divs.,
$56,324.
year
$429,529;
Vergennes, having a capacity 0^1,400 k.v.a., serving seven communities.
after taxes, $121,537; bond
Acquired additional properties consisting chiefly o f six hydro-electric net, dividends, $13,988; balance, and note interest, $60,217; other interest
$47,332.
iants with installed capacity o f 5,337 k.w., one steam plant of 6,000 and
Dividends.— Paid regularly semi-ann. (F .-A .) since issued. In Feb. 1924
,w., transmission lines in excess o f 80 miles and distribution system
o f 224 miles o f lines, supplying electric light and power to 7,750 con­ * bonus of 1% was paid on the pref. stock. V. 118, p. 431.
OFFICERS.— Pres., F. W . Montgomery; V .-P ., Dudley Montgomery;
sumers. In addition to above generating stations, corp. has a net lease
and also an option to purchase the hydro-electric development o f the Treas., Warren Montgomery; Sec., Hugh Montgomery; Supt., D. M ont­
gomery.— V. 117, p. 1017; V. 118, p. 431, 1268; V. 120, p. 331; V. 121, p.458.
Green Mountain Power Co. at M olly’s Falls.
BONDS—
Date.
Interest. Outstanding. Maturity.
Vermont Power & Lighting C o . ____
5 M-S
400,000 Mar 1 1927
Corry-Deavitt-Frost Elec C o _ . ____
6 M-S
115,000 Mar 1 1930
Waterbury Light & Power C o . ____
5 M-N
42,000
Seetext
Bonds.— The above bonds were assumed by the Montpeiier & Barre Light
& Power Co., which company was merged into the Peoples Hydro-Electric
Vermont Corp.
$212,000 Vermont Power & Lighting Co. bonds are held in sinking funds
(included in amount reported outstanding).
The Watemury Light & Power Co. bonds matured $6,000 yearly to
NORTHERN STATES POWER C o . (OF DEL.)
Nov. 1 1921; since $7,000 yearly to Nov. 1 1931- $83,000 had been
Controlled by Standard Gas & Electric Co.
redeemed up to Dec. 31 1925.
O R G A N IZA TIO N .— Incorporated in Delaware on Dec. 23 1909 (V 90,
OFFICERS.— Pres., W . B. Foshay; V .-P .. H. H. Henley and C. W .
p. 1299; V. 91, p. 467, 592). A holding company organized by H. M .
Salisbury; Treas., H. E. M cGinty; Sec., W. S. Caldwell.
Byllesby & C o., Chicago.
Owns the entire capital stock, except directors’ qualifying shares, of
GREEN MOUNTAIN POWER CO., INC.
Leased by Peoples Hydro-Electric Vermont Corp. Incorp. in 1926 in Northern States Pow. Co. of Minnesota (see below ), which company controls
Vermont to develop the hydro-electric property o f Montpelier & Barre through Northern States Securities Corp. Northern States Power Co. of
Light & Power Co. at M olly’s Falls, Marshfield, Vt., which is to have a Wisconsin (formerly Wisconsin-Minnesota Light & Power C o.). See
capacity o f approximately 7,000 h.p. Owns approximately 1,029 acres statements of that company further below. In March 1927 announcement
land, o f which 980 acres in fee.
The properties are leased to Peoples was made of the merger of Minnesota Power C o. with Northern States
Hydro-Electric Vermont Corp. for 99 years at an annual rental equal to Power C o. V. 124, p. 1511.
twice interest on all bonds outstanding under the mortgage, and in addition
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
to pay all taxes, maintenance, replacements, &c. The development is The system furnished 522 communities in Minnesota, North Dakota, South
expected to provide an annual average o f approximately 6,000,000 k.w.h.— Dakota, Wisconsin and Northern Illinois with electric, gas, steamheat,
V. 122, p. 1608. New 7,500 h.p. hydro-electric development near Marsh­ street railway, telephone and(or) water services. The communities served
field, Vt. completed. V. 125, p. 385.
include Minneapolis, St. Paul, Stillwater, St. Cloud, Faribault, Mankato,
Hutchinson, Pipestone, Montevideo, Grand Forks, Fargo, Minot, Sioux
BONDS.—
Date. Interest. Outstanding. Maturity.
Falls and the zinc mining district in and around Galena and Platteville.
Green Mountain Pow Co In cf 1926 5)4 g F-A
750,000 Feb 1 1956
ls t M 5 > i% g s e r A ($ l,000,{Principal and interest at American Trust The aggregate estimated population served at July 31 1927, was 1,400,000.
At that date the system had 27 hydro-electric generating stations with
$500, $100 c* and $1,000| C o., Boston, trustee,
aggregate installed capacity of 147,208 h.p. and 24 steam electric generating
and multiples c )________ til
Bonds.— First mortgage 514% Q
nld bonds, series A, dated Feb. 1 1926, are stations with aggregate installed capacity of 304,843 h.p.; 3,564 miles of
secured by a direct first mtge. on all the property (incl. after-acquired) of high tension transmission pole lines and 4,286 miles of local distributing

g




MINNESOTA

O ct., 1927.]

POW ER, LIGH T AND R A IL W A Y

235

pole lines. Several undeveloped water power sites are controlled. The to and incl. Dec. 1 1940 at 105 and int., the premium decreasing 34% each
gas plants o f the System have a present combined daily generating capacity calendar year thereafter, the bonds being redeemable in 1949 and on June 1
of 20,755,000 cu. ft. holder capacity o f 8,145,000 cu. ft. and 1,005 miles 1950 at 10034 and int. Harris Trust & Savings Bank, Chicago, and Mur­
o f gas mains. The system serves 431,630 customers of which 324,905 doch H. MacLean, trustees. In Dec. 1925 Harris, Forbes & Co., Guar­
are electric and 102,318 are gas; has 901,972 k.w. connected load, all pur­ anty Co. of N. Y . and H. M . Byllesby & Co., Inc., sold $8,500,000 series
poses; and for the 12 months ended July 31 1927, had an electric output of ” B” at 100 and int. V. 121, p. 2875.
824,743,825 k.w.h. and gas output o f 3,851,387,000 cu. ft.
The convertible 634 % gold notes o f 1923 are redeemable, all or part, on or
Interest. Outstanding. Maturity. before Nov. 1 1924 at 105 and int., and thereafter at 105 and int.. less 34 of
STOCKS—
Date.
1% for each year or fraction thereof subsequent to N ov. 1 1924. Con­
Com $50,000,000 ($100) C1“ A ’’ ____
Q-P
$18,342,000 Nov'27,2%
vertible at any time after Jan. 1 1924. and on or before Jan. 1 1929, into
Common class “ B ” 10,000,000
com. stock of Northern States Power Co. (Delaware) as constituted at time
shares (No p a r )___________ _____
_________
5.000.000 O c t’27,lM
P f7 % cu m $150,000,000($100)____
7 Q -J 2 0
49,437,300 Oct 27, 1)4 of conversion, on the basis of $100 in notes plus $3 50 in cash for one share
of stock
_____________________ 12,264,600 __________ of $100 par value, with adjustment of interest and dividends.
Preferred 6 % ________________ _____
Proceeds were used to redeem the entire issue fo $7,805,000 10-year notes,
Stock.— Pref. stock is pref. over common stocks as to assets f$100 & divs.)
1
the company in
and cum. divs. 6% pref. and 7% pref. rank equally. The 7% Pref is due Aprilfor 1926, and to reimburseand betterments. part for expenditures
incurred
additions, extensions
Interest payable in
red. at 110 and divs.; 6% is red. at 10714 and divs.
and Chicago. Free from Penn. State
p. 2331.
Common Class B (created on July 10 1924—see V. 118, p. 3087; V . 119, New York % gold notes of 1924 are redeemable, all tax. V 117,N ov. 1 1924
The 634
or part, on
p. 205) ranks after pref. stock and class A stock as to assets. Shares with at 105 and interest, and at 105 and interest less 34 of 1% for each year or
elass A common in dividends after all 7% pref. divs. have been paid, in fraction thereof elapsed thereafter. Interest payable in New York and
the ratio o f 10c. on each class B common share for each $1 paid on the Chicago. Free from Penn. State tax. V. 118, p. 2448.
class A common shares.
The 534 % g. notes, dated Dec. 1 1925, are red., whole or part, on 60 days'
Increase Pref. Stock.— On Feb. 23 1926 stockholders increased the auth­
Dec 1 1930 at 105 and int.. the premium thereafter
orized pref. stock from $50,000,000 to $150,000,000, par $100. the $100,- notice on or before each year or fraction thereof. Int. payable in New York
decreasing 34 % for
000,000 additional stock to be issued in series at a cumulative dividend rate and Chicago. Penn. 4-mills and Mass. 6% tax refundable. In Dec. 1925
of not exceeding 7% . V. 122, p 1027
On pref. l% % paid quar.) V. 102, p. 1543). An initial 1)4% was paid Guaranty Co. of N. Y ., II. M . Byllesby & Co., Inc., and Spencer Trask
on common stock July 20 1916; Oct. 20, 1 34%: Jan. 1917 to Jan. 1918. & Co. offered $7,500,000 at 96 and int., to yield over 5.90%. V.121, p.3005
122, p. 2949.
1H % quar.: then none until Feb. 1922, when 4% was paid (V. 113, p. 2623); V.Minneapolis Gen. Elec. 1st 5s are redeemable at 110. V. 95. p. 180
Vlay 1 1922 to Nov. 1927 paid 2% quar.
EARNINGS.— For calendar years (including new properties for periods
EARN INGS.— Of Nor. States Power Co. of Del. and subsidiaries (incl. operated only);
new properties for periods operated only) for calendar years:
1926.
1925.
Gross Earnings—
1926.
1925.
1924.
1923.
Gross------------------------------------------------------------------$25,020,122 $23,366,941
Electric department_____ $23,155,955 $19,080,733 $17,420,097 $13,684,365 Net after expenses, maintenance and taxes____ 11,899,080 10,671,007
Gas department_________ 3,977.141 1,507,191
1,444,226
714.870 Other income___________________________________
856,542
709,064
Steam department______
755,505
693,331
772,050
667,270
Street railway dept______
268,705
356,231
496,857
333.919
Gross income_________________________________$12,755,622 $11,380,071
Telep. and water depts.
113,410
107,382
93,981
89,366 Interest charges________________________________
5,388,278
4,113,541
Total gross earnings..$28,270,716 $21,744,869 $20,227,211 $15,489,791
Balance---------------------------------------------------------- $7,417,344 $7,266,530
Operating expenses_______ $9,931,900 $8,361,024 $7,767,606 $6,686,994
OFFICERS.— Pres., John J. O’Brien; 1st V.-P., Robert J. Graf, Chicago;
M aintenance.............
1,576,161
1,481,637
1,411,452
992,253
Taxes________
2,637,363
1,644,933
1.630,837
1,229.552 V.-P .-Gen. M gr., R. F. Pack, Minneapolis; Treas., J. J. Molyneaux, Minne­
apolis; Sec., M . A. Morrison, Chicago. New York office. Trinity Bldg.,
Withdrawals from tax &
Chicago office, 231 South La Salle St.— V. 121, p. 2274, 2875, 3005; V. 122,
equalization oper. res.
________ Cr.337,000
________
________
p. 1027, 1311, 2496, 2652, 2949; V. 123, p. 711, 1251, 1877; V. 124, p. 1361.
Net earnings............... -.$14,125,292 $10,594,275 $9,417,316 $6,580,992
NORTHERN STATES POWER CO. OF WISCONSIN.
Interest charges (net)____ 6,200,268 4,595,498 4,243,524 2,345,292
Controlled by Northern States Power Co. of Minnesota, a subsidiary of
Net income__________ a$7,925,024a$5,998,777 a$5,173,792
$4,235,699 Northern States Power Co. of Delaware, through Northern States Securi­
Pref. stock d ivid en d s... 3,777.487
3,398,853 2,899,442
2,161.775 ties Corp.
Common stock dividends 1,837,778
b l,294,156
614,307
493,600
In July 1923 control of the company, formerly held by the American
Approp. to retirem’t res. c l , 850,000
1,100,000 1,000,000
650.000 Public Utilities Co., was acquired by H. M . Byllesby & Co. V. 117, p. 327.
Amort, o f debt dis. & exp ________
________
________
350.000
ORGANIZATION.— Incorp. in Wisconsin Nov. 16 1901 as the La Cross©
Gas & Elec. Co. (successor to the La Crosse Gas & El. Co., the La Crosse
Balance, surplus_____
$459,759 $205,768
$660,043
$580,324
Brush El. Lt. & Power Co. and the Edison Lt. & Power C o.). On June 24
Surplus Jan. 1_________ 3,289,368 3,083,601
2,423.558
1,843,234
1914 changed name to Wisconsin Minnesota Light & Power Co., but in
1923
again
In 1914
Total surplus Dec. 31. $3,749,127 $3,289,368 $3,083,601 $2,423,558 pewa name wasy., Lt. changed to present title. Wisconsinmerged the Chip­
Valley R
& Power Co. (incorp. in
in 1898) and the
a The companies on their books have charged against capital surplus Chippewa Valley Construction Co. In 1914 acquired the property o f the
arising from appraisal the unamortized bond discount and expense at Dec.
Winona Gas Light & Coke Co., Red Wing Gas Light & Power C o., Minne31, and" accordingly no charge has been made above for the portion of such sota-Wisconsin Power Co.. Eau Claire Gas Light Co. and Neillsville Electric
discount and expense applicable to the years 1924, 1925 and 1926.
Co. V. 99, p. 1758. In July 1917 purchased the property of the Bloomer
b Inclusing interest on gold notes converted into common stock,
(Wls.) Electric Light & Power Co. V. 105, p. 296.
c Includes $350,000 appropriated for contingency renewal.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Latest Earnings.— For year ended Aug. 31 1927: Gross, $29,229,572; net, The co. supplies 86 communities in western Wisconsin and southeastern
before prov. for retirements, $15,027,721. For year ended Aug. 31 1926: Minnesota, including Eau Claire, Chippewa Falls, La Crosse, Winona, Red
Gross, $27,680,621; net, $13,390,900.
W ing, Menominee, Rice Lake and Sparta, serving an estimated population
T
OFFICERS.— Pres., John J. O’Brien; 1st V .-P., Robt. J. Graf; V.-P. & of 173,000. At July 31 1927 the co. owned 11 hydro-electric generating
Gen. M gr., R. F. Pack; Sec. & Asst. Treas., M . A. Morrison; Treas., J. J. plants with aggregate installed capacity o f 73,066 h.p. and 5 steam electric
Molyneaux.— V. 120, p. 2267; V. 121, p. 459, 840; V. 122, p. 482, 1027, generating plants with aggregate installed capacity of 9,728; 842 miles of
2496, 2652, 2790; Y . 123, p. 2392, 2900, 3184; V. 124, p. 236, 1511, 2428, high-tension transmission pole lines; 555 miles of distribution pole lines;
gas manufacturing plants with daily generating capacity of 2,825,000 cu. ft.;
2579, 2908; V. 125, p. 386, 1053, 1461, 2146.
gas holders with aggregate capacity of 1.333,000 cu. ft. and 212 miles of
gas mains. Co. is part of Northern States Power System; see above under
(1) NORTHERN STATES POWER CO. (OF MINNESOTA).
Northern States Power Co. of Delaware.
ORGAN IZATION .— This operating company (formerly Consumers
STOCK AND BONDS—
Dale.
Interest. Outstanding. Maturity.
Power Co.) was incorporated rn Minnesota on June 16 1909. V. 102, Common, $5,000,000________ _____
_________ $2,500,000 ____________
p. 980. It owns all the properties formerly comprising Consumers’ Power
Pref, $5,000,000 (7% c u m ) . . . ___
Q-M 1
5,000.000 Mar. ’27.1 M
Co. system, directly or through ownership o f all securities except 56,831,000
1st & ref M . $20,000,000 gold! 1914 5-8 g M -N 10,549.000 May 1 1944
first (closed) mortgage bonds of The Minneapolis General Electric C o., and
($500&$1,000) c*)$l ,000) r*/Interest payable in New York or Chicago.
except directors’ qualifying shares. In 1920 acquired control of Ottumwa
Red after May 1 1919 at/Harris Trust & Sav. Bank. Chicago, trustee;
R y.& Light C o. In Oct. 1923 purchased from the Pillsbury Flour Millf
105 and interest________ J Albert W . Harris Co., trustee.
Co. the propertes and power rights at St. Anthony Falls on the Mississippi
len & ref mtge Series “ A ” l 1922 5-7 g J-J
3,096.000 Jan. 1 1947
River at Minneapolis. See V. 117, p. 1896. In Aug. 1924 purchased tht
Series B ____________ _____ ) _________________
450.000 .................St. Cloud Public Service Co. and sub. cos. V. 119, p. 703. In 1925 sold
$100, $500 & $1,000)_c*tfj Interest in New York or Chicago.
its Ottumwa properties. During the latter part of 1925 acquired control of
Stock.— Pref. stock is pref. as to assets and dividends. Additional pref •
the St. Paul Gas Light Co. properties, which co. did about 70% of the elec
stock may be issued on y under conservative restrictions. The pref. stock
trie light and power and all the gas business in the city of St. Paul. Minn
may elect a majority o the directors whenever four consecutive quarterly
(V. 121, p. 2274), so that after consolidation of the properties the entirt
gas and electric service in St. Paul came under the control of North States dividends remain unpafd or the property is shown to be inefficiently man­
aged or depleted. Seei V. 99. p. 54: V. 106, p. 1797.
Power Co. V. 121, p. 2875.
All of the capital stock, except directors’ qualifying shares and $715,800
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS — 7% pref. is owned by Northern States Securities Corp.
Hands.— Of the 1st < ref. bonds of 1914. $1.111.000 carry, in addition to
&
See under Northern States Power Co. (of Del.) above.
the regular 5% int., add’l 3% unsecured int. coupons. V. 113, p 1889.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
Escrow bonds can be issued to retire prior liens and for 75% of cost of
Capital stock------------------------All owned by Nor. States Pow. Co. o f Del
extensions and additions (provided $250,000 is expended for extensions,
First & ref mtge $100,000,0001 1916
5&6gA O $34,051,000 Apr. 1 1941
fee., without the Issue of bonds), but only as regards the first $2,750,000
($500 &c.) gold---------c*&r/Guaranty Trust C o., New York, trustee.
bonds, in case the annual net earnings are \ }4 times the total int. charge,
First lien & gen. mtge. Series/ 1923
6 g M-N
13,985,000 N ov. 1 1948 Incl. boDds applied for; balance may be issued when net is 1% times int.
“ A ” ($500 &c) g - -C*&r.tf/Interest payable in New York and Chicago
charge. V. 98, p. 1995. Sinking fund payable on the basis of the following
Ser “ B ” ($1,000-500 c* and/ 1925
534 g J-D 8,500,000 Dec. 1 1950 percentages of the bonds outstanding, including underlying bonds: 1%
$1,000-5,000-10,000 r )..tf\ ln t. payable in New York and Chicago.
yearly to 1928, 134% 1929 to 1938, and 2% 1939 to 1943, either to retire
Convertible notes ($100 &c.) ( 1923
634 g M -N 5,611,200 Nov. 1 1938 bonds or for extensions and additions.
gold_________________ c*.tf/Guaranty Trust C o., New York, trustee.
Additional gen. & ref. mtge. ser. " A ” bonds and bonds of other series
Notes gold ($100 &c.) free/ 1924
6K g M -N 4,563,700 Nov. 1 1938 »nd bearing such rates of int. as may be determined by the board of directors
from Penn State tax. c*.tf/G uaranty Trust C o., New York, trustee.
we issuable under certain restrictions. Sinking fund provides for payments
534s g notes $7,500,000/ 1925
5)4 g J-D 7,500,000 Dec. 1 1940 amounting to 34 of 1% of ser. " A ” bonds outstanding, from Jan. 1 1927 to
($1,000-500-100 c * )_____tf (Guaranty Trust Co. of N. Y ., Trustee
Jan. 1 1937; % o f 1% from Jan. 1 1937 to Jan. 1 1942, and 1% each year
A.
Unsecured notes-------------------- 1925
_________
750.000 Oct. 1 1930 thereafter to maturity. Are red. all or part on 30 days’ notice on any int.
Underlying bonds and n o t e s . . ___
_________ 19,844,700 _______ . .
date on and after Jan. 1 1932, at 110 during that year and at 1% less per
Bonds, dec.-— First & ref. mtge. (V. 102, p. 1630) is limited to $100,000,000 sal. year during each year to and Incl. 1937, and at 10434 on Jan. 1 1938,
oonds. of which in Dec. 1926 $34,051,000 (of which $7,490,500 are 6s) »nd 34% less per cal. year during each year thereafter, and on Julyl 1946.
\t 100, plus int. in each case. Tax refund in Penna., Mass, and Conn.
outstanding; redeemed and canceled, $7,000 5s and $7,500 6s; the remaindei
7. 114, p. 412.
may be issued (a) for not over 75% o f the cost o f permanent extensions and
Dividends.— Initial div. on pref. stock of 1 % % paid Sept. 1 1914; same
additions, when net earnings are twice the annual bond interest charge,
rate quar. since.
including bonds applied for; or (6) to retire an equal amount o f Minn. Gen
Elec. Co. bonds. Are callable at 105 until 1936 and thereafter at 102 34
OFFICERS.— Pres., John J. O’Brien; V.-Ps., R . F. Pack and Halford
Interest payable in New York and Chicago. See V. 104, p. 264; V. 105, p
Erickson.— V. 118, p. 1522, 1776.
76; V. 106, p. 1131, 2564; V. 102, p. 1441; V. 108, p. 585; V. 109, p. 1371
V. 112, p. 1523.
The 1st lien & gen. mtge. gold bonds are secured by a joint mortgage and
pledge of Northern States Power Co. and Northern States Securities Corp
MINNESOTA POW ER & LIG H T CO.
This mortgage, subject to the 1st & ref. mtge. is a direct mtge. on all the
physical property of the c o . and a direct lien upon certain bonds and stocks
Controlled by American Power & Light Co. through ownership the
of subsidiaries of the co. pledged under that mortgage. They are further entire outstanding com. and 2d pref. stocks, except directors’ shares.
secured by pledge of $18,886,000 1st & ref. m. bonds (not included in amt
Operations supervised by Electric Bond & Share Co.
shown in the above table as outstanding) of Northern States Pow. Co
ORGANIZATION.— Incorp. in 1906. Formerly known as the Duluth
(Minnesota), all of the $2,500,000 common stock (except directors’ shares)
Edison Elec. Co. but name was changed to present title in 1923. In
$4,301,600 pref. stock and $2,090,000 mtge. bonds of North. St. Pow. Co
1923 the co. acquired the property of the Minnesota Utilities Co. (V. 116.
(Wisconsin) and all of the capital stock (except directors’ shares) and all
o f the 1st mtge. bonds of St. Antnony Falls Water Pow. Co. and Minne­ p. 419), General Light & Power Co. and a number of other companies.
apolis Mill Co. Additional bonds (of this or other series of such tenor as Owns entire capital stock, except directors’ shares, of Great Northern Power
Co. (V. 114, p. 311) and operates properties of that company under lease.
may be determined may be issued (a) for refunding purposes, (b) for 75%
o f new construction, &c., provided net earnings for 12 months have beer
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
at least 1 % times annual interest (incl. new issue) and minority pref. div
Does, directly or indirectly, the entire commercial electric power and light
charges. A special trust fund requires that at least 12 )4% of gross earnings business in eastern and northern Minnesota, serving 98 communities, includ­
Is expended or set aside for repairs, &c. This percentage is adjustable under ing Duluth, Chisholm, Eveleth, Ely, Cloquet, Brainerd, Little Falls, Minn.,
certain restrictions. Out of this fund or with other moneys at least 1 % Superior, W is., is served wholesale. The territory served comprises a popu­
annually of the series “ A ” bonds will be purchased (or redeemed) and can
lation estimated at 326,000, and includes the Mesaba, Vermillion and Cuycelled. The bonds of series “ A ” are redeemable on any int. date until and una iron ranges. Property now owned or operated under lease by the co.
incl. N ov. 1 1938 at 105 and int., the premium decreasing )4 % each calendar includes electric generating plants having a total capacity of 107,215 k.w.,
year thereafter, the bonds being red. in 1947 and on May 1 1948 at 10034 of which 88% is hydro-electric; 1,083 miles of high voltage transmission lines
and int. Free from Penn. State tax. V. 117, p. 2550. Series “ B" are red
and 768 miles of electric distributing system.




236

PUBLIC U TILITIE S

[V ol. 125.

STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $20,000,000 ($10)_ _____
_
________ x$20,000,000 ___________
Pref 7% cum $ll,248,000($100)____
7 Q-J
8,447,400 Oct 27 1H %
Pref 6% cum $252,000($100)____
_________
177,000 Oct'27 1H %
2d pf 7% cum $8,500,000($100).......
.................x6,500.000 Oct 27 IH %
1st & ref M 6% ser due 19501
($500& $1,000 c * & $1,000,1 1923
6 g M -N 12,300,000 Nov 11950
$500 & mult r*) gold____tf (irv.Bk.-Col.Tr.Co ,N Y. & Geo E Warren,T.
1st & ref mtge gold 5% Series f 1925
5 g J-D
10,700,000 June 1 1955
($1,000, $500 c*, $5,000 &{Irving Bank-Columbia Trust Co., New York,
$1,000 r * )---------------------t f[ and George E. Warren, Trustees.
x All 2d pref. and com. stocks, except directors’ shares, are owned by
American Power & Light Co.
Stock.— 7% pref. is red. at 110 & diva. In Oct. 1924 $2,200,000 7%
pref. was sold by Tucker, Anthony & Co. and Bonbright & C o., Inc., at
98 & div., to yield 7.14% . V. 119, p. 1964.
Bonds.— A dd’1 1st & ref. mtge. bonds o f the above series, or of other series,
which shall have such rates of interest as co. may determine, may be issued
for the purpose o f refunding an equal amount o f prior lien bonds or bonds
of any series issued under the mortgage, or for not more than 75% of the
cost of new additions, &c.
In the event of the acquisition o f property o f Great Northern Power Co.
there shall be issuable: (a) against the property in Minnesota, as it existed
on Nov. 22 1923, a total of not exceeding $11,120,000 bonds less the principal
amount of all obligations then outstanding secured by lien on the property
acquired ($7,7i7,000 1st— closed— Mtge. 5% bonds, due Feb. I 1935, now
outstanding with the public): (5) add’l bonds for not more than 75% of the
cost or fair value, whichever is less, o f property additions as defined in the
mortgage, to the Great Northern Power C o.’s property made subsequent
to N ov. 22 1923.
No bonds in addition to those of the above 5% and 6% series maj
be issued, except for refunding purposes, unless annual net earnings shall
have been at least equal to either (1) twice the actual annual interest
requirements on, or (2) 12% o f the principal amount o f any underlying
or prior lien bonds which may be outstanding and all bonds issued and out­
standing under the mortgage, including those proposed to be issued. Not
more than 15% of such net earnings shall consist in the aggregate of net
non-operating income and (or) net income derived from leased properties
and (or) properties not directly subject to the lien of the mortgage.
6% ser. due 1950 are red. on any int. date on 60 days’ notice at 106 and
lnt. to and incl. M ay 1 1927, thereafter at a premium decreasing K % per
annum, the bonds being red. at 100H and int. on and after N ov. 1 1949
Co. agrees to refund Penna. 4-mills tax. $8,300,000 were offered in Nov
1923 by Harris, Forbes & C o., Tucker, Anthony & Co., Bonbright & Co.,
Inc., and Coffin & Burr, Inc., at 97% and int., to yield over 6.15%.
V. 117, p. 2330. In June 1924 the same bankers offered an add’l $4,000,000
at 100 and int. V. 118, p. 2958.
The 1st & ref. mtge. gold bonds 5% Series due 1955 are red. on 60 days
notice at 105 incl. Dec. 1 1934: at 104 incl. Dec. 1 1939; at 103 incl. Dec. 1
1944; at 102 incl. Dec. 1 1949; at 101 incl. Dec. 1 1952; at 100H incl. Dec. 1
1953; thereafter at 100H ; in each case with int. Penn. 4-mills tax refunda­
ble. In May 1925 Harris, Forbes & Co., &c., sold $3,500,000 at 97 and int.
to yield about 5.20% . V. 120. p. 2816. In Dec. 1925 Harris, Forbes &
Co., &c., &c., offered $3,000,000 additional 5% series, due 1955, at 96M
and int., to yield about 5.23% . V. 121, p. 3131; V. 122, p. 1610. In
Dec. 1926 Harris, Forbes & C o., Tucker, Anthony & C o., Bonbright &
Co., Inc., and Coffin & Burr, Inc. offered $2,700,000 additional 5% series,
due 1955 at 99 and int. to yield over 5.05% . V. 123, p. 3038; V. 124,
p. 921. Harris, Forbes & C o., Tucker, Anthony & C o., Bonbright & C o.,
Inc., and Coffin & Burr, Inc., offered in June 1927 $1,500,000 additional
1st & ref. mtge. gold bonds, 5% series, o f 1955. Y. 124, p. 3772.
EARNINGS.— For calendar years:
*1927.
1926.
1925.
1924.
Gross earns, from oper__ $4,148,505 $3,915,117 $3,705,348 $2,970,686
Oper. expenses & taxes. _ 1.816,879 1,861,828
1,791,409
1,658,546

Wage Increase.— See for details of 4% wage inoreases, effective Nov. 16
1925, V. 121, p. 2754.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Twin City Rapid Transit—
Com $22,000,000 ($100)_________
$22,000,000 See text
Pref cum $3,000,000 ($100)- 1895
7 Q-J
3,000,000 Ju ly’27, 1 H
Minneapolis Street Railway Co.—
1st con M g$5,000,000-c*cpt 1889
5%
See text
Aug 15 1928
1st M coll 5H % , notes - , > 1924
guar 1 -----See text
--------------5,000,000 Aug 15 1928
($500&$1,000)gold_c*tf/Farmers’ Loan & Trust Co., N. Y ., trustee.
10-yr gold notes, $5,900,000— All owned by Twin City Rapid Transit Co.
St. Paul City Railway Co.—
First mtge on real estate andll882
6 g A-O
224,000 April 1 1932
horse-car franchise— c p t /Exchangeable at 105 for first consolidated.
First consol mtge g o ld --cp t 1884 6 g A-O
456,000 Oct. 11934
Cable con gold (see text) c p t 1887 5 g J-J 15
3,708,000 Jan. 151937
10-yr gold notes, $1,700,000— All owned by Twin City Rapid Transit Co.
Minneapolis & St. Paul Suburban Ry.—
10-yr gold notes, $2,250,000— All owned by Twin City Rapid Transit Co
Minneapolis Street < St. Paul City Ry.—
ft
Joint eon mtge $10,000,0001 1903 5 g A-O
10,000,000 Oct. 11928
($1,000) gu p & i _ - C * c p t /Central Trust Co. o f New York, trustee.
Twin City M otor Bus Co 1 s t ? -----5
85,000 June 1 1932
R E mtge________________ 1
All bonds are for $1,000 each, and with the exception of the joint issue of
1903, interest is payable at Farmers’ Loan & Trust Co., New York.
Stock.— Listed on New York Stock Exchange.
Bonds.— The Minneapolis Street Railway Co. jointly and severally with the
Minneapolis Lyndale & Minnetonka Ry. Co., issued $5,000,000 5% 30-year
1st mtge. and 1st consol, mtge. gold bonds, due originally Jan. 15 1919.
Were extended to Jan. 15 1922 and again to Jan. 15 1925. V. 113, p. 1983.
Again extended to Aug. 15 1928 and pledged as security for the 1st mtge.
coll. 5 14% notes. They are secured by the same mtge. as the old 5s and
are unconditionally guaranteed, prin. and int., by the Twin City Transit
Co. See statement to N. Y . Stock Exchange in June 1895. V. 60. p. 1149.
1st mtge. coll. 5 H % notes are guar., prin. and int., by Twin City Rapid
Transit Co. and are seemed by deposit with trustee of $5,000,000 1st cons
extended bonds of 1889. Int. on notes is payable M . & N. in N. Y . (except
that the last coupon will be for 3 H months’ int. and will be payable Aug. 15
1928. $5,000,000 were sold In Oct. 1924 by Dillon, Read & Co. at 100 &
(nt. V. 119, p. 1844.
The St. Paul City Railway Co. has issued $3,708,000 5% 50-year cable con­
solidated bonds, and may issue $680,000 now held by the Farmers’ Loan &
Trust Co., trustee, to redeem the $680,000 prior lien bonds; limit fixed by
this mtge. is $4,388,000, and no further underlying bonds can be put out.
V. 77. p. 2281. Part of those cable consols $1,138,000) is guar. p. & i.)
by end. of Twin City Rapid Transit Co. See statement to N. Y . Stock
Exchange in June 1895. V. 60, p. 1150. Of the 1st consols mtge. of the St.
Paul Citv. $224,000 are held by the Farmers’ Loan & Trust Co. to be ex­
changed ior the $224,000 first mortgage bonds.
The Minneapolis Street Ry. & St. Paul City Ry. consolidated mortgage of
1903 is a Joint issue of the Minneapolis Street Ry. and the St. Paul City Ry.
Guaranteed. principal and interest, by endorsement, by Twin City Rapid
Transit Co. See V. 77. p. 2281 and 2340.
Dividends.— On pref. is paying 7% per annum. First div. of 1 % was paid
on,the common stock for the first 6 mos. o f 1899 and 1 K % for latter half;
In 1900, 3% ; in 1901, 4% ; 1902 to 1908 Incl.. 5% per ann.; 1909, 5M % ;
1910 to 1917 incl., 6% per ann.; in 1918,2% ; 1 9 1 9 ,2 ^ % ; 1920,3% ; 1921,
2% ; 1922, 4% ; 1923, 6% ; in 1924, 4% ; In 1925, 4% ; in 1926, 5% . In
1927, April, 1% ; July, 1%.
EARNINGS.— For calendar shears:
*1927.
1926.
1925.
1924.
Rev. passengers carried______ 190,826,784 200,783,106 209,202,818
Rev. from transportat’n $8,745,842 $13,825,852 $12,269,156 $12,593,799
Other revenue_________
80,271
119,415
109,196
110,771

Net earns, from oper’n $2,331,626
1,067,326
Other income__________

$2,053,289
1,078,914

Total oper. revenue.. $8,826,1.13 $13,945,267 $12,378,352 $12,704,570
Operating expenses_____ 6,610,392 10,322,488
9,234,089
9,185,928

Total income_________ $3,398,952
Interest on bonds______ 1,167,330
Other int. & deductions.
150,806
Divs. on pref. stock____
599,607
Divs. on 2d pref. stock. _
______
Renew. & replacem’t res.
______

$3,132,203 $2,762,714 $2,157,418
1,067,121
836,056
640,667
273,364
318,047
281,778
598,222
471,469
281,461
______
455,000
455,000
______
200,000
200,000

$1,913,939
848,775

$1,312,140
845,278

Balance, surplus_____$1,481,209 $1,193,496
$482,142
$298,512
*Fer 12 months ended Aug. 31 1927.
OFFICERS.— Pres., C. E. Groesbeck; V.-P., D. F. McGee; V.-P.
E. W. Hill; V .-P ., A. W. Hartman; V.-P. & Gen. M gr., W. 3. Robertson:
Sec. & Treas., W. S. Hodgson. Office, Duluth. Minn.— V. 12i. p. 2038
3131; V. 122,p. 2329; V. 123, p. 3038; V. 124. p. 921,3772; V. 125, p.518,2263.

TW IN C IT Y RAPID TRAN SIT.
ORGANIZATION.— A holding company. Organized under laws ol
State of New Jersey June 3 1891 and by virtue of its stock ownership of
underlying cos. to wit, Minneapolis St. R y. Co., the St. Paul City Ry. Co.
the Minneapolis Lyndale & Minnetonka R y. Co. and The Minneapolis
& St. Paul Suburban R R . Co.) controls the entire street railway system
o f Minneapolis, St. Paul, Stillwater and lines to Excelsior, Tonka Bay and
Deephaven at Lake Minnetonka. In 1906 absorbed the North Side Street
Ry. (Robbinsdale line) and the St. Louis Park line. V. 83, p. 1472. In
1905 articles of incorporation were amended so as to make the charter
perpetual. V. 80, p. 1914. Co. also owns stock of the Twin City Motor
Bus Co. V. 122, p. 1163.
New Subsidiaries.— Because o f a decision o f the Supreme Court holding
that suburban lines, as railways, are amenable to the Minnesota 5% gross
earnings tax, it was decided in March 1910 to incorporate The Minneapolis
& St. Paul Suburban R R . $1,000,000 stock, increased to $3,000,000 In
Jan. 1911; debt limit was also increased to $10,000,000. V. 92, p. 187)
The Minnetonka & White Bear Navigation Co. $250,000 stock) and Tn»
Rapid Transit Real Estate Corp., $15,000 stock, and to rearrange matter*
so that the suburban lines, the steamer lines and the hotels, parks, &c., oi
the company might be handled separately for taxation and accounting pur
poses. V. 90. p. 850. In Aug. 1924 acquired the Twin City Motor Bus
C o., Inc., which is now operated as a subsidiary. V. 119, p. 695. In
Dec. 1925 purchased the Brown Bus Lines and Green Bus Lines, thereby
obtaining control of all interurban and suburban bus lines within a radius
o f 15 miles o f the Twin Cities except those which operate over long routes
V. 121, p. 2878. In N ov. 1925 co. bought the American Auto Transit Co
and the Kenney Bus Co., with 53 buses, for $280,000, thereby acquiring
a second route between the Twin Cities. See “ Electric Railway Journal’’
of Dec. 5 1925. In Feb. 1927 acquired control of the Yellow Cab Corp.
which was formed through merger of Yellow Cab & Red Top Cab Cos.
in the Twin Cities, Yellow Cab Co. in Duluth, Town Taxi Cab and Drive
Yourself. Inc., in Minneapolis and Rochester, Minn.— V. 124, p. 924.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
On Dec. 31 1926 comprised 501.53 miles single-track equivalent, including
four interm-ban lines connecting the business centres o f Minneapolis and
8t. Paul, an interurban line o f 22 miles connecting St. Paul and Stillwater
and lines to Lake Minnetonka. Standard gauge. On the principal street.*
of the cities, 90-lb. Trail with welded joints. The company leases water
power at St. Anthony Falls (capacity 22,000 h. p .) , which power is now used
in conjunction with power generated at new steam power plant to run the
entire railway system in both cities. See V. 64, p. 704.
Franchises.— In 1921 the companies surrendered the existing franchise*
and now operate under indeterminate permits. V. 112, p. 1979, 2191,2538
Valuation of Minneapolis S treet Ry.— For reports on valuation of property
in connection with franchise matters see V 105, p 1523. 2185; V 106
p. 716, V. 108. p. 380, 683: V. 114, p. 1892; V. 121, p. 1102. See also V. 122
p. 1163.
Valuation o f Si. Paul City R v— For detailed valuation o f this property
seeV . 112, p. 258; V. 122. p. 1163.
D e b t L im it o f M i n n e a p o l i s S treet R y . R e m o v e d . — See V. 112, p. 1866.
M e r g e r o f S t. P a u l a n d M i n n e a p o l i s S treet C a r S y stem s P r o p o s e d . — See
V. 115, p. 2794.
F a r e D e c i s io n .— S e e V. 121, p. 1680; also V. 121, p. 2405; V. 122, p. 95.
Bus fares advanced, see V. 121, p. 2878. On Dec. 22 1925 the Minne­
sota R R . & Warehouse Commission ordered a rate of 8c. cash for co.’s trol­
ley lines and six tokens for 40 cents, effective Jan. 1 1926, allowed a 7
return on the fair value (exclusive of Minneapolis & St. Paul Suburban
R y. and o f Twin City M otor Bus C o.), fixed at $26,787,228 for Min­
neapolis Street Ry. and $16,196,090 for St. Paul City R y. as of Jan. 1 1925.
See annua] report, V. 122, p. 1163.




Net oper. revenue____$2,215,721 $3,622,778 $3,144,263
Taxes_________ _____ _
795.881
1,229,115 1,291,138
Operating income___ $1,419,840
Non-operating incom e..
36,491

$3,518,642
1,265,982

$2,393,663
56,498

$1,853,126
184,631

$2,252,659
101,061

Gross Income_________ $ 1 ,456,331 $2,450,161
Interest on funded debt.
662,697
995,520
Miscellaneous..................
7,015
17,836
Pref. dividends (7 % )-- 140.000
210,000
Common d ivid end s... (4% )440,000 (5) 1.100.000

$2,037,757
988.955
11,375
210,000
(4)880,000

$2,353,721
1,072,968
11,744
210,000
(4)880,000

Balance, surplus_____
$206,619
$126,805 def$52,572
$179,009
* For 8 months ended Aug. 31 1927.
OFFICERS.— Pres., Horace Lowry; V.-Ps., E. W. Decker and T. J.
McGill V.-P. & Sec., A. M . Robertson; Treas., E. A. Crosby Comp..
D. J. Strouse; Asst. Comp., S. MacDonald.— V. 121, p. 709, 1102. 1680,
2158, 2405, 2754, 2878; V. 122, p. 95. 613, 1163, 2653, 3343; V. 123, p. 712,
2263; V. 124, p. 924, 1362, 1512, 2750; V. 125, p. 916.

DULUTH-SUPERIOR T R A C T IO N .
ORGANIZATION.— Incorp. in Connecticut in 1897. Owns all of the
com. stock of Duluth Street R y ., Lakeside Street R y. and Superior Rapid
Transit. The corporate existence of the Duluth Street R y. is maintained,
but all of its stock ($2,000,000 authorized, $1,800,000 outstanding) Is held
by the Duiuth-Superior Traction. This latter company has no bonded debt.
The Duluth Street R y. was organized under Act of Minnesota approved
STov. 17 1881 and possesses “ an exclusive franchise" which runs until 1931.
See decision with regard to franchises in Superior in V. 80, p. 1911. On
Dec. 18 1918 the company surrendered its franchises to operate in Superior
and in 1921 its Duluth franchise; the system now being operated on the
indeterminate permit basis under which the State, instead of city officials,
has jurisdiction over the co. V, 107, p. 2476. See also V. 112, p. 2082. On
Sept. 1 1917 the Duluth St. Ry. acquired the 3 J^-mile line of the Park Point
Traction Co. of Duluth. Minn. V. 105, p. 180. The Duluth-Superior Bridge
between Duluth, Minn., and Superior. Wis., is used by the railway but is a
separate corporation, and has issued 1st M . bonds for $650,000 and 2d M .
bonds for $300.000— see bridge items. V. 63, p. 310, 504.
In Sept. 1925
the Duluth Street C o., a subsidiary, acquired the Brown Bus Line of
Superior, Wis. V 121. p. 1227.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A trolley road. The system embraces about 112.36 miles of track and
Includes all the lines in Duluth and Superior. 150 passenger and 21 other
cars. Also operates buses.
Valuation.— See V. 110, p. 1748; V. 115, p. 435; V. 117, p. 1461. Valua­
tion of operating pronertv in Superior. Wis., given in V. 116, p. 2993.
Fares.— V. 121, p. 2037; V. 123, p. 2260.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common, $3,500,000 ( $ 1 0 0 ) - - ___
Q-J
$3,500,000
See text
Pref4% cum ,$1,500,000 ($ 1 0 0 )___
Q-J
1,500.000 O c t ’27, 1%
Duluth St R y M , $2,500,000,1 1900
5 g M -N
2,500,000 M ay 1 1930
gold .$1,000)__________ c*/ln t. at Central Trust Co., N. Y ., trustee.
Oul St Ry gen M , $2,500,000,1 1910
5 M -N
1,039.000 May 1 1930
gold ($1,000) skg fu o d -.c * /I o t. at Central Trust C o., N. Y ., trustee.
Stock.— Both com. and pref. are listed on N. Y . Stock Exch. V. 90, p. 848.
Bonds.— The mtge. of 1900 covers all the mileage of the Duluth Street R y.,
the property of the Lakeside St. Ry. and of the Superior Rapid Transit
having first been conveyed to the Duluth Street R y.
The general mortgage bonds are subject to call on any interest day at
105 and interest. $181,000 are held in treasury and $402,000 have been
canceled. Remaining bonds may be issued for additions, extensions, &c.
under conservative restrictions. They are guaranteed, principal and inter­
est by Duluth-Superior Traction Co. Sinking fund o f 2)4 % per annum of
bonds out began May 1913. Exempt from personal tax in Minnesota.
Y. 90. p. 1296; V. 91. p. 276; V. 92. p. 186; V. 104. p. 1044.
Dividends.— On the preferred stock 4% per annum from Jan. 1901 to and
Incl. April 1921. None to Oct. 2 1922, when 2% was paid, being 1% each
for the quarters ending June 30 1921 and Sent. 30 1921. V. 115. p 1210.
In Jan. 1923 three divs. of 1% each were paid for the quarters ending Dec. 31
1921, March 31 1922 and June 30 1922. V. 115, p. 2378. In April 1923
two divs. of 1 % each for quarters ending Sept. 30 and Dec. 31 1922 were
paid. V. 116, p. 1049. In July 1923 two divs. of 1% each were paid for
quarters ending Mar. 31 1923 and June 30 1923. V. 116, p. 2636. I d
Oct. 1923 1% was paid. In 1924, Jan.. 1%; April, 1% ; July, 1%; Oct. 1924

dividend deferred (see Y . 119, p. 1509). In Jan. 1925 1% was paid; In
April 1925 2% was paid (representing 1% for last quarter of 1924 and 1%
for first quarter of 1924). In July 1925, 1%: in Oct. 1925, 1% . V . 120.
p. 1325, 3064; V. 121, p. 1347. In 1926, Jan., 1% ; April, 1% , and same
auar. to July 1927. On common, first div.— 1% — Oct. 1909. Same amt.
quar. to and incl.’ July 1910; in Oct. 1910, l'A %■ Same amount quar­
terly to and including April 1913. In July 1913 reduced to 1% (V.
96, p. 1772); same amount quarterly to and including Jan. 1915; April
dividend omitted (V. 100. p 900); payments changed to semi-annual
basis and a dividend of 1 % paid July ] 915 (V. 100, p. 1437). None to Oct. 1
1917, when 1 % was paid. Same rate quar. to and incl. OcL 1 1918. None
to Jan. 1924, when 1% was paid. V. 117, p. 2432. None since. In
July 15 1927 paid 1% on com.
EARN IN G S.— For calendar years:
DiviBalance,
Operating Net (after Other
Deducdends. Sur. or Def.
Revenue.
Taxes). Income, tions.
1926...............-$1,951,143 $195,037 $38,870 $198,097 $60,000 def.$24.191
75.000 def. 5,176
1925________ 1,943,494 226.186 32,070 188,432
45.000 def. 2,996
1924..........— 1,789,402 190.030 25.360 173,385
1923............. 1,904,607
268,627 28,731 174.247 125.000 def. 1.889
75.000 sur. 39.614
1922________ 1.784.774 262,919 26.973 175.278
In 1926 carried 29,254,508 revenue passengers and 5,423,472 transfer pasangers; In 1925, 30,638,092 revenue passengers and 5,309,085 transfer
passengers; in 1924, 29,204,374 revenue passengers and 5,104.670 transfer
passengers; in 1923 31,343,815 revenue passengers and 5,354,872 transfer
PaLatest Earnings.— For 6 mos. ended June 30 1927: Gross, $1,050,579;
net. $253,798; fixed charge, $163,379; bal., $90,419. For 6 mos. to June 30
1926: Gross, $993,124; net, $184,793; fixed charges, $155,277; bal., $29,516
OFFICERS.— Chairman of the board, A. E. Ames; Pres., A . M . Robertnon; V.-P. & Gen. M gr., Herbert Warren; Sec. & Treas.. S. L. Reichert;
Aud., W . P. Dwyer.— V. 121, p. 1347; V. 122, p. 1308, 1454, 2798, 3495,
3770; V. 125, p. 1051.

MESABA RAILW AY CO.
Operations Discontinued.— We have been officially informed that opera­
tions of this road were discontinued on April 16 1927 and that property is
being dismantled.

MINNEAPOLIS NORTHFIELD S SOU TFERN R Y.
ORGAN IZATION.— Incorp. in South Dakot in July 1918 to take ovei
the property o f the Minneapolis St. Paul Rocnester & Dubuque Electrk
Trac. Co. (“ Dan Patch” line) sold at auction July 29 1918.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
On Aug. 7 1918 was licensed for business in Minnesota. V. 107, p 1004
On N ov. 19 1918 the company resumed operation of the cutoff from Autc
Junction to Luce Line Junction and thence to Minneapolis. Compart
V, 107, p. 1192. Operates a total of 124 miles (incl. owned lines operated
Minneapolis to Northfield, 56 miles; trackage rights. Northfield to Fari
bault, 15 miles, and Northfield to Randolph, 9 miles, and Faribault to Man
kato. 44 miles)
C APITALIZATION .— Authorized capital stock, $1,000,000 com. anc
$500,000 pref.; outstanding. $307,600 com. and $44,800 pref.; par value of
shares. $100.
EARN INGS.— For cal. year 1926, gross, $858,793; net after taxes, &c.,
$50,010. In 1925, gross, $776,625; net after taxes, $147,875. In 1924,
gross, $618,524; net after taxes, &c., $69,727. In 1923, gross, $690,875;
net after taxes, $93,524.
OFFICERS.— Pres., H. E. Pence; V.-P., A. D. Walker; Treas., F. C.
Malcolmson; Sec., W . R . Stephens.— V. 107, p. 697, 1004, 1192.

OTTER TAIL POWER CO. OF DELAWARE.
ORGAN IZATION .— Incorp. in Delaware April 1 1926 to hold entire
common stock and such of the pref. stock of Otter Tail Power Co. (Minn.)
as it may have acquired.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
xCom 30,000 shs (no par)_________ $7 50 Q-M
16,468 sbs ____________
Preferred stock:
$6 cum pref 20,000 6hs (no p a r ) ____
$6 Q-J
10,327 shs __________
x See description below under “ Stock."
Stock.— The $6 cum pref. and $7 cum. pref. stocks have equal preference
as to assets and divs. Call, on any div. date at $100 per share. Convertible
into Minnesota co .’s stock in case o f dissolution of Delaware co. Sole voting
power tests with founders’ shares, except in case of liquidation.
Of above 16,468 common shares, 6,400 shares are founders’ common stock
(which has sole voting power) and 10,068 are special common stock.
8,234 special common shares were offered at $125 in March 1926 by WellsDickey Co. and Kalman & Co., Minneapolis, M inn., payable in 3 install
ments; 50% April 1 1926, 25% Aug. 1 1926, 25% Dec. 1 1926. Delivery
was to be made in the form of transferable 6% int.-bearing certificates of
Otter Tail Power C o., which are to be exchanged Dec. 1 1926 for special
common stock at rate of one share for $125 par value of 6% certificates.
OFFICERS.— Pres., V. A. Wright; Gen. M gr., C. S. Kennedy; V.-P. &
Treas., Samuel P. Adams; Sec., W. L. Hatch, Fergus Falls, Minn. Office,
Fergus Falls, Minn.
OTTER TAIL POWER CO. (MINNESOTA).
ORGANIZATION, &c.— Incorp. July 3 1907 in Minnesota to furnish
electric power. Subsequently purchased property of Western Electric Co
of Jamestown, N o. Dak. In April 1925 purchased properties in North
Dakota formerly owned and operated by the Midwest Power Co. of St
Paul. Owns 4 primary steam plants of 11,750 h.p., auxiliary steam
plants of 2,900 h.p. and 5 water plants o f 7,500 h.p. with all necessary
flowage rights, and 1,600 miles o f transmission. A new steam plant of
4,000 h.p. is now under construction at Wahpeton, N. Dak. Population
served, 125,000. Supplies 214 communities in Minnesota, North Dakota
and South Dakota. Output (k.w.h.) for years ended Dec. 31 1922, 17,205,957; 1923, 21,029,517; 1924, 23,675,775; 1925, 29,153,076; 1926,
Sk.313,588.
S T O C K A N D B O N D S —•

D a te .

I n te r e s t.

O u tsta n d in g .

year or part thereof to Oct. 1 1945; from Oct. 1 1945 to maturity at par.
Free from moneys and credits tax in Minnesota. In Dec. 1 1926 WellsDickey Co., Minneapolis Trust Co. and Justus F. Lowe C o., Inc., Min­
neapolis, offered $1,300,000 series E at 98!^a and int., to yield over 5.12% .
V. 123, p. 2901. Additional $800,000 gen. mtge. series E (now 1st) 5%
gold bonds, dated Oct. 1 1926 were offered by Minneapolis Trust Co.,
Wells-Dickey Co. and Justus F. Lowe C o., Inc., in M ay 1927 at 99At
and int., to yield over 5.04% . V. 124, p. 2749.
EARNINGS.— For calendar years:
*1927.
1926.
1925.
1924.
Gross earnings_________ $1,821,964 $1,641,109 $1,283,723
$832,053
Operating exp. and taxes 1,012,802
928,567
667,656
446,824
Net earnings________
Other income__________

$809,162
42,336

$712,542
11,720

Total income________
Fixed charges..............
Depreciation___________

$851,498
215,458
227,900

$724,262
203,619
227,760

$616,067
23,831
$639,898
206,126
205,417

$385,229
42,472
$427,701
139,765
135,244

Balance_____________
$408,140 _ $292,883
$228,355
$152,692
*For 12 months ended July 31 1927.
OFFICERS.— Pras., Vernon A. Wright: V.-P. & Gen M gr., C. S.
Kennedy: Sec. & Aud., W . L Hatch; Treas., S. P. Adams; Asst. Sec.,
Fred. Leffier. Office, Fergus Falls, Minn — V. 120. p. 2021, 2402, 2817,
3065; V. 123, p. 2901; V. 124, p. 2749; V. 125, p. 781.

EASTERN M IN NESOTA POWER CO.
ORGANIZATION.— Incorp. in Minnesota in 1910 and took over prop­
erty of Pine City Electric Power Co. Owns 3 primary power stations con­
sisting of one hydro-electric, one steam and one Diesel station and in addi­
tion one auxiliary steam station. The total capacity of these stations is
3,000 h.p. Owns and operates 307 miles of transmission lines serving a
population of approximately 15,000 in 27 communities in Minnesota.
Output in k.w.h. for years ended Dec. 31 1923, 2,116,933; 1924, 2,302,777;
1925, 2,686,254: 1926, 3,168,573.
STOCK AND BONDS—
Date. Interest. Outstanding.Maturity.
Common $500,000 ($100)__________
_________
$467,250 __________
7% cum.sp.pref.$450,000($100)____
7 M -D
441,300
________
6% cum.sp.pref.$100,000($100)____
6 J-J
94,100
________
1st mortgage 5 A s ($l,000-f
1925 5 A J-J
315,000 July l 1945
$500 c * )________________tf (Minneapolis Trust Co., trustee.
Stock.— Common stock has sole voting power. Divs. paid: 1916 to 1920,
4% ; 1921 to 1924, 6% ; 1925, 4% ; 1926, 4% . In 1924 100% stock div.
paid on common.
The 7% and 6% cum. special preferred have equal preference as to assets
and divs. Callable at 105; 7% on 3 months’ notice, 6% on 30 days’ notice.
Entitled to par in liquidation; no sinking fund provision.
Bonds.— The 1st mtge. gold 5A&, dated July 1 1925, are callable on any
int. date on 30 days’ notice at 105 to July 1 1935, thereafter at 14% less
each Jan. 1. Annual depreciation fund of 12 A % of gross expended for
maint nance and improvements, against which no bonds can be issued or
deposited with trustee as sinking fund or used to retire bonds. Additional
1st mtge. bonds may be issued in series with provisions as directors may de­
cide for 75% of cost of constructed improvements and-or 70% of physical
value of purchased additions, when net earnings before depreciation for 12
consecutive months with the 15 immediately preceding application have
been twice interest requirements on bonds outstanding including those to
be Issued. Additional bonds may also be issued for refunding like amount
of other bonds issued under the mortgage. In August 1925 $315,000 1st
mtge. bonds were offered at 100 by Minneapolis (Minn.) Trust Co.
EARNINGS.— For calendar years:
*1927.
1926.
1925.
1924.
Gross earnings-.............
$228,048
$204,220
$178,056
$158,259
Operating exp. & taxes..
121,394
114,300
100,116
93,166
Net earnings________
Other income__________

$106,654
13,994

$89,920
12,818

$77,940
10,263

$65,093
3,232

Total income________
Fixed charges__________
Depreciation__________

$120,648
16,877
35,626

$102,738
18,674
34,241

$88,203
19,255
29,670

$68,325
17,779
27,054

Bal. for divs. & su rp..
$68,146
$49,822
$39,278
$23,492
* For 12 months ended July 31 1927.
OFFICERS.— Pres., J. J. Flynn; V .-P .’s, J. J. Flynn, J. A. Peterson;
Sec. & Gen. M gr., R. P. Allen; Treas., John C. Carlson.

UNION PUBLIC SERVICE COMPANY.
ORGAN IZATION .— Incorp. Aug. 26 1911 in Minnesota to succeed
Citizens Light, Heat & Power C o., Canby, Minn. Subsequently merged
with Milbank Power Co., Interstate Elec. Lt. & Power Co., Grant County
Power Co., Central Lt. & Power Co. and Dakota Lt. & Power Co. Owns
3 steam generating plants and 2 gas engine plants of 5,600 k.v.a. total ca­
pacity consisting of the main plant at Canby, Minn., and auxiliary stations
at strategic points on the system. Owns and operates 450 miles of trans­
mission lines. Population served 30,000 in 47 towns in southeastern South
Dakota and southwestern Minnesota.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $300,000 ($100)__________
...............
$242,500
7% cum pref class “ A ” $375,000 ($100)______________________
7 J-J
335,345 ______ . . . .
7% cum pref class “ B ” $75,000
($100)_______ _____ _____ _______
7 J-J
28,580 ...................
1st mortgage 6s ($1,000-500/ 1923
6 M-S
1,045,000
See text
C*)_____________________ t f (Minneapolis Trust C o., trustee.
Stock.— Class “ A ” and class “ B ” pref. are identical in all respects except
that class “ B “ has voting power. Redeemable at par.
Bonds.— The 1st mtge. gold 6s series “ A ” are callable on any Int. date on
30 days’ notice at 105. Annual sinking fund of 1 A % of average amount
for the year of series “ A ” bonds outstanding in excess o f $500,000. In

M a tu r ity

Founders’ com $500,000 ($50)______
$7.50
$320,000 See text
Special com ($600,000 ($50)_______
$7.50
503,400 See text
6% cum pref $2,000.000 ($ 1 0 0 )____
6 Q-J
2,681,900 __________
Gen mtge (now 1st) 6 A s ser C J 1924
6K A-O
800,000 April 1 1939
5 A J -J
5 A s s e r ie s D ____________ ( 1 9 2 5
1.200.000 Jan 1 1945
5% series E _______________ 1926
5 A-O
2.600.000 Oct. 1 1946
($1,000, $50Gc*)________ tflNorthwestern Tr C o., St. Paul, M inn., trus
Stock.— The founders’ , as well as the special common stock, are entirely
owned by Otter Tail Power Co. of Delaware. They rank equally except
that special has no voting power. Divs. paid: 1920, 8% ; 1921 to 1923
incl., 9% ; 1924 and 1925, 12%: 1926, $7.50 per share.
The 7% cum. pref. has equal preference as to assets and divs. as the 6%
pref. Call, at par on any div. date on 60 days’ notice. Entitled to par in
liquidation. No sinking fund provision. Regular divs. paid quarterly.
No additional pref. may be issued that would reduce net assets below $100
per share of pref. and in arriving at net assets the property value is not to
exceed 4 A times gross earnings. $100,000 6% cum. pref. was offered at
92 in July 1926 by Kalman Co. and Wells-Dickey Co., Minneapolis.
Bonds.— Additional gen. mtge. (now 1st) bonds may be issued in series
of such tenor as directors may decide, for 70% o f permanent extensions, &c.,
provided, however, net earnings before depreciation for 12 consecutive
months preceding equal twice interest on all bonds outstanding incl. under­
lying issues and proposed issue, or 1A times interest after depreciation.
6 A s, series C are not call, until April 1 1933. Call, thereafter at 100
Annual sinking fund of 1 % of bonds outstanding to retire bonds or improve
property. In addition, depreciation reserve fund o f 4% annually of all
bonds outstanding and used to provide for renewals and replacements, &c.,
against which no bonds may be issued.
Series C 6 A s, dated April 1 1924 are not callable until April 1 1933; call,
thereafter at 100. In April 1924 Wells-Dickey C o., Minneapolis, offered
$400,000 at 99A and $175,000 at par in June 1924.
Series D 5 A s, dated Jan. 1 1925 are equally secured with series C. Call,
on any int. date on 60 days’ notice at 103 to Jan. 1 1930; thereafter at
A % less for each year or part to Jan. 1 1944; thereafter at par. $1,200,000
series D were offered in April 1925 at 100 by Wells-Dickey C o., Minneapolis
Trust Co., and J. F. Lowe C o.. Inc., Minneapolis, Minn.
Series E 5% , dated Oct. 1 1926 are call, on any int. date on 60 days'
notice at 103 through Oct. 1 1939; thereafter at A % less for each succeeding




237

POW ER, LIGH T AND R A IL W A Y

O c t ., 1927.]

R e lia b le a n d e x p e r ie n c e d o r ig in a to r s
and

d is t r ib u t o r s

of

N o r t h w e s te r n

c o r p o r a t io n B o n d is s u e s .

A m o n g ou r origin ation s h ave been
O tter T a il P ow er C o m p a n y
E astern M in n esota P ow er C o .
U n ion P u b lic S ervice C o .

First Minneapolis Trust Company
115 S o u t h F i f t h S tr e e t
M in n e a p o lis , M in n e s o ta

Affiliated with the First National Bank

238

PUBLIC UTILITIES

addition co. covenants to expend for improvements against which no bonds
can be issued 1% per ann. of undepreciated book value o f fixed assets or
retire 1% o f bonds outstanding. In addition co. covenants to set up as
annual depreciation reserve 10% o f gross earnings until reserve equals 25%
o f undepreciated book value o f fixed assets and to maintain that amount
thereafter.
Additional bonds may be issued in series with such provisions as board of
directors elect for 75% o f cost or fair value of additions and improvements
when net earnings before depreciation for 12 months within 15 immediaely
preceding application equal twice bond interest, including interest of pro­
posed issue. Maturities: $10,000 each March 1 1924 to 1935 incl.; $5,000
each Sept. 1 1924 to 1927 incl.; balance March 1 1936. $945,000 1st mtge.
bonds offered in December 1923 at 96 by Minneapolis Trust C o., Minneap­
olis, Minn., and Curtis, Stephenson & Co., Inc., Boston, Mass.
EARN IN G S.- -For calendar years:
*1927.
1924.
1926.
1925.
Gross earnings. . . .
$400,638
$383,709
$349,012
$319,918
Discounts & allowances.
19,081
18,633
16,022
16,936
Gross oper. revenue_
Oper. exp. and taxes_
_

$381,546
215,898

$365,076
205,644

$332,076
187,812

$303,896
186,416

Net earnings______
Other in c o m e ._______

$165,649
7,188

$159,432
6.788

$144,264
7,811

$177,480
7.569

Total income. ______
Fixed charges. . . . .
Depreciation____ ______

$172,837
79,693
58,004

$166,220
80.887
54,278

$152,075
72.956
49.814

$125,049
71,226
48,102

$35,139
$5,731
Balance____
$31,056
$29,305
* For 12 months ended Aug. 31 1927.
OFFICERS.— Pres., L. N. Sickles; V .-P ., J. F. Girton; Sec., W . B. Dris­
coll; Treas., A. H. Savage; Gen. M gr., A. H. Bushman. Office, St. Paul,
Minn.

IOWA
IOWA SOUTHERN UTILITIES CO.
Change in Control.— In Nov. 1923 George M . Bechtel purchased the con
trolling interest in the co. formerly held by David G; Fisher. V. 117, p
2440. Compare V. 108, p. 1940, 2245. In July 1925 acquired control
of the Ottumwa (Iowa) Traction Co. V. 121. p. 459. In Dec. 1925 thf
Ottumwa (Iowa) voters approved a 25-year franchise to supply the munici
pality with electric power, street-car and steam heat service. V. 122, p. 94.
ORGAN IZATION .— Organized in Delaware in 1923. In March 1923
company purchased all of the physical assets of the Iowa Southern Utilitiei
Co., a corporation organized in Maine in 1905 under the name of the Center
ville Light N Traction Co. The co. later acquired all of the properties
of the Centerville Albia
Southern Ry. Co. In 1923 company merged ttn
property of the Southern Iowa Electric Co. Acquired Iowa properties of thf
Union Power A Light Co. in Dec. 1923. In Aug. 1924 company leased
the property of Iowa Light, Heat < Power Co., located in Grinned, agreeing
%
to purchase' the same whenever a satisfactory release can be obtained fron
the mortgage. In Aug. 1924 purchased the properties of United Utilitiei
Corp. for about $4,000,000. On Jan. 1 1925 purchased the property of tin
Burlington Ry. de Light Co. and subsequently merged the Iowa Gas dc Elec. Cc
On Jan. 1 1926 company acquired the Grinnell property from the Iowa
Lignt, Heat & Power Co., which had been previously leased. On June ]
1925 the Ottumwa property of the Nortnern States Power Co. was pur
cnased and also the street srilway in Ottumwa, Iowa, operated by th<
Ottumwa Ry. & Light Co. Aug. 1 1926 purchased gas property at Burling­
ton from Burlington Gas Light Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Co. owns and operates 8 steam central power stations, furnishing, without
competition, electric light and power at wholesale and retail to 125 towns
and cities; also has a very advantageous contract for the purchase of
electrical energy generated at the Keokuk Dam. Co. owns and operates
the electric interurban railway connecting Centerville, M ystic and Albia,
and the street railway systems in Ottumwa and Burlington. Of the net
earnings 73.2% is derived from electric light and power business. 14.45%
trom raiiway and 12.35% from gas and steam heat. Co. serves southern
Iowa south o f Des Moines and west of Burlington. Among the cities
served are Centerville, Albia. Mystic. Nunia, Brazil. Cincinnati, Exline.
Moulton, Blakesburg, Rathburn, Allerton, Leon, Decatur City, Leroy,
Garden Grove, Humeston, Derby, Van Wert. Weldon, M t. Ayr, Diagonal,
Shannon City, Clearfirle, Lenox, Blockton, Benton, Malloy, Redding,
Creston, Newton, Chariton, Russell, Lacona. Lucas, Murray, Truro,
Osceola, Burlington, Ottumwa, Wapello, Morning Sun, Columbus Junction,
Washington, M t Pleasant, Sigourney, and Lamoni. The population
served is estimated at 200,000. Miles of gas mains, 124. Gasmeters, 9,765.
Electric meters. 47,806.
STOCK AND BONDS—
Date.
Interest. Outstanding. MaturityCommon stock----------------------------------------- 100.000 shs. __________
Pref stock 7 % c u m __________
$5,450,000 __________
($100)__________________________
7 Q-J
250.000 __________
6 ^ % pref_________________________
&14
tst & ref mtge (Delaware co(
1,450,300 Feb 1 1943
Series of 1923 ($100, $500 1923
6 g F-A
and $1,000) gold______c*tfl
5.794.100 July 1 1950
Series of 1925 ($1,000, $500/ 1925
5 ^ g J-J
and $100)____________ c*tf (Northern Trust Co Chicago, trustee.
1,578 000 Mar 1 1932
Burl Ry & Lt Co 1st M s f gold 1912 5 g M-S
719.000 July 1 1934
6 J-J
Iowa Gas & Elec Co 1st M ____1916
169.000 Apr 1 194«
Cowa Gas & Elec 1st & ref mtge 1923 6 A-O
323,500 Apr 1 1936
Southern Iowa Elec 1st m tge. --------6
1,370,000 __________
Serial notes_______________________
_______
Stock.— At the stockholders meeting held in Dec. 1926, at which time
the authorized capital stock was increased from $10,000,000 to $25,000,000,
the board of directors were authorized to issue pref. stock with a div. rate
o f 6% ,
% and 7% at their discretion. The 6 'A % cumul. stock, there­
fore, has the same provision, security, &c., as the 7 % pref. stock; the only
difference being in the dividend rate.
Preferred is red. all or in part on any dividend date at 30 days notice at
115 and divs. In Jan 1925 $1,000,000 7% pref. stock was offered by W. C.
Langley & C o.. N . Y ., at 93 K and div., to yield about 7.49%. V. 120, p.
330. In April 1925 the same bankers offered an additional $1,000,000 7 %
pref. stock at 95 and div., to yield 7.36%. V. 120, p. 2012.
The 1st & ref. mortgage gold bonds are secured by a direct 1st mtge. on the
central power stations and distribution systems at Ottumwa. Creston.
Grinnell and Lamoni, the gas property at Burlington, and the distribution
systems at 18 communities, together with transmission lines connecting
Creston with Mount Ayr and Chariton and Allerton, and transmission lines
between Grinnell and Ottumwa, Eddyville and Albia, Albia and Chariton;
also by mtge. on remainder of properties subject to $4,471,000 divisional
bonds.' A dd’l bonds may be issued for 80% of new acquisitions provided
net earnings for 12 out of preceding 15 months have been not less than 1 %
times int. charges on all outstanding bonds, incl. new issue. M ay also be
issued against cancellation o f underlying divisional bonds and against
deposit o f 1st mtge. bonds o f any electric light and power co., provided a
majority o f the voting stock is deposited with trustee and the depreciated
sound value o f such property is not less than 125% o f the bonds to be issued.
There is a maintenance and improvement fund, which commenced March 1
1924, o f 17% annually o f gross interurban railway earnings and 7% of
remaining gross earnings.
. . , noo
A depreciation fund of 5% of gross earnings each year began March 1 1923
and is to be set aside before payment of any common stock dividend. The
1st & ref. mtge. 6% ser. 1923 are red. on any int. date at 107H and int. to
Int. to Jan. 1 1928; 105 to July 1 1933, and 102 ^ thereafter. Int. payable
In N. Y . or Chicago. V. 116. p. 1768.
.
The first and refunding mortgage
gold bonds. Series 1925, are redeem­
able on 30 days’ notice, incl. July 1 1931, at 105; incl. July 1 1941 at 102
Incl. July 1 1948 at 101; thereafter at par plus interest in each case. Interest
payable in New York and Chicago. Penn. 4 mills tax refundable. Listed
on Chicago Stock Exchange. V. 121. p. 457. In July 1925 Hoagland,
\llum & C o., Inc., and W . C. Langley & Co. sold $3,000,000 at 97M and
interest, to yield about 5.70% . In Jan. 1926, $1,000,000 additional series




[V ol. 125.

of 1925 was offered at 97 and int. to yield over 5.70% . V. 122, p . 610.
In July 1926 the same bankers offered $1,100,000 additional 5 y % bonds.
Series of 1925, at 97y and int., to yield about 5.7% . V. 123, p. 324.
Sinking Funds.— Under Iowa Gas & El. 1st mtge. 1 % of greatest amount
of bonds in excess of $225,000 outstanding during preceding calendar year.
Burlington R y. & Lt. Co. bonds 5% o f gross earnings. Southern Iowa
Elec. Co. 1st mortg. 1% of average principal amount of bonds outstanding
luring preceding calendar year.
EARNINGS.— For calendar years:
Gross.
Net. after Taxes.
Bond.&c..Int. Dividends. BaL.Sur.
1926.. $3,598,544
$1,562,330
$1,025,921
$397,931
$138,478
i «26___3,123,880
1 ,3 1 6 .5 1 7
796,438
285,U10
235,069
19 24..
.1.133.441
423,731
233,557
63.889
126,285
19 23..
.1.009.486
409,254
155,242
75,352
178.660
66.274
1922 ...$844,405
284,318
148,697
69,347
OFFICERS.— Pres., Geo. M . Bechtel; V .-P ., J. Ross Lee; V .-P., Prank
S. Payne; Sec., H. R. Bechtel; Treas. & Gen. M gr.. E. F. Bulmahn; Aud..
E. L. Shutts. Office, Centerville, Iowa.— V. 120, p. 330, 2012, 2147;
V. 121, p. 459; V. 122, p. 94, 610; V. 123, p. 83, 324; V. 124,p. 236.

ALBIA LIG H T & R A ILW AY CO.
ORGANIZATION.— Incorp. in Delaware June 1916 as a reorganization
of the Southern Iowa R. & Light Co., as per plan in V. 103, p . 939. Co.
abandoned and dismantled its interurban lines in 1923 and 1925.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Does the light, heat, power and gas business of Albia, Hocking, Hiteman
and community, serving a population of 15,000. Co. owns .81 miles lines
entirely within the city limits of Albia, which are leased to Iowa Southern
Utilities Co. Also supplies power for the operation of 12 miles of the
Iowa Southern Utilities Co. New power units and 22 miles of transmission
lines were placed in operation March 15 1918, with contracts to furnish
power for 4 large coal mines and the mining communities located at these
mines. Franchises expire in 1942. Discontinued in June 1925 service
between Albia and Hittman, Iowa. V. 120, p. 3310.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________
$400,000 __________
Com stock $400,000 ($100)________
Pref6% non-cum$100.000($10)____
Q-F
100.000
See text
1st M $500,000 gold ($1,0001 1916
5 g J-J
500.000
1941
and $100)________ c& r.cp t/In t. at Empire Trust Co., N. Y ., trustee.
Bonds.—-Of the bonds reported outstanding, $100,000 were issued to cover
new extensions. No sinking fund and not subject to call.
Dividends.— Quarterly dividends of lj^ % on pref. stock were paid from
Aug. 1 1917 to and incl. May 1918. None since.
EARNING S.— For calendar years:
1926
1925
• 1924
1923
Gross earnings_________
$i30,964
$131,033
' $i47.954
$152,029
Oper.exp.,depr.& taxes.
106,193
105.614
124.094
138,738
Net earnings________
Fixed charges_________

$24,771
27,173

$25,419
27,941

$23,860
28,833

$13,291
28,384

D eficit______ _______
def$2,402
x$2,522
$4,973
$15,098
x Does not include loss on account of abandonment of lines, viz. of
Hocking Line in 1923, $14,639 and of Hiteman Line in 1925. $43,217.
OFFICERS.— Pres., J. R . Lee; V .-P ., E. F. Bulmahn; Sec.-Treas., H. R.
Bechtel. Office. Centerville. Iowa.— V. 105. p. 496; V. 120, p. 3310.

IOWA PUBLIC SERVICE COMPANY.
Controlled by the Sioux City Gas & Electric Co.
Incorporated March 22 1927 under the laws of the State of Delaware.
The company has acquired the properties of the Central Iowa Power &
Light Co and the Iowa Light, Heat & Power Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The company serves electric light and power in 200 communities in western
and north central Iowa. The company also carries on a small water and
steam heat business. In addition to its own generating stations, the com­
pany has available a large power supply from the 66,000-volt high-tension
transmission line of the Sioux City Gas & Electric C o., an affiliated com­
pany, extending eastward from its new generating station at Sioux City
to Rutland. The population of the territory served is approximately
500,000. The generating equipment consists of hydro-electric and steam
plants having a total capacity of 32,789 k.w., with adequate boiler and
steam turbine facilities. In addition, a large amount of energy is purchased
from Sioux City Gas & Electric Co. The aggregate sales of electric energy
for the 12 months ended Apr. 30 1927, including purchased power, were
54,279,466 kwh., this energy being distributed by means of 1,535 miles
of high-tension transmission lines and the necessary distribution lines to
more than 50,200 customers. The gas manufacturing plants have a total
rated capacity of 3,816,000 cubic feet, distributed by means of 176 miles
of gas mains to more than 13,400 customers, the sales for 12 months ended
April 30 1927 being 364,864,300 cu. ft.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (no par)___________ _____
_________ 384,374 shs
1st pref $7 div series (no par). ___
$7
15,271 shs
$7 second pref (no par)__________
$7
12,478 shs
1st mtge 5% series due 1957 f 1927
5 g J-D $12,000,000 June 1 1957
(c* $1,000, $500)_______ tf Int. at Halsey, Stuart & C o., New York, or
( at office of trustee in Chicago.
Bonds.— The lsi mtge. bonds, 5% series due 1957, are secured by a direct
1st mtge. on all the fixed properties of the company now owned or hereafter
acquired, subject to prior liens, if any, on hereafter acquired property.
Mortgage Provisions.— Mortgage will provide that bonds may be issued
In different series, bearing such dates, interest rates, &c., as directors may
from time to time determine. In addition to the $1,000,000 bonds issuable
against the property of the company as it existed April 30 1927, further
bonds to be secured by this mtge. may be issued for 75 % of cost or fair value
(whichever is less) of plants or property and of additions, improvements

BONDS
of

Iowa Southern Utilities Co*
1st Mtge. 6s due 1933
1st & Rf. 6s due 1943
1st & Rf. 5V due 1950
2S
Full information concerning
these and other sound utility
bonds sent on request.

H o a g l a n d , A llum

(o .

I N C O R P O R A T E D

14 S. La Salle St.
CH ICAG O

34 Pine St.
NEW Y O R K

Oct ., 1927.]

POW ER, LIGH T AND R A IL W A Y

extensions and betterments to the company’s plants or properties, acquired
or made after April 30 1927, provided, however, that net earnings (to be
defined in the mortgage) for 12 consecutive months within the 15 months
next preceding the application for bonds shall have been equal to either at
least twice the aggregate annual interest charges on or to at least 12% of the
aggregate principal amount of, all bonds outstanding under the mortgage,
the bonds then applied for and outstanding prior lien indebtedness, if any,
on after-acquired property. Additional bonds may also be issued in
accordance with the terms o f the mortgage, to refund bonds issued under
the mortgage and to refund prior lien bonds, if any, on after-acquired
property, and to provide money to be deposited with the trustee for any
of the foregoing purposes.
The mortgage contains certain provisions permitting, on conditions stated
therein, the modification or alteration of the bonds or the mortgage or of
any supplemental indenture with the assent of the company and of the
holders of not less than 85% in aggregate principal amount of the out­
standing bonds, not including any bonds owned by the company; provided
that any such modification or alteration shall not permit, without the con­
sent of the holders affected, the extension of the maturity of any bond, or
the reduction in rate of interest thereon, or any other modification in the
terms of payment of such principal or interest. Sinking fund provided for
under the mortgage for semi-ann. payments equal to 1% annually of alj
bonds outstanding. Red., all or part, at any time on not less than 30 days’
notice at 105 and int. up to and incl. June 1 1937, with successive reductions
of 1% during each five-year period until June 1 1952, and at par and int.
thereafter to maturity. Company agrees to reimburse the bondholders
upon proper request within 60 days from the date of payment for the
Penna., M d., Conn, or Mass, taxes (other than estate, succession and in­
heritance taxes) not exceeding in each year $4, $4.50, $4 or $3 per $1,000
bond, respectively, but the company will not refund more than one such
State tax on the same bond for the same year. In June 1927 Halsey,
Stuart & Co., Inc., and Stroud & C o., Inc., offered at 97'A and int., yield­
ing over 5.16% , $12,000,000 1st mtge. gold bonds, 5% series due 1957.
V. 124, p. 3629.
EARN IN G S/— For calendar years, o f all properties owned by company:
*1927.
1926.
1925.
Gross earnings_______________________$3,718,653 $3,637,403 $3,350,226
Oper. exps. (incl. current maint. and
taxes other than Fed. income taxes)
2,153,518
2,164,108
1,957,106
Net earnings_____________________ $1,565,135 $1,473,295 $1,393,120
Ann. int. requirem. on $12,000,000 1st
mtge. bonds to be outstanding_____
600,000
* For 12 months ended April 30 1927.
OFFICERS.— Pres., D. M . Stearns; V.-Ps., F. J. Rutledge, George A.
Neal, W . H. Taylor and G. W . Curran; Sec., W. N. Porter; Treas., L. W.
Wade; Compt., W. N . Porter.— V. 124, p. 3629; V. 125, p. 2145.

CENTRAL STATES ELECTRIC CO.
Management.— The management is identical with that of the Iowa Ry.
& Light Corp. and Iowa Electric Co.
O R G A N IZ A T IO N . — Incorp. in Iowa on April 10 1915 as Iowa Fall.«
Electric Co. N am e changed in 1925 to present title. Owns a m ajority o f
the capital stock o f N orth w ood-K ensett E lec. Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. and its subsidiary, Iowa Electric Service Ccrp., serve 76 citiet
and towns with electric light and power, including Iowa Falls, Dows, Bel
mond. Garner, La Porte, Armstrong, Britt, Eldora, Rolfe, Lone Rock
Iowa, and Welcome Minn. Serves water in LaPorte. Iowa, eas in Iowa
Falls, Knoxville and Oelwein, and heating in Iowa Falls and Britt, Iowa
A gas plant is under construction at Fairmount, Minn. Co. owns and
operates steam-electric generating plants at Iowa Falls, Britt and Arm­
strong, and reserve plants at Garner and Eldora; 500 miles o f high tension
transmission lines.
STOCK AND BONDS—
Date.
Interest Outstanding. Maturity
_________
$855,944
See text
Common $1,200,000 ($100)— ____
7% cum pref $1,000,000__________
7
629.330 See text
IstM & ref g ($1,000-500-100)1 1925 6 g M-S
1,617,300 Mar. 1 1951
series " A " ____________c* tf (Chicago Title & Tr. Co. & AbelDavis, trus’t
Iowa Falls El Co 1st M g $3,-1 1922 6 g J-D
583,900 June 1 1937
000,000($1.000-500-100) c*tf 1Harris Trust & Sav. Bank, Chicago, truste<
Iowa Riv L & P Co. 1st M s f 1916
6 g M -N
283,000 M ay 1 193t
g $350,000 ($1,000)_ c*tf lint, at Minneapolis Tr. Co., Minnean.. trus
_
Bonds.— The 1st M . A ref. 6% g. bonds series “ A ,” due March 1 1950, art
call., whole or part, on 30 days' notice to and incl. March 1 1930 at 105
incl. March 1 1935 at 104: incl. March 1 1940 at 103; incl. March 1 1945 at
102; incl March 1 1949 at 101, and no premium if redeemed on Sept. 1 1949
The authorization is unlimited. Additional bonds may be issued for 80%
of new construction, &c., provided net earnings for 12 out of preceding
15 months have been at least 1 V times annual charges on all funded debt
incl. new issue. A sinking fund beginning M ay 1 1926 will receive annually
on or before May 1 an amount equal to 12% of the gross consolidated
earnings, to be used for maintenance, &c., and the purchase from time tt
time of these bonds at not exceeding par. The bonds are secured by a lsi
mtge. on all the properties, rights, franchises, profits and issues of Centra1
States Electric Co. and Iowa Electric Service Corp., subject to $666,000
underlying bonds.
In April 1925 Emery, Peck & Rockwood, Chicago, offered $460 nor
Series A at 99 and int., to yield about 6.08%. V. 121, p. 838. In Dec.
1926 Arthur Perry & C o., Boston, offered $250,000 additional series A at
100 and int. V. 123, p. 3036.
The Iowa Falls Electric Co. 1st M . 6% gold bonds due June 1 1937 are se
cured by a 1st mtge. on all the properties of Iowa Falls Elec. Co. The issut
is now closed. There is a sinking fund o f at least 1% per annum of out
standing amount, payable either in cash or principal amount of bonds, on
the 1st day of June and of Dec. in each year. Co. has option to dischargf
Its s. f. obligations to the extent of V (hereof by the appropriation of ex
penditures for maintenance, &c. Red. on 60 days’ notice at 105 and int
ess V % for each year fully expired from and incl. Dec. 1 1926 to redemp
ion date.
Iowa River Lt. A Power Co. 1st M . sinking fund 6% gold bonds due Mag )
1936 are secured by a 1st mtge. on the entire property of Iowa River Light
& Power Co. The issue is now closed. There is a sinking fund, payable
on the 1st day of May in each year from 1917 to 1926, of 105% of the pal
value o f 1 H % of all certified bonds, with a minimum of $3,000 for each pay
ment. From 1927 to 1935 105% of 24£% with a minimum payment each
year of $5,000, or co. may deliver to trustee bonds purchased at not exceed
Ing 105. Trustee is to purchase from time to time bonds at not more than
105 and int.
Dividends.— On the common 7 V % was paid in 1916 and 1917; 4% It
1918, 1919, 1920 and 1921; 6% in 1922; 7% in 1923; TV % in 1924: in 192f
7 3 % i and 7% in 1926. In 1923 an extra dividend o f 8% was paid in
A
addition to the 7 % pref. divs. being paid regularly.
EARN INGS.— For calendar years (figures include acquired properties
only for periods during which they were owned and operated as a part o'
the system):
Oper. Exp.
Net AfteGross.
A Taxes.
Interest
Interest
1926______________________$739,311
$479,062
$121,197
$139,052
1925_________________ -- 586,771
391,867
92,704
102.2UI
225,633
50,071
69,188
1924_____________________ 344,892
1923_____________________ 318,689
187,761
45,302
85,62t
168,805
40.671
57.83S
1922_____________________ 267,308
1921______________________ 268,494
178,114
36,356
54,024
1920_____________________ 245,055
184,539
35,432
25.084
Note.— Earnings above include acquired properties only for periods
during which they were owned and operated as a part o f the system.
OFFICERS.— Pres., Isaac B. Smith; V.-Ps., Sutherland Dows; V-P.
& Gen. M gr., John A. Reed; V .-P ., Charles’H. Foy and Sutherland Dows;
Sec.-Treas., C. S. Woodward; Gen. Aud., Carl B. Myers; Gen. Supt.,
Ray Ingham. General office, Cedar Rapids, Iowa.— V. 122, p. 2327;
V . 123, p. 3036.
IOW A ELECTRIC SERVICE CORP.
Controlled by Central States Electric Co.
O R G A N IZA TIO N .— Incorporated in March 1925 in Iowa. All of the
property o f the corp. is pledged under the Central States Elec. Co. mtge.
to secure 1st mtge. & ref. 6% bonds.
Character of Business.— See under Central States Elec. Co. above.
Capitalization.— Stock authorized and outstanding $100,000 par $100 all
of which is owned by Central States Elec. Co.




239

OFFICERS.— Pres., Isaac B. Smith; V .-P ., Sutherland Dows; V.-P.
& Gen. M gr., John A. Reed; V .-P ., C. H. Foy; Sec. & Treas., C. S. W ood­
ward; Gen. Aud., Carl B. Myers; Gen. Supt., Ray Ingham. General
office, Cedar Rapids, la.

CENTRAL STATES POW ER & LIG H T CORP.
ORGANIZATION.— Organized in Delaware in Jan. 1925
Owns over
98.85% of the common stock of the Northeastern Iowa Power Co., and all
the common stock of the Missouri Electric Power Co., the Southeast
Missouri Pub. Service C o., the Missouri Power and DevelopmentCo., the
Telephone Service Corp., the Central Light and Power Co. of North Dakota,
the Arkansas Public Service C o., and 80% o f the common stock of the East
Oklahoma Elec. Co. In Jan. 1927, the corporation sold the common stock
of the Nebraska Elec. Pow. Co. to the Eastern Texas Elec. Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company’s subsidiaries supply almost exclusively electricity for light and
power to 150 communities in Iowa, Nebraska. Missouri North Dakota,
and Arkansas. They operate, except in one instance, without competition
and serve a population of approximately 150,000. Generating plants have
a capacity o f approx. 20,000 h.p., a substantial portion of which is hydro­
electric. Approx. 2,000 high-tension transmission lines. Co. also supplies
ice in a number of communities and owns and operates the water works in
Harrisburg, Ark., andPuxico, M o. V. 122, p. 346. See also V. 121, p. 328.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common (no par)
5,000 shs.
7% cum pref________________ _____
$621,700
1 and 2-year 5 V % notes______ _____
500,000
5H % _
5-yr 6% secured g (.$1,000,( 1 U jLu J
/1
'O
^
1925
V o M-N
6g
XX
\JCtrJ .O U U XVXCfcJ a. i 1930
ooo
603,500 May
$500 & $ 1 0 0 )________ c*tf\ American Trust Co.. Davenport, la., trustee
First coll lien 20-yr 6% gold/ 1925
6 g J-D
2,110,500 Dec 1 1945
($1,000 & $500)______c*tf i American Trust Co.. Davenport, la., trustee
Divisional bonds in hands of
public_____________________ _____
_________ x l,610,000 ____________
5H and 6% notes of subs___ _____
370.000 __________
Pref stk sub in hands of p u b lic ____
1,160,600 __________
x $2,030,000 additional are pledged under the 1st collat. lien 6% gold’
bonds, due Dec. 1 1945.
Bonds.— The 5-yr. 6% secured gold bonds, dated Jay 1 1925 are red. on
60 days’ notice at 100 and int. plus V % for each year or portion thereof
elapsing between date of redemption and maturity of bonds redeemed.
Interest payable in New York, Chicago and Davenport. Conn. 4 mills
and Mass. 6% taxes refundable. In July 1926, Priester-Quail & Cundy,
(nc., Davenport, Iowa and Bodell & Co., Providence, offered $500,000
it 100 and int. V. 121, p. 328.
The 20-yr. 6% first coll, lien gold bonds, dated Dec. 1 1925 are secured by
deposit and pledge with trustee of like principal amount and interest rate
of the 1st mortgage or prior mortgage bonds of subsidiary companies.
Additional bonds are issuable upon pledge of sub. cos.’ bonds only when
such subsidiary’s bonds were issued for not exceeding 80% of cost of ex­
tensions and additions. No subsidiary bonds may be deposited and
pledged unless net earnings of such subsidiary have been at least twice its
annual bond interest charges. No additional bonds of any subsidiary may
be sold except to Central States Power & Light Corp. Red. all or part
on 60 days’ notice on or before Dec. 1 1925 at 105 and interest, there­
after decreasing Vi% for each year or portion thereof to elapse between
date of redemption and maturity date of bonds redeemed. An annual
sinking fund commences Dec. 1 1926 and is to retire 1% of all outstanding
bonds each year up to and incl. 1935, and 2% thereafter. Interest payable
in New York, Chicago and Davenport. In Jan. 1926 Bainbridge & Ryan,
D. Dobbins & Co., New York; and Priester, Quail & Cundy, Inc., Daven­
port, Iowa, offered SI .000.000 at 99 and int. to yield over 6% .
V 122.
p. 346. In July 1926, Priester, Quail & Cundy, Inc., of Davenport and
Chicago; Bainbridge & Rvan, New York, and Wyant & C o., of Chicago,
offered $600,000 additional bonds.
EARNINGS.— Of company and subsidiaries (inter-co. items eliminated)
for 12 months ended Dec. 31 1926:
Gross earnings_______________________________________________ $1,071,173
Operating expenses__________________________________________
632,939
Net earnings______
Non-operating profits
interest requirements..

___________________________________
_________________________________
___________________________________

$438,234
388,805
306.660

Balance_____________________________________________________
$520,379
x Does not include profits of parent company from other sources aggregat­
ing about $275,000.
OFFICERS.— Pres., T. J. Walsh; V.-Ps., R. G. Gundy, W . C. Tegtmeier and E. C. Mueller; Sec., C. H. Murray; Treas., Ray Nyemaster.
Office, 409 Kahl Bldg., Davenport, la .— V. 121, p. 328; V. 122, p. 346,
479.

IOWA R A ILW AY & L IG H T CORP.
O R GAN IZATION .— Incorp. in Iowa May 25,1925 for the purpose of tak
Ing over the assets and business of the Iowa Ry. A Light Co., the Boone Gas
Go.(V. 121. p. 72). the WapsiePower & Light Co., the Jefferson Electric Co.
and other utilities, including the properties of the Tri-State Utilities Co.
In July 1925 purchased the capital stock of the Iowa Public Service Co.
(V. 121, p. 457), and acquired the Madrid Light & Power Co. (V. 121, p.586)
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Corporation owns or controls and operates without competition the electric
power and light plants in Cedar Rapids. Marshalltown. Boone, Perry,
Marion, Nevada, Jefferson and Coon Rapids; the gas plants at Ames, Mar­
shalltown, Nevada and Boone; the heating properties in Cedar Rapids,
Marion, Boone and Perry; a high-grade interurban electric railroad over 43
miles in length between Cedar Rapids and Mount Vernon and Cedar Rapids
and Iowa City; and the local street railways in Marshalltown, Boone and a
portion of Cedar Rapids. Company also operates busses. It also owns
undeveloped water power sites capable of developing annually 111,000.000
k.w.h. The electric power and light plants have a rated capacity of 50.000
k.w., all of which are connected with each other and with the centres of
distribution by a comprehensive system of high-tension transmission lines
aggregating 750 miles. Population served, estimated at 269,000.
Franchises.— Electric and gas properties are operated under franchises of
various maturities. Corporation’s interurban lines are located on private
rights-of-way except for short distances, within the terminal cities. In the
opinion of counsel the general franchise situation is satisfactory.
STOCK AND BONDS—
Date.
Interest. O 'standing. Maturity.
Common $20.000.000______________
________ $8,500,000 __________
7% cum pref $15.000.000_________
7 O-.T
6,592,026 See text
6 K % cum pref ser B _________ _____
7 Q-J
22,814
See text
Gold notes--------------------------- -----------------327,150 __________
Towa Ry & Lt Co 1st & ref M / 1912
5 7-8 M-S 8,072,000 Sept 1 1932
(now 1st) $10,000,000 gold) Harris Trust & Sav. Bank, Chicago, trustee.
($500 and $1,000)___ c*.tf\
1st & ref ser A, $4,000,000f 1925
5 V g M -N 4,000,000 Oct 1 1945
(*1.000, $500)
. . c*.tflH arris Trust & Sav. Bank. Chicago, trustee.
Ser B 5% ($500 & $l,0 0 0 ).c*tf 1926 5 g J-D
550,000 June 1 1946
Stock.— All of the outstanding pref. stock of the Iowa Ry. & Light Co.
was called for redemption on Sept. 30 1925 at 10214 and divs. V. 121. p.
1569
Bonds.— The first A refunding mtge. bonds are issued by the corporation
under a joint mortgage of the corporation and of the Iowa Ry. & Light Co.
Upon the retirement in 1932 of the $8,072,000 Iowa R y. & Light Co.
first & ref. 5s in 1932, the Iowa Ry. & Light Corp. 1st & ref. mtge. bonds
of Iowa Railway & Light Corp. will be secured by a first mortgage on all
the properties. 5 K % bonds, series A, dated Oct. 1 1925 are redeemable,
incl. Nov. 1 1935 at 105 and interest, and thereafter with successive reduc­
tions in the premium of K % per annum, the bonds being redeemable,
however, on M ay 1 1945 at 100V and interest. Interest payable in Chicago
and New York. Penn. 4 mills tax refundable. In Oct. 1925 Harris, Forbes
& Co. offered $4,000,000 at 99 and interest, to yield about 5.58% . V. 121,
p. 1677 Series B 5% , dated June 1 1926 are red. on any int. date on 60
days’ notice at following prices and int.: 104 through June 1 1930; 103
through June 1 1935; 102 through June 1 1940; 101 through June 1 1945
at 100 on Dec. 1 1945. Penn. 4 mills tax refundable. In Dec. 1926
Harris, Forbes & Co. offered $550,000 5% series B at 97K and int. to yield
about 5.20%. V. 123, p. 3319.
$500,000 Iowa Railway A Light Co. first refunding 5% bonds, due 1932,
bear interest at 7% and $1,000,000 bear interest at 8% . The remainder
are 5s. The original indenture provided for interest at 5% . The extra
Interest coupons are secured by a general mortgage on the property subject

MO

P U B L IC

U T IL IT IE S

to the first and refunding and underlying mortgages. The bonds with
the 2% extra interest coupons are redeemable on any interest date up to
March 1 1928 at 108, and decreasing 1% each year thereafter to March 1
1932. V. 112, p .849 . Mortgage now closed. The 5s are subject to call on
any interest date at 103 and interest. The 7s are redeemable on any interest
date since March 1 1923 and to and including March 1 1928 at 108%
and thereafter at 1% less each year ended March 1, to and incl. 1932.
The 8s are red. on any int. date since Mar. 1 1923. In and to and incl May 1
1928 at 108, and thereafter at 1£% less each year ended March 1 to and
Incl 1932
Sinking fund 1% per annum o f bonds out, Mar. 1 1916 to 1921.
1922 to 1926, 2% ; 1927 to 1931, 3% . Sinking fund is used for redemption
of bonds or for extensions and betterments. V. 99, p 750; V. 112. p. 849;
V. 113, p. 71; V. 121, p. 74, 457, 586, 1569, 1677. V. 123, p. 3319.
Dividends.— Are being paid regularly on preferred stock
EAR N IN G S.— For calendar year;
Gross. Net Aft.Taxes. Interest .
Surplus.
1926 ................................. $4,525,365
$1,992,604
$697,398 $1,295,206
1925 __________________ 4.164,387
1,706,455
610.900
1,095.556
OFFICERS.— Pres., Isaac B. Smith; V.-Ps., John A. Reed and Suther­
land Dows; Sec. & Treas., C. S. Woodward; Gen. Aud., Carl B. Myers.
Office, Cedar Rapids, Iowa.

IN TERSTATE POWER COMPANY (D EL.).
C o n tro l.- —-All o f the common stock is owned by Utilities Power & Light
Corp.
OR G A N IZA TIO N .— Incorp. in Delaware April 18 1925 as successor to
all properties outside State o f Wisconsin, formerly owned by the Inter­
state Power C o., incorporated in Wis., Dec. 11 1918. Owns all common
stock o f East Dubuque Electric Co., Interstate Power Co. of Wis., Inter­
state Power o f N eb., Interstate Power Co. of N. Dak., and the Eastern
Iowa Electric Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Company operates throughout southern Minnesota, northeastern Iowa,
southwestern Wisconsin, northwestern Minnesota, northeastern North
Dakota, southeastern South Dakota and northern Nebraska, serving a
total o f approx. 350 communities and supplying electrical energy wholesale
to 6 municipalities. The systems are connected in three major groups
by 2,877 miles o f high tension transmission lines. Company operates
14 hydro-electric generating plants and 15 steam plants. In addition
operates 6 gas plants, 2 steam heating plants and an electric railway and
bus system in Dubuque, Iowa. Population served of about 460,000 and
its customers total over 85,000. Total generating capacity of system is
47,252 k.w. Total number of electric customers, 68,697. Total number
o f gas customers, 14,933.
Co. has contracts for Che purchase o f power. Including contract with the
Northern States Power Co. for power supply at several points In Minnesota
and with the Wisconsin R y., Lt. & Power Co. in Minnesota, and with the
Interstate Light & Power Co. in Wisconsin.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common 175,000 shs (no p a r ) . ------------------- 175,000 shs -------------Pref $7 div 200,000 shs (no p a r ) ___
$7 Q-J
79,848 shs J’ly’27$l .75
lstm 5%ser of 1957($1,000c*. f 1927 5% g J-J
20,000,000 Jan 1 1957
$500, $100 and r* $1,000,(Prin. and int.. Chase N at’l Bank of N. Y .,
$5,000, $10,000*. $25,000 or
trustee.
a m ult)_________________tf (
6% deb bonds ($7,500,000) [ 1927 6% g J-J
7,500,000 Jan 1 1952
($1,000, $500 and $100 c*)(Prin. & int.. Chase Nat’l Bank of N. Y .,
________________________ tfI trustee.
Stock.— Pref. stock is preferred as to $100 assets and $7 cum. divs. In
case o f voluntary liquidation or dissolution, to $115 per share. Red.,
whole or part, uoon 30 days’ notice at $115 per share plus div. Pynchon
& C o., West & Co. and W. S. Hammons & Co. sold in May 1925 30.000
shares at 95 per share, to yield about 7.37%. They sold at the same price,
15.000 additional shares in June 1926. V. 122. p. 3606.
B on d s.- —The 1st m tg e . 6% g old b o n d s due July 1 1944 were called for
payment. V. 124. p. 920, 2748.
1st m tg e . g old b o n d s , 5 % s e r . d u e 1957 are secured by direct 1st mtge. on
all real estate, plants, transmission lines and other fixed public utility
properties of the co. now owned or hereafter acquired (subject to prior
liens on acquired property) and by the pledge of all outstanding securities
of subs, owning the W ise., North Dak., Neb. and Illinois properties included
in the system. Day & Zimmermann, Inc., have estimated the value of the
property at $41,000,000: 1st mtge. bonds issued are on basis of less than
50% o f this value. Additional bonds may be issued, (1) to the extent of
75% o f total value of property: (2) upon the pledge of a like amt. of 1st
mtge. bonds of subsidiiries: (3) upon deposit of moneys in equal amt. with
trustee subject to being taken down for the foregoing purpose in lien of
bonds and provided that net earnings for 12 consecutive mos. are at least
twice annual int. requirements incl. proposed issue. Bonds may be issued
for refunding purposes. Total principal amt. of prior liens upon properties
of the co. and its subs, will be limited to not exceeding 25% o f the aggregate
principal amt. of bonds outstanding under the mtge. Maintenance and
renewal and replacement reserves provided for. Red. whole or in part on
60 days’ notice, at 105 prior to Jan. 1 1933, at 104 on said date and there­
after prior to Jan. 1 1939; at 103 on said date and thereafter prior to Jan. 1
1945; at 102 on said date and thereafter prior to Jan. 1 1951 and at 101 on
said date and thereafter prior to maturity, plus int. in each case. Penna.
4-mills and Calif. 5-mills taxes and Mass. 6% inc. tax on int., refundable.
In Feb. 1927 Chase Securities Corp., West & C o., Spencer Trask & Co.
and Fed. Securities Corp. o ffe r e d $20,000,000 1st mtge. gold bonds 5% ser,
of 1957 at 9714 and int., to yield 5-16%. V. 124, p. 920.
6% gold debentures are a direct obligation of the co. The co. will not
create or permit the existence of any mtges. or similar liens upon any of its
fixed properties, except for the 1st mtge. and prior liens on after acquired
properties, without at least equally securing these debs. See mortgage
provisions stated above. Red. whole or in part on any int. date on 60 days’
notice at 105 prior to .Tan. 1 1932; at 104 on said date and thereafter prior
to Jan. 1 1937: at 103 on said date and thereafter prior to Jan. 1 1942; at
102 on said date and thereafter prior to Jan. 1 1947; and at 101 on said date
and thereafter prior to maturity, plus accrued int. in each case. Penn. 4
mills and Calif. 5 mills taxes and Mass. 6% inc. tax on int. refundable.
In Feb. 1927 a syndicate headed by Chase Securities Corp. offered $7,500,000 6% gold deb. at 9814 and int., to yield over 6.10% .— V. 124, p. 1066.
EARN ING S.— For calendar years:
1926.
1925.
1924.
Gross revenues_____________________ $5,470,124 $3,884,458 $3,725,820
Operating expenses_________________ 2,705,466
2,043,177 2,035,641

[V ol. 125.

Stock.— In June 1925, Blyth, Witter & Co. sold $3,000,000 additional
1% cum. pref. stock at 100 and div. V. 120, p. 3066. The pref. stock is
sail, all or part, on 30 to 60 days’ notice at 110 and divs., after N ov.l 1927.
Bonds.— Penna. 4-mills tax. Conn. 4-mills tax and Mass, income tax on
Int. not exceeding 6% per annum refunded. Series “ A ” are red. all or part
on 60 days’ notice on Sept. 1 1932 and thereafter to Sept. 1 1936 at 10744
tnd int.; thereafter to Sept. 1 1941 at 105 and int.; thereafter to Mar. 1
1946 at 10234 and int., and thereafter at 100 and int. Annual sinking fund
14 of 1% of bonds o f Series “ A ” outstanding commences M ay 1 1927.
Series “ A ” bonds are red. for sinking fund purposes from Sept. 1 1927 to
tnd incl. Sept. 1 1932 at 10734 and int., and thereafter at the then existing
redemption price.
Series “ B ’ are red. all or in part upon 60 days notice on Feb. 1 1934 and
thereafter on or prior to Feb. 1 1938 at 10734 and int., and thereafter on or
pri<r to Feb. 1 1943 at 105 and int., and thereafter on or prior to Aug. 1
1947 at 10234 and int.. and thereafter at 100 and int. Annual sinking fund
of 34 of 1 % of the total amount of series B bonds outstanding commences
Oct. 1 1928. Series B bonds are red. for sinking fund purposes either by
call from Feb. 1 1929 to and incl. Feb. 1 1934 at 10734 and int., and there­
after at the existing redemption prices, or by purchase in the market at or
below said redemption prices.
Ser. " C ” are red. all or in part on 60 days’ notice on Feb. 1 1935, and
thereafter on or prior to Feb. 1 1938 at 105 and int., and thereafter on or
prior to Feb. 1 1943, at 103 and int., and thereafter on or prior to Aug. 1
1947 at 101 and int., and thereafter at 100 and int., are also red. for sink,
fund purposes, either by call from Feb. 1 1929, to and incl. Feb. 1 1935, at
105 and Int., and thereafter at the existing redemption prices, as above set
forth, or by purchase in the market at or below said redemption prices.
Annual sink, fund of 34 of 1% of Ser. “ O” bonds outstanding commences
Oct. 1 1928. $2,300,000 Ser. “ G” 534s were sold in Feb. 1925 by Halsey,
Stuart & C o., Inc., at 97 and int., yielding about 5.75% . V. 120, p. 1090.
Guaranty.— Company guarantees (principal, t(erest and sinking fund)
11,350,000 Sioux City Service Co. first mtge. gold bonds, 6% series, due
1951. V. 122, p. 482.
EARNINGS.-—-For calendar years:
1926.
1925.
1924.
Gross earnings_____________________ $2,909,533 $2,642,123 $2,653,476
Oper. exp., incl. taxes and deprec----1,673,084
1,689,343
1,752,987
Net earnings______________ ____ $1,236,449
Interest deductions_________________
514,785

$952,780
430,888

$900,489
414,538

Net income______________________
$721,664
$521,892
$485,951
OFFICERS.— Pres. & Gen. M gr., W . J. Bertke; V.-Ps., W m. H.
Taylor, P. H. Gadsden, J. T. Hutchings and F. J. Rutledge: Sec., R. B
Searing: Treas., I. W. Morris; Compt., G. W . Curran.— V. 121, p. 331;
V. 122, p. 482. 1918.
(1) SIOU X C IT Y SERVICE CO.
The entire capital stock is owned by Sioux City Gas & Electric C o.,
which see above.
ORGANIZATION, &C.— Incorporated on June 7 1905 in New Jersey.
In March 1909 increased capital from $250,000 to $2,000,000, in order to
acquire stock of Sioux City Traction Co. V. 88, p. 1129. Franchise runs
for 25 years from Feb. 1926. For details of franchise see “ Electric Railway
Journal” of Jan. 16 1926.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates all street railway lines in Sioux City and sells steam heat for
commercial purposes. Operates over 54 miles of track (of which 7 miles
on private right-of-way). 60 and 80-lb. rails. 76 cars. On N ov. 2 1922
the c o .’s electric generating plant and distribution system were acquired
by the Sioux City Gas & Electric C o., which owns substantially all the c o .’s
capital stock. V. 115, p. 2268.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $2,000,000 ($100)--------------------------$2,000,000 ---------------1st M g bds 6% ser, due 1951 f 1926
6 g J-J
1,324.000 Jan 2 1951
($1,000, $500, $100)_ c*tf\Guar.(p. 1. & s f.) by Sioux City G. & El. Co.
_
Bonds.— The 1st mtge. gold bonds, 6% series, due 1951, are red. all or
part on 30 days’ notice at following prices and interest to and incl. Jan. 1
1936 at 103, and thereafter at 1% less for each 5-year period. There is
a semi-annual sinking fund, beginning Jan. 2 1927 of 2% per annum of
bonds outstanding, to be used to purchase bonds at or below redemption
price, otherwise to be called at such a price. All such bonds to be cancelled.
Penn. & Conn. 4 mills and Mass. 6% taxes refundable. Interest payable
In New York and Chicago. In Jan. 1 1926, Halsey, Stuart & C o., Inc.,
offered $1,350,000 6% series, due 1951, at 99 and int., to yield 6.08%.
V. 122. p. 482, 3455.
EARNINGS.— For calendar years:
1926.
1925.
1924.
1923.
Gross earnings_________
$930,129 $1,000,523 $1,092,906 $1,141,056
Oper. exp. taxes & lnt__
860,560
910,270 1,046,061
1,086,927
Net earnings________
$69,569
$90,253
$46,845
$54,129
OFFICERS.— Pres., E. L. Kirk; 1st Vice-Pres. & Gen. M gr., W. J.
Bertke; 2d Vice-Pres., Wm. H. Taylor; Sec., H. W. Curran; Treas., 1. W.
M orris— V. 115, p. 1839, 2268; V. 122, p. 482.

DES MOINES C IT Y R A ILW AY CO.

In March 1911 N. W . Harris of Chicago acquired practically all the
stock not previously owned by him of the Des Moines City R y. Co. and
of its allied corporation, the Inter-Urban Ry. Co. (now Des Moines &
Central Iowa R R .). V. 92, p. 794. See also V. 113, p. 847.
O RGAN IZATION .— A consolidation in 1893 of the Des Moines St. RR.
Co. and the Des Moines Suburban R y. Co.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
A trolley road. Operates 99 miles of track 35 to 129-lb. rails. 155
passenger, 36 service cars. Is authorized to carry freight.
Franchise.— A new 25-year franchise was granted at an election on N ov. 28
1921, providing for service-at-cost, &c. For full details see V. 114, p. 1764,
Valuation.— See V. I l l , p, 2140.
Fares Increased.— Effective Oct. 1 1925 fares were increased. For more
particulars see V. 121, p. 1676.
Employees Bose Wage Claim.— See V. 123, p- 1762.
i .e t ______________________________ $2,764,658
$1,841,281 $1,690,179
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Interest charges____________________
1,498,655
869,379
679,495
Common $3,000,000 ($100)---------------------$1,055,000
------Minority int. and other deductions. 340,792
284,998
-----Pref 7% cumui $1,500,000________
_______
1,940,000
See text
5 J-J
4,051.000 Jan 1 1936
Balance, before depreciation______
$925,211
$686,904 $l,0i0,684 Des Moines City Ry gen and/ 1916
ref mtge $15,000,000 gold-- \Harris Trust & Sav. Bank. Chicago, trustee.
OFFICERS.— Pres. & Treas., H. L. Clarke; V.-Ps., .1. N. Canavan,
7 A-O
6l8,000 xApr 1 1927
H. E. Carver, F. W. Drury, H. T. Pritchard and H. C. Orton: Sec., W. A. 5-year debentures___________ 1922
Stock.— Pref. carries same voting powers as com. Call, all or In part
Horner. Office. Dubuque, la. Chicago office, 327 South La Salle St. New
York office: 100 Broadway.— V. 119, p. 1176, 1963: 2646; V. 120, p. 2268 on any div. date at 107 44 and divs. V. 106, p. 2010.
2400, 2941, 2815; V. 122, p. 348, 2191, 3082, 3606; V. 123, p. 581; V. 124,
Bonds.— Remaining bonds may only be issued for 80% of expend for
perm, exts., enlargements and addns. under conservative restrictions.
p. 507, 920, 1066, 2748, 3495.
Bonds are red. on any int. date at 105 and Int. Mtge. provides for an
annual expenditure, beginning with 1919. of 20% of gross earnings for
DUBUQUE ELECTRIC CO.
maint.. repairs and renewals for exts. and addns, for which no bonds may
be issued, or
honds. V 102.
Company extinct on reorganization o f Interstate Po^ver Co. For history, p. 975. Thefor the purchase or retirement of outstandinginclude 1,411,000
$4,651,000 shown as outstanding does not
&c., see “ Public Utility Compendium” of April 30 1927.
treasury bonds.
. . . . . .
The debentures were not paid at maturity. W e were Informed that
company intends to continue to pay interest on the debentures.
SIO U X C IT Y GAS & ELECTRIC CO.
Dividends.— Pref. divs. are being paid regularly.
Controlled by the United Gas Improvement Co.
EARN ING S.— For 12 months ended July 31:
1926
ORGAN IZATION , &c.— Incorporated in Iowa on July 2 1901.
1927.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— Total revenues-------------------------------------------------- $2,276,412 $2,378,402
700,386
586,550
Supplies Gas and electricity to Sioux City, la. Population served 150,000. Net after taxes------------------------------------------------330,980
331,204
STOCK AN D BONDS.— Date.
Interest. Outstanding.
Maturity. Interest, &c-----------------------------------------------------217,000
217,090
Depreciation----------------------------------------------------Common stock $8,000,000
------------------- $5,800,000 Aug’27 1 z i
/
124,631
131,837
Preferred $6,000,000 7% series..............................
4,832,400 Aug’27 1 H Preferred dividends------------------------------------------1st mtge ser “ A ” . _________ | 1922
6 g M-S
3,484,600 Sept 1 1947
Balance--------------------------------------------------------- .. def$93,267 sur$27,551
Series “ B ” _______________) 1924
6 g F-A
2,550,000 Feb. 1 1949
OFFICERS.— Pres., F. C. Chambers: V.-P. , M . H. MacLean; Sec.
Series “ C ” ________________ 1925 544 g F-A
2,300.000 Feb 1 1950
O. H. Bernd; Treas., E. B. Bieghler.— V. 121, p. 1676; V. 122, p. 2039;
$100.$500&$1.0001 g_c*tfj Int. payable in N . Y . or Chicago.
V. 123, p. 1762.
Guaranteed bonds, see hereunder.




O ct ., 1927.]

POW ER, LIG H T AND R A IL W A Y

DES MOINES & CENTRAL IOW A RAILR O A D .
ORGAN IZATION .— Incorporated In Iowa to construct a system o'
Interurban roads connecting with Des Moines. Was known as the Inter
urban Railway Oo. up to Feb. 1922. when name was changed to present
title. V. 114, p .738 .
The $250,000 6% debentures which fell due Jan. 1 1923 were not retired
at maturity but are being carried along pending an extension of the loan
The Secretary states that “ these debentures are very closely held and are
In friendly hands. It is anticipated that the holders will co-operate with
the co. in its endeavor to work the situation out.” V. 116, p. 295.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
An electric freight and passenger railway. Operates 99 miles of track
(incl. sidings), connecting Des Moines and Colfax, Des Moines and Perry
with branch to Woodward. Standard gauge; 60 and 70-lb. T rail. 10 pass.,
motor cars, 1 pass, coach, 7 locomotives and 201 misc. freight and work cars
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Stock, $1,200,000 ($100)__________
_________ $1,160,000 ---------------1st Mtge bonds $2,500,0001 1921
7H A-O
562,500 April 1 193)
Red at 102M and interest.-/Harris Trust & Sav. Bank, Chicago, Trustee
Debentures, $350,000 ($1.0001 1913
6 J-J
250,000 Jan. 1 1923
and $500)____________ n t f/ln t. at Harris Tr. & Sav. Bk., Chic., Trustee
Bonds.— In addition to the $562,500 1st Mtge. 7 !^s reported outstanding
$795,000 are pledged as security for a Government loan o f $633,500 at 6 ^
and $71,000 additional are deposited in treasury; additional bonds to the
amount o f $100,000 may be issued for full cost o f extensions, additions and
betterments under certain restrictions, and remainder may be issued for
75% o f such cost. Are redeemable at 102)3 and int. on any int. date.
Compare V. 112, p. 1617, 2531.
Debentures are redeemable on any int. date at 101 and int.
EARN INGS.— For 12 months ended Dec. 31 1926, gross, $478,454; net
after taxes (available for int., deprec., amortiz., &c.), $12,404 bond int.
and int. on Govt, loan, $80,198: balance, surplus, $67,794 def.
Latest Earnings.— For 12 months ended July 31 1927: Gross. $440,797:
net, after taxes, before depreciation, $16,930; int., $80,198; balance, deficit,
$63,268.
OFFICERS.— Pres., F. C. Chambers; V.-Ps., H. A . Benjamin and
M . H. MacLean; Sec., O. H. Bernd; Treas., E. B, Beighler..—V. 114, p. 738;
V. 116, p. 295.

CLINTON STREET RAILW AY.
ORGAN IZATION .— Incorp. in Iowa Feb. 4 1891. Under its charter
the company is authorized to conduct a street railway, light, power and
heating business. Franchise covering main street of the city is perpetual:
others expire 1935 and 1938.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
About 16 m. of single-track equivalent and 32 single-truck cars. Current Is
purchased from the Clinton Gas & Elec. Co. Interurban cars from Daven
port enter to centre of city over the co.'s tracks under traffic agreement.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($100)___________
_______
$596,600
See text
First mortgage $400,000 gold) 1906
5 g A-O
400,000 Mar 1 1926
($1,000)_______________ c* /In t. at Illinois Tr. & Sav. Bk., Chic., trustee
Bands.— Callable at 105 and int. on any int. date on 90 days’ notice. A
supplemental mortgage provides that beginning April 1 1918 a fund of 2%
o f the bonds outstanding or retired by this fund be established to be used
for renewals, betterments, &c., or for the purchase o f bonds up to 105 and
interest. V. 104, p. 862.
These 1st mtge. bonds were due March 1 1926, but were not paid off
V. 122, p. 1308, 1608.
Dividends.— Paid 6% dividends from 1907 to 1913, inclusive (except 5% in
1912). In 1913 the stockholders advanced a substantial sum for construc­
tion, &c., and waived dividends while this sum was being paid out of earn­
ings; $41,400 was so paid in 1916.
EARN ING S.— For year ending Dec. 31 1923, gross, $221,582; net, after
taxes, $72,532. In 1922, gross, $226,101; net, after taxes, $68,878.
OFFICERS.— Pres., R. C. Langan; V.-P., Geo. T. Baker; Sec., A. L
Schuyler:Treas., C. O. Coan; Gen. M gr., Bernard Bohnson.— V .112,p .1024
V. 122, p. 1308, 1608.

W ATERLOO CEDAR FALLS & NORTHERN RAILW AY
New Control.— On Oct. 27 1923 control of the co. passed into the hands
o f the 1st mtge. bondholders protective committee (see below) by the
transfer to the committee of 21,700 shares out o f a total of 23,330)3 share*
of com. stock outstanding. For statement o f committee regarding the
property and its possibilities see V. 117, p. 2214, also V. 122, p. 1208.
ORGANIZATION.— Incorp. in Iowa In 1895 as Waterloo & Cedar Fall*
Rap. Transit; name changed to above in 1904 by amending articles of incorp
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
lin e opened between Waterloo and Cedar Rapids Sept. 13 1914. Con­
nects at Cedar Rapids, la ., with the Chic. & N . W. R y., C. R. I. & P. Ry
and Chic. Milw. & St. Paul R y. Owns and operates a line on private
right-of-way from Waverly to Cedar Rapids, 83 miles, with a branch from
Waterloo to Cedar Falls and Normal, 9 miles, and a belt line of 7 miles
around Waterloo. Also owns and operates under satisfactory franchises,
23 miles o f railway in the cities o f Waterloo and Cedar Falls; total track,
138.67 miles. Has joint traffic agreements with the Chic. & North Western.
C. M . & St. P ., Chic. Gt. West., Illinois Cent, and the C. R. I. & Pac.
railroads for interchange of freight, passenger, mail and express business.
60, 75 and 85-lb. T rails, 51 passenger cars and 8 buses, 4 baggage and
express and 130 freight cars, 8 electric engines, and necessary work cars.
Bnow plows, sweepers, &c. V. 105, p. 2186.
Interest.— The July 1 1918 and Jan. 1 1919 int. due on the c o .’s bonds was
not met when due, but has since been paid. Coupons due July 1 1919 and
Jan. 1 1920 were extended 4 years by scrip certificates issued. Subsequent
Interest paid when due up to July 1 1921. None paid since. Jan. 1922 int.
having been defaulted, the following committee was formed:
Committee for First Mtge. 5s.— Chairman, Edward Y. Kane; A. B. Conant,
Arthur V. Morton, J. C. N eff and R. E. Wilsey; Sec., Henry J. Lurker,
1421 Chestnut St., Phila., Pa. V. 117, p. 1463. Compare Y. 114, p. 1763
Depositaries: Penna. Co. for Ins. on Lives & Granting Annuities, 517 Chest­
nut St., Phila.. Pa., and First Trust & Savings Bank, 56 W. Monroe St.

C hicago, 111.

Deposits have been called for.

As o f Oct. 1 1927 $5,241,000

out o f a total o f $5,773,000 outstanding 1st mtge. bonds have been deposited
with the protective committee. V. 125, p. 1973. See also V. 115, p.
2794; V. 116, p. 1277; V. 117, p. 1463, 1993, 2214; V. 118, p. 3199.
New Mortgage.— The company filed for record a gen. mtge. to the First
Trust & Sav. Bank, Chicago, and M . Traylor, Chicago, trustees, to secure
an issue o f $15,000,000 gold bonds dated May 1 1920, due May 1 1950, but
subject to prior redemption. The issue was created for refunding purposes.
$2,200,000 are held in treasury. For further details see V. I l l , p. 794.
On Aug. 20 1921 the company was auth. (1) to issue $2,200,000 gen.
mtge. 7% bonds for pledge with the U. S. as collateral security for $1,845,000
In loans from the U. S.; (2) to issue and sell at par for cash $700,000 common
stock; and (3) to issue lease warrants or notes aggregating $132,159, in con­
nection with the procurement o f equipment. V. 113, p. 962.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common ($100) $3,335,000________
_______
$2,333,050 ---------------Pref stock $1,665,000 cum_________
6%
664,000 See text
First mtge gold $6,000,000/ 1910 5 g J-J
5,773,000 Jan 1 1940
($1,000)_____________c*.tf\Int. at First T r. & Sav. Bk., Chic., trustee.
Second mortgage (closed)-----------------------2,200,000 ---------------General mortgage $15,000,000 1920
_______
See text M ay 1 1950
4-year scrip__________________ _____
_______
See text
---------------Bonds.— Remaining bonds can be issued at 82)3% o f cest of extensions.
Subject to call upon 60 days’ notice at 105 and int. Annual sinking fund of
7% o f bonds out began with fiscal year ending Dec. 31 1912. Louis Boisot
is also trustee.
Dividends.— 6% per annum was paid on pref. stock from 1913 to 1916,
Inclusive; 1917 dividends deferred (V. 106, p. 398). None since.
EARNINGS.'—For calendar years:
1926.
1925.
1924.
1923.
1922.
Gross_______________ $914,698 $827,353 $860,308 $896,104 $841,217
Net (after taxes)____ 115.550
28,288
29.093
29,059
61,692
Latest Earnings.— For 7 mos. ended July 31 1927: Total rev., $553,200;
net after expenses & taxes, $61,936; int. St other deductions, $277,612;
bal., def., $215,676. For 7 mos. to July 31 1926: Total rev., $516,679;
net after exp, & taxes, $60,373; int. Sc athes deductions, $277,424; bal.,
def., *217,050.




OFFICERS.—Pres. & Gen. M gr., O. M . Cheney; V .-P ., C .D . Cass,
V.-P., R. E. Wilsey; Sec. & Treas., J. B. Knowles.— V. 115, p. 2794;|V.
116, p. 517, 937, 1277, 1412, 1762; V. 117. p. 1463, 1665, 1993, 2214;
V. 118, p. 3199; V. 122, p. 1028; V. 125, p. 1973.

NEBRASKA
NEBRASKA POWER CO.
Control.—American Power & Light Co. owns a large majority o f the
common stock.
Operations under supervision of the Electric Bond and Share Co.
O RGAN IZATION .— Organized in Maine April 23 1917 to succeed the
Omaha Electric Light & Power Co. Owns the entire capital stock, except
directors’ shares, of Citizens Gas & Electric Co. of Council Bluffs.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. does substantially the entire electric power and light business in the
city of Omaha and twenty suburbs. Estimated population, 266,000.
Through its subsidiary. Citizens Gas & Electric Co. of Council Bluffs,
supplies the entire commercial and municipal electric power and light and
gas Service in Council Bluffs, Iowa; estimated population, 41.000. Co.
owns electric generating stations of a total capacity of 73,266 k.w.; 217
miles of transmission and 743 miles of distribution lines. Output 12 mos.
ended June 30 1927' 194,550,300 k.w.h.; electric consumers, 59,111.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Com 2,000,000 shs (no p a r ) . . ____
______ 1,000,000 s h s . _______ .
7% cum pf $15,000,000 ($ 1 0 0 )____
7 Q-M
$5,700,000
See text
6% pref $10,000,000 ($100)_______
6%
None
______
First mortgage---------------------- Guaranty Tr. Co. & F. J.H. Sutton,N.Y, Tr.
5sser A($500, $1,000,& c.)tf 1919
5 g J-D
9.600,000 June 1 1949
6s ser B($500, $1,000,& c.)tf 1919
6 g J-D
1,950.000 June 1 1949
6% g deb series A ($500,/ 1922 6 g M-S
3,500,000 Sept 1 2022
$1,000, & c.)----------------- tf\U. S. Mtge. & Tr. Co., N. Y . City, Trustee
Stock.— Of the outstanding $5,700,000 7% pref. stock $5,200,000 is in
hands of the public. The 7% cum. pref. is preferred as to assets and
cum. divs.; is red. at 110 & divs.
Bonds.— lsr mtge. bonds are secured by a first mortgage on the entire
physical property, rights and franchises of the co. Additional 1st mtge.
bonds may be issued in seres of varying tenor, but all bonds shall be
due June 1 1949. Additional bonds may be issued for 80% of additions,
&c., provided net earnings for 12 consecutive within preceding 15 months
have been no less than twice annual interest on all prior lien and 1st mtge.
bonds, incl. proposed issue. To an improvement and sinking fund which
began June 1 1924. co. has to pay annually the following amounts: June 1
1924 to 1928 incl., 1% ; June 1 1929 to and incl. 1948, 1)3% of all 1st
mtge. bonds outstanding. Moneys to be used for new acquisitions, &c.,
or for purchase and cancellation of 1st mtge. bonds.
5% series A are callable on 4 weeks’ notice at 105 and int. to and incl.
June 1 1939 and thereafter at 102)3 and int. In Feb. 1925 Harris, Forbes
& Co. and Coffin & Burr, Inc., offered $2,000,000 additional 5% series A
at 98)4 and int., yielding about 5.11% . V. 120, p. 829.
6% series B are callable on 4 weeks’ notice at 105 and int. on any interest
date to and incl. June 1 1935 and thereafter at 102 )3 and interest.
The 6% g. debentures, series A , dated Sept. 1 1922, are not red. prior
to Sept. 1 1947. On and after Sept. 1 1947 are red., whole or part, on
30 days’ notice at 110 and int.; thereafter at par and int. Additional
debentures may be issued from time to time in series of such tenor as co.
may determine prior to issue thereof, but only provided net income applicable
to interest charges for 12 consecutive withiD preceding 15 calendar months
have been not less than twice all annual interest charges, incl. int. on
proposed debentures.
Dividends.— Regular quar. dividends of $1 75 have been paid on the
7% cum pref. stock since issuance in 1917.
EARNINGS.— For calendar years:
„
*1927.
1926.
1925.
1924.
Gross earns, from oper__ $4,676,049 $4,397,178 $4,165,173 $3,939,010
Oper. exp., incl. taxes.. 2,387,383
2,260,645
2,183,855
2,107,858
Net earns, from oper. $2,288,666
Other income---------------182,541

$2,136,533
204.793

$1,981,318
226,100

$1,831,152
144,445

Total income-------------- $2,471,207 $2,341,326 $2,207,418 $1,975,597
Interest on bonds--------800,889
767.553
740.053
632,000
Other int. & deductions.
99,951
80,095
77,906
45.002
Divs. on pref. stock-----346,000
363.738
358.069
335,747
Renew. & replace, r e s ..
--------300,000
300,000
300,000
Balance, surplus------- $1,206,367
$829,940
$731,390
$662,848
* For 12 months ended Aug. 31 1927.
OFFICERS.— Pres., Walter W. Head; V .-P . & Gen. M gr., J. E. David­
son; V.-P., E. W . Hill; V .-P., A. S. Grenier: Sec. & Treas.. S. E. Schweitzer.
— V. 120, p. 829, 2684; V. 122, p. 3340: V. 123, p. 1877; V . 125, p. 95.
1709, 1838.
CITIZENS GAS & ELECTRIC CO. OF COUNCIL BLUFFS.
Control.— Nebraska Power Co. owns the entire capital stock except
directors' shares.
Operations under supervision of Electric Bond and Share Co.
ORGANIZATION.— Incorporated In New Jersey in 1900.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Co. supplies the entire electric power and light and gas service in Council
Bluffs, Iowa; population served is estimated at 41,000. Company buys
all its electrical energy from Nebraska Power Oo. Co. owns 23 miles of
electric transmission and 123 miles of electric distribution lines.a Capacity
of gas plants, 2,800,000 cu. ft.; of gas holders, 300,000cu. ft.; gas sent out
for 12 months ended June 30 1927, 262,127,100 cu. ft .; 94 miles of gas mains.
Total consumers. 19,253 (10,873 electric and 8,380 gas).
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stk 25,000 shs (no p a r ) ____
_______
25,000 shs. . .
Council Bluffs G & E Co 1st? 1898
5 M -N
139,000 Nov 1 1928
M $300,000 ($1,000c)__ntf (Int. at New York Trust Co., Trustee
Bonds.— The Council Bluffs Gas < Electric Co. 1st mtge. bonds have a
&
sinking fund of $5,000 per annum.
EARNINGS.— For calendar years:
1926.
1925.
1924.
1923.
Gross earnings________
$885,475
$826,125
$784,462
$752,083
Oper. exp. & taxes _
_
656,288
625.828
627,157
597,998
Net earnings________
Other in c o m e _________

$229,187
5,380

$200,297
11.884

$157,305
10,051

$154,085
95

Total income______ __
Bond interest
Other int. & deductions.
Renew. & replace, res_
_

$234,567
6,973
80,719
40,000

$212,181
15,763
68.784
40,000

$167,356
28,513
32,766
30,000

$154,180
28,908
14,627
30,000

Balance, surplus_____
$106,875
$87,634
$76,077
$80,645
Note.— Gross earnings 1926 were derived 64% from sale of electric power
and light and 36% from gas sales.
OFFICERS.— Pres., F. F. Everest; V .-P . & Gen. M gr., J. E. Davidson,
V .-P ., A. S. Grenier; Sec. & Treas., S. E. Schweitzer.— V. 122, p. 3337;

OMAHA & COUNCIL BLUFFS STREET R A ILW AY .
ORGANIZATION.— Incorp. in Nebraska. Owns lines formerly oper­
ated by Omaha St. R y . C o.; leases the Omaha & Council Bluffs R y. & Bridge
Co. in Council Bluffs, Iowa, until 1947, together with its bridge over Mis­
souri River, rental being $60,000 per annum, in addition ta all fixed charges
Bondholders committee formed in Aug. 1927 at. request o f holders of
large amount of the 1st consol, mtge. 5% gold bonds, due Jan. 1 1928.
Committee agrees to extension of maturity for period of 3 years at 6% int,
V. 125, p. 914.

242

PUBLIC U TILITIE S

FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.A trolley road. Operates 163.81 miles of track, embracing all the street
railways in Omaha. Neb., and in Council Bluffs, la., including the Omaha
and Council Bluffs bridge.
Litigation.— An amended petition seeking a court decree ordering th»
company to turn over to the city its entire street railway property in
Omaha was filed in Jan. 1918 by Corporation Counsel Lambert. A judg
ment for the company’s earnings since Jan. 1917 was also asked. The
action was based on the provision of the franchise granted the Omaha
Horse Car Co. (this company's predecessor), by which its property was to
revert to the city on Jan. 1 1917. V. 106, p. 86. A ruling has beer
handed down by the court which holds that the right of reversion does not
extend to any part o f the present property of the Omaha & Council Bluffs Ry
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
_______
$5,000,000
See text
Common $10,000,000 (SI00)______
Pref 5% cum from Jan 1 1 9 0 4 1 ____
5 Q-J
4.000.000 See text
$5,000,000 ($100)________ /
First cons mtge $10,000,000 g( 1902
5 g J-J
8 995,000 Jan 1 192^
($1,000) no sink fund_c*.tf/Interest at Guaranty Trust Co., New York
Stock.— $5,000,000 com. and $1,000,000 pref. stock are set aside toi
additions and improvements.
Bonds.— Of the first consols. $1,005.000 owned and in treasury.
Dividends.— First dividend on pref. stock, 1)4% , was paid April 1 1904
and same amount quar. to and incl. July 1918. None to Oct. 1919, wheat
2 Vi % was paid
In Dec. 1919. 2 Vi % . In 1920. April 2 > %: July. 1 H%
4
Oct , \M%\ Dec., 1 M % . In 1925 paid 5% , and also for 1926 March
1927, 1V£%. On com., first div., 2 ^ , paid July 1907. In 1908 to 1911,
4% per ann. In 1912, 1913 and 1914, 5% . In 1915, 4 )4 % . In 1916 and
1917, 4 % . In 1918. Jan. and April, 1% . None since.
EAR N IN G S.— For calendar years:
Gross Net after Other 'Rentals,
Pref.
P. & L. Balamct
Earnings. Taxes.
Inc. lnt., &c. Divs.
Ad/usts. Surplus
1926___ 3,917.328 858,308 15,681 612,486 a200,000
Dr4.190
57.313
1925____ 4,055.705 955,182 15.079 627.907 O200.000
Cr35.501 177.86,
1924_____4.341.473 981.261 22,894 633.921 a200.000 0125.748 295.985
Dr21 133 82C
1923_____4,498.411 934.890 36,441 637.490 a200.000
1922___ 4,568,521 880,313 42,140 637.480 6350.000 05 4.453 defl0.574
a 5 % . 6 8 )4 % .
OFFICERS.—Pres., F. P. Hamilton; 1st V.-P & Gen. M gr., R. A
Leussler; 2d. V.-P., J. A. Munroe; Sec. & Aud., W. G. Nicholson; Treas .
A. S. Widenor: Asst. Gen. M gr.. F S. Weltv.— V. 113, p. 1361, 1675;
V. 120. p. 3315: V. 124, p. 507. V. 125. p. 914.
(1) OMAHA & COUNCIL BLUFFS RAILW AY & BRIDGE.
ORGAN IZATION .— Incorp. in Iowa in 1902. Is leased to the Omahs
& Council Bluffs Street R y . For terms of lease, see statement of the latter
above. Owns entire capital stock of the Omaha Council Bluffs & Suburban
R y. and the Lake Manawa & Manhattan Beach Ry. Lake Manawa &
Manhattan Beach has no funded debt.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
An electric road. Comprises 33 21 miles of track, including the trackage
of the Omaha Council Bluffs & Suburban Ry and the Lake Manawa &
Manhattan Beach Ry., embracing the entire street railways of Council
Bluffs. Also owns bridge between Omaha and Council Bluffs over the
Missouri River. Franchises run until 1946.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$1,500,000
Common $1,500,000 ($100)_ ____
_
Pref 4% cum from Feb 1 19071 ____
F-A
1.500.000 Aug ’27. 1
$1,500,000 ($100)________ /
First consol mtge $2,000,0001 1902
5 J-J
1.808.000 Jan 1 1921($1,000) gold_______ c * .tf/ Interest at Central Trust C o., N . Y ., trustee
Bonds.— Of the new first consolidated mtge. for $2,000,000, $192,000 ar.
reserved for improvement . V 89, p. 1234, 1281; V. 94, p. 1119.
Dividends— Dividends have been regularly paid on pref. stock since 1902
OFFICERS.— Pres., Geo. S. Wright; V .-P.. F. F. Everest; Sec.. O. T
Stewart; Treas., B. P. Wickham.— V. 113, p. 1675: V. 119, p. 455, 1065
1282, 1510.

THE LINCOLN TRACTIO N CO.
Control.— Controlled by the Continental Gas & Elec. Corp., a subsidiary
of United Light & Power Co (M d.). V.119 p 1625 1953: V. 121 . p. 1227
Lincoln Gas & Electric Light Co. another subsidiary of Continental Gas
& Elec. Corp. was consolidated with the electric and heating properties of
Lincoln Traction Co. in a new company, the Lincoln Public Service Co.,
as was announced In Dec. 1925.
ORGANIZATION — Incorporated in Nebraska in 1909. Is a consoll
dation o f the old Lincoln Traction and the Citizens’ Ry. Co. V. 88. p. 506
Holders of the old Lincoln pref. stock ($700,000) received 110 in the new
bonds. Holders o f the old Lincoln com. ($330,000) received, for every share
of old, two shares of new pref. and four shares of new common. Holders
o f Citizens’ Ry. stock ($415,000) received 100% in new pref. and 80% ir.
new common.
FTELD OF OPERATIONS.— Owns 49.46 miles o f track.
Valuation.— See V. 117, p. 2769.
Date.
Interest. Outstanding. Maturity
STOCK AND BONDS—
_______
$998,900 Dec ’ 16. 1%
_ ___
Common $2,000,000 ($100)_
P r e f $ 2 ,0 0 9 ,0 0 0 ($ 1 0 0 ) 6 % c u m
1st m o r t g a g e $ 1 . 5 0 0 . 0 0 0 g o l d )
($1 .0 0 0 ) - ....................... c & r tf f

_____

Q -F

1 .5 7 8 .0 0 0

______________

1909
5 g J-J
8 )9.000 Mar 1 1939
Interest at New York Trust C o., trustee
Bonds.— All owned by Lincoln Public Service Co.
Dividends.— 1 H% paid quar. on pref from May 1 1909 to Nov. 1 1917
Incl Feb 1918 div. passed Divs. on pref. resumed In Feb 1923 (at which
time a stock div of 30% was paid for back divs.). and paid regularly since
to and Incl . May 1924. On com m on, 2% paid Sept 1912, 1 % paid March lfi
1914 and 1% paid Sept. 1 1914. In 1915. 3% ; In 1916. 5%
EARN INGS.— For cal. years:
Gross.
Nei
lnt.<!k Taxes
Ba tunc*
$288,547
$159,104
$129,443
1923 ______
$1,061,446
313.440
169.102
144.338
1922 ____________________ 1.119,316
177.587
108 939
1921.................................
1.157.659 286.526
Latest Earnings.— For 12 months ended Dec. 31 1924. gross, $934,302:
net. before taxes. $237,146.
OFFICERS.— Pres., W. E. Sharp; V .-P ., O. N. Chubb; Sec. & Treas.,
L. II. Helnke; Gen. Supt., E. R. Heiny.— V. 117, p. 2769; V. 119, p. 1625,
1733. 1953; V. 121, p. 1227.

[V ol. 125,

NORTH DAKOTA
M cG R A W ELECTRIC CO.
ORGANIZATION.— incorp. in Delaware to consolidate under one own­
ership and management the public utilities formerly operated by the I latte
Valley Power & Light Co and the Central West Public Service Co. and
their subsidiaries, as well as a number of other independent utilities
These
utility properties are now all owned by Central West Public Service Co.
In addition, co. owns the electrical supply and engineering construction
business formerly owned by The McGraw Co. at Sioux City, Iowa, and
Omaha. Neb
FIELD OF OPERATIONS AiND C H ARACTER OF BUSINESS.—
Central West Public. Service Co., whose entire outstanding common stock
(except directors’ qualifying shares) is owned by McGraw j/lectric Co.,
owns and operates public utilities serving 148 cities and towns in Io .a,
[Nebraska,, Minnesota, South Dakota and .North Dakota; they supply 71
communities with electric, 70 with telephone. 5 with gas and 1 witn water
ser ice. Population served, approx. 170,000: total customers.exceeds
38,000. Included in co.'s territory are Norfolk and Columbus. Neb.;
Hapid City and Hot Springs, So. Da*., and Jamestown, No. Dak. 15
electric generating plants with 8 others operated part time as reserve sta­
tions. The balance of the electric energy distributed is purchased under
favorable contracts; nearly 681 miles of transmission .ines and about 40
additional miles under construction: a large mileage of distribution lines
serves the various Gties and tnwmg < o. manufactures vas w.ik-Vi it dis­
tributes through about 60 miles of mains, with annual gales of about 100,000 000 cu ft. Modern ti lephone equipment; long distance service handled
over lines of the Bell Telephone System and other companies through joint
operating agreement's
Co. is an exclusive distributor of the lines of the
Westinghouse companies and handles. In most cases exclusively, the prod­
ucts of other leading manufacturers of electrical equipment in a wide
territory in Iowa. Nebraska, Minnesota, South Dakota, North Dakota
and Wyoming. Also engages in engineering construction. V. 123, p. 2654.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ 10.000 shs __________
Class A com 10.000 shsfno p a r ) ____
Class B com 10 000 shs( to p a r ) ____
_________ 10,000 shs ___ ______
$7 di . pref 50.000 shs ,io p a r t . ___
$7
16,800 shs ________
3 yr 6 l4% secured void •otesl 1926
6)4 M N $1,400 000 Nov 1 1929
$1,400,000 ($1 000 $500c*>State Bank of Chicago, trustee.
tfj

Cent West P 8 Co 1st lien colli
30 T 5 '4 % g ser V $4,650. V 1926
5M M N
4.000.000 Nov 1 1956
000 ($1,000-500-100 c*)_tf (First Trust & Sav. Bank, Chicago, trustee.
Cent West !’ 8 Co 10-yr co iv| 1926
6 M-N
1,809,000 Nov 1 1936
deb $1,800,000 ($1.000-)Central Trust Co. of Illinois, trustee.
tfj
$500 c*) _________ _
Notes.— The 3-year 6 '4 % sec. g. notes, dated Nov. 1 1926 are secured by
deposit of the entire outstanding common stock (except directors' shares)
of Central West Public Service Co. and all except $40,000 par value of the
outstanding 7% pref. stock. Red. whole or part on 30 days' notice on any
int. date at 103 & int. prior to Nov. 1 1927; at 102 prior to Nov. 1 1928;
at 101 prior to Oct. 1 1929. Penn. & Conn. 4 mills. Maryland 4 4 mills,
Calif. & Kentucky 5 mills, Kansas 2 4 mills. Mass. 6% . Newi Hampshire
3% taxes and anv similar taxes hereafter imposed in Maine not exceeding
5 mills, refundable. In Nov. 1926 A. B. Leach & Co., Inc., and Porter,
Fox & Co. offered $1,400,000 of these notes at 100 & int. V 123, p.2654.
The Central West Public Service Co. 1st lien collateral 30-year 5 4 ' . gold,
bonds t p a dire t, ibli rntioti of Central V est Public Service Co and are
secured by an absolute 1st mtge. on all properties owned directly by co.
and by pledge of all bonds, mortgage notes and capital stocks outstand­
ing 'except -iroett>rs snores and negligible minority interests) of ail its sub­
sidiaries, except two s nail comparers. No additional stocks or bonds nay
be issued by said subsidiary companies unless deposited with trustee under
the 1st lien coilat. Indenture $650,000 additional series A bonds mav be
issued at any ti ne for acquisitions of additions to, & c.. o f physical properties
or for acquisition of securities of other public utility companies, whenever
net earnings are equal to at least twice total annual interest requirements
on all bends outstanding incl. proposed issue. Bonds of la„er series,
additional to $4.‘150,000 series A bonds authorized may be issued for 75%
of acquisitions of a I litio s improvements, &e., to physical properties, or
auyiisitio s of securities of otner utility companies whenever net earnings
are equal to at least twice total annual Interest of all bonds outstanding,
incl. proposed issue.
5 4 % Series 4 are red., whole or part, on 30 daws’ notice on any int. date
at 105. Penn, and Conn. 4 mills, Maryland 4H mills, Calif, and Ken­
tucky 5 mills. Iowa 6 mills, Kansas 254 mills, Mass. 6% , Ne* Hampshire
3% , Maine 5 mills or 6 % ,taxes refundable. In Dec. 1926 A. B. Leach &
C o.. Inc.. Halsey, Stuart & Co , Tuc.. ano Porter, Fox & Co.. Inc., offered
$4,000,000 series A at 09 and int. V 123, p. 3180.
The Central West Public Service Co. 10 year convert, debentures dated Nov. 1
1926 are convertible at option of holder into series a pref. stock (par $100)
of Central West public Service C o. at the rate of one such prpf. share for
each $100 debentures, with adjustment of dividends ana interest. Appli­
cation for such conversion rruist be maae prior to Nov. 1 1936. or 10 nays
before redemption date, if calw l for redemption. Red , wholp or part, on
30 days’ notice on any int. date at 110. Penn, and Conn. 4-mills. Mary­
land 4'4 mills Calif. & Kentucky 5-mills. Iowa 6 mills, Kansas 2 4 mills,
Mass. 6% . Npw ft
m hire 3% and Maine 5 mills or 6 " taxes refundable.
s
In Dec. 1926 A. B Leach & Co., Inc., and Porter. Fox & Co., Inc. sold
$1 .800,000 at 6 7 4 and int.. to yield about 6.35%. V. 123. p. 2895. The
Central West Pub. Serv. series A pref. stock is entitled to cumul. divs.
payable quarterly at r ite of 7 I per annum for 2 years after conversion, and
thereafter at rate of 8% per annum, and is red. on 30 nays’ notice at 115 and
( ntitled to $115 & divs. in case of voluntary, and $100 in ease of involun­
tary liquidation.
EARNINGS. —Consolidated earnings for 12 mos. ended July 31 1926:
Net earnings of Central West Pub. Serv. Co. avail, for divi­
$155,153
dends an capital sto< k________ _________________ _________
Net earnings of electrical supply and engineering construction
business, after depreciation________________________________
137,877
Total available for int. on notes____________________________
Maximum annual interest on 3-year 6)4% notes____________

$293,030
91.000

Balance ______________________ _______ ____ - - - - _r.. $202,030
OFFICERS.— Pres.. Max McGraw; V.-Ps., A . J. Cole, A. C. Ruble and’
W. N. Albertson Sec., H. B. Carter; Treas., C. A . Fried. Office. Sioux
City, Iowa.— V. 123. p. 2654.

OMAHA LINCOLN & BEATRICE RAILW AY.

SOUTH DAKOTA

ORGAN IZATION , &c.— Seven miles from Lincoln to Bethany Heights
Is completed and in operation. Of the 7 miles just mentioned. M of a mile
Is an extension into the main business centre of University Place. On this
latter company was to inaugurate a bus service In the fall of 1926. V. 123,
p. 1763. Standard gauge. 70-lb. T rail. Franchises 99 years and per­
petual
CA PITA LIZA TIO N .— Stock auth., $2,250,000 ($100); outstanding.
$200,000
In Dec. 1916 the Nebraska R R . Comm. auth. the company to
Issue $2,000,000 common and $500,000 pref. stock and $2,500,000 bonds
for the completion o f the One from Omaha to TJneoln but not ineluding the
extension to Beatrice. No bonds, however, have ever been issued. Of the
capital stock $20,000 common and $15,000 preferred stock were issued.
E A R N IN G S.— For calendar year 1925 Income from all sources amounted
to $43,291 Moss after taxes. $521. Figures for 1924 were not received. For
calendar year 1923, gross, $42,051; net, after taxes, loss, $3,540.
OFFICERS.— Pres. Harvey Musser; Sec.. J. O. Musser. Treas. & Gen.
Mgr. .1. M Bramlette. Office 231 North 14th St.. Lincoln.— V . 103,
p. 844; V. 104, p. 73; V. 108, p. 1275; V . 123. p. 1763.

Control.— All of the common and preferred stocks are owned by General
Public Utilities Co . which company Is controlled by Day & Zimmermann.
O RGAN IZATION .— Incorp March 10 1908 in Maine
Owns all the
common stock of The Dakota Power C o., Nebraska Light A Power C o.,
Gothenburg Light & Power Co , Southwestern Public Service Co. and
$210,000 of the pref stock of Southwestern Public Service Co.
vffsi n OF o ' i RK y n o v o W D CHARACTER OF BUSINESS.—
Owns hydro-electric plant at Pluma, S. Dak., with capacity of 5,000 k.v.a.
Operates in the Black Hills district of S. Dak.
s t o c k W D BO V IN Dale.
Interest. Outstanding. Maturity.
Common 20,000 shs (no par)— ------------------ 20,000 shs __________
795.000 __________
Pref $2,000,000 cum ($100)________
7 Q-M
1.500.000 June 1 1929
1st uitge *5.000.000 ($1,000)1 1910 5-6 g J-D
gold sinking fund_______ c*JInt. at Old Colony Trust C o., Boston, trust.




CONSOLIDATED POWER & L IG H T CO. OF SO. DAK.

Stock.— Preferred as to assets and 7% cum. divs. Subject to call at 110
on any div. date upon 60 days’ notice.
Bonus — 1st mtge 5s have sinking fund since 1913 of 1 % per annum of
amount outstanding. Callable on any int. date at not exceeding 105. Of
amount shown above as outstanding, $36,000 carries an additional 1%
interest coupon (total interest. 6% ); all the other bonds are 5s.
EARN INGS.— For calendar year 1926:
$313,426
Gross__________________________________________________
194.528
Net after expenses and taxes (other than Federal income)
. 211.000
Income from investments-----------------------------------------------. 222.451
Fixed charges__________________________________________
. 12.037
Renewal reserve________________________________________
. 155.650
Dividends______________________________________________
Balance, surplus______________________________________________$15,390
OFFICERS.— Pies., F. W . Woodcock; V.-Pies. & Treas., Milwaid
Oliver; V.-Pres., C. Schubert; Sec., C. A. McClure. Office, 1600 Walnut
St., Philadelphia. Pa.— V. 119, p. 460, 698, 3008; V. 121, p. 838; V. 122,
p. 2649.

KANSAS ELECTRIC POWER CO.
Controlled by National Electric Power Co. V. 121. p. 329.
Operated under the general supervision and management of Electric
Management & Engineering Corp. o f New York.
ORGA VTZATTON.— Incorp. in Kansas on June 16 1922 as successor to
Kansas Elec. Utilities Co. (incorp. in Kansas Sept. 1915). In 1922 Kansas
Elec. Pow. Co. acquired the properties of Leavenworth Light, Heat &
Power Co. and Bonner Springs Electric & Mfg. Co. In 1926 acquired prop­
erty of Eastern Kansas Power Co. Owns 90% of entire capital stock of
Ohio Electric Power Co. which has acquired the property of the Miami
Valley Electric Co. and Union City (Ohio) Electric Co., and entire capital
stock of Union City (Ind.) Electric Co. Other acquisitions, see V. 123,
p. 2391; V. 124. p. 1666.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Supplies electric light, power and street railway transportation to the cities
of Leavenworth Lawrence. Emporia Council Grove and Parsons Kan.
conducts the gas business in Leavenworth and a bus system In Emporia,
and serves without competition an estimated population of 145.000.
Through its subsidiaries the co. supplies electric light and power to 45
communities in Indiana and Ohio. Francises expire In 1938 1940 1952.
1957. Street railway in Parsons was abandoned in 1918. Number of con­
sumers, incl. subsidiaries: 33.983 electric, 4,724 gas. Miles of transmission
lines, 662. Power plant capacity, 27.818 k.v.a. Two principal power
plants and 5 reset ves. Total k.w.h. output 70,944.714. Substation ca­
pacity, 17,650 k.v.a. Number o f street lights, 4,662. Miles of gas mains,
51. Number of communities served, incl. subsidiaries. 101.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Common (no par)___________ _____
_______
52.500 shs. Aug. 26 50c.
Pref 7% $5,000,000 cum ($ 1 0 0 )____
7 Q-J
$1,946,200 Oct ’27. 1H
First mtge $25,000,000 ($100, (Am. Exch. Pac.Nat. Bk . of N .Y .. trustee.
$500 & $1,000) g-_c*& r*tf(
1922 6 g J-D
3.000.000 June 1 1937
Series A___________________
Series of 1943______________ 1923 6 g J-D
1.500.000 June 1 1943
5 g J-D
1,000.000 June 1 1951
Series of 195 i ____________ 1 1926
Stock.— Pref. stock is redeemable, all or part, upon 30 days’ notice at 115
and divdends. V. 115. p 1539.
Bonds.— The 1st mtge. bonds are secured by a direct first mortgage on al
CO.’s property: in addition all outstanding capital stocks of sub. cos. (except
directors’ shares) are pledged under the mortgage. Series A bonds limited
to $3,000,000; all other series may only be issued for no more than 80% of
the cost price or fair value of new property additions. Ac., provided net
earnings are at least twice annual interest on all 1st mtge bonds outstanding,
Incl. new issue. 8% of gross oper. rev. to be expended or set aside annually
for maintenance or for renewals and replacements to the properties
Series
A . dated June 1 1922. are not subject to call. First mtge. bonds, series of
1943. are red., all or in part, on any int. date on 3 weeks’ notice at 105 and
Int. Penna and Conn. 4-mills tax refunded. V. 117. p. 1468. 5% Series
of 1951. dated June 1 1926. are red., whole or part on 3 week's notice at
105 to and incl. June 1 1936. at 14 % less each succeeding year to and incl
June 1 1949, and thereafter at par plus int. in each case. Penna. and Conn.
4-mills and Md. 44$-mills taxes refundable. In Aug. 1926 W C. Langley
& Co.. Bonbright & Co . Inc., and A C. Allyn & Co., Inc., offered $1 .000.000 5% series of 1951 at 96 and int.. to yield about 5.30% . V . 123. p. 1503.
Dividends.— An initial div. of 1 M % was paid on the pref. stock In Jan.
1923 and divs. at same rate have been paid regularly quarterly since. On
common dividends at the rate o f 7% per annum were paid to Dec. 1924;
in 1925. $8.33 was paid.
EA R N IN G S.— For calendar years:
1926
1925.
1924.
1923.
Gross earnings_________ $2,361,448 $2,094,484 $1,820,920 $1,561,776
Oper. expenses and taxes 1,416.295 1,314.366
1,219.291
1,040.542
$945,153
295.749

$780,118
270.000

$601,629
255.917

$521,234
193.015

Surplus and raserves. _
$649,404
$510,118
$345,712
$328,219
OFFICERS.— Pres., Harry Reid: V.-Pres., P. B. Shaw, A. E Burnes
*.
and W. C. Blanchard; Treas., C. B. Zeigler; Sec.. R. F. Rice: Asst. Sec.,
W . W. Bell; Asst. Treas. & Asst. Sec., L. S. Pu,cell. Executive office,
57 William St., N. Y. City.— V. 118, p. 438, 1019: V. 121, p. 329, 2495;
Y . 123, p. 1503, 2391; V. 124, p. 1666.

KANSAS GAS & ELECTRIC CO.
Controlled by American Power & Light Co.
Operations supervised by Electric Bond and Share Co.
ORGAN IZATION .— Incorp. In West Virginia Dec. II 1909. In July
1926 co purchased from the City of Burns Kan. its electric system and
obtained a long term franchise; also purchased the plant o f Elk City In
southeastern Kansas. V 123. p. 710.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Company supplies electric light and power service in the cities of Wichita,
Pittsburg and Newton. Kan., and 60 other cities and town in Kansas.
Total number o f cities and towns served, 63; population over 226.000.
Generating stations of a combined capacity of 50.740 k.w.; 877 miles electric
transmission lines: 782 miles of electric distributing lines. In 1925 sold its
gas properties to subsidiaries of the Cities Service Co. V. 119. p. 2529.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ( $ 1 0 0 ) - .____
_______ x$3.000 000 ____ . . .
P ref7% cum $10,000,0 0 0($1 00)___
7 Q-J
6.646,600 O ct’27 $1.75
1st Mtge Ser “ A ” ($500 and! 1922 6 g M-S
14,000.000 Mar 1 1952
$1,000) gold_____c*& r*.tf/G uaranty Trust Co., New York, Trustee
Debentures Series “ A ” ($100, [ 1922 6 g M-S
3,000,000 Sept 1 2022
$500 & $1,000 c* and $1,-(Central Union Trust C o., New York,
000 & $5,000 r*) g ______tf I Trustee.
x All owned by American Power & Light Co.
Stock.— Pref. is call on any div. date at 115 and dividends.
Bonds.— 1st Mtge. Ser. “ A ” 6s have annual sinking fund since Jan. 1 1925
to purchase Ser. “ A " bonds if offered at or under par and accrued int. of
1)4% of the amount outstanding on the preceding Dec. 31 up to and incl.
Jan. 1 1937, and thereafter of 2% of such amount. Are red., all or in part,
on any int. day on 4 weeks' notice at 107 J4 and int. to and incl. Mar. 1 1927:
at 106 and int. to and incl. Mar. 1 1932; at 104)4 and int. to and incl.
Mar. 1 1937; at 103 and Int. to and incl. Mar. 1 1942; at 101 )4 and int. to
and incl. Mar. 1 1950, and thereafter at 1004 and int. Penna 4-mill tax
refunded. In Mar. 1922 $8,000,000 were sold at 96)4 and Int., to yield
over 6 )4 % , by Dillon. Read & Co., N. Y . V 114, p. 953
$4,000,000
additional were sold by the same bankers in June 1923 at 95)4 and int...
to yield about 6 35% V 116. p. 2395
Debentures.— 6% debentures Ser. “ A” are red. on and after Sept. 1 1947
and prior to Sept. 1 2017 all or in part at any time on 30 days’ notice at




110 and int.; thereafter at par and int. Penna. 4 mills tax refunded,
$3,000,000 were offered in Sept. 1922 by Bonbright & Co. at 90>4 and int.,
to vield over 6.60% V. 115. p 1436.
Dividends.— Paid regularly on pref. since Issuance in 1910:
EARNINGS.— For calendar years:
*1927.
1926.
1925.
1924.
Gross earnings from oper $4,823,833 $4,569,533 $5,219,483 $5,651,591
Oper. exp., incl. taxes
2.789.935
2.668.971
3.312.970 3.967 992
Net earns, from oper. $2,033,898
306.802
Other income__________

$1,900,562
317.986

SI.906.513
249.871

$1,683,599
-375.309

Total income_________ $2,340,700 $2,218,548
interest on bonds______ 1,020.000
1.020.000
Other int. A deductions.
112.494
86.164

$2,156,384 $2.058 908
1,020.000 1.020.000
129.568
117.682

Balance____________ $1,208,206
Divs. on preferred stock.
460,322

$1,112,384
456.451

$1,006,816
364.846

$921,226
354,337

$655,933
______

$641,970
350,000

$566,889
200.00®

Balance_____________
Renew. & replac. res____

$747,884
______

Balance for surplus.
______
______
$291,970
$366,889
* For 12 months ended Aug. 31 1927.
OFFICERS.— Pres., H. P. Wright: V.-Ps., L. O. Ripley. Frank Silllman.
Jr., and E. W. Hill; Sec., Chas. H. Smyth; Treas., P. F. Gow; Gen. Mgr. &
Asst. Sec. & Asst. Treas., H. S. Sladen.— V. 118, p. 1528; V. 119, p. 2529;
V. 120, p. 2268 V. 122. p. 2329 V. 123, p. 710: V. 125, p. 517.

KANSAS

Net earnings________
Fixed charges. &c______

243

POW ER, LIGH T AND R A IL W A Y

O ct., 1927.]

ARKANSAS VALLEY INTERURBAN RAILW AY .

ORGAN IZATION .— Incorp. in Kansas in 1903
FIELD OF OPERATIONS AND CHARACTER OF BU8INESS.—
Owns and operates an interurban electric railroad from Wichita to Newton
ind Hutchinson. Kan. Owns and operates 60 miles single-track equivalent:
standard gauge: 70. 80 and 85-lb. rail. Also operates under contract 2)4
miles in Hutchinson. Power is purchased from Kansas Gas & Electric Co.
and United Water, Gas & Electric Co. Has long-term franchises in corp.
limits, most important extending beyond 2000: rest on private right-of-way.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock $2.100.000___ _____
_______
$1,500,000 __________
Preferred 6% cum $ 1 ,5 0 0 ,0 0 0 .___
_______
499.900 __________
First mtge $3,000,000 gold) 1916
5 g J-D
638.600 Dec 1 1938
($1.000. $500. $100) .c*.cpt (Interest payable in New York or Chicago.
Stock.— Pref. stock is redeemable $10,000 per ann ; $100,100 has been red.
Bonds.— $100,000 may be issued for up to 50% of cash cost of lmprove’ts,
tdd’ ns or extens., remaining $2,000,000 for 75% of such cost under restric­
tions. Callable at 103 and int. Sinking fund of 2% annually of bonds cer­
tified began Dec. 1 1919 to purchase or call bonds at 103 A int. $261,400
bonds were held in sinking fund April 1 1927. Continental A Commercial
Trust A Savings Bank. Chicago. trustee.
EARNINGS.— For calendar years:
1927.
1926.
1925.
1924.
Gross.......................
$206,241
$365,565
$362,520
$371,679
Net. after taxes________
44,405
89.367
97.579
97.578
Depreciation___________
40.011
68.500
69.200
69.132
Balance_____________
$4,394
$21,137
$18,379
$18,446
OFFICERS.— Pres. & Gen. M gr., R. B. Campbell: V.-Ps., W. E. Brown
and Cnas. H. Smyth: Treas. & Gen. Aud., Ghas. Basse.— V. 115. p 182.

AMERICAN STATES SECURITIES C ORPO RATION .
ORGANIZATION — Incorporated in Delaware Nov. 16 1925 to invest
in. buy and sell securities of public utility corporations,companies allied to
public utility industry and other companies appioved by directors. See
V. 121. p. 2878. 3006. 3132. Company owns entire common stock of
American Commonwealths Power Corporation (see below !. V. 124. p. 503.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
See American Commonwealths Power Corporation below.
CAPITALIZATION .—-Outstanding class A stock. 962,270 shares; class B
full voting stock, 538.553 shares.
EARNINGS.— For 12 months ended Aug. 31 1927:
_________ $5,452,408
Gross earnings, all sources______________________
Operating expenses. Including maintenance and general taxes,. 3.257.592
Net earnings_______________________________________________ $2,194,816
Interest on funded debt of subsidiaries_______________________ 1,061.085
Dividends on subsidiary company preferred stocks____________
627.465
Bal. avail, for American States Sec. Corp. and for reserves..
Interest charges of American States Securities Corporation____

$506,265
2,295

Balance available for reserves. Federal taxes and surplus___ $503,971
OFFICERS.— Pres., Frank L. Hulswit: V.-Ps., H. L. Nason, E. J.
Costigan, H. L. Nichols and M. M . Pleume; Sec. & Asst. Treas., Albert
Vermeer; Treas., H. M. Pleume; Asst. Sec. & Asst. Treas., George Vruggink.
— V. 124. p. 503. 2904. 3627; V. 125. p. 244, 646. 1578. 1968.

AMERICAN COMMONWEALTH POWER CORP.
Control.— All of corporation's common stock Is owned by American
States Securities Corp.
ORGANIZATION.— Organized Jan. 19 1927 in Delaware to acquire
substantially all of the common stock of Community Power & Light Co.
and certain of the diversified public utility investments theretofore owned
by American States Securities Corp.. including investments in United Light
& Power Co.. Commonweatlh Power Corp.. American Superpower Corp.,
National Power & Light Co. and Long Island Lighting Co. V 124. p. 503.
In June 1927 acquired the Jacksonville (Fla.) Gas Co. V. 124. p. 2585.

American Commonwealths
Power Corp.
All Issues

Bought— Sold— Quoted

G.E.B a rrett &Co .
Incorporated

120 Broadway, New York
C hicago

Philadelphia

2te

PU BLIC U T ILIT IE S

FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
See Community Power & Light Co. below.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Cl A com 1.000 shs (no par)._ ____
_______
None __________
Cl B com 150,000 shs (no par) ____
----------- 109,688 shs ...................
Cum 1st pf 200,000 shs(no par) ____
$7 Q-F
14,000 N ov’27$1.75
Cum 2d pref $7 div series
100,000 shs (no par)_______ _____
$7
13.711 shs N ov’27.$1.75
6% g deb series A ($1,000 and) 1927
6 g F-A
$4,100,500 Feb 1 1952
$500c*)............................ .t f/T h e IS r York Trust C o., trustee.
Stocks.— The first pref., $7 cum. div. series A, is fully paid and non­
assessable. Pref. as to assets and dividends. Red. all or in part at $110
per share and div. Free from normal Federal income tax and corporation
agrees to refund certain State taxes:. In May 1927 G. E. Barrett & Co.,
Inc., and Frederick Peirce & Co. offered 10,000 shaies first pref. stock, $7
cum. div. series A (no par). V. 124, p. 2745.
Debentures.— The 6% g debentures are direct obligations of American
Commonwealth Power Corp. Add’l debentures may be issued in series of
such tenor as may be determined prior to issue thereof. Except for re­
funding debentures of another series, par for par, no add'l debentures may
be issued unless consolidated net income of corp. and its subsidiaries for 12
consecutive within preceding 15 calendar months have been not less than
twice annual interest on debentures and any other secured obligations out­
standing, incl. proposed issue. Corp. may not issue any secured obliga­
tions (except secured temporary bank loans and debentures secured by
pledge o f property acquired with the proceeds o f such debentures) unless all
debentures are equally secured with such new debentures or secured obliga­
tions. Any debentures issued under the agreement may be secured for
purpose o f acquiring any property by the sole pledge o f the property so
acquired. Certain provisions o f the agreement may be modified with assent
o f 85% o f outstanding debentures (not incl. those owned or controlled by
corp.). Extension o f maturity or reduction o f interest rate, however, is not
permitted. Series A , dated Feb. 1 1927, are call, whole or part on 30 days’
notice at 105 to Feb. 1 1937, at 102M to Feb. 1 1951 and at 100 to maturity,
i
in each case plus int. Conn., Penn. & Calif. 4-mills; M d. 4 J^-mills; D. of C.
5-mills; Mich. 5-mills, and Mass. 6% taxes refundable. In Jan. 1927
G. E. Barrett & Co. sold $3,500,000 series A at 95 and int., to yield about
6.40% . Y. 124, p. 503, 641. Additional $1,000,000 6% gold deben.,
series A , were offered in M ay 1927 by G. E. Barrett & C o., Inc., and Fred­
erick Peirce & Co. at 96 and int., with approx, yield o f 6.32% . Y. 124,
p. 2745; V. 125, p. 383.
Dividends.— On 1st pref. series A, paid an initial div. o f $1.75 on Aug. 1
and N ov. 1 1927. On 2d pref. series A paid regular quar. div. o f $1.75.
in Aug. and N ov. 1927.
E A R N IN G S.— For 12 months ended:
Aug. 31 ’27. Feb. 28 ’27.
Gross earnings__________________________________$5,342,148 $4,271,296
Oper. exp., incl. maintenance and taxes__________ 3,189,699
2,543,059
Net earnings___________________________________ $2,152,449
Interest on sub. co. bonds________________________
806,085
Divs. on sub. co. preferred stock_________________
443,988
Interest charges o f Amer. Com. Power Corp______
255,000
Dividend charges of Amer. Com. Power Corp_____
183,477

$1,728,237
564,400
419,159
210,000
95,977

Balance available for reserves and surplus______
$463,898
$438,701
Note.— The above sum, after depreciation, accrues to 109,688 shares of
common stock o f American Commonwealths Power Corp., all of which is
owned by American States Securities Corp.
OFFICERS.— Pres., Frank J. Hulswit V.-P. & G en , M gr.. David A.
Belden; Y.-P. & Consulting Eng., F. W . Seymour; Vice-Pres., W m. L. Ross
and Hayward Wilson; Sec. & Asst. Treas., Albert Vermeer; Treas. & Asst.
Sec., Fred’k E. Webster; Asst. Sec. & Asst. Treas., Henry M . Pleune and
George Vruggink.— V. 124, p. 503, 641, 2425, 2585, 2745, 2904; V. 125, p.
383, 512, 2259.
COMMUNITY POW ER & L IG H T CO.
ORGAN IZATION .— Incorp. in Illinois In April 1922. Reincorporated
In Del. in Feb. 1927. Owns entire outstanding com. stocks, except direc­
tors’ qualifying shares, and all the outstanding bonds of the Missouri
Utilities Co., the Arkansas Utilities Co., the Community Power & Light
Co. o f Texas, Kansas Utilities Co., Chanute Ice & Light Co. and Texas
Utilities Co. V. 120, p. 2548. Owns also the capital stock and floating
debt o f New Mexico Utilities Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Through Its subsidiaries, the company serves more than 140 communities
located in five States— Missouri, Arkansas, Texas, New Mexico and Kansas.
The co .’s subsidiaries serve a population o f approximately 290,000. Electric
light and power is furnished to 136 communities centred around and includ
ing Cape Girardeau, Poplar Bluff, Charleston, Eldon and California, In
Missouri; Helena and Paragould, in Arkansas; Mexla, Plainview, Lubbock
and Marlin in Texas and Fort Scott, Paola, Burlington and Chanute in Kan.
Gas service is furnished to 53,000 population, including three of the com­
munities above mentioned and Columbia, M o., while ice service is furnished
to over 140,000 population. Water service is also furnished in 4 com­
munities and steam heat in one. The power plants have a total installed
generating capacity o f 32,697 k.v.a.; 1,210 miles o f transmission lines; gas
plants of 1,000,000 cu. ft. daily capacity; in addition, 400,000 cu. ft. natural
gas is available through contract; 113 miles of gas mains; i ce-making plants
of over 600 tons daily capacity. V. 124, p. 503.
Interest. Outstanding. Maturity
STOCK AND BONDS.— Date.
_________ $2,000,000
See text
Com stock $3,000,000 (no p a r ) ____
1st pf $7 div ser (no par)______ _____
7 Q-F
4,500,000 A u g ’27S1.75
Part p f $8 div ser (no par)___ _____
_________ 1,257,600 Sept ’27, $2
5% g M -S 11,000,000 Mar 1 1957
1st mtge coll tr bonds series of / 1927
_
1957 ($5OO-$1,O0O c* )_ tf\Int. at Boatmen’s Nat. Bk., St. L., trustee.
Kan Util and Missouri Util Co V
7 % cum pref stock________ / ____
7
594,800 ---------------Stocks.— The $7 cum. pref. (auth. $5,000,000) is pref. as to $7 cum. divs.
and assets over particip. pref. and common stocks. The particip. pref.

Community Power and Light
Company
W e specialize in the securities
of this rapidly growing com­
pany

and

invite

inquiries.

Write for Circular No. 952.

Spencer Trask & Co.
25 Broad Street, New Y ork

A LBANY
P R O V ID E N C E

BOSTON

CHICAGO
P H IL A D E L P H IA

Members New York and Chicago Stock Exchanges




[V ol. 125.

(auth. $2,000,000) $8 div. series cumul. stock is pref. as to $8 cum. divs.
over the common and after cash divs. o f $6 per share have been paid on
the common stock in any calendar year, participates with the common in
any additional cash dividends, but not in excess of $2 declared in such year.
The 1st pref. stock is redeemable, all or in part, on any dividend date on
30 days’ notice at 110 and dividends. The participating preferred is
red., all or in part, on 30 days’ notice at 110 and div. In January 1925
$1,000,000 7% 1st pref. stock was offered by Spencer Trask & C o., N. Y .,
and Whitaker & Co., St. Louis, at 94 and div., to yield about 7.45% . V.
120, p. 328. In M ay 1925 they sold $750,000 7% 1st pref. stock at 95 and
div., to yield approximately 7.40% . V . 120, p. 2548. In Oct. 1925
Spencer Trask & Co. and Whitaker & Co. offered $750,000 additional 1st
pref. at $97 and div., to yield about 7.20% , and $250,000 8% cum. partic.
pref. stock at par and div. The 1st pref. stock is listed on Chicago Stock
Exchange. V. 121, p. 2155. In April 1926 Whitaker k C o., Spencer
Trask & Co. and Wm. L. Ross & Co. offered $750,000 additional 1st pref.
at $98.50 and divs., to yield about 7.1% .
First Mtge. Coll. Trust Gold Bonds, Series of 1957.— Are secured by
deposit and pledge with trustee of 1st mtge. bonds of subsidiaries which
constitute entire funded debt of such subsidiaries, in an aggregate principal
amount equal to at least 100% o f the total amount of 1st mtge. coll. tr.
bonds outstanding, which ratio must be maintained, and total annual int.
receivable by the co. from its subsidiary company bonds so pledged shall
never be less than total annual int. requirements of all 1st mtge. coll, trust
bonds outstanding. Further secured by deposit and pledge with trustee
of the entire outstanding voting stocks, except directors’ shares, of such
subsidiary companies
The co. covenants that it will not sanction or per­
mit during the continuance of the pledge under the trust indenture of the
stock or bonds of any subsidiary: (a) Additional issue of voting shares of
such subsidiary unless deposited and pledged with trustee; or (6) the creation
of any lien, encumbrance or charge on any o f the property or assets o f such
subsidiaries, except taxes for the current year and liens existing before
acquisition by subsidiary of such property, or increase o f indebtedness se­
cured by any such encumbrance now existing on the property or assets of
such subsidiary or existing thereon at date of becoming such subsidiary,
unless all obligations to be secured by such encumbrance and all obligations
representing such increase o f indebtedness be, when issued, forthwith
pledged and deposited with the trustee; or (c) the issue or creation of any
debt by such subsidiary unless pideged and deposited with trustee, provided,
however, that nothing shall prevent any subsidiary from creating in the
ordinary and current conduct of its business debts maturing not later than
one year from date thereof. Additional bonds may be issued for acquisition
of new subsidiaries or additional properties by the co. or its subsidiaries,
provided new issue is not over 80% o f cost o f additions and that earnings
are at least twice the annual int. requirements, incl. proposed issue. A
sinking and improvement fund equal annually to not less than 1 % o f the
greatest principal amount of bonds of this series at any time outstanding
will either retire bonds or be invested in permanent additions, extensions
and improvements. Red., all or in part, at any time on 60 days’ notice
at 105 and int. to and incl. Feb. 28 1954 and thereafter prior to maturity
at 101 and int. Co. will refund Penna. and Conn. 4-mills taxes, Maryland
4
mills tax and Mass, tax not exceeding 6% per annum. In Feb. 1927
Spencer Trask & C o., W m. L. Ross & Co. and Whitaker & Co. offered
$11,000,000 1st mtge. coll, gold bonds 30-year 5% series o f 1957, at 95>4
and int., to yield about 5.30% . V. 124, p. 790; V . 125, p. 1051.
Dividends.— On 1st pref. in full to date. On participating pref. in full
to date. Paid stock div. on com. of 10% Sept. 1 1924 and 25% April 15
1926, and 60c. in cash on Aug. 1 1927. On subsidiary co. pref. paid divs.
in full to date.
EARNING S.— For calendar years:
1926.
1925.
1924.
Gross revenues-------------------------------- $4,084,319 $3,522,531 $2,854,307
Oper. exp., maint., taxes & insurance 2,552,597
2,150,633
1,752,125
Net earnings------------------- ----------__ $1,531,722 $1,371,898 $1,102,182
OFFICERS.— Pres.. D . A. Belden; V .-P., E. J. Costigan, F. E. Webster;
and I. R. Kelso; Sec., Walter H. Timm; Treas., F. E. Webster; Gen. Aud.,
Wm. J. Goldsworthy. Office, Planters Bldg., St. Louis, M o.— V. 121,
p. 2155, 2401; V. 122, p. 748, 1168, 2328, 2492; V. 124, p. 505, 643, 790,
920, 1065. 1977; V. 125, p. 245, 1051.

JOPLIN & PITTSBU RG RAILW AYS.
Receivership.— In 1924 M . H. MacLean o f Chicago was appointed re
ceiver for the co., succeeding Karl D . Klemm. Compare V. 118, p. 1267
Foreclosure Sale.— On March 14 1925 the property was sold for $350,000
under decree of the Federal Court to M . H. MacLean and C. Cerey, repre­
senting the First Mtge. bondholders’ protective committee.
ORGANIZATION.— Incorporated June 10 1907 in Missouri. Took
over the Pittsburg Railway & Light Co. and the Joplin & Pittsburg Street
RR. V. 85, p. 469. The Pittsburg Ry. & Light Co. was incorporated in
Kansas in 1905 as a consolidation of the Pittsburg R R . and the Pittsburg
Light & Power Co. In 1910 absorbed the Pittsburg & Kansas City R y.
Franchises in towns through which road runs vary from 30 to 50 years
and some are perpetual. Private right-of-way outside o f cities and towns.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns and operates 105.48 miles of track, embracing some local street rail­
way lines in Joplin, M o., and all in Pittsburg, Kan., and interurban lines
connecting the two cities, and also Pittsburg, with Frontenac, Dunkirk,
Radley, Franklin, Arma, Croweburg, Mulberry, Girard, Cherokee,
Mineral, Weir City, Scammon and Columbus. Also has line extending
into the Lawton-Waco zinc fields, 114 miles. 50 to 70-lb. rails.
Interest in Default.— Int. due Mar. 1 1924 on the 1st mtge. 5s was still
unpaid in Apr. 1925. V. 119, p. 1510.
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity.
S t o c k c o m m o n $ 5 . 0 0 0 , 0 0 0 ____________

_________

$ 3 ,3 0 0 ,0 0 0

______________

Pref. rights $2,000,000 6%
cum from April 1 1916__________
_______
800,000 __________
First mortgage $5,000,000 f 1910
5 g M-S
1,750,000 Mar 1 1936
($500 and $1,000) g--C* tfJHarris Trust & Sav. Bk., Chic., & St. L.
I Un. Tr. C o., Trustees.
General mortgage $1,050,000/ 1913
7 A-O
1,050,000 Mar 1 1930
($500 and $1,000)_____c*tf (Central Tr. Co. o f Illinois, Chicago, Trustee.
Stock.— Pref. rights are 6% cumulative from April 1 1916 and also share n
earnings after common has received 6 % . $95,600 have been retired.
Bonds.— Remaining first mtge. bonds are reserved for extensions and
additions at 80% of cost, but only when previous year’s net earnings are
twice interest on bonds out and to be issued. $278,500 formerly held in
treasury, canceled. No sinking fund. Interest is payable at Harris Trust
& Savings Bank, Chicago, Harris, Forbes & C o., New York, or any of the
offices of E. H. Rollins & Sons. V. 90, p. 914. General mortgage bonds
were issued in exchange for debentures of 1910. They originally bore
interest at 6% and matured April 1 1920, but have been extended for three
years at 7% and again for seven years to March 1 1930 at 7% . Extended
bonds are callable at 100 and interest on any interest date. V. 116, p. 1411
No sinking fund. Interest is payable at Harris Trust & Savings Bank, Chi­
cago, Harris, Forbes & Co., N. Y ., or any of the offices of E. H. Rollins &
Sons. V. 90, p. 914. General mtge. bonds were issued in exchange for de­
bentures of 1910. They originally bore int. at 6% and matured April 1 1920
but have been extended for 3 years at 7 % and again for 7 years to Mar 1
1930 at 7% . Extended bonds are call, at 100 & int. on any int. date.
V. 116, p. 1411.
EARNINGS.— For calendar years:
Gross. Net (aft. Taxes). Bondlnt.
Balance.
1926.............................. $415,290 def.$53,280
x
1925_________ ______ _ 444,997 def.18,175
x
1924_________________ 522,529
12,640 x$161,000
def.$148,360
1923.______ _________ 621,926
80,561
yl74.730
def. 94,169
sur. 32,881
1922_________________ 708,169
193,881
161,000
sur. 8,848
1921_________________ 781,345
169,848
161,000
x No bond interest paid during 1924 and 1925. See above, y Including
amortization of bond discount, &c. ($13,730).
Latest Earnings.— For 7 mos. to July 31 1927: Gross, $271,120; net after
taxes, def.$9,414. Same period in 1926; Gross, $243,249; net, def.$25,457.
OFFICERS.— Receiver, M . H. MacLean; Gen. Mgr. for Receiver John
F. Layng: Asst, to Receiver, L. V. Bower; Asst. Gen. M gr., J. A. Fenimore;
Aud., T. P. Eyestone; Traffic M gr., D . McGuire. Office o f receiver,
115 West Monroe St., Chicago, Ili. Operating headquarters, Pittsburgh,
Kan.— V. 109, p. 2357; V. 110, p. 1289; V. I l l , p. 1183; V. 116, p. 1411;
V. 117, p. 670; V. 118, p. 1267; V. 119, p. 1510.

Oct ., 1927.]
KANSAS

C IT Y

POW EB, LIG H T AND B A IL W A Y
LEAVENW ORTH
R A ILW AY CO.

&

WESTERN

ORGANIZATION.— Formerly Kansas City-Western Railway C o., for
history o f which see “ Electric Railway" Supplement o f April 30 1921.
Freight terminals in Kansas City, Kan., and Leavenworth, Kan.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— An
electric road. Owns and operates 40.06 miles o f road, o f which 6 miles
are within the city o f Leavenworth (trolley service in Leavenworth dis­
continued In Feb. 1925, but bus service substituted through subsidiary,
company.— V. 120, p. 1203) and 6 miles within the limits o f Kansas City
Kansas. Enters Kansas City, M o ., over tracks o f the Kansas City Rail­
ways C o. Freight terminals to Kansas City, Kan., and Leavenworth,
Kan. Co. also operates bus service through a subsidiary co. in Leaven­
worth , Kansas; electric service on certain branch lines within city having
been discontinued In Feb. 1925.
Fare increase in Aug. 1925. See V . 121, p. 586.
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity.
Stock $1,250,000__________________
_______
$1,015,800 __________
Bonds first mortgage $1,-7 1920
5%
912,600 July 1 1940
250,000__________________ \Int. at Cleveland Trust Co., Cleveland, O.
EARNINGS.'— For calendar years:
1926.
xl925.
1924.
1923.
1922.
G ross---------------_x$278,785 $276,884 $361,161 $417,845 $448,515
35,061
46,285
87,527 86,880
Net after taxes__________ 48,447
Interest on bonds________ 46,310
45,630
45,955
46,580 46,880
Net income______________
2,137 deflO,569
330
40,947 40,000
x Not including earnings of subsidiary bus co. in Leavenworth City.
OFFICERS.— Pres. & Gen. M gr., C. F. Holmes; V .-P., W . H. Holmes;
Treas. & Gen. Counsel, McCabe M oore; Sec. & Aud., O. Goelitzer. Gen­
eral office, Kansas City, Kan.— V. 120, p. 1203; V . 121, p. 586.

245

Latest Earnings.— For 12 mos. ended July 31 1927: Gross, $2,411,152;
net after operating exp., maint. and taxes, before deprec., $1,057,332.
For 12 mos. to July 31 1926: Gross, $2,390,552; net before dep •., $1,036,977.
OFFICERS.— Pres., John J. O’Brien; V.-Ps., F. C. Gordon, W . N. Clark.
Robert J. Graf, B. W . Lynch, Geo. H. Harries, E. J. M cK ay and O .M . Gailmard Jr.; Gen. M gr., W. N. Clark; Treas., M . A. Morrison; Sec., Herbert
List: Gen. Mgrs., Byllesby Eng. & M gt. Corp., Chicago, 111.— V. 117, p.
2433: V. 118. m 1666: V. 120. p. 2013: V. 121, p. 77. 331. 587. 2040: V.
122, p. 349, 2498, 3212; V. 123, p. 2779; V. 124, p. 508, 1221, 2429, 3497:
V. 125, p. 520.

DENVER TRAM W AY CORPORATION .

ORGANIZATION.— Incorp. on June 23 1925 as successor to Denver
Tramway C o., sold at foreclosure as per reorganization plan o f Denver &
Northwestern Ry. and Denver Tramway Co., dated April 15 1925. See for
description of old companies and for details of above reorganization plan,
“ Public Utility Compendium” o f Oct. 31 1925, under “ Denver Tramway
System.” Also V. 120, p. 2548. Under the plan each shareholder of
Denver & Northwestern R y. was assessed $10 per share and received
therefor $10 pref. stock and 1 share com. stock Denver Tramway Corp.
Each shareholder Denver Tramway Co. was assessed $6 and received
therefor $6 pref. and 3-5 share com. Denver Tramway Corp. V . 120, p.
2267; V . 121, p. 1568.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Corporation owns and operates the entire street railway system o f the city
of Denver. Colo., consisting of 198.25 miles of electric lines within the city
limits and 49.50 miles of electric railway between Denver and neighboring
towns, or a total o f 247.75 miles, together with a power plant, usbstations,
terminals, &c. 247 motor passenger cars, 120 trailers, 7 electric locomo­
tives, 168 freight cars and 90 miscellaneous cars. All freight equipment
leased to Denver & Inter-Mountain R R . Co. Central generating plant,
30,000 k. w. capacity.
THE UNION TRACTIO N CO.
Fares.— V. 123, p. 2518; V. 124, p. 505.
Receivership.— On Jan. 8 1927 John F. Layng (of Buchanan & Layng
Corp.), New York, was appointed receiver. Y. 124, p. 650.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
61,241 shs. __________
ORGAN IZATION .— Incorporated Sept. 28 1906 in Kansas. In Dec. Common (no par)___________ _____
7 Q-J
$10,441,200 O c t ’27. 1 H
1916 was granted a permit to do business in Oklahoma. Franchises expire 7% (5% cum) pref ($100)-------------1,750,000 Oct 1 1933
1957. Road is on private right o f way except in Coffeyville, Independence, 1st mortgage coll trust notes/ 1927 6 g A-O
(c* $1,000 & $500)--------- tf\lnternat’l Trust C o., Denver, trustee.
Cherryvale and Parsons.
General & refunding Series “ A ” 1925 5
6,442,000 July 1 1950
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS — Denv Cons Tram cons m tge/ 1893 5 g A-O
1,167,000 Oct 1 1933
Operates 67 miles o f line in and between Coffeyville, Independence and
$4,000,000 gold_______ n tf lin t, at
., Trustee,
Cherryvale and Parsons, Kan. Owns the entire cpaital stock of Kansas- Denv Tr Term 1st mtge $1,-1 1910 BkrsTr. Co., N .Y 595.000 & in Denv.
5 g M-S
See text
Oklahoma Traction Co. 70-lb. T rails.
500,000 g ($100 & $1,000)1 Interest at Bankers Trust C o., N . Y ., trusSTOCK AND BONDS— Date.
Interest.
Outstanding.
Maturity.
guar prin & int_______ c*tf l tee, and in Denver.
_______
$500,000
See text.
Stock$500,000____________________
Stock.— The preferred stock is preferred as to dividends up to 7% per an­
First mtge $1,000,000 gold/ 1907
5 J-J
941,000 Jan 1 1937
num, of which the first 5% is cumulative, whether earned or not, and the
$1,000) sinking fund___ tflWarren (Pa.) Trust Co., Trustee.
remaining 2% cumulative only when earned in any year but not paid.
Bonds.— 1st M . bonds are red. ann. by lot at 105 and interest since Jan. Preferred as to assets up to the par value plus dividends at the rate of 7 %
1912, through s. f.; $59,000 have been retired. S. f. of 10% of net earnings per annum. Has full voting power at all times and sole voting power in
annually began in 1911. Int. at Nat. City Bk., N . Y .; Commercial Nat. the election of directors whenever, and as long as, any accumulated divi­
Bank, Chic., and Tradesmen’s Nat. Bank. Phila. See V. 88, p. 1003.
dends are in arrears for one year or more. Red., whole or part, at par and
divs. at the rate of 7% per annum.
Dividends.— A div. o f 6% was paid during the fiscal year end. June 30 ’ 13
EARN ING S.— For year ending Dec. 31 1920, gross, $561,055; net, after
Bonds.— The gen. & ref. 5% bonds, Series A , due July 1 1950, are secured
taxes, $9,892; Interest on bonds, &c., $64,757: deficit. $54,865.
by a first mortgage on the entire properties of the corp. subject to the mort­
OFFICERS.— Pres., H. A . Siggins; Sec., L. L. Francis; Treas., L. O.
gages securing the underlying bonds. Are further secured by pledge of
$2,670,000 Denver Consol. Tramway Co. 1st consol, mtge. 40-year 5% gold
Smith.— V. 109, p. 2264; V. I l l , p. 2424: V. 113, p. 1773; V. 124, p. 650.
bonds due Oct. 1 1933, and by all the capital stock except qualifying direc­
tors’ shares and all the first mtge. notes of the Denver & Intermountain
R R . Co. Additional bonds o f this or any other series of such tenor as direc­
tors from time to time may determine, may be issued for refunding purposes
and for 75% of new construction, &c.
The 1st (underlying) mtge. coll. tr. sk. fd. 6% gold notes are secured by
$2,000,000 Denv. City Tram. Co. 1st mtge. extended 6% bonds, due
Oct. 1 1933 (originally matured April 1 1919) and $598,000 Denv. Tram.
Pow. Co. 1st mtge. impt. extended 6% bonds, due Oct. 1 1933 (originally
matured April. 1 1923) deposited as collateral with trustee. During year
SOUTHERN COLORADO POWER CO.
ending March 31 1928 and in each corresponding year thereafter a sinking
Standard Gas & Electric Co. owns $405,000 first pref. and 75,000 shares fund will retire $100,000 principal amt. o f these notes either through
class B common stock.
purchase at or below $101 or through call by lot at that price. Red. whole
ORGANIZATION.— Incorp. in Colorado on Nov. 14 1911 as The Ar­ or in part on 1st day of any month on 30 days’ notice at 101 and int. In
kansas Valley R y., Lt. & Pow. C o., but name was changed to present title March 1927 Boettcher & Co. of Denver offered $1,750,000 1st mtge. coll,
in M ay 1922. V. 114, p. 2117. In M ay 1926 co. acquired properties of tr. 6% gold notes at 98)4 and int., to yield 6.25%. V. 124, p. 1509, 1665.
The Denver Tramway Terminal Co 1st mtge. 5% bonds are for impt.
the Arkansas Valley Electric C o., which serves the city o f Florence, Colo.,
and the adjoining towns o f Rockville, Coal Creek and Williamsburg, and maturing $60,000 annually Sept. 1 1916 to 1940. Red. as a whole on any
to which co. Southern Colorado had already wholesaled electric energy for int. day at 105 and int. on 30 days’ notice. V. 98, p. 1156.
a number of years. V. 122, p. 3212.
Dividends.— On the pref. stock an initial dividend of 1M % was paid In
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— Oct. 1925, and regularly quar. since, incl. Oct. 1927. V. 121, p. 3003.
Owns and operates the street railway system in Pueblo and also has large
EARNINGS o f Denver Tramway Corp. and the Denver & Inter­
electric lighting and power business in Pueblo, Canon City, Cripple Creek, mountain R R . Co. (with inter-co. transactions eliminated):
La Junta and other adjacent towns. Owns,31 miles o f track, all in city of
Calendar Year—
1926.
Pueblo. Gauge, 4 ft. 05, 72, 75, 90-lb. rail. 54 cars, o f which 49 are Total operating revenue______________________________________ $4,565,251
motors. Has a hydro-electric power plant at Skaguay, on Beaver Creek, Operating expenses &taxes_________________________________ 2,995,160
near Victor; steam-electric power houses in Canon City and Pueblo; in­ Other income________________________________________________
54,498
stalled capacity, 33,227 h. p. Has 400 miles o f transmission and 447 miles Bond interest________________________________________________
572,134
distributing pole lines.
Railway franchises expire in 1940 in Pueblo and
in 1953 in Pueblo County, and electric light franchises in 1936.
Balance avail, for prof. & loss chgs., deprec. and divs______ $1,052,455
On July 15 1925 stockholders authorized the re-classification o f the capital
Latest Earnings.— Fo 6 mos. ended June 30 1927: Gross, $2,214,223:
stock as follows: The 40,000 authorized shares of 7% cum. pref. stock to
remain; 250,000 shares Class “ A ” common (par $25), and 200,000 shares net after expenses and taxes, $740,734; fixed charges, $271,820; amort, of
Class “ B ” common stock, no par value. Each share o f the outstanding 8% debt discount, Cr.$25,842; bal. avail, for deprec. and pref. div. require­
second pref. stock (par $100) to be converted into four shares Class “ A ” ments, $494,756.
common (par $25). Each share of present common stock (no par) to be con­
OFFICERS.— Chairman of Board, C. Boettcher; Pres., Ernest Stenger;
verted into one share Class “ B ” common stock, no par value. V . 121, p. V.-P., S. M . Perry; V.-P. & Gen. M gr.. H. S. Robertson; Treas.. H. J.
77, 331.
Alexander; Sec. & Aud.. W m. A . Doty.— V. 121, p. 197, 457. 705, 838,
STOCK AND BONDS—• Date. Interest. Outstanding.
Maturity. 1100, 1460, 1568, 3003; V. 122, p. 479, 748. 882, 2039, 2390, 2518; V. 124,
Com Class A $6,250,000 ($25)______
_______ 110,000 shs. Aug '27,2% p. 505, 1358, 1509, 1665, 3066; V. 125, p. 779.
Com Cl B 200.000 shs (no p a r ) ____
_______
75,000 shs.
________
DENVER & INTER-MOUNTAIN RR.
Cum pref 7%$10,000,000($100)____
Q-M 15 $4,246,800 S ep t’27,1 M
1st mtge ser “ A ” $50,000,0001 1922 6 g J-J
6,893,000 July 1 1947
ORGANIZATION.— Incorporated in Colorado about Oct. 29 1907 as
$100, $500 & $1,000) g c*tflC on t’l & Com’l Tr. & S. Bk., Chic., trustee.
Inter-Mountain R y., but on April 2 1909 changed its name to present title.
Stock.— Class “ A ” common has preference over Class " B ” common as to Private right of way. Franchises In Denver and Golden are perpetual.
quarterly dividends at the rate o f $3 per annum. After Class “ A ” has re­ Has freight traffic agreements with Denver Tramway Co. and arrange­
ceived a quarterly dividend at the same rate, Class “ B ” common shall be ments for interchange of transfers on Denver City lines; also contract for
entitled to dividends for such quarterly period at the rate o f $2 per annum. use of Tramway C o.’s tracks in entering Denver.
Any further dividends to be paid equally ratably, share for share, on Class
STOCK AND BONDS—
Dale.
Interest.
Outstanding. Maturity.
“ A ” and “ B ” common stock. Class “ A ” has preference as to assets to
$27 50 per share, and after payment of $27 50 on the Class “ B " common, a Stock $1,000,000 ($100)______ __
_________ $1,000,000 ____________
like sum shall be paid on the Class “ B ” shares. Any further distributions First mortgage notes_________ _____
5%
496.500
1938
The notes were issued in lieu of $500,000 1st mtge. 5s due 1938, which
to be divided equally, share for share, to “ A ” and “ B ” common. Class “ A ”
common is redeemable, all or part, at $35 per share and is non-voting. In were cancelled and cremated Nov. 1 1917.
Both stock (except directors’ shares) and notes are deposited under
Aug. 1925 H. M . Byllesby & Co. and Ladenburg, Thalmann & Co. sold
Denver Tramway Corp. gen. & ref. mtge.
110.000 shares Class “ A ” common :.t $27 50 per share. V. 121. p. 587.
Stock Increase.—On Feb. 15 1927 the stockholders increased the author­
Earnings.— See Denver Tramway Corp. above. See V. 107, p. 82;
ized 7% cum. pref. from 40,000 shares to 100,000 shares.
V. I l l , p. 1852.
Bonds.— The 1st mtge. gold bonds are a first lien on the entire (lncl.
after-acquired) property o f the co. The 1st mtge. 6s, Ser. A, are red. all or
part on 30 days’ notice on or before July 1 1933, at 107 H, and thereafter at
y of 1% less for each succeeding year, plus int. Mtge. provides semi-ann. COLORADO SPRIN GS & INTERURBAN R A IL W A Y .
sinking fund commencing July 1 1925 equal to a 2% per arm. basis on total
Offer of Sale.— The Colorado
a reso­
Ser. A bonds outstanding at respective dates o f payment, including any lution rejecting the offer of theCity Council on Sept. 13 1927 passedholding
boaid of the Stratton estate, now
underlying bonds then outstanding on property hereafter acquired by the
c o ., which sinking fund will be credited with any similar payments required the company, to sell the railway to the city for $500,000. V . 125, p. 1706.
to be made on such underlying bonds. Int. payable in N . Y . and Chicago.
ORGANIZATION.— Incorp. in Aug. 1902 as a consolidation of the Colo­
Penna. 4-mill tax refunded. V. 115, p. 554. Listed on N . Y . Stock Ex­ rado Springs Rapid Transit R y. and the Colorado Springs & Suburban R y.
change. V. 116, p. 1906; V. 117, p. 1463, 2139. $493,000 additional Ser. A
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
bonds were listed in Jan. 1926. V. 122. p. 349.
Dividends.— On first pref., 1% % quar. from June 1912 to Sept. 1927. Owns38.87 miles of track. In 1919 added 35 one-man cars to its equipment.
On class “ A ” common an initial div. o f 50c. in N ov. 1925. V. 121, p. 2040
CAPITA LIZA TIO N .— The consolidated company has Issued $1,500,000
and same div. quar. since, to and incl. Aug. 1927.
stock, of which $500,000 5% pref.; bonds ($1,000 5% M . S., due Sept. 1932,
EARN ING S.— For calendar years:
Central Trust C o., N . Y ., trustee) auth. and issued, $1,500,000.
Oper~ Exp.,
Pref.
EARNING S.— For cal. year 1926: Total revenue, $350,496; net after
Interest.
xBalance.
Gross.
Maint. &Tax.
Divs.
$1,350,867
$414,258
$258,513
$397,011 exp. & taxes, $53,146. For cal. year 1925: Total revenue, $430,735; net
192$............. .$2,420,649
after int. and taxes, $16,663. For cal. year 1924: Gross, $440,888; net
*423,358
207,208
360,424
1925---------- . 2,338,641
1.347,651
1,296,543
430,779
169,478
302,071 after taxes, $10,135. In 1923, gloss, $476,381; net after taxes, $910. In
1924-..*------ - 2,199,771
1923_______ - 1,958,958
1,193,752
597,929
155,744
11,533 1922, gross, $505,943; net after taxes, def., $2,305.
1922_______ . 1,839,460
OFFICERS.— Pres., D . P. Strickler; V .-P ., W. Lennox; Sec. and Treas.:
1,126,664
458,260
145,478
109,057
W m. Lloyd; Asst. Sec. & Asst. Treas., H. L. Stubbs; Gen. Supt., A. E.
* Eliminating interest on funded debt retired by common stock, x Avail­ Haak.— V. I l l , p. 188, 492, 1566; V. 114, p. 2468; V. 118, p. 1134, 1267.
3195; V. 120, p. 701; V. 125, p. 1706.
able fe* retirement reserves, 2d pref. and com. divs. and surplus.




COLORADO

246

PUBLIC U TILITIE S

MISSOURI
UNITED RAILWAYS CO. OF ST. LOUIS.
Is controlled by North American Oo. o f New York.
Receivership & Reorganization Plan.— Since April 12 1919 co. has been
In the hands of a receiver. V. 108, p. 1823, 2331. A plan of reorganization
dated Oct. 1 1924, was adopted by the reorganization committee and
approved by a number of the various security holders’ protective com­
mittees. For the various committees and details of the plan we refer to
“ Public Utility Compendium’ ’ of May 2 1925 and V 119. n 2531.
Plan Declared Operative.— The plan for the reorganization of the company,
dated Oct. 1 1924, has been declared operative by the reorganization com­
mittee (F. O. Watts, Chairman), as to all classes of securities for which
provision is made in the plan. V. 125, p. 2150. The plan has been approved
by the Missouri P. 8. Commission by an order entered Oct. 1 1927. V. 125,
p. 2267.
Sale of Properties.— All of the properties and franchises of the company
were sold in foreclosure proceedings to representatives of the reorganization
committee, and such sale has/been approved by the U. S. District Court
for the Eastern Division of the Eastern Judical District of Missouri. V.
125, p. 916, 1054.
Deposits of Securities Under Plan.— Approximately 99 'M% of the St. Louis
Transit Co. 20-year bonds, approximately 87% of the St. Louis Suburban
gen. mtge. bonds, approximately 96% of the pref. stock, and approxi­
mately 89% of the common stock o f the company have become subject to
said plan. V. 125, p. 2150.
General Creditors offered preferred stock in settlement of their claims, see
V. 125, p. 916.
New Company Formed.— On Jan. 16 1926 the reorganization committee
formed a new co., the St. Louis Public Service Co., which was to purchase
the street railway properties at foreclosure. See for names of incorporators
V. 122, p. 483.
In Feb. 1926 receiver Wells entered into contract with the reorganization
committee, whereby $4,200,000 o f receiver’s certificates would be paid in
full in cash ($2,300,000 by receiver and $1,900,000 by committee), and
$4,100,000 underlying bonds were to be exchanged for gen. 4% bonds.
V. 122, p. 1028. Trustee was ordered to issue to the committee $6,000,000
additional bonds for $4,100,000 underlying bonds and $1,900,000 cash.
The unissued $3,700,000 gen. 4s were to be cancelled. V. 122, p. 1172.
All of the outstanding series B receiver’s certificates were called for pay­
ment on April 1 1926 at 100H and int. See V 122, p. 1313. 1612.
Rights.— On or before M ay 1 1926 pref. stockholders were given the
the right to subscribe for new com. stock of St. Louis Public Service Co.
(the new co., see above in this statement) at $12 50 per share on the basis
o f 1 ^ shares of such new com. stock for each share o f pref. held. Subscrip­
tions payable in installments. See particulars in V. 122, p. 1918.
Holders o f common stock who had deposited their stock under the plan
and agreement dated Oct. 1 1924, were given the right to subscribe on or
before July 15 1926, at $12 50 per share for new com. stock (if, as and when
issued) of St. Louis Public Serv. Co. theretofore offered to but not sub­
scribed for by holders of pref. stock o f United Rys. Co. V. 123. p. 208,
713. The right to purchase was on the basis of 1-10 of a share for each 1M
shares represented by subscription receipts. V. 122, p. 3455.
ORGAN IZATION .— Incorporated in Missouri on March 11 1898 as the
Central Traction C o., but changed its name to above on July 10 1899
On Dec. 31 1906 absorbed the St. Louis & Suburban R y., giving its pref.
stock, share for share, for the stock of that company. The United Rys.
guarantees the $4,500,000 gen. mtge. bonds of the St. L. & Sub. Ry. See
V. 83, p. 39; Y. 84, p. 105- In 1908 acquired a controlling interest in the
Missouri Electric C o., successor to the St. Louis St. Charles & Western
R R ., which was sold at foreclosure in July 1905. For receivership and
reorganization see above.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The United Railways Co. comprises a,1 the street car lines in operation in
1
St. Louis, except Illinois Traction system operating out of St. Louis into
Illinois. On Dec. 31 1925 owned total of 462.32 miles o f track (including
the St. Louis & Suburban), o f which 347.28 miles are in the city and 115.60
miles are county track. Has 1,587 passenger cars, 2 special cars, 2 express
cars, 7 snowplows and 35 snow sweepers, 3 electric locomotives and 161
service cars of various kinds. Total, 1,819. The company was originally
leased to the St. Louis Transit C o., but under a readjustment arranged in
Oct. 1904 by Messrs. Brown Bros. & Co. (V. 79, p. 1333), the lease was
canceled and the $17,264,300 stock o f that company nearly all exchanged
for voting trustees’ certificates for common stock of the United Railv ays Co
on the basis of $500 Transit stock for $200 voting trustees’ certificates
Voting trust has expired and com. stock has been issued for trust certificates.
Under this plan the $20,000,000 refund, and impt. mtge. bonds of the
St. Louis Transit C o., o f which $8,00C,000 has been issued, were cancelled,
and in their place the same company issued $10,000,000 o f 5% improvement
bonds guar, by the United Rys. Co. of St. Louis, this guaranty being
secured by a mortgage on all of that company’s property next in rank to
that of its general mtge. These improvement bonds are now the only
outstanding security o f the Transit Co.
Holders o f St. Louis Transit Co. Impt. 20-Yr. 5% Gold Bonds, Due Oct. 1
1924, were given the right to subscribe for new com. stock of St. Louis
Public Service Co. at $12 50 on the basis of 10 shares of such new com. stock
for each $1,000 bonds held. Subscriptions on or before May 1 1926 and
payable in installments. V. 122, p. 1919. Int. on the above St. Louis
Transit Co. impt. 5% gold bonds to April 1 1926 was to be paid. Funds
for that int. were provided by receiver. V. 122, p. 2045. See also V. 122.
p. 2949. Listed on New York Stock Exchange.
Power.— Power is partly purchased from the Union Electric Light &
Power Co. (successor to the Mississippi River Power Distributing C o.).
See V. I l l , p. 1662; also, V. 112, p. 2529.
Valuation, &c.-—The Missouri P. S. Commission In a decision handed
down on June 4 1923, found the value of all property o f the compayn, ex­
clusive of its subsidiary, the Missouri Electric R R . C o., as of Jan. 1 1919
to be $52,838,110, and fixed the value o f the Missouri Electric R R . Co. as

United Railways Co.
of St. Louis

[ V ol . 125.

of Jan. 1 1919 at $781,949. The valuation fixed by the Commission was
accepted by all interested.
Decisions.— On Feb 26 1917 the Missouri Supreme Court held that the
P. S. Comm, had no auth to compel the company to extend its tracks on
streets on which It held no franchises.
Also held void two sections of the
city charter conferring upon the city the power to regulate its public utilities.
Fare Situation.— See “ Electric Railway” Supplement of Apr. 26 1924.
Fare increase sought by Receiver Wells in June 1926. See V. 122, p. 3343.
Motion for increased rates overruled by Missouri P. S. Commission July
22 1927.— V. 125, p. 650.
City Purchase Plan.— See V. 118, p. 2181.
Bus Operations.— See Y . 119, p. 1627.
CA PITA LIZA TIO N .— The following show the securities that will be
outstanding after the proposed readjustments under the above-mentioned
reorganization plan of Oct. 1 1924 have been completed:
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common____________________ _____
_______ 343,645 shs. __________
Preferred Series A ___________ _____
$7
53,845 shs. ___________
Gen 1st mtge $42,000,000(1899 4 g J-J
36,300,000 July 11934
($1,000) gold_________ c * t f I n t . at St. Louis Union Trust C o., trustee.
Cannot be called.
I or at Bankers Trust C o., New York.
First mtge 5s s f g (to be issued [
by a new suburban sub c o -j 1924
5
4,500,000 July 1 1934
Bonds.— Of the $45,000,000 general first mortgage bonds originally
authorized. $3,000,000, which had been previously reserved for the purpose
of retiring bonds of the St. Louis & Suburban system, in case of purchase,
have been canceled, making the total authorized issue now $42,000,000, of
which $9,768,000 are reserved for the retirement of underlying liens. In
Aug. 1919 $1,932,000 bonds of this issue which were owned by the company
were ordered canceled by the Federal Court. V. I l l , p. 787. The bonds
are secured by all the stocks of the constituent companies, and by direct
mortgage lien upon their property and franchises. In 1903 the general
mortgage bonds were listed on the New York and Philadelphia stock ex­
changes (see V. 76, p. 980; V. 89, p. 995), and in April 1906 the St. Louis
Transit Co. improvement bonds were listed on the New York Stock Exch.
Interest Advanced by Protective Committees.— The Jan. 1 1924 interest on
the first gen. mtge. 4s was advanced by the three protective committees for
this issue.
V. 118, p. 204.
Up to M ay 1925 the committee had not
yet been reimbursed by the receiver. The July 1 1924 coupon was paid
by the receiver on Dec. 31 1924, together with interest on each coupon at
6% per annum. The committee for the St. Louis Transit Co. 20-year 5%
Improvement bonds advanced to such of its depositors as so desired the
amount of interest due and in default April 1 1924 on those bonds, and
announcement has been made that, should Oct. 1 1924 interest be defaulted,
the committee will advance same to depositing bondholders. Y. 118. p.
1667; V. 119, p. 1511. Interest advanced by Protective Committee paid
Feb. 15 1926 by order of court. On May 20 1926 Federal Judge Faris at
St. Louis, M o., srranted authority to Rolla Wells, receiver, to pay the
semi-annual interest, due July 1 1926, on these bonds. V. 122. p. 2950.
For payment of interest due Jan. 1 1927, see V. 124, p. 114. For Oct. 1
1927 int. payment on St. Louis Suburban gen. mtge. 5s, see V. 125, p. 1973.
See also above in this statement under headings “ Rights.”
Bonds Called.— The following bonds were called for payment April 1 1926r
by court order;
(1) Compton Heights Union Depot & Merchants Terminal RR. 1st mtge. g.
bonds, extended to Oct. 1 1923, guaranteed by Un. Rys. of St. Louis, incl. 6%
Interest Oct. 1 1923 to April 1 1926.
^
(2) Cass Avenue A Fair Grounds Ry. 1st mtge. g. bonds, extended to Oct. 1
1923 and guaranteed by Un. Rys. Co. of St. Louis., incl. 6% interest Oct. 1
1923 to April 1 1926.
J
(3) Lindell Ry. Is* mtge. g. bonds, extended to Oct. 1 1923, guar, by Un.
Rys. Co. of St. Louis, incl 8% interest Oct. 1 1923 to April 1 1926.
Payment for all three Issues at Mercantile Trust C o., St. Louis or
(except for Compton Heights bonds), at Bankers Trust C o., New York.
See V. 122, p 1612.
EARNINGS.— For calendar years:
1923.
1924.
’
1925.
1926.
.$18,641,872 $18,669,776 $19,288,744 $20,220,765
232.680
226.532
224.799
231.559
.$18,873,431 $18,894,575 $19,515,276 $20,453,445
. 14.626,848 14,684.077 15.093.195 15.123.183
. $4,246,583
- 1,818.288

$4,210,498
1.810.701

$4,422,080
1.772.134

$5,330,262
1.832.603

. $2,428,295
inc. from other sources.
202.874

$2,399,797
285.450

$2,649,946
287 870

$3,497,659
225,701

$2,631,169
3 2.677.569

$2,685,247
2.892.515

$2,937,816
2.907,939

$3,723,360
2,913.615

Passengers Carried—

$809,745
$29,877
. def$46,400 def$207.268
1923.
1924.
1925.
1926.
.269.555.730 270,105,400 279.222,520 292,671,781
.145.503,573 145,698,764 149,555,651 155,343,193

.415,059,303 415,804,164 428,778,171 448.014,974
OFFICERS.— Receiver, Rolla Wells; Gen. M gr. for Receiver, Albert T
3erkins.
Corporate Officals.— Pres., A. L. Shaplelgh: V .-P ., J. Sheppard Sm ith
8ec. & Treas. Frank A. Gannon; Gen. Counsel, H. S. Priest. Directors
J. Sheppard Smith, Frank A. Gannon, H. S. Priest, H. C. Stifel, Waite
W . Smith, A. L. Shapleigh, F . O. Watts, John F . Dulles, J. K . Newman
Richard McCulloch and Morton Jourdan.— V. 117, p. 1557, 2214, V. 118
p. 86. 204. 909, 1269, 1393, 1521. 1662, 1667, 1775, 2181,3199; V. 119, p
326, 1511, 1627. 1735, 2181. 2523, 2531, 2880, 3012; V. 120, p. 960. 2818,
V 121, p. 190: V 122, p. 4S3. 1028, 1172. 1313. 1612. 1919. 2045. 2194,
2950, 3343, 3456; V. 123, p. 208, 713; V. 124, p. 114, 1222, 2430, 2751,
3354, 3498; V. 125, p. 96, 650, 782, 916, 1054, 1973, 2150. 2267.

Inland Power & Light
Corporation

Quotations and specific information
regarding all issues of the above
Company will be furnished gladly
upon request.

Subsidiaries Operate in Michigan, Missouri,
Arkansas, Kansas and Texas
81% of System’s Net Earnings derived from
Electric Department in year ending
Feb. 28, 1927
Outstanding securities of this Company
bought, sold and quoted

We Invite Inquiries

For detailed information write for
Circular ZO
O

MARK C. STEINBERG & CO.
Members New York Stock Exchange
Chicago S tock Exchange
St. Louis Stock Exchange

300 N. Broadway, St. Louis, Mo.




Howe Snow & Co.
Incorporated

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
Minneapolis
Philadelphia

24)

POW ER, LIG H T AND R A IL W A Y

O ct ., 1927.]

(1) MISSOURI ELECTRIC RR.
Controlled by United Rys. Co o f St. Louis
Receivership.— See United Railways Co. above.
ORGANIZATION — Incorp. in July 1908 in Missouri and took over
property o f St. Louis St. Charles & Western R R ., sold at foreclosure sale
July 24 1905 on behalf of a syndicate.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Company operates about 20 miles of track between St Louis and St. Charles.
Gauge, 4 ft. 10 in.: 60 to 100-lb. T rail.
C A PITA LIZA TIO N .— Stock, SI,000,000, all outstanding. A $1,000,000 mtge. has been made to Mercantile Trust Co. of St. Louis, as trustee,
of which *700,000 are outstanding.
OFFICERS.— Pres., Richard McCulloch.— V . 87, p. 226, 480, 1366.

INLAND POWER & LIGHT CORP.

these debentures at any time outstanding is to be retired each year starting
in 1927. Corp. agrees to refund Conn, and Penna. 4 mills tax, M d. 4 } i
mills, Calif, personal property tax up to 4 mills, Dist. of Col. 5 mills tax
and Mass, income tax not exceeding 6% .
Dividends.— On 7% cum. pref. paid initial quar. div. of $1.75 on July 1 ’27.
EARNING S.— Of Inland Power A Light Corp. and subsidiaries:
12 Months Ended—May 31 '27. Feb. 28 '27. Dec. 31 ’25.
Operating revenue and other incom e. $4,158,561 $4,083,811 $2,940,559
Oper. exp., maint., local taxes, & c .. 2,192,392
2,168,976
1,747,180
Ann. int. & div. requirem’ts o f subs_

$1,966,169
998,462

$1,914,835
999,096

$1,193,379
531,919

Ann. int. requirem’ts on coll. tr. bondsi
Ann. int. requirem’ts on debentures..
Ann. div. requirem’ts on pref. sto ck ..

$967,707
309,726
90,433
90,052

$915,739
309.726
90,433
90,051

$661,459
2S1.232
103,103
35,819

Control.— In October 1927 the Tnsull interests acquired control of corp.
from A. E. Fitkin. V. 125, p. 2263.
Bal. avail, for deprec., amort., & c.
$477,496
$425,529
$241,305
ORGAN IZATION .— Organized in 1926 in Virginia to acquire all interest
OFFICERS.— Pres., A. E. Fitkin; V ice-P res.,........................— V. 122,
o f the Commonwealth Light & Power Co. and Interstate Electric Corp. p. 2328, 2494, 3210, 3339; V. 123, p. 1762, 2900; V. 124, p. 372. 506, 1359,
Owns the entire common stock except directors shares of 5 local operating 2279, 2587, 3352, 3628, 3772; V. 125, p. 385, 1052, 2263.
Companies which are: The Kansas Power Co., Michigan Public Service
C o ., Missouri Public Service C o., Arkansas-Missouri Power Co. and Dalhart
KANSAS POWER COMPANY.
Public Service Co. (for separate statements see below '. For details regard­
Control.— All o the common
ing plan and exchange o f securities see V. 122, p. 2494. 3339: V. 124, p. Inland Power & fLight Corp. stock (except directors’ shares) is owned by
2587.
ORGANIZATION.— Incorp. under laws of Kansas in 1909, will acquire
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— The
operating companies comprise a system furnishing electric light and power, the physical properties now owned by the Central Kansas Public Service
gas, Ice, and (or' water service to growing communities located in the States C o., The Electric Service C o., The Great Bend Water & Electric C o., The
o f Michigan, Kansas, Missouri, Arkansas and Texas, serving a combined Horsington Elec. & Ice Co., The Liberal Light, Ice & Power C o., The
population o f approximately 314,300. The principal activity of the system Phillips County Light & Power Co. and The United Light & Power C o.,
is the manufacture and distribution o f electrical energy The system serves all Kansas corporations.
a total o f 57,734 electric customers, consists o f steam generating plants with
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS —
a total capacity o f 33,068 k.w. and includes 2,252 miles o f high tension Company serves or will serve electric light and power, ice and (or) water
transmission lines. The system serves 56 communities with ice, operates to a territory having a population of 73,500 in 105 communities, including
123 miles of gas mains in 7 communities, operates 82 miles of water mains Plainville, Ellsworth, Dodge City, Elkhart, Kinsley, Great Bend, Hoisingin 8 communities and operates a short electric railway line in Arkansas and ton, Liberal, Phillipsburg, Smith Center and Downs, all located in the
busses in Nevada, Missouri. The total daily capacity o f the gas plants is State o f Kansas. The electric system includes generating stations having
845,000 cu. ft., o f the water plants 12,009,000 gallons, and of the ice plants a total installed capacity of 10,684 k.w., with 842 miles of transmission lines,
486 tons.
serving 16,216 customers. The ice plants have an aggregate daily capacity
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
of 80 tons. The water plants have a daily capacity of 2,448,000 gallons
Com cl A 300,000 shs(no p a r ) . ____
_________ xl00,000shs ___________ and serve 839 customers.
Com cl B 100,000 shs(no p a r ) . ____
_________ xl00,000shs ___________
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
Pref7% cum$10,000,000($100)____
7
SI,286,450 ___________ Common 125,000 shs (no p a r ) . ____
_________ 125,000 s h s __________
Coll trust sinking fund gold bonds—
Pref $7 ser 10,000 shs (no p a r ) . ____
_________
________ __________
Series A $709,200________ f 1926
6g
709,200 Mar 1 1936
A / 1927
5 g M-S
$3,500,000 Mar 1 1947
Series B $1,452,900______ 1926
6g
1,452,900 M ay 1 1941 1st mtge 20-year series tf(Central Trust Co. of 111., Chicago, trustee.
(c* $1,000, $500)_______
Series C __________________ ] 1927
6 g A-O
3,000,000 April 1 1957
Bonds.— The ls( mtge. 20-yr. 5% gold bonds, series A , dated Mar. 1 1927,
(c* $1,000 & $500)_____tf (Central Union Trust Co. o f N. Y ., trustee.
Debentures sinking fund $1,-/ 1926
7
1,291,900 June 1 1935 are secured by a direct 1st mtge. on all fixed properties o f the co. now owned
or hereafter acquired, subject to divisional liens, if any, on after-acquired
291,900________________ tf (Guaranty Trust Co. o f N. Y ., trustee.
property. Additional bonds may be issued for refunding and for 75% of
Funded debt of sub cos______ _____
_______
15,120,820 __________
cost or fair value of betterments, additions or improvements, provided
Pref stock o f sub cos_________ _____
_______
2,910,160 __________
x All of the outstanding class A & B common stocks are deposited under consolidated net earnings for a fixed period, as defined in the indenture,
shall have been at least twice the annual int. charges on all divisional bonds
Commonwealth Light & Power Co. ref. & unifying bonds.
1st mtge. bonds
incl. proposed issue. Bonds issued
Stocks.— Class A common subject to the rights o f the pref. stock is (a) and all improvements to outstanding, or against
against
subsidiaries
to divi­
Entitled to priority as to divs. to the extent of $1.20 per share per annum sional liens shall not exceed in the aggregate 25% property subjectbonds at
of all 1st mtge.
over the class B com. stock, and such divs. at the rate o f $1.20 per share
time
begins 1930 o f
will be cumulative to the extent earned in any calendar year; (b) Red., all the mtge. outstanding. Sinking fund of 1% per ann. to and incl. Feb.all
series A outstanding. Red. at 102 and int.
1
or part, at $20 per share and divs. on the shares red. at rate of $1.20 per 1st
of the
share per annum to the extent earned but unpaid; (c) Entitled to priority 1932, reducing A of 1% on 1st day of Mar. in each M d. 4 years 1932, 1937
Co. agrees to refund Penn. 4 mills tax,
in liquidation or dissolution over the class B com. stock, up to $20 per share and 1942. tax, Calif, personal property tax up to 4 mills per'A mills, Dist. of
Col. 5 mills
ann., and Mass,
plus divs. at rate o f $1.20 per share per annum to the extent earned but income tax not exceeding 6% per ann. In M ay 1927 Howe, Snow & Ber­
unpaid on the class A com. stock. Class A com. is non-voting. Class B
&C
Stroud & Co., Inc., and
com. stock.—-All to be issued to Commonwealth co. and by it pledged and tles, Inc., Spencer Trask int., o., yield 5.28% , $3,500,000 E. H. Rollins &
to
1st mtge. 20-yr.
deposited as part security for its refunding and unifying bonds. Class B Sons offered at 96M and
stock has full voting power (except as above stated under pref. stock). 5% gold bonds, series A. V. 124, p. 2907.
Debentures.— All of the outstanding 10-yr. 7% deben. due 1933 were
The 7% cum. pref. stock is entitled to cum. divs. at rate o f 7% per annum
and no more. Red. all or part at 107 and divs., and in event of dissolution called for payment Oct. 1 1927 at L04A and interest.
or winding up is entitled to receive 107 and div. Without consent o f at
EARNINGS.— 12 months ended;
least 1-3 of pref. stockholders, corp. cannot increase authorized amount of
May 31 ’ 27. Feb. 28 ’27.
pref.; or create any other stock or class o f stock having priority over, or Gross earnings__________________________________ $1,192,021 $1,170,657
on a parity with the pref., either as to earnings or assets. Except as required Oper. expenses, maint. & taxes (other than Federal)
662,687
649,7 ll
by law, pref. shall have no voting power unless divs. amounting to 7%
thereon shall have accrued and be unpaid, or unless there shall have occurred
Net before depreciation and Federal taxes______
$529,334
$520,946
some default in the observation of any o f the above provisions. V. 122, Annua int., charges on 1st mtge. bonds, ser. A _
_
175,000
175,000
p. 2494.
Pres., A.
Bonds.— The collateral trust sinking fund bonds are a direct obligation of p. OFFICERS.—p. 2907; V.E. Fitkin; V ice-P res.,_______________V. 123,
2391; V. 124,
125, p. 1052, 1837, 1970.
corp. and are specifically secured by pledge with the trustee of all the
outstanding com. stocks (except directors shares) of the subsidiary operat­
MICHIGAN PUBLIC SERVICE CO.
ing companies. Additional bonds may be issued under restrictive condi­
tions as set forth in the trust indenture. Corp. agrees to refund Conn.,
Control.— All of the common stock (except directors’ shares) is owned by
Penna., and Calif., 4-mills taxes, Maryland \'A mills, Dist. of Columbia, Inland Power & Light Corp.
5-mills tax and Mass, income tax not exceeding 6% per annum.
ORGANIZATION.—-Incorp. in M ay 1927 in Michigan. Has acquired
Series A coll, trust bonds are red. at 102A and int., reducing A of 1 % by consolidation the physical properties formerly owned by the Michigan
for each year elapsed from April 30 1926 and Series B bonds at 105 and int. United Light & Power C o., Boyne City Electric Co., Boyne River Power
prior to M ay 1 1931, reducing K o f 1% for each year elapsed from April 30 Co., White River Power & Light Co., Michigan Public Service C o., Gray­
1930. A sinking fund for series A & B bonds provides for retirement of 2% ling Electric Co. and Elk Electric Co.
of the largest principal amount of said two series outstanding starting in
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
1928.
Company furnishes, without competition, electric light and power to a
% Series C, dated April 1 1927, are red. at 106 and int. to and incl. March 1 prosperous and growing section of Michigan, including the increasingly
1932, reducing 1% on 1st day o f April in each of the years 1932, 1937, 1942, popular resort section of the Michigan peninsula. The system furnishes
1947 and 1952. Indenture provides for semi-annual payments to sinking electric light and power and water service to 11,748 customers in 60 grow­
und, beginning April 1 1928, for retirement of series C bonds, which pay­ ing communities and serves a combined population of 47,000. Among the
ments, it is estimated, will retire entire issue before maturity. In April communities served, at retail or wholesale, are Cheboygan, Pellston, Gay­
1927 $3,000,000 coll, trust bonds, series C 6% , dated April 1 1927, were lord, Grayling, Elk Rapids, Boyne City, Kalkasta, Ludington, Scottville,
placed by Howe, Snow & Bertles, Inc., Spencer Trask & Co., Stroud & C o., Pentwater, Hart, Shelby, Hesperia, Montague and Whitehall. The town
Inc., and A. E. Fitkin & Co. at 96 and int., with an approx, yield of 6.30% . of Gaylord is also served with water. The aggregate plant capacity of
V. 124. p. 2587.
the consolidated properties is 6,815 k.w.
and steam engine
The 7% sk. fd debentures, series A , dated June 1 1926, are red. on 1st day generation. There is operated 432 miles of hydro-electrictransmission lines.
of high-tension
o f any month on 30 days notice at 104 and int., reducing A of 1 % for each Water is supplied in the town of Gaylord to 339 customers. For the year
year elapsed from April 30 1926. Series A deben. entitled to benefit of
sinking fund under terms o f which 2% o f the largest principal amount Of ended Feb. 28 1927 the total output was 14,383,338 k.w.h. of electric energy
and 12,213,000 gallons of water.

The Kansas Power Company
Territory served includes over 100
Communities in Kansas
88.1 % of Net Earnings derived from
Electric Department for year
ending February 28, 1927.
Subsidiary of Inland Power & Light Corporation

Michigan Public Service
Company
Furnishes 60 Michigan Communities with
Electric Light, Power or Water Service.
85.5% of Net Earnings derived from
Electric Department in year
ending February 28, 1927.

Outstanding securities of this Company
bought, sold and quoted

Subsidiary of Inland Power & Light Corporation

For detailed information write for
Circular 203

For detailed information write for
Circular 202

Howe Snow & Co.
Incorporated

120 Broadway

Howe Snow & Co.
Incorporated

New York

Chicago
Grand Rapids
Detroit
San Francisco
Minneapolis
Philadelphia




Outstanding securities of this Company
bought, sold and quoted

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
Minneapolis
Philadelphia

PU BLIC U T ILIT IE S

248

[V ol. 125.

_

STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
ARKANSAS-MISSOURI POWER CO.
Common 150,000 shs (no p a r ) . ____
_________ 100,000 s h s __________
Control.-—
All of the common stock (except directors’ shares) is owned by
Pref cum $2,000,000 (no par)_______
7
________ __________
Inland Power & Light Corp.
1st mtge series A (c* $1,000,1 1927
5 g A-O
$2,000,000 April 1 1947
$500) _________________ tf (Central Trust Co. of 111., Chicago, trustee.
ORGANIZATION.— Incorp. in Arkansas in 1923. Co. owns all of the
Bonds.— The lsJ mtge. 20-yr. 5% gold bonds, series A, dated April 1 1927, outstanding common and a majority of the preferred stocks of the East
are secured by a direct 1st mtge. on all fixed property o f co. now owned or Missouri Power Co. Also has under acquisition the properties presently
hereafter acquired, subject to divisional liens, if any, on acquired property. owned by Arkansas Public Service Co.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Additional bonds may be issued for refunding or for 75% o f cost or fair value
o f betterments, additions or improvements provided consolidated net Owns electric light and power, ice and water properties within the States of
earnings for a fixed period, as defined in the indenture, shall have been at Arkansas and Missouri, and, with its subsidiary, the East Missouri Power
least twice the annual int. charges on all divisional bonds and all 1st mtge. Co., furnishes electric, ice and (or) water service to 77 communities in those
bonds outstanding, incl. proposed issue. Bonds issued against improve­ States with an aggregate population of 102,800. The electric system in­
ments or against property subject to divisional liens shall not exceed the cludes generating stations having a total installed capacity of 6,079 k.w.
aggregate 25% o f all the 1st mtge. bonds at any time outstanding. Sink­ and 398 miles of high-tension transmission lines serving 12,012 customers
ing fund of 1% per ann. begins 1930 o f all 1st mtge. series A bonds out­ in 74 communities with an aggregate population of more than 89,300.
standing. Red. at 102% and accrued int. to and incl. Mar. 1 1932, reduc­ Company also furnishes ice to 24 communities having a population of 60,600
ing
on the 1st day o f April in each of the pears 1932, 1937 and 1942. operates 10 miles of water mains in the town of Luxora, Ark., which has a
Co. agrees to refund Conn, and Penn. 4-mill tax, Md. 4 \4 mill tax, Dist. of population of 1,200, and operates 2 miles of electric railway between the
Col. 5-mill tax, Calif, personal property tax up to 4 mills per ann., and towns of Walnut Ridge and Hoxie, Ark. The total daily capacity of com­
Mass, income tax not exceeding 6% . In June 1927 Howe, Snow & Bertles, pany’s water plants is 720,000 gallons and the ice plants have a total daily
Inc., Spencer Trask & C o., Central Trust Co. o f 111. and A. E. Fitkin & Co. capacity of 304 tons.
offered $2,000,000 1st mtge. 20-year 5% gold bonds, series A, at 96 and int.,
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
_________ 60,000 shs __________
with approx, yield of 5.32% . V. 125, p. 95.
Common 60,000 shs (no p a r ).. ____
All of the outstanding 1st mtge. 6% bonds, due 1943 have been called 7% cum pref $2,500,000 ($100) ____
7 Q-F
$1,139,500 ____________
1st M 30-yr s f g $5,000,000( 1923
for payment Oct. 1 1927 at 107’ and int. Y. 125, p. 1837.
A
5-6-7 g J-J *3,354,600 Jan. 1 1953
($l,000-$500-$100 c* )_ ._ tff St. Louis Union Trust Co., St. L., trustee.
EARN ING S.— 12 months ended:
614 g M -N
875,000 May 1 1935
10-yr 6 A % g deb $5,000,000\ 1925
May 31 ’27. Feb. 28 ’27.
($1,000-$500-$100 c * )— tfj New York Trust C o., N . Y . City, trustee.
Gross earnings---------------------------------------------------$588,699
$576,878
Oper. exp., maint. and taxes (other than Federal).
302,511
302,298 , $32,000; 6% , $2,878,500; 7% , $444,100.
* 5%
Underlying Securities—
Net before depreciation and Federal taxes_____
$286,188
274,580
6
150,000 April 1 1936
Annual int. charges on 1st mtge. bonds, series A . _
100,000
100,000 E M o Pow Co 1st mtge_______ _____
E M o Pow Co sec cum p r e f l ____
7
43,700 ____________
OFFICERS.—-Pres., A. E. Fitkin; Vice-Pres.,_______________ — V. 125,
$ 100,000 ($ 100) ____________ /
p. 95, 780, 1052, 1837.
Stock.— The 7% cum. pref. stock is fully paid and non-assessable. Pref.
as to assets and divs. Red. after 3 years from date of issuance, all or in
part at 110% plus accrued and unpaid divs. Entitled to $100 per share
MISSOURI PUBLIC SERVICE CO.
and accrued divs. in event of dissolution, whether voluntary or involun­
Control.— All o f the common stock (except directors shares) is owned by tary. Pref. has no voting power, except as provided by statute. In M ay
1927 Beverley Bogert & Co., R. E. Wilsey & Co., Inc., and A. E. Fitkin
Inland Power & Light Corp.
ORGAN IZATION .— Incorporated in Missouri in 1926 to acquire the & Co. offered an additional issue of $200,000 7% cum. pref. at 98 and int.,
yield 7.14%.
various electric light and power, gas, ice and water properties now owned by to Bonds.— ' he lsi V. . 124, p. 3350.
T
M 5-6-7% 30-year s. f. gold bonds, due Jan. 1 1953, are
West Missouri Power C o., Peoples Gas & Electric C o., Trenton Gas &
par and int., plus a prem. equal
Conn.,
Electric Co. and Missouri Electric, Gas & Water C o., located in rich red. at and Penna. taxes refundable. Into annual int. . (5-6-7% ). & Co.,
June 1925 A E. Fitkin
agricultural and industrial sections o f Missouri, having a combined popula­ Mass,
Beverley, Bogart & Co. and R. E. Wilsey & Co., Inc., offered $800,000
tion o f 86,500.
additional 1st M . bonds at 95M and int., to yield over 6.35% . V. 120,
A
" F I E L D OF OPERATION s' AN D CHARACTER OF BUSINESS.— The p . 3063. A sinking fund is provided of 1 % during 1925 to 1934, incl.; \l % ,
company serves without competition, through 580 miles of high power 1935-1944, incl., and 2% for each year thereafter until maturity. In
transmission lines, electric light and power to 17,000 customers in 75 com­ June 1927 Beverley Bogert & Co., R . E. Wilsey & Co., Inc., and A . E.
munities with an aggregate population o f more than 79,000. Gas is served Fitkin & Co. offered at $100 and int. $340,000 additional 1st mtge. 6%
through 123 miles o f gas mains to 3,622 customers in 7 communities with an 30-year sk. fd. gold bonds. V. 124, p. 3350.
The 10-year 614% gold debentures, due May 1 1935, are red., all or part,
aggrega e population o f more than 29,800. Water is served in 4 communi­
ties with a population o f 16,300. Ice is served to the town of Trenton, at 105 to and incl. M ay 1 1928, the redemption price decreasing A %
with a population o f 8,000, and buses are operated in the town of Nevada, annually to 102 and int. Penna. 4 mills, Dist. of Col. 5 mills, Conn. 4 mills,
Maryland 4 A mills, Calif. 4 mills and Mass. 6% tax refundable. In June
M o.
The present aggregate plant capacity is 9,080 k.w. and the generating 1925 A. E. Fitkin & Co., Inc., &c., offered $500,000 of these debentures at
stations are located at Clinton, Nevada, Pleasant Hill, Warrensburg, 96 A and int., to yield over 7% . V. 120, p. 3184.
Cainesville and Trenton. The principal communities are inter-connected
EARNINGS.— 12 months ended:
by high tension transmission lines. Gas plants are located at Clinton,
M ay 31 ’27. Feb. 28 ’27.
Chillicothe and Trenton, and natural gas is distributed in the town of Gross earnings, including subsidiary____________ $1,072,369 $1,077,954
Nevada. Nevada is also served with water, as are Clinton, Osceola and Oper. expenses, maint. and taxes (other than F ed.),
Pleasant Hill. The ice plant situated at Trenton has adequate storage
593,908
585,944
including prior charges of subsidiary__________
capacity.
Net before depreciation and Federal taxes_ . . .
_
$478,461
$492,010
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Annual interest charges on bonds and debentures_
261,701
262,272
Common 40,000 shs (no p a r ) . ____
_________
35,400 __________
Pref cum 40,000 shs (no p a r ) . ____
$7
15,000 __________
Bal. for pref. divs., Fed. taxes, depr. & amortiz.
$216,760
$229,738
1st mtge ser A (c* $1,000,/ 1927
5 g F-A
5,000,000 Feb 1 1947 Annual dividend charges on preferred___________
79,702
79,765
$500)--------------------------- tf(T h e Bank o f America and J. N . Gobiet, trust
OFFICERS.— Pres., ____________ - V.-P., S. R . Jones.— V. 118, p.
Bonds.— The 1st mtge. 20-yr. 5% gold bonds, series A , dated Feb. 1 1927 3082, 2707; V. 120, p. 3063, 3184, 3001; V. 123, p. 708, 840, 1112; V. 124,
are secured by a direct 1st mtge. on all fixed property o f co., now owned or p. 3350.
hereafter acquired and further secured by the pledge and deposit o f all the
DALHART PUBLIC SERVICE CO.
stock o f the Eastern Kansas Pipe-Line Co. Additional bonds may be
issued for refunding or for 75 % o f cost or fair value o f betterments, additions byControl.— All of the common stock (except directors’ shares) is owned
Inland Power & Light Corp.
or improvements provided consolidated net earnings for a fixed period, as
ORGANIZATION.— Incorporated in 1927 under laws of Texas. Com­
defined in the indenture, shall have been at least twice the annual interest
charges on all divisional bonds and all 1st mtge. bonds outstanding, incl. pany will serve Dalhart, Texas, population approx. 4,000, with electricity,
proposed issue. Bonds issued against improvements or against property ice and water.
subject to divisional liens shall not exceed in the aggregate 25% of all the
Capitalization.— Authorized: Common stock (no par), 11,000 shares,
1st mtge. bonds at any time outstanding. Sinking fund o f 1% per ann. and $2,000,000 1st mtge. 6s, 20-year bonds o f series A . Outstanding:
begins 1930 o f all 1st mtge. series A bonds outstanding. Red. at 102% and 11,000 shares common stock and $250,000 1st mtge. bonds.
int. to and incl. Jan. 1 1932, reducing M % on 1st day o f February in each
o f the years 1932, 1937 and 1942. Co. agrees to refund Conn, and Penn.
4-mills tax, M d. 4M-mills, Dist. o f Columbia 5-mills tax, Calif, personal (THE) COMMONWEALTH L IG H T & POW ER CO.
property tax not exceeding 4-mills per ann., and the Mass, inceme tax up
Controlled’by Tide Water Power Co., which owns 22,329 shares (81.9% )
to 6% . In April 1927, Howe,8now& Bertles, Inc., E. H. Rollins & Sons, of the common stock outstanding.
and Spencer Trask & Co. bought out $5,000,000 1st mtge. 20-yr. 5% gold
The operating companies are under supervision of General Engineering
bonds, series A at 97 and int., with approx, yield o f 5.25% .— V. 124, & Management Corporation.
p. 2589.
Offer by Inland Power & Light Corp. to exchange securities and proposed
Dividends.— On cum. pref. $7 series paid initial quar. div. ofI$1.75 on retirement of outstanding funded debt. See under “ Inland Power & Light
July 1 1927. ______
Corp.” above. See also V. 123, p. 2896; V. 124, p. 505, 1358.
ORGANIZATION.— Incorp. in Maryland 1n 1916. Company controls
EARN INGSr—12 months’ ended: £
*
1
'
........
'
May 31 ’27. Feb. 28 ’27. the following public utility operating companies: Phillips County (Kan.)
Light & Power C o., United Light & Power Co. (K an.), The Central Kansas
Gross earnings---------------------------------------------------- $1,152,913 $1,106,671
Oper. exp., maint. and taxes (other than Federal).
491,902
492,879 Public Service Co. (formerly Weber Electric Power C o.), Liberal (Kan.)
Light, Ice & Power C o., Missouri Electric, Gas & Water C o., Michigan
Net before depreciation and Federal taxes______
$661,011
$613,792 United Light & Power C o., White River Power Co. (M ich.), Boyne River
Power Co. (M ich.), Boyne City Electric C o., Dalhart (Texas) Ice & Elec­
Annual int. charges on 1st mtge bonds, series A _
_
250,000
250,000
tric C o., Dalhart (Tex.) Water Co. Company also owns approximately
96.5% of the com. and 92% of the pref. stock of Interstate Electric Corp.
OFFICERS.— P re s .,______________ ; Vice-Pres., A. E. Fitkin.— V . 124’
(see hereunder).
p. 2589, 3353, 3496, 3773; V . 125, p. 1052.

M
issou P b S ice
ri u lic erv
C p y
om an
Operates in 76 growing communities in
Missouri
For year ended February 28, 1927, 88.7%
of Net Earning;! derived from
Electric Department
Subsidiary of Inland Power & Light Corporation

Outstanding Securities of this Company
bought, sold and quoted
For detailed information write for
Circular 201

Howe Snow & Co.
Incorporated

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
Minneapolis
Philadelphia




A
rfcan
sas-M
issou P er
ri ow
C p y
om an
Serves 77 Communities in
Arkansas and Missouri
Subsidiary of Inland Power & Light Corporation

Outstanding securities of this Company
bought, sold, and quoted
For detailed information write for
Circular 204

Howe Snow & Co.
Incorporated

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
Minneapolis
Philadelphia

O ct ., 1927.]

POW ER, LIG H T AND R A IL W A Y

FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Through its subsidiary organizations, incl. Interstate Elec. Co. and subs.,
company furnishes a diversified public utility service to 245 communities
in Michigan, Missouri, Kansas, Arkansas and Texas. Population served,
approximatelyr226,000. The controlled companies operate without com­
petition in their various fields For year ended July 31 1926: Electrical
production, 50,271,808 k.w.h.; ice made, 54,879 tons. Electric consumers,
37,692 and 1,677 gas consumers.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ($100)_______
_______
$2,723,800 ---------------7% cum pref $5,000,000 ($ 1 0 0 )____
7
56.400 ---------------Secs o f sub cos (incl Interstate
..........
9,471,800 __________
Elec Corp & its subsidiaries)____
2,941,700 N o v i 1947
1st lien & ref g bonds ($1,000,1 1917
6 g M -N
$500. $100 c * )__________ tf/Guaranty Trust Co. of New York, trustee.
______
1 639.884 __________
Refunding & unifying bon ds,______
Bonds.— The firs lien and refunding gold bonds, due Nov. 1 1947, are
secured upon all o f company’s assets, subject to outstanding obligations of
subsidiary companies, also by pledge o f common stocks o f Inland Power &
Light Corp. Additional bonds may be issued (1) at 85% of additional
properties; (2) at 80% of permanent improvements and extensions; (3) par
for par for bonds outstanding at time o f purchase o f properties, in all cases
provided net earnings for previous year were at least 1 M times annual inter­
est requirements on outstanding bonds, including those proposed to be
issued. A sinking fund began Dec. 31 1922, of 1% o f outstanding bonds
from 1922 to 1926; 1 ‘4 % from 1927 to 1931; 1V2% from 1932 to 1936;
1M % from 1937 to 1941, and 2% from 1942 to 1946, to be used to retire
bonds or for permanent improvements. Callable as a whole only at 105 and
interest. In addition to amount shown in the above table as outstanding,
$750,000 bonds are deposited as collateral for the 2-year secured gold notes.
EARNINGS.-—Consolidated income account, incl. all subsidiaries, for
year ended July 31 1926:
Gross, including other income________________________________$2,941.014
Net earnings after taxes_____________________________________
1,177,209
Interest and prior charges o f subs____________________________
672,207
Interest (parent company)___________________________________
354,490
Balance___________________________________________________
$150,512
OFFICERS.— Pres., G. A. Williams; V.-Ps,, A . E. Fitkin, H. D . Polhemus, R . R. Strunk and C. A. Fees; Treas., W . E. Shaw Jr.; Sec., S. R.
Jones. Office, 165 Broadway, New York City, N. Y .— V. 122, p. 2328,
2492, 3200, 3603; V. 123, p. 82, 323, 1761, 1995, 2896; V. 124, p. 371, 505,
1358, 3351.
INTERSTATE ELECTRIC CORPORATION.
Offer by Inland Power & Light Corp. to exchange securities and proposed
retirement of outstanding funded debt. See under “ Inland Power & Light
Corp.” above. V. 122, p. 2329, 2495; V. 123, p. 2900; V. 124, p. 506, 1360.
Control.— Commonwealth Light & Power Co. owns appr. 98.5% of the
common and 96% o f the preferred stock.
Management.— General Engineering & Management Corp.
ORGANIZATION.— Incorp. in Virginia, Jan. 1913. Company con­
trols and operates Arkansas-iviissouri Power Co., Michigan Public Service
C o., Arkansas Public Service Co., Elk Electric C o., Grayling Electric Co.,
Electric Service Co. (Kansas), Great Bend (Kan.) Water & Electric Co.,
Holsington (Kan.), Electric & Ice C o., Trenton (M o.), Gas & Electric Co.,
Peoples Gas & Electric Co. (M o.).
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Through its subsidiaries furnishes a diversified public utility service in
Michigan, Missouri, Arkansas, Kansas and Texas. The principal activity
o f the co. is the manufacture and distribution o f electrical energy. Co.
also operates water, gas and ice companies. V . 120, p. 2147. For year
ended July 31 1926: Capacity o f plant, 15,483 h.p.; transmission lines, 886
miles; electric production, 27,043,653 k.w.h.; gas output, 37,947 m .c.f.;
ice manufactured, 33,778 tons. Consumers, electric, 20,184; gas, 1,677,
and water, 1,268. Population served, 129,400.
STOCK AND BONDS—
Date. Interest.
Outstanding.Maturity.
Common $1,000,000 ($100)________
_______
$1,000,000 ---------------Cum pf 7% $1,500,000 ($100)______
7 Q-M
1,077,100
---------Securities o f subsid cos_______ _____
_______
2,40i ,600 ---------------1st lien 6% coll s f gold $2,-f 1913
6 g M-S
1,784,500 Mar 1 1933
000,000 (closed) ($1,000-1 Int. at The Equitable Trust Co., New York,
500 c * )_________________ tf [ Trustee.
10-year 7% deb $1,500,000/ 1922 7 J-D
1,472,900 Dec 1 1932
($1,000-$500-$100 c * )_ tf (The New York Trust C o., N . Y. O., Trustee.
_
Bonds.— The lsi lien 6% coll. s. f. gold bonds, dated March 1. 1913. are
secured by the assets o f subsidiary companies whose stock is deposited
thereunder. There is a sinking fund o f 1 14 % o f amount of outstanding
bonds Dec. 31 1921 to 1925; 2% , Dec. 31 1926 to 1929; 3% Dec. 31 1930 to
1932, all dates inclusive. Callable, whole but not part, at 102 and int.
$155,500 have been retired by sinking fund. $100,000 reserved to retire
underlying bonds. In April 1925 Mew York Empire C o., Inc., and Bever­
ley Bogert & C o., offered these bonds at
to yield over 6.35%.
$27,000 10-year 7% debentures dated Dec. l 1922, were retired by sinking
fund. V. 119, p. 2529; V. 120, p. 2147. They are redeemable, whole or
part, to and including Dec. 1 1925 at 105 and int., and 1% less on June 1 in
each of the years 1926, 1928 and 1930 Penna., Maryland and Conn. 4 mills
and Mass. 614 % taxes refundable. A. E. Fitkin & Co. offered In Oct. 1924
a certain amount of these bonds.
OFFICERS.— Pres., G. A . Williams; V .-P ., A . E . Fitkin; Treas., W . E.
Shaw Jr.; Asst. Treas., R. W. Davidson; Sec., S. R . Jones.— V. 122, p.
2329, 2495, 3210; V. 123, p. 324, 1762, 2900; V. 124, p. 372, 506, 1360.

MISSOURI POWER & L IG H T CO.

Control.— Controlled by North American Light & Power Co.
ORGANIZATION.— Organized in Missouri. In Aug. 1925 the co. sold
itsSOklahoma, Illinois and Kansas properties for $5,175,000. V. 121, p.
1462. For purchase of municipal electric plant of Clinton, M o., in Dec.
1925, see V. 122, p. 213. See also V. 123, p. 2391.
On July 24 1925 stockholders increased the authorized pref. stock from
$2,000,000 to $3,200,000 ($100 par). V. 121, d . 979. On N ov. 3 1925
they increased the authorized common stock from 40,000 shares of no
par value to 66,000 shares, and the authorized pref. stock from $3,200,000
to $5,700,000 (par $100). V. 121, p. 1227, 1462, 2403.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns and operates electric power and light, gas, heating, water, street
railway and ice properties in 119 cities and towns in Missouri, serving
a population estimated at 137,000. including Jefferson City, Moberly,
Kirksville, Booneville, Mexico, Brookfield, Excelsior Springs, Huntsville
and Centralia. The power and light properties of the co. comprise steam
electric generating stations with an aggregate installed capacity of 21,130
h.p., together with 617 miles of transmission lines, and distributing systems
in the communities served. Gas service is supplied to Boonville, Jefferson
City, Moberly, Mexico and Excelsior Springs, M o.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common 60,000 shs. (no par)______
_______
35,000 shs. --------------Prefstk 7% $5,700,000 ($100)______
_______
$2,787,300 Sept]’27 134
1st mtge g Series A ($ l,0 0 0 j 1925
514 g M-S 6,500,000 Sept 1 1955
$500, $100 c * )_________ tf (Central Trust Co. o f 111., Chicago, Trustee.
The lsi mtge. g. bonds, Series A . 1925, are red. on 60 days notice, all or
part, incl. Sept. 1 1950 at 105 and int., with successive reductions of 1%
during each year thereafter. The mortgage provides for the issuance of add!
tional bonds o ' such maturity and bearing such rates o f int. and otherwise of
such tenor as directors may from time to time determine. Such additional
bonds, however, may be issued only (1) for not exceeding in face value 80%
o f the cash cost or fair value, whichever is less, o f additions, extensions,
improvements or new acquisitions to be subjected to the lien of the mortgage,
either directly or through pledge of securities and of permanent improve­
ments, additions or betterments to properties thus subjected to the lien
thereof, provided that annual net earnings shall have been not less than 1 H
times the annual interest charges on all bonds including the bonds requested
to be certified and on all indebtedness secured by a lien or liens prior to the
lien o f the mortgage securing these bonds if any, or (2) to refund underlying
bonds if any; or (3) for the refunding of bonds of other series.
The deed o f trust provides for the payment to the trustee annually of a
sum equal to 25% o f gross operating revenues derived from city railways
and 1214 % from other utility properties during the preceding calendar year
less the amount expended for maintenance and to satisfy the sinking fund
requirements o f underlying bonds if any. Funds so deposited shall be
employed either for the retirement o f underlying bonds if any or first




249

mortgage bonds or for renewals and replacements or for additions, improve­
ments or acquisitions which shall not be made the basis for the certification
of additional bonds. The above percentages are subject to periodical re­
determination .
Interest payable in Chicago or New York. Conn., Penna., Calif. 4-mill
tax, District of Columbia 5-mill tax, Maryland 414-mill tax and Mass
6% tax refundable.
In Oct. 1925 E. H. Rollins & Sons, &c., &c., sold $6,500,000 at 98 14 and
int.. to yield 5.60% . V. 121, p. 1789.
EARNING S.— For calendar years:
*1927.
1926
1925
1924.
Gross earnings_________ $2,610,011
$2,508,656 $2,255,646 $2,009,382
Oper. exp., maint. & tax. 1,586,982
1,569,395
1,366,419
1,269,685
Balance for int., bond
discount & divs____$1,023,029
$939,261
$889,227
$739,697
* For 12 months ended July 31 1927.
OFFICERS.— Pres., Clement Studebaker Jr.; V.-Ps., H. L. Hanley#
L. E. Fischer, Geo. T. Buckingham and E. R . Locke; Operating V .-P ..
L. A. Pettit, Jr.; Sec., D . H. Holmes; Treas., P. L. Smith.— V. 119, p. 948«
1072; V. 120, p. 582, 829; V. 121, p. 706, 840, 979, 1227, 1462, 1678, 1789.
1909, 2403; V. 122, p. 213, 2329; V. 123, p. 2391.

ST. LOUIS & ST. CHARLES BRIDGE CO.
ORGANIZATION.— Incorp. on Dec. 22 1908 as successor to the St.
Charles & St. Louis County Bridge Co., whose property was bid in at fore­
closure sale on Feb. 29 1908 for the bondholders at $300,000. V. 86, p. 669.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Bridge across Missouri River, 2,700 ft. long, between City of St. Charles
and St. Louis County, was opened April 22 1904. The Missouri Electric
pays the Bridge Co. 5c. for each passenger crossing the bridge.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $562,500 ($100)______________
_________
$560,850 __________
1st mortgage $300,000 ($500) 1 1909
5 g J-J
143.000 Jan. 11929
g o ld ----------------------------- c*/American Trust C o., trustee.
Bonds.— Subject to call at 105.
QFFICERS.— Pres., C . D . Bolin; Sec. & Treas., W . V. Delahunt —
V. 86, p. 669; V. 87, p. 227; V. 88, p. 56.

UNION ELECTRIC LIGHT & POWER CO. OF ILL.
Control.— The North American Co. owns all the common stock except
directors’ qualifying shares.
Lease.— Company’s plant is leased to Union Electric Light & Power Co.
(M o.). See statement elsewhere in this publication. The lease provides
for rentals which include taxes, deprec. o f nearly 3 % , and a fixed return
based on capital expenditures.
In accordance with the accounting procedure prescribed by the Missouri
P. S. Comm., the rentals are a deductioi from operating income of Union
Electric Light & Power Co. (of Missouri), payable before determination of
net income applicable to that company’s fixed charges.
ORGANIZATION.— Incorp. Jan. 10 1923 in Illinois as the Caholda
Power Co. (name changed to present title in July 1923), to assume the
ownership and control of the steam power plant under construction at
Cahokia, 111., directly across the Mississippi from St. Louis. This plant,
constructed to meet the power requirements of the St. Louis district, has
been leased to Union Electric Light & Power Co. (Missouri). For terms of
lease, see above under “ Lease.” Plant is located on the east bank of the
river. This station is designed to operate entirely on pulverized coal for
fuel. Is designed for the ultimate capacity of 350,000 k.w. The first four
units are now in operation and have a capacity of 145,000 k.w.; the fifth
and sixth units will be housed in the third section, 50,OOOk.w. under
construction will be in operation during Oct. 1927.
STOCK AND BONDS— Date.
Interest. Outsatnding. Maturity.
_
_______
$5,0 >0-000 __________
Common $13,000,000 ($20)_ ____ _
Pf 6% cum $25,000,000 ($ 1 0 0 )____
6 Q-J
7,997,200
See text
First mtge Ser “ A ” ($1,000)1 1924
53-2 g J-J 9,125,000 Jan 1 1954
gold_________________ c*.tf/E quitable Trust C o., New York, trustee.
Stock.— ITeferred has equal voting rights, share for share, with the com.
stock, and is free from all property taxes in Missouri and Illinois.
Bonds.— First mtge. Series “ A ” bonds have a semi-annual sinking fund
to retire $7,500,000 Series “ A ” bonds prior to maturity through redemption
of 214 % per annum by purchase in the market at or below 100 and interest,
or if not so obtainable, by call at that price. Are callable, all or in part,
on 30 says’ notice on any interest date to and including Jan. 1 1925, at
105 and interest, with successive reductions in redemption price of 14 of
t % during each three years’ period thereafter. Penna. 4 mills tax refunded.
Listed on New York Stock Exchange. V. 120, p. 1091. In Jan. 1924
lO,000,000 were sold by Dillon, Read & C o., Harris, Forbes & C o., and
pencer Trask S Co. at 95Jf and interest, to yield 5.80% . V. 118, p. 442.
c
Dividends.— On pref. are being paid regularly.
EARNINGS.— For calendar years:
Avail, for Depr.,
Net after
Gross.
Taxes.
Interest.
Divs., & c.
$658,600
$2,029,645
*1927_________ $2,708,774
$2,688,245
1926__________ 2,558,993
2,545,103
742,836
1,802,267
1925___________ 2,2474)72
2,238,038
793,502
1,444,536
1924___________ 1,715.136
1.708 892
802,212
906,680
* For 12 months ended June 30 1927.
OFFICERS.— Pres., Louis H. Egan; V .-P ., F. J. Boehm; V .-P ., Edwin
Gruhl; V .-P., J. F. Fogarty; Sec. & Treas., H. Spoehrer.— V. 121, p. 2158.
2754; V. 122, p. 2498; V. 123, p. 72, 2521, 2903; V. 124, p. 1512, 3211, 3498:
V. 125, p. 916.

f

KANSAS C ITY CLAY COUNTY & ST. JOSEPH
R A ILW AY CO.
ORGANIZATION.— Incorp. in Missouri in 1911 under a 200-year char­
ter. In Jan. 19] 3 the line from Kansas City to Excelsior Springs. M o., was
opened, and on M ay 5 1913 opened for operation its line between Kansas
City and St. Joseph, 5214 miles. V. 96, p. 1423.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 51.9 miles between Kansas City and St. Joseph, M o., and 27.7
miles between Kansas City and Excelsior Springs, M o.; total, 77.61 miles.
70 and 80-lb. T rail; standard gauge. Passenger equipment, 26 cars
5 exp. motor cars, 20 express trailers, 10 other cars and 1 American elec­
tric ditcher, 2 electric locomotives. Also handles freight.
The terminal service to Kansas City for the Quincy Omaha & Kan. City
SR . (C. B. & Q. system) was discontinued V. 99, p. 1910.
Valuation.— On Jan. 15 1920 the P. S. Commission fixed the value o f all
the property as of July 31 1917 at $4,800,000. V. 110. p. 562.
Freight Terminal.— The Kan. City Interurban Freight Term. Co. was in­
carp. in Feb. 1917 to provide facilities in the city for handling interurban
freight and express matter. Stock auth. and issued, $100,000; bonds auth.
$100,000, of which $62,500 outstanding. The stock of the co. is owned by
interests associated with the Kansas City Clay County & St. Joseph R y.
ind the Kansas City Kaw Valley & Western R y. The terminal was opened
Oct. 10 1917. Robt. P. Woods is Pres.; J. F. Holman, V.-Pres.; E. S. Bige­
low, Sec. & Treas.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
$2,450,000
See text
Com $6,000,000 ($100)___________
Pref 7% cum $7,000,000__________
7%
1.550.000 Jan '26, 1H
1st mtge $10,000,000 ($ l,-f 1911 5 g M-S
2,990,000 Sept 11941
000 gold s f red at 105 after/Equitable Tr. Co., N . Y ., and J. F. DownSept 1 1915__________ c * tf( lug. Kan. City. trus.
Int. payable N. Y .
Bonds.— Unissued bonds can only be issued for 80% of the cost of per­
manent add’ns and exts. under certain restrictions. Sinking fund of 114%
)f bonds certified began Sept. 1 1917.
Dividends.-—On 7 % pref. 1 % % , paid regularly quar. to 1925, none since.
On common: In 1914, 214% paid; 1915, June, 1% % - In 1916, 414%.
In 1917, 2 V
s
In 1918, 2 % % . In 1919, 2 H % . In 1920, 2M % . In
1921,3 3-16%. In 1922, 1^4%.
EARNINGS.— For calendar years:
Gross.
Net.aff.Tax. Interest,&c. Dividends.
Balance.
1926___ . . . $828,176
$194,368
$161,823
$32,545
874.416
1925___
232.360
163,534
108,500 def39,674
12,706
977,881
285,866
164,660
108,500
1924___ . . .
99,911
371,904
163,493
108,500
L923____
1,235,041
98,715
371,274
163,309
109,250
1922------ . . . 1,212,292
127,500
41,193
155,872
1921___
1,186,707
324,565

250

PU BLIC U TILITIE S

OFFICERS.— Chairman o f Board & Pres., Allen G. Hoyt; V .-P. & Gen*
M gr., R. P. Woods; Sec. & Treas.. W . S. Tuley.— V. 119, p. 1172; V . 121'
p. 1348; V. 123, p. 1382; V . 125, p. 1460.

KANSAS CITY PUBLIC SERVICE CO.
ORGANIZATION.-—Incorp. In Missouri June 16 1925 to succeed as per
reorganization plan o f June 1 1925, the Kansas City Railway C o., sold at
foreclosure Jan. 4 1926. The receivership of this latter company ended
Oct. 16 1926. For above reorganization plan, history, &c., of Kansas City
Railways, see “ Public Utility Compendium" of May 1 1926
V. 120
p 2942; V. 122, p. 2651; V. 123, p. 1996. Co. owns all issued bonds and
stocks o f Wyandotte Rys. Co. (Kansas) which co. owns the fixed physical
property in Kansas (not including rolling stock) and has leased same to
Kan. City Pub. Serv. Co.— Y. 124, p. 1510.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns and operates entire street railway system and also a number of bus
lines serving Kansas City and Independence, M o., Kansas City. Purchases
power from Kansas City Power & Light Co., Kan., and Jackson County,
M o.; population served, about 600,000. Over 317 miles of single-track
equivalent, about 75% paved; remainder on bridges or private right-of-way.
13 substations. Approximately 750 motor cars and trailers in addition to
work cars. Approximately 69 buses. V. 123, p. 2261.
Franchises.— A 12-year extension o f the franchise of predecessor company
was granted on Sept. 27 1926 by the City Council of Kansas City, M o.,
whereby this franchise became a 30-year grant to terminalte Jan. 1 1956.
V. 123, p. 1996, 2139. The fare was fixed at 15 tickets for $1, making a
fare o f 6 2-3 cents.
Maturity
STOCK AND BONDS— Date.
Interest. xOutstanding
Com 250,000 shs (no par)_________
_________ 183,645 shs
_________
none
Prior pf 150,000 shs (no p a r ) . . ____
See text
Pref ser“ A ” 250,000 shs(no p a r ) ____
$7
83,364 shs
1956
1st mtge 6% ponds__________ _____
6
$12,465,200
Stock.— Series “ A ” pref. stock issued bears preferential cumulative divs
at rate o f $7 a share per annum, is redeemaole at $107.50 a share and divs-,
and is entitled on dissolution or liquidation to $100 per share and divs.
E A R N IN G S.— For calendar years (or predecessor co.):
*1927.
1926.
1925.
1924.
Revenue passengers____ 60.635,993 125,312.189 124,698,142 128,310,928
Transfer passengers____ 30,401,847 62,746,411 65,390.339 66,969.205
Total oper. revenue___ x$4,755,515 x$9,939,477 x$9,967,579 $10,024,230
Net operating revenue.. 1,130,951 2,080,977
1,523,776
1,545,741
1,057.043
Net after taxes.
1,012.339
1,520,317
850,951
10,878
Miscellaneous income_
_
7.085
8,994
Misc. non-op. inc.— C o .

$850,951
6,529

$1,529,311
215,098

$1,019,424
243,210

$1,067,921
188,509

Gross income— C o_
_
Total deductions_______

$857,480
378.664

$1,744,409

$1,262,634
1,915,682

$1,256,430
1,903.188

def$653,048 def$646,758
Net income__________
$478,816
x Includes motor coach operating revenue of $297,278 in 1927; $627,356
in 1926 and $189,621 in 1925.
Note.— The total operating expenses and taxes for 1925 amounted to
$8,955,241 and in 1924 to $8,967,137 as may be calculated from above
annua] earnings of predecessor co., taken from the receiver’s report. These
operating expenses include, it is stated, annual charges of $1,200,000 on
account of personal injury and property damage claims, and $ 120,000 on
account o f receiver’s and legal expenses. These two items, aggregating
$1,320,000 per annum, represent an appropriation of $110,000 each mouth
from Nov. 1 1921 charged to operating expenses. Adjusting these and
other similar items to the actual expenditures, gross income for 1925 was
$1,975,244 and for 1924 $1,911,926. Deducting from these latter figures
the revenue received from interest on security owned, the final adjusted
gross income for 1925 amounts to $1,751,850 and for 1924 $1,730,476.
Earnings as based on new securities (of Kansas City Public Service Co.)
for calendar years 1925:
Adjusted gross income________________________________________ $1,751,850
Interest requirements on 1st mtge. 6% bonds__________________
747,912

Capitalization of New Company.
1st mtge. 4% 20-yr. bonds, authorized________________________ $1,000,000
250,000
Non-cumulative 6% prefeired stock (par $25) authorized______
Common stock without par value____________________________ 12,000 shs.
First Mortgage Bonds shall be dated Oct. 1 1927, shall bear coupons pay­
able semi-annually at the rate of 4% per annum and shall be in the denom.
of $25, $75 and $1,000. Bonds shall be secured by a first mortgage upon
properties of the company. All of the terms and conditions of the bonds
and mortgage securing the same (including, if practicable, a provision for
an annual sinking fund) except as above outlined, shall be determined by
the committee. In order to provide the company with funds for capital
improvements without resorting to an assessment against depositing bond­
holders, the first coupon on the bonds due April 1 1928, will be detached
and surrendered to the company for cancellation.
Preferred Stock shall e issued in shares having a par value of $25 shall be
entitled to non-cumulative dividends at the rate of 6% per annum, shall
be preferred as to assets to the extent of $25 per share and shall be subject
to redemption by the company, at its option, at par. Each share of pre­
ferred stock shall carry the same voting rights as each share of the common
stock.
Common Stock.— There shall be authorized 12,000 shares without nomina
or par value.
Distribution of Securities.
Upon surrender of certificates of deposit, the holder will be entitled to
receive first mortgage bonds in principal amount equal to 75% of the prin­
cipal amount of Kansas City Kaw Valley & Western Railway 1st mtge.
bonds, deposited by him, and preferred stock having a par value equivalent
to 25% of such principal amount, together with voting trust certificates
for one share of common stock for each $100 of the bonds deposited by him.
The common stock shall be held for a period of three years by voting
trustees to be originally selected by the committee under an agreement
approved by the committee, which shall provide that full voting powers
shall be retained by the trustees during the existence of the voting trust,
except that trustees shall not vo e in favor of the sale of the company’s
property without the consent of the holders of voting trust certificates
representing a majority of the trusteed stock.
Of the new first mortgage bonds not needed for this exchange, $150,000
in principal amount shall be delivered into the treasury of the company,
to be used for general corporate pu. poses and the balance of the autho.ized
fust mortgage bonds shall be subject to issuance only upon conditions to
be provided in the mortgage.
There will be a small number of the shares of the preferred stock which
will not be needed for exchange which will remain as authorized unissued
stock. About 30% of the authorized common stock will not be needed for
the exchange and this stock will be held in the treasury of the company
and all or part of it set aside to be used by the directors for the purpose of
procuring a successful operating management, the committee being con­
vinced that it will be to the interest of the new company to have the manage­
ment financially interested in the prosperity of the company.
'*
The outstanding capitalization of the new company, upon completion
of the plan would then be substantially as follows:
First mortgage bonds________________________________________
a$784,500
Preferred stock______________________________________________
211,500
Common stock________________________________________________bl2,000shs
a $150,000 will remain in the treasury of the company, b 3,540 shares
to be available for management.
Committee.— Channing Folsom, J. Z. Miller, Jr., Alfred R. Horr, Thoma
F. Mawer, George W . York. V. 125, p. 1708.

Applicable to preferred stock_______________________________ $1,003,938
Annual dividends on 83,364 $7 preferred shares________________
583,548
Balance after preferred dividends___________________________ $420,390
Latest Earnings.— For 6 months ended June 30 1927: Gross income after
all oper. expenses and taxes allowances, $857,480; interest on 1st mtge.
bonds, $373,956; other int. charges, &c.. $4,708; net income, $478,816.
Balance Sheet as of June 30 1927. see V. 125, p. 1052.
Dividends.— On N ov. 10 1927 to pay initial div. of $1.75 on series A pref'
OFFICERS.— Pres., William G. Woolfolk.— V. 121, p. 1788; V. 123, p
1996, 2139, 2261: V. 124, p. 1510, 3629; V. 125, p. 517. 1052.

KANSAS CITY KAW VALLEY & WESTERN RR
O RGAN IZATION .—-Incorporated on Sept. 7 1927 in Kansas to take
over the properties o f the Kansas City Kaw Valley & Western Railway
(for history, &c., see “ Public Utility” Compendium of April 30 1927) in
accordance with the reorganization plan submitted by the protective
Committee. The old company was sold at foreclosure Sept. 12 1927.

Kansas City Railways
All I ssu e s
Helena Lt & Ry 5s K. C. Clay Co. & St. Joe Ry.
Helena G. & E. 6s
S. L. & Utah Ry. 1st 6s
Omaha & Council Bluffs St. Ry. 5s
S p e c ia lis t s
C o m

in

s e c u r i t i e s

p a n ie s
o r

in

o f

P u b l i c

p r o c e s s

r e c e n t l y

o f

U t ilit y

a n d

R a ilr o a d

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

r e o r g a n i z e d .

Orton, Kent & Co.
Members New York Stock Exchange
60 B r o a d S t .




Hanover 5150

6 Mos. End. - -------------- Calendar Years—
1924.
1925.
1926.
June 30 ’ 27.
$375,528
$366,845
$460,926
Total operating revenue
$208,623
234,591
261.046
299,408
Operating expenses.. _ _
134,735
Maint. of ways, struc­
82,458
89,326
102,732
53,134
tures & equipment___
19,698
6.800
12,054
6,000
Taxes_____
. .
Net revenues. __
Other income-less other
deductions___

N ew Y o r k

$14,754

$46,732

$9,673

$38,781

1,666

458

761

10,292

Net avail, for int. and
$49,073
$10,434
$47,190
depreciation _ __
_
$16,420
OFFICERS.— Pres.. K. D . Klemm, Kansas City, M o., V.-P. at Gen.
Mgr., W. R . Taylor; Sec. & Treas.. W . E. Barnhart: Aud., E . J. O’Brien.
Office, 511 New Jersey Ave., Kansas City, Kan.— V . 125, p. 1708.

THE MISSOURI & KANSAS R A IL W A Y CO.
ORGANIZATION.— Previously known as Missouri & Kansas Interurban
Railway.-—Incorp. in Kansas under General Railroad Law. Known as
“ Strang Line.” In 1909 receiver appointed the previous year was dis­
charged, and old company resumed control. V. 86, p. 1467; V , 89, p, 1281.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 20 miles of road from Kansas City through Southridge, Morrison
Ridge, Milburn Place, Overland Park and Lenexa to Olathe. Enters
Kansas City over tracks of the Kansas City Rys. 70-lb. rails. Has 10
cars, including passenger and freight. M otive power changed from Strang
gasoline cars to electricity in 1908. V. 87. p. 614. Has private right-ofway about 80 feet wide from Kansas City to Olathe.
STOCK AND BONDS—
Date. Interest.
Outstanding.Maturity.
S t o c k $ 1 ,0 0 0 ,0 0 0

D ig e s t o f R e o r g a n i z a t i o n P la n .

Purchase.— Representatives o f the committee will attend the foreclosure
sale and if no outside bids are sufficiently large, in the opinion of the Com­
mittee, to be more advantageous than the carrying out of this plan, the
Committee will bid for and purchase the mortgaged properties and apply
the deposited bonds upon the payment therefor. [Committee purchased
property Sept. 12 for $300,000.]
New Company.— A corporation will be formed under the laws pf Kansas
to take title to the property so purchased (new company incorp. in Kansas
Sept. 7, see above).

Kansas City
Public Service Corp.

[ V ol. 125.

( $ 1 0 0 ) ______________-

- - - - - -

$ 1 ,0 0 0 ,0 0 0

..........

First mtee gold ($1,000)---------c 1919 6 J-J
500,000
x934
Second mortgage $300,000[ 1919 6 J-J
155,000 July 11934
($ 1 ,0 0 0 )_________________ lin t, at Fidelity National Bank & Trust C o..
I

K an sas C ity , M o ..

T ru stee.

EARNINGS.— For calendar year 1925, gross $162,640; net, $46,723;
for 1924, gross $152,237; net, $45,037.
In 1923. gross, $159,480; net,
$45,211'. In 1922, gross, $162,377; net, $44,309.
OF'S’ 1CERS.— Pres., Henry C. Flower; V .-P.. Lester W . Hail; V.-P. &
Gen. Mgr., Thos. Riley; Sec. & Treas., A. D . Rider; Aud., E. H. Stair.
General offices. Overland Park, Kan.— V. 87, p. 614; V. 89. P- 1281: V. 109.
p. 477,
_

SOUTHW EST MISSOURI RAILROAD CO.
Receiver.—On Sept. 14 1926 F. C. Wallover and Harrison C. Rogers
(both of Joplin) were appointed receivers. It was stated that interest on
bonds had not been paid for years. V. 123, p. 2141.
ORGANIZATION.— Organized under the general railroad laws of
Missouri, and on Sept. 1 1906 acquired the Southwest Missouri Electric
Ry. and the Webb City Northern Electric R R .
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates 91 miles of track connecting Carthage, Carterville, Webb City,
Prosperity, Porto Rico, Duenweg-Oronogo, Neck City, Purcell, Alba,
Joplin Villa Heights and Chitwood, all in Missouri, and Galena in Kansas.
An extension to Baxter Springs, Kan., 9 miles, was completed Feb. 21 1918
and to Picher, Okla., on June 10 1918. In Sept. 1926 authorized by
Missouri P. S. Commission to discontinue its street car service from
Duquesne to Duenwig in Jasper County, M o. V. 123, p. 1763.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $3,500,000 See“ earns.’
Stock $5,000,000__________________
General and refunding m ort-f 1906
5 g M-S
1,027,000 Sept 1 1931
gage $5,000,000 gold ($1,-1 Int. at Harrisburg (Pa.) Trust Co., Trustee.
0 0 0 )___________________ tf I or National Bank of Commerce, N. Y.
Webb City Northern m tge/ 1905
5 g M-S
200,000
Sept 1923
$200,000 gold________ c* tflin t, at Safe Dep. & Tr. Co., Pitts., Trustee.
Southwest Missouri Electric! 1903
6 g M-S
1,150,000 Sept 1 1928
Ry refunding and exten-1 Harrisburg Trust C o., Harrisb., Pa., Trustee
sion mtge $1.500,000-. . t f [Int. payable at Nat. Bk. of Commerce.N.Y.
Bonds.— Of the $5,000,000 gen. & ref. bonds. $1,350,000 are reserved ror
prior liens and $2,623,000 for impts. and exts. The $1,150,000 Southwest
Missouri Electric Ry. ref. & ext. mtge. 5s, due Sept. 1 1923, were extended
to Sept. 1 1928 at 6% , but are subject to call all or in part by lot on any
Int. date on 30 days’ notice at 100 & int. The extended bonds have a
sinking fund and are secured by gen. & ref. mtge. 5% bonds of the RR. co.
on the basis of $1,150 to each $1,000 of the extended bonds, and the latter
may be exchanged for these gen. & ref. bonds in the same ratio under
conditions set forth in V. 117, p. 1348. See above under “ Receiver.”

O ct ., 1927.]

POW ER, LIG H T AND R A IL W A Y

E A R N IN G S.— For years ended Aug. 31:
Gross Net (after Interest Renewals
Balance.
Earnings. Taxes).
Charges. & Bett’s. Dividends. Surplus.
1919________$953,876 $356,013 $128,330 ______
________ $227,683
1918_______ 741.727 245,981
125,388 -------------------120,593
1917_______ 747,820 333.861
114,536 69,462 (2%)70,000
79.863
OFFICERS.— Pres., __________________________; V .-P ., E. Z. Wallover, Harrisburg, Pa.; Sec., Geo. W . Reily; Treas., W . E. McMechan
— V. 93, p. 752; V. 106, p. 716; V. 117, p. 1018, 1348; V. 123, p . 1763,
2141.

OKLAHOMA
ELECTRIC PUBLIC SERVICE CO.
ORGAN IZATION .— Incorp. in 1925 in Delaware. Co. controls the
Oklahoma Utilities C o., Toledo Bowling Green & Southern Traction Co.,
Colorado Central Power C o., North Baltimore Service Co. and the South­
west Pipe Line Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. serves, without competition, directly through its subsidiaries, electric
light and power from its own generating stations to 18 different communities
in Ohio and Oklahoma. 16 communities in Colorado served, through a
subsidiary, with electric, light and power. Two additional communities
in Oklahoma are supplied with natural gas and one city in Ohio, Findlay,
is supplied with hot water heat as well as electric light and power. The
Ohio territory served is located in the north central part of the State near
Toledo (see separate statement below). The Oklahoma territory served,
located in the north central part o f the State, includes Bristow, Burbank,
Drumright, Fairfax, Hominy and Ralston. The Colorado territory served
is located in vicinity o f Denver (see separate statement below). Combined
electric power station capacity is 18,425 h.p. As o f Sept. 30 1926 the
total amount of energy distributed was over 30,000,000 k.w.h., of which
approximately 23.000.000 k.w.h. were generated in the co. power stations
and the remainder purchased. Total gas output was over 2,000,000.000
cu. ft. Co. serves 14,646 electric customers, 3,307 gas customers and 192
heating customers.
STOCK AND BONDS—
Date.
Interest. Outstanding.Maturity.
Common 25,000 shs. (no p a r ) . ____
_______
20 000 shs. __________
7% cum pref $5.000,000 ($ 1 0 0 )____
7
$1,500,000
______
15-yr 6% sec g bonds— Guaranty Trust Co. of N . Y ., Trustee.
Ser A ($1,000. $500 c * ) ..t f 1926
6 g A-O
700.000 April 11947
Ser B ($1,000, $500 c * ) ..t f 1926 6 g F-A
3,000.000 Aug 11941
Ser C ($1,000, $500 c * ) . . i r t f 1927 5H g A-O 1,'400,000 April 1 1942
10-yr 6% g deben ($1,000,1 1926 6 g J-D
850.000 Dec. 1 1936
$500 c * )________________tf jPrin. & int. at Guar. Tr. Co. of N. Y ., Trus.
10-year 6% g deben ($1,000/ 1927
6 g A-O
1,400,000 April 1 1937
$500 c* )___ ______ _____ tf\Prin. & int. at Guar. Tr. Co. o f N. Y ., trus.
Stock.—' he 7% cumulative preferred stock is preferreu as to assets and
T
divs. Red. whole or in part at 105 & divs. Additional pref. stock may
not be issued unless net earnings before deduction for depreciation, amortiza­
tion and income or profit taxes for a fixed period have been at least 2 \ times
4
annual div. requirements on total outstanding pref., including proposed
issue. Mass. 6% , Maryland 4 14 mills and Penn. 4 mills taxes refundable.
In Nov. 1926 Stanley & Bissell, Inc., and R. E. Wilsey & Co., Inc., offered
$500,000 additional 7% cum. pref. at 96M & divs. with approximate yield
o f 7 J4 % • V. 123, p. 2775.
Bonds.— The 15-year 6% secured gold bonds are a direct obligation of the
co. They are secured by deposit and pledge with the trustee of the capital
stocks o f sub. cos., which have a sound value largely in excess of the entire
funded debt of the co., plus the subsidiary funded held by the public and
are further secured by deposit and pledge of $1,017,000 par value of sub­
sidiary bonds. 100% of the capital stocks of sub. cos., except directors'
shares, has been deposited and pledged with one exception, of which in
excess o f 90% o f the capital stocks has been so deposited and pledged.
Proper safeguards for the issuing o f additional bonds are contained in the
indenture. No mortgage lien may be created on any o f the properties of
the sub. cos. as defined in the indenture, subsequent to the date of their
acquisition, unless such mortgage indebtedness is pledged under this
indenture. Further, no mortgage lien may be created except for additions
and betterments and then not in excess o f 80% o f the cost thereof.
Series “ A , dated April 1 1926, are red., all or part, on 30 days notice
at 103 through April 1 1931; at 102 through April 1 1936: at 101 through
April 1 1940, and thereafter at 100: in each case with interest. Penn, and
Conn. 4-mills and Mass. 6% taxes refundable. In April 1926 Stanley &
Bissel, Inc., offered $700,000 series “ A at 96 and int., to yield over 6.40%.
V. 122, p. 2040.
Series “ B, dated Aug. 1 1926, are red., whole or part, on 30 days notice
at 103 through Aug. 1 1931: at 102 through Aug. 1 1936; at 101 through
Aug. 1 1940; thereafter at 100: in each case with interest. Personal property
tax of any State under any present (Aug. 1 1926) law not in excess of 5 mills
in any case, and Mass. 6% tax refundable. In Aug. 1926 R E . Wilsey &
C o., Inc., Stanley & Bissell, Inc., offered $2,000,000 series B at 98 and int.,
to yield over 6.20% . V 123. p. 841; V. 124. p. 643. In Nov. 1926 the
same bankers, including E. R. Diggs & Co., Inc., offered $1,000,000 addi­
tional series B bonds at 98 and int., with approximate yield of 6.20%.
Y . 123. p. 2775.
Series C, dated April 1 1927, are red., whole or in part on 30 days notice
at 103 and int., to and incl. Apr. 1 1932, at 102 and int. to and inch April 1
1937. at 101 and int. to and incl. April 1 1941 and thereafter at 100 and int.
Personal property tax o f any State under any present (April 1927) law
not in excess of 5 mills in any case and Mass, tax on int. not exceeding
6% . refundable by co. In April 1927 Stanley & Bissell, Inc. offered $1,4O0.OOO series C bonds at 95 and int. to yield over 6% . V. 124, p. 2278
Debentures.— The 10-year 6% sinking fund gold debenture bonds, due
Dec. 1 1936, are a direct obligation o f the co. Red. whole or in part on
30 days' notice at 102 and int. to and incl. Dec. 1 1929 at 101 and int., to
A
and incl. Dec. 1 1932 at 100 l and int. to and incl. Dec. 1 1935, and there­
after at 100 and int. A sinking fund begins Dec. 1 1928 for payment
annually o f 5% o f the net earnings for retirement of bonds. Mass 6%
tax and property taxes in other States, not exceeding 5 mills, refundable
In Dec. 1926 Stanley & Bissell, Inc., and E. R. Diggs & Co. of New York
offered $850,000 o f these debentures at 95 and int., to yield over 6.68% .
V . 123, p. 2898: V. 124, p. 643.
The 10-year 6% sinking fund gold debenture bonds, due April 1 1937, are
a direct obligation o f the co. Red. whole or in part on 30 days notice at
102 and int., to and incl. April 1 1930, at 101 and int. to and incl. April 1
1933, at 100)4 and int. to and inch April 1 1936 and thereafter at 100 and
int. A sinking fund begins April 1 1929 for payment annually of 5% of
net earnings for retirement o f bonds
Mass. 6% tax and personal property
taxes in other States not exceeding 5 mills refundable. Stanley & Bissell,
Inc., offered in April 1927. $1,400,000 10 year 6% deben., due April 1 1937
at 95 and int.. to yield over 6-68%. V. 124, p. 2278; B. 125, p. 1323.
E A R N IN G S.— Of the company and subsidiaries (incl. those to be
presently acquired) for year ended Jan. 31 1927.
Gross, incl. other income____________________________________$2,036,750
939,448
Net after expenses and taxes, other than Federal_____________
Int. charges on sub. co bonds and other prior charges________ _
62,608
BaL, avail, for deprec., Fed. taxes & int. & div. charges on
company’s securities____________________________________
$876,840
Latest Earnings. —For 12 months ended M ay 31 1927: Gross (all sources),
$2,042,353; net after exp., incl. maint. & gen. taxes, $958,656: int. & divs.
on sub. co. securities, $59,390; int. on 15-year gold bonds, ser A, B & C,
$299,000; int. on 10-yr. 6% debs., $135,000; bal. avail, for divs. on pref.
stock, res.. Fed. taxes and sur., $465,266.
OFFICERS.— Pres., R . A. Pratt; V .-P., R . R . Mallard; Sec., E. F.
Nolting; Treas., R. A. Pratt. Address o f company, 29 So. La Salle St.,
Chicago, 111.— V. 122. p. 2040, 2649; V. 123, p. 841, 981; V. 124, p. 643,
2278. 2426; V. 125. p. 515, 1323.
TOLEDO BOW LING GREEN & SOUTHERN TRACTION CO.
Control.— The Electric Public Service Co. of Del. acquired control of co.
on Sept. 1 1926. V. 123. p. 983.
ORGA N IZA TIO N .— Incorp. in 1901 as a consolidation o f the Findlay
Street R y., the Toledo Bowling Green & Fremont R y ., and the Hancock
Light & Power Co. o f Findlay, Ohio.




251

FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
The company supplies electric light and power to the cities of Findlay,
Bairdstown, Bloomdale, Cygnet, Galatea, Hammansburg, Jerry City,
M cCom b, Mermill, Mortimer, North Baltimore, Rudolph and Van Buren.
The railway department furnishes street railway service in the City of
Findlay and operates a profitable freight and passenger service from Findlay
to Toledo. The company also furnishes steam-heating service in the City
of Findlay. Thus the company serves a population of over 30,000 with
electric light and power, while its railway service is available to a population
of over 300,000.
STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity.
Common $1,500,000_________ _____
_________ $1,125,000 ____________
Pref $750,000 (non-cum)_____ _____
Q-F
750.000 See text
First mtge $1,500,000 gold)
1901 6 g M -N
323,500 M ay 1 1941
($1,000 and $500)_____n tf/In t. at Central Trust C o., Cincinnati.Trust.
Toledo & Findlay mortgage)
1910 5 J-J
60,750 Jan 1 1935
$500,000 gold_________ ntf/U nion Sav. Bank & Trust Co., Cin., Trustee.
Bonds.— The bonds of 1901 were originally 5s but at maturity in 1921
were extended for 20 years at 6% . Compare V. I l l , p. 2326, 2521. In
addition to $21 ,000 in hands o f public, $1,003,000 are owned by Electric
Public Service Co.
The Toledo & Findlay mortgage is a first mortgage on the property of the
acquired Toledo Urban & Interurban Ry. In addition to $28,250 out­
standing, $451,750 are owned by Electric Public Service Co.
Dividends.— On pref., 1 J4 % quar. from Aug. 1910 to and including
Aug. 1914. None to Dec. 1923, when 1)4% was paid, and since 114%
quarterly incl. Feb. 1926.
EARN ING S.— For calendar years:
Gross.
Net, aft. Taxes. Bond, &c., Int.
Bal.,Surp.
1926---------------------- $864,448
$288,658
x$183,292
$105,366
1925---------------------- 830,972
157,433
97,285
60,148
188,612
96,004
92,608
1924---------------------- 841,342
i923---------------------- 849,345
228,611
94,680
133,931
,922----------------744.312
194.358
99.259
95.099
1921______________ 701.794
156,616
94,615
62,013
x Includes depreciation charge of $87,160.
OFFICERS.— Pres. & Treas., R. A. Pratt; Sec., Nellie G. Myers; Asst.
Treas. & Asst. Sec., E. F. Nolting.— V. 112, p. 933, 1618, 2085, 2307;
V. 114, p. 1409, 2471; V. 115, p. 75; V.. 118, p. 204, 1013; V. 123, p. 583, 983.
COLORADO CENTRAL POW ER COMPANY.
Control.— The entire capital stock, except directors’ shares, is owned
by Electric Public Service Co.
ORGAN IZATION .— Incorporated o n ________ in the State o f _____
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. owns and operates an electric light and power business in vicinity of
Denver, Colo. The territory served included the communities of Engle­
wood, Evergreen, Logan, Ft. Lupton, Golden, Hudson, Indian Hills,
Johnstown, Keenesburg, Littleton, Milliken, Morrison,
Petersburg.
Plattesville, Starbuck and Troutdale. Serves a population of approx.
25,000. Electric light and power service is furnished to 6,598 customers.
For year ended Sept. 30 1926 the energy distributed and sold was in excess
of 7,000.000 k.w.h
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
_________ 10,000 shs. __________
Common stock (no par)______ _____
1st mtge g bonds ser A <$l,-\ 1926
514 g J-D $850,000 Dec 1 1946
000, $500 c* )----------------- tf/P rin . & int. at Guar. Tr. Co. of N. Y ., trus.
Bonds.— The ls( mtge. 514% sink, fund gold bonds, series A, are secured
by a direct 1st mtge. on all fixed property of co. Additional 1st mtge.
bonds may be issued only under the restrictions provided in the indenture.
Additional bonds may be issued for 80% of additions, extensions, or im­
provements, provided, however, that net earnings for a certain fixed period
have been at least twice annual interest charges on all outstanding bonds,
incl. proposed issue. Red. whole or in part on 30 days notice at 105 and
int. Mass, income tax not exceeding 6% and other State taxes not in
excess of 5 mills refundable. Sinking fund to retire annually on Dec. 1
1928 and to and incl. Dec. 1 1932, 1 % of the maximum amount of bonds of
series A from time to time outstanding and thereafter 2% of the bonds
outstanding. Tn Dec. 1926 Stanley & Bissell. Inc., and E. R. Diggs & Co.,
Inc., offered $850,000 series A at 96 and int., to yield over 5.83%.
EARNINGS.— For calendar year 1926:
Gross earnings----------------------------------------------------------------------$396,663
232.995
Operating expenses, incl. maint. & taxes, other than Federal____
Net earnings______________________________________________
$163,668
Latest Earnings.— For 12 months ended M ay 31 1927: Gross (all sources),
$410,034: net after exp., incl. maint., & gen. taxes, $162,771; int. on 1st
mtge. 5!Ss, ser. A, due Dec. 1 1946, $46,750; bal., avail, for res.. Fed.
taxes & sur., $116,021.
OFFICERS.— Pres., R. A. Pratt; Vice-Pres., R . R. Mallard and E. A.
Phinney; Sec., E. F. Nolting; Treas., R . A. Pratt.— V. 123, p. 2896,
3037; V. 124, p. 1065; V. 125, p. 513.

OKLAHOMA GAS & ELECTRIC CO.

Controlled by Standard Gas A Electric Co.
ORGAN IZATION .— Incorp. In Oklahoma in 1902. In 1926 purchased
properties of the Consumers Light & Power Co. at Durant, Ardmore,
Wilson and surrounding communities. In May 1926 obt-ined control of
the properties Of United Power Co. and Chandler Electric C o., serving 14
communities in Oklahoma. V. 122, p. 2949. On Aug. 10 1926 the citizens
of Marietta Okla.. confirmed the sale of Marietta Lt. & Wat. Co to
Okla. Gas & EL Co. V. 123, p. 1383. In Jan. 1927 sold its properties at
Clinton and Elk City to Southwestern Co. In Feb. 1927 purchased electric
power and light properties in Guthrie, Maulhall, Langston, Coyle, Perkins,
Okla., from Pub. Serv. Co. o f Okla. V. 124, p. 922.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Serves electricity or natural gas to 150cities and towns, including Oklahoma
City, El Reno, Enid, Drumright, Sapulpa, Muskogee, Shawnee, Ardmore,
and Ada. Estimated population over 490.000. Electric power sources of
the properties include generating stations at Oklahoma City, Muskogee,
and Byng, with reserve stations in a number of other communities. Total
generating capacity of all plants now aggregates 135,558 h.p. The
River Bank power station, located on the Arkansas River near Muskogee,
i f 30,150 b. p., and the Horse Shoe Lake plant, near Oklahoma City,
uavmg Initial capacity of 20.000 h. p., were placed in operation during 1924.
A new 26,900 h.p. unit to the Horse Shoe Lake plant was placed in opera­
tion in Jan. 1927. Has more than 1,498 miles of inter-connected hightension transmission lines. Operating statistics were as follows for the
calendar years:
1926.
1925. 1924. * 1923.
1922. 1921. 1920.
Electric customers 85.439 69,391 64,573 60,342 47,472 41,152 35,485
Kilow. connected
load, all purp_.179.611
145,051 124,730 111,670 83.961 70,455 59,837
Miles of pole lines. 2 869
2,204 2,045
1,903 1,148
986
937
Gas c u s t o m e r s . 53.189
44.305 41.050 39.019 34,405 32.862 30.150
Miles of gas mains
723
553
532
491
431
416
422
The stockholders voted M ay 14 1925 <1) on authorizing the creation Of
bonded indebtedness of the co. to the amount of $300,000,000 at any one
time outstanding; (2) on auth. the directors to fix the terms and security
upon and with which such bonded indebtedness shall be created; and (3)
on auth. the increase of the capital stock to $35,000,000 by changing the
auth. pref. stock from $10,000,000 to $25,000,000. V. 120, p. 2013.
STOCK AND BONDS.— Date.
Interest.
Outstanding.
Maturity.
_______ x$7.500.000 ________
Common $10,000,000 ( $ 1 0 0 ) - - ____
Pref7% cum $25,000,000 ($ 1 0 0 )____
7 Q-M 15 18,617,500 Sept ’27,1 H
lstM S er“ A " ($500 &$1,000c*/ 1925 5 g M-S
27.500.000 Mar 1 1950
and $1,000, $5,000 and/Continental & Commercial Trust & Sav.
$10,000 r*) gold------------ tf / Bank, Chicago, Trustee.
Debentures ($100, $500 and/ 1925 6 g M-S
9,080,000 Mar 1 1940
$1,000) gold_________ c*tf )Cont. & Oomm’l Tr. & Sav. Bk., Chi., Trus.
* $4,500,000 outstanding and $3,000,000 cash subscription for other
common stock.
Stock.— Pref. is red. at 125 and divs. on 60 days’ notice. Listed on
Chicago Stock Exchange. V. 124, p. 648.
Bonds.— 1st mtge. provides for the issuance thereunder of add’l bonds of
Series “ A .” or of other series of such dates, maturities, interest rates, re­
demption and other provisions as may be determined by the directors.
Add’l bonds may be issued for 75% of the cost of add’ns and ext. to the
properties of the co. and its subsidiaries, incl. within the limitation in the
mortgage the acquisition of subsidiaries under eertain restrictions. Add’]

252

PU BLIC U T ILIT IE S

[V ol. 125.

bonds may also be issued for the refunding of underlying bonds, within the
limitation in the mortgage, or of bonds of other series under the mortgage.
Mtge. provides that while Ser. “ A ” bonds remain outstanding an amount
equal to at least 12J^% o f the gross earnings, as defined in the mortgage,
will be expended after March 1 1925 for (1) maintenance, repairs, renewals
and replacements, or, to the extent not so expended or pending such ex­
penditure, (2) for extensions and additions not used as a basis for the
issuance of bonds, or (3) for the retirement o f bonds.
1st mtge. Ser. “ A ” 5s are red. on any int. date until and incl. Mar. 1 1930
at 105 and int., the premium decreasing 1% each 5 years thereafter, the
bonds being red. on Sept. 1 1949 at 100M and int. Co. agrees to refund
the Penn. 4-mills tax, the Conn. 4-mills tax, the Maryland Securities tax
not exceeding 4H mills, and the Mass, income tax not exceeding 6% .
$23,500,000 Ser. “ A ” 5s were sold in Mar. 1925 by H. M . Byllesby & Co.,
Spencer Trask & C o., E . H. Rollins & Sons and Federal Securities Corp.
at 95 and int., to yield over 5.36% . V. 120, p. 1328. In March 1926 the
same bankers and Harris, Forbes & Co. offered $4,000,000 additional “ A*’
bonds at 95 and int., to yield over 5.37% . V. 122. p. 1763.
Debentures.— The 6% debentures due Mar. 1 1940 are red. at any time
during first 5 years at 105; during next 5 years at 102 14, and the premium
decreasing 34 % for each year thereafter, plus int. in each case. Int. pay­
able in New York aad Chicago. Co. agrees to refund the Penna. personal
property tax not exceeding 4 mills, the Connecticut personal property
tax not exceeding 4 mills, the Maryland securities tax not exceeding
434 mills and the Mass, income tax not exceeding 6% . $8,000,000 6%
debentures were sold in March 1925 by H. M . Byllesby & C o., Spencer
Trask & Co., E. H. Rollins & Sons and Federal Securities Corp. at 9834
and int., to yield over 6.15% . V. 120, p. 1587. In March 1926 the same
bankers sold $1,500,000 additional 6% g. debentures o f 1925 at 9834 and
int., to yield over 6.15% . V . 122, p. 1918.
EARN IN G S.— For calendar years:
1926.
1925.
1924.
1923.
Gross earnings____ $10,888,761
$8,978,554 $7,963,683 $7,075,436
Oper. exp., maint. & tax. 6,901,101
5,788,956
5,384,871 4,848,056
1,831,228
1,634,092 1,113,454
Interest_________ 2,008,735
Preferred dividends____
869,131
665,613
511,006
456,700

Lawsuit.— For particulars of lawsuit filed Jan. 13 1926 by a bondholder
of Southwestern Cities Electric Co. to invalidate the above transfer of
properties, see V. 122, p. 483. In March 1926 purchased the ice plant at
Snyder, Okla., and through c o .’s subsidiary, the Southw. Gas & Fuel C o.,
the gas properties in Duncan and Marlow, Gkla. V. 122, p. 2043.
In Sept. 1927 transferred the properties of the Quanah Ice & Light Co.
at Quanah and Chillicothe, Tex., to the operating system of the West Texas
Utilities Co. V. 125, p. 1839.
FIE LD OF OPERATIONS AND CHARACTER OF BUSINESS.—
C o. serves a total of 61 communities in southwestern Oklahoma. Electric
light and power are furnished to 57 communities, gas to 8, ice to 8, and in
addition co. supplies electricity at wholesale to 13 other communities in
adjacent territory. Population served directly or indirectly estimated to
exceed 142,000. The combined electric generating capacity amounts to
15,537 k.w., and the total daily ice making capacity is 280 tons. Electricity
is distributed to the different communities through 519 miles of inter­
connecting transmission lines. Electric, 19,764, and 9,458 gas customers
served.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$376,800
See text
Com class A 12,000 shs ($ 1 0 0 ) -____
Com cl B 125,000 shs (no p a r ) . ____
77,473 shs Oct’26$lM
$6 cum pref (no par)_________ _____
34,279 shs Oct’25$l ^
. Q-J
1st M 5% bdsser A (c*$l,000, f 1927
5 g F-A
6,500,000 Feb 1 1957
$500 $100 & r* $ l,0 0 0 )--tf (Central Trust Co. of Illinois, trustee.
Stock.— The $6 cum. pref. stock is preferred as to assets ($100 plus divs.)
and cum. divs. over the common stocks. Red., whole or part, at $110
and divs. on 30 days’ notice. No voting power, unless dividends for one
year are in default, when it has equal voting power per share with class
“ B ” common. In July 1925 Ames, Emerich & Co., Kelley, Drayton &
Converse, and Hambleton & Co. offered 9.000 cum. pref. shares at 82M
and divs., to yield 7.27% . V. 121, p. 332. In M ay 1927 17,500 addi­
tional shares o f pref., $6 series were offered by Utility. Securities Co., Kelly,
Drayton & Converse, and Emery, Peck & Rockwood Co. at 89.50 with
approximate yield of 6.70% .— V. 124, p. 2909.
Class A common stock is listed on Boston Stock Exchange. Class A
common has second preference as to assets and dividends (par & divs.)
entitled to non-cum. divs. of 3% in 1925; 4% in 1926 and 5% in 1927;
Bal. for deprec., com­
mon dividends, &c_ $1,109,794
$692,757
$433,715
$657,226 beginning Jan. 1 1928 dividends are cumulative at rate of 6% no voting
Latest Earnings.— For year to July 31 1927: Gross, $12,639,960: net power. No mortgage or othera lien, except purch. money mortgages, may
created without consent of
of class
B common
after exp., maint. & taxes, before deprec., $4,838,867. For year to July 31 be Class B has sole voting powermajorityas noted A and pref. stock. stocks.
except
under
1926: Gross, $10,790,601, and net, $3,856,746.
Bonds.— The lsi mtge. 5% gold bonds, series A , are secured by a first
OFFICERS.— Pres., John J. O’Brien; V .-P s„ Robert J. Graf, G. M .
all of the permanent
and
the co.
Gailmard Jr., B. W . Lynch, E. J. M cKay, F. C. Gordon, C. C. Levis: mortgage onor hereafter acquired property, rightswhichfranchiss ofissuable
on account of
bonds are
and J. F. Owens; Sec. & Treas., W . R. Emerson.— V. 120, p. 1328, 1460, now owned
under the mortgage. Additional bonds may be issued, subject to limita­
1587, 1882, 2013, 2402, 3315; V. 121, p. 331, 708, 2039; V. 122, p. 1763,
other series
such rates of int., maturity,
1918, 2949; V. 123, p. 1383, 2393; V. 124, p. 648, 922, 1220, 1981, 3496, tions thereof, of this series (or from time tooftime determine) against the
dates, &c., as directors may
3773; V. 125, p. 781, 1053, 1461, 2146.
deposit, par for par. of cash or U. S. obligations or to refund bones of other
series, issued urder the mortgage, and to the extent of 75% of additions,
impts., betterments or extensions provided all such extensions and purchased
SOUTHW EST POWER CO.
property shall be subject to the mortgage as a first mortgage thereon, and
that net earnings for a certain period have been at least 1 '•. times annual int.
%
Controlled by National Electric Power Co. Y. 121, p. 332.
Properties operated under the general supervision and management of requirements, incl. proposed issue. Co. must expend each year not less
Electric Management & Engineering Oorp. of New York.
than 10% of gross earnings for maintenance, renewal or replacement of its
O RGAN IZATION .— Incorp. in Delaware April 23 1924 and acquired properties or the redemption or purchase of any bonds issued under and
the properties of Coal District Power Co. and Choctaw Power & Light secured by the mortgage. Red. ail or part at 30 days’ notice at the following
Co. Subsequently acquired all the properties of Southwestern Utilities C o ., prices and int.: On or before Jan .31 1932 at 105, after Jan. 31 1932 but
Fayetteville Gas & Electric C o., Rogers Light & Water C o., Springdale on or before Jan. 31 1937 at 103, after Jan. 31 1937 but on or before Jan. 31
Light & Power Co. and Inter County Power & Light Co. Also owns the 1942 at 10214, after Jan. 31 1942 but on or before Jan. 31 1947 at 102, after
Jan. 31 1947 but on or before Jan. 31 1952 at 101, after Jan. 31 1952 but on
entire capital stock and bonds of the Pittsburg County R y. Co. V. 121, p
331. In March 1927 acquired the McAlester (Okla.) Gas & Fuel Co. or before Jan. 31 1956 at 100J^, after Jan. 31 1956 at 100. Penna. and
Conn. 4-miils taxes and Mass. 6% income tax on int. refunded. In Feb.
V. 124, p. 1668.
1927 Hill, Joiner & C o.. Inc.; Halsey, Stuart & C o.; Kelley, Drayton &
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— Converse, and Emery, Peck & Rockwood offered $6,500,000 1st mtge. 5%
Properties located in Oklahoma and Arkansas. Generating capacity of the gold bonds of series A at 97 and int., With approx, yield of 5.20% . V. 124,
system, 16,337 k.v.a. Miles of transmission lines, 250. Miles of distri
p. 1221.
bution lines, 854. Substation capacity, 25,618 k.v.a. Serves with electric
Dividends.— On the $6 cum. pref. stock an Initial distribution of $2 per
light& power McAlester, Alva and Hartshorne, Okla., Fayetteville, Rogers
Eureka Springs and Harrison, Ark., and 38 other communities in these share was made in July 1925 covering accrued divs. for 4 months. In
States. In addition, supplies electricity at wholesale to the Public Service Oct. 1925 a regular quar. div. of $1 50 was paid and regularly quar. since.
Co. o f Oklahoma for retail distribution in Atoka, Coalgate, Lehigh and V. 121, p. 1463. On class A common an initial dividend of 1H % was
Phillips, Okla.; operates ice plants in Eureka Springs and Harrison, Ark. paid July 6 1925; Dec. 20 1925, 1 H % . On class B common no dividends
Through a subsidiary, the Pittsburg County Ry. C o ., street railway service were paid to July 1 1926. V. 120, p. 3316.
is furnished in McAlester and interurban and freight service to Krebs,
EARNING S.— For calendar year 1926:
Hartshorne and Haileyville, Okla., the company also operates the water Gross earnings, including other income________________________$2,172,208
plant and distribution system in the city o f Rogers, Ark. Total population Operating expenses, Including maintenance and taxes_________ 1,442,496
served, 80,000. Electric output for year ended Aug. 31 1926, 24,439,219
Net earnings_______________________________________________ $729,712
k.w.h. Electric light and power consumers, 12,542, o f which 98 are large
Annual interest requirement on total funded debt_____________
325,000
users o f power. 1,070 water consumers.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Balance for amortization, depreciation and dividends_______ $404,712
Com 100,000 shs. stock (no p a r ) ____
_________ 74.983 shs. __________
Pref 7% cum $5,000.000($T00)____
7% Q-J
$1.5 )2.700Apr*27 1 ’4 % Annual dividend requirement on 34,279 shares o f pref. stock out $205,674
OFFICERS.— Pres., Earl R . Ernsberger; V .-P ., Fred. W. Insull, S. I.
1st M 5% ser due 1957 (c*$l,-J 1927
5 g M-S
4,080,000 Mar 1 1957
000, $500 $100 &r$l,000)tf tint, at The Nat. Bk. of the Rep. of Chicago. McElhoes and F. E. Kruesi; Treas., A . M . McKinney; Sec., Fred W.
Kappler; Asst. Sec., H. G. Ludwig and Myrl Melson; Asst. Treas., A . K.
Stock.— Pref. is red. all or in part on any div. date on 30 days' notice at
$110 and divs. In Sept. 1924 Curtis, Stephenson & C o., Boston, offered Puttman. Offices, Braniff Bldg., Oklahoma City, Okla.— V. 120, p. 1091,
1748. 3316; V. 121, p. 201, 332, 461, 1103, 1463, 1570; V. 122, p. 215, 483,
$500,000 7% cum. pref. at 92V4 & int.. yielding 7.57%. V. 119. p. 1511.
In March 1927 co. increased authorized common stock from 25,000 shares 1312, 2043, 2498, 3456; V. 123, p. 326, 845, 2262; V. 124, p. 649, 1068, 1221;
2909; V. 125, p. 248, 1839.
to 100,000 shares of no par value. V. 124, p. 1981.
Bonds.— ' he lsf mtge. gold bonds are secured by a direct first mortgage on
T
all fixed property of the co. Further secured by pledge o f all outstanding
OKLAHOMA R A ILW AY CO.
bonds and stocks (less directors’ qualifying shares) of the Pittsburg County
R y. Co. Additional bonds may be issued (1) for 80% o f the cost of “ per­
Receivership.— On Dec. 27 1924 Geo. A. Henshaw and John W. Shartel
manent additions,” less principal amount of prior liens thereon; (2) against were appointed receivers for the company by Judge F. E . Kennamer in the
the deposit of an equal amount o f bonds o f Pittsburg County R y. C o., or U. S. District Court on application of the bondholders. V. 120. p. 331.
(3) against the deposit o f cash, provided net earnings applicable to bond Compare V. 119, p. 1396. In May 1 1926 G. T . Lackey was appointed
int. for 12 consecutive calendar months within the preceding 15 months receiver to fill the vacancy caused by the death of John W . Shortel. V. 122,
shall have been at least twice annual interest requirements upon all 1st p. 2652.
______
*■ -yd
mtge. bonds or prior lien bonds, if any, including bonds proposed to be
ORGANIZATION.— Incorporated in Oklahoma on June 14 1904 under
issued: or additional 1st mtge. bonds may be issueo to a principal amount
not exceeaing 75% o f the cost or fair value o f any such “ permanent addi­ the name of Oklahoma City Ry. Co. On Sept. 21 1907 name changed to
tions” if such earnings applicable to bono interest shall have been at least Oklahoma R y. C o., increasing charter powers so as to constitute both an
1% times such interest requirements. First mtge. bonos may also be urban and interurban road with all the powers o f a steam railroad corpora­
issueo for refunding purposes. Maintenance and depreciation fund provided tion and of a lighting and power co.. and increased stock from $1,000,000 to
for. Redeemable, whole or in part, at 105 and int. to and incl. Mar. 1 1937, $3,000,000. On Apr. 1 1911 purchased Oklahoma City & Suburban Ry.
the premium decreasing at the rate o f M o f 1% on each Sept. 1 thereafter, and on Aug. 11911 purchased the El Reno Interurban R y . and the city lines
being red. on Sept. 1 1956 at par and accrued int. Prin. and int. payable and franchises in El Reno. In 1911 increased stock from $2,000,000
at the office of the Seaboard National Bank of the City of New York, com. and $1,000,000 pref. to $10,000,000 com. and $5,000,000 pref.
trustee. Co. will refund Conn. 4-m:ills tax, M d. 4 l^-mills tax, Penna. About two-thirds of road on private right-of-way (incl. 28 miles of track
4-mills tax, Calif, tax not to exceed 4 mills, and Mass. 6% income tax. within city); Oklahoma City Jianchise perpetual, subject to right of city
In April 1927 A. C. Allyn & C o., Inc.; Arthur Perry & C o.; West & Co., to purchase property on Jan. 3l 1932 or at end of any lo-year period there­
after. El Reno franchise expires 1933; other franchises perpetual. In
and Old Colony Corp. offered $4,080,000 1st mtge. gold bonds, 5%
series due 1957, at 96 and accrued,int., to yield over 5.25%. V. 124, p.2282. April 1926 receivers purchased the property of the old St. Louis, El Reno
and Western Ry. in El Reno, to be used as a freight terminus by the Okla­
EARN INGS.— For calendar years:
homa R y. V. 122, p. 2652.
1926.
1925.
1924.
The Guthrie-Edmond Electric R y. was incorp. in Dec. 1915 with $500,000
Gross revenue_____________________ $1,318,011 $1,143,950 $1,017,926
extension from Edmond to Guthrie, 15 miles, placed in
Operating expenses and taxes_______
827,532
683,545
598,231 capital to build the 1916.
operation July 20
Net operating revenue___________
Bond interest_______________________

$490,479
240,058

$460,405
208,767

$419,695
144,857

Balance__________________________
$250,411
$251,638
$274,838
OFFICERS.— Pres., Harry Reid; V .-P ., Phillips B. Shaw; Spec. V.-Ps.,
W. R. Porter: V .-P ., Alan E. Burns; V .-P. & Gen. M gr., G. W . Skow;
Treas., C. B. Zeigler; Asst. Treas. & Sec., W . V . Bell; Asst. Treas., J. W.
Pierce; Asst. Sec., J. S. Shedden; Aud. & Asst. Sec., T M . Schene. Execu­
v_.
tive office, 57 William St., N. Y . City.— V. 118, p. 2439: V. 119, p. 580,
1511; V. 120, p. 88, 332, 455; V. 121, p. 332, 2039; V. 122, p. 1171, 2498;
V. 123, p. 1507; V. 124, p. 1668, 1981, 2282, 2591.

SOUTHW ESTERN L IG H T & POWER CO.
Control.— A majority o f the common stock is owned by Central and
South West Utilities Co.
ORGANIZATION.— Incorp. in Delaware Feb. 18 1925 for the purpose of
taking over all the assets and property of Southwestern Cities Electric C o.,
which was effected by exchange o f securities. V. 122, p. 2498, 3456. In
July 1926 company acquired the properties o f Lewis Ice Co. of Frederick,
Okla. V. 123, p. 845. Other acquisitions, see V. 123, p. 2262; V. 124, p.
649. In Jan. 1927 acquired properties o f the Chickasha Gas & Electric Co.
located principally In Grady County, Okla., and also the properties in
Oklahoma formerly owned by Inland Utilities Co. V. 125, p. 248.




FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates 140.068 miles of track, comprising the street railway system in
Oklahoma City (64 miles), and the interurban lines to El Reno (placed
in operation Dec. 3 1911), Norman (placed in operation N ov. 15 1913) and
Edmond (placed In operation May 28 1911). 150 passenger cars of various
types, city and interurban; 57 service cars, freight cars and electric locomo­
tives. Also operates a number of bits lines. Power plant has 12,960 k.w.
capacity. Also owns valuable terminal stations in Oklahoma City and
other property.
Fares.— See V. 119, p. 1734
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ( $ 1 0 0 ) .. ____
$3,800,000
Partic pref $5,000,000 ($100)
5% cum ---------------------------- -------_________
1,795,900 Jan’ 12,1 H %
First and refunding mtgef 1907
5 g J-J
347,000 Jan 1 1938
,500,000 ($1,000) gold c*)In t at Safe Dep. & Tr. C o.. Pittsb., trustee.
First & ref mtge $12,000,000/ 1911 5 g J-J
4.253,000 Jan 1 1941
gold ($1.000)__________ c*(In t. at Mississippi Valley Tr. C o.. St. Louis,
1 trustee, or Harris Tr. & Sav. Bk., Chic.
Junior M tg bonds ($ l,0 0 0 )-c/ 1916 6 J-J
290,000
See text.
Red at 101K and Interest)Int. at Miss. Vail. Tr. C o., St. Louis., tr.
Bond-secured notes series H f 1921
8 g J-J 1
825,000 Jan. 1 1928
$825,000 ($100, $500 and) Interest at Mississippi Valley Trust Co.,
$1,000) call, at 103 and int- ( St. Louis, trustee.
5 Dec. 31
100,000 Jan 1 1928
Note payable________________ 1918

O ct ., 1927.]

POW ER, LIG H T AND R A IL W A Y

253

The operations of the company extend into 38 counties of central and
northern California, having an area of 59,000 square miles and an estimated
present population of approx. 2,400.000. The business field embraces the
important San Francisco Bay section and the fertile Sacramento and San
Joaquin valieys. The company serves 8 of the 12 largest cit-.es .n California.
At the close of 1925 the company operated 29 nydro-eiectric generating
plants having an aggregate installation of 572,629 h. p ., four modern steam
° nTheftrst1
and refunding mortgage o f 1907 is limited under the terms of the turbine electric plants with an aggregate installation of 190.349 h. p., also
1st & refunding mortgage o f 1911 to $2,500,000, o f which $2,153,000 are 266 substations and over 14,169 miles of transmission and distribution lines
deposited as additional security for 1st & ref. 5s o f 1911 and $347,000 are with a connected load of 1,640.770 h. p. A new station was opened in
Aug. 1925, adding 108,580 h. p. to the total installed capacity, making the
out. Call, on 60 days’ notice at 110 and nt. No sinking fund.
The junior mortgage bonds mature $15,000 s.-a. from Jan. 1 1918 to total hydro-electric capacity 762,978 h.p. Sales of electric energy in 1926
July 1 1925 and $260,000 were due. but not paid on Jan. 1 1926. They are were 1,511,000,000 k.w.h., an increase of 162,000.000 k.w.h. over 1925,
secured by a lien on the entire property subject to $4,000,000 underlying or 12%. See about new construction, incl. the Salt Springs development,
bonds and also cover the extension from Edmond to Guthrie, subject to a the Melones Power House, the Spaulding-Drum development, &c., V. 124,
construction lien of $450,000. Exempt from all general taxes m Oklahoma. p. 373, 922.
The gas department includes 17 manufacturing plants with an aggregate
V The secured78% notes, due Jan. 1 1928 are secured by (a) $680,000 1st capacity of 112,100,000 cubic feet per day and 4,468 miles of mains. Gas
& ref. 5s of the company; (b) $120,000 Guthrie Ry. 1st Mtge. 5s; (c) $500,- sales in 1926 totaled 17,480,000,000 cu. ft., a gain of 1,279,000,000 cu. ft.
*4
000 Guthrie-Edmond Elec. R y. 1st Mtge. 5s. The notes are cony, at any or 8% over 1925.
In Dec. 1919 leased for 15 years the properties of the Sierra & San Fran­
time before maturity or call into 1st & ref. bonds at the rate of 80, against
cisco Power Co. V. 109, p. 2362. In Nov. 1925 applied to California R R .
100 for the note. V. 112, p. 373, 563.
. ...
Commission for authority to purchase and operate the Middle Yuba HydroDividends.— On pref. 1st div.— 5% — paid Jan. 1909 and 1M % quar
Electric Co., Nevada County, Calif. V. 121, p. 2521. In Dec. 1925
to and inci.Tan. 1912. None since.
applied for authority to purchase the Sacramento Gas Co. from E. H.
EARN ING S.— For calendar years:
„ , .
Gross
Net (after Other
Interest, Balance,
Revenue
Rollins & Sons, thereby eliminating the gas competition in Sacramento, Calif
Earnings.
Taxes). Income.Disc’t. &c. Surp.
Passengers.
For further details, see V. 121, p. 3132. In Aug. 1926 co. completed nego­
1927*_____ $1,210,289 $289,010 $7,948 $212,719
$$4,239
9,088,053 tiations for the purchase of Sacramento Gas Co., which furnishes gas in
1926______ 1,928.764 417,345
6,789 370,553
53,581 14,360,274 Sacramento and Lodi, Calif. V. 123, p. 1114. Acquisition in 1926 of the
1925
1,733.303 337,470
lz,046 370.046 def20.531 11,337,879 Bell Electric Co., which had been selling and distributing electricity in
1924.
1 719 411 444,169
13,264 370,690
86.743 12,240,030 Auburn, Calif., and vicinity. V. 123, p. 1383.
Franchises in substantially all of the cities and towns served, it is claimed,
1923-1111- L950.601 486,298
15,820 366,599
135,520
-------1922 ____ 1,978,827 622,588
6,437 354,823
274,202 22,750,696 are perpetual, the U. S. Supreme Court on April 6 1914 having ruled that
1921______ 2,114,571 665.940
6,934 35a,882
313,992 23,417,659 all franchises of public service corporations within the State of California
obtained prior to Oct. 10 1911 were of perpetual duration and could not be
* For 7 months ended July 31 1927.
„
—
OFFICERS.— Receivers, Geo. A. Henshaw and G. T . Lackey; V .-P ., altered.
75-cent gas rate in San Francisco held valid by U. S. District Court but
R . J. Edwards; Sec. & Asst. Oper. M gr., G. T. Lackey: Treas., Reba Zim­
merman; Aud., D. L. Wilson. General offices, Oklahoma City. V. 111. reversed by U S. Supreme Court June 2 1924. Company collected at
p. 693, 1183; V. 112, p. 373, 563; V 116, p. 1178; V. 117, p. 1993; V. 119, 85-cent rate during years in litigation. See V. 109, p. 2444. Rates, V. 113,
p. 1396, 1734: V. 120, p. 331; V. 121, p. 1679; V. 122, p. 2042, 2652; Y. 124, p. 195,499; V. 113, p. 77. 967; V. 115. p.655: V. 118. p. 916; V. 118. p.2959;
Y. 120, p. 1089. Proposed acquisition of distributing system by city of San
p. 3354; V. 125, p. 649.
_
Francisco, V. 117, p. 1563. Refusal of company to sell, V. 117, p. 1786.
On Feb. 11 1925 the stockholders approved an increase in the authorized
MUSKOGEE ELECTRIC TRACTIO N CO.
bonded debt from $160,000,000 to $250,000,000. V. 120, p. 958. Com­
ORGANIZATION.— Incorp. in 1904 in Indian Territory. In Oct. 1912 pare V. 120, p. 88.
In March 1925 the company was authorized by the Calif. R R . Comm, to
acquired the People’s Electric R y., which has been merged. Franchises
issue $14,399,000 gen. & ref. 5% bonds to be deposited with the trustees
are unlimited as to time.
_ —
„
-___
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— under its first and refunding mortgage. V. 120, p. 1460. Compare V. 120,
A trolley road. Operates city lines, 16.13 miles, and interurban ana p. 1204. In M ay 1925 to issue on or before March 30 1926 at not less than
suburban, 15.13; total, 31.26 miles. Standard gauge. 70 and 60-lb. T rail. $104 per share, 23,570 common shares (par $100). V. 120, p. 2270. In
24 passenger cars, 2 miscellaneous cars and 3 electric locomotives. Alse Dec. 1925 to Issue and sell $2,500,000 of 6% pref. stock. V. 121, p. 3132.
About issuance of 50,000 additional common shares, see V. 121, p . 3005,
owns an amusement park on Arkansas River about 5 miles from Muskogee
Right of Purchase by City.— The city has the right to purchase all the com­ 3132.
Gas Rates Reduced.— Reduced in San Francisco June 1 1925. V. 120, p.
pany's property within city limits in 1934 and at the end of every 15-yeai
period thereafter, at a price determinable by arbitration, but in case of 2944. In Jan. 1926 the City Attorney of San Francisco advised the City
such purchase the bonds must be either paid o ff or assumed by the city, Supervisors to accept a compromise offered by the co. to the City of San
and in the latter event the company must be allowed to operate its cars Francisco to clear up rate litigation hanging fire since 1915. Co. offered to
from suburban or interurban points to the centre o f the city on a rental refund $990,000 to consumers out of a disputed $1,940,000. For particulars
see, V. 122, p. 214.
basis. See V. 95, p. 1331.
_
Financing of Melones Dam Hydro-Electric Power Development.— See for
Has long-time power contract with the Muskogee Ga? & EL Co.
particulars about this dam and the financing of it, V. 121, p. 459, 587.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Sued for Fire Liability.— In Sept. 1925 the company was made defendant
Q-M
$500,000 See text
Stock $500 000 ($100)..........- ____
In 630 suits filed by 60 insurance companies to recover approximately
First mtge $5 000 000 sinking f 1912
5 g M -N
593,000 M ay 1 1934
$4,000,000 in connection with the great Berkeley fire of 1923. V. 121, p.
fund gold ($1,000)______ c*(Int. at Eauitable Tr. C o.. N. Y .. trustee.
Bonds.— Remaining bonds may be issued for additions and betterments
at 80% of cost, with certain restrictions. Subject to call as a whole or in
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity.
part at 105 and int. on any int. day on 3 weeks’ notice. Semi-ann. sink­ Common $80,000,000 ($25)_ _____
_
Q -3
a$65,777,365 Oct '27 2%
ing fund began Jan. 1 1914 o f
of 1% o f all bonds outstanding. V. 95. 1st Dref 6% cum $80,000,000
p. 1331.
($25)-----------------------------------------________
Q-F
70,668,482 Aug ’27 I K
------------------140
Dividends.— 1908, 5% ; 1909, 6 % ; 1910, 7% ; 1911, 8% ; 1912, 7 H%\ 1st & ref mtge Series A ______ f 1920
7 g J-D bl0,720,000 Dec 1 1940
1913, l b i % . None since.
Series B ________________ 1921
6 g J-D
20,000,000 Dec 1 1941
EARNINGS.— For calendar years:
_ , _
Series C _________________ ] 1922
5 H g J-D 45,000,000 Dec 1 1952
Gross.
Net.
Bond Int. & Tax. Bal., Surp.
Series D __________________|1925
5 g J-D
20.000.000 June 1 1955
1924.................... $206,686
$41,134
$39,104
$2,030
Series E ____ ______________ 1927
4K g J-D 15,000,000 June 1 1957
45,727
39.512
1923 _________ 226.394
($500 &c) gold- _.c*& r*.tf [Mercantile Trust C o., San Francisco, and
<922
222,007
40,792
38,007
2,785
I National City Bank, New York, trustees.
OFFICERS.— Pres., Louis K . Hyde; V .-P ., R . D. Benson: S
r as.
Gen & ref M ($150,000,000) f 1911
5 g J-J
35,785,000 Jan 1 1942
D. Q. Brown; Gen. M gr., J. G. Phillips.— V. 118, p. 311; V .
•331'
gold sinking fund (see] Bankers T r. C o., N . Y ., and O. Ellinghouse,
V. 121, p .2 0 0 .
_
text)---------------------c*&r*tf
'
trustees. Int. in N . Y . or San Francisco.
Cal Gas & Elec Corp gen M & 1903
5 g M-S
2,530.000 M ch 1 1933
coll tr $10,000,000 gold]Interest at Mercantile Trust C o., San FranSHAWNEE-TECUMSEH TRA CTIO N CO.
<
’$1,000) sinking fund_c*tf] cisco, trustee.
ORGAN IZATION .— Incorporated in Oklahoma on Feb. 13 1906. Calif Gas & Elec Corp unify’g ( 1907
5 g M -N 15,633,000 N ov 1 1937
Franchises are perpetual and exclusive for 25 years.
and refunding mortgage] Wells Fargo Bank and Union Trust C o., San
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Fran., trustee. Int at office of companv,
$45,000,000 gold____c& r.tf
Operated 10 miles of track in Shawnee and between Shawnee and Tecumseh.
I San. Fran., or Bankers Trust C o., N. Y
but substituted on Jan. 9 1927 buses for the railway service.
The railway Bay Counties Power Co 1st M ( 1900
5 g M-S
440,000 Sept 1 1930
$2,250,000 ($1,000)_ tf j Interest at Mercantile Trust C o., San Fran_
equipment was to be sold. V. 124, p. 649.
L cisco, trustee,or Bankers Trust C o., N . Y .
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Second mtge $750,000 gold] 1901
6 g A-O
192,000 April 1 1931
Stock $500,000 ($100)____________
_______
$500,000 . . . ------- ($1,000)_____________ t f <Int. at Wells Fargo Bank and Union Trust
|
First mortgage $1,000,0001 1906 5 g J-D
300,000 June 1926
I C o., San Francisco, trustee.
($1,000) gold__________ c* jln t. at Equitable Trust C o., N . Y ., trustee.
Nevada Co Elec 1st M --n t f 1898
6 A-O
27.000 Oct 11928
Bonds.— Can be called at 105. No sinking fund. Tnese bonds were not
Yuba Elec Power 1st M .n tf 1899
6 J-D
168,000 June 1 1929
paid when due June 1 1926. but were extended indefinitely at same rate of
Cal Central Gas & Elec C o f 1901
5 g F-A
321,000 Aug 1 1931
interest. They are, however, all owned by the syndicate which built the
1st mtge $1,000,000 gold]Interest at Mercantile Trust C o., San Franroad and still owns its stock, so there is no likelihood of foreclosure pro­
($1,000) sink fund_____ntf I cisco, trustee.
ceedings being instituted. V. 122. p. 3212.
Sacramento Elec Gas & R y f 1897
5 g M -N
1,083,000 Nov 1 1927
EARN ING S.— For calendar years;
1st mtge $2,500,000 gold] Interest at Mercantile Trust C o., San Fran.,
1926.
1625.
1924.
1923.
($1,000)------------------- c n tf I or Guaranty Trust C o., New York.
Gross__________________
$36,590
$39,126
$36,526
$44,906 Standard Elec Co 1st M $5,-f 1899
5 g M-S*
1.555,900 Sept 1 1939
Operating expenses_____
35,965
36,172
38,346
42,556
000,000 guar p & i by]In t. at Mercantile Trust Co., San Fran., trus
N et_________________
$625
$2,953 * def$l,820
$2,350
Cal Gas & Elec C o rp .ntf [ tee, and Crocker Nat. B k ., San Francisco.
Interest and taxes______
15,758______ 15,946
15,988
16,189
Blue Lakes Water 1st mtge) 1893
6 M-S 15
462.000 Mar 15 1938
$5,000,000__________n tf/I n t. paid in N . Y ., San Fran, and London.
Balance, deficit______
$15,133
$12,993
$17,808
$13,839
5 g J-J
707,000 July 1 1932
OFFICERS.— Pres. & Treas., Louis K. Hyde; Gen. M gr., J. G. Phillips: United Gas & Elec Co 1st M\ 1902
$2,000,000g($l,000)sf_c*tf/M ercantile Trust C o., San Fran., trustee.
Sec., Geo. L. Webb.— V. 122, p. 3212; V. 124, p. 649.
Valley Counties Power C o f 1902
5 g M -N
1,106,000 M ay 1 1930
first mortgage $2,500,000]Interest at Mercantile Trust C o., San Fran,
gold ($1,000) sink fund - - tf ] trustee, or at U. S. M tge. & Tr. C o., N . Y .
Cent Cal El Co mtge $5,000,-\ 1902
5 g M -N
See text M ay 1 1933
000 gold ($1,000)_______ tf \Int. at Equitable Trust C o.. New York, trus.
Suburban Light & Power] 1908
6 F-A
220,500 Aug 1 1938
mtge ($500). N o sinking] Int. at office of company. The Oakland
fund________________ _c*tf I Bank, Oakland, trustee.
Calif Tel & Lt 1st mtge (as-/ 1913
6 g A-O
725,300 April 1 1943
PACIFIC GAS AND ELECTRIC CO.
sumed) ($100. &c) gold-_c*l Int. at M erc. Trust Co. San Fr., trustee
San Fran G & El gen M $10,-] 1903
4)4 g M -N 5,659,000 Nov 1 1933
(See Map on page 254.)
000,000 gold ($1,000 each)]Int. at Wells Fargo Bank and Union Trust
ORGA N IZA TIO N .— Incorporated in California Oct. 10 1905 as a con"
k
tf]
solidation. In Oct. 1919 purchased the properties and substantially all or Pacific Gas Improvement mtg | C o., San Francisco, trustee.
1900
4 g Q-M
169,000 Sept 1 1930
the $10,000,000 capital stock of the Northern California Power Co. Con"
gold ($1,000 each) sinking] Int. at Wells Fargo Bank and Union Trust
solidated at $34 per share. In Dec. 1926 purchased the Municipal gas sys"
fund__________________ n tf
C o., San Francisco,
tern of the town of Santa Clara.
Electric
C o] 1904
5 J-D
111,000 June 1 1934
Acquisition.— In July 1927 the California RR. Commission approved the Mutualmortgage $Light ).ctf]ln t. at Mercantile Trust C o., San Fran., or
first
l,0 0 0
acquisition of 3 subsidiaries of the Standard Gas & Elec. Co. The companies
(United
Trust o.,
involved are: Sierra & San Francisco Power Co., the Western States Gas & Metrop Gas C orp($500).c*tf] 1911 States M tge. &988,500CDecN . Y .
5 J-D
11941
Electric Co. and the Coast Valleys Gas & Electric Co. V. 124, p. 2121,
Sinking fund $25,000 per] Int. at office of company. Mercantile Trust
3068, 3209; V. 125, p. 247, 1053.
annum.
C o., San Francisco, trustee.
K i n 1926, however, co. sold a group o f water properties in California to Northern California Power 1st
1902
5 g J-D
358.000 June 1 1932
Federal Water Service Corp. V. 123, p. 3039; V. 124, p. 373. Sold Deer
mtge ($1,000) gold_ c* .tf Wells Fargo Bank and Union Trust Co.,
_
Creek water system to Nevada Irrigation District. V. 123, p. 3184. At
San Francisco, trustee.
the end o f 1926 co. sold its telephone properties. V. 124, p. 373. All
Refunding & consol mtge 1908
5 g J-D
3,896,000 Dec 1 1948
the properties owned in fee except those o f the M t. Shasta Power Corp.
$10,000,000 ($1,000) gold Wells Fargo Bank and Union Trust Co.,
and California Telephone & Light Co. (of which the company owns the
sinking fund______ c*.tf^ San
entire outstanding stock) and those leased from the Sierra & San Francisco Battle Creek Power Co 1st m t g ____ Francisco, trustee.
5%
54,000 Feb 2 1936
Power Co. and Yuba River Power Co.
_
5%
13,000 June 1 1931
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS — Keswick Elec Pow Co 1st m t g e _
Guaranteed Bonds of Northern Calif. Power Co.—
Owns and operates extensive properties employed in the production and sale
6 M -N
115,800 M ay 1 1929
of electricity and gas for light, heat and power, about 61% o f its revenues Sacra Valley Pow 1st mtge] 1909
($500 & c)------------ n tf jTnt.at Anglo-Calif. T r.C o ., San Fr., trustee.
being derived from electricity and about 35% from gas. It also owns
First and refunding m tge\ 1911
6 J-J
430,000 July 11941
and operates the entire street railway system o f Sacramento, 46 miles of
($1,000)___________ t f / Anglo-California Tr. C o., San Fr., trustee.
track, and is engaged in the sale of steam for heating and o f water for irriga­
tion and domestic purposes, deriving approximately 4% o f its revenue from
a Includes $3,492,275 stock subscribed for but not fully paid or issued,
these and other less important activities.
b To be retired Dec. 1 1927 at 110 and int. V. 125, p. 2146.
Bonds.— Of the 1st & refunding bonds of 1911. *347.000 are reserved to
retire underlying bonds; remaining bonds can be issued at not exceeding
80% o f cost of extensions, enlargements and additions under certain re­
strictions. Subject to call at 105 and interest on any interest date. V . 92,
p. 1110. $680,000 are pledged as security for the 8% notes due Jan 1
1928. No sinking fund, but bonds have a renewal fund o f 2% per annum




CALIFORNIA

254




PU BLIC U T ILIT IE S

[ V ol. 125.

POW ER, LIGH T AND R A IL W A Y

Stock.— In July 1914 the issuance o f the Initial $12,500,000 1st pref. stock
for Improvements, extensions, refunding, &c., was authorized. The old
pref. stock ($10,000,000 auth. and outstanding) became 2d pref. and th'
auth. amount o f com. was reduced from $150,000,000 to $100,000,000. V
98. p. 1846; V. 99, p. 121. The 2d pref. stock was conv. Into 102H % of 1st
pref. and has been all thus retired. In Jan. 1926 co. began over-the-counter
sales of $2,500,000 6% pref stock at 97. to yield 6.18%
V 121 p 3005
V. 122, p. 214. On July 29 1926, co-advanced the over-the-counter price
of its first preferred stock to $100 per share
V. 123, p. 844
In Dec. 1926
co. offered $1,000,000 1st pref. stock and $1,000,000 common stock to
employees on partial payment plan, one share of common to be offered at
par with each pref. share. V. 123, p. 3039; V. 124, p. 113, 236.
The stockholders Dec. 12 1921 approved the reclassification of the $160,
000,000 authorized capital stock as follows: $79,900,000 1st pref. stock (in­
creased from $50,000,000), $100,000 original pref. stock (decreased from
$10,000,000), and $80,000,000 common stock (decreased from $100,000.000)
V. 113, p. 2623
Change Par Value Capital Stock.— Stockholders voted Oct. 11 1926 on
(a) changing the par value of common and pref. stocks from $100 to $25,
and on approving the issue of 4 new shares for each share held; V. 124, p. 113,
373: (6) eliminating from the present authorized stock $100,000 par value of
original pref., and increase correspondingly the authorized 1st pref. stock;
(c) authorizing directors to issue and sell to employees $2,500,000 1st pref.
6% stock and $2,500,000 common stock. V. 123, p. 325, 1114, 1997;
V. 124, p. 113.
Common stock to the amount o f $48,433 in addition to that reported
outstanding is owned by subsidiary companies.
Common stockholders of record Feb. 23 1926 were given the right to sub
scribe to the extent of 10% of their holdings to additional common stock
at $100 per share. Future capital requirements were to be financed in the
approximate ratio o f 50% from bond sales, 25% from pref. stock sales and
25% from offerings of common stock to common stockholders. V. 121
p. 2876. Rights to the above subscriptions expired Mar 31 1926 for com­
mon stockholders residing outside o f the U. S., Canada and Mexico, the
expiration date was fixed at May 1 1926. Subscriptions were payable in
full or in 2 equal installments of $50 each, payable Mar. 31 and M ay 1
V. 122, p. 1027. Common stock is listed on San Francisco Stock Exchange
and N. Y. Stock Exchange. V. 123, p. 3322. 922.
Common stockholders of recort. Jan. 26 1927 were given the right to
anc incl. March 1 1927 to subscribe at par and to the extent of 10% of their
holdings to $5,268,500 additional common stock. Subscriptions were pay­
able in full or in 4 installments, the last installment being apyable $5 on
June 1 1927. V. 123. p. 3184; V. 124, p. 236, 373, 922.
Bonds.— The 1st & ref. mtge. gold bonds are a direc: first mortgage on th»
entire properties (incl. the new Pit River power plants and high-tension
transmission line) of the M t. Shasta Power Corp. which joined with th*
Pacific Gas & Elec. Co. in execution o f the mortgage. Also a direct mort
gage on the entire properties of the co. now owned and hereafter acquired
subject to the prior liens of underlying mortgages. As additional security
company agrees to secure from time to time the certification o f all gen. & ref
mtge. bonds which it may issue and w, 1pledge the same under the new mtge
As of July 31 1927, $59,598,000 gen. & ref mtge. bonds have been
pledged under this mortgage.
Mortgage provides for a semi-ann. sinking fund o f H % of all outstanding
bonds of co. after deduction o f underlying sinking fund payments to be util­
ized in the acquisition and redemption or retirement o f 1st & ref. M . bonds
A large fund is also provided annually for the maintenance and replace­
ment of the properties.
„
„
.
„ „„
Ser. A bonds are red. at 110 and int. on or before Dec. 1 1930 and at 105
and int. thereafter. Ser. B bonds are non-callable. Ser. C bonds are red.
on any int. date at 105 and int. V . I l l , p. 2528; Y. 113, p. 2318: V
116, p. 624. Series “ D ” bonds are redeemable, all or part, upon 60 days'
notice, at 105 and int. before June 1 1950. thereafter at 100 and int. Series
E are red. all or part on any int. date on 60 days notice at 105 and int.,
if red. on or before June 1 1952, and thereafter at 105 and int. V. 125
p. 1710. In M ay 1925 the National City Co., &c., &c., sold $10,000,000
series D bonds at 95)4 and int., to yield over 5.30%. V. 120, p. 2817. In
April 1926 the same bankers offered $10,000,000 additional series D 5% ,
due 1955, at 98)4 and int., to yield about 5.10%. V. 122, p. 2330, 2497;
V 123 p 1114.
In Sept. 1927 a syndicate headed by the National City Co. offered at 96
and int., to yield 4.75%, a new issue of $15,000,000 1st & ref. mtge. 4 )£ %
gold bonds, series E, due June 1 1957. V. 125, p. 1710.
Listed on San Francisco Stock and Bond Exchange. V . 121, p. 1348.
Of the $150,000,000 gen. <. ref. mtge. bonds, the unissued portion is re­
&
served to retire underlying bonds, and for future additions, betterments and
improvements at 90% o f cost under certain restrictions. $986,000 are in
treasury, of which $875,000 deposited as security for surety bond in rate
cases; $815,000 have been canceled by sinking fund. $51.000 held alive in
sinking fund. $59,598,000 are pledged under the first and refunding
mortgage. Denom.: Coupon, $1,000; registered, $1,000, $5,000 and
$10 000. Int. also payable in London. Berlin, Amsterdam, Paris and
Geneva at £5.2.9, 105 marks, 62 guilders or 129.50 francs, respectively.
Red. as a whole (but not in part) Jan. 1 1937 on any int. date thereafter at
par and int.; also red. at 105 and int. on any int. date on 60 days’ notice
In blocks of not less than $500,000. Sinking fund of 1% p. a. of face amount
of all underlying bonds and bonds of this issue. See Y. 94, p. 351. V. 103,
p. 1211; V 105. p. 1523; V. 107, p. 1837, 2477; V. 108, p. 79, 2144.
California Gas & Electric Corp. Unifying and Refunding Mortgage 5%
Bonds of 1907 are a lien upon all the property and franchises o f the California
Gas & Electric Corp. now owned or hereafter acquired. V. 86, p. 1158
They are also a lien (through a supplementary mtge. executed by the Pacific
Gas & Electric C o.), prior to the bond issues of the Pacific Gas & Electric
Co upon all the properties o f that company except the properties of the
San Francisco Gas & Electric C o., but includes the properties of the Cali­
fornia Central Gas & Electric C o., Fresno Gas St Electric Lighting Co.,
and the Vallejo Gas C o., subject, however, to underlying mortgages of the
California Central Gas & Elec. The bonds were issued under four heads—
“ A ," “ B ,” “ C ” and “ D .” Series " A ” amounts to $30,282,000, of which
$8,203,000 were issued to retire an equal amount of underlying bonds
which have been deposited under this mortgage. Series “ B " amounts to
$3,055,000 and were issued at 90 to refund existing obligations. Series “ O'
and “ D ” aggregate $11,663,000, $9,255,000 o f which were issued. Mort­
gage has been closed to further issue. V. 86, p. 980. The bonds are subject
to call at 110 and int. upon any int. date after Nov. 1 1912 upon 60 days’
notice. V. 88. p. 1199. The issuance of additional underlying bonds is
prohibited by terms of mortgage. An agreement was executed Jan. 21 1908
roviding that all California Gas & Elec. gen. mtge. and coll, trust bondolders depositing bonds with Mercantile Trust Co. of San Francisco would
be entitled to receive an equal amount o f unifying and refunding bonds, and
in addition an amount o f common stock o f the Pacific Gas & Elec, equal to
25 % of bonds so deposited. V . 86, p . 980. $4,492,000 gen. mtge. and coll
trust bonds were so deposited. Agreement expired Feb. 1 1909. The mtge.
provides that a sinking fund be created and maintained as follows: 1912 to
1916 incl., $450,000 per annum; 1917 to 1921 incl., $550,000 per annum; 1922
to 1926 incl., $700,000 per annum; 1927 to 1936 incl., $900,000 per annum
This sinking fund will be applied as far as necessary toward making the
sinking fund payments required by underlying mortgages, and the balance to
the purchase.for the sinking fund of the bonds issued under the new mortgage
$4,721,000 unifying and ref. bonds are held in sinking fund; $159,000 in
treasury of Pacific Gas S Electric Co. Bonds are listed on New York Stock
c
Exchange. V. 90. p. 1677; V. 93, p. 1191; V. 95. p. 1332.
California Gas & Electric Corp. $10,000,000 General Mortgage and Collateral
Trust Bonds are subject to call on any int. date at 110 and int. on four weeks’
notice. $4,492,000 were deposited under the unifying and refunding mtge.
Sinking fund for 5 years, beginning Mar. 1 1904, $150,000 per annum; from
1909 to 1913. $200,000 per annum; 1914 to 1918, 250,000 per annum; 1919 to
1923, $300,000 per annum; 1924 to 1928, $350,000 per annum; 1929 to 1933,
$400,000 per annum. The said sinking fund will provide for the sinking
funds of the Bay Counties Power C o., California Central Gas & Electric Co.,
Sacramento Elec. Gas & Ry. Co. and Valley Counties Power C o., and is to
be used initially in redeeming the bonds of the constituent companies, the re­
mainder for the new $10,000,000 issue. The bonds redeemed shall be kept
alive and bear int. except where the mortgages of the constituent companies
provide for their cancellation; in the event of the purchase of any of the gen.
mtge. and coll, trust $10,000,000 bonds, these also are to be kept alive; but
should any of the latter be called for payment at 110, the bonds so called are
te be canceled. $2,724,000 of this and $1,098,000 o f underlying issues are
now alive in this sinking fund. The gen. mtge. and coll, trust bonds are
secured by deposit (now secured by physical properties o f these companies
which have been deeded to the corporation) of practically all the capita
stocks of the subsidiary companies, namely all of the 36,000 shares of Bay
Counties Power Co.; all of the 15.000 shares Calif. Cent. Gas & E' ec. Co.; all
of the 30,000 shares of Oakland Gas Light & Heat Co.: all of 18,584
Shares o f Sacramento Elec. Gas & R y. C o.; all of the 4,898 shares of Fresno
Gas S E1. Lt. Co.; all o f the 50,000 shares of the Standard Elec. C o.; all of
c

E




255

the 22,286 shares of the United Gas & Elec. C o., and all of the 1,000 shares of
stock of the Vallejo Gas Co.; also 39,999 out of 40,000 shares of South Yuba
Water Co. stock. In addition, the Bay Counties Power Co .owns the entire
$2,500,000 stock of the Valley Counties Power Co. and the United Gas S
c
Elec. Co. owns the $1,000,000 stock of the San Mateo Power Co
Bay Counties Power Co $2,250,000 First Mortgage Bonds.— $224,000 are
reserved to retire $168,000 Yuba Electric Power bonds and $56,000 Nevada
County Electric Power bonds. A sinking fund on the first 5s of 1 % of
outstanding bonds per annum commenced in 1905 and ran until June 1
1910, on which date and for four years thereafter 1)4% of bonds out; on
June 1 19l5and for four years thereafter 2% of bonds out; on June 1 1920
and for four years thereafter 2)4 % of bonds out; on June 1 1925 and there­
after 3% of bonds outstanding. $1,482,000 of this issue alive in sinking
fund and $74,000 held in treasury of company. The 2d 6s are subject to
call at any time at 105. $186,000 are held in a sinking fund and $19,000
held in treasury. $353,000 were redeemed as of July 31 1927.
California Central Gas & Electric Co. First Mortgage Bonds.— A sinking
fund of 2% of bonds outstanding commenced on Aug. 1 1902, but bonds
are not subject to call. $666,000 bonds are in sinking fund.
Sacramento Electric, Gas & Ry. Co. Bonds.— $525,000 bonds have been re­
tired. $769,000 alive in sinking fund and $123,000 held in treasury of
Pacific Gas & Electric Co. By terms of a supplemental mortgage, the right
to call all or any of the bonds at 103 has been rescinded; but this does not
affect the right to retire bonds as follows: From 1902 to 1906, inclusive
$5,000 per annum; 1907 to 1911. inclusive, $10,000 per annum; 1912 to
1916, inclusive, $20,000 per annum; 1917 to 1921. inclusive, $30,000 per
annum; 1922 to 1926, inclusive, $40,000. Total, $525,000.
Standard Electric Co. of California First Mortgage Bonds.— They are
guaranteed by California Gas S Electric Corp. by endorsement. $2,599,000
c
were retired under unifying and ref. mtge. of California Gas & Elec. Corp.,
$791,100 are alive in sinking fund, and $2,000 are deposited under general
and refunding mtge. Of Blue Lakes Water 1st mtge. bonds $10,000 are
in sinking fund and $251,000 in treasury.
United Gas & Electric Co.— Bonds.— Int. is payable at Crocker Nat. Bank,
San Francisco, or Mercantile Trust Co., New York. A sinking fund began
July 1 1907 of 2% of bonds outstanding for the first 5 years; 3% the next 5
years; 4% the next 5 years; 5% the next 5 years, and 6% per annum there­
after. $1,035,000 have been canceled by sinking fund, $97,000 held alive
in sinking fund and $71,000 held in treasury of Pacific Gas & Electric Co.
Bonds are not subject to call.
Valley Counties Power Co. Bonds are not subject to call. Are guaranteed,
principal and interest, by Bay Counties Power Co. Listed on San Francisco
Stock Exchange in June 1905. V. 80, p. 2625. Commencing Nov. 1 1905,
and on Nov. 1 for each succeeding four years, 1% of aggregate amount of
bonds issued and outstanding is payable to sinking fund- commencing Nov. 1
1910 and for succeeding four years, 1 !4% : commencing with Nov 1 1915,
and for succeeding four years, 2% ; commencing with Nov. 1 1920 and for
succeeding four years, 2 )4 % : commencing with Nov. 1 1925 and for suc­
ceeding four years, 3% . $1,297,000 bonds now held in sinking funds and
$97,000 held in treasury of Pacific Gas & Electric Co.
Central California Electric Co.— $848,000 are deposited under unifying
and refunding mortgage and $1,000 under general and refunding mortgage;
$1,000 in treasury of Pacific G'as & Electric Co. Callable at 110 and int.
Suburban Light & Power Co.— $29,500 held alive in allied companies’
sinking funds.
San Francisco Gas & Electric Co General Mortgage Bonds Nos. 1 to 4,000,
Inclusive, are subject to call $100,000 yearly Nov 1 at 105. by lot, beginning
Nov. 1 1906. $2,100,000 have been canceled, $307,000 are held alive in
sinking funds of allied cos. and $105,000 retired under gen. & ref. mtge.
Mortgage closed; no more bonds can be issued for any purpose.
Pacific Gas Improvement Co. mortgage has a sinking fund of $20,000 annu­
ally. $753,000 have been canceled and $321,000 retired under gen. &
ref. mtge.
Mutual Electric Light Co. Bonds having sinking fund of 2)4% per annum
if bonds issued and out; $122,000 have been canceled and $12,000 are held
in sinking fund.
Metropolitan Gas Corp. bonds are red. at par and int. on any int. date.
Sinkingjund $25,000 yearly ;$47.500 in sinking fund and $326,000 have been
Calif. Tel. & Lt. lsl 6s are red. at 107)4Northern California Power Co. Frst 5s have sinking fund of 3)4% o f gross
aarnings first 6 years. 4% next lO years, and 4)4% last 14 years. Int.
payable at office of trustee in San Francisco and at Corn Exchange National
Bank, New York. The ref. & cons. 5s are call, at 110. Int. at office of
company in San Francisco and at U. S. Mtge. S Trust C o., New York.
c
Sacramento Valley Power Co. First 6s are call, at 105 and int. The 1st &
ref. 6s are also call, at 105 & int. Int. on latter payable at office of com­
pany in San Francisco and U. S. Mtge. & Trust C o., New York.
Sacramento Gas Co.— $535,100 first mtge. 6% bonds outstanding called
for redemption Oct. 1 1926 at 103.
Sinking Funds.— Total cash and bonds in all sinking funds of Pacific Gas
k Electric Co. and subsidiary companies July 31 1927. $24,913,998.
DIVS.— '12. •13. ’ 14. •15. ’ 16. •17. ’18. ’ 19-’21. ’22. '23. •24. ’25. ’26.
Orig. (2d)pf% 6
6
6
6
6
6
6
6
6
6
6
New ist P %
6
6
1 44 6
6
6
6
6
6
6
Com in stk %
2
6
2
do in cash %
2H -- -- 3 H 5' text
8
8
8
5
6
5
Dividends an common stock were resumed April 21 1919 after an interval
of 1 !4 years, with payment of 1 )4% ; to Oct. 1922 paid 134 % quar.; Jan.
1923 to Oct. 1923, paid 1)4% quar. Also paid 2% in com. stock in Feb.
1922 and 2% in com. stock to holders of record Dec. 30 1922. From Jan.
1924 to April 1927 paid 2% quar. on old $100 par value com. On new
com. ($25 par value) paid initial quar. div. of 50c. April 1927. On the
1st pref. stock divs. at rate of 6% have been paid regularly quarterly since
issue in 1914.
EARNINGS.— For calendar years:
*1927.
1926.
1924.
1925.
Gross operating revenue .$53,532,800 $50,960,571 $47,729,079 $44,451,586
D e d u c t — Op. & adm. exp 20,826,592
21,090,564 20,289.476 20.944,947
Taxes____
- . _ .. 4,944,595
4,470.387
4,495.600
3,922,678
3,511,077
3,529,129
2.946,463
Maintenance____ - . . 3,577.887
Uncollect, accts., &c.
652,828
582.447
584,507
389.008
C
O

O ct ., 1927.]

Total deductions__ . $ 3 0 ,0 0 1 , 9 0 2
Net earnings-- ______ . 23,530,898
A d d — Miscell. income..
319,203

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

21,306,096
165,419

18,830,367
337.818

16,248,490
483,833

Total net income____ .$23,850,101 $21,471,515 $19,168,185 $16,732,323
Bond and other interest . 8,626,093
7,078,183
7,926,006
6,262,264
Balance____________ .$15,224,008 $13,545,509 $12,090,002 $10,470,059
Bond disc. & e x p ____
462,691
430,654
384.293
457,419
Balance____________ $14,761,317 $13,088,090 $11,659,348 $10,085,766
Reserve for depreciation 4,518,427
3,807,991
3.057,417
4,228,850
Surplus____________ .$10,242,890
Divs. on pref. (6 % )---- . 3,853,307

$8,859,240
3,488,880

$7,851,357
3,265,534

$7,028,349
3,244,608

Balance____________ - $6,389,583
Cash divs. on common. - 4,419,546

$5,370,360
4,119,970

$4,585,923
3,624,337

$3,783,741
3,040.123

Balance____________ - $1,970,037

$1,250,390

$961,586

$743,618

Number of Consumers Served for Calendar Years.
1926.
1925.
1924.
1923.
1922.
1921.
G a s ...............
418,541
387,707 365.396 343,690 316.268 297.270
Electricity_______ 434.887 405,779 378,751 347,955 311,615 285.206
W a ter................... 20.685
19,602
18,864
17,810
16,985 16.162
Steam...................
611
610
606
579
542
475
T otal_________ 874,724 813,698 763,617 710,034 645,410 599,113
Balance sheet as of Dec. 31 1926. See V. 124, p. 2121.
OFFICERS.— Pres., A. F. Hockenbeamer; V. Pres. & Gen. M gr., Frank
A. Leach Jr.; 2d V.-Pres. & Asst to Pres.. J. P. Coghlan; V.-P , Treas. &
Sec., D. H. Foote: Asst. Sec. & Asst. Tresa., Chas. L. Barrett. Office,
245 Market St., San Francisco, Calif.— V 121, p. 76, tOO, 459. 587. 840,
1348. 1570. 1679. 2403. 2521. 2752. 2875, 3005. 3132. V. 122, p. 214. 612,
1027, 1170, ’2321, 2330, 2352, 2497, 2919: V. 123, p. 325, 711. 844, 1114,
1383. 1997, 2520, 3039, 3184, 3322; V.124, p. 113, 236, 373, 922, 1067. 1667,
1981, 2121, 2590, 2740, 3068, 3209, 3497; V. 125, p. 247, 386, 915, 1053,
1580, 1710, 2146.

356

PU BLIC U TILITIE S
PACIFIC L IG H TIN G CORP.

(See M ap on Page 257.)
ORGA N IZA TIO N .— Incorp. in California on M ay 21 1907. Is the
successor o f the Pacific Lighting C o., which was formed in 1886 to acquire
and own gas and electric companies in California. Besides other holdings,
the corp. owns entire com. stock o f Los Angeles Gas & Elec. Corp. and all
of the common stock of Southern Counties Gas Co. of Calif. Co. and In­
dustrial Fuel Supply Co. also have large holdings of the common stock of
Pacific Gas & Electric Corp. and other utilities in California. In Jan. 1926
acquired Madera Gas Co. and Turlock Gas Co. V. 112, p. 612.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
See separate statements o f the Los Angeles Gas & Electric Corp. and
Southern Counties Gas Co.
STOCK A N D BONDS—
Date.
Interest: Outstanding.
Maturity.
_________ l,025,000shs___________
Common 7,000,000 shs (no p a r ) ____
$5 div pref 500,000 shs (no par) ____
$5
25,750 shs __________
$6 div pref t,500,000shs(no p a r )____
$6
974,250shs __________
Sec bonds $6,000,000 ($500&1 1925
6 g F-A
4,000,000 Feb 11940
81,000) gold_________ c*tf/M ercantile Trust Co. o f Calif.. Trustee.
Stock.— The stockholders on Aug. 10 voted to change the authorized capi­
tal stock from 1,000,000 shares, par $100 (consisting of 700,000 shares of
common, 50,000 shares of 5% pref. and 250,000 shares of 6% pref. stock),
to 10,000,000 shares of no par value (to consist of 2,500,000 of $6 div. pref.
stock, 500,000 shares of $5 div. pref. stock and 7,000,000 shares of common
stock. V. 125, p. 915.
The 6% preferred stock is preferred as to dividends and assets. Red.
at 105 on 60 days’ notice. Listed on the San Francisco Stock & Bond Ex­
change and Los Angeles Exchange. In Jan. 1926 Bond & Goodwin &
Tucker, Inc., &c., &c., offered 50,000 6% pref. shares (par $100) at 96
per share and divs., to yield 6M % . and in Aug. 1926 offered 8,380 additional
shares o f 6% pref. at 96. V. 122, p. 482, 612.
$4,162,000 6% pref. stock is reserved for conversion o f 5% pref. stock
Common stockholders o f record N ov. 1 1927 will be given right to sub­
scribe on or before Dec. 15 1927 for 102,500 additional common shares at
$50, on basis o f 1 new share for each 10 held. V. 125, p . 2265.
Bonds.— The secured 6% bonds are secured by deposit of 80,000 shares
o f the com. stock o f Los Angeles Gas & Elec. Corp. Red. on any int. date
on 60 days’ notice on or before Feb. 1 1930 at 103M and thereafter less M
o f 1% for each expired 6 months. Semi-ann. sink fund of $120,000 in
cash or bonds at par commences Feb. 1 1926. In Jan. 1925 Bond, Goodwin
& Tucker, Inc., Blyth, Witter & Co. and Mercantile Securities Co. of
:
Calif, sold at 100 & int. $4,000,000 6% secured bonds. V . 120, p . 583.
Dividends.— A stock dividend o f 10% was paid in Dec. 1922; a stock
dividend o f 80% was paid on common in Dec. 1924. V. 119, p. 2648. In
Feb. 1926 a quar. div. o f 4% was paid, against 2M % quartrely in 1925.
V. 122, p. 612. A quar. div. of 4% was paid regularly since, including
N ov. 1927. A stock div. o f 900% on common was declared payable after
N ov. 15 1927.
EARN IN G S.— For calendar years (consolidated income account):
[Including Pacific Lighting Corp., Los Angeles Gas & Electric Corp., and
xSouthern Counties Gas Co.]
Oper. Exp..
Total
Taxes, Int.,
Pref.
Common
Balance,
Revenue. Deprec., Ac. Dividends.
Dividends.
Surplus.
1926--$24,390,865
$21,957,322
$523,293(16%)$1639,856
$270,394
19 25.. 21,948,161
19,023,927 (5%)208.100
(10%)949,998 1,767.136
1924-. 16,204,334
13,567.740 (5%)208.100
(16%)844.800 1,583,694
1923-. 12,849,632
10,977,217 (5%)208,100
(14^)765,479
898,836
x Southern Counties Gas C o., llm onths o f 1925 only.
OFFICERS.— Pres., C. O. G. Miller: V .-P ., A. Schilling, V .-P ., F. W
Van Sicklen; V.-P. & Asst. Sec., Bernard W . Ford; V .-P ., Treas. & Asst.
Sec., R . W. Miller; Sec., A. T. Wilson. Offices of Secretary, 722 Insurance
Exchange Bldg., 433 California St., San Francisco.— V. 120, p. 583, 1328;
V. 121, p. 2274, 2876; V. 122, p. 95, 482, 612, 1170, 1611; V. 124, p. 3354;
V. 125, p. 386, 915, 1462, 2265.
(1) LOS ANGELES GAS AND ELECTRIC CORPORATION.
O RGAN IZATION .— Incorp. in Calif, in June 1909. Controlled by
Pacific Lighting Corp. (see statement above).
FIE LD OF OPERATIONS AN D CH ARACTER OF BUSINESS —
Carries on a large gas and electric business in Los Angeles and controls all
of the gas business of Pasadena. South Pasadena, Monterey Park, Al­
hambra, San Gabriel, San Marino, Huntington Park and Hawthorne,
together with a portion of the gas business of Inglewood, Vernon, Culver
City, Maywood, and other suburban districts.
As of Jan. 1 1927 the gas dept, had a generating capacity of 95,000,000 cu.
ft. per 24 hours, holders with a capacity of about 69,270,000 cu. ft. and 2,737
miles o f mains; the electric department has a generating capacity of 145,687
h.p., 1,310 miles o f pole lines and 59 miles of underground conduits. On
Jan. 1 1927 a total o f 472,891 gas and elec, meters were connected to the
system (339,736 gas and 133,155 electric). In addition the corporation
has extensive holdings o f real estate.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity
Monthly $14,000,000 Aug '27, 1M
Common, $30,000,000 ($100)______
P f 6% cum $30,000.000($100)______
6 Q-F
19.209,100 A u g '27, 1 M
1st & gen M ser o f 5s $150,-j 1926 5 g M-S
10,000,000 Sept 1 1961
000,000 ($500, $1,000 c*)tf\Am.Tr.Co.&Sec.Tr.&Sav.Bk.,LosAng., tr.
Gen. & ref. mtge;
Series “ D " .
1922 6 g M-S
1,937,500 Mar 1 1942
Series “ E” _
1922
5)4 g J-D
4,999,500 June 1 1947
Series“ F ” _.
1923
5)4 g M-S 3,809,000 Mar 1 1943
1923
6 g M-S
4,000.000 Mar 1 1942
Series “ G " .
Series " H ” .
1924
6 g M-S
7,545.000 Mar 1 1942
_____ __________________
1924
5 H g A - 0 8,952.000 Oct 11949
Series “ P
$75,000,000 ($500 & $1,000)/American Trust Co., San Fran., and Security
gold (closed)________
Trust & Sav. Bk., Los Angeles, trustees.
1st & ref mtge (closed) $ 1 ,-' 1909
5 g M-S
4.891,000 Sept 1 1939
■{W
000) gold---------------------- c*► ells Fargo Bk. & Union Tr. C o., San Fran.,
( and Harris Tr. & S. B ., Chi., trustees.
Los Angeles G & E Co gen MJ 1904
5 g J-J
1,044,000 July 1 1934
(closed) ($1,000) gold------c\WeIls Fargo Bk. & Un. Tr. C o., S. F ., trus.
Bonds.— Gen. & ref. mtge. provides for sink, fund o f 1% % of bonded
indebtedness, less additions to sinking fund of underlying mortgages,
annually. Int. is payable in New York, San Francisco and Los Angeles.
Exempt from personal property tax in California.
Series “ B” 7s were called for redemption in June 1927 at 104)4 and int.
Series “ C” 7s were ealled for redemption in June 1927 at 104)4 and int.
Series “ D ” 6s are non-callable before March 1 1932 and then only
upon 90 days’ notice at 110 and interest, less 1% each year thereafter.
Bond & Goodwin & Tucker, Inc., and Mercantile Securities Co., San
Francisco, in April 1922 sold $2,000,000 at 100 & int. V. 114, p. 1541.
Series “ E ” 5 Ms are non-callable before June 1 1932 and then only
upon 90 days’ notice at 107 )4 and interest; loss M o f 1 % each year there­
after. Bond & Goodwin & Tucker and Mercantile Securities C o., San
Francisco, &c., offered in June 1922 $5,000,000 at 96)4 & int. V. 115, p. 80
Series “ F ” 5 )4s are redeemable for first five years upon 90 days’ notice
at 10745 & int., less )4 of 1% for each year thereafter. In March 1923
Bond & Goodwin & Tucker, Mercantile Securities C o., o f Calif., &c., &o.,
offered $4,000,000 at 97 % & int., to yield about 5.70%. V .1 1 6 ,p . 1186.
Series “ G” 6s are non-callable before March 1 1932 and then only
upon 90 day’s notice at 110 and interest, less 1% each year thereafter. In
Aug. 1923 Bond & Goodwin & Tucker, Inc., E . H. Rollins & Sons, &c.,
&c., offered $4,000,000 at 9945 & int.. to yield over 6% . V . 117, p. 900.
Series " E ” 6s are non-callable before March 1 1932, and then only
upon 90 days’ notice at 110 and interest, less 1% each year thereafter. In
Jan. 1924 Bond & Goodwin & Tucker, Inc., Mercantile Securities Co. of
Calif., &c., &c., sold $8,000,000 at 99 & int., to yield over 6.05% . V. 118.
p. 317.
Series “ I ” 545s are redeemable upon 90 days’ notice on Oct 1 of any year
until and including 1939 on 90 days’ notice at 105 and interest, the premium
thereafter decreasing 45 o f 1% per annum. In Oct. 1924 Bond & Goodwin
& Tucker, Inc., Mercantile Securities Co. o f California, &c., &c., sold
$6,000,000 at 9645 and interest, to yield over 5.75%. V. 119, p. 1963. In
June 1925 they sold $2,952,000 additional at 100 and interest. V. 120, p.
2816. In Feb. 1926 company issued $2,500,000 additional series I bonds
and sold them to Pacific Lighting C orp., San Francisco. V. 122, p. 1455.
1st & ref. mtge. 5s are call, at 105 & int. on any int. date. M tge. provides
for annual sink, fund of 2 % , less additions to sinking fund of underlying
mortgages. Int. payable at offices o f trustees and at National Bank of
Commerce, N . Y.
lsi < gen. mtge. gold bonds are secured by a direct 1st mtge. on certain
&
real estate property in Los Angeles County acquired by corp. and by direct




[ V ol . 125,

mortge. on all properties of the corp. now owned or hereafter acquired,
subject only to prior liens of underlying mortgages. No prior charge may
be created as long as these bonds are outstanding. Bonds may be issued for
75% of expenditures for extensions, enlargements and additions to proper­
ties of corp. or sub. provided net earns, are 145 times annual int. require­
ments, incl. proposed issue. Bonds may be issued for 80% of such expendi­
tures provided net earnings equaled at least twice int. charge. Sinking
fund provides for an annual payment of 45 of 1 % of largest amount of bonds
at any time outstanding less additions to sinking funds of underlying mtges.
Exempt from Calif, personal prop. tax. Series of 5s due 1961 are red. in
whole or in part at 105 and interest to and incl. 1941, prem. decreasing
thereafter 45 of 1% for each year. In Feb. 1927 Bond & Goodwin &
Tucker, Inc., E. H. Rollins & Sons and Harris, Forbes & Co. sold $10,000,000 1st & gen. mtge. ser. of 5s, due 1961, at 9845 & int. V . 124, p. 921.
Los Angeles Gas & Elec. Co. gen. mtge. 5s have sink, fund o f $35,000
annually.
Increase Bonded Debt.— In Jan. 1926 stockholders increased the authorized
bonded debt from $75,000,000 to $150,000,000, and a new 1st & gen. mtge.
was executed as of Sept. 1 1926 with Amer. Trust C o., San Francisco, and
Sec. Trust & Sav. Bank, Los Angeles, trustees. V. 122, p. 748.
EARNINGS.— For calendar years:
Gross
Net After Deprec. and
Interest
Avail, for
Earnings.
Taxes.
Amortiz’n.
Charges.
Divs. & Sur.
*1927_____$20,679,372 $9,607,009 $2,476,237 $2,499,949 $4,630,823
1926_______ 17,611,710
7,540,919 2,220,545
2,445,039
2,875,335
1925_______ 17,049,593
7,200,604 1,682,910
2,549,146
2,968,548
1924_______ 16,056,722
6,610,118 1,338,870
2,157,713
3,113,535
1923_______ 12,717,442
4,829,307 1,100,819
1,579,478
2,149,010
1922_______ 11.915.365
3.849.929
886,127
1,170,637
1,793,165
* For 12 months ended July 31 1927.
OFFICERS.— Chairman of Board, W . B. Cline; Pres., W m. Baurhyte;
Exec. V.-P. & Gen. M gr., A. B. Day; V .-P ., C. S. Vance; V .-P. & Treas.,
W. E. Houghton; Sec., T. P. McCrea; Asst. Sec., F. E. Seaver; Asst.
Treas., H. L. Phelps.— V. 120, p. 703, 2816: V. 121, p. 1227, 1788; V. 122,
p. 748, 1170. 1455, 2041; V. 123, p. 842, 1251, 2391, 2900; V. 124, p. 646,
921, 2121, 30)7, 3208, 3772; V. 125, p. 1193.

SOUTHERN COUNTIES GAS CO. OF CALIFO R N IA .
ORGANIZATION.— Incorp. Feb. 27 1911 in California to acquire the
properties and bush)ess of predecessor cos. engaged in distributing gas for
domestic and industrial purposes in Orange and Los Angeles counties.
Subsequently acquired other properties.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Territory served includes 71 communities and towns in Los Angeles, Santa
Barbara, San Bernardino, Orange and Ventura counties. 2,205,730 feet
transmission mains and 9,380,822 feet distribution mains. Population
estimated at 500,000. In addition to this, wholesales to other companies
for distribution in Los Angeles. Long Beach, Riverside, Redlands, San
Bernardino and Colton. Has 43 compressor units, a combined capacity
of 42,000,000 cu. ft. of gas per day, with a holder capacity of 5,608,000
cu. ft.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ $1,500,000 ____________
Common, $12,500,000 ($100)______
Pref 7% cum $2,500,000 ($100)____
7 Q-J
2,500 000 July ’26 1K
1st Mtge $10,000,000 ($100,1 1916 5)4 g M -N 8,657.400 May 1 1936
$500 & $1,000) g o ld ..c * tf / Int. at Central Tr. Co. of 111., Chicago and
1 Pac.-Southw. Tr. & S. Bk., Los Ang., Tr.
Gen & ref mortgage 6s goldf 1925
6 g M -N
2,500,000 N ov 1 1945
Series 1945 ($1,000 & $500)1 Merch. Trust Co. of Cal., San Fran., and
c*tf [Pac.-S’west Tr. & Sav. Bk., Los A ., trustees.
Stock.— Company called all of its outstanding 8% pref. stock as of
April 1 1926.
Bonds.— The total authorized bonded indebtedness is $100,000,000.
First mortgage 5 Ms have sinking fund equal to 2% of the outstanding
bonds. Are call, at 102M and int. on any int. date. In June 1916 E. H.
Rollins & Sons and Powell, Garard & Co. offered $2,500,000 1st mtge. 5 Ms
at par and int. V. 102, p. 2081. In March 1922, Girvin & Miller, Inc.,
and Blyth, Witter & Co., San Francisco, offered at 90 and int., to yield about
6.60% $400,000 1st mtge. 5 Ms. V. 114, p. 956. In Sept. 1922 $340,000
were offered by Blyth, Witter & Co., N . Y ., &c., at 95M and int., yielding
about 6% . V. 115, p. 1218. In June 1923 Blyth, Witter & C o., E. H,
Rollins & Sons and First Securities Co. offered $1,000,000 at 92M and int.,
yielding about 6 H % . V. 116, p. 3007. In Sept. 1923 Blyth, Witter &
C o., E. H. Rollins & Sons and First Securities Co. offered $800,000 at 2M
and int. V. 117, p. 1471
Additional gen. & ref. mtge. 6% gold bonds may only be issued when net
earnings for preceding 12 months are at least 1% times interest on total
funded debt (in this case for 75% of improvements only; for 80% of earnings
were twice interest). There is a sinking fund of M % annually of total
funded debt less past sinking fund payments on underlying issues. Red.
until and incl. 1935 at 105 and int., the premium thereafter decreasing
M% per annum. In Jan. 1926 Bond & Goodwin & Tucker, Inc., offered
$2,500,000 gen. & ref. mtge. 6% gold bonds. Series 1945, at 100 and int.
It was expected that application would be made to list these bonds on the
San Francisca Stock & Bond Exchange. V. 122, p. 483.
The 10-year conv. coll, trust 8s due Dec. 11930 were called and redeemed by
co. Dec. 1 1926.
EA R N ING S.— For calendar years:
1926.
1925.
1924.
1923.
Gas earnings------------------$5,233,247 $5,214,281 $5,204,081 $5,710,445
Miscellaneous income___
752,168
188,919
59,438
94,422
Total income-------------- $5,985,415
Operating expenses_____ 3,431,552
Taxes, incl. Fed. inc.tax
600.700
Depreciation---------------666.426
Bond & misc. int., & c_.
677,295
Amort, o f bd. dis. & exp.
99,930
Pref. divs. (8 % )----------171,261
Common divs. (1 4% )—
210,000

$5,403,201
3,272,707
473,510
481,202
560,099
______
153,165
210,000

$5,263,519 $5,804,867
3,084,968 3,888,020
536,409
520,457
380,170
350,610
597,332
548,437
______
100.000
99.182
210,000
210,000

Balance, surplus_____
$128,250
$252,518
Profit & loss surplus____ 1,808,720
1,639,854
Latest Earnings.— For 12 months ended Feb. 28:

$354,639
1,387,335

NEVADA

CORP.

$188,161
1,212,402

1927.
1926.
Gross earnings--------------------------------------------------- $6,346,910 $5,491,949
Net profit after all charges_______________________
785,121
617,467
OFFICERS.— Pres. & Gen. M gr., F. R . Bain; V .-P ., A. Schilling:
V. P. < M gr., F. S. Wade; V .-P ., C. H. Dickey; V .-P ., A. S. Bradford;
&
Sec., Walter S. McFarland; Treas., T . H. Dudley.— V. 119, p. 2763:
V. 120, p. 1882; V. 122, p. 483, 1754, 3455; V. 123, p. 712; V. 124, p. 1211.

CALIFORNIA

ELECTRIC

(TH E ).

O RGAN IZATION .— Incorporated in Delaware on Dec. 12 1914. Owns
all the outstanding capital stocks, except directors’ qualifying shares and
all the bonds of Nevada-California Power C o., Southern Sierras Power C o.,
Interstate Telegraph C o., Hillside Water C o., Cain C o., Imperial Ice &
Development Co. Deseret Water, Oil & Irrigation C o., Yuma Utilities
C o., Sierras Construction Co., Silver Lake Power & Irrigation Co.
Stockholders on April 13 1926 increased the capital stock from $10,000,000
pref. and $20,000,000 common (par $100) to $25,000,000 pref. and $25,000,000 common stock (par $100). V. 122, p. 1762, 2192.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
The system is engaged in generating hydro-electric power on the eastern
slope of the Sierra Nevada Mountains and in transmitting such power over
an extensive transmission system, extending throughout southwestern
Nevada and the entire eastern section of California from the middle of the
State south to the Mexican line.
Owns and operates 11 hydro-electric plants having a total installed
generating capacity of 93,420 h. p ., together with supplementary steam
and gas plants which bring the total generating capacity up to 105,020 h.p.
The main hydro-electric plants are located in California, on Bishop Creek,
in Inyo County, and on Owens River, and Leevining, Rush and Mill Creeks
in M ono County. The Bishop Creek water, by means of connecting pipe
lines, passes consecutively through five generating plants (aggregating
43,520 h. p. generating capacity). Both the Bishop Creek and the Mono
County water sheds are situated well up in the Sierra Nevada Mountains
where the deep winter snows furnish natural reservoirs which the summer
sun melts, causing the water to run down into the impounding reservoirs
and thence through the power plants. As a result of an important contract

357
PO W E R , L IG H T A N D R A IL W A Y
O ct ., 1927.]



258

PU BLIC U T ILIT IE S

between The Southern Sierras Power C o., a subsidiary company, and the
San Diego Consolidated Gas & Electric Co., executed in 1924, a tie line
making physical connection o f properties o f the two companies has been
completed, and h^s been in continuous use since Aug. 1924 in helping to
meet requirements in Imperial Valley. This tie line provides an additional
12,500 h. p. standby capacity service for the southern part of the system
and also permits the sale of surplus power to the San Diego company.
Surplus power is interchanged with the Southern California Edison Oo.
through physical connections at Colton and San Bernardino. The system
also transacts a general telegraph and telephone business, operating 650
miles o f line paralleling the power system. In addition, it operates an
extensive ice manufacturing business in southern California.
The system has 1,727 miles o f high-tension transmission lines, of which
238 consist of a double circuit three phase 140,000 volt steel tower line.
The remaining transmission lines cover 83 miles o f 140,000 volt single
circuit wooden and steel pole lines, 332 miles of 88,000 volt single circuit
wooden pole lines, 317 miles o f 55,000 volt single circuit wooden pole lines,
16 miles of 33,000 volt double and single circuit steel pole lines, 522 miles of
double and single circuit, 33,000 volt wooden pole lines, and 219 miles of
double and single circuit, 17,000 and 11,000 volt wooden pole lines. In
addition, there are 819 miles of wooden pole distribution lines of 6,600
volts and under. V. 122, p. 3453.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $25,000,000 ($100)-- ____
_______
$8,537,300 __________
7% cum p f $25,000,000 ($100) ____
7 Q-F
9.624,000 N o v ’27 1 ^
1st trust mtge $50,000,000 3 0-(Intern’l Trust Co., D e n v e r , Colo., trustee.
y r 5 % g s e r o f 1956($1,000,{ 1926
5 g A-O
25,848.000 April 1 1956
$500 & $100 c* and $1,000 Interest at trustee or Bankers Trust Co.,
& multiples r*)_________ t fl New York.
15-yr debentures $3,000,000/ 1926
6 g J-J
3,000,000 July 1 1941
($1,000 c * )_______________ (The Intern’l Tr. C o., Denver, Colo., trustee.
Stock.— Pref. stock is entitled to cumulative dividends at rate of 7% , and
In the event o f liquidation, has preference over common stock to par and
accrued dividends.
Bonds.—Additional fir*t trust mtge. bonds may be issued in series o f such
tenor as directors may from time to time determine, except that all bonds of
whatever series shall be equally and ratably secured by the mtge. while
sinking funds may be established for the exclusive benefit of one or more
particular series. Additional bonds, may be issued (1) par for par to refund
series of 1956; (2) for 80% of new additio s, acquisitions, &c., provided net
earnings o f corp. and its underlying companies for 12 consecutive within
preceding 14 calendar months hc,ve been at least 1 % times annual interest
requirements on all outstanding bonds inch proposed issue. They are
secured by pledge for one year of all outstanding bonds of the subsidiary
companies, making them in effect a first mortgage on all the fixed properties
o f the system.
In addition a total of $16,455,300 par value (99% or over) of the capital
stocks o f the subsidiary cos. is deposited as further security. No
bonds may be sold or disposed of by any underlying co. unless acquired
forthwith by Nevada-Caiifomia Electric Corp. and pledged as security
for its 1st trust mtge. bonds.
Series of 1956 has a redemption fund, to which is payable on or before
M ay 1 and Nov. 1 of each of the years 1927 to 1931, incl., a sum equal
to or greater than
% o f aggrega te principal amount of this series outstand­
ing in hands o f public 2 months prior to such dates, and on or before M ay 1
and Nov. 1 in each year thereafter % % of such amount. Moneys to be
used either (a) for purchase and (or) redemption o f bonds o f this series at
or below call price; or (b) for investment in or payment for property of
corp. or underlying companies, against which no bonds of corp. may be
certified Are red., all or part on any interest date, upon 60 days’ notice,
at 102
& int. to & incl. April 1 1954; thereafter at 100 & int., all bonds
so redeemed to be cancelled. In June 1926 Spencer Trask & C o., Blyth.
Witter & C o., New York, and International Trust C o., Boettcher & Co.,
and United States National C o.. Denver, sold $23,000,000 series of 1956
at 95y2 & int., to yield about 5.30%. V. 122, p. 3453. Add’l $2,750,000
5% series o f 1956 were offered in Oct. 1927.
Bonds Called for Payment.— With a portion of the proceeds from the sale
of $23,000,000 par value 1st trust mtge. 5% gold bonds, series of 1956,
and $3,000,000 15-year 6% debentures, the corporation has retired all of
its outstanding 1st lien series A and B bonds, 1st mtge. bonds of Southern
Sierras Power Co. and 1st mtge. bonds of Nevada-California Power Co.
The series A and B bonds were called for redemption Jan. 1 1927 and Oct. 1
1926, respectively, at 103; the 1st mtge. bonds of Southern Sierras Power
Co. were called for redemption Jan. 1 1927 at 105, and the 1st mtge. bonds
of Nevada-California Power Co. matured and were paid April 1 1927.
The 15-yr. 6% g. debentures, due July 1 1941 are red. whole or part, on
60 days’ notice, at 102 Vi & int. through July 1 1934; the premium decreas­
ing Vi % for each year thereafter to and incl. July 1 1938; thereafter at 100
& int., all debentures so redeemed to be cancelled. In Aug. 1926 Spencer.
Trask & C o.; Blyth, Witter & C o., New York; the Internationa! Trust Co.
Boettcher & Co. and United States National C o., Denver, Colo., sold
$3,000,000 15-yr. g. debent, at 99 & int., to yield about 6.10% . V. 123,
p. 711.
Dividends.— Divs. on pref. have been paid as follows: 1915, 2% : 1916,
3 K%\ 1917, 5 H % ; 1918, 6 % % ; 1923 to 1926 incl., 7% each year, and all
current divs. at 7 % per ann. for 1927 paid in full. On December 31 1923
$2,034,744 25 was transferred from surplus to capital acct. and additional
pref. stock was issued and distributed among the pref. stockholders, which
was required to be paid to the pref. stockholders because of their rights of
preference. The stock so distributed paid up all rights o f the pref. stock­
holders previously unsatisfied.
EARN ING S.— For calendar years:
*1927.
1926.
1925.
1924.
Gross earnings__________ $5,159,097 $5,043,295 $4,874,442 $4,498,840
Net after taxes________ 2,853,803
2,779,203
-.483,978 2,109,367
Non-oper. income (net).
219,153
213,726
54,107
53,732
Total income_________ $3,072,956 $2,992,929 $2,538,085 $2,163,099
D e p r e c i a t i o n ______________

5 6 1 ,7 8 5

5 4 6 ,2 6 8

4 9 0 ,5 3 0

4 4 4 ,1 9 1

Interest________________ 1,528,712
1,511.939
1,276,793 1,149,730
Amort.of bd.disct.&exp.
122.962
121.062
103,323
98.573
Miscellaneous deduct___
11,581
6,878
2,811
2,879
Miscell. adjust, (n e t)--Cr.46,766 Cr.36,071
Cr.12,501 Cr.82,114
Balance_____________
$894,682
$842,853
$677,129
$549,840
* For 12 months ended July 31 1927.
OFFICERS.— Pres., E. S. Kassler; V .-P ., Arthur B. West; V .-P . &
Treas. Lawrence C . Phipps Jr.; Sec., W . S. Fisher; Comp., W . C . Simmons
Office, 613 Symes Bldg., Denver, Colo.— V. 120, p. 2148; V. 121, p. 2038;
Y. 122, p. 1762, 2192, 3340. 3453; V. 123, p. 582, 711, 843, 1382, 2261,2391;
V . 124, p. 2280, 2428, 2908; V. 125. p. 1052.

SOUTHERN CALIFORNIA EDISON CO.
O RGAN IZATION .— Incorp. in Calif. July 1909 as a reincorporation ol
The Edison Electric Co. of Los Angeles. On May 26 1917 purchased the
physical property o f the Pacific Light & Power Corp., together with the
controlling interests in other smaller companies, retiring $5,000,000 of
Pacific Light & Power Corp. 1st & ref. 5s. V. 103, p. 2244; V. l04. p. 2239
In Oct. 1921 this company tock over all of the properties of the Santa
Barbara Electric C o., assuming all o f the outstanding liabilities of that co,
As of July 1 1920 took over all o f the properties o f M t. Whitney Power
& Elec. C o., assuming all of the outstanding debts and liabilities of that
company. In Dec. 1917 purchased the properties o f the Ventura County
Power C o. V. 106, p. 1365; V. 83, p. 1124. Purchase o f Shaver Lake
property, V. 108, p. 2335; V. 109, p. 278.
In the early part of 1919 co. sold its Santa Barbara and Ventura gas prop­
erties to Southern Counties Gas Co., and proceeds were used in the purchase
of Santa Barbara Gas & Elec. C o . bonds and to pay for additions to property
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
The consolidated co. operates a comprehensive system for the generation,
transmission and distribution of electric energy. operating throughout South­
ern California and in San Joaquin Valley, embracing 360 cities and towns and
covering an area of over 55,000 sq. miles, having a population of over
2,750,000. This system, with the controlled companies, included on Dec.
31 1926 (a) 20 hydro-electric generating plants, with an aggregate capacity
of 465,700 h.p. and 4 steam generating plants with an aggregate capacity
of 350,400 h.p., or a total capacity of 816.100 h.p,, incl. the bydro-electric
development on Big Creek and San Joaquin Kiver. which has power houses
with a generating capacity of 345.700 h.p.; (b) undeveloped hydro electric
developments sufficient to increase the water power plants to an ultimate
Capacity of 1.428.500 h.p.; (c) 250 sub-stations and 11,400 miles of trans­
mission and distribution lines
The Long Beach steam plant of the co.
has an installed capacity o f 288,000 h.p.




{ V o l . 125,

Co. also owns the entire capital stock ($1,000,000 par $100) of San
Joaquin & Eastern RR. Co., which operates 61.47 miles of steam railway
from El Prado in Fresno County to Cascade, primarily' for serving Southern
California Edsion Co.'s Big Creek hydro-electric development; 12 locomotives
11 passenger cars and 21 freight cars. Co. also owns the entire $500,000
($100) stock of Santa Barbara & Suburban Ry. C o., operating a street
railway in the city of Santa Barbara; trackage, 9 miles, 17 standard elec­
trically equipped cars, 3 work cars, 1 locomotive and 9 buses. Co. in
addition owns the entire stock ($400,500) of Shaver Lake Lumber Co. and
of Edison Securities Co. ($500, par $100).
The city of Los Angeles on May lb 1922 took over the distributing prop­
erties within its boundaries under purchase contract, by which company was
paid $12,044,000. The city has also agreed to purchase at wholesale all
electric power it may require not generated from its aqueduct. The powerpurchase contract is to continue 30 years, unless canceled by vote of citizens
after 10 years. (Compare V. 113. p. 1780, 738; V. 114, p. 956.)
New Transmission Line.— On Sept. 1 1925 the company began construc­
tion of the third 220.000-volt transmission line, covering a distance of 250
miles, at a cost of approximately $11,000,000. V. 121, p. 1570. All that
portion south of Magundin switching station was placed in operation dur­
ing the latter part of 1926.
Budget for 1926.—Bee V. 121, p. 2040.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Common $125,000,000 ($25)_______
Q-F
$48,551,047 Aug ’27 ,2%
Original pref 6% cum & partic
Q-J
4.000.000July ’2 7 .2 %
$4,000,000 ($25).............................
Pref
Series “ A "
7% cum
$30,000,000 ($25)...........................
7 Q-M
25,551,300 June'27, IH
Pref
Series “ B ”
6% cum
47,175,350 June ‘27 IVi
$50,000,000 ($25)_______________
6 Q-M
Pref
Series “ O’* 5Vi% cum
3,175.400 ........... ........
$20,000,000 ($25)_______________ 5Vi Q-J
Pref
Series “ D .” 5% cum
$ 2 1 nno.noo ($25)________ ______
5
None __________
Subscriptions common stock .______
_______
2,786,675 __________
Subscriptions pref stock. _____ _____
_______
3,176,500 __________
R ef VI ser 5s, due '51 ($1,000. f 1926
5 g J-J
55.000.
000 July 1 1951
$500e* & $1,000, $5,000,
$10,000r*). . __________ t fl
Ser of 5s due 1952 (c*$l,000f 1927
.
,
5 g M-S
30.000.
000 Sept 1 1952
$500 & r*$l,000, $5,000,{Harris Tr. & Savs. B k., Chicago, and First
$10.000)_____________ t f{ Tr. & Savs. Bk., Los Angeles, trustees.
Gen & ref mtge of 1917 $136,-11917 5 & 5 4 F-A 20.225,000 Feb 1 1944
000.000 ($100. &c)g c*&rtff (Harris Trust & Sav. Bank Chicago, trustee.
Debentures $8,000,000 ($100,1
1919 7 g J-J15
974.000 T o Jan 15’28
&c) gold___________ c * .t f f (Bankers Trust C o., New York, trustee.
underlying Divisional Bond Issues—
8o Cal Ed gen mtge $30,000.-1 1909
5 g J-J
13.360.000 Nov 1 1939
000 ($1,000) gold_______ tf (Harris Trust & Sav. Bank Chicago, trustee.
Pacific L t& P o w Co 1st mtgel 1902
5 g J-J
5 759,000 July 11942
($1,000) gold sink fd _.c*tf (Union Trust C o., San Francisco, trustee
Pacific Lt & Power Corp 1st & 1 1911 5 g M-S
5,796.000 Sept 1 1951
ref mtge ($1.000) gold_ tf/U . S.Mtge. & Trust C o., N. Y ., trustee.
_
~
1
3,218,000 Oct 11939
M t Whitney Power & Elec lst\ 1909 6 g A-O
Bankers Trust C o.. New York, trustee.
mtge gold sinking fund.
Santa Barbara Gas & Elec 1st! 1916
5 g J-J
690 700 July 11941
mtge serial gold__________ / Pacific-Southw. Tr. & S. Bk.. Los A... trust.
Note.— Stock subscribed for but not fuliy paid in: Common, $2,786,675 ■
pref. series A, $31,600; series B, $2,799,475; series C, $345,425.
Stocks.— All classes of stock have equal voting power. Original pref. re­
ceives 5% cum. divs. before any other class of stock. The pref. stock is
aivideo into 4 classes as indicated in the above table, series A. B. C and D,
and receives, after all cum. divs. on the original pref. for ail previous years
have been paid respectively, 7, 6 5 Vi and 5% and no more. Except as to
div. rate, no distinction or preference exists among said 4 series of pref.
stock. The pref. uivs. are cumulative ana payable before common stock
receives any divs. Original pref. is entitleo to participate in any distribution
of surplus or net profits to pref. stock to the extent that such distribution
shall, as to any series of pref. stock, be greater than 5% and such right of
participation is cumulative. After original pref. and pref. stock have
received all such divs.. common stock is entitled to divs. up to 7% , 6 % ,
5Vi% or 5% , respectively, provided any pref. stock, series A. B, C, or D,
respectively, is outstanding. Any balance is then applicable to payment
of further divs. equally per share upon original pref. and common stock.
As to assets, original pref. is entitled to par and divs. before all other
stocks. Thereafter, pref. receives par and divs.; thereafter common re­
ceives par; if any balance is left, same is to be distributed ratably to the
holders of original pref. and common stock.
The pref. stocks may be increased or diminished by a vote representing
at least 2-3 of the entire subscribed or issued capital stock of the corp. All
series of pref. stock are red., all or in part ,at $28 75 and divs. Divs. on
the pref. stock shall also be cumulative, and shall be payable before any
divs. on the common stock shall be paid or set apart
The common stock is listed on New York Stock Exchange.
Change of Stock.— On March 19 1926 stockholders reclassified the out­
standing capital stock, 4 shares of $25 par to be issued for each $100 par
share. V. 122, p. 750, 1764. Stockholders also reclassified the authorized
capital stock as follows: Original pref., $4,000,000; series A 7% pref.,
$30,000,000; series B 6% pref., $50,000,000; series O 514% pref., $20,000,000: series D, 5% pref., $21,000,000; common, $125,000,000.
Subscription Rights.—July 31 1923 recoro pref. and common stockholders
were given right to subscribe on or before Aug. 15 at par ($100)to 50,000 shs.
of pref. at rate of 1 share each 10 shs. held.— V. 127, p. 336Stockholders o f record April 25 1924 had the right to subscribe to 100,000
shares of 6% pref. stock, series B, at $90 per share.
Dec. 31 1924 record pref. and common stockholders were given right to
subscribe at 102 on or before Jan. 15 1925 to 100,000 shares 7% pref.
s e r . A — V . 119. p. 2 88 0.

May 15 1925 record pref. and common stockholders were given right to
purchase at $92 and in ratio of 1 share for each 8 shares held, new series
B pref. stock.— V. 120, p. 2270.
Dec. 15 1925 record pref. anu coram oD stockholders were given right to
subscribe on or before Jan. 15 1926 to new series B 6% pref. at 96 at rate
o f 1-10 of their holdings. V 121. p 2753.
Oct 20 1926 record original pref., pref., and common stockholaers were
given right to subscribe on or before Nov. 30 1926 at $24.25 to new series B
6% pref. ($25 par) at rate of l-12th of their holaings. V. 123, p. 1878.
April 9 1927 recora common and original pref. stockholders were given
right on or before June 1 1927 to subscribe to a new issue of common stock
at par ($25) at rate of l-12th of their holdings.— Vx 124, p. 1822, 2282^
Offering of 6% Preferred.— $10,000,000 6% series B pref. stock was
offered in M ay 1924. V. 118, p. 2316, 1924. $10,000,000 additional
offered in M ay 1925.
^
__
Bw «a»
_
Offering of 7% preferred.— In Sept. 1927 E. H. Rollins & Sons, Lee",
Higginson & Co. and Parkinson & Burr offered $1,750,000 7% cum. pref.
stock, series A (par $25) at 28.75 flat, yielding 6.08% . V. 125, p. 1972. _
Offering of 5 M % Pref.— In Oct. 1927 E. H. Rollins & Sons, Lee, Higgin­
son & Co. and Parkinson & Burr offered $2,000,000 5Vi% cum. pref. stock,
series C, at $24 flat, to yield 5.73% . V. 125, p. 2266.
Bonds.— All of the outstanding ref. mtge. 6s, due Oct. 1 1943, were called
for redemption Oct. 1 1927 at 105 and int. V. 125, p. 916.
The ref. mtge. bonds are secured by a direct mtge. on the entire Cali­
fornia property of the company subject only to the underlying bonds, for
the retirement of which bonds of this issue are reserved. C o.'s 7% deben­
tures are equally and ratably secured with the ref. mtge. bonds.
Additional bonds may be issued for only 75% of expenditures for add. and
ext. to the co.'s properties, provided annual net earnings have been at least
equal to \ % times int. on all ref. mtge. bonds, incl. those proposed to be
issued, and on all bonds for retirement of which ref. mtge. bonds are reserved.
Bonds may be issued in various series with such maturities, rates of int.,
redemption features, &c.. as may be determined from time to time.
Special Trust Fund.— Adequate provision for depreciation and renewals of
the property has been made in the mtge. by means of a special trust fund
which may be increased or decreased by agreement between the trustee and
the co This fund may be withdrawn for cost ef ext & add’ns against which
do ref mtge. bonds shall be issued for renewals and replace’ts or at option
of co. for retirement of ref mtge. or underlying bonds. V 117. p 1898.
Series of 5>-. dw 1951 are red. at 105 and int until and incl 1941. the
premium thereafter decrea-inv. % % per annum, the bonds bein'; redeemable
Jan. 1 1951 at 100 and int. Int. payable in New York. Chicago or Los
Angeles. Exempt from personal property taxes in California. In June
1926, Harris, Forbes & C o., E. H. Rollins & Sons and Coffin & Burr, Inc.,
offered $40,000,000 series of 5s, due 1951, at 983^ and int., to yield 5.10%.

Oct ., 1927.]

POW ER, LIG H T AND R A IL W A Y

V. 122, p. 3342, V . 123, p. 2902. In Jan. 1927 Harris, Forbes & C o., E. H.
Rollins & Sons and Coffin & Burr. Inc., offered $15,000,000 additional
series of 5s due 1951 at 9 8 4 ana int., yielding 5 1 0 % . V. 124, p. 375.
Series of 5s, due 1952. are red. on any int. date at 105 and int. until
and incl. 1942. the premium thereafter decreasing 4 %per annum, the bonds
being red. Jan. 1 1952 at 100 and int. Exempt from personal property
taxes in California. In Sept. 1927 Harris, Forbes & C o., E. H. Rollins
& Sons and Coffin & Burr, Inc., brought out $30,000,000 ref. mtge. gold
bonds, series of 5s, due 1952, at 100 and int. V. 125, p. 1582.
Of gen. & ref. mtge. bonds of 1917 outstanding, SIO.UUO.OOO are 5s,
and $10,225,000 are 5 4 s . All o f the outstanding $33,919,100 6% bondswere
called for redemption Aug. 1 1926. The 5s were call, at 104.25 during
1926, premium decreasing 4 % each year thereafter. The 5 4 s are red. at
lOo and int. to and incl. 1933, premium decreasing 4 % per annum thereaf'or. Int. payable in N. Y ., Chicago and Los Angeles
Gen. mtge. 5s of 1909 are red. at 105. Int. payable in N . Y ., Los An­
geles and Chicago. See Y. 89, p. 1599, 1673: V. 91, p. 1517; V. 92, p. 1705
V . 93, p. 1538, 1671.
Pacific Lt. & Pow. Corp. 1st & ref. 5s are call, as a whole (or in part by
lot for sink, fund) at 105 and int. Int. payable in Los Angeles and N. Y .
M t. Whitney Pow. & Elec. Co. 1st 6s are red. at 110 and int. to April
1930: 1% less per ann. thereafter. Sink, fund 1% per ann. of bonds out­
standing. Int. payable in New York and San Francisco.
Santa Barbara Gas & Elec. 1st mtge. 6s mature $10,000 per ann. each
July 1. Sink, fund 1 % o f bonds outstanding in excess of $1,000,000. Call
at 103 and int. on any int. date.
Debentures.— The debentures of 1919 share equally in the security of the
new mtge. made, the lien of which is junior to that o f the gen. & ref. mtge
of July 11917. They are red. at co.'s option as follows: On the 15th of any
month after 60 days' notice to viz.: Feb. 1 1926 to July 15 1927, 102; last
six months. 101 with int. in each case. Are due $1,000,000 yearly to Tan. 15
1928. Int. in N. Y . and Los Angeles. V. 108, p. 486. All of the out­
standing debentures were to be retired, as announced in Jan. 1927. V. 124,
p. 375.
Dividends.— On original pref. paid 5% (Q.-J. 15) to Jan. 15 1914; April
1914 to July 1916. 1 4 % quar.; Oct. 1916 to Jan. 1921, 1 4 % quar.; April
1921 to Jan. 1927, 2% quar. Pref. series A 7% annually (1 4 % Q.-M.)
Dec. 1922 to and incl. Mar. 1927. Pref. series B 6% annually (1 4 %
Q .-M .) June 1924 to and incl. Mar. 1927. On pref. class C an initial quar.
div. o f 3 4 4 c . was paid Oct. 15 1927. On com., 5% yearly (1 4 % Q--F- 15)
from May 1910 to Nov. 1913, incl.; Feb. 1914 to Aug. 1916, 6% yearly
( 1 4 % Q.-F.); N ov. 1916 to N ov. 1920, 1M % quar.; Feb. 1921 to Feb.
1927, 2% quar. (See V. 119, p. 1853.)
EARN INGS.—-For calendar years:
*1927.
1926.
1925.
1924.
System output (k.w.h.R2379284 133 2227879772 1998856.927 1687886.206
Delivered to consumers:
Lighting (k.w .h.)_____ 198,682,788 175,558.311 143.913,806 119,066.532
Power (k.w .h.)-----------1665609042 1589076297 1414346.773 1234867,015
Connected load m eters..
371,835
355.165
327,070
294,557
Connected load h. p ____ 1,581,751
1,450,298
1,237.598 1.003.485
Operating revenue--------- 29,732,017 $27,375,053 $24,322,680 $20,973,563
Net non-operating r e v ..
309,303
471,465
509.722
415.936
Gross earnings............. $30,041,320 $27,846,518 $24,832,402 $21,389,499
Oper. expenses, taxes,&c 10,011.501
1,784.709
8,271,704 12.993,779
Balance-------------------- $20,029,819 $18,061,809 $16,o60.6l8
Contingency reserve____
______
______
______

$8,395,720
1.581.191

Bal. for fixed charges.$20,029,819 $18,061,809 $16,560,698
Fixed charges--------------- 6,010,190
5.872,378
6.819.813

$9,976,911
4,957,670

Net inc. before deprec.$14,019,629 $12,189,431 $10,740,885 $5,019,241
Summary of Surp. Acct.—
Surp. at beginning of yr. $3,500,923
$2,371,601
1,465.913
3,393.009
Add— Net inc. curr. yr__ 9,784,588
12.189.431 10.740.885
5.019.241
Sundry sur. items net Cr.
688
39.164
45.405
107.757
$13,286,179 $14,600,197 Sj.2,252.204
Deduct— D ep reciation.. See note.
3.329.969
3.400.756
Sundry sur.items net Dr.
160,571
310,128
70,200

$8,520,007
2,000.000
______

Balance_________
$13,125,608 $10,960,099
Dividends—
Original preferred____
160,000
320,000
Preferred series A 7 % _
_
892,765
1.765.551
Preferred series B 6 % ___ 1,111,927
1,576,767
Common______________
2,919,345
3,796,858

$8,781,248

$6,520,007

320.000
1,545.632
782.642
3.761,372

320,000
772,516
299.627
3.661.950

Total dividends.......... 5,084,037 $7,459,176 $6,409,646 $5,054,093
Surplus end o f year____ 8.041,571 $3,500,923 $2,371,601 $1,465,913
*For 8 months ended Aug. 31 1927.
Note.-—Depreciation not set up until Dec. 1927.
Balance sheet as o f Dec. 31 1926, see V. 124, p. 2110.
OFFICERS.— Pres., John B. Miller; Senior V.-P., W. A. Brackenridge;
V.-P. & Gen. M gr., R. H. Ballard; V .-P .’s, George C. Ward, W. L. Percey,
Treas., E. G. Miller; Sec., Clifton Peters; Compt., D. M . Trott; V.-P. &
Gen. Counsel, Roy V. Reppy. Office, Edison Bldg., Los Angeles, Calif.—
V. 121, p. 201,708, 1570, 1680, 1909, 2040, 2158,2753; V. 122, p. 750, 1028.
1764. 2322, 2369, 2498, 3085, 3342: V 123, p. 326, 456. 712, 1878, 2141.
2902; V. 124, p. 375, 1668, 1822, 2110, 2282, 2429, 2591; Y. 125, p. 248,
650, 782, 916, 1463, 1582, 1711, 1839. 1972. 2266.

WESTERN POWER CORPORATION.
Controlled by The North American Co. through ownership of more than
98% o f its outstanding common stock.
ORGANIZATION.— Incorporated June 5 1915 in New York as successor
to Western Power Co. (of New Jersey). Is a holding company owning all
o f the outstanding common stock o f Great Western Power Co. of California,
a controlling majority o f the preferred and common stock o f San Joaquin
Light & Power Corporation, and all o f the common stock o f Midland Coun­
ties Public Service Corporation. The stocks o f the two last-named com­
panies were acquired in January 1925, together with all o f the common stock
o f Fresno City Water Corporation. The stock o f the Fresno company was
sold as o f Oct. 1 1926. Detailed description o f the properties o f the sub­
sidiary companies is given under the names o f the individual companies.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
Common 300,000shs (n o p a r )_ ___
___ __ 268 0 0 ’ shs .
7 Q-J 15 $9,655,380 J’ ly’27, 1M %
P f 7% cum $15,000,000($100) ____
Collateral trust g $30,000,0001 1926 5)4 J-J
10,000,000 Jan. 11957
conv ser “ A ” 5)4% $10,—
(National Bank o f Commerce in New York,
000,000 ($1,000-500 c * )_ .t f l trustee.
M id Cos P S Corp 1st M gold f 1927 5 g J-J
$2,500,000 Jan 1 1957
bds ser A $2,500,000 ($500] Union Bank & Trust C o., Los Angeles, trust.
& $1,000)____________ c* tf l
Stock.— The stockholders voted Nov. 27 1923 to reclassify the then
outstanoing 6% cum. pref. stock to 7% cum. pref. in settlement of 13 %
accumulated divs. Holders of the old 6% stock received new 7% stock
(cum. from Oct. 1 1923) in exchange par for par. Pref. stock is listed
on San Francisco Stock & Bond Exchange. V. 117, p. 1788. Increase in
capitalization. See V. 120, p. 213.
Additional collateral trust gold bonds may be issued from time to time in
series of such tenor as directors may determine (a) for 66 2-3% of cost or
fair value, whichever is lower, of additional pledged securities, provided that
the co. whose securities are to be pledged is an operating public utility com­
pany located in California, Oregon, Nevada or Arizona, or which may be
connected with the properties o f corporation’s subsidiaries, and that a
majority of the voting stock of any such co. is pledged in case any of its
common stock is to be pledged; provided also that consolidated net earnings
for 12 out of preceding 15 months have been at least 2 14 times annual inter­
est on bonds outstanding and applied for any other funded debt of corp.
(6) against cash or against bonds retired otherwise than out of the trust estate
They are secured by pledge o f the following shares, constituting more
than a majority of the total outstanding stock of each company274,987 shs. (all but directors’ qualifying shares) common stock of Great
Western Power Co. of California.
99.000 shs (90%) common stock
|of San Joaquin Light & Power
20.000 shs. cumulative prior pref. stock, 6% j
Corporation.
44.750 shs. cumu.ative pref. stock. 7% )
9,990 shs. (all but directors' qualifying shares) common stock of Midland
Counties Public Service Corp.




359

Series “ A ” 514% are red., whole or part, at 10214 & int. on the 1st da
of any month on 30 days’ notice. Are convertible, at option of holder, at
their principal amount into common stock ($10 par) of The North American
Co. on or before Jan. 2 1940, or prior to redemption, as follows- the first
$2,000,000 surrendered at $75 per share: the 2d, $2,000,000 at $81.25: the
3d $2,000,000 at $87.50; the 4th $2,000,000 at $93.75: remaining bonds at
$100, with adjustment of dividends and interest. Interest payable in New
York or San Francisco. The first interest coupon will be payable July 1
1927 to cover 7 months; thereafter semi-annually J.-J. On July l 1927
and semi-annually thereafter fund will be made available for purchase of
y3 % of series “ A " bonds outstanding at or below 100 and int. Certain of
indentures, terms and provisions may be modified with consent of holders
of at least 80% of outstanding bonds. Calif. 5-mills tax refundable. In
Nov. 1926 Peirce, Fair & C o., Blyth, Witter & Co. and E. H. Rollins & Sons
solfl $10,000,000 series A at 99 and int.. to yield about 5.55%. V. 123.p 2657
The Midland Counties Public Service Corp. 1st M . 5% gold bonds, ser. A,
is secured by a direct fust mortgage on the corporation’s entire properties,
and will constitute its only funded debt.
The bonds are red. as a whole or in part by lot on the first day of any
month on 30 days’ notice to and incl. June 1928 at 105 and accrued int.,
with the redemption price successively reduced M of 1% during each 18
months period thereafter.
Bonds were offered in Jan. 1927 at 96K and accrued int. to yield 5.20%
by Peirce, Fail & Co. of the Pacific Coast.
Dividends.— Initial pref. div. of 1% p&id April 1916 and same rate
regularly to Oct. 15 1919, when 1 )4 % quar. was paia anu since to and
Incl. Oct. 15 1923. On Jan. 15 1924 at rate of 7% per annum and same
rate paid to aate.
EARNINGS.— Consolidated earnings for calendar years:
Bal. before
O-oss
Net after
Other
DeducDeprec.
Earnings.
Tares.
Incom e.
tions.
A S i vs.
1927*________$18,880,697 $10,909,760 $361,659 $7,665,059 $3,606,360
265,088
7,399.959
3.506.912
1926________ 18,765.094 10.641,783
1925________ 17.182.317
9.879,257
384,411
7 232.804
3,030,864
1924_________ 7.599.664
4.532.159
52,509
3,383,098
1,201.570
♦For 12 months ended June 30 1927.
OFFICERS.— Chairman of board & Pres., F. L. Dame; V.-Ps., J. B.
Black, F. W. Doolittle, J. F. Fogarty, Edwin Gruhland W. H. Spaulding
Sec., F. H. Piske: Treas., Robert Sealy. Office, 60 Broadway, N. Y. City.
— V. 121, p. 1229, 1349, 1464, 1681. 2158, 2640; V. 122. p. 2500, 2950;
V . 123, p. 2521. 2657, 2780; V. 124, p. 2592, 3775.
G R E A T W ESTERN

P O W E R C O . O F C A L IF O R N IA .

Control.— Company is controlled by the Western Power Corp.
O R G A N IZ A T IO N In c o r p . in California Nov. 23 1915, and, as of
June 1 1919, purchased, subject to existing mortgages, the properties of
old Great Western Power Co. (incorp. in 1906), City Electric Co. and
Consolidated Electric Co. Subsequently purchased properties of Universal
Gas & Electric Co. Owns all of the outstanding com. stock of California
Electric Generating Co. Co. also owns substantially all of the shares of
the Western Canal Co. For contract with and interest in Feathe, River
Power Co., see under this latter co. Proposed acquisition in 1926 of Napa
Valley Electric Co., see V 122, p. 2798.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Co. furnishes electric light and power service in 43 cities and towns in
central California, incl. San Francisco Oakland, Sacramento. Berkeley,
Alameda and Richmond, and supplies steam heating service in San Francinco and Oakland, 'territory served more than 2.000 sq. miles with a
population in excess of 1,100,000. Generating stations; Hydro-electric
plant on north fork of Feather River (“ Big Bend" station) of 65,000 k. w.
capacity; on the same river (“ Caribou’ ’ station) of 66.669 k. w., which
capacity can be increased to 133.338 k. w.; steam stations in Oakland and
San Francisco. 16.000 k. w.- steam plant in Oakland leased from Cali­
fornia Electric Generating Co. of 10,500 k.w.; also extensive steam service
distribution systems in downtown districts of San Francisco and Oakland.
Four submarine cables, three of which are four miles in length and one
nearly seven miles, are operated under San Francisco Bay. When all
the power sites are utilized about 800.000 h. p. will be developed. On
Aug. 14 1926 the Brighton Merced tie line connecting co.’s system . with
that of San Joaquin Lt. & Pr. Corp was put in operation. See also state­
ment of “ The North American C o." V 123. p 981.
In Sept. 1925 the Calif. R R . Com m . granted authority to issue $1.000,000
7% cum. pref. and $2,000,000 6% cum. pref. stock. V . 121, p. 1100. 1461.
V. 122, p. 1025.
In Oct. 1925 co. was authorized to issue $1,000,000 1st & ref. mtge.
5)4% gold bonds, series “ A ," and $4,000,000 5-year 5)4% gold notes.
V. 121. p. 2156. In March 1926 to issue $2,000,000 6% cum. pref. stock.
V. 122, p. 1608.
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
x$27.500 000 __________
Common $30,000,000 ($100)______________ _
Pf ,% cum $15,000,000 ($ 1 0 0 )____
Q-J
12,<4)0.279 ....................
Ser A pref 6% $15.000,000_______
_____4,256,030 ........... ..................
1st ref M $150,000,000 Ser A . f 1919 6 g M-S
5,800.800 Mar 1 1949
Series C ___________________
1922 6 g F-A
5,824,100 Feb 1 1952
Series D . _______ ________ | 1925
5)4 g F-A 9,338,000 Feb 11955
($100 &c) gold_______c*.tf (Bankers Trust C o., New York, trustee.
5-year 5)4 gold notes ($1,000./ 1925
5)4 M -N
4,600,000 N ov 2 1930
$ 5 0 0 -c )_______________ tf 1
Underlying Bonds on Properties Absorbed by Merger—
Great West Pow Co 1st M l 1906
5 g J-J
19.643,000 July 1 1946
$25,000,000 ($1,000) g c *tf/Bankers Trust C o., New York, trustee.
City Elec Co San Fran 1st M
1907 5 g J-J
1,079,000 July 1 1937
$5,000,000 gu ($1,000) g -t f / Anglo-California Trust Co., San Fran., trus.
Centra) Oakland Lt & Pow Col 1909 5 M -N
47,000 M ay 1 1939
1st M ($1,000) gold______ /Int. at First Federal Tr. C o .. San F r., trustee
Consumers Lt & Pow Co genj 1908
6 A-O 15
68.000 Apr 15 1933
mtge ($1,000) gold_______ |Int. at Mercantile Trust C o .. San F r., trustee
Cons Elec Co gen M $2,500,-1 1915 5 g J-D
1,526.800 June 1 1955
000 ($100 Ac) guar gold.ntf / Int. at Bankers Tr. C o., N V also in S Fr.
Napa Valley Electric 1st/ 1911 6 g J-J
40.000 Jan. 1 1931
mtge (c* $500)_________ t f (Int. at Bank of Napa, Napa City, Calif, tr.
Held under Stock Control and Lease—
Calif Elec Gen Co pref stock
gu $2,500,000 6% cum ($ 100)____
6 Q-J
2.500.000 See text
Oal El Gen Co 1st M Ser '‘A ” l 1908 5 g M-S
777,000 Sept 1 1948
$1,500,000 guar p & i ($l,-{Central Union Trust Oo., New York, trustee
000) gold_______________tf(
x All owned by Western Power Corporation,
y Not including $732,135 subscriptions.
Stock.— The pref. stock is non-assessable by specific covenant, is preferred
as to assets in liquidation, is entitled to cumulative dividends at rate of 7%
per annum, payable Q.-J., and Is subject to call, all or in part, at 105 and
dividends upon 60 days’ notice. Tne pref. stock Series c carries dividends
t the rate of 6% per annum; otherwise there is no distinction or priority
as between the pref. stock and the pref. stock Series A, the net effect of the
reclassification on Mar. 23 1925 (when 300,000 shares of pref. stock were
reclassified into 150,000 shares of pref. stock and 150,000 shares of pref.
Series A stock) being merely to lower the dividend rate on 150,000 shares
of the co.’s pref. stock from 7% to 6% per annum. Pref. is listed on San
Francisco Stock & Bond Exchange.
In July 1926 co. advanced the price of its 6% pref. stock for over-thecounter sales from $95 to $96 per share (the issue was originally offered in
1925 at $92. V. 123, p. 581. In Dec. 1926 Calif. RR. Commission auth­
orized co. to issue on or before Dec. 31 1927 $1,000,000 6% cum. pref. stock
at not less than 98%. Permission to issue $2,500,000 additional common
stock at $50 was withheld pending a further showing. V. 123. p. 3182.
Bonds. &c.— The Great Western Power Co. of Calif. 1st & ref. mtge. of
1919 is for $150,000,000, and is secured on the hydro-electric generating
station on the Feather River at Caribou and by deposit of certain securities.
Interest on all series payable in New York, Boston, Chicago and San Fran­
cisco
Penna 4-mill tax and Mass income tax on int. not exceeding 6%
of such interest per annum refunded on Series ' D ' Mortgage provides for
linking fund of 1
of bonds outstanding, coimneneing 1923
Series 4 are call at 103 to Feb 28 1939, at 102 thereafter U Feb. 28 1948,
>
and par thereafter to maturity
$160.20^ deposited with trustee. (Com­
pare offering in V 108 p 2126)
V 108 p. -127 V 109 p 1706
All of the outstanding Series ” B’ bonds were redeemed on Aue. I 1925.
Series C are callable at 106 and int. on any Int. date. $130,400 deposited
with trustee.

260

PU BLIC U T ILIT IE S

Series D are red. on the first day o f any month on 60 days’ notice at 10244
and int. to and lncl. Feb. 1 1035, and thereafter at par and int. plus a
premium o f 44 % for each year or portion thereof o f uexpired term. Cn
Feb. 1925 $1.500,000 series D 544s were offered by R . H. Rollins & Sons.
Bonbright & Co.. Peirce, Fair & Co., and Lee, Higginson & Co. at 9744
and int., to yield 5 H % • V . 120,p.956. In June 1925 they sold $6,300,000
additional at 0.09 and int., to yield about 5.57%. V. 120, p. 2941. Issued,
$10,700,000, o f which $110,000 on deposit with trustee. $1,200,000 held
in treasury and $700,000 owned by Western Power Corp.
The 5-year 644% sold notes, dated Nov. 2 1925, are red. on 30 days’
notice at par, int. and a premium o f M o f 1% for each year or portion
thereof o f unexpired term. Mass. 6% tax, Penna. and Calif. 4-mill tax
refundable. In Oct. 1925 Lee, Higginson & Co. offered $4,000,000 at 99
and int., to yield over 5.70% . V. 121, p. 2037.
Underlying Bonds (Bonds of Properties Merged in Parent Company).
Great Western Power Co. first mtge. 5s of 1906 authorized $25,000,000. all
authenticated, and on June 30 1927 located as follows: $19,420,000 held by
public (including $539,000 pledged under California Electric Generating Co.
mortgage not bearing interest): $2 545,000 retired through sinking fund (1 %
o f outstanding amt. ann. beginning July 1 1916): and $2,798,000 pledged
under first & ref. mtge. o f 1919 and $223,000 owned by Western Pow. Co.
V . 108, p. 2127: V. 109, p. 1703. The $5,000,000 com. stock of California
Electric Generating Co. is deposited under the first mtge. Callable on
any interest date on 90 days’ notice at 106 and int. Interest payable: n
New York, Boston, San Francisco and London. V. 91, p. 1163: V. 92, p.
1438: V. 89, p. 1283.
City Electric Co. of San Francisco.— First mtge. 5% bonds guar. prin. and
Int. V . 92. p. 883. On June 30 1927, $4,387,000 were outstanding, in­
cluding $1,079,000 held by public, and $2,561,000 “ pledged under first &
ref. mtge.” of l9 l9 . Mortgage provides for sinking fund. $747,000 retired
through sinking fund. Are callable at 105 and int. on any int. date on 60
days’ notice. V. 108, p. 2127: V . 93, p. 668; Y . 96, p. 1843: V. 100, p. 1440.
Central Oakland Light & Power 1st 5s have sinking fund o f 144 % • Callable
at 105. Assumed by Great Western Power Co.
Consumers Light & Power Co. general mortgage 6s.— Mortgage provides for
sinking fund. Assumed by Great Western Power Co.
Consolidated Electric general mortgage 5s.— Guar., prin. and int., by Great
Western Power Co. Sinking fund 1% of bonds outstanding. Interest
payable in New York and San Francisco. $1,526,800 in hands of public:
$1,000 held in treasury, $350,350 pledged under Great West. Power Oa
1st mtge. and $188,600 retired through sinking fund. $8,250 nominally
Issued.
Leased and Controlled Property.
California Electric Generating Co.— Leased to Great Western Power Co.
which owns the $5,000,000 com. stock and pays 6% on the pref. stock
($2,500,000); all now out (divs. cumulative at 6% from Jan. 1 1912 and
guaranteed by Great Western Pow. Co.); callable at 106 & divs.; 1st mtge
authorized $5,000,000: issued, guar, by Great Western Power Co. (V. 88
p. 688; V. 89, p. 472), $1,200,000 series A, o f which $423,000 retired through
sinking fund and $10,000 held by Great Western, having $776,000 out­
standing. Sinking fund, series A, $28,000 per annjm.
Callable at 105
and int. on 60 days’ notice. Int. in New York and San Francisco. No
series B issued.
EA R N IN G S.— For 12 months ended June 30:
1927.
1926.
Gross operating revenues_______________________ $8,782,189 $8,172,674
Operating expenses, maintenance and taxes______ 3,271,553
3,090,659
Net earnings from operations__________________ $5,510,636 $5,082,015
Sundry earnings_________________________________
79,142
60,437
Totalincome___________________________________ $5,589,779
Interest charges_________________________________ 2,974,529
Interest charged to capital______________________ Crl77,890
596,656
Depreciation reserves___________________________

$5,142,452
2,834,644
0162,124
557,494

Net income for dividends_____________________ $2,196,484 $1,912,438
OFFICERS.— Pres., Guy C. Earl; V.-Ps., J. B. Black and F. AY. Doo­
little: V.-P. & Gen. M gr., A. E. Wishon: Sec., W . H. Spaulding; Treas.,
Robert Sealy. New York office, 60 Broadway.— V. 121, p. 977, 1100,
1348, 1461, 2037, 2156; V. 122, p. 1025, 1608, 2798, 3210 V . 123, p. 581,
981, 2776, 3182; V. 125, p. 246, 1192.
SAN JOAQUIN L IG H T & POWER CORPORATION.
Control.— Early in 1925 the Western Power Corp. acquired control of
the co. (V. 119, p. 2880), and now owns the controlling majority of the
common stock and 7% pref. stock, Class A.
ORGAN IZATION .— Incorporated in California on July 19, 1910 as a con­
solidation o f the San Joaquin Light & Power Co., the Power Transit & Light
Co. (Bakersfield) and the Merced Falls Gas & Electric Co. Absorbed the
Selma Water Works, Madera Water Works, Madera Lt. & Pow. Co., Lemmore Lt. & Power Corp. and Bakersfield Gas & Elec. Lt. Co. The Midland
Counties Public Service Corporation (V. 98, p. 1849), controlled by same
Interest, purchases all of its power from the San Joaquin Light & Power
Corporation. Franchises in cities are perpetual; outside o f cities, with two
exceptions, extend beyond 1950. About one-half the total length of
transmission lines is on private right-of-way.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
supplies electricity for lighting, power and pumping purposes throughout
10 counties, 7 of which are in the San Joaquin Valley, including the cities
of Merced, Madera, Fresno, Selma, Hanford, Bakersfield, Sanger, Dinuba,
and other smaller communities; population served in excess of 400,000.
Distributes gas in Bakersfield, Merced and Selma. Operates a street rail­
way system in Bakersfield and furnishes water for domestic purposes in
Selma and Madera. The company owns power plants with installed
capacity o f 220,758 h.p. o f which 151,292 h.p. is hydro-electric; operates
7,124 miles o f transmission and distribution lines, 50 sub-stations. Reservoir
capacity, 51,000 acre feet; 174 miles o f gas mains and 19 miles o f water
mains. Operates 1044 miles street railway track in Bakersfield, supple­
mented by automobile bus lines in outlying Territory. Electric light and
power service furnished to more than 70,000 customers.
In M ay 1926 corp. obtained final permits from the State of California
for water power rights along the Kings River and tributaries in California
for an extensive water power development project, partially already under
construction.
The Brighton-Merced tie line connecting corp.'s system with that of
Great Western Power Co. was put in operation on Aug. 14 1926. V. 122,
p. 3085; V. 123, p. 981.
In Feb. 1924 the co. was auth. to amend its articles of incorporation, to
provide for $18,500,000 7% Series “ A ” cum. pref. stock and $6,500,000
of Series “ B ” 6% pref. stock, and to issue not exceeding $6,500,000 of
ser. “ A ” 7% pref. stock in exchange for a like amount of ser. “ B ” 6%
pref. It was reported that holders o f the outstanding $6,500,000 6% cum.
pref., on which there was an accumulation o f $17 50, were to receive in
addition to the privilege of exchange for ser. A stock, a cash div. of $4 50.
V. 118, p. 795, 908. Compare V. 118, p. 312.
In March 1925 the co. was auth. by the Calif. R R . Comm, to issue at
not less than 95, $1,000,000 7% cum. prior pref. V. 120, p. 1461. Compare
V. 120, p. 1205. In N ov. 1925 applied to California R R . Commission for
authority to issue 5,000 shares of 7% pref. stock. V. 121, p. 2522.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Common $50,000,000 ($100)______ _____________$11,000,000 ____________
Prior pref $25,000,000 7 % c u m .____
Q-M15
11,804,953 See text
6% prior pref Ser A $50,000,-1
000 ($100)________________ I ____
6%
4,459,207 June’27,144
Pref ser “ A ” $18,500,0001 ___
Q-M15
6,448,200 See text
($100) 7% cum __________ f
Pref se r ” B ” $ 6 ,5 0 0 ,0 0 0 (____
________
51,800
See text
($100) 6% cum __________ J
Unify & ref mtge $150,000,-1 3
000 ($500 & $1,000) c*&r*tf{ Equitable Trust C o., N. Y ., trustee.
Series “ B” _______________ J 1922
6 g M-S
9,633.000 Mar 1 1952
Series “ D " ________________ 1927 5 g J-J
24,796,000Jan 1 1957
San Joaquin L & P Co 1st M r 1905 5 J-D
2,160,000 June 1 1945
$3,000,000sf ($l,000)c*ntf(Redeem able at 110 and interest.
Stock.— On Dec, 30 1926 stockholders reclassified the authorized Issue of
$75,000,000 7% prior pref. stock into two claases of prior pref. stock, viz.:
$25,000,000 of 7% prior pref. and $50,000,000 of 6% prior pref. V. 122, p.
750.




[ V ol . 125.

The prior pref. and prior pref. series “ A ” stocks are preferred as to assets
and 7% and 6% dividends, respectively, and the preferred has preference
as to assets and dividends over common. Both classes of pref. stock are
listed on San Francisco Stock and Bond Exchange and Los Angeles Stock
Exchange.
Bonds.— All o f the outstanding 1st A ref. mtge. bonds, dated Aug. 1 1910
were called for payment Feb. 1 1927. Series “ A ” at 10214 & int., all other
series at 105 & int V. 123, p. 3039; V. 124, p. 237Unifying A Ref. Mtge. Bonds.— In Jan.. 1927 it was announced that all
ot the series “ A” 7 % bonds were to be retired. V . 124, p. 374. Redemption
price 107K & int to & incl. March 1 1927. V. 124, p. 793.
The»unifying and refunding mtge. bonds. Series “ B ,” are not subject to
call. V. 114, p. 1652. Interest payable at office of trustee, New York;
Wells Fargo Bank and Union Trust C o., San Francisco, and Union Bank &
Trust C o.. Los Angeles. V. 112, p. 1025.
All or the outstanding unifying & ref. mtge. 30-yr. 6% g. bonds of
series “ C” were called for payment M ay 1 1927 at 105 and int. V. 124,
p. 1981.
The unifying & refunding mortgage 5% bonds, series “ D " are red. all
or in part, by lot, on the 1st of any month on 30 days’ notice to and incl.
June 1928 at 105 and int., with redemption price successively reduced 34
of 1% during each 18 mos. period thereafter. In Jan. 1927 $25,000,000,
unifying & ref. mtge. 5% bonds of series “ D ” were sold by Peirce, Fair &
Co. and Blyth, Witter & Co. at 9834 and int., with approx yield o f 5.10% .
V. 124, p. 374.
Of the San Joaquin Light & Power C o., 1st 5s, $87,000 on deposit with
trustee, $746,000 retired by sinking fund and $5,000 owned by Midland
Counties Pub. Ser. Corp. and $61,000 owned by Western Power Corp.
and $7,000 pledged with trustee of S. J. Lt. & Pow. Co.
Dividends.— Paid 434% on pref. stock in 1912; in 1913, 6% ; in 1914, 3% ;
aone to June 1917, when 134 % was paid; 134% quar. since. In Mar.
1924, 434% was paid on account of accumulations. Since reclassification
of pref. stock in March 1924, dividends have been paid regularly, 7% on
Series A and 6% on Series B. None on common.
EARNING S.— For calendar years:
Avail for
Int. Charges
Gross
Net
& Deprec.
Dividends.
Earnings.
after Taxes.
$4,985,735
$3,139,619
$1,846,116
*1927 ____________$9,087,829
1926
8,878,165
4,889,534
3,020.227
1,869,307
1,381,892
1925
7,955,894
4,470,017
3,088.125
2,926,362
333,993
1924
7.581,300
3,260.355
1923
7,037,651
4,082,107
2,630,778
1,451,311
1922
6,561.126
3.769,226
2,548,311
1,220.913
* For 12 months ended June 30 1927.
O F F IC E R S — Pres., A. G. Wishon; V.-P. & Gen M gr., A . Emory
Wishon; V .-P ., F. W . Doolittle; V .-P ., J. B. Black; Treas., Robert Sealy;
Sec. & Asst. Treas., W . E. Durfey; Comp., Ernst E. Behr.— V. 121, p. 841,
2522, 2877; V. 122, p. 750, 2043, 3085; V. 123, p. 983, 1763, 2657, 2779,
3039; V. 124, p. 237, 374, 793, 1981, 2282, 2591, 3497, 3632.

FEATHER RIVER POW ER CO. (C A L IF .).
O R G A N IZA T IO N .—A California corporation, incorporated June 5 1925
and organized to develop its valuable water rights on the waterways tribu­
tary to the North Fork of the Feather River in Plumas County, Calif.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company has under construction the Bucks Creek Development, which will
harness the waters of Bucks Creek, Milk Ranch Creek and Grizzly Creek,
all of which flow into the North Fork of the Feather River. The in­
stalled generating capacity of the power house will be 40,000 k. w. (two
units of 20.000 k. w. each), capable of producing a mean annual output
of 205,000,000 k.w.h. Energy will be stepped-up to 240,000 volts for
transmission purposes. The construction contract (contract price not to
exceed $7,691,889) calls for completion on or before Dec. 31 1927. For
more details see V. 121, p. 2637; V. 125, p. 1051.
Company has entered Into a purchase contract with the Great Western
Power Co. of California under the terms of which the latter company agrees
to purchase the entire output ot the Bucks Creek plant at a 63% plant factor,
at the flat rate of 4 mills per k.w.h. and, through such power purchase,
will become the owner of the plant and all appurtenances and water rights
in 35 years from time of completion. This contract runs for a period of
35 years from the date of completion of the project.
STOCK A N D BONDS—- Date.
Interest.
Outstanding. Maturity.
Common $] ,000,000 ($100)_ _____
_
_________
$194,100 __________
Class A cum pref $1,000,0001 ____
7 Q-J
1 , 000,000 _____________
($ 100) _____________________/

Class B cum pref $2,000,000\ ____
7%
1 , 000,000 _______ ________
($ 100) _______________________/
1st (closed) mtge 6s serial f 1925
6 g J-J
5,500,000
1 99-1963
gold bonds ($1,000, $500) \Los Angeles First National Trust & Savings
c*tf (Bank, Los Angeles, trustee.
Stock.-—The 7% cum. pref. class A stock (par $100) is preferred as to
assets and cumulative dividends and entitled to receive $100 per share
and accrued dividend in event of liquidation or dissolution of the company.
Callable by lot for the sinking fund at par and div. on 20 days’ notice. En­
tire issue to be retired by annual sinking fund beginning Jan. 1 1929 and
extending to and including Jan. 1 1963. Exempt from Calif, personal
property tax. In Aug. 1927 B. H. Rollins & Sons, Peirce, Fair & Co.
and William R. Staats C o., San Francisco offered at 98 and div. $1,000,000
7% cum. class A preferred stock. V. 125, p. 1051.
Bonds.— The 1st (closed) mtge. 6s serial gold bonds, dated Nov. 1 1925, are
seemed by a direct 1st closed mtge. on all the property comprising the
Bucks Creek Development, and by the assignment to the trustee of all the
rights and interest in and to the power contract with Great Western Power
Co. of Calif., and of all of the company’s water rights, permits and licenses,
appurtenant to the above development. Payments for power taken by
the Great Western Power Co. of Calif, are to be made quarterly directly
to trustee who shall apply the funds thus received first towards the payment
of operating expenses and taxes and then towards the sinking fund. The
maturities run from Jan. 1 1929 beginning with $49,000 to Jan. 1 1963,
when a payment of $361,000 will complete the retirement of the entire issue.
Co. has deposited with trustee a completion bond and a material and labor
bond in the aggregate amount of $6,850,000 guaranteeing completion of
the above-mentioned project. A special reserve fund has been provided
under which co. has to set aside out of its earnings and maintain with
trustee a fund of $500,000 for the protection of principal and interest of
these bonds, which fund, should it have to be drawn upon, co. shall restore
immediately. Red., all or part, on 60 days’ notice, at 100 and int., plus a
premium of 44 % for each unexpired year of fraction thereof, but not
exceeding 5% . I f redeemed in part, co. will call for payment bonds of the
last maturity outstanding at premiums as stated above. Interest payable
at trustee’s office in Los Angeles, or at Bankers Trust C o., N. Y . City.
Principal payable at trustee’s. Exempt from personal property tax in
California. In Nov. 1925 Trust Securities Co., Los Angeles; E. H. Rollins
& Sons, Peirce, Fair & C o., New York, and William R . Staats Co.. Los
Angeles, &c., &c., sold $5,500,000 at 100 and int. V. 121, p. 2637; V. 122,
p . 2649.
Earnings.— Not available.
OFFICERS.— Pres., Karl Brehme; Vice-Pres., John H. Robertson;
Sec. & Treas., Culbert W . Faries.— V. 121, p . 1676, 2637, 2520, 2750;
V. 122, p. 2649; V. 124, p. 1051.

WESTERN STATES GAS & ELECTRIC CO. OF DEL.
Controlled by Pacific Gas & Electric Co. V. 124, p. 3210.
ORGAN IZATION .— A holding co. incorp. in Delaware M ay 24 1911.
Owns $2,125,000 o f the pref. and $3,230,000 o f the com. stock o f the Western
States Gas & Electric Co. o f California (See separate statement below).
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $5,000,000 ($100)
____
_______ x$3,503,000 M a y ’23, 44
P ref7% cum$10,000,000($ 1 0 0 )____
7 Q-J15
x2,125,000 Apr '27. 1%
x Standard Gas & Electric Co. owns $259,500 pref. and $3,253,200 com.
stock.
Stock.— Pref. stock is red. at 115 and dividends.
Dividends.— On pref., 7% per annum since incorporation. On commos
(No. 1), Aug. 15 1915 to M ay 15 1923, 2% p. a. (44% Q.-F.)

O ct., 1927.]

POW ER, LIG H T AND R A IL W A Y

EARN ING S.— For calendar years:
Preferred
Balance,
Interest
Gross
Net, after
Surplus.
Dividends.
Charges.
Earnings.
Taxes.
$363,828
$981,422
$459,320
$1,804,570
1926____ $3,407,593
280,746
1,006,071
364,169
1,650,986
1925____ 3.240,057
247,714
1,456.706
930,555
278,438
1924____ 3,246,113
264,876
232,902
554,960
1923____ 2,984,671
1,052,738
242.855
921,530
464,707
213,969
1922____ 2,697,384
OFFICERS.— Pres., John J. O’Brien; V.-Ps., Robert J. Graf and F. O.
Gordon: Sec. & Treas., M . A. Morrison.-— V. 118, p. 2206; V. 120, p. 455;
V. 121, p. 2523, 2640.
(1) WESTERN STATES GAS & ELECTRIC CO. OF CALIF.
OR GA N IZA TION .— Incorp. in Calif, in N ov. 1910 as a consolidation.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates in Humboldt, San Joaquin, Contra Costa and adjacent counties
in California. Installed capacity, 46,860 h.p., incl. hydro-electric; 35,470
h.p., and steam-operated power plants, 11,390 h.p. Also manufactures and
distributes gas in Stockton and Eureka. V . 105, p. 723. Rates, V .107,p. 1389
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
____
_______ x.$3,981,500 --------------Common $5,000,000 ($100)
Pref 7% cum $10,000,000($100)____
7 Q-J
x6,695,500 Apr ’25, 1H
lst&ref(nowlst)mtge(closed)\
1911 5 g JM)
3,332,500 June 1 194)
gold ($500, &c)_______ c * tffln t. at Girard Trust C o., Phila., trustee
1st & unify mtge $100,000,0001
1922 6 g M-S
8,850,000 Mar 1 1947
Ser “ A ” ($500,&c) gold c*tf/B ank of California, N . A ., San Fran., trustee
15-year notes Series “ A ” \ 1922 6 g A-O
5,000,000 Oct 1 1937
($100, &c) gold_______ c*tf/U nion Trust C o., San Francisco, trustee.
x Western States Gas & Electric Co. o f Delaware (see above) owns $2,125,000 pref. and $3,230,000 com. stock, and Standard Gas & Electric Co.
owns $750,000 com. stock.
Bonds.— First & Ref. (now first) M. 5% Bonds.— Red. through sink, fund
operations, $2,523,500. In addition to amount reported outstanding,
$1,724,000 are deposited as security for the 1st & unify, bonds. No add’’
bonds may be issued except when the annual net earnings are twice the int
on all bonds outstanding and contemplated, and then only for 75% of cost
of exts. & impts. Semi-ann. sink, fund after June 1919, 1M % of bonds
issued. Are call, on any int. date at 105 and int. V. 102, p. 1544; V . 109
p- 1468.
The 1st & unified mtge. ($100,000,000 auth.) provides for an annual sink
fund commencing M ar. 1 1928 in an amount equal to 2% of total outstand
ing bonds, incl. underlying bonds. The ser. A bonds are red., all or part, on
or before M ar. 1 1932 at 10734; thereafter at 34 of 1% less each year, plus
Int. Mortgage will permit the issue o f add’l bonds in series, o f such dates
maturities, int. rates and redemption provisions as may be determined by
the directors. No bonds of a maturity prior to that o f Ser. “ A ” bonds may
be issued while any bonds of Ser. “ A ” are outstanding. Int. payable in
New York and San Francisco. Y . 114, p. 1073.
The $5,000,000 15-year notes, due 1937, are part of an auth. issue of
$20,000,000, call, as a whole or part on 30 days’ notice to and incl. Oct. 1
1927 at 105, thereafter to Oct. 1 1932 at 102)4, and thereafter at 100 plus
int. N o add’l mtge. (except purchase money mtges.) shall be placed upon
the property o f the co. unless these notes shall be secured equally and ratably
with the other obligations secured by such mtge. The remaining notes may
be issued in series, bearing int. at such rate and red. at such price as may be
determined by the directors o f the co. A dd’l notes may be issued only when
net earnings for 12 consecutive months ending not more than 60 days prior
to application for issuance o f notes have been equal to at least 1J4 times the
annual int. charges on all bonds of the co. then outstanding and on all these
notes then outstanding, incl. those about to be issued, or for the purpose
of retiring notes of other series. Int. payable in N .Y .a n d S a n Francisco
V. 115. p. 1954.
OFFICERS.— Pres., John J. O’Brien; V .-Ps., Robert J. Graf, Samuel
Kahn, H. H. Jones, Allen L. Chickering and F. C. Gordon; Sec-Treas.,
B. F. Wallington, Jr.; M er.. H. H. Jones.— V. 120. p. 2013, 3067: V. 121.
p. 2640; V. 122, p. 2500, 3456; V. 124, p. 1222, 2431; V. 124, p. 2592, 3211,
3498; V. 125, p. 249.

SIERRA & SAN FRANCISCO POWER CO.
Controlled by Pacific Gas & Electric Co. V. 124, p. 3210.
ORGAN IZATION .— Incorporated in California on M ay 29 1909 and on
Sept. 1 1909 took over the Stanislaus Elec. Pow. Co. and the Tuolumne
Water Power C o., both foreclosed per plan in V. 88, p. 235, 569, 1005, 1066.
Has contract extending to 1954 with Market St. Ry. of San Fran, to supply
power to that company. In Oct. 1917 purchased the LaGrange division
of the Yosemite Power Co. V. 105, p. 1528.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Has 3 hydro-electric generating plants with an installed capacity o f 46.498
h.p., an auxiliary steam plant o f 28,944 h.p.; total installed generating
capacity, 75,442 h.p.; 1,746 miles transmission and distribution lines.
Lease.— On Dec. 31 1919 a contract was negotiated with the Ptcxfic Gas
& Electric C o., under which the operating properties of Sierra & San Fran­
cisco Power Co. were leased for a period of 15 years with the understanding
that arrangements would be made by Pacific Gas & Electric C o., to finance
necessary additions both in generating and distributing equipment by the
Bale o f Sierra & San Francisco Power Co. bonds if feasible and otherwise by
the use of Pacific Gas & Electric C o. credit. The interest obligations underl
both the Sierra C o .’s Trust Indentures are guaranteed in effect by Pacific
Gas & Electric Co. during the life of the lease and in addition the Sierra Co.
receives a rental of $50,000 per ann. for the first two years, $100,000 for
the third year and $150,000 per annum for each year thereafter. V. I l l ,
p. 1478. In accordance with terms o f lease the Calif. R R . Comm. auth. the
co. in July 1921 to deliver to the Pacific Gas & Elec. Co. $1,000,000 1st
mtge. bonds previously approved by the Comm. The bonds were applied
for the repayment of money advanced or to be advanced by the Pacific
Gas & Elec. Co. for exts. and betterments to the c o .’s properties. V. 113,
p. 426. The proceeds of $2,000,000 additional 1st mtge. bonds have been
similarly paid and applied.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
_______ $20,000,000 __________
Stock $20,000,000 ($100)_________
1st M $30,000,000 g ($1,000, f 1909
5 g F-A
10,500,000 Aug 1 1949
$5,000, & c)_______ c*&r*tf\lnt. at U.S.Mtge.&Tr. C o., N. Y ., Trustee.
2d mtge Ser A & B $9,500,000/ 1909
5-6 J-J
9,456,000 Jan 11944
($ 1 ,0 0 0 )_______________c*\Columbia Trust C o., New York. Trustee.
Bonds.— First mtge. bonds are subject to call on any int. date at 110 and
Int. The remaining bonds may be issued at 80% o f cost o f extensions and
add'ns, provided net earnings for previous 12 mos. shall equal twice int.
charge on ail outstanding bonds, incl. those to be issued. Y. 91, p. 157.
The bonds are listed on the New York Stock Exchange.
Second mtge. consists o f Series “ A ” $1,000,000, at 6% , and Series “ B ”
$8,456,000 at 5% .
OFFICERS.— Pres., John J. O’Brien; V.-Ps., Robert J. Graf, Samuel
Kahn, Allen L. Chickering and B. W. Lynch; Sec., Alma L. Ferguson;
Treas., B. B. Stith.— V. 113, p. 426: V. 116. p. 714. 3006: V. 119. p. 464,
705, 821, 1180; V. 121, p. 2639; V. 125, p. 2591, 3210; V. 125, p. 248.

COAST VALLEYS GAS & ELECTRIC CO.
Controlled by Pacific Gas & Electric Co. V. 124, p. 3206.
ORGAN IZATION .— Incorporated on March 20 1912 In California.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Does entire electric and gas business in Monterey, Salinas and Pacific Grove;
also owns water system of Salinas and electric distributing lines in Salinas
Valley and electric and water system at King City. Purchases most of the
electric energy which it distributes from Pacific Gas & Electric C o., lessee
of Sierra & San Francisco Power Co. On Dec. 31 1922 acquired the
electric light and power properties o f the Del Monte Light & Power Co.
(V. 115, p. 2162) and on Jan. 1 1925 acquired all the properties of the Gon­
zales Electric Co.
Valuation.— In Nov. 1922 engineers appraised the reproduction new cost
of the property at $2,932,725 Compare V 111, p 2524
In Oct 1925 co. applied for authority to issue 51,000.000 Series “ B ” 7%
cum. pref. stock. V. 121, p. 1907; V. 123, p. 1761. In Sept. 1926 applied
for authority to issue $500,000 additional 7% pref. stock
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $3,000,000 ($100)_______
______
$3,000,000 Oct’26, f i %
Pref 6% cum $500,000 ($100)
Series “ A ” ________________ _____
______
422,900 Apr’27 ,lM %
Pref 7% cum Ser “ B ” ($100)_______
7 Q-J
1,762,300 Apr'27,1 H %
First M $10,000,000 gold/ 1912
6 g M-S
1,837,000 Mar 1 1952
($1,000) ann sk fd o f 1%(Interest at Mercantile Trust C o., San Fran.,
of bonds out beg Mar ’ 18 c * l trustee, or U. S. Mtge. & Tr. C o., N . Y .




261

Stock.— 6% pref Ser. “ A ” red. at 110. 7% pref. Series “ B ” red. at
110 and div. In Sept. 1924 Hunter, Dulin & C o., Los Angeles offered
$250,000 7% pref. at par and dividends. V. 119, p. 1285.
BonoL Bonds are redeemable, all or any, on any int. date at 105 and int.
s.—
$163,000 (not incl. In amt. outstanding) are held in s. f. V. 94, p. 1249.
EARN ING S.— For calendar years:
1926
1925.
1924.
1923.
Gross earnings__________ $1,260,220 $1,057,925
$886,504
$792,496
Op. exp., maint. &taxes
806,212
676,476
593,173
500,768
Interest_______________
110,285
101,334
95,223
85,784
Preferred dividends____
108.062
52,715
31,537
27,778
Bal. for retire, res., com.
divs., amort. &surp._
$235,661
$227,400
$166,571
$178,166
OFFICERS.— Pres., J. J. O’Brien; V .-P ., J. F. Pollard, R. J. Graf,
H. L. Jackman and Allen L. Chickering; Sec., E. N. Hoffmann; Treas.,
P. S. George.— V. 113. p. 1364, 2618; V. 115, p. 441, 2162; V. 116, p. 2770;
V. 121, p. 1907, 2161; V. 122, p. 2189; V. 123, p. 1761, 2237; V. 124, p. 1218;
2426, 2586, 3206, 3494.

SAN DIEGO CONSOL. GAS & ELEC. CO. (CALIF.).
Controlled by Standard Gas & Electric Co.
Management.-—Byllesby Engineering & Management Corp.
ORGAN IZATION .— Incorp. in California April 6 1905.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Co. operates, without competition, the electric power and light and gas
business in the city of San Diego, Cal., and vicinity. Population served
over 222,000. C o.’s electric generating stations have a total capacity of
61,640h.p. Gas plants of 15,650,000 cu. ft. daily capacity. V. 122,p .3211.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ($100)_______
________ $4,771,200 ____________
7% cum pref $10,000,000($100)____
7 Q-J
6,292,500 Oct ’27,I X
1st & ref mortgage tf—
Harris Trust & Sav. Rk., Chicago, and Bank
o f Cal. Nat. Assn., San Fran., trustees.
Series “ A ” ($1,000-500 c * ) . . 1921
6g M-S
2,750,000 Mar. 1 1939
Series “ B ” ($1,000-500 c * ) .. 1921
5g M-S
4,000,000 Mar. 1 1947
Series “ C ” ($1,000-500 c*)__ 1921
6g M-S
1,438,000 Mar. 1 1947
1st (closed) mortgage ($ l,-f 1909
5g M-S
5,680,000 Mar. 1 1939
000 c * )_________________tf(In t. at Harris Tr. & Sav. Bk., Chicago, and
( Los Angeles First Nat. Trust & Savs. Bk.
Bonds.— The 1st & ref. mtge. bonds are secured by a direct mortgage on
all the property, rights and franchises of the co., subject only to the lien
of $5,680,000 1st (closed) mtge. bonds. Are additionally secured by a direct
1st mtge. on a 10,933 h.p. electric generating station acquired in 1921 by
a subsidiary. Additional bonds may be issued for refunding purposes or
for 75% of new additions, &c., provided net earnings for preceding 12
months have been at least 1 % times annual interest charge on all bonds
outstanding, incl. underlying bond and proposed issue. There is a special
trust fund of annually 2% of total par value of bonds outstanding (incl.
underlying bonds) to be used for permanent extensions, &c., or for redemp­
tion of 1st & ref. mtge. bonds.
Series “ A ” 6s, due March 1 1939, are call, at 105 and int. prior to March 1
1926; at 104 and int. prior to March 1 1929; at 103 and int. prior to March 1
1932; at 102 and int. prior to March 1 1935; at 101 and int. prior to Sept. 1
1938.
Series “ B” 5s, due March 1 1947, are red. on 30 days' notice at the fol­
lowing prices and interest: On or before March 1 1927 at 105; until March 1
1932 at 104; until March 1 1937 at 103; until March 1 1942 at 102; until
Sept. 1 1946 at 101. In June 1926 Harris, Forbes & C o., Blyth, Witter &
Co. and H. M . Byllesby & C o., Inc., offered $2,500,000 additional series
“ B ” at 9845 and int., to yield over 5.10% . V. 122, p. 3211.
Series “ C” 6s due Mar. 1 1947 are callable on or befoie Sept. 1 1930 at
105; thereafter and on or before Sept. 1 1935 at 104; thereafter and on or
before Mar. 1 1938 at 103; thereafter and on or before Sept. 1 1942 at 102;
thereafter and on or before Mar. 1 1946 at 101; thereafter and on or before
Sept. 1 1946 at 10046- Notice of call shall be published in Chicago and
San Diego once a week for 3 consecutive weeks, the first publication to b«
at least 60 days prior to call date.
Exempt from personal property taxes in California. All of th« ab*ve
bonds are legal for investments of savings banks in California.
The 1st (closed) mtge. 5s, due March 1 1939, are call, at 105 and int.
EARN ING S.— For calendar years:
Gross.
N et Earns.
Interest.
Pref.Divs.
x Balance
1926-- $5,753,392
$2,602,461
$658,930
$440,475
$1,503,056
1925.. 5,381,701
2,260,767
633,537
440,475
1,186,755
1924.. 4,710,808
1.925,847
565,365
422,336
938,146
1923.. 3,802,599
1,503,238
445,826
334,740
722,672
1922.. 3,771,526
1,254,313
338,367
227,226
688,720
1921-.
3,814.918
1,109,481
349,302
156,620
603,559
1920-.
2,661,045
883,427
295,781
86,559
501,087
x Before depreciation, amortization, dividends and surplus.
Latest Earnings.—-For 12 months ended July 31 1927: Gross, $6,407,029;
oper. exp., maintenance and taxes before depreciation, $3,457,177; net
earnings, $2,949,852.
OFFICERS.— Chairman of Board, John J. O’Brien; Pres., Robert J.
Graf; V.-Ps , Geo. H. Harries, F. C. Gordon, F. W . Stearns, Allen L.
Chickering L M . Kiauber, E . J. M cK ay, H. H. Jones, W . F. Raber;
Treas. & Sr— M . B. Fowler: M gr.. W . F. Raber.— V. 122, p. 1764, 2801,
3211; V. 124, p. 1221, 2429, 3497; V. 125, p. 1972.

COAST COUNTIES GAS & ELECTRIC CO.
O RGAN IZATION .— Organized in California on Mar. 20 1912 and has
acquired the Coast Counties Light & Pow. C o ., Big Creek Light & Pow. Co.
and San Benito Light & Power C o., Gilroy Gas Works and Contra Costa
Gas Co. Franchises in municipalities perpetual; county franchises on high­
ways until 1946 to 1959.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Has one hydro-electric and two steam plants; combined capacity, 3,000 h. p.;
140 miles transmission lines and 683 miles distribution lines. Gas plants
in Santa Cruz, Watsonville, Hollister, Gilroy and Pittsburg.
On March 25 1926 co. increased its authorized capital stock from $4,00#,000 (20,000 shs. 1st pref., 10,000 shs. 2nd pref. and 10,000 common shs.) to
$7,0S0,000, the increase being 30,000 shs. of 1st pref. stock, par $100.
Also was authorized to issue 5,000 shs. 1st pref. stock. V. 122, p. 1168,
STOCK AND BONDS—
Date.
Interest. Outstanding.
daturity.
Common $1,000,000_________ _____
_______
$1,000,000 ---------------1stpf $5,000,0006% cu m ($ 1 0 0 )____
Q-M
3,195,900 See text
2nd pref $1,000,000 6% c u m . ____
Quar.
1,000,009
-------Coast Counties L & P 1st M / 1906 5 g F-A
729,000 Aug 1 1946
$1,000,000 g ($1,000).c*tf\In t. at Mercantile Tr. Co , San Fran. trus.
Big Crk Lt&Pow lstM$339,000 t f _
_
4%
240,000 May 1 1947
San Ben Lt&Pow lstM$150,000 t f _
_
6%
129,000 Sept 1 1950
Contra Costa Gas___________ _____
_______
221,000 ---------------Stock.-—The 1st pref. stock is red. ail or part at par and divs. V 116, n
2261. Calif. R R . Commission authorized co. to issue on or nefore Dec. 31
1927 $500,000 6% cum. 1st pref. stock at not less than $95. V. 123, p.3181.
Bonds.— $7,965.64 cash held in sink, fund of Coast Counties Lt. & Pow
Callable 107 45 and int. on any int. date. Annual cumul. sinking fund
of 1% of bonds out. began June 30 1911. $271,000 held in sink. fund. V
95. p. 681.
Sinking fund on Big Creek Lt. & Pr. bonds, $3,600per ann., began Mar. 30
1908; $99,000 bonds and $9,376.70 cash in sinking fund.
Sinking fund on San Benito Light & Power bonds of 1 % of bonds out
began June 30 1915. $21,000 bonds and $3,855.67 cash in fund.
Dividends.— 6% per annum is being paid on first pref. stock. On the
original (Nov. 2nd) pref. stock 2% was paid in 1922; 3% in 1922 and 1923.
After 4% payments, the rate was increased in Feb. 1926 to 6% per annum.
EAR N ING S.— For calendar years (not including Union Trac. C o.):
Gross. Net (aft.Tax.). Int.,&c,.
Devrec'n. Bal. Surv.
*1927_______ $1,792,153
$621,967
$91,318
$188,561
$342,08*
1926_______ 1,663,620
574,508
88,244
170 010
x316,254
1925_______ 1,389,896
467,932
89,725
143,369
x234,838
1924 _______ 1,217,405
371,135
90,154
126,160
154,820
1923 _______ 1,034,188
378,462
93,175
104,379
180,909
1922_______
841,804
285,272
84.174
63,289
137,809
1921_______
748,270
265.237
83,956
56.703
124,578
* For 12 months ended Aug. 31 1927.
x Before deducting in 1926 $132 690 1st pref. divs. and $60,000 2d pret.
d vs ; in 1925 $97,236 for 1st pref. divs. and $40,000 for second pref. divs.

262

PU BLIC U T ILIT IE S

OFFICERS.— Pres., S. Waldo Coleman; V.-Pres., J. D . Grant; V.-Pres.t
W m. T . Jeter; V .-P ., Sec. & Treas., W . W . Kamm; Asst. Sec. & Treas.,
P. C. Mahncke; Asst. Sec. & Treas., W . R. Van Bokkelen.— V. 121, p. 2037;
V. 122, p. 1068, 2327, 2948; V. 123, p. 1112, 3181; V. 124, p. ,2119 V. 125,
p. 1969.

CALIFORNIA RAILWAY & POWER CO.
All the common and preferred stock issued is owned by Standard Power &
Light C o., which latter co. in turn is controlled by Standard Gas & Elec. Co.
Offer by Standard. Gas & Electric Co.— On April t> 1 9 2 6 Standara uas <
$
Elec. Co. offered prior preference stockholders of Cal. Ry Pow. Co. the
following exchange o f securities to be made on or before M ay 31 1926;
for each 7% prior pref. stock Cal. Ry. & Pow. Co. either 2 shares 8% cum
pref. stock or 2 shares o f common stock, both of Stand. Gas & El. Co
See V. 122, p. 2036. 2038, 3080.
ORGANIZATION.— Incorp. in Delaware on Dec. 18 1912. Owns the
entire outstanding stocks (except director's qualifying shares) o f the San
Francisco Electric Rys. The company owns $6,000,000 com .. $3,825,000
pref. and $2,350,000 2d pref. stocks o f the Market Street Ry.
Offer to Holders of Prior Preference Stock.— See V. 119, p. 72 . 454.
STOCK—Authorized. Outstanding. Last Div.
Common stock---------------------------------$40,000,000 $40,000,000 _________
Pref. stock, 7% cum., rec. at $115- 6,874,400 6,874,400 June’ 14,2%
Prior preference 7% cumulative____ 5,000,000
1,300,000 See text
Stock.— Prior pref. stock is redeemable at $115 a share except the first
$3,000,000, which will be retired, when earnings are sufficient therefor,
through a cumulative sinking fund $100,000 yearly on January 1 1914 to
1917 and $260,000 annually there, ft -r. $100,000 was redeemed in cash
Jan. 2 1914 (V. 97, p. 1820, 1662) and $100,000 Jan. 2 1915 (V. 100, p. 53)
None redeemed since. Additional prior pref. stock may be issued only for
additions, betterments, acquisitions &c. No mortgage or other incumbrance
may be created that does not provide for the cancellation of all prior pref
stock then outstanding. V. 96, p. 61.
■EAR N IN G S.— For calendar years:
Total
Net
Previous
Total for Pr. Pref.
Total
Inc.
Income.
Surplus.
Divs.
Divs.
Surplus.
$53,662
1926------ $64,776
sur$l 14,669
1925____ 69.720
51,319
9.689
s u r 6 1 ,0 0 8
1924____ 33,092
18,040
def. 8,351
sur.9,689
1923____ 2,486 def.9,000
sur.15,648
sur.6,649
1922------ 2,853 def.9,709
sur.25.358
sur.15,64$
Dividends.— First div. on prior pref. stock— 1 % % — paid April 1 1913
same rate quarterly to and incl. July 1916- In Oct. 1916 paid only 1%
None since. V. 105, p. 1416. In Sept. 1913 a dividend of 3>£% was
paid on the preferred stock. In June 1914 2% was paid.
OFFICERS.— Pres., Mason B. Starring: V.-P.. Robert J. Graf; V .-P.,
P. M . Rosenthal; Treas., M . A . Morrison; Sec. & Asst. Treas., P Ml

m

t

'

s

&

o

f

v

;

* * •p- 1324: v - 122 ' ,76° - 2036'

MARKET STREET RAILWAY COMPANY
$6,000,000 c o m . *3.825,000 pref and $2,350,000 2d pref. stock of the
co. is controlled by the Standard Light & Power Co., a Byllesby corporation,
and Ladenburg, Thalmann & Co.
ORGA N IZA TIO N .— Organized in Calif, on Oct. 14 1893 as a consolida­
tion of 11 corporations operating street railroads in the city and county of
San Francisco. On Mar. 18 1902 all the assets were sold and conveyed to
the United RRs. of San Francisco, which operated said street railroads
together with other street railroads purchased by it up to April 1921, when
through reorganization and foreclosure proceedings the Market St. Ry. re­
acquired all the assets and properties of the United RRs. and now operates
same. Reorganization was carried out in accordance with terms of plan
outlined in “ Electric Railway” Supplement of April 30 1921, where history
of United RRs. up co time of reorganization will also be found. See also
V. 112, p. 2093. The co. owns the following stocks:
_ _
„ _
Name
Par Val. Auth.
Issued. Owned by Co
.....
$100 $2,000,000 $2,000,000 $1,999,500
Sutter St. Ry. Co
South San Fran. R R . & Pow. C o .. 100
100,000
13.500
13,000
Gough St. R R . C o ---------------- 100
'60,000
60,000
59,700
San Fran. & San Mateo Elec. R y _ . 100 1,000,000 1,000,000
999,500
SutroRR Co
10
40,000
23.108
23,076
Metropolitan R y. C o------------- 100
1,000,000 1.000,000
999.400
Leases the Gough Street R R . C o .’s system, which includes the line."
formerly owned by the San Francisco Elec. Rys. (conveyed to the forme!
through reorganization proceedings). The balance o f the property of San
Francisco Elec Rys. (consisting o f power house and rolling stock i= now
owned by Maiket Street R y. Co. San Francisco El. Rys. was disincori
poratedin 1926.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates street railways in the city and county of San Francisco and in
San Mateo County, Calif. Total mileage, 288.64 miles, of which 17.59
mUes leased. The tracks in San Francisco are partly electric and partly
cable; the line in San Mateo County is an interurban road extending from
San Francisco to the city of San Mateo. Rails. 38 to 141-Ib. T and girder
IIa; 773 passenger cars. In Sept. 1925 inaugurated a bus service.
Franchises.— In a report by Haskins & Sells, accountants, it was stated
“ that out of the total original mileage of 228.95 miles, the franchises for
11^5431 miles only expire prior to 1929; all others between that year and
Municipal Oicnership Voted.— On Nov. 2 1920 the people of San Fran
cisco voted in favor o f a proposition to amend the city charter in such form
as to enable it to acquire traction properties, to be paid for out of earnings
For details see V. I l l , p. 1950.
In April 1922 negotiations for purchase by the city were under way.
For further particulars as to city purchase plans, see V. 113, p. 2819; V.
114, p. 522, 1179, 1533; V. 115, p. 759, 2159. In March 1923 the company
set a tentative valuation o f $48,000,000 on its property. V . 116, p . 1533. See
also V . 120, p. 2401; V. 121, p. 979. In Sept. '25 a petition for a referenckim
on a proposal to have the city acquire the properties of the com panyfor
$36,500,000 was reported to have had more than 27,000 signatures, indicat­
ing that the proposal were to be voted upon at the next election. V. 121,
p. 1462. Supervisors o f the Market Street Ry. purchase committee, how­
ever, unanimously condemned the proposed sale. V. 121, p. 1788. On
Nov. 3 1925 voters rejected the project. V. 121, p. 2273.
Valuation.— See V. 118. p 202
Wage Increases.— Increases totaling $220,000 per year were granted, to
be effective Feb. 21 and March 1 1926. For details see V. 122, p. 1170.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity
C om stock $10,700,000 ( $ 1 0 0 ) .____
----------- $10,647,400 ___________
Prior preference 6% cum
$11,750,000 ($100)______________
6%
11,618.500 J a n '24, 134
Pref 6 % cum $5,000,000($100)____
6%
4,986.850 ........ ............
2d p f 6% n-c $4,700,000 ($ 1 0 0 )____
----------4,673,700 ___________
1st M s k fd $15,000,000 ($500/ 1924
7 g Q-J
11 152,500 Apr 1
1940
& $1,000c* $l,000r) gtflWells-] rgo Bk. & Un. Tr. C o.. San F., tr.
Stock.— All classes listed on N. Y . Stock Exch. and on San Francisco
Stock and Bond Exch. Both the prior preference and the preferred stock
is cum. 2d pref., however, is non-cum. All classes of stock have equal
voting power. There is no provision for redemption or conversion of stock.
Bonds.— $2,000,000 unissued 1st mtge. 7% bonds auth. may be issued for
75% of the cash cost of add’ns exts.. impts. and betterments to the mort­
gaged property under certain restrictions. In addition to the amount shown
in above table as outstanding, $232,000 are held in treasury, and $1,517,500
held in sinking fund. Are callable, all or in part, by lot on any interest
date on 30 days’ notice at 10714 and interest, on or before April 1 l926,
and thereafter at prices decreasing 34% each year to maturity. A quar.
sinking fund is provided for to purchase bonds in the market at or below
the then current redemption price or, if not so obtainable, to call bonds
at that price. Interest payable in San Francisco, Calif., and at the
office o f Ladenburg, Thalmann & Co., N . Y ., fiscal agents. Company
agrees to pay all California taxes and to refund the Penna. 4-mills tax,
V. 118, p. 202. Listed on New York and San Francisco Stock Exchange,
V . 118, p. 2042.
Dividends.— An initial dividend o f $1 50 per share was paid on the 6%
prior preferred stock Apr. 1 1922. Regular quar. divs o f IV* % paid to
and incl. Jan. 1924. Apr. 1924 div. deferred. V. 118, p. 1268.




[ V ol. 125.

EARN ING S.— For calendar years.
Oper. Rev.
Net aft. Tax. Oth. Inc.
Int.,Dep..& c. Bal., Sur.
a$964,130
*1927 ..$9,875,516
$887,509
$1,803,473
$48,166
1926 . . . 9,891,668
1,498,313
427,715
1,872,574
53,454
692,136
51,062
1925 . . . 9,902,768
1,586,886
2,227,970
1,300,332
933,278
1924 . . . 9,852,228
2,196,441
37.169
1,234,992
1,195.607
74,554
1923 . . . 9,809,393
2,356,045
* For 12 months ended June 3 1927. a Before Federal taxes.
OFFICERS.— Pres., Samuel Kahn; V .-Ps., Halford Erickson, J. J.
Madden; V.-P. & Gen. Counsel, W m. M . A bbott; V.-P. & Sec., Geo. B.
Willcutt; V.-P. in charge of Transportation, M . McCants; V .-P . in charge
of Maint. & Equipment; J. M . Yount, V .-P. in charge of Commercial
Department, Burt Hamerstrom; E. M : Massey, M . A. Morrison and E.
Barnes, Asst. Secretaries; Treas., A. M . Dahler. Office, 58 Sutter St.,
San Francisco, Calif.— V. 121, p. 997, 1462, 1788, 2402; V. 122, n. 611,
1170, 1912; V. 123, p. 581; V. 124, p. 791, 1979, 2428, 2589, 3496; V. 125,
p. 518, 780.

PACIFIC ELECTRIC RAILWAY.
All the stock except directors’ shares is controlled by Southern Pacific Co.
ORGANIZATION.— Incorp. in California on Sept. 1 1911 as a merger
of the following subsidiaries of the Southern Pacific Co. (V. 93, p. 667):
Pacific Electric Ry.
The San Bernardino Valley Trac. Co.
Los Angeles Interurban Ry
Redlands Central Ry.
Los Angeles & Redondo Ry.
San Bernardino Interurban R y.
Riverside S Arlington Ry.
c
Los Angeles Pacific Co.
During 1912 acquired the right of way and all rail lines and equipment
of the Pacific Electric Land Co. and purchased the property of the Ontario
& San Antonio Heights RR.
Subway Franchise.— See V. 116, p. 2389.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates an interurban electric railway system centering at Los Angeles,
extending into the counties of Los Angeles, San Bernardino, Riverside
and Orange, and serves the cities of Pasadena, San Bernardino, River­
side, Colton, Redlands, Pomona, Ontario, Santa Ana, Long Beach. Co­
rona. Venice. Ocean Park. Santa Monica. Redondo. San Fernando. Oweusmouth and Lankershim. Total miles operated: one main track, 298.555
miles; two main tracks, 285.120 miles; three main tracks. 460 miles, and four
main tracks, 12.151, a total of 596.286 miles. Sidings, spurs and other
tracks, 245.661 miles. Owns and operates a total of j.,282 cars and locomo­
tives and 167 buses, and operates under lease 2,514 cars of all kinds. Power
purchased from Southern California Edison Cos.
The Lob Angeles Motor Bus Co. was organized by the Pacific Electric
Ry. and the Los Angeles R y. in Feb. 1923. V. 116, p. 936. See also
V. 119, p. 694.
Report about Unification of All Street Railway Lines in Los Angeles.— See
under “ Los Angeles Railway Corp,” paragraph under title “ Reorganization
Proposed.”
STOCK AND BONDS—
Date. Interest. Outstanding.Maturity.
Stock $100,000,000 ($100)_________
_______ $34,000,000 __________
First ref mtge $100,000,000/ 1911
5 M-S
32,080,000 Sept 1 1961
gold see text________ c*_tf (Int. atU . S. M tge. & Tr Co., N. Y. trustee
Par El Ry 1st mtge $10,000.-1
1902 5 g J-J
8,178.000 Jan11942
000 gold ($1,000)___ c .n tf/In t. at Union Trust Co., San Fran., trustee.
Los Ang & Pas El Ry M $1,- 1898 5 g J-J
628,000 Jan 1 1928
000,000 g guar ($1,000) c *{ln t. at 111. Tr. & Sav. Bk., Chic., trustee.
Can be called at 105_ n tf 1 or at Chase Nat. Bank New York.
_
Ont & San Ant Heights 1st M 1 1910 6 F-A
164.000 Feb 1 1935
$1,000,000 ($1,000) s f.n tf\In t. at Security Tr & S Bk., Los Ang., trus.
Pas & Mt L 1st M $500,01)0 1900 4 g J O
480.000 June 1 1930
gold ($1,000)_______ c*.n tf/In t. at Union Trust C o., San Fran., trustee.
Ca Pacific Ry 1st mtge gold/
1901 5 g J-J
478,000 July 11941
($1,000) guar_______ c . n tf lint, at C o.’s office in N. Y . & Chase Nat. Bk.
Los Angeles-Pacific RR first/ 1898
5 J-D
10,000 June 10 1928
mort gold $1.000,000c*.ntf lint. atCitiz. Tr. & S. Bk., Los Ang., trustee
Los Ang-Pac RR 1st con m tge/
1901 5 A-O
1,462,000 Apr 11931
$1,500,000 g ($ l,0 0 0 )-.n tf\ ln t. at Crocker Nat. Bank. San Francisco.
Los Ang Her B & Red 1st M J 1902
5 g M -N
74,000 M ay 1 1942
$500,000 gold ($1,000) _n tf (Title Ins. & Tr. C o., Los Ang., trustee.
Los Ang Pac RR of Calif first 1903
5 g M-S
2.013.000 Sept 1 1943
and ref mtge $5,000,0001 Int. at Pacific S’west Tr. & S. Bk., tr., or at
gold ($1,000) s f ___ c * .n t f I U. S. Mtge. & Trust C o., N. Y ., co-trus.
Los Angeles Pacific Co gen/ 1906 5 g J-J
836.000 Jan 2 1946
consol mtge $12,500,000{lnt. at Wells Fargo & Un. Tr. Co., S. Fr., tr.,
gold ($1,000) sinking fundi or at Farmers’ & Merch. Nat. Bank, Los.
c*_n tf I Angeles, or Chase Nat. Bank, New York.
Los Ang-Pac Co 1st ref mtge I 1910 4 g J-J 8,298,000
Jan 1 1950
$2,000,0000 g ($1,000) c*.tf (Union Trust Co., San Francisco, trustee.
Los Ang & Redondo 1st mtge)
1902 5 g J-J
391.000 Jan 15 1932
$500,000 g ($ l,000 )-c*.n tfi Int. at Union Trust Co., San Francisco, trusI tee, and R R . C o.’s office in N. Y . City.
San Bernard Vail Trac 1st M / l901 5 A-O
44,000 Oct 1 1931
gold $250,000______c*_ntf(T itle Ins. & Tr. C o., Los Ang., trustee.
San Bernardino Valley Tr 1st/ l903
5 g M-S
505.000 Sept 1 1933
& ref mtge $1,000,000 gold/Int. at Pacific Southwest Tr. & S. Bk. of
sink fund ($l,000)c*&r.ntf I Calif., trustee.
Redlands St Ry 1st M gold [ 1901
5 M-S
27.000 Sept 1 1931
$150,000 _____________n tf/T itle Ins. & Tr. C o., Los Ang., trustee.
\ Int. at First Nat. Bank, Redlands, Cal.
Redlands Central Ry 1st M l 1907
5 J-J
33.000 July 1 193T
gold $500,000 ($ l,000 )-n tf \Int. at Pac. S’west Tr & S. B. of Cal., trus.
BONDS.— Pacific Elec. Ry. Is! ref. mtge. are to provide funds to ret'
underlying bonds; also for acquisitions and for corporate purposes. Bond* to
bear interest at such rate or rates as may be fixed at time of issue by direc­
tors, not exceeding, however, 5% per annum. The bonds are issued in
series, Series “ A " being the only series issued. Denom. Series “ A ” $1,000
— other series, $1,000, $500 and $100. Sinking fund $10,000 per year.
Series “ A ” is subject to call from Sept. 1 1916 at 110 and int. Other series
subject to call since Sept. 1 1916 at price to be fixed by board of directors
Pacific Elec. Ry. 1st Mtge.— A sufficient amount is reserved to retire
prior issues. Sinking fund is $5,000 per annum, commencing Jan. 1
1907, for 5 years; then $10,000 per annum to Jan. 1 1917; $15,000 per
annum to Jan. 1 1922; $20,000 per annum to Jan. 1 1927; $25,000 per
annum to Jan. 1 1932; $30,000 per annum to Jan. 1 1937 and $35,000 annu­
ally thereafter, said sinking fund to be used in purchase of the bonds,but
fund may be invested in other securities if bonds cannot be obtained at par.
Los Angeles & Pasadena 1st Mtge.— Bonds bear the guaranty of the Los
Angeles Ry. by end. Sink fund of $10,500 per year out of net earns, from
Dec. 1 1908 to and incl. 1926; callable at 105 on any int. date.
Pasadena & Mt. Lowe bonds are guar. p. & i. by both Los Angeles R y.
and Los Angeles & Pasadena Elec. Ry. A sinking fund for those bonds be­
gan 10 years from date of bonds of $5,000 per ann. for first 5 years, $7,500
per ann. for second 5 years, $10,000 per ann. for next 5 years and $12,500
per annum for remaining 5 years. Red. at 104 and interest.
California Pacific Ry. 1st Mtge. is for no stated authorized amount, but
is limited to $20,000 per mile of completed track. No sinking funds and
bonds cannot be called. Guar. p.&i. by Los Ang. Trac. C o.; see V. 75, p. 76.
Title Insurance & Trust C o., Los Angeles, Trustee.
Los Angeles-Pacific RR. 1st Mtge.— Red. on any int. date at 105 and int.
Sinking fund began June 10 1908 until June 10 1926, $10,500 per year out
of net income only. Int. also payable at Illinois Tr. & Sav. Bank, Chic.,
and Chase Nat Bank, N. Y.
Los Angeles-Pacific RR. 1st Cons. Mtge.— N ot callable. Sinking fund
began April 1 1911 and retires $10,500 annually (out of net earns, only) to
and incl. April 1 1929. Citizens' Trust & Sav. Bank, Los Angeles, trustee.
Los Angeles Hermosa Beach & Red. Ry. 1st Mtge.—-Int. payable at Crocker
Nat. Bank, San Fran. Sink, fund began M ay 1 1913 and retires $10,500
per ann. (out of net income only) to and incl. M ay 1 1942. Not callable.
Los Angeles .Pacific RR. lsi & Ref. Mtge.— Sufficient bonds are reserved to
retirp prior liens. A Sinking fund began in 1908. to which $50,000 oer ann.
is payable first 5 years, $60,000 per ann. next 5 years, $70,000 per ann.
next 5 years, $80,000 yearly following 5 years, $90,000 per ann. next 5 years.
$100,000 yearly following 5 years and $150,000 per ann. thereafter. Not
subject to call.
Los Angeles Pacific Co. Consol, bonds have a sink, fund, 1911 to 1915,
$10,000 per ann.; 1916 to 1920, $15,000 per ann.; 1921 to 1925, $40,000
ann.; 1926 to 1930, $75,000 per ann.; 1931 to 1944, $80,000 ann., and 1945
to 1946, $90,000 per ann. Of the $12,500,000 auth., $5,000,000 are re­
served for prior liens. Bonds are not callable.
Los Angeles Pacific Co. Is! Ref. Mtge.— Subject to call as a whole or in
part on and after Jan. 1 1915 on any int. date at 105 and int. on 3 months’
notice. Interest payable at company’s office or agency in New York.

O ct ., 1927.]

POW ER, LIG H T AN D R A IL W A Y

Sinking fund of $5,000 per annum began in 1910. Guar., p. & i., by Southern
Redlands St. Ry. 1st Mtge. 5% Bonds.— $50,000 are reserved for the
previous issue o f 6% bonds. No sinking funds and bonds are not callable.
Redlands Central Ry. lsl Mtge.— Sinking fund began July 1 1912 and retires
$1,000 per annum to July 1 1917, $2,000 next 5 years, $3,000 per annum fol­
lowing 5 years, $4,000 next 5 years and $5,000 following 5 yrs. Not callable.
Los Angeles & Redondo 1st Mtge.— Sinking fund retires $10,000 per annum
out of surplus and net earnings. Bonds are not redeemable.
San Bernardino Valley Traction Is/ Mtge. bonds are subject to call at 105
Int. payable at First Nat. Bank, Redlands, and at First Nat. Bank
Los Angeles.
San Bernadino Valley Trac. 1st A ref. Mtge. bonds are red. at 105. Sink,
fund retires at 105 and int. 12 bonds during 1913-15 incl.) during 1916 pays
off 13 bonds; during 1917 14 bonds; during 1918-27 pays o ff 25 bonds yrly.
during 1928-30 37 bonds yrly.; 1931 and 1932 38 bonds each year.
Ontario A San Ant. Heights lsi Mtge. bonds are red. at 101 and int. Sink,
fund 1914 and following 4 years 1% o f outstanding bonds, 2% thereafter.
EARN INGS.— For calendar years:
Interest,
Balance.
Gross
Net (after
Other
Rents, Ac.
Earnings
Taxes).
Income.
1926______ $19,111,164 $1,563,161 $381,788 $3,040,982 def.$l,096,033
2,938.375 def. 42,438
1925______ 19.514.325
2,356.582
539.356
4,598.700 def. 592,185
1924______ 20.729.483
3.714.351 292,163
4,349,129 sur. 330,915
1923______ 21,641,554
4,463.752 216.292
4.216,411 def. 575.989
1922______ 18,307,733
3,542.207
98,215
4,096.439 def. 799,634
1921______ 17,096,117
3,192,423 104,382
OFFICERS.— Pres.. Paul Shoup. San Francisco; V.-P. & Gen. Mgr
D . W. Pontius; V .-P ., Frank Karr; Sec. & Aud., L. A. Lovell, Asst. Sec..
E. L. Young, Los Angeles; Treas., M . S. Wade General offices, Pacific
Electric Bldg., Los Angeles.— V. 113, p .8 5 0 ,1 3 6 4 , 1675, 1888, 2080; V
114, p. 79, 855; V. 115, p. 988. 1100, 1321, 1533, 1838. 2581; V. 116, p
936, 2389, 2884: V. 117, p. 554, 1018, 1664; V. 119, p. 198. 694, 943, 1173;
V . 120, p. 705, 3315; V. 122, p. 2330, 3341; V. 124, p. 2429.

LOS ANGELES RAILWAY CORPORATION.
The entire $20,000,000 stock, except directors’ qualifying shares, owned
by Mr. H. E. Huntington, and, along with certain amounts of different
bond issues of this company and the Pacific Electric Ry. (which see), is
pledged as security for the Huntington Land & Improvement collateral
trust issue— see V. 98, p. 527.
ORGAN IZATION.— Incorporated in Calif, on Nov. 7 1910 as successor
to Los Angeles Railway Co. Owns entire $5,000,000 stock o f the City Ry
of Los Angeles, incorporated in Dec. 1910 to build new lines for the cor­
poration. V. 91, p. 1766.
The Los Angeles Motor Bus Co. was organized in February 1923 by the
Los Angeles Ry. and the Pacific Electric Ry. V 116, p. 935.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Has acquired all the city narrow-gauge lines owned by Pacific Electric
Railway and Los Angeles Interurban Railway, and those portions of
Los Angeles & Redondo R y. and California-Pacific Ry. Co. lying north
of an east-and-west line running through Hawthorne and Athens, thus
comprising all the street railway business o f Los Angeles. V. 91, p. 1386.
Comprises 402.27 miles of track; 60, 72, 87 and ll6 -lb . rails. Owns and
controls 1.251 passenger cars, o f which 998 are of P-A-Y-E type, 183 centre,
70 Birney Safety and 117 work cars, &c.; total 1,368 cars
Has favorable
power contract with the Southern California Edison Co.; the current being
distributed through the corporation’s own transmission system. Has
16 sub-stations. More than 85 miles o f track is on private right-of-way
All main line and practically all down-town line franchises extend be­
yond 1940.
Valuation.— V. 110, p. 167.
Reorganization Proposed— Consolidation, A c.— See V. 119, p. 579. On
Nov. 3 a joint Board of Engineers filed with the California R R . Commission
and the Los Angeles Board of Public Utilities and Transportation a report
recommending unification either by city ownership or as a second choice,
the taking over of the Los Angeles railway properties by the Pacific Electric
Ry. Co. Unification would embrace the Los Angeles R y. Corp. street ry.
lines in Los Angeles and the local lines only o f the Pacific Electric R y. Co.
For more details see V. 121, p. 2521.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
_______ $20,000,000 ---------------Stock $20.000,000_________________
Los Angeles Ry Corp 1st & ref ( 1910 5 g J-D
14,815,000 Dec 11940
M $20,000,000 g ($1,000)1 Pacific Southwest Trust & Savings Bank,
sinking fund___________ e*[ trustee.
Los Ang Co Ry M $5,000,-) 1899 5 g A-O
4,722,000 Oct 1 1938
000 gold ($1,000 e a ch )-.c* /In t. at Union Trust Co., San Fran., C al., T r .
Los Angeles Trac 1st cons M\ 1898 5 g J-D
250,000 Dec 1 1938
gold $250,000 ($1.000)____/S t. Louis Union Tr. C o., St. Louis, Trustee.
City Ry o f Los Angeles 1st M\ 1911
5 F-A
,5000,000 Feb 1 1941
$5,000,000 ($1,000) gold c*/Int.at Pac.S.W .Tr.&S.Bk.,Los.A., trustee,
Bonds.— Int. on 1st & ref. M . bonds is payable at office of trustee.
Bankers Trust Co., New York, and by arrangement at Anglo & LondonParis Nat. Bank, San Fran. Bonds are not subj to call. Bonds have sink,
fund o f $10,000 per month (incl. s. f. on underlying bonds) to be invested in
first and ref. bonds at 105 and int., or in approved securities; first & ref.
bonds purchased for s. f. to be kept alive, $2 555,000 bonds are held in
sink, fund as of Dec. 31 1926. V. 92, p. 262; V. 94, p. 1383; V. 95. p. 1273;
V. 123, p. 3320. On 30 days’ notice int. may be made payable at the
National City Bank, New York.
Int. on the Los Angeles Trac. issue paid at Chase Nat. Bank, N. Y.
$546,000 Los Angeles Ry. Co. mtge. bonds in sinking fund as of D e c.31,
1926 and $278,000 canceled.
City Ry. Co. ef Los Angeles 1st mtge. bonds have a sinking fund of 2%
per annum o f principal amounts of bonds outstanding, which began Jan. 1
1916. $1,267,000 bonds in sinking fund Dec. 31, 1926.
E A R N IN G S.— For calendar years:
Gross.
*Exvenses.
Net.
Int.,Tax.&S.F Surplus.
x l9 2 6 _________ $12,267,458 $8.5.30,274 $3,737,184 $2,621,881 $1,115,303
x l9 2 5 _________ 12,354,534 8,500,486 3,854,048 2,700,775 1,153,273
xl924........
12,845,948 8,227,814 4,618,134 2,607,113 2,011,021
x l9 2 3 _________ 12.698,978 7,763,228 4.935.750 2,547,079 2,388,671
1922---------------- 11,249,737 6,646,205 4,603,532 2,478,532 2,125,001
1921 .........
10.241.011 7,316,897 2,924.114 2,023,021
901 093
* Excluding depreciation. x Excluding buses.
OFFICERS.— Pres. & Gen. M gr., G. J. Kuhrts; V .-P ., Albert Crutcher,
Sec. & Treas., O. A. Henderson.— V. 121, p. 2521, 3131; V. 122, p . 3453;;
V. 123, p. 3320; V. 124, p. 3772.

263

Franchises.— Practically the entire mileage of the road is located on private
right of w ay. We understand that where franchises are required, they con­
tain no burdensome restrictions, and extend from 1946 to 1964, the shortest
covering only about 5 miles, expiring in 1941.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $6,550,000 ($100)________
_________ $6,242,955 ____________
Pref $1,500,000 cum ($100)________
7%
1,242.711
See text
1st mtge serial $3,000,0001 1920 6 g J-J 1
746,000
See text
($1,000) gold_________ c*tf/U nion Trust C o., San Francisco, trustee.
Stock.— Frpferrea stock is callable at any time at 110. Offer mane by
Western Pacific to common stock holders. See opening paragraph.
Bonds.— Are secured by a 1st mtge. on the entire property. Escrow bonds
($1,960,000) can only be issued for 75% of the capital and reasonable cash
expenditures for permanent exts. and add’ns to the property under certain
conditions. If any of the escrow bonds are issued, the bonds so issued shall
mature not later than Jan. 1 1940, and not earlier than the last maturity
of the present issue outstanding. The $746,000 now outstanding mature
$42,000 annually to Jan. 1 1940. Call, all or in part by lot (last maturities
first) at 102 and int. on any int. date. Int. payable in Chicago or San
Francisco. Tax exempt in California. V. 110, p. 466. In Feb. 1926 co.
offered holders of the outstanding $788,000 6% bonds to exchange these
against new 614% bonds and $20 in cash for each $1,000 6% bond. The
authorized amount of bonds to be reduced from $3,000,000 to $2,000,000.
$988,000 new 6)4% bonds to be issued, $200,000 of which were to be taken
by Western Pacific R R . The offer was made for the purpose of safeguard­
ing a trackage agreement with the Western Pacific R R . (see above) from
any danger of cancellation through foreclosure of San Francisco-Sacramento
bonds. V. 122, p. 884. In Jan. 1927 the Western Pacific RR. agreed to
advance $23,640 bond int. and $42,000 for redemption of bonds due Jan. 1
1927, which payments the company was unable to meet. These aavances,
with previous ones, were to be secureo by a second mortgage on the road.
V. 124, p. 113. See also opening paragraph of this statement.
Dividends.— An initial dlv. of $3.50 was paid on the pref. stock on July 15
1920. V. 110, p. 2658. In Oct. 1920 $1 75 was paid. Same amount was
paid regularly quarterly to and including July 1923. None paid since.
V. 117, p. 1557.
EARNING S.—-For calendar years:
Other
Balance,
Gross
Net (after
Int. &
Earnings.
Surplus.
Taxes).
Income.
Miscell.
1926_________ - $990,312
$34,443
$27,386
$1,145
$62,974
1925_________ .
975.388
183
54.045
3.149
57,010
1924_________ .
990.549
42,758
93,118
5.627
55.9S7
1923_________ . 1,032,952
36.215
83,722
8.193
55.700
1922_________ . 1,103,877
111.552
151.302
9.327
•49.077
109,183
1921-J_______ . 1.169,684
148,268
56,336
17,251
198,135
253,945
25,715
81,525
1920_________ - 1.309,621
OFFICERS..—-Pres., Walter Arnstein; Acting Pres., H. A. Mitchell;
Vice-Pres. & Gen. M gr., H. A. Mitchell; Sec., H. J. Sutherland; Treas.,
H. J. Sutherland. Office, 990 Mills Bldg., San Francisco, Calif.— V. 120,
p. 2149; V. 122, p. 884; V. 124, p. 113, 1512, 3069; V. 125, p. 1462.

KEY SYSTEM TRANSIT CO.

ORGANIZATION.— Incorp. in Calif, on June 2 1923 and acquired the
properties of the San Francisco-Oakland Terminal Ry. as per plan of re­
organization outlined in “ Electric Railway” Supplement of Apr. 26 1924.
For history of San Francisco-Oakland Terminal Ry. see "Electric Railway”
Supplement of Apr. 26 1924. Owns all the stock, except qualifying direc­
tors’ shares, of the Key System Securities Co.
Key System Securities Co.— Incorp. in California June 21 1923 as successor
of the Oakland Rys. Capital stock auth., $2,600,000; outstanding, $2,600,000. All owned by Key System Transit Co.
Wage Increases awarded in Dec. 1925, see V. 121, p. 2874.
Fare Increases.— For temporary fare increases granted in Jan. 1926 for
certain of co.’s lines, see V. 122, p. 213.
Bond Issue.— Co. applied in Jan. 1926 to California R R . Commission for
permission to issue $2,500,000 514% 1st mtge. bonds. V. 122, p. 611.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates an electric street railway and interurban system in Oak­
land, Berkeley, Alameda, Richmond and other cities on the eastern shore of
San Francisco Bay, extending from Richmond to Hayward, and an inter­
urban ferry system between these cities and the city of San Francisco. Cal.
Total track, 265.32 miles. Equipment, 509 passenger cars, 25 motor
coaches. 97 work and m isc.. 3 electric locomotives and 5 ferry boats. Popu­
lation served is in excess of 500,000. Passengers carried in 1925, 95,106,344
revenue passengers ana a total of 116,674,582 revenue ana free transfer
passengers. Passengers carried for 12 mos. ended Oct. 31 1926 totaled
108,864,444. Company also operates buses.
Franchises covering over 90% of the trackage operated extend beyond
the life of bonds and no franchise matures prior to 1933.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common____________________ _____
_________ $3,262,500 —
—
Preferred 7% cumulative_____________
7%
3.732,100Feb.’27 $1.75
Prior pref 7% cumulative------- -----------7%
5,909,200Feb.'27 $1.75
1st mtge $10,000,000 ser “ A ” / 1923 6 J-J
2,494,000 July 11938
($500 & $1,000) sk fd -.c * t f (Oakland Bank, Oakland, Calif., trustee.
Series B __________________ 1925
6 g J-J
500 000 July 1 1938
Series C __________________ 1925
51* g
2.590.999 July 1 1938
Series D ($1,000 c* )_______ 1926 6% g J-J
1,500.000 July 1 1938
Gen & ref mtge $20,000,000— f
Series “ A ” _______________ 1923
6 g J-J
1,355,600 July 11938
Series 1__________________ { 1923
5 g J-J
7,585.200 July 1 1938
($100, $500 & $1,000) g c * tf lint, at Merc. Tr. Co. of Calif., San F .. trust.
Key System Securities Co colli 1923
6%
2,500,000 July 1 1933
trust notes_______________(Int. guar, by Key System Transit Co.
Equip tr gold ctfs $1,700,000/
1926 5)4 A-O
1,700,000
1927-32
$1,000 c * )______________ tf [Int. at Mercantile Trust Co. of Calif, trustee.
Bonds.— First mtge. bonds are secured by a first mtge. on all property
owned or after acquiree. inoi. all rolling stock and marine equipment.
Are redeemable, all or part, od any interest date on 60 days' notice, at
par and int., plus a premium of M of 1% for each year or portion thereof
of unexpired term. Mortgage provides for sinking fund. Int. payable
at Oakland Bank, Oakland, Calif., trustee, and National City Bank,
New York. $2,500,000 offered in March 1924 by a syndicate of bankers
headed by E . H . Rollins & Sons at 9913 & int. V. 118, p. 1135. $500,000
1st mtge. Series B were issued in N ov. 1925 to pay off the outstanding
balance of the East Oakland R y. 1st mtge. bonds ($299,000). and the Oak
land & Hayward Ry. Co. 1st mtge. bonds ($236.000). V. 121. p. 2402. In
SAN FRANCISCO-SACRAMENTO RAILROAD CO.
Co. of Calif..
Control.— In Jan. 1927 an offer of $5 per share for 40,000 shares o f com­ Feb. 1926 E. H. Rollins & Sons, National City Oct. 1 1925. due&c., &c., of­
.lulu
mon stock o f San Francisco-Sacramento R R . Co. was made by Western fered $2,500,000 Series C 514 % aold bonds dated883, 1026. Series O 1 1938,
at 9714 and int., to y^eld 5.78%
V. 122,
Pacific R R ., which latter co. also had agreed to advance funds to be secured red. all or part on 60 days' notice at 102 & int.p. or before Jan. 1 1931,and D
on
there­
by 2d mtge. on the road, for the payment of $23,640 interest and $42,000
int.,
for each year
of unexpired term.
redemption due Jan. 1 1927 in c o .’s 1st mtge. bonds. V. 124, p. 113, after at 100 &Calif plus M % property tax. or portionpayable in Oakland,
Exempt from
personal
1512. The Sacramento C o., a newly formed holding company, for the Calif., and New York. In Dec. 1926 Bond Interest
&
& Tucker,
common shares, offered in M ay 1927 $5 a share for the remaining common ana Blyth, Witter & Co , &c., offered $1,500,000 Gooawin at 99)4 ana Inc.,
series D
int.,
shares outstanding. V. 124, p. 3069; V. 125, p. 1462.
yielaing over 6% . V. 123, p. 33l9.
ORGAN IZATION .— Incorp. in Calif, late in 1919 as successor to the
Gen. & ref. mtge. bonds are red., all or in part, on any int. date on 60
Oakland Antioch & Eastern R R ., sold at foreclosure on Jan. 26 1920 as days’ notice at par and int. plus a premium of 2% . In April 1924 Blyth,
per plan of reorganization outlined in the “ Electric Railway” Supplement Witter & Co. offered $1,118,000 gen. & ref. mtge. Ser. 1 5s at 78 & int.,
of N ov. 15 1919, in which issue the history o f the predecessor co. will also to yield 7.75%. V. 118, p. 1772.
be found. For changes in reorganization plan see V. 110, p. 78. Controls
The Key System Securities Co. coll, trust notes are guar, as to payment of
through stock ownership Oakland & Antioch Ry. (34.12 miles between the interest only by the Key System Transit Co. and are secured by deposit of
points named). Has a traffic agreement with the Atchison Topeka & $1,628,000 prior pref., $1,628,000 pref. and $250,000 com. stocks of that
Santa Fe Ry. under which the latter reaches Sacramento and points beyond. company (not included in amounts outstanding), and $952,000 com. stock
In Jan. 1926 made a contract with the Western Pacific R R . and Sacramento included in the amount outstanding.
Northern R y. (electric) owned by Western Pacific R R ., for construction
The 5 Vi % equipment trust gold certificates, dated April 1 1926 are issued
by Sacramento Northern R y., of a 13-mile branch line from Lisbon through under the “ Philadelphia Plan.” Red. as a whole or in part, in reverse
the Holland district, this branch to be leased to San Francisco-Sacramento order of maturity, on 60 days’ notice on any dividend date at 102 and divs.
on the basis o f 6% of cost. V. 122, p. 884.
Calif, personal property tax up to 5 mills refundable. They mature in
FIE LD OF OPERATIONS AND CHARACTER OF BUSINESS.— the following amounts: $175,000 on each April 1 1927, 1928 and 1929;
87.18 miles main line in operation. 2d track, sidings, &c., 11.31 miles; $150,000 on each April 1 1930 and 1931, and $125,000 on each April 1 1932
total, 9 8 4 9 miles. Owns 6 sub-stations, warehouses, shops, storehouses, to 19.38, incl. In M ay 1926 Mercantile Securities Co. of Calif. &c., &e.,
office buildings, freight stations, ticket stations, &c. Equipment consists offered $1,700,000 at prices ranging from 97.01 and divs. to 100.48 and divs.,
o f 38 passenger coaches, o f which 20 are motor equipped, 6 steel locomo­ to yield from 5% to 5.85% . V. 122, p. 2651.
tives, 66 freight cars, 3 cabooses and 14 construction and work cars. Power
Dividends.— Pref. divs. paid regularly since issuance. Quar. div. of
Is furnished by the Great Western Power Co. under contract.
1M % on prior pref. usually paid in M ay was deferred. V. 124, p. 2748.




PUBLIC U T ILIT IE S

264
E A R N IN G S.— For cal. years:
1926.
Gross operating revenue $7,597,585
Operating expenses
5,383,991

1925.
$7,289,871
5,179,194

1924.
$7,306,575
5,012,764

1923.
$7,219,595
4,877,902

Net operating revenue $2,213,594
Add net revenue commissary department _ _

$2,110,677

$2,293,811

$2,341,693

Total net revenue____ $2,213,594
Taxes. _ 474,447

142,310

137,837

$2,110,677
444,033

$2,436,121
465,975

$2,479,530
418,551

Operating income____ $1,739,147
Add non-oper. incom e. _ xl65,622

$1,666,644
211,560

$1,970,146
134,059

$2,060,978
20,264

Gross profit_________ $1,904,769
Depreciation
690.985
Amortiz’n o f franchises.
8,763
Abandonment o f obsolete equipment ______
9,252
Bond interest, &c
977,376
Profit and loss adjust’ts. Cr. 188,140
Prior pref. divs. paid_
_
413,644

$1,878,204
689,035
8,763

$2,104,206
650,960
8,763

$2,081,242
599,575
8,763

1,396
824,897
Cr.35,490
413,618

220
822,736
4,985
308,334

24,000
818,259

Balance, sur. or def__ d e f$ 7 ,lll def$24,013 sur$308,207 sur$630,655
Includes $105,323 net revenue, Key System Service Co.
OFFICERS.— Pres., A. J. Lundberg; V .-P ., W . W . Garthwaite; Sec. &
Treas., F. W . Frost: Asst, to Pres., C. C. Vargas; Aud., Frank Smith.—
V. 121, p. 2402, 2874; V. 122, p. 213, 611, 883, 1026, 2495, 2651; V. 123,
p .12261, 3183, 3319, 2748, 3496; V. 125, p. 385, 648, 1192, 1970.

PETALUMA & SANTA ROSA RAILROAD.
ORGAN IZATION .— Incorporated in California on Aug. 23 1918 as suc­
cessor to the Petaluma & Santa Rosa Ry. in accordance with reorganization
plan outlined in “ Electric Railway” Supplement o f Sept. 29 1918.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates from Petaluma through Sebastopol to Santa Rosa, with branches
Sebastopol to Forestville and Liberty to Two Rocks. Miles road, 38.01;
sidings, &c., 9.89; total, 47.90. Connects at Petaluma with steamers for
San Francisco. Owns steamers "G old ” and “ Petaluma.” Standard
gauge. 70-lb. T rails.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock $1,000,000 ( $ 1 0 0 ) - - ------------------$770,700
See text
Prefcum $250,000 ($100)__________
6%
127,800
See-text
1st mtge25-yr $750,000 ($100) 1918
5 ^ g M -S
590,800 Sept 11943
& $1,000) gold________ c&r/First Federal Trust C o., San Francisco, Tr.
Stock.— Preferrea stockholders have the right to elect a majority of direc­
tors in case of non-payment of their dividends. Pref. stock is redeemable
at par.
Bonds.— Callable at 105 for sinking fund. $26,000 retired and $81,600
reacquired and held alive. The mtge. provides that earnings ordinarily
applicable to com. divs. shall be apportioned as follows
(1) I f earnings justify and conditions permit, a div. o f 2 M % shall be paid
i
on com. stock. (2) Any amount remaining after such payment shall be
distributed 50% to common stockholders, 25% to a trust fund to retire
1st M . bonds, and 25% to retire preferred shares. Remaining unissued
bonds are reserved for constfuction. Int. payable in New York & San Fran
Dividends.— On pref. stock are being paid regularly. 1% was paid on
the com. stock in 1919. In 1920, 1% ; in 1921, 1%; in 1922. M ay, 1%;
N ov., 1% ; in 1923, 314%: in 1924, 4% ; in 1925, 4% ; in 1926, 4% in aooition to a special div. o f 1 % . All regular dividends paid to date.
EARN ING S.— For calendar years:
Gross.
Net.
Other Inc. Int. & Taxes. Balance.
1926 ____________$583,705
$157,447
$4,329
$67,270
$94,506
134.785
7,472
59,953
82,304
1925 ___________ 535,572
1924 ___________ 565,554
155,421
22,755
64,500
113,676
1923 ..........
601,502
160,617
10,496
72,898
98,215
1922 ----------------- 559,705
139,406
14,192
66,866
86,732
279,962 railway passengers carried in 1925, against 368,852 in 1924,
and 455,961 in 1923. 230,316 tons o f freight in 1925, 249,176 tons in
1924 and 262,519 in 1923.
OFFICERS.— Pres. & Gen. M gr., E . H. Maggard; V .-P ., Thos. Maclay;
Treas., Geo. P. McNear; Sec., R. W. Wise; Aud., H. W . von Emster.—
V 107, p. 697, 906, 1193, 1580, 1670.

FRESNO TRA CTIO N CO.
I b 1910 Southern Pacific assumed control and owns all the stock ex cep'
directors’ shares.
ORGAN IZATION .— Incorp. in Cal. Sept. 22 1903. Leases the Fresno
City R y. Purchases power from San Joaquin Light & Power Co. In Feb1922 the company was granted a 50-year franchise by the Fresno City Coun­
cil. The ordinance gives the city the right to purchase the road at ten-year
intervals, payment to be based on value o f the property at time the option
is exercised. V. 114, p. 78, 2115; V. 115. p. 73.
FIELD OF OPERATIONS A N D CH ARACTER OF B U SIN ESS— A
trolley road. Mileage operated (incl. 7.35 miles leased from Fresno City
R y .), 49.80 miles. Also owns 8.69 miles o f single-track operated by
Southern Pacific Co. Standard gauge, 75-lb. T rail. Operates 60 electric
motor passenger, 3 work cars and 2 buses.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)___________
_______
$5,000,000 __________
First mortgage $5,000,0001 1904
5 J-J
630,000 July 1 1944
($1,000) gold________ c .n tf/I n t. at Union Trust Co., San Fran., Trustee.
Bond .— Fresno Trac. 1st M . bonds have a sinking fund commencing in
1909 o f $2,500 per annum for first 5 years and increasing $2,500 per annum
for each 5-year period thereafter to $17,500 per annum from 1939 to 1943.
EARN IN G S.— Including Fresno City Ry. for calendar years;
Gross
Other
Net (after
Interest,
Balance,
Earnings.
Taxes).
Income. Rentals, &c.
Deficit.
1 9 2 5 -...----- $345,872 def$4,057
$10,416
def.$46,424
x$52,783
1924. . ___ 366,699
9,912
xl50,528
defl46,789
def6,173
1923— . ____ 430,441
137,159
61,553
10.013
def.65,593
1 9 2 2 ... ____ 428,386
88,828
10,093
126,537
def.27,617
1921 . . . ____ 403,865
54,937
121,986
11,224
def.55,825
x Rents, &c., payable.
OFFICERS.— Pres., W . F. Herrin, San Francisco; V .-P ., Paul Shoup;
Sec., G. L. King, San Francisco; V.-P. & Gen. Mgr., F. W . Webster, San
Francisco: Treas., M . S. Wade, Los Angeles; Asst. Sec. & Aud., L. A.
Lovell, Los A ngeles— V. 107, p. 1192; V. 114, p. 78, 2115; V. 115, p. 73;
V. 116, p. 2388.

SAN DIEGO ELECTRIC R AILW AY.
ORGANIZATION, &c.— Began operation in 1892 and in March 189
purchased Citizens’ Traction Co. at foreclosure sale. In 1905 sold its elec
trie power business to the United Light, Fuel & Power Co. V. 81, p. 559.
On Dec. 30 1920 Comm, sold the power house and plant to the San Diego
Cons. Gas & Elec. Co. Compare V. 112, p. 63. In 1908 purchased the
electric line o f the Coronado R R . In 1909 acquired the South Park &
East Side Ry. In Sept. 1922 the Calif. R R . Comm, approved the purchase
by the co. o f the properties o f the Point Loma R R .; the co. to issue in
payment $100,000 capital stock at par and in addition to pay $30,000 in
cash. The Point Loma R R . was formerly operated by the co. under lease
V. 115, p. 870, 2478 On Feb. 4 1924 the Calif. R R . Comm , approved the
purchase by the co. o f the properties o f the Bay Shore RR. Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
An electric railway transportation system, supplemented by motor coach
service. Owns and operates electric system in San Diego and vicinity
aggregating 95.352 miles of track, including 32.474 miles of second track
and 1.713 miles of sidings. Operates additional mileage in National City
ano Coronaoo over 5.198 miles of track leaseu from the San Diego & Arizona
R y. Co. Standard gauge, 75-lb. and 93 ib. T rail and 114-lb. girder rail.
Owns 147 passenger, 28 construction and work cars and 33 freight, cars,
also 17 passenger motor coaches.
StBus Operations.— See V. 116, p. 2390; V. 119, p. 326.




[V ol. 125.

STOCK AND BONDS—
Date. Interest. Outstanding. Maturity
_______
$4,298,000 __________
Stock $5,000,000__________________
Guar eq tr ctfs ser “ A ” ($5001 1923 6 A-O
570,000
See text
and $1,000)____________ c*/First Trust & Savs. Bk., San Diego, Trustee.
Bonds.— The 6% equip, trust certificates, Series “ A ,” are guaranteed un­
conditionally prin. and divs. jointly and severally by endorsement of the
San Diego Electric R y. and J. D. and A. B. Spreckels Securities C o., the
latter of which i«•
the owner o f the entire capital stock and funded obligations
of the former co. These ctfs. mature in annual installments Oct. 1 1925
to Oct. 1 1934, incl., are exempt from personal property tax In California.
Divs. payable at office of trustee or at Anglo & London-Paris Nat. Bank,
San Francisco, Calif. V . 117, p. 2771.
EAR N ING S.— For calendar years:
Gross. Net.aft.Taxes.
Oth. Inc. Deductions. Bal.Surp.
$203,318
1926............ .$1,667,519
$100,571
$385,088 def$81,200
1925-- . . . - 1,608,502
96,789
79,034
453,225 def277,402
1924_______ . 1,482,832
162,298
58,058
314,003
93,647
1923_______ . 1,374,908
130,080
37,143
247.486 def .80,262
1922............ . 1,379,490
211,162
31,861
211.706
31.317
OFFICERS.-—Pres., W. H. Hannam; Treas., Frank J. Belcher Jr.;
Sec., Lane D. Webber; Gen. M gr.. S. E. Mason; General Counsel, Morrison,
Hohfeld, Foerster, Shuman & Clark.-— V. 119, p. 326; V. 120, p. 2402;
V. 122, p. 2913.

CALIFORNIA STREET CABLE.
ORGANIZATION.— Chartered Feb. 8 1877. Annual meeting the third
Wednesday in January. Franchise expires In Feb. 1929.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates 11 miles of track on 5M) miles o f street.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
•Stock (par $100)____________ _____
Monthly $1,000,000
See text
Dividends.— Were 50 cents monthly, but in Aug. 1902 were increased to
75 cents monthly, and in N ov. 1904 to 90 cents monthly. On account of
earthquake and fire, no dividends were paid from April 1906 to Sept. 1908,
when dividends were resumed at 50 cents per share up to M ay 1909, when
60c. per share was paid; same rate monthly since.
EARN ING S.Surplus.
Gross. Net, after Taxes. Oth.Inc. Deductions.
$25,000
$10,477
1926 . . . ___ $530,887
$18,685
$33,208
24,102
10,322
108,491
L925 ___ - . . 556,198
94,711
1924 . . . ------ 556,024
29,169
10,433
95,252
76,516
21,269
10,169
1923 . . . . ___ 559,341
116,919
128,019
1922 - . . ___ 546,312
119.962
19,626
13,791
125,797
1921 . . . . ----- 547,054
103,092
97.759
18,713
13.380
OFFICERS.— Pres., Jas. W . Harris; V .-P ., A . H . Payson; 2d V .-P .,
S. Waldo Coleman: Sec., Geo. A. Hare; Treas., Wells Fargo Bank and
Union Trust Co. of San Francisco: Aud., Chas. P. Stone; Supt., J. T.
McGhee. Office, 1061 Hyde St., San Francisco, Calif.— V. 99, p. 1831.
1616.

SACRAMENTO NORTHERN R A IL W A Y .
The Western Pacific R R . Corp. (see “ Railway and Industrial” Section)
Owns 99% o f both stock and bonds o f the old Sacramento Northern Ry(see “ Public Utilities Compendium” of Oct. 31 1925), V. 121, p. 460, and
now owns all of the stock of Sacramento Northern Railway and 99.46% of
the outstanding 1st mtge. bonds of the Sacramento Northern R R ., assumed
by Sacramento Northern Ry. V. 112, p. 1400; V. 121, p. 460.
ORGANIZATION.— incorp. In California and on N ov. 5 1925 purchased
the properties of Sacramento Northern R R . for $730,000 and assumed all
of its bonded and other indebtedness.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS —
Total track operated 220.34 miles. Connects Chico, Oroville, Marysville,
Sacramento, Yuba City, Colusa, Meridian and Woodland. Also connects
Suisun and Vacaville in Solano County.
Capitalization.-—Common $1,000,000 (par $100)____________ $1,000,000
Sacr. Nor. R R . 1st M . 5% 20-yr. bonds [assumed by Sacr. Nor.
Ry.) all on equal footing except as to interest payments.
Dated July 1 1917. Denom. $1,000, $500 and $100; interest
payable semi-annually. Total $5,224,373, viz.:
Class “ A ” bonds, call, at 102, a fixed charge from July 1 1917__$1,908,812
Class “ B ” bonds, call, at par, a fixed charge from July 1 1919-904,270
*Class “ C ” bonds, call, at par, a fixed charge from July 1 1922. 1,205,646
*Class “ D ” bonds, call. at par, a fixed charge from July 1 1927- 1,205,646
* Prior to dates named, “ C ” and “ D ’ ’bonds will receive interest only to
extent of net earnings.
A sufficient number of Class “ A ” bonds was sold to provide for purposes
necessary to the reorganization plan.
EARNING S.— For calendar years (of Sac. Nor. R R .):
Balance,
Other
Gross
Net, after
Interest,
Sur. or Def.
Revenue.
Tax & Depr . Income.
<&
c.
$44,302
$207,554
sur.$143,109
1926 ____$1,569,482
$306,361
sur .42,891
47,647
246,511
241,755
1925 ____ 1,502,655
def. 210,849
14,852
257,238
1924 ____ 1,403,281
31,537
def. 79,561
1923 ____ 1,592,247
37,124
262,173
145,488
def. 50,030
1922 ____ 1,608,301
25,743
224,899
149,125
OFFICERS.—Pres. George F. Detrick; V.-P . & Treas. Charles Elsey;
Sec. & Aud., J. R . Parke. Head office, Mills Bldg., San Francisc©.— V .
114, p. 2360; V . 116, p. 2994; V . 117, p. 209; V . 118, p. 552; V . 121, p. 460.

PENINSULAR R A IL W A Y .
Entire stock, except directors’ shares, is owned by Southern Pacific C®.
ORGANIZATION.— Incorporated in California June 30 1909 as a con­
solidation of various electric railways in which the Southern Pacific is inter­
ested, namely, the Peninsular R R ., Santa Clara Inter-Urban R R . (V. 83,
p. 380; V. 87, p. 545), and the San Jose-Los Gatos Interurban R y. (V. 76.
p. 1409; V. 89. p. 104.)
FTELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 70.53 miles main track and 5.51 miles of sidings, turnouts, Ac.,
total, 76.04 miles. Also owns 16.68 miles first main track, leased to
Southern Pacific Co., and 1.26 miles main track operated by San Jose
Railroads. Serves San Jose, Saratoga, Los Gatos, Campbell, Cupertino,
Monta Vista, Mayfield and Palo Alto, all in Santa Clara County. Standard
gauge. 60 and 70-lb., mostly T rail. Operates 26 passenger motor cars,
2 non-motor, 1 locomotive and 25 miscellaneous cars.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $12,000,000 ($100)__________
_________ $12,000,000 — ................
EARNING S.— For calendar years:
Gross
Net (after
Other
Interest,
Balance,
Earnings.
Tares).
Income. Rents.<fec.
Deficit.
19 26-.................... .$248,616 def$90,953 $43,370
$5,134
def$52,717
1925_____________ 253,892
def68,117
41,912
x5,302
def31,507
1924_____________ 273,165
def81.706
41,609 x429,849
def469,947
1923_______________311,712
def16,896
40,294
401,135
def377,737
1922_____________ 328,205
def20,233
38.615
378.641 def360.258
1921_____________ 344,302
defl8,120
35,968
380,384
362,536
1920_____________ 354.417
16.878
34,048
334,643
323.717
x Rents, &c., payable.
OFFICERS.— Pres., Paul Shoup. San Francisco: V .-P . & Gen. M gr.,
F. W . Webster, San Francisco; Sec., G. L. King, San Francisco; Treas., M.S.
Wade Los Angeles; Asst Sec. & Aud.. L. A. Lovell. Los Angeles: Asst.
Sec.. D . E. Ewing, San Francisco. Office, San Francisco, Calif.— V. 114,
p. 2241; V. 116, p. 516; V. 118, p. 1912.

SAN FRANCISCO NAPA & C ALISTO G A RAILW AY .
ORGANIZATION.— Incorp. N ov. 10 1911 in California as successor to
the San Fran. Vallejo & Napa Valley R R ., sold at foreclosure on Oct. 30
1911. V. 93, p. 1535. Also acquired the Vallejo Benicia & Napa Valley
R R . Has a 20-year traffic agreement with Monticello SS. C o., providing
for dai'y schedule of at least six round trips between Vallejo and San Fran.
Purchases power from Great Western Power Co. under contract. Franchise
runs to 1952 or later.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Comprises 46 miles of track, extending from Vallejo to Napa, to Calistoga,
of which 30 miles on private right-of-way, 12.39 miles on streets or high-

Oct., 1927.]

POW ER, LIGH T AND R A IL W A Y

ways and 3.32 miles sidings; standard gauge. Owns 37 acres of land,
Including water front in Vallejo. Commenced operation o f freight service
into Mare Island Navy Yard Sept. 20 1920 over a branch of 3,900 feet
additional main line and over Mare Island Government Causeway and
Transfer Yard on Mare Island, the latter having a capacity of 75 cars
All transcontinental freight will hereafter move over this route for Mare
Island. In 1920 completed a 75-car interchange yard at Napa Junction.
7 miles from Mare Island, where freight for the Navy Yard will be inter­
changed with the S. P. Co.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
_______
$731,700 __________
Stock $2,000,000__________________
1st M $1,000,000 gold (SlOOf 1911 6 J-D
457,500 Dec 1 1936
$500 & $1,000) callable a tjln t. at Mercantile Tr. C o., San Fran., true.,
105 & lnt. on any Int day c* l or at office o
ti. H ollins & Sons, N. Y
Debentures— unsecured non-i 1911 5%
9,100 Dec 1 1936
foreclosable $610,000_____1
Bonds.— $33,000 first mtge. bonds are held in treasury, $ 142,500 are in
sinking fund and remainder are reserved for additions and extensions at
75 % o f cost under certain restrictions. Annual sinking fund of 1 % of bond?out began in 1914. V. 93, p. 1535.
$10,900 5% debentures are held in treasury.
EARNINGS.-—For calendar years:
Surplus
Gross.
Net (aft.taz).
Int.,&c.
def.$14,907
*1927__________________$110,415
$29,778
$44,685
def.18,132
1926___________________ 234,336
54,812
72,944
4,564
1925.. ______ _______ 250,634
76,383
71,819
1924___________________ 297,416
def.5,280
70,508
75,788
25,739
1923.. ______ ------------ 316,410
106,131
80,392
1922___________________ 306.134
67,361
88,872
21,51)
* For 6 months ended June 30 1927.
OFFICERS.— Pres., Jas. Irvine, San Fran.; Sec. & Treas., E. M . Price
San Fran.; V.-P. & Gen. M gr., O. E. Brown, Napa.— V. 119. p. 1734.

SAN JOSE RAILROADS.

Southern Pacific Co. owns entire stock except directors’ shares.
ORGA N IZA TIO N .— Incorp. in California Dec. 23 1909 as successor to
San Jose R y. Co. V. 90, p. 1297. Properties of San Jose & Santa Clara
County R R . Co. purchased by San Jose RRs. Mar. 15 1912.
FIELD OF OPERATIONS AND CHARACTER OF B U S IN E S S .A trolley road. Owns 29.35 miles first track, 14.17 miles second track, 2.05
miles sidings and turnouts; total. 45.57 miles; serving cities of San Jose and
Santa Clara and country adjacent thereto. Standard gauge. Operates
44 passenger motor cars, 3 non-motor, 1 service car and 10 automobiles
and buses.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $5,000,000 ($100)___________
_________ $5,000,000 ___________
1st mortgage $1,500,000 goldl 1910
5 g J-J
1,239,000 Jan 11955
($1,000) sinking fund___ t f Jlnt. at Mercantile Trust Co., S. F., trustee
San Jose & Santa Clara C of 1906 4 >3 A-O
863,000 April 1 1946
RR 1st & ref M $1,500,0001 Int. at Wells Fargo & Un. Tr. C o., San Fr..
($1,000) gold_________ c* tf( trustee.
Bonds.— The San Jose & Santa Clara Co. R R . bonds are subject to call
at llO an din t. Sinking fund of 1% o f outstanding bonds began Apr. 1 1911.
First M . bonds are subject to following sinking fund provisions: Jan. 1 1915
to 1939, incl., $10,000 per year: 1940-44, incl.. $20,000 per year; 1945^19
$30,000 per year; 1950-54, $40,000 per year; or these bonds may be deliv­
ered to trustee in lieu thereof.
EARN ING S.— For calendar years:
Other Inc. Int..Rent,&c.
Balance.
Gross.
Net.
$1,509
$105,158
def. $91,403
$12,246
1926___ ....$ 385 ,546
def. 84,286
1925. ..___ 389,551
107,207
21,091
1,830
1 9 2 4 ....___ 390,641
def. 201,895
2,031
233,260
29,334
def. 174,398
1923___ ----- 419,749
222,133
45,526
2,209
def. 129,150
1922___ ----- 430,119
214,223
82,973
2,100
1921 . . . ----- 410,772
def. 151,289
206,644
53,706
1,649
OFFICERS.— Pres., Wm. F. Herrin; V .-P ., Paul Shoup; V.-P. & Gen.
M gr., F. f f . Webster; Sec., G. L. King; Asst. Sec. & Aud., L. A. Lovell;
Asst. Sec., D . P. Ewing; Treas., M . S. Wade. Office, San Francisco, Calif.
— V. 90, f . 1297; V. 92, p. 1033; V. 104, p. 560; V. 107, p. 604.

CENTRAL CALIFORNIA TRA CTIO N CO.

ORGAN IZATION .— Organized in California in Aug. 1905 to construct
an interurban system o f electric roads for passengers and freight in the cen­
tral valleys o f California. Road operates over private right-of-way,
except in the cities. Franchises in all the cities o f the system run for 50
years. An additional freight and passenger franchise was awarded com­
pany in M ay 1909 for City o f Sacramento. An assessment of $5 a share
was called for payment Feb. 20 1908. V. 86, p.667. In Jan. 1918 another
assessment o f $5 per share was levied on both classes of stock, delinquent
Feb. 25 1918, to provide additional equipment, improve trackage and
restore the company’s credit by reducing floating debt. The necessity for
this action was ascribed to years of unprofitable operation due to jitney
competition, which is now regulated. See V. 106, p. 497.
In Aug. 1925 the Southern Pacific Co. applied to the I.-S. C. Commission
for authority to acquire control o f the company by exchange of stocks and
bonds. For particulars see V. 121, p. 1099.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
An electric road. Operates in the city of Stockton and an interurban line
from Stockton through Lodi to Sacramento. Total track operated, 70.8
miles. Company carries American Railway express matter.
Lease.— The Cal. R R . Comm, in March 1915 authorized the company t
lease its lines in Stockton to the Stockton Elec. R R . at a rental of $12,50o
a year for first 3 years, and $15,000 yearly for next 35 yrs. V. 100, p. 1167
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $3,000,000 ($100)________
_________
$290,300 __________
Pref $1,000,000($100)6% cum ______
_________
792,800 __________
First mortgage $1,500,000/ 1906
See text
1,471,000 April 1 1936
($1,000) gold sink fu n d ..t f lint, at Union Trust Co. of San Fran., trust.
Stock.— $2,928,000 com. stock was issued, but in 1923 this was reduced
to $1,083,100, due to assessment of $5 per share. Delinquents sold out and
bid in by company.
Bonds.— The interest rate on the 1st mtge. g bonds is 5% (A-O). How­
ever, through action o f certain bondholders who agreed in accepting 2J^%
per annum instead o f 5% , only 2 Y % was paid in 1923, 1924, 1925 and 1926.
No news about April 1927 interest. V. 124, p. 371. See also V. 106, p. 497.
Sinking fund on first mortgage bonds has been modified so as to provide
$15,000 per year for 8 years commencing 1924, $30,000 for the next two
years and $340,000 for 1 year. Bonds are red. on any int. day at 105 and
int. on 60 days’ notice.
EARN IN G S.— For calendar years:
Gross
Net, after Taxes. Int.,&c. Bat.. Surp.
1925_______________________ $603,913
$94,728
$69,873
$24,855
1924_______________________ 613,626
73,970
----------------1923_______________________ 632,091
102,803
69,366
33,437
1922_______________________ 585,283
108,053
68,436
39.617
OFFICERS.— Pres., H. Fleishhacker; V.-Ps., M . Fleishhacker, Geo. WPeltier and A. Anderson; Sec. & Treas., A. N. Baldwin; Gen. M gr., F. W
Webster. Office. 9 Main St., San Francisco.— V. 107, p. 401; V. 121, p.
1099; T . 124, » . 371; V. 125, p. 1190.

STOCKTON ELECTRIC RAILROAD.
ORGAN IZATION .— Incorp. Dec. 29 1891 in California. Southern Pac.
Co. owns the entire $500,000 stock except directors’ shares. No bonds
outstanding.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS —
Operates 14.41 miles o f track. Standard gauge. Operates 24 motor
passenger cars, 19 combination motor cais and 2 service cars.
Lease.— For lease of the Central California Traction C o .’s lines in Stockton. see that company above.
Capital stock, $500,000.
E A R N IN G S.— For calendar years:
Other Inc.
Rents, &c. Bal. Sur.
Net.
Gross.
$1,849
$8,139
$23,800
$30,090
...$814,190
1928
3,003
7,960
18,150
23,107
1925 - . . 311,762
4,375
8,080
22,665
1924 . . . 311,931
26,370
7,001
31,072
4,161
28,232
1923 . . . . . 335,484
7,050
2,324
44,417
1922 . . . . . 342,368
49,143
37,601
4.604
9,154
1921 . . . . . 346.596
42.151




265

OFFICERS.— Pres., Paul Shoup; V.-Ps. & Gen. M gr., F. W . Webster;
Sec., G. L. King; Treas., M . S. Wade; Asst. Sec., D . P. Ewing; Asst. Sec.
& Aud., L. A. Lovell. Office, San Francisco, Calif.— V. 108, p. 80; V. I l l ,
p. 1370.

TIDEW ATER SOUTHERN RAILW AY CO.
ORGANIZATION.— Incorp. March 11 1912, in California; successor t«
Tidewater & Southern R R . (incorp. March 4 1910) and Tidewater &
Southern Transit Ry. (incorp. Feb. 16 1912).
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company operates line from Ortega to Hilmar, 48.4 miles; also branch
line Manteca Junction to Manteca, 6-6 miles, and Hatch to Turlock. 6.5
miles. Total mileage operated, 61.5 miles. Franchises cover a period of
40 years in Modesto, Turlock and Stockton. M otor cars; passenger, 3;
locomotives, 1; electric motors, 2; flat 1.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $4,750,000_________ _____
. . . ____
$1,176,482 ...................
First mortgage $4,000,000f 1912
5 g A-O 15
466,500 Apr 15 1942
gold ($500 & $1,000)----ntf\Union Trust Co., San Francisco, trustee.
Bonds.— First mtge. bonds are a 1st lien on the entire property. Are
subject to call at 103 on 30 days’ notice. Sinking fund 2% of bonds out
Oct. 15 1916 to Oct. 15 1921 and 3% of bonds out Oct. 15 1921 to Oct. 15
1941, which will retire bonds at maturity.
EARN ING S.— For calendar years:
Gross
Net
Other
Bond
Oth. Int.
Earnings. Aft. Taxes. Income. Interest. Rent. ifcc.
Balance.
1926 ------$.316,030
$93,351
$5,407
$14,024
$5,729
$79,005
1925 ____ 290.959
77,772
6,512
62,111
15,485
6.687
1924 ____231,615
29,939
11,809
7,725
16,641
9,213
1923 ____ 236.049
34,767
6,618
17,850
18,487
5,048
1922 ____217,731
20,464
3,184
19,010
19,520 def.14.882
1921 ___ 244,942
10,744
6,829
19,977
20,408 def.22.812
OFFICERS.— Pres, and Treas., Charles Elsey; Vice-Pres., Carl Taylor;
Gen. Counsel, F. M . Angellotti; Sec., W . G. Bruen; Aud., D. C. DeGraff;
M gr., E. L. Gamble.— V. 106, p. 1345; V. 107, p. 1580; V. 112, p. 1400.

OREGON
THE CALIFORNIA OREGON POW ER CO.
Control.— Standard Gas & Electric C o., through the California Power
Corp. controls company. See V. 121, p. 2271, 2401; V. 122, p. 93, 746.
ORGANIZATION.— Incorp. in Calif. Oct. 16 1920. successor to California-Oregon Power Co. (per plan in V. I l l , p. 75, 1664).
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates a system for the generation, transmission and distribu­
tion of electricity for power and lighting purposes, serving without competi­
tion 53 communities in Oregon and northern California, including Medford,
Grants Pass, Roseburg and Klamath Falls, Ore., and Dunsmuir and
Vreka, Calif. Co. also furnishes the domestic water supply for Klamath
Fails and Roseburg, Ore., and Dunsmuir. Calif. Population directly
served is estimated to exceed 84,000. The company supplies electric energy,
under favorable long-term contracts, to Pacific Gas & Electric Co. and the
Mountain States Power Co.
Owns and operates electric generating stations of a total combined in­
stalled capacity of 76,605 h.p., over 99% of which is hydro-electric, 768
miles of high-tension transmission lines and 738 miles of distribution cir­
cuits. For details regarding construction of a new Prospect N o. 2 hydro­
electric development on the North Fork of the Rogue River in Oregon, with
ultimate capacity of 66,000 h. p ., see V. 124, p. 233, 923. It is expected
4,400 h.p. of this development will be in operation shortly after Jan. 1 1928.
Customers served as of June 30 1927: Electric, 19,178, and water, 6,180.
Electric output in 12 mos. ended July 31 1927, 341,798,358 k.w.h.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common, $15,000,000 ($100). ____
_________ $4,441,100 __________
Pf 7% cum i$15,000,000
] ____ 7-6% Q-J30 4,329,000 J’ly ’27, 1*A
P f 6% cumJ$15,000,000 ____ \ ____
6
908,700 J’ly ’27, 1Y
($100 & c.)________________ American Trust C o., San Francisco, trustee.
1st & ref M $10,000,000 Ser
Ser “ B ” __________________ ■ 1921 6 g F-A
4,465,300 Feb 1 1942
Ser “ C ” __________________ 1921 5 K g F - A 2,511,000 Feb 11955
($100, $500 & $l,000)gc*tf American Trust C o., San Francisco, trustee.
Rogue River Elec prior lien M 1 1907 5 g J-J
547,000 July 1 1937
($500 & $1,000) gold____c*J Int. at Guaranty Trust Co., N. Y ., trustee.
Calif-Ore Pow Co gen & refl 1926 5 Y F-A
3.000.000 Feb 1 1946
H ($100, & c.)_______________ f American Trust C o., Sinking Fund trustee.
x Including subscriptions.
Stock.— On Nov. 24 1925 stockholders increased the authorized funded
debt from $12,000,000 to $50,000,000. V. 121, p. 2036, 2636. In Dec.
1925 California Railroad Commission authorized the issuance of $2,187,300
series B 5 'A % first & ref. bonds, due 1946, and also of $3,000,000 series A
5 K % gen. & ref. bonds due 1946, proceeds to be used to refund 7 Y %
bonds, &c. V. 122, p. 93. On Aug. 15 1927 stockholders increased capital
st-Qk from $15,000,000 to $30,000,000. V. 125, p. 1190.
CJltposed Financing.— Company applied to California Railroad Comm,
in sept. 1927 for authority to issue $1,500,000 6% prf. to be sold at not
less than 91, and $4,000,00 15-year 5 Y % debentures, to be sold at not less
than 93 and interest.
Bonds.— 1st & ref. mtge. provides for an annual sinking fund equal to
2% of the face amount of (1) all bonds of this issue outstanding and not
previously called; and (2) all underlying bonds outstanding. One-third of
all sums of money paid into the sinking fund is applied by the trustee for the
purchase or redemption of bonds secured by this mortgage; and the remain­
ing two-thirds is held in trust by the trustee and may be withdrawn from
time to time by the co. for additions and betterments made, provided
such expenditures may not be used as the basis for the issuance of additional
bonds. Int. payable at office of trustee in San Francisco, Harris Trust
& Savings Bank, Chicago, and the National City Bank, New York.
All of the outstanding Series “ A ” were redeemed; 7 Y s were redeemed
Feb. 1 1926 at 110 and interest. V. 122, p. 881.
Series “ B’ ’ 6s are call, all or in part on any int. date on 60 days’ notice
at 10714 and int. up to and incl. Feb. 1 1927, and thereafter at a premium
equal to Y % for each full year or fraction thereof, of unexpired term of the
bonds. In Feb. 1922 Mercantile Trust Co., San Francisco; E. H. Rollins
& Sons, National City Co. and Harris Trust & Savs. Bank offered $1,000,000
at 9314 and int., yielding about 6.60% . V. 114, p. 630. In Sept. 1923,
E. H. Rollins & Sons, Harris, Forbes & Co., &c., &c., offered an additional
$1,000,000 at 9914 and int. V. 117, p. 1351. Tn June 1924, $2,500,000
were offered by E. II. Rollir : & Sons, Harris, Foroes & Co. and Marcantile
Securities Co. of Calif, at 9914 and int., to yield about 6.05% . V. 118,
p. 2828.
Series “ C ” 514s are red. on any int. date at 100 & int. plus a premium of
1-10 of 1 % for each year or fraction of year of unexpired term. $2,000,000
were offered in Mar. 1925 by E. H. Rollins & Sons, Harris, Forbes & Co.,
N. Y ., and Mercantile Securities Co. of Calif, at 9714 & int., to yield about
5.67% . V. 120, p. 1324.
20-year corn, debentures were called for payment M ay 1 1925 and have
been eliminated from table above. V. 120. p. 1324.
Rogue River Elec, prior lien 5s are call, at 105 and int. on any int. date.
Klamath Power Co. were redeemed i 1926.
EA R N ING S.— For calendar years:
1925.
*1927.
1926.
Gross earnings_______________________ $2,756,227 $2,502,003 $2,178,762
841,652
Operating expenses, maint. & taxes. I,l00,373
1,071,600
1,337,110
Net earnings________________________ 1,655,854
1,430,403
497,741
______
660,751
Interest____________________________
264,549
Preferred dividends_________________
______
304,226
Balance for retirement reserves,
com. divs., amortiz’n and surplus..
$ ______
$465,427
$574,82#
OFFICERS.— Pres., John J. O’Brien; V .-P. & Gen. M gr., Perry O,
Crawford; V .-P s., Samuel Kahn,, R . G. Hunt and W. M . Shepard; Sec..
M . D . Field; Treasurer, American Trust C o.— V. 120, p. 1201, 1324, 1 2 2 6 ,
1 2 7 9 ; V. 121, p. 1788, 2036, 2271, 2401, 2636; V. 122, p. 93, 746, 881,

266

PUBLIC U T ILIT IE S

[V ol. 125.

Franchises.— The City Council of Portland, Ore., granted the co. on
Sept. 16 1925 two franchises, one for bus lines and the other for construction
o f street car lines. Both franchises, like most of the other franchises o f
the co., expire in 1932. V. 121, p. 1570. Railway franchises in Portland
expire in 1932 and 1933. In Aug. 1923 a new 50-year franchise was granted
MOUNTAIN STATES POWER CO.
the co. by the City of Vancouver, Wash. V. 117, p. 782. Light and
Controlled by Standard Gas & Electric Co.
power franchises in Portland and Salem are perpetual; in Vancouver they
Management.— Byllesby Engineering and Management Corp.
Has
to carry freight in Oregon City, expiring in
O RGAN IZATION .— Organ, in 1917 in Delaware to succeed Northern expire in 1927. 1916 franchise a franchise to operate over the new bridge
1926. In
obtained
Idaho & Montana Power C o., sold at foreclosure sale Nov. 22 1917 In connecting Dec.
Portland, Ore., and Vancouver, Wash. One-half the profits
Dec. 1925 purchased the electric and water plant at Libby. M ont.: electric
properties of the Coast Power Co. at Tillamook and surrounding com­ are to go to Clark and Multnomah Counties, by whom the bridge was
built. The co.’s transmission
munities in Oregon, and the Natrona Power Co. at Caspar. Wyo. and are on private right-of-way. lines and a large part of the interurban railway
electric properties at Douglas, W yo. V. 122, p. 94. In N ov. 1926 ac­
quired control o f the Mid-West Public Service Co., which latter co. supplies
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
electricity to a group o f 12 communities in Wyoming, southeastern Montana Common $11,250,000 ($100)_______
Q-M
See text
$11,250,000
and southwestern South Dakota. V. 123, p. 2655.
Common 250,000 shs (no p a r ) . ____
None
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
tTiur pref cum $10,000,000_ _____
_
7 Q-J
6,720,200 Apr ’27 1 24
Company owns and operates six groups o f utilities in Oregon, Washington,
1st pref S6.250 000cum($l 001---------6.25(1 Oi)0 Apr ’27 I X
6%
Montana, Wyoming, South Dakota and Idaho. C o.'s system furnishes 1st pref$7 500.000 7 2% ($ 1 0 0 )____
7.2%
3,635,600
without competition, public utility services to 94 communities with a com­ 1st pf N-V 200,000 shs (no p a r ) ____
$6
284.628
1926
bined population estimated over 328.000. Total installed electric generat­ 2dpf$6,000,000non-cum ($100)____
6%
5.000,000
7 114
ing capacity o f 32,394 h.p., o f which 5,601 h.p. hydro-electric. Also
I 1912
5 g F-A
1 1942
11,180,000
urebases under favorable contracts steam and hydro-electric energy, which 1st & ref mtge $75,000,000-1 Int. at Fidelity Tr. Co., Phila., trustee: Lee,
lclude a contract with The California Oregon Power Co. expiring in 1952
denom (see text)._c*& r*.tf | Higginson & Co., Boston; Higginson & Co.,
for the purchase o f 16,000 hydro-electric h.p., which as needed may be
London, Eng., and Columbia Tr. Co., N . Y .
increased to 24.000 h.p. The electric transmission and distribution systems 1st lien & ref mtge—
aggregate 1,174 m. o f pole lines; total daily manufacturing capacity of gas Ser A (c*$l,000, $500, $100 & 1921 7 34 g M -N 4,166,500 M ay I 1946
plants 6,330,000 cu. ft.; 447 miles of gas mains. Furnishes electric power
r$l,000, $5,000 & m u lt)_tf.
and light, gas, water, steam or telephone service to 65,389 customers.
Series “ B " _______________ {, 1922
6 g M -N 11,698,200 M ay 1 1947
Increase Stock.— Stockholders on Sept. 30 1920 increased the authorized
_
($100, &c.) gold_ c*&r.tf (int. at Nat. City Bank, N. Y., trustee.
pref. stock from $5,000,000 to $15,000,000 and the common stock from
Ser C 514s ($1,000, $500, f 1926
5 14 g M -N 4,000,000 M ay 1 1951
200,000 to 500,000 no par shares. V. 123, p. 1504, 1763.
$100c* and $10,000, $5,000,1
$l,000r*)_______________tfl Issued by Portland Electric Power Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
5 g M -N
6,281,000 Nov 11930
Common (no par)___________ _____
________ 142,500»hs Feb '27 $1 Portland Ry first & refunding [ 1905
mortgage $10,000,000 gold] Interest at office of Redmond & Co., N . Y.
7
$4,797,900 O c t ’27 194
7% cum pref ($100)________________
($1,000) sinking fu nd.c*.tf
New York Trust Co., trustee.
1st mtge g bonds 5% series A f 1918
5 g J-J
1 787.000 Jan 1 1938
4 g J-D
1,290.000 June 1 1930
SI .000. 500, 100, 50 c * .n tf1 ln t. at 111 Merchants Trust Bk.. Chicago, tr, City & Sub cons (now 1st) M 1900
($1,000) gold (closed) .c.cpt lint, at Secur. Sav. & Tr. Co., Port’d .trustee.
6% series B ($1,000, 500, [ 1918
6 g J-J
8,509,000 Jan 1 1938
Portland Gen Elec first mtgej 1905
5 g J-J
7,079,000 July 1 1935
100 c* )_________________ tflIllinois Merch. Trust ' ’
Chicago trustee
(see text) gold ($1.000) c*tf (Interest at Harris, Forbes & Co., New York.
Corn- 6% gold notes ($1,000, f 1925
6 g M-N
1,016,400 Nov 1 1935
Mt. Hood Ry & Pow 1st mtgej 1907
5 g J-J
See text
Jan 2 1937
500, 100 c * )___________ tf\Cont. & Com. Tr. & Sav. Bk., Chicago, trus.
$6,000,000 g($l ,000)s f.c*.n tf [Union Trust Co., San Francisco, trustee.
Stock.— Pref. stock is red. at 110.
William Vail So Ry 1st M _ntf f 1914
6 g F-A
666,600 Feb 1 1939
000.000 ($100, $500 andjlnt. at Cont. & Comm. Tr. & S. Bk., Chic.
Bonds.—The 5% series A gold bonds, due Jan. 1 1938 were originally
$1,000) gu p, i & s f_ .c * .n tf j trustee, or in Port, or 1st Nat. Bk., N . Y .
issued as “ first and refunding mortgage” bonds.
The 1st mtge. gold bonds are secured by a 1st mtge. on substantially all
Stock.— The stockholders on May 14 1915 approved the plan by which
the property of co. The total authorized amount Is $15,000,000. Addi­
tional bonds may be issued for 75% of new construction, &c., provided net they surrendered 20% of their holdings in the then existing stock ($25,000,earnings for 12 consecutive months out o f 14 months preceding have been 000. 75% paid), paying at the same time $25 in cash for each share so
at least twice the annual interest charges on all outstanding bonds (incl. surrendered, and received therefor pref. stock, share for share, one-half
those to be issued and underlying bonds), or for refunding such underlying v$2.500.000) 6% cum. first pref. and the other half 6% non-cum. 2d pref.
bonds. Interest may not exceed 6% . There is a special trust fund of The $5,000,000 stock surrendered in connection with the plan was can­
1214% o f gross earnings each year, which began 1921 and is to end 1936, celed. Stockholders of record Feb. 1 1917 were given an opportunity to
to be expended for maintenance, &c., or extensions and additions, or for convert a further $5,000,000 common into 1st and 2d pref. stock on the
purchase or redemption of 1st mtge. or underlying bonds on after-acquired same terms, which was accordingly done. The first pref. stock issued in
1933, thereafter at 102>2 , plus int. in each case. On series B bonds the 1915 is cumulative from Jan. 1 1916: that issued in 1917 is cumulative from
Penn, and Conn. 4 mills, Maryland 4 )4 mills tax and Mass. 6% tax refund­ April 1 1917 and will receive no divs. until all accumulations on the first
able; series A bonds taxes are not refundable. In April 1925 $2,000,000 $2,500,000 shall have been paid; thereafter all first pref. stock will be treated
series B were offered at 100 and interest. An additional issue of $1,100,000 alike. V. 104, p. 1146. (See also V. 91, p. 1328; V. 95, p 1274). 2d
bonds o f series B were offered at 100 and interest in April 1926. In Dec. pref. stock is non-cum. Com. is listed on the Boston, Columbus and
1926 H. M . Byllesby & Co. and Blyth, Witter & Co. offered .$750,000 addi­ Louisville stock exchanges. V . 116, p . 1533 Preferred stocks are preferred
as to divs. and assets and red. at par. Prior pref. series " A ” red. as a whole
tional series B at 10234 and int., to yield about 5.70%. V. 123, p. 2900.
The conv. 6% gold notes, due Nov. 1 1935 are part of an authorized at 105 and divs. on any div. date on 60 days’ notice. In July 1924 National
issue of notes, not to exceed in the aggregate $10,000,000. The trust agree­ City Co. offered $1,000,000 7% cum. prior pref. series “ A ” at 9814 and div..
ment permits the issue of notes in series and of such tenor as directors may to yield 7 10%. V 119, p 199.
determine. The conv. 6% gold notes, due JVov. 1935 are conv., at option of
Bonds.— Of the remaining Portland Electric Power 1st & ref. mtge. 5s
holder, prior to maturity or earlier redemption thereof, into pref. stock on (formerly known as Portland Ry., Lt. & Pow.) unissued, $17,813,000 are re­
the basis of $100 principal of notes for $100 par value of stock with adjust­ served for prior liens and $19,206,600 are for additions, improvements. &c.
ment o f int and divs. No mortgage '"except purch. money mortgages’! Denominations: Coupon bonds, $1,000, $500 and $100; registered bonds,
other than the present mortgages and future mortgages providing for the $1,000. $5,000, $10,000 and $50,000
Prin. and int. also payable in
issuance of bonds for not more than 75% of the cost or value of the property sterling, francs or guilders at fixed rates of exchange. Call., as a whole at
secured thereby, shall be placed upon the property of the co. unless these 105 and int. since Feb. 1 1922 on 60 days’ notice. Cum. sink, fund 1% ann.
notes shall be equally and ratably secured thereby. No additional funded 1915 to 1926 incl.; 1 1 % 1927 to 1941 incl. on total amount issued. Bonds
4
debt may be created unless (a) net earnings for 12 out of 15 preceding in sinking fund to be kept alive and int. added to fund. Convertible at any
months have been at least 134 times annual interest on the total funded time at holder's option into capital stock at a price equal to the amount
debt incl. that to be issued, or (b) the co. shall thereupon execute and paid in on such stock, plus $10 premium per $100 share. See V. 94 p. 631.
deliver a general mtge. on all its property under which these notes shall be Bonds are listed on New York Stock Exchange; $21,681,400 are pledged un­
secured in priority to such additional funded debt. A semi-annual sinking der first lien & ref. mtge. and $4,997,200 are held in sinking fund, $121,000
fund, commencing M ay 1 1926, of 2% per annum of total outstanding have been cancelled
notes o f this issue is to purchase notes at not exceeding 101 and int. such
Additional Portland Electric Power (formerly known as Portland R y., Lt.
notes to be canceled. Red. on or before Nov. 1 1927 at 104; Nov. 1 1929 at & Pow. bonds) 1st lien & ref. mtge. bonds may be issued in different series
103; Nov. 1 1931 at 102; N ov. 1 1933 at 101; N ov. 1 1934 at 10034 and under certain restrictions. Are additionally secured by pledge of $20,thereafter at 100 in each case plus interest. Interest payable in New York 136,000 first & ref. mtge. 5s. A sinking fund requiring cash payments of at
and Chicago. Penn, and Conn 4-mills tax, Maryland 4 l4-mill= tax and least $225,000 semi-ann. began Sept. 1 1921. Series A bonds are red. all or
Mass. 6% tax refundable. In N ov. 1925 Blyth, Witter & Co. and Byllesby part on any int. date on 30 days’ notice after M ay 1 1931 at 105 and int. to
& Co. offered $1,250,000 conv. 6% gold'notes, due N ov. 1 1935, at 9834 May 1 1941; thereafter at 103 and hit. Series B are red., all or in part, on
and int., to yield 6.20% . V. 121, p. 2751, 3131.
any int. date on 30 days’ notice at 105 & int. to and incl. May 1 1942 and
The conv. 7% gold notes, due July 1 1938, were called for redemption on at 102!^ thereafter but prior to maturity. $250,000 1st lien & ref. ser. B
are held in treasury. In May 1924 National City Co. and Halsey, Stuart
July 1 1927 at 103 and interest. V. 124, p. 3353.
Dividends.— On the common $1 was paid in Feb. 1924; Feb. 1925, Feb. & Co., Inc., offered $3,500,000 1st lien & ref. mtge. 6% bonds ser. B at 94
1926 and Feb. 1927. V. 122, p. 213. On pref. paid 124% in Jan. and and int., to yield over 614%. V. 118, p. 2573. In Sept. 1925 they offered
$500 000 series R at 99 and int.. to vield 6.08%. V. 121, p 1468 Penn.
Oct. 1926; in 1927, April, 124%.
4-mill tax refunded. V. 112, p, 2084. Listed on N. Y . Stock Exchange.
EA R N IN G S.— For calendar years:
V. 122, p. 1764. Serips C 5 14s issued by Portland Electric Power Co. and
Oper. Exp.,
Pref.
dated May 1 1926 (now known as Portland Elec. Pow.) are red., all or part,
Cross.
Maint.&Tax.
Interest.
Divs.
xBalance.
1926.................$3,137,169
$1,956,240
$651,737
$219,914
$309,277 at option of co. or for sink, fund on 30 days’ notice at 105 through M ay 1
1.718,949
540.431
157.578
259.560 1936: at 104 through May 1 1941: at 103 through May 1 1946; at 102 through
1925_________ 2,676,518
1924_________ 2,178.177
1,467,281
350,124
151.599
209.173 May 1 1948, and at 100 thereafter. Penna. and Conn. 4-mills taxes re­
1923_________ 2,049.278
1,413,942
253,283
166,365
215,688 fundable. In June 1926 the National City Co. and Halsey, Stuart & C o.,
Inc., offered at 97 and int., to yield over 5.70% , $3,750,000 series C.
x Available for retirement reserve, amort., com. div.s & surplus.
V. 122, p. 3454.
Latest Earnings .— For 12 months ended July 31 1927, gross, $3,361,513;
The Portland Ry. 1st & ref. M . has been closed at $8,523,000. A sinking
oper. exp., maint. and taxes, before deprec’n, $2,138,801; net earnings, fund began in 1907: the amount was $25,000 per annum (payable Nov. 1)
$1,222,712.
from 1907 to 1909 incl.; $40,000 per annum from 1910 to 1919 incl., and $60,000 per annum from 1920 to maturity of bonds; these payments are based on
OFFICERS.— Pres., John J. O’Brien; V.-Ps., Robert J. Graf, C. M
an original amount outstanding of $5,982,000 [but see V. 113, p. 533], in­
Brewer. F. C. Gordon, E. J. M cK av and Patrick Sullivan- Sec. * Treas.
M . A. Morrison.— V . 122, p. 94, 213, 2496; V. 123. p. 1540, 1763, 2655, creasing proportionately as additional bonds were issued; sa:d funds to be
invested in the bonds at not more than 105 and int., at which price bonds
2900; Y. 124, p. 1220, 2428, 3353, 3496; V. 125, p. 246, 385, 914, 1461.
can be called for the purpose. Bonds are to be kept alive and bear interest.
Red. at 105 and int. on any int. date upon 60 days’ notice. $2,242,000
are in sinking fund. See V. 81, p. 1437. The bonds are listed on the New
PORTLAND ELECTRIC POWER CO.
York, Louisville and Phila. stock exchanges. V. 82, p. 806 V. 83. p. 1471.
ORGAN IZATION.— Incorp. in Oregon June 29 1906. Was formerly
The authorized amount of Portland General Electric Co. mortgage was
known as the Portland R y., Light & Power Co., but name was changed to originally for $10,000,000, but mortgage has been closed at $8,000,000.
present title in April 1924. Controls through stock ownership the Wll
$921,000 retired by sinking fund. Bonds are subject to call as a whole at
lamette Valley Southern Ry. Co. and Yamhill Electric Co. In Jan. 1926 10714 and interest on four weeks’ notice. A sinking fund of 1 % per annum
co. acquired the water distribution system in Vancouver, Wash., and of bonds out commenced M ay 1 1915. Tankers Trust Co., New York,
vicinity, and light, power and water distribution properties in Hillsboro, trustee. They are listed on the New York Stock Exchange. V. 92, p. 1437.
Ore., and vicinity. Also acquired in N ov. 1926 the complete electric dis­
$5,000,000 of M t. Hood Ry. & Power bonds are deposited as collateral
tribution system in Oswego, Ore., and vicinGy, supplying about 1,100 under Portland R y., Light & Power notes. Sinking fund began Jan. 1912,
customers.
1% to Jan. 1916 incl.; 134% 1917 to 1921; 134% 1922 to 1926; 124% 1927
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— to 1931; 2% 1932 to 1938.
Willamette Valley Southern 1st M . bonds are unconditionally guaranteed
Co. supplies most o f the electric light and power business of Portland and
as to principal, interest and sinking fund) by Portland Electric Power
vicinity and Vancouver, Wash.; also all of the electric light and power
business in Salem, St. Heoens, Hillsboro, Oregon City, Silverton, W ood- Co. Remaining $2,250,000 issuable only under certain restrictions. Sink­
bum, Ore., and many smaller communities; also operates water systems in ing fund of 1% of bonds outstanding 1917 to 1923; 134 % 1924 to 1931,
Hillsboro, Ore., and Vancouver, Wash. With the exception of two inter- and 2% 1932 to 1938. $83,400 retired by sinking fund. Company agrees
urban lines, the co. operates all o f the electric railways in Portland and to refund 1% of income lax. Redeemab.e at 103 and int. on any int. date
vicinity. Does the gas business in Salem and operates city and interurban on 60 days’ notice. V. 98, p. 1001; V . 100, p. 57.
railway lines in Portland and adjacent territory. Population served,
Dividends.— On prior pref. an initial quar div. was paid in July 1922.
approximately 410,000. Operates a total of 335.6 miles o f single track (of In Oct. 1922 154% paid. Same rate quar. since. An initial div. o f 734%
which 303.5 miles owned, 20.5 miles controlled through stock ownership on the 1st pref. stock was paid in July 1921, covering accumulated divs. on
and 11.06 miles owned by outside interests). Owns 571 passengers cars, that issue from Jan. 1 1916 to April 1 1917. V.112, p. 2643. On Oct. 1 1921
44 trailers, 466 freight cars, 4 express and 109 work cars, 16 electric loco­ a cash div. o f 2% was paid on the 1st pref.. together with a stock div. of 25%
motives. The Willamette Valley Southern Ry. Co. owns 3 cars and 1 loco­ (payable in 1st pref. stock) on account o f accumulated divs. In 1922,
motive. Also operates 3 buses. Water power plants have a capacity of July, 134 % ; O ct., 134 % . and same rate quar. since. On 2d pref. an initial
106,206 h.p.; reserve steam plants, 75,737 h. p. capacity; total capacity, div. o f 114 % was paid in Dec. 1923. Divs. at same rate paid regularly quar.
181.943 h.p. High-tension transmission and distribution lines total 707 since. On old com. quar. div. o f 1% paid July, 134%; Oct., 134%. On
miles. Owns a 9-story fireproof building in business centre of Portland 2d pref. divs. at the rate o f 6% p. a. were paid Dec. 1 1923 and quar.
used for its offices, the only park and amusement resort near Portland; thereafter. On old com. quar. div. o f 1% paid from Sept 1909 to Jan. 1910,
incl. Initial div.— $1— on new stock as adjusted per plan V. 91, p. 1828,
also real estate in Portland suitable for terminals.
Valuation.— The Oregon P. U. Comm, on April 30 1917 placed the valua­ was paid Mar. 1 1911: same amount quar. to and incl. Sept. 1912; Dec.
tion o f the company’s property as o f Dec. 31 1916 for rate-making purposes 1912, $134. In 1913, M ar., June and Sept., $134 each. In Dec. rate was
at $46,862,972, or about $14,000,000 less than the company’s valuation. reduced and $1 was paid (see V. 97, p. 1824). In 1914, M ar., $1; June, $1.
None since.
See V. 104, p. 1900, and compare V. 103, p. 61. See also V. 118, p. 2573.
2327; y . 123, p. 1381; V . 124, p. 233, 923, 1218, 1818, 1977, 3494; V. 125,
p. 1050, 1190, 1968.

S




O ct., 1927.]

POW ER, LIGH T AND R A IL W A Y

EARN ING S.— For calendar years:
Gross
Exp., Depr.
Net
Interest,
Balance,
Earnings. and Taxes.
Earnings.
Ac.
Surplus.
1926........... $11,763/567 $7,791,722 $3,971,845 $2,o8S,264 $1,383,581
1925______ 11,045.063
7,199.636 3,845.4.'/
2,589,928
1,255.499
1924_______ 10.841.617
7.145.544 3.696,073
2.351.075
1.344,998
OFFICERS.— Pres., Franklin T. Griffith: V.-Ps., O. B. Coldwell, E. W.
Clark and H. L. Clark, Pbila.; Sec. & Treas., G. L. Estabrook; Asst. Sec. &
Asst. Treas., R. W. Shephard; Asst. Sec., Cassius R. Peck.— V. 116, p.
2406, 2994; V. 117, p. 782. 1463, 1664, 1886, 1993, 2111, 2654; V. 118, p.
665, 795, 1666, 1774, 2180, 2573; V. 119, p. 199, 2288. 2879: V. 120, p. 705,
1587, 2402; V. 121, p. 460, 587, 1463, 2404; V. 122, p. 1457, 1764, 2331,
3211, 3341, 3454; Y. 124, p. 1981, 3354.

OREGON ELECTRIC R AILW AY.

Spokane Portland & Seattle R y. owns entire common stock.
ORGAN IZATION .— Incorp. in Oregon on May 14 1906.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Does no street railway business. Operates Portland to Eugene, 122.33
miles; Garden Home to Forest Grove, 19.45 miles; West Woodburn to Woodburn, 2.31 miles; Gray to Corvallis, 5.20 miles; Orenco to Bowers Junction,
5.05 miles; trackage rights, 1.70 miles; total miles of road, 156.04 miles;
2d track, 7.87 miles: sidings, turnouts, &c., 40.52; total trackage, 204.55
miles. Standard gauge. 70-lb. T rail. Principally on private right-of
way. Has a contract for power (extending to 1938, with privilege of re­
newal for 25 years) with Portland Electric Power Co.
Interest Payment Delayed.— Interest due May 1 1923 on the 1st mtge
5% bonds was not paid until June 1 1923. V. 116, p. 2516. Compart
V. 116, p. 2007. Subsequent interest paid when due.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $5,000,000 ($100)________
_______
$1,950,000 __________
Pref $5,000,000 ($100) 6% c u m ____
6 F-A
200,000 In 1914, 6%
Deferred stock $400,000 ($ 1 0 0 )____
_______
380.000 ---------------First mortgage $10,000,0001 1908
5 g M -N
2,000,000 M ay 1 1933
($1,000) gold______ c*&r.tf\Int. at Irving Bk.-Col. Tr. Co., N. Y .. trust
Bonds.— $8,000,000 remaining bonds reserved for permanent extensions
and improvements at 80% of cost. Bonds are subject to call as a whole
or in part at 107 and interest on any interest day.
Dividends.— On pref. in 1911, 1912, 1913 and 1914, 6% . None since.
EARN IN G S.— For calendar years;
Deficit.
Gross.
Net. aft. Tax. Other Inc. Int.. Ac.
$646,124
$909,336
$8,611
1926 ........... $956,981 def.$271,823
611,639
835,456
298
1925 _______ 1,027,990 def. 224,114
823,816
592,760
1,564
1924 ______ 1,056.259 def. 232,620
576,211
754.514
5,980
1923 ............ 1,089.696 def.184,292
703,982
570.291
6.834
1922 - .......... 1,139.285 def. 140,525
OFFICERS.— Pres., W. F. Turner; Sec. & Compt., R obt. Crosbie;
Treas., John E. Mans Gen. M gr., A . J. Davidson.— V. 114, p. 2013;
V. 116, p. 2007, 2516; V. 117, p. 2543; V. 118, p. 311.

.W ASH IN GTO N
PUGET SOUND POW ER & LIGH T CO.
Under executive management o f Stone A Webster, Inc.
O RGAN IZATION .— Was formerly known as the Puget Sound Traction,
Light & Power Co. Name changed to present title early in 1920. Incorp
Jan. 2 1912 in Maine per plan in V. 94, p. 124 (re-incorp. in Mass, on July 9
1912), and has purchased and consolidated the properties formerly owned
by the Seattle Electric Co., Pacific Coast Power C o., Puget Sound Power
C o., Seattle-Tacoma Power Co. and Whatcom County R y. & Lt. Co. Also
owns most of the stock of the Puget Sound Electric R y., the Pacific Traction
C o., Western Washington Power C o., Diamond Ice & Storage C o., and all
the capital stock of the Pacific Northwest Traction Co., which in turn owns
the capital stock of the Puget Sound International Ry. & Power Co., lessee
o f Everett R y.. Light & Water Co. Early in 1923 acquired the Washington
Coast Utilities and the North Coast Power Co. Y. 116, p. 296, 1051. In
Feb 1923 the Puget Sound Power & Light Securities C o., a subsidiary, was
incorporated to handle the distribution and sale of the com., pref. and prior
preference stock o f the parent company in the Pacific Northwest territory.
V. 116, p. 936. In Dec. 1924 acquired the Washington Power. Light &
Water Co. of Anacortes, Wash. V 120, p. 88 On Dec. 1 1925 acquired
from the Northwestern Power & Mfg. Co. about 90 miles of transmission
line and other electric light and power properties in the Olympic Peninsula,
Wash., adding Chailam, Jefferson and Kitsop counties to the 15 western
and central Washington counties in which the company already operated.
V. 121. p. 2404. On Jan 2 1926 company acquired the distribution system
and other electric properties of the North Pacific Public Service C o., also
acquired the high tension transmission line o f the Northwestern Power Mfg.
Co. and the distributing system and two power sites on the Dungeness
River from the Sequin Tight < Power Co. V. 121. p. 3005.
fe
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Through ownership or control, does the greater part o f the commercial
electric lighting and power business in the Puget Sound district in westernWashington, including the cities of Seattle, Tacoma, Bellingham and Ever­
ett, Olympia, Chehalis and Wenatchee: does substantially all the electric
street and interurban railway business in the Puget Sound district, except is
Seattle. Estimated population, 600,000. Serves 6 counties and 147 com­
munities between the Canadian boundary and Olympia with light and
power. Directly, or through its subsidiaries. It owns and operates water
power and steam power plants, with a total electric generating capacity of
229,890 h. p., of which 185,180 h. p. hydro-electric. Also owns or controls
additional undeveloped water power sites with a capacity of more than
100,000 h. p. Operates the street railways in Bellingham and. through its
subsidiaries inT acoma and Everett, also the interurban electric railroads
between Tacoma and Seattle, between Seattle and Renton, between Tacoma
and Puyallup, between Everett and Seattle, between Everett and Snohom
ish, and between Bellingham, Mount Vernon and Sedro-Woolley. a total oover 286 miles o f track. Does the entire gas business o f Bellingham and
the entire steam heat distributing business of Seattle. Also purchases
power (Bellingham Division) from Western Canada Power Co. Street and
Interurban railways, 265.1 miles, equivalent single track. 22 miles track­
age. As o f Dec. 31 1926 the total equivalent single track of the operated
street railways was stated to be 138 miles, and Interurban rail and bus
routes covered 610 miles. Gauge, electric, standard; cable, 3 ft. 6 in. and
3 ft. 253 passenger motors cars, 8 trailers, 8 cable grip cars; freight, mail
and miscellaneous cars, motor 17, trailers 244; 11 locomotives, 93 auto
stages and buses. Gas output 1926 96.526 500 cu ft. 70 8 miles of gas
mains; 3,837 gas meters. Est. population served: Electric light, 742,000;
power, 913,000; transportation, 662,000, and gas, 42,600.
Principal franchises expire as follows: In Seattle electric lighting and
power, 1952. In Tacoma, railway, 1939: power, 1930. In Bellingham,
railway, 1941 (minor railway, 1934): light and power, 1940; gas, 1941. In
Everett, railway, in 1944, 1947 and 1950: electric light and power in 1950;
in Olympia electric light and power, 1937 and 1939; railway in 1940. In
Chehalis light and power in 1961. In Wenatchee electric light and power
in 1950, gas in 1957. Other principal franchises up to 1972. Interurbans
chiefly on private right o f way.
Sale of City Railway System to Seattle.— In April 1919 $15,000,000 5%
utility bonds of the city o f Seattle were delivered to the co. and the c o .’s
street railway property, within the city limits, was conveyed to the city
which now owns and operates same. The bonds have been deposited with
the trustees o f the mortgages securing certain o f the c o .’s bonds and notes
in substitution for the property sold. They are a charge upon the gross
earnings o f the entire railway system o f the city, superior to all charges
except interest and amortization of some $650,000 o f prior bonds of a like
character. V. 108. p. 1391, 2630; V. 109. p. 371; V. 110. p. 971.
Decision Bearing on Payment of Prin. and Int. of St. Ry. Bonds.— See
V. 112, p. 2191; V. 113, p. 418; V. 114, p. 1064. See also V. 116, p. 1761
V. 117, p. 895.
Tax Decision.— See V. 119, p. 812, 1173; V. 121, p. 2274. In April 1926
final decision was reached in a lawsuit about payment o f taxes for 1919
between co. and City o f Seattle. The City was ordered to refund to the
co. over $500,000, representing 44 o f the 1919 street railway taxes, paid
by co. in full under protest. For particulars compare V . 122, p. 2652. 3341.




267

STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Q-J 15
202,829 shs
See text
Common 202,829 shs (no p a r ) . ____
Prior l.ref $10.0(10,000 ( $ 1 0 0 ) .____ ' 7 Q-J 15 $10 000,000 Apr ’27, 154
Pf $6 cum 300,000 shs (no p a r ) ____
Q-J 15
214.000 shs Apr ’27, 144
1st & ref mtge ser “ A " ($5001 1924 53-3 g J-D $28,500,000 June 1 1949
& $1,000 c* & $1,000 &(01d Colony Trust C o., Boston, Trustee
$10,000 r*) g . ................. tf L
Series “ B” _________________ tf 1926 5 g F-A
4,756,000 Feb 1 1931
5-yr gold notes ($100, $500 & / 1925 6 g F-A
3,000,000 Feb 1 1930
$1,000) gold___________ c*\lnt. at Seattle Nat. Bank, Seattle, trustee.
5-yr 6% g coup notes $2,000,-1 1925
6 g F-A
1,350,000 Aug 1 1930
000 ($1,000, $500, $100 c *).In t. at The Seattle Nat’l Bank, Seattle, trus.
Pacific Coast Power 1st mtgei 1910 5 M-S
3,990,000 Mar. 1 1940
$10,000,000 gold ($1,000) )lnt. at Harris Tr. & S. Bk., Chic., trus., or at
c*&r (closed mortgage)___ J Harris, Forbes & C o., Inc., N. Y . or Bost.
Twin City Lt & Trac 1st M l 1910 6 J-J 1
179,000 Jan 1 1935
$500,000 (sk fd $8,000 p a))Int. at Guaranty Trust Co, N Y, Trustee.
Wash Coast Util 1st M $2,-( 1916 6 M-S
1,823,800 Sept 1 1941
000,000 call at 105 & in t._ /Marine National Bank. Seattle, trustee.
Seattle Elec Co 1st M $5,000,-J 1900 5 g F-A
2,578,000 Feb. 1 1930
000 ($1,000) gold_ c * n tf/ln t. at Boston Safe Dep A Tr. Co., trustee
_
do cons & ref $25,000,0001 1907 5 g F-A
4.869 000 Aug 11929
($1,000) gold______c*&rtf|lnL at Old Colony Tr. ( ’< . Boston, trustee.
>
Pug Sd Pow 1st M $4,000,0001 1903
5 g J-D
2 395,000 June 1 1933
gold ($1,000) guar___ c*tf/In t. at Old Colony Trusi Co., Boston, trust
Seattle-Everett mtge $5,000,-1 1909
5 M-S
2 484 000 Mar 1 1939
000 g ($1,000, &c.)__c*&rtf (Int. at Old Colony Trust < o . . Boston, trustee
Pug Sd El 1st cons M $5,500,-) 1903 5 g F-A
2.427.000 Feb 11932
000 gold ($1,000)_____c * tflln t. at Old Colony Trust Co , Boston trustee
Tacoma Ry&P 1st M g ($1,-J 1899
5 g A-O
1,236,000 April 1 1929
000)$1,500,000 not redc*ntf IInt. at Old Colony Tr. Co.. Boston, trustee
Whatcom Co Ry & Lt 1st MJ 1905
5 g M -N
1,270.000 Nov 1 1935
$2,500,000 gold ($1,000) tf tint, at Old Colony Tr. Co., Boston, trustee
Stock.— In addition to the amounts of com. and pref. stock reported
outstanding above, there are non-interest-bearing receipts for $4,620 com.
stock exchangeable at par for stock certificates. Prior pref. is redeemable at
110. Pref. stock is redeemable at 125. Pref. stock is preferred as to divs.
and assets, subject to the rights of prior pref stock as to pref. divs. and
assets. $1,466,800 com. stock is owned by Public Service Investment Co.
Both classes of stock are non-taxable in Massachusetts.
Notes.— The outstanding $850,000 8% gold notes, due Sept. 1 1926, were
called for payment Sept. 1 1925. Holders were given the option to exchange
their notes for pref. stock at 86 flat or for 6% gold notes, dated Aug. 1
1925, due Aug 1 1930. In making this exchange the company allowed
1013^ for the 1926 notes. V. 121. p. 1103.
The 5-year notes due Feb. 1 1930 are red. on any int. date on 45 days’
aotice prior to Aug. 1 1926 at 103; thereafter decreasing 44 % semi-ann. to
100 on Aug. 1 1929. In Feb. 1925 $3,000,000 were sold by Blyth, Witter &
Co.; Bond & Goodwin & Tucker, Inc.; Seattle Nat. Bank, &c.. A c ., at
100 and int. V. 120, p. 705.
The 5-year 6% gold coupon notes, dated Aug. 1 1925, are callable as a
whole on any interest date on 45 days’ notice prior to or on Feb. 1 1927, at
103. decreasing 44 % on each semi-annual payment date to 100 on Feb. 1
1930. in each case with interest.
Bonds.— The 1st & ref. mtge. 546% bonds ser. “ A ," in addition to being
a 1st mtge. on certain portions of the property, are further secured by a
direct first lien on $10,835,000 “ City of Seattle Municipal Ry. 5% bonds of
1919,” maturing serially. 1st & ref. mtge. calls for annual sinking fund
(first payment Sept. 1 1926) payable in cash or bonds equal to 1 4£ % of
aggregate amount of bonds (incl. 1st & ref. mtge. and underlying bonds)
in the hands of the public, on the mortgaged property. Any payments of
sinking funds on underlying bonds will be credited toward the above sink,
fund. The cash remainder will be applied to purchase 1st & ref. mtge.
bonds of any series, at not exceeding par and int., or if bonds not so pur­
chasable, to the cost of the value or additions to the mortgaged property
or reduction of bonded debt. Are red. on any int. date on 30 days’ notice
prior to and incl. June 1 1929 at 105; thereafter decreasing 44 % annually
to 100 on Dec. 1 1948. Int. payable in Boston, New York and Chicago.
In June 1924 Lee. Higginson & C o.. Harris, Forbes & Co. and Estabrook
& Co. offered at 96% and int., yielding about 514 % . $20,000,000 1st & ref.
mtge. 544% bonds, ser. “ A ." V. 118, p. 2950. $5,000,000 additional
were offered by the same bankers in Sept. 1924 at 97 and int., to yield
about 5.70% . V. 119, p. 1396. In M ay 1925 they offered $3,500,000 at
100 and int
V 120. p. 2817
Series B 1st & ref. mtge. 5% gold bonds, due Feb. 1 1931 are red. on
30 days’ notice at 102 on Aug. 1 1926, decreasing 44 % each 6 months there­
after to par on Aut. 1 1930. In April 1926 Lee, Higginson & C o., Harris,
Forbes & Co. and Estabrook & Co. offered $5,000,000 series B at 9944 and
interest to yield over 5.10%. V. 122. p. 2331.
Pacific Coast Power Co.— The 1st mtge. 30-year 5% gold bonds, due
March 1 1940, have been assumed by Puget Sound Power & Light Co.
Callable whole or part at 105 and int. The mortgage is closed. $10,000
have been canceled.
Seattle Electric Co.— Sinking Fund.— On 1st M ., 1 % of bonds outstanding;
$2,422,000 bonds were held by the trustees not canceled Dec. 31 1926; call­
able as a whole or in part for sink, fund on any int. date at 110 & int. The
consol. & ref. mtge. bonds can be called in amounts not less than $500,000.
and in smaller amounts for sink, fund purposes at 105 & int. on any int. date.
Sinking fund of 1% per annum started Oct. 1 1909; $1.719.000 of the bonds
are held by trustee for sinking fund, $1,344,000 are cancelled and $4,973,000
reserved to retire underlying bonds. V. 85, p. 222; V. 92, p. 189. Both
mortgages are closed.
Twin City Light A Traction Co.— $58,000 1st mtge. 25-year 6 % sinking fund
bonds, due Jan. 1 1935, are held in treasury; $113,000 have been cancelled.
There is a sinking fund of $8,000 per annum. They have been assumed
by Puget Sound Power & Light Co.
Washington Coast Utilities.— $47,900 1st mtge. 6% sinking fund gold
bonds, due Sept. 1 1941. are held in treasury: $113.800have been cancelled.
Assumed by Puget Sound Power & Light Co. Call, whole or part at 105
and int. There is a sinking fund of 2% per annum, payable June 1, of
bonds outstanding, including treasury bonds.
Puget Sound Power Co.— Mortgage is closed. Both prin. and int., as well
as sinking fund payments, are guar, by the Seattle Electric Co. Can be ex­
changed for Seattle Electric consol, and ref. 5% bonds, par for par. A
sinking fund of 1 % per annum of bonds outstanding commenced March 1
1906; $916,000 have been canceled. Subject to call as a whole (or in part
for sinking fund) at 110 and interest on any interest day.
Seattle-Everett bonds are a direct obligation of the Seattle Electric C o., but
Puget Sound Power & Light Co. has assumed the obligations of the Seattle
Electric Co. with respect to these bonds. Pacific Northwest Traction Co.
has agreed to pay principal, interest and sinking fund payments on these
bonds and has mortgaged its entire properties as security. The mortgage
Is closed. A sinking fund of 1 % of amount of bonds out began March
1 1914. $616,000 not included in amount reported outstanding are held in
sinking fund uncanceled or are held in treasury
Bonds are callable as a
whole or in part for sinking fund at 105 and int. See V. 88, p. 1062; V. 92,
p. 1244.
Puget Sound Electric Ry.— Of the first consol, mtge. $1,236,000 are reserved
to retire a like amount of Tacoma R y. & l ’ower Co. bonds and $1,745,000
have been canceled. Callable as a whole on any int. date at 110 & int. A
sinking fund of 1% of bonds certified, plus 5% per annum on bonds pur­
chased for sinking fund began on Jan. 1 1907. Sufficient of consol, and
refunding bonds are reserved for underlying bonds, the remainder is issuable
at 80% o f cost for additions and improvements. Mortgage is closed.
Interest coupon due Aug. 1 1927 defaulted. V. 125, p. 519.
Tacoma Railway A Power Co.— $264,000 are held by Puget Sound Electric
Co. Are not subject to call.
Whatcom County Ry. A Light Co.— Callable as a whole on any int. date at
105 and int. Sinking fund of 1 % per annum of bonds outstanding, if earned,
commenced Nov. 1 1906: on N ov. 1 1911 became obligatory. $494,000
bonds have been cancelled. Mortgage is closed. Assumed by Puget
Sound Power & Light Co.
Dividends.— An initial div. o f 1 % % was paid on the 7 % prior pref. stock
in April 1922. Dividends at the same rate have been paid regularly quar­
terly since. On the 6% pref. 1 44 % quar. from organization to April 1915.
In July 1915 paid only % % , same rate quar. to and incl. Jan. 1918. None
to July 1919, when
% was paid. Same rate paid quar. to July 1021,
when 144% was paid. Y. 112, p. 2643. Same rate quar since. In Feb.
1922 the directors declared a stock dividend o f 20% payable in 7% prior
preference stock at par, in adjustment of balance of dividends accumulated
on the pref. stock after the payment of an extra cash div. of $2.50 on the
unstamped and 25c. per share on the stamped stock. V. 114, p. 739.
On com. first div.— 1% — paid April 1912; July, 1% ; Oct., 1% . In
1913, 4 % . In 1914, Jan., 1% ; Aprfi, 1%: July, 1% . October dividend
passed (V. 99, p. 895); none to July 1922, when 1% was paid. In Oct.
1922,1% . In 1923, Jan., 1% ; April. 1% ; July. 1% ; Oct., 1% . In 1924.

268

PUBLIC U T ILIT IE S

Jan., 1% ; April, 1% ; July, 1% ; Oct., $1, and $1 quar. since, incl. April
1926. The July 1926 dividend was passed. For explanation o f the reasons
given by the co., see V . 123, p. 85
EARN IN G S.— For calendar years (including subsidiary cos.):
Avail, for
Int. & Amort.
Res., Retir.
Gross
Net After
Less x Non& Divs.
Taxes.
Oper-Income.
Earnings.
$3,085,041
$5,950,298
$2,865,257
*1927-. _____ $14,253,130
2,758,072
2,961,178
5,719,249
1 9 2 6 --- _____ 13,533,748
4,862,760
2,185,543
2,677,217
1 9 2 5 --- _____ 12,842,275
1,976,262
2.606,797
1 9 2 4 -.- ......... 12,539.869
4,583,059
1,882,012
2,987,402
4,869,414
1 9 2 3 --. _____ 12,424,708
1 9 2 2 --. _____ 10,477,610
4,378,584
1,736,633
2,641,951
2,358,892
1 9 2 1 -.. _____ 10,038,544
4,155,251
1,796,359
1,888,102
2,418,445
4,306,547
1 9 2 0 --. _____ 10,000,430
1,936,167
1,349,797
1 9 1 9 -.. _____ 9,770,666
3,285.964
2,422,552
3,974,409
1,551,857
1 9 1 8 --. ____ 11,774,780
1,621,782
3,600,843
1,979,061
1 9 1 7 --. ____
9,454,861
2,986.376
1,860,376
1,126,000
1 9 1 6 --- _____ 8,107,371
x Non-operating income: In 1927 (yr. ended June 30), $527,867; in 1926,
$548,692; in 1925, $590,342; in 1924, $631,992.
* For 12 months ended June 30 1927.
Balance Sheet as o f June 30 1927, see V. 125, p. 1462.
OFFICERS.— Chairman of Board, Frederick S. Pratt; Pres., A . W.
Leonard: V .-P ., W. H. McGrath and Donald O. Barnes; Clerk, William T.
Crawford; Sec., James B. HoWe, Seattle; Treas., Henry B. Sawyer; Gen.
M gr., Stone < Webster, Inc.— V. 121, p. 1103, 2274, 2404, 3005; V. 122.
fc
p. 1312, 2331, 3341; V. 123, p. 85, 1252, 2901; V. 124, p. 792, 1667, 2281;
V. 125, p. 519, 1462, 1581.

[V ol. 125.

were paid in full at maturity. V. 122, p . 215. $1,730,500 were offered
for extension at 5% to June 2 1926.
Dividends.— On 6 A % pref. an initial quar. div. o f l% % in Sept. 1926;
in Dec. 1926, 1 % % . In 1927, March, 1 % % . Same amount paid quar­
terly to and including Sept. 1 1927. On common in 1900, 3% ; 1901, 4}£ %\
1902, 5M % ; years 1903 and 1904, 6% each; 1905 to 1909, 7% each; 1910
to 1913, 8% each; 1914, 7 M % ; 1915, 5 M % ; 1916, 4 M % ; 1917 and 1918,
4% each; 1919, 4 X % ; 1920, 63^%; 1921, 7% ; 1922 to 1926, incl., each 8 % .
EAR N ING S.— For calendar years:
Gross.
Net after Tax. Int., &c.
Dividends.
Bal., Sur.
*1927______ $4,786,017 $2,908,222
$341,090 _________ a$2,584,902
3,525,617
1,497,026 1,893,614
134,977
1926_______ 6,050,686
1925_______ 5,807,432
3,444,152
1,585,077 1,704,238
154,837
3,094,159
1,427,418 1,625,560
41,181
1924_______ 5,299,927
1923_______ 5,087,336
2,957,840
1,340,814 1,575,106
41,920
* For 9 months ended Sept. 30 1927. a Before dividends.
OFFICERS.— Pres., D . L. Huntington; Chairman of Exec. Comm, and
V.-P.. W . J. C. Wakefield: V .-P. & Gen. M gr.. M . W . Birkett; Sec. &
Treas., V. G. Shinkle; Aud., W . F. Miller.— V 121, p. 77, 332, 1229,
1910, 2754; V. 122, p. 215, 885, 1172, 2332, 3085; V. 123. p. 456, 713,
1253, 1998; V. 124, p. 1068, 2284; V. 125, p. 97, 248, 388, 2150.

SPOKANE & EASTERN R A ILW AY & POW ER CO.

Control.— In M ay 1927 the Spokane Coeur d'Alene & Palouse Ry. was
authorized by I.-S. C. Commission to acquire the railroad line o f Spokane
& Eastern R y. & Power Co. and of Inland Empire R R . (see below). The
road is to be operated as part of the Great Northern System. The Great
Northern R y. on Dec. 3 1926 had bought the two companies for a price,
stated to have been $1,250,000, including obligations assumed, and or­
ganized the Spokane Coeur d’Alene & Palouse R y. for the purpose of con­
solidating the properties. V. 124, p. 649, 2750.
THE W ASH INGTON WATER POW ER CO.
ORGANIZATION.— Incorporated in Washington Jan. 3 1920. The
ORGAN IZATION .— Chartered in Washington March 13 1889 for 50 property of
Spokane & Inland Empire
was purchased at fore­
years. Owns ail the property formerly belonging to the following cos.: closure sale the Nov. 1 1919 by George H. R R . Co. representing the bond­
on
Taylor,
Big Bend Light & Power C o., Edison Electric Illuminating C o., Post Falls holders’ protective committee. (For history of Spokane & Inland Empire
Water Power C o., Spokane County Electric Co.
Taylor
Owns the entire capital stock o f the Idaho-Washington Light & Power R R . see “ Electrical Railway” Supplement o f April 24 1920.) Mr.Eastern
transferred
lines,
Co. and the St. Maries Light & Power C o., acquired July 1 1913. V. 97. then & Power Co. the street railway Utility&c., to the Spokane & 30 1926.
Compendium” of Oct
p.523. The Shoshone County Power Co. organized M ay 26 1917, and R y.July 1 1922 co.’sSee also “ Public
street railway lines were transferred to Spokane United
Spokane Central Heating C o., acquired M ay 2 1919, and Intermountain On
On July 1 1925 sold the Nine-Mile
Power Co., acquired July 1 1922, the Okanogan Valley Power Co., acquired Rys.; see separate statement below
Jan. 1 1923, the Chelan Electric Co., acquired in M ay 1926 and the Potlatch hydro-electric plant and substation A in Spokane to the Washington Water
Power Co., also $525,000 common and $330,000 pref. stock of Spokane
Consolidated Electric C o., acquired Sept. 13 1927.
The street railway properties of The Washington Water Power Co. and United Rys. V. 120, p. 3316.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
those o f the Spokane City Rys. Co. were sold on June 30 1922 to Spokane
United Rys. (see below), thus consolidating these competing street railways Interurban line has passenger terminal and office building in Spokane. The
in a new corporation in which the Washington Water Power Co. owns a line to Coeur d ’Alene City and Hayden Lake includes 53.114 miles main
track, 16.854 miles second and 22.128 miles yard and sidings. Equipment
controlling interest.
In June 1925 purchased the Nine Mile hydro-electric plant with an In­ consists of 4 locomotives, 35 passenger, 145 freight, 9 work cars.
stalled generating capacity o f 16.000 h. p., from the Spokane & E aston
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
R y. & Power Co. For a term o f years power for the operation of the Stock $3,000,000 ($100)___________
_________ $3,000,000 ____________
Spok. & East. R y . & Power C o .’s ry. system will be furnished. V. 120. 1st mtge bonds $3,000,000/ 1920 6 F-A 1
788,523 Feb. 1 1925
p. 3316.
($1,000)____________ c&rtf (Int. at Harris Tr. & Sav. Bk., Chicago, trust.
During 1925 acquired the Chelan Electric C o., a subsidiary of Great C d ’A & S 1st M $500,000 g / 1903
5 g J-J
442,000 Jan. 1 1929
Northern R y., owning a power site, on the Chela nRiver in central Washing­
($100, $500 & $1,000)-C*tf (Int. at Title Guar. & Tr. C®., N . Y ., trustee.
ton and certain storage rights on Lake Chelan. Company is building a
Bonds.— The 1st mtge. bonds were extended. Net further particulars
plant o f an initial capacity of 32,200 h.p. to be placed in operation in 1927
and an ultimate capacity of 128,800 h.p. Under contract co. is to provide available. On the Coeur d ’Alene & Spokane R y. bonds a sinking fund of
the electric power necessary for the future electrification of the Great 5% of net earnings is provided. They were to be assumed by Coeur d ’Alene
Northern Ry. between Wenatchee, Washington, and Troy, M ont., when & Palouse R y.; see above. V. 124, p. 649. Bonds are subject to call at
105 and int.
and if undertaken. See. V. 122, p 1172.
EARNINGS.— Calendar years:
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Calendar Year—
Gross.
Net. aft. Tax.
Interest.
Bal.,Sur.
Owns all the water power on the Spokane River at Spokane, Wash.; also at
Long Lake, Little Falls and Nine Mile, Wash., and Post Falls, Idaho. 1925_____________________ $585,830
$148,083
$129,503
$18,580
On Columbia River at Kettle Falls, Wash. Owns hydraulic power plants 1924_____________________ 730,874
*70,425
187,129 def.16,704
241,938
187,828
53.429
with rated capacity as follows: 11,800 h.p. in Monroe St. plant, Spokane: 1923_____________________ 777,825
13,400 h.p. in Upper Falls plant, Spokane, completed in 1922; 15,000 h.p. 1922_____
798,028
302,990
188.700
114,291
at Post Falls, Idaho; 32,800 h.p. at Little Falls, Wash.; 94,000 h.p. at Long
Latest Earnings.— For calendar year 1926: Total income, $71,803; ia toest
Lake, Wash.; 4,300 h.p. on Similkameen River near Oroville, Wash.; total, and other debits, $70,887; balance surplus, $916.
incl. the Nine Mile plant (see above), 187,300 h.p.; 59 sub-stations. Owns
O F F IC E R S — Pres., _______________ — V. 116, p. 948, 2360; V . 115,*
and operates 1,205 miles o f high-tension transmission lines and 1,312 miles
p. 545. 1839; V. 120. p. 3316; V. 124, p. 649.
o f service lines.
Operates electric light and power distributing systems in part of Spokane,
(1) INLAND EMPIRE RAILROAD CO.
Albion, Almira, Belmont, Brewster, Bridgeport, Colfax, Creston, Colton,
Davenport, Diamond, Endicott, Elberton, Ephrata, Farmington, Govan
ORGANIZATION.— Incorp. In Wash. Jan. 3 1920. The property o f the
Garfield, Hartline, Harrington, Johnson, Krupp, Chelan, Latah, Spokane & Inland Empire R R . Co. was purchased at foreclosure sale on
Lind, Mansfield., Neppel, Oakesdale, Odessa, Okanogan, Omak, Oroville, N ov. 1 1919 by George H. Taylor. For history, see “ Electric Railway” Sec­
Palouse, Pateros, Pullman, Quincy, Ritzville, Reardan, Riverside, Rock­ tion for Apr. 24 1920 Mr. Taylor then transferred the so-called Inland Divi­
ford, St. John, Sprague, Stratford, Spangle, Tekoa, Tomasket, Twisp, sion to the Inland Empire R R . Co. See also “ Public Utility Compendium”
Wilson Creek, Uniontown, Wilbur, in Washington and Genessee, Moscow, of Oct. 30 1926.
Osborne, Troy, Kendrick, Juliaetta, Deary, Bovill and St. Maries in Idaho;
FIELD OF OPERATIONS A
C TE R OF BUSINESS.—
also supplies power for operation o f other companies at Cheney, Clarkston, Owns and operates 125.718 milesN D C H A R Aand 19.670 miles yard and
Coulee City, Fairfield, La Crosse, Medical Lake, Newport, Steptoe in sidings. Extends from Terminal main trackwhich is at the outskirts of
Junction,
Washington, and Coeur d'Alene, Harrison, Juliaetta, Kellogg, Kendrick, Spokane, to Colfax, Wash., and Moscow, Idaho. Equipment consists of
Lewiston, Post Falls, Rathdrum, Plummer, Troy, Wallace and Wardner in 9 locomotives, 19 passenger, 142 freight, 9 work cars.
Idaho; also furnishes and distributes power for mining and smelting purposes
EARN ING S.— For calendar years:
in the Coeur d ’Alene district o f Idaho.
1Q95
1Q94
1093
1Q22
In Nov. 1917 entered into a contract with the Intomountaln Power Co
G ross_________________
$477,919
$493,336
$466,956
$492,240
to furnish power for the operation o f the trains of the Chicago Milwaukee
def84,538 defl47.500 defl06,987
8t. Paul R y. Co. over the electrified section of its road on the western Net, after taxes________ def86,067
77,913
72,410
60,256
53,460
extension over the Cascade Mountains. Co. began supplying power for use Interest_______________
Balance, deficit_________ defl63,980
156,948
207.827
160,646
of the railroad in the summer o f 1919.
Latest Earnings.— For calendar year 1926: Net revenue from operations,
Franchises.— For electric lighting and power in Spokane run to June 1 1944
def. $72,102; other income, $27,253; taxes, $43,422; interest, rents and other
In smaller towns various lengths, up to 50 years.
Acquisition of Kettle Falls Power Site.— In 1921 acquired power site on deductions, $152,269; balance to profit and loss, de/. $240,540.
the Columbia River at Kettle Falls, Wash., and on July 26 1922 was
OFFICERS.— P r e s .._______________ — V. I l l , p. 2228; V. 112, p. 849;
granted preliminary permit by the Federal Power Commission for the V. 124, p. 645, 27,48.
construction o f the plant.
STOCK AN D BONDS— Date.
Interest.
Outstanding. Maturity.
SPOKANE UNITED R A ILW AY S.
Com $35,000,000 ($ 100)_____ ____
Q-J
$23,097,300 O c t ’27 2%
6>£ % cum p f $5,000,000 ($ 1 0 0 )____
6K Q-M
3,861,700 See text.
ORGANIZATION.— Chartered in Washington M ay 5 1922 for 50 years.
1st consol mtge and collateral f 1899 5 g J-J
214,000 July 11929 Acquired by purchase the street railway systems in Spokane owned by the
t r u s t, $ 2 ,0 0 0 ,0 0 0 , goldjInterest at Farmers’ Loan & Trust C o.,
Washington Water Power Co. and the Spokane City Railways C o., which
($1,000) (closed)_____c*& r! New York, successor trustee.
companies owned all of the property formerly belonging to the following
1st ref mtge. $15,000,000 g j 1909 5 J-J
5,153,000 July 1 1939 companies: City Park Transit C o., Falls City Land & Improvement C o.,
($1,000) (closed) c*&r* c p tlln t. at Farmers’ L. & Tr. C o., N . Y ., trustee. Arlington Heights M otor Ry. C o., Ross Park Street R y. C o., Spokane Cable
Gen mtge ser A $10,000,000/ 1926 5 g J-D
5,000,000 June 1 1956 Ry. C o., Spokane Electric R y. Co., Spokane Street Ry. C o., Spokane Trac­
($1,000)--------------------- c*tf (Central Union Trust Co. o f N. Y ., trustee.
tion Co. Franchises for street railway run for 25 years from July 1 1922.
20-year debentures___________1919 3-4-5 M -N
1,400,000 M ay 1 1939
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Stock.— Pref. stock is preferred as to cum. divs. and assets. On March 8 System consists of 110.5 miles o f track, occupying 73.989 miles of streets
1926 stockholders increased the capital stock from $35,000,000 to $40,000,- Standard gauge, 60 to 70-lb. T rails and 99 to 108-lb. girder.
000, par $100, the $5,000,000 increase being cum. pref. stock bearing 6 K %
C A PITALIZATION .— Common stock, $1,500,000 (par $100); 7% pref.
int., all o f which was offered to employees and customers on the install­
stock, $2,000,000 (par $100); first mtge. bonds, $1,942,000.
ment plan.
Rights.— Common stockholders o f record Sept. 23 1927 were given right
EARNING S.— For calendar years:
to subscribe on or before N ov. 23 for additional common stock at par
*1927.
1926.
1925.
1924.
($100) on the basis o f 1 new share for each 10 shares held.
Gross__________________
$900,461 $1,359,378 $1,317,197 $1,386,600
Bonds.— Sinking fund of 2% per annum of 1st ref. mtge. bonds out. began Net. after taxes_x______
88,850
141,711
150,550
214,574
Sept. 1909 for purchase of bonds at not exceeding 110 and int., but bonds
* 8 months ended Aug. 31 1927. x Before depreciation and int. charges.
cannot be drawn. Bonds are red. as a whole at option of co. at 110 and int.
OFFICERS.—
Gen. M gr., M . W .
V. 88, p. 54, 1003. Bonds are listed on N . Y . Stock Exchange. V. 89, p. Birkett; Asst. M Pres., D . L. Huntington; V .-P . &V. G. Shinkle; Aud.,
gr., J. E. E. Royer; Sec.-Treas.,
1544; V. 104, p. 1900, 2120. The gen. mtge. bonds are secured by a direct
mtge. on the entire property of the co. (except certain property not required W . F. M iller— V. 115, p. 545.
for successful operation), subject to $5,367,000 closed prior liens, and in
addition by pledge o f the entire outstanding cap. stock o f the co.’s whollySEATTLE & RAINIER VALLEY R A IL W A Y CO.
owned subs. So long as any gen. mtge. bonds are outstanding no add’l
mtge. indebtedness or additional stock issues of wholly-owned subsidiaries
Purchase by City.— For terms
which co. would
may be made unless pledged under the gen. mtge. In addition to the to Possible street railway property to the upon of Seattle see this be willing
sell its
city
section of
authorized $10,000,000 series A 5% bonds, additional bonds may be issued April 24 1920. In Aug. 1924 it was reported that the Seattle City Council
(a) $5,367,000 for retiring prior liens o f the Washington Water Power Co.,
company looking toward the
and (6) $9,633,000 provided net earns, o f the co. for 12 consecutive out of had agreed to enter into negotiations. with the 812. In Dec. 1925 the City
preceding 15 months have not been less than twice annual interest on aggre­ purchase of the company’s lines. V 119, p.
gate funded debt, incl. new issue. Bonds additional to above $25,000,000 Council offered $1,200,000. V. 121, p. 3132.
ORGANIZATION.— Incorp. in Del. on June 8 1916 as successor to the
may be issued for 75% o f additions, &c., subject to foregoing earnings
provision. Red. as a whole on 60 days’ notice at 105 and int. on or before Seattle Renton & Southern R y ., which was bid in at foreclosure sale on
June 1 1931 and at 1% less for each 5 year period thereafter, but at not May 12 1916 by Attorney John C. Higgins, representing the bondholders
less than 100H and int. Application for listing on the N . Y . StockrEx- (there were $825,000 1st 5s outstanding) and common claimants under the
change was to be made. In M ay 1926 White, Weld & Co. sold $5,000,000 plan of reorganization. V. 102, p. 2078.
series A 5% at 100H and int., yielding 4.95% . V. 122, p. 3085.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Co. offered to holders o f 2-yr. 6% notes, due Feb. 2 1926, to extend them 24.863 miles o f track, from Seattle to Columbia City, Hillman, Rainier
5% per annum to June 2 1926, at which time co. intended to issue 5%
Beach and Renton. Rails, 60, 70 and 75-lb. T . Standard gauge. 34 passen­
general mtge. bonds. All noteholders not availing themselves o f this offer ger cars, 21 freight cars, 2 locomotives and 1 line car.




O ct., 1927.]

C A PITALIZATION .— Has $250,000 com. stock and $110,000 pret
stock (par $100) authorized and outstanding. Also has outstanding
$484,000 6% first mtge. bonds, $577,500 5% gen. mtge. bonds and $400,000
6% income mortgage bonds.
EARN INGS.— For calendar years:
10 99
1923.
1924.
1926.
1925.
G ro ss_______________$364,641 $403,394 $426,596 $460,610 $508,543
165,713
157,890
127,062
N et_________________ 99,201
115,123
OFFICERS.— Pres., Marshall E. Sampsell, Chicago; V .-P ., & Gen. M gr.
Walter M . Brown; Sec. & Asst. Treas., Leroy J. Clark; Treas. & Asst. Sec..
P. C. Eichhom .— Y . 120, p . 1748; Y . 121, p. 3132.

M ONTANA
MONTANA POW ER CO. (THE).
ORGANIZATION.— Incorp. in New Jersey Dec. 12 1912 as a consolida
tion of properties formerly owned by Butte Elec. & Pow. Co., Madison
River Pow. Co., Billings & Eastern Montana Pow. C o., Missouri River
Elec. & Pow. Co. and former The Montana Pow. Co. as per plan V. 95,
p. 1334. Co. owns the entire capital stock (except directors’ shares) of
Great Falls Pow. Co., Thompson Falls Pow. Co., Montana Reservoir &
Irrigation C o., Great Falls Water Pow. & Townsite Co. and Deer Lodge
Elec. Co. In Sept. 1926 the citizens o f Glasgow, M ont., decided to sell
their municipal power plant to Montana Pow. Co. V. 123, p. 1763.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Co. serves with electric power and light the greater portion of the population
o f the State of Montana, incl. the Butte, Billings and Great Falls districts
and the most important centres o f industry in the State. Co. has more
than 46,000 customers. Co. owns or controls properties, incl. 12 hydro­
elec. power plants, with developed capacity of more than 300,000 h.p.;
2,354 miles of transmission lines; 84 substations and complete distribution
systems in the cities of Butte, Great Falls, Billings, Bozeman, Lewistown
and Livingston and supplies electric power and light, or both, to more
than-60 other cities and towns in Montana.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity
Q-J
$49,633,300
See text
Common $75,000,000 ($100)_______
First & ref mtge $75,000,0001 1913 5 g J-J
26,213,200 July 1 1943
Ser" A''($100,&c)goldc*&r*JInt. at Guaranty Trust C o.. N. v . trustee
Debentures, ser “ A ” (c* $1,-/ 1927
5 g J-D
12,500,000 June 1 1962
000-500)_______________ tf\Guaranty Trust Co. of N. Y ., trustee.
Butte Elec & Power 1st mtgel 1901
5 g J-D
3,481.000
See text
($1,000) gold)________ c*tf (Int. at U. S. Mtge. & Tr C o.. N . Y ., trustee
Montana Power Transmission ( 1903 5 g F-A
425,600 Aug 1 1933
1st M (closed) guar ($500, JInt. at U . S. Mtge. & TrustC o., N . Y ..
&c) gold________________t f( trustee.
Madison River Pow 1st mtgel 1905 5 g F-A
1,695,000 Feb 1 1935
(closed) guar ($1,000) g . . t f (Int. at U. S. M tge. & Tr. C o., N. Y ., trustee.
Great Falls Pow Co 1st mtgel 1911
5 g M -N
2,780,000 M ay 1 1940
$15,000,000 ($1,000) g_c*tf(Int. at Bankers Trust C o., N. Y ., trustee.
Stock.— 7% cum. pref. was called for payment July 1 1927 at 120 & divs.
For sale of stock on installment plan to the people of Montana, see V. 123,
p. 710.
Bonds.— The 1st & ref. 5s ($75,000,000 auth. issue) are now a first hen on
about 81% of the present developed power plants, 65% of the present trans­
mission lines and 85% of the undeveloped water powers. Are further
secured by pledge o f $7,051,000 Great Falls Power Co. 1st mtge. 5s.
and $3,409,000 Thompson Falls Power Company first mortgage 5% bonds.
Of the authorized bonds (a) $9,284,500 reserved to retire, par for par,
all outstanding underlying bonds; (ft) remainder issuable only when net earn­
ings are \M times the entire bond int. charges, incl. int. on bonds sought
to be issued, and then only for 80% of the cash cost and fair value of addi­
tions, extensions or impts. Cum. sink, fund began in 1918. V. 98, p. 455
240, 159; V. 100. p. 646. 816. 984, 1514; V. 103, p. 1985: V. 106. p. 1039,
1342, 2014; V. 107, p. 2293, 2372; V. 124, p. 236. Mtge. provides for sink­
ing fund o f H o f 1% annually, 1918 to 1922 incl., and \ M% annually, 1923
to 1943 incl , o f ponds outstanding, incl. sub. cos., and underlying bonds. In
addition to amount reported outstanding, $1,771,800 are held in sink. fund,
uncanceled and $1,017,000 are held in treasury available for sale. Call. alJ
or in part on anv int. date since July 1918 at 105 and int. Listed on
N . Y . Stock Exchange. V. 119, p. 2762; V. 124, p. 1220.
The 5% gold debentures, series “ A ,” dated June 1 1927, are callable, all
or in part, on 30 days’ notice at 105 during 1st 5 years, prior to June 1 1932;
at 104 during next 5 years; at 103 during next 5 years; at 102 during next
5 years; at 101 during next 10 years; at 100>£ during last 5 years prior to
maturity, plus accrued int. in each case. Additional debentures may be
issued as provided under the indenture. In May 1927 Lee, Higginson &
C o., Guaranty Co. o f N. Y. and J. & W. Seligman & Co. offered at 97 'A
and int., to yield over 5.15% , $12,500,000 5% gold debentures, series “ A .”
V. 124, p. 3067.
Butte Elec. & Power Co. 1st 5s mature $25,000 yearly to 1930 incl.,
$229,000 on June 1 1931, balance in 1951. Sinking funds provide for pay­
ment of one-half of the bonds that mature in 1931 and one-fourth of all the
bonds that mature in 1951. V. 80, p. 713; V. 73, p. 139; V . 92, p. 1441;
V. 88. p. 1623. $1,145,000 were retired and cancelled.
Madison River guaranteed bonds are guar., prin. and int., by Butte
Elec. & Pow. Co. Are call, at 105 and int. on any int. date. Mtge. pro­
vides for sinking fund: see V. 81, p. 615, 1045; V. 84, p. 511; V. 87. p. 1482V. 90, p. 113. $852,000 have been retired and cancelled.
Montana Power Transmission 5s are guar., prin. & int., by Butte Elec. &
Pow. Co. Call, at 105 & int. Mtge. provides for sinking fund. See V. 81,
p. 615. V. 69, p. 1251. $208,000 have been retired and canceled.
Of the Great Falls 5s of 1911, $2,783,000 are in hands of public, 2,217,000,
alive in sink, fund, and $7,051,000 are pledged under 1st & ref. mtge. of
1913. as will be any further issues of the $15,000,000 authorized. Sinking
fund. 1% per ann. C a ll.a tl0 7 H . See V. 101, p. 1631; V. 94, p. 985, 914.
Earnings statement for cal. years, see V. 124, p. 1978.
Dividends.— Dividends paid on pref. in full to July 1927. On com­
mon, April 1913 to Oct. 1915, 34% quar.; Jan. and April 1916, fi% '. July
div. was increased to 1%: Oct. 1916, 1%; 1917, Jan. and April, 1% ; July,
13£%; and 25 cents extra to aid Red Cross contributions. Oct. 1917 to
July 1919. 1H % quar.; Oct. 1919 to Apr. 1923 paid % o f 1% quar.: July
1923 to Jan. 1926 paid 1% quar. In 1926, April, 1M%1 July, 1 K % :
O ct., 1M % . In 1927, Jan., 1M % ; April, \fi% \ July, 1M % ; Oct., 1 K % .
EARN ING S.— For calendar years:
Cross
Net. after
Interest, Pref .Divs. Common
Balance,
Earnings.
Taxes.
Depr .,&c. (7%p.a.) Dividends. Surplus.
1927*_-$6,232,128 $3,987,043 $1,538,071 ----------- ------------ b$2,448,972
787.441
1926 . - 9,339,189 6,130,638 2,176,610 684,922 $2,481,665
x693,126
1925 . - 8,572,241 5,466,642 2,103,262
684,922 1,985,332
240.979
1924 ._ 8.032,201 4,972.241 2,061,008
684.922 1,985.332
521.581
1923 „
8,169,210 5,074,639 2,006.887
684.922 1,861.249
270.185
1922
7,356.239 4,525,373 2.088,505
677,684 1,488.999
1921 „ 6.106.384 3,612.216 2,048,222 677,026 1,451.499 def564,531
1920 — 7.928.087 5.116.349 2,058.625 677.026 1,354.724 1,025.972
x Does not include $161,360 refund o f taxes, &c., applicable to previous
years
* For 8 mos. ended Aug. 31 1927. b Before dividends.
OFFICERS.— Pres., John D . Ryan; V .-P . & Gen. M gr., Frank M . Kerr;
V.-P., Frederick Strauss; Sec. & Treas., J. F. Denison. Office, 25 Broad­
way, New York.— V. 121, p. 200, 459, 707; V. 122, p. 213, 1170, 2329;
V. 123, p. 206, 455, 710, 1763, 3261; V. 124, p. 236, 921, 1220, 1667, 2589,
3067, 3208; V. 125, p. 385, 649, 914.

THE HELENA LIG H T & R A ILW AY CO.
Protective Committees.— In Aug. 1925 the following committees were formed
to protect the interests o f holders of the $878,000 1st mtge. bonds which
were due Sept. 1 1925, but for the payment o f the principal of which the
company had no funds available.
Committee 1st mtge. 5% 20-yr. g. bonds.— R. Walter Leigh, Chairman;
O. N . Mason, A . F. Beringer; Sec., L. W. Osborne, 31 Nassau Street, New
York City; Simpson, Thacher & Bartlett, 62 Cedar St., New York City,
counsel. Depositaries: Irving Bank-Columbia Trust Co., 60 Broadway,
New York; Barclay’s Bank, Ltd., 168 Fenchurch St.. London. Eng.;
Amsterdamsche Bank, Amsterdam, Holland. Time for deposit o f bonds
was extended to Mar. 7 1927j V. 124, p. 1066.




269

POW ER, LIG H T AND R A IL W A Y

Committee 5% Preferred and Common Stock.— J. H. Pardee, Chairman;
P. G. Gossler, H. C. Hopson; Sec., C . A. Dougherty, 33 Liberty St., New
York City. Depositaries: National Bank of Commerce, 31 Nassau St..
New York. V. 121. p. 1100.
Foreclosure.— A. T. Schultz was appointed receiver for the company on
N ov. 2 1925. V. 121, p. 2637. On Dec. 1 1926 co.’s properties were sold
at foreclosure to C. M . Clay, representing the bondholders’ committee,
for $584,500. V. 123, p. 3038. It was intended to reorganize the co. as
per the following reorganization plan: All of company’s properties not ex­
clusively devoted to street railway business to be vested in a new “ electric
company” and all properties exclusively devoted to street railway business
to be vested in a new “ railway company." The electric co. is to issue
$750,000 25-yr. 6% bonds (red. during first 20 years at 105, and during
each succeeding year at 1 % less), secured by a first lien on the property of
the electric co., and also upon the stock of the railway company. Assent­
ing holders of the 20-yr. 5% 1st mtge. bonds of old co. were to receive for
each such $] ,000 bond $600 in 6% bonds of the electric co. and $400 in
cash, together with cash equivalent to interest at 5% per annum on 60%
of old bonds from Sept. 1 1925 to date from which new bonds bear int.,
and upon 40% of old bonds from Sept. 1 1925 to date of distribution of the
new bonds and cash to holders of certificates o f deposit. V. 123, p. 3038.
ORGANIZATION.— Incorp. in Connecticut on Sept. 21 1905 as successor
Co the Helena Light & Traction Co. V . 81, p. 1043. Railway franchise
expires April 4 1926. Electric and gas franchises are perpetual. In 1926
the electric department contributed 67% of total gross income and 95%
of net operating income
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Comprises the entire electric light, gas and street railway properties in the
city of Helena, M ont. Operates 18.52 miles of main track; 18 passenger
cars, 3 miscellaneous cars. Company purchases its power for both electric
and railway departments. The gas department makes water gas, has 28.52
miles o f 3-inch equivalent pipe and a holder o f 140,000 cu. ft. capacity.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________
$561,000 Feb.’ 18, 1 %
Common $900,000 ($100)__________
Pref $600,000 5% cum ($100)______
5 Q-F
374,000 N ov .’ 18,l ! i
First mortgage $1,500,000( 1905
5 g M-S
878.000 Sept. 1 1925
gold ($1,000)__________ c *lln t. at Am. Exch. Irving Tr. C o., N .Y.,trus.
Stock.— Of the amounts reported outstanding $339,000 com. and $226,000
pref. are held by a trustee for benefit of the company.
Bonds.— The 1st M . bonds are subject to call at 105 and int.; $141,000 are
reserved for extens. and impts. at 85% of cost. A sinking fund of 1H % per
ann. of bonds out commenced June 1 1908 and was increased to 2 H %
per annum June 1 1918; said fund to be used in retirement of bonds at not
higher than 105 and int. See V. 81, p. 1550. $465,000 have been retired;
$16,000 held in treasury. Listed on Amsterdam Stock Exchange.
Dividends.— 5% per annum in quarterly installments was paid on pref.
stock to and incl. Sept. 1918. None since. First div. on com., 1% , paid
Oct. 31 1906. In 1907, 3 % . In 1909, 3 % . In 1910, 4 % . In 1911 and
1912. 5 % . In 1913, 234% . In 1916, 1% . In 1917, 2 % . In Feb.
1918, 1% . None since.
EARNINGS.— For calendar years:
Cal. Year—
Surplus.
Cross.
after Taxes. Bds.,&c. Renew.Reser
1926 _________ ..$375,500
$122,575
$43,900
$33,975
$44,700
46,772
L925 _________ . 376,403
33,975
29,273
110,020
1924 _________ - . 372,091
95,600
45,891
33,975
15,734
44,917
1923 _________ . . 395,430
29,563
108,455
33,975
1922 _________ . . 408,312
126,372
46,835
33,075
46,462
32,642
1921_________ . . 384,600
109,726
48,813
28,271
OFFICERS.— Pres., J. H. Pardee; V .-Ps., J. K. Choate, A. Coppell,
R. B. Marchant; Sec. & Treas., T . W . Moffat; Asst. Sec., C. A. DoughertyAsst. Treas., H. B. Brown; Asst. Sec. & Asst. Treas., A. B. Sibley; Gen'
M gr., A. T . Schultz. Operated under the general management of The J. G
White M gt. Corp., N . Y . City. Principal office, 33 Liberty St., N . Y . C ity'
—V. 107. p. 181; V. 110. p. 2657; V. 112, p. 2305; V. 113, p. 2311; V. 116'
D. 515: V. 117, p. 86, 893: V. 118, p. 550. 2948: V. 119. n. 2529: V . 120. p1458; V. 121, p. 1100. 2637; V. 122, p. 2190: V. 123, p. 3038; V. 124, p. 1066

M ONTANA-DAKOTA POWER CO.
ORGANIZATION.— Incorp. in June 1925 as a consolidation oi the
Jennison Light & Power Co., Scobey Utility Co., Plentywood Electric C o.,
United Power Co., Listerud Power Co., Williston Light, Heat & Coal Co.
and a number oi other properties operating to eastern Montana and western
North Dakota. Operates the Eastern Montana Light & Power Co. under
lease.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
The Montana-Dakota Power Co., directly or through its leased subsidiary,
the Eastern Montana Light & Power C o., supplies without competition
electric light and power at retail to approximately 11,900 customers in
eastern Montana and western North Dakota. The electric properties of
the company and its subsidiary comprise an inter-connected system of over
600 miles of transmission lines, practically all of which have been constructed
within the last two years. Electricity is generated at 5 modern steam plants
having an aggregate installed capacity of approx. 13,000 h.p. and is sup­
plied at retail to 71 communities in Montana and North Dakota, and to
Williston, N. D ., at wholesale. Among the principal towns served with
light and power are Miles City, Glendive, Sidney, Fair view, Terry, Scobey
and W olf Point, in Montana, and Williston, Crosby, Stanley and Kenmare,
in North Dakota. The population of the territory now embraced by the
properties of the company is approximately 51,000.
Through the Gas Development Co., an associated company, the M on­
tana-Dakota Power Co. will be supplied with natural gas from producing
wells located in the Cabin Creek field in Montana, having a capacity greatly
in excess of the company’s immediate requirements. The company now
owns an 8-inch pipe line into Glendive and similar lines are under construc­
tion to Miles City and Terry. The company will also own and operate the
gas distribution systems in these towns and is equipping its steam generating
plants at Miles City and Glendive for utilization of natural gas as fuel in
place of coal.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
________ 24,996 shs __________
Common 35,000 shs (no par)______
________
$730,100 __________
Pref $1,000,000 ($100)____________
____
534 g A-O 3,300,000 April 1 1929
1st mtge ($1,000-500 c * ) . . t f ( 1926
lint, at Minnesota Ln. & Tr. C o., M inn., tr.
Series of 1927 (c* $1,000 &( 1927
534 g A-O 1,800,000 April 1 1929
$ 5 0 0 )________________tf /
Bonds.— The 1st mtge. bonds dated April 1 1926 are secured by direct 1st
mtge. on entire prop., subject to $45,018 encumbrance on a small portion.
As additional security, all com. stock of Eastern Montana Lt. & Power C o.,
together with a lease o f its properties to this co., are pledged with trustee.
Call., all or part, on any interest date on 30 days’ notice at par and a pre­
mium of 34 % for each 6 months of unexpired maturity. In M ay 1926
Minnesota Loan & Trust C o., Minneapolis, and Second Ward Securities
C o.. Milwaukee, offered $1,500,000 o f these bonds at 99 3 and int., to yield
4
about 5.60%. V. 122, p. 2799. In Sept. 1927 the Minnesota Loan &
Trust Co. offered $1,800,000 1st mtge. 534s, series of 1927, at 100 and
accrued interest.— V. 125, p. 2263.
EARNING S.— For 12 months ended:
Dec. 31 ’26. Mar. 31 ’26.
Gross earnings__________________________________
$425,906
$379,354
Oper. expenses, maintenance and taxes__________
223,074
249,155
Net earnings_____________
Income from leased property.

$202,832
36,407

$130,199
22,118

Total net earnings before deprec. & Fed. taxes.
$239,239
$152,317
Latest Earnings.— For 12 mos. ended Aug. 31 1927: Gross, $869,258;
net after maint. and taxes (incl. rental leased property), $371,420; annual
int. requirements on funded debt, $181,500.
OFFICERS.— Directors: C. C. Yawkey, Ben Alexander, Brown Katzenbach, H. L. Geisse, A. P. Woodson. Wausau, W is.. and R . M . Heskett,
Minneapolis. Minn. Pres., C. C. Yawkey.— V. 122, p. 2799; V. 124, p.
2428, 2263.

BUTTE ELECTRIC R A ILW AY .
ORGANIZATION.— This company was incorp. in West Virginia in
Dec. 1899 as successor of the Butte Consolidated R y., sold at foreclosure.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 39.0857 miles of track. 56, 60, 80, 85 and 90-lb. T rails. 61
passenger and 4 work cars.
All the outstanding 1st Mtge. 5s, dr*s March 1 1925, were paid off at
maturity. V. 120, p. 1088.

PUBLIC U TILITIE S

270

STOCK AND BONDS—
Date. Interest. Outstanding.
Maturity
Stock $1,000,000 (par $ 1 0 0 ) . . ____
M-N
x $ l.000.000 Oct. '06,2%
x All owned by W. A. Clark.
Dividends.— In 1905, 4% ; in 1906, M ay, 2% ; Oct., 2% ; none since.
EAR N IN G S.— For cal. year 1924, gross. $504,103; net after taxes
$20,748. In 1923, gross, $545,163; net after taxes, $13,059. In 1922
$529,784.
OFFICERS.— Pres., W . A. Clark, Butte; V.-P , W. A. Clark Jr.; Sec. &
Treas., J. H. Anderson, 20 Exchange Place, f Y .— V. 108, p. 1822
V. 109, p. 676; V. 110, p. 2657; V. I l l , p. 73; V .lt
p. 530; V. 120, p. 1088

ID A H O
BOISE VALLEY TRACTION CO.
Controlled through stock ownership by the Idaho Power Co. (V. 104, p
11 I
all o f whose common stock except directors' shares is in turn owned
by the Power Securities Corp., a subsidiary of Electric Pr. & Lt. Corp
The Idaho Power Co. also owns all the $750,000 10-year 5% notes of the
company. The Traction company owns in fee all the railway property
o f the old Idaho R y., Light & Power Co. except the Boise R R . C o., Ltd.
(now the Boise Street Car Co. V. 113, p. 959).
Receive' Sought. — In a bill of complaint, filed on Sept 23 1925, trusteefor the Boise & Interurban 1st mtge. 5s, due 1946. petitioned for tb»
appointment of a receiver and foreclosure of the mortgage.
Interest on the above issue was defaulted on April 1 1923. V. 121,p 1907
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
68.5 miles single-track equivalent of interurban lines.
There remains outstanding agst. the property the following issue of bonds
BONDS—
Date.
Interest. Outstanding. Maturity
Boise & Int 1st M $5,000,000/ 1906
5 g A-0
$964,000
194(
g($l ,000)sf&subtocall.c&r\lnt. at Colonial Trust Co., Pittsb., trustee
10-year mortgage notes______1915
5 F-A 24
*750,000 Aug 24 192f
*Not paid at maturity and now being carried as past due obligation
No interest was paid since Jan. 1 1925.
EARN IN G S.— Calendar years:
1926.
1925.
1924.
1923.
Gross earns, from oper__ $234,450
$246,619
$250,627
$296,101
Oper. exp., incl. taxes-.
241.380
252,296
258.989
281.830
Net earns, from oper.
Other income__________

def$6.930
14

def$5.677
17

Total income________
Int. on bonds and notes.
Other int. & deductions.
Renewal & replace, r e s ..

def$6,916
x85,700
14.803
6,140

def$5,660
x85,700
17,001
6,140

def$8.362
--------def$S,362
x85,700
15.385
6.140

$14,271
545
$14,816
x85,700
16.047
6.140

Balance, deficit______
$113,559
$114,501
$115,587
$93,071
x This represents 12 months interest on $750,000 10-Year First Mtge 5*7.
notes and $964,000 Boise & Interurban Ry. Co., Ltd First Mtge. 5$i
bonds
No interest on the former issue has been paid since Jan.l 1925
and interest on the latter issue was defaulted April 1 1923.
OFFICERS.— Pres., E. W. Dewey; V.-Ps., D. F. McGee and W . R
Putnam; Sec., A. J. Priest; Treas., A. E. Janssen.— V. 116, p. 1759; V. 114.
D. 1650; V. 115. p. 2476; V. 116. p. 1759; V. 120, p. 2267. 3064; V. 121
p. 1907; V. 122, p. 2648; V. 125, p. 513.

UTAH
ELECTRIC POWER & LIGHT CORPORATION.

Operations supervised by Electric Bond & Share Co.
ORGAN IZATION .— Incorp. in Maine March 11 1925;took over the assets
o f the Utah Securities Corp. (for history see "Public Utility" Compendium
o f Nov. 1 1924), and now holds a substantial majority of all of the commoi
stocks (and in some cases varying amounts of pref. and 2d pref. stocks as
well as certain indebtedness 1 of New Orleans Public Service Inc. Dallas
Power & Light Co.. Dallas Railway & Terminal Co. Power Securities Corp
(which owns all the com. stock of Idaho Power C o.), Miss. Power & Lt.
Co., Louisiana Pow. & Lt. C o., Central Louisiana Pow. Co., Louisiana
Pow. Co., Texas Interurban R y., Inter-City Terminal Ry. C o., South New
Orleans Lt. & Trac. Co., West New Orl. Lt. & Tr. Co. and Gas & By-Prod­
ucts Co. Utah Pow. & Lt. Co. (which owns all capital stk., except directors'
shares, of the Utah Lt. & Trac. Co. and all the outstanding securities of The
Western Colorado Pow. C o.). On July 7 1925 completed acquisition of
properties of Southern Pow. & Lt. Co. V. 121, p. 197. See for exchange of
stock under “ Southern Pow. & Lt. C o .” V. 120, p. 2551.
On Dec. 10 1926 more than 99% of the pref. and more than 94% of the
common stock of Gas < By-Products Co. had been deposited under a plan of
&
exchange of stocks as follows: 85-100ths of a share of $7 cum. pref. stock of
El. Pow. & Lt. Corp. for each share o f Gas & By-Products Co. pref. stock
and two common shares El. Pow. & Lt. Corp. for each Gas & By-Products
Co. common share. V. 123, p. 2898, 3318.
F IE L D

OF

O P E R A T IO N S

AND

CHARACTER

OF

B U S I N E S S .—

The company supplies directly or indirectly. electric power and light and
(or) gas, electric railway and other public utility service to 560 communiities with a wide industrial and geographical diversification, located in
Arkansas, Mississippi, Louisiana, Texas, Utah. Colorado, Idaho, Wyoming
Nevada and Oregon, having an aggregate population estimated at approxi
mately 1.760.000. The operating companies own electric generating plants
of an aggregate installed capacity of 524,420 k w. 14,135 miles of electric
transmission and distributing lines: g a s -works of 29.624 °00 CU -ft. daily
capacity; 657 miles o f gas mains: 690 miles o f street and interurban railway
lines. The principal operating companies follow:
(1) Neu Orleans Public Service, Inc. (see s ta te m e n t on a n o th e r p a g e ).
(21 Dallas Power Light Co. and Dallas Ry. Terminal Co. (see statements
on another page).
(3) Vtah Power <* Light Co (see statement on another page)
(4) Idaho Power Co. (the subsidiary of Power Securities Corp.) supplies
the entire electric power and light service in an extensive section of southern
Idaho, extending from Blackfoot in eastern Idaho westward across the State
into eastern Oregon, including the cities of Boise, Twin Falls, Pocatello,
Caldwell and Nampa, and through its subsidiary, the Nevada Power Co.,
in the mining district adjacent to Jarbridge, Nev., with a population in
excess of 150,000. For earnings in 1926, see V. 125, p. 515. The Boise
Valley Traction Co., another subsidiary, operates an interurban railway
between Boise and Caldwell.
(5) Texas Interurban Ry. operates a high-speed freight and passenger rail­
way between Dallas and Denton and Dallas and Terrell, over 65 miles
o f track. Population served, 270,000.
(6) Arkansas Light
Power Co. and The Pine Bluff Co. (see separate
statements). Arkansas Power 3c Light Co. formed to merge these and other
properties. See separate statement. V. 123, p. 1875.
(7) Arkansas Central Power Co. (see separate statement).
(8) Mississippi Power & Light Co. (see separate statement).
(9) Gas & By-Products Co. (see separate statement).
The original authorized capital o f the company consisted of 500,000 shares
o f 1st Pref., 120,000 shares o f 2d Pref., Series A, and 2,400.000 shares of
Common stock.
On June 29 1925 the authorized capital stock was increased to 4,020,000
shares without par value, divided asjfollows. See V. 120, p. 3313; V. 121.
p. 74; V. 124, p. 124.
STOCK AND BONDS— Date.
Interest. Outstanding
Maturity.
Common 3,000.000 shs (no p a r ) ____
_________ 1,775,894 shs.
Pref 800.000 shs (no par)_____ _____
$7 Q-J
465,775 shs Oct'27.$1.75
2d pf Ser A 120.000 shs (no p a r ) ______ $7
110.741 shs Oct'27.$1.75
2d p f SerAA lOO.OOOsh (no p a r ) ____
_________
—
---------Slock.— Each share o f 2d pref. stock Series A, when accompanied by four ,
option warrants will be accepted at $100 in payment for four com. stock in
Ueu of cash. All the 2d pref. stock series A and the 364,560 option warrants




[ V ol . 125,

were originally purchased by Electric Bond & Share Co. The unissued
portion of pref. $7 cum. stock is represented by allotment certifs. Pay­
ments of the balance of the allotment price ($100 of which $40 were originally
paid in) are to be called for at intervals of not less than 180 days, and no
single call to be for more than 10% of the allotment price. No call shall be
made before 1926. Purchasers have the option, however, to anticipate
payment in whole or in part and upon full payment to receive certificates
for the preferred stock so paid for, and in addition Vi share of common
stock for each share of preferred stock so received. To all payments
must be added proportionate accrued dividends. Preferred as to divi­
dends and assets over the 2d preferred and common stocks and entitled,
In case of liquidation, to $100 per share and divs. Red all or part upon 30
days' notice at $110 per share and div. Each share entitles holder t« one
vote
In March 1925 Bonbright & C o., Inc., sold 400.000 shares $7 cumul.
pref. at 100 and div. (initial payment of $40 per share, plus divs. on amount
paid) each share of pref. carrying, when fully paid, H share of com. stock.
V. 120, p. 1457.
Second pref. stock Ser. “ AA” ranks pari passu with 2d pref. stock Ser. “ A ”
V. 121, p. 74.
Preferred and common stocks and preferred allotment certificates listed
• N. Y. Stock Exchange. V. 120. p. 1881. $7 cum. nref. stock listed
n
on N . Y . Stock Exchange. V. 120, p. 2814; V . 123, p. 3318.
EARNING S.— For calendar years
*1972.
1926.
1925.
a Gross earnings___________________ $8,539,242 $7,510,530 $4,360,543
Expenses of El. Pr. & Lt. Corp______
758,532
779.993
421.559
Int. deduct, of El. Pt. & Lt. Corp___
454,857
524.493
17.964
Pref. divs. of El. Pr. & Lt. Corp_____ 3,078,430
2,923.025
1,676,881
2d pref. divs. of El. Pr. & Lt. Corp_
_
776.985
775,255
608,220
Balance___________________________ $3,402,532 $2,575,669 $1,635,913
Shares of common outst’g (no par)_
_ 1,775,844
1.774,574
1,621,729
Earnings per share__________________
$1.92
$1.45
$1.01
a Of Electric Power & Light Corp. and undistributed income of sub­
subsidiary companies applicable to Electric Power & Light Corp. after
renewal and replacement (depreciation) appropriations. Renewal and
replacement (depreciation) appropriations for the 12 months ended Dec. 31
1926 were $4,070,876. and for the 12 months ended Dec. 31 1925 they
were $3,637,068. For 12 months ended June 30 1927 they were $4,010,118.
Gross and Net Earnings of Operating Subsidiaries 12 Months Ended Dec. 31.
*1927.
1926.
1925.
Gross earnings of subsidiaries_______ $51,352,288 $49,843,877 $44,614,878
Net earnings of subs, before renewal &
replace'! (deprec.) appropriations,_ 22,677,022 21,650,872 18,417,861
* For 12 months ended June 30 1927.
Balance Sheet as of June 30 1927, see V. 125, p. 1191.
OFFICERS.— Chairman of Board, S. Z. Mitchell; Pres., C. E. Groesbeck; V.-Ps., H. C. Abell, A. S. Grenier, D. F. McGee and E. W. Hill
Compt., A. E. Smith: See , E. P. Summerson; Treas., A. C. Ray.-— V. 120,
p 1326, 1457. 1881, 2550, 2814, 3064. 3313; V. 121, p. 74, 197, 457, 1347,
1568; V. 122, p. 2493; V. 123. p 1875, 2260, 2775. 2898. 3318; V. 124,
p. 110, p. 1665, 3351; V. 125, p. 1191.

UTAH POWER & LIGHT CO.
Operations supervised by Electric Bond & Share Co.
Controlled through ownership of all the outstanding common stock except
directors’ shares, by Electric Power & Light Corp.. which see above.
ORGANIZATION.— Incorp. in Maine Sept. 6 1912. Charter unlimited.
Owns all the bonds and capital stock, except directors’ shares, of Western
Colo. Power Co. and all the stock, except directors' shares, of Utah Lt. &
Trac. Co. Leases for 99 years from Jan. 1 1915 the elec, power and light and
v propertie- .if - h t iatt.er and guarantees prir and u( ci.- tl2.471 000
publicly owned 1st & ref. ,5s. due 1944, and $1,401,000 1st mtge. coll. 8%
bonds. In Feb. 1924 the company took over the property of the Evanston
(Wyo.) Electric Light Co. V. 118. p. 909. In July 1924 purchased the
power plant and franchise of the Warm Springs Power Co. V. 119. p. 326.
In Dec. 1925 acquired the properties of the Vernal (Utah) Light Co and
obtained a 50-yr. franchise from the City Council of Vernal. V. 121, p.
2754. Also purchased the steam electric plant and distribution system
of the Green River (W yo.) Electric Lt. & Pr. Co. V. 121, p. 3132; V. 123,
p. 2263.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
With its controlled cos. operates in an extensive territory in Utah south­
eastern Idaho, W yo int and southwestern Colorado, serving 252 com­
munities with electric power and light, including Salt Lake City. Ogden,
Provo, Logan, Park City. American Fork, Eureka, Brigham and Lehi,
Utah: Idaho Falls, Rexburg, Preston, and Montpelier, Idaho, and Durango,
Teliuride, Montrose, Ourwa.v and Delta, Colo.: total population served
estimated at 415,000. Supplies power to the Bamberger Electric RR. C o.,
Salt Lake & Utah R R ., the Utah-Tdaho Central RR. and Sait Lake Garfield
& Western RR. Co., and numerous industrial enterprises. Generating
capacity of the co., together with the Western Colorado Power C o., owned
and leased, hydro-electrif, 198,627 k.w.; steam, 38,290 k.w. Physical
property incl. approx 4 856 mies of high tension transmission and dis­
tributing lines; gas holder c picitv, 240,000 cu. ft.: gas mains, 40 miles.
Gas and electric customers, 109,632; generating station output 12 mos. end.
June 30 1927. 840.234.000 k.w.h.; artificial gas output, 98 467,000 cu. ft.
Franchises are satisfactory. In Salt Lake City franchise extends to
1955: In Ogden to 1965: Provo, 1940; Logan, 1936; Bingham, 1953: Lehi,
1962, and in Preston, 1956. Other less important franchises expire at
various dates.
Rates.— V i l l . p 1662: V. 118. p. 3080
Interest. Outstanding
Maturity.
STOCK AND BONDS—
Date.
_________ 3.000.000 shs ____
_Com stk 3.000.000 shs (no p a r ) -----Pref $7 (no par) 300.000 shs_______
7 Q-J
210.564 shs. O cf27 $1.75
_________ 20,000 shs. Oct’ 27 $1 50
$6 pref stk 20,000 shs(no p a r ) . ___
5 g F-A
27,847,000 Feb. 1 (944
1st mtge ($100,000,000) gold) 1914
($1,000)
. _______c*&rfGuaranty Trust C o., New York, trustee.
lstlien&genM ($1.000g)-C*tfl 1921
6 g F-A
5.500.000 Feb. 1 1944
Series of "6s due 1944”
(Guaranty Trust Co.. New York, trustee.
Deb bonds ser “ A" ($100, 1922
6 g M -N
5,000.000 M ay 1 2022
$500 & $1,000c* and $1,000{Central Union Trust C o., trustee.
& $5,000 r*> gold_______ tf I
Stock.—$7 cum. 1st pref. stock is redeemable at 115 and accrued divs.
On April 5 1927 changed authorized capital stock of $100 par value to
no par shares on the following basis: 1 share of no par pref for each $100
par value pref.; 1 share of no par value 2d pref (this 2d pref. was later con­
verted into $6 pref. stock) for each share of 2d pref., par value $100, and
10 shares of no par value common were exchanged for each share of old
par value common stock held. V. 124, p. 2283.
Bonds.— The lsi mtge. 5% gold bonds are secured by a direct 1st mtgeon all the physical property, franchises and rights of the co. and through
the deposit of securities by a first lien on the physical property located in
Colorado. Authorized amount $100,000,000 of which- $27,847,000 are,
outstanding in hands of public and $5,500,000 pledged to secure an equal
amount of co.’s 1st lien and gen. mtge. bonds, series of 6s, due 1944. Add’l
bonds may be issued to a principal amount not exceeding 80% of the cash
cost of permanent improvements, extensions or additions when net earnings
for the preceding 12 mos. have been equal to at least twice the annual int.
requirements on all bonds, incl. Issue proposed. Sinking or improvement
fund began Dec. 31 1916, providing for payment to trustee of 1% of bonds
outstanding each year on Dec. 31 1916 to 1918, incl.. 2% outstanding each
year on Dec. 31 1919 to 1933, incl., and 2 % of the amount outstanding
each year on Dec. 31 from 1934 to 1943, incl. Funds so received may be
used either to retire bonds or for improvements, extensions or additions.
In March 1927 Harris, Forbes & Co. and Coffin & Burr, Inc., offered at
98 and int., to yield about 5.18%, $2,000,000 additional 1st mtge. 5%
bonds. Listed on N. Y Stock Exchange.— V. 109. p 688: V. 124. p. 1513.
The 1st lien and general mortgage series ‘ ‘7s, due 1941" were called for
redemption o d May 1 1927. V 124, p. 1513. The first lien and gen mtge.
serial "6s. due 1944," are secured by a pledge o f an equal amt. o f 1st m.
5s. Are redeemable on four weeks' notice In blocks o f not less than $250,000
at 105 and int. to and incl. Feb. 1 1927: at 104 and int thereafter to and
incl Feb 1 1932 at 103 and int thereafter to and incl Feb 1 1937: and
thereafter at a premium decreasing each year to 10014 and int. during the
last vear prior to maturity. V. 113, p. 2081.
The 6% debenture bonds, ser. A. are red. after May 1 1947 and up to
and incl. Oct 31 2016 all or part at any time on 60 days’ notice at 110 and
Int.; thereafter at par and int. Penna. 4 mills tax refunded. V . 114, p. 2014.
Dividends.—Dividends on the pref. stocks in full to date.

O ct ., 1927.]

POW ER, LIG H T AND R A IL W A Y

EARN IN G S.— For calendar years (incl. Western Colo. Power Co.):
Other Bond [nt. Other Int.
Balance
Gross
Net (after
(N et).
Surplus
Year—
Earnings. Taxes).
Income.
& Disct.
*1927
SI0.620.603 $.5,573,938 $528,214 $1,983,877 $178,880 $3,939,095
1926____ 10,502,803 5,480,921 493,568 1,957,350 169,202 3,847,937
1925____ 9.854.500 5.006.289 364,067 1,957.350 181,995 3,231,011
1924____ 9.331.444 4.615,422 386,140 1.957,350 173.346 2,870,866
1923____ 8,543.405 4.290,033 183,749 1.854,933 194.532 2,424,31
1922____ 7.125.090 3,512,748 203.761 1.574,919 288,854 1.852,736
* For 12 months ended July 31 1927.
EARN IN G S.—
Consolidated Income Account, 12 Months Ended Dec. 31 (Incl. Sub. Cos.).
1926.
1925.
1924.
1923.
Operating revenue_$12,101,991
$11,430,911 $10,913,905 $10,135,954
Federal taxes____
404,715
338,000
305,300
244,468
Other taxes______ 1,095.318
1,050.182
914,712
900.339
Maintenance_____
760,434
818,513
1,001.225
917.643
Other operating expenses 3,440.263
3,274.653
3,169.596 2,902.767
Net revenue_________ $6,401,261 $5,949,563 $5,523,072 $5,170,737
Non-operating revenue.
415,494
259.264
323,315
148,704
Gross incom e-............ $6,816,755
Interest on bonds........... 2,799.100
Other interest & deduc’ns
185.221
Net profit_____________$3,832,433
Dividends on pref. stock
1,464,987
Divs. on 2d pref. stock—
70.000
Divs. on common stock,
900,000
Approp. for renew.&repl
775,000

$6,208,827
2,799,100
189.912

$5,846,387
2,799.100
190.579

$5,319,441
2.696,683
213,626

$3,219,814 $2,856,708 $2,409,132
1.359.629
1,142,945
867,837
70,000
70,000
216.930
600.000
______
______
725.000
725,000
725,000

Balance_____________
$622,447
$465,186
$918,763
$599,365
OFFICERS.— Chairman o f the Board, S. Z. Mitchell; Pres., L. Hanchett: V.-P. & Gen. M gr., D. C. Green; V.-P. and Gen. Counsel, John F.
MacLane: V .-P ., E. W. Hill; V .-P ., S. R Inch: V .-P.. D. F. McGee: Sec.
& Treas., Geo. B. Thomas.— V. 120, p. 2271, 2402. 3066; V. 121, p. 2754,
3132. 2263; V. 124. p. 1513. 1823, 1982, 2283, 3132.
(1) UTAH LIGH T & TRACTION CO.
Operati ms supervised by Electric Bond & Share Co.
Controlled by Utah Power & Light Co.
O R G AN IZATION .— Incorporated under the laws o f Utah Sept. 18 1914
The company is a consolidation of the Utah Light & Railway Co. and
the Salt Lake Light & Trac. Co. (see those companies on page 116 of the
Sept. 1914 “ Electric Ry. Section” ) The Utah Power & Light Co owns
all the stock of this company except directors' shares and has teased for
99 years from Jan. 1 1915 the electric power and light and gas properties
4 hydro electric and one steam plant with a total capacity o f 28.300 k.w.,
leaving only the traction property to be directly operated. V. 100, p. 734'
Franchise in Salt Lake City expires in 1955.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates 135 miles of track, incl. double track, sidings, &c., con
necting Salt Lake City, Sandy, Midvale, Murray and Holliday. Has 208
passenger and service cars. V. 123, p. 2142.
Valuation.— In Feb 1920 the Utah P. U. Comm, placed a value of $8,468.
278 on that part of the c o .’s property used in its street railway business.
$1 ,4 0 1 ,0 0 0 C o n s o l Ry & P o w e r 1 st VI i g e is, d u e i
> 1921 - ere p a l
•
off at maturity (except for a $1,000 bond still outstanding, for which cash
has been deposited since July 1921 to pay same off), but are kept alive and
pledged under the $1,401,000 1st mtge. coll. 8s. V 113. p 72.
To Operate Buses — In Oct. 1923 the company was auth. by the Utal
P. U. Comm, to operate a crosstown bus line to connect with its street-ea*
lines
V 117 p 1887
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Capital stock $10.000.000___ _____
________ - $ 1 , 1 5 0 ,8 7 5 _____________
First & ref M (auth amt un-( 1914
5 g A-O
12.471,300 Oct. 1 1944
limited) ($1,000 $500 and] Int. at Bankers Trust Co.. New York
$100) redat105& intgsf_c*( trustee
1st M coll bonds $1,401,000/ 1921
8 g J-J 1
1.401.000 Jan 1 1934
($500and $1,000) gold.c*tf\U . S. Mortgage & Trust C o., trustee.
Utah Light
486.000 Jan. 2 1934
Ry consol ( 1904
5 I? J-J
mortgage ($10,000,000 gold] Int. at 71 Broadway. New York
Equitable Trust C o., N Y ., trustee.
($1.000)________________c*
Utah Light & Power prior | 1900
5 g J-J
746.000 Jan. 11930
lien $750,000 gold (SI Int at 71 Broadway.
_c*tf (Central Union Trust Co.. N. Y ., trustee
000)
1 ,1 1 3 .0 0 0 J a n . 1 1 9 3 0
Utah Light & Power consol 1900
4 g J-J
mortgage $4,500,000 gold! Int at 71 Broadway
($500) .......... ................c*tf (Equitable Trust Co.. N Y., trustee.
Bonds.— Sufficient 1st & ref. bonds of 1914 are reserved to provide for
underlying liens (all closed issues). $300 incl. in amt. outstanding owned
by Utah Power & Lt. Co. Present issue known as Series “ A " bonds
Guaranteed, principal and interest, by Utah Power & Light Co
Sinking
fund o f 1% of outstanding bonds from 1917 to 1919; 2% 1920 to 1934;
2% % 1935 to 1943. Sinking fund may be used to redeem bonds at not
more than 105 or to reimburse the co. for cash cost of additional properties
&c. Listed on New York Stock Exchange. V. 115. p. 2380.
The first mortgage collateral 8s, in addition to being a lien on certain
properties (see V. 113, p. 961), are secured by a pledge of $1,401,000 Utah
Light & R y . cons. M . 5s; are also guar., prin. & int., by Utah Power & Light
Co. Not subject to call prior to Jan. 1 1927; thereafter redeemable, all or
part, on 30 days' notice, as follows During 1927 at 106; during 1928 at 105;
during 1929 at 104; during 1930 at 103%; during 1931 at 103: during 1932
at 102%; during 1933 at 102. Interest payable in Chicago or New York
PenusvlvanG 4 mills tax refunded. V. 113, p. 961
EARNINGS.— For calendar years:
Other
Int. Chgs., Bal., Sur
Gross
Net. after
or Def
Incom e
& c.
Earnings.
Taxes.
*1927______ ____ $1,902,544 $407,253 $581.745 $1,004,514 def$15,516
988,935
1926 ______ -------- 1,871,689
388,239
585,191
def 15,505
d e f 11 lyo
965.026
1925 _______ _____ 1.841.060
393.750
560 080
924 522
def! 4.160
1924............. ___ 1.852.762
373.607
536.755
901,342
d e fl5 ,187
1923_______ ......... 1.857.747
495.998
390.157
1922_______ _____ 1,979.379
480.570
382.796
888.217
def24.851
* For 12 months ended July 31 1927.
OFFICERS.— Chairman of the board and Pres.. E. O. Howard; V.-Ps .
O. J. Salisbury, D. F. McGee, D. O. Green and S. R. Inch: Sec. & Treas..
Geo. B. Thomas.— V. 120, p. 2 4 0 2 , 2 2 7 1 , 3066; V. 122. p. 2331; V. 123,
p. 2142; V. 124, p. 3774.

SALT LAKE & UTAH RAILROAD.
Receivership.— The company was placed in receivership on July 24 1925
Receivers, Henry T. Moore (V.-P.) and D. P. Abercrombie Jr., Boston
V. 121, p. 1228.
ORGAN IZATION .— Incorp. in Maine in 1912. Owns 50% of the
$150,000 stock (auth. $1,000,000) of the Salt Lake Terminal Co. (V 101
p. 1371), the other 50% being owned by the Bamberger Electric RR. The
Terminal Co. is operated by these two companies under a 50-year lease
running to Dec. 31 1963.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Road was formally opened between Salt Lake City and Provo Aug. 1 1914
although trains were placed in operation July 24 1914. Line was extended
from Provo to Springville in the fall of 1915 and on to Spanish Fork and
Payson in Jan. and May 1916. Branch from Granger to Magna, a distance
of about 9 miles, was completed Oct. 10 1917. Operates from Salt Lake
City south to Payson, about 67 miles, and a branch line from Granger to
Magna (about 9 miles); also about 1 mile of single track of the Salt Lake
Terminal Co tracks in Salt Lake City and about 2 miles of single track
street railway in Provo. 75 and 85-lb. rail; standard gauge. 17 passenger
cars, 1 combination gas motor car, 6 electric locomotives. 3 express and 130
freight cars and 11 service cars. Power is purchased under long-time con­
tract from Utah Power & Light Ce. Franchises entend to 1960 in Utah
County and in Provo, to 1962 in Salt Lake City and County, to 2010 in
Lehi City, American Fork and Pleasant Grove, and to 2012 in Springville,
Spanish Fork and Payson; remainder on private right-of-way
Loans by United States.— Three loans aggregating $1,000,000 have been
made to the company by the U. S. Govt, under Sec. 210, Transportation
Act, 1920, as amended. $127,400 of this amount was paid back prior to
Jan. 1 1925; $15,700 became due July 27 1925; $172,600 matures periodically
to 1935; $700,000 matures July 7 1936; this $872,600 loan bearing int.
In Sept. 1925 receivers applied to the Utah P. S. Commission for permis­




'
'
!
;

211

sion to operate a bus line from Salt Lake City to Magna and the Garfield
smelter. V. 121. p. 1349.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ $3,000,000 ____________
Com stock $3,000,000 ( $ 1 0 0 ) - - ____
1st pref 7% cum $3,000,000_______
7%
628,900 __________
Pref 7% cum $2,000,000 ($ 1 0 0 )___
_________
1,400.000 ....... ..........1st mtge $10,000,000 gold (1 9 1 4
6 g A-O
1,460.900 April 1 1944
($1,000. $500 & $100)_c*tf] Int. at First Nat. Bank, N. Y ., or Cont. &
Redeemable at 102 and int. f Com. Tr. & Sav. Bank, Chicago, trustee.
Salt Lake Term Co 1st mtgef 1915
6gJ D
632,900 June 1 1935
$1,000,000 gold ($1,000,!Int. at Bankers Trust Co., N. Y ., or Inter$500 and $100)_______ c*tf ( national Trust Co., Denver, trustee.
Equipment trust certificates/ 1920
7 M -N
38,000
See text
($500 and $1,000)___ c*tff (Int. at Northern Trust Co., Chicago, trustee.
Equipment notes____________ 1920
6 Q-F
Paid __________
Bonds.— Remaining bonds may be issued only under certain restrictions.
The $1,460,900 bonds outstanding bear 6% interest; remainder will bear
such rates not exceeding 6% as may be fixed at time of issue. Sinking fund
of 1% of bonds out 1919 to 1923, 1 % % 1924 to 1933 and 2% 1934 to 1943.
All bonds may be called at 102 and int. and replaced by a like amount
bearing a lower rate. V. 100, p. 230.
The Salt Lake Term, bonds are unconditionally guar., p. & i., jointly and
severally, by the Salt Lake & Utah R R . and Salt Lake & Ogden Ry. (now
Bamberger Electric R R .). Callable on any int. date on 35 day ' notice at
102 and int. Sinking fund 1 % of bonds issued from 1920 to 1924; 1 % % In
1925-29, and 2% in 1930-34. Additional bonds may be issued for 75% of
cost of new property or for exts. and impts. For description of bonds and
property, see V. 101. p. 1371.
The equipment trust certificates are secured on 60 cars which cost approxi­
mately $86,000. They mature semi-annually to 1930. V. 110, p. 2388.
EARNINGS.— For calendar years:
1926.
1925.
1924.
1923.
Gross revenue_________
$734,338
$735,796
$780,278
$878,641
Oper. exp. and taxes___
666.432
642,264
573,191
602,723
Net avail, for interest
and dividends_____
$67,906
$93,532
$207,087
$275,918
OFFICERS.— Pres., W. C. Orem; V .-P ., Henry I. Moore: V .-P., Mark
T. McKee; Sec. & Treas., F. M . Orem; Aud., C. M . Osborn.— V. i l l , p.
2230; V. 112, p. 2307. 2643; V. 113. p. 629. 732. 1054, 2313; V. 121, p. 1228,
1349.

BAMBERGER ELECTRIC RAILROAD.
ORGANIZATION.— Incorp. ® Utah as the Salt Lake & Ogden R y.
Name changed to present title in Sept. 1917. Owns 50% of the stock of the
Salt Lake Terminal Co. and with the Salt Lake & Utah RR ., which owns
the other 50% of stock, operates the property under a 50-year lease These
two companies jointly and severally guar, its 1st mtge. bonds p. & i.
See under Salt Lake & Utah RR. and in V. 101. p 1371
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates a high-speed interurban railway, 3514 miles, between Salt Lake
City and Ogden; total trackage, 73 miles. l8 motor cars 4 electric loco­
motives and 1 work car. New terminal in Ogden for use of this co. and the
Utah-Idaho Central RR was completed Jan. 1 1915. New terminal at Salt
Lake City for use of this company and the Salt Lake & Utah RR. Co. was
completed Jan. 1 1924. Power is purchased from the Utah Power & Light
Co. On M ay 28 1910 began operating cars by electricity; prior to that date
road was operated by steam. Shortest of franchises expires in 1955.
Practically entire mileage is on private right-of-way.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $1.000.000_________ _____
_________ $1,000,000 ____________
Pref $500,000 (6% n o n -c u m )..___
_________
500.000 __________
Firs; mortgage $2,000,000/ 1909
5 g F-A
1,500.000 Feb. 11934
gold ($1,000)_________.c * lln t. at Harris Tr. & Sav Bk.. Chic., trustee.
Bonds.— First mortgage bonds are subject to call at 105 and int. on and
ifter Feb. 1 1914. Remaining bonds can be issued under certain restric­
tions for extensions and additions.
EARNINGS.— For calendar years1926.
1925.
1924.
1923.
1922.
Gross_______________ $573,348 $583,575 $562,000 $610,004 $577,681
Net. after taxes_____
86.265
94,823
39.907
101.989 120.085
OFFICERS.— Pres(, Ju'ian M. Bamberger; V .-P .. Alonzo B. Irvine: See.*
J. B. Bean; Treas., I. M . Bamberger: Aud., H. L. Balser.— V. 102, p. 2167

UTAH-IDAHO CENTRAL RAILROAD.
ORGAN IZATION .— Incorp. Oct. 18 1926 in Delaware to take over
the p-operties of company of the same name, sold at receivers' sale by a
committee for bondholders tor $1.500,' 00 on Nov. 5 1926
For details
see V. 123. p. 3040: for history of old company, see “ Public Utility Com­
pendium" of Oct. 30 1926.
Camtalization.— Outstanding: Capital stock, $2,771,850; first mtge. 6s,
$

2 , 0 0 0 ,000 .

OFFICERS.-—Chairman & Pres., M . E. Singleton; V.-Ps., A. B. Apperson and Joseph Scowercroft; Sec. & Treas., J. H. Singleton; Aud., E. L .
Morris. Office, Ogden, Utah.-—V. 124, p. 3354.

NEVADA
SIERRA PACIFIC ELECTRIC CO.
The operating companies are under executive management of Stone &
Webster, Inc.
ORGANIZATION.— Incorporated in Maine in July 1909. Owns ai
the capital stock of the Truckee River Power Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Through its sub. cos. does the entire electric lighting and power business
in the cities and towns of Reno. Sparks, Carson City, Virginia City, and
Yerington, Nev.. and furnishes power in the surrounding mining districts of
western Nevada. Also does entire gas business in Reno, Sparks and Carson
City, and supplies water for domestic purposes in Reno and Sparks. Esti­
mated population served: electric light and power, 27.600: gas, 19,500.
Has 5 power stations located on Truckee River between Reno, Nev. and
Floriston. Calif . total capacity. 8.600 k. w.: 2.674 gas meters and 50.71
miles of gas mains; 74.64 miles of water mains. In 1926 gas output
was 68,074,900 cu. ft. C o.’s system is connected with the lines of Pacific
Gas & Electric Co.
Franchises.— Electric lighting and power franchise in Reno and Sparks
expires in 1954, in Carson City in 1947, in Yerington in 1957. Gas franchise
in Sparks expires in 1955, and water franchise in 2004. Other important
franchisas not limited in time.
STOCK AND BONDS—
Date. Interest.Outstanding.
Maturity
Common $8,000,000 ( $ 1 0 0 ) - - - ____
_______
$8,000,000 M ay'2750c
Pref 6% cum $3,500,000 ($ 1 0 0 )____
6 Q-F
3,500.000 May '27 1%
Non-interest bearing notes___ _____
_________
365.000
1930
3-yr 5% g coupon notes ($ l,-( 1926 5 g J-J
400.000 July 1 1929
000 c * )_________________ tf) State Street Trust Co., Boston. Mass., trus.
Assumed by Truckee River Power Co.—
Nevada Pr Lt & Wat 1st mtge 1 1902 6 g A-O
73,000 Apr 1 1932
$300,000 gold (closed) __ / Int. at Mercantile TrustCo., San Fran., trus
Reno Pr Lt & Wat 1st cons M j 1904
6 g J-J
295,000 July 1 1944
$750,000 gold (closed)___ /Int. at Mercantile Tr. Co., San Fran., trus.
Stock.— Pref. stock Is pref. as to divs. in case of liquidation
Red. at 115.
Bonds.— Both issues of bonds have been assumed by Truckee River Power
C o., all the capital stock of which is owned by the Seirra Pacific Electric
Co. The Nevada Pow., Lt. & Wat. 1st Itge. 6s are call, all or in part (also
in part for sink, funds) at 104% and int., decreasing to 100% prior to ma­
turity
Sink fund 3°I per annum of bonds issued (excl honds called or
cancelled) payable April 1. As of Dec. 31 1926, $114,000 held in sinking
fund not cancelled and $113,000 in sinking fund cancelled (not incl. in
amount outstanding).
Reno Pow.. Lt oc Wat. 1st Cons. Mtge. 6s are call, all or in part (also in
part for sink, fund) at 109 and int., decreasing to 100% prior to maturity.
Sink, fund 1.4% per ann. of bonds issued (excl. bonds called or cancelled)

212

PU BLIC U TILITIE S

through 1933 and 1.7% thereafter, payable April 1. On Dec. 31 1926
$155,000 were held in sinking fund not cancelled. $68,000 are reserved to
retire underlying bonds.
Notes.— 'The 3-year 5% gold notes, dated July 1 1926, are call, as a whole
at any time on 30 days’ notice to and incl. July 1 1927 at 101 X\ to and incl.
A
Jan. 1 1928 at 101: to and inch July 1 1928 at 100H, and thereafter prior
to maturity at 100: plus int. in each case. In July 1926 Stone & Webster
Inc., offered $400,000 o f these notes at 99.73 and int. V. 123, p. 844.
Dividends.— Quarterly dividends o f 114% (Q.-F.) are being paid on pref
stock. On common an initial guar. div. of 50c. was declared, payable
M ay 1 1926. In Aug. 50c. and same div. quar. since. V. 122, p. 1611.
E A R N IN G S.— For calendar years:
Gross
Net after
Interest Avail, for Res.
Earnings.
Taxes.
& Amort. Retir. A Divs
1927*. ___________$1,257,814
$483,049
$48,430
$434,628
1926.- ---------------- 1,260,542
508,716
44,988
463,727
1925.- ---------------- 1.136,857
483,700
54,418
429,282
1924.- ---------------- 1,094.187
442,527
72.834
369,693
1923-- - - _______ 1,023,638
487,820
63,355
424,465
19 22.. ----------------910,378
422,578
65,370
357,208
1921-. ----------------872,729
398,995
75,009
323,986
1920-- ___________
779,244
339,718
72,449
267,269
1919-- ___________
681,891
302,139
71,229
230,910
1918-- ___________
721.297
366,537
62,903
303,634
1917-. __________
681.891
363,437
62,956
300,481
1916-- - _______
584.961
335,951
66.043
269,908
* For 12 months ended June 30 1927.
Balance sheet as of June 30 1927, see V. 125, p. 1463.
OFFICERS.— Pres., Alexander F. Crichton; V.-Ps., E. Ennals and E. M .
Harrigan; Sec. & Treas., Henry T. Graham. Under management of Stone
& Webster. Inc.; Mgr. o f Operating Cos., George A. Campbell. Reno, Nev.
V. 120, p. 2684, 3316; V. 122, p. 1312, 1611; V. 123, p. 844, 1252, 2902;
V. 124, p. 2282; V. 125, p. 1463.

A R IZ O N A
CENTRAL ARIZONA LIGHT AND POWER CO.
r Control.— Company’s entire common stock, except directors’ shares, is
owned by American Power A Light Co., whose operations are supervised
by Electric Bond & Share Co.
ORGAN IZATION .— Incorp. in Arizona in Feb. 1920 and acquired all
properties o f Pacific Gas & Electric Co. o f Phoenix.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Company supplies the entire electric power and light service in Phoenix
Ariz., and immediately adjacent territory, and the entire gas service in
Phoenix and gas at wholesale at Tempe. As o f June 30 1927, 20,853 cus­
tomers (13,030 electric and 7,823 gas). Total population served, over
50,000.
Company owns and operates 137 miles o f high voltage transmission lines,
240 miles o f electric distribution system, gas works ot 2,800.000 cu. ft.
daily capacity, gas holder capacity of 660,000 cu. ft., and 186 miles of gas
mains. Company owns a 700 k. w. steam electric station, but practically
all o f the electrical energy sold is purchased under favorable contracts from
the Arizona Power Co. and the Salt River Valley Water Users’ Association.
In 1925 company advanced $410,000 to this latter association to be used
for the construction o f a 7,000 k.w. hydro-electric plant (opened in 1926) at

[V ol. 125,

Mormon Flat on the Salt River. These advances are to be refunded with
interest during a 25-year period. Power generated at the Mormon Flat
plant is reserved to Central Arizona Light & Power Co. and available as
required at a rate established for 25 years.
Franchises.— The electric franchise in Phoenix expires in 1936. All other
franchises extend beyond 1947.
STOCK A N D BONDS—■ Date.
Interest. Outstanding. Maturity.
_______ 200,000 shs
Common 300,000 shs(no par)_______
$7 cum pref 25,000 shs (no p a r ) ____
$7 Q-F
7,034 shs
$6 cum pref 25,000 shs (no p a r ) ____
$6
Non#
First & ref mtge g ser B 6%,\
1922 6 g
$500,000 N ov I 1942
due 1942 ($1,000,000)------- /Pacific Southw. Tr. & S. Bk., Los Ang., trus.
Series C 5 K % due 1947 ($1,-1 1927 5J^ gJ-J
1,300,000 Jan 1 1947
000 c*. $500 c )------------- tf/In t. in Los Angeles or New York.
Pac G & E Co o f Phoenix 1st f 1911 6 g J-J
933,800 Jan 1 1931
mtge (closed) 6% 20-yr s flin t, at Cent. Union T r. C o., N . Y ., trustee.
($1,000. $500, $100 c * )._ t f I
Stock.— All of the outstanding f$668,000) 8% cum. pref. stock was called
for redemption Feb. 1 1927 at 110 and divs. Stockholders, instead of
taking cash, were also permitted to exchange their share for an equal
amount of $7 no par voting pref. stock, plus $16 in cash, and to buy addi­
tional $7 pref. stock at $98 a share on a share-for-share basis. V. 124. p.504.
The $7 cum. pref. stock is preferred over common as to assets and divs.
Entitled to $100 per share and accumulated divs. in case o f liquidation.
Red. at $110 per share and accumulated divs. upon affirmative vote o f a
majority of common stockholders.
Bonds.— The first and ref. mtge. bonds, series C, are secured equally and
ratably with series B by a first mortgage on certain electric property and
by a direct mortgage on the remainder of company’s physical property, sub­
ject to $934,100 underlying bonds, which in amount is being reduced regu­
larly through a sinking fund. Additional bonds either of series O or other
series of such series as directors may determine, may be issued: (a) for 75%
of additions, acquisitions, &c.; for acquisition of bonds or other corporate
obligations of other corporations in Arizona supplying light, heat or power;
(c) for refunding purposes; Id) upon deposit of cash with trustee. However,
in cases (a ), (ft) and (d) only when net earnings for 12 out of preceding 14
months have been 1/ / times total annual interest on all outstanding under­
lying and first and ref. mtge. bonds, including proposed issue.
Series C, dated Jan. 1 1927, are redeemable, whole or part, on any int.
date on 30 days’ notice, at following prices and interest: 105 through Jan. 1
1932; 104H through Jan. 1 1937; on or before Jan. 1 1945 at 1 0 4 , less
for each full year elapsed after Jan. 1 1936; after Jan. 1 1945 until
maturity at par. Application was made to have these bonds certified as
legal investments for California savings banks. In Jan. 1927 First Securi­
ties Co. of Los Angeles, and E. H. Rollins & Sons, New York, offered
$1,300,000 series C at 100 and interest. V. 124, p. 233.
EARN ING S.— For calendar years:
*1927.
1926.
1925.
Gross---------------------------------------------- $1,780,817
$1,638,722 $1,449,614
Operating expenses and taxes_______ 1,108,961
1,055,180
950,802
Net earnings___________________
Other income____________________

$671,856
45,866

$583,542
34,050

$498,812
10,273

Total income__________________
Interest, &c______________________
Dividends on preferred stock____

$717,722
$154,439
45,742

$617,592
$130,341
52,556

$509,085
$92,977
52,942

Balance________________________
$517,541
$434,695
$363,166
* For 12 months ended July 31
OFFICERS.— Pres., H. L. Aller, N . Y .; Vice-Pres., L. P. Hammond’
N . Y .; Vice-Pres., E. H. Coe, Phoenix, Ariz.; Vice-Pres., E. W. Hill, N . Y .
Sec., E. P. Summerson, N . Y .; Treas., C. A. Hulse, Phoenix, Ariz. OfficePhoenix, Ariz.— V. 120, p. 2267; V. 124, p. 233, 504; V. 125, p. 384.

PR O G R ESS
HE history of The Philadelphia Electric Company System shows a steady, progressive growth from its inception i s the
present day. A substantial increase in gross operating revenue; in number of customers added to the System; in connected
load; in kilowatt hours, of energy sold; in extensions to the physical plant, are the outstanding points of achievement in The
Philadelphia Electric Company System’s record for the twelve months ending June 30, 1927.

T

INCREASE IN GROSS OPERATING REVENUE:
Operating revenue for the twelve months ending June 30, 1927, was $38,401,393.61 as against $35,072,356.51 for the previous
twelve months— an increase of 9.49 per cent.

INCREASE IN CUSTOMERS:
37,757 customers were added to the lines during the twelve months ending June 30, 1927, bringing the total to 469,199— an
increase of 8.75 per cent.

INCREASE IN CONNECTED LOAD:
130,746 kilowatts were added to the connected load during the twelve months ending June 30, 1927, bringing the total e«n nected load to 1,092,017 kilowatts— an increase of 13.60 per cent.

INCREASE IN ENERGY SALES:
193,804,134 kilowatt hours represent the increase in energy sales for the twelve months ending June 30, 1927, the total amount
being 1,636,867,271 kilowatt hours— an increase of 13.43 per cent.

INCREASE IN PROPERTY:
In M arch 1926, work was started on the Conowingo Hydro Electric Development at Conowingo, M aryland. At the present
time, the development is over 50 per cent completed, and is expected to be in operation in July, 1928. Initial capacity will
be 378,000 horsepower, and current will be transmitted to Philadelphia — a distance of 65 miles— by means of two 220,000volt lines.
Extending its service still further, The Philadelphia Electric Company has entered into an agreement with the Pennsylvania
Power and Light Company operating in Northeastern Pennsylvania and the Public Service Electric and Gas Company, operating
in New Jersey, linking together the power resources of these Companies, which will result in the largest combination of
electrical energy capacity in the world— a pool of approximately 3,000,000 horsepower, serving a population of nearly 6,000,000
people.

INCOME AVAILABLE FOR DIVIDENDS:
The income available for dividends for the year 1926 was $9,410,131— an increase of $2,093,260 over the income available
for dividends at the end of 1925.

DIVIDEND RECORD:
The Company has continuously paid dividends on its Preferred and Common Stock, on the former at the rate of 8 per cent
per annum from its issue in 1920 until converted into Common Stock in 1925; and on the latter from June 1902, to March, 1913,
at the rate of 6 per cent per annum; from April, 1913, to March, 1922, at the rate of 7 per cent per annum; and from April,
1922, to date at the rate of 8 per cent per annum, with an additional 2 per cent cash dividend in 1926.

A copy of the Annual Report for 1926
Will Be Mailed to You Upon Request

THE PHILADELPHIA ELECTRIC COMPANY SYSTEM



PHILADELPHIA, PA.

POW ER, L IG H T AND R A IL W A Y

O ct ., 1927.]

213

7 erritories—Possessions—Foreign
P O W E R , L IG H T A N D R A I L W A Y

H A W A II
HONOLULU RAPID TRAN SIT CO., LTD.
ORGANIZATION.—-Incorp. in Hawaii Aug. 30 1898. In 1903 pur­
chased the Hawaiian Tramways C o . In Feb. 1922 obtained a new franchise,
indeterminate in character, which provides that there shall be paid to the
City and County of Honolulu annually 2 A % of its gross revenue from
railway operation. We understand that this obligation has been suspended
for 4 years; no further particulars on hand. The rate of fare to be fixed
from time to time as necessity requires, with the approval of the P. U.
Commission of Hawaii.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS —
4 trolley road. Onerates 37-042 miles o f track
Gauge. 4 ft.; 70, 85
108, 122-lb. rails. 78 vestibuled motor cars (incl. 15 P. A. Y .E .cars)and 7
freight and service cars. Capacity o f generators, 1,900 k. w.
STOCK.— Auth., $3,000,000. and outstanding <
oar $20). $2,500,000
Divs. payable Q.-M . 31. In 1925 paid a total of 7% divs. In 1926 paid 6% .
In 1927: March, IA % \ June, l l %\ Sept., 2% .
A
All preferred stock was converted into common in 1913.
EARNINGS.— For calendar years:
Gross
Net
Int., Taxes,
Balance.
Earnings.
Earns. Deprec., &c.
Divs.
Surplus.
*1927 _______ $680,265
S276.821
$133,651
--------$141,170
1926 _______ 1,023,772
360,840
192,642
150,000
sur. 18,198
1925_______ 1,074,484
365,767
172,322
175,000
sur. 18,445
300,419
203,869
75,000
sur. 21,550
1924 _______ 1,014,349
1923 _______
988,928
370,220
213,801
190,000
def. 33,585
1922 _______
989,521
386.765
xl91,217
160,000
sur. 35,548
1921_______
960,992
325,003
266,579
160,000
def.101,576
1920 _______
861,342
281.314
260,916
160,000
def.139,602
* For 8 months ended Aug. 31 1927.
x Does nor, include capital stock, sinking fund reserve.
OFFICERS.— Pres., A. L. Castle; 1st V .-P ., L . T. Peck; 2d V .-P ., W . F.
Dillingham; Sec., S. N . Castle; Treas., K . F. MacKie; M gr.. H. S. Johnson;
Asst. Sec., H. G. Davis.— Y. 120, p. 2146; V. 122, p. 2040; V. 123, p. 83;
V. 124, p. 1819.

P H IL I P P I N E

IS L A N D S

THE ASSOCIATED INTERNATIONAL ELECTRIC
CORPO RATION .

Controlled by Associated Gas & Electric Co
ORGAN IZATION .— Incorp. in Connecticut Oct. 6 1925.
In Oct. 1926
acquired all assets of the Manila Electric Corp. (for history, A c.. see “ Public
Utility Compendium” o f May 11926). For terms of exchange into Associated
Gas & Elec. Co. securities offered Manila Elec. Corp. stockholders, see
V. 123, p. 1504. For a previous offer (in July 1925) made Manila Elec.
Corp. stockholders, see Public Utility Compendium” of M a y l 1926, also
V. 120. p. 2401, 2816: V. 121, p. 458, 1101.
STOCK AND BUNDS—
Outstanding. Dividend
Com shs (no par)__________ _____
_______
$18,103,866 See text
EARNINGS.— Consol, earnings (or predecessor co.) for calendar years:
Net after Replace. &
Gross.
Taxes.
Renew'l. Interest.
Divs.
Balance.
*1927_____$4,165,821 $2,163,533 $374,350 $164,345
______ $1,624,837
1926____ .$4,040,425 $2,169,769 $380,076 $342,893
______ $1,446,800
1925______ 3,855,659
2,028,411 240,000 446,423 665,000
676,988
1924______ 3,725,898
1,838,801 240,000 474,751 595,000
529,050
1923______ 3,571,861
1,751,352 240,000 450,613 559,970
500,769
1922______ 3,584,121
1,644,765 108,000 473,118 400,000
663.647
* For 12 months ended July 3l 1927.
OFFICERS.— Pres., John H. Pardee; V.-Ps., Joseph K. Choate. J. I.
Mange, H. C. Hopson, S. J. Magee, J. C. Rockwell and John M . Daly;
Treas. & Asst. Sec., T . W . Moffat: Sec.. J. G. Lawrence. Operated under
management o f J. G. White M gt. Corp., New York.— V. 121. p. 3001;
V. 123. p. 1501.
MANILA ELECTRIC CO.
Control.-—All outstanding common stock except directors’ shares is owned
by Associated International Electric Corp.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS —
Besides doing the street railway business, supplies light and power for
private, municipal and Government use. Operates 52 miles of track fineluding Manila Suburban Rys. Co ) in the city and suburbs. 70-lb. T and
92-lb. girder rails. Owns 45 single and 114 double-truck passenger cars and
14 service cars. Steam generating station of 29,500 k.w. installed capacity
in Nov. 1924. Electric customers, 57,917. Municipality may acquire
railroad property after 25 years on a valuation fixed by net earnings, the
Supreme Court of the Islands being referee.
isi < ref. mtge. g. bonds, 7% series, due May 1 1942.— All of tne out­
%
standing bonds o f this 7% series were called for payment at 115 and int.
on June 4 1926. V. 122, p. 2651. This was done after Associated Gas &
Electric Co. had made an offer o f exchange into its own securities, see
V. 122, p. 1455.
STOCK AND BONDS— Date.
Interest Outstanding. Maturity.
Common_________________ All owned by The Assoc Internat . Elec. Corp.
1 st & ref M 5% ser due 1946-- ___
5%
$110 non Sept. 1 1946
Manila Elec RR & Ltg Corp f 1903
5 g M-S
2,494,800 Mar 1 1953
1st lien and coll tr $5,000,-1 Int. at Equitable Trust Co.. N. Y ., trustee
000 gold ($1.000)_______c*l
Bunas.— The Manila Elec. RR. & Ltg. Corp. 1st lien & coll. mtge. bonds
hav“ x sink fund of A % of bond* outstanding' began M ar t loos and ran
until 1917; now 1% o f bonds outstanding. The fund is to be invested in
the bonds at not more than 105 and int., at which price they are subj. to
call for the purpose. Are red. as a whole at 105 and int. on or after Mar. 1
1928. V. 82, p.218. Bonds are listed on N .Y . Stock Exchange. $1,442 000
are in hands o f trustee for sink, fund; $3,000 held by trustees in lieu o1
mortgaged property sold
References.— V. 123, p. 1504; V. 124, p. 508, 921.
EARNINGS.'— For calendar year 1926: Gross, $879,740; net, c.f er
expenses and taxes, $785,909; dividends, $729,918.




OFFICERS.-—Pres., J. F. McKenna; Vice-Pres., R . N. Thompson and
E. T. Edmonds; Sec., E. B. Naylor; Treas., J. L. Rice, Jr.
References.— V. 123, p. 1504; V. 124, p. 508, 921; V. 125, p. 1193, 2145.
(a) MANILA SUBURBAN RYS. CO
BONDS—
Date.
Interest. Outstanding.
daturity.
First mortgage $2,500,000/ 1906
5 g M-S
$138,000 Sept. 1 1946
gold ($1,000)----------------c*\New York Trust Co., trustee.
Bonds.— Assumed by the Manila Electric Co. and are guar., p. & I.,
by the Manila Electric Corp. (now Assoc. Int’l Elec. Corp.) are subject to
call after Sept. 1 1928 and to purchase for sink, fund since Sept. 1 1911
at not to exceed 105 and int. at which price bonds can be drawn by lot.
See V. 80, p. 220. $119,000 are held in sink, fund and not incl. in out­
standing amount as above. $82,000 have been returned and cancelled and
$29,000 (not incl. in amount outstanding) are held in treasury.— V. 113.
p. 2614; V. 121, p. 458, 586.

M E X IC O
MEXICAN U TILITIES CO.
ORGANIZATION.— A holding co., incorp. April 27 1925 in Maine,
pursuant to a plan dated Jan. 15 1925, for the purpose of acquiring the
outstanding stocks o f Guanajuato Power & Electric Co. and Central Mexico
Light & Power Co. Co. acquired, in exchange for its pref. stock, more than
99/^ % of the pref. and common stocks o f Guanajuato Power & Electric Co.
and of the pref. stock of Central Mexico Light & Power Co., whose common
stock is owned by Guanajuato Power & Electric Co. V. 122, p. 3340.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
________ 35,000 shs __________
Common 250,000 shs (no p a r ) . ____
$7 cum pref 50,000 shs (no p a r ) ____
$7
30,812 shs Ju ly ’ 26 $3 50
30-yr coll g $25,000,000 8%1 1925
8g
$1,550,000 M ay 1 1955
series “ A " ________________ J
Guanajuato Pr & El 1st M 6 % / 1902
6 g A-O
1,059,000 Oct. 11932
due 1932 ($1,000 c* )___ tflln t. at U. S. Mtge. & Tr. C o., N .Y .C ., trus.
Central Mexico Lt & Pr C ot 1910
6 g J-J
1,517,000 Jan. 1 1940
1st mtge 6 % ___________ tflO ld Colony Trust C o., Boston, trustee.
Michoacan Pr Co 1st M 6 % ) 1907
6 g J-J
$800,000
Serially
($1,000-500-100 c * )_____tf/In t. at Old Col. Tr. C o., Boston, tr. to 1933
x Of which $200,000 is owned by Central Mexico Lt. & Pow. Co. and
pledged under latter company’s mortgage.
Dividends.-—On the $7 cum. pref. on initial semi-annual div. of $3 50
was paid in Jan. 1926. In July 1926 $3 50.
E A R N IN G S.—
Income Account for Year Ended Dec. 31 1926.
Gross revenue_______________________________________________ $1,532,188
Maint. & approp. to reserve for depreciation__________________
200,604
Operation, administration, taxes & general__________________
625,847
Operating income_________________________________________
Non-operating income_______________________________________

$705,737
53,158

Gross income______________________________________________
Interest on funded debt______________________________________
Amortization of bond discount_______________________________

$758,894
319,064
11,342

Net combined income for year_______ ______________________
Deduct— Dividends declared on preferred stock'—
Preferred dividends of Mexican Utilities C o________________
Preferred dividends of subsidiary cos. (minority int.)______

$428,489
215,712
336

Surplus income for year_________________ __________________
$212,441
OFFICERS.— Pres., Irving W. Bonbright; V.-Ps., Orlando B. Willcox,
George H. Howard and L. P. Hammond; Sec. & Treas., S. E. Allen; Asst.
Sec. & Asst. Treas., J. H. P. Ritter; Gen. M gr., F. L. Gilmore, Guanajuato.
Mexico. Offices, 165 Broadway, N . Y . City.-—-V. 122, p. 3340, 3453;
V. 124, p. 3353.

P O R T O R IC O
PONCE ELECTRIC CO.
Under executive management of Stone
Webster, Inc.
ORGANIZATION.— Organized in Porto Rico and on Feb 1 1920 took
over the property formerly controlled through stock ownersnip by the
Ponce Electric Co. (a New Jersey corporation).
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Operates the railway between Ponce and the Plava (Port) and does the
entire lighting and power business of Ponce and the Playa, and interchanges
electric power with the Irrigation Service o f Porto Rico. Operates 4.09
miles of equivalent single track; 0.77 m. o f trackage; 12 cars; gauge, 1 meter.
Also owns and operates 4 buses. Power station has 3,400 k.w. capacity.
Railway franchise expires in 1961, electric light franchise in 1963. Esti­
mated population served, railway, 46,000; light and power, 48,500.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
Com stock $1,000,000 ($100)______
_________
$765,000
Pref $1,000,000 cum ($ 1 0 0 )_______
7% Q-J
396,000
Stock.— Pref. stock isred. at 103, and pref. as to 7 % cum . d iv. and assets.
Before a common dividend is paid in any year, provision must be made for
the retirement of 1 % of pref. stock outstanding on Jan. 1 of such year.
EARNINGS.— For calendar years (combined companies):
Gross.
Net after Tax.
Int.
Sinking Fd. Surplus.
$97,324
$772
______
1926........... ______£334.920
$96,553
983
______
115,616
1925. ____ ______ 331,843
114,633
2,804
______
1924.......... _______ 309,270
105,853
103,049
6,238
1923.......... _______ 287,335
98,456
92,218
80,071
5,110
______
1922______ _______ 280,881
74.960
71,480
11
______
1921........... _______ 276,722
71,469
OFFICERS.— Pres., Charles W. Kellogg; V.-P., M . L. Sperry; Treas.,
Henry B. Sawyer; Sec., Victor D. Vickery; Gen. Mgrs., Stone & Webster,
Inc.; M gr., W m. H. Ferguson.— V. 74, p. 268, 478.

274

PUBLIC U TILITIE S
PORTO RICO RAILWAYS CO., LTD.

Control.— International Power Co. acquirea control of co. in Feb. 1927
through exchange o f stocks. See beiow unaer Stocks.
ORGAN IZATION .— Incorporated in Canada Oct. 1906 and has acquired
the San Juan Light & Transit Co. and Porto Rico Power & Light Co. and
Caguas Tramway Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Controls all the electric railway, electric light and power business of San
Juan, San Turce and Rio Piedras; also controls entire lighting systems in
cities of Comerio, Bayamon, Cat.ano, Carolina, Caguas, Rio Grande,
Fajardo, Humacao, Yabucoa, Gurabo, Juncos and other towns in east end
of island. Operates from San Juan to Rio Piedras, 9 miles, electric
Standard gauge. An extension o f 18 miles to Caguas, which is being oper­
ated by steam, metre gauge, was completed in 1908. Its lighting franchises
In San Juan and Sari Turce are perpetual. The Comerio Water Power
and Caguas Tramway franchises are for 99 years from 1906. The street
railway franchise runs until 1959. An express service was inaugurated in
1908 in conjunction with Porto Rico Express Co.
Contract.— Has a 5-year street-lighting contract with the city of San
Juan and with about 30 other towns for various periods.
In June 1922 the capital stock was increased from $4,000,000 to $5,000,000. V. 115, p. 183. No further action taken up to Oct. 1 1925.
STOCK AN D BONDS—■ Date.
Interest. Outstanding. Maturity.
Common stock $3,000,000_________
Q-J
$3,000,000 See text
P ref$1,000,000 ($100) 7% c u m ____
Q-J
1,000,000 Oct '27. 1M
First mortgage $3,000,000(1906 5 M -N
2,208,000 N ov. 1 1930
($500) gold_______________lin t, at Montreal Trust C o., trustee, M on( treal and Halifax, or Bank of Nova Scotia.
Refunding general mortgage] 1912
5 M -N
1,289,667 M ay 1 1962
£1,500,000 (£100)______ c*-J Int. in London, Montreal and Toronto:
( Montreal Trust Co., trustee.
Stocks.— In Feb. 1927 the International Power Co. offered, to holaers of
common shares of Porto Rico Rys. Co., Lta., to alio,, anu issue in exchange
for every three shares o f the outstanding common stock, two fully paid
shares of cum. 7% 1st pref. stock o f $100 each (dividends accruing from
Jan. 1 1927), and two fully paid common shares of no par value of the
International Power Co., L to., or to purchase any or all o f common shares
for cash at $70 per share. V. 124, p. 1067, 1220.
Bonds.— hirst mortgage bonds are subject to call at 105. Sinking fund
of 1 % of bonds issued plus one year’s interest on canceled bonds began
Nov. 1908. $728,500 bonds canceled. First mortgage bonds are listed
on Montreal and Toronto Stock Exchanges.
Of ref. gen. mtge. bonds £-166,800 are reserved for 1st mtge. bonds and
$792,000 are in treasury: remainder for future requirements under restric­
tions. Subject to call as a whole or for cum. sinking fund (1% of bonds
.
out beginning in 1937) at 105 and int. V. 94, p. 1566. Are listed on
London Stock Exchange.
Dividends.— First div. on pref., l % % , paid Jan. 10 1910, and same
amount quarterly since to and including Oct. 1927. On com., 1st div., 1% ,
paid Oct. 1911. In 1912 and 1913, 4% . In 1914, Jan., 1 %; April, 1 %;
July, 1% . None to July 1920, when 1% was paid
In Ort... 1% . Tn
1921, 4 % . In 1922, Jari., 1% . None since until Jan. 1927, when 1%
was paid. V. 123, p. 3184. In Oct. 1927, 2% .
EA R N IN G S.— For calendar years:
Gross.
Net.
O He
th.
Interest Pref.Di C nm TY* S u rp lu s
1926 - - ________ x$426.026 $9,938 $174,329 $70,000 $30,000*$161,635
12,251 177,529 70,000
yl36.432
1925
________ x371,710
---------170,272
1924
X404.388 16,484 180,600 70.000
193,816
1923 „ 1,324,798 433,354 13,967 183,504 70.000
274,469
1922 __ 1,330,446 516,839 13,905 186,275 70.000
1921 . . 1,332,486 465.715 42,877 188.920 70.000 $120,000 129,672
y Before appropriation of $25,000 for
x After providing for depreciation
* Before approp. of
office site reserve and $8,000 income tax reserve
$20,000 income tax reserves.
OFFICERS.— Chairman, W . D. Ross: Pres., I. W . Killam; Sec., F. C.
Clarke; Compt., G. Brewer. Office, Montreal, Can.— V. 120, p. 1882;
Y. 122, p. 2042: V. 123, p. 3184: V. 124, p. 1067, 1220, 1361. 1981; Y.
125, p. 1971.

B O L IV IA
BOLIVIAN POWER CO., LTD.
ORGAN IZATION .— Incorp. under the Nova Scotia Companies Act to
acquire from the Bolivian General Enterprise, Ltd. (incorp. in 1903 under
the laws of Great Britain) the light, power, tramway and telephone under­
takings which since 1910 have been operated in La Paz, the principal city
of Bolivia, serving a population o f 110,000.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
C o.'s property includes a modern hydro-electric plant located on the out­
skirts of the city, substations, distribution system, &c.; 9M miles (single
track) tramway system, 17 electric cars and 10 trailers; telephone system,
car barns, repair shops. &c.
franchises.— Concessions from the municipality o f La Paz have been ex­
tended until 1950 and include the entire public righting of the City of La
Paz. Co. has preference over any other offer that may be made on expira­
tion of present contracts. Failing such agreement, the water power, pipe
line, dam and power house will in 1950 revert to the municipality: the power
house equipment, electric lighting and power distribution system, tram­
ways and telephone systems, however, remaining the property of the co.
V. 121, p. 976.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common____________________ _____
_________ $3,000,000
See text
20-yr 1st M series A ($1,000,/ 1925
8 A-O
1,600,000 April 1 1945
$400 c * )__________________ /Montreal Trust Co., trustee.
Bonds.—Of the 20-yr. lsZ mtge. Series A bonds due April 1 1 9 4 5 , $ 4 0 0 ,0 0 0
may be issued in addition to the $ 1 ,6 0 0 ,0 0 0 issued in 1 9 2 5 , to the extent of
8 0 % o f new improvements and additions.
Further bonds of any series
may be issued ranking equally with Series A, o f such tenor as co. may deter­
mine, for 8 0 % o f new additions, &c., provided net earnings for the preced­
ing fiscal year have been at least 1 H times interest on bonds outstanding,
including new issue. An annual cumulative sinking fund o f 1 % of issued
bonds, commencing Dec. 1 1 9 2 8 , will redeem Series A bonds by purchase
in the open market or call at not exceeding redemption prices. Red. all or
part on 6 0 days’ notice at 107 until Dec. 1 1 9 3 0 ; at 1 05 until Dec. 1 1 9 3 5 ;
at 1 03 until Dec. 1 1 9 4 0 ; at 101 thereafter; in each case with interest
Prin.
and int payable in Canadian gold coin at Royal Bank of Canada, Montreal,
or, at option of holder, in U. S. gold at agency Royal Bank of Canada,
New York, or in sterling at the rate of $ 4 8 6 2 -3 at Royal Bank of Canada,
London, Eng. In Aug. 1 9 2 5 Royal Securities Corp., Ltd., Montreal,
offered $ 1 .600,000 Series A at 1 00 and int
V. 1 2 1 , p. 976.
Dividends.— Initial com. div. of 2% was paid in Dec. 1926. V. 123,
p. 3317.
E A R N IN G S.— For calendar years:
1925.
1926.
$468,789
Gross_________ ________ ________________________
$552,649
263,926
N et_____________________________________________
308,334
OFFICERS.— Pres., I. W . Killam; Sec. & Treas., S. B. Hammond.
Office, Montreal, Can.— V. 121, P- 976; V. 123, p. 3317.

[V ol. 125.

Stockholders of record Jan. 31 1925 were given the right to subscribe for
$2,000,000 add’l com. stock at $140 per share, in the ratio of one new share
or each 4 shares held. V. 120, p. 828. Stockholders of record M ay 15
1926 were given the right to subscribe for $2,000,000 additional common
stock at $150 per share, in the ratio of one new for each 5 shares held.
STOCK AND BONDS—
Date.
Interest. Outstanding
Last Div.
Q-J
$12,000,000 Oct '27 2%
Stock $12,000,000 ($100)__________
No funded debt.
Stock.— IMvs. are limited to 10% per ann. V. 120, p. 2267. $2,000,000
additional was offered to stockholders of record M ay 15 1926 at $150 per
share on basis of 1 new for each 5 shares held. Rights expired July 2 1926.
V 122, p. 2492.
T.
EARN ING S.— For years ended Sept. 30:
Oper. Exp. Int.,Renew.
Balance.
Gross.
rib Taxes. ARes.Fds.
Divs.
Surplus
1926______________$7,056,672 $5,187,916$790,590 $1,049,349
$28,808
1925_____________ 6,655,556
5,072,422
710,281
895,176 def22,323
1924_____________ 6,655,336
5,212,505
634,235
798,741
9,855
1923_____________ 6,883.354
5,498,649
599,588
689,253
95,863
6,813,940
5,335,666
757,961
600,000 120,312
1922______
1921_____________ 7,214.882
5,673,949
959,595
581,337
None
Dividends.— 10% per annum (payable Q.-J.) paid since 1874.
OFFICERS.— Pres., A. W . Austin; V .-P ., F. Le M . Grasett, M . D.,
Sec., J. J. Armstrong; Gen. M gr., Arthur Hewitt.— V. 118, p. 436: V. 119;
p. 2281: V. 120, p. 701.828, 2267; V. 121, p. 2519, 2636; V. 122, p. 2328.
2492; V. 123, p. 2653, 2775.

NOVA SCOTIA TRAMWAYS & POWER CO., LTD.
O R GAN IZATION .— Incorp. in Nova Scotia in 1914 and in Jan. 1917
acquired (a) the properties and franchises of the Halifax Electric Tramway
C o ., L td ., comprising all street railways, commercial electric right and power
and gas properties in Halifax; and (b) water power rights, lands, &c., on
the Gaspereaux River, 55 miles from Halifax, capable of a hydro-electric
development of approximately 12,000 h. p.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
23.97 miles of street railway, single-track equivalent. Standard gauge;
60-lb. T and 80-lb. girder rails. 11 passenger cars; 38 Birney safety cars;
6 sweepers, 5 miscellaneous cars, &c. 6,000 k. w. contracted from Provin­
cial Hydro Development; righting and power distribution system: stand-by
power house of 6,200 k. w. capacity; gas plant, with about 42.50 miles of
pipe line.
Franchises, in opinion of counsel, are perpetual.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity
Com stock $3,500,000 ($100)______
_______
$2,510,000 __________
Pf 6% cum $2,500,000 ($100)______
J-J 2
2,078,800 July’ 19, 3%
1st M $10,000,000 gold$ or £( 1916
5 g J-D
2,250,000 Dec 11946
($1,000 and $500)_ c* _ tflln t. in New York, Montreal and London.
_
Gen mtge Ser “ A " ($500 and] 1922
7 g A-O
1,432,500 Apr 1 1952
$1 000) gold___________ c*(Eastern Trust C o., trustee.
Stock.— Divs. on pref. payable without deduction for any taxes imposed
by any taxing authority in Canada. The stock was offered in Jan. 1917 in
blocks of 10 shares of pref. and 3 shares common stock for $1,000. V. 104,
p. 164.
Bonds.— Remaining bonds may be issued up to 75% of cost of acquisition
or impr’ts (except that no bonds may be issued against the cost of the new
gas plant) and only when net earnings are double the 1st M . interest
charges, including bonds to be issued. Annual sinking fund or impt. fund of
1% of bonds out began Dec. 1917, for add’ns or impts., or for redemption
of bonds. Callable, all or part, for sinking fund, at 105 and int. on any
int. date on 60 days' notice. Int. payable without deduction for Canadian
taxes or U. S. Federal taxes. Fixed exchange rate, $4 86 2-3 per £ sterling.
Trustees, Union Trust Co. of N. Y. and Royal Trust C o.. Montreal.
The gen. mtge. 7% bonds, Series" A .” are callable as a whole only (except
for sinking fund) on any interest date on 60 days' notice up to and including
April 1 1932 at 110 and int.; thereafter to and incl. April 1 1942 at 105 and
int. thereafter to and including April 1 1947 at 102 Y and int.; thereafter
at 100 and int. $2,250,000 are reserved for prior liens. Annual sinking
fund of 1% commenced in 1924 and is sufficient to retire over $1,000,000 o f
this issue before maturity. Interest is payable in Canadian gold coin at
Halifax, St. John, Montreal, Toronto, Winnipeg or Vancouver; or at New
York in U. 8. gold coin
V. 114, p. 1891.
Dividends.— A dividend of 3% was paid on pref. stock in July 1917 the
Dec. 1917 dividend being deferred. In 1918, 6% . In 1919, 6 % . In 1920
Jan. div. omitted. V. 110, p. 167.
EARNINGS.— OfN ova Scotia Tramway & Power C o .. L td .,for cal.yrs.
1926.
1925.
1924.
1923.
Gross earnings...................$1,438,903 $1,344,099 $1,299,371 $1,393,980
Operating expenses_____
892,886
852,728
916,935
964,146
T axes_________________
110,879
106,642
105,302
112,136
Bond & coupon interest.
214,368
215,55$
216,713
217,497
Sundry interest________
1,846
1,368
1,22$
53$
Amort, o f dt.disc.& exp.
16,520
16,526
----------------Bal. for res., divs., &c. $202,404
$151,276
$59,194
$99,663
OFFICERS.— Pies., W. H. Covert; V .-P ., W . C. Pitfield; M gr., W . H.
Munro; Sec., Cecil J. Hayes; Treas., A. W . Wentzell.— V. 169, p. 270:
V. 110, p. 167, 2388: V. 114, p. 1408, 1766, 1891: V. 116, p. 2131; V. 118,
p. 2573; V. 120, p. 2149; V. 122, p. 2041; V . 124, p. 2281.

DUKE-PRICE POWER CO., LTD.

Control.— The capital stock is owned as follows; 53 1-3% by Aluminum
Co. of America, 20% by the Shawinigan Water & Power Co. and 26 2-3%
by the Duke-Price interests.
O R GAN IZATION .— A Quebec corporation, organized in 1924 by the
late Janies B . Duke and Sir William Price and their associates to take over
the large hydro-electric power project at Isle Maligne on the Saguenay
River in the Province of Quebec. Following the death of James B. Duke
in 1925, the Aluminum Co. of America acquired 53 1-3% of the capita)
stock and the Shawinigan Water & Power Co. 20% , while the remaining
26 2-3% were retained by the Duke-Price interests.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
The installed capacity of co.’s hydro-electric plant at Isle Maligne on the
Saguenay River in Quebec consists of 10 units aggregating 450,000 h.p.
The ultimate capacity is 540,000 h.p. The plant uses Lake St. John as a
storage reservoir.
Co. has firm contracts for sale of 330,000 h.p. as follows:
Company—Amount.
Period.
Aluminum Co. of Canada*_______________________ 100,000 h.p.
50years
The Shawinigan Water & Power C o ______________ 100,000 h.p.
50years
Price Brothers & C o., Ltd_______________________ J40,000 h.p.
50 years
(60,000 h.p.
10 years
25years
Port Alfred Pulp & Paper Corp__________________ 30,000 h.p.
*AU of whose stock is owned and the due performance of whose contract
is guaranteed by Aluminum Co. of America. See V. 122, p. 2493, for des­
cription of contracting companies, &c.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (no par)___________ _____
________ 210,000 shs ___________
1st mortgage sinking fu nd/ 1926
6 M -N
$37,000,000 M ay 1 19n6
gold $50,000,000 series “ A ’ MUnion Trust Co., Pittsburgh, and National
($1,000 c ) _____________ t f ( Trust C o.. Ltd., Montreal, trustees.
Bonds.— The remaining $13,000,000 1st mtge. bonds may be issued either
as series “ A ” bonds or in other series with varying interest rates not ex­
ceeding 6% and maturity dates not earlier than M ay 1 1966. Except for
a principal amount not exceeding $3,000,000, which may be issued for 75%
of new acquisitions without earnings restrictions, additional bonds may be
issued only for not more than 75% of additional physical property subjected
CANADA
to the mtge. as a direct 1st lien and provided net earnings for 12 consecu­
tive out of preceding 15 months have been at least 1 Vi times annual interest
on all bonds, incl. proposed issue. With the assent of the holders o f at
least 80% of the outstanding bonds (not incl. any bonds owned by the co.),
and with consent of the Union Trust Co. of Pittsburgh, the American trus­
CONSUMERS GAS CO.
tee, modifications of the mortgage may be iriade, however, not to extend
ORGAN IZATION .— Incorp. in March 1848 by Special Act of the Ontario beyond the maturity of any bond, nor to reduce the principal or rate of
Legislature.
interest, nor to modify the terms of payment of principal and interest, nor
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— allowing the creation of any lien ranking prior to or on a parity with the
The company serves the City o f Toronto and the townships of York, Etobi­ lien of the mtge. on the property specifically subjected thereto. Any ma­
coke, Vaughan, Markham and Scarboro. Population served, approxi­ terial alteration in the power contracts may be made only with the assent
of 80% of outstanding bonds (not incl. bonds in treasury), and with consent
mately 575,000; 151,784 meters.




O c t ., 1927.]

POW ER, LIGH T AND R A IL W A Y

o f the American trustee. However, no alteration may reduce the revenue
from such contracts or prejudicially affect the rights of the co. and-or the
bondholders. There is a cumulative sinking fund calculated to retire by
maturity at least K o f the total amount o f all series “ A ” bonds, payments
to be made in cash annually on each Sept. 1 beginning in 1929 and to consist
of (a) Y % of total principal amount of series “ A ” bonds issued, (b) the
interest which would have accrued to the preceding M ay 1 on all bonds
theretofore retired by the sinking fund, such interest to be calculated for
one year on all bonds retired by any sinking fund payment other than that
preceding and for 6 months on all bonds retired by such last preceding
sinking fund payment, and (c) such further sum, if any, as shall be sufficient
to retire by maturity at least one-half of total amount of series “ A ” bonds
issued. Payments to be applied by American trustee to purchase of bonds
at or below redemption price and-or to the extent of the unexhausted
moneys, to redemption of bonds by lot on the next succeeding N ov. 1.
Bed. as a whole on the 1 st day o f any month on 60 days’ notice, or in part
for the sinking fund on any Nov. 1 (beginning 1929) on 30 days’ notice at
106 and int. on or before M ay 1 1931, and at M % less for each 5-year period
or fraction thereof elapsed thereafter to and incl. M ay 1 1961, and at 101
and int. thereafter to maturity. Penn. 4-mill tax refundable. Principal
and interest payable at option of holder in New York, Pittsburgh or M on­
treal in U. S. gold on April 1926. The Union Trust Co. of Pittsburgh,
Guaranty Co. o f N. Y ., Bankers Trust Co., Lee, Higginson & Co., Aldred
& Co., Brown Brothers & Co., Marshall Field, Glore, Ward & C o., New
York, and Mellon National Bank, Pittsburgh, offered at 100 and int. $37,000,000 6% series “ A .” Listed on Boston Stock Exchange. V. 122, p.2649.
Application was made to list these bonds also on the New York Stock Ex­
change. V. 122, p. 2493. All o f the outstanding $12,000,000 1st mtge.
g. bonds. 6 % series due 1949, were called for redemption July 1 1926 at
107K and int. V. 122, p. 2948.
EABN INGS.— For calendar years:
1926.
1925.
1924.
Nil
Operating revenues__________________ $1,113,634
*$188,671
Nil
Operating expenses_________________
120,184
37,137
20,962
Taxes_____ ________________________
20.528
25,733
12,500
Interest____________________________
62,981
20,287
Other expenses_____________________ ______ 4,117
--------Income__________________________
$905,824
$105,513
Other income_______________________
604,538
8,278
$113,791
Total income_____________________ $1,510,362
Interest on bonds__________________
1,664,500
720,000
Deficit for year__________________
$154,138
$606,209
Surplus first of year_________________
250,513 def541,151
Interest on construction____________
______ Crl,397,872
Dr332,239
Sur. transf’d to Quebec Dev. C o., Ltd_____94,052
--------Surplus end of year_______________
$2,322
$250,513 def$541.150
* Partial operation of plant commenced in M ay 1925.
OFFICERS.— Pres., Arthur V. Davis; V.-Pres., G. G. Allen, J. H. Price,
T. J. Bostwick, Leighton McCarthy; Sec. & Treas., W . C. Parker. Office,
535 Fifth Ave., N. Y . City.— V. 122, p. 2039, 2493, 2649, 2948; V. 124,
p. 2277.

375

STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
1st mortgage $25,000,000) 1907 5 g A-O
5,322,000See text
($1,000) gold-------------- c*tf( IIarris Tr. & Savs. Bk. of Chicago, trustee.
„
[Nat. Trust C o., Ltd., Toronto, Can., trust.
Ham Cat P L & Tr Co, Ltd, f 1903
5 A-O
1,550,000 April 1 1943
1st & ref M $5,000,000 goldiInt. in Hamilton & N. Y. Nat. Trust Co.,
($ 1 ,0 0 0 )----------------- c * n tf[ Ltd., Toronto, trustee. Callable at 110 &
„
1 int. beginning April 1 1923.
Ham Elec Lt & Cat Pow 1st/ 1899 5 g A-O
490.000 Oct 1 1929
mortgage gold ($1,000) not) Int. payable in N. Y . or Hamilton National
callable--------------------- c*tf \ Trust C o., Toronto, trustee.
Hamilton Street Ry 1st m tge. 1898 446 J-D
220,000 D ec 22 1928
Ham Grims & B El Ry 1st M__ 1895 5 M -N
150,000
1933
Stock.— In N ov. 1924 Nesbitt, Thomson & Co., Ltd., offered a block of
2,500 shares of 7% cum. pref. at $99 per share. V. 119, p. 2178. During
the latter half o f 1926 co. sold $500,000 pref. stock to customers. Y. 123,
p. 2775.
Bonds.— Of the $25,000,000 mortgage, $10,000,000 may be issued, with
the approval of the trustee, for not exceeding 80% of cash cost of extensions
and additions, and the remainder for not exceeding 75%. Since April 1
1917 the entire outstanding issue, but not any part thereof, can be called
at 107 46 and interest on any coupon date on 60 days’ notice. The bonds
mature$60,000 annually from April 1 1914 to 1921 and $130,000 annually
from April 1 1922 to 1931, and the remainder are due April 1 1932.
They are secured by all the property owned through deposit of stock
and bonds with trustee, &c.
Dividends.— On the preference stock 6% was paid in 1907; in 1908, 3%
was paid. In Dec. 1908 it was decided to omit div. on both classes of pref.
stock; see V. 87, p. 1478. None to Jan. 1911, when 346% was paid; July,
3 46 %; also paid in Dec. 1911 div. due Jan. 1909, 3 % . In 1912, Jan., 3 46 % ’.
July, 346%; Aug., 3% (due June 1909). In 1913, Jan., 346%. A div.
of 646% was paid Feb. 15 1913 in full of arrears; July, 346%. In 1914
and since, 7% per ann. (now being paid 1% % Q.-J.). Initial div. on com .
2% , paid June 1916; Dec., 2 % . In Sept. 1917 paid quar. div. of 1% and
same rate paid quarterly to Sept. 1920. None to March 1924, when 1%
was paid. In Sept. 1924 1% was paid.
EARN ING S.— Including subsidiary companies, for calendar years:
Net after
Interest
Maint.
& Bad
Gross.
& Taxes.
Debts.
Deprec.
Dies.
Surplus.
1926-$3,219,911 $1,076,049 $421,828
$332,159 $313,751
$8,311
1925- 3,120,509
931,440
430,777
354,058 296,730
defl50 125
1924- 3,132,438
820,597
454,466
352,812 415,759
def402,440
1923- 3,361,335 1,045,359
464,114
339,0S6 258,837
defl6,678
1922. 3,163.724 1,012,339
470,450
256,884 258,837
26,168
OFFICERS.— Pres., W . E . Phin; V .-P., Cyrus A. Birge; Treas., James
Dixon; Aud., C. S. Scott; Sec., Geo. D . Fearman.— V. 116. p. 515,
941; V. 118, p. 431, 1910, 2303: V. 119, p. 2178; V. 120, p. 2011; V. 121,
p. 197, 329, 1100; V. 122, p. 2039; V. 123, p. 709.

EAST KO OTENAY POWER CO., LTD.

ORGANIZATION.— Incorp. in 1922 under the Companies Act of
Canada as successor to the British Columbia & Alberta Power Co.
Controlled by Lauren tide Co., Ltd.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
ORGANIZATION.— Organized in Canada in 1915 to take over from Controls rights for power development in southeastern British Columbia.
the Laurentide C o., Ltd., all of its property and plant necessary for the Supplies the principal coal mines in the Crow’s Nest Pass and the Sullivan
development o f the water power o f the St. Maurice River at Grand Mere, Mine and concentrator of the Consolidated Mining & Smelting Co. of
Province of Quebec.
Canada, Ltd., near Kimberley. Owns and operates two hydro-electric
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— developments on the Bull and Elk rivers, tributaries of the Kootenay River,
Owns in fee simple and operates a hydro-electric development on the St. situated in southeastern British Columbia with a total installed capacity
Maurice River at Grand Mere, Quebec, Can., having an ultimate generat­ of 22,200 h. p. That on the Bull River, under a gross head of 275 ft.,
ing capacity of 180,000 electrical horse power, of which 165,000 is now in­ develops 7,200 h. p ., and that on the Elk River, under a gross head or
stalled and in operation. Co. has contracts with the Laurentide Co., 190 ft., 15,000 h. p. Also owns a transmission system comprising 250
Ltd., and the Shawinigan Water & Power Co. for sale of practically all the miles duplicate transmission lines of 66,000-volt single-circuit line serving
outdoor transformer stations with a present installed capacity of 16,350 k.w.
power generated.
Co. has completed construction of a 6,700 h.p. steam plant at Sentinel, Alta.
STOCK AND BONDS—
Date. Interest.
Outstanding.Maturity.
Capital
1926
Common $10,500,000 ($100)_
Q-J 15
$10,500,000 Oct ’27, 1 H stock fromIncrease.— Co. increased in July ($100) the authorized 7% pref.
$750,000 ($100) to $5,000,000
and
1st mtge $7,500,000 ($1,000)1 1916 5 g J-J
6,762 000 Jan 1 1946 stock from 30,000 to 50,000 shares. V. 123, p. 324. the no par common
g o ld ___________________ c*/R oyal Trust Co., Montreal, Trustee.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Gen mtge Ser " A ” $2,000,0001 1925 546 g J-J
1,510.000 Jan 11946
_________ 30,000 shs __________
Common 50,000 shs (no p a r ) _ - ____
($500 & $1,000) gold___ c*/R oyal Trust Co., Montreal, Trustee.
Pref 7% cum $5.000,0 00($1 00)____
Q-M 15
$750,000 M ar’27 1 ^
Stock.— $7,200,000 com. stock is owned by Laurentide Co., Ltd.
( 1922
g A-O
2,261,000 Apr 1 1942
Bonds.— 1st Mtge. 5s have sinking fund since Jan. 1 1920 o f a sum equal 1st M s f $5,000,000 ($1,000)(Montreal 7Trust C o., trustee.
gold_____________________
to 1% of the par value of all bonds issued, and in addition a sum equal to
Stock.— Divs. on pref. stock accrue from A ug. 1 1924. Divs. free from the
the annual interest upon all bonds purchased or redeemed by the sinking
fund. The sinking fund is to be applied to the purchase of bonds at or normal income tax. In July 1924 $750,000 7 % pref. was offered by Nesbitt,
under 105% & int., or to the redemption o f bonds by drawings at 105 & Thomson & Co., Montreal, at 97)6 and divs. V. 119, p. 584.
Int., and will redeem approximately 46 the entire issue of bonds before
Bonds.— First mortgage provides for sinking fund, payable to trustee, of
maturity. Are callable all or in part on 90 days’ notice for sinking fund at 1% of bonds outstanding commencing N ov. 1 1925 to Nov. 1 1941. Are
105 & int. Int. payable at office o f trustee in Montreal and at Bankers red. as a whole at 110 and int. upon 90 days’ notice. Int. payable at the
Trust Co., N . Y . $7,500,000 were offered in Sept. 1916 by Aldred & Co., agency of the Royal Bank of Canada in New York, or at Royal Bank of
N. Y .; Stone & Webster, N. Y ., Boston and Chicago, and Chase & Co., Canada, Montreal or Toronto. $2,000,000 1st mtge. 7s were offered in
Boston, at 90 & int., yielding about 5.70% . V. 103, p. 1035.
M ay 1922 by Nesbitt, Thomson & Co., Montreal, and Joseph E. Kimball
Gen. Mtge. 546s Ser. “ A ” are guar, as to prin. & int. by endorsement by & Co., Boston, at 97>6 and int., to yield 7 % %• V . 114, p. 2019.
the Laurentide Co., Ltd.
Sinking fund provided for commencing Jan. 1
Dividends.— On pref. paid 1J6% in Dec. 1925 and same div. paid quar.
1926 of 1% annually o f bonds issued, plus the int. on bonds redeemed
through operation of this sinking fund. The bonds are dated Feb. 1 1925 since.
E A R N IN G S.—For 12 months ended March 31:
and the first coupon will mature July 1 1925 and will be for the 5 mos.’
Total
Net After Taxes
Preferred
Balance,
period from Feb. 1. Are red. as a whole, or in part for sinking fund pur­
Revenue.
& Deprec.
Interest.
Dividends.
Surplus.
poses, on any int. date on 3 mos.’ notice at 101 & int. Prin. and int. pay­
$229,149
$173,143
$52,500
$3,508
able at Bank of Montreal, Montreal, Toronto, Ottawa or Quebec. $1,525,- 1927 _______ $408,706
000 were offered in Feb. 1925 by Hanson Bros, and Aldred & Co., Ltd., 1926 ----------- 377,809
227,397
174.119
52,500
778
1925 _______ 322,422
193,856
153,241
34,625
5,990
Montreal, at 99 & int., to yield 5.60%. V. 120, p. 703.
OFFICERS.— Pres., A . J. Nesbitt; V .-P ., Jas. B. W oodyatt: Sec..
Dividends.— An initial div. of 1% was paid on common in April 1919 and
same rate paid regularly quar. to and incl. Jan. 1922. In April 1922 14i % L. C. Haskell; Treas., Chas. Johnstone, 330 Coristine Bldg., Montreal,
Canada; Gen. M gr., A. B. Sanborn, Feime, B. C .— V. 119, p. 584; V. 121,
was paid and same rate paid regularly quar. since.
p. 838, 3605; V. 123, p. 324; V. 124, p. 920.
EARN INGS.— For calendar years:
Expenses, Interest & Misc.Chgs.
Total
Deprec. & Sinking & Conting.
Balance,
GATINEAU POWER CO.
Revenue.
Taxes.
Fund &c.
Fund.
Dividends. Surplus.
1926-SI,483,747
$412,835
$556,985
$525,000 def$l 1,073
Control.— Co. is a wholly owned subsidiary of International Paper Co.
1925. 1.500,412
413.249
566,033
525,000
def3,870
ORGANIZATION.— Incorp. in Quebec, Canada, in 1926. In March
19241,480,863
307,585
568.714
$60,000
525,000 defl9,564
19231,417,822
311,537
572,591
x67,458
525,000 def58,764 1927 co. acquired Papineauville Elec. C o., with electric plants of total
1922. 1,349.030
199,367
568,057
525,000
56,606 capacity o f 25,000 h.p. V. 124, p. 1509.
19211,237,561
228,096
551,279
24,868
420,000
13,318
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
x This amount is made up from a credit of $60,000 to contingent fund and Co. owns in fee or holds through long-term Government leaseholds water
$127,458 settlement of income taxes, water rentals 1918-1922.
power sites in the Province of Quebec, Can., with an aggregate potential
capacity in excess of 700,000 h.p. Co. is undertaking a development pro­
OFFICERS.— Pres.. F. A. Sabbaton: V.-P., Julian C. Smith: Sec., Wm
F. Robinson; Treas., Louis Armstrong; Asst. Sec., F. E. M cNally. Office, gram calling for completion by the fall of 1928 of four hydro-electric plants
1021 Canada Cement Bldg., Montreal.— V. 120, p . 582, 703, 1326; V . 122, with an initial aggregate installed generating capacity of 397,500 h.p., of
which 373,500 h.p. is on the Gatineau River, which enters the Ottawa River
p. 748, 1026; V . 124, p. 921.
from the north in the vicinity of the city of Ottawa. Two of the develop­
ments with over half of the initial capacity lie within 7 miles of that city.
The
Lake Kipawa,
DOMINION POWER & TRANSMISSION CO., LTD. up toKipawa plant at the outlet ofThe 3rd unit of Que., is almost completed
a capacity of 24,000 h.p.
the Farmers power house
O RGAN IZATION .— Incorp. in Canada on Jan. 11 1907. Controls was put in operation in Sept. 1927 and turned over to the Gatineau mill
of the Canadian International Paper Co. Three units of the Chelsea
and operates the following properties.
power house of the company, a mile above Farmers, are also in operation,
Hamilton Cataract P., Lt. & Tr. Co. Ham. Grimsby & Beaxnsville R y.
giving the company in the two plants a total of six units operating o f an
Ham. Elec. Lt. & Power Co.
Hamilton Radial Elec. R y.,
aggregate capacity of 174,000 horse power. V. 125, p. 1460. Construction
Dundas Electric C o.,
Brantford & Hamilton Elec. R y.,
work on the fourth development, the Paugan plant, was to be started in
Lincoln Elec. Lt. & Power C o.,
Hamilton Street R y.,
the fall of 1926 and to be in operation by the fall of 1928 with a capacity
Hamilton & Dundas St. R y. (dis­ Western Counties Electric Co.,
of 150,000 h.p. A storage dam is being constructed at Bitobi Rapids, 90
Hamiltion Terminal Co.
continued; V. 118, p. 2303).
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— miles above the Paugan plant, which will create a storage reservoir of 107
Controls 33 miles of single track in Hamilton and 86 miles of interurban sq. miles and a capacity of 82,000,000,000 cu. ft. This reservoir, which is
f Quebec
lines, and also supplies light and power to Hamilton, Brantford, St. Cath­ to become the property of the Province othe flow ofand operated by the
Quebec Streams Commission,
the Gatineau River.
arines and intervening territory. Likewise owns a 50,400 h. 5 . hydro­ The three power plants on the will equalize
River have been
electric station. Also has in operation a steam generating station with a the comparatively inexpensive Gatineau of an aggregate o designed to permit
addition
f over 100,000 h.p.
present capacity of 26,600 h. p. and an ultimate capacity o f 80,000 h. p.
additional when the water storage facilities are increased, making a total
About the abandonment o f certain lines, see V. 121, p. 1100.
capacity of about 500,000 h.p.
„
New Franchise Hamilton Street Ry.— In Oct. 1925 Dom. Pow. & Transm.
Under the terms of a 30-year contract with the Hydro-Electric Power
C o., Ltd., submitted to the City of Hamilton, Ont., .new franchise pro­ Commission of Ontario, the Commission is to purchase 80,000 h.p. of elec­
posal for the Hamilton Street R y., particulars of which are given in V. tric energy during the 12 months beginning Oct. 1 1928, the amount increas­
121. p. 2156. Endorsed by citizens o f Hamilton in M ay 1926. V. 122, ing annually thereafter to a maximum of 260,000 h.p. during the 12 months
p. 2493, 2948.
beginning Oct. 1 1931, which rate is continued throughout the life of the
contract.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
In addition, Canadian International Paper Co. is to purchase under a
_______
$7,700,000 Sept 24, 1 %
Ordinary $10,000,000 ($100)_______
Pref. cum $10,000,000 ($ 1 0 0 )____
7 Q-J
5,281,000 O c t ’27, 1M 30-year contract a minimum of 74,000 h.p. per annum, and the Canada

LAURENTIDE POW ER CO., LTD.




276

PU BLIC U T ILIT IE S

Cement Co., Ltd., has contracted to purchase 3.000 h.p. per annum for an
initial period of 15 years from Oct. 1 1930, subject to renewal. V. 123, p.454.
STOCK AND BONDS—
Date.
Interest. Outsanding. Maturity.
Common (no par)___________ _____
________ 500,000 shs ___________
6% cumulative preferred__________
6
$25,000,000 ___________
1st mtge gold 5% series due (The Royal Trust Co., Montreal, trustee.
1956 ($1,000 c*r* & $500 c*( 1926 5 J-D
43,500,000 June 1 1956
& $5,000, $10,000 & mul- Int. in U. S. gold in N. Y . & Boston; in
tiples r*)_______________tf I Canadian gold in Montreal & Toronto.
6% s f gold debentures due/ 1926
6 J-D
12,380,000 June 15 '41
1941 ($1,000 500 c * )___ tf (Montreal Trust Co., trustee.
Bonds.— The 1st mtge. gold bonds 5% series, due 1956, are secured by a
direct 1st mtge. and hypothec on all properties presently to be owned by
co. Certain of the transmission lines may be owned by a subsidiary, all
of the securities of which are tobe pledged under the trust deed. No funded
debt in addition to the $37,500,000 1st mtge. g. bonds and $12,500,000 6%
gold debentures is issuable against the existing development up to the initial
capacity o f 397.500 h.p. o f the Paugan, Chelsea, Farmers and Kipawa
plants. A dd’l bonds o f 5% series, due 1956, or of other series of such tenor
as directors may determine, may be issued (a) for refunding an equal princi­
pal amt. of 1st mtge. of any series, or (6) for 75% of add'ns, incl. securities of
other corporations supplying or transmitting elec, power, but only when net
earns, for 12 consecutive out of preceding 15 cal. months (together with 80%
of estimated future net earnings from contracts as defined in the trust deed;
have been at least twice annual interest on all 1st mtge. bonds outstanding,
incl. proposed issue. N ot more than 15% of aggregate amount of 1st mtge.
bonds issued other than for refunding may be issued in connection with the
future acquisition of securities o f such other corporations, and then only
upon pledge o f all 1st mtge bonds of such other corporations which shall
be at least equal in face amount to the bonds so issued; and the bonds so
issued shall not exceed 75% o f the property of such other corporations.
The trust deed provides for the modification or alteration thereof or of any
supplemental indenture, with the assent of holders o f from 50% to 75%
(depending upon the percentage, if any, opposed thereto) of aggregate
principal amount of bonds, but does not permit extension of maturity or
reduction o f interest rate, or any other modification in terms of payment
of such interest, without the consent of the holder thereof, or any change
in the lien of the trust deed with respect to the property covered thereby.
There is an annual sinking fund, payable in cash or bonds, commencing
Dec. 1 1927, equal to K % o f the greatest aggregate principal amount of
1st mtge. bonds at any time outstanding. Bonds acquired by sinking fund
are to be cancelled forthwith.
5% series, due 1956, are red. on any interest date on 30 days’ notice at
105 through June 1 1936; at 104 through June 1 1941; at 103 through June 1
1946; at 102 through June 1 1951; and thereafter and prior to maturity at
101; in all cases with interest. Penn. 4 mills tax refundable. In July 1926
Bankers Trust Co., Harris, Forbes & Co., Lee, Higginson & Co., Blair &
C o., Inc., The Union Trust Co. o f Pittsburgh, Continental & Commercial
Trust & Savings Bank, Chicago; Halsey, Stuart & Co., Inc., and Redmond
& Co. sold at 94 and int., to yield over 5.40%. $25,000,000 5% series,
due 1956. Y. 123, p. 454. In Sept. 1927 the above-mentioned banking
firms brought out an additional $18,500,000 30-yr. 5% 1st mtge. gold
bonds, dated June 1 1926, series, due 1956, at 97>£, to yield over 5.16%.
V. 125, p. 1579.
Guaranty of Completion.— A deposit sufficient to provide funds for the
completion o f the program up to the initial capacity o f 397,500 h.p. is to be
held in escrow, subject to withdrawal as.expenditures are made, and is to
be composed largely of cash and the balance of $12,500,000 1st mtge. bonds.
International Paper Co. agreeing to find purchasers for these bonds as
additional Cash is required, and guaranteeing to provide any additional
funds which may be necessary for completion o f the initial development
program.
i\uct.— International Paper Co. with its subsidiaries is the largest manu­
facturer of paper ia the world and one of the largest holders of water powers
in North America. Upon completion of the present development program
o f Gatineau Power Co., I. P. Co. with its wholly owned subsidiaries, will
have developed water powers with a total installed capacity of almost
600,000 h.p. (500,000 h.p. hydro-electric and 100,000 h.p. hydraulic),
capable o f being increased through further development and through the
utilization of undeveloped sites to about 1,400.000 h.p. V. 123, p. 454.
I'ebentures.— The 6% sinking fund gold debentures, due 1941, were to be
listed on the Boston Stock E xch., and have a cumulative sevn-annual sinking
fund payable in cash on debentures at current redemption price, beginning
June 15 1927, estimated to retire well over 40% prior to maturity. Red.,
all or part, on 30 days’ notice at 105 to and incl. June 15 1931, and there­
after at 4$ % less each succeeding year plus interest in all cases. Penn. 4
mills tax refundable. In July 1926 Bankers Trust Co., Harris, Forbes &
C o., Lee, Higginson & Co., Blair & Co., Inc., The Union Trust Co. of
Pittsburgh, Continental & Commercial Trust & Savings Bank, Chicago,
Halsey, Stuart & Co., Inc. ,and Redmond & Co. sold $12,500,000 at 99H
and interest, to yield 6.05%. V. 123, p. 580.
E STIM A T E D EARNINGS.— Net earnings from the Chelsea, Farmers
and Kipawa plants available for interest and reserves, even before com­
pletion of the Paugan plant, will, it is estimated, be about 1.7 times annual
interest on $25,000,000 1st mtge. gold bonds. Upon completion of all four
power plants and the delivery o f the ultimate amount of power under the
contract with the Hydro-Electric Power Commission o f Ontario, it is esti­
mated that net earnings will be almost 3 times annual interest on $37,500,000
1st mtge. 5% bonds. V. 123, p. 454.
OFFICERS.— Pres., A. R . Graustein; V .-P., J. B. White; Gen. M gr.,
G. Gordon Gale; Treas., Owen Shepherd; Sec., F. G. Simons; Aud., B. O.
Booth. Principal office: 355 Beaver Hall Square. Montreal.— V. 123,
p. 454, 580; V. 124, p. 1509, 3351, 3495; V. 125, p. 94, 246, 647, 913, 1460,
1679.

THE GREAT LAKES POWER CO., LTD.
OPERATION .— The operation o f the property is under the management
o f the Middle West Utilities Co.
ORGAN IZATION .— Incorp. in Ontario May 18 1916. Owns all the
stock o f the International Transit Co.
FIELD OP OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns in fee and operates a hydro-electric plant at Sault Ste. Marie, Ont.

International Power Co.
Limited

6 V 2 % 3 0 -Y e a r G o ld D e b e n t u r e s
%

F ir s t P re fe rre d S t o c k
C om m o n S to ck

As original distributors of these
securities, we invite enquiries for
information and quotations.

Royal Securities Corporation
100 Broadway, New York
Montreal, Toronto, Halifax, Saint John, Quebec,
Charlottetown, Winnipeg, Vancouver, St. John's, Nfld.




[ V ol . 125.

Present capacity 39,200 h.p. The Province of Ontario has granted the
co. the right in perpetuity, without rental or other charges, to the use of
20,000 cu. ft. per second of primary or continuous water on the Canadian
side of the St. M ary’s River. The International Transit Co. (co. owns
all the stock) operates a street railway system in Sault Ste. Marie, Ont.,
and the ferry service between Sault Ste. Marie, Ont., and Sault Ste. Marie,
Mich.
STOCK AND BONDS—
Date
Interest.
Outstanding. Maturity.
Common, $2,000,000 ( $ 1 0 0 ) - .___
$2,000,000
Seetext
Pref 7% cum $600,000 ( $ 1 0 0 ) .___
Q-M
600,000
Seetext
1st M serial $3,000,000 gold! 1916
6 M -N
2,4 '0,000
See text
($1,000 $500-$!00) __c*&r*JInt. at State St. T r. C o., Boston, Mass., Tr.
Stock.— Divs. on pref. stock are payable in U. S. funds at the Continental
fc Commercial Bank, Chicago. In June 1924 A . E . Ames & Co. offered
a block of 7% pref. stock at 97H and divs. V. 118, p . 3084.
Bonds.— The 1st mtge. serial bonds mature annually on May 1 as follows:
1927, $90,000; 1928 to 1930, incl., $100,000; 1931 ana 1932, $110,000;
1933. $120,000: 1934. $130,000 and increasing $10,000 each year thereafter
to 1939, and $160,000 in each o f the years from 1940 to 1944. Hon.
Frederick Stone, Sault Ste. Marie, co-trustee. Call, as a whole on any
int. day before May 1 1935 at a 5% income basis and thereafter at a 4 %
income basis. In May 1916 Estabrook & C o., N. Y . and Boston, sold at
par and int. $1,000,000 1st mtge. serial 6% bonds. V. 102, p. 1814. In
Oct. 1921 Estabrook & Co. offered a block of $125,000 1st mtge. seria 6s
at 91 and int., yielding 6.75%. V. 113, p. 1580.
dividends.— Since 1916 on pref. stock at 7% rate. On common at the
rate of 4% per annum since 1921.
EARNING S.— For calendar years:
Gross
Fixed
Operating
Net Avail.
Income.
Charges. for Pf. Stk.
I xp ises.
1926 ............................. - .
$599,920
$212,948
$149,516
$237 456
-07,161
239,649
L925 - - ____________
601,367
154,557
162.267
1924 - ______
585,037
163.446
259.324
577,488
1923 _________ ______
162,019
169,563
245,905
1922 ________________
542,338
152,614
172,784
216,939
1921________________
511.791
117,041
188.855
205.895
1920 ____________
461,820
76,609
150.401
234.810
1919________________
412,856
78,619
139.683
194.554
1918________________
379,517
62,440
103,071
214,006
OFFICERS.— Pres. . Samuel Instill; V.-P., Martin .1. Insull : V-P , John
A. McPhail; Sec.-Treas., Oliver E. M cCormick; Gen. M gr., A. E. Picker­
ing; Asst. Secs., Eustace J. Knight and J. M . M cN eil.— V. 118, p. 3084.

INTERNATIONAL POWER C O „ LTD.
ORGANIZATION.— Incorp. in Canada in 1926 for the purpose o f acquir
ing as a holding or operating company the ownership or control of operating
electric light, power and public utility undertakings in Central and South
America, the West Indies and elsewhere. The co. controls through stock
ownership the following companies; (1) Porto Rico Rys. C o., Ltd. (see
separate statement); (2) Venezuela Pow. C o., Ltd., which owns the elec,
light and power business in Maracaibo and Barquisimeto, Venezuela, with
a combined pop. of 150,000; (3) San Salvador Elec. Lt. C o., which owns
the elec. lt. and pow. business in the City o f San Salvador and suburbs,
Salvador, with a combined pop. of approx. 130,000: (4) Bolivian Pow. C o.,
Ltd., which owns the elec. It., pow., telephone and tramway business in
La Paz, Bolivia, with a pop. o f 110,000; (5) Demerara Elec. C o., Ltd.,
which owns the elec. It., pow. and street ry. business in Georgetown, British
Guiana, with a pop. of 65,000; (6) Newfoundland Lt. & Pow. C o., Ltd.,
which owns the elec. lt. and street ry.'business in St. John’s, Newfoundland,
with a pop. o f approx. 40,000. These cos. carry on their business under
favorable franchises from the respective governmental or municipal auth­
orities. V. 122, p. 1310; V. 124, p. 1219.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common 150,000 shs. (no p a r ) ____
________ 100,000shs.
7% cum pref $8,000,000 ($ 1 0 0 )____
7 Q-J
$4,000,OOOOct.’27 1% %
6% convert 2nd pf $2,000 0 0 0 - ____
6
2,000.000
644% 30-yr deben (c* $500f 1927 6H g M-S
3,000,000 Mar 1 1957
$1,000)__________________ \Prin. & int. at Royal Bk. of Canada.
Stock.— The 1st pref. stock is preferred as to 7% cum. divs. and as to
assets up to 105 per share. Call, all or part on 60 days’ notice at 105 and
divs. Dividends payable in U. S. gold in New York or at co.'s office in
Montreal, Can. In March 1926, G. E. Barrett & C o., Inc., New York,
and Royal Securities Corp., Ltd., Montreal, offered $4,000,000 1st 7%
cum. pref. stock at 9814 and div. to yield about 7.16% . Each share 1st
pref. stock was accompanied by one common share. V. 122, p. 1310. 1609
The 2nd pref. stock is entitled to $6 divs. per annum cumulative from
March 1 1927. No dividends may be paid on the 2nd pref. or common
stocks should 1st pref. div. be in arrears. The 2nd pref. stock may at
option of holder be exchanged for common stock on the basis of 4 shares of
no par value common stock for each share of 2nd pref. stock.
Application was to be made to list the common stock on the Montreal
and Toronto, and Boston Stock Exchanges. V 122 r 1310.
>
Slock Exchange offer to com. stock holders of Porto Rico Rys. C o., Ltd.,
See separate statement. V. 124, p. 1067, 1219.
Bonds.— The 614% 30-yr. gold deben. due March 1 1957 are a direct
obligation of co., issued under an indenture which includes a provision that
deben. in excess of the amt. o f 1st pref. stock at any time outstanding may
be issued only under certain restrictions. Red. all or in part on 30 days’
notice at 105 and int. In March 1927 Royal Securities Corp. and G. E.
Barrett & Co., Inc., brought out $3,000,000 6>4% 30-yr. gold deben. at
100 and int.— V. 124, p. 1360.
EARNING S.— Combined earnings of controlled companies for calendar
years:
1924.
1925.
1926.
Gross earnings_____________________ $3,132,414
$3,349,485 $3,673,928
Less, operating & maint. charges____ 1,771,188
1,958,833
2,172,628
$1,361,226 $1,390,652
Deduct: Charges on underlying securities_________________

$1,501,300
499,929

Balance_______________________________ :__________________
$1,001,371
Latest Earnings.— For 6 months ended June 30 1927: Gross, $2,024,393;
net after operating expense, $917,942.
OFFICERS.— Pres., I. W . Killam (Pres. Calgary Power C o., Ltd.);
Sec., Fred. C. Clarke. Office, 164 St. James St., Montreal, Que.— V. 122,
p. 1310, 1609; V. 124, p. 1066, 1219, 1360; V. 125, p. 648, 1970.

KAMINISTIQUIA POWER CO., LTD.
ORGANIZATION.— Incorp. in Canada at the end of 1925. Acquired
the undertaking and franchises of a co. of similar name, which in Sept. 1925
was purchased by the Fort William Paper C o., the old stockholders re­
ceiving $145 per share for their stock ($95 in cash and the balance in 7%
cum. pref. stock of the new co.). For the reasons for the change of organi­
zation, see V. 121, p. 1462.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS—
Co. owns and operates at Kakabeka Falls, on the Kaministiquia River in
the Province of Ontario, about 19 miles from the City of Fort William, a
complete hydro-electric development of a rated capacity of 35,000 h.p.
The entire output of the plant was stated to have been disposed of on
favorable terms to the principal industrial power users in the City
Fort William.
Francises.— Electric franchise in City of Fort William is perpetual.
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity.
Class A common (non-voting)
30,750 shares (no par)------------------------30,750shs. Aug'27 62>4c
Class B common (voting)-----------------------9,250shs. Aug’27 62)4c
7% cum redpf$l,250,000(3100)____
7
$1.250,000 July'27 1H %
1st M 5J4s sink fd g Series A / 1925 5J4 ft M -N
1,196,500 N ov 1 1950
($l,000-$500 c * ) _________ \Montreal Trust C o., Trustee.
Reg & deb stock------------------- ------------------£200,000 -------------Bonds.— The 1st mortgage bonds are limited to $5,000,000, or its equiva­
lent in sterling, at the fixed rate of $4 86 2-3. They are secured by a
1st mortgage and charge on all the c o .’s assets, present and future, specific
as to all fixed assets, and by way of a floating charge as to all other assets.
Additional bonds of same or other series or as debenture stock may be
issued for 75% of new construction, provided net earnings for the preceding
2 years have been not less than 1J4 times interest on all bonds and (or)
debent, stock then outstanding, incl. new issue. An annual sinking funp

Ocr., 1927.]

POW ER, LIGH T AND R A IL W A Y

o f n o t less th a n 1 % o f b o n d s a n d d e b e n t, s to c k , Series A , o u ts ta n d in g
a n d co m m e n cin g N o v . 1 1926, w ill b e used fo r p u rch a se in th e o p e n m a rk e t
o f b o n d s (or d e b e n t, s to c k ) a t o r b e lo w re d e m p tio n p r ice , o th e rw ise w ill be
ca lled b y lo t a t su ch p r ice .
R e d ., w h o le or p a rt, o n 60 d a y s ’ n o tice a t 104
t o N o v . 1 1935; a t 103 t o N o v . 1 1940; a t 102 t o N o v . 1 1945, a n d a t 101
th erea fter; in ea ch case w ith in t. P rin . an d in t. p a y a b le a t o p t io n o f h o ld e r,
in C a n a d ia n g o ld c o in a t R o y a l B a n k o f C a n . in M o n tr e a l o r T o r o n t o , or
in U . S. g o ld co in a t t h e a g e n c y o f th e R o y a l B a n k o f C a n . in N e w Y o r k ,
o r in g o ld c o in o f th e K in g d o m o f G re a t B rita in at th e R o y a l B a n k o f C a n .,
L o n d o n , E n g ., a t th e ra te o f $4 86 2 -3 .
In N o v . 1925 W o o d , G u n d y &
C o . a n d S ociete d e P la c e m e n ts d u C a n a d a , M o n tr e a l, o ffe r e d a t 99 and
in t ., t o y ie ld a b o u t 5 .5 7 % , $ 2 ,0 2 6 ,5 0 0 1st M . 5 1 4 % sin k , fu n d g o ld b o n d s.
Series A . V . 121, p . 240 2.
O F F I C E R S .— C h airm an o f B d . o f D ir ., G e o rg e H . M e a d ; P r e s ., G eorge
G r a y ; V . - P . , W . N . H u r lb u t; T r e a s ., W . Stru th ers; S e c ., J . G . G ib s o n ;
S e c .’s o ffic e , 707 B a n k o f H a m ilto n B l d g ., T o r o n t o , C a n .— V . 120, p . 330:
V . 121 , p . 1462, 1678, 240 2.

LONDON STREET RAILW AY CO.
O R G A N I Z A T I O N .— I n c o r p . u n d e r law s o f C a n a d a in 1873. F r a n c h is e
expires 1925, a t w h ich tim e , o r a n y f ift h y e a r th e re a fte r, c it y has rig h t to
p u rch ase th e p r o p e r t y (e x c e p t S p rin gb a n k lin e) o n an a r b itra tio n basis,
b y g iv in g o n e y e a r ’s n o t ic e in a d v a n c e .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o lle y r o a d . O perates 3 5 .3 5 m iles o f tr a c k . S ta n d a rd g a u g e . 56,
7 3 , 75 a n d 8 0 -lb . T a n d gird er ra il. 62 m o t o r ca rs, also o p e ra te s bu sses.
H as c o n t r a c t fo r p o w e r w ith t h e O n ta rio H y d r o -E le c t r ic P o w e r C o m ­
m ission .
C ity P u r c h a s e P r o p o s a l D e f e a t e d .— See Y . 116, p . 1411.
STOCK A N D BO N DS—
D a te .
In terest.
O u ts ta n d in g .
M a t u r it y .

Stock $750,000 ($40)_____________

J-J

$637,480

See text

F irst m ortg a g e $75 0 ,0 0 0 g o l d / 1896
6 g M -S
4 7 5 .0 0 0 M a r 8 1930
($ 1 ,0 0 0 ) _________________ c * \ T o r o n t o G en eral T r u s ts C o ., trustee.
B o n d s .— F irst m tg e . b o n d s o rig in a lly m atu red M a r c h 8 1925 an d bore
Interest a t 5 % b u t w ere e x te n d e d Sor fiv e years t o M a rch 8 1930 a t 6 % .
T h e rem ain in g $ 3 0 ,0 0 0 ca n o n ly be Issued fo r 66 2 -3 % o f actu al c o s t o f
a d d itio n s an d ex ten sion s, w hen net earnings are equa l to 1 0 % o f ail b o n d s
o u t , in clu d in g those to be issu ed; b u t to ta l d e b t m ust n o t exceed $20 ,0 0 0
er m ile o f single tra ck .
V . 78. p . 2 38 4.
In terest is p a y a b le a t the C a n a ian B a n k o f C o m m e r c e , T o r o n t o .
In each o f the ten years p re ce d in g
m a tu rity 5 % o f b on d s shall b e d ra w n b y lo t and red eem ed at p ar o n 40
d a y s ’ n o tice . $ 2 4 3,00 0 h a v e been r e tire d . $ 3 ,000 held in treasu ry.
D iv i d e n d s .— In 1901 8 % w as p a id ; in 1902, 8 % ; 6 % in 1903, 1904, 1905
a n d 1906. In 1907 d iv id e n d s o m itte d o n a c c o u n t o f s trik e . In 1908 to
1915, in clu s iv e, 6 % p er an n u m . In 1916, J a n ., 3 % (ca s h ); J u ly , 3 % (in
s t o c k ). In 1917, J a n ., 3 % (ca sh ); J u ly , 3 % (in s t o c k ). N o n e t o D e c .
1922, w h en 2 3 4 % w as p a id . In 1923, 5 % w as p a id . N o n e in 1924.
E A R N I N G S .—-For ca le n d a r vears:
1924.
1923.
$66 5 ,3 0 2
$693,411
$626,691
$62 8,91 8
G ro s s earn in gs___________
546 ,3 6 4
572 ,082
5 2 8 ,5 2 8
529 ,011
O p eratin g ex p en ses--------43,201
37,087
4 3 ,793
4 5 ,418
In terest & ta x es__________
38,091
3 7 ,364
3 8 ,1 2 5
38,125
D e p r e c ia t io n ____________
3 ,7 4 3
4,712
1,287
1,513
D o m in io n in c o m e t a x ----_______ ( 5 % ) 3 1 ,874
D iv id e n d s _______________

S

B a la n ce , s u rp lu s ______
$ 1 4 ,9 5 8
$14,851
$33,903
$10 ,292
O F F I C E R S .— P r e s ., C h a s . C u rrie , C le v e la n d , O .; V .-P r e s ., R . G . I v e y .
M g r. & S e c .-T r e a s ., L . T a it , L o n d o n , O n t .— V . 106, p . 607 , 2345; V . 108,
p . 878; V. 110, p . 2076, 2568; V . 112, p . 1399; V . 114, p . 306 : V . 105. p . 183:
V . 116, p . 1411; V . 118, p . 1773; V . 120, p . 2147; V . 122 , p . 2040; V . 123,
p . 2519.

MARITIME TELEGRAPH & TELEPHONE CO., LTD.
O R G A N I Z A T I O N .— I n c o r p . in N . S ., A p ril 1910 as a c o n s o lid a tio n o f
a n u m b er o f telep h o n e co m p a n ie s .
O w ns a n d o p e ra te s w ith o u t c o m p e t i­
tio n , the telep h on e sy ste m in the P r o v in c e o f N o v a S c o tia , an d c o n tr o ls
th e telep h on e business in P rin ce E d w a rd Isla n d . C o m p a n y ’s lines co n n e ct
w ith th e N ew B ru n sw ick T e le p h o n e C o . ’s sy ste m a n d it has o th e r c o n n e c ­
tion s u n d er fa v o r a b le a greem en ts fo r lo n g d ista n ce bu siness. T o t a l p o p u ­
la tion served o v e r 5 0 0 ,0 0 0 . 3 3 ,9 1 7 tele p h o n e s in 1926
V . 121, p. 3004.
D a te .
I n te r e s t.
O u ts ta n d in g .
M a t u r it y .
STO CK AN D BON DS—
See te x t
$ 8 9 3,33 0 O ct ’ 27, 2%
C o m m o n $ 1 ,0 0 0 ,0 0 0 ($ 1 0 )------6 Q-J
9 5 6 ,6 7 0 O ct 27,1 }4 %
6 % c m p f ser A $ 1.0 0 0 .0 0 0 ($10) ____
7 Q -J
1,5 0 0 ,0 0 0 (jc t '2 7 ,1 % %
7 % c m p f ser B $ 2 ,0 0 0 ,0 0 0 ($ 10) ____
6 g J-J
1,5 0 0 ,0 0 0 J u ly 1 1941
F irst m tg e $ 1 ,5 0 0 ,0 0 0 (clo se d ) f 1911
6s g ($500 & $ 1 0 0 )_____ c * j E a stern T r . C o . , M o n tr e a l & H a lifa x, trustee
5 g J-J
1 ,0 0 0 .0 0 0 Jan 1 1956
R e f an d gen m tg e 5s g series A ( 1926
$1,500,000 ($1,000 and-! I n t . a t E a stern T ru s t C o . , H a lifa x , M o n
$500)________________ c*t t.real, T o r o n t o , tru stee
B o n d s .— T h e r e f . a n d g t n m tg e. 5 % gold b o n d s . s e r ie s A , d a ted J a n . 1 1 9 2 6 ,are
secu red b y a d ir e ct m tg e o n th e en tire p r o p e r t y o f th e c o m p a n y , in cl.
a fte r-a c q u ir e d , s u b je c t t o h e fir s t m tg e b o n d s , d u e in 1941, th e m o rtg a g e
secu rin g w h ich is c lo s e d
A d d itio n a l b o n d s in a d d itio n t o series A m a y
b e issu ed to refu n d b o n d s o f a n y series o u ts ta n d in g u n d er th is m o rtg a g e
o r to retire u n d e rly in g b o n d s a n d fo r 7 5 % o f fu tu r e a d d itio n s , & c . , p r o v id e d
n et earnings fo r 12 o u t o f p r e ce d in g 14 m o n th s h a v e been n o t less than
1 *4 tim es ann ual in te re s t o n all b o n d s o u ts ta n d in g , in c l. new issu e. In
n o e v e n t m a y b o n d s u n d e r this m tg e . b e o u ts ta n d in g to an a m o u n t e x ce e d ­
in g tw ice the a m o u n t o f th e p aid u p c a p ita l s t o c k o f the c o m p a n y . C a lla b le
as a w h ole o n ly o n 60 d a y s ’ n o tice a t th e fo llo w in g p rices an d in te re st o n
a n y in terest d a te : in cl. th e y e a r 1930 a t 105; 1940 a t 104; 1945 a t 103: 1950
a t 102: 1954 a t 101; th ereafter a t 100. In D e c . 1925 R o y a l S ecurities C o r p .
L t d ., M o n tr e a l, offe re d $ 1 ,0 0 0 ,0 0 0 a t 9 5 M a n d in t. t o y ie ld a b o u t 5 .3 0 % .
V 121, p . 3004.
A ll o f th e o u tsta n d in g $ 1 ,0 0 0 ,0 0 0 re f. m t g e . 7 % g o ld b o n d s , series A ,
d u e D e c . 1 1945 w ere ca lled for p a y m e n t o n D e c . 1 1925 a t 106 a n d in t.
V . 121. p . 1678
D i v i d e n d s .— In O c t . 1927 c o m m o n s t o c k w as p la c e d o n an a n n u al d iv .
b a sis o f 8 % .
In O c t . 1926 p la c e d c o m m o n s to c k o n ann u al d iv . basis
o f 7 % , fo r m e r ly 6 % w as p a id .
E A R N I N G S .— F o r ca le n d a r years:
1926.
1925.
1924.
G r o s s _______________ ______ ______________ $ 1 ,5 6 8 ,9 2 4
$ 1 ,5 2 9 ,6 7 0 $1,4 7 7 ,0 2 6
E x p e n s e s ______________________________ 1 ,1 4 9 ,446
1.1 1 7 ,0 7 0
1,102,347
N e t ___________________________________
$419,478
$41 2 ,6 0 0
$37 4,67 9
I n t e r e s t _________________________________
134,246
154,167
156,697
D iv id e n d s ______________________________
220 ,360
2 1 6 ,0 0 0
216 ,000
B a la n ce , s u r p lu s ___________________
$64 ,872
$ 42 ,433
$1,982
O F F I C E R S .— M a n . D ir ., J . H . W in fie ld ; G e n . M g r ., W . H . H ayes;
C o m p t ., C . A . B . B u llo c k ; S e c .-T r e a s ., T . N . G o u d g e .— V . 115, p . 2275;
V . 121, p . 1678, 300 4.

MONTREAL LIG H T, HEAT & POWER CONSOL’ D.
O R G A N I Z A T I O N .— I n c o r p . in C a n a d a in 1916 as C iv ic In v e s tm e n t &
In d u stria l C o ., n a m e be in g c h a n g e d as a b o v e in 1918. O w n s o v e r 9 9 %
o f th e s to c k o f b o th the M o n tre a l L ig h t, H e a t & P o w e r C o . (w hich see
below ) an d C ed ars R a p id s M fg . & P o w e r C o . (V . 106, p . 8 2 3 ); operates
th eir p rq p erties u n d er leases r u n n in g fo r 98 years fr o m A u g . 1 1916, assum ­
in g all their fix e d ch arges and p a y in g d iv id e n d s at fix e d rates on their
c a p ita l s to c k .
O n F e b . 24 1926 pu rch a se d fro m U n ite d Secu rities. L td .
a ll o f its h old in gs o f c o m m o n shares in th e Q u e b e c-N e w E n g la n d H y d r o E lectric C o r p ., an d acq u ire d th e re b y th e business a n d u n d e rta k in g o f that
co.
P a y m e n t is t o e xten d o v e r a p eriod o f 30 years fr o m A u g . 1 1924 and
is t o co n s ist o f an annual su m o f $ 4 0 0 ,0 0 0 . V . 122, p . 265 2.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
D ir e c tly o r th rou gh its subsidiaries or a sso cia te d c o s ., d o e s all th e gas bu si­
ness, su b sta n tia lly all th e d o m e s tic m u n icip a l and c o m m e rcia l e le ctric ligh t
a n d p o w e r gen eratin g an d d is trib u tin g business, a n d has a v e r y Im porta n t
in terest in th e street railw ay s y s te m , o f G rea ter M o n t r e a l, em b ra cin g a
c o m m u n it y o f o v er 1,129,000 p o p u la tio n .
C e d a rs R a p id s M f g .
P o w e r C o ., in c o rp . in 1904 in C a n a d a , o w n s a h y d ro ­
e le ctr ic gen era tin g sta tio n at C ed ars R a p id s on th e S t. L a w ren ce R iv e r ,
a b o u t 30 m iles a b o v e M o n t r e a l, w ith a to ta l in stalled c a p a c it y , fr o m 18
u n its , o f 2 2 0 ,0 0 0 h .p .
W a te r rig h ts are in p e r p e tu ity a n d are d e riv e d fro m
c o n t r a c ts w ith th e G o v e rn m e n t o f th e D o m in io n o f C a n a d a a n d w ith the
P r o v in c e o f Q u e b e c . T h e C e d a rs R a p id s C o ., in a d d itio n t o its c o n tr a c t
w ith M o n tr e a l L ig h t , H e a t & P o w e r C o ., has co n tr a c ts fo r 75,000 h .p .,
w ith th e A lu m in u m C o . o f A m e r ic a .




211

Montreal Tramways Contract.— Jointly with the Shawlnigan Water &
Power C o., the company controls United Securities, Ltd., which through
stock ownership controls Montreal Tramways C o., which owns and operates,
under favorable long-term contract with the city of Montreal, the street
railway system in the city and in the suburban municipalities on the Island
of Montreal, embracing 275 equivalent miles of single track. Montreal
Tramways Co. is a large consumer of electric power, purchasing 45,000 h.p.
annually from the company and its subsidiaries.
STOCK AND BONDS—■ Date.
Interest. Outstanding. Maturity.
Common 2,558,163 shs (no p a r ) ____
Q-J 2,041,837 shs. See text.
25-yr s f 1st ref & coll tr g bds 1926
5 g A-O $30,000,000 Oct. 11951
$75,000,000 ser A ($1,000,(Montreal Trust C o., Montreal, trustee.
$500 c* & $1,000 & mult r ). \
Bonds of sub cos held by public
________ . 26,680,700 ___________
(to be closed)___________________
Minority common shares of
sub. cos. at par________________ ________ _____
304,672 __________
Stock.— The entire outstanding preferred stock was redeemed Nov. 1 1926
at 50 and divs. V. 123, p. 1876.
On July 26 1926 stockholders approved the plan (a) to convert each
outstanding or issued share of capital stock into one 6% cumul. redeemable
pref. share of $50 par value and 3 common shares without par value, and
(b)
to subdivide and convert each unissued share of capital stock into
6 common shares without par value. V. 123, p. 581. It was stated that
on the new common shares a $2 per annum dividend rate would be in­
augurated , which means a disbursement of $9 per share on the old $100 par
value stock as compared with $8 or 8% previously. V. 123, p. 711. Sale
o f pref. stock to customers, see V. 123, p. 1382.
Bonds.— The 1x2 ref. and coll. tr. g. bonds constitute the only funded
debt of co. The bonds are secured by a first specific mortgage and charge
on: (1) all the real and immovable properties of the company; (2) the follow­
ing securities and shares of subsidiary and(or) associated cos.: (a) Over 99%
of the issued capital stock of Montreal Light, Heat & Power Co.; (6; over
99_% of the issued capital stock of Cedars Rapids Mfg. & Power Co.; (c) cer­
tain bonds and shares of the above and other sub. cos.; (d) $1,290,787 of
$5,126,172 par value issued common shares and $150,000 of $5,125,372
par value of issued pref. shares of United Securities, Ltd.; (3) the operating
agreements of the company with Montreal Light, Heat & Power Co. and
Cedars Rapids Mfg. & Power Co.; (4) thepower contracts with the Shawinigan Water & Power Co. hereinafter mentioned. Are additionally secured
by the floating charges of the trust deed covering all co.’s assets not covered
by the specific charge. The specific and floating charges cover all of c o .’s
interest in assets acquired after the execution of the trust deed. The trust
deed provides for an annual cumulative sinking' fund commencing Oct. 1
1927 for the exclusive retirement of bonds of series A, sufficient to redeem
by maturity one-third of bonds of series A.
Additional bonds of series A or of any other series may be issued (a) par
for par, to refund, acquire or retire bonds or other secured obligations of
present or future subsidiary cos. outstanding in the hands of the public,
or to refund bonds of other series; (6) not exceeding $5,000,000 principal
amount for capital expenditures on existing' fixed assets of, or the acquisition
of new fixed assets for, the company or any subsidiary co.; or for the acquisi­
tion of additional securities and (or) shares as defined in the trust deed.
(c)
The remaining authorized principal amount of the bonds may be
issued only to the extent of 75% of capital improvements or additions to
the properties of the co. and (or) any subsidiary co., or of additional securi­
ties and (or) shares of a company at least 51% of the voting capital stock
of which is, or will be upon pledge of such additional securities and (or)
shares, specifically pledged under the trust deed.
No additional bonds may be issued under (6) and (c) above unless net
earnings, as defined in the trust deed, of co. and any subsidiary co. or cos.
at least 51 % of the voting capital stock of which is pledged under the trust
deed for any 12 consecutive calendar months out of the 16 preceding calen­
dar months have been not less than 1
times annual interest on all 1st
ref. and coll, trust bonds of co. to be outstanding after the proposed addi­
tional issue, and, on underlying subsidiary bonds.
5H Series A are red. whole or part on any int. date on 60 days’ notice
at 105 and int. on or before Oct. 1 1931, and thereafter at 1% less for
each 5 subsequent years, or fraction thereof. Prin. and int. payable in
Canadian gold at the Royal Bank of Canada, in Montreal and Toronto, or
in U. S. gold at agency of the Royal Bank of Canada, New York, or at
the same bank’s office in London, Eng., at rate of $4.86 2-3 to the pound
sterling. Legal investment fdr life Insurance companies in Canada. In
Oct. 1926 Wood, Gundy & C o., Inc.; Aldred & Co., and Harris, Forbes &
Co., sold $30,000,000 series A at 99 V and int.. to yield over 5.03% .V. 123,
2
p. 1876; Y. 124, p. 1511.
Dividends.— Nov. 15 1916 to N ov. 15 1919, 4% per annum (Q.-F. 1% );
lug. 1919 to N ov. 1922, 1H % quar.; Feb. 1923 to Nov. 1923, 1 H % quar.;
Feb. 1924 to Feb. 1925, 1M % quar.; M ay to N ov. 1925, 2% quar. Same
rate since, to an incl. July 1926. All the aforementioned dividends were
paid on the old $100 par stock. On the new no par common 50c. was de­
clared payable Nov. 15 1926. Div. o f 33 l-3c. for 2 mos. period ended
Dec. 31 was declared payable Jan. 31 1927. Divs. hereafter were to be
paid quarterly Jan., &c. Y. 123, p. 3320.
EARNINGS. For calendar years:
1926.
1925.
1924.
1923.
G ro s s e a r n i n g s ................. $ 1 8 ,9 0 7 ,3 8 2 $ 1 8 ,3 4 8 ,8 0 6 $17 ,3 9 4 ,0 9 1 $ 16,1 4 0 ,9 6 0
E x p e n se s and ta x e s ........... 8 ,3 2 2 ,9 5 6
8 ,6 2 3 .8 9 9
7 ,9 8 4 ,4 9 2 x 7 , 113,960
D e p r e c ia t io n ____________
1 ,8 9 0 ,7 3 8
1,834,881
1 ,7 3 9 .4 0 9
1 ,6 1 4 ,0 9 6
F ixed c h a r g e s ........... .........
1,6 1 1 ,1 2 1
1 ,2 1 3 ,6 5 0
1 ,2 0 9 ,7 7 8
1 ,2 1 1 ,6 5 4
D iv id e n d s p a id _________
5 ,1 3 5 ,0 4 1
4 ,2 5 6 ,6 3 9
3 ,7 7 0 ,6 4 2
3 ,2 3 1 ,7 6 7
D iv id e n d s a c c r u e d ______
_______
8 6 2 ,4 5 2
754 ,261
754,041
In su ra n ce r e s e rv e _______
5 8 ,0 4 4
_______
1 50 ,000
_______
P e n sio n fu n d ____________
2 0 ,0 0 0
2 0 ,0 0 0
2 0 ,0 0 0
2 0 ,0 0 0
B a la n ce , s u r p lu s .____ $ 1 ,8 6 9 ,4 8 2

$ 1 ,5 3 7 ,2 8 6

$ 1 ,7 6 5 ,5 0 8

$ 2 ,1 9 5 ,4 4 2

* Not including income tax
Earnings in 1922 amounted to $14,431,323 gross and $1,912,220 balance,
surplus; in 1921 amounted to $13,289,964 gross and $975,056 bal., surplus.
OFFICERS.— Pres., Sir Herbert S. Holt; Y .-P ., J. S. Norris; Sec. &
Treas., C. S. Bagg; Asst. Sec. & Treas., G. R. Whatley. Montreal.—
Y. 118, p. 3206; V. 119, o. 2530; V. 120, n 582, 2269: V. 122. t>. 611. 2652;
V. 123, p. 325, 581, 711, 1382, 1634, 1763, 1876, 2139, 3320; V 124. p.
646, 1511.
QUEBEC-NEW ENGLAND HYDRO-ELECTRIC CORP.
ORGANIZATION.— Incorp. in Quebec in 1908 as Saraguay Electric &
Water Co. Name chan geo in 1912 to Montreal Public Service Corp.,
and in 1923 to present title. Control of the co. was sold by United Securi­
ties, Ltd., to Montreal Light, Heat & Power Consol’d on Feb. 24 1926.
Co. distributes electric power developed by Canadian Lt. & Pow. Co. in
important sections of Montreal.
Co.'s capital stock was reduced from $5,000,000 to $350,500 on M ay 18
1925. $2,968,000 outstanding 5% 1st & ref. mtge. bonds of Montreal
Public Service Corp., due Sept. 1 1942, have been assumed by Montreal
Light, Heat & Power Consolidated. Y. 118,p. 3207; V. 119, p. 589, 704
821; Y. 120. p. 2551,2684; V. 122, p. 2652.
MONTREAL LIG H T , HEAT & POWER CO.
ORGANIZATION.— Incorp. in Mar. 1901 under special Act of Quebec
Legislature.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS —
Co. or its subsidiarie- own hydro-electric generating stations at Lacbine
Rapids and Soulanges on the St. Lawrence River and at Chambly on the
Richelieu River, having a combined installed capacity of 45,000 h.p.,
and a steam auxiliary station of 25,000 h.p. Under favorable long-term
and renewable contracts Montreal Light, Heat & Power Co. and its parent
company control all the electric power transmitted to the City of Montreal
by the Shawinigan Water & Power Co. Also, through a subsidiary, Mon­
treal Gas Co. does the entire artificial gas business of the City of Montreal
and suburban municipalities. Properties have a genertating capacity of
32,000,000 cu. ft. per day. Among the other more important subsidiary
cos. are the Royal Electric C o., the Montreal & St. Lawrence Light & Power
C o., Lachine Rapids Hydraulic & Land C o., and Provincial Light, Heat &
Power Co. V. 83, p. 216; Y. 88, p. 380; V. 103, p. 238.
In 1916 Civic Investment & Industrial Co. (now Montreal Light, Heat &
Power Consolidated— see above), formed for the purpose with $75,000,006
of authorized capital stock In $100 shares, offered 3 of these shares for each
$100 of the $18,709,400 capital stock of Montreal Lt., H t. & Pow Co. sharer
and par for par for the $8,900,000 stock of the Cedars Rapids Co. Tht
new co. has issued $64,683,900 of its stock and leases the two properties for
98 years, guaranteeing all fixed charges, Sec., and 8% p a. on all stock of
Montreal Co. and 3% on all Cedars Rapids stock not exchanged on Aug. 1

278

PU BLIC U TILITIE S

[V ol. 125.

1916. See V . 102, p . 2169. Rate increase, &c., in April 1918. V . 106,p . 1796
Cedars Rapids Transmission C o., V. 107, p. 1104.
STOCK A N D BONDS—
Vale.
Interest. Outstanding. Maturity
Stock, $22,000,000 ($100)_________
Q-F
$18,800,000 N o v ’27,2%
1st & coll tr mtge $7,500,0001 1902
4 A g J-J
6,326,000 Jan. 1 1932
($1,000) gold__________ c*/R oy al Trust Co., Montreal, trustee.
Lachine mortgage, S4,000,0001 1903
5 g A-O
2,832,000 April 1 1933
($1,000) gold__________ c*/R oyal Trust C o., Montreal, trustee.
Provincial Lt, Ht & Pow Co\ 1906
5 g M-S
921,000 Sept 1 1946
1st M , gu p & i (S & £) g o ld /N a ti Trust .Co., Ltd.. Montreal, trustee
Cedars Rap M fg & Pow 1st M 1 1913
5 g i-J
13,867,200 Jan. 11953
$15,000,000 ($500, &c) g c*/M on treal Trust Co., Montreal, trustee.
Stock.— A majority o f the stock outstanding has been exchanged for stock
of the Montreal Lt., Ht. & Pow. Consolidated, which see above. That
company guarantees 8% per annum on all stock unexchanged of the old
Power Co.
Bonds.— 1st & coll. tr. bonds are secured by stocks o f controlled cos., &e
Are call, as a whole, but not in part, at 105 and int. Int. payable in
Montreal and New York. Of the Lachine division bonds $399,000 art
reserved to retire an equal amount of underlying bonds and $42,000 are in
the treasury. Sink, fund o f 1% p. a. o f bonds outstanding. Call, as a
whole, but not in part, at 105 and int. on any int .date. Int. payable in
Montreal and New York. List o f underlying bonds and description of
mortgages, Y . 74, p. 580; V. 75, p. 238; V. 76, p. 923.
The $1,182,000 Provincial Lt., Ht. & Pow. 5s are guaranteed, p. & L, by
Montreal L t., Ht. & Pow. Co. Sink, fund 1% p. a., 1911 to 1928, and
1 1-3% p. a. thereafter. Call, at 105 and int. on any int. date. Int.
payable in N . Y ., Montreal and London. V. 88, p. 380.
Cedars Rapids M fg. & Pow. Co. 1st 5s ($15,000,000 auth.) were redeem­
able on or before Jan. 1 1922 at 105; since at 110 and int. Sink, fund 1%
p. a. commencing Jan. 1 1924. Red., all or in part, at 110 and int. Int.
payable in N . Y . (in U. S. gold coin ), Montreal and London (at $4 86 2-3
to £1). V. 103. P. 323; V. 102, p. 1812.
Dividends.\ ’07. ’08. ’09. ’ 10. ’ l l . ’ 12. ’13. ’ 14. ’ 15. ’ 16. 1917 to N ov.’26
Per c e n t . . . / 5
6
6
7
8
9
10 10 10 10 2% quar.(Q -F )
OFFICERS.— Pres., Sir Herbert S. Holt; V .-P ., J. S. Norris; Sec.-Treas,
C. S. Bagg; Asst. Sec. & Treas., G. R . Whatley, Montreal.— V. I l l , P. 698

Monell & Co., Inc., &c., &c., sold $7,000,000 gen. & ref. mtge. series A
os at 88 and interest, yielding over 5.85% . V. 120. p. 1203. Series B are
redeemable on the same date and at the same prices as Series A. $2,500,000
Series B were offered in Oct. 1925 at 93% and int., to yield over 5.40% , by
Aldred & C o., &c., &c. V. 121, p. 2038. Series A and B listed on N . Y .
Stock Exchange. V. 122, p. 348, 2192.
The general and refunding mortgage sinking fund gold bonds are seemed
by direct mortgage on the entire property of the company (including afteracquired property), subject only to the first and refunding mortgage. Ad­
ditional bonds may not be issued for more than 75% of cost of new con­
struction.
Dividends.— In April 1913 an interim div. of 5% was declared on the
paid-up common capital stock. A quar. div. of 26S% was paid Aug. 1913
(V. 96, p. 1840), and 2 A % quar. to and incl. May 1918. In Dec. 1919 a
div. of 2}4 % for the second quarter of 1918 was paid. See V. 109, p. 2440.
In 1920. M ar., 2 A % ; June, 2A% \ Sept., 2A % \ N ov., 2 j^ % . In 1921,
10%. In 1922, M ar., 246%, clearing up all arrears on the stock.— V . 114,
p. 1180. In Aug. 1922, 2 A % was paid and dividends at same rate, paid
regularly, quar. since to and incl. April 1927.
E A R N IN G S.— For periods stated:
Year Ended Year Ended Year Ended Year Ended
Dec. 31 ’26. June 30 ’25. June 30 ’24. June 30 ’23.
Gross receipts__________ $12,899,602 $12,476,567 $12,463,799 $12,056,355
Oper. expenses and taxes 6,582,974
6,323,001
6,246,890
6,099,993
Operating profits______
55,276
50,684
48.555
48,305
2,870,299 2,577,260
Maintenance, &c______
2,579,780
2,492,793

CONSOLIDATED SECURITIES CO., LTD.

$68,261
$383,638
$548,695
$347,554
Surplus..------- ---------OFFICERS.— Pres. & Managing Dir.. Julian C. Smith; V.-P. & G et.
M gr., Col. J. E. Hutcheson; Sec.-Treas., Patrick Dubee.—- v. 120, p. 95?,
1203. 1327. 1747. 3065; V. 121. p 2032. 2038; V. 122, p. 348. 2041, 1292,
V. 123, p. 1996; V. 124, p. 2280.

Controlled by United Securities, Ltd.
ORGANIZATION.— Incorporated in March 1927. Acquired the
property and assets of Montreal Tramways & Power C o., Ltd., through
exchange of securities.
► Capitalization.— The capital stock c f the company is divided into 20,000
shares o f no par value. Compare V. 124, p. 1819.
(1) MONTREAL TRAMWAYS CO.
ORGAN IZATION .— Chartered March 24 1911 in Quebec, Can., ana
acquired by merger the Montreal Street R y., Montreal Park & Island Ry.
and Montreal Terminal Co. (V. 93, p. 871, 1324), the last two companies
being subsidiaries to the Montreal Street R y. V. 93, p. 1022, 1106.
'""FIELD*"OF OPERATIONS AND CH ARACTER O F H lu s iN E S s !^
Owns and controls entire street railway system in Montreal and Island of
Montreal, except about amile of interurban line entering the city. Operates
304.83 miles o f track. The company has an auxilliary steam reserve plant
o f 45,000 h.p. Power is purchased in bulk from the Montreal Light, Heat
& Power Co., Consol. V. 102, p. 345. Company operates 10 bus lines in
the city, owns 65 buses.
franchise.— For terms of 35-year franchise signed Jan. 28 1918, see
“ Electric Railway” Supplement of April 26 1924. See also V. 106, p. 607.
The contract with the City o f Montreal provides that fares shall be ad­
justed from time to time so that the company receives an annual return
(after all operating expenses, maintenance and renewal fund payments) of at
least 6% on the capital value o f the company’s property as fixed through the
franchise contract. After the company receives the stipulated allowances,
based on appraised capital values, the City o f Montreal receives $500,000 as
an annual rental and a stipulated percentage o f surplus earnings. V. 121,
p. 2038.
Bus Service.— In Aug. 1925 inaugurated bus services in Montreal and
suburbs. V. 121, p. 2038.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock common ($100)------------ -----------------$5,000,000
See text
1st & ref mtge $25,000,000 g / 1911
5 J-J
21,351,000 July 1 1941
($500&$1,000) Pay in Lon-jHarris Tr. & Sav. Bk., Chic., Trustee, Nat.
don p&i in £= $4 86 2-3-C*( Tr. C o., Ltd., Montreal, Co-Trustee.
Gen & ref M Ser A $100,000,1 1925
5 g A-O
17,826,500 Apr 1 1955
000($100,$500&$l,000)g-C*/Montreal Trust C o., Montreal, trustee.
Ser B $5,000,000 ($1,000,1 1925
5 g A-O
2,500,000 Apr 1 1955
$500, $100)____________ c*/M ontreal Trust C o., Montreal, trustee.
Mortgages-------------------------------------------------145.843 ______
Stock— Rights.— Stockholders o f record Oct. 15 1926 were given the righ
to subscribe for 10,000 additional shares o f capital stock (par $100) at $125
on basis o f 1 new for each 4 shares held. Payable in 3 installments; final
installment was due March 31 1927. V. 123, p. 1996.
Bonds.— Remaining 1st & ref. bonds are for extensions and additions at
not exceeding 75% o f cost under certain restrictions. Red. as entire issue
(but not any part) at 105 and int. on any int. date. Int. payable in N . Y .,
Chicago, Montreal and London. Y . 93, p. 1463. Listed on the N . Y .
(V. 97, p. 1025), Montreal and London stock exchanges.
In addition to amount shown in above table as outstanding, $2,260,000
are deposited with trustee for general and refunding mortgage bonds.
In Dec. 1924 $3,266,000 1st & ref. 5s were sold by Harris, Forbes & Co.,
New York, and Holt, Gundy & C o., Montreal, at 95 and int., yielding over
5.45% . V. 119, p. 2762.
Gen. & ref. mtge. series A 5 s have sink, fund of $ 2 5 , 0 0 0 per annum from
April 1 1928 to April 1 1933; $40,000 per annum from April 1 1934 imtil
April 1 1938, and $50,000 per annum thereafter until maturity. Are red. all
or in part on any int. date on 60 days’ notice at 104 and int. up to April 1
1930; at 103 and int. during the next ten years; at 102 and Int. during the
next ten years, and at 100A and int. thereafter to maturity. Prin. and int.
payable in gold in New York and Montreal, and in London in sterling at the
fixed rate o f $4 866 to the pound. In March 1925 Aldred & Co.; Minsch,

ALDRED & CO.




40 W all Street
NEW

YORK

Balance_______________$3,391,122
Allowance due company:
Int. on capital v alue..
2,177,178
Interest on ad d ition s...
460,337
Int. 6% on working cap’1
3,915
Financing expenses_____
181,431
Balance, surplus_____
Payable when earned;
City rental__________
Contingency reserve____

$3,525,622
2,177,178
277,667
5,707
181,431

$3,588,574 $3,415,264
2,177,178
175,919
5,351
181,431

$568,261

$883,638

$1,048,695

500,000
______

$500,000
______

$500,000
______

2,177,178
164,973
2,530
181,431
$889,152
$500,000
41,598

(2) CANADIAN LIGH T & POWER C O „ LTD.
ORGANIZATION.— Incorp. in Canada on June 2 1904. See descrip­
tion of company’s developments in V. 91, p. 591, and V. 89, p. 848. Has
the perpetual right to distribute and sell power and light in Montreal and
several adjacent counties. Distribution system in Montreal has been taken
over by the Quebec-New England Hydro-Electric Corp., formerly the
Montreal Public Service Corp.
Protective Committee 1st Mtge. 5s Due July 1 1949.— The interest due
July 1 1925 having been defaulted, the following protective committee
was formed: Hamilton Pell, Chairman; A. De S. Mendes, Furman S.
Howson, Sec., H. R . Sweet, 39 Broadway, N. Y . City. Depositary,
American Trust C o., 135 Broadway, N . Y . City. V. 121, p. 1099. For
reconstruction plan, see V. 122, p. 346.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Owns a new and modern hydro-electric plant at St Timothee, 28 miles from
Montreal; present development about 20,000 h.p. Co. also owns and
operates over its own right-of-way a transmission line from its plant to
Montreal.
Capital Stock.— In M ay 1925 the authorized capital stock (par $100) was
reduced from $7,000,000 to $600,000. Holders received one share in ex­
change for each 10 shares held. V. 120, p. 2814. In Jan., 1926 share­
holders increased the authorized common stock from $600,000 to $3,325,000
On Jan. 27 1926 1st mtge. 40-yr. 5% gold bondholders approved a plan to
exchange 60% of their bond holdings for new 5% bonds and 40% for com­
mon stock, an extra dividend of 4% in common stock to take the place of
accrued interest. V. 122, p. 746. Upon delivery of their old bonds on or
before April 1 1926 holders were entitled to receive for every $100 bonds
(a) $60 new bonds of the same issue bearing interest as and from Jan. 1
1926 and (6) $40 in common shares. In addition were to receive in lieu
o f cancelled interest on additional $4 common stock for each $100 bonds
held, such exchange and conversion to be effective as of Jan. 1 1926. See
for further particulars V. 122, p. 1607.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $3,325,000 ($100)-__________
_________ $3,324,800 ___________
First mortgage closed ($500/ 1926
5 J-J
3,280.800 July 1 1946
and $1,000)______________\Royal Trust C o., Canada. Trustee.
Bonds.— ' he old Can. Lt. & Pow. Co. 1st mtge. bonds were issued in
T
1909 to an amount of $6,500,000. The interest due July 1 1925 on these
bonds was defaulted and a protective committee was formed. On Jan. 27
1926 bondholders approved a reorganization whereby the 1st mtge. bonds
outstanding at that time to the amount of $5,499,500 were reduced to $3,299,700, at which amount the mortgage was closed. The sinking fund and
other provisions also were amended. The sinking fund now amounts to
H % of the new bonds, payable on or before July 1 1926, and 1 % per annum
thereafter, commencing July 1 1927. The new bonds are call., whole or
part at lOl and int.
EARNINGS.— For calendar year:
1926.
Gross, all sources_________
$313,405
Operating and maintenance expense__________________________
97,176
Bond interest________________________________________________
164,513
Balance___________________________________________________
$51,716
— V. 122, p. 3603; V. 120, p. 2683; V. 121, p. 72, 1099; V. 122, p. 346, 746,
1607, 3603; V. 124, p. 2118.

UNITED SECURITIES, LTD
Montreal Light, Heat & Power Consolidated and Shawinigan Water &
Power Co. own a substantial amount of co. s pref. and common stocks.
ORGANIZATION.'—A holding co. Incorp. in Quebec June 14 1924
for the principal purpose of acquiring the common shares o f the QuebecNew England Hydro-Electric Corp., the Canadian Light & Power Co. and
the Montreal Tramways & Power Co., Ltd. (which co. went into voluntary
liquidation in March 1927 and property and assets transferred to the new
co. known as Consolidated Securities, Ltd. V. 124, p. 1820). V. 118,
p. 3210.
Under date of Feb. 24 1926 co. entered into an agreement to sell to
Montreal Light, Heat & Power Consolidated all of co.'s holdings of com­
mon shares in the Quebec-New England Hydro-Electric Corp., thereby
turning over to the purchaser the business and undertaking of that co.,
together with its revenues. The purchaser (i. e. Montreal Lt., Heat &
Power Consol.) assumed the liability of the $2,968,000 5% 1st mtge. bonds,
due 1942, of Quebec-New England Hydro-Electric Corp. Payment for this
stock is to extend over a period of 30 years from Aug. 1 1924 and to consist
of an annual sum of $400,000 United Securities, Ltd., is to set aside from
such annual proceeds an annual amount of $71,372 to be deposited with
Montreal Trust C o., as trustee, to constitute a sinking fund sufficient to
retire by redemption at 105% within 30 years the entire 6% pref. stock
outstanding of United Securities Ltd. V. 122, p. 2653.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $14,000,000 - - ( $ 1 0 0 ) ____
________ $5,126,200 ____________
6% cum pref $6,000,0 0 0 ($ 1 0 0 )___
6 Q-J
5,125,400 __________
Coll trust sk fd bds, series A / 1927
b l g M -N 3,600,000 M ay 1 1952
A
$20,000,000($l,000,$500)c*\Montreal Trust C o., trustee.
Stock.-—The total authorized capital stock is $20,000,000 divided into
200.000 shares of $100 each.
The 6% cum. pref. stock is non-voting and preferred as to cum. divs.
and assets. The Montreal Light, Heat & Power Consolidated and the Shawinidan Water & Power Co. have agreed to jointly and in equal amounts furnish
United Securities, Ltd., with funds necessary to pay the dividends at the rate
of 6% per annum on a maximum of $5,125,372 pref. stock should the earnings
of United Securities, Ltd., be insufficient to do so. This obligation is irrevo­
cable during the whole of the period during which all or any of the pref.
shares are outstanding. Red., whole or part, on 30 days notice at 105 and
divs. In Nov. 1924 Aldred & C o., New York, Montreal and London, &c.,
&c., offered $2,500,000 6% cum. pref. stock at 103 and divs , to yield
over 5.80% . V. 119, p. 2533.

O ct ., 1927.]

POW ER, LIG H T AND R A IL W A Y

B o n d s . — The 5 X % c o lla t e r a l tr u s t s in k in g f u n d g o ld b o n d s , s e r i e s a, d a ted
M ay 1 1927 in addition to being a direct obligation o f the Company are
specifically secured by pledge o f $3,800,000 Consol. Securities Ltd. 6%
coll, trust bonds, due 1952; 8,768 shares, Consol. Securities Ltd. common
stock; $800,000 Canadian Lt. & Pr. Co. 1st mtge. 5s, due 1949 and 18,593
shares Canadian Lt. & Pr. Co. common stock. A d d it i o n a l bonds may be
issued under restrictive conditions, as set forth in the trust indenture which
also contains the covenant of the company to provide a s in k in g f u n d ,
beginning on M ay 1 1928 of $40,000 annually, plus interest on all bonds
redeemed. Red. all or part on 60 days’ notice at 105 if red. prior to M ay 1
1932 and thereafter at 1% less for each 5 subsequent years or fraction
thereof. Interest paid without deduction for certain Canadian taxes.
In M ay 1927, Aldred & Co. and Minsch, Monell & Co., Inc. s o ld $3,600,000
5 X % coll, trust sinking fund gold bonds, series A at 100 and int. V . 124,
p. 3070.
EARNINGS.— For year ended March 31 1927:
Gross income fiom bonds, stocks and loans_____________________ $227,643
General expenses, taxes, &c_____________________________________ 16,794
General interest________________________________________________ 147,807

$63,042
250,902

Balance___
Other income
Total income___
Preferred dividends

$313,945
. 307,047

Balance, surplus______________________________________________
Previous surplus (after adjustments)____________________________

$6,898
73,336

Profit and loss, surplus_______________________________________ $80,234
OFFICERS.— Pres., Julian C. Smith; V .-P., J. S. Morris; Sec. & Treas.,
J. Wilson; Asst. Sec. & Asst. Treas.. H. H. Haydon.— V. 118, p. 3210:
V. 119, p. 706, 1747, 2533, 2653; V. 124, p. 1823, 3070.

NIAGARA ST. CATHARINES & TO R O N TO RAILW AY
Is operated by the Canadian National Railways.
ORGANIZATION..—Incorporated in Canada in 1899. A consolidation
o f the Niagara Central R y., the Niagara Falls Wesley Park & Clifton Tram­
way Co. and the Port Dalhousie St. Catharine's & Thorold Electric Street
R y. Franchise perpetual. Owns and operates Niagara St. Catharine’s
& Toronto Navigation Co.; also transports freight.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates 69.81 miles of track. Runs from Port Dalhousie,
on Lake Ontario, passing through St. Catharine’s, Merritton, and Thorold
to Niagara Falls, Ont., where a new short route over the escarpment has
just been completed (Oct. 1 1927), also a new passenger terminal. Has
an extension o f 18.60 miles from Thorold through Fonthill and Welland to
Port Colborne; also an extension o f 12.2 miles from St. Catharine’s to
Niagara-on-the-Lake. Main line is laid with 80-lb. rail. 60 passenger
cars, 10 electric locomotives, 3 electric snow plows, 5 miscellaneous cars and
also 4 cinder cars. Also operates two steamers.
Shareholders voted 1910 to make an issue o f 2d mtge. bonds at rate of
$10,000 per mile to Nat. Tr. Co., Ltd.. Toronto, trustee. V. 90, p. 54, 1296
In March 1924 City of Niagara Falls passed a by law granting the com ­
pany a 15-year service-at-cost franchise. City to have option of purchase
at end o f that period or franchise renewable for 5-year periods. Fare, 7 cts,
In Aug. 1925 a similar by-law for a 10-year service-at-cost franchise was
passed in St. Catharines.
Fare Increase granted on certain lines in March 1926. See V. 122 ,p. 1610
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $1,000,000__________________
_________
$925,000 ..................
Railway First Mortgage goldf 1899
5 g M -N
1,098,000 Nov 1 1929
($1,000) ($1,000 or £205-1 Int. at Canadian Bank o f Commerce, To­
gs. 8d .)________________ c* I ronto, N . v . & Bank of Scotland, London.
[National Trust C o., Ltd., Toronto, trustee
_________
None
--------------Second mortgage____________ 1910
Navigation Co First m ort-f 1903
5 g M -N
--------- Nov 1 1929
gage $200,000 ($1,000, or; Int .at Can. Bank of Com.. Toronto & N .Y
£205 9s. 8d.) g o ld ,........._c* [National Trust C o., Ltd., Toronto, trustee
Bonds.— Of the Railway bonds $20,000 per mile is authorized and issued
See V. 82, p. 869. The Navigation bonds are guaranteed by the Railway
p. & i., by endorsement. Neither issue is subject to call.
OFFICERS.— Pres.. Sir Henry Worth Thornton; V .-P .. Gerard Rue).
V. -P. D. E. Galloway; Sec., R. P. Ormsby, Montreal;
M gr., E
W. Oliver, Toronto.— V. I l l , p. 294, 1370: V. 113, p. 2505; V. 114.
p. 307. 1064: V. 119, p. 325; V. 120. p. 958; V. 122. p. 1610.

POWER CORP. OF CANADA, LTD.
ORGAN IZATION .— Organized in Canada to acquire and hold securities
of electric power and light companies, and to operate and manage and act
as fiscal agents for electric power and light properties, and to deal in other
securities. Company acquired a controlling interest in Canada Northern
Power Corp’n, Ltd.. Ottawa-Montreal Power Co., Ltd., Ottawa & Hull
Power Co., Ltd. (which controls Ottawa River Power Co., L td.). Also
owns a substantia] interest in East Kootenay Power Co.. Ltd.. Southern
Canada Power Co., Ltd., Winnipeg Electric Co. (which controls Manitoba
Power Corp’n, Ltd., Ottawa & Hull Power C o., Ltd. (which controls
Ottawa River Power C o., L td.). Also owns, substantial interest in East
Kootenay Power C o., Ltd., Southern Canada Power C o., Ltd., Winnipeg
Electric Co. (which controls Manitoba Power Co., L td.), Dominion Power
& Transmission Co. and East Kootenay Power C o., Ltd. Company is
primarily interested in the acquisition and development of hydro-electric and
public utility companies, but also supervises the management of any prop­
erties it controls and undertakes the management of other properties as well.
V. 120, p. 3315.
FIELD OF OPERATIONS.— The properties which company controls
or in which it holds a substantial interest, are situated in Quebec, Ontario,
Manitoba and British Columbia, have an installed capacity of over 435,000
h.p. with an ultimate capacity of 700,000 h.p. and serve a population of
over 1.000,000. V. 120, p. 3315.
Div. Rate. Outstanding. Latest Die.
CAPITAL STOCK—
Date.
_________ 160,000 s h s __________
Common, 250.000 shs. (no p a r ) ____
6% cum. 1st pref. $5,000,000
$5,000,000 Oct ’27 I X
($1001__________________________
6 Q-J
6%
non-cum. part. pref.
See text
2,500.000
$5,000,000 ($50)______________
Stock.— The 6% cum. lsf pref. stock is preferred as to dividends and assets
over the non-cum. partic. pref. and common stocks. Red., on 30 days’
notice, at 110 and div. In June 1925 Nesbitt, Thomson & Co., Ltd.,
Montreal, sold $2,500,000 6% cum. 1st pref. at par. Each 10 shares 1st
pref. carried a bonus of 5 shares no par common stock. Y. 120, p. 3315.
An additional offering o f $2,500,000 6% cum. 1st pref. stock was made in
Jan. 1927 by Nesbitt, Thomson & Co., Ltd., at $96 per share, with an
approx, yield of 6 K % • V. 124, p. 374.
D iv i d e n d s . — In Oct. 1927 paid initial quar. div. o f 1X % on non-cum. pref.
374; V. 125, p. 1711.
EARNINGS.— For 12 mos. end. June 30 1927: Gross rev., $796,635;
net after operating, $661,452; divs. paid, $217,139; bal., surp., $444,313.
For 12 mos. end. June 30 1926: Gross, $324,477; net, $246,386; divs. paid,
$145,454; balance, $100,932.
OFFICERS.— Pres., A. J. Nesbitt; V .-P ., J. B. Woodyatt; Sec., L. C.
Haskell; Treas., Chas. Johnstone; Asst. Treas., F. D. Lamont; Asst. Sec.,
M . M . Cox.— V. 120, p. 3315; V. 121, p. 1679; V. 123, p. 2656; V. 124, p.
374; V. 125, p. 1711, 2265.

CANADA NORTHERN POWER CORP., LTD.
Controlled by Power Corp. of Canada, Ltd.
ORGANIZATION.— Incorp. in Canada for the purpose, among others,
o f holding the securities of public utility companies. Controls through
stock ownership Northern Canada Power, Ltd., Northern Ontario Light
■ Power Co., Porcupine Power & Telephone Co., Ltd., the Quinze Power
&
C o., Ltd., and Great Northern Power Corp., Ltd. V. 119, p. 2877; V.
122, p. 2947.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
The companies controlled by Canada Northern Power Corp., Ltd., own
and operate 9 hydro-electric plants, 2 air-compressing plants, the electric




279

lighting systems in the towns o f Cobalt, Haileybury, New Liskeard, Kirk­
land Lake, Timmins, South Porcupine, Englehart and the telephone systems
in Timmins and South Porcupine. Preparations are being made to serve
the proposed new town of Noranda, in the Rouyn mining field in northern
Quebec. Through its subsidiaries, co. also owns a pulp mill of a daily
capacity of 42 tons of groundwood pulp, and a 50-square-mile timber limit.
The hydro-electric plants are situated on the Mattagami, Montreal and
Matabitchouan rivers in Ontario and on the Quinze (Ottawa) River in Que­
bec. Combined capacity 78,000 h.p.; ultimate capacity about 118,000
h.p. Approximately 400 miles of high-tension transmission lines, with 50
additional miles to serve the Rouyn district under construction. Com­
plete distribution systems in the cities served. There are also 29 miles of
steel pipe line for distributing compressed air. V. 122, p. 3336.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 75.000 shares (no p a r ) ____
_________
50.000 s h s __________
7% cum pref $7,500,000___________
7 Q-J
$5,000 000 Oct ’27 1'H
15-yr s f coll trust ($1,000,/ 1926
OX M -N
3,000,000 M ay 1 1941
$5 00,$ 100 ,c*& r)________ [Montreal Trust C o., trustee.
Stock.— The pref. stock is non-voting except in case of default in payment
of four consecutive quarterly dividends. Red. all or part at 110 and divs.
In Dec. 1924 Nesbitt. Thompson & C o., Ltd., Montreal, offered $3,500,000
at 99 and divs., to yield over 7% , carrying a bonus of 3 shares of no-par
common stock with each 10 shares preferred. V. 119, p. 3008.
Bonds.— The OX % 15-yr. s. f. coll. tr. bonds dated May 1 1926 are secured
by deposit with trustee of $1,000,000 7 X % 5-year debenture notes of
Northern Canada Power, L td ., 41,000 shares out of a total of 45,850 shares
outstanding common stock of Northern Ontario Light & Power C o., Ltd.,
and the entire 30,000 shares of stock of Porcupine Power & Telephone C o.,
Ltd. Co. covenants to either deposit security of equal market value or to
retire bonds of this issue with funds so received in the event of any collateral
being retired. Red. whole or part on 30 days’ notice at 105 & int. to and
incl. May 1 1931, after which date the redemption price decreases X % each
year until maturity. Principal and interest payable at par at holders’
option at any branch of the Royal Bank of Canada in Canada, or at agency
of bank in New York City in U. S. gold coin, or in sterling at branch of the
bank in London, Eng., at fixed rate of $4 86 2-3 per £ sterling without de­
duction for any present or future Canadian taxes save any income taxes im­
posed in Canada on its residents. In June 1926 Nesbitt, Thompson & C o.,
Ltd., offered $2,500,000 at 100 & int. V. 122, p. 3336. There is an annual
sinking fund sufficient to redeem one-third of this Issue by maturity, the
first payment to be made May 1 1930.
EARNINGS.— For calendar years:
1925.
1926.
Gross earnings
_ ____________ ________ ____ $2,562,185 $1,035,851
Operation and maintenance _
_ ________
518,797
212,499
Taxes ___
_______________________ . . . .
227,641
135,189
105
189,4U7
_
In te r e st___ _ ____ ____________ _ ____________
823,355
290,027
Surplus for y e a r _________
_ _ _ ___________
992,284
208,728
Surplus brought forward_________ _______ _______
x655,780
1,052,858
Total _ _ __ . ___________ ______ $1,648,065
Preferred dividends paid
_
_ __ _ _
_
449,309
Common dividends paid
_
- _______ .
79,238
Minority interest in surplus _
_ ____________
104
Transferred to depreciation reserve____
. . .
425,000

$1,261,587
267,006
30,360
14,928
274,364
575,000

Surplus carried forward_ __ . . . . . . ____
_
$694,413
$99,927
x Includes surplus of add’l cos. acquired during the year 1926.
OFFICERS.— Pres., A. J. Nesbitt; V.-Pres., J. B. Woodyat; Sec., L. C.
Haskell; Treas., Chas. Johnstone; Gen. M gr., B. V. Harrison.— V. 119,
p. 2877, 3008; V. 120, p. 209, 3312; V. 122, p. 2947, 3336; V. 124, p. 3769.
NORTHERN CANADA POWER, LTD.
Controlled by Canada Northern Power Corp., Ltd.
ORGANIZATION.— Organized in 1919 for the purpose o f supplying
power to the gold mines in northern Ontario.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Under leases from the Provinces of Ontario and Quebec, company and its
subsidiaries control 4 hydro-electric power sites having an ultimate capacity
of 90,000 h.p. which have been developed, and an installed capacity of
50,000 h.p. Three of these plants are located on the Mattagami River,
Ont., the fourth on the Quinze River in Quebec. Company owns 240 miles
high-tension transimission lines. A new transmission line to the RouyD
Mining field was completed in N ov. 1926. Co. was reported in April
1925 to have contracted to lease the assets and undertaking of Great
Northern Power Corp., Ltd., for a period of 20 years from May 1 1926.
See V. 122, p. 2192.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity,
Common $6,000,000 ($100) — - ___
_________ $6,000,000 Oct 27. Ye
1st mtge. 6% 20-year sinking f 1925
6 g J-D
6,000,000 Dec. 1 1945
fund $15,00,000 series A (Toronto General Trusts Corp., Toronto,
($l,000-$500-$100c*&r)__ [ trustee.
7 X % debenture notes_____ 1925
7X
1,000,000
1930
Bonds.— The 1st mtge. 20-year 6% s .f . bonds, due Dec. 1 1945, are secured
by a 1st mtge. on all the co.’s fixed assets and properties, and on all bonds,
debentures and shares, incl. after-acquired, and a floating charge on all
other assets of the co. An annual sinking fund, commencing Dec. 1 1927,
provides for a payment of I X % for 10 years and 2% for the remaining 8
years of the total amount of all series A bonds issued, together with a sum
equal to the interest on the bonds redeemed from time to time. If not
available at or below callable price, bonds will be called at 103 and int.
Half of series A will have been retired by sinking fund by maturity. The
balance of the authorized bonds may be issued as debenture stock and (or)
bonds, in such currencies and series and at such rates of interest, maturity
dates, &c., &c., as directors may determine. Additional bonds may only
be issued for 75% of new construction, &c., provided net earnings for 12 out
of 14 preceding months, are at least 1 % times interest on bonds outstanding
and those to be issued. Principal and interest payable at The Bank of
Toronto or at the National Bank of Commerce in N. Y . City in U. S. gold
coin, or in sterling at the Midland Bank, Ltd., London, England, at 4.86 2-3
to the £. Free from all Canadian taxes except income tax imposed on
residents of Canada. Red., whole or part, on 60 days’ notice at 103 and
int. In Nov. 1925 Nesbitt. Thomson & Co., Ltd., and Dominion Securities
Corp., Ltd., Montreal, offered $6,000,000 series A bonds at 100 and int.
V. 121, p. 2403, 2521.
All of the outstanding ls< mtge. OX % bonds due 1938 were called Jan. 1
1926 at 103 & int. V. 122. p. 3341.
EARNINGS.— Incorporated with those of the Canada Northern Power
Corp., Ltd. (see above).
OFFICERS.— Pres., A. J. Nesbitt; V .-P ., J. B. Woodyatt; Sec., L. C.
Haskell; Treas., Chas. Johnstone; Gen. M gr., B. V. Harrison; Asst. Sec.Treas., H. A. Seymour; Asst. Sec., V. J. Nixon.— V. 119, p. 3010; V. 121,
p. 2403, 2521; V. 122, p. 2041, 2192, 3341.
NORTHERN ONTARIO LIGHT & POWER CO., LTD.
Controlled by Canada Northern Power Corp., Ltd. V. 122, p. 2449, 3341.
In April 1926 Nesbitt, Thomson & C o., Ltd., Montreal offered $75 per
common share of the co. V. 122, p. 2496.
ORGAN IZATION .— Incorp. in Ontario, Canada, in Feb. 1911.
FIELD OF OPERATIONS AND CH ARACTER OF BU31NESS.—
Owns and operates an electric light and power system serving the silver
mining territory centering around Cobalt, the Porcupine and the Kirkland
Lake gold mining districts in the Province of Ontario. Co. also distributes
compressed air for power in the Cobalt mines and owns and operates a
40-ton-per-day pulp mill at Haileybury. Company owns and operates 3
hydro-electric plants with a combined capacity of 21,600 h.p.; 1 hydraulic
air compressor plant of 4,000 h.p.; 2 electrically driven compressed air
plants with a combined capacity of 4,000 h.p,; 180 miles of 44,000-volt and
3034 miles of 11,000-volt transmission lines; 9 miles 20-inch steel pipe line
and 20 miles 12-inch and smaller pipe lines for distribution of compressed air.
Storage reservoirs of a capacity of 15 billion cu. ft. on the Montreal and
Matabitchouan rivers.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
_______
$4,585,000 Oct ’27, $1
Common $5,000,000 ($100)________
Pref 6% cum $2,500,000 ($ 1 0 0 )____
J-J25
2,400,000 J u ly ’27, S3
6% s fg s e r 1926 ($1,000, $5001 1926
6 g J-J
5,250.000 Jan 1 1946
c*& $l,000,$50000.$l6.6o6r)./Toronto General Trusts Corp., trustee.
Stock.— Pref. is conv. into com. share for share at option of the holders.

PUBLIC U TILITIE S

380

Bonds.— All of the outstanding first mtge. 20-year gold bonds, due Aprils
1931, were called for payment on July 1 1926 at par and int. Y . 121, p.2875
V. 122, p. 2652.
The 6% sinking fund gold bonds, Series of 1926, due Jan. 1 1946, are se­
cured by a first mortgage on the properties, franchises, leaseholds of the
company, including those after-acquired. Additional bonds may be issued
in series of such tenor as company may from time to time determine: (a)
for refunding purposes; (6) for 75% of improvements, &c., provided net
earnings or 12 out of preceding 15 months are at least two times annual
interest charges on all first mortgage bonds outstanding, including new issue.
Redeemable, whole or part on 30 days' notice at 105 during the first ten
years; thereafter at A % less each succeeding year up to and including
Jan. 1 1944; thereafter at 100: plus interest in each case. Principal and in­
terest payable in U. S. gold at Bankers Trust Co. N Y City, or in Cana­
dian dollars in Toronto, Ont ; or in £ at the rate of $4 86 2-3 at the office
or agency of the company in London, Eng. Company pays interest without
deduction for any Canadian taxes. In Jan. 1926 Bonbright & C o., Inc.,
W . C Langley & Co. offered $5,250,000 Series of 1926 at 100 and interest.
V". 122. d . 214.
Dividends.— On Nov. 20 1925 an initial dividend of 1% quarterly was
paid on the common stock. V. 121, p. 2039. Quar. divs. of 1% regularly
since inch Jan. 1927.
EARN IN G S.— For calendar years:
1926.
1925.
$1,250,065 $1,416,657
Gross earnings_____________________
340,732
575,428
Expenses (including taxes)__________
______
1,460
Bad debts_________________________
350,277
301,777
Interest____________________________

[ V ol . 125.

OFFICERS.— Same as for Traction Co.— V. 114, p. 307, 2718; V. 115, p.
183, 2379; V . 116, p. 411; V. 118, p. 311; V . 119, p. 1396, 2763; V. 120, p.
2402.

SHAWINIGAN WATER & POWER CO. (THE).

ORGAN IZATION .— Incorp. Jan. 15 1898 in Quebec.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Owns or controls water powers in the Province of Quebec of 960,000 h.p.,
of which 650,000 h.p. is developed and 316.000 h.p. undeveloped. De­
veloped power includes 187,500 h.p. purchased under long-time contract
from Laurentide Power Co., Ltd., and the Duke-Price Power C o., Ltd., in
each of which companies co. has a substantial stock int. Co. owns about
3,000 miles of transmission lines, of which about 1,400 miles are high tension,
incl lines to Montreal and city of Quebec; has under construction an
additional 300 miles of high tension lines for power to be received from DukePrice development, and furnishes electricity to more than 224 communities,
comprising substantially all the larger cities and manufacturing districts
in the Province of Quebec; total population of territory served is about
2,300,000. V. 123, p. 1383. Contract with Laurentide Pow. C o., Ltd.,
V. 103, p. 1035. Co. also purchases under a long term contract, all of
the power generated by the St. Maurice Power C o., Ltd. Opened in 1925
a new modern terminal station in Montreal, Can. Auxiliary cos., &c.,
Y. 106, p. 303; V. 116, p. 955, 2398; Y. 117, p. 2443; V. 119, p. 1518. Also
controls various sub. mfg. and distributing companies. V. 122. p. 1018.
Subsidiaries.-—Co. owns or controls by stock ownership the following cos.:
Beauharnois Electric C o., Ltd.; Canada Carbide C o., Ltd.; Canadian
Electro Products Co., Ltd.; the Continental Heat & Light Co.; Electric
Service Corp.; NIACET Chemicals Corp.; North Shore Power Co.; Quebec
$559,056
$537,991
Surplus for year____
Power Co. (see separate statement); St. Francis Water Power Co.; St.
579,386
475,007
Surplus brought forward
Maurice Power C o., Ltd. (see separate statement); Shawinigan Falls
$1,138,442 $1,012,998 Terminal Ry. Co.; the Sore! Light & Power C o., Ltd.; Thetford Mines
Total surplus__________________
142,968 Electric Co. and Three Rivers Traction Co. Also owns substantial stock
142,968
Preferred dividends paid__________
90,644 interest in the Duke-Price Power Co., Ltd.; Laurentide Power C o., Ltd.;
181,288
Common dividends paid__________
200,000 Montreal Light, Heat & Power Consol.; N IACET Chemicals Corp. and
234,000
Transferred to depreciation reserve.
United Securities, Ltd. (controlling Montreal Tramways Co. and the
Surplus carried forward_______________________
$580,186
$579,386 Canadian Light & Power Co.).
OFFICERS.—Pres., A. J. Nesbitt; Vice-Pres., J. B. W oodyatt; Sec., p. Joint guarantee of 6% pref. stock of United Securities. Ltd. V. 118.
3208; V. 119. p. 2531.
L. C. Haskell; Treas., Chas. Johnstone; Asst. Sec. & Treas., H. A. Seymour;
STOCK A N D BONDS— Date.
Interest. Outstanding.
Maturity.
Asst. Sec., V. J. N ixon.—V. 118, p. 1 4 6 , 3087, 3206; V. 120, p. 1204;
Q-J 10
1,200,000 shs
See text
Stock 1,600,000 shs on (p ar)-_ ____
V. 121, p. 2039, 2875; Y. 122, p. 214, 2041, 2496, 2652, 2949, 3341; V. 123,
1st cons mtge gclosed ($500,1 1904
5 g J-D
3.263.000 Jan 1 1934
p. 711; V. 124, p.2908.
&c) gold_______________c*/R oyal Trust C o., Montreal, Trustee.
1st & ref mtge $50,000,000 Montreal Trust Co.. Montreal, Trustee.
,000,000 Jan 1 1950
Series “ A ” ($100, &c) g ___
1919
5 A g J-J
OTTAWA TRACTION CO., LTD.
Series “ B ” gold__________
1921
5.334.000 July 1 1950
6 g J-J
6.000. 000 July1 1950
Series “ C ” ($500, &c) g .e* 1921
6 g J-J
ORGAN IZATION .— A holding co. Incorp. Oct. 23 1913, and acquiree
Series “ D ” _______________ 1924
2 .0 0 0 . 0 0 0 __
5j^ S
$1,860,100 o f the stock of the Ottawa Electric Ry.
Series “ E ” _______________ ( 1925
4.473.000 Oct 1 1955
5 g A-O
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
1st mtge & coll tr s f ser A / 1927
4 g A-O 35.000.000 Oct 1 1967
Stock $10,000,000 ($100)__________
Q-J
$5,581,500
See texi
.(M ontreal Trust C o., trustee.
(c*$l,000, $500),
First mtge & coll tr s f g Ser A 1 1925
5 A g J-D 3,000,000 July 1 195?
Note.-—See below regarding bonds called for redemption. —
($1,000, $500, $100)___ c*/R oyal Trust Co., Montreal, trustee.
Stuck.— See for common stock sold on customer-ownership plan, V.
Bonds.— The first mtge. & coll, trust sinking fund 5% gold bonds, Series A
121,p. 201.
will be further secured by the pledge of ail the outstanding bonds anp
The stockholders on Dec. 16 1926; (1) changed the par value o f the
18,605 shares o f the outstanding capital stock of Ottawa Electric R>
capital stock from $100 to shares of no par value; (2) authorized the ex­
Sinking fund 1 A % per annum, commencing Jan. ] 1927. Are redeemable
change of 4 shares of no par value stock for each share of $100 par value,
all or part, on 30 days’ notice, including July 1 1930 at 105: less 1% ear!
and (3) increased the number of shares from 275,000 to 1,100.000. V. 124.
five years thereafter, and after July 1 1950 at par; in each case with interest
p. 113.
Interest payable at Bank of Montreal in Montreal, Toronto, Ottawa, St
Stockholders of record Oct. 15 1925 were given the right to subscribe
John, Halifax, Winnipeg and Vancouver In Canadian gold coin or itt incl. Dec. 28 1925, to stock at $100 per share on the basis of one share of
equivalent, or at the agency of the Bank of Montreal, New’ York, in U, 8
new stock for each 20 shares held. V. 121, p. 1680. Stockholders of
goin coin or equivalent, or at the Bank of Montreal, London, Eng., at tht record Sept. 10 1926 were given the right to subscribe to 25,000 shares
rate o f $4 86 2-3 to £1. In June 1925 the Royai Securities, Ltd., Mon
of new stock at $150 a share in the ratio of one new shave for each 10 held
treal, sold $3,000,000 at 101 and interest, to yield 5.40%,. V. 121, p. 76.
V. 123, p. 1115, 1252. Stockholders of record Sept. 30 1927 were given
right to subscribe on or before Nov. 15 1927 to 100.000 shares of common
Dividends.— First div.— 1% — paid July 1 1914; same rate quar slur*
stock (no par) at $50 per share in the ratio of 1 new share for each 11 shares
Incl. April 1927 with 1% extra in January, making yearly rate of 5% .
OFFICERS.— Pres., T . Ahearn; V .-P., F. D. Burpee; Sec. A Treas , of common held. V. 125, p. 1581.
Bonds.— First consol. 5s ($5,000.000). all issued but $1,737,000 in treasury
G. L. Snelling.— V. 107, p. 803; V. 109, p. 2263; V. I l l , p. 2521; V 113
and sinking fund. Mtge. provides for sinking fund of 1%0. Call, at 110.
p. 2614; V. 114, p. 627, 1180; V. 117, p. 2654; V. 119. p. 2763; V. 121. p. 76
Int. payable in N. Y ., London or Montreal. V. 79. p. 274.
2876; V. 123, p. 3184.
The $50,000,000 lsf & ref. mtge. bonds of 1919 may be issued in series
(1) OTTAW A ELECTRIC R Y .
with different interest rates not exceeding 6% and maturities not later than
ORGAN IZATION .— Incorporated In 1894. Is a consolidation of tbs Jan. 1974, for the following purposes (V. 109, p. 584): (a) Series A 5 A %
chiefly to refund forthwith $5,476,261 perpetual consol, debenture stock,
Ottawa City Passenger Ry. and the Ottawa Electric Street Ry.
$6,000,000; (6) to retire 1st M . bonds of 1904 at or before maturity, $5,Borrowing powers o f company increased by bill of Parliament. Sw 500,000; (c) issuable for capital expenditures provided all of the $4,500,000
V. 120, p. 2402.
convertible notes shall have been converted into stock or paid from proceeds
FIELD OF OPERATIONS A N D CH ARACTER OF B U S IN E S S .of these bonds, $8,500,000; (d) reserved for 80% of future additions, &c.,
A trolley road. Operates 58 miles o f track in city, and to Hull, Rockliffe
$30,000,000. A sinking fund of 1% per annum (first payment Dec. 31
Britanma-on-the-Bay and Government Experimental Farm. Has a park 1922) on all outstanding lsr ref. mtge. bonds will be used to retire bonds by
of 60 acres at Britannia-on-the-Bay. Standard gauge. Rails 72. 80, 82, purchase at not exceeding the calling prices, or by call if not so purchasable.
94 and 115-lb. T and girder. Also operates 9 21-passenger buses.
The ser. A bonds are red. at a prem. of 10% prior to Jan. 1 1930; 5% there­
On Jan. 7 1924 the citizens of Ottawa voted to grant the co. a new after and prior to Jan. 1 1940, and 3% thereafter and prior to Jan. 1 1950.
Int. payable in N . Y ., London or Montreal. Ser. B call, or all in part
ranchise. For details see V. 118, p. 311. See also V. 119, p. 2763.
Valuation.— In N ov. 1921 the Hydro-Elec. Power Comm, of Ont. set » after July 1 1926, or at any time for sink, fund, at 105 during the first 14
years, 104 during the next 5 years, 103 during the next 5 years, 102 during
valuation of $4,110,922 on the company’s line and equipment In Ontario
the next 3 years and 101 thereafter, plus accrued int. in each case. Int.
V. 1 1 3 ,p. 2313.
payable In N . Y . and Montreal. The ser. C bonds dated Jan. 1 1921 are
STOCK AND BONDS— Dale.
Interest. Outstanding. Maturity
call, all or part after July 1 1926, or at any time for the sink, fund, at 105
Stock $4,000,000 ($100)___________
Q-J
$3,519,700
See text
during the first 14 years, 104 during the next 5 years, 103 during the next
First mortgage 5 P2 % bonds_ _____
_
_______ x$3,000,000 ________
5 years, 102 during the next 3 years and 101 thereafter, plus int. Int.
x The entire bond issue deposited as security for first mtge. and collateral payable in N. Y. and Montreal. V. 112, p. 940. Series E 5 % , dated
trust bonds of Ottawa Traction C o., Ltd.
Oct. 1 1925, are call, at 105 on or before Oct. 1 1940; at 104 on or before
Oct.. 1 1945: at 103 on or before Oct. 1 1950: at 102 on or before Oct. 1 1953;
Dividends.— From 1893 to 1905, 8% per annum; In 1905. 2% extra
thereafter at 101 prior to maturity; plus int. in each case. Prior to Oct. 1
1906 to 1911, incl., 12% p .a .:in 1912. 16K %: since to and incl. 1923. 15%
1931, this series is call, as a whole only, except for sinking fund; thereafter
EARN IN G S.— For calendar years:
call, whole or part. In Sept. 1926 Brown Brothers & C o., Lee, Higginson
Gross
Net
Interest, Conting. Dividends Balance
6 C o., Alex. Brown & Sons and Jackson & Curtis offered $3,000,000
Earnings. Earnings. Taxes,&c. Account.
(15%)
Surplus
additional series E 5% at 1Q2A and int., to yield over 4.80% . V. 123,
1918x_____$1,323,830 $477,010 $117,182 $60,000 $281,580 $18,086
p. 1383. Note: The amounts shown in the above table as outstanding
1917______ 1,240,627
535,289
125,623 110,000
281,580
18,248 include a total of $940,500 redeemed and canceled by sinking fund.
Passengers carried in 1918, 29,723,068, against 29.347,692 in 1917
Redemption.-—The following constitute the bond issues which have
x No later figures published.
been called for payment:
5% consol, mtge. 30-year gold bonds, due Jan. 1 1934 —Called for red. Jan. 1
1928 at 110 and int. at the Bank of Montreal, in Montreal, Canada, or
London, England, or at the agency of the bank in N. Y . City, at the option
of the holder.
Series A 30-year 3 A % 1st ref. mtge. s. f. gold bonds, due Jan. 1 1950 —
Called for red. Dec. 1 1927 at 110 and int.
Series B and C 6% 1st ref. mtge. s. f. gold bonds, due July 1 1950—Called
for red. Jan. 1 1928 at 105 and int.
Series D 5 ' A % 1st ref. mtge. s. f. gold bonds, due April 1 1954-—Called
for red. April 1 1928 at 105 and int.
Series E 5% 1st ref. mtge. s. f. gold bonds, due Oct. 1 1955— Called for red.
April 1 1928 at 105 and int.
The series A, B, C, D and E bonds will be paid at the principal office
ef the Royal Bank of Canada, Montreal, Canada, or at the Bank of the
Manhattan Co., N. Y . City, or at the Bank of Scotland, in London, Eng­
land, at the holder’s option.
The 1st mtge. & coll, trust sinking fund gold bonds, series A, are secured by
direct 1st mtge. (after retirement of the above-mentioned bonds) on the
company’s lands, rights in lands, water powers, dams, power houses and
transmission lines now owned; by pledge of certain 1st mtge. bonds of electric
and manufacturing companies now controlled, and by floating charge on
40 W a ll Street
all other present and future assets of the company. Except as stated above
or as otherwise provided in the mortgage, the lien of the mortgage will not
extend to future acquired property or securities other than such as are made
the basis of the issue of additional bonds. Total authorized $200,000,000.
NEW YORK
The remainder of the authorized bonds may be issued for future additions,
improvements and acquisitions only when net earnings, as defined in the
mortgage, applicable to int. charges, for the last fiscal year prior to such
issue, or, at the company’s option, for 12 mos. ending within 18 mos. prior
to such issue, shall have bean at least 114 times int. charges on all bonds
outstanding, incl. those proposed to be issued. They may be issued to an
amount, face value, not exceeding 80% of the cost or fair value, whichever
is less, of add’l property acquired by the co. on which the bonds will be a
direct 1st mtge. and (or) 80% of the cost or fair value, whichever is less, of
future acquired 1st mtge. bonds of other companies, whether controlled or
otherwise, pledged under the mtge., except in the case of acquisition of
bonds already Issued for not exceeding 80% of the cost or fair value of
properties covered thereby, in which event bonds may be issued for the
face amount of 1st mtge. bonds so acquired; provided, however, that the
amount of bonds issued upon the basis of 1st mtge. bonds of other companies

ALDRED & CO.




POW ER, LIGH T AND R A IL W A Y

O c t ., 1927.]

281

Hydro Electric Power
in Quebec
n r h e availability of water power
| in the Dominion of Canada has
enabled this country to emerge
from an almost wholly agricultural
country into one of first importance
in manufacturing. There is avail­
able, at ordinary minimum flow, ap­
proximately eighteen million, two
hundred and fifty thousand horse
power, including that already devel­
oped. Of this the province of Quebec
possesses seven million horse power.
In the Dominion of Canada water
power development reached record
proportions during 1925. A total of
seven hundred and nineteen thou­
sand horse power was added during
the year, bringing the grand total
in the whole of the Dominion to
four million two hundred and ninety
thousand horse power. Of this 1925
record Quebec led all other prov­
inces by the installation of four hun­
dred and thirty-nine thousand horse
power, or over sixty per cent of the
total increase.
In 1926 there was installed one
hundred and sixty-eight thousand
horse power, with two hundred and
ninety thousand horse power prac­
tically completed, and work com­
menced on an additional plant of
two hundred and forty thousand
horse power capacity.
At the end of the year 1910 Que­
bec had installed three hundred and
thirty thousand horse power, or thirtythree per cent of the total for Canada;
at the end of 1915 seven hundred
thousand horse power, or thirty-five
per cent of the total; at the end of 1925
one million six hundred thousand horse




power, or forty per cent of the total.
A further seven hundred thousand
horse power will be added to this total
by the end of 1927, to bring the devel­
opment in the province of Quebec to
two million three hundred thousand
horse power. According to present
indications, by the end of the year
1930 Quebec will have close to fifty
per cent of the total water power de­
velopment of the whole Dominion.
From an industrial viewpoint the
province of Quebec is in a more
favored position to-day than possibly
any other portion of the globe, inas­
much as she has the unique advantage
of being able to provide industries
with power in large or small quanti­
ties at reasonable rates, and conse­
quently it is inevitable that, in the
immediate future, industries will seek
this province as offering advantages
possessed by none other.
The fourth largest producer of elec­
trical energy in the world is The
Shawinigan Water & Power Company,
whose transmission system covers a
large portion of the province.
The main source of the Company’s
supply of electrical energy is the St.
Maurice River, one of the greatest
power rivers on the continent.
The Company has to-day available
nearly seven hundred thousand horse
power of electrical energy, and is one
of the few companies anywhere in a
position to offer industry large blocks
of power at a low price. Industries
requiring smaller quantities of power
are assured of a rate that is low by
comparison with any other province
or state on the continent.

The Shawinigan W ater

& Power Company
Montreal

Quebec

282

PUBLIC U TILITIE S

subsequent to the present issue shall at no time exceed 25% of the principal
amount of all bonds then outstanding under the mortgage, incl. those
applied for. Sinking fund of 1% per annum begins Dec. 31 1928. The
series A 4 K s are callable on 30 days’ notice all or in part on any int. date
at 103 !$ and int. on or before Oct. 1 1932, the premium thereafter decreasing
)$ % during each 5-year period to 100K and ini. durng the last 10 years
prior to maturity. Free from Canadian taxes. In Oct. 1927 Brown
Brothers & C o., Lee, Higginson & C o., Alex. Brown & Sons, Jackson &
Curtis and Minsch, Moneil & C o., Inc., sold at 95J$ and int. $35,000,000
1st mtge. & coll, trust sinking fund gold bonds, series A, 4 % . V. 125,
p. 1972.
Dividends— I ’07. ’08. ’09. ’ 10. ’ l l . ’ 12. '13. ’ 14. ’ 15. ’ 16. to July '25
Percent_______\ 2
4
4
4
5 5)$
6
6 64* 7 (lM duar.
On Oct. 10 1925 a quar. div. o f 2% was paid, placing the issue on an 8%
per annum basis, compared with 7% previously. V. 121, p. 1463. Paid
quar. on 8% basis to and incl. Jan. 1927. In April paid 50c. on new
no par com.
EARN INGS.— For calendar years:
1926.
1925.
1924.
1923.
Gross earns., all sources_ $7,660,208 $6,702,034 $5,741,079 $5,110,539
Net earnings_________ I 4.417,067
3,700.844
3,320.551
3,170.893
Bond interest, &c______ 1,459,744
1,334,538
1,274,652
1,189,333
Dividends___________(8 % )2,050,000(7^)1676250 (7)1.400.000 (7)1.400,000
Balance, surplus_____
$907,323
$690,089
$645,899
$581,560
Previous surplus_____ ( a d j .)251,536 ( a d j .)308,158 (adj .)229,070 ( a d j .) 159,253
Total_________________ $1,158,859
Depreciation reserve_
_
350,000
Reserve & sinking fund.
50,000
Other reserves_________
______

$998,247
350,000
50.000
25.000

$874,969
350,000
50.000
25.000

$740,813
350,000
50.000
25.000

[V ol. 125,

business in Quebec and surrounding parishes. Owns 26.95 miles city track
and 33.50 miles interurban; 56 and 70-lb. rails; gauge, 4 ft. 8J$ in. Has
contract with the Stadacona Hydraulic Co. for supply of power. V. 94.
p 1449.
In Jan. 1924 the shareholders ratified a by-law authorizing the creation
and issue of $7,500,000 gen. mtge. bonds, which It is understood will not
he sold to the public, but will be used for collateral. V. 118, p. 204.
On April 15 1925 shareholders reduced the authorized capital from
$10,000,000 to $2,500,000 by reducing the par value of shares from $100
to $25 each. V. 120. p. 1748.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Q-J 15
$2,500,000
3ee text
Stock $2,500,000 ($25)_______ _____
Consolidated mortgage $10,- f 1909
5 g J-D
10,000,000 Dec 1 1939
000,000 g ($100, $500 and-I Int. at Montreal Trust C o., M ont., trustee,
$1,000)__________________ I Bank of Scotland, London, England.
Quebec-Jacques Cartier Pow'f 1901
5 J-D
849,000 Dec 1 1941
1st ref $1,000,000 ($1.000) j Trust Co. of America, N . Y .. trustee.
gold; interest in N Y ____c* ( Interest at company’s office, Quebec.
Bonds.— Consol, mtge. 5s of 1909 are red. at 105 and int. on any int. day
$849,000 of the consol, bonds are reserved to retire underlying bonds.
Income Bonds.— All of the outstanding income bonds due 1951 were re­
tired Sept. 1 1927 at par and int. On July 1 1927 the general mtge. 7s
were retired.
Dividends.— Initial div.— 1% — paid April 15 1911: July. 1% : Oct., 1% .
In 1912, Jan., 1%; none since until Dec. 31 1926, when 4% was paid.
EARNING S.— For calendar years:
1926
1925
1924
1923
Gross income..................... $3,546,951 $3,243,'l23 $3,133,806 $2,973,004
Operating expenses......... 2,392,945
2,194,987
2,156,492 2,100,731
Per cent, o f city earns.
_
46,406
44,665
44,248
43,021
payable to Quebec_
Interest on bonds...........
792,624
756.363
632,652
497,128
General interest.............
7,850
15,867
35,742
43,133
Depreciation reserve____
200,000
220,000
250,000
150,000
______
______
______
12,116
Discount on bonds_____
Extraord. repairs, &c_
_
______
______
See below
123,621
Common dividends_____
100,000
______
______
_____ Balance, surplus_____
x$7,125
x$ll,241
$14,672
$3,252
x Subject to deduction for Income tax.
Note.— An item o f $83,001 for extraordinary repairs and expenses prior to
Jan. 1924 was deducted from profit and loss account w'hile balance o f latter
account at Dec. 31 1924 of $423,860 was transferred to depreciation reserve.
OFFICERS.— Pres.. J. C. Smith; V .-P ., H. Murray; Gen. M gr., J. E
Tanguav: Sec., Jas. Wilson; Treas., W. S. Hart.— V. 114, p. 948, 1409
1649, 1652: V. 115, p. 544. 760, 1732; V. 116, p. 1761, 2389; V. 117, p. 555
670. 1347. 9433: V. 118. p. 204 1666. 2706 2950: V. 120. p. 1748. 2944.
V. 122, p. 2043 V. 124, p. 113, 237, 1667; V. 125, p. 1581.
ST. MAURICE POWER CO., LTD.
Controlled by Shawinigan Water & Power Co.
ORGANIZATION.— Incorp. April 29 1921 under the Companies A ct
Canada.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Formed for the purpose of developing the water power formed by the
Gres Falls, Gabelle and Forges Rapids, on the St. Maurice River, about
6 miles below Shawinigan Falls. Quebec. Plant will have an ultimate
capacity of over 150.000 h. p. Operation commenced in 1925: co. sells the
power under contract to the Shawinigan Water & Power Co.
Lawsuit. —In March 1925 the Court of Appeals rendered a unanimous
judgment in favor of the co. with regard to a claim filed against the co. by
United Mfg. Co. for certain rights on the Sc. Maurice R i/er at Des Forges
and La Gabelle. Claimant has appealed to the Privy Council. In April
1926 the Privy Council confirmed the company’s title, dismissing the case
with costs of all courts against the United Manufacturing Co.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
_________ $7,200,000
See text
Capital stock $8,000,000 ($100) ___
1st mtge $12,000,000 ($100. [ 1923
6 )$ g F -A
9.026,600 Feb. 1 1953
$500 & $1,000) gold____ c*-i Int. in U. S. gold coin at Bank of the ManI hattan Co., N. Y ., or in Canadian funds
\ at Royal Bk. of Can.. Montreal or Tor.
Sterling debenture 6 M % [ 1923
6)$%
x973 40) .............
stock _ _________________j Interest payable in London, England.
x £200,000.
Bonds.— The 1st mtge. 6J$s are red. all or in part on any int. date on 60
days’ notice at 110 & int. up to Feb. 1 1928; at 1071$ & int. during next
11 years; at 105 during next 4 years; at 102)$ during next 5 years; and at
101 thereafter to maturity. Mtge. provides for sinking fund of $50,000
per annum from Feb. 1 1930 to 1934 ; $75,000 per annum from Feb. 1 1935
to 1939, and $100,000 per annum thereafter to maturity. Montreal Trust
Co., Montreal, trustee. In Feb. 1923 Aldred & Co. and Minsch, Moneil &
Co., Inc.. N ,Y .. sold $9,026,600 1st Mtge. 6 )$s at 99)$ & int., to yield about
6.55%.
These bonds were offered simultaneously in N. Y ., Montreal and
Paris and at the same time £200,000 6)$% debenture stock was sold iD
London by Aldred & C o.. Ltd. V 116. p. 626, 730.
Dividends.— On capital stock an initial quar. div. was paid Oct. 15 1927.
EARNING S.— For calendar years:
1926.
1925.
Gross____________________________________________ $1,031,380
$807,387
Operating expenses and taxes__________________
210,753
146,030
Interest charges________________________________
650,000
650,000
Reserve for depreciation andcontingencies_______
170,000
11,000

Total surplus Dec. 31. x$758,859
x$573,246
x$449,969
x$315.813
x Surplus; subject to deduction for income tax.
OFFICERS.— Pres., J. E. Aldred; Vice-Pres., Howard Murray; Y .-P. &
Gen. M gr., Julian C. Smith; Treas., W . S. Hart; Sec., James Wilson.
Office, Power Bldg., Montreal.— V. 119, p. 1518, 2288, 2412, 2531; V. 120,
p. 959. 1082: V. 121. p. 201. 1463, 1680. 2522: V. 122, p. 1018; V. 123,
p. 1115, 1252, 1383, 2657, 2979; V. 124, p. 113, 1060, 1068, 1512; V. 125,
p. 1195, 1326, 1581, 1711, 1839, 1972.
QU Rr C P O W .-J CO.
Controlled by snawinigan Water & Power Co.
ORGANIZATION.-—Incorp. in Canada. Was formerly known as the
Public Service Corp. of Quebec. In 1923 acquired stock control of the
Quebec Railway, Light, Heat & Power C o.. Ltd. (which see below). In
Jan. 1926 acquired control of the Laurentian Power Co., Ltd., which com­
pany owned a plant o f 18,000 h.p. on the St. Anne River, 35 miles from
Quebec, Can. V. 122, p. 482. On July 26 1927 the dompany acquired all
the property and interests o f La Corporation d’Energie Electrique de
Montmagny -with its two subsidiaries. V. 125, p. 650.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Together with controlled companies handles the entire light and power
business, urban street railway and gas business of the City of Quebec and
the surrounding industrial district, serving a population of about 225,000.
Co. and subs, own 3 hydro-electric plants with installed generating capacity
of 31,000 h. d .: a steam station of 3,300 h. p. capacity, and 381 miles of
transmission and distribution lines; operates a gas production and distribu­
tion service with a capacity of 1,000,000 cu. ft. of gas per day, a street rail­
way in Quebec City and suburbs, and an electrically equipped railroad from
Quebec to St, Joachim.
The cos. purchase additional energy from the Shawinigan Water A Power
Co. and the Laurentian Power Co., Ltd., under long-term contracts
STOCK AND BONDS—
Date.
Interest. Outstanding
Maturity.
Common 600,000 shs (no p a r ) . ____ _________ 400,000 shs __________
1st Mtge $20,000,000 ser "A ' ! 1923
6 g A-O
3,540,000 Oct 1 195 i
($100, $500 & $1,000) g ._ c* /N a t. Trust Co., Ltd . Montreal, trustee
6% Sterling debenture sto ck .. 1923
6%
1,460,000 ______
Stock.-— On Nov. 16 1926 the authorized capital stock was increased from
$10,000,000 to $15,000,000. In July 1927 stockholders approved a pro­
posal to exchange 400,000 new shares o f capital stock, no par, for the out­
standing 100,000 shares of $100 par on a basis of 4 for 1. All o f the outstand­
ing pref. stock (7% cum.) was called Jan. 3 1927 at 110 & divs. Holders
had option to receive instead o f cash an equal number of common shares,
par $100. V. 123, p. 2901, 2779. Stockholders of record M a i. 15 1927 were
given right to subscribe on or before M ay 1 1927 for additional common
stock at par ($100). V. 124, p. 1067.
Bonds.— Additionally secured by pledge of collateral as follows:
$3,000,000 5% Consol. Mtge. bonds of Quebec R y., Light, Heat & Power
C o., Ltd., due 1939, o f a total authorized issue of $10,000,000.
2,950,000 5% 30-Yr. Inc. bonds of Quebec Ry., Light, Heat & Power Co..
Ltd., due 1951, of a total amount outstanding of $3,307,200.
85,000 shares Common stock ($100 each) of Quebec R y., Light, Heat
& Power C o., Ltd., o f a total issue of 100,000 shares.
Are red. all or in part on any int. date on 60 days' notice at 110 & int
up to Oct. 1 1928: at 107)$ & int. up to Oct. 1 1939; at 105 & int. to Oct. 1
1943; at 102 & int. up to Oct. 1 1948, and at 101 thereafter until maturity.
Mtge. provides for a sinking fund commencing Oct. 1 1930 of $25,000 per
annum to be increased Oct. 1 1935 to $40,000 per annum and Oct. 1 1940 to
$50,000 per annum. Int. payable at the Royal Bank of Canada, Mont
real, in Canadian gold coin, or at the Bank of Manhattan Co., N. Y ., in
U. S. gold coin. In Oct. 1923 Aldred & Co. and Minsch, Moneil & Co.,
Inc., N . Y ., offered $3,540,000 1st Mtge. Ser. “ A ” 6s at 95 & int., to yield
about 6iMj%. These bonds were offered simultaneously in Montreal and
Balance______________________________________
$627
$356
New York and at about the same time £300.000 6% debenture stock issued
OFFICERS.— Chairman, J. E. Aldred; Pres.. Julian C. Smith; V .-P ..
under the same mtge. was offered in London. V. 117, p. 1897.
Howard M urray Treas.. W. S. Hart: Sec.. Jas W ilson— V. 118 p. 2836;
Dividends.— On Jan. 15 1924 an initial div. of 4% was paid on old com
Y. 120, p. 3313 V. 122, p. 1311 Y. 124, p. 1822; Y. 125, p. 1462.
In April 1925. \H % was paid; July, 1 )4% : Oct., 1M %. In 1926. Jan.
V4%\ April, 1)4% ; Julv, l)4 % ;in Oct. 1926, 14$%: in 1927, .Tan . 1 %
April, 1% % ; July, 1M % : Oct., 2% . V. 123, p. 1383; Y. 124, p. 923.
SOUTHERN CANADA POWER CO., LTD.
EARN ING S.— Calendar years:
1926.
1925.
1924.
1923.
ORGANIZATION.— Incorp. Aug. 18 1913 in Canada, and acquired the
Gross in c., all sources----$1,238,302
$1,046,944
$908,471
$544,090 properties, &c., of South Shore Power & Paper C o., Ltd., La Compagnie
Oper. & maint. exps-----271,034
236.444
230,284
238,296 de Gaz, Electricite & Pouvoir de St. Hyacinthe, and the St. Johns Electric
General interest________
______
______
______
50,748 Light Co. Subsequently acquired a number of other properties.
Int. on bonds & debs___
300,000
300,000
300,000
50,156
FIELD OF OPERATIONS AND CH
Depreciation__________
100,000
60,000
30,000
24,000 Co. supplies actually without competitionARACTER OF BUSINESS.—
electric light and power to 96
Dividends—
towns and municipalities in an area of over 6,000 sq. miles south of the St.
P. S. Corp. of Que. stk
______
______
______
40,000 Lawrence River and to the international boundary, with a population of
On preferred stock__
251.466
207,666
156,185
76,494 over 500.000. Co. has 20,354 customers, of which 600 are power users.
On common stock___
220,884
198.608
157,352
_______controls 20 power sites, which at full development will generate over
Co.
200.000 h.p.; total present development, 58,772 h.p. Largest plant,
Surplus______________
$94,917
$44,226
$34,649
$64,396
at
Falls,
completed in
Add surp. fr. prev. year.
57,576
36,006
1,357
96,961 36.000 h.p., Co. Ilemmingsmiles of on the St. Francis River, miles of highJuly 1925.
owns 366
distribution lines and 399
tension lines. Co. has a 15-year contract with Shawinigan Water & Power
T o t a l---------------------$152,493
$80,232
$36,006
$161,357 Co. for the sale to it of 10,000 h.p.; also has a reciprocal contract with
D iv. of 10% on P.S.Corp.
Montreal Lt., ITt. & Power Consolidated for the purchase and sale of
of Quebec stock, paid
energy for emergency
22 retail stores for
in preferred stock___
______
______
______
160.000 sale of appliances, &c. service. Co. owns and operatesstock of Sherbrooke
Co. controls over 98% of the
Ry. & Power Co. (See hereunder.)
Surplus------- ------------ *$152,493
*$80,232
*$36,006
$1,357
STOCK AND BONDS—
Dale.
Interest. Outstanding.
Maturity
* Subject to income tax.
_______
60,000 shs. M a r ’27, $1
OFFICERS.— Pres.. Julian C. Smith; V .-P.. Howard Murray; Treas > Common 100,000 shs (no p a r ) . ____
6% cumpartic pref $10,000,000
W. S. Hart: Sec.. Jas. Wilson; Gen. M gr., J. G. Tanguay. General offices($100)--------------------------------------6 Q-Jan. $4,900,000 See text
corner Crown and St. Joseph Sts.. Quebec, Can.— V. 119, p. 1180, 3011- 1st M 30-yr g(x) $50,000,000/ 1925
5 g A-O
6,000,000 Oct 1 1955
V. 120. p. 2013: V. 121, p. 77. 460’ V. 122, p. 482. 2043: V 123. p. 1383
ser A ($1,00O, $500, $100c*)/Montreal Trust C o., Montreal, Que., trustee
2521,2779, 2901; V. 124, p. 923, 1067, 1512, 3354; V. 125, p. 520, 650, 1711.
x Balance may be issued as debenture stock and (or) bonds, m such
currencies and series, and may be payable in such places, mature at such
QUEBEC RAILW AY, LIGH T, HEAT & POWER CO., LTD.
rates of interest, and carry such sinking fund provisions
Control.— Controlled by the Quebec Power Co., which owns a majority dates, bear suchprices as the directors may .determine at the time of issue;
and redemption
o f the capital stock.
Of the unissued bonds $5,000,000 can be issued for the cost of—and the
ORGAN IZATION .— Incorporated in Canada on Nov. 19 1909 as a con­ balance for 75% of the cost of—extensions and additions to property and
olid ation o f the following properties (V. 89, p. 1598):
plant of the company provided in all cases that the annual net earnings are
Quebec R y., Light & Power Co.
IQuebec Jacques Cartier Electric Co. equivalent to 1 % times the interest requirements of the bonds outstanding
Quebec Gas Co.
Canadian Electric Light Co.
and those to he issued.
Frontenac Gas Co.
|Quebec County Railway Co.
Stock Increase.— 10,000 additional common shares were to be offered to
In 1923 the Quebec Power Co. acquired control of the company. See for common stockholders of record April 30 1926. on or before June 30 1926, at
particulars about the exchange, terms, &c., Y. 116, p. 2389; V. 117. p. 555. $80 on the basis of one new share for each five held. V. 122, p. 2043.
670. 1347.
Stock.— Pref. stock is preferred as to assets and 6% cum. divs. N o
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.— voting power except in event of 4 quar. divs. in arrears. After commou
These companies do an electric light and power, gas and street railway
eceives $6, shares equally with common in any further distribution o f




O ct ., 1927.]

POW ER, LIGH T AND R A IL W A Y

dividends up to 7% . Common listed on Montreal Stk. Exch.; preferred
quoted in Unlisted Dept, of same exchange.
Bonds.— The 1st mtge. 30-year bonds are dated Oct. 1925. Principal
and int. pay. at Canadian Bank o f Commerce in Canada and New York City
and in London, Eng., at fixed rate o f $4 86 2-3 to the £ sterling. Red. all
or part on 60 days notice at 102)4 and int.
In Oct. 1925 Nesbitt, Thomson & Co., Ltd., Montreal, &c., sold $6,000,000 Series A bonds at 97 and int., yielding 5.20% . V. 120, p. 2685; V.
121. p. 1680.
Dividends.— On the pref. stock 134 % was paid in April 1920 and regularly
since. On common initial div. o f $1 in Nov. 1923; $1 M ay 1924; $1 Nov.
1924: in 1925, $1 in M ay and $1 in N ov. In 1926, M ay and N ov. paid $1.
In 1927, March, $1; July, $1.
EARN INGS.— Income acct. (Inc, subs.) for years end. Sept. 30 (all
inter-co. charges eliminated);
Gross (incl. Op.Exp.,Tax.,
Dividends.
Surplus
Other Inc.). Deprec., &c. Interest.
$333,068
$386,074 sur.$48,589
$621,400
1926________ $1,389,131
269.305
327,089 def. 10,213
1925---------- 1,213,665
627,484
270,958
279,088 sur.
583
600,234
1924-.......... 1,150,863
275,057
82,160 sur. 68,895
1923............
953,970
527,858
306,847
19,911 def.279.840
1922______
843.565
796,647
OFFICERS.— Pres. & Gen. M gr., Jas. B. Woodyatt; V .-P ., J. M . Rob­
ertson, P. T. Davies and J. S.H .W urtele; Treas., Chas. Johnstone; Sec.>
L. C. Haskell; Asst. Sec., V. J. Nixon. General office, 330 Coristine Bldg.Montreal, Que.— V. 121, p. 1680, 1909, 2877. V. 122, p. 95, 2043; V. 123,
p. 2902.
SHERBROOKE RAILWAY & POWER CO.
Control.— As o f March 1 1917 the Southern Canada Power C o., Ltd.,
acquired more than 10,000 shares o f the co.'s stock on the basis of 4 shares
o f Sherbrooke R y. & Power Co. stock for 1 share Southern Canada Power
Co. 6% preference stock, cumulative from Jan. 1920 (V. 104, p. 74), and
now owns $1,110,700 o f the outstanding stock.
ORGAN IZATION .— Incorp. in 1910 in Quebec, Can., as successor to
the Sherbrooke Street Ry. In July 1911 acquired the Eastern Townships
Elec. Co. and the Stanstead Elec. Co. V. 93, p. 230. Also owns the
Lennoxville Light & Power Co. In 1913 acquired the Burroughs Falls
Power C o., which controls the electric light and power business in Ayers
Cliff, Que. V. 97, p. 1824. In 1914 acquired the International Elec. Co.,
doing the electric light and power business In Darby Line, V t., and in
1915 acquired the lighting and power business o f Geo. Gale & Sons in
Watervllle and Compton. Que.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns 10 miles of track in Sherbrooke, including 3-mile extension to Lennox­
ville. Standard gauge, 70-lb. T rail. 18 passenger cars. 3 miscellaneous.
Co. owns water power rights on the Magog River in city of Sherbrooke,
with a development of 4,000 b.p.
Franchise in Sherbrooke is for 40 years from 1910, exempting property
from taxation for first 20 years. At end of 20 years city may purchase
street railway property. Consol, mtge. 5s were offered with a 40% stock
bonus. V. 91, p. 95: V. 93, p. 590: V. 94. p. 1120.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity
Stock $1.500.000 ($100)_____ ___
______ _
$1,127 0o0 _____
ltit M $1 .500.000g o ld ........... I 1910
5 g J-J
1,188.000 July 11940
* f '$500 or l equivalent) _tf i Montreal Trust, Co.. Montreal, trustee.
2d mtge $1 O O 000 '*1.00 0)./ 1922
O
6%
100.000 June 30 "27
(Messrs. Parent & Taschereau, Quebec, trus
Sherbrooke Street Ky 1st M .tf 1897
5 g .J-J
100,000 June 30 '27
Bonds —Of remaining Sherbrooke Ry A Row 1st mtge. bonds. $100,000
are to retire Sber. St. Ry. bonds and $312,000 have been redeemed and
canceled. Int.. at any branch of the Canadian Bank of Commerce in
Canada, or at National Bank of Scotland, London, Eng. Red. as a whole
at 105 and Int. on any Int. day, or in part for sinking fund. Cum. sink, fund
of 1 % began July 1 1916. Listed on London Stock Exchange. First
publicly offered in July 1910 at 95 and int.
Of the remaining Sherbrooke Ry. & Power 2d mtge. bonds, $500,00
are deposited as collateral security for loans.
EARNINGS.— Consolidated in Southern Canada Power C o., Ltd.,
earnings report, see above.
OFFICERS.— Pres. & Gen. M gr., J. B. Woodyatt; V .-P ., Sec. & Purch.
Agt., L. C. Haskell; Treas., Chas. Johnstone; Asst. Sec., V. J. Nixon.
— V. 101, p. 924; V. 103, p. 1668; V. 104, p. 74, 664; V. 112, p. 1025;
V. 114, p. 7767.

283

Was known as Winnipeg Electric Ry. up to M ay 1924, when Dame was
changed to present title
V. 118, p. 2574. Controls Suburban Rapid
Transit Co., Winnipeg Selkirk & Lake Winnipeg R y. and Manitoba Power
Co., and guarantees bonds o f those companies, prin. and int. V. 86, p.
1346 V. 101, p. 1466.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Do. owns and operates an extensive electric light, power and railway, and
gas system serving Greater Winnipeg and contiguous territory, having a
population estimated to exceed 282,000. Co. owns a modern 29,000 h. p.
hydro-electric power plant on the Winnipeg River at Pinawa a steam
plant in the City of Winnipeg of 12,000h.p. 204.68 miles of high-tension trans­
mission lines, located practically the entire distance on a 100-foot right-ofway owned in fee. Owns a comprehensive distribution system, together
with sub-stations. Co. also owns or controls 183.28 miles of track, together
with ample supply of car equipment, car barns, &c., and a Koppers by­
product coke oven gas plant which, together with the original installation,
has a daily capacity of 2,500,000 cu.|ft. 137.33 miles of gas mains. Owns a
modern 12-story office building in the business centre of Winnipeg and a
large amusement park. The City of Winnipeg owns a hydro-electric power
plant which also serves the City of Winnipeg. Franchises either perpetual
or tor long terms, and street railway franchies is exclusive in Winnipeg until
193 i and in St. Boniface until 1943. City of Winnipeg may purchase the
property in 1932 upon six months’ notice at its physical valuation (includ­
ing cost of paving done by com pany), to be determined by arbitration; after
1927 city may exercise right to purchase at the end of each succeeding 5-year
period on one year’s notice. See also V. 112, p. 746. For proposed new
franchise agreement see V. 115, p. 2479.
Valuation.— See V. 109, p. 2264; V. 110, p. 1417.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Com stock $11,000,000 ($100)Q-J
$11,000,000
See text
Pref $10,000,000 cum ($100)_
7% Q-J
3,997,600 Oct ’27 I K
Piift refunding M $5,000,000/
1905 5 g J-J
4,998,000 Jan 2 1935
gold sink fund ($ l,000 )_.c*lln t. at Bank of Montreal. Montreal & N. Y .
Refunding mtge (£ 9 0 0 ,0 0 0 )---___
5%
4,380.000
1954
30-year ref mtge ($100. $500\ 1924 6 A-O
7,000,000 Oct 2 1954
and $1.000)-------------- c*.tf/P rin . and int. payable at Bank of Montreal,
I in New York City, and Canada.
Stock.— Pref. stock is preferred as to assets and dividends and has voting
power. V. I l l , p. 2326, 2522. Call, at 105 ana uivs. on Jan. 20 1927.
On Jan. 20 1727 co. increase^ the authorize^ pref. stock from $3,000,000
to $10,000,000 Customers were to be given the opportunity to subscribe
to 7% cum. preference shares on Dec. 13 1926. V. 123, p. 2780, 3040,
1322: V. 124. p. 650.
Rights.- Common stockholders of record Oct. 15 1927 were given right
to subscribe for 40,000 additional shares of common (par $100) at $60 per
share on basis of 4 new shares for each 11 shares held.
Bonds.—-$500,000 1st mtge. 5% are not subject to call but 1)4% of bonds
outstanding is payable to a sinking fund from 1915 to 1924 incl., and 2%
from 1925 to 1934 incl. See V. 79, p. 2698.
Refunding Mortgage bs.— On Mar. 17 1924 holders of the 4)4% perpetual
debenture stock voted in favor of a supplemental trust deed providing that
the interest on the stock be increased from 414% to 5% from April 2 1924,
and that the stock be repayable on April 2 1954. The debenture stock
(refunding mortgage 5s) and the regunding mortgage 6s now rank pari passu.
V. 118. p. 1270; V. 119, p. 1066. 1174, 1735, 2181.
Refunding mortgage 6s are callable on 90 days' notice at 105 and int. on
any int date. Company agrees to refund Penna. and Conn. State tax up
to 4 mills. In Nov. 1924 Kissel, Kinnicutt & C o., Spencer Trask & Co.,
E. H. Rollins & Sons, N. Y ., and Nesbitt, Thomson & Co., Ltd., Montreal.
offered $6,000,000 ref. mtge. 6s at 94)4 and int., to yield over 6.40%
V, 119, p. 2181. In Dec. 1925 $1,000,000 additional 6s bonds were issued
at 965-6 and int.
Dividends.— On pref. 1M % quar. has been regularly paid. Paid 2)4%
quar. on com. from Apr. 1908 to Apr. 1911. In July rate was increased to
3% quar., which amount was paid to and incl. Jan. 1915; in April, July
and Oct. 1915, 2)4% each. In 1916, Jan., 2% . None to Feb. 1 1925,
when 1% was paid. V. 119. p. 2881. In Aug. 1925. 1 % . V . 121, p. 78.
In 1926, Feb., 1% ; Aug., 1% . In 1927, Feb., 1% ; Aug., 1% .
EARNINGS.— For calendar years:
Gross.
Net.
Charges. Pref. Divs. B il.. Sur.
1926 --------- $5,677,756
$2,269,206
$1,669,674
$359,532
$ 210,000
2,067,366
1925 ______ 5,369,270
1,619,811
210,000
237.555
1924 ---------- 5,267,510
1,888,013
x l, 713,396
210,000
def35,382
1,942.221
1923 --------- 5,408.113
1.484,193
210,000
248.028
1922 ---------- 5,517,078
1,990.362
1,451,047
210.000
329.315
1921 --------- 5.579.430
2,020,050
1.472.162
182,367
365.522
CAPE BRETON ELECTRIC CO., LTD.
x Includes "balance of power contract Manitoba Power C o., Ltd.,
Under the executive management o f Stone & Webster, Inc.
$279,692.
ORGANIZATION.— Incorp. in Nova Scotia. Owns capital stock and Revenue passengers
$220,000 of the $368,000 outstanding 1st mtge. bonds of the Sydney & 55,078,000, against carried in 1926, 57,985,144; 1925, 55,096,000; in 1924,
58,253,356 in 1923; 60,399,419 in 1922; 61,515,325 in
Glace Bay Ry. Co., Ltd., an interurban line 19 miles in length between 1921 and 65,248,840 in 1920.
Sydney and Glace Bay, which is operated under lease for 99 years from
OFFICERS.— Pres., A. W . McLimont; V .-P ., W . R. Bawlf, Winnipeg
Jan. 1 1911. Guar, payment of said c o .’s bonds, principal, interest and
Sec., Lawrence Palk; Treas., J. S. Mackenzie; Compt., W . E. Blodgett.—
sinking fund
V. 120, p. 89, 1205, 2150; V. 121, p. 78; V. 122,
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— V. 120, p. 89, 1205, 2150; V. 121, p. 78; V. 122, p. p. 752. 2332. 123, p. 2780,
Does the entire electric railway and lighting business in Sydney; the entire 3040, 3322; V. 124, p. 650, 2284; V. 125, p. 521, 752, 2332; V.
1973.
electric lighting business in North Sydney, the ferry business between
Sydney and North Sydney, and operates an interurban line between North
(1) SUBURBAN RAPID TRANSIT CO.
Sydney and Sydney Mines. Cape Breton Elec. Co.. 12.84 miles; Sydney
ORGANIZATION.— Organized in 1902 In Manitoba. Charter gives
& Glace Bay, 19.36 miles total, 32.2 miles. (Aforementioned figures are company right to operate the telephone and telegraph lines and to dispose of
those for equivalent single track.) Gauge, 4 ft. 8 Vi in. 27 passenger and electric light, heat and power. Franchise, 35 years from 1902 and is exclus­
6 other cars. Power stations have 1,975 lc. w capacity. Co. also pur­ ive. Winnipeg Electric Co. controls road through ownership of stock.
chases power. Co. owns $220,000 of the $351,000 outstanding 1st mtge
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
onds and the capital stock of the Sydney & Glace Bay R y. Co., L td., whose
Interurban line is operated under lease for 99 years from Jan. 1 1911, and Embraces 21.78 miles of track from Winnipeg to Headingly on the north
guarantees this co.'s bonds as to prin., int. & sink. fund. Also owns the side of Assiniboine River and beyond the City Park on the south side of
capital stock of Sydney Mines Electric Co., Ltd., and operates that c o .’s river.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
electric lighting and power business in Sydney Mines, Nova Scotia, under
_________
See text
__________
lease for 88
years from July 1921. Estimated population served: Stock $100,000____________________
First mortgage ($1,000) g.c*7 1908
5 F-A
$500,000 Jan 31 1938
railway, 56,600; electric light and power, 38,500.
Guaranteed, principal and / Royal Trust Co., Montreal, trustee,
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity.
interest by Winnipeg Elec- Interest at Bank of Montreal, Montreal,
Common $1,125,000 ($100)_
M -N
$1,125,000 N o v ’ 19.1H
trie Co.
( Toronto. New York or London, England.
Pref 6% $500,000 ($100)__
M -N
314,000 M a y ’27,3%
Bonds.— Additional bonds may be issued at rate of not exceeding $20,000
First mortgage $1,500,000/ 1902 5 J-J
1,096.000 Jan 11932 per mile additional road built.
g o ld ________________ c_ntf\Int. at State St. Tr. Co.. Boston, trustee.
Sydney & Glace Bay 1st M I 1902
5 J-J
126 000 July 1 1932
EARNING S.— For calendar years:
$500,000 guaranteed-C.ntf (Int. at Royal Trust Co.. Montreal, trustee
Gross.
N et.
Charges.
Surplus.
Stock.— Preferred stock is redeemable at 120. Capital stock auth. by 1926
$46,797
$52,300 def. $5,503
$270,056
charter, $2,000,000. Of the unissued portion as much may be preferred as 1925
260,879
26,398
49,739 def .23,341
the stockholders determine.
1924
16,434
45,176 def .28,742
253,013
Bonds.— Of the 1st mtge. bonds, $2,000 canceled for impt. fund. Impt
def .3,117
1923
37,025
40,142
281,890
und o f 1 % of bonds issued.
Red. at 105 and int. on any int. date.
sur .4,238
1922
278,885
44.048
39.810
Of the Sydney & Glace Bay 1st mtge. bonds, $94,000 have bean canceled
(2) WINNIPEG SELKIRK & LAKE WINNIPEG RAILWAY.
by sink, fund $220,000 held by Cape Breton Elec. Co.
Red. as a whole at
110 and int. on any Int. date. Sinking fund of 1% per annum.
ORGANIZATION.— Incorp. by Act of Manitoba Legislature with power
Dividends.—-6% yearly (M .-N . 1) on pref. stock. On com., 1st div.. to do a steam or electric railway and a lighting and power business. Con­
1)4% , paid Nov. 1910; in 1911, 4% ; in 1912, 4% & 1% extra; in 1913 and trolled through ownership of $490,000 of its $500,000 stock by the Winnipeg
1914, 6% . In 1915 and incl. Nov. 1 1919, 3% . None since.
Electric Co.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
EARNINGS.,— For calendar years:
Operates a line from Winnipeg on west side of Red River to Selkirk, 22)4
Net after
Bal. Avail, fi
miles, with a branch on private right-of-way from Middlechurch to Stone­
Interest. Res.,Retire.,
Gross.
Taxes.
wall, 17)4 miles (placed in operation Jan. 1 1915); total mileage operated,
Dividends.
41.32 miles. 6 motor and 27 miscellaneous cars. Franchises run to 1939
*1927_________ __________ $647,264
$153,170
$68,968
$84,204
and 1942.
1926__________ ___________ 612,630
69,272
119,747
50,475
Has contracts with Selkirk to supply power for municipal purposes and
1925 --------------___________ 567.914
92,840
69,073
23,767
with Stonewall to do a general light and power business.
1924__________ ___________ 662,906
127,330
68.408
58.922
BONDS—
Date.
Interest. Outstanding. Maturity
1923__________ ___
-701 ,214
67,781
92,651
24,870
_
5 J-J
$50,000 July 2 1933
1st mtge gold____________ __ _____ ,
1922__________ ___________ 626,238
73,554
67,196
6,358
Bonds.— Guaranteed, prin. and int. (endorsement) by the Winnipeg
1921__________ ___________ 694.596
68.769
111,388
42.619
Electric Co.
1920__________ ___________ 652,007
99,105
67.678
31.427
1919__________ ___________ 583.023
127,991
EARNINGS.— For calendar years:
64.368
63,623
513.005
1918
Gross.
Net.
Charges.
Deficit.
120.596
63,147
57,449
* For 12 months ended June 30 1927
1926 ..............................
$256,391 $81,556
$81,329
sur. $227
Balance sheet as o f June 30 1927, see V. 125, p. 1459.
38,724
1925 ____________________
238,607
44,393
83,117
OFFICERS.— Pres., A. Stuart Pratt; V.-P., Frederick S. Pratt; Sec.,
54,166
90,202
1924 ____________________
230,213
36,036
Victor D. Vickery; Treas.. TI B. Sawyer; Oen. Mgrs., Stone & Webster, 1923 ____________________
259,875
67,993
85,838
17,845
Inc.. Boston M g r.. Philip M . Wentworth.— V. 120, p. 2010; V. 122, p. 1307; 1922 ____________________
266,923
72,789
91,579
18,790
V. 123, p. 1249, 2895; V. 124, p. 2277; V. 125, p. 1459.
(3) MANITOBA POWER CO ., LTD.
Control.— Winnipeg Electric Co owns over 60% of the common stock.
W INNIPEG ELECTRIC CO.
ORGANIZATION.— Incorp. in Canada in 1921.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
ORGAN IZATION .— Incorp. in Manitoba in 1904 and is a consolidation
o f the Winnipeg Electric St. R y. and the Winnipeg General Power Co. Company owns and operates a modern hydro-electric plant at Great Falls




284

PU BLIC U TILITIE S

oa the Winnipeg Kiver with an ultimate capacity of 200,000 h.p. Two units
o f 28,000 h.p. each, were completed in 1923, and a third in 1926. A fourth
unit now being installed will increase the total capacity to 112,000 h.p.
Co. also owns a high-tension steel-tower transmission line which is connected
with the main transmission system of the Winnipeg Electric Co. V. 122,
p. 748.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 100,000 shs. (no p a r ) ____
________ 100,000shs. ---------------1st mtge 5 H % s f gold ser A / 1926 5!4 g J-J $10,000,000 Jan 1 1951
(SI .000. 500, $100 e* & r 1 IMontreal Trust C o., Montreal trustee.
tf
Series B (c* $1,000, $500,/ 1927 5 J 4 g J -J
1,500,000 July 1 1952
100 & r* $1,000)______tf (Montreal Trust Co., Montreal, trustee.
Stocks.— Stockholders will vote Nov. 10 on increasing auth. common
(no par) from 100,000 shs. to 200,000 shs. V. 125, p. 1971.
Bonds.— The 1st mtge. 514% sinking fund gold bonds, series A and B,
are secured by a 1st mtge. lien upon c o .’s hydro-electric power plant
and transmission lines, and by pledge of stock of the Winnipeg River Ry.
C o ., on 13 14 miles of standard gauge steam railroad. Further secured by a
power contract with, and guaranteed both as to principal and interest, by
the Winnipeg Electric Co. Also secured by a 10-year power contract with
the Manitoba Pulp & Paper C o., Ltd. for all power to be used at its new
pulp and paper mill, with a rated capacity of 250 tons, which in 1926 was
being erected at Fort Alexander, 15 miles from Great Falls. Co. may issue
$1,000,000 additional bonds equal to but not exceeding 80% of additions,
&c.. but further bonds may only be issued for 80% of additions, &c.,
provided net earnings, after sinking fund are 1 )4 times interest charges on
all bonds issued, inch new issue There is an annual sinking and improve­
ment fund, beginning Jan 1 1931. of 1% o f all series A bonds outstanding,
and 1% beginning Jan. 1 1932 on all series B bonds outstanding, for the
purchase or redemption o f these bonds at not exceeding 105 and interest,
in additional sinking fund provides for a payment, beginning Jan. 1 1934,
o f 1% o f all outstanding series A bonds and 1% beginning Jan. 1 1935 on
all series B bonds outstanding, for the purchase or redemption of these
bonds at not to exceed 105 and interest, or for permanent additions, &c.,
which could otherwise be made the basis for issuance of additional bonds
under this mortgage. Call, on 90 days’ notice at 105 and int. on any
interest date. Principal & interest payable in New York at the agency of
the Bank of Montreal in U. S. gold: in London at the same bank’s agency at
par of exchange: or, at holders option, in Montreal, Toronto, or Winnipeg,
Canada. U 8. residents free of Canadian taxes. Penn. & Conn. 4 mills
taxes refundable. In Feb. 1926, Kissel, Kinnicutt & C o., &c., &c. offered
$10,000,000 series A bonds at 96 and int., to yield about 5.80%; 1st mtge
7% sink, fund gold bonds, due 1941, which were called for payment M ay 1
1926 at 105 and int., were accepted at 107% flat on or about March 8
1926 in payment for these bonds. B. 122, p. 748.
Series “ B” ls( mtge. 514s, are secured together with series “ A ” bonds,
by a 1st mtge. lien on physical property of co., now owned or hereafter
acquired. Callable at option of company on 90 days’ notice, at 105 and
int. on any interest date. Sinking & Improvement fund provides for annual
payment to trustee beginning Jan. 1 1932 o f a sum equal to 1% of all
series “ B ” bonds outstanding. Co. agrees to refund Penn., and Conn.
State taxes up to 4 mills. In July 1927 Kissel, Kinnicutt & Co., Spencer
Trask & Co., E. H. Rollins & Sons, and Nesbitt, Thomson & Co., Ltd.,
sold $1,500,000 1st mtge. 5)4% sink, fund gold bonds, series “ B ,” at 99
and int., to yield 5.57%. V. 125, p. 518.
EAR N IN G S.— For calendar year:
Gross.
Net.
Fixed Chgs.
Balance
1926
$686,111
$543,916
$529,007
$14,909
_____ ____
666,053.
541,588
538,825
2.763
1925
OFFICERS'— Pres..'A w McLimont; V .-P., W. R . Bawlf.— V. 122.
p. 748, 1455; V. 125, p. 518, 1971.

CUBA
AMERICAN & FOREIGN POWER COMPANY INC.

Controlled a id under supervision of Electric Bonn & Share C o.
ORGAN IZATION .— The principal cos. controller, as o f June 30 1926
are: Panama Power & Light Corp., Empresa Guatemalteca c.e Electricidad,
Inc., Comnania Cubana de Electricidad, Inc.. Havana Corp., and Empresa
Electrica del Ecuador, Inc. A holding company. Organized under lavs
o f Maine Dec. 19 1923. On N ov. 12 1926 stockholders approved the
acquisition from Electric Bond & Share Co. o f all its holdings in Havana
Electric & Utilities Co., which controls Havana Electric R y., Lt. & Power
Co. Electric Bond & Share Co. received in payment (al $35,667,646 6%
gold debenture bonds o f Havana Corp. and (b) 300,000 common shares
o f American & Foreign Power Co., Inc. The railway properties in Camaguey and Santiago, formerly owned by the Cuban subsidiary o f American
& Foreign Power C o., Inc., were sold to Havana Electric R y. Co. See
below. Y. 123, p. 82, 2258, 2648, 2652.
Total number of customers serveu as of June 30 1927, 194,114; lnstadea
generating capacity of power plants, 125,217 k.w.,unuer construction, 4,600
auaitional k.w.; 888 miles o f transmission lines ann 12 m.les under construc­
tion: 1,306 ra-es o f electr.c d.st,r.but.on lines: 56 miles of water mains.
Gas holder capacity of 3,360,000 cu. ft. Gas works capacity, 12,725,000
cu. ft. Miles o f gas mains, 248.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns securities controlling puolic utility properties (except electric railway
properties) operating in Cuba, Panama, Guatemala and. Ecuaoor. A total
o f 109 communities are supplieo with electric power and Lght, telephone or
other serv.cos. In addition, the subsidiary companies operate in a number
of suburban and outlying oistricts, making the estimated total population
served in excess of 1,387,000. The company owns a controlling interest,
directly or indirectly, in the following subsidiary companies:
American & Foreign Power Co., Inc. and Subsidiary Companies Capita*
Stock Outstanding and Inter-Company Held.
Shares Owned by
Shares Am.&For.Pr.
Outstand'g. Inc.or Its Sub.
Havana Corporation______________________________ 300,000
300,000
23
Havanna Electric & Utilities 6% preferred__________ 201,989
$5 preference___________________________________ 294,665
231,783
Common______________________________________ 578,985
578,985
Havana Electric Ry., Light & PowerCo. 6% pref_.
29,852
24,913
$6 second preferred_____________________________ 200,000
200,000
Common______________________________________ 220,000
220,000
Cia Cubana de Electricidad, Inc $7 preferred_____
50,000
50,000
$7 second preferred____________________________
60,000
60,000
Common______________________________________ 2,000,011
2,000,011
Guantanamo Electric, 7% preferred_______________
4,000
3,919
Common______________________________________
4,000
3,988
Cia Electrica Oriente, common___________________
7,525
7,525
_
2,000
2,000
Cia Hiuro Electrica de Matanzas, 7% preferred_
Common______________________________________
8,000
8,000
Cia Cubana oe Electricidad, S. A. common_______
23,060
23,060
Cia oe Electrica oe Caroenas, common__________
14,000
14,000
Cia ae Servicos Pub. “ Maarazo,” 4% pref______
5,000
5,000
( ia de Eiec. de Saqua la Grande, common_______
2,000
2,000
Oriente Interurban Electric, 8% preferred_______
685
685
Common______________________________________
577
577
Cia Cubana de Hielo, common___________________
1,000
1,000
Cia Electrica ae Cienfuegos, common____________
3,000
3,000
Camaguey Electric Co., 7% preferred____________
15,000
15,000
Common______________________________________
20,000
20,000
C.a Elec, ae Alum, y Trac. ae Santiago, com m on..
20,000
19,999
Empresa Guatemalteca ae Elec., 8% preferred___
75,000
63,774
Second preferred______________________________
12,000
12,000
Common______________________________________
50,000
50,000
Panama Power & Light Corp., preferred_________
15,000
13,451
Common______________________________________ 200,000
195,997
Empresa Electrica dei Ecuador, Inc., $8 preferred.
15,000
15,000
Common______________________________________
50,000
50,000
Tranvias de Guayaquil, major shares_____________
1,143
1,141
Minor shares___________________________________
453
451
Cia Panameua de Fuerza y Luz, preferred________
10,000
*7,500
Preferred______________________________________
70,000
*67,500
Cia Panamena de Telefonos, preferred___________
1,000
1,000
C om m on______________________________________
2,500
2,500
Panama Electric Co., common___________________
15,000
15,000
Panama-Colon Gas C o___________________________
______
______
*2,500 additional shares held in trust on each issue.




[V ol. 125.

Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
-----------xl ,243.988 s h s .---------------Common 8,300,000 shs (no p a r ) ____
$7 cum pf 900,000 shs (no par)______
$7 Q-J
372,795shs OcC27$1.75
2d pref cum ser A 1,600,000
shares (no par)____________ _____
$7
114,019 shs __________
_______
None
__________
$6 pref 200,000 shs (no par)_ _____
_
x Including shares held by Bankers Trust C o. to be delivered to sub­
scribers against full-paid subscriptions to 400,000 pref. shares.
Preferred Stock Allotment Certificates.— These certificates have been sold
at the allotment price of $96 per share, of which 25% has been called upon
allotments aggregating 400,000 shares of Preferred stock and 400,000
shares of Common stock, and the remaining 75% may be called by the
corporation for payment at intervals of not less than four months, no
single call to be for more than 10% of said allotment price. Holders have
the right to anticipate payment in full at any time.
Upon payment in full of the allotment price of $96 a share, allotment
certificate holders are entitled toreceive definitive certificates for the num­
ber of full-paid shares of preferred stock called for by the several allotment
certificates, together with definitive certificates for a like number of fullpaid shares of common stock of the corporation . without nominal or par val
The directors were to vote May 2 1927 on Increasing authorized capital
stock. V. 124, p. 2276.
Common stock listed on N. Y . Stock Exchange. V. 125, p. 1834.
Dividends.— An initial dividend of $1 75 quarterly on the preferred
stock was paid April 1 1924. Same amount paid regularly quar. since.
EARNING S.— Consolidated statement of income (inter-company items
eliminated) (as reported to the New York Stock Exchange):
12 Months Ended June 30—
1927.
1926.
Operating revenue______________________________ $15,313,100 $9,024,072
Maintenance____________________________________
616,236
544,733
All other oper. exp., incl. Federal, &c., taxes____ 6,855,354
5,161,830
Net revenue from operation___________________ $7,841,510 $3,317,509
Non-operating revenue.a________________________
553,264
677,503
Total__________________________________________ $8,394,774
Adminis., &c., expenses, Amer. & For. Pow. C o ..
315,777
Bond interest— subsidiaries_____________________
1,650,339
40,366
Other interest and deductions (sub. cos.)________
Interest—Amer. & Foreign Pow. C o., Inc______
254,008

$3,995,012
338,685
276,890
30,337
110,508

Balance______________________________________ $6,134,284
Divs. to public (excl.ofA m .F & or. Pr. Co., com .):
Preferred-subsidiaries_________________________
$849,150
Cumulative preference(subsidiaries)___________
212,339
Common— subsidiaries________________________
5,613
Preferred— Amer. & For. Pow.Co., Inc_______ 2,565,612

$3,238,592

Balance__________________ _____ ______________ $2,501,570
Appropriations for renewal and replacement res_. 1,107,666

$752,254
67,613

$16,356
--------5,431
2,464,551

Balance applic. to Am. & For. Pr. Co. 2d pref.
$684,641
and common stocks_________________________ $1,393,904
a Incl. misc. int. rev. of subs, and revs, of Am. & For. Pr. C o., Inc.,
consisting of int., profit from sales of securities and small miscell. items.
Note.— Income for year ended June 30 1927 includes earnings of tha
Havana companies for 8 months only (Nov. 1 1926 to June 30 1927).
Earnings 12 Months Ended June 30 (American & Foreign Poiver Co., Inc.).
1927.
1926.
Income from subsidiary companies:
$868,305
Common dividends____________________________ $3,506,178
795,002
Preferred dividends___________________________
824,854
2,320,827
3,043,478
Interest______________________________________
Outside sources:
10,697
Common dividends___________________________
13,320
8,015
Preferred dividends___________________________
16,030
27,032
Interest______________________________________
26,043
Profit on sale o f securities_______________________
4,575
Gross earnings_
_
Expenses__________
Interest___________
Preferred dividends

$7,434,478
$315,777
379,701
2,565,612

$4,029,877
$338,685
215,454
2,464,552

Net earns. American & Foreign Power Co., In c._ $4,173,389 $1,011,187
OFFICERS.—-Chairman, S. Z. Mitchell; Pres., Curtis E. Calder; V .-P s.1
Wm. Darbee, H. W . Catlin and E. W. Hill; Compt., A. E. Smith; Sec.>
E. P. Summerson; Treas., A. C. Ray; Gen. Aud., B. H. Brewster. Office.
2 Rector St., N. Y. City.— V. 120, p. 84, 1324, 3181; V. 121, p. 2035, 3129:
V. 123, p. 80, 2258, 2648, 2652; V. 124, p. 2276, 2425, 2745; V. 125, p. 92,
1458, 1834, 1964, 1968, 2259.
HAVANA ELECTRIC & UTILITIES CO.
Control.— Havana Corp. owns all of the common shares and about 78%
of the cum. pref. shares of co. The Havana Corp. is in turn controlled
through a 100% ownership by the Amer, & Foreign Power C o., Inc.
ORGANIZATION.— Organized in Maine in the latter part of 1925 as
per readjustment plan of the old Havana Electric Railway, Light
Power
Co., details of which are given in V. 121, p. 1461, and under the old c o .’s
name in “ Public Utility Compendium” of Oct. 31 1925. See also V. 121,
p. 3003; V. 122, p. 748. The old Havana Electric R y., Light & Power
Co. was incorp. in New Jersey on March 26 1912, absorbing the Compania de Gras y Electricidad de la Habana (Gas & Electric Co. of Havana),
to acquire and hold the stocks of the Havana Electric R y. per plan in
V. 94. p 767. On June 18 1913 these properties were consolidated. V.
96, p. 1840.
In 1925 Electric Bond & Share Co. acquired control of Havana El. R y.,
Lt. & Pow. Co., and later o f Havana Electric & Utilities Co. and in Nov.
1926 sold all of its holdings in Havana Electric & Utilities Co. to Havana
Corp. Previously Havana Electric & Utilities Co. had sold its street
railway property and business to Havana Electric R y. Co.; see below.
V. 123, p. 1875, 2260.
Gas and electric franchises perpetual.
Co. owns substantia ly all the stocks (except approx. 9,852 shares 6%
pref. stock, and 9,990 common shares which are owned by Cia. Cubana
de Electricidad, Inc., another subsidiary of Am. & For. Pow. Co., Inc.)
of the new Havana Electric Railway, Light < Power Co., which was
%
formed in July 1926 as a consolidation of Cuban Utilities Co. and the
old Havana Electric R y., Light & Power Co. Cuban Utilities Co. pre­
viously had acquired electric railway systems in Santiago and Cama­
guey from subsidiary interests of American & Foreign Power Co.,
Inc., operating in Cuba, and in addition owned more than 86% of tne pre­
ferred stock and more than 98% of the common stock of the old Havana
R y., Lt. & Power Co. Under the agreement of merger, holders of shares
of old Havana El. R y., Lt. & Power Co. other than Cuban Utilities Co.
were to receive for each pref. share old co., one share 6% pref. stock of con­
solidated co., and for each common share old co. 2 pref shares of consoli­
dated co. Each share of 2d pref. and common stock of Cuban Utilities
Co. outstanding and not owned by one of the merging cos. was to remain
outstanding, while all stock of either of the two corporations which was
owned by the other party was to be canceled. V. 123. p. 581.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Co. controls the electric power and light and gas properties in Havana, Cuba
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
................. 578,985 s h s __________
Common 603,000 shs. (no p a r ) ____
6
$20,198,917
see text
6% cum 1st pref $2 1 ,0 0 0 ,0 0 0 /____
($100)_____________________ f

,$5
294,665 shs
see text
Cum pf stk300.000 shs.(no p a r )___
Stock.— First preferred stock has priority as to 6% cum. dividends per an­
num over the preference and common stocks, and in case of liquidation or
dissolution is entitled to $115 per share and dividends. Has no voting
power except under certain specified circumstances
Preference stock is entitled in priority to the common stock to dividends
at the rate of $5 per annum and to $100 per share and dividends in case
of liquidation or dissolution. The dividends are cumulative from and after
Nov. 15 1926. Redeemable, all or part, at $100 and dividends. No voting
power except in certain cases.
Common stock has exclusive voting rights.
Dividends .— An initial div. of $3 per share on 1st pref. was paid April 1926
at rate of $6 per share per annum thereafter.

O c t ., 1927.]

POW ER, LIGH T AND R A IL W A Y

OFFICERS.— Chairman, S. Z. Mitchell; Pres., Frank Steinhart; V.-Ps.,
Henry W . Catlin, C. E. Groesbeck, E. W. Hill, S. R. Inch, F. B. Odium.
N. Y C., Antonio San Miguel and Dionisco Velasco, Havana, Cuba; Sec.
& Treas., H. Kraemer, N . Y .— V. 121, p. 1461, 1155, 1908, 2520, 3003,
3130; V. 122, p. 748, 2040, 2323, 2798, 3081, 3338; V. 123, p. 83, 581,
842, 1875, 2260, 3319.

HAVANA ELECTRIC RAILWAY CO.
Control.— Havana Electric & Utilities Co. has a substantial interest in
the common stock.
ORGAN IZATION .— Incorp. in Maine Aug. 11 1926 to acquire the street
railways theretofore owned by Havana Electric R y., Light & Power Co.,
Camaguey Electric Co., S. A., and by Santiago Electric Light & Traction
Co. (Compania Electrica de Alumbrado y Traccion de Santiago) and all
of the stock, except directors’ qualifying shares, of Insular Railway Co.,
which owns and operates a line from Havana to and within the town of
Marianao.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company owns and operates the street railways in Havana, Camaguey and
Santiago, the three most important cities o f Cuba, with an aggregate of
about 600,000 inhabitants. The system includes a total of about 128 miles
of railway (single track measurement,, viz., 107.6 miles in Havana and
Marianao, 8.6 miles in Camaguey, 11.8 miles in Santiago. Company owns
over 640 passenger cars, together with car barns, repair shops. &c. Fran­
chises run to 1958 or after. Company is assured of an ample and dependable
supply of power through favorable long term contracts with the companies
furnishing electric service to the cities of Havana, Camaguey and Santiago.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 326,500 shs (no par) ______
_______ 200,000 shs __________
6% cum pref $5,000,000 ($ 1 0 0 )___
See text
$5,000,000
see text
Havana El R y Co (predecessor f 1902
5 g F-A
6.745,450 Feb 1 1952
company) cons first (closed) ] Central Trust Co., New York, trustee,
m tge5% gold ($l,000c*&r)
25-year 5J^% gold debentures] 1926
5 M M-S
5.500,000 Sept 1 1951
($l,000c*)______________tf/Central Union Trust Co. of N. Y ., trustee.
Warrants to subscribe for com.
stock shs______________________ _______ 126,500 shs
__________
Stock.— The subscription warrants are transferable and entitle holders to
subscribe in the aggregate for 126,500 shares of common stock at any time
prior to Sept. 1 1951, at $45 per share, and to tender the 25-year 5 %
debentures in lieu of cash at 10314 % of their principal amount with adjust­
ment of interest.
The preferred stock is preferred as to dividends cumulative from Sept. 1
1926. Dividends are payable Q.-M ., except that the first dividend covering
six months was paid March 1 1927. Is also preferred as to assets up to
an amount o f $100 and divs. Red., whole or part, at $110 and divs. upon
30 days’ notice. Each share o f pref. and com. is entitled to one vote. No
class o f stock prior over the pref. stock as to dividends or assets may be
created without the consent of at least two-thirds o f the holders of the
preferred stock present and voting at the meeting at which the creation of
such class of stock is considered. The written consent of the holders of at
least two-thirds of the preferred stock then outstanding or the affirmative
vote of the holders o f two-thirds of the shares of preferred stock present at
the meeting at which such vote is cast, is required for sale of all of the
property, franchises or privileges of the company consolidation or merger
with any other corporation, transfer of all of its property or franchises to a
new corporation, execution and delivery of any mortgage creating a lien on
any of company’s property, or the creation o f any funded debt other than
debentures issuable under the terms of the debenture agreement dated
Sept. 1 1926, purchase money mortgages, or acquisition of property subject
to mortgage. There is a sinking fund of $100,000 annually, to be set apart,
and payable In January, beginning in 1932. out of surplus or net profits for
the purchase o f preferred stock at or below par and dividends. All stock so
purchased or acquired for the sinking fund to be cancelled. In August 1926
Speyer & Co., J. & W. Seligman & Co., Hemphil, Noyes & Co., and Otis
& Co. offered $5,000,000 6% cum. pref. stock, each share carrying 6-10 of
a share of common stock at $100 and dividends.
Common and pref. stocks are listed on N. Y . Stock Exchange. V. 123,
p. 981, 3319; V. 124, p. 1510.
Bonds.— In addition to the $6,745,450 outstanding Havana Electric Ry. Co
(predecessor company) consolidated (first closed) mortgage 5% gold bonds, due
Feb. 1 1952, $989,611 are held alive in treasury and $50,000 deposited with
Cuban Government. A sinking fund, commenced Jan. 1 1906. Bonds may
be called for sinking fund at 105 and int., and entire issue can be redeemed
on six months’ notice at 105 and int. Listed on New York Stock Exchange.
V. 74, p. 1251; V. 86, p. 918.
Debentures.—-Additional debentures may be issued only provided net
earnings for 12 consecutive within preceding 15 months have been at least
2>4 times annual interest charges on the debt o f the company, including the
proposed debentures. Are redeemable, all or part, on 30 days’ notice, at
103>4 and int. Principal and interest payable in New York or Havana in
U. S. gold. In Aug. 1926 Speyer & C o., J. & W. Seligman & Co., Hemp­
hill, Noyes & Co., and Otis & Co., offered $5,500,000 25-year 5 *4 % gold
debentures at 92 and int., to yield 6 V % . Each debenture carried a trans­
g
ferable subscription warrant entitling the holder to subscribe prior to
Sept. 1 1951 for 23 shares of common stock at $45 per share and to tender
debentures in lieu of cash at 10334 % of their principal amount, with adjust­
ment for accrued interest. Y. 123, p.981. Listed on N. Y . Stock Exchange
V . 123, p. 3319; V. 124, p. 1510.
Dividends.— On 6% cum. pref., paid initial div. o f 3 % , March 1927.
June 1927, 134%: Sept. 1927, 1 34%LATEST EARN IN G S.— For 6 months ended June 30 1927: Operating
rev., $3,127,252; net after exp. & taxes, $683,573; non-operating rev.,
$25,396; fixed charges, $321,955; bal., sur., $387,014.
OFFICERS.— Pres., Frank Steinhart; V.-Ps., Antonio San Miguel,
James B. Field and R. R Loening; Sec. & Treas., Herman Kraemer
Aud., Salvador Soler.— Y. 123, p. 981. 1875. 2260, 3319; V. 124, p. 791,
1219, 1510, 1979, 2587; V. 125, p. 647.

B R A Z IL
BRAZILIAN T R A CTIO N , LIGH T & POWER CO.. LTD
Offer to Exchange Holdings Opposed.— An offer made by Alfred Loewenstein, Belgian capitalist, to holders o f ordinary shares to exchange each
such share for $75 par value in preference shares, plus one ordinary no par
share of Hydro-Electric Securities Corp., was strongly opposed by directors
o f the Brazilian Co. See V. 123, p. 2773.
ORGAN IZATION .— Incorp. July 12 1912 in Canada with $120,000,000
($100) auth. stock and has acquired through exchange o f its stock for stock
o f the newly acquired companies (on basis shown in V. 95, p. 175) the Rio
de Janeiro Tramway, Light & Power Co., Sao Paulo Tramway, Light &
Power Co. and Sao Paulo Elec. Co., and through the first-named companycontrols entire capital stock of Brazilian Telephone C o., formerly the
Rio de Janeiro & Sao Paulo Telephone Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS —
The combined cos. own hydro-electric developments with a total installed
generating capacity of 337.500 h.p., which is capable of being increased i<
651,600 h. p., and own and operate 424.81 miles of track in Rio de Janeiro
and vicinity and San Paulo. 1,718 passenger cars, 287 freight and service
cars; 7 buses. Supplies light and power to Rio de Janeiro and vicinity and
San Paulo and neighboring towns. Owns 1,299.32 miles electric trans­
mission lines and 9,425.84 miles o f distribution lines: 792.69 miles of gas
mains. Population served with electric power and light approx. 2,703,905
with gas, approx. 1,660,000; with telephone service, 6,500,000.
Statistics of Combined Companies for Calendar Years.
1926.
1925.
1924.
1923.
Miles o f track_________
427.06
424.81
419.79
416.83
Miles run______________ 49,914,442 46,484,275 46,120,480 46,197,145
Passengers carried_____ 552,078,727 526,240,551 498,242,281 479,527,034
K.w. hours sold________ 526,317,699 479,540,843 483,240,843 468,211,051
Total consumers It. & pr.
201,620
185,853
175,397
164,188
_
Gas sold (cu. meters)_ 81,571,030 71,019,515 65,043,651 59,457.174
Gas consumers_________
49,535
44,136
40,328
37,824
N o. of telephones in op _
83,677
81,752
77,977
74,359




285

STOCK AND NOTES.
Date.
Interest. Outstanding. Maturity.
Ordinary $110,000,000_______ ___
Q-M $106,587,900
Seetext.
Pf 6% cum $10,000,000 ($ 1 0 0 )____
6 Q-J
10,000,000 Oct’27,1 ^ %
Stock.— The pref. stock is convertible into com. stek at any time on basis
of 1 1-5 shares pref. stock for 1 share of common. V. 96. p. 1421. Pref.
Stock listed on London and Toronto stock exchanges. See also opening
paragraph of this statement. Common stock listed on Toronto, Montreal,
Belfast, Brussels and London stock exchanges. V. 97, p. 363.
Dividends.— 6% is being paid on the pref. stock, First div. on com.—
IH % — paid N ov. 15 1912. In 1913 and 1914, 6% . In 1915 and 1916,
4% . In 1917, March, 1% . In Sept. 1922 1% was paid and at same rate
paid regularly quarterly since to and including Dec. 1925. In 1926 paid
1J4% quar. In March 1927 paid 1 }4% EARNINGS.-— For calendar years
Total Inc. Charges.
Pref. Divs.
Ordinary Divs. Bal. Sir
1926- -$12,278,654
$533,257
$600,000 (5%)$5,329,211 $5,816,186
i 925---- 8,848,594
593,308
600.000 (4% )4,263,266
J ,o 9 Z , o 2 0
1924— 8,249,521
610.604
600,000 (4%) 4,262,788 x2,776,129
1923-— 7,510,459
580,494 (6% 1600,000 (4 % >4,262.477
2,067,488
1922-.- 7,872,961 1,020,993 (6% 1600.000 (2%)2.131.511
4,120,457
1921-.- 4,537,715 1,300.033 (6%) 600.000
2,637,682
1920.... 7,243,443 1,248,320 (6%) 600,000
5.395,122
x Before transfer of $3,000,000 to general reserve account.
Combined Earnings of Company and Subsidiaries for Calendar Years.
1926.
1925.
1924.
1923.
Gross (incl. misc. r ev .).$38,715,884 $31,281,820 $27,013,068 $24,272,396
Net------------------------------ 21,813,720 17,527,506 16,719,773 15,419,964
Fixed chgs., depr’n and
sinking fund sub. cos. 9,907,864
9,199,067
8,948,633
8,702,023
Ddl.

ICY.,

LU

13.

A.

JU.

& P. C o., Ltd------- $11,905,856
$8,328,439 $7,771,140 $6,717,941
Interest received, &C-_372,798
520,155
478,381
792,518
Gen. exp., int. & am ort.
533,257
593,308
610,604
580,494
Net rev. B. T. L. & P. ’
C o., Ltd------------------- 11,745,397
8,255,286
7,638,917 6,929,965
OFFICERS.— Pres., Sir Alexander Mackenzie; V.-Ps., E. R. W ood,
R. C. Brown, Miller Lash, H. Malcolm Hubbard, E. R. Peacock, A. W.
K. Billings, and H. H. Couzens; Sec., J. M . Smith, Toronto; Treas., A. W.
Adams. Head office, 357 Bay St., Toronto, Can.-—-V. 116, p. 294; V. 117.
p. 81, 205: V. 119, p. 454, 691: V 121. p. 193, 1907; V. 122, p. 346; V.
123, p. 705, 2773; V. 124, p. 370; V. 125, p. 241, 779.
(1) RIO DE JANEIRO TRAM., LT. & POWER CO., LTD.
ORGANIZATION.— Incorporated under the laws of Canada in June
1904. Purchased the Rio de Janeiro Gas Co. and three street railway prop­
erties (the Villa Isabel Tramway Co., the Sao Christovao Tramway Co. and
the Carris Urbanos Tramway C o.). Owns or controls entire $5,000,000
capital stock of the Brazilian Telephone Co., formerly the Rio de Janeiro &
Sao Paulo Telephone Co. (incorp. in Canada in 1914 to carry out the plan,
delayed by the war, of acquiring, consolidating and developing the telephone
enterprises). The latter co. has an auth. issue of $12,500,000 6% 30-year
1st mtge. gold bonds ($7,500,000 held by the Brazilian Traction, Light &
Power Co., Ltd., balance in treasury), and has acquired the properties and
business of the Interurban Telephone Co. of Brazil, Companhia de Tele­
phones Interestadoaes, Companhia Telephonica do Estado de Sao Paulo,
Companhia Rede Telephonica Bragantina and Brazilianische Electricitats
Gesellschaft. The Tramway, Light & Power Co. also owns hydraulic
power plant which distributes light and power in the City of Rio de Janeiro
and vicinity. In 1909 purchased control of the Ferro Carril do Jardin
Botanico (V. 88, p. 883) and consolidated it with the Tramway, Light
& Power Co. under an operating contract. Has also acquired the Jacarepagua tramway lines (11 miles). The gas and public electric light­
ing franchises expire 1945, electric lighting private, perpetual: gas fran­
chise being exclusive until 1945 and electric light until 1945, with a
Janeiro expires 1990 and is exclusive until 1950; the other telephone fran­
chises are perpetual or for long periods and are mainly exclusive. See
V. 83, p. 214. Rio de Janeiro Tramway concessions were extended in
1907 until 1970 and give exclusive privileges until 1940 in very large area
of city. Franchises for distribution of electric energy for lighting and
power service were also extended to 1990. Concession to develop power
is perpetual. Both stocks and bonds are listed on the London, Brussels
and Toronto stock exchanges. V. 93, p. 528; V. 86, p. 1044; V. 88, p. 507.
in April 1909, second mortgage bonds were listed on the London Stock
Exchange. V. 88, p. 883. See description of property in V. 87, p. 97.
On Dec. 8 1911 stockholders voted to increase auth. stock from $40,000,000
to $50,000,000, of which $5,000,000 was offered to stockholders— one new
for eight old (Y. 93, p. 1669, 1463).
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Q-F
$45,000,000 &Nov.’ 17,IX
Stock $50,000,000 ($100)__________
First mortgage $25,000,000 ( 1905 5 g J-J
25,000.000 .Tan 1 1935
1SI00, $500 and $l,000)-|lnt. payable in Toronto, N. V. and London.
gol l _____________________ 1 National Trust C o .. Ltd.. Toronto,trustee.
Second mortgages bonds (£5,-[ 1908 5 A-O
22,959,377 April 1958
266,000) (£100 and fr. 500) [National Trust Co., Ltd., Toronto, trustee.
I Int. at Can. Bank of Com., London, and
{ in Toronto, Canada, Paris and Brussels,
f 1911
5 J-J
£1,400,000 July 1 1951
fardin Botanico Tramway Nat. Trust Co., Ltd., Toronto, Can..trustee,
first mortgage £! ,400,0001 Int. at offices of Can. Bank of Commerce
(£100) - --------------------------c[ in London. New York and Toronto.
b Less British income tax.
Bonds.—A sinking fund on 1st M . of 1% per ann. of bonds out began In
1910.
The 2d M . debs, are subject to cal) on 3 mos.’ notice as a whole or any
part at 105; also subject to sinking fund drawings, which began the year
ending April 1 1918; £i80,t 93 retired by sinking fund.
Jardim Botanico 1st M . bonds are red. at 102H and int. on 3 mos.’ no­
tice. Sinking fund began in 1912. Bonds are listed on London Stock
Exchange. V. 93, p. 1786. Rio de Janeiro Tram., Light & Power C o.,
Ltd., undertakes to put aside semi-annually a sum sufficient to meet int.
and sinking fund on Jardim Botanico bonds; V. 93, p. 528.
Dividends.— First div., ] % . paid Nov. 1909; in 1910, 4 ^ % . In 1911
and to and including Nov. 1917, 5% per annum. None since.
EARNINGS.— Earnings are now included in the Brazilian Traction,
Light & Power Co. statement.
OFFICERS.— Pres.. Sir Alexander Mackenzie; V.-Ps., E. R. Wood,
Miller Lash, R. C. Brown, H. Malcolm Hubbard, R. M . Horne-Payne.
A. W. K. Billings and H. H. Couzens; Sec., J. M . Smith; Treas., A. W.
Adams; Gen. Mgr., C. A. Sylvester. Main office. 357 Bay St., Toronto.—
Y. 94, p. 1247, 1764; V. 96, p. 1298.
(2) THE SAO PAULO TRAM , LIG H T & POWER CO., LTD.
ORGANIZATION.— Incorp in the Province of Ontario, Canada, in
1899.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns an extensive system of electric roads and electric lighting and power
business in Sao Paulo, Brazil. Company has secured a concession for dis­
tribution of light and power in municipality of Sao Bernardo, Santa Amaro
and other neighboring municipalities.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $10,000,000 ($100)_____________
Q-F
$10,000,0005Nov.’ 17,2H
Perpetual consol d eb e n tu re /___
M-S 2
3,999,996Perpetual
stock issued Feb 1911_____[Interest payable in London and Toronto.
First mortgage $6,000,000 / 1900
5 g J-D
$6,000,000 June 1 ’29
gold ($500)------------------- c*[National Trust C o., Ltd., Toronto, trustee.
b Less British income tax.
Stock.— Perpetual debenture stock is redeemable at 105 on 6 months,
notice. Trustees are British Empire Trust C o., Ltd., London, and Na­
tional Trust C o., Ltd., Toronto. Stock is listed on London Stock Exchange.
V. 94, p 1250.
Bonds.— Interest is payable at th Canadian Bank of Commerce in Lon­
don, Eng., and National Trust C o., Ltd., Toronto, Ont. No sinking fund,
and bonds are not subject to call. Listed on London and Toronto Stock
Exchange. V. 81, p. 614.
Dividends.— In 1902, 3 X % ; In 1903, 5 H % ; in 1904, 7 H % ; in 1905, 8% ;
in 1906, 8% ; in 1907, 8 X % ; in 1908, 9M % : In 1909 to 1911 incl., 10%; in
1912, Jan., 213%; April, 213%: July, 233%; Oct., paid 5-6% for month
of July 1912, in accordance with plan of amalgamation; N ov., 2 '4 % .
In 1913 and since to and including Nov. 1917, 10% per annum. None
since.
EARNING S.— Included In the Brazilian Traction statement.

PU BLIC U TILITIES

286

OFFICERS.— Pres.. Sir Alexander Mackenzie; V.-Ps., E. R . Wood
Miller Lash, R . C. Crown, A. W. IC. Billings, H. H. Couzens and H,
Malcolm Hubbard; Sec., J. M . Smith, both of Toronto; Treas., A. W .
Adams; Gen. M gr., Dr. E. de Souza.— V. 94, p. 1764; V. 95, p. 681; V. 112
p. 746; V. 115, p. 1839.
(3) SAG PAULO ELECTRIC CO., LTD.
ORGANIZATION, &c.— Ineorp. in 1908. Has acquired water powers
and franchises for the utilization and sale of electric power through the State
of Sao Paulo.
STOCK AN D BONDS—- Date.
Interest. Outstanding. Maturity.
Stock $10,000,000_________________
_______
$5,000,000 __________
First mtge £2,000,000 (£500,1 1912
5 J-J
9,733,333 Jan 1 1962
£100, £20)_______________ (National Trust Co., Ltd., o f Toronto .trustee
Bonds.— Redeem, by a sinking fund since 1922 in annual drawings at par ,
or may be redeemed at 103 at any time on six months’ notice, or at par on
voluntary liquidation or amalgamation with another company. The B ra­
zilian Trac., L. & P. Co. agrees to set aside s.-a. out of the gross earnings o f
the Sao Paulo Elec. Co. a sum suffiicent to meet the int. and sinking fund,
and in case the earnings should be insufficient, to meet the same from its own
revenues. Interest payable in London, New York, Toronto, at Canadian
Bank of Commerce or its agencies. Listed on London Stock Exchange.
V. 95, p. 1043; V. 96, p. 65
OFFICERS.— Pres., Sir Alexander Mackenzie; V.-Ps., Miller Lash, R. C .
Brown, A. W . K . Billings and H. H. Couzens; Gen. M gr., Dr. E. de
Souza; Sec., J. M . Smith; Treas., A. W . Adams.

BERLIN CITY ELECTRIC CO. INC.
(Berliner Staedtische Elektrizitaetswerke A.G.)
ORGAN IZATION . — Berliner Staedtische Electrizitaetswerke A .-G .,
ind Berliner Staedtische Gaswerke A .-G ., which latter company guarantees
under-mentioned note issue of Berliner Staedtische Eletrizitaetswerke A ,-G .,
were organized by the City of Berlin, Germany, in 1923. for the purpos <of
separately operating the electrical and gas works formerly operated by the
city all the stock of both companies being owned by the City of Berlin.
The first installation of electrical works was made in 1884, and of gas works
in 1825. The electric power properties o f the city have been leased to the
company for a period of 50 years from Dec. 21 1923.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Berlin has a population o f approx. 4,000,000. The electric company
supplies about 90% and the gas company (Berliner Staedtische Gaswerke,
A .-G . see above) about 75% of the total consumption of the city in their
respective fields. The electric company operates plants of over 205,000
k.w. capacity and also purchases a substantial amount of additional current.
Co. is expanding its plants to a total capacity of 461,500 k.w. Owns
over 8,000 miles of distribution lines. Current is supplied for domestic use
as well as for the local street and underground railroad and for numerous
industrial plants in the city and vicinity. Sales in 1924 over 462,000,000
k.w.h., for 1925 over 662,000,000 k.w.h. 417,000 customers.
The Gas Co. (see above; supplies gas for domestic and industrial use,
and owns plants o f over 64,000,000 cu. ft. daily capacity. Sales in 1924
about 11,200,000,000 cu. ft., and in 1925 about 13,800,000,000 cu. ft.
Rates.— The City of Berlin (which owns all the stock o f both companies:
has agreed to rates for both services sufficient to cover operating expenses,
rental (8% of gross), depreciation, interest and amortization of loans, and
to provide working capital.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock_____________________
_________ 15,000,000R .M .______
7% Swiss franc loan________________
7%
$5,750,612 N ov 1 1940
6 A % dollar notes $3,000,000/ 1926 & F-A 3,000,000
V2
1928-1929
($1,000 c* )_______________\Int. in U.S.gold at Hallgarten&Oo., N .Y .C .
25-year 6 M % sinking fund do- ( 1926 6 A J-D
20,000,000 Dec 11951
bens $20,000,000 ($1,000-!Central Un. Tr. Co. of N. Y ., Amer. trustee.
c * )_______________________ Reichs-Kredit-Gesellschaft, A .G ., Berlin,
[ German trustee.
Note.— In consideration o f the receipt, for construction purposes, of 72%
of the proceeds o f the $15,000,000 external loan o f 1925 of the C ity of Ber
lin, the company has assumed 72% of the interest and amortization charge:
thereon. This obligation, however, ranks junior to all charges on th
company’s funded debt.
Notes.— $1,000,000 of the 6 K % dollar notes dated Feb. 1 1926 is due Feb. 1
1928 and $2,000,000 Feb. 1 1929. Call., all or part, on 6 m os.’ notice, a<, par
and int., with a premium of A % for each unexpired year or fraction thereof.
Principal and int. payable free from all present or future German taxes.
Unconditionally guaranteed as to payment o f principal and interest by
endorsement by Berlin City Gas Co. (Berliner Staedtische Gaswerke A .-G .).
In Feb. 1926 Hallgarten & C o., &c., &c., offered $3,000,000 63^ % ndtes at
99 and int., to yield over 7% for the 1928 maturity and at 98J^ and int
to yield over 7% for the 1929 maturity. V. 122, p. 881, 1760. The gas
co. has no funded debt, but the electric co. in 1925 secured a loan in Europe
of 30,000,000 Swiss francs (about $6,000,000) due in 1940, the proceeds of
the European loan and o f this loan being used only in the construction of
additional generating capacity. The European loan is the obligation Of
the electric co. and not secured by mortgage. The electric co. has agreed
that if, during the life o f this loan, it shall pledge any o f its revenues as
security for any other loan, these notes shall be equally and ratably secured
thereunder.
Debentures.-—The 25-yr. 614% sink. fd. debentures dated Dec. 1 1926 are
the direct obligation o f Berlin City Electric C o., Inc. The C ity of Berlin
(which owns all the properties operated by the company) nas agreed that
so long as the debentures are outstanding, it will not mortgage or otherwise
encumber any of such properties, except subject to the c o .’s lease. Neither
will co., while the debentures are outstanding, mortgage or pledge any of
its assets or revenues as security for any funded debt. There is a sinking
fund of approx. $430,000, payable semi-annually, first payment June 1
1929, sufficient to retire entire issue by maturity by purchase at not over
100 and int., otherwise by call by lot at that price. Red., whole or part,
on any interest date on 30 days’ notice at 102A and int. on or before
Dec. 1 1931, and thereafter at 100 and int. Principal and interest payable
at Dillon, Read & C o., New York, in U. S. gold without deduction for
any German taxes, past, present or future. Listed on Boston Stock
Exchange; New York Stock Exchange listing to be applied for. In De­
cember 1926 Dillon, Read & Co., Hallgarten & C o., Halsey, Stuart &
C o., Inc., International Acceptance Bank, Inc., and Mendelssohn & Co.,
Amsterdam (Holland), sold $20,000,000 at 98 and interest, to yield over
6 65% . A substantia] portion o f this issue had been withdrawn for simul­
taneous offering in Europe by Mendelssohn & C o., Nederlandsche Handelmaatschappij, Pierson & Co., Amsterdam; R. Mees & Zoonen, Rotterdam,
and others. V. 123, p. 3180. Listed on New York Stock Exchange.
V. 125, p. 1190.
Dawes Plan.— As co. is municipally owned, its assets are free from the
so-called Dawes public mortgage. However, in accordance with the Dawes
Plan, co. is obligated to make annual payments which during 1926 were to
am mnt to approx. $65,000 and, on basis of present assessment, were
estimated to reach a maximum of approx. $156,000 per annum during 1928
and succeeding years.
E A R N IN G S.— For cal. years [in dollars at rate of 1 reichsmark— 23.8c.].
1926.
1925.
1924.
Total revenues_____________________ $23,677,548 $21,233,956 $18,211,398
Net profits________________________
453,675
448,722
______
OFFICERS.-—Managing Directors, Dr. Ivauffmann and Mr. Rehmer.—
V . 122, p. 746, 881, 1760; V. 123, p. 3036, 3180; V. 125, p. 1190.

BERLIN ELECTRIC ELEVATED & UNDERGROUND
R A IL W A Y S CO.
[ G e s e l ls c H a f t

fu e r

E le k tr is c h e H o c h u n d
B e r l i n .]

U n te rg ru n d b a h n e n

in

Control.— A majority o f company's capital stock is owned by the City of
Berlin.




[ V ol. 125.

ORGANIZATION.—-Organized in 1897 as a private corporation to con­
struct and operate electric elevated and underground lines in the City of
Berlin and its suburbs, and began operation in 1902.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Company owns about 6 miles of elevated and 28.07 miles of underground
lines (with a total of about 71.5 miles of track) and operates a total, incl.
connecting lines, of about 33.1 miles. These lines constitute the entire
electric rapid transit system in Berlin, the third largest city of the world,
with about 4,000,000 inhabitants.
Power plant of 32,500 k.w., which generates most of the electric current
required, the remainder being supplied chiefly by the Berlin City Electric
Co. all the capital stock of which is owned by the city. About 800 cars.
Franchises, &c.— None of the franchises expire before 1975. The city has
the right to acquire certain lines of the company in 1937 and at intervals of
10 years thereafter, however. Such purchase can only be made subject to
the mortgage securing the 30-year 1st mtge. 6K % sinking fund gold bonds
(see below). The city of Berlin owns the surface lines, operated through
a company all the stock of which is owned by the city, and also controls
through stock ownership the companies owning and operating the bus lines.
The city thus owns or controls all of the transit facilities with the exception
of the local steam railroad lines (Stadt- und Ringbahn) of the German
National Railway Co. The city has entered into an agreement with the
company providing that fares will be maintained adequate to insure earn­
ings which will cover operating expenses, interest and sinking fund on all
loans, depreciation and other necessary reserves, and that if, for any reason,
the fares should not be maintained at such adequate rates, the city will
provide the funds necessary for said purpose. Y. 123, p. 2516.
STOCK AND BONDS—■ Date.
Interest. Outstanding. Maturity.
Cap stk 175,244,000 R M (par
________ xl75,244,000 R M ______
value)__________________________
30-year 1st mtge. 5 A % sink f 1926
6 A g A-O $14 807,000 Oct 1 1956
fund $15,000,000 ($1,000,3 Deutsche Treuhand-Gesellschaft, trustee; the
$500 c * )__________________[ Equitable Trust Co. of N. Y ., co-trustee.
Real estate mtges (on property
not used for ry operation)_______
________ 420,000 RM ___________
Unsecured loan from City of
6A
15,000,000 RM
See text
Berlin__________________________
x Including 62,000,000 R .M . par value cap. stock, 50% paid, the balance
subject to call. There are also outstanding 1,250 profit sharing certificates
(no par value) the holders of which are entitled to one-quarter of the net
profits after payment of dividends at rate of 8% on stock of company.
Bonds.— The unsecured loan from the City of Berlin is repayable with
interest at 6M % through cumulative annual sinking fund by April 1 1950.
The 80-year 1st mtge. 6 A % sinking fund gold bonds, dated Oct. 1 1926
are secured by a direct first mortgage on all the elevated and underground
railway properties of the company, including equipment and power plant
(including after-acquired properties), subject only to charges under the
Dawes Plan estimated at not exceeding $225,000 in any one year, on the
basis of present assessments. The remaining bonds may be issued, under
conservative restrictions, for 60% of additions &c., provided net earnings for
12 consecutive within preceding 15 months have equalled at least 1A
times annual interest and sinking fund requirements on all bonds issued
under the indenture, incl. proposed issue. There is a cumulative sinking
fund of approximately 1.2% per annum, sufficient to repay the entire
issue at or before maturity to be applied to the purchase of bonds at or
below par and int., otherwise to redemption by lot at par and int. Are
callable, whole or part, on any interest date, upon 3 months’ notice, at
1023-2 and int. up to and incl. Oct. 1 1931, and thereafter at par and int.
Principal and interest payable in New York City in U. S. gold, without
deduction for any present or future German taxes, at office of Speyer & Co.
Or collectible in Holland in guilders, the rate of exchange being fixed from
time to time by the houses mentioned below. In Nov. 1926 Speyer &
C o., Equitable Trust Co. ©f New York, Blyth, Witter & C o., A c., &c.
offered $15,000,000 at 94M and int., to yield 6.95%
Of this amount
$3,000,600 were withdrawn for sale in Holland by Hope & C o., Teixeira de
Mattos Brothers and Deutsche Bank, Amsterdam. Application for listing
on New York Stock Exchange was to be made. V. 123, p. 2516.
EARN ING S.— Aggregate earnings o f lines owned by co. for cal. years
Over. Exp.,
Gross.
Mainl. & Taxes.
Net.
1926.............. .................. ........ 6,891,000
3,980,000
2,911,000
xl925___ - ________________ $7,367,000
$4,077,000
$3,290,000
x Including months of October, November and December estimated.
Dividends.—-Annual dividends have been paid since 1903 with the ex­
ception of 1923; rate paid was 5% for 1924 and 7% for 1925.
OFFICERS.— Managing Directors: P. Wittig and H. Dettmar. Office,
Berlin, Germany.— Y. 123, p. 2516, 2652; V. 124, p. 2425, 2585; V. 125,
p. 383, 2260.

CONSOLIDATED HYDRO-ELECTRIC WORKS
UPPER WUERTTEMBERG.
(Bezirksverband Oberschwaebische Electrizi­
taetswerke.

OF

ORGANIZATION.— Company is a public corporation organized by
certain counties of Wuerttemberg for the purpose of furnishing the territory
of such counties with an adequate supply of electric current. V. 122, p. 747
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS —
Co. is one of the largest hydro-electric enterprises in Germany, serving a
territory of over 2,500 square miles and a population of approximate!}
500,000. Communities served 700, customers about 55,000. The territory
served comprises about one-third of Wuerttemberg. Co. owns and operates
2 large hydro-electric plants, a steam plant and several smaller power
plants; during 1924 over 82% of the electrical output was generated by
hydro-electric plants. V. 122, p. 747.
Franchises.— Co. has the sole right in the commtimties which it serves, to
distribute and sell, without competition, electric power; it also has right
to fix rates that insure successful operation. V. 122, p. 747.
BONDS—
Date.
Interest.
Outstanding. Maturity.
1st mtge 30-yT sink fund gold/ 1926
7 g J-J
$3,936,000 Jan 15 1956
$5,000,000 ($1,000, 500 c*)\American Trust Co., N . Y . O., trustee.
Bonds.— The 1st mtge. 30-yr. sink, fund gold bonds, dated Jan. 15 1926
are secured by a 1st mtge. on all of the c o .’s hydro-electric plants, including
tiie plants to be built, and also certain other additional properties
In addition, 15 counties in Wuerttemberg (for names, see V. 122, p.
747), are jointly and severally liable for the payment of principal and interest
of this loan. Bonds constitute a primary obligation of those counties, payable
directly from taxation in the event that revenues of the co. should ever be inad­
equate. 14 of the above counties had no other funded debt at the beginning of
1926. Co. covenants that as long as any of these bonds are outstanding, it will
not initiate or permit rates which would be insufficient to produce annual net
earnings equal to at least 1 A times interest and sinking fund on all of its
outstanding funded debt. Red. all or part, except for sinking fund on 30
days’ notice, on any interest date beginning Jan. 15 1931 as follows; at
102 on or after Jan. 15 1931; at 101 on or after Jan. 15 1936: at 100 on or
after Jan. 15 1941. Principal & interest payable at W. A. Harriman & Co.,
Inc., N. Y . C., in U. S. gold without deduction for any past, present or
future taxes levied by or within the German Reich. In Feb. 1926 W . A.
Harriman & Co., Inc. offered at 93 and int , to yield 7.60% $4,000,000 of
these bonds. V. 122, p. 609, 747. Listed on N. Y . Stock Exchange.—
V. 123, p. 3318.
EARNING S.— Have never shown a deficit All earnings are regularly
reinvested in the property, company being a public enterprise, not dis­
tributing dividends. Earnings for calendar years;
1925
1924.
Gross operating revenue_________________________$1,345,710 $1,121,078
Operating expenses & maintenance_______________
555,720
417,440
Net before depreciation & interest_____________
$789,990
$703,638
OFFICERS.— Control of the c o .’s affairs rests in an Assembly of 82
members and a Board of Administration of 36 members. Both bodies
consist of representative citizens from the counties interested. Pres.,
Baron von Stauffenberg. Offices: Biberbach A. D. Riss, Wuerttemberg.
Germany.— V. 122, p. 609, 747; V. 123, p. 1761,3318.

ELECTRIC POW ER CORP.
(E lektrow erke A k tien gesellsch a ft.)
Controlled by United Industrial Corp. (“ Viag” ), which owns the entire
capital stock. The entire stock of Viag is owned by the German Government

O ct ., 1927.]

O R G A N I Z A T I O N .— T h r o u g h th e m erger o f va rio u s co m p a n ie s in 1921
c o r p . a tta in ed m a jo r im p o r ta n c e a n d n o w s u p p lie s e le ctric p o w e r w ith in a
te r r ito r y h a v in g a p o p u la tio n o f o v e r 1 6 .0 00 ,0 0 0 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o r p . su pplies p o w e r e n tirely a t w h olesa le, o v e r 6 0 % o f its o u t p u t being
s old to d istrib u tin g system s s ervin g th e P r o v in c e o f B ra n d e n b u rg , in cl. thf
C it y o f B erlin , th e P ro v in ce o f S a x o n y , th e F re e S tate o f A n h a lt a n d the
F ree S ta te o f S a x o n y . In this m an n er c o r p . su pplies a b o u t 7 5 % o f the. cu r
ren t co n su m e d b y th e C it y o f B erlin .
C o r p .’s p r op erties in clu d e 3 la rge m o d e rn p o w e r p la n ts w ith a total
in sta lled c a p a c ity o f 3 1 2 ,00 0 k .w ., and a p p r o x . 628 m iles o f 1 1 0 ,00 0 -vo lt
tran sm ission lin es. T h e se lines, w ith co n n e ctin g 1 1 0 ,0 0 0 -v o lt lines ow ned
b y v a rio u s d is trib u tin g co m p a n ie s se rve d , fo r m a to ta l in te r-co n n e cte d
1 1 0 ,0 0 0 -v o lt sys tem o f o v e r 1,2 0 0 m iles o f lin es. I t s 3 large steam plan ts
are a d ja c e n t t o exten sive lign ite c o a l fields o w n e d b y it a n d e stim ated t o be
s u fficien t t o fu rn ish its entire fu e l s u p p ly fo r m o r e th a n 50 ye a rs. 7 0.000
k .w . a d d itio n a l c a p a c ity are b e in g in sta lled a n d w ere e x p e c te d to b e c o m ­
p le te d ea rly in 1926. C o r p .’s tran sm ission lines are a lso b e in g exten d ed
jiit o th e P r o v in c e o f S ilesia. V . 1 20, p . 1457; V . 1 21, p . 1568.
Relation to D aw es P lan .— C o . b y reason o f G o v t , ow n e rsh ip (th rou gh V ia ?
o f all o f its ca p ita l s to c k , is n o w ,e x e m p t fr o m th e o p e ra tio n o f th e so-ca lled
D a w e s P la n . T h e G e r m a n G o v t ., h o w e v e r, in o rd e r t o e q u a lize the repara­
tion s b u rd e n , req u ires th e c o m p a n y to m a k e ce rta in annual p a y m e n ts
es tim a te d as n o t ex c e e d in g $ 15 0 ,0 0 0 , w h ich are u n secu red a n d corresp on d
in a m o u n t to th e annual ch arges fo r in te re st a n d a m o r tiz a tio n o f D a w es
in du strial d eb en tu res w h ich w o u ld b e im p o s e d u p o n its rop erties if p riva tely
o w n e d . V . 120, p . 1457.
STOCK A N D BONDS—
D a te.
Interest. O utstanding.
M atu rity.
C o m m o n $ 1 4 ,2 8 5 ,7 1 4 ________________
__________x $ 1 4 .2 85,714
1st M sin k in g fu n d g o ld $ 2 5 , - f 1925
6 X g M -S 7 ,5 0 0 .0 0 0 M a r 1 19;>0
A
000 .00 0 6 K %
series d u e D e u ts ch e T re u h a n d G e se llsch aft, B erlin
1950 ($ 1 ,0 0 0 , $500 c * ) ____ {
G e r m a n y , tru stee; H arris T r u s t & Savs
{ B a n k , C h ic a g o , 111., c o -tru s te e .
x A ll o w n ed b y U n ite d In d u s tria l C o rp . (V e re in igte In d u strieu n tern eb
m ’in gen A k tien g es ells ch a ft, o r “ V ia g ” ) .
See a b o v e .
Bonds.— 'T he 1st M . s. f . gold bonds dated M a rch 1 1 9 2 5 .are secu red b y a
d ire ct 1st m tg e . on all th e fix e d p rop erties o f th e c o . , in cl. th o se aftera< q u ired . In a d d itio n th ese b o n d s are gu aran teed as t o p rin c ip a l, interest
and sin king fu n d b y “ V ia g ” (see a b o v e ). A d d itio n a l b o n d s or this or
oth er series o f such te n o r as c o r p . m a y d eterm in e m a y b e issued (a) $ 2 ,5 0 0 .0 00 (or e q u iv a le n t in o th e r cu rre n c y ) against th e m o r tg a g e d p r o p e r t y as it
existed on M a r c h 1 1925; (5) $ 1 5 ,0 0 0 ,0 0 0 (o r e q u iv a le n t in oth e r cu rre n c y )
for 5 0 % o f c o s t o f n ew co n s tr u c tio n , & c ., p r o v id e d n e t earn m gs. fo r 1~
o u t o f 15 p reced in g m o n th s h a v e been a t least 3 tim es annu al in terest
requirem ents on all b o n d s o u ts ta n d in g , in cl. th o s e t o be issued.
A sinking
fund, b egin n in g A pril 1 1930 retires each year 215 % o f the to ta l a m o u n t o f
b on d s o f Series d u e 1950, w h ich h a ve been issu ed.
B o n d s a cq u ired b y
the sin king fu n d will be ca n c e lle d . C all , w h o le o r p a rt, on 60 d a ys n o tice
at 100 and in t.
P rin cip a l and in t. p a y a b le a t c o -tru s te e 's o ffic e in C h ica g o ,
ill., in U . S. g old co in .
L isted on N Y . S to c k E x ch a n ge .
In M a rch
1925 H arris, F orb es & C o ., L e e , H iggin son & C o . and B row n B ro s. & C o .
sold $ 5 ,0 00 ,0 0 0 6 4 5 % series d u e 1950 at 87 and in t ., t o yie ld o v e r 7 ,6 7 % .
In S ept. 1925 the sam e ban k ers o ffe re d $ 2,5 0 0 ,0 0 0 a d d itio n a l b o n d s o f th e
sam e series a t 87 and in t ., t o y ie ld o y e r 7 .6 8 % .
V . 120, p . 1326, 14o7;
V . 121, p . 1568; V . 122, p . 1168.
E A R N I N G S .— N e t earnings a fte r cu rre n t m a in te n an ce , exp en d itu res
and taxes, b u t b e fo re d e p re cia tio n for 12 m o n th s e n d ed .Tune 3 0 1925 w ere
s ta te d t o h a v e b een $ 3 ,5 2 5 ,0 4 6 . F o r 12 m o n t h s e n d e d D e c . 31 1926 w ere
$ 3 ,8 8 2 ,4 6 2 .
E L E C T R I C A L O U T P U T .— I n 12 m on th s e n d e d Ju n e 30 1925: 1 ,5 1 0 ,280 .00 0 k . w . h .; in ca le n d a r ye a r 1924, 1 ,4 1 0 .2 1 0 ,0 0 0 k . w . h .; in 1923.
1 .2 9 3 .0 9 7 .0 0 0 k. w . h .; in 1922, 1 ,3 1 1 ,7 7 4 ,0 0 0 k . w . h .; in 1921, l , 0 1 9 , o 0 o 000 k . w . h .: in 1920, 7 6 9 ,7 9 3 ,0 0 0 k . w . h.
O F F I C E R S .— M a n a g in g D ir e c to r s (“ V o r s t a n d " ): H e rm a n n J a h n ck e ,
E rich B lo c k , D r . G e o r g B o lz a n i, A lfo n s P e u c k e r , D r . G e o r g R o t z o ll, O skar
A rlt. O ffice s , B erlin , G e r m a n y .— V . 120, p . 1326, 1457; V . 121, p . 1568;
V. J22, p . 1168

HAMBURG ELECTRIC CO.
^HamburgiscHe Electrizitar ts-Werke, Aktiengesell­
schaft)
Controlled b y th e F re e S ta te o f H a m b u r g , w h ich h o ld s a b o u t 3 0 % o f th e
co m m o n s to c k a n d also o n e p r e f. share w ith s p e c ia l v o t in g p o w e r s , giv in g
the F ree S tate th e m a jo r it y o f v o t e s in a n y m e e tin g o f s to c k h o ld e rs .
O R G A N I Z A T I O N .— F o u n d e d in 1894 as a s to c k c o m p a n y w ith a c a p ita l
o f 6 ,0 0 0 ,0 0 0 m a r k s.
In 1915 th e Free S ta te o f H a m b u r g b e c a m e a s to c k ­
h old er in th e c o m p a n y an d fu rn ish ed ca p ita l eq u a l to th a t a lre a d y o u t ­
s ta n d in g , o r 2 2 ,0 0 0 ,0 0 0 m a r k s.
Business is th e p r o d u c tio n and d istrib u tio n
o f e le c tr ic e n e r g y fo r lig h t a n d p o w e r in th e F re e S ta te o f H a m b u r g , in clu d ­
in g th e C it y o f H a m b u r g , w h ich h as a p o p u la tio n o f 1 .0 7 5,00 0 . C o . also
has th e r ig h t t o d is trib u te lig h t aDd p o w e r o u ts id e th e lim its o f th e t r e e
S ta te o f H a m b u r g a n d c u r r e n t is th u s s o ld in la rge a m o u n ts.
In a d d itio n
c o . h as e x c lu siv e rig h t t o fu rn ish p o w e r to th e s tr e e t ra ilw a ys m H a m b u rg
u n d er fa v o r a b le c o n tr a c ts .
^ ,
. .
C o . ow n s a n d o p e ra te s a la rge gen era tin g p la n t in T ie fs ta c k w ith a c a p a c ity
o f 8 7 ,0 0 0 k .w .. o r 118,207 h .p ., a n d an oth er large g e n e ra tin g p la n t m N e u h o f
w ith a gen era tin g c a p a c ity o f 6 2 ,5 0 0 k .w ., o r 8 4 ,9 0 0 b .p .; th is N e u h o f p la n t,
w'hich is n o w o n ly in p a rtia l o p e r a tio n , w ill h a v e u p o n its fin a l c o m p le tio n
a t o ta l in s ta lled c a p a c ity o f a b o u t 2 0 0 ,0 0 0 k .w ., or 2 7 1 ,0 0 0 n .p . C o m p a n y
ow n s a n d o p e ra te s , oe sid e s 3 sm all ge n e ra tin g s ta tio n s, 7 cran s.o rm m g
sta tion s a n d 24 s u b -sta tio n s , 1,5 0 0 m iles o f u n d e rg ro u n d c a b le line a n d 368
m iles o f o verhead lin e. M e t e r s in sta lled in cr e a s e d fr o m 2 0 2 ,00 6 o n J u n e 30
1926 t o 2 32.312 o n Ju n e 30 1927. C o m p a n y h o ld s 5 0 % in te re st in F e r n h eiz w erk H a m b u r g G . M .B .H . (H a m b u r g S te a m H e a tin g C o .) , a n d a lso m
S tr om v ersorgu n g W ilh e lm sh u rg G . M .B .H . (W ilh e lm s b u rg P o w e r C o .)
C o m p a n y has its o w n in su ra n ce c o m p a n y — H a m b u r g isc h e E le c tr ic ita ts W erk e S elb stv ersieh eru n gsgesellsch a ft M . B . H . (H a m b u r g E le c tr ic S eL In su ra n ee C o .) , o f w h ic h it o w n s th e t o ta l c a p ita l.
R elationship to D aw es P lan .— C o . ’s o b lig a tio n s un der the D a w es p lan to ta l
$1 9 6 3 ,19 5 . O n e-h a lf o f this a m o u n t is in th e fo r m o f a n e g o tia b le o b lig a ­
tion w h ich ca n b e s o ld w h ile o n e -h a lf is n o n -n e g o tia b le a n d has been
d ep osited w ith th e B a n k fu r D e u ts ch e In d u s trie -O b lig a tio n e n m B erlin .
T h e in terest ch arges o n this d e b t are as fo llo w s : F o r th e y e a r en d in g A u g . 31
1926, 8 4 9 ,1 6 0 ; fo r th e year e n d in g A u g . 31 1927, $ 9 8 ,2 7 5 ; fo r ea ch year
th erea fter, $ 11 7 ,7 9 2 .
_
,.
,, ,
STOCK A N D BONDS—
D a te.
In terest. O utstanding
M a tu rity .
-----------------$ 1 5 ,7 0 8 ,0 0 0 -------------------C o m m o n (100 g o ld inks p a r ) . . ------Preferred (votin s r)
_________ ______
_______ ___
x2 ,uo 1
----------------10-yr skg fu n d ex t. g o ld d e b e n t J 1925
7 g M -N
3 ,8 9 0 ,0 0 0 N o v 1 1935
($ 1 ,0 0 0 . $500 c * ) -----------------(N e w Y o rk T r u s t C o
trustee
I n t e r n a l R eic h s m a rk s d s b s . _ 1926
7 J -J
5 ,1 1 9 ,0 4 8 J am 2 19a2
x A il o w n ed b y th e F re e S tate o f H a m b u rg
See u n d e r ‘C o n t r o l, a b o v e .
Bonds. — T h e extern a l g old d e b e n tu re s d a te d N o v . 1 1925 a n d th e in tern a l
reich sm a rk d e b e n tu re s are th e o n ly ou ts ta n d in g fu n d e d d e b t o f th e c o m ­
p a n y w ith th e e x c e p tio n o f $69 ,98 5 d e b e n tu re s an d m o rtg a g e s and th e o b li­
ga tion s to ta lin g $ 1 ,9 6 3 ,1 9 5 ) u n d e r th e D a w e s P la n .
(S ee a b o v e .) A s
lo n g as th e extern al g o ld d e b s , are o u ts ta n d in g , c o . w ill n o t (a) m o rtg a g e or
pled ge a n y o f its p ro p e rtie s e x c e p t fo r the o b lig a tio n s u n d er the D a w es P la n ,
unless these d e b e n tu re s are giv e n p rio r ity as to s e cu rity ; (6) issue a n y a d d i­
tion al d eb en tu res o r o th e r fu n d e d ob lig a tio n s (1) unless n e t earnm gs fo r 12
con secu tiv e in 15 p re ce d in g m o n th s have e x c e e d e d 3
tim es annual in t. on
all ob lig a tion s ou ts ta n d in g , in cl. th ose t o b e issued; (2) w h ich will cause its
Indebtedness to exc e e d 6 0 % o f th e d e p re cia te d v a lu e o f its p la n ts , o r ca u se
its fu n d ed in d eb ted n e ss to e xce e d th e par a m o u n t o f its sh are ca p ita l. B e ­
gin ning N o v . 1 1926, a sin kin g fu n d will re tire sem i-a n n u a lly $ 10 0 ,0 0 0 o f
th is issue eith er b y d e liv e r y t o th e fisca l a gen t o r b y r e d . b y lo t at 100. R e d .
as a w h ole b u t n o t in p a rt o n 60 d a y s ’ n o t ic e o n N o v . 1 1930 o r a n y
in terest d a te th erea fter a t 103 a n d in t . P r in c ip a l. interest a n d sin k in g fu n d
p a y a b le at In te rn a tio n a l A c c e p t a n c e B a n k , I n c . , in U . S. g o ld , w ith o u t
d e d u ctio n fo r a n y p a s t, p re se n t o r fu tu r e taxes o r d u tie s le v ie d b y or w ith in
G e r m a n y or th e F re e S tate o f H a m b u r g .
In N o v . 1925 M a rsh a ll
F ield, G lo re , W a r d & C o . a n d B ly t h , W itte r & C o . o ffe re d $ 4 ,0 0 0 ,0 0 0 a t
95 H an d i n t ., t o y ie ld o v e r 7 .6 5 % . V . 121, p 2272
.
C o m p a n y m u st re tire re ich sm a rk d e b e n tu re s a n n u a lly fo llo w in g a p lan o f
re tire m e n t. C o . m a y re tire th e lo a n to ta lly o r p a r tia lly b e gin n in g 1932 on
3 m o n th s ’ n o t ic e . R e tire m e n t o r r e d e m p tio n at p a r. In O c t. 1926 C o m m erz und P r iv a t B a n k A .G . , H a m b u r g , o ffe r e d 1 5 ,0 00 ,0 0 0 reich sm a rk s at
9 3 K . w h ile th e rest w as s o ld la te r.




287

POWER, LIGHT AND RAILW AY

E A R N I N G S .— F o r y e a r e n d e d Ju n e 30 1927: G ross, $ 1 0 ,0 6 5 ,5 9 7 ; o p e r .
e x p ., in c l. H a m b u r g S ta te r o y a lt y , $ 4 ,4 4 1 ,8 3 4 ; n e t p r o fit , $ 5 ,6 2 3 ,7 6 3 ;
D a w e s lien ch a r g e s , $ 11 7 ,7 9 2 ; in te re s t. $ 52 8 ,7 8 5 ; d e p r e c ia tio n , $ 1 ,3 0 9 ,5 2 4 ;
b a la n c e fo r in c o m e t a x d iv s . a n d H a m b u r g S ta te p a r tic ip a tio n , $ 3 ,6 6 7 ,6 6 2 .
T o t a l sales o f e le c t r ic it y in k .w .h . (years en d e o Ju n e 3 0 ): 1923-24, 1 3 7 ,645 284; 1924-25, 1 9 1 ,6 6 2 ,6 5 3 : 1925-26, 2 2 0 .17 4 ,2 9 3 1926-27, 2 4 9 ,6 9 6 ,1 1 3 .
O F F I C E R S .— -Ores. B o a r d o f D ir e c to r s , M a x S ch ra m m ; M a n a g in g
D ir e c to r , D r . A lb e r t B a n n w a r t n .— V . 121, p . 2272; V . 124, p . 1979.

LEIPZIG OVERLAND POWER COMPANIES.
Landkraftwerke Leipzig Aktiengesellschaft in Kulkwitz and Energie Aktiengesellschaft Leipzig.)
L E IP Z IG O V E R L A N D E L E C T R IC P O W E R C O . (L a n d k r a ftw e r k e
L e i p z i g A k t i e n g e s e l l s c h a f t in K u l k w i t z .)
C o n tro l.— O v er 7 3 % o f c o . ’s ca p ita l s to c k is o w n e d d ir e c tly o r in d ir e c t ly
b y F ree S tate o f S a x o n y a n d b y th e v a rio u s m u n icip a litie s s e r v e d .
O R G A N I Z A T I O N .— O rga n ize d in 1910. P r a c t ic a lly its e n tire bu sin ess
con sists in the ge n e ra tio n , d istrib u tio n a n d sale o f e le ctric lig h t a n d p o w e r .
C o . a lso o w n s 671 m iles o f high a n d m e d iu m ten sion tra n sm ission iines
and 610 m iles o f io w ten sion lin es. A p o rtio n o f th is s y s te m fo rm s a rin g
transm ission lin e a ro u n d th e c it y o f L e ip z ig . C o . has 8 s u b sta tion s a n d 3 24
tra n sform er sta tio n s w ith a to ta l tra n sform er c a p a c ity o f 4 8 ,2 7 0 k .v .a .
C o . o b ta in s its en tire fuel s u p p ly fr o m an e le c tr ic a lly o p e ra te d lig n ite coa l
m ine s itu a te d im m e d ia te ly a d ja c e n t t o its p o w e r p la n t, th e co a l b e in g trans­
ferred d ir e c tly t o th e b o ile r s b y c o n tin u o u s c o n v e y o r s . T h e m in e is o p e r­
a te d b y th e c o . ’ s w h o lly -o w n e d su b sid ia r y , L eip zig e r B ra u n k oh len w erk e
A k tie n ge s e lls ch a ft in K u lk w itz . T h e p ro p e rtie s w h ich th e c o a l c o . ow n s
in fe e o r t o w h ich it has m in in g rig h ts are e stim ate d t o b e s u ffic ie n t a t th e
presen t ra te o f p r o d u c tio n fo r m o re th a n 60 y e a rs . V . 123, p . 1 50 3 .
Sales o f E lectric Current in K . W . H . , Y ears Ended Ju n e 3 0 .
__ 3 5 ,8 90 .0 0 0 1925 _________ 6 1 ,5 8 6 ,0 0 0
1917 ________2 7 ,3 5 5 .0 0 0 1 921
__4 9 ,2 7 8 ,0 0 0 1926 _________ 6 4 ,8 9 2 ,0 0 0
1918 ________3 2 ,1 8 3 ,0 0 0 1922
__5 6 ,7 8 9 ,0 0 0
1919 ________2 9 ,5 1 8 .0 0 0 1923
__ 5 4 ,7 35 ,0 0 0
1920 ________3 3 ,1 0 8 ,0 0 0 1 924
L E I P Z I G P U B L I C S E R V I C E C O R P . (E n e r g i e A k t i e n g e s e l l s c h a f t
L e i p z i g .)
C ontrol.— 7 4 % o f c o r p .’ s ca p ita l s to c k is o w n e d d ir e c tly o r in d ir e c t ly by
th e va rio u s m u n icip a litie s served
O rganization, & c .— I n c o r p . in 1923 t o c o m b in e d u n d e r o n e m a n ag em en t
th e o p e r a tio n o f s e v e ra l e le ctric lig h t an d p o w e r co m p a n ie s a n d gas c o m ­
pa n ies. C o r p . o p e ra te s v a rio u s p r o p e rtie s , in clu d in g 9 gas p la n ts a n d also
e le ctric a n d gas d is tr ib u tio n s yste m s, w h ic h it leases u n d e r a d v a n ta g e o u s
c o n tr a c ts ; in a d d it io n , it fu rn ish es m a n a g e m e n t t o o th e r u t ilit y co m p a n ie s .
F o r t h e y e a r e n d e d J u n e 30 1926 a p p r o x . 7 2 % o f c o r p .’s gross op era tin g
re v e n u e w a s d e r iv e d fr o m e le ctric lig h t a n d p o w e r a n d 2 8 % fr o m gas.
Sales o f Eelectric
Sales o f Oat
Year Ended Ju n e "H —
Q
Current in K . W . H * in Cubic Feet.
1924____________________________________________2 3 ,0 0 0 .0 0 0
2 53 ,0 0 0 ,0 0 0
1 ,2 5 ____________________________________________2 8 ,0 0 0 .0 0 0
3 36 ,4 0 9 ,0 0 0
1926____________________________________________3 4 ,0 0 0 ,0 0 0
3 63 .0 0 0 .0 0 0
* In clu d e d in sales o f L e ip zig O v e rla n d E le c tr ic P o w e r C o .
F IE L D O F O P E R A T IO N S O F L E IP Z IG O V E R L A N D P O W E R
C O M P A N I E S .— T h e t w o co m p a n ie s se rve d ir e c t ly o r in d ir e c t ly a h ig h ly
d e v e lo p e d in d u strial a n d a gricu ltu ra l te r r ito r y o f a p p r o x . 2 ,9 0 0 s q . m iles
lo c a te d in th e F re e S ta tes o f S a x o n y a n d P r u s s ia . P o p u la tio n a b o u t 1 ,0 0 0 ,000 (1 9 2 5 ). T h e te r r ito r y c o m p le te ly su rro u n d s a n d in clu d e s certa in p o r ­
tio n s o f th e c it y o f L e ip z ig , w h ich is th e fifth la rge st c it y a n d o n e o f th e m ost
im p o r ta n t co m m e r c ia l ce n tre s in G e r m a n y . T h e t w o co m p a n ie s togeth er
h a v e a p p r o x im a te ly 1 12,000 c u sto m e rs.
L e ip zig O v e rla n d P o w e r c o s . se rve im m e d ia te ly a d ja c e n t te rritories and
are p a rtia lly u n d e r th e sam e o w n e rsh ip . L e ip z ig P u b lic S e rv ice C o r p . p u r­
ch ases p r a c tic a lly all o f its ele ctrica l en e r g y tro m L e ip z ig O v e rla n d E lec tr ic
P o w e r C o .; it also leases th e p ro p e rtie s o f a n e ig h b o rin g u t ilit y c o . in w h ich
L e ip z ig O v e rla n d E le c . P r . C o . o w n s a su b sta n tia l in te re s t. V . 123, p . 1503.
L E IP Z IG O V E R L A N D P O W E R
M O R T G A G E G O L D BO N D S.

C O M P A N IE S

20 Y E A R

6M % S . F

A u th orized A m o u n t, & c .—
D a te.
In terest. O utstand ing. M a tu rity.
2 0 -y e a r sin k in g iu n d m o r tg a g e f 1926 6 l S M - N $ 2 ,9 6 3 ,0 0 0 M a y 1 1946
A
$ 5 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 c * ) ____ (A m e r ic a n T r u s t C o ., N . Y . 0 . , a n d A llg e m ’ e
) D e u ts c h e C r e d it-A n s ta lt, L e ip zig , trustees.
D escriv tio n o f A bove Bonds.— A re t h e d ir e c t , jo in t a n d severa l ob lig a tion
o f L e ip zig O v e rla n d E le c tr ic P o w e r C o . a n d L e ip zig P u b lic S ervice C o r p .
a n d secu red b y a m o r tg a g e , s u b je c t o n ly t o D a w e s p a y m e n ts, on su bstan ­
tia lly all th e rea l p r o p e r t y o f th e firs t-n a m e d c o m p a n y , i n c l. its p o w e r p lan t,
and a d d itio n s w h ich w ere t o b e co n s tr u c te d fr o m p o r tio n o f p ro ce e d s o f
$ 3 ,0 0 0 ,0 0 0 issue o f 2 0 -y e a r s. f. m tg e . b o n d s . L e ip zig O v erla n d E lec tr ic
P o w e r C o . c o v e n a n ts t o tran sfer t o A llg e m e in e D e u tsch e C re d it-A n s ta lt,
L e ip z ig , th e G e r m a n tru s te e , its e n tire tran sm ission sy s te m (in s o fa r as
said s y s te m is n o t in clu d e d in th e p r o p e r t y co v e r e d b y th e m o r tg a g e ) to
b e h e ld in tru st as a d d itio n a l s e cu rity fo r these b o n d s.
A s fu rth e r s e c u r ity , L e ip z ig O v e rla n d E le c . P r . C o . p le d g e d w ith G erm an
tru stee all o f th e c a p ita l s to c k o f L eip zig e r B ra u n k oh len w erk e A k tien gesell­
s c h a ft in K u lk w itz . L e ip zig O v e rla n d E le c tr ic P o w e r C o . c o v e n a n ts th a t,
w ith th e e x c e p tio n o f D a w e s p a y m e n ts , certa in re v a lo r iz e d m o rtg a g es o u t ­
s ta n d in g n o t in excess o f $ 4 0 ,0 0 0 a n d pu rch a se m o n e y o b lig a tio n s , th e coal
c o m p a n y , as lo n g as th ese b o n d s are o u ts ta n d in g , w ill n o t c r e a te a n y m o r t­
ga g e in d e b te d n e ss u p o n a n y o f its p r o p e r ty w ith o u t se cu rin g th e se b o n d s by
a lien p rio r t o t h a t o f said in d e b te d n e ss .
A n a d d itio n a l $ 2 ,0 0 0 ,0 0 0 m a y b e issu ed fo r 5 0 % o f new p ro p e rtie s a n d (o r)
a d d itio n s , b e tte rm e n ts a n d im p r o v e m e n ts w h ich a re t o b e p la c e d u n d er the
m o rtg a g e , a n d th en o n ly i f th e c o m b in e d a gg re ga te n e t earn in gs o f th e c o m ­
pa n ies (as d e fin e d in th e tru st a greem en t) fo r 12 c o n s e c u tiv e o u t o f p reced in g
15 ca le n d a r m o n th s h a v e been a t least 1 % tim es th e a n n u al in terest and
sin k in g fu n d ch arge s o n th eir e n tire fu n d e d d e b t th e n o u ts ta n d in g , in­
clu d in g th e b o n d s t o b e iss u e d .
T h e r e is a sem i-a n u u al sin kin g fu n d b e g in n in g N o v . 1 1926 s u lfic ie n t to
retire th e entire issue b y m a tu r ity . In lieu o f ca sh co m p a n ie s m a y d eliv er,
a t th eir l a c e v a lu e , o u ts ta n d in g b o n d s o i th is issue. S in k in g fu n d m on ey s are
t o be u sed fo r r e tire m e n t o f b o n d s b y se m i-a n n u al d ra w in g s a t 100.
N o te s .— U n d e r th e In d u strial C h a rges A c t o f 1924 (D a w e s P la n ) t h f
co m p a n ie s h a v e issu ed d e b e n tu re s in a ca p ita l s u m o f $ 62 3 ,3 7 0
U nder th e R e v a lo r iz a tio n L a w o f J u ly 16 1925 L e ip zig O v e rla n d E le c . P r .
C o . m a y b e c a lle d on to issue ce r ta in r e v a lo r iz a tio n n o te s , th e in terest od
a n d re d e m p tio n o f w h ich o n ly b e c o m e p a y a b le in a n y yea r in w h ich the
d iv id e n d s o n th e o rd in a ry shares o f th a t co m p a n y e xc e e d 6 % . S u ch interest
a n d r e d e m p tio n ch arges c a n n o t in a n y year e xc e e d $ 4 ,7 0 8 .
T h e s e b o n d s are r e d ., e x c e p t fo r sin k in g fu n d , on a n y in t . d a te beginning
M a y 1 1931, as a w h o le or p a rt, on 60 d a y s ’ n o tic e , a t 101 o n or a fter M a y 1
1931 t o a n d in cl. A p ril 30 1936; a t 100 th e re a fte r.
P rin . a n d in t . p a ya b le
in N e w Y o r k C it y a t W . A . H arrim an & C o ., I n c ., in U . S. g o ld , w ith ou t
d e d u c tio n fo r a n y p a st, p re se n t or fu tu r e taxes le v ie d b y o r w ithin the
G erm an R e ic h . L iste d o n B o s t o n S to c k E x ch a n g e . In S e p t. 1926 W . A .
H arrim an & C o ., I n c ., a n d In te rn a tio n a l A c c e p ta n c e B a n k , I n c ., sold
$ 3 ,0 0 0 ,0 0 0 o f th ese b o n d s a t 92
a n d in t ., t o y ie ld a b o u t 7 .2 0 % . V . 123.
p . 1503.
E A R N I N G S .— C o m b in e d earnings o f th e t w o co m p a n ie s (in ter-com p a n y
ite m s e lim in a ted ) fo r 12 m o n th s e n d e d Ju n e 30:
*1926.
1925.
12 m o n th s e n d e d June 30:
G ro ss r e v e n u e s _________________________________________ $ 2 ,8 4 1 ,4 7 8 $ 2 ,5 39 ,6 3 9
O p e ratin g exp en ses, in c l. m a in te n a n ce , tax e s a n d
es tim a te d m a x im u m D a w e s c h a r g e s _______________ 1 ,8 1 2.24 4
1 ,713.033
N e t earnings available for interest, deprec., & c . -$ 1 ,0 2 9 ,2 3 4
$826,606
x Includes estimated earnings for April, M a y and Ju n e 1926.
N o te .— C o n v e r sio n s fr o m G e r m a n t o U n ite d S ta tes cu r r e n c y h a v e been
m a d e a t th e ra te o f $ 0 .2 3 8 = o n e g o ld m a r k .
O F F I C E R S .— M a n a g in g D ir e c to r L a n d k ra ftw e rk e L e ip zig A k tien gesell
s c h a ft in K u lk w itz , O t t o C re d n e r; M a n a g in g D ir e c to r E n e rg ie A k tien g esells c h a ft L e ip z ig . H a n s S c h u h .— Y . 1 23, p . 1 38 2 , 1 503.

MANNHEIM
(G ro ssk ra ftw e rk

&

PALATINATE

ELEC.

COMPANIES.

M a n n h e im
A k tie n g e s e lls c h a ft a n d
P f a lz w e r k e
A k tie n g e s e lls c h a ft )
O R G A N I Z A T I O N .— T h e a b o v e t w o co m p a n ie s s u p p ly e le c tr ic p ow er
a n d lig h t, o n e t o th e te r r ito r y in a n d a b o u t th e C it y o f M a n n h e im in the
S ta te o f B a d e n , a n d th e o th e r in t h e n e ig h b o rin g P a la tin a te D is tr ic t in the
F re e S ta te o f B a v a ria . T h e to ta l p o p u la tio n s e rv e d d ir e c t ly a n d in d irectly
b y b o t h co m p a n ie s a gg re ga te s a p p r o x . 1 ,1 6 2 ,0 0 0 . V . 123, p . 206

288

PUBLIC UTILITIES

M A N N H E IM E L E C T R I C C O . ( G r o s s k r a f t w e r k M a n n h e im A k t i e n ­
g e s e lls c h a ft ).
O rgan ized in 1921 b y th e C it y o f M a n n h e im , th e P a la tin a te E le c tr ic C o .,
in L u d w ig sh a fen am R h e in , th e B a d e n W o rk s (B a d is cn e L an deselek trizita ets v ers org u n g s A G .) in K a rls ru h e , a n d th e N e c k a r C an al C o . (N e ck a r
A k tie n g e s e lls ch a ft) in S tu ttg a r t, a n d b ega n o p e ra tio n s in th e ! a tte r p a r t of
1923. C o . su p p lies , u n d e r c o n tr a c ts , th e e n tire re q u ire m e n ts o f e lectric
p o w e r a n d lig h t o f th e C it y o f M a n n h e im , su b sta n tia lly th e e n tire re q u ire ­
m en ts o f t h e R h e in a u W o r k s (K r a ftw e r k R h e in a u A . G .) , w h ich d istribu tes
p ow er a n d lig h t in t e r r ito r y a d ja c e n t t o th e C it y o f M a n n h e im , a n d a t least
a th ird o f th e req u ire m e n ts o f th e P a la tin a te E le c tr ic C o . P o p u la tio n o f
th e C it y o f M a n n h e im 2 4 2 ,0 0 0 o f th e n e a r -b y t e rrito ry se rve d b y R heinau
W ork s a b o u t 1 40,000
T h e life o f these c o n tr a c ts exten d s b e y o n d 1941
e x c e p t th e c o n tr a c t w ith th e R h e in a u W o r k s w h ich is te rm in a b le b y either
p a r t y o n A p ril 1 1940. C o . ’ s m o d e r n c e n tr a l g e n e ra tin g p la n t has a c a p a city
o f 3 7 ,5 0 0 k .w . a n d is lo c a te d on th e R h in e . T h e c a p a c ity is b e in g increased
b y a 2 0 ,0 0 0 k .w . u n it t o be fo llo w e d b y y e t a n o th e r u n it o f lik e c a p a c ity .
C o .’s p rop erties in c lu d e s w itc h a n d tra n s fo rm e r facilities fo r d liv e r y o f
e le c tr ic en ergy t o th e lines o f its c u s to m e rs a t v o lta g e s o f 2 0,0 00 an d 100.000.
C u rren t d eliv ered in fiscal y e a r e n d e d M a r c h 31 1925 o v e r 9 5 ,0 0 0 .0 0 0 k .w .h . '
in yea r en d ed M a rc h 31 1926 a p p r o x . 1 3 0 ,0 0 0 ,0 0 0 k .w .h . V . 123, p . 206.
B ein a w h o le s a le p r o d u c e r o n ly C o . re q u ire s n o sp e cia l gran ts or rights
fo r th e tran sm ission o f c u rre n t. C o . ’s c o m m o n s to c k o f 2 ,0 0 0 ,0 0 0 R . M . par
v a lu e is a ll ow n ed b y th e o rig in a l o rg a n iz in g g r o u p . C o . h as a lso 186,000
R . M . c u m . p r e f. s to c k o u ts ta n d in g .
P A L A T I N A T E E L E C T R I C C O . ( P f a lz w e r k e A k t i e n g e s e l l s c h a f t ) .
O rganized in 1912 b y th e P a la tin a te d is t r ic t o f th e F ree S ta te o f B a v a ria ,
certa in o f th e cities a n d co m m u n itie s w ith in th e d istrict a n d th e R h in e
E le c tr ic C o . (R h e in isc h e E le k tr iz ita e ts A .G . ) o f M a n n h e im . M o r e than
7 0 % o f c o . ’ s ca p ita l s to c k o f 9 ,0 0 0 ,0 0 0 R e ic h s m a rk s par v a lu e is ow n ed
b y th e P a la tin a te a n d ce rta in P a la tin a te m u n icip a litie s. F o r its p rin cip a l
sou rces o f s u p p ly c o . u tilizes th e M a n n h e im E le c tr ic C o . and th e K r a ftw e r k
H o m b u r g A .G . in th e n e ig h b o rin g Saar d is t r ic t , in w h ich it o w n s 4 8 % o f the
c a p ita l s to c k
C o . a lso m ain ta in s high te n s io n co n n e ctio n s w ith th e B aden
W ork s a n d w ith t h e R h in e -H e s se n E le c tr ic W o rk s ( E le k trizitaetsw erk
R h ein -H essen A . G . ) . C o . has o v e r 6 0 ,0 0 0 cu sto m e rs in cl. 26S citie s an d
c o m m u n itie s w h ich p u rc h a se cu r r e n t a t w h o le s a le fo r r e d is trib u tio n t o lo ca l
c o n su m e rs . C o . d istrib u te s d ir e c t ly t o co n su m e rs in 325 citie s a n d c o m ­
m u n ities. T o t a l p o p u la tio n in 1925 o f te r r it o r y r e a c h e d b o t h d ir e c t ly an d
in d ir e c tly a b o u t 7 8 0 ,0 0 0 . C u rre n t d e liv e re d in ca le n d a r y e a r 1924 o v e r
3 7 ,5 0 0 ,0 0 0 k .w .h . , in 1925 a b o u t 5 0 ,9 0 0 ,0 0 0 k .w .h .
C o n n e c te d lo a d
in creased fr o m 79.0OO k .w . a t th e e n d o f 1924 t o 9 1.0 00 k .w . a t en d o f
1925. C o . ’s p ro p e rtie s in c lu d e a g e n e ra tin g p la n t o f 6 ,0 0 0 k .w . in L u d ­
w ig sh a fen a m R h e in ; a la rge a d m in is tr a tio n b u ild in g ; tw o c o n v e r te r a n d
fiv e s w itch s ta tion s; a 1 0 0 ,0 0 0 -v o lt tra n s fo rm e r s ta tio n fo r r e c e iv in g , a n d
570 tra n s form er sta fto n s fo r d e liv e rin g c u rre n t: a b o u t 974 m iles o f h ig h te n ­
sion lin es ( o f w h ic h 66 5 m iles are 1 0 0 ,0 0 0 -v o lt a n d 848 m iles 2 0 .0 0 0 -v o lt)
a n d 323 lo ca l d is trib u tio n sy s te m s. C o . o w n s in a d d itio n to its shares in th e
M a n n h e im E le c tr ic C o . , 4 8 % o f th e c a p ita l s to c k o f th e K r a ftw e r k H o m b u r g
p la n t. (2 0 ,0 0 0 k .w .) in th e Saar d is tr ic t a n d th e e n tire ca p ita l o f a sm a ll
e le c tr ic c o m p a n y . C o . ’s fra n ch ise s g r a n te d b y th e S tate o f B a v a ria a n d b y
each o f th e 29 co u n tie s in to w h ich th e P a la tin a te D is tr ic t is d i v i d e d , e x te n d
b e y o n d 1941 a n d g iv e it s u b sta n tia l m o n o p o ly rig h ts, u p t o t h e y e a r 1939,
fo r tra n sm ission o f c u rre n t in 25 o u t o f s u ch 29 co u n tie s .
M A N N H E I M A N D P A L A T I N A T E E L E C T R I C C O M P A N I E S 1 5Y E A R 7 % S I N K I N G F U N D M O R T G A G E G O L D B O N D S .—
A u th orized A m o u n t,
D en om in a tion , A c .
D a te.
In terest.
O utstanding. M a tu r ity .
$ 3 ,0 0 0 ,0 0 0 ( S I ,000 & $ 500 c * ) 1926
7 g J -D
$ 3 ,0 0 0 ,0 0 0 J u n e 1 1941
D escrip tion o f B on d s.— T h e a b o v e M a n n h eim and P alatinate E lectric
C om pa nies 15-2/r. 7 % s. f . m tge. g. bonds, dated Jun e 1 1926 are th e d ir e c t
jo in t a n d s ev era l o b lig a tio n s o f b o t h c o m p a n ie s (w h o se d e sc rip tio n is giv e n
a b o v e ) , a n d are secu re d b y t w o m o rtg a g e s e a ch in th e g o ld m a rk e q u iv a le n t
o f o n e -h a lf th e p r in c ip a l a m o u n t o f b o n d s o u ts ta n d in g .
O n e o f th eir
m ortga ges c o v e r s t h e p la n t o f th e M a n n h e im E le c tr ic C o ., a n d th e o th e r
th e p la n t a n d a d m in is tra tio n b u ild in g o f th e P a la tin a te E le c tr ic C o . its
1 0 0 ,0 0 0 -v o lt tra n s fo rm e r s ta tio n a t M u n d e n h e im , to g e th e r w ith s w itc h
s ta tio n s, h ig h ten s io n lines and ce r ta in tra n s fo rm e r s. T h e r e is a lie n o f
eq u a l ra n k t o th ese b o n d s o n th e p r o p e r t y o f M a n n h e im E le c tr ic C o . in
th e es tim a ted a p p ro x im a te a m o u n t o f $ 61 0 ,1 3 5 , w h ile th e D a w e s ch a r g e s ,
b ased o n assessm ents as o f th e d a te o f issue o f th is lo a n w ere s ta te d a t $ 5 1 5 ,2 40 a n d $ 6 5 ,1 2 0 p rin c ip a l a m o u n t fo r P a la tin a te E le c tr ic C o . a n d M a n n h e im
E le c tr ic C o . , r e s p e c tiv e ly .
A d d it io n a l liens u p o n a n y o f th e p r o p e r t y
secu rin g th ese b o n d s , ra n k in g e q u a lly w ith these m o rtga ge s m a y b e c r e a te d
b y eith er o f th e t w o co m p a n ie s , p r o v id e d th a t th e to ta l o f th e a m o u n t o f
th is m o r tg a g e , o f a ll p r io r o r e q u a lly ra n k in g liens and o f p r o p o s e d lien less
cash d e p o s ite d u n d e r th e in d e n tu r e , d o e s n o t e xce e d % th e th e n ap p ra ised
fa ir v a lu e o f s u ch p r o p e r t y a n d th a t n e t earnings a p p lica b le t o in terest
ch arges, as d e fin ed in th e in d e n tu r e , o f th e c o m p a n y in q u e s tio n , d u rin g its
n ex t p r e ce d in g fis c a l y e a r , h a v e b e e n a t least 1M tim e s m a x im u m annu al
in terest a n d a m o r tiz a tio n ch a r g e s , o n a ll in d e b te d n e ss o f s u ch c o m p a n y t o
b e o u ts ta n d in g a fte r th e cr e a tio n o f s u ch a d d itio n a l lien . T h e r e a re t o b e
a n n u al sin kin g fu n d p a y m e n ts (firs t p a y m e n t 1931, last p a y m e n t 1940)
su fficien t t o retire 4 0 % o f t h e t o t a l o f this issue b e fo r e m a tu r ity , t o b e u sed
fo r th e r e d e m p tio n o f b o n d s a t p a r , c o m m e n c in g J u n e 1 1931. C o m p a n ie s
m a y te n d e r b o n d s a t p a r fo r c a n c e lla tio n in lien o f m ak in g ca sh p a y m e n ts .
A re r e d . as a w h o le b u t n o t in p a r t (e x c e p t fo r sin king fu n d ) o n Ju n e 1
1931 o r a n y in terest d a te th e re a fte r at p a r a n d a ccr u e d in terest. P rin c ip a l
& in t. p a y a b le a t o ffic e o f A . G . B e c k e r & C o ., C h ic a g o , or o f In te rn a tio n a l
A c c e p t a n c e S ecurities & T r u s t C o ., N e w Y o r k , w ith o u t d e d u ctio n fo r a n y
tax es o r ch a r g e s , p a s t , p resen t o r fu tu r e le v ie d b y G e rm a n tax in g a u th o ritie s .
F irst T r u s t & S avin gs B a n k , C h ic a g o , A m e r ic a n tru stee; D e u ts c h e YVarenG r eu h a n d A k tien g es e lls ch a ft, H a m b u r g , G e r m a n tru s te e . In J u ly 1926
A . G . B e ck e r & C o .; YY. A . H a rrim a n & C o . , I n c .; and M a r s h a ll F ie ld ,
G lo r e W a r d & C o ., s o ld $ 3 ,0 0 0 ,0 0 0 o f th ese b o n d s a t 9 6 % & in t ., t o y ie ld
7 .4 0 % . P a rt o f th e issue h a d b e e n w ith d ra w n fo r sale in G e r m a n y . S even tw e lfth s o f th e p ro c e e d s o f th e lo a n w a s t o b e a llo c a te a t o th e M a n n h e im
E le c tr ic C o . a n d w a s t o b e used p a r t ly fo r n ew a d d itio n s , Sic., p a r t ly fo r
retirem en t o f c o . ’s re v a lo r iz e d d e b t ra n k in g p r io r t o th e m tg e . u p o n its
p r o p e r t y s ecu rin g th e b o n d s . T h e re m a in d e r w a s t o b e a llo c a te d t o P ala­
tin a te E le c tr ic C o . fo r e xte n sio n o f th e tra n sm ission sy s te m , & c . V . 123,
p . 2 0 6 . L iste d o n B o s t o n S to c k E x ch a n g e .
E A R N I N G S .— C o m b in e d earnings o f M a n n h e im E le c tr ic C o . a n d P a la ­
tin a te E le c tr ic C o . fo r ca le n d a r y e a r 1925 (a ):
G ross ea rn in g s, in c l. m is c . in c o m e ________________________________ $ 2 ,3 7 8 ,7 1 6
O p e r . exp en ses, in c l. m a in t., taxes n o t b ase d o n p r o fit s , & c____
1 ,5 9 5,17 8
C o m b in e d n et earn in gs b e fo r e d e p r e c ia tio n , a v a ila b le fo r in t.
$ 7 8 3 ,5 3 8
(a) D e c e m b e r ea rn in gs fo r M a n n h e im E le c tr ic C o . e stim ated b y it. T h e
a b o v e fig u res o f ea rn in gs a re a fte r elim in a tio n o f in te r -c o m p a n y ite m s a n d
d e d u c tio n o f es tim a te d m a x im u m ch arges p a y a b le b y th e co m p a n ie s u n d e r
th e D a w e s P la n (w h ic h m a x im u m ch arge s w ill g o in t o e ffe c t in th e y e a r
en d in g D e c . 31 1 9 2 8 ).
O F F I C E R S .— M a n a g in g D ir e c to r o f G r o ss k ra ftw e rk M a n n h e im A . G . ,
D r . F r itz M a r g u e r r e . M a n a g in g D ir e c to r s o f P fa lzw e rk e A k tie n g e s e lls s c h a ft , D r . B a y e r a n d D r . H o b e r g . O ffic e s , M a n n h e im , G e r m a n y .— V .
123, p . 122, 2 06 .

RHINE-WESTPHALIA ELECTRIC POWER CORP.
(Rheinisch-Westfaelisches Elektrizitaetswerk AktienGesellschaft.)
O R G A N I Z A T I O N .- — O rgan ized u n d e r th e law s o f th e G e rm a n R e ic h and
o f th e F re e S ta te o f P ru ssia on Ju n e 24 1898. W ith its su b sid ia ry c o s .,
com p rises th e la rgest e le ctric ligh t a n d p o w e r s y s te m in E u ro p e w ith re sp e ct
t o p r o p e r t y v a lu e , earnings, c a p a c ity o f p o w e r sta tion s a n d n u m b e r o f
cu stom ers s e rv e d . S erves o v e r 250 ,00 0 in du strial a n d resid en tia l cu stom ers
in a te r r ito r y o f n e a rly 6 ,0 0 0 s q . m iles, and in clu d e s a large p a r t o f the
R h in ela n d , e x te n d in g fr o m th e N e th e rla n d s fr o n tie r o n th e n o r th and w e st,
in to th e P r o v in c e o f W e stp h a lia on th e ea st, a n d s o u th to th e R iv e r A h r.
T h is area in clu d e s th e R u h r D is tr ic t, th e m o s t im p o r ta n t in d u strial section
o f G e r m a n y . T h e co m m u n itie s en tire ly s u p p lie d b y th e sy s te m h a v e a
p o p u la tio n o f a p p ro x im a te ly 4 ,0 0 0 ,0 0 0 and in clu d e th e cities o f E ssen,
M u e h lh e im -R u h r , G e lse n k irch e n , C r e fe ld , M u e n c h e n -G la d b a c b , YVesel,
O sn a b ru eck , R e m s ch e id , S olin gen and N e u s s.
In a d d itio n c o r p . furnishes
electric en ergy to la rge p o rtio n s o f th e citie s o f C o lo g n e , D u e ss e ld o rf, D u is­
b u rg a n d O b erh au se n , and t o th e e xte n sive p la n ts o f th e largest inland
h a rb o r o f E u ro p e a t R u h r o r t.
T h e sys tem in clu d es 9 e le ctric ge n e ra tin g sta tio n s w ith an aggregate
c a p a c ity o f 6 3 5 ,00 0 h .p . T h e p rin cip a l s ta tio n , th e G o ld e n b e rg p la n t, is
o n e o f th e largest an d m o s t m o d e rn in th e w o r ld , a n d has a c a p a c ity o f 3 9 0 ,000 h .p . I ts eq u ip m e n t in clu d e s fo u r 6 7 ,0 0 0 h .p . s te a m -tu rb o u n its in stalled




[V ol. 125.

d u rin g th e p a s t 2 y e a rs . T h e tran sm ission a n d d istrib u tio n sys te m s co m p rise
o v e r 6C0 m iles o f 110,000 v o lt steel to w e r lines and S ,250 m iles o f m e d iu m
a n d lo w v o lta g e lines w h ic h s u p p ly a p p ro x im a te ly 3 5 0 ,0 0 0 e le ctric m eters.
T h e a b o v e figu re s d o n o t in clu d e the m a n y a ffilia te d e le ctric co m p a n ies o f
w h ose s to c k s s u b sta n tia l a m o u n ts are o w n e d . T h e e le ctric o u t p u t fo r th e
fisc a l yea r ended Ju n e 30 1925 w as 1 ,2 3 9 ,0 0 0 .0 0 0 k .w . h o u rs.
T h e fu e l fo r c o r p .’s p o w e r sta tio n s is o b ta in e d a lm o st en tire ly fr o m h a rd
c o a l and lign ite m in es o w n e d b y su bsidiary c o s . and lo c a te d u n d er or im m ed i­
a te ly a d jo in in g th e s ta tio n s. T h e h a rd c o a l m in e s, e stim ate d t o co n ta in
7 5 .0 0 0 . 000 to n s (o f 2 ,0 0 0 p o u n d s ), are b e in g m in e d a t th e ra te o f 1 ,4 0 0 ,0 0 0
to n s a y e a r . T h e lign ite m inas a re es tim a te d t o c o n ta in 4 5 0 ,0 0 0 ,0 0 0 to n s ,
a n d th e p o w e r sta tion s o f th e c o r p ., w h ic h a re d e sig n e d t o b u rn th is fu e l
e ffic ie n tly , co n su m e a p p r . 4 ,0 0 0 ,0 0 0 to n s a y e a r. I n th e s e co n d h a lf o f
1925 c o r p . a cq u ire d a h a lf in terest in a c o m p a n y , lo c a te d in th e cen tr a l p a r t
o f G e r m a n y , w h ic h o w n s an e le ctric d istrib u tio n s y s te m a n d lig n ite m ines
h a v in g a b o u t 160 ,00 0 ,0 0 0 to n s o f fu e l r e c o v e ra b le b y th e o p e n p it m e th o d .
C o r p . has u n d er c o n s tr u c tio n o r in co n te m p la tio n a n u m b e r o f exten sion s
t o its tra n sm ission s y s te m , in clu d in g a lin e 300 m iles in le n g th (150 m iles
n o w nearin g c o m p le tio n ) t o c o n n e c t w ith h y d r o -e le c tr ic p o w e r d e v e lo p m e n ts
in so u th e rn G e r m a n y
T h e s e new h ig h te n s io n lines w ill b e op e ra te d
in itia lly a t 2 3 0 ,00 0 v o lts b u t are d esig n ed fo r an eve n h igh er p ressu re.
C o r p . also o w n s a m o d e rn c o k e o v e n p la n t w h ich s u p p lie s g as a t w h olesale
t o th e C it y o f E ss e n , a n d a h ig h pressu re gas tran sm ission s y s te m w ith 150
m iles o f p ip e lin es, th ro u g h w h ic h w ere d e liv e re d d u rin g th e p a st fisc a l y e a r ,
2 .4 0 0 .0 0 0 . 000 c u . f t . o f gas o b ta in e d fr o m n e ig h b o rin g c o k e o v e n p la n ts .
C o r p . also o w n s th e e n tire ca p ita l s to c k o f t w o r e la tiv e ly s m a ll electric
ra ilw a y c o m p a n ie s , a n d o p era tes u n der lease severa l m u n icip a lly ow n ed
lin es.
C on trol.— T h e va rio u s m u n icip a litie s an d p r o v in c e s s e rve d , to g e th e r w ith
th e S tate o f P ru ssia and th e G e rm a n R e ic h , o w n a su b sta n tia l m a jo r it y o f
c o r p .’s s to c k . V . 121, p . 2404
STOCK A N D BON DS—
D a te.
In terest. O utstanding. M a tu rity .
B earer s to c k $ 3 2 ,2 8 5 ,7 1 4 (p a r /
400 R e ic h s m a r k )___________\ _____
__________$ 3 0 ,2 6 6 ,0 0 0
R e g s tk (par 20 R e i c h s m a r k ) . ____
__________
1 ,0 4 7,61 9
D ir e c t m tg e g 7 % series $ 4 0 ,- / 1925
7 g M -N
1 0 ,0 0 0 ,0 0 0 N o v 1 1950
0 0 0 ,00 0 ($ 1 ,0 0 0 , 500 c * ) ___ IN a tio n a l C it y B a n k o f N . Y tru stee.
■D a rm s ta e d te r und N a tio n a l B a n k K o m m a n {
1 d itg e se llsh a ft a u f A k tie n , co -tr u s te e .
6 % series d u e 1952 (c * $ 5 0 0 / 1927
6 g M -N
1 5 ,0 0 0 ,0 0 0 M a y 1 1952
$

1 , 000 ) ________________________ \

U n secu red d e b e n tu re s _________ ______
__________
1 ,1 1 3 ,4 2 2 ____________
Bonds — T h e direct m ortgage 7 % gold bonds, series 1925 are secu red b y a
d ir e c t m tg e . o n th e o p e ra tin g p ro p e rtie s o f th e c o r p . a n d its su b sid iaries,
s u b je c t o n ly t o th e a n n u al ch arges o n a c c o u n t o f in terest a n d a m o r tiz a tio n
o n $ 7 ,8 7 5 ,3 0 0 fa c e a m o u n t o f in d u strial d e b e n tu re s w h ic h c o r p . a n d its
subsidiaries h a v e issued an d d e p o site d w ith th e In d u s tria l D e b e n tu r e s B a n k
(B an k fu e r D e u ts ch e In d u s trie -O b lig a tio n e n ) in a c c o r d a n c e w ith th e s o c a lle d “ D a w e s P la n .” A d d itio n a l b o n d s m a y b e issued t o an a g g reg a te o f
$ 3 0 ,0 0 0 ,0 0 0 , fr o m tim e t o t im e , o f o th e r series o f s u ch te n o r as c o r p . m a y
d e te rm in e p r o v id e d n et earnings fo r 12 co n s e c u tiv e m o n th s h a v e been n o t
less th a n 3 tim es annu al in terest o n a ll b o n d s o u ts ta n d in g (in c l. th os e t o b e
o ffe re d a n d th e m a x im u m annu al fix e d ch arges o n th e in d u strial d eb en tu res
then o u ts ta n d in g , p r o v id e d th a t a fte r th e issu a n ce o f $ 1 0 ,0 0 0 ,0 0 0 o f su ch
a d d itio n a l b o n d s against th e p resen t p ro p e rtie s m o rtg a g e d as s e cu rity fo r
th e d ir e c t m o rtg a g e g o ld b o n d s , fu r th e r a m o u n ts m a y o n ly b e issued fo r
n o t ex c e e d in g 5 0 % o f th e c o s t o f p r o p e r t y , & c ., w h ic h shall b e m ortg a g ed
o r p le d g e d in a d d itio n t o th e presen t p ro p e rtie s m o r tg a g e d . T h e tru st
in d e n tu re p ro v id e s fo r re tire m e n t fu n d s u fficie n t t o re tire , a t 100 and in t ,
$ 40 0 ,0 0 0 o f b o n d s , in e a ch o f years 1926 a n d 1927; $ 2 0 0 ,0 0 0 , in ea ch o f
y e a rs 1928 t o 1931, in cl ; $ 30 0 ,0 0 0 in e a ch o f years 1932 t o 1935, in c l.;
$ 40 0 ,0 0 0 , in e a ch o f yea rs 1936 t o 1942, in c l.; $ 50 0 ,0 0 0 , in e a ch o f years
1943 t o 1946, in c l., a n d $ 60 0 ,0 0 0 , in e a ch o f ye a rs 1947 t o 1950, in clu s iv e;
p a y m e n ts in to th e fu n d t o b e m a d e t o th e tru stee in sem i-a n n u al in stalm ents
o n M a r c h 1 a n d S ept 1 in e a ch y e a r, an d eith er in ca sh o r , in b o n d s o f th e
7 % series d u e 1950, a t th eir fa c e v a lu e . A n y ca sh d e p o site d w ith the
tru stee shall b e a p p lie d t o th e p u rch a se o f b o n d s o f th e 7 % series d u e 1950,
if o b ta in a b le in th e o p e n m a rk e t a t o r b e lo w 100 a n d in t ; p r o v id e d , th a t a n y
ca sh rem ain in g u n e x p e n d e d a fte r 6 m o n th s fr o m t h e d a te o f th e d e p o sit
t h e r e o f, m a y b e a p p lie d , t o th e p u rch a se o f b o n d s in th e o p e n m a r k et at
p rice s a b o v e 100 a n d in t .; a n d p r o v id e d , fu r th e r, t h a t, if, a t a n y tim e the
u n e xp e n d e d b a la n ce o f a n y m o n e y s o n d e p o s it in th e re tire m e n t fu n d shall
a m o u n t t o $ 50 0 ,0 0 0 o r m o re , a n y excess o v e r $ 50 0 ,0 0 0 m a y b e retu rn ed t o
th e co r p o r a tio n u p o n its w ritte n re q u e s t t h e re fo r, a n d n o fu rth er d e p o s it
n eed b e m a d e u n til su ch u n e x p e n d e d b a la n ce sh all h a v e be e n re d u c e d b elow
$ 50 0 ,0 0 0 b y th e p u rch a se o f b o n d s .
R e d . as a w h o le o n ly o n 60 d a y s ’
n o tic e a t 105 a n d in t. b e fo r e N o v . 1 1935 a n d a t 102 a n d in t. on o r a fter
N o v . 1 1935, b u t p rio r t o m a tu r ity . F ree fr o m a n y p a st, p resen t o r fu tu r e
tax e s o r d u ties le v ie d b y o r w ith in th e G e rm a n R e ic h . P rin c ip a l and in t.
p a y a b le a t N a tio n a l C it y B a n k in N e w Y o r k in U . S. g o ld c o in , o r . a t o p t io n
o f h o ld e rs a t th e L o n d o n o ffic e o f th e N a tio n a l C it y B a n k o f N . Y . in
p o u n d s te rlin g , or a t th e R o tte r d a m s c h e B a n k v e r e e n ig in g , A m s te rd a m ,
N e th e rla n d s , in g u ild e r s, in e a ch case at th e th e n c u rre n t b u y in g ra te o f
s u cn b a n k fo r sig h t e x c h a n g e o n N e w Y o r k .
I n N o v . 1925 N a tio n a l C it y
C o . s o ld $ 1 0 ,0 0 0 ,0 0 0 series, d a te d N o v . 2 1 925, at 94 a n d in t , t o y e ld
o v e r 7 .5 0 % . V . 121, p . 2 40 4 . L iste d o n N . Y . S to c k E x c h a n g e . V . 122.
p . 3 084.
T h e 6 % series due 1952 a re r e d ., a ll o r in p a r t, at a n y tim e o n 60 d a y s ’
n o t ic e , at 102 a n d in t. t o a n d in cl. M a y 1 1932; a t 101 a n d in t. th e r e a fte r
t o a n d in cl. M a y 1 1942, a n d at 100 a n d in t. th e r e a fte r , o r in p a rt b y o p e ra ­
t io n o f th e s in k in g fu n d o n a n y in t. d a te u p o n 30 d a y s ’ n o t ic e at 100 a n d in t.
F ree f r o m p resen t a n d fu tu r e taxes or d u ties le v ie d b y or w ith in th e G er m a n
R e ic h .
In A u g . 1927 N a tio n a l C it y C o . s o ld at 9 5 % a n d in t ., y ie ld in g
a b o u t 6 .3 6 % , $ 1 5 ,0 0 0 ,0 0 0 d ir e c t m o r tg a g e g o ld b o n d s ,6 % series, d u e 1 9 5 2 .
V . 125, p . 915.
E A R N I N G S .— Consolidated In com e A cco u n t o f C orp. and its S u bsidiaries
fo r F iscal Y ear E n din g Jun e 30:
Gross (In cl. O per. E x p ., M a in t .
Bal. B efore

Other Incom e).

& Taxes.

Depreciation.

Dividends.

1 92 6 __________ $ 2 3 ,68 8 ,7 5 6
$ 15 ,1 6 5 ,7 6 2
__________
__________
L925_________
2 4 ,2 6 6 ,2 2 4
1 6 ,5 63 ,9 5 7
$ 3 ,8 6 2 ,5 7 4
$ 3,8 3 9 ,6 9 3
O F F I C E R S .— B o a r d o f M a n a g e m e n t (V o r s t a n d ): E . H e n k e , C . H o ld ,
W . K e r n , A . K o e p c h e n a n d A . T h ie l, all o f E ssen : O . P la ss m a n n . D u essel­
d o r f, a n d G . W e g g e , K o e ln .— V . 1 21, p . 2 804; V . 122, p . 3081; V . 125, p .9 1 5 .

OBERPFALZ ELECTRIC POWER CORP.
(O b e r p fa lz w e r k e A k tie n g e s e lls c h a ft fu e r E le k tr iz ita e ts v e r s o r g u n g )
C on trol.— T h e O b e rp fa lz d is tr ic t as w e ll as th e to w n s a n d c o m m u n it ie .
se rve d are m a jo r it y s to c k h o ld e r s o f t h e c o m p a n y .
O R G A N I Z A T I O N .— O rga n ize d in 1908 as B a y e r is c h e U e b e rla n d zen tr a le
A k tie n g e s e lls ch a ft in I b e n th a n n . C h a n g e d its n a m e t o p re sen t t it le in
1923. Y . 1 23, p . 582
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y fu rn ish e s th e te r r it o r y o f th e O b e rp fa lz w ith e le c tr ic c u rre n t.
T h e O b e rp fa lz is a d e n s e ly p o p u la te d s e c tio n in n o r th e a s te rn B a v a r ia ,
c o v e r e d b y an e x te n s iv e n e t o f r a ilro a d s c o n n e c t in g it w ith cen tr a l a n d
n orth ern G e r m a n y . T h e R iv e r N a a b , a la rg e tr ib u ta r y t o th e D a n u b e ,
e xten d s th r o u g h o u t th is w h o le s e c t io n . A r e a , 3 ,7 8 9 s q . m iles; p o p u la t io n ,
6 2 9 ,0 0 0 . P rin c ip a l citie s s e rv e d are R e g e n s b u r g , A m b e r g , A u e r b a c h ,
B eiln gries, B e r c h in g , B u rg le n g e n fe ld , C h a m , E r b e n d o r f, E s c h e n b a c h .
G r a fe n w o e h r , H e m a u , H irs ch a u , K e m n a t h , N a b b u r g , N e u m a r k t, N e u n burg v . w . , N e u s ta d t a .Y V .N ., N e u s ta d t a . K . , P fre im d , P le y s te in , P re s sa th ,
R o e tz , S ch w a n d n rf, S u lzb a ch , V e l b e r g , V ils e c k , Y ’ a ld m u e n ch e n , W e id e n
Y
and 1 ,2 0 0 sm a ller co m m u n itie s . V . 1 23, p . 5 82.
T h e s y s te m o w n s o n e la rge m o d e r n stea m e le c tr ic ge n e ra tin g p la n t at
P on h olz a n d th e t w o h y d r o -e le c t r ic p la n ts l ’ fre im d ta lsp e r re a n d T a n z m u e h le
on t h e N a a b R iv e r . C o m b in e d c a p a c ity o f c o . 's p ro p e rtie s is a p p r o x .
17,200 k .w . U p o n c o m p le tio n o f ce r ta in c o n te m p la t e d ex ten s ion s t h e
ca p a c ity w ill b e v e r y co n s id e r a b ly in cr e a s e d .
In a d d itio n t o its ge n e ra tin g p la n ts , th e c o m p a n y en te re d in t o an a gree­
m ent w ith th e B a y e rn w e rk e (B a v a r ia n W o rk s ) w h ic h h a v e a c a p a c ity o f
a b o u t 2 0 0 ,0 0 0 k .w ., s e cu rin g t h e s o le d is tr ib u tin g rig h ts in t h e O b e rp fa lz
until S e p t. 30 1950, a n d m a in ta in s fo r th is p u r p o s e o n e p rin c ip a l s u b ­
s ta tion in R e g e n s b u rg o f 1 0,0 00 k v a . a n d o n e p rin c ip a l s u b s ta tio n in
Yrnberg o f 1 0,0 00 k v a .
T h e c o a l u sed fo r th e ste a m e le c tr ic g e n e ra tin g p la n t is m in ed at t h e
a d jo in in g c o a l m in e “ H a id h o f ,” w h ic h b e lo n g s t o c o . a n d has a coa l reserv e
o f 4 ,5 0 0 ,0 0 0 to n s , e s tim a te d s u fficie n t fo r a t le a st 25 y e a r s ' o p e r a tio n .
T h e c o a l is c o n d u c t e d fr o m th e m in e b y m ean s o f an a u t o m a t ic c o n v e y o r
sys te m d ir e c t ly t o th e b o ile r h o u se
T h e tra n sm issio n s y s te m c o n sists o f o v e r 77 m iles o f high te n s io n lines o f
3 5,0 00 v o lt s , ca rr ie d o n s tr u ctu ra l ste e l to w e r s ; o v e r 1 ,1 0 0 m iles o f 6 ,0 0 0

O ct., 1927.]

289

POWER, LIGHT AND RAILW AY

c o n te n t as co m p a r e d w ith th e b e st grad e s o f A m e r ic a n b itu m in o u s c o a l, it,
can b e e x tra cte d a t an e x tre m e ly lo w c o s t th ro u g h th e sys te m o f op e n s u rfa ce
w ork in gs (w h ich p e rm its th e use o f c o n tin u o u s b u c k e t d re d g in g a n d oth er
ia b o r -s a v in g m a c h in e r y ), in a sm u c h as th e a v e ra g e d e p th o f su rfa ces b e f o r e
re a ch in g th e c o a l strata is o n ly 8 t o 16 y a r d s , b e lo w w h ich th e c o a l s trata
e x te n d fo r a fu r th e r d e p th o f 20 t o 60 y a r d s . C o n s e q u e n tly th e c o a l ca n
be d e liv e re d t o th e c o m p a n y ’s a d ja c e n t e le ctric p la n ts a t an e x trem ely lo w
c o s t per u n it o f h e a tin g v a lu e .
T h e o u t p u t o f b ro w n c o a l fr o m th e m in es o w n e d has in creased fr o m
6 7 6 ,00 0 to n s ( o f 2 ,0 0 0 lb s . e a ch ) in 1917 to o v e r 2 ,0 0 0 ,0 0 0 to n s in 1 925. O v er
tw o -th ird s o f th e o u t p u t is u s e d in th e c o m p a n y ’s p o w e r p la n ts a n d th e
b a la n c e is eith er s o ld t o in d u strial cu sto m e rs in its ra w s ta te o r is c o m p re s s e d
in b riq u e tte fo r m (th e re b y in creasin g its h e a tin g v a lu e n e a rly th ree tim es by
o O r\ n r\f\ fa p i
nn
PTl C'
Z r r I L U U U i f t l 'UnU U , © O U U C -’' ) - - i r L n o n f-r\ -i 8-ra F \ K x r A IT ( : f H - o n n i l . v m j ., v t j
th e e lim in a tion o f excess m o is tu re ) a n d re ta ile d t o lo c a l cu sto m ers in th e
B on d s.— T h e 1st m tge. 7 % s. f . gold bonds, dated June 1 1 926, are secu red
s u rro u n d in g t e r r ito r y .
b y a d ir e c t firs t (clo s e d ) m tg e . o n a n d b y a tra n sfe r in th e n a tu re o f se cu rity
T h r o u g h m o re th a n 1,900 b o rin g s th e c o m p a n y ’s b ro w n c o a l reserves h a v e
o f all c o . ’s fix e d p r o p e r t y in c l. all p r o p e r t y w h ic h w as t o b e a c q u ir e d or
been re lia b ly e sta b lish e d b y in d e p e n d e n t e xp erts a t o v e r 3 ,7 0 0,00 0 ,0 0 0co n s tr u c te d o u t o f th e p r o c e e d s o f this issu e , s u b je c t o n ly t o p rio r ch arges
to n s , o f w h ic h o v e r 3 ,2 0 0 ,0 0 0 ,0 0 0 to n s ca n b e e x tr a c te d th ro u g h the a b o v e
u n d er th e D a w e s p la n e s tim a te d as n o t e x c e e d in g $533,971 p rin c ip a l a m o u n t .
d e sc rib e d m e th o d o f o p e n w o r k in g s .
In a d d it io n a re u n c o n d itio n a lly gu a r a n te e d b y e n d o rs e m e n t b y A . E . G.
STOCK A N D BONDS—
D a te .
I n terest. O utstanding. M a tu rity.
(A llg e m e in e E lektrizitaets G esellschaft) . T h e r e is a s e m i-a n n u a l, c u m u la tiv e
________
2 0 ,0 0 0 s h s. ____________
C o m m o n Series “ A ” ___________ ______
sin kin g fu n d b eg in n in g D e c . 1 1926 s u ffic ie n t t o retire th e e n tire issue b y
C o m m o n Series “ B ” ___________ ______
________
2 0,0 00 sh s. ____________
m a t u r it y . In lieu o f s u ch p a y m e n ts c o . m a y d e liv e r, a t th e ir p a r v a lu e ,
F irst m tg e 2 0 -y r s f 7 % gu arl 1925
7 g F -A
$ 1 5 ,0 0 0 ,0 0 0 F e b 1 1945
o u ts ta n d in g b o n d s o f th is issue. M o n e y s t o b e u sed fo r re d e m p tio n o f
e x t. L o a n g c o u p b d s ($ 1 5 ,- [ N a t io n a l C it y B a n k o f N e w Y o r k , tru s tee.
b o n d s b y sem i-a n n u al d ra w in g s at 100 a n d in t . C a lla b le w h o le o r p a rt
0 0 0 ,0 0 0 ($ 1,0 00 & $500) .c*J
b y lo t o n 30 d a y s ’ n o t ic e o n o r a fte r Ju n e 1 1931 t o an d i n c l . M a y 31 1936
G e n & r e f gu ar g $ 5 0 ,0 0 0 ,0 0 0 f 1926
6 H g M - N 1 5 ,0 00 ,0 0 0 M a y 1 1951
at 105 a n d in t .; th e re a fte r t o a n d incl M a y 31 1941 a t 104 a n d in t .; th e re ­
6 1 'Y o series d u e 1951 ($1,-1 N a tio n a l C it y B a n k o f N . Y . , T ru s te e .
A
a fte r a n d p rior t o m a tu r ity at 103 a n d in t. I n t . p a y a b le w ith o u t d e d u c tio n
0 00, $500 c * ) _______________[D e u ts c h e B a n k , B e rlin , C o -tr u ste e .
fo r a n y p a r t, p res en t o r fu t u r e tax e s o r d u tie s le v ie d b y o r w ith in th e
O th e r lo n g term d e b t _________ [ _____
___________
$ 442,501 ____________
G er m a n R e ic h , o r a n y o f its c o m p o n e n t S ta te s. T h e N e w Y o r k T r u s t C o .,
S tock.— T h e 2 0 ,0 0 0 shares c o m m o n series A a n d 2 0,0 00 c o m m o n seriestru s tee; B erlin er H a n d e ls -G e s e lls ch a ft K o m m a n d it-G e s e lls c h a ft A u f A k tie n ,
B shares h a v e an a gg re ga te p a r v a lu e o f 4 0,0 0 0 ,0 0 0 m ark s ($ 9 ,5 2 3 ,8 0 9 ).
B e rlin , c o -t n is t e e .
In J u ly 1926 P . W . C h a p m a n & C o .. I n c . , a n d A . M .
In S e p t. 1926 w e w ere in fo r m e d th a t th e S ta te e x p e c te d s h o r tly to p u rc h a se
L a m p o r t & C o ., I n c ., s o ld $ 1 ,2 5 0 ,0 0 0 1st (clo s e d ) m tg e . 7 % s. f. g o ld b o n d s
6 0 ,0 0 0 ,0 0 0 m ark s ($ 1 4 ,2 8 5 ,7 1 4 ) p a r v a lu e a d d itio n a l s to c k , 2 5 % to bea t 9714 a n d in t ., t o y ie ld a b o u t 7 H % . V . 1 23, p . 5 8 2 , 9 8 3 .
in itia lly p a id in .
E A R N I N G S .— F o r ca le n d a r y e a r 1925:
B on d s.— T h e 1st m tg e . 2 0 -y e a r b o n d s , in a d d itio n to b e in g u n c o n d itio n a lly
G ross ea rn in g s, & c __________________________________________________ $ 1 ,1 2 5 ,0 3 4
guaranteed by the F ree State o f Saxony as to p rin c ip a l a n d in terest b y en d orse­
O p er . e x p ., m a in t. & ta x e s , o th e r th an n e t p r o fit s , ta x e s, & c .,
m e n t o n e a ch b o n d , are se cu re d b y a d ir e c t 1st m tg e . u n d e r G er m a n law
ch a r g e a b le t o o p e r a tio n (in c l. e s tim a te d m a x im u m ch a r g e s un­
o n s u b sta n tia lly all o f th e real p r o p e r t y o f th e c o . , n o w o w n e d or h ereafter
d er D a w e s p la n ) __________________________________________________
8 2 7 ,1 7 0
a cq u ire d w ith the p ro c e e d s o f th e b o n d s , in cl. th e e le ctric p o w e r p la n ts
and c o a l m in in g rig h ts, s u b je c t , as t o ce rta in re la tiv e ly u n im p o r ta n t parts,
N e t ea rn in gs a v a ila b le fo r b o n d in te r e s t_______________________
$29 7 ,8 6 4
o f th e p r o p e r t y , to liens a gg re g a tin g less th a n $ 64 3 ,0 0 0 a n d o n certa in
8 7 ,5 0 0
A n n u a l in te re s t, $ 1 ,2 5 0 ,0 0 0 1st m tg e . b o n d s ____________________
re c e n tly a cq u ire d p r o p e r t y , t o th e ch arges secu rin g a p p r o x im a te ly $ 2 6 2 ,0 0 0
“ D a w e s D e b e n tu r e s ” existin g a t tim e p r o p e rtie s w ere a c q u ir e d . In a sm u c h
A v a ila b le fo r d e p r e c ia tio n , d iv id e n d s , & c _______________________
$21 0 ,3 6 4
as all o f th e s to c k o f th e c o . is o w n e d b y th e S tate o f S a x o n y , th e c o . is n o t
O F F I C E R S .— M a n a g in g d ir e c to r s : A lb e r t T e s c h e m a c h e r and P h ilip p
requ ired u n d e r the In d u s tria l C h a rg e s L a w (In d u s trie -B e la stu n g s -G e se tz ,
S tu m p e n . O ffic e s . R e g e n s b u rg , B a v a ria , G e r m a n y .— V . 123, p . 5 82, 9 83 ,
A u g . 30 1924) t o issue eith er n e g o tia b le or n o n -n e g o lia b le d e b e n tu res u n d er
2 262; Y . 124, p . 2590.
the s o -ca lle d “ D a w e s P la n .”
I n a c c o r d a n c e w ith a n o th e r la w w h ic h e ffe c ts
a fu r th e r in tern a l d istrib u tio n w ith in G e r m a n y o f th e b u rd e n o f the s o SACHSEN-ANHALT ELECTRIC CO. OFHALLE (SAALE) called “ D a w e s d e b e n tu r e s ,” th e c o . w ill b e re q u ire d t o m ak e ce r ta in annu al
p a y m e n ts , t.he a m o u n t o f w h ic h , it w a s s ta te d , w ill n o t e xc e e d $ 5 7 ,0 0 0 p . a.
(Elektrizitaetswerke Sachsen-An halt, A .G ., in Halle
T h e b o n d s are re d e e m a ble as a w h o le o n F e b . 1 1930 o r th e rea fter p r io r
to F e b . 1 1935 a t 105, a n d o n or a fte r F e b . 1 1935 a t 100- P r in c ip a l, in te re s t
(Saale).
a n d sin k in g fu n d p a y a b le in N e w Y o r k C it y in U nited States g o ld c o in o f
C ontrol.— C o n tro lle d th ro u g h s to c k ow n ersh ip b y ; G erm an C o n tin en tal
th e p re se n t stan d ard o f w eig h t a n d fin e n e ss, w ith o u t d e d u c tio n fo r a n y p a s t ,
G a s C o . o f D essa u , 4 8 % ; P r o v in c e o f S ach sen -A n h a lt, 2 9 % ; E le c tr ic P o w e r
presen t or fu tu r e taxes or d u ties le v ie d b y o r w ithin the G e rm a n R e ic h or th e
C o r p . o f G e r m a n y (o w n e d b y T h e R e ic h ), 2 0 % ; F ree S tate o f A n h a lt, 3 % .
F ree S ta te o f S a x o n y , a t N a tio n a l C it y B a n k o f N e w Y o r k , tru s tee.
Sinking F u n d .— B egin n in g A u g . 1 1935 a sin king fu n d w ill o p e ra te t o
O R G A N I Z A T I O N .— C o m p a n y w as fo rm e d in 1917 a n d p ro v id e s e lec­
retire s e m i-a n n u ally l-2 0 t h o f th e p rin cip a l a m o u n t o f b o n d s o f this issue
tric ity fo r ligh t a n d p o w e r p u rp o se s t o th e citie s o f D e ssa u , H a ib e rs ta d t,
o u ts ta n d in g on F e b . 1 1935, eith er b y d e liv e ry t o the tru stee o f b o n d s D
.\
M a g d e b u r g , G o e th e n , B e rn b u r g , Z ie rb s t, O sch ersleben , lo c a te d in th e
the c o m p a n y , or b y r e d e m p tio n t h e r e o f b y lo t a t 100.
P r o v in c e o f S achsen , th e F ree S tate o f A n h a lt, a n d p a rts o f th e F ree State
L iste d on th e N e w Y o r k S to c k E x ch a n g e .
o f B ra u n s ch w eig a n d T h u e rin g e n , situ a te d in the m id d le o f G e r m a n y .
A rea s e rv e d 7 ,7 0 0 squ are m iles; p o p u la tio n a b o u t 3 ,5 0 0 .0 0 0 . C o m p a n y
T h e gen. < ref. m tge. bonds are u n cond itionally guaranteed by the Free
%
w h olesales p ow er t o several large p o ta s h w ork s and 6 a gricu ltu ra l c o -o p e ra ­
State o f Saxony as t o p rin c ip a l a n d in te re s t b y e n d o rs e m e n t o n e a ch b o n d .
tiv e co r p o r a tio n s in G e r m a n y . H a s a p a rt ow n ersh ip in th e M a n sfe ld e r
T h e y are secu red b y d ir e c t m o rtg a g e s o n th e o p e ra tin g p ro p e rtie s o f c o .
B ergrevier, A .- G . , E le c tr ic R y .
a n d E le c tr ic P o w e r W o r k s o f W e s t S a x o n y , s u b je c t o n ly t o th e ch arges
C o m p a n y ow n s and op e ra te s a p o w e r p la n t a t G ross K a y n a d ire ctly
secu rin g less th a n $706 ,0 0 0 in d u s tria l d e b e n tu re s issu ed u n d e r th e “ D a w es
a d jo in in g la rge c o a l m in es w h ic h u n d e r c o n tr a c t u n til 1957 s u p p ly all the
P la n ,” a n d t o $ 1 5 ,9 1 8 ,6 9 2 clo s e d m o rtg a g e s o n th e p r o p e r t y . A d d it io n a l
fu el req u irem en ts a t p referen tia l p rice s . In stalled gen era tin g c a p a c ity
g e n . & r e f. b o n d s m a y b e issu ed : $ 1 5 ,0 0 0 ,0 0 0 a ga in st a c q u is itio n o r r e tire ­
2 4 ,0 0 0 k .w . (is t o be increased t o 7 5 ,0 0 0 k .w . w ithin th e n ex t fe w ye a rs ); m e n t o f o u ts ta n d in g 1st m tg e . b o n d s , a n d $ 2 0 ,0 0 0 ,0 0 0 fo r 5 0 % o f c o s t o l
is co n n e c te d th rou g h h ig h ten sion tra n sm ission lines w ith th e large p o w e r
fix e d p r o p e r t y o f c o . o r its c o n s titu e n t c o s . (o r fo r the c o s t o f s to c k s o f a
com p a n ies in greater B erlin a n d o th e r im p o r ta n t citie s . 325 m iles o f
co n s titu e n t c o . ow n in g fix e d p r o p e r t y ) , a c q u ir e d a fte r M a y 1 1926, w h ich
transm ission lin es. A d d itio n a l e le ctricity is pu rch a sed a t w h olesale fr o m
fix e d p r o p e r t y shall b e m o r tg a g e d as s e c u r ity fo r th e g e n . & r e f. m tg e .
th e E le c tr ic P ow er C o r p . o f G e r m a n y (o w n e d b y T h e R e ic h ), th e C o n co rd ia
gu a r . g . b o n d s , p r o v id e d n e t ea rn in gs a fte r o p e ra tin g exp e n se s, m a in te n a n ce
A . E . G ., th e B ra u n sch w e ig C o a l C o . a n d th e B u ck a u C h em ical W o r k s .
a n d taxes fo r 12 co n s e c u tiv e ca le n d a r m o n th s h a v e b e e n n o t less th an tw ice
V . 122, p . 749.
a n n u al in t . o n all u n d e rly in g b o n d s in h a n d s o f th e p u b lic a n d a ll g en . &
r e f. m tg e . b o n d s o u ts ta n d in g , in cl. p r o p o s e d issu e, a n d th e m ax im u m
N OTES—
D a te.
In terest.
Outstanding. M a tu rity .
a n n u al fix e d ch arges o n a n y in d u s tria l d e b e n tu re s .
“ C o n s titu e n t c o s .”
E xtern , serial g . co u p o n n o te s [ 1926
6M g J-J
$2.j0,0()0
See te x t
a re th o s e o f w h o se s to c k s a t le a st 9 0 % is Owned b y th e c o . a n d w h ose p ro p e r ­
$ 1 ,0 0 0 ,0 0 0 ( $ l , 0 0 0 c ) _______( I n t . a t C e n tra l U n ion T ru s t C o . o f N . Y . tr.
ties are m o r tg a g e d as s e cu rity fo r th e g e n . & r e f. m tg e . b o n d s . A d d itio n a l
N o te s .— T h e external 6 H % serial gold cou p on notes, dated Jan. 1 1926,
b o n d s m a y b e issu ed in series, fr o m tim e t o tim e , o f s u ch te n o r as c o . m a y
m ature $ 25 0 ,0 0 0 o n J u ly 1 1926; $ 25 0 ,0 0 0 J an . 1 1927; $25 0 ,0 0 0 J u ly 1 1927,
d e te rm in e . A sem i-an n u a l sin kin g fu n d Is to b e g in F e b . 1 1930, ca lcu la ted
and $ 25 0 ,0 0 0 Jan . 1 1928. T h e se n o te s are d ir e c t o b lig a tio n s o f th e A n h a lt
to re tire , p rio r to m a tu r ity , m o re th a n 6 0 % o f 634 % series, d u e 1951. In
C o.
C o m p a n y c o v e n a n ts th a t neith er it n o r a n y o f its subsidiaries will
th e ca se o f e a ch new series a sin k in g fu n d is t o b e cr e a te d to re tire n o t less
cr ea te a n y m o rtg a g e u p o n a n y o f its p ro p e rtie s (in cl. s to c k s o w n e d o f s u b ­
th a n h a lf o f a gg re ga te p rin c ip a l a m o u n t o f the b o n d s o f s u ch series issu ed.
sid ia ry co m p a n ie s) w ith o u t e q u a lly a n d r a ta b ly se cu rin g th ese n o te s .
6 1 4 % series, due 1951, are r e d ., a ll o r p a r t , a t o p t io n o f c o . or b y th e sin king
Guaranteed jo in t ly and s e ve ra lly b y en d o rse m e n t o f th e G erm a n C o n tin e n tal
fu n d on a n y in t . d a te , o n 30 d a y s ’ n o t ic e a t 100. P rin c ip a l, in terest and
G as C o . o f D essa u , a n d th e L o w e r R h in e L ig h t & P o w e r C o . o f R h e y d t .
sin k in g fu n d p a y a b le in N e w Y o r k C it y in U . S. g o ld a t tru s te e ’s o ffic e
In F e b . 1926 F . J . L ism a n & C o . o ffe re d at p rice s to y ie ld 6 .2 5 % , 6 .5 0 % ,
or eith er in L o n d o n , E n g la n d , in p o u n d s s terlin g , a t the c it y o ffic e o f
7 % or 7 .2 5 % , a c c o r d in g t o m a tu r ity , $ 1 ,0 0 0 ,0 0 0 o f these n o te s .
V . 122,
N a tio n a l C it y B a n k o f N . Y .; or in A m s te r d a m , N e th e rla n d s, in gu ild ers,
p . 7 49.
a t N e d e rla n d sc h e I la n d e l-M a a t s c h a p p ij, M e n d e ls so h n & C o ., o r P ierson
G U A R A N T O R C O M P A N I E S .— T h e G erm an Continental Gas Co. o f
& C o .; in e a ch ca se a t the then c u rre n t b u y in g r a te fo r s ig h t e x c h a n g e on
D essa u , fo u n d e d in 1855 a n d co n tr o llin g 88 e le ctric lig h t, p o w e r a n d gas
N e w Y o r k , w it h o u t d e d u c tio n fo r a n y p a r t , presen t o r fu tu r e tax es o r d u ties
c om p a n ies, & c. In 1918 p u rch a se d th e Im p e rial C o n tin e n ta l G a s A ss 'n ,
le v ie d b y o r w ith in th e G e r m a n R e ic h o r a n y o f its c o m p o n e n t S ta tes.
an E n glish co n c e r n , w h ich b e fo r e th e great w ar w as in terested in the G reater
T h e N a tio n a l C it y C o . an d L e e , H ig g in so n & C o . s o ld in J u ly 1926 $ 1 5 ,0 0 0 ,B erlin G a s W o r k s a n d oth e r sim ilar en terprises. C o m p a n y ’s sys te m n o w
000 6 3 5 % series, d u e 1951, a t 9135 a n d i n t ., t o y ie ld 7 .2 4 % . T h e en tire
serves a b o u t 500 citie s a n d villa ge s , a n d d ir e c t ly co n tr o ls lign ite m in e s,
issue a m o u n te d to $ 1 5 ,0 0 0 ,0 0 0 , o f w h ic h , h o w e v e r , $ 4 ,0 0 0 ,0 0 0 h a d been
e lectric lig h t, p ow er a n d gas e q u ip m e n t p la n ts , ru b b e r, b e n z o l, ch e m ica l,
w ith d ra w n fo r o ffe rin g in v a r io u s E u ro p e a n m a r k e ts, in c l. $ 2 ,0 0 0 ,0 0 0 to
d y e an d a sp h alt w orks, & c. C o m p a n y is fre e o f m o rtga ge d e b t.
b e p la c e d in th e N e th e rla n d s b y an A m s te r d a m g r o u p c o m p o s e d o f N e d e r­
T h e Low er Rhine Light & Pow er Co. o f Rheydt serves th e d istrict s itu a ted
la n d sc h e H a n d e l-M a a t s c h a p p ij, M e n d e ls so h n & C o . a n d P ie rson & C o .
b etw een C o lo g n e , A a c h e n a n d D u e ss e ld o r f, o w n s a stea m gen eratin g p la n t,
V . 123, p . 8 5 . L is te d o n N e w Y o r k S to c k E x c h a n g e . V . 1 23, p . 3 03 9 .
3 gas p la n ts , gas h old e rs , & c ., & c .— V . 122, p . 749.
E A R N I N G S .— Of co. and E lectric P r . W orks o f W est Saxonv fo r ca i. yrs E A R N I N G S .— F o r ca len d a r ye a rs;
----------- — 1925— ------- —
----------------- 1924----------------1925.
M a rk s.
D ollars.
M arks.
D ollars.
1926.
$764 ,7 7 5
G ross earn in gs a n d o th e r in c o m e _____ ____________ $ 1 ,0 9 2 ,5 1 3
O p e r a tin g r e v e n u e ______ 3 6 ,7 4 5 ,5 5 0
$ 8,7 4 8 ,9 4 0
2 9 ,3 4 0 ,6 5 8 $ 6,9 85 ,8 7 1
3 5 9 ,79 5
6 24,853
N e t a fte r expen ses a n d t a x e s ___________ _____________
O th e r in c o m e c r e d i t s . . .
1 ,7 5 8 ,2 1 2
4 1 8 ,6 2 2
7 3 4 ,21 5
174 ,81 3
3 6 ,5 2 5
5 3,6 76
In teres t
.
.
______________ .........................
........................
9 ,9 7 6
$ 9 ,1 6 7 ,5 6 2
3 0,0 7 4 ,8 7 3 $ 7 ,1 6 0 ,6 8 4
T o t a l i n c o m e . . ............. 3 8 ,5 0 3 ,7 6 2
14,987
2 2 ,8 3 0
D e p r e c ia tio n
_______ ___________________ .........................
O p e ratin g exp e n se s______ 2 0 ,1 8 4 ,2 2 5
$ 4,8 0 5 ,7 6 8
1 6 ,5 4 4 ,5 3 3 $ 3 ,9 3 9 ,1 7 5
2 3 8 ,0 9 5
2 3 8 ,0 9 5
R en ew a l f u n d ________ __ ______________ _____________
I n c o m e ch a r g e s _________
1 ,2 1 0 ,5 3 8
2 8 8 ,22 3
5 0 8 ,37 5
1 21,042
In te r e s t (n e t )____________
1 ,7 2 8 ,9 8 4
$41 1 ,6 6 3
1 ,0 0 2 ,7 4 7
$ 23 8 ,7 4 9
$14.3,082
$ 115,373
N e t p r o f i t ____ __ __________
______ _____________
P r o v . fo r in t. p a y . u n d er
D a w e s p la n ___________
2 4 ,8 3 9
5 ,9 1 4
_______
_______
D e p le tio n o f co a l de p o sits
4 3 4 ,5 0 4
103,453
3 4 7 ,0 5 7
8 2,6 33
P r o v . fo r d e p r e c ia t io n ..
6 ,6 5 8 ,1 2 4
1 ,5 8 5 ,2 6 8
5 ,1 0 3 ,7 1 5
1 ,2 1 5 ,1 7 0
SAXON PUBLIC WORKS, INC.
T a x e s b a s e d o n i n c o m e ..
4 3 9 ,0 1 9
104 ,52 8
4 2 6 ,8 9 7
1 01,642

v o lt , 1 0,0 00 v o lt a n d 2 0 ,0 0 0 v o lt tra n sm issio n lin es a n d o v e r 9 30 m iles o f
low v o lt a g e lin es; 950 tra n s fo rm e r a n d t w o s w itc h in g s ta tio n s a n d a n ex­
ten siv e d is tr ib u tio n s y s te m r e a ch in g 4 0 ,0 0 0 c u sto m e rs w h o c o n s u m e d o v e r
30 m illio n k .w .h . in 1925.
F ra n ch ises.— U n d e r th e te rm s o f its fra n c h ise s c o . has th e rig h t t o use
B av a rian S ta te p r o p e r t y fo r its tra n s m is sio n lin es and h a s th e e x c lu siv e
rig h t, w ith sm a ll lo c a l e x c e p tio n s , t o fu rn ish e le ctric cu rre n t t o th e c o m ­
m u n ities s e r v e d a n d t o c h a r g e ra te s t h a t w ill in su re s u cce s sfu l fin a n cia l
o p e r a t io n s . V . 1 2 3 , p . 5 8 2 .
STOCK AN D BON DS—
D a te.
In te re s t. O utstand ing. M a tu rity .
C o m m o n $ 3 ,6 1 3 ,0 9 5 ___________ ______
___________ $ 1 ,0 2 5 ,9 7 6 --------------------1st (c lo s e d ) m tg e 7 % s f g $ 1 , - / 1926
7 g J -D
1 ,2 3 4 ,5 0 0 J u n e 1 1946

(Aktiengesellschaft Saechsische Werke).

O R G A N I Z A T I O N .— O rga n ized in D r e s d e n , G e r m a n y , N o v . 13 1923 u n ­
der the law s o f th e G e r m a n R e ic h a n d th e F ree S ta te o f S a x o n y . S in ce its
o rg a n iza tio n all o f the c a p ita l s to c k o f the c o m p a n y has been a n d still is
ow n ed b y th e F ree S ta te o f S a x o n y . A t th e tim e o f its o rg a n iz a tio n the
c o m p a n y t o o k o v e r fr o m th e F re e S ta te o f S a x o n y all o f th e e le ctric p o w e r
plan ts a n d coa l m in es o w n e d a n d o p e ra te d b y th e S tate s in ce 1917, as w ell
as cer ta in s to c k in terests in sim ilar en terprises w h ich h a d been a cq u ire d
b y th e S cate. C o . co n tr o ls E le c tr ic P o w e r W o r k s o f W e s t S a x o n v .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y is p rim arily en g ag ed in th e g e n e ra tio n o f e le ctric e n e r g y th ro u gh
steam p o w e r p la n ts , an d its transm ission a n d d istrib u tio n th r o u g h o u t the
S ta te o f S ax on y an d in certa in a d ja c e n t te rrito rie s. T h e te r r ito r y se rve d
has a to ta l p o p u la tio n o f o v e r 5 .0 0 0 .0 0 0 , w ith an a gg re ga te area o f a b o u t
6 ,9 5 0 s q u a re m iles, a n d in clu d es D r e sd e n , w ith a p o p u la tio n o f a b o u t
6 0 8 ,0 0 0 . a n d L e ip z ig w ith a p o p u la tio n o f 6 6 0 ,0 0 0 . T h e p re se n t e le ctric
gen era tin g p la n ts o f th e c o . h a v e a c a p a c ity o f 3 2 7 ,0 0 0 h .p . (in cl. 133,000
h .p . in p roces s o f in s ta lla tio n ). T h e p o w e r is d e liv e re d th ro u g h a tran s­
m ission a n d d is trib u tio n s y s te m , in clu d in g 1,782 m iles o f h ig h te n s io n lines.
O f th e fo r e g o in g , o v e r 2 65 m iles are 1 0 0 ,0 0 0 -v o lt lines o f steel to w e r c o n ­
s tr u c t io n .
V . 120, p . 706.
E lectrica l Output (Current D elivered in K ilow a tt H o u r s).
1 9 1 7 _________ 3 6 ,3 7 5 ,1 5 9 11 920_________ 7 7 ,2 3 0 ,9 3 3 11923________ 2 9 2 .1 3 4 .2 4 4
1 9 1 8 _________ 6 6 ,5 6 4 ,9 1 0 1921_________ 1 44 ,43 1 ,3 3 3 11924________ 3 5 6 ,6 8 1 .5 7 4
1 91 9 _______ 6 0 ,8 4 6 ,6 3 9 )1 9 2 2 ................2 4 3 ,2 4 9 .2 9 6 1 1 9 2 5 ________ 4 86 ,6 8 1 ,7 0 4
C oa l.— C o m p a n y ’s c o a l fie ld s c o v e r an a g g re g a te area o f a p p r o x im a te ly
8 3 ,0 0 0 a cre s . M o s t o f th e co a l is o f the s o -c a lle d “ b r o w n c o a l’ ’ o r lign ite
c h a r a c te r . A lt h o u g h th is c o a l in its ra w sta te has a r e la tiv e ly lo w h e a tin g




N e t in c o m e .............. ..
P r o fit a n d loss c r e d i t s . . .

7 ,8 2 3 ,5 2 9
$ 1 ,8 6 2 ,7 4 5
3 0 7 ,0 3 4
7 3,103

6 ,1 4 1 ,5 4 7
111 ,65 2

$ 1 ,4 6 2 ,2 7 3
2 6,583

G ross su rp lu s__________
P r o fit & loss c h a r g e s . . .

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

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

$ 1 ,4 8 8 ,8 5 7
715,713

Surplus fo r th e y e a r . .
D iv id e n d s ________________

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

$ 84 2 ,9 3 0
670 ,28 6

3 ,2 4 7 ,2 0 6
_______

$ 77 3 ,1 4 4
_______

B a la n c e .............. ..............
S ur. a t b e g in n in g o f y e a r

725 ,10 6
3 ,2 4 7 ,2 0 6

$ 17 2 ,6 4 4
773 ,14 4

3 ,2 4 7 ,2 0 6
_______

$ 77 3 ,1 4 4
_______

Surplus a t e n d o f y e a r .
3 ,9 7 2 ,3 1 2
$ 94 5 ,7 8 9
3 ,2 4 7 ,2 0 6
$77 3 ,1 4 4
C u rren cy.— T h r o u g h o u t th e a b o v e d e s c r ip tio n co n v e rs io n s in t o U. S.
c u r r e n c y h a v e b e e n m a d e a t th e r a te o f 4 .2 m ark s t o th e d o lla r.
O F F I C E R S .— R ic h a rd H ille , H e rm a n n M u lle r , F rie d rich W o e h rle .
H e a d qu arte rs, D r e sd e n , G e r m a n y .— Y .1 2 0 , p . 7 06, 3 18 9 , 3316; V . 122,
p . 2 193; V . 123. p . 85, 3 03 9 .

SILESIA ELECTRIC CORP.
(Electrizitaetswerk Schlesien Aktiengesellschaft.)
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . s u p p lie s e le ctric p o w e r and lig h t in an exte n sive se ctio n o f th e P r o v in c e
o f S ilesia, in c l. th e co u n tie s o f B resla u a n d W a ld e n b u r g .
P o p u la tio n
rea ch ed d ir e c t ly es tim a te d a) a b o u t 7 5 0 ,0 0 0 , a n d in d ir e c tly a to ta l o f o v e r

2 , 100, 000.

PUBLIC UTILITIES
C o . ’s busin ess con sists a lm o s t e n tire ly in th e g e n e ra tio n o f e le c t r ic it y b y
s tea m in 3 p o w e r p la n ts and th e transm ission and d istrib u tio n o f its ow n
e le c t r ic it y , p lu s a sm all a m o u n t p u rc h a se d , t h r o u g h o u t w id e ly d ive rs ifie d
in d u strial a n d a g ric u ltu ra l d istricts . In the s o u th w estern d ivisio n o f the
te rrito ry th e c o . c o n d u c t s its e le ctric busin ess p lu s a sm all b u t p r o fita b le
ele ctric ra ilw a y lin e, th ro u g h o p e ra tio n o f all th e p r o p e r t y a n d busin ess o f
its s u b sid ia r y , L ow er-S ile sia n E le c tr ic & B y . C o r p ., k n o w n as N e u k a g . C o
ow n s o v e r 8 8 % o f th e s to c k o f N e u k a g .
A m o n g c o . ’s 5 7 ,0 0 0 e le ctric cu sto m e rs are in clu d e d th re e im p o r ta n t a d ja ­
c e n t u t ilit y s y s te m s, 14 c o m m u n itie s and 448 c o -o p e r a t iv e a sso cia tio n s w hich
p u rch a se p o w e r fr o m th e c o . a t w h olesa le fo r r e d is trib u tio n th ro u g h their
o w n sys tem s t o m a n y th o u s a n d a d d itio n a l cu sto m e rs.
M o r e than 1 ,0 5 0 c o m m u n itie s are to b e fo u n d in th e 38 co u n tie s o f Silesia
th a t are s u p p lie d , d ir e c t ly or in d ir e c t ly , w ith th e c o m p a n y ’s p o w e r . In
area this t e r r ito r y h a s o v e r 8 ,0 5 0 squ are m iles. V . 122, p . 750
STOCK AN D BONDS—
D a te.
Interest. O utstanding. M a tu r ity
C o m m o n _______________________________
___________ $ 5 ,9 5 2 ,3 8 1 _____________
Special v o t in g p r e fe r r e d _______ ______
___________
7 1,4 28 _________
S in king fu n d m o r tg a g e g o l d f 1926
6 H ?F -A
4 ,0 0 0 ,0 0 0 F e b 1 1946
6 1 4 % series d u e 1946 $ 1 5 ,T re u h a n d -Y e r e in ig u n g A k tie n g e s e ils ch a ft,
0 0 0 ,00 0 ($ 1 ,0 0 0 , $ 500 c * ) _ (
B erlin , G e r m a n y , tru stee; H arris T r u s t &
\ S avs. B a n k , C h ic a g o , 111., co -tru s te e .
B on ds.— T h e sin kin g fund m ortgage gold bonds 6 Y i% series due 1946 are
secu red b y d ir e c t 1st m tg e . o n su b sta n tia lly all th e fix e d p ro p e rtie s (incl
a fte r -a c q u ir e d ) o f th e c o . a n d o f N e u k a g (see a b o v e ), s u b je c t o n ly t o prior
ch arges u n d er th e D a w e s P la n , e stim ated a t tim e o f issu a n ce o f b o n d s as
n o t exc e e d in g $ 1 ,2 9 7 ,7 1 4 , p rin c ip a l a m o u n t, a n d t o u n d e rly in g m o rtg a g e s
o f a p p r o x . $ 9 0 ,0 0 0 fo r the d isch a rge o f w h ich w ith in 4 m o n th s fr o m d a te o f
issue o f these b o n d s p r o v is io n h as been m a d e . M a x im u m a n n u al D a w e s
ch arges es tim a te d as n o t e xc e e d in g $ 8 0 ,00 0 . T h e re m a in in g $ 1 1 ,0 0 0 ,0 0 0
(o r e q u iv a le n t) m a y b e issu ed in series o f such te n o r as fr o m tim e to tim e
m a y b e d e te rm in e d , fo r 5 0 % o f n ew c o n s tr u c tio n , & c ., p r o v id e d n e t earn­
ings fo r 12 c o n s e c u tiv e o u t o f p re ce d in g 15 m o n th s h a v e b e e n a t le a st 3 tim es
an n u al in terest req u ire m e n ts o n all sin k in g fu n d m o r tg a g e b o n d s o u t s ta n d ­
in g , in cl. new issue. A n a n n u al sin kin g fu n d co m m e n c in g F e b . 1 1927 is
c a lcu la te d to retire a t le a st 5 0 % o f 634 % series d u e 1946 a t or b e fo re m atu r
i t y , w ith p r o v is io n fo r in creased sin k in g fu n d p a y m e n ts u n d e r certain
c o n d itio n s . C o . m a y ten d er b o n d s fo r c a n c e lla tio n in lieu o f m a k in g cash
p a y m e n ts in to th e sin k in g fu n d . C a ll, b y lo t , w h o le o r p a r t, on 60 d a y s
n o t ic e a t 100 a n d in t . P rin . a n d in t . a re p a y a b le a t H a rris , F o r b e s &
C o ., N . Y . C it y , o r a t c o -tr u s te e s ’ o ffic e in C h ic a g o , in IT. S. g o ld w ith o u t
d e d u c tio n fo r a n y G e r m a n tax e s. I n F e b . 1926 H a rris, F o rb e s & O g .
o ffe r e d $ 4 ,0 0 0 ,0 0 0 6 ) 4 % series d u e 1946 a t 8 7 )4 an d in t t o yield 7 H %
V . 122, p . 750. L is te d o n B o s t o n S to c k E x ch a n g e a n d N e w Y o r k S to c k
E x ch a n g e .
E A R N I N G S .— F o r s ta te d p e rio d s:
Y ea r Ended 6 M o s . End.
D ec . 31 ’25. Jun e 30 ’26
T o t a l r e v e n u e ___________________________________________ $ 3,0 7 3 ,0 4 2 $ 1,5 35 ,6 5 1
1 ,8 2 3 ,1 7 5
854 ,54 7
T o t a l exp en ses________________________________________
T a x e s _____________
2 5 4 ,03 7
187,249
D e p r e c ia t io n __________________________________________
3 0 9 ,5 2 4
142,857
I n t e r e s t ________________________________________________
9 ,3 1 1
2 8,8 44
$67 6 ,9 9 6
$32 2 ,1 5 5
N e t ea rn in g s ______________________________________ O F F I C E R S .— -M a n a gin g D ir e c to r s , O . O live n , R . W o lfe s , G e o r g S te in ,
M a x K u h n e r t a n d W a lt e r H e y m a n .
O ffice , B re sla u , G e r m a n y .— V . 122,
p . 7 50; V . 123, p . 3 185; V . 124, p . 1068.

STETTIN PUBLIC UTILITIES CO.
( O e f f e n t l i c h e W e r k b e t r i e b e d e r S t a d t S t e t t i n , G . m . b . H .)
C on trol.— T h e en tire c a p ita l s to c k is o w n e d b y the. C it y o f S tettiu
G erm any.
O R G A N I Z A T I O N .— O rga n iz e d in M a r c h 1 92 6 . C o n t r o ls all th e u tility
co m p a n ie s s u p p ly in g t h e C it y o f S te ttin , G e r m a n y th e ca p ita l a n d largest
c i t y o f th e P r o v in c e o f P o m e r a n ia , p o p u la tio n o v e r 2 5 8 ,6 0 0 , w ith electriclig h t a n d p o w e r , g a s, tr a m w a y a n d w a ter s e r v ic e .
O n e o f th e se u tility
c o m p a n ie s — S tettin P o w e r C o r p .— also su p p lie s , in d ir e c t ly , e le ctrica l e n e rgy
in several a d ja c e n t c o u n tie s w h ic h h a v e a to ta l p o p u la tio n o f a p p r o x im a te ly
5 5 0 .0 0 0 . T h e s e u t ilit y c o m p a n ie s are:
% o f Total C a pital
K in d o f
N o w Owned by Stettn
C om p a n y.
Service R endered, tin P u b . U tilities Co.
S te ttin P o w e r C o r p ________________ E le c tr ic g e n e ra tin g
a 6 6 2 -3 %
S tettin E le c t e e C o r p ______________ E le c tr ic d istrib u tin g
b60 0
8 te t t in T r a m w a y s C o r p ___________ E le c tr ic tr a m w a y
b 6 3 .5
C it y G a s & W a t e r C o r p ___________ G a s a n d w a ter
100.0
S tettin H a r b o r & E le c . C o ________E le c tr ic d istrib u tin g
100 .0
a B a la n c e o w n e d in p a r t b y P r o v in c e o f P o m e ra n ia a n d in p a r t b y th re e
c o u n t ie s , b B a la n c e o w n e d b y p u b lic .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e e le c tr ic gen era tin g p r o p e r tie s , all o f w h ich are o w n e d b y S te ttin P o w e r
C o r p . co n s is t o f 2 p o w e r s ta tio n s w ith a co m b in e d p re se n t installed c a p a c it y
o f 4 8 ,8 0 0 k .w ., w h ic h is b e in g in creased t o a to ta l c a p a c ity o f 7 4,4 00 k .w .
D u rin g 1926 c o m p a n y s o ld o v e r 8 2 ,0 0 0 ,0 0 0 k .w .h . o f e le c t r ic it y , all at
w h olesale t o a few la rge cu s to m e r s .
A s u b sta n tia l part o f th e a m o u n t is
•sold u n d er lo n g te rm c o n tr a c ts fo r re d is trib u tio n t o m a n y th o u s a n d a d d i­
tion al con su m ers t h r o u g h o u t th e several a d ja ce n t c o u n tie s a b o v e referred t o .
T h e 2 e le c tr ic d is tr ib u tin g s u b sid iaries pu rch a se th eir e n tire e le ctrica l
req u irem en ts fro m S te ttin P o w e r C o r p . and d is tr ib u te e le c tr ic ity th ro u g h ­
ou t th e C it y o f S tettin t o o v e r 5 4 ,0 0 0 cu sto m e rs. F o r th e 12 m o n th s e n d e d
D e c . 31 1925 th eir c o m b in e d sales a m o u n te d t o o v e r 1 4 ,0 0 0 ,0 0 0 k .w .h .
T h e S te ttin T r a m w a y C o r p . w ith 44 m iles o f tr a c k (sin gle tra ck e q u iv ­
alent! d o e s th e en tire ele c tr ic ra ilw a y b usin ess o f S te ttin a n d c e r ta in a d ja c e n t
s u b u rb a n c o m m u n it ie s .
T h e gas a n d w a ter p ro p e rtie s a re o p e ra te d b y o n e s u b sid ia r y a n d se rve
the en tire c i t y . A m o d e rn gas ge n e ra tin g plan t is t o b e c o m p le te d in th e
Fall o f 1926 w ith a c a p a c ity o f 2 ,1 0 0 ,0 0 0 c u b ic fe e t p e r d a y o f co a l g a s,
and w ill ta k e o v e r a large p a rt o f th e loa d o f th e existin g ge n e ra tin g p la n t.
O ver 4 0 ,5 0 0 gas cu s to m e r s , in clu d in g th ose served in severa l a d ja c e n t
c o m m u n itie s . W a te r cu s to m e r s , 6,2 3 5
F ran ch ise R ig h ts.— C o m p a n y , to g e th e r with its s u b sid ia r y o p e r a tin g
c o m p a n ie s , has s a tis fa c to r y e x c lu siv e co n ce ss io n c o n tr a c ts w h ich c o v e r
the o p e ra tio n o f ea ch o f t h e p ro p e rtie s in the C it y o f S te ttin a n d e xp ire
In 1 95 6 . V . 1 22, p . 3 21 2 .
STOCK A N D B O N D S—
D a te.
Interest. O utstanding.
M a tu rity
C a p ita l s t o c k ___________________ A ll o w n e d b y C it y o f S te ttin .
1st (clo s e d ) m tg e s f 7 % g o l d , 1926
7 g A -O
$ 3 ,0 0 0 ,0 0 0 A p r il 1 1946
$ 3,0 0 0 ,0 0 0 ) ($ 1 ,0 0 0 ) ____ c * : L isted on B o sto n S to c k E x c h a n g e .
B on u s.— T h e 1st m tg e . s. f. 7 % g o ld b o n d s , d a ted A p ril 1 1926 are se­
cu red b y a d ir e c t first (clo s e d ) m o r tg a g e o r d eed o f trust, on s u b sta n tia lly
ill th e fix e d p ro p e rtie s (in cl. a fte r a cq u ire d : o f the o p e ra tin g su b sid iaries
o f th e c o . . s u b je c t w ith re s p e ct t o o n e o f th e su b sid ia r y p ro p e rtie s to p rior
ch arges u n d er th e D a w e s P lan es tim a te d at not e xc e e d in g $ 2 5 0 ,0 0 0 p rin cipal
a m o u n t. T h e a g g re g a te m a x im u m an n u al ch arges u n der th e D a w e s P lan
and t h e G er m a n L a w s e n a cte d t o ca rr y th e D a w e s Plan in to e ffe c t , for
all t h e o p e r a tin g su b sid iarie s are e stim ated at not e xc e e d in g $ 5 4 ,1 0 0 .
T h ere is a sin kin g fu n d c o m m e n c in g Jan . 15 1927 su fficie n t to retire 2 3 4 %
o f th e en tire a m o u n t o f th e issue a n n u a lly , or 50 'T b y m a tu r ity . C o m p a n y
m ay in a n y y e a r, at its o p t io n , in crease th e sin k in g fund p a y m e n ts t o an
a m ou n t s u ffic ie n t t o re tire n o t t o e x c e e d 5 % o f th e issue. P a y m e n t t o
be a p p lie d t o p u rc h a se o f b o n d s a t o r b e lo w p a r and in t. o th e rw is e t o call
b y lo t at p a r a n d in t . C o . m a y te n d e r b o n d s fo r c a n c e lla tio n in lieu o f
m ak in g cash p a y m e n t s . A r e r e d . fo r sin k in g fun d a t 100 a n d in t . o n a n y
Interest d a te . C a lla b le , w h o le o r p a r t , b y lo t on a n y in te re st d a te o n
6 w e e k s ’ n o t ic e , in c lu d in g A p r il 1 1931 at 10234 a n d in te re st and th e re ­
a fter at 100 an d in te re s t. D e u ts c h e T re u h a n d G e s e lls c h a ft, B e rlin ,
trustee; H a rris T r u s t & S av in gs B a n k , C h ic a g o , c o -t r u s t e e .
P rin cip a l
and in teres t p a y a b le in N e w Y o r k o r C h ic a g o . In June 1926 H a rris, F o rb e s
& C o . a n d R e d m o n d & C o o ffe re d $ 3 ,0 0 0 ,0 0 0 at 9 4 )4 a n d in t , t o y ie ld
a b o u t 7 .5 5 % . V . 122, p . 3 212; V . 123, p . 2263.
E A R N I N G S .— F o r ca le n d a r y e a r 1925:
G ross e a rn in g s, in c l. n o n -o p e r . in c o m e ______________________________$ 4 ,2 5 8 ,3 7 0
O p er a tin g e x p en ses , m a in t ., ta x e s , & c ., ch a r g e a b le t o o p e r a tio n
(in c l. e s tim a te d m a x im u m c h a r g e s u n d e r D a w e s P l a n ) _______
2 ,6 0 5 ,9 4 0
N e t ea rn in g s _________________________________________________________$ 1 ,6 5 2 ,4 3 0
A n n u al in te re s t on $ 3 ,0 0 0 ,0 0 0 b o n d s ________________________________
2 1 0 ,0 0 0
B a la n c e b e fo r e d e p r e c ia t io n , & c __________________________________$ 1,4 4 2 ,4 3 0
O F F I C E R S .— M a n a g in g D ir e c to r s . D r . X a v e r M a v e r and W ilh e lm
D u h m e r . O ffic e , S te ttin , G e r m a n y .— V . 122, p . 3 212; V . 123, p . 2 2 6 3 .




[V ol. 125,

UNTERELBE POWER & LIGHT CO.
(Elektricitaetswerk Unterelbe, Aktiengeseilschaft)
C on trol.— C o . ’s e n tire c a p ita l s to c k (2 0,0 00 000 R . M . p a r v a lu e ) is o w n e d
b y th e C it y o f A lt o n a .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
F o u n d e d in 1912. C o . su p p lies e le c. p o w . a n d It. w ith o u t c o m p e titio n in the
C it y o f A lto n a a n d ce rta in nea rb y d istricts . In a d d itio n , in 1926 it a cq u ire d
fr o m th e C it y o f A lto n a th e gas a n d w a ter p ro p e rtie s (e xclu siv e o f o ld a d ­
m in istra tio n b u ild in g ) w h ich s u p p ly th e en tire re q u ire m e n ts o f the c it y a n d
p a r t o f the su rro u n d in g te r r ito r y . T h e s e gas a n d w a te r p ro p e rtie s w ill
co n tin u e t o b e o p e ra te d as h e r e to fo re th ro u gh A lto n a G a s & W a t e r C o .
(A lto n a e r G a s -u n d W asserw erk e G . m . b . H .) , a ll o f w h o se ca p ita l s to c k has
been a cq u ire d b y th e U n te re lb e P o w . & L t . C o . fr o m th e c it y . T h e to ta l
p o p u la tio n th u s s e rv e d d ir e c t ly a n d in d ir e c tly b y th e c o m p a n y w ith elec­
t r ic it y , gas a n d w a te r is a p p r o x im a te ly 2 6 0 ,0 0 0 .
S ales o f e le c tr ic cu rren t,
a b o u t 3 7,9 9 6 ,0 0 0 k .w .h . in 1924 a n d 4 4 ,6 1 2 ,0 0 0 k .w .h . in 1925. M o r e than
h a lf th e c u rre n t s o ld in 1925 w as d e liv e re d t o in d u s tria l users. Sales o f gas
in 1924 a n d 1925 w e re in excess o f 7 4 1 ,0 0 0 ,0 0 0 c u . f t . a n d 8 3 1 ,0 0 0 ,0 0 0 c u . f t . ,
re s p e ctiv e ly .
T h e e le c tr ic p ro p e rtie s co n sist o f a p la n t h a v in g an in sta lle d tu rb o -g e n e r­
a to r c a p a c ity o f 2 6 ,0 0 0 k .w ., to g e th e r w ith h ig h -te n sio n lines f o r tra n s­
m ission o f c u rre n t t o o u tly in g d istricts a n d a d is trib u tio n n e tw o r k w ith in
the c it y p r o v id in g fo r a t o ta l c o n n e c te d lo a d o f in excess 6 0 ,0 0 0 k .w . N ew
plan t t o be co n s tr u c te d w ill b rin g t o t a l g e n e ra tin g c a p a c ity t o 6 0 ,0 0 0 k .w .,
as w ell as e x te n d th e tra n sm ission a n d d istrib u tio n s y s te m t o ca re fo r th e
ra p id ly in cre a s in g d e m a n d in th e t e rrito ry se rv e d .
T h e gas a n d w a te r p r o p e rtie s d ir e c t ly o w n e d b y c o . and o p e ra te d th ro u g h
Its w h o lly o w n e d s u b sid ia r y co n sist o f (a) gas gen era tin g fa cilitie s ca p a b le
o f p r o d u c in g d a ily a t o ta l o f 3 ,5 0 0 ,0 0 0 c u . f t . o f co a l gas (w ith b y - p r o d u c t s ) ,
and d e liv e rin g g a s t o co n su m e rs th r o u g h a b o u t 4 7 ,0 0 0 m eters; a n d i,6) a
w ater filtr a t io n , ce n tr a l p u m p in g a n d s u p p ly p la n t se rv in g con su m er
th rou gh a b o u t 1 3,0 00 m e te rs. G o . e ith er o w n s o r has th e exlcu siv e
right t o use gas and w a te r d istrib u tin g sys te m s a p p u rte n a n t t o th ese p la n ts .
F r m c h ise s .— In c it y o f A lt o n a , e x c lu siv e fra n ch ises gr a n te d b y th e c it y
and e x te n d in g b e y o n d 1941.
3 1'O G K A N D B O N D S —
D a te.
In terest. O utstanding. M a tu rity.
C ap ita l s t o c k ___________________ ______
___________ 2 0,0 0 0 ,0 0 0 R . M ________
15-year 7 % sin k in g fu n d g o l d f 1926
7 A -O
$ 2 ,5 0 0 ,0 0 0 O c t 1 1 9 4 1
$ 4 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 , $ 500 c * ( F irs t T r . A. S a v . B k ., C h ic a g o , A m e r ic a n
tru s te e ; D e u ts c h e W a r e n -F re s sh a n d , A ,G .
( H a m b u r g , G e r m a n tru s te e .
>nds.— T h e 15-y r . 7 % s . f . m tge. gold bonds, dated Oct. 1 1926, a re s ecu red
o y a d ire ct m o rtg a g e in th e g o ld m a r k e q u iv a le n t o f at le a st t h e p rin c ip a l
a m unt o f b o n d s o u ts ta n d in g o n c o . ’s e le c tr ic lig h t a n d p o w e r p ro p e rtie s,
• gas ge n e ra tin g p la n ts a n d its w a te r filtr a t io n , ce n tr a l p u m p in g a n d sup­
p ly p la n t . T h is m o rtg a g e is a fir s t m o r tg a g e o n c o . ’s e le ctric lig h t a n d p o w e r
p ro p e rtie s a n d a d ire ct m o rtg a g e o n th e gas a n d w ater p r o p e rtie s , s u b je c t
to a re p u rch a s e rig h t w ith re s p e ct t o th e w a ter w o rk s p r o p e r t y e ffe c tiv e
o n ly i f th e p r o p e r t y ceases t o b e u s e d as a w a te r w o r k s , and t o a p r io r lien
in th e m a x im u m a m o u n t o f $ 1 4 0 ,4 7 6 . T h is lien secu res a d e b t o f th e C it y
o f A lt o n a w h ic h w a s n o t assu m ed b y c o . and th e c i t y h as in d e m n ifie d c o .
against an y lia b ility fo r in te re st o r p r in c ip a l th e re o n .
A s c o . is m u n ic ip a lly o w n e d , it is n o t s u b je c t t o a c a p ita l ch a r g e u n d er
the D a w e s P la n . H o w e v e r , in a c c o r d a n c e w ith th e law s o f t h e G er m a n
R e ic h , e n a cte d t o p u t th e D a w es P la n in t o e ffe c t , c o . is o b lig a te d t o m a k e
annual p a y m e n ts w h ic h w e re e s tim a te d a t a m a x im u m o f a b o u t $ 3 5 ,0 0 0
per y e a r.
T h e r e is a sin kin g fu n d fo r th e re tire m e n t b y p u rc h a se o r c a ll at 100 a n d
Int. o f $ 10 0 ,0 0 0 o f b o n d s o n o r b e fo r e A p r i 1 1929, a n d a sim ilar a m o u n t
du rin g e a ch six m o n t h s ’ p e r io d th e re a fte r. I t w ill be s u fficie n t t o retire
$ 2 ,5 00 ,0 0 0 b e fo r e m a tu r ity . I n e v e n t o f fu tu r e issu an ce o f $ 1 ,5 0 0 ,0 0 0
a d d itio n a l b o n d s , s u ch s em i-a n n u al sin k in g fu n d is t o b e in creased b y
$60 ,00 0 o f b o n d s . T h e a d d itio n a l $ 1,5 0 0 ,0 0 0 m a y b e issued o n ly a fte r im ­
p ro v e m e n ts o r exte n sio n s h a v e b e e n m ad e t o th e m o rtg a g e d p r o p e r t y h a v ­
ing a c o s t o r fa ir v a lu e (w h ic h e v e r is lo w e r ) o f at least th e a m o u n t o f th e p r o ­
ceed s ©f th e o rig in a l $ 2,5 0 0 ,0 0 0 issue, p lu s $ 2 ,0 0 0 ,0 0 0 , p r o v id e d n et earn­
ings o f c o . as d e fin e d in th e in d e n tu r e , a fte r in terest ch arge s b u t b e fo r e
d e p re cia tio n an d r o y a ltie s , d u rin g e a ch o f th e t w o fisca l y e a rs im m e d ia te ly
p re ce d in g s u ch issue sh all h a v e be e n at lea st 3 tim e s th e m a x im u m an n u al
in terest re q u ire m e n ts o n th e t o ta l a u th o riz e d issue o f $ 4 ,0 0 0 ,0 0 0 . S u cn
a d d itio n a l b o n d s m a y a lso b e issued u p o n d e p o s it o f ca sh w ith th e (G e r m a n )
tru s te e , w h ic h sh all s u b se q u e n tly b e r e p a y a b le t o c o . in th e m a n n er t o b e
p r o v id e d in th e in d e n tu r e se cu rin g th e b o n d s .
T h e y a re r e d ., w h o le b u t n o t in p a r t (e x c e p t f o r sin k in g f u n d ) , o n a n y in t .
d a te o n 60 d a y s ’ n o tic e , a t 103 a n d in t . G a ll, fo r sin k in g fu n d a t 100 &
in t. P rin . a n d in t . p a y a b le in 0 . S . g o ld at A . G . B e ck e r & C o ., C h ic a g o
.
o r N e w Y o r k , w ith o u t d e d u c tio n fo r a n y ta x e s o r ch arge s, p a s t, p res en t o r
feature, levie d b v G e rm a n ta x in g a u th o ritie s. In O c i . 1926 A . G . B eck er
& G o . o ffe re d $ 2 ,5 0 0 ,0 0 0 a t 9914 & i n t ., t o y ie ld a b o u t 7 .0 8 % . L iste d on
B o s to n S to c k E x ch a n g e . V . 123, p . 2 14 2 ; V . 124, p . 3 75.
E A R N I N G S .— o m b in e d ea rn in gs o f p ro p e rtie s o w n e d a n d op era ted
-C
b y c o . a n d its s u b sid ia r y , A lt o n a G a s & w a t e r C o ., fo r c a l. y e a r 1925:
G ross earn in gs, in clu d in g m isce lla n e o u s in c o m e ____________________ $ 3 ,2 6 2 ,2 2 9
O p e r . e x p s ., in c l. m a in t., tax e s n o t b a s e d o n p r o fit s , ch arges
u n d e r D a w e s P la n , & c ____________________________________________ 1 ,8 2 6 ,0 2 0
A v a ila b le f o r in te re s t, d e p r e c ia tio n , r o y a ltie s , * & c ____________ $ 1,4 3 6 ,2 0 3
* T h e c it y has co v e n a n te d t o s u b o r d in a te r o y a lt y ch arge s a ccr u in g t o it
fo r fra n ch ises h e ld b y th e c o . t o c u rre n t in terest and s in k in g fu n d ch arges
on th e 1 5-y e a r m tg e . b o n d s
Latest E a rn ings.-— F o r 6 m o n th s e n d e d J u n e 30 1926 n e t ea rn in g s a v a il­
a ble fo r in t ., d e p r e c ., r o y a ltie s , & c ., w e re $ 89 3 ,6 1 2 .
N o te .— A ll c o n v e rs io n s h a v e b e e n m a d e at th e ra te o f 4 .2 R e ic h s m a rk s ,
o r 4 .2 g o ld m ark s t o th e d o lla r .
O F F I C E R S .— M a n a g in g D ir e c to r , H e rr M ilic h .— V . 123, p . 2 14 2 ; V .
124, p . 375.

WESTPHALIA UNITED ELECTRIC POWER CORP.
(Vereinigte Elektrizitaetswerke Westfalen G. m. b. H.)
O R G A N I Z A T I O N , C H A R A C T E R O F B U S I N E S S , & c .— O rganized
M a r c h 1 1923 as L o r t m u n d e r u n d V e rb a n d s-E le k tr iz ita e ts w e rk , G . m . b . H .
N a m e ch an ged t o p re s e n t t it le J a n . 1 1925. C o r p . is a m u n icip a l en ter­
p rise and s u p p lie s b y fa r th e gr e a te r p a r t o f all e le c tr ic ity u sed in o n e o f fo r e ­
m o s t industrial se ctio n s o f E u r o p e , se rv in g d ir e c tly m o re th a n 1 38,000
con su m ers, and su p p ly in g a t w h olesale m o st o f the p o w e r req u irem en ts o f
lo ca l d istrib u tin g syste m s w h ich in th e a gg rega te s u p p ly e le c tr ic ity t o ov e r
1 60.000 a d d ition a l co n su m e rs . A ls o fu rnishes gas t o m o re th an 1 9,500
con su m ers in 22 c o m m u n itie s
T h e te rrito ry se rve d e m braces an area o f
o v e r 4 .2 5 5 squ are m iles in w estern G e r m a n y , in clu d in g m o st o f th e very
h igh lygin d u stria lized d istricts in th e E m s . L ip p e a n d R u h r R iv e r v a lle y s ,
and h a vin g a present p o p u la tio n e stim ated at 2 ,9 0 0 ,0 0 0 .
T h e syste m in clu d es 4 large m o d e rn steam e le ctric gen era tin g p lan ts w ith
an a gg rega te installed gen era tin g c a p a c ity o f 160,000 k .w .; a transm ission
syste m con sistin g o f o v e r 390 circu it m iles o f 5 0,0 00 v o lt a n d 100 ,00 0 v olt
transm ission lines, carried o n steel to w e rs; 951 circu it m iles o f 1 0,000 and
2 5.0 00 v o lt transm ission lines, and 817 m iles o f u n d e rgro u n d ca b le ; 14
p rin cip a l sub sta tion s co n ta in in g 9 1 ,0 0 0 k v a . o f tra n sfo rm e rs, 874 trans­
form er and s w itch in g sta tio n s c o n ta in in g o v e r 2 5 0 ,0 0 0 k v a , o f tra n sform ers;
a n d an e xten sive d istrib u tio n s y s te m re a ch in g o v e r 1 38,000 cu stom ers in
241 com m u n itie s a n d in clu d in g m o re th a n 1,5 1 6 c irc u it m iles o f overh ea d
c o n d u c to r s a n d 653 m iles o f u n d e rg ro u n d ca b le s.
In a d d itio n , co r p o r a tio n op e ra te s a h y d r o -e le c tr ic p la n t h a v in g an
installed c a p a c ity o f 6 ,0 0 0 k .w . u n d er a lease ex te n d in g t o 1948 fr o m R u h r
V a lle y S tream C o n tro l A s s o cia tio n (R u h rta ls p e rr e -V e r e in ). P o w e r is
also p u rch ased a t w h olesa le o n v e r y fa v o r a b le te rm s u n der co n tr a c ts w ith
va rio u s co m p a n ie s o p e ra tin g w ith in th e te r r ito r y se rv e d . T h e s e c o n tr a c ts
a d d a p p ro x im a te ly 3 9 ,0 0 0 k .w . t o th e p o w e r resou rces o f th e W estp h a lia
U n ite d S ystem . V . 121, p . 2640.
C ontrol.— i ’r a d ic a lly a ll o f th e ca p ita l s to c k is o w n e d b y m u n icip a lities
s e rve d .
STOCK A N D BON DS—
D a te.
In terest. O utstanding. M a tu rity.
c o m m o n M k s . 4 2 ,0 0 0 ,0 0 0 ____________
___________ M k s .4 2 ,0 0 0 ,0 0 0 __________
1st m tg e . sin king fu n d g o l d (1925
6 )4 g J -D $ 7,5 0 0 ,0 0 0 D e c . 1 1950
series d u e 1950 $25,000,0001 D e u ts ch e
T r e u h a n d -G e s e lls ch a ft,
B erlin ,
( $ l,0 0 0 -$ 5 0 0 c * )____________
G e r m a n y , tru stee.
IH arris T r . & S av . B k ., C h ic a g o , 111., co-tru s.
B on ds.— T h e 1st m tge. s. f . gold bonds series due 1950 are secu red b y direct
first m ortga ges on all o f th e m o re im p o r ta n t fix e d p r o p e r ty o f th e system
in clu d in g th e fou r large m o d e rn p o w e r p la n ts , and a fte r -a c q u ir e d prop erties.
A d d itio n a l b o n d s o f this or o th e r series, o f such te n o r as c o m p a n y m ay
de te rm in e , m a y b e issued fo r 5 0 % o f new co n s tr u c tio n , A c . , p r o v id e d net
earnings fo r 12 o u t o f p re ce d in g 15 m o n th s h a v e be e n at least 3 tim es annual

Oct., 1927.]

POWER, LIGHT AND RAILW AY

in teres t on all b o n d s issued, in cl. th o s e p ro p o s e d t o b e issu ed. U n d e r the
“ D a w es P la n " a n d th e G e rm a n law s e n a cte d t o ca rr y this p lan in to effect
co r p o r a tio n has t o m ak e an n u al p a y m e n ts e stim ated n o t t o e xceed $75,000.
a p o r tio n o f w h ich is se cu re d in a c c o r d a n c e w ith th e s o -ca lle d Industrial
C h a rges L a w o f A u g . 30 1924. A p ro g re ssive ly increasing annu al sinking
fu n d , co m m e n cin g A u g . 1 1931 w ill retire the entire series at or before
m a t u r it y . C o m p a n y has o p tio n t o ten d er b o n d s fo r ca n c e lla tio n m lieu
o f m a k in g cash p a y m e n ts in to th e sin k in g fu n d . C a ll., w h o le or p a rt by
lo t , o n 60 d a y s ’ n o tic e , at 100 and in t. L iste d on N . Y . an d B o s t o n Stock
E xch an ges.
P r in c ip a l p a y a b le at S p e y e r & C o ., N e w Y o r k . I n t . p a y a b le
a t S p ey er & C o . an d c o -t r u s t e e ’s o ffic e in C h ic a g o in U . 8 . g o ld c o m w ithout
d e d u c t io n fo r a n y G e r m a n ta x e s. In N o v . 1925 S p e y e r & C o . and H arris
F o r b e s & C o . offered at 8 7 Li a n d int... t o y ie ld 7 .6 2 % , $ 7 ,5 0 0 ,0 0 0 series due
1 950. V . 121, p . 2 640; Y . 123, p . 2 26 3 .
E A R N I N G S ..— F o r p e rio d s a s i n d ic a te d (in m a r k s);
x6 M o s . E n d .
Cal. bear
Ju n e 30 ’ 2 6 .
1925.
S ales o f ele ctric c u r r e n t ______________________________ 1 3 ,1 9 ] ,581 2 6 ,4 6 8 ,9 7 9
Sales o f g a s ____________________________________________
3 0 4 ,95 6
§ 8 6 ,7 7 9
M is c e lla n e o u s _________________________________________
6 0 2 ,21 8
3 2 J 44a

291

1935; th e p re m iu m th e re a fte r de cre a sin g 34 % t o 102 34 and in t . d u rin g 1940;
th erea fter, p rio r t o m a tu r ity a t 102 34 a n d in t. In D e c . 1925 A ld r e d & C o .
a n d o th e rs s o ld $ 1 0 ,0 0 0 ,0 0 0 series C , d u e D e c . 1 1955 a t 9 3M a n d in t ., t o
vield 7 % . V . 121, p . 2 8 7 3 . L iste d o n B o s t o n S to c k E x ch a n g e . V . 121,
p . 3 003.
Societa

Generate I ta lia n a E d ison di E lectricita (E d ison G eneral Ita lia n
E lectric C o ., M il a n ) .
O rga n ized in 1884 in I t a ly . A h o ld in g a n d o p e ra tin g c o m p a n y ; fu rn ish es
o v e r h a lf th e e le ctric p o w e r re q u ire m e n ts in th e C it y o f M ila n and a d jo in in g
su b u rb a n d is tr ic ts and a su b sta n tia l p o r t io n o f th e ligh tin g b u sin ess in
th e c i t y as w e ll. T h e s y s te m h as an a gg rega te gen era tin g c a p a c it y o f
o v e r 970 ,00 0 h .p . (o v e r 8 2 % h y d r o -e le c tr ic ) and 4 0 0 ,00 0 a d d itio n a l h .p .
u n d e r c o n s tr u c tio n , a n d b a d , in 1926, an o u tp u t o f o v e r 1 ,8 1 5 ,0 0 0 ,0 0 0 k .w .
h o u rs. V . 121, p . 2 750. S erves a p o p u la tio n o f a p p ro x . 1 2 ,0 00 ,0 0 0 in th e in­
d u strial d is t r ic t o f n o r th w e ste rn I t a ly , in c lu d in g a large p a rt o f th e
v a lle y o f th e “ P o ” R iv e r . T h e te rrito ry em bi’a ces p r a c tic a lly a ll th e p r o ­
vin ce s o f L o m b a r d y , E m ilia and L igu ria and a la rge p a rt o f P ie d m o n t.
In clu d e s th e C it y o f M ila n , B o lo g n a , B re scia, N o v a r a , P a rm a , R e g g io .
M o d e n a . A le s s a n d r ia , C r e m o n a , C u n e o . M a n t o v a , & c ., a n d also th e s ea p orts
o f G e n o a , S pezia a n d S a v o n a . In 1926 c o . m erged th ro u gh e xch a n g e o f
s to c k s th e “ S o cie ta A n o n im a p e r Im p r e se E le ttr ic h e C o n t i,” k n o w n as
T o t a l re v e n u e ______________________________________
th e “ C o n ti C o m p a n y .’ ’ V . 1 23, p . 3 037. F o r fu r th e r p a rtic u la r s and
O p e r ., a d m in . & g en e ra l e xp e n se s _________________
7,230,ots8 1 4 ,4 04 .1 5 8
d e s c r ip tio n o f su b sid ia r ie s , see V . 121, p . 2873.
T h e 4 p la n ts o f th e c o . re fe rre d to a b o v e u n d e r th e d e sc rip tio n o f th e
N e t p r o f i t __________________________________________
6 ,8 6 8 ,3 9 7
1 3 ,2 31 ,0 4 5
6 34 % s e c . g o ld b o n d s , series C , o f In te rn a tio n a l P o w e r S ecurities C o r p . a re th e
C o n c e s s io n fe e s ________________________________________
^ 1 0 0 ,0 0 0
2 ,2 0 5 ,5 7 i
fo llo w in g ; i ’ ad e rn o p la n t (1 6,9 00 h .p .) , R o b b ia te p la n t (3 7 ,0 0 0 h .p .) ,
D e p r e c ia t io n __________________________________________
all o n th e A d d a R iv e r ; th e P a lla n z e n o (36,200 h .p .) and R o v e s c a (4 0 ,0 0 0
h .p .) p la n ts o n th e O v e sc a R iv e r .
T h e a gg rega te c a p a c ity o f th e c o .
B usin ess fra n c h ise t a x ________________________________
2 5 2 ,0 0 0
344 ,90 0
p ro p e r is 4 0 0 ,00 0 h .p . (8 5 % h y d r o -e l.) h . p ., 661 m iles tra n sm ission lin es.
See also Y . 121, p . 2 87 3 , u n d e r “ E d is o n G en eral Italia n E le c tr ic C o . ”
z N et e a rn in g s_____________________________________
2 ,3 0 2 ,9 0 0
2 ,8 7 4 ,1 1 6
Subsidiary and A ffilia te d C o m p a n ies.-— -Am ong, th e m o re im p o r ta n t s u b ­
x S u b je c t t o a d ju s tm e n ts at end o f fis c a l y e a r .
*
s id ia r y co m p a n ie s o f th e E d is o n G e n e ra l Ita lia n E le c tr ic C o . are th e “ N e g r i”
y T h e a m o u n t o f d e p r e c ia tio n ch a r g e d f o r th e y e a r e n d e d D e c . 31 19^5
w a s m u c h greater th a n th e a m o u n t as c a lcu la te d at n o r m a l ra te s. P ra c­
and its su b sid iaries, wF*i 3 5 3 ,0 0 0 h .p ., o p e ra tin g in th e z o n e ly in g a lo n g th e
t ic a lly th e w h o le o f th e b a la n c e o f th e su rp lu s .a cc o u n t has th u s b e e n tran s­
M a r itim e A lp s and th e Ita lia n R iv ie r a (th e L igu rian Coast,) in the n eig h b or­
fe rre d t o d e p r e c ia tio n re s e rv e , w h ic h at D e c . 31 1925 a m o u n te d t o M . 3 8,h o o d o f G e n o a ; th e “ B r e s c ia n a ” w ith 5 9,400 h .p ., o p e r a tin g t o th e east o f
M iia n , ce n te rin g a ro u n d B re s c ia , C re m o n a , and e x te n d in g sou th ea st t o
5 0 0 ,0 0 0 . T h e d e p r e c ia tio n fo r th e six m o n th s e n d e d J u n e 30 1926 has been
B o lo g n a th e ‘ E m iiia n a ” with 16,000 h .p ., o p e r a tin g .n th e viC im ty o f
ca lcu la te d at n or m a l ra te s.
.
J
.
z W e stp h a lia U n ite d E le c tr ic C o r p . is n o t s u b je c t t o in c o m e t a x , as it is
P a rm a ; th e “ D in a m o ” w ith 6 5 ,0 0 0 h .p ., o p e ra tin g t o th e west o f L a k e
M a g g io r e a n d in c lu d in g p a rts o f L o m b a rd y a n d P ie a m o n t; the “ I n t e r a m u n icip a l en terp rise
O F F I C E R S .— M a n . D i r ., M . K r o n e a n d h r . F ish e r.— V . 1 21, p . 2640
re g io n a le -C is a ip in a ” w ith 105 ,00 0 h .p . in pianfcs n ea rin g c o m p le tio n an a in
p lan ts lo ca te d n o r th o f L a k e C o m o an d d o in g an e x te n d e d h i g i ten s ion
V . 123, p . 1998, 2 26 3 , 2 52 2 , 2 90 3 .
transm ission busin ess; and tu e “ O r o b ia ” with 2 9 ,0 0 0 h .p ., o p e r a tin g a rou n d
L a k e L e c c o , n orth east o f M iia n .
F ra n ch ises.-— T h e E c/ison G en e ra l Ita lia n E le c tr ic C o . has p re lim in a ry or
fin a l fr a r c h is e s fo r th e u t iliz a t io n o f th e w a N r u see b y it fo r p o w er p u rp os es.
T h e s e fra n ch ise s are in gr e a te r p a rt a drive a fr o m t r e G o v e rn m e n t u n aer
R o y a l D e c r e e N o . 2x61 a a t e a O c t. 9 1919, and run fo r p e rio i s o f 60 years;
o th e rs granbea b e fo re t o e a b o v e m e n tio n e d a e cre e are re n ew a ble t o exp ire in
1977.
E arn in g s w ere as fo llo w s : 1920, gros^s 3 8 ,0 2 6 ,2 0 6 L ire; n e t b e fo r e d ep re­
cia tio n s 1 9,7 41 ,8 7 7 L ire; 1921, g ro ss 4 5 ,9 2 5 ,9 2 9 L ire, n e t b e fo r e d e p re c.
INTERNATIONAL POWER SECURITIES CORP.
2 5,5 80 ,4 3 2 L ire; 1922, g ro ss 5 0 ,2 6 5 ,9 7 4 L ire , n e t b e fo r e d e p r e c . 2 2 ,3 6 5 ,4 7 3
Lire; 1923, gross 65,9 73 ,6 5 1 L ire , n e t b e fo r e d e p re c. 3 7.0 0 5 ,1 3 9 L ire; 1924,
O R G A N I Z A T I O N .— I n c o r p . in 1923 in D e la w a re as Ita lia n P o w e r C o .,
g r o s s , 7 4 ,6 1 4 ,8 1 7 L ire; n e t b e fo r e d e p r e c ., 3 8 ,3 0 8 ,0 6 4 L ire.
1925: G r o ss ,
t o a cq u ire selected secu rities and o b lig a tio n s o f lea din g e le ctric ligh t and
8 7 ,7 4 8 ,4 6 0 lire. F o r 1926 (in cl. “ C o n t i” ) : G ross, 2 0 8 ,3 0 1 ,0 1 2 lire; n et
p o w e r c om p a n ies in th e U . S . o r fore ign co u n trie s. N a m e ch a n g e d to
b e fo r e d e p re cia tio n , 8 1 ,6 9 8 ,5 1 4 lire.
p res en t title in N o v . 1924. V . 119, p . 2 28 7 .
Outstanding. M a tu rity .
D ividends.— D iv s . p a id o n ca p ita l s to c k at th e ra te o f 1 0 % fo r th e last
STOCK AN D BONDS—
D a te.
Interest.
16 y e a rs , a n d is n o w p a y in g a t th e ra te o f 1 4 % p er a n n u m .
C o m 3 5 0 ,0 0 0 shs (n o p a r ) ------- ------------------------.1 7 5 ,0 0 0 shs ------------------2.
— T h e 10-y r . 7% secured gold bonds, series D, dated Jan. 1 1926, are a d i­
$6 c u m p r e f ser A 2 5 0 ,0 0 0 shs
r e c t o b lig a tio n o f In te r n ’l-P o w . S e cu r. C o r p . and s p e c ific a lly secured by
7 5 .0 0 0 shs ____________
(n o p a r ) ______________________ ______
$6
p le d ge o f $ 5 ,0 0 0 ,0 0 0 o f Societa Italian a p er il Gas (Italian G as C o .) a n d 3 o f
$ 1 ,0 0 0 ,0 0 0 D e c ] i9 5 4
C o lla te ra l tru st series B g o ld ( 1924 6 H g J -D
its m o s t im p o r ta n t s u b sid iaries, S ocieta T o rin e s e In d u stria G as ed E le ttriN . Y . C ., tru stee.
($ 1,0 00 c * ) ___________ ______ (B an k e rs T r u s t C o .
c ita , S ocieta “ G a s e C o k e M ila n o ” a n d S o cie ta Italia n a P r o d o t t i E s p lo d e n ti.
9 .8 2 6 .0 0 0 D e c 1 1955
/ 1925 6 >2 J -D
______
A d d it io n a lly secu red b y p le d g e o f certa in shares o f so m e o f th e co n tr a c tin g
S ecured g o ld Ser C ($ 1 ,000 c * ) ( I n t . a t B an k ers T r . C o . N e w Y o r k , tru stee
and o th e r a llie d o p e ra tin g c o m p a n ie s. A n an n u al sinking fu n d , s ta rtin g
j
1926 7 g J -J
4 ,9 0 0 ,0 0 0 Jan 1 1936
Jan. 1 1927, p a y a b le in U . S. g o ld is t o retire m o re th an 1-3 o f th e orig in a l
,000 c * )(B a n k e r s T r u s t C o ., N . Y . C ., tru s te e .
S ecured g o ld ser I)
issue o f $ 5 ,0 0 0 ,0 0 0 b y m a tu r ity , p ro g re ss iv e ly in creasin g fr o m an in itia l
I
1 0 ,0 0 0 ,0 0 0 F e b 1 1957
S ecu red g o ld ser E ($ 1,0 00 c * ) I 1927 7 % g F -A
p a y m e n t o f $10 0 ,0 0 0 t o th e fin a l p a y m e n t o f $ 35 0 ,0 0 0 p a y a b le in cash o r
(B a n k e rs T r u s t C o ., N . Y . C ., tru stee.
b o n d s o f this issue a t p a r. B o n d s m a y b e p u rc h a se d o r d ra w n b y lo t at
(
1927 7 g J-J
6 ,0 0 0 ,0 0 0 Jan 15 6002
red e m p tio n p rices a n d are t o b e ca n c e lle d . R e d . w h o le o r p a rt, on 30 d a y s ’
S ecu red g o ld ser F ($ 1,0 00 c * ) \ Int. a t B an k ers T r u s t C o ., N . Y . C ., m is tee.
n o tice a t 105 on o r b e fo re J u ly 1 1930; a t 10234 on o r b e fo re J u ly 1 1932;
N o t e s 6 % ____________________________ _
6%
2 ,0 0 0 ,0 0 0 D e c 29 19-.7
a n d th e re a fte r a t 101; in each case w ith in terest. P r in c ip a l & in terest p a y ­
Stock.— $6 c u m . p r e f. s to c k is p re fe rr e d as t o assets a n d c u m . d iv s o v e r
able in N e w Y o r k in U . S . g o ld . In M a r . 1926 A ld r e d & C o ., H arris, F orb es
c o m m o n t o th e e x te n t o f $100 p er sh are, plus a ccr u e d a n d u n p a id d iv s .
& C o ., a n d B an kers T r u s t C o ., o ffe r e d $ 5 ,0 0 0 ,0 0 0 7 % series D , d u e Jan 1
R e d . o n 30 d a y s ’ n o tic e o n a n y d iv . d a te at $110 p er share an a ccr u e d d iv .
1936 a t 100 a n d in t.
E a c h $ 1,0 00 b o n d w a s a cco m p a n ie d b y a s to c k
H as n o v o t in g p o w e r e x c e p t in c e r ta in in stan ces n o w r e q u ire d b y la w .
purchase w a rran t t o p u rc h a se 20 shares (par 100 lire ea ch ) o f th e s to c k o f
R e tire m e n t fu n fo r th e $6 p r e f. co m m e n ce s J a n . 1 1929. In M a y 1927
th e S ocieta Italia n a p er il G a s on th e fo llo w in g p rice s per share:
A ld r e d & C o ., O ld C o lo n y C o r p . a n d M in s c h , M o n e ll & C o ., I n c ., s o ld
7 5 ,0 0 0
shares $6 cu m . p r e f., series “ A ” (n o par) in u n its o f 1 share o f $6 420 L ire i f su b scrib ed fo r a fte r M a r c h 31 1926 an d p rior t o J an . 1 1927
430 L ire ”
”
”
”
D e c . 31 1926 ”
”
” Jan . 1 1928
p r e f. a n d 1 share o f c o m . s to c k at $105 p e r u n it. V . 124, p . 3207.
140 L ire ”
”
”
”
D e c . 31 1927 ...................... Jan . 1 1929
D ividends.— C o . has m ain ta in e d a d iv id e n d p o lic y o f 6 % p er a n n u m sin ce
4 50 L ire ..................................... .
D e c . 31 1928 ’ ’
”
” Jan . 1 1930
Inception.
160 L i r e ........................................
D e c . 31 1929 ..................... Jan . 1 1931
— V . 124, p . 234; V . 125, p . 1707.
BO N DS SE CU RE D B Y IN V E S T M E N T S I N F R A N C E .

FRANCE

The coll, trust gold bonds, series B, dated D ec. 1 1924 are se cu re d b y $ 4 ,0 0 0 ,000 6 3 4 % extern al g o ld b o n d s o f U n io n d ’ E lectricite., P a ris, F ra n c e .
T h e y are r e d . all o r p a rt o n 60 d a y s ’ n o tic e at 107 a n d in t . o n o r b e fo re
D e c . 1 1929; 105 an d in t. o n o r b e fo re D e c . 1 1930; th e p r e m iu m d ecreasin g
V i% a n n u ally th ere a fte r u n til Ju n e 1 1935. O n a n d a fte r J u n e 1 1935
red e m p tio n p r ic e , rem a in s a t 10234 a n d in t.
A n a n n u a lly in creasin g
sinking fu n d , co m m e n cin g in 1930 w ill retire th e e n tire issue b y m a tu r ity .
C o . reserves th e rig h t t o re d e e m b o n d s b y lo t fo r th is sin k in g fu n d a t 100
and in t. o n D e c . 1 o f a n y y e a r, b e gin n in g w ith D e c . 1 1930. A fix e d sch ed u le
p rov id es fo r th e retire m e n t o f $ 2 5 ,00 0 in 1930; th e in s ta llm e n t is increased
b y $15 ,00 0 in ea ch o f th e y e a rs , fr o m 1931 t o 1934 in c l., b y $ 1 0 ,00 0 m ea ch
o f th e yea rs fr o m 1935 t o 1949 in c l., a n d b y $ 5 ,0 0 0 in each o f th e years
fr o m 1950-1954 in c l.. th e 1954 in sta lm e n t b ein g $ 2 6 0 ,0 0 0 . In D e c . 1924
A ld r e d & C o . a n d oth ers o ffe r e d $ 4 ,0 0 0 ,0 0 0 634 % c o ll. t r . g o ld b o n d s , series
B at 93 34 a n d in t ., t o y ie ld a b o u t 7 % . V . 119, p . 2 645.
.,
T h e $ 4 ,0 00 ,0 0 0 3 0 -y r. 6 34 % exterm g old bon d s o f th e U n io n d E le c tr ic ite
m ature D e c . 1 1954 an d ran k e q u a lly w ith 1 9 1 ,76 6 ,5 0 0 fra n cs in tern a l o b lig a
tion s issued a n d o u ts ta n d in g in F ra n c e . C o . (th e " O n . d E l. ) co v e n a n ts
to secu re these b o n d s eq u a lly an d ra ta b ly w ith a n y o b lig a tio n s secu red b y
a n y n ew m tg e . lien or ch arge w h ich m a y b e p la c e d o n th e c o . s p ro p e rtie s .or
rev en u es. A d d itio n a l b o n d s m a y b e issued fo r 8 0 % o f a d d itio n a l p ro p e rtie s
a n d im p r o v e m e n ts a n d p r o v id e d net earnings are a t least 1 34 tim es in terest
on all b o n d s , in cl. n ew issue.
P rin . a n d in t . p a y a b le in U . S. g o ld c o m ,
w ith o u t d e d u c tio n fo r a n y F ren ch tax e s.
U n io n d' E lectricite, P a ris, F ran ce.
O rgan ized in 1919. S upplies th ro u gh 7 d istrib u tin g co m p a n ie s , a b o u t
9 0 % o f th e e lectric p o w e r in th e in du strial t e rrito ry su rro u n d in g 1 aris
w ithin a rad iu s o f 30 m iles. W ith in P aris p ro p e r s u p p lie s th e greater p a rt
o f th e e lectric tr a c tio n lin es, o n e -h a lf o f th e p o w e r o f th e N o r d ‘ -ud s u b w a y
sys tem , th e term in als a n d e le ctrifie d lines o f th e P a ris-O rlean s and th e E ta t
railroads, th e term in als o f th e P a ris-L y o n s -M e d ite r ra n e a n R R . a n d certa in
w ater co m p a n ie s, to g e th e r w ith a n u m b e r o f large pu rch a sers o f p o w e r u n der
special co n tr a c ts . O u tsid e o f P a ris, also supplies th e e le ctrifie d lines o f th e
E ta t R y . s y s te m , p a rt o f th e P aris-O rlean s R R . a n d m o st o f th e s u b u rb a n
tra ctio n lines, w a ter co m p a n ie s , & c.
C o . ’s plants in clu d e th e G en n evilliers
sta tion (presen t in sta lled c a p a c ity 3 4 0 ,00 0 k .w ., u ltim a te 3 9 0 ,00 0 k .w .) ;
th e V itr y p la n t (9 0,0 00 k .w .) a n d tw o su p p le m e n ta ry p la n ts .
Is co n ­
stru ctin g t w o new p la n ts o f re s p . 4 0 0 ,00 0 and 4 0,0 00 k .w . c a p a c ity . 174
m iles u n d e r g r o u n d , 1 0 0 m iles o v e r h e a d transm ission ca b le s.
C o .’s c a p ita liza tio n h a d be e n in creased fr o m 2 5 ,0 0 0 ,0 0 0 tra n cs in 1919 t o
2 0 0 ,00 0 ,0 0 0 fra n c s in 1926.
O n Ju n e 30 1927 ca p ita l w as in cre ase d t o
. 5 0,0 00 ,0 0 0 fra n c s (p a r 250 f r a n c s ) .
.
.
D ividends.— F r o m 1919 t o 1925 in c l. d iv s . h a ve b e e n p a id a t ra te s v a r y in g
fr o m 5 t o 8 % .
F o r 1926 th e ra te w as 9 % .
F o r fu r th e r p a rticu lars see V . 119, p . 2646; V . 125, p . 1972, 2267.
BONDS SECURED B Y IN V E S T M E N T S I N I T A L Y .
1 .— T h e 6 3 4 % secured gold bonds, series C , dated D ec . 1 1925, are secu red
b y a clo s e d fir s t m o rtg a g e o f $ 10 ,0 0 0 ,0 0 0 o n 4 h y d r o -e le c t r ic p la n ts ,
tota lin g 130,000 h .p . in stalled c a p a c ity , o f th e E d is o n G en era l Ita lia n
E le c tr ic C o . U p on th e retirem en t o f a p p r o x . 1-3 o f th is series C , th e 1 1ilian
z en o p la n t will b e released fr o m th e m o rtg a g e a n d re tu rn e d t o th e E d is o n
G en era l Italia n E le c tr ic C o . fre e an d clear o f a n y ch a r g e u n d e r th e m tg e .
deed.
U p o n retirem en t o f a p p r o x . 2 -3 th e R o v e s c a p la n t w ill b e released
T h e sem i-a n n u al sinking fu n d p a y m e n ts s ta rte d o n th e fir s t in terest d a te ,
a n d a re t o in crease fr o m $ 5 6 ,00 0 t o th e fin a l p a y m e n t o f $ 37 0 ,0 0 0 , p a y ­
a b le in ca sh o r b o n d s f th is issue at p a r. I f n o t a v a ila b le a t p a r , b o n d s
w ill b e d ra w n b y lo t at p a r. B o n d s a cq u ire d fo r th e sin k in g fu n d , are
00
c a n c e lle d . C a ll, (e x c e p t fo r sin king fu n d ) as a w h o le o n ly o n 60 d a y s
n o t ic e a t 107 an d in t . th ro u g h D e c . 1 1930; at 105 a n d in t . th ro u g h D e c . 1




Societa Ita lia n a p er il Gas, T orin o (Ita lia n Gas C o ., T u rin ).
O rgan ized in 1838 t o m a n u fa ctu re a n d d istrib u te gas in th e C it y o f T u r in ,
b u t n o w an op e ra tin g a n d h o ld in g c o . O w n s a n d op e ra te s 3 gas p lan ts and
c o n tr o ls throu gh s to c k ow n ersh ip 8 o th e r gas c o m p a n ie s, s u p p ly in g in all 28
cities a n d to w n s w ith a to ta l p o p u la tio n o f a b o u t 2 ,5 0 0 ,0 0 0 in c l., M ila n ,
T u r in , F lo re n ce , V e n ice , C a rra ra , N o v a r a , C re m o n a , B e rg a m o , L iv o r n o ,
S av on a an d A lessan dria. C o n tr o ls also a c o m p a n y , o p e ra tin g a la rge b y ­
p r o d u c t c o k e o v e n p la n t near S a v o n a , a n d th ro u g h a n o th e r s u b sid ia r y ,
o p era tes a large c o k e o v e n p la n t near V e n ice s u p p ly in g m e ta llu rg ica l c o k e
in th a t v ic in ity a n d p ro d u c e s gas fo r th e o p e ra tio n o f glass w o r k s . O th er
su b sid ia ry c o m p a n ie s o p e r a te p lan ts p r o d r l a g d y e s , d ru g s a n d o th e r
ch e m ica ls. T h e 3 m o s t im p o r ta n t subsidiari »* r e m e n tio n e d in th e a b o v e
b o n d d e sc rip tio n . V . 122, p . 748, 882.
C a p ita l s t o c k , L ire 1 30 ,0 0 0 ,0 0 0 (L ire 100)
E A R N I N G S .— F o r yea rs en d . M a r c h 31 t e l e as fo llo w s : 1926, gross,
5 2 ,2 6 7 ,5 2 4 lire; n et b e fo r e d e p re cia tio n , 23. £ / 6,977 lire; 1927, grass, 5 7 ,2 1 4 ,94 4 lire; n et b e fo r e d e p r e c ia tio n , 3 5,0 2, 624 lire .
D ivid en d s.— 1926, 25 lire p e r share; 1 9 2 7 ,!
, i e p e r share.
3 . T h e 7 % secured gold bonds, series E , da: t ' eb. 1 1927, are secured b y
a $ 1 0 ,0 0 0 ,0 0 0 m o rtg a g e m a d e b y S o cie ta Gen I ale Ita lia n a E d is o n d iE le t t r ic it a (E d is o n G en e ra l Ita lia n E le c tr ic C o .— see a b o v e ) and b y tw o o f its
su b sid ia r y co m p a n ie s , S o cie ta E le ttr ic a In te rre g io n a le C isa lp in a and
S o cie ta S e rb ato i A lp in i.
F u rth e r se cu re d b y a 1st m tg e . lien o n 6 h i r o e le ctric p lan ts o f c o . and its said su bsidiaries h a v in g an a gg re ga te ca p i< it y
o f 1 9 8 ,00 0 h .p . T h e p la n ts are th e fo llo w in g : C a lu s co o n th e A d d a R \er.
4 ,0 0 0 h .p .; V ig e v a n o o n th e T ic in o R iv e r , 7 ,0 0 0 h .p .; C r e v o la o n th e T o c e
R iv e r , 4 7 ,0 0 0 h .p .; G o g lio o n th e D e v e r o R iv e r , 2 5 ,0 0 0 h .p .; S o tto fu ia o n
th e T o g g io R iv e r , 1 0 ,0 0 0 h .p ., an d M e s e o n th e L iro R iv e r , 1 0 5 ,0 0 0 h .p .
T h e r e is a sin kin g fu n d , p a y a b le sem i-a n n u a lly in U . S. g o ld , co m m e n c in g
o n th e 1st interest d a te , and p ro g re ss iv e ly in creasin g fr o m an in itia l p a y ­
m e n t o f $ 5 1 ,0 0 0 to th e fin a l p a y m e n t o f $ 38 7 ,0 0 0 , p a y a b le in cash or b on d s
o f this issue at p a r. I f b o n d s are n o t o b ta in a b le at p a r, th e y m a y b e d ra w n
b y lo t fo r r e d e m p tio n at 100 and in t. B o n d s a cq u ire d fo r t h e sin k in g fu n d
are t o be ca n c e lle d . T h is fu n d >s s u ffic ie n t t o re tire e n tire series E b y
m a tu r ity . C a lla b le , e x c e p t fo r sin k in g fu n d , as a w h o le o n ly , o n a n y in t.
d a te o n 60 d a y s ’ n o tic e at fo llo w in g p rice s and in terest: 105 th ro u g h F e b . 1
1932; 104 th rou gh F e b . 1 1937, th e p re m iu m de cre a sin g 3 4% im m e d ia te ly
th e re a fte r and at th e end o f e v e r y 5 -ye a r p e r io d u n til th e ca ll p r ic e reach es
10234; at w h ich it co n tin u e s p r io r t o m a tu r ity . In Jan . 1927 A ld r e d &
C o ., H arris, F o rb e s & C o ., B an k ers T ru s t C o ., M in s c h , M o n e ll & C o .,
I n c ., N e w Y o r k , and F irst N a tio n a l C o r p . o f B o s to n , sold $ 1 0 ,0 0 0 ,0 0 0 7 %
series E at 9 6 % and in t ., t o y ie ld 7 .3 0 % . L iste d o n B o s t o n S to c k E x ­
ch an ge . V . 124, p . 235.
4. T h e 7 % secured gold bonds, series F , dated Jan. 15 1927, are d irect
o b lig a tio n s o f In te rn a tio n a l P o w e r S ecurities C o r p .
In a d d itio n , are se­
cu re d b y a clo s e d first m o rtg a g e m a d e to tru s te e b y Societe G enerate Elettrica
dell' A d am ello (A d am ello General Electric C o.) and b y o n e o f its su b sid iary
c o m p a n ie s, Societa Idroelettrica dell’ Ozola (Ozola H yd ro-E lectric C o .). T h is
m o rtg a g e e q u a lly and r a t a b ly secu red 4 5 ,8 7 0 ,0 0 0 lire ($ 2 ,0 1 8 ,2 8 0 ) o f o u t­
sta n d in g d e b e n tu re s . T h e m o rtg a g e co n s titu te s a firs t m o rtg a g e lien on
six op e ra tin g h y d r o -e le c tr ic p la n ts an d ce r ta in tran sm ission lines o f co m ­
p a n y and said s u b sid ia r y , as w ell as o n a ste a m gen era tin g p la n t u n d er c o n ­
str u ctio n ; and in a d d itio n is a jo in t a n d several general o b lig a tio n o f c o m ­
p a n y and its said su b sid ia r y . T o ta l c a p a c ity o f p la n ts m o rtg a g e d 2 3 5 ,98 0
h .p ., in clu d in g 2 6 ,8 0 0 h .p . in itia l c a p a c ity to b e installed in th e n ew stea m
p la n t. T h e r e is a sin kin g fu n d p a y a b le s e m i-a n n u ally, s u fficie n t t o retire
en tire series F b y m a tu r ity ; this sin k in g fu n d c o m m e n ce s o n th e fir s t interest
I d a te and p ro g re ss iv e ly increases fr o m an in itial p a y m e n t of $ 4 5 ,0 0 0 t o th e
fin a l p a y m e n t of $ 2 7 5 ,0 0 0 , p a y a b le in cash o r b o n d s o f this series a t p a r , if

292

PUBLIC UTILITIES

n o t so o b ta in a b le t o b e d ra w n b y lo t at 100 and in t. B o n d s a cq u ire d fo r
sin king fu n d t o b e c a n c e le d . T h e Italia n co m p a n ie s are o b lig a te d t o m ak e
t o tru stee eq u iv a len t p a y m e n ts . A r e ca lla b le , e x c e p t fo r sin k in g fu n d , as a
w h ole o n ly on a n y in te re st d a te o n 60 d a y s ’ n o tice at 105 th ro u g h J an . 15
1931; at 104 th rou gh Jan . 15 1935; at 1 03 M th rou gh J an . 15 1939; at 103
th rou gh Jan . 15 1944, a n d th e re a fte r at 10246; in ea ch case w ith in terest.
In J an . 1927 A ld r e d & C o ., H a rris & F o rb e s C o ., B a n k e rs T r u s t C o .,
M in s c h , M o n e ll & C o ., I n c ., N e w Y o r k , a n d F irst N a tio n a l C o r p . o f B o s ­
t o n , s old $ 6 ,0 0 0 ,0 0 0 series F a t 9546 an d in t ., to y ie ld a b o u t 7 .4 0 % . V .
124, p . 645.
A d am ello

TVol. 125.

th e m a rk e t o r d ra w in g s u p to M a y 1 1933 a t 105; u p t o M a y 1 1938 a t 103”
th erea fter at p a r. N o t ca lla b le b e fo re M a y 1 1928. C a lla b le as a w h o le o n
60 d a y s ’ n o tic e . M a y 1 1928-1931 a t 105; M a y 1 1931-1934 a t 103; th e re a fte r
at p a r. P rin cip a l a n d in terest p a y a b le in U . 9 . g o ld a t tru s te e ’s o ffic e a n d
F . J. L ism an & C o ., in N e w Y o r k , a n d in V ien n a a t th e N ie d e roesterreich is ch e E sco m p te -G e s e lls c h a ft, th e A llg e m e in e O esterreich iseh e B odenkred.itA n s ta lt, a n d th e O e sterreich iseh e C r e d it-A n s ta lt fu r H a n d e l u n d G ew e rb e .
in M a y 1925 F . J. L ism a n & C o ., B a k e r, K e llo g g & C o ., I n c ., M o r g a n .
L ive rm o re & C o ., a n d A . M . L a m p o r t & C o ., I n c ., o ffe r e d $ 3 ,0 0 0 ,0 0 0 at
9646 a n d in te re s t. V . 120. p . 2 270
L is te d o n N . Y . S to c k E x ch a n g e .
V 122. p . 3 49.
T h e 7 % guaranteed secured m tge. 25-year sin kin g fu n d gold bond s, dated:
F e b . 1 1927, are u n c o n d itio n a lly gu aran teed as t o p r in ., in t. a n d sin k in g
fu n d b y th e S ta te o f T y r o l and th e C it y o f In n s b ru c k .
In a d d it io n theseb o n d s are se cu re d b y (1) fir s t lien o n p ro c e e d s fr o m sales to B ay ern w erk
A . G . , o w n e d b y th e B av a rian G o v e rn m e n t; (2) c lo s e d fir s t m o r tg a g e o n t h e
m ain tra n s fo rm e r s ta tio n in In n s b ru c k , 43 m iles o f tra n s m is sion lines,,
p u m p in g s ta tio n a n d canal w o rk s; (3) s e c o n d m o r tg a g e o n all real p r o p e r t y
o f th e T iw a g , in c l. m ain p la n t, s u b -s t a tio n s . L a k e A c h e n , h o te ls , & c .,
s u b je c t t o th e fir s t m o r tg a g e s e cu rin g th e $ 3,0 0 0 ,0 0 0 7 4 6% b o n d s a lre a d y
o u ts ta n d in g . A sem i-a n n u al sin kin g fu n d b e g in n in g A u g . 1 1929 is p r o v id e d
c a lcu la te d t o re tire th e entire issu e o f th e se b o n d s b y m a tu r ity . C a lla b le
w h o le o r in p a r t , fr o m A u g . 1 1928 t o F e b . 1 1929 at 1 0 4 % , w ith s u c c e s s iv e
annual r e d u c tio n s o f 1 % in ca ll p rice u p to F e b . 1 1932, th e re a fter at p a r.
P rin . and int. p a y a b le w ith o u t d e d u c t io n fo r a n y p re s e n t o r fu tu r e tax es o f
th e R e p u b lic o f A u s tr ia , th e S tate o f T y r o l , o r a n y o th e r ta x in g a u t h o r it y
a u th o r ity in A u s tria .
In A p r il 1927 F . J. L ism a n & C o . offered $ 3 ,0 0 0 ,0 0 0 ’
7 % gu ar. s e c . m tg e . 2 5 -y r . b o n d s a t 9746 a n d i n t ., t o y ie ld o v e r 7 .2 0 % .
V . 124, p . 2122.
O F F I C E R S .— P r e s ., D r . A n t o n E d e r; V .- P s ., D r . E rn e s t M o s ln g , D r
H errm ann O p p e n h e im e r , D r . H an s P e e r a n d M a r tin R a n o ld i; eir.r, M '- tE rich H e lle r .— V . 120, p . 2270; V . 122, p . 3 49; V . 124, p . 2 12 2 , 2282n
V . 125, p . 1195.

G eneral E lectric C o ., M ila n ( Societa Generate E lettrica D ell
A d am ello) {G. E . A . ) .
O rganized in 1907 u n d e r Ita lia n law s; d e rive s its n a m e fr o m a g r o u p o f
glaciers lo c a te d in th e Italia n A lp s w ith in 20 m iles o f th e Swiss b o r d e r and
som e 80 m iles n orth e a s t o f M ila n . A d a m e llo s is b o th an o p e r a tin g and a
h o ld in g c o . , is in te r c o n n e c te d w ith p r a c t ic a lly e v e r y im p o r ta n t e le ctric sys­
te m n or th o f R o m e , a n d in te rch a n ge s p o w e r w ith m a n y o f th e m . A m o n g
its m ost im p o r ta n t h old in g s in o th e r co m p a n ie s are p a rtic ip a tio n s o f a p p r o x i­
m a te ly 9 0 % each in tw o h y d r o -e le c t r ic ge n e ra tin g su bsid iaries k n o w n b r ie fly
as O z ola and A llio n e . T h e s e tw o su b sid iaries, t o g e t h e r w ith A d a m e llo
itself, are referred t o as th e A d a m e llo S ystem .
T h e business o f th e A d a m e llo S ys te m con sists a lm o s t e n tire ly in th e
gen era tion o f h y d r o -e le c tr ic p o w e r and th e tran sm ission o f such p o w e r , plus
a su b sta n tia l a m ou n t o f p u rc h a se d p o w e r . T h e p o w e r is s o ld at w h olesa le
t o 17 cu stom ers lo c a te d m I t a l y ’s p rin c ip a l industrial re g io n s. T w e lv e o f
th ese cu stom ers d is trib u te p u rc h a se d e le ctric p o w e r c o m b in e d w ith p o w e r
gen era ted in th eir o w n p la n ts , a n d to g e th e r se rve th e larger p a r t o f n orth ern
I t a ly . T h es e d is tr ib u tin g cu sto m e rs in clu d e several o f th e m o s t im p o r ta n t
ele ctric co m p a n ie s o f I t a ly , s u ch as E d is o n G eneral Italia n E le c tr ic C o . o f
M ila n an d tw o a ss o cia te d c o m p a n ie s . T h e A d a m e llo S ys te m d o e s v e r y
little reta il d istrib u tin g bu sin ess.
It is estim ated th a t A d a m e llo ’s d istrib u tin g cu stom ers to g e th e r se rve o v e r
1 ,2 5 0 ,0 0 0 p o w e r and lig h tin g con su m ers in a te rrito ry c o n ta in in g m o s t o f
I t a l y ’s p rin c ip a l in d u stries, a n d h a v in g o v e r 2 1 ,0 0 0 ,0 0 0 in h a b ita n ts , or
a b o u t 4 0 % , o f I t a l y ’s to ta l p o p u la tio n .
O ver 3 8 0 ,0 0 0 ,0 0 0 k .w .h . o f cu rren t
w ere s old b y th e A d a m e llo S y s te m du rin g th e 12 m os. e n d e d S e p t. 30 1926.
T h e p resen t in sta lled ge n e ra tin g c a p a c ity o f th e A d a m e llo S y s te m ’s eigh t
op era tin g p o w e r p la n ts is 2 3 0 ,7 8 0 h . p ., all o f w h ich is h y d r o -e le c tr ic .
Of
this a m o u n t, 3 2 ,9 6 0 h .p . is in th e tw o p la n ts o f th e s u b sid ia r y O z o la and
2 1 ,6 0 0 h .p . is in th e tw o p la n ts o f th e s u b sid iary A llio n e .
In a d d itio n to
th is, th e s y s te m has u n d e r c o n s tr u c tio n 1 0 0 ,50 0 h .p . o f a d d itio n a l h y d r o ­
ele ctric gen era tin g c a p a c ity a n d 2 6 ,8 0 0 h .p . o f gen eratin g c a p a c ity in a new
steam p la n t, th e la tte r o n th e P o R iv e r at P iacen za.
U p o n c o m p le tio n o f
See "I n t e r n a t io n a l P o w e r S e cu ritie s C o r p .” u n d e r “ F r a n c e ” fo r t h e
th ese in sta llation s b y th e en d o f 1927, th e sys te m will h a v e a to ta l c a p a c ity
fo llo w in g Ita lia n co m p a n ie s:
o f 3 5 8 ,0 8 0 h .p .
T h e s y s te m co m p rise s 724 circu it m iles o f high te n s io n lines
o n steel to w e rs , 139 m iles o f w h ich is 1 3 0 ,0 0 0 v o lts. A d d itio n a l high tension
ADAMELLO GENERAL ELECTRIC CO., MILAN.
lines are n o w u n d er c o n s tr u c tio n , in clu d in g 155 m iles o f 1 3 0 ,0 0 0 v o lt steeltow er line. A n in terestin g fe a tu re o f th e p ro p e rtie s is th e sy s te m o f can als
(Societa General Elettrica dell’Adamello.)
and tunn els w h ich d e liv e r w a ter t o th e p o w e r p la n ts , th ese can als to ta lin g
o v e r 23 m iles in len g th a n d , fo r th e m o st p a r t, d riven th ro u g h so lid gran ite
EDISON GENERAL ITALIAN ELECTRIC CO., MILAN.
fo r m a tio n . T h e r e are 13 p r in c ip a l tra n sform er and sw itc h in g sta tion s
o w n ed b y th e sy s te m .
(Societa General Italiana Edison di Electricita.)
F ran ch ises are d e riv e d fr o m th e Ita lia n G o v e rn m e n t an d th e sh o rte st
expires in 1969.
T o t a l fu n d e d d e b t , in a d d itio n t o th e m o rtg a g e secu rin g th e a b o v e series F
SOCIETA IDROELETTRICA PIEMONTE (S. I. P.)
b o n d s , con sists o f 4 0 ,3 1 5 ,0 0 0 lire 6 % o b lig a tio n s , a n d 5 ,5 5 5 ,0 0 0 lire 433 %
ob lig a tio n s , w h ic h a re t o b e a m o r tiz e d b y 1936 a n d 1957, r e s p e c t iv e ly ,
th ro u g h g r a d u a lly in cre asin g y e a r ly re tire m e n ts. N e ith e r O z o la n o r A llio n e
LOMBARD ELECTRIC CO.
has a n y fu n d e d d e b t o u ts ta n d in g . V . 124, p . 641.
( S o c i e t e L o m b a r d a p e r D i s t r i b u z i o n e d i E n e r g ia E l e t t r i c a . )
Consolidated E a rn ings o f th e A d a m e llo S ys te m , a fte r elim in a tin g in ter­
C on trol.— A m a jo r it y o f th e c a p ita l s to c k is o w n e d b y Societa Idroelettrica.
c o m p a n y item s a n d re n ta ls a n d b e fo r e d e p r e c ia tio n , fo r 12 m o n th s en d e d
P iem onte (S . I . P . ) .
M a r . 31 ’27. M a r . 31 ’ 26. M a r . 31 ’25.
O R G A N I Z A T I O N .— I n c o r p . in 1897 u n d e r th e la w s o f I t a ly . A n
o p e ra tin g a n d h o ld in g c o . , o w n in g in te re sts in p r o d u c in g a n d d istrib u tin g:
G r oss _________ _______ __________________ 43^832,344 359374,186
3 1 /7 0 7 ,5 6 2
co m p a n ie s . V . 124, p . 645.
O p er. e x p . & taxes ch arge a ble t o o p e r . 1 4,9 59 ,3 8 3 1 1 ,9 4 6 ,0 0 7
1 4 ,3 69 ,5 2 6
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
1 7,3 38 ,0 3 6
2 8,8 72 ,9 6 1
2 3 ,9 2 8 ,1 7 9
N e t o p e ra tin g r e v e n u e -----C o . su p p lie s p o w e r in th e h ig h ly d e v e lo p e d in d u strial re g io n o f a b o u t 8 0 0
3 ,3 5 5 ,3 3 2
6 ,1 6 4,60 6
4 ,7 1 6 ,2 1 4
N o n -o p e r a t in g rev en u e — net
s qu are m iles b o u n d e d b y th e Sw iss fr o n tie r o n th e n o r th , th e M ila n -C o m o
lin e o n th e ea st, th e T u r in -M ila n R y . o n the s o u th a n d th e R iv e r T i c i n o
N e t in c o m e a v a ila b le fo r in t e r e s t -- 3 5 ,0 37 ,5 6 7 2 8 ,6 4 4 ,3 9 3 2 0 ,6 9 3 ,3 6 8
on th e w e s t. T h is t e r r ito r y is th e c e n tr e o f th e Ita lia n c o t t o n tex tile
in d u s try . T h e va rio u s in d u stries s e rv e d in clu d e p a p e r m ills , c h e m ic a l
D ividends fo r re c e n t fis c a l ye a rs (M a r c h 31) h a v e b e e n p a id as fo llo w s :
m ills, ste e l w o r k s a n d v a rio u s c o t t o n m ills . T h e N o r t h e r n M ila n R y .
Y e a r s 1925, 8 % ; 1926, 8 4 6 % ; 1927, 9 % .
m ad e a p p lica tio n fo r a su b sta n tia l a m o u n t o f p o w e r In c o n n e c t io n w ith th e
E a rn in g s o f In lern 'l P ow er Securities C orp. fo r 12 m o s . e n d . S e p t. 30 1926:
e le c tr ific a tio n o f its s y s te m . T h e n u m b e r o f co n su m e rs is a b o u t 8 0 ,0 0 0
I n t . re c e iv e d o r ea rn e d , 1 1 ,0 1 8 ,4 9 2 : p r o fit o n sales o f s e cu ritie s, & c ., $ 2 0 8 ,o u t o f a to ta l p o p u la tio n o f o v e r 5 0 0 ,0 0 0 . T h e p re s e n t in s ta lled c a p a c it y
3 19; to ta l in c o m e , $ 1 ,2 2 6 ,8 1 1 ; in terest p a id (n e t ), $ 95 2 ,8 0 3 ; a m o r tiz . o f
o f th e s y s te m in I t a ly in a g g re g a te s a p p r o x . 162 ,00 0 h . p ., ( o f w h ic h a b o u t
b o n d d is c o u n t and e xp e n se , $16 9 ,7 2 0 ; a d m in is tr a tio n , gen eral and m iscell.
7 5 % h y d r o -e le c t r ic ), w h ic h w ill b e in cr e a s e d to a p p r o x . 1 9 3 ,00 0 h . p . a b ou t.
ex p e n se s , $ 2 3 ,9 4 3 ; F ed era l ta x r e s e rv e , $ 10,877; d iv id e n d s , $ 7 2 ,07 2 ; b a l­
J u ly 1927 a n d t o a p p r o x . 2 6 8 ,0 0 0 h .p . a b o u t Jan . 1929. C o . a lso owns.
a n c e , d e f i c i t , $ 2 ,6 0 4 .
5 5 % o f th e c a p ita l s to c k o f S o cie te A n o n y m e d e s F o r c e s M o t r ic e s d e B r u s io ,
E A R N I N G S .— F o r y e a r e n d ed S e p t. 30 1926:
a Sw iss c o r p o r a tio n o w n in g h y d r o -e le c t r ic p la n ts o f 5 7 ,0 0 0 h .p . c a p a c ity .
T o t a l in c o m e __________________________________________________________$ 1,2 26 ,8 1 1
V . 124, p 645.
T o t a l exp en ses________________________________________________________ 1,14 6,46 6
T h e con cession s c o v e r in g th e use o f w a te r u n d e r w h ich c o . o p e ra te s e ith e r
d o n o t e x p ire o r b y v ir t u e o f law s o f O c t. 9 1919 a re re n e w a b le so as n o t toN e t . ............. ..................................................................... - .................................
$80 ,34 5
e x p ire p r io r t o 1977. V . 124, p . 6 45.
R e s e r v e fo r F ed era l ta x e s ____________________________________________
10,876
STOCK A N D BON DS—
D a te .
In terest.
Outstanding. M a tu r ity .
________ x l 3 0 ,0 0 0 ,00 0 l i r e ___________
C o m m o n (p a r 500 lir e )________ ______
B a l a n c e _____________________________________________________________
$ 6 9 ,4 6 9
D e fe r re d s to c k (par 500 lire ) ________
________
2 0 ,0 0 0 ,0 0 0 lire __________
O F F I C E R S ( o f In tern a tion a l P o w er Securities C o r p .).— P r e s ., J . E .
1st M e xte rn s f $15,00 0 ,0 0 01 1926
7 g J -D
$ 6 .0 0 0 ,0 0 0 D e c 1 1952
A ld r e d ; V . - P . , H o w a rd M u r r a y ; T r e a s ., J o se p h W a lw o r th ; S e c ., E , V .
7 % ser A ($ 1 ,0 0 0 , $ 5 0 0 c * ) - ( C h a s e N a tio n a l B a n k , N . Y . C it y , tr u s te e .
Illm er; A s s t. T r e a s ., C ro w e ll H a d d e n I I I . — V . 119, p . 2 645; V . 1 21, p .
x $ 20 0 ,0 0 0 shares (1 0 0 ,0 0 0 ,0 0 0 lir e ) a re fu lly p a id . A s t o 6 0 ,0 0 0 s h a re s
2 1 5 6 , 2 7 5 0 , 2 87 3 , 3003; V . 1 22. p . 7 4 8 , 8 82; V . 1 23, p . 2 5 1 9 , 2 654; V .
s o ld in 1926 a t 1 0 0 % p re m iu m , 6 5 % o f s u ch p r ic e has b e e n p a id a n d t h e
124, p . 2 35 , 5 06 , 6 4 5 , 3 06 6 , 3 20 7 .
b a la n c e is s u b je c t t o ca ll.
B on ds.— T h e 1st m tge. 7 % external s. f . gold bonds, dated D e c . 1 1926 are
se cu re d b y a fir s t m o rtg a g e o r fir s t lien on 8 h y d r o -e le c t r ic p la n ts a n d o n e
s te a m p la n t w ith an a g g re g a te in sta lle d c a p a c it y o f a p p r o x . 1 6 2 ,00 0 h .p .,
to g e th e r w ith 8 p rin c ip a l in d e p e n d e n t s u b -s ta tio n s a n d a p p r o x . 6 25 m iles,
o f h ig h -ten sion tra n sm ission a n d d is tr ib u tio n lin es. A d d it io n a l b o n d s o f'
series A o r o th e r series o f su ch te n o r as m a y b e d e te r m in e d , m a y b e issu ed
(a) u p t o $ 4 ,0 0 0 ,0 0 0 fo r p ro p e rtie s a c q u ir e d o r c o n s t r u c te d s u b s e q u e n t t o
D e c . 1 1926 a n d s u b je c t to th e m o r tg a g e , a n d (6) th e b a la n c e f o r 7 0 % o f
a d d itio n s and im p r o v e m e n ts t o th e m o rtg a g e d p r o p e rtie s m a d e su b seq u en t,
t o D e c . 1 1926.
R e se rv e d b o n d s , h o w e v e r, m a y o n ly b e issu ed w h en c o n ­
TYROL HYDRO-ELECTRIC POWER CO.
s o lid a te d n e t earnings o f c o . a n d its s u b s id ia r y , A lt o B r e m b o C o ., fo r 12'
co n s e c u tiv e o u t o f p r e ce d in g 15 m o n th s o r th e a v e ra g e fo r the p r e c e d in g
(Tiroler Wasserkraftwerke Aktiengesellschaffc)
2 fisc a l ye a rs, h a v e been a t le a st 246 tim es a n n u al in te re s t on th e 1st m tg e .
b o n d s o u ts ta n d in g , in cl. p ro p o s e d issue.
(“ Tiwag” ).
7 % series A , due D ec. 1 1952 h a v e a c u m u la t iv e sin kin g fu n d o f a p p r o x .
O R G A N I Z A T I O N .— I n c o r p . in J u ly 1924. C o . g e n e ra lly k n o w n as
1 46 % P er a n n u m , p a y a b le s e m i-a n n u a lly M a y 1 a n d N o v . 1 beginning:
“ T iw a g ” w as fo rm e d fo r th e p u r p o s e o f d e v e lo p in g th e w ater p o w e r o f th e
M a y 1 1927, t o b e a p p lie d t o th e p u rc h a se o f series A b o n d s a t n o t e x c e e d in g
S ta te o f T y r o l , A u s tria , and o f s u p p ly in g e le ctric p o w e r to In n s b ru c k nad
100 a n d in t ., o r, if n o t so o b ta in a b le , t o r e d e m p tio n b y lo t a t 100 a n d in t .,
o th e r citie s and industries in T y r o l, and in a d ja ce n t S ou th ern B a v a ria and
o n the n e x t su cce e d in g O c t. 15 a n d A p r il 15. T h is sin k in g fu n d w ill r e tir e
N o rth e rn I t a ly , as w ell as to th e A u s tra in F ed era l R a ilw a y s .
th e e n tire series A a t o r p rio r t o m a t u r it y .
R e d ., o th e r th a n fo r sin k in g
The
T iw a g ” has an exclu siv e fra n ch ise fo r s ix ty years to d e v e lo p all
fu n d , w h o le o r p a r t, o n a n y in t. d a te o n 60 d a y s ’ n o t ic e a t 105 a n d in t.
w ater p o w e r o f this S ta te n o t d e v e lo p e d at tn e tim e o f its o rg a n iz a tio n .
o n o r b e fo re D e c . 1 1931, th e p re m iu m d e cre a s in g th e re a fte r Vi % fo r e a ch
12 m o n th s o r p a rt th e r e o f ela psed a fte r D e c . 1 1931. P r in c ip a l a n d in t. p a y ­
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
a b le a t tru s te e 's o ffic e in N e w Y o r k o r at B la ir & C o ., fis c a l a gen ts, w itn ou t.
U p o n fo r m a tio n th e “ T iw a g ” a cq u ire d fr o m th e C it y o f In n s b ru c k the
d e d u c tio n fo r and fre e fr o m a n y p re s e n t o r fu tu r e tax e s o f the K in g d o m o f'
w o r ld -fa m o u s “ A eh e n s e e ” (L a k e A c h e n ); three la rge p leasu re steam ers;
It a ly , o r o f a n y ta x in g a u t h o r it y t h e r e o f o r th e re in . In Jan . 1927 B la ir & C o .,
three h o t e ls, 41 46 % o f th e s to c k o f th e J e n b a ch -A ch e n se e K y (co n n e ctin g
I n c .; E . H . R o llin s & S ons; S to n e & W e b s te r , a n d B lo d g e t, I n c ., a n d BancaA eh en see w ith th e A u stria n F ed era l R a ilw a y s at J e n b a ch S ta t io n ); a d d i
C o m m e rc ia le Ita lia n a T r u s t C o . sold $ 6,0 0 0 ,0 0 0 series A a t 94 a n d in t .,
tion a l g rou n d fo r “ T iw a g ” b u ild in g s , to g e th e r w ith n u m e ro u s privileges
t o y ie ld o v e r 7 Vi % . A p p lic a t io n w a s t o b e m a d e fo r listin g o n N . Y . S to c k
s u ch as th e rights o f n a v ig a tio n , fish in g , h u n tin g, ru n n in g th e h o te ls , & c
E x c h a n g e . E a c h $ 1 ,0 0 0 b o n d w a s t o c a r r y a d e ta c h a b le stock p urchase
F or a m ore c o m p le te d e s c r ip tio n , see V 120, p . 2 270. A 2 0 -y e a r c o n tr a c t
w arrant t o p u rch a se t o a n d in cl. D e c . 1 1931 shares o f fu ll-p a id issued c a p ita l
w ith th e A u strian F ed era l R a ilw a y s ca lls fo r 2 4 ,0 0 0 h . p . en e r g y p er annu m
s to c k o f the Societa Idrolettrica P iem onte (S . I . P .) o f 125 lire p a r e a ch at.
t o be s u p p lied fo r th e ra ilw a y lines ea st a n d so u th o f th e c i t y . T h e “ A ch e n $10 a share, b u t n o t less th a n th e e q u iv a le n t a t th e c u rre n t e x c h a n g e r a t e s
s ee” p ow er h ou se, w h ich is u n d e r c o n s t r u c tio n , w ill h a v e an installed
o f 125 lire. B o n d s o f $ 50 0 ca rr ie d sim ilar w a rran ts fo r 15 shares.
c a p a c it y o f 1 24,000 h .p .
T h e firs t u n it o f 5 4 ,7 0 0 h .p . w a s c o m p le te d a n d
N o te .— S. I . P ., w h ich o w n s a m a jo r it y o f th e s to c k o f t h e L o m b a r d E le c ­
b e g a n o p e r a tio n b y S e p t. 1 1927. T h e C it y o f In n s b ru c k has gu a r a n te e d
tric C o ., co n stitu te s o n e o f the la rge st a n d m o s t im p o r ta n t h y d r o e le ctric
a m in im u m p u rc h a se o f e n e r g y o f $ 4 2 0 ,0 0 0 . T h is c o n tr a c t ru n s fo r 60 y e a r s .
g r o u p s in I t a ly . I ts shares h a v e s o ld in I t a ly a t p rice s (lire q u o t a t io n s
F u r th e r m o r e , p o w e r is t o b e s u p p lie d t o p a rts o f a d ja c e n t B a v a ria a n d
b e in g c o n v e r t e d a t th e th e n c u rre n t e x c h a n g e ra te s) ra n g in g fr o m $7 to
N o r t h e r n I t a ly .
V . 120, p . 2270.
$10 86 in 1924, fr o m $7 04 t o $14 45 in 1925, a n d fr o m $5 17 t o $8 68BONDS—
D a te.
In terest. O utstanding. M atu rity.
in 1926.
D iv s . p a id in r e c e n t y e a rs h a v e b e e n a t th e ra te o f 8 % f r o m
C o m m o n ________________________ ______
________
x S 3 ,0 0 0 ,0 0 0 --------- ---------1922 to 1924, in c l., 9 % in 1925 a n d 1 2 % in 1926 on f u l l y p a id shares f o r
1st M (clo s e d ) 3 0 -y r s f g o ld 11925
7 46 g M -N $ 3 ,0 0 0 ,0 0 0 M a y ' 1955
th e p e r io d o f 15 m o n th s e n d in g M a r c h 31 1926.
($ 1 ,0 0 0 and $ 5 0 0 ) - c * l N e w Y o r k T ru s t C o . N ew Y o rk O it y . trust
D ivid en d s.— -Co. p a id in re c e n t ye a rs 9 .6 % in 1916; 9 .6 % in 1919, 1 0 %
7 % gu ar s e c M 2 5 -y r sin k f d / 1927
7 g F -A
$ 3 ,0 0 0 ,0 0 0 F e b 1 1952
in 1918, 1 0 % in 1919, 1 0 .4 % in 1920, 1 1 % in 1921, 1 1 4 5 % in 1922, 1 2 %
b on d s ( c * $ l,0 0 0 , $ 5 0 0 )____ (N e w Y o r k T r u s t C o ., N . Y . C i t y , tru s te e .
in 1923. 1 2 % in 1924, 1 4 % in 1925.
x C o n s is ts o f 3 0 0 ,0 0 0 shares o f 10 sch illin gs ea ch .
E A R N I N G S .— N e t e a rn in gs (a t a v e ra g e ra te o f e x c h a n g e ), a fte r d e­
B on ds.— T h e first m tg e . 3 0 -y e a r sin k in g fu n d g old b o n d s are se cu re d by
d u c t io n o f o p e ra tin g exp en ses, m a in te n a n ce a n d ta x e s, a v a ila b le for i n t ..
a fir s t m o r tg a g e on th e p r p p e rty o f th e c o m p a n y w itn all fu tu r e im p r o v e ­
In co m e tax e s, d e p r e c . a n d re s e rv e s, a n d in c. o n ly d iv s . o f su b sid iaries
m en ts th e r e o n .
U n c o n d itio n a lly gu a r a n te e d , jo in tly an d s e v e ra lly , as to
a c t u a lly r e c e iv e d , w ere: In 1926 (p a r tly e s tim a te d ), $ 1 ,3 8 3 ,2 2 0 : in 1 92 5 ,
p r in c ip a l, sin k in g fu n d a n d in te re s t, b y en d o rse m e n t on each b o n d , b y the
$ 8 5 3 ,9 8 1 ; in 1924, $ 74 4 ,1 8 2 ; in 1923, $ 66 3 ,0 4 2 .
S ta te o f T y r o l a n d the c it y o f I n n s b r u c k .
R e d e e m a b le b y a cu m u la tiv e
O F F I C E R S .— P r e s ., R in a ld o P a n z a ra s a .— Y . 124, p . 6 45.
sin kin g fu n d o f 1 46 % p er a n n u m , c o m m e n c in g M a y 1 1928, b y p u rch a se in




ITALY

AUSTRIA

O ct., 1927.]

293

POWER, LIGHT AND RAILW AY

UNITED ELECTRIC SERVICE CO.
(Union Esercizi Elettrici)
O R G A N F Z A T I O N .— C o m p a n y , w h ic h Is also k n o w n b y th e a b b re v ia te d
n a m e o f “ U N E S ,” w a s in c o r p . in 1905 u n d e r th e law s o f I t a ly .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . ow n s an d o p era te s d ir e c t ly o r th ro u g h su b sid iaries, a co m p re h e n siv e
s y s te m fo r th e ge n e ra tio n , tra n sm ission a n d d is trib u tio n o f e le c tr ic ity fo r
p o w e r a n d lig h t p u rp o s e s. T e r r it o r y s e rv e d e m brace s o v e r 1 ,0 0 0 co m m u n i­
ties in I t a ly , a n d th e z o n e s s e rv e d a re lo c a te d in th e p r o v in c e s o f G e n o v a ,
T o r in o , N o v a r a , C u n e o , S pezia, F lo r i, P e s a r o -U r b in o , A n c o n a , M a c e r a ta ,
A s c o li, R o m a , T e r a m o , C h ie ti, A q u ila , C ase rta , P e ru g ia , P o t e n z a , S alern o,
B a r i. T h e p rin c ip a l d istricts s e r v e d in clu d e R iv o li, S tresa , P a lla n za ,
Y ia re g g io , S an ta M a r g h e r ita , R a p a llo , C e v a , C h ia v a ri, M a r c h e , A b r u z z i,
U m b ria , B asilicata a n d T e v e r e . T h e a gg rega te p o p u la tio n s e rv e d is
•estimated o v e r 4 ,5 0 0 ,0 0 0 . N u m b e r o f d ir e c t ly s e rv e d cu sto m e rs, 3 5 8 ,00 0 .
T h e s y s te m ow n s 50 h y d r o -e le c t r ic p la n ts o f an in sta lle d c a p a c ity o f 75,2 70
h .p . a n d a stea m p la n t o f 7 ,2 0 0 h .p . A d d itio n a l c a p a c ity o f 2 0 ,0 0 0 h .p .
(to b e a u g m en ted in th e fu t u r e b y 1 5 0 ,0 0 0 h .p . a d d itio n a l c a p a c it y ), u n d er
c o n s t r u c tio n . 3 ,4 0 0 m ile s o f h igh te n s io n tran sm ission lines; 1 ,5 7 9 s u b ­
s ta tio n s a n d 1 ,7 9 0 m ile s o f d is tr ib u tio n lines.
S u b sta n tia lly a ll o f c o . ’s
p la n ts are in te r c o n n e c te d e ith e r th ro u g h c o .'s o w n tra n sm ission lin es or
th o s e o f o th e r co m p a n ie s. R e v e n u e s a re d e riv e d a b o u t 5 0 % fr o m th e sale
o f lig h t a n d h ea t a n d 5 0 % o f p o w e r .
T h e p o w e r b u sin ess co n sists la rg e ly
o f sm a ll in d u s tria l lo a d s . V . 124, p . 375F ran ch ises.— T h e r o y a l decrees a u th o riz in g th e w a te r p o w e r fra n ch ise s
•and g iv e n b y th e M in is tr y o f P u b lic W o r k s h a v e a d u ra tio n o f 60 y e a rs .
F ra n ch ises o b ta in e d in a c c o r d a n c e w ith r o y a l d e cre e o f O c t. 9 1919 (L a w
N o . 2 161) ca n b e e x te n d e d u n til Jan . 31 1977. T h e w a te r p o w e r fra n c h ise s
o f th e c o m p a n y in g e n e ra l c o n tin u e fo r a b o u t 55 y e a rs .
S T O C K A N D B O N D S —D a te.
In terest. O utstanding. M a tu rity .
■C om m on (p a r 50 lir e ) ________________
___________ x 3 ,2 9 4 ,4 0 0 s h s --------- -D i v b o n d s & p u rc h m o n e y M
p a y in lire (clo s e d is s u e s )___ ______
___________
$ 41 1 ,8 2 0 __________
E x te r n a l 1st M s f ser A 7 % / 1926
7 g J -D
6 ,0 0 0 ,0 0 0 D e c 1 195
d u e 1956 $ 1 0 ,0 0 0 ,0 0 0 ($1,-1 T h e C h a se N a tio n a l B a n k o f th e C it y o f
0 00 c * ) _____________________ 1 N e w Y o r k , T ru ste e .
x N o t in clu d in g 8 0 ,6 0 0 shares h e ld in tre a s u ry o r 1 ,2 0 0 ,0 0 0 a d d itio n a l
■shares h eld in es crow fo r p u rch a se s u n d e r o p t io n w arran ts.
B on ds.— T h e external 1st m tge. sin kin g fu n d gold bonds a re s e cu re d b y a
■direct 1st m tg e . o n th e p h y sica l p ro p e rtie s o f c o . a n d its su b sid iaries s u o je c t
o n ly to d ivision a l b o n d s a n d p u rch a se m o n e y m o rtg a g e as in d ic a te d in th e
a b o v e ta b le . A s an a d d itio n a l p r o t e c t io n , tru stee has been giv e n the rig h t
t o r e c e iv e a n d c o lle c t , in ca se o f d e fa u lt, a ll th e p ro c e e d s fr o m th e sale o f
a ll t h e e le ctric en er g y p r o d u c e d a n d p u rc h a se d b y c o . a n d its su bsid iaries.
N o cash d iv id en d s m a y b e p a id o n th e c o m m o n s to c k e x c e p t fr o m earn in gs
a ccu m u la te d s u b seq u e n t t o J u n e 30 1926.
A d d it io n a l extern al 1st m tg e . b o n d s u p to $ 4 ,0 0 0 ,0 0 0 m a y b e issu ed u n d e r
c o n s e r v a tiv e p r o v is io n s . C o . is t o p a y t o an in te re st a n d sin k in g fu n d
$ 24 2 ,0 0 0 s em i-a n n u ally o n M a y 1 a n d N o v . 1 o f e a ch y e a r b e gin n in g
M a y 1 1927. M o n e y s t o b e a p p lie d t o p a y m e n t o f in te re st o n a ll series A
'b o n d s ou ts ta n d in g , a n d th e b a la n c e t o p u rch a ser series A b o n d s a t p a r and
in t ., oth erw ise t o th e r e d e m p tio n o f th e m o n th e n e x t s u cce e d in g O c t . 15
a n d A p r il 15, t o b e c a lle d a t par a n d in t. T h is sin k in g fu n d is c a lcu la te d
as s u fficie n t t o retire all o f series A b o n d s o n o r p r io r t o m a tu r ity .
S eries A 7 % , due 1956, are re d . fo r sin k in g fu n d o n A p r il 15 a n d O c t . 15
e a ch y ea r a t 100 a n d in t. O th erw ise r e d . w h o le o r p a r t o n a n y d a te on
>60 d a y s ’ n o tic e a t 105 an d in t. th ro u g h D e c . 1 1936, a n d th e re a fte r a t p a r
a n d in t ., p lu s 1 % fo r e a ch 5 -y e a r p e rio d a n d /o r p a r t t h e r e o f o f u n exp ired
te r m . P r in c ip a l a n d in t. p a y a b le in U . S. g o ld in N e w Y o r k , w ith o u t
■deduction fo r a n d fre e fr o m a n y p re s e n t o r fu tu r e ta x e s o f th e K in g d o m o f
I t a ly o r o f a n y ta x in g a u t h o r it y th e r e o f o r th erein . I n Jan . 1927 E . I I .
R o llin s & S on s, B la ir & C o .. I n c ., J . A . S isto & C o . a n d B a n ca C o m m e rc ia le
T talia n a T r u s t C o . sold $ 6 ,0 0 0 ,0 0 0 series A 7 % d u e 1956 at 9 2 Kj an d in t .,
■to y ie ld 7 % % .
A tt a c h e d t o e a ch b o n d w as a d e ta c h a b le w a rr a n t t o
p u rc h a se , on o r b e fo r e D e c . 31 1931, 100 shares o f ca p ita l s to c k (p a r 50 lire)
a t th e e q u iv a le n t o f 50 lire a share a t th e cu rre n t ra te o f e xch a n g e , h o w e v e r ,
In n o e v e n t a t less th a n $5 p e r sh a re. Y . 124, p . 3 75.
E A R N I N G S .— F o r 12 m o n th s e n d e d J u n e 30 1926: G ro ss, $ 3,2 9 5 ,2 4 5 ;
o p e ra tin g expen ses, $ 1,7 3 9 ,0 3 7 ; n e t b e fo r e d e p r e c ia tio n , $ 1,5 5 6 ,2 0 8 ;
In terest o n d ivision a l b o n d s a n d p u rc h a se m o n e y m t g e ., $ 1 9 ,5 2 4 ; in terest
•on 1st m tg e . b o n d s , $ 4 2 0 ,0 0 0 ; a v a ila b le f o r o t h e r in te re st, d e p r e c ia tio n ,
& c ., $ 1,1 1 6 ,6 8 4 .
Conversions.— A ll c o n v e rs io n s in th is s ta te m e n t h a v e be e n m a d e a t ra te
o f $ 0 .0 4 p er lira , un less o th e rw is e s ta te d .
O F F I C E R S .— P r e s ., I n g . P a o lo F rig e r io ; M a n . D i r ., G r . U ff. I n g .
Q r e s ie S im o n o tti.— V . 124, p . 3 7 5 , 2 12 2 ; V . 125, p . 1972.

NORWAY

E A R N I N G S .— U n ion C a r b id e & C a r b o n C o r p . a n d su bsidiaries earning-?
fo r ca le n d a r years:
1 926.
1 925.
1921.
1923.
N e t , a fte r a ll ch arges,
in c l. i n t ., d iv s . o n p re f.
s tk . o f s u b s ., d e p r . &
F e d e ra l t a x e s _________ $ 2 4 ,1 4 2 ,6 0 7 $ 2 0 ,0 2 1 ,3 2 7 $ 16 ,7 7 1 ,3 1 2 $ 16 ,2 0 4 ,4 1 4
— Y . 121 p . 2 04 0 .

DENMARK
COPENHAGEN TELEPHONE CO.
(Kjobenhavns Telefon Aktieselskab.)
O R G A N I Z A T I O N .— E sta blish e d in 1882. O perates u n d er an ex c lu siv e
20-y ea r c o n ce ss io n gr a n te d b y th e D a n ish G o v e rn m e n t in J u ly 1919 u n d er
th e term s o f w h ich c o m p a n y p r o v id e s te le p h o n e se rvice w ith o u t c o m p e t it io n
on th e Isla n d s o f A m a g e r a n d Z e a la n d , which in clu d e th e C it y o f C o p e n h a ­
gen . T h e t e rrito ry s e rv e d has a p o p u la tio n estim ated a t 1 .3 2 0 ,0 0 0 . A s o f
Jan . 1 1926 1 44,495 su b scr ib e rs , o f w hich 9 9 ,3 5 9 in C o p e n h a g en a n d
s u b u rb s.
O w nership.— T h e G o v e r n m e n t ow n s K r. 9 .0 0 0 ,0 0 0 o f th e K r . 5 0 ,0 0 0 ,0 0 0
ca p ita l s to c k o f th e c o m p a n y a n d has th e rig h t t o p u rch a se half o f a n y fu t u r e
s to c k issu ed. U p o n th e exp ira tio n o f th e p -e s e n t co n ce ss io n in 1939, th e
G o v e rn m e n t has th e rig h t t o b u y , on o n e y e a r’ s n o tice , a t th e ra te o f K r . 125
for ea ch K r . 100 share, all o r p a r t o f th e s to c k o f th e c o m p a n y th en o u t
sta n d in g . I f o n ly p a rt o f such s to c k is t o b e p u rch a se d , th e shares are t o
be d ra w n b y lo t.
In case th e G o v e rn m e n t d oes n o t p u rch a se all o f th e
s to c k b y 1939. th e c o n ce ss io n will a u to m a tica lly be e xten d ed fo r 5 years
m ore, a t th e end o f w h ich p erio d th e G o v e rn m e n t again has th e rig h t t o
purchase the s to c k as a b o v e , this p ro ce s s t o b e re p ea ted u n til a ll o f th e
s to c k has been p u rch a se d .
T h e o p e ra tio n s o f th e c o m p a n y are c lo s e ly s u p ervised b y th e G o v e r n ­
m en t o f th e K in g d o m o f D e n m a r k . F o r d etails see V . 120, p . 2 145.
C o m p a n y ’s p la n t a n d e q u ip m e n t are m o d e rn . A large p a rt o f its e q u ip ­
m en t, p a rticu larly th a t fo r its a u to m a tic cen trals, h as been p u rc h a s e d in
the U . S. A co n sid e ra b le p a rt o f c o m p a n y ’s lines is u n d e r g r o u n d . In
the area served b y th e c o m p a n y th e d e v e lo p m e n t is a b o u t 10 telep h on es
p er 100 in h a b ita n ts.
STO CK AN D BON DS—
D ate.
Interest. O utstand ing. M a tu rity .
C o m m o n ----------------------------------------------------------- K r 5 0 ,0 0 0 ,0 0 0 ___________
2 5 -Y e a r s f extern al 6 % g o ld /1 9 2 5
6 g A -O
$ 2 ,0 0 0 ,0 0 0 A p ril 15 '5 0
($ 1 .0 0 0 )---------------------------------- (G u a r a n ty T r u s t C o . o f N . Y . , P a y in g A geni
O ther fu n d e d d e b t _____________ ______
________ K r lo .3 6 6 ,6 6 6 _____________
Real esta te m tg e s ______________ ______
____ __ K r 2 ,0 5 4 ,2 0 1 ___________
Bonds.— T h e 25-year sin kin g fu n d external 6 % gold bonds, due A p r il 15,
1950 are secured b y a 1st m tg e . on all fix e d assets o f th e c o m p a n y a n d b y
a 1st m tg e . on the p ro p e rtie s o f each o f th e s u b sid iary co m p a n ie s . T h e y
rank eq u a lly with c o m p a n y ’s o u ts ta n d in g k r o n o r b o n d s , e q u iv a le n t in
1925 to a b o u t $ 3,0 0 0 ,0 0 0 , b e a r in g 4 M % a n d 5 % c o u p o n s , n o n e o f w h ich is
secured b y m o rtg a g e . T h e M in is te r o f P u b lic W o r k s o ffic ia lly agrees th a t
if the G o v e rn m e n t o f D e n m a rk sh o u ld p u rch a se all o r s u b sta n tia lly all o f
the s to c k or assets o f th e c o m p a n y , th e G o v t , will th e re u p o n r e d e e m , o r
gu aran tee th e p a y m e n t o f th e p rin cip a l a n d in terest o f all o f these b o n d s
o u ts ta n d in g .
R e d e e m a b le all or p a r t a t p a r a n d in terest o n 60 d a y s ’ n o tic e .
P rin c ip a l
and in terest p a y a b le in U . S . g o ld c o in in N e w Y o r k a t th e o f f ic e o f th e
p a yin g a ge n t. Sinking fu n d , co m m e n cin g in 1930. o f $ 1 0 0 ,0 0 0 p e r a n n u m ,
su fficie n t to retire entire issue b y m a tu r ity ; t o o p e ra te b y p u rch a se a t n o t
exceed in g 1 00% or annual r e d e m p tio n b y lo t a t 1 0 0 % . firs t r e d e m p tio n to
tak e p la c e A pril 15 1931. In A p ril 1925 G u a r a n ty C o . and D illo n . R e a d
& C o . sold $ 2 ,0 0 0 ,0 0 0 a t 9 9 % a n d in t. L iste d on N . Y . S to c k E x c h a n g e .
Y . 120. p . 2145; V . 121. p . 3 130: V . 122. p . 212.
E A R N I N G S — E arn ings Calendar Y ea rs (D a n ish K r o n e ):
Gross
N et
N et
D ep re - Int.dk C om . In co m e
R evenues.
Revenues.
In com e.
n a tio n , m issio n s.
Taxes.
1 92 6 ______2 7 ,9 0 5 ,3 5 4 12,1 79 ,6 5 1 4 ,7 1 7 ,5 3 8 8 5 6 ,5 4 5 4 9 5 ,4 3 6 6 ,1 1 0 ,1 3 2
1 925______ 27,398,591 1 2 ,6 51 .0 3 5 4 ,6 3 7 ,0 0 2 8 5 3 ,3 0 6 5 30,072 6 ,6 3 0 .6 5 5
1924______2 5 ,6 38 .9 6 2 1 1.956.571
4 .1 3 2 ,3 8 1
768 .56 8 2 63.287 6 ,7 9 2,33 3
1 923______ 2 4.424.901 9 .4 2 9 ,1 2 4 3 ,2 2 8 ,2 9 2 669 ,06 0 202,331
5 ,3 2 9 .4 3 9
1 92 2 ______2 3 .4 49 .4 6 4 8 .407,131
2 .4 3 9 .8 3 6 666 ,97 9 462 .28 9 4 ,8 3 8.02 6
1 9 2 1 ______2 4,0 80 ,4 9 1 9 ,4 4 2 .0 3 6 2 ,6 4 9 ,9 4 7 4 8 4 ,30 7 470 ,54 2
5,8 3 7.23 7
1 920______2 0 ,9 89 .9 2 3 7 .6 5 7 ,4 3 7
1 ,9 5 1 ,6 2 5 196 .45 0 150,676 5 ,3 5 8 .6 8 4
O F F I C E R S .— -M an agin g D ir e c to r ,
F re d e ric k J o h a n n se n .
O ffices
C o p e n h a g e n . D e n m a rk . V . 1 20, p . 2 145; V . 1 21, p . 3 130; V . 122, p . 212
V . 125, p . 246.

JAPAN

SAUDA FALLS CO., LTD.
(Aktieselskabet Saudefaldene.)
A su b sid ia r y o f U n io n Carbide A Carbon Corp.

GREAT CONSOLIDATED ELECTRIC POWER CO., LTD

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
(Daido Denryoku Kabushiki Kaisha.)
O rga n iz ed in 1913 fo r th e p u rp o s e o f d e v e lo p in g a n d re g u la tin g th e water
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
p o w e r resou rces o f S torelv en (G r e a t R iv e r ) in th e d istrict o f R o g o la n d .
C o . w as o rg a n ize d in 1920 t o co n s o lid a te d th e p ro p e r tie s o f va riou s p re d e ­
N o r w a y , fo r w h ich it hold s co n ce ssio n s fr o m th e N o rw e g ia n G o v e rn m e n t
ce sso r c o r p o r a tio n s en g ag e d p rim a r ily in th e p r o d u c tio n an d transm ission
e x te n d in g t o 1979, w h e n th e e n tire p o w e r d e v e lo p m e n t , in c l. p ow er
o f e le ctric p o w e r . In less th an fiv e y e a rs its ge n e ra tin g c a p a c ity has
h ou ses, & c ., rev erts t o a n d b e co m e s th e p r o p e r t y o f th e N o rw e g ia n G o v e rn
increased f o m 2 5 .8 0 0 k . w . t o 2 5 5 .3 0 0 k . w . a n d it is t o -d a y on e o f the
m e n t . C o . ow n s w a ter p o w e r righ ts o f the riv er co u rse and its tribu ta ry
tw o largest p ro d u c e rs o f e le ctric p o w e r in J a p a n . C o . is p rim a r ily a w h ole­
re g u la tio n lakes a n d d ra in a ge area s u fficie n t fo r th e d e v e lo p m e n t o f a p p roxi
saler o f p o w e r , selling its o u t p u t fo r th e m o st p a rt u n d e r lo n g te rm c o n tr a c ts
m a t e ly 1 30,600 c o n tin u o u s h .p ., o f w h ich , in the tw o existin g p o w e r plan ts
to la rge in d u strial co n su m e rs , in te ru rba n a n d s treet ra ilw a y s , a n d t o retail
o f th e c o . h a v in g an in sta lled ca p a c ity o f 6 0,0 00 h .p ., 4 7 .0 0 0 h .p . is already
system s d istrib u tin g ligh t a n d p o w e r in th e citie s o f T o k io . Y o k o h a m a ,
d e v e lo p e d .
O saka, N a g o y a , K y o t o . N a ra a n d m a n y o th e r cities a n d t o w n s . T h e
4 2 ,0 0 0
h .p . o f th e d e v e lo p e d p o w e r is n o w p u rch a se d u n d er a p o w e r agree­ rrito ry served has a p o p u la tio n o f o v e r 2 0 ,0 0 0 ,0 0 0 .
ie
P rin cip a l cu stom ers:
m e n t b y a n o th e r su b sid ia r y o f th e U n ion C a r b id e & C a r b o n C o r p , v iz ..
T okio E le c . L t . C o ., L t d .; T o h o E le c . P o w C o ., L t d .; U jig aw a E le c . P o w .
E le c tr ic F u r n a ce P r o d u c ts C o ., L t d ., w h ich is en g a g e d p rin c ip a lly in the
5o.,
L t d ., and th e m u n ic ip a lly o w n e d e le c tr ic lig h tin g a n d s tr eet ra ilw a y
m a n u fa ctu re o f ferro -m a n g a n e se . T h e b ala n ce o f th e d e v e lo p e d p o w e r is
ivstem s e r v in g th e C it y o f O sa k a. C o . o w n s o r c o n tr o ls w a ter p o w e r c o n s o ld w h olesa le u n d er c o n tr a c ts t o th e m u n icip a llity o f H au gesu n d and several
essions fo r 569.161 k . w .
O w ns 13 ge n e ra tin g p la n ts w ith a to ta l c a p a c ity
n e ig h b o rin g co m m u n itie s . E le c tr ic F u rn a ce P r o d u c ts C o ., L t d ., has also
• f 270 .04 0 k . w . (1 69 ,54 0 k . w . h y d r o -e le c t r ic a n d 1 0 0 ,50 0 k . w . steam
c o n tr a c te d to tak e 4 2 ,0 0 0 h .p . a d d itio n a l as soon as a v a ila b le .
gen era tin g c a p a c i t y ) , 24 s u b -s ta tio n s a n d 624 m iles h ig h -te n sion trans­
C o . has ow n ersh ip o f flo w a g e an d o th e r regu lation rig h ts, in th e drainage
m ission lines.
area on w h ich it has its co n ce ss io n s , on an area o f a p p r o x . 6 5.0 00 a cre s, and
Franchises a n d co n ce ss io n s are all g r a n te d b y th e Im p e r ia l Japanese G o v ­
in a d d itio n th ereto it o w n s a b o u t 195 acres a t and in the v ic in ity o f th e sea
e rn m e n t, w h ic h has giv e n assu ra n ce th a t in th e e v e n t o f G o v e rn m e n t
a t S au d a, o f w h ich a b o u t 130 acres are leased t o E le c tr ic F u ru a ce P ro d u cts
p u rch a se th e righ ts o f b o n d h o ld e r s will re c e iv e d u e re c o g n itio n .
C o ., L t d ., u n d er th e p o w e r a g re e m e n t. V . 121. p . 2 0 4 0 .
BONDS—
D a te.
In terest. O utstanding. M a tu rity .
1st M s f g Ser " A ” $ 1 0 ,0 0 0 ,- f 1925
5 g A -O
$ 3 ,9 0 5 ,0 0 0 O c t 1 1955
0 00 ($ 1 ,0 0 0 , $ 5 0 0 )____ c * . t f (C e n tra l U n io n T ru s t C o .. N . Y . C ., tru stee.
Bonds.— T h e 1st m tg e . 5 % sin kin g fu n d g o ld b o n d s , Ser. “ A , ” are
secu red b y a fir s t m tg e . o n all th e fix e d assets o f the S au da F alls C o .. L t d .,
n o w o w n ed o r h ereafter a c q u ir e d , s u b je c t t o th e term s o f th e p o w e r agree­
m e n t w h ich is t o be p le d ge d u n d e r th e m o rtg a g e , to th e e xistin g c o n tr a c ts
fo r th e d eliv ery o f p o w e r t o co m m u n itie s , to th e G o v e rn m e n ta l con cession s
a b o v e m en tion ed .
A sin kin g fund is p r o v id e d , c o m m e n c in g A p ril 1 1926, a n d sem i-an n u ally
th erea fter o f 3 % o f the largest a m o u n t o f Ser. ‘ A " b o n d s a t a n y tim e
4
issued plus a sum equal to th e sem i-a n n u al in terest a ccr u e d on all Ser. “ A "
b o n d s th e re to fo re a cq u ired th ro u gh th e sin king fu n d .
P a ym e n ts are to
b e a p p lied t o the p u rch ase o f Ser. “ A " b o n d s if o b ta in a b le a t n o t exceedin g
t h e red em p tion p rice , o th e rw is e t o th e re d e m p tio n at th e re d . p rice . B y
m a tu r ity a p p r o x . 9 0 % will thus h a v e been retired .
T h e b o n d s are gu aran teed u n c o n d itio n a lly b y e n d o rse m e n t as t o prin
a n d in t. and sin king fu n d p a y m e n ts b y U nion C a r b id e & C a r b o n C o r p .
P rin . and in t. p a y a b le in U . S .'g o ld at tru stee's o ffic e w ith o u t d e d u ctio n for
a n y N o rw e g ia n taxes present or fu tu r e .
R e d . w h o le a t a n y tim e , or part
on a n y in t. d a te on 30 d a y s ' n o tice a t 1 0 7 K on or b e fo re O c t. 1 1945, at
105 b e fo r e O c t. 1 1950 and th erea fter a t 1 0 2 m>: in each case w ith in t.
In
O c t. 1925 B la ir & C o ., I n c ., W h ite , W e ld A C o . and T h e H e rrick C o . sold
$ 4 ,0 C 0 ,0 0 0 a t 98 and i n t ., t o y ie ld o v e r 5 V&%. V 1 21. p . 2 04 0 .




^TOCK

AND BONDS—

Date.

Interest.

Outstanding.

Maturity.

_______ y e n l l2 ,9 6 3 ,0 0 0 ____________
C a p s tk 3 ,4 6 0 ,0 0 0 s h s (50 y e n ) . ____
Is. m tge 7%. s f g o ld ser ‘A ” / 1924
7 F -A
$ 1 3 ,7 5 0 ,0 0 0 A u g 1 1944
(’ 1,000 a n d $500 c ) ________ [In d u s tria l B k . o f J a p a n , L td , T o k io , tru s.
[C e n t. U n . T r . o f N . Y . , C o u n te rs ig n . A g e n t.
1st
gen M s f g b o n d s ($ l .000 f 1925
6'A g J -J
1 3 ,2 0 0 ,0 0 0 J u ly 1 195C
a u d $ 5 0 0 )_________________ c l l n d u s t r ia l B k . o f J a p a n , L t d .. T o k io , tru s .
D e b e n tu r e b o n d s _______________ ______
________ y e n 1 7 ,1 50 ,0 0 0 O c t 1 192S
D e b e n tu r e b o n d s _____________________
________ y e n l0 .0 0 0 .0 0 0 J u n e 15 ’3C
Stock.— I n J u ly 1927 s to c k h o ld e rs in creased a u th o riz e d ca p ita l s to c k fr o m
2 ,2 5 9 ,2 6 0 shares o f 50 y e n p a r v a lu e fu ll-p a id t o 3 ,4 6 0 ,0 0 0 shares.
B in d s .— T h e 1st m tge. 7 % s. f g o l d bonds, series “ A " are listed on N ew
Y o r k 'd o c k E x ch a n g e . T h e y are secu red b y clo se d first m tg e . lien created
under he laws o f J ap a n on th e 3 new est an d m o st im p o r ta n t o f c o .'s h y d r o ­
e le ctric p ro p e rtie s w ith a u xilia ry s te a m re s e rv e p la n t, su b sta tio n s and trans­
m ission lines. T h e m o rtg a g e d p rop erties h a v e a h y d r o -e le c tr ic c a p a c ity oi
106,70' k .w . and ca n b e o p e ra te d as a c o m p le te and in d e p e n d en t unit
capab\< >f d e liv e rin g its entire o u t p u t t o th e O saka d istrict and t o the
T o k y o E ie c tr * c L igh t C o fo r th e T o k y o -Y o k o h a m a d is trict. T h e y h a ve a
sinking fu n d s u ffic ie n t t o retire entire issue b y sem i-annu al cal! b y lo t on
in terest d a tes at 100 & in t. N o n -c a lla b le e xce p t fo r sin k in g fu n d during
first 10 y e a rs , th e re a fte r c a ll, as a w h o le or in p a rt on a n y in t. d a te after
30 d a y s ’ n o t ic e , a t 100 & in t. R rin cip al & in t. p a y a b le in N ew Y or k at
D illo n . R ead A C o . in U . S. g o ld , or at o p tio n o f h old er in L o n d o n , E n g . at
ra te o f $4.8665 p e r £ sterlin g w ith o u t d e d u c tio n fo r a n y Japanese taxes

[V ol. 125.

PUBLIC UTILITIES

294

w h en h eld b y o th e r chan resid en ts o f J a p a n . In J u ly 1924 D illo n , R e a d &
C o . a n d G u a r a n ty C o . o f N Y . s o ld $ 1 5 ,0 0 0 ,0 0 0 series " A ” at 91
& in t .,
t o y ie ld 7 .8 5 % t o la te s t r e d e m p tio n d a te . V . 119, p . 3 30; V . 1 24, p . 111.
T h e 1st <* gen . m tge. 6 H % s. f. g . b o n d s , d a te d J u ly 1 1925. are secured
b y a clos ed fir s t m o r tg a g e lien o n p ro p e rtie s w h ich co m p ris e an integral
p a rt o f th e c o 's s y s te m a n d in clu d e gen eratin g p la n ts h a v in g a to ta
c a p a c it y o f 136 1 .0 0 0 k . w ., s u b -sta tio n s o f 194.400 k . v . a . to ta l c a p a c ity ,
a n d 3 96 m iles o f h ig h -te n sio n tran sm ission lines. A re fu r th e r secu red b y
clo s e d m o rtg a g j lien o n a d d itio n a l p ro p e rtie s (sta ted t o rep resen t a c o s t less
d e p r e c . o f $ 37,063,3671 s u b je c t o n ly t o th e lien o f th e m o rtg a g e securing
th e c o . ’s series A b o n d s (c lo s e d iss u e ). N o a d d itio n a l in d e b te d n e ss m a y be
cr e a te d i f th e to ta l in d e b te d n e s s this s e cu re d w o u ld e xce e d 5 0 % o f th e c o s t
less d e p r e c . o r a p p r e c ia te d v a lu e , w h ic h e v e r is less, o f th e to ta l p ro p e rtie s
s ecu rin g s u c h in d eb ted n e ss , a n d p r o v id e d net earnings a fte r d e p r e c .,
a v a ila b le fo r in te re s t, for 12 c o n s e c u tiv e m o n th s o f th e p re ce d in g 18 m on th s,
h a v e e q u a lled a t least t w ic e to ta l a n n u al interest re q u ire m e n ts on to ta l
fu n d e d d e b t t o b e th en o u ts ta n d in g .
G a ll., all or p a rt, on 30 d a y s ’ n o tice
a t 100 a n d in t . L is te d o n N . Y . S to c k E x ch a n g e . V . 124, p . 2 58 7 .
A sin kin g fu n d is p r o v id e d , a v a ila b le s e m i-a n n u a lly , s u fficie n t t o retire
$ 3 0 0 ,0 0 0 b o n d s p e r a n n u m fo r th e fir s t 10 years a n d $ 70 0 ,0 0 0 p er annu m
th e re a fte r, t o b u y b o n d s if a v a ila b le a t n o t exce e d in g 100 a n d in t .; in sofar
n o t a v a ila b le , t o be ca lle d b y lo t a t th a t p r ic e . Is c a lcu la te d t o re tire th e
en tire issue b y m a t u r it y .
P rin c ip a l a n d in t. p a y a b le in N e w Y o r k a t the
o ffic e o f D i llo n , R e a d & C o ., fis c a l a g e n t s . in U . S . g o ld c o in ( o r , a t th e o p tio n
o f th e h o ld e r , in L o n d o n in s te r lin g at $4 8665 per £) w ith o u t d e d u ctio n for
a n y Jap a n ese ta x es, w h en h e ld b y n o n -re sid e n ts o f J a p a n . C e n tra l U nion
T r u s t C o ., o f N . Y . , c o u n te rsig n in g a gen t (fo r tru stee, see ta b le a b o v e ).
In J u ly 1925 D illio n , R e a d & C o . sold $ 13 ,5 0 0 ,0 0 0 at 86 a n d in t . t o yield
o v e r 7 M % t o m a tu r ity .
E A R N I N G S .— F o r 12 m o s . e n d e d :
Gross
O ver. E x p .,
N e t O per.
Other
N et before
E a rn in g s. M a in t.& Taxes. E a rn s.
In c o m e. I n t. & 'Depr.
M a y 31 1 92 5 — $ 4 ,9 1 5 ,6 2 5 $ 2,4 6 0 ,2 8 8 $ 2 ,4 55 ,3 3 8 $ 40 3 ,3 6 0 *$ 2,8 58 ,6 9 8
N o v 30 1 92 4 — 3 ,9 3 1 ,5 8 7
1 ,5 8 2 ,4 5 8
2 ,3 4 9 ,1 2 8
4 2 6 ,6 7 7
2 ,7 7 5 ,8 0 5
M a y 3 1 1 9 2 4 .. 3 ,6 7 3 ,2 9 2
1 ,8 3 6 ,9 9 8
1,8 3 6,29 3
3 2 7 ,6 3 8
2 ,1 6 3 ,9 3 2
N o v 30 1 9 2 3 - . 1 ,9 8 1 ,3 6 3
1 ,0 3 9 ,2 4 4
942,133
4 0 5 ,6 2 7
1 ,347,765
M a y 31 1 92 3 — 1 ,4 4 7 ,3 3 0
5 6 6 ,4 1 7
880 ,91 0
2 0 4 ,8 8 8
1 ,0 8 5,80 0
* In a d d itio n th e c o m p a n y re a lize d d u rin g this p e r io d $ 46 4 ,9 7 2 p ro fit
fr o m sale o f rea l esta te n o t u s e fu l in its busin ess.
L a test E a rn in g s.— In c o m e a c c o u n t fo r 6 m on th s e n d e d M a y 31 1926:
R evenues—
Y en.
D ollars.
I n c o m e fr o m o p e r a t io n ______________________________ 1 3,313,751
6 ,6 5 6,87 5
1 ,1 5 6 ,5 3 9
5 78,269
In c o m e fr o m secu rities a n d b o n d s __________________
M is ce lla n e o u s in c o m e ________________________________
123,425
61,7 12
T o t a l ________________________________________________
E xpen di tures— •
C o s t o f p o w e r g e n e r a te d _____________________________
C o s t o f p o w e r p u r c h a s e d _____________________________
T a x e s __________________________________________________
In terest e x p en se________________________
G en eral exp en ses_____________________________________
D e p r e c ia t io n __________________________________________

1 4 ,5 93 ,7 1 6

7 ,2 9 6 ,8 5 8

1 ,5 3 6 ,5 3 0
1 ,9 7 5 ,5 6 2
736 ,13 4
2 ,7 3 1 ,6 8 5
6 8 3 ,82 5
1 55,910

768 ,26 5
987,781
368 ,06 7
1,36 5,84 3
3 41,912
7 7,9 55

N e t p r o fit fo r 6 m o n t h s ____________________________
6 ,7 7 4 ,0 7 0
3 ,3 8 7 ,0 3 5
O F F I C E R S .— P r e s ., M o m o s u k e F ulru zaw a; V .- P ., J iro M a s u d a ; S ec .
S. M o r o h . H e a d o ffic e : T o k y o , J a p a n .— V . 121 p . 198. 2750; V . 122
p . 2 13: Y . 1 23, p . 2 06; V . 124, p . I l l , 2 587; V . 125, p . 515.

TOHO ELECTRIC POWER CO., LTD.
(Toho Denryoku Kabushiki Kaisha.)
O R G A N I Z A T I O N .— In c o r p o r a te d in its presen t fo r m June 1922
R ep resen ts a c o n s o lid a tio n o f n u m erou s p red ecessor co m p a n ie s (so m e o f
w h ich began op era tion s as ea rly as 1889) w h ich fo r m a n y y e a rs had been
p rim a r ily en g ag ed in th e d istrib u tio n o f e le ctric ligh t and p o w e r . N e x t to
T o k y o E le c tr ic L ig h t C o ., L t d ., th e largest retail d istrib u to r o f e lectric
en ergy in J a p a n .
F IE L D O F O P E R A T O N S A N D C H A R A C T E R O F B U S IN E S S —
D ir e c tly or in d ire ctly c o m p a n y su p p lie s , p ra c tic a lly w it h o u t c o m p e titio n
e le ctric lig h t a n d p o w e r t o m o r e th a n 5 ,5 0 0 ,0 0 0 p e o p le in a te rrito ry o f
a p p r o x . 4 .0 0 0 squ are m iles.
C o m p a n y op era tes m a in ly in t w o distinct
area s, th e K a n sa i m a n u fa ctu rin g d istrict in a n d arou n d N a g o y a , G i f u . Nara
a n d T o y o h a s h i, in cen tral J a p a n , a n d th e in d u s tria lly im p o r ta n t K y u sh u
d istrict in a n d a rou n d S h im o n o se k i, F u k u o k a and N a g a s a k i, in southern
J a p a n . T h e s e d istricts co n s titu te t w o o f th e m o st im p o r ta n t com m e rcia l
a n d in d u strial s ection s o f J ap a n .
C o m p a n y gen era tes a n d p u rch a ses p o w e r fo r d is t r ib u t io n . T h e g e n e ra t­
in g s ta tio n s n o w o w n e d o r u n d e r c o n s tr u c tio n h a v e a t o ta l c a p a c ity o f
2 1 9 ,89 3 k .w .
C o m p a n y a lso co n tr o ls an a d d ition a l 1 25,000 k .w . under
fa v o r a b le co n tr a c ts , la rge ly w ith c lo s e ly a ffilia te d co m p a n ie s. O th er p rop e r tv o wned or u n d er c o n s tr u c tio n in clu d e s s u b sta tio n s w ith a to ta l ca p a c ity
o f 5 2 3 ,8 3 5 k v a . a n d m o r e th a n 9 ,1 0 0 ro u te m iles o f tran sm ission a n d d is ­
tr ib u tio n lin es, as w ell as m a n y v a lu a b le w ater p o w e r sites, p rin c ip a lly on
th e T e n r y u R iv e r , w h ich c o . p lan s t o d e v e lo p . A s is u su a l w ith Jap a n ese
e le ctric d is trib u tin g c o m p a n ie s , c o m p a n y also o ft e n o w n s th e fix tu re s and
a p p lia n ces used b y its c u s t o m e r s , in so m e w h a t the sam e w a y as te le p h o n e s
are o w n e d b y th e te le p h o n e co m p a n ie s in th e U n ited S ta te s.
In a d d itio n , c o . ow n s a ll o f t h e shares o f th e T o h o S ecurities C o ., w h ich
has in v estm en ts in 18 u t ilit y a n d o th e r co m p a n ie s , 8 o f w h ic h are co n tr o lle d
b y s to c k o w n e rsh ip . A m o n g th e co m p a n ie s so co n tr o lle d is th e T o h o G as
C o ., w h ich d o e s th e en tire gas bu sin ess in N a g o y a . A n o th e r su b sta n tia l
in v estm en t con sists o f s to c k o f th e G r e a t C o n s o lid a te d E le c tr ic P o w e r C o .
( D A I D O ) . C o . also engages in c o a l gas m an u fa ctu rin g a n d e le ctric ra ilw a y
business as w ell as in real es ta te a n d fo r e s tr y u n d e rta k in g s d e riv in g a bo u l
6 % o f its gross earnings fr o m th ese a n d o th e r m isce lla n e o u s o p e ra tin g
a ctiv itie s .
C o m p a n y ’s system has 9 4 4 ,7 5 6 lig h tin g a n d 3 3,7 69 p o w e r cu sto m e rs.
V . 120, p . 1329.
F ran ch ises.— C on ces sio n s fo r w a ter rig h ts a n d licenses fo r th e gen era tion
a n d sale o f p o w e r in J ap an are gra n te d u n d e r th e a u th o rity o f th e Im perial
G o v e r n m e n t, w h ich has general s u p e rv is o ry p o w e r o v e r such co m p a n ie s
and reserves th e in h eren t rig h t t o e x te n d o r r e v o k e su ch gran ts u n d e r c e r ­
tain c o n d it io n s . A ll im p o r ta n t fra n ch ise s o f th e c o m p a n y e xte n d b e y o n d
1955.
STOCK AN D BONDS—
D a te.
In terest. O utstanding. M a tu rity .
C o m m o n $ 7 2 ,1 6 0 ,6 0 0 ($ 2 5 )_________
________
$ 6 2 ,7 5 6 ,3 5 6 ____________
1st m tg e . (K a n s a i D iv is io n ) f 1925
7 g M -S
1 4 ,6 25 ,0 0 0 M a r . 15 1955
s. f . 7 % g o ld , series A ( M it s u i B a n k , L t d ., T o k y o , tru stee.
$ 30 ,0 0 0 ,0 0 0 ($ 1 .0 0 0 -S 5 0 0 )_ I
5 % sterlin g d e b e n t gu ar b y
B rit T rea s u ry u n d er T ra d e
F a cilities A c t $ 1 ,4 6 0 ,0 0 0 _________
___________
1 ,4 5 9,95 0
1945
3 -y r g n o te s ($ 1,0 00 c * ) ______f 1926
6 J -J
1 0 ,0 00 ,0 0 0 J u ly 15 1929
\Pr. & in t . a t G t y . T ru st C o . o f N . Y . , tru s te e .
D e b e n tu r e s issued in J a p a n :*
8 % d e b e n tu re s ______ J ______ ______
8
4 ,2 5 0 ,0 0 0
1929
7 % d e b e n tu r e s __________
_______
7
5 ,0 0 0.00 0
1932
7 % cu stom er ow n ersh ip d e b . ____
7
1 ,750.000
1936
6 .2 % c u s t ’er ow n ersh ip d e b - ____
6.2
1,8 6 5,00 0
1935
E n d ors em en ts on b e h a lf o f
a llied cos_ _______ ______
____
2 5 0 ,00 0 .
x I n c lu d in g $ 9 ,4 0 4 ,2 4 4 s u b s cr ip tio n s ca lle d o n o r b e fo r e D e c . 31 1926.
* A ft e r g iv in g e ffe c t t o th e in creased share ca p ita l and $ 10 ,0 0 0 ,0 0 0 3 -y e a r
n otes u sed f o r p a y m e n t o f all existin g b a n k in d e b te d n e ss and re tire m e n t o f
fu n d e d d e b t m atu rin g 1926-1927.
B on d s.— T h e 1st m tge. s. f . 7 % gold bonds, series A , due M a rch 15 1955.
are secu red b y a firs t m tg e . lien s iip p lem en ted b y assignm ents, and c o v e rin g
all o f th e c o . p r o p e r t y in th e K an sai d ivisio n in c l. all a fte r -a c q u ir e d p ro p e rty
in th a t d ivision
T h ese p rop erties co n s titu te o v e r 6 0 % o f th e total p h y sica l assets o f th e c o .
and in c lu d e gen era tin g s ta tio n s w ith an in sta lled c a p a c ity o f 144,143 k .w .
and a p p r o x . 4 ,7 3 5 m iles o f tra n s m is sio n and d istrib u tio n lin es. T h e y
c o n s t itu te a c o m p le te o p e ra tin g s y s te m in th e im p o r ta n t K a n s a i m a n u fa c­
tu rin g d is t r ic t , cen trin g a rou n d t h e im p o r ta n t c it y o f N a g o y a .
T h e Im perial Jap a n ese G o v e r n m e n t has co n se n te d to th e m o rtg a g in g o f
these p rop erties t o secu re these b o n d s and has given fo rm a l assu ra n ce th a t
if p rop erties are p u rch a sed b y th e Im perial G o v e rn m e n t o r b y m u n icip a litie s,
the rig h ts o f th e b o n d h o ld e rs will be s afe g u a rd e d .




F ran ch ises, licen ses, w a te r rig h ts a n d p o w e r c o n tr a c ts c a n n o t b e m o r t ­
ga g ed in J ap a n . A sin kin g fu n d is t o retire a t le a st $ 12 5 ,0 0 0 p a r v a lu e o f
b o n d s each 6 m o n th s p rio r t o M a r c h 15 1930 b y p u rch a se in th e o p e n m a r k e t,
or b y call b y lo t a t p a r a n d in t .; o n S e p t. 15 1930 a n d ea ch s u c c e e d in g inter­
est d a te th erea fter th e sin k in g fu n d is t o retire o n e -fiftie th o f th e b o n d s o u t ­
s ta n d in g as o f M a r c h 15 1930 th ro u g h ca ll b y lo t a t 1 0 0 % a n d in te re s t.
T h u s th e entire $ 15 ,0 0 0 ,0 0 0 will b e retired b y m a tu r ity . C a ll., w h o le or
p a rt, on 60 d a y s ’ n o tice a t 100 a n d in t. P rin cip a l a n d in t. p a y a b le in N e w
Y o r k a t G u a r a n ty T r u s t C o . o f N . Y . , fis c a l a g e n t, in U . S . g o ld c o in , o r in
L o n d o n a t $ 4 ,8 66 5 t o th e £, w ith o u t d e d u c tio n fo r a n y Japan ese ta x es fo r
n on -resid en ts o f J a p a n . L iste d o n N e w Y o r k S to c k E x ch a n g e . In M a r c h
1925 G u a r a n ty C o . o f N e w Y o r k , L e e , H igg in so n & C o ., a n d H arris, F o rb e s
& .C o . o ffe re d $ 1 5 ,0 0 0 ,0 0 0 series A b o n d s a t 9 0 l a n d in t ., t o y ie ld 7 .8 0 % .
A
V . 120. p . 1329. L iste d o n N . Y . S to c k E x c h a n g e . V . 122, p . 3 4 9 .
N o te s .— T h e 3-yr. 6 % g. notes, dated July 15 1926 a re c a ll., a ll o r p a r t , on
a n y in terest d a te , o n 45 d a y s ’ n o tic e , a t p a r a n d Int. P rin . a n d in t. are
p a y a b le in U . S. g o ld a t tru s te e ’s o ffic e in N e w Y o r k C it y o r a t its p rin c ip a l
L o n d o n o ffic e in sterlin g a t th e ra te o f $ 4 .8 6 6 5 . w it h o u t d e d u c tio n fo r a n y
Japanese ta x e s, p re s e n t o r fu tu r e , w h en h e ld b y n o n -re sid e n ts o f J a p a n .
In J u ly 1926 G u a r a n ty C o . o f N . Y . , L e e , H ig g in s o n & C o ., a n d H a rris,
F orb es & C o ., s o ld $ 1 0 ,0 0 0 ,0 0 0 o f th ese n o te s a t 9 8 K a n d in t ., t o y ie ld
o v e r 6 .5 5 % .
V . 123, p . 3 2 6 . L iste d o n N . Y . S to c k E x c h a n g e . V . 123,
p . 2 780, 3186.
D ivid en d s.— D iv id e n d s (n o w b e in g p a id a t th e ra te o f 1 2 % p e r a n n u m )
have been p a id a t th e rate o f n o t less th a n 8 % p e r a n n u m o n s to c k o f th e
c o m p a n y d u rin g th e la st 10 y e a rs . F o r t h e 6 m o n th s e n d e d O c t . 31 1926,
at th e ra te o f 1 2 % p er a n n u m .
E A R N I N G S .— F o r 12 m o n th s e n d e d O c t . 31 (tra n s la te d in t o d olla rs a t
50 ce n ts p e r y e n ):
O per. E x p ., M a in t ., y B alan ce fo r
In terest.
T axes and D ep rec.
Gross.
$ 9 ,9 5 2 ,9 1 4
$ 2 1 ,3 9 3 ,3 5 6
$ 1 4 ,04 5 ,5 6 7
1926 _____
1925___________________ 1 9 ,9 00 ,6 7 5
1 3 ,2 9 2 ,6 5 4
9 ,4 4 6 ,3 2 5
9 ,3 1 7 ,9 7 2
1 2 ,5 2 6 ,6 3 8
1 924________________
19,0 31 ,6 6 5
8 ,2 8 1 ,6 2 4
1 923________________
17,230,881
1 1 ,1 38 ,9 6 4
y In clu d e s o th e r in co m e .
Latest E a rn in g s.— F o r 12 m o n th s e n d e d A p r il 30:
1 927.
1926.
G ross o p e r a tin g ea rn in g s_____________________________ $ 2 1 ,9 6 3 ,1 1 7 $ 2 0 ,5 4 3 ,8 2 4
O p er. e x p ., m a in t., taxes a n d d e p r e c ia t io n __________ 1 4,8 7 4 ,9 7 4
1 3 ,6 7 4 ,2 5 3
N e t o p e r a tin g earnings.
O th er in c o m e _____________

$ 7 ,0 8 8 ,1 4 3
3 ,1 9 9 ,2 7 4

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

G ross in c o m e a v a ila b le fo r in te re s t_______________ $ 1 0 ,2 8 7 ,4 1 7
I n t e r e s t ________________________________________________
3 ,2 7 5 ,5 1 8

$ 9 ,7 8 9 ,7 4 8
3 ,2 4 2 ,5 4 0

B a la n ce fo r d iv id e n d s , reserv es, & c _______________ $ 7 ,0 1 1 ,8 9 9
$ 6 ,5 4 7 ,2 0 8
A b o v e figu re s c o n v e r t e d in t o d olla rs a t r a te o f 5 0 c . p e r y e n .
O F F I C E R S .— P r e s ., Y . Ita m l; V .- P . & G e n . M g r ., Y . M a ts u n a g a ;
B usiness M^gr., T . T a n a k a ; T r e a s ., Y . T a k e o k a ; M g r . o f F o re ig n R e la tio n s
a n d F in an cial A d v ise r , Shun S u zu k i. O ffic e s . T o k y o K a ijo B ld g .. T o k y o ,
J a p a n — V . 120, p . 9 80. 1329; V . 122, p . 3 49, 884; V . 1 23, p . 3 2 6 , 2 7 8 0 ,
2 9 0 2 , 3186; V . 1 24, p . 1668; V . 125, p . 2 4 8 .

UJIGAWA ELECTRIC POWER CO., LTD.
(Ujigawa Denki Kabushiki Kaisha.)
O R G A N I Z A T I O N .— I n c o r p . In 1906; is o n e o f th e larger a n d old er
h y d ro -e le ctric p o w e r co m p a n ie s in J a p a n , and o n e o f th e th re e la rgest
p o w e r retailin g co m p a n ie s in th e c o u n t r y .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T e rr ito ry s e rv e d , d ir e c tly o r th ro u gh m u n icip a l o r o th e r d is trib u to rs ,
is in ce n tral J a p a n , has 188 citie s, to w n s a n d villa ge s , a n d in clu d es 3 o f
J a p a n ’s m ost im p o r ta n t citie s: O sa k a, la rgest m a n u fa ctu rin g c i t y , p o p u la ­
tio n o v e r 1 ,4 2 5 ,0 0 0 ; K o b e , largest p o r t c it y , 7 2 4 ,0 0 0 , a n d K y o t o , fo rm e r
c a p ita l, 6 8 0 ,0 0 0 . I t in clu d e s th e c h ie f in d u strial d is tr ic t o f J a p a n . T o t a l
p o p u la tio n se rve d o v e r 7 ,0 0 0 .0 0 0 .
C o . ow n s 17 e le ctric p o w e r p la n ts , h y d r o -e le c t r ic a n d s te a m , o f 157 ,01 9
q. p . c a p a c ity .
In clu d in g p o w e r p u rch a se d u n d er c o n tr a c t fr o m a ffilia te d
and o th e r c o m p a n ie s , it co n tr o ls a to ta l o f 2 6 2 ,0 0 0 h . p .
Sales in 1 924,
o v e r 5 4 0 ,0 0 0 ,0 0 0 k .w .h .
STOCK A N D BONDS—
D a te.
In terest.
O u tstand ing.
M a tu r ity .
C o m m o n ________________________ ______
________ x $ 2 8 ,0 6 4 ,7 4 4 ______________
F irst m o rtg a g e 7 % sink f u n d f 1925
7 g M -S
1 3 ,2 6 7 ,0 0 0 M a r 15 1945
g o ld
bonds
$ 14,000,0001 In d u s tria l B k . o f J a p a n , L t d ., T o k i o , T r u s .
($ 1 ,0 0 0 . $ 50 0 ) (c lo s e d )___ c l O l d C o l. T r . C o ., B o s t .. C o u n te rs ig n in g A g t .
D e b e n tu r e s _____________________ ____
________
x l 1 ,5 1 5 ,0 0 0 ____________
x C o n v e r te d in to d o lla rs a t p a r ity o f e x c h a n g e .
Bonds.— T h e 1st m tge. 7 % s in k , fu n d gold bonds, d a te d M a r c h 15 1925, are
secu red b y a clo se d 1st m tg e . o n all th e fix e d p r o p e r t y o w n e d b y th e c o . ,
in clu d in g tran sm ission a n d d is trib u tio n lin e s. P ro c e e d s o f th e issue w ere
u sed t o retire th e e xistin g fu n d e d in d e b te d n e ss a n d fo r a d d itio n s t o p r o p e r t y
a n d w o r k in g c a p ita l. T h e m tg e . p r o v id e s t h a t p r o p e r t y a fte r -a c q u ir e d
c o n s titu tin g a d d itio n s , exte n sio n s o r im p r o v e m e n t s t o th e m o r tg a g e d
p r o p e r t y , sh all b e s u b je c t e d to th is m o r tg a g e , a n d th a t o th e r a fte r - a cq u ire d
p ro p e rtie s m a y b e s u b je c t e d t o o th e r m o r tg a g e s fo r n o t t o e xc e e d 5 0 % o f
c o s t or r e p r o d u c tio n v a lu e , w h ic h e v e r is less, a fte r d e d u c tin g a ll d e p r e c ia tio n ,
and o n ly w h e n n e t earn in gs fo r 12 o u t o f 15 m o n th s im m e d ia te ly p re ce d in g
s h a ll be a t least tw ic e in terest ch arges o n t o ta l fu n d e d d e b t , in c l. th e a d d i­
tio n a l d e b t th e n t o b e cr e a te d , a n d t o ta l p r o p e r t y , a t c o s t o r r e p r o d u c t io n
v a lu e (w h ic h e v e r is le ss ), a fte r d e d u c tin g a ll d e p r e c ia t io n , sh a ll b e a t least
t w ic e th e to ta l m o r tg a g e d e b t th e n t o b e o u ts ta n d in g .
A sin kin g fu n d is p r o v id e d p a y a b le q u a rte rly in U. 8 . g o ld t o L e e , H igg in ­
son & C o ., fisca l a ge n ts, a t th e an n u al ra te o f a t least 2 % o f th e to ta l
a u th o riz e d issue in ea ch o f th e first fiv e y e a rs , a t least 4 % in e a ch o f th e n ex t
ten yea rs, a n d a t le a st 5 % in e a ch o f th e last fiv e years p rio r t o m a tu r ity ;
th e fir s t q u a r. p a y m e n t w as t o b e m a d e M a y 1 1925. Is t o b e used t o
p u rch a se b o n d s in th e o p e n m a rk e t u p t o th e call p rice o r t o ca ll b o n d s ,
i f n o t so o b ta in a b le . B o n d s so p u rc h a se d o r ca lle d w ill b e c a n c e le d . T h e
s in k , fu n d w ill b e s u ffic ie n t t o re tire at lea st $ 1 0 ,5 0 0 ,0 0 0 o f these b on d s
(7 5 % o f t o ta l issue) at o r b e fo r e m a tu r ity . C o . has th e rig h t, a t its o p t io n ,
a t a n y tim e t o m ak e a d d itio n a l p a y m e n ts t o th e sin k in g fu n d .
T h e b o n d s are c a ll., w h o le o r p a r t , o n a n y in te re st d a te , a n d in w h ole a t
o th e r tim e s , a t 100 a n d in t . o n 30 d a y s n o tic e .
P rin cipa! a n d in t. p a y a b le
in U . S. g o ld at L e e , H igg in so n & C o ., fisca l a gen ts, in B o s t o n , N e w Y o r k
a n d C h ic a g o (or a t h o ld e r 's o p t io n in L o n d o n in sterlih g a t $4 8665 t o th e £ ),
w ith o u t d e d u ctio n fo r a n y J ap a n ese ta x e s.
I t was e x p e c te d th a t a p p lica ­
tio n w o u ld b e m ad e t o list th e se b o n d s o n th e N ew Y o r k S to c k E x ch a n g e .
In M a r c h 1925 L e e , H ig g in so n & C o ., & c ., & c ., o ffe r e d $14 0 0 0 ,0 0 0 a t 91
and in t . t o y ie ld o v e r 7 .9 0 % . V . 120. p . 1748; V . 122, p . 884
E A R N I N G S .— F o r y e a rs e n d e d S e p t. 30:
N et E a rn s. A p p lic . to
Gross
I n t. (.after D ep rec'n ) .
E arn ings.
$ 2 ,8 6 7 ,8 2 9
1927 (6 m o n th s e n d e d M a r . 3 1 ) ___________ $ 7 ,4 08 ,4 3 3
1 9 2 6 _______ _______ _________________________ 1 2,7 07 ,4 5 8
*5 ,1 1 5 ,5 3 5
1 9 2 5 _______ ________________________________ 1 1 ,1 80 ,8 8 8
4 ,8 2 2 ,3 0 6
3 ,8 9 1 ,3 1 2
1 9 2 4 .......................... ............................................... 9 ,4 0 0 ,1 6 9
1 9 2 3 ------------------------------------- ----------------------- 8 ,0 8 8 ,7 9 5
3 .7 7 1 .9 5 0
1 9 2 2 ________________________________________
7 ,1 7 8,21 1
3 .0 5 8.95 1
1 9 2 1 -------------------------------------------------------------- 6 ,1 8 0 ,5 9 8
2 ,2 9 5 ,4 2 9
* N o t in cl. p r o fit o n sale o f la n d a n d b u ild in g s a n d o n sale o f secu rities.
N o te.— T h e a b o v e figu res h a v e been co n v e rte d t o d ollars a t 1 y e n -4 9 cts .
(a p p ro x im a te ra te o f e x c h a n g e ).
O F F I C E R S .— P re s ., Y a s u s h ig e H a y a sh i; M a n a g in g D ir e c to r , S en zab u ro
K a g e y a m a ; S ec. & T r e a s ., K u n ijir o K is h i.— V . 1 20, p . 1748; V . 122, p
8 8 4 . 2 193: V . 123. p . 1998, 2 142.

TOKYO ELECTRIC LIGHT CO., LTD.
(Tokyo Dento Kabushiki Kaisha.)
O R G A N I Z A T I O N .— E sta b lish ed in J u ly 1886; is th e la rg e st electric
p o w e r a n d ligh t c o m p a n y in J ap a n a n d o n e o f th e la rg est in th e w o rld .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .
C o . o p era tes, reta il a n d w h olesa le, w ith in an area o f a p p r o x . 9 ,3 7 5 squ are
m il^s. e x te n d in g a cross th e p rin cip a l island o f th e E m p ire and in clu d in g
T o k y o , th e ca p ita l, Y o k o h a m a , a n d o th e r im p o r ta n t in d u stria l a n d co m ­
m ercia l cen tres. T o t a l p o p u la tio n s e rv e d , 9 ,0 0 0 ,0 0 0 . T h e c o . ’s p r o p e r ty ,
b y rea son o f its w id e g e o g ra p h ica l d is tr ib u tio n , su ffe re d d a m a g e in th e

O ct., 1927.]

POWER, LIGHT AND RAILW AY

ea rth q u a k e o f S e p te m b e r 1923 t o t h e e x te n t, It Is s ta t e d , o f o n ly a b o u t
1 0 % o f its b o o k v a lu e . B y fa r th e greater p a r t o f th e d a m a g e has been
r e p a ire d , t h e n e w e q u ip m e n t b e in g in m a n y cases o f la rge r c a p a c it y a n d
m o r e e ffic ie n t d esig n . C o m p a n y ow n s 84 h y d r o -e le c t r ic p la n ts w ith an
a g g re g a te c a p a c it y o f 2 7 9 ,2 0 0 k .w ., a n d 18 s te a m p o w e r p la n ts w ith a to ta l
c a p a c it y o f 4 8 ,9 0 0 k .w . C o . has 193 s u b sta tio n s , w ith a g g re g a te o u t p u t o f
1 ,4 9 5 ,0 0 0 k .v .a .; a p p ro x im a te ly 2 ,5 4 2 .6 m iles o f aerial a n d 151.3 m iles o f
u n d e rg ro u n d tra n sm ission lin es, a n d 13,712 m iles o f d is trib u tio n lin es, o f
w h ic h 3 42 m iles a re u n d e rg ro u n d . In a d d itio n t o its o w n ge n e ra tin g ca ­
p a c it y , c o . has co n tr a c ts o n fa v o r a b le te rm s fo r 189,700 k .w . a d d itio n a l
ou tp u t.
C o . ow n s 3 c o a l gas p lan ts in th e citie s o f K o k o s u k a , M a e b a s h i
a n d T a k a s a k i, w ith a c o m b in e d c a p a c ity o f a p p r o x . 3 4 6 ,0 0 0 c u . f t . p e r d a y ,
a n d 2 s in g le -tr a c k (3 f t . 6 in . gauge) e le ctric tr a m w a y sys te m s in a n d a b o u t
th e cities o f K a m a k u ra a n d M a e b a s h i. A g g re g a te le n g th , 36 m iles; 56
p a s s e n g e r , 29 m isce lla n e o u s ca rs . C o . is in creasin g its c a p a c ity b y m o re
th a n 3 4 7 ,4 9 0 k .w .
F ran ch ises and W ater R ights.— A re all g r a n te d under th e a u th o rity o f
th e Im p er ia l G o v e r n m e n t , w h ich has general s u p e rv is o ry p o w e r o v e r e le ctric
c o m p a n ie s a n d reserves th e so ve re ig n rig h t to_ e x te n d or r e v o k e un der
c e r ta in c o n d itio n s gra n ts m a d e t o s u ch c o m p a n ie s.
STOCK A N D BONDS—
D ate.
Interest. O utstanding
M a tu rity .
C o m m o n ________________________ ______
_______
$ 1 7 2 ,8 4 5 ,6 3 5
-------3 -y r 6 % g n o te s $ 2 4 ,0 0 0 ,0 0 0 ? 1925
6 F A
2 4 .0 0 u .0 0 0 A u g 1 1928
($ 1 ,0 0 0 c ) ___________________(G u a r a n ty T r u s t C o . o f N . Y . , T ru ste e .
6
1 7 .5 1 9 .0 0 0
1948
6 % ster lin g b o n d s ( u n s e c u r e d ) ____
D e b e n tu r e s fissh ed in J a p a n ) -------------------------- 3 8 ,8 7 5 ,0 0 0 ------------------N o te s .— T h e 3 -y e a r 6 % g . n o te s , d a te d A u g . 1 1925, are issu ed u n d e r an
in d e n tu r e w h ic h p r o v id e s th a t s o lo n g as a n y o f th e n o te s are o u ts ta n d in g
th e c o . shall n o t p le d g e o r m o rtg a g e a n y o f its assets (e x c e p t b y p u rch a se m o n e y m o r t g a g e s ), a n d shall n o t a t a n y tim e in crease its to ta l o u ts ta n d in g

A

P age.

. .d a m e l l a G e n e r a l E l e c t r i c C o _______________ 292
A d a m s t o w n & M o h n s v ille E l e c t r ic R y . — S e e
R e a d i n g T r a n s i t C o ______________- ___________ 124
A d ir o n d a c k E le c . P o w . C o r p .— S ee A d ir o n ­
d a c k P o w e r & L i g h t C o r p ____________________ 71
A d i r o n d a c k P o w e r & L i g h t C o r o ______________ 71
A ft o n -W in d s o r L t ., H t. & P r. C o .— S ee
B i n g h a m t o n L t . , H t . & P r . C o ________________ 67
A k tie n g e s e lls c h a ft S a e c h s is c h e W e r k e . See
S a x o n P u b l i c W o r k s , I n c ______________________ 289
A k tie s e ls k a b e t S a u d e fa ld e n e .
See S au da
F a lls C o . , L t d . ____________ ______________________ 233
A la b a m a W a t e r S e r v ic e C o ________________________ 32
A la b a m a P o w e r C o ________________________________ 217
A la b a m a T r a c . , L t . & P o w . C o .
See S o u th ­
e a s t e r n P o w . & L t . C o . ________________________ 217
A l b a n y R y .— S ee U n it e d T r a c t i o n ( A l b a n y ) . . 91
A lb ia L i g h t & R a i l w a y ___________________________ 238
A ll A m e r ic a C a b le s , I n c ___________________________ 12
A l le g h e n y & B e lle v u e — S e e F e d e r a l S t r e e t &
P l e a s a n t V a l l e y __________________________________115
A l l e g h e n y B e ll e v u e & P e r r y s v ille R v __________ 116
A lle g h e n y P it t s . C o a l C o .— S ee W e s t P e n n
P o w e r C o _________________________________________ 119
A l l e g h e n y S t r e e t — S e e F e d e r a l S t r e e t & P le a s ­
a n t V a l l e y _______
115
A l l e g h e n y T r a c t i o n _______________________________ 116
A l l e g h e n y V a ll e y S t . R y . — S e e W e s t P e n n . R y s l l 9
A lle n t o w n B r id g e C o .— S ee E a s to n C o n s o l.
E l e c t r i c ___________________________________________ 120
A lle n to w n & K u t z t o w n .— See A lle n t o w n &
R e a d in g T r a c t i o n C o ___________________________ 127
A l l e n t o w n & R e a d in g T r a c t i o n C o _____________127
A l l ia n c e G a s & P o w e r C o . — S e e O h i o P u b l i c
S e r v ic e C o ________________________________________ 64
A l t o n G r a n i t e & S t . L o u is T r a c t i o n C o .— S e e
E a s t S t . L o u i s & S u b u r b a n C o ________ - ___ 175
A l t o n R a il w a y , G a s & E l e c t r i c L i g h t . — S e e
E a s t S t . L o u is & S u b u r b a n C o ______________ 175
A l t o o n a & L o g a n V a ll e y E l e c t r i c R y __________ 111
A m e r i c a n C o m m o n w e a l t h P o w e r C o r p _________2 43
A m e r ic a n D is t r ic t T e l e g r a p h C o _______________ 11
A m e r i c a n E l e c t r ic P o w e r C o . (N . J.) ___________ 109
A m e r i c a n E l e c t r i c P o w e r C o r p . ( D e l .) _________109
A m e r i c a n & F o r e i g n P o w e r C o . , I n c __________ 284
A m e r ic a n G a s C o ___________________________________ 33
A m e r ic a n G a s & E l e c t r i c C o ____________________ 140
A m e r ic a n L i g h t & T r a c t i o n C o __________________ 59
A m e r i c a n N a t u r a l G a s C o r p ______________________ 32
A m e r ic a n P o w e r & L i g h t C o ___________________ 223
A m e r ic a n P u b l i c S e r v ic e C o ______________
159
A m e r ic a n P u b l i c U t i l i t i e s ________________________ 156
A m e r ic a n S t a t e s S e c u r i t i e s C o r p . _____________ 243
A m e r ic a n S u p e r - P o w e r C o r p ____________________ 60
A m e r ic a n T e l e g r a p h & C a b le C o ________________ 11
5
A m e r ic a n T e l e p h o n e & T e l e g r a p h C o ________
A m e r ic a n U t i l it i e s C o _____________________________219
A m e r ic a n W a t e r - W o r k s & E l e c t r i c C o _________ 1 1 7
A m e r i c u s L t g . C o . — S e e G e o r g i a - A l a . P o w e r . .2 1 3
A n a c o s t i a & P o t o m a c R iv e r R R . — S e e W a s h ­
i n g t o n R a il w a y & E l e c t r i c _____________________136
A n d r o s c o g g i n E l e c t r i c C o ________________________ 39
A n d r o s c o g g i n & K e n n e b e c R y __________________4 0
A n d r o s c o g g i n W a t e r P o w e r C o _________________ 58
A n n a p o l i s & C h e s a p e a k e B a y P o w . C o . —-S ee
W a s h . B a lt . & A n n a p . E l e c . R R . C o _______ 136
A n n a p o l i s P u b l i c U t i l it i e s C o .— S e e W a s h ­
i n g t o n B a lt i m o r e & A n n a p o l i s ______________ 136
A n n a p o l i s S h o r t L i n e .— S e e W a s h i n g t o n B a l ­
t i m o r e & A n n a p o l i s E l e c t r ic R R ____________ 136
A p p a l a c h i a n E l e c t r ic P o w e r C o ________________ 201
A p p a l a c h i a n P o w e r C o _____________________
..2 0 1
A p p a l a c h i a n P o w e r & L i g h t C o ________________ 202
A r d m o r e ( P a .) S t r e e t R y __________________________116
A r i z o n a E d is o n C o . — S e e G e n . P r . & L t . C o _ . l 9 5
A r k a n s a s C e n tr a l P o w e r C o .— See A rk a n s a s
P o w e r & L i g h t C o . ____________________________ 221




295

fu n d e d d e b t t o an a m o u n t e x c e e d in g 2 -3 o f its p a id -in c a p ita l s to c k . R e d .
w h o le o r p a r t, u p on 45 d a y s ’ n o t ic e a t p a r a n d in t . P rin . & in t. p a y a b le
a t tru s te e ’s o ffic e in N e w Y o r k in U . S . g o ld (or a t th e o p tio n o f th e h old er,
in L o n d o n in ste r lin g a t $ 4 .8 6 6 5 p e r £ ); w it h o u t d e d u c tio n fo r a n y Japan ese
ta x e s, p re se n t o r fu tu r e , w h e n h e ld b y n o n -re sid e n ts o f J a p a n . L is te d on
th e N e w Y o r k S to c k E x c h a n g e .
In A u g . 1925 G u a r a n ty C o . o f N . Y . ,
D illo n , R e a d & C o ., L e e , H ig g in so n & C o . a n d H a rris, F orb e6 & C o . o ffe r e d
$ 2 4 ,0 0 0 ,0 0 0 a t 9 8 % a n d in t ., t o y ie ld o v e r 6 .4 0 % . V . 121, p . 7 09 , 1463;
V . 122, p . 3 4 9 .
D ivid en d s.— I t w a s s ta te d t h a t th e c o . n e v e r fa ile d t o p a y a d lv . in a n y
o f th e 39 y e a rs o f its e x is te n ce , and fo r th e p a s t 25 ye a rs has p a id 8 % or
m o r e in ea ch y e a r , t h e d iv s . in t h e 12 m o s . e n d e d N o r . 30 1925 a m o u n tin g
t o 1 1 % ; in 12 m o s . e n d . N o v . 30 1 926, 9 % .
E A R N I N G S .— F o r 12 m o n th s e n d e d N o v . 30:
{Converted fr o m yen to dollars at $ .5 0 .)
1925.
1926.
G ross o p e ra tin g e a rn in g s ______________________________ $ 2 9 ,8 4 5 ,6 4 3 $ 3 9 ,7 6 9 ,5 3 3
O p e ratin g expen ses, m a in te n a n ce a n d ta x e s _________ 1 5 ,4 3 2 ,9 3 0 1 9 ,8 0 9 ,5 5 9
D e p r e c ia t io n ___________________________________________
1 ,3 9 2 ,5 0 0
1 ,9 5 0 ,0 0 0
N e t o p e r a tin g e a rn in g s ____________________________ $ 1 3 ,0 2 0 ,2 1 3 $ 1 8 ,2 0 9 ,9 7 4
2 ,4 9 5 ,0 0 6
3 ,1 5 3 ,9 9 0
O th e r in c o m e _________________________________________
G ross in c o m e a v a ila b le fo r in te r e s t_______________$ 1 5 ,5 1 5 ,2 1 9 $ 2 1 ,3 6 3 ,9 6 4
I n t e r e s t ________________________________________________
2 ,7 5 3 ,4 1 2
5 ,5 4 2 ,0 0 0
B a la n ce fo r d iv id e n d s , re s e rv e s, & c _______________$ 1 2 ,7 6 1 ,8 0 7 $ 1 5 ,8 2 1 ,9 6 4
O F F I C E R S .— P r e s ., S h o h a ch i W a k a o ; A u d ito r s , S ad u ro I t o , M a s a y a
O k a z a k i, T o ic h i O shim a a n d K u ra n o su k e K im u r a .
O ffic e s , T o k v o .
J a p a n .— V . 121, p . 7 09 , 1463; V . 122, p . 3 4 9 , 6 13, 2 950: V . 1 23, p . I t r q V . 124, p . 3 070; Y . 125, p . 1 326, 1712.

Page
P age.
B a ttle C re e k P o w e r C o .— See P a c ific G a s &
A r k a n s a s L i g h t Ac P o w e r C o . — S e e A r k a n s a s
E l e c . C o __________________________________________ 2 5 3
P o w e r & L i g h t C o _______________________________ 221
B a y C o u n t ie s P o w e r C o .— S e e P a c ific G a s &
A r k a n s a s M is s o u r i P o w e r C o ____________________ 248
E l e c t r i c C o _______________________________________2 5 3
A r k a n s a s P o w e r & L i g h t C o ______________________221
A r k a n s a s V a ll e y I n t e r u r b a n R y ___________ _____243 B a y S t a t e S t r e e t R y . — S e e E a s t e r n M a s s a c h u ­
s e t t s S t r e e t R y . C o _____________________________ 46
A r k a n s a w W a t e r C o ________________________________ 36
B e a u m o n t G a s L ig h t C o .— S ee S o u t h w e s t e r n
A s h la n d G a s & E l e c t r i c C o . — S e e O h i o P u b l i c
G a s & E l e c t r ic C o _______________________________ 1 5 9
S e r v ic e C o _________________________________________ 64
A r l i n g t o n & F a ir f a x R y . C o . — S e e W a s h i n g B e a u m o n t T r a c . C o . — S e e E a s t e r n T e x a s E l e c . 225
t o n - V i r g i n i a R y __________________________________136 B e a v e r V a ll e y T r a c t i o n ___________________________ 117
A s s o c i a t e d E l e c t r ic C o _____________________________ 77 B e l l o w s F a lls P o w .— S e e N e w E n g . P o w . A s s n . 58
A s s o c i a t e d G a s & E l e c t r i c C o . ___________________ 75 B e ll T e l e p h o n e C o . o f C a n a d a ___________________ 10
6
A s s o c i a t e d G a s & E l e c t r ic S y s t e m ( a ls o m a p ) .7 5 B e ll T e l e p h o n e C o . o f P a _________________________
A s s o c i a t e d I n t e r n a t i o n a l E l e c t r i c C o r p _______ 2 7 3 B e l l o w s F a lls P o w e r C o . — S e e N e w E n g la n d
P o w e r A s s o c i a t i o n _____________________________ 58
A s s o c i a t e d P e n n s y lv a n ia C o r p __________________ 122
A s s o c ia te d T e le p h o n e C o .— S ee A s s o c ia te d
B e lo it W a te r G a s & E le c t r ic C o .— S e e W is ­
c o n s i n P o w e r & L i g h t C o ______________________ 161
T e l e p h o n e U t i l it i e s C o ________________________ 13
__________
, 89
A s s o c i a t e d T e l e p h o n e U t i l it i e s C o _______________ 13 B e lt L i n e R y . C o r p . ___
B e n A v o n & E m s w o r t h S t r e e t R y _______________ 1 1 6
A tc h is o n
R a il w a y , L i g h t
&
P o w e r — S ee
B e n n in g t o n E le c . C o .— S e e T w in S t a t e G a s
K a n s a s P o w e r & L i g h t C o ____________________ 174
A t h e n s R y . & E l e c t r ic C o . — S e e G e o r g i a
& E l e c t r i c ________________________________________ 170
P o w e r C o _________________________________________ 212 B e n t o n H a r b o r - S t . J o e R y . & L i g h t i n g _______ 196
B e r e a P i p e L in e C o . — S e e O h i o P u b l i c S e r v .C o 64
A t la n t a C o n s o l. S tr e e t R R .— S ee G e o rg ia
103
P o w e r C o _________________________________________ 212 B e r g e n T u r n p i k e C o __________________________
A t l a n t a G a s L i g h t C o . — S e e G e o r g i a P o w . C o . 212 B e r k s h ir e E l e c . C o . — S e e L a n e . C o u n t y R y .
& L i g h t C o _____________
121
A t l a n t a N o r t h e r n R y .— S e e G e o r g i a P o w . C o . 212
B e r k s h ir e P o w e r C o .- —S e e C o n n . P o w e r C o
54
A t la n t a W a te r & E le c t r ic P o w e r C o .— S ee
G e o r g i a P o w e r C o _______________________________ 212 B e r k s h ir e S t r e e t R y ______________________________ 47
B e r l i n C i t y E l e c t r i c C o ___________________________ 286
A tla n tic A v e n u e R R .— S ee B r o o k ly n M a n h a t­
t a n T r a n s i t C o r p o r a t i o n _______________________ 89 B e r l i n E l e c t r i c E le v a t e d & U n d e r g r o u n d R y s _ 2 8 6
S t a e d tis c h e
E le k tr iz ita e ts w e r k a
A t la n t a S tr e e t R R .— See G e o r g ia P o w e r C o
212 B e r l i n e r
A . - G . — S e e B e r lin C i t y E l e c t r ic C o __________ 286
A t l a n t i c C i t y G a s C o _____________________________ 20
B e r w ic k & S a lm o n F a lls E l e c . C o .— S e e T w i n
A t la n t ic C ity & O c e a n C it y C o .— See A t la n t ic
S t a t e G a s & E l e c t r i c ___________________________ 170
C i t y & S h o r e C o _______________________________ 108
A t l a n t i c C i t y & O c e a n C i t y C o __________________ 108 B e z i r k s v e r b a n d O b e r s c h w a b i s c h e E l e c t r iz i t a t s w e r k e — S e e C o n s o l . H y d r o - E le c . W k s .
A t l a n t i c C i t y S e w e r a g e C o _______________________ 37
o f U p p e r W e r t t e m b e r g __________________________286
A t l a n t i c C i t y & S h o r e C o _______________________ 108
A t l a n t i c C i t y & S h o r e R R _______________________ 108 B i d d e f o r d & S a c o R a i l r o a d _______________________ 4 0
A t l a n t i c & S u b u r b a n R y . ______________________ 108 B ig C r e e k L t . & P o w .— S e e C o a s t C o u n t i e s
G a s & E l e c t r i c C o _______________________________ 2 6 1
A u b u r n G a s C o . — S e e E m p ir e G a s & E l e c . C o . 69
B i n g h a m t o n L e s t . & U n i o n — S e e B i n g . R y ___ 93
A u b u r n & N o r t h e r n E le c t r ic R R .— S ee E m ­
p ir e S t a t e R a i l r o a d C o r p o r a t i o n ____________ 69 B i n g h a m t o n L t . , H t . & P o w e r C o . ____________ 67
93
A u b u r n & S y r a c u s e E l e c t r ic R R _______________ 99 B i n g h a m t o n R R . — S e e B i n g h a m t o n R y ____
A u g u s t a - A i k e n R a il w a y & E l e c t r i c C o r p
213 B i n g h a m t o n R a il w a y C o _________________________ 93
B i r d s b o r o S t . R y .— S e e R e a d i n g T r . C o _________124
A u g u s t a (M o .) H a ll o w e ll & G a r d i n e r R R . —
S e e A n d r o s c o g g i n & K e n n e b e c R y ___________ 40 B i r m in g h a m E l e c t r i c C o __________________________218
B i r m in g h a m K n o x v i l l e & A l l e n t o w n T r a c ­
A u g u s t a ( G a . ) R a il w a y & E l e c t r i c C o . — S e e
t i o n — S e e P i t t s b . & B i r m in g h a m T r a c ______ 115
A u g u s t a - A i k e n R a il w a y & E l e c t r i c C o r p _ _ 2 1 3
B i r m in g h a m R y ., L t . & P o w e r — S e e B ir m ­
A u g u s t a W i n t h r o p & G a r d in e r R y .— S e e
i n g h a m E l e c t r i c C o ______________________________218
A n d r o s c o g g i n & K e n n e b e c R y _______________ 40
B i r m in g h a m W a t e r W o r k s C o ___________________ 16
A u r o r a E lg in & C h i c a g o . — S e e C h i c a g o A u ­
50
r o r a & E lg in R . R ________________________________ 176 B l a c U s t o n e V a ll e y G a s & E l e c t r i c C o ________
A u r o r a E lg in & F o x R iv e r E l e c t r i c C o __________ 184 B l e e c k e r S t . & F u l t o n F e r r y R R . ____________ 87
A u s t i n (T e x a s ) S t r e e t R y ________________________ 226 B l o o m i n g t o n D e c a t u r & C h a m p a i g n R R . —
S e e I l l i n o i s T r a c t i o n , I n c ______________________ 174
B l o o m i n g t o n & N o r m a l R y ., E l. & H e a t in g
B
C o . — S e e 111. P o w e r & L t . C o r p _______________ 173
B a lt i m o r e & A n n a p o l i s S h o r t L i n e — S e e
B lo c m in g to n & N orm a l R y . & L t. C o .— S e e l
W a s h . B a l t . & A n n a p o l i s E l e c t r i c R R _______ 136
111. P o w e r & L t . C o r p ___________________________ 173
B a lt i m o r e E l e c t r i c C o . — S e e C o n s . G a s E le c .
B lu e G r a s s T r a c . C o . — S e e K y . T r a c . & T e r m 204
L i g h t & P o w e r C o _______________________________ 133 B lu e L a k e s W a t e r C o . — S e e P a c i f i c G a s &
B a lt . S p a r r o w s P o i n t & C h e s a p e a k e R y . — S e e
E l e c t r i c C o _______________________________________ 253
M a r y la n d E l e c . R y s . C o ________________________ 135 B o is e & I n t e r u r b a n R y . — S e e B o i s e V a ll e y
T r a c t i o n C o _____________________________________ 2 7 0
B a lt i m o r e T r a c t i o n — S e e U n it e d R y s . & E l e c . 135
B a lt i m o r e & W a s h i n g t o n T r a n s i t — S e e W a s h ­
B o i s e V a ll e y T r a c t i o n C o ________________________ 2 7 0
i n g t o n & M a r y la n d R y __________________________136 B o ’ iv ia n P o w e r C o . , L t d __________________________2 7 4
101
B a m b e r g e r E l e c t r i c R R ___________________________ 271 B o r d e n t o w n E l e c t r i c C o ______________
B a n g o r H y d r o - E l e c t r i c C o __________
39 B o s t o n & C h e ls e a R R _______________________________ 46
B a n g o r & N a z a r e t h T r a n s i t C o __________________ 130 B o s t o n C o n s o ’ i d a t e d G a s C o ____________________ 23
B a n g o r P o w e r C o .— S ee B a n g o r H y d r o -E le c ­
B o s t o n E le v a t e d R y ______________________________ 45
t r i c C o ____________________________________________ 39 B o s t o n M il. & B r o c k . — S e e E a s t e r n M a s s a c h u ­
B a n g o r R a il w a y & E l e c t r i c C o . — S e e B a n g o r
s e t t s S t r e e t R a il w a y C o ________________________ 46
H y d r o - E l e c t r i c C o ______________________________ 39 B o s t o n & R e v e r e E l e c t r i c S t . R y _______________ 46
B a r H a r b o r & U n io n R iv e r P o w e r C o . — S e e
B o s t o n & W o r c e s t e r E l e c t r ic C o m p a n i e s _____ 48
B a n g o r H y d r o - E l e c t r i c C o ____________________ 39 B o s t o n & W o r c e s t e r S t r e e t R y _________________ 48
B a r t l e s v i ll e G a s & E l e c t r i c _______________________ 62 B o y e r s t o w n & P o t t s t o w n S t . R y . — S e e R e a d ­
B a th & B r u n s w ic k L t . & P r. C o .— S ee C e n tr a l
i n g T r a n s i t C o ________________________________ . . 1 2 4
M a in e P o w e r C o _________________________________ 156 B r a n f o r d W a t e r C o . — S e e N e w H a v . W a t . C o . 25
285
B a t o n R o u g e E l e c t r i c C o ______________
. . . 2 2 0 B r a z i l ia n T r a c t i o n , L i g h t & P o w e r _________

INDEX TO COMPANIES
P age
S r a z o s R i v e r G a s C o ________________________________ 24
B r i d g e p o r t H y d r a u l i c C o ________________________ 16
B r i d g e t o n E l e c . — S e e E l e c . C o . o f N . J _________109
B r i s t o l & P l a i n v i l l e E l e c t r i c _______________________ 54
B r o a d R ip p le N a t a t o r iu m — S ee U n io n T r a c ­
t i o n C o . o f I n d i a n a ______________________________ 151
B r o a d R i p p l e T r a c t i o n ___________________________ 151
B r o a d R iv e r P o w e r C o ____________________________ 211
B r o a d w a y & 7 t h A v e . R R __________________________87
B r o n x T r a c t i o n C o ________________________________ 88
B r o o k l y n B a t h & W e s t E n d R R . — S e e B . M . T - 89
B r o o k l y n B o r o u g h G a s C o _______________________ 16
B r o o k ly n C ity & N e w to w n R R .— See B . M . T
89
B r o o k l y n C i t y R R _________________________________ 86
B r o o k l y n E d is o n C o . , I n c ________________________ 74
B r o o k l y n H e ig h t s R R . — S e e B r o o k l y n M . T _ . 89
B r o o k l y n - M a n h a t t a n T r a n s i t C o r p o r a t i o n . . 89
B r o o k l y n Q u e e n s C o u n t y & S u b u r b a n R R — 91
B r o o k ly n R a p id T r a n s it — S ee B r o o k ly n M a n ­
h a t t a n T r a n s i t C o r p o r a t i o n ___________________ 89
B r o o k l y n U n i o n E le v .— S e e N . Y . R a p . T r a n . . 90
B r o o k l y n U n i o n G a s C o _________________________ 16
B r u s h E l e c t r i c C o . —-See G a l v e s t o n - H o u s t o n
E l e c t r i c C o ________________________________________222
B u ffa lo B e lle v u e & L a n c a s te r R y .— S ee I n t e r ­
n a t i o n a l R y ________________________________________ 91
B u f f a l o & E r ie R y ___________________________________ 94
B u f f a l o G e n e r a ! E l e c t r i c C o ____________________ 73
B u f f a l o & L o c k p o r t S t . R y . — S e e I n t e r . R y _ _ 91
B u f f a l o N ia g a r a & E a s t e r n P o w . C o r p ________ 72
B u f f a l o & N ia g a r a F a lls E l e c t r i c R y . — S e e
I n t e r n a t i o n a l R a i l w a y ________________________ 91
B u f f a l o R y . — S e e I n t e r n a t i o n a ! R a i l w a y _____ 91
B u f f a l o T r a c t i o n — S e e I n t e r n a t i o n a l R y _____ 91
B u f f a l o & W illia m s v iJ le E l e c t r i c R y . ____
94
B u r lin g t o n R y . & L ig h t C o .— S ee I o w a S o u t h ­
e r n U t i l . C o _______________________________________ 238
B u rlin g to n
( V t .)
T r a c t io n .— See
P e o p le s
H y d r o - E l e c t r i c V e r m o n t C o r p ________________ 234
B u t l e r R a il w a y s C o _______________________________ 127
B u t t e E l e c t r ic & P o w e r C o . — S e e M o n t a n a
P o w e r C o ________________________________________ 269
B u t t e E l e c t r i c R y _________________
269

C a l a i s (M e .) S t r e e t R a i l w a y _____________________ 40
C a l i f o r n i a C e n t r a l G a s & E le c . C o . — S e e P a ­
c i f i c G a s & E le c . C o ____________________________ 253
C a lifo r n ia
E le c t r ic
G e n e r a t in g
C o . — S ee
G r e a t W e s t e r n P o w . C o . o f C a l i f ____________ 259
C a lifo r n ia G a s & E le c . C o r p .— S ee P a c ific
G a s & E le c . C o _________________________________ 253
C a l i f o r n i a O r e g o n P o w e r C o ____________________ 265
C a l i f o r n i a P a c i f i c R v . — S e e P a c . E le c . R y ___262
C a l i f o r n i a P o w e r C o r p . — S e e C a l.-O r e . P o w .
C o ___________
265
C a l i f o r n i a R y . & P o w e r ___________________________ 262
C a l i f o r n i a S t r e e t C a b l e ___________________________ 264
C a lifo r n ia T e le p h o n e & L t . C o .— S ee P a c ific
G a s & E le c . C o ___________________________________ 253
C a l i f o r n i a W a t e r S e r v ic e C o r p _________________ 31
C a lu m e t G a s & E l e c .— S e e N o r t h e r n I n d .
P u b . S e r v . C o ____________________________________ 170
C a lu m e t & S o u t h C h i c a g o R y _______________
180
C a m b rid g e E le c t r ic
L i g h t C o . — -See N e w
E n g la n d G a s E l e c t r ic A s s o c i a t i o n ________
44
C a m b r i d g e G a s L i g h t C o . — S e e N e w E n g la n d
G a s & E l e c t r ic A s s c i a t i o n _____________________ 44
C a m d e n G l o u c e s t e r & W o o d b u r y R y __________ 103
C a m d e n P lo r s e R R ________________________________ 103
C a m d e n & S u b u r b a n R y ________________________ 103
C a n a d a N o r t h e r n P o w e r C o r p . , L t d ___________ 279
C a n a d i a n L i g h t & P o w e r ________________________ 278
C a n a l & C la ib o r n e R R .— S ee N . O . P u b lic
S e r v i c e , I n c _______________________________________2 1 9
C a n t o n - A k r o n C o n s . R y . — S e e N o r t h e r n O h io
P o w e r & L i g h t C o _______________________________ 142
C a p e B r e t o n E l e c t r i c C o _________________________ 283
C a p e & V i n e y a r d E l e c t r ic C o .— S e e N e w
E n g la n d G a s & E l e c t r ic A s s o c i a t i o n __________44
C a p it a l T r a c t i o n ___________________________________ 137
C a r b o n d a l e R y . — S e e S c r a n t o n R y _____________111
C a r o l i n a P o w e r & L i g h t C o ______________________209
C a t a w b a P o w . C o . — S e e S o u t h e r n P o w . C o . .2 1 0
C a t h e r i n e & B a i n b r i d g e S t r e e t s R y ____________ 126
C a ts k ill P o w e r C o r p .— S ee R o c k la n d L t . &
P o w e r C o ___________________________________________98
C e d a r R a p i d s M fg . & P o w r .- — S e e M o n t r e a l
L t . , H t. & P o w . C o _____________________________ 277
C e d a r R a p i d s & M a r io n C i t y R y ________________ 194
C e n t r a l A r i z o n a L i g h t & P o w e r C o ____________ 272
C e n t r a l A r k a n s a s R y . & L i g h t C o r p __________ 221
C e n tr a ! C a lifo r n ia E le c t r ic .— S ee P a c ific G as
& E l e c . C o ______________________________
252
C e n t r a l C a l i f o r n i a T r a c t i o n C o ________________ 265
C e n t r a l C r o s s t o w n R R . — S e e N e w Y o r k R y s . 87
C e n t r a l D i s t r i c t T e l e C o . — S e e T h e B e ll T e l ­
e p h o n e C o . o f P a ________________________________
6
C e n tr a l E le c t r ic C o .— S ee S o m e r s e t U n io n &
M id d le s e x L i g h t i n g C o __________________________ 102
C e n t r a l G a s & E l e c t r i c C o _______________________ 163
C e n t r a l G e o r g i a P o w e r C o _______________________ 213
C e n t r a ! H u d s o n G a s & E l e c . C o . — S e e C e n tra l.
H u d s o n G a s & E l e c . C o r p ____________________ 74
C e n t r a l H u d s o n G a s & E l e c . C o r p ______________ 74
C e n tr a l I llin o is L t. C o .— S ee C o m m o n w e a lth
P o w e r C o r p _______________________________________ 184
C e n t . I l l i n o i s P r. C o . — S e e C e n t . 111. P . S . C o . 166
C e n t r a l I l l i n o i s P u b l i c S e r v ic e C o ______________ 166
C e n t r a l I n d i a n a G a s C o ___________________________ 24
C e n tr a ! In d ia n a L t g .— See In te r -S ta te P u b lic
S e r v ic e C o ________________________________________ 160
C e n t r a ! I n d i a n a P o w . C o . . ____________________ 149




P age.
C e n t r a l I o w a P o w e r & L i g h t C o . — -See I o w a
P u b l i c S e r v ic e C o _______________________________238
C e n t r a l M a in e P o w e r C o __________________________156
C e n t r a l M e x ic o L t . & P o w . C o . — S e e M e x ic a n
U t i l i t i e s C o _______________________________________ 273
C e n t r a l M is s is s ip p i V a ll e y E l e c t r i c P r o p e r t i e s 231
C e n t r a l N e w Y o r k G a s & E l e c .— S e e E m p ir e
G a s & E l e c . C o ____________________________________ 69
C e n tr a l N ew Y o r k S o u t h e r n R R . C o r p .— S ee
I t h a c a T r a c t i o n C o r p o r a t i o n __________________ 95
C e n tr a ! O a k la n d L ig h t & P o w e r C o .— See
G r e a t W e s t e r n P o w e r C o . o f C a l i f o r n i a ____ 259
C e n t r a l P o w e r & L t . C o . __________________________ 159
C e n t r a l P u b l i c S e r v i c e C o . ______________________ 163
C e n t r a l P u b l i c S e r v ic e C o r p _____________________ 163
C e n t r a l P u b l i c U t i l i t y C o r p _____________________ 164
C e n t r a l R y . — S e e U n i t e d R a il w a y s & E l e c t r i c l 3 5
C e n t r a l & S o u t h w e s t U t i l it i e s C o ______________ 158
C e n t r a l S t a t e s E l e c t r i c C o _______________________ 239
C e n t r a l S t a t e s E l e c t r ic C o r p ____________________ 79
C e n t r a l S t a t e s P o w e r & L i g h t C o r p ___________ 239
C e n t r a l S t a t e s U t i l it i e s C o _______________________ 36
C e n t r a l T r a c t i o n ___________________________________ 116
C e n t r a l U n io n G a s C o . ___________________________ 15
C e n tra l
W est
P u b lic
S e r v ic e
C o .— See
M c G r a w E l e c t r i c C o ____________________________ 242
C h a m b e r s b u r g G r e e n c a s t le & W a y n e s b o r o S t.
R y ............- --------- ------------------------------------------------------ 135
C h a r le r o i & W e s t S id e R y . — S e e P i t t s . &
C h a r !. S t . R y ____________________________________ 116
C h a r le s t o n C it y R y .— See S o u t h C a r o lin a
P o w e r C o _________________________________________ 218
C h a r l e s t o n C o n s o l i d a t e d R y ., G a s & E l e c .—
S e e S o u t h C a r o l i n a P o w e r C o ________________ 218
C h a r le s t o n C o n s o l. R y . & L ig h t in g C o .— S ee
S o u t h C a r o l i n a P o w e r C o ______________________218
C h a r le s t o n D u n b a r T r a c . C o . — S e e C h a r l e s ­
t o n I n t e r . R R ____________________________________ 203
C h a r l e s t o n I n t e r u r b a n R R ______________________203
C h a r l o t t e E l e c . R y .— S e e S o u t h e r n P u b . U t i l . 210
C h a r l o t t e E l e c t r i c R y ., L i g h t & P o w e r C o . —
S e e S o u t h e r n P u b l i c U t i l i t i e s C o ____________ 210
C h a r l o t t e s v i l l e & A lb e m a r l e R y ________________ 201
C h a t t a n o o g a G a s C o . — S e e U n it e d L i g h t &
P o w e r C o _________________________________________ 192
C h a t t a n o o g a R a il w a y & L i g h t __________________ 207
C h a t t a n o o g a R y s . C o . — S e e C h a t t . R y . & L t_ 2 0 7
C h e s a p e a k e & P o t o m a c T e l e . C o _______________
6
C h e s a p e a k e & P o t o m a c T e l e . C o . o f V a _______
6
C h e s t e r C o u n t y P u b l i c S e r v ic e C o . — S e e
P h i l a . S u b . C o u n t i e s G a s & E l e c t r i c _______ 112
C h e s t e r D a r b y & P h i l a . — S e e W i l. & C h e s . T r . 1 1 0
C h e s te r & E d d y s t o n e — S ee W ilm in g t o n &
P h i l a d e l p h i a T r a c t i o n C o ______________________ 110
C h e s t e r & M e d ia E l e c . R y . — S e e W i l. & C h e s ­
t e r T r a c t i o n ______________________________________110
C h e s t e r & P h i l a d e l p h i a R y . ____________________ 126
C h e s t e r S t r e e t R y . — S e e W i l. & C h e s . T r a c _ _ 1 1 0
C h e s t e r T r a c t i o n — S e e W i l. & C h e s . T r a c . C o l l O
C h i c a g o A u r o r a & E lg in C o r p ___________________ 176
C h i c a g o A u r o r a & E lg in R R ______________________ 176
C h i c . B l o o m . & D e c a t u r R y . — S e e 111. T r . , I n c . 174
C h ic a g o B y -P r o d . C o k e C o .— S ee P e o p le ’s
G a s L i g h t & C o k e C o _______________________. . . 26
C h i c a g o C i t y & C o n n e c t i n g R a i l w a y s _________180
C h i c a g o C i t y R a i l w a y ____________________________ 180
C h i c a g o C o n s o l . T r a c t i o n — S e e C h i c a g o R y s . 181
C h i c a g o E le v a t e d
R a il w a y s — S e e C h i c a g o
R a p i d T r a n s i t C o _______________________________ 165
C h ic a g o G a s L ig h t & C o k e C o .— S ee P e o p le ’s
G a s L i g h t & C o k e C o ____________________________ 26
C h i c a g o & I n t e r u r b a n T r a c t i o n _______________ 184
C h i c a g o & I l l i n o i s W e s t e r n R R . — S e e P e o p le s
G a s L t . & C o k e _________________________________ 26
C h i c a g o & J o l i e t E l e c t r i c R y ____________________ 168
C h i c a g o J u n c t i o n R R ____________________________ 166
C h i c a g o M o t o r C o a c h C o __________________
84
C h i c a g o N o r t h S h o r e & M il w a u k e e R R . — S e e
a l s o M a p ___________________________________________ 182
C h i c a g o & O a k P a r k E le v a t e d R y . — S e e C h i ­
c a g o R a p id T r a n s i t ____________________________ 165
C h ic a g o O tta w a & P e o r ia R y .— S ee I llin o is
T r a c t i o n , I n c ____________________________________ 174
C h i c a g o R a il w a y s C o ______________________________181
C h i c a g o R a p i d T r a n s i t C o _______________________ 165
C h ic a g o S o u t h B e n d & N o r th e r n I n d . R y__152
C h i c a g o S o u t h S h o r e & S o u t h B e n d R y ______154
C h i c a g o S u r f a c e L i n e s ___________________________ 181
C h i c a g o & W e s t T o w n s R y _______________________ 184
C h i c a g o & W e s t .— S e e C h i c . C i t y & C o n . R y s . 180
C h r i s t o p h e r & T e n t h S t s . R R . ___________________ 87
C i c e r o G a s C o . — S e e P u b . S e r . o f N o r . I l l ____ 172
C i n c i n n a t i G a s & E l e c t r i c C o ___________________ 139
C i n c i n n a t i G e o r g e t o w n & P o r t s m o u t h R R .1 4 6
C i n c i n n a t i H a m il t o n & D a y t o n C o r p __________ 144
C i n c i n n a t i H a m il t o n & D a y t o n R y ___________ 144
C i n c i n n a t i & H a m il t o n T r a c t i o n C o . — S e e
C i n . S t r e e t R y . C o _____________________________ 142
C i n c i n n a t i L a w r e n c e b u r g & A u r . E le c . S t .R R 1 4 6
C i n c i n n a t i N e w p o r t & C o v i n g t o n L t . & T r .C o .2 0 8
C in c in n a t i N e w p o r t & C o v in g t o n R y .— S ee
C i n n . N e w p o r t & C o v i n g t o n L t . & T r a c . C o .2 0 S
C i n c i n n a t i S t r e e t R y . C o _______________________ 142
C in c in n a ti
T r a c tio n
C o .— S ee
C in n . S t.
R y . C o ________
142
C i n n i m i n s o n E l e c t r i c L i g h t P o w e r & H e a t in g
C o . o f R i v e r t o n N . J . ___________________________ 101
C i t i e s S e r v ic e C o . . ________________ ___________ _ 60
C i t i e s S e r v ic e G a s C o ______________________________ 19
C i t i e s S e r v ic e P o w e r & L i g h t C o ________________ 62
C it iz e n s ’ E le c t r ic S t. R y .— S ee M a s s a c h u s e tts
N o r t h e a s t e r n S t r e e t R y _______________________ 41
C it iz e n s G a s C o .— S ee P u b . S e r. C o . o f N o r.
I l l _____________
172

[V ol. 125.
Page.
C i t i z e n s G a s C o . o f I n d i a n a p o l i s _______________ 17
C it iz e n s G a s & E le c . C o . o f C o u n c ilB lu f f s - - 2 4 1
C i t i z e n s G a s L i g h t C o . — S e e B r o o k l y n U n io n
G a s C o ____________________________________________ 16
C i t i z e n s ’ P a s s . R y ., N o r r i s t o w n — S e e S c h u y l ­
k ill V a ll e y T r a c t i o n ____________________________ 124
C i t i z e n s ’ P a s s e n g e r R y . ( P h i l a . ) ________________ 126
C i t i z e n s ’ S t r e e t R y . ( I n d i a n a p o l i s , I n d . ) — S ee
I n d i a n a p o l i s S t r e e t R y ________________________ 151
C i t i z e n s ’ S t r e e t R y - ( M u n c ie , I n d . ) — S e e
U n io n T r a c t i o n o f I n d i a n a ___________________ 151
C i t i z e n s T e l . C o . — S e e M ic h i g a n B e ll T e l . C o .
7
C i t i z e n s ’ T r a c t i o n _________________________________ 116
C i t i z e n s ’ T r a c t i o n C o . , O il C i t y ________________ 128
C itiz e n s W a te r C o . o f W a s h in g t o n ,
P a ______21
C i t y E l e c . C o . (S a n F r a n c i s c o ) — S e e G r e a t
W e s t e r n P o w e r C o . o f C a l i f o r n i a ____________ 259
C i t y L i g h t & T r a c t i o n C o . ( S e d a l i a , M o . ) ____ 62
C i t y R a il w a y ( D a y t o n , O h i o ) C o _______________ 147
C ity R y . o f L o s A n g .— S ee L o s A n g . R y . C orp _2 6 3
C i t y & S u b u r b a n R y .— S e e P o r t . E le c . P o w .
C o __________________________
268
C i t y & S u b u r b a n R y .— S e e W a s h . R y . & E l - .1 3 3
C l e v e l a n d B e r e a E ly r ia & O b e r l i n R y . — S e e
C l e v e l a n d S o u t h w e s t e r n R y . & L t __________ 146
C l e v e l a n d E l e c t r i c I l l u m i n a t i n g C o ____________ 229
C le v e la n d
&
E ly r ia
R R .— S ee C le v e la n d
S o u t h w e s t e r n R y . & L t ________________________ 146
C l e v e l a n d E ly r ia & W e s t e r n — S e e C l e v e l a n d
S o u t h w e s t e r n R y . & L t ________________________ 146
C l e v e l a n d R y . C o __________________________________ 142
C l e v e l a n d & S o u t h w e s t e r n C o __________________ 146
C l e v e l a n d S o u t h w e s t e r n R y . & L t . C o _________146
C l i n t o n G a s & E l. C o . — S e e 111. P o w . & L t .
C o r p ________________________________________________173
C l i n t o n S t r e e t R y ___________ _______________ _ _____241
C o a s t C i t i e s R y ____________________________________ 105
C o a s t C o u n t i e s G a s & E l e c t r i c C o _____________ 261
C oa st C o u n t ie s L ig h t & P o w e r C o .— S ee C o a s t
C o u n t i e s G a s & E l e c t r i c _______________________ 261
C o a s t V a ll e y s G a s & E l e c t r ic C o _______________ 261
C o e u r d ’ A l e n e & S p o k a n e R y .— S e e S p o k a n e
& E a s te r n R y . & P o w e r C o ___________________ 268
C o h o e s P o w e r & L i g h t C o r p ____________________ 70
C o h o e s R y .— S e e U n it e d T r a c t i o n C o . (N . Y . ) 91
C o l o n i a l G a s & E l e c t r i c C o _____________________ 50
C o l o r a d o C e n t r a l P o w e r C o . __________________ 251
C o lo r a d o P ow er C o .— See P u b . S er. C o . o f
C o l o r a d o __________________________________________ 64
C o l o r a d o S p r i n g s & I n t e r u r b a n R y ___________ 245
C o lu m b ia C a n a l C o . — B r o a d R iv e r P o w e r C o .
C o lu m b ia E le c . L t ., H t . & P o w e r — S e e L a n .
C o . R y . & L t ______________________________________121
C o l u m b i a (S . C .) E le c . S t . R y ., L i g h t & P o w .
— S e e B r o a d R iv e r P o w e r C o __________________211
C o lu m b ia G a s C o . — S e e L a n c a s t e r C o u n t y
R y . & L i g h t __________
121
C o l u m b i a G a s & E l e c t r i c C o r p __________________ 137
C o l u m b i a G a s & E l e c t r i c C o .— S e e C o l u m b i a
G a s & E l e c t r i c C o r p ____________________________ 137
C o l u m b i a G a s L i g h t C o . — S e e B r o a d R iv e r
P o w e r C o _________________________________________ 211
C o lu m b ia & M o n t o u r E le c . C o .— S ee P a . P o w .
& L t . C o .......................- ........... - ........... ..........................120
C o l u m b i a (S . C .) R y ., G a s & E l e c , C o . — S e e
B r o a d R iv e r P o w e r C o __________________________211
C o l u m b u s D e la w a r e & M a r io n E l e c . C o _______ 141
C o l u m b u s E l e c t r ic & P o w e r C o ________________ 2 1 3
C o lu m b u s G a s C o .— S ee C o lu m b ia
G as &
E l e c t r i c C o r p ____________________________________ 137
C o l u m b u s & I n t e r u r b a n T e r m i n a l C o _______ 146
C o lu m b u s L o n d o n & S p r in g fie ld R y .— S ee
I n d i a n a C o l u m b u s & E a s t e r n _________________145
C o l u m b u s M a r io n & B u c y r u s R y . C o __________ 148
C o lu m b u s P o w e r C o .— S ee C o lu m b u s E le c .
& P o w e r C o _______________________________________ 213
C o l u m b u s R y . — S e e C o l u m . R y ., P . & L . C o _ . 1 9 5
C o l u m b u s R y ., L i g h t & P o w e r — S e e M is s .
P o w e r & L i g h t C o _______________________________ 218
C o l u m b u s R y ., P o w e r & L i g h t C o ______________ 195
C o l u m b u s S t . R y .— S e e C o l . R y ., P o w . & L t _ - 1 9 5
C o m m e r c ia l T e l e p h o n e C o . — S e e G e n e r a l T e l .
C o _____________________________________
10
C o m m e r c ia l U n io n T e l e g r a p h C o ______________ 12
C o m m o n w e a l t h E d is o n C o _______________________ 178
C o m m o n w e a l t h E i. C o . — S e e C o m m o n w e a l t h
E d is o n C o ________________________________________ 178
C o m m o n w e a l t h L i g h t & P o w e r C o _____________248
C o m m o n w e a l t h P o w . C o r o , (s e e a l s o m a p ) ___ 184
C o m m o n w e a lth T e le p h o n e C o .— See A s s o c .
T e l . U t i l i t i e s C o ________________________________ 13
C o m m o n w e a l t h U t i l i t i e s C o r p . - —S e e L o u i s i ­
a n a I c e & U t i l it i e s , I n c ________________________ 36
C o m m u n i t y P o w e r & L i g h t C o __________________ 244
C o m m u n i t y W a t e r S e r v i c e C o ____________________ 20
C o n e s t o g a R e a lt y C o . — S e e L a n c a s t e r C o u n t y
R y . & L i g h t C o __________________________________121
C o n e s t o g a T r a c t i o n — S e e L a n . C o . R y . & L t .1 2 1
C o n e y I s la n d & B r o o k l y n R R ___________________ 90
C o n e y I s la n d & G r a v e s e n d _____________________ 90
C o n n e c t i c u t C o m p a n y ____________________________ 55
C o n n e c t i c u t E l e c t r i c S e r v i c e C o . _______________ 53
C o n n e c t i c u t L i g h t & P o w e r C o ________________ 53
C o n n e c t i c u t L i g h t i n g & P r .— S e e C o n n e c t i ­
c u t R y . & L i g h t i n g C o ________________________ 55
C o n n e c t i c u t P o w e r C o ___________________________ 54
C o n n e c t i c u t R y . & L i g h t i n g ___________________ 55
C o n n e c t i c u t R iv e r P o w . C o . — S e e N e w E n g .
P o w e r A s s o c i a t i o n ________________________________58
C o n s h o h o c k e n G a s & W a t e r C o .— S e e P h il a .
S u b . W a t e r C o ____________________________________ 23
C o n s h o h o c k e n R y . — S e e S c h u y l k i l l V a l. T r a c ! 2 4
C o n s o lid a t e d E le c t r ic C o .— S ee G re a t W e s t­
e r n P o w e r C o . o f C a l i f _________________________ 259

INDEX TO COMPANIES

O ct ., 11327.]
P age.
C o n s o l i d a t e d G a s C o . o f N. Y _________________ 14
C o n s o l i d a t e d G a s C o . o f P i t t s b u r g h _________ 114
C o n s o lid a t e d G a s , E le c t r ic L ig h t & P o w e r
C o . o f B a l t i m o r e ________________________________ 133
C o n s o l . H y d r o - E le c . W o r k s o f U p p e r W u e r t t e m b e r g ___________________________________________ 288
C o n s o l i d a t e d P o w e r & L i g h t C o _______________ 202
C o n s o l i d a t e d P o w e r & L t . C o . o f S o . D a k ___242
C o n s o l i d a t e d R a il w a y C o . — S e e C o n n . C o . . 55
C o n s o l i d a t e d R y s ., L t . & P o w .— S e e T i d e ­
w a t e r P o w e r C o _________________________________ 209
C o n s o lid a t e d S c h u y lk ill G a s C o .— S ee P h ila .
S u b . C o u n t i e s G a s & E le c . C o _______________ 112
C o n s o l i d a t e d S e c u r i t i e s , L t d ___________________ 278
C o n . S u b . S t . R y .— S e e W e s t P e n n R y s . C o . 1 1 9
C o n s o l i d a t e d T r a c t i o n o f N ew J e r s e y _________103
C o n s o l i d a t e d T r a c t i o n o f P i t t s b u r g h , P a _____116
C o n s o l i d a t e d W a t e r C o . o f U t ic a (N . Y . ) ____ 17
C o n s o l i d a t e d W a t e r P o w e r C o __________________232
C o n s u m e r s ’ E le c . C o . — S e e G r e a t W e s t e r n
P o w e r C o . o f C a l i f _____________________________ 259
C o n s u m e r s ’ EL L t . & P o w . C o . (N . O .)
— S e e N e w O r l e a n s P u b l i c S e r v ., I n c _______ 219
C o n s u m e r s ’ G a s C o . — S e e P e o p le s G a s L i g h t
& C o k e C o ______________________________________ 26
C o n s u m e r s G a s C o . ( O n t a r i o ) __________________274
C o n s u m e r s ’ L ig h t , H e a t & P o w e r C o .— S ee
P u b . S e r v . E le c . & G a s C o ____________________ 101
C o n s u m e r s ' L ig h t & P o w e r C o .— See G r e a t
W e s t e r n P o w e r C o . o f C a l i f _________________ 259
C o n s u m e r s ’ P o w e r C o ____________________________ 188
C o n t i n e n t a l G a s & E le c . C o r p . _______________ 194
C o n t i n e n t a l P a s s e n g e r R y _______________________ 12S
C o n tr a C o s ta G a s — S ee C o a s t C o u n t ie s G a s
& E le c . C o . _____________________________________ 2S1
C o p e n h a g e n T e l e p h o n e C o _____________________293
C o r n i n g & P a i n t e d P o s t S t r e e t R y ____________ 94
C o r r y - D e a v it t - F r o s t E l e c t r ic C o . — S e e P e o ­
p l e s H y d r o - E l e c t r i c V e r m o n t C o r p _______ 234
C o r t l a n d C o u n t y T r a c t i o n _____________________ 79
C o u n c i l B l u f f s G a s & E le c . C o . — B e e C i t i z e n s
G a s & E le c , o f C o u n c i l B l u f f s ________________ 241
C o u n t i e s G a s & E l e c .— S e e P h il a . S u b u r b a n
C o u n t i e s G a s & E le c . C o ______________________112
C o u n t y G a s C o ___________________________________ 17
C o v e E le c . C o . — S e e P e n n C e n t r a l L t . & P r .
C o ___________________________
128
C r a w f o r d s v il l e W a t . & G a s C o . — S e e N o r t h e r n
I n d . P u b l i c S e r v i c e C o . . _____________________170
C r o s s t o w n S t . R y . ( B u f f a l o ) — S e e I n t e r . R y _ 91
C r o s s t o w n S t .— S e e C o l u m b u s R y ., P r . &
L t . C o ________________________________
.1 9 5
C u b a n T e le p h o n e C o .— S ee I n t e r n a t io n a l
T e l . & T e l . C o r p ________________________________ 12
C u m b e r l a n d C o u n t y P o w e r & L i g h t C o ____ 38
C u m b e rla n d T e l. & T e l. C o ., I n c .— See
S o u t h e r n B e ll T e l . & T e l . C o __________________ 6
C u m b e r l a n d V a ll e y L t . & P o w . C o . — S e e
M e t r o p o l i t a n E d is o n C o ______________________ 66
C u m b e r la n d & W e s t e r n p o r t E le c . R y . C o .—
See C u m b e rla n d & W e s te r n p o r t T r a n s it
C o __________________________________________
63
C u m b e r l a n d & W e s t e r n p o r t T r a n s i t C o ______63

P age
D e s M o in e s C i t y R y ______________________________ 2 4 0
D e s M o in e s E l e c t r i c C o ___________________________ 174
D e s M o in e s G a s C o ________________________________ 18
D e t r o i t A l m o n t & N o r t h e r n R R _______________ 189
D e t r o i t C i t y G a s C o ______________________________ 18
D e t r o i t E d is o n C o __________________________________187
D e t r o i t E l e c t r i c ____________________________________ 188
D e t r o i t & F l i n t R y ________________________________ 188
D e t r o i t F o r t W a y n e & B e lle I s le R y ____________ 188
D e t r o i t J a c k s o n & C h i c a g o ______________________189
D e t r o i t M o n r o e & T o l e d o S h o r t L i n e R y _______189
D e t r o i t & N o r t h w e s t e r n R y _____________________ 183
D e t r o i t & P o n t i a c R y _____________________________ 188
D e t r o i t & P o r t H u r o n S h o r e L i n e _____________ 189
D e t r o i t R iv e r T e l . C o . — S e e M ic h i g a n B e l!
T e l . C o __________________________________
7
D e tr o it & S u b u r b a n G a s C o .— S e e D e tr o it
C i t y G a s C o _____________________________________ 13
D e t r o i t U n it e d R y __________________________________188
D e tr o it Y p s ila n t i A n n A r b o r & J a c k s o n R y .—
S e e D e t r o i t J a c k s o n & C h i c . R y ____________ 189
D ii ls b u r g L t . H t . & P o w . C o . — S e e M e t r o p .
E d is o n C o __________________________________________ 66
D o m i n i o n P o w e r & T r a n s m i s s io n C o __________275
D o v e r S o m e r s w o r t h & R o c h e s t e r S t . R y ______41
D o y l e s t o w n & W i ll o w G r o v e R y ________________ 126
D r y D o c k E a s t B r o a d w a y & B a t t e r y R R _____ 88
D u b u q u e E l e c t r i c C o _____________________________ 2 4 0
D u k e - P r ic e P o w e r C o . , L t d ______________________274
D u l u t h S t r e e t R y .— S e e D u l u t h - S u p e r i o r T r . 2 3 6
D u l u t h - S u p e r i o r T r a c t i o n _______________________ 236
D u q u e s n e L i g h t C o _______________________________ 114
D u q u e s n e T r a c t i o n _______________________________ 116
D u r h a m P u b l i c S e r v ic e C o _______________________ 63
D u rh a m T r a c t io n C o .— S e e D u r h a m P u b lic
S e r v i c e C o ________________________________________ 63

E

E a s t B a y W a t e r C o ________________________________ 18
E a s t J e r s e y S t . R y . — S e e P u b l i c S e r v ic e R y . . 102
E a s t K o o t e n a y P o w e r C o . , L t d __________________275
E a s t M c K e e s p o r t S t r e e t R y ______________________116
E a s t M ic h i g a n E d is o n C o . — S e e D e t r o i t E d i ­
s o n C o _____________________________________________ 187
E a s t M id d le s e x S t r e e t R y _________________ _ _
47
E a s t M is s o u r i P o w e r C o r p . — S e e A r k a n s a s M is s o u r i P o w e r C o _____________________________ 243
E a s t N e w a r k G a s L i g h t _________________________ 192
E a s t P e n n E l e c t r i c C o __________________________ 121
E a s t R e a d i n g E le c . R y . — S e e R e a d in g T r a c
124
E a s t S t . L o u i s L i g h t & P o w e r C o . — S e e E ast
S t . L o u i s & S u b u r b a n C o ______________________175
E a s t S t . L o u is & S u b u r b a n C o __________________175
E a s t S id e T r a c t i o n C o . — S e e N . Y . S t a t e R y s . 92
E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o ________ 46
E a s t e r n M in n e s o t a P o w e r C o ____________________ 237
E a s t e r n N e w J e r s e y P o w e r C o ___________________ 105
E a s t e r n N e w Y o r k U t i l it i e s C o r p . . ___________ 71
E a s t e r n S h o r e G a s & E le c . C o . ( D e l .) . — S e e
E a s t e r n S h o r e P u b l i c S e r v ic e C o ____________ 134
E a s t e r n S h o r e P u b l i c S e r v ic e C o _______________ 134
E a s t e r n S t a t e s P o w e r C o r p _______________________ 44
E a s t e r n T e x a s E l e c t r ic C o _______________________ 225
E a s t o n C o n s o l i d a t e d E l e c t r i c C o _______________ 3 20
E a s t o n G a s W o r k s . — S e e M e t r o p . E d is o n
D a ’ c'.o D e n r y o k u
K a b u s h ik i
K a is h a — -See
C o __________________________________________________ 66
E a s t o n P a lm e r & B e t h l e h e m E l e c . R y .— S e e
G r e a t C o n s o l i d a t e d E le c . P o w . C o . , L t d ___293
D a 'c o a C e n t r a l T e l e p h o n e C o _________________
6
E a s t o n C o n s o l i d a t e d E l e c t r i c ________________ 120
E a s to n & S o u t h B e th le h e m T r a n s . C o .— S ee
D a k o ta P o w e r C o .— S ee C o n s o l. P o w . & L t.
C o . o f S o . D a k o t a _______________________________ 242
E a s t o n C o n s o l i d a t e d E l e c t r i c C o ____________ 120
D a lh a r t P u b l i c S e r v ic e C o _______________________ 243 E c o n o m y L i g h t & P o w e r C o . — S e e P u b l i c
D a li as E l e c t r ic T e r m .— S e e D a lla s R y . &
S e r v ic e C o r p . o f N o r t h e r n I l l i n o i s _____ _
172
T e r m i n a l C o _____________________________________ 227 E d is o n E le c . C o . — S e e L a n . C o . R y . & L t ___121
D a lla s P o w e r & L i g h t C o ________________________ 224 E d is o n E l e c . I li u m . C o . o f B o s t o n _____________ 42
D a lla s R a il w a y & T e r m i n a l C o __________________ 227 E d is o n E le c . I li u m . C o . o f B r o c k t o n ___________ 42
D a n b u r y (C o n n .) & B e th e l S tr e e t R y .— S ee
E d is o n E l e c . I li u m . C o . — S e e B r o o k l y n E d i ­
D a n b u r y P o w e r & T r a n s p o r t C o ______________ 56
s o n C o _____________________________________________ 74
D a n b u r y P o w e r & T r a n s p o r t C o _________________56 E d is o n E l e c . I li u m . C o . (N . Y . ) . —-S e e C o n ­
s o l i d a t e d G a s C o . o f N e w Y o r k ___ __________ 14
D a r b y M e d ia & C h e s t e r R y .— S e e P h il a . R . T .1 2 5
D a r b y & Y e a d o n S t . R y _________________________ 126 E d is o n E l e c . I li u m .— S e e P a t e r s o n & P a s s a ic
D a y t o n G a s C o . —-See D a y t o n P r . & L t . C o . _139
G a s & E l e c t r i c ___________________________________ 102
E d is o n E l e c t r ic o f N e w O r l e a n s — S e e N e w O r ­
D a y to n L ig h t in g C o .— See D a y to n P ow . &
L i g h t C o _________________________________________ 139
l e a n s P u b l i c S e r v ic e , I n c ______________________219
E d is o n G e n . I t a li a n E le c . C o . ___________________ 291
D a y t o n P o w e r & L i g h t C o ___ _________ : _________ 139
_
D a y t o n T r a c t i o n — S e e C i n n . H a m il. & D a y t o n
E i g h t h & N i n t h A v e n u e R y _____________________ 92
R y . C o --------------------------------------------------------------------- 144 El P a s o E l e c t r ic C o ________________________________ 225
D a y t o n & T r o y E l e c t r i c __________________________147 E l e c t r i c B o n d & S h a r e C o _______________________ 65
D a y t o n & W e s t e r n T r a c t i o n _____________________147 E l e c t r ic C o . o f N e w J e r s e y _______________________ 109
D a y t o n - X e n i a R y __________________
147 E l e c t r i c I n v e s t o r s , I n c ____________________________ 75
D e f i a n c e G a s & E le c . C o . — S e e T o l e d o E d is o n
E l e c t r i c P o w e r C o r p . ( G e r m a n y ) _______________ 286
C o ______________________________________
63 E l e c t r ic P o w e r & L i g h t C o r p ____________________2 70
D e la w a r e C o u n t y & P h i l a d e l p h i a E le c . R y . _ l l l E l e c t r ic P u b l i c S e r v ic e C o _______________________ 251
D e la w a r e G a s L i g h t C o .— S e e M e t r o p o l i t a n
E l e c t r ic R a il w a y S e c u r i t i e s C o __________________ 189
E d is o n C o _______________________________________ 6 6 E l e c t r ic T r a c t i o n ( P h i l a d e l p h i a . P a . ) _________126
D e n is o n & S h e r m a n R y .— S e e T e x a s E le c . R y .2 2 7 E l e c t r i c a l S e c u r i t i e s C o r p _______________________ 65
E le k tr iz it a e t s w e r k
S c h le s ie n
A k tie n g e s e llD en v er C ity T ra m w a y — See D e n . T ra m .
C o r p . ______
245
s c h a f t — S e e S ile s ia E le c . C o r p _______________ 289
S a c h s e n -A n h a lt— S ee
D e n v e r C o n s .T r a m . — S e e D e n v e r T r a m . C o r p . 245 E l e k t r i z i t a e t s w e r k e
D e n v e r G a s & E l e c .— S e e P u b l i c S e r v ic e C o .
S a c h s e n - A n h a l t E le c . C o . o f H a l l e ___________ 289
o f C o l o _____________________________________________ 64 E l e k t r i z i t a e t s w e r k
U n te r e lb e , A . G .— S ee
U n t e r e l b e P o w . & L t . C o ______________________2 9 0
D e n v e r & I n t e r - M o u n t a i n _______________________ 245
D e n v e r T r a m w a y C o r p __________________________ 245 E l i z a b e t h P l a i n f i e l d & C e n t r a l J e r s e y — S e e
P u b l i c S e r v ic e R y _______________________________ 102
D en ver T ram w ay
P oo,
C o .— See
D enver
T r a m w a y C o r p _________________________________ 245 E l i z a b e t h & R a r i t a n R iv e r S t r e e t R y . — S e e
P u b l i c S e r v i c e R y _______________________________ 102
D e n v e r T r a m w a y T e r m in a ls C o . — S e e D e n v e r
T r a m w a y C o r p ___________________________________245 E l i z a b e t h & T r e n t o n R R ________________________ 104
D e p e w & L a k e E r ie W a t e r C o . — S e e W e s t e r n
E lm ira W a t e r , L i g h t & R a i l r o a d ________________ 70
N . Y . W a t e r C o ____________________
34 E m p ir e D i s t r i c t E l e c t r ic C o _ _ _ _________________ 65
E m p ir e G a s a n d E le c . C o ________________________ 69
D e p e w & L a n c a s t e r R y . C o r p ___________________ 94
U m pire G a s & F u e l C o ____________________________ 18
D e r b y G a s & E l e c t r ic C o r p ______________________ 105
D e s M o in e s & C e n t r a l I o w a E l e c t r i c C o . — 'S ee
E m p ir e O il & R e f i n i n g _____________________________ 19
D e s M o in e s E l e c t r i c C o ________________________ 174 E m p ir e P a s s e n g e r R y ______________________________127
D e s M o in e s , C e n t r a l I o w a R R __________________241 E m p ir e P o w e r C o r p ________________________________ 67




D

297
P age
E m p ir e S t a t e R a il r o a d C o r p o r a t i o n _____________9 9 ‘
E n e r g ie A k t i e n g e s e l l s c h a f t L e i p z i g — S e e L e i ­
p z i g O v e r l a n d P o w e r C o s ______________________ 2 8 7
E n g in e e r s P u b l i c S e r v ic e C o _____________________199
E n g le w o o d G a s & E l e c t r i c — S e e G a s & E l e c ­
t r i c C o . o f B e r g e n C o u n t y _____________________102
E n o re e P o w e r C o .— S ee B r o a d R iv e r P o w e r
C o . (S . C . ) ________________________________________ 211
E q u it a b le G a s C o . — S e e P h i l a d e l p h i a C o ____ 113
E q u it a b le G a s & E le c . C o . o f U t i c a — S e e
U t i c a G a s & E le c . C o ___________________________ 71
E q u it a b le G a s L i g h t C o . — S e e M e m p h is P o w .
& L t . C o ___________________________________________208
E rie C o u n t y T r a c t i o n C o r p o r a t i o n ______________ 34E rie E l e c t r ic M o t o r C o . — S e e E rie R y s . C o ____94
E r ie L i g h t i n g C o __________________________ 1______122
E rie R a il w a y s C o ___________________________________ 94
E rie & S u b u r b a n R y .— S e e E r ie R y s . C o _____ 94
E rie T r a c t i o n — S e e N o r w . E le c . S e r v . C o . o f
P a __________________________________________________ 122
E s c a n a b a (M ic h .) P o w e r & T r a c t i o n C o _______ 1 9 6
E sse x & H u d s o n G a s C o __________________________101
E v a n s t o n R a il w a y ________________________________ 175
E v a n s v ille G a s & E l e c t r i c C o . — S e e C o m m o n ­
w e a lt h P o w e r C o r p o r a t i o n ____________________ 184
E v a n s v ille & O h i o V a ll e y R y ____________________ 152
E v a n s v ille S u b u r b a n & N e w b u r g h R y _________1 5 3

F
F a ir m o n t & C l a r k s b u r g T r a c . C o . — S e e M o n o n g a h e l a W e s t P e n n P u b l i e S e r v i c e ____
203
F a ir m o u n t P a r k T r a n s i t C o ______________________ 1 3 0
F a ll R iv e r E l e c t r ic L i g h t C o ____________________ 43
F e a t h e r R iv e r P o w e r C o . ( C a l i f . ) _______________ 2 6 0
F e d e r a l L i g h t & T r a c t i o n C o ____________________ 2 2 0
F e d e r a l P u b l i c U t i l it i e s C o ______________________ 190
F e d e r a l S t r e e t & P l e a s a n t V a ll e y R y ___________ 1 1 5
F e d e r a l W a t e r S e r v i c e C o r p . (s e e m a p ) ______3 0
F e d e r a t e d U t i l it i e s , I n c __________________________ 165
F e lic it y & B e th e l R R .— S ee C in . G e o r g e t o w n
& P o r t s m o u t h ___________________________________ 146F i f t h A v e . B u s S e c u r i t i e s C o r p ___________________84
F i f t h A v e . C o a c h C o ________________________________85
F in d la y S tr e e t R y .— S ee T o le d o B o w lin g
G r e e n & S o u t h e r n T r a c t i o n __________________ 251
F is h k iil E l e c t r ic R y _______________________________ 94
F i t c h b u r g & L e o m i n s t e r S t r e e t R y ______________ 49
F la t b u s h W a te r . W o r k s C o .— S ee N ew Y o r k
W a t e r S e r v ic e C o r p _ _________________________ 30
F lo r id a P o w e r & L i g h t C o _______________________ 215
F lo r id a P u b l i c S e r v ic e C o _____________________ .2 1 5
F l o r id a W e s t C o a s t I c e C o ________________________ 37
F o r t P i t t T r a c t i o n __________________________________116F o r t S m i t h L i g h t & T r a c t i o n C o . . _____________221
F o r t W a y n e & D e c a t u r T r a c t i o n C o ___________ 152
F o r t W a y n e - L i m a R R . ___________________________ 144
F o r t W a y n e M a r io n & B l u f f t o n R y . C o .—
S e e I n d i a n a S e r v ic e C o r p ______________________ 168
F o r t W a y n e V a n W e r t & L im a T r a c t i o n C o . —
S e e F o r t W a y n e - L i m a R R . ___________________ 144
F o r t y - s e c o n d S t . & G r a n d S t . F e r r y R R _________8T
F o r t y - s e c o n d S t . M a n h a t . & S t . N ic h . A v e .R y . 88
F o s t o r i a (O .) & F r e m o n t R y ______________________147
F r a m in g h a m S o u t h b o r o & M a r lb o r o S t r e e t
R y .— S e e B o s t o n & W o r c e s t e r S t r e e t R y ___ 48
F r a n k li n W a t e r , L i g h t & P o w e r — S e e I n t e r S t a t e P u b l i c S e r v i c e ____________________________ 1 6 9
F re d e r ic k G a s & E le c t r ic C o .— S ee P o t o m a c
E d is o n C o ________________________________________ 1 3 4
F r e d e r i c k & M id d le t o w n R R . — S e e P o t o m a c
E d is o n C o ________________________________________ 134
F r e e p o r t G a s C o .— S ee C e n tr a l G a s & E le c .
C o ___________________________________________________1 6 3
F r e e p o r t R y . & L t . C o . — S e e 111. N o r . U t i l C o . 1 6 2
F resn o C ity W a te r C o r p .— S ee W e s te rn P o w .
C o r p ______ _________________________________________259
F r e s n o T r a c t i o n C o _______________________________ 2 6 4
F r ie s M fg . & P o w . C o . — S e e S o . P u b . U t i l . C o . 2 1 0
F r o n t & 5 t h S t . R y .— S e e R e a d . T r . C o . _______ 124
F r o n t i e r C o r p o r a t i o n _______________________________ 7 9
F r o s t b u r g I l l u m i n a t i n g & M fg . C o . — S e e P o ­
t o m a c E d is o n C o ________________________________ 134
F u l t o n C o u n t y G a s & E l e c .— S e e M o h a w k
H u d s o n P o w . C o r p ___________________________
70

G
G a l e s b u r g R y ., L t g . & P o w . C o . — S e e 111. P o w .
& L i g h t C o r p ____________________________________ 173
G a l e s b u r g & W e s t e r n R R _________________________175
G a l v e s t o n E l e c . C o . — S e e G a lv . H o u s . E l. C o . 2 2 2
G a l v e s t o n H o u s t o n E l e c t r i c C o ________________ 222
G a l v e s t o n H o u s t o n E le c . R y . — S e e G a l v e s t o n
H o u s t o n E l e c t r i c C o ____________________________ 2 2 2
G a r y R a il w a y s C o _________________________________ 170
G a r y S t r e e t R y . — S e e G a r y R y s . C o _____________1 7 0
G a s & B y - P r o d u c t s C o ___________________________ 19
G a s & E l e c t r i c C o . o f B e r g e n C o u n t y __________ 102
G a s L i g h t C o . o f N e w B r u n s w i c k ______________ 102
G a s U t i l i t i e s I n c ___________________________________ 28
G a t i n e a u P o w e r C o _______________________________ 275
G e n e r a l G a s & E l e c t r i c C o r p _____________________66
G e n e r a l P o w e r & L i g h t C o _______________________ 195
G e n e r a l P u b l i c S e r v ic e C o r p ____________________ 47
G e n e r a l P u b l i c U t i l it i e s C o . _____________________216
G e n e r a l T e l e p h o n e C o ____________________________ 10
G e n e v a S e n e c a F a lls & A u b u r n R R . C o . , I n c _ 94
G e o r g i a - A l a b a m a P o w e r C o ______________________213
G e o r g i a - C a r o l i n a E l e c t r ic C o ____________________214
G e o r g i a C a r o l i n a P o w e r C o __________
214
G e o r g i a L i g h t , P o w e r & R y s ____________________ 212
G e o r g i a E le c . L t . C o . — S e e G a . P o w e r C o ____ 212
G e o r g i a P o w e r C o _________________________________ 212

398

INDEX TO COMPANIES

P age.
G e o r g i a R y . & E l. C o . — S e e G a . P o w . C o ______212
G e o r g i a R y . & P o w e r C o .-— S e e G e o r g i a P o w .
C o _______________________________ __________________ 212
G e s e lls c h a ft fu e r E le k tr is c h e H o c li u n d U n t e r g r c u n d b a h n e a in B e r lin .— S ee B e r lin
E le c t r ic E le v a te d a n d U n d e r g r o u n d R y s.
C o _________________________________________________ 286
G o u g h S t r e e t R y . — S e e M a r k e t S t r e e t R y ____ 257
G r a ft o n C o u n t y E le c . L ig h t & P o w e r C o .—
S e e N e w E n g la n d P o w e r A s s n _________________ 58
G r a n d R a p id s G r a n d H a v e n & M u s k e g o n R y _ 1 9 0
G r a n d R a p id s H o l l a n d & C h i c a g o R y .— S e e
G r a n d R a p id s R R _______________________________ 190
G ra n d
R a p id s - M u s k e g o n
P o w e r C o .— S ee
C o n s u m e r s ’ P o w e r C o __________________________ 186
G r a n d R a p id s R R __________________________________190
G r e a t C o n s o l i d a t e d E le c . P o w . C o . , L t d _______ 293
G r e a t F a lls P o w e r C o m p a n y — S e e M o n t a n a
P o w e r ______________________________________________ 269
G r e a t L a k e s P o w e r C o . , L t d . ( T h e ) ___________ 276
G r e a t S o u t h B a y W a te r C o .— S e e S o u t h B a y
C o n s o l . W a t e r C o . ( M e . ) _______________________ 33
G r e a t W e s t e r n P o w e r C o . o f C a l i f o r n i a ______259
G r e e n B a y G a s & E le c t r ic C o .— S ee W is c o n ­
s in P u b l i c S e r v i c e C o r p o r a t i o n ______________ 232
G r e e n M o u n t a i n P o w e r C o . , I n c _______________ 234
G r e e n v ille -C a r o lin a P o w e r C o .— S ee S o u t h e r n
P u b l i c U t i l i t i e s C o ______________________________210
G r e e n w i c h T r a m . C o . — S e e C o n n e c t i c u t C o . 55
G r e e n w i c h W a t e r & G a s C o ____________________ 19
G r o s s k r a f t w e r k M a n n h e im A . G . — S e e M a n n ­
h e i m a n d P a l a t i n a t e E l e c . C o _________________287
G r o t o n & S t o n i n g t o n T r a c t i o n C o ______________ 56
G u a n a j u a t o P o w e r & E l e c t r i c C o . — S e e M e x i­
c a n U t i l it i e s C o __________________________________ 273
G u lf C itie s G a s C o .— S ee S o u t h w e s t e r n G a s
& E l e c t r i c C o ____________________________________ 157
G u l f P o w e r C o ______________________________________ 215
G u l f P u b l i c S e r v ic e C o ___________________________ 219
G u l f S t a t e s U t i l i t i e s C o __________________________ 226
G u l f p o r t & M is s is s ip p i C o a s t T r a c t i o n C o ___ 219
G u t h r i e - E d m o n d R y . — S e e O k l a h o m a R y ___ 249

H
H a c k e n s a c k G a s & E le c t r ic C o .— S ee G a s &
E l e c t r i c C o . o f B e r g e n C o u n t y ______________ 102
H a c k e n s a c k G a s L i g h t C o . — S e e G a s & E le c t r ie C o . o f B e r g e n C o u n t y ___________________ 102
H a c k e n s a c k W a t e r C o ____________________________ 5 9
H a m b u r g E l e c t r ic C o _____________________________ 287
H a m b u r g is c h e E le c t r ic ita e ts -W e r k e A k tie n g e s e l l s c h a f t — S e e H a m b u r g E l e c t r i c C o _____287
H a m ilt o n , C a t ., P o w e r , L ig h t & T r a c . C o .—
S e e D o m i n i o n P o w e r & T r a n s m i s s io n C o ___ 275
H a m il t o n E l e c r ic L i g h t & P o w e r C o . — S e e
D o m i n i o n P o w e r & T r a n s m i s s io n C o _______ 275
H a m il t o n G r i m s b y & B e a n s v il l e R y . — S e e
D o m i n i o n P o w e r & T r a n s m i s s io n C o _______ 275
H a m il t o n S t r e e t R y . — S e e D o m i n i o n P o w e r &
T r a n s p o r t a t i o n C o _____________________________ 275
H a m m o n d W h i t i n g & E a s t C h i c a g o R y _______ 180
H a m p t o n R o a d s T r a c . C o .— S ee V a . P u b lic
S e r v ic e C o ________________________________________ 200
H a n o v e r & M c S h e r r y s to w n S t r e e t R y .— S ee
M e t r o p . E d is o n C o _____________________________ 66
H a n o v e r P o w e r C o . — S e e M e t r o p . E d is o n C o _ 66
H a r r i s b u r g L i g h t & P o w e r C o __________________121
H a r r i s b u r g R a i l w a y s ______________________________129
H a r tfo r d C ity G a s L ig h t C o . —See H a r tfo r d
G a s C o ______________________________________________ 22
H a r t f o r d E l e c t r i c L i g h t C o _______________________ 54
H a r t f o r d G a s C o . ( T h e ) ____________________________22
H a r t f o r d & S p r i n g f i e l d C o a c h C o _______________ 56
H a r tfo r d & S p r in g fie ld S t. R y . — S ee H a r t­
f o r d & S p r i n g f i e l d C o a c h C o ___________________ 56
H a r t f o r d S t r e e t R y .— S e e C o i . n e c t i c u t C o _____55
H a rtfo rd
W a ter
C o .— See
N ew
E n g la n d
P o w e r A s s o c i a t i o n ________________________________58
H a r w o o d E l e c t r i c C o . — S e e P a . P o w . & L t . C o . 120
H a v a n a E l e c t r ic R y . C o ___________________________ 285
H a v a n a E l e c t r ic R y ., L i g h t & P o w e r C o . — S e e
H a v a n a E l e c . & U t i l it i e s C o ___________________ 284
H a v a n a E l e c t r i c & U t i l it i e s C o __________________284
H a v e r s tr a w W a te r S u p p ly C o .— S ee F e d e ra l
W a t e r S e r v ic e C o r p _______________________________ 30
H a z l e t o n A u t o - B u s C o ____________________________ 129
H e le n a L i g h t & R a il w a y C o ____________________ 269
H e n d e r s o n T r a c t i o n C o __________________________153
H e r k im e r C o u n t y L t . & P o w . C o . — S e e U t i c a
G a s & E l e c . C o ____________________________________ 71
H o l y o k e S t r e e t R y _________________________________ 49
H o m e L o n g D is t a n c e T e le p h o n e C o .— S ee
P a c i f i c T e l e p h o n e & T e l e g r a p h C o _______
9
H om e T e le p h o n e
&
T e le g r a p h
C o .— See
P a c i f i c T e l e p h o n e & T e l e g r a p h C o ________
9
H o n o l u l u R a p i d T r a n s i t C o . , L t d ____________ 273
H o o s a c V a ll e y S t r e e t R a i l w a y . — S e e B e r k s h ir e
S t r e e t R y ___________________________________________47
H o o s i c k F a lls E l e c t r ic C o . — S e e T w i n S t a t e s
G a s & E l e c t r i c C o _______________________________ 170
H o o s i c k F a lls I l l u m i n a t i n g C o . — S e e T w i n
S t a t e s G a s & E l e c t r i c C o ______________________ 170
H o o s i c k F a lls R R ___________________________________ 42
H o o s ie r P u b l i c U t i l i t y C o _________________________164
H o r n e l l D a n s v i ll e E l e c . — S e e N . Y . C e n t r a l
E l e c t r i c C o r p _____________________________________ 69
H o u g h t o n C o u n t y E l e c t r i c L i g h t C o __________ 164
H o u g h t o n C o u n t y T r a c t i o n C o ________________ 164
H o u s t o n E le c t r ic C o .— S e e G a lv e s t o n -H o u s t o n E l e c t r i c C o _________________________________ 222
H o u s t o n G a s & F u e l C o ___________________________ 69
H o u s t o n G u l f G a s C o ____________________________ 222
H o u s t o n L i g h t i n g & P o w e r C o __________________ 224




Page.
H u d s o n C o u n t y G a s C o __________________________102
H u d s o n V a ll e y R a i l w a y ____________________________91
H u n t in g t o n
B ea ch
T e l.— See
A s s o c ia te d
T e l e p h o n e U t i l i t i e s C o ________________________ 13
H u n t i n g d o n V a ll e y L i g h t & P o w e r C o . — S e e
P h i l a . S u b u r b a n - C o u n t i e s G a s & E l e c ______112
H y d r a u l i c P o w e r C o . — S e e N ia g a r a F a lls
P o w e r C o _________________________________________ 73

I d a h o P o w e r C o .— S ee E le c . P o w . & L t . C o rp _ 2 7 0
I l l i n o i s B e ll T e l e p h o n e C o _____________________
7
I llin o is C e n tr a l T r a c t io n C o .— S e e I llin o is
T r a c t i o n , I n c ____________________________________ 174
I llin o is E le c t r ic P o w e r — S ee C o m m o n w e a lth
P o w e r C o r p _______________________________________ 184
I l l i n o i s N o r t h e r n L lt ilit ie s C o ___________________ 162
I llin o is P o w e r C o .— S ee C o m m o n w e a lth P o w .
C o r p _______________________________________________ 184
I l l i n o i s P o w e r & L i g h t C o r p . ___________________ 173
I l l i n o i s P u b l i c U t i l i t y C o ________________________ 164
I ll i n o i s T r a c t i o n , I n c ______________________________174
I ll i n o i s V a ll e y R y . C o . — S e e I l l i n o i s T r a c ­
t i o n , I n c _________________________________________ 174
I l l i n o i s W a t e r S e r v ic e C o __________________________31
I n d e p e n d e n t T e l e p h o n e C o . — S e e O h io - B e l l
T e l e p h o n e C o ____________________________________
9
I n d ia n a C o lu m b u s & E a s te r n T r a c t io n C o__1 4 5
I n d ia n a C o n s u m e rs G a s & B y -P r o d u c ts C o -_ 1 5 3
I n d i a n a E l e c t r i c C o r p _____________________________148
I n d i a n a G a s U t i l it i e s C o __________________________ 28
I n d ia n a L ig h t in g C o .— S ee N o r. I n d . P u b lic
S e r v ic e C o ________________________________________ 170
I n d i a n a & M ic h i g a n E l e c t r i c C o _______________ 149
I n d i a n a N a t u r a l G a s & O il C o . — S e e P e o p l e ’ s
G a s L i g h t & C o k e C o ____________________________ 26
I n d i a n a N o r t h e r n T r a c t i o n C o . — S e e U n io n
T r a c t i o n C o . o f I n d i a n a _______________________ 151
In d ia n a P o w e r C o .— S e e I n t e r s ta te P u b lic
S e r v ic e C o ________________________________________ 160
I n d ia n a P o w e r & W a te r C o .— S ee I n t e r s ta te
P u b l i c S e r v ic e C o _______________________________ 160
I n d i a n a P u b l i c S e r v ic e — S e e I n t e r - S t a t e P u b ­
l i c S e r v i c e ________________________________________ 160
I n d i a n a R y .— S e e C h i c a g o S o u t h B e n d &
N o r t h e r n I n d i a n a R y ___________________________ 152
I n d ia n a R y s. & L ig h t ( K o k o m o ).— S ee N o r t h ­
e r n I n d . P o w . C o _______________________________ 149
I n d i a n a S e r v ic e C o r p ______________________________168
I n d i a n a U n io n T r a c t i o n C o . — S e e U n io n
T r a c t i o n C o . o f I n d i a n a _______________________ 149
I n d i a n a p o l i s & C i n c i n n a t i T r a c t i o n C o ______ 153
I n d i a n a p o l i s C o l u m b u s & S o u t h e r n T r a c . C o . 161
I n d i a n a p . C r a w f o r d s v . & D a n v . E le c . R y ____ 151
I n d ia n a p o lis & E a s te rn R y s. C o .— S ee T e rre
H a u t e I n d . & E a s t e r n T r a c t i o n C o __________ 150
I n d i a n a p o l i s G a s C o ___ .* ________________________ 17
I n d ia n a p o lis L ig h t & H e a t C o .— S ee I n d ia n ­
a p o l i s P o w e r & L i g h t C o ______________________ 149
I n d i a n a p o l i s & L o u is v i ll e T r a c . R y . — S e e
I n t e r - S t a t e P u b l i c S e r v ic e C o ________________ 158
I n d i a n a p . & M a r t in s v ille R a p i d T r a n s i t C o _ _ 1 5 1
In d ia n a p o lis N e w c a s tle & E a s te r n T r a c . C o__1 5 2
In d ia n a p o lis N o r t h e r n T r a c t io n C o .— S ee
U n io n T r a c t i o n C o . o f I n d ____________________ 151
In d ia n a p o lis & N o r th w e s te r n T r a c t io n C o _ _ 1 5 0
I n d i a n a p o l i s P o w e r & L i g h t C o ________________ 149
I n d i a n a p o l i s P o w e r & L i g h t C o r p ______________ 149
I n d . S h e l b y v i l le & S o u t h e a s t e r n T r a c . C o . —
S e e I n d . & C i n . T r a c t i o n C o __________________153
I n d ia n a p o lis & S o u t h e a s te r n T r a c t io n C o .—
S e e _ n d . & C i n e . T r a c t i o n ____________________ 153
I n d i a n a p o l i s S t r e e t R y ___________________________ 151
I n d ia n a p o lis T r a c . & T e rm . C o .— S ee I n d ia n ­
a p o l i s S t r e e t R y _________________________________ 151
I n d i a n a p o l i s W a t e r C o __________________________ 22
I n d i a n a p o l i s W a t e r W o r k s S e c u r i t i e s C o ____ 22
I n l a n d E m p ir e R R . C o ___________________________268
I n l a n d P o w e r & L i g h t C o r p _____________________ 247
I n t e r b o r o u g h R a p id T r a n s i t C o _______________ 85
I n t e r -C o u n t y P o w . & L t .— S ee S o u t h w e s t
P o w . C o _________________________ ________________ 2 52
I n t e r n a t i o n a l P o w e r C o . , L t d __________________ 276
I n t e r n a t i o n a l P o w e r S e c u r i t i e s C o r p __________ 291
I n t e r n a t i o n a l R y __________________________________ 91
I n t e r n a t i o n a l T e l e p . & T e l e g . C o r p ____________ 12
I n t e r n a t i o n a l U t i l it i e s C o r p ____________________ 204
I n t e r s t a t e E l e c t r i c C o r p __________________________249
I n t e r s t a t e P o w e r C o _______________________________2 4 0
I n t e r - s t a t e P u b l i c S e r v ic e C o ___________________ 1 6 0
I n t e r - S t a t e R y s . C o _______________________________ 1 3 0
I n t e r s t a t e S t r e e t F .y. C o _________________________ 48
I o n i a G a s C o . — S e e C o n s u m e r s P o w e r C o ____ 186
I o w a C i t y G a s & E le c . C o . — S e e T r i - C i t y R y .
& L i g h t C o _______________________________________194
I o w a E l e c t r i c S e r v ic e C o r p _______________________239
I o w a F a lls E le c . C o . — S e e C e n t r a l S t a t e s
E l e c t r ic C o _______________________________________ 239
I o w a G a s & E l e c . — S e e I o w a S o . U t il. C o ______239
Io w a L ig h t, H e a t & P o w e r C o .— See Io w a
| P u b l i c S e r v ic e C o _______________________________ 238
I o w a -N e b r a s k a
L ig h t &
P o w e r C o .— See
C o n t i n e n t a l G a s & E l e c t r i c C o r p ___________ 194
I o w a P o w e r & L i g h t C o _________________
174
I o w a P u b l i c S e r v i c e C o ___________________________ 238
I o w a R iv e r L t . & P r . C o . — S e e C e n t r a l S t a t e s
E l e c t r i c C o _______________________________________ 239
I o w a R y . & L i g h t C o r p ___________________________ 239
i I o w a S o u t h e r n U t i l it i e s C o ______________________2 3 8
I t a li a n
P ow er
C o .— See
In tern a t.
Pow .
S e c u r . C o r p _______________________________________ 291
I t h a c a S t r e e t R y . — S e e I t h a c a T r a c . C o r p ___ 95
I t h a c a T r a c t i o n C o r p ____________________________ 95

[V ol. 125.
P age.

J ack son
C o n s o lid a t e d
T r a c tio n
C o .— See
M ic h i g a n E l e c t r i c R y . C o ______________________ 189
J a c k s o n G a s C o .— See C o n s u m e rs P o w . C o__1 8S
Jack son
(M is s .)
P u b lic
S e r v ic e C o . — S e e
M is s . P o w e r & L i g h t C o _______________________ 218
J a c k s o n v il l e ( F l a .) E le c . C o . — S e e J a c k s o n v .
T r a c t i o n C o _____________________________________ 216
J a c k s o n v il l e G a s , L i g h t & C o k e C o . — S e e
I l l i n o i s P o w e r & L i g h t C o r p __________________ 173
J a c k s o n v il l e R y . & L i g h t C o . — S e e 111. P o w e r
& L i g h t C o r p ____________________________________ 173
J a c k s o n v il l e ( F l a .) T r a c t i o n C o ________________ 216
J a m a i c a W a t e r S u p p l y C o __________________________ 23
J a m e s t o w n S t r e e t R y ______________________________95
J a n e s v il le E l e c . C o . — S e e W is . P o w . & L t . C o . 161
J a n e s v il le ( W is .) T r a c t i o n C o . — S e e G r a n d
R a p i d s R R ________________________________________ 190
J a r d in
B o ta n ic o
T ra m w a y— See
R io d e
J a n e i r o T r a m w a y , L t . & P o w . C o . , L t d ____ 285
J e n k i n t o w n C h e l t e n h a m G a s C o . — S e e P h il a .
S u b u r b a n C o u n t i e s G a s & E l e c t r i c __________ 112
J e r s e y C e n t r a l P o w e r & L i g h t C o ______________ 106
J ersey C ity & B e rg e n R Y
_____________________103
J e rs e y C it y H a r ris o n & K e a r n e y R y . C o .—
S e e C o n s o l i d a t e d T r a c t i o n o f N e w J e r s e y . .1 0 3
J e r s e y C i t y H o b . & P a t .— S e e P u b . S e r v . R y _ .1 0 2
J o h n s t o w n P a ss. R y .— S ee J o h n s t o w n T r a c .1 2 9
J o h n s t o w n T r a c t i o n C o __________________________ 129
J o l i e t R R . — S e e C h i c . & J o l i e t E l e c t r i c R y ___ 166
J o p l i n & P i t t s b u r g R y . C o _______________________ 244

K
K a m i n i s t i q u i a P o w e r C o . , L t d __________________ 276
K a n a w h a T r a c t i o n & E l e c t r i c C o ______________ 203
K a n a w h a V a ll e y T r a c t i o n C o . — S e e C h a r l e s ­
t o n I n t e r u r fo a n R R ______________________________2 0 3
K a n k a k e e G a s & E le c . C o . — S e e P u b . S e r v ic e
C o . o f N o r t h e r n I l l i n o i s _______________________ 172
K a n s a s C i t y C l a y C o u n t y & S t . J o s e p h ______249
K a n s a s C i t y G a s C o ______________________________ 22
K a n s a s C i t y K a w V a ll e y & W e s t e r n R R _____ 250
K a n . C it y K a w V a lle y & W e s t e r n R y .— S ee
K a n s a s C i t y K a w V a l l e y & W e s t e r n R R ___ 250
K a n s a s C i t y L e a v e n w o r t h & W e s t e r n R y ____ 245
K a n s a s C i t y P o w e r & L i g h t C o _________________ 195
K a n s a s C i t y P o w e r S e c u r i t i e s ___________________ 195
K a n s a s C i t y P u b l i c S e r v ic e C o _________________ 2 5 0
K a n s a s C ity R y s . C o .— S e e K a n . C it y P u b .
S e r v . C o ___________________________________________ 2 5 0
K a n s a s E l e c t r i c P o w e r C o _______________________ 243
K a n s a s G a s & E l e c t r i c C o ___________________ ...2 4 3
K a n s a s -O k la h o m a G a s C o .— See C itie s S er­
v i c e G a s C o _______________________________________ 19
K a n s a s P o w e r C o ___________________________________ 247
K a n s a s P o w e r & L i g h t C o _______________________ 174
K a n s a s P u b lic
S e r v ic e
C o .— S ee
K ansas
P o w e r & L i g h t C o _______________________________ 174
K a n s a s U tilit ie s C o .— S ee C o m m u n it y P o w e r
& L i g h t C o _______________________________________ 244
K e n t u c k y E l e c t r i c P o w e r C o r p __________________202
K e n t u c k y H y d r o - E l e c t r i c C o ____________________ 203
K e n t u c k y P u b . S erv . C o .— S ee K e n t u c k y T e n n . L t . & P o w . C o ___________________________ 206
K e n t u c k y S e c u r i t i e s C o r p _______________________ 204
K e n t u c k y - T e n n e s s e e L t . & P o w . C o ___________ 206
K e n t u c k y T r a c t i o n & T e r m i n a l C o ____________ 204
. K e n t u c k y U t i l it i e s C o ____________________________ 1 6 0
K e o k u k ( I o w a ) E l e c t r i c C o ______________________ 231
1K e s w ic k E le c t r ic P o w . C o .— S ee P a c if ic G a s
I
& E le c . C o ________________________________________ 2 5 3
| K e w a n e e P u b l i c S e r v ic e C o ______________________ 175
j K e y S y ste m S e c u r it ie s C o .— S ee K e y S y ste m
T r a n s i t C o ________________________________________ 263
K e y S y s t e m T r a n s i t C o ___________________________ 263
K e y W e s t E l e c t r i c C o ____________________________ 215
K e y s to n e P o w e r C o r p .— See K e y s to n e P ow er
| & L i g h t C o _______________________________________ 120
K e y s t o n e P o w e r & L i g h t C o ____________________ 120
; K e y s t o n e T e l e p h o n e C o . o f P h i l a _______________
7
K i n g s C o . E le v .— S e e N . Y . R a p id T r a n s i t ___ 90
K i n g s C o u n t y E le c . L i g h t & P o w . C o . — S e e
B r o o k l y n E d is o n C o . , I n c _____________________ 74
j K i n g s C o u n t y G a s & l i l u m . — S e e K in g s
j
C o u n t y L i g h t i n g C o ____________________________ 80
I K i n g s C o u n t y L i g h t i n g C o _____________________ 80
K in g 3 b r id g e R y ____________________________________ 88
K i n g s t o n C o n s o l i d a t e d R R _______________________ 95
|K i t t a n n i n g & F o r d C i t y — S e e W e s t P e n n R y s l l 9
K jo b e n h a v n s T e le f o n A k tie s e ls k a b .— S e e C o ­
p e n h a g e n T e l e p h o n e C o _______________________ 2 9 3
K n o x v i l l e P o w e r & L i g h t C o ____________________ 207
K n o x v i l l e R y . & L t . C o . — S e e K n o x v i ll e
P o w e r & L i g h t C o _______________________________ 207
K n o x v ille T r a c t i o n — S ee K n o x . P o w e r & L t.
C o _________________________________

L
L a C r o s s e C i t y R y .-— S e e M is s V a l. P u b . S e r v _ 2 3 3
L a P o r t e & M ic h . C i t y R y . — S e e C h i c . S . B.
& N o r . I n d . R y _________________________________,1 5 2
L a c k a . & W y o . V a li . R a p . T r . C o . — S ee
S c r a n t o n & W i lk e s - B a r r e T i a c ______________ 132
L a c l e d e G a s L i g h t C o ____ _________________________ 22
L a c o n i a S t r e e t R y .— S e e L a c o n i a T r a n s i t C o . 41
L a c o n i a T r a n s i t C o _________________________________ 41
Lake
C h a r le s
E le c t r ic
C o .— See
E a ste rn
T e x a s E le c
________________
.
---------------225
Lake
S u p e r io r D is t r ic t
P ow er
C o _________ 161
L a k e R o l a n d E l e v a t e d — S e e U n it e d R y s . &
E l e c t r i c C o . o f B a l t i m o r e ______________________ 135

20

O ct ., 1927.]

299

INDEX TO COMPANIES

Page.
Page
Page.
L a k e S h o r e E l e c t r i c ( C l e v e l a n d ) _______________ 143 M a d is o n ( W is .) R a il w a y s C o m p a n y ____________ 234 M ilw a u k e e N o r t h e r n R y __________________________2 3 0
L a k e S h o r e P o w e r C o _______________________________ 64 M a d is o n
M in e r a l P o i n t P u b l i c S e r v ic e C o . — S e e W i s ­
R iv e r P o w e r C o . — S e e M o n t a n a
c o n s i n P o w e r & L i g h t C o _____________________161
Lake
S t r e e t E le v a t e d
R R .— See C h ic a g o
P o w e r C o _________________________________________ 2S9
R a p i d T r a n s i t C o _______________________________ 165 M a in e P u b l i c U t i l i t y C o __________________________ 164 M i n n e a p o l i s G a s L i g h t C o ________________________ 24
M in n e a p o l is G e n e r a l E le c . C o . — S e e N o r t h e r n
L a k e s id e
R y .,
M ahanoy
C ity ,
P a .— S e e
M a n ch e ste r T r a c t io n , L ig h t & P o w e r C o .—
S t a t e s P o w e r C o . ( M i n n . ) ______________________2 3 5
S c h u y l k i l l T r a c t i o n ____________________________ 129
S e e P u b . S e r v . C o . o f N e w H a m p s h i r e _______ 41
L a n c a s t e r C o u n t y R y . & L t . C o _______________ 121 M a n h a t t a n B r i d g e (N . Y . ) 3 C e n t L i n e _________93 M in n e a p o l is N o r t h f i e ld & S o u t h e r n ___________ 237
L a n c a s te r G a s L ig h t & F u e l C o .— S ee L a n ­
M a n h a t t a n E le v a t e d C o . — S e e M a n h a t t a n R y . 86 M in n e a p o l is & S t . P a u l S u b . — S e e T w i n C i t y
R a p id T r a n s i t ___________________________________ 2 3 6
c a s t e r C o u n t y R y . & L i g h t C o _______________ 121 M a n h a t t a n & Q u e e n s T r a c t i o n C o r p o r a t i o n . 95
M a n h a t t a n R a il w a y _______________________________ 86 M in n e a p o l is S t r e e t R y .— S e e T w i n C i t y R a p i d
L a n c a s t e r T r a c . C o .— S ee L a n e . C o . R y . & L t .l 2 1
T r a n s i t ____________________________________________ 2 3 6
L a n c a s t e r & Y o r k F u r n a c e S t r e e t R y _________129 M a n ila E l e c t r ic C o ________________________________ 273
L a n d k r a ft w e r k e L e ip z ig A . G . in K u lk w it z .—
M a n ila E l e c t r i c C o r p . — S e e A s s o c i a t e d I n M in n e a p o l is S t r e e t & S t . P a u l C i t y R a il w a y .
t e r n a t i o n a l E l e c t r i c C o r p ______________________273
— S e e T w i n C i t y R a p id T r a n s i t ______________ 2 3 6
S e e L e i p z i g O v e r l a n d P o w e r C o s ____________ 287
L a u r e l L i g h t & R a il w a y C o . — S e e M is s is s ip p i
M a n ila S u b u r b a n R y s ____________________________ 273 M in n e s o t a P o w e r & L i g h t C o ___________________ 235
P o w e r C o _________________________________________ 217 M a n ila E l e c t r i c R R . & L i g h t i n g C o r p . — S e e
M is s is s ip p i P o w e r C o ______________________________217
L a u r e n t i d e P o w e r C o . , L t d ______________________275
M a n i la E l e c t r i c C o ______________________________273 M is s is s ip p i P o w e r & L i g h t C o ___________________ 218
L a w r e n c e G a s & E l e c t r i c C o ______________________43 M a n i t o b a P o w e r C o . , L t d ________________________ 283 M is s is s ip p i R iv e r P o w e r C o ______________________231
L e b a n o n V a ll e y S t . R y ___________________________ 124 M a n n h e im E l e c t r i c C o __________________________ 288 M is s is s ip p i V a ll e y P o w e r C o . — S e e F o r t S m i t h
L e h i g h N a v i g a t io n E l e c t r i c C o .— S e e P e n n a .
L i g h t & T r a c t i o n C o ___________________________ 221
M a n n h e im & P a l a t i n a t e E l e c t r i c C o s _________ 287
P o w e r & L i g h t C o _______________________________ 120 M a n u f a c t u r e r s L i g h t & H e a t C o .— S e e C o ­
M is s is s ip p i V a ll e y P u b l i c S e r v ic e C o __________ 233
l u m b i a G a s & E l e c t r i c C o r p o r a t i o n _________137 M is s is s ip p i V a ll e y R a il w a y & P o w e r C o _______ 178
L e h i g h P o w e r S e c u r i t i e s C o r p o r a t i o n _________120
M is s o u r i E d i s o n E l e c . C o . — S e e U n i o n E l e c .
L e h i g h T r a c t i o n ___________________________________ 129 M a r io n & B l u f f t o n T r a c t i o n C o . — S e e I n d i a n a
S e r v ic e C o r p o r a t i o n ____________________________ 168
L i g h t & P o w e r C o _______________________________ 230
L e h i g h V a l l e y T r a n s i t C o ------------120
L e h ig h V a lle y L ig h t & P o w e r C o .— S ee P e n n ­
M a r io n C i t y R y .— S e e U n io n T r a c . o f I n d ___ 151 M is s o u r i E l e c t r ic R a i l r o a d _______________________ 247
s y l v a n i a P o w e r & L i g h t _______________________ 120 M a r it im e T e l e g r a p h & T e l e p h o n e C o . , L t d ___ 277 M is s o u r i & K a n s a s R y . C o _______________________ 250
M is s o u r i P o w e r < L i g h t C o ____________________ 249
%
L e i p z i g O v e r l a n d E l e c t r i c P o w e r C o ___________ 287 M a r k e t S t . E l. P a s s . R y . — S e e P h i l a d e l p h i a
L e i p z i g O v e r l a n d P o w e r C o m p a n i e s ___________ 287
R a p id T r a n s i t ___________________________________ 125 M is s o u r i P u b l i c S e r v ic e C o _______________________248
L e i p z i g P u b l i c S e r v i c e C o r p _____________________ 287 M a r k e t S t r e e t R a i l w a y ____________________________ 262 M o b ile G a s C o _____________________________________ 24
L e r o y E l e c t r i c L i g h t , P o w e r & H e a t in g — S e e
M a r q u e t t e C o u n t y E l e c t r i c R a il w a y C o _______ 160 M o b ile L i g h t & R a i l r o a d ________________________ 218
I l l i n o i s P o w e r & L i g h t C o r p o r a t i o n _________173 M a r y la n d E l e c t r ic R y s ____________________________ 135 M o h a w k H u d s o n P o w e r C o r p o r a t i o n ___________ 70
L e w i s b u r g M il t o n & W a t s o n t o w n P a s s . R y .1 3 0 M a s o n C i t y & C le a r L a k e R R ___________________ 194 M o h a w k V a ll e y C o ________________________________ 72
M a s s a c h u e t t s C o . — S e e N e w E n g la n d P o w e r
M o n m o u t h C o n s o l i d a t e d W a t e r C o ______________ 20
L e w isto n
& A u bu rn
E le c . L t . C o . — S e e
A s s o c i a t i o n ________________________________________ 58 M o n o n g a h e la L i g h t & P o w e r .— S e e D u q u e s n e
A n d r o s c o g g i n E l e c t r i c C o ______________________39
L i g h t C o __________________________________________ 114
M a s s a c h u s e t t s G a s C o m p a n i e s ___________________ 23
L e w i s t o n A u g u s t a & W a t e r v il l e S t . R y . — S e e
A n d r o s c o g g i n & K e n n e b e c R y ________________ 40 M a s s a c h u s e t t s L i g h t i n g C o m p a n i e s _____________ 43 M o n o n g a h e la S t r e e t R a i l w a y ___________________ 116
L e w i s t o n C o n n e c t i n g B r id g e — S e e I n t . R y . - 91 M a s s a c h u s e t t s N o r t h e a s t e r n S t r e e t R y _________41 M o n o n g a h e la V a ll e y T r a c t i o n C o . — S e e M o ­
n o n g a h e l a W e s t P e n n P u b l i c S e r v i c e ______ 203
L e w i s t o n & Y o u n g s t o w n F r o n t i e r R y _______ 73 M a s s illo n E le c . & G a s C o . — S e e O h i o P u b l i c
S e r v ic e C o ________________________________________ 64 M o n o n g a h e la W e s t P e n n P u b l i c S e r v ic e C o . .2 0 3
L e w i s t o w n & R e e d s v il l e E l e c t r i c R y ___________ 128
L e x i n g t o n I c e C o ___________________________________205 M a u c h C h u n k (P a .) T r a n s i t C o ________________ 130 M o n t a n a - D a k o t a P o w e r C o ______________________269
L e x i n g t o n R y .-— S e e L e x i n g t o n U t i l it i e s C o . .2 0 5 M c G a v o c k & M t. V e r n o n H o r s e R R . — S e e
M o n t a n a P o w e r C o ________________________________ 269
N a s h v ille R y . & L i g h t __________________________207 M o n t a n a P o w e r T r a n s m i s s io n C o . — S e e M o n ­
L e x i n g t o n U t i l it i e s C o ____________________________ 205
L i c k i n g R iv e r B r . C o . — S e e C i n . N e w . & C o v .2 0 6 M c G r a w E l e c t r ic C o _______________________________ 242
t a n a P o w e r C o ___________________________________269
M o n t g o m e r y C o u n t y P a s s e n g e r R y .— S ee
L im a C i t y S t r e e t R a il w a y C o ___________________ 147 M e m p h is L i g h t & P o w e r C o . — S e e M e m p h is
P o w e r & L i g h t C o ______________________________208
S c h u y l k i l l V a ll e y T r a c t i o n ___________________ 124
L im a F i n d l a y & T o l e d o — S e e W e s t . O h i o R y .1 4 7
M o n tg o m e r y L ig h t & P o w e r C o .— S ee A la ­
L im a —- T o l e d o R a i l r o a d C o ______________________ 147 M e m p h is L o n g D i s t a n c e T e l e p h o n e C o . — S e e
S o u t h e r n B e ll T e l e p h o n e & T e l e g r a p h ____
6
b a m a P o w e r C o _________________________________ 217
L i n c o l n T e l e p h o n e & T e l e g r a p h C o __________
7
L i n c o l n ( N e b .) T r a c t i o n __________________________242 M e m p h is P o w e r & L i g h t C o ____________________ 208 M o n t g o m e r y L i g h t & W a t e r P o w e r C o . — S ee
L i t t l e F a lls W a t e r C o . — S e e F e d e r a l W a t e r
M e m p h is S t r e e t R y _______________________________ 208
A la b a m a P o w e r C o _____________________________ 217
S e r v ic e C o r p o r a t i o n ______________________________30 M e m p h is T e l e p h o n e & T e l e g r a p h — S e e S o u t h ­
M o n t r e a l L i g h t , H e a t & P o w e r C o ____________ 277
e r n B e ll T e l e p h o n e & T e l e g r a p h C o ________
6 M o n t r e a l L i g h t , H e a t & P o w e r C o n s o l i d a t e d . 277
L i t t l e R o c k R y . & E le c . C o . — S e e A r k a n s a s
C e n t r a l P o w e r C o _______________________________ 221 M e r ce r C o . T r a c t i o n — S e e T r e n t o n S t r e e t R y _ 1 0 8 M o n t r e a l T r a m w a y s C o ___________________________ 278
M o n tr e a l T ra m w a y s & P o w e r C o .— See C o n ­
M e r c h a n ts ’ E le c t r ic L ig h t — S ee N ew O rle a n s
L o c k p o r t L i g h t , H e a t & P o w e r — S e e U n it e d
s o l i d a t e d S e c u r i t i e s , L t d ______________________ 278
P u b l i c S e r v i c e ___________________________________ 219
G a s & E l e c t r i c - C o _____________
69
L o g a n L ig h t & P o w e r C o .— See A lt o o n a &
M e r id e n S o u t h i n g t o n & C o m p o u n c e T r a m ­
M o r n in g s id e E l e c t r ic S t r e e t R y _________________117
L o g a n V a ll e y E l e c t r i c R y ______________________111
w a y — S e e C o n n e c t i c u t C o ______________________55 M o r r is C o u n t y T r a c t i o n C o ______________________ 108
M t. H o o d R a il w a y & P o w e r C o . — S e e P o r t l a n d
L o m b a r d E l e c t r i c C o ______________________________292 M e r io n & R a d n . G a s & E l e c . — S e e P h il a .
S u b u r b a n C o u n t i e s G a s & E l e c . C o _________112
E l e c t r i c P o w e r C o _______________________________ 266
L o n d o n ( C a n a d a ) S t r e e t R y ____________________ 277
L o n e S t a r S t a t e P o w e r C o _______________________ 24 M e s a b a R a i l w a y ____________________________________ 237 M t . O li v e r I n c l i n e R y ___________________________ .1 1 6
L o n g I s la n d C o n s o l . E l e c t r ic a l C o s ______________95 M e t r o p o l i t a n E d is o n C o _________________________ 66 M t . V e r n o n A l e x a n d r ia & W a s h R y . C o . — S e e
W a s h i n g t o n V i r g i n ia R y ______________________ 136
L o n g I s la n d E l e c t r ic R a i l w a y ___________________ 95 M e t r o p o l i t a n E l e c t r i c C o . — S e e M e t r o p o li t a n
L o n g I s la n d L i g h t i n g C o . ________________________ 80
E d is o n C o ___________
66 M t. W a s h i n g t o n S t r e e t R y _______________________ 115
L o n g I s la n d W a t e r C o r p o r a t i o n _______________ 23 M e t r o p o l i t a n G a s C o r p . — S e e P a c i f i c G a s &
M t. W h i t n e y P o w e r & E l e c t r i c C o . — S ee
E l e c t r i c C o _______________________________________253
S o u t h e r n C a li f o r n ia E d is o n C o ______________258
L o o k o u t M o u n t a i n R a i l w a y ____________________ 207
L o r a i n S t r e e t R R ___________________________________ 143 M e t r o p o l i t a n G a s & E le c . C o ___________________ 24 M o u n t a i n S t a t e s P o w e r C o ______________________ 266
L o r a in & C le v e la n d R y .— S e e L a k e S h o r e
M e t r o p o l i t a n P o w e r C o . — S e e M e t r o p . E d i­
M u n c ie H a r tfo r d & F o r t W a y n e T r a c t io n C o .
s o n C o _______________________________________________66
E l e c t r i c R y _______________________________________ 143
— S e e U n io n T r a c t i o n C o . o f I n d i a n a _______ 151
L o s A n g e le s C o u n t y R a il w a y — S e e L o s A n ­
M e t r o p o l i t a n P y . — S e e M a r k e t S t r e e t R y ____ 262
M u n c i e & P o r t l a n d T r a c t i o n C o _______________ 152
g e le s R a il w a y C o r p o r a t i o n ____________________ 263 M e t r o p o l i t a n W e s t S id e E le v . R y . ( C h i c a g o )
M u n c i e & U n io n C i t y T r a c t i o n C o . — S ee
L o s A n g e le s E l e c . C o . — S e e L o s A n g e le s G a 3
— S e e C h i c a g o R a p id T r a n s i t _________________165
U n io n T r a c t i o n C o . o f I n d i a n a ______________ 151
& E l e c . C o r p _____________________________________ 256 M e x ic a n U t i l it i e s C o _______________________________273 M u n i c G a s & E l e c t r i c C o . — S e e R o c h e s t e r
L o s A n g e le s G a s & E l e c t r i c C o . — S e e L o s
M ic h i g a n B e ll T e l e p h o n e C o ____________________
7
G a s & E le c t r ic C o r p
________________________ 72
M u n i c i p a l G a s C o . ( N e w Y o r k ) ___________________ 70
A n g e le s G a s & E l e c t r i c C o r p o r a t i o n _______ 256 M ic h i g a n C i t y & N o r t h e r n I n d i a n a G a s C o . —
L o s A n g e le s G a s & E l e c t r i c C o r p _ . ___________ 256
S e e N o r t h e r n I n d . P u b l i c S e r v . C o __________ 170 M u n i c ip a l G a s C o . ( T e x a s ) _____________________ 24
M ic h i g a n E l e c t r i c R a il w a y C o ___________________ 189 M u n i c ip a l S e r v ic e C o ______________________________127
L o s A n g e le s H e r m o s a B e a c h & R e d o n d o — S e e
F e d e ra te d
U tilit ie s
C o r p .— S ee
P a c i f i c E l e c t r i c R y ______________________________262 M i c h i g a n
M u s k e g o n T r a c t i o n & L i g h t i n g C o _____________196
L o s A n g e le s P a c i f i c C o . — S e e P a c . E l e c . R y . . 2 6 2
F e d e r a t e d U t i l it i e s , I n c _______________________ 165 M u s k o g e e E l e c t r i c T r a c t i o n C o ________________ 253
L o s A n g e le s P a c . R R . — S e e P a c . E le c . R y ___ 262 M ic h i g a n F u e l & L i g h t C o _______________________ 20 M u t u a l E l e c t r i c L i g h t C o . — S e e P a c i f i c G a s
L o s A n g e le s & P a s a d e n a E le c . R y . — S e e P a ­
M ic h i g a n G a s & E l e c t r ic C o ______________________1 6 0
& E l e c t r i c C o ____________________________________ 253
c i f i c E l e c t r i c R y _________________________________ 262 M i c h i g a n H o m e T e l e p h o n e C o .-— S e e G e n e r a l
M u t u a l F u e l G a s C o . — S e e P e o p l e ’s G a s
T e l e p h o n e C o ____________________________________ 10
L i g h t & C o k e C o ________________________________ 26
L o s A n g e l e s R y . — S e e L o s A n g e le s R y . C o r p _ 2 6 3
L o s A n g e l e s R y . C o r p ____________________________ 263 M ic h i g a n L i g h t C o . — S e e C o n s u m e r s P o w . C o . 186 M u t u a l T e l e p h o n e C o . ( E r i e , P a . ) _______________ 10
L o s A n g e le s & R e d o n d o R y .— S e e P a c i f i c
M ic h i g a n P u b l i c S e r v i c e C o ______________________247 M u t u a l U n io n T e l e g r a p h C o . — S e e W e s t e r n
E l e c t r i c R y _______________________________________262 M ic h i g a n R a i l r o a d _______________________________ 189
U n io n T e l e g r a p h C o . , I n c . __________________ 11
L o u i s i a n a I c e & U t i l i t i e s , I n c ____________________ 36 M ic h i g a n W a t e r P o w e r C o _______________________ 165 M y s t ic S t e a m s h i p C o . — S e e M a s s . G a s C o s . . 23
L o u i s v i l l e G a s & E le c . C o . o f D e l _______________ 205 M i c h o a c a n P o w e r C o.-— S e e M e x ic a n U t i l it i e s
M y s t ic V a ll e y S t r e e t R y .— S e e E a s t e r n M a s s a ­
C o __________________________________________________ 273
L o u is v i ll e G a s & E l e c . C o . o f K y _______________ 205
c h u s e t t s R a il w a y C o __________________________ 46
L o u is v ille H o m e T e le p h o n e C o .— S ee S o u t h ­
M id C r o s s t o w n R a il w a y C o _____________________ 89
e r n B e ll T e l e p h o n e & T e l e g r a p h ____________
6 M id d le W e s t U t i l it i e s C o . ( a ls o m a p ) __________ 154
L o u is v i ll e L i g h t i n g C o . — S e e L o u is v . G a s &
M id d le b . W a r e h a m & B u z z a r d ’s B a y S t . R y .—
E l e c . C o . o f K y ___________________________________ 205
S e e N e w B e d f o r d & O n s e t S t r e e t R y __________ 49 N a p a V a ll e y E l e c . C o . — S e e G r e a t W e s t e r n
L o u is v i ll e R a il w a y C o m p a n y ____________________ 205 M id d le s e x & B o s t o n S t r e e t R y ___________________ 49
P o w e r ______________________________________________ 259
L o w e l l E l e c t r i c L i g h t C o r p . ( T h e ) ______________44 M id d le s e x E l e c t r i c L i g h t & P o w e r C o . — S e e
N a r r a g a n s e t t C o ___________________________________ 51
L o w e l l & F i t c h b u r g S t r e e t R y ____________________ 49
P u b l i c S e r v ic e E l e c t r i c & G a s _______________ 101 N a r r a g a n s e t t E l e c t r i c L i g h t i n g C o
____
51
L o w e r P e n i n s u l a r P o w e r C o _____________________ 164 M id d le s e x & S o m e r s e t T r a c t i o n — S e e P u b l i c
N a r r a g a n s e t t P i e r E l. L t . & P o w e r C o . — S ee
L y k e n s V a ll e y L t . & P o w .— S e e E a s t P e n n .
S e r v ic e R y ________________________________________ 102
N a r r a g a n s e t t E l e c t r i c L i g h t i n g C o ___________ 51
E l e c t r i c C o _______________________________________ 121 M id la n d U t i l it i e s C o ______________________________168 N a s h u a S t r e e t R a i l w a y __________________________ 41
L y n c h b u r g G a s C o .— S ee L y n c h b u r g T r a c . &
M id la n d C o u n t i e s G a s & E l e c t r i c C o . — S e e .
N a s h v ille R a il w a y & L i g h t C o __________________207
L i g h t C o ___________________________________________202
W e s t e r n P o w e r C o r p o r a t i o n __________________259 N a s s a u E l e c t r i c R a i l r o a d ________________________ 90
L y n c h b u r g T r a c . & L i g h t ________________________ 202 M id la n d C o u n t i e s P u b l i c S e r v i c e C o . — S e e
N a s s a u L i g h t & P o w e r — S e e L o n g I s l . L t g . C o _ 80
L y n c h b u r g W a te r P o w e r C o .— S ee L y n c h ­
W estern P ow er C orp
________________________ 259 N a t i o n a l E l e c t r i c P o w e r C o _______________________ 38
b u r g T r a c t i o n & L i g h t C o ____________________ 202 M id w a y G a s C o ____________________________________ 29 N a t io n a l F u e l G a s C o ____________________________ 25
L y n n & B o s t o n R R .— S ee E a s te r n M assa­
M id w e s t G a s C o __________
18 N a t i o n a l L i g h t , H e a t & P o w e r C o ___________ 158
c h u s e t t s S t r e e t R y . C o _________________________ 46 M if f li n G a s & E le c . C o . — S e e P e n n C e n t r a l
N a t io n a l P o w e r & L ig h t C o ______________________208
L i g h t & P o w e r C o _______________________________ 128 N a t i o n a l P u b l i c S e r v i c e C o r p o r a t i o n __________ 106
M il f o r d A t t l e b o r o & W o o n s o c k e t S t . R y ____ 47
N eb ra sk a L ig h t & P o w e r C o .— See C o n s o li­
M il f o r d H o l l i s t o n & F r a m i n g h a m S t r e e t R y .—
d a te d P o w e r & L ig h t C o . o f S o u t h D ak ota _2 4 2
M a c k a y C o m p a n i e s _________________________________ 12
S e e M il f o r d & U x b r id g e S t r e e t R y ______________49 N e b r a s k a P o w e r C o _______________________________ 241
M a c o n E l e c t r ic L i g h t & R a il w a y — S e e M a c o n
M il f o r d & U x b r id g e S t r e e t R y ____________________ 49 N e v a d a C a l i f o r n i a E le c . C o r p . ( a ls o m a p ) ____ 256
. ^ R a i l w a y & L i g h t C o ____________________________ 212 M illv a le E t n a & S h a r p s b u r g S t r e e t R y .— S e e
N e v a d a - C a l i fo r n i a P o w e r C o . — S e e N e v a d a M a c o n G a s C o . _____________________________________ 212
A l l e g h e n y T r a c t i o n ____________________________ 116
C a l i f o r n i a E l e c t r ic C o r p o r a t i o n ______________256
M a c o n R y . & L i g h t C o . __________________________212 M ilw a u k e e E l e c t r i c R a il w a y & L i g h t __________ 229 N e v a d a C o u n t y E l e c t r i c P o w e r . — S e e P a c i f i c
M a d is o n C o u n t y L i g h t & P o w e r C o . — S e e 111.
M ilw a u k e e G a s L i g h t C o _________________________ 22
G a s & E l e c t r ic C o ______________________________ .253
P o w e r & L i g h t C o r p ____________________________ 173 M ilw a u k e e L i g h t , H e a t & T r a c t i o n . — S e e M il­
N e v a d a P o w e r L t . & W a t e r C o . — S e e S ie r r a
M a d i s o n G a s & E l e c t r i c C o _______________________ 233
w a u k e e E l e c t r i c R a il w a y & L i g h t ___________ 229
P a c i f i c E le c . C o _______________________________ . .2 7 1




N

M

300
Pago
N e v e r s in k M o u n t a i n R y .— S e e R e a d i n g T r a n ­
s it C o ______________________________________________124
N e w A l b a n y S t r e e t R y .— S e e I n t e r s t a t e P u b ­
l i c S e r v ic e C o ____________________________________ 160
N e w A m s t e r d a m G a s C o . __________________________ 14
N e w B e d f o r d G a s & E d is o n L t . C o ____________ 43
N e w B e d f o r d M i d d l e b o r o & B r o c k t o n . — S ee
E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o ______46
N ew B e d f o r d & O n s e t S t r e e t R y ________________49
N e w B r u n s w i c k L i g h t , F e a t & P o w e r C o — 102
N e w E n g l a n d C o . — S e e N e w E n g la n d P o w e r
A s s o c i a t i o n _________________________________________58
N e w E n g l a n d G a s & E l e c t r i c A s s o c i a t i o n --------- 44
N ew E n g la n d i n v e s t m e n t & S e c u r i t y C o _______ 47
N e w E n g la n d P o w e r A s s o c i a t i o n _______________ 58
N e w E n g la n d P o w e r C o . — S e e N e w E n g la n d
P o w e r A s s o c i a t i o n ________________________________68
N e w E n g la n d P u b l i c S e r v ic e C o _________ ______ 156
N ew E n g la n d T e l e p h o n e & T e l e g r a p h C o ------------- 8
N ew H a m p s h ir e E l e c t r ic R a i l w a y s _______________41
N ew H a v e n & C e n t r . S t . R y . — S e e C o n n . C o . 55
N e w H a v e n G a s L i g h t C o __________________________25
N e w H a v e n S h o r e L i n e R a i l w a y __________________56
N e w H a v e n W a t e r C o ______________________________ 25
N ew J e r s e y & H u d s o n R iv e r R y . & F e r r y _____103
N e w J e r s e y P o w e r & L i g h t C o _________________104
N e w J e r s e y W a t e r C o ____________________________ 21
N ew L o n d o n G a s & E le c . C o . — S e e C o n n .
P o w e r C o __________
54
N ew M ilf o r d
P ow er C o .— See C o n n .
L t.
& P o w e r C o . _______
53
N ew O r l e a n s & C a r r o l l t o n R R ., L t . & P o w e r
C o .— S ee N e w O r l e a n s P u b l i c S e r v i c e _______ 219
N ew O r le a n s C i t y & L a k e R R . — S e e N e w
O r l e a n s P u b l i c S e r v i c e ________________________ 219
N ew O r le a n s C i t y R R . — S e e N e w O r l e a n s
P u b l i c S e r v ic e , I n c ______________________________219
N ew O r l e a n s P u b l i c S e r v ic e , I n c _______________ 219
N e w R o c h e l l e W a t e r C o ___________________________ 21
N ew Y o r k C e n t r a l E l e c t r ic C o r p o r a t i o n ______69
N ew Y o r k C i t y I n t e r b o r o u g h R y . C o _________
88
N ew Y o r k & E a s t R iv e r G a s C o . — S e e C o n s .
G a s C o - o f N e w Y o r k ___________________________ 14
N e w Y o r k E d is o n C o _____________________________ 14
N ew Y o r k G a s & E le c . L t . , H t . & P r . — S e e
C o n s . G a s C o . o f N e w Y o r k ___________________ 14
N ew Y o r k & H a r le m R R
_______________________ 93
N e w Y o r k & L o n g I s la n d T r a c t i o n ______________ 95
N e w Y o r k M u t u a l T e l e g r a p h C o __________________ 12
N. Y . N . H . & H a r t f o r d R . R . ( t r o l l e y l i n e s ) . . 54
N ew Y o r k & N o r t h S h o r e T r a c . ( R o s l y n ) ______98
N e w Y o r k P o w e r & L i g h t C o r p __________________ 70
N ew Y o r k & Q u e e n s C o u n t y R y i L- I. C i t y ) . . 95
N e w Y o r k & Q u e e n s E le c . L t . & P o w e r _________15
N ew Y o r k & Q u e e n s G a s C o ___ . . . _____________ 15
N e w Y o r k R a il w a y s C o r p _________________________ 87
N e w Y o r k R a p id T r a n s i t C o r p _________________ 90
N e w Y o r k & R i c h m o n d G a s C o __________________ 17
N e w Y o r k & S t a m f o r d R y __________________________55
N e w Y o r k S t a t e G a s & E l e c . C o r p ______________ 78
N e w Y o r k S t a t e R a i l w a y s _________________________ 92
N e w Y o r k S t e a m C o r p _____________________________ 82
N e w Y o r k T e l e p h o n e C o __________________________ 8
N e w Y o r k T r a n s p o r t a t i o n C o ____________________ 85
N e w Y o r k W a t e r S e r v ic e C o r p . _________________30
N e w Y o r k W e s t c h e s t e r & B o s t o n R y ___________ 56
N ew Y o r k & W e s tc h e s te r L t. C o .— S ee C o n s .
G a s C o . o f N e w Y o r k ___________________________ 14
N e w a r k C o n s o l i d a t e d G a s C o ___________________ 101
N e w a rk G a s C o .— S ee N e w a rk C o n s o lid a t e d
G a s _________________________________________________101
N e w a r k P a s s e n g e r R y _____________________________103
N ew ark
P la n k
R o a d .— S ee
C o n s o lid a t e d
T r a -c t io n o f N e w J e r s e y _______________________ 103
N e w p o r t E l e c t r i c C o r p ____________________________ 50
N e w p o r t N e w s & H a m p . R y . , G a s & E l e c .—
S e e V a . P u b l i c S e r v ic e C o ______________________ 2 0 0
N e w t o n E le c . C o .— S ee P e n n C e n tr a l L t . &
P o w e r C o __________________________________________128
N ia g a r a F a lls P o w e r C o ____________________________ 73
N ia g a r a F a lls & S u s p e n s i o n B r i d g e R y . — S e e
I n t e r n a t i o n a l R y ____________ i _________________91
N ia g a r a F a lls W h i r l p o o l & N o r t h e r n R y . — S e e
I n t e r n a t i o n a l R y __________________
91
N ia g a r a G o r g e R R _________________
73
N ia g a r a L o c k p o r t & O n t a r i o P o w e r C o __________74
N ia g a r a S t . C a t h a r in e s & T o r o n t o R y
----- 279
N in t h A v e n u e R R .— S ee E ig h th & N in t h
A v e n u e R y _________________________________________ 92
N o b le s v i l le H e a t , L i g h t & P o w e r C o . — -See
N o r t h e r n I n d i a n a P o w e r C o __________________149
N o r f o l k & A t l a n t i c T e r m .— S e e V a . E l e c . &
P o w e r C o __________________________________________199
N o r fo lk & P o r t s m o u t h T r a c . C o .— S ee V a .
E l e c t r i c & P o w e r C o ___________________________ 199
N o r f o l k (V a .) R y . & L i g h t . — S e e V i r g i n i a
E l e c t r i c & P o w e r C o ___________________________ 199
N o r f o l k S t r e e t R R . — S e e V i r g i n ia E l e c t r i c &
P o w e r C o __________________________________________ 199
N o r t h A m e r i c a n C o _________________________
78
N o r t h A m e r i c a n E d is o n C o __________
. ____ 229
N o r t h A m e r i c a n L i g h t & P o w e r _______________ 166
N o r t h A m e r i c a n U t i l i t y S e c u r i t i e s C o r p ______79
N o r t h B o s t o n L i g h t i n g P r o p e r t i e s ______________ 45
N o r th C a r o lin a E le c t r ic P o w e r — S ee C a r o lin a
P o w e r & L i g h t C o _______________________________ 209
N o r t h C a r o l i n a P u b l i c S e r v ic e C o ______________2 1 0
N o r t h C o n t i n e n t U t i l i t i e s C o r p _______________ 178
N o rth H u d s o n C o u n t y R y .— S ee P u b lic S e r­
v ic e R y __________________________________________ 102
N o rth H u d s o n L ig h t, H ea t & P o w e r C o .— S ee
P u b l i c S e r v i c e E le c . & G a s C o . . ____
101
N o r t h S h o r e E l e c t r i c C o . — S e e P u b l i c S e r v ic e
C o . o f N o r t h e r n I l l i n o i s _______________________ 172




INDEX TO COMPANIES
Page.
N o r t h J e r s e y S t . R y . — S e e P u b l i c S e r v ic e R y 102
N o r t h W e s t U t i l i t i e s C o __________________________ 161
N o r t h a m p t o n S t r e e t R y _________________________ 50
N o r t h a m p t o n T r a n s i t C o ________________________ 127
N o r t h e a s t e r n P o w e r C o r p . — S e e a l s o M a p ____ 82
N o r th e r n C a lifo r n ia P o w e r C o .— S ee P a c ific
G a s & E l e c t r ic C o _______________________________ 253
N o r t h e r n C a n a d a P o w e r C o . , L t d ______________ 279
N o rth e rn C e n tr a l G a s C o .— See P a . P o w e r &
L i g h t C o __________________________________________120
N o r t h e r n C o n n e c t i c u t P o w e r C o ______________ 56
N o r t h e r n E l e c t r i c C o , ( W i s . ) ____________________ 232
N o r t h e r n I n d i a n a G a s & E le c . C o . — S e e N o r .
I n d . P u b l i c S e r v ic e C o __________________________170
N o r t h e r n I n d i a n a P o w e r C o ____________________ 149
N o r t h e r n I n d i a n a P u b l i c S e r v ic e C o __________ 170
N o rth e r n I n d ia n a R y .— S ee C h ic a g o S o u t h
B e n d & N o r t h e r n I n d i a n a R y ________________ 152
N o r t h e r n M ic h i g a n P u b l i c S e r v i c e C o . — S e e
G e n e r a l P o w e r & L i g h t C o __________________ 195
N o r t h e r n N e w Y o r k U t i l it i e s , I n c _____________ 82
N o r t h e r n O h i o P o w e r C o ________________________ 142
N o r t h e r n O h i o P o w e r & L i g h t C o ______________142
N o r th e r n O h io T r a c t io n & L ig h t C o .— See
N o r t h e r n O h i o P o w e r & L t . C o _______________ 142
N o r t h e r n O n t a r i o L i g h t & P o w e r C o . , L t d . .2 7 9
N o r t h e r n P e n n s y l v a n i a P o w e r C o ______________ 124
N o r t h e r n S t a t e s P o w e r C o . ( o f D e l . ) ___________ 234
N o r t h e r n S t a t e s P o w e r C o . ( o f M i n n . ) _______ 235
N o r t h e r n S t a t e s P o w e r C o . o f W i s c o n s i n _____ 235
N o r t h e r n T e x a s E l e c t r i c C o ___________________ 225
N o r t h e r n T e x a s T r a c . — S e e N o r . T e x a s E l e c . 225
N o r t h e r n T e x a s U t i l it i e s C o ______________________ 225
N o r t h e r n U n io n G a s C o _________________________ 15
N o r t h e r n W e s t c h e s t e r L i g h t i n g C o ____________ 15
N o r th u m b e r la n d C o u n t y G a s & E le c . C o .—
S e e P a . P o w e r & L i g h t C o ____________________ 120
N o r t h w e s t L o u i s i a n a G a s C o . , I n c _____________2 20
N o r t h w e s t e r n B e ll T e l e p h o n e C o _____________
9
N o r t h w e s t e r n E l e c t r i c S e r v ic e C o . o f P e n n a
122
N o r t h w e s t e r n E le v a t e d ( C h i c a g o ) — S e e C h i ­
c a g o R a p id T r a n s i t __________________________
165
N o rth w e s te r n G a s L ig h t & C o k e — S ee P u b .
S e r v . C o . o f N o r t h . I l l i n o i s ____________________ 172
N o r t h w e s t e r n T e l e g r a p h C o ____________________ 12
N o r th w e s te r n T e le p h o n e C o .— S ee W e s te rn
U n i o n T e l e g r a p h £ o . , I n c ____________________ 11
N o v a S c o t i a T r a m . & P o w . C o . , L t d _________ 274

o
O a k d a l e & M c D o n a ld S t . R y . — S e e W e s t P e n n
R v s ___________________________________
119
O a k w o o d S t r e e t R y . C o ___________________________ 147
O b e r p f a l z E l e c t r ic P o w e r C o r p __________________ 288
O e ffe n t lic h e W e r k b e t r ie b e d e r S t a d t S t e t t in
-—-See S t e t t i n P u b . U tl. C o ____________________ 290
O g d e n G a s C o . — S e e P e o p l e ’s G a s L t . & C o k e
C o __________
25
O h i o B e ll T e l e p h o n e C o _________________________
9
O h io C o u n t y F u e l C o .— S ee W e s t P e n n P o w .
C o ____________________________
..1 1 9
O h i o E d is o n C o ____________________________________ 187
O h i o E l e c t r i c P o w e r C o ___________________________ 146
O h i o F u e l C o r p . — S e e C o l u m b i a G a s & E le c _ _ 1 3 7
O h io F u e l S u p p ly C o .— S ee C o lu m b ia G a s &
E le c . C o r p ________________________________________ 137
O h io G a s & E le c .— S ee C o lu m b ia G a s & E le c .
C o r p _______________________________________________ 137
O h i o P o w e r C o ______________________________________141
O h io P u b l i c S e r v ic e C o ___________________________ 6 4
O h i o R iv e r B r i d g e & F e r r y C o . — S e e K a n a w h a
T r a c . & E le c . C o _________________________________203
O h i o R i v e r E d is o n C o ____________________________ 140
O h io S t a t e T e l e p h o n e C o . — S e e O h i o B e ll
T e l e p h o n e C o ____________________________________
9
O h i o V a lle y E l e c t r i c R y __________________________109
O h i o V a l l e y W a t e r C o . — S e e P e n n s y lv a n ia
W a t e r S e r v ic e C o _________________________________ 32
O k la h o m a G a s & E l e c t r ic C o ___________________ 251
O k la h o m a N a t u r a l G a s C o r p ____________________ 15
O k la h o m a R a il w a y C o ____________________________ 252
O ld D o m i n i o n P o w e r C o __________________________ 201
O le y V a ll e y R y .— S e e R e a d i n g T r . C o _ . ______124
O m a h a & C o u n c i l B l u f f s R y . & B r i d g e _______ 242
O m a h a & C o u n c i l B l u f f s S t r e e t R y ___________ 241
O m a h a & L i n c o l n R y . & L i g h t C o ______________174
O m a h a L i n c o l n & B e a t r i c e R a il w a y C o _______ 242
O m n ib u s C o r p ______________________________________ 84
O n t a r i o & S a n A n t o n i o H e ig h t s — S e e P a c i f i c
E l e c t r i c R y _______________________________________262
O ra n g e C o u n t y P u b . Serv. C o r p .— See R o c k l.
L i g h t & P o w e r C o _______________________________ 98
O r a n g e & P a s s a ic V a ll e y R y ____________________ 103
O r e g o n E l e c t r i c R y ________________________________ 267
O r e g o n - W a s h i n g t o n W a t e r S e r v ic e C o _________32
O s w e g o R iv e r P o w e r C o r p _______________________ 84
O t t a w a ( C a n a d a ) E l e c t r ic R y ___________________ 2 8 0
O t t a w a T r a c t i o n C o . , L t d _______________________ 2 8 0
O t t e r T a i l P o w e r C o . o f D e l ______________________237
O t t e r T a il P o w e r C o . o f M i n n ___________________ 237
O w e g o L ig h t & P o w e r C o .— S ee B in g . L t. H t.
& P o w . C o ________________________________________ 67
O w e n s b o r o C i t y R R _______________________________ 153
O x fo r d E l e c t r i c C o . — S e e C e n t r a l M a in e P o w .
C o . ...............
156
O z a r k P o w e r & W a t e r C o . — S e e E m p ir e Dis=
t r i c t E l e c t r i c C o _________________________________ 65

P a c ific C o a s t P o w e r C o .— S ee P u g e t S o u n d
P o w e r & L i g h t C o ______________________________ 267
P a c i f i c E l e c t r i c R y _______________________________ 262

[V ol. 125.
Page.
P a c i f i c G a s & E l e c t r i c C o . ( a ls o m a p ) __________2 5 $
P a c i f i c G a s I m p t .— S e e P a c i f i c G a s & E l. C o . 2 5 $
P a c ific L ig h t & P o w e r C o .— S ee S o u t h e r n
C a l i f o r n i a E d is o n C o ___________________________ 2 5 8
P a c i f i c L i g h t i n g C o r p ____________________________ 256P a c i f i c P o w e r s & L i g h t C o _____ _________________ 223
P a c i f i c T e l e p h o n e & T e l e g r a p h C o ____________
9
P a l a t i n a t e E le c . C o ____________________________ 288
P a n H a n d le T r a c . C o .— S ee W e s t P e n n R y s _ _ H 9
P a r k e r s b u r g G a s , E le c . L t . & S t . R y .— S e e
K a n a w h a T r a c t i o n & E l e c t r i c C o __________ 2 0 3
P a r k e r s b u r g M a r ie t t a & I n t e r u r b a n R y . — S e e
K a n a w h a T r a c t i o n & E l e c t r i c C o ___________2 0 3
P a r k e r s b u r g & S o u t h B r id g e C o .— S e e K a n ­
a w h a T r a c . & E l e c . C o ________________________2 0 3
P a r r S h o a l s P o w e r C o . — S e e B r o a d R iv e r P o w .
C o __________________________________________________ 211
P a s a d e n a & M t . L o w e R y . — S e e P a c . E l. R y . . 2 6 2
P a s s a ic L i g h t i n g C o . — S e e P a t e r s o n & P a s ­
s a i c G a s & E l e c t r i c C o ___________
102
P a s s a ic & N e w a r k E l e c . T r a c . C o _______________ 103
P a t e r s o n & P a s s a ic G a s & E l e c t r i c C o _________ 102.
P a t e r s o n R a il w a y — S e e P u b l i c S e r v ic e R y ___102
P a t e r s o n & S t a t e L i n e T r a c t i o n C o ___________ 104
P a w t u c k e t E le c . C o . — S e e B l a c k s t o n e V a ll e y
G a s & E l e c t r i c C o _______________________________ 50
P a w t u c k e t G a s C o . — S e e B l a c k s t o n e V a ll e y
G a s & E l e c t r i c C o _______________________________ 50
P e e k s k ill L i g h t i n g & R a i l r o a d ___________________ 79
P e lh a m P a r k & C i t y I s l a n d _______________________ 89
P e n in s u la r P o w . C o — S ee W is c o n s in -M ic h ig a n P o w e r C o ____________________________________ 231
P e n in s u la r R a i l w a y _______________________________ 264.
P e n in s u la r T e l e p h o n e C o ________________________ 13
P e n n C e n t r a l L i g h t & P o w . C o __________________ 128
P e n n C e n tr a l L ig h t & P o w e r C o r p .— See P e n n
C e n t r a l L i g h t & P o w e r C o _____________________128
P e n n - O h i o E d is o n C o ______________________________ 139
I f e n n - O h i o P u b l i c S e r v ic e C o r p _________________140
P e n n P u b l i c S e r v i c e C o r p ________________________ 122.
P e n n a m a q P o w e r C o .— S ee B a n g o r H y d r o E l e c t r i c C o _______________________________________ 39
P e n n s y lv a n ia E d is o n C o . — S e e M e t r o p . E d i ­
s o n C o _____________________________________________ 66P e n n s y lv a n ia G a s & E l e c t r ic C o . . _____________ 110
P e n n s y lv a n ia G a s & E l e c t r ic C o r p _____________110
P e n n s y lv a n ia L i g h t i n g C o . — -See P a . P o w . &
L t . C o ____________________________________________ 1 2 0
P e n n s y lv a n ia M o to r C o .— S ee E a s to n C o n s .
E l e c t r i c C o ____ __________________________________1 2 9
P e n n s y lv a n ia N e w J e r s e y R a il w a y C o _________1 3 0
P e n n s y l v a n i a - O h i o E l e c t r i c C o __________________ 14©
P e n n s y l v a n i a - O h i o P o w e r & L i g h t _____________1 4 0
P e n n s y lv a n ia P o w e r C o __________________________ 1 4 0
P e n n s y lv a n ia P o w e r & L i g h t ___________________ 120
P e n n s y lv a n ia W a t e r & P o w e r C o _______________ 122
P e n n s y l v a n i a W a t e r S e r v ic e C o __________________ 3 2
P e o p l e ’ s E l e v a t i n g C o ____________________________ 103
P e o p le s G a s C o . (N . J . ) ___________________________ 25
P e o p l e ’s G a s , E l e c t r i c & H e a t i n g . — S e e I n t e r S t a t e P u b l i c S e r v i c e C o ________________________ 1 6 0
P e o p le s G a s L i g h t & C o k e C o ____________________ 26
P e o p le s A r i z o n a G a s & E l e c t r i c C o r p __________ 2 3 4
P e o p le s C a l i f o r n i a H y d r o - E l e c t r i c C o r p ______ 234
P e o p le s G a s E l e c . & H e a t in g C o .— S e e I n t e r ­
s t a t e P u b l i c S e r v ic e C o ________________________ 160
P e o p le s H y d r o - E l e c t r i c V e r m o n t C o r p _________2 3 4
P e o p l e s I o w a C i t y W a t e r w o r k s C o r p __________ 2 3 4
P e o p le s L i g h t & P o w e r C o r p ____________________ 2 3 $
P e o p le s L i g h t , H e a t & P o w . C o . — S e e M e t r o p .
E d is o n C o _________________________________________ 6 $
P e o p le s M in n e s o t a G a s & E l e c t r i c C o r p ______ 234
P e o p le s W e s t C o a s t H y d r o - E l e c t r i c C o r p ____ 234
P e o p le s W is e . H y d r o - E l e c t r i c C o r p _____________2 3 4
P e o p l e ’ s R y . ( D a y t o n , O . ) _______________________ 1 1 1
P e o p le ’ s R y ., W i l m i n g t o n , D e l.— S e e W i l ­
m i n g t o n & P h i l a d e l p h i a T r a c t i o n C o ______ 110
P e o p l e ’ s S t r e e t R y . — S e e S c r a n t o n R y ----------- 1 0 $
P e o p l e ’ s S t r e e t R y . ( W e s t N e w b u r y , M a s s .) .—
S e e E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o .) 4&
P e o p l e s U t i l i t i e s I l l i n o i s C o r p __________________ 2 3 4
P e o p l e s U t i l i t i e s O h i o C o r p ______________________ 2 3 4
P e o p l e s U t i l i t i e s I n d i a n a C o r p __________________ 2 3 4
P e o p l e s U t i l i t i e s T e x a s C o r p ____________________ 2 3 4
P e o p l e s U t i l i t i e s K a n s a s C o r p __________________ 234
P e o p l e s U t i l i t i e s P e n n s y l v a n i a C o r p __________ 2 3 4
P e o r ia B l o o m i n g t o n & C h a m p a i g n T r a c t i o n
C o . — S e e I l l i n o i s T r a c t i o n , I n c ______________ 1 7 4
P e o r ia (III.) W a t e r W o r k s C o ______________________21
P e r r y S t r e e t P a s s e n g e r R y .— S e e F e d e r a l
S t r e e t & P l e a s a n t V a ll e y R y __________________ 1 1 5
P e t a l u m a & S a n t a R o s a R R ____________________ 2 6 4
P fa lz w e r k e A k tie n g e s e lls c h a f t — S e e M a n n ­
h e im & P a l a t i n a t e E l e c t r i c C o s ______________ 2 8 7
P h i l a d e l p h i a C o . ( P i t t s b u r g h , P a . ) _____________1 1 $
P h i l a d e l p h i a & E a s t o n T r a n s i t C o _____________1 2 7
P h il a d e l p h i a E l e c t r i c C o ________________________ 1 1 1
P h i l a d e l p h i a E l e c t r ic P o w e r C o _________________1 1 2
P h il a d e l p h i a & G a r r e t t f o r d S t . R y . C o . — S e e
P h i l a d e l p h i a & W e s t C h e s t e r T r a c t i o n ------- 1 3 0
P h il a d e l p h i a R a il w a y s C o _______________________ 131
P h il a d e l p h i a R a p id T r a n s i t C o _________________125
P h ila d e lp h ia S u b u r b a n
C o u n t ie s G a s &
E l e c t r ic C o _______________________________________ 112
P h ila d e lp h ia S u b u r b a n G a s & E le c t r ic C o .—
See
P h ila .-S u b u r b a n
C o u n t ie s
G as
&
E l e c t r i c C o ________________________________________ 112
P h i l a d e l p h i a S u b u r b a n W a t e r C o _______________ 23
P h i l a d e l p h i a & W e s t C h e s t e r T r a c t i o n _______ 130
P h i l a d e l p h i a & W e s t e r n R y ____________________ 131
P i e d m o n t & N o r t h e r n R a i l w a y ________________ 211
P i n e B l u f f ( A r k . ) C o . — S e e A r k . P o w . & L t . C o .2 2 1
P in e lla s C o u n t y P o w . C o . — S e e T i d e W a t e r
P o w e r C o __________________________________________2 09

O ct., 1927.]

P age.
Page
P u b l i c S e r v ic e C o . o f O k l a h o m a _________________153
P i t c a ir n & W i lm e r d i n g S t r e e t R y . — S e e M o n o n g a h e l a S t r e e t R y ____________________________ 116 P u b l i c S e r v ic e C o r p . o f N . J . (S e e m a p , p a g e s
P it t s b u r g h A lle g h e n y & M a n c h e s te r T r a c t io n
96 a n d 9 7 ) ________________________________________ 100
S e r v ic e
E le c t r ic
C o .— See
P u b lic
— S e e U n it e d T r a c t i o n C o . o f P i t t s b u r g h - 115 P u b l i c
S e r v ic e E l e c t r ic & G a s C o ____________________ 101
P i t t s b u r g h & A l l e g h e n y T i l e C o . — S e e B e ll
T e l e p h o n e C o . o f P a ____________________________
6 P u b l i c S e r v ic e E l e c t r ic & G a s C o _____________ 101
P i t t s b u r g h & B e a v e r S t r e e t R y _________________117 P u b l i c S e r v ic e E l e c t r ic P o w e r C o ______________ 191
P i t t s b u r g h & B ir m in g h a m T r a c t i o n _________ 115 P u b l i c S e r v ic e N e w a r k T e r m . R y . — S e e P u b ­
P it t s b u r g h B u tle r & H a r m o n y C o n s o lid a t e d
l i c S e r v ic e C o r p . o f N . J _____________________ 100
R a il w a y & P o w e r C o ___________________________ 131 P u b l i c S e r v ic e R a i l r o a d __________________________ 104
P u b l i c S e r v ic e R y . ( w i t h m a p ) ________________ 102
P itts b u r g h C a n o n s b u r g & W a s h in g t o n R y .- l l S
P i t t s b u r g h & C h a r le r o i S t r e e t R y ______________116 P u b li c S e r v ic e T r a n s p o r t a t i o n C o ______________ 104
P u b l i c U t i l it i e s C o .-—B e e C o m m o n w . P o w e r
P i t t s b u r g h C r a f t o n & M a n s f ie l d S t r e e t R y . —
C o r p _______________________________________________ 184
— S e e P i t t s b u r g h R a il w a y s C o _______________ 114
P itts . H a r m o n y B u tle r & N ew C a s tle S t . R y __1 3 1 P u g e t S o u n d E le c t r ic R y .— S ee P u g e t S o u n d
P o w e r & L i g h t C o _____________________________ 267
P i t t s b u r g h I n c l i n e P l a n e ________________________ 116
P i t t s b u r g h M a rs & B u t l e r R y ___________________ 131 P u g e t S o u n d P o w e r C o . — S e e P u g e t S o u n d
P it t s b u r g h M c K e e s p o r t & C o n n e lls v ille R y .
P o w e r & L i g h t ___________________________________ 267
— S e e W e s t P e n n . R y s . C o ____________________ 119 P u g e t S o u n d P o w e r & L i g h t C o _____________ 267
P u n x su ta w n ey
W a ter
C o .— S ee
F ed era l
P it t s b u r g h M c K e e s p o r t & G r e e n s b u r g R y .—
W a t e r S e r v ic e C o r p o r a t i o n ___________________ 30
S e e W e s t P e n n . R a il w a y s C o _________________ 119
P i t t s b u r g h R a il w a y s C o _________________________ 114
P i t t s b u r g T r a c t i o n ________________________________ 117
P i t t s b u r g h U t i l it i e s C o r p o r a t i o n ______________ 112
P i t t s b u r g h & W e s t E n d P a s s e n g e r R y .— S ee
P i t t s b u r g h R a il w a y s C o _______________________114 Q u e b e c - J a c q u e s C a r t i e r E l e c . — S e e Q u e b e c
R y . L t . H t . & P o w e r __________________________282
P i t t s f i e ld (M a s s .) E l e c t r ic S t r e e t R y . — S e e
B e r k s h ir e S t r e e t R y _____________________________ 47 Q u e b e c - N e w E n g la n d H y d r o - E l e c t r i c C o r p _ _ 2 7 7
Q u e b e c P o w e r C o _________________________________ 282
P la in fie ld G a s & E le c t r ic C o .— S ee S o m e rse t
U n i o n & M id d le s e x L i g h t i n g __________________102 Q u e b e c R y ., L i g h t , H e a t & P o w e r ______________282
P l a i n f ie l d S t . R y . — S e e P u b l i c S e r v ic e R y ___ 102
Q ueens B orou gh
E le c . L t . & P o w . — S e e
Q u e e n s B o r o . G a s & E l e c t r i c ________________ 80
P l a n t C i t y P u b . C o . — S e e T a m p a E l. C o _______ 2 1 S
P l y m o u t h & B r o c k t o n S t r e e t R y ________________ 50 Q u e e n s B o r o u g h G a s & E l e c t r i c C o _________ 80
P o n c e E l e c t r i c C o _________________________________ 273 Q u i n c y R y . — S e e 111. P o w e r & L t . C o r p ____173
P o n tia c L ig h t C o .— See C o n s u m e r P o w e r C o_186
P o n t ia c L ig h t & W a te r C o .— S e e P u b . S erv.
C o . o f N o r . I l l ........ ...................
172
P o r t l a n d E l e c . P o w e r C o _________________________ 266
R a d i o C o r p o r a t i o n o f A m e r i c a _________
13
P o r tla n d G a s C o .— S ee P o r tla n d G a s & C ok e
R a il w a y & B u s A s s o c i a t e s ________________________ 41
C o ................................................................................. — 28
P o r t l a n d G a s & C o k e C o ___________________________28 R a il w a y & L i g h t S e c u r i t i e s C o ___________________ 44
R a il w a y s R e a lt y C o . — S e e N e w O r l e a n s P u b ­
P o r tla n d G e n e r a l E le c t r ic C o .— S ee P o r t la n d
E l e c t r i c P o w e r C o _______________________________26S
l i c S e r v ic e , I n c _____________________
219
P o r t l a n d (M e .) R R __________________________________ 39 R a p id T r a n s i t S t . R y . o f t h e C i t v o f N e w a r k — 103
P o r tla n d R y . C o .— S ee P o r t la n d E le c . P r. C o_2 66 R a y s to w n W a te r P o w e r — S ee P e n n C e n tr a l
L i g h t & P o w e r ___________________________________ 128
P o r t l a n d R y ., L i g h t & P o w e r C o . — S e e P o r t ­
l a n d E l e c t r i c P o w e r C o _______________________ 268 R e a d in g C i t y P a s s e n g e r R y . — S e e R e a d in g T r .1 2 4
R e a d i n g & S o u t h w e s t e r n R y . — S e e R e a d in g
P o r to R ic o T e le p h o n e C o .— S ee I n t e r n a t io n a l
T e l e p h o n e & T e l e g r a p h C o r p __________________12
T r a n s i t C o _______________________________________ 124
P o r t o R i c o R y s . C o . , L i m i t e d ___________________ 274 R e a d in g & T e m p l e E l e c t r ic R y .— S e e R e a d in g
P o r t s m o u t h P o w e r C o . — S e e N e w E n g la n d
T r a c t i o n ___________________________________________ 124
G a s & E l e c t r i c A s s o c i a t i o n ____________________ 44 R e a d i n g T r a c t i o n __________________________________124
P o t o m a c E d is o n C o ________________________________ 134 R e a d in g T r a n s i t C o m p a n y _______________________ 124
P o t o m a c E l e c . P w r . C o . __________________________137 R e d la n d s C e n t r a l R y . — S e e P a c . E le c . R y _____262
R e d la n d s S t. R y . — S e e P a c . E le c . R y -------- 262
P o t o m a c P u b l i c S e r v ic e C o . — S e e P o t o m a c
E d is o n C o ________________________________________ 134 R e n o P o w e r , L i g h t & W a t e r C o . — S e e S ie r r a
P o u g h k e e p s i e & W a p p i n g e r s F a lls R y __________ 98
P a c i f i c E l e c t r i c C o ______________________________271
E le k tr iz ita e tiP o w e r C o r p . o f C a n a d a , L t d ____________________ 279 R h e i n i s c h - W e s t p h a e l i s c h e s
w e rk A k tie n G e s e lls c h a ft — S ee R h in e -W e s t P o w e r C o r p . o f N e w Y o r k ( T h e ) ________________ 82
p h a li a E le c . P o w . C o r p __________________________288
P r in c e t o n L ig h t, H ea t & P ow er C o .— B ee
P u b l i c S e r v . E le c . & G a s ________________________ 101 R h i n e - W e s t p h a l i a E le c . P o w . C o r p _____________288
P r o v i d e n c e G a s C o _________________________________ 25 R h o d e I s la n d P u b l i c S e r v ic e C o _________________ 51
P r o v id e n c e & T a u n t o n S t. R y .— S e e E a s te rn
R i c h l a n d P u b l i c S e r v ic e C o . — S e e O h i o P u b ­
l i c S e r v ic e C o _ . _____________________________ 64
M a s s a c h u s e t t s S t . R y . C o _____________________ 46
P r o v in c ia l L ig h t , H e a t & P o w e r — S ee M o n ­
R i c h m o n d L i g h t & R R . C o _____________________ 78
t r e a l L i g h t , H e a t & P o w e r C o _______________ 277 R i d g e w o o d G a s C o ________________________________ 102
P u b l i c E l e c t r i c L i g h t C o _________________________ 42 R i o d e J a n e ir o T r a m w a y L i g h t & P o w e r ___ 285
R iv e r s id e T r a c t i o n ________________________________ 103
P u b l i c S e r v ic e B u i l d i n g C o . — S e e C o n s . G a s
E l e c t r ic L i g h t & P o w e r C o ____________________ 133 R o a n o k e G a s L i g h t C o ___________________________ 25
P u b l i c S e r v ic e C o . o f C o l o r a d o ___________________ 64 R o a n o k e R a il w a y & E l e c t r i c ____________ . _____202
P u b l i c S e r v i c e C o . o f N e w H a m p s h i r e ___________ 41 R o a n o k e T r a c t i o n & L i g h t C o __________________202
P u b l i c S e r v ic e C o . o f N o r t h e r n 111____________ 172 R o a n o k e W a t e r W o r k s C o _______________________ 26




301

INDEX TO COMPANIES

Q

R

P age.
R o c h e s t e r E le c . R y . — S e e N . Y . S t a t e R y s
92
R o c h e s t e r G a s & E l e c t r ic C o r p ___ __________
72
R o c h e s t e r & L a k e O n t a r i o W a t e r C o ---------------28
R o c h e s t e r L o c k p o r t & B u f f a l o R y ________ ___ 98
R o c h e s t e r R y . — S e e N . Y . S t a t e R y s _______
92
R o c h e s t e r R a il w a y & L i g h t — S e e R o c h e s t e r
G a s & E l e c t r i c C o r p o r a t i o n _________________ 72
R o c h e s t e r &. S y r a c u s e R R ___________ _____
98
R o c h e s t e r T e le p h o n e C o .— S ee R o c h e s t e r
T e l e p h o n e C o r p o r a t i o n ________________________
8
8
R o c h e s t e r T e l e p h o n e C o r p o r a t i o n ____________
R o c k f o r d & I n t e r u r b a n R y .- —S e e G r a n d
R a p id s R R ________________________________________ 190
R o c k l a n d E l e c t r i c C o .-—S e e R o c k l a n d L t .
& P o w e r C o ______________________________________ 98
R o c k l a n d L i g h t & P o w e r C o ______________________98
R o g u e R iv e r E l e c t r i c C o .
S e e C a lifo r n ia O r e g o n P o w e r C o _______________________________265
R o l a n d P a r k E l e c t r ic & W a t e r C o . — S e e C o n s .
G a s E le c . L t . & P o w e r C o _________
133
R o m e ( G a .) R y . & L t . C o . — S e e G a . P o w . C o _ _ 2 1 2
R o o s e v e lt W a te r P o w e r & L ig h t C o .— See
L o n g I s la n d W a t e r C o r p o r a t i o n ____________ 23
R o x b o r o u g h C h e s t n u t H ill & N o r r i s t o w n R y .1 2 4
R u t l a n d R a il w a y , L i g h t & P o w e r _______________ 42

s
S a c h s e n - A n h a l t E l e c . C o . o f H a lle (S a a le > _ 2 8 9
S a c r a m e n t o E l e c t r i c , G a s - & R a il w a y .— S e e
P a c i f i c G a s & E l e c t r i c C o ____________________ 253
S a c r a m e n t o N o r t h e r n R y ________________________ 264
S a c r a m e n t o V a ll e y P o w . C o . — S e e P a c i f i c
G a s & E l e c t r ic C o _______________________________ 253
S a g in a w T r a n s i t C o __________________
190
S t. C h a r le s S t . R R . — S e e N e w O r l. P u b . S e r v _ 2 1 9
S t . C la ir G a s & E l e c .— S e e 111. P r . & L t . C o r p .173
S t. J o h n s b u r y E le c . C o . — S e e T w i n S t a t e s
G a s & E l e c t r i c C o _______________________________ 170
S t . J o s e p h R y ., L t . , H t . & P r . ( M o . ) _________ 63
S t . L o u i s C o u n t y G a s C o _______________________ 28
S t . L o u i s C o u n t y W a t e r C o --------------------------------- 21
S t . L o u is S p r i n g f i e l d & P e o r i a — S e e I l l i n o i s
T r a c t i o n , I n c ____________________________________ 174
S t . L o u i s P u b l i c S e r v i c e C o . — S e e U n it e d
R a il w a y s C o . o f S t . L o u i s ____________________ 246
S t . L o u i s & S t . C h a r le s B r i d g e C o _____________2 49
S t . L o u is S p r i n g f i e l d & P e o r i a R R . — S ee
I l l i n o i s T r a c t i o n , I n c ___________________________ 174
S t . L o u is T r a n s i t — S e e U n it e d R y s ____________ 243
S t . M a u r ic e P o w e r C o . , L t d ______________________282
S t. P a u l C i t y R y . — S e e T w i n C i t y R a p . T r a n _ 2 3 6
S a l i s b u r y & S p e n c e r R y .— S e e N o r t h C a r o .
P u b l i c S e r v ic e C o _______________________________ 2 1 0
S a lm o n R iv e r P o w e r C o . — S e e N ia g a r a L o c k P o r t & O n t a r i o P o w e r C o _______________________ 74
S a lt L a k e T e r m i n a l C o . — S e e S a l t L a k e &
U t a h R R ..........................
271
S a lt L a k e & U t a h R R ____________________________ 271
S a lt R iv e r V a ll e y W a t e r U s e r s ’ A s s n . . _________26
S a n A n t o n io G a s & E le c t r ic — S ee S a n A n ­
t o n i o P u b l i c S e r v ic e C o _______________________ 228
S a n A n t o n i o P u b l i c S e r v ic e C o __________________228
S a n A n t o n io T r a c t io n — S ee S a n A n to n io
P u b l i c S e r v ic e C o ______________________________ 228
S a n B e n it o L ig h t & P o w e r C o .— S ee C o a s t
C o u n t i e s G a s & E le c . C o __________________ . . . 2 6 1
S a n B e r n a r d i n o V a le y T r a c . C o . — S e e P a c .
E l e c .R y ____________________________________________ 2 6 2
S a n D ie g o C o n s o l i d a t e d G a s & E l e c t r i c C o . . 261
S a n D ie g o E l e c t r i c R y ____________________ . . . ____2 6 4

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

H a r r is , Fo r b es & Co.
P in e S tre e t, C o rn er W illia m
M EW Y O R K

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

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

......................—

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INDEX TO COMPANIES

raham

, Parso

ns

PHILADELPHIA

P age.
S p o k a n e C o e u r d ’A l e n e & P a l o u s e R y . — S e e
S p o k a n e & E a s t e r n R y . & P o w e r C o . ______2 6 8
S p o k a n e & E a s t e r n R y . & P o w e r C o ___________ 268
S p o k a n e & I n l a n d E m p ir e R y .— S e e S p o k a n e
& E a s t e r n R y . & P o w e r C o ____________________ 2 6 8
S p o k a n e U n it e d R a i l w a y s __________
268
S p r in g B r o o k W a te r S u p p . C o .— See P e n n s y l­
v a n i a W a t e r S e r v i c e C o __________________________3 2
S p r in g V a lle y U tilit ie s .— S ee I llin o is P o w e r
& L i g h t C o r p ____________________________________ 178
S p r i n g V a ll e y W a t e r C o . (S a n F r a n c i s c o ,C a l .) 33
S p r in g fie ld L ig h t , H e a t & P o w e r C o .— S ee
T h e O h i o E d is o n C o ____________________________ 1 8 7
S p r i n g f ie l d & N o r t h e a s t e r n T r a c . C o . — S e e
I l l i n o i s T r a c t i o n , I n c ___________________________ 174
S p r i n g f ie l d ( O h i o ) R a i l w a y ______________________1 0 9
S p r i n g f i e l d R a i l w a y C o m p a n ie s — 1 9 2 6 __________ 5 4
S p r i n g f ie l d (III.) R y . & L i g h t C o . — S e e U n io n
R a il w a y , G a s & E l e c t r i c _______________________ 189
S p r i n g f ie l d ( M o .) R a il w a y & L i g h t C o __________ 221
S p r i n g f ie l d (M a s s .) S t r e e t R y ___________________ 5 4
S p r i n g f ie l d T e r m i n a l R y . C o _____________________ 42
S p r i n g f ie l d & X e n i a R a i l w a y __________________ 1 4 8
S t a f f o r d S p g s . S t . R y . — S e e C o n n e c t i c u t C o . 55
S t a n d a r d E l e c . C o . — S e e P a c i f i c G a s & E l. C o . 2 5 3
S t a n d a r d G a s & E l e c . C o . (a ls o m a p ) __________ 1 7 6
S t a n d a r d G a s L i g h t C o ___________________________ 14
S t a n d a r d P o w e r & L i g h t C o r p __________________112
S t a r k E l e c t r i c R R _________________________________ 1 4 3
S t a t e n I s la n d E d is o n C o r p _______________________ 78
S t a t e n I s la n d M id la n d R y ________________________ 99
S t e i n w a y R a i l w a y ___________________________________ 98
S t e t t i n P u b l i c U t i l i t i e s C o _______________________ 2 9 0
S t e u b . E a s t L i v e r p . & B e a v . V a ll e y T r a c ____ 1 4 7
S t e u b e n v il l e W e l l s b u r g & W e i r t o n R y . C o . —
S e e W e s t P e n n R y s . C o ________________________ 119
S t e u b e n v il l e & W h e e l i n g T r a c t i o n C o . — S ee
W h e e l i n g T r a c t i o n ______________________________ 119
S t i ll w a t e r & M e c h a n i c v il l e — S e e H u d s o n V a l.
R y _______________
91
S t o c k t o n E l e c t r i c R R _____________________________ 2 6 5
S u b u r b a n E l e c t r i c S e c u r i t ie s C o ________________ 4 8
S u b u r b a n G a s C o . — S e e P h il a . S u b . G a s &
E l e c . C o ______________
112
S u b u r b a n L ig h t & P o w e r C o .— See P a c ific
G a s & E l e c t r i c C o _______________________________ 253
S u b u r b a n L i g h t & P o w e r C o . ( O h i o ) __________ 1 4 4
S u b u r b a n R a p id T r a n s i t C o . ( W i n n i p e g ) ____ 2 8 3
S u b u r b a n R a p . T r a n . S t . R y ., P i t t s b u r g h , P a . 117
S u t r o R R . — S e e M a r k e t S t r e e t R y ______________2 6 2
S y d n e y & G la c e B a y R y . C o . — S e e C a p e B r e ­
t o n E l e c t r i c C o . . ________________________________ 2 8 3
S y r a c u s e & E a s t e r n R R ____________________________ 9 9
S y r a c u s e G a s C o .— S ee S y r a c u s e L ig h t in g
C o . , I n c ___________________________________________ 71.
S y ra cu se L a k e S h o r e & N or. R R .— See E m ­
p i r e S t a t e R R . C o r p ______________________________9 9
S y r a c u s e L ig h t in g C o .— S e e S y r a c u s e L ig h t ­
i n g C o . , I n c _______________________________________ 7 1
S y r a c u s e L i g h t i n g C o . , I n c _______________________ 7 1
S y r a c u s e N o r t h e r n E l e c t r i c R y ___________________ 9 9
S y r a c u s e R a p . T r a n . R y . — S e e N .Y .S t a t e R y s . 9 2

T
T a com a R y . & P ow er— See P u g e t S o u n d
P o w e r & L i g h t C o _______________________________ 267
T a m p a E l e c t r i c C o ________________________________ 2 1 6
T e n n e s s e e E a s t e r n E l e c t r i c C o __________________ 206
T e n n e s s e e E l e c t r ic P o w e r C o ____________________ 2 0 6
T e n n e s s e e P o w e r C o _______________________________ 207

■

G

P age.
S o c i e t a I d r o e l e t t r i c a P i e m o n t e (S . I . P . ) ______ 2 9 2
S o m e r s e t L i g h t i n g C o . — S e e S o m e r s e t U n io n
& M id d le s e x L i g h t i n g C o _______________________ 102
S o m e r s e t U n io n & M id d le s e x L i g h t i n g C o ____ 102
S o u t h B a y C o n s o l i d a t e d W a t e r C o . , I n c _______ 33
S o u t h B e n d & S o u t h M ic h i g a n R y .— S e e
S o u t h e r n M ic h i g a n R y ________________________ 152
S o u t h B r o o k l y n R a i l w a y ________________________ 91
S o u t h B e th le h e m E le c t r ic L ig h t C o .— S ee
P e n n s y l v a n i a P o w e r & L i g h t C o _____________1 2 0
S o u t h C a r o l i n a G a s & E l e c t r i c __________________211
S o u t h C a r o l i n a P o w e r C o ________________________ 218
S o u t h C o v in g t o n & C in e . S t. R y .— S ee C in ­
c in n a t i N e w p o r t & C o v in g t o n L ig h t &
T r a c t i o n C o ______________________________________ 206
S o u t h G e o r g i a P o w e r C o _________________________ 213
S o u t h J e r s e y G a s , E l e c t r i c & T r a c t i o n _________ 102
S o u t h O r a n g e & M a p l e w o o d T r a c t i o n __________ 103
S o u t h S h o r e & B o s t o n S t. R y .— S e e E a ste rn
M a s s . S t r e e t R y . C o ____________________________ 46
S o u t h S id e P a s s e n g e r R y . — S e e P i t t s . &
B ir m . T r a c ________________________________________ 115
S o u t h e a s t e r n P o w e r & L i g h t C o _______________ 217
S o u t h e r n & A t l a n t i c T e l e g r a p h C o _____________ 12
S o u t h e r n B e ll T e l e p h o n e & T e l e g r a p h C o ________ 6
S o u t h e r n B o u le v a r d R R . — S e e U n i o n R y .
o f N . Y . C i t y ____________________
88
S o u t h e r n C a l i f o r n i a E d is o n C o _______________ 258
S o u t h e r n C a l i f o r n i a G a s C o _____________________ 29
S ou th ern
C a lifo r n ia
T e le p h o n e
C o .— S ee
P a c i f i c T e l . & T e l . C o _________________________
9
S o u t h e r n C a n a d a P o w e r C o . , L t d ______________282
S o u t h e r n C i t i e s U t i l it i e s C o ___________________ 123
S o u t h e r n C o l o r a d o P o w e r C o __________________ 24 5
S o u t h e r n C o u n t i e s G a s C o . o f C a l i f ___________ 256
S o u t h e r n C o u n t y P u b l i c S e r v ic e C o . — S e e
N e w E n g la n d P o w e r A s s o c i a t i o n ______________ 58
S o u t h e r n G a s C o ___________________________________ 15
S o u t h e r n G a s & P o w e r C o r p .— S ee C e n tr a l
P u b l i c S e r v ic e C o r p . __________________________ 163
S o u t h e r n I c e a n d U t i l it i e s C o _ ___________________ 36
S o u th e r n I llin o is L ig h t & P o w e r — S ee I llin o is
P o w e r & L i g h t C o r p ____________________________ 173
S o u t h e r n I n d i a n a G a s & E l e c t r ic — S e e C o m ­
m o n w e a lt h P o w e r C o r p ________________________ 184
S o u t h e r n Io w a E le c . C o .— S ee I o w a S o u t h e r n
U t i l . C o . . .......................................
238
S o u t h e r n M ic h i g a n R y ___________________________ 152
S o u t h e r n N e w E n g la n d T e l e p h o n e C o ________
9
S o u t h e r n N e w Y o r k P o w e r & R y . C o r p _________9 4
S o u t h e r n O h i o E l e c t r i c C o _______________________ 145
S o u t h e r n O h i o P u b l i c S e r v ic e C o ______________ 145
S o u t h e r n P e n n s y l v a n i a P o w e r C o ______________ 132
S o u t h e r n P e n n s y lv a n ia T r a c t i o n C o __________ 111
S o u t h e r n P o w e r C o _______________________________ 2 1 0
S o u t h e r n P u b l i c U t i l it i e s C o ____________________ 210
S o u t h e r n U n it e d G a s C o _________________________ 197
S o u t h e r n U n i t e d I c e C o __________________________ 197
S o u t h e r n S ie r r a s P o w e r C o . — S e e N e v a d a C a l­
i f o r n i a E l e c t r i c C o r p ___________________________ 256
S o u t h e r n S t r e e t R y _______________________________ 180
S o u t h e r n T r a c t i o n — S e e P i t t s b u r g h R y s ____ 114
S o u t h w e s t M is s o u r i E l e c .— S e e S o u t h w e s t
M o . R R . __________________________________________ 2 5 0
S o u t h w e s t M is s o u r i R R . C o ____________________ 2 50
S o u t h w e s t P o w e r C o ______________________________ 252
S o u t h w e s t U t i l i t y I c e C o __________________________ 37
S o u t h w e s t e r n B e ll T e l e p h o n e C o ______________ 10
S o u t h w e s t e r n G a s & E le c C o ___________________ 159
S o u t h w e s t e r n L i g h t & P o w e r C o _______________ 252
S o u t h w e s t e r n P o w e r & L i g h t C o _______________ 223
S o u t h w e s t e r n P u b l i c S e r v i c e C o _______________ 228

o

P age.
S a n F r a n c is c o G a s & E le c t r ic — S e e P a c ific
G a s & E l e c t r i c C o ______________________________ 253
S a n F r a n . N a p a & C a li s t o g a R y ________________ 264
S a n F r a n c i s c o S a c r a m e n t o R R _________________263
S a n J o a q u i n L i g h t & P o w e r C o r p ______________2 6 0
S a n J o s e L o s G a t o s I n t e r u r b a n R y .— S e e
P e n in s u la r R y ___________________________________ 264
S a n J o s e R R s _______________________________________ 265
S a n J o s e & S a n t a C la r a R R . — S e e S a n J o s e
R R s .....................
.2 6 5
S a n d u s k y F r e m o n t & S o u t h e r n R y ___________ 143
S a n d u s k y G a s & E le c t r ic C o .— S e e O h io P u b ­
l i c S e r v ic e C o _____________________________________ 64
S a n t a B a r b a r a G a s & E l. C o . — S e e S o u t h e r n
C a li f . E d is o n C o ________________ '_______________ 258
S a o P a u lo E l e c t r i c C o . , L t d ______________________2 8 6
S a o P a u lo T r a m ., L t . & P o w e r C o . , L t d ______ 285
S a u d a F a lls C o . , L t d ______________________________293
S a v a n n a h E l e c t r i c C o . — S e e S a v a n n a h E le c .
t r ie & P o w e r C o __________________________________214
S a v a n n a h E l e c t r ic & P o w e r C o ________________ 214
S a v a n n a h T h u n d e r b o l t & I s le o f H o p e R y .—
S e e S a v a n n a h E l e c t r i c & P o w e r C o ________ 214
S a x o n P u b l i c W o r k s , I n c ________________________ 289
S e lm a L i g h t i n g C o . — S e e A l a b a m a P o w e r C o _ 2 1 7
S c h e n e c t a d y R y ____________________________________ 92
S c h u y lk ill G a s & E le c t r ic C o .— S e e P a . P o w .
& L t . C o ___________________________________________ 120
S c h u y l k i l l R y . C o __________________________________129
S c h u y l k i l l T r a c t i o n ( G i r a r d v i ll e , P a . ) _________129
S c h u y l k i l l V a ll e y T r a c t i o n _______________________124
S c i o t o V a ll e y R y . & P o w e r C o __________________ 144
S c r a n t o n & C a rb . T r a c .— See S c r a n t o n R y _ _ l l l
S c r a n t o n M o n t r o s e & B i n g h a m t o n R R _________ 93
S c r a n t o n R y ________________________________________ 111
S c r a n t o n T r a c t i o n — S e e S c r a n t o n R y _________111
S c r a n t o n & W i lk e s B a r r e T r a c t i o n _____________132
S e a ttle E le c t r ic C o .— S ee P u g e t S o u n d P o w e r
& L i g h t C o _______________________________________ 267
S e a ttle E v e re tt T r a c . C o .— S e e P u g e t S o u n d
P o w e r & L i g h t C o _______________________________ 267
S e a t t l e L i g h t i n g C o _______________________________ 29
S e a t t l e & R a n ie r V a ll e y R y ______________________ 268
S e c o n d A v e . R R . (N e w Y o r k ) ______________________ 93
S e c o n d A v e n u e T r a c t i o n — S e e U n it e d T r a c ­
t i o n o f P i t t s b u r g h ______________________________ 115
S e lm a L t g . C o . — S e e A la b a m a P o w e r C o _____ 217
S e v e n t e e n t h S t r e e t I n c l i n e P l a n e C o __________ 117
S h a m o k in & M t. C a r m e l T r a n s i t C o ___________ 132
S h a w i n i g a n W a t e r & P o w e r C o ______________ 280
S h a w n e e T e c u m s e h T r a c t i o n C o _______________ 253
S h e b o y g a n E le c t r ic C o .— S ee W is c o n s in P o w .
& L i g h t ____________________________________________161
S h e b o y g a n G a s L i g h t C o .— S e e W i s c o n s i n
P u b l i c S e r v ic e C o _______________________________ 232
S h e n a n g o V a ll e y W a t e r C o _______________________ 30
S h e r b r o o k e ( O u e .) R y . & P o w e r _______________ 283
S h e r b r o o k e S t . R y .— S e e S h e r b r o o k e R y . &
P o w e r C o _________________________________________ 283
S h o r e L i n e E l e c t r i c R R ___________________________ 56
S h r e v e p o r t R y s . C o _______________________________ 2 2 0
S i d n e y E l e c t r i c C o . — S e e O h i o E l e c . P o w . C o . 143
S i e r r a P a c i f i c E l e c t r i c C o ________________________ 271
S ie r r a & S a n F r a n c i s c o P o w e r C o ______________261
S ile s ia E l e c t r i c C o r p o r a t i o n ____________________ 289
S i o u x C i t y G a s & E l e c t r i c _______________________ 2 4 0
S i o u x C i t y S e r v ic e C o ____________________________ 2 4 0
S i x t h A v e . R R _____________________________________ 87
S o c i e t a G e n e r a le E l e t t r i c a d e l l ’ A d a m e ll o —
S e e I n t e r n a t i o n a l P o w e r S e c u r i t i e s C o r p . .2 9 1
S o c i e t a G e n e r a l e I t a l i a n a E d is o n d i E le t t r i c i t a _____________________________________________ 291

[V ol. 125.

O

302

NEW YORK

INVESTMENT SECURITIES
D e a l in a n d P u r c h a s e I s s u e s o f

MUNICIPAL BONDS
a n d B o n d s a n d N o te s o f

RAILROADS, PUBLIC UTILITIES, and INDUSTRIAL CORPORATIONS




of

ESTABLISHED VALUE

Page.
T e r r e H a u t e E le c t r ic C o .— S e e T e r r e H a u te
T r a c t i o n & L i g h t _______________________________ 150
T e rre H a u te In d ia n a p . & E a ste rn T r a c . C o__1 50
T e r r e H a u t e T r a c t i o n & L i g h t C o ______________ 150
T e r r e H a u t e & W e s t e r n R y . C o . ______________ 150
T e x a s E l e c t r i c R a i l w a y ___________________________ 227
T e x a s - L o u i s i a n a P o w e r C o _______________________ 227
T e x a s P o w e r & L i g h t C o _________
224
T e x a s P o w e r C o r p __________________________________228
T e x a s T r a c t i o n C o .— S ee T e x a s E l e c t r i c R y _ _ 2 2 7
T h i r d A v e n u e R y . (N e w Y o r k ) . ________________ 87
T h ir t y fo u r t h S tr e e t C r o s s to w n
R y _______ 87
T i d e w a t e r P o w e r C o _______________________________209
T i d e w a t e r S o u t h e r n R a il w a y ___________________ 265
T ir o le r W a s s e r k r a ftw e r k e A k tie n g e s e lls c h a ft
— S e e T y r o l H y d r o - E l e c t r i c P o w e r C o _______ 292
T i w a g . — S e e T y r o l H y d r o - E le c . P o w . C o -------292
T oho
D en ryoku
K a b u s h ik i
K a is h a — S e e
T o h o E l e c t r i c P o w e r C o . , L t d ________________ 294
T o h o E l e c t r i c P o w e r C o . , L t d ___________________ 294
T o k y o D e n t o K a b u s h ik i K a is h a .— S ee T o k y o
E l e c t r i c L t . C o . , L t d ____________________________ 294
T o k y o E l e c t r i c L i g h t C o . , L t d --------------------------- 2 9 4
T o le d o B o w lin g G r e e n & S o u t h e r n T r a c tio n _ 2 5 1
T o l e d o E d is o n C o _________________________________ 63
T o l e d o & F i n d l a y S t r e e t R y .— S e e T o l e d o
B o w l i n g G r e e n & S o u t h e r n __________________251
T o l e d o F o s t o r i a & F i n d l a y ______________________148
T o l e d o F r e m o n t & N o r w a lk S t r e e t R y . — S e e
L a k e S h o r e E l e c t r i c ____________________________ 143
T o l e d o G a s , E l e c t r i c & H e a t in g C o . — S e e
T o l e d o E d is o n C o ______________________________ 63
T o l e d o & I n d i a n a R a i l r o a d _____________________ 64
T o l e d o O t t a w a B e a c h & N o r . R y ________________ 63
T o l e d o T r a c t i o n , L i g h t & P o w e r ________________ 63
T o n a w a n d a E l e c t r i c R R . — S e e I n t e r n a t . R y . 91
T o n a w a n d a S tre e t R R
S e e I n t e r n a t . R y . . 91
T o p e k a E d is o n C o . — S e e K a n s a s P o w e r &
L i g h t C o ________________________ l ________________ 174
T o p e k a R y . & L ig h t C o .— See K a n s a s P o w e r
& L i g h t C o _______________________________________ 174
T o p e k a R y .— S e e K a n s a s P o w . & L i g h t C o _ _ 1 7 4
T o w n o f H e m p s t e a d G a s & E l e c t r ic L i g h t
C o . — S e e Q u e e n s B o r o . G a s & E le c . C o ___ 80
T r a p p e & L im e r ic k E l e c t r ic S t . R y ____________ 124
T r e n t o n B r i s t o l & P h i l a d e l p h i a S t r e e t R y ___ 131
T r e n t o n G a s & E le c t r ic .— S ee S o . J e rs e y G a s,
E l e c t r i c & T r a c t i o n ____________________________ 102
T r e n t o n H a m . & E w in g — S e e T r e n t o n S t . R y _ 1 0 8
T r e n t o n & M e r c e r C o u n t y T r a c t i o n C o r p ____ 108
T r e n t o n P a s s e n g e r R y .— S e e T r e n t o n S t r e e t
R y ___________
108
T r e n t o n P e n n in g t o n & H o p e w e ll S tr e e t R y .
— S e e T r e n t o n S t r e e t R y ______________________ 108
T r e n t o n P r i n c e t o n T r a c t i o n C o _________________108
T r e n t o n (N . J .) S t r e e t R y ________________________ 108
T r i C i t y R a ilw a y & L i g h t C o ___________________ 194
T r i C o u n t y L ig h t & P o w e r C o .— S ee Illin o is
N o r t h e r n U t i l it i e s C o _________________________ 162
T r i n i d a d E le c . T r a n s m . R y . & G a s ____________ 221
T r i - S t a t e T e l e p . & T e l e g . C o ___________________ 11
T r o y C i t y R y .— S e e U n it e d T r a c . ( A l b a n y ) . . 91
T r o y G a s C o . — S e e N . Y . P o w . & L i g h t C o r p . 70
T r o y H ill P a s s e n g e r R y . — S e e F e d e r a l S t . &
P l e a s a n t V a lle y P . R y __________________________115
T r u m b u ll P u b l i c S e r v ic e C o . — S e e O h i o P u b ­
l i c S e r v ic e C o _____________________________________ 64
T u r n e r s F a lis P o w e r & E le c . C o ________________ 45
T w e n t y s e c o n d S t . & A ll. A v e . P a s s . R y ______126
T w e n t y t h i r d S t r e e t R y ___________________________ 87
T w in C ity L ig h t & T r a c t io n C o .— S ee P u g e t
S o u n d P o w e r & L i g h t C o ______________________267




303

INDEX TO COMPANIES

O ct ., 1927.]

P age.
T w in C it y M o to r B u s C o .— S ee T w in C ity
R a p i d T r a n s i t C o . ____________________________ 236
T w i n C i t y R a p id T r a n s i t ________________________ 236
T w in C it y T e l. C o .— S ee T r i-S t a t e T e l. & T e l.
C o __________________________________
11
T w i n S t a t e G a s & E l e c t r i c _______________________ 1 7 0
T y r o ! H y d r o - E l e c t r i c P o w e r C o ________________ 292

u
U jig a w a
D enki
K a b u s h ik i
K a is h a .— S ee
U ji g a w a E l e c . P o w . C o . , L t d __________________294
U jig a w a E le c . P o w . C o . , L t d ________________
-294
U n io n C o n s o l i d a t e d E le v a t e d R y . — S e e C h i ­
c a g o R a p id T r a n s i t ______________________________165
U n io n d ’ E le c t r ic ite — S ee I n t e r n a t io n a l P o w e r
S e c u r i t i e s C o r p o r a t i o n ________________________ 291
U n i o n E d is o n C o . — S e e A m e r i c a n U t i l i t i e s C o . 219
U n io n E le c t r ic L ig h t & P o w e r C o . (S t. L o u is ,
230
M o . ) _______________________________________
U n io n E l e c t r i c L i g h t & P o w e r C o . o f 111______ 249
U n io n E le v a t e d R R . — S e e C h i c a g o R a p . T r a n . 165
U n io n G a s C o . ( M c K e e s p o r t ) — S e e P h il a . C o . 1 1 3
U n io n G a s C o r p . ( I n d e p e n d e n c e , K a n . ) _______ 28
U n io n L i g h t , H e a t & P o w e r C o . — S e e C i n ­
c i n n a t i N e w p o r t & C o v i n g t o n _______________ 206
U n io n P o w e r C o .— See K a n s a s P o w e r & L ig h t
C o _______________________________________
174
U n io n P u b l i c S e r v ic e C o __________________________237
U n io n R y ., G a s & E l e c t r i c _______________________ 189
U n io n R y . o f N e w Y o r k C i t y ______________________83
U n io n R y .— S e e W i l m i n g t o n & C h e s t e r T r a c . 110
U n io n S t r e e t R y . (N e w B e d f o r d , M a s s .) _________50
U n io n T r a c t i o n C o . ( C o f f e y v i l l e , K a n . ) _______ 245
U n io n T r a c t i o n C o . o f I n d i a n a _________________ 151
U n io n T r a c t i o n C o . ( N a s h v il l e , T e n n . ) _______ 209
U n io n T r a c t i o n ( P h i l a d e l p h i a , P a . ) ___________ 126
U n io n U t i l it i e s C o . — S e e W . V a . U t i l it i e s C o _ l 2 3
U n i o n E s e r c i z i E l e t t r i c i . — S e e U n i t e d E le c .
S e r v ic e C o _________________________
293
U n i o n W a t e r S e r v ic e C o _________________________ 30
U n it e d E le c . C o . ( M d .) — S e e C o n s . G a s E le c .
L i g h t & P o w e r C o _______________________________ 133
U n it e d E l e c t r i c C o . o f N . J .— S e e P u b . S e r v .
E l e c t r i c & G a s ___________________________________ 101
U n it e d E l e c t r i c L i g h t C o ________________________ 45
U n it e d E l e c t r i c L i g h t & P o w e r C o ______________ 15
U n i t e d E l e c t r i c P o w e r C o . — S e e R h o d e I s la n d
P u b l i c S e r v i c e C o _______________________________ 51
U n it e d E l e c t r ic R y s C o __________________________ 53
U n it e d E l e c t r i c S e r v ic e C o _______________________ 293
U n it e d F u e l G a s C o . — S e e C o l . G a s & E l. C o _ 1 3 3
U n it e d G a s & E le c . C o . — S e e
I n t e r -s ta te
P u b l i c S e r v ic e C o _______________________________ 160
U n it e d G a s & E le c . C o ( L i t c h f i e l d ) — S e e
I l l i n o i s P o w e r & L i g h t C o r p __________________ 173
U n it e d G a s & E l e c t r i c C o . (N e w J e r s e y ) _______ 69
U n it e d G a s & E le c . C o . — S e e P a c i f i c G a s &
E l e c t r i c C o _______________________________________253
U n it e d G a s & E l e c t r i c C o r p ____________________ 69
U n it e d G a s I m p r o v e m e n t C o ____________________ 34
U n it e d H u d s o n E l e c t r ic C o r p . — S e e C e n t r a l
H u d s o n G a s & E l. C o r p __________________________74
U n it e d L i g h t & P o w e r C o . ( a ls o m a p ) ________ 192
U n it e d L i g h t & R y s ., G r a n d R a p id s ( w i t h
m a p ) — S e e U n it e d L i g h t & P o w e r C o _______ 192
U n it e d P o w e r & T r a n s p o r t a t i o n _______________ 130
U n it e d P u b l i c S e r v ic e C o _________________________196
U n i t e d P u b l i c U t i l i t i e s C o ______________________ 197
U n it e d R y s . C o . ( S t . L o u i s ) ____________________ 2 4 6
U n it e d R y s . & E l. C o . o f B a lt i m o r e _____________ 135

P age*
U n it e d S e c u r i t i e s , L t d ____________________________ 2 7 6
U n it e d S t r e e t R y . C o . o f C e n t r a l J e r s e y — S e e
P u b l i c S e r v ic e R y . C o __________________________ 102;
U n it e d T r a c t i o n C o ( A l b a n y ) ___________________ 91
U n it e d T r a c t i o n ( P i t t s b u r g h ) __________________ 115
U n t e r e l b e P o w e r & L i g h t C o ____________________ 290)
U p h a m G a s C o _____________________________________ 33;
U t a h - I d a h o C e n t r a l R R _________________________ 271.
U ta h L t . & P o w . — S e e U t a h L t . & T r a c . C o . . 271.
U t a h L t . & R y . C o . — S e e U t a h L t . & T r a c ___ 271.
U t a h L i g h t & T r a c t i o n ___________________________ 271.
U ta h P o w e r & L i g h t ______________________________ 270)
U t ic a B e l t L i n e S t . R R . — S e e N . Y . S t a t e R y s . 92;
U tic a E le c t r ic L ig h t & P o w e r C o .— S e e U tic a
G a s & E l e c t r i c C o _______________________________ 71).
U t i c a G a s & E l e c . C o . ____________________________ 71.
U t ic a & M o h a w k V a ll e y R y . — S e e N . Y .
S t a t e R y s __________________________________________ 92;
U t i l it i e s P o w e r & L i g h t C o r p ___________________ 104j
U t i l it i e s S h a r e s C o r p o r a t i o h _______________. . , , . 1 9 0 '

V
V a lle y C o u n t i e s P o w e r C o . — S e e P a c i f i c G a s
& E l e c t r i c C o ____________________________________ 253
V a ll e y H o m e T e l e p h o n e C o . — S e e M ic h i g a n
B e ll T e l e p h o n e C o _____________________________
7
V a lle y R y s ----------------------------------------------------------------- 122;
V a lle y T r a c t i o n C o . — S e e V a ll e y R y s __________ 122,.
V e r e i n i g t e E l e c t r iz i t a e t w e r k e W e s t f a l e n G .M .
C .H .— S ee
W e s t p h a lia
U n it e d
E le c t r ic
P o w e r C o r p o r a t i o n ______________________________290 '
V a n B r u n t S t r e e t & E r ie B a s in R R ____________93
V e r m o n t H y d r o - E l e c t r i c C o r p ___________________ 158;
V e r m o n t C o m p a n y __________________________________ 42;
V e r m o n t P o w e r & L i g h t i n g C o . — S e e P e o p le s
H y d r o - E l e c t r i c V e r m o n t C o r p ________________ 2 3 C
V i c k s b u r g L i g h t & T r a c t i o n C o . — S e e M is s .
P o w e r & L i g h t C o _______________________________ 2 1 8 .
V i n c e n n e s E l e c t r ic R y . C o _______________________ 154
V ir g in ia E le c . C o .— S ee V ir g in ia E le c . &
P o w e r C o _________________________________________ 199.
V ir g in ia E l e c t r ic & P o w e r C o ___________________ 1 9 9
V ir g in ia P u b l i c S e r v ic e C o _______________________ 2 0 0 '
V i r g i n ia R a il w a y & P o w e r C o . — S e e V i r g i n i a
E l e c t r i c & P o w e r C o ____________________________ 199>
V i r g i n ia n P o w e r C o . — S e e A p p a l a c h i a n P o w e r
& L i g h t C o _______________________________________ 202;

w
W a s h . A l e x a n d r ia & M t. V e r n o n R y . — S e e
W a s h i n g t o n - V i r g i n i a R y _______;_____________ 136.
W a sh . A r l i n g t o n & F a lls C h u r c h R y . — S e e
W a s h i n g t o n - V r i g i n i a R y ______________________136
W a s h i n g t o n B a lt i m o r e & A n n a p o l i s E l e c t r i c
R R _______________
136.
W a s h i n g t o n & C a n o n s b u r g R y . C o ___________ 115
W a s h in g to n
C oast
U t i l it i e s .— S e e
P uget
S o u n d P o w e r & L i g h t C o _____________________ 267
W a s h i n g t o n E l e c . S t . R y .— S e e W a s h . &
C a n o n s b u r g R y _________________________________ 115.
W a s h i n g t o n G a s L i g h t C o ______________________ 33
W a s h i n g t o n & M a r y la n d R y ____________________ 1 3 6
W a s h i n g t o n & O ld D o m i n i o n ___________________ 1 3 6
W a s h i n g t o n R y . & E l e c t r ic C o __________________1 3 6
W a s h i n g t o n U t i l it i e s C o _________________________ 1 3 6
W a s h i n g t o n - V i r g in ia R y . C o ____________________ 1 3 6
W a s h i n g t o n W a t e r P o w e r , S p o k a n e ___________ 268.

Kelley, Drayton & Converse
Members of the New York and Philadelphia Stock Exchanges

Underwriters and Distributors
of

Public U tility Bonds
New York City
40 Exchange Place

Philadelphia/ Pa.
Packard^Building

Uptown Offices— New York City
50 East 42nd Street
16 East 53rd Street

304

INDEX TO COMPANIES

P age.
W a t e r b u r y L i g h t & P o w e r C o . — S e e P e o p le s
H y d r o E l e c t r i c V e r m o n t C o r p ________________ 234
W a t e r lo o C e d a r F a lls & N o r t h e r n R y ________ 241
W a t e r v ille F a ir f ie l d & O a k l a n d R y ____________ 40
W a t e r v li e t T u r n p i k e & R a i l r o a d — S e e U n it e d
T r a c t i o n ( A l b a n y ) ______________________________ 91
W a u k e s h a G a s & E le c . C o . — S e e W i s c o n s i n
G a s & E l e c t r ic C o . _____________________________ 231
W a y n e W a te r W o r k s C o .— S e e P h ila d e lp h ia
S u b u r b a n W a t e r C o ____________________________ 23
W e a v e r ( W . T .) P o w e r C o . — S e e C a r o l i n a
P o w e r & L i g h t C o _______________________________ 209
W e b b C ity N o r th e r n E le c . R y .— S ee S o u t h ­
w e s t M is s o u r i R R ______________________________ 2 50
W e b s t e r & D u d l e y — S e e W o r e . C o n s . S t . R y _ . 47
W e b s t e r & S o u t h b r id g e G a s & E le c . C o .—
S e e N e w E n g l a n d P o w e r A s s o c i a t i o n _________53
W e e h a w k e n C o n t r a c t in g C o .— S ee P u b lic
S e r v ic e E l e c t r i c & G a s ________________________ 101
W e s t C h e s t e r S t r e e t R y __________________________ 132
W e s t E n d S t r e e t R y .— S e e B o s t o n E l e v a t e d - . 45
W e s t E n d T r a c t i o n , P i t t s b u r g h , P a .— S e e
P i t t s b u r g h R a il w a y s C o _______________________ 114
W e s t K e n t u c k y E l e c t r i c P o w e r C o _____________160
W e s t L i b e r t y & S u b . S t . — S e e P i t t s . R y s ____ 114
W e s t O h i o G a s C o ___________________________________ 34
W e s t P e n n E l e c t r ic C o ___________________________ 118
W e s t P e n n M o n o n g a h e l a _______________________ 120
W e s t P e n n P o w e r C o ____________________________ 119
W e s t P e n n R a il w a y s C o __________________________119
W e s t P e n n T r a c t i o n — S e e W e s t P e n n R y s ____ 119
W e s t S h o r e R a i l w a y . . . . . . _____________________ 55
W e s t T a le h o n e & T e l e g r a p h C o . — S e e A m e r ­
i c a n T e l . & T e l . C o _____________________________
5
W e s t V i r g i n i a U t i l it i e s C o _______________________ 123
W e s t V i r g i n i a W a t e r S e r v i c e C o __________________ 31
W e s t c h j s t e r E l e c t r i c — S e e U n i o n R y . (N . Y .) 88
W e s t c h e s t e r L i g h t i n g C o ________________________ 15
W e s t c h js t e r S t r e e t R R .— S ee W e s t c h e s te r
S t r e e t T r a n s p . C o r p ___________________________ 88
W e s t c h e s t e r S t r e e t T r a n s p o r t . C o r p ___________ 88
W e s te rly L t . & P r. C o .— S ee N a r ra g a n s e tt
E l e c t r i c L i g h t i n g C o ____________________________ 52
W e s t e r n M a s s a c h u s e t t s C o m p a n i e s ______________ 45
W e s t e r n N e w Y o r k W a t e r C o ___________________ 34
W e s t e r n O h i o R a i l r o a d ___________________________ 147
W e s t e r n O h i o R y __________________________________147
W e s t e r n P o w e r C o r p ______________________________259
W e s t e r n P u b l i c S e r v ic e C o ___________________ 226
W e s t e r n S t a t e G a s & E le c . C o . o f C a l i f _______ 261
W e s t e r n S t a t e s G a s & E le c . C o . o f D e l a w a r e . 260
W e s t e r n S t a t e s U t i l it i e s C o . — S e e G e n e r a l
P o w . & L t . C o ____________________________________ 195
W e s t e r n U n i o n T e l e g r a p h C o . , I n c ______________ 11
W e s t e r n U n it e d C o r p _____________________________ 184
W e s t e r n U n it e d G a s & E l e c t r i c C o _____________184




Page.
W e s t m o r e l a n d C o u n t y R y _______________________ 127
W e s t p h a l i a U n it e d E l e c t r ic P o w e r C o r p ______ 2 9 0
W h a tc o m C o u n t y , R y . & L t .— S ee P u g e t
S o u n d P o w e r & L i g h t C o ______________________2G7
W h e e l in g B r i d g e C o . — S e e W h e e l i n g T r a c . C o l l 9
W h e e l in g & E lm G r o v e R R . — S e e W h e e l i n g
P u b l i c S e r v ic e C o _______________________________ 124
W h e e l in g P u b l i c S e r v ic e C o ____________________ 124
W h e e l in g (W . V a .) T r a c t i o n C o ________________ 119
W i c h it a R R . & L i g h t ____________________________ 174
W i lk e s - B a r r e D a lla s & H a r v e j'’ s L a k e R y _____133
W ilk e s B a r r e & E a s t S id e R y . — S e e W i lk e s B a r r e & W y o m in g V a ll e y T r a c . C o __________ 133
W i k e s -B a r r e G a s & E le c t r ic C o .— S ee P e n n ­
s y l v a n i a P o w e r & L i g h t _______________________ 120
W i lk e s - B a r r e & H a z e l t o n R R ____________________ 129
W i lk e s - B a r r e & H a z e l t o n R a i l w a y ____________ 129
W i lk e s - B a r r e & K i n g s t o n — S e e W i lk e s - B a r r e
& W y o m in g V a ll e y T r a c . C o __________________ 133
W i lk e s - B a r r e R y . C o r p ___________________________ 132
W i lk e s - B a r r e R a il w a y s C o _______________________ 133
W i lk e s - B a r r e & S u r b u r b a n — S e e W i lk e s - B a r r e
& W y o m in g V a ll e y T r a c t i o n __________________ 133
W i lk e s - B a r r e T e r m i n a l R R _______________________ 129
W i lk e s - B a r r e & W y o m in g V a ll e y T r a c t i o n ___ 133
W ilk in s b u r g & E a st P it t s b u r g h S t. R y .— S ee
M o n o n g a h e la S t r e e t R y . C o ___________________ 116
W ilk in s b u r g & V e r o n a S tr e e t R y .— S e e M o n ­
o n g a h e l a S t r e e t R y . C o _______________________ 116
W i ll ia m e t t e V a ll e y S o u t h e r n R y . — S e e P o r t ­
l a n d E l e c t r i c P o w e r C o ________________________ 266
W i ll ia m s b u r g P o w e r P l a n t C o r p ________________ 91
W i ll ia m s p o r t
G a s C o . — S e e P e n n s y lv a n ia
P o w e r & L i g h t C o __________________________
120
W i lm i n g t o n & C h e s t e r T r a c t i o n C o ___________ 1 1 0
W i lm i n g t o n C i t y E l e c t r ic C o ____________________ 111
W i lm i n g t o n (D e l.) C i t y R y . — S e e W i l m i n g t o n
& C h e s t e r T r a c t i o n ____________________________ 110
W i lm i n g t o n & E d g e m o r e — S e e W ilm . & C h e s ­
t e r T r a c t i o n _____________________________________ 110
W i lm i n g t o n G a s C o ______________________________ 36
W i lm i n g t o n L i g h t & P o w e r — S e e W i l m i n g t o n
& P h i l a d e l p h i a T r a c t i o n C o __________________ 110
W i lm i n g t o n N e w c a s t l e & D e la w a r e C i t y — S e e
W ilm in g t o n & P h ila d e lp h ia T r a c t io n C o__1 1 0
W i lm i n g t o n & P h i l a d e l p h i a T r a c t i o n _________110
W i lm i n g t o n S o u t h e r n T r a c t i o n C o . — S e e W i l ­
m i n g t o n & P h i l a d e l p h i a T r a c t i o n C o ______ 110
W i n n i p e g E l e c t r i c C o _____________________________ 283
W i n n i p e g E l e c t r ic S t r e e t R y . — S e e W i n n i p e g
E l e c t r i c C o _______________________________________283
W i n n i p e g S e l k i r k & L a k e W i n n i p e g R y ______ 283
W in n is im m e t R R __________________________________ 47
W i n o n a R a il r o a d C o ______________________________154
W in s t o n - S a le m G a s C o . — S e e N o . C a r o l i n a
P u b l i c S e r v i c e C o _______________________________ 210

[ V ol. 125.
P age.
W i n s t o n -S a le m P o w . C o . — S e e S o . P u b . U t i l . 210
W i s c o n s i n E l e c t r i c P o w e r C o . — S e e M il w a u ­
k e e E l e c t r i c R y . & L i g h t C o ___________________ 229
W i s c o n s i n G a s & E l e c t r i c C o ____________________ 231
W isc o n s in
H y d r o - E le c .
C o .— S ee
P e o p le s
W i s e . H y d r o - E le c . C o r p ________________________ 234
W i s c o n s i n - M i c h i g a n P o w e r C o __________________231
W i s c o n s i n - M i n n e s o t a L i g h t & P o w e r C o . — S ee
N o r t h e r n S t a t e s P o w e r C o . o f W i s e __________ 235
W i s c o n s i n P o w e r & L i g h t C o ____________________ 161
W i s c o n s i n P u b l i c S e r v ic e C o . — S e e W i s c o n s i n
P u b l i c S e r v ic e C o r p ____________________________ 232
W i s c o n s i n P u b l i c S e r v ic e C o r p __________________ 232
W i s c o n s i n P u b l i c U t i l i t y C o _____________________164
W i s c o n s i n R a il w a y , L i g h t & P o w e r C o . — S e e
M is s is s ip p i V a ll e y P u b l i c S e r v i c e C o _________ 230
W i s c o n s i n S e c u r i t i e s C o __________________________ 232
W is c o n s in T r a c t io n , L ig h t, H e a t & P o w e r— ■
S e e W i s c o n s i n - M i c h i g a n P o w e r C o __________ 231
W i s c o n s i n V a ll e y E l e c t r i c C o ____________________ 232
W o o n s o c k e t E l e c . M a c h i n e & P o w .— S ee
B l a c k s t o n e V a ll e y G a s & E l e c . C o _____________50
W o o d h a v e n W a t e r S u p p ly C o . — S e e N e w
Y o r k W a t e r S e r v i c e C o r p _______________________ 30
W o r c e s t e r & C o n n . E a s t. R y . — S e e C o n n . C o . 55
W o r c e s t e r C o n s o l i d a t e d S t r e e t R y ________
47
W o r c e s t e r G a s L i g h t C o . — S e e N e w E n g la n d
G a s & E l e c t r i c A s s o c i a t i o n ____________________ 44
W o r c e s t e r & S o u t h b r i d g e S t r e e t R y . — S ee
W o r c e s t e r C o n s . S t r e e t R y ____________________ 47
W orcester
&
W eb ster
S treet
R y .-—-See
W o r c e s t e r C o n s o l i d a t e d S t r e e t R y ___________ 47
W y a n d o t t e C o u n t y G a s C o _______________________ 62

Y
Y a d k i n R iv e r P o w e r C o . — S e e C a r o l i n a P o w e r
& L i g h t C o _______ _______________________________ 209
Y o n k e r s R a i l r o a d ___________________________________ 88
Y o r k H a v e n W a te r & P o w e r — S e e M e t r o p o li­
t a n E d is o n C o ____________________________________ 66
Y o r k R a i l w a y s ______________________________________ 128
Y o r k U t i l i t i e s C o ____________________________________ 4 0
Y o u n g s t o w n & O h i o R i v e r R R __________________ 148
Y o u n g s t o w n S h a r. R y . & L t .— S ee P e n n s y lv a n i a - O h i o P r . & L t . C o _______________________ 1 4 0
Y o u n g s t o w n & S u b u r b a n R y _____________________148
Y u b a E le c . P o w e r C o .— S e e P a c if ic G a s &
E l e c t r i c C o r p ____________________________________ 263

z
Z a n e s v ille E le c t r ic C o .— S e e S o u t h e r n O h io
P u b l i c S e r v i c e ___________________________________ 145
Z a n e s v il le R a il w a y , L i g h t & P o w e r C o . — S e e
S o u t h e r n O h i o P u b l i c S e r v i c e _______________1 4 5

XJL7 E e x t e n d t h e
^ * facilities of our
organization to those
desiring information or
reports on companies
with which we are
identified.

Electric Bond and
Share Company
(Incorporated in 1905)
Paid-up Capital and Surplus
$ 100 ,000,000

Two Rector Street

New York

Testimonies o f Progress

D

URING the first eight months of 1927,
the ranks of the users of electric public

utility service in the United States were
augmented by nearly one million new­
comers.
For the same period, the expansion pro­
grams of the utility companies supplying
this service called for a total expenditure of
approximately $640,000,000.

This latest testimony of the continued
growth of American public utility service
is striking .proof of the progressive spirit of
an industry, which, through the ever-widen­
ing application of its product, has, in the
last fifty years, raised itself to the position
of the second largest industry in the country.

Brooklyn Edison Company




BROOKLYN, N. Y.

Utilities Power & L
ight Corporation
CHICAGO
327 So* La Salle St.

NEW YORK
100 Broadway

I S 9 Iff'

OWNERS AND OPERATORS of Public
Utility Properties in Thirteen States.

The Principal Subsidiaries are:

Laclede Gas & Electric Company
Interstate Power Company
Indianapolis Power & Light Corporation
Colonial Gas & Electric Company
Eastern New Jersey Power Company

K

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44

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4 - 4 4^ 4 4 4 .^ 4 4 >44:4;
;

Utiuties Power & L
ight Corporation




W e Prosper A s W e Serve